PLES MÉSTA

;QSBWPEBK.ǔTUTLÏIPÞDzBEVW)SBEDJOBE.PSBWJDÓ
)3"%&$,²
/07*/:
ÞOPS
/07Å$)0%/¶,
4-06Ƕ7&Ʋ&+/045*
7 MPǪTLÏN SPDF WZCVEPWBMP NǔTUP OPWâ DIPEOÓL
W VMJDJ [B WMBLPWâN OÈESBäÓN 4UBWFCOÓ QSÈDF CZMZ
QMÈOPWÈOZUBLBCZCZMDIPEOÓLEPLPOǏFOEPLPODF
SPLVBOFCZMSP[FTUBWǔOCǔIFNTWÈUFǏOÓIPWÈOPǏOÓ
IPPCEPCÓ5PTFOBLPOFDQPEBDzJMP7QSWOÓDIEOFDI
MFUPÝOÓIP SPLV QPLSBǏPWBMZ EPLPOǏPWBDÓ QSÈDF OB
ÞQSBWǔ PLPMOÓIP UFSÏOV CZMZ PETUSBOǔOZ [CZULZ
[FNJOZ [ WâLPQǾ B CZMB SP[ISOVUB IMÓOB [F TUSBOZ
QBSLV4PIMFEFNOBCF[QFǏOPTUDIPEDǾCZMZPDzF[È
OZWǔUWFLUFSÏ[BTBIPWBMZEPDIPEOÓLV/ÈTMFEPWBU
CVEF EPQMOǔOÓ TUÈWBKÓDÓIP WFDzFKOÏIP PTWǔUMFOÓ /B
KBDzFCVEFEPTFUBUSÈWBBEPKEFLFLPOFǏOÏFTUFUJDLÏ
ÞQSBWǔ /PWâ DIPEOÓL LUFSâ W UÏUP GSFLWFOUPWBOÏ
MPLBMJUǔ DJUFMOǔ DIZCǔM [WZÝVKF LWBMJUV äJWPUOÓIP
QSPTUDzFEÓJCF[QFǏOPTUDIPEDǾBPTUBUOÓDIÞǏBTUOÓLǾ
TJMOJǏOÓIPQSPWP[V
.HS+BO»QJNJLBNÎTUPTUBSPTUB
Ç«%045*0(3"/5:
%0Á/03"
;BTUVQJUFMTUWPNǔTUB)SBEFDOBE.PSBWJDÓOBTWÏN
[ÈDzJKPWÏN[BTFEÈOÓTDIWÈMJMPQPTLZUOVUÓHSBOUǾQSP
SPLBUPPQǔUQSPPCMBTUJLVMUVSZTQPSUVBFEJǏ
OÓǏJOOPTUJ-FUPTKFUPKJäQPUDzFUÓLEZNǔTUPQPTLZU
OFöOBOǏOÓEPUBDFOBTQPMFǏFOTLÏBTQPSUPWOÓEǔOÓ
J WZEBWBUFMTLPV ǏJOOPTU OB [ÈLMBEǔ WZIMÈÝFOÏIP
HSBOUPWÏIPQSPHSBNV
ÂÃEPTUJPHSBOUZNǹßFUF[BTÎMBUOBBESFTV.ǏTUTLÊ
IPÙǭBEV)SBEFDOBE.PSBWJDÎEPQÃULVÙOP
SBWNJFUOǏ
;ÈTBEZ QSP QPTLZUOVUÓ HSBOUǾ QDzÓMPIZ L äÈEPTUFN
B EBMÝÓ JOGPSNBDF OBKEFUF OB XXXNVISBEFDD[
W [ÈMPäDFvHSBOUPWâ TZTUÏNi 7âKJNLV UWPDzÓ PSHBOJ
[BDFTESVäVKÓDÓTFOJPSZ5ZPCESäÓöOBOǏOÓQDzÓTQǔWLZ
OBDFMPSPǏOÓǏJOOPTUGPSNPVQDzÓTQǔWLVCF[OVUOPTUJ
QPäÈEBUPHSBOU.HS+BO»QJNJLBNÎTUPTUBSPTUB
.Ɠ450;¶4,"-05Ʋ*%05"$&
/BVNJOÃTUF[LBL[ÃNLVPCOPWFOÎLBØOZOB.ǏTUFNJLVBPQSBWBLBQMJNJLZW#PIVNJPWJDÎDIOBUZUP
UǭJJOWFTUJNJOÎBLDFTFQPEBǭJMPNǏTUV[ÎTLBUOBLPODJNJOVMÊIPSPLVEPUBDFWDFMLPWÊWÝØJ[ISVCB
NJMJÓOǹLPSVO+FO[UÊUPNJÃTULZCVEFNǏTUPISBEJU[FTWÝDIQSPTUǭFELǹ3FBMJ[BDFUǏDIUP
BLDÎ[BNJOFWMFUPØOÎNSPDF
/FKWZÝÝÓEPUBDFCZMB[ÓTLÈOB[3FHJPOÈMOÓIPPQF OBQSPKFLUt%PVCSBWLBB.ǏØFLOFEÎMOÃTPVNJÃTU
SBǏOÓIPQSPHSBNVSFHJPOVTPVESäOPTUJ.PSBWTLP NJFTLPQPMTLÊIJTUPSJFi+FIPQBSUOFSFNKFNǔTUP
TMF[TLP B UâLÈ TF TUBWCZ T OFOÈQBEOâN OÈ[WFN ,S[BOPXJDF W SÈNDJ QSPKFLUV EPKEF L PCOPWFOÓ
t/BVNJOÃTUF[LBL[ÃNLVW)SBEDJOBE.PSBWJDÎi LBÝOZ OB .ǔTUFǏLV 4IPEPV PLPMOPTUÓ TF CVEPV
7F TQPMVQSÈDJ T /ÈSPEOÓN QBNÈULPWâN ÞTUBWFN PCB QSPKFLUZ EPQMǪPWBU QSPUPäF VNÓTUǔOÓ LBÝOZ
TF UBL QPEBDzÓ OFKFO PCPIBUJU NǔTUP P EBMÝÓ [BKÓ QDzFE ƎFSWFOâN [ÈNLFN CVEF W QSPTUPSV VSǏF
NBWPV OBVǏOPV TUF[LV LUFSÈ QSPQPKÓ ÞEPMÓ QP OÏNWâISBEOǔQSPDIPEDF
UPLB )SBEFǏOÈ T .ǔTUFǏLFN BMF IMBWOǔ W[OJLOF /FKQPUDzFCOǔKÝÓEPUBDFKFPQǔU[0QFSBǏOÓIPQSPHSB
QSPTUPSQSPQBSLPWÈOÓBVUOÈWÝUǔWOÓLǾLVMUVSOÓDI NVQDzÓISBOJǏOÓTQPMVQSÈDFƎFTLÈSFQVCMJLB1PM
B TQPMFǏFOTLâDI BLDÓ W [ÈNFDLÏN BSFÈMV .ǔTUP TLPOBQSPKFLUt4BLSÃMOÎQBNÃULZ)SBEDFOBE.P
QBLCVEFNPDJLPOFǏOǔPNF[JUQBSLPWÈOÓEPQSBW SBWJDÎ B #BCPSPXBi +FEOÈ TF P PCOPWV LBQMJǏLZ
OÓDIQSPTUDzFELǾWCF[QSPTUDzFEOÓCMÓ[LPTUJ[ÈNLV
BLBNFOOÏIPLDzÓäFQDzJWKF[EVEP#PIVǏPWJD/BQPM
/FK[BKÓNBWǔKÝÓ EPUBDF KF [ 0QFSBǏOÓIP QSPHSBNV TLÏTUSBOǔCVEFW#BCPSPXǔWǏÈTUJ4VMLPWSPWOǔä
QDzÓISBOJǏOÓ TQPMVQSÈDF ƎFTLÈ SFQVCMJLB 1PMTLP PQSBWFOBLBQMJǏLB*OH,BSFM)BOÃLTUBSPTUB
1-&4.Ɠ45"
)3"%$&/"%.03"7*$¶
WQSPTUPSÈDIƎFSWFOÏIP[ÈNLV
TPCPUBÞOPSB[BIÈKFOÓQMFTVWFIPEJO
1SPHSBN
7FMLÈEWPSBOBIVECB3,#"/%WZTUPVQFOÓ"##"3&7*7";ÈNFDLÈSFTUBVSBDFIVECB%+.*-"/
10%«7«/¶7&Ǝ&Ʋ&
-0407«/¶$&/
0EWP[EP0QBWZKF[BKJÝUǔO
1DzFEQSPEFKWTUVQFOFLWJOGPSNBǏOÓNDFOUSV
W)SBEDJOBE.PSBWJDÓ0QBWTLÈUFM
/07¦0#ƭ"%/±.±45/0451306;"7±3¦/±4ƥ"5,ƹ
0OPWJOLÈDIQDzJV[BWÓSÈOÓTǪBULǾW)SBEDJOBE.PSBWJDÓKTNFWÈTQPESPCOǔJOGPSNPWBMJWNJOVMÏNWZ
EÈOÓ)SBEFDLâDIOPWJO-FUPTTFCVEPVTǪBULZV[BWÓSBUWPCDzBEOÓNÓTUOPTUJWFWâTUBWOÓDIQSPTUPSÈDI
NǔTUB)SBEFDOBE.PSBWJDÓOB;ÈNFDLÏVMJDJ4ǪBUFǏOÓPCDzBEZLPOBOÏWUÏUPPCDzBEOÓNÓTUOPTUJWFTUB
OPWFOÏPEEBDÓEOZWäEZQSWOÓTPCPUVWNǔTÓDJ
KTPV[DFMBCF[QMBUOÏ4ǪBUFǏOÓPCDzBEZLPOBOÏNJNP
UZUPPEEBDÓEOZOFCPNJNPUVUPPCDzBEOÓNÓTUOPTUKTPV[QPQMBUOǔOZTQSÈWOÓNQPQMBULFN,Ǐ
*OBEÈMFCVEFNPäOPV[BWÓSBUTǪBULZUBLÏOB[ÈNLV7UPNUPQDzÓQBEǔTOPVCFODJVISBEÓKFÝUǔQPQMBUFL
TQSÈWǔ[ÈNLVWFWâÝJ,ǏOFCP,ǏQPLVEKFBMFTQPǪKFEFO[FTOPVCFODǾPCǏBOFNNǔTUB
)SBEFDOBE.PSBWJDÓ
1SWOÓNBEǾMFäJUâNLSPLFNQSPV[BWDzFOÓTǪBULVKFLPOUBLUTPEEǔMFOÓNNBUSJLZ
.ǔTUTLÏIPÞDzBEV)SBEFDOBE.PSBWJDÓUFMFNBJMNBUSJLB!NVISBEFDD[
1PESPCOǔKÝÓJOGPSNBDFOBKEFUFOBXXXNVISBEFDD[5FYUNÙ
GPUP.JMBO.BJOVØ
101-"5&,;"0%1"%
4&/&.Ɠ/¶
;BTUVQJUFMTUWP NǔTUB )SBEFD OBE .PSBWJDÓ
TDIWÈMJMP0CFDOǔ[ÈWB[OPVWZIMÈÝLV
ǏPNÓTUOÓNQPQMBULV[BQSPWP[TZTUÏNV
TISPNBäǒPWÈOÓTCǔSVQDzFQSBWZUDzÓEǔOÓWZVäÓWÈ
OÓ B PETUSBǪPWÈOÓ PEQBEǾ W SPDF 1PQMBUFL
[BTWP[PEQBEVTUBOPWVKFWâÝFVWFEFOÈWZIMÈÝLB
OB,Ǐ[BPTPCVBSPLB,ǏSPǏOǔ[BQMBUÓ
J WMBTUOÓL SFLSFBǏOÓ TUBWCZ 1PQMBUFL [ǾTUÈWÈ WF
TUFKOÏWâÝJKBLPWSPDF$FMÏ[OǔOÓWZIMÈÝLZ
OBKEFUF OB ÞDzFEOÓ EFTDF OB CVEPWǔ NǔTUTLÏIP
ÞDzBEVWMJTUJOOÏQPEPCǔBOBXXXNVISBEFDD[
WFMFLUSPOJDLÏQPEPCǔNÙ
%05"$&/"
7Å.Ɠ/6,05-ƾ
01&3"Ɖ/±130(3".-*%4,­;%30+&";".Ǝ45/"/045
3BEB.PSBWTLPTMF[TLÏIPLSBKFTDIWÈMJMBWZIMÈÝFOÓ
EPUBǏOÓIPQSPHSBNVvTQPMFǏOÈWâ[WB.JOJTUFS
TUWBäJWPUOÓIPQSPTUDzFEÓB.PSBWTLPTMF[TLÏIPLSBKF
OBQPEQPSVWâNǔOZLPUMǾi1PTLZUPWBUFMFNEPUB
DFKF.PSBWTLPTMF[TLâLSBKB4UÈUOÓGPOEäJWPUOÓIP
QSPTUDzFEÓƎFTLÏSFQVCMJLZ#MJäÝÓ*OGPSNBDFOBKEFUF
OBTUSÈOLÈDI,SBKTLÏIPÞDzBEV.PSBWTLPTMF[TLÏIP
LSBKFIUUQXXXLSNPSBWTLPTMF[TLZD[OBLUF
SâDIKF[WFDzFKOǔOJTF[OBNLPUMǾÇÈEPTUJPEPUBDF
NǾäFUF QPTÓMBU OB BESFTV .PSBWTLPTMF[TLÝ LSBK
LSBKTLÝ ÙǭBE ǭÎKOB 0TUSBWB EP
ǏFSWOB OFCP EP EOF WZǏFSQÈOÓ BMPLBDF
OBTUBOFMJUFOUPEDzÓWFNÙ
1SPKFLUQPEOÃ[WFNt;WÝØFOÎLWBMJUZǭÎ[FOÎOB.ǏTUTLÊNÙǭB
EV)SBEFDOBE.PSBWJDÎiLUFSÝKFWTPVNJBTOÊEPCǏSFBMJ[PWÃO
QPLSBNJVKF [QSBDPWÃWÃOÎN TUSBUFHJDLÊIP QMÃOV NǏTUB EP SPLV 1PELMBEZ [KJØUǏOÊ EPUB[OÎ
LPWPVBLDÎNF[JPCNJBOZCZMZWZIPEOPDFOZ[QSBDPWÃOZBTQPMFNJOǏTFTXPUBOBMÝ[PVTMPVßÎKBLP
PESB[PWÝNǹTUFLQSPNJJOOPTUQSBDPWOÎDITLVQJO
1SP[QSBDPWÈOÓQPELMBEǾ[EPUB[OÓLǾBQSPTUBOP DFT ƎJOOPTU QSBDPWOÓDI TLVQJO CVEF VLPOǏFOB
WFOÓTUSBUFHJDLâDIDÓMǾNǔTUBOBVWFEFOÏPCEPCÓ QP EBMÝÓDI EWPV KFEOÈOÓDI LEZ CVEF [QSBDPWÈO
CZMZ VTUBOPWFOZ UDzJ QSBDPWOÓ TLVQJOZ DzÓEÓDÓ QSP [ÈLMBEOÓ OÈWSI TUSBUFHJDLÏIP QMÈOV NǔTUB QSP /B KBDzF MFUPÝOÓIP SPLV EPKEF L SP[TÈIMâN ÞQSB
UFDIOJDLPV ǏÈTU QSP TPDJÈMOÓ ǏÈTU
7 QSBDPWOÓDI QDzFEMPäFOÓ L QSPKFEOÈOÓ B TDIWÈMFOÓ [BTUVQJUFM WÈN [FMFOǔ OB NǔTUTLÏN IDzCJUPWǔ W )SBEDJ OBE
.PSBWJDÓ 1PTUVQOǔ CVEPV PETUSBOǔOZ QDzFSPTUMÏ
TLVQJOÈDIKF[BQPKFOPWFMLÏNOPäTUWÓPTPCOPTUÓ TUWFNNǔTUB
NǔTUB[PCMBTUJQPEOJLBUFMTLÏTGÏSZ[ESBWPUOJDUWÓ 0 EBMÝÓ ǏJOOPTUJ W SÈNDJ QSPKFLUV WÈT CVEFNF UÞKFLUFSÏSPTUPVQPEÏMQMPUVOBWâDIPEOÓTUSBOǔ
TPDJÈMOÓDITMVäFCÝLPMTUWÓBTBNPTQSÈWZǏMFOPWÏ QSǾCǔäOǔ JOGPSNPWBU "LUVÈMOÓ JOGPSNBDF B EBMÝÓ /ǔLUFSÏ[FTUSPNǾCVEPV[BDIPWÈOZBPDzF[ÈOZEP
[BTUVQJUFMTUWB B [BNǔTUOBODJ NǔTUTLÏIP ÞDzBEV
QPESPCOPTUJKTPVOBXXXNVISBEFDD[W[ÈMPäDF [ISVCBUDzÓNFUSPWÏWâÝLZ/ÈISBEOÓWâTBECBCVEF
$FMLFNKF[BQPKFOPEPUWPSCZTUSBUFHJDLÏIPQMÈ vPQFSBǏOÓQSPHSBN-JETLÏ[ESPKFB[BNǔTUOBOPTUi UWPDzFOBWFTNǔTLFDzPWJUâNQPSPTUFNWZTÈ[FOâN[
WFOLPWOÓTUSBOZIDzCJUPWB
BOBXXXTQISBEFDD[
OVNǔTUBPCǏBOǾ
3PTUJTMBWƭÎNTLÝ
1SWOÓ TQPMFǏOÏ KFEOÈOÓ QSBDPWOÓDI TLVQJO TF
*OH7ÃDMBWÂBNQBLPPSEJOÃUPSQSPKFLUV
VTLVUFǏOJMP QSPTJODF B CZMP QPKBUP KBLP
TF[OBNPWBDÓ ;ÈTUVQDJ öSNZ 1SPDFT TF[OÈNJMJ
TLVQJOZ T NFUPEJLPV UWPSCZ TUSBUFHJDLÏIP QMÈ
OPWÈOÓBTOÈWSIZQPTUVQVQDzJUWPSCǔKFEOPUMJWâDI 1SBDPWOÓDJ5FDIOJDLâDITMVäFC)SBEFDOBE.PSBWJDÓVLMJEJMJPLPMÓQDzÓKF[EPWâDITJMOJDEP)SBEDFPE+B
ǏÈTUÓ TUSBUFHJDLÏIP QMÈOV %BMÝÓ KFEOÈOÓ QSBDPW LVCǏPWJD%PNPSBEPWJD#FOLPWJDB,BKMPWDF7[IMFEFNLQDzÓ[OJWÏNVQPǏBTÓCZMZQDzÓLPQZVLMJ[FOZKJä
OÓDI TLVQJO KJä TBNPTUBUOǔ CZMP LPOLSÏUOǔKÝÓ MFEOV#PIVäFMNVTÓNFLPOTUBUPWBUäFTJUVBDFLPMFNDFTUTFOFMFQÝÓ,SPNǔCǔäOÏIPLPNVOÈMOÓIP
BLPOBMPTFMFEOBƎMFOPWÏQSBDPWOÓDITLVQJO PEQBEVPETUSBOJMJ[BNǔTUOBODJJOǔLPMJLǏFSOâDITLMÈEFLBPEIP[FOâDIQOFVNBUJL$FMLFNOBTCÓ
QSPKFEOBMJ TXPU BOBMâ[V NǔTUB QDzJQPNÓOLPWBMJ SBMJTUPEWBDFUJMJUSPWâDIQZUMǾQMBTUǾBLPNVOÈMOÓIPPEQBEV"QFMVKFNFQSPUPOBPCǏBOZLUFDzÓTWâN
OÈWSI BOBMZUJDLÏ ǏÈTUJ EPLVNFOUV B [BCâWBMJ TF OFQDzÓQVTUOâNDIPWÈOÓNIZ[EÓäJWPUOÓQSPTUDzFEÓNǔTUBBKFIPPLPMÓBCZTFOBETWâNDIPWÈOÓN[BNZT
OÈWSIZBWJ[FNJOBSP[WPKNǔTUB
MFMJBQDzFTUBMJWZWÈäFUBPEIB[PWBUPEQBELZEPWPMOÏQDzÓSPEZ,PELMÈEÈOÓPEQBEVBOFQPUDzFCOâDIWǔDÓ
ƎJOOPTU QSBDPWOÓDI TLVQJO KF QSǾCǔäOÈ ǏMFOPWÏ KFWFNǔTUǔEPTUBUFLLUPNVVSǏFOâDITCǔSOâDIOÈEPCBTCǔSOâDINÓTU
LPSFTQPOEVKÓ NF[J TFCPV B T UâNFN öSNZ 1SP
3PNBO$FMUBǭFEJUFM5FDIOJDLÝDITMVßFC)SBEFDOBE.PSBWJDÎ
¼13"7";&-&/Ǝ/"
.Ǝ454,­.)ƭ#*507Ǝ
¼,-*%,0-&.1ƭ±+&;%07À$),0.6/*,"$±
.0#*-/±¼ƭ"%07/"7;1Ɖ3 13070;/¶%0#"4#Ɠ3/²)0%703"
0EMFEOBKFLBäEPVQPTMFEOÓTUDzFEVWNǔTÓDJWCVEP
Wǔ.ǔTUTLÏIPÞDzBEVW)SBEDJOBE.PSBWJDÓQDzÓ[FNÓ
W QSPWP[V NPCJMOÓ ÞDzBEPWOB 7ÝFPCFDOÏ [ESBWPUOÓ
QPKJÝǸPWOZƎ3+FKÓQSBDPWOJDFTWÈNJWZDzÓEÓ[ÈMFäJUPT
UJLUFSÏCǔäOǔKF[EÓUFWZDzJ[PWBUEP0QBWZWFÝLFSÏ
[NǔOZQDzFIMFEZ047ƎCFOFöUZWâQJTZ[F[ESBWPUOÓ
QÏǏFBQ5FSNÓOZNPCJMOÓÞDzBEPWOZWQSWOÓQPMPWJOǔ
SPLVKTPVÞOPSBCDzF[OBEVCOBBLWǔU
OBWäEZPEEPIPEJO
7;1Ɖ33FHJPOÃMOÎQPCPNJLB0TUSBWB
0ECDzF[OBEPKEFLSP[ÝÓDzFOÓQSPWP[OÓEPCZTCǔSOÏIPEWPSBOBÇJäLPWǔVMJDJ0UFWDzFOPCVEFWFTUDzFEV
PEEPIPEJOBWTPCPUVPEEPIPEJO.ǾäFUF[EFCF[QMBUOǔPEMPäJUCJPMPHJDLÝ
PEQBEWǔUWFUSÈWVMJTUÓBQ
PCKFNOÝTNǏTOÝPEQBETLDzÓOǔLPCFSDFBQ
BTUBWFCOÎTVdzWPNF[FOÏN
NOPäTUWÓQDzÓWǔTOâWP[ÓL[BPTPCOÓBVUPNPCJM[B,ǏNFOÝÓNOPäTUWÓ[EBSNB
7FÝLFSÈFMFLUSP[BǭÎ[FOÎNǾäFUFCF[QMBUOǔPEMPäJUOBTCǔSOÏNNÓTUǔWBSFÈMV5FDIOJDLâDITMVäFC)SB
EFDOBE.PSBWJDÓ0QBWTLÈBUPLBäEâQSBDPWOÓEFOPEEPIPEJOMFEOJDFQSBǏLZUFMFWJ
[PSZQPǏÓUBǏFBQ
5BUPQPVäJUÈUFDIOJLBNVTÓCâUWOFSP[FCSBOÏNLPNQMFUOÓNTUBWV7UPNUPBSFÈMV
OBKEFUFUBLÏTQFDJÈMOÓǏFSWFOâLPOUFKOFSOBESPCOÝFMFLUSPPEQBEBCBUFSJFLBMLVMBǏLZUFMFGPOZFMFL
USPOJDLÏISBǏLZESPCOÏQPǏÓUBǏPWÏWZCBWFOÓBQ
BLPOUFKOFSOBOFQPUǭFCOÝUFYUJMPCVWBISBNJLZ
3PNBO$FMUBǭFEJUFM5FDIOJDLÝDITMVßFC)SBEFDOBE.PSBWJDÎ
,0.1&/;"$&65-",07­
*/7&45*Ǝ/¶Ǝ*//045
7VQMZOVMÊNSPDFCZMZEPLPONJFOZBQǭFEÃOZWFǭFKOPTUJLVßÎWÃOÎUZUPJOWFTUJDFSFLPOTUSVPWBOÃ
,"/"-*;"Ɖ/±1ƭ±10+,: [BISBEB
V /ÃSPEOÎ ØLPMZ W )SBEDJ OBE .PSBWJDÎ SFLPOTUSVPWBOÊ DIPEOÎLZ W ,BKMPWDJ FUBQB
DIPEOÎLZWÂJNSPWJDÎDIDIPEOÎLVOÃESBßÎW)SBEDJOBE.PSBWJDÎWÎDFJOGPSNBDÎOBQSWOÎTUSBOǏ
6QP[PSǪVKFNFNBKJUFMFOFNPWJUPTUÓOBQPKFOâDIOB
UMBLPWPV TQMBÝLPWPV LBOBMJ[BDJ äF UBLÏ W MFUPÝOÓN
SPDFNBKÓNPäOPTUQPäÈEBUPöOBOǏOÓLPNQFO[BDJ
OÈLMBEǾ OB TQPUDzFCPWBOPV FMFLUSJDLPV FOFSHJJ
TQPKFOPV T QSPWP[FN UMBLPWÏ EPNPWOÓ QDzÓQPKLZ
7âÝFöOBOǏOÓLPNQFO[BDFQSPSPLKFPQǔUNB
YJNÈMOǔ,Ǐ0LPNQFO[BDJNǾäFUFQPäÈEBUOB
.ǔTUTLÏNÞDzBEV)SBEFDOBE.PSBWJDÓQSPTUDzFEOJD
UWÓN WZQMOǔOÏ äÈEPTUJ B UP OFKQP[EǔKJ EP ǏFS
WOB U S ÇBEBUFMǾN CVEF LPNQFO[BDF WZQMBDFOB
KFEOPSÈ[PWǔ MFUPT W QSPTJODJ 7 QDzÓQBEǔ OBQPKFOÓ
PCKFLUVCǔIFNMFUPÝOÓIPSPLVCVEFNBKJUFMǾNOF
NPWJUPTUJWZQMBDFOBQPV[FBEFLWÈUOÓǏÈTUöOBOǏOÓ
LPNQFO[BDF QDzJǏFNä SP[IPEVKÓDÓ QSP [BIÈKFOÓ
ǏFSQÈOÓ LPNQFO[BDF KF EBUVN V[BWDzFOÓ TNMPVWZ
PQDzJQPKFOÓ#MJäÝÓJOGPSNBDFWǏFUOǔGPSNVMÈDzFäÈEPTUJ
OBKEFUFOBXXXNVISBEFDD[W[ÈMPäDFvTQMBÝLPWÈ
LBOBMJ[BDFiNÙ
45"7#","/"-*;"$&
;BTUVQJUFMTUWP NǔTUB )SBEFD OBE .PSBWJDÓ SP[
IPEMP OB TWÏN [BTFEÈOÓ EOF QSPTJODF P EBMÝÓN QPTUVQV TUBWCZ TQMBÝLPWÏ LBOBMJ[BDF
W VMJDÓDI /B )SPCLÈDI B 1JWPWBSTLÈ 7 TPVǏBTOÏ
EPCǔ QSPCÓIBKÓ MFHJTMBUJWOÓ LSPLZ QSP [ÓTLÈOÓ
TUBWFCOÓIPQPWPMFOÓB[QSBDPWÈOÓSFBMJ[BǏOÓQSP
KFLUPWÏEPLVNFOUBDF/ÈTMFEOǔCVEFWZIMÈÝFOP
WâCǔSPWÏDzÓ[FOÓOBEPEBWBUFMFTUBWCZ1P[QSBDP
WÈOÓWâÝFVWFEFOâDIMFHJTMBUJWOÓDIQSPDFTǾ[BǏOF
WZCSBOÈEPEBWBUFMTLÈöSNBTFTUBWCPVTQMBÝLPWÏ
LBOBMJ[BDFWVWFEFOâDIVMJDÓDINÙ
QBSLPWJØUǏVIBTJNJTLÊ[CSPKOJDFW+BLVCNJPWJDÎDIBBVUPCVTPWÊ[BTUÃWLZOB0QBWTLÊBÂJNSPWJDLÊ
VMJDJW)SBEDJOBE.PSBWJDÎ7MFUPØOÎNSPDFCVEPVWOBØFNNǏTUǏQPLSBNJPWBUTUBWFCOÎQSÃDFOB
EWPVWÝ[OBNOÝDIJOWFTUJNJOÎDIBLDÎDI[BUFQMFOÎBWÝNǏOBPLFO[ÃLMBEOÎØLPMZBÙQSBWBTWBIV
QPENǏTUTLÝNIǭCJUPWFN
-FUPT CVEPV [BIÈKFOZ ǏUZDzJ OPWÏ JOWFTUJǏOÓ QSP
KFLUZOBLUFSÏTFKJäQPEBDzJMPNǔTUV[ÓTLBUWFESV
IÏ QPMPWJOǔ NJOVMÏIP SPLV EPUBDF +FEOÈ TF
PPETUBWOPVQMPDIVTOBVǏOPVTUF[LPVL[ÈNLV
PCOPWFOÓ LBÝOZ OB .ǔTUFǏLV PQSBWV LBQMJǏLZ
W #PIVǏPWJDÓDI B SFLPOTUSVLDJ [BISBEZ .BUFDzTLÏ
ÝLPMZ )SBEFD OBE .PSBWJDÓ LUFSÈ TF QSPNǔOÓ OB
VOJLÈUOÓ QDzÓSPEOÓ EǔUTLÏ IDzJÝUǔ 0 QSWOÓDI UDzFDI
TUBWCÈDIWÈTJOGPSNVKFNFWTBNPTUBUOÏNǏMÈOLV
OBQSWOÓTUSBOǔ
+BLâ KF QDzFEQPLMBE TUBWFCOÓ ǏJOOPTUJ W MFUPÝOÓN
SPDF .ǔTUP )SBEFD OBE .PSBWJDÓ QPEBMP ǏUZDzJ
OPWÏ äÈEPTUJ P EPUBDF OB SFLPOTUSVLDJ DIPEOÓLǾ
OB0QBWTLÏVMJDJW)SBEDJOBE.PSBWJDÓOPWâQDzF
DIPE QSP DIPEDF OB LPODJ )SBEDF OBE .PSBWJDÓ
QDzFEǏFSQBDÓTUBOJDÓQPIPOOâDIINPU
TWǔUFMOPV
TJHOBMJ[BDJ OB QDzFDIPEFDI QSP DIPEDF OB 0QBW
TLÏVMJDJBSFHFOFSBDJWFDzFKOÏ[FMFOǔW)SBEDJOBE
.PSBWJDÓ%ÈMFOFDIBMPNǔTUPWZQSBDPWBUQSPKFL
UPWPVEPLVNFOUBDJLUFSÈKFOVUOÈKBLPQPELMBE
QSPQPEÈOÓäÈEPTUÓPEPUBDF5âLÈTFUP[BUFQMFOÓ
%PNVTQFǏPWBUFMTLPVTMVäCPVOB0QBWTLÏVMJDJ
QSPQPKFOÓ DZLMPTUF[LZ QPEÏM DzFLZ .PSBWJDF QPE
NPTUFN OB 0QBWTLÏ VMJDJ OPWÏ WâTBECZ WFDzFKOÏ
[FMFOǔW)SBEDJOBE.PSBWJDÓBQSPUJQPWPEǪPWâDI
PQBUDzFOÓWÇJNSPWJDÓDI
%P OÈWSIV SP[QPǏUV NǔTUB )SBEFD OBE .PSBWJDÓ
41-"À,07«,"/"-*;"$&7Ç*.307*$¶$)
ƎJTUǔOÓTQMBÝLPWâDIWPEWÇJNSPWJDÓDITFEMPVIPEPCǔQPUâLÈTQSPCMÏNZ5ÓNOFKWǔUÝÓNKF[WâÝFOâ
OÈUPLQPWSDIPWâDIEFÝǸPWâDIWPE1SPNǔTUP[BKJÝǸVKFǏJTUǔOÓTQMBÝLǾöSNB,BQQB4NVSöUB[WâÝFOÏ
OÈUPLZ KTPV QSP OJ WFMLPV LPNQMJLBDÓ +F PCUÓäOÏ EPESäPWBU QDzFEFQTBOÏ MJNJUZ QSP WZQPVÝUǔOÓ WPE
EP DzFLZ .PSBWJDF 1SP [KJÝUǔOÓ EǾWPEǾ [WâÝFOâDI OÈUPLǾ NǔTUP NPOJUPSVKF LBOBMJ[BǏOÓ QPUSVCÓ LB
NFSPWâNTZTUÏNFN;KJTUJMZTFUBL[ÈWBEZLUFSÏCZMZOÈTMFEOǔPETUSBOǔOZ1PWZIPEOPDFOÓQDzJKBUâDI
PQBUDzFOÓCZMPLPOTUBUPWÈOPäFUZUP[ÈWBEZOFNǔMZ[ÈTBEOÓWMJWOBPCKFNOÈUPLV4MFEPWÈOÓNQDzÓUPLǾ
EPǏJTUJǏLZWOÈWB[OPTUJOBQPǏBTÓCZMP[KJÝUǔOPäF[WâÝFOÏOÈUPLZKTPVWESUJWÏWǔUÝJOǔ[QǾTPCFOZTWÈ
EǔOÓNQPWSDIPWâDIWPEWMBTUOÓLǾQP[FNLǾEPTQMBÝLPWÏLBOBMJ[BDF;UPIPUPEǾWPEVTFPCSBDÓNF
OBWMBTUOÓLZQP[FNLǾBOFNPWJUPTUÓWPCDJP[PEQPWǔEOPVLPOUSPMVOBQPKFOÓLBOBMJ[BDÓEPTQSÈWOâDI
DzBEǾ+FUDzFCBQSPWǔDzJU[EBQPUSVCÓTWÈEǔKÓDÓQPWSDIPWPVWPEVKFTQSÈWOǔOBQPKFOPEPEFÝǸPWÏLBOBMJ
[BDFBQPUSVCÓPEWÈEǔKÓDÓTQMBÝLZEPTQMBÝLPWÏLBOBMJ[BDF7QDzÓQBEǔäFTFTJUVBDFOF[MFQÝÓCVEFOVU
OP QDzJTUPVQJU L WJ[VÈMOÓ LPOUSPMF
-POJ KTNF [BKJTUJMJ öSNV LUFSÈ UVUP
LPOUSPMV [BKJÝǸVKF ; QDzJMPäFOâDI
TOÓNLǾKF[DzFKNÏKBLâN[QǾTPCFN
TFLPOUSPMBQSPWÈEÓ,PVDz[WZWÓKFǏF
EâNVOFÝLPEOâLPVDzLUFSâTFQPV
äÓWÈUBLÏOBEJTLPUÏLÈDI
TF[BWFEF
IBEJDÓEPÝBDIUZOBTQMBÝLPWPVLB
OBMJ[BDJ7QDzÓQBEǔäFOBTQMBÝLPWÏ
QPUSVCÓKFOBQPKFOEFÝǸPWâPEQBE
UBL[PLBQǾBSâOCVEFVOJLBUEâN
5BLUÏä J QDzJ OFTQSÈWOÏN OBQPKFOÓ
W[FNJTFPCKFWÓOBQPWSDIVEâN
6WFEFOâOFVTQPLPKJWâTUBWKFOVU
OP DzFÝJU QPOǔWBEä OÈLMBEZ OB ǏJÝ
UǔOÓ TQMBÝLǾ EPQPTVE öSNB ,BQQB
4NVSöU NǔTUV OFÞǏUPWBMB 5FOIMF
TUBWLUFSâKF[BMPäFOOBEPCSÏWǾMJ
KF UǔäLP VESäJUFMOâ [FKNÏOB QSPUP
äFPCUÓäFöSNǔW[OJLBKÓ[FTUSBOZNǔTUB;UPIPUPEǾWPEVCVEFQPäBEPWBUöSNBQPNǔTUVÞISBEVOB
ǏJÝUǔOÓTQMBÝLǾ,POLSÏUOǔQSPSPLWFWâÝJ[SP[EÓMVNF[JOÈUPLFNEPƎ07BTQPUDzFCPWBOPV
QJUOPVWPEPV7QDzÓQBEǔäFTFTJUVBDFOF[MFQÝÓCVEFÞISBEBQSPSPL[WâÝFOBP;WâÝFOÏ
OÈLMBEZOBǏJÝUǔOÓTQMBÝLǾQBLCVEFOVUOP[BISOPVUEPTUPǏOÏIP
;WâÝFVWFEFOâDIEǾWPEǾKFOBWÝFDIPCǏBOFDIPCDFBCZ[BKJTUJMJLPOUSPMVOBQPKFOÓLBOBMJ[BDÓBUÓN
EPDÓMJMJ TOÓäFOÓ OÈUPLǾ OB ǏJTUJǏLV7 PQBǏOÏN QDzÓQBEǔ CVEF OVUOP QPǏÓUBU TF [WâÝFOÓN OÈLMBEǾ OB
ǏJÝUǔOÓTQMBÝLPWâDIWPE5FYU+BSPNÎS5ǏMVQJMGPUP"OUPOÎO%VMBWB
QSP SPL CZMZ [BISOVUZ EÈMF UZUP TUBWFCOÓ
BLDFÝBUOZ5+)SBEFDOBE.PSBWJDÓDzFÝFOÓEPQSBWOÓ
TJUVBDF W VMJDJ /B5ZMPWÈDI OPWâ BTGBMUPWâ QPWSDI
LPNVOJLBDF B DzFÝFOÓ QBSLPWÈOÓ WP[JEFM
PQSBWB
LBQMF W DFOUSV #PIVǏPWJD SFLPOTUSVLDF EFÝǸPWÏ
LBOBMJ[BDF B PQSBWB LPNVOJLBDÓ W +BLVCǏPWJDÓDI
[BTUDzFÝFOÓ OPWÏ BVUPCVTPWÏ [BTUÈWLZ W ,BKMPWDJ
QSPQPKFOÓ OÈIPOV B QPUPLV W ÇJNSPWJDÓDI WTUVQ
OÓ PCKFLU NǔTUTLÏIP LPVQBMJÝUǔ ÞESäCB IBTJǏTLÏ
[CSPKOJDFW,BKMPWDJWâNǔOBWSBUBPQSBWBäVNQZ
BEBMÝÓÞESäCBBPQSBWZNBKFULVNǔTUB
.HS+BO»QJNJLBNÎTUPTUBSPTUB
;.Ǝ/"$&/:450Ɖ/­)0
7Â*.307*$±$)
;BTUVQJUFMTUWPNǔTUB)SBEFDOBE.PSBWJDÓOBTWÏN
[BTFEÈOÓ EOF QSPTJODF TDIWÈMJMP ÞQSBWV
QPQMBULV [B ÞISBEV OÈLMBEǾ TQPKFOâDI T ǏJÝUǔOÓN
PEQBEOÓDIWPETUPǏOÏ
OBLBUBTUSÈMOÓNÞ[FNÓÇJN
SPWJDFTQMBUOPTUÓPEMFEOB$FOBTUPǏOÏIP
[BNǏJOÓ,ǏCF[%1),DFOǔTUPǏOÏIPCVEF
QDzJQPǏUFOBEBǪ[QDzJEBOÏIPEOPUZWTB[CǔQMBUOÏLF
EOJ%6;1LUFSâNKFEFOQDzFEÈOÓÞEBKǾPTQPUDzFCǔ
WPEZ4.7B,BT7âÝF%1)CVEFÞǏUPWÈOBWäEZBL
UVÈMOǔWFWâÝJEMFQMBUOâDIQSÈWOÓDIQDzFEQJTǾNÙ
Ɖ*»5Ǝ/±0%1"%/±$)70%
;Â6.14&15*,ƹ"+±.&,
%PCSPWPMOâ TWB[FL PCDÓ Ǝ07 B LBOBMJ[BDF )SBEFD
OBE.PSBWJDÓ#SBOLBV0QBWZKBLPWMBTUOÓLǏJTUÓSOZ
PEQBEOÓDI WPE V[BWDzFM TNMPVWV TF TQPMFǏOPTUÓ
)SBEFDLÈ [FNǔEǔMTLÈ B T KFKÓNä QDzFENǔUFN KF
ǏJÝUǔOÓ PEQBEOÓDI WPE [F äVNQ TFQUJLǾ B PEQBE
OÓDIWPETQDzÓNǔTÓLBMǾƎJÝUǔOÓPEQBEOÓDIWPECVEF
QSPCÓIBUWǏJTUÓSOǔPEQBEOÓDIWPEW#SBODFV0QBWZ
7QDzÓQBEǔ[ÈKNVPWZǏFSQÈOÓBMJLWJEBDJPEQBEOÓDI
WPE LPOUBLUVKUF QSBDPWOÓLB )SBEFDLÊ [FNǏEǏM
TLÊBT+BSPNÎSB4POOLBUFMNÙ
470;#*00%1"%6
7KBSOÓDINǔTÓDÓDIQDzFEQPLMÈEÈNFWEVCOVQPE
MFQPǏBTÓ
[BǏOFPQǔUTUDzÓEBWâTWP[LPNVOÈMOÓIP
PEQBEVBCJPPEQBEV1DzFE[BIÈKFOÓNTWP[VCVEF
NǔTUTLâ ÞDzBE EJTUSJCVPWBU EP WÝFDI EPNÈDOPTUÓ
TWP[PWâLBMFOEÈDzTVWFEFOÓNUFSNÓOVTWP[ǾKFE
OPUMJWâDIPEQBEǾ
1PLVE OFNÃUF L EJTQP[JDJ IOǏEPV OÃEPCV OB
CJPPEQBE NǹßFUF TJ KJ PCKFEOBU OB NǏTUTLÊN
ÙǭBEǏ3ƭÎNTLÝUFM
FNBJM SSJNTLZ!NVISBEFDD[ /ÃEPCZ CVEPV
EJTUSJCVPWÃOZQǭFE[BNJÃULFNTWP[ǹ
3PTUJTMBWƭÎNTLÝ
+"3/¶7Å45"7"
,MVCßFO+BLVCNJPWJDF[WFWØFDIOZOBUSBEJNJOÎ
+"3/±7À45"76 LUFSÃ TF VTLVUFNJOÎ WF EOFDI
BCǭF[OBWßEZPEEPIPEJO
4MBWOPTUOÎ [BIÃKFOÎ WÝTUBWZ CVEF W TPCPUV
CǭF[OBWIPEJOTLVMUVSOÎNQSPHSBNFN
/ÃWØUǏWOÎDJCVEPVNÎUNPßOPTUTJ[EFLPVQJUKBS
OÎBWFMJLPOPNJOÎEFLPSBDF.BSJFÂÎELPWÃ
0)-²%/65¶;"1Ʋ&%7«/0Ǝ/¶.Ǝ"4&.
7ÃOPNJOÎKBSNBSLWÂJNSPWJDÎDIQSPTJODF
-POJ TF W )SBEDJ OBE .PSBWJDÎ B KFIP NǏTU
TLÝDI NJÃTUFDI VTLVUFNJOJMP WÎDF OFß TUP TQP
MFNJFOTLÝDIBTQPSUPWOÎDIBLDÎ.ǏTUP)SBEFD
OBE.PSBWJDÎVTQPǭÃEBMPTFENWÝTUBWñM
NPWÝDI QǭFETUBWFOÎ EWǏ ñMNPWÃ B UǭJ EJWB
EFMOÎQǭFETUBWFOÎ[DZLMV1PIÃELPWÃOFEǏMF
EWǏ DFTUPQJTOÊ QǭFEOÃØLZ B EFWǏU WFMLÝDI
BLDÎNǏTUTLÝQMFTPUFWÎSÃOÎKBSBBUVSJTUJDLÊ
TF[POZPTMBWZPTWPCP[FOÎNǏTUBTMBWOPTUOÎ
PUFWǭFOÎ OPWÊ [BISBEZ OB ;ÃNFDLÊ VMJDJ
NǏTUTLÊ TMBWOPTUJ LPODFSU -FOLZ 'JMJQPWÊ
SP[TWÎDFOÎ WÃOPNJOÎIP TUSPNV B WÃOPNJOÎ KBS
NBSL%BMØÎBLDFNǏTUPQPEQPǭJMPHSBOUPWÝN
QǭÎTQǏWLFNTWPVTQPMVÙNJBTUÎOFCP[ÃØUJUPV
/FKWÎDFTQPMFNJFOTLÝDIBLDÎTFLPOBMPWQǭFE
WÃOPNJOÎNNJBTFBNZWÃNQǭJOÃØÎNF[BUÎNUP
PCEPCÎNNBMÊPIMÊEOVUÎ
5FYUNÙ
GPUP.JMBO.BJOVØ
3P[TWÎDFOÎWÃOPNJOÎIPTUSPNVOB.ǏTUFNJLVQSPTJODF
)SBEFDLÃIǹMLB**SPNJOÎLOFQPTUVQPWÊTPVUǏßFNBßPSFULPWÝDITLVQJOQSPTJODF
5SBEJNJOÎWÃOPNJOÎKBSNBSLW)SBEDJOBE.PSBWJDÎQSPHSBN)FJEJ+BOLǹQSPTJODF
1PKǍNFTQPMVEP#FUMÊNBQSPTJODF
,PODFSU-FOLZ'JMJQPWÊMJTUPQBEV
7ÃOPNJOÎLPODFSU)SBEFDLÊIPEFDIPWÊIPPSDIFTUSVQSPTJODF
.Ɠ450)3"%&$/"%.03"7*$¶7«4
,".%0
43%&Ǝ/Ɠ;7&/"",$&,5&3²10Ʋ«%« 410-&Ǝ/045*
/&%Ɠ-/¶10)«%,:130%Ɠ5*
7OFEǔMJÞOPSBWIPEJOWLJOPTÈMF/ÈSPEOÓIPEPNVVWÈEÓEJWBEMP1"+"%"WFTFMPVQPIÈE
LV0Ǝ&37&/²,"3,6-$&1DzÓCǔIǏJQFSOÏIPMǏJǏLZBNMTOÏIPWMLBISBKÓǏMFOPWÏ4MF[TLÏIPEJWBEMB
W0QBWǔ
7OFEǔMJCDzF[OBWIPEJOEJWBEMP4UVEOB[ƎFTLâDI#VEǔKPWJD[BISBKFUBLÏWLJOPTÈMF/È
SPEOÓIPEPNVQPIÈELVP;",-&5²13*/$&;/Ɠ
;«1"%64"")"7"+4,²045307:
.ǔTUP)SBEFDOBE.PSBWJDÓQPDzÈEÈWFǏUWSUFLEVCOBWIPEJOWLJOPTÈMF/ÈSPEOÓIPEPNV
DFTUPWBUFMTLPVQDzFEOÈÝLVPPTNÏFYQFEJDJSPEJOZ.ÈSPWâDILUFSÈOBWÝUÓWJMBOFK[OÈNǔKÝÓOÈSPEOÓ
QBSLZTFWFSPBNFSJDLÏIP[ÈQBEV0ETLPǏJMJTJUBLÏOB)BWBKTLÏPTUSPWZ5PWÝFWOPWÏQSPKFLDJGPUP
HSBöÓBWJEFPVLÈ[FLTFTUBWFOâDIEPIVNPSOÏIPJESBNBUJDLÏIPQDzÓCǔIV
05&7¶3«/¶+"3""563*45*$,²4&;0/:
.ǔTUP )SBEFD OBE .PSBWJDÓ /ÈSPEOÓ QBNÈULPWâ ÞTUBW Á[FNOÓ QBNÈULPWÈ TQSÈWB W ,SPNǔDzÓäJ
4QSÈWBTUÈUOÓIP[ÈNLV)SBEFDOBE.PSBWJDÓB,MVCǏFTLâDIUVSJTUǾ5+WÈTTSEFǏOǔ[WPVWTPCPUV
EVCOBOBUSBEJǏOÓPUFWÓSÈOÓKBSBBUVSJTUJDLÏTF[POZ
.Ɠ454,«,/*)07/"*/'03.6+&
.ǏTUTLÃLOJIPWOBQǭJQSBWJMBMPOJǭBEVBLDÎOFKFOQSPNJUFOÃǭFLOJIPWOZWÝUWBSOÊEÎMOZWFTQPMV
QSÃDJT"HFOUVSPV5PNJOPWÝTUBWZPCSB[ǹGPUPHSBñÎBSVNJOÎDIWÝUWBSOÝDIWÝSPCLǹNÎTUOÎDIBV
UPSǹQǭFEOÃØLZJJOUFSBLUJWOÎWÃOPNJOÎQPǭBEQSPEǏUJ.BMVKFNF7ÃOPDFOBLUFSÊNTFEǏUJTFULBMZ
BNBMPWBMZTQPMFNJOǏTJMVTUSÃUPSFN"EPMGFN%VELFN+TNFQPUǏØFOJßFTFUBUPWÃOPNJOÎBLDFEǏ
UFNMÎCJMBB[B[OBNFOBMJKTNFQP[JUJWOÎPIMBTZ[BLUFSÊWFMNJEǏLVKFNF
7TPVǏBTOÏNǾäFUFWLOJIPWOǔOBWÝUÓWJUWâTUBWVGPUPHSBöÓ.JMBOB.BJOVØF)3"%&$LUFSÈQDzJ
QPNÓOÈäJWPUBEǔOÓWOBÝFNNǔTUǔWVQMZOVMÏNSPDF1PUSWÈEPCDzF[OBBPUFWDzFOBKFTPVCǔäOǔ
TQSPWP[OÓEPCPVLOJIPWOZ
1Ʋ*13"76+&.&
/Bv#DzF[FONǔTÓDǏUFOÈDzǾiQDzJQSBWVKFNFWâTUBWV453«/,:;#*#-&$ZLMVTWâUWBSOâDIQSBDÓOBQBQÓSV
OBNPUJWZOFKǏUFOǔKÝÓLOJIZOBTWǔUǔQDzJQSBWJMBPQBWTLÈWâUWBSOJDF+JULB»LBSPIMÎEPWÃ7âTUBWBCVEF
[BIÈKFOBWFǏUWSUFLCDzF[OBBQPUSWÈEPLPODFLWǔUOB
/FKFOQSPEǔUJQDzJQSBWVKFNFT"HFOUVSPV5PNJOPQSBWJEFMOÏWâUWBSOÏEÓMOJǏLZWLMVCPWOǔ4MVOÓǏLP#V
EPVQSPCÓIBULBäEâUDzFUÓǏWSUFLWNǔTÓDJPEEPIBEǔUJTFTF[OÈNÓWäEZTOPWPVWâUWBSOPV
UFDIOJLPVǏJEPWFEOPTUÓ1SWOÓEÓMOJǏLBTFVTLVUFǏOÓÞOPSB
1&36;&.Ɠ*/,ƾ"/«%)&3/²1Ʋ¶30%:TFOB[âWÈDFTUPQJTOÈQDzFEOÈÝLBNBOäFMǾ7BDLPWâDIBOBCÓE
OFQDzFKF[E1FSV[FTFWFSVOBKJIOÈSPEOÓQBSL)VBTDBSÈOIMBWOÓNǔTUP-JNBPCSB[DFW/BTDF.BDIV
1JDDIVCPIBUÏ$VTDPQMPWPVDÓSÈLPTPWÏPTUSPWZOBKF[FDzF5JUJDBDBBJOEJÈOLZTUZQJDLâNJCVDzJOLBNJ
,POÈTFCDzF[OBWIPEJOWLJOPTÈMF/ÈSPEOÓIPEPNV
5BLÏ MFUPT TF OBÝF LOJIPWOB [BQPKÓ EP NF[JOÈSPEOÓ BLDF /0$ 4 "/%&34&/&. LUFSÈ TF VTLVUFǏOÓ
EVCOB+FVSǏFOBQSPQDzFEFNQDzJIMÈÝFOÏEǔUTLÏǏUFOÈDzFLOJIPWOZ#MJäÝÓJOGPSNBDF[ÓTLÈUFWLOJIPWOǔ
"LUVÈMOÓJOGPSNBDFPLOJIPWOǔBPQDzJQSBWPWBOâDIBLDÓDIOBKEFUFOBXXXLOJIPWOBISBEFDD[
1I%S.BSLÊUB#FZFSPWÃǭFEJUFMLBLOJIPWOZ
10;7¦/,"/",0/$&35t410-&Ɖ/¦7Ǝ$i
1ǭJKNǏUF QP[WÃOÎ OB LPODFSU 4QPMFNJOÃ WǏD LUFSÝ TF VTLVUFNJOÎ W )SBEDJ W QSPTUPSÃDI ƉFSWFOÊIP
[ÃNLVÙOPSBWIPE,PODFSU5PNÃØF1GFJíFSBOBWPEOÃǭTLÝ[WPOKFKFEJOFNJOÝNTPV[OǏ
OÎNISÃNJFBOÃTUSPKFUWPǭÎDOFPQBLPWBUFMOÝVNǏMFDLÝ[ÃßJUFL
/ÈWÝUǔWOÓDJ LPODFSUV VWJEÓ OFPCWZLMâ
NVMUJNFEJÈMOÓQSPKFLUTQPKVKÓDÓIJTUPSJDLâ
OÈTUSPK WPEOÈDzTLâ [WPO T VOJLÈUOÓ QB
SBCPMJDLPV QSPKFLDÓ 'JMNPWâ EPQSPWPE
QDzÓCǔIQSPKFEOPUMJWÏTLMBECZLPODFSUV
KF JOTQJSPWÈO LBäEPEFOOÓN äJWPUFN5Ï
NBUB TLMBEFC LPODFSUV 4QPMFǏOÈ WǔD TF
QSBWJEFMOǔPCNǔǪVKÓ
7 MFUPÝOÓN SPDF TF OÈWÝUǔWOÓDJ NPIPV
UǔÝJU OBQDz OB TLMBECV 3F[POBOUJB 5FN
QPSVN TPV[OǔOÓ [WPOǾ WPEOÈDzTLÏIP
B[WPOV[DISÈNVTW7ÓUBW1SB[FCBSFWOÈ
LSÈTBNBUFNBUJLZKF[BDIZDFOBWFTLMBE
Cǔ$IBPTGSBLUÈMZ1PIMFEEPIMVCPLÏIP
JCMÓ[LÏIPWFTNÓSVOÈN[QSPTUDzFELVKÓEPTVENÈMP[OÈNÏTOÓNLZ[1BUSJB%FVN
7 UØOFDI WPEOÈDzTLÏIP [WPOV M[F QSPäÓU IMPVCLZ SF[POBODF LUFSÈ EMF PELB[V EÈWOâDI NJTUSǾ
LMBEOǔ QǾTPCÓ OB DFMPV CZUPTU J QSPTUPS /B [ÈWǔS LPODFSUV CVEFUF NÓU NPäOPTU WJEǔU WPEOÈDzTLâ
[WPO [CMÓ[LB B QP[PSPWBU LSÈTV WPEOÓ IMBEJOZ LUFSÈ QDzJ GPSUJTTJNFDI MFWJUVKF W UJTÓDÓDI LBQJǏLÈDI
OFCP WZUWÈDzÓ SF[POBOǏOÓ PCSB[DF /ÈTUSPKF TF M[F J [MFILB EPULOPVU B WOÓNBU KFIP WJCSBDJ QDzÓNP
1PLVE CVEFUF DIUÓU [BäÓU KFEJOFǏOâ LVMUVSOÓ [ÈäJUFL KTUF TSEFǏOǔ [WÈOJ OB LPODFSUZ 4QPMFǏOÈ WǔD
1DzFEQSPEFKWTUVQFOFLFTIPQXXXEVCD[BWISBEFDLÏNJOGPSNBǏOÓNDFOUSVUFM
*OGPSNBDFPLPODFSUVQMBDFOÈJO[FSDF
Á/03
7Å45"7:
,03«-,07Å.*,30,04.04
1SPEFKOÎ WÝTUBWB ØJUÝDI ØQFSLǹ -VDJF ;NJKPWÊ W NǏTUTLÊ
LOJIPWOǏ5SWÃEPÙOPSBQPǭÃEÃNǏTUTLÃLOJIPWOB
)3"%&$
WÎDFOBTUS
453«/,:;#*#-&
WÎDFOBTUS
,0/$&350/%Ʋ&+&4.&:,"-"
WÎDFOBTUS
)"4*Ǝ4,Å1-&44%)#&/,07*$&
,VMUVSOÎEǹN#FOLPWJDF
0Ǝ&37&/²,"3,6-$&
WÎDFOBTUS
,0/$&35#Å7"-Å$)Ç«,ƾ;6À
7FMLÃEWPSBOBIQPǭÃEÃ;6»)SBEFDO.
1-&4.Ɠ45")3"%&$/"%.03"7*$¶
WÎDFOBTUS
,"3/&7"5BOFNJLZTPVUǏßFBQÎTOJNJLZ)BTJNJTLÃ[CSPKOJDF,BKMPWFD
IQPǭÃEÃNBUFǭTLÃØLPMBW,BKMPWDJ
-&50%/&%0,0/Ǝ&/¶Ç&-&;/*$&
01"7"53&/Ǝ¶/
WÎDFOBTUS
410-&Ǝ/«7Ɠ$
WÎDFOBTUS
7Å57"3/«%¶-/"
WÎDFOBTUS
3&13&;&/5"Ǝ/¶1-&4#3"/0"4
ƉFSWFOÝ[ÃNFLI
#Ʋ&;&/
+"3/¶,0/$&35
7FMLÃ EWPSBOB ƉFSWFOÊIP [ÃNLV I QPǭÃEÃ ;6»
)SBEFDO.
0;",-&5²13*/$&;/Ɠ
WÎDFOBTUS
1&36;&.Ɠ*/,ƾ"/«%)&3/²1Ʋ¶30%:
WÎDFOBTUS
B+"3/¶7Å45"7"7+",6#Ǝ07*$¶$)
5SBEJNJOÎKBSOÎBWFMJLPOPNJOÎWÝTUBWB,VMUVSOÎEǹN+BLVC
NJPWJDFIQPǭÃEÃ,MVCßFO+BLVCNJPWJDF
Ʋ¶.4,0,"50-*$,²#0)04-6Ç#:
WLPTUFMFTW1FUSBB1BWMB)SBEFDO.PS
NJUWSUFL
QPOEǏMÎ QÃUFL ÙUFSÝ TPCPUB TUǭFEB OFEǏMFB
;";/¶%*%(&3*%00
7QÈUFLÞOPSB[BǏÓOÈWIPEJOWFWâTUBW
OÓDIQSPTUPSÈDIOB;ÈNFDLÏVMJDJLPODFSU0OEǭF
KF 4NFZLBMB ǏFTLÏIP QSPGFTJPOÈMOÓIP ISÈǏF OB
EJEHFSJEPP6TMZÝÓUFWâKJNFǏOÏTØMPWÏQDzFEWFEF
OÓISZOBUFOUPBVTUSBMTLâEPNPSPEâOÈTUSPK7TUV
QFOLZTUPKÓ,ǏB[BLPVQÓUFKFQDzFELPODFSUFN
OBNÓTUǔBUPPEIPEJONÙ
10;7«/,"
%0,*/"
(3"/507Å130(3".
Á/03
+«1"%06$)
,EZßTWǏUQPUǭFCVKFISEJOVQPNǹßFQBEPVDI
(SV KJß OFOÎ QBEPVDI OÝCSß [BDISBǥVKF TWǏU
NJOVU
TUDzFEBIWTUVQOÏ,Ǐ
30;,0À
3FßJTÊSLPV B TDFOÃSJTULPV ñMNV KF +JULB 3V
EPMGPWÃ LUFSÃ ÙTQǏØOǏ EFCVUPWBMB ñMNFN
;PVGBMDJ)SBKÎ+BOB1MPELPWÃ.BSUJO.ZØJNJLB
+BO#VEBǭBEBMØÎNJOVU
TUDzFEBIWTUVQOÏ,Ǐ
-&(&/%«3/¶1"35"
.BßPSFULZ$IBSMJF)SBEFDOBE.PSBWJDÎ)SBEFDLÈIǾMLB
1ǭÎCǏIPTLVQJODFISEJOǹ[OJDIßLBßEÝWMÃE
OFOFPCZNJFKOÝNJTDIPQOPTUNJ,EZßTFKFEFO
[MPEVDI SP[IPEOF W[ÎU EǏUFN OB DFMÊN TWǏUǏ
SBEPTU [F ßJWPUB EÃ TF EPISPNBEZ QBSUB TV
QFSISEJOǹBQPLVTÎTFIP[BTUBWJUNJOVU
TUDzFEBIWTUVQOÏ,Ǐ
105",3&7
'JUOFTT USFOÊS %BOJFM -VHP .BSL 8BIMCFSH
NZTMÎKFOOBUPKBLSZDIMF[CPIBUOPVU+FMJLPß
WǏǭÎßFNVUPQÃMÎWZNZTMÎQMÃOEPOǏIPß[B
TWǏUÎTWÊEWBLVNQÃOZ4QPNJÎWÃWUPNßFUBUP
USPKJDF VOFTF CPIBUÊIP PCDIPEOÎLB B [B LVGS
QMOÝQFOǏ[IP[BTFQMÃOVKFQVTUJUOBTWPCPEV
NJOVU
TUDzFEBIWTUVQOÏ,Ǐ
#Ʋ&;&/
$*;¶0#Ɠ%
'JMNTQǭÎWǏUJWÝNIVNPSFNWZQSÃWÎPUPNßF
KFEOBNBMÃDIZCBWÃNNǹßF[NǏOJUDFMÝßJWPU
NJOVU
TUDzFEBIWTUVQOÏ,Ǐ
$0-&55&
4USIVKÎDÎQǭÎCǏIPTÎMFMÃTLZBUPV[FQPTWPCPEǏ
)SBKÎ$MÊNFODF5IJPMZPWÃ#BSCPSB,PEFUPWÃ
+JǭÎ.ÃEM+JǭÎ#BSUPØLBBEBMØÎNJOVU
TUDzFEBIWTUVQOÏ,Ǐ
0((:"À,0%¶$*
0HHZ EPCSPTSEFNJOÝ UMVTUÝ LPDPVS OFNÃ SÃE
OJDKJOÊIPOFßQPLMJEOÊQPEǭJNPWÃOÎWUFMFWJ
[J5ǭJ[MPNZTMOÎØWÃCJ+PFZ.BSLZB%FFEFF
TFWØBLTWÝNOFVTUÃMÝNPCUǏßPWÃOÎNBUSÃQF
OÎNQPTUBSBKÎPUPBCZ0HHZIPQPLMJEOÝßJWPU
TLPONJJM
TUDzFEBIWTUVQOÏ,Ǐ
-¶#«/,:
.ǏMUPCÝUOFKLSÃTOǏKØÎEFOWKFKÎNßJWPUǏ'JMN
+BOB)ǭFCFKLBB1FUSB+BSDIPWTLÊIP[UFDIOJD
LÝDIEǹWPEǹQǭFMPßFOÝ[MFEOB
TUDzFEBIWTUVQOÏ,Ǐ
;.Ɠ/"130(3".67:)3";&/"
,BNÊMMJFQPǭÃEÃ[ÃKF[EZEP7ÎEOǏ
1BǭÎßFBMZßPWÃOÎW3BLPVTLVw
+FEOPEFOOÎMZßPWÃOÎW3BLPVTLVUFSNÎO
$FOB,NJ[BISOVKFEPQSBWVQPKJØUǏOÎBQSǹWPEDF
7ÎDFJOGPSNBDÎOBXXXLBNFMMJFD[NBJMOGP!LBNFMMJFD[
,POUBLU.HS,BNJMB)SUǹTPWÃUFM
0DIPUOJDLÝTPVCPSt/B1PEPMÎiPT1PIÈELPWâMFT
1304*/$07²",$&;«,-"%/¶6.Ɠ-&$,²
À,0-:)3"%&$/"%.03"7*$¶
1SPKFLUTOÃ[WFN.*,6-¦»&/±7;6»LUFSÝTFVTLVUFNJOJMWQÃUFLQSPTJODFNǏMNJNPǭÃEOǏLMBE
OÝPIMBT"LDFQSPCǏIMBWFWÝTUBWOÎDIQSPTUPSÃDI/ÃSPEOÎØLPMZBWLPODFSUOÎNTÃMF;6»+FEOBMP
TFPWÝKJNFNJOPVBLDJLUFSÃQSPQPKJMBPCBWZVNJPWBOÊPCPSZ;6»QPNPDÎWÝUWBSOÝDIBIVEFCOÎDI
EÎMFOEPLUFSÝDITFQPEPECPSOÝNWFEFOÎNQFEBHPHǹ;6»NPIMJ[BQPKJUKBLßÃDJBSPEJNJFOBWØUǏ
WVKÎDÎ;6»UBLQǭFEFWØÎNØJSPLÃWFǭFKOPTU
"LDF CZMB [BIÈKFOB WFSOJTÈäÓ
WâTUBWZ QSBDÓ äÈLǾ WâUWBSOÏIP
PCPSV [B QDzJTQǔOÓ IVEFCOÓIP
EPQSPWPEV IPVTMPWÏIP USJB
1PUÏOÈTMFEPWBMZWâUWBSOÏBIV
EFCOÓEÓMOZ,EPTJDIUǔMKFOPE
QPǏJOPVUPEWÈOPǏOÓIPTIPOV
NPIMTF[BTUBWJUBQPTMFDIOPVU
LPMFEZ LUFSÏ CǔIFN EOF ISÈMJ
äÈDJ IVEFCOÓIP PEEǔMFOÓ ;È
WǔSFNEOFCZMPLWJEǔOÓUPDP
ÞǏBTUOÓDJ IVEFCOǔ OBDWJǏJMJ
B WâUWBSOǔ [QSBDPWBMJ CǔIFN
DFMÏIPPEQPMFEOF
,PODFQDFBLDFUFEZQSPQPKFOÓ
WâUWBSOâDI B IVEFCOÓDI EÓMFO
TWÈOPǏOÓUFNBUJLPVCZMBWIPE
Oǔ[QSBDPWÈOBB[BUPQBUDzÓWFMLÏQPEǔLPWÈOÓWÝFN IVECB ;QFTUDzFOÓN QSP QPTMVDIBǏF CZM QǔWFDLâ
[BNǔTUOBODǾN ÝLPMZ B UBLÏ NǔTUV LUFSÏ UFOUP TCPS LUFSâ TF W [ÈWǔSV LPODFSUV QDzFETUBWJM KBLP
QSPKFLU [BÝUÓUJMP OFKFO QDzÓUPNOPTUÓ QDzFETUBWJUFMǾ BOEǔMTLâ DIØS 1P TLPOǏFOÓ IVEFCOÓ QSPEVLDF
NǔTUBBMFUBLÏöOBOǏOÓEPUBDÓWFWâÝJ,Ǐ TJ IPTUÏ NPIMJ QSPIMÏEOPVU WâUWBSOÏ QSÈDF äÈLǾ
OBOÈLVQWâUWBSOÏIPNBUFSJÈMV
ÝLPMZ0CMÓCFOâLPODFSUOBWÝUÓWJMPWFMLÏNOPäTUWÓ
5âEFOQPvNJLVMÈÝFOÓiTFLPOBMWF7FMLÏEWPSBOǔ OÈWÝUǔWOÓLǾ
USBEJǏOÓ7«/0Ǝ/¶,0/$&35;6À#ǔIFNLPODFS
5FYU.HS.BSUB4DIPM[PWÃǭFEJUFMLBØLPMZ
UV [B[OǔMZ OFKFO WÈOPǏOÓ LPMFEZ BMF J LMBTJDLÈ
GPUP.JMBO.BJOVØ
.Ɠ45")3"%&$/"%.03"7*$¶
+F[EFDLÝLMVC)SBEFDOBE.PSBWJDÎ.Ǝ3GPSNÈOTLâDIKÓ[E
7MPǥTLÊNSPDFNǏTUP)SBEFDOBE.PSBWJDÎWSÃNDJ
HSBOUPWÊIPQSPHSBNVSP[EǏMJMPNJÃTULV,NJ
BQPEQPǭJMPUÎNQSPKFLUǹWPCMBTUJTQPSUPWOÎNJJO
OPTUJQSPKFLUǹWPCMBTUJLVMUVSOÎIPBTQPMFNJFO
TLÊIPßJWPUBBQSPKFLUǹWPCMBTUJFEJNJOÎNJJOOPTUJ
1PV[FKFEOV[UǏDIUPBLDÎPSHBOJ[ÃUPǭJOBLPOFDOF
SFBMJ[PWBMJBHSBOUVOFWZVßJMJ1ǭFIMFEQǭJEǏMFOÝDI
HSBOUǹ OBKEFUF OB XXXNVISBEFDD[ W [ÃMPßDF
tHSBOUPWÝ TZTUÊNi 1ǭFETUBWVKFNF WÃN OǏLUFSÊ
PSHBOJ[BDFBKFKJDIBLDFOBLUFSÊHSBOUWZVßJMZ
5FYUNÙ
GPUP.JMBO.BJOVØ
%FDIPWÝPSDIFTUS)SBEFDOBE.PSBWJDÎ$ZLMVTWÈOPǏOÓDILPODFSUǾ
.BUJDFTMF[TLÃ,VMUVSOÓBWMBTUJWǔEOÈǏJOOPTU
4%)#FOLPWJDFMFU#FOLPWJD
;ÃLMBEOÎPSHBOJ[BDFƉFTLÊIPTWB[VWNJFMBǭǹPT)SBEFDOBE.PSBWJDÎ
5SBEJǏOÓWǏFMBDzTLÈTMBWOPTU
ƉFTLÝTWB[DIPWBUFMǹ0LSFTOÓWâTUBWBESPCOÏIP[WÓDzFDUWB
,MVCßFO+BLVCNJPWJDF7ÈOPǏOÓWâTUBWB
;ÈLMBEOÓÝLPMB)SBEFDOBE.PSBWJDÓ
1&3/Å%&/10%/"%7-«%06"/(-*Ǝ5*/:
4UFKOǏKBLPNJOVMÝSPLTFOǏLPMJLßÃLǹ[ÙNJBTUOJMPKB[ZLPWÊTPVUǏßFWBOHMJDLÊNKB[ZDFWF»UFSOCFSLV
4PVUǏßCZMBSP[EǏMFOBOBEWǏTPVUǏßOÎLBUFHPSJFBUPOBQSPKFLUPWPVNJÃTUBNJÃTULPOWFS[BNJOÎ+BLP
TNǏTLBEFWÃUÊIPBPTNÊIPSPNJOÎLVKTNFWF[ESBWÎEPSB[JMJOBNÎTUPVSNJFOÎQǭJQSBWFOJ[FTFCFWZEBUUP
OFKMFQØÎ7FW[EVDIVTFW[OÃØFMBOFSWP[JUBLUFSÃTF[SDBEMJMBWPNJÎDIOÃTWØFDI1ǭFTUPKTNFPEIPEMBOǏ
OÃTMFEPWBMJPSHBOJ[VKÎDÎVNJJUFMFBßÃLZLUFǭÎOÃT[BWFEMJEPUǭÎELEFKTNFTUSÃWJMJOÃTMFEVKÎDÎIPEJOZ
3P[EǔMFOJ EP TPVUǔäOÓDI LBUFHPSJÓ KTNF WZTMFDIMJ
QSBWJEMBTPVUǔäF7ǏÈTUJQSPKFLUPWÏKTNFWZUWÈDzFMJ
QSPKFLUTOÈ[WFN:FTUFSEBZUPEBZUPNPSSPX7ǏF
SBEOFT[ÓUSB
7ǏÈTUJUâLBKÓDÓTFLPOWFS[BDFNVTFMJ
TPVUǔäÓDÓTQMOJU[BEBOÏÞLPMZLUFSâNJCZMZQPTMFDI
QPQJT PCSÈ[LV EJBMPH B QPUÏ DzÓDJ OǔDP L UÏNBUV
LUFSÏTJTBNJWZMPTPWBMJ
7 QSPKFLUPWÏ ǏÈTUJ VCǔIMP EFWBEFTÈU NJOVU B NZ
NVTFMJQDzFELSÈULPVQDzFTUÈWLPVPEFW[EBUOBÝFQSÈ
DF7ÝJDIOJ WǏFUOǔ OBÝJDI LPOLVSFOUǾ CZMJ [OBǏOǔ
OFSWØ[OÓB[LPVÝFMJTJQDzJQSBWFOPVDzFǏQSF[FOUPWBU
"MFǏBTOFÞQSPTOǔVCÓIBMBNVTFMJKTNFTFWSÈUJUEP
UDzÓELEFQDzJÝMBDIWÓMFLUFSÏKTNFTFPCÈWBMJ/BDFMPV
QSF[FOUBDJ QSPKFLUV CZMZ WZISB[FOZ UDzJ NJOVUZ DPä
KFKFOPNJOVUVWÓDFOFäNǔMJWLPOWFS[BǏOÓǏÈTUJOB
QPQJTPCSÈ[LVLUFSâPWÝFNWÝJDIOJ[WMÈEMJBQPTUPV
QJMJLEJBMPHV5BNVäQSPOǔLUFSÏOBTUBMZESPCOǔKÝÓ
QSPCMÏNZBCPIVäFMTFEPEBMÝÓIPLPMBOFQSPCPKP
%36)«$*/"/«7À5Ɠ7Ɠ
7&45«+¶$)
WBMJ "MF UJ LUFDzÓ UP ÝUǔTUÓ NǔMJ QPTUPVQJMJ EP öOÈMF
NF[J OFKMFQÝÓ ǏUZDzJ 7 [BTUPVQFOÓ EFWÈUâDI UDzÓE UP
CZMJEWBB[BPTNÏUDzÓEZKFEFO7ÝFNOBTLBLPWBMBQDzJ
WZIMBÝPWÈOÓ WâTMFELǾ IVTÓ LǾäF BMF VLÈ[BMP TF äF
TUSBDICZMQSPWǔUÝJOV[OÈT[DFMB[CZUFǏOâ
+BOB0NJBEMÎLPWÃ"
ÇÈDJUDzÓEWQSPKFLUPWÏǏÈTUJTJDF[ǾTUBMJCF[VNÓT
UǔOÓ BMF UP QMOǔ OBISBEJM 7ÃDMBW3BJEB W ǏÈTUJ LPO
WFS[BǏOÓLUFSPVWZISÈM4äÈLZUDzÓEUPCZMPOFNÏOǔ
TMBWOÏKBLWǏÈTUJQSPKFLUPWÏUBLJLPOWFS[BǏOÓTCÓSBMJ
CPEZ LUFSÏ QDzJOFTMZ TMBELPV PENǔOV7FEMP TF KJN
OÈTMFEPWOǔWQSPKFLUPWÏǏÈTUJ[ÓTLBMUâNWFTMPäFOÓ
+BOB0NJBEMÎLPWÃ5PNÃØ5BUBSJOB&MJØLB4FMWFLPWÃ
QSWOÓNÓTUP7ǏÈTUJLPOWFS[BǏOÓTJUBLÏOBÝJ[ÈTUVQDJ
WFEMJ TLWǔMF OB TUDzÓCSOÏN QPTUV TF VNÓTUJMB -VCB
$JOHFMPWÃBǏUWSUÏNÓTUP[ÓTLBM0OEǭFK,VØOÎS.ZT
MÓNTJäFKFUPPQSBWEVDIWÈMZIPEOÏBWÝFNWÓUǔ[ǾN
CMBIPQDzFKFNF#D.JMFOB,PVEFMPWÃ
&9,63;&%0,&3".*$,²%¶-/:7)"7¶Ʋ07Ɠ
&YLVS[FKFQSWOÓBLDÓ[QSPKFLUVƲFNFTMBOÈTCBWÓEPLUFSÏIPTFWMFUPÝOÓNÝLPMOÓNSPDFOBÝFÝLPMB
[BQPKJMB0SHBOJ[ÈUPSFNKFPTUSBWTLÈ"HFOUVSBQSPSFHJPOÈMOÓSP[WPK7FǏUWSUFLQSPTJODFOBWÝUÓWJMJ
TFENÈDJLFSBNJDLPVEÓMOVW)BWÓDzPWǔ4SB[VÝLPMZKTNF
NǔMJKJäWIPE$FTUBUSWBMBQDzFTIPEJOV7EÓMOǔOÈT
QDzJWÓUBMB QBOÓ LFSBNJǏLB7ZQSÈWǔMB OÈN P IJTUPSJJ LFSB
NJLZ ESV[ÓDI IMÓOZ P ISOǏÓDzTLÏ QFDJ B UBLÏ KBL TF EǔMÈ
ISOFǏFL 1PUPN KTNF TJ KÈ B EWB äÈDJ WZ[LPVÝFMJ UPǏF
OÓOBISOǏÓDzTLÏNLSVIV.OǔTFUPNPDOFWFEMPIMÓOB
[LSVIVTFNJVUSIMBBVMFUǔMB.F[JUÓNTJPTUBUOÓNPEFMP
WBMJWMBTUOÓWâSPCLZBOEǔMÓǏLZISOÓǏLZNJTLZTOǔIVMÈLZ
BUE;MBUâNIDzFCFNQSPHSBNVCZMPäFKTNFTFSP[EǔMJMJ
EPTLVQJOBWZUWÈDzFMJNJTLZ[IMJOǔOâDIÝOFLǾ
5FYU+VMJF+BSPØPWÃ"GPUP1I%S%.SBWDPWÃ
7:45061&/¶Ç«,ƾ/"7«/0Ǝ/¶.+"3."3,6
7ÈOPǏOÓ WZTUPVQFOÓ OBÝÓ ÝLPMZ [BIÈKJMJ äÈDJ ESVIÏIP SPǏOÓLV ISPV OB øÏUOZ B BLPSEFPO 1PUÏ OÈTMF
EPWBMPQÈTNPWÈOPǏOÓDICÈTOÓLUFSÏQDzFEOFTMZEǔUJ[ESVIÏIPBQÈUÏIPSPǏOÓLV%ǔUJ[ESVIÏUDzÓEZ
QPUǔÝJMZEJWÈLZTWâNJVLÈ[LBNJ[1PQFMLZ.SB[ÓLBBUBLÏQDzFEWFEMZUBOFǏFLOB[OÈNPVQÓTFǪ3P[
WÓKFKTFQPVQÈULPÇÈDJ[ÝFTUÏUDzÓEZQDzFEWFEMJTWÏEPWFEOPTUJOFKFOISPVOBLZUBSVBøÏUOZBMFUBLÏ
CF[DIZCOâN [QǔWFN WÈOPǏOÓDI LPMFE 4 EJWÈLZ TF SP[MPVǏJMB EǔWǏBUB [ QÈUÏIP SPǏOÓLV BOHMJDLPV
LPMFEPV%PVGÈNFäFOBÝFWZTUPVQFOÓQPUǔÝJMPOFKFOSPEJǏFWZTUVQVKÓDÓDIEǔUÓBMFJPTUBUOÓEJWÈLZ
WQDzFEWÈOPǏOÓNǏBTF7ZTUPVQFOÓTäÈLZQDzJQSBWJMZ.HS",PǭÎ[LPWÃ15PNBOPWÃ.HS*7JNJÃOLPWÃ
1I%S%.SBWDPWÃ.HS*)PEOÃ
7FMNJSÈEJKTNFQDzJKBMJQP[WÈOÓ&SJLB;VWBNJFQSPIMÏE
OPVU TJ TUÈKF KF[EFDLÏIP LMVCV 4UFBMMZ %ǔUJ LPOÓN
QDzJOFTMZTQPVTUVEPCSPUTVDIâDIMÏCNSLFWBKBCMÓǏ
LB 4UÈKFNJ KF QSPWFEMB %BOJFMB /BKWFSUPWÃ LUFSÈ
KJNQDzFEWFEMBQÏǏJPVTUÈKFOÏLPOǔǏJÝUǔOÓQPELPW
JIDzFCFMDPWÈOÓBUSQǔMJWǔPEQPWÓEBMBOBTQPVTUVEP
UB[ǾUâLBKÓDÓDITFäJWPUBLPOÓ1PQSPIMÓEDFTUÈKÓTWF[M
QBO;VWBǏOÈWÝUǔWOÓLZWLPǏÈDzF%ǔUJ[ÓTLBMZOFKFO
TQPVTUVOPWâDIJOGPSNBDÓBMFUBLÏ[KJTUJMZäFTF[WÓ
DzBUZOFOÓKFO[ÈCBWBBMFJLBäEPEFOOÓQSÈDF
5FYUBGPUP.HS"MFYBOESB,PǭÎ[LPWÃ.HS+BO7ÎDIB
v36,6736$&i
5BLÏ MFUPÝOÓ ÝLPMOÓ SPL BCTPMWPWBMJ äÈDJ TFENÏIP
SPǏOÓLVFYLVS[JWSÈNDJQSPKFLUVv3VLVWSVDFi1SP
KFLUKFQPEBOPVSVLPVWSÈNDJJOUFHSBDFPTPCTQP
TUJäFOÓNEPNBKPSJUOÓTQPMFǏOPTUJ-FUPÝOÓQVUPWÈOÓ
QPDIBSJUǔKTNF[BǏBMJW%PNǔTW$ZSJMBB.FUPEǔKF
WF7MBÝUPWJǏLÈDIÇÈDJTJNPIMJQSPIMÏEOPVUEPNPW
QSP PTPCZ TF [SBLPWâN QPTUJäFOÓN B WZ[LPVÝFU TJ
LPNQFO[BǏOÓ QPNǾDLZ LUFSÏ UǔNUP MJEFN OBISB
[VKÓ KFEFO [ OFKEǾMFäJUǔKÝÓDI TNZTMǾ B UÓN KF [SBL
7 DISÈOǔOâDI EÓMOÈDI TJ [BTF QSPIMÏEMJ OÈEIFSOÏ
QSÈDF LUFSÏ W[OJLBKÓ QPE SVLBNB MJEÓ T SǾ[OâN
QPTUJäFOÓN 1VUPWÈOÓ QPLSBǏPWBMP W DISÈOǔOâDI
EÓMOÈDIBTPDJÈMOǔUFSBQFVUJDLÏEÓMOǔ3BEPTUW0QB
Wǔ+BLUBDzJ /FKFOäF TJ äÈDJ QSPIMÏEMJ LFSBNJDLPV
LSFKǏPWTLPV B NPOUÈäOÓ EÓMOV BMF UBLÏ TF [BQPKJMJ
EPWâSPCZLPÝÓLǾULBOÓLPCFSFǏLǾBUWPSCZWâSPC
LǾ QSP WÈOPǏOÓ QSPEFK %PQPMFEOF VUFLMP WFMNJ
SZDIMF B äÈDJ [IPEOPUJMJ UVUP FYLVS[J KBLP WFMNJ
QDzÓKFNOPVBQDzÓOPTOPVv-JEÏTQPTUJäFOÓNKTPVMJEÏ
KBLPNZi5PVUPWǔUPVäÈDJFYLVS[JV[BWDzFMJBUPCZMP
OBÝÓNDÓMFN#D-FOLB*MMFØPWÃ
.BUFDzTLÈÝLPMB)SBEFDOBE.PSBWJDÓ
-0(01&%*$,«13&7&/$&6%Ɠ5¶1Ʋ&%À,0-/¶)07Ɠ,6
ÁLPMFNNBUFDzTLÏÝLPMZKFQDzJQSBWJUEǔUJOBWTUVQEPQSWOÓIPSPǏOÓLV[ÈLMBEOÓÝLPMZ+FEOPV[QDzÓǏJO
LUFSÏ[QǾTPCVKÓQSPCMÏNZEǔUFNWSǾ[OâDIPCMBTUFDIWâVLZKFÝQBUOÈWâTMPWOPTU7ÝJDIOJWÓNFäFEǔUÓ
TSǾ[OâNJQPSVDIBNJWâTMPWOPTUJQDzJCâWÈQSPUPOÈNKEFPWǏBTOÏPETUSBǪPWÈOÓQDzFLÈäFLTQSÈWOÏIP
DzFǏPWÏIPWâWPKFLUFSâNÈWMJWOBDFMLP
WâSP[WPKPTPCOPTUJEÓUǔUF
+TFNWFMNJSÈEBäFTFOÈNQPEBDzJMP[ÓT
LBUQSPOBÝJNBUFDzTLPVÝLPMVTQFDJÈMOÓIP
QFEBHPHB#D,BSJO'SJNJPWPVLUFSÈTFKJä
ǏUWSUâN SPLFN WǔOVKF EǔUFN [ )SBEDF
B PLPMÓ QDzJ PETUSBǪPWÈOÓ DzFǏPWâDI WBE
KFKJDIOÈQSBWǔBOÈTMFEOǔQPEQPSVKFSP[
WPKTQSÈWOÏIPNMVWOÓIPQSPKFWV
"LUJWOÓ ÞǏBTU SPEJǏǾ B TQPMVQSÈDF OB
MPHPQFEJDLÏ QSFWFODJ VSǏJUǔ OBQPNÈIÈ
SZDIMFKÝÓNV PETUSBOǔOÓ QPSVDI WâTMPW
OPTUJKFKJDIEÓUǔUFWäEZǸQDzFEFWÝÓNSPEJOB
[BKJÝǸVKFCPIBUPTUBSP[WJOVUPTUKB[ZLB
5FYUBGPUP-JCVØF#FǥPWJNJPWÃǭFEJUFMLB
v1Ʋ&%À,0-«Ǝ&,i+&
105Ʋ&#/06"13041ƓÀ/06
v)306/"À,0-6i
7 ,BKMPWDJ WZVäÓWÈNF PEQPMFEOÓIP PEQPǏJOLV
L QSÈDJ T EǔUNJ LUFSÏ EPDIÈ[Ó EP QDzFEÝLPMOÓIP
[BDzÓ[FOÓ QPTMFEOÓN SPLFN 5ǔNUP EǔUFN DzÓLÈNF
QDzFEÝLPMÈDJBUBLKTNFUVUPǏJOOPTUOB[WBMJLSPVä
LFNv1Ʋ&%À,0-«Ǝ&,i 5[WvISB OB ÝLPMVi SP[WÓKÓ
EǔUJ W PCMBTUJ ÝLPMOÓ QDzJQSBWFOPTUJ B [SBMPTUJ VǏÓ
KF PCSBUOPTUJ SVLZ [QǾTPCZ TQSÈWOÏIP TF[FOÓ
HSBGPNPUPSJLVSP[WÓKÓNFEǔUJWPCMBTUJSP[VNPWÏ
BDzFǏPWÏQSBDVKFNFWÝBLTPIMFEFNOBUǔMFTOPV
BEVÝFWOÓWZTQǔMPTUEǔUÓQDzFEÝLPMOÓIPWǔLV/BÝF
TOBIBULWÓWUPNVTOBEOJUEǔUFNQDzFMPNPWÏPC
EPCÓQDzJWTUVQVEP[ÈLMBEOÓIPW[EǔMÈWÈOÓB[WâÝJU
UBLÝLPMOÓÞTQǔÝOPTU
4JMWJF$ISPNKÃLPWÃWFEPVDÎVNJJUFMLB,BKMPWFD
;ÈLMBEOÓBNBUFDzTLÈÝLPMBÇJNSPWJDF
7Å+&;%:;"Ʋ&.&4-:
7«/0Ǝ/¶+"3."3,7Ç*.307*$¶$)
0E DzÓKOB EP QSPTJODF äÈDJ ÝLPMZ OBWÝUÓ
WJMJ W SÈNDJ QSPKFLUVvƲFNFTMP NÈ [MBUÏ
EOPi LUFSâ KF öOBODPWÈO [ PQFSBǏOÓIP
QSPKFLUV7[EǔMÈWÈOÓQSPLPOLVSFODFTDIPQOPTUǏUZDzJDzFNFTMOÓLZLUFDzÓOÈN
LSPNǔTWÏIPDzFNFTMOÏIPVNǔOÓPEQPWǔEǔMJJOBNOPIPPUÈ[FL/BPUÈ[LV
vNÈDzFNFTMP[MBUÏEOP iOÈNPEQPWǔEǔMLPWÈDzW3PäOPWǔQPE3BEIPÝUǔN
DzÓKOBäFDzFNFTMP[MBUÏEOPNÈBMFKFTUSBÝOǔIMVCPLP
MJTUPQBEVKTNFWSÈNDJQSPKFLUVWZKFMJ[BQP[OÈWÈOÓNEBMÝÓDIDzFNFTFM
5FOUPLSÈU KTNF OBWÝUÓWJMJ TLMÈDzTLPV IVǸ WF7SCOǔ QPE 1SBEǔEFN LEF OÈN
TLMÈDzJQDzFEWFEMJWâSPCVIJTUPSJDLâDIǏÓÝÓ%ǔUJNǔMZNPäOPTUWZGPVLOPVUTJ
TLMÈDzTLPVQÓÝǸBMPVTWÏOÈEPCZ;FTLMÈSOZKTNFTFBVUPCVTFNWZEBMJEP+JDzÓ
LPWBLEFKTNFTJW1SBEǔEPWǔHBMFSJJOFKEDzÓWFQSPIMÏEMJPCDzÓEDzFWǔOÏTPDIZ
CFUMÏNZJEBǪǏÓPCPSVOÈTMFEOǔKTNFTFTFÝMJTDzF[CÈDzFN)BMPV[LFN
7QSPTJODJKTNFOBWÝUÓWJMJLFSBNJDLPVEÓMOVWFLUFSÏOÈNQBOÓ,POFNJOÃVLÈ
[BMBTWÏVNǔOÓOBISOǏÓDzTLÏNLSVIV
/ÈWÝUǔWBNJDzFNFTMOÓLǾDIDFNFEǔUFNQDzJCMÓäJUOBNÈIBWPVSVǏOÓQSÈDJBVLÈ
[BUKJNäF[BEPCSâNDzFNFTMOÓLFNKFNOPIPIPEJOVǏFOÓBQÓMF
QSPTJODFQDzFEFÝMÏIPSPLVQSPCǔIMOBOÈWTJPCDFÇJNSPWJDFKJäWÈOPǏOÓ
KBSNBSLLUFSâTQPMVQPDzÈEBMBOBÝF;ÈLMBEOÓB.BUFDzTLÈÝLPMBÇJNSPWJDF"%1
ÇJNSPWJDFB4%)ÇJNSPWJDF4UÈOLZQSPQPDzÈEÈOÓKBSNBSLVOÈN[LBSUPOV
WZSPCJMBöSNB4NVSöU,BQQBÇJNSPWJDFBǏÈTUTUÈOLǾQPDzBEBUFMǾN[BQǾKǏJM
4UÈUOÓ[ÈNFL)SBEFDOBE.PSBWJDÓ
/ÈWÝUǔWOÓDJ KBSNBSLV TJ PE IPEJOZ NPIMJ
LSPNǔ PCǏFSTUWFOÓ B OÈQPKǾ [BLPVQJU J EBMÝÓ
ESPCOÏQDzFENǔUZTWÈOPǏOÓUFNBUJLPV7ǔUÝJOB
WâSPCLǾQSPEÈWBOâDIWFTUÈODÓDIÝLPMZBÝLPM
LZCZMBWZSPCFOBOBÝJNJEǔUNJTWǾKTUÈOFLNǔM
J ,MVC SPEJǏǾ NBUFDzTLÏ ÝLPMZ ÇJNSPWJDF LUFSâ
QSPEÈWBM[EPCFOÏQFSOÓǏLZ1DzFEIPEJOPV
WZTUPVQJMZEǔUJ[FÝLPMLZBQPSP[TWÓDFOÓTUSPN
LVTUBSPTUPV*OH,BSMFN)BOÃLFNBNÓTUPTUB
SPTUPV .HS +BOFN »QJNJLPV [B[QÓWBMJ LPMFEZ
ÝLPMÈDJ [F ÇJNSPWJD 7ÝFN TQPMVQPDzBEBUFMǾN
EǔLVKFNF[BWâCPSOPVTQPMVQSÈDJ
5FYUZBGPUP%BWJE»SPNǭFEJUFMØLPMZ
$ÓSLFWOÓ[ÈLMBEOÓÝLPMBTW-VENJMZ)SBEFDOBE.PSBWJDÓ
7«/0Ǝ/¶#&4¶%,"
.03"74,04-&;4,Å."5&."5*$,ÅÀ".1*0/«5
"7«/0Ǝ/¶."5&."5*$,«4065ƓÇ
#MBIPQDzFKFNFOBÝJNäÈLZOÓN-VENJMF#VKOPWTLÊB-FODF,PQGPWÊLWâCPSOÏNVVNÓTUǔOÓOBNF[J
OÈSPEOÓTPVUǔäJ.PSBWTLPTMF[TLâNBUFNBUJDLâÝBNQJPOÈULUFSâPSHBOJ[VKF8JDIUFSMFIPHZNOÈ[JVN
W0TUSBWǔ-VENJMB#VKOPWTLÈUDz
PCTBEJMBWMFUPÝOÓNSPǏOÓLVNÓTUPB-FOLB,PQGPWÈUDz
TF
VNÓTUJMBWFTUFKOÏLBUFHPSJJUDzÓEOBNÓTUǔ
#MBIPQDzFKFNFUBLÏOBÝJNäÈLǾNLWÓUǔ[TUWÓWF7ÈOPǏOÓNBUFNBUJDLÏTPVUǔäJOB4MF[TLÏNHZNOÈ[JV
W0QBWǔ/BÝJÝLPMVSFQSF[FOUPWBMJ-VENJMB#VKOPWTLÃ'JMJQ%VØFLB-FOLB,PQGPWÃ4PVUǔäKFVSǏFOB
QSPUDzÓǏMFOOÏUâNZäÈLǾUDzÓE[ÈLMBEOÓDIÝLPMBPEQPWÓEBKÓDÓDISPǏOÓLǾWÓDFMFUâDIHZNOÈ[JÓWPLSFTF
0QBWBBOBÝJäÈDJTFKÓLBäEPSPǏOǔSÈEJ[ÞǏBTUǪVKÓ
4&453"7",$*
4FTUSBTǏFSOâNQÈTLFN[LBSBUF7FTFMÈQDzÓKFNOÈQMOǔEǾWǔDzVKÓDÓ#PIVBPEFW[EBOÈTWÏQSÈDJ5BL
UPUP KF TFTUSB 'JMPNFOB +Jä QPESVIÏ OÈT OBWÝUÓWJMB B UFOUPLSÈUF QPWZLMÈEBMB P TWÏ QSÈDJ LUFSPV KF
QSBWJEFMOÈOÈWÝUǔWBWǔ[FǪLZǪWPQBWTLÏWǔ[OJDJ;EFOBCÓ[ÓPETPV[FOâNEVDIPWOÓ[È[FNÓƎBTUPUP
KFKFOKFKÓQDzÓUPNOPTUBOBTMPVDIÈOÓLUFSÏäFOZQPUDzFCVKÓ;LVÝFOPTUKFUBLPWÈäFKFQDzJKÓNÈOBWFMNJ
QP[JUJWOǔ+FKÓQPWÓEÈOÓCZMPQSPLMÈEÈOPNOPIâNJIJTUPSLBNJBWUJQZ/B[ÈWǔSKJOBÝJNMBEÓQPTMVDIBǏJ
QPEǔLPWBMJNPIVUOâNQPUMFTLFN
1DzÓCǔI[#FUMÏNBQDzÓCǔI%BWJEBB(PMJÈÝFǏJDIV
EÏ WEPWZ TUBWCB #BCZMPOTLÏ WǔäF WZTUPVQFOÓ
ÝLPMOÓ LBQFMZ B NOPIP EBMÝÓIP CZMP OÈQMOÓ WZ
TUPVQFOÓOBÝJDIäÈLǾOBUSBEJǏOÓWÈOPǏOÓCFTÓEDF
-FUPTTFTÈMISBEFDLÏIPLJOBOBQMOJMIPTUZEPLPO
DFQDzJEWPVQDzFETUBWFOÓDIWQPMFEOFBWQǔUIP
EJOWFǏFS+FEOPUMJWÏUDzÓEZTFQPEWFEFOÓNTWâDI
UDzÓEOÓDI VǏJUFMǾ QVTUJMZ EP QDzÓQSBW KJä QPǏÈULFN
BEWFOUV7âTMFELFNCZMBQSFDJ[OǔQDzJQSBWFOÈWZ
TUPVQFOÓ/BQPEJVTFWZTUDzÓEBMJUBLDzLBWÝJDIOJäÈDJ
ÝLPMZ 7ÝFDIOZ WTUVQZ CZMZ QFǏMJWǔ QSPNZÝMFOÏ
B PCTBIPWBMZ WäEZ EVDIPWOÓ NZÝMFOLV 1PEBDzJMP
TF WZUWPDzJU WFMNJ QDzÓKFNOPV QDzFEWÈOPǏOÓ BUNP
TGÏSV%JWÈDJPEDIÈ[FMJWFWFMNJEPCSÏOÈMBEǔ
5FYUZBGPUP*OH5PNÃØ)POǏLǭFEJUFMØLPMZ
/&+45"3À¶%Ɠ+*/:/&+.-"%À¶%Ɠ%*/:
5JUVMFLNǹßFCÝUUBLUSPDIVIÃEBOLPV"CZDIWÃTBMFEMPVIPOFOBQÎOBMQSP[SBEÎNIOFEßFǭFNJ
CVEFP,BKMPWDJWTUPMFUÎ5PQSPUPßFOBSP[EÎMPEPTUBUOÎDIWFTOJDWPLPMÎ)SBEDFLUFSÊCZMZ
PTÎEMFOZVßWFTUǭFEPWǏLVCZMBWFTOJNJLBWÙEPMÎQPUPLB)SBEFNJOÃTFWǭFOÃ[KFEOÊTUSBOZ,BMWÃSJÎ
B[ESVIÊPTUSPßOPV[WFEBKÎDÎTFPE[ÃNLVL%PVCSBWÃN[BMPßFOBUFQSWFQPUǭJDFUJMFUÊWÃMDF
7TUPMFUÓQBUDzJMPISBEFDLÏQBOTUWÓÝMFDIUJDLÏNV 1SWOÓ [QSÈWZ P OÓ KTPV [ SPLV W ISBEFDLâDI
SPEV1SVTLPWTLâDI[1SVTLPWB1PTNSUJ+JDzÓIP,SZÝ NBUSJLÈDIBUPKBLWSPEOÏUBLWPEEBDÓBWÞNSU
UPGBKFSPLVQDzFW[BMKFIPW[EǔMBOâB[ÈNPäOâ OÓWFWÝFDIQDzÓQBEFDITFv)SBEFDäOJBiPCKFWVKF
TZO+JDzÓ,SZÝUPG**#ZMPUPUFEZWSPDFLEZKJäQBU QPQSWÏWMJTUPQBEV
OÈDUMFU&WSPQPV[NÓUBMBNPDFOTLÈBOÈCPäFOTLÈ ÁQMOǔOFKTUBSÝÓKF[È[OBNWÞNSUOÓNBUSJDFISBEFD
WÈMLB$JUFMOǔEPQBEMBJOBPCZWBUFMFISBEFDLÏIP LÏGBSOPTUJ[MFULUFSâOÈNTEǔMVKFäF
QBOTUWÓ/JLEPUFIEZOFNPIMUVÝJUäFLPOøJLU
KF UFQSWF WF TWÏ QPMPWJOǔ 1P KFIP TLPOǏFOÓ
+JDzÓ,SZÝUPG**1SVTLPWTLâVTJMPWBMPIPTQPEÈDz
TLPVPCOPWVTWâDITUBULǾ,SPNǔUPIPäFKFSP[ MJTUPQBEV[FNDzFMB;V[BOBEDFSBÀUǔQÈOB
NOPäJMEǔEJDUWÓNJLPVQǔNJOBQDzÓLMBESPLV 1FUSÈOLB ; NBUSJLZ OBSP[FOâDI WÓNF äF QSWOÓ
P EǔEJǏOâ TUBUFL %PNPSBEPWJDF TOBäJM TF WâOPT EÓUǔLUFSÏTFOBSPEJMPWPTBEǔ[WBOÏ)SBEFǏOÈCZM
ISBEFDLÏIPQBOTUWÓ[WâÝJUWOJUDzOÓLPMPOJ[BDÓKFÝUǔ DIMBQFǏFL+BO#FOÓÝBMJBT#SZKBLUFSâTWǔUMPTWǔUB
QDzFEKFIPTNSUÓWSPDFNVTFMPEPKÓULMPLBDJ TQBUDzJM MJTUPQBEV +FIP SPEJǏF TF KNFOP
WBMJ.BUPVÝB+VTUJOBPCBLNPUDzJ+BLVC4MBUJOTLâ
OPWÏWTJ)SBEFǏOÈEOFÝOÓIP,BKMPWDF
B,BUFDzJOB4PMFǏLPWÈCZMJUBLÏ[)SBEFǏOÏ
7SBǸNFTFBMFOZOÓLSPEJOǔÀUǔQÈOB1FUSÈOLB7ÓNF
VääFMJTUPQBEVNV[FNDzFMBEDFSB;BKÓNB
WÏKFäFOFEMPVIPQDzFEUÓNDzÓKOBPWEPWǔM
[FNDzFMBKFIPNBOäFMLB.BSLÏUBQDzJǏFNäKBLPNÓTUP
KFVWFEFOPv4DIVMHBSUFOiÝLPMOÓ[BISBEB /FKTUBS
7 MFEOV KTNF TJ W UJDIPTUJ QDzJQPNOǔMJ KFEOP [BKÓ ÝÓ[NÓOLBPWTJWPEEBDÓNBUSJDFNÈEBUVNMJT
NBWÏ WâSPǏÓ 6QMZOVMP KJä MFU PE EPCZ LEZ UPQBEV B W OÓ ǏUFNF äF TJ ÀUǔQÈO 1FUSÈOFL
CZMZ[FLPOPNJDLâDIEǾWPEǾ[BTUBWFOZTUBWFCOÓ [)SBEFǏOÏCFSF%PSPUV,PMFǏLPWPV[FÇJNSPWJD
QSÈDF OB äFMF[OJDJ 0QBWB 5SFOǏÓO LUFSÈ NǔMB 1PLVEKFUPUFOTUFKOâNVäUBLUP[OBNFOÈäFNV
QSPDIÈ[FU)SBEDFNBKFIPPLPMÓN;BUÓNDPQDzF
WÈäOÈǏÈTUUÏUPESÈIZCZMBWOÈTMFEVKÓDÓDIMFUFDI
EPTUBWǔOB KFEJOâN OFEPLPOǏFOâN ÞTFLFN [Ǿ
TUBMBTQPKOJDF)SBEDFB'VMOFLV)MVCPLÏMFTZUBL
EPEOFTTLSâWBKÓPQVÝUǔOÏäFMF[OJǏOÓOÈTQZBQSP /"%(&/&;"3&54,Å.+&;&3&.;/Ɠ-"
QVTULZ+TPVUJDIâNQPNOÓLFNTNǔMâDIQPEOJLB 4-&;4,«):./"
1PǏÈULFN MJTUPQBEV KTFN TF [ÞǏBTUOJM OÈSPEOÓ
UFMTLâDIQMÈOǾLUFSÏOFOBÝMZTWÏIPOBQMOǔOÓ
1ǭJUÊUPQǭÎMFßJUPTUJQPǭÃEÃ0QBWTLÝßFMF[OJNJOÎ QPVUJEP4WBUÏ[FNǔKBLPKFEFO[FISBEFDLâDIGBSOÓ
LǾ5BUPQPVǸOÈSPEOÓIPSP[TBIVTFLPOBMBQPEMPVIÏ
LMVCQǭFEOÃØLVOBLUFSPVWÃT[WFNF
%PWÓUFTFKBLÏCZMZPLPMOPTUJW[OJLVUÏUPäFMF[OJ QDzFTUÈWDFMFU$FMLFNTFOÈTOBTQPMFǏOÏNQSPHSB
DFLEPBQSPǏKJTUBWǔMLVEZNǔMBWÏTUB[KBLâDI NVOB)PDzF#MBIPTMBWFOTUWÓV5JCFSJBTOB1PMJQBTUâDzǾ
EǾWPEǾOFCZMBEPLPOǏFOB;NÓOÓNFPQBLPWBOÏ OBQPLSBKJ#FUMÏNBBW+FSV[BMÏNǔ[ÞǏBTUOJMPBTJ
TOBIZ P EPTUBWCV USBUJ LUFSÏ USWBMZ CF[NÈMB [ ƎFTLÏ SFQVCMJLZ 4 OBÝÓ DFTUPWOÓ TQPMFǏOPTUÓ "WFUPVS
[%PCSVÝLZKFMPOBMJEÓ7CPIBUÏNQSPHSBNVKTNF
MFU BMF OBLPOFD TLPOǏJMZ OFÞTQǔÝOǔ /B GPUP
NPIMJOBWÝUÓWJUDÓSLFWOÓTUBWCZWZTUBWǔOÏOBEQBNÈU
HSBöÓDIWÈNVLÈäFNFLPMJLTF[BDIPWBMPQSPQVTU
OâNJ NÓTUZ QPEMF LDzFTǸBOTLÏ USBEJDF J [CZULZ TUBWFC
LǾ B EBMÝÓDI TUBWFC LEF CZM CVEPWÈO äFMF[OJǏOÓ
LUFSÏTF[BDIPWBMZQPNPDOâDIUPIPUPTWǔUB[QPǏÈULǾ
UVOFMBLǏFNVEOFTTMPVäÓKFEJOÈEPLPOǏFOÈCV
OBÝFIPMFUPQPǏUV
EPWBäFMF[OJǏOÓTUBOJDF
4PVǏÈTUÓQSPHSBNVCZMBJQMBWCBQP(FOF[BSFUTLÏNKF[F
1ǭFEOÃØLB-&50%/&%0,0/Ɖ&/±Â&-&;/*
DzFEPNǔTUB5JCFSBT4MâDIÈWBMKTFNäFTFPESÈäÓMPǒLPV
$&01"7"53&/Ɖ±/TFLPOÃWÙUFSÝÙOPSB
PECDzFIVBCZDIPNWOÓNBMJBUNPTGÏSV+FäÓÝPWâDILÈ[È
PEIPEJOWLJOPTÃMF/ÃSPEOÎIPEPNV7TUVQ OÓ0UPWǔUÝÓCZMPNÏQDzFLWBQFOÓLEZäOBMPǒOBLUFSÏVä
OÊEPCSPWPMOÊ0QBWTLÝßFMF[OJNJOÎLMVC
CZMBOBÝFTLVQJOBQDzJTUPVQJMBEBMÝÓWâQSBWBB[BOÓKFÝUǔ
KFEOB5FQSWFQPUÏKTNFWZKFMJ.ÓTUPUJDIBWÝBLQDzJÝMPOB
QSPHSBNW[UZǏPWÈOÓǏFTLÏWMBKLZ[B[QǔWVǏFTLÏIZNOZ
1P OÓ TMPWFOTLÏ 1SWOÓ TMPLV KTNF [OBMJ ESVIPV Vä KFO
4MPWÈDJ#ZMBVǏJOǔOBWâ[WBLEP[OÈQPMTLPVIZNOV 7ZEÃWÃ.ǏTUTLÝÙǭBE)SBEFDOBE.PSBWJDÎ
5BLTF[OBÝÓTLVQJOZ[WFEMQPMTLâLOǔ[B[B[QÓWBMKJ7UV
0QBWTLÃ)SBEFDOBE.PSBWJDÎ
DIWÓMJNǔOBQBEMBNZÝMFOLBäFNF[JUVUPUSPKJDJOÈSPEǾ
UFMGBY
QBUDzÓ NÏ 4MF[TLP 1SPUPäF KTFN OBÝJ IZNOV EPCDzF [OBM
FNBJMTFLSFUBSJBU!NVISBEFDD[
KJä[FÝLPMOÓDIMFULEZOÈTKJWSPDFVǏJMTIPVTMFNJ
XXXNVISBEFDD[
QBOVǏJUFM+BO(PSǏJDBBWSPDFKTNFTOÓ[BIBKPWBMJ
&WJEFODFQFSJPEUJTLV.,Ɖ3&
PTMBWZWâSPǏÓ[BMPäFOÓISBEFDLÏIP/ÈSPEOÓIPEPNV
3FEBLNJOÎSBEB.HS)BOB/PWÃLPWÃ4POOLPWÃ
PTNǔMJM KTFN TF B QPäÈEBM P NJLSPGPO " UBL TF OBE
QǭFETFELZOǏ
.HS1FUS)BWSMBOU.HS)BOB
ÝJSPLPV QMPDIPV (FOF[BSFUTLÏIP KF[FSB OFTMP v4MF[TLÈ
4PLPMPWÃ.JDIBM.BOEFSMB
WMBTUJ QǾEP TWBUÈ [FNJ OFKLSÈTOǔKÝÓ WÝFDIi .FMPEJF
+JULB$FMUPWÃ.HS.BSJF/PWÃLPWÃKB[ZLPWÃ
JUFYUIZNOZTFMÓCJMBCZMPENǔOǔOQPUMFTLFN1P[EǔKJ
LPSFLUVSB
B3PTUJTMBWB3BJEPWÃ
NJKFEFOvƎFDIÈǏFLiDzFLMäFQPWZTMFDIOVUÓIZNOZTJVä
P 4MF[TLV QDzFTUBM NZTMFU äF CZ CZMP KFO OFWâ[OBNOÏ
5JTL3&5*4(3061TSP
LEZäNÈUBLLSÈTOPVIZNOV
6[ÃWǏSLBUPIPUPNJÎTMBCZMB
#ǔIFNQPVUJKTNFOBWÝUÓWJMJJOFKTUBSÝÓBOFKOÓäFQPMPäF
"SDIÎW)SBEFDLÝDIOPWJOOBKEFUFOB
OÏNǔTUPOBTWǔUǔ+FSJDIPNOBENPDzFN
TQBNÈU
XXXNVISBEFDFV
OâN;BDIFPWâNTUSPNFN1P[OÈWÈOÓCZM[BNǔDzFOPJOB
1ǭÎTQǏWLZEPQǭÎØUÎIPNJÎTMBEPEFKUFEP OFLDzFTǸBOTLÏ QBNÈULZ KBLP OBQDz $FTBSFB QDzÓNPDzTLÈ
OB.ǏTUTLÝÙǭBEW)SBEDJOBE.PSBWJDÎ
)FSPEJVNB.BTBEBTLPVQÈOÓNW.SUWÏNNPDzJBOBMF
+JUDF$FMUPWÊOFCPNBJMFNOBBESFTV
[JÝUǔNCJCMJDLâDISVLPQJTOâDITWJULǾW,VNSÈOV5PKTPV
KDFMUPWB!NVISBEFDD[
OǔNÓBMFWâNMVWOÓTWǔELPWÏTUÈMFäJWÏEWPVUJTÓDJMFUÏIJT
-&5/&
Â&-&;/*$&
01"7"53&/Ɖ±/
/"14"-*/«.
)3"%&$,²/07*/:
DzÓKOB[FNDzFMBNBOäFMLBMJTUPQBEVEDFSBBPEFO
QP[EǔKJTF[OPWVPäFOJM0UPNäFäJWPUOBWFOLPWǔ
WTUPMFUÓOFCZMMFILâTFQDzFTWǔEǏÓNFCVEFNFMJ
TQPMV T NBUSJLPV TMFEPWBU PTVE 1FUSÈOLPWZ SPEJOZ
EÈM 1SWOÓ EÓUǔ TF KJN OBSPEJMP [ÈDzÓ #ZM UP
DIMBQFD LUFSÏNV EBMJ KNÏOP .BUPVÝ .BUSJǏOÓ [È
[OBNPKFIPOBSP[FOÓPCTBIVKFOFKTUBSÝÓWâTLZUKFE
OÏ[WBSJBOUWMBTUOÓIPKNÏOBv,BKMPWFDiBUPWFUWBSV
v,FZMPWJU[i#PIVäFMUFOUPDIMBQFǏFL[FNDzFMWFWǔLV
OFDFMâDIEWPVMFUTSQOB/BWÓDWMFEOV
[FNDzFMB1FUSÈOLPWBEDFSB&WB[DzFKNǔQPUPNFL
[ QDzFEDIP[ÓIP NBOäFMTUWÓ T .BSLÏUPV EOF
[ÈDzÓ[FTOVMTFENJMFUâTZO+JDzÓBKFOPEWB
EOZQP[EǔKJQǔUJMFUÈEDFSB;V[BOBÀUǔQÈO1FU
SÈOFLUBLWSP[NF[ÓMFUNVTFMQPDIPWBUNBOäFMLV
BQǔUTWâDIEǔUÓ/FäCDzF[OBWFWǔLVMFU
[FNDzFMOBSPEJMJTFKFNVBNBOäFMDF%PSPUǔKFÝUǔUDzJ
LMVDJ5PNÈÝ1BWFMB+JDzÓ
7 NBUSJLÈDI TF EP LPODF TUPMFUÓ PCKFWPWBMB
V )SBEFǏOÏ OFCP ,BKMPWDF ǏBTUǔKJ UBUP QDzÓKNFOÓ
VWFEFOBKTPVWEPTMPWOÏNQDzFQJTV
#SFUTDIOFJEFS
#SJB$äFQBO(BMLB)MVDIZ+BIO,PSCFM,PUFSTDI
,VOU[ ,V[OJL -FUPDIB -VLPUBSä .PLSZ /BIBOJ
BDä 1PMBDI 3VEFL7 [ÈWǔSV TUPMFUÓ [KJÝǸVKFNF
WSPEOÏNBUSJDFJWTPVǏBTOPTUJBTJOFKCǔäOǔKÝÓKNÏ
OPW,BKMPWDJ%VÝFL%VTDIFL
0[OBǏFOÓv)SBEFǏOÈiOFTMBWFTKFOWQSWOÓDIEFTF
UJMFUÓDIQPTWÏN[BMPäFOÓ/BQPTMFEKFUPIPUPUWBSV
WNBUSJLÈDIVäJUPWSPDF.BSUJO4PTOB
5ZUPQǭÎTQǏWLZOFCZMZSFEJHPWÃOZ
BNPIPVPCTBIPWBUJWǏDOÊOFQǭFTOPTUJ
UPSJFLDzFTǸBOTUWÓ0OÈWÝUǔWǔ4WBUÏ[FNǔTFDzÓLÈäFKFUP
KBLPCZDIPNQDzFǏFUMJvQÈUÏiFWBOHFMJVNBQSPUPKJDIDJ
WÝFNWDzFMFEPQPSVǏJU'SBOUJØFL)FMMFCSBOE
53"%*Ǝ/¶7Å45"7"7+",6#Ǝ07*$¶$)
7FEOFDIBQDzJQSBWJMZǏMFOLZ,MVCVäFO
W+BLVCǏPWJDÓDIVäUSBEJǏOÓWâTUBWVLUFSPV[BIÈKJMJäÈDJ
;6À W )SBEDJ OBE .PSBWJDÓ ISPV OB LZUBSZ BLPSEFPO
B [QǔWFN MJEPWâDI LPMFE B UÓN OBWPEJMJ QDzFEWÈOPǏOÓ
BUNPTGÏSV )PTUÏ TJ NPIMJ WZCSBU WâSPCLZ PE WÓDF OFä
EWBDFUJWZTUBWPWBUFMǾ7âTUBWVOBWÝUÓWJMPCǔIFNEWPV
EOǾWÓDFOFäOÈWÝUǔWOÓLǾLUFDzÓCZMJWFMJDFTQPLPKFOJ
0EOFTMJTJEPNǾLSPNǔ[BLPVQFOâDIWâSPCLǾJJOTQJSB
DJQSPQDzÓQSBWVWâ[EPCZBWâSPCVWÈOPǏOÓDIEÈSLǾ
.JMBO.BJOVØ
1Ʋ&%/«À,"0*;3"&-*
7FǏUWSUFLQSPTJODFTFVTLVUFǏOJMPBEWFOUOÓTFULÈOÓ
TFOJPSǾ[FÇJNSPWJD/FTMPTFWNJMÏQDzFEWÈOPǏOÓBUNP
TGÏDzF.HS)FMFOB7ÓDIPWÈQDzÓUPNOÏPCPIBUJMBLSÈTOPV
B QPVǏOPV QDzFEOÈÝLPV EPQSPWÈ[FOPV WJEFPQSPKFLDÓ
[OÈSPEOÓQPVUJEP4WBUÏ[FNǔ*[SBFMF1PVǸQPDzÈEBMB
DFTUPWOÓLBODFMÈDz1BMPNJOF[BÞǏBTUJLBSEJOÈMǾBSDJCJT
LVQǾ CJTLVQǾ LOǔäÓ B TQPVTUZ QPVUOÓLǾ [ DFMÏ ƎFTLÏ
SFQVCMJLZLVLPOǏFOÓSPLVWÓSZ.HS)7ÓDIPWÈOÈTQPV
UBWâN QSPKFWFN QDzFOFTMB OB NÓTUB W[OJLV LDzFTǸBOTUWÓ
BPCPIBUJMBOÈTPTQPVTUVOPWâDIQP[OBULǾ0QPIPÝ
UǔOÓ B WÈOPǏOÓ Wâ[EPCV LVMUVSOÓIP TÈMV TF QPTUBSBMZ
QBOÓ5PNBODPWÈ,PTULPWÈ,ZODMPWÈB.SÈ[PWÈ;EBDzJ
MÏPEQPMFEOFCZMP[BLPOǏFOPNJLVMÈÝTLPVOBEÓMLPV+Jä
OZOÓTFUǔÝÓNFOBEBMÝÓTQPMFǏOÈTFULÈOÓ
;EFǥLB7ÎDIPWÃ,MVCTFOJPSǹÂJNSPWJDF
%Ɠ54,Å,"3/&7"-7"%1Ç*.307*$&
7TPCPUVMFEOBQDzJQSBWJMJ,BSFMB.BSDFMB7BWDzÓLPWJ
W äJNSPWJDLÏN "%1 T QPNPDÓ "HFOUVSZ 5PNJOP QB
SÈEOÓ [ÈCBWV QSP EǔUJ 5SBEJǏOÓ NBÝLBSOÓ LBSOFWBM TJ
TBNP[DzFKNǔ OFKWÓD QPDIWBMPWBMJ OFKNFOÝÓ ÞǏBTUOÓDJ
BMFOBEÝFOÓQBUDzJMPJSPEJǏǾN5JTJTEǔUNJVäJMJPQSBWEV
TQPVTUVMFHSBDF0EQPMFEOFCZMPQMOÏUBODFIFSTPV
UǔäÓ B NBMPWÈOÓ ;ÈWǔS QBL QBUDzJM EÈSLǾN W UPNCPMF
5BN OFKWÓD [ÈDzJMZ EǔUTLÏ PǏJ OBE TWâNJ WâISBNJ " äF
KJDICZMPPQSBWEVIPEOǔ%PTQǔMÓUFEZ[BTWÏEǔUJEǔLV
KÓWÝFNTQPO[PSǾNBQPDzBEBUFMǾN[BÞäBTOPVBLDJ
.JMBO.BJOVØ
5Ʋ*",$&4,10%0-¶
5Ʋ¶,3«-07«
4#¶3,"
)3"%&$/"%.03"7*$¶
&NJMJF.ÛMMFSPWÃWFEPVDÎ
,NJ
,Ǐ
QSPTJODF.JLVMÈÝWNBMÏUǔMPDWJǏOǔ;ÈLMBEOÓÝLPMZ)SBEFDOBE.PSBWJDÓQSPQDzFEÝLPMOÓEǔUJLUFSÏ 7ǔSB7ÓDIPWÈ
,Ǐ
WFEFDWJǏJUFMLB1BWMB7ÎDIPWÃ'PUP;EFOǏL/PWÃLGPdzÃLFNQǹKNJFOÝNPE.JLVMÃØF.BSUJOB4PTOZ
)FMFOB'BKLPWÈ
4WǔUMBOB+FEMJǏLPWÈ
,Ǐ
.BHEB.FK[MÓLPWÈ
,Ǐ
-VDJF)FMMFCSBOEPWÈ
,Ǐ
+BOB.JDIFMPWÈ
,Ǐ
+BLVC)POǔL
,Ǐ
.BSJF#SBEÈWLPWÈ
,Ǐ
#SJHJUB#VKOPWTLÈ
,Ǐ
+BO)FMMFCSBOE
,Ǐ
DFMLFN
,NJ
7SCZMPWZCSÈOP,Ǐ
QSPTJODFSPǏOÓLOPǏOÓIPQPDIPEV[BÞQMǪLV[+BLVCǏPWJDQDzFT7ÈQFOLVEP)SBEDFOBE.PSB
WJDÓLUFSÏIPTF[ÞǏBTUOJMPMJEÓ[)SBEDFBPLPMÓ'PUP.JMBO.BJOVØOBOÃNǏTUÎW+BLVCNJPWJDÎDI
QSPTJODF7ÈOPǏOÓUVSOBKWFøPSCBMVQSPǏMFOZ4,1PEPMÓBQDzÓDIP[Ó4UBSUPWBMPOBOǔNPTNESVä
TUFWB[BISÈMPTJ[ISVCBøPSCBMJTUǾ5VSOBKWZISÈMB#SBOLBV0QBWZQDzFEGPUCBMJTUZPLSFTOÓIPQDzFCPSV
5+)SBEFDOBE.PSBWJDÓBOBUDzFUÓNNÓTUǔTLPOǏJMJLBNBSÈEJOBÝJDIISÈǏǾ[0QBWZ/FKMFQÝÓNJKFEOPUMJWDJ
CZMJWZIMÈÝFOJWÝJDIOJCSBOLÈDzJ"LDFTFQPWFEMBBEBMÝÓUVSOBKCVEFWFMJLPOPǏOÓ;EFOǏL/PWÃL
7:%"ƭ&/À10$)0%+",6#Ɖ07*$,À$))"4*Ɖƹ
1PV[FQÈSEOÓQDzFELPODFNSPLVEPCSPWPMOÓ
IBTJǏJ[+BLVCǏPWJDVTQPDzÈEBMJKJäǏUWSUâ[JNOÓ
QPDIPE QSPTJODF W IPEJO KTNF TF
TFÝMJ QDzFE IBTJǏTLPV [CSPKOJDÓ 5FOUPLSÈU TF
PWÝFN OF[ÞǏBTUOJMJ QPV[F ǏMFOPWÏ NMBEâDI
IBTJǏǾ TF TWâNJ WFEPVDÓNJ BMF J QPNǔSOǔ
WFMLÏ NOPäTUWÓ SPEJǏǾ KJOâDI ǏMFOǾ B J PC
ǏBOǾ NJNP IBTJǏTLâ TCPS $FMLFN TF OÈT
WZEBMPQMVTEWBQTJBUSBTBQPDIPEVCZMB
KJä USBEJǏOǔ PE [CSPKOJDF QDzFT PCFD LPMFN
QPäÈSOÓ OÈESäF TNǔS .MâOFL EÈMF QP MFTOÓ
DFTUǔLUÈCPDzJÝUJQPCMÓä)SBCTUWÓ;EFKTNFTJ
OBPIOJPQFLMJÝQFLÈǏLZ;QÈUFǏOÓDFTUBWFEMB
LSZCOÓLV&ÝJLQPUÏPQǔUOB.MâOFLBLFLBQ
MJǏDFNF[J)MVCPǏDFNB+BLVCǏPWJDFNJ1PǏBTÓCZMPOBQSPDIÈ[LVWQDzÓSPEǔKBLPEǔMBOÏäÈEOâWÓUSBOJEÏÝǸ
7DFMÏTLVQJOǔWMÈEMBQDzÈUFMTLÈBUNPTGÏSBUVEÓäEPVGÈNFäFWÝJDIOJ[ÞǏBTUOǔOÓCZMJTQPLPKFOJ/ÈTWFEPVDÓ
BPSHBOJ[ÈUPSZUÏUPBLDFUBLPWâUPWFMLâ[ÈKFNUǔÝÓBEPVGÈNFäFQDzFUSWÈJEPEBMÝÓDIMFU"[OBÝFIP[JNOÓIP
QPDIPEVTFTUBOFUSBEJDF5FYUBGPUP,BNJMB0SMÎLPWÃWFEPVDÎ.)4%)+BLVCNJPWJDF
OKÉNKO DO LÉKÁRNY
Milí pacien a zákazníci lékárny,
rádi bychom vám připomněli, že si můžete u nás v lékárně domluvit s odborným personálem osobní konzultaci ohledně užívání léků, rovněž vám rádi na požádání změříme
váš krevní tlak.
Kromě stálého slevového celonárodního projektu „MOJE LÉKÁRNA“ vám chceme v ÚNORU nabídnout za výhodné ceny přípravky na imunitu a v BŘEZNU přípravky pro muže na
prosta cké po že v rámci našeho programu „SLEVOVÁ STŘEDA“.
Na vaši návštěvu se těší kolek v Lékárny Hradec.
Lékárna Hradec, Smetanova 684, Hradec nad Moravicí, tel. 553 784 142,
email [email protected]
Ç*.307*$&
+BO7ÎDIBWFEPVDÎ
,NJ
)BOB)FOOJHPWÈ
,Ǐ
DFMLFN
,NJ
7SCZMPWZCSÈOP,Ǐ
,"+-07&$
,BSMB#VSFØPWÃWFEPVDÎ
,NJ
1BWMB4UPLMBTPWÈ
LǏ
DFMLFN
,NJ
7SCZMPWZCSÈOP,Ǐ
#&/,07*$&
5PNÃØ7ÎDIBWFEPVDÎ
7SCZMPWZCSÈOP,Ǐ
,NJ
%0.03"%07*$&#Ʋ&.¶'*-*107*$&
"/07Å%7ƾ3
.BSUJO4USBLWFEPVDÎ
,NJ
7SCZMPWZCSÈOP,Ǐ
#0)6Ǝ07*$&
.BSFL»UFODFMWFEPVDÎ
7SCZMPWZCSÈOP,Ǐ
,NJ
+",6#Ǝ07*$&
1FUS4POOFLWFEPVDÎ
,NJ
&WB7ÎDIPWÃ
,NJ
DFMLFN
,NJ
7SCZMPWZCSÈOP,Ǐ
$FMLFN CZMP W )SBEDJ OBE .PSBWJDÎ LPMFEOÎLZ
WZCSÃOP,NJ+FUPOFKWÎDFPESPLV
5FYU+JǭÎ.PKD[FLGPUP%BOVØFƉFSNÃLPWÃ
10%Ɠ,07«/¶,0-&%/¶,ƾ.
*%«3$ƾ.
7âUǔäFL [ 5DzÓLSÈMPWÏ TCÓSLZ CVEF QPVäJU OB [B
LPVQFOÓ TQFDJöDLÏIP [ESBWPUOJDLÏIP NBUFSJÈMV
MJOFÈSOÓIP EÈWLPWBǏF MÏLǾ B LZTMÓLPWÏIP LPO
DFOUSÈUPSV B OB [BLPVQFOÓ QDzÓTUSPKF OB PETÈWÈOÓ
B TOÓäFOÓ UFQFMOÏ [ÈUǔäF W DISÈOǔOÏ LFSBNJDLÏ
EÓMOǔ ƎÈTU [ÓTLBOâDI QSPTUDzFELǾ CVEF QPVäJUB
OBPQSBWVTUDzFDIZDISÈOǔOÏIPBQPEQPSPWBOÏIP
CZEMFOÓBUBLÏOBQSPWP[NBUFDzTLÏIPDFOUSB/F
ÝLPMB%ǔLVKFNFUÓNUPLPMFEOÓLǾN[BKFKJDIÞǏBTU
B WÝFN EÈSDǾN LUFDzÓ TCÓSLV TWâN QDzÓTQǔWLFN
QPEQPDzJMJNÙ
.-"%±'05#"-*45­/¦.7-0ƥ4,­.30$&%Ǝ-"-*3"%045
)SBEFDOBE.PSBWJDÓWÈMFMOBTWÏQǾEǔ
7 TPCPUV MJTUPQBEV TF W )SBEDJ OBE .PSBWJDÓ
VTLVUFǏOJMIBMPWâGPUCBMPWâUVSOBKTUBSÝÓDIQDzÓQSB
WFLSPǏOÓLVBNMBEÝÓDI010)«345"3045:
.Ɠ45" %SVäTUWP 5+ )SBEFD OBE .PSBWJDÓ CZMP
SP[EǔMFOP OB vCÓMÏi B vNPESÏi ,MVDJ [ QPE[ÈN
LV vCÓMÓi
OB UPNUP UVSOBKJ OFOBÝMJ QDzFNPäJUFMF
B[BTMPVäFOǔIPWZISÈMJ1PSB[JMJ5+)SBEFDOBE.P
SBWJDÓvNPESÏi 4'$ 0QBWB ,PQDzJWOJDJ 4MBWJJ0QBWB+VWFOUVTÇJMJOB5+3BEVǪ
B SFNJ[PWBMJ T 5+ +VDzJOLB ,POFǏOÏ VNÓTUǔOÓ
5+ )SBEFD OBE .PSBWJDÎ tCÎMÎi 4'$ 0QBWB
4MBWJB 0QBWB 5+ +VDzJOLB '$ ,PQDzJWOJDF
+VWFOUVT ÇJMJOB 5+ 3BEVǪ 5+ )SBEFD OBE B QPTUPVQJMJ [ QSWOÓIP NÓTUB EP öOÈMF ;EF TJ UP
.PSBWJDÎtNPEǭÎi/FKMFQÝÓNTUDzFMDFNTFTUBMTEF SP[EBMJ T NVäTUWFN 4MBWJB 0QBWB LUFSÏ QPEMFIMJ
WÓUJHØMZ-VLÃØ.BOEFSMB[5+)SBEFDOBE.PSBWJDÓ *UBLKFESVIÏNÓTUPQǔLOâNÞTQǔDIFN/FK
MFQÝÓNISÈǏFNUVSOBKFCZMWZIMÈÝFOISBEFDLâ+BO
;MBUâEPVCMFQSP5+)SBEFDOBE.PSBWJDÓ
7 OFEǔMJ QSPTJODF EFO QP USJVNGV TUBSÝÓDI »UFODFM
TQPMVISÈǏǾ5+ )SBEFD OBE .PSBWJDÓ ISÈMJ IBMPWâ )SBEFDQDzJKFM[MBUâ
UVSOBK W )SBEDJ LMVDJ NMBEÝÓDI QDzÓQSBWFL SPǏOÓLV
)SBEFǏUÓ IPÝJ JOTQJSPWBOÓ TPCPUOÓN USJVN
GFNTUBSÝÓQDzÓQSBWLZOFEBMJPQǔUTWâNTPVQFDzǾN
ÝBODJ B UVSOBK T QDzFIMFEFN EPUÈIMJ EP [MBUÏIP
LPODF1PSB[JMJ$IWBMÓLPWJDF4'$0QBWBv"i
SFNJ[PWBMJTF4'$0QBWBv#i[WÓUǔ[JMJOBE4MB
WJJ0QBWB'$)MVǏÓO+VWFOUVTFN#SVOUÈM
B '$ #BOÓL 0TUSBWB ,POFǏOÏ VNÓTUǔOÓ
5+ )SBEFD OBE .PSBWJDÎ 4'$ 0QBWB v"i
4'$0QBWBv#i'$)MVǏÓO'$#BOÓL0TUSBWB
5+ $IWBMÓLPWJDF +VWFOUVT #SVOUÈM 4MBWJB
0QBWB /FKMFQÝÓN ISÈǏFN CZM WZIMÈÝFO 7JMÊN
)PEOÝ[5+)SBEFDOBE.PSBWJDÓ
1SWOÓNÓTUPOBUVSOBKJ0'40QBWB
7F ǏUWSUFL QSPTJODF [BWÓUBM ISBEFDLâ QPUǔS
OB DFMPEFOOÓ IBMPWâ UVSOBK WZQTBOâ QSP SPǏOÓL
B NM LUFSâ QPDzÈEBM 0LSFTOÓ GPUCBMPWâ TWB[
0QBWB7LPOLVSFODJEFTFUJESVäTUFWSP[EǔMFOâDI
OB EWǔ TLVQJOZ OFEBM )SBEFD TWâN TPVQFDzǾN
ÝBODJ B CF[ [USÈUZ KFEJOÏIP CPEV DFMâ UVSOBK [B
TMPVäFOǔPWMÈEM/BÝJQPSB[JMJWFTLVQJOǔ#PMBUJDF
4'$ 0QBWB 0UJDF 4MBWJB 0QBWB W TFNJöOÈMF 3BEVǪ B WF öOÈMF 4MBWJJ 0QBWB
,POFǏOÏVNÓTUǔOÓ5+)SBEFDOBE.PSBWJDÓ
4MBWJB0QBWB3BEVǪ,SBWBDzF4'$0QBWB
'$)MVǏÓO#PMBUJDF.BMÏ)PÝUJDF,ZMFÝP
WJDF 0UJDF /FKMFQÝÓN CSBOLÈDzFN UVSOBKF CZM
WZIMÈÝFOISBEFDLâ»UǏQÃO7ÎDIB
%SVIÏNÓTUPSPǏOÓLVBNMBEÝÓDI
70QBWǔWFTUDzFEVMJTUPQBEVQDzJQSBWJM0LSFTOÓ
GPUCBMPWâTWB[0QBWBIBMPWâGPUCBMPWâUVSOBKQSP
SPǏOÓL B NMBEÝÓ 7ÓDFÞǏFMPWÈ IBMB IPTUJMB
EFTFUNVäTUFWSP[EǔMFOâDIEPEWPVTLVQJO)SB
EFǏUÓ NMBEÓDJ OFNǔMJ WF TWÏ TLVQJOǔ LPOLVSFODJ
7¦/0Ɖ/±563/"+7&450-/±.5&/*4&7:)3¦-,6»/±3",6#Ǝ/"
7ÈOPǏOÓUVSOBKQSPEǔUJv0QPIÈSNǔTUB)SBEDFiQDzJQSBWJMPQSPWFDzFKOPTUPCǏBOTLÏTESVäFOÓ'*54QPSUT
$MVCWFTQPMVQSÈDJTOBLMBEBUFMTUWÓN'SBHNFOUQPE[ÈÝUJUPV.ǔTUTLÏIPÞDzBEV)SBEFDOBE.PSBWJDÓ
5SBEJǏOÓ UVSOBK TF UFOUPLSÈU OPWǔ VTLVUFǏOJM W IPUFMV #FMBSJB 4PVUǔä CZMB VSǏFOB QDzFWÈäOǔ EǔUFN
BKFKJDISPEJOOâDIQDzÓTMVÝOÓLǾN)SÈMBTFWLBUFHPSJÓDIäÈDJBäÈLZOǔBNJOJäÈDJ
7LBUFHPSJJNJOJäÈDJCZMPDÓMFNBCZWÓUǔ[[ÓTLBMQSWFOTUWÓOFKTQSBWFEMJWǔKÝÓN[QǾTPCFN)SÈMPTFTZT
UÏNFNLBäEâTLBäEâN%PöOÈMFTFQSPCPKPWBMJ+ÃDIZN,VCǏOBB+BLVC1ǭJCZM1SWFOTUWÓ[ÓTLBMQP
WFMLÏNCPKJ+,VCǔOBLUFSâQSÈWFN[ÓTLBMOFKWZÝÝÓUSPGFK#SPO[PWâTLPOǏJM+BO)FKIBM7TPVUǔäJäÈLǾ
EP[ÈWǔSFǏOâDICPKǾQPTUPVQJM0OEǭFK,VØOÎSLUFSâQPESBNBUJDLÏN[ÈQBTFQPSB[JM&MJØLV4FMWFLP
WPVLUFSÈCZMB[ÈSPWFǪOFKMFQÝÓWLBUFHPSJJäÈLZǪQDzFE;V[BOPV4UPØLPWPV*OH-FOLB.JØJNJLPWÃ
.*45307457¶Ǝ&4,²3&16#-*,:7.*/*5&/*4&
7[ÈDzÓTFVTLVUFǏOJMPW1SB[FSFQVCMJLPWÏöOÈMFTPVUǔäFESVäTUFWWNJOJUFOJTF;ÞǏBTUOJMPTFIPPTNOFK
MFQÝÓDIESVäTUFWLUFSÈWZISÈMBPCMBTUOÓLPMB)SBEFDLÏESVäTUWPWZISÈMPKBTOǔOBTFWFSOÓ.PSBWǔ%BM
ÝÓNJÞǏBTUOÓLZCZMZ"HSPGFSU1SPTUǔKPW4QBSUB1SBIB-PLP1M[FǪ5,/FSJEÏ5FOJT5ÈCPS5,)MJOTLP5,
&WäÏOJF,MÈÝUFSFDOBE0IDzÓƎUWSUöOÈMPWâMPTVSǏJMISBEFDLâNISÈǏǾNUǔäLÏIPTPVQFDzF[)MJOTLB5FOUP
[ÈQBTBMFISÈǏJ)SBEDFPEFISÈMJWFMNJTPVTUDzFEǔOǔBWZISÈMJIPQPNǔSFNOB[ÈQBTZ5P[OBNFOBMP
QPTUVQNF[JǏUZDzJOFKMFQÝÓESVäTUWBB[ÈSPWFǪTFNJöOÈMPWâCPKTOFKWǔUÝÓNGBWPSJUFN[1SPTUǔKPWB/BÝJ
ISÈǏJTJDFCPKPWBMJBQDzFEWFEMJWZSPWOBOÏWâLPOZBMFQDzFTUPOFTUBǏJMJQSPISÈMJBǏFLBMKFCPKPCSPO[PWÏ
NFEBJMFƎFLBMOBOǔ5FOJT5ÈCPS5FOTJDFEJTQPOPWBMWFMNJLWBMJUOÓNUâNFNBMFISÈǏJ)SBEDFIPEFLMB
TPWBMJOB[ÈQBTZ7âTMFEFL[OBNFOBMUDzFUÓNÓTUPBCSPO[PWÏNFEBJMF[NJTUSPWTUWÓƎFTLÏSFQVCMJLZ
ÁTQǔDIKFPUPWǔUÝÓäFTFISÈǏǾNQPEBDzJMP
WZCPKPWBU CSPO[PWÏ NFEBJMF QPESVIÏ [B
TFCPVBPCIÈKJUUBLMPǪTLÏVNÓTUǔOÓ)SBEFD
LÏ CBSWZ IÈKJMJ ,BSPMÎOB )FJEFSPWÃ ,BSFM
0OEFSLB/BUÃMJF#ZSUVTPWÃ1BWFM$[VEFL
+JǭÎ 1PE[FNOÝ B %BOJFM »LSPCÃOFL LUFSÏ
WFEMJEPCPKFLBQJUÈOJ#D+JǭÎ)FJEFSB.HS
0OEǭFK,SFKNJÎ7ÝFNISÈǏǾNQBUDzÓWFMLâEÓL
[BTLWǔMPVSFQSF[FOUBDJNǔTUBBPCMBTUJTF
WFSOÓ.PSBWB5FYUBGPUP#D+JǭÎ)FJEFS
7 QPTMFEOÓ QDzFETWÈUFǏOÓ TPCPUV QSPTJODF
PEKFMB TUBSÝÓ QDzÓQSBWLB 5+ )SBEFD OBE .PSBWJDÓ
SPǏOÓLBNMBEÝÓ
OBDFMPEFOOÓIBMPWâUVSOBK
EP#ÓMPWDF;EFWLPOLVSFODJWFMJDF[WVǏOâDIGPU
CBMPWâDIESVäTUFWWZCPKPWBMJLMVDJ[)SBEDFQSWOÓ
NÓTUP 4UBSUPWBMP [EF EFTFU ESVäTUFW LUFSÈ CZMB
SP[EǔMFOB EP EWPV TLVQJO )SBEFD WF TWÏ TLVQJ
OǔUDzJLSÈUWZISÈMLEZäQPSB[JMÀ4,#ÓMPWFDv#i
', ÀVNQFSL B '$ ,PQDzJWOJDF 1SPISÈM KFO
T#BOÓLFN0TUSBWB;ESVIÏIPNÓTUBQPTUPVQJM
EPTFNJöOÈMFLEFOBSB[JMOBvÈǏLPi#ÓMPWDFLUFSÏ
QPSB[JMB[BTMPVäFOǔQPTUPVQJMEPöOÈMF7CPKJ
PQSWOÓNÓTUPOÈTǏFLBMIFSOǔOFKMFQÝÓTPVQFDz.',
'SâEFL.ÓTUFLTFLUFSâNTJ)SBEFDQPSBEJM7ZISÈM
B CSBM UBL DFMLPWÏ [MBUP W UVSOBKJ /FKMFQÝÓN
ISÈǏFNCZMSP[IPEǏÓNJWZIMÈÝFOISBEFDLâ-VLÃØ
.BOEFSMB$FMLPWÏQPDzBEÓ5+)SBEFDOBE.P
SBWJDÎ.','SâEFL.ÓTUFL'$#BOÓL0TUSBWB
À4, #ÓMPWFDv"i '$ 7ÓULPWJDF 5+ 7BMBÝTLÏ
.F[JDzÓǏÓ',4"/+7ÀVNQFSL'$,PQDzJWOJDF
',4MBWJB0QBWBÀ4,#ÓMPWFDv#i
1PTÓMJMJKTNFWâCǔS0'40QBWB
7âCǔS 0LSFTOÓIP GPUCBMPWÏIP TWB[V 0QBWB QPE
QPDzFOâ ISÈǏJ5+ )SBEFD OBE .PSBWJDÓ %BMJCPSFN
7FNJFSLPV -VLÃØFN .BOEFSMPV B %PNJOJLFN
)FSNBOOFN [BWÓUBM OB NF[JPLSFTOÓ UVSOBK EP
4NJMPWJDOFEBMFLP5DzJODF7âCǔS0'40QBWBWZISÈM
WÝFDIOZ[ÈQBTZB[BTMPVäFOǔTFSBEPWBM[QSWFO
TUWÓ 1PSB[JM #SVOUÈM /PWâ +JǏÓO ,BSWJOPV
0TUSBWVB'SâEFL.ÓTUFL
7âCǔS UBMFOUPWBOâDI GPUCBMJTUǾ 0LSFTOÓIP GPUCB
MPWÏIPTWB[V0QBWBTF[ÞǏBTUOJMEBMÝÓIP[FTÏSJF
NF[JPLSFTOÓDIUVSOBKǾQSPäÈLZSBNMBEÝÓ
7F TQPSUPWOÓ IBMF W #SVÝQFSLV QPEÈWBM WFMJDF
LWBMJUOÓ WâLPOZ B TLPOǏJM OB LSÈTOÏN ESVIÏN
NÓTUǔ;BPQBWTLâWâCǔSOBTUPVQJMBJUSPKJDFISÈǏǾ
5+)SBEFDOBE.PSBWJDÓ-VLÃØ.BOEFSMB%BMJCPS
7FNJFSLBB-VLÃØ'BKLVT0QBWB[B[OBNFOBMBǏZUDzJ
WÓUǔ[TUWÓLEZäQPSB[JMB#SVOUÈM/PWâ+JǏJO
,BSWJOPVB'SâEFL.ÓTUFL+FOT0TUSBWPV
QSPISÈMB
1PEǔLPWÈOÓISBEFDLÏIPGPUCBMPWÏIPPEEÓMVQBUDzÓ
-FPWJ ƉFSOPIPSTLÊNV ǏMFOV LPNJTF NMÈEFäF
0LSFTOÓIP GPUCBMPWÏIP TWB[V 0QBWB B PCǏBOV
)SBEDF OBE .PSBWJDÓ LUFSâ OB OBÝF TWǔDzFODF QP
EPCVLPOÈOÓUǔDIUPUVSOBKǾEPIMÓäFM
5FYUBGPUP.JDIBM.BOEFSMBQǭFETFEB
GPUCBMPWÊIPPEEÎMV5+)SBEFDOBE.PSBWJDÎ