Mokerský zpravodaj
Transkript
Mokerský zpravodaj Nepravidelný zpravodaj obce Mokré pod Orlickými horami am mi 2015 - ročník X. – číslo 2/2015 9(/.éÒ63ċ&+02.(56.e+2=35$92'$-( 1HMOHSãtGiUHNNYêURþtMHKRY\GiYiQt 6WUDQDFHONHP 9iåHQtVSROXREþDQp 9êEČU]REVDKX 2%(&1Ë=35È9< 6ORYRVWDURVWN\REFH 8VQHVHQt]DVWXSLWHOVWYD 2%(&1ËÒě$' 2GSDG\%,2D.29< ýHUSiQtYRG\ 'RYROHQiRSUi]GQLQiFK ',6.86(2%ý$1ģ $QNHWDÄFKRGQtN\³ 6WtåQRVWREþDQD .521,.$ 3RFWDPRNHUVNêP .URQLNiĜLY.RXQRYČ .URQLNiĜURNX &HORVWiWQtVRXWČå]SUDYRGDMĤ 0RNUpYWLVNX .9ċ7,129È6287ċä 67ěË3.<=+,6725,( 3RãWRYQtREiON\]0RNUpKR .1,+291$ &HQD%LEOLRZHE +RVWýHVNpKRUR]KODVX ýDURGČMQLFH $XWREXVRYêYêOHW 9HþHUQtþHNSURGČWL 'HQSURGČWL +RQ]DSRNODGHP 9êVWDYDÄ6WDUpYiK\³ 3RGČNRYiQt )RWRJUDILFNiVRXWČå 5D]tWNRYiQt 3Ui]GQLQRYpPDORYiQt ý$-291$8%/8',ý.< ýDMRYQDVE\OLQNiĜNRX ýDMRYQDVNRYiĜL ýDMRYQDVKLVWRULtYDK â9(67.29e$/(-( /HWQtYHþHUQtSURFKi]ND 3(/0(/ /HWQtSR]YiQN\ =DMtPDYRVWLþHVNpKRMD]\ND 3HWLFHSURNQLKRYQLFL .=$0<â/(1Ë ='5$9Ë /(71Ë.2.7(-/< %$%6.e5$'< 6/2921$=È9ċ5 .UiVQpOpWR GRYROWHDE\FK9iVRSČWSR]GUDYLODYGDOãtPþtVOHQDãHKR=SUDYRGDMH5iGDE\FK 9iVVH]QiPLODVQČNROLNDDNFHPLNWHUpQiVYQHMEOLåãtGREČþHNDMt 'RVWDOL MVPH GRWDFL QD RSUDYX EêYDOp SURGHMQ\ 7HQWR REMHNW Y\EXGRYDQê YRVPGHViWêFK OHWHFK YDNFL Ä=(7³ YSRVOHGQtFK OHWHFK ]QDþQČ WUSČO NROtViQtP KODGLQ\ VSRGQtFK YRG 9REYRGRYêFK ]GHFK VH REMHYLO\ ]QDþQp VYLVOp WUKOLQ\ DSRGODK\MVRXSURSDGOpDSRSUDVNDQp.GRWDPFKRGLOMHãWČQDNXSRYDWMLVWČVLWR SDPDWXMH2SUDYXPiPHRSČWUR]GČOHQRXGRGYRXIi]tWDNMDNRRSUDYXREHFQtKR ~ĜDGX-HWRSURWRDE\REHFPČODGRVWDWHNSURVWĜHGNĤQDGRILQDQFRYiQtGRWDFt DQHPXVHOD VH SĜtOLã ]DGOXåRYDW QHMOpSH YĤEHF 9]KOHGHP NSRþWX D VWUXNWXĜH RE\YDWHO QHEXGH MLå WDWR EXGRYD VORXåLW MDN REFKRG DOH UR]ãtĜtPH SURVWRU\ SUR GUREQp NXOWXUQt D VSROHþHQVNp DNFH .URPČ YHQNRYQtFK SURVWRU QD KĜLãWL REHF QHPiåiGQpMLQpSURVWRU\7DWRDNFHE\PČODEêWGRNRQFHOLVWRSDGXKRWRYi 'iOH VH VQDåtPH ĜHãLW VLWXDFL VNRPXQLNDFHPL YREFL %XGHPH NXSRYDW FHVWX RNROR U\EQtNX X 7\þĤ MH WR MHGLQê YKRGQê SĜtVWXS NU\EQtNX NWHUê MH YHYODVWQLFWYtREFH-HGQiQtVPDQåHOLäćiURYêPLMLåSUREČKOR9QHMEOLåãtGREČ PiPH WDNp SĜLVOtEHQê DVIDOWRYê UHF\NOiW NWHUêP E\FKRP UiGL ]SHYQLOL SRYUFK\ FHVWNHPOêQXDNHKĜLãWL&HVWXQDKĜLãWČEXGHPHGČODWYSĜtSDGČåHGRVWDQHPH VRXKODVYãHFKYODVWQtNĤ7DWRDNFHMHYMHGQiQtDåEXGHWHWRWRþtVWDVLMLåEXGHWH YČGČW]GDWRGREĜHGRSDGOR-iWRYVRXþDVQpGREČQHYtPDOHMHGQiQtSUREtKDMt 'iOHVH]DEêYiPHåiGRVWtRE\YDWHORĜHãHQtFHVW\PH]LE\WRYNRXD.UHMþRYêPL 7RWREXGHWUYDWWURFKXGpOH 1HEXGX 9iV MLå XQDYRYDW VXFKêPL LQIRUPDFHPL 1DNRQHF YãH MH YþDV QDZHERYêFKVWUiQNiFKREFH 3ĜHMLYãHPNUiVQpOpWRWDNMDNVLKRNDåGê]9iVSĜHGVWDYXMHDWČãtPVHQDGDOãt DNFHNGHVHSRWNiPH %ODQND.XþHURYiVWDURVWNDREFH &RQDWpWRIRWRJUDILLFK\Et" 6YRMH RGSRYČGL PĤåHWH SViW QD NURQLNDPRNUH#VH]QDPF] QHER VH VWDYWH QDREHFQtP~ĜDGČ0ĤåHWHLYRODWQD =Y\ORVRYDQêFKRGSRYČGtMHGQDVSUiYQiEXGHRGPČQČQD 6WUDQDFHONHP =DVHGiQt]DVWXSLWHOVWYDREFH± 9HĜHMQp]DVHGiQt]DVWXSLWHOVWYD]HGQH ÒþDVW]DVWXSLWHOĤ ÒþDVWRE\YDWHO 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt RVRE RVRE 8UþHQt]DSLVRYDWHOH±9ČUD)DOWXVRYiDRYČĜRYDWHOĤ]iSLVX±5RPDQ.UHMþt9ODGLPtU)DOWD =DVWXSLWHOVWYRVFKYDOXMHSURJUDP]DVHGiQt =DVWXSLWHOVWYRVFKYDOXMHNRQWUROXILQDQþQtKRYêERUX]H =DVWXSLWHOVWYR VFKYDOXMH =iYČUHþQê ~þHW ]D URN YþHWQČ ]SUiY\ RYêVOHGNX SĜH]NRXPiQt KRVSRGDĜHQtREFH0RNUp]DURNÄ%(=9é+5$'³ =DVWXSLWHOVWYRVFKYDOXMHÒþHWQt]iYČUNXREFH0RNUp]DURNÄ%(=9é+5$'³ =DVWXSLWHOVWYRVFKYDOXMHSRVN\WQRXW ILQDQþQtSĜtVSČYHN QD SRNU\WtþiVWLQHLQYHVWLþQtFK QiNODGĤ0$6 3RKRGDYHQNRYDYURFHYHYêãL.þ =DVWXSLWHOVWYR QHVFKYDOXMH ILQDQþQt GDU SUR +RVSLF ýHUYHQê .RVWHOHF VFKYiOHQt MH SRGPtQČQR KRVSLWDOL]DFtREþDQD0RNUpKR =DVWXSLWHOVWYR VFKYDOXMH Y\KRWRYHQt VWXGLH QD EH]GUiWRYê UR]KODV GOH QDEtGN\ ILUP\ .H\ $FFRXQW 0DQDJHU 0RSRV &RPPXQLFDWLRQV D V 5RN\FDQRYD 3DUGXELFH YH YêãL .þ '3+ =DVWXSLWHOVWYR VFKYDOXMH =iPČU þ R ]DKiMHQt MHGQiQt QiNXSX SR]HPNĤ VH äćiURYêPL ± SþD =DVWXSLWHOVWYRREFH0RNUpVFKYDOXMHRGGiYDMtFtKRSĜLVYDWHEQtFKREĜDGHFKYREFL0RNUp VWDURVWD PtVWRVWDURVWD =DVWXSLWHOVWYRVFKYDOXMHGLVNXVL 9HĜHMQp]DVHGiQt]DVWXSLWHOVWYD]HGQH ÒþDVW]DVWXSLWHOĤ ÒþDVWRE\YDWHO 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt RVRE RVRED 8UþHQt]DSLVRYDWHOH±'DJPDU+RQVQHMPDQRYiDRYČĜRYDWHOĤ]iSLVX±5RPDQ.UHMþt9ODGLPtU)DOWD =DVWXSLWHOVWYRVFKYDOXMHSURJUDP]DVHGiQt =DVWXSLWHOVWYR REFH 0RNUp VFKYDOXMH SĜLGČOHQt ,19(67,ý1Ë GRWDFH ]3URJUDPX REQRY\ YHQNRYD .UiORYpKUDGHFNpKR NUDMH QD DNFL 6WDYHEQt ~SUDY\ EêYDOp SURGHMQ\ Y0RNUpP ± , HWDSD YH YêãL .þDX]DYĜHQt6PORXY\RSRVN\WQXWtGRWDFH]UR]SRþWX.UiORYpKUDGHFNpKRNUDMHYUHåLPX GH PLQLPLV 329 2EQRYD D ~GUåED YHQNRYVNp ]iVWDYE\ DREþDQVNp Y\EDYHQRVWL þVPORXY\ 329'2,19 =DVWXSLWHOVWYRVFKYDOXMHGLVNXVL 9HĜHMQp]DVHGiQt]DVWXSLWHOVWYD]HGQH ÒþDVW]DVWXSLWHOĤ ÒþDVWRE\YDWHO 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt 8VQHVHQt RVRE RVRE\ 8UþHQt ]DSLVRYDWHOH ± 'DJPDU +RQVQHMPDQRYi D RYČĜRYDWHOĤ ]iSLVX ± 5RPDQD 7RPNRYi %F -DURVODY.UHMþt =DVWXSLWHOVWYRVFKYDOXMHSURJUDP]DVHGiQt =DVWXSLWHOVWYR VFKYDOXMH =iYČUHþQê ~þHW '62 +RUND 2þHOLFH ]DURN YþHWQČ ]SUiY\ RYêVOHGNX SĜH]NRXPiQtKRVSRGDĜHQtÄ%(=9é+5$'³ =DVWXSLWHOVWYRVFKYDOXMHÒþHWQt]iYČUNX'62+RUND2þHOLFH]DURNÄ%(=9é+5$'³ =DVWXSLWHOVWYRVFKYDOXMH5R]SRþWRYpRSDWĜHQtþ =DVWXSLWHOVWYRVFKYDOXMHGLVNXVL =iSLV\DVRXKUQQiXVQHVHQtMVRXWDNpQDZZZREHFPRNUHF]YRGGtOH2EHFQt~ĜDG±=iSLV\DXVQHVHQt]DVWXSLWHOVWYD 6WUDQDFHONHP 5Ĥ]Qp]SUiY\]REHFQtKR~ĜDGX 6EČUELRRGSDGĤDSOHFKRYêFKREDOĤYURFH 6EČU ELRRGSDGĤ D GUREQêFK NRYĤ VH SRPDOX VWiYi YREFL EČåQRX YČFt =SRþiWNX E\O SUREOpP VELRRGSDGHP NG\ QČNWHĜt REþDQp]ĜHMPČQHSRFKRSLOLåHGRÄ%,2³SDWĜtMHQRGSDGURVWOLQQpKRSĤYRGXDKi]HOLGRQČMH[NUHPHQW\]YtĜDW3RQDãtYê]YČ MVPH WHQWR RGSDG YNRQWHMQHUX MLå QHREMHYLOL 9SĜtSDGČ åH E\ VH WR RSDNRYDOR D E\O ]MLãWČQ SĤYRGFH þHNDOR E\ KR XUþLWČ Y\þLãWČQtFHOpKRNRQWHMQHUX3RQČNROLND]DKĜtYDFtFKGQHFKYNRQWHMQHUXWRMLVWČEXGHODKĤGND 3UR]RSDNRYiQt 9REFL MVRX XPtVWČQ\ GYD NRQWHMQHU\ QD VYR] ELRRGSDGX URVWOLQQpKR SĤYRGX ± MHGHQ QD VWDQRYLãWL X EêYDOpKR REFKRGX DGUXKêYÄ+DEHãL³ 1D VWDQRYLãWL XEêYDOpKRREFKRGX MVRX XPtVWČQ\GYD NRQWHMQHU\R]QDþHQ\ QiSLVHP Ä.29<³'RWRKRWRNRQWHMQHUX SDWĜt NRQ]HUY\RGSRWUDYLQSOHFKRYN\DQiSRMRYpREDO\NRYRYpNDQ\VWU\GUREQêNRYRYêRGSDG'RNRQWHMQHUXYåiGQpPSĜtSDGČ QHSDWĜtSOHFKRYN\RGEDUHYW\SDWĜtGRQHEH]SHþQpKRRGSDGX$åiGQêWČåNêåHOH]QêãURW 6YR]WČFKWRRGSDGĤMHQRYLQNRXDSURWRåiGiPHYãHFKQ\RE\YDWHOHDE\E\OLWROHUDQWQtNYêYR]ĤP NWHUpEXGRX]H]DþiWNX]NXãHEQtQHåVHXVWiOtMHMLFKþHWQRVW=WRKR GĤYRGXGiOHåiGiPHDE\VWH YSĜtSDGČ SOQêFK NRQWHMQHUĤ YãHKR RGSDGX QHGiYDOL RGSDG YHGOHQLFK RGSDG VL QHFKDOL GRPD DSRþNDOLQDGDOãtVYR]'ČNXMHPH]DXGUåRYiQtþLVWRW\QDVWDQRYLãWtFKNRQWHMQHUĤ 1HEH]SHþQêRGSDG -DUQtVEČUQHEH]SHþQpKRRGSDGXVHNRQDO&HONHPREHF]DSODWLOD]DMHKRRGYR]DOLNYLGDFL.þ'UXKêVYR] VHEXGHNRQDWQDSRG]LP 'LDNRQLH%URXPRY 2EHF0RNUpRSČW]DMLVWtVEČURGČYĤDGDOãtFKSRWĜHEQêFKYČFtSUR'LDNRQLL%URXPRYYPČVtFLNYČWQX'ČNXMHPHYãHP URGLQiPNWHUpSRGSRĜLO\GREURXYČF2EHFQtJDUiåE\ODRSČWSOQiS\WOĤDNUDELF =SUiY\]PRNĜLQ 6WDYSUDFtQD6SUDãtFKN 9VRXþDVQp GREČ MH GRNRQþHQ KODYQt RGYRGĖRYDFt SĜtNRS SRGpO VLOQLFH RG ]DVWiYN\ NRGERþHQt QD 0RFKRY 'DOãt MHKR SRNUDþRYiQtVPČUHPNH/KRWFHMH]DVWDYHQRSĜHGSDUFHORX,QJ3tFK\NWHUê]DNi]DOMHMtGRWþHQt=DWtP]WRKRWRGĤYRGXEXGH QXWQp XSUDYLW SĤYRGQt SURMHNW D WXWR SDUFHOX SRQHFKDW QHRGYRGQČQRX VQHPRåQRVWt ]HPČGČOVNpKR Y\XåLWt %XGH QXWQp QiKUDGQt ĜHãHQt GDOãt SURWODN SRG NRPXQLNDFt DE\ E\OR PRåQp YRG\ ]þiVWL SDUFHO X /KRWN\ RGYp]W GR SĜtNRSX FHVW\ QD0RFKRY 9þiVWL]DDXWREXVRYRX]DVWiYNRXE\O\RGVWUDQČQ\QiOHWRYpGĜHYLQ\NPHQ\SRXåLW\MDNRSDOLYRYpGĜHYRSURPtVWQtRE\YDWHOH D YČWYH ]SUDFRYiQ\ QD ãWČSNX =HPLQD E\OD ]EDYHQD SDĜH]Ĥ NWHUp PXVt ]ĤVWDW QD VNOiGFH X VLOQLFH GR SĜtãWtKR URNX NG\ RVFKQRX D EXGRX RSČW ]SUDFRYiQ\ QD ãWČSNX 9H Y]GiOHQp þiVWL SDUFHO RG VLOQLFH WDWR þLQQRVW MHãWČ ]EêYi GRNRQþLW SRY\VFKQXWt 9þiVWL SDUFHO RG ]DVWiYN\ SR RGERþNX QD 0RFKRY E\O\ Y\KORXEHQ\ RGYRGĖRYDFt SĜtNRS\ VPČUHP NýiQFH 9PtVWHFK QDOH]HQtVWDUêFKGUHQiåtE\O\W\WRY\þLãWČQ\DEXGRXQDSRMHQ\QDQRYêV\VWpP9QiVOHGXMtFtFKGQHFKEXGHSUREtKDWSRNOiGND QRYêFK SODVWRYêFK GUHQiåQtFK KDGLF GR YãHFK SURYHGHQêFK YêNRSĤ W\ EXGRX ]DV\SiQ\ ãWČUNHP D VWiYDMtFt ]HPLQRX 3ĜHGSRNODGXNRQþHQtWČFKWRSUDFtDSUYQt]RUiQtWČFKWRSDUFHOMHDVLGRPČVtFH=DWtPMH]ĜHMPpåHYČWãtþiVWVHMLåSRGDĜLOR RGYRGQLW D ]EêYDMt MHQ PHQãt SORFK\ 9\VXãHQi þiVW 6SUDãt E\OD YPLQXOêFK GQHFK SRNRVHQD FHSiNHP D ]EDYHQD OHWRãQtKR QiUĤVWXUiNRVX 9þiVWL6SUDãt]DQHPRYLWRVWtSDQt)DELiQRYpVH]DþDOþLVWLW]FHOD]DQHVHQêVOHSêRGYRGĖRYDFt SĜtNRSVPČUHPNýiQFH=GH E\O\ QDOH]HQ\ þiVWL EêYDOpKR RGYRGĖRYDFtKR V\VWpPXEHWRQRYp SRWUXEt D PRVWHND SR MHMLFK Y\þLãWČQt MH ]QiW YêUD]Qp ]OHSãHQtYHY\VXãHQtRNROQtFKSDUFHO6WČPLWRSUDFHPLVHEXGHYQiVOHGXMtFtFKGQHFKSRNUDþRYDWDMH]iPČUGRPČVtFHWHQWR SĤGQtEORNMHãWČ]RUDW -DURVODY.UHMþt]DVWXSLWHOREFH ýHUSiQtYRG\ 1D ]iNODGČ åiGRVWL REþDQĤ MVPH ]DMLVWLOL KOiãHQt SUDYLGHOQpKR PČĜHQt VWDYX KODGLQ\SRG]HPQt YRG\ YUWX /W D9RGČWtQ +OiãHQtSRVN\WXMH.UiORYpKUDGHFNiSURYR]QtDV+UDGHF.UiORYpPČVtþQČ]HVWĜHGLVNDýHVNp0H]LĜtþt 6WUDQDFHONHP 9RGDVHþHUSiSRX]H]YUWX/WYêNRQHPDVLOV9UW9RGČWtQMHSRX]HNRQWUROQtEH]RGEČUX ÒGDMKODGLQDMHY]GiOHQRVWYPKODGLQ\RGWHUpQXNU\WXYUWXRNROQtWHUpQMHRWURFKXQtåH 1DGPRĜVNi YêãND KODGLQ\MHSĜHSRþHWKODGLQ\QDQDGPRĜVNRXYêãNX1DJUDIHFKMHYLGČWåHKODGLQDYRG\ YRERXYUWHFKVH SRK\EXMHEH]YČWãtFKYêN\YĤRNRORPSRGWHUpQHP Hladina podzemní vody - Lt02 - čerpaný Hladina Výška [m] Terén Čerpání Čerpání [l/s] 20 0 Okolní terén u vrtu - 261,8 m n. m. 15 -5 10 10 10 10 10 10 10 -10 5 0 leden 16 prosinec 15 listopad 15 říjen 15 září 15 srpen 15 červenec 15 červen 15 květen 15 duben 15 březen 15 únor 15 leden 15 prosinec 14 -15 Hladina podzemní vody - Vodětín - kontrolní Hladina Výška [m] Terén 0 Okolní terén u vrtu - ? m n. m. -5 -10 7RPiã.UHMþtDXWRUJUDIĤ leden 16 prosinec 15 listopad 15 říjen 15 září 15 srpen 15 červenec 15 červen 15 květen 15 duben 15 březen 15 únor 15 leden 15 prosinec 14 -15 =DþLVWêÄ6WDY³DQHE0HĜLþD0RNUpSURWLVREČ -DNMVPHSVDOLYH]SUDYRGDMLþYVRERWXVHVHãODSDUWDOLGtNWHĜtVHUR]KRGOLVHY\þLVWLWÄ67$9³0RNUp± 0HĜLþ,QLFLiWRUNDPLWpWRDNFHE\O\9ČUD)DOWXVRYiPO]0RNUpKRD0tOD3ROiNRYi]ýHVNpKR0H]LĜtþt .WHFKQLFNpPX]DEH]SHþHQtFHOp DNFH ± PDWHULiORGYR] RGSDGX ±SĜLVSČOLREHFýHVNp 0H]LĜtþtD 0RNUp D&XNURYDUýHVNp 0H]LĜtþt 3URWRåHVHGRSUYQtKRþtVODXåQHYHãO\åiGQpIRWRJUDILHPĤåHWHVHQDQČNWHUp]QLFKSRGtYDWQ\Qt2VWDWQtMVRXQDZHERYêFK VWUiQNiFKREFHYRGGtOH8GiORVWLURNX 6WUDQDFHONHP .RPXQiOQtKRDQHEH]SHþQpKRRGSDGXE\ORQDMHGHQYHONRREMHPRYêNRQWHMQHUMHQSODVWĤE\OSOQêWUDNWRURYêYOHN %ČåWHVHQDÄ6WDY³SRGtYDW0\VOtWHåHWDPYVRXþDVQpGREČQHQDMGHWHDQLSHWNX" 6WUDQDFHONHP )RWRJUDIRYDO7RPiã0DUWLQHF 'RWDFH]SURJUDPXREQRY\YHQNRYD.UiORYpKUDGHFNpKRNUDMH 2EHF0RNUpREGUåHODYGUXKpPNROHNWHUpE\ORVFKYDORYiQRDåQDNRQFLNYČWQDGRWDFLYHYêãL.þQDUHNRQVWUXNFL EXGRY\ þS ± þiVW EêYDOpKR REFKRGX 9VRXþDVQp GREČ SUREtKi VSROXSUiFH VSURMHNWDQWHP QD YêEČU GRGDYDWHOH 9ãH VDPR]ĜHMPČPXVtEêWYVRXODGXVHVPORXYRXV.UiORYpKUDGHFNêPNUDMHP9êEČURYpĜt]HQtEXGHSUREtKDWYþHUYHQFL 7HUPtQMHGRVWQDSQXWêDOHVQDGYãH]YOiGQHPHWDNMDNRYåG\ 'RYROHQiRSUi]GQLQiFK 2SUi]GQLQiFKEXGHLQDREHFQtP~ĜDGČGRYROHQi9GREČRG±EXGH]DYĜHQRYþHWQČNQLKRYQ\'RYROHQRXVL EXGHPHY\EtUDWSRGOHSRWĜHE\YãHEXGHYþDVY\YČãHQRQDZHERYêFKVWUiQNiFKDQDLQIRUPDþQtPNOLSXYHGOHGYHĜtREHFQtKR ~ĜDGX =GLVNXVHREþDQĤ $QNHWDÄFKRGQtN\³ ÒþDVW QD DQNHWČ ± RE\YDWHO ± ] GRPĤ +ODVRYDOL OLGp VWUYDOêP SRE\WHP L FKDOXSiĜL D PRKOL KODVRYDW WDNp RVRE\ YHYČNXRGOHW0RåQRVWKODVRYDWPČORFFDRE\YDWHO]HGRPĤFRåVHERKXåHOQHVWDOR9êVOHGHN]SĜHGSRNOiGDQpKR SRþWXRE\YDWHOMHKODVXMtFtFKRE\YDWHOD]HGRPĤMHWR]DVWRXSHQtGRPĤ 3URY\EXGRYiQtFKRGQtNĤ±RE\YDWHO 3URRSUDYXVWiYDMtFtFKFKRGQtNĤ±RE\YDWHO 3URRGVWUDQČQtVWiYDMtFtFKFKRGQtNĤ±RE\YDWHOp %ULJiGQLFNRXSRPRFSĜLVOtELOL±RE\YDWHO 9WpWRFKYtOLVHDQNHWDMHYtMDNRQHSĜtOLã~VSČãQiSURWRåHSRþHWKODVXMtFtFKRE\YDWHOQHGRViKODQL%RKXåHOQHKODVRYDOL DQLWLRE\YDWHOpNWHUêFKVHSURMHNWEH]SURVWĜHGQČGRWêNi 2 GDOãtP SRVWXSX EXGH ]DVWXSLWHOVWYR VDPR]ĜHMPČ MHGQDW -H WR YHONi DNFH D MH QXWQp ML SHþOLYČ UR]YiåLW D QHXVSČFKDW 9VRXþDVQpGREČYãDNREHFREGUåHODGRWDFLQDUHNRQVWUXNFLEXGRY\þSNWHUiYWXWRFKYtOLGRVWDQHSĜHGQRVW 6WUDQDFHONHP 6WtåQRVWPRNHUVNpKRREþDQD 1DYHĜHMQpP]DVHGiQtGQHVWDURVWNDREFHYGLVNXVLVH]QiPLODSĜtWRPQpVXGiORVWtNWHUiVHWêNDODKRVSRGDĜHQtREFH ]DPLQXOpYROHEQtREGREt 9êSLV]H]iSLVXYHĜHMQpKR]DVHGiQt Ä'QH REHFQt ~ĜDG REGUåHO QD YČGRPt HPDLO PČVWD 'REUXãN\ RGERU UR]YRMH PČVWD åH WHQWR RGERU SRVN\WO LQIRUPDFH .UDMVNpPX ~ĜDGX .UiORYpKUDGHFNpKR NUDMH RGGČOHQt NRQWURO\ KRVSRGDĜHQt REFt R SURYHGHQp NRQWUROH LQYHVWLþQt DNFH REFH 0RNUp 5HNRQVWUXNFH EXGRY\ REHFQtKR ~ĜDGX 3ĜHGPČWHP E\OR VGČOHQt R SURYHGHQêFK YêEČURYêFK Ĝt]HQtFK 3URWRNROMHVRXþiVWtWRKRWR]iSLVXDYQČPMHQDSViQRåHYHãNHUpþLQQRVWLYVRXYLVORVWLVUHNRQVWUXNFtE\O\SURYHGHQ\ĜiGQČ DYVRXODGXVH]iNRQ\-LQDNWRDQLQHMGHSURWRåHSRNXGE\WRPXWDNQHE\ORREHFE\PXVHODYUiWLWGRWDFH)LQDQþQtYêERU YþHOHVSDQHP+ODGQêPVHYPLQXOpPYROHEQtPREGREtSRGUREQČWČPLWRGRWDFHPL]DEêYDODQHVKOHGDOLåiGQpQHGRVWDWN\ 1D ]iNODGČGRWD]XREHFQtKR~ĜDGXQDNUDMVNê ~ĜDGQiPE\ORVGČOHQRåHWHQWRSRåDGDYHND GDOãtSRåDGDYN\E\O\RGHVOiQ\ MHGQtP PRNHUVNêP REþDQHP QD PLQLVWHUVWYR ILQDQFt MDNR VWtåQRVW DQHVSRNRMHQRVW R SURãHWĜHQt QČNWHUêFK DNWLYLW REHFQtKR ~ĜDGX .RQWUROQtPL SUDFRYQtN\ NUDMVNpKR ~ĜDGX E\O\ W\WR SRåDGDYN\ Y\åiGiQ\ NDXGLWX D NRQWURORYiQ\ NRQWUROX SURYiGČO QRYêDXGLWRU-DNY\SOêYi]H]SUiY\RSURYHGHQpNRQWUROHKRVSRGDĜHQtQHE\O\]MLãWČQ\åiGQpFK\E\DQHGRVWDWN\³ 'DOãtSRGUREQRVWLO]H]tVNDWåiGRVWtGOH]iNRQD6ERSRVN\WRYiQtLQIRUPDFt =NURQLN\REFH±URN 9HOLNRQRþQtSRQGČOtY0RNUpP 9HOLNRQRþQtSRQGČOtYOHWRãQtPURFHSĜLSDGORQDGXEQD3RþDVtE\ORGRVWFKODGQpDOHNROHGQtNĤPWRYLGLWHOQČQHYDGLOR- $GDPDâLPRQ)UDQFRYLPČOLQDYtFQiGKHUQČSOHWHQpSRPOi]N\NWHUpVLY\URELOLVDPLVPDOLQNRXSRPRFtWDWtQND äLYRWYHVWtQXãLEHQLFH 2EHF 0RNUp VH ]DSRMLOD GR SURMHNWX ÄäLYRW YH VWtQX ãLEHQLFH³ ]SUDYRGDM þ NWHUê RUJDQL]RYDOR 0X]HXP þHVNpKR VORYHQVNpKRDUXVtQVNpKRH[LOXVWROHWtYHVSROXSUiFLVĜDGRXQiURGQtFKLPH]LQiURGQtFKRUJDQL]DFt3URMHNWDXWRUĤ6DELQ\ D-DQD.UDWRFKYtORYêFKVODYQRVWQČ]DþDONYČWQDQD1RYpUDGQLFL ±.ĜtåRYpFKRGEČY%UQČ6ODYQRVWQtYHUQLViåHVH ]~þDVWQLO\VWDURVWND%ODQND.XþHURYiDNURQLNiĜND'DJPDU+RQVQHMPDQRYi=YêVWDY\SĜLYH]O\XQLNiWQtNQLKXNWHUiPDSXMH FHOêSURMHNWDREHFVH PĤåHS\ãQLWWtPåHYQtMVRX]DVWRXSHQLGYDREþDQpQDãtREFH ±SLORW 5$)9iFODY9DOHãDNURQLNiĜ REFH6WDQLVODY%DãH.QLKDMHNQDKOpGQXWtYNQLKRYQČ 3RFWDPRNHUVNêPYRMiNĤPDERMRYQtNĤPVYČWRYêFKYiOHN 2EHF0RNUpXVSRĜiGDODGQHSLHWQtY]SRPtQNXXSĜtOHåLWRVWLOHWRGXNRQþHQtVYČWRYpYiON\QDYRMiN\DREþDQ\ NWHĜt VH Y WpWR YiOFH ]DSRMLOL EXG GR SĜtPêFK ERMĤ QHER GR SURWLIDãLVWLFNpKR RGERMH 7HQWR GHQ E\O YČQRYiQ PRNHUVNpPX URGiNRYL6WDQLVODYX%DãHPXDSLORWX5$)9iFODYX9DOHãRYL +RVWHPE\OKLVWRULNGU-RVHI3WiþHN]'REUXãN\ 6RXþiVWt WRKRWR SLHWQtKR DNWX E\OR SĜHGiQt ýHVWQpKR REþDQVWYt 6WDQLVODYX %DãHPX LQ PHPRULDP NWHUp SĜHY]DOD MHKR GFHUD -DUPLOD *UXQWRYi GQHV åLMtFt Y 2SRþQČ NWHUp ]DVWXSLWHOVWYR REFH0RNUpVFKYiOLORQDQiYUKNURQLNiĜN\REFHGQH XVQHVHQtP þ X SĜtOHåLWRVWL YêURþt OHW RG MHKR QDUR]HQt X SĜtOHåLWRVWL YêURþt OHW RG NRQFH VYČWRYpYiON\DVODYQRVWQtKR]DKiMHQtYêVWDY\Ä9]SRPtQND QDW\NWHĜtSURãOLXWUSHQtPVYČWRYpYiON\³ 3RGČNRYiQtSDQt-DUPLO\*UXQWRYp 9iåHQt SĜtWRPQt KRVWp PLOt SĜiWHOp SDQt VWDURVWNR SDQt NURQLNiĜNR GRYROWHPLDE\FKSRGČNRYDOD]DVWXSLWHOVWYXREFH0RNUpNWHUp VH UR]KRGOR XGČOLW þHVWQp REþDQVWYt VYpPX URGiNRYL DEêYDOpPX NURQLNiĜL REFH PpPX WDWtQNRYL 6WDQLVODYX %DãH0RFYiPYãHPGČNXML 3HSD %DãH MDN KR ]GH ]QDOL D RVORYRYDOL YãLFKQL 0RNHUãWt LNG\å VH RåHQLO D VWDO VH REþDQHP RSRþHQVNêP ]ĤVWiYDO VWiOH GXãtLWČOHP0RNHUiNHP7RGRVYČGþRYDOVYRMtSUDFtSRGORXKp URN\GDORE\VHĜtFLSRFHOêåLYRW0LPRREGREtYiON\DMHKR SČWLOHWpKRYČ]QČQtJHVWDSHP]D~þDVWYSURWLIDãLVWLFNpPRGERML ]DVYRERGXQDãtYODVWLYêURþt NRQFHGUXKpVYČWRYp YiON\ DRVYRER]HQt QDãt UHSXEOLN\ VL WDNp GQHV V YGČþQRVWt SĜLSRPtQiPH3ĜLSRPtQiPHVLLREČWLWpWR]OpGRE\PH]LNWHUp 6WUDQDFHONHP SDWĜtLYiãVSROXREþDQ9DFODY9DOHãýHVWMHMLFKSDPiWFH 3RYiOFHE\OWiWDSOQêHOiQXVKODYRXSOQRXLGHiOĤSUDFRYDO]HYãHFKVLONGHE\ORWĜHED$ĢXåE\O~þHWQtPY+RVSRGiĜVNp ]iORåQČ Y2SRþQČ NWHUi PČOD NRĜHQ\ Y0RNUpP QHER E\O SĜHGVHGRX L ~þHWQtP -=' 0RNUp D NURQLNiĜHP REFH 6EtUDO VWĜtSN\KLVWRULHVEtUDOREUi]N\DIRWRJUDILHREþDQĤ0RNUpKR]MHGQRWOLYêFKXVHGORVWtDåSRQČNROLNJHQHUDFt]SČW'ČODOWR UiGDEH]QiURNĤ QDRGPČQX-HQRPVLREþDVSRY]GHFKO NG\E\ PL QČNG\GDOLDOHVSRĖSDStU\DSiVN\GRVWURMHNWHUêFK SRWĜHERYDOQHXYČĜLWHOQČPQRKR%\ODWRYHONiSUiFHDOHSUiFHUDGRVWQiNWHURXYČQRYDOVYpURGQpREFLVYpPXPLORYDQpPX 0RNUpPX7RPRKXRVREQČGRVYČGþLWSURWRåHPLYãHURVWORGRVORYDSĜHGRþLPD7iWDYåG\ĜtNDO SĜHþWLVLFRMVHPGQHV QDSVDO 7DNåH PDPLQND D Mi MVPH E\O\ SUYQtPL þWHQiĜNDPL YDãLFK NURQLN .RUHNWXU\ QHE\OR WĜHED SURWRåH PČO YãHFKQR YKODYČVURYQDQpWDNGREĜHåHSVDOSĜtPRGRVWURMHWpPČĜEH]SĜHNOHSĤ-DNpMHSRKRGOtGQHãQtFKSRþtWDþĤ .G\åGRYROtWHUiGDE\FKYiPSĜHþHWODMHGQXVWUiQNX]WDWtQNRYDSVDQt 6WDQLVODY%DãH-DUR -DURYČQRYDOMVHPSUiFLQDREUi]NRYpSĜtOR]HPRNHUVNpNURQLN\1HYtPFRPQHWRSRVHGORDOHPiPGRMHPåHMHãNRGD QHFKDW XSDGQRXW YãHFNR Y]DSRPQČQt D åH MH GREUp D XåLWHþQp SUR SĜtãWt JHQHUDFH ]DFK\WLW QČFR ]Wp PLQXORVWL NWHUi WDN ]iYUDWQČOHWtDþDVVHXåQLNG\QHYUiWt 1ČNROLNIRWHNPRNHUVNêFKREþDQĤGiYQR]HPĜHOêFKDYãHPL]DSRPHQXWêFKSĜLPČORPQHNWRPXDE\FKMHVHVWDYLOGRWDEOD QDSVDOQČFRFRRWČFKOLGHFKYtPRMHMLFK]iVOXKiFKRREHF0RNUpY]SRPHQRXWMHMLFKSĜHGNĤDXGČODWSĜtORKXNPRNHUVNp NURQLFH ]Qtå E\ E\OR SDWUQR MDFt OLGp Y0RNUpP åLOL Y;; VWROHWt MDN Y\SDGDOL NGH E\GOHOL DWG YåG\Ģ þWHPHOL YH VWDUp NURQLFHPRNHUVNpROLGHFKNWHĜtåLOLY0RNUpPYVWROHWtQHQDMGHPHXåDQLMHMLFKMPpQDGQHVPH]LVRXþDVQtN\MHGLQČURG 'YRĜiNĤ D 9DĖNĤ VH Y\VN\WXMH YH VWDUêFK XUEiĜtFK D StãH VH R MHMLFK SRSODWQRVWL SDQVNp YUFKQRVWL QD ]iPNX RSRþHQVNpP 1DãHO MVHP QiKRGRX Y]iSLVFtFK VYpKR RWFH SRVORXSQRVW GUåLWHOĤ VWDWNX þ Y0RNUpP NWHUê NRXSLO PĤM SUDGČGHþHN -LĜt %DãH]%ROHKRãWČYURGPDQåHOĤ+UXERYVNêFKD]WRKRWRGRNODGXMHSDWUQRåHGQHãQtGUåLWHOPpURGQpFKDOXS\MHMLå JHQHUDFt RGU NWHUp VH Y\VWĜtGDO\ QD VWDWNX þ Y0RNUpP 1HMGpOH WpPČĜ OHW VH GUåHO QD JUXQWX WRP URG 6RXNXSĤYURG%DãĤWDPKRVSRGDĜLORGUGRU =QDORVW JHQHUDFt QD MHGQRWOLYêFK FKDOXSiFK Y0RNUpP D WR Y SRSLVQêFK þtVOHFK VWDOR VH PêP NRQtþNHP D GREURYROQRX SUDFtNWHURXNRQiPMDNRNURQLNiĜPRNHUVNêDFKFLWXWRSDPiWNXRGNi]DWVYpURGQpREFLDE\FKWDNGRNi]DOMDNMVHPMLPČO DPiPUiGGRGQHV6HVWDYLOMVHPLWDEOR~þDVWQtNĤ,,QiURGQtKRRGERMHMHKRåMVHPVHViP]~þDVWQLODVHEUDOIRWRJUDILHVYêFK NDPDUiGĤNWHĜtVH PQRXE\OL]DRNXSDFH YČ]QČQLQHERGRNRQFH YNRQFHQWUiFtFK XPXþHQL 7DNp QDGUXåVWHYQtNURQLFH-=' SUDFXMLDRGNiåLVYpSDPiWN\IRWRJUDILFNpQDIRUP\D]SĤVREKRVSRGDĜHQtY0RNUpPY-=']REGREtNG\MVHPWDPSUDFRYDO 1DYãWtYLO MVHP PQRKR FKDOXS Y0RNUpP D ]tVNDO RG OLGt VWDUp IRWN\ YPQRKD URGLQiFK VHVWĜtKDO MH D VHVWDYLO DE\ NVREČ QDYD]RYDO\ URGRYRX SĜtEX]QRVWt VQDG VH YEXGRXFQX QDMGH ]DVH QČNGR NGR YWRP EXGH SRNUDþRYDW D GRSOQt PH]HUX NWHUi Y]QLNQH YWpWR SUiFL SR Pp VPUWL 0iP VWDURVW MHQ DE\ SDPiWND SĜLãOD GR VSROHKOLYêFK UXNRX DE\ QHY]DOD ]D VYp DQHKRVSRGDĜLO\ QD Qt P\ãL DE\ SR GDOãtFK GHVHWLOHWtFK E\OD VYČGHFWYtP GQHãQt GRE\ D SDPiWN\ QD OLGL NWHĜt NG\VL åLOL SUDFRYDOLDMHMLFKåþDVVHQDSOQLODRGHãOLGRPLQXORVWL 0QRKROLGtMHYt]iMHPRGQHãQtPRXSUiFL-DQ%RXNDO]þPLYHOPLSRPRKORSDWĜRYDWIRWRJUDILHFKDOXSLOLGtMHKRGFHUD -DQLþND Pi VP\VO SR RWFL ]GČGČQRX QiNORQQRVW NWČPWR SDPiWNiP D E\OD E\ MHMLFK GREURX RSDWURYQLFt PRåQi LSRNUDþRYDWHOHPYWpWRSUiFL -HãWČQČFRYiPFKFLĜtFL -VHP UiGD åH QD NURQLFH QHKRVSRGDĜt P\ãL åH VH QDãOD GREUi GXãH SDQt 'DJPDU +RQVQHMPDQRYi NWHUi VH XMDOD NURQLN\ XVSRĜiGDODMLGRGQHãQtSRGRE\MDNVHĜtNiGDODMtãWiEQtNXOWXUXDSRNUDþXMHYQt0\VOtPåHVLDQLQHXPtPHSĜHGVWDYLW MDNMHWČåNiDRGSRYČGQiSUiFHNURQLNiĜH-HWRYODVWQČSDPČĢQiURGDD]DVORXåtVLSOQRXSRGSRUXVYpKRRNROtLFHOpKRVWiWX 9åG\Ģ NGR QH]Qi KLVWRULL NGR QHYt NGH Pi VYp NRĜHQ\ NGH VH GRSXVWLO RP\OĤ D FK\E WHQ VH MLFK QHXPt GR EXGRXFQD Y\YDURYDWWHQMHQXFHQVLMH]QRYXY\WUSČW 7DNpMHYHOLFHWČåNpSRSLVRYDWVRXþDVQRXGREX.URQLNiĜLVLGČODMt]iSLVN\MDNVHĜtNiGRãXSOtNXDGRNURQLNMHStãtDå VRGVWXSHPþDVX3URWRMHMLFKPUDYHQþtSUiFLQHQtWDNPQRKRYLGČW3URWRVHFKXGiFLNURQLNiĜLYČWãLQRXGRþNDMtRFHQČQtVYp SUiFHLKRGQRWNWHUpY\WYRĜLOLDåSRVPUWL7RMHãNRGD7RE\VL]DVORXåLOLGĜtYH7iWRYLGtãWR" 0\VOtPåHVLREþDQpY0RNUpPDQLQHXYČGRPXMt MDNê PDMtSRNODGSRGVWĜHFKRXWRKRWR PDOpKRGRPHþNX2EHFQtKR~ĜDGX DNQLKRYQ\X0RNĜLQN\YRVREČVYpNURQLNiĜN\NQLKRYQLFHD~þHWQt'iãL+RQVQHMPDQRYp3DQt'iãDPiPĤMYHONêREGLY D GtN $ QHMHQ PĤM DOH L GDOHNR ]D KUDQLFHPL REFH 0RNUp R NWHUp E\ QLNGR QHYČGČO QHEêW þOiQNĤ QD LQWHUQHWRYêFK VWUiQNiFK REFH 0RNUp NQLKRYQ\ L NURQLN\ 1\Qt MH þWRX L RE\YDWHOp $PHULN\ D $XVWUiOLH 7DNp WR GRVYČGþXMt PQRKi RFHQČQtYVRXWČåtFKREFtNQLKRYHQSUiFHQDLQWHUQHWXDY\GiYiQt0RNHUVNpKR]SUDYRGDMH7HQVLSĤMþXMtLQDãLVRXVHGpDOtEt VH MLP 1HEêW WpWR SUiFH QLNGR E\ DQL QHYČGČO åH PDOLQNi REHF 0RNUp YĤEHF H[LVWXMH -DN VH ĜtNi QLNGR QHQt GRPD SURURNHP1HQtWĜHEDEêWSURURNHPVWDþtEêWãLNRYQêPSUDFRYLWêPþORYČNHP$WDNRYêPþORYČNHP'iãDMH=DVORXåtVL QDãHX]QiQtSRGČNRYiQtDYãHREHFQRXSRGSRUXXåWHćDWDG\ 3DQt NURQLNiĜNR 'iãR +RQVQHMPDQRYi ]H VUGFH YiP GČNXML L]DPpKR WiWX D ]D YãHFKQ\ þWHQiĜH NWHUêP VH YDãH SUiFH OtEt'ČNXML -DUPLOD*UXQWRYi0RNUp 6WUDQDFHONHP 6WDQLVODY%DãH 3DQ6WDQLVODY%DãHVHQDURGLO]iĜt-DQXD$QQČ%DãRYêPY0RNUpPþSMDNRRVPpGtWČYURGLQČUROQtND%DãĤY URGVHGR0RNUpKRSĜLVWČKRYDOYURFH]%ROHKRãWČ9\VWXGRYDO2EFKRGQtDNDGHPLLY+UDGFL.UiORYpVWDOVH~ĜHGQtNHP SHQČåQtKR~VWDYXY2SRþQČSR]GČML6WiWQtVSRĜLWHOQ\Y'REUXãFH 3ĜHGYiONRXE\O~ĜHGQtNHPYRSRþHQVNp+RVSRGiĜVNp]iORåQČ%\O]DSRMHQGRRSRþHQVNpKRNXOWXUQČVSROHþHQVNpKRåLYRWD 3R RNXSDFL UHSXEOLN\ YURFH QČPHFNêP YRMVNHP DNWLYQČ SĤVRELO YRGERMRYp VNXSLQČ 2EUDQD QiURGD 6SROXSUDFRYDO VRSRþHQVNêPLREþDQ\QDSĜ&\ULOHP2QGUiNHPNWHUêE\OURYQČåDNWLYQtPYRGERMRYpVNXSLQČDNWHUêVNRQþLOVYĤM åLYRWYNRQFHQWUDþQtPWiERĜHY0DXWKDXVHQXQHERXþLWHOHP-DQHP3LWURXMHQåSURVYRMHSĤVREHQtY2EUDQČQiURGD]HPĜHO þHUYHQFHY6DVNp.DPHQLFLþL-DQHP6HGOiþNHPNWHUêE\O~QRUD ]DWþHQJHVWDSHPD þHUYQD SRSUDYHQYH6WXWWJDUWXDMLQêPL 'QHE\O]DWþHQYČ]QČQY+UDGFL.UiORYpDYQČPHFNêFKYČ]QLFtFKQDSĜ*ULHERD%D\UHXWK=DåLONUXWpPHWRG\ YêVOHFKĤD]UDQČQtNWHUpSĜLQLFKXWUSČOPČORFHORåLYRWQtQiVOHGN\ 9GXEQX E\O ]DĜD]HQ GR WUDQVSRUWX KODGX D VPUWL NWHUê SURMtåGČO VHYHUQtPL ýHFKDPL %Ot]NR 7HSOLF ± âDQRYD VH PX SRGDĜLOR GXEQD ]YODNX Y\VNRþLW DGRVWDWVHNYČWQDGRVYpKRE\GOLãWČ=YČ]HQtVLSĜLYH]OW\IXV2GNYČWQDE\O OpþHQYRSRþHQVNpQHPRFQLFL8]GUDYLOVHDSR]GČMLSUDFRYDOMDNR~þHWQtY-='0RNUp D 6ODYČWtQ %\O DNWLYQtP þOHQHP 6YD]X SURWLIDãLVWLFNêFK ERMRYQtNĤ D ĜDGX OHW YHGO KLVWRULFNRGRNXPHQWDþQt NRPLVL =D VYĤMåLYRWE\ORFHQČQ PQRKêPL Y\]QDPHQiQtPL QDSĜtNODGýVYiOHþQêPNĜtåHP 9QHMWČåãtFKFKYtOtFKVYpKRXWUSHQtYHYČ]HQtPRGOLOVHWRXWRPRGOLWERX Ä3DQH9ãHPRKRXFtSURVtPFKUDĖPČSĜHG~UD]HPDQHPRFt GHMPL]GUDYtDVtOXDĢ PRKX SUDFRYDW D SĜHNRQDW YãHFKQ\ QHVQi]H L WUiSHQt 3DQH YUDĢ PL VYRERGX D PRML URGLQX9UDĢVYRERGXPpPXQiURGX³ 6WDQLVODY %DãH E\O MLå SĜHG YiONRX þOHQHP 5\EiĜVNpKR VSRONX Y2SRþQČ D E\O ]DNODGDWHOHP U\ERORYX QD 3RGODåLFNp VWURX]H NGH YURFH Y\VDGLO SRWČU SVWUXKD GXKRYpKRDSVWUXKDREHFQpKR3RYiOFHVHNWpWRþLQQRVWLYUiWLO %\OWDNpYiãQLYêPYþHODĜHPDþOHQHP9þHODĜVNpKRVSRONXYýHVNpP0H]LĜtþt äLOY2SRþQČDOHMHKRGDOãtåLYRWE\O~]FHVSMDWVREFt0RNUpRGNXGSRFKi]HO%\OGORXKROHWêP~þHWQtPDSRWpSĜHGVHGRX -=' 9\NRQiYDO IXQNFL REHFQtKR NURQLNiĜH 9URFH ]DORåLO SUYQt REUD]RYRX SĜtORKX NURQLN\ REFH .MHKR ]iMPĤP SDWĜLORYþHODĜHQtU\EDĜHQtDSĜtURGDYĤEHF =HPĜHOY2SRþQČ -DUPLOD*UXQWRYiGFHUD 6HWNiQtNURQLNiĜĤY'REUXãFH 3RQČNROLNDOHWHFKVHGQHRSČWNRQDORWUDGLþQtVHWNiQtNURQLNiĜĤ5\FKQRYVNDNWHUpXVSRĜiGDOL6WiWQtRNUHVQtDUFKLY 5\FKQRYQDG.QČåQRXD9ODVWLYČGQpPX]HXP'REUXãND6HWNiQtVHNRQDORYGREUXãVNpP.LQČD]~þDVWQLODVHKR]KUXED SRORYLQDNURQLNiĜĤ5\FKQRYVND]REFt 1DNURQLNiĜHþHNDO]DMtPDYêSURJUDP 3ĜLYtWiQtVWDURVW\PČVWD'REUXãN\,QJ0JU3HWU7RMQDU 1HMQRYČMãtDUFKHRORJLFNpQiOH]\QD'REUXãVNX%HNRYi0DUWLQD3K'U =SUiY\6WiWQtKRRNUHVQtKRDUFKLYX5\FKQRYQDG.QČåQRXSURNURQLNiĜH$OHQD6WUiåQLFNi %DURNQtSDPiWN\3RGRUOLFND0JU%RKXPtU'UDJRXQ 9ODVWLYČGQpPX]HXP'REUXãNDDNURQLNiĜL0JU-LĜt0DFK äLYRWYHVWtQXãLEHQLFH6WDQLVODY%DãHD9iFODY9DOHã±'DJPDU+RQVQHMPDQRYi 6HWNiQtNURQLNiĜĤDDUFKLYiĜĤY.RXQRYČ 'QHVHNRQDORMLåVHGPpVHWNiQtDUFKLYiĜĤNURQLNiĜĤDURGRSLVFĤ2UOLFNDD1iFKRGVNDNWHUpSRĜiGiVGUXåHQt$NURQ SRGYHGHQtP=GHQ\+DUWPDQRYp 3URJUDP =GHQD+DUWPDQRYiLQIRUPDFHRYV$.521 0JU-DURPtU.RãĢiNSĜHGVHGDNURQLNiĜĤýHFKD0RUDY\6.ý06 SĜtVSČYHNNXGČOHQtSRFW.URQLNiĜURNX DYêKOHGQDGDOãtURN /XFLH1HNYDVLORYi±1iURGQtNURQLND±VEČULQIRUPDFtDGRNXPHQWĤSUREXGRXFtJHQHUDFH ,QJ3HWU.DOLYRGD±SURIHVLRQiOQtJHQHDORJ3ĜtVSČYHNÄ+OHGiQtSĜHGNĤDQHE-DNVLVHVWDYLWURGRNPHQ³ 6WUDQDFHONHP 0JU $OHQD ýWYUWHþNRYi NURQLNiĜND 1iFKRGD D DXWRUND NQLK\ R KRORFDXVWX ,QIRUPDFH R KLVWRULL REFH %DEt X1iFKRGD 'DJPDU+RQVQHMPDQRYi±NURQLNiĜNDREFH0RNUp3ĜtVSČYHNNSURMHNWXäLYRWYHVWtQXãLEHQLFH -RVHI/XNiãHN±VSLVRYDWHOY\SUDYČþSRYČVWtDSĜtEČKĤ2UOLFNêFKKRU3ĜtVSČYHN3RKiGNRYpSRVWDYLþN\2UOLFNêFK KRUDGDOãt« 1iURGQtNURQLND .YHOPL ]DMtPDYêP WpPDWĤP SDWĜLO SĜtVSČYHN /XFLH 1HNYDVLORYp NWHUi KRYRĜLOD R VSROHþQpP SURMHNWX 6HQ]DþQtFK VHQLRUĤ 1DGDFH &KDUW\ .RQWD %DULpU\ D 1iURGQtKR PX]HD 3URMHNW RVORYXMH ãLURNRX YHĜHMQRVW R SRPRF SĜL REQRYHQt SDPČWL QiURGD=DSRMLWVHPĤåH~SOQČNDåGêNGRVLP\VOtåHPiLQIRUPDFHNWHUpVWRMt]DWRXFKRYDW 1iURGQt NURQLND Y\KODãXMH WDNp VRXWČåQt WpPDWD SUR LQVSLUDFL R FR YãH Pi ]iMHP 6SROHþQp WpPD 1iURGQt NURQLN\ D1iURGQtKR PX]HD MH WpPD Ä6ĖDWN\ ]OiVN\ D UR]XPX³ 1HMOHSãt SĜtVSČYN\ ]YHĜHMQt PX]HXP QD VYêFK YêVWDYiFK Y URFH .GDOãtP WpPDWĤP SDWĜt QDSĜ Ä0RMH QHMPLOHMãt GRYROHQi³Ä-DNMVHPGČODOPDWXULWXDQHEOpWDYHãNROQt ODYLFL³ Ä OLVWRSDG D ³ 6RXWČåH Ä9RMQD QHE\ODNRMQi³DÄ-DNMVHPSRWNDOWHOHYL]L³$DNWXiOQt VRXWČå Ä2G SVDFtKR VWURMH N SRþtWDþL³ ± RY\PRåHQRVWHFKPRGHUQtGRE\DMHMLFKSĜHGFKĤGFtFK 1D VWUiQNiFK ZZZQDURGQLNURQLNDF] EXGRX LQIRUPDFH ]SĜtVWXSQČQ\ YãHP NWHĜt KOHGDMt LQIRUPDFH RGREČ QHGiYQR PLQXOp 1iURGQt PX]HXP YãHFKQ\ SĜtVSČYN\ SHþOLYČ XORåt SUR EXGRXFt EDGDWHOH .DåGê SĜLVSČYDWHO 1iURGQt NURQLN\ REGUåt XPČOHFNê FHUWLILNiWNWHUêSRWYUGtXORåHQtMHKRY]SRPtQHN .RQWDNW/XFLH1HNYDVLORYi OXFLHQHNYDVLORYD#EDULHU\F]WHO ZZZQDURGQLNURQLNDF] 2FHQČQtNURQLNiĜN\REFH0RNUp 3ĜHNYDSHQtP SUR PRNHUVNRX NURQLNiĜNX QD VHWNiQt DUFKLYiĜĤ E\OR GR SRVOHGQt FKYtOH XWDMHQp SĜHGiQt RFHQČQt Ä.URQLNiĜ URNX ³ NWHUp REGUåHOD ]UXNRX SĜHGVHG\ 6GUXåHQt NURQLNiĜĤ ýHFK 0RUDY\ D6OH]VND0JU-DURPtUD.RãĢiND &HORVWiWQtVRXWČå]SUDYRGDMĤ 9OHWRãQtPURFHSUREtKDOMLåþWYUWêURþQtNFHORVWiWQtVRXWČåH]SUDYRGDMĤNWHURXY\KODãXMH .DWHGUD SROLWRORJLHD HYURSVNêFK VWXGLt)LOR]RILFNpIDNXOW\8QLYHU]LW\3DODFNpKRY2ORPRXFLYHVSROXSUiFLV&LYLSROLVRSV81,9(6(8D$QJHOXV$XUHXV RSV 6WUDQDFHONHP &HONHPVHGRVRXWČåHSĜLKOiVLOR]SUDYRGDMĤPČVWVNêFKDREHFQtFKPH]LNWHUêPLQHFK\EČO0RNHUVNê]SUDYRGDM 7HQ VH VRXWČåH ~þDVWQLO MLå SRGUXKp SRSUYp WR E\OR YURFH NG\ YVRXWČåL E\OR SĜLKOiãHQR ]SUDYRGDMĤ 7HKG\ VH 0RNHUVNê]SUDYRGDMQDRFHQČQiPtVWDQHGRVWDO2GWpGRE\VH]DVHRNRXVHNY\SUDFRYDODRFHQČQtVHGRþNDO- 6ODYQRVWQtY\KOiãHQtYêVOHGNĤVHNRQDORQD9HOHKUDGČYUiPFL'QĤOLGtGREUpYĤOH&HQ\SĜHGiYDONDUGLQiO'RPLQLN 'XNDSRVODQHF0LURVODY.DORXVHNDSĜHGVHGDNRPLVH3DYHOâDUDGtQ]8QLYHU]LW\3DODFNpKRY2ORPRXFL ÒNROHP VHGPLþOHQQp SRURW\ YH NWHUp ]DVHGDMt ]iVWXSFL Y\KODãRYDWHOĤ DSURIHVLRQiOQt QRYLQiĜL E\OR ]KRGQRWLW GRãOp ]SUDYRGDMHQHMHQSRVWUiQFHREVDKRYpSHVWURVWLJUDILFNpSĜHKOHGQRVWLDOHY]tWYSRWD]LFHONRYêGRMHP]SUDYRGDMH 9HONê~VSČFK0RNHUVNpKR]SUDYRGDMH 0RNHUVNê ]SUDYRGDM VH YWDN YHONp NRQNXUHQFL XPtVWLO QD ~åDVQpP PtVWČ GUXKp PtVWR REVDGLOD REHF -HQãWHMQ 3UDKD DSUYQtPtVWRREHF3tãĢ2SDYD 9\KRGQRFHQt VRXWČåtFt VH YHþHU ]~þDVWQLOL 6ODYQRVWQtKR NRQFHUWXÄ9HþHUOLGtGREUpYĤOH³XSĜtOHåLWRVWLVWiWQtKRVYiWNX ý5 VSRMHQê VSUH]HQWDFt Y]GČOiYDFtFK D FKDULWDWLYQtFK SURMHNWĤ 3ĜtPê SĜHQRV Y\VtODOD ýHVNi WHOHYL]H D ýHVNê UR]KODV'YRMND .RQFHUW E\O RSUDYGX YHONêP ]iåLWNHP $WPRVIpUD E\OD ~åDVQi /LGpVQDGãHQtPWOHVNDOL~þLQNXMtFtP -LĜt3DYOLFDD+UDGLãĢDQ)LOKDUPRQLH%RKXVODYD0DUWLQĤ=OtQ SRG YHGHQtP ãpIGLULJHQWD 6WDQLVODYD 9DYĜLQN\ 1H]PDĜL ěHFNê SUDYRVODYQê VERU 7KHVVDORQLNLV &KRLU RI 6DLQW *UHJRULRV 3DODPVD &DWKHGUDO 3ČYHFNê VERU 6WRMDQRYD J\PQi]LD9HOHKUDGDVORYHQVNiVNXSLQD121$0( 6WUDQDFHONHP 0RNUpYWLVNXDZHERYêFKSRUWiOHFK ýWHQiĜ±0ČVtþQtNSURNQLKRYQ\ ¾ Ä7ČåNê³åLYRWORXþtFtVHNRPLVDĜN\ 5\FKQRYVNêGHQtNþ ¾ +ROþLþtNROHGD]DYOiGODQD5\FKQRYVNX ýHVNiDVWURQRPLFNiVSROHþQRVW ¾ 6RXWČåWHVIRWRJUDILHPL6OXQFH« 25/,&.éQHW ¾ -DUQt]GREHQtSHUQtþNĤY0RNUpP 25/,&.éQHW ¾ =DþLVWêÄ6WDY³DQHE0HĜLþD0RNUpSURWLVREČ 25/,&.éQHW ¾ 12=20,'2-2±OHW6DPXUDMĤSRG%tORX YČåt 2UOLFNêWêGHQtNþ ¾ +ROþLþtNROHGDY0RNUpP 5\FKQRYVNêGHQtNþ ¾ 3ĜtURGDGČNXMH=DþLVWê6WDYDQHEÄ0HĜLþ³D 0RNUpSURWLVREČ 5\FKQRYVNêGHQtNþ ¾ -DUQtSHUQtþN\NUiVQČQD]GRELO\GČWLY0RNUpP 2UOLFNêWêGHQtNþ ¾ 90RNUpPERMXMt]DþLVWê6WDY 5\FKQRYVNêGHQtNþ ¾ 9NOXEX1R]RPL'RMRQD0RNUpQH]DSRPQČOL SRUWiO,666+UDGHF.UiORYp ¾ %LEOLRZHE ± URþQtN VRXWČåH RQHMOHSãt LQWHUQHWRYpVWUiQN\þHVNêFKNQLKRYHQ 25/,&.éQHW ¾ %LEOLRZHEURþQtNVRXWČåHRQHMOHSãt LQWHUQHWRYpVWUiQN\þHVNêFKNQLKRYHQ 5\FKQRYVNêGHQtNþ ¾ 9tWČ]VWYtZHEXNQLKRYQ\Y0RNUpP 6DWHOOLWHþ7RURQWR.DQDGD ¾ ýHVNpNQLKRYQ\DMHMLFKZHERYpVWUiQN\ 25/,&.éQHW ¾ ýDMRYQDXEOXGLþN\ 25/,&.éQHW ¾ 02.5e6OHWþDURGČMQLF 2UOLFNêWêGHQtNþ ¾ 90RNUpPXFWtKUGLQ\VYČWRYpYiON\ 5\FKQRYVNêGHQtNþ ¾ =DãNUWQXWRYNDOHQGiĜL3DGOpYRMiN\XFWtWDNp Y0RNUpP 25/,&.éQHW ¾ %UQRD0RNUpäLYRWYHVWtQXãLEHQLFH 2UOLFNêWêGHQtNþ ¾ 8FWLOLREČWLGUXKpVYČWRYpYiON\ 25/,&.éQHW ¾ ýDMRYQDVNRX]OHPGDPDVFpQVNpRFHOL ýHFKRDXVWUDODQ ¾ ýHãLPLOXMtNQLK\LVYRMHNQLKRYQ\ ýHVNêUR]KODV+UDGHF.UiORYp ¾ +RVWYHVWXGLX'DJPDU+RQVQHMPDRYi 5\FKQRYVNêGHQtNþ ¾ =0RNUpKRY\UD]LOLGRDUFKHRSDUNX 25/,&.éQHW ¾ 'HQNWHUêSDWĜtSĜHGHYãtPGČWHP 25/,&.éQHW ¾ 'ČWVNêGHQY0RNUpP 5\FKQRYVNêGHQtNþ ¾ 'HQSURGČWLY0RNUpPGpãĢQHSRND]LO 25/,&.éQHW ¾ ýDMRYQDVKLVWRULFNêPLYiKDPL 5\FKQRYVNêGHQtNþ ¾ .QLKRYQD80RNĜLQN\±ýtPYiåLO\QDãH EDELþN\ 6WUDQDFHONHP .YČWLQRYiVRXWČå «DQHEWpPČĜ]DSRPHQXWi)/2;$ -DN MVPH MLå SVDOL Y0RNHUVNpP ]SUDYRGDML D GDOãt URþQtN REOtEHQp NYČWLQRYp VRXWČåH WHQWRNUiW MLå VHGPê YSRĜDGtSUiYČSUREtKi 6RXWČåtFtPDMtPRåQRVWVLVYpNYČWLQ\VDPLQDIRWLWQHERĢQHPĤåHPHEêWYåG\XNYČWLQNG\å]URYQDQHMNUiVQČMLNYHWRXQHER SRåiGDWDE\FKRPMLPNYČWLQ\QDIRWLOL 7HUPtQ]DVOiQtIRWRJUDILt 7ĜLVRXWČåQtNDWHJRULH NDWHJRULH±1HMNUiVQČMãtNYČWLQRYp]DKUiGN\DNRXWN\]DGRPHPLSĜHGGRPHP±RGERUQiFHQD NDWHJRULH±1HMNUiVQČMãtIOR[D±FHQDODLFNpSRURW\ NDWHJRULH±7RFRQLNGRMLQêQD]DKUiGFHQHPi±]GHPĤåHWHQDDUDQåRYDWNYČWLQ\VUĤ]QêPLGHNRUDþQtPLSUYN\ NYČWLQRYêNRXWWUXKOtNSHUJROD±NDPHQ\YRGQtFLVNĜtWFL]YtĜDWDSWiFLWUSDVOtFL«DSRGWtPQHMRULJLQiOQČMãtP ]SĤVREHP ± IDQWD]LL VH PH]H QHNODGRX ± R QHMRULJLQiOQČMãt NYČWLQRYp GHNRUDFL UR]KRGQH KODVRYiQtP YHĜHMQRVW ± IRWN\MHQXWQpSRVODWQDNYHWLQ\PRNUH#VH]QDPF] 6RXWČåMHYHOPLQiURþQiSRNXGVHQDMGHQČNGRNGRE\FKWČOSRPRFVIRWRJUDIRYiQtPDRUJDQL]DFtEXGHPHMHQUiGL9WRP SĜtSDGČNRQWDNWXMWHSDQt'DJPDU+RQVQHMPDQRYRXQDWHO'ČNXMHPHSĜHGHP .YČWLQRYiVRXWČåMHSUH]HQWRYiQDQDVWUiQNiFKKWWSZZZREHFPRNUHF]NYHWLQ\ &HQ\±QiGKHUQpNYČWLQRYpSXEOLNDFH±YČQRYDODREHF3ĜHS\FK\ 6WĜtSN\PRNHUVNpKLVWRULH 'U-RVHI3WiþHN7ĜLSRãWRYQtREiON\]0RNUpKR MDNRKLVWRULFNêSUDPHQ 1D VEČUDWHOVNp EXU]HY+UDGFL.UiORYpMVHP]tVNDO WĜLRE\þHMQp SRãWRYQtREiON\ ±FR]QLFK YãHFKQR PĤåHPH Y\þtVW"-LVWČ QČFRRH[LVWHQFLXUþLWpLQVWLWXFHVSRONXQHERILUP\DQLMHGHQVXEMHNWY0RNUpPGQHVMLåQHH[LVWXMH7DNpQČFR]KOHGLVND ILODWHOLH D SRãWRYQtKR SURYR]X ± Y URFH GRSRUXþHQČ .þV D RE\þHMQČ .þV =QiPN\ MVRX ]GH RE\þHMQp EČåQp YêSODWQt'iOHGDWDFLNG\GRSLVRGHãHO±QHPiPHOLVSLVNWHUêREiONDREVDKRYDODSDNMHQČNG\þLWHOQpUD]tWNRSĜtSDGQČURN PĤåHPH XUþLW ] HPLVH SRãWRYQtFK ]QiPHN NWHUp Y XUþLWpP URFH ãO\ GR REČKX D WHG\ QHPRKO\ EêW Y\OHSHQ\ SĜHG VYêP Y\GiQtP 2EiON\ VH YČWãLQRX YãDN QHGRFKRYDO\ VSLV ] QLFK E\O ]DORåHQ ]QiPNX LVUD]tWNHP GČWL NH ãNRGČ FHOLVWYRVWL Y\VWĜLKO\ Dþ ]QiPN\ MVRX ]FHOD EČåQp 2EiOND VH WDN PĤåH VWiW KLVWRULFNêP SUDPHQHP 'iOH ]MLVWtPH SRGDFt SRãWX ± SRGOH UD]tWND YåG\]GH2SRþQRSURWRåHY0RNUpPQLNG\SRãWDDQLSRãWRYQDQHE\ODQDUR]GtORGPČVWþLYČWãtFKEêYDOêFKVWĜHGLVNRYêFK REFt1HMEOLåãtSRãWRYQDE\ODSUĤND]QČY2SRþQČ3RG]iPþt 9\þWHPH WDNp DGUHViWD Y QDãHP SĜtSDGČ WDNp ]PČQX RNUHVX ± GQH ]DQLNO RNUHV 'REUXãND D MHKR EêYDOê VSUiYQt REYRG E\O UR]GČOHQ PH]L RNUHV\ 1iFKRG PHQãt þiVW D 5\FKQRY QDG .QČåQRX 2EiOND V QDWLãWČQRX ILUPRX PRKOD EêW SRFKRSLWHOQČ GiOH SRXåtYiQD Y UiPFL ãHWĜHQt WĜHED L QČNROLN GDOãtFK OHW Då GRVSRWĜHERYiQt ]iVRE UD]tWNR RGHVtODWHOH VH DOH PČQLORWpPČĜYåG\VNRURVRXþDVQČVH]PČQRXVWDWXWXLQVWLWXFHDE\ORSRXåtYiQRMLåKQHGQRYp+ODYQČMVRXSURQiV]DMtPDYt RGHVtODWHOp 2GHVtODWHO 5DGDPtVWQtKRQiURGQtKRYêERUX $GUHViW 2NUHVQtQiURGQtYêERU 0RNUpRNUHV'REUXãND UD]tWNRLQVWLWXFH ãNROVNêRGERU þLWHOQpSRãWRYQtUD]tWNR9,,, 5\FKQRYQDG.QČå 3RãWD2SRþQR'RSRUXþHQČ 55HNRPDQGR 3R]QiPN\ DRGMLå219'REUXãNDQHH[LVWRYDO ERGGRãORNHVORXþHQt0ČVW19Y2SRþQČV019Y0RNUpP2GGČOHQtPRG2SRþQD GQHVH0RNUpVWDORRSČWVDPRVWDWQRXREFt 'QHVĜtGtREHF]DVWXSLWHOVWYRREHFQtKR~ĜDGXYþHOHVHVWDURVWRXDPtVWRVWDURVWRX F3RãWRYQt]QiPND.þV]URNX 6WUDQDFHONHP 2GHVtODWHO 3R]QiPN\ -HGQRWQp]HPČGČOVNpGUXåVWYRY0RNUpP S 2SRþQR SRG 2UO K RNUHV 'REUXãND WLãWČQiREiOND 7HOHIRQ0RNUp6WDQLFHGUiK\ 2SRþQRS2UOK þLWHOQpSRãWRYQtUD]tWNR;, 2SRþQR $GUHViW 2GERUãNROVWYtDNXOWXU\ 219 5\FKQRYQ.QČå D3ĜtSUDYQêYêERUN]DORåHQt-='Y0RNUpPY]QLNOEĜH]QD E'QH~QRUDVHNRQDODSRVOHGQtþOHQVNiVFKĤ]HVDPRVWDWQpKR-='0RNUpNWHUpVHVWDORVRXþiVWt RGQRYpKRXVNXSHQt]HPČGČOVNêFKGUXåVWHY2SRþQDýiQN\0RNUpKRD3ĜHS\FK 6WUDQDFHONHP 2GHVtODWHO 3R]QiPN\ F2NUHV'REUXãNDMLåSČWPČVtFĤQHH[LVWRYDO G 0ČVWR 2SRþQR Y URFH PČOR RILFLiOQt Qi]HY SRX]H 2SRþQR QHERĢ OHGQD UR]KRGQXWtP 0LQLVWHUVWYDSRãWDWHOHJUDIĤE\OQi]HYSRãWRYQtKR~ĜDGX]PČQČQ]SĜHGFKR]tKR2SRþQDX1iFKRGDSRX]H QD 2SRþQR QD UR]GtO QDSĜ RG 2SRþQD X /RXQ äHOH]QLþQt VWDQLFH RYãHP E\OD YåG\ 2SRþQHP SRG2UOLFNêPLKRUDPL =È./$'1Ë'(9Ë7,/(7Èâ.2/$ URþQtN 902.5e0 RNUHV5\FKQRYQ.QUD]tWNRLQVWLWXFH 3RãWD2SRþQR'RSRUXþHQČ 55HNRPDQGR þLWHOQpSRãWRYQtUD]tWNR,9 $GUHViW )LQDQþQtRGERU 2NUHVQtKRQiURGQtKRYêERUX Y5\FKQRYČQDG.QČåQRX D3RãWRYQt]QiPN\]UKDK E9URFHSRSĜHGFKR]tVRXNURPpHYDQJHOLFNpãNROHY]QLNODãNRODY\GUåRYDQiREFt0RNUp F'QHXNRQþHQSURYR]MHGQRWĜtGQt]iNODGQtãNRO\ URþQtNY0RNUpPDåiFLSĜHYHGHQL GR2SRþQD G3RãWRYQt]QiPN\KVYURþHQtP2+7RNLRDK]URNX .QLKRYQD ÒVSČFKNQLKRYQ\Y%LEOLRZHEX 6YD] NQLKRYQtNĤ D LQIRUPDþQtFK SUDFRYQtNĤ ý5 6.,3 ]RUJDQL]RYDO SRG ]iãWLWRX $VRFLDFH NUDMĤ ýHVNp UHSXEOLN\ MLå ãHVWQiFWêURþQtN%,%/,2:(%XVRXWČåHRQHMOHSãtZHERYRXSUH]HQWDFLNQLKRYQ\9HGQHFKDå]KRGQRWLOD RGERUQiSRURWDZHERYpVWUiQN\YHĜHMQêFKNQLKRYHQNWHUpVHSĜLKOiVLO\GROHWRãQtKRURþQtNXVRXWČåH%,%/,2:(% +RGQRFHQtSUREČKORGYRXNRORYČ6tWHPNRODYQČPåVHWHVWRYDORVSOQČQt]iNODGQt~URYQČSĜtVWXSQRVWLDY\VWDYHQtRQOLQH NDWDORJXSURãO\ZHERYpVWUiQN\NQLKRYHQ x 9NDWHJRULLNQLKRYHQYREFtFK QDGWLVtFRE\YDWHO]YtWČ]LOD6HYHURþHVNi YČGHFNi NQLKRYQD YÒVWtQDG/DEHPVH ]LVNHPERGĤDEVROXWQtYtWČ] x 9 NDWHJRULL NQLKRYHQ Y REFtFK RG GR RE\YDWHO E\OD QHM~VSČãQČMãt 0DVDU\NRYD YHĜHMQi NQLKRYQD YH9VHWtQČVHERG\ x 9NDWHJRULLNQLKRYHQYREFtFKGRWLVtFRE\YDWHOVLYtWČ]VWYtRGQHVODNQLKRYQDPČVWD3HWĜYDOGERGĤ 0ČVWVNi NQLKRYQD /LWYtQRY E\OD RFHQČQD ]YOiãWQt FHQRX %OLQG )ULHQGO\ ]D QHMOHSãt EH]EDULpURYê ZHE NQLKRYQ\ 6\PSDWLH SRURWFĤ]FHONRYêFKERGĤYNDWHJRULL6\PSDWLHNRPLVH]tVNDOD0DVDU\NRYDYHĜHMQiNQLKRYQD9VHWtQ 6WUDQDFHONHP /HWRV SRMHGHQiFWp KRGQRWLOD VWUiQN\ VRXWČåtFtFK NQLKRYHQ LODLFNi YHĜHMQRVW NWHUi PČOD PRåQRVW KODVRYDW SURVWĜHGQLFWYtP VSHFLiOQtFK ZHERYêFK VWUiQHN 9tWČ]HP VH VWDOD .QLKRYQD 80RNĜLQN\]REFH0RNUpNWHUi]tVNDODKODVĤ 6ODYQRVWQt SĜHGiQt FHQ %,%/,2:(% VH XVNXWHþQLOR QDNRQIHUHQFL,666Y+UDGFL.UiORYp6.,3ý5 SRGSRĜLO FHQX YHĜHMQRVWL þiVWNRX .þ &HQX SĜHY]DO\ VWDURVWND %ODQND .XþHURYi D NQLKRYQLFH D ZHEPDVWHU 'DJPDU +RQVQHMPDQRYi 1DãH NQLKRYQD Pi VWUiQN\ Xå OHWLWp DE\ VSOĖRYDO\ SRGPtQN\ EH]EDULpURYRVWL YSOQp YêãL PXVHO\ E\ VH VORåLWČ WHFKQLFN\ SĜHGČODW FRå E\ E\OR GRVW ILQDQþQČ QiURþQp , SĜHV WR VH QDãH NQLKRYQD SURERMRYDOD GR GUXKpKR NROD D E\OD KRGQRFHQD SRURWRX6LFHMVPHVNRQþLOLQDPtVWČDOHFHQDYHĜHMQRVWLQiP YãHY\QDKUDGLODDMVPH]DQLPRFUiGLKODVĤMHYHONêSRþHW KODVĤDYãHPKODVXMtFtPXSĜtPQČGČNXMHPH 1DãH~þDVWY%LEOLRZHEXRGURNX ±PtVWRVSRþWHPKODVĤ ±PtVWRVSRþWHPKODVĤ ±PtVWRVSRþWHPKODVĤ ±PtVWRVSRþWHPKODVĤ ±PtVWRVSRþWHPKODVĤ ±PtVWRVSRþWHPKODVĤ &HONRYpYêVOHGN\]GHKWWSZZZVNLSFUF]DNFHDSURMHNW\DNFHVNLSELEOLRZHEELEOLRZHE +RVWYHVWXGLXýHVNpKRUR]KODVX ýHVNêUR]KODV+UDGHF.UiORYpRGSRQGČOtGRVRERW\NDåGêGHQYKRGLQY\VtOi]DMtPDYpSRYtGiQtVDWUDNWLYQtPKRVWHP DWR MLå RG ]iĜt URNX 3RUWUpW WYĤUþtKR þORYČND YH NWHUpP VH SRVOXFKDþ QHGR]Yt SRX]H R MHKR SURIHVL DOH L R YČFHFK DQi]RUHFKRVREQtFKNWHUpþDVWR]ĤVWiYDMtYHĜHMQRVWLXNU\W\ 6HWNiQt V NUHDWLYQtP þORYČNHP MH YåG\FN\ PLOp D LQVSLUDWLYQt D FtOHP WČFKWR VHWNiQt D SĜiQtP MH SĜLVSČW N SRUR]XPČQt DNSRFKRSHQtY]iMHPQêFKVRXYLVORVWt 1DGHQYKRGLQE\ODGRåLYpKRY\VtOiQtSR]YiQD'DJPDU+RQVQHMPDQRYi]NQLKRYQ\80RNĜLQN\Y0RNUpP .QLKRYQ\URNX.UiORYpKUDGHFNpKRNUDMHDVSROXV3DYORX.LQGHUQD\RYRXKRYRĜLO\RSUiFLNQLKRYQLFHYPDOpREFL 1DFHOêUR]KRYRUVHPĤåHWHSRGtYDW]GHKWWSSUHKUDYDFUR]KODVF]DXGLR 6WUDQDFHONHP 6OHWþDURGČMQLF 3iOHQt þDURGČMQLF QHER WDNp 1RF þDURGČMQLF )LOLSRMDNXEVNi QRF þL 9DOSXUåLQD QRF VH RGHKUiYi Y QRFL ] GXEQD QDNYČWQD-HGQiVHRYHOPLVWDUêDGRGQHVåLYêOLGRYê]Y\ND]YOiãWQtVYiWHN7XWRQRFVHOLGpVFKi]HMtX]DSiOHQêFKRKĖĤ DVODYtSĜtFKRGMDUD/LGpYČĜLOLåHVHþDURGČMQLFHVOpWDMtQDþDURGČMQLFNêVDEDWDåHYWXWRQRFVHRWHYtUDMtMHVN\QČDSRG]HPQt VOXMHVXNU\WêPLSRNODG\+ODYQtPVP\VOHPWRKRWRVWDUpKROLGRYpKR]Y\NXE\ODSUDYGČSRGREQČRVODYDSORGQRVWL ýDURGČMQLFHQDKUDQLFL 1DRFKUDQXSĜHGþDURGČMQLFHPLSĤYRGQČSĜHG]OêPLGXFK\DGpPRQ\VHQDY\YêãHQêFKPtVWHFK]DSDORYDO\RKQČ3RVWXSHP þDVX VH ] WČFKWR RKĖĤ VWiYDOR ÄSiOHQt þDURGČMQLF³ =DSDORYDOD VH VPROQi NRãĢDWD D Y\KD]RYDOD VH GR YêãN\ 3RSHO ] WČFKWR RKĖĤPČOPtW]YOiãWQtPRFSUR]YêãHQt~URG\1ČNG\VHUR]KUQXWêPSRSHOHPYRGLOGRE\WHNN]DMLãWČQtSORGQRVWLMLQG\VHSĜHV RKHĖVNiNDORNYĤOL]DMLãWČQtPOiGtDSORGQRVWL ,GR0RNUpKRVH VOpWO\þDURGČMQLFH]HãLURNpKRRNROtGRVSČOêFKGČWtWDNåH ~þDVWE\ODWUDGLþQČ YHOLNi3URGČWLE\O\ SĜLSUDYHQ\VRXWČåHNWHUpVLY]DO\QDVWDURVWGRVSČOpþDURGČMQLFH 6RXWČåH ýDURGČMQLFH x KRGNU\VRXGRNRãH x ,YD)UDQFRYi x SR]QiYiQt]YtĜDWDSWiNĤ x 'DJPDU+RQVQHMPDQRYi x SR]QiYiQtNYČWLQ x .DWND/HONRYi x SR]QiYiQtWYDUĤDEDUHY x 3HWUD.UHMþRYi x KRGNRVWNRXQDãHVWNX x 5RPDQD7RPNRYi x Y\ORYLWGUDKRNDP]þDURGČMQLFNpWĤQČ x $QGUHD7RPNRYi x QDMGLP\ãNX x 0DUXãND+RUiNRYi x SR]QiYiQtE\OLQDNRĜHQt x RFKXWQiYNDþDURGČMQLFNêFKGREURW =DVSOQČQtYãHFK~NROĤVLGČWLPRKO\XORYLWSLWtþNRQDKiþHNREGUåHO\Ot]iWNROtVWHNQDSiUHNDODPSLRQHN 'DOãt VRXWČåt E\OD VWĜHOHFNi VRXWČå NWHUp VH PRKOL ~þDVWQLW GČWL L GRVSČOt /XN\ D ãtS\ GR 0RNUpKR RSČW SĜLYH]O OXþLãWQtN /8.<NWHUêVHYãHPFHOêSRGYHþHUYČQRYDO6WUiQN\VNXSLQ\)(;7KWWSIH[WLF] 3UREČKO\W\WRVRXWČåH +ODYQtVRXWČåRSUVWHQWpQHMRãNOLYČMãtþDURGČMQLFHWUHILWãtSHPNURXåHNQDNOtþHY\KUiO5REHUW-tOHNYOHYRQDIRWRJUDILL 9HVWĜHOEČOXNHPQDSDLQWEDOORYpNXOLþN\E\OQHMOHSãt9iFODYâROtQYSUDYRQDIRWRJUDILL 'ČWLPČO\]D~NROGRQpVW]YtĜHNWHUpåLMHVþDURGČMQLFt/RVRYiQtPE\ODXGČOHQDFHQD0DJGČ 7RPNRYp'iOHGČWLVRXWČåLO\ YHVWĜHOEČRGUREQpGiUN\DWDNpVHMLPGDĜLOR 'RVWĜHOE\VH]DSRMLO\LåHQ\,SURQČE\O\SĜLSUDYHQ\GUREQpGiUN\ 6WUDQDFHONHP 3RþDVt VH OHWRV RE]YOiãĢ Y\GDĜLOR 6OXQtþNR SĜtMHPQČ KĜiOR QHE\OYtWUDQLGpãĢ'ČWLVL]DVRXWČåLO\]DVWĜtOHO\RSHNO\VLQD RKQtþNX SiUN\ D VYtWLO\ VL X YHONpKR RKQČ ODPSLRQN\ $QL GRVSČOt QHSĜLãOL ]NUiWND QHMHQ åH VL WDNp PRKOL ]DVRXWČåLW YHVWĜHOEČ V OXNHP NXãt QHER OXNHP QD SDLQWEDOORYp NXOLþN\ DOHX9ČUXãN\QDQČþHNDORXUþLWČSĜtMHPQpSLYQtREþHUVWYHQt 3RGČNRYiQt SDWĜt YãHP NWHĜt VH ]DSRMLOL GR VRXWČåt SUR GČWL QHMHQ ~þDVWt DOH L SĜLFK\VWiQtP UHNYL]LW D FHQ 7DNp SDUWČ FKODSĤ NWHĜt SĜLSUDYLOL WHFKQLFNp ]i]HPt ]DWHSOHQt SHUJRO\ VWRO\ åLGOH KXGED SUXW\ QD RSpNiQt SiUNĤ D WDNp ~NOLG SRQRþQtPUHMGČQtþDURGČMQLF &HQ\YČQRYDODREHF0RNUpDVSRQ]RĜL 5HQDWD%URXOtNRYi0DVRDX]HQLQ\-DURPČĜãSHNiþN\ $8727$//,VUROt]iWND $XWREXVRYêYêOHW 2EHF0RNUpVSROXVNQLKRYQRX80RNĜLQN\XVSRĜiGDOLKLVWRULFN\SUYQtDXWREXVRYêYêOHWSURREþDQ\0RNUpKR &tO$UFKHRSDUN9ãHVWDU\D0X]HXPYiON\QD&KOXPXVUR]KOHGQRX 9 VRERWX SĜHVQČ Y KRGLQ MVPH Y\UD]LOL QD FHVWX $XWREXV E\O ]DMLãWČQ ILUPRX )UDQWLãHN 0DFKiþHN ] 1RYpKR 0ČVWD QDG0HWXMt=iMH]GXVH~þDVWQLORFHONHPRVREWDNåHSDUWDE\ODVNYČOiGČWLVHWČãLO\DSRþDVtE\ORMDNRY\PDORYDQp 3UYQt]DVWiYNRXE\O$UFKHRSDUN9ãHVWDU\NWHUêE\ORWHYĜHQYURFH $UFKHRSDUN9ãHVWDU\ $UFKHRSDUN QDEt]t QiYãWČYQtNĤP MHGLQHþQRX H[SR]LFL SUDYČNX V Qi]RUQêPL XNi]NDPL GRERYêFK ]Y\NĤ ĜHPHVHO D RE\þHMĤ 0RKOLMVPHVHSRGtYDWGRÄSUDYČNpYHVQLFH³VXNi]NDPLSUDYČNêFKVWDYHE+ODYQtEXGRYDH[SR]LFHMHUR]GČOHQDGRWĜtSDWHU 9SRG]HPtMVRXXPtVWČQ\PRGHO\DUHNRQVWUXNFHDUFKHRORJLFNêFKY\NRSiYHNSRG]HPQtVWDYE\MHVN\QČDSRKĜHEQtNRPRU\ 9 SURVWĜHGQtP SDWĜH VH QDFKi]t REĜt PRGHO SUDYČNp NUDMLQ\ D UHNRQVWUXNFH åLYRWD SUDYČNêFK OLGt NWHUp MH PRåQp ] RFKR]X KRUQtKR SDWUD VOHGRYDW MDNRE\ ] SWDþt SHUVSHNWLY\ .URPČ VWiOp H[SR]LFH D GYRX YêVWDYQtFK ViOĤ MH Y REMHNWX XPtVWČQ LSURPtWDFtViONGHMVPH]KOpGOLILOP\VWDYE\GRPĤWDYHQtåHOH]DRSUDFRYiQtSD]RXUNXDGDOãtþLQQRVWLSUDYČNpKRþORYČND 6WUDQDFHONHP 0RKOL MVPH VL SURKOpGQRXW UHSOLN\ SUDYČNêFK DUWHIDNWĤ ] NDPHQH VNOD PČGL EURQ]X åHOH]D GĜHYD NHUDPLN\ þL NRSLH QHGRVWLåQêFKPDWHULiOĤQDSĜtNODGPDPXWRYLQ\'ČWLVLWDNpWĜHEDY\]NRXãHO\KRGRãWČSHP 9êVWDYDMHYHOPLUR]ViKOiUR]KRGQČQHQt PRåQpMLSHþOLYČSURVWXGRYDW]DGYČ KRGLQ\WDNåHNRKR]DMtPi SUDYČN PĤåHVH GRDUFKHRSDUNXY\GDW]QRYX 'UXKRX]DVWiYNRXE\OR0X]HXPYiON\QD&KOXPXDUR]KOHGQD +LVWRULHSDPiWQtNX 6HYHUR]iSDGQČ RG +UDGFH .UiORYp QD Y\YêãHQLQČ &KOXP E\OD þHUYHQFH VYHGHQDSUXVNRUDNRXVNiELWYDNWHUiSDWĜtNQHMYČWãtPELWYiPVWROHWt1D]GHMãtP ERMLãWL]ĤVWDORWpPČĜPUWYêFKDYtFHQHåUDQČQêFKYRMiNĤ7pPČĜLKQHG SRVNRQþHQtYiOHþQêFKXGiORVWtE\OR]DKiMHQREXGRYiQtþHWQêFKSRPQtNĤDSDPiWQtNĤ ELWY\DUR]YLQXODVHYãHVWUDQQiSpþHRQČ 9iOHþQpPX]HXP 8 SĜtOHåLWRVWL YêURþt ELWY\ E\OR Y URFH Y FHQWUiOQtP SURVWRUX ERMLãWČ QDYUFKROX Y\YêãHQLQ\ &KOXP ]LQLFLDWLY\ þOHQD .RPLWpWX SUR XGUåRYiQt SDPiWHN ] YiON\ URNX SDQD -RVHID 9ROID ] 0iVORMHG QiNODGHP .þ Y\EXGRYiQR W]Y9iOHþQpPX]HXP%XGRYXSRVWDYLOSRGOHQiYUKX,QJ)UDQWLãND)ULHGULFKDVWDYLWHO $QWRQtQ âDQGHUD 0X]HXP E\OR VODYQRVWQČ SĜHGiQR YHĜHMQRVWL þHUYHQFH DE\ORSĤYRGQČY\EDYHQRVEtUNDPLþOHQĤVSRONXDMHKRSĜt]QLYFĤ $å GR URNX E\OD YPX]HX XPtVWČQD H[SR]LFH Yê]EURMH D YêVWURMH YãHFK DUPiG SUXVNRUDNRXVNp YiON\ SĜHYiåQČ ]H VEtUHN 0X]HD YêFKRGQtFK ýHFK Y +UDGFL .UiORYp 9OHWHFKDåE\ODUHDOL]RYiQDSĜtVWDYEDQRYpEXGRY\PX]HDYHNWHUpE\OD RGþHUYHQFHXPtVWČQDH[SR]LFHSUXVNRUDNRXVNpYiON\DELWY\X+UDGFH .UiORYpþHUYHQFH 9URFHVHSRGDĜLOR]5231876,,6HYHURYêFKRGRSUDYLWWDNpþiVWSĤYRGQtKR PX]HDNGHMHYVRXþDVQpGREČXPtVWČQPXOWLPHGLiOQt ViO9VRERWXEĜH]QD YKRGLQE\ODRWHYĜHQDQRYiH[SR]LFH0X]HDYiON\QD&KOXPX $UHiOERMLãWČELWY\ $UHiO KLVWRULFNpKR ERMLãWČ MH Yê]QDPQê YêMLPHþQRX NRQFHQWUDFt YtFH QHå SRPQtNĤSRKĜHELãĢLV\PEROLFNêFKSDPiWQtNĤ 9 URFH Y\KOiãHQi SDPiWNRYi ]yQD $UHiO ERMLãWČ ELWY\ X +UDGFH .UiORYp ]DKUQXMH ~]HPt QD NWHUpP MVRX UR]PtVWČQ\ YtFH QHå þW\ĜL VWRYN\ SRPQtNĤ LQGLYLGXiOQtFKKUREĤLKURPDGQêFKSRKĜHELãĢ]QLFKåQHMYê]QDPQČMãtMVRXSĜtVWXSQp SR]QDþHQêFKWXULVWLFNêFKDF\NOLVWLFNêFKWUDViFKLSRVSHFLiOQtFKQDXþQêFKVWH]NiFK 6YtED&KOXP0RåQRVWGRNRQDOpKRYêKOHGXQDFHOêFHQWUiOQtSURVWRUERMLãWČQDEt]t RG URNX Y\KOtGNRYi YČå .DåGRURþQČ YH YêURþQt GQ\ ELWY\ VH Y SURVWRUX SDPiWNRYp]yQ\NRQDMtSLHWQtDY]SRPtQNRYpDNFH 3DPiWNRYi]yQD9]iMPXGDOãtKR]NYDOLWQČQtSDPiWNRYpSpþHE\OSURVWRUY\KOiãNRX 0LQLVWHUVWYDNXOWXU\ý5þ6ESURKOiãHQSDPiWNRYRX]yQRX$UHiOERMLãWČ ELWY\X+UDGFH.UiORYp 9\KOtGNRYiYČå 3ĤYRGQtUR]KOHGQDE\ODQDERMLãWLSRVWDYHQDYURFH 2G OpWD URNX QDEt]t PRåQRVW OHSãtKR YêKOHGX QD FHOê FHQWUiOQt SURVWRU ERMLãWČ QRYi SĜtKUDGRYi YČå R YêãFH P V SĤGRU\VHP [ P QD NWHUp MH YH YêãFH PXPtVWČQDY\KOtGNRYiSORãLQD 9tFHVHGR]YtWHQDZZZDUFKHRSDUNYVHVWDU\F]DKWWSZZZFKOXPF] 9êOHWVHSRGDĜLOSRþDVtQiPSĜiORVWUiYLOLMVPHYãLFKQLSRKRGRYêGHQ7DNWĜHED]DVHQČNG\SĜtãWČ 3RGČNRYiQtSDWĜt]DILQDQþQtGDUQDWHQWRYêOHWNWHUêGDURYDOPRNHUVNêREþDQ 9HþHUQtþHN,, 9HVWĜHGXMVPHVLRSČWVGČWPLXåLOLSĜtMHPQêSRGYHþHU7HQWRNUiWMVPHVGČWPLY\SOQLOLPDOêYHþHUQtþNRYVNêNYt] Y\UiEČOLMVPH VNOiGDþN\]SDStUX ORGLþN\þHSLFHþHUWtN\SUiVNDþN\DWG0HQãtGČWL VH PRKO\GtYDWQD SRKiGN\ D MDNVH ]GiORYãLFKQLE\OLVSRNRMHQL 6WUDQDFHONHP 9HþHUQtþHNV'UiþNHP 'DOãt SRGYHþHU GČWt V PDPLQNDPL Y NQLKRYQČ 'ČWL RSČW Y\SOĖRYDO\ PDOê NYt] 9HþHUQtþHN ,,, D SRWRP VL PRKO\ ] SDStUX VOHSLWQDSĜPDPXWDGLQRVDXUDSRGOHþDVRSLVX'UiþHNNWHUêNQLKRYQDRGHEtUi.G\åE\ORKRWRYRKUiO\VLQDPtVWQtPKĜLãWL DY\XåLO\KODYQČQRYêNRORWRþ 6WUDQDFHONHP 'HQSURGČWL 6RERWQtUiQRNQiP QHE\OR]URYQD PRFSĜtYČWLYp3UãHOR'HQSURGČWLQH]DþtQDO]URYQD PRFGREĜH3ĜHVWRMVPH GRXIDOLåHVHYãHREUiWtDQDKĜLãWLSĜLFK\VWDOLSURGČWL]iEDYQpRGSROHGQH=i]HPtMVPHPČOLVNYČOpYHONêVWDQQDYêWYDUQp WYRĜHQtGČWtDQiYãWČYQtFLPRKOLSRVHGČWYQRYpYHONp]DNU\WpSHUJROH3RþDVtVHQiPVLFHVQDåLOR]QHSĜtMHPQLWFHOêGHQDOH QDNRQHFQDQiVQHY\]UiOR1DNRQHFGČWLVL]SRþDVtYĤEHFQLFQHGČODO\NG\åSUãHORPČO\R]iEDYXSRVWDUiQRYHYêWYDUQpP VWDQXNG\åY\VYLWORVOXQtþNREČKDO\QDKĜLãWLNGHE\OVNiNDFtKUDGRSLþtGUiKDQHERMHQEDORQQDNRSDQRX 3URJUDPE\OSHVWUêD]DKiMLOKR0U&DUORVHVYêPLNRX]O\'ČWLVLXVDGLO\YHVWDQXDNRX]OHQtPRKOR]DþtW1DNRQHFY\VYLWOR VOXQtþNRDYãLFKQLVHSĜHVXQXOLYHQ1ČNWHUpGČWLVLPRKO\]NXVLWNRX]OLWVNRX]HOQtNHPYãHFKQ\QDNRQHFREGUåHO\QiUDPN\þL ]YtĜiWNDNWHUpMLPNRX]HOQtNY\URELO]QDIXNRYDFtFKEDORQNĤ 9H YêWYDUQpP VWDQX E\OR SĜLSUDYHQR PDORYiQt ViGURYêFK RGOLWNĤ NDPHQĤ þL ãQHþtFK XOLW DNU\OiWRYêPL EDUYDPL OiWNRYp XEURXVN\QD]GREHQtIRXNDFtPLIL[DPLRPDORYiQN\OXãWČQN\SURYČWãtGČWLEDUHYQpWČVWRYLQ\QDYêUREXNRUiONĤ .YHONpDWUDNFLSDWĜLODXNi]NDSĜHGHQtQDNRORYUiWNXNWHUêSĜLYH]ODSDQt9ČUND9RViKORYiPDORYiQtQDREOLþHMEDUYDPLQHER KHQRXSURGHMãSHUNĤDY\NOiGiQtNDUHW 3URQHMPHQãtGČWLE\OSĜLSUDYHQVNiNDFtKUDGVNOX]DYNDVED]pQNHPãODSDFtWUDNWRU\KRXSDþNDWXOHQLDEXEOLQNRYDþ6WDUãt GČWL PČO\ NGLVSR]LFL OtQê WHQLV EDORQ\ QD NRSDQRX D YROHMEDO 1HFK\EČOD WUDGLþQČ DQL RSLþt GUiKD Ki]HQt NURXåN\ þL VKD]RYiQtSOHFKRYHN 6WDUãtP GČWHP L GRVSČOêP VH YČQRYDO 9RMWD =DMtþHN VH VYêP NDPDUiGHP SUR NWHUp VL WUDGLþQČ SĜLSUDYLOL XNi]NX $LUVRIW 9ãLFKQL]iMHPFLVLPRKOLY\]NRXãHWVWĜtOHQtQDWHUþHQHERSOHFKRYN\ 3RVOHGQtP ERGHP FHOpKR GQH E\OR Y\VWRXSHQt 9RMHQVNp SROLFLH XNi]N\ ]iVDKX N\QRORJLFNi VOXåED D XNi]ND Yê]EURMH DYêVWURMH 9\VWRXSHQt PČOR YHOLNê ~VSČFK KODYQČ Y\FYLþHQt SVL SĜHGYHGOL SHUIHNWQt SRVOXãQRVW D ]iVDK SURWL Ä]ORþLQFĤP³ 9ãLFKQLVLPRKOLSURKOpGQRXW]EUDQČDREOpNQRXWVLYêVWURM 6WUDQDFHONHP 3UR YãHFKQ\ GČWL E\OD SĜLSUDYHQD ãPRXOt ]PU]OLQD KH]N\ GR NRUQRXWNX 3DQt$QQDâLPNRYLþRYiGČWHPXSHNODYêERUQêMDKRGRYêNROiþ 3ĜLRGFKRGXGRPĤVLQDSDPiWNXGČWLRGQHVO\GiUHNRGVSRQ]RUĤDOtVWHþHN VSRGSLV\âPRXOĤ 7LFRSĜLãOLLSĜHVQHVWiOpSRþDVtXUþLWČXGČODOLGREĜH$QHE\ORMLFKPiOR MHQGČWtMVPHQDSRþtWDOLSĜHVþW\ĜLFHW9HONi~þDVWE\ODSURQiVWRXQHMOHSãt RGPČQRX 'HQ SUR GČWL VH QDY]GRU\ VWĜtGiQt GHãWČ D VOXQtþND Y\GDĜLO 2GPČQRX XUþLWČ WDNp E\OD QiGKHUQi GXKD NWHUi QDNRQHF QD YãHFKQ\ Y\NRXNODQDGRE]RUHP'ČWLRGFKi]HO\GRPĤVSRNRMHQpDURGLþHWDNp 1DNRQHF VH SDWĜt SRGČNRYDW YãHP NWHĜt GHQ SUR GČWL ]RUJDQL]RYDOL -H WR YHONiDNFHMHMtåSĜtSUDYDWUYiYåG\YtFQHåSĤOURNX9HONêGtNSDWĜtQDãLP FKODSĤP NWHĜt VH SRVWDUDOL R WHFKQLFNp ]i]HPt RG VWDYE\ SHUJRO\ VH ]iYČWĜtPVWDQXKXGE\SĜLFK\VWiQtVWROĤåLGOtSRVHNiQtD~NOLGKĜLãWČDWR LGUXKêGHQVQiVOHGQêP~NOLGHP -iRVREQČE\FKFKWČODSĜHGHYãtPSRGČNRYDW,YČ)UDQFRYpVGČWPLEH]MHMt SRPRFL E\FK WR DVL QH]YOiGOD $ WDNp 3HWĜH .UHMþRYp -LĜFH )DOWXVRYp D9ČĜH)DOWXVRYpVW]DSRPRFVYêWYDUQêPPDWHULiOHPDGiUN\SURGČWL 'DJPDU+RQVQHMPDQRYi 'HQSURGČWLSRGSRĜLOL 2EHF0RNUp ýW\ĜOtVWHNVUR 1DNODGDWHOVWYt(JPRQWý5VUR ,QWHUQHWRYpNQLKNXSHFWYt0HJD.QLK\F] 0ODGiIURQWD±þDVRSLV6OXQtþNRD0DWHĜtGRXãND ýDVRSLVG7HVW 620,326RĖD3RORYi$8727$//,VUR %2+(0,/.DV2SRþQR5HJHUHNODPD2SRþQR 0RQLND9DOHãRYi-DURPČĜ$QQDâLPNRYLþRYi0RNUp 6WUDQDFHONHP +RQ]DSRNODGHPDQHE+OHGiQtRVWURYDSLUiWĤ 1HYtPHMDNMHWRPRåQpDOHSRNODGVHQDãHOÒ]HPt0RNUpKRDRNROtVHWRSRNODG\MHQKHPåt=ĜHMPČ]GHE\ODYGiYQêFK GREiFKRSUDYGXUXãQiNXSHFNiVWH]ND$OHKODYQČVHNXSFĤPDREFKRGQtNĤPRSUDYGXGDĜLOR 9SiWHNYSRGYHþHUVHWUDGLþQČXU\EQtND87UXQČþNĤVHãORVSRXVWDKOHGDþĤSRNODGĤ.G\åMVPHVHVSRþtWDOLE\OD QiV SČNQi KRUGD ± GČWt D GRVSČOêFK D QHMHQ PtVWQtFK ]SUiYD R SRNODGHFK VH GRQHVOD Då GR QHGDOHNp 6ROQLFH 3LUiWL SĜLSOXOLWDNpDå]DPHULFNpKR&KLFDJD 1HMGĜtYH MVPH VL VGČWPL RSHNOL ãSHNiþN\ SDN VH QD U\EQtNX YR]LO\ QD SLUiWVNp ORGL ýHUQi SHUOD NWHUi E\OD Y\EDYHQD SLUiWVNêPLUHNYL]LWDPLDGČO\.G\åVHSRPDOX]DþDORVWPtYDW]DþDOVHRGNUêYDWGDOãtSĜtEČK]WUDFHQpKRSRNODGXVWUDãQêFK SLUiWĤMDNMVPHVHGR]YČGČOL]MHGQpVWDUpNURQLN\SVDQêMDN]YOiãWQtWDMHPQpDV\PEROLFNpSĜHVQČSĜHGSČWLVW\OHW\ .OiãWHUXWĜtMHSWLãHN3UDKDOS 'RSLVPQLFKD-HURPD]GDOHNp)UDQFLH]ERåQpVHVWĜH)LORPpQČ ««SRNODGQHGR]tUQpKRGQRW\XNU\WMHVWQDRVWURYČNWHUêREêYDMtSLUiWL -i ViP MLå VH QHPRKX SXVWLW QD GDOHNRX SODYEX SRVtOiP7L SHQt]H QD FHVWX ORGt ] SĜtVWDYX 0DUVHLOOH 9\GHM VH QD FHVWX DY\KOHGHMNDSLWiQDýHUQRYRXVHV MHKRORGtýHUQiSHUODWHQFHVWX ]Qi0DSXMVHPSURYãHFKQ\SĜtSDG\ UR]GČOLOQDþW\ĜL GtO\DåMHYãHFKQ\QDMGHãQDMGHãSRNODG« .URQLNDOSVWU 0LOi )LORPpQR QHþHNHM SĜtOLã GORXKR QHEH]SHþt þtKi YãXGH SLUiWL VH VYpKRSRNODGX MHQ WDN QHY]GDMtPXVtã EêW RSDWUQi D PD]DQi $å GRSOXMHã ORGt N SLUiWVNêP RVWURYĤP GiYHM SR]RU NGH Y\VWRXStã QHQiSDGQČ VH UR]KOpGQL D KOHGHM 3RVYiWQRXKRUX 6WUDQDFHONHP 3RVYiWQiKRUDRåtYiGXFK\DOHQHPXVtãVHMLFKEiWQDRSDNRFKUiQt7ČDSRPRKRX7LQDOp]WSUYQtVWRSXNSRNODGX« %XćQDVHEHRSDWUQi« .URQLNDOSVWU $WDNMVPHVHY\GDOLQDFHVWXNWHUiQiVYHGODNPtVWQtPXKĜELWRYXNGHMVPHXSRVOHGQtOtS\QDãOLSUYQt]SUiYX 3RVYiWQiKRUD 7YRMHORćSOXMHVSUiYQêPVPČUHP« 3UYQtþiVWPDS\XåPiã QHSĜiWHOpMVRXSRUDåHQL XFWLMHMLFKSDPiWNX DUR]VYLĢMLPVYČWêONR QDQHMVWDUãtPQiKURENX3RVYiWQpKRU\ 3DNXYLGtãFREXGHGiO« 1DãOLMVPHQHMVWDUãtQiKUREHNGDOãt~NRODVYtþNX 6YČWêONRSRVWDYSĜHGQiKUREHN«EXGH7LVYtWLWQDFHVWX 0DSDXåMHEOt]NR]QDPHQtQDMGHãNG\åYUiWtãVHOLSRYRXDOHMt]SČW« =DSiOLOLMVPHVYtþNXXQiKURENXDGDOãt]SUiYDQiV]DYHGOD]SČWQD]DþiWHNOLSRYp DOHMHNGHVHQDMHGQRXREMHYLODãLSNDVPČUHPN+RUFH1D+RUFHMVPHMLåMHGHQ SRNODG QDãOL WDN VH YãLFKQL WČãLOL åH WR EXGH RSČW WDN MHGQRGXFKp D SRNODG Xå PiPHGRPD $ RSUDYGX SRG +RUNRX QD QiV þHNDO GDOãtY]ND]DGUXKiþiVWPDS\ 8å MVL GRFHOD EOt]NR ]DKOHć VH VYêP RVWĜtåtP]UDNHPSĜHGVHEH ]D]iG\PČM3RVYiWQRXKRUX .G\åQDMGHãNOtþSĜHG7HERXVHRWHYĜH FHVWDNWHUiYHGHNPDMiNX NDPHQQpPXNĜtåL« DQDMGHãSRVOHGQtþiVWPDS\« %\ORQiPMDVQpåHMVPHãOLVSUiYQêPVPČUHP«FRãOLXWtNDOL9ãHPE\ORMDVQpåH XSRVYiWQp PRK\O\QDYUFKROX+RUN\XUþLWČEXGHSRNODG$WDNpMVPHXQtREMHYLOL GDOãt]SUiYXDWĜHWtþiVWPDS\-HQåH«SRNODGåiGQêQDRSDNMVPH]MLVWLOLåHMVPH ãOLSRIDOHãQpVWRSČ %RKXåHO MVHP PXVHO SRVOHGQt GtO PDS\ UR]GČOLW D XNUêW SĜHG KUR]QêPL SLUiW\ 3RNODGMVHPSURMLVWRWXXNU\OMLQGH +$+$+$ 7R MVHP QD QČ Y\]UiO DOH 7\ VH PXVtã YUiWLW ]SČW GR SĜtVWDYX E\OD WR IDOHãQiVWRSD $OHMHQWDNMVHPPRKOSRNODG]DFKUiQLW 7DNQDEHUVLODSRKiGNRYpERKDWVWYt7ČQHPLQH 6WUDQDFHONHP 9\GDOLMVPH VHWHG\]SiWN\NU\EQtNXNGHNRWYLODýHUQiSHUOD9SĜtVWDYXE\OXNU\WGDOãtY]ND]DSRVOHGQtþiVWPDS\%\OL MVPHWpPČĜXFtOH 3RNODGMHQDGRKOHG 'RãHOMVLGRSĜtVWDYX -HOLNRåMVLQDRVWURYČSLUiWĤ DSLUiWLMVRXQHEH]SHþQt«GiYHMSĜLKOHGiQtSR]RU 0ĤåHãKOHGDWQDVRXãLYHY]GXFKXLYHYRGČ 3RNODGWXPXVtEêWQDPDSČMH]DNUHVOHQ«VWDþtVH MHQGREĜHGtYDW $ QDMHGQRX MVPH YLGČOL åH XSURVWĜHG U\EQtND QČFR SOXMH 1HMRGYiåQČMãt SLUiW VH VYêPL SRPRFQtN\ RNDPåLWČ QDVNiNDOL GRýHUQp SHUOL D Y\SOXOL QD ãLUp ÄPRĜH³ %\O WDP =ODWê SRNODG 6SROHþQČMVPHKRY\WiKOLQDEĜHK8SRNODGXE\OMHãWČMHGHQ SRVOHGQtY]ND] 3UiYČYUXNiFKGUåtãSUDYêQHIDOãRYDQêSLUiWVNê SRNODG 3RNXGVHVNDPDUiG\VSUDYHGOLYČQHUR]GČOtãVWLKQH 7ČYHONêWUHVW 1DURVWH7LYHONêQRVDQDQČPFKOXSDWiEUDGDYLFH VWDQHVH]7HEHWHQQHRãNOLYČMãtSLUiW 7DNWRPČMQDSDPČWL $WHćXåPRKOR]DþtWVSUDYHGOLYpGČOHQt &R MHãWČ ĜtFW" 'ČWL RGFKi]HO\ GRPĤ VH ]ODWêPL þRNROiGRYêPL SHQt]N\ SLUiWVNêPL þRNROiGDPL DVSĜtEČKHP R SLUiWVNpP SRNODGXNWHUêMLVWČMHãWČEXGRXGORXKRY\SUiYČW $P\GRVSČOt"0\MVPHVLWRWDNpXåLOL3URQiVE\OWHQQHMYČWãt]iåLWHNUDGRVWDQDGãHQtGČWt 1D ]iYČU Xå ]EêYi MHQ SRGČNRYDW RUJDQL]iWRUĤP DNFH NWHĜt SĜLSUDYLOL SLUiWVNRX ORć ýHUQi SHUOD GHNRUDFH PDWHULiO SUH]HQWDFLDQDNRQHFSĜLMDOLLKHUHFNpUROHSLUiWĤ ¾ 9ODGLPtU)DOWDVURGLQRX ¾ 5HQDWD%URXOtNRYi±0DVRX]HQLQ\-DURPČĜ ¾ 'DJPDU+RQVQHMPDQRYi ¾ $NFLILQDQþQČSRGSRĜLODREHF0RNUp ¾ /XNiã+RQVQHMPDQ 9êVWDYDÄýtPYiåLO\QDãHEDELþN\³ 9êVWDYDýtPYiåLO\QDãHEDELþN\MHSRNUDþRYiQtPVpULHUHWURYêVWDYNWHUpSRĜiGiPHYQDãtNQLKRYQČ=DþiWNHPURNXWR E\O\ KLVWRULFNp åHKOLþN\ NWHUp PČO\ YHONê ~VSČFK 6WDUp KLVWRULFNp YiK\ PDMt WDNp VYRMH NRX]OR MH MLFK VSRXVWD GUXKĤ DUR]KRGQČVWRMt]DWRVHQDQČSĜLMtWSRGtYDW9NQLKRYQČE\ORQDLQVWDORYiQRWpPČĜYDKRGMHGHQiFWLURGLQ 6WUDQDFHONHP 1RYpNQLK\ 'QHV SĜHGVWDYtPH NQLKX %ODQN\ 0LOIDLWRYp NWHUi PČOD PtW ]DþiWNHP þHUYQD Y0RNUpP EHVHGX 3ĜtEČK RSUDYGRYp YiãQČ %RKXåHO]GĤYRGXQiKOpQHPRFLMHMtGFHU\EHVHGX]UXãLODDVOtELODSĜLMHWYGUXKpP SĜHGQiãNRYpPNROHQDSRG]LP %ODQND 0LOIDLWRYi PČOD MHGHQ YHONê VHQ 9DĜLW PDUPHOiG\ D GČODW MH V OiVNRX %ODQND 0LOIDLWRYi E\OD RE\þHMQi KROND FKRGLOD GR SUiFH NWHUi ML QHEDYLOD åLOD YHY]WD]tFK NWHUp ML QHQDSOĖRYDO\ D SRFK\ERYDOD R WRP MHVWOL WRKOH MH WHQ VNXWHþQê åLYRW -HGQRKR GQH VL ĜHNOD åH QH 2SXVWLOD SUiFL Y NDQFHOiĜL XNRQþLOD QHIXQNþQt Y]WDK D ] YHONpKR PČVWD VH SĜHVWČKRYDOD QD âXPDYX NGH ]DþDOD YDĜLW PDUPHOiG\3RFWLYRVWYSUiFLDXSĜtPQRVWNVREČVDPpMLSRVXQXO\GRSĜHGX'QHV MHGUåLWHONRXQČNROLNDRFHQČQt]DQHMOHSãtPDUPHOiGXQDVYČWČDãĢDVWQRXPDWNRX GFHU\(OLãN\ .QLKD 3ĜtEČK RSUDYGRYp YiãQČ SĜHGVWDYXMH RKOpGQXWt QHMHQ ]D URþQt PDUPHOiGRYRXH[SHGLFtNG\VRE\WQêPYR]HPSURMHODFHORX(YURSXDNXV$IULN\ D YDĜLOD PDUPHOiG\ QD QHMUĤ]QČMãtFK PtVWHFK VWDUpKR NRQWLQHQWX DOH QDEt]t WDNp SĜtEČKRKOHGiQtVHEHVDPD2EViKOiSXEOLNDFHSOQiDXWRUþLQêFKVQtPNĤUHFHSWĤ QD PDUPHOiG\ L ORNiOQt MtGOD SĜLQiãt L åLYRWQt SĜtEČK %ODQN\ 0LOIDLWRYp NWHUê GRNiåHPRWLYRYDWþWHQiĜH NWRPXDE\VH SXVWLOLGRWRKRSRþHPWRXåt]HYãHKR QHMYtF .QLKXPiPHYQDãtNQLKRYQČMDNRGDUQDNODGDWHOVWYt0ODGiIURQWD 9tFHQDKWWSZZZQDVHGREURW\F] 9HONpSRGČNRYiQt 9HONp DOH RSUDYGX YHONp SRGČNRYiQt SDWĜt REFL 3ĜHS\FK\ NWHUi QDãt NQLKRYQČ YČQRYDOD WpPČĜ ~SOQČ QRYêFK NQLK ]HVYêFK VNODGRYêFK ]iVRE 0QRKR ] QLFK PĤåHPH YORåLW GR QDãLFK VRXWČåt -HGQi VH R UHSUH]HQWDWLYQt NQLK\ NWHUp XUþLWČ SRWČãtNDåGpKR~þDVWQtND.G\åVLVSRþtWiWHNROLNGQHVVWRMtNQLKDDY\QiVREtWHPQRåVWYtPEXGHWHYtFHPpQČãRNRYiQtWtP MDNFHQQêGDUMVPHREGUåHOL 6WUDQDFHONHP /HWQtIRWRJUDILFNiVRXWČåQDWpPDÄ6OXQFHYHYãHFKSRGREiFK³ 7HUPtQþHUYHQ±]iĜt±SRVOHGQtRGHY]GiQtIRWRJUDILtMH 1DZHERYêFKVWUiQNiFKNQLKRYQ\YRGGtOH)RWRJUDILFNiVRXWČåMVRXMLåSUYQtIRWRJUDILH7ČãtPHVHQDGDOãt 3DUWQHĜLVRXWČåH +YČ]GiUQDEDURQD$UWXUD.UDXVH3DUGXELFH 0ČVWR2SRþQR ýHVNiDVWURQRPLFNiVSROHþQRVW 2EHF3ĜHS\FK\ 3HWU+RUiOHN±DVWURIRWRJUDIFHVWRYDWHO 1ČNWHUp]FHQ 3HWU+RUiOHN7DMHPQi]DWPČQt )DVFLQXMtFtSUĤYRGFHQHMNUiVQČMãtPL~ND]\QDQHEL 9 PLQXORVWL VH MLFK OLGp REiYDOL %UDOL MH MDNR ]Oi ]QDPHQt 'RED VH YãDN ]PČQLOD« 3RXWDYi SRSXOiUQČQDXþQi NQLKD EXGH YDãtP SUĤYRGFHP SR SDWUQČ QHMNUiVQČMãtFK D ]iURYHĖ MHGQČFK ]QHMY]iFQČMãtFK~ND]ĤQDREOR]H±VOXQHþQtFKDPČVtþQtFK]DWPČQtFK'R]YtWHVHMDNE\OROLGVWYR RGQHSDPČWLIDVFLQRYiQRWČPLWRMHY\SR]QiWHKLVWRULLSR]RURYiQtLYČGHFNRXVRXþDVQRVW3R]QiWH ]iNRQ\SRGOHNWHUêFKVH~ND]\]DWPČQtĜtGtDFR]QLFKþLQtQH]DSRPHQXWHOQp]iåLWN\-HGLQHþQRVW NQLK\ SRGWUKXMt ~åDVQp IRWRJUDILH D FHVWRYDWHOVNp Y]SRPtQN\ DXWRUD YH NWHUêFK SRSLVXMH GUDPDWLFNp L GRMHPQp PRPHQW\ ] H[SHGLF ]D ]DWPČQtPL =iYČU NQLK\ MH SDN XQLNiWHP ± QDMGHWH ]GH ]HYUXEQê SĜHKOHG YãHFK ]DWPČQt YLGLWHOQêFK ] ýHVNp UHSXEOLN\ Då GRURNX V ERKDWêP REUD]RYêP PDWHULiOHP D SURIDMQãPHNU\ QHFK\Et DQL SĜHKOHG QHMYê]QDPQČMãtFK ~ND]Ĥ YH ]E\WNX VYČWD«9\GDORQDNODGDWHOVWYt$OEDWURVYURFH $VWURQRPLFNiVSROHþQRVWYČQRYDOD PtVWRDVWURQRPLFNêGDOHNRKOHG)LUVWVFRSH PtVWRH[NXU]HQDKYČ]GiUQČYÒSLFLVSHFLDOL]XMHVHQD6OXQFH PtVWRURþQtSĜHGSODWQpDVWURQRPLFNpKRþDVRSLVX$VWURSLVX &HVWRYiQtVUD]tWNRYiQtPDQHEÄ1HMY\ããtUR]KOHGQDMHWDPRMH³ 7HUPtQNYČWHQ±]iĜt±SRVOHGQtRGHY]GiQtNQtåN\MH 5D]tWNRYDFtNQtåN\MVRXUR]GiQ\3RXNRQþHQtNQtåN\SURMGHPH]NRQWUROXMHPHQDVEtUDQiDVSRþtWDQiUD]tWNDDSDNMHGČWHP YUiWtPHDE\PČO\SDPiWNX]FHVW 3DUWQHĜLDNFH .UiORYpKUDGHFNêNUDM .ODGVNpSRPH]t .OXESĜiWHOUR]KOHGHQ -LUiVNRYDWXULVWLFNiFKDWD 5R]KOHGQ\ý5 2EHF9UELFHD3ĜHS\FK\ 3Ui]GQLQRYpPDORYiQt 0ĤMPD]OtNMHWpPDOHWRãQtKRURþQtNX0DORYDWPRKRXGČWLLGRVSČOt«PD]OtNHPPĤåHEêWFRNROLY±PHGYtGHNNRFRXU SDSRXãHNSHVþLNRþNDDOHWDNpWĜHEDPDPLQNDPDQåHOQHERPDQåHOND-XUþLWČVHQDMGHPQRKRPD]OtNĤ 7HUPtQRGHY]GiQtREUi]NĤ]iĜt 3RGUREQRVWL R YãHFK VRXWČåtFK YiP VGČOt NQLKRYQLFH 'DJPDU +RQVQHMPDQRYi EXć RVREQČ QHER WHOHIRQLFN\ QDWHO QHERHPDLOHP ,QIRUPDFH MVRX MLå WDNp QDZZZREHFPRNUHF]NQLKRYQD 7HUPtQ\DNFtYREFLYURFH ¾ ¾ ¾ ¾ ¾ ¾ ¾ 3Ui]GQLQRYêNHUDPLFNêNXU]± 3Ui]GQLQRYpSR]QiQtãYHVWNRYêFKDOHMt± 'HNUHWSURSUYĖiþND± 3RVYtFHQVNêQRKHMEDO 6HWNiQtMXELODQWĤ 5R]VYtFHQtYiQRþQtKRVWURPX± ýHUWRYVNp]YRQČQt± 3R]QiPND7HUPtQ\MVRXYtFHPpQČMDVQČGDQpDOHSĜHVWRVHPĤåH VWiWåHQDVWDQH]PČQD 6OHGXMWH ZHE NGH MVRX WHUPtQ\ SUDYLGHOQČ DNWXDOL]RYiQ\ DGRSOĖRYiQ\ 6WUDQDFHONHP ýDMRYQDXEOXGLþN\ ýDMRYQDE\OLQNiĜNRX+DQNRX 'QH VH NRQDOD MDUQt þDMRYQD V E\OLQNDPL 3R]YiQtSĜLMDODE\OLQNiĜND+DQND8UEiQNRYi +DQND 8UEiQNRYi V MHMt PDQåHO VLFH SRFKi]t ] PČVWD DOH VSROHþQêGRPRY QDãOL QD9\VRþLQČäLMt]GHVHVYêPLSČWL GČWPL WpPČĜ QD VDPRWČ Y REFL -LPUDPRYVNp 3DVHN\ YPDOHEQpP ~GROt ĜtþN\ )U\ãiYN\ .UiVQi þLVWi SĜtURGD ~SOQČY\Et]tNHVEČUXE\OLQHNDMHMLFKY\XåLWt =DEêYDMtVH SĜHGHYãtP YêURERX E\OLQNRYêFK VLUXSĤ D V\SDQêFK E\OLQNRYêFKþDMRYêFKVPČVt +DQND VH YČQXMH SOQČ GČWHP E\OLQNiP D ]YtĜiWNĤP 'ČWL FHORX VH]yQX SRPiKDMt VH VEČUHP E\OLQHN MHMLFK VXãHQtP DĜH]iQtPDPDQåHOMDNRåWR]SČYiNPiILUPXMDNRUHOD[DFL RGGLYDGODSRPiKi VHYãtPFRMH]URYQD]DSRWĜHEtDĢXå MGHRVEČUE\OLQHNVOpYiQtVLUXSĤ]GREHQtOiKYtþLSURGHM QDWU]tFKDMDUPDUFtFK 3ĜtMHPQp SRYtGiQt GRSURYi]HOD RFKXWQiYND GRPiFtFK E\OLQNRYêFK VLUXSĤ D YêERUQpKR E\OLQNRYpKR þDMH 'R]YČGČOL MVPH VH PQRKR XåLWHþQêFK LQIRUPDFt RE\OLQNiFK-HMLFK]SUDFRYiQtVXãHQtQDNOiGiQtGRROHMH DONRKROXDKODYQČMHMLFKSRXåLWtMDNNWHUiE\OLQNDþORYČNX SRPiKiDPQRKRGDOãtKR'RWD]ĤE\ODVSRXVWD1D]iYČU MVPHVLPRKOL]DNRXSLWGRPiFtVLUXSQHERV\SDQêE\OLQNRYêþDM3RYtGiQtVHSURWiKORGRYHþHUQtFKKRGLQ 1DKOpGQRXWGRURGLQQpIDUP\6HGPLNUiVNDPĤåHWH]GHKWWSVHGPLNUDVNDE\OLQN\F] ýDMRYQDVNRX]OHPGDPDVFpQVNpRFHOL 3ĜtMHPQpRGSROHGQHVGDPDVFpQVNRXRFHOtVHNRQDOR3R]YiQtWHQWRNUiWSĜLMDOL.DPLOD5DGLP'DFKVRYL]-tORYLF XPČOHþWtNRYiĜLNWHĜtVH]DEêYDMtWHFKQLNRX YêURE\ GDPDVFpQVNp RFHOL VDPXUDMVNp PHþHDSĜHGHYãtPQRåH %UDWĜL VH YČQXMt SURIHVLRQiOQČ QRåĤP RGURNX =DEêYDMt VH YêURERX QRåĤ MDNVSHYQRXþHSHOtWDNL]DYtUDFtPQRåĤP V SRMLVWNRX OLQHUORFN 1D þHSHOH SRXåtYDMt 0R]DLNRYp GDPDãN\ VYRMt YêURE\ DOH LXKOtNRYp D SUiãNRYp RFHOL 5XNRMHWL MVRX Y\UREHQ\]SĜtURGQtFKPDWHULiOĤMDNRMVRX WX]HPVNp L H[RWLFNp GĜHYLQ\ URKRYLQ\ NRVWL PDPXWRYLQD L SRORGUDKRNDP\ DWG =DNi]NRYp QRåH Y\UiEČMt MDN GOH QiYUKĤ DSRåDGDYNĤ ]iND]QtNĤ WDN SR GRKRGČ LSRGOH VYRMt IDQWD]LH -Lå QČNROLN OHW VH ~þDVWQt QRåtĜVNêFK YêVWDY Y ýHFKiFK LY]DKUDQLþt 1RåH MVRX VLJQRYiQ\ -DSRQVNêP]QDNHP7$18., 'iOH VH ]DEêYDMt YêURERX UXþQČ NRYDQêFK UHSOLN -DSRQVNêFK PHþĤ WUDGLþQt WHFKQRORJLtSĜHNOiGiQtPRFHOLDQiVOHGQêPVNOiGiQtPGRNRQVWUXNFH+216$10$,JLWDHýHSHOHMVRXNDOHQ\QD+DPRQ VLJQRYiQ\-DSRQVNêP]QDNHP7$18.,DY\UiEČQ\YVRXODGXVSĤYRGQtPLWUDGLþQtPLSRVWXS\ 0RKOL MVPH VL SURKOpGQRXW QiGKHUQp QRåH L VDPXUDMVNê PHþ 'R]YČGČOL MVPH VH R YêUREČ GDPDãNRYp RFHOL R PDWHULiOHFK NWHUpQRåH]GREtDOHL]DMtPDYRVWL]KLVWRULH%\OWRPRFSĜtMHPQêSRGYHþHU 9tFHQDVWUiQNiFKKWWSZZZMDSVZRUGVFRP 6WUDQDFHONHP ýDMRYQDDKLVWRULHNXFK\ĖVNêFKYDK 3RVOHGQt þDMRYQD SĜHG SUi]GQLQDPL VH NRQDOD ]iURYHĖ VH ]DKiMHQtP YêVWDY\ ýtP YiåLO\ QDãH EDELþN\ 9 NQLKRYQČ E\O\ NYLGČQt VWDUp KLVWRULFNp YiK\ UĤ]QêFK W\SĤ YHOLNRVWt D EDUHY 9êVWDYD E\OD YHOPL ]DMtPDYi GR]YČGČOL MVPH VH WDNp QČFR RKLVWRULLYDK3DQ3DYHO9iYUDQiPNWRPX]DKUiOQDN\WDUX%\ORWRYHOPLSĜtMHPQpRGSROHGQH 9êVWDYDMHSĜtVWXSQiDåGRNRQFHþHUYHQFH +LVWRULFNêYêYRMYDK 3UYQt GRNODG\ R YiåHQt ]ERåt SRPRFt URYQRUDPHQQêFK YDK Y SUDYČNêFK GREiFK QDãOL DUFKHRORJRYp MHQ QD NUHVEiFK DQiSLVHFK Y\WHVDQêFK QDQiKUREQtFK NDPHQHFK 'ĤYRG SURþ VH ] Wp GRE\ QH]DFKRYDOL åiGQp SDPiWN\ MH WHQ åH Då GR GRE\ ĜtPVNpKR LPSpULD VH ]KRWRYRYDO\ YiK\ ]HGĜHYD NĤåH D MLQêFK ~VWURMQêFK OiWHN NWHUp þDVHP SRGOHKO\~SOQp]Ni]H -HQ ] QČNWHUêFK ]NDPHQČOLQ QiSLVĤ D NUHVHE O]H XVRXGLW åH Y REODVWL NXOWXU\ EDE\ORQVNp HJ\SWVNp D þtQVNp VH URYQRUDPHQQêFKYDKSRXåtYDORNRGPČĜRYiQtGiYHN]ERåtYãHKRGUXKX 3UYQtWHRULHRVWDELOLWČDODELOLWČYDKDGODSRFKi]tMLå]HVWROHQtSQORGĜHFNpKRXþHQFH$ULVWRWHODNWHUêWpåSUYêSRSVDOYH VYp VYČWR]QiPp 0HFKDQLFH WHRULL SĜH]PHQX PLQFtĜ 9 Wp GREČ Y\QDOH]O $UFKLPHGHV YiKX K\GURVWDWLFNRX äiGQi ] WČFKWR SUYQtFKYDKVHQH]DFKRYDODSURWRåHVH]KRWRYRYDO\YHVPČVMHãWČ]HGĜHYD 7HSUYHYĜtãLĜtPVNpVH]DþDORSRXåtYDWYDKNRYRYêFKNWHUpVH]DFKRYDO\ 9HOPL UR]ãtĜHQRX YiKRX Y WpWR GREČ E\O SĜH]PHQ PLQFtĜ .RYRYp YiK\ ĜtPVNp PČO\ MLå WDNp NRYRYpKR XND]RYDWHOH URYQRYiK\YHYLGOLFLSRGREQČMDNRQ\Qt 7HKG\MHãWČQHH[LVWRYDODVRXVWDYDGHVtWNRYiD]iYDåRYpMHGQRWN\VHGČOLO\WDNDE\E\O\ QiVRENHPGYRXWĜtDGHVHWLWDNåH QHMREOtEHQČMãtVRXVWDYD]iYDåtE\ODDVLWDWR7DNpþtQVNiNXOWXUDSRXåtYDODYDKD]iYDåtMLå SĜHGOHW\-HGQRWNRXYiK\E\ORWHKG\UêåRYêFK]UQHNQHEROLW]YþtQVNiXQFH 9 NXFK\QL VH QHMSUYH SRXåtYDO QHMVWDUãt W\S URYQRUDPHQQêFK YDK VH ]DYČãHQêPL PLVNDPL 5RNX E\O\ Y\QDOH]HQ\ URYQREČåQtNRYpEDODQþQtYiK\VHGYČPDPLVNDPLDOHWHQWRY\QiOH]þHNDOGORXKiGHVHWLOHWtQDSUDNWLFNpDPDVRYpUR]ãtĜHQt $å URNX VHVWURMLO PHFKDQLN D YDKDĜ %pUDQJHUH EDODQþQt YiKX URYQČå GYRXPLVNRYRX DOH FLWOLYČMãt D SĜHVQČMãt 7pWR VH GRVWDORãLURNpKRXSODWQČQtSRXåtYDO\MHQDãHEDELþN\DPQR]t]QiVMHãWČGRGQHV =GURMKWWSPX]HXPYDK\QDIRWLOF]NXFK\QVNHYDK\ âYHVWNRYpDOHMHDQHE« 3Ui]GQLQRYpSR]QiQtãYHVWNRYêFKDOHMt 2UJDQL]iWRĜL SĜLSUDYXMt GDOãt SRFKRG RNROR 0RNUpKR3ĜHGSRNOiGDQê WHUPtQ MH D EXGH WRRSČW YHþHUQt SURFKi]ND NVRXVHGRP%XGHPHGRXIDWåHEXGHSČNQpSRþDVt 6YČWRYiYêURþtURNX 5RN VVHERX SĜLQiãt PQRKR Yê]QDPQêFK YêURþt 7ČPL KODYQtPL MVRX VLFH OHW RG NRQFH VYČWRYpYiON\DOHWRGXSiOHQtPLVWUD-DQD+XVDDOHMHMLFKPQRKHPYtF 9WRPWRþtVOHVLDOHVSRĖNUiWFHSĜLSRPHQHPHOHWRGSRSUDY\UHIRUPiWRUDDRGERMQpKRþHVNpKR ND]DWHOH -DQD +XVD þHUYHQFH -HKR XSiOHQt Y.RVWQLFL VQiOHSNRX NDFtĜ VH VWDOR V\PEROHP þHVNp QiERåHQVNp UHIRUPDFH D ]SĤVRELOR MHãWČ VLOQČMãt QDSČWt YþHVNpP NUiORYVWYt DRGVWDUWRYDORKXVLWVNRXUHYROXFL 0LVWU -DQ +XV NROHP U +XVLQHF ± þHUYHQFH .RVWQLFH E\O ĜtPVNRNDWROLFNê NQČ] þHVNêVWĜHGRYČNêQiERåHQVNêP\VOLWHOY\VRNRãNROVNêSHGDJRJUHIRUPiWRUDND]DWHO+XVE\OSR -RKQX:\FOLIIRYL MHKRåP\ãOHQNDPLDDUJXPHQWDFtE\OLQVSLURYiQMHGQtP]SUYQtFKUHIRUPiWRUĤ 6WUDQDFHONHP FtUNYHNWHUêWpPČĜRMHGQRVWROHWtSĜHGEČKOVYpQiVOHGQtN\UHIRUPiWRU\/XWKHUD.DOYtQDD=ZLQJOLKR 2G URNX Y\XþRYDO QD SUDåVNp XQLYHU]LWČ D Y OHWHFK ± E\O MHMtP UHNWRUHP 9H VYêFK QiERåHQVNêFK SUDFtFK NULWL]RYDO PUDYQt ~SDGHN Y QČPå VH RFLWOD NDWROLFNi FtUNHY .DWROLFNi FtUNHY KR R]QDþLOD ]D NDFtĜH ětPVNê NUiO =LNPXQG /XFHPEXUVNêPX]DUXþLOEH]SHþQêSĜtFKRGQDNRVWQLFNêNRQFLONGHE\ORGVRX]HQMDNRNDFtĜDQiVOHGQČE\OY\GiQVYČWVNp PRFLNXSiOHQtQDKUDQLFLNG\åRGPtWORGYRODWVYpXþHQt9URFHSURKOiVLOSDSHå-DQ3DYHO,,åHOLWXMHNUXWpVPUWL-DQD +XVDDX]QDOKRMDNRUHIRUPiWRUDFtUNYH 'DWXPMHKRXSiOHQtVHVWDORþHVNêPVWiWQtPVYiWNHP.MHKRRGND]XVHKOiVLOLKXVLWpDSR]GČMLLGDOãt FtUNYHDVSROHþQRVWLY]HãOp]þHVNpLSURWHVWDQWVNpUHIRUPDFH =GURMKWWSVFVZLNLSHGLDRUJZLNL-DQB+XV 3(/0(/±3R]YiQN\]DMtPDYRVWLVRXWČåHUR]KRYRU\ 2SRþHQVNiÄ3RUFLQNXOH³ 3È7(.±þHUYHQFH 27(9ě(1Ë%5$1-$50$5.8 6/$912671Ë=$+È-(1Ë 5,7251(//2VHUDItQVNêEDURFNY0DULiQVNpP NRVWHOtNX -$5'$ýËä(.=3Ë9È.$5/$.5</$ )(;7±VNXSLQDKLVWRULFNpKRãHUPX (//$%$1'$0URFNSRS2VWUDYD )(;7VNXSLQDKLVWRULFNpKRãHUPX $%62/87(%21-29,5(9,9$/ KDUGURFN1ČPþLFHQDG+DQRX *5((1'$<5(9,9$/3DUGXELFH 62%27$±VUSQD 27(9ě(1Ë%5$1-$50$5.8 232ý(16.é.$â3È5(.ORXWNRYpGLYDGOR )(;7±VRXWČåH 232ý(16.é.$â3È5(. 0$/Ëâ(50Ëě, 9(/.È%(1È76.È12&1$75ý.29ċ 1È0ċ67Ë +8'(%1Ë3ě(.9$3(1Ë )(;7VNXSLQDKLVWRULFNpKRãHUPX .5,67,1$SRS6ORYHQVNR 2+ĕ26752- 0<67±/('=(33(/,15(9,9$/ 3ģ/12ý1Ë3ě(.9$3(1Ë 7$1(ý1Ë=È%$9$6(6.83,128 7(512GRUDQQtFKKRGLQ 1('ċ/(±VUSQD 27(9ě(1Ë%5$1-$50$5.8 9(7(5È1,9./Èâ7(ě(YêVWDYDKLVWRULFNêFK YR]LGHO3RGRUOLFNpKR9HWHUDQ&DU&OXEXGR 232ý(16.é.$â3È5(. 0$/Ëâ(50Ëě, 232ý(16.é.$â3È5(./287.29e )(;7VNXSLQDKLVWRULFNpKRãHUPX $%%$:25/'5(9,9$/SRS3UDKD 8.21ý(1Ë-$50$5.8 3RFHORXVRERWXDQHGČOLGRSURYRGQêSURJUDP± NHMNOtĜLIODãLQHWiĜDGDOãt =PČQDSURJUDPXY\KUD]HQDYVWXSQpGREURYROQp 'DOãtLQIRUPDFHQDZZZRSRFQRF] 2SRþQR±.DSXFtQVNêNOiãWHU $NFH Ä./Èâ7(5 ä,-(³ EXGH ]DKiMHQD þHUYHQFH Y 2G WpWR GRE\ EXGH NOiãWHU SĜtVWXSQê NDåGê YtNHQG EČKHP þHUYHQFH D VUSQD ýiVW DUHiOX MH SOiQRYiQD MDNR H[SR]LFH SRG ãLUêP QHEHP D EXGH VH YČQRYDW SĜHGHYãtP KLVWRULL NOiãWHUD 'UXKiþiVWDUHiOXSĜLQHVHSURJUDPSURGČWL 2SRþQR±*DOHULHQDFKRGQtNX 92SRþQČQHMHQWXULVWpQDMGRXQDQiPČVWt)UDQWLãND.XSN\]DMtPDYRX*$/(5,,1$&+2'1Ë.83UYQtYêVWDYDSUREČKOD VYHONêP~VSČFKHP9þHUYHQFLVHWDWRJDOHULHEXGHYČQRYDWPLVWUX-DQX+XVRYLDPtVWĤPYQDãHPUHJLRQXNWHUiSĜLSRPtQDMt WXWRYHONRXRVREQRVWQDãLFKGČMLQ 7DYHQtVNODY'HãWQpPY2UOLFNêFKKRUiFK 2EHF'HãWQpY2UOLFNêFKKRUiFKD0X]HXP]LPQtFKVSRUWĤWXULVWLN\DĜHPHVHOY'HãWQpPY2UOLFNêFKKRUiFK]YRXQD;;,9 URþQtN6YiWNĤVNODYDUHiOXPX]HDY'HãWQpPY2UOLFNêFKKRUiFKYHGQHFK 9tFHQDKWWSZZZREHFGHVWQHF] =iPHN1RYp0ČVWRQDG0HWXMt VUGHþQČ]YHQDYêVWDYX+UDþN\QDãHKRPOiGtDQHEFRQiVEDYLORYGČWVWYtNWHUiVHNRQiDåGRVUSQDY]iPHFNp *DOHULL3RGäHEURYNRX .YLGČQt MVRX KUDþN\ ] REGREt OHW ± D WR MDN SUR NOXN\ WDN SUR KRON\ 1D YêVWDYX MVRX VUGHþQČ ]YiQL YãLFKQL QiYãWČYQtFLEH]RKOHGXQDWR]GDOLGČWPLXåE\OLQHERMLPLVWiOHMVRX 6WUDQDFHONHP .RQWDNW\ =iPHN1RYp0ČVWRQDG0HWXMt 6tGORURGLQ\%DUWRĖĤ]'REHQtQDRGURNX +XVRYRQiPČVWt 1RYp0ČVWRQDG0HWXMt 7HO (PDLONXOWXUD#]DPHNQPF] :HEZZZ]DPHNQPF] )DFHERRNZZZIDFHERRNFRP]DPHNQPQP 5R]KOHGQD2VLþLQD 5R]KOHGQD 2VLþLQD MH XPtVWČQi YQHMY\ããtP ERGČ QDG ]DOHVQČQêP ~GROtP 'ĜtåQD P Q P PH]L REFHPL 9RMHQLFH D=iKRUQLFH3ĜLSČNQpPSRþDVtQDEt]tSĜHNUiVQêYêKOHGGRNUDMH7XULVWpPRKRXSĜtPRRGQtDEVROYRYDWSČãtQHERF\NORYêOHW GR~GROt'ĜtåQDNGHVHQDFKi]tNDSOH3DQQ\0DULH]URNXVHVWXGiQNRXNĜtåRYRXFHVWRXDGĜHYČQêPDOWiQNHP 2WHYtUDFtGRED 'RVWXSQRVWSČãN\QDNROHDXWHP RGGRRWHYĜHQRVRQH 7XULVWLFNi]QiPNDþ VWiWQtVYiWN\±D±KRGLQ 7HO 3RGRPOXYČLYMLQpPþDVHYČWãtVNXSLQ\ (PDLOUR]KOHGQDRVLFLQD#FHQWUXPF] 6RXWČåVFHVWRYDWHOHP-LĜtP0iURX 3RãOHWHQiPPDLOHPYODVWQtIRWRJUDILL]PtVWDXQiVþLY(YURSČNWHUpPiWHUiGLDGRSRUXþLOLE\VWHKRNQiYãWČYČ9DãH]SUiYD PXVtREVDKRYDW 6RXWČåQtVQtPHNQi]HYPtVWD .UiWNpYêVWLåQpY\VYČWOHQtSURþOiNiWHNYêOHWXSUiYČWDP -PpQRDXWRUD $GUHVXQDNWHURXSRãOHPHGiUHNDPRåQiLFHQXSURYtWČ]H .DåGêVHPĤåH]~þDVWQLWSRX]HVMHGQtPVQtPNHP7HUPtQ]DVOiQtIRWRJUDILtMHGRĜtMQDQDMLULPDUD#VH]QDPF] .DåGêNGRQiPSRãOHVQtPHNRQČPåDOHVSRĖWĜLþOHQRYpQDãtURGLQ\ĜHNQRX-ppWDPE\FKRPVHUiGLSRGtYDOLGRVWDQH RGQiVNQLKX]FHOD]GDUPD$XWRĜLQHMOHSãtFKIRWRJUDILtYOLVWRSDGXQDYtFREGUåtKRGQRWQpFHQ\ 9tFH]GHKWWSZZZMLUNDPDUDF]VRXWH]WLSQDY\OHW =DMtPDYRVWLþHVNpKRMD]\ND .ROLNPiþHãWLQDVORY" 7R QHO]H ERKXåHO XUþLW ~SOQČ SĜHVQČ SURWRåH MH WR MD]\N åLYê D QHXVWiOH VH Y\YtMt 0ĤåHPH Y\FKi]HW ] WRKR NROLN VORY MH ]DFK\FHQRYH VORYQtFtFK DOH VWiOHVHVStãHSRK\EXMHPH YRGKDGHFK 1iãQHMYČWãtVORYQtN 3ĜtUXþQtVORYQtNMD]\NDþHVNpKR REVDKXMHKHVHO9GHYtWLVYD]FtFK]DFK\FXMHLVORYDNWHUiGQHV]QiXåPiORNGR1DGUXKpVWUDQČQHREVDKXMHVORYD MLQiREHFQČ]QiPiQDSĜtNODGYXOJDULVP\%\OSRVWXSQČY\GiQYOHWHFK±ýW\ĜVYD]NRYê6ORYQtNVSLVRYQpKRMD]\ND þHVNpKRREVDKXMHNROHPKHVHODMHWURFKXPODGãt]OHW± $OHQiãMD]\NWRQHQtMHQVSLVRYQiPOXYD0XVtPHVHP]DKUQRXWãLURNRXDSHVWURXSDOHWXH[SUHVLYQtFKYêUD]ĤQHPXVtWREêW MHQ RQ\ ]PLĖRYDQp YXOJDULVP\ GiOH REHFQRX þHãWLQX VODQJRYp YêUD]\ VORYD SĜHMDWiSĜHMtPDQi ] FL]tFK MD]\NĤ RGERUQRX WHUPLQRORJLLQHERGLDOHNW\3URWRH[LVWXMHSRPČUQČQRYê6ORYQtNQHVSLVRYQpþHãWLQ\VHKHVO\Y9\GiQt]URNX $ NRQHþQČ YHONpKR RKODVX VH GRþNDO L âPtUEXFK MD]\ND þHVNpKR 3DWULND 2XĜHGQtND REVDKXMtFt SĜHV YêUD]Ĥ ]REODVWLDUJRWXVODQJXDYĤEHFÄQHNRQYHQþQtRNUDMRYpþHãWLQ\³SRXåtYDQpYREGREtOHW± .ROLNOLGtPOXYtþHVN\" -DNpGRNiåHY\WYRĜLWþHãWLQDYČWQpSDOLQGURP\"VORYR ýHVN\ POXYt ]KUXED PLOLRQĤ OLGt ] WRKR SĜHV YČWDþtVORPHORGLHMHåVHGiþtVWRERXVWUDQQČ PLOLRQĤ Y ýHVNp UHSXEOLFH 9 GĤVOHGNX QČNROLND YOQ -HOHQRYLSLYRQHOHM Y\VWČKRYDOHFWYt EČKHP SRVOHGQtFK OHW SRXåtYDMt &RQiPQHGiGHQPiQRF þHãWLQX YãXGH SR VYČWČ L GHVHWLWLVtFH HPLJUDQWĤ D MHMLFK .RE\ODPiPDOêERN GČWt $GiOYLGtOtWDWQHWRSêU\SRWHQWiWLOLGLYOiGD )HãQiSDQtYROi0iPiORYtQDSDQãpI" -DNpMHQHMGHOãtVORYRYþHãWLQČ" 'RFKODGXVLPDVDPtVXGDO&KRG QHMQHY\NU\VWDOL]RYiYDWHOQČMãtKR««««PiKOiVHN 6DELQDKUiYiQDYDUKDQ\EDV QHMQHREKRVSRGDĜRYiYDWHOQČMãtKR««««PiKOiVHN -DN]QtQHMGHOãtYČWD]HWĜtVWHMQêFKVORY" -DNY\SDGiYþHãWLQČVORYRVQHMYČWãtPSRþWHPKiþNĤ" .XOLNXOLNXOL7HG\.XOLRYpNRYDOLNRXOL QHM]WĜHãWČQČMãtSĜHVYČGþLYČMãt .WHUpþHVNpVORYRVORåHQpMHQ]HVRXKOiVHNMHQHMGHOãt" -DNp MH QHMGHOãt VORYR Y þHãWLQČ NWHUp VH Gi þtVW VWHMQČ VFYUQNOV REČPDVPČU\" QHSRFKRSHQQH]DVD]HQQHSRWRSHQQH]DĜD]HQ 6WUDQDFHONHP 9tWH åH YêþHW þHVNêFK VDPRKOiVHN L Y SĜHVQpP SRĜDGt REVDKXMtWDWRVORYD" PDWHĜtGRXãN\GYDFHWLNRUXQ\ &KFHWHVLXVQDGQLWSVDQt"±9\XåLMWHþtVORYN\ 3HNRYL EUD VSDOL MDN DKOt OR PDMtFt SRVEĜHQp SLOHRDRVOHOL 6O\ãHOLMVWHQČNG\R4V\VWpPX" 4DSHPSĜLTDþLOTDUWiODTHOLNpPXSĜHTDSHQtTDOLWDTDVLQHN TĤOLTDQWXGRGiYHTi]QH4DVLQN\QHTDVt $XWRU-DQD.RONRYiÒ,9 =GURMH %+DYUiQHN--HGOLþND6WUXþQiPOXYQLFHþHVNi3UDKD 0LFKDO3WiþHN%UHYLiĜSUDNWLFNpþHãWLQ\3UDKD -RVHI9%HþND-DURVODY-HOtQHN0DULH7ČãLWHORYi)UHNYHQFHVORYVORYQtFKGUXKĤDWYDUĤYþHVNpPMD]\FH3UDKD 3HWLFH]DGRSDGHQtYUDKDPODGpNQLKRYQLFH 1DãHNQLKRYQDREGUåHODåiGRVWURGLQ\DSĜiWHO]DYUDåGČQpNQLKRYQLFH+DQN\%HUG\FKRYpRSRGSRUX3ROLFLH]DGUåHODYUDKD MHDOHSRWĜHEDQDMtWWDNpYLQtND3ĜLSRMWHVYpSRGSLV\QD]QDPHQtVROLGDULW\VURGLþLEUXWiOQČ]DYUDåGČQp+DQN\%HUG\FKRYp NWHĜtFKWČMtSRGQLNQRXWNURN\DE\VHVLWXDFHQHPRKODXåYtFRSDNRYDWDQHSĜLãOLMVWHMHGQRXRVYpGtWČL9\ 'ČNXMtLQLFLiWRĜLSHWLFH±+DQDD-LĜt%HUG\FKRYL7UQRYi 3HWLFHMHY\VWDYHQDYNQLKRYQČWHUPtQSRGSLVRYpDNFHMHGR .]DP\ãOHQt GĤYRGĤSURþEêWODVNDYêNGUXKêP=PČQtVHýHãL" 3ĜLSDGiYiPåHýHãLMVRXQiURGHPKXOYiWĤDPU]RXWĤ"6WDþtYLGČWĜLGLþHQD VLOQLFL]DMtWQDQiNXSVYp]WVHYHĜHMQRX GRSUDYRX9HþHUSDNY\SUiYtPHGRPDVMDNêPLGHELO\MVPHVHEČKHPGQH]DVHVHWNDOL$FRWDNKOH]DþtWXVHEH" =NXVWH EêW N RVWDWQtP ODVNDYt D YVWĜtFQt 7DNRYp FKRYiQt REY\NOH SRYDåXMHPH ]D VODERVW ]D SURKUX $ SĜLWRP RSDN MH SUDYGRX1DRSDNNG\å]PČQtWHSĜtVWXSSĜLQHVHWRSURVSČFKSĜHGHYãtPYiPVDPRWQêP7DG\MHSČWGĤND]Ĥ 9VWĜtFQRVWMHOLGHPYUR]HQi 2E\þHMQê ~VPČY QHER SRY]EXGLYp VORYR QHER SRGDQi SRPRFQi UXND SĜLQHVH SV\FKLFNp SUREX]HQt QHMHQ GUXKêP DOH SĜHGHYãtPRVREQČYiP9ČGFL]MLVWLOLåHODVNDYRVWMHKODYQtVORåNRXVSRNRMHQRVWLVYODVWQtRVRERX3ĜtYČWLYRVWMHVLFHGRMLVWp PtU\YČFtYROE\DOHYČWãLQRXMGHRYUR]HQêSRYDKRYêU\V /DVNDYRVWSURGOXåXMHåLYRW 6WHMQê]GURMSURNi]DOLGDOãtQHXYČĜLWHOQRXYêKRGXODVNDYpKRFKRYiQt7LNGRþDVWČMLSRVN\WRYDOLGUXKêPSUDNWLFNRXSRPRF SĜLGUåHOLGYHĜHSRPRKOLVNRþiUNHPY]DOLWČåNRXWDãNXPČOLQLåãtUL]LNRåHGRSČWLOHW]HPĜRXQHåWLNGRWRQHGČODOL =DMtPDYpMHåHWLNGRSRPRFMHQSĜLMtPDOLVLUL]LNR~PUWtQHVQtåLOL 3ĜtYČWLYRVWY\OHSãtPR]HN 1HMHQ åH VHMDNR SĜtMHPQt OLGp FtWtPH OpSH DOH SR]LWLYQt YOLY ]D]QDPHQi L Qiã PR]HN 9ê]NXP QD 8QLYHUVLW\ RI 0LFKLJDQ SURNi]DO åH SĜLODVNDYpP FKRYiQt VH Y PR]NX Y\WYiĜHMt QRYi VSRMHQt NWHUi SRVLOXMt SRFLW\ SRKRG\ D ]iURYHĖ L SĜLUR]HQp SURXGČQtHQGRUILQĤDGDOãtFKKRUPRQĤãWČVWtDGREUpQiODG\ =PČQČQiFKHPLHYPR]NXSDNSĜLVStYiNGORXKRGREp åLYRWQt VSRNRMHQRVWL 8ãHWĜHWH]DGURJ\SĜtYČWLYRVWDODVNDYRVWNGUXKêPSĤVREtQD FHQWUDVODVWLYPR]NX2SUDYGXY\YROiYiSRFLWãWČVWtDWHQWR SRFLW SĤVREt MHãWČ SR PČVtFL 9 -DSRQVNX ]DVH ]MLVWLOL åH þORYČNX VH Yê]QDPQČ ]Yêãt SRFLW YODVWQtVSRNRMHQRVWL NG\å VL YGXFKX]RSDNXMHVLWXDFHNG\XGČODOQČFRSURGUXKp 9LGtPHVYČWKH]þt ÒVPČYDSĜtYČWLYRVWGRSRUXþXMHGHVHW]GHVHWLSV\FKRORJĤNG\åQiPUDGtMDNYNDåGpVLWXDFLGRViKQRXWVYpKR.G\åMVPH YOtGQt GDOHNR VStã VH GRþNiPH VWHMQpKR SĜtVWXSX 9ê]NXP\YČGFĤ ]MLVWLO\ åH SR]LWLYQt YLEUDFH ]SĤVREt L IDNW NG\ VH QDSRPRFMHGQRKRþORYČNDGUXKpPXMHQGtYiPH=OHSãtWRQDãHYQtPiQtVYČWDWDNåHMVPHSDNLP\VDPLRFKRWQČMãtXGČODW QČFRSURGUXKp,NG\E\QiVYHGODMHQVREHFNiQDGČMHåHVHQiPWRYUiWt0LPRĜiGQČYê]QDPQêPU\VHPODVNDYRVWLWRWLåMHåH VHãtĜtLQVSLUXMHNREGREQpPXFKRYiQtLGUXKp 3ĜtYČWLYRVWMHQDNDåOLYi /DVNDYRVWMHVLFHVNXWHþQČRWi]NRXYROE\DOHEêWKRGQêNGUXKêPWRWLå]QDPHQiSURVStYDWYODVWQtPXMiýORYČNVLWDN]OHSãt PR]HN L QiODGX ]PČQt QDVWDYHQt P\VOL D QDMGH OHSãt Y]WDK QHMHQ N GUXKêP DOHSĜHGHYãtP ViP N VREČ $ KODYQČ MGH ML SURYR]RYDWNG\NROLYDNGHNROLY$QDYtFQLFQHVWRMt =GURMKWWS]HQDFHQWUXPF] 6WUDQDFHONHP =GUDYt -DNRGVWUDQLWNOtãWČVSUiYQČDEH]UL]LND" 6H]RQD NOtãĢDW MH Y SOQpP SURXGX 9tWH FR GČODW VH ]DNRXVQXWêP SDUD]LWHP" -Lå SĜL VDPRWQpP RGVWUDQČQt NOtãWČWH PĤåHWH UL]LNRQiND]\VQtåLWVSUiYQêPSRVWXSHP 9 SUYQt ĜDGČ VL PXVtPH XYČGRPLW åH NDåGp NOtãWČ MH SRWHQFLiOQt LQIHNþQt PDWHULiO 3RGOH WRKR E\FKRP V QtP PČOL WDNp ]DFKi]HW äiGQp ÄPD]OHQt³ D SRWtUiQt NUpPHP åiGQp UR]PDþNiYiQt PH]L QHKW\ 3ĜHG Y\WDKRYiQtP NOtãWČWH VL QDYOpNQČWH UXNDYLFHDSRVWXS]DKDMWHLXNRQþHWHãWČGURXGiYNRXGH]LQIHNFH 6SUiYQêSRVWXSSĜLRGVWUDĖRYiQtNOtãWČWH 3URKOpGQČWHVHSHþOLYČSURKOpGQČWHFHOpWČOR0H]LþDVWiPtVWDSĜLFK\FHQtNOtãĢDWSDWĜtSRGNROHQQtMDPNDWĜtVODSRGSDåt ]DXãLPDDXGČWtWDNpYODVDWiþiVWKODY\ &R EXGHWH SRWĜHERYDW SRNXG MVWH VNXWHþQČ REMHYLOL NOtãWČ SĜLSUDYWH VL SRPĤFN\ N MHKR RGVWUDQČQt 3RWĜHERYDW EXGHWH UXNDYLFH GH]LQIHNþQt UR]WRN D SLQ]HWX 9 SĜtSDGČ QRX]H Y SĜtURGČ MH PRåQp NOtãWČ RGVWUDQLW MHQ Y\WiþHQtP SUVW\ EH]MDNêFKNROLSRPĤFHN3URWRåHVHYãDN]Y\ãXMHUL]LNRLQIHNFHSĜLVWRXStPHQDWXWRPRåQRVWMHQYNUDMQtVLWXDFL2GVWUDQČQt NOtãWČWHE\FKRPQDGUXKRXVWUDQXQHPČOL]E\WHþQČRGNOiGDWSURWRåHVGRERXSĜLViWtVHWDNp]Y\ãXMHUL]LNRQiND]\ -DN VSUiYQČ RGVWUDQLW NOtãWČ QDWiKQČWH VL UXNDYLFH D PtVWR SĜLViWt GH]LQILNXMWH 3DN SRPRFt SLQ]HW\ NêYHMWH NOtãWČWHP RSDWUQČ]HVWUDQ\QDVWUDQX3RFKYtOLVHNOtãWČXYROQt3RY\MPXWtNOtãWČWHPtVWRRSČWGH]LQILNXMWH .G\åVHNOtãWČQHSRGDĜtY\QGDWFHOpYSĜtSDGČåHVHNOtãWČSĜHWUKQHDSĜHGQtþiVW]ĤVWDQHYUiQČY\KOHGHMWHOpNDĜH -DNEH]SHþQČ]OLNYLGRYDWNOtãWČSĜHGPRåQRXLQIHNFtVHFKUDĖWHUXNDYLFHPL.OtãWČYKRćWHGR]iFKRGRYpPtV\QHERKR ]DEDOWHGRNRXVNXSDStUXDVSDOWH9åiGQpPSĜtSDGČNOtãWČQHGUĢWHQHPDþNHMWHQHERQHãWtSHMWHPH]LQHKW\ 6OHGXMWHPtVWRSĜLViWtYQiVOHGXMtFtFKWĜHFKWêGQHFKVOHGXMWHPtVWRSĜLViWtNOtãWČWH0DOiþHUYHQiVNYUQNDMHQRUPiOQtDOH SRNXGVH]DþQH]YČWãRYDWQHERXSURVWĜHGY\EOHGQHY\KOHGHMWHFRQHMGĜtYHOpNDĜH =GURMKWWSZZZGDPDF] &RY\OpþtRE\þHMQiYRGD]NRKRXWNX 6WDþt VH KRGLQNX SRYDORYDW YH YDQČ D VWDURVWL ]PL]t Y RGWRNX.RXSHO RVYČåtQD GXFKX L QD WČOH .RQHF NRQFĤ ]DWtPWRFtOHPVHMH]GtGROi]QtUH]RUWĤDVSDKRWHOĤ 3RGREQêHIHNWPĤåHWHGRViKQRXWLGRPDYSRKRGOtYODVWQtNRXSHOQ\=NDåGpKRNRKRXWNXWRWLåWHþH]i]UDN±YRGD2E\þHMQi YRGD" ĜHNQHWH VL PRåQi SRFK\ERYDþQČ $OH MH WR WDN 6DPR]ĜHMPČ OpþLYp YRG\ ] Oi]HĖVNêFK SUDPHQĤ PDMt VYp VSHFLILFNp ~þLQN\DOHOpþtSRPiKiDUHOD[XMHLWDNWHURXPiWHGRPD .XG\WHþHWXG\Opþt 9SRVOHGQtFKOHWHFK VH QHMYtFSĜLSRPtQiGĤOHåLWRVWGRVWDWHþQpKRSLWt QHMOpSH YRG\EH]RFKXFHQt SURK\GUDWDFLDXGUåHQt ]GUDYt 6WHMQČ SURVSČãQi MDNR ]HYQLWĜ MH YãDN YRGD L SĜL YQČMãtP SRXåLWt 2ENODG\ RPêYiQt NRXSHOH D ]iEDO\ XOHYXMt RGPQRKDSRWtåtDPQRKpWDNpGRVORYDOpþt 6WXGHQê RENODG QD þHOR SĜL EROHQt KODY\ QD SRGYUNQXWê NRWQtN WHSOê QD QDWDåHQp ãODFK\ ]iEDO SURWL KRUHþFH OpþLYp VFKRSQRVWLYRG\Y\XåtYiPHGRFHODEČåQČ8OHYXMHRGEROHVWLRVYČåtSRPiKi]NOLGQLWDUHOD[RYDW]Y\ãXMHUDGRVW]HåLYRWD 3ĤVREtSURWLNĜHþRYêPåtOiPXOHYXMHDOpþtSĜLXFSiYiQtFpYGROQtFKNRQþHWLQSĜLDUWHULRVNOHUy]H .GHYãXGHQiPPĤåHYRGROpþEDSRPRFL" 3RK\ERYêDSDUiW 9RGQt RGSRU D VWĜtGiQt WHSORW\ SURNUYXMH DXYROĖXMH SRPiKi UR]FYLþLW ]WXKOp ãODFK\ 1ČNG\ VWDþt VH SURKĜiW Y WHSOp YDQČ DKQHGRGWXGY\VNRþtWHMDNRNDP]tN-HQSR]RUSĜLEROHVWL]DGWDPWHSOiNRXSHOVStãVWDY]KRUãt .UHYQtREČK 9RGDSRPiKiOHSãtPXSURNUYHQtYãHFKþiVWtWČOD6QtåtVHWDNNUHYQtWODNFRåSURVSČMHVUGFL/HSãtSURNUYHQt]iURYHĖVRXYLVt V KRVSRGDĜHQtP V WHSOHP VWiYiPH VH RWXåLOHMãt =NXVWH VWĜtGDYp NRXSHOH VWXGHQiWHSOi QHER NQHLSSRYiQt -GH R FKR]HQt QDERVRYH YRGČSRNDPtQFtFKGĜHYXD PDViåQtFKURãWHFK3ĤVREtQHMHQSURWLSORFKêP QRKiPDOH GRNiåHWDNp QDVWDUWRYDW LPXQLWQtV\VWpP 'êFKDFtVRXVWDYD 8FKRUREQêFKVWDYĤVSRMHQêFKVH]~åHQtPSUĤGXãHNDOHUJLH]iQČW«YRGDSRPĤåHXYROQLWVHYĜHQt'êFKiQtVHWDN]OHSãt DSURKORXEt ,QKDODFH RENODG\ QHER ]YOKþHQt Y]GXFKX XOHYXMt RG NDãOH DĢ Pi MDNêNROLY SĤYRG 3UDYLGHOQêP RWXåRYiQtP GRViKQHPHY\ããtREUDQ\VFKRSQRVWLWDNåHEXGHPHPpQČQHPRFQt 6WUDQDFHONHP .ĤåH =OHSãXMH MHMt REUDQ\VFKRSQRVW SURNUYHQt D YêåLYX .RXSiQt QHER VYLåQi VSUFKD D þORYČN MH MDNR QRYê1HMHQ þLVWê DOH WDN\PiKODGãtY\SMDWRXSRNRåNXDOHSãtUĤåRYRXEDUYX 1HUYRYiVRXVWDYD 9RGDSĤVREt]HMPpQDQDYHJHWDWLYQtQHUYRYêV\VWpPNWHUêQHQtRYODGDWHOQêYĤOt-HKRSURVWĜHGQLFWYtPGRFKi]tNXYROQČQt NĜHþRYLWêFKVWDKĤDWtPNWOXPHQtEROHVWL,ERODYiKODYDVHXPRXGĜtNG\åMLVWUþtWHSRGOHGRYêSURXG7HNRXFtYRGD~þLQNXMH LQDSV\FKLNXMDNRE\RGSODYLODSUREOpP\ 9RGD0DJLFNêåLYHO 9RGDSDWĜtPH]LþW\ĜLPDJLFNpåLYO\SĜHGVWDYXMHåHQVNêSULQFLSDVYRXSURPČQOLYRVWtDQHXFKRSLWHOQRVWtV\PEROL]XMHHPRFH DFLW\8åRGSUDGiYQDMHSRYDåRYiQD]D]GURMåLYRWD9ČWãLQDQiERåHQVNêFKDILORVRILFNêFKSURXGĤMLSRYDåXMH]DSUYRWQt OiWNX ]H NWHUp VH ]URGLOR YãHFKQR åLYp QD =HPL $ V WtP NRQHF NRQFĤ VRXKODVt L YČGD -VPH VWYRĜHQL ] YRG\ Då ]H =DWtPFREH]MtGODO]HY\GUåHWGORXKREH]YRG\QDVWDQH NRQHFGRQČNROLNDPiORGQt=iOHåtQDSRGPtQNiFKDOHREY\NOHVH ]DGHILQLWLYQtOLPLWR]QDþXMHVHGPGQt/pþLYp~þLQN\YRG\REMHYLOXåSĜHGYtFHQHåOHW\NQČ] 6HEDVWLDQ.QHLSSRQČFR PODGãt VRXþDVQtN QDãHKR SURSDJiWRUD YRGROpþE\ 9LQFHQ]H 3ULHVVQLW]H 3UiYČ SR QČP MH SRMPHQRYiQR YêãH ]PtQČQpNQHLSSRYiQtMHKRYODVWQtY\QiOH] 9RGDDE\OLQN\SURWLVWUHVX 6iP.QHLSSVH X]GUDYLO]HVPUWHOQpWXEHUNXOy]\SRPRFtOHGRYêFK NRXSHOtY'XQDML = WpWRVYp åLYRWQt]NXãHQRVWLY\YLQXO SR]GČMLR]GUDYQêSURJUDPMHKRå]iNODGHPMHYRGQtWHUDSLHSRK\EQD]GUDYpPY]GXFKX]GUDYiYêåLYDXVSRĜiGDQêåLYRWQt VW\O D OpþLYp URVWOLQ\7ČFKWR SČW SLOtĜĤY\OpþLOR ]D.QHLSSRYD åLYRWD GHVHWLWLVtFH OLGt D GDOãt VWRYN\ WLVtF X]GUDYXMH GRGQHV 7HUDSLH]DORåHQiQDSĤVREHQtRE\þHMQpYRG\VHSRYDåXMH]D~þLQQêSURVWĜHGHNQDFHORXĜDGX]GUDYRWQtFKSRWtåtDWDNpQHMOHSãt PHWRGXNY\URYQDQpPXåLYRWXRVYRER]HQpPXRGNDåGRGHQQtKRVWUHVX =GURMKWWS]HQDFHQWUXPF] /HWQtNRNWHMO\ 0RMLWR0DUJDULWD'DLTXLUL3LĖD&RODGD0DQKDWWDQ&XED/LEUHWRMVRXMHQQČNWHUp]PQRKDVODYQêFKNRNWHMOĤNWHUpMVRX NDåGRURþQČ SUiYČ Y OpWČ QHMREOtEHQČMãt =iNODGHP MH Y\VRNi VNOHQLFH QD PtFKiQt ãHMNU SRSĜ PL[pU ãHMNU O]H QDKUDGLW ]DYDĜRYDFtVNOHQLFtVYtþNHPQDGUiWHN &XED/LEUH FOEtOpKRUXPX+DYDQD%DFDUGLFOFRO\QČNROLNNXVĤOLPHWN\OHG 3RVWXS'RY\FKOD]HQpY\VRNpVNOHQLFHKRćWHSiUNRXVNĤOHGX]DOLMWHUXPHPD]E\WHNVNOHQLFHFRORXQHERQDRSDNQHMSUYH FROXDSRWpYHONêSDQiNUXPXDQDNRQHFR]GREWHOLPHWNRX 0RMLWR FOEtOpKRUXPXGOVRG\QHERSHUOLYpPDWWRQN\OLPHWNDQHERãĢiYD]SRORYLQ\OLPHWN\VWRQN\PiW\SHSUQp þDMRYpOåLþN\WĜWLQRYpKRFXNUX 3RVWXS 'R Y\FKOD]HQp ãLURNp VNOHQLFH QHMOpSH W]Y WXPEOHU QDV\SWH WĜWLQRYê FXNU SĜLGHMWH OLPHWNX UR]GUFHQRX PiWX D]DOLMWHVRGRXQHERPDWWRQNRX3RWpSĜLGHMWHUXPQHMOHSãtMHWĜtOHWi+DYDQDOHGD]DPtFKHMWHEUþNHP1HDONRYHU]H0tVWR UXPXVPtFKiPHOLPHWNRYRXãĢiYXVLUXSDVRGXQHERMHGQRGXãH PLQHUiONX0RMLWRþWHQpMDNRPRKLWRþLPRFKLWRSDWĜtPH]L QHMREOtEHQČMãtOHWQtGULQN\ 3LĖD&RODGD FOEtOpKRUXPXFONRNRVRYpKRNUpPXFODQDQDVRYpKRGåXVXVRGD 3RVWXS 3ĜtVDG\ SURWĜHSHMWH Y ãHMNUX QDOLMWH GR VNOHQLFH QHMOpSH YHONê WXPEOHU D ]DOLMWH VRGRX -DNR R]GRED VH SRXåtYi NRXVHNDQDQDVXQHERSRPHUDQþHDNRNWHMORYiWĜHãQLþND-LQpYDULDFHSRXåtYDMtMDNRLQJUHGLHQFHLNRNRVRYêOLNpUQHERGåXV SRSĜSRPHUDQþRYêGåXVDVPHWDQXWXSRXåLMHPHLSURQHDONRYHU]L 6H[RQWKH%HDFK FOYRGN\FOEURVNYRYpKROLNpUXFOSRPHUDQþRYpKRGåXVXFOEUXVLQNRYpKRGåXVX 3RVWXS 3ĜLSUDYXMWH YH Y\ããt Xåãt VNOHQLFL QHMOpSH GFO YãH VPtFKHMWH D R]GREWH SDStURYêP VOXQHþQtNHP 1H]DSRPHĖWH QDPtFKiWNRDEUþNR1HDONRYHU]H6PtFKHMWHQČNROLNGUXKĤGåXVĤQDSĜtNODGEUXVLQNRYêDQDQDVRYêDEURVNYRYê 7HTXLOD6XQULVH FOWHTXLO\FO*UHQDGLQ\VLUXS]JUDQiWRYêFKMDEOHNSRPHUDQþRYêGåXVQDGROLWt 3RVWXS'RY\FKOD]HQpVNOHQLFHQDOLMWHWHTXLOXDGåXV]DPtFKHMWH*UHQDGLQXQHFKWHVNORX]QRXWSRGpOVWČQ\VNOHQLFHXVDGtVH QDGQČDSDNGULQNHPSR]YROQDSURVWRXSt2]GREWHSOiWNHPSRPHUDQþH 6WUDQDFHONHP 0HORXQRYiOLPRQiGD KUQN\QDNRVWLþN\QDNUiMHQpKREH]SHFNRYpKRPHORXQXKUQNXWĜWLQRYpKRFXNUXOVWXGHQpYRG\PĤåHEêWLSHUOLYi 3RVWXS0HORXQDFXNUYKRćWHGRPL[pUXDUR]PL[XMWHGRKODGND3ĜLSUDYHQRXVPČVQDOLMWHGRGåEiQNXDSĜLGHMWHVWXGHQRX YRGX/LPRQiGXQHFKWHY\FKODGLWDVHUYtUXMWHVOHGHP 0HORXQRYiOHGRYiWĜtãĢVOLPHWNRX 1DGULQN\SRWĜHEXMHWHJPHORXQXPOVLOQpKRþDMHGOSRPHUDQþRYpãĢiY\OLPHWNXDSRGOHFKXWLWĜWLQRYêFXNU 3RVWXS 6 SĜtSUDYRX MH GREUp ]DþtW GHQ SĜHGHP 1HMGĜtY VL XYDĜWH VLOQê þDM SRGOH FKXWL PĤåHWH SRXåtW QČNWHUê þHUQê þDM EiMHþQČVHWDNpKRGtWĜHEDURRLERV1HFKWHKRY\FKODGQRXWQDOLMWHKRGRWYRĜtWHNQDOHGDGHMWH]PU]QRXW.G\åMVRXNRVWN\ RSUDYGX ~SOQČ ]PU]Op YORåWH MH GR PL[pUX YKRGQpKR L QD OHG SĜLGHMWH QD NRXVN\ QDNUiMHQê PHORXQ D UR]PL[XMWH QD WĜtãĢ 7XSDN QDOLMWH GR GåEiQX V QDNUiMHQRX OLPHWNRX GRVODćWH D SRGOH FKXWL GROLMWH þHUVWYRX SRPHUDQþRYRX ãĢiYRX QHER IUHVK GåXVHP$SRNXGEXGRXStWMHQGRVSČOtSĜLGHMWHNOLGQČEtOêNXEiQVNêUXP /HWQtFLWURQiGD YHONpFLWURQ\FKHPLFN\QHRãHWĜHQpௗPOSHUOLYpQHERQHSHUOLYpYRG\ௗJNUXSLFRYpKRFXNUXQČNROLNNRVWHNOHGX 3RVWXS âĢiYX DNĤUX ]H YHONêFK FLWURQĤ ]DOLMWH ௗPO SHUOLYp QHER QHSHUOLYp YRG\ 3ĜLV\SWH ௗJ NUXSLFRYpKR FXNUX DPtFKHMWHGRNXGVH QHUR]SXVWt9]QLNORXVPČVUR]OLMWHGRVNOHQLFVQČNROLNDNRVWNDPLOHGX 'RVSČOtVLPRKRXSĜLGDWMHãWČ WURFKXJLQXQHERYRGN\ =GURMLQWHUQHW -HãWČQČMDNpW\EDEVNpUDG\« 'REUpUDG\QDNDåGêGHQ 3RãNUiEDQp'9'D&' 3RNXG MVRX YDãH &' QHER '9' ]H VSRGX SRãNUiEDQp QHQDþtWDMt VH QHER SĜHVNDNXMt ]NXVWH QDQpVW QD MHPQê YOKNê KDGĜtN PDOpPQRåVWYt]XEQtSDVW\DVLRYHOLNRVWLPDOpKRKUiãNX7tP&'QHER'9'Y\OHãWČWHRSDWUQČXWĜHWHþLVWêPYOKNêPKDGUHP DQHFKWHXVXãLWSDNWHSUYH]NXVWHYORåLWGRSĜHKUiYDþH 6ĤOQDEtOp]iFORQ\ =iFORQ\U\FKOHåORXWQRXNG\åVHYE\WČNRXĜtNYĤOLYHQNRYQtPHPLVtPDSUDFKX9\SUDWMHGREČODMHREWtåQp$E\VHYiPWR SRYHGOR QDPRþWH MH DOHVSRĖ GYČ KRGLQ\ SĜHG SUDQtP GR KRGQČ RVROHQp YRG\ 3DN MH Y\SHUWH EČåQêP ]SĤVREHP $å MH SRYČVtWHQDRNQDEXGRXEtOp $YLYiåGRVNĜtQČ 1DOLMWHGR~]NpODKYLþN\DYLYiåDSRVWDYWHMtRWHYĜHQRXGRURKXYãDWQtVNĜtQL'REĜHMtDOH]DMLVWČWHWĜHEDL]ROHSRXDE\ VH QHY\OLOD.UiVQČRVYČåtFHORXVNĜtĖDSUiGOREXGHNUiVQČYRQČW 3RVROHQpVYtþN\ 1Hå]DSiOtWHNQRWQHMSUYHVYtþN\GHMWHQDQČNROLNKRGLQGRKRGQČRVROHQpYRG\3RWRPMHQHFKWHRVFKQRXWQHRWtUDW1HEXGH ]QLFKNDSDWYRVN$SRNXGQDYtFUR]HKĜiWêYRVNRNRORNQRWXQDKRĜtFtVYtþFHSRVROtWHY\GUåtVYtWLWGYDNUiWWDNGORXKR &LEXOHSURWLNDãOL 3RPRFtGRPiFtFK]GURMĤVHQHMU\FKOHML]EDYtWHNDãOHGtN\FLEXORYpPXþDML'RKUQFHGHMWHYRGXDVLSĤOOLWUXDDå]DþQHYĜtW YKRćWHGRQtFLEXOL1HVPtEêWRORXSDQiMHQRGĜt]QČWH]E\WHNQDWČDNRĜHQ1DPtUQpPRKQLSRYDĜWHDVLPLQXW3DNVFHćWH GRY]QLNOpKRþDMHSĜLGHMWHQČNROLNOåLþHNPHGXDFLWUyQRYRXãĢiYX2FKXFHQtP]WUDWtYêYDUþiVWFLEXORYpKRSDFKX3LMWH GQ\NDåGêGHQLGHiOQČOLWU\.DãHOEU]\]PL]t«3RSRYDĜHQtFLEXOH VH GRKUQFH SRY\SQXWt PĤåHSĜLKRGLWOLSRYêNYČW þHUQêEH]GLYL]QDDPDWHĜtGRXãND2YRQtWXFLEXOL3RGHVHWLPLQXWiFKVFHGLW 9RĖDYiPLNURYOQND 0LNURYOQRXWURXEXSRNDåGpPSRXåLWtY\WĜHWHYOKNêPKDGĜtNHP1HåiGRXFtFKSDFKĤXYQLWĜVH]EDYtWHWtPNG\åGRSĜtVWURMH SRVWDYtWHPtVXWDOtĜVKRUNRXYRGRXDSOiWNHPFLWUyQX7URXEX]DSQČWHDRKĜtYHMWHGRWpGRE\QHåVHXWYRĜtSiUD3DNYQLWĜHN Y\WĜHWHGRVXFKD ýLãWČQtRGSDGXYHGĜH]X 'RGĜH]XQDV\SDWMHGORXVRGXQHER N\SĜtFtSUiãHNGRSHþLYDD]DOtWRFWHP&KYtOLWR EXEOiDNUiVQČWRUR]SXVWt PDVWQRWX YRGSDGX %DQiQQDQHVSDYRVW -HVWOLåHWUStWHQHVSDYRVWtWDN]NXVWHDVLSĤOKRGLQ\SĜHGVSDQtPVQtVWEDQiQ\D]DStWWRYODåQêPPOpNHP2EČLQJUHGLHQFH PĤåHWHVSROHþQČLUR]PL[RYDW7HQWRNRNWHMOPiRVYČGþHQê~þLQHN3R]RUIXQJRYDWEXGHDOHMHQYWRPSĜtSDGČNG\åGRQČM QHEXGHWHSĜLGiYDWFXNU %H]SHþQČQDKĜHEtN 3RNXG PiWH REDY\ åH VH SĜL ]DWORXNiQt KĜHEtNX ]UDQtWH SRXåLMWH RE\þHMQê KĜHEHQ +ĜHEtN ]DVXĖWH PH]L ]RXEN\ D GUåWH ]DUXNRMHĢ3DNXåSĜLWORXNHMWHEH]REDYRVYĤMSDOHFþLXND]RYiþHN /RXSiQtþHVQHNX .G\åGiWHþHVQHNQDFKYtOLGRPUD]iNXXYLGtWHMDNVQDGQRVHSRWRPRORXSH$MHVWOLYiPSRMtGOHEXGHSiFKQRXW]~VWVWDþt UR]åYêNDWWĜL]UQNDNiY\DPiWHSRSUREOpPX 6WUDQDFHONHP /HVNOp]UFDGOR $E\VWH V MHKR OHãWČQtP PČOL PpQČ SUiFH QDPRþWH KDGU GR VLOQpKR þHUQpKR þDMH QHVOD]HQpKR Y\åGtPHMWH KR D ]UFDGOR SĜHOHãWČWH1HMHQåH]PL]tYãHFKQ\QHþLVWRW\DOH]UFDGORVHEXGHEOêVNDWMDNRQRYp 6RODP\OQDVNYUQ\ 3RNXG VH YiP REMHYt VNYUQD RG NiY\ QD XEUXVH LKQHG Mt KRMQČ SRV\SWH 6RODP\OHP âNURERYi PRXþND GR VHEH QDViNQH YãHFKQXãStQX3DNXEUXVY\SHUWHEČåQêP]SĤVREHP &LWURQ]DåHQHSDFK\ 3ĜHGHYãtP GĜHYČQi QHER XPČORKPRWQi SUNpQND QD PDVR DOH WDNp SODVWRYp QiGREt VQDGQR D GORXKRGREČ SĜHMtPi SDFK U\E FLEXOH D MLQêFK DURPDWLFNêFK VXURYLQ NWHUp SRXåtYiWH Y NXFK\QL 1HSĜtMHPQp YĤQČ VH ]EDYtWH NG\å MH QČNROLNUiW SRWĜHWH UR]SĤOHQêPQHERY\PDþNDQêPFLWURQHP 3RNUDþRYiQtSĜtãWČ=GURMLQWHUQHW 9ãHFKQ\UDG\YH]SUDYRGDMtFKMVRXEH]]iUXN\EHUWHMHVUH]HUYRX.DåGêMHVWUĤMFHPVYpKRãWČVWtDVYpKR]GUDYt 3ĜLY\XåtYiQtOpþLYêFK~þLQNĤURVWOLQDGDOãtFKSRWUDYLQVHYåG\QHMGĜtYHSRUDćWHVOpNDĜHP 6ORYRãpIUHGDNWRU\QD]iYČU .UiVQpOpWRDGRYROHQRX 7RMHSĜiQtNWHUpSURYiVPiPHQD]iYČUQDãHKROHWQtKRþWHQt'ČWLDĢVLXåLMtSUi]GQLQ\XEDELþHNQDWiERUHFKþLXPRĜH URGLþĤPSĜHMHPHSRKRGXDE\MLPVOXQtþNRGRGDORQRYpVtO\ $YtWHNGHVHY]DO\SUi]GQLQ\" 2 SUi]GQLQiFK VH POXYLOR Xå Y GREiFK .RPHQVNpKR =DYHGOD MH 0DULH 7HUH]LH VSROX V SRYLQQRX ãNROQt GRFKi]NRX 'ĜtYH EêYDO\Y]iĜtDYĜtMQX2SĜHVXQXQDOpWRUR]KRGOFtVDĜ-RVHI,,1DĜt]HQtP]HGQHNYČWQD3RSUYpKODYQtSUi]GQLQ\ ]DþDO\YþHUYHQFLYURFH $QDNRQHFPDORXEiVQLþNXQDGREURXQiODGXSURW\NWHĜtYOpWČVYĤMYROQêþDVWUiYtSČVWRYiQtPSORGLQYãHKRGUXKX«WDNDĢ VHYiPY\GDĜtQHMHQW\EUDPERU\ 'DJPDU+RQVQHMPDQRYiWDNpNQLKRYQLFHDNURQLNiĜND 0DQGHOLQND %UDPERURYiPDQGHOLQNDYHGQHNRXãHYQRFLVSLQNi /H]HKELWČSRQDWLSRVWĜLNQDQLQHSODWt -HQRPFKYtOLPDURGtSDNVH]QRYXQDURGt 9ČGFĤP]WRKRYKODYiFKFLQNi Y\KUDMH]DVPDQGHOLQND" 3OHYHOWHQMtSRPiKiDĢVHþORYČNQDPiKi &KWČOE\FKDE\NRQHFE\ODE\FKVHWXQHSRWLO 6OXQFHSiOtMDNRSHFXåVHWČãtPQDNRQHF -HGLQČNGR]YtWČ]tMVRXNRURSWYLþN\QDPH]L 3DYHO9iYUDVW $MHGQDGREUiUDGD .DåGpUiQRVQČ]WHåiEX1LFKRUãtKRXåYiVWHQGHQQHSRWNi«0DUN7ZDLQ &LWiW\N]DP\ãOHQt« 8åMVPHVHQČMDNVPtĜLOLVWtPåHMHVSUDYHGOQRVWVOHSi0QRKG\WRDOHY\SDGiåHRQDMHQDYtFLKOXFKi/HFK3U]HF]HN =GURMKWWSFLWDW\QHW 0RNHUVNê]SUDYRGDMY\GiYi 2EHF0RNUp âpIUHGDNWRUNDWH[W\DJUDILND'DJPDU+RQVQHMPDQRYi 'HQY\GiQt 5HGDNFH 7HOHIRQ 7LVN5HJHUHNODPD1iGUDåQt .QLKRYQD80RNĜLQN\ $XWRĜLRVWDWQtFKSĜtVSČYNĤD]GURMHMVRXXYHGHQ\SRGþOiQN\ 2SRþQR 0RNUpþS )RWRJUDILH DUFKLY NURQLN\ REFH SĜtSDGQt RVWDWQt DXWRĜL MVRX .RQWDNW ýHVNp0H]LĜtþt XYHGHQL]YOiãĢ 1iNODGNV 3HULRGLFLWDY\GiYiQt ýtVOR]SUDYRGDMH (YLGHQþQtþtVOR0.ý5( QHSUDYLGHOQȱ[URþQČ 6SLV]Q$ 3URRE\YDWHOH0RNUpKR]GDUPD (PDLOQD]DVtOiQtSĜtVSČYNĤNURQLNDPRNUH#VH]QDPF] (OHNWURQLFNê]SUDYRGDMZZZREHFPRNUHF]]SUDYRGDMDDUFKLYZZZREHFPRNUHF]QHSUDYLGHOQ\B]SUDYRGDM 9\GDYDWHO QHRGSRYtGi ]D VW\OL]DFL SĜtVSČYNĤ ]DWLVNRYp D SUDYRSLVQp FK\E\ =D REVDK þOiQNĤ SOQČ ]RGSRYtGDMt MHMLFK DXWRĜL DMHMLFK Qi]RU\ QHPXVt Y\MDGĜRYDWSRVWRMY\GDYDWHOH9ãHFKQ\]SUiY\MVRXYVRXODGXVH]iN6E'REURYROQtNĤPGČNXMHPH]DUR]QiãNXYREFL 6WUDQDFHONHP 6WUDQDFHONHP 6WUDQDFHONHP
Podobné dokumenty
Zpravodaj zima 2015
9U-DQ)DELiQVPDQåHONRX$QQRXUR]HQRX +RODQFRYRX ] -DVHQQp RGNRXSLO RG K6HLGO0LURVODYK+XEiþHN-RVHI NRXSLOD¿UPD3=3.RPSOHWDV
SDQD /DGLVODYD ...
NP8 - Naše Praha 8
.RPELQRYDQiVSRWijHEDDHPLVH&22±ONP±JNP
3ODWtSURY\EUDQpSURGXNW\ùQDQFRYiQt23(/)LQDQFH9tFHQDZZZRSHOF]
'YRXOHWiYéUREQt]iNRQQi]iUXNDDGiOHWijtOHWiVPOXYQt...
Libinské noviny 46/2010
REGUåHWGRWDFLYHYêãLDWpPČĜPLO.þVLQDQLEXGHPHPXVHW
SĤMþLWSRQČYDGåYUR]SRþWXREFHMLåW\WRSURVWĜHGN\QHPiPH9]KOHGHPNQXWQRVWLGR¿QDQFRYiQtYêãHMPHQRYDQêFKDNFtMVRXYOHWRã...
Zpravodaj obcí Mikroregionu ýERNILOVSKO 2/2009
NRĖVNRX VWH]NX SĜHV QČNWHUp REHFQt
SR]HPN\ 2EHFQt ]DVWXSLWHOVWYR VH
N WRPXWR ]iPČUX QHVWDYt ]DPtWDYČ
DOH ]DWtP QHPi GRVWDWHN LQIRUPDFt R
SOiQRYDQpP SURMHNWX = WRKRWR...
jmenný sezn$m uch$zečů v učebně - Gymnázium Zlín
60,/.29È6iUD
60é.$/29È.DWND
62%27Ë.29È7HUH]D
62/$ě29È.DWHĜLQD
629-È.29È.DUHQ
63,1(//$$QQD/LQD
6752+%$&+29È1LNRO
6=3$.0D[LP
Historie ıkoly v Úıtěku - Základní škola Aloise Klára Úštěk
YHONRXþiVWPVWD~SOQ]QLþHQD-LåQiVOHGXMtFtKRURNXSLNURþLODREHFNYêVWDYEGDOãtãNRO\.
WRPXWR ~þHOX YQRYDOR -HKR 9HOLþHQVWYR FtVD )HUGLQDQG , =O&0 VUSQD S...
Sportovní výživa
6ĤODY\VRNêNUHYQtWODN
9\VRNêNUHYQtWODNK\SHUWHQ]H± QRUPiOQtWODNMHQD DSĜHNURþtOL
MHGQiVHRY\VRNêWODN
6ĤOMHVORXþHQLQDVRGtNXDFKORUX6RGtNSRPiKiSĜLXGUå...
Miroslavský zpravodaj 4/2015
6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD
50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt
50EHUHQDYČGRPtYêVOHGN\SUĤ]NXPXWUKX±SĜtSDGQiYêVWDYEDE\WRYêFKMHGQRWHNYHPČVWČ
0...