6
Ȼɭɞɭɳɟɟɩɪɢɯɨɞɢɬɜɞɨɦ
*NUOQMAWI\IHDOSOCISFL\
ODAQANSIJNOMIRFQCIRNOMOBRLTGICANII
1QIFMHA\COKNAQFMONSCD.ORKCF
1QIFMHA\COKNAQFMONSCD3ANKS1FSFQBTQDF
"EQFRAI SFLFUONYACSOQIHOCANNYVRFQCIRNYV WFNSQOCPQICFEFNY NAOBOQOSF ASAKGF
CINSFQNFSF!!!
2FKOMFNETFM$AMPOLZHOCASZR\TRLTDAMISOLZKOACSOQIHOCANNYVRFQCIRNYVWFNSQOC
5HNAJSFBOLZXFOBOQIDINALZNYVAKRFRRTAQAVIRQFERSCAVPOTVOETEL\$AXFJBYSOCOJSFVNIKI
CINSFQNFSF!!!
/IFGMJG
2PFGM^
+BOOBaJOVPRNBXJaRBSQRPSTRBOaGTSaOBNBM]GC]TPD]GQRJCPR]TPDBROPEPIOBLB !"
9DBHBGN]GFBN]JEPSQPFBSPPC[BGN)BNYTPOBZBQRPFULXJaSPPTDGTSTDUGTTRGCPDB
OJaN8GWOJYGSLPEP6GEMBNGOTBPCGIPQBSOPSTJOJILPDPM^TOPEPPCPRUFPDBOJa%:.PT
7PPTDGTSTDJGRGEMBNGOTUQPFTDGRHFBGTSaSGRTJVJLBTBNJJNBRLJRPDLPKQRP
FULXJJIOBLPNPCRB[GOJaOBR]OLG5RPFULXJaNBRLJRUGTSaIOBLPNPCRB[GOJaOBR]OLG
OBTJQPDPKTBCMJYLGJJMJOBUQBLPDLGBTBLHGDSPQRPDPFJTGM^OPKFPLUNGOTBXJJ
/OVPRNBXJ`QPSGRTJVJLBXJJOBZJWQRJCPRPDBTBLHGFBOO]GPOPNGRGSGRTJVJLBTBSPPTDGTSTDJaJ
SRPLGGEPFGKSTDJa)]NPHGTGQPMUYJT^D444$(7;(]TPDBaTGWOJLB&
3BZB QRPFULXJa QRPJIDGFGOB QPF LPOTRPMGNTRBOSOBXJPOBM^OPK LPRQPRBXJJ $(7; (PZ UOF7JNGOS
;BUSEGRGTG*NC;&BFRGSZTBCLDBRTJR]2`OWGO0BRM)GRJ>TRBSSG*GRNBOJa
4REBOJIBXJGK UQPMOPNPYGOOPK JIEPTPDJTGMGNOBPSOPDBOJJ FPEPDPRB S OJN aDMaGTSa 444$(7;
(]TPDBaTGWOJLB&BFRGS 2PSLDB UM2BMBa 0BMUHSLBa F STRTGM
VBLS
4CaIBTGM^O]GSDGFGOJaP TGWOJYGSLJW WBRBLTGRJSTJLBWQRJCPRB QRJDGFGO] OBTJQPDPK TBCMJYLG
QRJCPRBJMJOBGEP_TJLGTLGJJMJDSPQRPDPFJTGM^OPKFPLUNGOTBXJJ
"KRFRRTAQYIRQFERSCAPOTVOET
+MaCGIUQRGYOPEPVUOLXJPOJRPDBOJa)BZGKTGWOJLJJUWPFBIBOGKQRPJIDPFJTGM^RGLPNGOFUGTJSQPM^
IPDBT^TPM^LPPRJEJOBM^O]GBLSGSSUBR]JSRGFSTDB QP UWPFU4RJEJOBM^O]GBLSGSSUBR]RBIRBCPTBO]
QRPJIDPFJTGMGNPOJ JFGBM^OP QPFWPFaTJNGOOPFMa )BZGEP QRJCPRB 4RJEJOBM^O]G BLSGSSUBR] J
SRGFSTDBQPUWPFUSPPTDGTSTDU`TSBN]ND]SPLJNTRGCPDBOJaNLBYGSTDBTPDBROPEPIOBLB !"POJ
QRPWPFaTIBDPFSLJGJSQ]TBOJaFMaPCGSQGYGOJaNBLSJNBM^OPKOBFGHOPSTJDRBCPTG
5PDSGNDPQRPSBNSDaIBOO]NSBLSGSSUBRBNJJSRGFSTDBNJQPUWPFUFMa)BZGKC]TPDPKTGWOJLJ)]
NPHGTGPCRBTJT^SaDBDTPRJIPDBOO]GSGRDJSO]GXGOTR]QGRGYJSMGOO]GOBPCPRPTG
%AQANSI\IHDOSOCISFL\
:JRNBJIEPTPDJTGM^QRGFPSTBDMaGTOBQRJPCRGTGOO]K)BNJC]TPDPKQRJCPREBRBOTJ`DSPPTDGTSTDJJS
FGKSTDU`[JNIBLPOPFBTGM^STDPN6:PIB[JTGQRBDQPTRGCJTGMGKSRPLPNDOE
5UOLT] IBQPMOa`TSa TPM^LP D
SMUYBGGSMJ_TJFBOO]GOGSPFGRHBT
SaDFPLUNGOTBWPQPLUQLGJIFGMJa
LBSSPD]KYGL JJMJ TPDBRO]KYGL
TPDBROBaOBLMBFOBa
$NIMANIF$AGNA\INUOQMAWI\EL\POSQFBISFLFJ
+BOO]KQRJCPRQRGFOBIOBYGOFMaJSQPM^IPDBOJaJSLM`YJTGM^OPFMaMJYO]WSGNGKO]W FPNBZOJWJ
JO]WOUHFOGSDaIBOO]WSPSU[GSTDMGOJGNQRGFQRJOJNBTGM^SLPKFGaTGM^OPSTJMJCPUFPDMGTDPRGOJGN
C]TPD]WQPTRGCOPSTGKDPVJSGQRGFQRJaTJaUYRGHFGOJaJMJPREBOJIBXJJ/SQPM^IPDBOJGQRJCPRBD
XGMaWPTMJYO]WPTD]ZGULBIBOO]WaDMaGTSaOBRUZGOJGNQRBDJMOBFMGHB[GK_LSQMUBTBXJJQRJCPRB
3BMJYJGVJRNGOOPKIBDPFSLPKTJQPDPKTBCMJYLJOBQRJCPRGPCaIBTGM^OP5PHBMUKSTBUCGFJTGS^DGG
OBMJYJJJSPWRBOJTGGGOBQRJCPRGDTGYGOJGDSGEPSRPLBSMUHC]QRJCPRB9FBMGOJGTBCMJYLJDGFGTL
PCGIMJYGOJ`QRJCPRBJLDPINPHO]NOBRUZGOJaNQRBDJMGEP_LSQMUBTBXJJ
/IEPTPDJTGM^OGOGSGTPTDGTSTDGOOPST^IBOGFPSTBTLJDQRJCPRGGSMJSGRDJSOPKSMUHCPKCUFGTFPLBIBOP
YTPPOJDPIOJLMJQPSMGQGRGFBYJQRJCPRBQPTRGCJTGM`DSMGFSTDJGOBRUZGOJaJNQRBDJMQPM^IPDBOJa
TRBOSQPRTJRPDLJWRBOGOJaFGKSTDJKTRGT^JWMJXOGQRGPFPMJNPKSJM]QPHBRBQRJRPFOPKLBTBSTRPV]
JTQQPQBFBOJaC]TPD]WOBSGLPN]WJER]IUOPDDPIFGKSTDJa JO]WQPSTPRPOOJW VBLTPRPDBTBLHG
DSMGFSTDJGSU[GSTDGOO]WOBRUZGOJKTGWOJYGSLJWTRGCPDBOJKPEPDPRGOO]WDJOSTRULXJJQP_LSQMUBTB
XJJDTPNYJSMGOGSTBCJM^OPSTJQBRBNGTRPD_MGLTRPSGTJUSTBOPDMGOO]W*478
+MaQPFTDGRHFGOJaFBT]QPLUQLJQRJCPRBQRJEBRBOTJKOPNRGNPOTGJMJQRGF\aDMGOJJJO]WQRGFUSNPT
RGOO]WIBLPOPNTRGCPDBOJKUCGFJTGM^OPQRPSJN)BSSPWRBOaT^FPLUNGOT]PQPLUQLGYGLLDJTBOXJ`
JO]GFPLUNGOT]QPFTDGRHFB`[JGFBTUJNGSTPQPLUQLJ
7PCM`FGOJGRGLPNGOFBXJKJULBIBOJKSPFGRHB[JWSaDJOSTRULXJJQP_LSQMUBTBXJJQRBDJMBWQPM^IP
DBOJaQPNPHGTJICGHBT^QRPCMGND_LSQMUBTBXJJQRJCPRBJGEPPCSMUHJDBOJJ
3GJSQRBDO]GUIM]QRJCPRPDDEBRBOTJKO]KQGRJPFCGSQMBTOPRGNPOTJRU`TSaJMJIBNGOa`TSaOPD]NJ
6GZGOJGDPQRPSBPXGMGSPPCRBIOPSTJJWIBNGO]JMJRGNPOTBPSTBGTSaIBSMUHCBNJSGRDJSB
*NUOQMAWI\ORFQCIRF
)QGRJPFJQPSMGJSTGYGOJaEBRBOTJKOPEPSRPLBOBZB7MUHCB7GRDJSBBTBLHGNBSTGRSLJGOBZJWQBRTOG
RPDDSGEFBEPTPD]QRGFMPHJT^)BNSDPJUSMUEJ7QJSPLBFRGSPDUQPMOPNPYGOO]WJIEPTPDJTGMGNQUOLTPD
BDTPRJIPDBOOPEPSGRDJSOPEPPCSMUHJDBOJaOBWPFJTSaOBPCPRPTG
7RPLSMUHC]NBM]WC]TPD]WQRJCPRPDSPSTBDMaGTEPFB7RPLSMUHC]JIFGMJaJSYJSMaGTSaSFBT]GEP
QPLUQLJMJCPQRJOGDPINPHOPSTJGGPQRGFGMGOJaSFBT]JIEPTPDMGOJaJIFGMJaOBOGSGOOPKOBTJQPDU`
TBCMJYLUJIFGMJa)SPPTDGTSTDJJSPSTBOFBRTPNJIEPTPDJTGMaFBTBJIEPTPDMGOJaNBRLJRUGTSa**22
EFG**#EPFJIEPTPDMGOJaNJOUSB22#NGSaXJIEPTPDMGOJa