
'=,(11,.867$:
5=(&=<32632/,7(-32/6.,(-
:DUV]DZDGQLDPDUFDU
3R]
 
867$:$
]GQLDVW\F]QLDU
RVáXĪELH]DJUDQLF]QHM
5R]G]LDá
3U]HSLV\RJyOQH
$UW8VWDZDRNUHĞODRUJDQL]DFMĊLIX QNFMRQRZDQLHVáXĪE\]DJUDQLF]QHMRUD]V]F]HJyOQHSUDZD LRERZLą]NLRVyE
ZFKRG]ąF\FKZMHMVNáDG
$UW6áXĪED]DJUDQLF]QDFKURQLLQWHUHV\5]HF]\SRVSROLWHM3ROVNLH MZUHODFMDFK]LQQ\PLSDĔVWZDPLRUJDQL]D
FMDPLPLĊG]\QDURGRZ\PLLLQQ \PLSRGPLRWDPL]DJUDQLF]Q\PL
6áXĪED]DJUDQLF]QDFKURQLLQWHUHV\ RE\ZDWHOLSROVNLFK]DJUD QLFąQD]DVDGDFKRNUHĞORQ\FKZXVWDZLH]GQLD
F]HUZFDU±3UDZRNRQVXODUQH']8]USR] L
$UW:VNáDGVáXĪE\]DJUDQLF]QHMZFKRG]ą
 F]áRQNRZLHNRUSXVXVáXĪE\F\ ZLOQHM]DWUXGQLHQLZXU]ĊG]LHRE VáXJXMąF\PPLQLVWUDZáDĞFLZHJ RGRVSUDZ]DJUDQLF]
Q\FKZW\P
D G\SORPDFL]DZRGRZLVWDQRZLąF\SHUVRQHOG\SORPDW\F]QRNRQVXOD UQ\
E SUDFRZQLF\NUDMRZL]DWUXGQLHQLQDSRGVWDZLHSRZRáDQLDZFHOX Z\NRQ\ZDQLDRERZLą]NyZVáXĪERZ\FKZSODFyZFH
]DJUDQLF]QHMMDNRF]áRQNR ZLHSHUVRQHOXSRPRFQ LF]HJROXESHUVRQHOXREVáXJL
 SHáQRPRFQLSU]HGVWDZLFLHOH5]H F]\SRVSROLWHM3ROVNLHMZLQQ\P SDĔVWZLHOXESU]\RUJDQL]DFMLP LĊG]\QDURGRZHM
 SUDFRZQLF\]DJUDQLF]QL]DWUXGQLHQLQDSRGVWDZLHSRZRáDQLDZFHOXZ\NRQ\ZDQLDRERZLą]NyZVáXĪERZ\FKZSODFyZFH
]DJUDQLF]QHMMDNRF]áRQNRZLHS HUVRQHOXG\SORPDW\F]QRNRQVXODUQHJR
:VNáDGVáXĪE\]DJUDQLF]QHMQLHZFKRG]ą
 QLHEĊGąFHF]áRQNDPLNRUSXV XVáXĪE\F\ZLOQHMRVRE\]DWUXGQLRQ HZXU]ĊG]LHREVáXJXMąF\ PPLQLVWUDZáDĞFLZHJRGR
VSUDZ]DJUDQLF]Q\FKQDSRGVWDZLHSU]HSLVyZXVWDZ\]GQLDZU] HĞQLDURSUDFRZQLNDFKXU]ĊGyZSDĔVWZR
Z\FK']8]USR]

 1LQLHMV]ąXVWDZą]PLHQLDVLĊXVWDZ\ XVWDZĊ]GQLDSDĨG]LHU QLNDUR6WUDĪ\*UDQLF]QHM XVWDZĊ]GQLDOLSFDU 
RSRGDWNX GRFKRGRZ\P RG RVyE IL]\F]Q \FK XVWDZĊ ]GQLD VLHUSQLD U R3DĔVWZRZHM 6WUDĪ\ 3RĪDUQHM XVWDZĊ ]GQLD
ZU]HĞQLDURG]LDáDF KDGPLQLVWUDFMLU]ąGRZHMXVWDZĊ] GQLDOXWHJRURRFKURQLH G]LHG]LFWZD)U\GHU\ND&KRSLQD 
XVWDZĊ ]GQLD OLSFD U RGRNXPHQWDFK SDV]SRUWRZ\FK XVWDZĊ ]GQLD SDĨG]LHUQLND U RXMDZQLDQLX LQIRUPDFML
RGRNXPHQWDFKRUJDQyZ EH]SLHF]HĔVWZDSDĔVWZD]ODW±RU D]WUHĞFLW\FKGRNXPHQWyZXVWDZĊ ]GQLDOLVWRSDGDU
RVáXĪELHF\ZLOQHMXVWDZĊ]GQLD NZLHWQLDUR6áXĪELH :LĊ]LHQQHMXVWDZĊ]GQLDF]HUZFDU±3UDZRNRQVXODUQH 
XVWDZĊ]GQLDF]HUZFDUR G]LDáDQLDFKDQW\WHUURU\VW\F] Q\FKXVWDZĊ]GQLDOLVWRSDGDUR.UDMRZHM$GPLQLVWUDF ML
6NDUERZHMLXVWDZĊ]GQLDZU]HĞQLDU±3UDZR]DPyZLHĔ SXEOLF]Q\FKRUD]XFK\ODVLĊXVWDZĊ ]GQLDOLSFDU
RVáXĪELH]DJUDQLF]QHM

']LHQQLN8VWDZ ±± 3R]

  RVRE\]DWUXGQLRQHZSODFyZ FH]DJUDQLF]QHM5]HF]\SRVSROLWHM3 ROVNLHMQDSRGVWDZLHXPRZ\ RSUDFĊ]DZDUWHM]JRGQLH
]SUDZHPSDĔVWZDSU]\MPXMąFHJR
 RVRE\]DWUXGQLRQHZSODFyZFH]DJUDQLF]QHM5]HF]\SRVSROLWHM3ROVNLHMQDSRGVWDZLHXPRZ\ RSUDFĊZUR]XPLHQLX
SU]HSLVyZXVWDZ\]GQLDF]HUZFD U±.RGHNVSUDF\']8]USR]]DZDUWHMQDF]DVRNUHĞOR
Q\ZW\PRVRE\]DWUXGQLRQHQD F]DVZ\NRQ\ZDQLDIXQNFMLZSODFy ZFHSU]H]F]áRQNDURG]LQ\
 NRQVXORZLHKRQRURZLRNWy U\FKPRZDZXVWDZLH]GQLDF]HU ZFDU±3UDZRNRQVXODUQH
 RVRE\Z\]QDF]RQHSU]H]LQQ\FKQLĪPLQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKPLQLVWUyZOXENLHURZQLNyZMHGQR
VWHNVHNWRUDILQDQVyZSXEOLF]Q\FKNWyUHZ\NRQXMą]DGDQLDZSOD FyZNDFK]DJUDQLF]Q\FKQDU]HF]W\FKPLQLVWUyZ
OXEW\FKNLHURZQLNyZ
$UW6WRVXQHNSUDF\ZVáXĪELH]DJUDQLF]QHMZ\JDVDZGQLXXNRĔF]H QLDSU]H]RVREĊRNWyUHM PRZDZDUWXVW
SNWODW
2VRED]DWUXGQLRQDZVáXĪELH]DJUDQLF]QHMQLHSyĨQLHMQLĪP LHVLĊF\SU]HGGQLHPXNRĔF]HQLDODWPRĪH]áRĪ\ü
GRPLQLVWUDZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKX]DVDGQLRQ\ZQLRV HNRZ\áąF]HQLHVWRVRZDQLDZRE HFQLHMSU]HSLVXXVW
0LQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FKZWHUPLQLHW\JRGQLRGGQLDRWU]\PDQLDZQLRVNXZ\GDMHGHF\]MĊ
ZVSUDZLHZ\áąF]HQLDVWRVRZDQLD ZREHFZQLRVNRGDZF\SU]HSLVXXVW XZ]JOĊGQLDMąFSRWU]HE\VáXĪE\]DJUDQLF]QHM
2GGHF\]MLQLHSU]\VáXJ XMHRGZRáDQLH
$UW:VáXĪELH]DJUDQLF]QHMQLHPRĪHE\ü]DWUXGQLRQDRVREDNWyUDZRNUHVLHRGGQLDOLSFDUGRGQLD
OLSFDUSUDFRZDáD OXESHáQLáDVáXĪEĊZRUJDQDFKEH]SLHF]HĔVWZDSDĔVWZDOXEE\áDZVSyáSUDFRZQLNLHPW\FKRU
JDQyZZUR]XPLHQLXSU]HSLVyZXVW DZ\]GQLDSDĨG]LHUQLND URXMDZQLDQLXLQIRUPDFM LRGRNXPHQWDFKRUJDQyZ
EH]SLHF]HĔVWZDSDĔVWZD]ODW ±RUD]WUHĞFLW\FKGRNXPHQ WyZ']8]USR]RUD]]USR]
3U]HSLVXVWVWRVXMHVLĊ WDNĪHGRQLHEĊGąF\FKF]áRQNDPLVá XĪE\]DJUDQLF]QHMRVyERNWy U\FKPRZDZDUWXVW
SNW±RLOHRVRE\WHVąRE\ZDWHODPLSROVNLPL
$UW:]DNUHVLHQLHXUHJXORZDQ\PZXVWD ZLHGRRVyEZFKRG]ąF\FKZVNá DGVáXĪE\]DJUDQLF]QHM]ZDQ\FKGDOHM
ÄF]áRQNDPLVáXĪE\]DJUDQLF]QHM´]Z\áąF]HQLHPĪRáQLHU]\SHáQLą F\FKVáXĪEĊZSODFyZNDFK]DJUDQLF]Q\FKVWRVXMHVLĊ
SU]HSLV\XVWDZ\]GQLDOLVWRSDGDURVáXĪELHF\ZLOQHM ']8]USR]L
$UW,OHNURüZXVWDZLHMHVWPRZDR
 DPEDVDGRU]H±R]QDF]DWRPLDQRZDQHJRZWU\ELHRNUHĞORQ\PZ .RQVW\WXFML5]HF]\SRVSROLW HM3ROVNLHMSHáQRPRF
QHJRSU]HGVWDZLFLHOD5]HF]\SRVS ROLWHM3ROVNLHMZLQQ\PSDĔVWZLH OXESU]\RUJDQL]DFMLP LĊG]\QDURGRZHM
 F]áRQNDFK URG]LQ\ ± R]QDF]D WR P DáĪRQND G]LHFL ZáDVQH SU]\ VSRVRELRQH RUD] LQQH G]LHFL  Z]LĊWH QD XWU]\PDQLH
LZ\FKRZDQLHZUDPDFKURG]LQ]DVWĊSF]\FKZZLHNXGRODWEąG ĨEĊGąFHZZLHNXRNUHĞORQ\PRGUĊEQ\PLSU]HSLVDPL
GRW\F]ąF\PL ]DVLáNyZ URG]LQQ\FK L SLHOĊJQDF\MQ\FK DWDNĪH RVRE \ QLHSHáQRVSUDZQH QLH]GROQH GR VDPRG]LHOQHM
HJ]\VWHQFMLZUR]XPLHQLXSU]HS LVyZXVWDZ\]GQLDOLSFD URĞZLDGF]HQLXX]XSHáQLDM ąF\PGODRVyEQLH]GROQ\FK
GRVDPRG]LHOQHMHJ]\VWHQFML']8]USR]RUD]] USR]Z\PDJDMąFHVW DáHMRSLHNLF]áRQNDVáXĪE\
]DJUDQLF]QHM
 G\SORPDFLHGHOHJRZDQ\P±R]QDF]DWRRVREĊZ\]QDF]RQąSU]H]LQQHJRQLĪPLQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]
Q\FKPLQLVWUDOXENLHURZQLNDM HGQRVWNLVHNWRUDILQDQVyZSXEOLF] Q\FKNWyUDZ\NRQXMH]DGDQLDZSODFyZFH]DJUD
QLF]QHMRNUHĞORQHS U]H]RUJDQZ\]QDF]DMąF\

 G\SORPDFLH]DZRGRZ\P±R]QDF]D WRRVREĊ]DWUXGQLRQąZXU]ĊG] LHREVáXJXMąF\PPLQLVW UDZáDĞFLZHJRGRVSUDZ
]DJUDQLF]Q\FKQDSRGVWDZLHPLDQR ZDQLDNWyUHMQDGDQ RVWRSLHĔG\SORPDW\F]Q\
 NRQVXOX±R]QDF]DWRNRQV XOD5]HF]\SRVSROLWHM3ROVNLHMZUR]XPLHQLXSU]HSLVyZXVWDZ\]GQLDF]HUZFDU±
3UDZRNRQVXODUQH
 SDĔVWZLHSU]\MPXMąF\P±R]QDF]DWRSDĔVWZRSU]\MPXMąFHZUR] XPLHQLX.RQZHQFMLZLHGHĔVNLHMRVWRVXQNDFKG\SOR
PDW\F]Q\FKVSRU]ąG]RQHMZ:LHG QLXGQLDNZLHWQLDU']8]USR]
 SODFyZFH]DJUDQLF]QHM5]HF]\SR VSROLWHM3ROVNLHM]ZDQHMGDOHMÄSODFyZNą]DJUDQLF]Qą´±R]QDF]DWRSU]HGVWDZLFLHO
VWZRG\SORPDW\F]QHVWDáHSU]HGVW DZLFLHOVWZRSU]\RUJDQL]DFMLP LĊG]\QDURGRZHMNRQVXODWJHQHUDOQ\NRQVXODWZLFH
NRQVXODWDJHQ FMĊNRQVXODUQąLQVW\WXWSROVNLOXELQQąSODFyZNĊ SRGOHJáąPLQLVWURZLZáDĞFLZHPXGRVSUDZ]DJUD
QLF]Q\FKPDMąFąVLHG]LEĊSR]DJUDQLFDPL5]HF] \SRVSROLWHM3ROVNL HM
 SUDFRZQLNXGHOHJRZDQ\P±R]Q DF]DWRRVREĊZ\]QDF]RQąSU]H]LQQHJRQLĪPLQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]
Q\FKPLQLVWUDOXENLHURZQLNDMHGQRVWNLVHNWRUDILQDQVyZSXEOLF] Q\FKNWyUDZ\NRQXMHRERZLą]NLSHUVRQHOXSRPRF
QLF]HJRDOERSHUVRQHOXREVáXJLZ SODFyZFH]DJUDQLF]QHMRNUHĞORQHSU]H]RUJDQZ\]QDF]DMąF\

']LHQQLN8VWDZ ±± 3R]

  SUDFRZQLNXNUDMRZ\P±R]QDF]D WRRVREĊ]DWUXGQLRQąZXU]ĊG]L HREVáXJXMąF\PPLQLVWUD ZáDĞFLZHJRGRVSUDZ]D
JUDQLF]Q\FKQDSRGVWD ZLHSRZRáDQLDZFHOXZ\NRQ\ZDQLDRERZLą]Ny ZF]áRQNDSHUVRQHOXSRPRFQLF]HJRDOERSHU
VRQHOXREVáXJLZSODFyZFH]DJUDQLF]QHM
 SUDFRZQLNX]DJUDQLF]Q\P±R]QDF]D WRRVREĊ]DWUXGQLRQąZXU ]ĊG]LHREVáXJXMąF\PPLQLVW UDZáDĞFLZHJRGRVSUDZ
]DJUDQLF]Q\FK QD SRGVWDZLH SRZRáD QLD ZFHOX Z\NRQ\ZDQLD RERZLą]NyZ F]áRQND SHUVRQHOX G\SORPDW\F]QR
NRQVXODUQHJRZSODFyZFH]DJUDQLF]QHM
 VáXĪELHF\ZLOQHM±R]QDF]DWRVáXĪEĊF\ZLOQąZUR]XPLHQLXS U]HSLVyZXVWDZ\]GQLDOLVWRSDGDURVáXĪELH
F\ZLOQHM
 WDMHPQLF\G\SORPDW\F]QHM±R ]QDF]DWRLQIRUPDFMHGDQHRUD] ZLHG]ĊQLHVWDQRZLąFHLQIRUP DFMLQLHMDZQ\FKZUR]XPLH
QLXSU]HSLVyZXVWDZ\]GQLDVLHUSQLDURRFKURQLHLQIRUPDFMLQLHMDZQ\FK']8]USR]]NWyU\PL
F]áRQHNVáXĪE\]DJUDQLF]QHM]DSR]QDáVLĊZ]ZLą]NX]SHáQLHQLHP RERZLą]NyZLNWyUH]HZ]JOĊGXQDGREURVáXĪE\]D
JUDQLF]QHMPRJá\E\üXGRVWĊSQLRQH Z\áąF]QLHRVRERPGRWHJRXSUD ZQLRQ\PDLFKXMDZQLHQLHPRJáRE\V]NRG]LüSROLW\FH
]DJUDQLF]QHM5]HF]\SRVSROLWHM3ROV NLHMLQDUXV]DüMHMZL]HUXQHNPLĊG]\QDURGRZ\
5R]G]LDá
2UJDQL]DFMDLIXQNFMRQRZDQ LHVáXĪE\]DJUDQLF]QHM
$UW6áXĪEą]DJUDQLF]QąNLHUXMHPLQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FK
6áXĪED]DJUDQLF]QDG]LDáDZXU]ĊG]LH REVáXJXMąF\PPLQLVWUDZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKLZSODFyZNDFK
]DJUDQLF]Q\FK
$UW:VáXĪELH]DJUDQLF]QHMWZRU]\VLĊVWDQRZLVNR6]HID6áXĪE\=DJUDQLF]QHM6]HI6áXĪE\=DJUDQLF]QHM
 NRRUG\QXMHSUR FHV]DU]ąG]DQLD]DVREDPLOXG]NLPLZVáXĪELH]D JUDQLF]QHM
 SODQXMHLRUJDQL] XMHV]NROHQLDZVáXĪELH]DJUDQLF]QHM
 NLHUXMH$NDGHPLą'\SORPDW\F]Qą XSRZV]HFKQLDLQIRUPDFMHRVáXĪELH]DJUDQLF]QHM SU]HWZDU]DGDQHRVRERZH F]áRQNyZVáXĪE\]DJUDQLF]QHMRUD]]ELHUDZ\NRU]\VWXMHLSU]HW ZDU]DLQQHLQIRUPDFMH
ZFHOXUHDOL]DFMLXVWDZRZ\FK]DGDĔ
 ]ELHUDLSU]HWZDU]DV]F]HJyáRZH GDQHRVWDQLH]DWUXGQLHQLDLZ\QDJURG]HQLDFKF]á RQNyZVáXĪE\]DJUDQLF]QHM
 SU]HGVWDZLDPLQLVWURZLZáDĞFLZHPX GRVSUDZ]DJUDQLF]Q\FKGRPDUFDNDĪGHJRURNXVSUDZR]GDQLHRVWDQLH
VáXĪE\]DJUDQLF]QHMLRUHDOL] DFML]DGDĔWHMVáXĪE\]DURNSRSU]HGQL
 RNUHĞODZGURG ]H]DU]ąG]HQLDVWDQGDUG\]DU]ąG]DQLD]DVREDP LOXG]NLPLZVáXĪELH]DJUDQLF]QHM
$UW:FHOXLZ]DNUHVLHQLH]EĊGQ\PGRUHDOL]DFML]DGDĔRNUHĞORQ \FKZXVWDZLH6]HI6áXĪE\=DJUDQLF]QHM
PRĪHĪąGDüRGG\UHNWRUDJHQHUDOQHJ RXU]ĊGXREVáXJXMąFHJRPLQLVW UDZáDĞFLZHJRGRVSUDZ ]DJUDQLF]Q\FK]ZDQHJRGDOHM
ÄG\UHNWRUHPJHQHUDOQ\PXU]ĊGX´LQIRU PDFMLGRNXPHQWyZLVSUDZR ]GDĔRNUHVRZ\FK
'\UHNWRUJHQHUDOQ\XU]ĊGXXGRVWĊSQLD6]HIRZL6áXĪE\=DJUDQLF ]QHMĪąGDQHSU]H]QLHJR LQIRUPDFMHGRNXPHQW\
LVSUDZR]GDQLD
$UW6]HIHP6áXĪE\=DJUDQLF]QHMP RĪHE\üRVREDNWyUD
 SRVLDGDZ\áąF]QLHRE\ZDWHOVWZRSROVNLH NRU]\VWD]SHáQLS UDZSXEOLF]Q\FK
 QLHE\áDVND]DQDSUDZRPRFQ\PZ \URNLHP]DXP\ĞOQHSU]HVWĊSVWZ ROXEXP\ĞOQHSU]HVWĊSVWZRVNDUERZH
 SRVLDGDW\WXá]DZRGRZ\PDJLVWUDOXEUyZQRU]ĊGQ\ FRQDMPQLHMODWDSUDFRZDá DQDVWDQRZLVNXNLHURZQLF]\P]ZLą ]DQ\PEH]SRĞUHGQLR]HVWRVXQNDPLPLĊG]\QDURGR
Z\P
L
 ]QDFRQDMPQLHMGZDM Ċ]\NLREFHZW\PMHGHQ VSRĞUyGMĊ]\NyZURERF]\FK8QLL(XURSHMVNLHM
 FLHV]\VLĊQLHSRV]ODNRZDQąRSLQLą QLHE\áDVND]DQDSUDZRPRFQ \PZ\URNLHPRU]HNDMąF\P]DND]]DMP RZDQLDVWDQRZLVNNLHUR ZQLF]\FKZXU]ĊGDFK
RUJDQyZZáDG]\SXE OLF]QHMOXESHáQLHQLDIX QNFML]ZLą]DQ\FK]G\VSRQRZDQLHPĞURG NDPLSXEOLF]Q\PL
 QLHMHVWF]áRQNLHPSDUWLLSROLW\F]QHM

']LHQQLN8VWDZ ±± 3R]

 3U]HGSU]\VWąSLHQLHPGRZ\NRQ\ZDQLDRERZLą]NyZ6]HI6áXĪE\= DJUDQLF]QHMVNáDGDSU]HGPLQLVWUHPZáDĞFLZ\P
GRVSUDZ]DJUDQLF]Q\FKQDVWĊSXMąFH ĞOXERZDQLHÄ2EHMPXMąFVWDQRZLVNR6]HID6áXĪE\=DJUDQLF]QHMXURF]\ĞFLHĞOXEXMĊ
GRFKRZDüZLHUQRĞFLSR VWDQRZLHQLRP.RQVW\WXFML5]HF]\SRVSROLWHM3ROVNLHMZV]F]HJyOQRĞFL VWU]HF]DZRGRZHJRU]HWHO
QHJREH]VWURQQHJRLSROLW\ F]QLHQHXWUDOQHJRZ\NRQ\ZDQLD]DGDĔ SDĔVWZDZXU]ĊG]LHREVáXJXM ąF\PPLQLVWUDZáDĞFLZHJR
GRVSUDZ]DJUDQLF]Q\FKRUD] ZSODFyZNDFK]DJUDQLF]Q\FKSU]H]VáXĪEĊ]DJUDQLF]QąDSRZLHU]RQHPLRERZLą]NLZ\SHá
QLDüVXPLHQQLHLEH]VWURQQLH´ ĝOXERZDQLHPRĪHE\ü]áRĪRQH]GRGDQLHPVáyZÄ7DNP LGRSRPyĪ%yJ´
0LQLVWHUZáDĞFLZ\GRVSUDZ]DJU DQLF]Q\FKSRZRáXMHLRGZRáXMH6]HID6áXĪE\=DJUDQLF]QHM
6]HI6áXĪE\=DJUDQLF]QHMQLH]ZáRF]QLHZ\]QDF]DZX]JRGQLHQLX]PLQLVWUHPZáDĞFLZ\PGRVSUDZ]DJUDQLF]
Q\FK]DVWĊSXMąFąJRRVREĊ
'RRVRE\]DVWĊSXMąFHM6 ]HID6áXĪE\=DJUDQLF]QHMSU]HSLVXVW VWRVXMHVLĊRGSRZLHGQLR
2EVáXJĊ6]HID6áXĪE\=DJUDQLF]QHM]DSHZ QLDXU]ąGREVáXJXMąF\ PLQLVWUDZáDĞFLZHJR GRVSUDZ]DJUDQLF]Q\FK
$UW:VáXĪELH]DJUDQLF]QHMWZRU]\VLĊ VWDQRZLVNRG\UHNWRUDJHQH UDOQHJRVáXĪE\]DJUDQLF]QHM
'\UHNWRUJHQHUDOQ\VáXĪE\]DJU DQLF]QHMMHVWG\UHNWRUHPJHQHU DOQ\PXU]ĊGXZUR]XPLHQLXSU]HSLVyZXVWDZ\
]GQLDOLVWRSDGD URVáXĪELHF\ZLOQHMZ\NRQXMąF\PWDN ĪH]DGDQLDRNUHĞORQHZXVWDZLH
'\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHM Z\NRQXMH]DGDQLDG\UHNWRUDJHQHUDOQHJRXU]ĊGX ZREHFF]áRQNyZVáXĪE\
]DJUDQLF]QHMEĊGąF\FKF]áRQNDPL NRUSXVXVáXĪE\F\ZLOQHMRUD]F]\QQRĞFL]]DNUHVXSUDZDSUDF\ZRGQLHVLHQLXGRF]áRQ
NyZVáXĪE\]DJUDQLF]QHMQLHEĊGąF\FK F]áRQNDPLNRUSXVXVáXĪE\F\ ZLOQHM
$UW=DGDQLDVáXĪE\]DJUDQLF]QHMZ\NRQXMą
 DPEDVDGRURZLH
 SHUVRQHOG\SORPDW\F]QRNRQVXODUQ\NWyU\VWDQRZLą
D G\SORPDFL]DZRGRZLE SUDFRZQLF\]DJUDQLF]QLNWyU\P 6]HI6áXĪE\=DJUDQLF]QHMQDGD áVWRSLHĔG\SORPDW\F]Q\QDF]DVSHáQLHQLDRER
ZLą]NyZZSODFyZFH]DJUDQLF]QHM
F G\SORPDFLGHOHJRZDQL
 SHUVRQHOSRPRFQLF]\ SHUVRQHOREVáXJL
$UW'\SORPDWą]DZRGRZ\PPRĪHE\üRVREDNWyUD
 SRVLDGDZ\áąF]QLHRE\ZDWHOVWZRSROVNLH NRU]\VWD]SHáQLS UDZSXEOLF]Q\FK
 QLHE\áDVND]DQDSUDZRPRFQ\PZ \URNLHP]DXP\ĞOQHSU]HVWĊSVWZ ROXEXP\ĞOQHSU]HVWĊSVWZRVNDUERZH
 ]QDFRQDMPQLHMGZDMĊ]\NLREFH SRVLDGDW\WXá]DZRGRZ\PDJLVWUDOXEUyZQRU]ĊGQ\ SRVLDGD]GROQRĞüIL]\F]Qą LSV\FKLF]QąGRGáXJRWUZDáHMVáXĪE \ZSODFyZNDFK]DJUDQLF]Q\FKZ ZDUXQNDFKZ\PDJD
MąF\FKV]F]HJyOQHMG\VF \SOLQ\LG\VSR]\F\MQRĞFL
 Z\ND]XMHJRWRZRĞüGRSR GMĊFLD]DGDĔZSODFyZFH]DJUDQLF]QHM 5]HF]\SRVSROLWHM3ROVNLHM
$UW6WRVXQHNVáXĪERZ\G\SORPD W\]DZRGRZHJRQDZLą]XMHVLĊQDSRG VWDZLHPLDQRZDQLDZUR]XPLHQLXSU]HSL
VyZXVWDZ\]GQLDF]HUZFDU±.RGHNVSUDF\
0LDQRZDQLDZVáXĪELH]DJUDQLF]QHMGRNRQXMH6]HI6áXĪE\=DJUDQLF]QHMSRQDGDQLXRVRELHRNWyUHMPRZDZXVW
VWRSQLDG\SORPDW\F]QHJR
$NWPLDQRZDQLD]DZLHUDLPLĊL QD]ZLVNRG\SORPDW\]DZRGRZHJR GDWĊPLDQRZDQLDRUD]QDGDQ\VWRSLHĔG\SOR
PDW\F]Q\
$NWPLDQRZDQ LDVSRU]ąG]DVLĊQDSLĞPLH

']LHQQLN8VWDZ ±± 3R]

 $UW3U]\Z\NRQ\ZDQLX RERZLą]NyZVáXĪERZ\FK G\SORPDWD]DZRGRZ\Q LHNLHUXMHVLĊLQWHUHVHPRVRELVW\P
'\SORPDWD]DZRGRZ\
 QLHPDQLIHVWXMHSXEOLF]QLHVZRLFK SRJOąGyZSROLW\F]Q\FK
 QLHXF]HVWQLF]\ZVWUDMNXOXEDNFMLSURWHVWDF\MQHM]DNáyFDMąFHMQRUPDOQHIXQNFMR QRZDQLHXU]ĊGX
 QLHáąF]\]DWUXGQLHQLDZVáXĪELH]DJUDQLF]QHM]PDQGDWHPSRVáDVHQDWRUDOXE]HVSUDZRZ DQLHPIXQNFMLZRUJDQDFK
MHGQRVWHNVDPRU ]ąGXWHU\WRULDOQHJR
 QLHXF]HVWQLF]\ZWZRU]HQLXSDU WLLSROLW\F]QHMLQLHMHVWF]áRQNLHPSDUWLLSROLW\F]QHM
 QLHSHáQLIXQNFM LZ]ZLą]NDFK]DZRGRZ\FK
 QLHSRGHMPXMHSUDF\L QLHZ\NRQXMH]DGDĔZXU]ĊGDFKDGPLQLVW UDFMLREFHJRSDĔVWZDOXE QDU]HF]WDNLFKXU]ĊGyZ
FK\EDĪHGRZ\NRQ\ZDQLDWDNLHMSU DF\OXE]DGDĔ]RVWDáVNLHURZDQ \SU]H]6]HID6áXĪE\=DJUDQLF]QHM
6WRVXQHNSUDF\G\SORPDW\]DZRGR ZHJRZ\JDVDZSU]\SDGNX
 FLĊĪNLHJRQDUXV]HQLDRERZLą ]NyZSUDFRZQLF]\FKVWZLHUG]RQHJR SUDZRPRFQ\PRU]HF]HQLHPZSRVWĊSRZDQLXG\V
F\SOLQDUQ\P
 VND]DQLDSUDZRPRFQ\PZ\URNLH P]DXP\ĞOQHSU]HVWĊSVWZROXEXP \ĞOQHSU]HVWĊSVWZRVNDUERZH
 QDUXV]HQLDWDMHPQLF\G\SORPDW \F]QHMVWZLHUG]RQHJR SUDZRPRFQ\PRU]HF]HQLHPZSRVWĊSR ZDQLXG\VF\SOLQDUQ\P
 RNWyU\PPRZDZDUW
$UW'\SORPDWĊ]DZRGRZHJRPRĪQ D]DMHJR]JRGąRGG HOHJRZDüGRZ\NRQ\ZDQLDRERZLą]Ny ZZ.DQFHODULL
3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHM
'HF\]MĊRRGGHOHJRZDQLXSRGHMPXMH6]HI6áXĪE\=DJUDQLF]QHMQ DLPLHQQ\ZQLRVHN6]HID.DQFHODULL3UH]\GHQWD
5]HF]\SRVSROLWHM3ROVNLHM
&]DVRGGHOHJRZDQLDQLHP RĪHMHGQRUD]RZRSU ]HNURF]\üODW
:F]DVLH RGGHOHJRZDQLD G\SORPDWD  ]DZRGRZ\ ]DFKRZXMH SUDZR GR  ZV]\VWNLFK VNáDGQLNyZ Z\QDJURG]HQLD
LLQQ\FKĞZLDGF]HĔILQDQVRZ\FKSU]\ VáXJXMąF\FKQDSRGVWDZLHQLQLHMV]HMXVWDZ\RUD]GRXU ORSXGRGDWNRZHJRRNWyU\P
PRZDZDUW
6]F]HJyá\RGGHOHJRZDQLDG\SORPDW\]DZRGRZHJRZV]F]HJyOQRĞF LGRW\F]ąFHRNUHVXR GGHOHJRZDQLD]DNUHVX
RERZLą]NyZRGGHOHJRZDQ HJRPLHMVFDZ\NRQ\ZDQLDRERZLą]NyZSU]H] RGGHOHJRZDQHJRUHJXOXMHSRUR]XPLHQLH]DZDUWH
SRPLĊG]\6]HIHP6áXĪE\=DJUDQLF]QHM6]HIHP.DQFHODULL3UH]\GHQ WD5]HF]\SRVSROLWHM3R OVNLHMRUD]RGGHOHJRZDQ\P
G\SORPDWą]DZRGRZ\P
'\SORPDFLH]DZRGRZHPX6]HI 6áXĪE\=DJUDQLF]QHM]DSHZQLDSR ]DNRĔF]HQLXRGGHOHJRZDQLD ]DWUXGQLHQLHQD
VWDQRZLVNXFRQDMPQLHMUyZQRU]ĊGQ \P]]DMPRZDQ\PSU]HGRGGHOHJR ZDQLHPDMHĪHOLQLHMHVWWRPRĪOLZH±QDLQQ\P
VWDQRZLVNX]Z\QDJURG]HQLHPQLH QLĪV]\PQLĪSU]\VáXJXMąFHSU]HG RGGHOHJRZDQLHP
&]DVRGGHOHJRZDQLDZOLF]DVLĊGRVWDĪXZVáXĪELH]DJUDQLF]QH MRGNWyUHJR]DOHĪąXSUDZQLHQLDSUDFRZQLF]HG\
SORPDW\]DZRGRZHJRZW\PZ V]F]HJyOQRĞFLZRGQLHVLHQLXGRNU\W HULyZQDGDQLDVWRSQLDG\SORPDW\F]QHJR
$UW3UDFRZQLNLHP]DJUDQLF]Q\PP RĪHE\üRVREDNWyUD
 SRVLDGDZ\áąF]QLHRE\ZDWHOVWZRSROVNLH
 NRU]\VWD]SHáQLSUDZSXEOLF]Q\FK QLHE\áDVND]DQDSUDZRPRFQ\PZ \URNLHP]DXP\ĞOQHSU]HVWĊSVWZ ROXEXP\ĞOQHSU]HVWĊSVWZRVNDUERZH
 
 ]QDFRQDMPQLHMM HGHQMĊ]\NREF\
 SRVLDGDZ\ĪV]HZ\NV]WDáFHQLHOXEFRQDMPQLHMĞUHGQLHZ\NV]WD áFHQLHZSU]\SDGNXSUDF\ QDVWDQRZLVNXWHFKQLF]
Q\P
 SRVLDGD]GROQRĞüIL]\F]QąLSV\FKLF]QąGRVáXĪE\ZSODFyZFH ]DJUDQLF]QHMZZDUXQNDFKZ\PDJDMąF\FKV]F]HJyO
QHMG\VF\SOLQ\LG\VSR]\F\MQRĞFL
$UW6WRVXQHNVáXĪERZ\SUDFRZQLND ]DJUDQLF]QHJRQDZLą]XMHVLĊQD SRGVWDZLHSRZRáDQLDZUR]XPLHQLXSU]H
SLVyZXVWDZ\]GQLDF]HUZ FDU±.RGHNVSUDF\GRZ\NRQ \ZDQLDRERZLą]NyZF]áRQNDSHUVRQHOXG\SORPDW\F]QR
NRQVXODUQHJR ZSODFyZFH]DJUDQLF]QHM

']LHQQLN8VWDZ ±± 3R]

 3RZRáDQLDGRVáXĪE\]DJUDQLF]QHMGRNRQXMHG\UHNWRUJHQHUDOQ\ VáXĪE\]DJUDQLF]QHMSRQDGDQLX RVRELHRNWyUHM
PRZDZXVWVWRSQLDG\SORPDW\F]QHJRQD F]DVZ\NRQ\ZDQLDRERZ Lą]NyZVáXĪERZ\FKZSODFyZFH]DJUDQLF]QHMZHGáXJ
]DVDGRNUHĞORQ\FKZDUW]XZ ]JOĊGQLHQLHPSRVLDGDQ\FKSU]H] WĊRVREĊXPLHMĊWQRĞFLLNZDOLILNDFMLRUD]SU]HELHJX
NDULHU\]DZRGRZHM
&]áRQNRZLNRUSXVXVáXĪE\F\ ZLOQHMNWyU\QLHMHVWG\SORPDWą ]DZRGRZ\P]DWUXGQLRQHP XZXU]ĊG]LHREVáXJXMą
F\PPLQLVWUDZáDĞFLZHJRGRVS UDZ]DJUDQLF]Q\FKG\UHNWRUJHQHUD OQ\XU]ĊGXXG]LHODXUORSX EH]SáDWQHJRQDF]DVSRZRáD
QLDZFHOXZ\NRQ\ZDQLDR ERZLą]NyZF]áRQND SHUVRQHOXG\SORPDW\F] QRNRQVXODUQHJRZSODFyZFH]DJUDQLF]QHM
&]áRQNRZLNRUSXVXVáXĪE\F\ ZLOQHM]DWUXGQLRQHPXZXU]ĊG]LHREVáXJXMąF\PPLQLVWUDLQQHJRQLĪPLQLVWHUZáDĞ
FLZ\GRVSUDZ]DJUDQLF]Q\FKRUD]ZXU]ĊGDFKRNWyU\FKPRZDZD UWXVWXVWDZ\]GQLDOLVWRSDGDURVáXĪELH
F\ZLOQHMXUORSXEH]SáDWQHJRQDF]DVSRZRáDQLDZFHOXZ\NRQ\ZDQ LDRERZLą]NyZF]áRQNDSHUVRQHOXG\SORPDW\F]QR
NRQVXODUQHJRZSODFyZFH]DJU DQLF]QHMXG]LHODG\UHNWRUJHQHUDOQ \XU]ĊGXZNWyU\PF]á RQHNNRUSXVXVáXĪE\F\ZLOQHM
MHVW]DWUXGQLRQ\
$UW3UDFRZQLNLHPNUDMRZ\P PRĪHE\üRVREDNWyUD
 SRVLDGDRE\ZDWHOVWZRSROVNLH
 NRU]\VWD]SHáQLS UDZSXEOLF]Q\FK
 QLHE\áDVND]DQDSUDZRPRFQ\PZ \URNLHP]DXP\ĞOQHSU]HVWĊSVWZ ROXEXP\ĞOQHSU ]HVWĊSVWZRVNDUERZH
 SRVLDGDNZDOLILNDFMHZ\PDJDQHQDGDQHVWDQRZLVNRSUDF\ SRVLDGD]GROQRĞüIL]\F]QąLSV \FKLF]QąGRSUDF\ZSODFyZFH] DJUDQLF]QHMZZDUXQNDFK Z\PDJDMąF\FKV]F]HJyOQHM
G\VF\SOLQ\LG\VSR]\F\MQRĞFL
$UW6WRVXQHNVáXĪERZ\SUDFRZQLND NUDMRZHJRQDZLą]XMHVLĊQDSRG VWDZLHSRZRáDQLDZUR]XPLHQLXSU]HSLVyZ
XVWDZ\]GQLDF]HUZFDU ±.RGHNVSUDF\ GRZ\NRQ\ZDQLD RERZLą]NyZF]áRQNDSHU VRQHOXSRPRFQLF]HJRDOER
SHUVRQHOXREVáXJLZSODFyZFH]DJUDQLF]QHM
3RZRáDQLDGRVáXĪE\]DJUDQLF]QHMSUD FRZQLNDNUDMRZ HJRGRNRQX MHG\UHNWRUJHQHUDO Q\VáXĪE\]DJUDQLF]QHM
&]áRQNRZLNRUSXVXVáXĪE\F\ ZLOQHMNWyU\QLHMHVWG\SORPDWą ]DZRGRZ\PRUD]RVRELH RNWyUHMPRZDZDUW
XVWSNW]DWUXGQLRQ\PZX U]ĊG]LHREVáXJXMąF\PPLQLVWUDZáDĞFLZHJRGRVSUDZ ]DJUDQLF]Q\FKG\UHNWRUJHQHUDOQ\
XU]ĊGXXG]LHODXUORSXEH]SáD WQHJRQDF]DVSRZRáDQLDZFHOXZ\NRQ\ZDQLDRERZLą]NyZF]áRQ NDSHUVRQHOXSRPRFQLF]HJR
OXESHUVRQHOXREVáXJLZSODFyZFH]DJUDQLF]QHM
&]áRQNRZLNRUSXVXVáXĪE\F\ ZLOQHM]DWUXGQLRQHPXZXU]ĊG]LHREVáXJXMąF\PPLQLVWUDLQQHJRQLĪPLQLVWHUZáDĞ
FLZ\GRVSUDZ]DJUDQLF]Q\FKRUD]ZXU]ĊGDFKRNWyU\FKPRZDZD UWXVWXVWDZ\]GQLDOLVWRSDGDURVáXĪELH
F\ZLOQHMXUORSXEH]SáDWQHJRQDF]DVSRZRáDQLDZFHOXZ\NRQ\ZDQLDRERZLą]NyZF]áRQNDSH UVRQHOXSRPRFQLF]HJROXE
SHUVRQHOXREVáXJLZSODFyZFH]DJU DQLF]QHMXG]LHODG\UHNWRUJHQHUDOQ\XU]ĊGXZNWyU\PF]áRQHNNRUSXVXVáXĪE\F\ZLOQHM
MHVW]DWUXGQLRQ\
-HĪHOLSRZRáDQLHGRW\F]\ PDáĪRQNDF]áRQNDVáXĪE\]DJUDQLF]QH MVNLHURZDQHJRGRSHáQLHQLDIXQNFMLZSODFyZFH
]DJUDQLF]QHMSRZRáDQLHQDVWĊSXMH QDRNUHVQLHGáXĪV]\QLĪRNUH VSHáQLHQLDIXQNFMLZSODFyZFH]DJUDQLF]QHMSU]H]PDá
ĪRQNDEĊGąFHJRF]áRQNLHP VáXĪE\]DJUDQLF]QHM

&]\QQRĞFL]]DNUHVXSUDZDSUDF\ ZVWRVXQNXGRSUDFRZQLNDNUD MRZHJRRNWyU\PPRZDZXVWZ\NRQXMH
ZLPLHQLXG\UHNWRUDJHQHUDO QHJRVáXĪE\]DJUDQLF]QHMN LHURZQLNS ODFyZNL]DJUDQLF]QHM
$UW6WDQRZLVNRZVáXĪELH]DJUDQLF]QHM Z\]QDF]DLRGZRáXMH]HVW DQRZLVND
 6]HI6áXĪE\=DJUDQLF]QHM±ZSU]\SDGNXSHUVRQHOXG\SORPDW\F] QRNRQVXODUQHJR
 G\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHM± ZSU]\SDGNDFKLQQ\F KQLĪRNUHĞORQHZSNW
:\]QDF]HQLHLRGZRáDQLHRNWyU\P PRZDZXVWQLHZ\PDJD X]DVDGQLHQLD
-HĪHOLZ\]QDF]HQLHVWDQRZLVNDVN XWNXMHNRQLHF]QRĞFLą]PLDQ\PLHMVFDSRE\WXF]áRQNDVáXĪE\]DJUDQLF]QHMZ\
]QDF]HQLHVWDQRZLVNDQDVWĊSXMH]Z\SU]HG]HQLHPQLHNUyWV]\PQLĪ PLHVLąFHFK\EDĪHQDVNUy FHQLHWHJRRNUHVXF]áRQHN
VáXĪE\]DJUDQLF]QHMZ\UD]Lá]JRGĊ
:SU]\SDGNX]PLDQ\ PLHMVFDSRE\WXF]áRQNDVáXĪE\]DJUDQLF]QH MNWyU\SU]HVLHGODVLĊZUD]]F]áRQNDPLURG]LQ\
Z\]QDF]HQLHVWDQRZLVNDQDVWĊSXMH]Z\SU]HG]HQLHPQLHNUyWV]\PQLĪPLHVLąFHFK\EDĪHQDVNUyFHQLHWHJRRNUHVXF]áR
QHNVáXĪE\]DJUDQLF]QHMZ\UD]Lá]JRGĊ

']LHQQLN8VWDZ ±± 3R]

 0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKNLHUXMąFVLĊVSHF\ILNąLFKDUDNWHUHP]DGDĔVáXĪE\]DJUDQLF]QHMRUD]
NRQLHF]QRĞFLą]DSHZQLHQLDEH]SLHF]HĔVWZD MHMF]áRQNRPRNUHĞOLZGURG]H]DU]ąG]HQLDSODFyZNL]DJUDQLF]QHQDNWyUH
Z\MD]GQDVWĊSXMHEH]F]áRQ NyZLFKURG]LQ
:SU]\SDGNXGZXNURWQHMRGPR Z\SU]\MĊFLDSU]H]G\SORPDWĊ]DZR GRZHJRGZyFKQDVWĊSXM ąF\FKSRVRELHZ\
]QDF]HĔVWDQRZLVNDZSODFyZFH]DJUDQLF]QHM OXENRPyUFHRUJDQL]D F\MQHMXU]ĊGXREVáXJXM ąFHJRPLQLVWUDZáDĞFLZHJRGR
VSUDZ]DJUDQLF]Q\FKNWyUHVą]JRGQ H]MHJRNZDOLILNDFMDPLLXPLHMĊWQRĞFLDPLRUD]SU ]HELHJLHPNDULHU\]DZRGRZHMG\
UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHMQDZQLRVHN6]HID6áXĪE\=DJUDQLF]QHMREQLĪDG\SORPDFL H]DZRGRZHPXGRGDWHN
VáXĪE\]DJUDQLF]QHMRNWyU\PPRZDZDUWXVWLGRZ\V RNRĞFLZ\QDJURG]HQLD]DVDGQLF]HJRRUD]GRGDWNX]D
ZLHOROHWQLąSUDFĊZVáXĪELHF\ZLOQHM±GRF]DVXSU]\MĊFLDSU]H] G\SORPDWĊ]DZRGRZHJR VWDQRZLVNDZSODFyZFH]DJUD
QLF]QHMOXENRPyUFHRUJDQL]DF\M QHMXU]ĊGXREVáXJXMąFHJRPLQLVWUDZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKNWyUHVą]JRGQH
]MHJRNZDOLILNDFMDPLLXPL HMĊWQRĞFLDPLRUD]SU]HELHJLHPNDULHU \]DZRGRZHM
:SU]\SDGNXRNWyU\PPRZDZXVWGUXJLHZ\]QDF]HQLHG\SO RPDFLH]DZRGRZHPXVWDQRZLVNDZSODFyZFH
]DJUDQLF]QHMPRĪHQDVWąSLüQLHZF]HĞQLHMQLĪSRXSá\ZLHPLHVL ĊF\RGGQLDSLVHPQHMRGPRZ\ SU]\MĊFLDSU]H]G\SORPDWĊ
]DZRGRZHJRSLHUZV]HJRZ \]QDF]RQHJRVWDQRZLVNDZSODFyZFH]DJUDQLF]QHM
$UW6WRSLHĔG\SORPDW\F]Q\QD F]DVZ\NRQ\ZDQLD]DGDĔZSODFyZFH ]DJUDQLF]QHMQDGDMHG\SORPDFLHGHOH
JRZDQHPXNWyU\VSHáQLDZDUXQNL RNWyU\FKPRZDZDUWXVW SNWL±6]HI6áXĪE\=DJUDQLF]QHMZWHUPLQLH
PLHVLąFDRGGQLD]áRĪHQLDZQ LRVNX3UDFRGDZFDEĊGąF\MHGQRVWNą VHNWRUDILQDQVyZSXEOLF]Q\FK Z\VWĊSXMąFGR6]HID
6áXĪE\=DJUDQLF]QHMRQDGDQLHVWRSQLDG\SORPDW\F]QHJRELHU]HS RGXZDJĊNZDOLILNDFMHXPLHMĊWQRĞFLRUD]SU]HELHJNDULHU\
]DZRGRZHMG\SORP DW\GHOHJRZDQHJR
&]\QQRĞFL]]DNUHVXSUDZDSUDF\ZREHFG\SORPDWyZGHOHJRZDQ\F KLSUDFRZQLNyZGHOHJRZDQ\FKZ\NRQXMHG\UHNWRU
JHQHUDOQ\XU]ĊGXGHOHJXMąFHJRDOE RRVREDZ\]QDF]RQDGRZ\NRQ\ZD QLDF]\QQRĞFL]]DNUHVX SUDZDSUDF\ZGHOHJXMąFHM
MHGQRVWFHVHNWRUDI LQDQVyZSXEOLF]Q\FK
'\SORPDFLGHOHJRZDQLRWU]\PXMąZ\QDJURG]HQLHLLQQHĞZLDGF]H QLDRNUHĞORQHZXVWDZLHQD]DVDGDFKSU]HZL
G]LDQ\FKGODG\SORPDWyZ]DZRGRZ\FK
3UDFRZQLF\GHOHJRZDQLRWU]\PXMąZ\QDJURG]HQLHLLQQHĞZLDGF] HQLDRNUHĞORQHZXVWDZLHQD]DVDGDFKSU]HZL
G]LDQ\FKRGSRZLHGQLRGOD SHUVRQHOXSRPRFQLF ]HJROXESHUVRQHOXR EVáXJL
3UDFRGDZFDRNWyU\PPRZDZXVWPRĪHZ\VWąSLüGR6]HID6áXĪE\=DJUDQLF]QHMRQDGDQLHG\SORPDFLHGHOH
JRZDQHPXNROHMQHJRZ\ĪV]HJRVWRS QLDG\SORPDW\F]QHJRMHĪHOLX] DVDGQLDWRSU]HELHJMHJRSUDF\ ]DZRGRZHM]W\PĪH
WDNLHZ\VWąSLHQLHPRĪHQDVWąSLüQLHZF]HĞQLHMQLĪSRXSá\ZLHODWRGQDGDQLDRVWDWQLHJRVWRSQLD6]HI6áXĪE\=DJUDQLF]
QHMQDGDMHZ\ĪV]\VWRS LHĔG\SORPDW\F]Q\ZWHUPLQLHPLHVLąFDRG GQLD]áRĪHQLDZQLRVNX
$UW&]áRQNDVáXĪE\]DJUDQLF]QHMJG\MHVWWRX]DVDGQLRQHLQWHUHVHP VáXĪE\]DJUDQLF]QHM]DMHJR]JRGąPRĪQD
RGGHOHJRZDüGRZ\NRQ\ZDQLDRERZLą]NyZZRU JDQL]DFMDFKLLQVW\WX FMDFKPLĊG]\QDURGRZ\FK
$UW-HĪHOLZ\PDJDWHJRLQWHUHVVáXĪE\]DJUDQLF]QHMF]áRQNDVáX ĪE\]DJUDQLF]QHMPRĪQDSU]HQLHĞüGRG\VSR
]\FMLNDGUVáXĪE\]DJU DQLF]QHMQDRNUHV

 QLHGáXĪV]\QLĪPLHVLĊF\SRSU]HG]DMąF\Z\]QDF]HQLHVWDQRZL VNDZVáXĪELH]DJUDQLF]QHM
 RGGHOHJRZDQLDRNWy U\PPRZDZDUW
 GáXJRWUZDáHJRQLHZ\NRQ\ZDQLD RERZLą]NyZVáXĪERZ\FK]LQQ\FK SU]\F]\Q
3RXSá\ZLHRNUHVXSU ]HQLHVLHQLDGRG\VSR]\FMLNDGUF]áRQNRZL VáXĪE\]DJUDQLF]QHMZ\]QDF]DVLĊVWDQRZLVNR
$UW3U]HQLHVLHQLHF]áRQNDVáXĪE\]DJU DQLF]QHMGRG\VSR]\FMLNDGUZ SU]\SDGNXRNWyU\PPRZDZDUWXVW
SNWQLHVWDQRZL]PLDQ\VWRVXQNXSUDF\
$UW6WRVXQHNVáXĪERZ\RUD]Z\QLNDMąFH]QLHJRSUDZDLRERZLą]NL ĪRáQLHU]\SHáQLąF\FK VáXĪEĊZSODFyZNDFK
]DJUDQLF]Q\FKRNUHĞODMąRGU ĊEQHSU]HSLV\
2VRERPZ\]QDF]RQ\PGRZ\NRQ\ZDQLD]DGDĔ0LQLVWUD2EURQ\1DUR GRZHMZSODFyZFH]DJUDQLF]QHMQDGDMHVLĊ
VWRSLHĔG\SORPDW\F]Q\
 DWWDFKpREURQ\Z RMVNRZHJRPRUVNLH JRORWQLF]HJRDOER
 ]DVWĊSF\DWWDFKpREURQ \ZRMVNRZHJRPRU VNLHJRORWQLF]HJR
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKL0LQLVWHU2EURQ\1 DURGRZHMRNUHĞOąZGU RG]H]DU]ąG]HQLDV]F]H
JyOQH]DVDG\Z\NRQ\ZDQLDRERZLą]NyZVáXĪERZ\FKSU]H]RVRE\RNWyU\FKPRZDZXVWDWDNĪHRUJDQL]DFMĊLIXQN
FMRQRZDQLHZSODFyZNDFK]DJUDQLF]Q\FKDWDV]DWyZREURQ\]XZ]JO ĊGQLHQLHPSU]HSLVyZRVáXĪELHZRMVNRZHMĪRáQLHU]\
]DZRGRZ\FK

']LHQQLN8VWDZ ±± 3R]

 $UW8VWDQDZLDVLĊ]]DVWU]HĪHQLHPDUW XVWQDVWĊSXMąFH VWRSQLHG\SORPDW\F]QHZVáXĪELH]DJUDQLF]QHM
 DPEDVDGRU
 PLQLVWHUSHáQRPRFQ\ UDGFDPLQLVWHU ,UDGFD
 UDGFD
 ,VHNUHWDU] ,,VHNUHWDU] ,,,VHNUHWDU] DWWDFKp
1DMQLĪV]\PVWRSQLHPG\SORPDW\F ]Q\PMHVWVWRSLHĔDWWDFKp
$UW6WRSQLHG\SORPDW\F]QHVąIX QNFMDPLZSODFyZNDFK]DJUDQLF]Q\FKQDNWyU\FKDPEDVDGRURZLHG\SORPDFL
]DZRGRZLSUDFRZQLF \]DJUDQLF]QLRUD]G\SORPDFLGHOHJRZDQLZ\NR QXMąF]\QQRĞFLVáXĪERZH
$UW6WRSQLHG\SORPDW\F]QH]]DVW U]HĪHQLHPXVWQDGDMH6]HI6 áXĪE\=DJUDQLF]QHM
6WRSLHĔDPEDVDGRUDQDGDMHP LQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQL F]Q\FK1DGDQLHVWRSQLDDPEDVDGRUDQDVWĊSXMHSR
SRGSLVDQLXSU]H]3UH]\ GHQWD5]HF]\SRVSROLWHM3ROVNLHMDNWXPLDQ RZDQLDQDDPEDVDGRUD
6WRSQLHG\SORPDW\F]QHVąQDGDZDQHVWRVRZQLHGRVWDĪXZVáXĪELH]DJUDQLF]QHMMHMSU]HELHJXRUD]SRVLDGDQ\FK
NZDOLILNDFML]DZRGRZ\FKF]áRQNDVáXĪE\]DJUDQLF]QHMZW\PG\SO RPDW\]DZRGRZHJRSU]\ F]\PVWRSLHĔDPEDVDGRUD
QDGDMHVLĊQDF]DVSHáQLHQLDIXQNFMLRVRELHPLDQRZDQHMSHáQRPRF Q\PSU]HGVWDZLFLHOHP5]HF]\ SRVSROLWHM3ROVNLHMZLQQ\P
SDĔVWZLHOXESU]\RUJDQL] DFMLPLĊG]\QDURGRZHM
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]HUR]SRU]ąG]HQLDV]F]HJy áRZH]DVDG\QDGDZDQLD
F]áRQNRPVáXĪE\]DJUDQLF]QHMVWRS QLG\SORPDW\F]Q\FK]XZ]JOĊGQ LHQLHPSU]HELHJXVáXĪE\SRVLDGDQ\FKNZDOLILNDFML
]DZRGRZ\FKLRFHQ\VáXĪERZHM
:SU]\SDGNXXNRĔF]HQLDVHPLQDULXPG\SORPDW\F]QRNRQVXODUQHJR L]áRĪHQLDHJ]DPLQXG\SORPDW\F]QRNRQVXODU
QHJR]Z\QLNLHPSR]\W\ZQ\PSU]H]F]áRQNDVáXĪE\]DJUDQLF]QHM]D WUXGQLRQHJRZXU]ĊG]LHR EVáXJXMąF\PPLQLVWUDZáDĞ
FLZHJRGRVSUDZ]DJUDQLF]Q\FKQD SRGVWDZLHXPRZ\RSUDFĊQDF]D VQLHRNUHĞORQ\DOERPLDQR ZDQLDZVáXĪELHF\ZLOQHM
NWyU\QLHMHVWG\SORPDWą]DZRGR Z\PSLHUZV]\VWRSLHĔG\SORPDW\F ]Q\MHVWQDGDZDQ\]XZ]JOĊGQLHQLHP]DVDGGRW\F]ą
F\FKSU]HELHJX]DWUXGQLHQLD ZVáXĪELH]DJUDQLF]QHMRNUHĞORQ\FKZSU]HSLVDFKZ\NRQDZF]\FKZ\GDQ \FKQDSRGVWDZLH
XVW
$UW6WRSLHĔG\SORPDW\F]Q\PRĪQD]]DVWU]HĪHQLHPXVWDUW RUD]DUWXVW QDGDüF]áRQNRZLNRUSX
VXVáXĪE\F\ZLOQHM]DWUXGQLRQHPX ZXU]ĊG]LHREVáXJXMąF\PPLQLVW UDZáDĞFLZHJRGRVSUDZ ]DJUDQLF]Q\FKQDSRGVWDZLH
XPRZ\RSUDFĊQDF]DVQLH RNUHĞORQ\DOERPLD QRZDQLDZVáXĪELHF\ ZLOQHMNWyU\
 SRVLDGDZ\áąF]QLHRE\ZDWHOVWZRSROVNLH RGE\áDSOLNDFMĊG\SORPDW\F]QRNRQ VXODUQąRNWyUHMPRZDZDU WDOERXNRĔF]\áVHPLQDULXPG\SORPDW\F]QR
NRQVXODUQHRNWyU\PPRZDZDUW
 ]áRĪ\á]Z\QLNLHPSR]\W\ZQ\PHJ]DPLQG\SORPDW\F]QRNRQVXODUQ \
 ]QDFRQDMPQLHMGZDMĊ]\NLREFH SRVLDGDW\WXá]DZRGRZ\PDJLVWUDOXEUyZQRU]ĊGQ\ SRVLDGD]GROQRĞüIL]\F]Qą LSV\FKLF]QąGRGáXJRWUZDáHMVáXĪE \ZSODFyZNDFK]DJUDQLF]Q\FKZ ZDUXQNDFKZ\PDJD
MąF\FKV]F]HJyOQHMG\VF\SOLQ\L G\VSR]\F\MQRĞFL
 QLHE\áVND]DQ\SUDZRPRFQ\P Z\URNLHP]DSU]HVWĊSVWZRXP\ĞOQHOXEXP\ĞOQHSU ]HVWĊSVWZRVNDUERZH
 Z\ND]XMHJRWRZRĞüGRSRGM ĊFLD]DGDĔZGRZROQHMSODFyZFH]DJU DQLF]QHM5]HF]\SRVSROLWHM 3ROVNLHMZGRZROQ\P
NUDMXLZGRZROQ\PF]DVLH:
V]F]HJyOQLHX]DVDGQLRQ\FKS U]\SDGNDFKF]áRQNRZLNRUSXVXVá XĪE\F\ZLOQHM]DWUXGQLRQHPXZXU]ĊG]LHREVáXJX
MąF\PPLQLVWUDZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKQLHVSHáQLDMąFH PXZ\PDJDĔRNUHĞORQ\FKZXVWSNW±Z]ZLą]NX
]Z\NRQ\ZDQLHP]DGDĔZSODFyZFH ]DJUDQLF]QHMPRĪQDQDGDüVWRSLH ĔG\SORPDW\F]Q\QDF]DVQLH]EĊGQ\GRZ\NRQ\ZD
QLDW\FK]DGDĔ

']LHQQLN8VWDZ ±± 3R]

 $PEDVDGRURZLRUD]VWDáHPXS U]HGVWDZLFLHORZLSU]\RUJDQL]DFMLPLĊG]\QDURGRZHMQDGDMHVLĊVWRSLHĔG\SORPD
W\F]Q\QDF]DVSHáQLHQLDIXQNFMLEH]Z]JOĊ GXQDVSHáQLDQLHZDUX QNyZRNWyU\FKPRZDZXVWSNW±
3U]HGQDGDQLHPVWRSQLDG\SORPDW\ F]QHJRRVREDRNWyUHMPRZDZXVWLSU]HGN áDGDG\UHNWRURZLJHQHUDOQHPX
VáXĪE\]DJUDQLF]QHMLQIRUPDFMĊZUR]XP LHQLXSU]HSLVyZXVWDZ\]GQLDPDMDUR .UDMRZ\P5HMHVWU]H.DUQ\P
']8]USR] VWZLHUG]DMąFąEUDNNDUDOQRĞFL]DS U]HVWĊSVWZRXP\ĞOQHOXEXP \ĞOQHSU]HVWĊSVWZRVNDUERZH
Z\GDQąQLHSyĨQLHMQLĪPLHVLąFHSU]HGGQLHPQDGDQLDVWRSQLDG \SORPDW\F]QHJR
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]HUR]SRU]ąG]HQLD
 URG]DMHEDGDĔOHNDUVNLF KMDNLPSRGOHJDF]á RQHNNRUSXVXVáXĪE\F\ZLOQHMXELHJDMąF\VLĊRVWRS LHĔG\SORPDW\F]Q\
 URG]DMHGRNXPHQWyZSRWZLHUG ]DMąF\FKVSHáQLHQLHZDUXQNyZRNWyU\FKPRZDZXVWSNW±
±PDMąFQDZ]JOĊG]LHFKDUDNWHU ]DGDĔZ\NRQ\ZDQ\FKSU]H]F]áRQNy ZSHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJR
$UW6WRSLHĔG\SORPDW\F]Q\QDG DMHVLĊSUDFRZQLNRZL]DJUDQLF]QHPX QDF]DVSRZRáDQLDZFHOXZ\NRQ\ZDQLD
RERZLą]NyZF]áRQND SHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJRZSODFy ZFH]DJUDQLF]QHM
6WRSLHĔG\SORPDW\F]Q\P RĪQDQDGDüSUDFRZQ LNRZL]DJUDQLF]QHPXNWyU\
 XNRĔF]\áVHPLQDULXPG\SORPDW\F]QR NRQVXODUQHRNWyU\PPRZD ZDUW
 ]áRĪ\á]Z\QLNLHPSR]\W\ZQ\P HJ]DPLQG\SORPDW\F]QRNRQVXODUQ \
 E\á]DWUXGQLRQ\ZXU]ĊG]LHR EVáXJXMąF\PPLQLVWUDZáDĞFLZHJR GRVSUDZ]DJUDQLF]Q\FKQD SRGVWDZLHSRZRáDQLD
ZFHOXZ\NRQ\ZDQLDRERZLą]NyZ F]áRQNDSHUVRQHOXG\SORPDW\F]QRN RQVXODUQHJRZSODFyZFH]DJUDQLF]QHMSU]H]
RNUHVFRQDMPQLHMODW
3RVSHáQLHQLXZ\PDJDĔRNWyU\FKPRZDZXVWSUDFRZQLN]DJUDQLF]Q\PRĪH]ZUyFLüVLĊ] ZQLRVNLHPGR6]HID
6áXĪE\=DJUDQLF]QHMRQDGDQLHPX VWRSQLDG\SORPDW\F]QHJR
6]HI6áXĪE\=DJUDQLF]QHMQDGDMHRVRELHRNWyUHMPRZDZXVWVWRSLHĔG\SORPDW\F]Q\ZWHUPLQLHPLHVLąFDRG
GQLD]áRĪHQLDZQLRVNX3U]HSLVDUW XVWVWRVXMHVLĊRGSRZ LHGQLR
3RQDGDQLXVWRSQLDG\SORPDW\F]QHJRG\UHNWRUJHQHUDOQ\VáXĪE\ ]DJUDQLF]QHMQDZQLRVHN6]HID6áXĪE\=DJUD
QLF]QHM]DWUXGQLDSUDFRZQLND ]DJUDQLF]QHJRZXU]ĊG]LHREVáXJXM ąF\PPLQLVWUDZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKQD
SRGVWDZLHPLDQRZDQLD3U]HSLVyZX VWDZ\]GQLDOLVWRSDGDURVáXĪELHF\ZLOQHMGRW\F]ąF\FKVáXĪE\SU]\JRWR
ZDZF]HM SLHUZV]HM RFHQ\ LSRVWĊSRZDQLD NZDOLILNDF\MQHJR GOD SU DFRZQLNyZ VáXĪE\ F\ZLOQHM XELHJDMąF\FK VLĊ
RPLDQRZDQLHQLHVWRVXMHVLĊ
$UW'\SORPDWD]DZRGRZ\SU]\ RWU]\PDQLXSRUD]SLHUZV]\VWRSQLD G\SORPDW\F]QHJRVNáDGDĞOXERZDQLH
QDVWĊSXMąFHMWUHĞFLÄ3U]\U]HNDPL]RERZLą]XMĊVLĊZLHUQLHVáXĪ\ü5]HF]\SRVSROLWHM3R OVNLHMJRGQLHMąUHSUH]HQWRZDü
GEDüRMHMLQWHUHV\LGREUHLPLĊU ]HWHOQLHLVXPLHQQLHZ\NRQ\ZDüSRZLHU]RQHPLRERZLą]NL´
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]H]DU]ąG]HQLDWU\EIRUPĊLFHUHPRQLDáQDGDQLDVWRS
QLDG\SORPDW\F]QHJRRUD]VNáDGDQLD ĞOXERZDQLDXZ]JOĊGQLDMąFKL VWRU\F]QHWUDG\FMHL]Z\F]DMHG\SORPDW\F]QH
$UW1DGDQLH NROHMQHJRZ\ĪV]HJRVWRS QLDG\SORPDW\F]QHJRG\SORPDFLH ]DZRGRZHPXQDVWĊSXMHSRVSHáQLHQLX
SU]H]QLHJRZDUXQNyZR NUHĞORQ\FKZ SU]HSLVDFKZ\NRQDZF]\FKZ\GD Q\FKQDSRGVWDZLHDUWXVW
5R]G]LDá
.LHURZQLF\SODFyZHN]DJUDQLF]Q\FK
$UW3U]HGVWDZLFLHOVWZHPG\SORPDW\F]Q\PZLQQ\PSDĔVWZLHOXEVWD á\PSU]HGVWDZLFLHOVWZHPSU]\RUJDQL]D
FMLPLĊG]\QDURGRZHMNLHUXMHDPEDVDG RUDGRF]DVXREMĊFLDSODFyZNL]DJUDQLF]QHMSU]H]DPEDVDG RUD±NLHURZQLNSU]HG
VWDZLFLHOVWZDNWyUHJRZ\]QDF]DVSRĞ UyGF]áRQNyZSHUVRQHOXG\S ORPDW\F]QRNRQVXODUQHJR LRGZRáXMHPLQLVWHUZáDĞFL
Z\GRVSUDZ]DJUDQLF]Q\FK
:RGQLHVLHQLXGR6W DáHJR3U]HGVWDZLFLHOVWZD5]HF]\SRVSROLWHM 3ROVNLHMSU]\8QLL(XURSHMVNLHMF]\QQRĞFLRNWyU\FK
PRZDZXVWPLQLVWHUZáDĞFLZ\ GRVSUDZ]DJUDQLF]Q\FKZ\NRQXM HZSRUR]XPLHQLX]PLQLVWUHPZáDĞFLZ\PGRVSUDZ
F]áRQNRVWZD5]HF]\SRVS ROLWHM3ROVNLHMZ8QLL(XURSHMVNLHM
3ODFyZNą]DJUDQLF]QąLQQąQLĪZ\PLHQLRQDZXVWNLHUXMHNLHURZQLNSODFyZNL]DJU DQLF]QHMNWyUHJRZ\]QDF]D
VSRĞUyGF]áRQNyZSHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJRLRGZRáX MHPLQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FKQD
ZQLRVHN6]HID6áXĪE\=DJUDQLF]QHM
$PEDVDGRUNLHUXMąF\SU]HGVWDZLFLHOVWZHPG\SORPDW\F]Q\PZLQQ \PSDĔVWZLHQDG]RUXMHG]LDáDOQRĞüZV]\VWNLFKSOD
FyZHN]DJUDQLF]Q\FKZSDĔVWZLHSU]\MPXMąF\P]Z\MąWNLHPVWDáHJR SU]HGVWDZLFLHOVWZDSU]\RUJDQL]DFMLPLĊG]\QDURGRZHM

']LHQQLN8VWDZ ±± 3R]

 $UW.LHUXMąF\SODFyZNą]DJUDQLF]Qą
 MHVWSU]HáRĪRQ\PZV]\VWNLFKF]áRQNyZVáXĪE\]DJUDQLF]QHMZN LHURZDQHMSU]H]QLHJR SODFyZFH]DJUDQLF]QHMRUD]
RVyERNWyU\FKPRZDZDUWXVW
 RGSRZLDGD]DEH]SLHF]HĔVWZRSODFyZNL]DJUDQLF]QHML]DSHZQLD MHMRFKURQĊ]Z\áąF]HQLHPSU]\SDGNyZRNWyU\FK
PRZDZDUWXVWSNWEXVWDZ\]GQLDVLHUSQLDURĩDQGDUPHULL:RMVNRZHMLZRMVNRZ\FKRUJDQDFKSR
U]ąGNRZ\FK']8]USR]LRUD]ZDUW SNWOLWIXVWDZ\]GQL DJUXGQLDUR6áXĪELH
2FKURQ\3DĔVWZD']8]USR] L RUD]]USR]
'\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHMZSRUR]XPLHQLX]NLHU XMąF\PSODFyZNą]DJUDQL F]QąZ\]QDF]DZSODFyZFH
]DJUDQLF]QHM]DVWĊSFĊNLHUXMąFHJRSODFyZ NąNWyU\MHGQRF]HĞQLH MHVWRVREąRGSRZLHG]LDOQąSU]HGG\UHNWRUHPJHQHUDOQ\P
]DSUDZLGáRZHJRVSRGDURZDQLH PLHQLHPSU]HVWU]HJDQLHG\VF\SOLQ\ ILQDQVyZSXEOLF]Q\FKS U]HVWU]HJDQLHSU]HSLVyZ
ZV]F]HJyOQRĞFLSU]HSLVyZSUDZDSUDF\RUD]SU]HSLVyZGRW\F]ąF\F KWDMHPQLFXVWDZR ZRFKURQLRQ\FK
$UW$PEDVDGRUZSDĔVWZLHSU]\MPXM ąF\PZ]DNUHVLHVZRLFKSHáQRPRFQ LFWZZV]F]HJyOQRĞFL
 UHSUH]HQWXMH5]HF]SRVSROLWą3ROVNą
 FKURQLLQWHUHV\5]HF]\SRVSROLWHM3ROVNLHMRUD]MHMRE\ZDWHOL ]JRGQLH]SUDZHPPLĊG]\QDU RGRZ\PLSUDZHPSDĔ
VWZDSU]\MPXMąFHJR
 XF]HVWQLF]\ZF]\QQRĞFLDFK SU]HGVWDZLFLHOLRUJDQyZZáDG]\SX EOLF]QHMZ]DNUHVLHSU RZDG]RQ\FKSU]H]QLFKQHJR
FMDFML LSRGHMPRZDQ\FK G]LDáDĔ ]DSHZQLD ZVSyáG]LDáDQLH W\FK SU ]HGVWDZLFLHOL GED R]JRGQRĞ ü LFK F]\QQRĞFL
]]DáRĪHQLDPLSROVNLHMSROLW\ NL]DJUDQLF]QHMDWDNĪHXG]LHODLPSRPRF\LZVSyáG]LDáD]QLPLZ]DNUHVLHLFK]DGDĔ
ZVWRVXQNDFK]SDĔVWZHPSU]\MPXMąF\P
 G]LDáDQDU]HF]SURPRFML5]HF]\SRVSROLWHM3ROVNLHMD]ZáDV]F]DSROVNLHMNXOWXU\QDXNLL JRVSRGDUNL
 XG]LHODSRPRF\LZVSyáG]LDáDZ]DNUHVLHQLH]EĊGQ\PGRZ\NRQ\ ZDQLD]DGDĔSU]H]F]á RQNyZVáXĪE\]DJUDQLF]QHM
RUD]LQQ\FKRVyEGHO HJRZDQ\FKGR]DáDWZLHQLDR NUHĞORQ\FKVSUDZZSDĔVWZLHSU]\MPXMąF\P
 SURZDG]LURNRZDQLD] SDĔVWZHPSU]\MPXMąF\P
 SRSLHUDSU]\MD]QHVWRVXQNLPL ĊG]\5]HF]ąSRVSROLWą3ROVNąDSDĔVWZHPSU]\MPXMąF\P
 ]D]QDMDPLDVLĊ]ZDUXQNDPL Z\GDU]HQLDPLLG]LDáDOQRĞFLąSURZDG]RQąSU]H]SDĔVWZRSU] \MPXMąFHLSU]HND]XMH
ZáDĞFLZ\PRUJDQRPZáDG]\SXE OLF]QHM5]HF]\SRVSROLWHM3ROVNLHML QIRUPDFMHQDWHQWHPDW
$UW$PEDVDGRUSU]\RUJDQL]DFMLPLĊG]\QDU RGRZHM]ZDQHMGDOHMÄRUJD QL]DFMą´ZV]F]HJyOQRĞFL
 UHSUH]HQWXMH5]HF]SRVSROLW ą3ROVNąZREHFRUJDQL]DFML
 XWU]\PXMHáąF]QRĞüPLĊG]\5]HF]ąSR VSROLWą3ROVNąDRUJDQL]DF Mą
 SURZDG]LURNRZDQLD]RU JDQL]DFMąLZUDPDFKRUJDQL]DFML
 ]D]QDMDPLDVLĊ]G]LDáDOQRĞFL ąSURZDG]RQąSU]H]RUJDQL]DFMĊ LSU]HND]XMHZáDĞFLZ\PRU JDQRPZáDG]\SXEOLF]QHM
5]HF]\SRVSROLWHM3ROVNLHMLQIRUP DFMĊQDWHPDWMHMG]LDáDOQRĞFL 
 ]DSHZQLDXG]LDá5]HF]\SRVSROLW HM3ROVNLHMZSUDFDFKRUJDQL]DFML
 FKURQLLQWHUHV\5]HF]\SRVSROLW HM3ROVNLHMMHMRE\ZDWHOLRUD ]SROVNLFKRVyESUDZQ\FKZVWRVXQNDFK]RUJDQL]DFMą

SRSLHUDUHDOL]DFMĊFHOyZL]DVDGRUJDQL]DFMLSU]H]ZVSyáSUDFĊ]RUJDQL]DFMąLZ UDPDFKRUJDQL]DFML
 XF]HVWQLF]\SR]DJUDQLFDPL 5]HF]\SRVSROLWHM3ROVNLHMRUD]Z ]DNUHVLHSU]HGPLRWXG]LDáDOQRĞFLRUJDQL]DFMLZF]\QQRĞ
FLDFKSU]HGVWDZLFLHOLRUJDQyZZáDG]\SXEOLF]QHMZ]DNUHVLHSURZ DG]RQ\FKSU]H]QLFKQHJRFMDFMLLSRGHMPRZDQ\FK
G]LDáDĔ]DSHZQLDZVSyáG]LDáDQLHW\FKSU]HGVWDZLFLHOLGEDR]J RGQRĞüLFKF]\QQRĞFL]]DáRĪHQLDPLSROVNLHMSROLW\NL]D
JUDQLF]QHMDWDNĪHXG]LHODLPSRP RF\LZVSyáG]LDáD]QLPLZ]D NUHVLHLFK]DGDĔZVWR VXQNDFK]RUJDQL]DFMą
$UW$PEDVDGRUDPLDQXMHLRGZR áXMH3UH]\GHQW5]HF]\SRVSROLWHM3R OVNLHMQDZQLRVHNPLQLVWUDZáDĞFLZHJRGR
VSUDZ]DJUDQLF]Q\FK]DDNFHS WRZDQ\SU]H]3UH]HVD5DG\0LQLVWUyZ 
6WDáHJR3U]HGVWDZLFLHOD5]HF]\ SRVSROLWHM3ROVNLHMSU]\8QLL (XURSHMVNLHMPLDQXMHLRG ZRáXMH3UH]\GHQW5]HF]\
SRVSROLWHM3ROVNLHMQDZVSyOQ\ ZQLRVHNPLQLVWUDZáDĞFLZHJRGRV SUDZ]DJUDQLF]Q\FKRUD]PLQLVW UDZáDĞFLZHJRGRVSUDZ
F]áRQNRVWZD5]HF]\SRVS ROLWHM3ROVNLHMZ8QLL(XURSHMVNLHM]DDN FHSWRZDQ\SU]H]3UH]HVD5DG\0LQLVWUyZ
$PEDVDGRUSRGOH JDVáXĪERZRPLQLVWURZLZáDĞFLZHPXGRVSUDZ]D JUDQLF]Q\FK

']LHQQLN8VWDZ ±± 3R]

 :FHOXRFHQ\NDQG\GDWyZGRREM ĊFLDIXQNFMLDPEDVDGRUDZSDĔV WZLHSU]\MPXMąF\PDOER DPEDVDGRUDSU]\RUJD
QL]DFMLPLĊG]\QDURGRZHMWZRU]\ VLĊ.RQZHQW6áXĪE\=DJUDQLF]QHM]ZDQ\GDOHMÄ.RQZHQWHP´
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKSU]HGVNLHURZDQLHP ZQLRVNXRNWyU\PPRZDZ XVW]DVLĊJDRSLQLL
.RQZHQWX
:VNáDG.RQZHQWXZFKRG]ą
 PLQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKOXEZVND]DQ\SU]H] QLHJRF]áRQHNNLHURZQLFWZD XU]ĊGXREVáXJXMąFHJR
PLQLVWUDZáDĞFLZHJRGRVSUDZ ]DJUDQLF]Q\FKMDNRSU]HZRGQLF]ąF\ 
 6]HI6áXĪE\=DJUDQLF]QHM
 SU]HGVWDZLFLHO.DQFHODULL 3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHMZVND]DQ\SU]H]6]HID.DQ FHODULL3UH]\GHQWD5]HF]\
SRVSROLWHM3R OVNLHM
 SU]HGVWDZLFLHO.DQFHODULL3UH]HVD5DG\0LQLVWUyZZVND]DQ\SU ]H]6]HID.DQFHODULL3UH]HVD5DG\0LQLVWUyZ
.RQZHQWREUDGXMHQDSRVLH G]HQLDFK3RVLHG]HQ LD.RQZHQWXVąQ LHMDZQH
3RVLHG]HQLH.RQZHQWX]ZRá XMHPLQLVWHUZáDĞFLZ\GRVSUDZ]DJU DQLF]Q\FK
=SRVLHG]HQLD.RQZHQWXVSRU]ąG]DVLĊSURWRNy áNWyU\MHVWSRGSLV\ZDQ\SU]H]REHFQ\FKF]áRQ NyZ.RQZHQWX
&]áRQNRZLH.RQZHQWXZGU RG]HXFKZDá\Z\UDĪDMąRSLQLĊRUD]]DPLHV]F]DMąMHMWUHĞüZSURWRNROH
3URWRNyáMHVWGRNXPHQWHP VWDQRZLąF\PLQIRUPDFMĊQLHMDZQąZ UR]XPLHQLXDUWSNWXVWDZ\]GQLDVLHUSQLD
U RRFKURQLH LQIRUPDFML QLHMDZQ \FK NWyUHPX QDGDMH VLĊ NODX]XOĊ RNWyUHM PRZD ZDUWXVW XVWDZ\ ]GQLD
VLHUSQLDURRFKURQLHLQIRU PDFMLQLHMDZQ\FKLQLHSRGOHJDXGRVWĊSQLHQLX
$UW0LQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FKPRĪHRNUHĞOLüZGURG ]H]DU]ąG]HQLDIRUPĊLWU\EZ\GDZDQLD
SROHFHĔDPEDVDGRURZLNLHUXMąFVLĊ]DGDQLDPLVáXĪE\G\SORPDW\F] QHMLSRWU]HEDPLSROLW\NLSDĔVWZD
$UW'\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHMQDZLą]XMH]DPEDVDGR UHPNWyU\SU]HGPLDQRZDQLHPQLHE\á
F]áRQNLHPVáXĪE\]DJUDQLF]QHMVWR VXQHNSUDF\QDSRG VWDZLHSRZRáDQLDQDF]DVSHáQLHQLDIXQNFMLDPEDVDGRUD
2GZRáDQLHSU]H]3UH]\GHQWD5 ]HF]\SRVSROLWHM3ROVNLHMDPEDVDG RUDMHVWUyZQR]QDF]QH]RGZRáDQLHPZUR]XPLHQLX
SU]HSLVyZSUDZDSUDF\
6WRVXQHNSUDF\DPEDVDGRUDZ\JDVD] GQLHPRGZRáDQLD
$UW3UH]\GHQW5]HF]\SRVSROLWHM 3ROVNLHMPRĪHXVWDQRZLüDPEDVDGRU D±VSHFMDOQHJRSU]HGVWDZLFLHOD3UH]\
GHQWD5]HF]\SRVSROLWHM3ROVNLHMG R]DGDĔ]]DNUHVXSROLW\NL]DJUDQLF]QHM
$PEDVDGRU±VSHFMDOQ\SU]HGVWDZLFLHO 3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHMQLHZFKRG]LZVNáDGVáXĪE\]DJUD
QLF]QHM
5R]G]LDá
1DEyUGRVáXĪE\]DJUDQLF]QHM
$UW6]HI6áXĪE\=DJUDQLF]QHMPD MąFQDZ]JOĊG]LHSRWU]HE\VáXĪE \]DJUDQLF]QHMRUJDQL]XMHQDEyU]HZQĊWU]Q\
NDQG\GDWyZQDDSOLNDFMĊG\SORPDW\F]QRNRQVXODUQą
6]HI6áXĪE\=DJUDQLF]QHMRNUHĞOD ZGURG]HGHF\]MLOLPLWSU]\ MĊüQDDSOLNDFMĊG\SORPDW\F]QRNRQVXODUQąZGDQ\P
URNXNDOHQGDU]RZ\P' HF\]MDWDMHVW]DPLH V]F]DQDQDVWURQLH%LX OHW\QX,QIRUPDFML3XEOLF]QHM
$SO
LNDFMDG\SORPDW\F]QRNRQVXODUQDPDQDFHOXPHU\WRU\F]QHS U]\JRWRZDQLHNDQG\GDWyZGRZ\NRQ\ZDQLD]DGDĔ
VáXĪE\]DJUDQLF]QHMRUD]ZáąF]HQLH LFKZSRF]HWG\SORPDWyZ]DZR GRZ\FKSU]H]QDGDQLHLPVW RSQLDG\SORPDW\F]QHJR
$SOLNDFMD G\SORPDW\F]QRNRQVXODUQD WUZD URN 3URJUDP DSOLN DFML G\SORPDW\F]QRNRQVXODUQHM SU]\JRWRZXMH
6]HI6áXĪE\=DJUDQLF]QHM
$SOLNDFMDG\SORPDW\F]QRNRQ VXODUQDVNáDGDVLĊ]QDVWĊSXMąF\FKHWDSyZ
 V]NROHQLDWHRUHW\F]QHJRWUZDMąFHJRPLHVLąFH VWDĪXZXU]ĊG]LHREVáXJXMąF\ PPLQLVWUDZáDĞFL ZHJRGRVSUDZ]DJUDQLF]Q\FKWUZDMąFHJRáąF]QLHPLHVLąFH
 VWDĪ\]DJUDQLF]Q\FKWUZDMąF\ FKáąF]QLHPLHVLĊF\

']LHQQLN8VWDZ ±± 3R]

 3U]HSLV\XVWDZ\]GQLD OLVWRSDGDURVáXĪELHF\ZLOQHMGRW\F]ąFHVáXĪE\SU]\JRWRZDZF]HMLSLHUZV]HM
RFHQ\VWRVXMHVLĊRGSR ZLHGQLR]W\PĪHSLHUZV]ąRFHQĊZVáXĪELH]DJUDQLF]QHMVSRU]ąG]DVLĊSRX Sá\ZLHURNX
1DEyUQDDSOLNDFMĊG\SORPDW\F]QRNRQVXODUQąMHVWRWZDUW\RUD]RGE\ZDVLĊZGURG]HNRQN XUVX.RQNXUVPDQD
FHOXVSUDZG]HQLHSR]LRPXZLHG]\RJ yOQHMLVWRSQLD]QDMRPRĞFLMĊ]\NDREFHJRSU]H]NDQG\GDWyZ RUD]LFKSUHG\VSR]\FML
LSU]\GDWQRĞFLGRSUDF\Z VáXĪELH]DJUDQLF]QHMSU]\F]\PVSUDZ G]HQLHZLHG]\RGE\ZDVLĊ]]DFKRZDQLHP]DVDG\DQR
QLPRZRĞFL
6]HI6áXĪE\=DJUDQLF]QHMRUJDQL] XMHLSU]HSURZDG]DQDEyUQD DSOLNDFMĊG\SORPDW\F]QRNRQVXODUQąRUD]]DPLHV]
F]DZ%LXOHW\QLH,QIRUPDFML3X EOLF]QHMRJáRV]HQLHRQDERU]HQD WĊDSOLNDFMĊ
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]HUR]SRU]ąG]HQLDV]F]HJyáRZH]DVDG\LWU\ESU]HSUR
ZDG]DQLDQDERUXQDDSOLNDFMĊG\SORPDW\F]QRNRQVXODUQąSU]HSURZDG]DQLDWHVWyZZW\PWHVWyZSV\FKRORJLF]Q\FKWUHĞFL
LIRUP\ZQLRVNXRSU]\MĊFL HQDDSOLNDFMĊG\SORPDW\F]QRNRQVXODU Qą]PRĪOLZRĞFLąZ\NRU]\VWDQLDHOHNWURQLF]Q\FKĞURG
NyZSU]HND]XGDQ\FK]XZ]JOĊGQ LHQLHPNRQLHF]QRĞFLSUDZLGáRZHJR LHIHNW\ZQHJRSU]HSURZ DG]HQLDQDERUXQDDSOLND
FMĊ
$UW$SOLNDQWHPG\SORPDW\F]QRNRQVXODUQ\PPRĪH]RVWDüRVREDVSHá QLDMąFDZ\PDJDQLDRNU HĞORQHZDUW
XVWSNWL±]QDMąFDFRQ DMPQLHMMHGHQMĊ]\NREF\ZW\P MĊ]\NDQJLHOVNL
'\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHM]DZLHUD]DSOLNDQWHP G\SORPDW\F]QRNRQVXODUQ\PXPRZĊRSUDFĊQD
F]DVRNUHĞORQ\QDRNUHVURNX
1DZLą]DQLHVWRVXQNXSUDF\QDSR GVWDZLHPLDQRZDQLD]F]áRQNLH PVáXĪE\]DJUDQLF]QHMNWyU\XNRĔF]\áDSOLNDFMĊ
G\SORPDW\F]QRNRQVXODUQą QDVWĊSXMH SR VSHáQLHQLX Z\PDJDQLD R NWyU\P PRZD ZDUWXVWSNW RUD] ]áRĪHQLX
]Z\QLNLHPSR]\W\ZQ\PHJ]DPLQXG\SORPDW\F]QRNRQVXODUQHJR
8PRZDRSUDFĊ]DSOLNDQWHPG\SORPDW\F]QRNRQVXODUQ\PEĊGąF\ PXU]ĊGQLNLHPVáXĪE\F\ZLOQHMSU]HNV]WDáFD
VLĊQDF]DVRGE\ZDQLDDSOLNDFMLG\SORPDW \F]QRNRQVXODUQHMZXPRZĊRSUDFĊQDF]DVRNUHĞORQ\QDRNUHVURNX
=DSOLNDQWHPG\SORPDW\F]QRNRQVXODUQ\PNWyU\QLH]áRĪ\áHJ]DPLQXG\SORPDW\F]QRNRQVXODUQHJR]Z\QLNLHP
SR]\W\ZQ\PXPRZĊRSUDFĊ QDF]DVRNUHĞORQ\SU]HGáXĪDVLĊQDRN UHVXPRĪOLZLDMąF\]áRĪHQLHHJ]DPLQXG\SORPDW\F]QR
NRQVXODUQHJRMHGQDNQLHG áXĪV]\QLĪRNUHVURNX
:SU]\SDGNXQLH]áRĪHQLDHJ]DP LQXG\SORPDW\F]QRNRQVXODUQHJR SU]H]XU]ĊGQLNDVáXĪE\F\ZLOQHMZWHUPLQLH
RNUHĞORQ\P ZXVW G\UHNWRU JHQHUDOQ\ VáXĪE\ ]DJUDQLF]QHM SRZ LDGDPLD QLH]ZáRF]QLH 6]HID 6áXĪE\ &\ZLOQHM
RNRQLHF]QRĞFLZ\]QDF]HQLDVWDQRZLVN DXU]ĊGQLNRZLVáXĪE\F\ZLOQHMZXU]ĊG]LHLQQ\PQLĪ XU]ąGREVáXJXMąF\PLQLVWUD
ZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FK: WDNLPSU]\SDGNXSU]HSLVDUWXVWDZ\]GQLDOLVWRSDGDURVáXĪELH
F\ZLOQHMVWRVXMHVLĊRGSRZLHGQLR
$UW$NDGHPLD'\SORPDW\F]QDSURZDG]LVHPLQDULXPG\SORPDW\F]QRNR QVXODUQHSU]\JRWRZXMąFHF]áRQNyZ
VáXĪE\]DJUDQLF]QHMQLHSRVLDGDMąF\FKVWRSQLDG\SORPDW\F]QHJR]DWUXGQLRQ\FKZXU]ĊG]LHRE VáXJXMąF\PPLQLVWUDZáDĞ
FLZHJRGRVSUDZ]DJUDQLF]Q\FKQD SRGVWDZLHXPRZ\RSUDFĊQDF]D VQLHRNUHĞORQ\DOERPLDQR ZDQLDZVáXĪELHF\ZLOQHM
GRZ\NRQ\ZDQLD]DGDĔVáXĪE \]DJUDQLF]QHM
'RRVyE]DWUXGQLRQ\FKZ XU]ĊG]LHREVáXJXMąF\PPLQLVWUDZáDĞF LZHJRGRVSUDZ]DJU DQLF]Q\FKQDSRGVWDZLHSR
ZRáDQLDZFHOXZ\NRQ\ZDQLDRERZL ą]NyZF]áRQNDSHUVRQHOXG\SORPD W\F]QRNRQVXODUQHJRZSODFyZFH]DJUDQLF]QHM
SU]HSLVXVWVWRVXMHVLĊ
8F]HVWQLNLHP
VHPLQDULXPG\SORPDW\F]QRNRQVXODUQHJRPRĪHE\ü RVREDNWyUDVSHáQLD Z\PDJDQLDRNUHĞORQH
ZDUWXVWSNWL±
3URJUDPVHPLQDULXPG\SORPDW\F ]QRNRQVXODUQHJRSU]\JRWRZXMH6]HI6áXĪE\=DJUDQLF]QHM
1DZQLRVHNRVRE\RNWyUHMPRZ DZXVWL6]HI6áXĪE\=DJUDQLF]QHMNLHUXMHMąGRXF]HVWQLFWZDZVHPLQDULXP
G\SORPDW\F]QRNRQVXODUQ\P
$UW$SOLNDFMDG\SORPDW\F]QRNRQVXODUQDRUD]VHPLQDULXPG\SORPDW \F]QRNRQVXODUQHNRĔF]ąVLĊHJ]DPLQHP
G\SORPDW\F]QRNRQVXODUQ\P
&HOHPHJ]DPLQXG\SORPDW\F]QRNRQVXODUQHJRMHVWVSUDZG]HQLHZLHG]\NZDOLILNDFMLLSRVLDGDQLDSUHG\VSR]\FML
QLH]EĊGQ\FKGRZ\NRQ\ZDQLDRERZ Lą]NyZG\SORPDW\]DZRGRZHJR
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]HUR]SRU]ąG]HQLD
 RUJDQL]DFMĊDSOLNDFMLG\SORPDW \F]QRNRQVXODUQHMRUD]VHPLQDU LXPG\SORPDW\F]QRNRQVXODUQHJR
 VSRVyEGRNXPHQWRZDQLD]QDMRP RĞFLMĊ]\NyZREF\FK

']LHQQLN8VWDZ ±± 3R]

  V]F]HJyáRZH]DVDG\LWU\EGRSX V]F]HQLDGRHJ]DPLQXG\SORPDW\ F]QRNRQVXODUQHJRR UD]]DNUHVWHJRHJ]DPLQX
 VSRVyESRZRá\ZDQLDF]áRQNyZ NRPLVMLHJ]DPLQDF\MQHMZ\VRNRĞFLLFKZ\QDJURG]HQLD
 VSRVyESU]HSURZDG]DQLDHJ]DPLQX G\SORPDW\F]QRNRQVXODUQHJR ]]DFKRZDQLHP]DVDG\DQRQLPRZRĞFLSU]\VSUDZ
G]DQLXZLHG]\L]XZ]JOĊGQLHQLHPPRĪOLZRĞFLSRZWDU]DQLDHJ]DPLQ X
±XZ]JOĊGQLDMąFNRQLHF]QRĞüSUDZLGáRZ HJRSU]\JRWRZDQLDNDQG\GDWyZGRZ\NRQ\ZDQLD]DGDĔVáXĪE\]DJUDQLF]QHMRUD]
U]HWHOQHJRVSUDZG]HQLDZ LHG]\RVyESU]\VWĊSX MąF\FKGRHJ]DPLQX 
5R]G]LDá
6WDQRZLVNDNLHURZQLF]HZXU] ĊG]LHREVáXJXMąF\PPLQLVWUDZáDĞFLZ HJRGRVSUDZ]DJUDQLF]Q\FK
$UW1DNLHURZQLF]HVWDQRZLVNRZXU]ĊG]LHREVáXJXMąF\PPLQLVWUD ZáDĞFLZHJRGRVSUDZ]DJUDQLF]Q\FKEĊGąFH
Z\ĪV]\PVWDQRZLVNLHPZVáXĪELHF\ZLOQHMPRĪH]RVWDüSRZRáDQ\G \SORPDWD]DZRGRZ\OXELQQDRVREDVSHáQLDMąFDZ\
PDJDQLD RNUHĞORQH ZDUWXVW  NWyUD VSHáQLD Z\PDJDQLD RNU HĞORQH ZDUW XVWDZ\ ]GQ LD OLVWRSDGD U
RVáXĪELHF\ZLOQHM
1DVWDQRZLVNR]DVWĊSF\G\UHNWRUD ZXU]ĊG]LHREVáXJXMąF\PPLQ LVWUDZáDĞFLZHJRGRVS UDZ]DJUDQLF]Q\FKEĊGąFH
Z\ĪV]\PVWDQRZLVNLHPZVáXĪELHF\ZLOQHMPRĪH]RVWDüSRZRáDQ\W DNĪHF]áRQHNSHUVRQHOXSRP RFQLF]HJROXELQQDRVRED
VSHáQLDMąFDZ\PDJDQLDRNUHĞORQHZDUWXVWSNW±NWyUD VSHáQLDZ\PDJDQLDRNUHĞORQH ZDUWXVWDZ\]GQLD
OLVWRSDGDURVáXĪELHF\ZLOQHM
1DVWDQRZLVNRNLHURZQLF]HZNR PyUFHRUJDQL]DF\MQHMZXU]ĊG]LHREVáXJXMąF\PPLQLVWUD ZáDĞFLZHJRGRVSUDZ
]DJUDQLF]Q\FK RNWyUHM PRZD ZDUWXVWSNW L XVWDZ\ ]GQLD VLHUSQLD U R5DG]LH 0LQLVWUyZ ']8
]USR]PRĪH]RVWDüSR ZRáDQ\WDNĪHF]áRQHNSHUVRQH OXSRPRFQLF]HJROXELQQD RVREDVSHáQLDMąFDZ\PDJDQLD
RNUHĞORQH ZDUWXVWSNW± NWyUD VSHáQLD Z\PDJDQLD RNU HĞORQH ZDUW XVWDZ\ ]GQ LD OLVWRSDGD U
RVáXĪELHF\ZLOQHM
1DVWDQRZLVNR]DVWĊSF\G\UHNWRUDZ NRPyUFHRUJDQL]DF\MQHMZ XU]ĊG]LHREVáXJXMąF\PP LQLVWUDZáDĞFLZHJRGR
VSUDZ]DJUDQLF]Q\FKPRĪH]RVWDüSRZR áDQ\WDNĪHF]áRQHNSHUVRQHOXSRPRFQLF]HJROXELQQ DRVREDVSHáQLDMąFDZ\PDJD
QLDRNUHĞORQHZDUWXVWSNW±NWyUDVSHáQLDZ\PDJDQLDRNUHĞORQHZDUWXVWDZ\] GQLDOLVWRSDGDU
RVáXĪELHF\ZLOQHM
'\SORPDWD]DZRGRZ\SRZRáDQ\ QDVWDQRZLVNRNLHURZQLF]HZXU]ĊG]LHREVáXJXMąF\PP LQLVWUDZáDĞFLZHJRGR
VSUDZ]DJUDQLF]Q\FK]DFKRZXMHSUDZ RGRGRGDW NXVáXĪE\]DJUDQLF] QHMRNWyU\PPRZDZDUWXVWL
5R]G]LDá
3UDZDLRERZLą]NLF]áRQNyZVáXĪ E\]DJUDQLF]QHM
$UW2ERZLą]NLHPF]áRQNDVáXĪE\ ]DJUDQLF]QHMMHVWZLHUQRĞü5]HF] \SRVSROLWHM3ROVNLHMLVXPLHQQHZ\NRQ\
ZDQLHRERZLą]NyZVáXĪER Z\FKRNUHĞODQ\FKSU]H]SU]HáRĪRQ\FK
&]áRQHNVáXĪE\]DJUDQLF]QHMM HVWRERZLą]DQ\GR]DFKRZDQLDWD MHPQLF\G\SORPDW\F]QHM
&]áRQHNVáXĪE\]DJUDQLF]QHMSRGOHJD RFHQLHRNUHVRZHMGRNRQ\Z DQHMSU]H]EH]SRĞUHGQLHJR SU]HáRĪRQHJRSRG
NąWHPMHJRSUHG\VSR]\FMLLSU]\GDWQRĞFLGRSUDF\ZVáXĪELH]DJU DQLF]QHM3U]HSLV\DUWLDUWXVWDZ\]GQLDOLVWRSDGD 
URVáXĪELHF\ZLOQHMVWRVXMHVLĊRGSRZLHGQLR
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FK RNUHĞOLZGURG]HUR]SRU]ąG]HQLDV]F]HJyáRZHZDUXQ NLLVSRVyESU]H
SURZDG]DQLDRFHQRNUHVRZ\FKF]á RQNyZVáXĪE\]DJUDQLF]QHMZW\P NU\WHULDZ]yUDUNXV]DVNDOĊRFHQLWU\EVSRU]ąG]D
QLDSU]H]EH]SRĞUHGQLHJRSU]HáRĪR QHJRRFHQ\RNUHVRZHMNLHUXMąF VLĊSRWU]HEąVWDáHJRGRVNRQDOHQLDMDNRĞFLZ\NRQ\ZD
QLDRERZLą]NyZSU]H]RFHQLDQHJ RRUD]]DSHZQLHQLDRELHNW\ZL]PXG RNRQ\ZDQ\FKRFHQ RNUHVRZ\FK
$UW&]áRQHNVáXĪE\]DJUDQLF]QHM]D QDUXV]HQLHRERZLą]NyZVáXĪER Z\FKRGSRZLDGDG\VF\SOLQDUQLHQD]DVD
GDFKRNUHĞORQ\FKZSU]HSLVDFKXVWDZ\]GQLD OLVWRSDGDU RVáXĪELHF\ZLOQHM]]DVWU]HĪHQLHPXVW±
.DUDPLG\VF\SOLQDUQ\PLVW RVRZDQ\PLZREHFF]áRQNyZVáXĪE\]DJ UDQLF]QHMVą
 XSRPQLHQLH
 QDJDQD QDJDQD]SR]EDZLHQLHPPRĪOLZRĞFLDZDQVRZDQLDSU]H]RNUHVO DWGRZ\ĪV]HMNDWHJRULL]DV]HUHJRZDQLDRNWyUHM
PRZDZSU]HSLVDFKZ\NRQDZF]\FKZ\GDQ\FKQDSRGVWDZLHDUWXVW
 REQLĪHQLHNDWHJRULL]DV]HUHJRZDQLDRNWyUHMPRZDZSU]HSLVD FKZ\NRQDZF]\FKZ\GDQ\FKQDSRGVWDZLHDUWXVW

']LHQQLN8VWDZ ±± 3R]

  REQLĪHQLHZ\QDJURG]HQLD]DVDGQLF]HJR QLHZLĊFHMQLĪR± SU]H]RNUHVQLHGáXĪV]\QLĪPLHVLĊF\
 Z\GDOHQLH]SUDF\ZVáXĪELH]DJUDQLF]QHM
:VáXĪELH]DJUDQLF]QHMG]LDáDU]HF]QLNG\VF\SOLQDUQ\VáXĪE\ ]DJUDQLF]QHMEĊGąF\U]HF]QLNLHPG\VF\SOLQDUQ\P
ZUR]XPLHQLXSU]HSLVyZXVWDZ\]GQLDOLVWRSDGDURVáXĪELHF\ZLOQHM
'RDPEDVDGRUyZRNWyU\FKPRZDZDUWXVWQLHVWRVXMH VLĊSU]HSLVyZDUWXVWSNWLXVWDZ\]GQLD
OLVWRSDGDURVáXĪELHF\ZLOQHM
:SODFyZFH]DJUDQLF]QHMSRV WĊSRZDQLHZ\MDĞQLDMąFHPRĪHSURZD G]LüF]áRQHNSHUVRQHOXG\SORPDW\F]QRNRQVXODU
QHJRZ\]QDF]RQ\QDZQLRVHNU]HF]QLNDG \VF\SOLQDUQHJRVáXĪE\]D JUDQLF]QHMSU]H]6]HID6áXĪE\=DJUDQLF]QHM
$UW:\QDJURG]HQLHF]áRQNyZVáXĪE\ ]DJUDQLF]QHMVNáDGDVLĊ]Z\Q DJURG]HQLDRNUHĞORQ HJRGODF]áRQNyZ
NRUSXVXVáXĪE\F\ZLOQHM]W\PĪHG \SORPDWRP]DZRGRZ\PSU]\VáXJ XMHGRGDWHNVáXĪE\]DJUDQLF]QHM
'RGDWHN VáXĪE\ ]DJUDQLF]QHM Z\QRVL  Z\QDJURG]HQLD ]DVDGQL F]HJR RUD] GRGDWNX ]D ZLHOROHWQLą SUDFĊ
ZVáXĪELHF\ZLOQHM:SU]\SDGNX ]ELHJXXSUDZQLHĔGR GRGDWNXVáXĪE\]DJUDQLF]QHMRUD]GRGDWNXVáXĪE\F\ZLOQHM]W\WXáX
SRVLDGDQHJRVWRSQLDVáXĪERZ HJRG\SORPDFLH]DZRGRZHPXSU]\VáXJXM HGRGDWHNZZ\ĪV]HMZ\VRNRĞFL
3UH]HV5DG\0LQLVWUyZNLHUXMąFVLĊVSHF\ILNąLFKDUDNWHUHP ]DGDĔF]áRQNyZVáXĪE\]DJU DQLF]QHMRUD]NRQLHF]QR
ĞFLą]DSHZQLHQLDDGHNZDWQRĞFLZ\QDJU RG]HQLDGR]DNUHVXSRZLHU]R Q\FKRERZLą]NyZRNUHĞO LZGURG]HUR]SRU]ąG]HQLD
 VWDQRZLVND ZVáXĪELH ]DJUDQLF]QHM  ]XZ]JOĊGQLHQLHP NDWHJRUL L ]DV]HUHJRZDQLD ZW\P VWDQRZLVND NLHURZQLF]H
ZVáXĪELH]DJUDQLF]QHM]XZ]JOĊGQLHQLHPS RUyZQ\ZDOQRĞFLVWDQRZLVNSUDF\F]áRQNyZVáXĪE\]DJUDQLF]QHM]HVWD
QRZLVNDPLZVáXĪELHF\ZLOQHMRUD]VWDQR ZLVNDRVyE]DWUXGQLRQ\FKZXU]ĊG]LHREVáXJXMąF\PPLQLVWUDZáDĞFLZHJR
GRVSUDZ]DJUDQLF]Q\FKQLHEĊG ąF\FKF]áRQNDPLVáXĪE\]DJUDQLF]QH M±]XZ]JOĊGQLHQLHPVSHF\ILNL]DGDĔZ\NRQ\
ZDQ\FKQDW\FKVWDQRZLVNDFK
 PQRĪQLNLGRXVWDOHQLDZ\QDJURG ]HQLD]DVDGQLF]HJRF]áRQNyZVáXĪE\]DJUDQLF]QHM
 PQRĪQLNLGRGDWNX]W\WXáX]DM PRZDQLDVWDQRZLVNDN LHURZQLF]HJR
$UW &]áRQNRZL VáXĪE\ ]DJUDQLF]QHM ]D Z\NRQ\ZDQLH RERZLą]NyZ VáX ĪERZ\FK ZSODFyZFH ]DJUDQLF]QHM
SU]\VáXJXMHGRGDWHN]DJU DQLF]Q\]DZ\NRQ\ZDQLHRERZLą]NyZVáXĪE RZ\FKZSODFyZFH]DJUDQLF]QHM
'RGDWHN]DJUDQLF]Q\SRGOHJDFRU RF]QHMZDORU\]DFMLZHGáXJZVN DĨQLNDLQIODFMLZSDĔVWZLHSU]\MPXMąF\P
'RGDWHN]DJUDQLF]Q\SU]\VáXJ XMH]DF]DVĞZLDGF]HQLDSUDF\Z SODFyZFH]DJUDQLF]QHMLXOHJD]PQLHMV]HQLXSUR
SRUFMRQDOQLHGRGQLQLHREHFQRĞFLZ SUDF\ZSU]\SDGNXF]DVRZHMQ LHPRĪQRĞFLZ\NRQ\ZDQLD RERZLą]NyZVáXĪERZ\FK
ZSODFyZFH]DJUDQLF]QHM
&]áRQHNVáXĪE\]DJUDQLF]QHMZ\NRQXMąF\RERZLą]NLVáXĪERZHZSODFyZFH]DJUDQLF]QHMPRĪHRWU]\PDüQDVZyM
SLVHPQ\ZQLRVHNZ\QDJURG]HQLHZZDOXFLHSDĔVWZDSU]\MPXMąFHJR OXEZZDOXFLHSU]\MĊWHMZSODQLHILQDQVRZ\PSOD
FyZNL
$UW:SU]\SDGNXQLHREHFQRĞFLZSUDF\G\SORPDW\]DZRGRZHJRZ\NRQXMąFHJRRERZLą]NLVáXĪERZHZSODFyZFH
]DJUDQLF]QHMWUZDMąFHMGáXĪHMQLĪPLHVLąFHZRNUHVLHNDĪGHJR SyáURF]DZ\NRQ\ZDQLDW\FK RERZLą]NyZVáXĪERZ\FKRG
GQLDREMĊFLDW\FKRERZLą]Ny Z]Z\MąWNLHPQLHREHFQRĞFL]W\WXáX XUORSXZ\SRF]\QNRZHJRM HVWRQRGZRá\ZDQ\]HVWD
QRZLVNDZSODFyZFH]DJUDQLF]QHMGR SHáQLHQLD RERZLą]NyZZXU]ĊG ]LHREVáXJXMąF\PPLQLVW UDZáDĞFLZHJRGRVSUDZ
]DJUDQLF]Q\FK
-HĪHOLQLHREHFQRĞüZSUDF\G RW\F]\SUDFRZQLND]DJUDQLF]QHJR DOERSUDFRZQLNDNUDMR ZHJRSHáQLąFHJRRERZLą]NL
VáXĪERZHZSODFyZFH]DJUDQLF]QHMSUDFRZQLNWHQMHVWRGZRá\ZDQ\]HVWDQRZLVNDZSODFyZFH]DJUDQLF]QHMSRXSá\ZLH
PLHVLĊF\QLHRE HFQRĞFLZSUDF\
:SU]\SDGNXRNWyU\PPRZDZXVWJG\SU]\F]\QąQLHPRĪQRĞ FLĞZLDGF]HQLDSUDF\MHVW
 F]DVRZDQLH]GROQRĞüGRSUDF\ZVNXWHNFKRURE\
 XUORSPDFLHU]\ĔVNL XUORSQDZDUXQNDFKX UORSXPDFLHU]\ĔVNLHJR
 XUORSURG]LFLHOVNL XUORSRMFRZVNL±ZUR]XPLHQLXSU]HSLVyZSUDZDSUDF\GRGDWHN]DJUDQLF]Q\RNW yU\PPRZDZDUWXVW SU]\VáXJXMHSU]H]RNUHV
PLHVLĊF\RGGQLDRGZRá DQLD]HVWDQRZLVNDZSODFyZFH]DJUDQLF] QHMGRSHáQLHQLDRERZLą]NyZ ZXU]ĊG]LHREVáXJXMąF\P
PLQLVWUDZáDĞFLZHJR GRVSUDZ]DJUDQLF]Q\FK

']LHQQLN8VWDZ ±± 3R]

 $UW&]áRQNRZLVáXĪE\]DJUDQLF]Q HMZ\NRQXMąFHPXRERZLą]NLVáXĪERZHZSODFyZFH]DJUDQL F]QHM]DSHZQLDVLĊ
 QLHRGSáDWQHNRU]\VWDQLH]SU]\G]LHORQHJRSU]H]NLHURZQLNDSO DFyZNL]DJUDQLF]QHMORNDOXPLHV]NDOQHJRDZSU]\
SDGNXEUDNXORNDOX PLHV]NDOQHJRVWDQRZLąFHJRZ áDVQRĞü6NDUEX3DĔVWZD±U\F]DáWQDZ\QDMHPORNDOXPLHV]NDOQHJR
ZSDĔVWZLHSU]\MPXMąF\PZZ\VRNRĞ FL]JRGQHM]HZVND]DQLDPL%LXOHW\QX6WDW\VW\F]QHJR 1DURGyZ=MHGQRF]RQ\FK
DNWXDOQHJRQDG]LHĔREMĊFL DVWDQRZLVNDZSODFyZFH]DJUDQLF]QHM 
 F]ĊĞFLRZ\]ZURWNRV]WyZHNVSORDWD FML]DMPRZDQHJRORNDOXPLHV]NDOQHJR
 SRNU\FLHNRV]WyZSRGU yĪ\SU]HVLHGOHQLRZHMRUD]U\F]DáWQDSR NU\FLHNRV]WyZSU]HZR ]XPLHQLDSU]HVLHGOHQLRZHJR
ZZ\VRNRĞFLNZRW\ED]RZHM GRGDWNX]DJUDQLF]QHJRQ DNDĪGHJRSU]H VLHGODMąFHJRVLĊ]QLPF]áRQNDURG]LQ\
 SRNU\FLHNRV]WyZSRGUyĪ\X UORSRZHMGRNUDMX ZUD]]F]áRQNDPLURG]LQ\UD]QDODWD
 ]ZURWNRV]WyZSRGUyĪ\GRNUDMX ZSU]\SDGNX]JRQXPDáĪRQNDF] áRQNDVáXĪE\]DJUDQLF]QHMOXE ]JRQXMHJRURG]L
FyZURG]HĔVWZDOXEG]LHFND
 ]ZURWX]DVDGQLRQ\FKLXGRNXP HQWRZDQ\FKNRV]WyZOHF]HQLDF]áR QNDVáXĪE\]DJUDQLF]QHMLSU]HE\ZDMąF\FK]QLPQD
VWDáHF]áRQNyZURG]LQ\DOERX EH]SLHF]HQLH]GURZRWQHZSDĔVWZLHSU]\MPXMąF\POXELQQ\PSDĔVWZLHNWyUHSU]\MPX
MHSU]HVLHGORQ\FKZUD]]F]á RQNLHPVáXĪE\]DJUDQLF]QHMF]áRQN yZURG]LQ\
 SRNU\FLHRSáDW]DQDXNĊG]LHFLZ V]NROHW\SXSRGVWDZRZHJROX EĞUHGQLHJRRUD]RSáDW]W\ WXáXRERZLą]NRZHJRSU]\
JRWRZDQLDSU]HGV]NROQHJRZ\PDJDQHJRSU]HSLVDPL RERZLą]XMąF\PLZ SDĔVWZLHSU]\MPXMąF\ PZZ\VRNRĞFL
F]HVQHJR±ZSU]\SDGNXJG\ F]áRQHNVáXĪE\]DJUDQLF]QHMGRNRQDZ\ERUXV]NRá\ED]RZHMZ SDĔVWZLHSU]\MPXMą
F\PZ\]QDF]RQHMS U]H]6]HID6áXĪE\=DJUDQLF]QHM
 SRNU\FLHRSáDW]DQDXNĊG]LHFLZV]NROHW\SXSRGVWDZRZHJROX EĞUHGQLHJRRUD]RSáDW]W\WXáXRERZLą]NRZHJRSU]\JR
WRZDQLDSU]HGV]NROQHJRZ\PDJDQHJRSU]HSLVDPLRERZLą]XMąF\PLZS DĔVWZLHSU]\MPXMąF\P OXEZ5]HF]\SRVSROLWHM
3ROVNLHMZZ\VRNRĞFL
D F]HVQHJRZSU]\ SDGNXSRVLDGDQLDM HGQHJROXEGZRMJDG]LHFL
E F]HVQHJRZSU]\ SDGNXSRVLDGDQLDWURMJDOXEF]ZRUJDG]LHF L
F F]HVQHJRZSU]\SDG NXSRVLDGDQLDSLĊ FLRUJDOXEZLĊFHMG]LHFL
±ZSU]\SDGNXJG\F]áRQHNVáXĪE\]DJUDQLF]QHMGRNRQDZ\ERUXV]NRá\ZSDĔVWZLHSU]\MPXMąF\PQLHEĊGąFHMQLHRGSáDWQą
SODFyZNąSXEOLF]QąOXEV]NRáąED]RZąZSDĔVWZLHSU]\MPXMąF\PZ\ ]QDF]RQąSU]H]6]HID6áXĪE\=DJUDQLF]QHM
 ]DVLáHNDGDSWDF\MQ\QDSRNU\FLHNRV]WyZ]DJR VSRGDURZDQLDVLĊZSDĔVWZLHSU]\MPXMąF\P
 GRGDWHNUR]áąNRZ\MHĪHOL]H Z]JOĊGXQDV]F]HJyOQHZDUXQNLSDĔVWZDSU]\MPXMąFHJR F]áRQHNVáXĪE\]DJUDQLF]QHM
MHVWNLHURZDQ\QDSODFyZNĊ ]DJUDQLF]QąEH]F]áRQNyZURG]LQ\
=ZURWNRV]WyZOHF]HQLDDOERX EH]SLHF]HQLH]GURZRWQHR NWyU\FKPRZDZXVWSNW QLHSU]\VáXJXMH
 PDáĪRQNRZLF]áRQNDVáXĪE\]DJU DQLF]QHMMHĪHOLPDáĪRQHNF]áR QNDVáXĪE\]DJUDQLF]QHMZ\NRQX MHG]LDáDOQRĞü]DURE
NRZą]Z\MąWNLHPPDáĪRQ NDVáXĪE\]DJUDQLF]QHM]DWUXGQLRQHJRZSODFyZFH]DJUDQLF]QHM
 MHĪHOLF]áRQHNVáXĪE\]DJUDQLF]QHMSU]HE\ZDZSDĔVWZLHSU]\M PXMąF\PEĊGąF\PSDĔVWZHP F]áRQNRZVNLP8QLL
(XURSHMVNLHMOXESDĔVWZHPF]áRQNRZVNLP(XURS HMVNLHJR3RUR]XPLHQLDR:ROQ\P+DQGOX()7$±VWURQ\XPRZ\
R(XURSHMVNLP2EV]DU]H*R VSRGDUF]\PZNWyU\PSU]\VáXJXMHPXGRVWĊSGRJZDUDQWRZDQ \FKĞZLDGF]HĔRSLHNL
]GURZRWQHMILQDQVRZDQHMZFDá RĞFL]HĞURGNyZSXEOLF]Q\FK
&]áRQNRZLVáXĪE\]DJUDQLF]QHMNWy UHJRPDáĪRQHNSU]HE\ZDZUD ]]QLPZSODFyZFH]DJUDQLF]QHMSU]\VáXJXMH
SURSRUFMRQDOQLHGRGQLSRE\WXPDáĪRQNDZSODFyZFH]DJUDQLF]QHM GRGDWHNQDSRNU\FLH]ZLĊNV]RQ\FKNRV]WyZXWU]\PD
QLDURG]LQ\ZZ\VRNRĞFL GRGDW NX]DJUDQLF]QHJR
'RGDWHNQDSRNU\FLH ]ZLĊNV]RQ\FKNRV]WyZXWU]\PDQLDURG]LQ\ QLHSU]\VáXJXMHMHĪHOL PDáĪRQHNF]áRQNDVáXĪE\
]DJUDQLF]QHMMHVW]DWUXGQLRQ\Z SODFyZFH]DJUDQLF]QHMZ5]HF]\ SRVSROLWHM3ROVNLHMOXEZ SDĔVWZLHSU]\MPXMąF\P
.LHURZQLNRZLSODFyZNL]DJUDQLF]QHM SU]\VáXJXMHGRGDWHNQDSR NU\FLH]ZLĊNV]RQ\FKNRV]WyZXWU]\PDQLDURG]LQ\
ZZ\VRNRĞFL GRGDWNX]DJUDQLF]QHJR
&]áRQNRZLVáXĪE\]DJUDQLF]QHMNWyUHJRPDáROHWQLF]áRQNRZLHURG]LQ\SU]HE\ZDMąZUD]]QLPZSODFyZFH]DJUD
QLF]QHMSU]\VáXJXMHGRGDWHNQD NDĪGHJRPDáROHWQLHJRF]áRQNDUR G]LQ\ZZ\VRNRĞFLGRGDWNX]DJUDQLF]QHJRSURSRU
FMRQDOQLHGRGQLSRE\WXZSODFyZ FH]DJUDQLF]QHMNDĪGHJRPDáROHWQLHJRF]áRQNDURG]LQ\
'RRVyEQLHSHáQRVSUDZQ\FKNWy UHVąF]áRQNDPLURG]LQ\F]áRQN DSROVNLHMVáXĪE\G\SORPDW\F]QHMVWRVXMHVLĊRG
SRZLHGQLRSU]HSLV\GRW\F]ąFHPDá ROHWQLFKF]áRQNyZURG]LQ\F]áRQNDVáXĪE\]DJUDQLF]QHM

']LHQQLN8VWDZ ±± 3R]

 -HĪHOLRERZLą]NLVáXĪERZH ZSODFyZFH]DJUDQLF]QHMZ\NRQ\ZDQH VąSU]H]F]áRQNyZVáXĪE\]DJUDQLF]QHMEĊGą
F\FKPDáĪRQNDPLĞZLDGF]HQLDR NWyU\FKPRZDZXVWLSU]\VáXJXMąW\ONRM HGQHPX]QLFK
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]H]DU]ąG]HQLDVSRVyERUD]WU\EHZLGHQFMRQRZDQLD
SRE\WXZSODFyZFH]DJUDQLF]QHMPDáĪRQNy ZRUD]G]LHFLF]áRQNyZVáXĪE\]DJUDQLF]QHMPDMąFQDZ]JOĊG]LH]DSHZQLHQLH
MHGQROLWHJRPHFKDQL]PXHZLGHQFMR QRZDQLDSRE\WXZSODFyZFH]DJUDQLF]QHM
$UW0LQLVWHUZáDĞFLZ\GRVSUDZ]DJU DQLF]Q\FKRNUHĞOLZGURG]HUR] SRU]ąG]HQLD
 Z\VRNRĞüLV]F]HJyáRZH]DVDG\SU ]\]QDZDQLDLZ\SáDW\GRGDWNX ]DJUDQLF]QHJR
 URG]DMHZ\VRNRĞüWU\E LV]F]HJyáRZH]DVDG\SU]\]QDZDQLDĞZLDGF]HĔRNWyU\FKPRZDZDUW
±XZ]JOĊGQLDMąFIXQNFMHG\SORPDW\F]QHOXENRQVXODUQHZSODFyZFH ]DJUDQLF]QHMVSHF\ILNĊSDĔVW ZSU]\MPXMąF\FKLNLHUXMąF
VLĊSRWU]HEą]DFKRZDQLDZDUXQNy ZVRFMDOQRE\WRZ\FKSRUyZQ\ZDOQ\ FKGRZDUXQNyZSRVLD GDQ\FKSU]H]F]áRQNyZ
NRUSXVXG\SORPDW\F]QHJROXENRQ VXODUQHJRLQQ\FKSDĔVWZDWDNĪH PDMąFQDZ]JOĊG]LHZ\SDGNLV]F]HJyOQH]ZLą]DQH]H
]JRQDPLF]áRQNyZURG]LQ\
$UW0DáĪRQHNF]áRQNDVáXĪE\]DJUDQLF]QHMPRĪHSRGHMPRZDü]DWUXG QLHQLHSR]DJUDQLFDPLNUDMXZF]DVLH
SHáQLHQLDIXQNFMLSU]H]ZVSyáPDáĪRQ NDSRX]\VNDQLX]JRG\6]HID 6áXĪE\=DJUDQLF]QHM
3U]HGZ\UDĪHQLHP]JRG\RNWyUHMPRZDXVW6]HI6áXĪE\=D JUDQLF]QHM]DVLĊJDRSLQLLSHáQRPRFQLNDPLQLVWUD
ZáDĞFLZHJRZVSUDZDFK]DJURĪHĔNRUX SF\MQ\FKLNRPyUNLRGSRZLHG] LDOQHM]DEH]SLHF]HĔVWZRSODFyZHN]DJUDQLF]Q\FK
ZXU]ĊG]LHREVáXJXMąF\PP LQLVWUDZáDĞFLZHJRGODVSUDZ]DJUDQLF] Q\FK
-HĪHOLZ\PDJDMąWHJRV]F]HJyOQHSRWU]HE\VáXĪE\]DJUDQLF]QHM PDáĪRQNRZLHRUD] RVRE\SR]RVWDMąFH]HVREą
ZVWRVXQNXSRNUHZLHĔVWZDOXESRZLQR ZDFWZDRUD]ZVWRVXQNXSU]\VSRVRELHQLDRSLHNLOXENXUDWHOLPRJąE\ü]D]JRGą
6]HID6áXĪE\=DJUDQLF]QHM]DWUXGQLRQHZWHMVDPHMSODFyZFH]DJUDQLF]QHMQDZHWJG\E\SRZVWDáPLĊG]\QLPLVWRVXQHN
SRGOHJáRĞFLVáXĪERZHM
$UW-HĪHOLZ\PDJDMąWHJRSRWU]HE\VáXĪE\]DJUDQLF]QHMF]áRQHN VáXĪE\]DJUDQLF]QHMZ\NRQXMHSUDFĊSR]D
QRUPDOQ\PLJRG]LQDPLSUDF\D ZX]DVDGQLRQ\FKSU]\SDGNDFKWDNĪH ZQLHG]LHOHLĞZLĊWDEH]SU DZDGRRGG]LHOQHJRZ\
QDJURG]HQLDLSUDZDGRF]DVXZ ROQHJRZ]DPLDQ]DF]DVSU]HSUDFR ZDQ\
3U]HSLVXXVWQLHVWRVXMH VLĊGRF]áRQNyZVáXĪE\]DJUDQLF] QHMEĊGąF\FKNRELHWDPLZFLąĪ\RUD]GRF]áRQNyZ
VáXĪE\]DJUDQLF]QHMRSLHNXMąF\FKVLĊG]L HüPLZZLHNXGRODWFK\EDĪHQDWDNąSUDFĊZ\UDĪąRQL]JRGĊ
&]áRQHNVáXĪE\]DJUDQLF]QHMPDSUDZR GRQLHSU]HUZDQHJRJR G]LQQHJRRGSRF]\QNX
$UW&]áRQHNVáXĪE\]DJUDQLF]QHMZ\NRQX MąF\RERZLą]NLVáXĪERZHZSODFyZFH]DJUDQLF]QHMMHĪHOLZ\PDJDMą
WHJRV]F]HJyOQHSRWU]HE\VáXĪE\]DJUDQLF]QHMRERZLą]DQ\MHVWZ\NRQ\ZDüSROHFHQLDNLHUXMąFHJRSODFyZNąQLH]ZLą]DQH
]SHáQLRQąIXQNFMą
&]áRQHNVáXĪE\]DJUDQLF]QHMZ\NRQXMąF\RERZLą]NLVáXĪERZHZSODFyZFH]DJUDQLF]QHMMHĪHOL Z\PDJDMąWHJRSR
WU]HE\VáXĪE\]DJUDQLF]QHMPRĪHE\ü F]DVRZRSU]HQLHVLRQ\GRLQQHMSODFyZNL]DJUDQLF]QHM&]DVWHJRSU]HQLHVLHQLDQLH
SRZLQLHQSU]HNUDF]DüPLHVLĊF\
$UW
'\SORPDFLH]DZRGRZHPXSR ODWDFKSR]RVWDZDQLDZVáXĪELH]DJUDQLF]QHMSU]\VáXJXMHXUORSGRGDWNR
Z\ZZ\PLDU]HGQLURERF]\FKDS RODWDFK±GQLURERF]\F K
:SU]\SDGNX]ELHJXXSUDZQLHĔGRXUORSXGRGDWNRZHJRSU]\VáXJX MąFHJRG\SORPDFLH]DZRGRZHPXQDPRF\XVW
RUD]SU]HSLVyZXVWDZ\]GQLDOLVWRSDGDURVáXĪELHF\ZLOQHMSU]\VáXJXMHXUORSZZ\PLDU]HNRU]\VWQLHMV]\P
&]áRQNRZLVáXĪE\]DJUDQLF]QHMZRNUHVLHVáXĪE\ZSODFyZFH]D JUDQLF]QHMZPLHMVFXRNOLPDFLHV]F]HJyOQLHV]NRGOL
Z\PGOD]GURZLDSU]\VáXJXMHZRNUHVLHVáXĪE\ZWHMSODFyZFHX UORSGRGDWNRZ\ZZ\PLDU]HGQLURERF]\FKURF]QLH
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKZSRUR]XPLHQLX]P LQLVWUHPZáDĞFLZ\PGRVSUDZ]GURZLDRNUHĞOL
ZGURG]HUR]SRU]ąG]HQLDZ\ND]PL HMVFRNOLPDFLHV]F]HJyOQLHV]NRGOLZ\PGOD]GURZLDSU]HE\ZDMąF\FKZQLFKQDSOD
FyZNDFK]DJUDQLF]Q\FKF]áRQ NyZVáXĪE\]DJUDQLF]QHM
&]áRQNRZLVáXĪE\]DJUDQLF]QHMS U]\VáXJXMHMHGQ RUD]RZ\XUORS GRGDWNRZ\ZZ\PLDU]HGQL
 EH]SRĞUHGQLRSU]HGSRG MĊFLHPSUDF\ZSODFyZFH]DJUDQLF]QHMR UD]
 EH]SRĞUHGQLRSR]DNRĔF]HQLX SUDF\ZSODFyZFH]DJUDQLF]QHMRLOHSU]HE\ZDáZSODFyZFH]DJU DQLF]QHMFRQDMPQLHM
ODWD
'RXUORSXZ\SRF]\QNRZHJRF]áRQNDVáXĪE\]DJUDQLF]QHMZ\NRQXM ąFHJRRERZLą]NLVáXĪERZHZSODFyZFH]DJUD
QLF]QHMQLHZOLF]DVLĊSU]\SDGDMąF\FKZ W\PRNUHVLHGQLQLHEĊGąF\FKGQLDPLSUDF\Z SDĔVWZLHSU]\MPXMąF\P

']LHQQLN8VWDZ ±± 3R]

 $UW&]áRQHNVáXĪE\]DJUDQLF]QHMQLHP RĪHSRGHMPRZDü ]DWUXGQLHQLDOXEZ\NRQ\ZDüLQQ\FK]DMĊü]DURENR
Z\FKEH]SLVHPQHM]J RG\6]HID6áXĪE\=DJUDQLF]QHM
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKRNUHĞOLZGURG]HUR]SRU]ąG]HQLDZDUXQNL
 RJáDV]DQLDSU]H]F]áRQNyZVáXĪE\]DJUDQLF]QHMSUDFQDXNRZ\FK LSXEOLF\VW\F]Q\FK]ZLą]DQ\FK]HVWRVXQNDPLPLĊG]\
QDURGRZ\PLD WDNĪHUR]SRZV]HFKQLDQLDZĞURGNDFKPDVRZHJRSU]HN D]XZLDGRPRĞFLGRW\F]ąF\FKWDNLFKVWRVXQNyZ
OXEVáXĪE\]DJUDQLF]QHMZW\PXG]LHODQLDZ\ZLDGyZLRJáDV]DQLD SUDFQDXNRZ\FK
 SU]\MPRZDQLDXSRPLQNyZL LQQ\FKĞZLDGF]HĔRSR GREQ\PFKDUDNWHU]H
±ELRUąFSRGXZDJĊLQWHUHVVáXĪE\]DJUDQLF]QHMLWUDG\FMHZG\SORPDFMLRUD]]DSHZQLHQLHUR]ZRMXLQWHOHNWXDOQHJRLQDXNR
ZHJRF]áRQNyZVáXĪE\]DJUDQLF]QHM
5R]G]LDá
3U]HSLVV]F]HJyOQ\
$UW=DPyZLHQLDSXEOLF]QHRZDUWRĞFLRGS RQDGHXURGR HXURVNáDGDQHSU]H]SODFyZNĊ]DJUDQLF]
QąQDURERW\EXGRZODQHGRVWDZ\ OXEXVáXJLZ\NRQ\ZDQHSR]DJUDQ LFDPLNUDMXZ\PDJDMąXSU]HGQLHM]JRG\6]HID6áXĪE\
=DJUDQLF]QHMNWyUDRNUHĞODUyZQLHĪ]DNUHVXSUDZQLHĔNLHUXMąFHJ RSODFyZNą]DJUDQLF]QąSU]\XG ]LHODQLX]DPyZLHQLD
5R]G]LDá
3U]HSLV\]PLHQLDMąFH
$UW:XVWDZLH]GQLDSDĨG]LHUQLNDUR6WUDĪ\*UDQLF]QHM ']8]USR]L
RUD]]USR]ZDUW EZXVWRWU]\PXMHEU]PLHQLH 
Ä:SU]\SDGNXRGGHOHJRZDQLDIXQNFMRQDULXV]DGRSUDF\GRXU]ĊG XREVáXJXMąFHJRPLQLVW UDZáDĞFLZHJRGR
VSUDZ ]DJUDQLF]Q\FK ZFHOX SHáQLHQLD VáXĪE\ ZSODFyZFH ]DJUDQLF ]QHM 5]HF]\SRVSROLWHM 3ROVNLHM ZUR]XPLHQLX
SU]HSLVyZXVWDZ\]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM']8SR]]ZQLRVNLHPRNWyU\PPRZDZXVWZ\VWĊSXMH.RPHQGDQW*áyZQ\6WUDĪ\*UDQLF]QHM:QLRVHN RNWyU\PPRZDZXVWVNáDGDVLĊGR6]HID
6áXĪE\=DJUDQLF]QHM´
$UW:XVWDZLH]GQLDOLSFD URSRGDWNXGRFKRGRZ\PRGRVyE IL]\F]Q\FK']8]USR]
]SyĨQ]P
ZDUWZXVWSNW RWU]\PXMHEU]PLHQLH
ÄZDUWRĞüĞZLDGF]HĔSU]\VáXJXMąF\ FKRVRERPZ\NRQXMąF\P]DGD QLDVáXĪE\]DJUDQLF]QHMZSODFyZFH]DJUD
QLF]QHMRUD]ZDUWRĞüĞZLDGF]HĔSU]\VáXJ XMąF\FKSUDFRZQLNRPSROVNLFKMHGQRVWHNEXGĪHWRZ\FKPDMąF\FK
VLHG]LEĊSR]DJUDQLFDPL5]HF]\ SRVSROLWHM3ROVNLHMZ\QLNDMąF\FK ]SU]HSLVyZRGUĊEQ\FK XVWDZOXESU]HSLVyZ
Z\NRQDZF]\FKZ\GDQ\FKQDLFKSR GVWDZLH]Z\MąWNLHPZ\QDJURG]HĔ ]DSUDFĊHNZLZDOHQWXSLHQLĊĪQHJR
]DXUORSZ\SRF]\QNRZ\RUD]]DVLáNyZFKRURERZ\FKLPDFLHU]\ĔVNL FK´
$UW:XVWDZLH]GQLDVLHUSQLDUR3DĔVWZRZHM6WUDĪ\3RĪDU QHM']8]USR]L
ZDUWKZXVWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFD URVáXĪELH]DJUDQLF]QHM']8]USR]
L´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\] GQLDVW\F]QLD URVáXĪELH]DJUDQLF]QHM']8SR]´
$UW:XVWDZLH]GQLDZU]HĞQLDURG]LDáDFKDGPLQLVWUDFMLU ]ąGRZHM']8]U SR]L
RUD]]USR]Z DUWZXVWZ\UD]\ÄXVWDZ\]GQ LDOLSFDURVáXĪELH]DJUDQLF]QHM']8]U
SR]L´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F] QLDURVáXĪELH]DJUDQLF]QHM'] 8SR]´
$UW:XVWDZLH ]GQLD OXWHJR U RRFKURQLH G]LHG]LFWZD )U\GHU\N D &KRSLQD ']8 ]U SR]
ZDUWZXVWZSNWZ\UD]\ÄDUWSNWXVWDZ\]GQLD OLSFDURVáXĪELH]DJUDQLF]QHM']8]USR] 
RUD]]USR]´]DVWĊSXMHVLĊZ\UD]DPLÄDUWSNWXV WDZ\]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM']8
SR]´
$UW:XVWDZLH]GQLDOLSFD URGRNXPHQWDFKSDV]SRUWRZ\FK'] 8]USR]LZSUR
ZDG]DVLĊQDVWĊSXMąFH]PLDQ\
 ZDUW
D XVWRWU]\PXMHEU]PLHQLH
Ä8SUDZQLRQ\PLGRRWU]\PDQLDS DV]SRUWXG\SORPDW\F]QHJRVąUyZQLHĪRVRE\
 Z\NRQXMąFH]DGDQLDVáXĪE\]DJUDQLF]QHMNWyUHSRVLDGDMąVWRS LHĔG\SORPDW\F]Q\

 =PLDQ\WHNVWXMHGQROLWHJRZ\ PLHQLRQHMXVWDZ\]RVWDá\RJáRV]RQH Z']8]USR]
LRUD] ]USR]

']LHQQLN8VWDZ ±± 3R]

  ]DMPXMąFHVWDQRZLVNDOXESHáQLąFHIXQNFMH
D ]ZLą]DQH]SU]\ZLOHMDPLLLPP XQLWHWDPLG\SORPDW\F]Q\PLQDSR GVWDZLHXPyZPLĊG]\QDURGRZ\FK
NWyU\FKVWURQąMHVW5]HF]SRVSROLWD3ROVNDOXE]Z\F]DMyZPLĊG]\ QDURGRZ\FK
E ZZ\QLNXVNLHURZDQLD GRSUDF\ZRUJDQ L]DFMDFKPLĊG]\QDURGRZ\ FK´
E ZXVWZ\UD]\ÄXVWDZ\]GQLDOLSFDURVáXĪELH]D JUDQLF]QHM']8]US R]L´]DVWĊ
SXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F]QLDURVáXĪELH ]DJUDQLF]QHM']8SR]´
 ZDUWZXVWZ\UD]\ÄXVWDZ\]GQLDOLSFDUR VáXĪELH]DJUDQLF]QHM']8] USR]L´
]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F]QLDURVáX ĪELH]DJUDQLF]QHM´
$UW:XVWDZLH]GQLDSDĨG]LHUQ LNDURXMDZQLDQLXLQIRUPDF MLRGRNXPHQWDFKRU JDQyZEH]SLHF]HĔVWZD
SDĔVWZD]ODW±RUD]WUHĞFL W\FKGRNXPHQWyZ']8] USR]RUD]]USR]ZSURZDG]DVLĊ
QDVWĊSXMąFH]PLDQ\
 ZDUW
D SNWLDR WU]\PXMąEU]PLHQLH
Ä RVRE\ZFKRG]ąFHZVNáDG VáXĪE\]DJUDQLF]QHMZUR]XPLHQLXXVWDZ\]GQLDVW\F]QLDURVáXĪELH
]DJUDQLF]QHM']8SR]
D QLHEĊGąFHF]áRQNDPLVáXĪE\]DJU DQLF]QHMZUR]XPLHQLXXVWDZ \]GQLDVW\F]QLDURVáXĪELH]DJUD
QLF]QHMRVRE\
D RNWyU\FKPRZDZDUWXVWSNWXVWDZ\]GQLDVW\F]Q LDURVáXĪELH]DJUDQLF]QHM
E ]DWUXGQLRQHZSODFyZFH]DJUD QLF]QHM5]HF]\SRVSROLWHM3ROVNLH MQDSRGVWDZLHXPRZ\RSUDFĊZUR]X
PLHQLXSU]HSLVyZXVWDZ\]GQL DF]HUZFDU±.RGHNVSUDF \']8]USR]
F ]DWUXGQLRQH ZXU]ĊG]LH REVáXJXMąF\P PLQLVWUD ZáDĞFLZHJR GR VSUDZ ]DJUDQLF]Q\FK QD SRGVWDZLH
SU]HSLVyZXVWDZ\]GQLDZU]HĞQLDURSUDFRZQLNDFKXU]Ċ GyZSDĔVWZRZ\FK']8]U
SR]
G ]DWUXGQLRQHZMHGQRVWNDFKRU JDQL]DF\MQ\FKQDG]RURZDQ\FKSU]H ]PLQLVWUDZáDĞFLZHJRGRVSUDZ]D
JUDQLF]Q\FK
±RLOHRVRE\WHVąRE\ZDWHODPLSROVNLPL´
E XFK\ODVLĊSNWE
 ZDUWXFK\ODVLĊSNWD
$UW:XVWDZLH]GQLDOLVWRSDGDURVáXĪELHF\ZLOQHM'] 8]USR]LSRDUWGRGDMHVLĊ
DUWDZEU]PLHQLX
Ä$UWD:VWRVXQNXGRSUDFRZQL NyZNRUSXVXVáXĪE\F\ZLOQHMEĊ GąF\FKF]áRQNDPLVáXĪE\ ]DJUDQLF]QHM]DGDQLD
6]HID6áXĪE\&\ZLOQHMRNUHĞORQHZDUWXVWSNWLR UD]XVWLZ\NR QXMH6]HI6áXĪE\=DJUDQLF]QHM´
$UW:XVWDZLH]GQLDNZLHWQLD UR6áXĪELH:LĊ]LHQQHM'] 8]USR]L
RUD]]USR]ZDUWZXVWZ\UD]\ÄXVWDZ\]G QLDOLSFDURVáXĪELH]DJUDQLF]QHM']8]U
SR]L´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F] QLDURVáXĪELH]DJUDQLF]QHM'] 8SR]´
$UW:XVWDZLH]GQLDF]HUZFD U±3UDZRNRQVXODUQH']8 ]USR]LZSURZD
G]DVLĊQDVWĊSXMąFH]PLDQ\
 ZDUWZXVWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFD URVáXĪELH]DJUDQLF]QHM']8]USR]
RUD]]USR]´]DVW ĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM']8
SR]´
 ZDUWZXVWZ\UD]\ÄXVWDZ\]GQLDOLSFDUR VáXĪELH]DJUDQLF]QHM´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\
]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM´
$UW:XVWDZLH]GQLDF]HUZFD URG]LDáDQLDFKDQW\WHUURU\V W \F]Q\FK']8]USR]ZDUW
 ZXVWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFDURVáXĪELH]DJUDQLF]QHM']8]USR]RUD]]U
SR]´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\] GQLDVW\F]QLD URVáXĪELH]DJUDQLF]QHM']8SR]´
 ZXVWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFDURVá XĪELH]DJUDQLF]QHM´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\
]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM´
 ZXVWZ\UD]\ÄXVWDZ\]GQLDOLSFDURVáXĪELH]D JUDQLF]QHM´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLD
VW\F]QLDURVáXĪELH]DJUDQLF]QHM´

']LHQQLN8VWDZ ±± 3R]

 $UW:XVWDZLH]GQLDOLVWRSDGDUR.UDMRZHM$GPLQLVWUDFML6NDUERZHM']8USR]ZDUW
ZXVWZ\UD]\ÄXVWDZLH]GQLDOLSFDURVáXĪELH]DJU DQLF]QHM']8]USR]´]DVWĊSXMHVLĊZ\UD]DPL
ÄXVWDZLH]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM'] 8SR]´
$UW:XVWDZLH]GQLDZU]HĞQLDU±3UDZR]DPyZLHĔSXEOLF]Q \FK']8SR]RUD]]USR]
 LZSURZDG]DVLĊQDVWĊSXMąFH]PLDQ\
 ZDUWZXVWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFD URVáXĪELH]DJUDQLF]QHM']8]USR]´
]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F]QLDURVáX ĪELH]DJUDQLF]QHM']8SR]´
 ZDUWZSNWZ\UD]\ÄXVWDZ\]GQLDOLSFDUR VáXĪELH]DJUDQLF]QHM']8]USR]RUD]
]USR]´]DVWĊSXMHVLĊZ\UD]DPLÄXVWDZ\]GQLDVW\F]QLDURVáXĪELH]DJUDQLF]QHM´
5R]G]LDá
3U]HSLV\SU]HMĞFLRZHGRVWRVRZXMąFHLNRĔFRZH
$UW2GGQLDZHMĞFLDZĪ\FLHXVWDZ\GRGQLDSRZRáDQLD6]HID6áXĪE\=DJUDQLF]QHMG\UHNWRUJHQHUDOQ\VáXĪE\
]DJUDQLF]QHMSHáQLRERZLą]NL6]HID6áXĪE\=DJUDQLF]QHM
$UW=GQLHPZHMĞFLDZĪ\FLHXV WDZ\F]áRQNRZLHSHUVRQHOXG\SORPDW\F ]QRNRQVXODUQHJREĊGąF\F]áRQNDPL
NRUSXVXVáXĪE\F\ZLOQHMNWyU]\RWU]\P DOLVWRSLHĔG\SORPDW\F]Q\ SRVSHáQLHQLXZDUXQNyZRNWyU\FKPRZDZDUW
XVWXVWDZ\XFK\ODQHMZDUW]DWUXGQLHQLZXU]ĊG]LHREVáX JXMąF\PPLQLVWUDZáDĞFLZHJR GRVSUDZ]DJUDQLF]Q\FKQD
SRGVWDZLHXPRZ\RSUDFĊQDF]DV QLHRNUHĞORQ\OXEQDSRGVWDZLHP LDQRZDQLDOXESRZRáDQLDZVáXĪELHF\ZLOQHMVWDMąVLĊ
G\SORPDWDPL]DZRGRZ\PL
$UW=GQLHPZHMĞFLDZĪ\FLHXVWDZ\F]áRQNRZLHSHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJREĊGąF\F]áRQNDPL
NRUSXVXVáXĪE\F\ZLOQHMNWyU]\RWU]\PDOLVWRSLHĔG\SORPDW\F]Q\ QDF]DVQLH]EĊGQ\GRZ\NRQ\ZDQLD]DGDĔZSODFyZFH
]DJUDQLF]QHMQDSRGVWDZLHDUWXVWXVWDZ\XFK\ODQHMZDUW VWDMąVLĊSUDFRZQLNDPL]DJUDQLF]Q\PL]]DVWU]HĪHQLHP
XVW
=GQLHPZHMĞFLDZĪ\FLHXVWDZ\F]áRQNRZLHSHUVRQHOXG\SORPDW \F]QRNRQVXODUQHJRZ\NRQXMąF\ZSODFyZFH]D
JUDQLF]QHM]DGDQLDLQQHJRQLĪP LQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FKPLQLVWUDOXENLHURZQ LNDMHGQRVWNLVHNWRUDILQDQ
VyZSXEOLF]Q\FKVWDMąVLĊG\SORPDWDPLGHOHJRZDQ\PL
3UDFRGDZFąRVyERNWyU\FKPRZDZXVWVWDMHVLĊGHOHJXMąFHPLQLVWHUVWZROXEMHGQRVWNDVHNWRUDILQDQVyZSXEOLF]
Q\FK2VRE\WH]DFKRZXMąSRVLD GDQ\VWRSLHĔG\SORPDW\F]Q\
=GQLHPZHMĞFLDZĪ\FLHXVWDZ\SUDFRZQLF\SHUVRQHOXSRPRFQLF ]HJRLSHUVRQHOXREVáXJLZ\NRQXMąF\ZSODFyZFH
]DJUDQLF]QHM]DGDQLDLQQHJRQLĪP LQLVWHUZáDĞFLZ\GRVSUDZ]DJU DQLF]Q\FKPLQLVWUDOXENLHUR ZQLNDMHGQRVWNLVHNWRUD
ILQDQVyZSXEOLF]Q\FKVWDMąVLĊSU DFRZQLNDPLGHOHJRZDQ\PL
$UW=GQLHPZHMĞFLDZĪ\FLHXVWDZ\VWRVXQHNSUDF\RVyERNWyU\FK PRZDZDUWSU]HNV]WDáFDVLĊZVWRVXQHN
SUDF\QDSRGVWDZLHPLDQRZDQLDDVWRVXQHNSUDF\RVyERNWyU\FK PRZDZDUWXVWSU]HNV] WDáFDVLĊZVWRVXQHNSUDF\QD
SRGVWDZLHSR ZRáDQLD
$UW=GQLHPZHMĞFLDZĪ\FLHXVWDZ\RVRE\RNWyU\FKPRZDZDUW XVW]DFKRZXMąS UDZRGRGRGDWNXVáXĪ
E\]DJUDQLF]QHMRNWyU\PPRZDZ DUWXVWXVWDZ\XFK\ODQH MZDUWZZ\VRNRĞFLS U]HZLG]LDQHMQDSRGVWDZLH
GRW\FKF]DVRZ\FKSU]HSLVyZ Z\NRQDZF]\FKZ\GDQ\FKQDSRGVWDZLHDUWXVWXVWDZ\XFK\ODQHMZDUW
$UW=GQLHPZHMĞFLDZĪ\FLH XVWDZ\F]áRQNRZLHVáXĪE\]DJUDQLF]QHMVWDQRZLąF\SHUVRQHOSRPRFQLF]\LREVáXJL
QLHSRVLDGDMąF\VWRSQLDG\SORPDW\F]QHJ R Z\NRQXMąF\RERZLą]NLVá XĪERZHZSODFyZFH]DJUDQLF]QHMVWDMąVLĊSUDFRZQL
NDPLNUDMRZ\PL
$UW3RXSá\ZLHPLHVLĊF\RG GQLDZHMĞFLDZĪ\FLHXVWDZ\Z\JDVDVWRVXQHNSUDF\RVyENWyUHZGQLXZHMĞFLD
ZĪ\FLHXVWDZ\SR]RVWDMąZ VWRVXQNXSUDF\ZVáXĪELH]DJUDQLF]QHMLNWyUHXNRĔF]\á\ODW
2VRE\NWyUHZGQLXZHMĞFLD ZĪ\FLHXVWDZ\SR]RVWDMąZVWRVX QNXSUDF\ZVáXĪELH]DJUDQLF]QHM LNWyUHXNRĔF]\á\
ODWPRJąZWHUPLQLHPLHVLĊF\ RGGQLDZHMĞFLDZĪ\FLHXVWD Z\Z\VWąSLüGRPLQLVWUDZáDĞFLZHJ RGRVSUDZ]DJUDQLF]
Q\FK]X]DVDGQLRQ\PZQLRVNLHPRZ\áąF]HQLHVWRVRZDQLDZREHFQLF KSU]HSLVXXVW
0LQLVWHUZáDĞFLZ\GRVSUDZ ]DJUDQLF]Q\FKZWHUPLQLHPLHVLąFD RGGQLDRWU]\PDQLDZQLRVNXZ\GDMHGHF\]MĊ
ZVSUDZLHZ\áąF]HQLDVWRVRZDQLD ZREHFZQLRVNRGDZF\SU]HSLVXXVWXZ]JOĊGQLDMąF SRWU]HE\VáXĪE\]DJUDQLF]QHM2G
GHF\]MLQLHSU]\VáXJXMHRGZRáDQLH

']LHQQLN8VWDZ ±± 3R]

 $UW=GQLHPZHMĞFLDZĪ\FLHXVWDZ\6]HI6áXĪE\=DJUDQLF]QHMXG] LHODRVRERPRNWyU\FKPRZDZDUW
XVWLDUWEĊGąF\PF]áRQNDPLNRUSXVXVáXĪE\F\ZLOQHM]DWUXGQLRQ\PLZXU]ĊG]LHREVáXJXMąF\PPLQLVWUDZáDĞFLZHJR
GRVSUDZ]DJUDQLF]Q\FKXUORS XEH]SáDWQHJRQDF]DVZ\NRQ\ZDQLDR ERZLą]NyZVáXĪERZ\FKZSODFyZFH]DJUDQLF]QHM
&]áRQNRZLHVáXĪE\]DJUDQLF]QHMSHáQLąF\RERZLą]NLZSODFyZFH ]DJUDQLF]QHMZGQLXZHMĞFLDZĪ\FLHXVWDZ\]D
FKRZXMąSUDZRGRRWU]\P\ZDQLDQDGRW\FKF]DVRZ\FK]DVDGDFKĞZLDG F]HĔRNWyU\FKPRZDZDUWXVWSNWL
XVWDZ\XFK\ODQHMZDUWG RGQLD]DNRĔF]HQLDZ\NRQ\ZDQLDRER ZLą]NyZVáXĪERZ\FKZSODFyZFH]DJUDQLF]QHM
$UW&]áRQNRZLHSHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJRRUD]DSOLND QFLG\SORPDW\F]QRNRQVXODUQLZUR]XPLHQLX
SU]HSLVyZXVWDZ\XFK\ODQHMZDUWNWyU]\ZGQLXZHMĞFLDZĪ \FLHXVWDZ\SRVLDGDMą RE\ZDWHOVWZRLQQHJRSDĔVWZD
ZWHUPLQLHURNXRGGQLDZHM ĞFLDZĪ\FLHXVWDZ\SU]HGVWDZLDMą6] HIRZL6áXĪE\=DJUDQLF]QHMGRZyGXVWDQLDRE\ZDWHOVWZD
SDĔVWZDREFHJR
:SU]\SDGNXQLHSU]HGáRĪHQLDZWHUPLQLHGRZRGXXVWDQLDRE\ZDW HOVWZDLQQHJRSDĔVWZDVWRVXQHNSUDF\F]áRQND
SHUVRQHOXG\SORPDW\F]QRNRQVXODUQHJRZVáXĪELH]DJUDQLF]QHMZ\J DVD]GQLHPQDVWĊSXMąF\PSRGQLXZNWyU\PXSá\Qąá
WHUPLQQDSU]HGáRĪHQLHGRZRGX XVWDQLDRE\ZDWHOVWZDREFHJR
$UW$SOLNDQFLG\SORPDW\F]QRNRQVXODUQLNWyU]\UR]SRF]ĊOLDSOLNDFMĊG\SORPDW\F]QRNRQVXODUQąSU]HGGQLHP
ZHMĞFLDZĪ\FLHXVWDZ\RG E\ZDMąMąQDGRW\FKF]DVRZ\FK]DVDGDFK SU]\F]\PRVRE\SRVLD GDMąFHRE\ZDWHOVWZRLQQHJR
SDĔVWZDSU]HGNáDGDMą6]HIRZL6áXĪE \=DJUDQLF]QHMGRNXPHQWXVWDQ LDWHJRRE\ZDWHOVWZDZWHUPLQLHRNWyU\PPRZD
ZDUWXVW
$UW&]áRQNRZLHURG]LQRVyEZ\NR QXMąF\FK]DGDQLDVáXĪE\]DJUDQLF]QH MRNWyU\FKPRZDZDUWSNWXVWDZ\
XFK\ODQHMZDUWSU]HE\ZDM ąF\QDSODFyZFH]DJUDQLF]QHMQDSRGVWDZLHSU]HSLVyZGRW\FKF]DVRZ \FK]DFKRZXMąSUDZR
GRSRE\WXZSODFyZFH]DJU DQLF]QHMQDGRW\FKF]DVRZ\FK]DVDGDFK
$UW'RF]áRQNyZVáXĪE\]DJUDQLF]QHM SHáQLąF\FKRERZLą]NLVáXĪERZH ZSODFyZFH]DJUDQLF]QHMNWyU]\ZGQLX
ZHMĞFLDZĪ\FLHXVWDZ\VąF]DVRZ RQLH]GROQLGRSUDF\ZVNXWHNFKRURE\SU]HE\ZDMąQDXUORSLH PDFLHU]\ĔVNLPXUORSLH
RMFRZVNLPXUORSLHQDZDUXQNDFKXUORSXPDFLHU]\ĔVNLHJROXEXUORSLHURG]LFLHOVNLPZUR]XPLHQLXSU]HSLVyZSUDZDSUDF\QLHVWRVXMHVLĊSU]HSLVXDUWXVWGRGQLDXVWDQLDF]DVRZHMQLH]GROQRĞFLGRSUDF\ZVN XWHNFKRURE\OXE]DNRĔF]HQLD
W\FKXUORSyZ
$UW'RW\FKF]DVRZH SU]HSLV\ Z\NRQDZF]H Z\GDQH QD SRGVWDZLH DUWX VW XVWDZ\ ]PLHQLDQHM ZDUW
ZEU]PLHQLXGRW\FKF]DVRZ\P]DFKRZX MąPRFGRF]DVXZHMĞFLDZĪ\FLHSU]HSLVyZZ\NRQDZF]\FKZ\GDQ\FKQDSRGVWD
ZLHDUWXVWXVWDZ\]PLHQLDQHMZDUWZEU]PLHQLXQDGDQ\PQLQLHMV]ąXVWDZąQLH GáXĪHMMHGQDNQLĪSU]H]RNUHV
PLHVLĊF\RGGQLDZHMĞFLDZ Ī\FLHQLQLHMV]HMXVWDZ\
$UW'RW\FKF]DVRZHSU]HSLV\Z\NRQDZF]H Z\GDQHQDSRGVWDZLHXVWDZ\XFK\ODQHMZDUW]DFKRZXMąPRFGR
GQLDZHMĞFLDZĪ\FLHSU]HSLVyZ Z\NRQDZF]\FKZ\GDQ\FKQDSRGVWDZ LHQLQLHMV]HMXVWDZ\Z]DNUHVLHZMDNLPQLHVą
VSU]HF]QH]SU]HSLVDPLQLQLHMV]HMXV WDZ\QLHGáXĪHMMHGQDNQLĪSU]H]RNUHVPLHVLĊF\RGGQ LDZHMĞFLDZĪ\FLHQLQLHMV]HM
XVWDZ\
$UW&]áRQNRZLHVáXĪE\]DJUDQLF]QHMEĊGąF\RGGQLDZHMĞFLDZĪ\F LHXVWDZ\G\SORPDWDPL]DZRGRZ\PLNWyU\P
QDGDQR 
VWRSLHĔG\SORPDW\F]Q\ QDSRGVWDZLHSU]HSLVyZGRW\FKF]DVR Z\FK]DFKRZXMąSUDZRGRSRVLDGDQHJRVWRSQLD
G\SORPDW\F]QHJR
'\UHNWRUJHQHUDOQ\VáXĪE\]DJUDQLF]QHMZWHUPLQLHGQLRG GQLDZHMĞFLDZĪ\FLHXV WDZ\Z\GDDNW\PLDQRZDQLD
GRVáXĪE\]DJUDQLF]QHMRVRERPE ĊGąF\PRGGQLDZHMĞFLDXVWDZ\Z Ī\FLHXVWDZ\G\SORPDWDPL]DZRGRZ\PL
&]áRQNRZLHVáXĪE\]DJUDQLF]QHMNWy U]\ZGQLXZHMĞFLDZĪ\FL HXVWDZ\SRVáXJXMąVLĊVWRSQLHPG\SORPDW\F]Q\P
DPEDVDGRUDW\WXODUQHJRLQLHSHáQLą IXQNFMLSHáQRPRFQHJRSU]HGV WDZLFLHOD5]HF]\SRVSROLWHM3ROVNLHMZLQQ\PSDĔVWZLH
OXESU]\RUJDQL]DFMLPLĊG]\QDURGRZ HMZGQLXZHMĞFLDZĪ\FLHXV WDZ\RWU]\PXMąVWRSLHĔG\SORPDW\F]Q\PLQLVWUDSHáQR
PRFQHJR
$UW&]áRQNRPVáXĪE\]DJUDQLF]QHM QLHSRVLDGDMąF\PVWRSQLDG\SORPDW\F]QHJR]DWUXGQLRQ\PZXU]ĊG]LHRE
VáXJXMąF\PPLQLVWUDZáDĞFLZHJRGR VSUDZ]DJUDQLF]Q\FKVSHáQLDMąF\PZ\PDJDQLDGRQDGDQLDVWRSQLDG\SORPDW\F]QHJR
QD SRGVWDZLH DUWXVW RGSRZLHGQLR 6]HI 6áXĪE\ =DJUDQLF]Q HM OXE PLQLVWHU ZáDĞFLZ\ GR VSUDZ ]DJUDQLF]Q\FK
ZWHUPLQLHPLHVLĊF\RGGQLD ZHMĞFLDZĪ\FLHXVWDZ\QDGDVWRS LHĔG\SORPDW\F]Q\RGSRZLHGQ LGR]DMPRZDQHJRVWDQR
ZLVNDELRUąFSRGXZDJĊSU ]HELHJGRĞZLDGF]HQLD]DZRGRZHJRRUD] VSHFMDOLVW\F]QąZLHG]ĊQLH]EĊGQąZSUDF\ZVáXĪELH
]DJUDQLF]QHM
:\PyJRGE\FLDDSOLNDFMLG\SORPDW\F]QRNRQVXODUQHMOXEXNRĔF] HQLDVHPLQDULXPG\SORPDW\F]QRNRQVXODUQHJR
RNWyU\PPRZDZDUWXVWSNWXZDĪDVLĊ]DVSHáQLRQ\Z SU]\SDGNXJG\GRĞZLDGF]HQLH]DZRGRZHGDQHMRVRE\
ZVIHU]HVWRVXQNyZ]DJUDQLF]Q\FK JZDUDQWXMHIDFKRZHZ\NRQ\ZDQLHRERZLą]NyZG\SORPDW\]DZRGRZHJR
=GQLHPQDGDQLDVWRSQLDG\SORPDW\F]QHJRRVRE\RNWyU\FKPRZDZXVWVWDMąVLĊG\SORPDWDPL]DZRGRZ\PL
DLFKVWRVXQHNSUDF\SU]HNV]WDáFDVLĊ ZVWRVXQHNSUDF\QDSRGVW DZLHPLDQRZDQLD

']LHQQLN8VWDZ ±± 3R]

 $UW0LQLVWHUZáDĞFLZ\GRVSUDZ]DJUDQLF]Q\FKZWHUPLQLHGQL RGGQLDZHMĞFLDZĪ\FLHXVWDZ\SU]HNDĪH
GRG\VSR]\FMLDUFKLZXP,QVW\WXWX3DPLĊ FL1DURGRZHM±.RPLVMLĝFLJDQLD=EURGQLSU]HFLZNR1DU RGRZL3ROVNLHPXGR
NXPHQW\]ELRU\GDQ\FKUHMHVW U\LNDUWRWHNLRNWyU\FKPRZDZ DUWXVWXVWDZ\]GQLD JUXGQLDUR,QVW\WXFLH
3DPLĊFL1DURGRZHM±.RPLVMLĝFL JDQLD=EURGQLSU]HFLZNR1DURGRZL 3ROVNLHPX']8]USR]DWDNĪHDNWD
SUDFRZQLNyZVáXĪE\]DJUDQLF]QHMZ\WZRU]RQHOXEJURPDG]RQHZRN UHVLHGRGQLDJUXGQLDU
3U]HSLV\DUWXVW±XVWDZ\]GQLDJUXGQLDUR ,QVW\WXFLH3DPLĊFL1DURGRZHM± .RPLVMLĝFLJDQLD=EURGQL
SU]HFLZNR1DURG RZL3ROVNLHPXVWRVX MHVLĊRGSRZLHGQLR
$UW7UDFLPRFXVWDZD]GQLDOLSFDURVáXĪELH]DJUDQLF]QH M']8]USR]
$UW8VWDZDZFKRG]LZĪ\FLHSRXSá\ZLH PLHVLĊF\RGGQLDRJáRV]HQLD 
3UH]\GHQW5]HF]\SRVSROLWHM3ROVNLHM $'XGD