Page 3
1DWiþHQtYODVWQtFKVFpQ
9HVFpQLFNpPUHåLPXMVRXMLåSĜHGQDVWDYHQ\YROE\SURMHGQRWOLYpVFpQ\
WDNåHMHPĤåHWHY\XåtWNHVQDGQpPXQDWiþHQt
9\VRNRU\FKORVWQt]i]QDP
7DWRYLGHRNDPHUDPĤåH]D]QDPHQiYDWVQtPNĤ]DVHNXQGX1DYtFPĤåHWH
]D]QDPHQDQiYLGHDSĜHKUiYDWQt]NRXU\FKORVWt[
-HGQRGXFKpDVQDGQpXåLYDWHOVNpUR]KUDQt 1DYUåHQpNWRPXDE\SRVN\WRYDORRSWLPDOL]RYDQpDVQDGQpSRXåLWtGtN\ HUJRQRPLFNpPXGHVLJQXYþHWQČXåLYDWHOHPQDVWDYLWHOQpKRUR]YUåHQtWODþtWHN SURIXQNFHQDKUiYiQtSĜHKUiYiQtDþDVWRSRXåtYDQêFKIXQNFt9\OHSãHQp JUD¿FNpXåLYDWHOVNpUR]KUDQtQDEt]tQRYêDVYČåtSRKOHGVWHMQČMDNRVQDGQRX
RYODGDWHOQRVW
ýDVRVEČUQê]i]QDP]DFK\FXMHRNDPåLN 7DWRIXQNFHNWHUiSRXåtYiVHOHNWLYQt]DFK\FRYiQtVQtPNĤYiPXPRåĖXMH SURYiGČW]i]QDPSRSURGORXåHQpþDVRYpREGREtWDNDE\VWHPRKOLYLGČW HIHNW\]DKXãWČQtGORXKRGREpKR]i]QDPXGRVFpQVNUDWãtPWUYiQtP =D]QDPHQiYHMWHXPČOHFNiGRNXPHQWiUQtQHERFKDUDNWHULVWLFNiYLGHDSĜHFKRGXREODNUR]NYpWDMtFtFKNYČWLQQHER UDãtFtFKSXSHQĤ7XWRIXQNFLSRXåLMWHSURY\WYiĜHQtYLGHt8*&8VHU*HQHUDWHG&RQWHQWV±REVDKY\WYRĜHQê XåLYDWHOHPYêXNRYpKRSURJUDPXQHERSURUĤ]QpMLQp~þHO\
8åLWHþQpSURY\WYiĜHQtYLGHtVXåLYDWHOVNêPREVDKHP
8*&1HRPH]XMWHVHSĜLVGtOHQtREVDKX
'tN\YHVWDYČQpPXVRIWZDUXSUR~SUDYX,QWHOOL6WXGLRQHPXVtWH
SURYiGČWVDPRVWDWQRXLQVWDODFLVRIWZDUXQD3&FRåYiP
XPRåĖXMHSURYiGČWSRKRGOQpSĜLSRMHQtSRX]HSRPRFtNDEHOX
86%6RIWZDUH,QWHOOLVWXGLRWDNpXPRåĖXMHSĜtPpQDKUiYiQt
YDãHKRREVDKXQD<RX7XEH6GtOHQtREVDKXVYDãLPLSĜiWHOL
MHMHGQRGXããtQHåNG\NROLYSĜHGWtP
&]HFK_iii
Contents
LJLWiOQtYLGHRNDPHUD Y\VRNêPUROLãHQtP
NOtþRYpIXQNFHYDãtYLGHRNDPHU\
1DWiþHQtYODVWQtFKVFpQ
\VRNRU\FKORVWQtiQDP
RYODGDWHOQRVW
QDPHQDMtLNRQ\DQDþN\YWpWRXåLYDWHOVNpSĜtUXþFH
9DURYiQt
8SRRUQČQt
7e728ä,9$7/6.e3ěË58ý
3ě328ä,7Ë07e729,2.$05
6SUiYQiOLNYLGDFHEDWHULtYWRPWRYêURENX
32=1È0..2&+5$11é0=1È0.È0
IXQNFLQHERSRUXFK\
GURMH
RVRE
SRUXFKX
YLLLB&HFK
832=251ċ1Ë
HFK
19 ZiNODGQtRYOiGiQtGLJLWiOQtNDPHU\
PRXåLWtĜHPtQNXQDiSČVWt
328ä,7Ë632ýË7$ý06 667e00,126 3ě,32-1Ë.-,1é0 =$ěË=1Ë0
0ģä71$+5È9$7,/029e61Ë0.9250È78+
VWUXþQiSĜtUXþND
YHOLNRVWLVRXERUX
RWRJUDIRYiQt
6SXãWČQtDVWDYHQtiQDPX IRWRJUDIRYiQt
6WLVNQČWHWODþtWNR6SXãWČQtDVWDYHQtiQDPX
352+/Ëä1Ë1$7/9,=2586962.é052=/,â1Ë0
352+/Ëä1Ë/&021,72589,2.$05
0ĤåHWHSRNOHSDWQDVRXERUNWHUêFKFHWHSĜHKUiW
03257$=2%5$=1Ë9,Ë272*5$,Ë=9$â+23
6Ë/1Ë9,Ë272*5$,Ë1$RXWXEHOLFNU
NDEHOX86%
6WDWLY
VHQiPHQtVGLJLWiOQtNDPHURX
3ě1Ë$35$9È675$1$
Ndeho
32+/=3ě8$=/9$
GLVSOHM
6ORWQDSDPČĢRYRXNDUWX
=$1Ë/9È+251Ë675$1$
2EMHNWLY
RQHNWRU86%
328ä,7Ëě0Ë1.81$=È3ċ67Ë
167$/$&9,2.$051$67$7,9
6WDWLYMHQXWQRDNRXSLWVDPRVWDWQČ
3ě,32-1Ë.=52-,1$3È-1Ë
1DEtMHQtEDWHULH
3ĜLSRMWHNDEHO86%NHNDPHĜHD
\ED
QGLNiWRUQDEtMHQt
7LS\SURLGHQWL¿NDFLEDWHULH
DUYDNRQWURON\QDEtMHQtREUDXMHVWDYQDEtMHQt
~URYQČY\ELWt
=REUDHQt~URYQČY\ELWtEDWHULH
=DĜtHQtVHSRVHNXQGiFKDXWRPDWLFN\Y\SQH /RZEDWWHU\
=SUiYD
5ROLãHQt¿OPRYpKRVQtPNX
1HSĜHWUåLWêiQDPEHRRPX
EDWHULtFK
REDQDEtMHQt
DNSURGORXåLWGREXQDELWtEDWHULH
ÒGUåEDEDWHULH
åLYRWQRVWLEDWHULH
3RXåtYiQtYLGHRNDPHU\VQDSiMHFtPDGDSWpUHP
1DVWDYHQtSURYRQtFKUHåLPĤ
=È./$1Ë29/ÈÈ1Ë,*,7È/1Ë.$05
328äË9È1Ë27.29é&+7/$ýË7
=DSQXWtDY\SQXWtGLJLWiOQtNDPHU\
%DFNOLJKW LJLWDOHIIHFW
È7251$/&,63
5HåLPiQDPX
DWH7LPHGLVSOD\
9LGHRVRXERU\
5HåLPiQDPX=NUiFHQiQDEtGND2.SĜtUXþND
5HåLPSĜHKUiYiQt=REUDHQtQiKOHGĤ
LVSOD\
3KRWRUHVROXWLRQ
5HåLP3ĜHKUiYiQt¿OPRYêFKVQtPNĤ =REUDHQtMHGQRKR
5HåLP3ĜHKUiYiQtIRWRJUD¿t=REUDHQtMHGQRKR
6OLGHVKRZ
=.5È&1È1$%Ë.$2.3ěË58ý.$
=REUDtVHNUiFHQiQDEtGND2.SĜtUXþND
NRQDL6&1MHYêUDQČQD
LVSOD\
LJLWiOQtRRPãLURNR~KOê L6&1
LJLWiOQtRRPWHOHREMHNWLY %DFN/LJKW
7
32ýÈ7ý1Ë1$67$91Ë$780$-$=.=2%5$=1Ë1$021,7258
=DSQXWtDQDVWDYHQtGDWDDþDVX
3URXORåHQtGDWDDþDVXEČKHPiQDPXQDVWDYWHDGDWXPþDV
9êEČUMD\NDSURQDEtGNX26QDPRQLWRUX
XNOiGDFtPPpGLX
2ä1Ë968187Ë3$0ċġ29e.$57
9\SQČWHGLJLWiOQtNDPHUX
3DPČĢRYiNDUWD6+&6HFXUHLJLWDO+LJK&DSDFLW\
0ĤåHWHSRXåtWSDPČĢRYRXNDUWX6+&
3DPČĢRYpNDUW\6+&6
RPSDWLELOQtiQDPRYiPpGLD
QDUDLOD
0DQLSXODFHVSDPČĢRYRXNDUWRX
IQDPX
XNOiGDFtPPpGLX
$$.$3$&,7$=È=1$08
REDiQDPXSUR¿OPRYpVQtPN\
RVRERXQHERREMHNWHP
=È./$1Ë80Ë67ċ1Ë9,2.$05
3RþHWDQDPHQDWHOQêFKIRWRJUD¿t
1DVWDYHQt~KOXiEČUX
IQDPX
=È=1$09,$$272*5$,Ë
=NRQWUROXMWHVXEMHNWQD/&PRQLWRUX
=iQDPYLGHt =iQDPIRWRJUD¿t
4XLFN9LHZ
3ĜLEOtåHQt
3ě,%/,ä29È1Ë$2$/29È1Ë
=0ċ1$5ä,083ě+5È9È1Ë
SĜHKUiYiQt
3ě0=.21752/8-7
3ě+5È9È1Ë,/029é&+61Ë0.ģ
5ĤQpRSHUDFHSĜHKUiYiQt
1DVWDYHQtKODVLWRVWL
QHY\KRYXMHVWDQGDUGX&
352+/Ëä1Ë272*5$,Ë
SĜHVFHORXREUDRYNX
6WLVNHPWODþtWND =SČW VHYUiWtWHQDSURKOtåHQtQiKOHGĤ
3ĜHKUiYiQtVHYČWãHQtPREUDX
QiVOHGXMtFtFKVWUDQiFK
YROE\SURiQDP
=0ċ1$1$67$91Ë1$%Ë
Sĝlsĥvrelw
2II
32/2ä.1$%Ë.=È=1$08
HDFK6QRZ
328äË9È1Ë32/2ä.1$%Ë.=È=1$08
$XWR
6QtPN\OHSRĜLRYDWYUHåLPXDXWRPDWLFNpKRQDVWDYHQt
GRWHYHLRUX
9LGHR5HVROXWLRQ
DQDPHQiYDQêFK¿OPĤOHYROLWUROLãHQt
SRORåND
3KRWR5HVROXWLRQ
9LGHR4XDOLW\
DFN/LJKW
LJLWDOIIHFW
%/&Y\SQXWR %/&DSQXWR
7LPH/DSVH5HF
1DVWDYHQtUHåLPXþDVRVEČUQpKRiQDPX
IQDPX
5RNYpWDMtFtNYČWLQ\ 2EODNDSĜHYDOXMtFtVHQDREORH
ÝDVRVEČUQêiQDPDQDPHQiYiVQtPN\YSĜHGHP
\WYiĜtWDNYLGHRiYLVOpQDþDVHýDVRVEČUQêiQDP
MHXåLWHþQêYQiVOHGXMtFtFKSĜtSDGHFK
3URKOtåHQtMHGQp
YROE\SURSĜHKUiYiQt
32/2ä.1$%Ë.3ě+5È9È1Ë
REUDHQtLQGHX
Revdk
SRORåND
$OO2II
FKUiQLWSRWpSRWYUćWHVWLVNHPWODþtWND1DEtGND
\EHUWH³HV³$QRDVWLVNQČWHWODþtWNR2.SURSRWYUHQt
$OO2Q KUiQtYãHFKQ\¿OPRYpVQtPN\QHERIRWRJUD¿H
,9
XQNFH5RGČOLWQHQtNGLVSRLFLDQiVOHGXMtFtFKRNROQRVWt
VHNXQG VHNXQG
VHNXQG
LOPRYêVQtPHNVHURGČOtQDGYD
+$50$5
6WLVNQČWHWODþtWNR1DEtGND
=QDþNDVGtOHQtQHQtNGLVSRLFLDQiVOHGXMtFtFKRNROQRVWt
6+2
,12
=REUDtVHLQGHQiKOHGĤ
=0ċ1$1$67$91Ë1$%Ë.9677,1*6
YROE\QDVWDYHQt
$67$91Ë32/2ä.1$%Ë.
3RORåN\ 9êFKRtKRGQRW\
RUPDW
REUDHQt
Rupdw
LOH1R
DWH7LPH6HW
2EUDRYNRYpREUDHQt
%ULJKWQHVV
$XWR/&2II
HHS6RXQG
6KXWWHU6RXQG
$XWR3RZHU2II
2II
6RIWZDUH
176&3$
792XW
Dqjxdjh
79&RQQHFW*XLGH
79LVSOD\
HIDXOW6HW
3RXåLWtVHV\VWpPHPLQGRZV
21752/$7389$â+232ýË7$ý
3ĜHGSRXåLWtPNRQWUROXMWHW\SYDãHKRSRþtWDþH
QiVOHGXMtFtFKNURNĤYiYLVORVWLQDW\SXYDãHKRSRþtWDþH
86%
0ģä7ċ/$7632ýË7$ý06667e00,126
3RåDGDYN\QDV\VWpP
3RORåN\
2GSRMHQt86%NDEHOX
328ä,7Ë352*5$08,QWHOOL6WXGLR
URN3ĜLSRMHQt86%NDEHOX
VRXERUX
URN2KODYQtPRNQČDSOLNDFH,QWHOOLVWXGLR
YLGHRNOLS\QHERIRWRJUD¿H
URN3ĜHKUiYiQtYLGHtQHERIRWRJUD¿t
6SXVĢWHSURJUDP,QWHOOLVWXGLR¬VWUDQD
URNÒSUDYDYLGHtQHERIRWRJUD¿t
URN6GtOHQtYLGHtIRWRJUD¿tRQOLQH
1DY\EUDQêFKYLGHtFKVHREUDtQDþND6GtOHW
3ĜtPpRGHVOiQtYLGHtQDRX7XEH
VRXERUĤRQDþHQêFKSURVGtOHQtYSĜLSRMHQpPDĜtHQt
IXQNFLY\ĜDGLWSURYRX
HPLQHER REODVWL
B&HFK
328ä,7Ë-$.29-Ë0$7/1eÒ/2ä1e=$ěË=1Ë
URN3URKOtåHQtREVDKX~ORåQpKRPpGLDSDPČĢRYiNDUWD
NOHSQČWHQD³2.´
RWRJUD¿H
6WUXNWXUDVORåHNDVRXERUĤQDXNOiGDFtPPpGLX
RUPiWVQtPNX
LOPRYêVQtPHN
3ě,32-1Ë.7/9,=2586962.é052=/,â1Ë0
SĜLSRMHQtNMLQêPDĜtHQtP
0RQR7\S
3ĜLSRMHQtNWHOHYLRUXVHVWDQGDUGQtPUROLãHQtP
352+/Ëä1Ë1$2%5$=29&7/9,=258
QHOHQDVWDYLWKODVLWRVW
6WLVNHPWODþtWND 5HåLP Y\EHUWHUHåLP
23Ë529È1Ë61Ë0.ģ1$9,25.25e51%29+5.25e5
QHERUHNRUGpU\9+
1DVWDYWH792XW´QD³&RPSRVLWH´²VWUDQD
ÝLãWČQtREMHNWLYX
8SRRUQČQtSURVNODGRYiQt
ÝLãWČQtYLGHRNDPHU\
ÝLãWČQt/&PRQLWRUX
V\VWpPHFKEDUHYWHOHYLRUĤ
23/ĕ8-Ë&Ë,1250$
328äË9È1Ë9$âË,*,7È/1Ë.$059=$+5$1,ýË
=GURMHHQHUJLH
3RSLVSUREOpPX ĚHãHQt
9DURYQpLQGLNiWRU\DSUiY\ =GURMQDSiMHQt
8NOiGDFtPpGLD
=SUiYD
1R QD5HVHW
1R QD5HVHW
ĜtYHQHåYDãtGLJLWiOQtNDPHUXDãOHWHGRRSUDY\
3ĜtQDN \VYČWOHQtěHãHQt
1DELMWHEDWHULL
9LGHRNDPHUDVHQHDSQH
DWGSRNXGHLVWXMH²VWUDQD
8NOiGDFtPpGLD
=iQDP
SRNXGHLVWXMH²VWUDQD
1DVWDYWH%HHS6RXQGQD2Q²VWUDQD
DERGHPNG\VH
WODþtWNR6SXãWČQtDVWDYHQtiQDPX
1DVWDYHQtREUDXEČKHPiQDPX
3ĜHKUiYiQtQDGLJLWiOQtNDPHĜH
3ĜHKUiYiQtQDMLQêFKDĜtHQtFKWHOHYLRUDWG
SĜLSRMWH
3ĜLSRMHQtNSRþtWDþL
3ĜtQDN \VYČWOHQtěHãHQt
NDPHUX
9LGHR$XGLR/5NDEHOX
9ãHREHFQpRSHUDFH
3ĜtQDN \VYČWOHQtěHãHQt
NDPHU\¬VWUDQD
7LPH/DSVH5&2Q
3RORåN\QDEtGN\ MVRXSRWODþHQp 1HOHSRXåtW
.YĤOLQiVOHGXMtFtPXQDVWDYHQt
5ROLãHQtYLGHDNURPČS6ORZ0RWLRQ
WHFKQLFNp~GDMH
PRQLWRU
RQHNWRU\
NRQWDNWXMWH6$0681*NGHNROLYQDVYČWČ
\KRYXMHVPČUQLFLRRPHHQtSRXåLWtQHEHSHþQêFKOiWHN