34%!-4%#
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SRGODK\ NDFKOLþN\NDPHQLQRYp
SRGODK\NU\WLQ\]XPHOHM
KPRW\OLQROHXP
0UDPRU1LNG\QHþLVWLĢSULDPRVNHIRXQDSRGODK\EH]KDQGU\0UDPRURYp
SRGODK\VDPXVLDQLHNHG\ YLDFNUiWRþLVWLĢDE\VD ~SOQHRGVWUiQLOL]E\WN\
VWDUêFKþLVWLDFLFKSURVWULHGNRY DPDVWQpIĐDN\.WRPXWR RþLVWHQLX]YRĐWH
Qt]N\VWXSHĖSDU\3RGĐDSRWUHE\KRP{åHWH]YêãLĢ
.DFKOLþN\  NHUDPLFNp SRGODK\ =YRG\ DþLVWLDFLFK SURVWULHGNRY VD
YPHG]HUiFKY\WYiUDM~ þLHUQH SiV\ 7DPVD ]ELHUD SUDFK DLQp ]E\WN\
3UHGHQQpRþLVWHQLHQDWLDKQLWHþHUVWY~þLVW~KDQGUXQDWU\VNXQDSRGODK\
DXSHYQLWHMXXSHYĖRYDFtPLVYRUNDPL =ĐDKNDNĎ]DMWHSRSRGODKH$E\ VD
KDQGUDRSWLPiOQH Y\XåLOD P{åHWH MX QD WU\VNH SUHV~YDĢ DOHER REUiWLĢ
$NVD MHGQi RVLOQp ]QHþLVWHQLH P{åH VD RþLVWHQLH SUHYiG]DĢ SULDPR
VYêNORSQRX NHIRX EH] KDQGU\ âWHWLQDPL NHI\ VD ]QHþLVWHQLH XYROQt
]PHG]LHUDRGVWUiQL3RWRPQDWLDKQXĢQD NHIXQDSRGODKX]QRYXKDQGUX
DRþLVWHQpPLHVWDHãWHUD]XP\Ģ
VWHQ\ NDFKOLþN\XPêYDWHĐQp
WDSHW\
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GROX6WLDKQLWHVNORJXPRYRXVWLHUNRXEH]SDU\DE\VWHRGVWUiQLOL
NRQGHQ]RYDQ~YRGX3RVWUDQQpSRK\E\SUHYiG]DMWH]GRODVPHURPQDKRU
DE\VWHVDY\YDURYDOLIĐDNRP
32=259]LPHPXVLDE\ĢRNQiQDSUHGSUHGKULDWp'UåWHWU\VNX
FPRGVNODDQHFKDMWH~þLQNRYDĢWHSOR3UHRþLVWHQLHYQ~WRUQHMVWUDQ\
RNQDSRXåLWHQt]N\VWXSHĖSDU\3UHRþLVWHQLHYRQNDMãHMVWUDQ\RNQD
P{åHWH]YROLĢY\VRNêVWXSHĖSDU\
þDOXQHQLH QiE\WRNDXWiþOQ\ORGH 1DVDGtWHNHIXQDSRGODKXSULDPRQDSLãWRĐDSRXåLMHWHMXVQDWLDKQXWRX
ELHORXDþLVWRXEDYOQHQRXKDQGURX3UDFXMWHVNUiWN\PLQiUD]PLSDU\
DE\VDOiWNDQHSUHPRþLODýLVWLWHWYUGRãLMQp]QHþLVWHQLHVWUSH]OLYRVĢRX
QDSDUXMWHRSDWUQHURYQDNpPLHVWRDOHQLHGOKãLHDNRMHGQXPLQ~WXSRWRP
SRþNDMWHSlĢPLQ~WD]RSDNXMWHþLVWHQLHýLVWLWHNUXKRYêPLSRK\EPL
DOHERVPHURPGRSUHGXDGR]DGXDE\VWHYQLNOLGRYãHWNêFKSRYUFKRYêFK
YUVWLHYOiWN\8NRQþLWHþLVWHQLHWDNêPVS{VRERPåHPDWHULiORNHIXMHWH
MHGQêPVPHURPDE\OiWND]tVNDODURYQRPHUQêY]KĐDG
OiWN\ ]iYHV\]iYHV\YVSUFKiFK
RVYLHåHQLHRGHYRY
RGVWUiQHQLHIĐDNRY
3UtVWURMVDYêQLPRþQHGREUHKRGtNY\URYQDQLX]iK\ERYQDRGHYRFK
3RVWDþXMHLEDQDSDULĢOiWNX]XUþLWpKRRGVWXSX3DUDY\URYQi]iK\E\
EH]WRKRDE\OiWNXQDYOKþLODDNRVDWRVWiYDXLQêFKQDSDURYDFtFK
VSRWUHELþRY
VDQLWiUQH
]DULDGHQLD
DUPDW~U\YDQHVSUFKRYp
NDEtQ\VWHQ\VSĚFK:&
VDXQ\NXFK\QH
.RþLVWHQLXYDQHDOHERVSUFK\SRXåLWHRNU~KOXNHIXNY\þLVWHQLXNRĐDMQtF
VSUFKRYDFtFKNDEtQĢDåNRSUtVWXSQêFKDOHERYHĐPL]QHþLVWHQêFKPLHVW
6WLHUNDQDRNQiMHYHĐPLHIHNWtYQDSULþLVWHQtREODVWtQDNWRUêFKVD
QDFKiG]DM~NDFKOLþN\DOHERRENODGDþN\
.þLVWHQLXVDQLWiUQ\FK]DULDGHQtSRXåLWHERGRY~QDSDURYDFLXWU\VNX
.RGVWUiQHQLXSUHE\WRþQHMYOKNRVWLD]E\WNRY]QHþLVWHQLDSRXåLWHKDQGUX
DOHERNXFK\QVNêSDSLHU
NXFK\QVNp
Y\EDYHQLD
JULO\RGViYDþH
YêSDURYNXFK\QVNp
VNULQN\SUtVOXãHQVWYR
NU~UHQDSHþHQLH
QiE\WRN RNHQQpUiP\QiE\WRN
UXVWLNiOQHWUiP\ODPS\
NUERYpNDPHQHåDO~]LH
YLWUtQ\
äDO~]LH3RXåLWHPDO~Q\OyQRY~NHIX3RV~YDMWHNHIXWDNGOKRSRSRYUFKX
NêPGRQHKRQHEXGHP{FĢYQLNQ~ĢSDUD
äDO~]LH]39&VDPXVLDUêFKORRþLVWLĢSDURX3ULåDO~]LiFK]OiWN\E\VDPDO
QDSUHGPDWHULiOY\VN~ãDĢþLQHS~ãĢDIDUEX
DXWR SDOXEQpGRVN\þDOXQHQLH
GYHURYp]iYHV\GLVN\
KOLQtNRYpRFHĐRYp
.Y\þLVWHQLXYQ~WUDDXWDSRXåLWHQDþDOXQHQLHDLQpGLHO\NHIXQDSRGODKX
SRWLDKQXW~KDQGURXDGRGUåXMWHXSR]RUQHQLDNþLVWHQLXE\WRY1HSRXåLWH
NHIXEH]KDQGU\DNþLVWtWHNRåHQpSRĢDK\1DGLVN\SRXåLWHQDMOHSãLH
ERGRY~WU\VNXVQiVWDYFRPRNU~KOHMNHI\
ELF\NOH
PRWRUN\
UiP\UiILN\ãSDMOH
VHGDGOi
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