SlideShare a Scribd company logo
PROGRAMI ZGJEDHOR 2024 - 2028
EUROPA 2030
! !"
!
!"#$%&'('&)
!
!
"#$%&'!()#$*'+%!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-!
()#$*+!-./.!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!
0.!
0,!%12!3#4(5'%'6&2#!*2#!&2!71'&82!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!
0/!
!#!#!$%&%'()*%!%!+(',"#####################################################################################################################################"!-"
!#.#!/0'01(2!345)%5)6)!78%!348%1(45"#######################################################################################################"!9"
!#:#!)657(+!(!;(<*(=!78%!),!7'%*=,)"##############################################################################################################"!>"
!#-#!;6?=,!3657,'!34''6@)(45(=!78%!3'(+(=!=,!4'<05(160'"#################################################################".!"
!#9#!07+(5()='0=,!@'4?%)(450;%!78%!)8,'/(+%!@6/;(3%!=%!7(<*(=0;(160'0"#########################################".9"
!#A#!'%57(!78%!)(<6'(0"##################################################################################################################################":."
-,!1$!#)6'629!*$!()#$*26!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!
/:!
.#!#!(5=%<'(+(!5,!/0)83(+(5!%6'4@(05"######################################################################################################":>"
.#.#!/0)83,@65(+(!'0*450;"#########################################################################################################################"-B"
.#-#!<*%4@4;(=(30!78%!50=4C*0"####################################################################################################################"-."
.#-#!@0'=5%'(=%=!78%!7(0;4<!)='0=%<*(3!+%!)8/0C5,"##############################################################################"--"
/,!5+##2;(681(!(!3$%6(%6)6'&!(3$%$5'3!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!
<=!
@0'=5%'(=%=!5,!@4;(=(3/,'*%"#######################################################################################################################"-9"
:#!#!%3454+(!34536''6%)%!78%!='05)?4'+(+!7(<*(=0;"########################################################################"->"
:#!#!#"345=%3)=("%3454+(3".B.BC.B.:"###################################################################################################"-D"
:#!#.#"''(=*%"%"@,')8@%*=60'"78%"?(505E0"=,"$,57'6%)8+%"
#############################################################"9B"
:#!#:#"+*%7()"("+(',"@,'"/(15%)"78%"%3454+("34536'6%)%"################################################################"9>"
:#!#-#"7(<*(=0;(1(+("("%3454+(),"78%")8,'/(+%&%"@6/;(3%"#################################################################">B"
:#.#!18&(;;(+(!(!$,57'6%)8,+!78%!='05)?4'+(+(!(!<*%;/,'"###################################################################">-"
:#.#!#"0+/(%5=("("@0)=,'"78%"(")8,57%=)8,+"
########################################################################################">9"
:#.#.#"%5%'<*(0"%")(<6'="78%"%"'(@,'=,'(=)8+%"###################################################################################">D"
:#.#:#"/6*$,)(0"+47%'5%"78%"6)8$(+("(")(<6'="##################################################################################"F-"
:#:#!(5?'0)='63=6'0!+47%'5%!78%!18&(;;(+(!(!/0'0/0'=,!'0*450;"#####################################################"DB"
:#:#!#"='05)@4'=("78%"34+65(3(+("+47%'5"#######################################################################################"D!"
:#:#.#"18&(;;(+("("/0'0/0'=,"'0*450;"
####################################################################################################"D9"
:#:#:#=6'(1+("@,'?0$,)6%)"
####################################################################################################################"!B:"
:#-#!30@(=0;(!5*%',14'!78%!E(;,)(0!%!*%=,)"################################################################################################"!BA"
:#-#!#"0')(+("E(;,)4'"##############################################################################################################################"!B>"
:#-#.#")8,57%=,)("+47%'5%"##################################################################################################################"!!D"
:#-#:#"+(',$%5(%")4E(0;%"%"$,57'6%)8+%"#########################################################################################"!.9"
:#9#!'(5(!03=(&%!78%!)84$,'(!%!/0'0/0'=,"###############################################################################################"!::"
:#9#!#"7(&%')(=%="78%"/0'01("#################################################################################################################"!:-"
:#9#.#"36;=6',"@,'?0$,)6%)%"################################################################################################################"!:-"
:#9#:#"'(5("03=(&%"#####################################################################################################################################"!-B"
:#9#-#")@4'="78%"'%3'%0E(45"################################################################################################################"!-9"
:#9#9#"03=(&(1,+"$G=%=0'"#######################################################################################################################"!->"
:#9#A#"?0+(;*0"/,'=80+0"%")84$,'(),"
#################################################################################################"!9B"
:#9#>#"7%+4<'0?(02"7(0)@4'0"78%"+(<'0E(45("#################################################################################"!9!"
*#$1(3&(!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!0==!
" "
! ."
!"#$%&'()"#*&+$'
!
!
!
!"##$%$&'($)*$*+,"-./.,0.)*1#,0).*$2#,3."0*
!
!
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
6-'47'0$8'9%'1#)$:2;#<=+$>/1?""#$
6%-?1)$@A$B+0,)$CDCE$
!
!
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
B'47?%$F%+G#)$>+0(#+$.'&/-0+(#-'$6%H#1(+0'$
!0#+4#($I/9%+)$>+0(#+$.'&/-0+(#-'$J?0/1#+4'$
6-'47'0$8'9%'1#)$:2;#<=+$>/1?""#$
F'(/;2)$CK$B+0,)$CDCE$
!
!
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
.0L$*'MN+4$3"M+,)$>+0(#+$.'&/-0+(#-'$'$F?0H2;'$(2$B+H'7/4#,2$
O/,(#;+0)$CP$B+0,)$CDCE$
$
!
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
Q+(#&+$R,&+4/;,-+)$S4#/4#$#$8/&2;'$
6%-?1)$CT$B+0,)$CDCE$
$
$
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
6+"#%$B?0+()$:2;#<=+$'$F?0H2;'$(2$B+H'7/4#,2$120$.0'=(2,#$7%'$.'&/-0+N#$
>0/UL$.0L$6V"'M&+4$*+-#)$:2;#<=+$'$F?0H2;'$(2$B+H'7/4#,2$120$.0'=(2,#$7%'$.'&/-0+N#$
6%-?1)$CA$B+0,)$CDCE$
$
$
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
W#+7#4$6'"+)$!"'+4N+$120$6%H#1(+02($
O/,(#;+0)$X@$B+0,)$CDCE$
!
$
!"#$!%&'(#)$*+,%-#&#$.'&/-0+(#-$120$34('50#&$
B?4#0$Y/"+,%#4+N)$:#7%=+$.'&/-0+(#-'$*/,%4=+-'$
6%-?1)$C$>0#"")$CDCE$
!
! !
! :"
"""!
!
#$%&! '&()&%*$+'! ,$--.&*/.! $.+./0! *1! 23*&*+'1,&! (42/)*+'1! 54&! (4$0/61(! 51'0$&(&! *1!
23*&*+'1,&!*7&'1!*1!8&)$9-/%1(!(1!:+2&5;./(1!(1!<&'/$*=!!
!
#$%&! '/+>/'0$+'! )1'6+%*/0&*! )';?'+0;'&! 54&! (*'+*&?7/%&! *1! (42/)*+'1,&! 54&! *1! ?7/*41!
23*&*+'1,&!*1!8&)$9-/%1(!(1!:+2&5;./(1!(1!<&'/$*=!!
!
@1!$5414&2$'!.?+!)1'6+%*/0&*!'/-/.5+(&!(42/)*+'&!54&!/5&+-/!%;091*+'!(42/)*+'=!
!
@1!+.?+A4$+'!)1'!)+21=!(*+9/-/*&*=!(/?$'/!54&!9+(4%1)$./0!.1!,&.5!54&!'+7;.=!0+''1541./&!*1!
(41.5;(4+!.51'&*./%&!54&!.51'>2/.71(;'&=!($.5/0!*1!-/?7/*=!5'&7*1(/!7;(&-&%*/,&=!-$>*1!%$.51'!
%;''$)(/;./*!54&!%'/0/*!*1!;'?+./A$+'=!A4,/--/0!&%;.;0/%!54&!0/'12&./&!(4;21';'&=!
!
#$%&!.1.,/A$+'!*1!+''/*$'+*!21!.?+!:+''1,&(47+!&!B4'/*=!:+''1,&(47+!&!C'&()1(=!:+''1,&(47+!
&! >2/.71(/(1! (1! 0/'1=! +.1*+'1(/0/! .1! DE@B! 54&! >/--/0/! /! 9/(&5/0&,&! )1'! +.1*+'1(/0! .1!
F+(4%/0/.!G$';)/+.=!
!
@1!,&*15/(410!21!.1!,+A45/01(/!54&!*1!9+(4%$+'!0$.5!*1!914&*!+%;0+!01!(4$01!54&!*1!
)$.;4&*!&54&!01!0/'1!(/!54&!01!0&!)1'%$(4*/0!.1!*1!?7/*4+!./,&-&*=!
!
@1!)1'6+%*$+'=!)+!+(.71!+-*&'.+*/,1!*7&*1'=!)1'!/.*&?'/0!.1!F+(4%/0/.!G,';)/+.=!
!
@1!(42&*1($+'!)1'!%1'61./0&*!&!,+A45$&(40&!54&!*1!;'%&(*'$+'+!.5+7!)1'6+%*/0&,&!*;.+!
&$';H+0&'/%+.&!(/!54&!)1')7&%7&*!)1'!*1!5&,/7$+'!''$?1*/0/.!*;.1!&$';)/+.=!
!
I'3&*+'1*!&!)+'*/,&!);-/*/%&!A;*;4&.!)1'J!
)
$&##"*+,-'+)./&0121/31$1)
!
D&=!*1!);(4*1.1.(4%'$+'/*J!
!
I;.>/'0;701!)1'6+%*/0&*!);-/*/%&!(/!54&!,-&'+*!5&0;%'+*/%&!*1!*4&%($+'+!.1!C'&+09$-1.!&!
#&%-+'+*1(! C;-/*/%&! *1! K';.*/*! G$';)/+.! 54&! A;*;4&0/! )1'! 9+(4%1)$./0! %;+-/6/;.$&(! )1'!
A?7&547&*!C'&(/5&.6/+-&!*1!LM!)'/--/*!54&!+*;!)+'-+0&.*+'&!*1!N!0+7/*!*1!,/*/*!LOLMP!!
!
B9-/?;701! *1! ?7/*4+! ;'?+.&*! *;.+! )+'*/+%&! 21! *1! ,&)';7.1! .1! )1')$*47&! 0&! 5&*3'/0&*! &!
)+'+6+%*$+'+!.1!%1*1!:+''1,&(47&!I;+-/6/;./!54&!.1!)';?'+0/.!&!4+'0;./A$+'!);-/*/%=!
!
Q541A;701!;'?+.&*!*;.+!)+'*/+%&!21!*1!,/7;7.1!%$'(/.!G$';HE0&'/%+.!(/!+-*&'.+*/,1!&!,&*0&!
)1'!*1!+'5401.!&!)1'9+(4%1*!*1!:+2&5;./(1!(1!<&'/$*!54&!*1!+.?+A4;4&.!)1'!A9+*/0!*1!)-;*1!
*1!.;'0+,&!54&!*1!>'301(!(1!:+''1,&(47&(!(1!B4'/*=!:+''1,&(47&(!(1!C'&()1(!54&!+*1!)1'!
>2/.71(/!*1!0/'1!54&!093--7&(!(1!*1!?7/*4+!R1(4*7&,&!*1!4+)$'+!0&!>2/.7*1=!
!
E.?+A4;4&0/! )1'! ,/7/0/.! 54&! *4&--/0/.! &! 0+''1541./&,&! /.(*/*$6/;.+-&! ,1--+A1';'&! 01!
+$*;'/*&*&*!&!@/'+.1(!54&!*1!C'/(4*/.1(!54&!+,+.6/0/.!&!-/547&,&!);-/*/%&!54&!/.>'+(*'$%*$';'&!
0&!8&)$9-/%1.!&!S42/)1'/(1!54&!8&)$9-/%1.!&!I;(;,1(!(/!54&!-+'?/0!*1!%$>/7,&!0&(!.&(4=!
! -"
!
I;.(/5&';701!21!)1'>(4/'7+!7;.1!.1!)';6&(/.!/.*&?'$&(!54&!*1!.5'3(4/0&,&!%$(4*&*$&(&!1(4*1!
&!)+*7&*1'($&(40&!54&!)+'+2&*!?+'+.61!)1'!A?7/547&!*1!21.5'$&(40&!54&!*1!($%(&((40&=!
!
S3.;701!($.5/0!*1!5'&7*1!54&!*1!9+'+9+'*1!*1!-/?7/*=!5'&7*1(/!7;(&-&%*/,&!(/!54&!*'+.()+'&.61!
54&!)++.(401'/!+9(;-$*&!*1!?7321(;'/*=!
T+'+.*;701!)+'*.&'/*&*!54&!091(4*&*7&!.5+7!;'?+.&,&!01!*1!-+'*+!*1!5'&7*1(/(1!.1!-$>*1.!
%$.51'!%;''$)(/;./*!54&!%'/0/*!*1!;'?+./A$+'=!
C';0;,;701! ,-&'1.! &! A4,/--/0/*! *1! 5&0;%'+6/(1! %;.(&.($+-&! .1! )1')$*47&! 0&! >'301.! &!
:+''1,&(47&(!(1!B4'/*!54&!I$(4*&*$*1(!(1!8&)$9-/%1(!(1!:+2&5;./(1!(1!<&'/$*=!
!
I;.>/'0;701!21!)+'*.&'1*!%;+-/6/;.$&(!2&,&'/(1(!5$4&*!*1!)1'6+%*;4&.!.?+!,$--.&*/!);-/*/%!/!
53! %;0$./*&*&,&! 01! *1! 0154+! .1! ,&.5=! (42/)*+'1,&! 54&! 0+2&5;.+(,&=! *1! (4)'&4$'! .1!
A?7&547&!*1!-/'+=!>&'!54&!5&0;%'+*/%&=!21!0$.51(;.!%;.(&.($+-/*&*!54&!)1'>+21(/0!*1!5'&7*1!
.1!,&.5/00+''7&=!
!
I;.(*+*;701! 21! -&?7/*/0/*&*/! /! C'&(/5&.*/*! 5$4&*! *1! 9$';.! .?+! (4$0/6+! &! 53! *1! *'&*+,&=! &!
%;.>/'0$+'!&54&!.?+!(4$0/6+!&!F+5/.*&'/*!.1!I$,&.5!)1'!*1!(/?$'$+'!%;.(&.($+-/*&*!*1!)-;*1!
(4*&*1';'!54&!.51'&*./%=!!
!
<-&'1(;701! (&! ''&A/%$! '$(! .1! ,&.5! 54&! '+7;.! 1(4*1! >+%*;'! 5&(*+9/-/A$&(! 21! %+! )1'>(4/'1!
&%;.;0/.1! *;.1=! /.>'+(*'$%*$'1.! %'/*/%&=! )+'*/*1! );-/*/%&=! 0&5/+*=! %;0$./*&*&*! >&*+'&=!
(4;21'/.1!6/,/-&!54&!(3.;.!*1!5&(*+9/-/A;71!(4;21'/.1!*;.1!*1!9'/(4*1!0$-*/&*./%&=!0$-*/>&*+'&!
54&!0$-*/%$-*$';'&!)1'!*1!)';0;,$+'!.71!&>&%*!5;0/.;!.1!*1!?7/*41!'+7;./.P!
!
8&()&%*;701!-/'/.1!&!(4)'&47&(!54&!*1!0&5/+,&!21!5$4&*!*1!)1'6/--&*!0&!,&*15/7&!*1!-+'*1!*1!
)1'?7&?71(/(1!(4;21';'&!&54&!.?+!9+'*1(/*!&!%1*/7!)';6&(/=!!
!
C';0;,;701!A4,/--/0/.!&%;.;0/%!54&!(4+.(&!*1!9+'+9+'*+!(/!0;5&-/!01!/!5'&7*1!/!0/'12&./&(!
.1!.71!(4;21'/!0$-*/&*./%&=!&!6/-+!5;!*1!+''/4&*!.1)1'07&*!*1!''/*7&(!&%;.;0/%&!*1!(4)&7*1=!*1!
21.5'$&(40&!54&!?7/*41)1'>(4/'1(&P!!
!
DU/(/0! /.*&?'/0/.! &! 5/+();'1(! .1! &%;.;0/.1! &! ,&.5/*! (&)(&! +7;! )+'+2&*! .71! );*&.6/+-! *1!
'1.51(/(410!*1!A4,/--/0/*!&%;.;0/%=!.51'(+!/.*&?'/0/!&%;.;0/%!'+7;.+-=!&,';)/+.!54&!?-;9+-!
5;!*1!.5/40;7.1!.1!%'/7/0/.!&!*'&?7&,&!*1!'&7+!5$%&!%'/7$+'!);-/*/%+!*1!-/9&'+-/A/0/*!&%;.;0/%!
54&! .51'*/0/*! *1! )';7&%*&,&! (*'+*&?7/%&! *1! /.>'+(*'$%*$'1(! (1! *'+.();'*/*=! &.&'?7&*/%1(! 54&!
%;0$./%/0/*!/.>;'0+*/%!.1!%;''/5;'/.!*&*1!54&!547&*1=!(/!54&!-/547&(!0&!,&.5&*!>2/.7&P!
!
<-&'1(;701! .&,;71.! )1'! ,+A45/0! *1! )1'>(4/'7&(! 54&! %;4&A/;./*! .1)1'07&*! *1! 2+(7&(! (1!
9+'+9+'*1!.1!>/.+.6+*!)$9-/%&=!A4,/--/0/*!-;%+-!54&!'+7;.+-!*1!9+-+.6$+'=!(/!54&!9+'+A/(1!(;6/+-&=!
5$%&!0$.51($+'!+'(/0!54&!(41.5&*1(/!6/-1(;'&!)1'!*1!?7/*41=!);'!&54&!A4,/--/0!*1!();'*/*!54&!
%$-*$'1(!21!5;!*1!0$.51(;71!%;4&A/;.!&%;.;0/%=!(;6/+-!54&!*&''/*;'/+-P!T7/*4+(4*$=!A,;?1-/0/!
/!01*&701!/!)+)$.1(/(1=!5$%&!4+)$'!,&.5&!*1!'&7+!*1!)$.1(!(/5;0;(!)1'!'/./.1!54&!-$>*+!
%$.51'!,+'>1'/(1!5;!*1!0$.51(;71!''/*7&!)1'>(4/'1(&!+(4*$!21!9&.&>/*&*!&!A4,/--/0/*!&%;.;0/%!
*V/!)1'>(4/&7.1!*1!?7/*41P!
!
! 9"
C1'%'+4/0! )1')7&%7&*! )1'! >$2/A/0/.! 54&! 091(4*&*7&.! &! +'(/0/*=! (4%&.61(=! /.;,+6/;./*! 54&!
(*+.5+'5/*!*1!(*$5&.*1,&!(/!54&!'&>;'0+*!.1!+'(/0!.1!5'&7*/0!*1!.?'/*7&(!(1!6/-1(/(1!(/!.71!.?+!
(4*3--+*!%'3&(;'&!*1!(4;21'/(1=!)';0;,/0/.!&!&%(&-&.61(!54&!(/(*&0+*/A/0/.!&!%$+5';,&=!
!
K*;701!.1!)+'*.&'/*&*!*1!?7/*4+!>;'6+*!)';?'&(/,&!(4;21';'&.1!,&.5!21!.5+7.1!,-&'+*!&!.7&7*+!
0&!.&!21!*1!.+!9+(4%+.?7/*&.!.1!)1')7&%7&*!*;.+!)1'!.71!(4;21'/!*;-&'+.*&=!5&0;%'+*/%&=!0&!
(/?$'/! 54&! (*+9/-/*&*! *1! 21.5'$&(410=! 0&! 0+''1541./&! *1! (41.5;(4+! .51'&*./%&=! 0&!
0+''1541./&!*1!0/'+!.51'>2/.71(;'&!54&!)1'!*&7%+-/0!*1!R1(4*7&,&!*1!4+)$'+=!)1'!/.*&?'/0!*1!
)-;*1!.1!F+(4%/0/.!G,';)/+.!(/!54&!0&!A4,/--/0!*1!21.5'$&(410!&%;.;0/%!54&!0/'12&./&!
(4;21';'&=!
!
S/?$';701!23*&*+'1*!21!.$%!5;!*1!''&(4*/0!(1!)$.$+'/!.1!5'&7*/0!*1!'&+-/A/0/*!*1!A;*/0&,&!
A?7&54;'&=!)';?'+0;'&!54&!%;091*+'&!.1!)1')$*47&!0&!9&(/0/.!54&!/.*&'&(+*!&!);)$--/*!
(42/)*+'!54&!*1!*1!?7/*41!23*&*+'1,&!.1!:+2&5;./.1!&!<&'/$*P!!
!
"""!
!
I$A&3!:+%&5;.3+!W$04$'/3&*/!,+*+.5+X-+'Y.Y.!9Z*Z.(&-!/'+5&(/./!?[A![.Z.5&!9$-$.5$'+'+%=!
!
I$A&3!:+%&5;.3+!W$04$'/3&*/./.!*Z0!,+*+.5+X-+'Y.Y.!)';?'+0(+-!,&!(*'+*&7/%!%+'+'-Y-Y%-+'Y.Y!
3&./5&.!*+(5/%-&3&'&%=!
!
]-%&5&!,&!9[-?&5&!9+'YX=!/(*/%'+'=!?Z,&.-/%!,&!/X!9/'-/^/./=!&*./%!?'$)-+'!,&!%;0X$-+'!+'+(Y!(+^-Y%-Y!
/-/X%/-&'/=! 4$%$%$.! Z(*Z.-Z^Z.Z=! ;97&%*/>! +5+-&*/=! 3;-($A-$%! ,&! ;'?+./A&! ($R-+! 0Z6+5&-&3/=!
(;(3+-!'&>+4+!9+^-Y!&%;.;0/%!%+-%Y.0+3Y!*++44Z*!&5&'&%=!
!
B4'/!E.-+X0+(Y=!C'&()+!E.-+X0+(Y=!_3/!I;0X$-$%!E.-+X0+(Y=!DE@B!Z3&-/^/!,&!E,'$)+!F/'-/^/!
Z3&-/^/.&!3[.&-/%!0ZA+%&'&-&'/.!9+X-+0+(Y.5+.!9$!3+.+!&-5&!&5/-&.!%+A+.Y0-+'Y!,$'?$-+3+'+%=!
!!
`&'!5ZA&35&=!5+4+!>+A-+![A,&'/3-&=!(Z'&%-/!,&!9/'-/%!/R/.5&!5+4+!>+A-+(Y.Y.=!5+4+!/3/!R+-YX0+-+'Y.!
3+)Y-+9/-&6&^/./.!9/-/.6/.5&!;-+'+%=!
!!
F+X%+!+-*&'.+*/>/!;-0+%(YAY.!E,'$)+!F/'-/^/.&!&.*&?'+(3;.!%;.$($.5+!%+'+'-Y!;-+'+%=!
!E,'$)+HE0&'/%+! ,&! 5;(*! Z-%&-&'&! 3[.-Z! %+'+'-Y-Y^Y0YA+! 3[.&-/%! (Z'&?&-&.! ,&! )-+.-+.0YX!
*&45/*-&'5&.!,&!E,'$)+!&.*&?'+(3;.!3;-6$-$^$0$A5+.!(+)0+3+!3[.&-/%!?/'/X/0-&'5&.!&.5/X&!
5$3+'+%=!
!!
@&0(/-6/-&'/!%+'XY-Y%-Y!;-+'+%!X$.-+'Y!*++44Z*!&5&'J!
!
./&04,5/3)&30&6$&,1)
!!
EX+^Y5+!/0A+(Y!;-+.!9/A-&'J!
!
E,'$)+!W&)4&(/!S/3+(/!F/-5/'?&(/./.!T/'/X!9[-Z0Z.5&!,$'?$-+.+.!(/3+(/!%+'+'-Y-Y%-+'Y.!3+.Y!(Y'+!
5&0;%'+*/%!5&^&'-&'/!5&!;.+3-+3+'+%=!LM!D/(+.!W$04$'9+X%+.-Y^Y!(&R/0-&'/!,&!N!:+3Y(!LOLM!
)+'-+0&.*;!(&R/0-&'/!/R/.!(*'+*&7/%!%;+-/(3;.!/X!9/'-/^/!*++44Z5Z.5&!9$-$.$3;'$AP!
!
! A"
!@Z0! )+'*/! ;'?+.-+'Y0YAY=! 9$! I;+-/(3;.! E.-+X0+(Y! ,&! $3$0-$! (/3+(/! )';?'+05+=! [.6&5&.!
9&-/'-&.&.!3Z%Z0-Z-Z%-&'&!$3?$.!4+'&%&*!&*0&%-&!3Z%Z0-Z!*$*$3;'$A=!
C+'*/! ;'?+.-+'Y0YA+=! I$A&3! :+%&5;.3+.Y.! ;'*+%! ?&-&6&^/! /R/.! *&%! +-*&'.+*/>! ;-+'+%! E,'$)+!
';*+(Y.Y!*+%/)!&*0&-&'/!,&!B4'/!E.-+X0+(Y=!C'&()+!E.-+X0+(Y=!_3/!I;0X$-$%!E.-+X0+(Y!,&!%;0X$!
Z-%&-&'-&!;-+.!*Z0!+RY%!(;'$.-+'Y!R[A0&./.!3+.Y!(Y'+!3+%Y.-+X0+!.;'0-+'Y.Y.!,&!'$4$.$.!*+0!
;-+'+%!$3?$-+.0+(Y.+!9+^-Y!%+-0+-+'Y!*+-/0+*Y.Y!,&'/3;'$A=!
@;)-$0-+'Y0YA!+'+(Y.5+!(*'+*&7/%!5;(*-$^+!9+^-Y-Y%!*++44Z5Z.Z!,&'/3;'$A=!
!!
G.*&?'+(3;.! ,&! +.+3+(+! 5&^/X/%-/^/! (Z'&6/.&! %+*Y-Y0Y0YAY.! ,+A?&R/-0&A! ;-5$^$.$! ,&! 9$.$.!
/(*/%'+'-Y!,&!9+X+'Y-Y!R[AZ0-&'/.!?+'+.*/(/!;-5$^$.$!5ZXZ.Z3;'$A=!
!
E5/-! ,&! &X/*! 4$%$%$.! Z(*Z.-Z^Z.Z=! (&R/6/! ;-0+3+.! +5+-&*/=! 3+'?Y.Y.! X&>>+>-Y^Y.Y! ,&! 0$*-+%!
*+'+>(YA-Y^Y.Y!4&5&>-/3;'$A=!
a;-($A-$%! ,&! ;'?+./A&! ($R-+! 0Z6+5&-&5&! &.! 3Z%(&%! 3+'?Y! ;'?+.-+'Y3-+! ;'*+%-Y%! ,&! 5&(*&^/!
?+'+.*/!&5/3;'$A=!
B4'/! E.-+X0+(Y! ,&! I$A&3! :+%&5;.3+! W$04$'/3&*/! E.+3+(+(Y.Y.! '$4$.+! $3?$.! ;-+'+%!
$A-+X0+3+!5+3+-Y!5&0;%'+(/3/!?&-/X*/'0&./.!5&^&'/./!5&(*&%-/3;'$A=!
!
:$*-+%!5&,-&*!,&!&*./%!?'$)-+'!+'+(Y!$A-+XY3Y!(+^-+0+%!/R/.=!W$04$'9+X%+.Y.Y.!0&X'$/3&*/./.!
ZR*&! /%/-/%! 9/'! R;^$.-$%*+.! ?&-0&(/! ?&'&%*/^/! ,&! 9$.$.! :&6-/(*&%/! F+5&.*&'! R;^$.-$^$!
*+'+>Y.5+.!5+!;.+3-+.0+(Y!?&'&%*/^/!(;.$6$.+!,+'Y3;'$A=!
!!
8$(3+.Y.! Z-%&3&! ,&! 9[-?&3&! 3[.&-/%! *&45/5/./.! &%;.;0/0/A/=! %'/*/%! +-*3+)Y0YAY=! (/3+(/!
)+'*/-&'/0/A/=!0&53+0YAY=!5/./!*;)-$-$%-+'Y0YAY!,&!(/,/-!*;)-$0$!%+)(+3+.!/(*/%'+'(YA-+X*Y'Y6Y!9/'!
>+%*['!;-5$^$.$!,&!*;)-$0$.!*Z0!%+*0+.-+'Y.5+!5;0/.;!&*%/(/./!*&X,/%!&*0&3/!4&5&>-&3&.!
%Y'Y-?+.!R;%!&*./%-/=!R;%!5/.-/!,&!R;%!%Z-*Z'-Z!*;)-$0$0$A$!/(*/%'+'(YA-+X*Y'0+3Y!+0+R-+5Y^Y.Y!
5&^&'-&.5/'/3;'$A=!
!
F$!(Z'&6/.!3Z'Z*Z6Z-&'/!*+'+>Y.5+.!5+4/!3Z%(&%!9/'!(;(3+-!(;'$0-$-$%!9/-/.6/3-&!+%*+'Y-0+(Y!
?&'&%&.!/>+5&!,&!0&53+![A?Z'-Z^Z.&!(+3?Y!5$3$3;'$A=!
!!
b;%!&*./%!?'$)*+.!;-$X+.!9/'!*;)-$05+!4YA-Y=!(Z'5Z'Z-&9/-/'!,&!%+)(+3Y6Y!&%;.;0/%!9Z3Z0&!
3;-$3-+! $-+XY-+9/-&6&%! &.! +5/-! '&>+4! 0;5&-/! ;-+'+%! &%;.;0/%! %+-%Y.0+3Y! ,&! >Y'(+*! &X/*-/^/./!
5&(*&%-/3;'$AP!
!!
G%;.;0/%! %+-%Y.0+! /R/.! [.&0-/! 9/'! );*+.(/3&-/! *&0(/-! &5&.! 5/+();'+.Y.! Z-%&! &%;.;0/(/.&!
&.*&?'+(3;.$.$!5&(*&%-/3;'=!9[-?&(&-=!E,'$)+!,&!%Z'&(&-!&%;.;0/%!&.*&?'+(3;.=!&%;.;0/%!
-/9&'+-/A+(3;.! );-/*/%+-+'Y! ;-$X*$'+'+%! NP! ,&! cOP! %;'/5;'5+! $-+X*Y'0+! +-*3+)Y(Y=! &.&'7/! ,&! F@!
dF/-/X/0!@&%.;-;7/(/e!/-&*/X/0/!/-&!%;0X$!Z-%&-&'-&!9+^-+.*Y3+!/-/X%/.!(*'+*&7/%!)';7&-&'!/.X+!&5&'&%!
3&./!)+A+'-+'!3+'+*Y-0+(Y.+!3+'5Y06Y!;-+6+%*Y'P!
!!
I+0$!0+-/3&(/.&!&X/*!&'/X/0=!5&.?&-/!3&'&-!,&!9[-?&(&-!%+-%Y.0+=!(;(3+-!&X/*-/%=!4&'%&(!/R/.!
%+-/*&-/! &^/*/0! ,&! (+^-Y%! 4/A0&*-&'/! (+^-+.0+(Y! ,&! +3.Y! A+0+.5+! &%;.;0/%=! (;(3+-! ;-+.+%!
(+^-+3+6+%!();'!,&!%Z-*Z'Z.!?&-/X*/'/-0&(/!3;-$3-+!(Z'&%-/!%+*Y-Y0!,&!$3$0!/4*/3+6Y.Y!3/.&-/3;'$AP!
E3'Y6+!/X(/A-/^/.!5+4+!5+!+A+-*Y-0+(Y=![A&--/%-&!?&.R-&'&!3[.&-/%!3&./!/X!/0%+.-+'Y.Y.!+RY-0+(Y!,&!
3;%($--$%-+!0Z6+5&-&=!&%;.;0/%!%+-%Y.0+.Y.!>+35+-+'Y.Y.!4&'%&(/!%+)(+0+(Y!/R/.!%+)(+3Y6Y!
9Z3Z0&3/!0Z0%Z.!%Y-+6+%*Y'P!
! >"
!
@;)-$0$.! *&0&-! (Z*$.-+'Y.5+.! 9/'/! ;-+.! %+-/*&./.! 3Z%(&-*/-0&(/=! 0Z%&00&--/^/.! *&X,/%!
&5/-0&(/! ,&! %+5';-+'Y.! (/(*&0-&X*/'/-0&(/! +RY(Y.5+.! &^/*/0=! 9/-/0=! 3&./-/%R/-/%! ,&! [^'&.6/!
(*+.5+'*-+'Y.Y.! 3+.Y! (Y'+! &^/*/0! '&>;'0-+'Y.Y.! ?ZR-&.5/'/-0&(/! ,&! 5&(*&%-&.0&(/.&! 3[.&-/%!
R+9+-+'Y!5&(*&%-/3;'$A=!
!
]-%&5&!9/A/0-&!+3.Y!5&^&'-&'/!)+3-+X+.!*Z0!/-&'/6/!*;)-$0(+-!?ZR-&'/=!%+-Y6Y!?Z,&.-/%!,&!/(*/%'+'Y.!
;-5$^$=! &*./%! ?'$)-+'! +'+(Y! (+^-Y%-Y! /-/X%/-&'/.! ;-5$^$=! +RY%! ;-+.! (;'$.-+'Y.! +XY-0+(Y=! E,'$)+!
F/'-/^/.&!*+0!&.*&?'+(3;.$.!3+.Y!(Y'+!(Z'5Z'Z-&9/-/'!&%;.;0/%!%+-%Y.0+!,&!(;(3+-!'&>+4!/R/.!
/3/!%;0X$-$%!/-/X%/-&'/./.!;-5$^$!4;X?['Z-Z=!5&0;%'+*/%!9/'!*;)-$0!%$'0+!R+9+-+'Y0YA+!;'*+%!
;-+'+%!%+*Y-0+3+!5+,&*!&5/3;'$AP!
!!
E'.+,$*! *;)-$0$.$.! ,&! I$A&3! :+%&5;.3+5+%/! *Z0! ,+*+.5+X-+'Y.! /.+.R! ,&! RY%+'-+'Y!
5;^'$-*$($.5+!(&R/0-&!/-?/-/!)';?'+0(+-!,&!$-$(+-!*++44Z*-&'/.!?&'R&%-&X*/'/-0&(/!/R/.!R+-YX0+3Y!
9Y'+%0+3+6+^Y0YA+!5+/'!,+*+.5+X-+'+!?Z,&.6&!,&'/3;'$AP!
!!
"""!
!
fghijklmnoi!nm!pqrgstmurmjm!lgtnm!rm!svmwmrijp!rm!xpykzti{m!|plpvrm!}m{pqgrinm=!
fgjlvqklmnoi!si!yvgsvm~u{ijp!i!ujvmjp{ijp!gyvpqptzi!rm!uijp!svmwmri!rm!xpykzti{m!
|plpvrm!}m{pqgrinm=!
!
fgulpjpri!rm!~iv=!ujmzitrguj=!zp€zpqrguj!i!ugvmzgj{m!lg!€p~nmjm!i!vpsigrgj=!rm!€qvmli!
~pwkpjrih{i!i!~pwkugupqu{i!gqrgui=!ltmqppÅp!rm!yvmlgjg=!rpuptp{jilrm!yvmlqm=!zgvzm!
yvgjil! {gvky‚inmjm! i! gvsmri€ivmrigj! {vi~irmt=! p{grg~u{i! vm€lgn! i! ug‚inmtrm!
ztmsgugujgnzm=!
ƒujm{rklmnoi! si! qgujisrklmÅmjm! gq! „…viqu{igj! †gsglgv=! †gsglgvgj! gq! fvpuym=!
†gsglgvgj! €m! qgzvgugupqujlg=! htprujlgjg! lg! ‡ˆ‰„! i! yghpjg{gj! rm! yvpsglgvijp! €m!
htprujlg!lg!Šlvgyu{mjm!‹rinm=!
!!
|lpuri!qp{m!{grjirkivmrg!i!gzpqirpji!~gŒp!qm!up!rmyvmli!yglpop!i!qm!up!vmzgji!kjp!
ygqgzvg!i!ug!ygsgtp~m!ygulpjprguj!rm!uijp!rilgm=!
xppri=!zp€!rijk!pqrm!qvksm!mtjpvrmjilm=!€m!irjpsvm‚inm!lg!Šlvgyu{mjm!‹rinm=!
!
çmsviŒpri! €m! ygujgnmrijp! i! gv{pujvivmri! €m{mri! €m! rmijp! plvgHm~pvi{mru{i!
gyvpqptzi=!{m{g!i!gziqijp!qm!sg!ygyvphmj!rmigj!!plvgyu{i!ymj=!!
!!
fvpjupqmjptijp!rm!ygtijih{ijp!ymvjii=!pqrgstmurg!up!€mtgŒinm!€mJ!!
!
789:;<;=7;)>8?8@8A)
!!
‡ip=!qgtkygjyimrijpJ!
!!
Ži!ygjlvqklm~p!ygtijih{ijp!gyvpqptzi!{m{g!i!qp~g{vmju{ijp!lvpqrguji!iujm{rmji!lg!
fvpm~zktmjm! rm! ygtijih{mjm! qp{tmvm‚inm! rm! Šlvgyu{igj! èvgrj! i! up! €mtmsm~p! €m!
ujvmjp{m! {gmti‚igrm! ugvmzgj{m! €m! yvpjupqmjptu{ijp! i€zgvi! rm! LM! myvit! i!
ymvtm~prjmvrijp!i€zgvi!rm!N!~mn!LOLM!sgqirmP!!
! F"
!
Ži!gzlv€klm~p!uijp!rmi!ymvjiu{i!jptm!qm!ygujmyklmmj!ugstmurg!gzlvu{ijp!gqrmyvpq!
kjlvqpri!lg!glgn!êgmti‚iu{i!qgsglgv!i!lg!kugstmuprmjm!ygtijih{m!yvgsvm~m=!
!!
Ži! kymjklm~p! rmijp! ymvjiu{i! jptm! qm! sg! utpqmj! ŠlvgHˆ~pvi{mru{igj! {kvu! {m{g!
pqirujlprm!mtjpvrmjilm!€m!€mpqrih{mjm!iqrirm!rm!|plpvrm!}m{pqgrinm!i!qm!up!€mtgŒmj!
€m!‚ptgurg!uyvglpqklmÅp!rm!rgv~ijp!i!qk…gj!rm!„…viqu{igj!qgsglgv=!†gsglgvgj!gq!
fvpuym!i!qgzvgugupqujlgjg!i!€mjlgvmÅpjgP!uijp!gjlgvpri!yvmmÅm!ug!ugupqijp=!
!!
|p!gzlv€klm~p!€m!ujvmjp{g!yvinmjptujlg!~pwk!rmijp!rmvgqi=!
!!
|~pjm~p! qp{m! rmpjg! l{tkhklmÅp! lg! yvg‚pugj! rm! irjpsvm‚inm! i! kujmlri! i€~pri! p!
rpgjkwilg!i!yvpjujmlklm!smvmr‚inm!€m!ujmzitri!i!kuypri!vpprinm=!
‡mm! ‚pt! p! èpv! i! pqrm{lg! ltmqppÅp! rm! yvmlgjg=! rpuptp{jilrm! yvmlqm=! {m{g! i!
jvmruymvprjrguj!i!myugtkjrm!rpyviujvmurguj!rm!ukqujlgjg=!
Žmvmrjivm~p!ymvjrpvujlg!i!ygqqv{m!rm!rmnliug{ijp!gvsmri!rm!yvmlqmjm!lg!zgvzmjm!
yvgjil!{gvky‚inmjm!i!gvsmri€ivmrigj!{vi~irmt=!
‘m!yvg~glivm~p!lvpqrgujm!rm!vm€lilmÅp!rm!{grupr€kmtrmjm!qp~g{vmjinm!lg!ugstmurguj!
ug!qk…gj!rm!„…viqu{igj!qgsglgv!i!‹ujmlgj!rm!xpykzti{m!|plpvrm!}m{pqgrinm=!
!
êgrujmjivm~p! qp{m! tpsiji~ijpjgj! rm! fvpjupqmjptgj! jvpzm! qm! yvgi€tp€p! gq!
qlgjvpjiru{g!~rg€irujlg=!ygjlvqprg!i!gq!~rg€irujlgjg!rm!’mqprjpv!lg!|gzvmripjg!€m!
qm!up!gzp€zpqi!‚ptgurm!qvŒmlrm!i!~pwkpjrih{m!{grupr€kmtrguj=!
!
„‚prklm~p!qp{m!vku{mjm!€m{mrm!€m!€p~nmjm!i!vpsigrgj!p!qpujmziti€ivmh{i!èm{jgv!{gn!nm!
gyèmjit! rmmjm! p{grg~inm=! {vijihrmjm! irèvmujvk{jkvm=! ygtijih{ijp! ymvjii=!
~pqik~ijp=!lpvu{ijp!€mpqri‚i=!svmwmru{gjg!gyjpujlg!i!i~m!€m!‚pt!qm!nm!qpujmziti€ivm!
rmmjm! {vpl{m! ~ktjipjrih{m=! ~ktjivptisig€rm! i! ~ktji{ktjkvrm! gyjpujlgjg! qm!
yvg~glivm!qg~irg!pèp{j!lg!‚ptigj!vpsigr=!
!
‘m!yghijklm~p!utgzgqmjm!rm!i€vm€klmÅp!i!~pqik~ijp=!{gi!~gvm!qm!ziqmj!yvprpupri!ug!
liug{m!ulpuj!€m!gyjpujlprm!gqsglgvrguj!qkvi!i!gq!rguijptijp!rm!glgn!yvg‚pu=!
!
fvg~glivm~p! p{grg~u{i! vm€lgn! i! pqrm{li! ~gŒrguji! {m{g! rmnyvmlpqpr! ~gqpt! rm!
ztmsgugujgnzm!lg!~ktjipjrih{g!gyjpujlg=!jg!op!up!ygujisrp!yvp{k!zv€=!gqvŒtil!i!
ir{tk€ilpr!p{grg~u{i!vmuj=!
!!
‘m! ygji{rklmrp! irjpsvm‚inmjm! rm! qinmuygvmjm! lg! p{grg~inmjm! rm! €p~nmjm! ziqpnoi! jmm!
yvpjujmlklm!lmŒpr!ygjpr‚inmt!€m!p{grg~u{i!vm€lgn=!qgqp{m!vpsigrmtrmjm=!plvgyu{mjm!i!
stgzmtrmjm! p{grg~u{m! irjpsvm‚inm! op! yg~gsrp! qm! up! ug€qmqmj! rgli! ym€mvi! yvp{k!
{vpivmÅp! ygtiji{i! €m! p{grg~u{m! tizpvmti€m‚inm! i! svmqpÅp! ujvmjp{i!
irèvmujvk{jkvri!yvgp{ji!jvmruygvj=!prpvsinm!i!ƒ‰!{g~kri{m‚inm!lg!êgviqgvgj!guk~!i!
qpupj=!{m{g!i!yglv€klmÅpjg!ug!ugupqrijp!€p~ni=!
!
‘m!‚pri~p!ygjvpzmjm!gq!{grjirkivmrm!ir{tk€inm!i!{g…p€inm!yvp{k!pqrm{gl!yviujmy!qg!
nmlrijp! èirmruii=! vm~rg~pvpr! tg{mtpr! i! vpsigrmtpr! vm€lgn=! {m{g! i! ug‚inmtrm!
pqrm{lguj=!glg€~gŒklmÅp!{lmtijpjrg!gzvm€glmrip!i!€qvmlnp!€m!uijp=!rg!i!vm€lgn!rm!
! D"
uygvjgj!i!{ktjkvmjm!{gi!op!glg€~gŒmj!p{grg~u{i=!ug‚inmtri!i!jpvijgvinmtrm!{g…p€inmP!
ƒujg! jm{m=! rmjm~grgjg! rm~mtklmÅp! rm! rplvmzgjprgujm=! gjlgvmÅpjg! rgli! vmzgjri!
~pujm!gugzprg!€m!~tmqijp!i!zgvzmjm!yvgjil!uivg~mjinmjm!op!glg€~gŒmj!ir{tk€ilpr!
vmuj=!jm{m!jg!yviqgzil{ijp!gq!p{grg~u{igj!vm€lgn!si!l{tkhklmmj!uijp=!
!
Ži! ygqqvŒklm~p! rmygvijp! €m! €mnm{rklmÅp! i! ygqqv{m! rm! gzvm€glmripjg=! rmk{mjm=!
irglm‚iijp!i!ujmrqmvqgj!rm!ujkqprjijp=!{m{g!i!vpègv~ijp!lg!gzvm€glmripjg!lg!u~iutm!
rm! ygqismÅp! rm! {lmtijpjgj! {m{g! pqpr! gq! stmlrijp! ujgtzgli! rm! gyjpujlgjg=!
yvg~glivmÅp!rm!i€lgrvpqrgujm!i!uiujp~mji€ivmÅp!rm!{mqvijp=!
!
Ži!yg{mrklm~p!lg!ymvjrpvujlg!uijp!yvgsvpuilri!gyjpujlpri!uiti!lg!€p~nmjm!{gi!qptmj!
iuji!lvpqrguji!ug!rmu!qm!ri!up!yviqvkŒmj!lg!rmijp!rmygvi!€m!jgtpvmrjrg=!qp~g{vmju{g!
gyjpujlg=!ug!gqvŒtilm!zp€zpqrguj!i!ujmzitrguj=!ug!€qvmli!~pwkpjrih{i!gqrgui=!ug!
qgzvgugupqu{i! gqrgui! ! i! €m! rmq~irklmÅp! rm! gjlgvprijp! yvmmÅm=! €m! ‚ptgurm!
irjpsvm‚inm! lg! Šlvgyu{mjm! krinm! {m{g! i! €m! gqvŒtil! p{grg~u{i! vm€lgn! i! ug‚inmtrm!
ztmsgugujgnzm=!
!!
Ži! klpvklm~p! svmwmrijp! qp{m! rp~m! qm! yvpujmrp~p! qm! vmzgji~p! {gr! gujlmvklmÅp! rm!
i€zgvrijp=! yvgsvm~u{ijp! i! rm‚igrmtrijp! gyvpqptzi! lg! ugstmurguj! ug! qglpvzmjm! i!
irjpvpuijp!rm!mtzmru{igj!rmvgq!i!rm!uijp!svmwmri!lg!|plpvrm!}m{pqgrinmP!!
!
"""!
" "
! !B"
()"#*+',-.-'
!
!
BC)3'").#5+$131,("#)!"#)(")D'1(-")
!
K$(4+*+! &! ,/*/*! LOLO! $! >;%$($+! %'3&(/(4*! .1! )1'%+*1(/.1! &*./%&! *1! %+.5/5+*/*! )1'! *1! *43&'!
09&*7&*!&!'&?7/0/*!0;./(*!0&!);-/*/%+!)1'7+(4*$&(&P!“&,&'/(7+!7;.1!?7+*1!,/*&,&!LOLOHLOLM!
51(40;/!(&!0$.5!*1!2&,&'/(/0!0&!09+'1!,&.5/.!0&!)1'?7&?71(/!54&!.1!&01'!*1!*1!?7/*41!
23*&*+'1,&=!)'+.5+7!%1*1!4&'1!%+.5/5+*/!5;!*1!7&*1!I'3&0/./(*1'!/!*1!?7/*4+!%;0$./*&*&,&=!/!*1!
?7/*41!23*&*+'1,&=!5$%&!+)&-$+'!)1'!,;*+!.1!*1!?7/*41!*&''/*;'/.P!
!
F+'+A/+! &! *1! ?7/*41! 23*&*+'1,&=! 5&0;%'+6/+! %;.(&.($+-&! 54&! %;4&A/;./! (4;21';'! 5;! *1!
0$.51(;7.1! (*+9/-/*&*! );-/*/%! 54&! 21.5'$&(401'/! /.(*/*$6/;.+-&! 0&! 0$.51(/! *1! 9+'+9+'*+!
)+,+'1(/(4*!)1'%+*1(/(1!&*./%&=!>&*+'&=!?7$41(;'&!;(&!%$-*$';'&P!
!
S$.5/0/!/!-/?7/*=!5'&7*1(/+!54&!2&,&'/(7+!&!0/'1!?+'+.*;7.1!-;7+-/*&*!54&!)1'?7&?71(/!*1!.717*1!)1'!
R5;! 23*&*+'! )+'+! -/?7/*P! ”$>*+! %$.51'! %;''$)(/;./*! 54&! %'/0/*! *1! ;'?+./A$+'! 5;! *1! 7&*1! )+!
%;0)';0/(=! *;-&'+.61! A&';! 54&! ,&*/.?! )1'! *1! ?7/*41! 9+'*1(/*! &! >$.%(/;.&,&! )$9-/%&=!
'&()&%*/,/(4*!+*/7!-/?7,1.1(=!&%A&%$*/,=!.1!?7321(;'=!)';%$';'/!54&!)1'!R5;!>$.%(/;.!*7&*1'!.1!
(&%*;'/.!)$9-/%=!.1!./,&-!2&.5';'!54&!-;%+-=!*1!&01'$+'!;(&!*1!A?7&54$'P!
!
E50/./(*'+*+!5$4&*!*1!7&*1!)';>&(/;.+-&!54&!&>/%+(&!.1!(41'9/0!*1!23*&*+'1,&!54&!&%;.;0/(1P!
8/;'?+./A/0=! '+6/;.+-/A/0! 54&! ;)*/0/A/0! /! (&%*;'/*! )$9-/%=! (/! 54&! 5/?7/*+-/A/0! /! (41'9/0&,&!
)$9-/%&!0&!21--/0!*1!)1'0/'1(/0/*!*1!6/-1(/(1!(1!(41'9/0&,&!)$9-/%&P!
!
8&.5/!54&!(/?$'/+!5;!*1!?+'+.*;7.1!(*+9/-/*&*=!)+2&!54&!2&*1(/!)1'!23*&*+'1*P!3E)FEGH)3&(/I!
!
!
JC)'/)#K,1,"L)!/)+K#/!",)
!
C+(!A9+*/0/*!*1!($%(&((410!*1!:+''1,&(47&(!(1!B4'/*=!+.1*+'1(/0/*!.1!DE@B!54&!4+)7&(!(1!
.&?;6/+*+,&!)1'!+.1*+'1(/0!.1!FG=!(3./0/!?7&;(*'+*&?7/%!0+54;'!/!3./=!/!'+541(!)1'!,&.5/.!
1(4*1!/.*&?'/0/!.1!F+(4%/0/.!G$';)/+.P!
!
D&! 5$4&*! *V/! 9+(4%;701! *1! ?7/*4+! >;'6+*! )';?'&(/,&! )1'! *1! )$.$+'! 54&! *+! )';0;,;701!
/.*&?'/0/.! &$';)/+.=! *V/! 0/'+*;701! +0&.5+0&.*&*! *&%./%&! %$(4*&*$&(&! 54&! *V/! 4+)/0!
%-+(*&'1*!.&?;6/$&(P!I7;!%+!'1.51(/!*1!0+54&!)1'!(*+9/-/*&*/.=!(/?$'/.1=!&%;.;0/.1=!'/./.1=!
($.5/0/.!&!-/?7/*=!-$>*1.!%$.51'!%;''$)(/;./*=!5&0;%'+6/.1!>$.%(/;.+-&=!2&,&'/(7&.!&!0/'1!&*7P!
I1(4*$!5;!*+!)+'+.5+-;701!-+'?/0/.!&!*1!'/.7,&!54&!5;!*V/!'/%*4&701!+*+!21!*+(401!7+.1!-+'?$+'P!
!
•.*&?'/0/! ?7/*4+(4*$! )1'>(4/.! &54&! (*+.5+'5&*! &$';)/+.&! .1! ,&.5! 54&! '+7;.P! I'/7/0/! /!
(*+.5+'5&,&! &$';)/+.&! .1! ,&.5/.! *;.1! 54&! 9+(4%1)$./0/! '+7;.+-! 5;! *1! %;.*'/9$;7.1! .1!
%'/7/0/.!&!)+2&(!(1!21.5'$&(40&!54&!A4,/--/0/.!&!'+7;./*!*1!F+--%+./*!C&'1.5/0;'P!
!
S/! +.1*+'! /! DE@BH(! 54&! )+'*.&'! (*'+*&?7/%! 0&! S`FEH.1=! 5;&0;(! 5$4&*! *1! )+'+.5+-;701!
.5/%/0/.!'$(!.1!,&.5=!.1!01.3'1!*1!5'&7*)1'5'&7*!54&!*1'*4;'+A/P!:&!A4,/--/0&*!.1!Q%'+/.1=!
! !!"
I;(;,1=!F;(.71=!:+-!*1!–/=!:;-5+,/=!T7&;'?7/=!—!S*+.&*!dI+A+%/(*+./=!I/'?/(*+./=!@+U4/%/(*+./=!
@$'%0&./(*+./!54&!QA9&%/(*+./e!54&!”/.57&!*1!:&(0&=!1(4*1!*4&-91(;'&!21!.7&'1A/*!*+!(4;4/.!
''&A/%$.! &! 5&(*+9/-/A/0/*! .1! F+--%+.=! 09/! *1! ?7/*4+! .1! :+2&5;./.1! &! <&'/$*! (/! .71! (4;21'/!
0$-*/&*./%&=!0$-*/%$-*$';'&!54&!0$-*/'&-/?7/;A&P!'ML)NOHPHGHQ)#RSI!
)
)
TC)$&##"*+,-'+)+)./3,+3,K,1()+./3/$1.)
!
C+(!:+''1,&(47&(!(1!B4'/*=!:+''1,&(47&(!(1!C'&()1(!54&!:+''1,&(47&(!)1'!:+''1541./&!*1!
:/'+!K2/.71(;'&!0&!F$--?+'/.1=!%+!+'54$'!%;4+!)1'!.71!0+''1,&(47&!*1!0+54&=!'&()&%*/,/(4*!
)1'! :+''1,&(47&.! &! I;.(&.($(/*! G%;.;0/%! d:+''1,&(47&! I;'./A1! G%;.;0/%&eP! D71!
:+''1,&(47&!&!%;.(&($(/*!21!5;!*1!+''/4&*!0&!5/+-;?!*1!,+A45$&(410!54&!)+'*.&'/*&*!0/5/(!
);-/*/%91'1(,&=! ''&?$--+*;'1,&=! %;0$./*&*/*! *1! 9/A.&(/*=! (/.5/%+*+,&! *1! )$.1*;'1,&=!
+%+5&0/+(1!54&!(4;21'/(1!6/,/-&=!(/!54&!;'?+./A+*+*!&!%;.$(0+*;'1,&=!)&.(/;./(*1,&=!'/./+!&*7P!
!
:+''1,&(47+!&!I;.(&.($(/*!G%;.;0/%=!?7&?71(/(4*!:+''1,&(47+!I;'./A1!G%;.;0/%&=!(3.;.!*1!
(/?$';71!%;'./A1!)1'!0$.51(/!*1!9+'+9+'*+!.1!.71!&%;.;0/!*1!-/'1!*1!*'&?$*!>$.%(/;.+-!0&!
%;.%$'&.61! *1! .5&'(40&! 54&! A4,/--/0! *1! 9+'+9+'*1! '+7;.+-! 54&! /.>'+(*'$%*$'1! 21! %'/7;.!
0$.51(/!*1!9+'+9+'*1!.&!&%;.;0/!)1'!*1!?7/*41!)7&(10+''1(/*!)+,+'1(/(4*!)1'%+*1(/(1!(1!*3'&!
&*./%&=!%$-*$';'&=!?7/.;'&!54&!?'$)&!*7&'+!*1!(4;21'/(1P!
!
:+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! 5;! *1! (/?$';71! %;.(&.($(! );-/*/%! 54&! (4;21';'! )1'!
)'/;'/*&*&*!A4,/--/0;'&=!);-/*/%+*!54&!'&>;'0+*!%'3&(;'&!21!5;!*1!0$.51(;7.1!9+'+A/!(;6/+-&!
54&!0$.51(/!*1!9+'+9+'*+!&%;.;0/%&!)1'!*1!?7/*41=!5;!*1!%'/7;7.1!;)*/0/A10!54&!5;!*1!.U/(/.!
''/*7&! &%;.;0/%&! *1! )1'(4)&7*$+'! d09/! —˜! ''/*7&! &! CFFH(1! .1! ./,&-! ,7&*;'e=! A4,/--/0! *1!
21.5'$&(410!54&!?7/*41)1'>(4/'1(!)1'!(*+.5+'5!54&!6/-1(/!01!*1!-+'*1!*1!7&*&(1(!)1'!*1!?7/*41!
23*&*+'1*P!
!
:+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! 9+A;4&*! .1! ;'/&.*/0/.! (*'+*&?7/%! *1! ,&.5/*! )1'!
+.1*+'1(/0! .1! F+(4%/0/.! G$';)/+.! 54&! )1'6+%*/0/.! &$';+*-+.*/%! *1! ,&.5/*! .1! %;.*&%(*/.!
?7&;(*'+*&?7/%=!(/!+.1*+'!.1!DE@B!54&!)+'*.&'!(*'+*&?7/%!0&!S`FEH.1P!
!
:+''1,&(47+!&!I;.(&.($(/*!G%.;0/%!(/!)+'+%$(4*!%+J!(*+9/-/*&*/.!);-/*/%=!2&,&'/(7&.!&!0/'1=!
($.5/0/.!&!-/?7/*=!-$>*1.!%$.51'!%;''$)(/;./*!54&!%'/0/*!*1!;'?+./A$+'=!(/!54&!+50/./(*'+*1.!
)';>&(/;.+-&!54&!&>/%+(&!0&!(41'9/0&!)$9-/%&!*1!5/?7/*+-/A$+'+P!
!
:+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! (3.;.! %1*;! )'/;'/*&*&J! G%;.;0/! %;.%$''$&(&! 54&!
*'+.(>;'0/0! 5/?7/*+-™! –4,/--/0! /! 21.5'$(410! 54&! *'+.(>;'0/0! /! ?7&-91'™! •.>'+(*'$%*$'1!
0;5&'.&!54&!A4,/--/0!/!9+'+9+'*1!'+7;.+-™!I+)/*+-/!.7&'1A;'!54&!6/-1(/+!&!7&*1(™!(/!54&!8/./!+%*/,&!
54&!(4;21'/!&!9+'+9+'*1P!
!
G%;.;0/+!%;.%$''$&(&!54&!*'+.(>;'0/0/!5/?7/*+-!.1.%$)*;.!''/*7&!*1!)1'(4)&7*$+'!54&!>/.+.6+!
*1!21.5'$&(40&=!07&5/(!*1!0/'1!)1'!9/A.&(=!-$>*1!%$.51'!0;.;);-&,&!54&!;-/?+'%/(1=!-$>*1!
%$.51'!&%;.;0/(1!7;>;'0+-&!54&!(/(*&0!*+*/0;'!*1!5'&7*1!54&!-;7+-=!(/!54&!)1'%'+47&!.5+7!
9/A.&(/*=!()&6/+-/A/0!*1!A?7$+'!54&!5/?7/*+-/A/0!*1!&%;.;0/(1P!
!
! !."
–4,/--/0/!/!21.5'$&(410!54&!*'+.(>;'0/0/!/!?7&-91'!5;!*1!)1'2&.5';4&.!.1!+09/&.*!*1!)+(*1'!
54&!*1!(41.5&*(410=!&.&'?7/!*1!(/?$'*1=!)1'*1'/*1(&!54&!&>/%+(/*&*!&.&'?7&*/%=!(/!54&!9$721(/!
0;5&'.&!54&!$(42/0!*1!21.5'$&(410P!
!
•.>'+(*'$%*$'+!0;5&'.&!54&!A4,/--/0/!/!9+'+9+'*1!'+7;.+-!7+.1!%3R&!)1'!&%;.;0/!*1!,;?1-!54&!
*1!4+)$'=!?7&?71(/(4*!%;''/5;'&*!)+.&$';)/+.&!N!54&!cO!,&.5;(/.!.1!$541%'32!,&.5/.!*;.1!
54&! %'/7;7.1! +,+.*+A4&! %;.%$''$&(&! 0&! *'+.();'*! 54&! %;0$./%/0! 0;5&'.=! +$*;(*'+5+! &!
4&%$'$54+P!:;5&'./A/0/!/!/.>'+(*'$%*$'1(!%;0$.+-&=!*'+.();'*/*!54&!%;0$./%/0/*!5;!*1!7&*1!
9+A1!)1'!0$.51(/!*1!9+'+9+'*+!A4,/--/0;'&!.1!?7/*41!*&''/*;'/.!&!,&.5/*P!@$'/A0/!)1'>+21($&(!
5;! *1! 7&*1! .71! 0$.51(/! &! A4,/--/0/*! *1! &%;.;0/(1! -;%+-&! 54&! .+6/;.+-&! 5$%&! $! 9+A$+'! .1!
)+($'/*1!.+*3';'&!54&!%$-*$';'&P!
!
I+)/*+-/!.7&'1A;'!54&!6/-1(/+!&!7&*1(!7+.1!)1'6+%*$&(!.1!)';5$%*/,/*&*/.!&!&%;.;0/(1!.1)1'07&*!
+'(/0/*!6/-1(;'=!(41.5&*1(/(1!0;5&'.&!54&!(/?$'/(1!(;6/+-&!*1!21.5'$&(40&P!
!
8/./+!+%*/,&!54&!(4;21'/+!&!9+'+9+'*1!5;!*1!%'/7;7.1!.71!+09/&.*!*1'4&21(!.1!,&.5/.!*;.1!0&!
5/,&'(/*&*!%$-*$';'=!0$.51(/!*1!'&7+!)1'!'/./.1=!();'*!54&!'&%'&+6/;.=!(/!54&!+%*/,/A10!23*&*+'!
.1! *1! ?7/*4+! >$(4+*! &! 7&*1(P! T7/*4+(4*$=! 5&0;?'+>/+=! 0/?'+6/;./! 54&! 5/+();'+! 5;! 7&.1! .1!
,10&.57&.!&!*1!?7/*4+!);-/*/%+,&!&%;.;0/%&!54&!(;6/+-&!)1'!*1!%'/7$+'!)&'()&%*/,+!*1!'&7+P!
!
:+''1,&(47+!&!I;.(&.($(/*!G%;.;0/%!5;!*+!9171!:+2&5;./.1!&!<&'/$*!,&.5!*1!51(4/'$+'!)1'!
7&*&(1.!&!23*&*+'1,&!*+.1=!)1'!09+7*7&.!&!'/./(1!.1!,&.5!54&!)1'!'/%*4/0/.!&!5/+();'1(=!,&.5!
*1'4&21(!)1'!*$'/(*1*!54&!,&.5!*1!)'&>&'$+'!)1'!/.,&(*/*;'1*P!!
!
3E)FEGH)+RUMVWI))
"
"
" "
! !:"
/0'$12'3"4(5&$&6%2"'*2"'%2'71&%82'
!
!
!
!! Z';'0#,='$'$&#02$
!! F0+4,1+0'4N2)$1=',2&+00=')$'U#-+,#('()$1205='5=,%&20#)$""/5+0#7%24#'$
$
!! *+0+<#)$-/4,'4,?,$7%'$-/%'<#/4$
!! *+0+<#$'$1"/(2$120$(2$5=#(%2$7%'$[+,%-2H';'0#,='$
!! .'&/-0+N#$-/4,'4,?+"'$42$;'47#&&+00='$120$G2,%(='$(2$02472,#,%&'$
!! >0',#7'4($-/4,'4,?+"$#$<5='7%?0$42$1+0"+&'4($&'$CX$(2$;/(+;'$7%'$;/(#&$&'$
*+7'4('0$
!! ]=2$-0M'&#4#,(20$120$(2$5=#(%2$
!! 8',1'-(#&$#$7#;'0,#('(#($7%'$-/%'<#/4$,%/H20/0$
$
!! 6?47#&$#$"#5=#($7%'$,2$70'=(2,$
!! O=MH2,/0$#$1++4,%2&$7%'$#$1+;+0?0$
!! O=MH2,/0$'U#-+,$7%'$&'$#4('50#('($
$
!! :?U(2$-?4720$-/00?1,#/4#($7%'$-0#&#($(2$/05+4#<?+0$
!! ^'(#45$(2$1/"#(#-+42;')$5=MH2,/0#()$10/-?0/0#,2$7%'$/05+4'($'$0'47#($7%'$,#5?0#,2$
!! ^'(#45$120$-/00?1,#/4)$47#-#&#$0?,$7%'$_,%20[#&'`$+4(#a,%('(20/0'$
!! W'0/$(/"'0+4N2$7%'$H+,='$,#,('&/0'$
!! >205='5=2,#$#47#;#7?+"'$7%'$""/5+0#7%24#'$
$
!! !7&#4#,(0+(2$10/U',#/4+"'$7%'$,%20[#&'$1?["#-'$(2$7#5=#(+"#<?+0+$
!! .#5=#(+"#<#&$#$10/N',';'$7%'$,%20[#&';'$1?["#-'$
!! 37'4(#('($7#5=#(+"$120$HM('(+02($7%'$,?[='-('($=?0#7#-'$
!! 8#/05+4#<#&$7%'$/1(#&#<#&$#$/05+4';'$,%('(20/0'$42$'U#-+,'$7%'$U?4-,#/4+"'$
!! 8+N#/4+"#<#&$7%'$/1(#&#<#&$#$+7&#4#,(0+(2,$,%('(20/0'$
!! >20U+H2,#&$#$70'=(2$7%'$+7'-?+($42$(2$5=#(%+$4#;'"'($'$?7%2%'H=',$42$,'-(/0#4$
1?["#-$
!! .#;'0,#('(#$42$&='7#,#4$'$1?42,$1201+0,#$120$/05+4#<+<+(+($42$,'-(/0#4$10#;+($7%'$
H%120#42$N#;#"'$
$
!! 8'47#$7%'$,#5?0#+$
!! R05+4'$(2$0'47#($7%'$,#5?0#,2$H2$5+0+4(/=42$"#0#42)$1+H'4$7%'$,#5?0#42$120$G7/$
HM('(+0$7%'$,?[='-($=?0#7#-$
!
! !
! !-"
!"!"#$%&%'()*%#%#+(',#
!
!
“&,&'/(7+! &! 0/'1! /! '&>&';4&*! 0&.+U4/0/*! &>&%*/,=! &>/%+(=! *1! 9+'+9+'*1! 54&! &*/%! *1! ,&.5/*=!
;'?+./A+*+,&! ;(&! /.(*/*$6/;.&,&! 0&! 21--/0! *1! )';0;,/0/*! *1! 0/'12&./&(! (1! 23*&*+'1,&P!
“&,&'/(7+!&!0/'1!)1'>(4/.!)+'/0&!54&!)'+%*/%+!*1!.5'3(40&!21!5;!*1!(/?$';7.1!21!)';6&(&*!&!
,&.5/00+''7&(! 54&! A9+*/0/*! *1! 7&.1! *'+.()+'&.*&=! )7&(10+''1(&=! *1! ;'/&.*$+'+! .?+!
%;.(&.($(/=!*1!)1'?7&?7(40&=!?7/*41)1'>(4/'1(&!54&!*1!9+'+9+'*+P!š+!.71!,1(4*'/0!01!/!+>1'*!/!
+*'/9$*&,&!%'3&(;'&!*1!2&,&'/(7&(!(1!0/'1J!
!
(UWNSVWUENXWC!C';6&(&*!54&!,&)'/0&*!&!,&.5/00+''7&(!%'34&.!.1!01.3'1!*1!4+)$'=!5$%&!$!
0$.51($+'! )+-1,&! *1! /.*&'&($+'+! 21! *1! %&.1! +%(&(! .1! /.>;'0+6/;./.! 21! $! .&,;7/*&*! )1'!
%$)*/0/.!54&!0;./*;'/0/.!&!;)&'+6/;.&,&P!
!
0YMZWUHO[NHWC!<&.5/00+''1(/*!.1!“&,&'/=!.1!(&%*;'/.!)'/,+*!;(&!;'?+./A+*+*!&!(4;21'/(1!6/,/-&!
7+.1!)1'?7&?71(!.5+7!)$9-/%$*!;(&!.5+7!+%*;'1,&!*1!*3'&!/.(*/*$6/;.+-1P!G%A/(*;7.1!0&%+./A0+!
)1'!*/!09+7*$'!+*+!)1'?7&?71(!)1'!,&)'/0&*!&!*3'&P!
!
!FESGWUUFWC! @1! ?7/*41! 9$''+*! 54&! ?'+*1! 5$4&*! *1! %&.1! .71! A1! .1! ,&.5/00+''7&=! 2;>*1!
5'&7*)1'5'&7*! ;(&! .1)1'07&*! /.(*/*$6/;.&,&! *1! .51'07&*0&! -&?7/*/0&! 21! )1'>+21(;7.1!
/.*&'&(+*!&!*3'&P!C7&(10+''7+!5$4&*!*1!7&*1!&!/.>;'0$+'!54&!&!;'?+./A$+'P!
!
,RNOHGH) H) YHZFHQC! I;'./A+*! -/?7;'&! 5$4&*! *1! 7&.1! *1! 5'&7*+! 54&! *1! A9+*;4&.! .1! 01.3'1! *1!
)++.(40&=!,&R+.1'/(4*!-/?7&*!)1'!*1!5'&7*+*!&!.7&'/$*P!
!
!UZFEZFS[GUHWC! •.(*/*$6/;.&*! 54&! )';6&(&*! )1')/2&.! *$! (41'9&7.1! *1! ?7/*41! )+-1,&! *1!
/.*&'&($+'+!9'&.5+!.71!+>+*/!*1!+'(3&(410!%;4;'P!
!
.MNSENSRSHC!“&,&'/(7+!&!0/'1!.51'07&*1(;.!/.*&'&(+!*1!.5'3(40&!)1'!*1!+''/*$'!.71!%;.(&.($(!
*1!?7&'1!09/!+*1!21!1(4*1!.1!/.*&'&(/.!01!*1!0/'1!*1!?'$)/*!54&!+*3!%$!1(4*1!&!0$.5$'=!09/!
);-/*/%+*!54&!)';6&5$'+*P!
!
%WUW]HW)O[E)!U^S[HUFWC!@1!?7/*41!+.1*+'1*!&!.71!%;0$./*&*/!;(&!?'$)/!5$4&*!*1!.57&7.1!(&!%+.1!
0$.51(/!)1'!*+!)1'0/'1($+'!;(&!'$+7*$'!0/'12&./&.!&!*3'&P!
!
+^HPWSHQEQH) O[E) +^EPQH_HQEQHC! C';6&(&*! 54&! /.(*/*$6/;.&*! %'/7;7.1! '&A$-*+*&! 21! /! )-;*1(;7.1!
.&,;7+*!5$%&!/!(4>'3*1A$+'!(+!01!0/'1!9$'/0&*P!
!
*H]HMNH) ,QUWQEZFHPC! Q5414&21(/*! 54&! )$9-/%$! %+.1! )&'()&%*/,1! *1! ?7&'1! 54&! +>+*?7+*&! )1'!
2&,&'/(7&.!&!0/'1!54&!A4,/--/0/.!.7&'1A;'=!(1!9+(4%$!0&!+()&%*/.!&!.57&.71(!(&!R>+'1!.&,;7/*&*!
)1'!.71!A4,/--/0!*1!*/--1P!
!
I1*;!)+'/0&!5;!*1!.+!(41'9&7.1!)1'!*+!5'&7*$+'!$5414&27&.!&!,&.5/*!.1!5'&7*/0!*1!(/?$'/0/*!
*1!)';()&'/*&*/*=!)+2&(!54&!'&()&%*/*!)1'!*1!5'&7*+*!&!.7&'/$*P!“&,&'/(7+!&!0/'1!1(4*1!*4&-91(;'&!
)1'!A4,/--/0/.=!)+(/!+7;!%'/7;.!9&(/0/.!0&(!23*&*+'1,&!54&!(4*&*/*=!.U/*!%;4&A/;./.!(4;21';'!
54&!+,+.6;.!''/*7&.!&!21.5'$&(40&!&%;.;0/%&P!D71!)&'()&%*/,1!&$';)/+.&!)1'!23*&*+'1*!54&!
,&.5/.!*;.1›!
! !9"
!"-"#./'/0(1#234)%4)5)#67%#237%0(34#
!
!
F+'+A/+! &! )-;*1! &! *1! ?7/*41! 23*&*+'1,&! 54&! %;0$./*&*&,&=! (/! 54&! %;.(&.($(/! );-/*/%! .1!
,&.5/00+''7&!.1!R1(4*7&*!&!'1.51(/(40&=!9+(4%1!0&!%$-*/,/0/.!&!%;4&A/;./*!(4;21';'!.1!
,&.5/.!*;.1!0$-*/&*./%!54&!0&!5/,&'(/*&*/.!%$-*$';'!5;!*1!7+.1!9+A+!&!)+2&(=!)';(&'/*&*/*!54&!
0/'12&./&(!)1'!R5;!23*&*+'P!
!
:+''1,&(47+! &! B4'/*! 54&! >'30+! &! (+7! 7+.1! *1! )+5/(%$*$&(40&! 54&! *1! )+0;4$&(40&! .1!
%;.*'/9$*/.!)1'!)+2&!54&!)';()&'/*&*P!C+'/0&*!*1!6/-+*!9$';7.1!.?+!%7;!:+''1,&(47&=!5;!*1!
.?&-/.!(/!.71!.51'!)/%+*!%'3&(;'&!.1!*1!6/-+*!5;!*+!>;%$(;701!,10&.57&.=!)+,+'1(/(4*!(&!)7&(+!
.;'0+*/,&!*+./!01!1(4*1!%;.6/)$+'!.1!*1!5'&7*1.!&!9'&.5(40&P!I*4/0!)'+)+!.?+!*1!+''/*$'+*!
&!:+''1,&(47&(!(1!B4'/*!.$%!0$.5!*1!%&*1!54&!5;!*1!,+A45;4&*!21!.1!)+7*/0!0&!>'301.!&!(+7=!
*1! (/?$';4&*! 9+'+A/! &! )-;*1=! %;.(&.($(! );-/*/%! 54&! %;4&A/;.! (4;21';'! 9'&.5+! ,&.5/*! 0&!
;'/&.*/0!&$';+*-+.*/%=!(/!+.1*+'!*1!+'54(410!.1!F+(4%/0/.!G$';)/+.P!
!
!
HC)%&#&`1)+)!0/(")a-+)%&,-."!"#D'+D'",1)
!
D&!5;!*V/!09';701!54&!+,+.6;701!*1!5'&7*+*!54&!-/'/*1!*4&0&-;'&!*1!.7&'/$*!54&!%;0$./*&*&,&!
.1!8&)$9-/%1.!&!:+2&5;./(1!(1!<&'/$*=!0&!?+'+.*/0/.=!%$-*/,/0/.!54&!09';7*7&.!&!/5&.*/*&*/*!
&*./%=!%$-*$';'=!?7$41(;'!54&!>&*+'!*1!*1!?7/*4+!9+(4%1(/,&!.1!,&.5P!F+'+A/+!&!)-;*1!5;!*+!
)1'>;'6;71!-;7+-/*&*/.!.5+7!(4*&*/*=!'&()&%*/,/(4*!9+(4%1)1'?7&?71(/.1!.1!,&.5/00+''7&P!
)
!U^WbSHGH)H)OUEFQ)O[E)WOEPRWQL)VUOMUHGH)H)ZFR[S)O[E)SHGcMYE_E)PMGcQWUE)E)PRYQRUMUEC!
S4$01%;091(/+! &! (4;21'/(1! 0&! 5/,&'(/*&*/.! &! ,&*! )+($';.! *'+(41?/0/.1! %$-*$';'&! 54&!
.714&'+A/! )+'+2&*! +,+.*+A4! .1! /.*&?'/0/.! '+7;.+-! 54&! .51'%;091*+'! *1! ,&.5/*! *;.1P! D&!
+.?+A4;4&0/!)1'!''/*7&!*1!'&()&%*/*!54&!9+(4%1)$./0/*!.51'&*./%=!.51'%$-*$';'=!.51'>&*+'!
&54&!);-/*/%P!C1'>+21(/0/!/!5'&7*1!54&!+5&%$+*=!)1'5;'/0/!/!?7$41(!54&!(/09;-&,&!%;091*+'&!
&!%$-*$';'&!5;!*1!,+A45;7.1!*1!7&.1!)'/;'/*&*!/!,&)'/0/*!);-/*/%!.1!)&'/$541.!&!+'54(40&!*1!
2&,&'/(7&(P!
!
.UdEGHNHSQUH)H)VWU)S[bHVQWUC)D71!A;œ0!/!3.1!)';?'+0;'!.1!A?7&547&*!&!,/œ*!LOLO=!*1!6/-/.!*+./01!
&!'&+-/A$+0P!:&!%1*1!4;5410!);(4*1!0/œ.!5/(+5&%+51(4!)1'!,&.5&!+);!);A/*+!(4*&*1';'&!*1!
ù'&A&',$+'+ž!&%(%-$A/,/(4*! )1'! &*./*&*&! *1! 6+%*$+'+P! I'3&0/./(*'/! /! )+'1! (42/)*+'! .$%! 1(4*1!
*47&(4*!.71!>$.%(/;.!);-/*/%=!);'!1(4*1!.71!%;.6&)*!54&!/5&;-;?7/!&!9+'+A/(1P!D71!I'3&0/./(*1'!/!
6/-/!$./>/%;.!54&!4+)!.71!&);%1!*1!'&!.1!4/(*;'/.1!&!:+2&5;./(1!(1!<&'/$*=!5$%&!&!91'1!(4*&*/.!
*;.1!.71!+,+.?+'51!*1!,1'*&*1!*1!9+'+A/(1!54&!5&0;%'+6/(1!.1!'+7;.!54&!01!?7&'1P!•5&7+!&!
I'3&0/./(*'/*!*1!)+'1!(42/)*+'!1(4*1!/5&!$./Ÿ%$&(&!21!(3.;.!*V/!4&541!);(4*1!5;?0+œA/0&*!
54&!)+'+?73%/0&*!&!*'+(41?$+'+!.?+!&!%+-$+'+!54&!*+!)';0;,;71!9+'+A/.1!&!,1'*&*1!(4;21';'&P!!
!
I1*1!%;.(/(*&.61!54&!)7&%$'/!);-/œ%&!5&'/!01!*+./!&!%&0/!51(40$+'!&54&!.1!*1!%+-$+'1.!5$%&!
0+''1!);A/*+!%3R&!21!5&'/!+*14&'1!/(4/.!*1!'&A&',$+'+!54&!0&!*1!6/-+*!+(.714&'1!.$%!%/(4/.!
$5414&2$'! (42/)*+'1*=! (/! )(4J! I'3&)+'-+0&.*+'/=! 0/./(*'/! /! :9';7*7&(=! 0/./(*'/! /! C$.1,&! *1!
F'&.(40&=! 0/./(*'/! /! K/.+.6+,&=! 0/./(*'/! /! C$.1,&! *1! š+(4*0&=! %'3&*+'1*! .1! ?73%+*+! 54&!
)';%$';'/=!&*7P)
! !A"
HHC)a+$/.#&21)./3,+3,K&0+)a-+)eK3.,1/3&0+)
!
#&0;%'+6/+! >$.%(/;.+-&! 54&! )+'*/6/)$&(&=! 0&! /.(*/*$6/;.&! %'&5/9/-&! 54&! ,&.5/00+''7&!
%;.(&.($+-&!)1'!R1(4*7&*!&!'1.51(/(40&!7+.1!%3R&!)1'!.71!,&.5!0$-*/&*./%!54&!0&!5/,&'(/*&*!
%$-*$';'P! S/! ,+A45/01(/! &! 9+'+A/(1! (1! )-;*1! 1(4*1! %;.(&.($(/! )1'! );-*/%+! *1! 21.5'$&(40&!
+>+*?7+*&!54&!7&*/%&!)1'!(*+9/-/*&*/.=!)+2&.!54&!)';()&'/*&*/.!&!,&.5/*P!
!
.MNSENSRWYHQEQHC! D71! .?+! )+'+%$(4*&*! )1'! >$.(%/;./0! *1! 0/'1>/--*1! *1! (4*&*/*! 54&! )1'! .71!
2&,&'/(7&!*1!5'&7*1!54&!5&0;%'+6/!>$.%(/;.+-&!1(4*1!%;.(&.($(/!/!?7&'1!(4;21';'P!F&(;701!(&!
/.(*'$0&.*/! /! (4$0/61(! (1! 53>/(4*1! +);! )+'/0/! /! F+5/.*&'/*! )+'+.5+-;.! 0+7;'/A/0/.! 54&!
09/,;*/0/.! &! %;0$./*&*&,&! 7;(4$0/61=! (/! 54&! (/?$';.! 9+'+A/! .1! ,&.5/00+'7&! 0&(! 53!
%;0$./*&*&,&!01!*1!0154+!.1!(4*&*/.!*;.1P!
!
.UdEGHNHSQU) VU) Q) ZFHQ[C! C$(4*&*/! &%A&%$*/,! /! 9+A$+'! .1! 5&0;%'+6/.1! &! (4$0/61(!
)+'-+0&.*+'&!%+!)$(4*&*!54&!)1'?7&?71(/!.1!$5414&27&.!&!,&.5/*P!C;A/6/;./!/!I'3&0/./(*'/*!(/!
)$(4*&*!01!)1'?7&?71(/.1!);-/*/%&!01!*1!-+'*1!5;!*1!7&*1!.1!(41'9/0!*1!*1!?7/*41!23*&*+'1,&!
)+,+'1(/(4*! )1'%&*1(/(1! (1! *3'&! &*./%&=! %$-*$';'&=! >&*+'&=! ?7/./(1! &*7P=! );'! 5;! *1! 7&*1! .71!
I'3&0/./(*1'!)1'!*1!?7/*41P!C+(!%;.6&)*/*!)1'!ùI'3&0/./(*1'!*1!)+'1!(42/)*+'ž=!%;.6&)*/!+%*$+-!
1(4*1!ùD71!I'3&0/./(*1'!)1'!*1!?7/*41žP!
!
fE_EUHWC!:&!21--/0!*1!+,+.6/0/*!*1!>$.%(/;./0/*!*1!“&,&'/(1!0&!)$(4*&*!01!*1!9+-+.6$+'!09/!
9+A+!&*./%&!&!%$-*$';'&!54&!A?7&'/0/*!*1!%;.(&.($+-/*&*/*=!5;!*1!+.?+A4;4&0/!)1'!.?'/*7&.!&!
/.(*/*$6/;.&,&!54&!0&%+./A0+,&!21!5;!*1!(/?$';7.1!%;.(&.($(!.1!,&.5/00+''7&!54&!);-/*/%+*!
2&,&'/*+'&P!
!
.R_ENOHC) C1'! *+! +,+.6$+'! 9+(4%1)$./0/.! 54&! %;4&A/;./.! 0&(! %;0$./*&*&,&! 54&!
,&.5/00+''7&.!%;.(&.($+-&!5;!*1!+.?+A4;4&0/!)1'!''/*7&.!&!&>/%+(/*&*/*!*1!I$,&.5/*!)1'0&(!
0&%+./A0+,&! )1'! +,+.6/0! *1! 0+''1541./&,&! 0&(! %;0$./*&*&,&! .1! ;'?+.&*! &! I$,&.5/*P!
I$,&.5/! (/! ;'?+.! 01! /! -+'*1! -/?7,1.1(! 5;! *+! ''/(1! /.*&?'/*&*/.! 0&! ''/*7&! *1! &>/%+(/*&*/*! *1!
)';6&5$'+,&!54&!.?'/*7&!*1!6/-1(/(1!(1!5&9+*/*!);-/*/%P!
!
!UESHOENQH)PMNSENSRWYC!C1'!*+!+,+.6$+'!&54&!01!*&7!/5&.1!&!9+'+A/(1!54&!9+(4%1)1'?7&?71(/(1!
.1!%+)+6/*&*/.!5&0;%'+*/%!*1!(4*&*/*=!.1!0+.5+*/.!21!,7&.!5;!*1!+.?+A4;4&0/!21!A?7&547+!&!
C'&(/5&.*/*!*1!(4*&*/*!*1!914&*!.1!I$,&.5!0&!L ¡!&!,;*+,&!54&!0&!,;*/0!*1!53>/(4*1!5$%&!
'&()&%*$+'!)+'/0/.!&!F+5&.*&'/*P!I7;!)';6&5$'1!5;!*+!9171!C'&(/5&.*/.!/.(*/*$6/;.!$./>/%$&(!
54&! %;.(&.($+-! 0&! R%+! /! .5/40;.! 5&0;%'+6/(1! (1! ,&.5/*! 54&! ''/*! 9&($&(401'/.1! (/!
)1'>+21($&(!/!*1!?7/*41,&P!!
!
!
HHHC)./-+`1/3),-/f"#/#)3")a1*+#,1(+(13).K0(K#/#))
!
.M[E]HMNH)S[MbUMUC!I+!*1!9171!0&!9+(4%1)$./0/.!54&!0/'1%$)*/0/.!.51'&*./%=!0/'19&(/0/.!
0&(!%;0$./*&*&,&=!'&(&%*/.!&!.51'(7&--1!%$-*$';'!5$%&!%'/7$+'!4+'0;./!.1!(4;21'/P!I7;!5;!*1!
%'/7;71! %$(4*&! )1'! /.*&?'/0! *1! 9'&.5(410! (+! 01! *1! 0+54! 54&! 9+'+A/! 0&(! *1! ?7/*4+!
%;0$./*&*&,&!5$%&!&,/*$+'!0+'?7/.+-/A/0/.!54&!5/>&'&.6/0/.P!
)
! !>"
!"8"#)546(+#(#9(:*(;#67%#),#6'%*;,)#
!
!
S4*&*/!/!(1!5'&7*1(!%;.6&)*;4&*!(/!.71!)+'/0!/!2&,&'/(7&(=!(/)+(!*1!6/-/*=!/.5/,/51*=!/.(*/*$6/;.&*=!
($97&%*&*!)$9-/%&!54&!)'/,+*&=!)1'>(4/'1!&54&!,&*!(4*&*/.=!7+.1!)1'?7&?71(!)1')+'+!-/?7&,&=!*1!
6/-1*!5$4&*!*1!7&.1!*1!(4)+--$'+!)$9-/%/(4*=!*1!A9+*$&(40&!.1!01.3'1!*1!.717*1=!*1!?73%$+'+!.1!
01.3'1!*1!)+,+'$'=!54&!.1!)+7*/0!0&!.;'0+*!.51'%;091*+'&!*1!*1!5'&7*+,&!*1!.7&'/$*P!!
)
S/)+(!%1*3'&!)+'/0&,&=!5;!*V/!.51'0+''/0!*1!?7/*4+!0+(+*!&!.&,;7(40&=!0&!21--/0!*1!(/?$'/0/*!
*1!'&()&%*/0/*!*1!)+'/0/*!*1!($.5/0/*!*1!-/?7/*=!.5+'7&(!(1!)$(4*&*&,&=!9+'+A/(1!54&!)1'?7&?71(/(1!
)1')+'+! -/?7/*=! 5'&7*1(/(1! .1! A9+*/0/.! &! */7=! )7&(10+''7&(! (1! )$9-/%$*! 54&! ;'?+./A+*+,&! *1!
(4;21'/(1!6/,/-&!.1!,&.5/0+''7&=!2+'*1(/(1!-/?7;'&=!(40+.?/&(!(1!+'9/*'+'/*&*/*!54&!(/?$'/0/*!*1!
*'+.()+'&.61(! -/?7;'&! 54&! )';6&5$'/+-&! .1! ,&)'/0*+'/.1! &! +50/./(*'+*1(! )$9-/%&! 54&!
(4*&*1';'&P!
!
D71!.?+!)'/;'/*&*&*!!)';?'+0;'&!1(4*1!A9+*/0/!/!9+'+9+'*1!54&!/!)++.(410!/!-/?7/*P!C1'!.&=!%3!
1(4*1!?7&.&'+*;'/!01!/!0/'1!/!A4,/--/0/*!*1!*1'1(/(410!*1!(4;21'/(1P!C'+.5+7=!?7+*1!%1*3'&!,/*&,&!
%&0/! %'/7$+'! .71! (/(*&0! 54&! (4;21'/! *1! 9+A$+'! .1! (4*&*/.! &! (1! 5'&7*1(=! %$! /.(*/*$6/;.&*! &!
5'&7*1(/(1!,&)';7.1!.1!01.3'1!*1!)+,+'$'=!*1!)1'?7&?7(40&!54&!(/)+(!I$(4*&*$*1(!54&!-/?7&,&P!
I7;! )1'! .&! 1(4*1! &! ,&*07+! ''$?1! )1'! *+! .51'*$+'! (4*&*/.! &! (1! 5'&7*1(! 54&! /.(*/*$6/;.&*!
5&0;%'+*/%&!.1!(41'9/0!*1!23*&*+'/*P!
)
D1! (4;21'/*1! 0;5&'.&=! -/?7/! (4/4&*! (/! .71! 07&*! )1'! %'/7/0/.! &! '&+-/*&*/*! (4;21';'! 54&! )1'!
)1'>(4/'7&.!&!*1!?7/*41!)&'(;.+,&!.1!7&*1.!(4;21';'&P!S;*!-/?7/!)+'+2&*!0&%+./A0/.!9+A1!)1'!
*V/!*&7%+-$+'!54&!09';7*$'!(4%&-7&*!&!*1!5'&7*+,&!*1!.7&'/$*P!:&?7/*4+*1=!,&*10!&%A/(*&.6+!&!
-&?7/(-+6/;./*!.$%!&!+''/.!21--/0/.!&!51(4/'$+'P!“1!%3!-&?7/(-+6/;.!*+!%&*1!&>&%*/.!&!51(4/'$+'=!
5$4&*!*1!(4;21';4&*!0&!0+(+!*1!*7&'+!(4*&(1=!(/!)P(4PJ!.51'?7&?71(/0/!/!(4;21'/(1=!.?'/*7+!&!
%+)+6/*&*&,&! *1! /.(*/*$6/;.&,&! )1'?7&?71(&! 54&! +.+-/A+! &! 5&*+7$+'! &! -&?7/(-+6/;./*! 54&!
);-/*/%+,&P!
)
#;!*1!+.?+A4;4&0/!)1'!(/(*&0!&>/%+(!54&!6/-1(;'!)1'!09';7*7&.!&!*1!5'&7*+,&!54&!-/'/,&!*1!
.7&'/$*P!D1!%1*1!5'&7*/0!.&!5;!*1!+.?+A4;4&0/!21!/.(*/*$6/;./!%;091*+'!)1'!*1!5'&7*+*!&!.7&'/$*!
*1!%&*1!%;0)&*&.61!*1!)';0;,;71=!)+'+.5+-;71!54&!09';71!*1!5'&7*+*!54&!-/'/*1!&!.7&'/$*=!(/)+(!
%;.,&.*+,&!54&!0+''1,&(47&,&!.51'%;091*+'&=!*1!'+*/>/%$+'+!.?+!8&)$9-/%+!&!:+2&5;./(1!
(1!<&'/$*P!
!
:&! ,/A/;.! *1! 2+'*1! )1'! A4,/--/0/.! &! 01*&7(410! *1! (4*&*/*! -/?7;'! .1! *1! 6/-/.! R5;! 23*&*+'/! /!
?+'+.*;4&*! (/?$'/+! -/?7;'&=! 09&*&0/! *1! )1'%$(4*$+'! .5+7! )'/;'/*&*&,&! '&>;'0$&(&=! )1'! *1!
(/?$'$+'!/.(*/*$6/;.&!*1!5'&7*1(/(1!21!5;!*V/!09';7.1!*1!5'&7*+*!54&!/.*&'&(/.!&!23*&*+'1,&P!#;!
*1! ,+A45;701! *V/! )1'0/'1(;701! %$(4*&*! )1'! *1! (/?$'$+'! 5'&7*1(/! &>/%+(&=! .1! %;41! 54&! *1!
)++.(40&=!)1'0&(!/0)-&0&.*/0/*!54&!)';0;,/0/*!*1!+%*/,/*&*&,&!21!5;!*+!''/(/.!./,&-/.!&!
*'+.()+'&.61(=!)+,+'1(/(1!54&!)++.(401'/(1!(1!/.(*/*$6/;.&,&!*1!5'&7*1(/(1P!
!
DFdbSMU)H)VW_WURUL)GE)HNQEZUHQEQ)O[E)E^HPWSP!D71!.?+!)'/;'/*&*&*!&!'&>;'0+,&!1(4*1!*1!%&0/!
.71!T7321(;'!*'+.()+'&.*!54&!0&!9&($&(401'/!.1!;)/./;./.!&!?7&'1!.1!,&.5!54&!%$5;=!21!5;!
*V/!09';71!*1!5'&7*+*!54&!-/'/*1!*4&0&-;'&P!#;!*1!,+A45;701!*V/!)';0;,;701!>$2/(410!%1*;!
%'/*&'&!.1!>$.%(/;./0!*1!,+A45$&(410!*1!T7321(;'/*P!C+,+'1(/+!&!T7321(;'/*=!5;!*1!09';4&*!(/!
! !F"
)+'+%$(4*! )1'! '$+7*7&.! &! (4*&*/*! *1! (1! 5'&7*1(! 54&! (/! ?+'+.6/! *4&0&-;'&! )1'! A4,/--/0/.! &!
)';6&5$'+,&!*1!9+A$+'+!.1!>+%*&P!C+,+'1(/+=!6/-1(/+!54&!&>/%+(/*&*/!7+.1!)+'+0&*'+!*4&-91(;'&!
*1!.71!(/(*&0/!?7321(;'!&>&%*/,P!S/(*&0&*!?7321(;'&!&>&%*/,&!7+.1!*4&-91(;'&!)1'!9&(/0/.!&!
.51'(7&--1!54&!)1'!)1'0/'1(/0/.!&!%-/01(!(1!/.,&(*/0&,&!54&!(/?$'/0/.!&!21.5'$&(401'/(1!(1!
''/*7&(!&%;.;0/%&!+>+*?7+*&P!
!
K$.%(/;./!%'3&(;'!/!)+,+'(/(1!1(4*1!*+!?+'+.*;71!*1!5'&7*1.!&!/.5/,/5/*!21!*1!5'&7*+*!54&!-/'/*1!&!
*/7 (+7!*1!)1'6+%*;4&.=!*1!09';4&.!54&!*1!A9+*;4&.!.?+!.71!?732*+'!/!)+,+'$'!54&!/!)++.(410P!
:&!21--/0!*1!)1'0/'1(/0/*!*1!(/*$+*1(!.1!(/(*&0/.!?7321(;'=!5$%&!)1'>(4/'1!)1'0/'1(/0/.!&!
)+,+'1(/(1!(1!T7321(;'/*!5;!*1!,+A45;701!0&!+,+.6/0/.!&!)+,+'1(/(1!(1!I1(4/--/*!T7321(;'!54&!
*1!C';%$';'1,&=!)';6&5$'+*!)1'!)1'A?7&547&. +,+.6/0/.!&!?732*+'1,&!(/!0+(+!%3R&!09';7*1(&!
)1'!)+,+'1(/.1!&!?7321(;'/*™!+$*;.;0/+!54&!)+,+'1(/+!&!)';%$';'/,&™!%;'./A+*!5/(/)-/.;'&!54&!
--;?+'/541./+!)1'!?732*+'1*!54&!)';%$';'1*™!/.,&(*/0/!.1!6/-1(/.1!54&!&>/%+(/*&*/.!&!5'&7*1(/(1!
54&! +,;%+*1*! (/! +%*;'1! %'3&(;'1! )1'! (/(*&0&*! ?7321(;'&! *1! 9+A$+'+! .1! ($.5/0/.! &! -/?7/*=!
.;*&'/.1!54&!(/(*&0/.!&!)1'09+'/0/*P!
!
C+53(4/0=!'1.51(/!5;!*1!%&*1!&54&!+,+.6/0/!/!0&*;5+,&!)1'!A?7/547&!+-*&'.+*/,&!*1!%;.*&(*&,&!
5$%&! %'/7$+'! %$(4*&! 01! *1! 0/'+! )1'! A4,/--/0/.! &! 0&5/+6/;./*! 54&! +'9/*'+A4/*P! K;%$(! 5;! *V/!
%$(4*;4&*!&54&!+,+.6/0/*!*1!(4)1'.5+'7&(!(1!-1.51,&=!(/(*&0/*!*1!*'+7./0/*!*1!?732*+'1,&!54&!
)';%$';'1,&P!
!
C+,+'1(/+!&!T7321(;'/*!1(4*1!&!%$(4*1A$+'!0&!)+,+'1(/.1!>/.+.6/+'&=!+.5+7!5;!*1!'/(4/%;4&.!
0+(+*=!*1!6/-+*!)+'+(4/%;7.1!''/*7&.!&!9$U4&*/*!*1!T7321(;'/*=!)1'0/'1(/0/.!&!%$(4*&,&!)1'!
)$.1.!&!?732*+'1,&=!5$%&!(/?$'$+'!4+)1(/'1!*1!07+>*$&(40&=!)+7/(7&!*&%./%&!54&!0+*&'/+-&!
A3'&P!
!
8'$+7*7+! &! )+,+'1(/(1! (1! T7321(;'/*! 1(4*1! *4&-91(;'&! )1'! +''/*7&.! &! ;97&%*/,+,&! 54&!
)1'09$(47&.!&!5$4$'!*1!>$.%(/;.&,&!*1!*/7!.1!.71!(4;21'/!*1!-/'1=!5$%&!'&()&%*$+'!(4*&*/.!&!(1!
5'&7*1(P!C+,+'1(/+!&!T7321(;'/*!54&!&!?732*+'1,&!5$4&*!*1!?+'+.*;4&*!.?+!(4*&*/P!
!
!UGHUSHGH)H)HNQEZUHQEQHQ)Q)SHSQEGHQ)ZFdbSMUP!I7;!5;!*1!+''/4&*!)1'0&(!'/(4/%/0/*!*1!)';6&(/*!
*1!'&%'$*/0/*=!)1'A?7&547&(=!&01'/0/*=!,-&'1(/0/*=!+,+.6/0/*=!*'+.(>&'/0/*!54&!(4%+'%/0/*!*1!
?732*+'1,&!54&!)';%$';'1,&=!21!5;!*1!,+A45;71!&54&!.1!)&'/$541.!&!+'54(40&!M!,7&R+'&!
.1)1'07&*!/0)-&0&.*/0/*!*1!%1*3'&!0+(+,&!54&!+%*/,/*&*&,&J!
!
!! <&.5&*! &! A9'+A1*+! )1'! ?732*+'1! 54&! )';%$';'1! 5;! *1! )-;*1(;4&.! )1'0&(!
/0)-&0&.*/0/*!*1!(*'+*&?7/,&!)1'!0&.+U4/0/.!&!'&($'(&,&!.7&'1A;'&!.1!?73%+*+!54&!.1!
.71(/*1!&!C';%$';'/(1!C$9-/%&™!
!! C1'0/'1(/0/!/!%;'./A1(!-/?7;'&!)1'!'&%'$*/0=!)1'A?7&547&=!&01'/0=!,-&'1(/0=!+,+.6/0=!
*+.(>&'/0!54&!(4%+'%/0!*1!?73%+*1(,&!54&!)';%$';'1,&™!
!! :/'+*/0/!54&!/0)-&0&.*/0/!.1!%;41!/!”/?7/*!*1!C';%$';'/(1!C$9-/%&!54&!”/?7/*!*1!I1(4/--/*!
*1!C';%$';'/(1!C$9-/%&=!*1!4+'0;./A$+'!)-;*1(/(4*!0&!-&?7/(-+6/;./.!54&!(*+.5+'5&*!&!
F+(4%/0/*!G$';)/+.=!5$%&!)1'>(4/'1!&54&!0&.5/0/.!&!I;0/(/;./*!*1!<&.&5/%$*™!
!! –?7/547&*! -/?7;'&! )1'! ''&?$--/0/.! &! )+?+,&! *1! ?732*+'1,&=! )';%$';'1,&=! )&'(;.&-/*!
?7321(;'!54&!C';%$';'/(1™!
!! #;!*1!(/?$';4&*!)+,+'1(/+!>/.+.6/+'&!&!(/(*&0/*!?7321(;'!)1'!+''/*7&.!&!21--/0&,&!*1!
S*'+*&?7/(1!?7321(;'&!dLOLMHLOLNe=!.1!)1')$*47&!0&!”/?7/.!&!F$U4&*/*!T7321(;'™!
! !D"
!! I'/7/0/!/!0+(+,&!*1!,&R+.*+!)1'!09';7*7&.!&!,/%*/0+,&!54&!51(40/*+'1,&™!
!! C1'6+%*/0/!/!%'/*&'&,&!)1'!)';0;,/0/.!&!?732*+'/*!54&!)';%$';'/*!)$9-/%!0&!21--/0!*1!
''/*7&(!(1!9&($&(401'/(1!(1!;)/./;./*!.1!'+);'*!0&!T7321(;'/.™!
!! <&.5;(7+! &! )+'+%$(4*&,&! *1! *7&'+! )1'! 541./&.! &! )';,/0&,&! *1! %+.5/5+*1,&! )+'+!
%;0/(/;.&,&!*1!&%()&'*1,&=!9+A$+'!.1!%'/*&'&!*1!-+'*+!54&!;97&%*/,+!)1'!,-&'1(/0/.!&!
.7;4$'/,&!*1!*3'&P!
!
!WUWNOWYHGH) H) PMUURVSHMNHQ) N) SHSQEGHN) ZFdbSMUC! I7;! 5;! *1! +''/4&*! )1'0&(! 0/'+*/0/*! 54&!
/0)-&0&.*/0/*!*1!C-+./*!*1!'/!+%(/;.+-!)1'!)&'/$541.!LOL¢HLOL£=!/!6/-/!5;!*1!0$.51(;71!''/*7&.!
&! %'&5/9/-/*&*/*! *1! T7321(;'/*! .1! (4*&*! 54&! 9&($&(401'/(1! (1! 23*&*+'1,&! .5+7! (/(*&0/*! *1!
5'&7*1(/(1P!I1*1!5;!*+!'&-/A;701!)1'0&(!%1*3'&!0+(+,&!%;.%'&*&J!
!
!! :/'+*/0/!/!I;5/*!*1!'/!)1'!)';6&5$'1.!)&.+-&=!.1!)1')$*47&!0&!-&?7/(-+6/;./.!&!FGH(1!
54&!)'+%*/%1.!.51'%;091*+'&™!
!! :/'+*/0/!/!C-+./*!+%(/;.+-!)1'!)+'+.5+-/0/.!&!%;''$)(/;./*!.1!T7321(;'!)1'!,/*&*!LOL¢H
LOL£™!
!! 8&5$%*/0/!/!%;41(!0&(+*+'&!*1!.&,;7(40&!)1'!A?7/547&.!&!+.%&(+,&!.5+7!A3'*+'1,&!
?7321(;'1=!.1!4+'0;./A/0!*1!)-;*1!0&!(*+.5+'5&*!&$';)/+.&™!
!
.MNSMYHOHGH)H)^RNPSMNHGHQ)Q).S[HYYHQ)DFdbSMU)5;!*1!7&*1!.71!.?+!)'/;'/*&*&*!&!2&,&'/(7&(!(1!
+'54(40&P!I3!;'?+.!5$4&*!*1!,&.5;(&*!.1!>$.%(/;.!*1!09';7*7&(!(1!/.*&?'/*&*/*!54&!)+,+'1(/(1!
(1!?73%+*1(,&!54&!/.(*/*$6/;.&,&!54&!5$4&*!*V/!%$.51',/4&*!R5;!.5/%/0/!*1!7+(4*10!/!6/-/!*&.*;.!
*1!)&.?;71!+);!%;0)';0/*;71!>$.%(/;./0/.!&!5'&7*1!*1!T7321(;'/*P))
!
–9+*/0/!54&!)1'0/'1(/0/!/!%;'./A1(!''&?$--+*;'&!*1!I1(4/--/*!T7321(;'=!0&!*4&%(!*1!,&R+.*1!.1!
-/547&! 0&! )';6&5/0/.! 5/(/)-/.;'! 54&! +)&-$&(! *1! ?732*+'1,&=! .1! )1')$*47&! 0&! 0/(/;./.!!
,-&'1($&(! *1! I;0/(/;./*! G$';)/+.! *1! 0$+7/*! (4*+*;'! *1! ,/*/*! LOL¡P! D1! %1*1! 5'&7*/0! 5;! *V/!
.51'0+''/0!%1*;!0+(+!%;.%'&*&J!
!
!! C-;*1(/0/!/!”/?7/*!*1!I1(4/--/*!T7321(;'!.1!)+7*$&(401'/!0&!'&%;0+.5/0&*!&!0/(/;./*!
,-&'1($&(!*1!I;0/(/;./*!G$';)/+.!)1'!>$.%(/;./0/.!&!I1(4/--/*!T7321(;'!d(4*+*;'!LOL¡e!
54&!0&.5/0&*!&!I;0/(/;./*!*1!<&.&5/%$*™!
!! C1'A?7&547+!&!+.1*+'1,&!*1!'/.7!*1!I1(4/--/*!T7321(;'!21!5;!*V/!A1,&.51(;7.1!+.1*+'1*!
21! $! %+! %+-$+'! 0+.5+*/=! 5;! *1! 914&*! (/)+(! %'/*&'&,&! *1! -/?7/*! *1! '/! *1! )-;*1($+'=!
'&()&%*/,/(4*!*1!”/?7/*!*1!I1(4/--/*!T7321(;'™!
!! T732*+'1*!54&!)';%$';'1*!21!/!.1.(4*';4&.!)';6&5/0/*!5/(/)-/.;'!5;!*1!%&.1!*1!5'&7*1.!
&!?73%/0/*!*1!5'&7*1!54&!*1!5'&7*1.!)1'!*V/!%$.51'(4*$+'!5&'/!.1!/.(*+.6+*!&!+)&-/*=!
,&.5/0/.!54&!(+.%(/;.&*™!
!! 8/(4/%/0/!/!%;'./A1(!-&?7/(-+*/,&!54&!>$.%(/;./0/*!*1!)1'?7/*4(410!*1!I1(4/--/*!T7321(;'!
54&! I1(4/--/*! *1! C';%$';'1,&! )1'! ''/*7&.! &! *'+.()+'&.61(! 54&! )+,+'1(/(1=! );'! &54&!
)1'?7&?71(/(1!(1!(&6/-/*!+.1*+'!)1'!,&)'/0&*!&!,&*+P!
!
+^HPWSHQEQH)H)DFdbSMUHQC)I7;!5;!*1!0$.51(;4&*!)1'0&(!/0)-&0&.*/0/*!*1!(/(*&0/*!>$.%(/;.+-!
54&!)-;*1(/(4*!*1!+$*;0+*/A$+'!)1'!0&.+U4/0/.!&!-1.51,&!.1!?73%+*+!54&!)';%$';'/=!5$%&!
0&.7+.$+'!*1'1(/(4*!(4)1'.5+'7&.!0+.$+-&!*1!-1.51,&P!:&!%1*1!5;!*V$!,/4&*!>$.5!.5/%/0&,&!
*1!7+(4*0&!54&!5;!*1!-$>*;4&*!5$%$'/+!&!ù?732*+'1,&!+);!)';%$';'1,&!*1!)'&>&'$+'ž=!5$%&!
! .B"
0$.51($+'! )++.(401'/! 54&! )';6&5$'+! ?7321(;'&! *1! (4)&7*+! 54&! &>/%+(&P! D1! >$.%(/;.! *1!
+''/*7&(!(1!%1*/7!21--/0/=!.1!0+.5+*/.!&!+'54(410!5;!*V/!.51'0+''/0!%1*;!0+(+!%;.%'&*&J!
!
!! <&.5;(7+!&!0&%+./A0/*!)1'!0;./*;'/0=!)1'!*1!(/?$'$+'!(4>'3*1A/0/.!&!)-;*1!54&!&>&%*/,!
*1!S/(*&0/*!•.>;'0+*/,!*1!:&.+U4/0/*!*1!T73%+*+,&!dEWW:•Se=!9+A$+'!.1!)1'?7&?7(401'/!
54&!'&()&%*/0!*1!0+(+,&!*1!)+'+)+'+!5/(/)-/.;'&™!
!! D1!01.3'1!*1!)-;*1!54&!>$.%(/;.+-&!5;!*1!914&*!0&.+U4/0/!/!+$*;0+*/A$+'!/!'+(*&,&!
?7321(;'&!.1!)1')$*47&!0&!)'+%*/%+*!01!*1!0/'+!*1!F+(4%/0/*!G$';)/+.!54&!(4*&*&,&!
+.1*+'&P!I7;!5;!*1!0$.51(;71!)1'(4)&7*/0/.!&!%;41(!(1!)';6&(/0/*!*1!'+(*&,&!54&!
-1.51,&=! (/! 54&! '&5$%*/0/.! &! %;41(! (1! (7&--7&(! (1! ,&'5/%*&,&! ?7321(;'&! )1'! '+(*&!
()&6/>/%&=!.1!)1')$*47&!0&!:&*;5;-;?7/.1!&!I;0/(/;./*!G$';)/+.!)1'!G>/%+(/*&*/.!&!
#'&7*1(/(1!dWGCGše™!!
!! I;0/(/;./!/!:9/%123'7&(!(1!K$.%(/;.+-/*&*/*!*1!S/(*&0/*!•.>;'0+*/,!*1!:&.+U4/0/*!*1!
T73%+*+,&! dEWW:•Se! 5;! *1! %'3&71! 09/%123'7&! (/(*&0;'&! 54&! *'+.()+'&.*&=! .1!
)1')$*47&!0&!C-+./.!,7&*;'!*1!09/%123'7&(™!
!! C1'>$.5/0/!/!A9+*/0/*!*1!S*'+*&?7/(1!(1!'&>;'01(!.1!5'&7*1(/!54&!C-+./*!*1!)1'5/*1($+'!
*1! ,&)'/0/*=! 0&! >;%$(! *1! ,&R+.*1! .1! 0/'+*/0/.! &! -/?7&,&! 0&! *1! 6/-+*! ''&?$--;4&.!
)';6&5$'+*!.1!(>&'1.!6/,/-&=!)&.+-&!54&!+50/./(*'+*/,&=!.1!)1')$*47&!0&!*1!?7/*4+!+%*&*!
.;'0+*/,&!*1!FGH(1!54&!(*+.5+'5&*!.51'%;091*+'&™!
!! S/?$'/0/! /! %$(4*&,&! )1'! *'+7./0/.! &! ,+A45$&(410! *1! ?732*+'1,&! 54&! )';%$';'1,&=!
A4,/--/0/.!&!(*+.5+'5&,&!*1!0&.+U4/0/*!&>/%+(!*1!?73%/0/*™!
!! Q./>/%/0/!/!)'+%*/%1(!?7321(;'&!)1'0&(!''/*7&(!(1!./,&-/*!*1!*'+7./0/*!*1!?732*+'1,&!54&!
'/(4/%/0/*! *1! %'/*&'&,&! *1! ,-&'1(/0/*! )1'! ?73%+*1(/*! 54&! )';%$';'1*! )$9-/%1! 5$%&!
(4>'3*1A$+'! )'+%*/%+! 54&! )1',;7+! *1! 0/'+! %'+4+($&(&! .?+! F+(4%/0/! G$';)/+.! 54&!
,&.5&*!+.1*+'&™!
!! C1'6+%*/0/! /! 5&*3'/0/*! -/?7;'! )1'! *'+7./0/.! &! ,+A45$&(410! *1! +,;%+*1,&=! .;*&'1,&=!
)1'09+'$&(,&=!0&5/+*;'1,&!21!5;!*1!;'?+./A;4&.!.?+!+.+!&!;5+,&!.1!9+(4%1)$./0!
0&!;'?+.&*!+);!/.(*/*$6/;.&*!&!*7&'+!(/)+(!.&,;71(P!
!
,QUWQEZFHW)][_HYYHGMUE)E)ZFdbSMUHQ)JgJhiJgJjC!</A/;./!/!3.1!1(4*&!.71!?7321(;'!/!)+,+'$'=!/!
)1'?7&?7(410=!*'+.()+'&.*!54&!/!+%(&($&(410=!'&A/(*&.*!.5+7!.5/%/0&,&!*1!9'&.5(40&!54&!*1!
7+(4*0&=!/!6/-/!09';.!*1!5'&7*+*!&!.7&'/$*!54&!(/?$';.!($.5/0/.!&!-/?7/*!.1!01.3'1!&>/%+(&P!
S*'+*&?7/+! >;%$(;4&*! .1! )&(1! >$(4+! %'3&(;'&! )'/;'/*+'&J! ?7321(;'/! 54&! )';%$';'/+! )$9-/%&=!
%+)+6/*&*&*!&!/.(*/*$6/;.&,&!*1!);(+R0&!*1!(/(*&0/*!*1!?7321(;'/*=!)';>&(/;.&*!/.5/,/5$+-&!54&!
(41'9/0&*!)$9-/%&=!T73%+*+!I$(4*&*$&(&!54&!>$(4+*!()&6/>/%&!7$'/5/%&!d)&.+-&!54&!6/,/-&e!*1!
6/-+*!7+.1!'&-&,+.*&!)1'!>$.%(/;./0/.!&!?7321(;'/*P!
!
!
!
!
!
!
!
!
!
!
! .!"
!"<"#95=;,#2546,'#23''5>)(34(;#67%#2'(+(;#;,#3':/4(05/'#
!
(
"#!$%&'()!*+,!*-.'&'/0(+&1!)234+5-,'(1!*,-/6,-,'(+!78%!-,)0(%&!%!
,%(7'&!78%!5')6,'5+!
(
$9:";<!=>?!@A??B=C"A;!DE9!";:9?9CF!CE:9:>?A?9#!2345678(9:(4;(56<4=>:?34(@3(>57A(
<5(56<4548B5:6(C;D(4;(C=D=69=>8=D(9?3(C;D(4;(>8E48=D(6;(F=G?95@;<5(H:DD8C<5:656(
6;(<?:I;D56;(4:6;J(C;D(4;(KDD;6A:<8D(=4;(67=(56<4548B5:634(3(F36954L("A54?=<?48J(
F345678(9:(4;(C=D=69=>:A;(9?3(>8E4:A;(695H5@56(D8<J(<5(9?3(D3>5H434(3(5<?MD37A5@54(
H:@865<4( 9?3( 695H5@3( 4A3D=( 4;( N<?;DO5@3F3P( =645( C;DB=H45@3F3( 4:6=( $8D:M
*4>=645H3J(.*'QJ(R=<?H5@5($8D:C5=6(9?3()=D463D543454(<4D=437A5H(@3(S&R*L(
(
';C:":BG"A;FH"I"J!"!K9:";<B:#(%:(4;(D5=E5D@:?34(CD:C:G5@(."<L"!=>?!K9:";<J(4;(B5>56(
3( H3@5( CD:C:G8=D( 6;( T8F369L( U( 6A;A45( 9:( 4;( =F=6B:?34( 6;( O=<?H;C865@( @3(
3H<C3D4;(4;(F36954(9?3(69;DH:@O;4=DL(TV(9:(4;(A34;(6;(O=<?H;F3CD5@(@3(."<L";!
=>?!JFCF!?9C:?"@:"K9J(@3(KH=(HD5A:?34(O=G;(C;D(4;(F3CD8=D(56<548B5:634(3(F36954(
<5C=<(<=6HB5:63F3(69;DH:@O;4=D3(WN>5<4=(4;(G3G=PJ(34ALX(C;D(IV434=D;(9?3(<8OA3H43(
A8D595H3(4;(F36954(9?3(4;(?8=A(I;(F3CD:A6;(6;(43DD54:D56(4:6;L(
(
M9?:"N"@F:>!=>?!NB;@C"A;!CE:9:>?A?!O=BPH"@Q#(2345678(9:(4;(C;DE<?5A;(C:>545H=6;4J(
7AVI4=D;4J(CD:H:D:D;4(9?3(E86H<5:6=D;4(6;(934VD=(4;(>=D4=(4;(D36954(9?3(<578D5<;L(
%:(4;(56<4=>:?34(CD=H45H;(K3D45E5H=4=F3(C;D(934VD;(C8O>5H3(6;(O=G;(4;(F3D5E5H5@54(
4;(E=H43F3(C;D(@:<C;DE<?5DDA3(6;(H:DD8C<5:6(:<3(N<?;DO5@3P(H869;D(5643D3<=F3(
<?434;D:D3L(T;4:(K3D45E5H=4=(9:(4;(CDH=45H:?36(6;(O=<?H;C865@(@3(56<4548B5:63(
69;DH:@O;4=D3J(<5(.*'QJ(R$(9?3(S&R*L(
(
(
""#!.6R&+!/6(7+,!/-,,6*5'-('&!
(
,8E4=(H869;D(H:DD8C<5:654J(93@:HD=B5=(9?3(<8695@5(5(<;(9D3A4;<(C;DO;A6;(6A;(
4;D;<5(4;(C=69=<?@3(9?3(H:@C>3@364=D3L()D=69=AJ(6;(@=69=456(3(=D9?<?;@(9:(
4;(F=G?9:A@;(4=(G?F5>>:A@;((H:6B3C456(3(6A;(<?4345(4;(O=D=O=D4;(C;D(4;(7A54?;(
IV434=D;4(C=(C;DA=<?45@L(T;4;(9:(4=(O;A@;(98H3(3(>8E48=D(6;(@;6VD;(<5<43@:D3(
9?3( 4;( I;69D83<?@3( HD5@56( 9?3( H:DD8C<5:656( 3( >=D4;J( 63C:45G@56( 9?3(
H>53643>5G@56L(
(
S5( <8OA3H4( C:>545H( CD:7D3<5F( 9?3( 5( C;D7A37A<?;@J( 9:( 4=( F=G?9:A@;( >8E4;6( C=(
H:@CD:@5<J(@3(4:>3D=6B;(G3D:(H869D3A4(K9:(>>:A(F3CD5@4=D53(4;(C=>57A<?@3J(98H3(
! .."
56H8D=A8=D(39?3(>8E4;6(H869;D(HD5@54(4;(:D7=65G8=D(9?3(H:DD8C<5:654(6;(4;(7A54?=(
65F3>34#!
(
,8E4=(H869;D(H:DD8C<5:654(H;DH:6(C;DCA3HA3(<5<43@:D3(9?3(=67=G?5@(4;(C>:4;(67=(
4;(7A54?;(9?3(6A;(I=<A3(I;(=9D3<:6(39?3(C=D=69=>5@56(3(H;45A(E36:@365L(Y:H8<5(
V6;(9:(4;(A34;(C;DE:DB5@5(5(<5<43@54(4;(9D3A4;<5<;(6;(E86H<5:6(4;(<578D5<;(A8D595H3J(
C=F=D;<5<;J( CD:E3<5:6=>5G@54J( C==6<?@;D5<;J( C;D7A37A;<5<;J( 3E5H=<543454( 9?3(
4D=6<C=D36B;<(I;(9:(4;(@869;<:A;(4D=A45@56(3(O=D=O=D4;(4;(<3B5>54(C=D=(>57A54J(H8(
<5(DDA39?:A;(9:(4;(H34;(695H5@(C:G545F(6;(G?F5>>5@56(3H:6:@5H(9?3(C;D@5D;<5@56(
3(B5>;<5<;(<;(A343<;<L((
(
!:4:?3@5J(<3(6;(>8E4;6(H869;D(H:DD8C<5:654(9:(4;(89?;?5I3@5(67=(<4=69=D934(
865F3D<=>3(4;(I3F3D5<A3<(<;(@5D;J(@3(KZD=<4(6;(C3D589?;6(1(FA3K=D3(4;(=D9?<?@3(
9:(4;(=67=G?:?3@5(C;D[(
(
!! ,8E4;6(3E5H=<3(H869;D(H:DD8C<5:654J(HD5@54(4;(:D7=65G8=D(9?3(
H3IC;D9:D5@54(4;(C8<?43454(6;(4;(7A54?=(65F3>34(
!! +D54A36(3(65F3>54(4;(C;D7A37A;<5<;(C:>545H3(9?3(93@:<4D5@54(4;(F8>>63454(C;D(
>8E4;(H869;D(H:DD8C<5:654(
!! .9=DA36( 3( @A343F3( 9?3( O8D5@3F3( C>:4;<83<3( C;D( GVD;6( 3( )D:H8D:D5<;(
'?3@3>:D3()8O>5H3(4;(TD5@54(4;(QD7=65G8=D(9?3(T:DD8C<5:654J(6;(F3K=645(
C;D( CD:H8D:D;4( 3( <C3B5=>5G8=DJ( 3H<C3D4;4( E56=6B5=D;( 9?3( =6=>5<4;4( 3(
@A3H;<5<;(>57A:D3(957A54=>3(
!! );D@5D;<5@56( 3( 3F5936B;<( <;( ?345@3F3J( 69A3HA3F3( C36=>3J( 9;65@3F3J(
<3H83<4D5@3F3( 9?3( H:6E5<H5@3F3( I;( H=6;( 4;( O;A6;( @;( H:DD8<C5:656J(
C;DE<?5D;(39?3(D=<434(3(H:DD8C<5:654(4;(65F3>54(4;(>=D4;(
!! ]9?;?3IA36(3(69;D7A37A<?@3(9?3(C=(695H5@(C:>545H(6;(<3H4:D56(C8O>5H(
!! !O=45@56( 3( 934VD5@3F3( 6;( <3H4:D56( C8O>5HJ( 98H3( 8( O=G8=D( 6;( >57AJ( 6;(
@;6VD;(4D=6<C=D3643J(345H3J(3H:6:@5H3J(4;(C;D7A37A<?@3(9?3(3E3H45F3(
!! );DE:DB5@56(3(56437D543454(9?3(>>:7=D59?;653<(6;(<3H4:D56(C8O>5H(
!! );DE:DB5@56(3(@3H=65G@=F3(6;(9D3A45@(4;(H:64D:>>54(9?3(@O5H;IVDA3<(
!! %57A54=>5G5@56(3(<?;DO5@3F3(C8O>5H3(
!! );DE<?5DA36(3(<3H4:D54(B5F5>(9?3(@395=F3(6;(>8E4;6(H869;D(H:DD8C<5:654(6;(
<?:I;D5(9?3(HD5A5@56(3(56437D543454(C3D<:6=>(9?3(CD:E3<5:6=>L(
(
(
"""#!.6R&+!/6(7+,!/,'S'&!&+!-,)0('T60,!
(
,8E4=(H869;D(HD5@54(4;(:D7=65G8=D(@O3434(CD5:D5434(6;(HD5A5@56(3(<?43454(4;(9D3A4;(
9?3( 93@:HD=B5<;( E86H<5:6=>3L( %3D5( @;( 4=65( H3@5( =DD548D( =F=6B5@( 4;(
! .:"
H:6<593D83<?;@(6;(>8E4;6(H869;D(HD5@54(4;(:D7=65G8=D(@3(4?3H<(4;(F3K=64;(6;(
>8E4;6( H869;D( 43DD:D5G@54J( 3H<4D3@5G@54( 4;( 9?86<?;@J( 4D3745<;( @3( <8O<4=6B=(
6=DH:45H3( 9?3( 4D3745<;( @3( 6A3D;GJ( 39?3( =4;( 6;C;D@A34( O=<?H;C865@54( 4;(
F=G?983<?;@(@3(F36934(3(R=<?H5@54($8D:C5=6J(<?43434(EI56A3(<5(9?3(:D765G=4=4(
69;DH:@O;4=D3($]+Q)Q,(9?3($]+Q#]S'L(
(
U6<4548B5:634( HDV3<:D3( 6;( >8E4;6( H869;D( HD5@54( 4;( :D7=65G8=D( A=6;( 6A;<54;( 3(
<C3B5=>5G8=D=(C:>5B:D3(63(H8=9;D(4;(-565<4D5<;(<;()86;F3(4;(RD369<?@3J(I;(A=6;(
4;( =84:D5G8=D=( C;D( >>:A3( 4;( 69DV<?@3( 4;( HD5@54( 4;( :D7=65G8=D( 9?3( ?345@3(
E56=6B5=D3L(
(
.3F:A5434( I;( 39?3( @;( 43A( 4;( C;DE:DB:?34( H=C=B54345( 5( ^369D;<( T::D956=45F3(
.=B5:6=>3( C;D( ,8E4;( H869;D( TD5@3F3( 4;( +;69=( 9?3( TD5@54( 4;( QD7=65G8=DL(
T::D9565@5( @;( 3E5H=<( 56<4548B5:6=>( @O3434( 5695H=4:D( HVK( C;D( 4;( 7A54?=(
56<4548B5:634( 9?3( C=>;4( 6;( >8E4;6( H869;D( HD5@54( 4;( :D7=65G8=DJ( C;DE<?5D;( H;48(
CD:H8D:D;4(9?3(C:>5B56;L(
(
,8E4=(T869;D(HD5@54(4;(:D7=65G8=D(<5(6A;(67=(<?4V>>=4(HVK3(C;D(E86H<5:65@56(3(
<?43454(4;(<;(9D3A4;<(9:(4;(@O3434(G:45@5(V6;(39?3(6;(C3D589?;6(3(=D9?<?@3L((
(
^;>>5@(HDV3<:D(;<?4;(I;(6;(C3D589?;6(F5A83<3(4;(CD:@:F:A@;(I=<A3(4;(O=G8=D(6;(
:OA3H45F=(H:6HD343(C;D(4Z5(>8E48=D(HD5@34(3(D;69=(9?3(HD5@56(3(:D7=65G8=DJ(@3(
C>=6( =H<5:6=>( 9?3( <4D=437A5( H:6HD343( I;( <A3>>;( C;D@5D;<5@56( 3( O5>=6B54( 4;(
?345@3F3J( 69A3HA3F3( C36=>3J( 7AVH5@3F3( C;DE8695@4=D3J( H:6E5<H5@3F3( 9?3(
H:6E5<H5@3F3( C;DE8695@4=D3( 6;( D=<434( 3( HD5@54( 4;( :D7=65G8=DJ( @3( 4?3H<( 4;(
F3K=64;(6;(D=<434(3((65F3>54(4;(>=D4;L(
(
%8H3( 8( 65<8D( 67=( HV( =<C3H4J( 6;( >8E4;6( H869;D( HD5@54( 4;( :D7=65G8=D( 9:( 4;(
69;D@=DD5@(H;4:(@=<=(9?3(=H45F54343(H:6HD343[((
!
!! %:(4=(C;D@5D;<:A@;(O5>=6B56(3(3F5936B;<(<;(?345@3F3J(69A3HA3<(C36=>3(
9?3( <?I5C45@54( 4;( 9;65@3F3( C;D( D=<434( 3( HD5@54( 4;( :D7=65G8=D( 9?3(
C=<4D5@54(4;(C=D=F3J(@3(E:H8<(4;(F3K=64;(6;(H:6E5<H5@56(3(CD:6;<(9?3(4;(
@5D=F3(@=43D5=>3J(4;(E548=D=(C;D@3<(=H45F54343F3(HD5@56=>3(9?3(HD5@54(4;(
:D7=65G8=D(
!! -5D=45@5( 9?3( 5@C>3@3645@5( 5( H:D65G;<( <;( 63F:A<?@3( >57A:D3( C;D(
<?;DO5@56(3(H:6E5<H5@54(4;(CD:6;<(
!! );DE:DB5@5( 5( H=C=B54343F3( 6A3D;G:D3( 9?3( E56=6B5=D3( 4;( =7A36B5F3( C;D(
5@C>3@3645@56( 3( >57A54J( I;( ?34:A6;( HD5@34( 3( D;69=( 9?3( HD5@56( 3(
:D7=65G8=DJ(HD5@56(E56=6B5=D(9?3(C=<4D5@56(3(C=D=F3(
! .-"
!! .9V<?5@5(6;(,57A56(3(*D@;F3(6;C;D@A34(?=D@:65G5@54(@3(>37A5<>=B5:656(3(
R=<?H5@54($8D:C5=6(C;D(H>=<5E5H5@56(3(=D@;F3(
!! )D:@:F5@5( 5( <5<43@54( E86H<5:6=>( C;D( C=D=>=A@;D5@56( 3( ?3D<?;@( 4;(
69;D>59?8D(@3(<5<43@56(3(R=<?H5@54($8D:C5=6(9?3(DD54A=(3(H=C=B54343F3(
6A3D;G:D3(4;(QO<3DF=4:D54(.=B5:6=>(4;(%D:7;<J(@3(I;>>5@(4;(>8E4;<(3E5H=<3(
H869;D(4D3745<;(<;(9D:7;<(9?3(<8O<4=6B=F3(6=DH:45H3(
!! &=D@:65G5@5((9?3(C>:4;<5@5(5(>5<4;<(<;(<8O<4=6B=F3(C<5H:4D:C3J(@3(=4;(4;(
R=<?H5@54($8D:C5=6L(
!
T:6E5<H5@5( 5( CD:6;<( <;( E548=D( 6;( @;6VD;( 5>37=>3( 9?3( <5( D3G8>=4=4( 5( HD5@54( 4;(
:D7=65G8=D(;<?4;(CD5:D5434(CD:7D=@:DJ(I;(9:(4;(<578D:A;(H4?5@56(3(H=C54=>54(4;(
=H8@8>8=D(6;(@;6VD;(HD5@56=>3J(93D5(43H(IV434=D;4(9?3(C;D(IV434=D;4L(
(
T:6E5<H5@5(5(CD:6;<(5>37=>3(;<?4;(6A;(67=(5695H=4:D;4(3(E86H<5:65@54(93@:HD=45H(
4;(<?43454J(<5(9?3(3E5H=<543454(4;(56<4548B5:63F3L();D@3<(@5D=45@54(4;(@=<=F3(C;D(
C;DE:DB5@56(3(H=C=B54343F3(4;(56<48B5:63F3(D3>3F=643(C;D(HDV3DA36(3(?345@3F3(
E56=6B5=D3( 9?3( H:6E5<H5@56( 3( CD:6;<J( 6A;( CA3<;( 3( @A343F3( =C:( CD:6;<( <;(
H:6E5<H8=DJ(@O3434(C;D(56<4548B5:634(D3>3F=643(I;(@3DD36(9?3(>8E4:A6;(HD5@56(3(
:D7=65G8=DJ( <5K( A=6;[( -)RMA=J( ):>5B5=( Y56=6B5=D3J( )D:H8D:D5=( 9?3( %D3A4:D5=(
%:7=6:D3(@3(I;>>5@(4;(C;DE:DB5@54(4;(H=C=B54343F3(4;(56<4548B5:63F3(I;(C86:A6;(
6;(H;4;(9D3A45@L(
((
-3( 69DV<?5@34( 3( ,57A54( 4;( T:6E5<H5@54( 4;( )D:6;<( 5( B5>5( ;<?4;( 6;( CD:B398D;(
C=D>=@364=D3J( 9:( 4;( @869;<:?34( I;( CD:6=( 3( H:6E5<H8=D( 3( B5>=( 68H( @869( 4;(
<?5434J(4;(4D=6<E3D:?34(C;D(:D7=65G=4=4(B5F5>3J(I;(9:(4;(9395H:?36(C;D(CD:A3H43(4;(
6=4VD;<(<:B5=>3L(TA:(;<?4;(CD=H45H;(3(6A:?8D(6;(F36934(3(R=<?H5@54($8D:C5=6(I;(
@869;<:6(H4?5@56(3(@A343F3(9?3(CD:6=F3(4;(E548=D=(5>37=>5<?4(6;(<3H4:D56(C8O>5H(
9?3(43H(IV434=D;4(C;D@3<(E56=6B5@54(4;(CD:A3H43F3(H8(C;DE5483<(4;(9D3A4C;9D3A4(
A=6;(F34;(IV434=D;4L(
(
.;(9D3A45@(4;(C;DE:DB5@54(4;(H=C=B54343F3(4;(*7A36B5<;(<;(-36=_?5@54(4;()D:6;<(
<;(T:6E5<H8=DJ(3(B5>=(@3DD34(@3(593645E5H5@56(9?3(69A3HA36(3(CD:6=F3(4;(E548=D=(
6;(@;6VD;(HD5@56=>3(9?3(6;(C=A45@(@3(>37A<>=B5:656(3(R=<?H5@54($8D:C5=6J(9:(4Z5(
69;D@=DD5@(H;4:(@=<=(9?3(=H45F54343(H:6HD343[(
!
!! .9V<?5@5(9?3(C>:4;<5@5(5(,57A54(4;(T:6E5<H5@54(9?3(T4?5@54(4;()D:6;<(<;(
Y548=D(6;(-;6VD3(U>37=>3(
!! )86;<5@5( 9?3( C>:4;<5@5( 5( F3693F3( F=H=643( 4;( C86;<( <;( *7A36B5<;( <;(
-36=_?5@54( 4;( )D:6;<( <;( T:6E5<H8=DJ( C;D( 4;( <578D8=D( C;D@5D;<5@( 4;(
O5>=6B54(4;(C86;<J(?345@3F3(9?3(69A3HA3F3(C36=>3(67=(HD5@5(5(:D7=65G8=D(
! .9"
9?3(C=<4D5@5(5(C=D=F3J(@3(E:H8<(6;(H:6E5<H5@56(3(@A343F3(9?3(CD:6=F3(
4;(E548=D=(
!! );DE:DB5@5(5(69A3HA3<(9?3(593645E5H5@54(4;(D=<43F3(4;(H:6E5<H5@54(4;(CD:6;<(
5>37=>3J(E5H<5@5(5(CD:6=F3(4;(E548=D=(6;(@;6VD3(5>37=>3(9?3(@36=_?5@5(5(
4VD3J(@3(I;>>5@(4;(D8=A4A3<(<;(F>3D;<(<;(4VD3(
!! 'D=A65@5(5(F=G?983<?;@(5(<4=E54(4;(*7A36B5<;(<;(-36=_?5@54(4;()D:6;<(<;(
T:6E5<H8=DJ(<578D5@5(5(6A;(<:E4`=D3M5(3E5H=<(9?3(B5>;<:D(9?3(?=C;<5D=F3(4;(
@A=E483<?@3( C;D( @=7=G565@( 4;( <578D4;( 4;( @A343F3( 9?3( CD:6=F3( 4;(
H:6E5<H8=D=L((
!
!
!"?"#/6+(4();'/;,#>'3=%)(34/9%#67%#)7,'.(+%#>5.9(2%#;%#
6(:*(;/9(05/'/#
)
)
E50/./(*'+*+!)$9-/%&!)+'+2&*!.71!.?+!*4&0&-&*!/.(*/*$6/;.+-&!*1!$5414&27&(!0&!(4*&*/.P!D71!
+50/./(*'+*1! )';>&(/;.+-&! 54&! &>/%+(&! .5/%;.! .1! A4,/--/0/.! &! 21.5'$&(410! &%;.;0/%=!
%;4&A/;./.! (4;21';'! 54&! 0/'12&./&.! &! 23*&*+'1,&P! ! #&'/! 01! *+./=! .1! ,+A45/01(/! 7&0/!
+.?+A4$+'!)1'!+50/./(*'+*1!)$9-/%&!)';>&(/;.+-&!54&!&>/%+(&=!*1!;'/&.*$+'!5'&7*!23*&*+'/*!54&!
(4;21'/(1P!“1.5';701!*1!,&.5;($'!.1!)+'/0/.!(&!,&*10!+*+!21!.1!*1!,1'*&*1!%$75&(&.!54&!
)$.;7.1!)1'!.&,;7+*!&!23*&*+'1,&!0$.5!*1!%'/7;7.1!(4*&*!*1!>;'*1=!&>/%+(!54&!*1!21.5'$&(410P!
E50/./(*'+*+!)';>&(/;.+-&!.1!./,&-!21.5';'!54&!-;%+-!1(4*1!.71!.?+!>+%*;'1*!%'3&(;'1!)1'!
'/%*4/0/.!&!9&(/0/*!.1!/.(*/*$6/;.&!54&!)';>&(/;.+-/A0/.!&!*3'&!)1'!*V/!(41'93&'!23*&*+'/*P!E7;!
)+'+2&*!.71!.?+!%$(4*&*!%'3&(;'&!)1'!A4,/--/0!*1!)1'?7/*4(410!(4;21';'=!%$-*$';'=!&%;.;0/%!
(/!54&!)1'!'$+7*7&.!&!&%$/-/9'/*!5&0;?'+>/%P!C'+.5+7=!.&!?7/*40;.1!7&0/!$5414&2$'!54&!5;!*1!
,+A45;701!*+!.57&%/0!0;5&-/.!&!)1'A?7&547&(!(1!%;5/*!*1!5$4$'!0;'+-!54&!)';>&(/;.+-!.1!
)';6&(/.!&!)1'A?7&547&(!(1!A3'*+'1,&!54&!.1)$.1(,&!+50/./(*'+*/,1=!(/!&!,&*07+!01.3'1!)1'!
)1'>;'6/0/.!&!9&(/0/*!*1!23*&*+'1,&!.1!/.(*/*$6/;.&*!(4*&*1';'&!54&!''/*7&.!&!&>/%+(/*&*/*!*1!
*3'&P!!
!
S*'+*&?7/+!)1'!'&>;'01!.1!+50/./(*'+*1.!(4*&*1';'&!LOL¡HLO¡O!)1'6+%*;.!%;'./A1.!(*'+*&?7/%&!
5'&7*!.71!+50/./(*'+*&!)$9-/%&!*1!5&);-/*/A$+'=!&>/%+(&=!&>&%*/,&!54&!*1!)1'?7&?7(40&!21!;>';.!
);-/*/%+!6/-1(;'&!54&!(41'9/0&!-&4*1(/(4*!*1!+''/*(40&!)1'!23*&*+'1*!54&!($97&%*&*!+>+'(/*&P!
I1*;! );-/*/%+! 9+A;4&.! .1! )+'/0&*! 54&! ,-&'+*! &$';)/+.&! 54&! %;.*'/9$;7.1! .1! ''/*7&.! &!
21.5'$&(40&!&%;.;0/%&=!($.5/0/.!&!-/?7/*=!%;4&A/;./.!(;6/+-!54&!0/'12&./&.!&!)1'?7/*4(40&P!
I7;!(*'+*&?7/!9+A;4&*!.1!%+*1'!>$(4+=!'&()&%*/,/(4*J!
!
!! –4,/--/0/!54&!%;;'5/./0/!/!);-/*/%+,&™!
!! S41'9/0/!)$9-/%!54&!0&.+U4/0/!/!9$'/0&,&!.7&'1A;'&™!
!! C1'?7&?71(/+=!--;?+'/541./+!54&!*'+.()+'&.6+™!
!! B>'/0/!/!(41'9/0&,&!54&!*'+.(>;'0/0/!5/?7/*+-P!
!
#;!*1!)$.;701!)1'!,+A45/01(/.1!&!'&>;'0+,&!.1!+50/./(*'+*1.!)$9-/%&=!0&!21--/0!*1!%'/7/0/*!
*1! .71! +50/./(*'+*&! &>/%+(&=! )';>&(/;.+-&=! *1! 5&);-/*/A$+'=! 0&! 21--/0/.! &! ,&*10! 21! +7;! *1!
(4.51'';4&*! .1! (&',/(! *1! ,1'*&*1! )1'! 23*&*+'1*P! D1! *1'1(/! 54&! .1! %;.*/.$/*&*! 5;! *1!
! .A"
+.?+A4;4&0/!.1!.?'/*7&.!&!(*+.5+'5&,&!)1'!)$.1.!+50/./(*'+*/,&!*1!/.(*/*$6/;.&,&=!5$%&!$!
9+A$+'!.1!''/*7&.!&!*'+.()+'&.61(!54&!&>/%+(/*&*/*=!5$%&!''/*$'!)';>&(/;.+-/A0/.!54&!6/-1(/.1!&!
+50/./(*'+*1(P! C1')7&%7&*! *;.+=! 5;! *1! 5'&7*;4&.! .1! ''/*7&.! &! 5/*$'/(1! (1! *1! )$.1($+',&! .1!
+50/./(*'+*1=!0&!21--/0!21!23*&*+'1,&!*V$!;>';4&.!(41'9/0&!*1!(4)&7*+!54&!6/-1(;'&!.1!.71'1.!
+.1!54&!.?+!+.+!*7&*1'!*1!%&0/!+50/./(*'+*1!*1!)1'?+*/*$'!)1'!*1!2&.1!.1!4+)!0&!)';6&(/.!&!
.&?;6/+*+,&!)1'!+.1*+'1(/0!.1!F+(4%/0/.!G$';)/+.P!
!
I'/7/0/!/!.71!+50/./(*'+*&!*1!>$2/(40&!54&!/.;,+*/,&!21!(41'9&.!0&!)1'%$(4*/0!23*&*+'1*!54&!
)';0;,;.! A4,/--/0/.! &! 21.5'$&(410! *1! ,&.5/*=! 5$%&! (3.$+'! >$2/A/0/.! &! +50/./(*'+*1(=!
/.;,+6/;./.!54&!5/?7/*+-/A/0/.=!%$!.1!>;%$(!5;!7&.1!(41'9/0&*!01!&>/%+(&!.5+7!23*&*+'1,&=!(/!
54&!)1'0/'1(/0/.!&!/0+A4/*!)$9-/%P!
!
C-+*>;'0+!7;.1!)1'!+50/./(*'+*1.!&!21.5'$&(40&!54&!*1!>$2/(40&!(3.;.!*V/!+5'&(;71!%1*;!
(>/5+!54&!*1!%'/7;71!.71!(*'$%*$'1!*1!)1'0/'1($+'!)1'!*1!+'540&.J!
!
!! &OGHNHSQUWQ)VRcYHPE)VUM^ESHMNWYEC!#;!*1!(/?$';701!)';6&(!*'+.()+'&.*!54&!;97&%*/,!
*1!'&%'$*/0/*!54&!&01'/0/*!*1!*1!)$.1($+',&=!5$%&!''/*$'!/.*&?'/*&*/.=!!)+,+'1(/.1!&!
+50/./(*'+*1(!54&!5/?7/*+-/A/0/.!&!)';6&(&,&™!
!! &_WNXHGH)H)SHSQEGHQ)GEUHQMPUWQHPC!C1'!*1!(/?$'$+'!.71!(*'$%*$'1!'&%'$*/0/!54&!+,+.6/0/!
*1! 9+A$+'! .1! +>*1(/*1! 54&! )1',;71.! &! *1! )$.1($+',&=! 5$%&! )1'0/'1($+'! %1(4*$!
)';>&(/;.+-/A0/.!54&!&>/%+(/*&*/.!&!+50/./(*'+*1(™!
!! eRbH]HGH)H)PWVWXHQEQE_E)WOGHNHSQUWQH_EC!C1'0&(!E%+5&0/(1!(1!@'+7./0&,&!dE%+5&0/+!
&!D1)$.1(,&!E50/./(*'+*/,1!54&!E%+5&0/+!&!K/.+.6+,&!C$9-/%&e™!
!! 1NM_WXHMNH) O[E) OHZFHQWYH]HGHC! #$%&! /0)-&0&.*$+'! S*'+*&?7/.1! .+6/;.+-&! )1'!
(4>'3*1A/0/.!&!*&%.;-;?7/(1!54&!0&*;5;-;?7/,&!*1!'&7+!)1'!*V/!)1'0/'1($+'!(41'9/0&*!
54&!)';6&(&*!+50/./(*'+*/,&P!S/!54&!.1!/.>'+(*'$%*$'1!54&!*&%.;-;?7/=!0&!)1'%'+47&!
>/.+.6/+'&!54&!*&%./%&=!)1'!)1'?+*/*7&.!&!+50/./(*'+*1(!)1'!(>/5+*!&!'&7+!*1!&);%1(!
5/?7/*+-&™!
!! &_WNXHGH)H)+iS[UcHGE_EC!–?7&'/0/!54&!)1'0/'1(/0/!/!(41'9/0&,&!;.-/.&!.1!)-+*>;'01.!
5/?7/*+-&!)1'!*1!;>'$+'!)1',;71!01!*1!-&4*1!54&!*1!)1'(4*+*(40&!)1'!23*&*+'1*!?7+*1!
(41'9/0&,&!)$9-/%&™!
!! /VQHGH]HGH)H)WOGHNHSQUWQS)VRcYHPE)VUGES)QUWNS^EUHGHQ)N)SEPQMUHN)VUH_WQC!–,;?1-/0/!
/! .$0'/*! *1! *1! )$.1($+',&! .1! +50/./(*'+*1.! )$9-/%&=! .1)1'07&*! *'+.(>&'/0/*! .1!
(&%*;'/.! )'/,+*! )1'! *1! ;>'$+'! 9$'/0&! )1'! (41'9/0&! 01! *1! 0/'+P! #;! *1! 09$-;4&.!
%;.*'/9$*&*!(4*&(1!)1'!*'&!,/*&*!&!)+'+!)1'!*+!/.%$'+7$+'!(&%*;'/.!)'/,+*!21!*1!)'+.;7.1!
.1)$.1(!+50/./(*'+*/,1P!I7;!./(01!(3.;.!*+!''/(1!&>/%+(/*&*/.!54&!6/-1(/.1!&!(41'9/0&,&!
)$9-/%&™!
!! #HMUZWNH]HGH)H)MUZWNE_E)S[QEQUMUEC!S/!'&>;'01!&!'1.51(/(40&!)1'!)1'0/'1(/0/.!&!
(41'9/0&,&!)$9-/%&!54&!;)*/0/A/0/.!&!>$.%(/;.+-/*&*/*!54&!'+6/;.+-/A/0/.!&!%;(*;,&!
)1'!23*&*+'1*!54&!9/A.&(&*™!
!! 1OENQHQEQH)OHZFHQWYC!I'/7/0/!/!/5.&*/*&*/*!5/?7/*+-!)1'!23*&*+'1*!54&!($97&%*&*!7$'/5/%&!(/!
9+A1!&!/.*&?'$+'!.1!.71!)-+*>;'01!.+6/;.+-&!%$!5;!0$.5!*1!-/54&.!*1!?7/*4+!9+A+*!&!*1!
541.+,&!54&!(41'9/0&,&!)$9-/%&P!
!! !MYHQHPW)VU)GWcFQFEN)E)WOGHNHSQUWQS)k#EQENQHMN)VMYHXHESlC!#;!*1!)';0;,;4&.!);-/*/%+!
)1'!''/*7&.!&!)+?+,&!54&!.U/*7&,&!21!5;!*1'42/.!%$+5'+!)';>&(/;.+-!.1!+50/./(*'+*1!.1!
)1'?7/*41(/=!(/!54&!+50/./(*'+*+!.1!);A/6/;.&!*1!-+'*+!$5414&21(&!)';>&(/;.+-&!54&!
7;);-/*/%&P!!
! .>"
HC)&a$131,(#&(")!#/e+,1/3&0+)a-+)+e1.&,+)
!
K$2/A/0/!/!%+)+6/*&*&,&!+50/./(*'+*/,&!1(4*1!.71!)';6&(!/!'1.51(/(410!)1'!*+!)1'0/'1($+'!
&>/%+(/*&*/.! 54&! &>&%*/,/*&*/.! &! /.(*/*$6/;.&,&! 2&,&'/(1(&! 54&! ;'?+./A+*+,&! *1! *7&'+P! I7;!
)1'>(4/.!/.,&(*/0&!.1!A4,/--/0/.!&!.7;4$'/,&=!+>*1(/,&!54&!%;0)&*&.6+,&!*1!*1!)$.1($+',&=!(/!
54&! .1! )1'0/'1(/0/.! &! /.>'+(*'$%*$'1(! +50/./(*'+*/,&! 54&! *&%.;-;?7/(1! (1! /.>;'0+6/;./*P!
D1)1'07&*!*'+7./0&,&!*1!,+A45$&(40&=!$541A/0&,&!54&!(*+.5+'5&,&!*1!2+'*+!*1!,&)'/0/*=!
>$2/A/0/!/!%+)+6/*&*&,&!+50/./(*'+*/,&!%'/7;.!07&5/(!*1!>+,;'(410!)1'!%'/7/0/.!&!);-/*/%+,&!*1!
0/'12&./&(!54&!)1'!*V/!+5'&($+'!(>/5+*!%;0)-&%(&!.1!01.3'1!&>&%*/,&!54&!&>/%+(&P!
!
!! (UWFNHGH)O[E)][_HYYHGH)VUM^ESHMNWYC!:/'+*/0/!/!.71!);-/*/%&!*1!)1'2&.5'$+'!.1!A4,/--/0/.!
&!%+)+6/*&*&,&!+50/./(*'+*/,&!)1'0&(!/.,&(*/0&,&!.1!*'+7./0!54&!A4,/--/0!)';>&(/;.+-=!
.1!.71!/.(*/*$6/;.!*1!,&*10!!H!E?7&.6/+!&!E50/./(*'+*1(!54&!@'+7./0&,&P!I7;!);-/*/%1!
(3.;.! *1! %'/7;71! .71! 07&5/(! %$! *1! )$.1($+'/*! %+.1! 0$.51(/! *1! ,+A45;7.1! *V/!
)1'0/'1(;7.1!(4%+*4*1(/*1!&!*3'&!54&!*1!)1',&*1(;7.1!.7;4$'/*1!01!*1!>$.5/*!.1!>$(41.!
&!*3'&!*1!)$.1(P!I'/7/0/!/!.71!+09/&.*/!)1'!.5+'7&.!&!.7;4$'/,&!54&!&%()&'/&.6+,&!0&(!
*1!)$.1($+',&=!5$%&!)';0;,$+'!9+(4%1)$./0/.!54&!(4%109/0/.!&!/5&,&P!I7;!5;!*1!
)1'>(4/71! ;'?+./A/0/.! &! )$.1*;'/,&=! (&0/.+'&,&! 54&! +%*/,/*&*&,&! *1! *7&'+! 21!
)';0;,;7.1!*'+.(>&'/0/.!&!.7;4$'/,&!54&!.51',&)'/0/.!.51'07&*!*1!)$.1($+',&P!
!
!! !MYHQHPW)E)GcWFQFES)S)VEUSMNEYHQC!–4,/--/0/!/!);-/*/%1(!?7/*41)1'>(4/'1(&!)1'!09+7*7&.!&!
)&'(;.&-/*=!5$%&!&!91'1!+50/./(*'+*1.!)$9-/%&!01!*1'4&21(&!54&!01!*1!+>*1!.1!5'&7*/0!
*1!09+7*7&(!(1!%$+5';,&!*1!*+-&.*$+'+!54&!)';>&(/;.+-&P!I7;!);-/*/%1!)1'!09+7*7&.!&!
)&'(;.&-/*!5$4&*!*1!)1'>(4/71!&-&0&.*&!*1!*/--+!(/J!)+?+!%;.%$''$&(&!54&!?+'+.*/0/.!&!
*1!5'&7*+,&!*1!*1!)$.1($+',&=!5$%&!(/?$'$+'!%1(4*$!.71!0;*/,/0!*1!21.5'$&(410!)1'!
*1!21.5'$+'!.1!+50/./(*'+*1.!)$9-/%&P!C;!+(4*$=!5;!*1!%&0/!>;%$(!A4,/--/0/.!&!%+''/&'1(=!
5$%&!;>'$+'!0$.51(/!)1'!*'+7./0&!54&!+,+.6/0&!*1!2+'*+!)1'!*1!)$.1($+'/*!&!*+-&.*$+'P!
!
!
HHC)!"#e&f",1$)1)a#+'(")a-+)&a+.K&())
!
!! !U^WbSHGH)H)OUEFQ)O[E)WOEPRWQ)N)WOGHNHSQUWQ)O[E)SEPQMUHN)VRcYHPC!S/!.71!&!5'&7*1!
%$(4*&*$&(&!&!6/-+!9$';.!.?+!:+''1,&(47+!&!B4'/*=!)1'>+21(/0/!/!5'&7*1!54&!+5&%$+*!
.1!9+A+!&*./%&=!5;!*1!,+A45;71!*1!7&*1!)'/;'/*&*!.1!);-/*/%+*!54&!'&>;'0+*!&!+,+.6/0/*!
*1!+50/./(*'+*1(!)$9-/%&!.1!/.*&'&(!*1!(41'9/0&,&!01!6/-1(;'&!)1'!23*&*+'1*P!C1'!*+!
)';0;,$+'!)1'>+21(/0/.!&!5'&7*1!54&!+5&%$+*!*1!*1!?7/*4+!?'$)&,&!*1!(4;21'/(1!.1!
)';6&(/.!&!+,+.6/0/*!.1!+50/./(*'+*1=!)1'!)1'>+21(/0/.!&!?'$)&,&!*1!.5'3(40&!&*./%&=!
?7/.;'&!54&!(;6/+-&P!!
!! %WYWNSEUH)N)VUMXESHN)E)VRNSHGHQ)N)SEPQMUHN)VRcYHPC)#;!*1!,+A45;71!54&!+,+.6;4&*!
)'+%*/%+!&!)$.1(/0/*!5$%&!)1'5;'$'!0&%+./A0/.!-/?7;'!*1!ù9+-+.(&'/*žP!I3!4+)!(3.;.!*+!
/.%$'+7;71!5/,&'(/*&*/.!54&!*1!(/?$';71!)1'>+21(/0!01!*1!5'&7*1!54&!+5&%$+*!*1!*1!?7/*4+!
%;0$./*&*&,&!.1!+50/./(*'+*1=!5$%&!.5/40$+'!.1!%'/7/0/.!&!.71!07&5/(/!01!*1!)+($'!
54&!*1!'&>-&%*$+'!(4;21';'P!
!! !U^WbSHG)H)OUEFQ)O[E)WOEPRWQ)N)Q)ZFHQ[W)HNSQHQRXHMNEQ)S[QEQUMUE)O[E)VRcYHPEC)
C1'>+21(/0/!/!5'&7*1!54&!+5&%$+*!(/!.;'01!%$(4*&*$&(&!54&!-/?7;'&!5;!*1!+)-/%;4&*!.1!
*1! ?7/*4+! /.(*/*$6/;.&*! )$.-/%&=! (4*&*1';'&=! 2&,&'/=! ?7321(;'=! )';%$';'/=! +'(/0=!
! .F"
(41.5&*1(/=! .51'0+''7&! )$9-/%&! 54&! (4*&*1';'&=! 9+.%1.! );)$--;'&=! +%+5&0/.1! &!
(4%&.6+,&=!&*7P=!?7/*4+(4*$!5$%&!'&()&%*$+'!%'/*&'&*!)';>&(/;.+-&!54&!*1!6/-1(/(1P!!
!! !U^WbSHG)H)OUEFQ)O[E)WOEPRWQ)N)Q)ZFHQ[W)NH_EYEQ)RO[[EbSE)Q)SEPQMUHQ)VRcYHPC!
C1',&R!)1'>+21(/0/*!*1!5'&7*1!54&!+5&%$+*!)1'!)$.1(/0=!5;!*1!)'+%*/%;4&*!&54&!.1!
./,&-&*! $5414&21&(&! 5$%&! '&()&%*$+'! %'/*&'&*! &! 6/-1(/(1! 54&! %+)+6/*&*&,&!
)';>&(/;.+-&P!
!! aH_EUSHQEQH)N)GFEOHSHN)E)VRNS)VUVWUSH)VU)SEPQMUHN)VUH_WQ)O[E)S[MbUHN)XH_HYEC)
#$%&!$!9+A$+'!.1!)'+%*/%+*!);A/*/,&!*1!2&,&'/(7&(!(1!0/'1!.1!./,&-!.51'%;091*+'=!5;!
*1!/.%$'+7;70&!2+(7&!+>/'0+*/,&!)1'!5/,&'(/*&*!.1!07&5/(/.!&!)$.1(!)1'!;'?+./A+*+*!&!
.5'3(40&!.1!(&%*;'/.!)'/,+*!54&!(4;21'/.1!6/,/-&P!
!
!
HHHC)&*&321$1)1),1,(+$1()$+#1(/.#&(1.)
!
E,+.6/0/!/!(/(*&0/*!0&'/*;%'+*/%!1(4*1!.71!)';6&(!21!)1'0/'1(;.!0$.51(/*1!)1'!+,+.6/0!.1!
9+A1!*1!+>*1(/,&!54&!0&'/*+,&!*1!/.5/,/51,&=!5$%&!(40+.?$'!>+,;'/A/0/.!&!9+A$+'!.1!-/547&!
)&'(;.+-&=!)+($'/0/.!>/.+.6/+'=!;(&!)1'%+*1(/*1!&!*7&'+P!D1!.71!(/(*&0!0&'/*;%'+*/%=!)1')+'/0/!
54&!($%(&(/!/!.71!)&'(;./!,-&'1(;4&*!54&!%;0)&.(;4&*!.1!)1')$*47&!0&!+>*1(/*1=!)1'%$(4*/0/.!
54&! +''/*7&*! &! *3'&P! I7;! )';0;,;.! (4)1'.5+'7&.! &! 9+'+9+'*1! *1! 0$.51(/,&! 54&! /.%$'+7;.!
/.;,+6/;./.!54&!)$.1.!&!)+-;54(40&P!
!
!! .UHFHGH)H)PUHQEUE_E)VU)W_WNXHGC!:/'+*/0/!/!.71!);-/*/%&!21!)1'6+%*;.!%'/*&'&*!&!2+'*+!
54&!;97&%*/,&!)1'!+,+.6/0/.!.1!./,&-&*!&!-+'*+!*1!+50/./(*'+*1(P!I7;!);-/*/%1!(3.;.!*1!
(/?$';71! (&! +,+.6/0/! 914&*! .1! 9+A1! *1! +>*1(/,&! 54&! %;.*'/9$*&,&! *1! ,1'*&*+! *1! *1!
)$.1($+',&=!5$%&!'&5$%*$+'!.5/%/0/.!&!>+%*;'1,&!);-/*/%1!.1!%1*1!)';6&(P!:&!+.1!*1!
%1(+7! 5;! *1! ''/*&*! )1'?7&?71(/+! /.5/,/5$+-&! &! *1! )$.1($+',&! )1'! A4,/--/0/.! &! *3'&!
)';>&(/;.+-P!!C1'>(4/'7+!&!4+'*/0/*!*1!)-+.&,&!/.5/,/5$+-&!*1!%+''/&'1(!54&!,-&'1(/0/*!*1!
'&.5/0&.*/*=! 5;! *+! )';0;,;71! %$-*$'1.! &! 0&'/*;%'+6/(1! 54&! )1'?7&?71(/(1! .1! *1'1!
+50/./(*'+*1.P! T7/*4+(4*$=! 5;! *1! ;'?+./A;4&.! *'+7./0&! )1'! )1'0/'1(/0/.! &!
(4%+*4*1(/,&!54&!.7;4$'/,&!*1!*1!)$.1($+',&=!5$%&!%'/7$+'!.71!07&5/(!%$!+*+!0$.5!*1!
''/*&.!54&!*1!+,+.6;7.1!.1!9+A1!*1!,-&'+,&!*1!*3'&!/.5/,/5$+-&P!!
!! 1NQEYEZFENXW) WUQH^HXWYE) k&1lC! D1! %1*1! 5'&7*/0=! 5;! *+! )1'5;'/0! *&%.;-;?7/.1! &!
/.*&-/?7&.61(! +'*/>/6/+-&! .1! *&(*/0/.! &! %+.5/5+*1,&! )1'! &-&0/./0/.! &! )1'(1'/*7&(! (1!
)3&*7&,&! 54&! )1'! (/?$'/0/.! &! .71! )';6&(/! *'+.()+'&.*! 54&! &>/%+(! .1! ,-&'1(/0/.! &!
+>*1(/,&! *1! *3'&P! C1'! *+! .7;>*$+'! )$9-/%$.! 54&! %+.5/5+*1*! );*&.6/+-1! ''&*4! %1*/7!
.5'3(4/0/=!)-+./>/%;701!-+.6/0/.!&!.71!>$(4+*&!/.>;'0$&(&P!I7;!>$(4+*1!5;!*V/!*4&%(;71!
+,+.*+A4&*! &! )1'5;'/0/*! *1! /.*&-/?7&.61(! +'*/>/6/+-&! .1! ''/*7&.! &! ;97&%*/,/*&*/*! .1!
)1'A?7&547&.!&!*1!)$.1($+',&!.1!+50/./(*'+*1P!C1'!%'/7/0/.!&!.71!07&5/(/!%$!'&%'$*/0/!
1(4*1!/!5'&7*1=!/!)+,+'$'!54&!/!>;%$($+'!.1!+>*1(/*1!&!,1'*&*+!*1!%+.5/5+*1,&=!)1')/2&0/!
21! *1! ?+'+.*;701! )';6&(! *1! 5'&7*1! 54&! *1! )+,+'$'! .1! )1'A?7&547&.! &! .1)$.1(,&!
+50/./(*'+*/,1P!
!
!
!
!
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian
Programi zgjedhor 2024-2023 i Frontit Evropian

More Related Content

More from Portalb.mk

Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
Portalb.mk
 
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
Portalb.mk
 
Ankesa e Portalbit ndaj Higjienës Komunale Shkup
Ankesa e Portalbit ndaj Higjienës Komunale ShkupAnkesa e Portalbit ndaj Higjienës Komunale Shkup
Ankesa e Portalbit ndaj Higjienës Komunale Shkup
Portalb.mk
 
Suad Bajrami.pdf
Suad Bajrami.pdfSuad Bajrami.pdf
Suad Bajrami.pdf
Portalb.mk
 
Kërkesa për qasje të lirë tek informatat me karakter publik
Kërkesa për qasje të lirë tek informatat me karakter publikKërkesa për qasje të lirë tek informatat me karakter publik
Kërkesa për qasje të lirë tek informatat me karakter publik
Portalb.mk
 
Договор за закуп со НОНЕ КОМЕРЦ.pdf
Договор за закуп со НОНЕ КОМЕРЦ.pdfДоговор за закуп со НОНЕ КОМЕРЦ.pdf
Договор за закуп со НОНЕ КОМЕРЦ.pdf
Portalb.mk
 
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
Portalb.mk
 
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
Portalb.mk
 
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
Portalb.mk
 
Propozim-ligji për shkollat e mesme të bashkësive fetare
Propozim-ligji për shkollat e mesme të bashkësive fetarePropozim-ligji për shkollat e mesme të bashkësive fetare
Propozim-ligji për shkollat e mesme të bashkësive fetare
Portalb.mk
 
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
Portalb.mk
 
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
Portalb.mk
 
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
Portalb.mk
 
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratatEmri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
Portalb.mk
 
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Portalb.mk
 
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Portalb.mk
 
Konkursi për kontrollues të fluturimit, MNAV
Konkursi për kontrollues të fluturimit, MNAVKonkursi për kontrollues të fluturimit, MNAV
Konkursi për kontrollues të fluturimit, MNAV
Portalb.mk
 
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPVPropozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
Portalb.mk
 
Letër Komunës - Social Cultural Space Tetova
Letër Komunës - Social Cultural Space TetovaLetër Komunës - Social Cultural Space Tetova
Letër Komunës - Social Cultural Space Tetova
Portalb.mk
 
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space TetovaMemorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
Portalb.mk
 

More from Portalb.mk (20)

Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
Vendimi i Gjykatës Administrative për kompetencat e gjimnazit "Kiril Pejçinov...
 
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
Kërkesat dhe lutja e studentëve për siguri në Fakultetin e Shkencave Natyrore...
 
Ankesa e Portalbit ndaj Higjienës Komunale Shkup
Ankesa e Portalbit ndaj Higjienës Komunale ShkupAnkesa e Portalbit ndaj Higjienës Komunale Shkup
Ankesa e Portalbit ndaj Higjienës Komunale Shkup
 
Suad Bajrami.pdf
Suad Bajrami.pdfSuad Bajrami.pdf
Suad Bajrami.pdf
 
Kërkesa për qasje të lirë tek informatat me karakter publik
Kërkesa për qasje të lirë tek informatat me karakter publikKërkesa për qasje të lirë tek informatat me karakter publik
Kërkesa për qasje të lirë tek informatat me karakter publik
 
Договор за закуп со НОНЕ КОМЕРЦ.pdf
Договор за закуп со НОНЕ КОМЕРЦ.pdfДоговор за закуп со НОНЕ КОМЕРЦ.pdf
Договор за закуп со НОНЕ КОМЕРЦ.pdf
 
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
Marrëveshja për qira e MEGA LTD SH.P.K. dhe Ndërmarrja Publike për Menaxhim m...
 
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
Aktvendim për ndarjen e mjeteve financiare për organizata dhe projekte nga Ko...
 
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
04. Predlog-Odluka meguopstinska O. Chair-Cvetan Dimov.doc
 
Propozim-ligji për shkollat e mesme të bashkësive fetare
Propozim-ligji për shkollat e mesme të bashkësive fetarePropozim-ligji për shkollat e mesme të bashkësive fetare
Propozim-ligji për shkollat e mesme të bashkësive fetare
 
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
Vendimi i Higjienës Komunale Shkup për publikimin e listës me emrat dhe mbiem...
 
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
Komisioni për Mbrojtje nga Diskriminimi ka miratuar mendim me të cilën ka kon...
 
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
Vendimi i Agjencisë për Mbrojtjen e të Drejtës për Qasje të Lirë deri tek Inf...
 
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratatEmri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
Emri i të punësuarve në Higjienën komunale që nuk u janë vazhduar kontratat
 
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
 
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
Lista e marrëveshjeve dhe memorandumeve të nënshkruara mes Maqedonisë së Veri...
 
Konkursi për kontrollues të fluturimit, MNAV
Konkursi për kontrollues të fluturimit, MNAVKonkursi për kontrollues të fluturimit, MNAV
Konkursi për kontrollues të fluturimit, MNAV
 
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPVPropozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
Propozim-vendim për themelimin e shoqërisë tregtare “ELEKTRO TETOVA“ SHPKPV
 
Letër Komunës - Social Cultural Space Tetova
Letër Komunës - Social Cultural Space TetovaLetër Komunës - Social Cultural Space Tetova
Letër Komunës - Social Cultural Space Tetova
 
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space TetovaMemorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
Memorandumi i bashkëpunimit ndërmjet Komunës së Tetovës dhe Space Tetova
 

Programi zgjedhor 2024-2023 i Frontit Evropian

  • 1. PROGRAMI ZGJEDHOR 2024 - 2028 EUROPA 2030
  • 2. ! !" ! !"#$%&'('&) ! ! "#$%&'!()#$*'+%!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-! ()#$*+!-./.!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,! 0.! 0,!%12!3#4(5'%'6&2#!*2#!&2!71'&82!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,! 0/! !#!#!$%&%'()*%!%!+(',"#####################################################################################################################################"!-" !#.#!/0'01(2!345)%5)6)!78%!348%1(45"#######################################################################################################"!9" !#:#!)657(+!(!;(<*(=!78%!),!7'%*=,)"##############################################################################################################"!>" !#-#!;6?=,!3657,'!34''6@)(45(=!78%!3'(+(=!=,!4'<05(160'"#################################################################".!" !#9#!07+(5()='0=,!@'4?%)(450;%!78%!)8,'/(+%!@6/;(3%!=%!7(<*(=0;(160'0"#########################################".9" !#A#!'%57(!78%!)(<6'(0"##################################################################################################################################":." -,!1$!#)6'629!*$!()#$*26!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,! /:! .#!#!(5=%<'(+(!5,!/0)83(+(5!%6'4@(05"######################################################################################################":>" .#.#!/0)83,@65(+(!'0*450;"#########################################################################################################################"-B" .#-#!<*%4@4;(=(30!78%!50=4C*0"####################################################################################################################"-." .#-#!@0'=5%'(=%=!78%!7(0;4<!)='0=%<*(3!+%!)8/0C5,"##############################################################################"--" /,!5+##2;(681(!(!3$%6(%6)6'&!(3$%$5'3!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,! <=! @0'=5%'(=%=!5,!@4;(=(3/,'*%"#######################################################################################################################"-9" :#!#!%3454+(!34536''6%)%!78%!='05)?4'+(+!7(<*(=0;"########################################################################"->" :#!#!#"345=%3)=("%3454+(3".B.BC.B.:"###################################################################################################"-D" :#!#.#"''(=*%"%"@,')8@%*=60'"78%"?(505E0"=,"$,57'6%)8+%" #############################################################"9B" :#!#:#"+*%7()"("+(',"@,'"/(15%)"78%"%3454+("34536'6%)%"################################################################"9>" :#!#-#"7(<*(=0;(1(+("("%3454+(),"78%")8,'/(+%&%"@6/;(3%"#################################################################">B" :#.#!18&(;;(+(!(!$,57'6%)8,+!78%!='05)?4'+(+(!(!<*%;/,'"###################################################################">-" :#.#!#"0+/(%5=("("@0)=,'"78%"(")8,57%=)8,+" ########################################################################################">9" :#.#.#"%5%'<*(0"%")(<6'="78%"%"'(@,'=,'(=)8+%"###################################################################################">D" :#.#:#"/6*$,)(0"+47%'5%"78%"6)8$(+("(")(<6'="##################################################################################"F-" :#:#!(5?'0)='63=6'0!+47%'5%!78%!18&(;;(+(!(!/0'0/0'=,!'0*450;"#####################################################"DB" :#:#!#"='05)@4'=("78%"34+65(3(+("+47%'5"#######################################################################################"D!" :#:#.#"18&(;;(+("("/0'0/0'=,"'0*450;" ####################################################################################################"D9" :#:#:#=6'(1+("@,'?0$,)6%)" ####################################################################################################################"!B:" :#-#!30@(=0;(!5*%',14'!78%!E(;,)(0!%!*%=,)"################################################################################################"!BA" :#-#!#"0')(+("E(;,)4'"##############################################################################################################################"!B>" :#-#.#")8,57%=,)("+47%'5%"##################################################################################################################"!!D" :#-#:#"+(',$%5(%")4E(0;%"%"$,57'6%)8+%"#########################################################################################"!.9" :#9#!'(5(!03=(&%!78%!)84$,'(!%!/0'0/0'=,"###############################################################################################"!::" :#9#!#"7(&%')(=%="78%"/0'01("#################################################################################################################"!:-" :#9#.#"36;=6',"@,'?0$,)6%)%"################################################################################################################"!:-" :#9#:#"'(5("03=(&%"#####################################################################################################################################"!-B" :#9#-#")@4'="78%"'%3'%0E(45"################################################################################################################"!-9" :#9#9#"03=(&(1,+"$G=%=0'"#######################################################################################################################"!->" :#9#A#"?0+(;*0"/,'=80+0"%")84$,'()," #################################################################################################"!9B" :#9#>#"7%+4<'0?(02"7(0)@4'0"78%"+(<'0E(45("#################################################################################"!9!" *#$1(3&(!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!0==! " "
  •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
  •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
  •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
  •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`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
  •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a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b;%!&*./%!?'$)*+.!;-$X+.!9/'!*;)-$05+!4YA-Y=!(Z'5Z'Z-&9/-/'!,&!%+)(+3Y6Y!&%;.;0/%!9Z3Z0&! 3;-$3-+! $-+XY-+9/-&6&%! &.! +5/-! '&>+4! 0;5&-/! ;-+'+%! &%;.;0/%! %+-%Y.0+3Y! ,&! >Y'(+*! &X/*-/^/./! 5&(*&%-/3;'$AP! !! G%;.;0/%! %+-%Y.0+! /R/.! [.&0-/! 9/'! );*+.(/3&-/! *&0(/-! &5&.! 5/+();'+.Y.! Z-%&! &%;.;0/(/.&! &.*&?'+(3;.$.$!5&(*&%-/3;'=!9[-?&(&-=!E,'$)+!,&!%Z'&(&-!&%;.;0/%!&.*&?'+(3;.=!&%;.;0/%! -/9&'+-/A+(3;.! );-/*/%+-+'Y! ;-$X*$'+'+%! NP! ,&! cOP! %;'/5;'5+! $-+X*Y'0+! +-*3+)Y(Y=! &.&'7/! ,&! F@! dF/-/X/0!@&%.;-;7/(/e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
  •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fghijklmnoi!nm!pqrgstmurmjm!lgtnm!rm!svmwmrijp!rm!xpykzti{m!|plpvrm!}m{pqgrinm=! fgjlvqklmnoi!si!yvgsvm~u{ijp!i!ujvmjp{ijp!gyvpqptzi!rm!uijp!svmwmri!rm!xpykzti{m! |plpvrm!}m{pqgrinm=! ! fgulpjpri!rm!~iv=!ujmzitrguj=!zp€zpqrguj!i!ugvmzgj{m!lg!€p~nmjm!i!vpsigrgj=!rm!€qvmli! ~pwkpjrih{i!i!~pwkugupqu{i!gqrgui=!ltmqppÅp!rm!yvmlgjg=!rpuptp{jilrm!yvmlqm=!zgvzm! yvgjil! {gvky‚inmjm! i! gvsmri€ivmrigj! {vi~irmt=! p{grg~u{i! vm€lgn! i! ug‚inmtrm! ztmsgugujgnzm=! ƒujm{rklmnoi! si! qgujisrklmÅmjm! gq! „…viqu{igj! †gsglgv=! †gsglgvgj! gq! fvpuym=! †gsglgvgj! €m! qgzvgugupqujlg=! htprujlgjg! lg! ‡ˆ‰„! i! yghpjg{gj! rm! yvpsglgvijp! €m! htprujlg!lg!Šlvgyu{mjm!‹rinm=! !! |lpuri!qp{m!{grjirkivmrg!i!gzpqirpji!~gŒp!qm!up!rmyvmli!yglpop!i!qm!up!vmzgji!kjp! ygqgzvg!i!ug!ygsgtp~m!ygulpjprguj!rm!uijp!rilgm=! xppri=!zp€!rijk!pqrm!qvksm!mtjpvrmjilm=!€m!irjpsvm‚inm!lg!Šlvgyu{mjm!‹rinm=! ! çmsviŒpri! €m! ygujgnmrijp! i! gv{pujvivmri! €m{mri! €m! rmijp! plvgHm~pvi{mru{i! gyvpqptzi=!{m{g!i!gziqijp!qm!sg!ygyvphmj!rmigj!!plvgyu{i!ymj=!! !! fvpjupqmjptijp!rm!ygtijih{ijp!ymvjii=!pqrgstmurg!up!€mtgŒinm!€mJ!! ! 789:;<;=7;)>8?8@8A) !! ‡ip=!qgtkygjyimrijpJ! !! Ži!ygjlvqklm~p!ygtijih{ijp!gyvpqptzi!{m{g!i!qp~g{vmju{ijp!lvpqrguji!iujm{rmji!lg! fvpm~zktmjm! rm! ygtijih{mjm! qp{tmvm‚inm! rm! Šlvgyu{igj! èvgrj! i! up! €mtmsm~p! €m! ujvmjp{m! {gmti‚igrm! ugvmzgj{m! €m! yvpjupqmjptu{ijp! i€zgvi! rm! LM! myvit! i! ymvtm~prjmvrijp!i€zgvi!rm!N!~mn!LOLM!sgqirmP!!
  • 9. ! F" ! Ži!gzlv€klm~p!uijp!rmi!ymvjiu{i!jptm!qm!ygujmyklmmj!ugstmurg!gzlvu{ijp!gqrmyvpq! kjlvqpri!lg!glgn!êgmti‚iu{i!qgsglgv!i!lg!kugstmuprmjm!ygtijih{m!yvgsvm~m=! !! Ži! kymjklm~p! rmijp! ymvjiu{i! jptm! qm! sg! utpqmj! ŠlvgHˆ~pvi{mru{igj! {kvu! {m{g! pqirujlprm!mtjpvrmjilm!€m!€mpqrih{mjm!iqrirm!rm!|plpvrm!}m{pqgrinm!i!qm!up!€mtgŒmj! €m!‚ptgurg!uyvglpqklmÅp!rm!rgv~ijp!i!qk…gj!rm!„…viqu{igj!qgsglgv=!†gsglgvgj!gq! fvpuym!i!qgzvgugupqujlgjg!i!€mjlgvmÅpjgP!uijp!gjlgvpri!yvmmÅm!ug!ugupqijp=! !! |p!gzlv€klm~p!€m!ujvmjp{g!yvinmjptujlg!~pwk!rmijp!rmvgqi=! !! |~pjm~p! qp{m! rmpjg! l{tkhklmÅp! lg! yvg‚pugj! rm! irjpsvm‚inm! i! kujmlri! i€~pri! p! rpgjkwilg!i!yvpjujmlklm!smvmr‚inm!€m!ujmzitri!i!kuypri!vpprinm=! ‡mm! ‚pt! p! èpv! i! pqrm{lg! ltmqppÅp! rm! yvmlgjg=! rpuptp{jilrm! yvmlqm=! {m{g! i! jvmruymvprjrguj!i!myugtkjrm!rpyviujvmurguj!rm!ukqujlgjg=! Žmvmrjivm~p!ymvjrpvujlg!i!ygqqv{m!rm!rmnliug{ijp!gvsmri!rm!yvmlqmjm!lg!zgvzmjm! yvgjil!{gvky‚inmjm!i!gvsmri€ivmrigj!{vi~irmt=! ‘m!yvg~glivm~p!lvpqrgujm!rm!vm€lilmÅp!rm!{grupr€kmtrmjm!qp~g{vmjinm!lg!ugstmurguj! ug!qk…gj!rm!„…viqu{igj!qgsglgv!i!‹ujmlgj!rm!xpykzti{m!|plpvrm!}m{pqgrinm=! ! êgrujmjivm~p! qp{m! tpsiji~ijpjgj! rm! fvpjupqmjptgj! jvpzm! qm! yvgi€tp€p! gq! qlgjvpjiru{g!~rg€irujlg=!ygjlvqprg!i!gq!~rg€irujlgjg!rm!’mqprjpv!lg!|gzvmripjg!€m! qm!up!gzp€zpqi!‚ptgurm!qvŒmlrm!i!~pwkpjrih{m!{grupr€kmtrguj=! ! „‚prklm~p!qp{m!vku{mjm!€m{mrm!€m!€p~nmjm!i!vpsigrgj!p!qpujmziti€ivmh{i!èm{jgv!{gn!nm! gyèmjit! rmmjm! p{grg~inm=! {vijihrmjm! irèvmujvk{jkvm=! ygtijih{ijp! ymvjii=! ~pqik~ijp=!lpvu{ijp!€mpqri‚i=!svmwmru{gjg!gyjpujlg!i!i~m!€m!‚pt!qm!nm!qpujmziti€ivm! rmmjm! {vpl{m! ~ktjipjrih{m=! ~ktjivptisig€rm! i! ~ktji{ktjkvrm! gyjpujlgjg! qm! yvg~glivm!qg~irg!pèp{j!lg!‚ptigj!vpsigr=! ! ‘m!yghijklm~p!utgzgqmjm!rm!i€vm€klmÅp!i!~pqik~ijp=!{gi!~gvm!qm!ziqmj!yvprpupri!ug! liug{m!ulpuj!€m!gyjpujlprm!gqsglgvrguj!qkvi!i!gq!rguijptijp!rm!glgn!yvg‚pu=! ! fvg~glivm~p! p{grg~u{i! vm€lgn! i! pqrm{li! ~gŒrguji! {m{g! rmnyvmlpqpr! ~gqpt! rm! ztmsgugujgnzm!lg!~ktjipjrih{g!gyjpujlg=!jg!op!up!ygujisrp!yvp{k!zv€=!gqvŒtil!i! ir{tk€ilpr!p{grg~u{i!vmuj=! !! ‘m! ygji{rklmrp! irjpsvm‚inmjm! rm! qinmuygvmjm! lg! p{grg~inmjm! rm! €p~nmjm! ziqpnoi! jmm! yvpjujmlklm!lmŒpr!ygjpr‚inmt!€m!p{grg~u{i!vm€lgn=!qgqp{m!vpsigrmtrmjm=!plvgyu{mjm!i! stgzmtrmjm! p{grg~u{m! irjpsvm‚inm! op! yg~gsrp! qm! up! ug€qmqmj! rgli! ym€mvi! yvp{k! {vpivmÅp! ygtiji{i! €m! p{grg~u{m! tizpvmti€m‚inm! i! svmqpÅp! ujvmjp{i! irèvmujvk{jkvri!yvgp{ji!jvmruygvj=!prpvsinm!i!ƒ‰!{g~kri{m‚inm!lg!êgviqgvgj!guk~!i! qpupj=!{m{g!i!yglv€klmÅpjg!ug!ugupqrijp!€p~ni=! ! ‘m!‚pri~p!ygjvpzmjm!gq!{grjirkivmrm!ir{tk€inm!i!{g…p€inm!yvp{k!pqrm{gl!yviujmy!qg! nmlrijp! èirmruii=! vm~rg~pvpr! tg{mtpr! i! vpsigrmtpr! vm€lgn=! {m{g! i! ug‚inmtrm! pqrm{lguj=!glg€~gŒklmÅp!{lmtijpjrg!gzvm€glmrip!i!€qvmlnp!€m!uijp=!rg!i!vm€lgn!rm!
  • 10. ! D" uygvjgj!i!{ktjkvmjm!{gi!op!glg€~gŒmj!p{grg~u{i=!ug‚inmtri!i!jpvijgvinmtrm!{g…p€inmP! ƒujg! jm{m=! rmjm~grgjg! rm~mtklmÅp! rm! rplvmzgjprgujm=! gjlgvmÅpjg! rgli! vmzgjri! ~pujm!gugzprg!€m!~tmqijp!i!zgvzmjm!yvgjil!uivg~mjinmjm!op!glg€~gŒmj!ir{tk€ilpr! vmuj=!jm{m!jg!yviqgzil{ijp!gq!p{grg~u{igj!vm€lgn!si!l{tkhklmmj!uijp=! ! Ži! ygqqvŒklm~p! rmygvijp! €m! €mnm{rklmÅp! i! ygqqv{m! rm! gzvm€glmripjg=! rmk{mjm=! irglm‚iijp!i!ujmrqmvqgj!rm!ujkqprjijp=!{m{g!i!vpègv~ijp!lg!gzvm€glmripjg!lg!u~iutm! rm! ygqismÅp! rm! {lmtijpjgj! {m{g! pqpr! gq! stmlrijp! ujgtzgli! rm! gyjpujlgjg=! yvg~glivmÅp!rm!i€lgrvpqrgujm!i!uiujp~mji€ivmÅp!rm!{mqvijp=! ! Ži!yg{mrklm~p!lg!ymvjrpvujlg!uijp!yvgsvpuilri!gyjpujlpri!uiti!lg!€p~nmjm!{gi!qptmj! iuji!lvpqrguji!ug!rmu!qm!ri!up!yviqvkŒmj!lg!rmijp!rmygvi!€m!jgtpvmrjrg=!qp~g{vmju{g! gyjpujlg=!ug!gqvŒtilm!zp€zpqrguj!i!ujmzitrguj=!ug!€qvmli!~pwkpjrih{i!gqrgui=!ug! qgzvgugupqu{i! gqrgui! ! i! €m! rmq~irklmÅp! rm! gjlgvprijp! yvmmÅm=! €m! ‚ptgurm! irjpsvm‚inm! lg! Šlvgyu{mjm! krinm! {m{g! i! €m! gqvŒtil! p{grg~u{i! vm€lgn! i! ug‚inmtrm! ztmsgugujgnzm=! !! Ži! klpvklm~p! svmwmrijp! qp{m! rp~m! qm! yvpujmrp~p! qm! vmzgji~p! {gr! gujlmvklmÅp! rm! i€zgvrijp=! yvgsvm~u{ijp! i! rm‚igrmtrijp! gyvpqptzi! lg! ugstmurguj! ug! qglpvzmjm! i! irjpvpuijp!rm!mtzmru{igj!rmvgq!i!rm!uijp!svmwmri!lg!|plpvrm!}m{pqgrinmP!! ! """! " "
  • 11. ! !B" ()"#*+',-.-' ! ! BC)3'").#5+$131,("#)!"#)(")D'1(-") ! K$(4+*+! &! ,/*/*! LOLO! $! >;%$($+! %'3&(/(4*! .1! )1'%+*1(/.1! &*./%&! *1! %+.5/5+*/*! )1'! *1! *43&'! 09&*7&*!&!'&?7/0/*!0;./(*!0&!);-/*/%+!)1'7+(4*$&(&P!“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”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•.*&?'/0/! ?7/*4+(4*$! )1'>(4/.! &54&! (*+.5+'5&*! &$';)/+.&! .1! ,&.5! 54&! '+7;.P! I'/7/0/! /! (*+.5+'5&,&! &$';)/+.&! .1! ,&.5/.! *;.1! 54&! 9+(4%1)$./0/! '+7;.+-! 5;! *1! %;.*'/9$;7.1! .1! %'/7/0/.!&!)+2&(!(1!21.5'$&(40&!54&!A4,/--/0/.!&!'+7;./*!*1!F+--%+./*!C&'1.5/0;'P! ! S/! +.1*+'! /! DE@BH(! 54&! )+'*.&'! (*'+*&?7/%! 0&! S`FEH.1=! 5;&0;(! 5$4&*! *1! )+'+.5+-;701! .5/%/0/.!'$(!.1!,&.5=!.1!01.3'1!*1!5'&7*)1'5'&7*!54&!*1'*4;'+A/P!:&!A4,/--/0&*!.1!Q%'+/.1=!
  • 12. ! !!" I;(;,1=!F;(.71=!:+-!*1!–/=!:;-5+,/=!T7&;'?7/=!—!S*+.&*!dI+A+%/(*+./=!I/'?/(*+./=!@+U4/%/(*+./=! @$'%0&./(*+./!54&!QA9&%/(*+./e!54&!”/.57&!*1!:&(0&=!1(4*1!*4&-91(;'&!21!.7&'1A/*!*+!(4;4/.! ''&A/%$.! &! 5&(*+9/-/A/0/*! .1! F+--%+.=! 09/! *1! ?7/*4+! .1! :+2&5;./.1! &! <&'/$*! (/! .71! (4;21'/! 0$-*/&*./%&=!0$-*/%$-*$';'&!54&!0$-*/'&-/?7/;A&P!'ML)NOHPHGHQ)#RSI! ) ) TC)$&##"*+,-'+)+)./3,+3,K,1()+./3/$1.) ! C+(!:+''1,&(47&(!(1!B4'/*=!:+''1,&(47&(!(1!C'&()1(!54&!:+''1,&(47&(!)1'!:+''1541./&!*1! :/'+!K2/.71(;'&!0&!F$--?+'/.1=!%+!+'54$'!%;4+!)1'!.71!0+''1,&(47&!*1!0+54&=!'&()&%*/,/(4*! )1'! :+''1,&(47&.! &! I;.(&.($(/*! G%;.;0/%! d:+''1,&(47&! I;'./A1! G%;.;0/%&eP! D71! :+''1,&(47&!&!%;.(&($(/*!21!5;!*1!+''/4&*!0&!5/+-;?!*1!,+A45$&(410!54&!)+'*.&'/*&*!0/5/(! );-/*/%91'1(,&=! ''&?$--+*;'1,&=! %;0$./*&*/*! *1! 9/A.&(/*=! (/.5/%+*+,&! *1! )$.1*;'1,&=! +%+5&0/+(1!54&!(4;21'/(1!6/,/-&=!(/!54&!;'?+./A+*+*!&!%;.$(0+*;'1,&=!)&.(/;./(*1,&=!'/./+!&*7P! ! :+''1,&(47+!&!I;.(&.($(/*!G%;.;0/%=!?7&?71(/(4*!:+''1,&(47+!I;'./A1!G%;.;0/%&=!(3.;.!*1! (/?$';71!%;'./A1!)1'!0$.51(/!*1!9+'+9+'*+!.1!.71!&%;.;0/!*1!-/'1!*1!*'&?$*!>$.%(/;.+-!0&! %;.%$'&.61! *1! .5&'(40&! 54&! A4,/--/0! *1! 9+'+9+'*1! '+7;.+-! 54&! /.>'+(*'$%*$'1! 21! %'/7;.! 0$.51(/!*1!9+'+9+'*1!.&!&%;.;0/!)1'!*1!?7/*41!)7&(10+''1(/*!)+,+'1(/(4*!)1'%+*1(/(1!(1!*3'&! &*./%&=!%$-*$';'&=!?7/.;'&!54&!?'$)&!*7&'+!*1!(4;21'/(1P! ! :+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! 5;! *1! (/?$';71! %;.(&.($(! );-/*/%! 54&! (4;21';'! )1'! )'/;'/*&*&*!A4,/--/0;'&=!);-/*/%+*!54&!'&>;'0+*!%'3&(;'&!21!5;!*1!0$.51(;7.1!9+'+A/!(;6/+-&! 54&!0$.51(/!*1!9+'+9+'*+!&%;.;0/%&!)1'!*1!?7/*41=!5;!*1!%'/7;7.1!;)*/0/A10!54&!5;!*1!.U/(/.! ''/*7&! &%;.;0/%&! *1! )1'(4)&7*$+'! d09/! —˜! ''/*7&! &! CFFH(1! .1! ./,&-! ,7&*;'e=! A4,/--/0! *1! 21.5'$&(410!54&!?7/*41)1'>(4/'1(!)1'!(*+.5+'5!54&!6/-1(/!01!*1!-+'*1!*1!7&*&(1(!)1'!*1!?7/*41! 23*&*+'1*P! ! :+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! 9+A;4&*! .1! ;'/&.*/0/.! (*'+*&?7/%! *1! ,&.5/*! )1'! +.1*+'1(/0! .1! F+(4%/0/.! G$';)/+.! 54&! )1'6+%*/0/.! &$';+*-+.*/%! *1! ,&.5/*! .1! %;.*&%(*/.! ?7&;(*'+*&?7/%=!(/!+.1*+'!.1!DE@B!54&!)+'*.&'!(*'+*&?7/%!0&!S`FEH.1P! ! :+''1,&(47+!&!I;.(&.($(/*!G%.;0/%!(/!)+'+%$(4*!%+J!(*+9/-/*&*/.!);-/*/%=!2&,&'/(7&.!&!0/'1=! ($.5/0/.!&!-/?7/*=!-$>*1.!%$.51'!%;''$)(/;./*!54&!%'/0/*!*1!;'?+./A$+'=!(/!54&!+50/./(*'+*1.! )';>&(/;.+-&!54&!&>/%+(&!0&!(41'9/0&!)$9-/%&!*1!5/?7/*+-/A$+'+P! ! :+''1,&(47+! &! I;.(&.($(/*! G%;.;0/%! (3.;.! %1*;! )'/;'/*&*&J! G%;.;0/! %;.%$''$&(&! 54&! *'+.(>;'0/0! 5/?7/*+-™! –4,/--/0! /! 21.5'$(410! 54&! *'+.(>;'0/0! /! ?7&-91'™! •.>'+(*'$%*$'1! 0;5&'.&!54&!A4,/--/0!/!9+'+9+'*1!'+7;.+-™!I+)/*+-/!.7&'1A;'!54&!6/-1(/+!&!7&*1(™!(/!54&!8/./!+%*/,&! 54&!(4;21'/!&!9+'+9+'*1P! ! G%;.;0/+!%;.%$''$&(&!54&!*'+.(>;'0/0/!5/?7/*+-!.1.%$)*;.!''/*7&!*1!)1'(4)&7*$+'!54&!>/.+.6+! *1!21.5'$&(40&=!07&5/(!*1!0/'1!)1'!9/A.&(=!-$>*1!%$.51'!0;.;);-&,&!54&!;-/?+'%/(1=!-$>*1! %$.51'!&%;.;0/(1!7;>;'0+-&!54&!(/(*&0!*+*/0;'!*1!5'&7*1!54&!-;7+-=!(/!54&!)1'%'+47&!.5+7! 9/A.&(/*=!()&6/+-/A/0!*1!A?7$+'!54&!5/?7/*+-/A/0!*1!&%;.;0/(1P! !
  • 13. ! !." –4,/--/0/!/!21.5'$&(410!54&!*'+.(>;'0/0/!/!?7&-91'!5;!*1!)1'2&.5';4&.!.1!+09/&.*!*1!)+(*1'! 54&!*1!(41.5&*(410=!&.&'?7/!*1!(/?$'*1=!)1'*1'/*1(&!54&!&>/%+(/*&*!&.&'?7&*/%=!(/!54&!9$721(/! 0;5&'.&!54&!$(42/0!*1!21.5'$&(410P! ! •.>'+(*'$%*$'+!0;5&'.&!54&!A4,/--/0/!/!9+'+9+'*1!'+7;.+-!7+.1!%3R&!)1'!&%;.;0/!*1!,;?1-!54&! *1!4+)$'=!?7&?71(/(4*!%;''/5;'&*!)+.&$';)/+.&!N!54&!c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
  •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`$+4(#a,%('(20/0'$ !! W'0/$(/"'0+4N2$7%'$H+,='$,#,('&/0'$ !! >205='5=2,#$#47#;#7?+"'$7%'$""/5+0#7%24#'$ $ !! !7&#4#,(0+(2$10/U',#/4+"'$7%'$,%20[#&'$1?["#-'$(2$7#5=#(+"#<?+0+$ !! .#5=#(+"#<#&$#$10/N',';'$7%'$,%20[#&';'$1?["#-'$ !! 37'4(#('($7#5=#(+"$120$HM('(+02($7%'$,?[='-('($=?0#7#-'$ !! 8#/05+4#<#&$7%'$/1(#&#<#&$#$/05+4';'$,%('(20/0'$42$'U#-+,'$7%'$U?4-,#/4+"'$ !! 8+N#/4+"#<#&$7%'$/1(#&#<#&$#$+7&#4#,(0+(2,$,%('(20/0'$ !! >20U+H2,#&$#$70'=(2$7%'$+7'-?+($42$(2$5=#(%+$4#;'"'($'$?7%2%'H=',$42$,'-(/0#4$ 1?["#-$ !! .#;'0,#('(#$42$&='7#,#4$'$1?42,$1201+0,#$120$/05+4#<+<+(+($42$,'-(/0#4$10#;+($7%'$ H%120#42$N#;#"'$ $ !! 8'47#$7%'$,#5?0#+$ !! R05+4'$(2$0'47#($7%'$,#5?0#,2$H2$5+0+4(/=42$"#0#42)$1+H'4$7%'$,#5?0#42$120$G7/$ HM('(+0$7%'$,?[='-($=?0#7#-$ ! ! !
  • 15. ! !-" !"!"#$%&%'()*%#%#+(',# ! ! “&,&'/(7+! &! 0/'1! /! '&>&';4&*! 0&.+U4/0/*! &>&%*/,=! &>/%+(=! *1! 9+'+9+'*1! 54&! &*/%! *1! ,&.5/*=! ;'?+./A+*+,&! ;(&! /.(*/*$6/;.&,&! 0&! 21--/0! *1! )';0;,/0/*! *1! 0/'12&./&(! (1! 23*&*+'1,&P! “&,&'/(7+!&!0/'1!)1'>(4/.!)+'/0&!54&!)'+%*/%+!*1!.5'3(40&!21!5;!*1!(/?$';7.1!21!)';6&(&*!&! ,&.5/00+''7&(! 54&! A9+*/0/*! *1! 7&.1! *'+.()+'&.*&=! )7&(10+''1(&=! *1! ;'/&.*$+'+! .?+! %;.(&.($(/=!*1!)1'?7&?7(40&=!?7/*41)1'>(4/'1(&!54&!*1!9+'+9+'*+P!š+!.71!,1(4*'/0!01!/!+>1'*!/! +*'/9$*&,&!%'3&(;'&!*1!2&,&'/(7&(!(1!0/'1J! ! (UWNSVWUENXWC!C';6&(&*!54&!,&)'/0&*!&!,&.5/00+''7&(!%'34&.!.1!01.3'1!*1!4+)$'=!5$%&!$! 0$.51($+'! )+-1,&! *1! /.*&'&($+'+! 21! *1! %&.1! +%(&(! .1! /.>;'0+6/;./.! 21! $! .&,;7/*&*! )1'! %$)*/0/.!54&!0;./*;'/0/.!&!;)&'+6/;.&,&P! ! 0YMZWUHO[NHWC!<&.5/00+''1(/*!.1!“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•.(*/*$6/;.&*! 54&! )';6&(&*! )1')/2&.! *$! (41'9&7.1! *1! ?7/*41! )+-1,&! *1! /.*&'&($+'+!9'&.5+!.71!+>+*/!*1!+'(3&(410!%;4;'P! ! .MNSENSRSHC!“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“&,&'/(7+!&!0/'1!1(4*1!*4&-91(;'&! )1'!A4,/--/0/.=!)+(/!+7;!%'/7;.!9&(/0/.!0&(!23*&*+'1,&!54&!(4*&*/*=!.U/*!%;4&A/;./.!(4;21';'! 54&!+,+.6;.!''/*7&.!&!21.5'$&(40&!&%;.;0/%&P!D71!)&'()&%*/,1!&$';)/+.&!)1'!23*&*+'1*!54&! ,&.5/.!*;.1›!
  •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`1)+)!0/(")a-+)%&,-."!"#D'+D'",1) ! D&!5;!*V/!09';701!54&!+,+.6;701!*1!5'&7*+*!54&!-/'/*1!*4&0&-;'&!*1!.7&'/$*!54&!%;0$./*&*&,&! .1!8&)$9-/%1.!&!:+2&5;./(1!(1!<&'/$*=!0&!?+'+.*/0/.=!%$-*/,/0/.!54&!09';7*7&.!&!/5&.*/*&*/*! &*./%=!%$-*$';'=!?7$41(;'!54&!>&*+'!*1!*1!?7/*4+!9+(4%1(/,&!.1!,&.5P!F+'+A/+!&!)-;*1!5;!*+! )1'>;'6;71!-;7+-/*&*/.!.5+7!(4*&*/*=!'&()&%*/,/(4*!9+(4%1)1'?7&?71(/.1!.1!,&.5/00+''7&P! ) !U^WbSHGH)H)OUEFQ)O[E)WOEPRWQL)VUOMUHGH)H)ZFR[S)O[E)SHGcMYE_E)PMGc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dEGHNHSQUH)H)VWU)S[bHVQWUC)D71!A;œ0!/!3.1!)';?'+0;'!.1!A?7&547&*!&!,/œ*!LOLO=!*1!6/-/.!*+./01! &!'&+-/A$+0P!:&!%1*1!4;5410!);(4*1!0/œ.!5/(+5&%+51(4!)1'!,&.5&!+);!);A/*+!(4*&*1';'&!*1! ù'&A&',$+'+ž!&%(%-$A/,/(4*! )1'! &*./*&*&! *1! 6+%*$+'+P! I'3&0/./(*'/! /! )+'1! (42/)*+'! .$%! 1(4*1! *47&(4*!.71!>$.%(/;.!);-/*/%=!);'!1(4*1!.71!%;.6&)*!54&!/5&;-;?7/!&!9+'+A/(1P!D71!I'3&0/./(*1'!/! 6/-/!$./>/%;.!54&!4+)!.71!&);%1!*1!'&!.1!4/(*;'/.1!&!:+2&5;./(1!(1!<&'/$*=!5$%&!&!91'1!(4*&*/.! *;.1!.71!+,+.?+'51!*1!,1'*&*1!*1!9+'+A/(1!54&!5&0;%'+6/(1!.1!'+7;.!54&!01!?7&'1P!•5&7+!&! I'3&0/./(*'/*!*1!)+'1!(42/)*+'!1(4*1!/5&!$./Ÿ%$&(&!21!(3.;.!*V/!4&541!);(4*1!5;?0+œA/0&*! 54&!)+'+?73%/0&*!&!*'+(41?$+'+!.?+!&!%+-$+'+!54&!*+!)';0;,;71!9+'+A/.1!&!,1'*&*1!(4;21';'&P!! ! I1*1!%;.(/(*&.61!54&!)7&%$'/!);-/œ%&!5&'/!01!*+./!&!%&0/!51(40$+'!&54&!.1!*1!%+-$+'1.!5$%&! 0+''1!);A/*+!%3R&!21!5&'/!+*14&'1!/(4/.!*1!'&A&',$+'+!54&!0&!*1!6/-+*!+(.714&'1!.$%!%/(4/.! $5414&2$'! (42/)*+'1*=! (/! )(4J! I'3&)+'-+0&.*+'/=! 0/./(*'/! /! :9';7*7&(=! 0/./(*'/! /! C$.1,&! *1! F'&.(40&=! 0/./(*'/! /! K/.+.6+,&=! 0/./(*'/! /! C$.1,&! *1! š+(4*0&=! %'3&*+'1*! .1! ?73%+*+! 54&! )';%$';'/=!&*7P)
  • 17. ! !A" HHC)a+$/.#&21)./3,+3,K&0+)a-+)e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dEGHNHSQU) VU) Q) ZFHQ[C! C$(4*&*/! &%A&%$*/,! /! 9+A$+'! .1! 5&0;%'+6/.1! &! (4$0/61(! )+'-+0&.*+'&!%+!)$(4*&*!54&!)1'?7&?71(/!.1!$5414&27&.!&!,&.5/*P!C;A/6/;./!/!I'3&0/./(*'/*!(/! )$(4*&*!01!)1'?7&?71(/.1!);-/*/%&!01!*1!-+'*1!5;!*1!7&*1!.1!(41'9/0!*1!*1!?7/*41!23*&*+'1,&! )+,+'1(/(4*! )1'%&*1(/(1! (1! *3'&! &*./%&=! %$-*$';'&=! >&*+'&=! ?7/./(1! &*7P=! );'! 5;! *1! 7&*1! .71! I'3&0/./(*1'!)1'!*1!?7/*41P!C+(!%;.6&)*/*!)1'!ùI'3&0/./(*1'!*1!)+'1!(42/)*+'ž=!%;.6&)*/!+%*$+-! 1(4*1!ùD71!I'3&0/./(*1'!)1'!*1!?7/*41žP! ! fE_EUHWC!:&!21--/0!*1!+,+.6/0/*!*1!>$.%(/;./0/*!*1!“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¡!&!,;*+,&!54&!0&!,;*/0!*1!53>/(4*1!5$%&! '&()&%*$+'!)+'/0/.!&!F+5&.*&'/*P!I7;!)';6&5$'1!5;!*+!9171!C'&(/5&.*/.!/.(*/*$6/;.!$./>/%$&(! 54&! %;.(&.($+-! 0&! R%+! /! .5/40;.! 5&0;%'+6/(1! (1! ,&.5/*! 54&! ''/*! 9&($&(401'/.1! (/! )1'>+21($&(!/!*1!?7/*41,&P!! ! ! HHHC)./-+`1/3),-/f"#/#)3")a1*+#,1(+(13).K0(K#/#)) ! .M[E]HMNH)S[MbUMUC!I+!*1!9171!0&!9+(4%1)$./0/.!54&!0/'1%$)*/0/.!.51'&*./%=!0/'19&(/0/.! 0&(!%;0$./*&*&,&=!'&(&%*/.!&!.51'(7&--1!%$-*$';'!5$%&!%'/7$+'!4+'0;./!.1!(4;21'/P!I7;!5;!*1! %'/7;71! %$(4*&! )1'! /.*&?'/0! *1! 9'&.5(410! (+! 01! *1! 0+54! 54&! 9+'+A/! 0&(! *1! ?7/*4+! %;0$./*&*&,&!5$%&!&,/*$+'!0+'?7/.+-/A/0/.!54&!5/>&'&.6/0/.P! )
  •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“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dbSMU)H)VW_WURUL)GE)HNQEZUHQEQ)O[E)E^HPWSP!D71!.?+!)'/;'/*&*&*!&!'&>;'0+,&!1(4*1!*1!%&0/! .71!T7321(;'!*'+.()+'&.*!54&!0&!9&($&(401'/!.1!;)/./;./.!&!?7&'1!.1!,&.5!54&!%$5;=!21!5;! *V/!09';71!*1!5'&7*+*!54&!-/'/*1!*4&0&-;'&P!#;!*1!,+A45;701!*V/!)';0;,;701!>$2/(410!%1*;! %'/*&'&!.1!>$.%(/;./0!*1!,+A45$&(410!*1!T7321(;'/*P!C+,+'1(/+!&!T7321(;'/*=!5;!*1!09';4&*!(/!
  •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™!+$*;.;0/+!54&!)+,+'1(/+!&!)';%$';'/,&™!%;'./A+*!5/(/)-/.;'&!54&! --;?+'/541./+!)1'!?732*+'1*!54&!)';%$';'1*™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dbSMUP!I7;!5;!*1!+''/4&*!)1'0&(!'/(4/%/0/*!*1!)';6&(/*! *1!'&%'$*/0/*=!)1'A?7&547&(=!&01'/0/*=!,-&'1(/0/*=!+,+.6/0/*=!*'+.(>&'/0/*!54&!(4%+'%/0/*!*1! ?732*+'1,&!54&!)';%$';'1,&=!21!5;!*1!,+A45;71!&54&!.1!)&'/$541.!&!+'54(40&!M!,7&R+'&! .1)1'07&*!/0)-&0&.*/0/*!*1!%1*3'&!0+(+,&!54&!+%*/,/*&*&,&J! ! !! <&.5&*! &! A9'+A1*+! )1'! ?732*+'1! 54&! )';%$';'1! 5;! *1! )-;*1(;4&.! )1'0&(! /0)-&0&.*/0/*!*1!(*'+*&?7/,&!)1'!0&.+U4/0/.!&!'&($'(&,&!.7&'1A;'&!.1!?73%+*+!54&!.1! .71(/*1!&!C';%$';'/(1!C$9-/%&™! !! C1'0/'1(/0/!/!%;'./A1(!-/?7;'&!)1'!'&%'$*/0=!)1'A?7&547&=!&01'/0=!,-&'1(/0=!+,+.6/0=! *+.(>&'/0!54&!(4%+'%/0!*1!?73%+*1(,&!54&!)';%$';'1,&™! !! :/'+*/0/!54&!/0)-&0&.*/0/!.1!%;41!/!”/?7/*!*1!C';%$';'/(1!C$9-/%&!54&!”/?7/*!*1!I1(4/--/*! *1!C';%$';'/(1!C$9-/%&=!*1!4+'0;./A$+'!)-;*1(/(4*!0&!-&?7/(-+6/;./.!54&!(*+.5+'5&*!&! F+(4%/0/*!G$';)/+.=!5$%&!)1'>(4/'1!&54&!0&.5/0/.!&!I;0/(/;./*!*1!<&.&5/%$*™! !! –?7/547&*! -/?7;'&! )1'! ''&?$--/0/.! &! )+?+,&! *1! ?732*+'1,&=! )';%$';'1,&=! )&'(;.&-/*! ?7321(;'!54&!C';%$';'/(1™! !! #;!*1!(/?$';4&*!)+,+'1(/+!>/.+.6/+'&!&!(/(*&0/*!?7321(;'!)1'!+''/*7&.!&!21--/0&,&!*1! S*'+*&?7/(1!?7321(;'&!dLOLMHLOLNe=!.1!)1')$*47&!0&!”/?7/.!&!F$U4&*/*!T7321(;'™!
  • 20. ! !D" !! I'/7/0/!/!0+(+,&!*1!,&R+.*+!)1'!09';7*7&.!&!,/%*/0+,&!54&!51(40/*+'1,&™! !! C1'6+%*/0/!/!%'/*&'&,&!)1'!)';0;,/0/.!&!?732*+'/*!54&!)';%$';'/*!)$9-/%!0&!21--/0!*1! ''/*7&(!(1!9&($&(401'/(1!(1!;)/./;./*!.1!'+);'*!0&!T7321(;'/.™! !! <&.5;(7+! &! )+'+%$(4*&,&! *1! *7&'+! )1'! 541./&.! &! )';,/0&,&! *1! %+.5/5+*1,&! )+'+! %;0/(/;.&,&!*1!&%()&'*1,&=!9+A$+'!.1!%'/*&'&!*1!-+'*+!54&!;97&%*/,+!)1'!,-&'1(/0/.!&! .7;4$'/,&!*1!*3'&P! ! !WUWNOWYHGH) H) PMUURVSHMNHQ) N) SHSQEGHN) ZFdbSMUC! I7;! 5;! *1! +''/4&*! )1'0&(! 0/'+*/0/*! 54&! /0)-&0&.*/0/*!*1!C-+./*!*1!'/!+%(/;.+-!)1'!)&'/$541.!LOL¢HLOL£=!/!6/-/!5;!*1!0$.51(;71!''/*7&.! &! %'&5/9/-/*&*/*! *1! T7321(;'/*! .1! (4*&*! 54&! 9&($&(401'/(1! (1! 23*&*+'1,&! .5+7! (/(*&0/*! *1! 5'&7*1(/(1P!I1*1!5;!*+!'&-/A;701!)1'0&(!%1*3'&!0+(+,&!%;.%'&*&J! ! !! :/'+*/0/!/!I;5/*!*1!'/!)1'!)';6&5$'1.!)&.+-&=!.1!)1')$*47&!0&!-&?7/(-+6/;./.!&!FGH(1! 54&!)'+%*/%1.!.51'%;091*+'&™! !! :/'+*/0/!/!C-+./*!+%(/;.+-!)1'!)+'+.5+-/0/.!&!%;''$)(/;./*!.1!T7321(;'!)1'!,/*&*!LOL¢H LOL£™! !! 8&5$%*/0/!/!%;41(!0&(+*+'&!*1!.&,;7(40&!)1'!A?7/547&.!&!+.%&(+,&!.5+7!A3'*+'1,&! ?7321(;'1=!.1!4+'0;./A/0!*1!)-;*1!0&!(*+.5+'5&*!&$';)/+.&™! ! .MNSMYHOHGH)H)^RNPSMNHGHQ)Q).S[HYYHQ)DFdbSMU)5;!*1!7&*1!.71!.?+!)'/;'/*&*&*!&!2&,&'/(7&(!(1! +'54(40&P!I3!;'?+.!5$4&*!*1!,&.5;(&*!.1!>$.%(/;.!*1!09';7*7&(!(1!/.*&?'/*&*/*!54&!)+,+'1(/(1! (1!?73%+*1(,&!54&!/.(*/*$6/;.&,&!54&!5$4&*!*V/!%$.51',/4&*!R5;!.5/%/0/!*1!7+(4*10!/!6/-/!*&.*;.! *1!)&.?;71!+);!%;0)';0/*;71!>$.%(/;./0/.!&!5'&7*1!*1!T7321(;'/*P)) ! –9+*/0/!54&!)1'0/'1(/0/!/!%;'./A1(!''&?$--+*;'&!*1!I1(4/--/*!T7321(;'=!0&!*4&%(!*1!,&R+.*1!.1! -/547&! 0&! )';6&5/0/.! 5/(/)-/.;'! 54&! +)&-$&(! *1! ?732*+'1,&=! .1! )1')$*47&! 0&! 0/(/;./.!! ,-&'1($&(! *1! I;0/(/;./*! G$';)/+.! *1! 0$+7/*! (4*+*;'! *1! ,/*/*! LOL¡P! D1! %1*1! 5'&7*/0! 5;! *V/! .51'0+''/0!%1*;!0+(+!%;.%'&*&J! ! !! C-;*1(/0/!/!”/?7/*!*1!I1(4/--/*!T7321(;'!.1!)+7*$&(401'/!0&!'&%;0+.5/0&*!&!0/(/;./*! ,-&'1($&(!*1!I;0/(/;./*!G$';)/+.!)1'!>$.%(/;./0/.!&!I1(4/--/*!T7321(;'!d(4*+*;'!LOL¡e! 54&!0&.5/0&*!&!I;0/(/;./*!*1!<&.&5/%$*™! !! C1'A?7&547+!&!+.1*+'1,&!*1!'/.7!*1!I1(4/--/*!T7321(;'!21!5;!*V/!A1,&.51(;7.1!+.1*+'1*! 21! $! %+! %+-$+'! 0+.5+*/=! 5;! *1! 914&*! (/)+(! %'/*&'&,&! *1! -/?7/*! *1! '/! *1! )-;*1($+'=! '&()&%*/,/(4*!*1!”/?7/*!*1!I1(4/--/*!T7321(;'™! !! T732*+'1*!54&!)';%$';'1*!21!/!.1.(4*';4&.!)';6&5/0/*!5/(/)-/.;'!5;!*1!%&.1!*1!5'&7*1.! &!?73%/0/*!*1!5'&7*1!54&!*1!5'&7*1.!)1'!*V/!%$.51'(4*$+'!5&'/!.1!/.(*+.6+*!&!+)&-/*=! ,&.5/0/.!54&!(+.%(/;.&*™! !! 8/(4/%/0/!/!%;'./A1(!-&?7/(-+*/,&!54&!>$.%(/;./0/*!*1!)1'?7/*4(410!*1!I1(4/--/*!T7321(;'! 54&! I1(4/--/*! *1! C';%$';'1,&! )1'! ''/*7&.! &! *'+.()+'&.61(! 54&! )+,+'1(/(1=! );'! &54&! )1'?7&?71(/(1!(1!(&6/-/*!+.1*+'!)1'!,&)'/0&*!&!,&*+P! ! +^HPWSHQEQH)H)DFdbSMUHQC)I7;!5;!*1!0$.51(;4&*!)1'0&(!/0)-&0&.*/0/*!*1!(/(*&0/*!>$.%(/;.+-! 54&!)-;*1(/(4*!*1!+$*;0+*/A$+'!)1'!0&.+U4/0/.!&!-1.51,&!.1!?73%+*+!54&!)';%$';'/=!5$%&! 0&.7+.$+'!*1'1(/(4*!(4)1'.5+'7&.!0+.$+-&!*1!-1.51,&P!:&!%1*1!5;!*V$!,/4&*!>$.5!.5/%/0&,&! *1!7+(4*0&!54&!5;!*1!-$>*;4&*!5$%$'/+!&!ù?732*+'1,&!+);!)';%$';'1,&!*1!)'&>&'$+'ž=!5$%&!
  • 21. ! .B" 0$.51($+'! )++.(401'/! 54&! )';6&5$'+! ?7321(;'&! *1! (4)&7*+! 54&! &>/%+(&P! D1! >$.%(/;.! *1! +''/*7&(!(1!%1*/7!21--/0/=!.1!0+.5+*/.!&!+'54(410!5;!*V/!.51'0+''/0!%1*;!0+(+!%;.%'&*&J! ! !! <&.5;(7+!&!0&%+./A0/*!)1'!0;./*;'/0=!)1'!*1!(/?$'$+'!(4>'3*1A/0/.!&!)-;*1!54&!&>&%*/,! *1!S/(*&0/*!•.>;'0+*/,!*1!:&.+U4/0/*!*1!T73%+*+,&!dEWW:•Se=!9+A$+'!.1!)1'?7&?7(401'/! 54&!'&()&%*/0!*1!0+(+,&!*1!)+'+)+'+!5/(/)-/.;'&™! !! D1!01.3'1!*1!)-;*1!54&!>$.%(/;.+-&!5;!*1!914&*!0&.+U4/0/!/!+$*;0+*/A$+'!/!'+(*&,&! ?7321(;'&!.1!)1')$*47&!0&!)'+%*/%+*!01!*1!0/'+!*1!F+(4%/0/*!G$';)/+.!54&!(4*&*&,&! +.1*+'&P!I7;!5;!*1!0$.51(;71!)1'(4)&7*/0/.!&!%;41(!(1!)';6&(/0/*!*1!'+(*&,&!54&! -1.51,&=! (/! 54&! '&5$%*/0/.! &! %;41(! (1! (7&--7&(! (1! ,&'5/%*&,&! ?7321(;'&! )1'! '+(*&! ()&6/>/%&=!.1!)1')$*47&!0&!:&*;5;-;?7/.1!&!I;0/(/;./*!G$';)/+.!)1'!G>/%+(/*&*/.!&! #'&7*1(/(1!dWGCGše™!! !! I;0/(/;./!/!:9/%123'7&(!(1!K$.%(/;.+-/*&*/*!*1!S/(*&0/*!•.>;'0+*/,!*1!:&.+U4/0/*!*1! T73%+*+,&! dEWW:•Se! 5;! *1! %'3&71! 09/%123'7&! (/(*&0;'&! 54&! *'+.()+'&.*&=! .1! )1')$*47&!0&!C-+./.!,7&*;'!*1!09/%123'7&(™! !! C1'>$.5/0/!/!A9+*/0/*!*1!S*'+*&?7/(1!(1!'&>;'01(!.1!5'&7*1(/!54&!C-+./*!*1!)1'5/*1($+'! *1! ,&)'/0/*=! 0&! >;%$(! *1! ,&R+.*1! .1! 0/'+*/0/.! &! -/?7&,&! 0&! *1! 6/-+*! ''&?$--;4&.! )';6&5$'+*!.1!(>&'1.!6/,/-&=!)&.+-&!54&!+50/./(*'+*/,&=!.1!)1')$*47&!0&!*1!?7/*4+!+%*&*! .;'0+*/,&!*1!FGH(1!54&!(*+.5+'5&*!.51'%;091*+'&™! !! S/?$'/0/! /! %$(4*&,&! )1'! *'+7./0/.! &! ,+A45$&(410! *1! ?732*+'1,&! 54&! )';%$';'1,&=! A4,/--/0/.!&!(*+.5+'5&,&!*1!0&.+U4/0/*!&>/%+(!*1!?73%/0/*™! !! Q./>/%/0/!/!)'+%*/%1(!?7321(;'&!)1'0&(!''/*7&(!(1!./,&-/*!*1!*'+7./0/*!*1!?732*+'1,&!54&! '/(4/%/0/*! *1! %'/*&'&,&! *1! ,-&'1(/0/*! )1'! ?73%+*1(/*! 54&! )';%$';'1*! )$9-/%1! 5$%&! (4>'3*1A$+'! )'+%*/%+! 54&! )1',;7+! *1! 0/'+! %'+4+($&(&! .?+! F+(4%/0/! G$';)/+.! 54&! ,&.5&*!+.1*+'&™! !! C1'6+%*/0/! /! 5&*3'/0/*! -/?7;'! )1'! *'+7./0/.! &! ,+A45$&(410! *1! +,;%+*1,&=! .;*&'1,&=! )1'09+'$&(,&=!0&5/+*;'1,&!21!5;!*1!;'?+./A;4&.!.?+!+.+!&!;5+,&!.1!9+(4%1)$./0! 0&!;'?+.&*!+);!/.(*/*$6/;.&*!&!*7&'+!(/)+(!.&,;71(P! ! ,QUWQEZFHW)][_HYYHGMUE)E)ZFdbSMUHQ)JgJhiJgJjC!</A/;./!/!3.1!1(4*&!.71!?7321(;'!/!)+,+'$'=!/! )1'?7&?7(410=!*'+.()+'&.*!54&!/!+%(&($&(410=!'&A/(*&.*!.5+7!.5/%/0&,&!*1!9'&.5(40&!54&!*1! 7+(4*0&=!/!6/-/!09';.!*1!5'&7*+*!&!.7&'/$*!54&!(/?$';.!($.5/0/.!&!-/?7/*!.1!01.3'1!&>/%+(&P! S*'+*&?7/+! >;%$(;4&*! .1! )&(1! >$(4+! %'3&(;'&! )'/;'/*+'&J! ?7321(;'/! 54&! )';%$';'/+! )$9-/%&=! %+)+6/*&*&*!&!/.(*/*$6/;.&,&!*1!);(+R0&!*1!(/(*&0/*!*1!?7321(;'/*=!)';>&(/;.&*!/.5/,/5$+-&!54&! (41'9/0&*!)$9-/%&=!T73%+*+!I$(4*&*$&(&!54&!>$(4+*!()&6/>/%&!7$'/5/%&!d)&.+-&!54&!6/,/-&e!*1! 6/-+*!7+.1!'&-&,+.*&!)1'!>$.%(/;./0/.!&!?7321(;'/*P! ! ! ! ! ! ! ! ! ! !
  •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
  •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
  •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
  •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
  • 26. ! .9" 9?3(C=<4D5@5(5(C=D=F3J(@3(E:H8<(6;(H:6E5<H5@56(3(@A343F3(9?3(CD:6=F3( 4;(E548=D=( !! );DE:DB5@5(5(69A3HA3<(9?3(593645E5H5@54(4;(D=<43F3(4;(H:6E5<H5@54(4;(CD:6;<( 5>37=>3J(E5H<5@5(5(CD:6=F3(4;(E548=D=(6;(@;6VD3(5>37=>3(9?3(@36=_?5@5(5( 4VD3J(@3(I;>>5@(4;(D8=A4A3<(<;(F>3D;<(<;(4VD3( !! 'D=A65@5(5(F=G?983<?;@(5(<4=E54(4;(*7A36B5<;(<;(-36=_?5@54(4;()D:6;<(<;( T:6E5<H8=DJ(<578D5@5(5(6A;(<:E4`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“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¡HLO¡O!)1'6+%*;.!%;'./A1.!(*'+*&?7/%&! 5'&7*!.71!+50/./(*'+*&!)$9-/%&!*1!5&);-/*/A$+'=!&>/%+(&=!&>&%*/,&!54&!*1!)1'?7&?7(40&!21!;>';.! );-/*/%+!6/-1(;'&!54&!(41'9/0&!-&4*1(/(4*!*1!+''/*(40&!)1'!23*&*+'1*!54&!($97&%*&*!+>+'(/*&P! I1*;! );-/*/%+! 9+A;4&.! .1! )+'/0&*! 54&! ,-&'+*! &$';)/+.&! 54&! %;.*'/9$;7.1! .1! ''/*7&.! &! 21.5'$&(40&!&%;.;0/%&=!($.5/0/.!&!-/?7/*=!%;4&A/;./.!(;6/+-!54&!0/'12&./&.!&!)1'?7/*4(40&P! I7;!(*'+*&?7/!9+A;4&*!.1!%+*1'!>$(4+=!'&()&%*/,/(4*J! ! !! –4,/--/0/!54&!%;;'5/./0/!/!);-/*/%+,&™! !! S41'9/0/!)$9-/%!54&!0&.+U4/0/!/!9$'/0&,&!.7&'1A;'&™! !! C1'?7&?71(/+=!--;?+'/541./+!54&!*'+.()+'&.6+™! !! B>'/0/!/!(41'9/0&,&!54&!*'+.(>;'0/0/!5/?7/*+-P! ! #;!*1!)$.;701!)1'!,+A45/01(/.1!&!'&>;'0+,&!.1!+50/./(*'+*1.!)$9-/%&=!0&!21--/0!*1!%'/7/0/*! *1! .71! +50/./(*'+*&! &>/%+(&=! )';>&(/;.+-&=! *1! 5&);-/*/A$+'=! 0&! 21--/0/.! &! ,&*10! 21! +7;! *1! (4.51'';4&*! .1! (&',/(! *1! ,1'*&*1! )1'! 23*&*+'1*P! D1! *1'1(/! 54&! .1! %;.*/.$/*&*! 5;! *1!
  •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cYHPE)VUM^ESHMNWYEC!#;!*1!(/?$';701!)';6&(!*'+.()+'&.*!54&!;97&%*/,! *1!'&%'$*/0/*!54&!&01'/0/*!*1!*1!)$.1($+',&=!5$%&!''/*$'!/.*&?'/*&*/.=!!)+,+'1(/.1!&! +50/./(*'+*1(!54&!5/?7/*+-/A/0/.!&!)';6&(&,&™! !! &_WNXHGH)H)SHSQEGHQ)GEUHQMPUWQHPC!C1'!*1!(/?$'$+'!.71!(*'$%*$'1!'&%'$*/0/!54&!+,+.6/0/! *1! 9+A$+'! .1! +>*1(/*1! 54&! )1',;71.! &! *1! )$.1($+',&=! 5$%&! )1'0/'1($+'! %1(4*$! )';>&(/;.+-/A0/.!54&!&>/%+(/*&*/.!&!+50/./(*'+*1(™! !! eRbH]HGH)H)PWVWXHQEQE_E)WOGHNHSQUWQH_EC!C1'0&(!E%+5&0/(1!(1!@'+7./0&,&!dE%+5&0/+! &!D1)$.1(,&!E50/./(*'+*/,1!54&!E%+5&0/+!&!K/.+.6+,&!C$9-/%&e™! !! 1NM_WXHMNH) O[E) OHZFHQWYH]HGHC! #$%&! /0)-&0&.*$+'! S*'+*&?7/.1! .+6/;.+-&! )1'! (4>'3*1A/0/.!&!*&%.;-;?7/(1!54&!0&*;5;-;?7/,&!*1!'&7+!)1'!*V/!)1'0/'1($+'!(41'9/0&*! 54&!)';6&(&*!+50/./(*'+*/,&P!S/!54&!.1!/.>'+(*'$%*$'1!54&!*&%.;-;?7/=!0&!)1'%'+47&! >/.+.6/+'&!54&!*&%./%&=!)1'!)1'?+*/*7&.!&!+50/./(*'+*1(!)1'!(>/5+*!&!'&7+!*1!&);%1(! 5/?7/*+-&™! !! &_WNXHGH)H)+iS[UcHGE_EC!–?7&'/0/!54&!)1'0/'1(/0/!/!(41'9/0&,&!;.-/.&!.1!)-+*>;'01.! 5/?7/*+-&!)1'!*1!;>'$+'!)1',;71!01!*1!-&4*1!54&!*1!)1'(4*+*(40&!)1'!23*&*+'1*!?7+*1! (41'9/0&,&!)$9-/%&™! !! /VQHGH]HGH)H)WOGHNHSQUWQS)VRcYHPE)VUGES)QUWNS^EUHGHQ)N)SEPQMUHN)VUH_WQC!–,;?1-/0/! /! .$0'/*! *1! *1! )$.1($+',&! .1! +50/./(*'+*1.! )$9-/%&=! .1)1'07&*! *'+.(>&'/0/*! .1! (&%*;'/.! )'/,+*! )1'! *1! ;>'$+'! 9$'/0&! )1'! (41'9/0&! 01! *1! 0/'+P! #;! *1! 09$-;4&.! %;.*'/9$*&*!(4*&(1!)1'!*'&!,/*&*!&!)+'+!)1'!*+!/.%$'+7$+'!(&%*;'/.!)'/,+*!21!*1!)'+.;7.1! .1)$.1(!+50/./(*'+*/,1P!I7;!./(01!(3.;.!*+!''/(1!&>/%+(/*&*/.!54&!6/-1(/.1!&!(41'9/0&,&! )$9-/%&™! !! #HMUZWNH]HGH)H)MUZWNE_E)S[QEQUMUEC!S/!'&>;'01!&!'1.51(/(40&!)1'!)1'0/'1(/0/.!&! (41'9/0&,&!)$9-/%&!54&!;)*/0/A/0/.!&!>$.%(/;.+-/*&*/*!54&!'+6/;.+-/A/0/.!&!%;(*;,&! )1'!23*&*+'1*!54&!9/A.&(&*™! !! 1OENQHQEQH)OHZFHQWYC!I'/7/0/!/!/5.&*/*&*/*!5/?7/*+-!)1'!23*&*+'1*!54&!($97&%*&*!7$'/5/%&!(/! 9+A1!&!/.*&?'$+'!.1!.71!)-+*>;'01!.+6/;.+-&!%$!5;!0$.5!*1!-/54&.!*1!?7/*4+!9+A+*!&!*1! 541.+,&!54&!(41'9/0&,&!)$9-/%&P! !! !MYHQHPW)VU)GWcFQFEN)E)WOGHNHSQUWQS)k#EQENQHMN)VMYHXHESlC!#;!*1!)';0;,;4&.!);-/*/%+! )1'!''/*7&.!&!)+?+,&!54&!.U/*7&,&!21!5;!*1'42/.!%$+5'+!)';>&(/;.+-!.1!+50/./(*'+*1!.1! )1'?7/*41(/=!(/!54&!+50/./(*'+*+!.1!);A/6/;.&!*1!-+'*+!$5414&21(&!)';>&(/;.+-&!54&! 7;);-/*/%&P!!
  • 28. ! .>" HC)&a$131,(#&(")!#/e+,1/3&0+)a-+)+e1.&,+) ! K$2/A/0/!/!%+)+6/*&*&,&!+50/./(*'+*/,&!1(4*1!.71!)';6&(!/!'1.51(/(410!)1'!*+!)1'0/'1($+'! &>/%+(/*&*/.! 54&! &>&%*/,/*&*/.! &! /.(*/*$6/;.&,&! 2&,&'/(1(&! 54&! ;'?+./A+*+,&! *1! *7&'+P! I7;! )1'>(4/.!/.,&(*/0&!.1!A4,/--/0/.!&!.7;4$'/,&=!+>*1(/,&!54&!%;0)&*&.6+,&!*1!*1!)$.1($+',&=!(/! 54&! .1! )1'0/'1(/0/.! &! /.>'+(*'$%*$'1(! +50/./(*'+*/,&! 54&! *&%.;-;?7/(1! (1! /.>;'0+6/;./*P! D1)1'07&*!*'+7./0&,&!*1!,+A45$&(40&=!$541A/0&,&!54&!(*+.5+'5&,&!*1!2+'*+!*1!,&)'/0/*=! >$2/A/0/!/!%+)+6/*&*&,&!+50/./(*'+*/,&!%'/7;.!07&5/(!*1!>+,;'(410!)1'!%'/7/0/.!&!);-/*/%+,&!*1! 0/'12&./&(!54&!)1'!*V/!+5'&($+'!(>/5+*!%;0)-&%(&!.1!01.3'1!&>&%*/,&!54&!&>/%+(&P! ! !! (UWFNHGH)O[E)][_HYYHGH)VUM^ESHMNWYC!:/'+*/0/!/!.71!);-/*/%&!*1!)1'2&.5'$+'!.1!A4,/--/0/.! &!%+)+6/*&*&,&!+50/./(*'+*/,&!)1'0&(!/.,&(*/0&,&!.1!*'+7./0!54&!A4,/--/0!)';>&(/;.+-=! .1!.71!/.(*/*$6/;.!*1!,&*10!!H!E?7&.6/+!&!E50/./(*'+*1(!54&!@'+7./0&,&P!I7;!);-/*/%1! (3.;.! *1! %'/7;71! .71! 07&5/(! %$! *1! )$.1($+'/*! %+.1! 0$.51(/! *1! ,+A45;7.1! *V/! )1'0/'1(;7.1!(4%+*4*1(/*1!&!*3'&!54&!*1!)1',&*1(;7.1!.7;4$'/*1!01!*1!>$.5/*!.1!>$(41.! &!*3'&!*1!)$.1(P!I'/7/0/!/!.71!+09/&.*/!)1'!.5+'7&.!&!.7;4$'/,&!54&!&%()&'/&.6+,&!0&(! *1!)$.1($+',&=!5$%&!)';0;,$+'!9+(4%1)$./0/.!54&!(4%109/0/.!&!/5&,&P!I7;!5;!*1! )1'>(4/71! ;'?+./A/0/.! &! )$.1*;'/,&=! (&0/.+'&,&! 54&! +%*/,/*&*&,&! *1! *7&'+! 21! )';0;,;7.1!*'+.(>&'/0/.!&!.7;4$'/,&!54&!.51',&)'/0/.!.51'07&*!*1!)$.1($+',&P! ! !! !MYHQHPW)E)GcWFQFES)S)VEUSMNEYHQC!–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e&f",1$)1)a#+'(")a-+)&a+.K&()) ! !! !U^WbSHGH)H)OUEFQ)O[E)WOEPRWQ)N)WOGHNHSQUWQ)O[E)SEPQMUHN)VRc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cYHPC)#;!*1!,+A45;71!54&!+,+.6;4&*! )'+%*/%+!&!)$.1(/0/*!5$%&!)1'5;'$'!0&%+./A0/.!-/?7;'!*1!ù9+-+.(&'/*žP!I3!4+)!(3.;.!*+! /.%$'+7;71!5/,&'(/*&*/.!54&!*1!(/?$';71!)1'>+21(/0!01!*1!5'&7*1!54&!+5&%$+*!*1!*1!?7/*4+! %;0$./*&*&,&!.1!+50/./(*'+*1=!5$%&!.5/40$+'!.1!%'/7/0/.!&!.71!07&5/(/!01!*1!)+($'! 54&!*1!'&>-&%*$+'!(4;21';'P! !! !U^WbSHG)H)OUEFQ)O[E)WOEPRWQ)N)Q)ZFHQ[W)HNSQHQRXHMNEQ)S[QEQUMUE)O[E)VRcYHPEC) C1'>+21(/0/!/!5'&7*1!54&!+5&%$+*!(/!.;'01!%$(4*&*$&(&!54&!-/?7;'&!5;!*1!+)-/%;4&*!.1! *1! ?7/*4+! /.(*/*$6/;.&*! )$.-/%&=! (4*&*1';'&=! 2&,&'/=! ?7321(;'=! )';%$';'/=! +'(/0=!
  • 29. ! .F" (41.5&*1(/=! .51'0+''7&! )$9-/%&! 54&! (4*&*1';'&=! 9+.%1.! );)$--;'&=! +%+5&0/.1! &! (4%&.6+,&=!&*7P=!?7/*4+(4*$!5$%&!'&()&%*$+'!%'/*&'&*!)';>&(/;.+-&!54&!*1!6/-1(/(1P!! !! !U^WbSHG)H)OUEFQ)O[E)WOEPRWQ)N)Q)ZFHQ[W)NH_EYEQ)RO[[EbSE)Q)SEPQMUHQ)VRcYHPC! C1',&R!)1'>+21(/0/*!*1!5'&7*1!54&!+5&%$+*!)1'!)$.1(/0=!5;!*1!)'+%*/%;4&*!&54&!.1! ./,&-&*! $5414&21&(&! 5$%&! '&()&%*$+'! %'/*&'&*! &! 6/-1(/(1! 54&! %+)+6/*&*&,&! )';>&(/;.+-&P! !! aH_EUSHQEQH)N)GFEOHSHN)E)VRNS)VUVWUSH)VU)SEPQMUHN)VUH_WQ)O[E)S[Mb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k&1l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