1. 1$8&=<&,(/
QD ]DVWÚSVWZLH
32' 3$5$*5$)(0
MHVW UöZQR]QDF]QH ZbVNXWNDFK SUDZQFK ]b]DZDUFLHP
802:< 1$ &=$6 2.5(¥/21< XPRZ RbSUDFÚ QD F]DV QLHRNUHĂORQ MHĝHOL SRSU]HG
=$:,(5$ 6,} :b6=.2/( QLR VWURQ GZXNURWQLH ]DZDUï XPRZÚ RbSUDFÚ QD F]DV
:b¥,¥/( 2.5(¥/21+ RNUHĂORQ QD QDVWÚSXMÈFH SR VRELH RNUHV RbLOH SU]HUZD
35=3$'.$+ -('1k PLÚG] UR]ZLÈ]DQLHP SRSU]HGQLHM DbQDZLÈ]DQLHP NROHM
QHM XPRZ RbSUDFÚ QLH SU]HNURF]ïD PLHVLÈFD XPRZ
=b7$.,+ 80™: -(67 :’$¥1,( QD F]DV RNUHĂORQ VÈ ZbV]NRïDFK Z]QDZLDQH
802:$ 1$ =$67}367:2 -HĂOL VWXDFMD NDGURZD ZbV]NROH MHVW GR WHJR VWRSQLD
.$57$ 1$8=,(/$ PRELOQD ĝH ZNOXF]RQH MHVW ]DWUXGQLHQLH QDXF]FLHOD QD
:5$½1,( 2.5(¥/$ .,(' F]DV QLHRNUHĂORQ ZöZF]DV QLH PD SU]HV]NöG DE WDNÈ
ZïDĂQLH XPRZÚ ]DZU]HÊ 1DOHĝ MHGQDN SDPLÚWDÊ ĝH
7$.k 802:} 02¿1$ ZbSU]SDGNX JG QDXF]FLHO X]QD VWXDFMÚ ]D VWDELOQÈ
=$:5=(m PRĝH ZVWÈSLÊ GR VÈGX ]bSRZöG]WZHP RbXVWDOHQLH IRUP
]DZDUFLD VWRVXQNX SUDF
=GDQLHP 6ÈGX 1DMZĝV]HJR RU]HF]HQLH ]bGQLD OLSFD
U 3.1

2. ]DVWÚSVWZR QLHREHFQHJR QDXF]
=
FLHOD ZVWÚSXMH ZbUD]LH F]DVRZHM DEVHQFML ]ZLÈ]DQHM
JRGQLH ]bDUW XVW .1 ZbSU]SDGNX ]DLVWQLH ]bRNUHVRZP ]ZROQLHQLHP RG SUDF LbSU]HZLGZDQP
QLD SRWU]HE ZQLNDMÈFHM ]bRUJDQL]DFML QDXF]DQLD SRZURWHP GR MHM ZNRQZDQLD
OXE ]DVWÚSVWZD QLHREHFQHJR QDXF]FLHOD ZbWP ,VWRWQH SU] ]DZLHUDQLX XPRZ QD ]DVWÚSVWZR ]bSU]
ZbWUDNFLH URNX V]NROQHJR ]bRVREÈ UR]SRF]QDMÈFÈ SUDFÚ V]ïP SUDFRZQLNLHP MHVW SUDZLGïRZH MHM QD]ZDQLH :bVD
ZbV]NROH ]bQDXF]FLHOHP NRQWUDNWRZP OXE ]bQDXF] PHM XPRZLH QDOHĝ ZUDěQLH ]DVWU]HF ĝH ZïDĂQLH RbWDNL
FLHODPL PLDQRZDQP LbGSORPRZDQP VWRVXQHN SUDF URG]DM XPRZ QDP FKRG]L 7WXïXMHP MÈ ]DWHP XPRZÈ
QDZLÈ]XMH VLÚ QD SRGVWDZLH XPRZ RbSUDFÚ QD F]DV RNUH RbSUDFÚ QD F]DV ]DVWÚSVWZD
ĂORQ 1DOHĝ SU] WP SDPLÚWDÊ ĝH RVRED ]DWUXGQLDQD 1LHSUHF]MQH QD]ZDQLH MHM MHGQLH XPRZÈ QD F]DV
QD ]DVWÚSVWZR PXVL SRVLDGDÊ ZPDJDQH NZDOLğNDFMH GR RNUHĂORQ VSRZRGXMH ]PLDQÚ ]DVDG MDNLH EÚGÈ GR QLHM
]DMPRZDQLD RNUHĂORQHJR VWDQRZLVND VWRVRZDQH 7UXGQR EÚG]LH MÈ ZöZF]DV UR]ZLÈ]DÊ SR
2ZR RNUHĂODQH SU]H] XVWDZÚ ķ]DLVWQLHQLH SRWU]HEĵ SRZURFLH RVRE ]DVWÚSRZDQHM 3U]MPXMH VLÚ ĝH NRñ
PXVL PLHÊ FKDUDNWHU SU]HMĂFLRZ WPF]DVRZ -HGQDN FRZP WHUPLQHP ]DZDUWHM ]bSUDFRZQLNLHP XPRZ QD
]H Z]JOÚGX QD ZïÈF]HQLH ]DVWRVRZDQLD GR QDXF]FLHOL ]DVWÚSVWZR MHVW FKZLOD SRZURWX GR SUDF SUDFRZQLND
DUW XVWDZ ]bGQLD F]HUZFD U .RGHNV SUDF QLHREHFQHJR ]bSU]F]Q XVSUDZLHGOLZLRQFK
'] 8 ]b U 1U SR] ]bSöěQ ]P

3. NWöU PöZL 1DXF]FLHORZL PDMÈFHPX RNUHVRZ DQJDĝ QLH QDOHĝ
ĝH ]DZDUFLH NROHMQHM XPRZ RbSUDFÚ QD F]DV RNUHĂORQ VLÚ XUORS GOD SRUDWRZDQLD ]GURZLD 8UORS ZSRF]QNRZ
OLVWRSDG *’26 3('$*2*,=1

4. SRG SDUDJUDIHP
SU]VïXJXMH PX ]bNROHL QD LQQFK ]DVDGDFK =DVDG XG]LHODQLD :bPĂO DUW XVW .1 ZVRNRĂÊ ZQDJURG]HQLD ]DVDG
XUORSX ]DOHĝÈ RG URG]DMX SODFöZNL 1DXF]FLHOH V]Nöï ZbNWöUFK QLF]HJR X]DOHĝQLRQD MHVW RG VWRSQLD DZDQVX ]DZRGRZHJR
RUJDQL]DFML SU]HZLG]LDQR IHULH V]NROQH GRVWDMÈ XUORS ZbZPLD SRVLDGDQFK NZDOLğNDFML RUD] ZPLDUX ]DMÚÊ RERZLÈ]NRZFK
U]H UöZQP RNUHVRZL IHULL ]LPRZFK LbOHWQLFK RUD] SRGF]DV LFK DbZVRNRĂÊ GRGDWNöZ RGSRZLHGQLR RG RNUHVX ]DWUXGQLHQLD
WUZDQLD =DWUXGQLRQ ZbV]NROH SU]H] FR QDMPQLHM G]LHVLÚÊ PLH MDNRĂFL ĂZLDGF]RQHM SUDF LbZNRQZDQLD GRGDWNRZFK ]DGDñ
VLÚF QDEZD SUDZR GR XUORSX ZSRF]QNRZHJR ZbZPLDU]H OXE ]DMÚÊ SRZLHU]RQHJR VWDQRZLVND OXE VSUDZRZDQHM IXQNFML
RGSRZLDGDMÈFP GïXJRĂFL IHULL V]NROQFK SU]HZLG]LDQFK ZbWHM RUD] WUXGQFK OXE XFLÈĝOLZFK ZDUXQNöZ SUDF
V]NROH DbNUöFHM ļ GR RNUHĂORQHJR ZbXPRZLH F]DVX SURZDG]HQLD =DVWÚSVWZR QLHREHFQHJR QDXF]FLHOD ZVWÚSXMH ZbSU]SDGNX
]DMÚÊ 1DXF]FLHORP ]DWUXGQLRQP ZbV]NRïDFK QLHIHUMQFK F]DVRZHM QLHREHFQRĂFL ]ZLÈ]DQHM ]bRNUHVRZP ]ZROQLHQLHP
SU]VïXJXMH GQL URERF]FK XUORSX ZSRF]QNRZHJR ZbRNUHVLH RG SUDF LbSU]HZLGZDQP SRZURWHP GR MHM ZNRQZDQLD
XVWDORQP ZbSODQLH XUORSöZ 6WRVXMHP GR QLFK NRGHNVRZH :bSU]SDGNX ]DZDUFLD ]bQDXF]FLHOHP RGUÚEQHM XPRZ QD
]DVDG XG]LHODQLD WFK XUORSöZ -HĂOL VWRVXQHN SUDF ]RVWDMH ]DVWÚSVWZR QD F]DV RNUHĂORQ

5. QLH PDMÈ ]DVWRVRZDQLD SU]HSLV
QDZLÈ]DQ OXE XVWDMH ZbWUDNFLH URNX NDOHQGDU]RZHJR XUORS RbZQDJURG]HQLX ]D JRG]LQ GRUDěQFK ]DVWÚSVWZ :b]ZLÈ]NX
V]DFXMHP VWRVRZQLH GR F]DVX SU]HSUDFRZDQHJR ZbWP URNX ]bWP QDXF]FLHO SRZLQLHQ RWU]PDÊ ZQDJURG]HQLH ]JRGQH ]bDUW
3UDZR GR QDJURG MXELOHXV]RZHM QDEZD NDĝG QDXF]FLHO XVW .1 DbZLÚF X]DOHĝQLRQH RG VWRSQLD DZDQVX ]DZRGRZHJR
SRG ZDUXQNLHP ĝH PD ZPDJDQ VWDĝ 6DPR ]DWUXGQLDQLH LbSRVLDGDQFK NZDOLğNDFML 1LH MHVW PRĝOLZH ]DZDUFLH XPRZ
QDXF]FLHOD QD XPRZÚ QD F]DV RNUHĂORQ QS ZbWUDNFLH URNX QD ]DVWÚSVWZR ZQDJUDG]DQHM MDN JRG]LQ GRUDěQFK ]DMÚÊ
V]NROQHJR QLH RGELHUD SUDZD GR WHM QDJURG JGĝ GR RNUHVX
SUDF XSUDZQLDMÈFHJR QDXF]FLHOD GR QLHM ]DOLF]DP ZV]VWNLH
]DNRñF]RQH RNUHV ]DWUXGQLHQLD QDXF]FLHOD DbWDNĝH LQQH RNUHV
MHĝHOL ]bPRF RGUÚEQFK SU]HSLVöZ SRGOHJDMÈ XZ]JOÚGQLHQLX
ZbVWDĝX RG NWöUHJR ]DOHĝÈ XSUDZQLHQLD SUDFRZQLF]H 3U]HSLV .1 QLH RNUHĂODMÈ F]DVX
35=.’$' 1DXF]FLHORZL RJUDQLF]RQR ]DWUXGQLHQLH MDNL SRZLQLHQ XSïQÈÊ ]DQLP EÚG]LH
-HGQRF]HĂQLH RND]DïR VLÚ ĝH LQQ QDXF]FLHO WHJR SU]HGPLR
WX NRU]VWD ]bXUORSX PDFLHU]ñVNLHJR ] ]bQDXF]FLHOHP
PRĝOLZH ]DWUXGQLHQLH NRJRĂ QD
NWöUHPX RJUDQLF]RQR ]DWUXGQLHQLH PRĝQD SRGSLVDÊ XPRZÚ ]DVWÚSVWZR QLHREHFQHJR QDXF]FLHOD
QD F]DV ]DVWÚSVWZD QLHREHFQHJR QDXF]FLHOD
=DZDUFLH XPRZ QD ]DVWÚSVWZR QLHREHFQHJR QDXF]FLHOD MHVW
F]QQRĂFLÈ QLH]ZLÈ]DQÈ ]bWP Lĝ QDXF]FLHORZL RJUDQLF]RQR
]DWUXGQLHQLH JGĝ XPRZD QD ]DVWÚSVWZR MHVW RGUÚEQÈ XPRZÈ
35=.’$' 3R MDNLP F]DVLH QLHREHFQRĂFL QDXF]FLHOD 35=.’$' ] PRĝOLZH MHVW ]DWUXGQLDQLH QDXF]FLHOD
PRĝQD ]DWUXGQLÊ QD XPRZÚ QD ]DVWÚSVWZR QD ]DVWÚSVWZR QD MHGHQ G]LHñ
3U]HSLV .1 QLH RNUHĂODMÈ F]DVX MDNL SRZLQLHQ XSïQÈÊ ]DQLP =JRGQLH ]bDUW XVW D .1 SU]H] JRG]LQÚ GRUDěQHJR ]D
EÚG]LH PRĝOLZH ]DWUXGQLHQLH NRJRĂ QD ]DVWÚSVWZR QLHREHFQHJR VWÚSVWZD UR]XPLH VLÚ SU]G]LHORQÈ QDXF]FLHORZL JRG]LQÚ ]DMÚÊ
QDXF]FLHOD 8PRZÚ QD ]DVWÚSVWZR ]DZLHUD VLÚ SR SURVWX ZbUD]LH GGDNWF]QFK ZFKRZDZF]FK OXE RSLHNXñF]FK SRZĝHM
SRWU]HE ]DVWÈSLHQLD QLHREHFQHJR QDXF]FLHOD WJRGQLRZHJR RERZLÈ]NRZHJR ZPLDUX JRG]LQ GGDNWF]QFK
35=.’$' -DNL MHVW RNUHV ZSRZLHG]HQLD XPRZ ]D ZFKRZDZF]FK OXE RSLHNXñF]FK NWöUHM UHDOL]DFMD QDVWÚSXMH
ZDUWHM ]bQDXF]FLHOHP QD F]DV RNUHĂORQ ļ QD ]DVWÚSVWZR Zb]DVWÚSVWZLH QLHREHFQHJR QDXF]FLHOD
QLHREHFQHJR QDXF]FLHOD 1DWRPLDVW ]JRGQLH ]bDUW XVW .1 ZbSU]SDGNX ]DLVWQLHQLD
=JRGQLH ]bDUW XVWDZ ]bGQLD F]HUZFD U .RGHNV SRWU]HE ZQLNDMÈFHM ]bRUJDQL]DFML QDXF]DQLD OXE ]DVWÚSVWZD
SUDF WHNVW MHGQ '] 8 ]b U 1U SR] ]bSöěQ ]P

6. QLHREHFQHJR QDXF]FLHOD ZbWP ZbWUDNFLH URNX V]NROQHJR ]bQD
RNUHV ZSRZLHG]HQLD XPRZ RbSUDFÚ ]DZDUWHM QD F]DV RNUHĂORQ XF]FLHOHP QDZLÈ]XMH VLÚ VWRVXQHN SUDF QD SRGVWDZLH XPRZ
ZbRNROLF]QRĂFLDFK ]DVWÚSVWZD QLHREHFQHJR SUDFRZQLND ZQR RbSUDFÚ QD F]DV RNUHĂORQ
VL GQL URERF]H :REHF SRZĝV]HJR PRĝQD ]bQDXF]FLHOHP =bSRZĝV]HJR ZQLND ĝH ZbSU]SDGNX SRWU]HE ]DVWÚSVWZD
UR]ZLÈ]DÊ XPRZÚ RbSUDFÚ ]D WU]GQLRZP ZSRZLHG]HQLHP QDXF]FLHOD QLHREHFQHJR NWöUHJR QLHREHFQRĂÊ WUZDÊ EÚG]LH
35=.’$' 8PRZD RbSUDFÚ QD ]DVWÚSVWZR ļ NZHVWLD Z MHGHQ G]LHñ UR]VÈGQLHM EÚG]LH QDMSLHUZ ]DVWRVRZDÊ SU]HSLV
QDJURG]HQLD ]DVDGQLF]HJR ]JRGQHJR ]bDZDQVHP ]DZRGRZP RbJRG]LQDFK GRUDěQFK ]DVWÚSVWZ DbGRSLHUR SRWHP SU]HSLV
=JRGQLH ]bDUW XVW .1 ZQDJURG]HQLH QDXF]FLHOL VNïDGD VLÚ ] Rb]DWUXGQLDQLX QDXF]FLHOD QD MHGHQ G]LHñ -HĂOL QDXF]FLHO

7. ZQDJURG]HQLD ]DVDGQLF]HJR NWöU PD ]DVWÚSRZDÊ LQQHJR QDXF]FLHOD SUDFXMH MXĝ ZbGDQHM

8. GRGDWNöZ ]D ZVïXJÚ ODW PRWZDFMQHJR IXQNFMQHJR V]NROH SRGSLVZDQLH ]bQLP QRZHM MHGQRGQLRZHM XPRZ MHVW
RUD] ]D ZDUXQNL SUDF EH]FHORZH LbZb]DVDG]LH VSU]HF]QH ]bSU]HSLVDPL JGĝ SU]HSLV

9. ZQDJURG]HQLD ]D JRG]LQ SRQDGZPLDURZH LbJRG]LQ ZbWDNLHM VWXDFML SU]HZLGXMÈ JRG]LQ GRUDěQHJR ]DVWÚSVWZD
GRUDěQFK ]DVWÚSVWZ

10. QDJUöG LbLQQFK ĂZLDGF]Hñ ZQLNDMÈFFK ]H VWRVXQNX SUD 0$57$ +$1'=/,.
F ]bZïÈF]HQLHP ĂZLDGF]Hñ ]b=DNïDGRZHJR )XQGXV]X 63(-$/,67$ 35$:$ 2¥:,$72:(*2
¥ZLDGF]Hñ 6RFMDOQFK LbGRGDWNöZ VRFMDOQFK %’ 35$2:1,. '(3$57$0(178 35$:1(*2 0(1
ZZZJORVSHGDJRJLF]QSO
*’26 3('$*2*,=1