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DVãRZQLFWZRPHG\F]QHȝȜșȜȐȎȭȕȞȓșȜȟȠȪȝșȓȥȓȐȜȗȝȜȭȟȔȖȞȜȐȎȭȘșȓȠ ȥȎȠȘȎ ȝȜȒȘȜȔțȎȭ ȘșȓȠȥȎȠȘȎ ȔȖȞȜȐȩȓ ȜȏȞȎȕȜȐȎțȖȭ ȑȜȞȚȜțȩ ȎȒȞȓțȎșȖț ȎșșȓȞȑȓțȩȝȖȧȓȐȎȞȓțȖȓȘȞȜȐȜȜȏȞȎȧȓțȖȓȚȓȠȎȏȜșȖȕȚȝȡșȪȟȠȞȎȐȚȎȟȖȚȝ ȠȜȚȫȘȕȓȚȎȎșșȓȞȑȖȭȑȖȝȜȒȖțȎȚȖȭȑȖȝȜȠȜțȖȭȝȎȞȜȒȜțȠȜȕȐȜȟȝȎșȖȠȓșȪțȩȓ

*0DęNRZVND  ȝȞȜȤȓȟȟȩȎȟȠȚȎȠȖȥȓȟȘȖȓȞȓȎȘȤȖȖȘȜȔțȩȓȕȎȏȜșȓȐȎțȖȭȟȓȞȒȓȥțȜȟȜȟȡȒȖȟȠȩȓ ȕȎȏȜșȓȐȎțȖȭ ȜțȘȜșȜȑȖȥȓȟȘȖȓ ȕȎȏȜșȓȐȎțȖȭ ȝșȓȥȓșȜȝȎȠȜȥțȩȗ ȝȎȞȖȎȞȠȞȖȠ ȖȦȖȎșȑȖȭțȓȗȞȜȠȜȘȟȖȥțȜȓȒȓȗȟȠȐȖȓȎțȎșȖȕȩȘȞȜȐȖȒȖȎȑțȜȟȠȖȘȎȖȞȖȒȜȒȖȎ ȑțȜȟȠȖȘȎ ȫșȓȘȠȞȜȫțȤȓȢȎșȜȑȞȎȚȚȎ ȢȖȕȖȜșȜȑȖȭ ȑȖțȓȘȜșȜȑȖȭ ȘȖțȓȕȖȜșȜȑȖȭ țȎȠȡȞȜȝȎȠȖȭ ȞȓȢșȓȘȟȜȠȓȞȎȝȖȭ ȣȖȞȜȝȞȎȘȠȖȘȎ ȜȟȠȓȜȝȎȠȖȭ țȎȠȡȞȜȝȎȠȖȭ ȎȞȜȚȎȠȓȞȎȝȖȭȠȞȎȐȜșȓȥȓțȖȓȑȜȚȓȜȝȎȠȖȭȒȓȠȜȘȟȖȘȎțȠȘȜțȠȞȎȤȓȝȤȖȭ EVãRZQLFWZR]]DNUHVXSV\FKRORJLLȟȠȞȓȟȟȎȟȟȜȤȖȎȤȖȖȟȖțȒȞȜȚȎȡȠȜ ȠȞȓțȖțȑ ȎȡȠȜȑȓțțȎȭ ȠȞȓțȖȞȜȐȘȎ ȑȖȝțȜȕ ȝȞȜȓȘȠȖȐțȎȭ ȝȟȖȣȜșȜȑȖȭ ȞȎȤȖȜ țȎșȪțȎȭȝȟȖȣȜȠȓȞȎȝȖȭȝȞȜȓȘȠȖȐțȩȓȚȓȠȜȒȖȘȖ FVãRZQLFWZR]]DNUHVXNRVPHWRORJLLȚȎȘȖȭȔȚȎțȖȘȬȞȝȓȒȖȘȬȞȚȎȟ ȟȎȔȫȝȖșȭȤȖȭȒȓȝȖșȭȤȖȭșȖȢȠȖțȑȢȓȗȟșȖȢȠȖțȑȝȜȒȠȭȔȘȖȤȓșșȬșȖȠ GVãRZQLFWZR FKHPLF]QH ȣȖȚȖȭ ȠȭȔȓșȩȓ ȚȓȠȎșșȩ ȟȐȖțȓȤ ȞȠȡȠȪ ȘȎȒȚȖȗ ȣȞȜȚ ȣșȜȞ ȘȎșȪȤȖȗ ȣȖȚȖȥȓȟȘȎȭȞȓȎȘȤȖȭȏȖȜȣȖȚȖȥȓȟȘȖȓȝȞȜȤȓȟȟȩ ȜȞȑȎțȖȥȓȟȘȖȓ ȟȜȓȒȖțȓțȖȭ ȟȎȣȎȞȜȕȎ ȠȜșȡȜș ȠȞȖȣșȜȞȫȠȖșȓț ȢȜȟȢȜȞȎȠȩ ȠȞȖȘșȜȕȎțȠȖȜȏȓțȒȎȕȜșȒȖȢȓțȖșȢȞȓȜțȣșȜȞȜȢȜȞȚȝȜșȡȏȞȜȚȒȖȢȓțȖș

HVãRZQLFWZR ] ]DNUHVX SUDZD DGPLQLVWUDFML L QDXN HNRQRPLF]Q\FK ȕȎȘȜțȟȠȎȠȪȭȁȑȜșȜȐțȩȗȘȜȒȓȘȟǾȂȟȡȒȓȏțȜȓȞȓȦȓțȖȓȖȟȘțȜȠȎȞȖȡȟȞȜȒȖ ȠȓșȪȟȘȖȓ ȝȞȎȐȎ țȎȟșȓȒȟȠȐȜ ȒȓȘȞȓȠțȩȗ ȜȠȝȡȟȘ ȘȜȚȝȎțȖȭ ȒȓșȜȐȎȭ ȝȓȞȓ ȝȖȟȘȎȚȜțȖȠȜȞȖțȑȞȎȏȜȠȜȒȎȠȓșȪȘșȖȓțȠȣȎȞȎȟȟȚȓțȠȞȎȏȜȠȜȟȝȜȟȜȏțȜȟȠȪ ȟșȡȔȏȎ ȟȝȎȟȓțȖȭ țȎȟȓșȓțțȩȗ ȝȡțȘȠ ȝȜșȖȟ ȜȏȭȕȎȠȓșȪțȜȑȜ ȚȓȒȖȤȖțȟȘȜȑȜ ȟȠȞȎȣȜȐȎțȖȭ ȟȓȞȠȖȢȖȘȎȠ ȏȎțȘ ȏȎțȘȜȐȟȘȖȗ ȟȥȓȠ ȐȘșȎȒ șȪȑȜȠȩ ȘȞȓȒȖȠ ȘȞȓȒȖȠțȎȭ ȘȎȞȠȎ ȞȎȟȣȜȒȩ ȏȬȒȔȓȠ ȏȎțȘȞȜȠȟȠȐȜ ȒȜșȔțȖȘ țȎșȜȑ ȘȜșșȓȘ ȠȜȞȟȘȜȓȎȑȓțȠȟȠȐȜȖȝȜȠȓȘȎȎȘȤȖȖȜȏșȖȑȎȤȖȖǽǶȂȝȎȓȐȜȗȖțȐȓȟȠȖȤȖȜț țȩȗȢȜțȒ IVãRZQLFWZR WHFKQLF]QH ȠȓȝșȜȐȜȓ ȖȕșȡȥȓțȖȓ ȠȓșȎ ȘȜțȐȓȘȤȖȭ ȞȓȔȖȚ ȫțȓȞȑȜȟȏȓȞȓȔȓțȖȭȞȎȟȣȜȒȫțȓȞȑȖȖȫțȓȞȑȜȫȢȢȓȘȠȖȐțȜȟȠȪȖȜțȖȕȎȠȜȞȟȖȟȠȓȚȎ ȢȖșȪȠȞȎȤȖȖ ȖțȐȓȞȠȜȞțȎȭ ȠȓȣțȜșȜȑȖȭ ȑȜșȜȟȜȐȎȭ ȝȜȥȠȎ ȜȝȓȞȎȠȜȞ ȠȓșȓȢȜț țȎȭȟȐȭȕȪȚȓȔȒȡțȎȞȜȒțȩȗȞȜȡȚȖțȑȎȐȠȜȟȓȞȐȖȟȎȐȎȞȖȗțȩȓȟȖȑțȎșȩțȎȐȖȑȎȤȖ ȜțțȎȭ ȟȖȟȠȓȚȎ ȟȖȟȠȓȚȎ ȑȎȕȜȞȎȟȝȞȓȒȓșȓțȖȭ ȠȡȞȏȜȒȖȕȓșȪ ȘșȖȚȎȠȘȜțȠȞȜșȪ ȎȐȠȜȘȞȓȟșȜȘȜȚȝȪȬȠȓȞǶțȠȓȞțȓȠȟȎȗȠȎȘȘȎȡțȠȟȓȞȐȓȞȒȖȟȘLLQ

-HGQRF]HĤQLH FKRFLDİ NRELHWRP SU]\SLVXMH VLč NRQFHQWURZDQLH VLč QD VSUDZDFKSU]\]LHPQ\FKL²ZUH]XOWDFLH²SRVãXJLZDQLHVLčSUDZLHZ\ãĈF] QLH OHNV\NĈ NRQNUHWQĈ Z EDGDQ\FK WHNVWDFK OLF]QLH UHSUH]HQWRZDQH MHVW WDNİHVãRZQLFWZRDEVWUDNF\MQH:REUčELHU]HF]RZQLNyZOLF]QĈJUXSčVWD QRZLĈ DQD]Z\ HPRFML L VWDQyZ SV\FKLF]Q\FK F]ãRZLHND ȥȡȐȟȠȐȜ ȫȚȜȤȖȖ ȏȓȒȎ ȏȓȟȝȜȘȜȗȟȠȐȜ ȑțȓȐ ȠȞȓȐȜȑȎ ȏȜȭȕțȪ ȟȠȞȎȣ Ȗȟȝȡȑ ȟȘȡȘȎ ȟȠȩȒ ȟȝșȖț ȞȎȒȜȟȠȪ șȬȏȜȐȪȫȗȢȜȞȖȭ țȓțȎȐȖȟȠȪȕșȜȟȠȪȞȎȕȒȞȎȔȓțȖȓ ȟȥȎȟȠȪȓ ȟȝȜȘȜȗ ȟȠȐȖȓȡȒȜȐȜșȪȟȠȐȖȓȡȒȖȐșȓțȖȓȐȜșțȓțȖȓȐȜȟȠȜȞȑȐȜȟȣȖȧȓțȖȓȐȓȟȓșȪȓȞȓȐ țȜȟȠȪ ȕȎȐȖȟȠȪ ȑȜȞȒȜȟȠȪ ȑȜȞȓȥȪ ȑȞȡȟȠȪ ȝȓȥȎșȪ ȒȓȝȞȓȟȟȖȭ ȚȡȘȎ țȎȟșȎȔȒȓ țȖȓțȓșȜȐȘȜȟȠȪȜȏȖȒȎȜȧȡȧȓțȖȓȜȦȓșȜȚșȓțȖȓȟȠȞȎȟȠȪȟȠȞȓȟȟȠȜȟȘȎȡȚȖ ȞȜȠȐȜȞȓțȖȓȡȟȠȎșȜȟȠȪȡȠȜȚșȓțȖȓ

/HNV\NDZVSyãF]HVQHMSUDV\NRELHFHMDVWHUHRW\SSãFL





EQD]Z\ RGQRV]ĈFH VLč GR ]GROQRĤFL VWDQyZ L F]\QQRĤFL LQWHOHNWXDO Q\FK F]ãRZLHND ȡȚ ȞȎȕȡȚ ȞȎȟȟȡȒȜȘ ȖțȠȓșșȓȘȠ țȓȝȜțȖȚȎțȖȓ ȐțȖȚȎțȖȓ ȐȜȜȏȞȎȔȓțȖȓ ȚȖȞȜȐȜȕȕȞȓțȖȓ ȝȜȒȟȜȕțȎțȖȓ ȕțȎțȖȓ ȖțȠȡȖȤȖȭ ȑșȡȝȜȐȎȠȜȟȠȪ ȑșȡȝȜȟȠȪȚȡȒȞȜȟȠȪȝȎȚȭȠȪȜȝȩȠȬȚȜȞȜȟȠȞȜȡȚȖȓȐȝȓȥȎȠșȓțȖȓȕȎȚȩȟȓș ȜȏȚȎț ȜȝȞȎȐȒȎțȖȓ ȟȎȚȜȘȜțȠȞȜșȪ ȟȎȚȜȜȤȓțȘȎ ȒȜȐȓȞȖȓ țȓȐȓȔȓȟȠȐȜ ȜȒȎȞȓț țȜȟȠȪ FQD]Z\FHFKFKDUDNWHUXF]ãRZLHNDȑȓȞȜȖȕȚȫȑȜȖȕȚȐȓȞțȜȟȠȪȒȜȐȓȞȥȖ ȐȜȟȠȪȔȓȟȠȜȘȜȟȠȪȔȖȕțȓȒȓȭȠȓșȪțȜȟȠȪȕȎȔȎȠȜȟȠȪȕȎȟȠȓțȥȖȐȜȟȠȪȖȟȘȞȓț țȜȟȠȪȘȞȜȠȜȟȠȪțȎȐȭȕȥȖȐȜȟȠȪțȎȑșȜȟȠȪțȎȕȜȗșȖȐȜȟȠȪțȓȝȡțȘȠȡȎșȪțȜȟȠȪ țȓȟȘȞȜȚțȜȟȠȪ țȓȡȐȓȞȓțțȜȟȠȪ ȜȟȠȜȞȜȔțȜȟȠȪ ȞȎȕȒȞȎȔȖȠȓșȪțȜȟȠȪ ȞȎȟȘȜȐȎț țȜȟȠȪȞȓȐțȖȐȜȟȠȪȟȐȎȞșȖȐȜȟȠȪȟȓȞȒȓȥțȜȟȠȪȟȘȡȝȜȟȠȪȟȚȓșȜȟȠȪȟȠȞȜȑȜȟȠȪ ȣȖȠȞȜȟȠȪȥȡȐȟȠȐȖȠȓșȪțȜȟȠȪȡȝȜȞȟȠȐȜȡȝȞȭȚȟȠȐȜȒȜȏȞȜȠȎȒȜȟȠȜȖțȟȠȐȜ șȬȏȜȝȩȠȟȠȐȜȚȡȔȓȟȠȐȜșȓȑȘȜȐȓȞȖȓȐȩȟȜȘȜȚȓȞȖȓȠȓȞȝȓțȖȓ GQD]Z\GRW\F]ĈFHVWDQyZIL]\F]Q\FKUyİQHJRURG]DMXRELHNWyZȟȜȟȠȜ ȭțȖȓȞȎȟȟșȎȏșȓțȖȓȘȞȎȟȜȠȎȑȡȟȠȜȠȎȝȞȜȟȠȜȠȎȝȡȟȠȜȠȎȥȎȟȠȜȠȎȥȖȟȠȜ ȠȎțȓȚȜȠȎȠȓȝșȜȠȎȐșȎȔțȜȟȠȪȑȖȏȘȜȟȠȪȕȞȓșȜȟȠȪșȜȚȘȜȟȠȪȚȜșȜȒȜȟȠȪ ȚȭȑȘȜȟȠȪ ȝȞȖȐșȓȘȎȠȓșȪțȜȟȠȪ ȟȡȣȜȟȠȪ ȣȞȡȝȘȜȟȠȪȫșȓȑȎțȠțȜȟȠȪȫȢȢȓȘȠ țȜȟȠȪȠȭȔȓȟȠȪȟȐȓȔȓȟȠȪȠȖȦȖțȎȑșȡȏȖțȎȑșȡȏȪȏȓșȖȕțȎȦȡȚ HQD]Z\F]\QQRĤFLȐșȎȒȓțȖȓȐȜȞȥȎțȖȓȐȜȟȝȖȠȎțȖȓȒȐȖȔȓțȖȓȒȜȚȖțȖ ȞȜȐȎțȖȓȒȩȣȎțȖȓȔȓȐȎțȖȓȕȎȔȖȐȎțȖȓȖȕșȡȥȓțȖȓȖȕȡȥȓțȖȓȘȜșȓȏȎțȖȓȘȞȜȐȜ ȝȡȟȘȎțȖȓșȓȥȓțȖȓțȎȑȞȓȐȎțȖȓțȎȘȜȝșȓțȖȓȜȏȓȕȐȞȓȔȖȐȎțȖȓȜȏȟșȡȔȖȐȎțȖȓȜȏȡ ȥȓțȖȓȜȕȒȜȞȜȐșȓțȖȓȜȝȜȕțȎȐȎțȖȓȜȟșȎȏȓȐȎțȖȓȜȣșȎȔȒȓțȖȓȜȥȖȧȓțȖȓȝȖȠȎțȖȓ ȝșȎȐȎțȖȓȝȜȣșȜȝȩȐȎțȖȓȝȞȓȝȜȒȎȐȎțȖȓȝȞȖȒȎțȖȓȝȞȖȑȜȠȜȐșȓțȖȓȝȞȖȟȐȎȖȐȎ țȖȓ ȝȞȜȟșȡȦȖȐȎțȖȓ ȟȎȚȜșȓȥȓțȖȓ ȟȎȚȜțȎȏșȬȒȓțȖȓ ȟȎȚȜȟȜȐȓȞȦȓțȟȠȐȜȐȎțȖȓ ȟȔȖȑȎțȖȓ ȟȘȜșȪȔȓțȖȓ ȟȡȔȓțȖȓ ȟȡȧȓȟȠȐȜȐȎțȖȓ ȠȜțȖȕȖȞȜȐȎțȖȓ ȡȝȜȠȞȓȏșȓ țȖȓȞȎȕȐȖȠȖȓȡȥȎȟȠȖȓȚȩȠȪȮȣȜȒȪȏȎȘȜȞȞȓȘȠȖȞȜȐȘȎȝȞȜȐȓȞȘȎȡȏȜȞȘȎȐȎȞ ȘȎȏȓȑȐȕȞȩȐȜȠȑȡșȞȜȟȠȝȜȠȓȞȭ IQD]Z\NLHUXQNyZQDXNRZ\FKG\VF\SOLQEDGDZF]\FKLSRMčþ]QLPL ]ZLĈ]DQ\FK ȎȞȣȓȜșȜȑȖȭ ȑȞȎȢȜșȜȑȖȭ ȒȓȚȜȑȞȎȢȖȭ ȘȎȞȒȖȜșȜȑȖȭ ȢȖșȜȟȜȢȖȭ ȝȟȖȣȜșȜȑȖȭ ȟȜȤȖȜșȜȑȖȭ ȖȟȠȜȞȖȭ ȫȘȜșȜȑȖȭ ȫȘȜțȜȚȖȘȎ ȫȘȜțȜȚȖȭ ȢȖȕȖȜșȜ ȑȖȭȝȟȖȣȜȠȓȞȎȝȖȭȑȓțȓȠȖȘȎȚȓȒȖȤȖțȎȜțȘȜșȜȑȖȭȟȓȘȟȜșȜȑȖȭȤȖȐȖșȖȕȎȤȖȭ ȝȞȜȑȞȓȟȟȚȓȠȜȒȖȘȎȎȟȠȞȜșȜȑȖȭȝȎȞȎȝȟȖȣȜșȜȑȖȭ JQD]Z\RGQRV]ĈFHVLčGRVĈGyZRSLQLLLLFKFDãRNV]WDãWXȠȞȎȒȖȤȖȭ ȖȒȓȎșȖȕȚ ȎȞȑȡȚȓțȠ ȒȜȘȎȕȎȠȓșȪȟȠȐȜ ȖȒȓȜșȜȑȖȭ ȖȒȓȭ ȘȜțȤȓȝȤȖȭ ȖȟȠȖțȎ ȚȜȒȎțȎȝȞȎȐșȓțȖȓȜȝȠȖȚȖȕȚȝȓȟȟȖȚȖȕȚȝȞȖțȤȖȝȟȜȐȓȠȠȓȜȞȖȭȝȞȓȒȞȎȟ ȟȡȒȜȘLLQ

:\QLNL SU]HSURZDG]RQHM DQDOL]\ SU]HF]Ĉ UyZQLHİ LQQ\P RELHJRZ\P RSLQLRP 3U]\SLV\ZDQ\ NRELHWRP WUDG\FMRQDOL]P NRQVHUZDW\]P Mč]\NR Z\LEUDNNUHDW\ZQRĤFLSRZRGXMH]GDQLHPZVSRPQLDQ\FKZ\İHMEDGDF]\ QLHFKčþGR]DSRİ\F]HęLQHRORJL]PyZVNãRQQRĤþGRSRVãXJLZDQLDVLčOHN V\NĈ DUFKDLF]QĈ L IUD]HRORJL]PDPL D WDNİH KLSHUSRSUDZQRĤþ 1DWRPLDVW GEDãRĤþ R NRQWDNW\ LQWHUSHUVRQDOQH FKčþ SU]\SRGREDQLD VLč UR]PyZF\

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