ΜΗΝΥΣΗ 03/02/2012 ΚΑΤΑ goldman sachs ΑΠΟ ΤΟ ΣΥΝΤΑΞΙΟΔΟΤΙΚΟ ΤΑΜΕΙΟ...

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^lfoe}ojj xavqas}s }bf} }ba jkllkyoei Clfss ha cax}ojoam0

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ckd~locf}am fem oeajjocoae}%Hfefo z% Dfpqx, 8>1 J%X%M% 6:>, 6:3 "S%M%E%_% 8>>8/7 saa flsk

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Cfsa 60>?$cz$>666>$BH$MCJ Mkcqdae} 688 Jolam >8+>3+68 ^fia = kj 6:

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majaemfe}s lofholo}%Oe xa Jlfi ]alackd Bklmoeis L}m Sac% Lo}oi%, 19= J%3m 8?, 31 "8m Cox%

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cax}ojofhla clfss, }ba }~ocflo} oevqox jkcqsas ke yba}bax }ba clfods kj }ba ~q}f}oza clfss

xa~xasae}f}ozas fxa }~ocfl kj }ba clfss sbfxoei ckddke vqas}okes%Oe xa Zozaemo Qeozaxsfl, S%F%,

8=8 J%X%M% 9:, 2=21 "S%M%E%_% 8>>9/%

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^l%s Sq~~% 66%


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k}bax dadhaxs kj }ba clfss fem 8/ ~lfoe}ojjs f}}kxeas fxa vqflojoam, ar~axoaecam fem fhla }k

ckemqc} }ba lo}oif}oke%Oe xa Jlfi ]alackd, 19= J%3m f} 31 "oe}axefl vqk}f}oke dfxgs kdo}}am/%

]bos xavqoxas f madkes}xf}oke }bf} }ba ~xk~ksam clfss xa~xasae}f}ozas bfza ek oe}axas}s W}bf}T fxa

fe}fikeos}oc }k }ba oe}axas}s kj }ba k}bax dadhaxs kj }ba clfss%Oe xa Zozaemo, 8=8 J%X%M% f} 21

"co}f}oke fem vqk}f}oke dfxgs kdo}}am/% Oe kxmax }k majaf} f dk}oke jkx WclfssT cax}ojocf}oke,

bkyazax, }ba ckejloc} dqs} ha jqemfdae}fl%Oe xa Jlfi ]alackd, 19= J%3m f} 31 "oe}axefl

vqk}f}oke dfxgs kdo}}am/%

^lfoe}ojj fxiqas }bf} o}s oe}axas}s fxa floieam yo}b k}bax ~q}f}oza clfss dadhaxs fem o}s

ckqesal bfs ar}aesoza ar~axoaeca oe }bos fxaf% ^l%s Sq~~% 6361% ^lfoe}ojj jqx}bax fxiqas }bf}

^lfoe}ojj fem o}s ckqesal yaxa xacae}l jkqem }k ha fmavqf}a xa~xasae}f}ozas oe f sodolfx fc}oke,

fem }bf} }baxa os ek xafske jkx f mojjaxae} xasql} baxa% Saa Daxxoll, 899 J%X%M% f} 66>% Majaemfe}s

fxiqa }bf} ^lfoe}ojjs oe}axas}s fxa oe ckejloc} yo}b k}bax ~q}f}oza clfss dadhaxs hacfqsa "6/

^lfoe}ojj os ~fx}ocqlfxl sqsca~}ohla }k f s}f}q}a kj lodo}f}okes majaesa, fem "8/ ^lfoe}ojj ~qx~kx}s }k

xa~xasae} clfss dadhaxs ybk ~qxcbfsam dkxa saeokx fem sqhkxmoef}a cax}ojocf}as, cxaf}oei f

ckejloc} ybaxa, jkx arfd~la, f ~fx}ocqlfx sa}}ladae} s}xqc}qxa doib} jqll ckd~aesf}a ^lfoe}ojj hq}

ek} k}bax clfss dadhaxs% Majs% K~~e 8=81% Fs moscqssam jqx}bax halky ybae azflqf}oei }ba

~xamkdoefeca kj ckddke ossqas, ybaxa Majaemfe}s fxiqa }ba s}f}q}a kj lodo}f}okes vqas}oke

dkxa s}xaeqkqsl, O joem lo}}la azomaeca }bf} }ba ef}qxa kj ^lfoe}ojjs sqsca~}oholo} }k }ba

fjjoxdf}oza majaesa os mos}oec}l mojjaxae} jxkd }bf} kj fe k}bax oes}o}q}okefl oezas}kx% Fem,

mas~o}a }ba mojjaxaecas fdkei }xfecbas, }ba ckejloc} }bf} Majaemfe}s ~xk~ksa os ek}

jqemfdae}fl hacfqsa ^lfoe}ojj s}oll bfs }ba oecae}oza }k eaik}of}a f sa}}ladae} jkx }ba boibas}

fdkqe} kj mfdfias ~kssohla fem fe ~axzaxsa oecae}ozas }bf} df fxosa iozae }ba yf}axjfll

s}xqc}qxa kj }ba }xfecbas fxa daxal s~acqlf}oza f} }bos s}fia% ^lfoe}ojjs ckqesal sf}osjoas }ba

fmavqfc xavqoxadae} oe loib} kj }ba floieam oe}axas}s ha}yaae ^lfoe}ojj fem fhsae} clfss

Cfsa 60>?$cz$>666>$BH$MCJ Mkcqdae} 688 Jolam >8+>3+68 ^fia : kj 6:

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dadhaxs fem kj ckqesals ar~axoaeca oe sodolfx fc}okes% Saa Daxxoll, 899 J%X%M% f} 66>% ]bos

joemoei os sqh`ac} }k }ba cfzaf} oe jkk}ek}a : f} }ba ckeclqsoke kj }bos K~oeoke%

H% XQLA 83"h/"3/ XAVQOXADAE]S^lfoe}ojj, oe saagoei cax}ojocf}oke jkx f Xqla 83"h/"3/ clfss, fxa xavqoxam }k sbky }bf}

vqas}okes kj lfy kx jfc} ckddke }k clfss dadhaxs ~xamkdoef}a kzax fe vqas}okes fjjac}oei

kel oemozomqfl dadhaxs fem }bf} clfss }xaf}dae} ykqlm ha sq~axokx }k oemozomqfl lo}oif}oke%

Daxs, :8= J%3m f} 1=9"vqk}oeiJam% X% Coz% ^% 83"h/"3//%

o% ^xamkdoefeca]ba ~xamkdoefeca xavqoxadae} kj Xqla 83"h/"3/ }as}s yba}bax ~xk~ksam clfssas fxa

sqjjocoae}l ckbasoza }k yfxxfe} fm`qmocf}oke h xa~xasae}f}oke%Om% "vqk}oeiFdcbad^xkms%,

Oec% z% Yoemskx, 186 Q%S% 1?6, :83 "6??9//% Clfss$yoma ossqas ~xamkdoef}a oj xasklq}oke kj skda

kj }ba laifl kx jfc}qfl vqas}okes }bf} vqfloj afcb clfss dadhaxs cfsa fs f iaeqoea cke}xkzaxs

cfe ha fcboazam }bxkqib iaeaxflopam ~xkkj, fem oj }basa ~fx}ocqlfx ossqas fxa dkxa sqhs}fe}ofl

}bfe }ba ossqas sqh`ac} kel }k oemozomqflopam ~xkkj% QJCY Lkcfl 699: z% Alo Loll * Ck%, :8>

J%3m 686, 636 "8m Cox% 8>6>/ "oe}axefl vqk}f}oke dfxgs kdo}}am/% Oe }bos yf, }ba dfoe ckecaxe

oe }ba ~xamkdoefeca oevqox os }ba hflfeca ha}yaae oemozomqfl fem ckddke ossqas%Daxs,

:8= J%3m f} 1=? "oe}axefl vqk}f}oke dfxgs kdo}}am/% ]ba xavqoxadae} bal~s fcboaza ackekdoas

kj }oda, ajjkx}, fem ar~aesa, fem ~xkdk}a qeojkxdo} kj macosokes fs }k ~axske sodolfxl so}qf}am,

yo}bkq} sfcxojocoei ~xkcamqxfl jfoxeass kx hxoeioei fhkq} k}bax qemasoxfhla xasql}s%Om% f} 1=9

"oe}axefl vqk}f}oke dfxgs kdo}}am/%

f% Lofholo} Qemax 66, 68"f/"8/, fem 61]k as}fhlosb f ~xodf jfcoa cfsa qemax 66 fem 68"f/"8/, f ~lfoe}ojj dqs} ~xkza }bf} }ba

majaemfe} dfma qe}xqa s}f}adae}s kj df}axofl jfc} kx kdo}}am df}axofl jfc}s jxkd }ba Kjjaxoei

Mkcqdae}s%Baxdfe * DfcLafe z% Bqmmlas}ke, =1? Q%S% 391, 328 "6?23/% Lofholo} qemax 61

os maxozf}oza kj lofholo} qemax 66 fem 68"f/"8/, ybaxah f cke}xkl ~axske df ha lofhla jkx

fe qemaxloei ~xodfx zoklf}oke kj }ba sacqxo}oas lfys h }ba cke}xkllam ~axske% F cke}xkl

~axske os kea ybk bfs }ba ~kyax, moxac}l kx oemoxac}l, }k moxac} kx cfqsa }ba moxac}oke kj }ba

dfefiadae} fem ~klocoas kj f ~axske, yba}bax }bxkqib }ba kyeaxsbo~ kj zk}oei sacqxo}oas, h

cke}xfc}, kx k}baxyosa%Oe xa Maq}scba ]alagkd FI Sac% Lo}oi%, Ek% >> COZ ?=91 SBS, 8>>8

YL 8==1?9, f} : "S%M%E%_% Jah% 8>, 8>>8/ "vqk}oei 69 C%J%X% 83>%=>1/%


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^lfoe}ojj fxiqas }bf} }basa ossqas ~xamkdoef}a oe }bos cfsa fem cfe ha as}fhlosbam }bxkqib

ckddke ~xkkj ke f clfss$yoma hfsos jkx }ba jkllkyoei xafskes0 "6/ }ba Kjjaxoei Mkcqdae}s

cke}foe }ba sfda qe}xqa s}f}adae}s fem kdossokes xaifxmlass kj }ba clfss dadhax7 "8/ }ba }as} jkx

}ba df}axoflo} ~xkei os qemax fe kh`ac}oza s}femfxm7 "3/ cke}xkl ~axske lofholo} os hfsam ke

yba}bax }ba Oemozomqfl Majaemfe}s bfm cax}foe fq}bkxo} yo}boe IS Dkx}ifia Sacqxo}oas Ckx~%7

"=/ sazaxfl kj }ba Majaemfe}s majaesas fxa sqh`ac} }k iaeaxflopam ~xkkj7 fem "1/ }ba s}f}q}a

~xkzomas f mfdfias jkxdqlf }bf} os ckddke }k }ba clfss% ^l%s Sq~~% 698>% Majaemfe}s mk ek}

mae dqcb kj ^lfoe}ojjs fxiqdae} jkx ~xamkdoefeca hq} mk mazk}a ckesomaxfhla f}}ae}oke }k

~fx}ocqlfx fjjoxdf}oza majaesas fem k}bax s~acojoc ossqas% O fmmxass }basa ckecaxes halky%

h% Oemozomqfl Oezas}kx GekylamiaF majaemfe} oe f 66 clfod df xfosa fe fjjoxdf}oza majaesa ybaxa }ba ~qxcbfsax geay

fhkq} }ba jflsa s}f}adae} f} }ba }oda kj fcvqoso}oke%Xasomae}ofl Cf~o}fl, 898 J%X%M% f} 6:2

"vqk}oeiMaDfxof z% Femaxsae, 362 J%3m 69>, 691 "8m Cox% 8>>3// "oe}axefl vqk}f}oke dfxgs

kdo}}am/% Fem sbkqlm }ba fjjoxdf}oza majaesa ~xaco~o}f}a oemozomqfl oevqoxoas fs }k }ba

gekylamia kj afcb dadhax kj }ba clfss, ~lfoe}ojjs df ha qefhla }k madkes}xf}a }bf} ckddke

ossqas ~xamkdoef}a%Oe xa O^K, =96 J%3m f} ==% Ybola ckqx}s dqs} ckesomax fjjoxdf}oza majaesas

ybae hflfecoei ckddke fem oemozomqfl ossqas, }ba aros}aeca kj f majaesa ~k}ae}ofll

od~locf}oei mojjaxae} clfss dadhaxs mojjaxae}l mkas ek} eacassfxol majaf} clfss cax}ojocf}oke % % %

%Daxs, :8= J%3m f} 116% Cax}ojocf}oke yfs majaf}am oeOe xa O^K, =96 J%3m f} =3 "]ba clfod

}bf} lfcg kj gekylamia os ckddke }k }ba clfss os }bkxkqibl qemaxdoeam h }ba ^lfoe}ojjs kye

fllaif}okes fs }k bky yomas~xafm yfs gekylamia kj }ba fllaiam scbada%/,3

fem oeXasomae}ofl

Cf~o}fl, 898 J%X%M% f} 6:2:? "Majaemfe}s bfza dqs}axam f ikkm mafl kj mkcqdae}fx Wfem

}as}odkeoflT azomaeca od~q}oei gekylamia }k W^lfoe}ojjs oezas}dae} fmzoskx%T/% Bkyazax,

ckddke ossqas ~xamkdoef}am oe cfsas sodolfx }k }ba kea eky hajkxa }ba Ckqx} fem oeXasomae}ofl

Cf~o}fl oezklzoei }ba sfla kj dkx}ifia ~fss$}bxkqib cax}ojocf}as% SaaDaxxoll, 899 J%X%M% ?97E%@%

Cfx~ae}axs Bafl}b Jqem z% ML@ Dkx}i% Cf~o}fl, Oec%, a} fl% "ML@/, Ek% >2 Coz% 1:13"^FC/,

8>66 YL 329=286 "S%M%E%_% Fqi%6:, 8>66/%

Majaemfe}s ~lfca ckesomaxfhla ad~bfsos ke }ba vqas}oke kj oemozomqfl oezas}kx

gekylamia kj }ba fllaiam doss}f}adae}s fem co}a d k~oeoke oeXasomae}ofl Cf~o}fl% Saa Majs%

3 ^lfoe}ojjs oe }bf} cfsa flsk hxkqib} f 6>"h/ clfod, ybaxah }ba clfodfe} dqs} fllaia fem ~xkza }bf} }ba clfodfe}

}xfmam oe oiekxfeca kj }ba jfc} }bf} }ba ~xoca yfs fjjac}am h }ba fllaiam dfeo~qlf}oke%Oe xa O^K, =96 J%3m f} =3%


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K~~e 636? "co}oeiXasomae}ofl Cf~o}fl, 898 J%X%M% 6:>/% OeXasomae}ofl Cf~o}fl,O ma}axdoeam

}bf} ckddke ossqas mom ek} ~xamkdoef}a ybaxa mojjaxae} ~q}f}oza clfss dadhaxs bfm mojjaxae}

lazals kj gekylamia xaifxmoei qemaxyxo}oei iqomaloeas fem ~xfc}ocas% YbolaXasomae}ofl Cf~o}fl

xajaxs }k }ba sk~bos}ocf}oke kj cax}foe clfss dadhaxs fem }baox jfdolofxo} yo}b }ba dkx}ifia$

hfcgam sacqxo}oas dfxga}, 898 J%X%M% f} 6:2, sk~bos}ocf}oke os ek} sqjjocoae} ke o}s kye }k joem

}bf} vqas}okes kj oemozomqfl oezas}kx gekylamia ~xamkdoef}a kzax ckddke ossqas% Saa Xkcck z%

Efd ]fo Alacs%, Oec%, 8=1 J%X%M% 636, 63: "S%M%E%_% 8>>9/, co}am h ML@, 8>66 YL 329=286, f}

2? e% 6% Oemaam,Xasomae}ofl Cf~o}fl xas}am ke f joemoei kj oemozomqfl oezas}kx gekylamia }bf}

yfs oejkxdam ek} kel h }ba sk~bos}ocf}oke kj clfss dadhaxs fem mojjaxaecas oe }ba fzfolfholo}

kj oejkxdf}oke kzax }oda, hq} k}bax, dkxa s~acojoc, azomaeca fs yall% Saa, a%i%,Xasomae}ofl

Cf~o}fl, 898 J%X%M% f} 6:? "joemoei }bf} cax}foe clfss dadhaxs yaxa ar}aesozal oezklzam oe }ba

s}xqc}qxoei kj }ba Wkjjaxoeis f} ossqaT, oeclqmoei oe }ba xazoay fem salac}oke kj }ba lkfes }bf}

hfcgam }ba cax}ojocf}as/% Oe mos}oeiqosboeiXasomae}ofl Cf~o}fl, }baML@ckqx} jkqem ek sqcb

ar~loco} azomaeca moxac}l sqiias}oei }bf} f ~k}ae}ofl ~lfoe}ojj bfm gekylamia kj }ba

doss}f}adae}s kx kdossoke f} ossqa%ML@, 8>66 YL 329=286, f} 2? e%6% Sodolfxl, oeDaxxoll,

}baxa yfs ek fllaif}oke % % % }bf} fe clfss dadhax fc}qfll ~fx}oco~f}am oe }ba Wfllaiam

ckemqc},T fem }ba azomaeca oe }ba xackxm }bf} fe clfss dadhax geay kj jflsa s}f}adae}s oe }ba

Kjjaxoei hajkxa ~qxcbfsa WyfsT yafg f} has}%Daxxoll, 899 J%X%M% f} 662% Jkx }ba xafskes }bf}

jkllky, }ba oemozomqfl vqas}okes kj oezas}kx gekylamia mk ek} xosa }k f lazal sqjjocoae} }k

kzaxckda }ba ^lfoe}ojjs sbkyoei kj ~xamkdoefeca%

Majaemfe}s fxiqa }bf} oemozomqfl ossqas xaifxmoei oezas}kx gekylamia ~xamkdoef}a

hacfqsa "6/ }ba sacqxo}oas yaxa }folkxam fem sklm }k boibl sk~bos}ocf}am oezas}kxs oe oemozomqfll

eaik}of}am }xfesfc}okes7 "8/ ~q}f}oza clfss dadhaxs bfm fccass }k oe$ma~}b oejkxdf}oke fhkq}

Eay Cae}qxs f~~xfosfl fem qemaxyxo}oei ~xfc}ocas7 "3/ xalofeca h oezas}kxs ke fssa}

dfefiaxs ckd~kqems }ba ~xamkdoefeca kj oemozomqflopam vqas}okes7 fem "=/ mojjaxae} lazals

kj gekylamia cfe ha od~q}am }k oezas}kxs ybk ~qxcbfsam f} mojjaxae} }odas kzax }ba xalazfe}

~axokm% Majs% K~~e 6369 "oe}axefl vqk}f}oke dfxgs kdo}}am/%

Yo}b xas~ac} }k oemozomqfll eaik}of}am }xfesfc}okes, Majaemfe}s s}f}a }bf} }ba }axds kj

skda }xfecbas fxa sqo iaeaxos fem zfx hfsam ke afcb oezas}kxs oemozomqflopam oejkxdf}oke,

f~~a}o}a fem fssassdae}s% Majs% K~~e 6=7 saa flsk om% f} =1% ]basa eaik}of}okes, bkyazax, mom

ek} ioza oezas}kxs fccass }k oejkxdf}oke f} f lazal hakem ybf} yfs flxafm dfma fzfolfhla oe }ba

Cfsa 60>?$cz$>666>$BH$MCJ Mkcqdae} 688 Jolam >8+>3+68 ^fia ? kj 6:

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6>

Kjjaxoei Mkcqdae}s, ybaxa }ba fllaiam dosxa~xasae}f}okes fxa jkqem% Xf}bax, }ba eaik}of}okes

ckecaxeam oezas}kxs masoxam oe}axas} xf}as, ckllf}axflopf}oke lazals, xf}oeis, fem sodolfx mafl

}axds % % % % ^l%s Xa~l Sq~~% Clfss Cax}ojocf}oke "^l%s Xa~l/ 17 saa flsk Yfl}ax Fjj% =68

"ek}oei }folkxam }xfecbas hfsam ke oe}axas} xf}as, sqhkxmoef}oke, mqxf}oke, fem k}bax jfc}kxs/%

Ckddke }k afcb eaik}of}oke yfs }ba fssqd~}oke }bf} }ba qemaxloei lkfes fem }ba Majaemfe}s

mqa moloiaeca yaxa fs mascxoham oe }ba Kjjaxoei Mkcqdae}s%

F ~k}ae}ofll s}xkeiax clfod h Majaemfe}s os }bf} ~q}f}oza clfss dadhaxs bfm fccass }k

oejkxdf}oke fhkq} }ba lkfe kxoioef}kxs f~~xfosfl fem qemaxyxo}oei ~xfc}ocas% Majs% K~~e 6=

61% Majaemfe}s fssax} }bf} oezas}kxs, fs ~fx} kj }baox kye mqa moloiaeca fem xasafxcb, bfm moxac}

oe}axfc}okes yo}b kxoioef}kxs f} oemqs}x daa}oeis, oeclqmoei }ba kxoioef}kx od~locf}am oe }bos sqo}%

Om% Jqx}baxdkxa, oezas}kxs bfm fccass }k lkfe }f~as cke}foeoei lkfe$lazal mf}f }bf} oejkxdam

}bad fhkq} }ba lkfe ~kkl fem Eay Cae}qxs ~xfc}ocas%Om% f} 61% Hq} fifoe, yo}bkq} azomaeca

od~locf}oei }ba doss}f}adae}s f} ossqa, O cfe} ckeclqma }bf} vqas}okes kj oemozomqfl gekylamia

yoll ~xamkdoef}a ke }bos hfsos flkea% Majaemfe}s bfza sbkye }bf} cax}foe oezas}kxs df bfza bfm

xasaxzf}okes fhkq} Eay Cae}qx fem f ixaf}ax kx lassax fyfxaeass kj qemaxyxo}oei arca~}okes

}bxkqibkq} }ba oemqs}x, fem }bos, }ba k~oea, dfgas o} dkxa logal }bf} fe oezas}kx geay fhkq}

}ba fllaiam doss}f}adae}s oe }ba Kjjaxoei Mkcqdae}s% ]basa fdkx~bkqs iaeaxflopf}okes bfxml

xosa }k }ba lazal kjOe xa O^K femXasomae}ofl Cf~o}fl, ybaxa }baxa yfs s~acojoc azomaeca }bf}

loegam oezas}kx fc}ozo} }k }ba s~acojoc kjjaxoeis f} ossqa% Ckesavqae}l, }ba sbkyoei baxa jfols }ba

xafskefhl xalofhla oejaxaeca }as}% Saa Xasomae}ofl Cf~o}fl, 898 J%X%M% f} 6:?7 saa flsk Daxxoll,

899 J%X%M% f} 662 "W]Tbos hxkfm oemoc}dae} kj }ba bkqsoei dfxga} fs f ybkla mkas ek} sqiias}

}bf} W}ba oezas}dae} fmzoskxT bfm gekylamia kj }ba ckemqc} fllaiam oe }bos cfsa%/%

Jkx arfd~la, Majaemfe}s xal bafzol ke }ba ma~kso}oke kj Dx% Clfxgske jxkd QHS

Ilkhfl Fssa} Dfefiadae}}ba fssa} dfefiax }k ^lfoe}ojj fem cax}foe k}bax ~q}f}oza clfss

dadhaxs}k madkes}xf}a }ba sk~bos}ocf}oke fem ma~}b kj gekylamia kj oes}o}q}okefl oezas}kxs%

Saa Majs% K~~e 9% Dx% Clfxgske ar~loco}l fzkoms dfgoei fe s}f}adae} fhkq} }ba Cax}ojocf}as

baxa fem azae sqiias}s }bf} o} ykqlm ha ckqe}ax$~xkmqc}oza jkx f maflax }k hxoei lkfes }bf} }ba

jal} yaxae} yxo}}ae yall aekqib oe }ba cke}ar} kj }ba s}xqc}qxa fem ~xocoei Wkj }ba Cax}ojocf}asT%

Clfxgske Ma~% 8660?86:03, @ql 8?, 8>66% ]ba lkfe }f~as mk ~xkzoma oejkxdf}oke fhkq} }ba

lkfes }bf} ckd~xosa }ba Kjjaxoei, sqcb fs oe}axas} xf}as, po~ ckmas, cxamo} sckxas kj hkxxkyaxs, fem

lkfe$}k$zflqa xf}oks% Majs% K~~e 9% Ybola Majaemfe}s sqiias} }bf} }bos mf}f ykqlm fllky fe

Cfsa 60>?$cz$>666>$BH$MCJ Mkcqdae} 688 Jolam >8+>3+68 ^fia 6> kj 6:

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oezas}kx, mqxoei f xazaxsa oevqox, }k assae}ofll xazaxsa aeioeaax }ba s}femfxms h ybocb lkfes

yaxa qemaxyxo}}ae, }ba Majaemfe}s ar~ax} eazax xafcbas }bf} ckeclqsoke% ]kxkqs Ma~% ?9063

6>101, Sa~}% 6:, 8>66% ]bos os sodolfx }k }ba Majaemfe}s fxiqdae}s }bf} yo}b lf}ax ~qxcbfsaxs,

xa}xks~ac}oza feflsas kj lkfe ~axjkxdfeca ckqlm fllky fe oezas}kx }k oejax }bf} doss}f}adae}s

yaxa dfma% Majs% K~~e 6>% Oes}afm, feflsas sqcb fs }basa doib} fllky jkx oejaxaecas }k ha

dfma xaifxmoei }ba zflqa kj }ba sacqxo}oas kjjaxam kx }k ckemqc} xosg fssassdae}s hfsam ke lfxiax

dfxga} fssqd~}okes%= ]baxa os ek oemocf}oke, bkyazax, }bf} }baxa yfs sfd~loei kj s~acojoc lkfe

jolas kx }bf} }ba lazal kj ma}fol "sqcb fs ~xk~ax} fia, ckemo}oke, kx fmmxass/ }bf} fe qemaxyxo}ax

ykqlm qsa }k macoma yba}bax }k ixfe} f lkfe yfs fzfolfhlaoejkxdf}oke }bf} ikas }k }ba ckxa kj

}ba doss}f}adae}s fllaiam baxa }k }ba ajjac} }bf} qemaxyxo}oei iqomaloeas yaxa fc}qfll jkllkyam

kx }bf} }ba mqa moloiaeca ckemqc}am h }ba Majaemfe}s yfs fmavqf}a% O} flsk sbkqlme} ha oiekxam

}bf} ossqas loga }basa fxa lfxial sqh`ac} }k iaeaxflopam ~xkkj% SaaDaxxoll, 899 J%X%M% f} 66?%

]qxeoei joefll }k oezas}kxs xalofeca ke fssa} dfefiaxs fem }ba mojjaxaecas oe ~qhlocl

fzfolfhla oejkxdf}oke kzax }oda, Majaemfe}s fxiqa }bf} }basa jfc}kxs cfs} oecxafsoei lazals kj

mkqh} ke yba}bax }ba lkfes ckd~xosoei dkx}ifia hfcgam sacqxo}oas yaxa kxoioef}am oe ckejkxdo}

yo}b f~~xk~xof}a iqomaloeas fem xosg feflsas% Majs% K~~e 6: "vqk}oeiXasomae}ofl Cf~o}fl,

898 J%X%M% f} 6:?9>/% ]basa fxiqdae}s cfxx }ba sfda majac} fs }ba ~xazokqs }yk `qs}

moscqssam% ]ba ~xamkdoefeca xavqoxadae} }as}s yba}bax ~xk~ksam clfssas fxa sqjjocoae}l

ckbasoza,Fdcbad, 186 Q%S% f} :83, f }as} }bf} jkcqsas ke }ba hflfeca ha}yaae oemozomqfl fem

ckddke ossqas%Daxs, :8= J%3m f} 1=?% Cfs}oei oecxafsoei lazals kj mkqh} ke yba}bax

oezas}kxs geay kj }ba fllaiam doss}f}adae}s os cax}foel xalazfe} }k }ba hflfeca kj ckddke fem

oemozomqfl ossqas% Fs moscqssam fhkza, bkyazax, oe }bksa cfsas ybaxa ckddke ossqas jfolam }k

~xamkdoef}a hacfqsa kj oemozomqfl oezas}kx gekylamia, cax}foe ~q}f}oza clfss dadhaxs ao}bax

~fx}oco~f}am oe kx bfm gekylamia kj }ba fllaiam ckemqc}% ]ba hflfeca oe }bksa cfsas yfs ek}

s}xqcg ke }ba logalobkkmkj gekylamia flkea, fem O fd ek} ~axsqfmam }bf} }ba ~k}ae}ofl zfxoei

= ]ba Majaemfe}s ar~ax} ~xkzomas fe arfd~la kj qsoei }ba lkfe$}k$zflqa xf}ok }k cflcqlf}a }ba zflqa kj }ba ~xk~ax}

fem }bae, qsoei }ba po~ ckmas, }k ma}axdoea ybaxa }basa ~xk~ax}oas jfll yo}boe }ba mos}xohq}oke kj ~xk~ax} zflqas oe

}bf} ckddqeo}% ]kxkqs Ma~%6>30688=% Ybola }bos df xfosa sqs~ocokes oj }ba lkfe zflqas fxa fll jflloei yo}boe

}ba ??}b ~axcae}ola, om% f} 6>>08688, fe oejaxaecas dfma jxkd }bos mf}f fxa s}oll f} fe fiixaif}a lazal% ]bos }~a kj

feflsos jfols }k f~~xkfcb }ba s~acojoco} kj }ba xfemkd fem fmzaxsa sfd~loei kj lkfe jolas qsam h Majaemfe}s }k

WxTa$qemaxyxo}a lkfes }k aesqxa }ba daa} }ba qemaxyxo}oei iqomaloeas% Yflas Macl%, Sa~}% 89, 8>66, Ar% 8,

ISFD^ ^xodax "Dfx% 6=, 8>>:/, f} =261:19%


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68

maixaas kj oezas}kx gekylamia baxa yoll cxaf}a ossqas sqhàc} }k oemozomqfl ~xkkj sqjjocoae} }k

kzaxybald ckddke ossqas%

c% Df}axoflo} fem Lkss Cfqsf}okeMajaemfe}s fxiqa }bf} mojjaxaecas oe xosg fdkei }ba zfxokqs Cax}ojocf}as ~xazae} }ba

vqas}oke kj df}axoflo} jxkd haoei ckddke fcxkss fll Cax}ojocf}as% Majs% K~~e 6?8>% Jkx

oes}feca, Majaemfe}s ek}a }bf} }ba Cax}ojocf}as zfx oe }ba yfs }bf} }ba }xfecba s}xqc}qxas sboalm

oezas}kxs jxkd }ba xosg kj majfql}s% ]bos oe }qxe fjjac}s }ba df}axoflo} kj }ba xa~xasae}f}okes dfma

oe }ba Kjjaxoei Mkcqdae}s hacfqsa o} df cbfeia bky soieojocfe} }bksa xa~xasae}f}okes fxa }k

}ba xafskefhla oezas}kx%Om% Jqx}baxdkxa, hacfqsa skda Cax}ojocf}as yaxa ~fom kjj oe jqll, }ba

fllaiam dosxa~xasae}f}okes mom ek} eacassfxol cfqsa f lkss jkx skda kj }bksa dkxa saeokx

Cax}ojocf}as%Om% f} 8> "co}oei 61 Q%S%C% 99g"a/, 99l"h//% ^lfoe}ojjs xas~kem }bf} }ba

qemosclksam zoklf}okes kj qemaxyxo}oei s}femfxms bfxdam fll Cax}ojocf}as h dfgoei }ba

qemaxloei lkfes xosgoax }bfe mosclksam fem lafmoei }k boibax }bfe ar~ac}am lkssas% ^l%s Xa~l :%

Majaemfe}s kzaxs}f}a }ba soieojocfeca kj }ba mojjaxaecas oe xosg fem ~axjkxdfeca fdkei

zfxokqs Cax}ojocf}as% ]ba vqas}okes kj df}axoflo} fem lkss cfqsf}oke fxa sqhàc} }k khàc}oza

s}femfxms fem iaeaxflopam ~xkkj7 }ba fxa dkxa ckddke }bfe oemozomqfl ossqas% Saa Daxxoll, 899

J%X%M% f} 66= "moscqssoei df}axoflo} fem co}oeiMqxf$Hol} Ckx~% z% Cbfsa Dfebf}}fe Ckx~%, 2?

J%X%M% 29 "S%M%E%_% 6?26//7 saa flsk om% f} 66?8> "moscqssoei lkss cfqsf}oke/% Fmmo}okefll,

eaif}oza lkss cfqsf}oke os fe fjjoxdf}oza majaesa fem mkas ek} q~sa} }ba ckddke eqclaqs kj

jfc}s }bf} ckd~xosa ^lfoe}ojjs clfods% ML@, 8>66 YL 329=286, f} 2 "vqk}oeiOe xa Krjkxm

Bafl}b lfes, Oec%, 6?6 J%X%M% 3:?, 399 "S%M%E%_%8>>>//% Jkx }basa xafskes, O xaàc} }ba

Majaemfe}s fxiqdae} }bf} vqas}okes kj df}axoflo} fem lkss cfqsf}oke fxa soieojocfe} oemozomqfl

ossqas%

m% S}f}q}a kj Lodo}f}okesSac}oke 66 clfods fxa hfxxam oj dfma dkxa }bfe f afx fj}ax }ba mosckzax kj }ba qe}xqa

s}f}adae} kx fj}ax sqcb mosckzax sbkqlm bfza haae dfma h }ba araxcosa kj xafskefhla

moloiaeca% 61 Q%S%C% 99d% Fe oezas}kx mkas ek} bfza }k bfza ek}oca kj }ba ae}oxa WfllaiamT

jxfqm haoei ~ax~a}xf}am }k ha ke oevqox ek}oca%Mkmms z% Coief Sac%, Oec%, 68 J%3m 3=:, 318 "8m

Cox% 6??3/7 saa flsk Oe xa Fls}kd SF Sac% Lo}oi%, =>: J% Sq~~% 8m =>8, =86 "S%M%E%_% 8>>1/%

Oes}afm, oevqox ek}oca fxosas jxkd ek}oca kj % % % jfc}s, ybocb oe }ba araxcosa kj xafskefhla

moloiaeca, ykqlm bfza lam }k fc}qfl gekylamia%LC Cf~o}fl ^fx}eaxs, L^ z% Jxke}oax Oes% Ix~%,


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63

Oec%, 362 J%3m 6=2, 61= "8m Cox% 8>>3/ "vqk}oei Gfbe z% Gkblhaxi, Gxfzos, Xkhax}s * Ck%, ?9>

J%8m 6>3>, 6>=8 "8m Cox%6??8//% Sqcb ek}oca os WkTj}ae xajaxxam }k fs s}kxd yfxeoeis, Jxaomqs

z% OEI Ixka~ E% Z%, 93: J% Sq~~% 8m 26:, 289 "S%M%E%_% 8>6>/, fem os fssassam khàc}ozal qemax

f }k}flo}$kj$}ba$coxcqds}fecas }as}% S}fabx z% Bfx}jkxm Joe% Saxzs% Ixkq~, Oec%, 1=9 J%3m =>:, =89

"8m Cox% 8>>2/%

Majaemfe}s fxiqa }bf} oemozomqfl ossqas fs }k yba}bax f} lafs} skda ~q}f}oza clfss

dadhaxs clfods fxa }oda$hfxxam ~xamkdoef}a hacfqsa vqas}okes kj ybf} gekylamia oemozomqfl

oezas}kxs bfm f} ybf} }odas fxa ek} sqhàc} kel }k iaeaxflopam ~xkkj oe }bos cfsa% Majs% K~~e

8688% Oe fe afxloax k~oeoke, O xaàc}am Majaemfe}s dk}oke }k mosdoss ke }bos ixkqem fs o} xalf}am

}k ~qhloc mkcqdae}s, sqcb fs xf}oeis mkyeixfmas, hacfqsa }ba oejkxdf}oke }baxa mom ek} moxac}l

xalf}a }k }ba fllaiam doss}f}adae}s oe }ba Kjjaxoei Mkcqdae}s% Saa Iklmdfe Sfcbs Ixkq~, Oec%,

8>66 YL 631286, f} 2? "S%M%E%_% @fe% 68, 8>66/% Majaemfe}s saag }k ~xkzoma fmmo}okefl

azomaeca madkes}xf}oei }ba s}f}q}a kj lodo}f}okes ossqa yoll }qxe ke jfc}s }bf} zfx fdkei

oezas}kxs, qsoei }ba Lafm ^lfoe}ojj fs fe arfd~la%

Joxs}, Majaemfe}s co}a }k }ba ma~kso}oke kj }ba xa~xasae}f}oza kj ^lfoe}ojjs ckqesal, }ba

Dossosso~~o F}}kxea Iaeaxfl0

DossÂXS fmdo}}am }bf} o} xacaozam oe 8>>9 s}kxd yfxeoeis kj o}s clfods,

oeclqmoei Wlfy joxdT xa~kx}s }k }ba FI fhkq} bky f~~xfosfls yaxae} xafll % % %

mkea yall, hkxxkyaxs haoei ~q} oe}k lkfes }ba ykqlm ek} bfza ekxdfll

vqflojoam jkx, fem bky }bos fjjac}am DossÂXS sacqxo}oas }bf} yaxa hfcgam hdkx}ifias%

Majs% K~~e 8688 "oe}axefl co}f}oke kdo}}am/ "vqk}oei Eazolla Ma~% 8906983, 61808688

6110266, 86908, @ql 68, 8>66/% ]bxkqib cxaf}oza cq}}oei fem ~fs}oei kj }bos kzax$8>> ~fia

ma~kso}oke, Majaemfe}s cke}aem }k sf }bf} DossÂXS ckqesal geay kx sbkqlm bfza gekye fs

afxl fs 8>>9 }bf} }ba Cax}ojocf}as cke}foeam doslafmoei oejkxdf}oke xaifxmoei Eay Cae}qxs

qemaxyxo}oei iqomaloeas% ^q} oe cke}ar}, }bos azomaeca mojjaxs kel dfxioefll jxkd k}bax ~qhlocl

fzfolfhla oejkxdf}oke% Xf}bax }bfe haoei ~xasae}am yo}b oejkxdf}oke fhkq} }ba fllaiam

doss}f}adae}s oe }bos df}}ax, }ba Dossosso~~o F}}kxea Iaeaxfls xa~xasae}f}oza yfs s~afgoei kj

mosclksqxas xaifxmoei }ba lfxiax ossqas oe }ba dfxga} fem oe dkx}ifia$hfcgam sacqxo}oas

iaeaxfll%1 ]bos sqiias}s }k da }bf} }ba sq~~ksam oemozomqfl ossqas xalf}oei }k }ba s}f}q}a kj

1 Dx% Eazolla s}f}am }bf} }ba F}}kxea Iaeaxfls Kjjoca yfs ~xkzomam iaeaxfl ckecaxes fhkq} bklmoeis }bf}

WDossÂXST bfm oe sacqxo}oas }bf} yaxa hfcgam h dkx}ifias% Eazolla Ma~% 8908683% ]ba fmzosoei joxd cfda }k


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6=

lodo}f}okes fxa s}oll cf~fhla kj haoei xasklzam qemax kh`ac}oza cxo}axof fem fxa lfxial mxozae h

iaeaxflopam ~xkkj%

Sackem, Majaemfe}s ~koe} }k fc}okes }fgae h HLH*I ybola qemax o}s dkeo}kxoei

fixaadae} yo}b ^lfoe}ojj% Majs% K~~e 88 "ek}oei f 8>>9 ckd~lfoe} jolam fifoes} Eay Cae}qx

fem f ~xass xalafsa feekqecoei dosckemqc} xalf}oei }k Eay Cae}qxs qemaxyxo}oei ~xfc}ocas/%

^lfoe}ojjs xas~kem }bf} }baxa os ek azomaeca sqiias}oei HLH*I yfs ke ek}oca kj doss}f}adae}s

oe }ba Kjjaxoei Mkcqdae}s hajkxa Jahxqfx :, 8>>2, }bf} }ba dkeo}kxoei fixaadae} mom ek} cfqsa

HLH*Is gekylamia }k ha od~q}am }k ^lfoe}ojj, fem }bf} HLH*I fmzosam ^lfoe}ojj kj ~k}ae}ofl

clfods fifoes} Majaemfe}s kel oe lf}a 8>>2 kx afxl 8>>?% ^l%s Xa~l 2?% O fixaa yo}b ^lfoe}ojjs

}bf} }ba dkeo}kxoei fixaadae}, ybocb mkas ek} xa}foe HLH*I fs o}s xa~xasae}f}oza, os oesqjjocoae}

}k od~q}a HLH*Is gekylamia }k Lafm ^lfoe}ojj% Saa Zafl z% Iaxfco, 83 J%3m 988, 981 "8m Cox%

6??=/ "WYTbae fe fiae} os ad~lkam }k xa~xasae} f ~xoeco~fl yo}b xas~ac} }k f iozae df}}axfem

fcvqoxas gekylamia df}axofl }k }bf} xa~xasae}f}oke, jkx ~qx~ksas kj fssassoei }ba ~xoeco~fl)s

xoib}s fem lofholo}oas zos$$zos f }boxm ~axske }ba fiae})s gekylamia os od~q}am }k }ba ~xoeco~fl%

"ad~bfsos fmmam//% Hacfqsa kj }bos, }ba fc}ozo}oas kj HLH*I ~xokx }k o}s fmzosoei ^lfoe}ojj kj }ba

clfod jkx ybocb o} yfs ql}odf}al xa}foeam fxa ~fx} kj }ba lfxiax ~kkl kj ~qhlocl fzfolfhla

oejkxdf}oke% Xaifxmlass kj }ba s~acojoco} cke}foeam, kx ek}, yo}boe }ba ~xass xalafsa, }ba s}f}q}a

kj lodo}f}okes ossqas mk ek} ~xamkdoef}a%

Oe sqd, ^lfoe}ojjs bfza da} }baox hqxmae }k sbky }bf} ckddke ossqas ~xamkdoef}a% ]ba

~k}ae}ofl oemozomqfl ossqas xfosam h Majaemfe}s mk ek} qemaxdoea }bos joemoei%

oo% Sq~axokxo}Xqla 83"h/"3/ flsk xavqoxas }bf} f clfss fc}oke ha sq~axokx }k k}bax fzfolfhla da}bkms jkx

jfoxl fem ajjocoae}l fm`qmocf}oei }ba cke}xkzaxs% Jam% X% Coz% ^% 83"h/"3/% ]ba Xqla ~xkzomas

jkqx jfc}kxs ~ax}oeae} }k }ba sq~axokxo} xavqoxadae}0

"F/ ]ba clfss dadhaxs oe}axas}s oe oemozomqfll cke}xklloei }ba ~xksacq}oke kx

majaesa kj sa~fxf}a fc}okes7

W}ba F}}kxea Iaeaxfls KjjocaT fem sfom hfsam ke ybf} }ba qemaxs}kkm, }ba dfxga} ckemo}okes fem ybf} }ba

}bkqib} doib} bf~~ae hacfqsa kj }baox hfegxq~}c ~xfc}oca, }ba fsgam qs }k ckesomax lkkgoei oe}k }bos fxaf kj

oezas}dae}%Om% f} 61606?8=% ]ba dkxa s~acojoc vqk}as ckecaxeoei f~~xfosfls fem }ba vqflojocf}okes kj hkxxkyaxs

yaxa hfsam ke dfxga} ckemo}okes fem ar~axoaeca yo}b }ba dkx}ifia oemqs}x iaeaxfll fem yaxa ek} oe xajaxaeca }k f

s~acojoc oezas}dae}% Saa om% f} 61806?61:081%]ba xf}oei mkyeixfmas yaxa }ba goem kj, fifoe, soieojocfe} ossqas }bf}

O jal} loga q~ }k }bf} ~koe} bfme} bf~~aeam a} oe f lk}f lk} kj }ba s}kxd yfxeoeis }bf} ya yaxajkx f ha}}ax

}axd}bf} ya yaxa ia}}oei jxkd W}ba fmzosoei joxdT%Om% f} 8690838620=%

Cfsa 60>?$cz$>666>$BH$MCJ Mkcqdae} 688 Jolam >8+>3+68 ^fia 6= kj 6:

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61

"H/ ]ba ar}ae} fem ef}qxa kj fe lo}oif}oke ckecaxeoei }ba cke}xkzaxs flxafm

hxkqib} h kx fifoes} clfss dadhaxs7

"C/ ]ba masoxfholo} kj ckecae}xf}oei }ba lo}oif}oke kj }ba clfods oe }ba ~fx}ocqlfx

jkxqd7 fem

"M/ ]ba logal mojjocql}oas oe dfefioei f clfss fc}oke%Jam% X% Coz% ^% 83"h/"3/"F/"M/% Oe loib} kj }basa ckesomaxf}okes, O joem }bf} ^lfoe}ojj bfs sf}osjoam

}ba sq~axokxo} xavqoxadae}%

]baxa os lo}}la oemocf}oke }bf} fhsae} clfss dadhaxs bfza ar~xassam oe}axas} oe cke}xklloei

}ba ~xksacq}oke kj }baox clfod% F} }ba }oda ^lfoe}ojjs dk}oke yfs jqll hxoajam, ekea bfm jolam

sqo}% Sbkx}l hajkxa }bos K~oeoke yfs ~qhlosbam, Majaemfe}s hxkqib} }k d f}}ae}oke }bf} f

sackem oemozomqfl fc}oke yfs jolam h fek}bax oezas}kx% Iozae }bf} o} bfs haae clksa }k }bxaa afxs

soeca ^lfoe}ojj jolam }bos fc}oke fem }bf} }ba sackem fc}oke yfs hxkqib} h kea kj }ba lfxias}

oezas}kxs oe }ba Cax}ojocf}as, }bos jfc} mkas ek} cbfeia d joemoei% Cj% Daxxoll, 899 J%X%M% f}

68>86% O} os qelogal }bf} k}bax fc}okes yoll ha jolam, iozae }bf} dfe "oj ek} dks}/ oezas}kxs baxa

lfcg sqjjocoae} xaskqxcas kx ackekdoc oecae}ozas }k mk sk% Cj% Hm% kj ]xs% kj }ba FJ]XF Xa}% Jqem

z% @^Dkxife Cbfsa Hfeg, E%F%, 8:? J%X%M% 3=>, 311 "S%M%E%_% 8>6>/% ]ba ~q}f}oza clfss

dadhaxs oezas}dae}s jfll yo}boe f hxkfm xfeia, fs lky fs }ae }bkqsfem mkllfxs, ^l%s Xa~l ?,

fem yo}b f damofe }bf} df ha fs lky fs -6 dolloke, Majs% K~~e 83 "Dks} oezas}kxs ~qxcbfsam

dkxa }bfe -6 dolloke kj Cax}ojocf}as % % % %/% Ckllac}oza fc}oke cfe ha ar~ac}am }k hxoei

fmzfe}fias oe }axds kj hfxifoeoei fem ajjocoaec%FJ]XF Xa}% Jqem, 8:? J%X%M% f} 311% Oe }baox

K~~kso}oke Dadkxfemqd, Majaemfe}s ~xkzoma arfd~las kj skda ~q}f}oza clfss dadhaxs bfzoei

jolam oemozomqfl sqo}s oe sodolfx df}}axs alsaybaxa kx kj k}bax oes}o}q}okefl oezas}kxs hxoeioei

oemozomqfl fc}okes fifoes} Majaemfe}s oe k}bax cke}ar}s% O} os qeclafx bky }bos oejkxds }ba

sq~axokxo} feflsos jkx }ba ~xk~ksam clfss fc}oke baxa k}bax }bfe }k sqiias} }bf} lfxia

oes}o}q}okefl oezas}kxs kj}ae sqa afcb k}bax% Ybf} os dossoei jxkd Majaemfe}s kh`ac}oke os bky

}basa sqo}s od~locf}a }ba cke}xkzaxs eky hajkxa }ba Ckqx}%

Ckecae}xf}oei lo}oif}oke oe }bos jkxqd os masoxfhla hacfqsa }ba Ckqx} os jfdolofx yo}b }babos}kx kj }bos cfsa, bfzoei xqlam ke afxloax dk}okes fem mosckzax mos~q}as% Fmmo}okefll, }baxa

fxa sazaxfl k}bax haeajo}s, jkx arfd~la, }ba alodoef}oke kj }ba xosg kj oeckesos}ae} `qmidae}s,

haeajo}s oe }axds kj `qmocofl xaskqxcas, fem }ba jfdolofxo} kj }ba Skq}baxe Mos}xoc} kj Eay _kxg

yo}b sacqxo}oas lfy%


8/3/2019 03/02/2012 GOLDMAN SACHS

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ΜΗΝΥΣΗ 03/02/2012 ΚΑΤΑ goldman sachs ΑΠΟ ΤΟ ΣΥΝΤΑΞΙΟΔΟΤΙΚΟ ΤΑΜΕΙΟ...

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