5REHUW$+DDVOHU 'LJLWDOL]DFMD3LHWND
Ä7$-1(635$:...
22 downloads
170 Views
828KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
5REHUW$+DDVOHU 'LJLWDOL]DFMD3LHWND
Ä7$-1(635$:< 3$3,()<´
=DPLDVWZVW SX Ä,SR]QDFLHSUDZG DSUDZGDZDVZ\VZRERG]L-
3U]HGPRZDGRZ\GDQLDSROVNLHJR 2GGDMHP\GRUN&]\WHOQLNDNVL*N VSHFMDOQ6SHFMDOQ SU]\QDMPQLHM]NLONXSRZRGyZ-HVWRQD VNUyWHPREV]HUQHM WU]\WRPRZHMSUDF\SU]\JRWRZ\ZDQHMSU]H]RVWDWQLH ODW:WHMPRQXPHQWDOQHM SUDF\V]F]HJyáRZRSU]HGVWDZLRQRZD*QHDVSHNW\RE\F]DMRZRFLGZRUyZSDSLHVNLFK]ZáDV]F]DZ RNUHVLHRG 9 GR ;9,, ZLHNX :GRNRQDQ\PVNUyFLH]QDWXU\U]HF]\SRPLQL WRZLHOHZWNyZLVSUDZ&DáNRZLFLH]UH]\JQRZDQR] SU]HGVWDZLHQLDDSDUDWXVSUDZLHGOLZRFL ZL ]LHQQLFWZDLQNZL]\FMLWRUWXU7HERZLHPVSUDZ\ SU]HGVWDZLRQH]RVWDá\ZLQWHUHVXMFHMNVL*FH 9LWWRULR0HVVRULHJR Ä&]DUQHNDUW\.RFLRáD =GHF\GRZDQRWDN*HRSRPLQL FLXV]F]HJyáRZ\FKRSLVyZZ\GDU]H LNRPHQWDU]\$XWRUD2VWDWHF]QLH SU]\JRWRZDQRSXEOLNDFM NWyUDD* SU]HáDGRZDQDMHVWIDNWDPLZQLRVNLSR]RVWDZLDMF&]\WHOQLNRP3UDFD SRZVWDZDáD SU]H]V]HUHJODW%LEOLRJUDILDNWyUDE\áDSRGVWDZ MHMSU]\JRWRZDQLDOLF]\SRQDG SR ]\FML$XWRUNRU]\VWDMF]SRPRF\ZLHOXELEOLRWHNLDUFKLZyZGRNRQDáNRQIURQWDFMLZL NV]RFL Z\GDZQLFWZMDNLHSRZVWDá\ZRVWDWQLFKG]LHVL FLROHFLDFK7RWUXGQDLSRU\ZDMFDOHNWXUD6SRUR ]ZáDV]F]DZRVWDWQLFKODWDFKXND]DáRVL NVL*HNSU]HGVWDZLDMF\FKKLVWRUL SDSLHVWZDLSDSLH*\: ZL NV]RFL]DVWRVRZDQRMHGQDNPHWRG FKURQRORJLF]QHMSUH]HQWDFMLLFK*\FLRU\VyZ0HWRGD]DVWRVRZDQD ZWHMPRQRJUDILLLMHMVNUyFLH MHVWZW\PERJDFWZLHU]DGNRFL:QLHNWyU\FKUR]G]LDáDFKWHMNVL*NL ]DSRZLHG]LDQHV Z\GDZQLFWZDV]HU]HMSU]HGVWDZLDMFHRSLVDQHZ\GDU]HQLD &KRFLD*$XWRUSU]HGVWDZLáZGRNRQDQ\PVNUyFLHVSUDZ\LZ\GDU]HQLDNWyUHPR*QD]QDOH(üWDN*HZ ZL NV]RFLZF]HQLHMV]\FKSXEOLNDFMLWRSU]\M WDPHWRGDSUH]HQWDFMLX]QDQD]RVWDáDQLHPDOSU]H] ZV]\VWNLFKF]\WHOQLNyZPDV]\QRSLVXUHFHQ]HQWyZUHGDNWRUyZLZ\GDZFyZ]DZLHOFHSURZRNXMF EXOZHUVXMF .VL*NDZVNUyFRQHMIRUPLHZ URNXZ\GDQD]RVWDQLHZNLONXNUDMDFK2SUyF]3ROVNLWDN*HZ &]HFKDFK6áRZDFML1LHPF]HFK:LHONLHM%U\WDQL6WDQDFK=MHGQRF]RQ\FKL5RVML3RV]HU]RQDZHUVMD VNLHURZDQD]RVWDQLHGRGUXNX]XZ]JO GQLHQLHPZV]\VWNLFKXZDJLNU\W\F]Q\FKRFHQWHJRZ\GDZQLFWZD :X]\VNDQ\FKRSLQLDFK$XWRUDLZ\GDZFyZSU]HVWU]HJDQRSU]HGSXEOLNDFM NVL*NLREDZLDMFVL
QLHFK FLLRVWU\FKRFHQF] FLURGRZLVN=DZV]H]DGDZDQRS\WDQLDRSU]\F]\Q ]DUyZQRQDSLVDQLD NVL*NLMDNLMHMSXEOLNDFML-DNF] VWRE\ZDZWDNLFKSU]\SDGNDFK(UyGHáGHF\]MLQDOH*\V]XNDüZ RVRELVW\FKGRZLDGF]HQLDFK =E\WF] VWRZOLWHUDWXU]HRSLVXMFHMZ\GDU]HQLDSU]\ZRáDQHZWHMNVL*FHVWRVXMHVL SRGZyMQ PLDU 8VSUDZLHGOLZLHQLDQLHNWyU\FKQLHJRGQ\FKF]\QyZLQQ\PL]DVáXJDPL$XWRUVDPSU]HGODW\GRZLDGF]\` SRXF]DQLDSU]H]ÄQRZRQDZUyFRQ\FKFRGRRFHQ\SRVWDZVSRáHF]Q\FK2ZLÄQRZRQDZUyFHQLMDNRFQRW\ SU]\ZRá\ZDOLWDNLHSRVWDZ\NWyUHMHV]F]HQLHGDZQRZLQQHMV\WXDFMLE\á\LP]XSHáQLHREFH$ZV]\VWNR ]SRZRáDQLHPQDRGZLHF]Q QDXN .RFLRáD0\OLáE\VL MHGQDNND*G\NWyU\FKFLDáE\GRV]XNLZDüVL Z WHMNVL*FHQXW\RVRELVWHJRUR]UDFKXQNX'RZLDGF]HQLHRVRELVWHE\áRLPSXOVHPGRJá ERNLHM
ZLHOROHWQLHMSUDF\QDGSR]QDZDQLHPWUXGQ\FKZWNyZKLVWRU\F]Q\FK+LVWRULDSDSLH*\LSDSLHVWZDMHVW SU]\W\P]DOHGZLHMHGQ\P]NLONXQDVWXWHPDWyZ .VL*NDQLHMHVWSLVDQLHPKLVWRULLRGQRZD-HVWSU]\SRPQLHQLHP&DáNRZLFLHRGU]XFDP\ZV]HONLH SRVG]HQLDR]DNXOLVRZHLQWHUHV\MDNRE\SU]\ZLHFDMFH$XWRURZLLZ\GDZFRP 6]F]HJyOQLHZ*DGQ\PZ\SDGNXQLHE\áRFHOHPREUD*DQLHNRJRNROZLHN-HVWHP\ZLDGRPL*H ]QDMG VL RVRE\NWyUHE G SRGZD*DüG\VNUHG\WRZDüWRFR]RVWDáRWXQDSLVDQH&LRV\NU\W\NL VNLHURZDQHZREHF$XWRUDLZ\GDZFyZJá ERNR]RVWDá\SU]HP\ODQHSU]HGSRGM FLHPGHF\]MLRHG\FML NVL*NL:áDQLHGODWHJRZSLHUZV]HMNROHMQRFLGRSXEOLNDFMLVNLHURZDQD]RVWDáDZHUVMDVNUyFRQD 3HZQHJRURG]DMXRVWUR*QRüLDVHNXUDFMDOHJá\WDN*HXSRGVWDZZ\ERUXIRUPG\VWU\EXFMLNVL*NLSU]HGH ZV]\VWNLPSRSU]H]VSU]HGD* Z\V\áNRZ2GU]XFDP\ZUHV]FLHSRVG]HQLDRSURSDJDQGRZ\Z\PLDU NVL*NL/LF]QHPLW\IDáV]\ZHWZLHUG]HQLDREFHV LQLFMDWRURPWHJRZ\GDZQLFWZD:LHU]\P\*H &]\WHOQLF\RELHNW\ZQLHSU]\MP W SUDF LW\PVDP\P]DFK FHQL]RVWDQ GRGDOV]\FKVDPRG]LHOQ\FK SRV]XNLZD SUDZG\Ä3UDZGDERZLHPZDVZ\]ZROL .VL*NDQLHMHVWZUHV]FLHKLVWRUL SDSLH*\KLVWRUL SDSLHVWZDF]\WH* KLVWRUL .RFLRáD-HVW]QDWXU\ U]HF]\Z\áF]QLHSUH]HQWDFM F] FLIDNWyZ]ERJDWV]\FKG]LHMyZ-HVWMDNWRQD]ZDáMHGHQ]UHFHQ]HQWyZ ÄKRPHRSDW\F]QGDZN KLVWRULL:LHU]\P\*HNVL*NDWDQLNRPXQLH]DV]NRG]LQLNRJRQLHGRWNQLH QLF]\LFKXF]XüQLHREUD]L1LHFKE G]LH NRU]\VWDMF]WHJRPHG\F]QHJRSRUyZQDQLD OHNLHPJG\* X*\WD ]RVWDáDZPLQLPDOQHMGDZFH $XWRULZ\GDZF\G]L NXM ZV]\VWNLPRVRERPLLQVW\WXFMRPNWyUHSRPDJDá\ZSU]\JRWRZDQLXWHJR Z\GDZQLFWZD%LEOLRWHNRPSUDFRZQLNRPQDXNLWáXPDF]RPUHGDNWRURPWHFKQLF]Q\PD]ZáDV]F]D SLHUZV]\PMHM&]\WHOQLNRP7RLFKRFHQ\LZ\UD*DQ\F]DVHPVWUDFKE\áSRGVWDZ Z\ERUXRGSRZLHGQLFK IUDJPHQWyZREV]HUQHMPRQRJUDILLGRSXEOLNDFMLRUD]VWRQRZDQLDLSU]\VWRVRZDQLDGRSRWU]HESROVNLHJR &]\WHOQLNDQLHNWyU\FKRSLVDQ\FKIDNWyZ&]DVSRND*HF]\WHREDZ\E\á\X]DVDGQLRQH OXW\PDU]HF- URNX
52='=,$à, 6LHGHPNRELHWNWyUHZVWU]VQ á\:DW\NDQHP
=Z\NáRVL XZD*Dü*H:DW\NDQSRGREQLH]UHV]W MDNFDá\.RFLyáE\áLMHVWGRPHQ P *F]\]Q6SyU RURO NRELHWZ.RFLHOHMHVWUyZQLHVWDU\MDNKLVWRULD.RFLRáD1DMHMNDUWDFKSRMDZLDá\VL ]DZV]H NRELHW\]DSLVXMFVL QDQLFK]DUyZQRJRUOLZ ZLDU LREURQ ZL WRFL.RFLRáDMDNLPQLHMFKOXEQ\PL SRVWDZDPL :W\PUR]G]LDOHSU]\SRPQLP\NLONDQDMEDUG]LHMEDUZQ\FKSRVWDFL]RZHMGUXJLHMJUXS\ :\SU]HG]DMFHZHQWXDOQ NU\W\N WHMSUDF\]DQLE\MHGQRVWURQQ\Z\EyUSU]\SRPQLP\*HQLHMHVW QDV]\PFHOHPSU]HGVWDZLHQLHWXSHáQHMKLVWRULL.RFLRáDOHF]VSRMU]HQLHQDQLHNWyUHW\ONRMHMNDUW\ =DLQWHUHVRZDQ\VL JQLHGRLQQ\FK(UyGHá-H*HOLWDNVL*ND]DLQVSLUXMHJRGRGRGDWNRZHMOHNWXU\GR Já EV]HJR]DLQWHUHVRZDQLDVL ORVDPL.RFLRáD WRVZRM IXQNFM Z\SHáQLZáDFLZLH 3LHUZV] NRELHWNWyUD Z\ZDUáD]QDF]Q\ZSá\ZQDORV\NRFLRáyZORNDOQ\FKZ(XURSLHE\áD 3HWURQLOODFyUNDDSRVWRáD3LRWUDL-RDQQ\-DNFKFH.OHPHQV$OHNVDQGU\MVNL3LRWUQLyVá]JXE *RQLH -RDQQLHNWyUDSRGREQLHMDNRQ]JLQüPLDáDPLHUFL P F]HVN6]F]WNLZ3HWURQLOOLRGQDOH]LRQRZ NDWDNXPEDFK 3DSLH* 6WHIDQ ,, ,,, RELHFDáNUyORZL)UDQNyZ3HSLQRZL,,,*HSU]HND*HPXGRF]HVQH V]F]WNLZL WHMMDNRUHOLNZLH7HQSDSLHVNLGDUVSUDZLá*H)UDQFM SU]H]NLONDQDFLHZLHNyZQD]\ZDQR ÄSLHUZRURGQ FyU .RFLRáD 3DSLH* 3DZHá, XIXQGRZDáZ%D]\OLFHZ3LRWUDQRZ NDSOLF Z NWyUHMXPLHV]F]RQRUHOLNZLHZ3HWURQLOOL 1DGZRU]HSDSLHVNLPSRMDZLDáRVL ZLHOHNRELHWX]QDZDQ\FKSU]H].RFLyá]DZL WH:UyGQLFKE\á\ PL G]\LQQ\PLZL WH7DUV\OLDL(PLOLDQDFLRWNLSDSLH*D*U]HJRU]D,:LHONLHJR WDN*HZL WHJR 'RQLRVá URO RGHJUDá\ZUHV]FLHPDWNLSRV]F]HJyOQ\FKSDSLH*\F]DVHPLFKVLRVWU\3U]\NáDGHPQLHFK E G]LH/DRGLQLFD3LFFRORPLQLPDWNDSDSLH*D3LXVD,,, LVLRVWUDSDSLH*D3LXVD ,, 7UDJLF]Q\ORVVSRWNDáURG]LQ SDSLH*D+DGULDQD ,, +DGULDQSRFKRG]Lá]U]\PVNLHMURG]LQ\ &RORQQyZ1LP]RVWDáNVL G]HPE\á*RQDW\-HJR*RQD6WHIDQLDLFyUND]RVWDá\XSURZDG]RQH]JZDáFRQH L]DPRUGRZDQHZ URNXSU]H](OHXWHULXV]DV\QDELVNXSD2UWH$UVHQLXV]D6\QHPELVNXSD$UVHQLXV]D DZL FEUDWHPSU]\URGQLP PRUGHUF\E\á$QDVWD]\]ZDQ\%LEOLRWHNDU]HPNDUG\QDáVHNUHWDU]RVRELVW\ SDSLH*D+DGULDQD ,, DIDNW\F]QLH]DU]G]DMF\.RFLRáHP$QDVWD]\SRPLHUFL/HRQD ,9 VDP SU]HV]áRGZDPLHVLFHRNXSRZDáWURQSDSLHVNL:áDQLH+DGULDQ ,, SU]\ZUyFLá$QDVWD]HJRGRáDVN RGGDMFPXZV]\VWNLHXU] G\LVSURZDG]DMFGR5]\PXE\ZVNXWHNVáDERFLSDSLH*DIDNW\F]QLHU]G]Lü .RFLRáHP:\GDMHVL *HSRJáRVNLRZVSyáXG]LDOH$QDVWD]HJR Z]DPRUGRZDQLX*RQ\LFyUNLSDSLH*DQLH V EH]SRGVWDZQH+DGULDQ ,, PRFQRSU]H*\ZDáPLHUüEOLVNLFKPXRVyE :DUWRZVSRPQLHüLWHNRELHW\NWyUHVNáDGDá\ZL]\W\SDSLH*RPZL]\W\F]DVHPQLHFRVL SU]HFLJDMFH -DNFKRFLD*E\ZL]\WD.U\VW\Q\NUyORZHM6]ZHFMLZODWDFK NWyUDSRDEG\NDFMLSU]\E\áDGR 5]\PXQDZUyFLZV]\VL QDZLDU NDWROLFN3DáDFNUyORZHM.U\VW\Q\Z5]\PLHE\áQLHW\ONRFHQWUXP LQWHOHNWXDOQ\PPLDVWDDOHSU]\VSDU]DáSDSLHVNLPJRVSRGDU]RPQLHFRNáRSRWyZQDWXU\PRUDOQHM.XULD U]\PVNDZ\EDF]DáD.U\VW\QLHZLHOHOLF]F*H]DMHMZVWDZLHQQLFWZHP6]ZHFMDSU]HMG]LHQDNDWROLF\]P :ND*G\PUD]LHNUyORZDGX*RNRV]WRZDáDVNDUELHFD* WU]HFKNROHMQ\FKSDSLH*\$OHNVDQGUD 9,, .OHPHQVD ,; L.OHPHQVD ; =DáR*\áDZ5]\PLHVáDZQ DNDGHPL NWyUHMF]áRQNLHPE\áPL G]\LQQ\PL SDSLH* .OHPHQV ;, DSDSLH* $OHNVDQGHU 9,,, Z\GDáZLHONLHVXP\]HVNDUEFDSDSLHVNLHJRQD]DNXSZLHOX PDQXVNU\SWyZLNVL JR]ELRUyZ.U\VW\Q\Z]ERJDFDMFW\PVDP\P%LEOLRWHN :DW\NDVN
3DSLH* ,QQRFHQW\ ;,, XURF]\FLHSU]\MáL JRFLáZ5]\PLHNUyORZ 3ROVNL0DUL
.D]LPLHU ZGRZ SR-DQLH,,,6RELHVNLP0DULD.D]LPLHUDJRFLáDZ5]\PLHD* GRURNX 3RSU]HVWDP\QDW\PZ\OLF]HQLX FKRüLZVSyáF]HQLHQS]DNUyWNLHJRSRQW\ILNDWX-DQD3DZáD, SRMDZLá\VL NRELHW\ ]DNRQQLFHRNWyU\FKZDUWRZVSRPQLHü 3U]\MU]\MP\VL QLHFRGRNáDGQLHMORVRPNLONXZ\EUDQ\FKNRELHWQDMEDUG]LHMEDUZQ\FK.ROHMQR SU]\SRPQLP\SRVWDFL7HRGRU\6WDUV]HM0DUR]LL7HRGRU\0áRGV]HM/XNUHFML%RUJLL2OLPSLL3DQILOL 0DLGDOFKLQL)UDQFLV]NL/HKQHUW PDWNL3DVTXDOLQ\LZUHV]FLHOHJHGDPHMSDSLH*\F\-RDQQ\:V]\VWNLP ]UHV]W QDV]\PERKDWHUNRP5]\PLDQLHQDGDOLWHQVDPW\WXá /D3DSHVVD 3DSLH*\FD
7HRGRUD6WDUV]D7HRGRUD0áRGV]DL0DUR]LD .RELHW\SDSLH*\ZLHNXXSRGOHQLD 6WRSL üG]LHVLWODWRGSRQW\ILNDWXSDSLH*D)RUPR]XVD GRSDSLH*D'DPD]HJR WR QDMEDUG]LHMKDQLHEQHODWDZG]LHMDFKSDSLHVWZD+LVWRU\F\SU]HFLJDM VL ZQDGDZDQLXWHPXRNUHVRZL Uy*Q\FKRNUHOHRGáDJRGQ\FKRZLHNXXSRGOHQLDGRMHGQR]QDF]Q\FKRRNUHVLHSRUQRNUDFML%\á\WREH] ZWSLHQLDODWDWUXGQHODWDFDáNRZLWHJRXSDGNX]QDF]HQLDSDSLHVWZDFRQLHSR]RVWDáREH]ZSá\ZXQDRVWD WHF]Q\SRG]LDá.RFLRáDQDZVFKRGQL EL]DQW\MVNLL]DFKRGQL U]\PVNL%\áWRWH* MHGQDNF]DVNWyU\ ]DSRF]WNRZDáZLHON UHZROXFM Z.RFLHOH UHZROXFM Sá\QF ]NODV]WRUXZ&OXQ\1DWURQLH SDSLHVNLP]DVLDGDáRZyZF]DV SDSLH*\ OXE DQW\SDSLH*\/HJDOQRüSRQW\ILNDWX%HQHG\NWD 9 PR*H E\üZWSOLZD -HGHQ]SDSLH*\%HQHG\NW ,; 7HRILODWWRKUDELDQD7XVNXOXPEUDWSDSLH*\%HQHG\NWD 9,,, L-DQD ;,; SLHUZV]\UD]WURQSDSLHVNLREMáPDMFSL WQDFLHODWLSURZDG]LáSUDZG]LZLHUR]SXVWQHLJZDáWRZQH*\FLH %HQHG\NWD ,;GZXNURWQLHXVXZDQR]WURQX]DND*G\PUD]HP]EURMQLHJRRG]\VNLZDá %\á SDSLH*HPD* WU]\NURWQLH: WDNLFKF]DVDFKQDDUHQ KLVWRULLZNURF]\á\WU]\NRELHW\ ± SU]HGVWDZLFLHONLU]\PVNLHJRURGX 7XVNXOXPNWyU\QDGáXJRSU]HMáZáDG] Z5]\PLH 7HRILODNW KUDELDQD7XVNXOXPSU]\ZyGFDV]ODFKW\U]\PVNLHM QRVLáW\WXáNVL FLDLVHQDWRUD5]\PX *\áGRURNX -HJR*RQ E\áDRVáDZLRQD7HRGRUD]ZDQD6WDUV] ]PDUáDRNURNX :UD]]FyUNDPL LPLHQQLF]N 7HRGRUD]ZDQ 0áRGV]L0DUR]L SU]H]SyáZLHNXVSUDZRZDá\U]G\Z5]\PLH2GODW 7XVNXODF]\F\U\ZDOL]RZDOL]H6SROHWDF]\NDPL7URQSDSLHVNLSU]HFKRG]Lá]UNGRUN1DSLHUZV]H ODWD ; ZLHNXSU]\SDGáV]F]\WU\ZDOL]DFMLU]\PVNLFKURGyZ3DVWZR.RFLHOQHRZáDGQ áDNRUXSFMDZ VNDOLWUXGQHMGRZ\REUD*HQLD/HRQ 9 Z\EUDQ\ZOLSFX URNXMX* ZHZU]HQLXWHJR* URNXZWUFRQ\ ]RVWDáGRZL ]LHQLDSU]H].U]\V]WRID NDUG\QDáDSUH]ELWHUDNRFLRáDZ'DPD]HJR.U]\V]WRIFKFF ]DMüPLHMVFHSDSLH*D/HRQDND]DáJRZNUyWFHSRZWUFHQLXGRZL ]LHQLD]DPRUGRZDü6DPWH* GR ZLDGF]\áSRGREQHJRORVXZVW\F]QLX URNXNLHG\GR5]\PXQDF]HOHPDáHMJUXS\]EURMQ\FKZUyFLá] Z\JQDQLD6HUJLXV].U]\V]WRISRNUyWNLPSURFHVLH]QDOD]áVL ZZL ]LHQLXJG]LHRGZLHG]LáJR QLHVSRG]LHZDQLH6HUJLXV]7URQSDSLHVNL]QyZE\áZROQ\:W\FKWUDJLF]Q\FKGODSDSLHVWZDFKZLODFKQD DUHQ G]LHMyZZNUDF]D7HRGRUD6WDUV]D7RRQDZáDQLHSRLQIRUPRZDáD6HUJLXV]DRPR*OLZRFLSU]HM FLD WURQXSDSLHVNLHJR1DOH*DáRW\ONRXVXQüZFLH .U]\V]WRID6HUJLXV],,,SDQRZDáZODWDFK L ]QDQ\QDPMHVWMDNRLQLFMDWRURGUD*DMFHJRW]ZV\QRGXWUXSLHJR DOHRW\PZLQQ\PUR]G]LDOH ']LZQ\WRE\áF]DV1DZHWQDMEDUG]LHMEOLVF\.RFLRáRZLKLVWRU\F\QDVWDMF HU WU]HFKWXVNXODVNLFK SDSLH*\FQD]\ZDM EH]RJUyGHNSRUQRNUDFM .DUG\QDá&HVDUH%DURQLXVNXVWRV]%LEOLRWHNL:DW\NDVNLHMLVSRZLHGQLNSDSLH*D.OHPHQVD 9,,, QD SRF]WNX ;9,,ZLHNXZZLHONLPVZRLPG]LHOH.URPNL.RFLHOQH SDQRZDQLHNXUW\]DQQD]\ZD ÄSRUQRNUDFM3DSLH* Z\NRQ\ZDáZV]\VWNLH*GDQLD7HRGRU\0LPRQDJDQQHJRSURZDG]HQLDSRWUDIL` ]DELHJDüRZ]JO G\OXGXREGDURZXMFJRKRMQLH7RZáDQLHVSUDZLáR*H6HUJLXV]E\áSU]H]OXGOXELDQ\L PyJáMDNQDRZHF]DV\U]G]LüZ.RFLHOHEDUG]RGáXJR-HJRSRQW\ILNDWWUZDáVLHGHPODWJG\WU]HM SRSU]HGQLF\]PLHQLOLVL ZFLJXMHGQHJRURNX
6HUJLXV]]PDUáPLHUFL QDWXUDOQ7RWH* E\áRMDNQDRZHF]DV\Z\MWNRZ\PZ\GDU]HQLHP-HJR ZLWREOLZRü6HUJLXV],,,REGDURZDQ\]RVWDááDVNDPLPDWNL7HRGRU\LMHMMHV]F]HEDUG]LHMUR]ZL]áHM FyUNL0DUR]LL 0RUR]LDRG]LHG]LF]\áDSRPDWFHQLHW\ONRZáDG] DOHSU]HGHZV]\VWNLPDPELFM SU]HELHJáRüL QLHSRKDPRZDQHG*HQLHGRGHF\GRZDQLDRORVDFKZLDWD8URG]LáDVL RNRáRURNX SU]H*\ZV]\ODW ]PDUáDSRURNX :ZLHNXSL WQDVWXODWSRVWDQRZLáDU\ZDOL]XMF]PDWN RZ]JO G\SDSLHVNLH]GRE\ü VHUFH-HJRZLWREOLZRFL0DUR]LD FKRüMX* QLHE\áDVWDQXZROQHJR V]\ENR]GRE\áDQLHW\ONRVHUFH DOHLO G(ZLH6HUJLXV]D)DNW*HE\áD*RQ ZSá\ZRZHJR$OEHU\ND]H6SROHWRQLHPLDáSU]\W\P*DGQHJR ]QDF]HQLD3DSD6HUJLXV],,,]DSU]\F]\Q 0DUR]LLPLDáLQQ\SRZyGE\QD]\ZDüVL RMFHP2ZRFHPWHM PLáRFLPLDáE\ü-DQ ;, NWyU\SR ODWDFKWURVNOLZHMRSLHNL0DUR]LLVDPREMáWURQSDSLHVNL -HMVLRVWUD7HRGRUD0áRGV]DWH* PLDáDV\QDNWyU\MDNR-DQ;,,, SDQRZDáZODWDFK 0DUR]LDE\áDZL FPDWN -DQD ;, EDEN -DQD ;,, LFLRWN -DQD ;,,, 6HUJLXV],,,VDPPDMFZLHOHQD VXPLHQLXSR]ZDODOLQQ\PZáDGFRPyZF]HVQHJRZLDWDQDSRGREQHSURZDG]HQLH&HVDU]EL]DQW\MVNL /HRQ ;, GRURELáVL ZWHG\SRWRPND]F]ZDUW *RQ$E\PyJáM SROXELü FKRüSUDZR]H]ZDODáRMHG\QLH QDGZLH*RQ\ FHVDU]Z\VWSLOGRSDSLH*DRG\VSHQV 1LHPyJáMHMX]\VNDüRGVZHJRSDWULDUFK\ .RQVWDQW\QRSROD6HUJLXV]VNZDSOLZLHSRSLHV]\áFHVDU]RZL]SRPRF:RGZHFLHSDWULDUFKDREáR*\á SDSLH*DHNVNRPXQLN:]DVDG]LHWHQIDNWE\áSRF]WNLHPZLHONLHMVFKL]P\LXSDGNX.RFLRáD 3RSRQW\ILNDFLH6HUJLXV]DSU]\QDMPQLHMSL WQDVWXNROHMQ\FKSDSLH*\]DZG]L F]DáRVZRMHZ\QLHVLHQLHL WURQSDSLH*\FRP]URGX7XVNXOXPOXEURG]LQLHU]\PVNLFKKUDELyZ $QDVWD]\,,, Z\EUDQ\]RVWDáG]L NL7HRGRU]H6WDUV]HM/DQGR SRGREQLH-DQ ; UyZQLH*7HQSDSLH*FKRüSRF]WNRZR MDNFKF KLVWRU\F\E\áNRFKDQNLHP7HRGRU\6WDUV]HM Sy(QLHMFKFLDáXZROQLüVL VSRGZáDG]\PDWNLLMHMFyUHN3U]HFLZQLPVSURZDG]LáQDZHWZRMVND Z JLHUVNLH&DáDDNFMDVNRF]\áDVL MHGQDNGODSDSLH*DWUDJLF]QLH0DUR]LDSRVWUDFLHSLHUZV]HJRP *D SROXELáD*XLGDNVL FLD7RVNDQLL']L NLSRPRF\P *DZ\ZRáDáDZ5]\PLHEXQWZZ\QLNXNWyUHJR QDVáDQLSU]H]QL ]áRF]\F\]DPRUGRZDOLEUDWDSDSLH*D3LRWUD]UHV]W ZMHJRREHFQRFL DVDPHJR SDSLH*DZWUFLOLGRZL ]LHQLDZNWyU\PXGXVLáJRP*0DUR]LL-DQV]F]HJyOQ\PLZ]JO GDPLREGDURZDá PDWN MHMFyUN LPLHQQLF]N D]JLQá]DVSUDZ LQQHMFyUNL0DUR]LL /HRQ 9, WURQ]DZG]L F]Dá0RUR]LLNWyUDMX* ZWHG\QDGDáDVRELHW\WXáVHQDWRURZHMLSDWU\FMXV]NL 5]\PX 6HQDWUL[HW3DWULFLD5RPDQRUXP/HRQ 9, QLHGáXJRFLHV]\áVL Z]JO GDPLSU]HELHJáHM0DUR]LL 7DMQHVSUDZ\SDSLH*\
M
6WHIDQ 9, ]DVWSLá/HRQD]DVSUDZ 0DUR]LL3RGZyFKODWDFKXVWSLüPXVLDáPLHMVFDMHM V\QRZL-DQRZL ;, 7\PF]DVHPPDWNDSDSLH*D]RVWDáDSRUD]NROHMQ\ZGRZ3RPLHUFL *XLGRQDZ\ERUXWU]HFLHJRP *DGRNRQDáDZUyGEOLVNLHMURG]LQ\/RVSDGáQD+XJRQD]3URZDQVML NUyOD LWDOVNLHJR+XJRQE\áMHGQDNURG]RQ\PEUDWHPSRSU]HGQLHJRP *D0DUR]LLD]ZL]HNPDá*HVNL] EUDWRZ XZD*DQRZyZF]DV]DND]LURGF]\7HQIDNWQLHE\áGODQLNRJRSU]HV]NRG3U]HFLH* VDPSDSLH* E\áZLDGNLHPXURF]\VWRFLOXEQ\FK0DUR]LD]RVWDáDNUyORZFKFLDáDMHGQDNVZRM NDULHU ]DNRF]\ü QDFHVDUVNLPVWRLNX1DSU]HV]NRG]LHPDWFHVWDQáMHGQDNPáRGV]\V\Q0DUR]LL $OEHU\N ,, ]H6SROHWR :\ZRáDáEXQWDU\VWRNUDFMLU]\PVNLHMQLHFKFFHM]JRG]LüVL QDSDQRZDQLH+XJRQD$OEHU\NSU]HMá SHáQL ZáDG]\RJáRVLá5]\PUHSXEOLNDVLHELHNVL FLHPLVHQDWRUHPZV]\VWNLFK5]\PLDQ+XJRQXFLHNá 0DUR]LDZWUFRQD]RVWDáDGRZL ]LHQLDSy(QLHM]DPNQL WRM ZNODV]WRU]HJG]LH]PDUáDSRURNX 3DSLH* -DQ ;, SDQRZDáMHV]F]HWU]\ODWDSRGFLVá NRQWURO EUDWD$OEHU\ND
/HRQ 9,, ]RVWDáSDSLH*HP]DSRSDUFLHP$OEHU\NDNWyU\ZáDQLHSRMá]DPDá*RQN $OG FyUN +XJRQDNWyUHJRQLHGDZQRZ\JQDá]5]\PX .ROHMQLSDSLH*H6WHIDQ 9,,, 0DU\QXV ,, $JDSLW ,, U]G]LOLZ\áF]QLH ]DVSUDZ $OEHUWD ,, V\QD0DUR]LL 1LHNRQLHFQDW\PG\QDVWLLSDSLH*\F: URNXSRSU]HV]áRGZXG]LHVWXODWDFKSDQRZDQLDXPLHUD $OEHU\N ,, 3U]HGPLHUFL XGDáRPXVL Z\PXVLüQDV]ODFKFLHU]\PVNLHMNDUG\QDáDFKLGXFKRZLHVWZLH SU]\VL J *HSR$JDSLFLH ,, Z\ELRU QDVWROLF SDSLHVN MHJRV\QD2WWDYLDQDXURG]RQHJRZ URNX 2WWDYLDQRE\áZL FZQXNLHP0DUR]LL&KRFLD* SUDZRNRFLHOQH]DEUDQLDáRZ\]QDF]DQLDQDVW SF\]D*\FLD SDQXMFHJRSDSLH*D$OEHU\NRZLXGDáRVL ]DSHZQLüV\QRZLWURQ-HJRZLWREOLZRFL2WWDYLDQRPLDá ZyZF]DVVLHGHPQDFLHODW=DMHJRSRQW\ILNDWXSDSLHVWZRVL JQ áRGQD/DWHUDQVWDáVL SUDZG]LZ\P GRPHPUR]SXVW\GOD]áRWHMPáRG]LH*\U]\PVNLHM3URVW\WXWNRPSáDFRQRNLHOLFKDPLNRFLHOQ\PL 3U]\PLOQ\SDSLH*RZLG]LHVL FLRODWHN]RVWDáQDJURG]RQ\VDNU ELVNXSL8OXELRQ\NR -DQD ;,, ]RVWDá VHQDWRUHP:UyFLá\F]DV\.DOLJXOL0LPRXSRGOHQLDL]HSVXFLD-DQZ]PRFQLRQ\VLá VZRMHJRZRMVNDGEDá RWHU\WRULDOQ MHGQRü3DVWZD.RFLHOQHJR5]\PQLHGDU]\áSDSLH*DPLáRFL: URNX]ZRáDQRQD /DWHUDQLH]LQLFMDW\Z\F] FLV]ODFKW\U]\PVNLHMV\QRGNWyU\SRGFL *DUHPZLHOX]DU]XWyZ P *REyMVWZDND]LURG]WZDNU]\ZRSU]\VL VWZDSURIDQDFML]áR*\áSDSLH*D] XU] GX-DQQDV\QRGQLH SU]\E\á-HJRSU]HFLZQLF\Z\EUDOLQRZHJRSDSLH*D/HRQD 9,,, NWyU\E\áRVRE ZLHFN-DQ ;,, QLH XVW SRZDáQDF]HOHZRMVNDZUyFLáGR5]\PXLSRQRZQLH]ZRáDáV\QRGNWyU\QLHW\ONR]áR*\á]XU] GX /HRQD 9,,, DOHSU]\ZUyFLá-DQRZLZV]\VWNLHJRGQRFL5R]SRF]áVL RNUHVEH]Z]JO GQHM]HPVW\L UHSUHVMLZREHFSU]HFLZQLNyZ-DQD7HQ]D GDOHMSURZDG]LáEXU]OLZHQLHPRUDOQH*\FLH: URNX PDMF ODWMDNSLV]HNRFLHOQ\KLVWRU\NELVNXS/LXWSUDQG]&UHPRQ\ÄE\áMX* XNUHVXVZRMHJR KDQLHEQHJR*\ZRWD]JLQáPLHUWHOQLHXJRG]RQ\ZJáRZ SU]H]GLDEáDZF]DVLHFXG]RáyVWZDZGRPX NRELHW\]DP *QHM:HGáXJELVNXSDW\PGLDEáHPE\áDHSLOHSVMDZHGáXJLQQ\FKKLVWRU\NyZ]GUDG]RQ\ P*:RILFMDOQ\FKNURQLNDFKNRFLHOQ\FKF]\WDP\*H-DQ;,, ]PDUáÄZVNXWHNUR]ZL]áRFLVZRMHM .LHG\]GUDG]RQ\P* ZUyFLáZF]HQLHMGRGRPX ]DVWDá-DQDZáy*NX]HVZRM PDá*RQN.DU E\áD FKáRVWDáDFXFKHP2F]\ZLFLHP*QLHZLHG]LDá*HWDNVURG]HUR]SUDZLDVL ]QDMZ\*V]\PGRVWRMQLNLHP .RFLRáD1LHPDOQLH*\ZHJRSDSLH*DEH]RG]LHQLDZ\U]XFLáQDVW SQLHSU]H]RNQR7DNVNRF]\áVZRM Z GUyZN SR]LHPVNLPSDGROH2WWDYLDQR 7HRGRUD0áRGV]DZUDFD QDVFHQ KLVWRULLZ]ZL]NX]RVRE SDSLH*D-DQD ;,,, NWyU\PLDá E\üMHMV\QHP %HQHG\NWKUDELD7XVNXOXPNROHMQ\SU]HGVWDZLFLHOURGXREMáWURQSDSLHVNLZODWDFK MDNR %HQHG\NW 9,, %\áVSRNUHZQLRQ\]LQQ ]QDQ URG]LQ U]\PVN .UHVFHQFMXV]yZNWyUD]DMHJRVSUDZ ]DF]\QDRGJU\ZDüFRUD]ZL NV] URO Z.RFLHOH 6NRF]\áDVL ZSUDZG]LHHSRNDSDSLH*\F]URGXKUDELyZ7XVNXOXPHSRNDU]GyZZSDSLHVWZLH QLHRE\F]DMQ\FKNRELHW6NRF]\áDVL HSRNDSRUQRNUDFMLDOHGDOHNRMHV]F]HE\áRGRNRFDHSRNL XSRGOHQLD3DSLHVWZRL.RFLyáGáXJRMHV]F]HU]G]RQHE G SU]H]VáDE\FKQDVWDZLRQ\FKQD]DVSRNRMHQLH LQWHUHVyZURGyZSDSLH*\*á ERNLH]PLDQ\QDVWSL GRSLHUR]DSRQW\ILNDWXSDSLH*\/HRQD ,; L*U]HJRU]D 9,, /HRQ ,; E\á SLHUZV]\PRGEOLVNR ODWSDSLH*HPNWyU\]DOLF]RQ\]RVWDáZSRF]HWZL W\FK 6LHGHPG]LHVLWODWSRE\WXSDSLH*\ZÄQLHZROLDZLQLRVNLHM GRSURZDG]Lá\5]\PGRSUDZG]LZHJR XSDGNX6WROLFDFKU]HFLMDVWZDSR]EDZLRQD]RVWDáDZyZF]DVGRFKRGyZQLHW\ONR] XWU]\PDQLDGZRUX DU\VWRNUDWyZNDUG\QDáyZLSDSLH*DDOHJáyZQLHSR]RVWDZLDQ\FKSU]H]U]HV]HSLHOJU]\PyZ&DáHPLDVWR SRSDGáRZUXLQ 6LHGPLXSUDZRZLW\FKSDSLH*\QDVZRM UH]\GHQFM REUDáRZFL*UR]EXGRZ\ZDQ\ $ZLQLRQ &HVDU]LLQWHOHNWXDOLFLZáRVF\QS3HWUDUND%RFFDFLRQDPDZLDOLSDSLH*\GRSRZURWX*áyZQDMHGQDN URODZVSURZDG]HQLXELVNXSyZU]\PVNLFKGRVZRMHMGLHFH]MLSU]\SDGáDNRELHWRP%U\JLGD6]ZHG]ND
QDPDZLDáDGRWHJR8UEDQD 9 3DSLH* ZUyFLá5]\PLDQLHSRZLWDOLJRHQWX]MDVW\F]QLH-DN*H ZLHONLHE\áRUR]F]DURZDQLH8UEDQDQDZLGRN:LHF]QHJR0LDVWD1LFMX* QLHSR]RVWDáR]GDZQHM ZLHWQRFL5]\PE\áPDá PLHFLQ.RFLRá\LSDáDFH]UXMQRZDQH6SáRQ áDUH]\GHQFMDSDSLHVNDQD /DWHUDQLH8UEDQURELáQLHPDOZV]\VWNRE\ZUyFLüGR$ZLQLRQX%U\JLGD6]ZHG]NDZLRGFDZ5]\PLH *\FLHZXEyVWZLHJG\W\ONRGRZLHG]LDáDVL R]DPLDUDFK2MFDZL WHJRSU]HSRZLHG]LDáDPXU\FKá PLHUüMH*HOL]GHF\GXMHVL RSXFLü5]\P8UEDQMHGQDNJáXFK\QDQDZRá\ZDQLD%U\JLG\QLHF]Xá\QD EáDJDOQHSURE\GHOHJDFMLPLDVWDQDSLVDáOLVWSR*HJQDOQ\LRSXFLáSRQRZQLHVZRMHELVNXSVWZRE\ZUyFLü GR$ZLQLRQX3RSDUXQDVWXGQLDFK]DFKRURZDáDSRQLHFDá\FKWU]HFKPLHVLFDFK]PDUá3URURF]\VHQ %U\JLG\6]ZHG]NLHMZ\SHáQLáVL :L FHMV]F] FLDPLDáDZVSUDZLHRVWDWHF]QHJRSRZURWXSDSLH*\]QLHZROLDZLQLRVNLHMZL WD.DWDU]\QD ]H6LHQ\1DVW SF 8UEDQD]RVWDá*U]HJRU] ;, 3LHUUH5RJHUGH%HDXIRUW7X* SRZ\ERU]H RELHFDá*HZUyFLMX* RVWDWHF]QLHZUD]]FDá\PGZRUHPGR5]\PX=DQDPRZ NUyOD)UDQFMLLQRZR PLDQRZDQ\FKNDUG\QDáyZWDN*HZSU]HZDG]H)UDQFX]yZ*U]HJRU]]ZOHNDá]GHF\]M RSRZURFLH 0LDVWDZáRVNLHFKRüVWDOH]DELHJDá\RSRZUyW2MFDZL WHJREXQWRZDá\VL SU]HFLZNRMHJROHJDWRP VSUDZXMF\PZáDG] ZLPLHQLX$ZLQLRQX3U\PZEXQWDFKSU]HFLZSDSLH*RZLZLRGáD)ORUHQFMD/HJDFL SDSLHVF\VLá ]PXV]DOLEXQWXMFHVL PLDVWDGRSRVáXV]HVWZD:NUyWFHZRWRF]HQLX-HJRZLWREOLZRFL SRMDZLáDVL OHWQLD]DNRQQLFD.DWDU]\QD]H6LHQ\%\áDPLVW\F]NNRELHW RQLH]Z\NáHMLQWHOLJHQFML MHGQ ]QDMZL NV]\FKSRVWDFLZKLVWRULL.RFLRáD'RNODV]WRUXZVWSLáDE GFG]LHFNLHP&LJOHVáX*\áD SRPRF]ZáDV]F]DELHGQ\PLFKRU\P:F]DVLHHSLGHPLLG*XP\Z URNXSUDFRZDáDQDXOLFDFK SRPDJDMFXPLHUDMF\PELHGDNRP0LVM .DWDU]\Q\E\áRMHGQDNVSURZDG]HQLHMX* QD]DZV]HSDSLH*\GR SUDZRZLWHMVWROLF\GR5]\PX 3DSLH*DQD]\ZDáDÄVZ\PZáRVNLPQDMZL WV]\PRMF]XONLHPPLPRL* -HJRZLWREOLZRüE\á )UDQFX]HPSRGREQLHMDNV]HFLXMHJRSRSU]HGQLNyZ: URNXSRMHFKDáDGR$ZLQLRQXDE\SURVLü SDSLH*DRSRZUyW.DWDU]\QDSU]HE\ZDáDQDGZRU]H*U]HJRU]D ;, ]DOHGZLHWU]\PLHVLFH8*\ZDáD ZV]HONLFKDUJXPHQWyZDE\SDSLH* SRGMáZáDFLZ GHF\]M ZW\PLWHJR*HZHGáXJGHF\]ML*U]HJRU]D ELVNXSLSRZLQQLSU]HE\ZDüZHZáDVQ\FKGLHFH]MDFK3DSLH*HZWHM VSUDZLHQDSRPLQDOLRUG\QDULXV]\MX* SUDZLHRGW\VLFDODW7\PF]DVHPQDMZD*QLHMV]\ELVNXSRUG\QDULXV]RGEOLVNRVLHGHPG]LHVL FLXODWE\á SR]DVZRM ELVNXSL VWROLF7U]\PLHVLFHQDZRá\ZD .DWDU]\Q\]URELá\VZRMH*U]HJRU] ;, Z URNXSRVWDQRZLáZUyFLüGR5]\PX&DáHMZ\SUDZLHWRZDU]\V]\á\]áH]QDNLZUy*HEQH:SLHUZNR SDSLHVNLVWDQáG ED]U]XFLá2MFDZL WHJRLPRFQRJRSRWXUERZDá3RWHPV]WRUP]DWRSLáNLONDJDOHUD NDUG\QDáRZLHWRZDU]\V]F\-HJRZLWREOLZRFL]DFKRURZDOL*U]HJRU] ;, GRWDUáZUHV]FLHGR5]\PX 3RZLWDQLH]QyZE\áRHQWX]MDVW\F]QH,]QyZ5]\PQLHZ\ZDUáQDELVNXSLHGREUHJRZUD*HQLD=QyZ SDSLH* FKFLDáZUyFLüGR$ZLQLRQX3XEOLF]QLHZ\]QDá]*DOHP*HGDáVL QDPyZLüÄNRELHF\P SU]HSRZLHGQLRPZL WD.DWDU]\QD]H6LHQ\RVLJQ áDVZyMFHO SDSLH*HZUyFLOLGR5]\PXDOH.RFLyá LSDSLHVWZRGRSLHURWHUD]F]HNDá\WUXGQHF]DV\&]DV\MHGQRF]HVQ\FKGZyFKDSy(QLHMLWU]HFKZLNDULXV]\ &KU\VWXVD /XNUHFMD%RUJLD3RVWDüWRZLHOFHLQWHUHVXMFDL]DJDGNRZD%\áDFyUN SDSLH*D$OHNVDQGUD 9, )\áDZ ODWDFK +LV]SDVNDURG]LQD%RUJLyZE\áDZ5]\PLHGREU]H]QDQD&]WHUG]LHFLODWSU]HG $OHNVDQGUHP 9, SDSLH*HPE\á.DOLNVW,,, $ORQVRGH%RUJLDVWU\M$OHNVDQGUD 9, DW\PVDP\P VWU\MHF]Q\G]LDG/XNUHFML=DF]DVyZ.DOLNVWD,,,SDSLHVWZRZUyFLáRGRF]DVyZQLHSRKDPRZDQHJR QHSRW\]PXSU]HNXSVWZDLSU]HGNáDGDQLDLQWHUHVyZURG]LQ\QDGGREUR.RFLRáD&R.DOLNVW ]DSRF]WNRZDá%RUJLRZLH$OHNVDQGUD 9, ]H]GZRMRQ SDVM NRQW\QXRZDOL /XNUHFMDE\áDQLHRGURGQ F]áRQNLQL VZHJRURGX:LHOXKLVWRU\NyZ]ZáDV]F]DPRFQLHM]ZL]DQ\FK] LQVW\WXFMDPL.RFLRáDZLHOHF]\QLDE\SU]\ZUyFLüGREU VáDZ /XNUHFML1LHZ\GDMHVL DE\OHJHQG\ MDNLHZRNyá/XNUHFMLVWZRU]\áDOLWHUDWXUDSDPIOHW\F]QDZLHOHSRZLHFL]HSRNLF]\ZVSyáF]HVQD
NLQHPDWRJUDILDE\á\]JUXQWXMDNFKF QLHNWyU]\KLVWRU\F\ QLHSUDZG]LZH/XNUHFMDE\áDG]LHFNLHP VZRMHMHSRNLQDOH*DáDGRNODQX%RUJLyZNWyU\ZRVREDFKSDSLH*D$OHNVDQGUD9, LMHJRV\QDDEUDWD /XNUHFML&H]DUD]DSLVDáQDMF]DUQLHMV]HNDUW\ZKLVWRULL.RFLRáD /XNUHFMDPLDáDXURG]LüVL NZLHWQLD URNX0LHMVFHXURG]HQLDQLHMHVWGRNáDGQLH]QDQH:ND*G\P UD]LHG]LHFLVWZRVS G]LáDZ5]\PLH.LHG\QDV]DERKDWHUNDSU]\V]áDQDZLDWRMFLHF5RGULJR ZyZF]DV OHWQL RG ODWMHVWNDUG\QDáHPLRSDWHP6XELDFR3y(QLHMPLPREUDNXZ\*V]\FKZL FH NDSáDVNLFK]RVWDMHELVNXSHP3DPSHOXQ\2G URNX]ZL]DQ\E\á]9DQQR]] &DWDQHL]NWyU PLDá NLONRURG]LHFL/XNUHFMDXNRFKDQHG]LHFNRNDUG\QDáD%RUJLLZU]\PVNLFKNODV]WRUDFK]GRE\áDVNURPQH Z\NV]WDáFHQLH-X* MDNROHWQLHMG]LHZF]\QFHSU]H]RUQ\RMFLHFSU]\VSRVDELDáQDP *DD* GZyFK NDQG\GDWyZVSRUyGERJDWHMKLV]SDVNLHMV]ODFKW\&LSUHWHQGHQFLMDNNROZLHNJRGQLFyUNLNDUG\QDáDQLF QLH]QDF]\OLGODFyUNLSDSLH*D2MFLHF5RGULJRZZ\QLNXZLHOXLQWU\J LSU]HNXSVWZD]RVWDáZ URNX Z\EUDQ\QDVWROLF 3L WURZSU]\MPXMFLPL $OHNVDQGUD 9, 7U]HEDE\áRGOD/XNUHFMLV]XNDü QLH]ZáRF]QLHQRZHJRNDQG\GDWDQDP *D7\PUD]HPZ\EyUSDGáQD*LRYDQQLHJR6IRU]H]ZDQHJR 6IRU]LQR3U]\VWRMQ\áHWQL6IRU]LQRE\áMX* ZGRZFHP/XNUHFMDZGQLXOXEXOLF]\áD]DOHGZLH WU]\QDFLHZLRVHQ:SLHUZSHUSURFXUDF]WHU\PLHVLFHSy(QLHM]ZLHON SRPS L]ZLHONLPSU]HS\FKHP -DNSU]\VWDáRQDFyUN SDSLH*D8URF]\VWRFLRGE\á\VL Z5]\PLHZF]HUZFX URNX1DOXELHVZRMHM FyUNLQLHE\áDPDWND9DQQR]]DNWyUDMX* RGSDUXODWRGVXQL WD]RVWDáDSU]H]5RGULJD FKRFLD* D* GR PLHUFLSR]RVWDZDáDSRGSDSLHVN RSLHN8ERNXMHV]F]HNDUG\QDáDDSy(QLHMSDSLH*D9DQQR]]
]DVWSLáDPáRG]LXWND*LXOLD)DUQHVH SU]H]5]\PLDQ]ZDQDÄREOXELHQLF &KU\VWXVD0Dá*HVWZR /XNUHFML]H6IRU] PLDáRRF]\ZLFLHFKDUDNWHUSROLW\F]Q\6áX*\áRRQRSDSLH*RZLGREXGRZDQLDNRDOLFML ZáRVNLHMSU]HFLZGZRURZLKLV]SDVNLHPXNWyUHPXQLHZVPDNE\áDURVQFDSRW JDURGX%RUJLyZMDNL JU]HV]Q\*\ZRWMHJRSU]HGVWDZLFLHOL0Dá*RQNRZLHQLHZLHOHF]DVXVS G]DOLZVSyOQLH.LHG\/XNUHFMD SU]HE\ZDáDZ5]\PLHMHMPDá*RQHNZURGRZHMUH]\GHQFMLZ3HVDUR .LHG\6IRU]LQRSU]\E\ZDáGR5]\PX/XNUHFMDZ\MH*G*DáDGR3HVDUR:NUyWFHSROLW\F]QH]QDF]HQLHURGX 6IRU]yZ]QDF]QLHRVáDEáRLPDá*HVWZR6IRU]LQD]/XNUHFM SU]HVWDáRPLHüGODSDSLH*DZV]HONLH ]QDF]HQLH.LHG\ZQLHZ\MDQLRQ\FKRNROLF]QRFLDFKJLQLHNVL* *DQGLL V\QSDSLH*DMDNVL Z\GDMH QLHEH]SRPRF\VZRMHJREUDWD&H]DUD$OHNVDQGHU 9,]DPLHUüV\QDREZLQLD6IRU]yZL2UVLQLFK0* /XNUHFMLQLHPDOFXGHPXQLNQá]DVDG]NLMDN ]DVWDZLRQRE\SU]\VSLHV]\üMHJR]HMFLH]HZLDWDL XPR*OLZLüSDSLH*RZL]DSRUHGQLFWZHPNROHMQHJROXEX/XNUHFMLRSDQRZDQLHSRáXGQLD,WDOLL 6IRU]LQR]DPDFKXXQLNQá$OHNVDQGHU 9, ]D*GDáXQLHZD*QLHQLDPDá*HVWZDZREHFLPSRWHQFML PDá*RQND6IRU]LQRGáXJRVL EURQLáLQDZV]HONLHVSRVRE\XGRZDGQLDáVZRM P VNRü1LHSR]RVWDá GáX*Q\SDSLH*RZLLVZRMHMPDá*RQFH7RRQLMHJR]ZROHQQLF\ZWHG\ZáDQLH]DF] OLUR]SRZV]HFKQLDü SRJáRVNLRQLHJRGQ\PSURZDG]HQLXVL /XNUHFML=DU]XFLOLMHMND]LURGF]HVWRVXQNLQLHW\ONR]EUDWHP &H]DUHPDOHWDN*H]RMFHPQD]\ZDMFM ÄFyUN*RQ LV\QRZ SDSLH*D2SLQLDRND]LURG]WZLHZ URG]LQLH$OHNVDQGUD 9, QDZLHOHVWXOHFLSU]\OJQ áDGRSDSLH*D3DSLH* E\á]E\WVLOQ\PSU]HFLZQLNLHPGOD VáDEHJRMX* URGX6IRU]yZ'QLD JUXGQLD URNXPDá*HVWZR/XNUHFML]RVWDáRXQLHZD*QLRQH 6LHGHPQDVWROHWQLDZWHG\/XNUHFMDSRUD]SLHUZV]\VWUDFLáDP *D3yOURNXSy(QLHMWDN*H] SU]\F]\Q SROLW\F]Q\FKSROXELáDNVL FLD$OIRQVD%LVFHJOLHSRPDJDMFW\PVDP\PRMFXLEUDWXZHMüZNROLJDFMH G\QDVW\F]QHGODRSDQRZDQLDSRáXGQLD,WDOLL7\PUD]HPPDá*HVWZR/XNUHFMLPR*QDE\X]QDü]DXGDQH JG\E\QDGMHJRILQDáHPQLH]DFL*\á\SU]HV]NRG\ZSROLW\FHSDSLHVNLHJRRMFD0Dá*RQNRZLHGDU]\OLVL
Z]DMHPQLHSUDZG]LZ LQDPL WQ PLáRFL=WHJR]ZL]NX/XNUHFMDURG]LZOLVWRSDG]LH URNXV\QD 5RGULJD=áROLZLRMFRVWZRSU]\SLVXM QLHNVL FLX$OIRQVRZLDOHRMFX$OHNVDQGURZL 9, QDGDMFG]LHFNX PLDQR,QIDQWRUH5RPDQRG]LHFNR5]\PX 3DU PLHVL F\SU]HGQDURG]LQDPLPDáHJR5RGULJDNVL* $OIRQVRPXVLDáRSXFLüPDá*RQN FRGRSURZDG]LáRM GRZLHONLHMUR]SDF]\$OHNVDQGHU 9, QDRWDUFLHOH( PLDQRZDáFyUN ZyZF]DVQLHVSHáQDGZXG]LHVWROHWQL JXEHUQDWRUHP6SROHWRL)ROLJQR6WRVXQNLNVL FLD
$OIRQVD]SDSLH*HPLMHJRV\QHP&H]DUHPE\á\ZL FHMQL* QDSL WH:NUyWFHNVL* JLQLHXGXV]RQ\ZH ZáDVQ\PáR*X 1LH]E\WGáXJR/XNUHFMDRGE\ZD*DáRE SRPLHUFLP *D1DMDNL F]DVXVXZDVL QDZHWGR1HSLDOH ZNUyWFHZUDFDGR5]\PXE\VáX*\üRMFXZMHJRSROLW\FHG\QDVW\F]QHM7\PUD]HPZ\EyUSDGáQDUyG G (VWH])HUUDU\%\áWRMHGHQ]QDMVWDUV]\FKLQDM]QDPLHQLWV]\FKURGyZZáRVNLFKSU]\W\PSRVLDGDMF\ ]QDF]QHERJDFWZR3DSLH* L(UFROHG (VWHGODOHWQLHM/XNUHFML Z\EUDOL OHWQLHJR SLHUZRURGQHJR V\QD$OIRQVD1LH]E\WXURG]LZ\QLHEDUG]RE\á]DGRZRORQ\]SURSR]\FMLPDá*HVWZD-HJRRMFLHF QDWRPLDVWVDPJRWyZE\áSROXELü/XNUHFM JG\E\V\QRVWDWHF]QLHVL QLH]GHF\GRZDá3DSLH* ]D PDá*HVWZRFyUNL]ERJDW\PLZSá\ZRZ\PURGHP G (VWH PXVLDáVáRQR]DSáDFLü6WRW\VL F\GXNDWyZZ JRWyZFHLZLHOHNRFLHOQ\FKOHJDFMLWRFHQD]DNROHMQHWU]HFLHPDá*HVWZR/XNUHFMLOXE]ZLHONLP SU]HS\FKHP]DZDUW\]RVWDá JUXGQLD URNX7\G]LH Sy(QLHM/XNUHFMDZ\MH*G*DGRP *DGR )HUUDU\5RNSy(QLHMXPLHUDSDSLH* $OHNVDQGHU 9, NRF]\VL HUD%RUJLyZ3RNUyWNLPSRQW\ILNDFLH 3LXVD,,,QDWURQSDSLHVNLZVW SXMHZ URNX-XOLXV] *LXOLDQRGHOLD5RYHUHVSRNUHZQLRQ\] RGZLHF]Q\PLZURJDPL%RUJLyZURG]LQ 2UVLQLFK:V]HFKSRW *Q\EUDW/XNUHFML]RVWDMHDUHV]WRZDQ\LSR F]WHUROHWQLHMWXáDF]FHJLQLHSRGPXUDPL9LDQD 0Dá*HVWZR/XNUHFML]$OIRQVHP G (VWH QLHE\áR]E\WXGDQH6WDOHRSXV]F]RQDSU]H]P *D]MHGQHMVWURQ\ RGGDZDáDVL FRG]LHQQ\PPRGOLWZRPD]GUXJLHMRWDF]DMFVL DUW\VWDPLLPáRG\PLSU]HGVWDZLFLHODPL V]ODFKW\REGDU]DáDV]F]HJyOQ\PLZ]JO GDPLNLONXSU]\QDMPQLHMWRZDU]\V]\]DEDZ2G URNXE\áD MX* NVL *Q )HUUDU\0* QLHE\áGáX*Q\0LPRWRZ)HUUDU]HRSLQLDR/XNUHFML]PLHQLáDVL 'DZQR]DSR PQLDQRMHMEXMQH*\FLHWHUD]UR]SRZV]HFKQLDQRQRZ\REUD]/XNUHFMLPDWNLL*RQ\8URG]LáDNVL FLX G (VWHSL FLRURG]LHFLSU]H*\áDNLONDSRURQLH:)HUUDU]HQD]\ZDQRM VNDUEQLF ZV]HONLFKQLHZLHFLFK FQyW :)HUUDU]H/XNUHFM ]DVWDá\ZV]HONLH]áHWUDJLF]QLHSU]H]QL SU]\MPRZDQHZLDGRPRFL:SLHUZR PLHUFLRMFDSDSLH*DSy(QLHMEUDWD&H]DUD1DMEDUG]LHMMHGQDNSU]H*\áDPLHUüVZRMHJRSLHUZRURGQHJR V\QD5RGULJD5RGULJR]PDUáZ URNXZ1HDSROX]GDODRGPDWNL$OIRQVG (VWHQLH]JRG]LáVL
ERZLHPDE\/XNUHFMD]DEUDáDVZRMHG]LHFNRGR)HUUDU\ 5RGULJR]PDUáZZLHNXWU]\QDVWXODWDSRMHJRSU]HGZF]HVQHMPLHUFL/XNUHFMDSLVDáDÄFDáDWRQ ZH á]DFKLJRU\F]\]SRZRGXPLHUFLNVL FLD%LVFHJOLPHJRQDMGUR*V]HJRV\QHF]ND7DN*HZ)HUUDU]H ]DVWDáD/XNUHFM ZLHüRPLHUFLPDWNL9DQQR]]\Z URNX /XNUHFMDSU]H*\áDVZRM URG]LQ RVDPRWQLRQDUR]VWDáDVL ]HZLDWHPWX* SRVZRMHMPDWFH:Z\QLNX V]yVWHMFL*\XURG]LáDVLHGPLRPLHVL F]Q FyUHF]N NWyUDQLHPDOQDW\FKPLDVWSRSRURG]LH]PDUáD0DWND SU]H*\áDSRUyGRSDU GQL=PDUáD F]HUZFD URNX -DNDE\áD/XNUHFMD%RUJLD"&]\E\áDQLHRGURGQ\PSU]HGVWDZLFLHOHPURGX%RUJLyZF]\JG\E\E\áDFyUN LQQHJRRMFDLVLRVWU LQQHJREUDWDMHM*\FLHSU]HELHJDáRE\LQDF]HM"=DVáX*HQLHOXEQLHE\áDMHGQ ] QDMEDUG]LHMEDUZQ\FKSRVWDFLZKLVWRULL.RFLRáD3U]H]VWXOHFLDZRNyáQLHMVWZRU]RQRZLHOHPLWyZL SU]HVDG]RQ\FKRSRZLHFL0R*HZDUWRG]L RGU]XFLüPLW\LRSRZLHFLLSU]\MU]HüVL /XNUHFMLEDF]QLHM 6URG]HGRZLDGF]RQDSU]H]*\FLHE\áDQDMVá\QQLHMV] NRELHW ZG]LHMDFK.RFLRáDFDáHJRGUXJLHJR W\VLFOHFLD 2OLPSLD0DLGDOFKLQL2VWDWQLDSDSLH*\FD]%RUJLyZ3U]HQLHP\VL ZSRáRZ ;9,, ZLHNX1LHZLHOHODW ZF]HQLHMSDSLH* 8UEDQ 9,,, GRNRQXMHNRQVHNUDFMLQRZHM%D]\OLNLZ3LRWUDDZRNyáSODFXSU]HG %D]\OLN ZNUyWFHSRZVWDQLH.ROXPQDGD%HPLQLHJR:ÄQRZ\P:DW\NDQLH ZU]HQLD URNXWURQ SDSLHVNLREHMPXMH*LDQ%DWWLVWD3DPILOLSU]\MPXMFLPL ,QQRFHQWHJR ; 1RZ\SDSLH* E\áMX* VWDU\5R]SRF]\QDMFSRQW\ILNDWPLDáSU]HV]áR ODWD 3RFKRG]Lá]ZSá\ZRZHJRLERJDWHJRURGX]*XEELREOLVNRVSRNUHZQLRQHJR]RVáDZLRQ URG]LQ %RUJLyZ,QQRFHQW\ ;PLDáE\üZQXNLHPMHGQHJR]SRWRPNyZ$OHNVDQGUD 9, .UHZ%RUJLyZ]URELáD
VZRMH1LHGDOHNRSDGDMDEáNRRGMDEáRQLMDNPyZLSU]\VáRZLH,QQRFHQW\ ; NDULHU GXFKRZQ ]DZG]L F]DáZXMRZL*LURODPRNWyU\XPR*OLZLáPXJUXQWRZQHVWXGLDLEUDWDQNRZLSDSLH*D8UEDQRZL 9,,, NDUG\QDáRZL)UDQFHVFR%DUEHULQLHPXNWyU\SURWHJRZDáJR-HJRZLWREOLZRFL5RG]LQD %DUEHULQLFKSRPLHUFL8UEDQD 9,,, QLHFKFFGRSXFLüGRREM FLDWURQXSU]H]SU]HGVWDZLFLHODURGX )DPHVHLZRSR]\FMLGRIUDQFXVNLHJRNDUG\QDáD0D]DULQLHJR]GHF\GRZDáDVL SRSU]Hü*LDQ%DWWLVW
3DPILOHJR ,QQRFHQWHJR ; 0LPRL* WHQQLHPDOZV]\VWNR]DZG]L F]DáSDSLH*RZL%DUEHULQLHPX QDW\FKPLDVWSRLQWURQL]DFMLQLHF]XMF*DGQHMZG]L F]QRFLZ\WRF]\áQLHGDZQ\PVZRLPRSLHNXQRP SURFHVR]DJDUQL FLHGyEUNRFLHOQ\FK%DUEHULQLPXVLHOLVFKURQLüVL XQLHGDZQHJRVZRMHJRZURJD NDUG\QDáD0D]DULQLHJRZH)UDQFML3RáF]\áDLFKQLHFK üGRQRZHJRSDSLH*D3DSLH*FKRü*DUOLZ\UH OLJLMQLHQLHUDG]LáVRELH]DGPLQLVWURZDQLHP.RFLRáHPODGHPVZRMHJRSRSU]HGQLNDRWDF]DáVL
QHSRWDPL3DSLH* ZLHOXNUHZQ\FKREGDU]\áZ\VRNLPLJRGQRFLDPLNRFLHOQ\PLGREU]HGEDMFRLFKGREUD PDWHULDOQH 3DSLH* ZáDG] Z.RFLHOHVSUDZRZDáZUD]]EUDWDQNLHP&DPLOLR3DPILOLPNWyUHJRPLDQRZDá NDUG\QDáHPLSLHUZV]\PZG]LHMDFKSDSLHVWZDVHNUHWDU]HPVWDQX.DUG\QDá&DPLOLR]UH]\JQRZDáSy(QLHM ]SXUSXU\LZUyFLáGRVWDQXZLHFNLHJR )DNW\F]Q ZáDG] Z.RFLHOHVSUDZRZDáDMHGQDNGRQQD2OLPSLD0DLGDOFKLQL SDSLH*\FDMDNM SRZV]HFKQLHQD]\ZDQR%\áDZGRZ SREUDFLHSDSLH*DLPDWN NDUG\QDáD&DPLOLD'RQQD2OLPSLD XURG]LáDVL Z URNX%\áDNRELHW UDF]HMQLH]E\WXURG]LZEDUG]LHMPDWURQ QL* GRQQ3DSLH* QLH SRGHMPRZDáSUDNW\F]QLH*DGQHMGHF\]MLEH]]DFLJDQLDMHMUDG\'RQQD2OLPSLDU]G]LáDGZRUHP SDSLHVNLPZVSRVyEGHVSRW\F]Q\L]GHF\GRZDQ\1LHOLF]\áDVL ]QLNLP.DUG\QDáRZLHLG\SORPDFLVWDOH ]DELHJDOLRMHMZ]JO G\=U F]QLHSRVáXJXMFVL LQWU\J LSU]HNXSVWZHPGRQQD2OLPSLDV]\ENR ]DZáDGQ áD5]\PHP$E\RVLJQüFHOZXU] GDFKNXULLSDSLHVNLHM]DLQWHUHVRZDQLPXVLHOLGURJLPLSRGD UXQNDPL]MHGQ\ZDü*\F]OLZRüGRQQ\2OLPSLL6DPSDSLH* REGDURZDáV]ZDJLHUN VHWNDPLW\VL F\ VNDUEyZ1LHWU]HEDE\áRZLHOXODWDE\WDNLPLPHWRGDPL]JURPDG]Lü ZLHONLPDMWHN2OLPSLD SU]\MPRZDáDSUH]HQW\RGZV]\VWNLFK5]\PVNLHSURVW\WXWNL]DV]F]HJyOQ KRMQRüRWU]\P\ZDá\RG 2OLPSLLSUDZR]GRELHQLDNDURFZáDVQ\PKHUEHP7HSU]HGVWDZLFLHONLOLF]QHMU]HV]\ÄGRQF]Xá\]UHV]W VWDá RSLHN SURWHNWRUNL SDSLH*\F\2OLPSLL2QD]UHV]W QLHRJUDQLF]DáDVL GRLQU\JQDGZRU]HLVWDáHJR ERJDFHQLDVL Z\PXVLáDQD,QQRFHQW\P; DE\VNLHURZDáZRMVNDSU]HFLZNRPDáHPXNVL VWZX&DVWUR NWyUH]SRZRG]HQLHPREURQLáRVL SU]HGZRMVNDPL8UEDQD 9,,,7\PUD]HPORVNVL VWZDE\á SU]HVG]RQ\ 3R]Z\FL VWZLH]DQDPRZ 2OLPSLLSDSLH* REUyFLáPDáHSDVWHZNRZJUX]\1LHRV]F] G]RQR*DGQHJR GRPXDQLNRFLRáD1LHRJUDQLF]RQHZSá\Z\GRQQ\2OLPSLLSUyERZDáSU]H]NUyWN FKZLO RJUDQLF]\üVDP ,QQRFHQW\ ; .RQNXUHQWN PLDáDE\ü*RQDMHGQHJR]EUDWDQNyZ WDMHGQDNMHV]F]HZEDUG]LHMJRUV]F\ VSRVyEVNRU]\VWDáD]SDSLHVNLFKZSá\ZyZ6WDUDSDSLH*\FDPXVLDáDSRZUyFLüDE\ÄVSRNyM]DSDQRZDáZ :DW\NDQLH3UDZLHMHGHQDVWROHWQLSRQW\ILNDWVWDUHJRSDSLH*DZFKZLOLPLHUFLPLDá ODWD ]DEH]SLHF]\á URG]LQ ZHZV]HONLHGREUD:F]DVLHGáXJLHMDJRQLLSDSLH*DGRQQD2OLPSLD]G*\áDÄ]DRSLHNRZDüVL ZV]\VWNLPLQDMFHQQLHMV]\PLU]HF]DPL]SDáDFXSDSLHVNLHJR3R]ZDODáQDWRZV]\VWNRNDUG\QDá)DELR &KLJL QRZ\VHNUHWDU]VWDQXSRXVWSLHQLXEUDWDQND SDSLH*DDV\QDGRQQ\2OLPSLL &DPLOLD)DELR &KLJLSRPLHUFL,QQRFHQWHJR ;VDP]RVWDáSDSLH*HP,QQRFHQW\ ; ]PDUá VW\F]QLD URNX-HJR GRF]HVQHV]F]WNLSDU GQLOH*Dá\XEUDP]DNU\VWLL%D]\OLNLZ3LRWUD.LHG\QDGV]HGáF]DVSRFKyZNX .XULD]ZUyFLáDVL GRGRQQ\2OLPSLLRSRNU\FLHNRV]WyZFHUHPRQLL2VLJDMFRJURPQHERJDFWZRG]L NL SDSLHVNLHPXV]ZDJURZLSDSLH*\FDRGPyZLáDELMFQDDODUPVNGMDNRELHGQDZGRZDPLDáDE\Z]Lü SLHQLG]H'RSLHURMHGHQ]NDQRQLNyZRSáDFDMFJUDEDU]\EH]*DGQ\FKXURF]\VWRFLGRSURZDG]LáGR*DáR VQHJRSRFKyZNXSDSLH*D'RQQD2OLPSLDSU]H*\áD,QQRFHQWHJRRGZDODWD=PDUáDZ URNX NRF]F *DáRVQ GODNRFLRáDHU %RUJLyZ
3DVTXDOLQD/HKQHUW %\áFLHSá\SD(G]LHUQLNRZ\G]LH URNX&DVWHO*DQGROIR /HWQLDUH]\GHQFMDSDSLH*\=DNLOND JRG]LQZ\UXV]DüPDGR5]\PXNRQGXNW]GRF]HVQ\PLV]F]WNDPL3LXVD ;,,7\PF]DVHPSDSLHVNL SO\PRXWKRSXV]F]DERF]Q EUDP SDáDFXXGDMFVL WDN*HZGURJ GR5]\PX:W\PVDPRFKRG]LHSR F]WHUG]LHVWXODWDFKZLHUQHMVáX*E\RSXV]F]DSDSLH*D3LXVD;,, QD]DZV]HOHWQLD3DVTXDOLQDXGDMFVL
GRU]\PVNLHMVLHG]LE\VZRMHJR]DNRQXE\MX* QDVWDáHRSXFLüNDUW\KLVWRULL.RFLRáD 3DVTXDOLQD/HKQHUWSLHUZV]\UD]VSRWNDáDSy(QLHMV]HJRSDSLH*D(XJHQLD3DFHOOHJRZURNX 2 QLHSU]HFL WQHMXURG]LHL*DUOLZHMZLHU]HPáRGDGZXG]LHVWROHWQLD]DNRQQLFDSRZL FLáD%RJXVZRM VáX*E
ZNODV]WRU]HVLyVWURGZ.U]\*DZ(LQVLHGHOQ:WHG\ZáDQLHGRNODV]WRUXSU]\E\áQDUHNRQZDOHVFHQFM SRQLHJUR(Q\PZ\SDGNXVDPRFKRGRZ\P F]WHUG]LHVWROHWQL(XJHQLR3DFHOOL]QHUZLF *RáGNDL]DOHFH QLHPVSHFMDOQHMGLHW\0DWNDSU]HáR*RQDGRRSLHNLQDGZ\MWNRZ\PJRFLHP]:DW\NDQXNWyU\ REHMPRZDüPLDáXU]GQXQFMXV]DDSRVWROVNLHJRZ0RQDFKLXPSU]\G]LHOLáDZáDQLH)UDQFLV]N /HKQHUW =DNRQQLF SRFKRG]F ]FKáRSVNLHMURG]LQ\EDZDUVNLHMNWyUDSRQRZLFMDFLHSU]\M áDLPL 3DVTXDOLQD: LQQ\FK(UyGáDFK]QDMG]LHP\LQIRUPDFM *HSLHUZV]HVSRWNDQLHRGE\áRVL ZGRPX]DNRQQ\PÄVWHOOD 0DULVZV]ZDMFDUVNLHMPLHMVFRZRFL5RUVFKDFKNWyU\E\áVSHFMDOQ\PVDQDWRULXPGODNVL *\FKRU\FKQD JUX(OLF 3DFHOOLE\áZyZF]DVSUDFRZQLNLHP6HNUHWDULDWX6WDQXVHNUHWDU]HP.RQJUHJDFMLGOD 1DG]Z\F]DMQ\FK6SUDZ.RFLRáD .LHG\Z URNX(XJHQLR3DFHOOLREMáQXQFMDWXU DSRVWROVN Z0RQDFKLXPQLHE GF]DGRZRORQ\] GRW\FKF]DVRZHMVáX*E\SRSURVLáDE\MHJRRSLHNXQNDVLRVWUD3DVTXDOLQDPRJáD]DMüVL VSUDZDPLL GRPHPQXQFMXV]D3RX]\VNDQLXRGSRZLHGQLFK]H]ZROH 3DVTXDOLQDSU]\E\áDGR0RQDFKLXPDZUD]] QL LQQH]DNRQQLFH]WHJRVDPHJRGRPX]DNRQQHJR2GWHJRF]DVX3DVTXDOLQDQLHRSXFLáDSDSLH*DD* GR MHJRPLHUFLZSD(G]LHUQLNX URNX 3DVTXDOLQDSRF]WNRZRGEDáDW\ONRRJDUGHURE LNXFKQL SDSLH*D&KRURZLW\(XJHQLR3DFHOOL Z\PDJDáVSHFMDOQHMGLHW\DW ]DSHZQLDáD]DNRQQLFD3DVTXDOLQDWRZDU]\V]\áD3DFHOOHPXZHZV]\VWNLFK HWDSDFKNDULHU\NRFLHOQHM SU]H]QXQFMDWXU Z%HUOLQLHSR:DW\NDQJG]LHMDNRNDUG\QDá]QRPLQDFML 3LXVD ;, REMáJRGQRüVHNUHWDU]DVWDQX.LHG\SRPLHUFL3LXVD ;, Z RGE\ZDáRVL NRQNODZH 3DVTXDOLQDX]\VNDáD]JRG QDZHMFLHL WRZDU]\V]HQLH(XJHQLR3DFHOOHPXQDNRQNODZH]NWyUHJR Z\V]HGáMX* MDNRSDSLH* 3LXV ;,,3DVTXDOLQDX]\VNDáD]JRG SDSLH*\%HQHG\NWD ;9 L3LXVD ;,E\PyF ]DPLHV]NDüQDMSLHUZZUH]\GHQFMLQXQFMXV]DDSRWHPZSDáDFXDSRVWROVNLPZ5]\PLH:HMFLHQD NRQNODZHQLHZ\PDJDáRMX* ]JRG\SDSLHVNLHMWHMXG]LHOLáVDPNDUG\QDá3DFHOOLNWyU\MDNR.DPHUOLQJ .RFLRáDSRPLHUFLSDSLH*DVSUDZRZDáQDMZ\*V] JRGQRü.LHG\(XJHQLR3DFHOOLMX* MDNR3LXV ;,, REMá WURQ3DVTXDOLQD]DM áDVL GRPHPSDSLHVNLPVSURZDG]DMFGRSUDF\LQQHVLRVWU\](LQVLHGHOQ :áRVLQLJG\QLHGDU]\OLPDWNL3DVTXDOLQ\VSHFMDOQ\PLZ]JO GDPL1D]\ZDOLM /D3DSHVVD 3DSLH*\FD] F]DVHP]DXZD*DMF*H3DVTXDOLQDVWDáDVL QDMEOL*V]\PZVSyáSUDFRZQLNLHPSDSLH*D%H]MHMZLHG]\L ]JRG\QLFZRNyá SDSLH*DQLHPRJáRVL Z\GDU]\ü3UDNW\F]QLHQLJG\QLHRSXV]F]DáDSDáDFXDSRVWROVNLHJR QLHRGZLHG]DáDRJURGyZZDW\NDVNLFKZ5]\PLHQLHZLG]LDQRMHMQLJG\&Dá\F]DVVS G]DáDZ DSDUWDPHQWDFKSDSLHVNLFK'EDáDRJDUGHURE SDSLH*DXWU]\PXMFM ZQLHQDJDQQ\PVWDQLHZ SU]HFLZLHVWZLHGRSRSU]HGQLHJRSDSLH*D GEDáDRGLHW SURZDG]LáDGRPSDSLHVNLXWU]\PXMFZV]\VWNR Z*HOD]QHMG\VF\SOLQLH3RDXGLHQFMDFKREP\ZDáDU FHSDSLH*RZLGH]\QIHNXMFMHDONRKROHPSRVHWNDFK SRFDáXQNyZZLHUQ\FK3URZDG]LáDNVL JLZ\GDWNyZSDSLHVNLFKDZLPLHQLXSDSLH*DUR]ZLMDáDDNFM
FKDU\WDW\ZQSRPDJDMFILQDQVRZR]UXMQRZDQHMDU\VWRNUDFMLZáRVNLHM7RRQDXNáDGDáDQDELXUNXSDSLH*D ZV]\VWNLHGRNXPHQW\SRGVXZDMFWHMHM]GDQLHPQDMZD*QLHMV]HLRGNáDGDMFLQQH1LH*\F]OLZLNXULDOLFL PyZLOLRMHMZSá\ZLHQDQLHNWyUHQRPLQDFMHNDUG\QDOVNLHLELVNXSLH0LDáD]DZV]HLRND*GHMSRU]HGRVW S GRSDSLH*DMDNQLNW]EOLVNLFKZVSyáSUDFRZQLNyZF]\NDUG\QDáyZ3DSLH* ZLHOHUD]\G\NWRZDá3DVTXD OLQLHVZRMHOLVW\:DUWRSU]\SRPQLHü*H3DVTXDOLQDE\áDZKLVWRULLMHG\Q NRELHWNWyUDEUDáDXG]LDáZ NRQNODZH
3UDNW\F]QLHQLFZRWRF]HQLXSDSLH*DQLHPRJáRVL ]GDU]\üEH]MHMDNFHSWDFML:LHOXNURQLNDU]\ :DW\NDQXSU]\SRPLQDDQHJGRW *HQDZHWDPHU\NDVNLVHNUHWDU]VWDQX-RKQ)RVWHU'XOOHVPXVLDá GRZLDGF]\üLQWHUZHQFML3DVTXDOLQ\.LHG\XVWDORQDDXGLHQFMDXSDSLH*DVL SU]HFLJDáDPDWNDZNURF]\áD ]LQWHUZHQFMJG\* SU]\JRWRZDQDGODSDSLH*D]XSDVW\JáD'XOOHV]ZOHNDáPLPRWR3DVTXDOLQDQLH RSXV]F]DMFSRNRMXSDSLHVNLHJRVNUyFLáDZL]\W DPHU\NDVNLHJRVHNUHWDU]DVWDQX 3LXV ;,, VNRPHQWRZDáWHQLQF\GHQWW\PLVáRZ\Ä*DGQDVLáDQD]LHPLQLH]PXVLQDV]HMGREUHMPDWNL 3DVTXDOLQ\GRZ\MFLDNLHG\]XSDF]HNDQDVWROH 7RW\ONRLQF\GHQWDOHGRELWQLHZLDGF]F\RSR]\FML3DVTXDOLQ\QDSDSLHVNLPGZRU]H=áROLZL 5]\PLDQLHZLHG]LHOLMDN URO RGJU\ZD/D3DSHVVD 5]\PRGF]DVXGRF]DVXRELHJDá\SORWNLRV]F]HJyOQ\FKZL ]DFKáF]F\FKSDSLH*D]3DVTXDOLQ ZV]\VWNLFKERZLHPG]LZLáIDNWWDNZLHONLFKMHMZSá\ZyZ*HLQDMEOL*V]DURG]LQDSDSLH*DPXVLDáDX ]DSRELHJOLZHMPDWNLVWDUDüVL R]JRG QDVSRWNDQLH]HVZRLPZLHONLPNUHZQLDNLHP :LHüQLHVLH*H*LRYDQQL%DWWLVWD0RQWLQL Sy(QLHMV]\SDSLH* 3DZHá 9, QLHFLHV]\áVL ]E\WQL V\PSDWL PDWNL3DVTXDOLQ\-DNRSUDFRZQLNVHNUHWDULDWX VWDQXSy(QLHMSRGVHNUHWDU]VWDQXPXVLDáZ URNXRSXFLü:DW\NDQQLHE GF]E\WXOHJá\PZREHFQLXDQVyZSROLW\NLNXULDOQHM=DVSUDZ 3DVTXDOLQ\L SU]\SRPRF\]D]GURVQ\FKZVSyáSUDFRZQLNyZREMüPXVLDáDUF\ELVNXSVWZR0HGLRODQX RSXV]F]DMFQD G]LHZL üODW5]\PE\GR SRZUyFLüMX* MDNRSDSLH*QDVW SFD-DQD ;;,,, 0DWND3DVTXDOLQDZSURZDG]LáDGRDSDUWDPHQWyZSDSLHVNLFKOLF]QHXUR]PDLFHQLD=DLQVWDORZDáDWX NLONDNDQDUNyZLGZDNRW\ZV]\VWNLPQDGDMFQLHPLHFNLHLPLRQD:LHUQ RGGDQ VáX*E QDMSLHUZ QXQFMXV]RZLDSy(QLHMSDSLH*RZL3DVTXDOLQDZ\SHáQLDáDSU]H]SRQDG ODW*G\RGV]HGáMHM ÄSRGRSLHF]Q\3DVTXDOLQDXVXQ áDVL Z]DSRPQLHQLHQLHWRZDU]\V]FQDZHWSDSLH*RZLZRVWDWQLHM GURG]H 7DNVNRF]\áDVL HSRNDRVWDWQLHMSDSLH*\F\ZG]LHMDFK.RFLRáD :DUWRMHGQDNGRGDü*HUyZQLH* $OELQR/XFLDQL SDSLH* -DQ3DZHá,RGF]DVXNLHG\E\áELVNXSHP 9LWWRULR9HQHWWRVWDOHRWDF]DáVL SRPRF SHZQHM]DNRQQLF\6LRVWUD9LQFHQ]DVáX*\áDPXRG URNX GRGQLDPLHUFLSDSLH*DWRMHVWGR ZU]HQLD URNX-DN*HLQQDWRE\áDSRVWDüRGPDWNL3DVTXDOLQ\
7DMQHVSUDZ\SDSLH*\
52='=,$à ,, 3DSD ]QDF]\RMFLHF
3RF]\QDMFRGSLHUZV]\FKZLHNyZZF]HVQHJRUHGQLRZLHF]DSRUHQHVDQVSU]H]NRPQDW\SDáDFyZ DSRVWROVNLFKZ5]\PLHSU]HZLQ áRVL VSRURG]LHFLNWyU\FKGRVWRMQ\PRMFHPE\á-HJRZLWREOLZRü SDSLH*.LONXG]LHVL FLXQDVW SFyZZL WHJR3LRWUD]E\WGRVáRZQLHSRWUDNWRZDáRVZyMXU]G3DSD ]QDF]\RMFLHF $QDVWD]\,E\áSDSLH*HPZODWDFK 6DPPR*HZG]LHMDFKQLH]DSLVDáVL ZLHON OLF]E ]DVáXJ%\á EDUG]RSRER*Q\LFHQLRQ\SU]H]ZLHONLFKP\OLFLHOLHSRNL+LHURQLPDL$XJXVW\QD3RQW\ILNDWWHJRSDSLH*D SU]\SDGáQDF]DVXSDGNXFHVDUVWZD]DFKRGQLHJR]DJUD*DMFHJRWH* .RFLRáRZLJG\E\QLHNLONX Z\ELWQ\FKMHJRSU]\ZyGFyZ:\GDMHVL *HQDMZL NV] ]DVáXJ $QDVWD]HJRE\áMHJRV\Q,QQRFHQW\, Z\EUDQ\QDELVNXSVWZRU]\PVNLHQDW\FKPLDVWSRPLHUFL$QDVWD]HJR,QQRFHQW\,SDQRZDáZODWDFK DIDNWSRNUHZLHVWZD]SRSU]HGQLPSDSLH*HPSRWZLHUG]RQ\]RVWDáSU]H]EOLVNLHJRSU]\MDFLHOD $QDVWD]HJRZL WHJR+LHURQLPD 'áXJLSRQW\ILNDW,QQRFHQWHJRE\áMHGQ\PSDVPHPNáRSRWyZ3DSLH* PXVLDáUR]VWU]\JDüNRQIOLNW PL G]\FHVDU]RZ (XGRNVMDELVNXSHP.RQVWDQW\QRSROD-DQHP]ZDQ\PÄ]áRWRXVW\P &KU\]RVWRPHP2VáDELRQ\GZyUFHVDUVNLQLHSRWUDILáSRPyFSRáXGQLRZHM,WDOLLZREURQLHSU]HGQDMD]GHP ZRMVN*RWyZZ\GDMFW\PVDP\P5]\PQDáXSQDMH(G(FyZ7\ONRG]L NLLQWHUZHQFML,QQRFHQWHJR RV]F] G]RQRNRFLRá\1LHGRüW\FKNáRSRWyZ:.RFLHOH$IU\NDVNLPUR]SRZV]HFKQLá\VL KHUH]MH 3HODJLXV]D QHJXMFHJRLVWQLHQLHJU]HFKXSLHUZRURGQHJR6LOQDL]GHF\GRZDQDSRVWDZD,QQRFHQWHJR XPRFQLáDZáDG] ELVNXSyZ5]\PX:RNUHVLHXSDGNXDXWRU\WHWXZV]HONLHMZáDG]\XGDáRVL ,QQRFHQWHPX VZyMXU]GWDNXPRFQLü*H.RFLyáZ\V]HGá]WHJRF]DVXZ]PRFQLRQ\,QQRFHQW\,]HV]F]HJyOQ VLá ZDOF]\á]ZV]HONLPLNXOWDPLSRJDVNLPLZLW\QLHSRJDVNLH]DPLHQLRQRZJPDFK\X*\WHF]QRFL SXEOLF]QHM.RQLHFSRJDVWZD]D,QQRFHQWHJR,Z5]\PLHE\áWH* NRFHPZDONJODGLDWRUyZZDPILWHDWU]H 7\WXVD=DVSUDZ SDSLH*D]DEURQLRQRW\FKEDUEDU]\VNLFKUR]U\ZHN ,QQRFHQW\,QLHE\áMHG\Q\PSDSLH*HP SRWRPNLHPLQQHJRSDSLH*D6WRGZDG]LHFLDODWSy(QLHMQDWURQ ZVWSLá6\OZHULXV] V\QSDSLH*D+RUPL]GDVD +RUPL]GDVSRWRPHNDU\VWRNUDW\F]QHM URG]LQ\E\á*RQDW\SU]HGRWU]\PDQLHPZL FH NDSáDVNLFK2ZRFHPWHJRPDá*HVWZDE\áZáDQLH SU]\V]á\SDSLH* 6\OZHULXV]7URQSDSLHVNL]DZG]L F]DáRQNUyORZL2VWURJRWyZ7HRGDKDGRZLNWyU\ Z\PXVLáQDGXFKRZLHVWZLHZ\EyUVZRMHJR]DXIDQHJR3URWHNWRUSDSLH*DVDP]JLQáXGXV]RQ\SU]H] ZáDVQ\FK*RáQLHU]\LQLHPyJáRFKURQLüSDSLH*DSU]HGFHVDU]RZ 7HRGRUDNWyUDSU]HFLZ5]\PRZL VNLHURZDáDZRMVNDEL]DQW\MVNLH-HJRZLWREOLZRüRVNDU*RQRIDáV]\ZLHR]GUDG VND]DQRLZ\JQDQR] PLDVWD&HVDU]-XVW\QLDQSRLQWHUZHQFMLELVNXSyZSRGMáVL SRPRF\Z\JQDQHPXGR6\ULLSDSLH*RZL ,QWU\JRP7HRGRU\QLHE\áRNRFD3DSLH*D]DPLDVWGR5]\PX]DZLH]LRQR]Z\JQDQLDQDZ\VS 3DOPDULD REHFQLH3RQ]D 7DPQLHV]F] VQ\]U]HNá VL XU] GXD]DVSUDZ 7HRGRU\UR]VWDáVL P F]HVNR]*\FLHP ]DJáRG]RQ\ 2NROHMQ\PSDSLHVNLPRMFXMX* QDNDUWDFKWHMNVL*NLZVSRPLQDOLP\%\áQLP+DGULDQ ,, -HJRRMFLHFVDPE\áELVNXSHPLQLFG]LZQHJR*H+DGULDQSU]HGSU]\M FLHPZL FH NDSáDVNLFKPLDá *RQ LG]LHFL.LHG\REHMPRZDáWURQPLDáMX* ODW3U]\V]áRPXMHGQDNSU]H*\üMHV]F]HZLHON WUDJHGL SRUZDQLHJZDáWL]DPRUGRZDQLHVZHMFyUNLLMHMPDWNL3DSLHVNDFyUNDPLDáD]RVWDüPDá*RQN (OHXWHULX V]DV\QDELVNXSD2UWH7HQMHGQDN]JRWRZDáLPLQQ\ WUDJLF]Q\ORV6DP]RVWDáFL W\ -DNMX* ZVSRPQLHOLP\SDSLH* -DQ ;, ZHGáXJQLHNWyU\FKKLVWRU\NyZPLDáE\üV\QHP SDSLH*D6HUJLXV]D,,,LVá\QQHM0DUR]LL6WRVXMF]DVDG\EH]VWURQQRFLSU]\M WHZWHMNVL*FH PXVLP\
]D]QDF]\ü*H-DQPyJáE\üZHGáXJLQQ\FKV\QHP]PDá*HVWZD0DUR]LL]$OEHU\NLHP,]H6SROHWR7DN F]\RZDN0DUR]LDE\áDPDWN -DQD ;, LEDEN -DQD ;,, 8URNLRMFRVWZDSR]QDáRZLHOXSDSLH*\SDQXMF\FKZW]ZRNUHVLHSRUQRNUDFML6]HU]HMSLV]HP\QDWHQ WHPDWZUR]G]LDOH6LHGHPNRELHWNWyUHZVWU]VQ á\:DW\NDQHP 0 *HPLRMFHPE\áWDN*H0LNRáDM 9 DQW\SDSLH* 3L WUR5XLQDOGXFFL $QW\SDSLH* 0LNRáDM Uy*QLáVL EDUG]RRGVZRMHJRLPLHQQLND SUDZRZLWHJRSDSLH*D0LNRáDMD9 NWyU\]DVZRMH ]DVáXJLX]QDQ\]RVWDáSU]H]KLVWRU\NyZ]DSDSLH*DVWXOHFLD $QW\SDSLH* 0LNRáDME\á*RQDW\3RSL FLXODWDFK]ZL]NXRSXFLáPDá*RQN LZVWSLáGR]DNRQX )UDQFLV]NDQyZ:GRPX]DNRQQ\PZL WHM0DULLZ$UDFROLZ5]\PLHZLyGá*\FLHDVFHW\G*FGR VNUDMQHJRXEyVWZD&HVDU]/XGZLN ,9 EDZDUVNLQLH]DGRZRORQ\]U]GyZSDSLH*D-DQD ;;,, WX* SR FHVDUVNLHMNRURQDFMLZ5]\PLHND]DáXVXQü] WURQX-DQDLREUDüQRZHJRQDVW SF Z3LRWUD:\EyUSDGá ZáDQLHQD3L WUR5DLQDOGXFFLHJR .LHG\]DEUDNáRRSLHNLSURWHNWRUD0LNRáDMVWUDFLáVZyMXU]GRND]XMFVNUXFK SU]HGSUDZRZLW\P SDSLH*HP-DQHP=DZLHON VXP LRELHWQLF ]DFKRZDQLD*\FLDSRWZLHUG]LáQLHOHJDOQRüVZRMHJR SRQW\ILNDWXLRVWDWQLHWU]\ODWD*\FLDVS G]LáLQWHUQRZDQ\Z$ZLQLRQLH .RF]\VL HSRNDUHGQLRZLHF]D(XURS R*\ZLDGXFKUHQHVDQVXSU]\QRV]F\QLHW\ONRRGQRZ LGHL ZLHONLHRGNU\FLDJHRJUDILF]QHDOHWDN*HVZRERG ZV]WXFHLRE\F]DMDFK7HMRVWDWQLHMQLHE\áSR]EDZLRQ\ GZyUSDSLHVNLZ5]\PLH.ROHMQ\FKF]WHUHFKSDSLH*\,QQRFHQW\ 9,,, $OHNVDQGHU 9, 3DZHá,,,L-XOLXV] ,,,E\áRV]F] OLZ\PLGEDMF\PLRURG]LQ RMFDPL ,QQRFHQW\ 9,,, *LRYDQQL%DWWLVWD&LERXURG]LáVL Z URNXZ*HQXL-HJRRMFLHFE\á VHQDWRUHPU]\PVNLPLZLFHNUyOHP1HDSROX*RUF\NOLPDWXVWyS:H]XZLXV]DQLHSR]RVWDáEH]ZSá\ZX QDJRUFHVHUFHPáRGHJREDUG]RSU]\VWRMQHJRGREU]H]EXGRZDQHJRLZ\VRNLHJRDU\VWRNUDW\:1HDSROX ]RVWDáRMFHPWUyMNLQLHOXEQ\FKG]LHFL3RWRPVWZD*LRYDQQLHJRE\áRZFDOHOLF]QH5R]PDLWHPLáRVWNLZ 5]\PLH3DGZLHL1HDSROXGDZDá\RZRFH*LRYDQQLNDULHU GXFKRZQ UR]SRF]áGRüSy(QR: URNX]RVWDáELVNXSHP6DYRQ\SL üODWSy(QLHM0ROIHWW\DZ URNXSDSLH* 6\NVWXV ,9 RILDURZDáPX NDUG\QDOVN SXUSXU 3RPLHUFLWHJRSDSLH*DZ5]\PLHUR]SRF] á\VL ZDONLPL G]\VWURQQLFWZDPL URG]LQ\GHOLD5RYHUHURG]LQD6\NVWXVD ,9 LURG]LQ\%RUJLyZ-DN]Z\NOHSU]\WDNLFKRND]MDFKE\ZD] ]DPLHV]DQLDVNRU]\VWDáWU]HFLNDQG\GDW*LRYDQQL%DWWLVWD&LER]RVWDáZ\EUDQ\LSU]\MáLPL ,QQRFHQWHJR 9,,, *G\]RVWDáSDSLH*HPRILFMDOQLHX]QDáGZyMN VSRUyGOLF]QHJRVZHJRSRWRPVWZD G]LHFL]QLHSUDZHJR áR*D3R]RVWDá\FKSU]HGVWDZLDáMDNRVZRLFKEUDWDQNyZ:V]\VWNLFKQDWRPLDVWVNROLJDFLáSRSU]H] PDá*HVWZD]QDMOHSV]\PLURGDPL,WDOLLL(XURS\&yUNDSDSLH*D7HRGRU\QDVDPDE\áDMX* PDWN -HMFyUND%DWWLVWLQD SDSLHVNDZQXF]ND]RVWDáD*RQ /XGZLND$UDJRVNLHJRNUyOD1HDSROX 8NRFKDQ\PG]LHFNLHPSDSLH*DE\áMHGQDNV\Q)DQFHVFKHWWR&LER/LF]QHSRWRPVWZRZ\WZRUQH*\FLH GRPXSDSLHVNLHJRNRV]WRZDá\VNDUERJURPQHVXP\7\PF]DVHPSRSU]HGQLN6\NVWXV ,9 QLH]RVWDZLá*DG QHJRPDMWNX6NDUELHFZLHFLáSXVWNDPL,QQRFHQW\ 9,,, PXVLDáQDZHW]DVWDZLüSDSLHVN WLDU 'OD RVLJQL FLD]\VNyZWZRU]\áQDGZRU]HZLHOHQRZ\FKXU] GyZNWyUHVSU]HGDZDáERJDW\P SU]HGVWDZLFLHORPURGyZU]\PVNLFK 3U]HVW SF\PRJOLXQLNQüNDU\ZSáDFDMFGRVNDUEFDSDSLHVNLHJRRGSXVWQHRILDU\1DMZL FHMNRU]\FL SU]\QLyVáSDSLH*RZLOXEMHJRV\QD)UDQFHVFKHWWR]SU]HGVWDZLFLHON URGX0HGLFLFK)ORUHQFMDU]G]RQD SU]H]0HG\FHXV]\E\áDSL NQ\PLERJDW\PPLDVWHP0HG\FHXV]HE\OLQDWRPLDVWMHGQ\P]QDMERJDWV]\FK LQDMSRW *QLHMV]\FKURGyZ,WDOLL1LFG]LZQHJR*H]WDNLHJR]ZL]NXRELHVWURQ\SDSLH* L0HG\FHXV]H PXVLHOLZ\QLHüMDNQDMZL NV]HNRU]\FL )UDQFHVFKHWWRSROXELá0DJGDOHQ FyUN /RUHQ]RGH0HGLFL :DZU]\FD:VSDQLDáHJR/RUHQ]R X]\VNDáGODVZRMHMURG]LQ\RGSDSLH*DNDSHOXV]NDUG\QDOVNLGODVZHJROHWQLHJRV\QD*LRYDQQLHJR NWyU\VDPZNUyWFH]RVWDáSDSLH*HPSU]\MPXMFLPL /HRQD ;
=RVRE ,QQRFHQWHJR 9,,, ]ZL]DQDMHVWWH* WUDJLF]QDLPDNDEU\F]QDKLVWRULD6FKRURZDQ\SDSLH* SU]\MüPLDáNUHZPáRG\FKFKáRSFyZ'ODZ]PRFQLHQLDSDSLHVNLHJRRUJDQL]PXNXSLRQRXELHGRW\ U]\PVNLHMWUyMN G]LHFLSRGXNDFLH]DND*GH']LHFLRF]\ZLFLHZZ\QLNXZ\NUZDZLHQLD]PDUá\ SDSLH* QDGDOQLHF]XOVL QDMOHSLHM+LVWRU\F\]ZáDV]F]DFL]ZL]DQL].RFLRáHPDOERNZHVWLRQXM SUDZG]LZRü FDáHMKLVWRULLDOERZLQ REDUF]DM SDSLHVNLHJROHNDU]DNWyU\EH]ZLHG]\ A
2MFDZL WHJRNXSLáG]LHFLLSU]\JRWRZDá]LFKNUZLOHNDUVWZR3LNDQWHULLGRGDMHIDNW*HZHGáXJ W\FK KLVWRU\NyZSDSLHVWZDOHNDU]PyJáE\ü]SRFKRG]HQLD)\GHP7DNZL FWUXGQRVL G]LZLüF] VW\PZ (XURSLHRVNDU*HQLRP)\GyZR]DELMDQLHPDá\FKG]LHFLZSUDNW\NDFKUHOLJLMQ\FKNLHG\SRGREQHKLVWRULH Z\P\ODQHV QDZHWZRWRF]HQLXJáRZ\.RFLRáD 'RRVRE\,QQRFHQWHJR 9,,, SRZUyFLP\MHV]F]HZWHMNVL*FHSDWU]UR]G]LDá:SRJRQLZ]ORW\P FLHOFHP 6FKRURZDQ\ FKRüMHV]F]HQLH]E\WVWDU\ ,QQRFHQW\ 9,,,UR]VWDZDáVL ]*\FLHPGáXJR'ZDRVWDWQLH ODWDSRQW\ILNDWXWRQLHXVWDQQHZDONLRVFKHG SRRGFKRG]F\PSDSLH*X,QQRFHQW\NDUPLRQ\Z\áF]QLH NRELHF\PPOHNLHP]PDUáZ URNX=DVWSLáJRQDWURQLH3L WURZ\PRVáDZLRQ\$OHNVDQGHU 9, 5RGULJRGH%RUJLD\'RPV 7 SRVWDüSU]\ZRáDOLP\ZNVL*FHSDURNURWQLH$OHNVDQGHUXWU]\P\ZDáQLHOHJDOQ\GáXJL]ZL]HN] U]\PVN DU\VWRNUDWN 9DQQR]] &DWWDQHL]NWyU PLDáF]ZRURG]LHFL.ROHMQDIDZRU\W SDSLH*DE\áD *LXOLD)DPHVH.URQLNLQLHZVSRPLQDM QLFRSRWRPVWZLH]WHJR]ZL]NX=áROLZLQDWRPLDVWSU]\SLVXM $OHNVDQGURZLMHV]F]HMHGQRG]LHFNR RZRFND]LURGF]HJR]ZL]NX]ZáDVQ FyUN /XNUHFM:\GDMHVL
MHGQDN*HWDLQIRUPDFMDMHVW]XSHáQLHQLHSUDZG]LZD $OHNVDQGHU 9, SLWN X]QDQ\FKVZRLFKG]LHFLGDU]\áZLHON PLáRFL L]DSHZQLáLPSRSU]H] PDá*HVWZDLEHQHILFMHQDMOHSV]H*\FLH/RVFDáHMSLWNLQLHRV]F] G]Lá']LHüPL$OHNVDQGUD9, E\OL &HVDUH%RUJLD RG URNXELVNXS3DPSHOXQ\SRWHPDUF\ELVNXS:DOHQFMLLNDUG\QDá=D ]U]HF]HQLHVL WHMJRGQRFLRWU]\PDáNVL VWZR9DOHQWLQRLVRUD]NVL VWZR5RPDQLL,QWU\JDQWZFKRG]LáZ XNáDG\]GZRUHPIUDQFXVNLP1LHEH]SRGVWDZQLHRVNDU*RQ\RZVSyáXG]LDáZ]DPRUGRZDQLXEUDWD-XDQD *RIIUHGR%RUJLD-DQH NVL* 6TXLOODQFHSROXELá6DQFL FyUN $OIRQVD ,, ]G\QDVWLL DUDJRVNLHM NUyOD1HDSROX-XDQ%RUJLD NVL* *DQGLLSy(QLHMWDN*HNVL* %HQHZHQWX JáyZQRGRZRG]F\ZRMVNSDSLHVNLFKSROXELá0DUL (QULTXH]VLRVWU]HQLF NUyOD)U\GHU\ND,, $UDJRVNLHJRP *D,]DEHOL,.DVW\OLMVNLHM6NU\WREyMF]R]DPRUGRZDQ\-HJRPLHUüE\áDSRZRGHP ZLHONLHJREyOX$OHNVDQGUD 9, /XNUHFMD%RUJLD ZL FHMRQLHMZUR]G]LDOH6LHGHPNRELHW NWyUHZVWU]VQ á\:DW\NDQHP 3HGUR/XLV NVL* *DQGLLZ.DWDORQLL3HGUR/XLVQLHE\áV\QHP9DQQR]]\SRGREQLHMDN LQQHFyUNL5RGULJD *HURPLQDL,]DEHOOD,PLHQLDPDWNLWHMWUyMNLQLH]QDP\ 9DQR]]D]ZL]DáDVL ]NDUG\QDáHP%RUJLDRNRáRURNX $E\XNU\ü]ZL]HNNDUG\QDáKRMQLH Z\QDJUDG]DáNROHMQ\FKP *yZ9DQR]]\%\áRLFKSU]\QDMPQLHMWU]HFK9DQR]]DSU]H*\áD$OHNVDQGUDLSR MHJRPLHUFLUyZQLH* LRQDSU]\M áDMDNRVZRMHQD]ZLVNR%RUJLD 1LHPDOUyZQLHOLF]Q\PSRWRPVWZHPFR$OHNVDQGHU 9,V]F]\FLáVL SDSLH* 3DZHá,,, $OHVVDQGUR)DPHVHNWyU\ZLHON NDULHU GXFKRZQ ]DZG]L F]DáVZRMHMVLRVWU]H*LXOOL NRFKDQFH $OHNVDQGUD 9, 'ZRLVWRüSRQW\ILNDWX3DZáD,,,MHVW]DLVWH]DVNDNXMFD%\áW\SRZ\PSU]HGVWDZLFLHOHPVZRMHMHSRNL -DNFDáHMHJRRWRF]HQLHSURZDG]LáUR]ZL]á\WU\E*\FLD:\VWDZQRüGZRUXSDSLHVNLHJRLQHSRW\]P XGRZDGQLDá\VáXV]QRü]DU]XWyZZ\VXZDQ\FKZWHMVSUDZLHSU]H]]ZROHQQLNyZUHIRUPDFML7DN*H*\FLH RVWDWQLFKSDSLH*\ ,QQRFHQWHJR 9,,, $OHNVDQGUD 9,3DZáD,,,LQDVW SF\-XOLXV]D,,,E\áRJáyZQ SU]\F]\Q NROHMQHJRZLHONLHJRSRG]LDáX.RFLRáD
:PáRGRFLSU]HE\ZDáQDGZRU]H0HG\FHXV]\ZH)ORUHQFML7X]DSU]\MD(QLáVL ]*LRYDQQLPGH0HGLFL ZVSRPQLDQ\PMX* SDSLH*HP/HRQHP ; $OHNVDQGHU 9, G]L NLVLRVWU]H SL NQHM*LXOOLREGDURZDá $OHVVDQGUDZLHORPDEHQHILFMDPLNRFLHOQ\PL0LPR*HQLHE\áNVL G]HPRWU]\PDáNLONDLQWUDWQ\FK ELVNXSVWZPL G]\LQQ\PL&RPHOR 0RQWHILDVFRQH%\áF]DV*HPáRG\$OHVVDQGURE\áMHGQRF]HQLH SDVWHU]HPWU]HFKGLHFH]ML7DN*HG]L NLSURWHNFMLVLRVWU\Z5]\PLHMDNRGZXG]LHVWRODWHN]RVWDá VNDUEQLNLHP.RFLRáDDZURNSy(QLHM$OHNVDQGHU 9, REGDU]\áJRJRGQRFL NDUG\QDOVN%\áURN .DUG\QDáZL FHQLD NDSáDVNLHGRVWDá ODWSy(QLHMZ URNX:\QLHVLHQLHGRZ\VRNLFKJRGQRFL NRFLHOQ\FKG]L NL/D%HOOLMDNQD]\ZDQRVLRVWU *LXOOL GDáRWH* $OHVVDQGURZLDGHNZDWQHSU]H]ZLVNR ]ZDQRJR]WHJRSRZRGXNDUG\QDáHP6SyGQLF]N-HJRGáXJLHSRQDG OHWQLH*\FLHPR*QDSRG]LHOLüQD QLHPDOUyZQHRNUHV\'R URNXS G]Lá*\FLHZSHáQLUHQHVDQVRZH-DNREDUG]RSRSXODUQ\LOXELDQ\ U]\PVNLSUDáDWZGDáVL ZEXMQ\URPDQV]U]\PVN DU\VWRNUDWN]NWyU PLDáF]ZRURG]LHFL WU]HFK V\QyZLFyUN 6\PSWRP\]PLDQZRVRERZRFLSU]\V]áHJRSDSLH*DXMDZQLá\VL SRREM FLXSU]H]QLHJR ELVNXSVWZD3DUP\]SROHFHQLD-XOLXV]D ,,%LVNXSVZRMHRERZL]NLSRWUDNWRZDáQLH]Z\NOHSRZD*QLH =ZRáDáV\QRGGLHFH]MDOQ\]SDVM ZSURZDG]DáZVZRMHMGLHFH]MLUHIRUP\6RERUX/DWHUDVNLHJR 9 -HJR *\FLHRGPLHQLáRVL ]XSHáQLHRG URNXNLHG\]HUZDáNRQWDNW\]HVZRM NRQNXELQ6]HüODWSy(QLHM ]RVWDáNVL G]HPDSRPLHUFL.OHPHQVD 9,,, E\áSRZD*Q\PNDQG\GDWHPGRWURQXSDSLHVNLHJR:LHOX RGQRZLFLHOL.RFLRáDZáDQLH]QLPZL]DáRQDG]LHMHQD]PLDQ\%\áZF]DVLHNRQNODZHQDMVWDUV]\P NDUG\QDáHPELVNXSHP2VWLLDW\PVDP\P']LHNDQHPZL WHJR.ROHJLXP.DUG\QDOVNLHJR1LFZL F G]LZQHJR*HSRNUyWNLPGZXGQLRZ\PNRQNODZHSRZLHU]RQRPXNLHURZDQLHQDZ Z3LRWUD 3U]\MPXMFLPL 3DZáD,,, REMáWURQZ URNX 6SRUyGF]ZyUNLG]LHFLSDSLH*DV\QyZ 3LHUUD/XLJLHJR3DRODL5DQXFFLDRUD]FyUNL .RQVWDQFML 3DZHáX]QDáWURMH2V\QDFK3DXOXL5DQXFFLRQLHSR]RVWDZLáRZLHOX]DSLVyZZKLVWRULL.ROHMQDGZyMND QDWRPLDVWVDPDLSRSU]H]VZRMHSRWRPVWZR]DSLVDáDVL SU]\QDMPQLHMQDFDáHVWXOHFLHJUXE\PL]JáRVNDPL ZG]LHMDFK5]\PX &yUND.RQVWDQFMD]RVWDáD*RQ %RVLR ,, 6IRU]\]WHJR]ZL]NXQDURG]LáVL FKáRSLHF*XLGR$VFDQLR 6IRU]DNWyU\MDNROHWQLFKáRSLHFZ URNXPLDQRZDQ\]RVWDáSU]H]G]LDGNDSDSLH*DNDUG\QDáHP ,QQ\]ZQXNyZ3DZáD,,,WDN*HMDNRG]LHFNR$OHVVDQGUD)DPHVHJR]RVWDáNDUG\QDáHPZZLHNX ODW 1DMZL FHMMHGQDNZLHP\RXOXELRQ\PV\QX-HJRZLWREOLZRFL3LHUUR/XLJLP3RGREQLHMDNRMFLHF3LHU /XLJLSURZDG]LáRQGRüUR]ZL]áH*HE\QLHSRZLHG]LHüUR]SXVWQH*\FLH2EGDURZDQ\E\áSU]H]RMFD ZLHORPDW\WXáDPLLGREUDPLJáyZQLHNRV]WHP3DVWZD.RFLHOQHJR: URNX]RVWDáZáDGF 3DUP\L 3LDFHQ]]\SRSDGáZNRQIOLNW]FHVDU]HP.DUROHP 9 0LPRL* GODSDSLH*D GREUHVWRVXQNL]FHVDU]HPE\á\ EDUG]RZD*QH]DUyZQRMDNRSU]HFLZZDJDGOD)UDQFMLMDNLGODWZRU]HQLDOLJLDQW\WXUHFNLHM3DZHá,,,]GH F\GRZDáVL SRSU]HüZáDVQHJRV\QD3LHU/XLJL]RVWDáSU]H]RMFDREGDURZDQ\MHV]F]HMHGQ\PZ\VRNLP XU] GHP ]RVWDáJRQIDORQLHUHP.RFLRáD WMFKRU*\PGRZyGF ZRMVN:NRQIOLNFLH].DUROHP 9 R 3DUP Z]QDF]QHMPLHU]HFKRG]LáRWDN*HRURG]LQQHLQWHUHV\)DPHVHJR&HVDU]G*\áGR]DSHZQLHQLDW\FK ]LHPMDNRVSDGNXGODLQQHJRSU]HGVWDZLFLHODURGX)DPHVH 2WWDYLRNWyU\E\á]L FLHPFHVDU]DLZQXNLHP SDSLH*DMHGQRF]HQLH2WWDYLR)DPHVHZáDGDáMX* RG OHQQDPL&DPHULQLL1HSL3DZHá,,,MX* QDáR*X PLHUFLSRJRG]LáVL ]HVZRLPZQXNLHPLIDZRU\WHPFHVDU]D2WWDYLDLRGGDáPXZHZáDGDQLH3DUP 8OXELRQ\V\Q3LHU/XLJL]RVWDá]DPRUGRZDQ\ZQLHZ\MDQLRQ\FKRNROLF]QRFLDFKZHZU]HQLX URNX3DZHá,,,]DPLHUüV\QDREZLQLDáEH]SRUHGQLRFHVDU]DFRMHV]F]HZZL NV]\PVWRSQLXSRJRUV]\áR VWRVXQNLSDSLHVWZD]FHVDUVWZHP 1HSRW\]PSDSLH*DLIDZRU\]RZDQLHURGX)DPHVHFK ü]DSHZQLHQLDPXGRPLQXMFHMSR]\FMLZ,WDOLL VSRWNDá\VL ]SRW SLHQLHPOXGXU]\PVNLHJRLZLHOXNDUG\QDáyZ3DZHá,,,SRGNRQLHF*\FLDSXEOLF]QLH Z\UD]Lá]WHJRSRZRGXVNUXFK LSU]HSURVLáZV]\VWNLFK]DWHQEáG 3DZHá,,,]DSLVDáVL ZKLVWRULL.RFLRáDLZLDWD'*\áXVLOQLHGRRGQRZ\.RFLRáD3R]D*HJQDQLXZRMQ\ PL G]\)UDQFM DFHVDUVWZHP]ZRáDáGR7U\GHQWX ;,; 6REyU3RZV]HFKQ\NWyU\]SU]HUZDPLREUDGRZDá
PL G]\ D URNLHP6REyU7U\GHQFNLNWyUHJRFHOHPE\áDREURQD.RFLRODZ]ZL]NX] QDUDVWDMF\PLZ(XURSLHUXFKDPLUHIRUPDWRUVNLPLQDOH*\GRQDMZL NV]\FKZG]LHMDFKSDSLHVWZD 3DZHá,,,E\áPHFHQDVHPDUW\VWyZ=MHJRF]DVXSRFKRG] IUHVNL].DSOLF\6\NVW\VNLHMQS6G 2VWDWHF]Q\ LREUD]2VWDWQLD:LHF]HU]D 0LNRáDM.RSHUQLNGHG\NRZDá 3DZáRZL,,,VZRMHZLHONLHG]LHáR'HUHYROXWLRQLEXVRUELXPFRHOHVWLXP :URNX 3DZHá,,,ZUHV]FLHREáR*\áZV]HONLPLNDUDPLNRFLHOQ\PLNUyOD$QJOLL+HQU\ND 9,,, GHWURQL]XMFJRJG\WHQDNWHPVXSUHPDFMLREZRáDáVL JáRZ .RFLRáD$QJOLNDVNLHJR 1DVW SFD3DZáD,,, SDSLH* -XOLXV],,, *LRYDQQL0DULD&LRFFKLGHO0RQWH]RVWDáREUDQ\ NXSRZV]HFKQHMUDGRFL5]\PLDQ6DPE\á5]\PLDQLQHP3RODWDFKREF\FKSDSLH*\PLDVWRZL WRZDáR SU]H]G]LHVL üGQL+XF]Q\P]DEDZRPLIHVW\QRPQLHE\áRNRFD$WPRVIHUDUDGRFLLSRZV]HFKQHJR ZL WDSU]\SRPLQDáDF]DV\/HRQD ; L3DZáD,,,8U]G]DQRPDVNDUDG\SRORZDQLDIHVW\Q\.DUQDZDá SU]\ZUyFRQ\SU]H]3DZáD,,,WUZDáQLHXVWDQQLH%\áRODWR URNX SRF]WHNNROHMQHJR5RNXZL WHJR 'R5]\PXQDSá\ZDá\QLHSU]HEUDQHWáXP\SLHOJU]\PyZDE\ZQDER*QRFLRGGDüKRáGSLHUZV]HPX] DSRVWRáyZ7\PF]DVHP5]\PQLHEH] XG]LDáXSDSLHVWZDEDZLáVL -HJRZLWREOLZRüRVRELFLH SU]HZRG]LáQLHNWyU\PXURF]\VWRFLRPREFKRG]RQ\PZLFLHSRJDVNLPVW\OX *LRYDQQL0DULD GHO0RQWHQDGZRU]HSDSLHVNLPSUDFRZDáRGGDZQD5y*QHIXQNFMHZ\SHáQLDáSU]H]SL ü NROHMQ\FKSRQW\ILNDWyZ=D-XOLXV]D ,, ]RVWDáPDUV]DáNLHPGZRUXSDSLHVNLHJRDQDVW SQLHZPLHMVFH VZRMHJRZXMDDUF\ELVNXSHP6LSRQWR=D/HRQD ; E\áELVNXSHP3DZLLSRGREQLH]D.OHPHQVD 9, =D .OHPHQVD 9,, E\á]DU]GF 5]\PXD]D3DZLD,,, OHJDWHPPL G]\LQQ\PLZ%RORQLL)DUPLH3LDFHQ]\ 5RPDQLL3DZHá,,,WDN*HZ\QLyVáJRGRJRGQRFLNDUG\QDOVNLHMLSRZLHU]\áPX]DGDQLHRWZDUFLDL ZVSyáSURZDG]HQLD6RERUX7U\GHQFNLHJR7\PZáDQLHZ\GDU]HQLHPZ\URELáVRELHOLF]F VL SR]\FM Z .ROHJLXP.DUG\QDOVNLP0LPRWRSRPLHUFL3DZáD,,,NRQNODZHSU]HFLJDáRVL QDGPLHUQLH7UZDáRMX* G]LHZL üW\JRGQL)DGHQ]NDUG\QDáyZGZyFKU\ZDOL]XMF\FKVWURQQLFWZSURIUDQFXVNLHJRL SURFHVDUVNLHJRQLHPyJáX]\VNDüQDOH*\WHJRSRSDUFLDSR]RVWDá\FKHOHNWRUyZ2VWDWHF]QLHZEUHZZROL FHVDU]DZ\EyUSDGáQD*LRYDQQLHJR0DUL &LRFFKLHJRGHO0RQWH -XOLXV]D,,, :NRQIOLNFLH]FHVDU]HPMDNQDOH*DáRSU]\SXV]F]Dü SRV]áRRLQWHUHV\URG]LQ\ MHV]F]HQLHVZRMHMDOH SRSU]HGQLND3DZáD,,,3U]HGREM FLHPWURQX-XOLXV],,,RELHFDá*HRGGD3DUP ZQXNRZL3DZáD,,, ]L FLRZL.DUROD 9 -XOLXV]ZVSRPQLDáWDN*HRRGGDQLXSDSLHVNLHPXSRWRPNRZL3LDFHQ]\1LHFLHUSOLZRü 2WWDYLD)DPHVHJRSRSFKQ áDJRGR VRMXV]X]NUyOHP)UDQFML+HQU\NLHP ,, SU]HFLZNRSDSLH*RZLLFHVDU VNLHPXWHFLRZL :RMVNDIUDQFXVNLH]DM á\SyáQRFQH:áRFK\3DSLH* LFHVDU]SRáF]\OLVZRMHDUPLHSRGZRG] SDSLHVNLHJRZQXND*LDQEDWWLVW\GHO0RQWH 3RUD*NDVSU]\PLHU]RQ\FKVLOFHVDUVNRSDSLHVNLFKRVáDELáDQLHFRSR]\FM 3DVWZD.RFLHOQHJR :L NV]H]DJUR*HQLHGOD.RFLRáDZUD]]QLHEH]SLHF]HVWZHPVFKL]P\IUDQFXVNLHM]ZL]DQHE\áR]H Z]QRZLHQLHP6RERUX7U\GHQFNLHJR .UyO)UDQFML]DEURQLáVZRLPELVNXSRPXG]LDáXZVRERU]HL]ZL]DáVL ZVRMXV]XSU]HFLZFHVDU]RZL] SURWHVWDQWDPLQLHPLHFNLPL -XOLXV],,,]ZLHON XZDJ SRZL FDáVL ZRMQLH.RFLRáDLWURVFHR-HJRMHGQRü1LH]DSRPQLDáSU]\ W\PRLQWHUHVDFKVZRMHMURG]LQ\2SDSLHVNLPZQXNXMX* ZVSRPQLHOLP\3DSLH* VWDUDáVL ]DEH]SLHF]\ü LQWHUHV\VZRMHMURG]LQ\JáyZQLHSRSU]H]REGDURZ\ZDQLHZV]HONLPLJRGQRFLDPLNUHZQ\FKLSRWRPNyZ EUDWD1DMVá\QQLHMV]\PHSL]RGHPZ*\FLX-XOLXV]D,,,E\áRZ\QLHVLHQLHGRJRGQRFLNDUG\QDOVNLHM SL WQDVWROHWQLHJRFKáRSDND&DáDVSUDZDZ\ZRáDáDZLHONLHREXU]HQLHNXULL.LPE\áyZFKáRSDNWUXGQR MHGQR]QDF]QLHSRZLHG]LHü+LVWRU\F\NRFLHOQLGRZRG]*H-XOLXV]VSRWNDá,QQRFHQWHJRERWDNPLDáQD LPL QDV]ERKDWHU SU]\SDGNRZRZ3DQQLH3RSURVLáVZHJREUDWDDE\WHQXV\QRZLáSDSLHVNLHJRIDZRU\WD :LHONLHZUD*HQLHPXVLDáRZ\ZU]HüQDSDSLH*XWRSU]\SDGNRZHVSRWNDQLHVNRUR,QQRFHQW\QLHGRü*H
DGRSWRZDQ\]RVWDáSU]H]URG]LQ GHO0RQWHWRRWU]\PDáNDSHOXV]NDUG\QDOVNLRGRSLHNXQD7DNF]\RZDN FKáRSDNFKRüNDUG\QDáPLDáRSLHNRZDüVL SDSLHVNLPLPDáSDPL ,QQLGRZRG] EOL*V]\FK]ZL]NyZSDSLH*D],QQRFHQW\P&KáRSDNZHGOHW\FKUHODFMLE\á ]DG]LZLDMFRSRGREQ\ FKRüWURFK QLHUR]JDUQL W\ GR-XOLXV]D,,,2EV\S\ZDQ\SU]H]-HJR ZLWREOLZRüZV]HONLPLáDVNDPLVWDáVL SRZRGHPSRJáRVHN*HE\áV\QHP2MFD ZL WHJRD SRGRELHVWZRREXQLHEXG]LáR*DGQ\FKZWSOLZRFL/RVQLHE\áGOD,QQRFHQWHJR V\QDLIDZRU\WDSDSLH*D ]E\WáDVNDZ\3RZ\QLHVLHQLXGRJRGQRFLNDUG\QDOVNLHMSU]H*\áWU]\G]LHFLODW6NRF]\áPDUQLH3DSLH* 3LXV ,9 XZL ]LáJRZ=DPNXZ$QLRáDSRG]DU]XWHPSRGZyMQHJRPRUGHUVWZD,QQRFHQW\]JLQáZ ZLHNX ODW -XOLXV],,,]PDUáZ URNXD*\ZRWDGRNRQDáZSL NQHMZLOOL]EXGRZDQHMQDMHJR]OHFHQLH9LOODGL SDSD*LXOLDQDOH*\G]L GRQDMSL NQLHMV]\FKSDPLWHNMDNLHSR]RVWDZLáSRVRELH-HJRZLWREOLZRü *LRYDQQLGHO0RQWH -XOLXV],,,QLHE\áDQLSLHUZV]\PDQLRVWDWQLPSDSLH*HPGREU]HGEDMF\PRLQWHUHV\URG]LQ\ZW\P VZRLFKSRWRPNyZ1LHSRSDGDMF]E\WQLRZSU]HVDG QLHPDOSRáRZ KLVWRULLSDSLH*\PR*QDE\ SU]HGVWDZLüSRSU]H]SUH]HQWDFM ORVyZLFKX]QDQ\FKSRWRPNyZLDGRSWRZDQ\FKNUHZQ\FK0R*H ZNUyWFHZLQQHMSU]\JRWRZ\ZDQHMNVL*FHV]HU]HMZUyFLP\GRWHPDWXQLHNWyU\FKSU]\QDMPQLHMG]LHFL SDSLH*\ ,QQ\]SDSLH*\3LXV ,9 *LRYDQQL$QJHORGH0HGLFL FKRüVSRNUHZQLRQ\]HVá\QQ\PL 0HG\FHXV]DPL])ORUHQFML QDOH*DáGREDUG]RXERJLFKNUHZQ\FKZLHONLFKURGyZZáRVNLFK0XVLDáZL F GREU]HGEDüRLQWHUHV\VZRLFKEOLVNLFK'RWHMSRVWDFLZUyFLP\ZQDVW SQ\PUR]G]LDOH7HUD]W\ONR ZVSRPQLP\*H3LXV ,9 WDN*HGRF]HNDáVL SRWRPVWZD0LDáF]ZyUN QLHOXEQ\FKG]LHFLFKRüQLHNWyU]\ SU]\SLVXM PXW\ONRWUyMN GZLHG]LHZF]\QNLLFKáRSFD 7DN*HSRWRPVWZRWU]HFKSDSLHVNLFKVLyVWUFLHV]\áRVL RSLHN -HJRZLWREOLZRFL-DNRVL U]HNáRGR WHMVSUDZ\ZUyFLP\QLHFRSy(QLHM 'ZLHFyUNLPLDá*X\)ROTXHV SDSLH* .OHPHQV ,9 8URG]LáVL Z3RUWXJDOLL1DMSLHUZE\á U\FHU]HPDSy(QLHM SRXNRF]HQLXVWXGLyZSUDZQLF]\FKZ3DU\*XZ]RUHPRMFD VáX*\áUDG LSRPRF WUDNWDWRZ NUyORPIUDQFXVNLP%\á*RQDW\]*ZLG )DOFRGLOH*URV:áDQLH]WHJR]ZL]NX]URG]Lá\VL
GZLHFyUNL0XVLDáRWRE\üV]F] OLZHLNRFKDMFHVL PDá*HVWZRVNRURSRPLHUFL*RQ\*X\]UR]SDF]\ FKFLDáZVWSLüGRNODV]WRUX=DQDPRZ NUyOD/XGZLND ,; MHGQDNWHJRQLHXF]\QLá6WDQGXFKRZQ\E\á PXSLVDQ\=RVWDáZQDJURG ]D]DVáXJLGODGZRUXIUDQFXVNLHJRELVNXSHPDUF\ELVNXSHPDSy(QLHM NDUG\QDáHP1LFZL FG]LZQHJR*HMDNRSDSLH* WDN*HEURQLáLQWHUHVyZPRQDUFKLLZRVRELH.DUROD $QGHJDZHVNLHJR3DSLH* QLH]URELáQLFDE\RFKURQLüOHWQLHJR.RQUDG\QDNVL FLDNUHZQHJRNUyOD 2ERMJD6\F\OLL0DQIUHGD.RQUDG\QE\`ZSURVWHMOLQLLG]LHG]LFHPFHVDU]\NVL*W6]ZDELLLNUyOyZ-H UR]ROLP\7RSRFKRG]HQLHQLHXFKURQLáRJRRGPLHUFLQDNWyU VND]DáJR.DURO3DSLH* REáR*\áPáRGHJR NVL FLDQDZHWHNVNRPXQLN àXNDV].UDQDFKSU]HGVWDZLáSDSLH*DZ URNXMDNREH]SRUHGQLHJR Z\NRQDZF Z\URNXNUyOD NDWD.RQUDG\QD 6\QDPLDáWH* SDSLH* *U]HJRU] ;,,, 8JR%RQFRPSDJQL6DPSDSLH* PLDáE\üE NDUWHPL ZRNUHVLHNLHG\E\áSURIHVRUHPSUDZD QDXQLZHUV\WHFLHZ%RORQLLSURZDG]LáEDUG]REXMQHL UR]ZL]áH*\FLH2ZRFHPSU]HORWQHJRIOLUWXE\áV\Q*LDFRPR 1LHNWyUHNURQLNLSRGDM*HRMFHPE\áUyZQLH* SDSLH* .OHPHQV 9,,, 0LDáV\QD&H]DUD NWyU\XURG]LáVL ZURNX :V]\VWNRE\áRE\PR*OLZHJG\E\QLHIDNW*HSU]\V]á\SDSLH* PLDáZWHG\ ODWLZ]DVDG]LHZ]ZL]NX]WXáDF]NMDN SU]HE\ZDáDMHJRURG]LQDQLHPLDáPR*OLZRFLGRWDNLHJR *\FLD 2MFHPE\áWDN*HSDSLH* -DQ ;9,,, *LRYDQQL6LFFRQHNWyU\]DQLP]RVWDáSDSLH*HPE\á*RQDW\ LPLDá]WHJR]ZL]NXWU]HFKV\QyZ3RWRPNRZLHSDSLH*D]RVWDOLWDN*HNDSáDQDPL&H]DUE\áNVL FLHP 0RGHQ\L5HJJLDMDNROHQQD5]HV]\&HOLEDWSU]H]FDáHVWXOHFLDQLHE\áSU]H]GXFKRZQ\FKSU]\MPRZDQ\
EH]RSRUX3DSLH*HNDUG\QDáRZLHELVNXSLL]Z\NOLNVL *DZUHV]FLHPRJOLFKZDOLüVL ZLDWXZFDOH OLF]Q\PSRWRPVWZHP 3DSLH* :LNWRU ,, SRGREQLHMDNSRSU]HGQLN/HRQ ,; ]GHF\GRZDQLH SU]HFLZVWDZLáVL ]DUyZQRPDá*HVWZXNVL *\MDNLSRVLDGDQLXSU]H]QLFKSRWRPVWZD.LONXELVNXSyZ SR]EDZLRQ\FK]RVWDáR]DWHQZ\VW SHNXU] GyZ=DEURQLRQR*RQDW\PNVL *RPVSUDZRZDQLDIXQNFMLZ GX*\FKPLDVWDFK]V\áDMFLFKQDSURZLQFM 0Dá*RQNRPGXFKRZQ\FKRGELHUDQRSUDZDVSRáHF]QH']LHFL ]WDNLFK]ZL]NyZX]QDQH]RVWDá\]DQLHOXEQH=DEURQLRQRLPG]LHG]LF]HQLDGyEUNRFLHOQ\FK7RMDN FKF KLVWRU\F\ QLHE\áRSRG\NWRZDQHREURQ .RFLRáDSU]HGQLHPRUDOQRFL MHJRIXQNFMRQDULXV]\OHF] SRZRGRZDQHWURVN R]DFKRZDQLHPDMWNXNRFLHOQHJRNWyU\ZSUDZLHIHXGDOQ\PPLDáE\E\üSRG]LHORQ\ PL G]\SRWRPVWZRGXFKRZQ\FK 6SUDZDFHOLEDWX*\ZDRGVDPHJRSRF]WNXZ.RFLHOHGRG]L QDOH*\GRQDMWUXGQLHMV]\FKSUREOHPyZ GXFKRZLHVWZD:\GDMHVL *HSU]HGW\PSUREOHPHP.RFLyáSRQRZQLHVWDQLHZSU]\V]áRFL&HOLEDW SUyERZDáRZRNUHVLHUHGQLRZLHF]DZSURZDG]LüZLHOXSDSLH*\-HGQ\P]QLFKE\áQS6WHIDQ ,;; )U\GHU\NNVL* /RWDU\VNL :LHOX]QDVW SFyZZL WHJR3LRWUDE\áRV\QDPLGXFKRZQ\FK6\QHPNDSáDQDE\á]SHZQRFL SDSLH* 'DPD]\, -HJRRMFLHF$QWRQLXV]E\áNDSáDQHPSU]\NRFLHOH6/RUHQ]RZ5]\PLH,QQL XZD*DM*H'DPD]\E\áV\QHPELVNXSD/HRQD 'DPD]\]SRZRGXNRELHW\PLDáZLHOHNáRSRWyZ2VNDU*RQ\]RVWDáRFXG]RáyVWZR-HGQ\P] RVNDU*\FLHOLPLDáE\üQLHMDNL,]DDN )\G3DSLH* PXVLDáEURQLüVL SU]HGRVNDU*HQLDPLQLHW\ONRSU]HG SUHIHNWHP5]\PXDOHWDN*HSU]HGV\QRGHPU]\PVNLP%LVNXSSU]H]VLHGHPODWXVLáRZDáGDüRGSyU SRPyZLHQLRPZHIHNFLHRF]\V]F]RQ\]RVWDá]ZV]HONLFK]DU]XWyZ6\QDPLGXFKRZQ\FKE\OL SDSLH* %RQLIDF\, V\QNDSáDQD6HNXQGXVDORFXQGXVD SDSLH* )HOLNV,,, ,, V\QGXFKRZQHJR])DVFLROL)HOLNV]UHV]W VDPE\á*RQDW\LPLDáFRQDMPQLHMGZRMHG]LHFL SDSLH* $QDVWD]\ ,, V\QGXFKRZQHJRRLPLHQLX3LRWU SDSLH* $JDSLW, V\QSUH]ELWHUD*LRUGLDQDSU]\.RFLHOHZL W\FK*LRYDQQLH3DRORZ 5]\PLH SDSLH* 7HRGRU, V\QELVNXSD7HRGRUSRFKRG]Lá]-HUR]ROLP\ SDSLH* 0DUFLQ, V\QNDSáDQD)DEU\FMXV]D]8PEULL DQW\SDSLH* $QDVWD]\,,, ZHGáXJF] FLKLVWRU\NyZE\áV\QHPELVNXSD2UWH$UVHQLXV]D SDSLH* %RQLIDF\ 9, E\áV\QHPELVNXSD$GULDQD 6WHIDQ 9,9,, V\QNDSáDQD-DQD'RRVRE\WHJRSDSLH*DZUyFLP\MHV]F]HZUR]G]LDOHR WDMHPQLFDFKPLHUFL SDSLH* -DQ ;9 V\QNVL G]D/HRQD]5]\PX SDSLH* +DGULDQ ,9 V\QNOHU\NDZ\ZRG]FHJRVL ]FKáRSVWZDZKUDEVWZLH +HUWIRUGVKLUHZ$QJOLL2MFLHF+DGULDQD]RVWDá]DNRQQLNLHPZRSDFWZLH/DQJOH\ZSREOL*X6W$OEDQDV %\áMHG\Q\P$QJOLNLHPQDWURQLH3L WURZ\P3RSU]HVWDP\QDW\PZ\OLF]HQLX1LHFRZL FHMXZDJLZ QDVW SQ\PUR]G]LDOHSRZL FLP\QDWRPLDVWSDSLHVNLPQHSRWRP
52='=,$à,,, :SRJRQL]D]áRW\PFLHOFHP
1DSRF]WNX ;, ZLHNX RNRáRURNX SDSLH*HP]RVWDMH7HRILODWWRKUDELD7XVNXOXPSU]\MPXMF LPL %HQHG\NWD,; -HJRRMFHPE\áNVL* 5]\PX$OEHU\N,,,]7XVNXOXPDEUDWDQNDPLSDSLH*H %HQHG\NW 9,,, L-DQ ;,; %\áZSURVWHMOLQLSRWRPNLHPRVáDZLRQ\FKNRELHW7HRGRU\6WDUV]HMLMHMFyUHN 7HRGRU\L0DUR]LL)\ZRW%HQHG\NWD]DSLVDáVL ZKLVWRULL.RFLRáDEXU]OLZ\PLZ\GDU]HQLDPL %\á]SHZQRFL QDMPáRGV]\PVSRUyGZ\EUDQ\FKQDXU]GSDSLHVNL.URQLNLUy*QL VL SRGDMFZLHN PáRGHJRSDSLH*DPL G]\ D ODW%\áMHG\Q\PNWyU\XU]GVSUDZRZDáD* WU]\UD]\]SU]HUZDPLGR URNX3URZDG]LáEDUG]RQLHJRG]LZHUR]ZL]áH*\FLHPLDá]JLQüZ\U]XFRQ\SU]H]RNQRDOH SRQLHZD* WDOHJHQGD]E\WGRVáRZQLHSU]\SRPLQDRNROLF]QRFLPLHUFLLQQHJRSDSLH*D ]UHV]W VSRNUHZQLRQHJR]%HQHG\NWHP -DQD ;,, PR*HZ\GDZDüVL ZWSOLZD %HQHG\NW ,; ]DSLHQLG]HVSU]HGDáVZRM NRURQ SDSLHVN3DSLH* :LNWRU,,,NWyU\SDQRZDá SL üG]LHVLWODWSy(QLHMQD]ZDáJR]áRG]LHMHPLPRUGHUF=DSRGV]HSWHPU\ZDOL]XMFHJR] 7XVNXODF]\NDPLVWURQQLFWZD.UHVFHQFMXV]\Z5]\PLHZ\EXFKá\]DPLHV]NL5]\PLDQLHREXU]HQL QLHJRG]LZ\P*\FLHPPáRGHJRSDSLH*DZ\JRQLOLJR]PLDVWD1DQRZHJRELVNXSDZ\EUDQR6\OZHVWUD,,, NWyU\SRZLQLHQE\üX]QDQ\]DDQW\SDSLH*DOHF]ZZLHOXRVWDWQLFKZ\ND]DFKSDSLH*\ILJXUXMHZ VSLVLHSUDZRZLW\FKQDVW SFyZZL WHJR3LRWUD%HQHG\NWXZD*DáVL GDOHM]DSDSLH*DJG\ZUyFLá ] Z\JQDQLDZ URNXZ\S G]Lá]NROHL6\OZHVWUD,,, %HQHG\NWQDGDOQLHFLHV]\áVL V\PSDWL 5]\PLDQ*RWyZE\áMHGQDNRGGDüVZRM SDSLHVN NRURQ Z ]DPLDQ]DRGSRZLHGQL VXP OPDMD URNXVSU]HGDá SLHUZV]\UD]ZKLVWRULLSDSLHVWZDVZyMXU]G RMFXFKU]HVWQHPX-DQRZL*UDMFDQRZL DUFKLSUH]ELWHURZLLVZRMHPXVSRZLHGQLNRZL-DQ*UDMFDQFLHV]\á VL Z5]\PLHQLHSRV]ODNRZDQ RSLQL3DSLHVN NRURQ PLDáNXSLüZWURVFHRUHSXWDFM L]DNRF]HQLH QLHJRG]LZHJRSRQW\ILNDWX-DQVDP]RVWDáSDSLH*HPZODWDFK MDNR*U]HJRU] 9, ,RQSRZLQLHQ ]RVWDüX]QDQ\]DDQW\SDSLH*D:VSRVyE]DND]DQ\ SRSU]H]DNWV\PRQLL REMáWURQSDSLHVNL: NDWDORJDFKX]QDQ\MHVWMHGQDN]DSDSLH*DSUDZRZLWHJR%HQHG\NWRGGDáNRURQ ]DRNRáR OLZUyZZ ]áRFLHRUD]]DGRURF]Q SHQVM ZZ\VRNRFLGRFKRGyZ.RFLRáD]$QJOLLDWDN*HWA U N FyUNLSUHIHNWD 5]\PX *HUDUGD]*DOHULLNWyU\ZF]HQLHMVWDQáQDF]HOHEXQWXSU]HFLZNR%HQHG\NWRZL%HQHG\NW SR]QDáFyUN SUHIHNWDL]DSDáDáGRQLHMJRUF PLáRFL*RWyZE\áGODQLHM]U]HFVL ZV]\VWNLFKJRGQRFL XVWSLü]WURQXLSRZL FLüVL *\FLXPDá*HVNLHPX*U]HJRU] 9, ]PXV]RQ\]RVWDáSU]H]FHVDU]D+HQU\ND ,,,GR]áR*HQLDXU] GXDQDMHJRPLHMVFHZ\EUDQR1LHPFD6XLWJDUDNWyU\SU]\MáLPL .OHPHQVDQ :DUWRGRGDü*HVHNUHWDU]HP*U]HJRU]DE\áPQLFK+LOGHEUDQGNWyU\SRMDZLVL ZKLVWRULL.RFLRáD WU]\G]LHFLODWSRW\FKZ\GDU]HQLDFKMDNRZLHONLSDSLH* *U]HJRU] 9,, SDSLH* UHIRUPDWRU 1LHNRQLHFMHGQDNHSRSHL%HQHG\NWD3RQLHVSRG]LHZDQHMPLHUFL.OHPHQVD ,, %HQHG\NWUD]MHV]F]H SU]HMPXMHXU]G,W\PUD]HPZREURQLHWURQXSDSLHVNLHJRVWDQáFHVDU]+HQU\N,,,LFHVDU]RZD $JQLHV]ND1LH]JRG]LOLVL QDSRZUyW%HQHG\NWD.ROHMQ\PLSDSLH*DPL]RVWDOLPLDQRZDQLSU]H]GZyU FHVDUVNL'DPD]\ ,, 3RSSRQDSy(QLHM/HRQ ,; %UXQRQ2EDME\OL1LHPFDPL SLHUZV]\]%DZDULLGUXJL]$O]DFML %HQHG\NW]DNRF]\á*\FLHQLHWDNMDNFKF QLHNWyU]\KLVWRU\F\'RNRFD*\FLDE\áRVDG]RQ\SRG VWUD*ZNODV]WRU]HSRG5]\PHPWDP]PDUáZ URNXDMHJRFLDáRSRFKRZDQH]RVWDáRGRSLHURSL ü
PLHVL F\SRPLHUFLZOXW\P URNX%HQHG\NW ,; NRURQ SDSLHVN VSU]HGDáDE\SRZL FLüVL
QLHJRGQHPX*\FLX]FyUN SUHIHNWD5]\PX&]\E\áWRZ\MWNRZ\SRVW SHNSDSLH*\":WDNLHMIRUPLHWDN DOHMDNVL RND*HSRP\VáRZRüZLHOXSDSLH*\ZV]XNDQLXSLHQL G]\E\áDZU F]QLHRJUDQLF]RQD 3LHQLG]HRG]DUDQLDG]LHMyZVWDQRZLá\SRZD*Q\SUREOHP.RFLRáD*G\E\P\FKFLHOLFKRüE\Z VNUyFLHSU]\WRF]\üVWDUDQLDZV]\VWNLFKSDSLH*\R]DEH]SLHF]HQLHRGSRZLHGQLFKILQDQVyZSRZVWDáRE\ RJURPQHG]LHáR6ZRM GURJ ZDUWRE\áRE\WDN SUyE SRGMü $OHPR*HLQQ\PUD]HP 5]\PVNDJPLQDFKU]HFLMDVNDFKRüSU]HODGRZDQDMDNGRZLDGXMHP\VL ]OLVWyZDSRVWROVNLFK SRPDJDáDILQDQVRZRLQQ\PJPLQRP]ZáDV]F]DZ$]ML3U]\M FLHZLHOX]DVDGRUJDQL]DF\MQ\FKOXGyZ -XGHLLSU]HNUyMVSRáHF]Q\SLHUZV]\FKFKU]HFLMDQQLHSR]RVWDá\EH]ZSá\ZXQDVWDQILQDQVyZJPLQ\ 1LHPDOND*G\]SDSLH*\ZWUDNFLHVZRMHJRSRQW\ILNDWXVWDQáSU]HGSUREOHPHP]DEH]SLHF]HQLD RGSRZLHGQLFKILQDQVyZ2SUyF]Z\GDWNyZ]ZL]DQ\FK]IXQNFMRQRZDQLHPLQVW\WXFML*\FLDUHOLJLMQHJR RJURPQHVXP\QDOH*DáR]JURPDG]LüQDG]LDáDOQRüZLHFNLHJR3DVWZD.RFLHOQHJRZRMVNRLZ\SUDZ\ ZRMHQQHSDSLH*\Z\SUDZ\NU]\*RZHEXGRZQLFWZR]DUyZQRVDNUDOQHMDNLZLHFNLHJURPDG]HQLH ZLHONLFKNROHNFMLG]LHáV]WXNL]DRSDWU]HQLH]DFKáDQQ\FKF] VWRURG]LQSDSLH*\XWU]\PDQLHGZRUX-HJR ZLWREOLZRFL3RP\VáRZRüQLHNWyU\FKSU]HNUDF]DáDZV]HONLHZ\REUD*HQLH &HVDU].RQVWDQW\Q,:LHONLZSLHUZV]HMSRáRZLH ,9 ZLHNXRUD]ZáDGFDIUDQFXVNL3HSLQ.UyWNL Z GUXJLHMSRáRZLH 9,,,ZLHNXGDOLSRGVWDZ\SRW JLILQDQVRZHMELVNXSyZU]\PVNLFK.RQVWDQW\Q]DKDPRZDá SU]HODGRZDQLDFKU]HFLMDQ]ZUyFLá.RFLRáRZLGREUDLEXG\QNL]DJUDELRQHSU]H]FHVDU]D'LRNOHFMDQD ]H]ZROLá.RFLRáRZLQDSU]\MPRZDQLHGDURZL]QW]ZOHJDWyZ3HSLQGHIDFWRVWZRU]\áZLHFNLH3DVWZR .RFLHOQHREGDURZDáSDSLH*\WHU\WRULDPLRUD]GRFKRGDPL]SRGDWNyZLLQQ\FKZLDGF]H SRGGDQ\FKZ 3DVWZLH.RFLHOQ\P2GVDPHJRSRF]WNXZVWROLF\SDSLHVNLHMLVWQLDá\XU] G\]DMPXMFHVL
]DU]G]DQLHPPLDVWHP7DNLPXU] GHPE\áDPL G]\LQQ\PL&DPHUD$SRVWROVND3LHUZV]\VSLVDQ\Z\ND] PDMWNyZNRFLHOQ\FKNODV]WRUQ\FKGLHFH]MLEHQHILFMyZQDOH*F\FKGR3DVWZD.RFLHOQHJR]QDND]X SDSLH*DSRFKRG]L] URNX /LVW SDSLH*\XPLHMF\FK]U F]QLHSRUXV]DüVL ZVIHU]HILQDQVyZRWZLHUD.DOLNVW, 8URG]LáVL
ZSRGPLHMVNLFKSRVLDGáRFLDFK5]\PXMDNRQLHZROQLNX&DUSRIRUD7HQSRZLHU]\áPX]DU]GPDMWNXL GREUDPL]LHPVNLPL1LHVWHW\]E\WDPELWQHSODQ\SRPQR*HQLDIRUWXQ\]DNRF]RQH]RVWDá\FDáNRZLW NO VN.DOLNVWPXVLDáXFLHNDüFLJDQ\SU]H]VZHJR3DQDNWyUHJRGRSURZDG]LáGRUXLQ\3RSHáQHM SU]\JyGSRJRQLLPRUVNLFKSRGUy*DFK.DOLVWRVWDWHF]QLH]RVWDá]áDSDQ\LRGGDQ\ZU FHVZHJR3DQD &DUSRIRU]DU]GDáRG]U F]QHJRILQDQVLVW\RGSUDFRZDQLDVWUDW:FKRG]FZUy*QH QLHQDMEDUG]LHM XF]FLZHXNáDG\]JPLQ *\GRZVNZHIHNFLHRVNDU*RQ\]RVWDáSRQRZQLHRQDGX*\ZDQLHILQDQVyZL Z\ZRáDQLH]DPLHV]HNZV\QDJRJDFKQD=DW\EU]X=RVWDáDUHV]WRZDQ\L]HVáDQ\QDFL *NLHURERW\ SU]\PXVRZHZNRSDOQLDFK6DUG\QLL7\PF]DVHPSU]HV]HGáQDFKU]HFLMDVWZR1D]HVáDQLXSR]QDáZLHOX Z\]QDZFyZ&KU\VWXVDDRVWDWHF]QLHSU]HNRQDQRJR*HSRZLQLHQREUDüGURJ GXFKRZQ QRZHMZLDU\ 3U]H]SRP\áN ]RVWDáZ\]ZRORQ\:QLHZROLSR]QDáNROHMQ\FKSDSLH*\:LNWRUD L=HILU\QD 7HQRVWDWQLSRZLHU]\áPXNLOND]DGD=RVWDáGLDNRQHPL]DU]GF FPHQWDU]\FKU]HFLMDVNLFK ZW\PREHFQLH]QDQHJRMDNR.DWDNXPE\ZL WHJR.DOLNVWD:QRZHMUROLZ\ND]DáVL V]F]HJyOQ\P ]DSDáHPLDNFMDPLRUJDQL]DF\MQ\PLQDU]HF]ELHGQ\FK7R]MHGQDáRPXZLHOXVRMXV]QLNyZ1DSU]\ZyGF
JPLQ\ELVNXSD5]\PX]RVWDáZ\EUDQ\SRPLHUFLSDSLH*D=HILU\QD:F]DVLHSL FLXODWVZRMHJR SRQW\ILNDWXSU]HGHZV]\VWNLPVSUDZQLHLHIHNW\ZQLH]DU]G]Dá.RFLRáHPSRPDJDáQDMEDUG]LHM SRWU]HEXMF\P]\VNXMFQDMOHSV]HRFHQ\OXGX3UDZGRSRGREQLH]PDUáPLHUFL P F]HVN3RFKRZDQ\ ]RVWDáQDFPHQWDU]X&DOHSRGH : URNXZL NV]RüXSUDZQLRQ\FKGRZ\ERUXSDSLH*DQDVWROLF ELVNXSL SRZRáDáD6\PPDFKD 0QLHMV]RüQDWRPLDVWVZRLPSRSDUFLHPREGDU]\áDDUFKLSUH]ELWHUD:DZU]\FD:L NV]RüVNáDQLDáDVL
GRZVSyáSUDF\]NUyOHP2VWURJRWyZ7HRGRU\NLHP:LHONLPPQLHMV]R üDU\VWRNUDFMDLVHQDW5]\PX ]FHVDU]HP EL]DQW\MVNLP
.LHG\SDSLH* 6\PPDFKXURF]\FLHZLWDáZ5]\PLHNUyOD7HRGRU\ND :DZU]\QLHFRVNDU*\áJRR NUDG]LH* SLHQL G]\NRFLHOQ\FKXWU]\P\ZDQLHLQW\PQ\FKVWRVXQNyZ]NRELHW RUD]REFKRG]HQLHZLW ZHGáXJVWDUHJRSRJDVNLHJRNDOHQGDU]DU]\PVNLHJR6GQDG6\PPDFKHPWUZDáGZDODWD:SD( G]LHUQLNX UV\QRGZ\GDáZ\URNL* *DGHQSDSLH* QLHPR*HE\üVG]RQ\SU]H]VG\]LHPVNLH3DSLH* PR*HRGSRZLDGDüMHG\QLHSU]HG%RJLHP2VNDU*HQLDR]DJDUQL FLHSLHQL G]\GDá\SRF]WHNWDN]ZDQ\P IDáV]HUVWZRPV\PPDFKLDVNLPNWyUHVWDá\VL QDZLHOHVWXOHFLSRGVWDZ ZáDG]\LSRW JLSDSLH*\ 1DSU]HáRPLH ;,, L ;,,, ZLHNX3DVWZR.RFLHOQHVWDáRVL QDMZL NV] SRW J ILQDQVRZ (XURS\6]F]\W SRW JLSDSLHVNLHMXRVDELD,QQRFHQW\,,, +UDELD/RWDULRGHL&RQWLGL6HJQLXZD*DQ\]D GUXJLHJR]DáR*\FLHOD3DVWZD.RFLHOQHJR]ZLHON WURVN GEDáRVSUDZ\GRF]HVQH.RFLRáD6SUDZ\ .XULL5]\PVNLHMQLHE\á\PXREFH:XMSDSLH* .OHPHQV,,,PLDQRZDáJRNDUG\QDáHP GLDNRQHPL SRZLHU]\áVSUDZ\ELH*FH.XULL-DNROHWQLSDSLH* LQDXJXURZDáVZyMSRQW\ILNDW]SU]HS\FKHPLZVW\OX ZQLF]\PQLHRGSRZLDGDMF\P VNURPQHPXZMD]GRZL&KU\VWXVDGR-HUR]ROLP\3RFKyGNRURQDF\MQ\ WUZDáZLHOHJRG]LQZ\VWDZQRFLQLHE\áRNRFD3DSLH* RVRELFLHLMHJRGZRU]DQLHUR]U]XFDOLZUyGWáX PyZQLH]OLF]RQHLORFLPRQHW3DSLH* ]áRWRVUHEURLPLHG(PyZLF*HZV]\VWNRRGGDMH SRGGDQ\PD GZRU]DQLHVUHEUQHPRQHW\E\]MHGQDüOXGU]\PVNLGODRVRE\QRZHJRQDVW SF\ZL WHJR3LRWUD .DUG\QDáRZLHWDN*HQDSHáQLDOLVZRMHPLWU\]ORWHPQDZHWZU F]DQ\PLPSU]H]SDSLH*D2GSLHUZV]\FK GQLSDQRZDQLD,QQRFHQW\,,,UR]SRF]áSRU]GNRZDQLHVSUDZ.XULL5]\PVNLHM:DOF]\á]SU]HNXSVWZHPL PDOZHUVDFM]PXV]DáELVNXSyZGRXOHJáRFLZSURZDG]DMF]Z\F]DMVNáDGDQLDSU]H]QLFKRNUHVRZ\FK VSUDZR]GD ]HVWDQXVZRLFKGLHFH]MLSRáF]RQ\]RGSRZLHGQLP]DVLODQLHPNDV\SDSLHVNLHMGRFKRGDPL] GLHFH]ML:SURZDG]RQHSU]H]QLHJRZL]\W\DGOLPLQDDSRVWRORUXPRGE\ZDM VL GRG]LVLDM,QQRFHQW\,,, VDPFKFLDáGHF\GRZDüRQDMGUREQLHMV]\FKQDZHWVSUDZDFK:DUFKLZDFK:DW\NDQX]DFKRZDáRVL GRG]L GRNXPHQWyZOLVWyZLEXOOL]MHJRSRGSLVHP:WHMPLHU]HE\á MHGQ\P]QDMEDUG]LHMWZyUF]\FK SDSLH*\ZKLVWRULL .RFLyáVL JDáV]F]\WXVZRMHMSRW JL6WRODWSy(QLHM ]DSRQW\ILNDWX%RQLIDFHJR 9,,, PDU]HQLDRZLHONRFL3DVWZD.RFLHOQHJRFRUD]EDUG]LHMVWDZDá\VL SU]HV]áRFL0RQDUFKRZLH(XURS\ FRUXV]FKFLHOLQDáR*\üQDERJDWHNRFLRá\ORNDOQHSRGDWNL3DSLH* ]DJUR]LáHNVNRPXQLN W\PNWyU]\ SRZD*\OLE\VL Z\FLJQüU N SRGREUDNRFLHOQH.UyO)UDQFML)LOLS ,9 3L NQ\]DND]Dá]DUyZQR GXFKRZQ\PMDNLZLHFNLPSRGGDQ\PZ\ZR]X]áRWDVUHEUDL ZV]HONLFKFHQQ\FKSU]HGPLRWyZ])UDQFML .RFLyáSR]EDZLRQ\]RVWDáW\PVDP\PGRFKRGyZRGQDMVWDUV]HMVZRMHMFyU\6]F]HJyOQLH5]\P SRWU]HERZDáZVSDUFLDILQDQVRZHJRGOD]DSHZQLHQLDVWROLF\ZLDWDJRGQHJRZ\JOGX3DSLH*]DWURVNDQ\R GREURVZRMHJRGRPLQLXPSU]HND]DáZLDWXZLHON LGH SU]HUZDQLDZRMHQRUD]RGE\FLHSLHOJU]\PNLL SRNXW *UyE&KU\VWXVD]QDMGXMF\VL ZHZáDGDQLX,VODPXE\áGODFKU]HFLMDQ]XSHáQLHQLHRVLJDOQ\ 6SHFMDOQ EXOO ]URNX -HJRZLWREOLZRü]DSURVLáSLHOJU]\PyZGR5]\PXQDREFKRG\5RNX -XELOHXV]RZHJRNWyU\RGE\ZDüVL PLDáFRVWRODW 6XNFHVILQDQVRZ\SLHUZV]HJR5RNX-XELOHXV]RZHJRVSUDZLá*HSy(QLHMRNUHV\PL G]\ODWDPLZL W\PL VNU FDQRGR DQDZHW ODW3RNUDMDFK(XURS\NU*\OLZ\VáDQQLF\SDSLHVF\JáRV]FGREU QRZLQ *HRGSXVW]XSHáQ\RWU]\PDM FLZV]\VF\NWyU]\RGE G SLHOJU]\PN LSU]\E G GRJUREyZ$SRVWRáyZGR :LHF]QHJR0LDVWD:V]\VWNLHGURJLZLRGá\GR5]\PX5]HV]HSWQLNyZFLJQ á\QLPLE\Z]ERJDFLü PLDVWRNXUL SDSLHVN L3DVWZR.RFLHOQH+LVWRU\F\SU]HFLJDM VL ZLQIRUPRZDQLXROLF]ELH SLHOJU]\PyZNWyU]\QDZLHG]LOL5]\PZ URNX-HGQLZVSRPLQDM RGZyFKW\VLFDFK ZUyGQLFK SRGDQRNUyOD:áDG\VáDZDàRNLHWND LQQLRGZXVWXW\VLFDFKMHV]F]HLQQLD* RGZXPLOLRQDFK7DNF]\ RZDNVXNFHVE\áSHáQ\.ROHMQ\5RN-XELOHXV]RZ\]RVWDáRJáRV]RQ\SU]H]SDSLH*D.OHPHQVD 9, ZURNX :WHG\ZGRNXPHQFLHQDZRáXMF\PGRREFKRGX-XELOHXV]XSRUD]SLHUZV]\ZVSRPQLDQRÄR RWZLHUDQLXGU]ZL]NWyU\FKRJLH PDSURPLHQLRZDüZLDWFDá\RJU]HZDüLRZLHWODü-HVWWR]DSRZLHG( V\PEROXNROHMQ\FK/DWZL W\FKNWyUHLQDXJXURZDQHE G SU]H]SDSLH*\SRSU]H]RWZDUFLH'U]ZL ZL W\FK3LHUZV] Z]PLDQN RLFKRWZLHUDQLX]QDMGXMHP\ZURNX ]DSRQW\ILNDWX0DUFLQD 9 =
SHZQRFL MHGQDN'U]ZLZL WHZ%D]\OLFHZL WHJR3LRWUDXPLHV]F]RQR]DSRQW\ILNDWX$OHNVDQGUD 9, Z URNX =RVWDá\RQH]QLV]F]RQHZF]DVLHSU]HEXGRZ\%D]\OLNLZNRFX ;9, ZLHNX'UXJLH'U]ZL ZL WHZ%D]\OLFHZL WHJR3LRWUDZ\NRQDQH]RVWDá\Z URNX]DSDSLH*D3DZáD 9 3U]HWUZDá\RQH QLHPDOGRQDV]\FKF]DVyZ: URNX]DVWSLRQH]RVWDá\GU]ZLDPL]EU]X]GRELRQ\PLSU]H]9LFR &RQVRUWLHJR 2SURPLHQLRQ\VáDZ SLHUZV]HJR5RNX-XELOHXV]RZHJR%RQLIDF\ 9,,, RJáRVLáGZDODWDSy(QLHMHQF\NOLN ZNWyUHMNDWHJRU\F]QLHVWZLHUG]LáÄ5]HF]HP\RJáDV]DP\LSURNODPXMHP\L* ND*GDLVWRWDOXG]NDPXVL EH]Z]JO GQLHSRGSRU]GNRZDüVL SDSLH*RZLU]\PVNLHPXMHOLFKFHRVLJQü]EDZLHQLHZLHF]QHLZ LQQ\PPLHMVFXÄ'ZDV ZHZáDG]\.RFLRáDPLHF]HDPLDQRZLFLHGXFKRZ\LGRF]HVQ\ >@ DOHREDV ZHZáDGDQLX.RFLRáD >@ 'UXJLPQDOH*\SRVáXJLZDüVL GODGREUD.RFLRáDSLHUZV]\P]D VDP.RFLyá VL SRVáXJXMH7HQERZLHPMHVWZU NX.RFLRáDWDPWHQ]D ZU NXNUyOyZLU\FHU]\DOHZXOHJáRFL .RFLRáRZLQDMHJRSROHFHQLH0LPRWHJRG\NWDWXSRW JDSDSLH*\SU]H]SU]HV]áRGZLHFLHODWE G]LH MHG\QLHFLHQLHPSU]HV]áRFL :LHN ;9 UR]SRF]\QDM SRQW\ILNDW\GZyFKDQW\SDSLH*\ $OHNVDQGUD 9 L-DQD ;;,,, $OHNVDQGHU 9 WX* SU]HGPLHUFL WDNVFKDUDNWHU\]RZDáVZRMH*\FLHÄ-DNRELVNXSE\áHPERJDW\MDNRNDUG\QDá]RVWDáHP ELHGDNLHP-DNRSDSLH* VWDáHPVL ]Z\Ná\P*HEUDNLHP)HEUDNLHPQLHE\á]SHZQRFL DQW\SDSLH* -DQ ;;,,, -DNRSLUDWRJUDELDáVWDWNL]ZV]HONLFKERJDFWZ-DNRNDUG\QDáQLHJDUG]LáSU]HNXSVWZHP-DNROL FKZLDU]]DVá\Qá]RJURPQHMFKFLZRFL'RURELáVL QLH]áHJRPDMWNXVNRURE\áRJRVWDüQDRSáDFHQLH VRELHZROQRFLSRXZL ]LHQLXZZ\QLNXVRERUXZ.RQVWDQFML ]DRJURPQ QDRZHF]DV\NZRW W\VL F\GXNDWyZ 6\NVWXV ,9 )UDQFHVFRGHOLD5RYHUH UR]SRF]\QDHU SDSLH*\NWyU]\GRF]HVQHVSUDZ\ .RFLRáDPLHOLZVZHMRSLHFHF] VWR]HV]NRG GOD.RFLRáDLZLDU\3DSLH* ]HVá\QQHJRURGXGHOLD 5RYHUHMHVWMHGQ\P]JáyZQ\FKERKDWHUyZWHMNVL*NL-HJRQD]ZLVNRLXF]\QNLZVSRPLQDQHV QLHPDOZ ND*G\PUR]G]LDOH+LVWRU\F\NRFLHOQLXZD*DM*H6\NVWXV ,9E\áRVRELFLHXF]FLZ\DOH-HJR SUREOHPHPE\áDURG]LQD%DUG]ROLF]QLEUDWDQNRZLHLGDOVLNUHZQLNRV]WRZDOLVNDUE6WROLF\$SRVWROVNLHM RJURPQHIRUWXQ\'RVWRMQ\ZXMPXVLDá]DEH]SLHF]\üLQWHUHV\QDMEOL*V]\FK7UDG\F\MQHGRFKRG\.RFLRáD E\á\MHGQDNQLHZ\VWDUF]DMFH6\NVWXVZSURZDG]LáRERZL]NRZHVNáDGDQLHGDUyZ-HJRZLWREOLZRFL SU]H]ZV]\VWNLFKNWyU]\RWU]\PDOLQDZHWQDMGUREQLHMV]HODVNLSDSLHVNLH 'RG]L SRSRQW\ILNDFLH6\NVWXVD ,9 ZVáRZQLFWZLHSRWRF]Q\PSU]HWUZDáRVáRZRV\QHNXUD&KRüMX* Z ;,,, ZLHNXSLHUZVLSDSLH*HVSU]HGDZDOLXU] G\WR6\NVWXV ,9 L$OHNVDQGHU 9, GRV]OLWXGRSHUIHNFML 6\NVWXVVSU]HGDá XU] GyZZ.XULL5]\PVNLHM&RERJDWVLSU]HGVWDZLFLHOHURGyZU]\PVNLFKFKFFGOD VZRLFKV\QyZSU]\JRWRZDüSRGZDOLQ\NDULHU\NXSRZDOL]DRGSRZLHGQL FHQ VWDQRZLVNDZRWRF]HQLX SDSLH*D:NUyWNLPF]DVLHVNDUESDSLHVNLZ]ERJDFLáVL RSRQDG W\VL F\VNXGyZWMRNRáRWU]HFKWRQ ]áRWD.LHG\EUDNRZDáRSLHQL G]\WZRU]RQRQRZHXU] G\ZLNDULXV]\VHNUHWDU]\ SLVDU]\UHIHUHQWyZ DUFKLZLVWyZQRWDULXV]\SURNXUHQWyZSURQRWDULXV]\DQDZHWJRFyZ*áyZQLHE\á\WRVWDQRZLVND KRQRURZHQLHZ\PDJDá\Z\SHáQLHQLD*DGQ\FKRERZL]NyZSHáQLRQRMHGRVáRZQLHÄEH]VWDUD WMVLQH FXUD6\NVWXV ,9]Z\NáPDZLDü*HÄVWDUF]\SLyURLNURSODDWUDPHQWXE\]GRE\üND*G NZRW MDNLHM ]DSUDJQLH'RFKRG]Lá\GRWHJRRJURPQHZSá\Z\]KDQGOXRGSXVWDPLLGRFKRG\]GRPyZE GF\FK ZáDVQRFL -HJRZLWREOLZRFL&] ü]W\FKGRPyZSU]\SRPLQDáDEXMQH*\FLHMDNLHSURZDG]Lá6\NVWXV ,9 3RJR SDSLH*D]D]áRW\PFLHOFHP]QDOD]áDZLHOXQDODGRZFyZZUyGNDUG\QDáyZQL*V]HJR GXFKRZLHVWZDQDZHWZNODV]WRUDFK:F]DVLHSU]HQRV]HQLD]ZáRNNDUG\QDáDQDXOLFDFK5]\PXSRELOL VL SU]HGVWDZLFLHOHGZyFK]DNRQyZRZ\V]\ZDQ\]ORWHPFDáXQNWyU\PSU]\NU\WHE\áRFLDáRDNWyU\ PQLVLFKFLHOL]DJDUQüGODVLHELH3U]\]QDüWU]HED*H6\NVWXV,9 ZLHOH]X]\VNDQ\FKZSá\ZyZSRWUDILá SU]H]QDF]\üQDZLHONLHG]LHáDNXOWXU\NWyUH]DFKRZDá\VL GRG]L5]\PVWDáVL SHUá UHQHVDQVX:LHOF\ PLVWU]RZLHHSRNL%RWWLFHOOL3HUXJL3LQWXULFFKLRNRU]\VWDOL]KRMQRFLSDSLH*D,PLHQLHPWHJRZáDQLH
SDSLH*D]RVWDáDQD]ZDQDEXG]FD]DFKZ\WLSRG]LZ.DSOLFD6\NVW\VND6\NVWXV ,9 GEDáV]F]HJyOQLHR Z]ERJDFHQLH%LEOLRWHNL:DW\NDVNLHM 6LDGDPLSDSLH*DGHOLD5RYHUHSRV]HGáMHJRQDVW SFD,QQRFHQW\ 9,,, NROHMQ\ERKDWHU QDV]HMNVL*NL6SRNUHZQLRQ\]JHQXHVNLPURGHP'RULyZ*LRYDQQL%DWWLVWD&LERSU]H]ZL NV]Rü VZHJRSRQW\ILNDWXSR]RVWDZDáSRGZSá\ZHPNDUG\QDáyZ QHSRWyZSRSU]HGQLND%UDWDQNRZLH6\NVWXVD ,9 Z\EUDOL,QQRFHQWHJR 9,,, QLHPDOWDNVDPRMDNVZRMHJRNUHZQLDND'ODREURQ\LFKLQWHUHVyZSDSLH*H QLHSRJDUG]LOLQDZHWZRMQ6\NVWXV ,9 PLPRSU]HELHJáRFLZ]GRE\ZDQLXURGNyZILQDQVRZ\FK ]RVWDZLáSXVW\VNDUELHFLRJURPQHGáXJL,QQRFHQW\ 9,,, X U]\PVNLFKOLFKZLDU]\]DVWDZLáSDSLHVN WLDU L ELVNXSL PLWU .RUXSFMDVL JQ áDV]F]\WX.XULDOLFLU]\PVF\IDáV]RZDOLGRNXPHQW\VSU]HGDMFMH]D ZLHONLHVXP\MDNREXOOHSDSLHVNLH3RZ\NU\FLXRV]XVWZD]DSáDFLOL]DVZRM FKFLZRü]áRWHP,QQRFHQW\ 9,,, PXVLDáWH* ]DEH]SLHF]\üLQWHUHV\VZRMHMURG]LQ\7DMHGQDNQDGW\WXá\LNROLJDFMH]URGDPL SDQXMF\PL(XURS\ZRODáD*\FLHZ]E\WNXLOXNVXVLH6\QSDSLH*D )UDQFHVFKHWWR]D*GDáRGVNDUEQLNyZ SDSLHVNLFKDE\ZV]\VWNLHJU]\ZQ\SRZ\*HM GXNDWyZZSá\ZDá\GRMHJRVNDUEFDDQLHGRVWRMQHJR ÄRMFD 1DMZL NV]HGRFKRG\MHGQDNSU]\QLyVáSDSLH*RZLGZyUWXUHFNLHJRVXáWDQD%DMD]\GD ,, 7RVZRLVW\ SDUDGRNVF]DVyZ6XáWDQLWXUHFF\ QLHGDZQL]GRE\ZF\.RQVWDQW\QRSRODJáyZQLZURJRZLHZLDU\ SU]\QRV] 1DPLHVWQLNRZL&KU\VWXVDRJURPQHNRU]\FLILQDQVRZH6XáWDQ%DMD]\G ,, PLDáPáRGV]HJR EUDWD'*HQDNWyU\ZREDZLH*HE G]LHSU]HODGRZDQ\SU]H]VXáWDQDZVSUDZLHVXNFHVMLWURQX]ELHJáGR (JLSWXZSRV]XNLZDQLXVRMXV]QLNyZLSRPRF\6XáWDQ0DPHOXNyZZ(JLSFLHQLHEDUG]RSU]\MPRZDá QLHZ\JRGQHJRJRFLD'*HQDXGDáVL SRRSLHN GRU\FHU]\=DNRQXZL WHJR-DQDMRDQQLWyZ QDZ\VS
5RGRV-RDQQLFLV]DQWD*XMFVXáWDQD]JRG]LOLVL ]DNZRW W\VL F\VNXGyZURF]QLHSLOQRZDüDE\QLH SRZUyFLáQDG%RVIRU:LHONL0LVWU]=DNRQX]DNDSHOXV]NDUG\QDOVNLSRZLHU]\á'*HQDÄRSLHFH ,QQRFHQWHJR 9,,,3RGUy* '*HQD]5RGRVGR5]\PXSU]H])UDQFM WUZDáDVLHGHPODW:URNX GR SDSLH*DSU]\E\áRSRVHOVWZRWXUHFNLH]]DSáDW ]DÄJRFLQ ]DWU]\ODWDSU]\ZR*F W\VL F\GXNDWyZ 6XáWDQ]ZG]L F]QRFLGOD2MFDZL WHJRGRU]XFLáGRGDWNRZRMHV]F]H W\VL F\GXNDWyZ3RQDGWR ,QQRFHQW\ 9,,,RWU]\PDáFHQQ UHOLNZL ÄZL W :áyF]QL NWyU PLDáE\üSU]HELW\ERN&KU\VWXVDQD NU]\*X=DSLHQLG]HLFHQQHGDU\SDSLH* ]DSHZQLá*H]DWU]\PDWXUHFNLHJRNVL FLDXVLHELHSR]EDZLDMF W\PVDP\PVXáWDQDNRQNXUHQWDGRWURQX'*HQ]PDUáZ1HDSROXZ URNX3DSLH*HPE\áMX* ZWHG\ GREU]HQDP]QDQ\ $OHNVDQGHU 9, 5RGULJRGH%RUJLDNWyUHPXXGDáRVL VSU]HGDüMHV]F]HZL FHM VSHFMDOQLHWZRU]RQ\FKXU] GyZ V\QHNXUQL* 6\NVWXVRZL ,9 6]F]\WNáRSRWyZILQDQVRZ\FKSDVWZDSU]\SDGáMHGQDNQDSRQW\ILNDW-XOLXV]D ,, L/HRQD ; 2EXSDSLH*\ SR]QDOLP\WDN*HMX* ZF]HQLHM3RFKRG]LOL]ZLHONLFKURGyZGHOLD5RYHUHL0HG\FHXV]\2EDURG\ RZáDGQL WHDPELFMSU]HFLJDá\VL ZKRMQRFLLSRSLHUDQLXV]WXNLQDXNLEXGRZQLFWZDZW\P ZLHFNLHJR1DREDSRQW\ILNDW\SU]\V]HGáF]DVSU]\JRWRZD LUR]SRF] FLDEXGRZ\%D]\OLNLZL WHJR 3LRWUDZREHFQ\P ]DFKRZDQ\PGRG]LVLDMNV]WDáFLH.RV]W\PHFHQDWXEXGRZQLFWZDLDPELFMLSDSLH*\ E\á\RJURPQH-XOLXV] ,, L/HRQ; X]QDQL]RVWDOL]DQDMEDUG]LHMUR]U]XWQ\FKSDSLH*\ZKLVWRULL-XOLXV] Z\GDZDáR ZL FHMQL* ZSá\ZDáRGRNLHVSDSLHVNLFK:RMQ LPDá*HVWZDPLVZRLFKQLHOXEQ\FKFyUHN RUD]SR]RVWDá\FKPáRG\FKF]áRQNyZURGXSUyERZDáRG]\VNDüXWUDFRQHZF]HQLHMWHU\WRULD3DVWZD .RFLHOQHJR3DSLH* GODSR]\VNDQLDURGNyZILQDQVRZ\FKQDUR]SRF] W EXGRZ %D]\ A
OLNLZL WHJR3LRWUDXVWDQRZLáRGSXVW\ZIRUPLH-XELOHXV]\2GSXVWWDNLPRJáDRWU]\PDüND*GDRVRED NWyUDZSáDFLáDRGSRZLHGQLHNZRW\QDEXGRZ %D]\OLNL /HRQ ; ]DVWDáVNDUELHFSDSLHVNLSXVW\DSRRPLXODWDFKSDQRZDQLD]RVWDZLáJR]GáXJLHP Z\QRV]F\FKRNRáR W\VL F\VNXGyZWMRN WRQ]áRWD3DSLH*MDNSU]\VWDáRQD0HG\FHXV]\ NRQW\QXRZDáG]LHáRQDMZL NV]\FKZG]LHMDFKPHFHQDVyZV]WXNL5RF]QLHMHJRZ\GDWNLZ\QRVLá\SU]HV]áR WRQ\]áRWDG]LHQQHZ\GDWNLSáDFRQH]HV]NDWXá\-HJRZLWREOLZRFLZDUWHE\á\G]LHVL üNLORJUDPyZ
WHJRFHQQHJRNUXV]FX.RU]\VWDMF]SRPRF\ZLHOXELVNXSyZUR]HVáDáGRGLHFH]MLPLVMHJáyZQLH]]DNRQX GRPLQLNDQyZDE\]DFHQ RGOGR IORUHQyZVSU]HGDZDá\RGSXVW\+DQGHORGSXVWDPLUR]ZLQL W\QDWDN ZLHON VNDO SU]H]/HRQD ; E\áJáyZQ SU]\F]\Q RJáRV]HQLD WH]SU]H]0DUFLQD/XWUDZyZF]DV PáRGHJRSURIHVRUDWHRORJLLQDXQLZHUV\WHFLHZ:LWWHQEHUG]H $NFMDRGSXVWRZDFKRFLD* SU]\QRVLáDGRNLHV\SDSLHVNLHMRJURPQHVXP\QLH]DEH]SLHF]DáDZV]\VWNLFK SRWU]HE2MFDZL WHJR3DSLH* ]DSR*\F]DáVL QDZLHONLHVXP\QLHPDOXZV]\VWNLFKOLFKZLDU]\ PR*QRZáDGFyZDWDN*HXVZRLFKNDUG\QDáyZ6SU]HGDZDáWDN*HXU] G\LJRGQRFLNDUG\QDOVNLH3R PLHUFLDUF\ELVNXSD0RJXQFML QDMERJDWV]HMGLHFH]MLZ1LHPF]HFK SDSLH* ]DSRUHGQLFWZHPEDQNX VSU]HGDáJRGQRüELVNXSRZL0DJGHEXUJD3DSLH* /HRQ ; ZWURVFHRZ\SHáQLHQLHPLVMLPHFHQDVD V]WXNLL EXGRZ\ZLHONLFKRELHNWyZVDNUDOQ\FKZ5]\PLHGRSURZDG]LáGRNROHMQHMVFKL]P\ZNRFLHOH QDURG]LQ SURWHVWDQW\]PX'RNRQDQ\ZyZF]DVZLHONLSRG]LDáFKU]HFLMDVWZDGRSURZDG]LáWDN*HGR]QDF]QHJR RVáDELHQLDSDSLHVWZDZ(XURSLHLSRQRZQHJRXSDGNX3DVWZD.RFLHOQHJR/HRQ ; XGDZDáVL ZWHG\QD SRORZDQLHZWRZDU]\VWZLH RVyEXWU]\P\ZDáGZyUOLF]F\SUDZLH RVyESHáQ\WUHVHUyZVáRQL PX]\NyZSRHWyZNXJODU]\NDUáyZEáD]QyZDZ5]\PLHZ\VWDZLDPDXUHWDVNLEDOHWÄ:HQXVL PLáRü 3U]HELHJá\VSU]HGDZFDSDSLHVNLFKRGSXVWyZ RMFLHF7HW]HOPDZLDáÄ6NRURIORUHQXGHU]\RGQR PLVHF]NLGXV]D]F]\üFDZ]L FLNXQLHEX&]\E\áRWRD* WDNLHáDWZH"/HRQ; GRNRFD*\FLDQLH Z\]ZROLáVL ]RJURPQ\FKGáXJyZ 'RFKRG\6WROLF\$SRVWROVNLHM]DSDSLH*D *U]HJRU]D ;,, V]DFRZDQRURF]QLHQDPLOLRQVWR W\VL F\VNXGyZ :SU]HFLZLHVWZLHGRZLHOXSRSU]HGQLNyZSDSLH* 6\NVWXV 9 PLPRL* SDQRZDá]DOHGZLH SL üODW]RVWDZLáVNDUELHFSDSLHVNLKRMQLH]DRSDWU]RQ\=DVWDáILQDQVHMDNLFDáH3DVWZR.RFLHOQHZ RSáDNDQ\PVWDQLH&KDRVU]HV]HREGDU]RQ\FKV\QHNXUDPLLOLFKZLDU]HGRSRPLQDMF\VL R]ZURW ]DFLJQL W\FKSR*\F]HNÄ)HOD]Q\SDSLH* WDNLHQRVLáPLDQR]UDFMLVZRMHJRFKDUDNWHUXLEH]Z]JO GQHJR VSUDZRZDQLDXU] GX SRFKRG]Lá]EDUG]RELHGQHMURG]LQ\FKáRSVNLHM:G]LHFLVWZLHPLDáSDVDüZLQLHL E\GáR %LHGDLJáyGQDXF]\á\SU]\V]áHJRSDSLH*DV]DFXQNXGODSLHQL G]\2EQL*\á]QDF]QLHZ\GDWNLGZRUX SDSLHVNLHJRD]ZL NV]\áGRFKRG\8PLHUDMF]RVWDZLáZVNDUEFXSL üPLOLRQyZVNXGyZ3RGREQLHMDN SRSU]HGQLF\VSU]HGDZDáXU] G\G]LHU*DZLáSRGDWNL=DVWRVRZDáMHGQDNEDUG]LHMSU]HELHJá QL* RQL PHWRG 6\NVWXV 9 QSVSU]HGDáU]\PVNLHMURG]LQLHNVL* FHM*LXVWLQLDQLFKVWDQRZLVNRVNDUEQLND&DPHU\ $SRVWROVNLHM=DGRZRORQ\NVL* ZNUyWFHZ\QLHVLRQ\]RVWDáGRJRGQRFLNDUG\QDOVNLHMPXVLDáZL F SRSU]HGQLXU]GRSXFLü1LFQLHZ\GDMFSDSLH* ]\VNDá W\VL F\VNXGyZNWyUH]DSáDFLáNVL* 1RZ\P VNDUEQLNLHPW\PUD]HP]D W\VLFHVNXGyZ]RVWDáSU]HGVWDZLFLHOURGX3HSROL6NDUEQLN]QyZ]RVWDá NDUG\QDáHPDSDSLH* PyJáWHQVDPXU]GVSU]HGDüSRUD]WU]HFLàF]QLHX]\VNDá W\VLFHVNXGyZ 7DNLHPHWRG\6\NVWXV 9 VWRVRZDáZLHORNURWQLH *áyZQ\PGRUDGF SDSLH*DGRVSUDZILQDQVRZ\FKE\á3RUWXJDOF]\N /RSH])\G]SRFKRG]HQLDNWyU\ PXVLDáXFLHNDü]/L]ERQ\SU]HGLQNZL]\FM7HQ*H/RSH]GREU]HVáX*\áLQWHUHVRP.RFLRáD:L FHMR 6\NVWXVLH 9 ZUR]G]LDOH1 G]DU]HLERJDF]H 6\NVWXV 9 PXVLDáGREU]HUR]SRU]G]DüIXQGXV]DPL=D MHJRSRQW\ILNDWX]EXGRZDQRD* SL üPRVWyZQD7\EU]HZW\PWU]\]SRGDWNyZRGSURVW\WXWHN'RP\ SXEOLF]QHLSURVW\WXWNLIXQNFMRQRZDá\Z5]\PLH]DZV]HSU]\QRV]F6WROLF\$SRVWROVNLHMQLH]áHGRFKRG\ ]ZáDV]F]DZRNUHVDFKQDSá\ZXZLHONLFKU]HV]SLHOJU]\PyZQS/DWDZL WH 3URZDG]HQLHGRPyZ SXEOLF]Q\FKZ5]\PLH]DND]DQH]RVWDáRGRSLHURSR ,, ZRMQLHZLDWRZHM : ;9,, L ;9,,, ZLHNXSRW JDILQDQVRZD:DW\NDQXQDOH*DáDMX* GRSU]HV]áRFL=PLHQLDáRVL WDN*H REOLF]HSDSLHVWZD0DODáR]QDF]HQLH3DVWZD:DW\NDVNLHJR1LHPDOGRUXLQ\VNDUESDSLHVNL GRSURZDG]Lá\JUDELH*HQDSROHRVNLH7RWH* ZODWDFK DE\]DEH]SLHF]\üSRGVWDZRZHIXQNFMH
ZáDG]\SDSLHVNLHMPXVLDQRSR*\F]\üZEDQNDFKIUDQFXVNLFK5RWKVFKLOGD PLOLRQyZVNXGyZZ]áRFLH =MHGQRF]HQLH3DVWZD:áRVNLHJRLFDáNRZLWDOLNZLGDFMD3DVWZD.RFLHOQHJRRVWDWHF]QLHGRSURZDG]Lá\ SDSLH*\GRZLHONLFKWDUDSDWyZILQDQVRZ\FK)DV]\VWRZVNLU]G%HQLWD0XVVROLQLHJRPLDáQDSRGVWDZLH WUDNWDWXODWHUDVNLHJRZVSRPyFEXG*HW6WROLF\$SRVWROVNLHM]QDF]Q\PLVXPDPLL]ZROQLHQLDPL SRGDWNRZ\PL /HJHQGDUQHERJDFWZD:DW\NDQXEXOZHUVXM&RUXV]SUDV ZLDWRZ RELHJDM VHQVDFMHRZLHONLFK ERJDFWZDFKZDW\NDVNLFK7DMHPQLF]DPLHUü-DQD3DZáD,SR GQLDFKSRQW\ILNDWXZ URNXMHVW MHGQ ]QDMZL NV]\FK]DJDGHN.RFLRáD8MHM(UyGHáRF]\ZLFLH]QDOD]á\VL SLHQLG]H .UyOHVWZR:áRFKSUDNW\F]QLHSR]EDZLáR6WROLF $SRVWROVN ZV]HONLFKGRFKRGyZ6NRQILVNRZDQRGREUD NRFLHOQH3LXV ,; ZL ]LH :DW\NDQX]ZáDVQHJRZ\ERUX PyJáWHUD]OLF]\üW\ONRQDSRPRFNRFLRáyZ ORNDOQ\FKQDZL WRSLHWU]HGDURZL]Q\LGRFKRG\]QLHUXFKRPRFLE GF\FKZáDVQRFL .RFLRáDSR]D JUDQLFDPL:áRFK5]GZáRVNLRIHURZDá-HJRZLWREOLZRFLVWDá UHQW URF]Q ZNZRFLH PLOLRQDyZ F]HVQ\FKOLUyZ2IHUWD]RVWDáDRGU]XFRQD6\WXDFMDILQDQVRZD.RFLRáDSRJDUV]DáDVL ]ND*G\PURNLHP 3RJá ELDá\M GRGDWNRZR QLHRVWUR*QHGHF\]MH/HRQD ;,,, L%HQHG\NWD ;9 %\áRWDN(OH*HSRPLHUFL %HQHG\NWD ;9 QLHVWDUF]\áRSLHQL G]\QDSU]\JRWRZDQLHLSU]HSURZDG]HQLHNRQNODZHGODZ\ERUX QRZHJRSDSLH*D2VWDWHF]QLHNDUG\QDáRZLHPXVLHOLSRNU\üNRV]W\]ZáDVQHMNLHV]HQL5]GZáRVNLQLH ]DSRPQLDáRVZRMHMGHNODUDFMLURF]Q\FKUHQWGODSDSLH*\6XPDQLHZ\SáDFRQ\FK6WROLF\$SRVWROVNLHM NZRW]WHJRW\WXáXZRNUHVLHRG]MHGQRF]HQLD:áRFKGRXNáDGyZODWHUDVNLFKWMZODWDFK ZUD]]RGVHWNDPLZ\QRVLáD]DU]GyZ0XVVROLQLHJRD* PLOLDUG\OLUyZ7\PUD]HPQHJRFMDWRU]\SDSLH*D SU]\JRWRZXMF\XNáDGODWHUDVNLQLHPRJOLRGPyZLüWDNZLHONLHJRPDMWNX: URNXU]GZáRVNL SU]HND]Dá:DW\NDQRZL PLOLRQyZOLUyZSUDNW\F]QLHZJRWyZFHRUD]NROHMQ\PLOLDUGOLUyZZH ZáRVNLFKSDSLHUDFKZDUWRFLRZ\FK.áRSRW\ILQDQVRZH]RVWDá\]D*HJQDQHQDZLHOHODW2GUHVWDXURZDQR OLF]QH]DE\WNRZHEXGRZOHZ\EXGRZDQRNLONDSDáDFyZSU]HELWRVá\QQ XOLF SRMHGQDQLDXUXFKRPLRQR UR]JáRQL 5DGLD:DW\NDVNLHJRZUHV]FLH]DSRQW\ILNDWX3DZáD 9, ]EXGRZDQRZLHON VDO DXGLHQF\MQ L ZLHOHLQQ\FKRELHNWyZ 3RWU]HE\URVá\-DNRFHQLDM QLHNWyU]\6REyU:DW\NDVNL ,,NRV]WRZDá PLOLRQyZOLUyZ*RVSRGDUND ILQDQVRZD6WROLF\$SRVWROVNLHM]DZV]HRZLDQDE\áDRWRF]N WDMHPQLF\:LHOHRVyELLQVW\WXFMLZ W\P ]ZL]DQ\FK]HZLDWRZ\PV\VWHPHPEDQNRZ\PRUD]ZáRVNLPV\VWHPHPNRQWUROLVNDUERZHMSUyERZDáR XVWDOLüZLHONRüPDMWNX]JURPDG]RQHJRSU]H]SDSLH*\1DSRF]WNX URNXV]DFRZDQRJRQDNZRW
PLOLDUGyZIUDQNyZV]ZDMFDUVNLFK.RFLyáFKRüQLHRILFMDOQLHQDW\FKPLDVW]DSU]HF]\áRFHQLDMFVZyM PDMWHNQDQDMZ\*HMOSURFWHMNZRW\WM PLOLRQyZIUDQNyZV]ZDMFDUVNLFK2ZLDGF]HQLH%LXUD3UD VRZHJR6WROLF\$SRVWROVNLHMJáRVLáRZ URNX*HV\WXDFMDILQDQVRZD6WROLF\$SRVWROVNLHMQDSDZD ZLHON WURVN3RPLMDMFZLHONLHVNDUE\.RFLRáDZG]LHáDFKV]WXNLLQLHUXFKRPRFLDFK]DE\WNRZ\FK RELHNWyZ]DMPRZDQ\FKSU]H]XU] G\.XULL5]\PVNLHMLQDMZD*QLHMV]HZLW\QLHFKU]HFLMDVWZD2VWDWQLH WU]\G]LHFLODW ;; ZLHNXSU]\QRV] QRZHWDMHPQLFHILQDQVyZ-HJRZLWREOLZRFL/HJHQGDUQH]áRWR :DW\NDQXLVWQLHMHZU]HF]\ZLVWRFLF]\WH* 6WROLFD$SRVWROVND]PLHU]DSURVW GURJ GREDQNUXFWZD" )LQDQVHZáDQLHVWDá\VL SR*\ZN QDMZL NV]HMWDMHPQLF\.RFLRáD QDJáHMPLHUFL-DQD3DZáD,3UDVD ZLDWRZDSHáQDMHVWVHQVDF\MQ\FKGRQLHVLH RQLH]OLF]RQ\FKVNDUEDFKLÄZRUNDFKF]HNyZQDSá\ZDMF\FK GR:DW\NDQX]DSRUHGQLFWZHP]JURPDG]H ]DNRQQ\FKLZLHONLFKQDMERJDWV]\FKGLHFH]ML]1LHPLHFL 6WDQyZ=MHGQRF]RQ\FK 1LH*\MFDRG URNX ÄQDMSRSXODUQLHMV]DNRELHWDZLDWD 0DWND7HUHVD].DONXW\ $JQHV *RQ[KD%RMD[KLP]H6NRSLH ]DáR*\FLHOND=JURPDG]HQLD6LyVWU0LáRFLXZD*DQDE\áDSU]H]ZLHOX]D QDMERJDWV] ]DNRQQLF ZLDWD2V]DFRZDQRQDSRGVWDZLHNZHVWSURZDG]RQ\FKSU]H]=JURPDG]HQLHZ 1LHPF]HFKL1RZ\P-RUNX*HGRNDV]DU]G]DQ\FKSU]H]0DWN 7HUHV URF]QLHZSá\ZDáRFRQDMPQLHM PLOLRQyZGRODUyZQLHOLF]FSRPRF\]HEUDQHMZIRUPLHRG]LH*\L*\ZQRFL:HGáXJWHJRVDPHJR V]DFXQNXGR SURFX]\VNDQ\FKVXPSU]H]QDF]RQRQDG]LDáDOQRüFKDU\WDW\ZQ =JURPDG]HQLD&R
G]LDáRVL ]FDá UHV]W"2GSRZLHG]LXG]LHORQRMDNE\RF]\ZLVWHM 0DWND7HUHVDZVSRPDJDáD:DW\NDQ]H URGNyZX]\VNLZDQ\FKRGVHWHNW\VL F\GDUF]\FyZLGREURF]\FyZNDWROLFNLHMDNFMLFKDU\WDW\ZQHM&]\ WRW\ONRQLF]\PQLHX]DVDGQLRQDSUyEDV]XNDQLDVHQVDFML"=SHZQRFL LWDWDMHPQLFDQLH]RVWDQLH Z\MDQLRQD:VSUDZLHILQDQVyZ6WROLF\$SRVWROVNLHMSRVWDZLRQRRVWDWQLRVHWNLS\WD EH]RGSRZLHG]L ZMDNLFKRNROLF]QRFLDFKIDNW\F]QLH]PDUáSDSLH* -DQ3DZHá," GODF]HJRZSá\ZRZLSUDáDFL.XULL5]\PVNLHMXNU\OLGRNXPHQW\QDGNWyU\PLSUDFRZDáSDSLH* ZZLHF]yU SRSU]HG]DMF\]JRQ" MDNLHE\á\OXEV SRZL]DQLD2SXV'HL REHFQLHVLOQLHSRSLHUDQHJRSU]H]:DW\NDQ ]RVREDPLL VWUXNWXUDPL]OLVW\OR*\PDVRVNLHM3" GODF]HJRQLHZ\MDQLRQRRVWDWHF]QLHPL G]\QDURGRZ\FKWUDQVDNFMLILQDQVRZ\FK%DQNX:DW\NDVNLHJR" NLPE\`GODILQDQVyZ.RFLRáD/LFLR*HOOL" MDNLHE\á\SRZL]DQLDPDVRVNLHMOR*\3]Z\VRNLPLGRVWRMQLNDPL.RFLRáD" GODF]HJR-DQ3DZHá ,, ZVWU]\PDáUHDOL]DFM GHF\]MLSHUVRQDOQ\FKUR]SDWU\ZDQ\FKSU]H]3DZLD 9, L SRGM W\FKSU]H]-DQD3DZLD,L]ZL]DQ\FK]LQVW\WXFMDPL.XULL5]\PVNLHMRGSRZLHG]LDOQ\PL]DVSUDZ\ ILQDQVyZ" GODF]HJRQLHZ\MDQLRQRRVWDWHF]QLHSRZL]D DUF\ELVNXSD3DXOD0DUFLQNXVDÄEDQNLHUD%RJD]H ZLHFNLPLLQVW\WXFMDPLILQDQVRZ\PL" GODF]HJRQLHZ\MDQLRQRSRZL]D %DQNX:DW\NDVNLHJR]DIHU %DQFR$PEUR]LDQR5REHUWD&DOYLHJR" MDNLHSRZL]DQLD]ILQDQVDPL.RFLRáDPLDá0LFKDHOH6LGRQDEDQNLHUÄV\F\OLMVNLLQRZRMRUVNL" GODF]HJRNDUG\QDá-RKQ&RG\]&KLFDJRQLHSRWUDILáUR]OLF]\üVL ]GRFKRGyZVZRMHMGLHFH]ML"MDN URO
RGJU\ZDOLGRVWRMQLF\.RFLRáDLDUFKLGLHFH]MD]&KLFDJRZ]DSHZQLHQLXVWDáHJRGRSá\ZXSLHQL G]\GOD =ZL]NXÄ6ROLGDUQRüZ3ROVFHV]DFRZDQHJRáF]QLHQD PLOLRQyZGRODUyZ" F]\MHVWPR*OLZHDE\SU]HVW SF]\ZLDWILQDQVRZ\PDMF\NRQWDNW\]%DQNLHP:DW\NDVNLPPyJáE\ü ]ZL]DQ\]RGHMFLHPSDSLH*DSU]HGRJáRV]HQLHPSU]\JRWRZDQ\FKGHF\]MLSHUVRQDOQ\FK" F]\MHVWPR*OLZHZ\QDM FLHSáDWQHJRPRUGHUF\GODHOLPLQRZDQLDQLHZ\JRGQ\FKZLDGNyZ" F]\-DQ3DZHá,PyJá]RVWDü]DPRUGRZDQ\" NWyU]\NDUG\QDáRZLHZLHG]LHOLR]DEyMVWZLHSDSLH*DLGODF]HJRPLOF]RGV\áDMFQDMEDUG]LHMSRGHMU]DQH RVRE\RNRUXSFM ZVSUDZDFKILQDQVyZ:DW\NDQXQDHPHU\WXU\ZOXNVXVRZ\FKKRWHODFK:\VS .DUDLEVNLFK
52='=,$à ,9 3DSLH* -RDQQD
/HJHQGDRNRELHFLHSDSLH*XQDOH*\GRQDMVWDUV]\FKLQDMEDUG]LHMEDUZQ\FKRSRZLHFL]KLVWRULL .RFLRáD-HM(UyGHáQDOH*\V]XNDüZNODV]WRUDFKGRPLQLNDVNLFKZSRáRZLH;,,, ZLHNX2NRáRURNX ZNURQLFHGRPLQLNDQLQD-DQDGH0DLOO\LQLHFRSy(QLHMZNURQLFH3RODND0DUFLQD]2SDZ\0DUFLQE\á GRPLQLNDQLQHPLDUF\ELVNXSHPJQLH(QLHVNLP%\áNDSHODQHPSDSLH*D$OHNVDQGUD ,9 LMHJRQDVW SFyZ 1DSROHFHQLH.OHPHQVD ,9 RSUDFRZDáÄ.URQLN SDSLH*\LFHVDU]\:UHGQLRZLHF]XE\áWRQDMEDUG]LHM SRSXODUQ\]DU\VG]LHMyZRGF]DVyZ&KU\VWXVDGR URNX=PDUáZ URNX3RUD]SLHUZV]\ SRMDZLá\VL LQIRUPDFMHR-RDQQLH NRELHFLHSDSLH*X-HMSRQW\ILNDWWUZDüPLDáPQLHMZL FHMGZDODWDL NWyUDSDQRZDüPLDáDZODWDFK RG GR URNX :W OHJHQG XZLHU]RQRQLHPDOSRZV]HFKQLHZUHGQLRZLHF]XDRSRZLHüRNRELHFLHSDSLH*XE\áD *\ZRNXOW\ZRZDQDGR ;9, ZLHNX1DNDUW\KLVWRULL.RFLRáD-RDQQDZUDFD]SRZRG]HQLHPZNRFX ZLHNX ;,; G]L NLWZyUF]RFLJUHFNLHJRSLVDU]D (PDQXHOD5RLGLVD :DUWR]DVWDQRZLüVL GODF]HJRWDNIDQWDVW\F]QDRSRZLHüRNRELHFLHQDSDSLHVNLPWURQLHZRJyOH SRZVWDáDLWRE\QDMPQLHMQLHZURGRZLVNDFKZURJLFK.RFLRáRZLDOHZNODV]WRUDFKRUD]GODF]HJRMHM SRQW\ILNDWXPLHV]F]RQRZSRáRZLH ,;ZLHNX 2GGDZQDMX* ZNODV]WRUDFKU]HV]HVNU\EyZSU]HSLVXMF\FKNURQLNL]DPLHV]F]Dá\ZQLFKLQIRUPDFMHL QLHU]DGNR]P\ORQHKLVWRULHNWyUHVáX*\üPLDá\RNUHORQ\PFHORP3UDZGDKLVWRU\F]QDLZLDU\JRGQRü IDNWyZQLHPLDáDSU]\W\PZL NV]HJR]QDF]HQLD 3RQW\ILNDW-RDQQ\QDVWSLüPLDáE\SRSRQW\ILNDFLH/HRQD,9 SDSLH*DZ\ZRG]FHJRVL ] ]DNRQX%HQHG\NW\QyZ-HJRSRQW\ILNDWZQLyVáGODKLVWRULL.RFLRáDRJURPQH]QDF]HQLH3DSLH* ]ZLHON XZDJ SU]\VWSLáQLHPDOQDW\FKPLDVWSRVZRLPZ\ERU]HGRZ]PRFQLHQLDZáDG]\ELVNXSyZ5]\PX: SLHUZV]\PU] G]LHFKFLDá]DEH]SLHF]\ü5]\PSU]HGQDMD]GDPL6DUDFHQyZ PX]XáPDVNLFK$UDEyZL %HUEHUyZ]$IU\NL3yáQRFQHML+LV]SDQLLNWyU]\RGF]DVXGRF]DVXZ\SUDZLDOLVL QD5]\PáXSLF OXGQRüPV]F]FZLW\QLHLSRGSDODMFFDOHG]LHOQLFH/HRQ ,9 SDPL WDáVDPWDNLQDMD]G6DUDFHQyZ NWyU]\]DF]DVyZMHJRSRSU]HGQLND6HUJLXV]D ,, ]áXSLOL5]\PL]QLV]F]\OL%D]\OLN Z3LRWUDZ:D W\NDQLH/HRQ ,9 ZODWDFK ]EXGRZDáSRW *QHPXU\NWyUHZUD]]=DPNLHPZ$QLRáD PDX]ROHXP+DGULDQD FKURQLüPLDá\RGEXGRZDQ ZáDQLH%D]\OLN Z3LRWUD :WHQVSRVyESRZVWDáRVLOQLHXIRUW\ILNRZDQHPLDVWR/HRQRZH FLYLWDV/HRQLQD 3DSLH* ]DZDUáVRMXV]]VVLDGXMF\PL]5]\PHPPLDVWDPLSRGOHJá\PLZáDG]\FHVDUVNLHMZ %L]DQFMXPE\ SRáF]RQ\PLVLáDPLSRNRQDüIORW VDUDFHVNV]\NXMF VL ZáDQLHGRNROHMQHJRDWDNXQD 5]\P /HRQ ,9 V\VWHPDW\F]QLHZ]PDFQLDMFIRUW\ILNDFMHREURQQHZRNyá5]\PXLZFKRG]FZRGSRZLHGQLH VRMXV]HZRMVNRZHG*\áGR]GHF\GRZDQHJRXPRFQLHQLDVZRMHMZáDG]\:]PRFQLHQLH3RUWR SRUWXX XMFLD7\EUX]DáR*HQLHWZLHUG]\/HRSROLV&LYLWDYHFFKLD ]MHGQDá\SDSLH*RZLQLH]Z\Ná V\PSDWL
5]\PLDQ8]QDOLRQLZSDSLH*XVZRMHJRREURF W\PEDUG]LHM*H/HRQ ,9 V\VWHPDW\F]QLHG*\áQLHW\ONR GRX]QDQLDVZRMHMZáDG]\DOHWDN*HGRXQLH]DOH*QLHQLDZV]\VWNLFKELVNXSyZRGZáDG]\ZLHFNLHM :áDQLHZWHG\VIDEU\NRZDQH]RVWDá\GRNXPHQW\NWyUHSU]H]QDVW SQHVLHGHPVHWODWVáX*\á\NROHMQ\P SDSLH*RPZEXGRZDQLXDXWRU\WHWXSDSLHVWZDLMHJRSR]\FMLZZLHFLHIHXGDOQ\P:RWRF]HQLXDUF\EL VNXSD+LQNPDUD]5HLPVZODWDFK ]HEUDQRSLVPDSDSLHVNLHZW]Z'HNUHW\3VHXGR,]\GRUD%\á\ WRSUDZG]LZHLVIDEU\NRZDQHGRNXPHQW\SDSLHVNLHFHVDUVNLHVRERURZHLV\QRGDOQH:\ND]\ZDá\RQH QLH]DOH*QRüZáDG]\ELVNXSLHMRGZáDG]\ZLHFNLHMRJUDQLF]HQLHZáDG]\PHWURSROLWyZLSRVWDQRZLH
V\QRGDOQ\FKQDGZáDG] ELVNXSyZGLHFH]\MQ\FKDSU]HGHZV]\VWNLPZ\ND]\ZDá\]ZLHU]FKQRüZáDG]\ SDSLHVNLHMELVNXSyZ5]\PXGRNWyU\FKMHG\QLHQDOH*HüPLDáVGQDGELVNXSDPL'HNUHW\3VHXGR,]\GRUD D* GR ;9 ZLHNXX]QDZDQR]DDXWHQW\F]QH 3RQW\ILNDW/HRQD ,9 WDNZD*Q\GODSR]\FMLSDSLH*\ZOHJHQG]LHRSDSLH*\F\-RDQQLHE G]LHZLHORNURWQLH SU]\SRPLQDQ\$XWRU]\OHJHQG\GRZRG]*HZáDQLHG]L NL-RDQQLHNWyUDPLDáDE\üU]HNRPR QDMEOL*V]\PGRUDGF SDSLH*D/HRQ ,9PyJáUHDOL]RZDüWDNMHGQR]QDF]Q SROLW\N $UJXPHQWHPZWHM G\VNXVMLPLDáRE\üSU]HNRQDQLH*HFDá\SRQW\ILNDW/HRQD ,9RGELHJDá]GHF\GRZDQLHRGSRQW\ILNDWyZ MHJRQDVW SFyZ &KDRVZDGPLQLVWUDFMLSDSLHVNLHMLNRQIOLNW\PL G]\SUHWHQGHQWDPLGRWURQXSDSLHVNLHJREDUG]LHM RGSRZLDGDá\REUD]RZLHSRNLQL* VLOQ\SRQW\ILNDW/HRQD ,9 :SHZQ\PVWRSQLXSLHUZRZ]RUXSDSLH*\F\-RDQQ\V]XNDüQDOH*\ZRVRELHDQW\SDSLH*D-DQDNWyU\ REZRáDQ\SU]H]OXGU]\PVNLXNWyUHJRFLHV]\áVL RJURPQ V\PSDWLPLDá]RVWDüSDSLH*HPZURNX .DUG\QDáRZLHLZ\*V]HGXFKRZLHVWZRW\PF]DVHPREUDáRLQQHJRNDQG\GDWD 6HUJLXV]D ,,-DQNWyUHJR Z\EyUQLHE\áNDQRQLF]Q\G]L NLZVSDUFLXOXGXU]\PVNLHJRRSDQRZDá/DWHUDQ VLHG]LE SDSLH*\OHF] ZNUyWFH]RVWDáSRNRQDQ\SU]H]ZRMVNDSDSLHVNLHLXVXQL W\ 0LPRL* Z\*V]HGXFKRZLHVWZRLNDUG\QDáRZLHNWyU]\Z\EUDOL6HUJLXV]D ,, GRPDJDOLVL RGSDSLH*D VND]DQLD-DQDQDPLHUüWHQPDMFZSDPL FLRJURPQ V\PSDWL MDN FLHV]\áVL -DQZUyGOXGX U]\PVNLHJR]HVáDáJRGRNODV]WRUX'DOV]HORV\-DQDQLHV ]QDQH,WHQLH]QDQHORV\-DQDVáX*\á\ QLHNWyU\PMDNRSR*\ZNDGROHJHQG\RSDSLH*XNWyU\WDN*HFLHV]\áVL RJURPQ V\PSDWL OXGX U]\PVNLHJR 3RQW\ILNDW/HRQD ,9 Z]PRFQLáDWDN*HLQQDSRVWDüGRNWyUHMZLHORNURWQLHE G]LHP\MHV]F]H ZUDFDüQD áDPDFKWHMNVL*NL%\áQLP$QDVWD]\%LEOLRWHNDU]*UHN PLDQRZDQ\NDUG\QDáHPZáDQLHSU]H]/HRQD ,9]RVWDáQDVW SQLHHNVNRPXQLNRZDQ\LZ\JQDQ\]5]\PXE\QDVW SQLHSRZUyFLü]SRSDUFLHPFHVDU]D /XGZLND ,, $QDVWD]\XZL ]L`SUDZRZLFLHZ\EUDQHJRSDSLH*D%HQHG\NWD,,,E\VDPHPXVSUDZRZDüW JRGQRü $QDVWD]\E\áSRVG]DQ\RZVSyáXG]LDáZKDQLHEQ\PPRUGHUVWZLHFyUNLSDSLH*D+DGULDQD ,, LMHMPDWNL 6WHIDQLL'RWHMVSUDZ\MHV]F]HZUyFLP\ /HRQ ,9 E\áZPáRGRFLPQLFKHPEHQHG\NW\VNLP.LHG\SRZVWDZDáDOHJHQGDR-RDQQLHQDWURQLH SDSLHVNLP]DVLDGDáWDN*HPQLFKEHQHG\NW\VNL,QQRFHQW\ ,9 6\WXDFMDSDSLHVWZD]DMHJRSRQW\ILNDWX QLH]Z\NOHSU]\SRPLQDáDW VSU]HGF]WHU\VWXODW3R GQLDFKSDQRZDQLDXPDUáZ URNXSDSLH* &H OHVW\Q ,9 NDUG\QDáRZLHZREDZLHRVZRM ZROQRüSU]H]SU]HV]áRSyáWRUDURNXQLHGHF\GRZDOLVL QD Z\EyUQRZHJR=DU]GF\.RFLRáD&HVDU])U\GHU\N ,, XPDFQLDVZRM ZáDG] PLPRHNVNRPXQLNL SRSU]HGQLHJRSDSLH*D*U]HJRU]D ,;1RZRZ\EUDQ\SDSLH* ,QQRFHQW\ ,9 SRGREQLHMDNF]WHU\VWDODW ZF]HQLHM/HRQ ,9 QDW\FKPLDVW]DGHNODURZDá*HFKFHLE G]LHSDQRZDáWDN*HQDGNUyODPL &]\WRW\ONR]ELHJRNROLF]QRFLSRGRELHVWZDHSRN EHQHG\NW\VNLHSRFKRG]HQLHSDSLH*\" 6 WDF\NWyU]\]QDMFRGZLHNyZWUZDMFHVSRU\PL G]\VWDU\PLLZSá\ZRZ\PL]DNRQDPLNRFLRáD EHQHG\NW\QDPLLGRPLQLNDQDPLDXWRU]\OHJHQG\RNRELHFLHSDSLH*X ZáDQLHZW\PV]XNDM SUDZG]LZ\FK(UyGHáWHMQLH]Z\NáHMKLVWRULL $OHZUyüP\GRSRVWDFL-RDQQ\-HMORV\SU]\SRPQLP\]DF\WRZDQ\PMX* JUHFNLPSLVDU]HP(PDQXHOHP 5RLGLVHP2SXEOLNRZDáRQZ URNXEDUZQ RSRZLHüRNRELHFLHQDSDSLHVNLPWURQLH.VL*ND 5RLGLVDSW3DSLH* -RDQQDRG UD]XSU]\M WD]RVWDáDSU]H]Uy*QHURGRZLVND]REXU]HQLHP&]\WHOQLF\ X]QDOLM ]DSUDZG]LZ\EHVWVHOOHU.VL*NDZRJURPQ\FKQDNáDGDFK XND]DáDVL ZWáXPDF]HQLDFKZ ZL NV]RFLNUDMyZHXURSHMVNLFKLPLPRDUFKDLF]QHJRM ]\ND-DNLP]RVWDáDQDSLVDQDMHVWSRSXODUQDGR GQLDG]LVLHMV]HJR NZLHWQLD URNXZL W\*UHFNL6\QRGZ\GDOHQF\NOLN SU]HFLZNVL*FH(PDQXHOD5RLGLVD *GDMF]DND]XMHMVSU]HGD*\LF]\WDQLD:\GDMHVL *HWDHQF\NOLNDRUD]Sy(QLHMV]DWZyUF]RüELVNXSD
.RFLRáDJUHFNLHJR.DU\VWLL0DNDULRVD SU]\F]\QLá\VL GRZLHONLHMSRSXODUQRFL PDUQHMVNGLQG SRZLHFL%LVNXS0DUNDULRV MHGHQ]QDMEDUG]LHMEá\VNRWOLZ\FKSROHPLVWyZ ZH]ZDQ\]RVWDáSU]H] ZL W\6\QRG.RFLRáD*UHFMLGRZDONL]DUyZQR]DXWRUHPSRZLHFLR-RDQQLHMDNL]U]GHPRZ\GDQLH ]DND]XUR]SRZV]HFKQLDQLDNVL*NL%LVNXS]DJUR]LáQDZHWZáDG]RPSDVWZRZ\P*HMH*HOLPL SRGHMP RGSRZLHGQLFKG]LDáD XQLHPR*OLZLDMF\FKVSU]HGD* NVL*NL .RFLyáZ\SRZLHSRVáXV]HVWZRU]GRZL 6NDQGDOZ\ZRáDQ\ZRNyáNVL*NLRGQLyVáW\ONRMHGHQVNXWHN NVL*NDGRWDUáDQDZHWGRW\FKNU JyZ VSRáHF]HVWZD*UHFMLNWyUHQLJG\]OLWHUDWXU QLHPLDá\GRF]\QLHQLD 1LHSLHUZV]\LQLHRVWDWQLUD].RFLyáSRGHMPXMFRVWU SROHPLN ZVZRMHMREURQLHSU]\VSRU]\á SROHPLVWRPZLHOHDUJXPHQWyZRKLSRNU\]MLPRUDOQHMLFLHPQRFLH 0LPRL* QDMVá\QQLHMV]D]SRZLHFL(PDQXHOD5RLGLVDZL FLáDWULXPI\Z\GDZQLF]HZ*UHFMLLZNUyWFH SU]HNURF]\áDMHMJUDQLFHMHMDXWRUXPDUáZ$WHQDFKZ URNX RLURQLR ZSUDZG]LZHMELHG]LH 6SUyEXMP\SU]HOHG]LüNRU]\VWDMF]NURQLNGRPLQLNDVNLFKL]DSLVyZZLHOXKLVWRU\NyZ.RFLRáDZ W\PWDN*HW\FKX]QDQ\FKLDNFHSWRZDQ\FKSU]H]ZáDG] NRFLHOQ ]LHPVNLHQLHGROH-RDQQ\ 1DV]DERKDWHUNDPLDáDSU]\MüQDZLDWRNRáRURNX -HMRMFHPE\áSRGREQRPQLFKDQJLHOVNLNWyUHJR LPLHQLDQLHVWHW\QLH]QDP\0DWNDMDVQRZáRVD-XWDSU]HGSR]QDQLHPZVSRPQLDQHJRPQLFKDS G]LáD EXMQHLUR]ZL]áH*\FLHSU]HND]\ZDQD]UNGRUNSU]H]EDURQDVDVNLHJRMHJRGZRU]DQLVáX*E -XWD NWyUDSDVDáDJ VLWUDILáDQDNRFXGRSRP\ZDF]DNWyU\E\áF]áRZLHNLHPQLH]Z\NOHSRER*Q\PLZ\PLHQLá J VLDUN ]H]QDQ\PQDPMX* PQLFKHPQDUHOLNZL ]EZL WHJR*XGODJD3U]\V]OLURG]LFH-RDQQ\S G]LOL V]F] OLZHMDNQDRZHF]DV\*\FLHGRF]DVXNLHG\ZLWREOLZ\ELVNXS
SR*HJQDOQ 8P F]RQ\WUXGDPL*\FLDRVáDELRQ\P NDPLPQLFKZUD]]FyUN GDOHMSRGUy*RZDáPL G]\ )UDQNIXUWHPL0RJXQFMPL G]\àDE D5HQHPE\GRNRQDüZUHV]FLHVZRMHJR*\ZRWD,ZW\P SU]\SDGNX-RDQQDSR*HJQDáDVZRMHJRRVWDWQLHJRRSLHNXQDVDPDNRSLF]PDUáHPXJUyE 3RWDNFL *NLFKSU]H*\FLDFKQDV] ERKDWHUN ZHQLHQDZLHG]Lá\GZLHQLHZLDVW\-HGQD ]QLFK SU]HSRZLHG]LDáD-RDQQLHSU]\V]áRüLZVND]DáDGURJ GRNODV]WRUX7DN-RDQQD]QDOD]áDVL Z EHQHG\NW\VNLPNODV]WRU]HZL WHM%OLWUXG\Z0RVEDFK7HUD]ZáDQLHZLG]LP\GODF]HJRZF]HQLHM SU]\ZRáDOLP\EHQHG\NW\VNLURGRZyGSDSLH*\ 'RNODV]WRUX -RDQQDGRWDUáDQLHEH]FXGRZQHMSRPRF\2SDWU]QRFL.LHG\FKURQLFVL SU]HG QDVWDMF\PLQDMHMG]LHZLF] F]HüPQLFKDPL VFKRZDáDVL ZWUXPQLHSRREXG]HQLXPLDáDMX* GáXJ
EURG LZ\JOGLFLHQLHQLHZLHFL7DEURGDSR]ZROLáDMHMXFLHFVSRGZáDG]\ QDSDVWQLNyZDVNRURE\áD MX* ZROQDWRLEURGD]QLNQ áD :NODV]WRU]HZ0RVEDFK-RDQQDSURZDG]LáDVXURZ\WU\E*\FLDVS G]DMFF]DVJáyZQLHZELEOLRWHFH JG]LHQLHW\ONRZ]ERJDFLáDVZRM ZLHON MX* ZLHG] DOHJáyZQLHFKURQLáDVL SU]HGQDGPLHUQ *\F]OLZRFL PDWNLSU]HRU\V]\:WDNLFKZDUXQNDFKZFKRG]LáDZ*\FLHGRZLDGF]RQDQDV]DERKDWHUND :\Uy*QLDáDVL VSRUyGPQLV]HNZLHG] WHRORJLF]QSRER*QRFLDQDGWRV]WXN NDOLJUDILL 3U]HSLV\ZDQLHNVLJNRFLHOQ\FKE\áRZyZF]DVJáyZQ\P]DGDQLHPNODV]WRUyZ :WHG\SU]\E\áGR0RVEDFK]SROHFHQLDRSDWDLQQHJRNODV]WRUXEHQHG\NW\VNLHJRZ)XOG]LHPQLFK )UXPHQGLXV]NWyU\PLDáQDSRWU]HE\PLVMLV]\NRZDQ\FKSU]H]RSDWD]7XU\QJLLSU]HSLVDüOLVW\Z3DZáD 2ERMH-RDQQDLPQLFK)UXPHQGLXV]SRVLHGOLSRPLVWU]RZVNXWUXGQ V]WXN NDOLJUDILLLRERMHRWU]\PDOL ]DGDQLHVNRSLRZDQLDOLVWyZZL WHJR3DZáD3L NQHJROLFDRVLHPQDVWROHWQLPQLFK)UXPHQGLXV]]UD]X QLF]HJRQLHRGPyZLáVZRMHMZVSyáSUDFRZQLF\7DVWURQDOXG]NLHJR*\FLDE\áDPX]XSHáQLHQLH]QDQD ']LHáRGRELHJDáRNRFDDPQLFKPXVLDáRSXFLüNODV]WRU7 VNQLF]DZVSyáSUDFRZQLFSU]HV\áDáGRQLHM OLVW\E\ZMHGQ\P]QLFKQDPyZLü-RDQQ GRVSRWNDQLDSR]DPXUDPLNODV]WRUXLWDNORVSRáF]\áLFK RERMH-RDQQDZP VNLP PQLVLPSU]HEUDQLX])UXPHQGLXV]HPXGDOLVL ZSRGUy* ZSRV]XNLZDQLX ZáDFLZHJRGODVLHELHPLHMVFD,WDNGRWDUOLGR)XOG\ %\áURN URNPLHUFL.DUROD:LHONLHJR3RPLHUFLZáDGF\NUDMRJDUQáFKDRVLZRMQ\GRPRZH: *HUPDQLLZDQLHVSDGNRELHUFyZNUyODGDZDá\VL V]F]HJyOQLHZH]QDNL:WDNLFKZDUXQNDFK-RDQQDL )UXPHQGLXV]UXV]\OLZGDOV] SRGUy*W\PUD]HPQDSRáXGQLHSU]H]%DZDUL -H]LRUR%RGHVNLHGRWDUOL GR.ODV]WRUXZL WHJR*DOLDZ6DLQW*DOLRQ7X)UXPHQGLXV]RZLWRZDU]\V]\áPQLFK-DQDQLH-RDQQD 'RZLHOXNODV]WRUyZ+HOZHWLLMDNSRGDM NURQLNDU]H QLHPLDá\ZVW SXQLHW\ONRNRELHW\DOHQDZHW *DGQH]ZLHU] WDURG]DMX*HVNLHJR-RDQQDZREDZLH*HMHMSáHü]RVWDáDUR]SR]QDQDQDPyZLáD )UXPHQGLXV]DGRGDOV]HMXFLHF]NL7HUD]MX* QDVWDOHZP VNLPSU]HEUDQLX-DQL)UXPHQGLXV] XGDOLVL Z GDOV] GURJ 3U]H]/XFHUQ GRWDUOLGR/\RQX6WDWNLHPNXSFyZ*\GRZVNLFKSá\Q OL5RGDQHPD* ZUHV]FLHGRWDUOLGRNROHMQHJRNODV]WRUX*HVNLHJRJG]LHV]\ENRXSá\Q á\PLHVLFHSRGRSLHN PQLV]HN -DQGRWNQL W\QLH]QDQ FKRURE ]D]GURFLZ\VáDQ\]RVWDáSU]H]PQLV]NLGRJURW\ZL WHM0DJGDOHQ\Z NWyUHMURVáR]DZV]H]LHORQHGU]HZRNWyUHJR]DSDFKSU]HS G]DáZV]HONLHGHPRQ\ )UXPHQGLXV]WRZDU]\V]\áZQLHGROLSU]\MDFLHORZL:NLONXGQLRZ SRGUy* XGDOLVL QDROH*G\GRWDUOL GRJURW\]JáRGQLDá\RVLRáSRGQLHXZDJ PQLFKyZRVNXEDáZV]\VWNLHOLFLH]ZL WHJRGU]HZD2GWHJR F]DVXZHGáXJOHJHQG\ZV]\VWNLHRVá\VND]DQH]RVWDá\QDSRW SLHQLH]DZL WRNUDGF]HRE*DUVWZR 3U]HUD*HQLW\PROLPZ\VW SNLHPZ GURZF\QLHRPLHOLOLVL MX* ZUyFLüGRNODV]WRUX'RWDUáV]\GR 7XORQX]DRNU WRZDOLVL QDVWDWHNSá\QF\GR$OHNVDQGULL1DVLERKDWHURZLHQLHPLHOL]DPLDUXXGDZDüVL
D* ZWDNGDOHN SRGUy*3RVWDQRZLOL*HMDGFSU]H].RUV\N SRGUy* VZRM VNRF] Z$WHQDFK0QLFK -DQ]QDNRPLFLHZáDGDáJUHN MX* RGG]LHFND7DNGRWDUOLQDMSLHUZGR.RUV\NLDSy(QLHMSU]H]0HJDU
ZáDQLHGR$WHQàDVNDZ\ORVLZ$WHQDFKVSU]\MDáSRGUy*QLNRP8F]HVWQLF]\OLRQLZREU] GDFK NRFLHOQ\FKSURZDG]RQ\FKZHGáXJQLH]QDQ\FKPQLFKRPFHUHPRQLDáyZSU]H]ELVNXSDDWHVNLHJR1LNLW DQDVW SQLHWUDILOLQDXF]W Z\GDQ SU]H]ELVNXSD %\áWRZ$WHQDFKF]DVR*\ZLRQHMG\VNXVML]ZROHQQLNyZLSU]HFLZQLNyZNXOWXLNRQ3U]\VWROH ]DVWDZLRQ\PVXWRMDGáHPMDNLHJRPQLVLGRWHMSRU\QLHZLG]LHOLWRF]\á\VL *\ZHG\VNXVMHLVSRU\ WHRORJLF]QH-DQ]DG]LZLáJRVSRGDU]\VZRM ZLHG] LSRER*QRFLWDN*H$WHQ\ZNUyWFHRELHJáDZLHüR V]F]HJyOQ\FKJRFLDFK]]DFKRGX.ODV]WRUZ'DIQHRILDURZDOEHQHG\NW\VNLPJRFLRPGR*\ZRWQL JRFLQ FLMHGQDNZ\EUDOLQDVZRM VLHG]LE HUHPEáRJRVáDZLRQHJR+HUPLOLXV]D:WHMSU]\VWDQL RGE\ZDá\VL GáXJLHLXF]RQHG\VSXW\QDNWyUHSU]\E\ZDOLGR-DQDELVNXSLLXF]HQLP *RZLHJUHFF\ :LHOX]QLFKZ\F]XZDáRSUDZG]LZ NRELHF QDWXU -DQD7\PF]DVHP-DQRGGDOLáVL RG)UXPHQGLXV]D MHJRPLáRüGDZQR]EODNáD)UXPHQGLXV]VZRM PLáRFL ]DWUXZDá*\FLH-DQDWDN*HWDMHPQLFDSáFL ZV]\VWNLPVWDZDáDVL ]QDQD:REDZLHSU]HGDQDWHP -DQ]DPLHU]DáRSXFLü]D]GURVQHJRLQLHPLáHJRMX*
VHUFXPQLFKD,]QyZV]F] OLZ\]ELHJRNROLF]QRFLSR]ZROLá-DQRZLQDUR]ZL]DQLHWHMWUXGQHMV\WXDFML 'R$WHQZSá\QáZyZF]DVVWDWHNELVNXSD*HQXLNWyU\SRMHGQHM]DOHGZLHQRF\SRVWRMXZSRUFLH QD]DMXWU]PLDáRGSá\QüGR5]\PX-DQV]\ENRVNRU]\VWDá]RND]ML3R]RVWDáRW\ONRSR*HJQDQLH )UXPHQGLXV]D7HQUR]SDF]DáZLHOFHSRXWUDFLHZLHOROHWQLHMWRZDU]\V]NLGROLLQLHGROL=UR]SDF]\]PDUá Z*DáREQ\PODPHQFLHFXGRZQLHQDZLHG]RQ\ZF]HQLHMSU]H]VZRMHJRZL WHJRSDWURQD -DQW\PF]DVHPGRWDUáGR5]\PXJG]LHZáDG] ELVNXSL VSUDZRZDá/HRQ ,9 -DQZ]ERJDFRQ\R ZLHG] QDE\W ZUyG*UHNyZZ5]\PLHWUDILáQDWUXGQHGOD.RFLRáDG\VSXW\R7UyMF\ZL WHM :V]HFKVWURQQDZLHG]D-DQDV]\ENR]MHGQDáDPX]ZROHQQLNyZLUR]JáRVRXF]RQ\PPQLFKXGRWDUáGRSD SLH*D-DNFKFHOHJHQGD/HRQ ,9 SRJRG]LQQHMG\VSXFLHPLDQRZDá-DQDSURIHVRUHPWHRORJLLZ.ROHJLXP Z0DUFLQD1DZ\NáDG\-DQDJDUQ á\WáXP\ZW\PVDPSDSLH*-DQQDXF]Dá5]\PLDQSU]H]GZDODWD X*\ZDMFSL NQHJRM ]\ND6WDáVL ZUyGOXGXQLH]Z\NOHSRSXODUQ\DGODZ\*V]HJRGXFKRZLHVWZDL NDUG\QDáyZJRGQ\PZVSyáSUDFRZQLNLHP8PLHUDMF\SDSLH* SRZLHU]\á-DQRZLRSLHN QDGVZRLPV\QHP )ORURVHP 1LHSUDZ\PSRWRPNLHPSDSLH*DPLDáE\üXURG]LZ\PáRG]LHQLDV]HNODWRNRáRGZXG]LHVWX 6]\ENR]QDMRPRü-DQDL)ORURVD]PLHQLáDVZyMFKDUDNWHU-DQW\PF]DVHPREUDQ\]RVWDáSU]H]OXGL NDUG\QDáyZQRZ\P SDSLH*HPSRPLHUFL/HRQD ,9 3U]H]RUQ\LUR]WURSQ\GRWHMSRU\-DQZPLáRFLGR )ORURVDVWUDFLáZV]\VWNLHKDPXOFH :WHMG]LZQHM]DVNDNXMFHMOHJHQG]LHSHáQHMFXGyZLQLHZLDU\JRGQ\FKSU]\SDGNyZQLHPRJáRVL
REHMüEH]]DJDGNRZHJR]DNRF]HQLD6 SU]\QDMPQLHMGZLHRSRZLHFLRPLHUFLSDSLH*D-DQD-HGQD ZVSRPLQDREáDJDOQHMSURFHVMLNWyUHMSU]HZRG]LáDE\XFKURQLü5]\PSU]HGSODJ V]DUDF]\LQQDPyZL W\ONRRXURF]\VWHMSURFHVMLEH]SODJL7DNF]\RZDNSDSLH* -DQDZáDFLZLHSDSLH*\FD-RDQQD SU]HZRGQLF]FSURFHVMLNRQQRSRGZ]JyU]HPODWHUDVNLPWDNQLHV]F] OLZLHXSDGáD]NRQLD*HZZ\QLNX SRWáXF]HQLDSRURQLáDL]PDUáD ']LHFNRLQLHV]F] OLZDNRELHWDSRFKRZDQH]RVWDá\ZPLHMVFXXSDGNX2EV]HUQLHSU]\WRF]RQDOHJHQGD MDNGRZRG] G]LVLDMZV]\VF\ KLVWRU\F\ QLHE\áDE\ZDUWDQDZHWZVSRPQLHQLDJG\E\QLHXZLHU]RQRZQL SRZV]HFKQLHZFDá\PZLHFLHFKU]HFLMDVNLP8ZLHU]RQRZQL WDN*HZ5]\PLH5]\PLDQLHZPLHMVFX JG]LHU]HNRPRSRFKRZDQD]RVWDáDSDSLH*\FDZUD]]G]LHFNLHPXVWDZLOLSRPQLNNRELHW\ ZSRáRJXNWyU\ SU]HWUZDüPLDáGR ;9, ZLHNX3RPQLNRWRF]RQ\E\áQDSLVHPÄ3DSD3DWHU3DWUXP3HSHULW3DSLVVD 3DSHOOXP ÄSDSLH* URG]LFRMFyZSDSLH*\FDVSáRG]LáDSDSLH*WNR=DFKRZDá\VL WH* LQQHSDPLWNL ZLDGHFWZDSDSLHVWZD-RDQQ\'ODXQLNQL FLDZ SU]\V]áRFLSRGREQHJRZ\GDU]HQLDSRVWDQRZLRQR*H RGWGE G]LHVSUDZG]DQDSáHüND*GHJRQRZRZ\EUDQHJRSDSLH*D:\EUDFDVDG]DQRQDVSHFMDOQ\P NU]HOH WURQLHGODVSUDZG]HQLDMHJRP VNRFL=Z\F]DMWHQSU]HWUZDáGRNRFD ;9 ZLHNXDGRG]L Z 0X]HXP:DW\NDVNLP]QDMGXMHVL MHGHQHJ]HPSODU]ÄSDSLHVNLHJRWURQX]ZDQHJRÄVHGHVVWHUFRUDULD -DNVL U]HNáRG]L KLVWRU\F\SRZV]HFKQLHRGU]XFDM SUDZG]LZRüOHJHQG\RNRELHFLHSDSLH*X 3U]\WRF]RQDMHMZHUVMDZVND]XMH*HMHVWRQDSU]\NáDGHPZLHOXUHGQLRZLHF]Q\FKSLHQLLEDMHN SR]EDZLRQ\FKMDNLFKNROZLHNSRGVWDZIDNWRJUDILF]Q\FK :DUWRMHGQDNSRQRZQLH]DGDüS\WDQLHGODF]HJRRSRZLHüRNRELHFLHQDSDSLHVNLPWURQLH]URG]LáDVL
QLHJG]LHLQG]LHMMDNZáDQLHZNU JDFKNRFLHOQ\FKLMHMU]HNRP\SRQW\ILNDWXPLHV]F]RQ\]RVWDáZ SRáRZLH ,; ZLHNX-HGQR]QDF]Q\FKRGSRZLHG]LQDWHS\WDQLDQLH]QDMG]LHP\DVQXFLHNROHMQ\FK SU]\SXV]F]H E G]LHUyZQLHMDáRZH3RSU]HVWDP\ZL FW\ONRQDSU]\SRPQLHQLXWHMQDMEDUG]LHM] EDUZQ\FKLQLHZLDU\JRGQ\FKRSRZLHFL]KLVWRULL.RFLRáD
52='=,$à 9 1 G]DU]HLERJDF]H
'QLD SD(G]LHUQLND URNXSU]\V]HGáQDZLDW$OELQR/XFLDQL1LFQLHZVND]\ZDáR*HG]LHFL
E G]LHMHGQ ]QDMZL NV]\FKLMDNVL Sy(QLHMRND*HMHGQ ]QDMEDUG]LHMWDMHPQLF]\FKSRVWDFL.RFLRáD 3DSLH* -DQ 3DZHá, $OELQR/XFLDQL:VSyáF]HQLGHWHNW\ZLWURSLFZLHONLHVHQVDFMH ;;ZLHNX SUyEXM RGODWUR]ZL]Dü]DJDGN PLHUFLWHJRSDSLH*D3RNUyWNLPGQLRZ\PSRQW\ILNDFLHLP\LGF W\PLODGDPLZL FHMQDWHPDWSU]HND]DOLP\ZUR]G]LDOH:SRJRQLZ]áRW\PFLHOFHP 5RG]LQQDZLH SDSLH*D&DQDOHG¶$JRUGRSRáR*RQDZJyUDFK NLORPHWUyZQDSyáQRFRG:HQHFML Z\ZDUáDQDQLPSL WQRQDFDáH*\FLH2MFLHF*LRYDQQLE\áZGRZFHP]GZRPDFyUNDPLNLHG\]DZDUá ]ZL]HNPDá*HVNL]%HUWRO%\áEH]URERWQ\VSU]\MDáLGHRPVRFMDOLVW\F]Q\P:SRV]XNLZDQLXSUDF\ F] VWRZ\MH*G*Dá WDN*H]DJUDQLF 0DWNDJá ERNRZLHU]FDXJLQDMFDVL SRGFL *DUDPL*\FLDFKFLDáD QDZHWSyMüGRNODV]WRUX&L *NLLGáXJLSRUyGURG]LáREDZ\*HG]LHFNRQLHSU]H*\MH&KU]HVWZWDNLHM V\WXDFMLRGE\áVL QDW\FKPLDVWSRSU]\MFLXFKáRSFDQDZLDW $OELQRSRFKRG]Lá]EDUG]RELHGQHMZLHORG]LHWQHMURG]LQ\0XVLDáSDVDüE\GáRE\SRPyFPDWFHZ ]DSHZQLHQLXVNURPQHJRSR*\ZLHQLDGODURG]HVWZD7UDJLF]Q\]DJDGNRZ\ORVSDSLH*D-DQD 3DZáD,MHJR SRFKRG]HQLHNWyUHZ\ZDUáRQDQLPSL WQRV]DFXQNXLPLáRFLGODEOL(QLFK ]MHGQDáPXV\PSDWL
ZV]\VWNLFK+LVWRU\F\LNURQLNDU]HSDSLHVWZDSU]\ZRáXM MHJRNUyWNLSRQW\ILNDWMDNRQLHVSHáQLRQ QDG]LHM QDRGQRZ .RFLRáD :LHOHáF]\áRSDSLH*D/XFLDQLHJR]MHJRSURWHNWRUHPLSRSU]HGQLNLHP-DQHP ;;,,, 8REXXPLHFKQD WZDU]\REDMSU]HGREM FLHPWURQXSDSLHVNLHJRE\OLSDWULDUFKDPL:HQHFMLREXSRQW\ILNDWQDVW SRZDáSR SDSLH*DFKVDPRWQLNDFKQLHSU]\VW SQ\FKGODOXGX3LXVLH ;,, L3DZOH 9, 2EXZUHV]FLHáF]\áR SRFKRG]HQLHVSRáHF]QH -DQ ;;,,, $QJHOR*LXVHSSH5RQFDOOLXURG]LáVL OLVWRSDGD URNXZ6RWWRLL0RQWH QLHGDOHNR%HUJDPRZSyáQRFQ\FK:áRV]HFK3RFKRG]Lá]EDUG]RELHGQHMFKáRSVNLHMURG]LQ\-HJRRMFLHF -DQQLHSRVLDGDáQDZHWZáDVQHJRJRVSRGDUVWZDG]LHU*DZLáMHW\ONR%\áW]ZÄSRáRZQLNLHPW]QSáDFLá SRáRZ ]ELRUyZ]DZ\QDMPRZDQ ]LHPL :UD]]*RQ0DULDQQ ]0D]]GLFKPLHOLWU]\QDFLRURG]LHFL *LXVHSSHE\áSLHUZV]\PLFKV\QHPDWU]HFLP]NROHLG]LHFNLHP'RV]NRá\ZJyUDFKFKRG]LáSDU
NLORPHWUyZSRGREQLHGRNVL G]DQDSOHEDQL NWyU\SU]\VSRVDELDáJRGRVWDQXGXFKRZQHJR%RJDW NDULHU GXFKRZQ UR]SRF]áZ URNXZL FHQLDPLNDSáDVNLPL:URG]LQQHMSURZLQFMLE\áVHNUHWD U]HPELVNXSDSLV]FSUDF R.DUROX%RURPHXV]X:%LEOLRWHFH$PEUR]MDVNLHMZ0HGLRODQLHSR]QDáMHM SUHIHNWD Sy(QLHMV]HJRSDSLH*D3LXVD ;, =RVWDáELVNXSHPGHOHJDWHPDSRVWROVNLPZ%XáJDULLSRWHPZ 7XUFMLL)UDQFML.DULHU G\SORPDW\F]Q ]DNRF]\áZ3DU\*X Z\QLHVLRQ\GRJRGQRFLNDUG\QDOVNLHM =RVWDáSDWULDUFK :HQHFMLZ URNX3L üODWSy(QLHMZ\EUDQ\QDVWROLF 3L WURZ 'ZXG]LHVW\ZLHN ZLHNG]LHZL FLXSRQW\ILNDWyZFK\EDMDNRMHG\Q\ZGZXG]LHVWXZLHNDFKKLVWRULL SDSLHVWZDPR*HP\RNUHOLüZLHNLHPELHGQ\FKSDSLH*\&]WHUHFK]QLFKSRFKRG]LáR]URG]LQEDUG]R ELHGQ\FKOXEVNURPQ\FK QS-DQ3DZHá ,, .DURO:RMW\áD =QDP\GRNáDGQLH*\FLRU\V\LSRFKRG]HQLHSU]\QDMPQLHM VSRUyG SDSLH*\6WRVXMFPLDU\ VWDW\VW\F]QHPRJOLE\P\SRZLHG]LHü*H]DOHGZLH SDSLH*\SRFKRG]LáR]ELHGQ\FKURG]LQ6NURPQDWR VWDW\VW\ND'RLFKJURQDQDOH*Dá]SHZQRFL SDSLH* 3LXV ; *LXVHSSH0HOFKLRUH6DUWR 3RQW\ILNDWWHJRSDSLH*DQDOH*\GRQDMZD*QLHMV]\FKZKLVWRULL.RFLRáD3LXV ; Z URNX]RVWDáEHDW\IL NRZDQ\DWU]\ODWDSy(QLHMNDQRQL]RZDQ\ZL W\3LXV SDSLH* XURG]LáVL Z URNXZ5LHVHNRáR 7UHYLVR-HJRRMFLHFE\áOLVWRQRV]HPLZR(Q\PMHGQRF]HQLH$E\]DSHZQLüJRGQH*\FLHGODZLHORG]LHWQHM
URG]LQ\PXVLDáFL *NRSUDFRZDüSRGHMPXMFVL ZLHOXSUDFGRGDWNRZ\FK1DXN UR]SRF]áZ PLHMVFRZHMV]NROHOXGRZHME\SRGZyFKODWDFKNRQW\QXRZDüM ZJLPQD]MXP-DNRSL WQDVWROHWQL FKáRSLHFUR]SRF]áQDXN ZZ\*V]\PVHPLQDULXPGXFKRZQ\P3RRWU]\PDQLXZL FH NDSáDVNLFKZ URNXUR]SRF]áGáXJ NDULHU GXFKRZQ*LXVHSSH6DUWRSRGREQLHMDNSR]RVWDOLZLHOF\LELHGQLSD SLH*HWHJRZLHNX]RVWDáSDWULDUFK :HQHFML6]F] OLZHWRPLDVWRGODSDSLH*\=RVWDáSDSLH*HPUDF]HMZ Z\QLNX]ELHJXRNROLF]QRFL3RPLHUFL/HRQD ;,,, JáyZQ\PNDQG\GDWHPGRWLDU\E\áNDUG\QDá0DULDQR GHO7LQGDUR5DPSROOD VHNUHWDU]VWDQX-HJRZLWREOLZRFL.DUG\QDá5DPSROODQLHFLHV]\áVL MHGQDN ]DXIDQLHPFHVDU]D)UDQFLV]ND-y]HID , :F]DVLHNRQNODZHNWyUH]HEUDáRVL GODZ\ERUXQRZHJRSDSLH*D SROVNLNDUG\QDá-DQ3X]\QD].UDNRZDZVWDáLZLPLHQLX-HJR&HVDUVNLHM0RFL]JáRVLáZHWRZREHF Z\ERUXNDUG\QDáD5DPSROOL%\áRWRRVWDWQLHZG]LHMDFK.RFLRáDZHWRZáDGF\ZLHFNLHJR LQJHUHQFMD PRQDUFK\HXURSHMVNLHJRFRGRZ\ERUXSDSLH*D(NVNOX]\ZDNDUG\QDáD3X]\Q\Z\ZRáDáD REXU]HQLH SR]RVWDá\FKSXUSXUDWyZ.DUG\QDá5DPSROODVWUDFLáMHGQDNZV]HONLHV]DQV QDZ\EyU7DNLPZáDQLH ]ELHJLHPRNROLF]QRFLZ\EUDQ\]RVWDáSDWULDUFKD:HQHFML*LXVHSSH6DUWRSU]\MPXMFLPL 3LXVD ; 3RáR*\áRQGOD.RFLRáDZLHOH]DVáXJ3RFKRG]F]ELHGQHMURG]LQ\PLPRL* ZLHOHáDWE\áELVNXSHP SDWULDUFKNDUG\QDáHPQLHSRVLDGDá*DGQHJRPDMWNXRVRELVWHJR%\áSRER*Q\LF]\QLáZV]\VWNRDE\ SRPDJDüQDMXER*V]\P5R]GDZDáLPZV]\VWNRFRPLDá=DRSLHNRZDáVL SL FLRPDW\VLFDPLVLHURWSR WUDJLF]Q\PZ\EXFKXZXONDQX(WQDZ URNXPLHUüSDSLH*DSU]\VSLHV]\áDZLHüRUR]SRF] FLX, ZRMQ\ZLDWRZHM:VSHFMDOQHMHJ]RUWDFMLDSRVWROVNLHM OLFLHVNLHURZDQ\PGRZV]\VWNLFKNDWROLNyZ Z\UD*DáWURVN RORVOXG]LLRILDU\ZRMQ\Ä8ERJLVL XURG]LáHPXERJL*\áHPXERJLFKF XPU]Hü WDN VZRMH*\FLHSRGVXPRZDáZWHVWDPHQFLH*LXVHSSH6DUWR SDSLH* 3LXV ; ZL W\.RFLRáD.DWROLFNLHJR $E\RGQDOH(üNROHMQHJRZLNDULXV]D&KU\VWXVDNWyU\MDN&KU\VWXV]QDáORVLGRO OXGXPXVLP\FRIQüVL
ZJáEKLVWRULLREOLVNR ODWGRSRQW\ILNDWX6\NVWXVD 9 )HOLFH3HUHWWL 3U]\V]á\SDSLH* XURG]LáVL JUXGQLD URNXZ*URWWDPDUHZSREOL*X$QNRQ\3RFKRG]Lá]EDUG]R XERJLHMURG]LQ\FKáRSVNLHM']LHFLVWZRVS G]LáQDSLOQRZDQLXVDGXLSDVDQLXE\GáD LZL3UDFRZDáZ OHVLHLZSROX1DZVLZUyGELHG\ZLyGáE\GDOHM*\FLHJG\E\QLHZXM6DOYDWRUHNWyU\E\áF]áRQNLHP ]DNRQX)UDQFLV]NDQyZ:XMZ]LáPDáHJR)HOLFHSRGVZRM RSLHN LZ\VáDáGRV]NRá\Z0RQWDOWRGR SREOLVNLHJRPLDVWHF]ND2GQD]Z\WHMPLHMVFRZRFL]DF]áMX* MDNRELVNXSLNDUG\QDáX*\ZDüQD]ZLVND 0RQWDOWR0DMFGZDQDFLHODWVDPZVWSLáGR]DNRQX)UDQFLV]NDQyZ3RPRFMDNLHMXG]LHOLOL6\NVWXVRZL 9 ZG]LHFLVWZLHIUDQFLV]NDQLH]DRZRFRZDáDGOD]DNRQXZF]DVLHMHJRSRQW\ILNDWX)UDQFLV]NDQLHE\OL SU]H]SDSLH*DVWDáHIDZRU\]RZDQL:]RUHPHSRNLZNWyUHM*\á6\NVWXV9 QLH]DSRPQLDáRVZRMHM URG]LQLH.DUG\QDáHPPLDQRZDá$OHVVDQGUD VZRMHJRF]WHUQDVWROHWQLHJREUDWDQND5RG]LQDMHGQDNQLH RGJU\ZDáDQDGZRU]HSDSLHVNLP*DGQHMUROL6\NVWXV 9 QLHE\áSDSLH*HPOXELDQ\PSU]H]OXGU]\PVNL3R MHJRPLHUFLSRGGDQL]UDGRFL]QLV]F]\OLSRPQLN-HJRZLWREOLZRFLQDZ]JyU]XNDSLWROLVNLP 3U]\F]\QEUDNXPLáRFLSRGGDQ\FKV]XNDüQDOH*\ZGRZLDGF]HQLXLQNZL]\WRUVNLPQSZ:HQHFML JG]LHWH* QLHE\áOXELDQ\D5HSXEOLND:HQHFND]D*GDáDRGyZF]HVQHJRSDSLH*DRGZRáDQLD)HOLFH 3HUHWWLHJRÄ)HOD]Q\SDSLH* WDNLHQRVLáPLDQREUXWDOQLH]ZDOF]DáEDQG\W\]PZ5]\PLHLRNROLFDFK .DUDáPLHUFL(J]HNXFMHVND]DQ\FKE\á\FRG]LHQQRFL:V] G]LHXVWDZLDQRV]XELHQLFHLV]DIRW\ 5RG]LQ\LJPLQ\]NWyU\FKSRFKRG]LOLSU]HVW SF\PXVLHOLSáDFLüGRNDV\SDSLHVNLHMZLHONLHVXP\1RZH SRGDWNLMDNLHZSURZDG]LáSDSLH*QLHPRJá\E\üSU]\M WHSU]H]SRGGDQ\FKZ3DVWZLH.RFLHOQ\P] UDGRFLFKRFLD* SXVWHPXVNDUEFRZLSDSLHVNLHPXSU]\E\á\ZNUyWNLPF]DVLH PLOLRQ\]áRW\FKVNXGyZ 3U]\]QDüWU]HED*HZ\GDQH]RVWDá\QDUR]ZyMUROQLFWZDRVXV]DQLHEDJLHQRGEXGRZ DNZHGXNWyZ ,QNZL]\WRUHP]GHF\GRZDQ\PZZDOFH]KHUHW\NDPLE\áWDN*H3LXV 9 $QWRQLR0LFKHOH *KLVOLHUL1RVLáSU]H]ZLVNR$OHVVDQGULQR8URG]LáVL ERZLHPZVW\F]QLX URNXZ%RVFR0DUHQJRZ 6DEDXGLL:áDQLHZSREOL*X$OHVVDQGULL3RFKRG]Lá]EDUG]RXERJLHMFKáRSVNLHMURG]LQ\%\áSDVWHU]HP Ny]$E\Z\]ZROLüVL ]RNRZyZVZRMHJRSRFKRG]HQLD-DNRF]WHUQDVWROHWQLFKáRSLHFZVWSLáGR]DNRQX
'RPLQLNDQyZ.LHG\SRPLHUFLSDSLH*D3LXVD ,9 Z GQLXNRQNODZHZ\EUDQ\]RVWDáQDWURQ3LRWURZ\ Z\ERUXQLHFKFLDáSU]\Mü'RSLHUR]DQDPRZ NDUG\QDáD.DUROD%RURPHXV]DLVWURQQLFWZDUHIRUPDWRUyZ Z.ROHJLXP.DUG\QDOVNLP]DDNFHSWRZDáVZRMHZ\QLHVLHQLH3DSLH*SDPL WDMFRSRFKRG]HQLXXEyVWZR ZSURZDG]LáMDNRFQRW Z:DW\NDQLH6DP]UHV]W QLHFK WQLHSU]HE\ZDáZSDáDFDFKDSRVWROVNLFK Z\ELHUDMFUDF]HMSRPLHV]F]HQLDNODV]WRUQHQD$ZHQW\QLH%\áDVFHW*\áVNURPQLHQLH]QRVLá Z\WZRUQRFLGZRUyZU]\PVNLFK-DGáVDPRWQLHZRODáSURVWHQLHZ\V]XNDQHSRWUDZ\5R]GDáZLHOH]JUR PDG]RQ\FKZ:DW\NDQLH]DE\WNyZV]WXNLVWDUR*\WQHMNWyU X]QDZDá]DQLHPRUDOQLSRJDVNQLHJRGQ PLHMVFDZ.RFLHOH%\á VXURZ\L*DUOLZLHZDOF]\áRLQWHUHV\.RFLRáD'RNRFD*\FLDE\áLQNZL]\WRUHP QRVLá]UHV]W W\WXá:LHONLHJR,QNZL]\WRUD.RFLRáD5]\PVNLHJR%\áJRUOLZ\PSU]HFLZQLNLHP QHSRW\]PXFRQLHSU]HV]NDG]DáRPXZREGDURZDQLXV\QDVZRMHJREUDWDQNDJRGQRFL NDUG\QDOVN L XU] GHPVHNUHWDU]D3DVWZD.RFLHOQHJRNWyU\SU]HMáSRZXMXW\WXáNDUG\QDáD$OHVVDQGULQR3LXV 9 IDZRU\]RZDáNUHZQ\FKWDN*HVZRMHJRSU\ZDWQHJRVHNUHWDU]DPLDQXMFJRNDUG\QDáHPLSRZLHU]DMF ZáDFLZHMHPXQDMZD*QLHMV]HVSUDZ\.RFLRáD : URNXRJáRV]RQ\]RVWDáZL W\P.RFLRáDJáyZQLH]D]DVáXJLZHZSURZDG]DQLXZ*\FLH GHNUHWyZLSRVWDQRZLH 6RERUX7U\GHQFNLHJR%\á]SHZQRFL SDSLH*HPZLHONLHJRIRUPDWX 2LQQ\PÄELHGQ\PSDSLH*XMX* ZVSRPQLHOLP\QDNDUWDFKWHMNVL*NL%\áQLP+DGULDQ 9, $GULDQ)ORUHQV]RRQ'HGDO +ROHQGHURVWDWQLREFRNUDMRZLHFQDWURQLHSDSLHVNLPGRF]DVyZ-DQD 3DZáD ,, %\áV\QHPFLHOLRNU WRZHJR8URG]LáVL Z URNXZ8WUHFKFLHZELHGQHMURG]LQLH6]\ENR ]RVWDáRVLHURFRQ\SU]H]RMFDLE\áZ\FKRZ\ZDQ\Z\áF]QLHSU]H]PDWN 0LPRQLVNLHJRVWDQX VSRáHF]QHJRZáDQLHG]L NLZ\VLáNRPPDWNL]GRE\áEDUG]RVWDUDQQHZ\NV]WDáFHQLHLUR]SRF]áEá\VNRWOLZ NDULHU GXFKRZQ%\áEOLVNR]ZL]DQ\]GZRUHPKDEVEXUVNLPPL G]\LQQ\PLMDNRQDXF]\FLHO Sy(QLHMV]HJRFHVDU]DLVZRMHJRSURWHNWRUD.DUROD3RPLHUFLNUyOD)U\GHU\ND 9 Z+LV]SDQLLE\áMHGQ\P ]GZyFKUHJHQWyZNUyOHVWZD.DUG\QDáHP]RVWDáQDZ\UD(Q SURE FHVDU]D.DUROD 9 NWyUHJRZF]DVLH QLHREHFQRFLZ+LV]SDQLL]DVW SRZDáMDNRZLFHNUyO3RZ\ERU]H MDNRRVWDWQLSDSLH* ]DFKRZDáLPL
FKU]HVWQH -HJRSRQW\ILNDWDQLGOD5]\PXDQLGODQLHJRQLHE\áV]F] OLZ\7UZDáGZDG]LHFLDPLHVL F\-DNRREF\ +DGULDQVSRW\NDáVL ]FDáNRZLW RERM WQRFL 5]\PLDQ:+LV]SDQLLL1LGHUODQGDFKNU*\á\SRJáRVNLR RWUXFLXSDSLH*D1DGRPXOHNDU]DSDSLHVNLHJRSRMDZLá\VL ZLHFHODXURZH]QDSLVHPÄ2VZRERG]LFLHORZL 2MF]\]Q\ZG]L F]Q\VHQDWLOXG5]\PX)\ZRWWHJRSDSLH*DMHJRNDULHUDGXFKRZQDLIXQNFMHSHáQLRQH ZFHVDUVWZLHKDEVEXUVNLPE\á\SU]\NáDGHPZLHONLHJRDZDQVXVSRáHF]QHJRMDNLRVLJQáZF]DVLH ODW *\FLD1LHNWyU]\KLVWRU\F\GRJURQDZLHONLFKSDSLH*\Z\ZRG]F\FKVL ]QDMQL*V]\FKNODVVSRáHF]Q\FK ]DOLF]DM WDN*H-XOLXV]D ,, *LXOLDQRGHOLD5RYHUH:LVWRFLHXURG]LáVL ZELHGQHMURG]LQLHL ]SRF]WNXSU]HZLG\ZDQ\E\áGR]DZRGXNXSFD-HJRVWU\MHPE\áSDSLH* 6\NVWXV ,9 ]QDQ\]IDZRU\]R ZDQLDZáDVQHMURG]LQ\.LHG\6\NVWXVE\áJHQHUDáHP]DNRQX)UDQFLV]NDQyZ]DRSLHNRZDáVL *LXOLDQRL XPR*OLZLáPXJUXQWRZQ HGXNDFM .XUDWHODMDN 6\NVWXV ,9 RWRF]\áVZRMHJRNUHZQHJRSU]HNUDF]DáD ZV]HONLHJUDQLFH-XOLXV] ,, QDOH*DáGRQLH]Z\NOHZRMRZQLF]\FKSDSLH*\ VWDOHSURZDG]LáNDPSDQLH ]EURMQH0R*H]WHJRSRZRGXQLHE\áOXELDQ\ZVVLDGXMF\FK]5]\PHPPLDVWDFK-HJRPLHUüXPDUáQD IHEU Z\ZRáDáDZLHON UDGRüLHQWX]MD]PZSRGELW\FKPLDVWDFK %LHGDNLHPE\áDQW\SDSLH* $OHNVDQGHU 9 3L WUR&DQGLD1D]ZLVNRSU]\EUDáRGQD]Z\ Z\VS\QDNWyUHMVL XURG]Lá .UHW\-DNRPDáHG]LHFNRVWUDFLáURG]LFyZLQLHPDOZV]\VWNLFKNUHZQ\FK =XSHáQ\VLHURWDVSRWNDáVL ]RSLHN LSRPRF SHZQHJRIUDQFLV]NDQLQD=DMHJRQDPRZ ZVWSLáGR NODV]WRUXLUR]SRF]áZLHORNLHUXQNRZHJUXQWRZQHVWXGLD3RQW\ILNDW$OHNVDQGUD 9 SU]\SDGáQDWUXGQHODWD VRERUXZ.RQVWDQFMLLNRFDZLHONLHMVFKL]P\]DFKRGQLHM'RWHMVSUDZ\ZUyFLP\MHGQDNZLQQHMF] FL NVL*NL :URG]LQLHPá\QDU]DZ6DYHUGXQZH)UDQFMLXURG]LáVL SDSLH* %HQHG\NW ,, -DFTXHV )RXPLHU&K\EDMHGQDNSRGREQLHMDNSDSLH* -XOLXV] ,, ZPáRGRFLQLHE\áD* WDNELHGQ\:XMSU]\V]áHJR
SDSLH*D%HQHG\NWD ,, E\áRSDWHPZNODV]WRU]H&\VWHUVyZZ)RQWIURLGH-DFTXHV]UHV]W VDP]RVWDáRSDWHP ZW\PNODV]WRU]H]DVW SXMFZáDQLHZXMD3y(QLHMMDNRELVNXSLSDSLH* E\áJRUOLZ\PLQNZL]\WRUHP-DNR GRNWRUWHRORJLLPRFQRZVSLHUDáSDSLH*D-DQD ;;,, SURZDG]FR*\ZLRQHVSRU\GRNWU\QDOQH]QDMW *V]\PL XP\VáDPLWDPWHMHSRNL 1DWRPLDVWSUDZG]LZ\PELHGDNLHPE\áSDSLH* &HOHVW\Q 9 3L WURGHO0XPRQH3DSLH* .OHPHQV 9MX* ZG]LHZL WQDFLHODWSR]DNRF]HQLXSRQW\ILNDWX&HOHVW\QD 9 DVLHGHPQDFLH SRMHJRPLHUFL QD VSHFMDOQH*\F]HQLHNUyOD)UDQFML)LOLSD ,93L NQHJR NDQRQL]RZDáJRZ\QRV]FQDRáWDU]H.RFLRáD3R ZV]HFKQHJR'DWDXURG]LQ&HOHVW\QDQLHMHVWRVWDWHF]QLHSRWZLHUG]RQD8PLHV]F]DVLHM PLHG]\ D URNLHP:LDGRPR]FDá SHZQRFL*HSU]\V]HGáQDZLDWZ,VHULQRZ.DPSDQLLZEDUG]RELHGQHM FKáRSVNLHMURG]LQLHMDNRMHGHQDVWHG]LHFNR-HJRQD]ZLVNRSRFKRG]LRGJyU\ZNWyUHM-DVNLQLDFK3L WUR SU]H]ZLHOHODWSURZDG]Lá*\ZRWSXVWHOQLND3XVWHOQLNLHPE\á]UHV]W SU]H]FDOH*\FLH&HOHVW\QVNXSLDá ZRNyáVLHELHU]HV]HVáXFKDF]\LXF]QLyZ FHOHVW\QyZ3RSLHV]HMZ GUyZFHQD6REyU/\RVNL ,, X]\VNDá RGSDSLH*D*U]HJRU]D ; SUDZDGODVZRMHJR]DNRQX-DNRSRZV]HFKQLH]QDQ\DVFHWDSXVWHOQLNX]GUR ZLFLHOLFXGRWZyUFDVWDáVL SRVWDFL OHJHQGDUQ:LHüRQLPV]\ENRGRWDUáDQDGZyUNUyOHZVNLGR 1HDSROX=MHGQDáVRELHSU]\MD(NUyOD.DUROD,$QGHJDZHVNLHJRLV]DFXQHNDUF\ELVNXSD3RPLHUFL SDSLH*D0LNRáDMD ,9 WURQSDSLHVNLE\áQLHREVDG]RQ\SU]H]SRQDGGZDODWD3L WURGHO0XPRQHPLDá ZWHG\ ODWD=DZVWDZLHQQLFWZHPNUyOD1HDSROX.DUROD ,, NDUG\QDáRZLHZ\QLHOL3LHWUDQDVWROLF
ELVNXSL :\EUDQRÄDQLHOVNLHJRSDSLH*D:\EyUVSRWNDáVL ]X]QDQLHP]ZLHOXVWURQ=DNRQ\ZLG]LDá\ZQRZ\P 2MFXZL W\PQDG]LHM QDRGQRZLHQLHSUDZG]LZHMPLVML.RFLRáDDGZRU\HXURSHMVNLHZLG]FVáDERFL SDSLH*DDSU]HGHZV]\VWNLPMHJRVWDU\ZLHNG*\á\GRRVáDELHQLDSDSLHVWZD&HOHVW\QPLPRZLHONLHJR VHUFD]XSHáQLHQLHQDGDZDáVL GRSHáQLHQLDWDNZLHONLHJRXU] GX1LHPyZLáQDZHWSRáDFLQLH =GDZDá VRELH]WHJRGRVNRQDOHVSUDZ :QLHZ\MDQLRQ\FKGRG]L RNROLF]QRFLDFK JUXGQLD URNXSR SL FLXPLHVLFDFKSRQW\ILNDWXDEG\NRZDO =U]HF]HQLHVL WURQXSU]H]SDSLH*DE\áRV\WXDFM Z\MWNRZ(SL]RG] URNXQDOH*\GR QDMZL NV]\FKZ\GDU]H ZKLVWRULL.RFLRáD*áyZQH]DNRQ\]ZL]DQH]&HOHVW\QHPNZHVWLRQRZDá\ SUDZG]LZRüWHMDEG\NDFMLLRVNDU*Dá\NDUG\QDáD%HQHGHWWR*DHWDQLHJR Sy(QLHMV]HJRSDSLH*D %RQLIDFHJR9,,, R]PXV]HQLH&HOHVW\QDGRXVWSLHQLD&HOHVW\QZUyFLáGRSXVWHOQLF]HJR*\FLDD %RQLIDF\ 9,,, REDZLDMFVL V]DFXQNXLPLáRFLMDN REGDU]RQ\E\áZL W\SXVWHOQLNWU]\PDáJRSU]H] ZLHOHPLHVL F\SRGVWUD*8ZL ]LRQ\]SROHFHQLDQRZHJRSDSLH*D%RQLIDFHJR&HOHVW\Q 9 ]PDUáZ DXUHROLZL WRFL PDMD URNX:NUyWFH RJáRV]RQ\]RVWDáZL W\P.RFLRáD3RZV]HFKQHJR%\áDWR MHGQD]QDMSL NQLHMV]\FKSRVWDFLZKLVWRULLSDSLHVWZD /LVW ELHGQ\FKSDSLH*\NRF] SDSLH*HRNROHMQ\FKQXPHUDFKSRQW\ILNDWX ,9 8UEDQ ,9 +DGULDQ ,9 L 6HUJLXV] ,9 8UEDQ ,9 -DFTXHV3DQWDOHRQXURG]LáVL ZH)UDQFMLRNRáRURNX ZEDUG]RXERJLHM URG]LQLHV]HZVNLHM SDUWDF]D-DNRZVSyáSUDFRZQLNSDSLH*D,QQRFHQWHJR ,98UEDQPLDáZVZRMHMNDULHU]HHSL]RGSROVNL: URNX MDNROHJDW,QQRFHQWHJR ,9 RGE\áSRGUy* GR3ROVNL:L]\WRZDáOVN3RPRU]HL3UXV\ 2SRFKRG]HQLX+DGULDQD ,9 O MX* ZVSRPQLHOLP\3RFKRG]Lá]$QJOLLJG]LHZRSDFWZLH /DQJOH\XURG]LáVL ]RMFDNOHU\NDZ\ZRG]FHJRVL ]JPLQX 6HUJLXV] ,9 3LHWURGL/XQD1DMHJRJURERZFXZED]\OLFH]QDMGXMHVL HSLWDILXP Ä%\á FKOHEHPJáRGQ\FKRG]LHQLHPQDJLFKQDXF]\FLHOHPOXGXSDVWHU]HPSU]H]ZV]\VWNLFKF]F]RQ\P7R SL NQHSRGVXPRZDQLH*\FLDSDSLH*D&]\MHGQDNGRNRFDPyZLSUDZG RW\PSRQW\ILNDFLH" 3L WURXURG]LáVL ZRNU JX3LQHDZURG]LQLHV]HZFD1LHGRü*HE\áELHGQ\WRQRVLáSU]H]ZLVNR Ä%XFFDSRUFL 3LRWUZLVNLU\MDOER3LRWUZLVNDPRUGD=SRZRGXWHJRSU]H]ZLVND]PLHQLáLPL
=RVWDáSDSLH*HP6HUJLXV]HP ,9 'RKLVWRULLZSLVDáVL QLHW\ONR]UDFMLQLHGRüSRFKOHEQHJRLPLHQLDDOH SU]HGHZV]\VWNLPMDNRIDNW\F]Q\LQLFMDWRUZ\SUDZNU]\*RZ\FK: URNX]UR]ND]X.DOLID+DNLPD ]EXU]RQ\]RVWDáNRFLyá*UREX3DVNLHJRZ-HUR]ROLPLH1DZLHüRW\PZ\GDU]HQLX6HUJLXV] ,9 SRZ]Lá LGH VRMXV]XQDGPRUVNLFKPLDVWSDVWZ,WDOLL SU]HFLZNRPX]XáPDQRPGODRG]\VNDQLDPLHMVFZL W\FK %\áRMHGQDN]DZF]HQLHQDUHDOL]DFM WHJRZLHONLHJRG]LHáD.RFLRáD'ZDQDVW SQHZLHNL WRZ.RFLHOH KLVWRULDZ\SUDZNU]\*RZ\FK 7X* SRZ\ERU]HQDELVNXSVWZRU]\PVNLH6HUJLXV]VNLHURZDáGRVZRMHJR QRZHJRLPLHQQLND6HUJLXV]D ,, SDWULDUFK\Z.RQVWDQW\QRSROXOLVWLQIRUPXMF\RREM FLXZáDG]\:OLFLH]DZDUWH]RVWDáRZ\]QDQLH ZLDU\]IRUPXá Ä)LOLRTXH Z\UD*DMF P\O*HZ7UyMF\ZL WHM'XFKZL W\SRFKRG]LRG2MFDL6\QD )RUPXáDÄ)LOLRTXH WMÄLRG6\QDZWUDG\FML.RFLRáD=DFKRGQLHJRSU]\M WD]RVWDáDZ ,9 ZLHNXDZ 9, ZSURZDG]RQD]RVWDáDGRQLFHMVNLHJRZ\]QDQLDZLDU\Ä)LOLRTXHQLJG\QLHE\áRSU]\M WHSU]H].RFLyá :VFKRGQL 3U]H]ZLHNLWUZDá\VSRU\PL G]\ELVNXSDPLLWHRORJDPLZVFKRGXL]DFKRGXQDWHPDWSRFKRG]HQLD'XFKD ZL WHJR.RFLyá:VFKRGQLREVWDZDáSU]\]DVDG]LH*H'XFKZL W\SRFKRG]LRG2MFD3DWULDUFKD .RQVWDQW\QRSRODSRRWU]\PDQLXOLVWXRGSDSLH*D6HUJLXV]D ,9 ]DZLHUDMFHJRZáDQLHIRUPXá Ä)LOLRTXH SXEOLF]QLHQLHX]QDáZ\ERUX6HUJLXV]DQDELVNXSD5]\PXL]DND]DáZSLVDQLDLPLHQLDWHJRSDSLH*DGR G\SW\NyZ]Z\ND]HPLPLRQGRVWRMQLNyZ.RFLRáD7DGHF\]MDE\áDIRUPDOQ\PSRF]WNLHPVFKL]P\ ZVFKRGQLHMWMFDáNRZLWHJRSRG]LDáX.RFLRáDQD:VFKRGQLL=DFKRGQL FKRFLD* NRQIOLNW\PL G]\ SDSLH*DPLDSDWULDUFKDPL.RQVWDQW\QRSRODVLHG]LP\MX* RGSU]HV]áR ODW3RSU]HGQLRFKRG]LáRUDF]HMR SLHUZV]HVWZRMHGQ\FKLGUXJLFKZKLHUDUFKLLNRFLHOQHM 6HUJLXV] ,9 E\áZHGáXJRILFMDOQ\FKZ\ND]yZSDSLH*\ QDVW SF ZL WHJR3LRWUD :UyGMHJR SRSU]HGQLNyZUyZQLHU]DGNRMDNQDVW SFyZ]QDMGRZDOLVL SDSLH*HSRFKRG]F\]XERJLFKURG]LQ,P GDOHMZJáEKLVWRULLW\PPQLHMSHZQHV SU]HND]\]*\FLDSDSLH*\.DOLVW, QSE\áQLHZRO QLNLHP0DUND$XUHOLXV]D.DUSRIRUD XU] GQLNDGZRUXFHVDUVNLHJR -H]XVZHGáXJ(ZDQJHOLLZ0DWHXV]DDWDN*HZ0DUNDLZàXNDV]DU]HNáGRVZRLFKXF]QLyZ Ä=DSUDZG SRZLDGDPZDP*HERJDF]]WUXGQRFL ZHMG]LHGR.UyOHVWZD1LHELHVNLHJR$QDGWR SRZLDGDPàDWZLHMZLHOEáGRZLSU]HMüSU]H]XFKRLJLHOQHQL* ERJDWHPXZHMüGR.UyOHVWZD%R*HJR 0DW 0DU àXN 1DVW SF\&KU\VWXVDQD]LHPLSDSLH*HELVNXSL5]\PXZRJURPQHMZL NV]RFLWRQDXF]DQLH-H]XVD SR]RVWDZLOLZ]DSRPQLHQLX:F]HQLHMSU]HGVWDZLOLP\V\OZHWNL WU]\QDVWXSDSLH*\Z\ZRG]F\FKVL ] OXGXELHGQ\FK%RJDFWZRQLHMHVWJU]HFKHP:DUWRMHGQDNZLHG]LHü*HPLPRL* RZ\ERU]HSDSLH*DSU]H] ]HEUDQ\FKQDNRQNODZHELVNXSyZGHF\GRZDüPD'XFKZL W\IDNW\F]QLHZRJURPQHMOLF]ELH SU]\SDGNyZGHF\GRZDá\LQWHUHV\G\QDVW\F]QHLQWHUHV\ERJDW\FKURG]LQU]\PVNLFKF]\QLHUD]NROLJDFMH] SRSU]HGQLPLSDSLH*DPL 2GSLHUZV]\FKZLHNyZELVNXSL5]\PXZ\ELHUDPE\OLVSRUyGSU]HGVWDZLFLHOLKLVWRU\F]Q\FK ZSá\ZRZ\FKURGyZVWROLF\FHVDUVWZD3DSLH* 3RQFMDQ SRFKRG]Lá]URGX&DOSXPLD.RUQHOLXV] ]URGX&RPHOLD6WHIDQ, ]URGX-XOLD.DMXV PLDáE\üNUHZQ\PFHVDU]D 'LRNOHFMDQD0DUFHOLQ ]HVá\QQHJRURGX&RORQQDSRGREQLHMDN+DGULDQ, 6WHIDQ ,9 9 6HUJLXV] ,, +DGULDQ ,, +DGULDQ,,, 0DUFLQ 9 )HOLNV,,, ,, ]HVWDUR*\WQHJRURGX$QLFMXV]yZGRWHJRURGXQDOH*DáWDN*HSDSLH* *U]HJRU], :LHONL L$JDSLW, 7U]HFKSDSLH*\E\áRV\QDPLLQQ\FKSDSLH*\ RW\PV]HU]HMZUR]G]LDOH3DSD]QDF]\RMFLHF 3DSLH* :LJLOLXV] E\áV\QHPSUHIHNWDSUHWRULDQyZ7HRGRU\ND:LHONLHJR-DQ,,, E\áV\QHP VHQDWRUDU]\PVNLHJR$QDVWD]HJR+RQRULXV], E\áV\QHPNRQVXOD3UHWRQLXV]D-DQ ,9 E\áV\QHPGRUDGF\FHVDUVNLHJRZ5DZHQQLH*U]HJRU] 9 E\áV\QHPNVL G]D2WWRQDLZQXNLHP FHVDU]D2WWRQD,:LHONLHJR=FHVDU]HPVSRNUHZQLRQ\E\áWDN*H/HRQ ,;
:LHOXSDSLH*\EG( Z\ZRG]LáRVL EH]SRUHGQLREG( E\áRSURWHJRZDQ\PLERJDW\FK DU\VWRNUDW\F]Q\FKURGyZ 2UVLQLFK6WHIDQ ,, ,,, 3DZHá, 0LNRáDM ,9 &HOHVW\Q,,, %HQHG\NW ;,,, +UDELyZQD7XVNXOXP6HUJLXV],,, $QDVWD]\,,, %HQHG\NW 9,, %HQHG\NW 9,,, LMHJREUDW-DQ ;,; %HQHG\NW ,; WU]\UD]\SRPL G]\ .UHVFHQFMXV]yZ6\OZHVWHU,,, 5yGWHQRGJU\ZD`]QDF]Q URO Z5]\PLHZODWDFK %RUJLyZ.DOLVW,,, $OHNVDQGHU 9, ,QQRFHQW\ ; 5yGGHOLD5RYHUHUHSUH]HQWRZDOL6\NVWXV ,9 -XOLXV] ,, 'RURGX0HG\FHXV]yZQDOH*HOL/HRQ ; .OHPHQV 9,, 3LXV ,9 /HRQ ;, 3RQDGWRSDSLH*DPL E\OLSU]HGVWDZLFLHOHURGyZ&KLJL%DUEHULQL/XGRYLFL%RUJKHVH$OGREUDQGLQL 2WWRERQL$OWLHUL3LJQDWHOOL$OEDQL%UDVFKL&KLDUDPRQWLGHOLD&KLHVD 6SRNUHZQLHQLE\OLPL G]\LQQ\PL*U]HJRU] 9, ]*U]HJRU]HP 9,, +DGULDQ 9 ],QQRFHQW\P ,9 +RQRULXV],,, ]+RQRULXV]HP ,9 .OHPHQV 9, ]*U]HJRU]HP ;, *U]HJRU] ;,, ](XJHQLXV]HP ,9 RUD]]3DZLHP ,, 3LXV,, ]3LXVHP,,, 3LXV 9 ]3LXVHP 9,,, 5RPDQ E\áEUDWHP0DU\QXVD, 6WHIDQ,;; E\áNVL FLHP/RWDU\QJLL.DOLVW ,, VSRNUHZQLRQ\E\á]URGDPLNUyOHZVNLPL1LHPLHF)UDQFMLL $QJOLL +UDELRZVNLHURG\6HJQLUHSUH]HQWRZDOLPLQ,QQRFHQW\,,,O *U]HJRU] ,; E\áEUDWDQNLHP,QQRFHQWHJR $OHNVDQGHU ,9 'RZLHOXZWNyZSRGM W\FKZWHMF] FLNVL*NLZUyFLP\MHV]F]HZUR]G]LDOHROXG]LDFKZáDG]\ 3DVWZD.RFLHOQHJRLNRQNODZH
52='=,$à 9, 3RGNRQWURO FHVDU]D
-HGHQDVWHJROXWHJR URNXNDUG\QDá3LHWUR*DVSDULZLPLHQLXSDSLH*D3LXVD ;, LSUHPLHU:áRFK %HQLWR0XVVROLQLZLPLHQLXNUyOD:LNWRUD(PDQXHOD,,,SRGSLVXMFXNáDG\ODWHUDVNLHSRáR*\OL IRUPDOQ\NUHVLVWQLHMFHPXRGSUDZLH ODW3DVWZX.RFLHOQHPX6DPR3DVWZRLGRF]HVQDZáDG]D SDSLH*\MX* VLHGHPG]LHVLWODWZF]HQLHM]OLNZLGRZDQH]RVWDá\ZZ\QLNX]MHGQRF]HQLD:áRFKL]DM FLD WHU\WRULyZSDSLHVNLFKSU]H]ZRMVND*DULEDOGLHJR:W\PVDP\PURNX3LXV ;,REMáZHZáDGDQLHQRZ\ W\PUD]HPUDF]HMV\PEROLF]Q\RUJDQL]PSDVWZRZ\ 3DVWZR0LDVWD:DW\NDVNLHJRQDMPQLHMV]H SDVWZRZLDWD]DMPXMFHREV]DU]DOHGZLH KHNWDUyZ :áDG]DSDSLH*\VSUDZRZDQDZSDVWZDFKZLHFNLFKRSDUWDE\áDSU]H]ZLHNLQDGHF\]MDFKFHVDU]D U]\PVNLHJR.RQVWDQW\QD, NWyU\SU]HND]DáSDSLH*RZL6\OZHVWURZL, GRNXPHQW Ä&RQVWLWXWXP&RQVWDQWLQL2ND]XMHVL MHGQDN*HNRQVW\WXFMDNRQVWDQW\VNDE\áDZLHONLPIDáV]HUVWZHP VSRU]G]RQ\PQDUR]ND]SDSLH*\7DNNUXFKHSRGVWDZ\ZáDG]\ZLHFNLHMQLHSU]HV]NDG]Dá\QDPLHVWQL NRP&KU\VWXVDZVWZRU]HQLXZNUyWNLPF]DVLHSDVWZDNWyUHVWDáRVL QDMZL NV] SRW J UHGQLRZLHF]QHM (XURS\ 'DU.RQVWDQW\QDVIDáV]RZDQ\]RVWDáJG]LH QDSU]HáRPLHZLHNX 9,,, L ,; PQLHMZL FHMZRNUHVLH NLHG\SRZVWDá\ZVSRPQLDQHMX* SU]H]QDVW]ZÄGHNUHW\3VHXGR,]\GRUDDZL FZF]DVDFK ]DFLHQLDMFHJRVL VRMXV]XSDSLHVWZD]SDVWZHP)UDQNyZ3HSLQD0DáHJRL.DUROD:LHONLHJR)DáV]HU VWZDGRNRQDQR]FDá SHZQRFL ZNDQFHODULLSDSLHVNLHME\üPR*HSU]\RND]MLSRGUy*\SDSLH*D6WHIDQD ,, ,,, GRNUDMX)UDQNyZ /HJHQGDSRZWDU]DQDSU]H].RFLyáSU]H]QLHPDO ODWJáRVLáD*HFHVDU].RQVWDQW\Q,] ZG]L F]QRFL]DZ\OHF]HQLH]WUGXLQQLWZLHUG]LOL*H]Z\V\SNL GDáSDSLH*RZL6\OZHVWURZL,LMHJR QDVW SFRP MDNRQDVW SFRPZL WHJR3LRWUDZ\OHF]HQLHPLDáRQDVWSLüSU]\JURELHZ3LRWUD ZHZáD GDQLH5]\PL]DFKRGQL F] üFHVDUVWZD&HVDU]PLDáSRWZLHUG]LüSLHUZV]HVWZRELVNXSyZ5]\PXSU]HG SDWULDUFKDPLQRZHMVWROLF\.RQVWDQW\QRSROD$QWLRFKLL-HUR]ROLP\$OHNVDQGULL3DSLH* PyJáRGWG SRVáXJLZDüVL R]QDNDPLZáDG]\FHVDUVNLHM%LVNXSVWDZDáVL UyZQ\FHVDU]RZLRWU]\PDáRGQLHJRQD VZRM VLHG]LE FHVDUVNLSDáDFODWHUDVNLFHVDU]RZHM)DXVW\Q\PLDVWDLSURZLQFMH,WDOLL6DPFHVDU]]DáR*\á QRZ VWROLF QDG%RVIRUHP .RQVWDQW\QRSROLZHGOHOHJHQG\RJUDQLF]\áVZRM ZáDG] MHG\QLHGR ZVFKRGQLHMF] FLFHVDUVWZD Ä'DU.RQVWDQW\QDZ\NRU]\VW\ZDQRGODSRGNUHOHQLDZLHFNLHMZáDG]\SDSLH*\GRüZVWU]HPL (OLZLH ] F]DVHPMHGQDNZáF]RQRJRGR]ELRUyZSUDZNRFLHOQ\FKWDN*HMHV]F]HZ ;9, ZLHNXSDSLH*H Z\NRU]\VW\ZDOLJRGRX]DVDGQLDQLDVZRLFKURV]F]H WHU\WRULDOQ\FK +LVWRULRJUDILDNDWROLFNDGRSLHURRG ;,; ZLHNXX]QDMHÄ'RQDFM .RQVWDQW\QD]DIDáV]HUVWZR1D SRF]WNX ,9 ZLHNXZ\GDZDáRVL *HHUDELVNXSyZ5]\PXVL VNRF]\áD3R GáXJLFKSU]HODGRZDQLDFK FKU]HFLMDQSU]H]FHVDU]\U]\PVNLFKWURQELVNXSLE\áSU]H]ZLHOHODWQLHREVDG]DQ\3R]DP F]HQLXL FL FLXZ URNXSDSLH*D0DUFHOLQDSU]H]WU]\LSyáURNXZVNXWHNSU]HODGRZD QLHZ\EUDQRQRZHJR ELVNXSD.LHG\UHSUHVMHZREHFFKU]HFLMDQQLHFR]HO*Dá\]DFHVDU]D0DNVHQFMXV]D Z\EUDQRQDVWROLF
SDSLHVN 0DUFHOHJR, :NUyWFHMHGQDNFHDU]Z\JQDáELVNXSD]5]\PXWHQQD]HVáDQLX]PDUá /HJHQGDJáRVL*HZNRFLHOHNWyU\E\áZF]HQLHMVLHG]LE ELVNXSDFHVDU]XU]G]Lá VWDMQL D]SDSLH*D XF]\QLáVWDMHQQHJRRSLHNXMFHJRVL NRPLSRF]W\FHVDUVNLHM7HQVDPFHVDU]URNSy(QLHMWMZ Z\JQDáWDN*HNROHMQHJRELVNXSD(X]HELXV]DNWyU\WDN*H]PDUáZRVDPRWQLHQLXQD]HVáDQLXQD6\F\OLL
1DVW SF (X]HELXV]D SRGZyFKODWDFKQLHREVDG]HQLDVWROLF\U]\PVNLHM ]RVWDá0LOLFMDGHV 3RIDOLSU]HODGRZD QDVWDáZUHV]FLHF]DVZ]JO GQHJRVSRNRMX'QLD NZLHWQLD URNXZ1LNRPHGLL RJáRV]RQRHG\NWFHVDUVNL]ZDQ\WROHUDQF\MQ\P=DSU]HVWDQRSU]HODGRZD FKU]HFLMDQDZ URNXZ 0HGLRODQLHQLHGRü*HSRWZLHUG]RQRZF]HQLHMV]HGHF\]MHWRX]QDQRFKU]HFLMDVWZR]DUyZQRSUDZQ UHOLJL ZFHVDUVWZLH]ZUyFRQR.RFLRáRZLZV]HONLHGREUDNRFLRá\LEXG\QNLVNRQILVNRZDQH]UR]ND]X FHVDU]D'LRNOHFMDQD 1LFZL FG]LZQHJR*HSRODWDFKFL *NLFKSU]HODGRZD FKU]HFLMDQHUDNRQVWDQW\VNDSHáQDWROHUDQFML VSRNRMXLEHSLHF]HVWZDGODFKU]HFLMDQVWDáDVL F]DVHPZNWyU\PXORNRZDQRSRF]WHNZLHFNLHM ZáDG]\SDSLH*\%\áDWRZLVWRFLHQRZDHUDGODFKU]HFLMDVWZD0\OLáE\VL MHGQDNWHQNWyU\XZD*DáE\ FHVDU]D.RQVWDQW\QD]DWDNLHJRREURF FKU]HFLMDVWZD]DMDNLHJRXFKRG]LáZOHJHQG]LH 'ZyUFHVDUVNLQLHPRJFVRELHÄSRUDG]Lü]SU]HODGRZDQ\PLFKU]HFLMDQDPLZ\EUDáLQQ PHWRG
SRGSRU]GNRZDQLDFRUD]VLOQLHMV]HJRLJUR(QLHMV]HJRGODZáDG]\UXFKXVSRáHF]QHJR5HOLJLD FKU]HFLMDVNDVWDáDVL UyZQRSUDZQD]LQQ\PLZ\]QDQLDPLSRGSRU]GNRZDQ\PLSUDZXFHVDUVWZD=D SRUHGQLFWZHP.RFLRáDPyJáWHUD]FHVDU]UHDOL]RZDüVZRM SROLW\N ZHZQ WU]Q&HVDU]ND]DáWUDNWRZDü ELVNXSyZMDNEUDFLVDPVLHELH]UHV]W WDN*HQD]\ZDáELVNXSHPGRVSUDZZHZQ WU]Q\FK.RFLRáD &HVDUVWZR]DF] áRVáX*\ü.RFLRáRZLMHGQRF]HQLHX]DOH*QLDMF.RFLyáRGVLHELH&HVDU]VSRWNDáVL ] SDSLH*HP6\OZHVWUHP,3UDNW\F]QLHGRFHVDU]DQDOH*DáRQDMZD*QLHMV]H]GDQLHZVSUDZDFK.RFLRáD7R FHVDU]DQLHSDSLH*VWDáVL LQVWDQFM RGZRáDZF] ZVSRUDFKPL G]\ELVNXSDPLRUD]ZVSRUDFK WHRORJLF]Q\FKUy*QLF\FKMX* ZWHG\.RFLyáZVFKRGQLL]DFKRGQL7RZáDQLHFHVDU]]ZRáDáGR1LFHLZ $]ML0QLHMV]HMSLHUZV]\ZG]LHMDFK6REyU3RZV]HFKQ\REUDGXMF\RG PDMDGR VLHUSQLD URNX 6REyUWHQQDOH*\GRQDMZD*QLHMV]\FKZKLVWRULL.RFLRáD:SURZDG]RQRZyZF]DVMHGQRF]HVQH REFKRG]HQLHZLW:LHONLHM1RF\RUD]XáR*RQRQLFHMVNLHZ\]QDQLHZLDU\ RGPDZLDQH ZOLWXUJLLPV]DOQHM ZNRFLHOHGRG]L0LPRL* Z.RFLHOHÄ'DU.RQVWDQW\QDWáXPDF]RQRZ\MWNRZ KRMQRFL FHVDU]DL MHJRSRER*QRFL]DSRPQLDQR*HGHIDFWRFHVDUVWZRSRGSRU]GNRZDáRSDSLHVWZRVZRMHMEH]Z]JO GQHM ZáDG]\]ELHJLHPODWSU]HMPXMFWDN*HQDVLHELHGHF\]MHR]DWZLHUG]DQLXSDSLH*\QDLFKXU] G\&HVDU] .RQVWDQW\Q,SU]H]FDáH*\FLHE\áMHGQDNSRJDQLQHP'RSLHURQDáR*XPLHUFLSU]\MáFKU]HVW]UNEL VNXSD(X]HELXV]D]1LNRGHPLL&HVDU]DSRFKRZDQRZPDX]ROHXPMDNRÄUyZQHJRDSRVWRáRP 3U]H] ODWSDSLHVWZRSRGSRU]GNRZDQHE\áRFHVDUVWZXDOEREH]SRUHGQLRDOERSRSU]H]HJ]DUFKDW Z5DZHQQLH3DSLH* *U]HJRU],,, FKFFZ\]ZROLüVL VSRGWHMZáDG]\ SUyERZDá]DFLHQLü NRQWDNW\])UDQNDPL7\PVDP\PMDNRSLHUZV]\]DSRF]WNRZDáHU QRZHMGRPLQDFML 3LHUZV]\PSDSLH*HPNWyU\RVWDWHF]QLH]GHF\GRZDáVL QDVRMXV]]PRQDUFKL )UDQNyZE\á6WHIDQ ,, ,,, 7RRQSU]HNURF]\á$OS\Z URNXLVSRWNDáVL ZSREOL*X3RQWKLRQ]NUyOHP3HSLQHP 0Dá\P:REM FLD)UDQNyZSDSLHVWZRVNLHURZDQH]RVWDáRUDF]HMQLH]ZáDVQHJRZ\ERUX.LHG\SDSLH* 6WHIDQUR]SRF]áVZyMSRQW\ILNDWGREUDP5]\PX]EOL*Dá\VL ZRMVNDNUyOD/RQJREDUGyZ$LVWXOID 1LHEH]SLHF]HVWZRGODPLDVWDL.RFLRáDE\áRZLHONLH3DSLH* QLHE\áZVWDQLHVDPRG]LHOQLHREURQLü PLDVWD=ZUyFLáVL ZSLHUZV]HMNROHMQRFLRSRPRFGR.RQVWDQW\QRSROD1LHX]\VNDáMHM.UyO)UDQNyZ 3HSLQ0Dá\GHNODUDFMLSRPRF\QLHV]F] G]Lá6DP]UHV]W SRWU]HERZDáZLHONLHJRVRMXV]QLNDGOD Z]PRFQLHQLD]GRE\WHMQLHGDZQRNRURQ\NUyOHZVNLHM&KRFLD* ]DJUR*RQHSU]H]/RQJREDUGyZ SDSLHVWZR E\áRZyZF]HVQHM(XURSLHQDMOHSV]\PVRMXV]QLNLHP3HSLQSRSU]H]R*HQHN]NVL *QLF]N ]SDQXMFHJR URGX0HURZLQJyZG]L NLSRSDUFLXSDSLHVWZDLRVDG]HQLXZNODV]WRU]HNUyOD)UDQNyZVDPREMáWURQ Z]PDFQLDMFQRZZLHON G\QDVWL .DUROLQJyZ1DSURE SDSLH*D3HSLQ0Dá\]RERZL]DüVL PLDáZ LPLHQLXZáDVQ\PLVZRLFKQDVW SFyZGRREURQ\.RFLRáDLZV]HONLFKSUDZZL WHJR3LRWUD =JURPDG]HQLH5DG\3DVWZD)UDQNyZSRWZLHUG]DORVRMXV]]SDSLHVWZHP]JRGQLH]ZRO NUyOHZVN L SDQyZIUDQNRVNLFK -DNRIRUPDOQ GDW SRZVWDQLD3DVWZD.RFLHOQHJRX]QDMHVL URN &KRFLD* VSRW\NDVL Z RSUDFRZDQLDFKLQQ GDW URN URN]DZDUFLDXNáDGXZ4XLHUF\:SRáRZLH 9,,,ZLHNXSRZVWDáR
SDVWZRSDSLH*\ SRF]WNRZRREHMPXMFH WHU\WRULXP W\VL F\NLORPHWUyZNZDGUDWRZ\FKF]DVHP]DM PXMFZL NV] F] ü3yáZ\VSX$SHQLVNLHJRE\V]F]\WSRW JLRVLJQü]DSDSLH*D*U]HJRU]D 9,, DV]F]HJyOQLH]DSRQW\ILNDWX,QQRFHQWHJR,,, *U]HJRU] 9,, REMáWURQ]DOHGZLH ODWSRGáXJLPRNUHVLHQDMZL NV]HJRXSDGNXSDSLHVWZDZG]LHMDFK :Sá\ZDáQDU]G\SU]\QDMPQLHMWU]HFKVZRLFKSRSU]HGQLNyZ1LHPDOSU]H]FDáH*\FLHSDáDáZLHON QLHQDZLFL GRFHVDUVWZD:PáRGRFL]RVWDáSU]H]QLHJRZ\S G]RQ\]5]\PX]UD]]SDSLH*HP *U]HJRU]HP 9, *U]HJRU]]PDUáQDZ\JQDQLXURNSy(QLHM2SDW+LOGHEUDQGE\áVHNUHWDU]HP VZRMHJRSDSLHVNLHJRLPLHQQLND-HJRZ\EyUZ URNXRGE\áVL ZVSRVyEZVND]XMF\*HZ\EUDQ\ SDSLH* E G]LHVDPRG]LHOQ\LE G]LHFKFLDáSU]\ZUyFLüSDSLHVWZXQDOH*Q PXSR]\FM -X* ZF]DVLH SRJU]HEX+RQRULXV]D ,, Z5]\PLHUR]OHJá\VL RNU]\NLREZRáXMFH+LOGHEUDQGDQDQRZHJR SDSLH*D$NFMDWDE\áD]SHZQRFL SU]\JRWRZDQDSU]H]MHJR]ZROHQQLNyZ.DUG\QDá+XJR&DQGLGXV VWZLHUG]LáQDZHW*HWR%yJSU]HPyZLáXVWDPLOXGX: *U]HJRU] 9,, Z\GDáKLVWRU\F]Q\GHNUHW Ä'LFWDWXV3DSDHZ ]DVDGDFKRNUHODMF\ZáDG] SDSLH*\]DUyZQRZ.RFLHOHMDNLQDGQDURGDPL2WR QLHNWyUH]DVDG\*U]HJRU]D 9,, 7\ONR.RFLyá5]\PVNL]DáR*RQ\]RVWDáSU]H]VDPHJR%RJD -HG\QLHELVNXSU]\PVNLPDSUDZR]ZDüVL ELVNXSHPSRZV]HFKQ\P 7\ONRSDSLH*DVWRS\FDáRZDüPDM ZV]\VF\NVL* WD 3DSLH* PDSRUDZRGHSR]\FMLFHVDU]\ 1LNWQLHPDSUDZDVG]LüSDSLH*\ 3DSLH* 6WHIDQ ,, ,,, ]\VNDáQRZHJRRSLHNXQD.RFLRáD.UyOZSURZDG]LáQDWHU\WRULXPVZRMHJR SDVWZDZNRFLRáDFKOLWXUJL U]\PVN LX]\VNDáGODZ]PRFQLHQLD.RFLRáDRWU]\PDQ\RGSDSLH*D SRGDUXQHNUHOLNZLZL WHM3HWURQLOOL FyUNLZL WHJR3LRWUDNWyUHMV]F]WNLRGQDOH]LRQRZáDQLHZ NDWDNXPEDFKZ5]\PLH8NáDGNUyOD]SDSLH*HPSRWZLHUG]RQ\]RVWDáSRQRZQ\PQDPDV]F]HQLHP3HSLQD RUD]QDGDQLHPMHPXMHJRV\QRZLLPDá*RQFHW\WXáyZSDWU\FMXV]\U]\PVNLFKNWyUHGRWHMSRU\QDOH*Dá\VL
QDPLHVWQLNRZLFHVDUVNLHPXZ,WDOLL HJ]DUV]H5DZHQQ\ :]PRFQLRQ\QRZ\PVRMXV]HP]SDSLHVWZHPNUyO)UDQNyZ3HSLQ,,,]GHF\GRZDáVL QDNRQIOLNW] GRW\FKF]DVRZ\PVRMXV]QLNLHPNUyOHP/RQJREDUGyZ$LVWXOIHP$ZV]\VWNRWRGODREURQ\.RFLRáDL ]ZUyFHQLDSDSLH*RZL]DJDUQL W\FKSU]H]/RQJREDUGyZWHU\WRULyZ.UyOQDF]HOHZLHONLHMDUPLLSU]HE\á $OS\'RRVWDWQLHMUR]JU\ZNLGRV]áRSRG3DZL2EO *RQ\$LVWXOI]PXV]RQ\]RVWDáGR]DZDUFLDSRNRMX &KRüQDNUyWNR5]\PE\áZROQ\LEH]SLHF]Q\:LDURáRPQ\NUyO/RQJREDUGyZSRQRZQLHREOHJDá5]\P NLHG\ZRMVNDIUDQFXVNLHRSXFLá\,WDOL SRZUDFDMFQDVZRMHWHU\WRULXP 3RQRZQLHQDZH]ZDQLH SDSLHVNLH3HSLQ0Dá\Z\UXV]\á]SRPRF/RQJREDUGRZLHLW\PUD]HPSRQLHOLVURPRWQ NO VN D$LVWXOI VWDáVL ZDVDOHP3HSLQD]PXV]RQ\PGRSáDFHQLDURF]QHMZ\VRNLHMGDQLQ\3HSLQRG]\VNDá]DJUDELRQHGR WHMSRU\ZV]\VWNLHPLDVWDHJ]DUFKDWX5DZHQQ\L3HQWDSROLV2ÄVZRMHXSRPQLDáVL QDW\FKPLDVWFHVDU]Z .RQVWDQW\QRSROX.UyO)UDQNyZ]GHF\GRZDáMHGQDN*HNOXF]HGRPLDVWRG]\VNDQ\FKRG/RQJREDUGyZ ]áR*RQH]RVWDQ QDJURELHZL WHJR3LRWUD7\PVDP\PSDSLH* RWU]\PDáZHZáDGDQLHMDNRÄG]LHG]LFWZR ZL WHJR3LRWUD 5]\PL PLDVWDQDSyáQRFL]DFKyGRG$SHQLQyZ1DMSHZQLHMZáDQLHZW\PF]DVLH SRZVWDáGRNXPHQW 'DU.RQVWDQW\QD &RQVWLWXWXP&RQVWDQWLQL 1D'DU.RQVWDQW\QDMDNRSLHUZV]\SRZRáXMHVL SDSLH* +DGULDQ, ZNRUHVSRQGHQFML] NUyOHP.DUROHP,:LHONLP QDVW SF 3HSLQD3DSLH* /HRQ ,; X]QDá*HGRW\FKF]DVRZ\ Ä'DUQLHMHVWMX* GDUHPOHF]]ZURWHP%RJX QDOH*F\FKGRZL WHJR3LRWUDLMHJRQDVW SFyZ]LHP &HVDU].RQVWDQW\QDSy(QLHML NUyO3HSLQW\ONRRGGDOL%RJXFRERVNLH.RFLyáZHGáXJWHMLQWHUSUHWDFML QLHPyJáE\üSRGHMU]HZDQ\*HVZRM ZáDG] ]DSRF]WNRZDáRG]Z\NáHMGDURZL]Q\FHVDUVNLHM&KRüMX* RG ;,, ZLHNXZLHG]LDQR*H'DU.RQVWDQW\QDMHVWIDáV]HUVWZHPFDá\F]DVSRVáXJLZDQRVL W\PGHNUHWHP GODX]DVDGQLHQLDGRF]HVQHMZáDG]\SDSLH*\LLFK]ZLHU]FKQLFWZDQDGPRQDUFKDPL6WGSRQDGFHVDU]HP PLDáE\üW\ONRSDSLH*7DN*HZEOLVNLFKNU JDFKSDSLHVNLFK]GDZDQRVRELHVSUDZ ]IDáV]HUVWZDMDNLP
E\áGRNXPHQWFHVDU]D.RQVWDQW\QD)DáV]HUVWZRWHJRGRNXPHQWXVWZLHUG]LáZ URNX/DXUHQWLXV9DOOD VHNUHWDU]SDSLHVNLLSURERV]F]%D]\OLNLZ-DQDQD/DWHUDQLHZ5]\PLH 3DSLH*HUR]SRF] OLVZRMHZLHFNLHSDQRZDQLHZLHON PLVW\ILNDFM=UHV]W ZLHOH]GRNXPHQWyZ SDSLHVNLFKG]L XZD*DVL ]DVIDáV]RZDQH ZáDQLHPL G]\ 9,,, D ;,, VWXOHFLHP3RW JDSDSLHVWZDRSDUWD ]RVWDáDQDILODUDFKZWSOLZHMWUZDáRFL1LHNWyU]\RGZD*QLKLVWRU\F\LSXEOLF\FLVWDZLDM WH] *HZ UHGQLRZLHF]XE\áRQLHPDO*HÄW\OHVIDáV]RZDQ\FKGRNXPHQWyZDQQDáyZ NURQLNLOHSUDZG]LZ\FKL GRGDM*HD* SRZáDFLZHUHGQLRZLHF]HRV]XVWDPLE\OLSUDZLHZ\áF]QLHGXFKRZQL 7ZyUFDPL3DVWZD.RFLHOQHJRE\OLNUyO)UDQNyZ3HSLQ0Dá\LSDSLH* 6WHIDQ ,, ,,, ,FKQDVW SF\ NRQW\QXRZDOLUR]SRF] WHG]LHáREXGRZ\ZLHFNLHMZáDG]\ELVNXSyZ5]\PX3DSLH* +DGULDQ, L V\Q3HSLQD.DURO,:LHONLSRWZLHUG]LOLRELHWQLFH3HSLQDGRW\F]FHGDURZL]Q 3DVWZR.RFLHOQHREM áRWHU\WRULD.VL VWZD5]\PX.RUV\N HJ]DUFKDW5DZHQQ\:HQHFM ] SURZLQFM,VWUL .VL VWZR6SROHWRL%HQHZHQW3y(QLHMGRáF]RQRGRWHJRMHV]F]H6DELQ L1DPL +DGULDQ]RVWDáRMFHPFKU]HVWQ\PNUyOD.DURODVWDMFVL SRZLQRZDW\PNUyOD.DUROGRGDWNRZR Z]ERJDFLá3DVWZR.RFLHOQHR6ROHPR1HDSRO.DODEUL ZL NV] F] ü7RVNDQLL]PLDVWDPL2UYLHWRL 9LWHUER&HVDU].RQVWDQW\QRSRODSUDNW\F]QLHZ URNXX]QDáQLH]DOH*QRü3DVWZD.RFLHOQHJR 3DSLH*H]DF] OLELüZáDVQHPRQHW\DF]DVOLF]\üQLHRGSRF]WNXWUZDQLDDOHZHGOHODWVZRMHJR SRQW\ILNDWX 3DSLH* /HRQ,,, ZZL WD%R*HJR1DURG]HQLD URNXNRURQRZDáZ%D]\OLFHZL WHJR3LRWUD .DUROD,:LHONLHJRQDFHVDU]DU]\PVNLHJR Z]QRV]F]OXGHPU]\PVNLPRNU]\NQDF]Hü.DUROD Ä%DUG]RSRER*QHPX.DURORZL$XJXVWRZLNRURQRZDQHPXSU]H]%RJDZLHONLHPXLSRNRMRZHPX FHVDU]RZL*\FLHL]Z\FL VWZR3DSLH* /HRQ]áR*\áFHVDU]RZLKRáGSRSU]H]XNO NQL FLHSU]HGQLPGDMF W\PVDP\PSUDZRSU]\SXV]F]HQLRP*HSRGSRU]GNRZXMHVL ZáDG]\FHVDUVNLHM.DUROQLHE\áMHGQDN ]E\WVNáRQQ\GRGRFKRZDQLDZLHUQRFLSDSLH*RP'ODSRSUDZ\VWRVXQNyZ]FHVDU]HPZ.RQVWDQW\QRSROX SRGDURZDáPXPL G]\LQQ\PL:HQHFM L,VWUL NWyUHQLHGDZQRSU]HND]DáSDSLH*RZL+DGULDQRZL,3DSLH* 3DVFKDOLV, ZGRNXPHQFLH]ZDQ\P3DFWXP/XGRYLFLDQXP] URNXX]\VNDáRGNUyOD /XGZLND3RER*QHJRSRWZLHUG]HQLHX]\VNDQ\FKSU]\ZLOHMyZQDGDQ\FKSU]H]3HSLQDL.DUROD&HVDUVWZR 5]\PVNLH.DUROD:LHONLHJRGDáRSRF]WHNZL WHPX&HVDUVWZX5]\PVNLHPX Sy(QLHM1DURGX 1LHPLHFNLHJRNWyUHSU]HWUZDáRSU]H]W\VLFODW XSDGáRGRSLHURZ URNX]DFHVDU]D1DSROHRQD %RQDSDUWH =EXGRZDQHQDIDáV]HUVWZLH3DVWZR.RFLHOQHSU]HFKRG]LáRUy*QHNROHMHORVXRGZLHONLHMSRW JLZ ;,, L ;,,, ZLHNXSRWRWDOQ\XSDGHN]DU]GyZÄSRUQRNUDFMLRGNRFD ,; GRSRáRZ\ ;, ZLHNX3DVWZR .RFLHOQHSU]HWUZDáRGROXWHJR URNX 3U]HMPXMFZáDG] GRF]HVQ SDSLHVWZR]MHGQHMVWURQ\QLH]Z\NOHZ]PRFQLáRVZRMH]QDF]HQLH FRQLH SR]RVWDáREH]ZSá\ZXQDUR]V]HU]DQLHHZDQJHOL]DFMLOXGyZHXURSHMVNLFK]GUXJLHMVWURQ\QDWRPLDVW ]RVWDáRSRGSRU]GNRZDQLHLQWHUHVRPFHVDU]\LNUyOyZ3RGREQLHMDNFHVDU].RQVWDQW\Q,:LHONL FHVDU] .DURO,:LHONL ODWSy(QLHMEH]SRUHGQLRLQJHURZDáZVSUDZ\.RFLRáD3RGSRU]GNRZDáVRELH DGPLQLVWUDFM NRFLHOQPLDQRZDáELVNXSyZUR]GDZDáEHQHILFMD]ZRá\ZDáV\QRG\ÄQDU]XFDá .RFLRáRZLVZRM ZRO 1LHSR]ZROLáMHGQDNDE\ELVNXSLLQJHURZDOLZVSUDZ\SROLW\NLFHVDUVNLHM 3DSLH* -DQ ;;,,, LQDXJXUXMFZ URNXREUDG\6RERUX:DW\NDVNLHJR ,, WDNVNRPHQWRZDáWDPWH F]DV\ÄZáDGF\WHJRZLDWDJáRVLOL]FDá V]F]HURFL*HEURQL .RFLRáDZU]HF]\ZLVWRFLMHGQDNF] VWR VSURZDG]DOLV]NRG\LQLHEH]SLHF]HVWZDGXFKRZH :F]DVLHVRERUXQLFHMVNLHJRRJáRV]RQRSLHUZV]HNDQRQ\SUDZDNRFLHOQHJRNWyUHGRW\F]\á\PL G]\ LQQ\PLVSRVREXRELRUXELVNXSyZXSUDZQLH MXU\VG\NF\MQ\FKJáyZQ\FKELVNXSVWZ.RFLRáDZW\P ELVNXSyZ5]\PX$QWLRFKLLL$OHNVDQGULL-DNFDá\VREyUUyZQLH* LWHQGRNXPHQWSRGNUHODáGRPLQDFM
FHVDU]DZ.RFLHOH
3DSLH* 0DUHN MDNRSLHUZV]\Z\GDOGHNUHWRNUHODMF\*HSDSLH*DPR*HNRQVHNURZDüELVNXS 2VWLL8SU]\ZLOHMRZDQDSR]\FMDELVNXSD2VWLLE\áDSRGVWDZRZ SU]\F]\Q ZLHOXNRQIOLNWyZPL G]\ GRVWRMQLNDPL.RFLRáDU\ZDOL]XMF\PLRREM FLHQDMEDUG]LHMLQWUDWQ\FKJRGQRFL:Sy(QLHMV]\FK ZLHNDFKELVNXSVWZR2VWLL]ZL]DQH]SXUSXU NDUG\QDOVNE\áRQDMOHSV] SU]HSXVWN GRWURQX SDSLHVNLHJR 3DSLH* -XOLXV], ]DGEDáRSU]\SRPQLHQLHZV]\VWNLPELVNXSRP]ZáDV]F]DELVNXSRP :VFKRGXR]ZLHU]FKQLFWZLH5]\PXQDGFDá\P.RFLRáHP7\ONRGRELVNXSyZ5]\PXQDOH*HüPLDáR SUDZRUR]VWU]\JDQLDVSRUyZPL G]\KLHUDUFKDPL.RFLRáD5]\PRZLQDOH*DáRVL SLHUZV]HVWZRJG\* E\áVLHG]LE $SRVWRáyZLUHSUH]HQWRZDáSRVWDüZL WHJR3LRWUD3UDNW\F]QLHZV]\VF\QDVW SQLSDSLH*H NRQW\QXRZDOLVWDUDQLD-XOLXV]DRZPRFQLHQLHSU\PDWX :F]DVLHNROHMQHJRQ6RERUX3RZV]HFKQHJRZ.RQVWDQW\QRSROXZ URNX]ZRáDQHJRSU]H]FHVDU]D 7HRGRULXV]D,Z]PRFQLRQRSR]\FM ELVNXSD.RQVWDQW\QRSRODQDGDMFPXSLHUZV]HVWZRKRQRURZH SU]HGLQQ\PLELVNXSDPL]HZ]JO GXQDVSUDZRZDQLHSU]H]QLHJRXU] GXZVWROLF\FHVDUVWZDÄQRZ\P 5]\PLH3DSLH* 'DPD]\, ]GHF\GRZDQLHSU]HFLZVWDZLáVL WDNLHMGHF\]ML=ZRáDQ\SU]H] QLHJRV\QRGU]\PVNLRJáRVLáSRQRZQLHSU\PDWELVNXSD5]\PXRSLHUDMFVZRM GHF\]M QDSUDZLH VXNFHVMLSRZL W\P3LRWU]H'DPD]\E\áSRQDGWRW\PSDSLH*HPNWyU\MDNRSLHUZV]\X*\áRNUHOHQLD 6WROLFD$SRVWROVND7DNLPPLDQHPQD]ZDáVZRMHELVNXSVWZRZ5]\PLH 3DSLH* 6\U\FMXV] X]\VNDáSRWZLHUG]HQLH DSUREDW FHVDU]D:DOHQW\QLDQD ,, GODVZRMHJR Z\ERUX.RQVHNURZDQ\E\áGRSLHURV]HüODWSy(QLHM3RPLHUFLSDSLH*D=R]\PD ZURNX GR JRGQRFLELVNXSLHM SUHWHQGRZDáRGZyFKNDQG\GDWyZ DUFKLGLDNRQ(XODOLXV]LNDSáDQ%RQLIDF\NWyU\E\á MX* ZSRGHV]á\PZLHNX2EDMNDQG\GDFLE\OLNRQVHNURZDQLWHJRVDPHJRGQLD3RQLHZD* PL G]\ ]ZROHQQLNDPLREXGRFKRG]LáRGRSHZQ\FKVSRUyZ SUHIHNW5]\PXNWyU\QRWDEHQHQLHE\á FKU]HFLMDQLQHP RUR]VWU]\JQL FLHNRQIOLNWX]ZUyFLáVL GRFHVDU]D+RQRULXV]D7HQSRF]WNRZRSRSDUW (XODOLXV]DSROHFDMF%RQLIDFHPXRSXV]F]HQLHPLDVWD2EDMMHGQDNQDGDOU\ZDOL]RZDOLPL G]\VRED GZDVSHFMDOQLH]ZRáDQHV\QRG\WDN*HQLHXVSRNRLá\V\WXDFML&HVDU]ZHIHNFLH]DWZLHUG]LáQDXU] G]LH %RQLIDFHJRNWyU\GRGDWNRZR]ZUyFLáVL GRQLHJRDE\ZSU]\V]áRFLZUD]LHSRGZyMQHJRZ\ERUXXVXQá ]XU] GXREXNDQG\GDWyZLGRSURZDG]LáGRV]\ENLHJRZ\ERUXQRZHJRNDQG\GDWDPRUDOQLHEH]]DU]XWX &KRüSUDZDWHJRZSUDNW\FHQLH]DVWRVRZDQR R]QDF]DáRRQRSU]\]QDQLHFHVDU]RZLDSRQLPLQQ\P PRQDUFKRPPR*OLZRFLLQJHUHQFMLZZ\EyUSDSLH*D 3DSLH* /HRQ,:LHONL QD]\ZDáELVNXSD5]\PXÄSLHUZV]\PZUyGZV]\VWNLFKELVNXSyZ &KU\VWXVDQD]LHPLUHSUH]HQWRZDüPLDáZ\áF]QLHELVNXS5]\PX]DMPXMFVXNFHVM SRZL W\P3LRWU]H &KU\VWXVGDáZáDG] Z3LRWURZLDW\PVDP\PELVNXSRP5]\PX,FKZáDG]DRERZL]\ZDüPLDáDQDG FDá\P.RFLRáHP 3DSLH* )HOLNV ,, ,,, QDSLVDáGRFHVDU]D=HQRQDRILFMDOQH]DZLDGRPLHQLHRVZRLPZ\ERU]H -HJRODGHPSRV]OLNROHMQLQRZRZ\EUDQLELVNXSLSU]H]SUDZLHSL üVHWODW-HGQDN*HEH]SRUHGQLQDVW SFD )HOLNVDSDSLH* *HOD]\, RZ\ERU]HDQLQLHSRZLDGRPLáFHVDU]DDQLQLHSRSURVLáRMHJR ]DWZLHUG]HQLH&HVDU]$QDVWD]MXV],SURWHVWRZDáLVSU]HFLZLDáVL WDNLHMÄVDPRG]LHOQRFL*HOD]\, SU]HVLDáFHVDU]RZLZ\MDQLHQLHGRW\FKF]DVRZHMGZRLVWRFLZáDG]\QDZLHFLHZL WHMZáDG]\ELVNXSyZL ZáDG]\FHVDUVNLHM8]QDáZ\*V]RüZáDG]\ELVNXSyZJG\* WDÄPXVL]GDZDüVSUDZ QDZHWL]D]LHPVNLFK NUyOyZSU]HGWU\EXQDáHP%RJD *HOD]\,MDNRSLHUZV]\SDSLH* QD]ZDáVLHELHÄ1DPLHVWQLNLHP&KU\VWXVD:]ZL]NXMHGQDN] SRQRZQ SRGZyMQ HOHNFM GRNRQDQ SRPLHUFL$QDVWD]HJR ,, Z URNXZ]PRFQLáDVL SR]\FMD FHVDU]DZ]DWZLHUG]DQLXQRZHJRELVNXSD5]\PX%LVNXSHPSRQRZQLHZ\EUDQ\]RVWDáWHQNWyU\X]\VNDá DSUREDW FHVDU]D:áDQLHZWHG\IRUPDOQLHLSUDZQLHSLHUZV]\UD]ZG]LHMDFK.RFLRáDX]QDQRVSRVyE Z\ERUXQRZHJRSDSLH*D=DND]DQRXELHJDQLDVL RELVNXSVWZRSU]HGPLHUFL XU] GXMFHJRSDSLH*D 3DSLH* PyJáZ\]QDF]\üQDVW SF JG\MHGQDNWDNLHJRQD]QDF]HQLDQLHE\áR3DSLH*HPPLDá]RVWDüWHQ
NWyU\X]\VNDáSRSDUFLHZL NV]RFLU]\PVNLHJRGXFKRZLHVWZD.ROHMQLZáDGF\2VWURJRWyZ/RQJREDU GyZ)UDQNyZ1LHPFyZ)UDQFML+LV]SDQLL$XVWULLLZLHONLHURG\.UHVFHQFMXV]\6SROHWDQSU]H]ZLHOH ZLHNyZVNUXSXODWQLHNRU]\VWDOL]SU]\ZLOHMXZSá\ZDQLDQDZ\EyURGSRZLHGQLHJRNDQG\GDWDQD6WROLF
3LRWURZ 7URQSDSLHVNLE\áSU]H]FDOHVWXOHFLDPLHMVFHPZDONLLQWU\JSROLW\F]Q\FK 3DSLH* 6\NVWXV 9 RNUHOLáOLF]E NDUG\QDáyZQDVLHGHPG]LHVLWQDZL]XMFW\PVDP\PGR VLHGHPG]LHVL FLXELEOLMQ\FKVWDUFyZNWyU]\PLHOLSRPDJDü0RM*HV]RZLZU]G]HQLXQDURGHPZ\EUDQ\P 6SRUyGVLHGHPG]LHVL FLXNDUG\QDáyZV]HFLXE\áRELVNXSDPL]DU]G]DMF\PLSRGPLHMVNLPLGLHFH]MDPL ZRNyá5]\PXSL üG]LHVL FLXNDSáDQDPLLF]WHUQDVWXGLDNRQDPL=QDF]Q\FK]PLDQFRGROLF]E\ NDUG\QDáyZGRNRQDáSDSLH* 3DZHá 9, 2JUDQLF]RQRWH* ZLHNGRNWyUHJRNDUG\QDáRZLHPRJ F]\QQLHVNRU]\VWDü]HVZRMHJRSUDZDZ\ERUF]HJR:W\P]QDF]HQLX'XFKZL W\QLHPR*HVSá\QüQD NDUG\QDáyZZZLHNXSRGHV]á\P =WHJRSRZRGX]URG]Lá\VL ZWSOLZRFLRGNLHG\PR*HP\OLF]\üSRF]WHNSRQW\ILNDWX RGFKZLOL Z\ERUXF]\WH* RGPRPHQWXNRQVHNUDFML1LHMHVWWRW\ONRVSyUWHRUHW\F]Q\3U]\M FLHMDNRRVWDWHF]QHM MHGQHM]Z\EUDQ\FK]DVDG]PLHQLSUDZQ RFHQ OHJDOQRFLZ\ERUXQLHNWyU\FKDQW\SDSLH*\ 3DSLH* %RQLIDF\,,, FKRüSHáQLáXU]G]DOHGZLHSU]H]G]LHZL üPLHVL F\ZLHOFHVL ]DVáX*\áZ XSRU]GNRZDQLXVSUDZ\Z\ERUXSDSLH*\LLFKSR]\FML8]\VNDáRGFHVDU]DGHNUHWX]QDMF\ELVNXSD 5]\PX]D]ZLHU]FKQLNDZV]\VWNLFKNRFLRáyZFKU]HFLMDVNLFK ZV]\VWNLFKELVNXSyZ6\QRGU]\PVNL QDWRPLDVW]DJUR]LáNOWZ ZV]\VWNLPW\PNWyU]\RGZD*\OLE\VL SURSRQRZDü QDVW SFyZELVNXSyZL SDSLH*\]DLFK*\FLDOXESU]HGXSá\ZHPWU]HFLHJRGQLDSRLFKPLHUFL&HVDU].RQVWDQWXV ,, ZEUHZWHPX SUDZX]PXVLáGXFKRZLHVWZRGRZ\ERUXQDVW SF\0DUFLQD,-HV]F]H]DMHJR*\FLDZ\EUDQRSDSLH*D (XJHQLXV]D, :LHOX]Z\EUDQ\FKQDSRWZLHUG]HQLHZ\ERUXLNRQVHNUDFM RF]HNLZDáRSU]H]GáXJLHPLHVLFHLODWD 3U]\NáDGRZRSDSLH* %RQLIDF\ ,9 F]HNDáQD]DWZLHUG]HQLHSU]H]FHVDU]DG]LHVL üPLHVL F\ %RQLIDF\ 9 PLHVL F\6HZHU\Q PLHVL F\6HZHU\QZ\EUDQ\]RVWDáZSD( G]LHUQLNX URNXDNRQVHNURZDQ\GRSLHURSRX]\VNDQLX]JRG\FHVDU]D SRGNRQLHFPDMD URNX -HJRSRQW\ILNDWWUZDáQDWRPLDVWQLHFRSRQDGGZDPLHVLFH 0DUFLQ, QDWRPLDVW]RVWDáNRQVHNURZDQ\QDW\FKPLDVWSRZ\ERU]H &KFLDáERZLHP ]DGHPRQVWURZDüZWHQVSRVyEVZRM QLH]DOH*QRüZREHFFHVDU]D3DSLH* ]RVWDá]UR]ND]XGZRUX DUHV]WRZDQ\]PDUá]Z\FLHF]HQLDQD]HVáDQLXZ6HZDVWRSROX%\áRVWDWQLPSDSLH*HPNWyU\X]QDQ\ ]RVWDáSU]H].RFLyá]DZL WHJRP F]HQQLND]DZLDU 3DSLH* $JDWRQ SUyERZDáX]\VNDüRGFHVDU]D]U]HF]HQLHVL SU]H]QLHJRSU]\ZLOHMX ]DWZLHUG]DQLDZ\ERUXSDSLH*D%H]VXNFHVX8]\VNDáMHGQDNGODQDVW SFyZ]ZROQLHQLH]ZQRV]HQLDGR NDV\FHVDUVNLHMZ\VRNLFKZSáDWSU]H]SDSLH*DHOHNWDSRZ\ERU]H 3U]\ZLOHMWHQQLH]DZV]HE\áVWRVRZDQ\ 6HUJLXV], DE\X]\VNDü]DWZLHUG]HQLHPXVLDá]DSáDFLüZ]áRFLHZLHON NZRW HJ]DUV]H 5DZHQQ\G]LDáDMFHPXZLPLHQLXFHVDU]D =ZL]NLSDSLHVNLH]FHVDUVWZHPZ.RQVWDQW\QRSROXFRUD]EDUG]LHMVL UR]OX(QLDá\3DSLH* .RQVWDQW\Q E\áRVWDWQLPSDSLH*HPD* GRF]DVyZ3DZáD 9, NWyU\RGE\áSRGUy* GR.RQVWDQW\QRSROD%\á URN .ROHMQDSRGUy* SDSLH*DGR.RQVWDQW\QRSRODPLDáDPLHMVFHGRSLHURSU]HV]áR ODWSy(QLHMZ URNX =DSDSLH*D6WHIDQD,,, ,9 RNWyU\PMX* ZW\PUR]G]LDOHZVSRPQLHOLP\V\QRGU]\PVNLSRUD] NROHMQ\]PLHQLáSUDZRUHJXOXMFHVSRVyEZ\ERUXSDSLH*D.DQG\GDWDPLGRWURQXPRJOLE\üRGWHMSRU\ W\ONRNDUG\QDáRZLHNDSáDQLLGLDNRQL3UDZRZ\ERUXQDOH*DáRZ\áF]QLHGRGXFKRZLHVWZDZLHFF\ PRJOLRGWGMHG\QLHVNáDGDüSRGSLV\QDGHNUHFLHZ\ERUF]\P 1RZHSU]HSLV\RZ\ERU]HSDSLH*\ZSURZDG]Lá0LNRáDM ,, RJáRVLáRQGHNUHW,QQRPLQH 'RPLQL XVWDQDZLDMF]DVDG *HRGWGSUDZRZ\ERUXSDSLH*DSU]\]QDZDQRZ\áF]QLHNROHJLXP
NDUG\QDOVNLHPXSRF]WNRZRZ\áF]QLHNDUG\QDáRP ELVNXSRPF]\OLSURERV]F]RPQDMZD*QLHMV]\FK SDUDILLU]\PVNLFK 7RRQLXVWDOLOLOLVW NDUG\QDáyZVSRUyGNROHJLXPNDUG\QDOVNLHJRLGXFKRZLHVWZD:\EUDQ\ SDSLH* QDE\ZDáSHáQL ZáDG]\]DUD]SRZ\ERU]H$XWRUVWZRGHNUHWX,QQRPLQH'RPLQL SU]\SLV\ZDQR NDUG\QDáRZL+XPEHUWRZL]6LOYD&DQGLGD']L ZLHP\MHGQDN*HDXWRUVWZRSU]\SLV\ZDQHNDUG\QDáRZL MHVWZWSOLZH &KRFLD* SUDZR]DWZLHUG]HQLDZ\ERUXQLH]RVWDáRVNDVRZDQH SU]\]QDQRMHMHG\QLHMDNRRVRELVW\ SU]\ZLOHM+HQU\NRZL,9 7H]DVDG\SU]H]QDVW SQHZLHNLE\á\SRGVWDZ SUDZRZ\ERU]HSDSLH*D =PLHQLDá\VL OLF]E\HOHNWyZLRNROLF]QRFLZ\ERUX3UDZR]DWZLHUG]DQLDSU]H]ZáDGFyZSU]HNV]WDáFLáR VL ZSUDZRHNVNOX]\Z\SU]\SLVDQHMHG\QLHQDMZD*QLHMV]\PPRQDUFKRP)UDQFML+LV]SDQLLL$XVWULL 2QLHNWyU\FKSU]\SDGNDFKVNRU]\VWDQLD]SUDZDZHWDZVSRPLQDOLP\MX* QDNDUWDFKWHMNVL*NL 2VWDWQLUD]ZKLVWRULL]SUDZDHNVNOX]\Z\VNRU]\VWDáFHVDU])UDQFLV]HN-y]HINWyU\]DSRUHGQLFWZHP SROVNLHJRNDUG\QDáD-DQD3X]\Q\RJáRVLáZHWRFRGRNDUG\QDáD0DULDQR5DPSROOLZF]DVLHNRQNODZHZ URNX']L KLVWRU\F\VSLHUDM VL RLQLFMDW\Z ]DVWRVRZDQLDHNVNOX]\Z\:JU ZFKRG]Lá\LQWHUHV\ SROLW\F]QH&HVDUVNLVSU]HFLZRGQLyVáVNXWHN3DSLH*HP]RVWDá3LXV ; NWyU\]DUD]QDSRF]WNXSR QW\ILNDWXRJáRVLáGHNUHWPRWXSURSULRJUR*F\DQDWHP ND*GHPXNWRZSU]\V]áRFLSRV]HGáE\ODGDPL NDUG\QDáD-DQD3X]\Q\ =JRGQLH]WUDG\FM .RFLRáDZSá\ZQD]HEUDQ\FKQDNRQNODZHNDUG\QDáyZPDZ\áF]QLH'XFKZL W\ .DUG\QDáRZLHQDWFKQLHQLZRO 'XFKDZL WHJRPDM Z\EUDüVSRUyGVZRMHJRJURQDQDMOHSV]HJR NDQG\GDWD7UDG\F\MQHNRQNODZHZREHFQ\P]QDF]HQLXPDMX* EOLVNR ODW,QLFWR*H'XFKZL W\ Z\U F]DVL F]DVHP]Z\Ná\PLOXG(PLDE\ZSá\QüQDSUDZLGáRZ\Z\EyUSU]H]NDUG\QDáyZ 7HUPLQÄNRQNODZH]áDFLQ\FXPFODYL R]QDF]DGRVáRZQLHQDNOXF]]DPNQL WHSRPLHV]F]HQLH3R PLHUFL.OHPHQVD,9 Z URNXZPLDVWHF]NX9LWHUERQLHGDOHNR5]\PX]HEUDOLVL NDUG\QDáRZLHDE\ Z\EUDüQRZHJRQDVW SF Z3LRWUD6LHGHPQDVWXOXESL WQDVWXNDUG\QDáyZ(UyGáDSRGDM GZLHOLF]E\ GáXJRQLHPRJáRVL ]GHF\GRZDüQDRGSRZLHGQLHJRNDUG\QDáD(OHNFMDWUZDáDSUDZLH PLHVLFH%\áRWR QDMGáX*V]HZG]LHMDFKNRQNODZHDSU]H]WRLQDMGáX*V]DQLHREHFQRüQDWURQLH3LRWURZ\P'ZRU\ HXURSHMVNLHSUyERZDá\Uy*Q\PLVSRVREDPLZ\ZU]HüZSá\ZQD]HEUDQ\FKNDUG\QDáyZ3U]H]9LWHUER SU]HZLQ OLVL PL G]\LQQ\PL)LOLS,,,])UDQFML.DURO$QGHJDZHVNL NUyO6\F\OLLL1HDSROX SU]HNRQXMFNDUG\QDáyZGRRGSRZLHGQLHJRZ\ERUX'\VSXWRPXF]WRPSRORZDQLRPQLHE\áRNRFD 0DáHPLDVWHF]NRPLDáRSU]H]GáXJLHPLHVLFHXWU]\PDüOLF]QHGZRU\NDUG\QDOVNLHQLHZVSRPLQDMFRLFK JRFLDFK.LHG\ZWUDNFLHPV]\NDSHODQ.DUROD$QGHJDZHVNLHJRXJRG]LáPLHUWHOQLHV]W\OHWHPNVL FLD .RUQZDOLLSU]HVWUDV]HQLNDUG\QDáRZLHVFKURQLOLVL ZSDáDFXELVNXSLP ,, FDSLWDQRGHOSRSRORQLHMDNL 5DLQHUR*DWWL]DUDG Vá\QQHJRPQLFKDIUDQFLV]NDVNLHJR%RQDZHQWXU\LQD*GDQLHPLHV]NDFyZ PLDVWHF]ND]DPNQáSRGNOXF]HPNDUG\QDáyZZSDáDFXELVNXSLPZNWyU\PVL XNU\OL 1DVW SQLH ]DPXURZDQRGU]ZLLRNQDSDáDFXDE\'XFKZL W\F]\PSU G]HMVSá\QáQDZL WH.ROHJLXP3R]RVWDáR RWZDUWHW\ONRMHGQRZ\MFLH2EXU]HQLW\PSRVW SNLHPNDUG\QDáRZLHSRF]WNRZRZRJyOHRGPyZLOL HOHNFMLLQDGDOQLHPRJOLGRMüGRSRUR]XPLHQLD.LHG\RERVWU]HQLDQLHRGQRVLá\VNXWNX]GM WRGDFK] SRPLHV]F]HQLDZNWyU\PSU]HE\ZDOL &RUD]JRUV]DSRJRGDGHV]F]HLFKáyGWDN*HQLHZSá\Q á\QDNDUG\QDáyZ=REV]HUQ\FKV]DWNDUG\QDOVNLFK ]EXGRZDQRVRELHQDPLRW\ FHOH:\ERUXMHGQDNQLHGRNRQDQR0LHV]NDF\9LWHUERSRVWDQRZLOL ]DSU]HVWDüGRVWDUF]DQLD*\ZQRFLSXUSXUDWRP]Z\MWNLHPFKOHEDVHUDLZRG\=JURPDG]HQLNDU G\QDáRZLHSLOQRZDQLE\OLSU]H]VSHFMDOQLHZ\EUDQ\FKVWUD*QLNyZ7H]DGDQLDSRZLHU]RQRURG]LQLH 6DUHOOLFK1LNWQLHPyJáRSXFLüSDáDFXDQLGRVWDüVL GRNDUG\QDáyZ 5RG]LQLHWHMGR URNXSU]\VáXJLZDáW\WXáÄVWUD*QLNyZNRQNODZHNWyU\SU]HM W\]RVWDáSy(QLHM SU]H]VWDURGDZQ\UyG&KLJL=WHJRURGXXURG]LáVL PL G]\LQQ\PLSDSLH* $OHNVDQGHU 9,,
=JQ ELHQLSU]HPRF]HQLL JáRGQLNDUG\QDáRZLHZUHV]FLHVNDSLWXORZDOL3RQDMGáX*V]\PZG]LHMDFK NRQNODZHZ\EUDQ\]RVWDá*U]HJRU] ; 7HREDOGR9LVFRQWL :]RUXMFVL QDZáDVQ\PZ\ERU]HNRQVW\WXFM 8ELSHULFXOXP ] URNXXVWDQRZLáLZSURZDG]LáZ *\FLH]DVDG\Z\ERUXSDSLH*\ZHGOHUHJXáÄXVWDORQ\FKZ9LWHUER0LNRáDM,E\áWH* SLHUZV]\PSDSLH*HP NWyU\E\áNRURQRZDQ\2GNRFD ,;ZLHNXSDSLH*HX*\ZDOLSRZV]HFKQLHGRVWURMXNRURQDF\MQHJRWLDU\ VSHFMDOQHJRQDNU\FLDJáRZ\3RF]WNRZRWLDUDR]GDELDQDE\áDW\ONRMHGQ\PGLDGHPHP'UXJLGLDGHP GRáR*\áSDSLH* %RQLIDF\ 9,,, DWU]HFL%HQHG\NW ;,, MDNRZ\UD]WDN*HZáDG]\ GRF]HVQHM3DSLH* SRND]DáW\PVDP\PGRNRJRQDOH*\QDMZ\*V]DZáDG]DQD]LHPL+LVWRULDWLDU\VL JD WUDG\FMLNUyOyZDV\U\MVNLFKLSHUVNLFKNWyU]\PLHOL]Z\F]DMQDNU\ZDQLDJáyZSRWUyMQ NRURQ&KFLHOLZ WHQVSRVyESRND]DüVZRM Z\*V]RüQDGLQQ\PLPRQDUFKDPL7LDUDXSDSLH*\PLDáDV\PEROL]RZDü SRWUyMQ ZáDG] NUyOHZVNNDSáDVN LSDVWHUVN 3RF]WNRZRELVNXSL5]\PXX*\ZDOLMDNRQDNU\FLDJáRZ\ W\ONRZ\VRNLHMELDáHMF]DSNL3DSLH* ,QQRFHQW\,,, MDNRSLHUZV]\ZáR*\áQDW F]DSN SLHUZV]\GLDGHP 3DSLH* %HQHG\NW ;,9 WDN*HZ\ELHUDQ\E\áZWUDNFLHEDUG]RGáXJLHJRNRQNODZH&LJQ áR VL RQRSU]H]SRQDGV]HüPLHVL F\LQDOH*DáRGRQDMGáX*V]\FKZFLJXRVWDWQLFKVWXOHFL$WR]SRZRGX ZWUFDQLDVL GZRUyZLURGyZHXURSHMVNLFK3L üPLHVL F\WUZDáRNRQNODZHSRPLHUFL.OHPHQVD ;,9 Z URNX'RSLHURZ JáRVRZDQLXZ\EUDQR*LDQ$QJHOR%UDVFKLNWyU\SU]\MáLPL 3LXVD 9, 2GF]DVyZ*U]HJRU]D ; UHJXá\Z\ERUXZQLHZLHONLPW\ONRVWRSQLXVL ]PLHQLá\=QDF]QLHQDWRPLDVW Z]URVáDOLF]EDXF]HVWQLF]F\FKZNRQNODZHNDUG\QDáyZD* GRRNRáR 1DPLRW\]DVWSLá\VSHFMDOQLH EXGRZDQHFHOH]GHVHNDZ\ERU\SU]HQLHVLRQRRVWDWHF]QLHGR.DSOLF\6\NVW\VNLHMLRNROLF]Q\FKVDO 3DáDFX$SRVWROVNLHJRZ:DW\NDQLH 'RWHMSRU\ZKLVWRULL.RFLRáDRGE\áRVL NRQNODZH:LHN ;; FKDUDNWHU\]RZDáVL FK\ED QDMNUyWV]\PLZG]LHMDFKZ\ERUDPLSDSLH*\2VLHPUD]\RGE\ZDá\ VL Z\ERU\ZW\PZLHNX3LXV ;,, Z URNX]RVWDáZ\EUDQ\SR JRG]LQDFKREUDG3LXV ; QDWRPLDVWZ URNXGRSLHURSRF]WHUHFKGQL DFK]JURPDG]HQLDNDUG\QDáyZ%\áRWRQDMGáX*V]HNRQNODZHNRFDGUXJLHJRW\VLFOHFLDFKU]HFLMDVWZD
52='=,$à 9,, 1HSRW\]P QDMF]DUQLHMV]HNDUW\ZG]LHMDFK.RFLRáD
'ZLHSODJL V\PRQLDLQHSRW\]P Q NDá\.RFLyáRG]DUDQLDG]LHMyZ1LHZLHOX]QDVW SFyZZL WHJR 3LRWUDZROQ\FKE\áRRGW\FKJU]HFKyZ&KDUDNWHU\VW\F]QHMHVWWR*HZSLHUZV]\FKG]LHVL FLXZLHNDFK KLVWRULL.RFLRáDV\PRQLDF]\OLZL WRNXSVWZRE\áDF] VWV]\P]MDZLVNLHPQL* QHSRW\]PSy(QLHM]D GRPLQRZDáWHQRVWDWQL-H*HOLGRáF]\P\GRWHJRKDQGHORGSXVWDPLQSZ]ZL]NX]RUJDQL]DFM /DW ZL W\FKRUD]UR]SRZV]HFKQLRQ\QDEDUG]RV]HURN VNDO KDQGHOUHOLNZLDPL]ZáDV]F]DPL G]\ ;, D ;,9 ZLHNLHP]MDZLVL VNDODSUREOHPyZQLHGRZ\REUD*HQLD 6\PRQLDE\áDZ.RFLHOH]DZV]HJU]HFKHPFL *NLP]DUyZQRGODW\FKNWyU]\VSU]HGDZDOLEHQHILFMDL JRGQRFLNRFLHOQHW\WXá\VWDQRZLVNDLLQQHXU] G\MDNLGODW\FKNWyU]\MHNXSRZDOL:F]DVLH ,, 6RERUX/DWHUDVNLHJRZ URNXVSUDZD]RVWDáDSRW SLRQDZáDQLHMDNRJU]HFKFL *NL0LPRWRMHV]F]H SU]H]ZLHNL.RFLyáVL ]QLHJRQLHRF]\FLá 3LHUZV]\PNWyUHJRÄGRWNQ áR]MDZLVNRV\PRQLLE\áZL W\3LRWU:HGáXJOHJHQG\PDJ6]\PRQ]D SLHQLG]HSURSRQRZDá3LRWURZLSU]HND]DQLHPXGDUXURELHQLDFXGyZ2GPDJD6]\PRQDZáDQLHZ]L WR RNUHOHQLHÄV\PRQLL3DSLH* 6WHIDQ ,, ,,, RIHURZDáUHOLNZL FyUNLZL WHJR3LRWUD 3HWURQLOOL Z SRG]L FHGODZáDGFyZ)UDQNyZ]DREM FLHRSLHN SDSLH*\RUD]]DIDNW\F]QHXWZRU]HQLH3DVWZD .RFLHOQHJR :F]HQLHMSU]\SRPQLHOLP\MX* SRVWDüSDSLH*D%HQHG\NWD,; NWyU\]D]QDF]Q NZRW
OLUyZRGVSU]HGDáVZRM NRURQ NUHZQLDNRZL-DQRZL*UDFMDQRZLLGRGDWNRZR]DÄU N FyUNL SUHIHNWD5]\PX3LRWUD'DPLDQLHJRNWyU\]DND]DáRILDURZ\ZDQLDOXESU]HND]\ZDQLDSLHQL G]\Z ]ZL]NX]Z\ERUHPSDSLH*D3DSLH* %RQLIDF\ ,, PDMFQLHRJUDQLF]RQ SU]H]QLNRJRZáDG] VDPFKFLDáZ\]QDF]\üVZRMHJRQDVW SF =ZRáDáZW\PFHOXV\QRGL]PXVLáNDSáDQyZQDQLP ]JURPDG]RQ\FKDE\SU]\U]HNOL*HNROHMQ\PSDSLH*HPE G]LHGLDNRQ:LJLOLXV]3U]HFLZNRGHF\]MRP %RQLIDFHJRSURWHVWRZDáVHQDWU]\PVNLLNUyO$ODU\N:áDGFD]DWZLHUG]LáGRNXPHQWVHQDWX5]\PXL ]D*GDáDE\MHJRWUHüZ\U\üNXSU]HVWURG]HQDPDUPXURZHMWDEOLF\LZPXURZDüXZHMFLDGR%D]\OLNL ZL WHJR3LRWUD :áDQLHZWHG\XMDZQLRQR*HGXFKRZLHVWZR5]\PXE\áRZZL NV]HMF] FLVNRUXPSRZDQH 6SU]HGD* XU] GyZLJRGQRFLNRFLHOQ\FKGRW\NDáDZV]\VWNLFKV]F]HEOLKLHUDUFKLLNRFLHOQHM8MDZQLRQR *HRQLHOHJDOQ\PZ\ERU]HDQW\SDSLH*D'LRVNXUD GHF\GRZDOLVNRUXPSRZDQLGXFKRZQL3ODJD V\PRQLLWUDZLáD.RFLyáSU]H]W\VLFODW3DSLH* $OHNVDQGHU 9, 5RGULJRGH%RUJLD REMá WURQZF]HQLHMKRMQLHREGDURZXMFNDUG\QDáyZHOHNWRUyZSLHQL G]PLLRELHWQLFDPLLQWUDWQ\FKEHQHILFMyZ ]DUyZQRGODQLFKMDNLLFKURG]LQ3RQW\ILNDWSDSLH*D6HUJLXV]D ,, E\áRNUHVHPV]F]HJyOQHJR UR]NZLWXV\PRQLLLQHSRW\]PX6DPFK WQLHVSU]HGDZDáEHQHILFMDNRFLHOQHGRFKRG\FKRZDMFGR ZáDVQHMNLHV\%UDWD%HQHG\NWDPLDQRZDáELVNXSHP$OEDQRLREGDU]\áJRW\WXáHPNDUG\QDOVNLP %HQHG\NWQLHFLHV]\áVL QDMOHSV] RSLQLJáyZQLH]SRZRGXPDáRPRUDOQHJRSURZDG]HQLDVL %\á QDWRPLDVWQLH]Z\NáHERJDW\%RJDFWZRWRSRFKRG]LáRJáyZQLH]KDQGOXXU] GDPLNRFLHOQ\PLL ELVNXSVWZDPL3U]HNXSVWZRLLQWU\JLRSDQRZDáSRPLVWU]RZVNXLZWHQZáDQLHVSRVyEGRV]HGáGR JRGQRFLFHVDUVNLHJRSU]HGVWDZLFLHODZ5]\PLH1RZ\XU]GSR]ZROLáPXWHUD]QDKDQGHOQLHW\ONR JRGQRFLDPLNRFLHOQ\PLDOHWDN*HZLHFNLPL]QDGDQLDFHVDUVNLHJR%HQHG\NWERJDFLáVLHELHLVZRMHJR SDSLHVNLHJREUDWD&] ü]W\FKERJDFWZZSDGáDZU FH6DUDFHQyZNWyU]\Z URNXRGVWURQ\PRU]D 7\EUHPSRGSá\Q OLGREUDP5]\PXVSOGURZDOLRNUDGOL:DW\NDQL%D]\OLN Z3LRWUDSRáR*RQH ZyZF]DVSR]DJáyZQ\PLPXUDPLPLDVWD0X]XáPDQLHGDOLSDSLHVNLHMURG]LQLHQDXF]N *HÄ]
QLHSUDZQHJRGRE\WNXQLHPDSR*\WNX6]F]\WQHSRW\]PXLV\PRQLLZSLHUZV]\PW\VLFOHFLX FKU]HFLMDVWZDSU]\SDGáQDRVWDWQLH ODWRZHMHSRNL%\áWR]UHV]W F]DVQDMZL NV]HJRSRQL*HQLDL XSDGNXSDSLHVWZD:VSRPLQDOLP\RZLHOXIDNWDFK]W\FKF]DVyZZSRSU]HGQLFKUR]G]LDáDFK 3DSLH* -DQ ;9 FKRFLD* VDPJRUFRSRSLHUDáNOXQLFN UHIRUP .RFLRáDQLJG\RVZRMHM URG]LQLHQLH]DSRPQLDáSRGREQLHMDNRSRSLHUDMF\FKJRURGDFK3U]HFLZQLHVWURQQLFWZRSRGZRG] -DQD .UHVFHQFMXV]D ,, ZáDQLH]WHJRSRZRGXSRGEXU]\áRSU]HFLZSDSLH*RZLOXGU]\PVNL]PXV]DMFJRGR XFLHF]NLL]ZUyFHQLDVL RSRPRFGRFHVDU]D2WWRQD,,,3DSLH* RNU*\áPLDVWRZUDFDMFGR QDF]HOH ZRMVNFHVDUVNLFK *DOHUL SDSLH*\RVNDU*RQ\FKRV\PRQL LQHSRW\]P]QDMG]LHP\QDNDUWDFKZLHONLHJRG]LHO 'DQWHJR %RVND.RPHGLD:SLHUZV]HMF] FLÄ3LHNáR'DQWHXPLHFLáPL G]\LQQ\PL0LNRáDMD,,, ] URGX2UVLQLFK]DQLHSRKDPRZDQ FKFLZRüSU]HNXSVWZRLIDZRU\]RZDQLHF]áRQNyZURG]LQ\0LNRáDM,,, E\áV\QHP]QDQHJRQDPMX* VHQDWRUDU]\PVNLHJR0DWWHR5RVVR2UVLQLHJRNWyU\]DP\NDMFNDUG\QDáyZ SRGNOXF]HP]PXVLáLFKGRV]\ENLHMHOHNFMLQRZHJRSDSLH*DGDMFW\PVDP\PSRF]WHNRELRUXQDVW SF\ ZL WHJR3LRWUDZWUDNFLHNRQNODZH0LNRáDM,,,LQWHUHV\2UVLQLFKVWDZLDáSRQDGLQWHUHV\.RFLRáD =DFKRZDá\VL V]W\FK\SU]HGVWDZLDMFHZLHONLQHSRW\]PSDSLH*DNDUPLFHJRQLHQDV\FRQHDSHW\W\PDá\FK QLHG(ZLDGNyZ EUDWDQNyZ :ODG\0LNRáDMD,,,SRV]HGáSDSLH* .OHPHQV 9 RNWyU\PSU]\LQQ\FKRND]MDFK ZVSRPLQDP\ZLHORNURWQLH5DMPRQG%HUWUDQGGH*RWREMáWURQQLHEH]SRGHMU]HQLD*HGRSXFLáVL
SU]HNXSVWZDZUyGNDUG\QDáyZ3RPLHUFL%HQHG\NWD ;, Z URNXZNROHJLXPNDUG\QDOVNLP]QD OD]á\VL GZDVWURQQLFWZD2UVLQLFKL&RORQQyZ:NROHJLXPNDUG\QDOVNLP]DVLDGDáMHV]F]HV G]LZ\ NDUG\QDá0DWWHR5RVVR2UVLQLNWyUHPXQLHE\á\REFHDPELFMHREM FLDWURQXSDSLHVNLHJR0DWWHRE\áWH* ZXMHPLQQHJRNDUG\QDáD1DSROHRQD2UVLQLHJR UyZQLH* ]DPELFMDPLGRSDSLHVNLHMVFKHG\.RQNODZH RGE\ZDáRVL Z3HUXJLL'ZyFKNDUG\QDáyZ]URGX&RORQQyZRVNDU*RQ\FKRXG]LDáZ]DPDFKXQD SDSLH*D%RQLIDFHJR 9,,, WH* ZLG]LDáRQDSDSLHVNLPWURQLHVZRMHJRIDZRU\WD.UyO)UDQFML)LOLS ,9 3L NQ\ZZ\QLNXLQWU\JG*\áGRSU]HIRUVRZDQLDNDQG\GDWXU\NDUG\QDáDXOHJáHJRZREHFLQWHUHVyZ )UDQFML2EUDG\WUZDá\MHGHQDFLHPLHVL F\'RSLHURUHDNFMDPLHV]NDFyZ3HUXJLLNWyU]\]DJUR]LOL*H SU]HVWDQ GRVWDUF]Dü*\ZQRüREUDGXMF\PVNáRQLáDHOHNWRUyZGRZ\ERUXNDUG\QDáDZ\ZRG]FHJRVL ] VRMXV]X)UDQFMLL2UVLQLFK:\EUDQR5DMPRQGD%HUWUDQGDGH*RW1LHE\áRQMHGQDNF]áRQNLHPNROHJLXP NDUG\QDOVNLHJR Z\ERUXGRNRQDQRSRGMHJRQLHREHFQRü=GDMHVL *HLQLFMDWRUHPZ\ERUXE\áURG]RQ\ EUDWSU]\V]áHJRSDSLH*DIUDQFXVNLNDUG\QDáGH*RW1LFZL FG]LZQHJR*HZ\EUDQ\ZWDNLFK RNROLF]QRFLDFK.OHPHQV 9 PXVLDáRGZG]L F]\üVL ]DVZyMXU]G6LHG]LE SDSLHVWZDSU]HQLHVLRQRGR $ZLQLRQXNROHMQLQDVW SF\ZL WHJR3LRWUDSU]HFLJDOLVL ZQHSRW\]PLHLERJDFHQLXZáDVQ\FKURG]LQ 3U]\NáDGGDZDáZáDQLH.OHPHQV 9 REGDURZXMFW\WXáDPLNDUG\QDOVNLPLSL FLXNUHZQ\FKDNROHMQ\P RILDURZXMFFREDUG]LHMLQWUDWQHELVNXSVWZD 2NUHVQLHZROLDZLQLRVNLHMSDSLH*\]DSRF]WNRZDQ\SU]H].OHPHQVD 9 VNRF]\SDSLH* *U]HJRU] ;, 3LHUUH5RJHUGH%HDXIRUW NWyU\NDUG\QDáHP]RVWDáPDMFVLHGHPQDFLHODWMDNRQHSRW SDSLH*D.OHPHQVD 9, *U]HJRU];, SDSLH*HP]RVWDáMX* ZSLHUZV]\PGQLXJáRVRZD ZWUDNFLHNRQNODZHL E\áRVWDWQLP)UDQFX]HPQDWURQLHZL WHJR3LRWUD : URNXSREDUG]RNUyWNLPMHGQRGQLRZ\PNRQNODZHWURQSDSLHVNLREMá3L WUR%DUERSU]\MPXMF LPL 3LXVD ,,*G\PLDá ODWDMHJRZXM EUDWPDWNLSDSLH* (XJHQLXV] ,9 REGDURZDáJR NDUG\QDOVN SXUSXU%LVNXSHPE\áMX*NLHG\PLDáVLHGHPQDFLHODW:SU]HGG]LH NRQNODZH NDUG\QDáRZLHQLH]DGRZROHQL]URVQFHMSR]\FMLSDSLH*DL]QHSRW\]PX]PDUáHJR3LXVD ,, WHQZSUDZG]LH REGDURZ\ZDáURG]LQ Z\VRNLPLXU] GDPLDOHQLHXSRVD*\áLFKZSLHQLG]HNRV]WHP.RFLRáD RJáRVLOLZ SXQNWDFKNDSLWXODFM GRNWyUHMSRZ\ERU]HPXVLDá]DVWRVRZDüVL SU]\V]á\SDSLH*:NDSLWXODFML XVWDORQRPL G]\LQQ\PLOLF]E NDUG\QDáyZQD ]ZRáDQLHVRERUXSRZV]HFKQHJRUR]SRF] FLHZRMQ\] 7XUNDPLUHIRUP NXULLDSU]HGHZV]\VWNLPVSRVyERGQRV]HQLDVL SDSLH*DGRNDUG\QDáyZ:HGOHRVWDOH
RGNDUG\QDáDZ\PDJDQRXNRF]HQLD URNX*\FLDDRGSDSLH*DREGDURZDQLDSXUSXU ]DOHGZLHMHGQHJR ]HVZRLFKEOLVNLFK.DUG\QDáRZLHPXVLHOLE\üZHGáXJ]DVDGWHMNDSLWXODFMLDOERSUDZQLNDPLDOER WHRORJDPL7U]\GQLSRZ\ERU]H3LXV ,, XQLHZD*QLáZF]HQLHMV] NDSLWXODFM L]PXVLáNDUG\QDáyZGR SRVáXV]HVWZDZHGOHVWDU\FK]DVDG6DPE\áRVRE GRüSUy*Q=GDZDáVRELHVSUDZ ]]DOHWVZRMHMXURG\ FKFLDá]UHV]W ]WHJRSRZRGXSU]\MüLPL )RUPR]XV&KFLDáDE\ZV]\VF\]DFKZ\FDOLVL QLHW\ONRMHJR XURGDOHLVWURMHP-HJRSDSLHVNDWLDUDE\áDFK\EDQDMGUR*V]\PVWURMHPNRURQDF\MQ\PQDZLHFLH3LXV,, ND]DáR]GRELüM NDPLHQLDPLV]ODFKHWQ\PLNWyU\FKZDUWRüRV]DFRZDQRQDDVWURQRPLF]Q NZRW W\VL F\]áRW\FKIORUHQyZ 1DVW SF 3LXVD ,, ]RVWDá)UDQFHVFRGHOLD5RYHUH 6\NVWXV,9 RNWyU\PMX* WDN*H ZVSRPLQDOLP\ +LVWRU\F\NRFLHOQLRSLVXM 6\NVWXVD ,9 MDNRÄF]áRZLHNDRVRELFLHXF]FLZHJRFKRüÄSURZDG]FHJRQD V]HURN VNDO SROLW\N QHSRW\]PX0LDá QLHPQLHMQL* SL WQDVWXEUDWDQNyZLVLRVWU]HFyZ:VSRPLQDVL *HQLHZV]\VF\E\OLURG]RQ\PLG]LHüPLGZyFKSDSLHVNLFKEUDFLLF]WHUHFKVLyVWU%\áR]Z\F]DMHPF]DVyZ *HG]LHFLNWyUHPLDá\E\ü]URG]RQH]SDSLH*DE\á\DGRSWRZDQHSU]H]QDMEOL*V]\FKNUHZQ\FK6]HFLX] W\FKÄEUDWDQNyZ]RVWDáRNDUG\QDáDPL-HGHQ]QLFK*LXOOLDQRRWU]\PDáV]HüELVNXSVWZ]RVWDá NDUG\QDáHPDZ URNXZ\EUDQRJRQDWURQSDSLHVNLMDNR-XOLXV]D ,, 8NRFKDQ\ ÄEUDWDQHN6\NVWXVD ,9 3L WUR5LDULRRWU]\PDáF]WHU\ELVNXSVWZDLZZLHNX ODWNDSHOXV]NDUG\QDOVNL =PDUáPDMFZáDQLH]DOHGZLH ODW]Z\FLHF]HQLDPLáRVQHJRGáXJRRSáDNLZDQ\SU]H]SDSLHVNLHJR RSLHNXQD 6\NVWXV ,9 ]DGEDáWH* RSR]RVWDá\FKF]áRQNyZURG]LQ\áF]FLFKZ]ZL]NLPDá*HVNLH] QDMZD*QLHMV]\PLURGDPL,WDOLL 'RSHUIHNFMLRFKURQ LQWHUHVyZURGRZ\FKGRSURZDG]LOLQDVW SF\6\NVWXVD ,9 ,QQRFHQW\ 9,,, $OHNVDQGHU 9, ZVSRPQLDQ\MX* -XOLXV] ,, /HRQ ; 7 ]á SDVV GODRSLQLRSDSLHVWZLH]DNRF]\áGRSLHUR SDSLH* +DGULDQ 9, %\áDWRMHGQDN]DOHGZLHGZXG]LHVWRPLHVL F]QDSU]HUZD : URNXWURQREMá*LXOLRGH0HGLFL .OHPHQV 9,, 3RFKRG]Lá]HVá\QQHJRURGX 0HG\FHXV]\])ORUHQFMLMDNRQLHOXEQ\V\Q]URG]RQ\]QLHSUDZHJRáR*DSXUSXU NDUG\QDOVN RWU]\PDá GRSLHURSRZ\GDQLXVSHFMDOQHMG\VSHQV\SU]H]NUHZQLDNDSDSLH*D/HRQD ; 1DNRQNODZHPLDáGR JRGQRFLSDSLHVNLHMJUR(QHJRNRQNXUHQWD NDUG\QDáD)DPHVHNWyU\]DSRSDUFLHNUyOD.DUROD 9 WU]HP IUDQFXVNLPNDUG\QDáRP]DRIHURZDáSR W\VL F\VNXGyZ0HG\FHXV]HSRGQRV]FVWDZN X]\VNDOLWURQ GODVZRMHJRNUHZQHJR7DUJLLOLF\WDFMHRSDSLHVWZRFLJQ á\VL SU]H]SL üG]LHVLWGQL.OHPHQV 9,, ZSURZDG]LáQRZ\]Z\F]DMSRZ\ERU]HG]LHOLáPL G]\NDUG\QDáyZHOHNWRUyZVZRMHGRW\FKF]DVRZH EHQHILFMD-DNRGRUDGFDZF]HQLHMV]\FKSDSLH*\VSUDZG]DáVL QDG]Z\F]DMQLHMDNRSDSLH* E\áUDF]HM]á\P ]DU]GF=DMHJRSRQW\ILNDWXSDSLHVWZRSRSDGáRZNRQIOLW\]ZLHONLPLGZRUDPLHXURSHMVNLPLLWRQLH W\ONRZREV]DU]HLQWHUHVyZ.RFLRáDLZLDU\1DVW SF\QLHE\OLOHSVL3DZHá,,, NDUG\QDáHP ]RVWDá]SRU F]HQLDVLRVWU\SL NQHM-XOLL)DPHVHNRFKDQNL$OHNVDQGUD 9, 6DPGRJRGQRFLNDUG\QDOVNLHM Z\QLyVáWU]HFKEUDWDQNyZDZáDVQHJRV\QD3LHUD/XLJLHJRPLDQRZDáGRZyGF ZRMVNSDSLHVNLFK -XOLXV],,, ]DVá\Qá ]QDGDQLDJRGQRFLNDUG\QDOVNLHMSL WQDVWROHWQLHPXFKáRSFXNWyU\ RSLHNRZDáVL PDáSDPL-HJRZLWREOLZRFL2ORVDFKNDUG\QDáD,QQRFHQWHJR]E\WSRGREQHJRGRSDSLH*D -XOLXV]DZVSRPQLP\ZUR]G]LDOH3DSD]QDF]\RMFLHF 3DZHá ,9 *LDQ&DUDID SDSLH*HP]RVWDáZZLHNX ODW.DULHU GXFKRZQ UR]SRF]á SRGRSLHN ZXMDVá\QQHJRNDUG\QDáDLYLHUD8ZD*DQ\E\á]DZURJDZV]\VWNLHJRFRKLV]SDVNLH-DNR SDSLH* ]DVá\Qá]G*HQLDGR*\FLDZDVFH]LHXEyVWZLH%\áEH]Z]JO GQ\LSRSU]H]LQNZL]\FM ]FDá PRF SU]HODGRZDáSU]HFLZQLNyZ.RFLRáD 2G]QDF]DáVL VXURZRFL ZREHMFLX:\]QDZDáQDZHWSRJOG*HÄJG\E\MHJRURG]RQ\RMFLHF GRSXFLáVL QDMGUREQLHMV]HMKHUH]MLQLH]DZDKDáE\VL DQLSU]H]FKZLO LZáDVQ\PLU NDPLZ]QLyVáE\MHJR
VWRV :WURVFHR.RFLyáLZLDU *\áZXEyVWZLHLSRNRU]H=DG]LZLDMFHMHVW*HWDNLVSRVyE*\FLDWH* QLH XFKURQLáSDSLH*DSU]HGQHSRW\]PHP&]XáVL EH]SLHF]Q\W\ONRZRWRF]HQLXVZRMHMURG]LQ\ 7U]HMMHJREUDWDQNRZLH]RVWDOLNDUG\QDáDPL-HGHQ]QLFK&DUOR&DUDIDRNU\áVL ZLHON QLHVáDZ 3U]\SLV\ZDQRPXZV]\VWNLHQDMJRUV]HFHFK\LPHWRG\SRVW SRZDQLD%\áEH]Z]JO GQ\FKFLZ\ SURZDG]LáVNDQGDOLF]Q\WU\E*\FLD%\áSU]\W\PVHNUHWDU]HPVWDQX-HJRZLWREOLZRFL3DSLH* RPDOQLH Z\]LRQáGXFKDNLHG\SU]HNRQDáVL RQLNF]HPQ\PSRVW SRZDQLXNUHZQLDND 6WDU\SDSLH* Z\U]XFLá]5]\PX ELVNXSyZNWyU]\SU]HE\ZDOLWDPEH]SUDZQLHSRRSXV]F]HQLX ZáDVQ\FKGLHFH]ML :\JQDQRWDN*HNVL *\LPQLFKyZNWyU]\EH]FHOXSU]HE\ZDOLZ:LHF]Q\P0LHFLH-DNQLHPDOQLJG\ SU]HGWHPSU]HS G]DQR]PLDVWDSURVW\WXWNLDNWRUyZWHDWUyZXOLF]Q\FKLF\UNRZFyZ)\GyZ]DPNQL WRZ JHWFLH1DZHWNDUG\QDáRZLH EUDWDQNRZLHSDSLH*DQLHXVWU]HJOLVL MHJRJQLHZX VND]DQL]RVWDOLQD Z\JQDQLH.DUG\QDáRZLH EUDWDQNRZLH3DZáD ,9 QDMEDUG]LHMXFLHUSLHOL]UN3LXVD ,9 NWyU\NDUG\QDáD $OIRQVRVND]DáQDZ\JQDQLHQDV]DIRFLHFLáNDUG\QDáD-DQDDNDUG\QDáD&DULDXZL ]LáLND]DáXGXVLüZ =DPNXZL WHJR$QLRáDPLPRL* WHQJáRVRZDáQDQLHJRZF]DVLHNRQNODZH =XSHáQLHLQQHJRFKDUDNWHUXE\áQDVW SQ\SDSLH*3LXV ,9 ]URGX0HG\FHXV]\ *LRYDQQL $QJHOR3U]HGREM FLHPSDSLHVNLHJRWURQXLMDNVL ]GDMHWDN*HSy(QLHM0LDáF]ZRURQLHOXEQ\FKG]LHFL SDWU]UR]G]LDá 3DSDPRF]\RMFLHF .DUG\QDáDPL]QRPLQDFML3LXVD ,9 ]RVWDOLSRWRPNRZLHMHJRWU]HFK VLyVWU1DM]QDPLHQLWV]\PNDUG\QDáHP QHSRWHPRND]DáVL .DURO%RURPHXV] ZL W\.RFLRáD 3RZV]HFKQHJRMHGQD]QDMSL NQLHMV]\FKSRVWDFLZMHJRKLVWRULL'RRVRE\NDUG\QDáD%RURPHXV]DMHV]F]H ZUyFLP\ 7\ONRMHGQHJRQHSRWDIDZRU\]RZDáSDSLH* 3LXV 9 1DU]XFLáPXQDZHWDVFHW\F]Q\WU\E *\FLD +LSROLW$OGREUDQGLQL]RVWDáSDSLH*HPZ URNXSU]\MPXMFLPL .OHPHQVD 9,,, %\á PL G]\LQQ\PLOHJDWHPSDSLHVNLPZ3ROVFHZODWDFK -DNRNDUG\QDá]GHF\GRZDQLHNU\W\NRZDá SUDNW\NLGRWNQL W\FKQHSRW\]PHPSDSLH*\6DPMHGQDNQLHZ\VWU]HJáVL SRNXV\DE\Z\QLHüGR QDMZ\*V]\FKJRGQRFLZ.RFLHOHVZRLFKEOLVNLFKNUHZQ\FK&]WHUHFK]QLFKX]\VNDáRNDSHOXV]H NDUG\QDOVNLH'ZDMEUDWDQNRZLH&LQ]LRL3LHWUR]RVWDMFNDUG\QDáDPLZVSyOQLHVWDQ OLQDF]HOH VHNUHWDULDWXVWDQX6]F]HJyOQLH3LHWURFLHV]\áVL ]DXIDQLHP-HJRZLWREOLZRFL=RVWDáNDUG\QDáHP PDMF ODWD5D]HP]SDSLH*HPGHF\GRZDá]DUyZQRZVSUDZDFKNRFLHOQ\FKMDNL3DVWZD .RFLHOQHJR=DVW SRZDá2MFDZL WHJRZHZV]\VWNLFKZD*Q\FKVSUDZDFK 2EDM]DVZRMHXVáXJLRWU]\P\ZDOLWDN*HZLHONLHXSRVD*HQLH6\QLQQHJREUDWDQND]RVWDáNDUG\QDáHP PDMFF]WHUQDFLHODW :SU]HS\FKXZUyG]DEDZL]E\WNyZSDSLH* XU]G]Lá5RNZL W\-XELOHXV]RZ\ :HGáXJ NURQLNDU]\5]\PPLDáRRGZLHG]LüZWHG\WU]\PLOLRQ\SLHOJU]\PyZ3RQW\ILNDW.OHPHQVD 9,,, SRUyZQDQ\]RVWDáSU]H]SRVWURQQ\FKGRU]GyZFHVDU]D7\EHULXV]D=DWDNLHSRUyZQDQLHU]GyZ .OHPHQVD9,,, ]RVWDáVND]DQ\QDPLHUü3LFFLQDUGL]&UHPRQ\]UR]ND]XSDSLH*D3DZáD 9 &DPLOOR%RUJKHVHZ\EUDQ\]RVWDáMDNRNDQG\GDWNRPSURPLVRZ\.ROHJLXPNDUG\QDOVNLHXZLNáDQHZ VSRU\PL G]\VWURQQLFWZDPLIUDQFXVNLPDXVWULDFNLPLKLV]SDVNLPZ\EUDáRNDUG\QDáD ZLNDULXV]D 5]\PXVSRNUHZQLRQHJR].DWDU]\Q ]H6LHQ\5yG%RUJKHVHWDN*HZ\ZRG]LáVL ]H6LHQ\LGRSLHUR QLHGDZQRSU]HQLyVáVL GR5]\PX3U]\V]á\SDSLH* RWU]\PDáJUXQWRZQHZ\NV]WDáFHQLHSUDZQLF]HLGF W\PVDP\PZODG\VZRMHJRRMFD:\EUDQ\]RVWDáZ URNXLSDQRZDáGR URNXMDNR3DZHá 9 : ]DVDG]LHMHJRSRQW\ILNDWX]QDüQDOH*DáRE\]DNRU]\VWQ\GODVSUDZ.RFLRáDJG\E\QLH]DSDá]MDNLP RGGDZDáVL GODERJDFHQLDURG]LQ\3DSLHVNDIDPLOLDRWU]\PDáDW\WXáNVL* F\LZ5]\PLH]QDQDMHVWGR G]L'\QDVWL %RUJKHVH]DáR*\áV\QPáRGV]HJREUDWDSDSLH*D 0DUFDQWRQLR 3DZHá 9 Z]RUXMFVL QDVZRLFKSRSU]HGQLNDFKZLHP\E\áGHZL]LHÄ6NRUR%yJXF]\QLáQDVSDSLH*HP WU]HEDWRZ\NRU]\VWDü1LHPDOQDW\FKPLDVWSRZ\ERU]HPLDQRZDáNDUG\QDáHPQHSRWHPOHWQLHJR
VLRVWU]HFD6FLSLRQH&DIIDUHOOHJR.DUG\QDá]RVWDáVHNUHWDU]HPVWDQXLE\áSR-HJRZLWREOLZRFLGUXJ RVRE Z.RFLHOH2WU]\PDáRGKRMQHJRZXMDWDN*HQD]ZLVNR%RUJKHVHLURF]QHGRFKRG\]LQQ\FKEHQHIL FMyZRFHQLDQHQD W\VL F\GXNDWyZ 1D*\F]OLZRüZXMDPRJOLWDN*HOLF]\üEUDFLDNDUG\QDáD6FLSLRQH.DULHUDLERJDFWZRURGX%RUJKHVH E\á\]DSHZQLRQH1DV]F] FLHGODSRWRPQ\FKJáyZQHERJDFWZDURGXSU]H]QDF]DQHE\á\QDZLHONLH NROHNFMHG]LHáV]WXNLLEXGRZQLFWZR 3DPLWNGRG]L LVWQLHMFDZ5]\PLHMHVWSU]HSL NQDYLOOD%RUJKHVHMHGHQ]QDMFHQQLHMV]\FK ]DE\WNyZ:LHF]QHJR0LDVWD,QLFMDWRUHPEXGRZ\E\áZáDQLHNDUG\QDá6FLSLRQH:VSDQLDáHNROHNFMH G]LHáV]WXNLJURPDG]RQHSU]H]GZDVWXOHFLDZZLOOLLSDáDFX%RUJKHVHZ]QDF]QHMF] FL]RVWDá\ SU]HZLH]LRQHGR)UDQFML]DFHVDU]D1DSROHRQD)UDQFX]LW\PUD]HPQLHPXVLHOLJUDELüW\FKERJDFWZ 3RGDURZDáLPMH.DPLO%RUJKHVHNWyU\]RVWDáV]ZDJUHP1DSROHRQDLZWDNLKRMQ\VSRVyEFKFLDáXF]FLü ZáDGF yZF]HVQHJRZLDWD 3DZHá 9 SRGREQLHMDNRURG]LQ ]DGEDáRVSUDZ\.RFLRáD-HJRSRQW\ILNDWE\á]SHZQRFL RNUHVHP VXNFHVXJRVSRGDUF]HJRLPDWHULDOQHJRSDSLHVWZD -HJRQDVW SF ]RVWDáOHWQLNDUG\QDá$OHVVDQGUR/XGRYLVLSU]\MPXMFLPL *U]HJRU]D ;9 *U]HJRU]Z\QLHVLRQ\]RVWDáQDWURQIDNW\F]QLHSU]H]DNODPDFM ]LQLFMDW\Z\NDUG\QDáD6FLSLRQH%RUJKHVH VLRVWU]HFD]PDUáHJRSDSLH*D0yJáSRFKZDOLüVL ZLHONLPGRZLDGF]HQLHPZ]DU]G]DQLXVSUDZDPL .RFLRáD6áX*\áD* RPLXSDSLH*RPPDMFG\SORPDW\F]QHZSá\Z\ZFDáHMQLHPDO(XURSLH6DPE\á FL *NRFKRU\0XVLDáGOD]DU]G]DQLD.RFLRáHPV]XNDüSRPRF\XEOLVNLFKNUHZQ\FK*HQHUDáHP .RFLRáDPLDQRZDáVZRMHJREUDWD2UD]LRDPáRGV]HJRNX]\QDOHWQLHJR/XGRYLFR/XGRYLVLHJR PLDQRZDáNDUG\QDáHPLSRZLHU]\áPXXU]GVHNUHWDU]DVWDQX.DUG\QDá/XGRYLFRSUDNW\F]QLHVDP ]DU]G]Dá.RFLRáHP&KRU\SDSLH* DXWRU\WHWHPXU] GXZVSLHUDáJRZHZV]\VWNLFKLQLFMDW\ZDFKNWyUH NDUG\QDáSRGHMPRZDá/XGRYLFRE\áMHGQ\P]QLHZLHOXQHSRWyZZKLVWRULL.RFLRáDNWyU]\GREU]H ZSá\Q OLQDMHJRORV\-DNR]U F]Q\SROLW\NGREU\DGPLQLVWUDWRUGEDáJáyZQLHRVSUDZ\.RFLRáD :VSyOQLH]SDSLH*HP]UHIRUPRZDáVSRVyEHOHNFMLSDSLH*D: URNXXWZRU]\á.RQJUHJDFM
3URSDJDQG\:LDU\ MDNRJáyZQ LQVW\WXFM .RFLRáDGRVSUDZPLVMLLHZDQJHOL]DFMLQDURGyZ:H)UDQFML ZVSRPyJáURG]F\VL DEVROXW\]PNUyOHZVNLPLDQXMFNDUG\QDáHPVá\QQHJR$UPDQGDGH5LFKHOLHX: 3ROVFHZVSLHUDáWDN*HILQDQVRZRNUyOD=\JPXQWD,,,:D] ZZDOFH]7XUNDPL3DSLH* SU]HND]Dá3ROVFH W\VLFHVNXGyZQDXWU]\PDQLHZRMVNDE GFSRGZUD*HQLHP]Z\FL VWZDQDG7XUNDPLSRG&KRFLPLHP 0áRG\NDUG\QDáXPLDáGREU]HZ\NRU]\VWDüZLHONLHERJDFWZDNWyUHX]\VNDáG]L NLJRGQRFLQDGZRU]H SDSLHVNLP&KRüSRQW\ILNDW-HJRZLWREOLZRFLWUZDá]DOHGZLH URNX/XGRYLFRPyJá]JURPDG]Lü WDNLHVNDUE\NWyUHSR]ZDODá\PXQDRGNXSLHQLHNVL VWZD=DJDUORRGLQQHJRZLHONLHJRSDSLHVNLHJRURGX &RORQQyZ0yJáWH* ND*GHJRURNX]QDF]Q F] üX]\VNLZDQ\FKGRFKRGyZSU]H]QDF]\üQD GREURF]\QQRü&]\QLáWR]SDVM:\EXGRZDáVFKURQLVNDLMDGáRGDMQLHGODELHGRW\U]\PVNLHM*G\ XPLHUDáSDSLH* *U]HJRU] ;9 5]\PRNU\áVL SUDZG]LZ *DáRE -DN*HLQDF]HME\áR ODWSy(QLHMNLHG\XPLHUDáMHJRQDVW SFD8UEDQ 9,,, =DMHJR SRQW\ILNDWXQHSRW\]PVL JDáV]F]\WX0DIIHR%DUEHULQLSRFKRG]Lá])ORUHQFML]ERJDWHMURG]LQ\NXSLHFNLHM =QDáGREU]HZDUWRüSLHQL G]\:NUyWNLPF]DVLHZSURZDG]LáQDDUHQ KLVWRULLQRZ\UyG %DUEHULQLFK&KRü-X* ZF]HQLHM%DUEHULQLQDOH*HOLGRURG]LQEDUG]R]DVREQ\FKWRGRSLHURRSLHND ZLWREOLZHJRNUHZQLDNDZ\QLRVáDLFKQDV]F]\W\SRW JL%DUEHULQLVWDOLVL QDMZL NV]\PLSRVLDGDF]DPL ]LHPVNLPLZ3DVWZLH.RFLHOQ\PLQDFDá\PWHU\WRULXP,WDOLL8UEDQ 9,,, Z\GDáQDVZRM URG]LQ PLOLRQyZWDODUyZGRSURZDG]DMFVNDUELHFSDSLHVNLQLHPDOGRUXLQ\&KRü(XURSDVWDáDVL DUHQ QDMZL NV]HMLQDMWUDJLF]QLHMV]HMZRZHMHSRFHZRMQ\WU]\G]LHVWROHWQLHM SDSLH* EDUG]LHMLQWHUHVRZDáVL
ORVDPLNUHZQLDNyZQL* ORVDPLZDOF]F\FKSDVWZ.DUG\QDáDPL]RVWDOLPL G]\LQQ\PL
EUDWSDSLH*D$QWRQLRGZyFKEUDWDQNyZ)UDQFHVFRL$QWRQLR.ROHMQ\EUDWSDSLH*D&DUORLMHJRV\Q 7DGGHRNDULHU NRFLHOQ SR]RVWDZLOLQDERNXREHMPXMFZHZáDGDQLHZLHONLHGREUD]LHPVNLHZFDá\P 3DVWZLH.RFLHOQ\P 5]\PSRZWDU]DáÄTXRGQRQIHFHPQW%DUEDULIHFHPQW%DUEHULQL ÄF]HJRQLH]URELOLEDUEDU]\F\ ]URELOL%DUEHULQL ']LHMHNROHMQHJRSDSLH*DSU]HGVWDZLFLHODRVáDZLRQHJRURGX%RUJLyZLMHJRNUHZQLDF]NL2OLPSLL 0DLGDOFKLQLSU]HGVWDZLOLP\ZUR]G]LDOH6LHGHPNRELHWNWyUHZVWU]VQ á\:DW\NDQHP 1HSRW\]PZV]HGáQLHMDNRGRWUDG\FML.RFLRáD6WDáRVL ]Z\F]DMHP*HQDMEOL*V]\NUHZQ\SDSLH*D ]RVWDZDáEG( NDUG\QDáHPEG( RWU]\P\ZDáLQQHVWDQRZLVNDZNXULLQSGRZyGF\ZRMVNDE\ZUD]] SDSLH*HPVSUDZRZDü]DU]GQDG.RFLRáHP&] VWRQHSRFLSDSLHVF\RGSRZLHG]LDOQLE\OL]DVSUDZ\ GRF]HVQHJR3DVWZD.RFLHOQHJR1HSRW\]PSU]HWUZDáQLHPDOGRF]DVyZQDPZVSyáF]HVQ\FK:D*Q URO QDGZRU]HSDSLHVNLPRGJU\ZDOLZRVWDWQLFKG]LHVL FLROHFLDFKNVL* WD3DFHOOL NUHZQL(XJHQLD 3DFHOOHJRSDSLH*D3LXVD;,, 1LHZLHOXMHGQDNSDSLH*\SRGHMPRZDáRG]LDáDQLD]PLHU]DMFHGRZ\SOHQLHQLDSODJLQHSRW\]PXL V\PRQLL'RW\FKQDMEDUG]LHMFKOXEQ\FKZ\MWNyZQDOH*HOL]SHZQRFL 0LNRáDM ,, *HUDUGRGH%XUJXQGLLZ\EUDQ\SRGZSá\ZHPRSDWD+LOGHEUDQGDNWyU\ ]DF]áZ\ZLHUDüZLHONLZSá\ZQDVSUDZ\.RFLRáD+LOGHEUDQGSRGMá]GHF\GRZDQ ZDON ]V\PRQL L UR]GUDEQLDQLHPGyEUNRFLHOQ\FKZZ\QLNXG]LHG]LF]HQLDLFKSRSU]H]VSDGNRELHUFyZ*RQDW\FKNVL *\ :DOF]\áUyZQLH* RSU]\]QDZDQLHRVRERPZLHFNLPIXQNFMLNRFLHOQ\FK&KRFLD* JáyZQ\PFHOHPWDNLFK G]LDáD SDSLH*DE\áDIHXGDOQDRFKURQDPDMWNyZ]LHPVNLFKWRSLHUZV]\ZD*Q\NURNNXQDSUDZLH]RVWDá XF]\QLRQ\ 3DSLH* 0DUFHOL ,, 0DUFHOOR&HUYLQL PLDáQLH]Z\NOHOLF]Q URG]LQ =DEURQLáMHMMHGQDNZ RJyOHSU]HE\ZDQLDZSREOL*X5]\PX=DSRZLHG]LDáRVWU ZDON ]QHSRW\]PHP=DSHZQHZ\PLJDáE\VL
]W\FKRELHWQLFJG\E\QLHIDNW*HMHJRSRQW\ILNDWWUZDáW\ONR GQL1DG]LHMH5]\PXQDXF]FLZ\ SRQW\ILNDWZ\UD]LáZVNRPSRQRZDQHMPV]\]ZDQHMÄPV] SDSLH*D0DUFHOOHJR*LRYDQQL3DOHVWLQD : URNXSREOLVNRGZXVWXODWDFKQLHSRKDPRZDQHJRQHSRW\]PXQLHPDOZV]\VWNLFKSDSLH*\HSRNL WURQREMá%HQHGHWWR2GHVFDOFKLSU]\MPXMFLPL ,QQRFHQWHJR ;, 3RFKRG]Lá]&RPR] URG]LQ\NXSLHFNLHM3RF]WNRZRUR]SRF]áSUDF ZEDQNXURG]LQQ\PSy(QLHM]DUDG ]DSU]\MD(QLRQHJR NDUG\QDáDUR]SRF]áNDULHU GXFKRZQ0DMF ODWD]RVWDáNDUG\QDáHPLOHJDWHP,QQRFHQWHJR ; Z )HUUDU]H7DP]\VNDáZLHON SRSXODUQRüLRSLQL ÄRMFDELHGQ\FK3DSLH*HPPyJá]RVWDüMX* QD SRSU]HGQLPNRQNODZHZ URNX-HJRZ\ERURZLVSU]HFLZLáVL ZWHG\NUyO)UDQFML/XGZLN ;,96]Hü ODWSy(QLHMNRQNODZH WUZDáRGZDPLHVLFH'RSLHURNLHG\/XGZLNZ\FRIDáVZyMVSU]HFLZZREHF HQHUJLF]QHJRLVá\QFHJR]DXWRU\WHWXPRUDOQHJRNDUG\QDáD%HQHGHWWR]RVWDáRQZ\EUDQ\'HF\]M
NROHJLXPNDUG\QDOVNLHJR]DDNFHSWRZDáMHGQDNGRSLHURNLHG\]JRG]LOLVL RQLQDSU]\M FLHGZXQDVWRSXQN WRZHJRSURJUDPXUHIRUP.RFLRáD-DNRGHZL] SRQW\ILNDWXZ\EUDá]DZRáDQLHÄ5DWXMQDV3DQLH WRQLHP\&]\*E\WR]DZRáDQLHRG]ZLHUFLHGODáRVWDQ.RFLRáDL3DVWZD.RFLHOQHJR"2G]LHG]LF]\á ]DGáX*RQ\VNDUELHFSDSLHVNL2V]F] G]DáLQDPDZLDáGRRV]F] GQRFLZV]\VWNLFK=ZL NV]\áSRGDWNL 'RSURZDG]LáGR]QDF]QHMSRSUDZ\VWDQXILQDQVyZ.RFLRáD6NDUELHF]DSHáQLáVL QDSRZUyW-HGQ\P] QDMZD*QLHMV]\FKSU]HGVL Z]L üMDNLHSRGMáE\áDZDOND]QHSRW\]PHP=DFK FDáNDUG\QDáyZGR SRGREQHMSRVWDZ\DE\]UH]\JQRZDOL]NDUHWLHNZLSD*\2ZLDGF]\áZáDVQHMURG]LQLHDE\QLHRF]HNLZDáD RGQLHJR*DGQ\FKSU]\ZLOHMyZLGDUyZ2JURPQHSLHQLG]HSU]H]QDF]\áQDZRMQ ]PX]XáPDVN 7XUFM 3URZDG]LáVXURZ\WU\E*\FLDLWDNL]DOHFDáZV]\VWNLP2WDF]DáRSLHN ELHGRW ZFDá\PSDVWZLH=PDUáZ VLHUSQLX URNX1LHPDOQDW\FKPLDVWSRPLHUFL]DF]áVL V]HU]\üNXOWSDSLH*D JáyZQLHZUyGOXG]L NWyU\PSU]H]FDáH*\FLHSRPDJDá:URNX UR]SRF] WRSURFHVNDQRQL]DF\MQ\NWyU\ZREHFVSU]HFLZX )UDQFML]RVWDá]DQLHFKDQ\QDEOLVNR ODW.DQRQL]RZDQRJRRVWDWHF]QLHZ URNXDEHDW\ILNRZDQ\ ]RVWDáZ URNX]DSDSLH*D3LXVD ;,,
:UyGNDUG\QDáyZQHSRWyZQDMZL NV]H]DVáXJLGOD.RFLRáDSRáR*\á.DURO%RURPHXV]8URG]LáVL Z URNX-HJRPDWN E\áDVLRVWUDSDSLH*D3LXVD ,9 RW\PSDSLH*XZVSRPLQDOLP\ZZLHOXPLHMVFDFK NVL*NL =RVWDáNDUG\QDáHPZZLHNX ODWZUD]]GZRPDVZRLPLNUHZQ\PL V\QDPLVLyVWUSDSLH*D: URNXPDMF ODW]RVWDáWDN*HDUF\ELVNXSHP0HGLRODQX]QRPLQDFMLSDSLH*D3LXVD 9 .DUROE\áVH NUHWDU]HP3DVWZD.RFLHOQHJRLJáyZQ\PLQLFMDWRUHPUHIRUPSRGM W\FKSU]H]SDSLH*D=DMHJRVSUDZ SRG]LHVL FLXODWDFKSU]HUZ\Z]QRZLRQRREUDG\6RERUX7U\GHQFNLHJR&KRFLD* SDSLH* GR7U\GHQWXQLH SU]\MHFKDá UHSUH]HQWRZDáJRLUHIRUP\ZSURZDG]DáZáDQLH.DURO%RURPHXV]3RVW S\NDOZLQL]PXZH )UDQFML]PXVLá\UHIRUPDWRUyZ.RFLRáDGRSRGM FLDJUXQWRZQHMRGQRZ\QD6RERU]H7U\GHQFNLP =DUyZQRGRNRF]HQLHVRERUXMDNLZSURZDG]HQLHZ*\FLHMHJRXFKZDáE\áRG]LHáHP.DUROD %RURPHXV]D.DUG\QDáVWRMF\QDF]HOHNRFLHOQHJRVWURQQLFWZDUHIRUPDWRUyZGRSURZDG]LáGRZ\ERUX SRPLHUFL3LXVD ,9 SDSLH*D3LXVD 9 DSy(QLHMZVSLHUDáNROHMQHJRSDSLH*D*U]HJRU]D ;,,, :SURZDG]DMFZ*\FLHXFKZDá\VRERUXWU\GHQFNLHJRRGQRZLá GXV]SDVWHUVWZR'EDáR*\FLH UHOLJLMQHZVZRMHMGLHFH]ML:VSLHUDáMH]XLWyZNV]WDáFLáNVL *\=DáR*\áPL G]\LQQ\PLSLHUZV]H VHPLQDULXPGXFKRZQH2UJDQL]RZDáQDXN UHOLJLLGODG]LHFL%\áIDNW\F]Q\PWZyUF GXV]SDVWHUVWZD SDUDILDOQHJRNWyUHJR]DVDGQLF]H]U E\]DFKRZDQH]RVWDá\GRG]L3URZDG]LáV]HURN G]LDáDOQRü FKDU\WDW\ZQV]F]HJyOQLHZUyGG]LHFL%\áSDWURQHP]DáR*RQHJRZH)UDQFMLZ ;9,, ZLHNX]DNRQXVLyVWU ERURPHXV]HN=RVWDáNDQRQL]RZDQ\Z URNX%\áQLHVWHW\Z\MWNLHP ZLHONLPLZ\ELWQ\P DOH Z\MWNLHPZOLF]QHMU]HV]\SDSLHVNLFKQHSRWyZ
52='=,$à 9,,, 3RFDáXQHNPLHUFL
1DMEDUG]LHMKDQLHEQ\PLWUDJLF]Q\PZ\GDU]HQLHPZKLVWRULLSDSLHVWZDE\áORVMDNLVSRWNDáSDSLH*D )RUPR]XVD OXEUDF]HMMHJRV]F]WNL 6SUDZDFLJQ áDVL D* SU]H]VLHGHPSRQW\ILNDWyZ7]ZÄWUXSLV\QRGSUDNW\F]QLHSL üSRFKyZNyZ ]ZáRN)RUPR]XVDLZ]DMHPQHPRUGHUVWZDSDSLH*\WR]QDNLWDPWHJRF]DVX )RUPR]XV]RVWDáSDSLH*HPZSRGHV]á\PZLHNX0LDáZWHG\ ODW-HJRGáXJLH*\FLHRZRFRZDáR EXU]OLZ\PLZ\GDU]HQLDPL)RUPR]XVVSUDZRZDáPL G]\LQQ\PLXU]GELVNXSD3RUWRE\áOHJDWHPWU]HFK SDSLH*\ZH)UDQFMLLQDWHUHQLH1LHPLHF=RVWDáPLVMRQDU]HPZ%XáJDULL]\VNXMFWDN*HSRSDUFLHMHM ZáDGFyZNWyU]\RILDURZDOLPXWDPJRGQRüPHWURSROLW\.RQNXURZDáRWURQSDSLHVNLMX* Z URNX ZUD]]-DQHP 9,,, DOHEH]VXNFHVX3DSLH* -DQZLG]FZ)RUPR]XVLHJUR(QHJRNRQNXUHQWDL SU]HFLZQLNDXVXQáJR]XU] GXELVNXSDREáR*\áHNVNRPXQLN SRG]DU]XWHP*HWHQRSXFLáELVNXSVWZR 3RUWREH]]H]ZROHQLDLXGDáVL F]\UDF]HMXFLHNáGR7UR\HV)RUPR]XVDSRW SLáWH* VSHFMDOQ\V\QRGD SDSLH* SU]HQLyVáJRGRVWDQXZLHFNLHJRL]PXVLáGRSU]\U]HF]HQLD*HQLJG\QLHZUyFLQDXU]GELVNXSLZ 3RUWR-DQREáR*\áNDU VXVSHQV\WDN*HLQQHJRSDSLH*D%RQLIDFHJR 9, ]DSURZDG]HQLH QLHJRG]LZHJR*\FLD%RQLIDF\ 9, SDQRZDá OXE GQL6\QRG]5DZHQQ\WDN*HQLHX]QDáSRQW\ILNDWX %RQLIDFHJRLND]DáXVXQüMHJRLPL ]Z\ND]XSDSLH*\%RQLIDF\MHGQDNGRG]L ILJXUXMHZNDWDORJX OHJDOQ\FKSUDZRZLW\FKSDSLH*\ :UyüP\MHGQDNGRORVyZ)RUPR]XVD-DQ]DNRF]\áVZyM*\ZRWWUDJLF]QLH%\áQLHSRSXODUQ\LPLDáZ 5]\PLHZLHOXSU]HFLZQLNyZ.LHG\]DEUDNáR-DQRZLSRSDUFLDFHVDU]DSUyERZDQRRWUXüSDSLH*DDNLHG\ SUyED]JáDG]HQLDVL QLHXGDáD]DELWRJRXGHU]HQLHPREXFKDZJáRZ 7DNLORV]JRWRZDáDPXZáDQLH URG]LQD3RPLHUFL-DQDNROHMQLGZDMSDSLH*H0DU\QXV, L+DGULDQ,,, SU]\ZUyFLOL )RUPR]XVDGRáDVN3RQRZQLHREHMPXMFELVNXSVWZR3RUWR)RUPR]XVRWU]\PDáWDN*HVWDá\SU]\ZLOHM NRQVHNURZDQLD SDSLH*\)RUPR]XVZ\ZL FLáGZyFK]QLFK Z\PLHQLRQHJRMX* +DGULDQD,,,L6WHIDQD 9 9, :áDQLHWHQIDNWSU]\ZUyFLá)RUPR]XVRZLZ\VRN SR]\FM Z.RFLHOH5]\PVNLP=RVWDá Z\EUDQ\QDXU]GSDSLHVNLZ URNXG]L NLSRSDUFLXFHVDU]D=PDUáZ URNXZHGáXJQLHNWyU\FK KLVWRU\NyZ]RVWDáRWUXW\ 3RNUyWNLPSRQW\ILNDFLH%RQLIDFHJR 9, SDSLH*HP]RVWDá6WHIDQ 9,9,, 6WHIDQFKRüU]G]Lá W\ONR PLHVL F\]DSLVDáVL ZKLVWRULL.RFLRáDQDMEDUG]LHMRGUD*DMF\PSRVW SNLHP=ZL]DQ\ E\á]H VWURQQLFWZHP6SROHWDQ/DPEHUWD]H6SROHWR ZVSyáFHVDU]D1LHPyJáZ\EDF]\ü)RUPR]XVRZL*HWHQ F]WHU\ODWDZF]HQLHMNRURQRZDáQDFHVDU]DNUyOD$PXOID]%DZDULLSU]HFLZNR/DPEHUWRZL6SROHWDQLHQLH Z\EDF]\OL)RUPR]XVRZLQLJG\WHM]GUDG\1DGV]HGáF]DV]HPVW\3RG]DU]XWHPREM FLDWURQXSDSLHVNLHJR ZEUHZSUDZX6WHIDQ]ZRáDáZ URNXV\QRGU]\PVNL2VNDU*RQ\PPLDáE\ü)RUPR]XVJG\E\QLHIDNW *HWHQMX* QLH*\áRGG]LHZL FLXPLHVL F\ =DU]XWSROHJDáQDW\P*H)RUPR]XVE\áELVNXSHP3RUWRL]JRGQLH]GHF\]MDPLVRERUXQLFHMVNLHJR QLHPyJá]PLHQLüGLHFH]MLRSXV]F]DMFMHGQRELVNXSVWZRE\REMüGUXJLH%LVNXSE\á]ZL]DQ\]H VZRM GLHFH]M GRPLHUFL7RSU]HNURF]HQLHSUDZNRFLHOQ\FKQLHGRW\F]\áRW\ONR)RUPR]XVD3LHUZV]\P SDSLH*HPZG]LHMDFKNWyU\MDNRELVNXSLQQHMGLHFH]ML]RVWDáZ\EUDQ\QDXU]GELVNXSD5]\PXE\á ZVSRPQLDQ\MX* 0DU\QXV,6DPRVNDU*\FLHOSDSLH* 6WHIDQ 9,9,, WDN*HE\áELVNXSHPQLP]RVWDá SDSLH*HP%\áGRWHJRV\QHPNVL G]D6WHIDQVZRMHELVNXSVWZR$QDJQLRWU]\PDáRG QLNRJRLQQHJRMDNRG )RUPR]XVD
6\QRGU]\PVNL]ZRáDQ\]RVWDáQDSROHFHQLH/DPEHUWD]H6SROHWR3RQLHZD* RVNDU*RQ\SDSLH* QLH*\á RGJU]HEDQRMHJR]ZáRNLXEUDQRZV]DW\SRQW\ILNDOQHSRVDG]RQRQDWURQLHLVG]RQRSU]H]WU]\GQL 5R]SRF]áVL QDMEDUG]LHM ]DG]LZLDMF\SURFHVZKLVWRULL2F]\ZLFLH)RUPR]XVDX]QDQR]DZLQQHJR -HJRSRQW\ILNDW]DQLHOHJDOQ\DXG]LHORQHZL FHQLDLSU]\ZLOHMH]DQLHZD*QH7UXSRZL)RUPR]XVD RGUEDQRWU]\SDOFHSUDZHMU NLNWyU\PLQDPDV]F]DáQDFHVDU]DNUyOD$PXOID]GDUWR]QLHJRV]DW\L ZU]XFRQRGR]ELRURZHMPRJLá\]ELHGDNDPL7RQLHZ\VWDUF]\áR6WHIDQRZL3RNLONXGQLDFKSRQRZQLH RGNRSDQRV]F]WNL)RUPR]XVDLNRFLZU]XFRQRGR7\EUX+DQLHEQ\SRVW SHN6WHIDQDZ]EXU]\áOXG U]\PVNLDV]F]HJyOQLHW\FKNWyU]\GRVWSLOLáDVN)RUPR]XVD:5]\PLHSU]HFLZNRSDSLH*RZLZ\EXFKá\ ]DPLHV]NL3RPLHVL F]Q\FKZDONDFK6WHIDQDXZL ]LRQRLXGXV]RQRZVLHUSQLX URNX 3DSLH*HP]RVWDá5RPDQ EUDWQLHGDZQHJRSDSLH*D0DU\QXVD,6]F]WNL)RUPR]XVD]RVWDá\QD SROHFHQLHSDSLH*DZ\áRZLRQH]7\EUXLSRFKRZDQHQDEU]HJXU]HNL3RF]WHUHFKPLHVLFDFKSRQW\ILNDWX 5RPDQDQDVWDáF]DVMHV]F]HNUyWV]HJRSDQRZDQLDSDSLH*D7HRGRUD ,, GQL 7HRGRUQDV\QRG]LH U]\PVNLP VG]LH)RUPR]XVD RWZDUFLHVWDQáSRVWURQLHRVNDU*RQHJRSDSLH*D 6]F]WNL)RUPR]XVD]RVWDá\NROHMQ\UD]HNVKXPRZDQHLW\PUD]HPQDSROHFHQLHSDSLH*DSRFKRZDQH] ZV]HONLPLKRQRUDPLZ%D]\OLFHZL WHJR3LRWUD3DSLH* QDUD]LáVL VURG]HWDN SRVWDZ VWURQQLFWZX 6SROHWDQ1D7HRGRUD ,, SU]\JRWRZDQR]DPDFK3DSLH* ]JLQáZQLHZ\MDQLRQ\FKRNROLF]QRFLDFK6SR OHWDQLHQDNUyWNRRGGDOLSDSLHVWZR6HUJLXV]RZL KUDELHPXQD7XVNXOXPNWyU\MHGQDNXU] GXQLH]GRáDá XWU]\PDü3DSLH*HP]RVWDáZL F-DQ ,; ]SURWHNFML/DPEHUWD]H6SROHWR'RGDMP\*H Z\PLHQLRQ\6HUJLXV]]RVWDQLHSRQRZQLHSDSLH*HPZNLONDODWSRW\FKZ\GDU]HQLDFK 6HUJLXV],,, /RVZGDOV]\PFLJXQLHRV]F] G]Dá)RUPR]XVD=DSRQW\ILNDWX-DQD ,; DNWDV\QRGXÄWUXSLHJRVSDORQR 6HUJLXV],,,SRQRZQLHSRW SLá)RUPR]XVDXQLHZD*QLáZV]\VWNLHQDGDQHSU]H]QLHJRZL FHQLDLSR]EDZLá XU] GyZGRVWRMQLNyZNRFLHOQ\FKNWyU]\RWU]\PDOLEHQHILFMDRGSRW SLRQHJRSDSLH*D6DP6HUJLXV]PLDá QDVXPLHQLXZLHOHZ\VW SNyZ=H]ZL]NX]H]QDQ QDPMX* 0DUR]L PLDáV\QD Sy(QLHMV]HJRSDSLH*D -DQD ;,DDQW\SDSLH* .U]\V]WRI ]MHJRSROHFHQLD]RVWDáXZL ]LRQ\L]DPRUGRZDQ\.U]\V]WRI WDN*HZDOF]FRWURQXZL ]LáL]PXVLáGRUH]\JQDFMLZF]HQLHMV]HJROHJDOQHJRSDSLH*D/HRQD 9 +DQLHEQHLWUDJLF]QHE\á\WRODWDGOD.RFLRáD,QQHZ\GDU]HQLD]WHMHSRNLSU]HOHG]LOLP\ZUR]G]LDáDFK 6LHGHPNRELHWNWyUHZVWU]VQ á\:DW\NDQHP L3DSD]QDF]\RMFLHF1DSRQDG ODWQDG.RFLRáHP ]DZLVQ á\F]DUQHFKPXU\]DSDQRZDáDQRFÄSDSLH*\SU]HNO W\FK+LVWRULDÄVGRZQLFWZDQLH]QDUyZQLH RGUD*DMFHJRSU]\NáDGX G]LDáDQLDÄVSUDZLHGOLZRFL 3U]HQLHP\VL MHGQDNQDFKZLO ZGDOHN SU]\V]áRü-HVW ZU]HQLD URNX1DJOHSR GQLDFK SRQW\ILNDWXXPLHUDVDPRWQLH-DQ3DZHá,2ILFMDOQ SU]\F]\Q ]JRQXE\áRVWU\]DZDáVHUFD-HGQDN*H QLHPDOQDW\FKPLDVWSRMDZLá\VL SRJáRVNLRLQQ\FKQLHQDWXUDOQ\FKSU]\F]\QDFKPLHUFLSDSLH*D3LHUZV]H JRG]LQ\SRVWZLHUG]HQLX]JRQXREILWRZDá\ZZLHOH]DJDGNRZ\FKLQLHZ\MDQLRQ\FKGRG]L Z\GDU]H 1LHSU]HSURZDG]RQRVHNFML]ZáRN=ZáRNL]DEDOVDPRZDQRQLHPDOQDW\FKPLDVW PLPRLQQ\FKSU]HSLVyZ ZWHMVSUDZLH)LUPDRGSRNROH ]DMPXMFDVL SU]\JRWRZDQLHPGRF]HVQ\FKV]F]WNyZSDSLH*\GR SRFKyZNX]RVWDáDZH]ZDQDGR:DW\NDQXMHV]F]HSU]HGRILFMDOQ\PVWZLHUG]HQLHP]JRQX=DJDGHNE\áR PQyVWZR:LHü*HSDSLH* ]RVWDáRWUXW\SRWZLHUG]RQD]RVWDáDZLHORPDDUJXPHQWDPL3U]\F]\Q ]DPDFKXQDSDSLH*DPLDá\E\üRF]\ZLFLHSLHQLG]HZ]ZL]NX]W]ZDIHU Z%DQNX$PEUR]MDVNLPR W\PMHGQDNZLQQHMF] FLNVL*NL 6SRUyG X]QDQ\FK]DSUDZRZLW\FKSDSLH*\V]HFLX]RVWDáR]DPRUGRZDQ\FKGZyFK]JLQ áR ZVNXWHNUDQRGQLHVLRQ\FKZF]DVLH]DPLHV]HNMHGHQ]JLQáZZ\QLNXQLHV]F] OLZHJRZ\SDGNX 3U]\QDMPQLHMZGZXG]LHVWXGDOV]\FKSU]\SDGNDFK ZáDQLHMDNZ]ZL]NX]HPLHUFL -DQD3DZáD, RNROLF]QRFLPLHUFLZVND]\ZDá\QDQLHQDWXUDOQ SU]\F]\Q RGHMFLD-HJRZLWREOLZRFL 7UDJLF]Q\ORVVSRWNDáGRF]HVQHV]F]WNLMHV]F]HSU]\QDMPQLHMGZyFKSDSLH*\LMHGQHJRDQW\SDSLH*D
3RGREQ\ORVVSRWNDáV]F]WNLSDSLH*D'LRVNXUD 5\ZDOL]RZDáRQRELVNXSVWZRU]\PVNLH] %RQLIDF\P ,, :JUXQFLHU]HF]\FKRG]LáRRZSá\Z\Z5]\PLHNUyOHVWZD*RWyZLFHVDUVWZD EL]DQW\MVNLHJR2EDMSUHWHQGHQFLUHSUH]HQWRZDOL]ZDOF]DMFHVL VWURQQLFWZDSROLW\F]QH:WU]\W\JRGQLH SRZ\ERU]H]PDUáMHGQDN'LRVNXU6SUDZDZ\GDZDáDE\VL ]DáDWZLRQD%RQLIDF\ ,, ]RVWDáVDPQDSROX ELWZ\=GHF\GRZDáMHGQDN*HRGE G]LHVL VGQDG]PDUá\PSDSLH*HP3DSLH* ]HEUDáV]HüG]LHVL FLX ELVNXSyZE\RVG]LOLÄ]ZáRNLSDSLH*D2F]\ZLFLHZ\URNPyJáE\üW\ONRVND]XMF\'LRVNXU]RVWDá HNVNRPXQLNRZDQ\DELVNXSL V G]LRZLHGRNXPHQW]HNVNRPXQLN PXVLHOLV\JQRZDü2GUD*DMF\SR VW SHN%RQLIDFHJR ,, SRZV]HFKQLH]RVWDáSRW SLRQ\3DSLH* $JDSLW, Z\URNDQXORZDáD GRNXPHQWHNVNRPXQLNDF\MQ\ND]DáSXEOLF]QLHVSDOLü NZLHWQLD URNX]PDUáSDSLH* .OHPHQV 9 5DMPRQG%HUQDUGGH*RW]SRFKRG]HQLD )UDQFX]3DSLH*PLPRNLONXSUyE]DFKRZDQLDQLH]DOH*QRFLFDáNRZLFLHSRGSRU]GNRZDáVL LQWHUHVRP GZRUXIUDQFXVNLHJR=MHJRSRQW\ILNDWHPZL*VL GZDZLHONLHZ\GDU]HQLD3RGZSá\ZHPNUyOD)UDQFML )LOLSD3L NQHJRSRVWDQRZLáSU]HQLHüVZRM VWROLF GR$ZLQLRQX3RQLPXF]\QLáRWDNVDPRNROHMQ\FK V]HFLXSDSLH*\1LHZRODDZLQLRVNDWUZDáDSUDZLH ODWDVNXWNLVFKL]P\VL JQ á\D* SRURN 6SDOHQLHQDVWRVLH:LHONLHJR0LVWU]D=DNRQX6]SLWDODZL WHJR-DQDZ-HUR]ROLPLH]ZDQHJR 7HPSODULXV]PLRGSLHUZRWQHMLFKVLHG]LE\ ZLW\QLWHPSOXP6DORPRQDZ-HUR]ROLPLH E\áR ]DSRZLHG]L SU]\V]á\FKORVyZSDSLH*D)LOLS3L NQ\]DSHZQHRSDQRZDQ\*G] ]DJDUQL FLDOHJHQ GDUQHJRPDMWNX7HPSODULXV]\SRGMá]=DNRQHPZDON PLPRL* MHV]F]HQLHGDZQRVDPSDSLH* LNUyO SU]\MPRZDOL]ZLHONLPLKRQRUDPLQDVZRLFKGZRUDFK:LHONLHJR0LVWU]D-DNXEDGH0ROD\.UyO ]JRWRZDáGOD=DNRQXSRGREQ\ORVMDNLZF]HQLHM]DIXQGRZDáIUDQFXVNLP)\GRP]DJUDELDMFLFKPDMWNL 3DSLH* SRF]WNRZRRVWURVSU]HFLZLáVL SU]HODGRZDQLRP=DNRQX.UyOQDF]HOHQLHZLHONLHJRRGG]LDáX ]EURMQHJRÄRGZLHG]Lá-HJRZLWREOLZRü]DU]XFDMFPXQHSRW\]PFRE\áR]UHV]W SUDZG MDNL ÄEUDWDQLHVL ]ZURJDPLZL WHM0DWNL.RFLRáD3RGQDSRUHPWDNLFK]DU]XWyZLSRGZUD*HQLHPVLá\ DUJXPHQWXNUyOHZVNLHJRRGG]LDáX]EURMQHJRSDSLH* V]\ENR]PLHQLá]GDQLHLRGWGZVSyOQLH]NUyOHP SU]HODGRZDOL7HPSODULXV]\.OHPHQV 9 RJáRVLáQDZHWVSHFMDOQ EXOO Z\FKZDODMF NUyOD)UDQFML]D G]LDáDQLDSU]HFLZNR=DNRQRZL:LHONL0LVWU]]RVWDáDUHV]WRZDQ\WRUWXURZDQ\LVND]DQ\QDPLHUü SRSU]H]VSDOHQLHQDVWRVLH(J]HNXFMDPLDáDRGE\üVL QDZ\VSLHQD6HNZDQLH6WDUDQQLHSU]\JRWRZDQ\ VWRVE\áPLHMVFHPND(QL:LHONLHJR0LVWU]D.LHG\-DNXEGH0ROD\NRQDáQDVWRVLH -HJRQRJL]DMáMX* RJLH ZH]ZDáNUyODLSDSLH*DDE\ZFLJXURNXVSRWNDOLVL SU]HG%RJLHPQDVG]LH:LHONL0LVWU] U]XFLáWDN*HNOWZ QDNUyOyZ)UDQFMLD* GRWU]\QDVWHJRSRNROHQLD %\á PDUFD URNXZPLHVLFSRW\PZ\GDU]HQLX]PDUáSDSLH*DMHV]F]HZW\PVDP\PURNXZ QLHZ\MDQLRQ\FKRNROLF]QRFLDFK NUyO)LOLS ,9 3L NQ\.OWZDU]XFRQDQDSDSLH*DZFKZLOLNLHG\QD VWRVLHSáRQ á\QRJL:LHONLHJR0LVWU]DVSUDZG]LáDVL &LDáRSDSLH*DWDN*H]RVWDáRVSDORQHQDZHWGZX NURWQLH'EDMF\RILQDQVRZHLQWHUHV\VZRMHMURG]LQ\.OHPHQV9 VDP]RVWDá FKRüMX* SRPLHUFL GRV]F] WQLHRNUDG]LRQ\3DSLHVNLVNDUELHF]UDERZDQ\]RVWDáSU]H]]DNRQGRPLQLNDQyZ 5DERZDQRZV]\VWNRFRVL GDáR=OH*F\FKQDPDUDFKV]F]WNyZSDSLH*D]GDUWRV]DW\=ZáRNQLNW QLH SLOQRZDáQDSUDZLHQDJLHFLDáRSU]HZUyFLáDVL SDOFDZLHFD3R*DUF] FLRZRMHVSDOLá'RSLHURSR F]WHUHFKPLHVLFDFKSRFKRZDQRSDSLH*DZ8]HVQLHGDOHNRPLHMVFDJG]LHVL XURG]Lá1LHNRQLHFQDW\P :URNX KXJHQRFLZ\GRE\OL]JUREXQDGSDORQH ODWDZF]HQLHMV]F]WNLGRV]F] WQLH]QLV]F]\OL QDJUREHNSDSLHVNLHMPRJLá\DFLDáRGRUHV]W\VSDOLOL.OWZD:LHONLHJR0LVWU]DSU]HODGRZDáDSDSLH*D SU]H]ZLHNL :ODWDFK QDWURQLHSDSLHVNLP]DVLDGá3DVFKDOLV 5]\PLDQLQ%\áWRVURJLLWZDUG\ZáDGFD 3U]H]5]\PSU]HFKRG]LáDIDODWHUURUX:URJRZLHSDSLH*DJLQ OLZZL ]LHQLXWRUWXURZDQLZ\áXSLDQRLP RF]\0LPRL* SDSLH* Z\UD(QLHVSU]\MDáVWURQQLFWZXFHVDUVNLHPX]DFR]UHV]W WDN*HE\áQLHOXELDQ\Z 5]\PLH]RVWDá]PXV]RQ\SU]H]FHVDU]D/XGZLNDGRSU]\VL JLQD(ZDQJHOL *HRVRELFLHQLHXF]HVWQLF]\á ZWRUWXUDFK3DSLH* ]PDUá Z\GDMHVL PLHUFL QDWXUDOQ L]RVWDáSRFKRZDQ\Z%D]\OLFHZL WHJR
3LRWUD3RMHJRPLHUFLZPLHFLHZ\EXFKá\SRQRZQLH]DPLHV]NLXQLHPR*OLZLDMFSU]H]F]WHU\PLHVLFH Z\EyUQDVW SF\6]F]WNL]QLHQDZLG]RQHJRSDSLH*D]RVWDá\]EH]F]HV]F]RQHSU]H]5]\PLDQLZ\U]XFRQH] JUREX1DVW SQ\SDSLH*(XJHQLXV] ,, RGSUDZLáSRSU]HGQLNRZLQRZ\SRFKyZHN JU]HELF]ZáRNLZ LQQ\PNRFLHOH3DSLH* 3DVFKDOLVRJáRV]RQ\]RVWDáZL W\P.RFLRáD3RZV]HFKQHJR :KLVWRULL.RFLRáDSRMDZLáRVL GZyFKDQW\SDSLH*\RLPLHQLX:LNWRU ,9 3LHUZV]\]QLFKVSUDZRZDá IXQNFM ZURNX GUXJLZODWDFK 7\PGUXJLPE\á2WWDYLDQRGH0RQWLFHOOR0R*QDE\VL
VSU]HF]DüF]\MHJRÄSRQW\ILNDWQLHSRZLQLHQE\üX]QDQ\]DOHJDOQ\3RPLHUFL+DGULDQD ,9 Z URNXF] üNDSáDQyZSRZLHU]\áDWURQSDSLHVNLNDUG\QDáRZL5RQDOGR%RQGLQHOOHPXPQLHMV]RüRSWRZDáD ]DNDUG\QDáHP2WWDYLDQR 5HZROWDMDN WHQZ\ZRáDáQD]DZV]H]DFL*\áDQDMHJRORVLH2WWDYLDQRVDP]GDUáSáDV]F]]UDPLRQ NRQNXUHQWDL]PXVLáJRGRXFLHF]NL0LPRWRNDUG\QDá5RODQGRZF]HQLHMQL* 2WWDYLDQR]RVWDá NRQVHNURZDQ\=JRGQLH]SUDZHPJáRVZVSUDZLHZ\ERUXSDSLH*DQDOH*DáGRFHVDU]D)U\GHU\N,%DU EDURVVD]ZRáDáWHUD]VSHFMDOQ\V\QRGGR3DZLL]XG]LDáHPELVNXSyZQLHPLHFNLFKLNDUG\QDáyZ2WWDYLDQR &HVDU]X]QDá:LNWRUD ,9 2EDMSUHWHQGHQFLGRWURQXREáR*\OLVL HNVNRPXQLNDPLSRGREQLH]UHV]W MDNLFK SURWHNWRU]\:LNWRU ,9 MHGQDNZNUyWFH]PDUáZ/XNFHZ7RVNDQLL.DSáDQPLHMVFRZHMNDWHGU\RGPyZLá SRFKyZNXHNVNRPXQLNRZDQHJRSDSLH*D:HIHNFLHWHQPXVLDá]RVWDüSRFKRZDQ\SR]DPXUDPLPLDVWDZ ELHGQ\PNODV]WRU]H6]F]WNL:LNWRUD ,9 VSRF]\ZDá\WDPWU]\LSyáURNX:JUXGQLX URNXQDUR]ND] SDSLH*D*U]HJRU]D 9,,, JURERZLHFUR]ELWRLGRV]F] WQLH]QLV]F]RQRDV]F]WNL:LNWRUD ,9 Z\U]XFRQR] NRFLRáD3DU GQLSRW\PZ\GDU]HQLXSDSLH* *U]HJRU] 9,,, ]DFKRURZDáL]PDUáSR]DOHGZLH GQLDFK SDQRZDQLD 7UDJLF]Q PLHUüSRQLyVá-DQ ;;, 3HGUR-XOLDQR 3RUWXJDOF]\N]SRFKRG]HQLD3DSLH* WHQ E\áF]áRZLHNLHPJá ERNLHMZLDU\JUXQWRZQLHZ\NV]WDáFRQ\VWDUDáVL WDN*HRVSUDZ\.RFLRáD=GDMHVL *HZáDQLHZLHG]D]JRWRZDáD-DQRZLWUDJLF]Q\ORV:SDáDFXZ9LWHUER-HJRZLWREOLZRüVDP ]DSURMHNWRZDáZáDVQ\JDELQHW3RSLHV]QLHLQLHGEDOHZ\NRQDQHSUDFHEXGRZODQHVSRZRGRZDá\*HQD SUDFXMFHJRZJDELQHFLHSDSLH*D]DZDOLáVL VWURS'UyGáDSU]HND]XM VSU]HF]QHLQIRUPDFMHRMHJRPLHUFL -HGQLWZLHUG]*H-DQ]JLQáQDPLHMVFXLQQL*HGRSLHURSRSDUXGQLDFKZVNXWHNRGQLHVLRQ\FKUDQ 1LHZLDGRPLHSDSLH* VDPVRELH]JRWRZDáWUDJLF]Q\ORV 3U]\QDMPQLHMSL WQDVWXSDSLH*\]PDUáREG( WRQDDSRSOHNVM EG( WR]SRZRGXUy*Q\FKHSLGHPLLL ]DUD]NWyUHQDZLHG]Lá\5]\P*áyZQ SU]\F]\Q ]JRQyZE\áDPDODULDLIHEUD :F]HQLHMZVSRPLQDOLP\*HQLHPQLHMQL* GZXG]LHVWXSDSLH*\PRJáR]DNRF]\ü*\ZRW]SRPRF LQQ\FK :ODWDFK SDSLH*HPE\á6\OZHULXV]V\QSDSLH*D+RUPL]GDVD3RSDGáZNRQIOLNW]GZRUHP FHVDUVNLPLMHJRZRMVNRZ\PSU]HGVWDZLFLHOHPZ,WDOLL:HIHNFLHRVNDU*RQ\]RVWDáR]GUDG LVND]DQ\QD Z\JQDQLH7URQREMá:LJLOLXV] 1DG]RUF QDG6\OZHULXV]HPE\áELVNXS3DWDU\Z6\ULL%\á RQSU]HNRQDQ\RQLHZLQQRFLSDSLH*D2V]F]HJyáDFKMHJRXZL ]LHQLDLZ\JQDQLDSRLQIRUPRZDáFHVDU]D -XVW\QLDQD , 1DUR]ND]FHVDU]DPLDáVL Z5]\PLHRGE\üSRQRZQ\VGQDG6\OZHULXV]HP*G\E\X]QDQR JRZLQQ\PPLDáRWU]\PDüMHGQR]RGOHJá\FKELVNXSVWZ$JG\E\]DU]XW\RGU]XFRQRPLDáZUyFLüQD SDSLHVNLWURQZ5]\PLH0LPR]DOHFH FHVDU]D-XVW\QLDQDZ\JQDQHJRSDSLH*D]DPLDVWGR5]\PX Z\ZLH]LRQRQDZ\VS 3DOPDULDJG]LH]RVWDáSRQRZQLHXZL ]LRQ\7DP]U]HNáVL JRGQRFL3RPLPRWR ]DDSUREDW SDSLH*D]DPR*RQRJRJáRGHP:LJLOLXV]E\áSLHUZV]\PSDSLH*HPVSODPLRQ\PNUZL LQQHJR QDPLHVWQLND&KU\VWXVD 8VFK\áNXZLHONLHMVFKL]P\]DFKRGQLHMRXU]GSDSLHVNLU\ZDOL]RZDáRNLONXSUHWHQGHQWyZ%\áURN .RFLRáHPU]G]LáRMHGQRF]HQLHGZyFKSDSLH*\=ZRáDQ\GR3L]\6REyUPLDáE\üV]DQV QD QDSUDZ .RFLRáD.DUG\QDáRZLHLELVNXSLRF]HNLZDOL*HRE\GZDM]UH]\JQXM ]HVZRLFKJRGQRFL :\EUDQRQDLFKPLHMVFH$OHNVDQGUDPLPRL* RE\GZDMSDSLH*HXU] GyZQLH]áR*\OL7HUD].RFLyáPLDá QLHGZyFKOHF]WU]HFKSDSLH*\$OHNVDQGHU 9 3L WURGL&DQGLDG]L X]QDZDQ\MHVW]D
DQW\SDSLH*D FKRüVSyUROHJDOQRüMHJRZ\ERUXQLH]RVWDá]DNRF]RQ\-DNRSDSLH* ÄVRERURZ\JRGQRü VZRM VSUDZRZDáSU]H] PLHVL F\=PDUáQDJOHZQLHZ\MDQLRQ\FKRNROLF]QRFLDFK2GUD]X SRGHMU]HZDQR*H]RVWDáRWUXW\SU]H]NDUG\QDáD%DOGDVVDUUH&RVV %DOGDVVDUUHZ\EUDQ\]RVWDáSRPLHUFL$OHNVDQGUDSU]H]VREyUSL]DVNLQDNROHMQHJRSDSLH*DUDF]HM DQW\SDSLH*D1LH]Z\NáDWRE\áDNDULHUDZ.RFLHOH2GSLUDWDSRSU]H]VáX*E ZRMVNRZKDQGHO RGSXVWDPLOLFKZLDUVWZRSRW\WXáNDUG\QDOVNLLWURQZL WHJR3LRWUD-DQ ;;,,, ZREHFVZRLFK SRSU]HGQLNyZVWRVRZDá]GHF\GRZDQ SROLW\N ZLHV]DáLNDUDáZV]\VWNLFK]EXQWRZDQ\FK6DP]RVWDá XVXQL W\]XU] GXSU]H]6REyUZ.RQVWDQFML]DV\PRQL PRUGHUVWZD RVNDU*RQRJRRRVRELVWH]JáDG]HQLH RVyELVNDQGDOLF]Q\WU\E*\FLD0LPRL* XGDáRPXVL XFLHFZSU]HEUDQLX].RQVWDQFML]RVWDá VFKZ\WDQ\RVG]RQ\LXZL ]LRQ\&KRFLD* VND]DQRJRQDGR*\ZRFLHZ\NXSL`VL ]DRJURPQ FHQ W\VL F\GXNDWyZ&K\ED]HZVW\GX*DGHQ]SDSLH*\SU]H]EOLVNR ODWQLHSU]\MáLPLHQLD-DQ/HJDOQ\ MX* SDSLH*0DUFLQ 9 Z\EDF]\á -DQRZLZV]\VWNLHZ\VW SNLLPLDQRZDáJRSRQRZQLHNDUG\QDáHP-DQ ZNUyWFHMHGQDN]PDUá 1DMSUDZGRSRGREQLHMRWUXWRQDVW SXMF\FKSDSLH*\8UEDQD 9, L,QQRFHQWHJR 9 NWyU\SU]H].RFLyá X]QDQ\]RVWDá]DEáRJRVáDZLRQHJR6WHIDQD ,;; 'DPD]HJR ,, .OHPHQVD ,, ZW\PSU]\SDGNXQLHMHVW WRMX* SU]\SXV]F]HQLHRWUXFLHSDSLH*DSRWZLHUG]Lá\EDGDQLDMHJRV]F]WNyZZ\NRQDQHZ URNX 6HUJLXV]D ,9 *U]HJRU]D 9 -DQD ;,9 +DGULDQD,,,LDQW\SDSLH*D%RQLIDFHJR 9,, %RQLIDF\GZXNURWQLH VL JDáSRJRGQRüSDSLHVN3LHUZV]\UD]Z URNXLSRQRZQLHZODWDFK .D]DáRQXZL ]Lü JáRG]LüLRVWDWHF]QLHRWUXüSUDZRZLWHJRSDSLH*D-DQD ;,9 &LDáR]PDUáHJR%RQLIDFHJR]RVWDáRSU]H]5]\PLDQ]EH]F]HV]F]RQHSRNáXWRMHODQFDPLQDVW SQLH QDJLHZOHF]RQR]DQRJLSRXOLFDFKLSRU]XFRQRSRGSRPQLNLHP0DUND$XUHOLXV]D%RQLIDF\ 9,, X]QDQ\ MHVW]D]DEyMF GZyFKSUDZRZLW\FKSDSLH*\2SUyF]-DQD ;,9 %RQLIDF\ZáDVQRU F]QLHXGXVLáSDSLH*D %HQHG\NWD 9, 3U]\F]\Q\LRNROLF]QRFLPLHUFLUR]SXVWQHJRSDSLH*D-DQD ;,, SU]\WRF]\OLP\MX* ZUR]G]LDOH3DSD ]QDF]\RMFLHF:UyüP\MHV]F]HQDFKZLO GRSRáRZ\ ; ZLHNXGRHSRNL]ZDQHMÄSRUQRNUDFM2VáDZLRQD 0DUR]LDMHMVLRVWUD7HRGRUDLPDWNDUyZQLH* 7HRGRUD]PLHQLDá\SDSLH*\ZHGOHVZRMHJRXSRGREDQLD= LFKUR]ND]X]SHZQRFL ]RVWDOL]DPRUGRZDQL-DQ ; XGXV]RQ\ZZL ]LHQLXZ URNX/HRQ 9, ZWU FRQ\GRZL ]LHQLDLRWUXW\6WHIDQ 9,,9,,, XGXV]RQ\Z URNX :ZL ]LHQLXXGXV]RQRWDN*HZ URNX6WHIDQD 9,9,, 3DSLH* /XFMXV] ,, *HUDUGR &DFFLDQHUULFL ]PDUáZZ\QLNXUDQ\MDN RGQLyVáRGXGHU]HQLDNDPLHQLHPU]XFRQ\PZQLHJRSU]H] REURFyZ6HQDWX5]\PVNLHJRSU]HFLZNRNWyU\PSDSLH* VNLHURZDáVZRMHZRMVND 3U]\SRPQLMP\WH* SDSLH*D6\OZHULXV]DV]HU]HMQDMHJRWHPDWZUR]G]LDOH3DSD]QDF]\RMFLHF NWyU\ ]JLQá]DJáRG]RQ\ZZL ]LHQLXZ URNX]DVSUDZ GRZyGF\ZRMVNFHVDUVNLFK%HOL]DULXV]DQLHEH] XG]LDáXXU] GXMFHJRZyZF]DVSDSLH*D:LJLOLXV]D =SU]HMHG]HQLDILJDPL]PDUáSRQRüSDSLH* %HQHG\NW ;, 1LHPDSRZD*Q\FKGRZRGyZ*H ]RVWDáRWUXW\ 3DSLH* %RQLIDF\ 9,,, ]PDUáZSUDZG]LHPLHUFL QDWXUDOQDOHFDáNRZLFLHSU]\ELW\ XSDGNLHP3DVWZD.RFLHOQHJR:F]DVLHSRE\WXZ$QDJQLJG]LHFKFLDáX]\VNDüSU]HZDJ QDGNUyOHP )UDQFML)LOLSHP3L NQ\PSU]\JRWRZDQRQDQLHJR]DPDFK]]DPLDUHPXSURZDG]HQLDSDSLH*DGR)UDQFML *áyZQ\P]DPDFKRZFHPE\á1RJDUHWQDMEOL*V]\ZVSyáSUDFRZQLNLGRUDGFDNUyOD)LOLSD=DPDFKMHGQDN VL QLHXGDá=DPDFKRZF\NRU]\VWDMF] SRSDUFLDVWURQQLFWZD&RORQQyZZGDUOLVL GRSDáDFXSDSLHVNLHJR LMHGHQ]QLFKVSROLF]NRZDáSDSLH*D3U]\ELW\W NO VN SDSLH* SRZUyFLáGR5]\PXLZNUyWFH]PDUá 2WUXW\]RVWDáWDN*HSDSLH* 8UEDQ 9, FKRüQLHNWyU]\SRGDM*H]PDUáZF]DVLH]DUD]\ 3DSLH* SRSDGáZNRQIOLNW]NVL FLHP'XUD]]R.DUROHP.VL* VSU]HFLZLáVL ZREHF]E\WQLHJR LQJHURZDQLDSDSLHVWZDZVSUDZ\NVL VWZD3U]\SRPRF\V]HFLXNDUG\QDáyZFKFLDáSRGGDüSDSLH*DRSLH
FHNXUDWRUD:RGZHFLH8UEDQ 9, XZL ]LáQLHZLHUQ\FKNDUG\QDáyZLVND]DáLFKQDWRUWXU\3L FLXZáRVNLFK NDUG\QDáyZ]RVWDáR]DPRUGRZDQ\FK]UR]ND]XSDSLH*D 7UDJLF]Q\ORVMDNLVSRWNDáZLHOXSDSLH*\PL G]\ 9, D ;;ZLHNLHPWRQDMF]DUQLHMV]DNDUWDZKLVWRULL .RFLRáD3U]\SDGHNSDSLH*D)RUPR]XVDMHVWERGDMQDMZL NV] KDE .RFLRáDLMHJRSDVWHU]\:áDGF\ (XURS\FHVDU]HLNUyORZLH]ZáDV]F]DZSLHUZV]\FKZLHNDFKFKU]HFLMDVWZD]JRWRZDOLSDSLH*RPORVQLH PQLHMWUDJLF]Q\.RFLyáSRZV]HFKQ\X]QDMH SDSLH*\]DP F]HQQLNyZZLDU\.LONX]QLFK SU]\SRPQLP\WDN*HQDNDUWDFKWHMNVL*NL=EUDNXGRVWDWHF]QLHZLDU\JRGQ\FK(UyGHáE G WRLQIRUPDFMH] QDWXU\U]HF]\UDF]HMVNUyFRQH 1DMVWDUV]DFyUD.RFLRáD )UDQFMDSU]H]RVWDWQLH ODWSU]\VSDU]DáDSDSLH*RPZLHOXNáRSRWyZ:WHM NVL*FHSU]HGVWDZLDQRMX* OLF]Q\FKPRQDUFKyZIUDQFXVNLFKGHF\GXMF\FKRORVDFKQDVW SFyZZ3LRWUD GODNWyU\FKSU]\MD(]GZRUHPNRF]\áDVL QLHU]DGNRWUDJLF]QLH 2VWDWQLHODWD ;9,,, ZLHNX1DWURQLHSDSLHVNLP]DVLDGDá3LXV 9, *LDQ$QJHORKUDELD %UDVFKL3U]H]ZLDWSU]HWDF]DáDVL IDOD]PLDQUHZROXFMLZRMHQ)UDQFMDRJDUQL WD*\ZLRáHPZ3ROVFH SRSLHUZV]\FKUR]ELRUDFKURG]LáVL UXFKRGQRZ\]ZLHF]RQ\.RQVW\WXFM JRPDMDZFHVDUVWZLH +DEVEXUJyZUHIRUP\My]HILVNLHZ1LHPF]HFKF] üELVNXSyZSUyERZDáDXQLH]DOH*QLüVL RGZáDG]\ SDSLHVNLHMDQDNRQW\QHQFLHDPHU\NDVNLPURG]LáRVL QRZHSDVWZR 6WDQ\=MHGQRF]RQH:WDNLFK ZDUXQNDFKSRVáXJ DSRVWROVN SU]\V]áRVSUDZRZDü3LXVRZL 9, 3RZRáDQLHGRNDSáDVWZDSR]QDáKUDELD %UDVFKLGRüSy(QR PDMF ODW.OHPHQV 9,,,ZQDJURG ]DSRSUDZLHQLHVWDQXILQDQVyZ3DVWZD .RFLHOQHJRREGDU]\áJRSXUSXU NDUG\QDOVN:DWPRVIHU]H]DEDZIHVW\QyZLXURF]\VWRFLURNX ZL WHJR ]RVWDMHRQSDSLH*HP8FKRG]Lá]DQDMEDUG]LHMGEDMFHJRRVZyMZ\JOGSDSLH*DRVWDWQLFK ZLHNyZ :H)UDQFMLNRQILVNRZDQRGREUDNRFLHOQHZ\QLV]F]DQR]DNRQ\ELVNXSLJLQ OL]Z\URNyZV G]LyZ UHZROXF\MQ\FKNVL *DXFLHNDOLSR]DJUDQLFHNUDMX=QDF]QDF] üGXFKRZLHVWZDSRGSRU]GNRZDáDVL
QRZHMZáDG]\ZLHFNLHMSU]\VL JDMFMHMORMDOQRü3DSLH* SRW SLá]DUyZQRUHZROXFM MDNLNDSáDQyZ ZLHUQ\FK5HSXEOLFH=DU]HZLHUHZROXFMLIUDQFXVNLHMSU]HQLRVáRVL GRPLDVWZáRVNLFKLQDXOLFH5]\PX 3LHUZV]H]U\Z\UHZROXF\MQHOXGXU]\PVNLHJRVWáXPLRQH]RVWDá\SU]H]ZRMVNRSDSLHVNLH:OXW\P URNXDUPLDIUDQFXVND]UR]ND]X1DSROHRQDSRGM áDLQWHUZHQFM 3DSLH* SR]EDZLRQ\]RVWDáZáDG]\L XZL ]LRQ\5]\PSURNODPRZDQR5HSXEOLN 5R]SRF] á\VL ODWDRNXSDFMLLJUDELH*\IUDQFXVNLFK3LXV 9,]DF]á URN*\FLDFL *NRFKRU\SURVLá RNXSDQWyZRPR*OLZRüGRNRF]HQLD*\FLDZ5]\PLH*HQHUDá%HUWKLHUVSUDZXMF\ZLPLHQLX '\UHNWRULDWXZáDG] ZSRGSRU]GNRZDQ\PQDSRGVWDZLHWUDNWDWXZ7ROHQWLQR3DVWZLH.RFLHOQ\P RWU]\PDáRVRELVW\UR]ND]1DSROHRQDXZL ]LHQLD2MFDZL WHJR5R]SRF] áDVL SRQDGSyáWRUDURF]QD WXáDF]ND3LXVD 9, :\ZLH]LRQRJRQDMSLHUZGR6LHQ\SRWHPZL ]LRQRZH)ORUHQFMLQDVW SQLHSU]H] 3DUP 7XU\QL%ULDFRQGRVWDáVL MDNRZL ]LH GR:DOHQFMLQDG5RGDQHP$OS\ÄSU]HNURF]\áQDQR V]DFK&L *NRGRZLDGF]RQ\SU]H]*\FLHZ\FLHF]RQ\WXáDF]N ]QDF]QLHSRGXSDGáQD]GURZLX.ROHMQD QLHZRODIUDQFXVNDSDSLH*\SU]\VSLHV]\áDMHJR]JRQ=PDUáZVLHUSQLX URNX:3DU\*XZáDG]H UHZROXF\MQHRJáRVLá\*HÄ]PDUá3LXVV]yVW\LRVWDWQL&]\PLDáDWRE\üSU]HSRZLHGQLDRNRFXSDSLHVWZD F]\WH* GHF\]MDUHZROXFML"3U]H]F]WHU\NROHMQHODWDV]F]WNLSDSLH*DQLH]D]QDá\VSRNRMX3RFKRZDQRJR GRSLHURSL üPLHVL F\SRPLHUFLZVW\F]QLX URNX:OXW\P URNXVSURZDG]RQR]ZáRNLGR 5]\PXLSRFKRZDQRZ%D]\OLFHZL WHJR3LRWUD:VW\F]QLX URNXGR:DOHQFMLZUyFLáD]5]\PX XUQD]VHUFHPSDSLH*DJG]LHSRQRZQLH]RVWDáRSRFKRZDQH .LHG\ZH)UDQFML]RVWDáXZL ]LRQ\3LXV 9, RNXSDQFLIUDQFXVF\SOGURZDOLSDáDFH5]\PXLZ\ZR]LOL VNDUE\NXOWXU\LV]WXNLGR3DU\*D%UDWDQHNSDSLHVNL NVL* /XLJLW\WXáWHQRWU]\PDá]UHV]W RG3LXVD 9, SHáQLáXU]GEXUPLVWU]D5]\PX]QDGDQLDUHZROXF\MQ\FKZáDG]VDPQRVLáWUyMNRORURZ NRNDUG )UDQFXVNDSU]HSRZLHGQLDRRVWDWQLPSDSLH*XRPDOVL QLHVSHáQLáD1DVW SF 3LXVDNDUG\QDáRZLHZ\EUDOL GRSLHURZV]HüLSyáPLHVLFDSRMHJRPLHUFL3DSLH*HP]RVWDáKUDELD&KLDUDPRQWL/XLJL%DPDED3LXV
9,, 5RG]LQQLH]ZL]DQ\E\á]SRSU]HGQLPSDSLH*HP,MHPX1DSROHRQ]JRWRZDáSRGREQ\ ORV3LXV 9,, Z URNXSU]\E\áGR3DU\*D VWDU\P]Z\F]DMHPQDNRURQDFM FHVDU]D1DSROHRQVDP MHGQDNZáR*\áNRURQ QDVZRM JáRZ &]WHU\ODWDSy(QLHMZRMVNDFHVDUVNLHSRQRZQLH]DM á\5]\PDZ 1DSROHRQZáF]\á3DVWZR.RFLHOQHGR)UDQFML:RVWDWQLFKODWDFK1DSROHRQGZXNURWQLH OLNZLGRZDá3DVWZR.RFLHOQH3DSLH* ZVSHFMDOQHMEXOOLSRW SLáLHNVNRPXQLNRZDáÄUDEXVLyZVSXFL]Q\ SLRWURZHM,PLHQLD1DSROHRQD%RQDSDUWHQLHZ\PLHQLRQR0LPRWRSDSLH* ]RVWDáSRUZDQ\LZ\ZLH]LRQ\ ]5]\PX7XáDF]ND3LXVDWUZDáDSU]HV]áRSL üODW1DSROHRQZLHORNURWQLHSUyERZDáX]\VNDüRG3LXVD ]U]HF]HQLHVL GRF]HVQHMZáDG]\Z3DVWZLH.RFLHOQ\PLUH]\JQDFM ]WURQX]DFHQ RVRELVWHMZROQRFL 3LXV 9,, QLHXJLáVL SRGQDFLVNDPL'R5]\PXSU]\E\áGRSLHURZSRáRZLH URNX.RQJUHV ZLHGHVNLUHVWDXURZDá3DVWZR.RFLHOQH -HV]F]HUD]ZKLVWRULL SR]MHGQRF]HQLX:áRFK SDSLH*H]RVWDOLZL (QLDPL7\PUD]HPVDPLVLHELH RJáRVLOLÄZL (QLDPL:DW\NDQXSURWHVWXMFW\PVSRVREHPSU]HGZáF]HQLHP]LHP3DVWZD.RFLHOQHJRL FDáHJR5]\PXGR]MHGQRF]RQHJRNUyOHVWZD,WDOLLSRGNRURQ G\QDVWLLVDEDXG]NLHM:QLHZROLIUDQFXVNLHM SDSLH*HSRG]LHODOLORVP F]HQQLNyZVZRLFKSRSU]HGQLNyZ]SLHUZV]\FKZLHNyZFKU]HFLMDVWZD 0 F]HQQLNyZ]D.RFLyáLZLDU FKRFLD* IRUPDOQLHP F]HVWZDWHJRQLHSU]\SáDFLOLPLHUFL 2VWDWQLPSDSLH*HPNWyUHJR.RFLyáZSURZDG]LáGRNDWDORJXZL W\FKP F]HQQLNyZE\á0DUFLQ, 3DSLH* QLHPDOQDW\FKPLDVWSRVZRLPZ\ERU]HZGDáVL ZVSRU\WHRORJLF]QH]FHVDU]DPL EL]DQW\MVNLPL2EXU]RQ\FHVDU]ND]DáDUHV]WRZDüSDSLH*DZ5]\PLHLVSURZDG]LüGR.RQVWDQW\QRSROD7X ]RVWDáVND]DQ\QDPLHUüRGDUW\]V]DW]DNXW\ZNDMGDQ\SRSURZDG]RQ\]RVWDáSyáQDJLSU]H]PLDVWRQD PLHMVFHHJ]HNXFML:VWDZLHQQLFWZR3DZáD ,, SDWULDUFK\.RQVWDQW\QRSROD XUDWRZDáR*\FLH0DUFLQD .DU PLHUFL]PLHQLRQRPXQD]HVáDQLHQD.U\PZRNROLFHG]LVLHMV]HJR6HZDVWRSROD7DP]PDUá] Z\FLHF]HQLDLJáRGXZ URNX 6HZDVWRSROyZF]HVQ\&KHUVRQH]E\áPLHMVFHPP F]HVWZDMHV]F]HNLONXSDSLH*\ 0 F]HVN PLHUüSRQLHOLPL G]\LQQ\PL
ZL W\3LRWU XNU]\*RZDQ\JáRZ ZGyáRNRáRURNX ]UR]ND]XFHVDU]D1HURQD .OHPHQV, ]ZL]DQ\LXWRSLRQ\]NRWZLF XV]\LRNRáRURNX Z&KHUVRQH]LH $OHNVDQGHU, ]RVWDáFL W\]DFHVDU]D7UDMDQDRNRáRURNX 7HOHVIRU ]JáDG]RQ\]DFHVDU]D+DGULDQDZURNX +\JLQ XPDUáZZLH]LHQLXRNRáRURNX OXE $QLFHW]JLQáZF]DVLHSU]HODGRZDQLDFKU]HFLMDQ]DFHVDU]D0DUND$XUHOLXV]DZ URNX .DOLNVW, ]JLQáZWUDNFLHUR]UXFKyZZ7UDYHVWHUHZURNX 8UEDQ, ]RVWDáFL W\Z URNX 3RQFMDQ ]PDUáZZ\QLNXWRUWXUZUD]]DQW\SDSLH*HP+LSROLWHPQD6DUG\QLLZ URNX $QWHUXV ]JLQáZF]DVLHSU]HODGRZD FKU]HFLMDQ]DFHVDU]D0DNV\PLOLDQD7UDNDZ URNX )DELDQ ]JLQá]UR]ND]XFHVDU]D'HFMXV]DZ URNX .RUQHOLXV] ]PDUáQD]HVáDQLXZ&LYLWDYHFFKLD]UR]ND]XFHVDU]D7UHERQDULXV]D*DOOXVDZ URNX 6\NVWXV ,, VFKZ\WDQ\ZUD]]GLDNRQDPLZWUDNFLHRGSUDZLDQLDPV]\QDFPHQWDU]X]RVWDáQDW\FKPLDVWFL W\QD VZRLPELVNXSLPNU]HOHZ URNX 0DUFHOLQ, FKRüRNROLF]QRFLMHJRPLHUFLGRG]L QLH]RVWDá\Z\MDQLRQHZHGáXJWUDG\FMLNRFLHOQHM]RVWDá]DP F]RQ\LFL W\Z URNX (X]HELXV] VND]DQ\SU]H]FHVDU]D0DNVHQFMXV]DQDZ\JQDQLHQD6\F\OL JG]LH]PDUáZURNX /LEHULXV] SRUZDQ\]UR]ND]XFHVDU]D.RQVWDQFMXV]D,, ]RVWDáZ\ZLH]LRQ\GR%HUHLGR7UDFML7HQVDPFHVDU]ND]Dá]DPRUGRZDüDQW\SDSLH *D)HOLNVD ,,NWyU\SU]H] F] üKLVWRU\NyZXZD*DQ\MHVW]DOHJDOQHJRELVNXSD
2SLHUZV]\FKSDSLH*DFK]DUyZQR(UyGáDKLVWRU\F]QHMDNLGRNXPHQW\NRFLHOQHSU]HND]XM ZLHOH VSU]HF]Q\FKZLDGRPRFL:F]HQLHMSRGDZDQHZLDGRPRFLRP F]HVNLHMPLHUFL/LQXVD(ZDU\VWD
6\NVWXVD,3LXVD,/XFMXV]DLZMDNLP VWRSQLX=R]\PDQLH]RVWDá\SRWZLHUG]RQHZZ\QLNX JUXQWRZQ\FKEDGD KLVWRU\F]Q\FKLDUFKHRORJLF]Q\FK =DP F]HQQLNDXZD*DQ\MHVWWH* SDSLH* -DQ, 2GMHJRSRQW\ILNDWX]DF] WROLF]\üURN NRFLHOQ\RG:LHONDQRF\ODWDRGQDURG]HQLD-H]XVD DQQR'RPLQLXVWDQDZLDMFHU FKU]HFLMDVN-DQ SU]HE\ZDáQDGZRU]HFHVDUVNLPZ.RQVWDQW\QRSROXDSRSRQRZQ\PRVNDU*HQLXJRR ]GUDG LQWHUHVyZ NUyOHVWZD2VWURJRWyZSU]H]7HRGRU\ND:LHONLHJR]RVWDáDUHV]WRZDQ\Z5DZHQQLH L]PDUá]JáRGX :URNX ]PDUáZMHGQ\P]U]\PVNLFKNODV]WRUyZ*LRYDQQL3KLOLJDWRV-DQ ;9, DQW\SDSLH*=WHJRSRZRGX]DF] WRZ.RFLHOHP\OLüQXPHUDFMHSDSLH*\RLPLHQLX-DQ$OHQLHWRMHVW SU]\F]\Q QDV]HJRZVSRPQLHQLDRQLP-DQE\áVLOQLH]ZL]DQ\]QLHPLHFNLPGZRUHPFHVDUVNLP&HVDU] 2WWRQ ,, PLDQRZDáJRNDQFOHU]HP,WDOLL&HVDU]RZD7HRIDQRSRZLHU]\áDPXRERZL]NLZ\FKRZDZF\V\QD LQDVW SF\WURQX FHVDU]D2WWRQD,,,=QDMRPRü]FHVDU]HP]JXELáD-DQDL]JRWRZDáDPXWUDJLF]Q\ORV .LHG\]DQDPRZ .UHVFHQFMXV]yZVL JDáSRJRGQRüSDSLHVNOLF]\áQDSRSDUFLH2WWRQD,,,6URG]HVL
MHGQDNQDZ\FKRZDQNX]DZLyGá-DQ.UHVFHQFMXV] ,,]UR]ND]XFHVDU]D]RVWDáFL W\$QW\SDSLH* -DQ NWyUHPXSRF]WNRZRXGDáRVL XFLHF]5]\PX]RVWDáVFKZ\WDQ\WRUWXURZDQ\ROHSLRQ\L]PDVDNURZDQ\ 3U]HV]HGáQDMEDUG]LHMPDNDEU\F]QHWRUWXU\:\áXSLRQRPXRF]\REFL WRQRVREFL WRM ]\NZDUJLXV]\L U FH-HV]F]H*\ZHJRSRVDG]RQRQDROHSU]RGHPGRRJRQDLWDNREZR*RQRXOLF]NDPL5]\PX1LHGRü QDW\P2GE\áVL VGQDG-DQHPSR]EDZLRQRJRQLHOHJDOQLHREM WHJRXU] GX]HUZDQRV]DW\SRQW\ILNDOQH ]JRGQLH]UR]ND]HP LXZL ]LRQRZNODV]WRU]H7DP]PDUáSRSUDZLHWU]HFKODWDFK 1DMEDUG]LHMQLHJRGQDSDSLH*\PLHUüVSRWNDáD QLHJRG]LZHJRSDSLH*D-DQD ;,, NWyU\]PDUáÄZVNXWHN UR]ZL]áRFLVZRMHM$OHWRMX* LQQDKLVWRULD
52='=,$à ,; PRFHSLHNLHOQHJRQLHSU]HPRJ
-H]XV&KU\VWXVXVWDQDZLDMF.RFLyá3RZV]HFKQ\WDNSRZLHG]LDáGR$SRVWRáD3LRWUDÄ$-DFL SRZLDGDP*HW\MHVWH 3LRWULQDWHMRSRFH]EXGXM .RFLyáPyMDEUDP\SLHNLHOQH QLHSU]HPRJ JR0DW
-H]XVXVWDQRZLáZL F.RFLyáNWyU\WUZDáE G]LHZLHF]QLHNWyU\SU]H]Z\FL *\ZV]HONLHSU]HV]NRG\L ]DZLURZDQLD&]\E\áDWRWH* SLHUZV]DSU]HSRZLHGQLDGRW\F]FDG]LHMyZ1DVW SFyZ3LRWUD" 3URURFWZDLSU]HSRZLHGQLHWRZDU]\V] OXGRZL,]UDHODRGSRF]WNyZMHJRKLVWRULL6WDU\7HVWDPHQW SU]HSHáQLRQ\MHVWRSLVDPLZL]MLLRVWU]H*HQLDPLGODQDURGXZ\EUDQHJR .RFLyáNDWROLFNLQLHMHVWWH* RGQLFKZROQ\.XOPLQDFM ZV]\VWNLHJRMHVWÄ$SRNDOLSVDZHGáXJZL WHJR -DQD1LHPLHMVFHMHGQDNZWHMNVL*FHQDSU]\SRPQLHQLHFKRüE\QDMZD*QLHMV]\FKSU]HSRZLHGQL GRW\F]F\FKNRFDZLDWD&KRFLD* NRQLHFZLHNXZNWyU\PNVL*NDGRFLHUDGRUN&]\WHOQLNyZ]DFK FD LNXVLGR]DM FLDVL QLHFRZUy*ELDUVWZHP:LHOX]QDQ\FKQDPZL]MRQHUyZZL]MRQHUHNVW\JPDW\NyZZ VZRLFKSU]HSRZLHGQLDFKRGQRVLVL GRXU] GXSDSLHVNLHJRRVyESLDVWXMF\FKW QDMZ\*V] JRGQRüMDNL GRORVyZFDáHJR.RFLRáD1LHVSRVyESU]HZLG\ZDüORVyZZLDWDEH]XZ]JO GQLHQLDZQLFKSDSLHVWZDL SDSLH*\ 3U]\SRPQLP\ZL FOXGRZHSRGDQLHRNDWDORJXSDSLH*\Z%D]\OLFHZ3DZáD]D0XUDPL3RG*\P\ ODGHP1RVWUDGDPXVDL0DODFKLDV]D6SUyEXMHP\SU]\MU]HüVL WDMHPQLF\IDWLPVNLHM:VSRPQLP\R SU]HSRZLHGQLDFKGRW\F]F\FKSDSLH*\2MFD3LRLSROVNLHJRMDVQRZLG]DRMFD&]HVáDZD.OLPXV]NL ZUHV]FLH-XOLXV]D6áRZDFNLHJR :QDVW SQ\PUR]G]LDOHSU]HGVWDZLP\SRF]HWSDSLH*\RGZ3LRWUDGR-DQD3DZáD ,, SU]\JRWRZDQ\ ZJZHGáXJZL]HUXQNyZQDPLHVWQLNyZ&KU\VWXVD]PHGDOLRQyZLPR]DLN]%D]\OLNLZ3DZáD]D 0XUDPL3U]HGVWDZLDM RQHSRVWDFL SDSLH*\GR-DQD ;;,,, /HJHQGDU]\PVNDJáRVL*HSDSLHVWZR SU]HWUZDGRSyW\GRSyNLVWDUF]\PLHMVFDZJDOHULLSDSLH*\]U]\PVNLHMED]\OLNL2F]\ZLFLHFKRG]LRWDNLH XPLHV]F]DQLHZL]HUXQNyZSDSLH*\NWyUHRGSRZLDGDá\E\SU]\M WHMWXPHWRG]LHXPLHV]F]HQLDSDSLHVNLFK SRGREL]Q8Z]JO GQLDMFWU]HFKSDSLH*\NWyU]\U]G]LOL.RFLRáHPSR-DQLH ;;,,, 3DZHá 9, -DQ3DZHá ,LREHFQ\SDSLH* -DQ3DZHá ,, SUDNW\F]QLHSR]RVWDá\ZROQHW\ONRGZDPHGDOLRQ\GODZL]HUXQNyZ RVWDWQLFKSDSLH*\7DNZL FZHGOHWHMSURVWHMOHJHQG\SRGREQLHSRSRQW\ILNDFLH-DQD3DZáD ,, QDZD &KU\VWXVDQRVLüE G]LHMHV]F]HW\ONRGZyFK1DVW SFyZZ3LRWUD ']LZQLHSU]HSRZLHGQLDWDSRGREQDMHVWGRQDMVá\QQLHMV]HJRSURURFWZDGRW\F]FHJRG]LHMyZSDSLH*\ NWyUHJRDXWRUVWZRSU]\SLVXMHVL Z0DODFKLDV]RZL=GDMHVL *HMHVWWRMHGQDNMHGQD]QDMZL NV]\FK PLVW\ILNDFMLGUXJLHJRW\VLFOHFLD 3URURFWZDRSXEOLNRZDQHE\á\Z:HQHFMLZ URNXZWUDNWDFLHZNWyU\PRERNUHJXá]DNRQXZ %HQHG\NWD]QDOD]á\VL 3URURFWZD0DODFKLDV]DRQDMZ\*V]\FKUDQJ NDSáDQDFK$XWRUHPWUDNWDWXE\á $UQROG:LR ]3DGZ\3URURFWZDSU]\SLVDQHV 0DODFKLDV]RZLNWyU\XURG]LáVL Z URNXZ$UPDJK Z,UODQGLL:\FKRZ\ZDáVL SRGZSá\ZHPPQLFKD,PDQDRWRF]RQHJRQLPEHPZL WRFL0DODFKLDV]Z URNXSU]\MáZL FHQLDNDSáDVNLHDF]WHU\ODWDSy(QLHM]RVWDáELVNXSHP&RQQRU=RVWDáSU\PDVHP ,UODQGLL%\áOHJDWHPSDSLHVNLPEXGRZDáNODV]WRU\GEDáRUHIRUP .RFLRáD%\áND]QRG]LHMRSLHNRZDá VL ELHGQ\PLGOD NWyU\FKEXGRZDáSU]\WXáNL3RGREQLHMDNVZyMZ\FKRZDZFD,PDQRWRF]RQ\E\áSR ZV]HFKQ\PV]DFXQNLHPLVáDZ ZL WHJR=PDUáZ URNXZRSDFWZLH&ODLUYDX[ZF]DVLHVZRMHM
Z GUyZNLGR5]\PXQDVSRWNDQLH]SDSLH*HP(XJHQLXV]HP,,,3U]\SLV\ZDQLHSU]HSRZLHGQL 0DODFKLDV]RZLZL*HVL ]RFHQ ZL WHJR%HUQDUGDQDWHPDWSU\PDVD,UODQGLLNWyU\PLDQRZDá 0DODFKLDV]DELVNXSHPSURURNLHP:áDQLHGODWHJRXWUZDOLáRVL SU]HNRQDQLHRDXWRUVWZLH0DODFKLDV]D SU]HSRZLHGQLGRW\F]F\FKORVyZSDSLH*\ ODWDSRPLHUFL WMZURNX 3DSLH* .OHPHQV 9,, Z\ QLyVá0DODFKLDV]DGRJURQDZL W\FK.RFLRáD3RZV]HFKQHJR ZL W\0DODFKLDV]SU]HGVWDZLáG]LHMHSDSLH*\RG &HOHVW\QD ,, O D* GRRVWDWQLHJRSDSLH*D NWyU\PLDáE\SU]HZRG]Lü.RFLRáRZLRLPLHQLX3LRWU3LRWU ,, 5]\PVNLSU]\MPXMFLPL SLHUZV]HJR ELVNXSD5]\PXNODPU ]DPNQáZHGOHSURURFWZD0DODFKLDV]DKLVWRUL .RFLRáDLKLVWRUL SDSLH*\ =DLVWHSU]H]GZDW\VLFHODW*DGHQ]SDSLH*\QLHSU]\MáLPLHQLD3LRWUD F]\*E\ZL]MDLUODQG]NLHJRPQLFKD D* WDN FL*\áD" 0DODFKLDV]ZNUyWNLFKGZX WU]\Z\UD]RZ\FKNU\SWRJUDPDFKRNUHODNROHMQ\FKSDSLH*\ 3UH]HQWDFM NU\SWRJUDPyZ0DODFKLDV]DSU]HGVWDZLP\ZGZyFKJUXSDFKRG&HOHVW\QD ,, GR8UEDQD 9,, LRG*U]HJRU]D ,9 GRNRFD:\MDQLHQLHWHMVSUDZ\RGáy*P\MHGQDNQDFKZLO .U\SWRJUDP\SU]HGVWDZLDP\ZWáXPDF]HQLXQDM ]\NSROVNL ZUD]]Z\MDQLHQLHP
&HOHVW\Q ,, Ä=]DPNXQDG7\EUHP3DSLH* LVWRWQLHSRFKRG]Lá]PLDVWD&LWDGL&DVWHOORSRáR*RQHJRQDG7\EUHP /XFMXV] ,, Ä:\S G]DMF\ZURJyZ-HJRQD]ZLVNR&DFFLDQQLFFLGRVáRZQLH]QDF]\*H]DMHJRSRQW\ILNDWXZ 5]\PLHWUZDá\SRZD*QHZDONLXOLF]QHZNWyU\FK]UHV]W ]JLQáVDPSDSLH* RGXJRG]HQLDNDPLHQLHP (XJHQLXV],,, Ä=ZLHONLHMJyU\SRGREQLHMHJRQD]ZLVNR0RQWHPDJQRW\OH]QDF]\áR $QDVWD]\ ,9 Ä2SDWVXEXUDVNL3DSLH*HP]RVWDáMDNRVWDU]HFXURG]LáVL Z6XEXUDZW\PPLHMVFXZOLFLH0D ODFKLDV]DZ\VW SXMHEáG.ROHMQ\Z\PLHQLRQ\SDSLH* WR:LNWRU,,,JG\ZU]HF]\ZLVWRFLQDVW SF $QDVWD]HJR E\á+DGULDQ ,9 :LNWRU,,, Ä=SRQXUHJRZL ]LHQLD0LDáE\üSURERV]F]HP.RFLRáDZ0LNRáDMDZZL ]LHQLX:LNWRUSDQRZDá MHGQDNZODWDFK DZL F]QDF]QLHZF]HQLHMQL* Z\PLHQLHQLSLHUZVL]OLVW\0DODFKLDV]D8PLHV]F]HQLH :LNWRUD,,,ZW\P]HVWDZLHMHVWEá GHP 3DVFKDOLV,,, Ä=GURJL]DW\EU]DVNLHM%\áDQW\SDSLH*HP .DOLVW,,, Ä=SDQRVNLHM7XVFLL7DN*HE\áDQW\SDSLH*HP $OHNVDQGHU,,, Ä6SRGJ VLVWUD*QLF]NL-HJRQD]ZLVNR3DSHURQL]QDF]\JVLRU /XFMXV],,, ÄZLDWáR2VWLL E\áZF]HQLHMELVNXSHP2VWLL 8UEDQ,,, Ä']LNEH]SRWRPQ\OXEZHGáXJLQQHJRWáXPDF]DÄ']LNSU]HELW\-HJRQD]ZLVNR&ULYHOOLWRZáDQLH ]QDF]\áR SU]HELW\ *U]HJRU] 9,, Ä2VWU]H:DZU]\FD&KRG]LRNDUG\QDáD+LOGHEUDQGDNWyU\U]G]Lá.RFLRáHPRVWURL ]GHF\GRZDQLH:ZLHOXPLHMVFDFKWHMNVL*NLZVSRPLQDOLP\RW\P0LDáZKHUELHPLHF]HDU]G]Lá]NRFLRáD Z:DZU]\FDZ/XFLZH .OHPHQV,,, Ä:\ZRG]F\VL ]HV]NRá\1D]\ZDáVL 3DROR6FRORULDZL F3DZHá6]NROQ\ &HOHVW\Q,,, Ä=ZRáRZHMZVL1D]ZLVNR%RERQHSRFKRG]L RGVáRZDZyá ,QQRFHQW\,,, Ä+UDELDQD]QDF]RQ\%\áKUDEL 6HJQLLQDMSRW *QLHMV]\PSDSLH*HPZV]HFKF]DVyZ +RQRULXV],,, Ä.DQRQLNODWHUDVNL%\áNDQRQLNLHPNRFLRáD *U]HJRU] ,; Ä3WDN]2VWLL+XJROLQKUDELD6HJQLE\áNDUG\QDáHP ELVNXSHP2VWLLLPLDáZKHUELHRUá\ &HOHVW\Q ,9 Ä/HZVDELVNL%\áELVNXSHP6DELQ\ ,QQRFHQW\ ,9 Ä+UDELDODXUHWDVNL%\áKUDEL GHOLD/DYHJQDLU]G]LáZ.RFLHOHZ:DZU]\FDWM /DXUHQWHJR $OHNVDQGHU ,9 Ä3LHF] üRVW\MVND%\áNDUG\QDáHPELVNXSHP2VWLL=DGZyFKSDSLH*\VSUDZRZDáZ\VRNLHJRG QRFLZ.XULL5]\PVNLHM 8UEDQ ,9 -HUR]ROLPD6]DPSDQLD8URG]LáVL Z6]DPSDQLLE\áSDWULDUFK -HUR]ROLP\ .OHPHQV ,9 Ä6PRNXFLQLRQ\ :KHUELHPLDáRUáD]DELMDMFHJRVPRND *U]HJRU] ; Ä: *RZ\P*:KHUELHPLDáZ *D ,QQRFHQW\ 9 Ä.D]QRG]LHMDJDOLMVNL SRFKRG]Lá]/\RQX *DOLD )UDQFMD +DGULDQ 9 Ä'REU\KUDELD%\áKUDEL /DYDJQL -DQ ;;, Ä5\EDNWXVNXODVNL%\`.DUG\QDáHP7XVNXOXP
0LNRáDM,,, Ä8áR*RQDUy*D0LDáUy*HZKHUELH 0DUFLQ ,9 Ä=HVWUD*QLF\OLOLRZHM0LDáZKHUELHOLOLH +RQRULXV] ,9 Ä=OZLHMUy*\0LDáZKHUELHUy*HPL G]\OZDPL 0LNRáDM ,9 Ä']L FLRáZUyGSU]\Q W\3RFKRG]L]$VFROL3LFHQWMSU]\Q W\G]L FLRáyZZáDQLH &HOHVW\Q 9 Ä=HZ]QLRVáHMSXVWHOQL%\áSXVWHOQLNLHPZJyUDFK %RQLIDF\ 9,,, Ä=EáRJRVáDZLHVWZDIDO:KHUELHPLDáIDOH %HQHG\NW ;, Ä.D]QRG]LHMDSDWDUHMVNL%\áND]QRG]LHMJHQHUDáHPGRPLQLNDQyZ .OHPHQV 9 Ä=RUOLFKUy]J:KHUELHPLDáUy]JLLSRFKRG]Lá]$NZLWDPLL RUOHMNUDLQ\ -DQ ;;,, Ä=V]HZVNLFKNRFL%\áV\QHPV]HZFD SDUWDF]D 0LNRáDM 9 Ä.UXNVFKL]PDW\F]Q\$QW\SDSLH*%H]SUDZQLHZ\EUDQ\3RFKRG]Lá]&RUUDUR VWGNUXN %HQHG\NW ;,, Ä=LPQ\RSDW%\áRSDWHP&\VWHUVyZZ0RQWHIHEUR=LPQD*yUD .OHPHQV 9, Ä=Uy*\DWUHEDWHVNLHM E\áELVNXSHP$UUDV$WUHEDWXP LPLDáUy*HZKHUELH ,QQRFHQW\ 9, Ä=HZ]JyU]SDPDFKLMVNLFK E\áNDUG\QDáHP]6DQ3DPDFKLR 8UEDQ 9 Ä*DOLMVNLZLFHKUDELD SRFKRG]Lá])UDQFML*DOLD *U]HJRU] ;, Ä1RZ\]IRUWXG]LHZLF\%\áNDUG\QDáHP.RFLRáD60DULD1XRYD 8UEDQ 9, Ä =SLHNáDSULJQDVNLHJR1D]\ZDáVL 3ULJQDQRLVND]DáSL FLXNDUG\QDáyZQDPLHUü .OHPHQV 9,, Ä=NU]\*DDSRVWROVNLHJR%\áDQW\SDSLH*HPNDUG\QDáHP].RFLRáDZL W\FK$SRVWRáyZ %HQHG\NW ;,,, Ä=NVL *\FDNRVPHG\VNLHJR%\áDQW\SDSLH*HPNDUG\QDáHPNRFLRáDZ.RVPHG\QLH1D]\ZDá VL 3HGURGHOXQDNVL *\F %RQLIDF\ ,; Ä6]HFLDQ]]HVSROHQLD 0LDáV]DFKRZQLF ZKHUELH ,QQRFHQW\ 9,, Ä6SRGQDMOHSV]HMJZLD]G\0LDáJZLD]G ZKHUELH *U]HJRU] ;,, Ä)HJODU]]QRZHJRPRVWX%\áELVNXSHP]1RZHJR0RVWX $OHNVDQGHU 9 Ä%LF]VáRQHF]Q\%\áDQW\SDSLH*HP0LDáVáRFHZKHUELH -DQ ;;,,, Ä-HOH V\UHQL%\áUyZQLH* DQW\SDSLH*HP%\áSLUDWHPPRUVNLP 0DUFLQ 9 Ä.RURQD]áRWHM]DVáRQ\:KHUELHPLDáNRURQ .OHPHQV 9,,, Ä6FKL]PDEDUFHORVND%\áDQW\SDSLH*HP.RQW\QXRZDáVFKL]P 3RFKRG]Lá]+LV]SDQLL (XJHQLXV] ,9 Ä:LONQLHELDVNL0LDáZLONDZKHUELH )HOLNV 9 Ä0LáRQLNNU]\*D %\áDQW\SDSLH*HP0LDáNU]\* ZKHUELH 0LNRáDM 9 Ä=SRáRZ\NVL *\FD0LDá]RVWDüELVNXSHP%RORQLLDOHXU] GXQLHREMá]SRZRGXUHZROW\ .DOLNVW,,, Ä3DVF\VL Zyá0LDáZRáDZKHUELH 3LXV ,, Ä=NR]\LKRWHOX%\áVHNUHWDU]HPNDUG\QDáyZRQD]ZLVNDFK]ZL ]DQ\FK]NR] LKRWHOHP 3DZHá ,, Ä=MHOHQLDL]OZD%\áELVNXSHP&HUYL]QDF]\MHOH DNDUG\QDáHP:HQHFML KHUEOHZ 6\NVWXV ,9 Ä5\EDNPQLHMV]\%\áJHQHUDáHP]DNRQXIUDQFLV]NDQyZWMEUDFLPQLHMV]\FK ,QQRFHQW\ 9,,, Ä3RSU]HGQLN6\F\OLL:\FKRZ\ZDáVL QDGZRU]HNUyOHZVNLPZ1HDSROX .UyOHVWZR6\F\OLL $OHNVDQGHU 9, Ä:yODOEDVNL:KHUELHPLDáZROXLE\áELVNXSHP$OEDQR 3LXV,,, Ä=PDáHJRF]áRZLHND%\áQLVNLHJRZ]URVWX -XOLXV] ,, Ä% G]LHZ\GDZDáVL RZRFHP-XOLXV]D'U]HZR]KHUEHP-XOLXV]D /HRQ ; Ä=]DJURG\SROLFMDVNLHM-HJRQDXF]\FLHOHPE\á$QJHOR3ROL]LDQR +DGULDQ 9, Ä/HZIORUHQFNL:KHUELHPLDáOZD .OHPHQV 9,, Ä.ZLDW SLáNL:KHUELHPLDáNZLDWSLáNL 3DZHá,,, Ä+LDF\QWOHNDUVNL:KHUELHPLDáWHQNZLDW3RQDGWRRSLHNRZDáVL
NRFLRáHPSRGZH]ZDQLHP ZOHNDU]\ -XOLXV],,, Ä=NRURQ\JyUVNLHM0LDáNRURQ ZKHUELHDJyU ZQD]ZLVNX 0DUFHOL ,, Ä=ZL GáH]ER*H=ER*HPLDáZKHUELH%\`SDSLH*HPSU]H] GQL 3DZHá ,9 Ä=ZLDU\3L WURZHM'EDáRF]\VWRüZLDU\ 3LXV ,9 Ä/HNDUVWZR(VNXODSD6WXGLRZDáSUDZRLPHG\F\Q 3LXV 9 Ä/HQ\DQLRá8URG]LáVL Z%RVFR]QDF]\ODV *U]HJRU] ;,,, Ä3RáRZDNXOLVWHJRFLDáD:KHUELHPLDáSRáRZ VPRND 6\NVWXV 9 Ä2 SRURGNX]QDNX:KHUELHPLDáOZDSU]HFL WHJRQDSyá 8UEDQ ,, Ä=URV\QLHED/HF]\áVL PDQQ F]\OLZHGáXJ
VWDUHJRWHVWDPHQWXURV QLHELDVN3U]\WRF]RQHZ\*HM NU\SWRJUDP\SDSLH*\]LQWHUSUHWRZDQH ]RVWDá\SU]H]$OIRQVD*LDFRQXVD1DSRWU]HE\WHMNVL JL]RVWDá\RQHX]XSHáQLRQH/LVWDSU]\WRF]RQ\FK SDSLH*\PDMHGQDNZDG GRZROQRFLGRERUX2SUyF]SUDZG]LZ\FKSDSLH*\]DZLHUDQD]ZLVNDDQW\SDSLH*\ FKRüF] üRVWDWQLFKZRJyOHSRPLMD1DSRF]WNXOLVW\]QDMGXMHVL EáGGRW\F]F\SDQRZDQLDSDSLH*D +DGULDQD ,9 LZSLVDQLDSDSLH*D:LNWRUD,,, 3RQL*HMSU]\WDF]DP\OLVW SDSLH*\RG*U]HJRU]D ;,9 GR-DQD3DZáD ,, LNU\SWRJUDP\ZHGáXJZ 0DODFKLDV]D1LHPDM RQHMHGQDNREMDQLHJG\* F\WRZDQ\$OIRQV*LDFRQXVREMDQLáW\ONRWHGR8UEDQD ,, Ä=HVWDUR*\WQHJRPLDVWD *U]HJRU] ;,9 Ä2ILDUDSU]HEáDJDOQDZZRMQLH ,QQRFHQW\ ,; Ä.U]\* URPXODVNL .OHPHQV 9,,, Ä0* IDOLVW\ /HRQ ;, Ä5yGSU]HZURWQ\ 3DZHá 9 Ä:XFLVNXSRNRMX *U]HJRU] ;9 Ä/LOLDLUy*D8UEDQ 9,,, Ä5DGRüNU]\*D ,QQRFHQW\ ; Ä*yUVNLVWUD*QLN $OHNVDQGHU 9,, Ä*ZLD]GDáDE G]LD .OHPHQV ,; Ä= ZLHONLHMU]HNL .OHPHQV ; Ä&KZDOHEQDZLHUQRü $OHNVDQGHU 9,,, Ä3L NQHG]LHFLVWZR ,QQRFHQW\ ;, Ä0RW\NDXEUDP\ ,QQRFHQW\ ;,, Ä.ZLDW\R]GREQH .OHPHQV ;, Ä=GREUHJRZ\]QDQLD ,QQRFHQW\ ;,,, Ä5\FHU]ZZRMQLH %HQHG\NW ;,,, Ä.ROXPQDZ]QLRVáD .OHPHQV ;,, Ä:LHONLH]ZLHU] %HQHG\NW ;,9 Ä5y*DFLHPQRFL .OHPHQV ;,,, Ä=ZLQQ\QLHG(ZLHG( .OHPHQV ;,9 Ä3LHOJU]\PDSRVWROVNL 3LXV 9, Ä'UDSLH*Q\RU]Há 3LXV 9,, Ä3LHVLZ* /HRQ ;,, Ä0* UHOLJLMQ\ 3LXV 9,,, Ä=NSLHOLHWUXVNLFK *U]HJRU] ;9, Ä.U]\* ]NU]\*D 3LXV ,; ÄZLDWáRZQLHELH /HRQ ;,,, Ä2JLH JRUHMF\ 3LXV ; Ä:\]QDQLHZ\OXGQLRQH %HQHG\NW ;9 Ä:LDUDQLHXVWUDV]RQD 3LXV ;, Ä3DVWHU]DQLHOVNL 3LXV ;,, Ä3DVWHU]L*HJODU] -DQ ;;,,, Ä.ZLDWNZLDWyZ 3DZHá 9, Ä= SU]HSRáRZLHQLDNVL *\FD -DQ3DZHá, Ä=SUDF\VáRFD -DQ3DZHá ,,
:VSRPQLHOLP\*HSLHUZV]H NU\SWRJUDP\E\á\]LQWHUSUHWRZDQH3R]RVWDáHQLH7HQZáDQLHIDNW E\áSRZRGHPSU]\SXV]F]H*HFDOHU]HNRPHSURURFWZR0DODFKLDV]DVSRU]G]RQHE\áRPL G]\ D URNLHP3DQXMF\ZF]HQLHMSDSLH*HGR8UEDQD 9,, E\OL]QDQLàDWZRE\áR]LQWHUSUHWRZDü SU]HSRZLHGQLHZLHG]FNRJRGRW\F]LáDWZRE\áR]QDOH(üRNUHOHQLDGODSDSLH*\NWyU]\E\OLGREU]H ]QDQL-HGQDN*HQDOH*\SU]\SRPQLHü*HZáDQLHZ ;,, L ;,,, ZLHNXZFDáHM(XURSLHSRZVWDZDá\Uy*QHJR URG]DMXOHJHQG\SU]\SRZLHFLLRSRZLDGDQLDGRW\F]FH.RFLRáDMHJRKLVWRULLLRVyE]QLP]ZL]DQ\FK
3URURFWZR0DODFKLDV]DMHVWEDUG]LHMFKDUDNWHU\VW\F]QHGODF]DVyZZNWyU\FK*\áZLWREOLZ\ELVNXSQL* GODNRFDZLHNX ;9, ZNWyU\PU]HNRPRPLDá\SRZVWDü 3RPLHUFL8UEDQD 9,, ]HEUDQLQDNRQNODZHNDUG\QDáRZLHSU]H]GZDPLHVLFHQLHPRJOLZ\EUDü QRZHJRELVNXSD'RWURQXSDSLHVNLHJRNDQG\GRZDáRVLHGPLXNDUG\QDáyZPDMF\FKSRSDUFLHNUyOD)LOLSD ,, 1LFZL FG]LZQHJR*HZ\ERU\VL SU]HFLJQ á\=Z\FL VNR]NRQNODZHZ\V]HGá*U]HJRU];,9 1LFFROR6IRQGUDWL2SXEOLNRZDQHZ URNXSURURFWZR0DFKDOLDV]DPLDáRQDFHOX SU]HIRUVRZDQLHQDWURQSDSLHVNLRGSRZLHGQLHJRNDQG\GDWD%\áQLPZáDQLHNDUG\QDá1LFFROR: SURURFWZLHGODNROHMQHJRSDSLH*DSU]HZLG]LDQRRNUHOHQLH Ä=HVWDUR*\WQHJRPLDVWD*U]HJRU] ;,9 FKRFLD* XURG]LáVL ZSREOL*X0HGLRODQXSRFKRG]Lá]HVWDUR*\WQHMURG]LQ\V]ODFKHFNLHM]&UHPRQ\ ZáDQLH]HVWDUR*\WQHJRPLDVWD&]\WU]HEDE\áRD* WDNLHMPLVW\ILNDFMLDE\ZSá\QüQDNDUG\QDáyZ" :WSOLZH:L NV]H]QDF]HQLHPLDáR]GDQLHLZRODNUyOyZ+LV]SDQLLQL* SU]HSRZLHGQLHZWHG\MHV]F]HQLH WDNSRZV]HFKQLH]QDQH .U\SWRJUDP\RG*U]HJRU]D ;,9 GR-DQD3DZLD ,, QLHV MX* WDNGRNáDGQHMDNSRSU]HGQLH:LHOH]QLFK ZRJyOHMHVWQLHMDVQ\FK=QDF]QDF] üMHVWMHGQDN]DG]LZLDMFRWUDIQD ,QQRFHQW\ ; Ä5DGRü.U]\*D:\EUDQ\QDXU]GSDSLHVNL ZU]HQLDZZL WR3RGZ\*V]HQLD .U]\*D $OHNVDQGHU 9,, Ä6WUD*QLNJyUVNL:KHUELHPLDáJZLD]G\QDGZ]JyU]DPL .OHPHQV ; Ä=ZLHONLHMU]HNL8URG]LáVL ZF]DVLHNLHG\7\EUZ\ODáLE\áDZLHONDSRZyG( 3LXV 9, Ä3LHOJU]\PDSRVWROVNL3U]HODGRZDQ\SU]H]1DSROHRQD%RQDSDUWHPXVLDáVWDOHSRGUy*RZDü SR(XURSLH 3LXV ; Ä3áRPLH JRUHMF\%\áJRUOLZ\PREURF ZLDU\=RVWDáNDQRQL]RZDQ\:F]DVLHMHJR SRQW\ILNDWXZ\EXFKáZXONDQ(WQD %HQHG\NW 9 Ä:\]QDQLHZ\OXGQLRQH,ZRMQDZLDWRZDZF]DVLHSRQW\ILNDWX 3LXV ;, Ä:LDUDQLHXVWUDV]RQD=ZDOF]DáDWHL]PNRPXQL]PPRGHUQL]PZRJyOHZV]HONLHLGHRORJLH LUXFK\DQW\FKU]HFLMDVNLH -DQ ;;,,, Ä3DVWHU]L*HJODU]%\áSDWULDUFK :HQHFML8OXELRQ\PURGNLHPORNRPRFMLE\á\GODQLHJR JRQGROH 3DZHá 9, Ä.ZLDWNZLDWyZ 0LDáZKHUELHOLOL NZLDWNUyOHZVNL -DQ3DZHá, Ä=SU]HSRáRZLHQLDNVL *\FD:\EUDQ\]RVWDáG]LH SRSRáRZLHNVL *\FD VLHUSQLD URNX=PDUáWDN*HZSRáRZLHID]\NVL *\FD ZU]HQLD URNX -DQ3DZHá ,, Ä=SUDF\VáRFD:PáRGRFLSUDFRZDáIL]\F]QLHZNDPLHQLRáRPDFKZ*DU]HVáRFD SD(G]LHUQLND URNXZGQLXZ\ERUXQDVáRFXPLDá\PLHMVFHQDMZL NV]HZ ;; ZLHNXZ\EXFK\ 3RNU\SWRJUDPLHSDSLH*D-DQD3DZáD ,, ZSURURFWZLH0DODFKLDV]DMHVWW\ONRMHGHQ]DSLV Ä&KZDO ROLZNL3RSROVNLPSDSLH*XPDE\üSDSLH*HPNDUG\QDáRFLHPQHMNDUQDFMLOXEWH* QDVWSLZWHG\GáXJL RNUHVSRNRMXLMHGQRFL7RSURURFWZR]ELH*QH-HVW]ZLHORPDLQQ\PL0DODFKLDV]VNáDQLDVL GRWH]\*H SRÄROLZNRZ\PSDSLH*XQDVWSLNRQLHFZLDWD0DODFKLDV]WDNNRF]\VZRMHSURURFWZRÄ3RGF]DV RVWDWHF]QHJRSU]HODGRZDQLDZL WHJR.RFLRáD5]\PVNLHJR]DVLG]LH3LRWU5]\PLDQLQNWyU\SDü E G]LHRZFHZUyGZLHOXXWUDSLHSRSU]HPLQL FLXNWyU\FKSDVWZRQDVLHGPLXZ]JyU]DFKSRáR*RQH ]QLV]F]RQH]RVWDQLHDVWUDV]Q\V G]LDE G]LHVG]LáVZyMOXG.RQLHF 1LNW]EDGDF]\QLH]DSU]HF]D*HSURURFWZD0DODFKLDV]DPLDá\GOD.RFLRáDGX*H]QDF]HQLH1LNWQLH NZHVWLRQXMHLFKDXWHQW\F]QRFL3UREOHPHPMHVWF]DVLFKSRZVWDQLD 1DSU]HáRPLH ;,, L ;,,, ZLHNXZV]HONLHJRURG]DMHSU]HSRZLHGQLHLSURURFWZDFLHV]\á\VL ZLHONLP ]DLQWHUHVRZDQLHP=MHGQHMVWURQ\ZL]DáRVL WR]ZL]MDPLDSRNDOLSW\F]Q\PL]GUXJLHME\áRVNXWNLHP SRGM W\FKSU]H]IUDQFLV]NDQyZG]LDáD SRSXODU\]XMF\FKZUyGOXGXZLHG] R.RFLHOHSDSLH*DFK WUDG\FMLREU] GDFK:WHG\SRZVWDá\PL G]\LQQ\PLWDNLHGRNXPHQW\MDNÄ$QLHOVNDZ\URF]QLD&\U\OD
]ZDQDWDN*HWHVWDPHQWHP3VHXGR-RDFKLPDÄ$QLHOVND:\URF]QLDPDIRUP SU]HSRZLHGQLNWyUH RWU]\PDáZWUDNFLHPV]\SHZLHQ]DNRQQLN6DPQLHUR]XPLHMFRWU]\PDQ\FKSU]HSRZLHGQL]ZUyFLáVL R LFKLQWHUSUHWDFM GR-RDFKLPD:\GDMHVL *HSU]HSRZLHGQLHRJáDV]DMFHU\FKá\NRQLHFZLDWDRGQRVLá\VL
GRWUDJLF]QHJRORVXMDNL]JRWRZDáSDSLH*RZL&HOHVW\QRZL 9 SDSLH* %RQLIDF\ 9,,, SDWU]UR]G]LDá 3RFDáXQHNPLHUFL 1DMSUDZGRSRGREQLHM]DSRQW\ILNDWXZáDQLHSDSLH*D%RQLIDFHJR 9,,, SRMDZLáVL LQQ\GRNXPHQW SU]HSRZLDGDMF\ORV\ELVNXSyZ5]\PX'RNXPHQWUyZQLH* SU]\SLV\ZDQ\-RDFKLPRZLÄ9DWLFLDQDGH VXPPLVSRQWLILFLEXV Ä3U]HSRZLHGQLHGRW\F]FHSDSLH*\ WRLOXVWURZDQHNUyWNLHRSRZLHFLZ]RURZDQH QDVWDU\FKJUHFNLFKSU]HSRZLHGQLDFKRSU]\V]á\FKFHVDU]DFK:SLHUZV]HMF] FLSU]HGVWDZLRQHV RSRZLHFLRV]HFLXSDSLH*DFKRG0LNRáDMD,,, GR%RQLIDFHJR 9,,,ZáDQLH &] üRSRZLHFLRGQRVLVL GRSU]\V]á\FKORVyZSDSLH*\QDMSUDZGRSRGREQLHM SDSLH*\NRFDZLDWD1D RVWDWQLPREUD]NXSDSLH* WU]\PDNRURQ QDG]ZLHU] FLHPROXG]NLHMJáRZLH0DE\üWRSU]HSRZLHGQLD DEG\NDFMLSDSLH*D]FKZLO QDGHMFLDDQW\FKU\VWDZRVWDWQLFKGQLDFKSU]HGNRFHPZLDWD 7\OXZWSOLZRFLQLHZ]EXG]DLQQHZLHONLHSURURFWZR SLHUZV]\UD]RSXEOLNRZDQHZ URNXZ /\RQLH-HJRDXWRUHPE\á0LFKHOGH1RVWUH'DP 3U]H]SRQDGF]WHU\VWDODWZLHOXEDGDF]\]DMPRZDáRVL
LQWHUSUHWDFM WHJRSURURFWZD1RVWUDGDPXVRSLVDáORV\ZLDWDD* GRMHJRNRFDZW]ZFHQWXULDFK.RQLHF ZLDWDQDVWSLüPDZHGáXJWHJRSURURFWZDZ URNX :LHOXEDGDF]\VWRVXMFOLF]QHPHWRG\OLF]HQLDNRQLHFZLDWDREOLF]DM QDURN 6SRU\ZWHM VSUDZLHDF]LQWHUHVXMFHQLHZQRV] GRQDV]HMSUDF\QLF]HJR7DNF]\RZDNURN OXENLOND QDVW SQ\FKODWGRZLRGF]\GZDZLHONLHSURURFWZD1RVWUDGDPXVDL0DODFKLDV]DSRWZLHUG] VL $MH*HOL WDNWRF]\GDQHE G]LHQDPGRZLDGF]\üSUDZG\RW\FKSU]HSRZLHGQLDFK" 1RVWUDGDPXVXURG]LáVL Z URNX)\áGRURNX ,GFODGHPRMFDSRGMáVWXGLDOHNDUVNLH%\áWH* DVWURORJLHPRVRELVW\POHNDU]HP+HQU\ND ,, L.DUROD ,; -DNROHNDU]XF]HVWQLF]\áZ]ZDOF]DQLXHSLGHPLL G*XP\]URNX 3RPLHUFL*RQ\XGDáVL ZGáXJ OHWQL SRGUy* SR(XURSLH1DNRFXRVLDGáZ 6DORQGH&UDX[WDPR*HQLáVL SRZWyUQLHLXURG]LáPXVL V\Q&H]DU'RNáDGQLHFRGRGQLDSU]HZLG]LDá GDW VZRMHMPLHUFL F]HUZFD URNX WXMHVWPRMDPLHUü QDSLVDáKLFPRUVPHDHVW :NLONXFHQWXULDFK1RVWUDGDPXVRGQRVLVL GRORVyZSDSLH*\:URNX UR]SRF]QLHVL ,,,ZRMQD ZLDWRZDNWyUDZHGáXJSU]HSRZLHGQLE G]LHWUZDáD ODWDL PLHVL F\:ZRMQLHDQW\FKU\VWSRFKRG]F\ ]$]ML FKRG]LR&KLQ\ ]QLV]F]\:DW\NDQL5]\PRUD]XZL ]LRVWDWQLHJRSDSLH*D :LQQ\PPLHMVFX1RVWUDGDPXVGRNáDGQLHSU]HSRZLHG]LDáORVSDSLH*D 3LXVD 9,, SU]HODGRZDQHJR SU]H]1DSROHRQD]UHV]W MDNLORVWHJRRVWDWQLHJRÄ3DSLH*RZL SLV]H1RVWUDGDPXV ]RVWDQ ]DEUDQHEXOOH LGRVWDQ VL ZU FHW\UDQDDWHQSRVWDUDVL REUDERZDüGXFKRZHJRZáDGF MHGQDNMX* ZNUyWFHVSURZDG] QDQLHJRWHUDEXQNLQLHV]F] FLH1DSROHRQXZL ]LáSDSLH*D3LXVD 9,, ZF]DVLHRNXSDFML5]\PXL :DW\NDQX]UDERZDáLZ\ZLy]áGR)UDQFMLZLHOHVNDUEyZ.RFLRáDLSDSLH*\=JRGQLH]]DSRZLHG]L 3LXVD 9,, 1DSROHRQVNRF]\áPDPLH3RGNRQLHF*\FLD1DSROHRQLMHJRPDWNDRWU]\P\ZDOL]DSRPRJL ILQDQVRZH]:DW\NDQX :OLVWDFKGRV\QD&H]DUDLNUyOD+HQU\ND ,, 1RVWUDGDPXVWDN]DSRZLDGDNRQLHFZLDWDÄ3U]HGRJyOQ\P VSDOHQLHPZLDWDSU]\MG WDNGX*HXOHZ\LSRZRG]LH*HSUDZLHQLHE G]LHREV]DUXNWyUHJRQLHSRNU\MH ZRGDLÄ$SU]HGWHPE G]LH]DüPLHQLHVáRFDQDMFLHPQLHMV]HLQDMPDUQLHMV]H]HZV]\VWNLFKRGSRF]WNX ZLDWDGRFLHUSLHQLDLPLHUFL-H]XVD&KU\VWXVDLGRWHJRF]DVXD* SRQDV]HGQL:PLHVLFXSD(G]LHUQLNX Z\GDU]\VL ZLHONLH]DPLHV]DQLHWDNJZDáWRZQH*HE G]LHPR*QDVG]LüL* PDVD]LHPLVWUDFLáDVZyM QDWXUDOQ\UXFKL]DWU]\PDáDVL ZZLHF]QHMFLHPQRFL:\GDU]HQLHWRRNRáRZLRVQ\LSy(QLHME G]LH SRSU]HG]RQHSU]H]QDG]Z\F]DMQH]PLDQ\SU]HNV]WDáFHQLDSDVWZLZLHONLHWU] VLHQLD]LHPL =EOL*DVL SD(G]LHUQLN URNX PLHVLFSUDZG\ZSURURFWZLH1RVWUDGDPXVD3URURFWZRRSLVDQH ]RVWDáRSU]H]1RVWUDGDPXVDZ URNXDRSXEOLNRZDQHWU]\QDFLHODWSy(QLHMMX* SRPLHUFL0LFKHOD GH1RVWUH'DPH
3U]HSRZLHGQLDRNRFXZLDWD]QDMGXMHVL WH* ZREMDZLHQLDFKIDWLPVNLFK7]ZWU]HFLDWDMHPQLFD IDWLPVND]DZLHUDVáRZD0DWNL%RVNLHMSU]HND]DQHàXFMLRQDGFKRG]F\PNRFXZLDWD 1DMZL WV]D0DULD3DQQDZ URNXZ)DWLPLHZ3RUWXJDOLLSU]HND]DáDWUyMFHURG]HVWZD +LDF\QFLH)UDQFLV]FHLZáDQLHàXFMLREMDZLHQLHVNáDGDMFHVL ]WU]HFKF] FL=JRGQLH]]DSRZLHG]L GZRMH]URG]HVWZDZNUyWFH]PDUáRàXFMDRWU]\PDáDVSHFMDOQ PLVM JáRV]HQLDZLDWXWHJRREMDZLHQLD 2GSRáRZ\JUXGQLD GRVW\F]QLD URNXàXFMD'266DQWRVVSLVDáDWU]HFL WDMHPQLF IDWLPVN Z VSHFMDOQ\PPHPRULDOH=JRGQLH]]DSLVHPSR]RVWDZLRQ\PSU]H]àXFM WDMHPQLFDWDPRJáDE\ü XMDZQLRQDGRSLHURZURNX 0HPRULDá]RVWDáSU]HND]DQ\ELVNXSRZL/HLULDQDVW SQLHQXQFMXV]RZL SDSLHVNLHPXZ3RUWXJDOLL1XQFMXV]]NROHLSU]HND]DáPHPRULDáGR.RQJUHJDFML'RNWU\Q\:LDU\ NLHURZDQHMSU]H]NDUG\QDáD$OIUHGR2WWDYLDQLHJR 0HPRULDáàXFMLGRWDUáZ]DODNRZDQHMNRSHUFLHGRSDSLH*D3LXVD ;,, NWyU\]JRGQLH]ZRO àXFMLQLH ]DSR]QDáVL ]MHJRWUHFL'RSLHURSDSLH* -DQ ;;,,, Z URNX]DSR]QDá VL ]PHPRULDáHP3DSLH* SU]HFKRZ\ZDáPHPRULDáSRGRSLHN QDVZRLPELXUNX3DZHá 9, WDN*HGR URNXRVRELFLHSU]HF]\WDá PHPRULDáLSU]HND]DáJRGRVSHFMDOQHJRDUFKLZXP3DSLH* -DQ3DZHá ,, WDN*H]DSR]QDáVL WUHFL WDMHPQLF\IDWLPVNLHM SRWZLHUG]LáWHQIDNWRVRELFLH2SUyF]SDSLH*\WDMHPQLF IDWLPVN SR]QDáRWDN*H NLONXZ\EUDQ\FKNDUG\QDáyZ1LHRILFMDOQLHZSD(G]LHUQLNX URNXÄ1RZD(XURSD Ä1HXHV(XURSD RSXEOLNRZDáDWUHüPHPRULDáX:DW\NDQQLJG\QLH]DSU]HF]\áDQLQLHSRWZLHUG]LáSUDZG]LZRFL RSXEOLNRZDQHJRWHNVWX -DQ3DZHá ,, 0DWN %RVN )DWLPVN F]FLáZVSRVyEV]F]HJyOQ\:LHOH]QDF]QLHZL FHMQL* Z SU]\SDGNXLQQ\FKSDSLH*\ SU]HSRZLHGQLGRW\F]\-DQD3DZáD ,, 1LFG]LZQHJRMHVWRQSLHUZV]\PRG ODWSDSLH*HPQLH:áRFKHP3ROVNLHJRSDSLH*DZLHV]F]\OSRHWD -XOLXV]6áRZDFNL .DURORZL:RMW\OHMX* MDNRPáRGHPXNVL G]XREM FLHQDZ\&KU\VWXVDSU]HSRZLHG]LDáZLHONL VW\JPDW\N*\MF\ZVáDZLHZL WRFLRMFLHF3LR3RGREQLHSROVNL]DNRQQLNRQLH]Z\Ná\FK]GROQRFLDFK SDUDSV\FKLF]Q\FK&]HVáDZ.OLPXV]NRQDSRF]WNXSD(G]LHUQLND URNXSU]HZLG]LDáZREHFQRFL ZLDGNyZ*HSDSLH*HPSRPLHUFL-DQD3DZLD, ]RVWDQLHZáDQLHNDUG\QDá.DURO:RMW\áD2MFLHF .OLPXV]NRZF]HQLHMPL G]\LQQ\PLGRNáDGQLHSU]HZLG]LDáZ URNXPLHUü3U\PDVD3ROVNL .DUG\QDáD$XJXVWD+ORQGDLSy(QLHMSRZ\ERU]H$OELQR/XFLDQLHJR-DQ3DZHá, *HE G]LHWRNUyWNL QLHV]F] VQ\SRQW\ILNDW3DSLH* ]PDUáZ GQLXSDQRZDQLD 3U]HGQDPLQDVWDMHF]DVVSUDZG]HQLDZLHOXSU]\WRF]RQ\FKZ\*HMSURURFWZ
52='=,$à ; Ä3RF]HWSDSLH*\´
%D]\OLNDZ3DZáD]D0XUDPL5]\P0LHMVFHJG]LHZHGáXJOHJHQG\SRFKRZDQ\]RVWDá$SRVWRá 3DZHá=JRGQLH]ZRO FHVDU]D.RQVWDQW\QDQDJURELHZ3DZáD]EXGRZDQ\]RVWDáPDá\NRFLyá-X* SRG NRQLHF ,9 ZLHNXUR]SRF] WRQDW\PPLHMVFXEXGRZ ED]\OLNL3U]\QDMPQLHMWU]HFKFHVDU]\XF]HVWQLF]\áR ZW\PZLHONLPG]LHOH:SRáRZLH 9 ZLHNXED]\OLND]RVWDáDSL NQLHR]GRELRQDLX]QDZDQDE\áDSU]H] EOLVNR ODW]DQDMSL NQLHMV] ZLW\QL ZLDWD=RVWDáD]QLV]F]RQDZF]DVLHSR*DUX Z URNX 2GEXGRZDQRM ZHGáXJSLHUZRWQHJRSODQXLQDVWDU\FKIXQGDPHQWDFK:Q WU]HED]\OLNLWRSL üQDZL PDMHVWDW\F]Q\FKNROXPQ&DáRü]ZLHF]RQDVWURSHPR]GRELRQ\PZHGáXJZ]RUyZ2GURG]HQLD $OHQLHWRVSURZDG]DQDVGRÄ%D]\OLNL2VWLHQVH1DGNROXPQDPLXPLHV]F]RQRVHUL PHGDOLRQyZL PR]DLNVWDQRZLF\FKVZRLVW JDOHUL SDSLH*\3U]HGVWDZLRQRWXSRUWUHW\ NROHMQ\FKELVNXSyZ 5]\PXRGZ3LRWUDGR-DQD ;;,,,ZUD]]LFKLPLRQDPLNROHMQ\PLQXPHUDPLSRQW\ILNDWXLGDWDPL SDQRZDQLD 1DGDOV]\FKVWURQDFKSU]HGVWDZLP\SRUWUHW\ZV]\VWNLFKSDSLH*\Z]RUXMFVL QDJDOHULL]%D]\OLNL 5]\PVNLHMLZ]ERJDFDMFMHRSRGREL]Q\RVWDWQLFKWU]HFK 3DZáD 9, -DQD3DZLD,L-DQD3DZáD ,, 3UH]HQWXMFQDV]SRF]HWSDSLH*\QLHFKFHP\WDNMDNZLHOXLQQ\FKKLVWRU\NyZSRGDZDüMDNRZLDU\JRG Q\FKGDWG]LHQQ\FKSRQW\ILNDWyZ7HERZLHP]ZáDV]F]DZSLHUZV]\FKVLHGPLXZLHNDFKKLVWRULL .RFLRáDV PDáRZLDU\JRGQH2JUDQLF]\P\VL ZL FGRLPLRQSDSLH*\URF]Q\FKGDWSDQRZDQLDL QD]ZLVNURGRZ\FKZSU]\SDGNXNLHG\SDSLH*HUDF]\OL]PLHQLüVZRMHLPL ZFKZLOLZ\ERUX/LVW\ Z\ND]\SDSLH*\SRZVWDZDá\SUDZLHRGSLHUZV]\FKZLHNyZLVWQLHQLDXU] GXELVNXSD5]\PX 1DMVWDUV]\WDNLZ\ND]SRFKRG]L]NRFD ,, ZLHNX3U]\JRWRZDQ\]RVWDáSU]H]ELVNXSD/\RQX,UHQHXV]D *UHND F]DVSRQW\ILNDWX:LNWRUD 0QLHMZL FHMZW\PVDP\PF]DVLHZ$]ML0QLHMV]HMSRZVWDá Z\ND]]DZLHUDMF\F] üLPLRQSDSLH*\=ELHJLHPODWSXEOLNDFMH]DZLHUDMFH]DSLV\*\ZRWDSDSLH*\ VWDM VL FRUD]SRZV]HFKQLHMV]H= 9,, ZLHNXSRFKRG]L.VL JDU]\PVNLFKSRQW\ILNDWyZ :UHGQLRZLHF]X WZRU]RQHE\á\NURQLNLSHáQHOHJHQGEDUZQ\FKRSRZLHFLF] VWRVIDáV]RZDQHQDELH*FHSRWU]HE\ .RFLRáD7DNSRZVWDáDPL G]\LQQ\PL.URQLNDSDSLH*\LFHVDU]\ 0DUFLQD3RODND]2SDZ\NWyUHJRMX* F\WRZDOLP\MDNRDXWRUDOHJHQG\RSDSLH*\F\-RDQQLH:áDQLHZWDNLHMNURQLFHXPLHV]F]RQD]RVWDáD OHJHQGDRNRELHFLHSDSLH*X']L ZLHP\MDNDE\áDZDUWRüKLVWRU\F]QDWDNLFKRSUDFRZD3DSLH* ,QQRFHQW\,,, XZD*DQ\MHVW]DWZyUF VSLVXZV]\VWNLFKDNWyZSDSLHVNLFKNWyUHSU]H]ZLHNL X]XSHáQLDQHVWDQRZLá\SRGVWDZ GRRSUDFRZDQLD*\FLRU\VyZLRILFMDOQ\FKNDWDORJyZSDSLH*\7D JURPDG]RQDSU]H]ZLHNLGRNXPHQWDFMDMHVWF] FLRZRXGRVW SQLRQDKLVWRU\NRPGREDGDQLD 3LHUZV]HZLHNLKLVWRULL.RFLRáDQLHSU]\QRV] QDPZL FZLHOHIDNWyZLGDWNWyUHPR*HP\G]L SU]\MüEH]]DVWU]H*H:LHP\QDSHZQR*HSDSLH* 3RQFMDQ]UH]\JQRZDá]XU] GX ZU]HQLD URNX ::DW\NDQLHRGZLHOXG]LVL FLROHFLZ\GDZDQHMHVWND*GHJRURNXVSHFMDOQHZ\GDZQLFWZRÄ$QQXDULR 3RQW\ILFLRNWyUHSU]\QRVLQDPSHáQ OLVW SDSLH*\-HGQDN*HLZW\PZ\GDZQLFWZLHZSURZDG]DQ\FKMHVW ZLHOH]PLDQ1S%HQHG\NW 9 OXE/HRQ 9,,, SRZLQQLE\üX]QDQL]DDQW\SDSLH*\ ZREHFX]QDQLDZ\ERUyZ]DQLHZD*QH:QLHNWyU\FKNDWDORJDFKSDSLH*\%RQLIDF\ 9,, DQW\SDSLH* GZXNURWQ\SRQW\ILNDW X]QDZDQ\MHVW]DSUDZRZLWHJRSDSLH*D:LHOH]DPLHV]DQLDZKLVWRULL ZSURZDG]DG\VNXVMDRX]QDQLXSUDZRZLWRFLSRQW\ILNDWXSDSLH*D6WHIDQD :Ä$QQXDULR3RQW\ILFLR Z URNXZLGQLHMHRQZVSLVLHSDSLH*\SUDZRZLW\FK5RNSy(QLHM]RVWDáMX* SRPLQL W\6WGSU]\ SDSLH*X6WHIDQLHSRMDZLDM VL SRGZyMQHQXPHUDFMHSRQW\ILNDWX1DPHGDOLRQDFKZ%D]\OLFHZ3DZáD ]D0XUDPL6WHIDQMHVWSDSLH*HPOHJDOQ\P3U]\F]\Q WHJR]DPLHV]DQLDE\áDU\FKáDPLHUüQRZR Z\EUDQHJRSDSLH*D=PDUáRQZWU]\GQLSRZ\ERU]HDOHSU]HGNRQVHNUDFM2GUHGQLRZLHF]D]DF] WR X]QDZDüSUDZRPRFQRüZ\ERUXRGPRPHQWXNRQVHNUDFMLDQLHMDNQDND]XMHSUDZRRGFKZLOLZ\ERUX
:WSOLZRFLFRGROLF]E\SDSLH*\LSRQW\ILNDWyZSU]\WRF]\OLP\MX* QDZVW SLH 3RGREQLHE\áR]X]QDZDQ\P]DDQW\SDSLH*D'LRVNXUHP NWyU\GR URNXX]QDZDQ\E\á]D SUDZRZLWHJRDRG URNXZÄ$QQXDULR3RQW\ILFLRRNUHODVL JRPLHQLHPDQW\SDSLH*DZDUXQNRZR GRSXV]F]DMFSUDZRPRFQRüZ\ERUX8]QDZDQ\]DSUDZRZLWHJRSDSLH*D%RQLIDF\ ,, E\á Z\]QDF]RQ\QDXU]GSU]H]XPLHUDMFHJRSDSLH*D)HOLNVD ,9,,, LSRSLHUDQ\SU]H]GZyUZ5DZHQQLH .DQRQLF]QLHZ\EUDQ\]RVWDá'LRVNXU2E\GZDME\OLNRQVHNURZDQLWHJRVDPHJRGQLD :LHOHNRPSOLNDFMLMHVWWH* ] LPLHQLHP-DQ-DQ ;;,,, IRUPDOQLHSRZLQLHQE\ü-DQHP ;;, JG\* -DQ;9, X]QDQ\MHVWSRZV]HFKQLH]DDQW\SDSLH*DD-DQ ;; ZNDWDORJDFKZRJyOHQLHZ\VW SXMH 3RGREQLHMHVW]SDSLH*DPLRLPLHQLX)HOLNV )HOLNV ,, DQW\SDSLH*PLDáE\üP F]HQQLNLHPVWGSU]H]F] üKLVWRU\NyZLQLHNWyUHNDWDORJL X]QDQ\]RVWDá]DSUDZLWHJRQDVW SF Z3LRWUD1DPHGDOLRQDFKMHVWSRGREL]QD)HOLNVD,QDVW SQLH GRSLHUR)HOLNVD,,,L ,9 %UDNMHVWZRJyOHZ]PLDQNLR)HOLNVLH ,, MDNRSDSLH*XF]\WH* DQW\SDSLH*X =DSUDZRZLWHJRSDSLH*DX]QDQ\]RVWDá%RQLIDF\, DQLHZF]HQLHMZ\EUDQ\LSRF]WNRZR ]DWZLHUG]RQ\SU]H]FHVDU]D(XODOLXV] XPLHV]F]RQ\ZNDWDORJXDQW\SDSLH*\3RGREQLHMDN %RQLIDF\ ,, VDPRWU]\PDáWURQ1DELVNXSVWZRZ5]\PLHZ\]QDF]RQ\]RVWDáWDN*H:LJLOLXV]ZáDQLH SU]H]%RQLIDFHJR ,, Z URNX:VNXWHNRVWUHJRVSU]HFLZXVHQDWXLGXFKRZLHVWZDQLHREMáZWHG\ VXNFHVML=UR]ND]XFHVDU]RZHM7HRGRU\ RF]\PMX* SLVDOLP\ XVXQL W\]RVWDáZ URNXSDSLH* 6\OZHULXV]D]DELVNXSDX]QDQRZáDQLH:LJLOLXV]D1RZ\ELVNXSFKRüMX* XU]GVSUDZRZDáX]QDQ\ ]RVWDáSRZV]HFKQLH]DSDSLH*DGRSLHURRGURNX LSDQRZDáGRURNX $QW\SDSLH* %RQLIDF\ 9,, XU]GVSUDZRZDáGZXNURWQLHZ URNXDQDVW SQLHZODWDFK 3RGREQLHDQW\SDSLH* 7HRGRUWDN*HGZXNURWQLHDVSLURZDáGRJRGQRFLSDSLHVNLHMUD]ZURNX D SRQRZQLHURNSy(QLHM 'UREQH]DPLHV]DQLH]QDMGXMHP\WH* ZQXPHUDFMLSDSLH*\RLPLHQLX0DUFLQ:NDWDORJDFKILJXUXM 0DUFLQ,DSy(QLHM0DUFLQ ,9 L 9 %UDNMHVW0DUFLQD ,, L,,,:LFKPLHMVFXXPLHV]F]RQRSDSLH*\R LPLHQLX0DU\QXV,L ,, P\OQLHXWR*VDPLDQ\FK]LPLHQLHP0DUFLQ 3UDZRZLW\PSDSLH*HPFKRüSRZV]HFKQLHXPLHV]F]DQ\PZ]HVWDZLHDQW\SDSLH*\SRZLQLHQE\ü %HQHG\NW ; :QXPHUDFML]RVWDZLRQRWHPXZáDQLHSDSLH*RZLNROHMQ\QXPHUZHGáXJ NDWDORJXOHJDOQ\FKSDSLH*\:URNX SRPLHUFL6WHIDQD ,;; Z\EUDQROHJDOQLH*LRYDQQLHJR 0LQLFLR]URGXKUDELyZQD7XVNXOXPL]SRSDUFLHPFHVDU]RZHM$JQLHV]NL.RURQDFMD%HQHG\NWD ; RGE\áDVL QDW\FKPLDVWSRZ\ERU]HZQRF\]XG]LDáHPNLONXW\ONRNDUG\QDáyZLSUDáDWyZNXULL:HGOH *\F]HQLDSRSU]HGQLHJRSDSLH*DZ\EyUQDVW SF\PyJáRGE\üVL Z\áF]QLHZREHFQRFLRSDWD+LOGH EUDQGDNWyU\MX* ZWHG\U]G]LáGZRUHPSDSLHVNLP+LOGHEUDQGZPRPHQFLHZ\ERUXLNRURQDFML %HQHG\NWDSU]HE\ZDá]PLVM QDWHUHQLH1LHPLHF3RSRZURFLH+LOGHEUDQGSU]HNXSLá]ZROHQQLNyZ %HQHG\NWDDE\RGVWSLOLRGSRSDUFLD2MFDZL WHJR:MHJRPLHMVFHZ\EUDQR0LNRáDMD ,, D V\QRGREUDGXMF\Z6XWULL]GMá]XU] GX%HQHG\NWDNWyUHJRQDUR]ND]+LOGHEUDQGDXZL ]LRQRSRF]\P SRZLHU]RQR]DU]GQDGV]SLWDOHP)\MFZVNUDMQHMQ G]\%HQHG\NW]PDUáZ URNXD+LOGHEUDQGVDP ]RVWDáSDSLH*HP*U]HJRU]HP9,, LZL W\P.RFLRáD3RZV]HFKQHJR /LVWDDQW\SDSLH*\WH* QLHMHVWPR*OLZDGRRVWDWHF]QHJRXVWDOHQLD1LHNWyUHNDWDORJLZ URNX Z\PLHQLDM DQW\SDSLH*D'RQXVD ,, ZU]HF]\ZLVWRFLZRJyOHQLHLVWQLDá3DSLH* 0DUFHOL, SU]H] F] üKLVWRU\NyZP\ORQ\MHVWOXEXWR*VDPLDQ\]SDSLH*HP0DUFHOLQHP 2E\GZDMZ\VW SXM Z NDWDORJDFKMDNRSUDZRZLFLSDSLH*H2GF]DVyZ0DUFHOLQDSRMDZLDVL SU]\LPLRQDFKELVNXSyZU]\PVNLFK W\WXáSDSD SDSLH*=WHMUDFMLZDUWR]DSDPL WDüWRLPL 6áRZRSDSLH* SRFKRG]LRGJUHFNLHJRÄSDSDV RMFLHF7\PLPLHQLHPQLHPDORGSRF]WNX FKU]HFLMDVWZDSR]GUDZLDQRGXFKRZQ\FK SU]HZRG]F\FKJPLQRPPQLFKyZNDSáDQyZELVNXSyZ 7\WXáÄSDSDVRGSU]HáRPX ,, L,,,ZLHNX]ZL]DQ\E\á]NRFLRáHPDOHNVDQGU\MVNLP8*\ZDOLJRSD
WULDUFKRZLH$OHNVDQGULL:.RFLHOH=DFKRGQLPZáDFLVNLHMZHUVML W\WXáXWHJRRSUyF]ELVNXSyZ 5]\PXX*\ZDOLWDN*HELVNXSL.DUWDJLQ\ 'RSLHURSDSLH* *U]HJRU] 9,, Z\UD(QLH]DVWU]HJáSUDZRX*\ZDQLDWHJRW\WXáXZ\áF]QLH GODELVNXSyZ5]\PX=DG]LZLDMFH*HRVWUDZDONDELVNXSyZ5]\PXR]DJZDUDQWRZDQLHZ\áF]QLHLP SUDZDX*\ZDQLDW\WXáXSDSLH*DQLJG\QLH]QDOD]áDSRWZLHUG]HQLDZHZSURZDG]HQLXWHJRW\WXáXGR RILFMDOQ\FKW\WXáyZ:HGáXJG]LVLHMV]HMQRPHQNODWXU\SDSLH*HX*\ZDM QDVW SXMF\FKW\WXáyZ %LVNXS5]\PX :LNDULXV]-H]XVD&KU\VWXVD 6XNFHVRU.VL FLD$SRVWRáyZ 1DMZ\*V]\.DSáDQ.RFLRáD3RZV]HFKQHJR 3DWULDUFKD=DFKRGX 3U\PDV:áRFK $UF\ELVNXS0HWURSROLWD3URZLQFML5]\PVNLHM 6XZHUHQ3DVWZD0LDVWD:DW\NDVNLHJR 6áXJD6áXJ%R*\FK
7HRUHW\F]QLHELVNXSHP5]\PX SDSLH*HPPR*H]RVWDüND*G\0XVLE\üMHGQDNRFKU]F]RQ\P FKU]HFLMDQLQHPZ\áF]QLHSLFLP VNLHMOHF]QLHPR*HE\ü]ZL]DQ\PZ ]áHPPDá*HVNLPSUDZRWHJR Z\UD(QLHQLH]DND]XMH :U]HF]\ZLVWRFLMHGQDNRG URNXSDSLH*\Z\ELHUDQRZ\áF]QLH]JURQD F]áRQNyZZL WHJR.ROHJLXP.DUG\QDOVNLHJRQLH]DZV]HMHGQDNVSRUyGELVNXSyZ2VWDWQLPSDSLH*HP NWyU\QLHE\áELVNXSHPZFKZLOLVZRMHJRZ\ERUXE\á*U]HJRU] ;9, :WDNLPSU]\SDGNX Z\EUDQ\]RVWDMHQDW\FKPLDVWQDPDV]F]RQ\RWU]\PXMFRUG\QDFM ELVNXSL1DPDV]F]HQLD]JRGQLH] SUDZHPVSU]HGSU]HV]áR ODWGRNRQXMHELVNXS2VWLLE GF\MHGQRF]HQLH']LHNDQHPZL WHJR .ROHJLXP:DW\NDVNLHJR3HáQL ZáDG]\HOHNWRWU]\PXMH]FKZLO Z\UD*HQLD]JRG\QDZ\EyUL]áR*HQLD SU]H]NDUG\QDáyZGHNODUDFMLSRVáXV]HVWZD1DSUDZRPRFQRüZ\ERUXQLHPDZSá\ZXVDPDNW LQWURQL]DFMLF]\OLGDZQLHMNRURQDFMLSDSLH*DWLDU PLWU ELVNXSL ]WU]HPDNRURQDPL2VWDWQLPSDSLH*HP NRURQRZDQ\PWLDU LLQWURQL]RZDQ\PE\á3DZHá 9, 3DSLH*H-DQ3DZHá,L-DQ3DZHá ,, FDáNRZLFLH ]UH]\JQRZDOL]XURF]\VWRFLLQWURQL]DF\MQ\FKZGDZQ\P]QDF]HQLXWHJRVáRZD2ERZL]HN VILQDQVRZDQLDNRURQ\SDSLHVNLHMZ]DVDG]LHZHGOH]Z\F]DMXQDOH*DáGRGLHFH]ML]NWyUHMSRFKRG]Lá Z\EUDQ\SDSLH*%\áWRUDF]HM]DV]F]\WGODGLHFH]MLQL* RERZL]HN3DSLH* 3DZHá 9,VSU]HGDáVZRM NRURQ DQDVW SQLHSLHQLG]HSU]H]QDF]\áQDSRPRFFKDU\WDW\ZQ ZGLHFH]MLPHGLRODVNLHMZNWyUHM ZF]HQLHME\áPHWURSROLW3LHUZV]\PSDSLH*HPNWyU\ZRJyOHQLHVNRU]\VWDá]SU]\VáXJXMFHJR SDSLH*RZLSUDZDQRV]HQLDLFKQDVSHFMDOQ\PWURQLHE\á-DQ3DZHá ,, -HJRSRSU]HGQLNSRF]WNRZRWDN*H QLH]JRG]LáVL DE\QRV]RQRJRQDWURQLHMHGQDN*H]DQDPRZ VSHFMDOLVWyZRGÄSURPRFMLGDáVL ÄVNXVLü WHPXVWDUHPXRE\F]DMRZL3RZV]HFKQLHOXELDQ\XPLHFKQL W\SDSLH* QLHE\áZ\VRNLHJRZ]URVWX5]HV]H SLHOJU]\PyZLWXU\VWyZFKFLDáROHSLHMZLG]LHüREOLF]HSDSLH*D$E\SRND]DüVL OXG]LRP-DQ3DZHá, VNRU]\VWDá]SDSLHVNLHJRWURQX ,OXE\áRSDSLH*\"1DWRQLH]QDMG]LHP\MX* G]LVLDMSRSUDZQHMRGSRZLHG]L6SRU\LG\VNXVMHWUZDM 1LHNWyUHZWSOLZRFLSU]\WRF]\OLP\QDZVW SLHWHJRUR]G]LDáX/LF]EDSUDZRZLW\FKSDSLH*\Z ]DOH*QRFLRGNODV\ILNDFMLSU]\M WHMSU]H]SRV]F]HJyOQ\FKKLVWRU\NyZ]DZLHUDLPLRQDRG GR RVyE*G\E\MHGQDNXZ]JO GQLüVSRUyGX]QDQ\FK]DDQW\SDSLH*\LPLRQDW\FKNWyU\FKZ\EyURGE\ZDá VL ]JRGQLH]]DVDGDPLNDQRQLF]Q\PLDOHQLHX]\VNDOLSRWZLHUG]HQLDZáDG]\ZLHFNLHM OLF]EDSDSLH*\ Z]URVáDE\GR 1DWRPLDVWJG\E\P\X]QDOL]DDQW\SDSLH*\W\FKNWyU]\Z\EUDQL]RVWDOLEG( WR]D *\FLDSRSU]HGQLHJRSDSLH*DEG( WRSRGZSá\ZHPPRQDUFKyZLLQQ\FKRVyEWROLF]EDSUDZRZLW\FK SDSLH*\]PQLHMV]\áDE\VL GRRN ,VWQLHQLDNLONXVSRUyGZ\PLHQLRQ\FKZNDWDORJDFKSDSLH*\QLHGD VL XGRZRGQLüEH]]DVWU]H*H1LHNWyUHSRQW\ILNDW\E\á\]HVRE P\ORQHZ]ZL]NX]SRGRELHVWZHP LPLRQ QS0DUFLQ,L ,, P\OHQLV F] VWR]0DU\QXVHP,L ,, :WHMSUDF\SU]\WDF]DP\LPLRQD SUDZRZLW\FKSDSLH*\RUD]
X]QDQ\FK]DDQW\SDSLH*\ZW\P%HQHG\NWD,; NWyU\XU]GVSUDZRZDáWU]\UD]\5D]MDNROHJDOQ\SDSLH* LGZXNURWQLHMDNRDQW\SDSLH*
àF]QLHSDSLH*HLDQW\SDSLH*HX*\ZDOLSU]H]GZDW\VLFHODW LPLRQ3U]H]SLHUZV]HW\VLFOHFLHQRVLOL RQLLPLRQDFKU]HVWQH=Z\F]DM]PLDQ\LPLHQLD]FKZLO Z\ERUXZSURZDG]RQRRG6HUJLXV]D ,9 :\MWNLHPRGWHM]DVDG\E\á\SRQW\ILNDW\+DGULDQD 9, L0DUFHOHJR ,, NWyU]\ SRZ\ERU]H]DFKRZDOLVZRMHLPLRQD &] üSDSLH*\ Z\ZRG]F\FKVL ]]DNRQyZ ZF]DVLHVZRMHJR*\FLDWU]\NURWQLH]PLHQLDáDVZRMHLPL ,PL FKU]HVWQH]DPLHQLRQH]RVWDáRQDLPL ]DNRQQH]FKZLO ZVWSLHQLDGR]DNRQXDQDVW SQLHQDLPL
SDSLHVNLHSRZ\ERU]HQDWHQXU]G QSSDSLH* *U]HJRU] ;9, QRVLáLPL %DUWRORPHR $OEHUWRQDFKU]FLHRG URNX*\FLDQRVLáLPL ]DNRQQH0DXURDRG URNX*\FLDSU]H]SL WQDFLHODW SRQW\ILNDWXQRVLáLPL *U]HJRU] ;9,1DMF] FLHMX*\ZDQHSU]H]SDSLH*\LPLRQDWR -DQ UD]\PLPREá GQHMQXPHUDFMLSDSLH*\RW\PLPLHQLX *U]HJRU] UD]\ %HQHG\NW UD]\ .OHPHQV UD]\ ,QQRFHQW\ UD]\ /HRQ UD]\ 3LXV UD]\
:NDWDORJDFKSDSLH*\W\ONRUD]VSRWNDOLP\QDVW SXMFHLPLRQD$JDWRQ$QLFHW$QWHUXV'LRQL]\ 'RQXV(OHXWHU(XW\FKLDQ(X]HELXV](ZDU\VW)DELDQ)RUPR]XV+LODU\+RUPL]GDV+\JLQ.DMXV .OHWXV.RQVWDQW\Q.RUQHOLXV].RQRQ/DQGR/LEHULXV]/LQXV0DUFHOLQ0DUHN0LáLFMDGHV3RQFMDQ 5RPDQ6DELQLDQ6HZHU\Q6RWHU6\OZHULXV]6\PPDFK6\PSOLFMXV]6\U\FMXV]6\]\QLXV]7HOHVIRU :DOHQW\Q:LJLOLXV]:LWDOLDQ=DFKDULDV]=HILU\Q=R]\QLRF]\ZLFLH3LRWU 1D]ZLVNDURGRZHSDSLH*\]QDP\RG%HQHG\NWD 9,,, &KRFLD* ZF]HQLHM]QDQHE\á\ VWDUR*\WQHURG\U]\PVNLHNWyUHVZRLPLNU JDPLREVDG]Lá\XU]GSDSLHVNLSDWU]SRSU]HGQLHUR]G]LDá\ 1DMGáX*HMSDQXMF\PLSDSLH*DPLE\OL 3LXV ; SUDZLH ODWD /HRQ ;,,, SU]HV]áR ODW 3LXV 9, LSyáURNX +DGULDQ, SUDZLH ODWD 3LXV 9,, SUDZLH LSyáURNX $OHNVDQGHU,,, SUDZLH ODWD 6\OZHVWHU SUDZLH ODWD 8UEDQ 9,,, O ODW -DQ3DZHá ,, RG URNX /HRQ,,, SUDZLH LSyáURNX .OHPHQV ;, SU]HV]áR ODW /HRQ,:LHONL QLHFRGáX*HMQL* ODW:LHN ;,; E\áZLHNLHPQDMGáX*V]\FKZKLVWRULLSRQW\ILND WyZ1DMGáX*HMMHGQDNJRGQRüELVNXSD5]\PXVSUDZRZDáZL W\3LRWU áDWD6WG]DOHFHQLHSRNRU\QRZR Z\ELHUDQ\FKSDSLH*\ QLHGR*\MHV]ZLHNX3LRWUD
:KLVWRULLSDSLHVWZDSU]HZD*Dá\MHGQDNSRQW\ILNDW\NUyWNLH$WR]UDFMLSU]HODGRZD LP F]HVNLHM PLHUFLZLHOX]QLFKZSLHUZV]\FKZLHNDFKFKU]HFLMDVWZDRUD]]UDFMLGRNRQ\ZDQLDZ\ERUXUDF]HM VSRUyGNDUG\QDáyZZZLHNXGRZLDGF]RQ\P1DMNUyFHMSDQRZDOL
8UEDQ 9,, O GQL %RQLIDF\ 9, GQL &HOHVW\Q ,9 GQL PyJáSRZ\ERU]HQLHE\üNRQVHNURZDQ\3RMHJRPLHUFLSU]H] URNX6WROLFD $SRVWROVNDQLHE\áDREVDG]RQD 6\]\QLXV] GQL 7HRGRU ,, GQL 0DUFHOL ,, GQL
'DPD]\,, GQL 3LXV,,, GQL /HRQ ;, GQL
1DVW SQ\NUyWNLSRQW\ILNDW]GDU]\áVL Z.RFLHOHGRSLHUR ODWDSRPLHUFL3DZáD 9 Z URNX %\áWRSRQW\ILNDW-DQD3DZáD , ]PDUáZ GQLSRZ\ERU]H 1DMNUyFHMSDQRZDáMHGQDNSDSLH* 6WHIDQ ,, =PDUáSRWU]HFKGQLDFKRGZ\ERUX]DQLPMHGQDN ]RVWDáNRQVHNURZDQ\:RZ\PF]DVLHZáDQLHDNWNRQVHNUDFMLR]QDF]DáSU]\M FLHSHáQLZáDG]\VWGRG 9,,, ZLHNXSUDNW\F]QLHGR URNXQLHZ\PLHQLDQRWHJRSDSLH*DZZLHOXVSLVDFK3U]\SDSLH*DFKR LPLHQLX6WHIDQSRMDZLáDVL ZL FSRGZyMQDQXPHUDFMD SRZVWDMFDZ]ZL]NX]ZWSOLZRFLDPLFRGR X]QDQLDWHJRSRQW\ILNDWX :LHOH WUXGQRFLVSUDZLDRVWDWHF]QLHXVWDOHQLHQDURGRZRFLZV]\VWNLFKSDSLH*\:LHOHZVSyáF]HQLH RNUHORQ\FKQDURGyZZFKZLOLREHMPRZDQLDXU] GXSU]H]SDSLH*\QLHLVWQLDáR6WGáDWZLHME G]LH RNUHOLüLFKJHRJUDILF]QHSRFKRG]HQLHQL* QDURGRZRFLRZH:RJURPQHMZL NV]RFLSDSLH*DPL]RVWDZDá\ RVRE\SRFKRG]FH ]WHUHQyZG]LVLHMV]\FK:áRFK E\áRLFKD* ]WHUHQyZG]LVLHMV]HM)UDQFMLSRFKRG]LáR SDSLH*\ ]WHUHQyZVWDUR*\WQHJRZLDWDJUHFNLHJRSRFKRG]LáR SDSLH*\ ]%OLVNLHJR:VFKRGXSRFKRG]LáR SDSLH*\ ]WHU\WRULyZG]LVLHMV]\FK1LHPLHFSRFKRG]LáR SDSLH*\ ]$IU\NL3yáQRFQHML+LV]SDQLLSRFKRG]LáRSR SDSLH*\ ]'DOPDFMLG]LVLHMV]D&KRUZDFMD 3RUWXJDOLLLZLDWDEDUEDU]\VNLHJRSR SDSLH*\
]'DFMLG]LVLHMV]D5XPXQLD $QJOLL+RODQGLL3ROVNLSRO3RFKRG]HQLHGZyFKSDSLH*\MHVW QLH]QDQH&KRFLD* ZZLHOXLQQ\FKSU]\SDGNDFKMHGQR]QDF]QHRNUHOHQLHSRFKRG]HQLDSDSLH*\WDN*H VSUDZLDVSRURNáRSRWyZ:SU]HGVWDZLRQ\P]HVWDZLHQLXSU]\M WRMHGQDNRSLQL ZL NV]RFLEDGDF]\ =DQDMSRW *QLHMV]HJRZG]LHMDFKSDSLHVWZD]UDFML]QDF]HQLDLSRW JL3DVWZD.RFLHOQHJR XZD*DVL
,QQRFHQWHJR,,, =DQDMPáRGV]\FKZFKZLOLZ\ERUXSDSLH*\XZD*DVL
%HQHG\NWD ,; Z\EUDQ\ZZLHNXPL G]\GZXQDVW\PDSL WQDVW\PURNLHP*\FLD -DQD ;,, ZFKZLOLZ\ERUXPLDáRVLHPQDFLHODW *U]HJRU] 9 ZFKZLOLZ\ERUXPLDá ODWD1DWRPLDVWZZLHNXSRGHV]á\PZU F]VWDU\PZ\EUDQR &HOHVW\QD 9 ZFKZLOLZ\ERUXPLDáPLHü ODW FKRFLD* GRNáDGQDGDWDMHJRXURG]LQQLHMHVW]QDQD1DMEDUG]LHMVWDUF]HJRZLHNXQDSDSLHVNLPWURQLHGR *\OL /HRQ ;,,, ]PDUáZZLHNX ODWE\áSDSLH*HPSU]H] ODW *U]HJRU] ;,, ]PDUáZZLHNX ODWE\áSDSLH*HPSU]H] ODW -DQ ;;,, ]PDUáZZLHNX ODWE\áSDSLH*HPSU]H] ODW .OHPHQV ;,, ]PDUáZZLHNX ODWE\áSDSLH*HPSU]H]O2ODW
7LDUD SRWUyMQDNRURQDSDSLH*\SRUD]SLHUZV]\X*\WD]RVWDáDSU]H]SDSLH*D0LNRáDMD ,, :LHOHUD]\SU]HUZ\ZREVDG]HQLXELVNXSVWZDU]\PVNLHJRSU]HFLJDá\VL ZGáXJLHPLHVLFHDQDZHW ODWD1DMGáX*V]DWDNDSU]HUZDWUZDáD URNXLWUZDáDPL G]\URNLHP D NROHMQDGZDODWDPL G]\ URNLHP D 3DWU]UR]G]LDá3RGNRQWURO FHVDU]D 2VLHPQDFLHPLHVL F\WUZDáDSU]HUZDPL G]\ SRQW\ILNDWHP&HOHVW\QD ,9 L,QQRFHQWHJR ,9 7 SU]HUZ Z\PXVLáFHVDU])U\GHU\N ,, NWyU\ SU]HWU]\P\ZDáZDUHV]FLHF] üNDUG\QDáyZSU]HV]NDG]DMFZWHQVSRVyEZVZRERGQ\PZ\ERU]H 3DSLH* &HOHVW\Q ,9 Z\EUDQ\]RVWDáSRV]HG]LHVL FLXGQLDFK-HJRZ\EyURGE\áVL ZWUDNFLH SLHUZV]HJRZG]LHMDFKNRQNODZHWM]DPNQL FLDSRGNOXF]HPNDUG\QDáyZHOHNWRUyZ.LHG\SRPLHUFL ZVLHUSQLX URNXSDSLH*D*U]HJRU]D ,; NDUG\QDáRZLH]HEUDOLVL QLHPDOQDW\FKPLDVWGODZ\ERUX QDVW SF\GáXJRQLHPRJOLVL ]GHF\GRZDüQDJRGQHJRNDQG\GDWD$E\SU]\VSLHV]\üZ\EyU VHQDWRU U]\PVNLIDNW\F]Q\G\NWDWRU5]\PX0DWWHR5RVVR2UVLQL SU]\MPXMFUHJXá\QLHNWyU\FK]DNRQyZ
]DPNQáNDUG\QDáyZZSDáDFX6HSW\PLXV]D6HZHUD.LHG\HOHNWRU]\QLHPRJOLZGDOV]\PFLJX ]GHF\GRZDüVL QDZ\EyU2UVLQL]DRVWU]\áU\JRU\]DPNQL FLD:LHOXNDUG\QDáyZ]DFKRURZDáRMHGHQ QDZHW $QJOLN5REHUW6RPHUFRWH]PDUáZWUDNFLHREUDG0LPRWRZ\ERUyZQLHSU]HUZDQR3RV]HV G]LHVL FLXGQLDFK]GHF\GRZDQR VL QD*RIIUHGD&DVWLJOLRQLHJRNDQG\GDWDNRPSURPLVRZHJR6áDEH ]GURZLHLSRGHV]á\ZLHNVSUDZLá\*HSLHUZV]\SDSLH* Z\EUDQ\ZWUDNFLHNRQNODZH &HOHVW\Q ,9 ]PDUá SRV]HVQDVWXGQLDFK
=DPLDVW]DNRF]HQLD Ä.WRR ELVNXSVWZRVL XELHJDSL NQHMSUDF\SUDJQLH%LVNXS]D PDE\üQLHQDJDQQ\P*MHGQHM*RQ\ WU]H(Z\XPLDUNRZDQ\SU]\VWRMQ\JRFLQQ\GREU\QDXF]\FLHO1LHRGGDMF\VL SLMDVWZXQLH ]DG]LHU*\VW\OHF]áDJRGQ\QLHVZDUOLZ\QLHFKFLZ\QDJURV].WyU\ E\ZáDVQ\PGRPHPGREU]H ]DU]G]DáG]LHFLWU]\PDáZSRVáXV]HVWZLHLZV]HONLHMXF]FLZRFL%RMH*HOLNWR QLHSRWUDILZáDVQ\P GRPHP]DU]G]DüMDN*HE G]LHPyJáPLHüQDSLHF]\.RFLyá%R*\"1LHPR*HWRE\üGRSLHURFR QDZUyFRQ\JG\* PyJáE\Z]ELüVL ZS\FK LSRSDüZSRW SLHQLHGLDEHOVNLH$SRZLQLHQWH* FLHV]\üVL
GREU\PLPLHQLHPXW\FKNWyU]\GRQDVQLHQDOH*DE\QLHQDUD]LüVL QD]DU]XW\LQLHSRSDüZVLGáD GLDEHOVNLH=SLHUZV]HJROLVWXZL WHJR3DZLDGR7\PRWHXV]D
6SLVWUHFL =DPLDVWZVW SX 3U]HGPRZDGRZ\GDQLDSROVNLHJR 5R]G]LDá, 6LHGHPNRELHWNWyUHZVWU] VQ á\:DW\NDQHP 5R]G]LDá,, 3DSD]QDF]\RMFLHF 5R]G]LDá,,, :SRJRQL]D]áRW\PFLHOFHP 5R]G]LDá ,9 3DSLH* -RDQQD 5R]G]LDá9 1 G]DU]HLERJDF]H 5R]G]LDá 9, 3RGNRQWURO FHVDU]D 5R]G]LDá 9,, 1HSRW\]P QDMF]DUQLHMV]HNDUW\ZG]LHMDFK.R FLRáD 5R]G]LDá 9,,, 3RFDáXQHNPLHUFL 5R]G]LDá,; ,PRFHSLHNLHOQHJRQLHSU]HPRJ 5R]G]LDá; 3RF]HWSDSLH*\