‹E\(ZD+XEHUW

ZZZZ\FKRZDQLHIL]\F]QHSO

0HWRG\NDLV\VWHPDW\NDüZLF]H

ZQDXF]DQLXRGELFLDREXUF]GROQHJRZSLáFHVLDWNRZHM

2SUDFRZDQLHPJU(ZD+XEHUW

63,675(&,

:VW S

0HWRG\NDLV\VWHPDW\NDüZLF]H ZQDXF]DQLXRGELFLDREXUF]GROQHJR

 2SLVWHFKQLNL

 ûZLF]HQLDZSURZDG]DMFHZIRUPLH]DEDZRZHM

 ûZLF]HQLDSU]\JRWRZDZF]H

 ûZLF]HQLDQDXF]DMFH

 ûZLF]HQLDGRVNRQDOFH

 1DMF] FLHMSRSHáQLDQHEá G\SRGF]DVRGELFLDREXUF]GROQHJRûZLF]HQLDNRU\JXMFH

 :QLRVNL

6\PEROHJUDILF]QH OHJHQGD

/LWHUDWXUD

:VW S

3LáND VLDWNRZD QDOH*\ GR G\VF\SOLQ FLHV]F\FK VL RJURPQ SRSXODUQRFL QD FDá\P

ZLHFLH =DVNDNXMFH L SHáQH G\QDPLNL DNFMH SRGF]DV DWDNX L REURQ\ D WDN*H

QLHSU]HZLG\ZDOQRü NRFRZHJR Z\QLNX VSUDZLDM *H PHF]H SLáNL VLDWNRZHM V

HPRFMRQXMF\PZLGRZLVNLHP

7HFKQLNDJU\ZVLDWNyZN REHMPXMH F]\QQRFLUXFKRZH]SLáN LEH]SLáNLMDNLHPRJ

Z\VW SRZDüSRGF]DVJU\]DUyZQRZDWDNXMDNLZREURQLH3LáNDVLDWNRZD]DOLF]DQDMHVWGR

WUXGQ\FK JLHU ]HVSRáRZ\FK SRQLHZD* WUXGQRFL Z\QLNDM ] U\JRUyZ QDU]XFRQ\FK SU]H]

SU]HSLV\:RGUy*QLHQLXRGNRV]\NyZNLF]\SLáNLU F]QHM]DEURQLRQHMHVWFKZ\WDQLHSLáNLOXE

XSXV]F]DQLH MHM QD SRGáR*H GODWHJR WH* SRGF]DV NUyWNLHJR NRQWDNWX ] SLáN QDOH*\ Z

SURIHVMRQDOQ\VSRVyERSDQRZDüWHFKQLN JU\

2SDQRZDQLH WHFKQLNL RGELFLD REXUF] GROQHJR SRZLQQR E\ü ]DXWRPDW\]RZDQH

SRQLHZD* XPR*OLZLDWRPDNV\PDOQ NRQFHQWUDFM XZDJLQDZ\ERU]HQDMOHSV]HJRUR]ZL]DQLD

WDNW\F]QHJR

6SRVyE UHDOL]DFML LQG\ZLGXDOQHM WHFKQLNL X]DOH*QLRQ\ MHVW RG SR]LRPX FHFK

PRWRU\F]Q\FK L SV\FKLF]Q\FK JUDF]D GODWHJR WH* EDUG]R ZD*Q URO Z SURFHVLH

V]NROHQLRZ\P RGJU\ZDM

F] VWH üZLF]HQLD Z IRUPLH IUDJPHQWyZ &HOHP PRMHJR

RSUDFRZDQLD MHVW ]DWHP SU]HGVWDZLHQLH WDNLFK üZLF]H SU]\JRWRZDZF]\FK QDXF]DMF\FK L

GRVNRQDOF\FK RGELFLD REXUF] GROQH NWyUH E G SRPRFQH Z ]ZL NV]HQLX DWUDNF\MQRFL L

LQWHQV\ZQRFL ]DM ü VLDWNyZNL RUD] SU]\VSLHV]HQLX HIHNWyZ XF]HQLD VL XPLHM WQRFL

WHFKQLF]Q\FK

0HWRG\NDLV\VWHPDW\NDüZLF]H ZQDXF]DQLXRGELFLDREXUF]GROQHJR

2SLVWHFKQLNL

2GELFLHVSRVREHPGROQ\PREXUF]QDMF] FLHMPD]DVWRVRZDQLHSU]\RGELRU]HSLáNL]

]DJU\ZNL D WDN*H Z G]LDáDQLDFK REURQQ\FK SU]HFLZNR G\QDPLF]Q\P DWDNRP =DZRGQLN

Z\NRQXMF\ RGELFLH VSRVREHP GROQ\P REXUF] SRZLQLHQ ]DZV]H G*\ü GR IURQWDOQHJR

NRQWDNWX ] SLáN L V\PHWU\F]QHM SUDF\ UDPLRQ Z PRPHQFLH RGELFLD ,VWRWQH MHVW WH* DE\

‹E\(ZD+XEHUW



SRGF]DVRGELüZSR]\FMDFKVWDW\F]Q\FKXVWDZLHQLHVWySE\áRUR]NURF]QRZ\NURF]QHSU]\F]\

QRJD]DNURF]QDRGSRZLDGDNLHUXQNRZLSRGDQLD8]DURZLF].RF]\Q\GROQHSRZLQQ\

E\ü XJL WH Z VWDZDFK ELRGURZ\FK NRODQRZ\FK L VNRNRZ\FK SU]\ F]\P VWRSLH XJL FLD

ZV]\VWNLFK VWDZyZ MHVW ]DOH*Q\ RG WRUX L F]DVX ORWX SLáNL &L *DU FLDáD SU]HQLHVLRQ\ QD

UyGVWRSLH 3U]\JRWRZDQLH VL GR RGELFLD REXUF] GROQHJR UR]SRF]\QDP\ RG ZáDFLZHJR

XáR*HQLD UN Z]JO GHP WRUX ORWX SLáNL : W\P FHOX Z\NRQXMHP\ SU]HSURVW Z VWDZDFK

SURPLHQLRZRQDGJDUVWNRZ\FK L áF]\P\ GáRQLH Z W]Z àyGHF]N  ']L NL WDNLHPX XáR*HQLX

SU]HGUDPLRQ]ZL NV]DP\SRZLHU]FKQL NRQWDNWX]SLáN.RF]\Q\JyUQHXNáDGDP\WDNDE\

SU]\Mü SLáN SRG NWHP ]EOL*RQ\P GR   -DN SRGDMH -HU]\ 8]DURZLF] SRáF]HQLH GáRQL

PR*HE\üZ\NRQDQHUyZQLH* SU]H]VSORWSDOFyZSRáR*HQLHMHGQHMGáRQLQDGUXJLHMRNFLXNDFK

XáR*RQ\FK UyZQROHJOH OXE ]ELH*QLH 3U]\M FLH SLáNL SRGF]DV RGELFLD VSRVREHP GROQ\P

RGE\ZD VL SU]\GáRQLRZ F] FL SU]HGUDPLHQLD 8]DURZLF]

5DPLRQDLQRJLSRZLQQ\E\üXáR*RQHSRGNWHPSURVW\P

Z]JO GHPWXáRZLD2GELFLHREXUF]VSRVREHPGROQ\PSRZLQQR

UR]SRF]\QDü VL RG Z\SURVWX NRF]\Q GROQ\FK D UDPLRQD

Z\NRQXM W\ONRQLH]QDF]Q\UXFKZVWDZDFKEDUNRZ\FKLNLHUXM

SRGDQLHP SLáNL 3RGF]DV üZLF]H QDOH*\ G*\ü GR SHáQHM

V\QFKURQL]DFMLUXFKXQyJ]UXFKHPUDPLRQRUD]PLHMVFDNRQWDNWX

SU]HGUDPLRQ ] SLáN 2SUyF] RSLVDQHM SRZ\*HM SRGVWDZRZHM

F]\QQRFLRGELFLDVWRVXMHP\ZJU]HWDN*H

x 2GELFLDZXáR*HQLXERF]Q\PUDPLRQ

x 2GELFLDZSR]\FMDFKR]DFKZLDQHMUyZQRZDG]HWMSDG\U]XW\

x 2GELFLDGRW\áX

ûZLF]HQLDZSURZDG]DMFHZIRUPLH]DEDZRZHM

1LHRFHQLRQ IRUP üZLF]H SU]\JRWRZDZF]\FK GR QDXF]DQLD VSRUWRZ\FK JLHU

]HVSRáRZ\FK V ]DEDZ\ L JU\ UXFKRZH .D*GD ]DEDZD D V]F]HJyOQLH JUD UXFKRZD MHVW

üZLF]HQLHP NRPSOHNVRZ\P SU]\F]\QLDMF\P VL GR ZL NV]HM HIHNW\ZQRFL QDXF]DQLD

3RQL*HMSRGDáDPW\ONRNLONDSU]\NáDGyZJLHUUXFKRZ\FKNWyUHZ\GDM PLVL DWUDNF\MQHLQLH

Z\PDJDM VSHFMDOQHJRSU]\JRWRZDQLD6SRURJLHUL]DEDZUXFKRZ\FKMHVW]DPLHV]F]RQ\FKZ

NVL*NDFK0%RQGDURZLF]D3:UyEOHZVNLHJR57U]HQLRZVNLHJR

6,$7.$56.,%5$0.$5=± ]DEDZDUXFKRZD

3U]\ERU\LXU]G]HQLD PDWHUDFHSLáNLVLDWNRZHGODND*GHJRG]LHFND

2UJDQL]DFMDLSU]HELHJ]DEDZ\

2VRED Z SRVWDZLH VLDWNDUVNLHM GR RGELFLD SLáNL VSRVREHP REXUF] GROQ\P EURQL PDWHUDFD

RSDUWHJR R FLDQ  ZVSyáüZLF]F\ Z RGOHJáRFL LWS P SRGDMH SLáN EUDPNDU]RZL QD

Z\VRNRüMHJRELRGHU%UDPNDU]ZDNW\ZQHMSRVWDZLHRGELMDSLáN ZSU]yGGRSDUWQHUD

8ZDJL.D*G\XF]HVWQLN]DEDZ\SRZLQLHQE\üEUDPNDU]HP*UXS PR*QDSRG]LHOLüQDNLOND

]HVSRáyZND*G\]HVSyáPDEUDPNDU]HZWHG\]DEDZDE G]LHHIHNW\ZQLHMV]D

72&=(1,(3,à., Z\FLJ

3U]\ERU\LXU]G]HQLDSLáNLVLDWNRZHERLVNRGRVLDWNyZNL

8F]HVWQLF\GUX*\Q\RUyZQHMOLF]ELHJUDF]\

2UJDQL]DFMDLSU]HELHJ

.RáDRUHGQLF\P]QDMGXM VL ZRGOHJáRFLPRGOLQLLVWDUWRZHM=DZRGQLF\REXGUX*\QQD

V\JQDáSURZDG]FHJRELHJQ GRVZRLFKNyáWRF]FSLáN ÄG\V]OHP´:NROH]DWU]\PXM VL L

‹E\(ZD+XEHUW



SRGDM VSRVREHP GROQ\P SLáN GR ]DZRGQLND VZRMHM GUX*\Q\ :\JU\ZD WHQ ]HVSyá NWyU\

QDMV]\EFLHMZ\NRQD]DGDQLH

8ZDJL 2GOHJáRü GR PHW\ XVWDOD SURZDG]F\ =DZRGQLF\ SU]\JRWRZXM VL GR RGELFLD

REXUF]VSRVREHPGROQ\P0R*QD]ZL NV]\üHIHNW\ZQRüüZLF]H DQJD*XMFZW\PVDP\P

F]DVLHZL FHMG]LHFLVWRVXMFZL FHMSLáHNGRVLDWNyZNL

6=7$)(7$=2'%,&,(0'2/1<0 JUDUXFKRZD

3U]\ERU\LXU]G]HQLDSLáNLVLDWNRZHGODND*GHJRXF]HVWQLNDJU\SDFKRáNLXPLHV]F]RQH

QDOLQLLPHW\

8F]HVWQLF\ GUX*\Q\RUyZQHMLORFL]DZRGQLNyZ

2UJDQL]DFMDLSU]HELHJ

ûZLF]F\SRG]LHOHQLQDGZD]HVSRá\XVWDZLRQHZU] GDFKQDOLQLLVWDUWX.D*G\]DZRGQLN]

SLáN OH*F QDZ\SURVWRZDQ\FKU NDFK1DV\JQDáSLHUZVL]DZRGQLF\SRUXV]DM VL NURNLHP

GRVWDZQ\P QD OLQL NRFRZ L ] SRZURWHP QD OLQLH VWDUWX :yZF]DV QDVW SQ\ üZLF]F\

UR]SRF]\QDV]WDIHW :\JU\ZDGUX*\QDNWyUDSLHUZV]DXNRF]\V]WDIHW 

8ZDJL 3URZDG]F\ ]ZUDFD XZDJ QD SU]HSURVW Z VWDZDFK SURPLHQLRZRQDGJDUVWNRZ\FK

WDNMDNZRGELFLXREXUF]VSRVREHPGROQ\P

32'$-3,à. 322.5 *8 JUDUXFKRZD

3U]\ERU\3LáNLGRVLDWNyZNL

8F]HVWQLF\GRZROQDOLF]EDRVyE

2UJDQL]DFMD LSU]HELHJ

ûZLF]F\XVWDZLHQLZNROHSU]\GX*HMLORFLüZLF]F\FKPR*QD]HVSyáSRG]LHOLüQDGZLH

JUXS\.D*GHPXSU]\G]LHORQRQXPHURG1DV\JQDáZ]URNRZ\OXEVáXFKRZ\

V\PEROL]XMF\GDQ\QXPHURVREDZ\ZRáDQDRELHJDNRáRQDMV]\EFLHMMDNSRWUDIL:W\P

F]DVLHüZLF]F\ZNROHSRGDM PL G]\VRE SLáN VSRVREHPGROQ\P:\JU\ZDWDRVRED

NWyUDQDMV]\EFLHMSU]\ELHJáDQDVZRMHPLHMVFHLPLDáDQDMPQLHMSRGDüZNROH

6=<%&,(-2'%,-$-3,à. 2&,$1  Z\FLJL

3U]\ERU\SLáNLGRVLDWNyZNL

8F]HVWQLF\GZLHGUX*\Q\SRG]LHORQHQDF]WHU\]HVSRá\

2UJDQL]DFMDLSU]HELHJ

ûZLF]F\ND*GHMGUX*\Q\G]LHO VL QDGZD]HVSRá\$L%

L]DMPXM PLHMVFHSU]HGFLDQ SRQL*V]\U\VXQHN1D

V\JQDá]DZRGQLF\$RGELMDM SLáN RFLDQ LELHJQ QD

NRQLHFNROHMNLVZRMHJR]HVSRáX%LRGZURWQLH:\JU\ZD

GUX*\QDNWyUDQDMV]\EFLHMZ\NRQD]DGDQLH

05Ï=± JUDUXFKRZD

3U]\ERU\LXU]G]HQLDERLVNRGRSLáNLVLDWNRZHM

8F]HVWQLF\ GRZROQDOLF]EDRVyE

2UJDQL]DFMDLSU]HELHJ

‹E\(ZD+XEHUW



ûZLF]F\ XVWDZLHQL Z V]HUHJX QD OLQL NRFRZHM ERLVND 1D V\JQDá SRUXV]DM VL NURNLHP

GRVWDZQ\PZNLHUXQNXüZLF]FHJRVWRMFHJRQDSU]HFLZQHMOLQLLNRFRZHMW\áHPGRJUXS\

ûZLF]F\WHQOLF]\ZRáDÄPUy]´RRGZUDFDVL 8F]HVWQLF\]DEDZ\PXV] Ä]DPDU]Qü´

ZSRVWDZLHGRRGELFLDREXUF]VSRVREHPGROQ\P1LHSUDZLGáRZRXVWDZLHQLLSRUXV]DMF\VL

V RGV\áDQL QD OLQL VWDUWX :\JU\ZD üZLF]F\ NWyU\ SLHUZV]\ RVLJQLH SU]HFLZQ OLQL

NRFRZ

ûZLF]HQLDSU]\JRWRZDZF]H

: FHOX ]ZL NV]HQLD WHPSD QDXF]DQLD QRZHJR UXFKX NRU]\VWQH MHVW VWRVRZDQLH

üZLF]H SU]\JRWRZXMF\FK ûZLF]HQLD WH SRZLQQ\ E\ü ]EOL*RQH SU]HELHJLHP UXFKX L

ZDUXQNDPL F]DVRZR SU]HVWU]HQQ\PL GR WHFKQLNL ZáDFLZHM D MHGQRF]HQLH SRZLQQ\ E\ü

áDWZLHMV]H RG WHM WHFKQLNL 3R]ZDOD WR QD ]DVWRVRZDQLH LFK SU]HG UR]SRF] FLHP SURFHVX

QDXF]DQLD RNUHORQHJR HOHPHQWX D W\P VDP\P ]JRGQLH ] ]DVDG VWRSQLRZDQLD WUXGQRFL

SU]\JRWRZXMHüZLF]FHJRGRQDXNLWHFKQLNLZáDFLZHM=EOL*RQ\SU]HELHJUXFKXGRWHFKQLNL

VLDWNDUVNLHM RGG]LDá\ZXMH  QD RUJDQL]P üZLF]FHJR QD ]DVDG]LH SR]\W\ZQHJR WUDQVIHUX

QDZ\NXUXFKRZHJR:F]HQLHMV]HSU]\JRWRZDQLHSR]ZROLQDVNXWHF]QH]DVWRVRZDQLHPHWRG\

V\QWHW\F]QHM Z QDXF]DQLX EDUG]LHM ]áR*RQ\FK HOHPHQWyZ 6]\EV]H RSDQRZDQLH WHFKQLNL

XPR*OLZL SU]HSURZDG]HQLH EDUG]LHM DWUDNF\MQ\FK L LQWHQV\ZQ\FK ]DM ü Z SRF]WNRZ\P

RNUHVLH QDXF]DQLD 3RQL*HM XPLHFLáDP NLOND üZLF]H SU]\JRWRZDZF]\FK GR QDXNL RGELü

REXUF] VSRVREHP GROQ\P UHV]W üZLF]H ]DZDUWD MHVW Z  NVL*FH ( 6XSHUODND -

8]DURZLF]D3:UyEOHZVNLHJR$3DSDJHRUJLRX:6SLW]OH\CD

3U]\NáDGRZHüZLF]HQLDSU]\JRWRZDZF]HGRQDXNLRGELüVSRVREHPREXUF]GROQ\P



: SRVWDZLH UR]NURF]QR Z\NURF]QHM

SRGDQLD L FKZ\W\ SLáNL REXUF] GRáHP

SLáNDWRF]RQDSRSRGáR*X



MZ

SRGDQLD

GZyFK

SLáHN

]

SU]HPLHV]F]DQLHPZERN



MZFKZ\WSRRELHJQL FLXSLáNL



U]XW\LFKZ\W\GRáHPREXUF]SRNR(OH



ÄJDV]HQLH´SLáNLSRGRU]XFLH]SU]HFLZND



SLRQRZH U]XW\ SRGDQLD REXUF] GRáHP

GZyFKSLáHN]H]PLDQ PLHMVF



SRGDQLD ÄáXNLHP´ REXUF] GRáHP GZyFK

SLáHN



Ä*RQJOHUND´GZRPDSLáNDPL



RGELFLDGROQHREXUF]SLáNLSOD*RZHM



SRGVWDZLDQLH SLáNL VLDWNRZHM WU]\PDQHM

GRáHP REXUF] SRG XSDGDMF SLáN

SOD*RZ SU]\SRGáR*X



RGELFLD SLáNL WHQLVRZHM GHVHF]NDPL Z

FKZ\FLHREXUF]GROQ\P

ûZLF]HQLDSU]\JRWRZDZF]H]GUHZQLDQ SDOHWN RUR]PLDUDFK[

 7U]\PDMF Z U NDFK L RSLHUDMF R SU]HGUDPLRQD SDOHWN  RGELFLD SLáNL WHQLVRZHM

JXPRZHMSU]HGVRE ZJyU

‹E\(ZD+XEHUW



x ZVLDG]LHUR]NURF]Q\P

x ZSyáSU]\VLDG]LH]DNFHQWRZDQLHPZ\SURVWQHMSUDF\QyJ

 :GZyMNDFKQDSU]HFLZNRVLHELHZRGOHJáRFLPRGELFLHSDOHWNDPLSLáNLWHQLVRZHMZ

JyU WDNDE\VNR]áRZDáDRQDRSRGáR*HSRPL G]\üZLF]F\PL1DVW SQLH]ZL NV]DP\

RGOHJáRüPL G]\üZLF]F\PL

 :GZyMNDFKRGELFLHSDOHWNDPLSLáHF]NLWHQLVRZHM]RGOHJáRFLPRGVLHELH

 :V]\VWNLHZZüZLF]HQLDZ\NRQ\ZDü]SDOHW LSLáNDPLGRPLQLVLDWNyZNL

ûZLF]HQLDQDXF]DMFH

 1DV\JQDáSU]\MPRZDQLHSRVWDZ\

 3U]HQRV]HQLHSLáNLQDV]W\ZQ\FKUDPLRQDFK

 3RGU]XFRQDSLáNDRGELMDVL RV]W\ZQHUDPLRQD

 3LáNDMHVWSRGU]XFRQD]JyU\SU]H]SDUWQHUD

 3LáND MHVW XGHU]DQD ] JyU\ R UDPLRQD üZLF]FHJR VLHG]FHJR SRF]WNRZR QD

áDZHF]NDFKXVWDZLRQ\FKMHGQDQDGUXJLHM5DPLRQDV SDV\ZQH]ZUDFDP\XZDJ QD

SUDF QyJ

 3RGELMDQLHSLáNLSU]HGUDPLRQDPL

x ]ZáDVQHJRSRGU]XWX

x ]NR]áD

 2GELMDQLHSLáHNU]XFDQ\FK

x ]SU]RGX

x ]ERNX

 5y*QHIRUP\RGELFLDGRáHPZSRáF]HQLX]RGELFLHPJyUQ\P

 2GELFLDSLáNL]SRGDQLHPGRSDUWQHUD:SLHUZV]\PRGELFLXSRGDQLHGROQHZGUXJLP

JyUQH

 3RGDQLHZW\á]DVLHELH]ZáDVQHJRSRGU]XWX

‰

)RQJOHUNDSLáNLWSRGELFLHJyUQH GROQH JyUQH GROQH

‰

3U]\M FLH]SRGDQLHPSLáNLVLOQLHU]XFRQHMQDZ\VRNRüNRODQ

‰

7RVDPRüZLF]HQLH]]DJU\ZNLEH]L]VLDWN

:SDUDFKSRSU]HFLZQ\FKVWURQDVLDWNLSU]\M FLH]DJU\ZNLVSRVREHPREXUF]GROQ\P

]SRGDQLHPGR]DJU\ZDMFHJR

ûZLF]HQLDGRVNRQDOFH

3U]\ GRVNRQDOHQLX RGELFLD GRáHP üZLF]F\ PXVL E\ü QD ERLVNX ]DZV]H Z SRVWDZLH

VLDWNDUVNLHMSU]\JRWRZDZF]HM2GELFLHSLáNL REXUF]GROQHQDOH*\GRVNRQDOLüMHGQRF]HQLH]

RGELFLHPREXUF]JyUQ\P(6XSHUODN

 :GZyMNDFKGRJUDQLHSLáNLREXUF]GRáHPSRZ\NRQDQLXNURNyZZSU]yGZW\á

VNRQLHZSU]yG

‹E\(ZD+XEHUW



 'ZyFKZVSyáüZLF]F\FKSRGVLDWN ]SLáNDPLRGELMDQ\PLREXUF]JyU&]WHUHFKOXE

ZL FHM üZLF]F\FK Z Já EL SROD GRJU\ZDM SLáN SURVWRSDGOH GR VLDWNL ]H ]PLDQ

PLHMVFRGLQQHMVWUHI\

 'RJUDQLH SLáNL REXUF] GRáHP SR SU]HNWQHM ERLVND D RWU]\PDQHM SURVWRSDGOH VSRG

VLDWNL3RGRJUDQLX]PLDQDPLHMVFDGRLQQHMVWUHI\&LJáRüüZLF]HQLD5\VD

5\VD

 'ZyMNL SR REX VWURQDFK VLDWNL MHGHQ üZLF]F\ Z Já EL SROD GUXJL SU]\ VLDWFH

'RJUDQLHREXUF]GRáHPGRRGELMDMFHJRREXUF]JyU SU]\VLDWFHGRELHJQL FLHLVSRG

VLDWNLRGELFLH SLáNLZZ\VNRNXREXUF]PR*HE\üSODVRZDQLHGRZVSyáüZLF]FHJR

SRGUXJLHMVWURQLH=PLDQDPLHMVFüZLF]F\FKSRWHMVDPHMVWURQLHVLDWNL5\VE

5\VE

5\VE

‹E\(ZD+XEHUW



ûZLF]HQLD GRVNRQDOFH Z IRUPLH IUDJPHQWyZ JU\ RUD] PDá\FK JLHU V QDMEDUG]LHM

DWUDNF\MQ IRUP üZLF]H ]DUyZQR ZUyG G]LHFL  PáRG]LH*\ MDN 

L GRURVá\FK

=DVWRVRZDQLHJU\ZáDFLZHMZSRF]WNRZ\PHWDSLHQDXF]DQLDMHVWEá GHPPHWRG\F]Q\P]H

Z]JO GXQDQLHZLHONLHXPLHM WQRFLWHFKQLF]QHüZLF]F\FK:]ZL]NX]W\PNRQLHF]QHMHVW

ZSURZDG]HQLH JLHU XSURV]F]RQ\FK VWZDU]DMF\FK ZDUXQNL U\ZDOL]DFML VSRUWRZHM QD W\P

HWDSLH 6WRSLH WUXGQRFL JLHU SRZLQLHQ E\ü GRVWRVRZDQ\ GR DNWXDOQHJR SR]LRPX WHFKQLNL

XF]F\FKVL 

2WR SU]\NáDGRZ\ ]HVWDZ üZLF]H Z\PDJDMF\ RG JUDMF\FK XPLHM WQRFL RGELFLD REXUF]

GROQHJR

 *UD[VSRVREHPREXUF]GROQ\P

 3U]\M FLH SLáNL ] ]DJU\ZNL SU]H] WU]HFK üZLF]F\FK NWyU]\ NLHUXM SRGDQLH GR

Z\VWDZLDMFHJR VWRMFHJR SU]\ VLDWFH 5R]JU\ZDMF\ Z\VWDZLD SLáN GR DWDNX WHPX

üZLF]FHPXNWyU\M QDJU\ZDá =GUXJLHMVWURQ\VLDWNLPR*QDXVWDZLüEURQLF\FK

DWDNRZDQ SLáN 5\VF

 ûZLF]F\]U] GX$SRQDJUDQLXSLáNLGRUR]JU\ZDMFHJRDWDNXM M QDGUXJ VWURQ

JG]LHVWRM EURQLF\2EURQLRQ SLáN VSRVREHPGROQ\PREXUF]QDOH*\VNLHURZDüGR

Z\VWDZLDMFHJRSRGVLDWN =PLDQDPLHMVFSRNLONXPLQXWDFKüZLF]HQLD8]DURZLF]

5\VG

 = SROD $ UR]SRF]\QDP\ ]DJU\ZN  NWyU SU]\MPXMF\ QD SROX % QDJU\ZD GR

ZVSyáSDUWQHUD7HQ]NROHLZ\VWDZLDSLáN QDRGOHJáRüPRGVLDWNL1DJU\ZDMF\

DWDNXMHSLáN DGZyFKVWRMF\FKSRGUXJLHMVWURQLHERLVNDSRZ\EURQLHQLXMHMVWDUDVL

QDJUDü GR VZRMHJR Z\VWDZLDMFHJR $NFMD WUZD D* GR XSDGNX SLáNL L QDVW SQ

UR]SRF]\QD]DJU\ZND3RNLONXPLQXWDFK]PLDQDPLHMVFüZLF]F\FK5\VH

5\VF

‹E\(ZD+XEHUW



 6WRMF\ZVWUHILHERLVND]DJU\ZN ZSURZDG]DSLáN GRüZLF]H%URQLF\SRVWURQLH

% SU]\MPXM ]DJU\ZN L QDJU\ZDM SLáN GR UR]JU\ZDMFHJR WHQ Z\VWDZLD MD QD

RGOHJáRüLWSPRGVLDWNLWHPXNWyU\SU]\MPRZDá:PRPHQFLHZ\VWDZ\]HVSyá]

ERLVND $ XVWDZLD VL GR REURQ\ EH] EORNX L SU]\JRWRZXMH VL GR Z\SURZDG]HQLD

NRQWUDWDNX3RNLONXQDVWXDNFMDFK]PLDQDSR]\FML5\VI

5\V

H

5\VI

1DMF] FLHMSRSHáQLDQHEá G\ûZLF]HQLDNRU\JXMFH

/S

1DMF] FLHMZ\VW SXMFHEá G\

.RUHNWDEá GyZ

 2GELFLHSLáNLZUXFKX

ûZLF]HQLDEH]SLáNL]SLáNELHJ

]DWU]\PDQLHQDV\JQDáSU]\M FLHSRVWDZ\GR

RGELFLDRGELFLHREXUF]GROQH

DXWRNRUHNWDüZLF]HQLDZSDUDFK

Z]DMHPQDNRUHNWDLDXWRNRUHNWD

 %UDNOHNNLHJRZ\NURNX

MZ

 1LHZáDFLZHUR]áR*HQLHFL *DUXFLDáD

FL *DUFLDáDSRZLQLHQVSRF]\ZDüQD

UyGVWRSLXDQLHQDSL WDFK

MZ

 :\SURVWRZDQDV\OZHWND]DPLDVWXJL FLH

ZVWDZDFK

2GELFLDGROQH]QLVNLHMSRVWDZ\

‹E\(ZD+XEHUW



 %UDNV\QFKURQL]DFMLUXFKyZRGELFLH

QDVW SXMHEH]SUDF\QyJ

2SLVüZLF]HQLDXPLHFLáDPQDVWUüZLF]



 8JL FLHUDPLRQZVWDZDFKáRNFLRZ\FK

EUDNÄSU]HSURVWX´

ûZLF]HQLD]X*\FLHPGUXJLHMSLáNL

SU]HWU]\P\ZDQHMPL G]\NODWN SLHUVLRZ D

Z\SURVWRZDQ\PLUDPLRQDPL3LáNDQLHPR*H

E\üZ\SXV]F]RQDSRGF]DVRGELüREXUF]

GROQ\FK

 =DV]\ENLZ\SURVWFLDáDSLáNDMHVW

RGELMDQDQDZ\VRNRFLUDPLRQDQLH

ELRGHU

MZ

 3LáNDMHVWXGHU]DQDGáRPLDQLH

SU]\GáRQLRZ F] FL SU]HGUDPLRQ

ûZLF]HQLDZ\PXV]DMFHSRSUDZQHXáR*HQLH

SU]HGUDPLRQSRSU]H]Z\VXQL FLHEDUNyZGR

SU]RGXLXJL FLHQDGJDUVWNyZGRGRáX

 'áRQLHQLHV XáR*RQHUyZQROHJOH

Z]JO GHPVLHELH EUDNZ\JL FLD

QDGJDUVWNyZÄáyGHF]NL´

:VLDG]LHUR]NURF]Q\PSRGELMDQLHSLáNLQD

Z\VRNRFLVWySSRGELMDQLHSLáNLSáDVNR

U]XFRQHMSU]HGZ\]QDF]RQDOLQLNWyUHMQLH

PR*QDSU]HNURF]\ü

 ûZLF]F\VWRLRERNSLáNLDQLH]DQL

:ZüZLF]HQLDPR*QDZ\NRU]\VWDüGR

SRSUDZ\Eá GQHMSR]\FMLFLDáDZ]JO GHP

WRUXORWXSLáNL

 1LHSUDZLGáRZDRFHQDWRUXORWXSLáNL

EUDNXVWDZLHQLDQDZ\FLJQL FLHUDPLRQ

MZ

:QLRVNLGRW\F]FHRGELüREXUF]VSRVREHPGROQ\P

x &Dá\F]DVREVHUZXMHP\WRUORWXSLáNLLUHDNFMHSU]HFLZQLNDMHJRXVWDZLHQLH

x 3RGF]DVRGELüáDWZLHMMHVWSRUXV]DüVL GRSU]RGXQL* FRIDüVL

x .WRSLHUZV]\UXV]\GRSLáNLWHQRGELMD

x 6]\ENRSRUXV]DP\VL ]DSLáNQLHRGELMDP\MHMZELHJX

x -H*HOLPDP\]DPLDURGELüSLáN LQIRUPXMHP\SDUWQHUDNU]\F]FLWSÄ]RVWDZ´

DOERÄMD´ÄGRPQLH´LWS

x 3RGF]DVRGELFLDWUXGQ\FKSLáHNNLHUXMHP\MHZ\VRNRLQLHQDVLDWN

x àDWZHSLáNLNLHUXMHP\Z\VRNRLGRNáDGQLHGRSDUWQHUD

:QLRVNLRJyOQH

x 5R]EXG]LüLXWU]\PDüSRF]XFLH]DGRZROHQLDLUDGRFL]XG]LDáXZüZLF]HQLDFK

x 3R]ZDODüüZLF]F\PVDPRG]LHOQLHRPDZLDüRSUDFRZDQHSRVWDZ\üZLF]HQLD

VLDWNDUVNLHLWS

x 6\VWHPDW\F]QLHSU]\SRPLQDüRDXWRNRUHNFLHSRGF]DVüZLF]H

x 3RZL FLüZL FHMF]DVXZQDXF]DQLXQD]DEDZ\UR]ZLMDMFH]GROQRü

SU]HZLG\ZDQLDLUHDJRZDQLDE\PyFVNXWHF]QLHEURQLüSLáNL

x 8ZLDGDPLDüüZLF]F\PV]F]HJyOQLHG]LHZF] WRP*HVLDWNyZNDMHVWJU

RSDUW QDELHJDQLXLVNRNDFKSRGHMPRZDQLXV]\ENLFKGHF\]MLSU]HZLG\ZDQLD

LSRUR]XPLHZDQLDVL ]SDUWQHUDPL

x 3RGF]DVWUHQLQJyZZL FHMF]DV\SRZL FDüQDPDáHJU\LIUDJPHQW\JU\

‹E\(ZD+XEHUW



x 3RGF]DVüZLF]H F] VWR]PLHQLDüZVSyáJUDF]\LU\ZDOLSRQLHZD* VWZDU]DWR

QRZHV\WXDFMHZJU]HLZ\PDJDRNUHORQ\FK]DFKRZD

x 3RGF]DVüZLF]H V]F]HJyáRZRZ\MDQLDüFHOüZLF]HQLDLUR]PDZLDüQDWHPDW

ZQLRVNyZJUDF]\

x 6WRVRZDü]DVDG\PHWRG\LIRUP\üZLF]H SU]\M WHZG\GDNW\FH

6\PEROHJUDILF]QH

=DZRGQLNDWDNX

=DZRGQLNREURQ\

3U]HPLHV]F]DQLHVL ]DZRGQLND

]ELFLH

/LWHUDWXUD

x %RQGDURZLF]0=DEDZ\ZJUDFKVSRUWRZ\FK:6L3:DUV]DZD

x -RSNLHZLF]$:UyEOHZVNL30LQLJU\VSRUWRZHGODQDMPáRGV]\FK

3U]HZRGQLNPHWRG\F]Q\.LHOFH

x 3DSDJHRUJLRX$6SLW]OH\:3LáNDVLDWNRZD2ILF\QD:\GDZQLF]D0DUVKDO

:URFáDZ

x 6LHQLHN&=DVyEüZLF]H WHFKQLF]Q\FK]]DNUHVXNRV]\NyZNLSLáNLU F]QHM

VLDWNyZNLLSLáNLQR*QHMGODFHOyZG\GDNW\F]Q\FK3UDFRZQLD:\GDZQLF]D+HOYHWLFD

6WDUDFKRZLFH

x 6XSHUODN(3LáNDVLDWNRZDWHFKQLF]QR WDNW\F]QHSU]\JRWRZDQLHGRJU\

:\GDZQLFWZR%.:URFáDZ

x 8]DURZLF]-6LDWNyZND &RMHVWJUDQH"$OPD6SRUW.UDNyZ

x

0DWHULDá\]NRQIHUHQFMLÄ5y*QHIRUP\ZVSyá]DZRGQLFWZDVSRUWRZHJRMDNRURGHN

SU]HFLZG]LDáDQLD]MDZLVNRPSDWRORJLF]Q\PLG]LHFLLPáRG]LH*\´.UDNyZ