6&(1$5,86=,035(=<52'2:,6.2:(-
=2.$=-,'1,$%$%&,,'=,$'.$
35=<*272:$1(-='=,(û0,=2''=,$à835=('6=.2/1(*2
3U]HELHJVSRWNDQLD
x
3RZLWDQLHSU]\E\á\FKJRFL
x
=DSURV]HQLHGRZ\VáXFKDQLDZLHUV]\LSLRVHQHNSU]\JRWRZDQ\FKSU]H]
G]LHFL
,3LRVHQNDÄZL WR%DEFL´
&KRFLD*]LPRZDSRUDQDGZRU]H
QDVWROHNZLDW\ZZD]RQLH
LELDá\REUXVSL NQHVHUZHWNL
SU]H]QDV]EDEFL ]URELRQH
5HI']LVLDMWZHZL WREDEXQLXGURJD
XVLG(WXUD]HP]QDPL
2SRZLHG]MDNPLáKLVWRUL
NWyUHMP\MHV]F]HQLH]QDP\
6HUQLND]DSDFKZ\SHáQLDSRNyM
3DFKQF\FKFLDVWHF]HNPLVND
:G]EDQNXVL SDU]\GREUDKHUEDWD
%DEXQLXQLHFKFL XFLVNDP
5HI']LVLDMWZHZL WR
=DGREURüPLáRüWURVN RZQXNL
RJURPQHG]L NLVNáDGDP\
-DNLHE\E\áREH]EDEFL*\FLH
FLHV]\P\VL *HFL PDP\
5HI']LVLDMWZHZL WR
']LHFNR
2WREDEFLD]XPLHFKHPQDWZDU]\
=WRUESHáQMDEáHNLZDU]\Z
1RL]DUD]ZV]\VWNRVL RGPLHQLD
:GRPXURELVL MDQLHMZHVHOHM
MDNE\EDEFLDSU]\QLRVáDQLHG]LHO
]RGURELQ%R*HJR1DURG]HQLD
=EDEFL±
ZV]\VWNRMHVWS\V]Q]DEDZ
6]F]RWNDWDF]\UD]ZOHZRUD]ZSUDZR
MDNE\V]F]RWNDWDF]\áDZDOF]\ND
']LHFNR
3RGRPXFKRG]LEDEFLD
ZIDUWXFKXL]LHORQ\FKNDSFLDFK
VSU]WDNZLDW\SRGOHZD
LQLJG\VL QLHJQLHZD1DZHWJG\VWáXF]HVL V]NODQND
PyZL ±DWRQLHVSRG]LDQND
VWáXNáRVL ERE\áRV]NODQH
SU]\QLHV]F]RWN LMX*
SR]DPLDWD QH
=DWR*HMHVWHWDND
NXSL FLEDEFLX
OL]DND
']LHFNR
.LHG\VNDF] NLHG\áD* SRGU]HZDFK
NLHG\SVRF PDPDQDPQLHVL JQLHZD
1RDEDEFLDLQDF]HM
ILJOHSVRW\Z\EDF]\
L]XPLHFKHPZLWDQDV.LHG\SLV ] GDM WDFLHPyM]HV]\W
*HE\VSUDZG]LáDOHWDWDVL VSLHV]\
1RDEDEFLDLQDF]HM
FK WQLHVSUDZG]L]REDF]\
]DZV]HGODQDV]QDMG]LHF]DV
,,7DQLHFQRZRF]HVQ\GRSLRVHQNL]HVSRáX&]HUZRQH*LWDU\Ä-HOLWHJR
FKFHV]´
']LHFNR
.WRWDP"
:QXF]HNLZQXF]ND
'RNRJR"
'REDEFLLG]LDGND
1LRV NZLDW\]SU]HGV]NROD
,SWDV]HNVLHG]LZNZLDWDFK
7HQSWDV]HNWRNXNXáND
Z\NXNDáDLOHFDáXVyZ
GRVWDQG]LDGNRZLHRGZQXF]W
']LHFNR
8VLG(NRáREDEFL
%DEFLDFLRSRZLH
MDNJG]LH]DJyUDPL
*\OLUD]NUyORZLH
-DNQDV]NODQHMJyU]H
W VNQLáDNVL *QLF]ND$MH OLVL ]GU]HPQLHV]
-DNNWRVPDF]QLHPLHV]NDáWURV]HF]N ]DZF]HQLH
ZFKDáXSFH]SLHUQLF]NDNRQLHFSL NQHMEDMNL
VDPRGQDMG]LHV]ZH QLH
,,,3LRVHQNDÄ3LRVHQNDGODEDEFL´
%\á\UD]NRWNLGZD
MDNZ]QDQHMSLRVHQFH
QXFLQDPRQLFKZFL*
QDV]DEDEXOHND
5HI7\VL FSLHQLEDEFLD]QD
LSU]HFXGQ\FKEDMH NVWR
EDEFLXG]L ZL WRWZH
SU]\MPLMRGQDVNZLDWyZNRV]
:OHVLH*\áVWUDV]Q\ZLON
VWDáDPDáDFKDWND
EDMN MDNVUHEUQQLü
VQXMH]QRZXEDEFLD
5HI7\VL FSLHQLEDEFLD]QD
']LHFNR
:\PDOXM QDODXUFH
&]HUZRQHVHUGXV]NR
3WDNDFRPD]áRWHSLyUND
LNZLDW\ZG]EDQXV]NX
)\MEDEXQLXPRMDPLáD
6WRODWDOERGáX*HM
EG(ZHVRáDLV]F] OLZD
]GURZLHQLHFKFLVáX*\
']LHFNR
%DEFLDWRVPLáHU FH%DEFLDWREDMNDNWyUHMQLH
=QDP\
3XGHáHF]NDSHUIXP\ZáyF]ND
PLHV]QHVáRZDZGDZQHMSLRVHQFH%DEFLDWRPDPDPRMHMPDP\
VXNQLDGODODONLLV]DUORWNDPRMHJRWDW\
$MDMHVWHPZQXF]ND
,93LRVHQNDÄ0RMDEDEFLD´
=EDEFLFKRG] QDVSDFHU\
]QLSR]QDM NZLDW\GU]HZD
6áXFKDPEDEFLRSRZLHFL
VZHSLRVHQNLEDEFLSLHZDP
5HI%DEFLXEDEFLXPRMDNRFKDQD
WRMDZQXF]NDWZDUR]HPLDQD
1LRV ZGDU]HSUH]HQWyZZLHOH
ER]DZV]H]WRE MHVWQDMZHVHOHM
*G\QDGZRU]HZLHONLHPUR]\
]EDEFLQDMSU]\MHPQLHMZZLHFLH
5D]HPZNXFKQLJRWXMHP\
PR*HWH*VSUyERZDüFKFHFLH
5HI%DEFLXEDEFLXPRMDNRFKDQD
.LHG\NáDG VL GRáy*ND
QDIRWHOXEDEFLDVLDGD
3L NQHEDMNLGODVZHMZQXVL
FDá\ZLHF]yURSRZLDGD
5HI%DEFLXEDEFLXPRMDNRFKDQD
']LHFNR
']LDGHNG]LVLDMSU]\MG]LH']LDGHNGX *RZLG]LDá
:ZLHONLPNU]HOHVLG]LH'X*R]LHPLVFKRG]Lá
OLF]QHPLSRZLHFL-X *VDPQLHSDPL WD
2SRZLDGDüE G]LHNLHG\VL XURG]Lá
']LHFNR
-DNQDPG]LDGHN]DF]QLH,GDZQH]DJURG\
3UDZLüUy*QHG]LZ\,OXG]LHLSLH QLH
7RZLDWGDZQ\VWDMH'RUDQDVDPHJR
3U]HGHPQMDN*\Z\0DU]PLVL ZHQLH
']LHFNR
.WRFLRSRZLHRGDZQ\FKODWDFK"
7\FKODWQDRF]Q\ZLDGHN
-DNNUDMQDV]URQLH
MDNOXG]LHURVQ
RSRZLHFLWZyMG]LDGHN2WZRU]\VHUFHNLHV]HRWZRU]\
SRGVXQLHF]HNRODG
]WZRLFKVXNFHVyZ
]DZV]HVL FLHV]\
.WR"
1RZLDGRPRG]LDGHN
']LHFNR
$MDNFRVSVRFLV]
MDNFRQDNQRFLV]
MDNWU]HEDVS\WDüRUDG ±
WRNWR]DXV]\
Z\FLJQLH]ELHG\"
:LDGRPR]DZV]H±G]LDGHN:L FZQXNLSURV]*HE\Z
NZLDFLDUQLDFK
QLHFKRZDüNZLDWyZSRGODG
']LDGHNPDZL WR
.ZLDW\GODG]LDGND
:LZDWQLHF K*\MHG]LDGHN
:V]\VF\
']LDGHNPDZL WR
.ZLDW\GODG]LDGND
:LZDWQLHFK*\MHG]LDGHN
97DQLHFÄ6WDUD%DED´
:V]\VF\
1LHFKDMG]LDG]LR]EDEXQL
7DNQDPGáXJR*\M
3yNLNRPDULPXFKD
0RU]DQLHZ\SLM
$W\PXFKRW\NRPDU]H
3LMFLHZRG SRZROL
$*VL G]LDG]LRLEDEFLD
1D*\MGRZROL
x
]DSLHZDQLHÄ6WRODW´
x
]áR*HQLH*\F]HLZU F]HQLHXSRPLQNyZEDEFLRPLG]LDGNRP
x
VSRWNDQLHSU]\KHUEDFLH
/LWHUDWXUD
%)RUPDÄ5RNZZLHUV]XLSLRVHQFH´=:L5Ä,:$12:6.,´3áRFN
)UDJPHQW\ZLHUV]\
x
=+ROVND±$OEHNLHUÄ1DV]DEDEFLD´
x
53U]\PXVÄ:LHF]RUHP´
x
$.DPLHVNDÄ%DEFLD´
x
0.RQRSQLFNDÄ']LDGHNSU]\MG]LH´
x
:&KRWRPVNDÄ']LH']LDGND´
x
ZLHUV]=5RJRV]yZQ\EH]W\WXáX
0X]\NDZV]NROHGODNODV\,L,,PDWHULDá\PHWRG\F]QH3:Ä0$&´
6$2ILF\QDZ\GDZQLF]DLIRQRJUDILF]QD.LHOFH
2SUDFRZDáD
PJU%DUEDUD.R]áRZVND
6]NRáD3RGVWDZRZDZ2UOH