$QGU]HM3LOLSLXN

+,(1$

:U]H QLRZH VáR FH VWDáR Z\VRNR QD QLHELH 1D FPHQWDU]X SDQRZDá MHGQDN

QLHSRG]LHOQLHFLH 6WDUHGU]HZDURVá\J VWR,FKOL FLHFKRü]PLHQLDá\NRORUWU]\PDá\

VL MHV]F]H FDáNLHP PRFQR QD JDá ]LDFK 1LHOLF]QH MHG\QLH RSDGá\ QD Gyá L OH Dá\

VP WQLH QD NRSF]\NDFK ]LHPL ]QDF] F\FK PLHMVFH ZLHF]QHJR VSRF]\QNX SURVW\FK

OXG]L RUD] SRPSDW\F]Q\FK ODVWULNRZ\FK Sá\WDFK SU]\ZDODM F\FK PRJLá\

PLDVWHF]NRZ\FK QRWDEOL 1LH]QDF]Q\ RGVHWHN RSDGá QD ]DUR QL WH FKZDVWDPL

NDPLHQQHQDJURENLQDSUDZRVáDZQHMF] FLFPHQWDU]D

7RPDV] &LH OXN L -DQ *U GNRZVNL NRSDOL V]SDGODPL 1D SLHUZV]\ U]XW RND

Z\JO GDOL QD JUDEDU]\ ]DM W\FK VZRM SUDF MHGQDN QHUZRZH VSRMU]HQLD NWyU\PL

QLHXVWDQQLH U]XFDOL QD ERNL SRGZD Dá\ WR ZUD HQLH -DNXE : GURZ\F] VWDá QLH

RSRGDOLSRJU\]DM F Z]DGXPLHNDZDáHNNDV]DQNLRGZLQL W\ ]]DWáXV]F]RQHMSáDFKW\

Ä7U\EXQ\/XGXSRSDWU\ZDáWRQDVZRMHJRQLHOHWQLHJRV\QDNWyU\VWDáÄQDOLSLHSU]\

EUDPLHSDUNXV]W\ZQ\FKWRQDGURJ Z VWURQ &KHáPD:LDá]LPQ\MHVLHQQ\ZLDWU

SU]HQLNDM F\GRV]SLNXNR FL2EDMNRSL F\FK WQLHá\NQ OLE\F]HJR QDUR]JU]HZN

DOH -DNXE ]DEURQLá 3RZLHG]LDá LP MX GDZQR H QD FPHQWDU]X SRWU]HED MDVQHJR

XP\VáX L SUHF\]ML UXFKyZ FR ]D]Z\F]DM QLH LG]LH Z SDU]H ] DONRKROHP 2Q E\á

V]HIHPRQZLHG]LDáQDMOHSLHMLQLHPXVLDáWHJRGZDUD]\SRZWDU]Dü

: VZRLP]DZRG]LHE\áDUW\VW QDMZ\ V]HMNODV\FRSU]\]QDZDOLQDZHWNVL G]

RUD]PLOLFMDQFLNWyU]\MX NLONDNURWQLHXVLáRZDOLQDNU\üJRSU]\SUDF\*G]LH GDOHNR

U\F]Dá\ VHQQLH NURZ\ S G]RQH GR RERU\ 6]RV SU]HWRF]\á VL Zy] QD HOD]Q\FK

NRáDFK DOH GU]HPL F\ QD NR OH ZR QLFD QLH ]ZUyFLá QD QLF XZDJL 6]NDSD VDPD

]DNU FLáDZGURJ QD&]DUQRáR]\-DNXESU]HQLyVáF]XMQHVSRMU]HQLHQDSREOLVNLSODF

EXGRZ\7DPWDN H E\áRSXVWRLFLFKR'ZDHOHZDWRU\QD]ER HZDJDGRZ JODKDOH

VNXSXSR]EDZLRQHMHV]F]HGDFKX3RSDWU]\áQD]HJDUHNLX PLHFKQ á VL :F]H QLH

G]LVLDMVNR F]\OL:LDGRPRZG]LH SRZ\SáDFLHQLNRPXQLHFKFHVL URELü2EUyFLá

VL Z VWURQ PLDVWHF]ND .U\W\ EODFK GDFK RSXV]F]RQHM FHUNZL PDMDF]\á SRQDG

GU]HZDPLLGDFKDPLFKDáXS

Ä7RPRMDZLH 0RLOXG]LHSRP\ ODá²7\ONRMDVWRM QDVWUD \

àRSDW\ NRSL F\FK ]DVWXNDá\ R ZLHNR WUXPQ\ 3U]HáNQ á RVWDWQL N V NLHáEDV\ L

RWDUá XVWD JD]HW .XOWXUD SU]HGH ZV]\VWNLP =EOL \á VL GR UR]NRSDQHJR JUREX MDN

W\JU\VGRRILDU\NWyUDFKRüRVDF]RQDPR H VL MHV]F]H]GRE\üQDMDNL GHVSHUDFNL

FLRV

$ MH OL WR QLH RQ" ]DS\WDá 7RPDV] QLHZ\UD QLH ER WU]\PDá Z XVWDFK

JZR G]LHZ\UZDQHZáD QLHSU]HGFKZLO REF JDPL

-H OLE G]LHSXGáRWRWU]HEDE G]LHRGZLHG]LüWHJRJUXEHJRUXVNLHJRNXSFD

VSU]HGSLHUZV]HMZRMQ\-H OLWRQLHWHQWRFK\EDQLHPD

7\ONR MDN JR Z\JU]HELHP\ VSU]HG FHUNZL" ]GHQHUZRZDá VL -DQ 7R

SU]HFLH SUDZLHZ URGNXZVL

&R VL Z\P\ OL

$PR H WRWHQOHNDU] \G"2QPLDáU FHXSDSUDQHZHNUZLSRáRNFLH-DN]

-RVLIHPSRF] VWRZDOLW\FKV]ZDEyZELPEUHPWRE\áRSL WQD FLHRILDU

= \GyZQLHUREL VL ZDPSLU\]DSURWHVWRZDá-DNXE:DPSLU\UREL VL ]H

6áRZLDQLHZHQWXDOQLH]5XPXQyZ7RQLHRQ

$OHQLHZLDGRPRJG]LHRQOH \-H OLZQLHSR ZL FRQHM]LHPLWRáDWZRPX

ZVWDü$MDNROHNDU]ZLHJG]LHV WHZV]\VWNLH \á\LW WQLFH

7HQV]HIWU FLáQRJ WUXPQ OH \ ZSR ZL FRQHM]LHPLDZVWDMH

0R H MHGQDNWRWHQ5X " &]HUZRQLV]F]DOLQDPXU\FHUNZLWRSU]HVWDáDE\ü

ZL WD0R H WRPXXáDWZLáR"

0R H LWDN$OHZWDNLPUD]LH]DF] áE\ZVWDZDü]DUD]SRZRMQLH$WHQRG

WU]HFKODWJUDVXMH

$OHMX WU]\UD]\URELOL P\DNFMHL]DND G\PUD]HPVL P\OLOL P\0R H OH

V]XNDP\"0R H WRNWR ] SLHUZV]HMZRMQ\

PR H QDZHW]DXVWULDFNLHJRFPHQWDU]D"7HJR]SLHUZV]HMZRMQ\"

%OL HME\PXE\áRGR+XW\$WDPVSRNyM

-DNXE]H6]ZDEyZUREL VL ZDPSLU\"

1LHMHVWHPSHZLHQFK\EDWDN

7R L ] \GyZ SRZLQQ\ VL URELü 'RGDZDOL NUZL FKU]H FLMD VNLFK G]LHFL GR

PDF\7DNPLRSRZLDGDáDEDEND

(WRW\ONREDMNL

$MDE\PSRV]HGáQDGQLDFKQDNLUNXWLZ\NRSDáWHJRKDQGODU]D]U\QNX7HJR

FRVSU]HGDZDáU\E\2QZSUDZG]LH]PDUáMHV]F]HSU]HGZRMQ

$MDNJR]QDMG]LHP\"&KROHUDPyZLáHPOXG]LRP HE\QLHEUDOLPDFHZQD

IXQGDPHQW\DFLZV]\VWNRUR]NUDGOL7HUD]MX QLHGRMG]LHP\FR-DNXE"

,WDNE\ P\QLHGRF]\WDOLVL NWRLJG]LH:V]\VWNRSRKHEUDMVNX

(DOIDEHWSHZQLH]QDOH OLE\ P\ZHQF\NORSHGLLJG\E\E\áRWU]HED

0XVLWHQKDQGODU]WRQDOHZRRGZHM FLD7HQF]HUZRQ\QDJUREHN]JUDQLWX

7HQF]HUZRQ\E\áFDG\NLHP3DWU]JG]LHOH \ WHUD]-DQPDFKQ á U N

: RGOHJá\P NR FX FPHQWDU]\VND OH Dá PDV\ZQ\ JUDQLWRZ\ QDJUREHN 1D

Sá\FLHZ\U\WRJá ERNRSL FLRUDPLHQQ JZLD]G RUD]F\WDW]/HQLQD

&R XGLDEáD"]G]LZLáVL -DNXE

7RE\áRZWHG\JG\MH G]LáH GR5DGRPLDGRURERW\7HQE\GODN-DNXERZVNL

RGZUyFLáSá\W GRJyU\QRJDPLL]DIXQGRZDáWHMVZRMHMNDFDSVNLHMG]LZFHSRFKyZHN

MDNVL SDWU]\LWR]DSVLHSLHQL G]H%\GOH

7RWHQ"0R H QLH

3HZQLH H WHQ:H OHZDUHNSRGQLH L ]DMU]\M6 OLWHU\SRKHEUDMVNX"

0R H WRRQDZVWDMH"

0R H&KROHUDMH OLWRQLHWHQWRWU]HEDE G]LHZ\NRSDü-DNXERZVNLQDP

]DWR]GXS\MDMDSRZ\U\ZD

*yZQRQDP]UREL2QLF]\PQLHPXVLZLHG]LHü

-DNXED]NRPXFKyZUREL VL ZDPSLU\"

-DVQH7HQDMZUHGQLHMV]H

$OHRQLQLHZLHU] Z %RJD

7\PJRU]HM1RNR F]P\

3RGQLH OLZLHNR:Q WU]HWUXPQ\SU]HGVWDZLDáRVRE REUD]Q G]\LUR]SDF]\

:\ FLyONDE\áD SRV]DUSDQD QD VWU] S\ 8EUDQLH NWyUH PLDá QD VRELH ]PDUá\ WDN H

E\áRSRGDUWH=ZáRNLOH Dá\G]LZDF]QLH]ZLQL WH

2NXUZD&RWXVL VWDáR"

6áRGNDWDMHPQLFD-RVLID]7UX FLDQNL7HQE\GODNVSU]HGDZDáOXG]LV]ZDERP

\GyZSDUW\]DQWyZMDNOHFLDáR1RL-RVLISRJU]HEDáJR \ZFHP

-RVLI6WDUV]XN"

7HJRQLHSRZLHG]LDáHP

$VN G ZLHV]"

2G $áQD]D 3DF]HQNL =DUD] SR ZRMQLH PL RSRZLHG]LDá 0LDá SU\ZDWQH

SRUDFKXQNL]W\PWX'RZLHG]LDáVL H -RVLIJR]DELáLSRFKRZDáZL F Z\NRSDáJR

HE\FKRüZFLDáRZVDG]LüNXO $WHQMHV]F]H \á

,FR$áQD]"

=DPNQ á WUXPQ L ]DNRSDáSRQRZQLH7RE\áF]áRZLHN]HVWDOL

7RE\VL ]JDG]DáRQLH"7HQWXZP FHVL VNR F]\áLPDQLHZLQQ NUHZQD

U NDFK7RGODWHJRJRZ\EUDáH "

-DVQH1RDOHF]DVEUDüVL GRURERW\

: GURZ\F]UR]SL á FHUDWRZ WHF]N 1DSU\]PLH]LHPLSRáR \áJD]HW W RG

NLHáEDV\ D QD QL ]DF] á Z\NáDGDü VZRMH UHNZL]\W\ 'UHZQLDQ\ PáRWHN RVLNRZ\

NRáHN HOD]Q\JZy G EXWHOHF]N

ZRG\ ZL FRQHM RUD] VLHUS 3RPRFQLF\ FRIQ OL VL

] V]DFXQNLHP

3U]H HJQDZV]\VL XM á VLHUSZVSUDFRZDQ GáR L QDFK\OLZV]\VL QDGFLDáHPFL á ]

UR]PDFKHPQLHERV]F]\NDSRJDUGOH-DQL7RPDV]VSU \OLVL GRXFLHF]NLDOHQLF

VL QLHVWDáR

6SRNRMQLH SRZLHG]LDá LFK V]HI 2QL QLH PDM VLá\ ]D GQLD : QRF\ FR

LQQHJR

*G\E\ P\URELOLDNFMHZQRF\QLHP\OLOLE\ P\VL WDNF] VWR

$OH ZWHG\ PRJá\E\ ]RVWDü ] QDV NXSNL Z\OL]DQ\FK JQDWyZ 7HUD] WU]HED

RGG]LHOLüJáRZ àRSDW

'ODF]HJR QLH VLHUSHP ZV]\VWNR" ]DS\WDá 7RPDV] SRGFKRG] F ]H

V]SDGOHP

6LHUSHPW\ONRJDUGáR

$MH OLQLHPDJDUGáD"

.R ü JUG\NL]D]Z\F]DM]RVWDMH

7RPDV]]DJU\]á ZDUJLL ZDOQ á=DFKU] FLáRDOHJáRZDQLHRGG]LHOLáDVL RG

WXáRZLD 6]SDGHO ]DNOLQRZDá VL PL G]\ NU JDPL 7HQ QLHZLHONL RSyU ZSUDZLá JR

QLHPDOZSU]HUD HQLH

=DVáDERXVSRNRLáJRV]HI'HSQLMEXWHP PLDáR1LHXJU\]LHFL

7HQ RG V]SDGOD QLH E\á Z VWX SURFHQWDFK SU]HNRQDQ\ QLHPQLHM MHGQDN

SU]HáDPDáVL 1RJDZ]QLRVáDVL GRJyU\DSRWHPRSDGáDQDUDQWV]SDGOD*áRZD

SRWRF]\áDVL Z N W WUXPQ\7RPDV]]URELáVL ]LHORQ\QDWZDU]\L]DF] á VL FKZLDü

à\NQLM -DNXE SRGDá PX PHQD N ELPEUX %\áR WR VSU]HF]QH ] MHJR

]DVDGDPL DOH WHQ F]áRZLHN SRWU]HERZDá F]HJR QD Z]PRFQLHQLH 6SRNRMQLH

3U]\Z\NQLHV]

:\GRE\áJáRZ ] WUXPQ\SU]HVXQ á FLDáRZJyU VNU]\QLDQDVW SQLHXPLH FLá

JáRZ Z QRJDFK

'UXW

-DQ SRGDá PX NDZDáHN JUXEHJR GUXWX L NRPELQHUNL -DNXE ]HEUDá U FH

QLHERV]F]\ND GR NXS\ L RSODWDá MHGUXWHP Z QDGJDUVWNDFK =DFLVQ á NRPELQHUNDPL

HE\GUD QLHVL JQ á SRVZRM

JáRZ 1DVW SQLHZ]L á JZy G L ZELá]UR]PDFKHPZ URGHNF]DV]NL

6WDUDPHWRGDSRZLHG]LDá$OHVNXWHF]QD

$NRáHNZSLHUVL"7RPDV]RG]\VNLZDáVWRSQLRZRUyZQRZDJ XP\VáRZ

=DUD]ZELM 7RPHWRGDNWyUDSU]\V]áDSRQRü]5XPXQLLDOHPQLHQDXF]\á

MHGHQ8NUDLQLHF

3U]\áR \á NRáHN GR SLHUVL GRPQLHPDQHJR ZDPSLUD 6NyUD SRPL G]\ HEUDPL

E\áD QDSL WD 3R SLHUZV]\P XGHU]HQLX PáRWND XVW SLáD ] RGJáRVHP S NDM FHJR

SáyWQD=WHF]NLZ\GRE\áODWDUN L SR ZLHFLáSU]H]G]LXU RERN

6HUFH]DFKRZDáRVL SRZLHG]LDá.RáHNVLHG]LZGREU\PPLHMVFX

7RPDV]D ]HPGOLáR RGV]HGá QD VWURQ DOH SRZVWU]\PDá Z\PLRW\ QLH FKF F

GHVDNURZDüFPHQWDU]D-DNXESRNURSLáVZRMHG]LHáRZRG ZL FRQ ] EXWHONL

3U]\ELMDMFLH

3RáR \OLZLHNRL]DF] OLSU]\ELMDüMHZ\FL JQL W\PLZF]H QLHMJZR G]LDPL1D

]DNR F]HQLH RGZUyFLOL WUXPQ GQHP GR JyU\ L ]DF] OL ]DV\S\ZDü JUyE : W\P

PRPHQFLHQDGELHJá0LNRáDMV\Q-DNXED

7DWNR

&R"

.VL G]LMHV]F]HGZXJOLQLDU]\ELHJQ GURJ

3DQRZLH&KRGX

:\ELHJOL ] FPHQWDU]D L SRNRQDZV]\ FK\áNLHP V]RV XNU\OL VL QD SODFX

EXGRZ\.VL G]GRWDUáQDQHNURSRO SDU PLQXWSy QLHM

-D FL XNUDL VND ZLQLR Z ZL ]LHQLX ]JQRM Z\GDUá VL GXFKRZQ\ SRG

DGUHVHP -DNXED 0DáR FL E\áR NO WZ\ ELVNXSD" -D FL VL SRVWDUDP R G]LHVL ü ODW

RGVLDGNL

2GGDOLOLVL V]\ENLPNURNLHPDOH]áRU]HF]HQLDJRQLá\LFKMHV]F]HSU]H]ZLHOH

PLQXW

:LHF]RUHP -DNXE SU]HPNQ á GR ZVM L ]DSXNDá GR RNQD VZRMHJR SU]\MDFLHOD

-y]HID3DF]HQNL.XPSHORWZRU]\áRNQRLSU]\áR \áSDOHFGRZDUJ

'REU\

'REU\6\QXVQ á GRSLHURFR6SRWNDMP\VL Z VWDMQL

3U]\QLRVáHPIODV]N

'REUDZH]P FR QD] E

3R FKZLOL REDM VLHG]LHOL Z FLHSáHM VWDMQL 8VWDZLRQD QD SRGPLHFLRQHM F] FL

NOHSLVNDODPSDQDIWRZDUR]WDF]DáDáDJRGQH ZLDWáR-y]HIQDODáELPEUXGRV]NODQHNL

VWXNQ OLVL

2E\QDPVL

=GURZLD:\SLOL

2JQLVWDJRU]DáD]DXZD \áJRVSRGDU]7R-RVLID"

3HZQR

1RWRVL SU]\JRWXMQD]PLDQ GRVWDZF\

&RVL VWDáR".RFLRáZ\EXFKá"

=ZLQ OLJR

3LHUGRá\ =D SDUW\]DQWN GRP\ OLá VL 0yZLáHP LGLRFLH H WD DPQHVWLD

SU]HGGZXODW\WRSXáDSNDDRQ

&RW\=DELPEHULNáXVRZQLFWZR

.LHG\"

']L SRSRáXGQLX.LHG\W\KPPP

1LHGRWDUáDGRPQLHMHV]F]HWDZLH ü2SRZLHV]"

3HZQR-DNL F]DVWHPX]DV]HGáQDV]GURJLSU]\MDFLHOGRVWRGRá\LFRZLG]L"

: MHGQ\PN FLHOH \ ORFKD]ZDUFKODNDPL

']LNL"

$QRG]LNL']LHZL ü V]WXN,QQ\E\Z]L á VLHNLHU L PLDáE\PL VRDOHMDNZLHV]

RQPDVP\NDáN GRZV]HODNLFKLQWHUHVyZ

0yZLáHPPXQLHUD] H WHQMHJR]P\VáKDQGORZ\GRSURZDG]LJRGRPDPUD

1R WR Z\NUDNDáH 3DVá G]LNL NDUWRIODPL HE\ SRGURVá\ SDVá D QD QLHJR

V VLHG]LGRQLH OL

&KROHUD.WR"

-HV]F]HQLHZLHPDOHVL GRZLHP

-X P\LFKXU] G]LP\,FRGDOHM"

1R Fy :HV]OL JOLQLDU]H GR VWRGRá\ ]REDF]\OL NRMHF ] G]LNDPL 3RWHP

SRSDWU]\OLZGUXJ VWURQ L ]REDF]\OLELPEURZQL

'X R"

3RGREQRSL üVHWOLWUyZ]DFLHUX

5DQ\%RVNLH3L ü ODWMDNREV]\á,MHV]F]H]DNáXVRZQLFWZR

0R H WURFK PXRGSXV]F] ]DGREUHVSUDZRZDQLH

= WHJR FR JR ]QDP UDF]HM GRáR

]D ]áH VSUDZRZDQLH 7DN F]\ VLDN

ZF]H QLHMMDN]DWU]\ODWDJRQLH]REDF]\P\8QLyVáV]NODQN GRJyU\

=DW\FKFRZZL ]LHQLX

=DQDV]HJRGUXKD:\SLOL

:LHV]]DF] á -y]HI=DFKRG]LáGRPQLHNVL G]

']LVLDM"

']L 1LHGDZQRVRELHSRV]HGá:LHV]FRSRZLHG]LDá"

1LHPDPSRM FLDDOHWRFK\EDQLHWUXGQR]JDGQ ü

3RZLHG]LDáÄ=UyEFR -y]HILHLZSá\ QDVZRMHJRSU]\MDFLHODERNURF]\SR

EDJQLH'RNR FLRáDQLHFKRG]LQLHERV]F]\NRPVSRNyMQDUXV]D0R H WRLQLHMHVW]á\

F]áRZLHNDOHEá G]L

%\áHP FKU]F]RQ\ Z FHUNZL L WDP EUDáHP OXE 6áXFKDM W\ ZLHU]\V] Z WH

ZDPSLU\]NWyU\PLMDZDOF] "

7DNV]F]HU]H"

6]F]HU]H

-H OL PDP QLH VNáDPDü WR QLH GR NR FD 3OXVNZ\ SRJU\] G]LHFLDND

SU]H FLHUDGáR ZH NUZL D PDWND NU]\F]\ R ZDPSLUDFK 7DUJD QL

G]D SORWNL D

SU]HFLH QLHSRFKZDOLVL H PDUREDFWZRZPLHV]NDQLX

=REDF]WR-DNXESRGFL JQ á U NDZNRV]XOL:F]WHUG]LHVW\PSLHUZV]\P

FL áHP]$OHNVDQGUHP3LOLSLXNLHPGU]HZRZMHJROHVLH1RFE\áDFLHSáDSU]\VQ OL P\

QDPFKX$UDQR

-y]HI SDWU]\á QD REQDU]RQH UDPL SU]\MDFLHOD QD NWyU\P ZLGQLDá\ GZLH

]DJRMRQHGDZQREOL]Q\-DNRG] EyZZDPSLUD-DNRGNáyZZ D

0R H PLMD"]DVXJHURZDá

$ ZLG]LDáH NLHG\ Z D QDZHW QLH PLM MDNLHJRNROZLHN Z D Z QDV]\P

OHVLH"

1LH1LJG\

-D WDN H QLH$QL3LOLSLXNQLHZLG]LDáDQL+DZUDMDQL)DUIRVDQL.XUDV]NR

DQL0L F]DQL6DSLHJDDQL

$ZLG]LDáH NLHG\ 6DSLHJ Z OHVLH"

1LH: D QLNWQLHZLG]LDá

$ZDPSLUDNWR ZLG]LDá"

:DPSLUyZQLHDOHGXFK\WRLRZV]HP

%D.D G\ZLHJG]LHVWUDV]\1DGURG]HNRáRV]XELHQLF\SUyERZDáH NLHG\

SU]HMHFKDüWDPW G\ZR]HPDOERNRQQRZSRáXGQLHDOERR]PURNX"

7DNPyMG]LDGHNSUyERZDáPyMRMFLHFMD.RQLH]DZV]HVL SáRV] %RM VL

/ NDM VL F]HJR F]HJRP\QLHZLG]LP\

0yMRMFLHFWH SUyERZDá,MD7RSU]HNO WHPLHMVFH

0R H WU]HED E\ SRVWDZLü NDSOLF]N WDP QD JyU]H" $ PR H Z VDP\P

Z ZR]LH

1LHZLHP7DPF]DLVL MDNLH ]áR$á NLNRáR0DPF]\QHMJyU\")DFHW]ODVN

Z PHORQLNX

'ZDODWDWHPXSRELáWHJR]7Uy FLDQNL-DNRQVL QD]\ZDá"=H6WDUHJR

0DMGDQX)ORUHN1LH0LV]WDOREHUZDá

5DFMD

-y]ZD

7DN"

:LG]LV]

0DV]GRPQLHMDN

VSUDZ :LHG]LDáHPRW\PJG\W\ONRFL ]REDF]\áHP

0yZNXPSOX

1LHFKFLDáHPRW\PPyZLüWRGR ü SU]\NUHDOHZDPSLU\SRZVWDM ]D]Z\F]DM

] QLHSR ZL FRQHM]LHPL

&]\W\URELV]DOX]MHGRPRMHJRRJURGX"

:LHV]MDNWRVL PyZLSRZVL3RGREQRPDV]WDP]á\FKOXG]LSRGNZLDWNDPL

6 WDP]DNRSDQL3R ZL ü RJUyGLSRSUREOHPLH

7R ]D PDáR = ZDPSLUDPL QDOH \ PLHü FDáNRZLW SHZQR ü $ P\ O H W\

ZLHV]LOXLJG]LH

3DPL WDP

1LHFKF FL QDFLVNDüDOHWRGR ü SUDZGRSRGREQH H NWyU\ ] QLFKDOERLRQL

ZV]\VF\

:V]\VF\"7RMX E\QLHE\áRWHMZVL

,OX

-HGHQYRONVGHXWVFKGZDMJHVWDSRZF\F]WHUHMEROV]HZLF\$LMHV]F]HMHGHQ

PLOLFMDQW

6áXFKDMDDNW\ZJPLQQ\"

-DNLDNW\Z"

&LFRLFK5XVF\RVDG]LOLZF]WHUG]LHVW\PSL W\P

2QLFKQLFQLHZLHP=UHV]W WZyMRMFLHFWH LFKVWU]HODá1LHSRFKZDOLáVL "

1LH]G \á-DZLHPW\ONR H JG]LH SRGODVHP:SLDVNDFK

0R H WR QDZHW RQL -y]HI XJU\]á VL Z M ]\N 7R ]QDF]\ FKFLDáHP

SRZLHG]LHü H ] QLFK PRJáR VL ]URELü FR WDNLHJR $ WDN VZRM GURJ WR RSUDFXM

VRELHQDXNRZ PHWRG V]XNDQLD

%D DOH MDN &Dá VZRM ZLHG] F]HUSL ] NVL NL R ZDPSLUDFK MHGQHJR

5XVNLHJR.VL NDMHVWSU]HGZRMHQQD

7DNWHUD]VL WDNLFKQLHGUXNXMH

$OHMHMERKDWHUQLHPXVLDáV]XNDüZV]\VF\ZLHG]LHOL H WRKUDELD'UDNXOD

1RFy SRUDQDPQLH-X VL ]URELáRFLHPQR

$XZD DMQDVLHELHJG\E G]LHV]PLMDáV]XELHQLF 1DJOLQLDU]\WH XZD DM

3yMG NRáR NLUNXWX=DZV]H E\áHP Z ]JRG]LH ]H VWDURWHVWDPHQWRZ\PL 1LH

SRJU\] PQLH

3R HJQDOL VL L -DNXED: GURZ\F]DSRFKáRQ á PURN

'ZDGQLSy QLHM

']LHFNR SáDNDáR Z UDPLRQDFK PDWNL -DNXE : GURZ\F] Z VNXSLHQLX EDGDá

áy HF]NR 1D NRáGU]H L SU]H FLHUDGOH ZLGQLDáR NLONDQD FLH NUZDZ\FK SODPHN =GM á

PDWHUDF L RGáR \á JR QD ERN :\GRE\W\P ] NLHV]HQL VF\]RU\NLHP GáXEDá EH]

VSHFMDOQHJRSU]HNRQDQLDZVSRMHQLDFKPHEOD1LHZ\GáXEDáQLFV]F]HJyOQHJR

DGQ\FKSOXVNLHZVWZLHUG]Lá-DQSDWU] F PXSU]H]UDPL

7RPDV]Z\JDUQ á VSRGáy NDMDNLH JDáJDQ\LNLONDERENyZ

-DNXE RJO GDá SU]H] FKZLO Z VNXSLHQLX D SRWHP SU]HQLyVá Z]URN QD

QLHPRZO 1LHZLHOND UDQD QD GáRQL L NLOND ]DGUDSD RWR FR SR]RVWDZLáR WR FR

JUDVXM FHZQRF\

6]F]XU]DZ\URNRZDáZUHV]FLHSRQXUR

2EDMMHJRDV\VWHQFLVNLQ OLJáRZDPLGODSRWZLHUG]HQLDGLDJQR]\

%DáZDQ\ 7\ONR XGDMHFLH H FR ZLHFLH : PRLP GRPX QLJG\ QLH E\áR

V]F]XUyZ 7R ZDPSLU\ / JQ VL QD W\P ]GHZDVWRZDQ\P \GRZVNLP FPHQWDU]X

0DáRVL QDV]HMNUZL]D \FLDQD áRSDOLMHV]F]HLWHUD]SUyEXM

0DUWR1LHZLHU]\V]PRMHPXGR ZLDGF]HQLXWRMHG ] G]LHFNLHPGR&KHáPD

GRGRNWRUD$QDQRFZVDG NRWDGRáy ND

&RZ\WDPZLHFLH=áHG]LHFLDNDSRN VDáR:DPSLU

7RV]F]XU]HERENL7RPDV]Z\FL JQ á ZMHMVWURQ RWZDUW GáR

$ WDN Z\JO GDM XN V]HQLD ZDPSLUD -DNXE SRGFL JQ á U NDZ NRV]XOL

RGVáDQLDM F EOL]Q

.RELHWD]EODGáDLSU]H HJQDáDVL ]DPDV]\ FLH:\V]OL

: WDNLH FKZLOH F]áRZLHN DáXMH H QLH MHVW DWHLVW SRZLHG]LDá SRJURPFD

QLHF]\VW\FKVLáLVSOXQ á SU]H]OHZHUDPL HE\QLH]DXURF]\ü

$PR H WR]%R F]\SU]\áD " ]DVWDQDZLDáVL -DQ7DNVRELHP\ O

(]DGDOHNR=UHV]W FL]%R F]\QLFGRQDVQLHPLHOL0R H MHGHQKUDELD

3ROHW\ááR

0yZL H WRMHJRV\QVWUDV]\QDá NDFK

7HQ QLHQRUPDOQ\ FR WR SRMHFKDá GR %HUOLQD SRG SRGZR]LHP SRFL JX" -D

MHV]F]H QLF QD á NDFK QLH VSRWNDáHP ]UHV]W WHQ ELHGDN QLH PLDá VSHFMDOQLH

PR OLZR FLQDUR]UDELDü

$MDE\PVL Z\EUDáNWyUHM QRF\2F]\ZL FLH]SLVWROHWHPQDELW\PVUHEUQ

NXO

'RN G WHUD]"7RPDV]ZJUDPROLáVL QD IXUPDQN

1D8FKD VN 3RGREQ\SU]\SDGHN

: GRPX QD 8FKD VNLHM G]LHFNR E\áR ZL NV]H PR H F]WHUROHWQLH .UHZ

]QDF]\áDSU]H FLHUDGáRMHGQ GX SODP

:DPSLU"]DS\WDáDPDWNDG]LHFLDND

: MHMJáRVLHZ\F]XüPR QDE\áRU] G] VHQVDFML

'H]\GHULD .UZDZD ELHJXQND &]\ W\ .DUROLQD QLH QDNDUPLáD G]LHFLDND

]HSVXW\PPL VHP"

&]HJR ]DUD] ]HSVXW\P" &LHODN VL QLH \Z\ XURG]Lá 0LDáDP Z\ZDOLü W\OH

PL VD"0yMVWDU\]MDGáLQLFPXQLHMHVW: GURZ\F]]áDSDáVL ]DJáRZ

&]\ W\ EDER UR]XP SRVWUDGDáD" 7U]HED JR GR &KHáPD GR V]SLWDOD

1DW\FKPLDVW:H Zy]DOERPR H ]DS\WDMF]\QLHGDG] Z JPLQLHVDPRFKRGX

(PR H VDPRSU]HMG]LH:F]RUDMZ\PLRWRZDáDG]LVLDMMX MDNJG\E\LG]LHNX

OHSV]HPX

*G\VLHG]LDáHPZRER]LHZF]DVLHZRMQ\WRZL FHMOXG]LRGWHJR]PDUáRQL

RGNXáV]ZDEyZZWU FLáVL -DQ=DZLH G]LHFNRGRV]SLWDODERMXWURFLQDU NDFK

XPU]H

8ZLHU]\áD5R]HV]OLVL .RáRSRF]W\GRJRQLá-DNXEDPLOLFMDQW

']LH GREU\RE\ZDWHOX: GURZ\F]'RN G WRSRG DFLH"

6]DFXQHNSDQLHSRVWHUXQNRZ\'R-y]HID3DF]HQNL

:REHFWHJRSyMG]LHP\NDZDáHNUD]HP-DWH LG Z WDPW VWURQ

&y VNáDQLDZDVGRV]XNDQLDWRZDU]\VWZDWDNSOXJDZHJRGHJHQHUDWDMDNMD"

.VL G]]QRZX]áR \áVNDUJ

$IH'XFKRZQ\DNDSX

7RSRZD QDVSUDZD=DSHZQHZLHFLH H ]DUyZQRSURIDQRZDQLHPRJLáMDN

WH RNUDGDQLHQLHERV]F]\NyZWRSU]HVW SVWZR"-HVWQDWRRGSRZLHGQLSDUDJUDI

.VL G]]H]QDá H MHVWHPKLHQ FPHQWDUQ "

&R Z W\PJX FLH

-H OL JR VSRWNDFLH WR SU]HND FLH PX H U]XFDQLH IDáV]\Z\FK RVNDU H QD

EOL QLFK]RVWDáR]DND]DQHSU]H]yVPHSU]\ND]DQLHGHNDORJX

3U]\GDáRE\VL ZDVSU]\PNQ ü

$FRUSXVGHOLFWL"

H FR"

'RZyG ZLQ\ HE\ PQLH ]DSXGáRZDü PXVLFLH PL XGRZGRGQLü H WR MD

UR]NRSXM JURE\

7RGDVL XGRZRGQLüZWRNX OHG]WZDSRV]ODNRZHJR=UHV]W ZF]H QLHMF]\

Sy QLHM L WDN GRUZLHP\ FL QD JRU F\P XF]\QNX 3RV]HGá EH] SR HJQDQLD -y]HI

DNXUDWU EDáGUZDZV]RSLH

'REU\

'REU\&RFL VSURZDG]D"

2PDPNLONDVSUDZ

$MDNUDQQ\REFKyGPLDVWD"

:]\ZDá\ PQLH NRELHW\ -HGQD GR G]LHFLDND SRJU\]LRQHJR SU]H] V]F]XU\

GUXJD GR G]LHFLDND ] NUZDZ ELHJXQN :\REUD VRELH QDNDUPLáD JR ]GHFKá\P

FLHODNLHP

%RUNRZD"

6N G ZLHV]"

7\ONRRQDMHVWGRWHJRVWRSQLDVN SD

7DNZL F ]HJ]RUF\VW\DPDWRUDVWDM VL LQVSHNWRUHPVDQLWDUQ\P

=UyEXSUDZQLHQLDLFL N IRUV ]DURELV]

(]DVWDU\MX MHVWHP

$ZLHV] H VWDUD3LOLSLXNRZDZLG]LDáDZQRF\-DNXERZVN "

6á\V]DáHP=DPLDURZDáHPZGHSQ ü GRQLFK

3RQRü V]áD Z ELDáHM VXNQL = ZLDQNLHP QD JáRZLH , ZLHFLáD OHNNR Z

FLHPQR FL

1LH RQD MHGQD WR ZLG]LDáD 3RGREQR MX ] G]LHVL ü RVyE W\OH W\ONR H QLH

ZLDGRPR GRNáDGQLHNWR3R]DGZRPDSLMDF]NDPL7\OH H MDSLMDNRPQLHZLHU] -D

MDNVL XSLM WRZLGXM GLDEá\DQLRá\DUD]QDZHWNDZDáHNPDKRPHWD VNLHJRUDMX

0R H M Z\NRSLHV]LSU]\SDOLNXMHV]"7DNQDZV]HONLZ\SDGHN"

1LHGDUDG\% G PXVLDáSU]HUZDüQDMDNL F]DVG]LDáDOQR ü*OLQ\QLXFKDM

NVL G] SLVXMHGRQRV\LJU]PL]DPERQ\-DNXERZVNL]DU Q áE\PQLHW S\PQR HPL

SR]V]\ZDáGUHZQLDQ\PLLJáDPL$WDNQDPDUJLQHVLHWRJG]LHV]áD"

:\REUD VRELH H GR*UDEDUF]XND

1LHPR OLZH7HQIDFHWE\áMHG\Q\PGRNWyUHJRQLFQLHPLDáD

$OHOXG]LHJDGDM H MHJRFyUNDE\áDZFL \ ]-DNXERZVNLPDOHVS G]LáD

(OXG]LHND GHJRREVPDUXM $]*UDEDUF]XNyZ]E\WSRU] GQLOXG]LH HE\

ZLHU]\üZWHSORWNL

0R H LWDN

1RQLF&]DVQDPQLH:SDGQ QDGQLDFK

1RWRGR]REDF]HQLD

5XV]\áGDOHM$OHNVDQGHUVWDáRSLHUDM F VL R SáRWVZRMHJRRJURGX3U]\ZLWDOL

VL $OHNVDQGHUSRF] VWRZDáJR FLDVNU WHPPDFKRUNL

0DPGRSDQDVSUDZ ]DJDLá6á\V]DáHP H SD VNDPDWNDZLG]LDáD

( WR QLH LVWRWQH 2QD ]DZV]H FR ]REDF]\ $ WR ROEU]\PD XWNDQHJR ]

FLHPQR FLDWRZLOND3R]ZROLSDQGRRERU\

:HV]OL:RERU]HVWDáDNURZDMDáyZNDZNRMFXRUD]SL NQ\NDU\NR

1X.DU\QDVW S VL

.R RGZUyFLáVL XND]XM F ERN

3DWU]SDQ

=ZLHU] PLDáR GZLH NáXWH UDQNL RG NWyU\FK FL JQ á\ VL VRSOH ]DNU]HSQL WHM

NUZL=DU DáRFLFKR

2PyM%R H Z\V]HSWDá-DNXE

=HVZRMHMFHUDWRZHMWHF]NLZ\GRE\áFDOyZN L ]PLHU]\áRGVW S SRPL G]\QLPL

D SRWHPSRUyZQDá]HVZRM EOL]Q =DV SLáVL

,FRSDQSRZLH"

&K\EDWRVDPR

:DPSLU"

7UXGQR SRZLHG]LHü SRGV]HGá GR FLDQ\ L ]DF] á M EDGDü GR WDNLHM

Z\VRNR FLGRNWyUHMPyJáGRVL JQ ü NR :RG]LáU N SRGHVNDFKLSRVSRMHQLDFK

&]HJRSDQV]XND"

-DNLHJR NROFD] EDRGZLGHáWNZL FHJRZ FLDQLHF]HJR RFRPyJáVL

VNDOHF]\ü

$MMDMF]RáRZ\SRJURPFDZDPSLUyZV]XNDSU]\F]\QQDWXUDOQ\FK"

3DQQLHZLHU]\ZZDPSLU\3DQMHVWF]áRZLHNLHPZ\NV]WDáFRQ\P-DZLHU] Z

GXFK\DOHV]XNDPLQQ\FKSU]\F]\Q

,MDN"

,QLH]QDMGXM

=DV SLOLVL RE\GZDM-HGHQP\ ODáRVZRLPELHGQ\PNRQLXGUXJLRSHZQ\P

URV\MVNLPNXSFXSRJU]HEDQ\PNRáRFHUNZL(OLDV]D3URURND

7U]\GQLSy QLHM

%\áRMHV]F]H]XSHáQLHFLHPQR3DGDáU] VLVW\GHV]F]H7U]HMXEUDQLZSDáDWNL

P F]\ QLNRSDOLSU]\ FLDQLHFHUNZLMX WU]HFL G]LXU ] U] GX

-DVQDFKROHUDUR]OHJáVL M N 7RPDV]D

&RVL VWDáR"

3DWU]FLHWDP

:\FL JQ á U N .RáRPOHF]DUQLSU]HVXZDáDVL SRZROLSRVWDüXEUDQDZGáXJ

ELDá VXNQL 3RVWDü ZLHFLáD Z\UD QLH Z FLHPQR FL PJOLVW\P QLHU]HF]\ZLVW\P

ZLDWáHP

-DNXERZVNDV]HSQ á -DNXE7\ONRRQDQRVLáDWDN IU\]XU =QRZXFL JQLH

FKROHU PL G]\ OXG]L(FKJG\E\PPLDáSLVWROHWLVUHEUQ NXO

:LGPRSU]HVXQ áRVL Z VWURQ SDUNX%\áRWHUD]EOL HMLSDWU]\áRZLFKVWURQ

FKRüQDWOHPXUXE\OLSUDZLHQLHZLGRF]QL-DQPDPURF] F FR JRU F]NRZR FL JQ á

EUH]HQW ] SU]HQR QHM NODWNL : NODWFH VLHG]LDá MHJR NRJXW =DF] á GUD QLü NRJXWD

ZS\FKDM F GR URGNDNDZDáHNNLMD7HQMHGQDN]DPLDVWSLDüJGDNDáMDNNXUD'XFK

VWDáLSDWU]\áDSRWHP]DF] á VL RGGDODü

=RVWDZWRSWDV]\GáRSRV]áDVRELH

/HSLHM QLHFK ]DSLHMH % G]LH EH]SLHF]QLHM 3WDN Z NR FX GDá VL XSURVLü L

]DSLDáGRQR QLH&RJRUV]DQLHFKFLDáSU]HVWDü

=DWNDMPXG]LyEGRFKROHU\ERZV]\VWNLFKSREXG]L

$X2QG]LRELH

3áRV]\üGXFK\FLVL ]DFKFLDáR6DPDSRV]áD

:UHV]FLH UDGRVQH SLHQLD XFLFKá\ :UyFLOL GR SUDF\ 3R XSá\ZLH MHV]F]H

NLONXQDVWXPLQXWáRSDW\]DEU] F]Dá\RZLHNRPHWDORZHMWUXPQ\.RSL F SRVSLHV]QLH

RGVáRQLOLM Z FDáR FL%\áDWURFK ]D QLHG]LDáD

'ODF]HJRPHWDORZD"]G]LZLáVL 7RPDV]

%RXPDUáQDWU G7DNLFKJU]HEDQRZPHWDORZ\FK

1LH]DUD]LP\VL "

0LQ áRODW=UHV]W PDPU NDZLFH

7XMHVW]DOXWRZDQH

:LG] 0\ OLV] H SR FR ND]DáHP -DQRZL Z]L ü SDOQLN" 5R]OXWRZDQLH

]á F]HQLD]DM áRLPNLONDQD FLHPLQXW

7DNWRRQ

=PDUá\ OH Dá Z WUXPQLH Z SL NQ\P VRERORZ\P IXWU]H NWyUH NDSLQN VL

]GHIDVRQRZDáR=FLDáD]RVWDáVDPV]NLHOHW

2NXUF]HM NQ á 7RPDV] ZLHF F ODWDUN

&R"

-HJR] E\

= E\ NXSFD O QLá\ PDWRZ

yáW EDUZ :V]\VWNLH FDá\ NRPSOHW Z\NRQDQH

E\á\]GZXG]LHVWRF]WHURNDUDWRZHJR]áRWD

8F]VL XF]FLZR FLSRZLHG]LDáVXURZR-DNXE1LHERV]F]\NQDZHWZDPSLU

U]HF] ZL WD1DV]]DZyGQDUD D QDSRNXV\DOHQLHMHVWH P\KLHQDPL

$OHWRMHVW]üZLHUüNLOR

-DNQLHPR HV]QDWRSDWU]HüWRQLNWFLQLND H

8ZLQ OLVL JáDGNRàRSDWDGUXWNRáHNJáRZDZQRJDFK=DOXWRZDOL]DV\SDOL

XGHSWDOL=QLNQ OLZPURF]QHMNXU]DZLH'HV]F]]DWDUá ODG\NRSDQLD'REURQDOH \

F]\QLüZPLOF]HQLX

.RáRSRáXGQLDGQLDWHJR

-DNXEQDOHZDáZáD QLHNDUP\]ZLDGUDGODVZRLFKWU]HFK ZLQHNJG\UR]OHJáR

VL SXNDQLH GR GU]ZL FKOHZLND 2GZUyFLá VL ]DVNRF]RQ\ 1D MHJR SRGZyUNX VWDáD

Z\VáX RQD F]DUQDZRáJDDGRGU]ZLSXNDáVDP-DNXERZVNL

']LH GREU\FLFKRSRZLHG]LDáJPLQQ\VHNUHWDU]SDUWLL

'REU\&y ZDVVSURZDG]DWRZDU]\V]XVHNUHWDU]XGRPHOLQ\FLHPQRJURGXL

UHDNFML"

0DPGRZDVSRXIQ VSUDZ

:\M á ] NLHV]HQL NRSHUW

L XVLáRZDá QLH]GDUQLH M

ZFLVQ ü Z U FH

: GURZ\F]RZL7HQRVWDWQLZ]L á M Z NR FXLFLHNDZLH]DMU]DáGR URGND:HZQ WU]

WNZLá\GZDW\VL FH]áRW\FK

7RFK\EDU]HF]\ZL FLHEDUG]RSRXIQDVSUDZDVWZLHUG]Lá$NRQNUHWQLH"

3DQVá\V]DáRPRMHM]PDUáHM RQLH"

'X R

2G WU]HFK W\JRGQL SU]\FKRG]L L SXND GR PRMHJR RNQD (J]RUF\VWD DPDWRU

RGGDáPXNRSHUW

1LH]DMPXM VL ]DERERQDPL1LHFKSDQLG]LH]W VSUDZ GRNVL G]DDOER

QDSLV]HGR.&]SUR E R LQVWUXNFMH

-H OL SLHQL G]\ MHVW ]D PDáR WR SURV] SRGDü FHQ 3RJDGDP WH ]

SRVWHUXQNRZ\P HE\GDOLVSRNyMVZRLPSRGHMU]HQLRP

$FRNRQNUHWQLHPLDáE\P]URELü"

2VLNRZ\NRáHNF]\MDNR WDN

-X PyZLáHP H VL W\PQLH]DMPXM =UHV]W DWHL FLQLHZVWDM ] JUREyZ

'REU]HSDQXPyZLü1LHFKSDQVL ]JRG]L3U]\V]HGáHPGRSDQDERW\ONR

SDQWRSRWUDIL

$MH OLPLVL QLHXGD"

3DQX" /HJHQG\ NU

R SD VNLP NXQV]FLH 6á\V]DáHP RG ]QDMRPHJR ]

'XELHQNLDL]8KD SU]\V]á\ZLH FL

-XWURRSLHUZV]HM1LHFKQLNWPLQLHSU]HV]NDG]D

2EVWDZL FPHQWDU]PLOLFM 1LNWQDZHWQLHSRGHMG]LH

1LHFKF DGQ\FKPXQGXURZ\FKZ]DVL JXZ]URNX0R H QLHFK]DSURV] QD

SRVWHUXQHNNVL G]DLSU]HVáXFKDM JR$SDQDSRSURV] DE\QDPWRZDU]\V]\á

&]\WRNRQLHF]QH"

7DN 1D ZáDVQH RF]\ ]REDF]\ SDQ H ZV]\VWNR ]RVWDQLH Z\NRQDQH EH]

IXV]HUNL

1DVW SQHJRGQLD

&]WHUHM P F]\ QL ]HEUDOL VL QD FPHQWDU]X 'ZDM NRSDOL WU]HFL SRJU\]Dá

NDV]DQN 7HQF]ZDUW\VLHG]LDáQDRGZDORQHMSá\FLHQDJURENRZHMLQHUZRZRREJU\]Dá

SD]QRNFLH 'RVWDá V]NODQN ELPEUX DOH WR PX VSHFMDOQLH QLH SRPRJáR 1LHEDZHP

XND]DáD VL WUXPQD 2GNU FDOL UXE\ GZRPD UXERNU WDPL MHGQRF]H QLH -DNXE

UR]áR \áQDJD]HFLHQDU] G]LD-DNFKLUXUJSU]HGRSHUDFM *PLQQ\VHNUHWDU]PLOF]Dá

0LOF]Dá JG\ RGFLQDOL JáRZ V]SDGOHP 0LOF]Dá JG\ SU]HELMDOL F]DV]N JZR G]LHP

-HGQDNJG\S WDOLU FHGUXWHPQLHZ\WU]\PDá

&]\WRQDSUDZG QLH]E GQH"M NQ á

1LHVWHW\WDN

1D ]DNR F]HQLH ]áDPDOL ]PDUáHM RELH NR FL XGRZH DE\ FDáNRZLFLH

XQLHPR OLZLüMHMZ\áD HQLH]JUREX&]\VWDGRNáDGQDIDFKRZDURERWD

7RZV]\VWNR"]DS\WDáJG\]DNRS\ZDOLZ\ZUyFRQ GRJyU\QRJDPLWUXPQ

7DN7HUD]E G]LHVSRNyM

2WDUáF]RáR]SRWXLZ\GRE\á]NLHV]HQLWU]\NRSHUW\

3UHPLDX]QDQLRZDSRZLHG]LDá

7URFK VL Z\NU FDOLDOHZNR FXZ]L OL:NRSHUWDFKE\áRSRW\VL F ]áRW\FK

3U]H] QDVW SQH GQL E\áR JRU]HM QL

OH =PDUáD QLF VRELH QDMZLGRF]QLHM QLH

UREL F ]HVNRPSOLNRZDQ\FK]DELHJyZMDNLPSRGGDQRMHMFLDáRSDUDGRZDáDSRZVL

:LG]LDáR M NLONDQD FLH RVyE MHGQHJR ]H ZLDGNyZ WU]HED E\áR KRVSLWDOL]RZDü ER

GRVWDá]DZDáXQDMHMZLGRN=H]QDQLDE\á\VSU]HF]QH:HGOHMHGQ\FKQLRVáDRGFL W

JáRZ Z ]ZL ]DQ\FK GUXWHP U NDFK ,QQL GRSDWU]\OL VL H QRJL ]JLQDM MHM VL Z

QLHZáD FLZ\FK PLHMVFDFK %\OL L WDF\ NWyU]\ ZLG]LHOL RVLNRZ\ NRáHN VWHUF] F\ MHM ]

SLHUVL.VL G]]DEDU\NDGRZDáVL QDSOHEDQLLLXGDZDáFKRUHJR0LHV]ND F\XGDOLVL

ZL F QDPLOLFM

0LOLFMDZ\ PLDáDLFKDOHFRG]LZQHSU]H]QDVW SQHGQLG]LHOQLREUR F\SUDZD

QDEUDOL]Z\F]DMXEDU\NDGRZDQLDQDQRFGU]ZLSRVWHUXQNXFL N V]DI ] DNWDPL

3HZQHJR ZLHF]RUX -y]HI L -DNXE ]DVLHGOL Z VWRGROH WHJR SLHUZV]HJR 0LHOL

VZRMH WDMHPQLFH : VWDUHM JOLQLDQHM GRQLF]FH OH DáD VUHEUQD SU]HGZRMHQQD

G]LHVL FLR]áRWyZND ] 3LáVXGVNLP 2ERN ]QDMGRZDáD VL IRUPD GR ODQLD NXá

SDPL WDM FDSRZVWDQLHVW\F]QLRZH-y]HI]DSDOLáSDOQLNDFHW\OHQRZ\LVNLHURZDáMHJR

SáRPLH QDGRQLF]N 1DMSLHUZU\VXQHNOHNNRVL ]DPD]DáDSRWHPPRQHWD]DPLHQLáD

VL Z NURSO PHWDOX-DNXE]áDSDáREF JDPLGRQLF]N -y]HIXM á ZU N IRUP .URSOD

VWRF]\áDVL =DQXU]\áIRUP Z VáRLNX]ZRG =D SLHZDáDSDUD:\WDUáNXO FKXVWHF]

N L SRGDáSU]\MDFLHORZL

1RWR]%R SRPRF

:\FL JQ á ]NXS\VLDQDVWU]HOE VNDáNRZ L VSRNRMQ\PLZSUDZQ\PLUXFKDPL

]DF] á M QDELMDü

:\VWU]HOLWHQUXSLHü"

:]HV]á\PURNXVWU]HODáHP

0R H E\áRE\OHSLHMJG\E\PSU]\QLyVáNDUDELQ

2 WDN :LHP H PDV] ]DNRSDQ EUR DOH QLH GRUREL NXOL NDUDELQRZHM

=UHV]W SRP\ O FR E\ VL VWDáR JG\E\ ]áDSDOL FL ] NDUDELQHP 7DN PDV] SUDZLH

F]\VWH U FH %UR SRZVWDáD SU]HG URNLHP 0DUWZL PQLH W\ONR H MHVW

MHGQRVWU]DáRZD-H OLVSXGáXMHV]WRUR]V]DUSLHFL QDVWU] S\

0R H QLHE G]LHD WDN OH0DPMHV]F]HVUHEUQ\QR \N3FKQ M Z VHUFH

%\áRGREU]HSRG]LHVL WHMJG\]DVDG]LáVL Z NU]DNDFKNRáRGRPXVHNUHWDU]D

0LMDá\ JRG]LQ\ .RáR GZXQDVWHM JG\ MX SUDZLH WUDFLá QDG]LHM QD XOLF\ SRMDZLá VL

ELDá\]DU\VOXG]NLHMV\OZHWNL3RGV\SDá ZLH HJRSURFKXLSRSUDZLáNU]HPLH 3RVWDü

]EOL \áDVL 1LHPLDáZ WSOLZR FL&KyGLIU\]XUDE\á\QLHGRSRP\OHQLD:\FHORZDáL

Z\VWU]HOLá3RVWDüXSDGáDQD]LHPL =FKDáXSZ\ELHJOLOXG]LH.WR SRFK\OLáVL QDG

FLDáHP

/XG]LH WR QLH -DNXERZVND W\ONR PáRGD *U]HVLXF]ND 3U]HEUDáD VL L

VWUDV]\áD

3RG-DNXEHPUR]VW SLáDVL ]LHPLDDPR H WRXJL á\PXVL NRODQD

'RNWRUDSU GNRMHV]F]HG\FKDXVá\V]Dá%\áDZL F MDND QDG]LHMD:W\P

PRPHQFLHFL NDU NDRSDGáDPXQDUDPL

-DNXELH : GURZ\F] -HVWH FLH DUHV]WRZDQL Z LPLHQLX 3ROVNLHM

5]HF]\SRVSROLWHM /XGRZHM ]D XVLáRZDQLH ]DEyMVWZD ] SUHPHG\WDFM SRVLDGDQLH QLH

]DUHMHVWURZDQHMEURQLSDOQHMLSURIDQDFM JUREyZ

2EHMU]Dá VL ] QDG]LHM QD R ZLHWORQH RNQD GRPX =REDF]\á VWyá VWRM FH QD

QLP GZLH EXWHONL ZyGNL RUD] ZLV] FH GZDG]LH FLD FHQW\PHWUyZ QDG QLP QRJL

JPLQQHJR VHNUHWDU]D :]URN MHJR SRG \á NX JyU]H L ]DWU]\PDá VL QD PDV\ZQ\P

KDNXZELW\PZVXILWRNWyU\]DF]HSLRQ\E\áVWU\F]HN=WHMVWURQ\QLHPyJáVL MX

VSRG]LHZDü DGQHMSRPRF\

6ND]DQR JR QD F]WHU\ ODWD DOH GRGDQR PX MHV]F]H GZD ODWD ]D ]áH

VSUDZRZDQLH:\URNRGVLDG\ZDáZMHGQHMFHOL]-RVLIHP]7Uy FLDQNLNWyU\WH GRVWDá

V]H ü ODW7U]\]DELPEHULNáXVRZQLFWZRDGDOV]HWU]\]DREUD] V GXLSRJUy NLSRG

DGUHVHP WHM LQVW\WXFML 7U]\ GQL SR DUHV]WRZDQLX -DNXED QD á FH NRáR ]DPF]\VND

]DNW\ZL]RZDá VL GXFK Z PHORQLNX ] ODVHF]N L WDN RELá MHGQHJR SLMDF]ND H WHQ

SRSU]\VL JáQLJG\ZL FHMQLHEUDüGRXVWDONRKROXLZ\WU]\PDáSUDZLHSyáURNX