6FKHPDWSREUDQR]VHUZLVX

KWWSZZZHOHNWURQLNDJHU\SO

'RGDWNRZ\XNáDGSU]\ZRáDZF]\GRWHOHIRQX

1DMF]FLHMSRVLDGDP\ZGRPXW\ONRMHGHQDSDUDWWHOHIRQLF]Q\NWyUHJRV\JQDáSU]\ZRáDQLDPR*HE\ü

VáDERVá\V]DOQ\SRGF]DVSU]HE\ZDQLDZRGOHJá\PSRPLHV]F]HQLX1DV]XNáDGPR*HP\GRáF]\üGROLQLL

WHOHIRQLF]QHM Z GRZROQ\P PLHMVFX QLHNRQLHF]QLH Z SREOL*X DSDUDWX WHOHIRQLF]QHJR FR SR]ZROL QD

REMFLHFDáHJRPLHV]NDQLDOXEGRPX]DVLJLHPV\JQDáXSU]\ZRáDQLDWHOHIRQX

3URSRQRZDQ\ XNáDG RG]QDF]D VL ZLHON SURVWRW L PR*H E\ü Z\NRQDQ\ QDZHW SU]H] ]XSHáQLH

SRF]WNXMF\FKHOHNWURQLNyZ=DSURMHNWRZDQ\]RVWDá]Z\NRU]\VWDQLHPW\SRZ\FKáDWZRGRVWSQ\FKL

WDQLFKHOHPHQWyZ

2SLVG]LDáDQLD8NáDGX

'ODZ\JRG\PR*HP\SRG]LHOLüVFKHPDWHOHNWU\F]Q\QDGZDEORNLIXQNFMRQDOQHXNáDGXGHWHNFMLV\JQDáX

SU]\ZRáDQLDZ\VWSXMFHJRZOLQLLWHOHIRQLF]QHMLXNáDGXZ\NRQDZF]HJRJHQHUXMFHJRG(ZLNR

GX*\PQDW*HQLXLRGSRZLHGQLPF]DVLHWUZDQLD=DF]QLMP\RGRPyZLHQLDG]LDáDQLDXNáDGXGHWHNFML

/LQLDWHOHIRQLF]QDGRáF]RQDMHVWGR]áF]D&21:VWDQLHRF]HNLZDQLDQDSU]HZRGDFKWHOHIRQLF]Q\FK

Z\VWSXMH QDSLFLH RN 9'& QDWRPLDVW V\JQDá G]ZRQLHQLD MHVW SR SURVWX FLJLHP LPSXOVyZ R

DPSOLWXG]LH 9 :\GDZDáRE\ VL ZLF *H Z\VWDUF]\ ]EXGRZDü SURVW\ XNáDG Z\NU\ZDMF\ IDNW

Z\VWSLHQLDZOLQLLWHOHIRQLF]QHMWDNLFKLPSXOVyZNWyU\QDVWSQLHXUXFKDPLDáE\QDGDMQLNUDGLRZ\

1LHVWHW\ QLH MHVW WR WDNLH SURVWH L Z SUDNW\FH EG]LHP\ PXVLHOL ]DVWRVRZDü QLHFR EDUG]LHM ]áR*RQH

UR]ZL]DQLH 3URVW\ GHWHNWRU Z\VWSRZDQLD LPSXOVyZ SURVWRNWQ\FK Z OLQLL WHOHIRQLF]QHM E\áE\

Z\VWDUF]DMF\W\ONR ZSU]\SDGNXNLHG\E\OLE\P\MHG\Q\PLX*\WNRZQLNDPLWHOHIRQXZQDV]\PGRPX

7DNMHGQDNQDMF]FLHMQLHMHVWL]DVWRVRZDQLHWDNLHJRGHWHNWRUDSURZDG]LáRE\GRV\WXDFMLZNWyU\FK

E\OLE\P\Z]\ZDQLGRWHOHIRQXWDN*HZPRPHQFLHZ\ELHUDQLDQXPHUXSU]H]LQQHJRMHJRX*\WNRZQLND

:\ELHUDQLH QXPHUX WHOHIRQX Z V\VWHPLH LPSXOVRZ\P SRZRGXMH ERZLHP WDN*H Z\WZDU]DQLH Z OLQLL

WHOHIRQLF]QHMLPSXOVyZRF]VWRWOLZRFLRN+]1DV]F]FLHLFKF]VWRWOLZRüRUD]F]DVWUZDQLDMHVW

]QDF]QLH PQLHMV]\ L IDNW WHQ PR*HP\ Z\NRU]\VWDü GR EXGRZ\ GHWHNWRUD UR]Uy*QLDMFHJR F]\ NWR

SUyEXMH VL GR QDV GRG]ZRQLü F]\ WH* NWR ] GRPRZQLNyZ SUDJQLH VNRU]\VWDü ] DSDUDWX

WHOHIRQLF]QHJR

,PSXOV\ SRZVWDMFH Z OLQLL WHOHIRQLF]QHM SRGGDZDQH V GHWHNFML Z XNáDG]LH ] SURVWRZQLNLHP

SHáQRRNUHVRZ\P %5 L NRQGHQVDWRUHP & :DUWRFL & L 535 ]RVWDá\ GREUDQH WDN *H SRGF]DV

Z\ELHUDQLD QXPHUX WHOHIRQX & QLH ]G*\ QDáDGRZDü VL GR QDSLFLD SRZRGXMFHJR SU]HZRG]HQLH

GLRG\/(']DZDUWHMZVWUXNWXU]HWUDQVRSWRUD,&

:áF]HQLHGLRG\/('WUDQVRSWRUDSRZRGXMHSU]HZRG]HQLHWUDQ]\VWRUD]DZDUWHJRZW\PXNáDG]LHLZ

NRQVHNZHQFML SRMDZLHQLH VL RSDGDMFHJR ]ERF]D QD ZHMFLX Z\]ZDODMF\P PXOWLZLEUDWRUD

PRQRVWDELOQHJR ,&$ :\JHQHURZDQ\ ]RVWDMH LPSXOV R F]DVLH WUZDQLD RNUHORQ\P SRMHPQRFL & L

UH]\VWDQFM 5=ZDUWRFLDPLHOHPHQWyZWDNLPLMDNQDVFKHPDFLHF]DVWUZDQLDWHJRLPSXOVXZ\QRVL

RNV

:\VRNLSR]LRPORJLF]Q\]Z\MFLD4XQLZLEUDWRUDMHVWSRGDZDQ\QDZHMFLHEUDPNL,&$SRZRGXMF

UR]SRF]FLH SUDF\ SU]H] ]EXGRZDQ\ QD WHM EUDPFH JHQHUDWRU &]VWRWOLZRü SUDF\ WHJR JHQHUDWRUD

RNUHORQDMHVWSRMHPQRFL &RUD]UH]\VWDQFM 5L]ZDUWRFLDPLHOHPHQWyZWDNLPLMDNQDVFKHPDFLH

Z\QRVLRN+],PSXOV\SURVWRNWQHJHQHURZDQHSU]H],&$SRZRGXM F\NOLF]QHZáF]DQLHGUXJLHJR

JHQHUDWRUD ]EXGRZDQHJR ] Z\NRU]\VWDQLHP EUDPNL ,&% NWyU\ Z\WZDU]D V\JQDá R F]VWRWOLZRFL

DNXVW\F]QHM GRSDVRZDQHM ]D SRPRF SRWHQFMRPHWUX PRQWD*RZHJR 35 GR F]VWRWOLZRFL

UH]RQDQVRZHMSU]HWZRUQLNDSLH]RHOHNWU\F]QHJRRNN+]

= LQZHUWHUyZ ,&$,&' ]EXGRZDQH ]RVWDáR FR Z URG]DMX Z]PDFQLDF]D %7/ VWHURZDQHJR

V\JQDáHP]Z\MFLDEUDPNL,&%LRGZUyFRQ\PZID]LHV\JQDáHP]Z\MFLDLQZHUWHUD,&('RZ\MFLD

WHJRZ]PDFQLDF]D]RVWDáGRáF]RQ\SU]HWZRUQLNSLH]RFHUDPLF]Q\RZ\MWNRZRGX*HMVSUDZQRFL

8NáDG PR*H E\ü ]DVLODQ\ QDSLFLHP VWDá\P ] ]DNUHVX RGSRZLHGQLHJR GOD XNáDGyZ &026

3RQLHZD* Z VWDQLH VSRF]\QNX XNáDG SUDNW\F]QLH QLH SRELHUD SUGX VXJHURZDáE\P ]DVWRVRZDQLH

]DVLODQLDEDWHU\MQHJR9

=SR]RUXSá\WND]RVWDáD]DSURMHNWRZDQDZVSRVyEZ\MWNRZRQRQV]DODQFNL]SR]RVWDZLHQLHP GX*\FK

REV]DUyZ ZROQHJR PLHMVFD 7DND UR]U]XWQRü ]RVWDáD MHGQDN VSRZRGRZDQD FKFL GRSDVRZDQLD

Z\PLDUyZSá\WNLGRUR]VWDZXNRáNyZPRFXMF\FKZREXGRZLHW\SX.0ZSURVWLGHDOQLHQDGDMFHM

VL GR]DSDNRZDQLDZQL QDV]HJRXNáDGX

0RQWD* XNáDGX Z\NRQXMHP\ ZHGáXJ RJyOQLH ]QDQ\FK ]DVDG UR]SRF]\QDMF RG HOHPHQWyZ R

QDMPQLHMV]\FK JDEDU\WDFK D NRF]F QD ZOXWRZDQLX NRQGHQVDWRUyZ HOHNWUROLW\F]Q\FK 3RG XNáDG\

VFDORQH ZDUWR ]DVWRVRZDü SRGVWDZNL =PRQWRZDQ\ ]H VSUDZG]RQ\FK HOHPHQWyZ XNáDG QLH Z\PDJD

XUXFKDPLDQLD DOH MHG\QLH UHJXODFML F]XáRFL GHWHNWRUD V\JQDáX SU]\ZRáDQLD L GRSDVRZDQLD

F]VWRWOLZRFLSUDF\JHQHUDWRUDDNXVW\F]QHJRGRF]VWRWOLZRFLUH]RQDQVRZHMSU]HWZRUQLNDSLH]R

=PRQWRZDQ\ QDGDMQLN GRáF]DP\ GR ]DVLODQLD L GR OLQLL WHOHIRQLF]QHM $E\ Z\NRQDü UHJXODFM

QDMSURFLHMEG]LHSRSURVLüNRJR ]H]QDMRP\FKRZ\NUFHQLHQDV]HJRQXPHUXWHOHIRQXXSU]HG]DMF

*H QLH EG]LHP\ SRGQRVLü VáXFKDZNL :\MPXMHP\ ] SRGVWDZNL WUDQVRSWRU ,& L GR SXQNWyZ

OXWRZQLF]\FKRGSRZLDGDMF\FKZ\SURZDG]HQLRPOLSU]\OXWRZXMHP\F]HUZRQ GLRG ZLHFF /('

8VWDZLDP\ 35 QD PLQLPXP F]XáRFL L NLHG\ RGH]ZLH VL V\JQDá SU]\ZRáDQLD REVHUZXMHP\ GLRG

1DMSUDZGRSRGREQLHMGLRGDQLH]DSDOLVLDP\SRNUFDMFSRWHQFMRPHWUHPPRQWD*RZ\P35PXVLP\

SRVWDUDü VL ]áDSDü PRPHQW Z NWyU\P XNáDG ]DF]QLH UHDJRZDü Eá\VNDQLHP GLRG\ /(' QD NROHMQH

V\JQDá\SU]\ZRáDQLD3R]DEH]SLHF]HQLX35SU]HGSU]\SDGNRZ\PSU]HVXQLFLHPPR*HP\SU]HMüGR

UHJXODFML F]VWRWOLZRFL SUDF\ JHQHUDWRUD DNXVW\F]QHJR NWyUHM GRNRQDP\ ]D SRPRF SRWHQFMRPHWUX

PRQWD*RZHJR 35 QD VáXFK VWDUDMF VL X]\VNDü PDNV\PDOQH OXE SR*GDQH QDW*HQLH G(ZLNX

JHQHURZDQHJRV\JQDáX

$XWRU$QGU]HM&]DUQHFNL(OHNWURQLND3UDNW\F]QD