3LRWU-%RFK\ VNL
:,(&(
]ÄPDUJDU\Q\´
.52726=<1
:LWDPVHUGHF]QLHZNROHMQ\PNXUVLHGRW\F] F\PKREE\VW\F]QHJRZ\UREX ZLHF
G]L QD QDV] ZDUV]WDW ZH PLHP\ XWZDUG]RQH WáXV]F]H UR OLQQH SRSXODUQLH
]ZDQHPDUJDU\Q
'R Z\NRQDQLD QDV]\FK ZLHF E G]LHP\ SRWU]HERZDü XWZDUG]RQ\FK WáXV]F]yZ
UR OLQQ\FKDOHW]ZF]\OLSRSURVWXQDJSURGXNWXPXVLP\PLHü
J WáXV]F]\ 'ODWHJR SU]\ ]DNXSLH PXVLP\ ]ZUyFLü EDF]Q XZDJ QD RSLV
SURGXNWX
,QQHPDUJDU\Q\GRVW SQHZKDQGOX]DZLHUDM WáXV]F]HQDSR]LRPLHSOXV
LQQH Z\QDOD]NL XGDáR PL VL QDZHW ]QDOH ü SURGXNW R ]DZDUWR FL
WáXV]F]yZ FLHNDZH FR VWDQRZL UHV]W " 3URGXNW\ WDNLH QLH QDGDM VL GR
Z\NRQDQLD ZLHF]HZ]JO GXQDSy QLHMV]HSUREOHP\]LFKSDOHQLHP
'RVW SQH Z KDQGOX GHWDOLF]Q\P XWZDUG]RQH WáXV]F]H UR OLQQH ]H Z]JO GX QD
WHPSHUDWXU WRSQLHQLDLFKDUDNWHU\VW\N 6)&VROLGIDWFRQWHQWQDGDM VL
W\ONRGRZ\NRQ\ZDQLD ZLHF]DOHZDQ\FKZQDF]\QLDFK
8:$*$
'R ZLHF ]DOHZDQ\FK Z QDF]\QLDFK QDOH \ VWRVRZDü SRMHPQLNL Z\NRQDQH ]
QLHSDOQ\FK PDWHULDáyZ WDNLFK MDN V]NáR FHUDPLND PHWDO : SU]HFLZQ\P
UD]LHJUR]LWRU\]\NLHPVSRZRGRZDQLDSR DUXSRGF]DVX \WNRZDQLD ZLHF\
=$/(:$1,( :,(&
'R ]DOHZDQLD ZLHF QDMOHSLHM Z\NRU]\VWDü JRWRZH NQRW\ ] EODV]N NWyUH
]DSHZQLDM GREUDVWDELOL]DFM SRGF]DV]DOHZDQLDLSRGF]DVSDOHQLD ZLHF\
1DMOHSLHM MHVW ]DODü QDF]\QLH L QDVW SQLH GRSLHUR ZáR \ü GR QLHJR NQRW ]
EODV]N XQLNQLHP\ ZWHG\ SU]HVXQL FLD NQRWD OXE MHJR SU]HZUyFHQLD SRGF]DV
]DOHZDQLD
3RGF]DV ]DOHZDQLD PXVLP\ SDPL WDü R W\P DE\ WHPSHUDWXUD QDV]HM PLHV]DQNL
QLHE\áD]E\WZ\VRNDJG\ VSRZRGXMHWRUR]WRSLHQLHRWRF]NLQDNQRFLHLMHJR
SRáR HQLH $E\ ]DSRELHF HZHQWXDOQHPX SRáR HQLX VL NQRWD SR ]DODQLX
PR HP\JRGRGDWNRZRSRGHSU]HüQSZ\NDáDF]N
'2%Ï5.127$
.QRW GR QDV]HM ZLHF\ PXVLP\ GREUDü Z WDNL VSRVyE DE\ SRGF]DV VSDODQLD
ZLHF\QLHSRZVWDZDáRZPHQLVNX]E\WGX RFLHNáHMPDV\ZSU]HFLZQ\PUD]LH
NQRWQLHPDM FRSDUFLDPR HQDPVL SRáR \üL ZLHFDQDPSRSURVWX]JD QLH
'2'$7.,
1DV]H ZLHFH PR HP\ EDUZLü ]D SRPRF QS EDUZQLNyZ GR MDMHN L GRGDWNRZR
]DVWRVRZDü ROHMNL HWHU\F]QH &R QD SHZQR SRGQLHVLH ZDORU\ HVWHW\F]QH L
X \WNRZHQDV]\FKZ\UREyZ