5($.&-(26&</$&<-1(
:673
5HDNFMDFKHPLF]QDSRZLQQD]DMüZWHG\JG\HZHQWXDOQHSURGXNW\UHDNFMLEG
FKDUDNWHU\]RZDá\VL QL*V] HQHUJL ZHZQWU]Q QL* VXEVWUDW\8NáDGEG]LHZLF
G*\áGRVWDQXUyZQRZDJLF]\OLGRVWDQXRQL*V]\P]DVRELHHQHUJLL,VWRWQ\MHVW
UyZQLH* F]\QQLN HQWURSRZ\ 8NáDG EG]LH G*\á GR VWDQX R MDN QDMQL*V]\P
XSRU]GNRZDQLXF]\OL]HZ]URVWHPHQWURSLL:\SDGNRZDW\FKGZyFKF]\QQLNyZ
HQHUJHW\F]QHJRLHQWURSRZHJRRSLVDQDMHVWHQHUJL VZRERGQ GOD 9 FRQVWOXE
HQWDOSL VZRERGQ GODS FRQVW3RZ\*V]HUR]XPRZDQLHSU]HZLGXMHMHG\QLH
PR*OLZRü]DMFLDUHDNFMLRUD]VWDQNRFRZ\7HUPRG\QDPLNDUyZQRZDJRZDQLH
RSLVXMH F]DVX SR NWyU\P XNáDG RVLJQLH QRZ\ VWDQ UyZQRZDJL 3UGNRü
RVLJQLFLD VWDQX UyZQRZDJL RSLVDü PR*QD Z UDPDFK NLQHW\NL FKHPLF]QHM
1DMF]FLHM]DOH*QRüLORFLSURGXNWyZF]\WH* VXEVWUDWyZRGF]DVXRSLVDQDMHVW
PRQRWRQLF]QLHIXQNFM PDOHMF OXEURVQF
,VWQLHM MHGQDNUHDNFMHNWyUHSU]HELHJDM SRPLG]\GZRPDVWDQDPLVWDFMRQDUQ\PL
6 WR UHDNFMH RVF\ODF\MQH JG\* VW*HQLD UHDJHQWyZ RVF\OXM ZRNyá MDNLHJR
SR]LRPX3U]\NáDG]PLDQ\VW*HQLDMHGQHJR]UHDJHQWyZZF]DVLHWUZDQLDUHDNFML
RVF\ODF\MQHM UHDNFMD %LHáRXVRZD)DERW\VNLHJR SRND]DQ\ MHVW QD 5\V
7HJR W\SX SURFHV\ V UR]SRZV]HFKQLRQH Z RUJDQL]PDFK *\Z\FK 3U]\NáDGHP
PR*HE\üVW\PXODFMDQSVNXUF]yZVHUFDF]\WH* SHULRG\F]QH]PLDQ\ SRWHQFMDáX
SRZVWDMFH Z Z\QLNX ]PLDQ VW*H MRQX . QD EáRQLH NRPyUHN QHUZRZ\FK
5HDNFMH RVF\ODF\MQH SRZVWDM Z XNáDGDFK ]QDMGXMF\FK VL GDOHNR RG VWDQX
UyZQRZDJL L VW\PXORZDQH V SU]HELHJLHP V]HUHJX SURFHVyZ QLHRGZUDFDOQ\FK
0HFKDQL]P UHDNFML RVF\ODF\MQ\FK MHVW ]áR*RQ\ 1DMF]FLHM VXPDU\F]QD UHDNFMD
WHJRW\SXRSLVDQDMHVWNLONXQDVWRPDOXENLONXG]LHVLFLRPDUHDNFMDPLVNáDGRZ\PL
3RG SRMFLHP UHDNFMD %LHáRXVRZD)DERW\VNLHJR %= UR]XPLHü QDOH*\ JUXS
UHDNFMLSROHJDMF\FKQDXWOHQLDQLX]ZL]NXRUJDQLF]QHJREURPLDQDPLZREHFQRFL
NDWDOL]DWRUD .DWDOL]DWRUHP QDMF]FLHM V NDWLRQ\ PHWDOX QD GZyFK VWRSQLDFK
XWOHQLHQLD 0
Q
RUD] 0
Q
,VWRW UHDNFML MHVW XWOHQLDQLH NDWLRQX 0Q
EURPLDQHPGRSRVWDFL0
Q
NWyUD]NROHLXWOHQLD]ZL]HNRUJDQLF]Q\UHGXNXMF
VL GRIRUP\Z\MFLRZHM0
Q
URGRZLVNRUHDNFMLSRZLQQRE\üNZDQH,VWQLHMH
V]HUHJ PHFKDQL]PyZ UHDNFML %= NWyUH RSLHUDM VL QD GR UHDNFMDFK
:V]\VWNLH WH PHFKDQL]P\ RSLHUDM VL QD GZyFK RJyOQ\FK HWDSDFK XWOHQLDQLH
NDWDOL]DWRUDEURPLDQDPLRUD]MHJRUHGXNFMDVXEVWDQFM RUJDQLF]Q
0
Q
%U2
o
0
Q
0
Q
XWOHQLDQ\]ZLï ]HNRUJ
o
0
Q
F]DV>V@
5\V
=DOH*QRü VWRVXQNX VW*H MRQyZ &H RUD] &H Z UHDNFML %LHáRXVRZD
)DERW\VNLHJRPLHU]RQDSRWHQFMRPHWU\F]QLH
8WOHQLDQLXXOHJDM VXEVWDQFMHRUJDQLF]QHWDNLHMDN
NZDV\ GZXNDUERNV\ORZH MDEáNRZ\ PDORQRZ\ V]F]DZLRRFWRZ\
GZXK\GURNV\EXUV]W\QRZ\V]F]DZLRZ\
QLHQDV\FRQHNZDV\GZXNDUERNV\ORZHPDOHLQRZ\IXPDURZ\
NHWRQ\EXWDQRQDFHW\ORDFHWRQDFHWRQF\NORKHNVDQRQF\NORSHQWDQRQ
.DWDOL]DWRUDPL V QDMF]FLHMMRQ\&H
RUD]0Q
0RJ E\üMHGQDNVWRVRZDQH
WH* NRPSOHNV\LQQ\FKNDWLRQyZ
.ZDVRZRü URGRZLVND ]DSHZQLD ]Z\NOH REHFQRü +
62
PRJ E\ü MHGQDN
VWRVRZDQHWH* LQQHNZDV\
&(/û:,&=(1,$
&HOHPüZLF]HQLDMHVWREVHUZDFMDSU]HELHJXUHDNFML%LHáRXVRZD)DERW\VNLHJR
]XG]LDáHPMRQyZFHUXNWyU\FKRVF\ODF\MQH]PLDQ\VW*HQLDREVHUZRZDQHV ]D
SRPRF ]PLDQSRWHQFMDáXHOHNWURG\SODW\QRZHM
$3$5$785$
.RPSXWHUGUXNDUNDPRQLWRUNODZLDWXUDP\V]SDSLHU
8QLZHUVDOQ\PLHUQLN0(7(;
0LHV]DGáREH]VLOQLNRZH
0LHV]DGHáNRPDJQHW\F]QHGLSRO
(OHNWURGDNDORPHORZDLSODW\QRZD
3U]HZRG\V]W
6WDW\Z]XFKZ\WHPGRHOHNWURG
6=.à2
=OHZNDZ\VRNDPO
=OHZNDPO
3LSHW\POV]W
=OHZNDPO
7U\VNDZND
6LWNR
2'&=<11,.,
5R]WZyUQDV\FRQ\.%U2
5R]WZyU&H62
PROGP
5R]WZyU+
62
PROGP
5R]WZyUNZDVXF\WU\QRZHJRPROGP
:<.21$1,(û:,&=(1,$
8 Z D J D 8 Z D J D
:DUXQNLHP X]\VNDQLD SRSUDZQ\FK Z\QLNyZ MHVW ]DFKRZDQLH Z\VRNLHM
F]\VWRFLX*\ZDQ\FKQDF]\DZV]F]HJyOQRFLSLSHW3R ND*G\P X*\FLX SLSHW\
QDOH*\M GRNáDGQLHZ\SáXNDüZRG GHVW\ORZDQ
8UXFKRPLüNRPSXWHULGUXNDUN
(OHNWURG\ SODW\QRZ L NDORPHORZ XPLHFLü Z XFKZ\FLH RUD] SRGáF]\ü GR
PLHUQLNDXQLZHUVDOQHJR0(7(;
8UXFKRPLü SURJUDP 5(.25'(5 ]QDMGXMF\ VL Z NDWDORJX QD G\VNX &
NRPSXWHUD LQVWUXNFMD REVáXJL SURJUDPX ]QDMGXMH VL QD NRFX RSUDFRZDQLD
üZLF]HQLDRUD]PLHUQLN0(7(;
: QDF]\QLX UHDNF\MQ\P XPLHFLü GLSRO L SRVWDZLü MH QD PLHV]DGOH
PDJQHW\F]Q\P
8UXFKRPLüPLHV]DGáRPDJQHW\F]QHLQDVWDZLüSUGNRüRNREUPLQ
'RGDZDüGRQDF]\QLDSRPOUR]WZRUyZEURPLDQXSRWDVRZHJR
NZDVXF\WU\QRZHJR
VLDUF]DQXFHUX
LNZDVXVLDUNRZHJR
ZSRGDQHMNROHMQRFL
8:$*$
.ZDV VLDUNRZ\ GRGDü SR XUXFKRPLHQLX SURJUDPX SDWU] S
L ]DUHMHVWURZDQLXRN SXQNWyZSRPLDURZ\FK
8UXFKRPLüUHMHVWUDFM SRPLDUyZ8:$*$0LHUQLNSRGáF]RQ\MHVWGR]áF]D
V]HUHJRZHJR &20 SURJUDP ]DSDPLWXMH GR SXQNWyZ SRPLDURZ\FK
SR SU]HNURF]HQLXWHMOLF]E\QDOH*\]DSLVDüSRPLDU\QDVWDá\PG\VNXZJZ]RUX
QD]ZDW[W
LXUXFKRPLüUHMHVWUDFM SRQRZQLH]DSLVXMFGDQHSRGLQQ QD]Z
: Z\QLNX SRZ\*V]HJR SRVWSRZDQLD RWU]\PXMHP\ GZD SOLNL ] GDQ\PL
]DZLHUDMF\PLRN PLQUHDNFML
3RPLDU\SRZWyU]\üGZXNURWQLHSNWL]PLHQLDMFLORüGRGDZDQHJRNZDVX
VLDUNRZHJRQDLPO
235$&2:$1,(:<1,.Ï:
=RWU]\PDQ\FKGDQ\FKZ\]QDF]\ü]DOH*QRüSRWHQFMDáXHOHNWURG\SODW\QRZHMRG
F]DVX WUZDQLD UHDNFML :\NUHV RSUDFRZDü Z SURJUDPDFK *5$),7 OXE (;&(/
REVáXJ Z\EUDQHJRSURJUDPXZ\MDQLSURZDG]F\üZLF]HQLH
=Z\NUHVXZ\]QDF]\üDPSOLWXG RVF\ODFMLLF]DVLQLFMDFMLUHDNFMLF]DVSRNWyU\P
XNáDG ]DF]\QD RVF\ORZDü 3RUyZQDü RWU]\PDQH Z\QLNL GOD UHDNFML
SU]HELHJDMF\FKSU]\Uy*Q\FKVW*HQLDFKNZDVXVLDUNRZHJR