ZZZZ\FKRZDQLHIL]\F]QHSO

3/$10(72'<&=1<

/(.&-,:<&+2:$1,$),=<&=1(*2

:8-&,8&=<112&,2:<0

./$6$

LJLPQD]MXP

0,(-6&(

VWDGLRQ/$

/,&=%$û:,&=&<&+

FKáRSFyZ

&=$6

PLQXW

35=<%25<,35=<5='<

SDáHF]NLV]WDIHWRZHJZL]GHNV]DUISLáHF]NLSDODQWRZH

SLáNDGWDVNDNDQNDND*G\]XF]QLyZSRZLQLHQSRVLDGDüNDUWN L

GáXJRSLV

=$'$1,(*àÏ:1(

û:,&=<0<:<75=<0$à2û%,(*2: 32'&=$6*,(5,

=$%$:/(..2$7/(7<&=1<&+

=$'$1,$6=&=(*Ïà2:(&(/(23(5$&<-1(:=$.5(6,(

635$:12û02725<&=1(-

8F]H

=ZLNV]\Z\WU]\PDáRüELHJRZ

5R]ZLQLHVLá PLQLQyJ

3RSUDZLZ\GROQRüRUJDQL]PX

80,(-712&,

8F]H

3RWUDILZVSyáSUDFRZDüZ]HVSROH

3RWUDILVDPRG]LHOQLH]PLHU]\üVRELHWWQRWWQLFDV]\MQD

8PLHZ\NRQDüSRGVWDZRZHüZLF]HQLD/$MDNVNLS\SRGVNRNL]PLHQQH

2VZRLVL ]SDáHF]N V]WDIHWRZ

:,$'202&,

8F]H

=QD]DEDZ\/$]DZDUWHZNRQVSHNFLHEHUHN*XUDZSLáNDZNROHU]XW\GRFHOXZ\FLJL]

SDáHF]NDPLV]WDIHWRZ\PL

3RSU]H]SRPLDUWWQDGRVWU]HJD]QDF]HQLHZ\NRQ\ZDQ\FKüZLF]H

=QD]DVDG\ELHJX]PLHQQHJR

86$02'=,(/1,$1,$

8F]H

:VSyáXF]HVWQLF]\ZU\ZDOL]DFMLPLG]\JUXSDPL

8F]HVWQLF]\ZSR]QDZDQLXZ\WU]\PDáRFLVZRMHJRRUJDQL]PXSRPLDUWWQD

0(72'<]DGDQLRZDFLVáD]DEDZRZRNODV\F]QDSUREOHPRZDSRJDGDQNDG\VNXVMD

)250< LQG\ZLGXDOQDSDU\]HVSRá\

2SUDFRZDQLHLSURZDG]HQLH

(PDQXHO=LPQ\

ZZZZ\FKRZDQLHIL]\F]QHSO

‹E\(PDQXHO=LPQ\

&=<112&,8&=1,Ï:

&=û

/(.&-,

'2&(/2:(

=$'$1,$

&=<112&,

1$8&=<&,(/$

8:$*,

0(72'<

:6731$

2UJDQL]DFMDNODV\

3REXG]HQLHRUJDQL]PXGR

SUDF\

=ELyUNDZGZXV]HUHJX

=DEDZDZÄEHUND*XUDZLD´

3U]HSURZDG]D]ELyUN:LWD

VLPRW\ZXMHVSUDZG]D

REHFQRüLSU]\JRWRZDQLH

:\]QDF]DEHUND.RQWUROXMH

SU]HELHJ]DEDZ\

P]DEDZRZD

NODV\F]QD

&=û

*àÏ:1$$

3U]\JRWRZDQLHRUJDQL]PX

GRZLNV]HJRZ\VLáNX

3R]QDQLHWWQD

VSRF]\QNRZHJR

7UXFKWPZPLG]\

F]DVLHUR]JU]HZNDUDPLRQ

WXáRZLDLQyJ

5R]JU]HZNDZSDUDFK

:\NRQ\ZDQLHüZLF]H

SRGDZDQ\FKSU]H]

QDXF]\FLHOD

:\NRQDQLHQDV\JQDá

VNLSyZSU]HELH*HN

SRGVNRNyZ]PLHQQ\FK

8VWDZLDM VL ZJ

ZVND]yZHN

6DPRG]LHOQ\SRPLDUWWQD

=DSLVZ\QLNyZQDNDUWFH

%LHJQLH]XF]QLDPL3RGDMH

üZLF]HQLDNU*HQLD

Z\PDFK\UDPLRQVNáRQ\

WXáRZLDFRFLNURNVNLS$L

&

3ROHFDE\GREUDOLVL ZSDU\

3RGDMHüZLF]HQLDUDPLRQD

QDEDUNDFKSDUWQHUD VNáRQ\

WXáRZLDZSU]yGMZ6NáRQ\

WXáRZLDZERNZUR]NURNX

W\áHPGRVLHELHPRGVWSX

SRGDZDQLHUNQDGJáRZ L

PLG]\QRJDPLSUDZ\P

ERNLHPGRVLHELHSUDZDUND

QDEDUNXSDUWQHUD Z\PDFK\

OHZ QRJ]PLDQDVWURQ

NU*HQLHNRODQGR]HZQWU]L

ZHZQWU]]SU]\VLDGX

SRGSDUWHJR Z\VNRNL

NODQLFLHZGáRQLHSDUWQHUD

8VWDZLDXF]QLyZQDOLQLL

NRFRZHMERLVND'DMH

V\JQDáGRUR]SRF]FLD

VNLSyZ$&%QDRGFLQNX

P2UD]SRGVNRNyZ

]PLHQQ\FK1DPHWUyZ

SROHFDZ\NRQDQLH

SU]HELH*HNQDL

2EMDQLD]DVDG\SRPLDUX

WWQD3RPLDU¶¶;

P]DGDQLRZDFLVáD

P]DGDQLRZD

FLVáD

P]DGDQLRZDFLVáD

PSUREOHPRZD

SRJDGDQND

&=û

*àÏ:1$%

ûZLF]HQLDZ\WU]\PDáRFL

ELHJRZHM

8VWDZLDM VL ZGZyFK

U]GDFKQDELH*QL

5R]SRF]\QDM WUXFKW

:WUXFKFLH

2VWDWQL]U]GXELHJQLHSR

SUDZHMVWURQLHQDSRF]WHNL

GDMHV\JQDáÄNU]\F]\KRS´

1DWHQ]QDNUXV]DRVWDWQL

*UDNRF]\VL JG\]HVSyá

ZUyFLGRXVWDZLHQLD

SRF]WNRZHJR

8VWDZLDZGZyFKU]GDFK

MHGHQRERNGUXJLHJRZ

RGOHJáRFLP2GVWS

PLG]\RVREDPLZU]G]LH

GRP7UXFKWD]

XF]QLDPL

3U]HSURZDG]D]DEDZ

6G]LXMHSRSUDZLDEáG\

SU]\]QDMHSXQNW\0LG]\

]DEDZDPLSROHFDP

WUXFKWXDSR]DEDZLH

P]DGDQLRZD

P]DEDZRZD

P]DGDQLRZD

ZZZZ\FKRZDQLHIL]\F]QHSO

‹E\(PDQXHO=LPQ\

2EVHUZDFMD]DFKRZD

WWQD

2GSRF]\QHNSRELHJX

ûZLF]HQLDZ\WU]\PDáRFL

ELHJRZHM

5]XFDM SLáNDPL

SDODQWRZ\PLGRSLDVNRZQLF\

RGVNRNXZGDO]RNP

1DMSLHUZZF]üEOL*V]

SRWHPGDOV]5]XW\QDMSLHUZ

SUDZ SRWHPOHZ UN

7UXFKWZU]GDFK2VWDWQL]

U]GXELHJQLHVODORPHP

PLG]\NROHJDPL]]HVSRáX

.U]\F]\ÄKRS´1DWHQ]QDN

UXV]RVWDWQL=DEDZDNRF]\

VL JG\]HVSyáZUyFLGR

XVWDZLHQLDSRF]WNRZHJR

0LHU]\WWQRLSRUyZQXMH]

SRSU]HGQLPSRPLDUHP

1RWXMHQDNDUWFH

7UXFKWZ]HVSRáDFK

3LHUZV]\]U]GXELHJQLH]

SDáHF]N QDNRQLHF]HVSRáXL

WDPSU]HND]XMHRVWDWQLHPX

7HQSU]HND]XMHM Z

GRZROQ\VSRVyEGRSU]RGX

=DEDZDNRF]\VL JG\

]HVSyáZUyFLGRXVWDZLHQLD

SRF]WNRZHJR

%DZL VL ZÄSLáN ZNROH´

6WRMF\ZNROHU]XFDSLáN L

NU]\F]\LPL NROHJL

QDVWSQLHELHJQLHQDMHJR

PLHMVFH:\ZRáDQDRVRED

ELHJQLHGRURGNDNRáDL

FKZ\WDSLáN

7UXFKWZ]HVSRáDFK2VWDWQL

PDSDáHF]N V]WDIHWRZ

ELHJQLHVODORPHPPLG]\

NROHJDPL]]HVSRáX

SU]HND]XMHSLHUZV]HPXL

XVWDZLDVL SU]HGQLP

3DáHF]NDMHVWSRGDZDQDZ

GRZROQ\VSRVyEGRW\áX

=DEDZDNRF]\VL JG\

]HVSyáZUyFLGR

SRF]WNRZHJRXVWDZLHQLD

8VWDZLDGUX*\Q\6]DUI\SR

MHGQHMDEH]V]DUISRGUXJLHM

VWURQLHUR]ELHJX']LHOL

VNDNDQN SLDVNRZQLF QD

GZLHF]FLEOL*V] LGDOV]

6G]LXMH3LOQXMHNROHMQRFL

U]XWyZ

7UXFKWD]XF]QLDPL

3U]\SRPLQDR

EH]SLHF]HVWZLHSRGF]DV

VODORPX6G]LXMH3U]\]QDMH

SXQNW\.RQWUROXMH0LG]\

]DEDZDPLPWUXFKWSR

]DEDZLHPLSU]HMFLHGR

PDUV]X

:PDUV]XSU]\SRPLQD

]DVDG\SRPLDUXWWQDLPyZL

SRFRVL WRUREL

'DMHV\JQDáGRUR]SRF]FLDL

]DNRF]HQLDSRPLDUXWWQD

¶¶;

6G]LXMH]ZUDFDXZDJ QD

EáG\.RQWUROXMHSU]HELHJ

0LG]\]DEDZDPLP

WUXFKWSR]DEDZLH

3U]\]QDMHSXQNW\

3ROHFDE\XVWDZLOLVL QD

REZRG]LHNRáD:\]QDF]D

XF]QLDNWyU\VWDMHZNROH]

SLáN

3U]HGVWDZLD]DVDG\

2EVHUZXMHSU]HELHJ

,QIRUPXMHRVSRVRELH

U]XFDQLDSLáNLZJyU

6G]LXMH]ZUDFDXZDJ QD

EáG\3U]\SRPLQDR

EH]SLHF]HVWZLH3U]\]QDMH

SXQNW\3R]DNRF]HQLX

SU]HMFLHGRPDUV]XRN

P

P]DEDZRZR

NODV\F]QD

SRJDGDQND

PSUREOHPRZD

P]DEDZRZR

NODV\F]QD

P]DGDQLRZD

&=û

.2&2:$

8VSRNRMHQLHRUJDQL]PX

=DFKFHQLHGR

VDPRG]LHOQHMSUDF\

:PLHMVFXZ\NRQXM

üZLF]HQLDRGGHFKRZH

=ELyUNDZGZXV]HUHJX

3RGDMHüZLF]HQLD

RGGHFKRZH:VSLFLHQD

SDOFH]MHGQRF]HVQ\P

Z]QRVHPUN ZGHFK

2SXV]F]HQLHUNZ\GHFK

.U*HQLHWXáRZLHP WXáyZZ

JyU]HZGHFK ZGROH

Z\GHFK

3RGVXPRZDQLHOHNFML

:\Uy*QLHQLHQDMOHSV]HJR

]HVSRáXPRW\ZDFMDGR

SUDF\3R*HJQDQLH

3RJDGDQNDG\VNXVMD