6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

)RWRJUDILDLDQW\IRWRJUDILD=G]LVãDZD%HNVLĸVNLHJR

ŤUyGãRNZDUWDOQLNIRWRJUDILD

$XWRU$GDP6RERWD

3LHUZV]\RNUHVWZyUF]RŋFL=G]LVãDZD%HNVLĸVNLHJRRNUHŋODMćQDMZ\UDťQLHMMHJRSUDFH
IRWRJUDILF]QH.LHG\SyťQLHMVWDãVLĕEDUG]R]QDQ\MDNRPDODU]SUDNW\F]QLH]DSRPQLDQR
RMHJRIRWRJUDILDFKNWyUH]UHV]WćZVZRLPF]DVLHGRFHQLDQHE\ã\W\ONRZNUĕJX
IRWRJUDILNyZ

7DV\WXDFMDRGMDNLHJRŋF]DVXVLĕ]PLHQLD0LPRŧHVDPDUW\VWDSRMXŧQLHNRU]\VWDã
EH]SRŋUHGQLR]WHJRPHGLXPWRMHJRGDZQHIRWRJUDILHE\ã\SU]\SRPLQDQHSU]\UyŧQ\FK
RND]MDFKZODWDFKG]LHZLĕþG]LHVLćW\FKEXG]ćF]DNDŧG\PUD]HPGXŧH]DLQWHUHVRZDQLH
:\GDMHVLĕŧHZãDŋQLHWHSUDFHSRZLQQ\SU]HVćG]LþRNRPSOHNVRZHMRFHQLHWZyUF]RŋFL
%HNVLĸVNLHJRMDNGRWćGRGELHUDQHM]E\WMHGQRVWURQQLH&KRFLDŧRQVDP]DZV]HQDMZ\ŧHMFHQLã
VRELHPDODUVWZRWRQLHZ\NOXF]RQHŧHEĕG]LHWDNMDNZSU]\SDGNX:LWNDFHJRNWyUHJR
IRWRJUDILH²WUDNWRZDQHSU]H]DXWRUDPDUJLQDOQLHLQDGãXJLF]DV]DSRPQLDQH²G]LVLDMVć
QDMDWUDNF\MQLHMV]ćF]ĕŋFLćMHJRWZyUF]RŋFLSODVW\F]QHM=GHF\GRZDQćZLĕNV]Rŋþ
IRWRJUDILF]Q\FKSUDF=G]LVãDZD%HNVLĸVNLHJRG]LĕNLGDURZLDXWRUDSRVLDGDG]LVLDM0X]HXP
1DURGRZHZH:URFãDZLX

$UW\VWDXURG]LãVLĕOXWHJRZ6DQRNXZURG]LQLHEDUG]R]DVãXŧRQHMGODWHJRPLDVWD
-HJRSUDG]LDG]DãRŧ\ãZDUV]WDWNRWODUVNLSU]HNV]WDãFRQ\ZQRZV]\FKF]DVDFKZ6DQRFNć
)DEU\Nĕ$XWREXVyZ-HJRG]LDGLRMFLHFE\OLDUFKLWHNWDPLEXGRZQLF]\PLLG]LDãDF]DPL
VSRãHF]Q\PLZ6DQRNX=UR]XPLDãHZLĕFŧH=G]LVãDZ%HNVLĸVNLSRXNRĸF]HQLXZ
OLFHXPZ6DQRNX]DF]ćãVWXGLRZDþDUFKLWHNWXUĕQD3ROLWHFKQLFHZ.UDNRZLHJG]LHZ
X]\VNDãG\SORP2NRãRWU]HFKODWSUDFRZDãMDNRLQVSHNWRUQDG]RUXSU]\UyŧQ\FKEXGRZDFKZ
3ROVFHDOH]QLHFKĕFRQ\RJUDQLF]HQLDPLQDU]XFDQ\PLZyZF]DVDUFKLWHNWXU]HZUyFLãGR6DQRND
LSRVWDQRZLãSRŋZLĕFLþVLĕV]WXFH-XŧRGZF]HVQHMPãRGRŋFLZ\ND]\ZDãZLHONLHX]GROQLHQLD
GRU\VXQNXLVWćGZ\QLNQĕã\WHŧSLHUZV]HSUyE\PDODUVNLH1DWRPLDVWIRWRJUDILć]DMćãVLĕSRG
NRQLHFVWXGLyZFRQDMSHZQLHMZLć]DãRVLĕ]SODQDPL]RVWDQLDUHŧ\VHUHPILOPRZ\P7HSODQ\
VLĕQLH]LŋFLã\DOH%HNVLĸVNLVWDOHGODZãDVQ\FKSRWU]HESRVãXJLZDãVLĕNDPHUćILOPRZćD
SyťQLHMZLGHR

3UDFHIRWRJUDILF]QHWZRU]RQHMXŧZVSRVyEEDUG]LHMXV\VWHPDW\]RZDQ\RGXMDZQLDMć
]DLQWHUHVRZDQLD=G]LVãDZD%HNVLĸVNLHJRSUREOHPDW\NćV]WXNLDZDQJDUGRZHM
=DLQWHUHVRZDQLDWH]DF]ĕã\VLĕZEDUG]RQLHVSU]\MDMćF\FKF]DVDFKVWDOLQRZVNLHJRWHUURUX
NWyU\ZNXOWXU]HSU]HMDZLDãVLĕU\JRUDPLÅUHDOL]PXVRFMDOLVW\F]QHJRµ3RMDZLDã\VLĕMHGQDN
RND]MHGRSR]QDQLDLQQHMWZyUF]RŋFLWDNLHMDNVãDZQ\SRND]SROVNLHMV]WXNLDZDQJDUGRZHMZ
JUXGQLXZ.UDNRZLHJG]LHWDNŧHSyťQLHM%HNVLĸVNLPyJãNRQWDNWRZDþVLĕ]MHM
]ZROHQQLNDPL1LHEH]]QDF]HQLDWHŧE\ãIDNWŧHRGSRF]ćWNX;;ZLHNXZLHOXDUW\VW\F]Q\FK
QRZDWRUyZZ\ZRG]LãRVLĕZãDŋQLHVSRŋUyGDUFKLWHNWyZ%HNVLĸVNLPyJãZLĕFXJUXQWRZDþ
VZRMH]DLQWHUHVRZDQLDLSRÅRGZLOŧ\µSROLW\F]QHM]SRãRZ\ODWSLĕþG]LHVLćW\FKSRND]Dþ
GRMU]DãHSUDFH]G]LHG]LQ\IRWRJUDILLLPDODUVWZD:NRĸFXWDNQDSLVDãZSURMHNFLHGR
VZRMHMQRW\ELRJUDILF]QHMÅ'RGQLDG]LVLHMV]HJRPDODUVWZRMHVWSRGVWDZRZ\PťUyGãHP
PRMHJR]DLQWHUHVRZDQLDLSRGVWDZRZ\PFHOHPŧ\FLD1LHMHVWQLHVWHW\ťUyGãHPGRFKRGyZDOH
WRMXŧ²MDNSRZLHG]LDã6]HNVSLU²]XSHãQLHLQQDVSUDZD3R]DPDODUVWZHP]DMPXMĕVLĕ
SUDNW\F]QLHIRWRJUDILćDUW\VW\F]QćRUD]WHRUHW\F]QLHZV]HONLPLSU]HMDZDPLG]LDãDOQRŋFL

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

DUW\VW\F]QHMF]ãRZLHNDZVSyãF]HVQHJR]HV]F]HJyOQ\PXZ]JOĕGQLHQLHPPX]\NLNRQNUHWQHML
HOHNWURQRZHMRUD]ILOPXDZDQJDUGRZHJR-HŋOLFKRG]LRPRMćGURJĕWZyUF]ćWRUR]SRF]ćãHP
SUDFĕPDODUVNćMDNR]GHF\GRZDQ\HNVSUHVMRQLVWDE\ZNUyWNLPF]DVLHSU]HOHFLDZV]\
SRELHŧQLHSU]H]QDGUHDOL]PLWDV]\]PZ\OćGRZDþQDGãXŧHMQDZãDVQ\PMXŧSRGZyUNX
DEVWUDNFMLVWUXNWXUDOQHLªREUD]yZ²SU]HGPLRWyZ©PRQWRZDQ\FK]GUXWyZEODFK\LWZRU]\Z
V]WXF]Q\FK,QDF]HMPLDãDVLĕU]HF]]IRWRJUDILć5R]SRF]ćãHPMDNR]ZROHQQLNÅ1HXH
6DFKOLFKNHLWµ1RZHM5]HF]RZRŋFLQDVWĕSQLHSU]HU]XFLãHPVLĕQDIRWRJUDILĕDEVWUDNF\MQć
)RWRJUDP\DEVWUDNF\MQHWZRU]\ãHPQDV]HUHJVSRVREyZQDMF]ĕŋFLHM]DŋGURJćIRWRJUDIRZDQLD
QDF]DVUXFKRP\FKSXQNWyZLIRUPŋZLHWOQ\FKDOERGURJćZLHORNURWQHJRSRZLĕNV]DQLD
VSRVREHPIRWRJUDILF]Q\PPLNURVWUXNWXURWDF]DMćFHMPQLHPDWHULL'URJĕIRWRJUDILL
DEVWUDNF\MQHMSRU]XFLãHPMHGQDNSUĕGNRXZDŧDMćFŧHJUR]LRQDQLHVSRG]LHZDQ\PVWRF]HQLHP
VLĕZHVWHW\]PDSR]DW\PQLHSR]ZDODPLVLĕZZ\VWDUF]DMćF\VSRVyEZ\SRZLHG]LHþ
3U]HU]XFLãHPVLĕQDSUyE\LSRV]XNLZDQLDSRUWUHWRZH2EHFQLHSUDFXMĕQDGW]Z
]HVWDZDPLIRWRJUDILF]Q\PL3ROHJDMćRQHQDãćF]HQLX]GMĕþRUR]PDLWHMWHPDW\FHQD
ZVSyOQ\PNDUWRQLHWDNE\VćVLDGXMćF]HVREćRGG]LDã\ZDã\QDVLHELHQDZ]DMHP:]DãRŧHQLX
]EOLŧRQHMHVWWRGRNUyWNLHMVHNZHQFMLILOPRZHMOXEGRW]Zª]ELWNLVNRMDU]HQLRZHM©
ODQVRZDQHMSU]H]VXUUHDOLVWyZ7HNLOND]GMĕþSRãćF]RQHQDZVSyOQ\PSRGãRŧX]DRSDWUXMĕZH
ZVSyOQ\W\WXã-HŧHOLFKRG]LRPyMSRJOćGQDLVWRWĕLFHOHIRWRJUDILLWRXZDŧDPŧH
IRWRJUDILDRSHUXMHSU]HGHZV]\VWNLPWUHŋFLDPLSRMĕFLRZ\PLLWUHŋFLDPLZL]XDOQ\PL7UHŋFL
SRMĕFLRZ\FKQLHQDOHŧ\XWRŧVDPLDþ]OLWHUDWXUćWDNVDPRMDNWUHŋFLZL]XDOQ\FK]SODVW\Nć
)DNWŧHIRWRJUDILDRSHUXMHW\PLWUHŋFLDPLQLHXSRZDŧQLDQDVMHV]F]HGRWZLHUG]HQLDŧHMHVW
RQDV]WXNć6]WXNćQD]ZDþPRŧQDGRSLHURZ\QLNX]\VNDQ\]]HVWDZLHQLD]HVREćWUHŋFL
SRMĕFLRZ\FKLZL]XDOQ\FKQLHMHGQRNURWQLHRSR]\F\MQ\FKZVWRVXQNXGRVLHELHQDMHGQ\P
IRWRJUDPLH=HVWDZLHQLHNLONXIRWRJUDPyZSR]ZDODQDWXUDOQLHQDVSRWĕJRZDQLHWHJRZ\QLNXL
QDSUHF\]\MQLHMV]HMHJR]DSODQRZDQLHµ

:\NRQDQHZPRQWDŧHE\ã\RVWDWQLPLSUDFDPL%HNVLĸVNLHJR]G]LHG]LQ\IRWRJUDILLD
ZLĕFPRŧQDWĕDXWRUVNćZ\SRZLHGťSRWUDNWRZDþMDNRSRGVXPRZDQLHSHZQHJRHWDSXMHJR
WZyUF]RŋFL-DZLVLĕRQWXMDNRDUW\VWDQDZVNURŋQRZRF]HVQ\:ãćF]DVLĕZOLQLĕ
HNVSHU\PHQWyZPDODUVWZDRGHNVSUHVMRQL]PXSRDEVWUDNFMĕVWUXNWXUDOQćLREUD]\
SU]HGPLRW\D²MDNWRPLQ]DXZDŧ\ã$OHNVDQGHU:RMFLHFKRZVNL²RNUHVRN
E\ãRVWDWQLPHWDSHPZG]LHMDFKV]WXNLZVSyãF]HVQHMRWDN]GHF\GRZDQHMSU]HZDG]H
SUREOHPDW\NLREUD]XPDODUVNLHJR-HVWQDZHWZ\MćWNRZRSURJUHV\ZQ\ERRWZLHUDVLĕQD
ZV]HONLHQRZRŋFLF\ZLOL]DFMLWHFKQLF]QHMIRWRJUDILĕLILOPPX]\NĕHOHNWURQLF]QćDSyťQLHM
WDNŧHZLGHRNVHURJUDI\LNRPSXWHU\,Z\GDMHVLĕŧHQDMEDUG]LHMQRZDWRUVNLE\ãZãDŋQLH
SRSU]H]IRWRJUDILHERQLHZLHOHPRŧQD]QDOHťþRGSRZLHGQLNyZGODW\FKMHJRGRNRQDĸ
SRGF]DVJG\MHJRUHOLHIRZHREUD]\RUD]U]HťE\]EODFK\LPDVSODVW\F]Q\FKQDSU]HãRPLHODW
SLĕþG]LHVLćW\FKLV]HŋþG]LHVLćW\FKQLHE\ã\ZV]WXFHSROVNLHMF]\PŋZ\MćWNRZ\PMDNNROZLHN
WHŧQDOHŧćGRG]LHãZ\ELWQ\FK

&KRFLDŧ%HNVLĸVNLQDSLVDãŧHSU]HFKRG]LãNROHMQRIDVF\QDFMĕUyŧQ\PLNLHUXQNDPLV]WXNL;;
ZLHNXWRZMHJRIRWRJUDILDFKZV]\VWNLHWHRGG]LDã\ZDQLDZ\GDMćVLĕLVWQLHþMHGQRF]HŋQLH1D
SU]\NãDGSUREOHP\]ZLć]DQH]DEVWUDNFMRQL]PHPF]\SRUWUHWRZDQLHPSRGHMPRZDã]DUyZQR
ZHZF]HVQ\FKMDNLSyťQ\FKODWDFKSLĕþG]LHVLćW\FK6]HURNDVNDODSRP\VãyZIRUPDOQ\FK
SRMDZLDVLĕZREUĕELHNLONXVWDOHSRGHMPRZDQ\FKWHPDWyZNWyU\PLVćOXG]NLHFLDãRWZDU]
SU]HGPLRW\V\WXDFMHZRWZDUWHMSU]HVWU]HQLRUD]HIHNW\UHMHVWURZDQHMDNRREUD]\
DEVWUDNF\MQH:V]\VWNLHRQHSRGSRU]ćGNRZDQHVćRVRELVWHPXVW\ORZLDXWRUDNWyU\
RG]ZLHUFLHGODMHJRSU]HNRQDQLDFRGRIXQNFMLIRWRJUDILLZV]WXFHMDNWHŧZ\PDJDQLDMHJR
VSHF\ILF]QHMZ\REUDťQL3R]ZDODWR]QDOHťþZćWNLãćF]ćFHWHIRWRJUDILH]SyťQLHMV]\P
PDODUVWZHP=G]LVãDZD%HNVLĸVNLHJRSHãQ\PIDQWDVW\F]Q\FKZL]MLNWyUHRQVDPNLHG\ŋ
RNUHŋOLãMDNRÅIRWRJUDIRZDQLHVQyZµ

6XJHVW\ZQDRVRELVWDHNVSUHVMDMHJRIRWRJUDILLZ\QLND]WHJRŧHWUDNWRZDãIRWRJUDILĕMDNR
SODVW\F]QHWZRU]\ZRQLHF]XMćFVLĕ]E\WQLR]REOLJRZDQ\SU]H]RGQLHVLHQLDGRIDNWyZ

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

]HZQĕWU]Q\FK3U]\UyŧQ\FKRND]MDFKVWZLHUG]DãŧHIRWRJUDILDMHVWGODQLHJRQDU]ĕG]LHP
NUHDFMLDQLHGRNXPHQWHPÅIRWRJUDILDSRFLćJDãDPQLHMDNRIRWRPRQWDŧDQLHMDNR
WHFKQLNDGRNXPHQWDFML]UHV]WćFyŧWRMHVWU]HF]²MHVWWRQDV]HQDE\WHZ\REUDŧHQLHQD
WHPDWERGťFyZERSU]HFLHŧQLHLVWQLHMHU]HF]\ZLVWRŋþWDNMDNP\WRVRELHZ\REUDŧDP\µ
:\EUDãNLHG\ŋIRWRJUDILĕÅJG\ŧMHMZDORUSODVW\F]Q\MHVWMHG\Q\ZVZRLPURG]DMXµ
1LHPQLHMJG\QDSLVDãŧHÅV]WXNćMHVWGRSLHUR]HVWDZLHQLH]HVREćWUHŋFLSRMĕFLRZ\FKL
ZL]XDOQ\FKµPXVLDãEUDþSRGXZDJĕSRZV]HFKQ\VSRVyESRMPRZDQLDIRWRJUDILLMDNR
GRNXPHQWX'ODWHJRWHŧHIHNWW\FK]HVWDZLHĸDF]DVDPL]GHU]HĸE\ãWDNPRFQ\

7DNLHW\WXã\IRWRJUDILLMDN-HDQ$USF]\-HDQ0LURZ\GDMćVLĕZ\UDťQLHZVND]\ZDþQDťUyGãD
LQVSLUDFML%HNVLĸVNLHJR1LHNWyUHSRUWUHW\SU]\ZRG]ćQDP\ŋOIRWRJUDILH+HOPDUD/HUVNLHJRD
]DSLV\ŋODGyZŋZLDWãDG]LHãD/iV]Oy0RKRO\1DJ\F]\0DQ5D\D-HGQDNIRWRJUDILF]QD
DZDQJDUGD]ODWGZXG]LHVW\FKWUDNWRZDQDMHVWWXWDM]SHZQ\PG\VWDQVHPDQDZHWLURQLć
7ZDU]HOXG]LQDIRWRJUDILDFK%HNVLĸVNLHJRVćSHãQHHPRFMRQDOQHJRQDSLĕFLDZ\UDŧDMćFHJR
UDF]HMQLHSRNyMLQLHRNUHŋORQćELRORJLF]QćHQHUJLĕ]DPLDVWRSW\PLVW\F]QHJRG\QDPL]PXL
KHURLF]QHMJRGQRŋFLZãDŋFLZHMSRUWUHWRPZF]HŋQLHMV]\FKQRZDWRUyZ$EVWUDNFMDQLHSRMDZLD
VLĕMXŧMDNR]UDFMRQDOL]RZDQ\HOHPHQWDUQ\ERG]LHFSODVW\F]Q\PRGHUQL]PXDOHMHVWUDF]HM
GHNRUDFMćQDãRŧRQćQDQLHSRNRMćFHRWFKãDQLH7DNŧHUHDOQ\ŋZLDWQLHMHVWX%HNVLĸVNLHJR
UHSUH]HQWRZDQ\SU]H]QRZRF]HVQćPHWURSROLĕF]\SURGXNW\LQGXVWULDOL]DFMLDOHMHVWSURZLQFMć
ŧ\MćFćOHQLZ\PU\WPHPSHãQćREVNXUQ\FK]DNćWNyZJG]LHOXG]LHUDF]HMZ\F]HNXMćQLŧ
G]LDãDMć:L]XDOQDRGNU\ZF]RŋþW\FKSUDFZ\UDŧDQLHW\OHSR]QDZF]ćHNVSDQVMĕFRSHãQH
QDSLĕFLDLZćWSOLZRŋFLS\WDQLDR]DZDUWRŋþLFHORZRŋþŋZLDWD

1LHMHVWWRMHGQDNSRVWDZDGHNDGHQFNDDOHUDF]HMRGZRãDQLHVLĕGRVLOQLHRGF]XZDQ\FK
ZDORUyZ]P\VãRZ\FKNWyUHSR]ZDODMćQDEDUG]LHMEH]SRŋUHGQLHZL]XDOQHGRŋZLDGF]DQLH
U]HF]\ZLVWRŋFLEH]ZGDZDQLDVLĕZLQWHOHNWXDOQHG\JUHVMHZREHFSRMĕFLDDZDQJDUG\&HOHP
DUW\VW\MHVWRVLćJDQLHSHZQHJRURG]DMXEH]]QDF]HQLRZRŋFLSRSU]H]Z]PRFQLHQLHSHUFHSFML
HPRFMRQDOQHMLRSDUFLHVLĕMHG\QLHQDIUDJPHQWDFKSRMĕFLRZ\FKRGQLHVLHĸ-HVWWDNEH]
Z]JOĕGXQDVWRSLHĸDEVWUDNF\MQRŋFLREUD]X1DSU]\NãDGOXG]NDSRVWDþSRGOHJD
IUDJPHQWDU\]DFMLSU]HVãDQLDQLXF]\RSUHVMLMDNZ*RUVHFLHVDG\VW\JG]LHFLDãR]RVWDãRFLDVQR
RZLć]DQHV]QXUNLHP7ZDU]E\ZD]DVãRQLĕWDF]DUQćSODPćREFLĕWDNUDZĕG]LćNDGUXF]\
XND]DQDZF]ĕŋFLRZ\POXVWU]DQ\PRGELFLX3U]HGPLRW\MDZLćVLĕMDNRSU]\SDGNRZHL
EDQDOQHHZHQWXDOQLHSU]HNV]WDãFDQHVćZ]DJDGNRZHVWUXNWXU\,QQHSUDFHVć]NROHLSDURGLć
PHWRG\IRWRUHSRUWDŧXJG\ŧRUJDQL]XMćNRPSR]\FMĕZRNyãSXVW\FKLQLH]QDF]ćF\FKPLHMVFD
UR]JU\ZDMćFDVLĕDNFMD]HSFKQLĕWDMHVWQDPDUJLQHV%HNVLĸVNLZWDNLFKSUDFDFKMDN3URZLQFMD
F]\=DPNQLĕWHGU]ZLZ\GDMHVLĕNSLþ]SRSXODUQ\FKRF]HNLZDĸQDV]F]HJyãRZHRSLV\ZDQLHL
Z\MDŋQLDQLHŋZLDWDSU]H]IRWRJUDILĕ.LHUXMćFXZDJĕNXPLHMVFRPÅSXVW\PµSRVWĕSXMH
SRGREQLHMDNSRHFLV\PEROLŋFLNWyU]\ZNOXF]RZ\PPRPHQFLH]DZLHV]DOLJãRVJG\ŧMHG\QLH
ZWHMFLV]\PRJãRZ\EU]PLHþXNU\WHLVWRWQH]QDF]HQLH

8ŧ\ZDMćFWDNLFKPHWRGLãćF]ćFMH]DZDQJDUGRZćVWUDWHJLćZ\REFRZ\ZDQLDRELHNWyZ
Z\PLHU]RQćSU]HFLZNRZV]HONLHMPHWDIL]\FH%HNVLĸVNLG\VWDQVRZDãVLĕ]DUyZQRZREHF
IRWRJUDILF]QHMWUDG\FMLSLNWRULDOL]PXMDNLZREHFSXU\VW\F]QHMWUDG\FMLNRQVWUXNW\ZL]PXNWyUć
ZSROVNLHMV]WXFHQHRDZDQJDUGRZHMUHSUH]HQWRZDãPLQ=ELJQLHZ'ãXEDN7HQRVWDWQLZ
ODWDFKSLĕþG]LHVLćW\FKUyZQLHŧXSUDZLDãPDODUVWZRLIRWRJUDILĕSRVWXOXMćFZV]WXFH
PDNV\PDOQćSURVWRWĕLQHXWUDOQRŋþIRUPSU]HND]X7DNZLĕFLFKPHWRG\Z\GDMćVLĕ
GLDPHWUDOQLH]UyŧQLFRZDQHHPRFMRQDOQ\FKãyGLRELHNW\ZL]XMćFDWHFKQLNDX'ãXEDNDD
LQWHQV\ZQDHPRFMRQDOQRŋþLGRZROQRŋþWHFKQLF]Q\FKSU]HNV]WDãFHĸX%HNVLĸVNLHJR1LHPQLHM
SRV]XNLZDQLHHIHNWXZ\PNQLĕFLDVLĕNRQZHQFMRQDOQ\PVHQVRPSU]\SRPRF\]GHU]Hĸ
ZL]XDOQRSRMĕFLRZ\FKMHVWF]\PŋZVSyOQ\P6DP%HNVLĸVNL]UHV]WćQDZHWJG\SRU]XFLãMXŧ
IRWRJUDILĕLDZDQJDUGRZHDPELFMHEDUG]RZ\VRNRFHQLãWZyUF]Rŋþ'ãXEDND

=DLQWHUHVRZDQLHGODIRWRJUDILLX=G]LVãDZD%HNVLĸVNLHJRZ]PRJãRVLĕJG\SR]QDãEOLŧHM
-HU]HJR/HZF]\ĸVNLHJRL%URQLVãDZD6FKODEVDSU]\RND]MLPLĕG]\QDURGRZHMZ\VWDZ\

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

IRWRJUDILL.URNZQRZRF]HVQRŋþNWyUćWHQRVWDWQL]RUJDQL]RZDãZ3R]QDQLXZPDMX
'HELXWRZDOLZV]WXFHZSRGREQ\PF]DVLHL]W\PVDP\PQDVWDZLHQLHPDRGWćGSU]H]RNRãR
WU]\ODWDVWDQRZLOLQLHIRUPDOQćJUXSĕWZyUF]ćZ\PLHQLDMćFPLĕG]\VREćSRJOćG\LRUJDQL]XMćF
SRND]\IRWRJUDILL:VSyOQLHZ\VWćSLOLWU]\NURWQLHZF]HUZFXZZDUV]DZVNLHMJDOHULL
Å.U]\ZH.RãRµZF]HUZFXZ*OLZLFDFKLZZ.RORQLL3RF]ćWNRZRJãyZQć
SRVWDFLćZWHMJUXSLHE\ã6FKODEVDXWRUREUD]yZUHOLHIyZLDEVWUDNF\MQ\FKNRPSR]\FML
IRWRJUDILF]Q\FKNWyU\RGQLyVãNLONDPLĕG]\QDURGRZ\FKVXNFHVyZXG]LDãZ,,,Z\VWDZLH
)RWRJUDILLVXELHNW\ZQHMZ.RORQLLZDWDNŧHZZ\VWDZLH,VWRWDDEVWUDNFMLZ0XVHXPRI
0RGHUQ$UWZ1RZ\P-RUNXNWyUHWHŧ]DNXSLãRMHJRSUDFH-HGQDNV]\ENRQDMVLOQLHMV]ć
LQG\ZLGXDOQRŋFLćRND]DãVLĕ%HNVLĸVNLNWyU\]QDMZLĕNV]ćGHWHUPLQDFMćV]XNDãQRZ\FK
UR]ZLć]DĸWZyUF]\FK%\ãWHŧQDMOHSLHM]RULHQWRZDQ\ZHZVSyãF]HVQHMSUREOHPDW\FH
DUW\VW\F]QHMLILOR]RILF]QHMPLQSRSU]H]OHNWXU\G]LHãHJ]\VWHQFMDOLVWyZW]ZQRZHMSRZLHŋFL
F]\NODV\NyZQRZRF]HVQRŋFL.DINL:LWNDFHJR*RPEURZLF]D6FKXO]DDWDNŧHOLWHUDWXU\]
G]LHG]LQ\SV\FKRDQDOL]\

:VSyOQDZ\VWDZDZZSUHVWLŧRZHMJDOHULLSURZDG]RQHMSU]H]0DULDQD%RJXV]DQLH
VSHãQLãDMHGQDNRF]HNLZDĸDUW\VWyZNWyU]\SUDJQĕOLSU]HãDPDþLPSDVMDNLLFK]GDQLHP
SDQRZDãZUR]XPLHQLXQRZRF]HVQRŋFL%HNVLĸVNLSRND]DãWDPDNW\LSRUWUHW\/HZF]\ĸVNL
GRNXPHQWDFMH]GHJUDGRZDQ\FKSU]HGPLRWyZD6FKODEVIRWRJUDILF]QćSRVWDþPDODUVWZD
ÅLQIRUPHOµ:LĕNV]\RG]HZQDVWćSLãZPLHVLĕF]QLNXÅ)RWRJUDILDµJG]LHXND]Dã\VLĕDŧWU]\
GXŧHUHFHQ]MH]JRGQLHX]QDMćFHZ\VWDZĕ]DZ\MćWNRZHZ\GDU]HQLHDOHNZHVWLRQXMćFH
SU]\QDOHŧQRŋþW\FKSUDFGRREV]DUXIRWRJUDILL7\SRZćRSLQLĕZ\UD]LãQS$OIUHG/LJRFNL
JãRV]ćFŧHSUDZG]LZćV]WXNćIRWRJUDILLMHVWIRWRUHSRUWDŧNDŧGćLQQćGURJĕNU\W\F\X]QDZDOL]D
EãĕGQć

7DNLHRSLQLHLU\WRZDã\%HNVLĸVNLHJRNWyU\E\ãSU]HFLZQLNLHPV]XIODGNRZDQLDV]WXNLL
OHNFHZDŧćFRZ\SRZLDGDãVLĕRPHWRGDFKIRWRUHSRUWDŧX=DFKĕFRQ\SU]H]8UV]XOĕ
&]DUWRU\VNćNWyUDZ\VRNRFHQLãDMHJRSUDFHRSXEOLNRZDãZQUÅ)RWRJUDILLµ]DUW\NXã
SW.U\]\VZIRWRJUDILFHLSHUVSHNW\Z\MHJRSU]H]Z\FLĕŧHQLD1DSLVDãWDPPLQŧHIRWRJUDILD
ZŧDGQHMDNWXDOQLHLVWQLHMćFHMIRUPLHQLHPRŧHGDþWZyUF\SHãQHJR]DGRZROHQLDJG\ŧQLH
PRŧHRGHMŋþRGNRSLRZDQLDU]HF]\ZLVWRŋFL3RZLHU]FKRZQRŋþWHJRSURFHGHUXQDMOHSLHM
LOXVWUXMHIRWRUHSRUWDŧ-HJR]GDQLHPSHãQRZDUWRŋFLRZDV]WXNDIRWRJUDILF]QDPRJãDE\SRZVWDþ
GRSLHURSRSU]H]WZRU]HQLH]HVWDZyZ]GMĕþHZHQWXDOQLHSRSU]H]VZRERGQHVWHURZDQLH
ŋZLHWOQ\PLERGťFDPL

%HNVLĸVNLFRUD]EDUG]LHMUDG\NDOL]RZDãVZRMHSRJOćG\7XŧSRZ\VWDZLHZSLVDãGR
/HZF]\ĸVNLHJRRSRP\ŋOH]HVWDZyZLNRQLHF]QRŋFL]RUJDQL]RZDQLDZ\VWDZ\ZHGãXJMDNLHMŋ
]ZDUWHMNRQFHSFML2NRQZHQFMRQDOQHMIRWRJUDILLSLVDãÅ7RVćSR]RU\V]WXNLWRMHVW
SVHXGRV]WXNDQDMEDUG]LHM]DNãDPDQDMDNćPRŧQDVRELHZ\REUD]Lþ)RWRJUDILDMDNRWDNDQLHMHVW
V]WXNćLWROHŧ\ZVDPHMMHMLVWRFLH:RJyOH]DPLDUZ\NRQDQLDDUW\VW\F]QHJR]GMĕFLDNU\MH
VSU]HF]QRŋþµVXS2EDZLDãVLĕŧHQDZRã\ZDQLDNU\W\NyZV]WXNLGRIRWRUHSRUWDŧXVćQD
UĕNĕNRPXQLVW\F]Q\PGRNWU\QHURPÅ7HGXUQLHRQDQL]XMćVLĕWHUD]QDWU]HFLP]MHťG]LH
0ćŧRSDWU]QRŋFLRZ\EUHG]LãMXŧFRŋRNLHURZQLF]HMUROLSDUWLLZV]WXFHLEyJGD]DODWD
EĕGćFKFLHOLZSURZDG]LþVRFUHDOL]Pµ

&KĕþSU]HFLZG]LDãDQLDWHPXPLHV]DãDVLĕMHGQDN]SRZćWSLHZDQLHPZVNXWHF]QRŋþZ\VLãNyZ
DUW\VWyZRGF]XZDOLRQLEUDN]UR]XPLHQLDGODVZRLFKFHOyZLMDãRZRŋþSXEOLF]Q\FKG\VNXVMLR
V]WXFHLIRWRJUDILL%HNVLĸVNLNWyU\ZHZU]HŋQLXPLDãZ*OLZLFDFKLQG\ZLGXDOQć
Z\VWDZĕSRSDUãSURSR]\FMĕ6FKODEVDDE\ZQDMEOLŧV]\PF]DVLH]RUJDQL]RZDþ]DPNQLĕW\
SRND]]D]DSURV]HQLDPLL]G\VNXVMćWUZDMćF\GZDGQLJG\ŧ²MDNQDSLVDãZOLŋFLH6FKODEV²
ÅQDV]ćGHZL]ćPXVLE\þV]NRGDF]DVXQDE]GXU\µ2VWDWHF]QLH3RND]]DPNQLĕW\RGE\ãVLĕRG
F]HUZFDZORNDOX*OLZLFNLHJR7RZDU]\VWZD)RWRJUDILF]QHJRJG]LHSUDFH
SR]RVWDZDã\RNGZyFKW\JRGQL1DRWZDUFLXREHFQ\FKE\ãRRNRVyERSUyF]
IRWRDPDWRUyZE\ãRGZyFKNU\W\NyZ8&]DUWRU\VNDL$/LJRFNLRUD]GZyFKSV\FKLDWUyZ

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

2ŧ\ZLRQćG\VNXVMĕZ\ZRãDã\SUDFH%HNVLĸVNLHJRZNWyU\FKDXWRUSURZRNDF\MQLHSU]HSODWDã
]HVREćWHPDW\HURW\]PXLŋPLHUFLDOHRQVDPQLHFKFLDãREMDŋQLDþVZRLFKSUDFLXFK\OLãVLĕRG
G\VNXVML

:\VWDZD]\VNDãDVRELHSHZLHQUR]JãRVG]LĕNLREV]HUQHPXDUW\NXãRZL$OIUHGD/LJRFNLHJRSW
$QW\IRWRJUDILDNWyUDWRQD]ZDSU]\OJQĕãDSyťQLHMGRWHJRSRND]X/LJRFNLSRZWyU]\ãWDP
SRJOćGŧHIRWRJUDILćMHVWXWUZDODQLHSRWRF]QLHSRVWU]HJDQHJRZ\JOćGXSU]HGPLRWyZ8ŧ\ã
QD]Z\ÅDQW\IRWRJUDILDµJG\ŧSUDFH]Z\VWDZ\NRMDU]\ã\PXVLĕ]W\PFRWZyUF\IUDQFXVNLHM
ÅDQW\SRZLHŋFLµ]URELOLZREHFWUDG\F\MQHMQDUUDFMLSRZLHŋFLRZHM3UDFH6FKODEVDUH]XOWDW\
UĕF]QHMLQJHUHQFMLZQHJDW\Z\X]QDã]DJUDILNĕDSUDFH%HNVLĸVNLHJRL/HZF]\ĸVNLHJRX]QDã
]DDWDNQDSRGVWDZ\V]WXNLIRWRJUDILF]QHMQDDUW\VW\F]Q\VWDWXVSRMHG\QF]HJRREUD]XQD
NU\WHULDHNVSUHVMLLQDVDPćNRQFHSFMĕDXWRUVWZD3U]\]QDZDãFRSUDZGDŧHSRGMĕOL
QDMŋPLHOV]HZNUDMXSUyE\RGU]XFHQLDDUW\VW\F]Q\FKVWHUHRW\SyZOHF]RFHQLDãWRMDNR
]DOHGZLHZVWĕSGRVWZRU]HQLDF]HJRŋEDUG]LHMZãDŋFLZHJR

5HFHSFMDRUD]LQWHUSUHWDFMHWHMZ\VWDZ\E\ã\]E\WRJUDQLF]RQHDE\]GRE\ãDRQDQDOHŧ\WH
X]QDQLH=GHF\GRZDQćQRZRŋFLćE\ãVSRVyESRND]\ZDQLDSUDFMDNR]ZDUW\FK]HVWDZyZ
REUD]yZ%HNVLĸVNLPLDãSODQV]]]HVWDZDPLIRWRJUDILLLKDVãHPD/HZF]\ĸVNLXãRŧ\ã
ZWU]HFKJUXSDFKNLONDQDŋFLHIRWRJUDILLSU]HGVWDZLDMćF\FKEDQDOQHSU]HGPLRW\QDSLV\L]QDNL
%\ãWRNURNZVWURQĕSU]HVWU]HQQ\FKIRWRJUDILF]Q\FKLQVWDODFMLMDNLHSRMDZLã\VLĕZODWDFK
V]HŋþG]LHVLćW\FKSLHUZV]ćZ3ROVFH]URELã=ELJQLHZ'ãXEDNSW,NRQRVIHUDZ5yZQLH
QLH]Z\NãHE\ãRVZRERGQHPLHV]DQLH]HVREćSUDFRU\JLQDOQ\FKLUHSURGXNFML]GMĕþZãDVQ\FKL
FXG]\FK&HORZDãZW\P%HNVLĸVNLGODNWyUHJR]QDMG\ZDQHIRWRJUDILHUyŧQHJRW\SXVWDZDã\
VLĕZ\MŋFLRZ\PWZRU]\ZHPLQVSLUXMćF\PJRGRQLHRF]HNLZDQ\FKVNRMDU]Hĸ:WHQVSRVyE
PDUV]V]WXNLGRSU]RGXVWDZDãVLĕMHGQRF]HŋQLHVSRMU]HQLHPZVWHF].LHG\SyťQLHMSU]HV]HGã
RQGRPDORZDQLDREUD]yZJG]LHSUHF\]\MQHRGWZDU]DQLHV]F]HJyãyZSRGSRU]ćGNRZDQHE\ãR
ZL]MRPSHãQ\PIDQWDVW\F]Q\FKLPDNDEU\F]Q\FK]HVWDZLHĸV\PEROLF]Q\FKIRUPWDJãĕERND
SU]HPLDQD]DFKRZDãDMHGQDNFHFKĕZVSyOQć]IRWRNRODŧDPL²KLVWRULDUHDOQDF]\IDQWDVW\F]QD
VWDZDãDVLĕ]DUD]HPPDWHULćDUFKLZXPZ\NRU]\VW\ZDQ\PGODWZyUF]\FKSU]HNV]WDãFHĸ
2VWDWQLHIRWRJUDILF]QHSUDFH=G]LVãDZD%HNVLĸVNLHJRLQRZ\W\SMHJRPDODUVWZDPRŧQDZLĕF
X]QDþ]DŋZLDGRPHRGU]XFHQLHPRGHUQLVW\F]QHJRNDQRQXLSU]HMŋFLHQDSR]\FMHNWyUHSyťQLHM
QD]ZDQRSRVWPRGHUQL]PHP7\PWURSHPSRV]HGãWHŧ-HU]\/HZF]\ĸVNLNWyU\Z
QDVWĕSQ\FKODWDFKUR]ZLQćãVWUDWHJLĕÅDUFKHRORJLLIRWRJUDILLµSROHJDMćFćQDRGQDMG\ZDQLX
HNVSRQRZDQLXSU]HWZDU]DQLXLNRPHQWRZDQLX]QDOH]LRQ\FKIRWRJUDILL6WDãVLĕSU]H]WR
MHGQ\P]SUHNXUVRUyZÅV]WXNLSU]\ZãDV]F]DQLDµNWyUDZODWDFKRVLHPG]LHVLćW\FKE\ãD
XZDŧDQD]DMHGHQ]Z\]QDF]QLNyZSRVWPRGHUQL]PXÅ$QW\IRWRJUDILDµE\ãDZLĕF]QDPLHQQ\P
Z\GDU]HQLHPDF]NROZLHNQDGDOMHV]F]HRF]HNXMćF\PQDZãDŋFLZHX]QDQLHZŋUyGKLVWRU\NyZ
V]WXNL

:ŋUyGDUJXPHQWyZZ\VXZDQ\FK]DLSU]HFLZNRV]WXFHQRZRF]HVQHM=G]LVãDZ%HNVLĸVNL
]QDMGRZDãFRUD]PQLHMPLHMVFDGODZãDVQHJRWZyUF]HJRWHPSHUDPHQWXLFRUD]F]ĕŋFLHMP\ŋODã
R]HUZDQLX]IRWRJUDILć3U]\JRWRZXMćFVLĕGRZ\VWDZ\Z]DSRZLDGDãŧHSRMHM
]DNRĸF]HQLX]HGU]H]GMĕFLD]Sã\WSLOŋQLRZ\FKDWHXŧ\MHGRPDORZDQLD1DV]F]ĕŋFLHQLH
GRV]ãRGRWHJRDZMHGQ\P]OLVWyZ%HNVLĸVNLMDNRSRZyGUR]VWDQLDVLĕ]IRWRJUDILćSRGDã
IDNWŧHMHJRZ\REUDťQLDQLHFKĕWQLHSRGGDMHVLĕVXJHVWLLREUD]yZUHMHVWURZDQ\FKSU]H]
IRWRJUDILĕZŋZLHFLH]HZQĕWU]Q\PJG\ŧVDPDZ\SHãQLRQDMHVWÅREUD]DPLFDãNRZLFLH
UHDOLVW\F]Q\PL]SHZQ\P]DWDUFLHPV]F]HJyãXZQLHNWyU\FKPLHMVFDFKLE\ãDWDNćQDZHWSU]HG
G]LHVLĕFLXODW\NLHG\URELãHPU]HF]\DEVWUDNF\MQHW\OHŧHE\ãHPZWHG\QDW\OHJãXSLŧH
ZVW\G]LãHPVLĕMHMVãXŧ\þZREDZLHLŧEĕGĕQLHGRŋþ12:2&=(61<µ

%HNVLĸVNLEXQWRZDãVLĕSU]HFLZNRFLDVQHPXUR]XPLHQLXDZDQJDUG\NWyUHMHJR]GDQLHP
Z\QLNDãR]SROVNLHJRNRPSOHNVXSURZLQFMLDUW\VW\F]QHM1LJG\QLHVWUDFLã]DLQWHUHVRZDQLDGOD
QRZ\FKLGHLDUW\VW\F]Q\FKDOHQLHFKFLDãVLĕSRGSRU]ćGNRZDþRSLQLRPÅDZDQJDUGRZFyZµ
X]QDMćF\FKJR]DUHQHJDWDÅNWyU\VWRF]\ãVLĕZEDJQRLWDNGDOHMERZLHV]ŧHMHVWWR=DNRQ

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

&QyW6WU]HJćF\SRQDGZV]HONćPLDUĕ²LPVDP\PWRQLHVSUDZLDŧDGQHMSU]\MHPQRŋFLD
WUDNWXMćU]HF]UDF]HMMDNRRERZLć]HNZREHF3U]\V]ã\FK3RNROHĸµ8EROHZDãŧHZ3ROVFH
DNFHSWXMHVLĕW\ONRWRFRMHVWMXŧQD]ZDQHLVNDWDORJRZDQHSU]H]FRQLHGRFHQLDVLĕ]MDZLVN
RU\JLQDOQ\FK0RŧQDE\WR]PLHQLþÅDOHPXVLHOLE\ŋP\UD]QD]DZV]HSU]HVWDþZ\FLćJDþV]\MH
LJDSLþVLĕMDNGXUQLFRWHŧWDPVLĕG]LHMHQDŊURGNXŊZLDWDLF]\2QLQDVZLG]ćDZLG]ćFF]\
QDVGRFHQLDMćLF]\P\DE\QDGćŧDP\]D1LPLHWFD]GDþVRELHVSUDZĕŧHŋURGHNŋZLDWDMHVW
WDPJG]LHVLHG]LWZRMDGXSDLQQHJRŋURGNDŋZLDWDQLHPDPRŧH]UHV]WćZRJyOHQLHPD
ŧDGQHJRŋZLDWDDMHVWW\ONRMDNPyZLćEXGG\ŋFLPRGQHVDQJVDUD2WRFRVćG]ĕWDNR
NRQFHSWXDOL]PLHMDNRZV]\VWNLFKZKLVWRULLL]PDFKµ

3RQLHZDŧRGODWV]HŋþG]LHVLćW\FKSUREOHPDW\NĕQRZRF]HVQRŋFLZV]WXFHQDMGRELWQLHMZ\UDŧDã
NRQFHSWXDOL]PDWDNŧHV]WXNDG]LDãDĸJG]LHGRNXPHQWDFMHIRWRJUDILF]QHLDQDOL]DPHGLyZ
RGJU\ZDã\NOXF]RZćUROĕ]HUZDQLH]IRWRJUDILćSU]H]%HNVLĸVNLHJRE\ãRMXŧVDPRZVRELH
]QDF]ćF\PJHVWHP7DF\DUW\ŋFLQHRDZDQJDUG\MDN=ELJQLHZ'ãXEDN=ELJQLHZ6WDQLHZVNL
$QGU]HM/DFKRZLF]F]\1DWDOLD//VWDUDOLVLĕZW\PF]DVLHRGQRZLþZ3ROVFHIRUPXãĕ
DZDQJDUG\SRSU]H]]UDFMRQDOL]RZDQHG]LDãDQLD]Xŧ\FLHPIRWRJUDILLRUD]LQQ\FKPHGLyZ
2VWDWHF]QLHMHGQDNPXVLHOLGRMŋþGRZLHOXZQLRVNyZSRGREQ\FKZF]HŋQLHMV]\P
SU]HP\ŋOHQLRP%HNVLĸVNLHJR']LVLHMV]DV\WXDFMDV]WXNLVNãDQLDGR]QDF]QLHZLĕNV]HM
WROHUDQFMLZREHF]PLHQQRŋFLNRQZHQFMLLťUyGHãDUW\VW\F]QHMLQVSLUDFML7DNŧHHOHNWURQL]DFMD
SURFHVX]DSLVXLSU]HWZDU]DQLDIRWRJUDILLVSUDZLDŧHQLHPDWDPMXŧWDNZLHOXRJUDQLF]Hĸ
NWyUHZVZRLPF]DVLH]QLHFKĕFLã\%HNVLĸVNLHJR

']LVLDMMHVWRQWDNŧH]QDQ\]JUDILNLNRPSXWHURZHMNWyUDEDUG]RSU]\SRPLQDMHJRPDODUVNLH
ZL]MHDOHMHGQRF]HŋQLHZSURZDG]DWDPP\ŋOHQLHNDWHJRULDPLQRZRF]HVQHMWHFKQLNL0LPRŧH
GRW\FKREUD]yZZSURZDG]DQHVćWHŧHOHPHQW\IRWRJUDILLJUDILNLWHEDUG]RUyŧQLćVLĕRGSUDF]
ODWSLĕþG]LHVLćW\FK&]\R]QDF]DMćPLPRWRSRZUyWGRyZF]HVQHMNRQFHSFMLQRZRF]HVQRŋFL"

7HNVWWRZDU]\V]\ãNDWDORJRZLZ\VWDZ\=%HNVLĸVNLHJRNWyUDRGE\ãDVLĕZ0X]HXP
1DURGRZ\PZ*GDĸVNX

:\VWDZ\]RUJDQL]RZDQHSU]H]0X]HXP1DURGRZHZH:URFãDZLXZZ%:$.ãRG]NR
-HOHQLD*yUDL:DãEU]\FKZZH:URFãDZLXL:DUV]DZLH]HVWDZSUDF%HNVLĸVNLHJR
SUH]HQWRZDQ\E\ãQDZ\VWDZLHÅ(XURSD(XURSDµZ%RQQZ.LONDWHNVWyZR
IRWRJUDILDFK%HNVLĸVNLHJRRSXEOLNRZDãWHŧ.U]\V]WRI-XUHFNL6HVMDSRŋZLĕFRQDWZyUF]RŋFL
%HNVLĸVNLHJRRGE\ãDVLĕZZ0X]HXPZ6DQRNX
7HNVW]DPLHV]F]RQ\ZOLŋFLHGR-/HZF]\ĸVNLHJR]JUXGQLD
$:RMFLHFKRZVNL0ãRGHPDODUVWZRSROVNLH:DUV]DZDV
:\SRZLHGťQDJUDQDZSU]H]$6RERWĕ
$/LJRFNL5R]ZLHŋþIRWRJUDILĕDUW\VW\F]Qć]IRWRJUDILNćZÅ)RWRJUDILDµ:DUV]DZD
QU
/LVWGR-/HZF]\ĸVNLHJR]ZU]HŋQLD
/LVWGR-/HZF]\ĸVNLHJR]PDUFD
$/LJRFNL$QW\IRWRJUDILDZÅ)RWRJUDILDµ:DUV]DZDQU
5HNRQVWUXNFMLWHMZ\VWDZ\GRNRQDã$6RERWDZZ0X]HXP1DURGRZ\PZH:URFãDZLX
LZZ&6:=DPHN8MD]GRZVNLZ:DUV]DZLH]GRGDWNLHPSUDFSyťQLHMV]\FKSDWU]
NDWDORJZ\VWDZ\$QW\IRWRJUDILDLFLćJGDOV]\
7DNćLQWHUSUHWDFMĕ]DSURSRQRZDãWHŧ.U]\V]WRI-XUHFNLZWHNŋFLHGRNDWDORJXZ\VWDZ\
=G]LVãDZ%HNVLĸVNL²RGDZDQJDUG\GRSRVWPRGHUQL]PX0X]HXP5HJLRQDOQHZ.XWQLH
/LVWGR-/HZF]\ĸVNLHJR]NZLHWQLD
/LVWGR-/HZF]\ĸVNLHJR]NZLHWQLD
/LVWGR-/HZF]\ĸVNLHJR]PDUFD

6]NROD5HNODP\

ZZZV]NRODUHNODP\HGXSOVHFWLRQVSULQWSDJHKWPO

$UW\NXãSRFKRG]L]HVWURQ\6]NROD5HNODP\

KWWSZZZV]NRODUHNODP\HGXSO

$GUHVWHJRDUW\NXãXWR

KWWSZZZV]NRODUHNODP\HGXSOPRGXOHVSKS"QDPH 6HFWLRQVRS YLHZDUWLFOHDUWLG