û:,&=(1,(15

:<=1$&=$1,(67$à(-'<62&-$&-,.:$6Ï:,

=$6$'

:SURZDG]HQLH

=JRGQLH]WHRUL %URQVWHGDNZDVDPLQD]\ZDP\]ZL ]NLRGGDM FHSURWRQD]DVDGDPL

]ZL ]NLSU]\MPXM FHSURWRQRGF] VWHF]NLNZDVX7DN]GHILQLRZDQHSRM FLDNZDVXL]DVDG\

]JDG]DM VL ]X \ZDQ\PLSRWRF]QLHPDM MHGQDNQLHFRV]HUV]H]QDF]HQLHZV]F]HJyOQR FL

ƒNZDVDPLQD]\ZDP\WDN HNDWLRQ\VROLVáDE\FKÄ]DVDGD]DVDGDPLDQLRQ\VROL

VáDE\FKÄNZDVyZ

ƒNZDVSRRGGDQLXSURWRQXVWDMHVL DXWRPDW\F]QLH]DVDG D]DVDGDSRSU]\M FLX

SURWRQXVWDMHVL NZDVHP

=JRGQLH]WDN NRQZHQFM VWDá G\VRFMDFMLNZDVRZHMQD]\ZDP\VWDá UyZQRZDJL

UHDNFMLZNWyUHMZRGDRJyOQLHUR]SXV]F]DOQLNVSHáQLDURO ]DVDG\

+$+

2 $

±

+

2

$

+ 2

+$ + 2

N

D D

.

D D

OXE

%+

+

2 %+

2

%

+ 2

+ 2

%+

N

D D

.

D

D

=DVDGRZ VWDá G\VRFMDFMLNRQVHNZHQWQLHQD]ZLHP\VWDá UyZQRZDJLUHDNFMLZNWyUHM

ZRGDUR]SXV]F]DOQLNRGGDMHSURWRQF]\OLVSHáQLDURO NZDVX

$

+

2 +$2+

±

+$

2+

+ 2

$

]

D D

.

D D

OXE

%+

2 %+

2+

±

%+

%

+ 2

2+

]

D

D

.

D D

:UR]FLH F]RQ\FKUR]WZRUDFKZRGQ\FKDNW\ZQR üZRG\PR QDSU]\M ü]DUyZQ

MHGQR FLLZGDOV]\FKZ]RUDFKE G]LHP\M SRPLMDü=HZ]RUyZZ\QLND H

RE\GZLHVWDáHRSLVXM ZVSRVyEUyZQRU] GQ\G\VRFMDFM ]DUyZQRVáDE\FKNZDVyZMDNL

VáDE\FK]DVDG'ODND GHMSDU\VSU] RQHMNZDV]DVDGDVSHáQLRQDMHVWZL F]DOH QR ü

.

Z

.

N

.

]

JG]LH

+ 2

2+

Z

.

D

D

&] VWR]DPLDVWVWDá\FKG\VRFMDFMLVWRVXMHVL LFKORJDU\WP\]DSLV\ZDQHZVNUyFRQHM

SRVWDFL

ORJ

S

N

N

.

.

ORJ

S

]

]

.

.

ORJ

S

Z

Z

.

.

LSU]H]DQDORJL

+ 2

+ 2

+ 2

ORJ

ORJ

S+

D

P

P J

'

2+

2+

2+

ORJ

ORJ

S2+

D

P

P J

'

Z]ZL ]NX]W\PGODND GHMVSU] RQHMSDU\NZDVRZR]DVDGRZHMPR QDQDSLVDü

]DOH QR üZIRUPLH

S.

N

S.

]

S+S2+ S.

Z

:H Z]RU]H P

+

2

>PRONJ UR]S@ MHVW PRODOQR FL >GOD UR]FLH F]RQ\FK

ZRGQ\FK UR]WZRUyZ PP

†

§ FF ZREHF F]HJR PRODOQR FL PR QD ]DVW SLü VW HQLDPL

PRORZ\PL Z\UD RQ\PL Z PROGP

@ MRQyZ ZRGRURZ\FK D

+

2

LFK ZVSyáF]\QQLNLHP

DNW\ZQR FL'HILQLFMDQLHPD FLVáHJRVHQVXIL]\F]QHJRJG\ QLHPR QD]PLHU]\ü

DNW\ZQR FL MHGQHJR MRQyZ EH] SRF]\QLHQLD ]DáR H XSUDV]F]DM F\FK GRW\F] F\FK

DNW\ZQR FLGUXJLHJRURG]DMXMRQyZ:U]HF]\ZLVWR FLVNDODS+MHVWRSDUWDQDZDUWR FLDFK

V]HUHJX GREU]H RGWZDU]DOQ\FK UR]WZRUyZ EXIRURZ\FK L WDN RNUH ORQH ZDUWR FL S+

VWDQRZL SRGVWDZ GR REOLF]HQLD ZLHONR FL IL]\NRFKHPLF]Q\FK MDN QS SU]\ EDGDQLX

UyZQRZDJ Z UR]WZRUDFK HOHNWUROLWyZ 5R]WZRUHP EXIRURZ\P OXE NUyFHM EXIRUHP

QD]\ZDP\UR]WZyUZNWyU\PUR]SXV]F]RQRNZDVLVSU] RQ ]QLP]DVDG 1DMF] FLHM

MHVWWRUR]WZyUVáDEHJRNZDVXLMHJRVROL]VLOQ ]DVDG OXEVáDEHM]DVDG\LMHMVROL]VLOQ\P

NZDVHP5R]WZRUDPLEXIRURZ\PLV ZL FWDN H]QHXWUDOL]RZDQHF] FLRZRVáDEHNZDV\

OXEVáDEH]DVDG\:SU]\SDGNXVáDE\FKHOHNWUROLWyZPRJ F\FKZ\PLHQLDüZL FHMQL MHGHQ

SURWRQQS+

32

EXIRUDPLV PLHV]DQLQ\Uy Q\FKZRGRURVROLQSW\SRZ\PEXIRUHP

MHVW UR]WZyU .+

32

1D

+32

5R]WZRU\ EXIRURZH FKDUDNWHU\]XM VL W\P H QLH

]PLHQLDM VZHJRS+ZZ\QLNXUR]FLH F]DQLDDGRGDWHNVLOQHJRNZDVXOXE]DVDG\W\ONRZ

EDUG]RPDá\PVWRSQLXZSá\ZDQDLFKS+

: QLQLHMV]\P üZLF]HQLX VWDá G\VRFMDFML Z\]QDF]D VL GURJ SRPLDUyZ S+

RGSRZLHGQLR SU]\JRWRZDQ\FK UR]WZRUyZ EXIRURZ\FK -H HOL RJyOQH VW HQLH NZDVX L

]DVDG\ZUR]WZRU]HZVHQVLH%URQVWHGDR]QDF]\P\SU]H]P

N

LP

]

ZyZF]DVZ]RU\

LSRLFK]ORJDU\WPRZDQLXPR QD]DSLVDüZSRVWDFL

S.

N

S+ORJ

]

N

P

P ORJ

N

ORJ

]

D

OXEZREHFP

L

§F

L

S.

N

S+ORJ

]

N

F

F ORJ

N

ORJ

]

E

:UR]FLH F]RQ\FKUR]WZRUDFKZRGQ\FKPR QDSU]\M ü HZVSyáF]\QQLNLDNW\ZQR FL

QHXWUDOQ\FK F] VWHF]HN V Z SU]\EOL HQLX UyZQH MHGQR FL ]D ZVSyáF]\QQLNL DNW\ZQR FL

MRQyZ ]JRGQLH ] WHRUL 'HE\HD +XFNOD PR QD Z WHPSHUDWXU]H SRNRMRZHM SU]HGVWDZLü

Z]RUHP

±ORJ

L

,

,

$

]

L

JG]LH]

L

MHVWOLF]E áDGXQNRZ LWHJRMRQXVWDáD$GODUR]WZRUyZZRGQ\FKZ\QRVLZWHPS

.DZWHPS.,MHVWVLá MRQRZ UR]WZRUX]GHILQLRZDQ UyZQDQLHP

,

¦

¦

#

L

L

L

L

L

L

]

F

]

P

6XPRZDQLH RGE\ZD VL SR ZV]\VWNLFK MRQDFK REHFQ\FK Z UR]WZRU]H -H HOL

UR]SXV]F]RQ\MHVWW\ONRMHGHQHOHNWUROLWW\SXZyZF]DVVLáDMRQRZDMHVWUyZQDZSURVW

MHJRVW HQLX

*G\NZDVHPMHVWF] VWHF]NDRERM WQD$+D]DVDG MRQ$

±

MDNZSU]\NáDG]LH

WRZ]yUESU]\ELHUDSRSU]HNV]WDáFHQLXSRVWDü

S+ S.

N

ORJ

N

]

F

F

]

]

F

F

S.

N

<

N

JG]LHIXQNFMDVW HQLDNZDVXF

N

LVW HQLD]DVDG\F

]

XM WDZQDZLDVE G]LHZGDOV]\P

FL JXR]QDF]DQDV\PEROHP<

N

*G\NZDVHPMHVWMRQ%+

D]DVDG F] VWHF]NDSR]EDZLRQDáDGXQNX%MDNZ

SU]\NáDG]LHWRRWU]\PDP\Z]yU

S+ S.

N

ORJ

N

]

F

F

.

.

F

F

S.

N

<

]

I\QNFMDF

N

LF

]

XM WDZQDZLDVE G]LHZGDOV]\PFL JXR]QDF]DQDV\PEROHP<

]

=

Z]RUyZLE G]LHP\NRU]\VWDüSU]\Z\]QDF]DQLXVWDá\FKG\VRFMDFMLVáDE\FK

NZDVyZLVáDE\FK]DVDG

&HOL]DNUHVüZLF]HQLD

=DGDQLHP GR Z\NRQDQLD MHVW Z\]QDF]HQLH PHWRG SRWHQFMRPHWU\F]Q SU]\ X \FLX

HOHNWURG\V]NODQHMVWDá\FKG\VRFMDFMLVáDEHJRNZDVXLVáDEHM]DVDG\:W\PFHOXPLHU]\VL

S+R PLXUR]WZRUyZEXIRURZ\FKVSRU] G]RQ\FKSRSU]H]F] FLRZ QHXWUDOL]DFM UR]WZRUX

EDGDQHJR VáDEHJR NZDVX UR]WZRUHP 1D2+ D QDVW SQLH Z SRGREQ\ VSRVyE R PLX

UR]WZRUyZ EXIRURZ\FK VSRU] G]RQ\FK SRSU]H] F] FLRZ QHXWUDOL]DFM UR]WZRUX EDGDQHM

VáDEHM]DVDG\UR]WZRUHP+&O

$SDUDWXUDLZ\SRVD HQLH

S+PHWU1OXESRGREQ\HZPLOLZROWRPLHU]ODPSRZ\HOHNWURGDV]NODQDL

NDORPHORZDOXEHOHNWURGD]HVSRORQD6$JZ]RUFRZHUR]WZRU\EXIRURZHS+ S+

LS+ UR]WZRU\0+&L01D2+QDF]\QNDSRPLDURZHGRS+

PHWUX]OHZNLNROE\VWR NRZHSLSHW\ELXUHWDDFP

EDJLHWNDWU\VNDZND]ZRG

GHVW\ORZDQ VNUDZNLELEXá\GRRVXV]DQLDHOHNWURGHZPLNURSLSHWDDXWRPDW\F]QD

:\NRQDQLHüZLF]HQLD

3U]HG SU]\VW SLHQLHP GR SRPLDUyZ QDOH \ Z\NRQDü FHFKRZDQLH SU]\U] GX

SRPLDURZHJR&HFKRZDQLHS+PHWUXZ\NRQXMHVL SDWU]LQVWUXNFMDREVáXJLSU]\U] GXSU]\

X \FLXGZyFKEXIRUyZZ]RUFRZ\FK1DMSLHUZSRWHQFMDáDV\PHWULL(XVWDZLDVL VWRVXM F

EXIRURS+ OXEMH OLWDNLMHVWGRVW SQ\DQDVW SQLHQDFK\OHQLHFKDUDNWHU\VW\NL

HOHNWURG\V]NODQHMNSU]\X \FLXEXIRUXRS+

-H HOLGRS+PHWUXQLHPR QDSU]\á F]\üF]XMQLNDWHPSHUDWXU\QS3WOWRQDOH \

SU]HG SU]\VW SLHQLHP GR FHFKRZQLD Z]JO GHP GUXJLHJR EXIRUX XVWDZLü RGSRZLHGQLP

SRWHQFMRPHWUHPNRUHNFM WHPSHUDWXU\SRPLDUyZ7DNZ\FHFKRZDQ\S+PHWUPR HE\ü

X \W\ GR ZV]\VWNLFK SRPLDUyZ Z üZLF]HQLX QLH W\ONR GR Z\]QDF]DQLD S.

N

VáDEHJR

NZDVX]DOHFDVL MHGQDNSU]HGSU]\VW SLHQLHPGRSRPLDUyZS.

N

VáDEHM]DVDG\VSUDZG]Lü

FHFKRZDQLH S+PHWUX W\P UD]HP VWRVXM F EXIRU\ R S+ L S+ *G\E\

SRPLDU\ E\á\ Z\NRQ\ZDQH SU]\ SRPRF\ PLOLZROWRPLHU]D HOHNWURQLF]QHJR

QLHSRVLDGDM FHJR GRGDWNRZHM VNDOL S+ ZyZF]DV SU]HG ZáD FLZ\PL SRPLDUDPL QDOH \

]PLHU]\ü6(0HOHNWURG\]HVSRORQHM]DQXU]RQHMNROHMQRGREXIRUyZRS+ L

=GDQ\FKW\FKREOLF]DVL VWDáH(LNX \WHMHOHNWURG\ DS+EDGDQ\FKUR]WZRUyZ

Z\]QDF]DSRSU]H]SRPLDU6(0LQDVW SQLHREOLF]D]Z]RUX

=RWU]\PDQHJRGR]EDGDQLDUR]WZRUXVáDEHJRNZDVXQDOH \VSRU] G]LüUR]WZRUyZ

EXIRURZ\FK:W\PFHOXGRR PLXNROEHNVWR NRZ\FKRSRMHPQR FLFP

RGPLHU]\üSR

FP

UR]WZRUXEDGDQHJRNZDVXLGRND GHMGRGDüLQQ REM WR üRGGRFP

0

UR]WZRUX 1D2+ 5R]WZRU\ GRNáDGQLH Z\PLHV]Dü L QDVW SQLH ]PLHU]\ü LFK S+ QRWXM F

Z\QLNL]GRNáDGQR FL GRGUXJLHJRPLHMVFDSRSU]HFLQNX

3RZ\NRQDQLXSRPLDUyZLGRNáDGQ\PXP\FLXNROEHNSU]\JRWRZDüZQLFK]NROHL

EXIRUyZX \ZDM FWRWHJRFHOXUR]WZRUXEDGDQHM]DVDG\L0+&1DOH \MHPLHV]Dü

ZWDNLFKVDP\FKSURSRUFMDFKMDNSRSU]HGQLRNZDV] 1D2+ =PLHU]\ü L ]DQRWRZDü S+

W\FK UR]WZRUyZ SU]HG Z\NRQDQLHP GUXJLHM VHULL SRPLDUyZ S+ ]DOHFD VL VSUDZG]Lü

NDOLEUDFM S+PHWUX

8ZDJD

-H OLQDZ\SRVD HQLXVWDQRZLVND]QDMGXMHVL DXWRPDW\F]QDSLSHWDQDFP

OXE

FP

LPLHV]DGáRPDJQHW\F]QHZyZF]DVPR QDSRPLDU\Z\NRQDüZVSRVyESURVWV]\

'R ]OHZNL RGPLHU]D VL OXE FP

NZDVX GR DQDOL]\ XVWDZLD ]OHZN QD

PLHV]DGOH PDJQHW\F]Q\P ZU]XFLü V]WDEN PLHV]DM F ZVWDZLD GR QLHM Z\FHFKRZDQ

HOHNWURG V]NODQD L SRUyZQDZF] GRGDMH OXE FP

UR]WZRUX 1D2+ L SR

Z\PLHV]DQLXPLHU]\S+3RQRZQLHGRGDMHQDVW SQ SRUFM 1D2+LSRZWDU]DSURFHGXU

D VW HQLHXWZRU]RQHM]DVDG\$

±

RVL JQLHRNVW HQLDSRF] WNRZHJREDGDQHJRNZDVX

F

$+

7 VDP PHWRG PR QD]DVWRVRZDüGRZ\]QDF]HQLS.

]

EDGDQHM]DVDG\

2SUDFRZDQLHZ\QLNyZ

3U]\REOLF]DQLXS.

N

NZDVXL]DVDG\SRVáXJXMHP\VL PHWRG Z\NUH OQ -DNZ\QLND]H

Z]RUyZ L S+ UR]WZRUyZ EXIRURZ\FK XWZRU]RQ\FK SU]H] F] FLRZ

QHXWUDOL]DFM VáDEHJR NZDVX MHVW OLQLRZ IXQNFM <

N

]D EXIRUyZ XWZRU]RQ\FK SU]H]

F] FLRZ QHXWUDOL]DFM VáDEHM]DVDG\OLQLRZ IXQNFM <

]

)XQNFMHS+ I<

N

LS+ I<

]

SU]HFLQDM VL ]RVL RGFL W\FKGODS+ S.

N

ZDUWR FLI<

N

LI<

]

UyZQDM VL )XQNFM <

N

L

<

]

PR QDáDWZRREOLF]\ü]QDM FVW HQLHNZDVXF

N

LVW HQLHVSU] RQHM]QLP]DVDG\F

]

7H

]D GODEXIRUyZVSRU] G]RQ\FKSU]\QDGPLDU]HVáDEHJRNZDVX+$L1D2+PR QD]QDOH ü]

ZDUXQNyZZ\QLNDM F\FK]HVSRU] G]DQLDUR]WZRUX

>+$@>$

@

1D2+

1D2+

NZDVX

1D2+

F

9

9

9

˜

>1D

@

1D2+

1D2+

NZDVX

1D2+

F

9

9

9

˜

RUD]ZDUXQNXHOHNWURRERM WQR FLUR]WZRUX

>+

2@>1D

@ >$

±

@>2+

±

@

VW HQLH >2+

±

@ PR QD Z ELODQVLH SRPLQ ü ERZLHP ZV]\VWNLH UR]WZRU\ PDM RGF]\Q

NZD Q\VN GRWU]\PXMHP\

F

]

>$

±

@

1D2+

1D2+

NZDVX

1D2+

F

9

9

9

˜

±S+

F

N

>+$

±

@

1D2+

NZDVX

NZDVX

NZDVX

9

F

9

9

˜

±F

]

ZUyZQDQLXZ\UD]

±S+

PR HE\üSRPLQL W\GODUR]WZRUyZRS+!

:SRGREQ\VSRVyEZ\SURZDG]DVL RGSRZLHGQLHZ\UD HQLDGODEXIRUyZRWU]\PDQ\FK

]UR]WZRUyZQDGPLDUXVáDEHM]DVDG\%L+&O

F

N

>%+

@

+&O

+&O

+&O

]DVDG\

F

9

9

9

˜

±S2+

F

]

>%@

+&O

]DVDG\

]DVDG\

]DVDG\

9

F

9

9

˜

±F

N

'OD ZDUWR FL S+ F]\QQLN

±S2+

Z\VW SXM F\ ZH Z]RU]H PR QD

SRPLQ ü

.RU]\VWDM F ]H Z]RUyZ REOLF]\ü IXQNFMH <

N

GOD SLHUZV]HM VHULL

SRPLDUyZL<

]

GODGUXJLHMVHULLSRPLDUyZ1DSDSLHU]HPLOLPHWURZ\PQDU\VRZDüZ\NUHV\

S+<

N

L S+<

]

D QDVW SQLH RGF]\WDü ] QLFK ZDUWR FL S.

N

GOD RWU]\PDQ\FK GR EDGD

VáDEHJR NZDVX L VáDEHM ]DVDG\ :\NUHV\ QDOH \ GRá F]\ü GR VSUDZR]GDQLD 'OD ]DVDG\

REOLF]\üS.

]

ZLHG] F HS.

]

S.

Z

±S.

N

2EOLF]HQLD L RE\GZD Z\NUHV\ PR QD Z\NRQDü QD NRPSXWHU]H NRU]\VWDM F ]

GRZROQHJR SURJUDPX ZyZF]DV QLH WU]HED LFK GRGDWNRZR U\VRZDü Z\NUHVX D GR

VSUDZR]GDQLDQDOH \GRá F]\üRGSRZLHGQLHZ\GUXNL

2*1,:$(/(.752&+(0,&=1(:67 3

:SURZDG]HQLHUHDNFMHFKHPLF]QHZRJQLZDFK

5HDNFMH FKHPLF]QH Z NWyU\FK QDVW SXMH Z\PLDQD HOHNWURQyZ SRPL G]\

UHDJHQWDPL UHDNFMH RNV\GDF\MQRUHGXNF\MQH QLHNRQLHF]QLH PXV] SU]HELHJDü Z Z\QLNX

EH]SR UHGQLHJR]PLHV]DQLD]HVRE UHDJXM F\FKVNáDGQLNyZ1LHNWyUHUHDNFMH]DFKRG] FHZ

UR]WZRUDFKMDNQS

=Q&X

=Q

&X

D

)H

6Q

)H

6Q

E

PR QD SU]HSURZDG]Lü QLH W\ONR SRSU]H] GRGDQLH S\áX F\QNRZHJR GR UR]WZRUX VROL

PLHG]L,,MDNZUHDNFMLDZ]JO GQLH]PLHV]DQLHUR]WZRUyZVROL HOD]D,,,LF\Q\,,MDN

ZUHDNFMLEDOHWDN HNRQVWUXXM FXNáDG ]ZDQ\ RJQLZHP HOHNWURFKHPLF]Q\P %XGRZ

RJQLZZNWyU\FK]DFKRG] ]DSLVDQHSRZ\ HMUHDNFMHSU]HGVWDZLRQRQDU\V

5\V

%XGRZDRJQLZDHOHNWURFKHPLF]QHJR$RJQLZR'DQLHOODF\QNRZRPLHG]LRZH%RJQLZR HOD]RZR

F\QRZHUHGRNV

.D GH]RJQLZVNáDGDVL ]GZyFKSyáRJQLZSRá F]RQ\FK]HVRE UXUN Z\SHáQLRQ

RERM WQ\P HOHNWUROLWHP W]Z NOXF] HOHNWUROLW\F]Q\ NWyU\ ]DSRELHJD PLHV]DQLX VL

UR]WZRUyZ REX SyáRJQLZ QDWRPLDVW XPR OLZLD SU]HSá\Z áDGXQNX LVWQLHQLH UR]WZRUX

SR UHGQLHJR QLH MHVW NRQLHF]QH UR]WZRU\ REX SyáRJQLZ PRJá\E\ E\ü SU]HG]LHORQH QS

ZDUVWZ V]NáD SRURZDWHJR SRU UR]G] 3U]\ RJQLZDFK WDN VNRQVWUXRZDQ\FK L

XVWDZLRQ\FK Z]JO GHP REVHUZDWRUD MDN QD U\V Z OHZ\FK SyáRJQLZDFK SU]HELHJDM

UHDNFMHXWOHQLHQLDRGSRZLHGQLR

=Q =Q

HZRJQLZLH$

F

6Q

6Q

HZRJQLZLH%

G

ZSUDZ\FKSyáRJQLZDFKQDWRPLDVWUHDNFMHUHGXNFML
ZRJQLZLH$

&X

H &X

H

ZRJQLZLH%

)H

H )H

I

(OHNWURQ\SU]HSá\ZDM SRSU]H]SU]HZRGQLNPHWDOLF]Q\á F] F\HOHNWURG\RGHOHNWURG\

F\QNRZHM GR PLHG]LDQHM Z RJQLZLH 'DQLHOOD $ RUD] RG OHZHM HOHNWURG\ SODW\QRZHM GR

SUDZHMZRJQLZLH%FRPR QDEH]SR UHGQLRVWZLHUG]LüZá F]DM FJDOZDQRPHWUZREZyG

]HZQ WU]Q\6XPXM FUHDNFMHFLHRUD]GLIRWU]\PXMHP\UHDNFMHDLEFRR]QDF]D

H LFK SU]HELHJ Z RJQLZLH HOHNWURFKHPLF]Q\P MHVW LGHQW\F]Q\ MDN SU]\ EH]SR UHGQLP

]PLHV]DQLXUHDJHQWyZ

2PDZLDQHZ\ HMRJQLZD]DSLVXMHP\VFKHPDW\F]QLH

RJQLZR$

=Q_=Q

__&X

_&X

RJQLZR%

3W_6Q

6Q

__)H

)H

_3W

6\PEROHP_RGG]LHODVL HOHNWURG RGUR]WZRUXV\PERO__R]QDF]DNOXF]HOHNWUROLW\F]Q\

á F] F\REDSyáRJQLZDá F]HQLHSyáRJQLZEH]SR UHGQLRSRURZDW SU]HJURG OXEPHPEUDQ
SyáSU]HSXV]F]DOQ R]QDF]DVL ]Z\NOHV\PERODPL L

&LHSáRLSUDFDUHDNFMLSU]HELHJDM F\FKZRJQLZDFKGHILQLFMDVLá\

HOHNWURPRWRU\F]QHMRJQLZDLSRWHQFMDáXSyáRJQLZD

(IHNW\HQHUJHW\F]QHWRZDU]\V] FHUHDNFMRPFKHPLF]Q\PUR]ZD DP\]Z\NOHQD

SRGVWDZLH,L,,]DVDG\WHUPRG\QDPLNL=JRGQLH]W\PL]DVDGDPLRUD]NRU]\VWDM F]GHILQLFML

IXQNFMLWHUPRG\QDPLF]Q\FKHQWDOSLL+LHQWDOSLLVZRERGQHM*Uy QLF]NLW\FKIXQNFML

PR QD]DSLVDüQDVW SXM FR

HO

HO

G+ 4 9GS :

HO

L

G*

6G7 9GS :

7G 6

ZZDUXQNDFKL]RWHUPLF]QRL]REDU\F]Q\FKZ\UD HQLDWHXSUDV]F]DM VL GR

7S FRQVW

HO

HO

G+ 4 :

HO

L

G* :

7G 6

= ]DOH QR FL Z\QLND H Z GRZROQ\P SURFHVLH L]REDU\F]Q\P SU]\URVW HQWDOSLL

XNáDGX]DPNQL WHJRMHVWVXP FLHSáDZ\PLHQLRQHJR]RWRF]HQLHPLSUDF\QLHREM WR FLRZHM

Z\NRQDQHMSU]H]XNáDGOXEQDXNáDG]LH-H HOLSURFHVSU]HELHJDZVWDáHMWHPSHUDWXU]HLQLH

QDVW SXM SU]\W\P DGQHSU]HPLDQ\ID]RZHFLHSáRPR HE\üZ\WZDU]DQHZXNáDG]LHW\ONR

QDVNXWHNSU]HELHJDM FHMZQLPUHDNFMLFKHPLF]QHM:yZF]DV4

HO

VSHáQLD]DOH QR ü

HO

U

S 7

+

4

G

+ G

[

[

[

§

·

w

'

¨

¸

¨

¸

w

©

¹

¦

JG]LH +

U

MHVWFLHSáHPUHDNFMLFKHPLF]QHMSU]\S7 FRQVWLEUDNXSUDF\QLHREM WR FLRZHM

Z XNáDG]LH D OLF]E SRVW SX UHDNFML :VWDZLDM F ]DOH QR ü GR UyZQDQLD

RWU]\PXMHP\

HO

U

G+

+ G :

[

'

D

OXEZSRVWDFLVFDáNRZDQHM

U

+

+ :

' '

E

=HZ]RUyZDLEZ\QLND HMH HOLZXNáDG]LHSU]HELHJDUHDNFMDFKHPLF]QDNWyUHM

QLHWRZDU]\V]\SUDFDQLHREM WR FLRZDMDNQSSU]\EH]SR UHGQLP]PLHV]DQLXUHDJHQWyZZ

UHDNFMDFK D L E WR ]PLDQD HQWDOSLL XNáDGX MHVW ZSURVW UyZQD FLHSáX UHDNFML FKHPLF]QHM

SU]HELHJDM FHM Z XNáDG]LH : RJQLZLH HOHNWURFKHPLF]Q\P UHDNFML FKHPLF]QHM WRZDU]\V]\

GRGDWNRZRSU]HSá\ZHOHNWURQyZZ]HZQ WU]Q\PREZRG]LHQSZRPDZLDQ\FKRJQLZDFK$

L%RGHOHNWURG\OHZHMGRSUDZHMQDVNXWHNZ\WZRU]RQHMZZ\QLNX]DM FLDUHDNFMLUHGRNV

Uy QLF\ SRWHQFMDáyZ SRPL G]\ W\PL HOHNWURGDPL =JRGQLH ] ]DVDGDPL HOHNWURG\QDPLNL

GRSURZDG]HQLH GRGDWQLHJR áDGXQNX GT GR SUDZHJR ]DFLVNX RJQLZD R SRWHQFMDOH

HOHNWURVWDW\F]Q\P *DOYDQLHJR M

S

L RGSURZDG]HQLH WDNLHJR VDPHJR áDGXQNX RG ]DFLVNX

Z\NRQDQHJR]WHJRVDPHJRPHWDOXSU]\HOHNWURG]LHOHZHMRSRWHQFMDOHHOHNWURVWDW\F]Q\PM

O

ZL HVL ]Z\NRQDQLHPSU F\HOHNWU\F]QHM

HO

S

O

:

GT

M M

Uy QLFDSRWHQFMDáyZM

S

±

M

O

MHVWUyZQDQDSL FLXQD]DFLVNDFKRJQLZD

=DOH \RQDRGQDW HQLDSU GXSá\Q FHJRSU]H]RJQLZRDZL FRGUH]\VWDQFMLRSRUQLND

]ZLHUDM FHJRRELHHOHNWURG\LRSRUXZHZQ WU]QHJRRJQLZD=JRGQLH]SU]\M W NRQZHQFM

VFKHPDWRJQLZD]DSLVXMHP\WDNE\SU]\HOHNWURG]LHOHZHMQDVFKHPDFLHQDVW SRZDáSURFHV

XWOHQLHQLD RGGDZDQLH HOHNWURQyZ D SU]\ SUDZHM SURFHV UHGXNFML 7RZDU]\V]\ WHPX

SU]HSá\ZHOHNWURQyZDQLHáDGXQNyZGRGDWQLFKZREZRG]LH]HZQ WU]Q\PRGHOHNWURG\

OHZHMGRSUDZHMZREHFF]HJRáDGXQHNZ\PLHQLRQ\SU]\SRVW SLHUHDNFMLG !]ZL ]DQHM

] Z\PLDQ IDUDGD\yZ HOHNWURQyZ IDUDGD\ áDGXQHN SU]HQRV]RQ\ SU]H] MHGHQ PRO

HOHNWURQyZOXEMRQyZMHGQRZDUWR FLRZ\FK) &PROZ\QRVL

H

GT

)G

Q

[

2WU]\PXMHP\ZL FZ]yUQDSUDF HOHNWU\F]Q QLHREM WR FLRZ Z\NRQ\ZDQ Z

RJQLZLHZSRVWDFL

HO

H

S

O

:

)

G

Q M M [

:]yUZSRá F]HQLX]]DOH QR FL GDMH

H

S

O

L

G*

)

G

7G 6

Q M M [

=GUXJLHM]DVDG\WHUPRG\QDPLNLZ\QLNDWDN HL Uy QLF]NDHQWDOSLLVZRERGQHMG*Z

ZDUXQNDFKL]REDU\F]QRL]RWHUPLF]Q\FKVSURZDG]DVL GR]DOH QR FL

G*

$G[

JG]LH$MHVWSRZLQRZDFWZHPFKHPLF]Q\PUHDNFML:LHONR üWDMHVW]ZL ]DQD]H]PLDQ

HQWDOSLLVZRERGQHMUHDNFMLL]SRWHQFMDáDPLFKHPLF]Q\PLUHDJHQWyZUyZQDQLHP

U

L L

S 7

*

$

*

Y P

[

§

·

w

'

¨

¸

w

©

¹

¦

JG]LHSRWHQFMDáFKHPLF]Q\LWHJRVNáDGQLND

L

MHVW]GHILQLRZDQ\

OQ

OQ

L

L

L

L

L

L

57 D

57 P P

P P

P

J

'

'

'

-H HOLZVWDZLüGRUyZQDQLD]DOH QR üWRRWU]\PXMHP\

H

S

O

L

$G

)

G

7G 6

[ Q M M [

=HZ]RUXZ\QLND HQDSL FLHQD]DFLVNDFKRJQLZDE G]LHQDMZL NV]HZyZF]DV

JG\ Z UHDJXM F\P XNáDG]LH QLH QDVW SXMH SURGXNFMD HQWURSLL 7G

L

6 FR RGSRZLDGD

VWDQRZL Z NWyU\P ] RJQLZD QLH MHVW SRELHUDQ\ DGHQ SU G L XNáDG ]QDMGXMH VL Z VWDQLH

UyZQRZDJL : WDNLP VWDQLH Uy QLF SRWHQFMDáyZ *DOYDQLHJR M

S

M

O

E G]LHP\ QD]\ZDü

Uy QLF SRWHQFMDáyZHOHNWURFKHPLF]Q\FKSyáRJQLZ(

S

±(

O

DQDSL FLHQD]DFLVNDFKRJQLZD

VLá HOHNWURPRWRU\F]Q 6(0RJQLZD(

GOD7G

L

6

S

O UyZQ

S

O

( ( (

M M

8ZDJD
=DUyZQR SRWHQFMDá SyáRJQLZD MDN L VLá HOHNWURPRWRU\F]Q RJQLZD R]QDF]DP\ W\P

VDP\PV\PEROHÄ(´'ODRGUy QLHQLDZSU]\SDGNXSRWHQFMDáXSyáRJQLZDSRGDMHP\

ZGROQ\PLQGHNVLHVFKHPDWOXEURG]DMSyáRJQLZDQS(

S

OXE

=Q _=Q

(

ZSU]\SDGNX

6(0RJQLZDSRPLMDP\GROQ\LQGHNVOXEZSLVXMHP\VFKHPDWFDáHJRRJQLZDQS(

OXE

=Q_=Q __&X _&X

(

FRZSRá F]HQLX]Z]RUHPGDMH

H

$

)(

Q

DSRXZ]JO GQLHQLX]DOH QR FLL

OQ

L

L

L

L

H

H

Y

57

(

Y D

Y )

Y )

P

†

¦

¦

:\UD HQLH ±™Y

L

L

†

Y

H

) RGSRZLDGD VLOH HOHNWURPRWRU\F]QHM RJQLZD Z NWyU\P

ZV]\VWNLHUHDJHQW\]QDMGXM VL ZVWDQLHVWDQGDUGRZ\PD GODZV]\VWNLFKVNáDGQLNyZL

QRVLQD]Z VWDQGDUGRZHMVLá\HOHNWURPRWRU\F]QHM (

'

UyZQDQLH PR QD]DSLVDü Z

SRVWDFL]ZDQHMZ]RUHP1HUQVWD

OQ

L

Y

L

H

57

( (

D

Y )

†

–

'OD RPDZLDQ\FK SU]\NáDGyZ RJQLZ Z\UD HQLD QD VLá HOHNWURPRWRU\F]Q PR QD

QDSLVDü

GODSU]\NáDGX$

=Q_=Q __&X _&X

OQ>

@

=Q

&X

57

( (

D

D

)

'

GODSU]\NáDGX%

3W_6Q 6Q __)H )H _3W

6Q

)H

6Q

)H

OQ>

@

57

( (

D

D

D

D

)

'

3U]\M WRWX HHOHNWURG\ZRJQLZLH'DQLHOODE\á\Z\NRQDQH]F]\VWHJRF\QNXLF]\VWHM

PLHG]LDNW\ZQR FL=QL&XV ZyZF]DVUyZQHMHGQR FL

1DSRGVWDZLH UR]ZD D SU]HGVWDZLRQ\FK Z W\P UR]G]LDOHPR QD SRGDü

FLVá GHILQLFM VLá\HOHNWURPRWRU\F]QHM

6Lá HOHNWURPRWRU\F]Q RJQLZD(QD]\ZDQ\SRWHQFMDáGUXWXSU]\á F]RQHJRGR

HOHNWURG\SUDZHJRSyáRJQLZDQDVFKHPDFLHPLHU]RQ\Z]JO GHPGUXWXZ\NRQDQHJR]

WHJRVDPHJRPDWHULDáXSU]\á F]RQHJRGRHOHNWURG\ZOHZ\PSyáRJQLZLHZZDUXQNDFK

EUDNXSRERUXSU GX]RJQLZD

5yZQDQLHVWHFKLRPHWU\F]QHUHDNFML]DFKRG] FHMZRJQLZLHSLV]HP\WDNE\Z

SUDZ\PSyáRJQLZLH]DFKRG]LáDUHDNFMDUHGXNFMLZOHZ\P]D XWOHQLHQLD

= SRZ\ V]HM GHILQLFML XVWDORQHM SU]H] 8QL &KHPLL &]\VWHM L 6WRVRZDQHM QD

NRQIHUHQFML Z 6]WRNKROPLH W]Z NRQZHQFMD V]WRNKROPVND Z\QLND H ]DSLV UHDNFML Z

RJQLZLHMHVWXZDUXQNRZDQ\]DSLVHPVFKHPDWXRJQLZDDQLHMHMU]HF]\ZLVW\PSU]HELHJLHP

-H HOL UHDNFMD SU]HELHJDáDE\ Z U]HF]\ZLVWR FL Z NLHUXQNX RGZURWQ\P QL ]DSLVDQR VLáD

HOHNWURPRWRU\F]QDRJQLZDPLDáDE\]QDNXMHPQ\'UXJDQLHGRJRGQR üWHMGHILQLFMLZ\QLND]

IDNWX H QLH SRWUDILP\ PLHU]\ü EH]Z]JO GQ\FK ZDUWR FL SRWHQFMDáyZ HOHNWU\F]Q\FK D

MHG\QLH LFK Uy QLFH HE\ ZL F PyF SRGDZDü ZDUWR FL SRWHQFMDáyZ SRV]F]HJyOQ\FK

SyáRJQLZQDOH \SU]\M üXPRZQ\XNáDGRGQLHVLHQLD-DNRWDNLXNáDGSU]\M WRVWDQGDUGRZH

SyáRJQLZR ZRGRURZH 6NáDGD VL RQR ] EODV]NL SODW\QRZHM SRNU\WHM F]HUQL SODW\QRZ

RSáXNLZDQHMJD]RZ\PZRGRUHPSRGFL QLHQLHPVWDQGDUGRZ\P[3DL]DQXU]RQHM

GRUR]WZRUXNZDVXRDNW\ZQR FLMRQyZZRGRURZ\FKUyZQHMMHGQR FLSDWU]U\V6FKHPDW

WDNLHJRSyáRJQLZDPR QD]DSLVDü

3W+

S S

R

_+

2

D __

3U]\M WRXPRZQLH HMHJRSRWHQFMDáMHVWUyZQ\]HUR:]ZL ]NX]W\P
3RWHQFMDáHP GRZROQHJR SyáRJQLZD E G]LHP\ QD]\ZDü VLá HOHNWURPRWRU\F]QD

RJQLZD ]áR RQHJR ] WHJR SyáRJQLZD & MDNR SUDZHJR L VWDQGDUGRZHJR SyáRJQLZD

ZRGRURZHJRMDNROHZHJR

7HUPRG\QDPLNDRJQLZHOHNWURFKHPLF]Q\FK

-H HOL UHDNFMD FKHPLF]QD SU]HELHJD Z RJQLZLH L MH HOL SRWUDILP\

]PLHU]\ü 6(0 WHJR RJQLZD WR ]D SRPRF Z]RUX PR HP\ REOLF]\ü MHM

SRZLQRZDFWZRFKHPLF]QH7 GURJ PR QDZ\]QDF]DüWH SRZLQRZDFWZDVWDQGDUGRZHL

W\P VDP\P VWDáH UyZQRZDJL Uy Q\FK UHDNFML ELHJQ F\FK Z UR]WZRUDFK 3UyF] WHJR ]

SRPLDUyZHOHNWURFKHPLF]Q\FKPR QDZ\]QDF]DüZDUWR FLSU]\URVWyZUyZQLH L LQQ\FK

IXQNFML WHUPRG\QDPLF]Q\FK GOD UHDNFML ELHJQ F\FK Z RJQLZDFK = GHILQLFML

SRZLQRZDFWZDFKHPLF]QHJRZ\QLND H

U

U

$

+ 7 6

'

'

QDWRPLDVW ] UR]ZD D ]ZL ]NyZ SRPL G]\ SRFKRGQ\PL F] VWNRZ\PL IXQNFML

WHUPRG\QDPLF]Q\FKRWU]\PXMHP\

U

S

$

6

7

[

w

§

·

' ¨

¸

w

©

¹

.RU]\VWDM F]W\FK]DOH QR FLL]HZ]RUXPR QD]QDOH üZ\UD HQLDQD *

U

6

U

L +

U

UHDNFMLZRJQLZLH

U

H

*

$

)(

Q

'

U

H

S

(

6

)

7

[

Q

w

§

·

'

¨

¸

w

©

¹

H

S

(

+

) 7

(

7

[

Q

ª

º

w

§

·

'

«

»

¨

¸

w

©

¹

«

»

¬

¼

)XQNFMH *

U

6

U

L +

U

RGQRV] VL RF]\ZL FLHGRUHDNFML]DSLVDQHM]JRGQLH]

NRQZHQFM V]WRNKROPVN :DUWR]DXZD \ü HFLHSáRSRELHUDQHSRGF]DVSUDF\RJQLZDZ

ZDUXQNDFKRGZUDFDOQ\FKQLHMHVWUyZQH +

U

ERZLHP

: =HZ]JO GXQD

RGZUDFDOQR üSURFHVX 6

U

4

U

7L]UyZQDQLDZ\QLND HZW\FKZDUXQNDFK4

U

Y

L

)7˜(˜7

S

*G\RJQLZRZ\NRQXMHVDPRU]XWQLHSUDF LSURFHVWHQMHVW]JRGQ\]NLHUXQNLHP

SU]\M WHMUHDNFMLRJQLZDDSRQDGWR 6!WRRJQLZRRFKáDG]DVL JG\ GRSá\ZFLHSáDRG

RWRF]HQLDPR OLZ\MHVWMHG\QLHSU]\VNR F]RQHMUy QLF\WHPSHUDWXU

3RPLDU\6(0

3RPLDU 6(0 RJQLZD ]JRGQLH ] GHILQLFM WHM ZLHONR FL QDOH \ Z\NRQ\ZDü Z

ZDUXQNDFKEH]SU GRZ\FK1LHPR QDZL FVWRVRZDüWXNRQZHQFMRQDOQ\FKZROWRPLHU]\

SU]H] NWyUH Z WUDNFLH SRPLDUX SU]HSá\ZD ]DZV]H QLHZLHONL SU G HOHNWU\F]Q\ 3RPLDU\

6(0Z\NRQXMHVL Z]ZL ]NX]W\PDOERPHWRG NRPSHQVDFMLDOERHOHNWURPHWU\F]QLH

5\V

6FKHPDWXNáDGXNRPSHQVDF\MQHJR3RJJHQGRUIDGR

SRPLDUyZ6(0

=DVDG PHWRG\ NRPSHQVDF\MQHM 3RJJHQGRUID REMD QLD U\V 1D U\VXQNX W\P

SU]HGVWDZLRQRVFKHPDWQDMSURVWV]HJRNRPSHQVDWRUDSU GXVWDáHJR6NáDGDVL RQ]GZyFK

REZRGyZ : SLHUZV]\P ]DVLODQ\P ] DNXPXODWRUD SU]H] RSRUQLN 5 SU]HSá\ZD SU G R

VWDá\PQDW HQLXL:GUXJLPREZRG]LHZNWyU\P]QDMGXMHVL RJQLZRLJDOZDQRPHWU

GRELHUDP\SRáR HQLHVXZDNDQDRSRUQLNX5

[

WDNE\QLHREVHUZRZDüSU]HSá\ZXSU GX

SU]H]JDOZDQRPHWU=QDM FRSyU5

[

LSU GSá\Q F\ZREZRG]LHDNXPXODWRUDZLHP\MDNL

MHVWVSDGHNQDSL FLDQDRSRU]H5

[

LW\PVDP\PMDNDMHVWVLáDHOHNWURPRWRU\F]QDEDGDQHJR

RJQLZD

(

[

L5

[

3RPLDUQDW HQLDSU GXQLHMHVWNRQLHF]Q\JG\ F] FLHMSRPLDU\NRPSHQVDF\MQH

Z\NRQXMHVL PHWRG SRUyZQDZF] ZGUXJLPGR ZLDGF]HQLXZPLHMVFHEDGDQHJR

RJQLZDZSURZDG]DVL GRREZRGXRJQLZRZ]RUFRZHRGREU]H]QDQHMVLOH

HOHNWURPRWRU\F]QHM(

Q

LGURJ NRPSHQVDFMLXVWDODZDUWR üRSRUX5

Q

QDNWyU\PVSDGHN

QDSL FLDSU]\SU G]LHLMHVWUyZQ\(

Q

6Lá HOHNWURPRWRU\F]Q EDGDQHJRRJQLZDREOLF]DP\

ZyZF]DV]HZ]RUX

[

[

Q

Q

5

(

(

5

=Z\NOHMDNRRJQLZDZ]RUFRZHJRX \ZDVL RJQLZD:HVWRQDRVFKHPDFLH

+J&GZDJ_&G6&

+

2_+J

62

+J

UUQDV\FRQ\

-HJRVLáDHOHNWURPRWRU\F]QDMHVWGREU]HRGWZDU]DOQDLVáDER]DOH \RGWHPSHUDWXU\

Z\QRVLRQD

(

Z

±ÂO

W±±Â

W±

OÂO

W

9

(

Z

ÂO

7±Â

7

7

9

WWHPSHUDWXUDZƒ&7WHPSHUDWXUDDEVROXWQDZ.

3RPLDU\ NRPSHQVDF\MQH FKRü GRNáDGQH PDM V]HUHJ ZDG 'R QDMZD QLHMV]\FK

QDOH \ QLHPR QR ü SRPLDUyZ 6(0 RJQLZ R EDUG]R GX \P RSRU]H ZHZQ WU]Q\P L

WUXGQR FLZDXWRPDW\F]Q\PUHMHVWURZDQLXZ\QLNyZSRPLDUyZ:DGW\FKSR]EDZLRQDMHVW

PHWRGDHOHNWURPHWU\F]QDSROHJDRQDQDSRPLDU]HQDW HQLDSU GXDQRGRZHJRZODPSLH

HOHNWURQRZHM OXE WUDQ]\VWRU]H NWyU\ MHVW VWHURZDQ\ EH]SR UHGQLR SRWHQFMDáHP MHGQHM ]

HOHNWURG RJQLZD JG\ UyZQRF]H QLH GUXJD MHVW X]LHPLRQD 3U G WHQ NWyU\ MHVW Z WDNLP

XNáDG]LHZSURVWSURSRUFMRQDOQ\GR6(0RJQLZD]RVWDMHQDVW SQLHZ]PRFQLRQ\LPR H

E\ü UHMHVWURZDQ\ GRZROQ\P PLHUQLNLHP DQDORJRZ\P OXE F\IURZ\P 3U]\U] G WDNL

E G F\ ]Z\Ná\P ZROWRPLHU]HP HOHNWURQLF]Q\P FKDUDNWHU\]XMH VL EDUG]R GX

UH]\VWDQFM ZHM FLRZ •

Ÿ L W\P VDP\P QLH SRELHUD ] PLHU]RQHJR RJQLZD

SUDNW\F]QLH DGQHJR SU GX ” S$ QDZHW ZyZF]DV JG\ MHJR RSyU ZHZQ WU]Q\ MHVW

SRUyZQ\ZDOQLHGX \3U]\U] G\WHF] VWRV SU]\VWRVRZDQHGRSRPLDUyZS+SU]\X \FLX

VSHFMDOQ\FKRJQLZQSSyáRJQLZRV]NODQHNDORPHORZHOXEGRSRWHQFMRPHWU\F]QHJR

SRPLDUX VW H MRQyZ ]D SRPRF Uy Q\FK MRQRVHOHNW\ZQ\FK HOHNWURG QD]\ZD VL MH

ZyZF]DVS+PHWUDPLOXEMRQRPHWUDPL=DVDGDLFKG]LDáDQLDMHVWLGHQW\F]QDMDN]Z\Ná\FK

ZROWRPLHU]\HOHNWURQLF]Q\FKLPRJ W\PVDP\PVáX \üGRSRPLDUyZ6(0WDN HGRZROQ\FK

LQQ\FKRJQLZ

5RG]DMHSyáRJQLZLLFK]DVWRVRZDQLD

D3yáRJQLZD,URG]DMX

:RJQLZLH'DQLHOODRE\GZDSyáRJQLZDV ]EXGRZDQHZWHQVDPVSRVyE

6NáDGDM VL ]PHWDOX]DQXU]RQHJRZUR]WZRU]HZNWyU\P]QDMGXM VL MRQ\WHJRPHWDOX

6FKHPDWWDNLHJRSyáRJQLZD]DSLVXMHP\

0H

]

_0H

UHDNFMDZQLP]DFKRG] FDWRUHGXNFMDMRQXGRF]\VWHJRPHWDOX

0H

]

]H 0H

] Y

H

DZ\UD HQLHQDSRWHQFMDáWDNLHJRSyáRJQLZDPR QD]DSLVDü

0H

0H _0H

0H _0H

0H

OQ

]

]

=

H

D

57

(

(

Y ) D

†

-H HOLPHWDOMHVWZVWDQLHF]\VW\PWRMHJRDNW\ZQR üMHVWUyZQDMHGQR FLLUyZQDQLH

XSUDV]F]DVL GR

0H _0H

0H _0H

0H

OQ

]

]

=

H

57

(

(

D

Y )

†

3yáRJQLZD , URG]DMX WR QDMSURVWV]H SyáRJQLZD MHGQDN H U]DGNR ]QDMGXM RQH

]DVWRVRZDQLD ,FK JáyZQD ZDGD SROHJD QD W\P H PHWDO ] NWyUHJR VSRU] G]RQD MHVW

HOHNWURGDDE\Z\ND]\ZDáDNW\ZQR üUyZQ MHGQR FLPXVLE\üF]\VW\SR]EDZLRQ\QDSU H

PHFKDQLF]Q\FKDMHJRSRZLHU]FKQLDPXVLE\üSR]EDZLRQDWOHQNyZLLQQ\FK]DQLHF]\V]F]H

RUD] QLH PR H UHDJRZDü ] UR]WZRUHP SR]D UHDNFM XWOHQLHQLD GR ZáD FLZ\FK MRQyZ

:DUXQNLWDNLHV QLH]PLHUQLHWUXGQHRGRVL JQL FLDQSMRQ\PLHG]L,,UHDJXM ]HOHNWURG

PLHG]LDQ

&X

&X &X

LSURFHVWHQELHJQLHD GRRVL JQL FLDVWDQXUyZQRZDJLREXURG]DMyZ

MRQyZGRSLHURZyZF]DVSyáRJQLZRMHVWZUyZQRZDG]HLMHJRSRWHQFMDáGDQ\MHVWZ]RUHP

7DNZL FRWU]\PDQLHVWDELOQHMZDUWR FLSRWHQFMDáXZ\PDJDGáX V]HJRNRQWDNWXPHWDOX

]UR]WZRUHP3U]\QLVNLFKVW HQLDFKMRQyZQDZHWQLHZLHONLHVW HQLHWOHQXZUR]WZRU]H

SRZRGXMH HZáD FLZ\SURFHVHOHNWURGRZ\PR HE\ü]DNáyFRQ\SU]H]UHDNFMHXERF]QHQS

2

+

2

H +

2

LHOHNWURGDWDNDSUDFXMHSRF] FLMDNRHOHNWURGDWOHQRZDMHMSRWHQFMDá]DOH \RGVW HQLD

WOHQXLS+UR]WZRUX-HG\QLHHOHNWURG\DPDOJDPDWRZHPHWDOQLHZ\VW SXMHZVWDQLH

F]\VW\POHF]MDNRVWRS]UW FL ]QDMGXM SUDNW\F]QH]DVWRVRZDQLHPLQOHZHSyáRJQLZRZ

RJQLZLH:HVWRQDMHVWSyáRJQLZHPSLHUZV]HJRURG]DMXLPDDPDOJDPDWRZ HOHNWURG

NDGPRZ 'RSyáRJQLZ,URG]DMX]DOLF]DVL WDN HSyáRJQLZDJD]RZHQSMHVWQLP

SyáRJQLZRZRGRURZHRSLVDQHZUR]G]LDOH

ESyáRJQLZD,,URG]DMX

-H HOLPHWDOWZRU] F\HOHNWURG MHVWSRNU\W\ZDUVWZ MHJR

WUXGQRUR]SXV]F]DOQHMVROLOXE]QDMGXMHVL ZEOLVNLPNRQWDNFLHZUyZQRZDG]H]WDN VRO D

ZUR]WZRU]H]QDMGXM VL DQLRQ\WHM HVROLWZRU]\VL ZWHG\SyáRJQLZRRGZUDFDOQH

Z]JO GHPDQLRQXRVFKHPDFLH

;

]

_0H

Y

;

Y

0H

:WDNLPSyáRJQLZLH]DFKRG]LUHDNFMD

0H

Y

;

Y

Y

H

H YB;

]

Y

0H

Y

H

]YBSRQLHZD ]Z\NOHZZDUXQNDFKGR ZLDGF]HQLD]DUyZQRPHWDOMDNVyO

WUXGQRUR]SXV]F]DOQD]QDMGXM VL ZVWDQLHVWDQGDUGRZ\PD Z\UD HQLHQDSRWHQFMDá

WDNLHJRSyáRJQLZDSU]\ELHUDSRVWDü

; _0H ; 0H

; _0H ; 0H

;

OQ

]

]

]

Y

H

57

(

(

D

Y )

Q

Q

Q

Q

†

˜

6 WRSyáRJQLZDRGX \P]QDF]HQLXSUDNW\F]Q\P&] VWRX \ZDVL LFKMDNRSyáRJQLZ

SRUyZQDZF]\FKZ\ND]XM ERZLHPV]\ENRXVWDODM F\VL LGREU]HRGWZDU]DOQ\SRWHQFMDáQLH

V SU]\W\PWDNZUD OLZHQDREHFQR ü]DQLHF]\V]F]H LWOHQXMDNSyáRJQLZD,URG]DMX'R

QDMEDUG]LHM ]QDQ\FK L QDMF] FLHM X \ZDQ\FK ]DOLF]DP\ SyáRJQLZR FKORURVUHEURZH L

SyáRJQLZRNDORPHORZHRVFKHPDWDFK

&O

±

_$J&O$JSyáRJQLZRFKORURVUHEURZH

&O

±

_+J

&O

+JSyáRJQLZRNDORPHORZH

3yáRJQLZR NDORPHORZH Z\SHáQLD VL F] VWR QDV\FRQ\P UR]WZRUHP .& MHJR

SRWHQFMDáZ.Z\QRVLZyZF]DV9:RJQLZLH:HVWRQDSUDZHSyáRJQLZR

MHVW SyáRJQLZHP GUXJLHJR URG]DMX VSRW\NDP\ MH WH QS Z DNXPXODWRU]H RáRZLRZ\P

&LHNDZ\PSyáRJQLZHP,,URG]DMXMHVWSyáRJQLZRDQW\PRQRZHRVFKHPDFLH+

2

_6E

2

6E NWyUH MHVW RGZUDFDOQH Z]JO GHP MRQyZ ZRGRURZ\FK -HVW RQR GR G]L X \ZDQH GR

SRPLDUyZ S+ V]F]HJyOQLH WDP JG]LH VWRVRZDQLH V]NODQHM HOHNWURG\ SRPLDURZHM MHVW

QLHEH]SLHF]QH QS Z Sá\QDFK XVWURMRZ\FK %XGRZD L Z\JO G ]HZQ WU]Q\ Uy Q\FK

SyáRJQLZMHVWSRND]DQDQDU\V

,VWQLHM UyZQLH SyáRJQLZD WU]HFLHJR URG]DMX Z NWyU\FK PHWDO SRNU\W\ MHVW GZRPD

VRODPL R ZVSyOQ\P DQLRQLH QS &D

_ &D62

3E62

3E QLH ]QDOD]á\ RQH MHGQDN GRW G

DGQHJRSUDNW\F]QHJR]DVWRVRZDQLD

FSyáRJQLZDUHGRNV

3yáRJQLZD RNV\GDF\MQRUHGXNF\MQH Z VNUyFLH ]ZDQH UHGRNV WR WDNLH Z NWyU\FK

]DUyZQR IRUP XWOHQLRQ MDN L ]UHGXNRZDQ VWDQRZL VNáDGQLNL UR]WZRUX (OHNWURGD MHVW

Z\NRQDQD ] PHWDOX RERM WQHJR F] VWR ] SODW\Q\ OXE JUDILWX L VáX \ MHG\QLH GR

GRSURZDG]DQLDOXERGSURZDG]DQLDHOHNWURQyZ:RJQLZLH%U\VORSLVDQ\PQDSRF] WNX

UR]G] RE\GZD SyáRJQLZD V SyáRJQLZDPL RNV\GDF\MQRUHGXNF\MQ\PL 6FKHPDW\F]QLH

]DSLVXMHP\MH

2;

=RNV

5('

=UHG

_3W

UHDNFM SU]HELHJDM F ZWUDNFLHSUDF\WDNLHJRSyáRJQLZDPR QD]DSLVDü

Y

RNV

2;

=RNV

Y

H

H Y

UHG

5('

=UHG

Y

RNV

]

RNV

±Y

UHG

]

UHG

Y

H

Z\UD HQLHQDSRWHQFMDáWDNLHJRSyáRJQLZDSU]HGVWDZLDVL

QDVW SXM FR

5('

2;

2; 5('

_3W

2; 5('

_3W

OQ>

@

UHG

R[

]

]

]

]

R[

UHG

R[

UHG

H

57

(

(

D

D

Y )

Q

Q

†

3yáRJQLZD WH PDM ]DVWRVRZDQLH JáyZQLH Z PLDUHF]NRZHM DQDOL]LH

SRWHQFMRPHWU\F]QHM3U]HGZSURZDG]HQLHPGRSRZV]HFKQHJRX \WNXHOHNWURG\V]NODQHMGR

SRPLDUyZS+X \ZDQRF] VWRSyáRJQLZDFKLQK\GURQRZHJRRVFKHPDFLH

&

+

2

&

+

2+

+

2

_3W

FKLQRQK\GURFKLQRQ

2JQLZD]SU]HQRV]HQLHPLEH]SU]HQRV]HQLDSRWHQFMDáG\IX]\MQ\LSRWHQFMDá

PHPEUDQRZ\'RQDQD

=WHRULLRJQLZHOHNWURFKHPLF]Q\FKQLHZ\QLNDNRQLHF]QR üVWRVRZDQLDSR UHGQLHJR

HOHNWUROLWXRERM WQHJRNOXF]DHOHNWUROLW\F]QHJRGRUR]G]LHODQLDGZyFKSyáRJQLZ2E\GZD

UR]WZRU\PRJá\E\NRQWDNWRZDüVL ]HVRE EH]SR UHGQLRQSSRSU]H]SRURZDW SU]HJURG

V]NODQ NWyUD ]DSRELHJDáDE\ MHG\QLH PLHV]DQLX VL UR]WZRUyZ : Z\QLNX MHGQDN

EH]SR UHGQLHJRNRQWDNWXGZyFKUR]WZRUyZQDVW SXMH]DZV]HSURFHVG\IX]ML3RV]F]HJyOQH

MRQ\ SRVLDGDM ]D]Z\F]DM RGPLHQQH ZVSyáF]\QQLNL G\IX]ML L W\P VDP\P LFK V]\ENR ü

G\IXQGRZDQLDMHVWUy QD=UHODFML(LQVWHLQD

_ _

L

L

L

N7X

'

] H

'

L

ZVSyáF]\QQLN G\IX]ML LWHJR MRQX X

L

MHJR UXFKOLZR ü -H HOL NDWLRQ\ REHFQH Z

UR]WZRU]HE G PLDá\LQQHZVSyáF]\QQLNLG\IX]MLQL DQLRQ\WRQDJUDQLF\UR]WZRUyZMRQ\

UXFKOLZV]HE G ÄZ\SU]HG]ü´PQLHMUXFKOLZHLZ\VW SLGRGDWNRZ\SRWHQFMDá]ZDQ\SRWHQ

FMDáHP G\IX]\MQ\P NWyU\ VXPXMH VL ] VLá HOHNWURPRWRU\F]Q RJQLZD $E\ ZL F

]PLQLPDOL]RZDüSRWHQFMDáG\IX]\MQ\NRU]\VWQLHMHVWSU]HG]LHOLüUR]WZRU\RE\GZXSyáRJQLZ

WDNLP HOHNWUROLWHP NWyUHJR UXFKOLZR FL NDWLRQyZ L DQLRQyZ V MHGQDNRZH D VW HQLH

GRVWDWHF]QLH GX H WDN E\ R SRWHQFMDOH QD JUDQLFDFK UR]WZRUyZ GHF\GRZDáD G\IX]MD WHJR

ZáD QLHHOHNWUROLWX:DUXQNLWDNLHVSHáQLDM GR üGREU]HVW RQHUR]WZRU\.&OL1+

12

D

QLHFRJRU]HM.12

'ODWHJRGRZ\SHáQLDQLDNOXF]\HOHNWUROLW\F]Q\FKX \ZDVL QDMF] FLHM

QDV\FRQ\FK UR]WZRUyZ W\FK VROL 3RWHQFMDá G\IX]\MQ\ PR QD Z\]QDF]Dü ] Uy QLF\ 6(0

GZyFKRJQLZ]NWyU\FKZMHGQ\P]DVWRVRZDQRNOXF]HOHNWUROLW\F]Q\DZGUXJLPUR]WZRU\

REXSyáRJQLZVW\NDM VL ]HVRE EH]SR UHGQLR'ODSURVW\FK SU]\SDGNyZ JG\ PDP\ GR

F]\QLHQLDZRJQLZLH]GZRPDLGHQW\F]Q\PLSyáRJQLZDPLUy QL F\PLVL MHG\QLHVW HQLHP

RJQLZDWDNLHQD]\ZDP\RJQLZDPLVW HQLRZ\PLRUD]JG\ZUR]WZRU]HZ\VW SXM MRQ\

MHGQRZDUWR FLRZH]

]B MDNQSZRJQLZLH$J$J&O_&O

0H

D

&O

0H

D

_

$J&O$JSRWHQFMDáG\IX]\MQ\PR QDREOLF]\ü]HZ]RUX+HQGHUVRQD

OQ

D

D

)

57

X

X

X

X

(

G\I

˜

'ODRJQLZDVW HQLRZHJR]DRSDWU]RQHJRZNOXF]HOHNWUROLW\F]Q\6(0Z\QLNDM FD]H

Z]RUX1HUQVWDZ\QLHVLH

OQ

D

D

)

57

(

1HU

: RJQLZLH ZNWyU\P UR]WZRU\ REX SyáRJQLZ VW\NDM VL EH]SR UHGQLR U]HF]\ZLVWD

ZDUWR ü6(0MHVWVXP QHUQVWRZVNLHM6(0LSRWHQFMDáXG\IX]\MQHJR

OQ

OQ

1HU

'\I

X

D

D

57

57

( (

(

W

X X )

D

)

D

W

L

±OLF]EDSU]HQRV]HQLDLWHJRMRQXWXNDWLRQX

2JQLZD]DRSDWU]RQHZNOXF]HOHNWUROLW\F]Q\LRJQLZD]SRURZDW SU]HJURG G]LHO F

UR]WZRU\SyáRJQLZQRV] QD]Z RJQLZ]SU]HQRV]HQLHP

,QQH ]MDZLVNR REVHUZXMH VL JG\ PL G]\ GZD SyáRJQLZD ZSURZDG]LP\ EáRQ

SyáSU]HSXV]F]DOQ WM WDN SU]H] NWyU PRJ VZRERGQLH G\IXQGRZDü W\ONR MRQ\ MHGQHJR

URG]DMX SRGF]DV JG\ ZV]\VWNLH LQQH MRQ\ D WDN H GURELQ\ UR]SXV]F]DOQLND V

]DWU]\P\ZDQH $E\ ]DFKRZDQ\ ]RVWDá VWDQ UyZQRZDJL Z RJQLZLH G\IX]MD MRQyZ

SU]HQLNDM F\FK PHPEUDQ PXVL ]RVWDü ]DWU]\PDQD JG\ QD PHPEUDQLH Z\LQGXNXMH VL

RGSRZLHGQL SRWHQFMDá ]ZDQ\ SRWHQFMDáHP PHPEUDQRZ\P OXE SRWHQFMDáHP 'RQDQD

3RWHQFMDáPHPEUDQRZ\MHVWW\PZL NV]\LPEDUG]LHMVW HQLDMRQXG\IXQGXM FHJRSRREX

VWURQDFKPHPEUDQ\Uy QL VL PL G]\VRE 2NUH ODWRZ]yU'RQDQD

:SU]\SDGNX]DVWRVRZDQLDPHPEUDQ\SyáSU]HSXV]F]DOQHMGRFKRG]LGRXVWDOHQLDVL VWDQXUyZQRZDJL

SRGF]DVJG\SU]\X \FLXSU]HJURG\SRURZDWHMG]LHO FHMSyáRJQLZDG\IX]MDFDá\F]DVELHJQLHLXVWDODVL

MHG\QLHVWDQVWDFMRQDUQ\

OQ

0HPE

H

D

57

(

Y ) D

=MDZLVNR WR MHVW Z\NRU]\VWDQH SU]\ EXGRZLH W]Z MRQRVHOHNW\ZQ\FK HOHNWURG

PHPEUDQRZ\FK 1DMF] FLHM VWRVRZDQ HOHNWURG PHPEUDQRZ MHVW HOHNWURGD V]NODQD

VNRQVWUXRZDQDZUSU]H]+DEHUDL.OHPHQVLHZLF]DREHFQLHSRZV]HFKQLHVWRVRZDQDGR

SRPLDUyZ S+ 6NáDGD VL RQD ] UXUNL V]NODQHM ]DNR F]RQHM FLHQNR FLHQQ EDQLHF]N

Z\SHáQLRQ NZDVHP VROQ\P Z NWyU\P ]DQXU]RQ\ MHVW GUXW VUHEUQ\ SRNU\W\ $J&O SDWU]

U\V 3U]H] V]NODQ PHPEUDQ PRJ G\IXQGRZDü MHG\QLH MRQ\ ZRGRURZH G\IX]MD

MRQRZ\PLHQQD-H HOLWDNVNRQVWUXRZDQ HOHNWURG ]DQXU]\P\GRUR]WZRUXZRGQHJRXVWDOL

VL QD QLHM SHZLHQ SRWHQFMDá NWyU\ PR H E\ü ]PLHU]RQ\ MH HOL Z EDGDQ\P UR]WZRU]H

XPLH FLP\ HOHNWURG SRUyZQDZF] R VWDá\P SRWHQFMDOH QS SyáRJQLZR NDORPHORZH

Z]JO GHPNWyUHMPLHU]\üE G]LHP\SRWHQFMDáGUXFLNDVUHEUQHJR]QDMGXM FHJRVL ZHZQ WU]

EDQNLV]NODQHM2JQLZRNWyUHSRZVWDQLHPR QD]DSLVDüVFKHPDWHP

+J+J

&O

_.&O

QDV\F

__+

2

D

[

+

2

&OD

+&O

_$J&O$J

UUEDGDQ\PHPEUDQD

V]NODQH

(OHNWURG\ V]NODQH SRVLDGDM VWRVXQNRZR GX UH]\VWDQFM L GODWHJR GRSLHUR SR

XGRVNRQDOHQLX SU]\U] GyZ SRPLDURZ\FK ]QDOD]á\ SRZV]HFKQH ]DVWRVRZDQLH REHFQLH

HOHNWURG V]NODQ L SyáRJQLZR SRUyZQDZF]H F] VWR PRQWXMH VL ZH ZVSyOQHM REXGRZLH

V]NODQHM WDNL XNáDG HOHNWURG VWDQRZL F\ RJQLZR SRPLDURZH QD]\ZD VL HOHNWURGD

]HVSRORQ 6LáD HOHNWURPRWRU\F]QD WDNLHJR RJQLZD MHVW VXP 6(0 RJQLZD ]áR RQHJR ]

SyáRJQLZD NDORPHORZHJR L SyáRJQLZD FKORURVUHEURZHJR RUD] SRWHQFMDáX PHPEUDQRZHJR

GDQHJRZ]RUHPZNWyU\PD

LD

V DNW\ZQR FLDPLMRQyZZRGRURZ\FKZHZQ WU]EDQNL

V]NODQHMLZEDGDQ\PUR]WZRU]H3RQLHZD XMHPQ\ORJDU\WPDNW\ZQR FLMRQyZZRGRURZ\FK

MHVWUyZQ\S+6(0SRZ\ V]HJRRJQLZDZ\UD]LVL Z]RUHP

( (±NS+

VWDáD(MHVWWRW]ZSRWHQFMDáDV\PHWULLNWyU\]DZLHUDZV]\VWNLHZDUWR FLVWDáH1DZDUWR ü(

PDM ZSá\ZSRWHQFMDá\SyáRJQLZNDORPHORZHJRLFKORURVUHEURZHJRZHZQ WU]EDQNLV]NODQHM

RUD]S+UR]WZRUXZHZQ WU]QHJRGRELHUDQHJR]Z\NOHWDNE\SRWHQFMDáHOHNWURG\V]NODQHME\á

UyZQ\ SRWHQFMDáRZL HOHNWURG\ RGQLHVLHQLD ZWHG\ JG\ V RQH ]DQXU]RQH GR UR]WZRUX R

S+ :VSyáF]\QQLNNR]QDF]DQ\WH MDNR6

R

MHVWRQDFK\OHQLHPFKDUDNWHU\VW\NLHOHNWURG\

V]NODQHMLMHVWZSU]\EOL HQLXUyZQ\57)2LOHZDUWR üNMHVW]Z\NOHEDUG]R]EOL RQD

GR WHRUHW\F]QHM WURFK PQLHMV]D WR ZDUWR FL ( PRJ Uy QLü VL GOD SRV]F]HJyOQ\FK

HJ]HPSODU]\ HOHNWURG V]NODQ\FK QDZHW R NLONDQD FLH PLOLZROWyZ 'ODWHJR SU]HG

SU]\VW SLHQLHPGRSRPLDUyZS+WU]HED]DZV]HSU]HSURZDG]LüNDOLEUDFM X \ZDQHJR]HVWDZX

HOHNWURGHOHNWURG\]HVSRORQHMSU]\QDPQLHMZ]JO GHPMHGQHJRUR]WZRUXEXIRURZHJRRS+

PR OLZLH EOLVNLP E\ ]QDOH ü ZDUWR ü ( WHFKQLF]QH SRPLDU\ S+ 3U]\ SRPLDUDFK

GRNáDGQ\FK ODERUDWRU\MQH SRPLDU\ S+ NRQLHF]QH MHVW VWRVRZDQLH NDOLEUDFML Z]JO GHP

GZyFKUR]WZRUyZEXIRURZ\FKE\]QDüGRNáDGQ FKDUDNWHU\VW\N XNáDGXSRPLDURZHJRSDWU]

Z]yU 7\SRZD FKDUDNWHU\VW\ND 6(0 ]HVWDZX HOHNWURGD V]NODQDNDORPHORZD OXE

HOHNWURGD]HVSRORQDZIXQNFMLS+ZUy Q\FKWHPSHUDWXUDFKMHVWSRND]DQDQDU\V

5\V

7\SRZD]DOH QR ü(RGS+RJQLZD]EXGRZDQHJR]HOHNWURG\V]NODQHMLSyáRJQLZDNDORPHORZHJR3RND]DQRWX

FKDUDNWHU\VW\NLRGSRZLDGDM FHWU]HPUy Q\PWHPSHUDWXURP

,QQH HOHNWURG\ PHPEUDQRZH MRQRVHOHNW\ZQH ] PHPEUDQDPL VWDá\PL ]Z\NOH

KDORJHQNLVUHEUDSROLPHURZ\PLV]F]HSLRQHSROLPHU\MRQRZ\PLHQQHRUD]SyáSá\QQ\PL

HOHDNW\ZRZDQHHQ]\PDPL]QDMGXM FRUD]V]HUV]H]DVWRVRZDQLDZFKHPLLDQDOLW\F]QHML

RFKURQLH URGRZLVND &]DVHP V RQH WH EXGRZDQH MDNR HOHNWURG\ ]HVSRORQH ]

SyáRJQLZHPRGQLHVLHQLD

1LHNWyUH RJQLZD PR QD ]EXGRZDü Z WDNL VSRVyE DE\ RE\GZLH HOHNWURG\ E\á\

]DQXU]RQHZMHGQ\PLW\PVDP\PUR]WZRU]HZWHG\QLHZ\VW SXMHDQLSRWHQFMDáG\IX]\MQ\

DQL W\P EDUG]LHM PHPEUDQRZ\ -HVW WR PR OLZH JG\ MHGQD ] HOHNWURG MHVW RGZUDFDOQD

Z]JO GHP DQLRQX D GUXJD Z]JO GHP NDWLRQX HOHNWUROLWX Z\SHáQLDM FHJR RJQLZR 7DNLH

RJQLZDQD]\ZDP\RJQLZDPLEH]SU]HQRV]HQLD7\SRZ\PRJQLZHPEH]SU]HQRV]HQLDMHVW

QS RJQLZR :HVWRQD 2JQLZD EH] SU]HQRV]HQLD ]QDMGXM ]DVWRVRZDQLH SU]\ Z\]QDF]DQLX

UHGQLFK ZVSyáF]\QQLNyZ DNW\ZQR FL ERZLHP LFK VLáD HOHNWURPRWRU\F]QD MHVW ZSURVW

]DOH QDRG UHGQLHMDNW\ZQR FLHOHNWUROLWXZUR]WZRU]HF]\OLLORF]\QX UHGQLHMPRODOQR FL

HOHNWUROLWX L UHGQLHJR ZVSyáF]\QQLND DNW\ZQR FL -HG\QLH ZVSyáF]\QQLNL DNW\ZQR FL

Z\]QDF]RQHW GURJ PDM VHQVIL]\F]Q\2JQLZDEH]SU]HQRV]HQLDPR QDEXGRZDüWDNE\

RE\GZLHHOHNWURG\E\á\RGZUDFDOQHZ]JO GHPWHJRVDPHJRMRQX6(0WDNLHJRRJQLZDQLH

]DOH \ZWHG\RGVW HQLDUR]WZRUXVSUyEXMSRGDüSU]\NáDG

5\V

%XGRZDQLHNWyU\FKSyáRJQLZ$±3yáRJQLZRZRGRURZH±EODV]ND3WSRNU\WDF]HUQL %±SyáRJQLZR

NDORPHORZH±SU]HJURGDSRURZDWD±QDV\FRQ\.&O±ILOWUV]NODQ\±SDVWD+J

&O

+J.&O±

+J±GUXW3W&±3yáRJQLZRFKORURVUHEURZH]SRGZyMQ\PNOXF]HP±SU]HJURGDSRURZDWD±NOXF]

]HZQ WU]Q\±NOXF]ZHZQ WU]Q\±HOHNWURGD$J$J&O'±3yáRJQLZRV]NODQH±ED NDV]NODQD±

UR]WZyU+&O±HOHNWURGD$J$J&O(±±HOHNWURGDÄ]HVSRORQD´±HOHNWURGDSRUyZQDZF]D$J$J&O

±UR]WZyUQDV\F.&O±SU]HJURGDSRURZDWD±UR]WZyU+&O±HOHNWURGDSRPLDURZD$J$J&O±

PHPEUDQDV]NO)±MRQRVHOHNW\ZQDHOHNWURGDFKORUNRZD±PHPEUDQD$J&O±HOHNWURGD$J$J&O±

UR]WZyU.&O

1DU\VSRND]DQREXGRZ Uy Q\FKSyáRJQLZVWRVRZDQ\FKZSRPLDUDFK

HOHNWURFKHPLF]Q\FKDQDU\VDEXGRZ RJQLZD:HVWRQD

5\VD2JQLZR:HVWRQD

3HáQ\]DNUHVZLDGRPR FL]HOHNWURFKHPLLPR QD]QDOH üZSRGU F]QLNDFK

.3LJR =5X]LHZLF]&+(0,$),=<&=1$3:1:DUV]DZDF]OVWU
5$$OEHUW\3+<6,&$/&+(0675<-:LOH\6RQV1HZ<RUNS
3:$WNLQV3+<6,&$/&+(0,675<$FDG3UHVVS

=DNáDGDP\ HVWXGHQFLPDM MX XWUZDORQHZLDGRPR FL]WHUPRG\QDPLNLFKHPLF]QHM

Z]DNUHVLHZ\PDJDQ\PGR]DOLF]HQLDNXUVX&KHPLDIL]\F]QD,6\PEROHLZ]RU\]DPLHV]F]RQHZ
WHMLQVWUXNFMLV ]JRGQH]SRGU F]QLNLHP3LJRQLDL5X]LHZLF]DSR]O