6&(1$5,86=,035(=<52'2:,6.2:(-

32:,7$1,(:,261<

&HOH

3RGWU]\PDQLHWUDG\FMLOXGRZ\FK

,QWHJUDFMDXF]QLyZVSRáHF]QRFLV]NROQHMLSU]HGV]NROQHM

.V]WDáWRZDQLHXPLHM WQRFL]JRGQHM]DEDZ\RUD]SRPRF\ZJUXSDFK

.V]WDáWRZDQLHXPLHM WQRFLREVHUZDFML]PLDQZSU]\URG]LHZ]ZL]NX]SRUDPLURNX

3U]\JRWRZDQLHGRLPSUH]\

6SRU]G]HQLHNXNá\0DU]DQQ\VWURMXZLRVQ\JDLND]LHORQHJR

2SUDFRZDQLHVFHQDULXV]DLPSUH]\

5R]PRZD]G]LHüPLQDWHPDWFHOXZ\FLHF]NL2PyZLHQLH]DVDG%+3QDGURG]HL

SRGF]DVSDOHQLD0DU]DQQ\

3U]HELHJLPSUH]\

3U]HPDUV]EDUZQ\PSRFKRGHPSRRVLHGOX

6SDFHUQDSREOLVNSRODQN

3R]QDMP\VL 3URZDG]FDUR]GDMHG]LHFLRPNDUWHF]NLVDPRSU]\OHSQHZF]WHUHFK

NRORUDFK3URVLRZSLVDQLHVZRMHJRLPLHQLDG]LHFLRP]SU]HGV]NRODSRPDJDM

XF]QLRZLH]NODV,,,DQDVW SQLHXPLHV]F]HQLHMHM]OHZHMVWURQ\JyUQHMF] FL

XEUDQLD

&]DURG]LHMVND%UDPD8F]HVWQLF\ZFKRG]QDSRODQ SU]H]WXQHOXWZRU]RQ\SU]H]

G]LHFLV]XNDMFMHGQRF]HQLHNOXF]\NDGREUDP\']LHFNRNWyUHJR]QDOD]áR

RWU]\PDáRIXQNFM VWUy*DSRODQ\

=DEDZDSRZLWDOQDZNU JX:LWDPW\FKNWyU]\

OXELZLRVQ

OXELSWDNL

]ZLHU] WD

NZLDW\

GREU]DEDZ

-HOLXF]HVWQLN]DEDZ\SRF]XMHVL SRZLWDQ\Z\NRQDQDVW SQHUXFK\UD]\NODQL FLHR

NRODQRUD]\NODQL FLHZU FHRNU]\N]Z\VNRNLHPZJyU +HM

=DEDZD&HEXOD8F]HVWQLF\VWRMSDUDPLWZDU]GRVLHELHWZRU]FGZDNRáD

ZHZQ WU]QHL]HZQ WU]QH3URZDG]F\SRGDMHSROHFHQLDQSPyZLP\VZRMHLPL

ZLWDP\VL SRMDSRVNXPyZLP\MDNLNZLDWOXELP\3RND*G\PZ\NRQDQLX]DGDQLD

NRáRZHZQ WU]QHSU]HVXZDáRVL RMHGQRVRE ZSUDZR

=DEDZD,PSXOV\']LHFLELHJDMSRSRODQFH1DV\JQDáJZL]GND]DWU]\PXMVL

3URZDG]FDSRGDM SROHFHQLDSU]HVNDNXMHP\SU]H]NDáX*HGRELHUDP\VL SDUDPL

VWDMHP\QDSUDZHMQRG]HLWS

6SDOHQLH0DU]DQQ\

']LHFLZRáDMFKyUHP

:LRVQR*G]LHMHVWH"=ODVXQDGFKRG]LRGSRZLHG(

7XWDM'DOHMWRF]\VL QDVW SXMF\GLDORJ

=DSUDV]DP\FL GRQDV

&KFLDáDE\PSU]\MüDOHZSREOL*X]DF]DLáDVL 0DU]DQQDPyMZUyJPLHUWHOQ\

7RFRPDP\]URELü"

2GQDOH(üLVSDOLü]LPXVD

']LHFLELHJQV]XNDü2GQDMGXM0DU]DQQ L]RNU]\NLHPSUHF]]QDV]HJRJURQDQLH

FKFHP\MX*]LPQDZ\QRVL *HJQDP\FL ZU]XFDMMGRRJQLVND

3RGSDOHQLHVáRPLDQHMNXNá\8F]HQQLFDZ\JáDV]DZLHUV]

0DU]DQQR0DU]DQQRW\]LPRZDSDQQR

:RJLHFL U]XFDP\ERZLRVQ ZLWDP\

ODGDPLZLRVQ\3RV]F]HJyOQHJUXS\G]LHFLGRELHUDMVL ZHGáXJNRORUXNDUWHF]NL

V]XNDMR]QDNZLRVQ\3RPLQXWDFK]GDMVSUDZR]GDQLH]SRF]\QLRQ\FK

REVHUZDFML

=DSURV]HQLH:LRVQ\´SU]H]Z\EUDQJUXS

3URE\SRGDGUHVHP:LRVQ\6SRWNDQLH:LRVQ\RND]MDU]DGND$:LRVQDMDN

ZLDGRPRPDZSá\ZZV] G]LHMHVWSUDZLHZV]HFKPRFQD0R*HVSHáQLQDV]HSURE\"

$ZL F:LRVQRVSUDZSURE\G]LHFL

1DV]H]RERZL]DQLD1RWDNDOHP\WH*FRPXVLP\]URELü-HVWZLHWQDRND]MDDE\

:LRQLHFRPLáHJRMHMVHUFXRELHFDü]RERZL]DQLDG]LHFL

1LHVSRG]LDQNLQDOHQHMSRODQLH

x

3U]HMFLHSU]H]U]HF]N &]WHU\JUXS\SRNRQXMU]HN ´NWyUZ\]QDF]DM

GZLHUyZQROHJáHOLQLHRGGDORQHRGVLHELHRNURNyZ=U]HNLZ\VWDM

NDPLHQLHW]QNyáNDZWDNLFKRGOHJáRFLDFKDE\PR*QDE\áRVNRF]\ü]

MHGQHJRQDGUXJL']LHFLSU]HSUDZLDMVL SU]H]U]HN VNDF]F]NDPLHQLDQD

NDPLH1LHPRJZSDü´GRZRG\W]QQLHZROQRLPSU]HNURF]\üOLQLLNyá

x

:LDGRPRüZNRSHUFLH']LHFLRWU]\PXM]DODNRZDQNRSHUW ZNWyUHM

]QDMGXMVL ]DGDQLDGODSRV]F]HJyOQ\FKJUXS

x

8ZDJD6WUDV]\GáR$E\JUXS\PRJá\GRMüGRZ\]QDF]RQHJRPLHMVFDPXV]

Z\NRQDüWU]\SROHFHQLD6WUDV]\GáDQSXáR*\üZLHUV]]DSLHZDüSLRVHQN

SRGDURZDü]QDOH]LRQ\SRGURG]HSUH]HQW´

x

6]XNDQLHVNDUEX=DGDQLHPG]LHFLMHVWRGQDOH]LHQLHXPLHV]F]RQ\FKQD

GU]HZDFKVWU]DáHNQDNWyU\FKZ\SLVDQRF\IU\RGGR6WU]DáNLGRSURZDG]

GRPLHMVFD]QDSLVHPVNDUE

3R*HJQDQLH3U]HMFLHSU]H]&]DURG]LHMVN%UDP ]ZUyFHQLHNOXF]DSU]H]VWUy*D

SRODQ\,QIRUPDFMD]ZURWQD1LHGRNRF]RQH]GDQLD']LVLHMV]HVSRWNDQLHE\áR

,VNLHUNDSU]\MD(QL']LHFLVWRMZNU JX3URZDG]FDSU]HND]XM XFLVNGáRQLRVRELH

VWRMFHMSRMHMSUDZHMVWURQLHWDRVREDNROHMQHMGRPRPHQWXD*SRF]XMHXFLVNGáRQL]

OHZHMVWURQ\7R]QDN*HLVNLHUNDSU]\MD(QLSRáF]\áDQDV

3RZUyWGRSU]HGV]NRODLV]NRá\]:LRVQ´]HSLHZHP

$11$.8/&=<&.$

(:$/,62:6.$

1$8&=<&,(/.,.6=7$à&(1,$=,17(*52:$1(*2

63

Z'%52:,(*Ï51,&=(-