6&(1$5,86==$- û=,17(*52:$1<&+:./$6,(,,

7(0$7:,26(11$:<35$:$

&(/(

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

%XG]HQLH]DLQWHUHVRZDSU]\URGQLF]\FK

'R]QDQLHSU]\MHPQRFLUDGRFLUR]OX(QLHQLDUHODNVXUR]áDGRZDQLDQDSL FLD

.V]WDáWRZDQLHXPLHM WQRFLZVSyáG]LDáDQLDLSDUWQHUVWZD

:\UDELDQLHZUD*OLZRFLHVWHW\F]QHM

5R]XPLHQLHSRWU]HE\WURVNLRURGRZLVNR

0LHMVFHOHQDSRODQDRJUyGNLG]LDáNRZH

2UJDQL]DFMDVSRWNDQLD

=ELyUNDSU]HGEXG\QNLHPV]NRá\RJRG]8F]QLRZLHZ\SRVD*HQLZSOHFDNL

QRWHV\SU]\U]G\XáDWZLDMFHSRGSDWU\ZDQLHSU]\URG\OXSDORUQHWND

6SDFHUQDSREOLVNSRODQN

:LRVQDZRJUyGNXG]LDáNRZ\P

3RZUyWGREXG\QNXV]NRá\RJRG]

=DM FLDSURZDG]RQHZSOHQHU]H

3RQLHZD*QLHGDOHNRV]NRá\ZNWyUHMSUDFXMHP\PDPG]LDáN UHNUHDF\MQSRVWDQRZLá\P\

SU]HSURZDG]Lü]DM FLDZLQQ\PPLHMVFXQL*V]NRáD8F]QLRZLHZ\SRVD*HQLZSOHFDNLL

DNFHVRULDSRWU]HEQHGRREVHUZDFMLSU]\URG\]RJURPQQLHFLHUSOLZRFLF]HNDOLSU]HG

EXG\QNLHPV]NRá\6SDFHUNLHPXGDOLP\VL GRSREOLVNLHJRODVNX7DP]DWU]\PDOLP\VL QD

OHQHMSRODQLH

3U]HELHJ]DM ü

3RZLWDQLHQDOHQHMSRODQLH8F]QLRZLHXWZRU]\OLNRáRSRF]\PSU]HND]DáDPLVNLHUN

QDMEOL*V]HMRVRELHVWRMFHMSRPRMHMSUDZHMVWURQLH3RGáX*V]HMFKZLOLSRF]XáDPGRWNQL FLH

GáRQLWR]QDN*HLVNLHUNDSU]\MD(QLSRáF]\áDQDV

x

:W\PV]F]HJyOQ\PGQLXNWyU\MHVWZ\MWNRZ\GOD'EURZ\SRQLHZD*MHVWHP\

ZV]\VF\UD]HPZLWDPWHG]LHFLNWyUH

OXELNRORU]LHORQ\

SLHV]HZ GUyZNL

SLHZSWDNyZ

FLHSá\ZLHWU]\N

NRFKDMSU]\URG

']LHFLNWyUHSRF]Xá\VL SRZLWDQHZ\NRQ\ZDá\GZDNURNLGRW\áXLSL NQLHNáDQLDá\VL

ZLWDMFSU]\URG ZRNyáQDV

:RUHN]QLHVSRG]LDQNDPL']LHFLORVRZDá\NRORURZHEDORQLNL'RELHUDá\VL ZJUXS\

ZHGáXJNRORUyZ1DVW SQLHQDGPXFKLZDá\EDORQLNL%DORQLNLQDGPLHUQLHQDGPXFKDQH

S NDá\Z\V\SXMFNDUWHF]NL]]DGDQLDPLGODSRV]F]HJyOQ\FKJUXS

']LHFLUR]ELHJDá\VL ZUy*Q\FKNLHUXQNDFKZSRV]XNLZDQLXZLRVQ\´,WDNQSJUXSD

]LHORQ\FKEDORQLNyZ´REVHUZRZDáDUROLQ\F]HUZRQ\FK´]ZLHU] WD*yáW\FK´RGJáRV\

SU]\URG\$E\GRNáDGQLHMSRGSDWU]HüSRGSDWU]\üEXG]FVL GR*\FLDSU]\URG

XF]QLRZLHSRVáXJLZDOLVL OXSLORUQHWN:V]HONLHFLHNDZRVWNLSU]\URGQLF]H

RGQRWRZ\ZDOLZ']LHQQLF]NDFKREVHUZDFML3RPLQXWDFK]GDZDOLVSUDZR]GDQLH]

SRF]\QLRQ\FKREVHUZDFML

=DEDZD:VáXFKDMVL ZFLV] LSRZLHG]FRVá\V]\V]"´']LHFL]DP\NDMRF]\PLONQ

3RFKZLOLZ\SRZLDGDMVL FRXVá\V]Dá\ZSU]\URG]LHV]HOHVWVWXNDQLHSLHZSWDNyZ

LWS

*U\GUDPRZH*G\E\GU]HZRXPLDáRPyZLü´8F]QLRZLHZ\ELHUDMVZRMH´GU]HZR

GRNWyUHJRSU]\NáDGDMXFKR3U]\VáXFKXMVL MDNELMHVHUFHSU]\URG\DQDVW SQLH

Z\SRZLDGDMVL ZLPLHQLXGU]HZD´

=ELHUDQLHRND]yZSU]\URGQLF]\FK8F]QLRZLH]ELHUDMáRG\*NLOLFLHNZLDW\JDá]NL

SLyUNDSDW\F]NLDE\Z\NRQDüZLRVHQQNRPSR]\FM ZV]NROH

3UH]HQWDFMDUXFKHP8F]QLRZLHSUH]HQWXMUXFKHPZLDW]ZLHU]WLUROLQNWyU\

REVHUZRZDá\

:LRVHQQ\NRQFHUW8F]QLRZLHSU]\JRWRZXM]WUDZ\LQVWUXPHQWGRJZL]GDQLD

:\ELHUDMSáDVNLOLüWUDZ\3U]\WU]\PXMNFLXNDPLPRFQRQDFLJDMFSRF]\P

SUH]HQWXMVZyMLQVWUXPHQW

3RNRQ\ZDQLHQDWXUDOQ\FKSU]HV]NyG8GDOLP\VL ZGDOV]SRGUy*'URJDE\áD

Z\MWNRZRWUXGQDLVNRPSOLNRZDQD´8F]QLRZLHSU]HFKRG]LOLSR]ZDORQ\PGU]HZLH

PXVLHOLPRFQRQDFK\OLüVL DE\SRNRQDüJDá ]LHRPLMDOLNDáX*HSU]HVNDNLZDOLSU]H]

NDPLHQLHLWS

&]DURG]LHMVNDEUDPD:V]\VF\XF]HVWQLF\ZLRVHQQHMZ\SUDZ\PXVLHOLZ\SRZLHG]LHü

]DNO FLHDE\GRVWDüVL GRURGND$EU]PLDáRRQRWDN(QHGXHUDNHIHGRRJURGX

ZHMüFKF 3RF]\PNROHMQRZFKRG]LOLQDG]LDáN

=DEDZD/XG]LHGROXG]L´3U]\G(ZL NDFKVNRF]QHMPX]\NLG]LHFLUDGRQLHEDZLá\

VL 1DKDVáROXG]LHGROXG]L´]PLHQLDOLVZRLFKSDUWQHUyZ]DEDZ\

6SRWNDQLH]:LRVQ´1LHVSRG]LHZDQLHSU]H]F]DURG]LHMVNEUDP ZHV]áD

G]LHZF]\QD]UR]SXV]F]RQ\PLZáRVDPL]ZLDQNLHPQDJáRZLHZGáXJLHM]LHORQHMVXNQL]

QDU F]HPZLRVHQQ\FKNZLDWyZ']LHFLXPLONá\']LHZF]\QLHWRZDU]\V]\áSLHZSWDNyZ

SLHZSWDNyZQDJUDQ\QDWDPLHPDJQHWRIRQRZHMLSRZLHZZLDWUXGPXFKDZD

5R]PRZD]SDQL:LRVQ3RZ\MDQLHQLXFHOXZL]\W\:LRVQD´RSRZLHG]LDáD

G]LHFLRPR=LHORQHM.UDLQLHZNWyUHMOXG]LHL]ZLHU] WD*\MZ]JRG]LH

&]DURG]LHMVNLGHV]F]3U]\G(ZL NDFKPX]\NLG]LHZF]\QDU]XFDáDZJyU FXNLHUNLGR

NWyU\FKSU]\F]HSLRQHE\á\SURE\SU]\URG\8F]QLRZLHáDSDOLVSDGDMFHNURSHONL3R

]DSR]QDQLXVL ]QLPLRELHFDOLSDQL:LRQLH*HGRSLOQXMDE\E\á\VSHáQLRQH

%DUZ\ZLRVQ\']LHFLELHJDMZ\]QDF]RQ\PLDOHMNDPLQDKDVáR]LHORQ\´GRW\NDM

F]HJR´FRPDNRORU]LHORQ\

6SDFHU]SDQL:LRVQ']LHZF]\QDRSURZDG]DáDG]LHFLZ]GáX*UDEDWNZLDWRZ\FK

8F]QLRZLHSR]QDZDOLZLRVHQQHNZLDW\GRW\NDOLZFKDOLXVLáRZDOL]DSDPL WDüLFK

QD]Z\:LRVQDSRGQRVLáDSRV]F]HJyOQHNZLDW\GRJyU\=DGDQLHPXF]QLyZE\áR

QD]ZDQLHLFK

3R*HJQDQLH]SDQL:LRVQ']LHFLSR*HJQDá\G]LHZF]\Q SLRVHQN=LHPLDZ\VSD

]LHORQD´

-DNZ\REUD*DPVRELH.UDLQ :LRVQ\"']LHFLZ\SRZLDGDá\VL SU]\G(ZL NDFK

PX]\NL$9LYDOGLHJR&]WHU\SRU\URNX´

ODGDPL:LRVQ\1DDOHMFHZLGRF]QHE\á\ODG\8F]QLRZLHV]OLSRQLFKZ\MWNRZR

RVWUR*QLHDE\]DSDPL WDüMDNQDMZL FHMLQIRUPDFMLXVá\V]DQ\FKRG:LRVQ\

&]DURG]LHMVNDEUDPD8F]QLRZLH]*DOHPRSXV]F]DOL=LHORQ.UDLQ :\FKRG]F

Z\SRZLDGDOL]DNO FLH

3R*HJQDQLHQDOHQHMSRODQLH3OV-X*F]DV]DZL]DüNUJ´

x

1LHGRNRF]RQH]GDQLD']LVLHMV]H]DM FLDE\á\VXSHUZ\MWNRZHQLHVDPRZLWH

QLH]DSRPQLDQHEDZLOLP\VL GRVNRQDOHQLHFKFHP\MHV]F]HZUDFDüNLHG\

SyMG]LHP\MHV]F]HQDWDNZ\SUDZ "

x

8VWDOHQLH*HQDNROHMQZ\SUDZ Z\ELHU]HP\VL ZVSyOQLH]URG]LFDPLZF]HUZFX

$QQD.XOF]\FND

(ZD/LVRZVND

63

Z'EURZLH*yUQLF]HM