Microsoft Word - Jak pisaæ pracê magistersk¹.doc

6SLVWUHFL

5R]G]LDá,

:SURZDG]HQLH

5R]G]LDá,,

:\PRJLVWDZLDQHSUDF\

.RQVWUXNFMD

'RNáDGQRüUHODFML

:áDVQ\ZNáDGSUDF\

5H*LPWHUPLQRORJLF]Q\

:\PRJLM ]\NRZH

5R]G]LDá,,,

2JyOQHGDQHREXGRZLHSUDF\PDJLVWHUVNLHM

2JyOQH]DVDG\UHGDNFMLSUDF\PDJLVWHUVNLHM

5R]PLDU\LZ\PLDU\SUDF\PDJLVWHUVNLHM

6WURQDW\WXáRZD

.ROHMQRüVWURQLPLHMVFHLFKR]QDF]HQLD

0LHMVFHLEXGRZDVSLVXWUHFL

:VW S

3RG]LDáQDUR]G]LDá\

$8ZDJLRJyOQH

%:\PRJLZHZQ WU]QHJRSRG]LDáXUR]G]LDáyZ

=DNRF]HQLH

5R]G]LDá,9

8ZDJLUHGDNF\MQHRWHNFLHSUDF\

8NáDGWHNVWXQDVWURQLH

:\PRJLIRUPDOQHVWDZLDQHWHNVWRZL

3LVDQLHZFXG]\VáRZLH

6WRVRZDQLHSRGNUHOHSRJUXELHVSDFMLNXUV\Z\

5R]G]LDá9

2GQRQLNL

5R]G]LDá9,

3U]\SLV\

5RODSU]\SLVyZ

0LHMVFHSU]\SLVyZ

3U]\SLV\XPLHV]F]RQHQDGROHVWURQ\LVSRVyELFKR]QDF]DQLD

2GG]LHODQLHSU]\SLVyZQDVWURQLH

* VWRüZLHUV]\LZLHONRüF]FLRQNLX*\WHMZSU]\SLVDFK

&\WRZDQLHNVL*HN

$&\WRZDQLHNVL*HNSRMHG\QF]\FKDXWRUyZ

%&\WRZDQLHNVL*HNRQLHUR]G]LHOQ\PDXWRUVWZLH

&&\WRZDQLHSUDF]ELRURZ\FK

&\WRZDQLHSXEOLNDFML]DPLHV]F]RQ\FKZF]DVRSLVPDFK

&\WRZDQLHSXEOLNDFML]DPLHV]F]DQ\FKZJD]HWDFK

&\WRZDQLHSXEOLNDFMLGUXNRZDQ\FKDOIDEHWHPQLHáDFLVNLP

=DSLVSUDFQLHSXEOLNRZDQ\FK

5R]G]LDá9,,

=DVDG\ VWRVRZDQLD Z SU]\SLVDFK VNUyFH IRUP

SROVNLFK LáDFLVNLFKRUD]VNUyWyZ

8ZDJDRJyOQD

6NUyFHQLD

)RUP\SROVNLHLáDFLVNLH

6NUyW\

5R]G]LDá9,,,

:\ND]F\WRZDQ\FKSXEOLNDFML

5R]G]LDá ,;

3UREOHPELEOLRJUDILL

5R]G]LDá;

,QQHZ\ND]\

8ZDJLRJyOQH

:\ND]VNUyWyZ

,QGHNVQD]ZOXEQD]ZLVN

%LEOLRJUDILDSUDFQSRNUHORQHJRDXWRUD

:\ND](UyGHáSUDZD

:\NRU]\VWDQHPDWHULDá\

:\ND]LQQ\FKPDWHULDáyZ

5R]G]LDá;,

(VWHW\NDSUDF\

5R]G]LDá;,,

=QDNLNRUHNWRUVNLH

5R]G]LDá;,,,

5HJXODFMHUHJXODPLQRZH

5R]G]LDá;,9

=DJDGQLHQLHSODJLDWX

:\ND]SUDF]NWyU\FKF\WRZDQRREV]HUQLHMV]HSU]\NáDG\

5R]G]LDá,

:SURZDG]HQLH

&RUD]U]DG]LHMZWRNXVWXGLyZZ\PDJDVL RGVWXGHQWyZSUDF\SLVDUVNLHM

'RW\F]\ WR ]GHF\GRZDQHM ZL NV]RFL NLHUXQNyZ Z W\P WDN*H KXPD

QLVW\F]Q\FK=DQLNDZL FQDE\ZDQDZV]NRáDFKUHGQLFKXPLHM WQRüSLVDQLD

3RNRQ\ZDQLHWDNLFKWUXGQRFLQLHMHVWáDWZHDVWDMF\SU]HG]DGDQLHPQDSLVDQLD

SUDF\ PDJLVWHUVNLHM F]\ G\SORPRZHM ] QLHGRZLHU]DQLHP RGNU\ZD QDGWR *H

QDSRW\ND QD NáRSRW\ ] UHGDNF\MQ\P XIRUPRZDQLHP SUDF\ 6L JD ZWHG\ GR

Z]RUX SUDF ZF]HQLHM QDSLVDQ\FK L QDMF] FLHM QLH VSRVWU]HJD *H LFK DXWRU]\

E\OL WDN*H Z WDNLHM V\WXDFML :áDQLH Z FHOX ]áDJRG]HQLD SRGREQ\FK

QLHGRVWDWNyZ D WDN*H L ]DRV]F] G]HQLD Z\VLáNX NLHUXMF\FK SLVDQLHP SUDF

PDJLVWHUVNLFKSRZVWDáRQLQLHMV]HRSUDFRZDQLH

:SUDZG]LHOLF]EDF]\WHOQLNyZLIDNW\F]QDURODSUDF\PDJLVWHUVNLHM]D]Z\F]DM

V RJUDQLF]RQHWRMHGQDNRNROLF]QRüWDQLH]ZDOQLDPDJLVWUDQWDG\SORPDQWD

RG SU]HVWU]HJDQLD UHJXá SUDF\ QDXNRZHM 0LPR *H Z ]DGDQLX SU]HGVWDZLHQLD

SUDF\ PDJLVWHUVNLHM QLHFKRG]L Z ]DVDG]LHR SRVW S Z QDXFH QLHPQLHM ]DZV]H

FKRG]L R SRVW S Z Z\NV]WDáFHQLX SLV]FHJR SUDF , MHVW WR Z\VWDUF]DMFD

SRGVWDZD E\ SU]\QDMPQLHM ]DVDGQLF]H Z\PRJL PHU\WRU\F]QH VWDZLDQH WDNLHM

SUDF\E\á\SRGREQHOXEWR*VDPH]W\PLNWyUHVWDZLDVL SUDF\WZyUF]HM

3U]HGVWDZLHQLH W\FK UHJXá GOD SRWU]HE QLQLHMV]HJR RSUDFRZDQLD PXVL

QLHVWHW\ SRPLMDü FDá ]áR*RQRü SU]HGPLRWX QDOH*\FLH MX* LQWHOHNWXDOQLH

Z\RGU EQLRQHJRLREV]HUQHJRZVZHMWUHFLWDN]SRZRGXZLHORURGQRFLPHWRG

EDGDZF]\FK MDN L ZLHORFL G\VF\SOLQ QDXNRZ\FK 2]QDF]D WR *H RSLVDQH WX

Z\PRJL PHU\WRU\F]QH QDOH*DáRE\ X]QDü ]D SRGVWDZRZH NWyUH Z\SDGD

XZ]JO GQLüZSUDFDFKPDJLVWHUVNLFK:DUWRSU]\W\P]ZUyFLüXZDJ *HZLHG]D

R W\FK Z\PRJDFK QLH W\ONR SR]ZDOD QD RVLJQL FLH QDOH*\WHJR SR]LRPX

RSUDFRZDQLDDOHMHVWWH* ]QDF]FRSRPRFQDZFDá\PSURFHVLHSU]\JRWRZ\ZDQLD

L SLVDQLD SUDF\ 7RWH* ZD*Q URO Z MHM SRV]HU]DQLX PDM GR VSHáQLHQLD

VHPLQDULD

5HGDNFMDSUDF\VWDQRZLSHZQ VDPRG]LHOQ ZDUWRüNWyUHMHNVSR]\FMDMDNR

SLHUZV]DU]XFDVL ZRF]\F]\WHOQLNRZLQDMSLHUZVL ZLG]LVWURQ Sy(QLHMVL M

F]\WD$OHRF]\ZLFLHRERNZ]JO GXZL]XDOQHJRLVWQLHMHZ]JOGPHU\WRU\F]Q\

XMDZQLDMF\]DNUHVXFK\ELH LW\PVDP\P]DVL JSU]\JRWRZDQLDZDUV]WDWRZHJR

DXWRUDNWyU\ PXVL ZL FSU]HMüV]NRá UHVSHNWRZDQLDQLHU]DGNRW\ONRRJyOQLH

UR]XPLDQ\FKZ\PRJyZUHGDNF\MQ\FK$WU]HEDSDPL WDüL* RND]MDQDXF]HQLD

VL SRGF]DVSLVDQLDQLHMHVWF] VWD]D]Z\F]DMERZLHPMHVWWRRND]MDSLHUZV]DL

MHGQRF]HQLHRVWDWQLD

'OD SUDF\ PDJLVWHUVNLHM IRUPD UHGDNF\MQD QLH MHVW ZDORUHP GUXJRU] G

Q\P0R*OLZLHGDOHNRSRVXQL WDGEDáRüZW\PZ]JO G]LHMHVW]DWHPQLHW\ONR

SU]HMDZHP ZáDFLZHMUHDOL]DFML MHGQHJR] ZDUXQNyZ RWU]\PDQLDG\SORPXDOH

WDN*HSURELHU]HPRVRELVWHJRVWRVXQNXGRMDNRFLZáDVQHMSUDF\G\SORPRZHM

: NRQWHNFLHSU]HGVWDZLHQLDSRGVWDZRZ\FK]DVDGUHGDJRZDQLDZDUWRWH*

ZVSRPQLHü R PR*OLZRFL Z\NRU]\VWDQLD SUDF\ PDJLVWHUVNLHM Z SUDNW\FH

=DJXELáD VL G]L WD IXQNFMD L GREU]H E\áRE\ M SU]\ZUyFLü $ QLH PD

MDNLHJRNROZLHN SRZRGX E\ NRU]\VWDMF\ ] SUDF\ QDW\NDOL VL SU]\ RND]ML QD

QLHVROLGQRü UHGDNF\MQ ]ZáDV]F]D Z SUDFDFK Z\ELWQ\FK Z\ZRáXMF\FK

V]HUV]HF]\ZU F]V]HURNLH]DLQWHUHVRZDQLH

:UHV]FLH IDNW QDSLVDQLD SUDF\ PDJLVWHUVNLHM L ]GDQLD NRFRZHJR

HJ]DPLQX SRZLQLHQ E\ü UyZQR]QDF]Q\ ] SU]HNRQDQLHP L* DEVROZHQW QLH

SU]HV]HGá RERM WQLH RERN Z\PDJD Z\UD(QLH LVWRWQ\FK VWDQRZLF\FK

QLHZWSOLZ\ HOHPHQW Z\NV]WDáFHQLD 1DGWR QDOH*\ SDPL WDü *H SR]LRP

Z\PDJD VWDZLDQ\FK SUDFRP ZLHF]F\P SURFHV G\GDNW\F]Q\ Z V]NROH

Z\*V]HM MHVW HOHPHQWHP WDN*H ]HZQ WU]QHJR SUHVWL*X ]DNáDGX LQVW\WXWX F]\

NDWHGU\ZNWyU\FKSUDFHWHV SLVDQH

2SUDFRZDQLH QLQLHMV]H GRW\F]\ Z ]DVDG]LH W\FK SUDF PDJLVWHUVNLFK L

G\SORPRZ\FKNWyUHSROHJDM QDQDSLVDQLXRNUHORQHJRWHNVWX$WDNLHZáDQLH

SUDFH SU]\JRWRZ\ZDQH V QD ZL NV]RFL Z\G]LDáyZ V]Nyá Z\*V]\FK

2F]\ZLFLHSU]HGPLRWRZDVZRLVWRüNLHUXQNXVWXGLyZLV]F]HJyOQHMG]LHG]LQ\

]]DNUHVXNWyUHMSUDFDMHVWSLVDQDGHWHUPLQXMHWXSHZQH]Uy*QLFRZDQLDIRUP\

2WRQDSU]\NáDGSUDFH]]DNUHVXJHRJUDILLVSRáHF]QRHNRQRPLF]QHMF]\JHRJUDILL

UHJLRQDOQHM L WXU\VW\NL ZSUDZG]LH ] Uy*Q\P XZ]JO GQLHQLHP HJ]HPSOLILNDFML

PDWHULDáHP IDNWRJUDILF]Q\P XNV]WDáWRZDQH V MHGQDN Z IRUP\ SLVDUVNLH JG\

W\PF]DVHP SUDFH ] JHRJUDILL IL]\F]QHM F]\ NDUWRJUDILL SU]\ELHUDM QDMF] FLHM

SRVWDü]HVWDZXPDS1LHPQLHMRERNF] FLNDUWRJUDILF]QHM]DZLHUDM ]D]Z\F]DM

MHGQRF]HVQHRSUDFRZDQLHWHNVWRZHVWDQRZLFHLQWHJUDOQ F] üSUDF\:\PRJL

UHGDNF\MQH VWDZLDQH WHJR W\SX RSUDFRZDQLRP V U]HF] MDVQD WDNLH VDPH MDN

Z\PRJLVWDZLDQHSLVDUVNRMHGQROLW\PSUDFRPPDJLVWHUVNLP

-HGQ ] SRGVWDZ QLQLHMV]HJRRSUDFRZDQLDE\á\Z\QLNL RJOGX UHSUH]HQ

WDW\ZQHM LORFL SUDF PDJLVWHUVNLFK ] Uy*Q\FK G]LHG]LQ KLVWRULL QDXN SU]\

URGQLF]\FK PX]\NL HNRQRPLL QDXN FLVá\FK ILORORJLL SHGDJRJLNL SUDZD

:EUHZ RF]HNLZDQLRP RND]DáR VL *H SRGVWDZRZH UHJXá\ UHGDJRZDQLD W\FK

SUDF V Z ]DVDG]LH SRGREQH SRGREQH WH* V QDMF] FLHM VSRW\NDQH Eá G\ L

XFK\ELHQLD 2NROLF]QRü WD GDáD GRGDWNRZ PRW\ZDFM GOD XSRU]GNRZDQHJR

Z\áR*HQLDUHGDNF\MQ\FKU\JRUyZ

: FHOXHJ]HPSOLILNDFML SRV]F]HJyOQ\FK UHIOHNVML L XVWDOH SRVáX*RQRVL

MHGQRF]HQLH PDWHULDáHP Z]L W\P ] SUDF PDJLVWHUVNLFK L ] RSUDFRZD

NVL*NRZ\FK3RGVWDZ WDNLHJRZáDQLH]HVWDZLHQLDE\áRSU]HNRQDQLHL* QLHPD

GZyFK]HVSRáyZ]DVDGSRSUDZQHJRUHGDJRZDQLD1DGWRSU]\NáDG\]NVL*HNV

OHSLHMZLGRF]QHLW\PVDP\P áDWZLHM ]DSDPL W\ZDQH1LHPQLHMZDUWR]ZUyFLü

XZDJ *H SRV]F]HJyOQHUHVSHNWRZDQHSU]H] Z\GDZFyZ]DVDG\ QLH ]DZV]H V

5R]G]LDá,,

:\PRJLVWDZLDQHSUDF\

8Z]JO GQLDMF GRW\FKF]DVRZH XVWDOHQLD Z OLWHUDWXU]H PR*QD Z\Uy*QLü

SHZQH SRGVWDZRZH Z\PRJL VWDZLDQH SUDFRP PDJLVWHUVNLP QLH]DOH*QLH RG

G]LHG]LQ\ Z ]DNUHVLH NWyUHM V SLVDQH 0LPR SRZV]HFKQLH VWRVRZDQHJR

SRG]LDáX QD SU]HSURZDG]HQLH EDGD REM W\FK WHPDWHP L QD QDSLVDQLH SUDF\

FDáRü XIRUPRZDQ\FK Z\PRJyZ RGQRVL VL RVWDWHF]QLH GR NV]WDáWX L WUHFL

JRWRZHMMX* SUDF\

.RQVWUXNFMD

:D*QHMHVW]DGEDQLHRNRPSOHWQ\VSRLVW\ORJLF]QLHMDVQ\LNRPSOHNVRZ\

XNáDG NRQVWUXNFML SUDF\ :SUDZG]LH ]DGDQLH WR MHVW SU]HGPLRWHP ]DM ü

VHPLQDU\MQ\FKWRMHGQDNRGSRZLHG]LDOQRü]DMHJRQDOH*\WHZ\NRQDQLHREFL*D

SLV]FHJRSUDF :VND]DQHWXZ\PDJDQLDáDWZLHMMHVWRF]\ZLFLH]UHDOL]RZDü

ZSUDFDFKRWHPDWDFKZVNLFKGRW\F]F\FKZPLDU V]F]HJyáRZ\FK]DJDGQLH

QL* ZWHPDWDFKRJyOQ\FKV]HURNLFK

8áR*HQLH NRQVWUXNFML SUDF\ PR*H E\ü ]DUyZQR HIHNWHP SRGM W\FK MX*

EDGD MDN WH* UH]XOWDWHP MHG\QLH XSU]HGQLHJR UR]H]QDQLD GHWHUPLQXMFHJR

GRSLHUR]DVL JNLHUXQNLLWUHü ]DPLHU]RQHMSUDF\.ZHVWLDWDUR]VWU]\JDQDMHVW

ZWRNXVHPLQDULXP:SUDNW\FHQDMF] FLHMREDWHVSRVRE\SRGHMFLDPLHV]DM

VL ]HVRE ]SRZRGXZHU\ILNDFMLG\NWRZDQHMGRVW SHPGR(UyGHáPDWHULDáyZ

OLWHUDWXU\ODERUDWRULyZPR*OLZRFLRUJDQL]DF\MQ\FKLWS

:ND*G\PUD]LHZ\EUDZV]\WHPDWSUDF\MHMDXWRUSU]\EXGRZLHFDáRFL

NRQVWUXNFMLPXVLSRVWDZLüZV]\VWNLHPR*OLZHS\WDQLDZ\EUDüWHQDNWyUHGDVL

RGSRZLHG]LHüLPLHüZLDGRPRüLQQ\FKMHV]F]HPR*OLZ\FKS\WD

.RQVWUXNFMD ORJLF]QLH VSRLVWD WR WDND Z NWyUHM NROHMQRü L WUHü SR

V]F]HJyOQ\FK UR]G]LDáyZ IRUPXáRZDQH V QLH ZHGáXJ QDJURPDG]RQHJR

PDWHULDáXDOHZHGáXJMHGQHMP\OLSU]HZRGQLHM WRMHVWNRQNUHWQLHR]QDF]RQHJR

FHOXEDGDZF]HJRLZUDPDFKRNUHORQHJRWHPDWHP]DJDGQLHQLD

7\WXá\ L RGSRZLDGDMFD LP WUHü UR]G]LDáyZ NROHMQR ] VLHELH Z\QLNDM

WZRU]F VSRLVW ZHZQ WU]QLH L SR]EDZLRQ SU]\SDGNRZRFL FDáRü GDMF

PR*OLZRü SU]HFKRG]HQLD GR FRUD] EDUG]LHM SRJá ELRQ\FK L V]F]HJyáRZ\FK

UR]ZD*DDQDVW SQLHGRHZHQWXDOQHMV\QWH]\F]\XRJyOQLHQLD

'RNáDGQRüUHODFML

'RNáDGQRü UHODFML RGQRVL VL WDN GR SU]HGVWDZLDQLD IDNWyZ MDN L

SRJOGyZ

: REV]DU]H IDNWyZ GDQ\FK (UyGáRZ\FK SU]HELHJX L HIHNWyZ

GRZLDGF]H LHNVSHU\PHQWyZZ\QLNyZ DQNLHWEH]SRUHGQLHMREVHUZDFMLLWS

ZD*QDMHVWQLHW\ONRFLVáRüZLFKUHODFMRQRZDQLXDOHWDN*HRNUHORQHSRGHMFLH

PHWRGRORJLF]QH EORNXMFH X]\VNDQLH Z\QLNyZ MHGQRVWURQQ\FK F]\ QDZHW

WHQGHQF\MQ\FK : ND*G\P ZDUV]WDFLH QDXNRZ\P L Z ND*GHM PHWRG]LH MHVW WR

MHGQR]SRGVWDZRZ\FKXZDUXQNRZD EDGDZF]\FK

: REV]DU]H SRJOGyZ FKRG]L R SUH]HQWDFM RELHNW\ZQ U]HWHOQ QLH

PDMF FKDUDNWHUXFHORZRZ\ELyUF]HMZ\UZDQHM]NRQWHNVWX6XPLHQQDUHODFMD

R]QDF]D *H QLHSRPLMD VL WDN*H W\FK RNROLF]QRFLNWyUH ZLDGF] SU]HFLZNR

V]F]HJyOQHPXF]\RJyOQHPXZ\QLNRZLSUDF\

:UHV]FLH RSLVPDWHULDáyZSRZLQLHQSR]ZDODüQDZ\UD(QHUR]Uy*QLHQLH

Z\QLNyZEDGD ZáDVQ\FKLFXG]\FKXVWDOH PDJLVWUDQWDLXVWDOH SU]HM W\FKRG

LQQ\FK DXWRUyZ FR PXVL ]QDOH(ü Z\UD] ZH ZáDFLZ\P UHGDNF\MQ\P

XIRUPRZDQLXSUDF\

6WRVXQHN GR FXG]\FK SRJOGyZ ]ZáDV]F]D ]QDQ\FK L X]QDQ\FK DXWR

U\WHWyZZLQLHQFHFKRZDüV]DFXQHNQDZHWJG\SLV]F\Z\UD(QLHVL ]QLPLQLH

]JDG]D

.U\W\ND GRSXV]F]DOQD MHVW ]DZV]H E\OHE\ E\áD SURZDG]RQD Z VSRVyE

ORJLF]QLH VSyMQ\ WM WDNL Z NWyU\P NRQWUDUJXPHQW\ WUDILDM Z DUJXPHQW\ D

NU\W\NXMF\NRQVHNZHQWQLHWU]\PDVL ]DáR*H WHUPLQRORJLF]Q\FKLSRM FLRZ\FK

RGSRZLHGQLR ]UHODFMRQRZDQ\FK ZREHF W\FK ]DáR*H NWyUH OHJá\ X SRGVWDZ

NU\W\NRZDQHJR VWDQRZLVND QLH LPSXWXMH DXWRURZL NZHVWLRQRZDQHJR SRJOGX

ZDUWRFL NWyUH ] WHJR SRJOGX QLH Z\QLNDM QLH WUDNWXMH MDNR XFK\ELH

DXWRUVNLFK W\FK XVWDOH NWyUH E\á\ X]DOH*QLRQH RG RJyOQHJR VWDQX ZLHG]\ Z

F]DVLHZNWyU\PSRJOGE\áSUH]HQWRZDQ\

:DUWR QD WHM NDQZLHSRGQLHü L* SRVWXODWHP GRNáDGQRFL UHODFML PR*QD

REMü UyZQLH* FDáRü UR]ZD*D PDJLVWHUVNLFK ZLG]LDQ\FK Z NRQWHNFLH

Z\PRJyZ NRQVHNZHQWQHJR SU]HVWU]HJDQLD SU]\M W\FK ]DáR*H GRVWDWHF]QHJR

RNUHOHQLD X*\ZDQ\FK SRM ü NODURZQRFL WHUPLQRORJLF]QHM XQLNDQLD

]DJPDWZDQLD]QDF]HQLRZHJR]REWH* SRGUR]G]

:áDVQ\ZNáDGSUDF\

3R ]EDGDQLX NLONXG]LHVL FLX UHJXODPLQyZ VWXGLyZ RND]DáR VL L*

RNUHOHQLH Z\PRJyZ PHU\WRU\F]Q\FK VWDZLDQ\FK SUDF\ PDJLVWHUVNLHM

IRUPXáRZDQHMHVWSU]H]QLHOLF]QHW\ONRUHJXODPLQ\

1D SU]\NáDG Z UHJXODPLQLH VWXGLyZ 8QLZHUV\WHWX :URFáDZVNLHJR ]D

ZDUWD MHVW UHJXODFMD Z P\O NWyUHM Z SUDF\ PDJLVWHUVNLHM VWXGHQW SRZLQLHQ

Z\ND]DüXPLHM WQRüVWRVRZDQLDPHWRGVZRMHMVSHFMDOQRFL]QDMRPRü(UyGHáL

OLWHUDWXU\SU]HGPLRWXZ]DNUHVLHRSLV\ZDQHJRWHPDWXXPLHM WQRüZáDFLZHJR

VNRPSRQRZDQLD UR]SUDZ\ ORJLF]QHM DUJXPHQWDFML SUDZLGáRZHJR Z\FLJDQLD

ZQLRVNyZRUD]FLVáHJRIRUPXáRZDQLDVGyZ

:\UD(QD U]DGNRü XQRUPRZD Z ]DNUHVLH Z\PRJyZ PHU\WRU\F]Q\FK

R]QDF]DL* SHZQDF] üOXEFDáRüSRVW SRZDQLD]PLHU]DMFHJRGR]DSHZQLHQLD

ZáDFLZHMMDNRFLSUDF\PDJLVWHUVNLHMG\SORPRZHMSR]RVWDMHSR]DMDNNROZLHN

UHJXODFM SUDZQ ] Z\MWNLHP UHJXODFML ÄSODJLDWX´ L ]GDQD MHVW QD Z]RU\

SUDNW\F]QHNV]WDáWRZDQHSU]H]SURZDG]F\FKVHPLQDULD

: W\FK RNROLF]QRFLDFK QDMF] FLHM ZWSOLZRFL EXG]Lü PR*H ]DNUHV

ZáDVQHJRZNáDGXSUDF\F]\ FLOHMPyZLF WZyUF]HJRZ\VLáNXDXWRUD

: RGQLHVLHQLX GR SUDF PDJLVWHUVNLFK G\SORPRZ\FK Z\PyJ RZHJR

WZyUF]HJRZ\VLáNXMHVWZ]DVDG]LH]PLQLPDOL]RZDQ\1LHV WRZEUHZWHPXFR

VL SLV]H Z QLHNWyU\FK RSUDFRZDQLDFK GRW\F]F\FK SUDF PDJLVWHUVNLFK

RSUDFRZDQLDQDXNRZH$OHZáDVQ\ZNáDGSUDF\PXVLE\üZLGRF]Q\

3LV]F\ SUDF PDJLVWHUVN G\SORPRZ PXVL Z\ND]Dü VL RJyOQ

]QDMRPRFL G]LHG]LQ\ ZLHG]\] ]DNUHVX NWyUHM SLV]HSUDF ZáDFLZLHGREUDü

OLWHUDWXU (UyGáDPDWHULDá\LRGSRZLHGQLRMHZ\NRU]\VWDü

1LHZWSOLZLH ND*GD SUDFD PDJLVWHUVND MHVW Z PQLHMV]HM F]\ ZL NV]HM

F] FLXSRU]GNRZDQ\PZHGáXJRJyOQHJR]DP\VáXSU]HGVWDZLHQLHP Z\QLNyZ

XVWDOH F]\ RFHQ MX* LVWQLHMF\FK&KRG]L MHGQDN RWRE\ QLHPLDáDFKDUDNWHUX

NRPSLODF\MQHJR Z SHMRUDW\ZQ\P WHJR VáRZD ]QDF]HQLX 7DN ZL F MHM RFHQD

Z]URQLH JG\ DXWRU SRVWDUD VL R QRZH RSLV\ F]\ R QRZH LQWHUSUHWDFMH MX*

]QDQHJRPDWHULDáX1DWRPLDVW Z\UD(QLHSRGQRV] PHU\WRU\F]Q ZDUWRü SUDF\

EDGDQLD GRZLDGF]HQLD ZáDVQH VDPRG]LHOQH WH]\ VDPRG]LHOQH RFHQ\

SUH]HQWDFMHZáDVQHJRVWDQRZLVND

: V]F]HJyOQRFL ZDUWRü L RFHQ SUDF\ SRGQRVL NRU]\VWDQLH ]REV]HUQHM

OLWHUDWXU\QLHSXEOLNRZDQ\FKDNWXDOQ\FKPDWHULDáyZNUDMRZ\FKL]DJUDQLF]Q\FK

ZáDVQHWáXPDF]HQLHSUyEDSRUyZQDZF]HJRSU]HGVWDZLHQLDWHPDW\NLZQDXNDFK

KXPDQLVW\F]Q\FK Z\NRU]\VWDQLH WUXGQR GRVW SQ\FK (UyGHá RGSRZLHGQLR

GRSDVRZDQD ZDUVWZD HPSLU\F]QD SUDF\ Z G]LHG]LQDFK Z NWyU\FK MHVW WR

PR*OLZH L FHORZH Z\HNVSRQRZDQLH HOHPHQWyZ PHWRGRORJLF]Q\FK

2F]\ZLFLHNRQVWUXNFMDL WUHü SUDF\ PXV] E\ü]JRGQH ]MHM W\WXáHPFR MHVW

Z\PRJLHPNDUG\QDOQ\P

-HGQDN*H WU]RQHP ZáDVQHJR ZNáDGX SUDF\ MHVW SRU]GQH X]DVDGQLHQLH

SUH]HQWRZDQ\FK Z SUDF\ WZLHUG]H 1LHZWSOLZLH UHDOL]DFMD WHJR ]DGDQLD MHVW

áDWZLHMV]DGRRFHQ\ZPDWHPDW\FH QL* QSZPX]\FHSHGDJRJLFHF]\KLVWRULL

1LHPQLHMLWXLWXX]DVDGQLHQLHWRPR*HSU]HMDZLüVL ZMHGQHM]GZyFKSRVWDFL

0R*HZL FE\üDOERXSRU]GNRZDQ\PNRQFHSF\MQLHGREUDQLHPX]DVDGQLH MX*

LVWQLHMF\FK DOER ZáDVQ SURSR]\FM DXWRUD PDMF WZyUF]\ FKDUDNWHU :

ND*GHM]W\FK PR*OLZRFLNWyUHPRJ E\üZ\NRU]\VWDQHWDN*H áF]QLHFKRG]L

MHGQDN*HRWDNLHX]DVDGQLHQLHNWyUHMHVW]UR]XPLDáHQLHZWSOLZHLPR*OLZHGR

]DDNFHSWRZDQLDZGDQHMG]LHG]LQLHZLHG]\

5H*LPWHUPLQRORJLF]Q\

3RSUDZQH IRUPXáRZDQLH P\OL L UR]XPLHQLH WHNVWX ]DOH*\ PLQ RG

MDVQRFL X*\ZDQ\FK SRM ü 1LH GRW\F]\ WR ZV]\VWNLFK DQL QDZHW ZL NV]RFL

SRM ü]DZDUW\FKZRSUDFRZDQLX&KRG]LQDWRPLDVWRWDNLHNWyUHV SRGVWDZRZH

LZD*QHGODZ\EUDQHJRWHPDWX

&]\WHOQLN QLH PR*H PLHü *DGQ\FK ZWSOLZRFL *H F]\WD WR VDPR FR

QDSLVDá DXWRU 'ODWHJR WH* Z\PRJL ] ]DNUHVX UH*LPX WHUPLQRORJLF]QHJR

ZV] G]LH WDP JG]LH PRJ LVWQLHü MDNLHNROZLHN ZWSOLZRFL FR GR ]QDF]HQLD

X*\ZDQ\FKWHUPLQyZ]QDMGXM VL Z]DVDG]LHSR]DVIHU VZRERGQHJRZ\ERUX

,QDF]HMPyZLFPXV] E\üSU]H]SLV]F\FKSUDF VSHáQLRQH

3RSLHUZV]H SRM FLDSRGVWDZRZHLZD*QHGODWHPDWXRSUDFRZDQLDQDOH*\

Z\F]HUSXMFRZ\MDQLü0R*QDSU]\ W\P SRGDüGHILQLFM HQF\NORSHG\F]Q OXE

SRFKRG]F ]LQQHJR(UyGáDQSOLWHUDWXU\

3R GUXJLH Z SU]\SDGNX HZHQWXDOQHM ZLHOR]QDF]QRFL X*\ZDQ\FK Z

SUDF\SRM üQDOH*\MHRPyZLüLFLOHSU]HVWU]HJDüNRQVHNZHQFMLWHJRRSLVX

3RWU]HFLH WU]HEDGRNáDGQLHZ\MDQLüWHUPLQ\QRZHSURSRQRZDQHSU]H]

SLV]FHJRSUDF

5HVSHNWRZDQLH W\FK Z\PDJD ]DSRELHJD HZHQWXDOQ\P QLHSRUR]XPLH

QLRP QDWXU\ PHU\WRU\F]QHM F]\ ZU F] ÄEHáNRWRZL´ WHUPLQRORJLF]QHPX %UDN

GEDáRFLZW\PZ]JO G]LHF]\QLSUDF PDáRF]\WHOQ

:\PRJLM ]\NRZH

1LHPDLFK ZLHOHDOHOHNWXUDSUDFPDJLVWHUVNLFKSR]ZDODQDNRQVWDWDFM

*H QDOH* RQH GR QDMWUXGQLHMV]\FK 1LHVWHW\ ] Z\MWNLHP PR*H NLHUXQNyZ

ILORORJLF]Q\FK PDáR MHVW RND]ML GR SLVDQLDZ WRNX VWXGLyZ 7RWH* RND]XMH VL

QDMF] FLHMRF]\PGRVNRQDOHZLHG] SURZDG]F\VHPLQDULD*HSLV]F\PDM

F] VWRSRGVWDZRZH NáRSRW\]HVW\OHPDQDZHW]JUDPDW\N LRUWRJUDIL

%\üPR*H MHVWWR PLQUHIOHNVWHJR*HQD]DM FLDFK ]E\WU]DGNR]ZUDFD

VL XZDJ QD SRSUDZQH IRUPXáRZDQLH Z\SRZLHG]L QD Z\PRZ L Eá G\

JUDPDW\F]QH:SUDZG]LHM ]\NSLVDQ\SRGOHJDQLHFRLQQ\PUHJXáRPWRMHGQDN

SRVáXJLZDQLHVL QD FR G]LH SRSUDZQ SROV]F]\]Q VZRERGQH IRUPXáRZDQLH

P\OLLERJDW\]DVyEVáyZQLHZWSOLZLHXáDWZLDM SU]HEUQL FLHSU]H]WHNáRSRW\

2F]\ZLFLH SURZDG]F\ VHPLQDULD SRSUDZLDM WHNVW\ ]DQLP X]\VNDM

RQHRVWDWHF]Q\NV]WDáWDOH]GDU]DVL *HWU]HEDE\QDSLVDüFDá SUDF QDQRZR

F]HJR MX* QLNW SR]D DXWRUHP ]URELü QLH PR*H L QLH SRZLQLHQ &\WRZDQLH

GX*\FKIUDJPHQWyZFXG]\FKSUDFQLHZ\QLNDQDMF] FLHM]QLHFK FLGRSRGM FLD

ZáDVQHJR Z\VLáNX DOH ] WUXGQRFL Z SU]HGVWDZLDQLX W\FK WHNVWyZ ZáDVQ\PL

VáRZDPL

7\PF]DVHP SUDFDQLHPR*HVNáDGDüVL ] VDP\FK W\ONRF\WDWyZ7U]HED

]DWHP SRGHMPRZDü SUyE\ SLVDQLD QLHGX*\FK QD SRF]WNX WHNVWyZ QS

IUDJPHQWyZ UR]G]LDáyZ F]\ SRGUR]G]LDáyZ NWyUH SR NROHMQ\FK SRSUDZNDFK

PR*QD ZáF]Dü GR FDáRFL .D*GH ZL NV]H RSUDFRZDQLH URG]L VL VWRSQLRZR

:DUWR ZL F PR*H ]ZUyFLü XZDJ *H RNUHV XF] V]F]DQLD QD VHPLQDULD QLH

SRZLQLHQ E\ü Z\SHáQLRQ\ Z\áF]QLH ]ELHUDQLHP PDWHULDáyZ SURZDG]HQLHP

EDGD QS DQNLHWRZ\FK L XF]HVWQLFWZHP Z G\VNXVMDFK -HVW WR MHGQRF]HQLH

F]DVZáDQLHQDWRE\SUyERZDüSLVDüSU]\PLHU]DüVL GRSLHUZV]\FKZáDVQ\FK

WHNVWyZ

=GDU]DVL *HGX*\Z\VLáHNDXWRUDZáR*RQ\Z]HEUDQLHERJDWHMOLWHUDWXU\

F]DVHPRJURPQD LQZHQFMDZSRV]XNLZDQLXFLHNDZ\FK(UyGHáF]\SURZDG]HQLX

ZáDVQ\FK EDGD ]RVWDM SR F] FL SU]\QDMPQLHM ]PDUQRZDQH SU]H] ZLGRF]Q

QLHSRUDGQRüZSLVDQLX

6\WXDFMH RGZURWQH GR RSLVDQ\FK WR WDNLH NLHG\ VW\O Z\UD(QLH SU]HUDVWD

SU]HND]\ZDQHWUHFL,QDF]HM PyZLF SU]HURVWIRUP\ QDGWUHFL MHVWUyZQLH*

QLHGREU\ 0R*OLZLH NUyWNLH ]GDQLD XQLNDQLH NZLHFLVWHJR M ]\ND

EH]SUHWHQVMRQDOQRü WR]DVDG\R NWyU\FK ZDUWR SU]\ SLVDQLXSDPL WDü7HNVW

SRZLQLHQ E\ü SU]HMU]\VW\ L NRPXQLNDW\ZQ\ 3U]HV]NDG]D WHPX ]DUyZQR

UR]ZOHNáRüZIRUPXáRZDQLXP\OLMDNL]DGX*D]ZL ]áRü

:V]HONLHZWSOLZRFL FR GR JUDPDW\NL L RUWRJUDILL Z\PDJDM VL JQL FLD

GRVáRZQLNyZ

5R]G]LDá,,,

2JyOQHGDQHREXGRZLHSUDF\PDJLVWHUVNLHM

2JyOQH]DVDG\UHGDNFMLSUDF\PDJLVWHUVNLHM

1LH PD SRZRGyZ E\ GOD SUDF PDJLVWHUVNLFK IRUPXáRZDü LQQH ]DVDG\

UHGDNFML QL* GOD NVL*HN Z GREU\FK Z\GDZQLFWZDFK 1DWRPLDVW PR*OLZH

XVW SVWZD V WX Z\PXV]RQH MHG\QLH RJUDQLF]RQ\PL PR*OLZRFLDPL WHFKQL

F]Q\PL=DVL J W\FK XVW SVWZ PR*QD G]L ]Z *Dü SU]H]NRU]\VWDQLH ]HVNáDGX

NRPSXWHURZHJR

:SUDZG]LH SRV]F]HJyOQH Z\GDZQLFWZD PDM QLHU]DGNR ]Uy*QLFRZDQH

Z\PRJL WR MHGQDN SRG NRQWURO NLHUXMFHJR SUDF PR*QD Z\EUDü UHJXá\

QDMOHSLHMRGSRZLDGDMFHPDWHULL]]DNUHVXNWyUHMSLVDQDMHVWSUDFDPDJLVWHUVND

=DZV]H L FLJOH LG]LH W\ONR R WR E\ SU]\M WH SU]H] SLV]FHJR U\JRU\

SU]HVWU]HJDQHE\á\NRQVHNZHQWQLHZFDáHMSUDF\LE\QLHRGELHJDá\RGU\JRUyZ

QDMVXURZV]\FK

5R]PLDU\LZ\PLDU\SUDF\PDJLVWHUVNLHM

5R]PLDUyZ SUDF\ PDJLVWHUVNLHM QLH QRUPXM *DGQH UHJXá\ SR]D

Z\PRJLHP GREUHJR L NRPSOHWQHJR RSUDFRZDQLD WHPDWX 1LH LVWQLHMH WH*

MDNDNROZLHNUHJODPHQWDFMDF]\UHJXODFMDSUDZQDZW\PZ]JO G]LH-HVWMHGQDN

]UR]XPLDáH*HSUDFD]KLVWRULLF]\HNRQRPLLPR*HOLF]\üQDZHWNLONDVHWVWURQD

SUDFD]PDWHPDW\NLW\ONRNLOND2SLVUR]PLDUyZ]EDGDQ\FKSUDFPDJLVWHUVNLFK

WDN*HQLHGDWXZVND]yZNLRZDUWRFL XQLZHUVDOQHMFKRüQDOH*\SRGNUHOLüL*

SUDFHSU]HNUDF]DMFHVWRVWURQPDV]\QRSLVXV GRV\üF] VWH

=D]Z\F]DMSUDF PDJLVWHUVN SLV]HVL SR]DSU]\SDGNDPLZ\PDJDMF\PL

ZL NV]\FK IRUPDWyZ QS GOD SRWU]HE NDUWRJUDILF]Q\FK F]\ JHRGH]\MQ\FK QD

SDSLHU]HRIRUPDFLHQRV]F\PQD]Z $

)RUPDW$ MHVW]QRUPDOL]RZDQ\Z

VNDOL PL G]\QDURGRZHM D SDSLHU R W\P IRUPDFLH SRZV]HFKQLH GRVW SQ\ Z

VSU]HGD*\

6WURQDW\WXáRZD

6WURQD W\WXáRZD PR*H E\ü RF]\ZLFLH XIRUPRZDQD ZHGOH SUHIHUHQFML

SURZDG]FHJR SUDF QLHPQLHM ZLQQD ]DZLHUDü SHZQH GDQH R FKDUDNWHU]H

REOLJDWRU\MQ\PGRNWyU\FK]DOLF]DVL SRZV]HFKQLH

R]QDF]HQLH XF]HOQL Z\G]LDáX NLHUXQNX VWXGLyZ QD]Z\ MHGQRVWNL

)RUPDWWHQ PDMF\]QRUPDOL]RZDQH Z\PLDU\ PP[ PPX]\VNXMH VL SU]H]F]WHURNURWQH]áR *HQLD

DUNXV]DRNOPSDSLHUXRW]Z SRGVWDZRZ\PZ\PLDU]HGODV]HUHJX$WMRZ\PLDU]HPP [ PP

RUJDQL]DF\MQHMXF]HOQLZNWyUHMSLVDQDMHVWSUDFD

LPL LQD]ZLVNRDXWRUDSUDF\

W\WXáSUDF\

R]QDF]HQLHRVRE\SRGNLHURZQLFWZHPNWyUHMSLVDQDMHVWSUDFD

R]QDF]HQLHVLHG]LE\XF]HOQLLURNXQDSLVDQLDSUDF\

:VND]DQH WX HOHPHQW\ VNáDGRZH VWURQ\ V QLH]E GQH DOH WH* V

Z\VWDUF]DMFH3U]\NáDGGREU]HVNRQVWUXRZDQHMNDUW\W\WXáRZHM]QDMGXMHVL QD

VVLHGQLHMVWURQLH

'UREQ\PLZSUDZG]LH DOHMHGQDN Eá GDPLRUWRJUDILF]Q\PLV ]D]Z\F]DM

QLHWUDIQLH SLVDQH VNUyW\ RG Z\UD]X GRNWRU SLV]F\P PR*H SR]D SUDFDPL

ILORORJLF]Q\PLWUXGQR]UR]XPLHü L* GU MDNR VNUyWRG Z\UD]X GRNWRU SLV]HVL

EH] NURSNL GOD R]QDF]HQLD SLHUZV]HJR SU]\SDGND OLF]E\ SRMHG\QF]HM Z\UD]X

VNUDFDQHJR 8FK\ELHQLD WH ]GDU]DM VL QLHVWHW\ UyZQLH* L Z NVL*NDFK

QDXNRZ\FK $ ]DF]\QDü QD SLHUZV]HM VWURQLH RG Eá GX RUWRJUDILF]QHJR QLH

Z\SDGD 7DN ZL F RGSRZLHGQLR VNUyFRQH ]GDQLH SUDFD QDSLVDQD SRG

NLHURZQLFWZHP SURIHVRUD GRNWRUD KDELOLWRZDQHJR &H]DUHJR -y]HILDND PR*H

PLHüW\ONRGZLHSRSUDZQHSRVWDFLH

3UDFDQDSLVDQDSRGNLHURZQLFWZHPSURIGUKDELO&H]DUHJR-y]HILDND

3UDFDQDSLVDQDSRGNLHURZQLFWZHPSURIGUDKDELO&H]DUHJR-y]HILDND

DOH

3UDFDQDSLVDQD SRGNLHURZQLFWZHPGU(O*ELHW\1RZDN)HUGKXV

:UHV]FLH QDOH*\ SDPL WDü *H W\WXá\ L LQQH GDQH QLH VWDQRZLFH VNUyWyZ QD

NDUFLHW\WXáRZHMQLHV ]DNRF]DQHNURSN

3UDZLH ZV]\VWNLH ]EDGDQH SUDFH SLVDQH V SRG NLHUXQNLHP D QLH SRG

NLHURZQLFWZHP 1LH Z\QLND VWG MHGQDN *DGQH ZVND]DQLH SRQLHZD* RE\GZD

VIRUPXáRZDQLDV SRSUDZQH

8QLZHUV\WHW:URFáDZVNL

:\G]LDá3UDZDL$GPLQLVWUDFML

=DRF]QH6WXGLD$GPLQLVWUDFML

,QVW\WXW1DXN$GPLQLVWUDF\MQ\FK

=DNáDG3UDZD$GPLQLVWUDF\MQHJR

0DULD:RMWXFLV]\Q

6\WXDFMDSUDZQDEH]URERWQHJRZODWDFK

3UDFDPDJLVWHUVND

QDSLVDQDSRGNLHURZQLFWZHP

SURIGUDKDE-DQD%RFLD

:URFáDZ

.ROHMQRüVWURQLPLHMVFHLFKR]QDF]HQLD

: SUDFDFK PDJLVWHUVNLFK VWURQ\ QXPHUXMHP\ NROHMQR RG SLHUZV]HM GR

RVWDWQLHM SU]\ F]\P ]D SLHUZV] VWURQ X]QDMHP\ NDUW W\WXáRZ QLH E GF

RNáDGN 6SRVyE NRPELQRZDQ\ R]QDF]DQLD VWURQ VSRW\NDQ\ QLHNLHG\ Z

NVL*NDFKLSROHJDMF\QDáF]HQLX]MDNLFK SRZRGyZLQQRFLPDWHULLWUDG\FML

Z\GDZQLF]\FK SRWU]HE WHFKQLF]Q\FK QDMSLHUZ QXPHUDFML U]\PVNLHM , ,, ,,,

LWG D SRWHP DUDEVNLHM LWG QLH SRZLQLHQ E\ü Z ]DVDG]LH ]DOHFDQ\

SLV]F\PSUDFHPDJLVWHUVNLH

6SRW\NDQH V Z Z\GDZQLFWZDFK NVL*NRZ\FK SR]D VSHFMDOQ\PL HG\

FMDPL W\ONR F]WHU\ PLHMVFD R]QDF]DQLD VWURQ\ QD URGNX QD JyU]H VWURQ\ QD

URGNXQDGROHVWURQ\ZSUDZ\PJyUQ\PURJXVWURQ\LZSUDZ\PGROQ\PURJX

VWURQ\ 1LHNWyUH ] R]QDF]H QRV] FHFK\ R]GREQRFL OXE V VSHFMDOQLH

NRPSRQRZDQH F]DVHP ] XZ]JO GQLHQLHP *\ZHM SDJLQ\ F]\ GRGDWNRZHJR

RNUHOHQLDZ RVREQ\P ZLHUV]X X JyU\ WUHFLVWURQ\W\WXáXSUDF\OXEUR]G]LDáX

F]\LPLHQLDLQD]ZLVNDDXWRUDWRGRGDWNRZHRNUHOHQLH]GDU]DVL F]DVDPLLZ

SUDFDFK PDJLVWHUVNLFK 'OD SUDF PDJLVWHUVNLFK ] SRZRGX SU]\SLVyZ

]QDMGXMF\FK VL QD GROHVWURQ\ QDMEDUG]LHMZLGRF]QHV R]QDF]HQLD QD JyU]H

VWURQ\ 6WURQ\ R]QDF]DP\ VDP\PL F\IUDPL EH] MDNLFKNROZLHN GRGDWNRZ\FK

]QDNyZ 2]QDF]HQLH QXPHURZDQH Z SUDZ\P JyUQ\P URJX QLH SRZLQQR

Z\VWDZDüSR]DSUDZ\PDUJLQHVNROXPQ\

6WURQDQDNWyUHM]DF]\QDVL QRZ\UR]G]LDá]SRZRGyZHVWHW\F]Q\FKQLH

PXVLE\üQXPHURZDQDFK\ED*HQXPHUDFMD]QDMGXMHVL QDGROHVWURQ\

0LHMVFHLEXGRZDVSLVXWUHFL

1DMOHSV]\P PLHMVFHP GOD VSLVX WUHFL Z SUDF\ PDJLVWHUVNLHM MHVW GUXJD

VWURQD SUDF\ WR ]QDF]\ GUXJD NDUWND SUDF\ 'REU\P PLHMVFHP MHVW WH* VDP

NRQLHF SUDF\ = PLHMVFHP QLHGREU\P PDP\ GR F]\QLHQLD ZWHG\ JG\ QLH

PR*HP\JR]QDOH(ü

0HU\WRU\F]QD EXGRZD VSLVX WUHFL ]DOH*\ RF]\ZLFLH RG SLV]FHJR L

NLHUXMFHJR SUDF WRWH* FKRG]L WX MHG\QLH R IRUPDOQ\ XNáDG VSLVX 3RGVWD

ZRZ\P NRUSXVHP VSLVX V UR]G]LDá\ ,FK LORü PR*H E\üGRZROQD L PR*H VL

NV]WDáWRZDü Z ]DOH*QRFL RG V]F]HJyáRZHJR SRG]LDáX SU]HGPLRWX F]\

V]F]HJyáRZHJRSRU]GNXSU]HVáDQHNEDGDQLDOXERSLV\ZDQLD

6SLVWUHFLPXVL E\üNRPSOHWQ\WR]QDF]\*HPD]DZLHUDüLQIRUPDFM R

ZV]\VWNLFKVNáDGRZ\FKHOHPHQWDFKSUDF\:SUDF\PDJLVWHUVNLHMGRHOHPHQWyZ

W\FKQDOH* SR]DUR]G]LDáDPL

:VW S:SURZDG]HQLH

=DNRF]HQLH:QLRVNL

:\ND]F\WRZDQ\FK(UyGHáQS:\ND](UyGHáSUDZD

:\ND]F\WRZDQHMOLWHUDWXU\:\ND]F\WRZDQ\FKSXEOLNDFML

:\ND]LQQ\FKPDWHULDáyZ

:SURZDG]HQLH:VW SPR*HE\üREM WHUDPDPLUR]G]LDáXQS

5R]G]LDá,:VW S

5R]G]LDá,,

5R]G]LDá,,,

2WRSUDNW\F]Q\SU]\NáDGZáF]HQLDZVW SXGRUR]G]LDáX

6SLVWUHFL

5R]G]LDá , :VW S

5R]G]LDá,,2SLVLDQDOL]DVWDá\FK]ZL]NyZIUD]HRORJLF]Q\FK

5R]G]LDá,,,6]DEORQPHWDIRU\NLQDJáyZNyZ

5R]G]LDá,9$QDOL]DVHPDQW\F]QDPHWRQLPLL

5R]G]LDá9=MDZLVNRSROLVHPLLLDQLPL]DFML

5R]G]LDá9,7\WXáZW\WXOHMDNRMHGHQ]HURGNyZVW\OLVW\F]Q\FK

5R]G]LDá9,,&\WDWZ W\WXOH

5R]G]LDá9,,,6W\OL]DFMH M ]\NRZH

5R]G]LDá,;1DJáyZNRZH]DEDZ\M ]\NRZH

5R]G]LDá;,QQHURGNLVW\OLVW\F]QH

5R]G]LDá;,=DNRF]HQLH

3RQLHZD* QLHNWyU]\ DXWRU]\ QLH ]DOLF]DM ZVW SX GR NRQVWUXNFML

UR]G]LDáyZZDUWRSU]\SRPQLHüL* QLH]DOH*QLHRGWHJRZ\Uy*QLHQLHZVW SXMHVW

Z\Uy*QLHQLHPQDVWRSQLXUR]G]LDáXQS

:VW S

5R]G]LDá,

5R]G]LDá,,

.D*GH Z\Uy*QLHQLH Z VSLVLH WUHFL ZLQQR E\ü R]QDNRZDQH VWURQ 2WR LQQ\

SU]\NáDGSRSUDZQLHQDSLVDQHJRVSLVXWUHFL

6SLVWUHFL

5R]G]LDá,

:VW S

5R]G]LDá,,*HQH]DLUR]ZyMXEH]SLHF]H NRPXQLNDF\MQ\FK

*HQH]DXEH]SLHF]H JRVSRGDUF]\FK

+LVWRULDXEH]SLHF]H NRPXQLNDF\MQ\FK

5R]ZyMXEH]SLHF]H NRPXQLNDF\MQ\FK QD]LHPLDFKSROVNLFK

3RZVWDQLHLUR]ZyMRUJDQL]DFMLXEH]SLHF]HQLRZ\FKZ3ROVFH

5R]G]LDá,,,3RM FLHLURG]DMHXEH]SLHF]H NRPXQLNDF\MQ\FK

3RM FLHXEH]SLHF]HQLD]SXQNWXZLG]HQLDJRVSRGDUF]HJR

8EH]SLHF]HQLHMDNRSRM FLHSUDZQH

5RG]DMHXEH]SLHF]H NRPXQLNDF\MQ\FK

D3RG]LDáZHGáXJ SU]HGPLRWXXEH]SLHF]HQLD

E3RG]LDáZHGáXJVWDWXVXSUDZQHJRXEH]SLHF]\FLHOD

F3RG]LDáZHGáXJVSRVREXSRZVWDQLDVWRVXQNXXEH]SLHF]HQLRZHJR

5R]G]LDá9,,,=DNRF]HQLH

:\ND]F\WRZDQHMOLWHUDWXU\

:\ND](UyGHáSUDZD

:\ND]LQQ\FKPDWHULDáyZ

8ZDJD : VSLVLH WUHFL PXV] E\ü RG]ZLHUFLHGORQH ZV]\VWNLH SRGW\WXá\

UyGW\WXá\Z\RGU EQLRQHZWHNFLHSRGVWDZRZ\P

:VW S

3LHUZV]H SRGHMFLH GR WHPDWX MHVW QD RJyá GRü PJOLVW\P L EDUG]R

RJyOQ\P ]DP\VáHP 'RSLHUR Z F]DVLH SU]HP\OH ]ELHUDQLD OLWHUDWXU\

PDWHULDáyZ GRNRQ\ZDQLD GRZLDGF]H D WDN*H SLVDQLD Z\áDQLD VL FRUD]

EDUG]LHMNRQNUHWQ\REUD]FDáRFL3LHUZV]\SODQSUDF\PR*HXOHFLQDRJyáXOHJD

]PLDQRP'RFKRG] ]DJDGQLHQLDV]F]HJyáRZHNWyUHWU]HEDZáF]\ü ]LQQ\FK

RND]XMHVL ZDUWR]UH]\JQRZDü:F]DVLHSLVDQLDGRMU]HZDWHPDW LGRMU]HZD

DXWRUMHVWWRERZLHPSURVWDNRQVHNZHQFMDXF]HQLDVL :HIHNFLHPR*OLZHVWDMH

VL IRUPXáRZDQLHZQLRVNyZLSUH]HQWDFMDZáDVQHJRVWDQRZLVND7DNLHMZáDQLH

GRMU]DáRFLZ\PDJDQDSLVDQLHZVW SXNWyU\ QDZHWJG\MHVWRJyOQ\ PXVLE\ü

IRUPXáRZDQ\]ZLHG] RV]F]HJyáDFK7RWH* ]Z\NOHZVW SSLVDQ\MHVWQDNRFX

'R QDMZD*QLHMV]\FK HOHPHQWyZ ZVW SX NWyUH GD VL Z\RGU EQLü Z

SUDFDFKPDJLVWHUVNLFK]DOLF]\üPR*QD

SU]HGVWDZLHQLH PRW\ZDFML SRGM FLD WHPDWX WR MHVW RNROLF]QRFL L SU]\F]\Q

]DLQWHUHVRZDQLDVL WHPDWHP

Z\RGU EQLHQLHSU]HGPLRWXEDGDQLDQLH]DOH*QLHRGWHJR]MDNLHJRREV]DUXL]

]DNUHVX MDNLHM QDXNL MHVW Z\EUDQ\ WHPDW FLVáH Z\RGU EQLHQLH SU]HGPLRWX

SR]QDQLD MHVW QLH]E GQH SR SLHUZV]H SR WR E\ Z\]QDF]\ü FH]XU ] LQQ\PL

SU]HGPLRWDPLDSRZWyUH E\Z\W\F]\üSROHL]DVL JUR]ZD*DNWyUHZVW SQLH

QLHPXV] E\üNRQLHF]QLHX]DOH*QLRQHRGGRW\FKF]DVRZ\FKXVWDOH QDXNLZREHF

Z\EUDQHM PDWHULL FKRü GOD ZL NV]RFL SUDF PDJLVWHUVNLFK MHVW WR XZDJD E\ü

PR*H]DGDOHNRLGFD

SU]HGVWDZLHQLH V]F]HJyáRZHJR L RJyOQHJR ]QDF]HQLD Z\EUDQHJR WHPDWX

F]DVDPLMHVWWRZD*QDRNROLF]QRüPDMFDUyZQLH* ]QDF]HQLHSUDNW\F]QH

SRF]\QLHQLH SRF]WNRZ\FK XVWDOH WHUPLQRORJLF]Q\FK MHOL ]DFKRG]L WDND

SRWU]HED

RNUHOHQLHFKDUDNWHUXLURG]DMX(UyGHá]NWyU\FKNRU]\VWDQR

R]QDF]HQLHLZ\MDQLHQLHFHOXSUDF\

RSLVPHWRGNWyUHDXWRUVWRVRZDáMHVWWRGRV\üXQLZHUVDOQ\IUDJPHQWZVW SX

XQLH]DOH*QLRQ\ RG IDNWX *H ND*GD G\VF\SOLQD NRU]\VWD ] PHWRG LQQ\FK

RVREQ\FKF] VWRVZRLVW\FK

RSLV ]DPLHU]RQHJR SRVW SRZDQLD VNRUHORZDQ\ HZHQWXDOQLH ] SU]\M W\P

SRG]LDáHP QD UR]G]LDá\ F]\ F] FL GRNRQDQ\ Z NRQWHNFLH VSRG]LHZDQ\FK

Z\QLNyZ

8ZDJD : ]DOH*QRFL RG G\VF\SOLQ\ QDXNRZHM ] ]DNUHVX NWyUHM SLVDQD MHVW

SUDFDPR*HQDVWSLüRGSRZLHGQLHSU]HPLHV]F]HQLHDNFHQWyZZ\Uy*QLRQ\FKWX

HOHPHQWyZZVW SX

3RG]LDáQDUR]G]LDá\

$8ZDJLRJyOQH

3RGVWDZRZ MHGQRVWN VNáDGRZ SUDF\ PDJLVWHUVNLHM SLVDQHM MHVW

UR]G]LDá:SUDZG]LHQLH]DZV]HZ]EDGDQ\FKSUDFDFKUR]G]LDá QD]ZDQ\ MHVW

UR]G]LDáHPWRMHGQDN]DZV]HMHVWZ\G]LHORQ\

7UXGQR XVWDOLü XQLZHUVDOQ\ VSRVyE SRG]LDáX QD UR]G]LDá\ .D*GD G]LH

G]LQD PD WX VZRMH PLDU\ SRVW SRZDQLD D ND*GD PDWHULD L ND*G\ ]DP\Vá

Z\PDJDM LQG\ZLGXDOQHJR SRGHMFLD VWRVRZDQLD LQQ\FK NU\WHULyZ L LQQ\FK

SáDV]F]\]Q RJOGX 0R*QD QDWRPLDVW RNUHOLü RJyOQH IXQNFMH SRG]LDáX QD

UR]G]LDá\F] FL

3R SLHUZV]H UR]G]LDá\ PDM REUD]RZDü SRG]LDá WUHFL SUDF\ F]\ WH*

RVWDWHF]QHLV]F]HJyáRZHXSRU]GNRZDQLHWHMWUHFL

3RGUXJLHSRG]LDáQDUR]G]LDá\PDE\üSU]HMU]\VW\ORJLF]QLHVSyMQ\QLH

GDMF\PR*OLZRFLQLH]DPLHU]RQ\PSRZWyU]HQLRP

3RWU]HFLHZ\Uy*QLRQHUR]G]LDá\SRGUR]G]LDá\RG]ZLHUFLHGODMFZ\RG

U EQLHQLH ]DJDGQLH V]F]HJyáRZ\FK PDM GDZDü PR*OLZRü EDGDZF]HJR

SyMFLDZJáEPDWHULL

3R F]ZDUWH QD]Z\ UR]G]LDáyZ ZLQQ\ ]DUD]HP GDZDü LQIRUPDFMH R

PHWRG]LH EDGDZF]HM HNVSHU\PHQW\ GRZLDGF]HQLD EDGDQLH SUDNW\NL LQQH

PHWRG\HPSLU\F]QH

8ZDJD3RG]LDáQDUR]G]LDá\F] FLSRGUR]G]LDá\MHVWSUDF WZyUF]

%:\PRJLZHZQ WU]QHJRSRG]LDáXUR]G]LDáyZ

3RGVWDZRZ\P SRG]LDáHP SUDF\ PDJLVWHUVNLHM MHVW SRG]LDá QD UR]G]LDá\

&]DVDPL Z V]F]HJyOQ\FK V\WXDFMDFK VWRVXMH VL SLHUZRWQ\ SRG]LDá QD F] FL

:V]\VWNLH UR]G]LDá\ PXV] VL G]LHOLü ZHZQ WU]QLH ZHGáXJ MHGQHJR Z]RUX ]

GZRPDW\ONR]DVWU]H*HQLDPL3R SLHUZV]H PRJ Z SUDF\ PDJLVWHUVNLHM LQQHM

]QDMGRZDüVL UR]G]LDá\UR]G]LDáNWyUHZRJyOHQLHG]LHO VL ZHZQ WU]QLHL

SR GUXJLH PRJ ]QDMGRZDü VL UR]G]LDá\ NWyU\FK SRG]LDá ZHZQ WU]Q\ MHOL

FKRG]LRLORüMHJRVWRSQLMHVWNUyWV]\

5R]G]LDáVLyGP\6)(5<,1*(5(1&-,$'0,1,675$&-,

5R]G]LDáyVP\672681.,$'0,1,675$&<-1235$:1(,

6<78$&-( $'0,1,675$&<-1235$:1(

,3RM FLHVWRVXQNXDGPLQLVWUDF\MQRSUDZQHJR

,,3RM FLHV\WXDFMLDGPLQLVWUDF\MQRSUDZQHM

,,,5RG]DMHVWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK

,95RG]DMHV\WXDFMLDGPLQLVWUDF\MQRSUDZQ\FK

96SRVRE\SRZVWDZDQLDV\WXDFMLDGPLQLVWUDF\MQRSUDZQ\FKL

QDZL]\ZDQLDVWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK

5R]G]LDáG]LHZLW\.21752/$35$:1$$'0,1,675$&-,

,3RM FLHL]DVL JNRQWUROL

,,3RG]LDá\NRQWUROL

.RQWURODSDUODPHQWDUQD

$.RQWURODVHMPRZD

%.RQWURODVHQDFND

.RQWURODSDVWZRZD1,.

.RQWURODVGRZD

$6GRZDNRQWURODGHF\]MLDGPLQLVWUDF\MQ\FK

.RQWUROD EH]SRUHGQLD

D%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]

VGF\ZLOQ\

E%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]

VG XEH]SLHF]H VSRáHF]Q\FK

F%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]

VGNDUQ\

2]QDF]HQLHNROHMQ\FKVWRSQLSRG]LDáXUR]G]LDáX]DOH*\RGRVRELVW\FKSUHIHUHQFML

LSU]\]Z\F]DMH NLHUXMFHJRSLVDQLHPSUDF\LDXWRUDSUDF\8*\ZDQHQDND*G\P

VWRSQLXSRG]LDáX]QDNLQS

5R]G]LDá,=DU\V

2NUHV

$6]F]HJyOQH

QLH PRJ VL SRZWDU]Dü Z UDPDFK MHGQHJR UR]G]LDáX : FHOX ]D]QDF]HQLD

NROHMQRFL G]LHOHQLD PDWHULL EDUG]R ZD*QH VWDM VL SRU]GQLH ]D]QDF]RQH

NROHMQHZFL FLDOLQL áDPDQLGF ZSUDZRZGyá

6SRW\ND VL QLHNLHG\ QLHVWHW\ QLH ]DZV]H F]\WHOQH SRG]LDá\ ZHGáXJ VNDOL

F\IURZHMQS

5R]G]LDá

$RWRLQQHZ]L WH]NVL*NLR]QDF]HQLHSRGUR]G]LDáX

=DJ V]F]RQHPHWDOL]RZDQHPLHV]DQLQ\]DSDODMFH

)XQNFMD WHJR R]QDF]HQLD MHVW SHZQLH SRU]GNXMFD DOH GRSUDZG\ WUXGQR MHVW

GRV]XNDüVL Z QLHMLQIRUPDFML

'DMP\ ZL F

F]\WHOQ\

SU]\NáDG

SRGREQHJR

XM FLD MDNNROZLHN

QLHNRQVHNZHQWQHJRSRQLHZD* ZVW SR]QDF]RQ\MHVWF\IU U]\PVN ,

6SLVWUHFL

:VW S

2JyOQDFKDUDNWHU\VW\NDPHWRGL]DNUHVXVSHNWURVNRSLL

PROHNXODUQHM

5RG]DMHVSHNWURVNRSLL

:LGPDDEVRUEF\MQH

:LGPDHPLV\MQH

:LGPDUDPDQRZVNLH

(IHNW\RGG]LDá\ZDQLDSURPLHQLRZDQLD

HOHNWURPDJQHW\F]QHJR]PROHNXáDPL

5RG]DMHVSHNWURVNRSLLQDMF] FLHMZ\NRU]\VW\ZDQH

ZEDGDQLDFKFKHPLF]Q\FK

6SHNWURVNRSLDPDVRZD

6SHNWURVNRSLDZSRGF]HUZLHQL

6SHNWURVNRSLDPDJQHW\F]QHJRUH]RQDQVX

MGURZHJR105

6SHNWURVNRSLD899LV

3DUDPHWU\SDVPDVSHNWUDOQHJR

:V]\VWNLH UR]G]LDá\ Z SUDF\ PXV] VL G]LHOLü Z SU]\SDGNX JG\ VL

G]LHO ZHGáXJ W\FK VDP\FK NU\WHULyZ L WDNLFK VDP\FK R]QDF]H -HOL ]DWHP

MHGHQ]UR]G]LDáyZG]LHOLVL QDWU]\SRGUR]G]LDá\R]QDF]RQHNROHMQRSXQNWDPLO

WR Z LQQ\P UR]G]LDOH QLH PR*QD SU]\MPRZDü LQQHJR R]QDF]HQLD

DQDORJLF]Q\FK SRGUR]G]LDáyZ NRU]\VWDMF QS ] SXQNWDFML OLWHURZHM $ % &

3DUDOHOQRüZHZQ WU]QHMEXGRZ\ZV]\VWNLFKUR]G]LDáyZPXVLE\ü]DFKRZDQD

: WHNVWDFK GUXNRZDQ\FK W\WXáRZL ND*GHJR ] NROHMQ\FK SRG]LDáyZ

RGSRZLDGD LQQD ZLHONRü F]FLRQHN = Z\PRJX WHJR Z SUDF\ PDJLVWHUVNLHM

QDOH*\UDF]HM]UH]\JQRZDü

=DNRF]HQLH

&] üSUDF\]ZDQD]DNRF]HQLHPZ]DOH*QRFLRGNRQWHNVWXLFHOXPR*H

PLHü Uy*Q NRQVWUXNFM 0R*H QRVLü WDN*H Uy*Q QD]Z SRGVXPRZDQLH

ZQLRVNLZQLRVNLNRFRZHLQQH

1LHPQLHM ]DZV]H GREU]H QDSLVDQH ]DNRF]HQLH PD E\ü ]ZLHF]HQLHP

]DSRZLHG]LDQHJR ZH ZVW SLH D SU]HSURZDG]RQHJRZ SUDF\ ]DP\VáX]DGDQLD

EDGDZF]HJRQLH]DOH*QLHRGG]LHG]LQ\]DLQWHUHVRZD LV]F]HJyOQHJRSU]HGPLRWX

SUDF\7DNLHXM FLHR]QDF]D*H

LVWQLHMH EH]SRUHGQLD UHODFMD PL G]\ ZVW SHP UR]G]LDáDPL F] FLDPL L

]DNRF]HQLHP]DNRF]HQLHQLHMHVWHOHPHQWHP QRZ\PLQQ\PREF\PDOHMHVW

F] FL FDáRFL

ED] XVWDOH GRNRQDQ\FK Z ]DNRF]HQLX V ]DPLHU]RQH ZH ZVW SLH L

RVLJQL WHZUR]G]LDáDFKZ\QLNLEDGDZF]HZáDQLHUHVXPSFMDW\FKZ\QLNyZ

VWDQRZLJáyZQ WUHü]DNRF]HQLD

ZVND]XMF QD RZ UHVXPSFM QLH QDOH*\ MHM XWR*VDPLDü ] UHODFM

SRZWDU]DMF Z\QLNLRVLJQL WHZSUDF\DOH]WDNLPLFKSU]HGVWDZLHQLHPNWyUH

GDMHSRGVWDZ QRZ\PLZ\UD*RQ\PP\ORPZSRVWDFLWZLHUG]H V\QWHW\F]Q\FK

SRZVWDá\FKQDSRGVWDZLHGRW\FKF]DVRVLJQL W\FKV]F]HJyáRZ\FKXVWDOH

ZáDQLH ]DNRF]HQLH PD UHDOL]RZDü UHJXá SU]HMFLD RG V]F]HJyáRZHJR GR

RJyOQHJR

Z]DNRF]HQLX PR*QD WH* HNVSRQRZDü UHIOHNVM RW\PGODF]HJRRVLJQL WR

WDNLDQLHLQQ\Z\QLNFRPR*HE\üQDZL]DQLHPWDN*HGRPR*OLZRFLGRVW SX

GR(UyGHáPR*OLZRFLSU]HSURZDG]HQLDRNUHORQHJRGRZLDGF]HQLDLWS

Z]DNRF]HQLXMHVWPLHMVFHQDWRE\XVWRVXQNRZDüVL GRNZHVWLLSRGM W\FK

5R]G]LDá,9

8ZDJLUHGDNF\MQHRWHNFLHSUDF\

8NáDGWHNVWXQDVWURQLH

8NáDGWHNVWXQDVWURQLHSRZLQLHQVSHáQLDüQDVW SXMFHZ\PRJL

SUDF PDJLVWHUVN SLV]HP\ W\ONR SR MHGQHM VWURQLH NDUWNL SDSLHUX WHNVWHP

FLJá\P]XZ]JO GQLHQLHPHZHQWXDOQ\FKUyGW\WXáyZDNDSLWyZL SU]\SLVyZ

WHNVW PD E\ü UR]SRVWDUW\ QD VWURQLH Z VSRVyE SURSRUFMRQDOQ\ R]QDF]D WR

Z\PyJ ]DFKRZDQLD OHZHJR L SUDZHJR PDUJLQHVX D WDN*H VNRUHORZDQ ]

V]HURNRFLDPL PDUJLQHVyZ RGSRZLHGQL RGOHJáRü WHNVWX RG JyU\ L RG GRáX

VWURQ\]XZ]JO GQLHQLHPHZHQWXDOQHJRREFL FLDSU]\ RSUDZLHSUDF\

]D]Z\F]DM QD VWURQLH XPLHV]F]DQDMHVW KDUPRQLMQLH GR MHM ZLHONRFLMHGQD

W\ONRNROXPQDWHNVWX U\VGODV]F]HJyOQ\FKSRWU]HEZ\Uy*QLHQLDNLONX OXE

NLONXQDVWX ZLHUV]\ PR*QD VWRVRZDü ] OHZHM VWURQ\ SLRQRZH ZFL FLH QD

V]HURNRüDNDSLWXOXEQDZL NV]HMV]HURNRFLU\VPR*QDZUHV]FLHVWRVRZDü

XNáDG SRGREQ\ GR HQF\NORSHG\F]QHJR JG]LH PDP\ GR F]\QLHQLD ] GZLHPD

SLRQRZRXVWDZLRQ\PLSURVWRNWQ\PLNROXPQDPLWHNVWX VSRVyEWHQZSUDZG]LH

GRV\ü U]DGNL MHVW NRU]\VWQ\ JG\ GDQH RSUDFRZDQLH SU]HGVWDZLDQH MHVW

MHGQRF]HQLHLWHFKQLF]QLHRGSRZLHGQLRZGZyFKM ]\NDFKU\V

5\V

ND*G\UR]G]LDá L LQQ\HOHPHQWSUDF\ UyZQ\UR]G]LDáRZLUR]SRF]\QDVL RG

QRZHMVWURQ\

:\PRJLIRUPDOQHVWDZLDQHWHNVWRZL

0R*QDXVWDOLüQDVW SXMF\U]GZ\PRJyZIRUPDOQ\FKVWDZLDQ\FKWHNVWRZL

7HNVWZLQLHQE\üSLVDQ\]XZ]JO GQLHQLHPDNDSLWyZ7HNVWEH]DNDSLWyZMHVW

QX*F\ L PQLHM F]\WHOQ\%UDN Z\Uy*QLRQHM ]D SRPRF DNDSLWX FH]XU\ PL G]\

SRV]F]HJyOQ\PL VHNZHQFMDPL XM FLDSURZDG]L WH* QLHU]DGNR GR XWUXGQLHQLDZ

RFHQLH SU]HGVWDZLRQHJR PDWHULDáX $NDSLW MHVW ZFL FLHP OHZHM VWURQ\ ZLHUV]D

ZVND]XMF\P QD QRZ P\O Z WHNFLH ,QDF]HM U]HF] XMPXMF SRZLHP\ L*

DNDSLWHPR]QDF]DVL VDPRG]LHOQ\XVW SWHNVWXEG( SRF]WHNQRZHJRXVW SX

: XM FLX GUXNDUVNLP DNDSLWZ\QRVL ]D]Z\F]DM OXE ILUHW\ SU]\

F]\P SU]HFL WQHM V]HURNRFL OLWHU\ WDN*H F\IU\ DUDEVNLHM RGSRZLDGD UHGQLR

WU]HFLDF] üILUHWX2]QDF]DWR*HZFL FLHDNDSLWRZHNRF]\VL PQLHMZL FHM

QD SLRQLH RGSRZLHGQLR WU]HFLHM F]ZDUWHM SLWHM OXE V]yVWHM OLWHU\ 7H

RULHQWDF\MQH W\ONR XVWDOHQLD PDM GOD SLVDQLD SUDF\ PDJLVWHUVNLHM PDáH

]QDF]HQLH

:XM FLXSUDNW\F]Q\PQDWRPLDVWPR*QDSU]\MüL* DNDSLWNRF]\VL QD

SLRQRZ\P SUDZ\P ERNX NZDGUDWX RGOHJáRFL PL G]\ ZLHUV]DPL MDN Z

SRQL*V]\PSU]\NáDG]LH

1HXURIL]MRORJLF]QH SRGHMFLH GR ]MDZLVN EHKDZLRUDOQ\FK SROHJD QD DQDOL]LH

&]\QQRFLXNáDGXQHUZRZHJR

2]QDF]D WR *H ZLHUV] ] XZ]JO GQLHQLHP DNDSLWX ]DF]\QD VL ]D]Z\F]DM QD

F]ZDUW\P OXE SLW\P XGHU]HQLX PDV]\Q\ QD SLRQLH F]ZDUWHM OXE SLWHM OLWHU\

QDVW SQHJR ZLHUV]D 2ULHQWDFMD WD QLH GRW\F]\ RF]\ZLFLH WHNVWyZ

SXEOLNRZDQ\FK Z NWyU\FK DNDSLW SHáQL URO VSHFMDOQ QS GHNRUDF\MQ OXE

WHNVWyZ Z\QLNDMF\FK ] RVREQ\FK WUDG\FML Z\GDZQLFWZD XZDJL WH MHGQDN QLH

RGQRV] VL GRSUDFPDJLVWHUVNLFKSRáDFLQLHDFDSLWH ]QDF]\RGSRF]WNXRG

JáRZ\

:ZLHUV]XSRSU]HG]DMF\PZLHUV]QLH]DF]\QDMF\VL RGDNDSLWXPXVL E\ü

Z\F]HUSDQDFDáDMHJRGáXJRü

: UD]LH SRWU]HE\ Z\Uy*QLHQLD RNUHORQHJR IUDJPHQWX WHNVWX SLV]F\ SUDF

PDJLVWHUVN VWRLSU]HGSHZQ\PZ\ERUHP3RGNUHODQLHWHNVWXLSLVDQLHVSDFM V

PDáRHOHJDQFNLHSRJUXELDQLH]D F]FLRQNLOXESLVDQLHNXUV\Z MHVWQLHPR*OLZH

ZSU]\SDGNXX*\ZDQLDW\SRZHMPDV]\Q\GRSLVDQLD0R*H]RVWDüZFL FLHWHNVWX

QDFDáHMMHJRZ\VRNRFL

6WRVRZDQH Z WHNFLH Z\OLF]HQLD PXV] QDVW SRZDü ] SRV]DQRZDQLHP

RJyOQ\FK UHJXá UHGDNFML 2]QDF]D WR *H ND*G\ NROHMQ\ SXQNW Z\OLF]HQLD

SRSU]HG]RQ\ MHVW DNDSLWHP Z ]DOH*QRFL ]D RG NRQWHNVWX Z\OLF]DQH SXQNW\

RGG]LHODQHV SU]HFLQNLHPUHGQLNLHPDQDZHWNURSNQS

'RGHF\]MLZ\GDQ\FK ÄEH] SRGVWDZ\SUDZQHM´ 16$ZVZRLPRU]HF]QLFWZLH ]DOLF]D

GHF\]MH

DZ\NUDF]DMFHSR]DVIHU VWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK

EZ\GDQHQDSRGVWDZLHSU]HSLVyZSUDZQ\FKSR]DXVWDZRZ\FK

F Z\GDQH Z VSUDZDFK Z NWyU\FK VWDQ SUDZQ\ MHVW NV]WDáWRZDQ\ ] PRF\ VDPHJR

SUDZDFRZ\NOXF]DPR*OLZRüG]LDáDQLDDGPLQLVWUDFMLZIRUPLHGHF\]ML

GZ\GDQHZVSUDZDFKZNWyU\FK] PRF\ SU]HSLVyZ SUDZD PDWHULDOQHJRF] \QQRFL

SRZLQQ\E\üGRNRQDQHZIRUPLHLQQHMQL* GHF\]MD

HZ\GDQHQDSRGVWDZLHSU]HSLVyZSUDZDPDWHULDOQHJRUHJXOXM F\FKVWDQ\IDNW\F]QH

RF]\ZLFLH RGPLHQQH RG VWDQyZ IDNW\F]Q\FK VSUDZ\ UR]VWU]\JDQHM WDN GHF\]M D ZL F

Z\GDQHQDSRGVWDZLHSU]HSLVyZNWyUHQLHPRJ PLHü]DVWRVRZDQLDZGDQHMVSUDZLH

:DUWR SDPL WDü *H GRNáDGQLHMV]\ RSLV LQWHUSUHWDFMD OXE DQDOL]D PR*H VL

]DF]\QDü RG Z\UD]X $G L *H WR DG MHVW FDá\P Z\UD]HP D QLH VNUyWHP WRWH*

QLJG\ QLH MHVW ]DNRF]RQH NURSN -HOL SXQNW\ Z\OLF]HQLD PDM QDVW SXMFH

R]QDF]HQLD

,,,

WRLFKSRáF]HQLH]DGQDSRF]WNX]GDQLDX]\VNDQDVW SXMFHSRVWDFLH

$G ,

$G$

$G,,

$G%

$G,,,

$G&

7HNVW\ F\WRZDQH ]DF]\QDMFH VL RG QRZHJR ZLHUV]D SLV]H VL WDN MDN Z

RU\JLQDOH=DWHPQSZLHUV]HSLV]HVL ]D]Z\F]DMEH]DNDSLWX

:UD]LH]DPLHV]F]DQLDQDVWURQLHU\VXQNyZZ\OLF]HWDEHOLWSHZHQWXDOQD

SU]HVWU]H ERF]QDQLHPR*HE\ü]DSLVDQD

:WHNFLHSRGVWDZRZ\PQLHZSU]\SLVDFKJG\ WZyUF]RüMDNLHJR DXWRUD

MHVW SU]HGPLRWHP RSLVX F]\ DQDOL]\ PR*QD ]DOHFLüSLVDQLH LPLHQLD Z SHáQ\P

EU]PLHQLX5HJXá W MHGQDN*HWU]HEDXWU]\PDüZFDáHMSUDF\

1D]ZLVN F\WRZDQ\FK DXWRUyZ Z ]DVDG]LH QLH SRSU]HG]DP\ HZHQWXDOQ\PL

VWRSQLDPLF]\W\WXáDPLQDXNRZ\PL

1LHQDOH*\ ]DF]\QDü ]GD RG ]QDNX Z ]ZL]NX ] Z\PRJLHP ]DF]\QDQLD

]GD GX* OLWHU 7DN ZL F ]DPLDVW QS ZU]HQLD SLV]HP\ 'QLD

ZU]HQLD]DPLDVWUR]SRU]G]HQLDSLV]HP\3DUDJUDIUR]SRU]G]HQLD

%\XQLNQü]DF]\QDQLDRG]QDNXPR*HP\SU]HVWDZLüV]\N]GDQLD:SUDFDFK]

]DNUHVXQDXNFLVá\FKXZDJDWDPDFKDUDNWHUZ]JO GQ\

=GDQLHNRF]FHVL VNUyWHP]DNRF]RQ\PNURSN QLHZ\PDJDGRGDWNRZHM

NURSNLR]QDF]DMFHMNRQLHF]GDQLD

3RND*G\P]QDNXLQWHUSXQNF\MQ\PZWHNFLHQDOH*\]RVWDZLüRGVW S

1DOH*\ XQLNDü ZV]HONLHJR QDGX*\ZDQLD GZXNURSND FXG]\VáRZX VSDFML

]ZURWyZ XOXELRQ\FK SU]H] DXWRUD $OH QDGH ZV]\VWNR QDOH*\ XQLNDü VWDá\FK

]DNRU]HQLRQ\FK Eá GyZ JUDPDW\F]Q\FK RUWRJUDILF]Q\FK VW\OLVW\F]Q\FK

ORJLF]Q\FKUHGDNF\MQ\FK

3LVDQLHZFXG]\VáRZLH

6WRVRZDQLH FXG]\VáRZX MHVW U]DGNLH L Z ]DVDG]LH RERZL]XMH Z WU]HFK

W\ONRV\WXDFMDFK

SU]\F\WRZDQLXWHNVWX

SU]\SLVDQLXQD]ZF]DVRSLVP

Z RNROLF]QRFLDFK V]F]HJyOQ\FK Z NWyU\FK FKRG]L R Z\HNVSRQRZDQLH

RU\JLQDOQRFLVIRUPXáRZDQLD

$G&\WRZDQLHR]QDF]DGRVáRZQHSU]\WRF]HQLHWHNVWX Z\SRZLHG]LDQHJR OXE

QDSLVDQHJRZ\GUXNRZDQHJRSRáF]RQH]MHGQRF]HVQ\PZVND]DQLHP(UyGáDD

ZSU]\SDGNX WHNVWyZSLVDQ\FK SRáF]RQH]GRNáDGQ\P RNUHOHQLHP PLHMVFD]

NWyUHJRF\WDWSRFKRG]L&\WDW PR*H E\üNUyWNLGáXJL OXE EDUG]R GáXJL1DZHW

ZWHG\ JG\ F\WDW Z\Uy*QLD VL RGPLHQQ\P NURMHP F]\ ZLHONRFL F]FLRQNL

VWRVRZDQLHFXG]\VáRZXMHVWQLH]E GQH

8ZDJD 7HUPLQ F\WRZDQLH MHVW ZLHOR]QDF]Q\ L R]QDF]D EG( D F\WRZDQLH Z

UR]XPLHQLX GRVáRZQHJR SU]\WDF]DQLD WHNVWX Z\*HM RSLVDQHJR EG( E

RNUHOHQLH Z SU]\SLVDFK (UyGáD L PLHMVFD SU]\WRF]RQHJR F\WDWX SRJOGX

VWDQRZLVND LWS EG( F SRZRá\ZDQLH VL QD ELEOLRJUDIL SU]\ NDWDORJRZ\P

RSUDFRZDQLX]ELRUyZ

$G:\GDZQLF]\]Z\F]DMSLVDQLDQD]ZF]DVRSLVPJD]HWZFXG]\VáRZLHQLH

MHVW RVWDWQLR SU]HVWU]HJDQ\ EH]Z]JO GQLH 1LHPQLHM Z\GDMH VL L* Z SUDFDFK

PDJLVWHUVNLFKGODSRWU]HEZ\Uy*QLHQLDF]DVRSLVPMDNRRVREQHMNDWHJRULL(UyGHá

X*\ZDQLH FXG]\VáRZX SU]HG QD]Z L SR QD]ZLHDOHSU]HG R]QDF]HQLHP URNX

QDOH*DáRE\]DFKRZDü2]QDF]HQLHF]DVRSLVPSLVDQHVNUyWHPQDNWyU\VNáDGDM

VL GX*H OLWHU\ NROHMQ\FK Z\UD]yZ QD]Z\ EH] NURSHN QLH MHVW REM WH

FXG]\VáRZHP

$G 'RNáDGQ\ RSLV Z\Uy*QLRQ\FK RNROLF]QRFL V]F]HJyOQ\FK QLH MHVW WX

PR*OLZ\ D QDZHW FHORZ\: RJyOQ\P QDWRPLDVW XM FLXSU]H]RNROLF]QRFL WH

QDOH*\ UR]XPLHü WDNLH V\WXDFMH Z NWyU\FK SRV]F]HJyOQH Z\UD]\ F]\ ]ZURW\

Z\VW SXM Z]QDF]HQLXZ\UD(QLHRGPLHQQ\PRGSRWRF]QHJRF]\OLV\WXDFMH Z

NWyU\FK ZD*QH MHVW Z\Uy*QLHQLH RU\JLQDOQRFL VIRUPXáRZDQLD L RU\JLQDOQRFL

MHJRUR]XPLHQLD

8ZDJD : *DGQ\P Z\SDGNX QLH SLV]HP\ W\WXáyZ F\WRZDQ\FK SXEOLNDFML Z

FXG]\VáRZLH

3RQLHZD* XFK\ELHQLD Z W\P Z]JO G]LH ]GDU]DM VL ]ZáDV]F]D Z RVWDWQLP

F]DVLHQDZHWQLHNWyU\PSRZD*QLHMV]\PZ\GDZQLFWZRPDEVROZHQWXF]HOQLE\

áDWZR PyJá MH NU\W\F]QLH GRVWU]HF VDP PXVL SU]HMü WUXGQ V]NRá SLVDQLD

UHGDJRZDQLD

6WRVRZDQLHSRGNUHOHSRJUXELHVSDFMLNXUV\Z\

6WRVRZDQLH SRGNUHOH Z\FKRG]L MX* G]L ] X*\WNX 1LHPQLHM WR FR Z GUXNX

]D]QDF]\OLE\P\ SRJUXELHQLHP OXE NXUV\Z Z SUDF\ PDJLVWHUVNLHM WU]HED

Z\Uy*QLüSRGNUHOHQLHPOXEVSDFM

3RJUXELHQLHR]QDF]DX*\FLHF]FLRQHNRPRFQLHMV]\PU\VXQNX -HJRFHOHPMHVW

Z\Uy*QLHQLHRNUHORQ\FKZ\UD]yZF]\IUDJPHQWyZWHNVWX

6 S D F M D R]QDF]D GRGDWNRZ RGOHJáRü PL G]\ SRV]F]HJyOQ\PL OLWHUDPL

GDQHJR Z\UD]X W]Z U R ] V W U ] H O H Q L H 6WRVRZDQD MHVW RQD Z FHOX

VSHFMDOQHJR Z\Uy*QLHQLD SRGNUHOHQLD RNUHORQHJR Z\UD]X Z\UD]yZ F]\

]GDQLD .RU]\VWDQLH ]H VSDFML Z\PDJD XPLDUX 3U]\ VWRVRZDQLX MHM GOD

GáX*V]\FK XVW SyZ ]DWUDFD VL ]DPLHU]RQ\ HIHNW 1LH X*\ZD VL VSDFML ZH

Z]RUDFKIRUPXáDFKZL]DQLDFKPDWHPDW\F]Q\FKLFKHPLF]Q\FKQXWDFKLWS

.XUV\ZD ]ZDQD WDN*H LWDOLN MHVW URG]DMHP SLVPD Z NWyU\P X*\ZD VL

F]FLRQNL SRFK\ORQHM Z SUDZR ]EOL*RQHM NV]WDáWHP GR SLVPD U F]QHJR

:\Uy*QLHQLH]DSRPRF NXUV\Z\MHVWEDUG]RHVWHW\F]QH.XUV\Z Z\Uy*QLD VL

SRV]F]HJyOQHZ\UD]\]ZURW\]GDQLDDQDZHWFDáHXVW S\1DMF] FLHMMHVWRQD

VWRVRZDQDZSLVDQLX

GHG\NDFML

ZVW SyZ

]ZURWyZáDFLVNLFKOXE]ZURWyZ]LQQHJRM ]\NDQSLJQRUDQWLDLXULVQRFHWLQ

H[WHQVR

]ZURWyZRU\JLQDOQ\FK

ZPRQWRZDQHJRZWRNSU]HGVWDZLDQLDHOHPHQWXLQQHMUHODFML

W\WXáyZF\WRZDQ\FKZSU]\SLVDFKSUDFQS56FKXO]3URFHV\]PLDQLRGQRZ\

ZRZLDFLH:VW SGRWHRULLLQQRZDFML:DUV]DZDVLQ

8ZDJD3R]DRU\JLQDOQ\PLSU]\NáDGDPLZWHNFLHQLQLHMV]HM SUDF\ Z]DVDG]LH

QLHUHVSHNWRZDQRWHMRVWDWQLHMUHJXá\

5R]G]LDá9

2GQRQLNL

2GQRQLN ]ZDQ\ WH* RGV\áDF]HP QLH PD ZDUWRFL VDPRG]LHOQHM

Z\VW SXMHERZLHP]DZV]HZQLHUR]G]LHOQ\PSRáF]HQLX]SU]\SLVHP2GQRQLN

R]QDF]D ]QDN V]F]HJyOQ\ ZVND]XMF\ QD LVWQLHQLH LGHQW\F]QLH R]QDF]RQHJR

SU]\SLVXGDMFHJRLQIRUPDFM F]\NRPHQWDU]NWyUH]MDNLFK SRZRGyZQLHPRJ

E\ü EH]SRUHGQLR ZáF]RQH Z WRN WHNVWX SRGVWDZRZHJR ]RE IXQNFMH

SU]\SLVyZ=QDNLHPW\PMHVWF\IUDJZLD]GNDOLWHUDEDUG]RU]DGNRPDP\GR

F]\QLHQLD]R]QDNRZDQLHPV]F]HJyOQ\P]REVSRVyER]QDF]DQLDSU]\SLVX

2GQRQLNL PRJ E\üXPLHV]F]DQHZND*G\PPLHMVFX]GDQLDE\OHE\QLH

]DUD] SR ]QDNX LQWHUSXQNF\MQ\P OXE ]DUD] SR IRUPLH NRQLXQNF\MQHM L ] ]H

LWGQS

-DJLHáá

6NLUJLHáá

ZLGU\JLHááH

%RU\VD

.RU\EXWD

:LJXQWD

.RU\JLHáá

1DU\PXQWD

/LQJZHQD

/XEDUWD

$QGU]HMD

L %XWDZD

:V]\VF\ E\OL XURG]LZ\PL

PáRG]LHFDPL

-HOL R]QDF]HQLH QXPHURZH RGQRQLNyZ MHVW áF]QH GOD FDáHM SUDF\ D

FKFHP\ RF]\ZLFLHZUD] ] SU]\SLVHP MX* SR QDSLVDQLX FDáRFL GRGDü QRZ\

RGQRQLN PL G]\ QS RGQRQLNLHP D ZVWDZLDP\ Z LQWHUHVXMFH QDV

PLHMVFHRGQRQLNDLWDNVDPRR]QDNRZXMHP\SU]\SLV

3R RGQRQLNX SRVWDZLRQ\P QD NRFX ]GDQLD XPLHV]F]DP\ NURSN

NRF]F ]GDQLH

&]DVDPL Z QLHNWyU\FK WHNVWDFK MDN QD SU]\NáDG Z WHNVWDFK

PDWHPDW\F]Q\FKZFHOXZ\UD(QHJRZ\RGU EQLHQLDRGQRQLNDR]QDF]DVL JRZ

VSRVyEV]F]HJyOQ\PDNV\PDOQLHNDVXMF\PR*OLZRüSRP\áNL

%\YDU\LQJS DQGQLQWKHH[SHULPHQWGHVFULEHGLQ>@DQGXVLQJWKHUDWHVRIFRQYHUJHQFHDV

DJXLGHZHFUHDWHGWKUHHVLWXDWLRQV

7DNVDPRRF]\ZLFLHR]QDF]DQ\MHVWSU]\SLV

>@ %RRWVWUDSSLQJ 5HJUHVVLRQ 0RGHOV ZLWK 0DQ\ 3DUDPHWHUV ,Q D IHVWVFKULIW IRU (ULFK /

/HKPDQQ:DGVZRUWK%HOPRQW&DOLIRUQLD

5R]G]LDá9,

3U]\SLV\

5RODSU]\SLVyZ

= SHZQ\P XSURV]F]HQLHP PR*QD SRZLHG]LHü *H SU]\SLV\ SHáQL WU]\

SRGVWDZRZHIXQNFMH

:VND]XM QD (UyGáD RNUHORQ\FK GDQ\FK SU]HGVWDZLDQ\FK L F\WRZD

Q\FKSRJOGyZVWDQRZLVNUHIOHNVMLUR]VWU]\JQL üWZLHUG]HKLSRWH]RGNU\ü

MDNQDSU]\NáDG

2 ZSá\ZLH EDW\PHWULL PyU] QD HNVSORDWDFMH VWDWNX L SRUWX EOL*HM - =DOHZVNL 2JyOQD

JHRJUDILDWUDQVSRUWXPRUVNLHJRZ]DU\VLH:DUV]DZDVLQ

3RGREQLHNZHVWL XMPXMH:6LWHNRSFLWV

=JRGQLH]HVWDQRZLVNLHP+ .LHUHVLDRSFLWV

'DM GRGDWNRZH LQIRUPDFMH R PDWHULL SU]HGVWDZLDQHM Z WHNFLH

QLH]DOH*QLH RG WHJR F]\ SRFKRG] RG DXWRUD WHNVWX F]\ RG NRPHQWDWRUD OXE

UHGDNWRUD2WRSU]\NáDG]SUDF\(.RODQRZVNLHJR:LHOND:RMQD]=DNRQHP

.U]\*DFNLPZODWDFK:DUV]DZD

3RZLHU]FKQLD WHU\WRULXP =DNRQX ,QIODQFNLHJR Z\QRVLáD NP NZ :HGáXJ %

8UáDQLVD J VWRü ]DOXGQLHQLD WHU\WRULyZ SROVNLFK OLWHZVNLFK L HVWR VNLFK RNRáRURNX O

Z\QRVLáD OXG]L QD NP NZ 5RVW QDVLOHQLMD Z -HZURSLH RS\W LVF]LVOHQLMD 2JL]

*RVSROLWL]GDWVDRNRáRURNX(VWRQLDL .XUODQGLD PLDá\RVyEQDNPNZ

RSFLWV0R*QDZL F SU]\MüGOD,QIODQWZLHNX;9]DOXGQLHQLHPQLHMZL FHMRVyE

QD NP NZ FR GDZDáRE\ PLHV]NDFyZ ,QIODQW\ ] (VWRQL E\á\ ZL NV]H RG

REV]DUX SUXVNRSRPRUVNLHJR DOH PQLHM ]DVLHGORQH OXGQR FL SU]\E\á ] (XURS\

URGNRZR]DFKRGQLHMJG\* NRORQLFLSU]\E\ZDMF\]5]HV]\RVLDGDOLSRPLDVWDFKDOXGQRü

FKáRSVNDVNáDGDáDVL Z\áF]QLH]DXWRFKWRQyZ=DMF]NRZVNL RSFLWV

=DZLHUDM GRGDWNRZ\ PDWHULDá SROHPLF]Q\ DQDOLW\F]Q\ LQQ\

ZVND]XMF\ QD ]áR*RQRü WHPDWX PDWHULL SXQNWyZ ZLG]HQLD RUD] QD

RNROLF]QRFLLNU\WHULDSUH]HQWRZDQHMSU]H]DXWRUDUDFML2WRSU]\NáDG] SUDF\.

%DOD.DQWL+HJHO'ZDV]NLFH]G]LHMyZQLHPLHFNLHMP\OLHW\F]QHM:URFáDZ

1LHNWyUH G]LHZL WQDVWRGZXG]LHVWRZLHF]QHNLHUXQNL ILOR]RILF]QH L SRV]F]HJyOQL P\ OLFLHOH

]DWU]\PDOL VZRM XZDJ Z\áF]QLH QD LQWHUSUHWRZDQLX ÄSLHUZV]HJR´ SR]LRPX NDQLRZVNLHM

UHIOHNVML ILOR]RILF]QHM : W\P VHQVLH PR*QD SRZLHG]LHü *H NDQLRZVNLH GXDOLVW\F]QH

SRWUDNWRZDQLH NZHVWLL ZROQRFL L NRQLHF]QRFL DQW\F\SRZDáR Sy(QLHMV]H MHM UR]ZL]DQLH

3RVáX*P\ VL SDURPD SU]\NáDGDPL :LQGHOEDQGW RSRZLDGDá VL ]D REHFQRFL GZX

QLH]DOH*Q\FKRGVLHELH ÄSXQNWyZZLG]HQLD´ QDXNRZHJRUHMHVWUXMFHJRZV] G]LHZ\áF]QLH

SU]\F]\QRZH ]DOH*QRFL L HW\F]QHJR Z NWyU\P VDPL ]DNáDGDP\ LVWQLHQLH ZROQR FL EH]

RJOGDQLD VL QD MDNNROZLHN NDX]DOQRü = NROHL 1 +DUWPDQQ VWZLHUG]Dá *H F]áRZLHN

MHGQRF]HQLHSU]HE\ZDZÄGZyFKZLDWDFK´ZZLHFLHUHDOQHJRE\WXLZZLHFLHLGHDOQ\FK

LVWRWQRFLG]L NL F]HPX VWDMH VL RQ ZROQ\ 3UyE SRáF]HQLD RE\GZX Z\PLDUyZ F]\ WH*

SáDV]F]\]Q E\WX OXG]NLHJR XZD*Dá +DUWPDQQ ]D SU]HGVL Z]L FLH ÄQLHRVLJDOQH´ L

ÄLUUDFMRQDOQH´$QDORJLF]QLHÄGZLHOLQLH´ SRVWXORZDáHJ]\VWHQFMDOL]P

:ND*GHM]W\FKWU]HFKIXQNFMLQLHSU]HV]NDG]DM RQHWRNRZLDXWRUVNLHJR

SU]HGVWDZLDQLD SU]HFLZQLH X]DVDGQLDM JR Z]ERJDFDM SRGEXGRZXM

ZDORUDPLZDUV]WDWXQDXNRZHJR'ODWHJRURODSU]\SLVyZZSUDF\PDJLVWHUVNLHM

MHVWQLH]DVWSLRQD]ZáDV]F]DZQDXNDFKKXPDQLVW\F]Q\FK7UHüVSRVyEXM FLD

NRPSOHWQRü L NRPSOHNVRZRü Z WUHFL SU]\SLVyZ GDM áF]QLH ZLDGHFWZR

MDNRFLLZLHONRFLQDNáDGXDXWRUVNLHMSUDF\DQLHU]DGNRLHUXG\FML

0LHMVFHSU]\SLVyZ

3U]\SLV\PRJ ]QDMGRZDüVL ZNLONXPLHMVFDFK

1D NRFX FDáHM SUDF\ 0LPR*H SUDFD VNáDGD VL ]D]Z\F]DM ] NLONX

UR]G]LDáyZ NROHMQR XPLHV]F]DQH GR W\FK UR]G]LDáyZ SU]\SLV\ ZLQQ\ PLHü

FLJá QXPHUDFM 1XPHUDFMD]DF]\QDMFDVL GODND*GHJRUR]G]LDáXRGQXPHUX

SLHUZV]HJRMHVW PDáR F]\WHOQDLZSURZDG]D]QDF]QHXWUXGQLHQLDZRGV]XNDQLX

ZáDFLZHJRSU]\SLVX: UD]LHSRWU]HE\ VNDVRZDQLDMHGQHJR SU]\SLVX FR E\áR

MX* SRGQLHVLRQH Z UR]G]LDOH SRSU]HGQLP PR*QD ]DPLDVW ]PLDQ\ FDáHM

QDVW SQHM QXPHUDFML SRáF]\ü SU]\SLV NDVRZDQ\ L SU]\SLV SRSU]HG]DMF\ Z

MHGHQ QS L Z UD]LH SRWU]HE\ GRGDQLD SU]\SLVX PR*QD JR R]QDF]\ü

GRGDWNRZR OLWHU QS D 2F]\ZLFLH Z RE\GZX SU]\SDGNDFK DQDORJLF]QLH

SRVW SXMHP\]RGQRQLNDPLRGV\áDF]DPL

1D NRFX ND*GHJR UR]G]LDáX -HVW WR VSRVyE QDMPQLHM F]\WHOQ\ L QLH

ZDUWRJR]DOHFDü

1DGROHND*GHMVWURQ\NROXPQ\-HVWWRVSRVyEQDMF] FLHMVSRW\NDQ\

LSUDZGRSRGREQLHQDMOHSV]\GODF]\WHOQLNDNWyU\RGUD]XZLG]LQLHW\ONRZ\ND]

Z\NRU]\VWDQ\FK (UyGHáDOHWDN*H VSRVyE GRNXPHQWRZDQLDMHJR ERJDFWZR OXE

QLHGRVWDWNL 7UXGQRü Z MHJR VWRVRZDQLX Z SUDF\ PDJLVWHUVNLHM PR*H E\ü

SU]HáDPDQD SU]H] XPLHM WQRü L GRZLDGF]HQLH NWyUH Z V]WXFH GUXNRZDQLD

]DOLF]DQH V GR W]Z áDPDQLD SROHJDMFHJR QD IRUPRZDQLX MHGQDNRZ\FK

ZLHONRFL NROXPQ QLH]DOH*QLH RG LORFL SU]\SLVyZ SU]\SDGDMF\FK QD

SRV]F]HJyOQ VWURQ *áyZQ\Z\PyJSROHJDWXQDW\PE\ZV]\VWNLHRGQRQLNL

]WHNVWXQDGDQHMVWURQLHPLDá\VZRMHRGSRZLHGQLNLZHZV]\VWNLFKSU]\GDQ\FK

LP SU]\SLVDFK XPLHV]F]RQ\FK QD WHM VDPHM VWURQLH : F]DVDFK NRU]\VWDQLD ]

NRPSXWHUD SU]HVWDMH WR E\ü SUREOHPHP FKRü FLJOH MHV]F]H SUREOHPHP MHVW

GRVW SGRNRPSXWHUD

: PLHMVFX RGQRQLND Z WHNFLH SRGVWDZRZ\P SUDF\ -HVW WR MHG\QD

PHWRGD VWRVRZDQLD RGQRQLNyZ NWyUD QLH Z\PDJD SU]\SLVyZ DQL QD GROH

VWURQ\ DQL QD NRFX SUDF\ DQL ZUHV]FLH QD NRFX ND*GHJR ] UR]G]LDáyZ

0HWRGD WD Z\PDJD MHGQDN VSHFMDOQLH VNRQVWUXRZDQHJR Z\ND]X F\WRZDQ\FK

SUDF Z V\WXDFML JG\ Z Z\ND]LH W\P ]QDMGXMH VL SR GZLH OXE ZL FHM SUDF

QDSLVDQ\FK SU]H] MHGQHJR FKRüE\ DXWRUD -HOL ]DWHP Z PLHMVFX RGQRQLND

VWRVXMHP\RG UD]X RGHVáDQLHGRDXWRUDZUD]]SRGDQLHP VWURQ\QS Z]GDQLX

QLHNWyU]\ ]DXWRUyZQS/ 1HOVRQV ZSURZDG]LOL ]QDF]QHWRZUD]LH

JG\ZZ\ND]LHF\WRZDQ\FKSUDF]QDMGXMHVL NLONDRSUDFRZD WDNSRZRáDQHJR

DXWRUDND*GH]QLFKPXVLE\üRVREQRR]QDF]RQHFRF]\QLVL ]D]Z\F]DMSU]H]

SU]\GDQLHNROHMQHJRQXPHUX2SLVDQHWXRGHVáDQLHRGQRV]FHVL GRF]ZDUWHM]

NROHLSUDF\1HOVRQDXPLHV]F]RQHMZZ\ND]LHF\WRZDQ\FKSUDFSU]\MPLHZWHG\

SRVWDüQLHNWyU]\]DXWRUyZQS/1HOVRQ>@VZSURZDG]LOL]QDF]QH

:QLHNWyU\FKZ\GDZQLFWZDFKUR]G]LHOQRüSUDFMHGQHJRDXWRUD]DSHZQLD

VL SU]H]R]QDF]HQLHURNXZ\GDQLDSUDF\QS

/LSRZLF]

$GPLQLVWUDF\MQR

SUDZQH

]DJDGQLHQLD

LQIRUPDW\NL

9HUZDOWXQJVUHFKWOLFKH 3UREOHPH GHU ,QIRUPDWLN Ä6NU\SW\ 8QLZHUV\WHWX OVNLHJR´

6NULSWHQGHU6FKOHVLVFKHQ8QLYHUVLWlW1U6II.DWRZLFH

0LOOHU$57KH$VVDXOWRQSULYDF\1HZ<RUN

1RZDFNL..RQWURODGHF\]MLRSDUW\FKQDX]QDQLXDGPLQLVWUDF\MQ\P 'LH .RQWUROOH

GHU(UPHVVHQVHQWVFKHLGXQJHQ:URFáDZ

1RZDFNL.'LHWKHRUHWLVFKH3UREOHPDWLNGHU,QWHUQHQ 9HUZDOWXQJV

(+5LHGHOV

$/0RUWRQVI

3U]\NáDGDPHU\NDVNL

,GDUW

$1'5=(- :$6,/(:6., 5HODWLRQVKLS EHWZHHQ WKH 6WDWH DQG (FRQRP\ ZLWK WKH

([DPSOH RI WKH 3URWHFWLRQ RI (QYLURQPHQW ZLWK 5HIHUHQFH WR WKH 3ROLVK /DZ LQ

$'0,1,675$7,9( &28576 3527(&7,21 2) (19,5210(17 081,&,3$/

*29(510(17+HLQULFK6LHGHQWRSIHG

/3&(VXSUDQRWH

//83VXSUDQRWHDUW

%2& 6$0%256.$%2& VXSUD QRWH DW 0,&+$/ .8/(6=$ 6SHFLDO

$UHD DV D /HJDO,QVWUXPHQW RI WKH 3URWHFWLRQ DQG &RQWURO RI WKH(QYLURQPHQW 678',$

,85,',&$

:GUXJLPVSRVRELHRGSRZLDGDMFHRGQRQLNRPQXPHU\SU]\SLVyZSLVDQH

V Z]DPNQL W\FKQDZLDVDFK]XZ]JO GQLHQLHPDNDSLWX

&IVXSUDQR

&++g-(5RSFLWS

3DU H[HPSOH FHOOHV TXL RQW DERXWL j OD IRUPDWLRQ GHV JRXYHUQHPHQWV 3LHUORW ,9 HQ

VHSWHPEUHMRXUV9DQ$FNHU,HQIpYULHU

:UHV]FLHZWU]HFLPVSRVRELHQXPHUSU]\SLVXSRGZ\*V]RQ\RSyáVWRSQLD

LQLH ]DNRF]RQ\MDNLPNROZLHN]QDNLHPSLVDQ\MHVWQDDNDSLFLH

= /HRVNL8VWUyM VDPRU]GX WHU\WRULDOQHJR Z 5]HF]\SRVSROLWHM 3ROVNLHM3R]QD

:áDQLH WHQ WU]HFL VSRVyE MDNR SU]HMU]\VW\ HVWHW\F]Q\ L SU]\MPRZDQ\

SU]H]QDMOHSV]HZ\GDZQLFWZDQDOH*DáRE\]DOHFLüZSLVDQLXSUDF\PDJLVWHUVNLHM

.RQVHNZHQWQH L EH]Eá GQH MHJR VWRVRZDQLH Z\PDJD SHZQHM VWDUDQQRFL L

QDNáDGXSUDF\

8ZDJD

, .D*G\SU]\SLV]DF]\QDVL GX* OLWHU

,,.D*G\SU]\SLVNRF]\VL NURSN

2GG]LHODQLHSU]\SLVyZQDVWURQLHNROXPQLH

-HOL SU]\SLV\ SU]\SLV ]QDMGXM VL QD WHM VDPHM VWURQLH FR WHNVW

SRGVWDZRZ\ NWyU\ GR QLFK RGV\áD V ]D]Z\F]DM RGG]LHORQH NUyWN OLQL

SR]LRP ]DF]\QDMF VL ]OHZHMVWURQ\SRGWHNVWHPSRGVWDZRZ\P2GG]LHOHQLH

WR PLPR L* QLHNWyU]\ Z\GDZF\ QD =DFKRG]LHQLHVWRVXM JR PD]QDF]HQLH

HOLPLQXMH ERZLHP PR*OLZRüX]QDQLDSU]\SLVyZ]D]Z\Ná NRQW\QXDFM WHNVWX

SRGVWDZRZHJR )XQNFMD SR]LRPHM OLQLL RGG]LHODMFHM XMDZQLD VL Z\UD(QLH

]ZáDV]F]D Z SUDFDFK ] ]DNUHVX QDXNFLVá\FK 5]DG]LHM VWRVXMH VL VSRVyE Z

NWyU\PSU]\SLV\ QLHRGG]LHODQHOLQL RGG]LHODQHV RGSRZLHGQLPZLGRF]Q\P

RGVW SHPGZX OXEWU]\ZLHUV]RZ\P

* VWRüZLHUV]\LZLHONRüF]FLRQNLX*\WHMZSU]\SLVDFK

:FHOXGRGDWNRZHJRZ\Uy*QLHQLDLGODRV]F] G]HQLDPLHMVFDDWDN*HQLH

]DWUDFHQLD SURSRUFML PL G]\ WHNVWHP SRGVWDZRZ\P L WHNVWHP SU]\SLVyZ QD

VWURQLHNROXPQLHSU]\SLV\SLVDQHV SLVPHPRVWRSLH OXEGZDPQLHMV]\PQL*

WHNVWSRGVWDZRZ\6WRVRZQLHGR]PQLHMV]RQHMF]FLRQNLWDN*HRGOHJáRüPL G]\

ZLHUV]DPLMHVWPQLHMV]D-HOLZSUDF\ PDJLVWHUVNLHMQLHPDPR*OLZRFLX*\FLD

GZyFK ZLHONRFL SLVPD MHG\Q\P Z\Uy*QLHQLHQL WHNVWX SU]\SLVyZ VWDMH VL

]PQLHMV]RQDRGOHJáRüPL G]\ZLHUV]DPL

&\WRZDQLHNVL*HN

$&\WRZDQLHNVL*HNSRMHG\QF]\FKDXWRUyZ

'R REOLJDWRU\MQ\FK HOHPHQWyZ F\WRZDQLD NRQNUHWQHM NVL*NL QDOH*\

RNUHOHQLH D LPLHQLD L QD]ZLVND DXWRUD E W\WXáX NVL*NL F PLHMVFD L URNX

Z\GDQLD SUDF\ D Z SHZQ\FK RNROLF]QRFLDFK G QD]Z\ Z\GDZQLFWZD F]\

LQQ\FKGDQ\FK

$GD=D]Z\F]DMSRGDMHVL SLHUZV] OLWHU LPLHQLDLPLRQLQD]ZLVNRQS

-,.UDV]HZVNL

1LHZWSOLZLH OHSLHM MHVW SRGDZDü LPL LPLRQD Z SHáQ\P EU]PLHQLX

QLHPQLHM WDNL ]DSLV MHVW PR*OLZ\ Z\áF]QLH Z V\WXDFMDFK JG\ QD RNáDGFH

F\WRZDQHM NVL*NL ]DSLVDQHMHVW LPL Z SHáQ\P EU]PLHQLX L JG\ UHJXáD ]DSLVX

LPLRQ Z SHáQ\P EU]PLHQLX UHVSHNWRZDQD MHVW EH] Z\MWNyZ Z FDáHM SUDF\

PDJLVWHUVNLHM 'ODWHJR VSRVREHP NRU]\VWQLHMV]\P MHVW QLHZWSOLZLH

SRVáXJLZDQLH VL VNUyWHP LPLHQLD LPLRQ FR MHVW ZáDFLZH UyZQLH* GOD W\FK

SU]\SDGNyZZNWyU\FKLPLRQDDXWRUDNVL*NLSRGDQHV QDRNáDGFHZGZRMDNL

VSRVyEQS

/XFLHQ'$UQROGSLV]HP\/'$UQROG

3R LPLHQLX L QD]ZLVNX VWDZLDP\ SU]HFLQHND QLH GZXNURSHN SRQLHZD*

F\WRZDQH GDQH LPL QD]ZLVNR W\WXá PLHMVFH L URN Z\GDQLD VWURQD V

QLHSRUyZQ\ZDOQHL SRZWyUH Z\OLF]HQLXSRGOHJDM ZW\PVDP\PVWRSQLX L

VHQVLH ZV]\VWNLH F\WRZDQH HOHPHQW\ WDN *H ] LPLHQLD L QD]ZLVND QLF QLH

Z\Sá\ZD

: V\WXDFML JG\ Z GDQHM SUDF\ XMDZQLRQH V W\ONR LQLFMDá\ DXWRUD Z

PLHMVFHLPLHQLDLQD]ZLVNDZSLVXMHP\RZHLQLFMDá\QS

37'\VRFMDFMDHOHNWUROLW\F]QDZZDUXQNDFK

$GE=DF\WRZDQ\W\WXáNVL*NLPXVLE\üDEVROXWQLH]JRGQ\]RU\JLQDáHP

SRQLHZD* ]D]Z\F]DMW\WXá\SUDFGUXNRZDQ\FKSLVDQHV GX*\PLOLWHUDPLDXWRU

SUDF\ PDJLVWHUVNLHM VDP PXVL XVWDOLü NWyUH Z\UD]\ QDSLV]H Z SU]\SLVLH GX*

OLWHU=DF]\QDVL ]DZV]HGX* OLWHU SRSU]HFLQNXSRVWDZLRQ\PSRQD]ZLVNX

DXWRUD : RSUDFRZDQLDFK GUXNRZDQ\FK SLVDQ\ MHVW F]DVDPL NXUV\Z .RF]\

VL SU]HFLQNLHPSRSU]HG]DMF\PRNUHOHQLHPLHMVFDLURNXZ\GDQLDQS

-.ROEXV]HZVNL2FKURQDSU]\URG\DNXOWXUD:URFáDZ

$6DQGDXHU%yJ6]DWDQ0HVMDV]L".UDNyZ

$GF3U]\M áRVL GRWHMSRU\*H LQIRUPDFMDR PLHMVFX Z\GDQLDNVL*NL

ZUD]]R]QDF]HQLHPURNXMHVWZ\VWDUF]DMFDGODR]QDF]HQLDNRQNUHWQHMSR]\FML

%\ü PR*H ] SRZRGX UR]URVWX LORFL Z\GDZQLFWZ WU]HED E G]LH Z SU]\V]áRFL

R]QDF]DüWDN*HZ\GDZQLFWZR1LHPQLHMMHGQDNZDUWRSDPL WDü*HZSU]\SLVDFK

FKRG]L R ZVND]DQLH (UyGáD D QLH R XáDWZLHQLH MHJR RGV]XNDQLD &]DVDPL

]DUyZQRQDRNáDGFHMDNLQDVWURQLHW\WXáRZHMPLHMVFHRUD]URNZ\GDQLDQLHV

R]QDF]RQH 6]XNDP\ LFK ZWHG\ Z QRWFH UHGDNF\MQHM 0LHMVFH L URN Z\GDQLD

SLV]HP\ MDNR MHGHQ VHJPHQW WRWH* SU]HFLQHN VWDZLDP\ GRSLHUR SR URNX

Z\GDQLDQS

- 0LRGHN 2GSRZLHGQLH GDü U]HF]\ VáRZR 6]NLFH R ZVSyáF]HVQHM SROV]F]\ (QLH

:DUV]DZD

-HOLNVL*NDPDNLONDR]QDF]RQ\FKPLHMVFZ\GDQLDZSU]\SLVLHXZ]JO GQLDP\

MHZV]\VWNLHFK\ED*HZ\VWDUF]\R]QDF]HQLHPLHMVFDSLHUZV]HJRQS

Z SU]\SDGNX 2VVROLQHXP ]DPLDVW :URFáDZ :DUV]DZD .UDNyZ *GDVN àyG(

SLV]HP\:URFáDZ

$G G 1D]Z Z\GDZQLFWZD SRGDMHP\ ZWHG\ JG\ QLH PD Z F\WRZDQHM

NVL*FH*DGQ\FKLQIRUPDFMLRPLHMVFXLURNXMHMZ\GDQLD:LQQ\FKSU]\SDGNDFK

Z\Uy*QLHQLHZ\GDZQLFWZD Z\GDMHVL ]E GQH 0R*QD MH MHGQDN VWRVRZDü DOH

QLH Z\ELyUF]R ]QDF]\ WR *H SLV]F\ SUDF PDJLVWHUVN PXVLDáE\ R]QDF]\ü

ZV]\VWNLHZ\GDZQLFWZDZV]\VWNLFKSRZRáDQ\FKZSU]\SLVDFKNVL*HN&KRG]L

R ]DVDG\ L SRU]GHN : UD]LH QLHPR*OLZRFL Z\Uy*QLHQLD GDQ\FK R NWyU\FK

PRZD PR*QD HNVSRQRZDü LQQH LQIRUPDFMH D ]ZáDV]F]D QXPHU Z\GDQLD JG\

SUDFDE\áDSXEOLNRZDQDFRQDMPQLHMGZDUD]\LMHOLRF]\ZLFLH]DZLHUDGDQHR

NROHMQ\PZ\GDQLX

8ZDJD

: WDNLP RWR Z\UD(QLH NUyWNLP Z]L W\P ] SUDF\ PDJLVWHUVNLHM

SU]\SLVLHZJ=RILL/LVV\Ä=DU\VQDXNLRPX]\FH´ 3:0U

NRQVWDWXMHP\ QDVW SXMFH XFK\ELHQLD ZREHF UHJXá X]QDQ\FK ]D

QDMOHSV]H

SU]\SLVQLH]DF]\QDVL RGDNDSLWX

R]QDF]HQLHF\IURZHSU]\SLVXQLFMHVWSRGZ\*V]RQHRSyáVWRSQLD

SRQXPHU]HSU]\SLVXQLHSRWU]HEQLHXPLHV]F]RQDMHVWNURSND

SU]\SLV]DF]\QDVL PDá OLWHU

SRQD]ZLVNXQLHPDSU]HFLQND

W\WXáSUDF\QDSLVDQ\MHVWZFXG]\VáRZLH

SRW\WXOHQLHPDSU]HFLQND

EUDNXMHPLHMVFDZ\GDQLD

VNUyWUMHVW]E GQ\

EUDNXMHR]QDF]HQLDVWURQ\

VNUyWRGZHGáXJSLV]HVL ZJDQLHZJFRMHVWRF]\ZLFLHEá GHP

RUWRJUDILF]Q\P ]UHV]W MHVW WR VNUyW PDáR HOHJDQFNL ]ZáDV]F]D

JG\RGQRVLVL GRRVRE\

2WRWHQVDPSU]\SLVSRSUDZQLHQDSLVDQ\

:HGáXJ =RILL OXE = /LVV\ =DU\V QDXNL R PX]\FH 3D VWZRZH :\GDZQLFWZR

0X]\F]QHOXE3:0:DUV]DZDV

%&\WRZDQLHNVL*HNRQLHUR]G]LHOQ\PDXWRUVWZLH

= NVL*N R QLHUR]G]LHOQ\P DXWRUVWZLH ]ZDQ QLHNLHG\ SUDF áF]Q

PDP\GRF]\QLHQLDZWHG\ JG\*DGQHPX]GZyFKOXEZL FHMZVSyáDXWRUyZQLH

PR*QDSU]\SRU]GNRZDüZ\G]LHORQHJRWHNVWX=DWHPZSU]\SDGNX JG\NVL*N

QDSLVDáRZVSyOQLHNLONXDXWRUyZZSU]\SLVLHRGQRWRZXMHP\LFKZV]\VWNLFKQS

$&KHáPRVNL/.LHUHV$GPLQLVWUDFMDZRGQDL*HJOXJRZD2GU\:URFáDZ

OXE

+5'RGJH6')XOOHUWRQ'55LQN0DUNHWLQJ5HVHDUFK&ROXPEXV7RURQWR

/RQGRQ6\GQH\VLQ

8ZDJD 1LH PD SRZRGyZ E\ SRPLMDü NWyUHJRNROZLHN ] ZVSyáDXWRUyZ

SUDF\RQLHUR]G]LHOQ\PDXWRUVWZLH

1DWRPLDVWZSU]\SDGNXJG\NVL*N QDSLVDáRZLHOXDXWRUyZFRGRW\F]\

]ZáDV]F]D HQF\NORSHGLL L SUDF SRGREQ\FK Z SU]\SLVLH QLH RGQRWRZXMHP\

*DGQHJRQS

(QF\NORSHGLDSRZV]HFKQD3:1W:DUV]DZD

6áRZQLNM ]\NDSROVNLHJRW:DUV]DZD

&&\WRZDQLHSUDF]ELRURZ\FK

3UDF ]ELRURZ MHVW WDND SUDFD Z NWyUHM ND*GHPX] FR QDMPQLHM GZyFK

DXWRUyZ SU]\SRU]GNRZDQ\ MHVW RNUHORQ\ WHNVW =JRGQLH ] WDNLP XM FLHP

HQF\NORSHGLH QLH V SUDFDPL ]ELRURZ\PL OHF] SUDFDPL R QLHUR]G]LHOQ\P

DXWRUVWZLH 5R]Uy*QLHQLH SRZ\*V]H PD ]QDF]HQLH W\ONR GOD SRWU]HE WHJR

RSUDFRZDQLD

: F\WRZDQLX SUDF ]ELRURZ\FK RERZL]XM Z ]DVDG]LH UHJXá\ ZáDFLZH

F\WRZDQLX NVL*NL QDSLVDQHM SU]H] MHGQHJR DXWRUD D WDN*H NVL*HN R

QLHUR]G]LHOQ\P DXWRUVWZLH 1LHPQLHM MHGQDN F\WRZDQLH WDNLH FHFKXMH VL

SHZQ\PLGRGDWNRZ\PLZ\PRJDPL

*G\ SRV]F]HJyOQH F] FL SUDF\ PDM RVREQH L Z\Uy*QLRQH DXWRUVWZR

RGQRWRZXMHP\ LPL L QD]ZLVNR DXWRUD ZHZQ WU]Q\ W\WXá RSUDFRZDQLD W\WXá

NVL*NLZNWyUHMMHVW]DPLHV]F]RQHOXEWHJRNWyU\RSUDFRZDáNVL*N QS

- .RWDUELVNL 6]WXND DNWRUVND Z :SURZDG]HQLH GR QDXNL R WHDWU]H W ,, 2

WZRU]\ZLHLWZyUFDFKG]LHáDWHDWUDOQHJR:\EyULRSU-'HJOHU:URFáDZVLQ

. 0\OLZLHF $UFKLWHNWXUD L U]H(ED 2G RNUHVX DUFKDLF]QHJR GR NRFD 1RZHJR

3DVWZDZ6]WXNDZLDWDWOSRGUHGQDXNRZ 37U]HFLDND:DUV]DZDVLQ

( 6PRNWXQRZLF] 6WDWXV DGPLQLVWUDF\MQRSUDZQ\ RE\ZDWHOD Z 6\VWHP SUDZD

DGPLQLVWUDF\MQHJRW,9SRGUHG75DEVNLHM:URFáDZVLQ

*G\ZHZQ WU]Q\W\WXáRSUDFRZDQLD]ZL]DQ\MHVW]RNUHORQ\P DXWRUHP

W\ONRZRJyOQ\PZ\ND]LHDXWRUyZSUDF\]DSLVSU]\SLVXPR*HPLHüQDVW SXMF

SRVWDü

--H*HZVNLZ-%RüUHG3UDZRDGPLQLVWUDF\MQH:URFáDZV

1DOH*\GRGDü*HVIRUPXáRZDQLHSRGUHGDNFM SRGUHGSLV]HP\]DZV]H

]JRGQLH]WHNVWHPRU\JLQDOQ\PFRR]QDF]DPR*OLZ Uy*QRURGQRüIRUP

SRGUHGQDXNRZ

SRGUHG

UHG

VWRVRZQLH GR ]DSLVX Z SRZRá\ZDQHM SR]\FML =ZURW SRG UHG SLV]HP\

QDMF] FLHMSR W\WXOHSUDF\&]DVHP NZHVWL UR]VWU]\JDNDUWDW\WXáRZDOXEMHM

GUXJDVWURQDRU\JLQDáX

&\WRZDQLHSXEOLNDFML]DPLHV]F]RQ\FKZF]DVRSLVPDFK

3U]\F\WRZDQLXRSUDFRZD ]DPLHV]F]RQ\FKZF]DVRSLVPDFKRERZL]XM

RJyOQHUHJXá\]QDVW SXMF\PLX]XSHáQLHQLDPL

:V]\VWNLH Z\UD]\ ] QD]Z\ F]DVRSLVPD SLV]HP\ GX* OLWHU SR]D

IRUPDPLNRQLXQNF\MQ\PL

1D]Z F]DVRSLVPD SLV]HP\ Z FXG]\VáRZLH FKRü UHJXáD WD G]L

]DQLND

3R QD]ZLH F]DVRSLVPD SLV]HP\ EH] XSU]HGQLHJR SU]HFLQND URN

Z\GDQLDDQDVW SQLHSRSU]HFLQNXQXPHU]HV]\WOXEWRP

1D NRFX SR SU]HFLQNX R]QDF]DP\ VWURQ VWURQ\ 2WR SU]\NáDG

SRSUDZQHJRF\WRZDQLD

% 'RENH )UDFKWRZDQLH WRQD*X FKáRGQLRZHJR GR SU]HZR]X áDGXQNyZ SROVNLHJR

KDQGOX]DJUDQLF]QHJRÄ7HFKQLNDL*RVSRGDUND0RUVND´ 1U

VLQ

&\WRZDQLHSXEOLNDFML]DPLHV]F]DQ\FKZJD]HWDFK

3RQLHZD* ]DVDG\ F\WRZDQLD ] JD]HW V ]EOL*RQH GR ]DVDG F\WRZDQLD ]

F]DVRSLVP XVWDOHQLH Uy*QLF\ PL G]\ F]DVRSLVPHP D JD]HW QLH Z\GDMH VL

LVWRWQH3XEOLNDFMH]JD]HWF\WXMHP\SRGREQLHMDNSXEOLNDFMH]F]DVRSLVP ]W\P

XWDUáDVL SUDNW\NDQLHSRGDZDQLDVWURQ\

]DPLDVWRNUHOHQLDURNXRNUHODVL G]LHPLHVLFLURN

&\WRZDQLHSXEOLNDFMLGUXNRZDQ\FKDOIDEHWHPQLHáDFLVNLP

: UD]LH QLHSU]\GDWQRFL DOIDEHWX áDFLVNLHJR ]DSLVX GRNRQXMHP\ Z

IRUPLHIRQHW\F]QHM QS

$ 0 5RW 2VRKHQQRVWL Y]DLWQRGHMVWYLMD MD]\NRZ L GLDOHNWRY .DUSDWVNRJR DUHDOD

8]JRURG

$.$]DL* JHZHQGHUXQFKRMEÄ)RáNV6]W\PH´QU9,

=DSLVSUDFQLHSXEOLNRZDQ\FK

3UDFHQLHSXEOLNRZDQHF\WXMHVL SRGREQLHMDN SUDFHSXEOLNRZDQH]W\P

*H GRGDMH VL Z QDZLDVLH Z\UD]\ SUDFD QLHSXEOLNRZDQD OXE R]QDF]D VL LQQH

FKDUDNWHU\VW\F]QH L Z\Uy*QLDMFH M FHFK\ QS SUDFD PDJLVWHUVND OLVW\ ]H

]ELRUyZ]H]ELRUXNDUWRJUDILF]QHJRLWS

8ZDJD=DNUHVSU]HGUXNRZ\ZDQLDIUDJPHQWyZFXG]\FKSUDFDXWRUVNLFKL

VSRVyE ZVND]\ZDQLD(UyGHá F\WRZDQLD MHVW L E G]LH QRUPRZDQ\ SU]H]

SU]HSLV\ SUDZDDXWRUVNLHJRDQLHSU]H]VWRVRZDQHZSUDNW\FH]Z\F]DMH

]Z\URNX6GX1DMZ\*V]HJR]GQLDJUXGQLDURNX

5R]G]LDá9,,

=DVDG\VWRVRZDQLDZSU]\SLVDFKVNUyFHIRUP

SROVNLFKLáDFLVNLFKRUD]VNUyWyZ

8ZDJDRJyOQD

:\PyJ GRNáDGQHJR RSLVDQLD PDWHULDáX F\WRZDQHJR SR UD] SLHUZV]\

GRW\F]\ ZV]\VWNLFK (UyGHá Z\NRU]\VWDQ\FK Z SUDF\ 2EHMPXMH ]DWHP ND*G\

PDWHULDá QLH]DOH*QLH RG MHJR FKDUDNWHUX ]ELRU\ PDS U NRSLV\ NDWDORJL

HNVSRQDWyZDNW\QRUPDW\ZQHNVL*NLDNWD]GHF\]MDPLDUFKLZDLWG

6NUyFHQLD

:VNUyFHQLDFKSLV]HP\]D]Z\F]DM

QD]ZLVNR]DPLDVWSLHUZV]HMOLWHU\LPLHQLDLFDáHJRQD]ZLVNDQS

/LSLVNL]DPLDVW(/LSLVNL

SLHUZV]HZ\UD]\F\WRZDQHJRW\WXáXQS

+LVWRULD ]DPLDVW +LVWRULDSROVNLHM P\O L VSRáHF]QRHNRQRPLF]QHM GR NRFD

;9,,,Z:URFáDZ

8ZDJD,:PDNV\PDOQLHXIRUPRZDQ\PVNUyFLH]DPLDVWFDáRFLRSLVX

DXWRUDLSUDF\SLV]HP\

/LSLVNL JG]LHR]QDF]DVWURQ

8*\ZDQLDWHJRVSRVREXQLH]DOHFDVL MHGQDNZSUDF\PDJLVWHUVNLHM

,, &]DVDPL Z NVL*NDFK RZR PDNV\PDOQH VNUyFHQLH VWRVRZDQH MHVW RG

UD]XRGSLHUZV]HJRSU]\SLVX7DN*HWHJRVSRVREX QLHQDOH*\]DOHFDüZ

SUDF\PDJLVWHUVNLHM

,,, 'OD SRWU]HE SUDF\ PDJLVWHUVNLHM QDMOHSV]H Z\GDMH VL SRáF]HQLH

SLHUZV]HMOLWHU\ LPLHQLDLFDáHJRQD]ZLVND]SLHUZV]\PLZ\UD]DPL W\WXáX

F\WRZDQHM SUDF\ RF]\ZLFLHSR]D V\WXDFM F\WRZDQLDSR UD] SLHUZV]\

(/LSLVNL+LVWRULDSROVNLHMP\OLV

)RUP\SROVNLHLáDFLVNLH

,G]LHWXZ\áF]QLHRIRUP\SROVNLHLáDFLVNLHZSU]\SLVDFK)RUP\ SRGREQLH

MDN VNUyFHQLD L VNUyW\ V VWRVRZDQH Z SU]\SLVDFK Z FHOX XQLNQL FLD

QLHSRWU]HEQ\FK SRZWyU]H REHMPXMF\FK ]D]Z\F]DM GDQH R SUDFDFK MX*

F\WRZDQ\FK 2]QDF]D WR *H SUDFD F\WRZDQD SLHUZV]\ UD] PXVL E\ü RSLVDQD

GRNáDGQLHLFDáNRZLFLH]JRGQLH]XVWDORQ\PLZ\PRJDPLQDWRPLDVWF\WRZDQD

SRUD]GUXJL LND*G\ QDVW SQ\PR*HE\üRSLVDQD]DSRPRF VSHFMDOQ\FK IRUP

GRNWyU\FK]DOLF]DP\

MDNZ\*HM

WDP*H

LELGHP

LQIUD

SDVVLP

VXSUD

)RUPD MDN Z\*HM VWRVRZDQD MHVW Z\áF]QLH ZWHG\ JG\ ]DFKRG]L SRWU]HED

LGHQW\F]QHJR]DF\WRZDQLDZEH]SRUHGQLRQDVW SQ\PSU]\SLVLHQS

--H*HZVNL $GPLQLVWUDF\MQRSUDZQH EDGDQLD G]LDáD ZHZQ WU]Q\FK DGPLQLVWUDFML Z

.U\WHULDSUDZLGáRZRFLG]LDáD ZHZQ WU]Q\FKDGPLQLVWUDFML:URFáDZV

-DNZ\*HM

)RUPD WDP*H VWRVRZDQD MHVW Z\áF]QLH ZWHG\ JG\ ]DFKRG]L SRWU]HED

]DF\WRZDQLD WHM VDPHM SUDF\ Z EH]SRUHGQLR QDVW SQ\P SU]\SLVLH DOH ]

PR*OLZRFL RNUHOHQLDLQQHJRPLHMVFDVWURQ\F\WRZDQHMSUDF\QS

63LWHN3U]HGVL ELRUVWZRX*\WHF]QRFLSXEOLF]QHMMDNRLQVW\WXFMDJRVSRGDUF]D:DUV]DZD

7DP*HV

)RUPDWDP*H PR*HE\üVWRVRZDQDZSRáF]HQLX]HZVND]DQLHPDXWRUDQS

6%LHUQDW3UREOHP\SUDZQHVSUDZLHGOLZHJRUR]G]LDáXGyEUSU]H]SDVWZR.UDNyZ

6%LHUQDWWDP*HVLQ

-HOL SR XSU]HGQLP F\WRZDQLX DXWRUD $ L MHJRSUDF\ 3 F\WXMHP\ QD GDOV]\FK

VWURQDFK LQQ\FK DXWRUyZ $ $ $ L LFK SUDFH 3 3 3 D QDVW SQLH

ZUDFDP\GRDXWRUD$LMHJRSUDF\3ZWHG\RF]\ZLFLHQLHPR*HP\QDSLVDü

$WDP*HVOXE$LELGHPV

PR*HP\QDWRPLDVWX*\üMHGQHM]GZyFKLQQ\FKIRUP

² MHOLZFDáHMSUDF\F\WXMHP\W\ONRMHGQ SUDF DXWRUD$ PR*HP\X*\ü

QDVW SXMFHJRXNáDGX

$RSFLWV

² MHOL Z FDáHM SUDF\ GR PRPHQWX SRZWyUQHJR F\WRZDQLD DXWRUD $ L MHJR

F\WRZDQHMMX*SUDF\ 3SRZRá\ZDOLP\ ZUyG(UyGHá LQQHRSUDFRZDQLDWHJR*

DXWRUD PXVLP\]LQG\ZLGXDOL]RZDüZSU]\SLVLHND*GH]W\FKRSUDFRZD&]\QL

VL WR]D]Z\F]DMSU]H]QDSLVDQLHSLHUZV]\FKZ\UD]yZOXESLHUZV]HJRZ\UD]X

F\WRZDQHMSUDF\FRE\áRMX* SRGQLHVLRQH

-HOL]DWHP ZSUDF\NRU]\VWDVL ]NLONXRSUDFRZD WHJRVDPHJRDXWRUD

VNUyWXRSFLW ZRGQLHVLHQLXGRNWyUHMNROZLHN]SUDFWHJRDXWRUDQLHVWRVXMHVL

àDFLVNLHLELGHPR]QDF]DWRVDPRFRSROVNLHWDP*HQS

$%áD.RQFHSFMDUHJXODFMLSUDZQHMG]LDáD ZHZQ WU]Q\FKDGPLQLVWUDFMLSDVWZRZHMZ

.U\WHULDSUDZLGáRZRFLG]LDáD ZHZQ WU]Q\FKDGPLQLVWUDFML:URFáDZV

,ELGHPV

OXE

$%áDLELGHPV

,ELGHP PR*H WH* Z\VW SRZDü SRGREQLH MDN IRUPD WDP*H Z LQQHM

NRQILJXUDFML WR MHVW ZWHG\ JG\ XSU]HGQL SU]\SLV QDSLVDQ\ MHVW Z VSRVyE

VNUyFRQ\QS

-.UHPLV2GSRZLHG]LDOQRüRGV]NRGRZDZF]DV

,ELGHPV

- .UHPLVLELGHPV

àDFLVND IRUPD LQIUD U]DGNR VSRW\NDQD R]QDF]D ZVND]DQLH LQQHJR

SU]\SLVX SUDF\ ]QDMGXMFHJR VL SR SU]\SLVLH ]DZLHUDMF\P W IRUP OXE

IUDJPHQWXWHNVWXSRRGQRQLNXGRNWyUHJRRGQRVLVL SU]\SLV

àDFLVNLH

SDVVLP

R]QDF]D

MHGQRF]HVQH

ZVND]DQLH

Uy*QH

QLH]LQG\ZLGXDOL]RZDQHPLHMVFDF\WRZDQHMSUDF\

7DN%6LFLVNLRSFLWSDVVLP

àDFLVND IRUPD VXSUD U]DGNR X*\ZDQD R]QDF]D ZVND]DQLH LQQHJR

SU]\SLVX SUDF\ ]QDMGXMFHJR VL SU]HG SU]\SLVHP ]DZLHUDMF\P W IRUP OXE

IUDJPHQWWHNVWX]QDMGXMFHJRVL SU]HGRGQRQLNLHP

6NUyW\

3R]D XQLNDQLHP SRZWyU]H L ]PQLHMV]DQLHP WHNVWX VNUyW\ Z SU]\SLVDFK

X*\ZDQH V ]D]Z\F]DM Z NRQWHNFLH Z NWyU\P FKRG]L R ZVND]DQLH MDNLHM

SUDF\ MDNLHJR SRJOGX MDNLHJR DXWRUD MDNLHM LQIRUPDFML MDNLFK GDQ\FK

1DOH* WX]ZáDV]F]DVNUyW\

]RE

SRU

RSFLW

ORFFLW

=RE ]REDF] 6NUyW WHQ ZVND]XMH QD EH]SRUHGQLH RGQLHVLHQLH GR

(UyGHáSRJOGyZLWS

=RE]ZáDV]F]D

3RU SRUyZQDM 6NUyW WHQ ZVND]XMH QD SRWU]HE RG]ZLHUFLHGOHQLD

SHZQHM UHODFML PL G]\ SRJOGHP XM FLHP SLV]FHJRD SRJOGHP SRJOGDPL

F]\XM FLHPXM FLDPLF\WRZDQ\FKZSUDF\DXWRUyZ0R*HE\üRQX*\ZDQ\Z

SRGREQ\PFHOXWDN*HGODSU]HGVWDZLHQLDZGáX*V]\PSU]\SLVLHPHU\WRU\F]QHM

RFHQ\GZyFKOXENLONXRSLVDQ\FKVWDQRZLVN

8ZDJD *G\ UHODFMRQXMHP\F]\MH SRJOG\ F]\ MH ZVND]XMHP\ OXE GRVáRZQLH

SU]\WDF]DP\ X*\ZDQLH VNUyWyZ ]RE L SRU MHVW QLHGRSXV]F]DOQH : WDNLFK

SU]\SDGNDFKRGQRWRZXMHP\ZSU]\SLVLHMHG\QLHDXWRUDLF\WRZDQ SUDF

6NUyW MZ MHVW VNUyWHP RG MDN Z\*HM NWyUHJR IXQNFMD ]RVWDáD MX* RPy

ZLRQD

6NUyWRSFLWRGQRVLVL GRáDFLVNLHJRRSHUH FLWDWWR ZF\WRZDQ\PG]LHOH

OXE RSXVFLWDWXP G]LHáRF\WRZDQH L ]DVW SXMH Z SU]\SLVLH FDáRü R]QDF]HQLD

F\WRZDQHMSUDF\]Z\MWNLHPR]QDF]HQLDVWURQ\=DPLDVWZL FSLVDü

-)$FNUR\G,PPXQRORJLFDOPHWKRGV3KLODGHOSKLD)$'DYLV &RV

SLV]HP\

-)$FUR\GRSFLWV

6NUyWRSFLWZ\VW SXMHWDN*HZSRVWDFLRF

2VWDWQLR SRMDZLá\ VL SUDFH Z NWyU\FK VNUyW RSFLW ]RVWDá ]DVWSLRQ\

VNUyWHP G]F\W G]LHáR F\WRZDQH 1LH Z\GDMH VL E\ QRZD SURSR]\FMD E\áD

EDUG]LHM XGDQD RG IRUP\ GRW\FKF]DVRZHM D QDGWR PD Z VRELH MHV]F]H ZL FHM

XPRZQRFL

8ZDJD

6SRW\NDQHFKRüU]DGNRIRUPXá\

$6PLWK%RJDFWZRQDURGyZMZV

%$GDPLDN2GZRáDQLHRSFLWV

QLHZ\GDM VL WUDIQHZP\OSDUHPLLQHELVLQLGHP3LV]HP\ZLHF DOER%RJDFWZR

QDURGyZDOERMZLDOER2GZRáDQLHDOERRSFLW

:UHV]FLH VNUyW OF DOER ORFFLW RG áDFLVNLHJR ORFXV FLWDWXV F\WRZDQH

PLHMVFHOXEORFRFLWDWRZF\WRZDQ\PPLHMVFXR]QDF]DPLHMVFHF\WRZDQHFR

MHVWUyZQR]QDF]QH]R]QDF]HQLHPF\WRZDQHMSUDF\OHF]QLHVWURQ\

3LV]F\SUDF PR*HX*\ZDüVNUyWyZSRZV]HFKQLHSU]\M W\FKF]\VNUyWyZ

RILFMDOQ\FK '] 8 ']LHQQLN 8VWDZ 5]HF]\SRVSROLWHM 3ROVNLHM 16$

1DF]HOQ\ 6G $GPLQLVWUDF\MQ\ OXE PR*H IRUPXáRZDü GOD ZáDVQ\FK SRWU]HE

VZRLFLHVNRQVWUXRZDQHVNUyW\ FKRüWH* ] SRV]DQRZDQLHP UHJXá M ]\NRZ\FK

:W\P GUXJLPZ\SDGNX PXVL MHMHGQDNRSLVDüDJG\ VNUyWyZMHVWGX*R GDü

QDZHWRVREQ\Z\ND]VNUyWyZX*\ZDQ\FKZSUDF\QSZHGáXJZ]RUX

Ä.ZDUW$UFKL8UE´ ± Ä.ZDUWDOQLN$UFKLWHNWXU\L8UEDQLVW\NL´

Ä3U]HJO+LVW´ ± Ä3U]HJOG+LVWRU\F]Q\´

,QQHVNUyW\ QLHVZRLVWHSLV]HP\ZHGáXJ]DVDG M ]\NDSROVNLHJR QS F\W

]DF\WRZDQH]DVVWURQDVLQVWURQDLQDVW SQHVVVWURQ\VWURQ

LWG

5R]G]LDá9,,,

:\ND]F\WRZDQ\FKSXEOLNDFML

:\GDMHVL *HMHVWWRQDMGRNáDGQLHMVIRUPXáRZDQ\W\WXáVSLVXFDáRFLSUDF

SXEOLNRZDQ\FKSU]\ZRáDQ\FKZSUDF\PDJLVWHUVNLHM7HQHOHPHQWPR*HUyZQLH

GREU]H QRVLü W\WXá :\ND] F\WRZDQHM OLWHUDWXU\ DOER 3XEOLNDFMH SRZRáDQH Z

SUDF\ OXE WH* :\ND] F\WRZDQ\FK SUDF MHOL ]DZLHUD R]QDF]HQLH SUDF

SXEOLNRZDQ\FKLQLHSXEOLNRZDQ\FK-HOLDXWRUSUDF\PDJLVWHUVNLHMNRU]\VWD]H

]QDF]QHM LORFL SUDF QLHSXEOLNRZDQ\FK R VZRLFLH Z\Uy*QLRQ\P FKDUDNWHU]H

PR*H OXE PXVL VIRUPXáRZDü GOD QLFK RVREQ\ W\WXá QS :\ND] SUDF

QLHSXEOLNRZDQ\FK :\ND] LQQ\FK PDWHULDáyZ .D*GD G]LHG]LQD ZLHG]\

SRVáXJXMH VL WX ]UHV]W SHZQ RGPLHQQ FKDUDNWHU\VW\F]Q W\ONR GOD QLHM

W\SRORJL

:Z\ND]LHF\WRZDQ\FKSXEOLNDFMLF]\WH* ZSXEOLNDFMDFKF\WRZDQ\FKZ

SUDF\ QLH PLHV]F] VL PDWHULDá\ V]F]HJyOQH WDNLH MDN QS QLHSXEOLNRZDQH

DUFKLZDOLDF]\SXEOLNRZDQHDNW\QRUPDW\ZQH'ODWHJRZSRGREQ\FKV\WXDFMDFK

QDOH*\NRQVWUXRZDüRVREQHZ\ND]\]REGDOHM

: Z\ND]LH F\WRZDQ\FK SXEOLNDFML F]\ WH* Z\ND]LH SUDF F\WRZDQ\FK

Z\ND]LH F\WRZDQHM OLWHUDWXU\ SRVáXJXMHP\ VL ]DSLVHP Z\]QDF]RQ\P SU]H]

SRU]GHNDOIDEHW\F]Q\5HDOL]DFMDWHJRNU\WHULXPZ\PDJDMHGQDNNRPHQWDU]D

3R SLHUZV]H SRZVWDMH NZHVWLD F]\ LPL LPLRQD GDQHJR DXWRUDDXWR

UyZGDQHMSUDF\ UHNRQVWUXXMHP\ZHGOHRU\JLQDáXF]\SLV]HP\ QLH]DOH*QLHRG

WUHFL RNáDGNL F\WRZDQHM SUDF\ W\ONR SLHUZV] OLWHU LPLHQLD LPLRQ 0LPR

]Uy*QLFRZDQHMZW\PZ]JO G]LHSUDNW\NLZ\GDZQLFWZPR*QDGODSRWU]HESUDF\

PDJLVWHUVNLHM SU]\Mü UR]ZL]DQLH RJUDQLF]DMFH SLVDQLH LPLHQLD LPLRQ GR

SLHUZV]HM MHJR OLWHU\ OLWHU 3URSR]\FMD WD XPR*OLZLD XMHGQROLFHQLH VWUXNWXU\

Z\ND]X LRPLMDNáRSRW\]ZL]DQH]WUXGQRFLDPL OXE QLHPR*OLZRFL XVWDOHQLD

SHáQHJREU]PLHQLDLPLHQLD

3R GUXJLH NZHVWLD NROHMQRFL SLVDQLD LPLHQLD SLHUZV]HM OLWHU\ L

QD]ZLVNDWDN*HDOWHUQDW\ZQLHUR]VWU]\JDQDZHZVSyáF]HVQ\FKZ\GDZQLFWZDFK

PR*H E\ü RF]\ZLFLH UR]ZL]DQD SU]HGH ZV]\VWNLP SR P\OL NLHUXMFHJR

SUDF:UD]LHEUDNXVXJHVWLLZW\PZ]JO G]LHDXWRUSUDF\ZLDGRP\L* UHJXá\

M ]\ND SROVNLHJR QLH ]DEUDQLDM SLVDQLD QDMSLHUZ QD]ZLVND L Sy(QLHM LPLHQLD

PR*H VL VNáRQLüNX E\üPR*H VWDURGDZQHM MX* Z HU]HNRPSXWHUyZ UHJXOH

XPLHV]F]DQLD QD SLHUZV]\P PLHMVFX LPLHQLD Z VSRVyE QLH QDUD*DMF\ JR QD

V]F]HJyOQ\ Z\VLáHN D SR]ZDODMF\ XWU]\PDü SHZQ HOHJDQFM E\ ]DFKRZDü

ZUD*HQLH SLHUZRWQRFL LPLHQLD Z\VWDUF]\ SR QDSLVDQ\P QD]ZLVNX SRVWDZLü

SU]HFLQHNDSRSLHUZV]HMOLWHU]HLPLHQLDNURSN LSU]HFLQHNQS

-HQGURND-=DJDGQLHQLDSUDZQHZ\NRQDQLDDNWXDGPLQLVWUDF\MQHJR

2WR GáX*V]\ SU]\NáDG SRGREQ\FK XM ü SUH]HQWXMF\ QDGWR UR]ZL]DQLD

LQQ\FKMHV]F]H QLHU]DGNRWUXGQ\FK NZHVWLLQS

&RORPER8JR0$PPLQLVWUD]LRQHVRFLDOH0LODQR&ROWHOOL5REHUWR (QWLHVWDWXWLQHO

GLULWWRSXEEOLFR0LODQR

&RQQRLV5HQp/DQRWLRQG pWDEOLVVHPHQWSXEOLFHQGURLWDGPLQLVWUDWLIIUDQoDLV3DULV

'X&RQVHLOG (WDWHQYLVDJHFRPPHFRQVHLO>EH]LPLHQQLH]RE&RUPHQLQ@

/H&RQVHLOG (WDW/LYUHMXELODLUH3DULV

&RQWH $PHGHR 1RUPDWLYLVPR >L@ 2UGLQDPHQWR JLXULGLFR >KDVWD Z@ 1RYLVVLPR 'LJHVWR

,WDOLDQRW7RULQR

&RUDLO -/ GH /D FULVH GH OD QRWLRQ MXULGLTXH GH VHUYLFH SXEOLF HQ GURLW DGPLQLVWUDWLI

IUDQoDLV3DULV

&RUPHQLQ /RXLV0DULHGH OD +D\HGH 'X &RQVHLOG (WDW HQYLVDJp FRPPHMXULGLFWLRQ GDQV

QRWUHPRQDUFKLHFRQVWLWXWLRQQHOOH3DULV>EH]LPLHQQLH@

1LHPQLHM MHGQDN VSRW\NDQH V WDN*H Z\ND]\ Z NWyU\FK QD SRF]WNX

SLVDQHMHVWLPL SLHUZV]DOLWHUDLPLHQLD

3RWU]HFLH QD]ZLVND] SDUW\NXá SLVDQ GX* OLWHU QLGHUODQG]NLH9DQ

IUDQFXVNLH'HZáRVNLH'LSRZLQQ\E\ü]DPLHV]F]DQHSRG OLWHU SDUW\NXá\Z

P\O ]DáR*HQLD L* VWDQRZL HOHPHQW QD]ZLVND 5R]ZL]DQLH SRGREQH

SU]\MPRZDQH MHVW SUDZLH SRZV]HFKQLH Z Z\GDZQLFWZDFK ]DJUDQLF]Q\FK

'ODWHJRMHJRWX]DDNFHSWRZDQLHPDZPLDU PRFQ SRGVWDZ FKRüFDáDNZHVWLD

MHVWGRüVNRPSOLNRZDQD-HGQRF]HQLHQD]ZLVND]SDUW\NXá SLVDQ PDá OLWHU

]DPLHV]F]DP\SRGOLWHU DOIDEHWXZáDFLZ GODSLHUZV]HMOLWHU\QD]ZLVNDQS

/DXEDGHUH$QGUHGH5HOOHFOLRQVVXUODFULVH

OXE

/DXEDGHUH$GH

: V\WXDFML JG\ GHF\GXMHP\ VL SLVDü LPL OXE SLHUZV] MHJR OLWHU QD

SRF]WNX ]DSLVSRZ\*V]\ XPLHV]F]RQ\ Z W\P VDP\P PLHMVFX Z\ND]X E G]LH

PLHüFLJOHSRGOLWHU /SRVWDü

$QGUHGH/DXEDGHUH5HIOHFWLRQVVXU ODFULVH

OXE

$GH/DXEDGHUH5HIOHFWLRQVVXUODFULVH

3R F]ZDUWH MHOL ]QDP\ Z\áF]QLH LQLFMDá\ DXWRUD LQLFMDá V\JQXMF\

QD]ZLVNRZ\]QDF]DDOIDEHW\F]QLHPLHMVFHZZ\ND]LH

3RSLWH ZSU]\SDGNXGZyFKOXEZL FHMDXWRUyZZVSyáDXWRUyZSUDF\

UHJXá DOIDEHW\F]Q VWRVXMHP\ZREHFSLHUZV]HJRDXWRUD3RGREQLHSRVW SXMHP\

Z Z\SDGNX JG\ DXWRUHP SUDF\ MHVW RUJDQL]DFMD SLHUZV]H OLWHU\ SLHUZV]HJR

Z\UD]XQD]Z\RUJDQL]DFMLQS3ROVNL.OXE(NRORJLF]Q\Z\]QDF]DM PLHMVFHZ

Z\ND]LH

3RV]yVWH ZUD]LHJG\SUDFDQLHPDZ\Uy*QLRQHJRDXWRUDXPLHV]F]DP\

M ZZ\ND]LHZHGOHOLWHUSLHUZV]HJRZ\UD]XW\WXáX

3R VLyGPH SUDFH ]ELRURZH XPLHV]F]DP\ Z PLHMVFX Z\]QDF]RQ\P

DOIDEHW\F]QLHSU]H]QD]ZLVNRMHMUHGDNWRUDQS

:U]HVLVNL:UHG:RNyáVWHUHRW\SyZ3RODNyZL1LHPFyZ:URFáDZ

3R yVPH MHOL QLH PD SRWU]HE\ Z\ND]DQLD FDáHM SUDF\ ]ELRURZHM D

FKRG]L W\ONR R Z\ND]DQLH ]LQG\ZLGXDOL]RZDQHM F] FL WHM SUDF\ ]DSLV Z

Z\ND]LHZLQLHQPLHüQDVW SXMF SRVWDü

7\V]NLHZLF] / $ = EDGD QDG QDURG]LQDPL VWHUHRW\SyZ 6áRZLDQ Z KLVWRULRJUDILL

]DFKRGQLHM ZF]HVQHJR UHGQLRZLHF]D Z :RNyá VWHUHRW\SyZ 3RODNyZ L 1LHPFyZ SU

]ELyUSRGUHG::U]HVLVNLHJR:URFáDZ

8ZDJD =JRGQLH ] RU]HF]HQLHP 6GX 1DMZ\*V]HJR ] URNX WHNVW

]DSR*\F]RQ\ ] Z\Uy*QLRQHJR DXWRUVNR RSUDFRZDQLD ]DPLHV]F]RQHJR Z

SUDF\]ELRURZHMEH]SRGDQLDDGUHVXWHJRRSUDFRZDQLDQLHPDFKDUDNWHUX

F\WDWXF]\OL]DFKRZDQLDSUDZQLHGR]ZRORQHJRFKRüE\RNUHOHQLHSUDF\

]ELRURZHME\áRF\WRZDQHZVSLVLHF\WRZDQHMOLWHUDWXU\

3R G]LHZLWH W\WXá\ F]DVRSLVP L JD]HW SLV]HP\ SRGREQLH MDN Z

SU]\SLVDFKZFXG]\VáRZLHGRGDMFEH]XSU]HGQLHJRSU]HFLQNDURNZ\GDQLDD

SR URNX Z\GDQLD L SR SU]HFLQNX R]QDF]DP\ QXPHU F]DVRSLVPD HZHQWXDOQLH

]HV]\WVWRVRZQLHGRQD]Z\RU\JLQDOQHM1XPHUZVNUyFLHQUL]HV]\WZVNUyFLH

]F]DVDPLWRPSLV]HP\]D]Z\F]DMPDá OLWHU

3R G]LHVLWH Z Z\ND]LH QLH SRGDMHP\ VWURQ 6WURQ\ L WR MHG\QLH Z

F]DVRSLVPDFK JD]HWDFKSRGDMHP\ Z\áF]QLHZWHG\JG\ VWRVXMHP\VSHFMDOQ\

VSRVyEF\WRZDQLDRNUHODQ\ZUR]G]9,SRGUR]G]SNW

%\ü PR*H ] SRZRGX URVQFHM JUXERFL JD]HW WU]HED E G]LH ]DQLHFKDü

UHJXá\QLHSRGDZDQLDVWURQ\

5R]G]LDá,;

3UREOHPELEOLRJUDILL

1D]\ZDQLH Z\ND]X F\WRZDQ\FK SXEOLNDFML OLWHUDWXU\ SUDF ELEOLRJUDIL

MHVW RF]\ZLFLH Eá GHP L WR Eá GHP QLHU]DGNLP QLH W\ONR Z SUDFDFK

PDJLVWHUVNLFK 1LHPQLHM MHGQDN WU]HED SRGNUHOLü L* SRM FLH ELEOLRJUDILL MHVW

VNRPSOLNRZDQH :DUWR ZL F PR*H SU]\WRF]\ü MH ]D (QF\NORSHGL ZLHG]\ R

NVL*FH :URFáDZ ]JRGQLH ] NWyU ELEOLRJUDILD JUHFNLH ELEOLRQ DOER

ELEORV NVL*ND JUDSKHLQ SLVDü WR XSRU]GNRZDQ\ ÄVSLV Z\ND]

]HVWDZLHQLH GRNXPHQWyZ GREUDQ\FK ZJ SHZQ\FK NU\WHULyZ VSHáQLDMF\

RNUHORQH ]DGDQLDLQIRUPDF\MQH ,VWQLHM Uy*QH URG]DMH % R NWyU\FK GHF\GXM

NU\WHULD GRERUX RUD] URG]DM RSLVX -HOL NU\WHULXP GRERUX VWDQRZL FHFK\

WUHFLRZH GRNXPHQWyZ SRZVWDM ELEOLRJUDILH WUHFLRZH 3U]\M FLH MDNR

NU\WHULXP GDQ\FK W\WXODWXU\ OXE IRUP\ Z\GDZQLF]HM F]\ SLPLHQQLF]HM

GRNXPHQWyZGDMH%Z\GDZQLF]RIRUPDOQH-HOL%PD]DUHMHVWURZDüZV]\VWNLH

GRNXPHQW\ RGSRZLDGDMFH XVWDORQ\P NU\WHULRP SRZVWDMH % NRPSOHWQD

SRSUDZQLHM G*\ VL GR NRPSOHWQRFL JG\* G]L QDZHW SU]\ ]DPLHU]HQLX

NRPSOHWQRFL]UHJXá\SRPLMDVL PQLHMZDUWRFLRZHGRNXPHQW\%VHOHNF\MQD

] JyU\ ]DNáDGD GRNRQ\ZDQLH Z\ERUX VHOHNFML VSRUyG GRNXPHQWyZ

RGSRZLDGDMF\FK SU]\M W\P NU\WHULRP ,QQ\ SRG]LDá % RSLHUD VL QD SRM FLX

]DNUHVXZ\]QDF]DQHJRSU]H]FHFK\WUHFLRZHGRNXPHQWyZGRELHUDQ\FKGR%

RUD] ]DVL JX RNUHODQHJR SU]H] FHFK\Z\GDZQLF]RIRUPDOQH GRNXPHQWyZ %

VSHFMDOQH PDM ]DNUHV RJUDQLF]RQ\ OXE ]DNUHV SHáQ\ D RJUDQLF]RQ\ ]DVL J

DXWRUVNL F]\ Z\GDZQLF]RIRUPDOQ\ MDN % G]LHG]LQ OXE ]DJDGQLH %

UHJLRQDOQD%ORNDOQD%RVRERZD%]DOHFDMFD%GRNXPHQWyZRRNUHORQHM

IRUPLH Z\GDZQLF]HM OXE SLPLHQQHM : ]DOH*QRFL RG SRGVWDZ\ RSLVX

Z\Uy*QLDP\ % SU\PDUQH L SRFKRGQH : % SU\PDUQHM GRNRQXMH VL RSLVX

GRNXPHQWyZ]DXWRSVML]DVDGQLF]RZF]DVLHQDMEOL*V]\PPRPHQWXLFKXND]DQLD

VL MDN Z % QDURGRZHM ELH*FHM % SRFKRGQD QDWRPLDVW SU]HMPXMH RSLV\ ]

LQQ\FK % : ]DOH*QRFL RG URG]DMX RSLVX Z\RGU EQLDP\ % UHMHVWUDF\MQH

PDMFH RSLV UHMHVWUDF\MQ\ ]DVDGQLF]\ RUD] % DGQRWRZDQH DQDOLW\F]QH OXE

NU\W\F]QH RSLV ]DVDGQLF]\ MHVW Z QLFK X]XSHáQLRQ\ DGQRWDFM DQDOL] OXE

DGQRWDFM NU\W\F]Q´

(QF\NORSHGLDZ\Uy*QLDELEOLRJUDIL DGQRWRZDQDQDOLW\F]QELEOLRJUDILL

ELH*FF]DVRSLVPG]LHG]LQOXE]DJDGQLHNUDMR]QDZF]NVL JDUVNORNDOQ

PL G]\QDURGRZQDURGRZRVRERZSRZV]HFKQSURVSHNW\ZQUHJLRQDOQ

UHMHVWUDF\MQUHWURVSHNW\ZQ]DOHFDMF]DáF]QLNRZ]DZDUWRFLF]DVRSLVP

= NROHL Z\Uy*QLRQD ELEOLRJUDILD G]LHG]LQ OXE ]DJDGQLH ÄVWDQRZL

QDMOLF]QLHMV] JUXS ELEOLRJUDILL7HPDWHP WHM JUXS\ V ZLHONLHG]LDá\ZLHG]\

QS QDXNL PDWHPDW\F]QRSU]\URGQLF]H PHG\F\QD WHFKQLND QDXNL UROQLF]H

SRV]F]HJyOQH G]LHG]LQ\ QS Z REU ELH QDXN WHFKQLF]Q\FK ELEOLRJUDILD

EXGRZQLFWZD JyUQLFWZD NROHMQLFWZD SRV]F]HJyOQH ]DJDGQLHQLD QS

ELEOLRJUDILD SUREOHPDW\NL WáXPDF]HQLD %LEOLRJUDILDPL ]DJDGQLH V WDN*H

SU]HGPLRWRZHELEOLRJUDILHRVRERZHUHJLRQDOQHLORNDOQH´

2SLVDQD Z WHM*H (QF\NORSHGLL ELEOLRJUDILD RVRERZD ÄG*\ GR XND]DQLD

GRURENXZ\EUDQHJRDXWRUD%RSRGPLRWRZDLVWDQXSLPLHQQLFWZDRQLP%R

SU]HGPLRWRZD%RSRGPLRWRZDUHMHVWUXMHQLHRJUDQLF]DMF]DNUHVX]DUyZQR

LQG\ZLGXDOQHLZVSyáDXWRUVNLHSUDFHGDQHMRVRE\MDNLWHSXEOLNDFMHZNWyU\FK

Z\VW SXMHRQDMDNR WáXPDF] DXWRUZVW SXUHGDNWRU LWS 5HDOL]XMF G*HQLHGR

NRPSOHWQRFL %R VWRVXMH SHáQ\ ]DVL J FKURQRORJLF]Q\ QLH RJUDQLF]D WDN*H

]DVL JXWHU\WRULDOQHJRM ]\NRZHJRLZ\GDZQLF]RIRUPDOQHJRUHMHVWUXMHQDZHW

QLHNLHG\U NRSLV\ LGRNXPHQW\QLHSLPLHQQLF]HQS IRWRJUDILHSá\W\PHGDOH

%R XND]XMFD GRUREHN RNUHORQHM JUXS\ DXWRUyZ QS SUDFRZQLNyZ MHGQHM

LQVW\WXFMLQRVLQD]Z ELEOLRJUDILL]HVSRáXRVRERZHJR´

2F]\ZLFLH WDN*H WHPDW SUDF\ PDJLVWHUVNLHM VWDQRZLü PR*H NU\WHULXP

Z\VHJUHJRZDQLD OLWHUDWXU\ LQQ\FK IRUP -HGQDN*H FK\ED W\ONR DXWRU]\ SUDF

PDJLVWHUVNLFKSRZL FRQ\FKWZyUF]RFLNRQNUHWQ\FKRVyEPDM V]DQV SHáQHJR

SU]HGVWDZLHQLD ELEOLRJUDILL RVRERZHM L WR MHG\QLH Z XM FLX SRGPLRWRZ\P

RJUDQLF]RQ\P GR Z\V]F]HJyOQLHQLD FDáRFL GRURENX Z\EUDQHJR DXWRUD D Z

SUDNW\FH]D]Z\F]DMW\ONRZ\EUDQHMF] FLQS

%LEOLRJUDILDXWZRUyZQDLQVWUXPHQW\NRQFHUWXMFHLRUNLHVWU /HV]ND:LVáRFNLHJR

.RQFHUWIRUWHSLDQRZ\

6ORZWE[QDVDNVRIRQIRUWHSLDQLRUNLHVWU VP\F]NRZ

.RQFHUWQDREyMLRUNLHVWU NDPHUDOQ

,PSURZL]DFMDQDIRUWHSLDQLRUNLHVWU

: NRQWHNFLH SRZ\*V]\FK XZDJ PR*QD ]DXZD*\ü L* QDZHW DXWRU]\

Z\ELWQ\FK SUDF QDXNRZ\FK QLH ]DZV]H URV]F] VRELH SUDZR GR NRPSOHWQRFL

ELEOLRJUDILF]QHM WHPDWX L FK WQLHM SRVáXJXM VL VIRUPXáRZDQLHP Z\ND]X

]HVWDZX(UyGHáSUDFSXEOLNRZDQ\FKF\WRZDQ\FKZSUDF\

:UHV]FLH QD ]DNRF]HQLH ZDUWR SRGNUHOLü *H IXQNFMD ELEOLRJUDILL L

IXQNFMD Z\ND]X F\WRZDQHM OLWHUDWXU\ WR GZLH Uy*QH ZDUWRFL L *H DXWRU SUDF\

PDJLVWHUVNLHMSU]\QDMPQLHMPXVLPLHüWHJRZLDGRPRü

5R]G]LDá;

,QQHZ\ND]\

8ZDJLRJyOQH

: ]DOH*QRFL RG G]LHG]LQ\ FKDUDNWHUX L SU]HGPLRWX WHPDWX RUD] ZDU

V]WDWRZ\FK F]\ PHU\WRU\F]Q\FK Z\PDJD Z ]DNUHVLH FDáRFLRZHJR SU]HG

VWDZLHQLD Z\NRU]\VWDQHJR PDWHULDáX NV]WDáWXMH VL ]DOHFDQ\ F]\ QDZHW

Z\PDJDQ\ VSRVyE MHJR XSRU]GNRZDQLD 1DGWR QDOH*\ VWDOH SDPL WDü L* QLH

W\ONR OLWHUDWXUD VWDQRZL (UyGáR GDQ\FK F]\ SU]HGPLRW SUDF\ PDJLVWHUVNLHM :

]DOH*QRFL RG FKDUDNWHUX G]LHG]LQ\ QDXNRZHM D QLHU]DGNR QDZHW RG

VSHFMDOL]DFML ]PLHQLDM VL W\S\ L JDWXQNL (UyGHá Z\NRU]\VWDQ\FK Z SLVDQLX

:V]\VWNLH RQH PXV] MHGQDN*H ]QDOH(ü VZRMH RG]ZLHUFLHGOHQLH Z SUDF\

]DUyZQRZ WHNFLH SRGVWDZRZ\P L SU]\SLVDFKMDN L Z VSHFMDOQ\FK Z\ND]DFK

XPLHV]F]DQ\FK QD NRFX RSUDFRZDQLD 3RGREQH Z\PRJL VWDZLDQH SUDFRP

QDXNRZ\P ZLQQ\ E\ü UHVSHNWRZDQH WDN*H Z SUDFDFK PDJLVWHUVNLFK ,FK

XZ]JO GQLHQLH ]D VWDQRZL ] MHGQHM VWURQ\ PLDU RSDQRZDQLD U]HPLRVáD

SLVDUVNLHJR SU]H] DXWRUD ] GUXJLHM ]D NU\WHULXP NRFRZHM RFHQ\ SUDF\

GRNRQ\ZDQHMZWRNXHJ]DPLQXPDJLVWHUVNLHJR

6]F]HJyáRZ\ VSRVyE SU]HGVWDZLDQLD LQQ\FK Z\ND]yZ XVWDODQ\ MHVW

RF]\ZLFLH SU]H] NLHUXMFHJR SUDF PDJLVWHUVN 1LHPQLHM MHGQDN Z\EUDQH L

SU]HGVWDZLRQHWXSU]\NáDG\PRJ E\üWDN*HSRPRFQH

8ZDJD : UD]LH JG\ X*\WH Z SLVDQLX SUDF\ Uy*QHJR URG]DMX LQQH

PDWHULDá\ V Z\UD(QLH QLHOLF]QH PR*QD MH EH] GRGDWNRZHM VSHF\ILNDFML

SRáF]\ü Z MHGHQ Z\ND] LQQ\FK PDWHULDáyZ ]EXGRZDQ\ QD SRGVWDZLH

MHGQHJRNU\WHULXPQSNU\WHULXPDOIDEHW\F]QHJR

:\ND]VNUyWyZ

2F]\ZLFLHVNUDFDQLHQLHMHVWFHOHPVDP\PZVRELHDOHSHáQLZ\áF]QLH

IXQNFM SRZVWU]\PXMF QDGPLHUQ\ L QLHSRWU]HEQ\ UR]URVW WHNVWX 7RWH* Z

SUDFDFK PDJLVWHUVNLFK UDF]HM U]DGNR ]DFKRG]L SRWU]HED IRUPXáRZDQLD

VSHFMDOQHJRZ\ND]X X*\W\FK VNUyWyZ5]DGNRüWDXPDFQLDQDMHVW QDGWRSU]H]

]E GQRü WáXPDF]HQLD VNUyWyZ SRZV]HFKQLH X]QDQ\FK D WDN*H ]E GQRü

Z\MDQLDQLDVNUyWyZRF]\ZLVW\FKZGDQHMG]LHG]LQLHZLHG]\

3RQLHZD* Z\ND] VNUyWyZ MHVW MHGHQ L QLH ]DZLHUD GDOV]HM VHJUHJDFML

]QDMGXM VL ZQLPZV]\VWNLHVNUyW\X*\WHZSUDF\2WRIUDJPHQWSU]\NáDGX

Ä3U]HJO+XP´

± Ä3U]HJOG+XPDQLVW\F]Q\´

3L3

± Ä3DVWZRL3UDZR´

36%

± 3ROVNL6áRZQLN%LEOLRJUDILF]Q\

36/

± 3ROVNLH6WURQQLFWZR/XGRZH

± 5]G1DURGRZ\

:\JRGQLHMV]\ GOD F]\WHOQLND MHVW Z\ND] VNUyWyZ ]DPLHV]F]RQ\ QD

SRF]WNXSUDF\

,QGHNVQD]ZOXEQD]ZLVN

,QGHNV\ QD]Z F]\ QD]ZLVN ]GDU]DM VL U]DGNR L Z\VW SXM Z SUDFDFK ]

]DNUHVX W\ONR QLHNWyU\FK QDXN ]ZáDV]F]D KLVWRULL JHRJUDILL RQRPDVW\NL =D

NU\WHULXPNRQVWUXRZDQLDWDNLHJRZ\ND]XX]QDMHVL SUDZLHZ\áF]QLHNU\WHULXP

NROHMQRFLDOIDEHW\F]QHM

%LEOLRJUDILDSUDFQSRNUHORQHJRDXWRUD

:UD]LHJG\SUDFDPDJLVWHUVNDREHMPXMHVZ\PWHPDWHP*\FLHWZyUF]Rü

F]\ Z\EUDQH ]DJDGQLHQLDWZyUF]RFL RNUHORQHJR DXWRUD PDWHULDá\ VWDQRZLFH

SRGVWDZ RSUDFRZDQLDPXV] XZ]JO GQLDüSU]HGHZV]\VWNLPSUDFHF]\G]LHáD

WHJR* DXWRUD NWyUH PRJ E\ü Z\ND]DQH RVREQR WR MHVW SR]D Z\ND]HP

F\WRZDQ\FKSUDFQS

%LEOLRJUDILDSUR]\$QGU]HMD6WUXJD

%LEOLRJUDILDXWZRUyZQDRUNLHVWU .U]\V]WRID3HQGHUHFNLHJR

:\ND](UyGHáSUDZD

: ]DNUHVLH QDXN SUDZQLF]\FK GR Z\ND]yZ WDNLFK QDOH*\ SU]HGH ZV]\

VWNLP Z\ND](UyGHá SUDZD Z\ND] DNWyZ QRUPDW\ZQ\FK 6 GZD QDMF] VWV]H

VSRVRE\ MHJR NRQVWUXRZDQLD SLHUZV]\ SROHJDMF\ QD FKURQRORJLF]Q\P

Z\OLF]HQLX ZV]\VWNLFK DNWyZ Z\NRU]\VWDQ\FK Z SUDF\ L GUXJL SROHJDMF\

ZSUDZG]LH QD Z\NRU]\VWDQLX NU\WHULXP FKURQRORJLF]QHJR DOH Z REU ELH

ND*GHJR]NLONXVHJPHQWyZ]DZLHUDMF\FKRGU EQHJUXS\JDWXQNRZHQDMSLHUZ

XVWDZ\ FKURQRORJLF]QLH SRWHP UR]SRU]G]HQLD RUJDQyZ QDF]HOQ\FK

FKURQRORJLF]QLHSRWHPLQQHDNW\RUJDQyZQDF]HOQ\FK FKURQRORJLF]QLHSRWHP

DNW\RUJDQyZ FHQWUDOQ\FK FKURQRORJLF]QLHSRWHP DNW\RUJDQyZWHUHQRZ\FK

RGSRZLHGQLR XV\VWHPDW\]RZDQH ZHGOH URG]DMyZ SRGPLRWyZ Z\GDMF\FK L ]

XZ]JO GQLHQLHP SRG]LDáX QD SUDZR PLHMVFRZH L DNW\ RUJDQyZ VDPRU]GX

WHU\WRULDOQHJR 6SRVyE WHQ Z\GDMH VL JRGQ\ ]DOHFHQLD SRQLHZD* MHVW EDUG]R

ERJDW\LQIRUPDF\MQLH

0R*QDMHGQDNVIRUPXáRZDüWXSHZQHXZDJLRJyOQH

5R]SRU]G]HQLD ] PRF XVWDZ\ PRJ E\ü ]DOLF]RQH GR VHJPHQWX

]DZLHUDMFHJRXVWDZ\

2]QDF]HQLH DNWX PD E\ü GRNáDGQ UHNRQVWUXNFM WHNVWX ]DZDUWHJR Z

RUJDQLH SURPXOJDF\MQ\P MHOL FKRG]L R DNW\ SXEOLNRZDQH L ] WHNVWX RU\JL

QDOQHJRMHOLFKRG]LRDNW\QLHSXEOLNRZDQH1DZHWZSRZD*Q\FKNVL*NDFKL

Z\GDZQLFWZDFK ]GDU]DM VL WX XFK\ELHQLD SROHJDMFH QD QLHSU]HVWU]HJDQLX

UH*LPXRU\JLQDOQRFL

:GDFLHZ\GDQLDDNWXPLHVLFR]QDF]DP\SHáQ\PVáRZHPSU]HGGDW

]D XPLHV]F]DP\]DZV]HLEH]VNUyWXZ\UD*HQLH]GQLDQSXVWDZD]GQLD

OLVWRSDGDURSDV]SRUWDFK

2]QDF]DQLHRUJDQXSURPXOJDF\MQHJRGDMHP\ZQDZLDVLHVWRVXMFQS

GOD ']LHQQLND 8VWDZ 5]HF]\SRVSROLWHM 3ROVNLHM QDVW SXMFH R]QDNRZDQLH

']81USy]

:UD]LHJG\ WHNVW E\áQRZHOL]RZDQ\ SRGDMHP\R]QDF]HQLDZV]\VWNLFK

QRZHOL]DFMLSRF]\QDMFRGGDW\ Z\GDQLD DNWXDOERRGGDW\WHNVWX MHGQROLWHJR

GOD NWyUHJR X*\ZDP\ HZHQWXDOQLH VNUyWX WHNVW MHGQ D QLH VNUyWX WM NWyU\

R]QDF]DWRMHVWQS

XVWDZD] GQLDNZLHWQLDURHZLGHQFMLOXGQRFLLGRZRGDFKRVRELVW\FKWHNVWMHGQ]

U']81USy]]U']81USy]

3RGF]DV JG\ Z WHNFLHSRGVWDZRZ\P PR*HP\X*\ZDü VIRUPXáRZD

W\SXXVWDZD]GQLD] Sy(Q]PWRZZ\ND]LH(UyGHáPXVLP\SRGDü Z\ND]

ZV]\VWNLFK]PLDQ

3R RNUHOHQLX DNWX QLHSXEOLNRZDQHJR SLV]HP\ Z QDZLDVLH

QLHSXEOLNRZDQ\

1D]Z\RUJDQyZZ\GDMF\FKDNWSLV]HP\GX* OLWHU ]JRGQLH]UHV]W ]

WHNVWDPL RILFMDOQ\PL 7DN ZL F SLV]HP\ QS UR]SRU]G]HQLH 0LQLVWUD 6SUDZ

:HZQ WU]Q\FK D QLH UR]SRU]G]HQLH PLQLVWUD VSUDZ ZHZQ WU]Q\FK 7HQ EáG

]RVWDáG]L ZUDGLXWHOHZL]MLLJD]HWDFKVSHWU\ILNRZDQ\ZUHJXá SRSUDZQRFL

'RV]áRQDZHW GRWHJR L* Z:LDGRPRFLDFKWHOHZL]\MQ\FKZGQLXF]HUZFD

U QD R]QDF]HQLH 0LQLVWUD 3U]HNV]WDáFH :áDVQRFLRZ\FK X*\WR SRGSLVX

PLQLVWHU 3U]HNV]WDáFH :áDVQRFLRZ\FK .ZHVWLD Z\PDJD NUyWNLHJR

Z\MDQLHQLD QD Z\MDQLHQLH GáX*V]H NWyUH SU]\GDáRE\ VL G]L SUDZLH

ZV]\VWNLPUHGDNFMRPQLHPDWXPLHMVFD

7DN ZL F QDOH*\ SU]\SRPQLHü L* QD]Z\ 3UH]\GHQW 5]HF]\SRVSROLWHM

3ROVNLHM 0DUV]DáHN 6HMPX 0LQLVWHU 3U]HNV]WDáFH :áDVQRFLRZ\FK 3UH]HV

3ROVNLHM $NDGHPLL 1DXN 5HNWRU 8QLZHUV\WHWX :URFáDZVNLHJR V WDN VDPR

MHGQRVWNRZ\PL QD]ZDPL MDN QS 6HMP 5]HF]\SRVSROLWHM 3ROVNLHM F]\ 5DGD

0LQLVWUyZ L PXV] E\ü SLVDQH GX* OLWHU )RUPDOQLH U]HF] ELRUF QLH PD

ERZLHP *DGQHM Uy*QLF\ PL G]\ XU] GHP Z ]QDF]HQLX ]ELRUX NRPSHWHQFML

]ZL]DQ\FK ] RUJDQHP ]ZDQ\P SUH]\GHQWHP PDUV]DáNLHP F]\ UHNWRUHP

3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHMF]\XU] GHP0DUV]DáND6HMPXDXU] GHP

5HNWRUD 8QLZHUV\WHWX :URFáDZVNLHJR 5H]\JQXMHP\ ]D ] GX*HM OLWHU\ ZWHG\

JG\VFKRG]LP\]QD]Z\MHGQRVWNRZHMGRQD]Z\RJyOQHMQLHVNRQNUHW\]RZDQHM

]PXOW\SOLNRZDQHM QS ZV]\VF\ SUH]\GHQFL SROVF\ QLHNWyU]\ PDUV]DáNRZLH

VHMPyZ DOH 0DUV]DáNRZLH 6HMPX >RNUHORQHM NDGHQFML@ ND*GRUD]RZ\ UHNWRU

8QLZHUV\WHWX:URFáDZVNLHJR

'OD R]QDF]HQLD NRQVW\WXFML Z Z\ND]LH DNWyZ QRUPDW\ZQ\FK QLH

X*\ZDP\RNUHOHQLDXVWDZD]DVDGQLF]DRNUHOHQLHWRERZLHPQLHPDFKDUDNWHUX

QRUPDW\ZQHJR

:\NRU]\VWDQHPDWHULDá\

=GDU]D VL F]DVDPL L* Z\NRU]\VWDQH SU]H] RSLV OXE DQDOL] Z SUDF\

PDWHULDá\ QLH V SRZV]HFKQLH GRVW SQH OXE GRVW S GR QLFK MHVW V]F]HJyOQLH

XWUXGQLRQ\ F]\ QDZHW GOD F]\WHOQLND SUDF\ QLHPR*OLZ\ : WDNLFK

RNROLF]QRFLDFK SRZVWDMH X]DVDGQLHQLH GR ]DPLHV]F]HQLD FDáRFL OXE F] FL

Z\NRU]\VWDQHJR PDWHULDáX ZSURVW Z SUDF\ PDJLVWHUVNLHM 'UXJ PRW\ZDFM

]DPLHV]F]HQLDZSUDF\Z\EUDQ\FKPDWHULDáyZMHVWLFKV]F]HJyOQDDWUDNF\MQRü

'R PDWHULDáyZ WDNLFK ]DOLF]\üPR*QD QD SU]\NáDG RGSLV\ OXEIRWRNRSLH

QLHSXEOLNRZDQ\FK OXE U]DGNR SXEOLNRZDQ\FK SUDF G]LHá QRWDWHN NRUH

VSRQGHQFML ]DSLVyZ DUFKLZDOQ\FK GRNXPHQWyZ PDWHULDáyZ ZHZQ WU]Q\FK

RUJDQL]DFML SURWRNRáyZ VWDU\FK PDS F]\ QXW RSLVyZ GRZLDGF]H

HNVSHU\PHQWyZUy*QHV]NLFHLIRWRJUDILH

)UDJPHQW SUDF\ R QD]ZLH :\NRU]\VWDQH PDWHULDá\ PR*H RF]\ZLFLH

QRVLü LQQ QD]Z GRVWRVRZDQ WHUPLQRORJLF]QLH GR LFK ]DZDUWRFL OXE GR

Z\PRJyZ M ]\ND IDFKRZHJR X*\ZDQHJR Z GDQHM G]LHG]LQLH ZLHG]\ :\

NRU]\VWDQHPDWHULDá\]DPLHV]F]DVL ]D]Z\F]DMQDNRFXSUDF\

:\ND]LQQ\FKPDWHULDáyZ

'RZ\ND]XLQQ\FKPDWHULDáyZ]DOLF]\üPR*QDWDNLIUDJPHQWSUDF\NWyU\

]DZLHUD ZVND]DQLD DGUHVRZH UHV]W\ Z\NRU]\VWDQHJR Z SUDF\ PDWHULDáX QLH

REM WHM Z\ND]DPL GRW\FKF]DVRZ\PL XSU]HGQLPL :\ND]HP F\WRZDQHM

OLWHUDWXU\:\ND]HPDUFKLZDOLyZLWG :SUDNW\FHZ\ND]LQQ\FKPDWHULDáyZPD

]D]Z\F]DMFKDUDNWHU]ELRUF]\

5R]G]LDá;,

(VWHW\NDSUDF\

%\üPR*HNZHVWLHRNUHORQHW\WXáHPUR]G]LDáXQLHGDG] VL UR]VWU]\JDü

DOWHUQDW\ZQLH WDN MHVW HVWHW\F]QLH D WDN QLH MHVW HVWHW\F]QLH 0LPR WR GD VL

VIRUPXáRZDüNLOND]DVDGQLHNRQWURZHUV\MQ\FK

7\WXáRZDVWURQDSUDF\PR*HE\ü]HVWHW\F]Q\PSRZRG]HQLHPQDSLVDQD

Z FDáRFL PDá\PL OLWHUDPL .RU]\VWDQLH ] MHGQHJR URG]DMX F]FLRQHN QLH

ZSURZDG]D ZUD*HQLD ]Uy*QLFRZD Z UDQG]H SRV]F]HJyOQ\FK LQIRUPDFML

=D]QDF]HQLHQSW\WXáXSUDF\ SU]H]QDSLVDQLHJRZFDáRFLGX*\PLOLWHUDPLQLH

MHVW SRWU]HEQH SRQLHZD* QD WHM VWURQLH ZV]\VWNLH LQIRUPDFMH V MHGQDNRZR

ZD*QH:LHONLHOLWHU\SRZLQQ\SHáQLüW\ONRWDNLHIXQNFMHMDNLHZ\QLNDM ]UHJXá

M ]\NRZ\FK

&DáDSUDFDZLQQDE\üQDSLVDQDF]\VWR

=DXZD*RQH SU]HG ]áR*HQLHP SUDF\ Eá G\ PDV]\QRZH ZLQQ\ E\ü

SRSUDZLRQHU F]QLHF]DUQ\PRáyZNLHP:\SDGDSU]\W\PSDPL WDüL* FKRG]L

WXQLHW\ONRRZ]JO G\HVWHW\F]QHDOHWDN*HRV]DFXQHNGODF]\WHOQLND

6WURQ\]ZLHON LORFL XFK\ELH QDOH*DáRE\SU]HSLVDü

7HNVW QD VWURQDFK ] QRZ\PL UR]G]LDáDPL SRZLQLHQ VL ]QDMGRZDü

Z\UD(QLHQL*HMQL* QDNROHMQ\FKVWURQDFK(NVSRQXMHVL ZWHQVSRVyESRF]WHN

ND*GHJR]UR]G]LDáyZZSURZDG]DMFMHGQRF]HQLHáDGXáDWZLDMF\RULHQWDFM Z

FDáRFLWHNVWXSUDF\

:áF]HQLH GR UR]G]LDáX WHNVWX V]F]HJyOQHJRZLQQRE\ü MDNR RG]QD

F]RQH1DQDVW SQHMVWURQLHZLGRF]Q\MHVWSU]\NáDGZáF]HQLDPRWWD

:D*QH MHVW ]DGEDQLH R áDGQ\ SU]HVWU]HQQ\ XNáDG FDáHJR WHNVWX D

]ZáDV]F]DRGRGDWNRZHRGOHJáRFL PL G]\SRV]F]HJyOQ\PLUyGW\WXáDPL

8NáDG Z NWyU\P SUDZLH ND*GH ]GDQLH ]DF]\QD VL RG DNDSLWX MHVW

QLHSRSUDZQ\$NDSLWSRZLQLHQVáX*\üZ\áF]QLHGR]D]QDF]DQLDQRZHMP\OL

:V]HONLH Z\OLF]HQLD ZLQQ\ QDVW SRZDü ] SRV]DQRZDQLHP UHJXá\

Z\PDJDMFHMDNDSLWX

$NDSLW\ Z SU]\SLVDFK PDM E\ü ]KDUPRQL]RZDQH ] DNDSLWDPL Z

WHNFLHSRGVWDZRZ\P

5R]G]LDá,

3ROLW\F]QDSU]\QDOH*QRüOVNDQDSU]HVWU]HQLG]LHMyZGRNRFDZLHNX;,;

Ä)HMHGQDNSRVLDGDOL3RODF\RQJL FDá\OVNRSUyF]M ]\ND

SROVNLHJRNWyU\ WHUD]UR]SRFLHUDVL QD]QDF]QHMF] FLOVND

GRZRG] .VL* WD*HE\OLRQL3RODNDPLVWZLHUG]DM QDSLV\Z

]DáR*RQ\FKSU]H]QLFKZLW\QLDFK__GRZRG] WHJRUyZQLH*

QD]Z\VWDU\FKPLDVWMDN%U]HJ6WU]HJRP-DZRULZLHOHLQQ\FK ´

%DUWáRPLHM6WHQXV 'HVFULSWLRWRWLXV6LOHVLDH

&]áRZLHN SRMDZLá VL QD ]LHPL OVNLHM Z RNUHVLHNWyU\ DUFKHRORJLF]QLH QD]\ZDP\

SDOHROLWHPHSRN NDPLHQQDNWyU\WUZDáRGRNURNXSQHD* JG]LH SRURN

SQH

2 SRE\FLH QDMVWDUV]\FK PLHV]NDFyZ OVNLHM ]LHPLR WU\ELH LFK *\FLD ]Z\F]DMDFK

F] FLRZR SDQXMF\FK VWRVXQNDFK ZLDGF] RGNU\ZDQH SU]H] DUFKHRORJyZ Z Uy*Q\FK

F] FLDFKOVNDZ\NRSDOLVND1DU] G]LDZ\NRQ\ZDQRZyZF]DV]NDPLHQLD

=DSLVDQH NROXPQ\ WHNVWX ZLQQ\ PLHü SRUyZQ\ZDOQ ZLHONRü

RF]\ZLFLHSR]DRVWDWQLPLVWURQDPLUR]G]LDáyZ

1DOH*DáRE\ SU]\ZL]\ZDü ZL NV] ZDJ GR HVWHW\F]QHM ZDUWRFL

]DFKRZDQLDSUDZHJRPDUJLQHVX

=GM FLDU\VXQNLPDS\QXW\LWSZLQQ\E\üXPLHV]F]RQHZ]DVDG]LH

QDRVLLSU]\NOHMRQHZVSRVyEQLHQDUXV]DMF\JáDGNRFLSRZLHU]FKQLNDUWNL

1DOH*\X*\ZDüMHGQHJRJDWXQNXSDSLHUX

1DOH*DáRE\ XQLNDü UR]]LHZX PL G]\ ZDUWRFL UHGDNF\MQ SUDF\ D

ZDUWRFL SDSLHUXQDNWyU\P]RVWDáDQDSLVDQD

&KRü QLH V WR Z\PRJL MHG\QH ] FDá SHZQRFL ]DVáXJXM QD XZDJ

RF]\ZLFLH Z JUDQLFDFK X]QDQ\FK SU]H] SURZDG]FHJR VHPLQDULXP

:SUDZG]LH ZL NV]Rü ] W\FK Z\PRJyZ PR*QD SRWUDNWRZDü MDNR HZHQWXDOQH

SURSR]\FMHWRMHGQDNLFKVWRVRZDQLHSR]ZDODQLHW\ONRQDSRGQLHVLHQLHSR]LRPX

HVWHW\NLSUDF\DOHVSUDZLDWH**HFDáRüVWDMHVL XSRU]GNRZDQDSU]HMU]\VWDD

SU]H]WRáDWZLHMV]DZRGELRU]H

:V]\VWNLH WH ]DVDG\ GRW\F] SUDF SLVDUVNLFK 7UXGQR QDWRPLDVW

IRUPXáRZDü XQLZHUVDOQH XZDJL ZREHF SUDF R QLHSLVDUVNLP FKDUDNWHU]H

SRQLHZD* ND*GDG]LHG]LQDPDWXVZRMHVSHF\ILF]QHZ\PDJDQLD

5R]G]LDá;,,,

5HJXODFMHUHJXODPLQRZH

=DZDUWHZUHJXODPLQDFKVWXGLyZUHJXODFMHGRW\F]FHSUDF\PDJLVWHUVNLHM

V MHG\Q\PLNWyUHLVWQLHM ZSRU]GNXSUDZQ\PSR]DZ\MWNLHPRSLVDQ\PZ

UR]G]LDOH QDVW SQ\P 7\PF]DVHP UHJXODPLQ\ WH ]D]Z\F]DM QLH QRUPXM

Z\PDJD VWDZLDQ\FKSUDFRPPDJLVWHUVNLPDRJUDQLF]DM VL GRW\FK]DFKRZD

Z WRNX L ] SRZRGX SLVDQLD RUD] SU]HGVWDZLDQLD SUDF\ NWyUH PDM FKDUDNWHU

SRU]GNRZ\&KRG]LWXR

D VSUDZ\ ]ZL]DQH ] Z\ERUHP VHPLQDULXP XVWDOHQLHP L ]DWZLHUG]DQLHP

WHPDWX

E NZHVWLH]PLDQ\RSLHNXQDSUDF\

F WHUPLQ\]áR*HQLDSUDF\

G NZHVWLHRFHQ\SUDF\

H ZDUXQNLSU]\VWSLHQLDGRHJ]DPLQXPDJLVWHUVNLHJR

I SU]HELHJHJ]DPLQXPDJLVWHUVNLHJR

J ZDUXQNLX]\VNDQLDLZ\GDQLDG\SORPX

0LPR ]QDF]Q\FK QLHNLHG\ SRGRELHVWZ Z UR]VWU]\JQL FLDFK SRV]F]H

JyOQ\FK UHJXODPLQyZ QLH GD VL XVWDOLü MHGQHJR PRGHOX Z\PDJD

SRU]GNRZ\FK 1DGWR ND*G\ UHJXODPLQ VWXGLyZ ND*GHM XF]HOQL VWDQRZL

FDáNRZLFLH RGU EQ SRGVWDZ SUDZQ G]LDáDQLD RUJDQyZ SUDFRZQLNyZ L

GHVW\QDWDULXV]\ Z ]DNUHVLH ]ZL]DQ\P ] RERZL]NDPL L SUDZDPL VWXGHQWD

7RWH* MHG\Q\PUDFMRQDOQ\P]DOHFHQLHPMHVWRGHVáDQLHPDJLVWUDQWDGRWUHFLWHJR

UHJXODPLQXNWyU\RERZL]XMHZMHJRXF]HOQL

3RGF]DVJG\ XUHJXORZDQLDSRU]GNRZH]ZL]DQH]SUDF PDJLVWHUVN V

VSUDZ GDQHM XF]HOQL V\VWHP Z\PDJD PHU\WRU\F]Q\FK Z W\P Z\PDJD

UHGDNF\MQ\FKPDFKDUDNWHU XQLZHUVDOQ\SRGF]DVJG\Z\PDJDQLDSRU]GNRZH

IRUPRZDQH V UHJXODPLQHP VWXGLyZ Z\PDJDQLD PHU\WRU\F]QH Z\QLNDM ]

GRURENXLUHJXáFDáHMQDXNL

2F]\ZLFLH SROH XUHJXORZD SRU]GNRZ\FK QLH MHVW RGFL WH FH]XU RG

Z\PDJD VWDZLDQ\FK PDJLVWUDQWRZL Z WRNX L ] SRZRGX SLVDQLD SUDF\

PDJLVWHUVNLHM 'REU\P L SR*\WHF]Q\P Z V]F]HJyOQRFL GOD SLV]FHJR

]REUD]RZDQLHP WHJR ]ZL]NX PR*H E\ü SU]\NáDG IRUPXODU]D 2FHQ\ SUDF\

G\SORPRZHMPDJLVWHUVNLHMNWyU\]DZLHUDQDVW SXMFHHOHPHQW\RFHQ\

&]\WUHüSUDF\RGSRZLDGDWHPDWRZLRNUHORQHPXZW\WXOH

2FHQD XNáDGX SUDF\ VWUXNWXU\ SRG]LDáX WUHFL NROHMQRFL UR]G]LDáyZ

NRPSOHWQRFLWH]LWS

0HU\WRU\F]QDRFHQDSUDF\

,QQHXZDJL

&]\LZMDNLP]DNUHVLHSUDFDVWDQRZLQRZHXM FLHSUREOHPX

&KDUDNWHU\VW\NDGRERUXLZ\NRU]\VWDQLD(UyGHá

2FHQD IRUPDOQHM VWURQ\ SUDF\ SRSUDZQRü M ]\ND RSDQRZDQLH WHFKQLNL

SLVDQLD SUDF\VSLVU]HF]\RGV\áDF]HSU]\SLV\LWS

6SRVyEZ\NRU]\VWDQLDSUDF\SXEOLNDFMDXGRVW SQLHQLHLQVW\WXFMRPPDWHULDá

(UyGáRZ\

2FHQDSUDF\

= Z\PRJyZSRU]GNRZ\FK GRW\F]F\FK VDPHM SUDF\ ZDUWR WH* ]ZUyFLü

XZDJ QD RERZL]HN QDSLVDQLD SUDF\ QD PDV]\QLH OXE RF]\ZLFLH GUXNDUFH

NRPSXWHURZHM SRWU]HE GRVWDUF]HQLD FR QDMPQLHM GZyFK D Z QLHNWyU\FK

XF]HOQLDFK WU]HFK HJ]HPSODU]\ MHGQHJR RSUDZLRQHJR GOD MHGQRVWNL

RUJDQL]DF\MQHM Z NWyUHM SUDFD MHVW SLVDQD L GUXJLHJR GOD DUFKLZXP JG]LH ]

SRZRGX EUDNX PLHMVFD GR VNáDGRZDQLD SUDF *GD VL G]L GRü F] VWR

GRVWDUF]HQLDSUDF\ZVWDQLHQLHRSUDZLRQ\PZ\JRGQLHMV]\PGRILOPRZDQLD

5R]G]LDá;,9

=DJDGQLHQLHSODJLDWX

*G\E\ SLV]F\ SUDF PDJLVWHUVN QLHSRVáXJLZDá VL FXG] WZyUF]RFL

QDSUDZG U]DGNR NRF]\áE\ SLVDQLH D SUDZGRSRGREQLH QLJG\ Z RNROLF]

QRFLDFK Z NWyU\FK Z\PDJD VL RG QLHJR ]QDMRPRFL L HJ]HPSOLILNDFML

OLWHUDWXU\ L ZV]HONLFK LQQ\FK (UyGHá -X* WR XM FLH VXJHUXMH Z\UD(QLH L*

NRU]\VWDQLH ] FXG]HJR GRURENX MHVW SRGVWDZRZ LGH OH*F X SRGVWDZ\

RSUDFRZDQLD SUDF\ PDJLVWHUVNLHM : LQQ\P XM FLX SRZLHP\ *H SUDFD PD

JLVWHUVND QLHMHVW SUDF Z NWyUHM SLV]F\ M PLDáE\ RERZL]HN VDPRG]LHOQHJR

OXE WZyUF]HJRUR]ZL]DQLDZ\EUDQHJR SUREOHPX QDXNRZHJRDOERUR]ZL]DQLD

SUREOHPXEH]MDNLHJRNROZLHNRSDUFLDQDFXG]HMWZyUF]RFLQDZHWZWHG\JG\Z

SU]HZD*DMF\P VWRSQLX SRVáXJXMH VL WHFKQLNDPL Z NWyU\FK MHJR RVRELVWH

XPLHM WQRFLGHF\GXM RRVWDWHF]Q\PNV]WDáFLHLZDUWRFLSUDF\EDGDQLHPIRUP

UROLQQ\FK Z UG]HQLDFK ZLHUWQLF]\FK Z SUDFDFK SDOHRQWRORJLF]QR

VWUDW\JUDILF]Q\FK HNVSHU\PHQWHP QS Z ELRORJLL GRZLDGF]HQLHP QS Z

FKHPLL DQNLHW QS Z VRFMRORJLL EDGDQLHP GRNXPHQWyZ QS Z KLVWRULL

EH]SRUHGQL REVHUZDFM QSZPX]\FH

5HDVXPXMF Z\PRJLVWDZLDQHZSUDZLHLZSUDNW\FHSUDF\PDJLVWHUVNLHM

NRQVWDWXMHP\ *H V\VWHPRZH SU]HGVWDZLHQLH GRW\FKF]DVRZHJR GRURENX QDXNL

F]\ Z\NRU]\VWDQLH WHJR GRURENX Z FHOX UR]ZL]DQLD RNUHORQHJR WHPDWHP

SUREOHPXMHVWZ]QDF]Q\PREV]DU]HUyZQR]QDF]QH]EH]SRUHGQLPZáF]HQLHP

FXG]HM WZyUF]RFL Z WRN L Z WHNVW SLVDQHM SUDF\ 7\PF]DVHP ]DVDG\ WHJR

ZáF]DQLD V UHJXORZDQH SUDZHP D LFK QLHGRWU]\PDQLH JUR]L SRZD*Q\PL

QHJDW\ZQ\PLVNXWNDPL

: JUDQLFDFK ]DU\VRZDQ\FK WX SRWU]HE QLH GD VL QLH W\ONR SU]HGVWDZLü

SUREOHPyZ Z\QLNDMF\FK ] SUDNW\NL Z\NRU]\VW\ZDQLD FXG]HM WZyUF]RFL DOH

QDZHW LFK Z\OLF]\ü 7RWH* FDáRü NZHVWLL ]RVWDQLHRJUDQLF]RQD GR VNUyFRQHJR

QDV]NLFRZDQLD]MDZLVNDSODJLDWX3XQNWHP]D Z\MFLDV WX]DáR*HQLDZP\O

NWyU\FK

D WZyUF]Rü Z\NRU]\VWDQD Z SUDF\ PDJLVWHUVNLHM MHVW FKURQLRQD SUDZHP

DXWRUVNLP

E SUDFD PDJLVWHUVND VWDQRZL WDN*H FKURQLRQ\ SUDZHP SU]HGPLRW SUDZD

DXWRUVNLHJR

F WUHü L IRUPD SUDF\ PDJLVWHUVNLHM QLH VNáDGDM VL QD XWZyU SU]H]QDF]RQ\

Z\áF]QLH GR ZáDVQHJR X*\WNX RVRELVWHJR DOH VWDQRZL ZDUWRü ZáF]RQ Z

VLHüVWRVXQNyZSXEOLF]Q\FKZSDVWZLH

5HJXODFM SUDZQ SRZ\*V]\FK NZHVWLL ]DZLHUDáD GR WHM SRU\ XVWDZD ]

GQLDOLSFDURSUDZLHDXWRUVNLP']81USy]]PU1U

Sy] ]P U 1U Sy] 8ZD*DQD VáXV]QLH ]D SRZD*QLH

]GH]DNWXDOL]RZDQQLHRGSRZLDGDMF UR]ZRMRZLWHFKQLF]QHPXZVSyáF]HVQ\P

SRWU]HERP

RFKURQ\

ZáDVQRFL

LQWHOHNWXDOQHM

WDN*H

QRUPRP

PL G]\QDURGRZ\P ]RVWDáD ]DVWSLRQD QRZ XVWDZ R SUDZLH DXWRUVNLP L

SUDZDFK SRNUHZQ\FK XFKZDORQ GQLD VW\F]QLD URNX 5yZQLH* QRZD

XVWDZD QLHIRUPXáXMHGHILQLFML SODJLDWXFKRü UHJXOXMHMHJR PHFKDQL]PWUHü L

VNXWNL 6DPR SRM FLH SODJLDWX NV]WDáWRZDQH KLVWRU\F]QLH QLH ]DZV]H

UHJXORZDQHSUDZHPMHVWFRUD]EDUG]LHM]áR*RQH

7RWH* SU]HGVWDZLDMF W\ONR QDMRJyOQLHMV]H XM FLH PR*QD SU]H] SODJLDW

UR]XPLHüFHORZHSU]HM FLHGRZáDVQHJRXWZRUXLGHLWUHFLIRUP\ZHZQ WU]QHM

F]\ ]HZQ WU]QHM SRV]F]HJyOQHJR IUDJPHQWX D QDZHW FDáRFL FXG]HJR XWZRUX

EH]SRGDQLD(UyGáD

3RM FLHSODJLDWX PD ROEU]\PL OLWHUDWXU 7DN*H VDPR]MDZLVNR NRPSOL

NXMH VL QLHXVWDQQLH D ILQH]\MQH QLHU]DGNR VSRVRE\ SRVW SRZDQLDSODJLDWRUyZ

XWUXGQLDM EG( QDZHW XQLHPR*OLZLDM SHZQRü XVWDOHQLD F]\ PDP\ GR

F]\QLHQLD ] SODJLDWHP 2F]\ZLFLH ]D ND*G\P UD]HP Z SU]\SDGNX SUDF\

PDJLVWHUVNLHM D WDN*H LQQHM QDMZD*QLHMV]\P SUREOHPHP MHVW FHO SUDF\ -HOL

W\PFHOHPMHVWQDSU]\NáDGXVWDOHQLHWUHFLXWZRUX]DJLQLRQHJRWRU]HF]MDVQD

GRNRQDQDUHNRQVWUXNFMDQLHPDQLFZVSyOQHJR]H]MDZLVNLHPSODJLDWXDOERMHOL

]DGDQLHP DXWRUD MHVW Z\V]XNDQLH Z FXG]HM WZyUF]RFL SRJOGyZ L VWDQRZLVN

ZREHF RNUHORQHM PDWHULL ]DJDGQLHQLD VWDQRZLFHM SU]HGPLRW MHJR SUDF\

PDJLVWHUVNLHM WRMHVW WR]Z\NáDPHWRGD EDGDZF]DSRZV]HFKQLHGRSXV]F]DQD L

VWRVRZDQDZQDXFH:WDNLHMV\WXDFMLFKRG]L]DWHPW\ONRRU]HWHOQHLGRNáDGQH

XZLGRF]QLHQLH(UyGHáW\FKSRJOGyZRSRSUDZQHLFK]DF\WRZDQLH2F]\ZLFLH

]DVL JF\WRZDQLDGR]ZRORQHJRF\WRZDQLDMHVWUHJXORZDQ\SUDZHP=JRGQLH]

DUW XVW O XVWDZ\ R SUDZLH DXWRUVNLP L SUDZDFK SRNUHZQ\FK ZROQR

SU]\WDF]DüGODZ\MDQLHQLDZXWZRUDFKVWDQRZLF\FKVDPRLVWQ FDáRüXU\ZNL

XWZRUyZOXEGUREQHXWZRU\ZFDáRFLMHOLV RSXEOLNRZDQH,G]LHWXRXWZRU\

LFK IUDJPHQW\ FKURQLRQH SUDZHP DXWRUVNLP $OH QDZHW ZWHG\ JG\

SU]\WDF]DQHV PDWHULDá\QLHVWDQRZLFHSU]HGPLRWXSUDZDDXWRUVNLHJRQSDNW\

SUDZRGDZF]H L DGPLQLVWUDF\MQH RU]HF]HQLD VGyZ L LQQ\FK ZáDG] LQQH

XU] GRZH GRNXPHQW\ L PDWHULDá\ SURVWH LQIRUPDFMH SUDVRZH OXE JG\

SU]\WDF]DQH V PDWHULDá\ GR NWyU\FK SUDZD DXWRUVNLH Z\JDVá\ QS NVL*NL

GDZQR]PDUá\FKDXWRUyZF]\ZUHV]FLHPDWHULDá\VSR]DSUDZDDXWRUVNLHJRQS

GDQH ] DUFKLZyZ KLVWRU\F]Q\FK VWDUH PDS\ VWDUH QXW\ SRU]GQH LFK

]DF\WRZDQLHZSUDF\MHVWQLH]E GQHFKRüQLH]SRZRGXMDNLHJRNROZLHN]ZL]NX

] SODJLDWHP DOH ] SRZRGX Z\PDJD ZDUV]WDWRZ\FK VWDZLDQ\FK SUDFRP

PDJLVWHUVNLP:DUWRZW\PPLHMVFXSRZWyU]\üL* ]JRGQLH]DUWOXVWDZ\SUDFD

PDJLVWHUVND MDNR XWZyU QDXNRZ\ Z\UD*RQ\ SLVPHP VDPD VWDQRZL SU]HGPLRW

SUDZDDXWRUVNLHJRLNRU]\VWDWDNVDPRMDN LQQDWZyUF]Rü]HZV]\VWNLFK IRUP

RFKURQ\ SUDZQHM SU]\]QDQHM XVWDZ Z W\P WDN*H ] RFKURQ\ SUDZQRNDUQHM

'RNRQDQ\ ZL F Z SUDF\ PDJLVWHUVNLHM SODJLDW PR*H SROHJDü QD FHORZ\P L

QLHXMDZQLRQ\PSU]HM FLXHOHPHQWyZWDN*HLQQHMSUDF\PDJLVWHUVNLHM

1DRJyáUR]Uy*QLDVL SODJLDWMDZQ\]ZDQ\WDN*HSODJLDWHP]XSHáQ\POXE

SODJLDWHPZSURVWRUD]SODJLDWXNU\W\=SODJLDWHPMDZQ\PPDP\GRF]\QLHQLD

ZWHG\JG\SU]HM W\]RVWDMHFDá\FXG]\XWZyUOXE]QDF]QDMHJRF] üRVRED]D

SRGDMFD VL ]D WZyUF QLHZQRVL ]H VZHM VWURQ\*DGQHJR ZNáDGX Z XVWDOHQLH

RVWDWHF]QHM SRVWDFL G]LHáD :\NU\FLH SODJLDWX XNU\WHJR MHVW RF]\ZLFLH

]QDF]QLH WUXGQLHMV]H -H*HOL ZNáDG RVRE\ GRNRQXMFHM SU]HM FLD Z QRZR

SRZVWDáH G]LHáR MHVW QLHZLHONL QLH PD FKDUDNWHUX WZyUF]HJR OHF] MHVW

SU]HQLHVLHQLHP PHFKDQLF]Q\P SU]\GDMH W\ONR IRUPDOQH V]DEORQRZH F]\

SRU]GNRZH GRGDWNL L X]XSHáQLHQLD ZyZF]DV PDP\ GR F]\QLHQLD ] V\WXDFM

]EOL*RQ GR SODJLDWX ]XSHáQHJR1DWRPLDVW SU]HM FLHFXG]HJR XWZRUX OXE MHJR

F] FL VWDMH VL PQLHM Z\UD(QH MHOL IUDJPHQW\ UHF\SRZDQH ZWDSLDM VL Z

HOHPHQW\ QRZH L X]\VNXM ] QLPL SHZQ KDUPRQL :UHV]FLH MHOL WH QRZH

HOHPHQW\ SUH]HQWXM ZáDVQ RU\JLQDOQRü E G]LHP\ PLHü GR F]\QLHQLD ]

G]LHáHP ]DOH*Q\P WR MHVW WDNLP RSUDFRZDQLHP NWyUH SODJLDWHP QLH MHVW :

Z\SDGNDFKJUDQLF]Q\FKRFHQDPR*H]DOH*HüRGLQWHQFMLSU]HMPXMFHJR-%DUWD

3ODJLDW PX]\F]Q\ Z 2FKURQD SUDZ DXWRUVNLFK Ä=HV]\W\ 1DXNRZH

8QLZHUV\WHWX-DJLHOORVNLHJR´ 3UDFH]Z\QDOD]F]RFLLRFKURQ\ZáDVQRFL

LQWHOHNWXDOQHM ] V ]RE WH* P LQ $ - GU]HMHZVND

2GSRZLHG]LDOQRü ]D QDUXV]HQLH DXWRUVNLFK SUDZ PDMWNRZ\FK L RVRELVW\FK

SU]H] SRSHáQLHQLH SODJLDWX WDP*H ] V LQ $ .RSII *UDQLFH

VZRERGQHJR X*\WNRZDQLD G]LHá FKURQLRQ\FK SUDZHP DXWRUVNLP =HV]\W\

1DXNRZH8QLZHUV\WHWX-DJLHOORVNLHJR3UDFH3UDZQLF]H]VLQ

(:RMQLFND&\WDWGR]ZRORQ\ZXM FLX SROVNLHMXVWDZ\RSUDZLHDXWRUVNLP-

*yUVNL 2 SODJLDWDFK L SODJLDWRUDFK Ä=HV]\W\ 1DXNRZH 8QLZHUV\WHWX

-DJLHOORVNLHJR´ 3UDFH ] Z\QDOD]F]RFL L RFKURQ\ ZáDVQRFL

LQWHOHNWXDOQHM]OVLQ6*U]\ERZVNL$.RSII-6HUGD=DJDGQLHQLD

SUDZD DXWRUVNLHJR :DUV]DZD - %áHV]\VNL 0 6WDV]NyZ 3UDZR

DXWRUVNLHLZ\QDOD]F]H:DUV]DZD

=DVDG\ WH ]QDMGXM ]DVWRVRZDQLH WDN*H GR SU]\ZáDV]F]HQLD VRELH

DXWRUVWZD FXG]HM SUDF\ PDJLVWHUVNLHM 6\WXDFMD MHVW QDMSURVWV]D NLHG\ VWXGHQW

SU]HSLVXMHFXG] SUDF PDJLVWHUVN LSU]HGVWDZLDM MDNRZáDVQ'RSXV]F]DVL

ZWHG\SODJLDWXMDZQHJR1LHMHVWSU]\W\PLVWRWQHF]\SU]HSLVXMHM GRVáRZQLH

F]\ WH* ZSURZDG]D SHZQH ]PLDQ\-HOL E G WR QLHZLHOH ]QDF]FH GRGDWNL L

X]XSHáQLHQLD FKRüE\REV]HUQH QDGDOE G]LHP\PLHüGRF]\QLHQLD]SODJLDWHP

MDZQ\P

%DUG]LHM ]áR*RQH V V\WXDFMH SODJLDWX XNU\WHJR SROHJDMFHJR QD

UHF\SRZDQLX IUDJPHQWyZ FXG]HMSUDF\ PDJLVWHUVNLHM ] GRGDZDQLHP ZáDVQ\FK

VDPRG]LHOQ\FK UR]ZD*D EG( XVWDOH 1D SU]\NáDG ]D SODJLDW QDOH*\ X]QDü

SU]HM FLHZ\QLNyZ FXG]\FK EDGD HPSLU\F]Q\FK ] GRGDQLHP GR QLFK ZáDVQHM

F] FL WHRUHW\F]QHM DOER WH* SU]HM FLH FXG]\FK UR]ZD*D WHRUHW\F]Q\FK ]

GRGDQLHPSUH]HQWDFMLZáDVQ\FKEDGD HPSLU\F]Q\FK

3U]HVW SVWZR SODJLDWX PR*H E\üSRSHáQLRQHWDN*H Z SRVWDFL W]Z QLHGR

]ZRORQHJR F\WDWX : NZHVWLL WHM 6G 1DMZ\*V]\ Z\UD]Lá QDVW SXMF\ SRJOG

Ä1DUXV]D DXWRUVNLHGREUD RVRELVWH L SRSHáQLDZ WHM IRUPLH SODJLDW WHQ NWR

SU]HQRV]F GR VZHJR XWZRUX WUHFL OXE Z\MWNL ] FXG]HJR G]LHáD Z\UD(QLH Z

QLP QLH SRGDá (UyGáD GRNRQDQHJR ]DSR*\F]HQLD 7HPX Z\PDJDQLX QLH F]\QL

]DGRüZ\PLHQLHQLH EH]ZVND]DQLDMDNLHWRWUHFLOXEZ\MWNL]FXG]HJRG]LHáD

]DF]HUSQá WHJRG]LHáDZ]HVWDZLRQHM SU]H]H OLWHUDWXU]HSU]HGPLRWX´ Z\URN

61]GQLDF]HUZFD ,,,&51Ä3UDZRL)\FLH´ QU

:P\OWHJRVWDQRZLVNDSRVáX*HQLHVL NLONRPDF\WDWDPL]FXG]HMSUDF\

PDJLVWHUVNLHM D QDZHW MHGQ\P F\WDWHP EH] SRGDQLD (UyGáD Z VSRVyE

Z\PDJDQ\ SU]H] SUDZR DXWRUVNLH GDMH SRGVWDZ GR X]QDQLD SU]HVW SVWZD

SODJLDWX -HGQDN*H QLH W\ONR Z SU]\SDGNX SUDF\ PDJLVWHUVNLHM NZHVWLD WD MHVW

EDUG]R ]áR*RQD 7U]HED PLHü WX MDN SLV]H : 5DGHFNL QD XZDG]H *H

SU]HVW SVWZR SODJLDWX PR*H E\ü SRSHáQLRQH W\ONR ] ZLQ\ XP\OQHM Z IRUPLH

]DPLDUX EH]SRUHGQLHJR R]QDF]DMFHJRZRO ÄSU]\ZáDV]F]HQLDVRELH FXG]HJR

DXWRUVWZD´ 3U]\ZáDV]F]HQLHERZLHP R]QDF]D FK ü SRSHáQLHQLD SODJLDWX D QLH

W\ONR JRG]HQLHVL QD -H*HOL QD SU]\NáDG DXWRU SUDF\ PDJLVWHUVNLHM SRVáXJXMH

VL F\WDWDPL ] FXG]HM SUDF\ Z WDNL VSRVyE *H áDWZR RGUy*QLü FR MHVW MHJR

ZáDVQ\PZNáDGHPDFRF\WDWHPSRF]\PZ\PLHQLDW FXG] SUDF ZZ\ND]LH

OLWHUDWXU\WR PLPR QDUXV]HQLDSUDZD DXWRUVNLHJR WM QLHRNUHOHQLD Z Z\UD(Q\

VSRVyE SU]HM W\FK IUDJPHQWyZ PR*QD X]QDü L* QLH PDP\ GR F]\QLHQLD ]

SODJLDWHP -H*HOL MHGQDN DXWRU WDN XNáDGD WHNVW *H QLH PD PR*OLZRFL

RGUy*QLHQLDFRMHVWMHJRZNáDGHPDFRF\WDWHPWRQDZHWZ\PLHQLHQLHFXG]HM

SUDF\ Z Z\ND]LH F\WRZDQHM OLWHUDWXU\ QLH FKURQL JR SU]HG ]DU]XWHP SODJLDWX

7DNLH ZáDQLH VWDQRZLVNR ]DMá 6G 1DMZ\*V]\ Z Z\URNX ] GQLD JUXGQLD

URNX261&3QUSy]

-HGQRF]HQLH QDOH*\ ]ZUyFLü XZDJ *H QDZHW WDPJG]LH SU]HMPRZDQ\

PDWHULDá QLH MHVW RVREQ\P SU]HGPLRWHP SUDZD DXWRUVNLHJR L Z UH]XOWDFLH MHVW

Z\áF]RQ\ ] RFKURQ\ SUDZQHM SODJLDW PR*H REHMPRZDü VSRVyE XM FLD WHJR

PDWHULDáXMHJRVHJUHJDFM V\VWHPDW\]DFM XNáDG]DJDGQLH F]\UR]G]LDáyZLWS

:UHV]FLHZRFHQLHF]\PDP\GRF]\QLHQLD]SODJLDWHPZSUDF\PDJLVWHUVNLHM

QLHEH] ]QDF]HQLDMHVW RNROLF]QRü L* SUDFD PDJLVWHUVND QLHMHVW SU]H]QDF]RQD

GR SXEOLNDFML L SLV]F\ M QLH MHVW ] ]DVDG\ ]DLQWHUHVRZDQ\ XNU\FLHP (UyGáD

SRFKRG]HQLD F\WDWX D QLH SRGDMH JR QDMF] FLHM W\ONR ] EUDNX ZáDVQHM

VWDUDQQRFLFRZSHZQ\PVWRSQLXVXJHUXMHEUDNZLQ\XP\OQHM3U]HVW SVWZR

SODJLDWXMHVWGRNRQDQHZPRPHQFLHSU]\ZáDV]F]HQLDVRELHFXG]HJRDXWRUVWZDD

ZL F MHOL FKRG]L R SUDFH PDJLVWHUVNLH Z PRPHQFLH SU]HGáR*HQLD SUDF\ Z

RVWDWHF]QHMZHUVMLGRRFHQ\1LHMHVWLVWRWQHF]\QDVW SQLHDXWRU]áR*\áHJ]DPLQ

PDJLVWHUVNLF]\WH* SRZ\NU\FLXSODJLDWX QLH]RVWDáGRQLHJRGRSXV]F]RQ\

SU]HVW SVWZR MHVW ERZLHP GRNRQDQH Z PRPHQFLH SU]HGáR*HQLD SUDF\

3U]HVW SVWZR SODJLDWX *DUW O QLHRERZL]XMFHM MX* XVWDZ\ R SUDZLH

DXWRUVNLP E\áR FLJDQH ] XU] GX 3RFLJDáR WR ]D VRE W NRQVHNZHQFM *H

E GFDLQVW\WXFM SDVWZRZ XF]HOQLDNWyUDSODJLDWXMDZQLáD]RERZL]DQDE\áD

]JRGQLH ] DUW NRGHNVX SRVW SRZDQLD NDUQHJR ]DZLDGRPLü

QLH]ZáRF]QLH R SU]HVW SVWZLH SURNXUDWRUD OXE SROLFM RUD] ]DEH]SLHF]\ü

GRZRG\ SU]HVW SVWZD WM SUDF PDJLVWHUVN E GF SODJLDWHP RUD] SUDF ]

NWyUHM GRNRQDQR QLHGR]ZRORQ\FK ]DSR*\F]H : 5DGHFNL :\NRU]\VWDQLH

FXG]HM SUDF\ PDJLVWHUVNLHM Z ZLHWOH SU]HSLVyZ NDUQ\FK SUDZD DXWRUVNLHJR

PDV]\QRSLV 7\PF]DVHP Z QRZHM XVWDZLH GáXJR SU]\JRWRZ\ZDQHM

XVWDZRGDZFDWDNVL ]DSDWU]\áZSRWU]HE RFKURQ\SRGPLRWyZLQG\ZLGXDOQ\FK

*H ]DSRPQLDá R SRWU]HELHRFKURQ\ SDVWZD 3U]HZLGXMFFLJDQLHSODJLDWX Z

RGQLHVLHQLX GR SUDF PDJLVWHUVNLFK ] RVNDU*HQLD SU\ZDWQHJR ]DSRPQLDá L*

SUDFD PDJLVWHUVND VWDQRZL SRGVWDZ WDP JG]LH MHVW SLVDQD DNWX

DGPLQLVWUDF\MQHJR RUJDQX SDVWZRZHJR G\SORPX XNRF]HQLD VWXGLyZ R

UR]OHJá\FKVNXWNDFKSUDZQ\FK5H]\JQDFMD]HFLJDQLD]XU] GXMHVWUHJUHVHPZ

VWRVXQNX GR UHJXODFML GRW\FKF]DVRZHM RUD] MDN VL ]GDMH SRZD*Q\P

XFK\ELHQLHPPHU\WRU\F]Q\P

3U]\ZáDV]F]HQLH VRELH DXWRUVWZD DOER ZSURZDG]HQLH Z EáG FR GR

DXWRUVWZD FDáRFL OXE F] FL FXG]HJR XWZRUX OXE DUW\VW\F]QHJR Z\NRQDQLD

]DJUR*RQHMHVWNDU SR]EDZLHQLDZROQRFLGRODWGZyFKRJUDQLF]HQLDZROQRFL

OXEJU]\ZQ\

3ODJLDWURG]LQLHW\ONRRGSRZLHG]LDOQRüNDUQ:RNUHORQ\FKRPDZLDQ

XVWDZ SU]\SDGNDFK X]DVDGQLD WDN*H LQQH URV]F]HQLD Z W\P URV]F]HQLD R

RGV]NRGRZDQLH FKRü IDNW QLHSXEOLNRZDQLD SUDF PDJLVWHUVNLFK ZSURZDG]D WX

SRZD*QHRJUDQLF]HQLDOXEQDZHWZ\áF]HQLD

3RQLHZD* FDáRü SUREOHPDW\NL MHVW RJURPQLH VNRPSOLNRZDQD D

RVWDWHF]QHXVWDOHQLDQLH]DZV]HMHGQR]QDF]QHSRZ\*V]\RSLVUyZQR]QDF]Q\MHVW

MHG\QLH]SRGVWDZRZ\PLXVWDOHQLDPL