$11$.8/&=<&.$'%52:$*U

(:$/,62:6.$

1DXF]\FLHONLNV]WDáFHQLD]LQWHJURZDQHJR

63

Z'EURZLH*yUQLF]HM

6&(1$5,86=

0, '=<6=.2/1(*2.21.8 568:,('=<(.2/2*,&=1(-

0$*,&=1<:,$752/,1,=:,(5=7´

'/$8&=1,Ï:./$6, ,,,

&(/(

SRV]HU]HQLHZLHG]\]G]LHG]LQ\HNRORJLL

UR]EXG]DQLHZLDGRPRFLHNRORJLF]QHMLSRGQRV]HQLHMHM

UR]XPLHQLHSRWU]HE\WURVNLRURGRZLVNR

UR]ZLMDQLHPRW\ZDFMLGR]GRE\ZDQLDZLHG]\HNRORJLF]QHMLSRGQRV]HQLHMHM

ZGUD*DQLHGRZVSyá]DZRGQLFWZD

0(72'<$NW\ZL]XMFH

35=(%,(*

&]DURG]LHMVND%UDPD3U]H]EUDP XWZRU]RQSU]H]G]LHFLSU]\G(ZL NDFK

PX]\NLVNRF]QHMXF]HVWQLF\NRQNXUVXZFKRG]GRVDOLNRQNXUVRZHM

:L]\WyZNL1DVWROLNX]QDMGXMVL NDUWHF]NLZNV]WDáWDFK]QDNyZGURJRZ\FK

=DGDQLHXF]QLyZSROHJDQDZ\EUDQLXGRZROQHJR]QDNXLQDU\VRZDQLHOXE

QDSLVDQLHKDVáDRRFKURQLHSU]\URG\1DVW SQLHQDSLVDQLHVZRMHJRLPLHQLDL

XPLHV]F]HQLHNDUWHF]NL]OHZHMVWURQ\EOX]NL

3RZLWDQLH:LWDPZV]\VWNLFKZW\PV]F]HJyOQ\PGQLXNWyU\MHVWZ\MWNRZ\GOD

PLDVWD'EURZD*yUQLF]DSRQLHZD*Z6]NROH3RGVWDZRZHMQURGE\ZDVL

NRQNXUVZLHG]\HNRORJLF]QHM0DJLF]Q\ZLDWUROLQL]ZLHU]W´

3RZRáDQLHNRPLVMLNRQNXUVRZHM3U]HGVWDZLHQLHSU]HZRGQLF]FHMMXU\

3U]\JRWRZDQLHNDUWNL]SXQNWDFM]DSRV]F]HJyOQH]DGDQLD

&= û.21.8562:$

=DGDQLH

5R]SR]QDZDQLHLQD]\ZDQLH]ZLHU]WFKURQLRQ\FKZ3ROVFH']LHFLRWU]\PXMNRSHUW ]

SX]]ODPL,FK]DGDQLHPMHVWXáR*HQLHSX]]OLLQD]ZDQLHSRZVWDá\FKZWHQVSRVyE]ZLHU]W

FKURQLRQ\FK

=DGDQLH

1DNOHMDQLHQDNRQWXU]H3ROVNLQD]ZSDUNyZQDURGRZ\FK:ROLVNL3DUN1DURGRZ\

%LDáRZLHVNL3DUN1DURGRZ\7DWU]DVNL3DUN1DURGRZ\

=DGDQLH

8F]QLRZLHRWU]\PXM]GDQLD,FK]DGDQLHPMHVWRGJDGQL FLHRMDNLPSDUNXPRZD

3RUyGVNDá'XQDMHFSá\QLHZLMHVL ZVSDQLDOH'RJyUDOVNLHMZVLG]LHV]áRG]L

SRQLRVFL IDOH/DVVL WRELHE G]LHNáDQLDáEXNLVRVQ\UR]áR*\VWHMDZRU\

MHVLRQ\´

:PRMHMSXV]F]\MHVWUH]HUZDWDZQLP*XEUyZJURPDGDRUD]áRVLU\VLyZ

LMHOHQLVWDGD´

=DGDQLH

:\PLHSRPQLNLSU]\URG\LWHUHQ\FKURQLRQHQDV]HJRPLDVWD

=DGDQLH

5R]ZL*]DJDGNLLZSRGDQ\P]GDQLX]QDMG(XNU\WH]ZLHU] 1DVW SQLH

UR]ZL]DQLDWHZ\NUHOSLRQRZR]Z\NUHODQNLLQDSLV]SRZVWDáHKDVáR

=ZLHU]WRZLHONLLEURGDW\

URJLPDLMHVWNXGáDW\

:%LDáRZLH*\PLHV]NDRQ

JG\JRVSRWNDV]]PLDWDMVWG

0DPDXJRWRZDáDEyEUD]HP]IDVRO

.X]\QNDNR]\]SDVWZLVND

ELHJDSRJyUDFKXUZLVNDFK

0GUDJáRZD´ZOHVLH

QRFVL MHMJáRVQLHVLH

=

,

2

&

2

'

%

%

&

2

2

:

(

7

=

$

:

8

5

5

+

1

1

%

=

$

,

6

$

5

Ï

.

5

,

(

=DGDQLH

5R]ZL*NU]\*yZN LRGF]\WDMKDVáR

6=$18-=,(/(

.ZLDWHNFKURQLRQ\ZJyUDFK

&KURQLRQ\NZLDWHNZLRVHQQ\

àNLZ\VRNRJyUVNLH

7XU\VWD]QDMG]LHZQLPQRFOHJ

.ZLDWHNURVQF\QDKDODFK

.U]HZLJODVW\

'URJDGODWXU\VWyZ

=ZLQQDNR]DJyUVND

3DVVL QDKDOL

'U]HZRURVQFHQDG0RUVNLP2NLHP

'U]HZRLJODVWHNWyUHQD]LP JXELLJá\

=ZLHU] RSL NQ\FKURJDFK

=DGDQLH

/RVRZDQLH]HVWDZXS\WD8F]QLRZLHSLVHPQLHRGSRZLDGDMQDSRV]F]HJyOQHS\WDQLDQS

3RGDMQD]Z\SWDNyZE GF\FKSRGRFKURQ1DSLV]ZMDNLPUHJLRQLH3ROVNL

RQHZ\VW SXM

3RGNUHOQD]Z\]ZLHU]W]QDMGXMF\FKVL SRGRFKURQSVWUJLNUHW\ZUyEOH

%RFLDQ\EREU\NXU\RUá\*XEU\NRW\

:\MDQLMSRM FLHUHF\NOLQJ,WS

=DGDQLH

3RSURZDG(´VWU]DáNPLHFLGRRGSRZLHGQLHJRNRV]D

JDUQNLRSRQ\EXWHONLSODVWLNRZH

JD]HW\SXV]NLSRNRQVHUZDFK*DUyZNL

SU W\RSDNRZDQLDSRGH]RGRUDQWDFKVáRLNL

UXU\VWDUHNVL*NLWRUE\SODVWLNRZH

ODONLSODVWLNRZHSRWáXF]RQHV]\E\]DUG]HZLDáHNDORU\IHU\

V]NáR

PDNXODWXUD

]áRP

SODVWLN

=DGDQLH

=Z\EUDQ\FKV\ODEXáy*QD]Z\UROLQFKURQLRQ\FK

VDQHF]NDVDQNLVDVDQND

QHNSLHUEHONXSZLRVSLHUZLRVQHN

NUDNURNUHNXVNX]NURNXV

EU]X]DOHFZLGá\]DZLOHF

QLHJUyJSU]HWáRELSU]HELQLHJ

=DGDQLH

:SR]LRP\FKU] GDFKOLWHUSRZROLLXZD*QLHV]XNDMZ\UD]yZ]ZL]DQ\FK]QLV]F]HQLHP

URGRZLVND2GG]LHOMHJUXEOLQLRGUHV]W\QLHSRWU]HEQ\FKOLWHU$WHUD]QDW\P]DNUHORQ\P

SROX±]QDMG(Z\UD]]ZL]DQ\]RFKURQURGRZLVND

&

,

(

.

,

.

0

2

%

5

8

'

%

5

'

2

.

8

5

=

0

1

6

,

$

/

2

1

7

$

2

'

3

$

'

<

0

<

%

,

=

6

3

$

/

,

1

<

)

*

+

-

2

5

,

0

.

3

2

)

$

5

6

1

:

=

,

5

$

6

0

2

*

1

2

7

5

.

6

1

:

<

,

/

0

,

(

&

,

0

5

2

1

&

3

7

+

$

à

$

6

6

=DGDQLH

6NUHOOLWHU %,SRZLHG]FRR]QDF]DMX]\VNDQHOLWHU\

8

%

7

<

/

%

,

=

$

&

-

%

$

=

%

$

1

,

%

(

&

%

=

<

6

=

&

=

(

%

1

,

$

2

%

'

%

%

3

$

%

'

<

6

%

3

$

%

/

,

1

<

%

3

%

5

%

=

<

%

5

2

%

'

$

5

%

2

%

'

%

2

:

,

%

6

.

3

+

%

,

*

%

,

(

%

%

1

$

&= û.2&2:$

6SUDZG]DQLHWHVWyZSU]H]NRPLVM NRQNXUVRZ

3RSLV\DNWRUVNLHXF]QLyZNODV\WU]HFLFKFLG(NR.DSWXUHN´

3U]HGVWDZLHQLHZ\QLNyZNRQNXUVXSU]H]SU]HZRGQLF]FMXU\

3RGVXPRZDQLHNRQNXUVXZU F]HQLHG\SORPyZLQDJUyG]Z\FL ]FRPSU]H]'\UHNWRUD

6]NRá\

=DSUH]HQWRZDQLHWDFDLQWHJUDF\MQHJR/XG]LHGROXG]L´

32)(*1$1,(

3U]HGVWDZLHQLHZáDVQHJRQDVWURMXSRNRQNXUVLH8F]HVWQLF\NRQNXUVXZ\ELHUDM

VáRQHF]ND]PLQSU]HGVWDZLDMFLFKQDVWUyMSRSU]H*\W\FKNRQNXUHQFMDFK1DVW SQLH

SRGSLVXMNDUWHF]NLVZRLPLPLHQLHPLSU]\ZLHV]DMQDWDEOLF\

&]DURG]LHMVND%UDPD8F]QLRZLHRSXV]F]DMVDO NRQNXUVRZSU]\G(ZL NDFK

PX]\NL

=DSURV]HQLHQDVáRGNLSRF] VWXQHN