5($.&-(26&</$&<-1(

:67 3

5HDNFMDFKHPLF]QDSRZLQQD]DMüZWHG\JG\HZHQWXDOQHSURGXNW\UHDNFMLE
G
FKDUDNWHU\]RZDá\VL
QL*V] HQHUJL ZHZQ
WU]Q QL* VXEVWUDW\8NáDGE
G]LHZL
F
G*\á GR VWDQX UyZQRZDJL F]\OL GR VWDQX R QL*V]\P ]DVRELH HQHUJLL ,VWRWQ\ MHVW
UyZQLH* F]\QQLN HQWURSRZ\ 8NáDG E
G]LH G*\á GR VWDQX R MDN QDMQL*V]\P
XSRU]GNRZDQLXF]\OL]HZ]URVWHPHQWURSLL:\SDGNRZDW\FKGZyFKF]\QQLNyZ
HQHUJHW\F]QHJRLHQWURSRZHJRRSLVDQDMHVWHQHUJL VZRERGQ GOD 9 FRQVWOXE
HQWDOSL VZRERGQ GODS FRQVW3RZ\*V]HUR]XPRZDQLHSU]HZLGXMHMHG\QLH
PR*OLZRü]DMFLDUHDNFMLRUD]VWDQNRFRZ\7HUPRG\QDPLNDUyZQRZDJRZDQLH
RSLVXMH F]DVX SR NWyU\P XNáDG RVLJQLH QRZ\ VWDQ UyZQRZDJL 3U
GNRü
RVLJQL
FLD VWDQX UyZQRZDJL RSLVDü PR*QD Z UDPDFK  NLQHW\NL FKHPLF]QHM
1DMF]
FLHM ]DOH*QRü LORFL SURGXNWyZ F]\ WH* VXEVWUDWyZ RG F]DVX RSLVDQD MHVW
PRQRWRQLF]QLHIXQNFM PDOHMF OXEURVQF
,VWQLHM MHGQDNUHDNFMHNWyUHSU]HELHJDM SRPL
G]\GZRPDVWDQDPLVWDFMRQDUQ\PL
6 WR UHDNFMH RVF\ODF\MQH JG\* VW
*HQLD UHDJHQWyZ RVF\OXM ZRNyá MDNLHJR
SR]LRPX3U]\NáDG]PLDQ\VW
*HQLDMHGQHJR]UHDJHQWyZZF]DVLHWUZDQLDUHDNFML
RVF\ODF\MQHM UHDNFMD %LHáRXVRZD)DERW\VNLHJR SRND]DQ\ MHVW QD 5\V 
7HJR  W\SX SURFHV\ V UR]SRZV]HFKQLRQH Z RUJDQL]PDFK *\Z\FK 3U]\NáDGHP
PR*H E\ü VW\PXODFMD QS VNXUF]yZ VHUFD F]\ WH* SHULRG\F]QH ]PLDQ\ SRWHQFMDáX
SRZVWDMFH Z Z\QLNX ]PLDQ VW
*H MRQX . QD EáRQLH NRPyUHN QHUZRZ\FK
5HDNFMH RVF\ODF\MQH SRZVWDM Z XNáDGDFK ]QDMGXMF\FK VL
GDOHNR RG VWDQX
UyZQRZDJL L VW\PXORZDQH V SU]HELHJLHP V]HUHJX SURFHVyZ QLHRGZUDFDOQ\FK
0HFKDQL]P UHDNFML RVF\ODF\MQ\FK MHVW ]áR*RQ\ 1DMF]
FLHM VXPDU\F]QD UHDNFMD
WHJRW\SXRSLVDQDMHVWNLONXQDVWRPDOXENLONXG]LHVL
FLRPDUHDNFMDPLVNáDGRZ\PL

3RG SRM
FLHP UHDNFMD %LHáRXVRZD)DERW\VNLHJR %= UR]XPLHü QDOH*\ JUXS

UHDNFMLSROHJDMF\FKQDXWOHQLDQLX]ZL]NXRUJDQLF]QHJREURPLDQDPLZREHFQRFL
NDWDOL]DWRUD .DWDOL]DWRUHP QDMF]
FLHM V NDWLRQ\ PHWDOX QD GZyFK VWRSQLDFK
XWOHQLHQLD 0Q RUD] 0Q ,VWRW UHDNFML MHVW XWOHQLDQLH NDWLRQX 0Q
EURPLDQHPGRSRVWDFL0Q NWyUD]NROHLXWOHQLD]ZL]HNRUJDQLF]Q\UHGXNXMF
VL
GR IRUP\ Z\MFLRZHM 0Q URGRZLVNR UHDNFML SRZLQQR E\ü NZDQH ,VWQLHMH
V]HUHJ PHFKDQL]PyZ UHDNFML %= NWyUH RSLHUDM VL
QD  GR  UHDNFMDFK
:V]\VWNLH WH PHFKDQL]P\ RSLHUDM VL
QD GZyFK RJyOQ\FK HWDSDFK XWOHQLDQLH
NDWDOL]DWRUDEURPLDQDPLRUD]MHJRUHGXNFMDVXEVWDQFM RUJDQLF]Q 

0Q %U2
 o 0Q



0Q XWOHQLDQ\]ZLï
 o 0Q
]HNRUJ 
 

F]DV>V@
5\V  =DOH*QRü VWRVXQNX VW
*H MRQyZ &H RUD] &H Z UHDNFML %LHáRXVRZD
)DERW\VNLHJRPLHU]RQDSRWHQFMRPHWU\F]QLH

8WOHQLDQLXXOHJDM VXEVWDQFMHRUJDQLF]QHWDNLHMDN
 NZDV\ GZXNDUERNV\ORZH MDEáNRZ\ PDORQRZ\ V]F]DZLRRFWRZ\
GZXK\GURNV\EXUV]W\QRZ\V]F]DZLRZ\
QLHQDV\FRQHNZDV\GZXNDUERNV\ORZHPDOHLQRZ\IXPDURZ\
NHWRQ\EXWDQRQDFHW\ORDFHWRQDFHWRQF\NORKHNVDQRQF\NORSHQWDQRQ

.DWDOL]DWRUDPL V QDMF]
FLHMMRQ\&H RUD]0Q0RJ E\üMHGQDNVWRVRZDQH
WH* NRPSOHNV\LQQ\FKNDWLRQyZ

.ZDVRZRü URGRZLVND ]DSHZQLD ]Z\NOH REHFQRü +62 PRJ E\ü MHGQDN

VWRVRZDQHWH* LQQHNZDV\

&(/û:,&=(1,$

&HOHPüZLF]HQLDMHVWREVHUZDFMDSU]HELHJXUHDNFML%LHáRXVRZD)DERW\VNLHJR
] XG]LDáHP MRQyZ FHUX NWyU\FK RVF\ODF\MQH ]PLDQ\ VW
*HQLD REVHUZRZDQH V ]D
SRPRF ]PLDQSRWHQFMDáXHOHNWURG\SODW\QRZHM

$3$5$785$

.RPSXWHUGUXNDUNDPRQLWRUNODZLDWXUDP\V]SDSLHU
8QLZHUVDOQ\PLHUQLN0(7(;
 

0LHV]DGáREH]VLOQLNRZH
0LHV]DGHáNRPDJQHW\F]QHGLSRO
(OHNWURGDNDORPHORZDLSODW\QRZD
3U]HZRG\V]W
6WDW\Z]XFKZ\WHPGRHOHNWURG

6=.à2

=OHZNDZ\VRNDPO
=OHZNDPO
3LSHW\POV]W
=OHZNDPO
7U\VNDZND
6LWNR

2'&=<11,.,

5R]WZyUQDV\FRQ\.%U2
5R]WZyU&H62 PROGP
5R]WZyU+62 PROGP
5R]WZyUNZDVXF\WU\QRZHJRPROGP

:<.21$1,(û:,&=(1,$

8ZDJD8ZDJD
:DUXQNLHP X]\VNDQLD SRSUDZQ\FK Z\QLNyZ MHVW ]DFKRZDQLH Z\VRNLHM
F]\VWRFL X*\ZDQ\FK QDF]\ D Z V]F]HJyOQRFL SLSHW 3R ND*G\P X*\FLX SLSHW\
QDOH*\M GRNáDGQLHZ\SáXNDüZRG GHVW\ORZDQ

8UXFKRPLüNRPSXWHULGUXNDUN

 (OHNWURG\ SODW\QRZ L NDORPHORZ XPLHFLü Z XFKZ\FLH RUD] SRGáF]\ü GR
PLHUQLNDXQLZHUVDOQHJR0(7(;
 8UXFKRPLü SURJUDP 5(.25'(5 ]QDMGXMF\ VL
Z NDWDORJX QD G\VNX &
NRPSXWHUD LQVWUXNFMD REVáXJL SURJUDPX ]QDMGXMH VL
QD NRFX RSUDFRZDQLD
üZLF]HQLDRUD]PLHUQLN0(7(;
 : QDF]\QLX UHDNF\MQ\P XPLHFLü GLSRO L SRVWDZLü MH QD PLHV]DGOH
PDJQHW\F]Q\P
8UXFKRPLüPLHV]DGáRPDJQHW\F]QHLQDVWDZLüSU
GNRüRNREUPLQ
'RGDZDüGRQDF]\QLDSRPOUR]WZRUyZEURPLDQXSRWDVRZHJR
NZDVXF\WU\QRZHJR
VLDUF]DQXFHUX
LNZDVXVLDUNRZHJR
 

ZSRGDQHMNROHMQRFL

8:$*$
.ZDV VLDUNRZ\ GRGDü SR XUXFKRPLHQLX SURJUDPX SDWU] S 
L ]DUHMHVWURZDQLXRN SXQNWyZSRPLDURZ\FK

 8UXFKRPLüUHMHVWUDFM
SRPLDUyZ8:$*$0LHUQLNSRGáF]RQ\MHVWGR]áF]D
V]HUHJRZHJR &20  SURJUDP ]DSDPL
WXMH GR  SXQNWyZ SRPLDURZ\FK
SR SU]HNURF]HQLXWHMOLF]E\QDOH*\]DSLVDüSRPLDU\QDVWDá\PG\VNXZJZ]RUX
QD]ZDW[W
LXUXFKRPLüUHMHVWUDFM
SRQRZQLH]DSLVXMFGDQHSRGLQQ QD]Z
 : Z\QLNX SRZ\*V]HJR SRVW
SRZDQLD RWU]\PXMHP\ GZD SOLNL ] GDQ\PL
]DZLHUDMF\PLRN PLQUHDNFML
 3RPLDU\SRZWyU]\üGZXNURWQLHSNWL]PLHQLDMFLORüGRGDZDQHJRNZDVX
VLDUNRZHJRQDLPO

235$&2:$1,(:<1,.Ï:

= RWU]\PDQ\FK GDQ\FK Z\]QDF]\ü ]DOH*QRü SRWHQFMDáX HOHNWURG\ SODW\QRZHM RG

F]DVX WUZDQLD UHDNFML :\NUHV RSUDFRZDü Z SURJUDPDFK *5$),7 OXE (;&(/
REVáXJ
Z\EUDQHJRSURJUDPXZ\MDQLSURZDG]F\üZLF]HQLH
=Z\NUHVXZ\]QDF]\üDPSOLWXG
RVF\ODFMLLF]DVLQLFMDFMLUHDNFMLF]DVSRNWyU\P
XNáDG ]DF]\QD RVF\ORZDü 3RUyZQDü RWU]\PDQH Z\QLNL GOD UHDNFML
SU]HELHJDMF\FKSU]\Uy*Q\FKVW
*HQLDFKNZDVXVLDUNRZHJR