- PDF Free Download

Transkrypt

1

2

3

4

5

6 / S 1 D ] Z L V N R L L P L L P L R Q D $ G U H V ] D P N R G 1, 3 5 ( * D]ZDLDGUHVRUJDQXSRGDWN RZHJR,QIRUPDFMDRQLHUXFKRPR FLDFKEXG\QNDFKEXGRZODFKJUXQWDFKLODVDFKRVyEIL]\F]Q\FK 3RáR HQLHQLHUXFKRPR FL0LHMVFRZR ü 1UKLSRWHF]Q\.:1D]ZDV GX,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK 'DWDUR]SRF] FLDX \WNRZDQLDEXG\QNLLEXGRZOHQRZRZ\EXGRZDQH :ád FLFLHOZVSyáZáD FLFLHOHX \WNRZQLNSRVLDGDF]LQQH ZáD FLZHZSLVDü 'DQHSRGDWQLND 3 ( 6 ( / Z SU]\SDGNXEUDNX ZSLVDüGDW XURG]HQLDLLPLRQD URG]LFyZ 3HáQRPRFQLN Q DOH \SU]HGáR \üdnwxdoqhsháqrprfqlfwzr 1D]ZLVNRLLPL $GUHV 'DQHGRW\F] FHSU]HGPLRWyZRSRGDWNRZDQLD :\V]F]HJyOQLHQLH %XG\QNLPLHV]NDOQHOXELFKF] FLORNDOHPLHV]NDOQHJDUD HSRG]LHPQHSLZQLFHVXWHUHQ\ LSRGGDV]DX \WNRZH DSRPLHV]F]HQLDRZ\VRNR FLPSRZPð ESRPLHV]F]HQLDRZ\VRNR FLSRZ\ HMPSRZPð %XG\QNLOXELFKF] FL]ZL ]DQH]G]LDáDOQR FL JRVSRGDUF] RUD]EXG\QNLPLHV]NDOQHOXELFKF] FL ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM 5RG]DMZ\NRQ\ZDQHMG]LDáDOQR FL LGDWDUR]SRF] FLD ZEXG\QNDFKPLHV]NDOQ\FK SRZLHU]FKQLDZPð ZLQQ\FKEXG\QNDFKZROQRVWRM FH SRZLHU]FKQLDZPð %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLH REURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\PSRZPð %XG\QNLOXELFKF] FL]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLH XG]LHODQLD ZLDGF]H ]GURZRWQ\FKSRZPð %XG\QNLOHWQLVNRZH SRPLHV]F]HQLDRZ\VRNR FLPSRZPð SRPLHV]F]HQLDRZ\VRNR FLSRZ\ HMPSRZPð 3R]RVWDáHEXG\QNLOXELFKF] FLZW\P]DM WHQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHM G]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJRSRZP ZW\P DEXG\QNLJRVSRGDUF]HQLH]ZL ]DQH]SURGXNFM UROQ OH Q U\EDFN QLHSRáR RQHQDJUXQWDFKJRVSRGDUVWZUROQ\FKVWRGRá\RERU\V]RS\LLQQHSRZPð EJDUD HZROQRVWRM FHLLQQHSRZPð %XGRZOHOXELFKF] FL]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMZDUWR ü]á

7 *UXQW\]ZL ]DQH]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMEH]Z]JO GXQD VSRVyE]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZSRZPð *UXQW\SRGMH]LRUDPL]DM WHQD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FKSRZKD *UXQW\SR]RVWDáHZW\P]DM WHQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FL SR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJRSRZPð *UXQW\VNODV\ILNRZDQHZHZLGHQFMLJUXQWyZLEXG\QNyZMDNRX \WNLUROQH ]Z\M WNLHPJUXQWyZ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMLQQHM QL G]LDáDOQR üuroqlf]drjyáhpsrzkdil] *UXQW\RUQH,SRZKD 8 \WNL]LHORQH,SRZKD,,SRZKD,,SRZKD,,,DSRZKD,,,SR ZKD,,,ESRZKD,9SRZKD,9DSRZKD 9SRZKD,9ESRZKD 9,SRZKD 9SRZKD 9,]SRZKD 9,SRZKD 9,]SRZKD 6DG\R]QDF]NODV X \WNXUROQHJR *UXQW\SRGVWDZDPL SRZKD D]DU\ELRQHáRVRVLHPWURFL SRZKD JáRZDFLF SDO L LSVWU JLHPSRZKD SRZKD E]DU\ELRQHLQQ\PLJDWXQNDPL SRZKD U\EQL ZSR]DSRZKD SRZKD FJUXQW\SRGVWDZDPL QLH]DU\ELRQ\PLSRZKD 5RZ\SR ZKD *UXQW\UROQH,SRZKD *UXQW\]DGU]HZLRQHL]DNU]HZLRQHSRáR R Q HQ D85 ]DEXGRZDQH,,SRZKD,SR ZKD,,,DSRZKD,,SRZKD,,,SRZKD,,,DSRZKD,,,ESRZKD,,,SR ZKD,9DSRZKD,,,ESR ZKD,9SRZKD,9DSR ZKD,9ESRZKD,9SRZKD 9SRZKD 9SRZKD 9,SRZKD 9,SRZKD 9,]SRZKD 9,]SRZKD %XG\QNLJRVSRGDUF]H]ZL ]DQH]SURGXNFM UROQ OH Q U\EDFN SRáR RQH QDJUXQWDFKJRVSRGDUVWZUROQ\FKVWRGRá\RERU\V]RS\LLQQHSRZP 1LHX \WNLSRZP 'URJLSRZP *UXQW\ODVyZRFKURQQ\FKRUD]ODVyZZFKRG] F\FKZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FKSRZKD 3R]RVWDáHJUXQW\OH QHVNODV\ILNRZDQHZHZLGHQFMLJUXQWyZLEXG\QNyZMDNRODV\ DODV]GU]HZRVWDQHPZZLHNXSRZ\ HMODWSRZKD EODV]GU]HZRVWDQHPZZLHNXGRODWSRZKD 2GSRZLHG]LDOQR üsu]hzlg]ldqdznrghnvlhnduq\pvnduerz\p]d]dwdmhqlhgdq\fkpdm F\FKZSá\ZQDXVWDOHQLH ]RERZL ]DQLDSRGDWNRZHJROXEMHJRZ\VRNR ürud]srgdqlhgdq\fkqlh]jrgq\fk]sudzg MHVWPL]QDQD 3RXF]HQLH =JRGQLH]DUW Z]ZL ]NX]DUW XVWDZ\]GQLDVLHUSQLDU2UG\QDFMDSRGDWNRZD']8]U 1USR]]Sy Q]PLDQDPLSRGDWQLNRZLSU]\VáXJXMHSUDZRGRZ\SRZLHG]HQLDVL ZVSUDZLH]HEUDQHJRPDWHULDáX GRZRGRZHJRZWHUPLQLHGQLRGGQLDRWU]\PDQLDZ\SHáQLRQHJRGUXNXLQIRUPDFMLSU]H]RUJDQSRGDWNRZ\ :SU]\SDGNXQLHVNRU]\VWDQLD]SU]\VáXJXM FHJRSUDZDZRSDUFLXRSU]HGáR RQHLQIRUPDFMH]RVWDQLHZ\GDQDGHF\]MD XVWDODM FD]RERZL ]DQLHSRGDWNRZH 3FLPGQLD 3RGSLVVNáDGDM FHJR]H]QDQLH

8 3LHF] üqdjáyz NRZ DSRGDWQLND 2 Z L D G F ] D P H S R G D Q H S U ] H ] H P Q L H G D Q H V ] J R G Q H ] S U D Z G G H N O D U D F M D U R F ] Q D N R U H N W D G H N O D U D F M L U R F ] Q H M S R G N U H O Z á D F L Z : \ S H á Q L D M R V R E \ S U D Z Q H V S y á N L L M H G Q R V W N L Q L H S R V L D G D M F H R V R E R Z R F L S U D Z Q H M R V R E \ I L ] \ F ] Q H 3 R G V W D Z D R S R G D W N R Z D Q L D 3 R Z L H U ] F K Q L D Z P K D 6 W D Z N D S R G D W N X ] á. Z R W D S R G D WN X 1 L Q L H MV ] D G H N O D U D F M D V W D Q R Z L S R G V W D Z G R Z \ V W D Z L H Q L D W \ W X á X Z \ N R Q D Z F ] H J R Q D S R G V W D Z L H D U W Z ] Z L ] N X ] D U W D X V W D Z \ ] G Q L D U R S R V W S R Z D Q L X H J ] H N X F \ M Q \ P Z D G P L Q L V W U D F M L ' ] 8 ] U 1 U S R ] ] S y ] P QD]ZLVNRLLP L RVRE\ RGSRZ LHG]LDOQHMNLHURZ QLNMHGQRVWNLSRGSLVNVL JRZHJR ]DSUDZLGáRZ HREOLF]HQLHSRGDWN XQUWHOHIRQX ] á :\SHáQLDSRGDWQLN 1,31U.VL JL:LHF]\VWHM1D]ZDV GX 5(*21,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK Z S L V ] Z á D F L Z \ 5RG]DMZáDVQR FL '(./$5$&-$ QDSRGDWHNRGQLHUXFKRPR FLQDURN 'DQHGRW\F] FHSU]HGPLRWyZRSRGDWNRZDQLD QLHSRGOHJDM F\FK]ZROQLHQLX : \V]F]HJyOQLHQLH 2GSRZLHU]FKQLJUXQWyZ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FL 3RZLHU]FKQLD JRVSRGDUF]HMEH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ P 2GSRZLHU]FKQLJUXQWyZSRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQH UHWHQF\MQHOXEHOHNWURZQLZRGQ\FKSRZLHU]FKQLDZKD P 2GSRZLHU]FKQLJUXQWyZSR]RVWDá\FKZW\P]DM W\FKQDSURZDG]HQLH3RZLHU]FKQLD RGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H] P RUJDQL]DFMHSR \WNXSXEOLF]QHJR 2GSRZLHU]FKQLEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL 3RZLHU]FKQLD P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]ZL ]DQ\FK]G]LDáDOQR FL 3RZLHU]FKQLD JRVSRGDUF] RUD]RGEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL]DM W\FK QDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH 3RZLHU]FKQLD G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDáHPVLHZQ\P P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH 3RZLHU]FKQLD G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FK P 2GSRZLHU]FKQLSR]RVWDá\FKEXG\QNyZOXELFKF] FLZW\P 3RZLHU]FKQLD ]DM W\FKQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNX P SXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR 2GZDUWR FLEXGRZOLOXELFKF] FL]ZL ]DQ\FK]SURZDG]HQLHP :DUWR ü G]LDáDOQR FLJRVSRGDUF]HM ]á à &=1$.:27$32'$7.8 ]DRNU JORQDGRSHáQ\FKG]LHVL WHNJURV]\

9 :Z\QLNXNRQWUROLZVW SQHMSU]\SDGD :SURZDG]RQRSRSUDZNL SU]\SLV\REM WRGHF\]M 1U]GQLD RGSLV\]DZLDGRPLRQRSLVPHP1U]GQLD GDWDSRGSLVVSUDZG]DM FHJR $GQRWDFMHNVL JRZR FL 3RXF]HQLH 2VRE\SUDZQHRUD]MHGQRVWNLRUJDQL]DF\MQHQLHPDM FHRVRERZR FLSUDZQHMV ]RERZL ]DQH 6NáDGDüRUJDQRZLJPLQ\ZáD FLZHPX]HZ]JO GXQDPLHMVFHSRáR HQLDQLHUXFKRPR FLGHNODUDFMHQD SRGDWHNRGQLHUXFKRPR FLQDGDQ\URNSRGDWNRZ\VSRU] G]RQHQDIRUPXODU]XZHGáXJXVWDORQHJRZ]RUX GRGQLDVW\F]QLDWHJRURNXDMH HOLRERZL ]HNSRGDWNRZ\SRZVWDáSRW\PGQLXZWHUPLQLHGQL RGGQLDZ\VW SLHQLDRNROLF]QR FLX]DVDGQLDM FHMSRZVWDQLHWHJRRERZL ]NXZUD]LH]DLVWQLHQLD]PLDQ VNRU\JRZDüRGSRZLHGQLRGHNODUDFMHZWHUPLQLHGQLRGGQLD]DLVWQLHQLDW\FK]PLDQZUD]]SLVHPQ\P X]DVDGQLHQLHPSU]\F]\QNRUHNW\DUW2UG\QDFMLSRGDWNRZHM']81U]USR] ]Sy ]P :SáDFDüREOLF]RQ\ZGHNODUDFMLSRGDWHNRGQLHUXFKRPR FLEH]ZH]ZDQLDQDUDFKXQHNEXG HWX JPLQ\]DSRV]F]HJyOQHPLHVL FHZWHUPLQLHGRGQLDND GHJRPLHVL FDQDNRQWR.%623FLP1U 2UJDQHPSRGDWNRZ\PZVSUDZDFKSRGDWNXRGQLHUXFKRPR FLSRáR RQ\FKQDWHUHQLH*PLQ\3FLP MHVW:yMW*PLQ\3FLPWHO

10 üqdjáyznrzdsrgd WQLND 3 R G D ü S U] H S L V S U D Z D ± ] M D N L H J R W \ W X á X Z \ V W S X M H ] Z R O Q L H Q L H : \ V ] F ] H J y O Q L H Q L H 3 R G V WD Z D R S RG D W N R Z D Q LD 6 WD Z N D S R GD WN X ] á QD]ZLVNRLLPL RVRE\RGSRZ LHG]LDOQHMNLHURZ QLNMHGQRVWNLSRGSLVNVL JRZHJR ]DSUDZLGáRZ HREOLF]HQLHSRGDWN XQUWHOHIRQX. Z R W D S R G D WN X ] á :\SHáQLDSRGDWQLN 3LHF] 1,31U.VL JL:LHF]\VWHM1D]ZDV GX 5(*21,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK 5RG]DMZáDVQR FLZSLV]ZáD FLZ\ '(./$5$&-$ QDSRGDWHNRGQLHUXFKRPR FLQDURN GODSRGDWQLNyZNRU]\VWDM F\FK]H]ZROQLH QDPRF\XVWDZ\RSRGDWNDFKLRSáDWDFKORNDOQ\FK GHNODUDFMDURF]QDNRUHNWDGHNODUDFMLURF]QHMSRGNUH OZáD FLZ : \ S Há Q L D M R V R E \ S U D Z Q H V S y á N L L M HG Q R V W N L Q L H S R V L D G D M F H R VR E R Z R F L S UD Z Q H M R VR E \ I L ] \ F ] Q H 2GSRZLHU]FKQLJUXQWyZ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FL JRVSRGDUF]HMEH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ 2GSRZLHU]FKQLJUXQWyZSRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQH UHWHQF\MQHOXEHOHNWURZQLZRGQ\FKSRZLHU]FKQLDZKD 3RZLHU]FKQLD P 3RZLHU]FKQLDZ P KD P 2GSRZLHU]FKQLJUXQWyZSR]RVWDá\FKZW\P]DM W\FKQDSURZDG]HQLH 3RZLHU]FKQLD RGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMH P SR \WNXSXEOLF]QHJR 2GSRZLHU]FKQLEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL 3RZLHU]FKQLD 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]ZL ]DQ\FK]G]LDáDOQR FL JRVSRGDUF] RUD]RGEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL]DM W\FK QDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDáHPVLHZQ\P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FK P 3RZLHU]FKQLD P 3RZLHU]FKQLD P 3RZLHU]FKQLD P 2GSRZLHU]FKQLSR]RVWDá\FKEXG\QNyZOXELFKF] FLZW\P]DM W\FK 3RZLHU]FKQLD QDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJR P SU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR 2GZDUWR FLEXGRZOLOXELFKF] G]LDáDOQR FLJRVSRGDUF]HM ]DRNU JORQDGRSHáQ\FKG]LHVL WHNJURV]\ 3RGVWDZDSUDZQD]ZROQLHQLD FL]ZL ]DQ\FK]SURZDG]HQLHP :DUWR ü ]á

12 3LHF] ü QD J áy Z N R ZD S RG D WQ L N D ' D Q H R ] Z R O Q L H Q L D F K S R G D W N R Z \ F K Z S R G D W N X R G Q L H U X F K R P R F L : \ V ] F ] H J y O Q L H Q L H : \ S H á Q L D M R V R E \ S U D Z Q H V S y á N L L M HG Q R V W N L Q L H S R V L D G D M F H R V R E R Z R F L S UD Z Q H M R V R E \ I L ] \ F ] Q H 3 R G V W D Z D R S R G D W N R Z D Q L D 6 W D Z N D S R G D W N X ] á QD]Z LVNRLLP L R VR E\ RG SR ZLHG ]LD OQ HM N LH UR ZQ LN MH GQ RV WN LSR GS LVN V L JRZHJR ]DSUDZLGáRZ HREOLF]HQLHSRGDWN XQUWHOHIRQX :\SHáQLDSRGDWQLN 1,31U.VL JL:LHF]\VWHM1D]ZDV GX 5(*21,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK 5RG]DMZáDVQR FLZSLV]ZáD FLZ\ ' (. / $ 5 $ & - $ QDSRGDWHNRGQLHUXFKRPR FLQDURN GODSRGDWQLNyZNRU]\VWDM F\FK]H]ZROQLH QDPRF\XFKZDá\5DG\*PLQ\3FLPZVSUDZLH]ZROQLH RGSRGDWNXRGQLHUXFKRPR FL GHNODUDFMDURF]QDNRUHNWDGHNODUDFMLURF]QHMSRGNUH OZáD FLZ 2GSRZLHU]FKQLJUXQWyZ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FL JRVSRGDUF]HMEH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ 2GSRZLHU]FKQLJUXQWyZSRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQH UHWHQF\MQHOXEHOHNWURZQLZRGQ\FKSRZLHU]FKQLDZKD 3RZLHU]FKQLD P 3RZLHU]FKQLDZ P KD.ZRWDSRGDWNX ]á P 2GSRZLHU]FKQLJUXQWyZSR]RVWDá\FKZW\P]DM W\FKQDSURZDG]HQLH3RZLHU]FKQLD RGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H] P RUJDQL]DFMHSR \WNXSXEOLF]QHJR 2GSRZLHU]FKQLEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL 3RZLHU]FKQLD P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]ZL ]DQ\FK]G]LDáDOQR FL 3RZLHU]FKQLD JRVSRGDUF] RUD]RGEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL]DM W\FK QDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH 3RZLHU]FKQLD G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHREURWXNZDOLILNRZDQ\P PDWHULDáHPVLHZQ\P P 2GSRZLHU]FKQLEXG\QNyZOXELFKF] FL]DM W\FKQDSURZDG]HQLH 3RZLHU]FKQLD G]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H P ]GURZRWQ\FK 2GSRZLHU]FKQLSR]RVWDá\FKEXG\QNyZOXELFKF] FLZW\P]DM W\FK3RZLHU]FKQLD QDSURZDG]HQLHRGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJR P SU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR 2GZDUWR FLEXGRZOLOXELFKF] FL]ZL ]DQ\FK]SURZDG]HQLHP :DUWR ü G]LDáDOQR FLJRVSRGDUF]HM ]á à &=1$.:27$32'$7.8 ]DRNU JORQDGRSHáQ\FKG]LHVL WHNJURV]\

14 1 U G ] L D á N L & K D U D N W H U Z á D G D Q L D 3 R Z L H U ] F K Q L D X \ W N R Z D J U X Q W X 3 R Z L H U ] F K Q L D X \ W N R Z D S R V ]F ] H J y O Q \ F K E X G \ Q N y Z $ G U H V Q L H U X F K R P R F L :\V]F]HJyOQLHQLHZV]\VWNLFKQLHUXFKRPR FLXM W\FKZGHNODUDFMLZVSUDZLHSRGDWNXRG QLHUXFKRPR FLQDURN QDOH \Z\V]F]HJyOQLüSRZLHU]FKQL ND GHMG]LDáNL QDOH \Z\V]F]HJyOQLüSRZLHU]FKQL X \WNRZ ND GHJR]EXG\QNyZ

15 3 R Z L H U ] F K Q L D ] Z R O Q L R Q D ] R S R G D W N R Z D Q L D =ZROQLHQLDXVWDZRZHZSRGDWNXRGQLHUXFKRPR FL 'DQHGRW\F] FH]ZROQLH SRGDWNRZ\FKZ\QLNDM F\FK]XVWDZ\OXEXFKZDá\ 5DG\*PLQ\ 7\WXáSUDZQ\]ZROQLHQLD $UWXVWSNW±EXGRZOHNROHMRZHVWDQRZL FHFDáR üwhfkqlf]qrx \WNRZ ZUD]] LQVWDODFMDPLLXU] G]HQLDPLVáX FHGRUXFKXSRMD]GyZNROHMRZ\FKRUJDQL]DFMLLVWHURZDQLDW\P UXFKHPXPR OLZLDM FHGRNRQ\ZDQLHSU]HZR]yZRVyEOXEU]HF]\±Z\NRU]\VW\ZDQHZ\á F]QLHQD SRWU]HE\SXEOLF]QHJRWUDQVSRUWXNROHMRZHJRDWDN H]DM WHSRGQLHJUXQW\ $UWXVWSNW±EXGRZOHLQIUDVWUXNWXU\SRUWRZHMEXGRZOHLQIUDVWUXNWXU\]DSHZQLDM FHMGRVW S GRSRUWyZLSU]\VWDQLPRUVNLFKRUD]]DM WHSRGQLHJUXQW\ $UWXVWSNW±EXG\QNLEXGRZOHL]DM WHSRGQLHJUXQW\QDREV]DU]HF] FLORWQLF]\FK ORWQLVNX \WNXSXEOLF]QHJR $UWXVWSNW±EXG\QNLJRVSRGDUF]HOXELFKF] FL DVáX FHG]LDáDOQR FLOH QHMLU\EDFNLHM ESRáR RQHQDJUXQWDFKJRVSRGDUVWZUROQ\FKVáX FHZ\á F]QLHG]LDáDOQR FLUROQLF]HM F]DM WHQDSURZDG]HQLHG]LDáyZVSHFMDOQ\FKSURGXNFMLUROQHM $UWXVWSNW±QLHUXFKRPR FLOXELFKF] FL]DM WHQDSRWU]HE\SURZDG]HQLDSU]H] VWRZDU]\V]HQLDVWDWXWRZHMG]LDáDOQR FLZ UyGG]LHFLLPáRG]LH \Z]DNUHVLHR ZLDW\Z\FKRZDQLD QDXNLLWHFKQLNLNXOWXU\IL]\F]QHMLVSRUWX]Z\M WNLHPZ\NRU]\VW\ZDQ\FKGRSURZDG]HQLD G]LDáDOQR FLJRVSRGDUF]HMRUD]JUXQW\]DM WHWUZDOHQDRER]RZLVNDLED]\Z\SRF]\QNRZHG]LHFL LPáRG]LH \ $UWXVWSNW±JUXQW\LEXG\QNLZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUX]DE\WNyZSRG ZDUXQNLHPLFKXWU]\PDQLDLNRQVHUZDFML]JRGQLH]SU]HSLVDPLRRFKURQLH]DE\WNyZ]Z\M WNLHP F] FL]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM $UWXVWSNW±JUXQW\LEXG\QNLZHZáDGDQLXPX]HyZUHMHVWURZDQ\FK $UWXVWSNW±JUXQW\SRáR RQHQDREV]DUDFKREM W\FKRFKURQ FLVá F]\QQ OXE NUDMREUD]RZ DWDN HEXG\QNLLEXGRZOHWUZDOH]ZL ]DQH]JUXQWHPVáX FHEH]SR UHGQLR RVL JDQLXFHOyZ]]DNUHVXRFKURQ\SU]\URG\ZSDUNDFKQDURGRZ\FKRUD]ZUH]HUZDWDFKSU]\URG\ $UWXVWSNWEXGRZOHZDáyZRFKURQQ\FKJUXQW\SRGZDáDPLRFKURQQ\PLLSRáR ZPL G]\ZDODFK]Z\M WNLHP]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMSU]H]LQQH SRGPLRW\QL VSyáNLZRGQHLFK]ZL ]NLRUD]]ZL ]NLZDáRZH RQH $UWXVWSNWJUXQW\VWDQRZL FHQLHX \WNLX \WNLHNRORJLF]QHJUXQW\]DGU]HZLRQH L]DNU]HZLRQH]Z\M WNLHP]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM $UWXVWSNW±JUXQW\VWDQRZL FHG]LDáNLSU]\]DJURGRZHF]áRQNyZUROQLF]\FKVSyáG]LHOQL SURGXNF\MQ\FKNWyU]\VSHáQLDM MHGHQ]ZDUXQNyZ DRVL JQ OLZLHNHPHU\WDOQ\ EV LQZDOLGDPL]DOLF]RQ\PLGR,DOER,,JUXS\ FV QLHSHáQRVSUDZQ\PLR]QDF]Q\POXEXPLDUNRZDQ\PVWRSQLXQLHSHáQRVSUDZQR FL GV RVREDPLFDáNRZLFLHQLH]GROQ\PLGRSUDF\ZJRVSRGDUVWZLHUROQ\PDOERQLH]GROQ\PL GRVDPRG]LHOQHMHJ]\VWHQFML $UWXVWSNW±EXG\QNLSRáR RQHQDWHUHQLHSUDFRZQLF]\FKRJURGyZG]LDáNRZ\FK QLHSU]HNUDF]DM FHQRUPSRZLHU]FKQLXVWDORQ\FKZSU]HSLVDFK3UDZDEXGRZODQHJRGODDOWDQ LRELHNWyZJRVSRGDUF]\FK]Z\M WNLHP]DM W\FKQDG]LDáDOQR üjrvsrgduf] $UWXVWSNW±EXG\QNLLEXGRZOHQRZRZ\EXGRZDQHE G ]PRGHUQL]RZDQHRGGDQH GRX \WNRZDQLDZ\NRU]\VW\ZDQHSU]H]JUXS SURGXFHQWyZUROQ\FKQDG]LDáDOQR üvwdwxwrz SRX]\VNDQLXZSLVXGRUHMHVWUXJUXS±ZRNUHVLHODWRGGQLDX]\VNDQLDZSLVXJUXS\GRUHMH VWUX $UWXVWSNW±QLHUXFKRPR FLOXELFKF] FL]DM WHQDSURZDG]HQLHQLHRGSáDWQHMVWDWXWRZHM G]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR $UWXVWSNW±V]NRá\Z\ V]HZ\ V]HV]NRá\]DZRGRZHRUD]Z\ V]HV]NRá\ZRMVNRZH ]ZROQLHQLHQLHGRW\F]\SU]HGPLRWyZRSRGDWNRZDQLD]DM W\FKQDG]LDáDOQR üjrvsrgduf] LQQDQL RGSáDWQDG]LDáDOQR üedgdzf]dduw\vw\f]qdvsruwrzdlgr ZLDGF]DOQD $UWXVWSNW±V]NRá\SODFyZNL]DNáDG\NV]WDáFHQLDLSODFyZNLGRVNRQDOHQLDQDXF]\FLHOL± SXEOLF]QHLQLHSXEOLF]QHRUD]RUJDQ\SURZDG] FHWHV]NRá\SODFyZNLL]DNáDG\]W\WXáX]DU] GX X \WNRZDQLDOXEX \WNRZDQLDZLHF]\VWHJRQLHUXFKRPR FLV]NROQ\FK]ZROQLHQLHQLHGRW\F]\ SU]HGPLRWyZRSRGDWNRZDQLD]DM W\FKQDG]LDáDOQR üjrvsrgduf] LQQ QL G]LDáDOQR ür ZLDWRZD $UWXVWSNW±SODFyZNLQDXNRZH3$1]ZROQLHQLHQLHGRW\F]\SU]HGPLRWyZ RSRGDWNRZDQLD]DM W\FKQDG]LDáDOQR üjrvsrgduf]

16 3RZL HU] FKQLD ]ZROQLRQD ] RSRGDW NRZDQLD 3RZLHU]F KQLD ]ZROQLRQD ] RSRGDWNRZDQLD 7\WXáSUDZQ\]ZROQLHQLD $UWXVWSNWSURZDG] F\FK]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL]DZRGRZHM Z]DNUHVLHSU]HGPLRWyZRSRGDWNRZDQLD]JáRV]RQ\FKZRMHZRG]LHMH HOL]JáRV]HQLH]RVWDáR SRWZLHUG]RQHGHF\]M ZVSUDZLHSU]\]QDQLDVWDWXVX]DNáDGXSUDF\FKURQLRQHMOXE]DNáDGX DNW\ZQR FL]DZRGRZHMDOER]D ZLDGF]HQLHP]DM W\FKQDSURZDG]HQLHWHJR]DNáDGX]Z\M WNLHP SU]HGPLRWyZRSRGDWNRZDQLD]QDMGXM F\FKVL ZSRVLDGDQLX]DOH Q\PSRGPLRWyZQLHE G F\FK SURZDG] F\PL]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL]DZRGRZHM $UWXVWSNW±MHGQRVWNLEDGDZF]RUR]ZRMRZH]Z\M WNLHPSU]HGPLRWyZRSRGDWNRZDQLD]DM W\FK QDG]LDáDOQR üjrvsrgduf] $UWXVWSNW±3ROVNL=ZL ]HN']LDáNRZFyZ]Z\M WNLHPSU]HGPLRWyZRSRGDWNRZDQLD]DM W\FK QDG]LDáDOQR üjrvsrgduf] $UWXVWDZ\]GQLDSD G]LHUQLNDU±R]PLDQLHXVWDZ\RSRGDWNDFKLRSáDWDFKORNDOQ\FKRUD] ]PLDQLHQLHNWyU\FKLQQ\FKXVWDZ']81USR]±SURZDG] F\]DNáDG\SUDF\FKURQLRQHMOXE ]DNáDG\DNW\ZQR FL]DZRGRZHMNWyU]\X]\VNDOLVWDWXVSURZDG] F\FKWH]DNáDG\SU]HGZHM FLHPZ \FLH QLQLHMV]HMXVWDZ\ $UWXVWDZ\]GQLDSD G]LHUQLNDU±R]PLDQLHXVWDZ\RSRGDWNDFKLRSáDWDFKORNDOQ\FKRUD] ]PLDQLHQLHNWyU\FKLQQ\FKXVWDZ']81USR]±ZODWDFKQLHUXFKRPR FLSRáR RQH SRGQDSRZLHWU]Q\PLOLOLDPLHQHUJHW\F]Q\PLJUXQW\NWyU\PL]DU] G]D3D VWZRZH*RVSRGDUVWZR/H QH /DV\3D VWZRZH *UXQW\EXG\QNLOXELFKF] FLRUD]EXGRZOHOXELFKF] FL D]DM WHQDSRWU]HE\QLHVLHQLDSRPRF\SU]HFLZSR DURZHMSRU] GNXSXEOLF]QHJRSRZRG]LLLQQ\FK ]GDU]H ORVRZ\FK EVáX FHSU]HV\áRZLLRF]\V]F]DQLXSá\QQ\FKRGSDGyZNRPXQDOQ\FK F]DM WHQDSRWU]HE\SURZDG]HQLDG]LDáDOQR FLNXOWXUDOQHMLF]\WHOQLF]HMSRPRF\VSRáHF]QHM G]DM WHQDSRWU]HE\XG]LHODQLD ZLDGF]H ]GURZRWQ\FK HVWDQRZL FHPLHQLHNRPXQDOQH*PLQ\QLHE G FHZSRVLDGDQLXLQQ\FKSRGPLRWyZ IVWDQRZL FHZáDVQR üzvsyázádvqr üzvsyásrvldgdqlhoxelqq\w\wxásrvldgdqldr]qdf]rqh ZHZLGHQFMLJUXQWyZLEXG\QNyZV\PEROHPÄGU GURJL SRGSLVSRGDWQLND

17 =ZROQLHQLDRGSRGDWNXUROQHJR 7\WXá 3RZLHU]FKQLD X \WNyZUROQ\FK Z\UD RQDZKD 1DSRGVWDZLHDUWXVWDZ\RSRGDWNXUROQ\P]ZDOQLDVL IL]\F]Q\FK 8 \WNLUROQHNODV\99,L9,]RUD]JUXQW\]DGU]HZLRQHL]DNU]HZLRQHXVWDQRZLRQHQDX \WNDFKUROQ\FK *UXQW\SRáR RQHZSDVLHGURJLJUDQLF]QHM *UXQW\RUQHá NLLSDVWZLVNDREM WHPHOLRUDFM ZURNXZNWyU\PXSUDZ\]RVWDá\]QLV]F]RQHZVNXWHNUREyWGUHQDUVNLFK *UXQW\SU]H]QDF]RQHQDXWZRU]HQLHQRZHJRJRVSRGDUVWZDUROQHJROXESRZL NV]HQLHMX LVWQLHM FHJRGRSRZLHU]FKQLQLH SU]HNUDF]DM FHMKD DE G FHSU]HGPLRWHPSUDZDZáDVQR FLOXESUDZDX \WNRZDQLHZLHF]\VWHJRQDE\WHZGURG]HXPRZ\VSU]HGD \ EE G FHSU]HGPLRWHPXPRZ\RRGGDQLHJUXQWyZX \WNRZDQLHZLHF]\VWH FZFKRG] FHZVNáDG=DVREX:áDVQR FL5ROQHM6NDUEX3D VWZDREM WHZWUZDáH]DJRVSRGDURZDQLH *UXQW\JRVSRGDUVWZUROQ\FKSRZVWDáH]]DJRVSRGDURZDQLDQLHX \WNyZQDRNUHVODWOLF] FRGURNXQDVW SQHJR SR]DNR F]HQLX]DJRVSRGDURZDQLD *UXQW\JRVSRGDUVWZUROQ\FKRWU]\PDQHZGURG]HZ\PLDQ\OXEVFDOHQLDQDURNQDVW SXM F\SRURNXZNWyU\PGRNRQDQR Z\PLDQ\OXEVFDOHQLDJUXQWyZ *UXQW\JRVSRGDUVWZUROQ\FKQDNWyU\FK]DSU]HVWDQRSURGXNFMLUROQHM]W\P H]ZROQLHQLHPR HGRW\F]\üQLHZL FHMQL ÈSRZLHU]FKQLX \WNyZUROQ\FKJRVSRGDUVWZDUROQHJROHF]QLHZL FHMQL KDQDRNUHVQLHGáX V]\QL ODWD ZVWRVXQNXGRW\FKVDP\FKJUXQWyZ 8 \WNLHNRORJLF]QH *UXQW\]DM WHSU]H]]ELRUQLNLZRG\VáX FHGR]DRSDWU]HQLDOXGQR FLZZRG *UXQW\SRGZDáDPLSU]HFLZSRZRG]LRZ\PLLJUXQW\SRáR RQHZPL G]\ZDODFK *UXQW\ZSLVDQHGRUHMHVWUX]DE\WNyZSRGZDUXQNLHPLFK]DJRVSRGDURZDQLDLXWU]\PDQLD]JRGQLH]SU]HSLVDPLRRFKURQLH ]DE\WNyZ 3URZDG] F\FK]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL]DZRGRZHMZ]DNUHVLHJUXQWyZ]JáRV]RQ\FKZRMHZRG]LH MH HOL]JáRV]HQLH]RVWDáRSRWZLHUG]RQHGHF\]M ZVSUDZLHSU]\]QDQLDVWDWXVX]DNáDGXSUDF\FKURQLRQHMOXE]DNáDGX DNW\ZQR FL]DZRGRZHMDOER]D ZLDGF]HQLHP]DM W\FKQDSURZDG]HQLHWHJR]DNáDGX]Z\M WNLHPJUXQWyZ]QDMGXM F\FKVL ZSRVLDGDQLX]DOH Q\PSRGPLRWyZQLHE G F\FKSURZDG] F\PL]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL ]DZRGRZHM =ZROQLHQLDRGSRGDWNXOH QHJR 7\WXá 3RZLHU]FKQLDODVyZ Z\UD RQDZKD 1DSRGVWDZLHDUWXVWDZ\RSRGDWNXOH Q\P IL]\F]Q\FK /DV\]GU]HZRVWDQHPZZLHNXGRODW /DV\ZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUX]DE\WNyZ 8 \WNLHNRORJLF]QH 3URZDG] F\FK]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL]DZRGRZHMZ]DNUHVLHODVyZZ\PLHQLRQ\FKZGHF\]ML ZVSUDZLHSU]\]QDQLDVWDWXVX]DNáDGXSUDF\FKURQLRQHMOXE]DNáDGXDNW\ZQR FL]DZRGRZHMOXE]JáRV]RQ\FKZRMHZRG]LH ]DM W\FKQDSURZDG]HQLHWHJR]DNáDGX]Z\á F]HQLHPODVyZNWyUH]QDMGXM VL ZSRVLDGDQLX]DOH Q\PSRGPLRWyZQLH E G F\FKSURZDG] F\PL]DNáDGSUDF\FKURQLRQHMOXE]DNáDGDNW\ZQR FL]DZRGRZHM SRGSLVSRGDWQLND

18 :\SHáQLDSRGDWQLN 3LHF] üqdjáyznrzdsrgdwqlnd 1,31U.VL JL:LHF]\VWHM1D]ZDV GX 5(*21,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK 5RG]DMZáDVQR FLZSLV]ZáD FLZ\ 3U]HGPLRW RSRGDWNRZDQLD 8 \WNLUROQHJUXQW\ RUQHVDG\á NL SDVWZLVNDJUXQW\ UROQH]DEXGRZDQH JUXQW\SRGVWDZDPL URZ\]Z\M WNLHP JUXQWyZ]DM W\FKQD SURZDG]HQLH G]LDáDOQR FL JRVSRGDUF]HMLQQDQL G]LDáDOQR üuroqlf]d 3RZLHU]FKQLD 3RZLHU]FKQLD X \WNyZUROQ\FK X \WNyZUROQ\FKZ ZKDIL]\F]Q\FKKDSU]HOLF]HQLRZ\FK 6WDZND SRGDWNX.ZRWD SRGDWNX 8OJD JyUVND 3RGDWHN UROQ\SR RGOLF]HQLX XOJ 5D]HP :SU]\SDGNXQLHZSáDFHQLDZRNUH ORQ\FKXVWDZRZRWHUPLQDFKNZRW\QDOH QHJRSRGDWNXQLQLHMV]D GHNODUDFMDVWDQRZLSRGVWDZ GRZ\VWDZLHQLDW\WXáXZ\NRQDZF]HJR]JRGQLH]SU]HSLVDPLXVWDZ\ ]GQLDURSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']8]U1USR] ]Sy Q]P 2 ZLDGF]DP HV PL]QDQHSU]HSLV\NRGHNVXNDUQHJRVNDUERZHJRRRGSRZLHG]LDOQR FL]DSRGDQLH GDQ\FKQLH]JRGQ\FK]U]HF]\ZLVWR FL QD]ZLVNRLLPL RVRE\RGSRZLHG]LDOQHMNLHURZQLNMHGQRVWNL SRGSLVNVL JRZHJR ]DSUDZLGáRZHREOLF]HQLHSRGDWNXQUWHOHIRQX

19 2VRE\SUDZQHMHGQRVWNLRUJDQL]DF\MQHZW\PVSyáNLQLHSRVLDGDM FHRVRERZR FLSUDZQHMMHGQRVWNL RUJDQL]DF\MQH$JHQFML:áDVQR FL5ROQHM6NDUEX3D VWZDDWDN HMHGQRVWNLRUJDQL]DF\MQH/DVyZ 3D VWZRZ\FKV ]RERZL ]DQH DVNáDGDüZWHUPLQLHGRGQLDVW\F]QLDRUJDQRZLSRGDWNRZHPXZáD FLZHPX]HZ]JO GXQDPLHMVFH SRáR HQLDJUXQWyZGHNODUDFMHQDSRGDWHNUROQ\QDGDQ\URNSRGDWNRZ\VSRU] G]RQHQDIRUPXODU]X ZHGáXJXVWDORQHJRZ]RUXDMH HOLRERZL ]HNSRGDWNRZ\SRZVWDáSRW\PGQLXZWHUPLQLHGQLRGGQLD ]DLVWQLHQLDRNROLF]QR FLX]DVDGQLDM F\FKSRZVWDQLHWHJRRERZL ]NX ERGSRZLHGQLRVNRU\JRZDüGHNODUDFM ZUD]LH]DLVWQLHQLD]PLDQZWHUPLQLHGQLZUD]]SLVHPQ\P X]DVDGQLHQLHPSU]\F]\QNRUHNW\DUW2UG\QDFMLSRGDWNRZHM']81U]USR] ]Sy ]P FZSáDFDüZUDWDFKSURSRUFMRQDOQ\FKGRF]DVXWUZDQLDRERZL ]NXSRGDWNRZHJRREOLF]RQ\ZGHNODUDFML SRGDWHNUROQ\QDUDFKXQHNEXG HWXZáD FLZHMJPLQ\ZWHUPLQDFKGRGQLDPDUFDPDMDZU]H QLD LOLVWRSDGDGDQHJRURNXSRGDWNRZHJRQDNRQWR.%623FLP 2ERZL ]HNVNáDGDQLDGHNODUDFMLQDSRGDWHNUROQ\GRW\F]\UyZQLH SRGDWQLNyZNRU]\VWDM F\FK]H ]ZROQLH LXOJQDSRGVWDZLHSU]HSLVyZXVWDZ\QDOH \Z\SHáQLü]Dá F]QLNGRQLQLHMV]HMGHNODUDFML -H HOLJUXQW\VWDQRZL ZVSyáZáDVQR üoxe]qdmgxm VL ZSRVLDGDQLXRVyEIL]\F]Q\FKRUD]RVyESUDZQ\FK MHGQRVWHNRUJDQL]DF\MQ\FKZW\PVSyáHNQLHSRVLDGDM F\FKRVRERZR FLSUDZQHMRVRE\IL]\F]QHVNáDGDM GHNODUDFM QDSRGDWHNUROQ\RUD]RSáDFDM SRGDWHNQD]DVDGDFKRERZL ]XM F\FKRVRE\SUDZQH 2UJDQHPSRGDWNRZ\PZVSUDZLHSRGDWNXUROQHJRRGJUXQWyZSRáR RQ\FKQDWHUHQLH*PLQ\3FLPMHVW :ymw*plq\3flpwho

20 -HGQRVWNDUHMHVWURZD 1UG]LDáNL &KDUDNWHUZáDGDQLD 3RZLHU]FKQLDJUXQWyZ 2JyáHPZ\UD RQDZKDIL]\F]Q\FK :UR]ELFLXQDNODV\JUXQWyZ

21 3RZLHU]FKQLDX \WNyZ UROQ\FKZ\UD RQDZKD IL]\F]Q\FK

22 3RZLHU]FKQLDX \WNyZUROQ\FK Z\UD RQDZKDIL]\F]Q\FK QD]ZLVNRLLPL RVRE\RGSRZLHG]LDOQHMNLHURZQLNMHGQRVWNLSRGSLVNVL JRZHJR ]DSUDZLGáRZHREOLF]HQLHSRGDWNXQUWHOHIRQX

23 5RG]DMJUXQWyZOH Q\FK 3RZLHU]FKQLDODVyZZ KHNWDUDFKIL]\F]Q\FK 6WDZNDSRGDWNX ]á. ZRWDSRGDWNX ]á :\SHáQLDSRGDWQLN 3LHF] üqdjáyznrzdsrgdwqlnd 1,31U.VL JL:LHF]\VWHM1D]ZDV GX 5(*21,GHQW\ILNDWRU\G]LDáHNHZLGHQF\MQ\FK 5RG]DMZáDVQR FLZSLV]ZáD FLZ\ GHNODUDFMDURF]QDNRUHNWDGHNODUDFMLURF]QHMSRGNUH OZáD FLZ ]GRNáDGQR FL GRF]WHUHFK PLHMVFSRSU]HFLQNX SR]DRNU JOHQLXGRSHáQ\FKG]LHVL WHNJURV]\ :SU]\SDGNXQLHZSáDFHQLDZRNUH ORQ\FKXVWDZRZRWHUPLQDFKNZRW\QDOH QHJRSRGDWNXQLQLHMV]D GHNODUDFMDVWDQRZLSRGVWDZ GRZ\VWDZLHQLDW\WXáXZ\NRQDZF]HJR]JRGQLH]SU]HSLVDPLXVWDZ\ ]GQLDURSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']8]U1USR] ]Sy Q]P 2 ZLDGF]DP HV PL]QDQHSU]HSLV\NRGHNVXNDUQHJRVNDUERZHJRRRGSRZLHG]LDOQR FL]DSRGDQLH GDQ\FKQLH]JRGQ\FK]U]HF]\ZLVWR FL QD]ZLVNRLLPL RVRE\RGSRZLHG]LDOQHMNLHURZQLNMHGQRVWNLSRGSLVNVL JRZHJR ]DSUDZLGáRZHREOLF]HQLHSRGDWNXQUWHOHIRQX

24 2VRE\SUDZQHMHGQRVWNLRUJDQL]DF\MQHZW\PVSyáNLQLHSRVLDGDM FHRVRERZR FLSUDZQHMMHGQRVWNL RUJDQL]DF\MQH$JHQFML:áDVQR FL5ROQHM6NDUEX3D VWZDDWDN HMHGQRVWNLRUJDQL]DF\MQH/DVyZ 3D VWZRZ\FKV ]RERZL ]DQH DVNáDGDüZWHUPLQLHGRGQLDVW\F]QLDRUJDQRZLSRGDWNRZHPXZáD FLZHPX]HZ]JO GXQDPLHMVFH SRáR HQLDODVyZGHNODUDFMHQDSRGDWHNOH Q\QDGDQ\URNSRGDWNRZ\VSRU] G]RQHQDIRUPXODU]XZHGáXJ XVWDORQHJRZ]RUXDMH HOLRERZL ]HNSRGDWNRZ\SRZVWDáSRW\PGQLXZWHUPLQLHGQLRGGQLD ]DLVWQLHQLDRNROLF]QR FLX]DVDGQLDM F\FKSRZVWDQLHWHJRRERZL ]NX ERGSRZLHGQLRVNRU\JRZDüGHNODUDFM ZUD]LH]DLVWQLHQLD]PLDQZWHUPLQLHGQLRGGQLD]DLVWQLHQLD ]PLDQZUD]]SLVHPQ\PX]DVDGQLHQLHPSU]\F]\QNRUHNW\DUW2UG\QDFMLSRGDWNRZHM']81U ]USR]]Sy ]P FZSáDFDüZUDWDFKSURSRUFMRQDOQ\FKGRF]DVXWUZDQLDRERZL ]NXSRGDWNRZHJRREOLF]RQ\ZGHNODUDFML SRGDWHNOH Q\QDUDFKXQHNEXG HWXZáD FLZHMJPLQ\ZWHUPLQDFKGRGQLDPDUFDPDMDZU]H QLD LOLVWRSDGDGDQHJRURNXSRGDWNRZHJR±1UNRQWD.%623FLP 2ERZL ]HNVNáDGDQLDGHNODUDFMLQDSRGDWHNOH Q\GRW\F]\UyZQLH SRGDWQLNyZNRU]\VWDM F\FK]H ]ZROQLH LXOJQDSRGVWDZLHSU]HSLVyZXVWDZ\QDOH \Z\SHáQLü]Dá F]QLNGRQLQLHMV]HMGHNODUDFML -H HOLODVVWDQRZLZVSyáZáDVQR üoxe]qdmgxmhvl ZSRVLDGDQLXRVyEIL]\F]Q\FKRUD]RVyESUDZQ\FK MHGQRVWHNRUJDQL]DF\MQ\FKZW\PVSyáHNQLHSRVLDGDM F\FKRVRERZR FLSUDZQHMRVRE\IL]\F]QHVNáDGDM GHNODUDFM QDSRGDWHNOH Q\RUD]RSáDFDM SRGDWHNQD]DVDGDFKRERZL ]XM F\FKRVRE\SUDZQH 2UJDQHPSRGDWNRZ\PZVSUDZLHSRGDWNXOH QHJRRGJUXQWyZOH Q\FKSRáR RQ\FKQDWHUHQLH *PLQ\3FLPMHVW:yMW*PLQ\3FLPWHO

25

26 =ZROQLHQLDRGSRGDWNXOH QHJR 'DQHGRW\F] FH]ZROQLH SRGDWNRZ\FKZ\QLNDM F\FK]XVWDZ\ 3RZLHU]FKQLDODVyZ OXEXFKZDá\5DG\*PLQ\ Z\UD RQDZKDIL] ]GRNáDGQR FL GRP,.ZRWD]ZROQLHQLD ODV\]GU]HZRVWDQHPZZLHNXGRODW ODV\ZSLVDQHLQG\ZLGXDOQLHGRUHMHVWUX]DE\WNyZ X \WNLHNRORJLF]QH 5$=(0,, V]NRá\Z\ V]HZ\ V]HV]NRá\]DZRGRZHRUD]Z\ V]H V]NRá\ZRMVNRZH V]NRá\SODFyZNL]DNáDG\NV]WDáFHQLDLSODFyZNL GRVNRQDOHQLDQDXF]\FLHOLSXEOLF]QHLQLHSXEOLF]QHRUD] RUJDQ\SURZDG] FHWHV]NRá\SODFyZNLL]DNáDG\]W\WXáX ]DU] GXX \WNRZDQLDOXEX \WNRZDQLDZLHF]\VWHJR JUXQWyZ SODFyZNLQDXNRZH3ROVNLHM$NDGHPLL1DXNRZHM SURZDG] F\FK]DNáDG\SUDF\FKURQLRQHMOXE]DNáDG\ DNW\ZQR FL]DZRGRZHMZ]DNUHVLHJUXQWyZ]JáRV]RQ\FK ZRMHZRG]LHMH HOL]JáRV]HQLH]RVWDáRSRWZLHUG]RQH GHF\]M ZVSUDZLHSU]\]QDQLDVWDWXVX]DNáDGXSUDF\ FKURQLRQHMOXE]DNáDGXDNW\ZQR FL]DZRGRZHMDOER ]D ZLDGF]HQLHP]DM W\FKQDSURZDG]HQLHWHJR]DNáDGX] Z\M WNLHPJUXQWyZ]QDMGXM F\FKVL ZSRVLDGDQLX ]DOH Q\PSRGPLRWyZQLHE G F\FKSURZDG] F\PL]DNáDG\ SUDF\FKURQLRQHMOXE]DNáDG\DNW\ZQR FL]DZRGRZHM MHGQRVWNLEDGDZF]RUR]ZRMRZH 5$=(0,,,2*Ïà(0 'DQHRQLHUXFKRPR FLDFKOH Q\FKSRGOHJDM F\FKRSRGDWNRZDQLXOXE]ZROQLHQLX 'DQHRQLHUXFKRPR FLDFK OH Q\FKSRGOHJDM F\FK RSRGDWNRZDQLXOXE ]ZROQLHQLX 3RáR HQLH QLHUXFKRPR FL DGUHV,GHQW\ILNDWRU\ G]LDáHN HZLGHQF\MQ\FK 3RZLHU]FKQLD QLHUXFKRPR FL P.ZRWD SRGDWNXOXE ]ZROQLHQLD ]á QD]ZLVNRLLPL RVRE\RGSRZLHG]LDOQHMNLHURZQLNMHGQRVWNLSRGSLVNVL JRZHJR ]DSUDZLGáRZHREOLF]HQLHSRGDWNXQUWHOHIRQX

27

28

29

30 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 3RGVWDZDSUDZQD8VWDZD]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FKWHNVWMHGQ']8]U1USR]]H]PRVWDWQLD]P'] 8]U1USR] 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHME G F\FK ZáD FLFLHODPLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKSRVLDGDF]DPLVDPRLVWQ\PLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKX \WNRZQLNDPL ZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLQLHUXFKRPR FLOXELFKF] FLDOERRELHNWyZEXGRZODQ\FKOXELFKF] FLVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXE MHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FKZVSyáZáD FLFLHODPLOXEZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PL MHGQRVWNDPLRUJDQL]DF\MQ\PLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHMOXE]VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM]Z\M WNLHPRVyEWZRU] F\FK ZVSyOQRW PLHV]NDQLRZ 7HUPLQVNáDGDQLD'RVW\F]QLDND GHJRURNXSRGDWNRZHJRZWHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\3RODQND:LHONDZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD :ymw*plq\3rodqnd:lhond $GUHVXO'áXJD3RODQND:LHOND QLHSRWU]HEQHVNUH OLü GRW\F]\VNáDGDM FHJRGHNODUDFM QLHE G FHJRRVRE IL]\F]Q GRW\F]\VNáDGDM FHJRGHNODUDFM E G FHJRRVRE IL]\F]Q 5RG]DMVNáDGDM FHJRGHNODUDFM ]D]QDF]\üZáD FLZ NUDWN qrvredil]\f]qdqrvredsudzqdqmhgqrvwndrujdql]df\mqdqvsyándqlhpdm FDRVRERZR FLSUDZQHM 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]]DOH Q\QSG]LHU DZFDQDMHPFDqZVSyáSRVLDGDV]]DOH Q\QSG]LHU DZFD QDMHPFD 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]LGHQW\ILNDWRU\G]LDáHNEXG\QNyZORNDOL8ZDJDÄ:\ND]XMHVL RGU EQLHGOD ND GHMQLHUXFKRPR FL 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZRUD]QD]ZDV GXZNWyU\PSURZDG]RQDMHVWNVL JDZLHF]\VWDOXE]ELyUGRNXPHQWyZ 8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1D]ZDSHáQD1D]ZLVNRSLHUZV]HLPL GUXJLHLPL 1D]ZDVNUyFRQDLPL RMFDLPL PDWNLGDWDXURG]HQLD8ZDJDÄ:\ND]XMHVL W\ONRZyZF]DVJG\RVRELHIL]\F]QHMQLHQDGDQRQXPHUX 3(6(/,GHQW\ILNDWRU5(*211XPHU3(6(/.UDM 5RN :RMHZyG]WZR 3RZLDW

31 *PLQD 0LHMVFRZR ü 8OLFD.RGSRF]WRZ\ 1XPHUGRPX1XPHUORNDOX 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdqdgdq\urnqnruhnwdghnodudfmlurf]qhmqz\jd QL FLHRERZL ]NXSRGDWNRZHJR qsrzvwdqlhrerzl ]NXSRGDWNRZHJRZWUDNFLHURNXq]PLDQDPLHMVFD]DPLHV]NDQLDOXEVLHG]LE\ :\V]F]HJyOQLHQLH 3RGVWDZD RSRGDWNRZDQLD 6WDZNDSRGDWNX Z\QLNDM FD] 8FKZDá\5DG\ *PLQ\3RODQND :LHOND Z]áJU 8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRPNZ ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM EH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ P SRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQHUHWHQF\MQH OXEHOHNWURZQLZRGQ\FK SR]RVWDá\FK Z W\FK ]DM W\FK QD SURZDG]HQLHRGSáDWQHM VWDWXWRZHM G]LDáDOQR FL SR \WNX SXEOLF]QHJR SU]H] RUJDQL]DFMHSR \WNXSXEOLF]QHJR D JUXQW\]DM WHSRGEXGRZQLFWZRPLHV]NDQLRZH E JUXQW\]DM WHSRGGURJL F LQQH KD P P P PLHV]NDOQ\FKRJyáHP P ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP P P.ZRWDSRGDWNX Z]áJU QDOH \]DRNU JOLü GRSHáQ\FK G]LHVL WHNJURV]\ 'RSRZLHU]FKQLX \WNRZHMEXG\QNXOXEMHJRF] FLQDOH \]DOLF]\üSRZLHU]FKQL PLHU]RQ SRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFK NRQG\JQDFMDFK]Z\M WNLHPSRZLHU]FKQLNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK=DNRQG\JQDFM XZD DVL UyZQLH JDUD HSRG]LHPQHSLZQLFH VXWHUHQ\LSRGGDV]DX \WNRZH ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM RUD]RGEXG\QNyZPLHV]NDOQ\FKOXELFKF] FL]DM W\FK QDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHPVLHZQ\P RJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP P P P P P P

32 ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP SR]RVWDá\FK Z W\FK ]DM W\FK QD SURZDG]HQLH RGSáDWQHM VWDWXWRZHM G]LDáDOQR FL SR \WNX SXEOLF]QHJR SU]H] RUJDQL]DFMHSR \WNXSXEOLF]QHJRRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP P P P P P P RG EXG\QNyZ OXE LFK F] FL ]DM W\FK SU]H] RVRE\ IL]\F]QH QDSRPLHV]F]HQLDGRFKRZXGUREQHJRLQZHQWDU]D P P QDSRPLHV]F]HQLDVNáDGRZH RGJDUD \ZROQRVWRM F\FK P RGJDUD \LQQ\FKQL EXG\QNDFKPLHV]NDOQ\FK P ZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fk.zrwdsrgdwnx 6XPDNZRW]NRO'QDOH \]DRNU JOLüGRSHáQ\FKG]LHVL WHNJURV]\ SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU] 3RXF]HQLH : SU]\SDGNX QLHZSáDFHQLDZRERZL ]XM F\FK WHUPLQDFK LUDWDFK NZRW\ SRGDWNX ] SR] OXEZSáDFHQLD MHMZQLHSHáQHMZ\VRNR FL QLQLHMV]D GHNODUDFMD VWDQRZL SRGVWDZ GR Z\VWDZLHQLD W\WXáX Z\NRQDZF]HJR ]JRGQLH ] SU]HSLVDPL XVWDZ\ ] GQLD F]HUZFD U R SRVW SRZDQLX HJ]HNXF\MQ\PZDGPLQLVWUDFMLWHNVWMHGQ']8]U1USR]]H]P

33 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 3RGVWDZDSUDZQD8VWDZD]GQLDOLVWRSDGDURSRGDWNXUROQ\PWHNVWMHGQ']8]U1USR]]H]PRVWDWQLD]P']8]U 1USR] 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHME G F\FK ZáD FLFLHODPLJUXQWyZSRVLDGDF]DPLVDPRLVWQ\PLJUXQWyZX \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLJUXQWyZ VWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FKZVSyáZáD FLFLHODPL OXEZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PLMHGQRVWNDPLRUJDQL]DF\MQ\PLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHMOXE]H VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM 7HUPLQVNáDGDQLD'RVW\F]QLDND GHJRURNXSRGDWNRZHJRZWHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\3RODQND:LHONDZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDJUXQWyZ :ymw*plq\3rodqnd:lhond $GUHVXO'áXJD3RODQND:LHOND QLHSRWU]HEQHVNUH OLü GRW\F]\VNáDGDM FHJRGHNODUDFM QLHE G FHJRRVRE IL]\F]Q GRW\F]\VNáDGDM FHJRGHNODUDFM E G FHJRRVRE IL]\F]Q 5RG]DMVNáDGDM FHJRGHNODUDFM ]D]QDF]\üZáD FLZ NUDWN qrvredil]\f]qdqrvredsudzqdqmhgqrvwndrujdql]df\mqdqvsyándqlhpdm FDRVRERZR FLSUDZQHM 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]]DOH Q\QSG]LHU DZFDqZVSyáSRVLDGDF]]DOH Q\QSG]LHU DZFD 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]LGHQW\ILNDWRU\G]LDáHN8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHM QLHUXFKRPR FL 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZRUD]QD]ZDV GXZNWyU\PSURZDG]RQDMHVWNVL JDZLHF]\VWDOXE]ELyUGRNXPHQWyZ 8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1D]ZDSHáQD1D]ZLVNRSLHUZV]HLPL GUXJLHLPL 1D]ZDVNUyFRQDLPL RMFDLPL PDWNLGDWDXURG]HQLD8ZDJDÄ:\ND]XMHVL W\ONRZyZF]DVJG\RVRELHIL]\F]QHMQLHQDGDQRQXPHUX 3(6(/,GHQW\ILNDWRU5(*211XPHU3(6(/.UDM *PLQD :RMHZyG]WZR 8OLFD 5RN 3RZLDW 1XPHUGRPX1XPHUORNDOX

34 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qghnodudfmdurf]qdqnruhnwdghnodudfmlurf]qhm.odv\ X \WNyZ Z\QLNDM FH] HZLGHQFML JUXQWyZL EXG\QNyZ 8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRPNZ 1LHSRGOHJDM FH SU]HOLF]HQLXQDKD SU]HOLF]HQLRZH 3RGOHJDM FH SU]HOLF]HQLXQD KHNWDU\ SU]HOLF]HQLRZH /LF]ED KHNWDUyZ SU]HOLF]H QLRZ\FK 6WDZND] KD SU]HOLF]H QLRZHJROXE IL]\F]QHJR Z]áJU :\PLDU SRGDWNX UROQHJRZ ]áju *UXQW\RUQH,,,,,,D,,,E,9D,9E 9 9, 9,] 6DG\,,,,,,D,,,E,9D,9E 9 9, 9,] 8 \WNL]LHORQH,,,,,,,9 9 9, 9,] *UXQW\UROQH ]DEXGRZDQH,,,,,,D,,,

35 ,,,E,9D,9,9E 9 9, 9,] *UXQW\SRG VWDZDPL D]DU\ELRQH árvrvlhpwurfl JáRZDFLF SDOL LSVWU JLHP E]DU\ELRQH LQQ\PL JDWXQNDPLU\E QL ZSR]D FJUXQW\SRG VWDZDPL QLH]DU\ELRQ\PL 5RZ\ *UXQW\ ]DGU]HZLRQHL ]DNU]DF]RQH SRáR RQHQD85,,,,,,D,,,,,,E,9D,9 9 9, 9,] 5D]HP EH] ]ZROQLH SRGDüURG]DMNODV LSRZLHU]FKQL JUXQWyZ]ZROQLRQ\FKRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH

36 .ZRWDSRGDWNX 5y QLFDNZRW]'±)QDOH \]DRNU JOLüGRSHáQ\FKG]LHVL WHNJURV]\ 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU] 3RXF]HQLH : SU]\SDGNX QLHZSáDFHQLD Z RERZL ]XM F\FK WHUPLQDFK L UDWDFK NZRW\ SRGDWNX ] F] FL * OXE ZSáDFHQLD MHM Z QLHSHáQHMZ\VRNR FLQLQLHMV]DGHNODUDFMDVWDQRZLSRGVWDZ GRZ\VWDZLHQLDW\WXáXZ\NRQDZF]HJR]JRGQLH]SU]HSLVDPL XVWDZ\ ] GQLD F]HUZFD U R SRVW SRZDQLX HJ]HNXF\MQ\P Z DGPLQLVWUDFML WHNVW MHGQ '] 8 ] U 1U SR]]H]P

37 %'$1(,'(17<),.$& < -1( 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 5RN 3RGVWDZDSUDZQDXVWDZD]GQLDSD G]LHUQLNDURSRGDWNXOH Q\P']81USR]]H]P 6NáDGDM F\)RUPXODU]SU]H]QDF]RQ\GODRVyESUDZQ\FKMHGQRVWHNRUJDQL]DF\MQ\FKRUD]VSyáHNQLHPDM F\FKRVRERZR FLSUDZQHM E G F\FKZáD FLFLHODPLODVyZSRVLDGDF]DPLVDPRLVWQ\PLODVyZX \WNRZQLNDPLZLHF]\VW\PLODVyZSRVLDGDF]DPLODVyZ VWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJRRUD]GODRVyEIL]\F]Q\FKE G F\FK ZVSyáZáD FLFLHODPLOXEZVSyáSRVLDGDF]DPL]RVREDPLSUDZQ\PLE G ]LQQ\PLMHGQRVWNDPLRUJDQL]DF\MQ\PL QLHSRVLDGDM F\PLRVRERZR FLSUDZQHMOXE]VSyáNDPLQLHSRVLDGDM F\PLRVRERZR FLSUDZQHM 7HUPLQVNáDGDQLD'RGQLDVW\F]QLDND GHJRURNXSRGDWNRZHJRZWHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQD SRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJROXE]DLVWQLHQLD]GDU]H PDM F\FKZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD:yMW*PLQ\3RODQND:LHONDZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDODVX $0,(-6&(6.à$'$1,$'(./$5$&-, :ymw*plq\3rodqnd:lhond $GUHVXO'áXJD3RODQND:LHOND %'$1(6.à$'$- &(*2'(./$5$&- QLHSRWU]HEQHVNUH OLü GRW\F]\VNáDGDM FHJRGHNODUDFM QLHE G FHJRRVRE IL]\F]Q GRW\F]\VNáDGDM FHJRGHNODUDFM E G FHJRRVRE IL]\F]Q 5RG]DMVNáDGDM FHJRGHNODUDFM ]D]QDF]\üZáD FLZ NUDWN RVREDIL]\F]QDRVREDSUDZQDMHGQRVWNDRUJDQL]DF\MQDVSyáNDQLHPDM FDRVRERZR FLSUDZQHM 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN ZáD FLFLHOZVSyáZáD FLFLHOSRVLDGDF]VDPRLVWQ\ZVSyáSRVLDGDF]VDPRLVWQ\X \WNRZQLNZLHF]\VW\ ZVSyáX \WNRZQLNZLHF]\VW\SRVLDGDF]]DOH Q\QSG]LHU DZFDZVSyáSRVLDGDV]]DOH Q\QSG]LHU DZFD 0LHMVFHDDGUHV\SRáR HQLDODVXRUD]LGHQW\ILNDWRU\G]LDáHN8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZRUD]QD]ZDV GXZNWyU\PSURZDG]RQDMHVWNVL JDZLHF]\VWDOXE]ELyU GRNXPHQWyZ8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1D]ZDSHáQD1D]ZLVNRSLHUZV]HLPL GUXJLHLPL 1D]ZDVNUyFRQD,PL RMFDLPL PDWNLGDWDXURG]HQLD8ZDJDÄ:\ND]XMHVL W\ONRZyZF]DVJG\RVRELHIL]\F]QHMQLHQDGDQR QXPHUX3(6(/,GHQW\ILNDWRU5(*211XPHU3(6(/

38 %$'5(66,('=,%<$'5(6=$0,(6=.$1,$.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RF]WD 3RZLDW 1UGRPX1UORNDOX &2.2/,&=12 &,32:2'8- &(.21,(&=12 û=à2 (1,$'(./$5$&-, 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN GHNODUDFMDURF]QDNRUHNWDGHNODUDFMLURF]QHM ''$1('27<&= &(35=('0,27Ï:232'$7.2:$1,$8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRPNZ '=:<- 7.,(0=:2/1,21<&+ :\V]F]HJyOQLHQLH /DV\RFKURQQH /DV\ZFKRG] FHZVNáDGUH]HUZDWyZ SU]\URG\LSDUNyZQDURGRZ\FK /DV\SR]RVWDáHQLHZ\PLHQLRQH ZZL 5D]HPZ± 3RZLHU]FKQLDZ KHNWDUDFK IL]\F]Q\FK 6WDZND SRGDWNX P GUHZQD[FHQD GUHZQD Z]áJU 3RGDWHNZ]áJU QDOH \ ]DRNU JOLüGR SHáQ\FK G]LHVL WHNJURV]\ UXEU[UXEU (,1)250$&-$235=('0,27$&+=:2/1,21<&+ SRGDüSRZLHU]FKQL ]ZROQLRQHJRODVXRUD]SU]HSLVSUDZD]MDNLHJRW\WXáXZ\VW SXMH]ZROQLHQLH )2 :,$'&=(1,(,32'3,66.à$'$- &(*2262%<5(35(=(178- &(-6.à$'$- &(*2 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR *$'127$&-(25*$1832'$7.2:(*2 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU] 3RXF]HQLH :SU]\SDGNXQLHZSáDFHQLDZRERZL ]XM F\FKWHUPLQDFKLUDWDFKNZRW\SRGDWNX]F] FL'SR]\FMDÅ5D]HPÅ NROXPQDOXEZSáDFHQLDMHMZQLHSHáQHMZ\VRNR FLQLQLHMV]DGHNODUDFMDVWDQRZLSRGVWDZ GRZ\VWDZLHQLDW\WXáX Z\NRQDZF]HJR]JRGQLH]SU]HSLVDPLXVWDZ\]GQLDF]HUZFDURSRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML WHNVWMHGQ']8]U1USR]]H]P

39 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM 5RN 3RGVWDZDSUDZQD 8VWDZD]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FKWHNVWMHGQ ']8]U1USR]]H]PRVWDWQLD]P']8]U1USR] XVWDZD]GQLDOLVWRSDGDURSRGDWNXUROQ\P']8]USR]]H ]PRVWDWQL]P']8]U1USR]XVWDZD]GQLDSD G]LHUQLND URSRGDWNXOH Q\P']81USR]]H]P 6NáDGDM F\ )RUPXODU]SU]H]QDF]RQ\GODRVyEIL]\F]Q\FKE G F\FKZáD FLFLHODPLQLHUXFKRPR FL OXERELHNWyZEXGRZODQ\FKSRVLDGDF]DPLVDPRLVWQ\PLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FK X \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLQLHUXFKRPR FLOXELFKF] FLDOERRELHNWyZEXGRZODQ\FK OXELFKF] FLVWDQRZL F\ZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GXWHU\WRULDOQHJR $0,(-6&(6.à$'$1,$'(./$5$&-, 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ SR]\FM ZáD FLFLHO ZVSyáZáD FLFLHO SRVLDGDF]VDPRLVWQ\ ZVSyáSRVLDGDF] VDPRLVWQ\ X \WNRZQLN ZVSyáX \WNRZQLN SRVLDGDF] ZVSyáSRVLDGDF] ZLHF]\VW\ ZLHF]\VW\ 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]QXPHU\G]LDáHNEXG\QNyZORNDOL 8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZRUD]QD]ZDV GXZNWyU\PSURZDG]RQDMHVW NVL JDZLHF]\VWDOXE]ELyUGRNXPHQWyZ8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 3RGDWQLN 1D]ZLVNR 3LHUZV]HLPL 'DWDXURG]HQLD,PL RMFDPDWNL 1XPHU3HVHO5(*21 7HOHIRQ.UDM :RMHZyG]WZR 3RZLDW *PLQD 8OLFD 1XPHUGRPX1XPHUORNDOX 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD

40 3RGDWQLN 1D]ZLVNR 3LHUZV]HLPL 'DWDXURG]HQLD,PL RMFDPDWNL 1XPHU3HVHO5(*21 7HOHIRQ.UDM :RMHZyG]WZR 3RZLDW *PLQD 8OLFD 1XPHUGRPX1XPHUORNDOX 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD 3RGDWQLN 1D]ZLVNR 3LHUZV]HLPL 'DWDXURG]HQLD,PL RMFDPDWNL 1XPHU3HVHO5(*21 7HOHIRQ.UDM :RMHZyG]WZR 3RZLDW *PLQD 8OLFD 1XPHUGRPX1XPHUORNDOX 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD 3RGDWQLN 1D]ZLVNR 3LHUZV]HLPL 'DWDXURG]HQLD,PL RMFDPDWNL 1XPHU3HVHO5(*21 7HOHIRQ.UDM :RMHZyG]WZR 3RZLDW *PLQD 8OLFD 1XPHUGRPX1XPHUORNDOX 0LHMVFRZR ü.rgsrf]wrz\ 3RF]WD &2.2/,&=12 &,32:2'8- &(.21,(&=12 û=à2 (1,$/8%=0,$1<,1)250$&-, 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN LQIRUPDFMDVNáDGDQDSRUD]SLHUZV]\ NRUHNWDXSU]HGQLR]áR RQHMLQIRUPDFML, 32'$7(.2'1,(58&+202 &, ''$1('27<&= &(35=('0,27Ï:232'$7.2:$1,$]Z\M WNLHP]ZROQLRQ\FK :\V]F]HJyOQLHQLH '32:,(5=&+1,$*5817Ï:8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRP ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMEH]Z]JO GXQD VSRVyE]DNZDOLILNRZDQLDZHZLGHQFMLJUXQWyZLEXG\QNyZ P SRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQHUHWHQF\MQHOXEHOHNWURZQL ZRGQ\FK KD SR]RVWDá\FKZW\FK]DM W\FKQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHM G]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR D JUXQW\]DM WHSRGEXGRZQLFWZRPLHV]NDQLRZH E JUXQW\]DM WHSRGGURJL F LQQH P P P '32:,(5=&+1,$8 <7.2:$PLHU]RQDSRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFKNRQG\JQDFMDFK] Z\M WNLHPSRZLHU]FKQLNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK]DNRQG\JQDFMHXZD DVL UyZQLH JDUD H SRG]LHPQHSLZQLFHVXWHUHQ\LSRGGDV]DX \WNRZH3RZLHU]FKQLHSRPLHV]F]H RZ\VRNR FLRGPGRP]DOLF]D VL GRSRZLHU]FKQLX \WNRZHMEXG\QNXZÈDPQLHMV] QL PSRPLMDVL %8'<1.Ï:/8%,&+&= &,EXG\QHN±RELHNWEXGRZODQ\ZUR]XPLHQLXSU]HSLVyZSUDZDEXGRZODQHJRNWyU\MHVW WUZDOH]ZL ]DQ\]JUXQWHPZ\G]LHORQ\]SU]HVWU]HQL]DSRPRF SU]HJUyGEXGRZODQ\FKRUD]SRVLDGDIXQGDPHQW\LGDFK

41 PLHV]NDOQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HMRUD]RGEXG\QNyZ PLHV]NDOQ\FKOXELFKF] FL]DM W\FKQDSURZDG]HQLHG]LDáDOQR FL JRVSRGDUF]HMRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHREURWX NZDOLILNRZDQ\PPDWHULDáHPVLHZQ\PRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]DM W\FKQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMZ]DNUHVLHXG]LHODQLD ZLDGF]H ]GURZRWQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP SR]RVWDá\FKZW\FK]DM W\FKQDSURZDG]HQLHRGSáDWQHMVWDWXWRZHM G]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR RJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP RGEXG\QNyZOXELFKF] FL]DM W\FKSU]H]RVRE\IL]\F]QH QDSRPLHV]F]HQLDGRFKRZXGUREQHJRLQZHQWDU]D QDSRPLHV]F]HQLDVNáDGRZH RGJDUD \ZROQRVWRM F\FK RGJDUD \LQQ\FKQL ZEXG\QNDFKPLHV]NDOQ\FK '%8'2:/(±ZHGáXJZDUWR FLRNUH ORQHMZDUWXVWSNWLXVW± (,1)250$&-$21,(58&+202 &,$&+=:2/1,21<&+ EXG\QNLJRVSRGDUF]HOXELFKF] FLSRáR RQHQDJUXQWDFKJRVSRGDUVWZ UROQ\FKVáX FHZ\á F]QLHG]LDáDOQR FLUROQLF]HM JUXQW\MDNLH P P P P P P P P P P P P P P P P P P P ]á P P

42 ,,32'$7(.52/1< )'$1('27<&= &(35=('0,278232'$7.2:$1,$Zá F]QLH]H]ZROQLRQ\PL.ODV\ 3RZLHU]FKQLDJUXQWXZKHNWDUDFKIL]\F]Q\FK8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRP X \WNyZ 2UQH VDG\ 8 \WNL]LHORQH 5ROQH =DGU]HZLRQHL Z\QLNDM FH] ]DEXGRZDQH ]DNU]HZLRQH HZLGHQFML JUXQWyZ,,,,,,,,,D,,,E,9,YD,YE 9 9, 9L] 5D]HP *UXQW\SRGVWDZDPL ]DU\ELRQHF]\P QLH]DU\ELRQH 5RZ\ *,1)250$&-$2=:2/1,(1,$&+:32'$7.852/1<0 SRGDüURG]DMNODV LSRZLHU]FKQL JUXQWyZ]ZROQLRQ\FKRUD]SU]HSLVSUDZD±]MDNLHJRW\WXáXZ\VW SXMH,, 32'$7(./( 1<,32:,(5=&+1,$/$68ZKHNWDUDFKIL]\F]Q\FK8ZDJDÄ:\ND]XMHP\]GRNáDGQR FL GRP Z\QLNDM FD]HZLGHQFMLJUXQWyZLEXG\QNyZ ]ZROQLRQDRGSRGDWNXOH QHJRZW\P D ODV\]GU]HZRVWDQHPGRODW E LQQH SRGOHJDM FHRSRGDWNRZDQLX :W\PODV\RFKURQQHRUD]ODV\FKRG] FHZVNáDGUH]HUZDWyZSU]\URG\LSDUNyZQDURGRZ\FK 2JyáHP KD ]ZROQLHQLH +8/*,:32'$7.852/1<02'*5817Ï: ]W\WXáXQDE\FLDOXESU]\M FLDZ]DJRVSRGDURZDQLHJUXQWyZ LQZHVW\F\MQH LQQH 5D]HP

43 QLHSRWU ]HEQHVNUH -2 :,$'&=(1,(,32'3,66.à$'$- &(*2262%<5(35(=(178- &(-6.à$'$- &(*2 8SU]HG]RQ\DRRGSRZLHG]LDOQR FLNDUQHM]DUW.RGHNVX.DUQHJRR ZLDGF]DP]HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 1D]ZLVNR GDWDZ\SHáQLHQLDG]LH ±PLHVL F±URN.$'127$&-(25*$1832'$7.2:(*2 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] OLü 3RGSLVSLHF] üvnádgdm FHJR 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU] 3RXF]HQLH 1DSRGVWDZLHDUW SNWZ]ZL ]NX]DUW LDUWDXVWDZ\]GQLDUR SRVW SRZDQLXHJ]HNXF\MQ\PZDGPLQLVWUDFML']8]U1USR]]Sy ]PQLQLHMV]D LQIRUPDFMDVWDQRZLSRGVWDZ SRGM FLDF]\QQR FLHJ]HNXF\MQ\FKEH]SRWU]HE\Z\GDZDQLDGHF\]ML RNUH ODM FHMZ\VRNR ü]rerzl ]DQLD

44

45

46

47

48

49

50

51

52

53

54

55 1XPHU,GHQW\ILNDFML3RGDWNRZHMVNáDGDM FHJRGHNODUDFM,1±,1)250$&-$:635$:,(32'$7.82'1,(58&+202 &, 3RGVWDZDSUDZQD8VWDZD]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FKQLQLHMV]DXVWDZDGRNRQXMHZ]DNUHVLHVZR MHMUHJXODFML ZGUR HQLDQDVW SXM F\FKG\UHNW\Z:VSyOQRW(XURSHMVNLFKG\UHNW\Z$:*]GQJUXGQLDUZVSUDZLHXVWDQRZLHQLDZVSyOQ\FK ]DVDGGODQLHNWyU\FKW\SyZWUDQVSRUWXNRPELQRZDQHJRWRZDUyZPL G]\SD VWZDPLF]áRQNRZVNLPL']8U]:(/]G\UHNW\Z\ :(]GQLDF]HUZFDUZVSUDZLHSRELHUDQLDRSáDW]DX \WNRZDQLHQLHNWyU\FKW\SyZLQIUDVWUXNWXU\SU]H]SRMD]G\FL DURZH']8U] :(/]'DQHGRW\F] FHRJáRV]HQLDDNWyZSUDZD8QLL(XURSHMVNLHM]DPLHV]F]RQHZQLQLHMV]HMXVWDZLH]GQLHPX]\VNDQLDSU]H] 5]HF]SRVSROLW 3ROVN F]áRQNRVWZDZ8QLL(XURSHMVNLHMGRW\F] RJáRV]HQLDW\FKDNWyZZ']LHQQLNX8U] GRZ\P8QLL(XURSHMVNLHMZ\GDQLH VSHFMDOQHWHNVWMHGQ'=8]U1USR]]H]P 6NáDGDM F$RUPXODU]SU]H]QDF]RQ\GODRVyEIL]\F]Q\FKE G F\FKZáD FLFLHODPLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKSRVLDGDF]DPL VDPRLVWQ\PLQLHUXFKRPR FLOXERELHNWyZEXGRZODQ\FKX \WNRZQLNDPLZLHF]\VW\PLJUXQWyZSRVLDGDF]DPLQLHUXFKRPR FL OXELFKF] FLDOERRELHNWyZEXGRZODQ\FKOXELFKF] FLVWDQRZL F\FKZáDVQR ü6nduex3d VWZDOXEMHGQRVWNLVDPRU] GX WHU\WRULDOQHJR 7HUPLQVNáDGDQLD:WHUPLQLHGQLRG]DLVWQLHQLDRNROLF]QR FLPDM F\FKZSá\ZQDSRZVWDQLHE G Z\JD QL FLHRERZL ]NXSRGDWNRZHJR OXE]DLVWQLHQLD]GDU]HQLDPDM FHJRZSá\ZQDZ\VRNR üsrgdwnx 0LHMVFHVNáDGDQLD%XUPLVWU]*PLQ\6áRPQLNLZáD FLZ\]HZ]JO GXQDPLHMVFHSRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLD $0,(-6&(6.à$'$1,$,1)250$&-, %XUPLVWU]*PLQ\6áRPQLNL $GUHV6áRPQLNLXO.R FLXV]NL %'$1(6.à$'$- &(*2,1)250$&- %'$1(,'(17<),.$&<-1( 5RG]DMZáDVQR FLSRVLDGDQLD]D]QDF]\üZáD FLZ NUDWN qzád FLFLHOqZVSyáZáD FLFLHOqSRVLDGDF]VDPRLVWQ\qZVSyáSRVLDGDF]VDPRLVWQ\qX \WNRZQLNZLHF]\VW\ qzvsyáx \WNRZQLNZLHF]\VW\qSRVLDGDF]]DOH Q\QSG]LHU DZFDQDMHPFDqZVSyáSRVLDGDF]]DOH Q\QSG]LHU DZFD QDMHPFD 0LHMVFHDDGUHV\SRáR HQLDSU]HGPLRWyZRSRGDWNRZDQLDRUD]LGHQW\ILNDWRU\G]LDáHNEXG\QNyZORNDOL8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1XPHU\NVL JLZLHF]\VWHMOXE]ELRUXyZGRNXPHQWyZRUD]QD]ZDV GXZNWyU\PSURZDG]RQDMHVWNVL JDZLHF]\VWDOXE]ELyU GRNXPHQWyZ8ZDJDÄ:\ND]XMHVL RGU EQLHGODND GHMQLHUXFKRPR FL 1D]ZLVNRSLHUZV]HLPL GUXJLHLPL,PL RMFDLPL PDWNLGDWDXURG]HQLD8ZDJD±GRW\F]\GDW\XURG]HQLD:\ND]XMHVL W\ONRZyZF]DVJG\RVRELHIL]\F]QHMQLHQDGDQR QXPHUX3(6(/ 1XPHU3(6(/5(*21 %$'5(6=$0,(6=.$1,$.UDM *PLQD 0LHMVFRZR ü :RMHZyG]WZR 8OLFD.RGSRF]WRZ\ 3RZLDW 1XPHUGRPX1XPHUORNDOX 3RF]WD &2.2/,&=12 &,32:2'8- &(.21,(&=12 û=à2 (1,$,1)250$&-, 2NROLF]QR FL]D]QDF]\üZáD FLZ NUDWN qlqirupdfmdvnádgdqdsrud]slhuzv]\qnruhnwdxsu]hgqlr]ár RQHMLQIRUPDFMLZ\ND]X ''$1('27<&= &(35=('0,27Ï:232'$7.2:$1,$]Z\M WNLHP]ZROQLRQ\FK '32:,(5=&+1,$*5817Ï:8ZDJDÄ:\ND]XMHVL ]GRNáDGQR FL GRPNZ QD 5RN ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM EH]Z]JO GXQDVSRVyE]DNZDOLILNRZDQLDZHZLGHQFML JUXQWyZLEXG\QNyZ SRGMH]LRUDPL]DM W\FKQD]ELRUQLNLZRGQHUHWHQF\MQH OXEHOHNWURZQLZRGQ\FK SR]RVWDáHJUXQW\ZW\P]DM WHQDSURZDG]HQLHRGSáDWQHM VWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJRSU]H] RUJDQL]DFMHSR \WNXSXEOLF]QHJR P KD P

56 '32:,(5=&+1,$8 <7.2:$%8'<1.Ï:/8%,&+&= &, PLHV]NDOQ\FK±RJyáHP P ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP ]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP 'RSRZLHU]FKQLX \WNRZHMEXG\QNXOXEMHJRF] P P FLQDOH \]DOLF]\üSRZLHU]FKQL PLHU]RQ SRZHZQ WU]QHMGáXJR FL FLDQQDZV]\VWNLFK NRQG\JQDFMDFK]Z\M WNLHPSRZLHU]FKQLNODWHNVFKRGRZ\FKRUD]V]\EyZG ZLJRZ\FK=DNRQG\JQDFM XZD DVL UyZQLH JDUD HSRG]LHPQH SLZQLFHVXWHUHQ\LSRGGDV]DX \WNRZH ]ZL ]DQ\FK]SURZDG]HQLHPG]LDáDOQR FLJRVSRGDUF]HM RUD]RGF] FLEXG\QNyZPLHV]NDOQ\FK]DM W\FK QDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HMRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP ]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM Z]DNUHVLHREURWXNZDOLILNRZDQ\PPDWHULDáHP VLHZQ\PRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP ]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP ]DM WHQDSURZDG]HQLHG]LDáDOQR FLJRVSRGDUF]HM Z]DNUHVLH ZLDGF]HQLDXVáXJ]GURZRWQ\FKRJyáHP ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP ]DOLF]\üÈSRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP SR]RVWDá\FKRJyáHPZW\P]DM WHQDSURZDG]HQLH RGSáDWQHMVWDWXWRZHMG]LDáDOQR FLSR \WNXSXEOLF]QHJR SU]H]RUJDQL]DFMHSR \WNXSXEOLF]QHJR ZW\P NRQG\JQDFMLRZ\VRNR FLRGGRP]DOLF]\üÈ SRZLHU]FKQL NRQG\JQDFMLRZ\VRNR FLSRZ\ HMP '%8'2:/( EXGRZOH ZDUWR ürnwyuhmprzdzsu]hslvdfkrsrgdwndfkgrfkrgrz\fk P P P P P P P P P P P P P (,1)250$&-$235=('0,27$&+=:2/1,21<&+ SRGDüSRZLHU]FKQL E G ZDUWR üexgrzolsu]hgplrwyz]zroqlrq\fkrud]su]hslvsudzd±]mdnlhjrw\wxáxz\vw SXMH]ZROQLHQLH )2 :,$'&=(1,(,32'3,66.à$'$- &(*2262%<5(35(=(178- &(-6.à$'$- &(*2 2 ZLDGF]DP HSRGDQHSU]H]HPQLHGDQHV ]JRGQH]SUDZG,PL 'DWDZ\SHáQLHQLDG]LH PLHVL FURN 1D]ZLVNR 3RGSLVSLHF] üvnádgdm FHJRRVRE\UHSUH]HQWXM FHMVNáDGDM FHJR *$'127$&-(25*$1832'$7.2:(*2 8ZDJLRUJDQXSRGDWNRZHJR,GHQW\ILNDWRUSU]\MPXM FHJRIRUPXODU] 'DWDLSRGSLVSU]\MPXM FHJRIRUPXODU]

Pokazać jeszcze