7DEHOD 6WUXNWXUDGHPRJU 3U]HG]LDãZLHNX 2JÍãHP 0àëF] r r r r r r r r r r r r LZLàFHM 5D]HP Z LHNSU]HGSURGXNF\MQ\ Z LHNSURGXNF\MQ\ ZLHNSRSURGX
*PLQD,ORçÞSUÍE 0LQ 0D[ æuhg 3URFHQWRZ\XG],.$'0&G 6WU\V]DZD 2â :3E 6WU\V]DZD 1,.,(/1L 6WU\V]DZD 0,('è&X 6WU\V]DZD &<1.=Q 6WU\V]DZD
*PLQD,ORçÞSUÍE 0LQ >PJNJ@ 0D[ >PJNJ@ æuhg >PJNJ@ 6WU\V]DZD 6XFKD %HVNLG]ND =DZRMD =HPEU]\FH
/S 1D]ZD 'RFKRG\EXGëHWXJPLQ\ :\GDWNLEXGëHWXJPLQ\ :\QLNrGHILF\W 3U]\FKRG\EXGëHWXrZROQHçURGNLMDNR QDGZ\ëNDçURGNÍZSLHQLàëQ\FKQDUDFKXQNXELHëÜF\P Z\QLNDMÜFD]UR]OLF]HåSRë\F]HN]ODWXELHJã\FK 5R]FKRG\EXGëHWXVSãDWDSRë\F]HNLNUHG\WÍZ :\V]F]HJÍOQLHQLH :\NRQDQLH 3URJQR]D 3 'RFKRG\EXGëHWXRJÍãHPZ W\P 3RGDWNLLRSãDW\LORNDOQH OOO 8G]LDã\ZSRGDWNDFK SDåVWZRZ\FK
/
=DGDQLH 7HUPLQ UHDOL]DFML 5HDOL]DWRU]\.RV]W >W\V ]ã@ IL 3URPRFMDZDORUÍZ SU]\URGQLF]\FKJPLQ\ *PLQD çu :VSÍãSUDFD]:RMHZÍG]NLP.RQVHUZDWRUHP=DE\WNÍZ Z]DNUHVLHRFKURQ\3U]\URG\ *PLQD çu.rqwurodsu]hvwu]hjdqld SU]HSLVÍZRRFKURQLH SU]\URG\ZWUDNFLH JRVSRGDUF]HJR Z\NRU]\VW\ZDQLD]DVREÍZ SU]\URG\ *PLQD çu 5D]HP
=DGDQLH 7HUPLQ UHDOL]DFML 5HDOL]DWRU]\.RV]W >W\V ]ã@ %DGDQLD]DQLHF]\V]F]HQLD JOHE 3RZLDW % 5D]HP
3U]HG]LDãZLHNX 2JÍãHP 0àëF]\éQL r r r r r r r r r r r r LZLàFHM 5D]HP
/XGQR üjplq\6wu\v]dzdzhgáxjhnrqrplf]q\fk JUXSZLHNX È È È Z LHNSU]HGSURGXNF\MQ\ Z LHNSURGXNF\MQ\ Z LHNSRSURGXNF\MQ\
/S 6WUXPLHåRGSDGÍZNRPXQDOQ\FK >NJ0 2GSDG\NXFKHQQHXOHJDMÜFHELRGHJUDGDFML 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QHQLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRãRZD 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 5D]HP
2 ]JRVSRGD 5RG]DMRGSDGÍZ :VNDéQLN >È@ RGSDG\RUJDQLF]QHSRFKRG]HQLDURçOLQQHJR RGSDG\RUJDQLF]QHSRFKRG]HQLD]ZLHU]àFHJR LQQHRGSDG\RUJDQLF]QH SDSLHULWHNWXUD WZRU]\ZDV]WXF]QH PDWHULDã\WHNVW\OQH V]NãR PHWDOH RGSDG\PLQHUDOQH IUDNFMDGUREQDPP 5D]HP
3URJQR]D]PLDQLORçFLPLHV]NDåFÍZ*P :VNDéQL 1D]ZDVWUXPLHQLDRGSDGÍZ 2GSDG\]LHORQH 3DSLHULWHNWXUDQLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QHQLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRãRZD 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH
2V]DFRZDQHQDS ZODWDFK 5RG]DMRGSDGX 2GSDG\]LHORQH 3DSLHULWHNWXUD QLHRSDNRZDQLRZH 2SDNRZDQLD]SDSLHUXLWHNWXU\ 2SDNRZDQLDZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 2SDNRZDQLD]WZRU]\Z V]WXF]Q\FK 7HNVW\OLD 6]NãRQLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\VWDORZHM 2SDNRZDQLD]DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMDSRSLRãRZD 2GSDG\ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH
6WUXPLHQLH RGSDGÍZNRPXQDOQ\FK =DNãDGDQDPDVDSR]\VNDQ\FK RGSDGÍZ]WHUHQX*PLQ\>0J@ 5RN 2SDNRZDQLD]SDSLHUX LWHNWXU\ 2SDNRZDQLD ZLHORPDWHULDãRZH 2SDNRZDQLD]WZRU]\Z V]WXF]Q\FK 2SDNRZDQLD]HV]NãD 2SDNRZDQLDPHWDORZH 2GSDG\ ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\QLHEH]SLHF]QH 5$=(0
/S 5 R G ] D M R G S D G X :$5,$17, :$5,$1 *URPDG]RQHZSRMHPQLNDFK ZRUNDFKOXENRQWHQHUDFK NLHURZDQHGR5HMRQRZHM 6RUWRZQLL6NãDGRZLVND 2GSDGÍZ.RPXQDOQ\FK Z6XFKHM%HVNLG]NLHM *URPDG]RQHZ NDFKZRUNDFK NRQWHQHUDFK.LHURZDQHGR5 6RUWRZQLL6NãD 2GSDGÍZ.RP Z6XFKHM%HVNL :JVWDZHN]JRGQLH ]XPRZÜSRGSLVDQÜ ]SU]HGVLàELRUVWZHP RGELHUDMÜF\PRGSDG\ SRVLDGDMÜF\P VWRVRZQH]H]ZROHQLD :JVWDZHN]JR XPRZÜSRGSLV SU]HGVLàELRUVWZ RGELHUDMÜF\PR SRVLDGDMÜF\P VWRVRZQH]H]Z 2 G S D G \ N R P X Q D OQ H ] P LH V ] D Q H 2GELÍURGSãDWQ\ 2GELÍURGSãDWQ *URPDG]RQHVHOHNW\ZQLH ZVSHFMDOQ\FKSRMHPQLNDFK ]RWZRUDPLZU]XWRZ\PL XQLHPRëOLZLDMÜF\PL ZNãDGDQLHZRUNÍZ ]RGSDGDPL LHVHJUHJRZDQ\PL SURSRQXMHVLàSRMHPQLN QDRVÍE33*2]DNãDGD SRMHPQLNQDRVÍE 2GSDG\RSDNRZ REMàWHRSãDWDP SURGXNWRZ\PL ZVSHFMDOQLH ]QDNRZDQ\FKZ 6XURZFHZWÍUQ JURPDG]RQHVH ZVSHFMDOQ\FK SRMHPQLNDFKOX ZRUNDFKSURSR SRMHPQLNQD 33*2]DNãDGD SRMHPQLNQD 6 X U R Z F H Z WÍ U Q H 2GELÍUQLHRGSãDWQ\r N W O L 2GELÍUQLHRGSã N W O L