ûZLF]HQLH

$0,12.:$6<3(37<'<,%,$à.$

&HO üZLF]HQLD 3R]QDQLH ZáDFLZRFL FKHPLF]Q\FK QDWXUDOQ\FK DPLQRNZDVyZ

SHSW\GyZLELDáHN

3U]HGSU]\VWSLHQLHPGRüZLF]HQLD]DSR]QDüVL ]ZáDFLZRFLDPLFKHPLF]Q\PL
DPLQRNZDVyZSHSW\GyZLELDáHNRUD] ],,, L,,, U] GRZ VWUXNWXU ELDáHN
NRU]\VWDMF]Z\NáDGyZLGRVW SQ\FKSRGU F]QLNyZ

,2JyOQHUHDNFMHDPLQRNZDVyZ

*UXSDDPLQRZDDPLQRNZDVyZUHDJXMH]NZDVHPD]RWDZ\P]JRGQLH]UHDNFM

+ 2 + 2
5 & &  +12 5 & &  1  +2
1+ 2 + 2+ 2 +

$PLQRNZDV\WZRU] ]QLQK\GU\Q ]ZL]HNRFKDUDNWHU\VW\F]QHMILROHWRZHMEDUZLH

3U]HELHJUHDNFMLMHVWQDVW SXMF\

2
+ 5 2
2+


 + 1 & &
2+ + + 2
2

2 2

1  5&+2  +2  &2  +



2 2
ILROHWRZ\SURGXNW

3RGF]DV WHM UHDNFML QDVW SXMH GHNDUERNV\ODFMD L XWOHQLHQLH DPLQRNZDVX

:\G]LHORQ\DPRQLDNáF]\VL ]GZLHPDF]VWHF]NDPLQLQK\GU\Q\WZRU]FNRPSOHNVR
ILROHWRZHMEDUZLH

5HDNFMDJUXS\DPLQRZHM]NZDVHPD]RWDZ\P

:\NRQDQLH
5R]SXFLü V]F]\SW D]RW\QX VRGRZHJR Z  FP  0 NZDVX VLDUNRZHJR =
UR]WZRUX Z\G]LHODM VL S FKHU]\NL JD]X WOHQNL D]RWX  3R FKZLOL JG\ WH S FKHU]\NL


SU]HVWDQ VL Z\G]LHODüGRGDüNLOND NURSOLUR]WZRUXDPLQRNZDVX RVW *HQLXJZ
FP UR]WZRUX 5R]WZyUSRQRZQLHVL EXU]\ Z\G]LHODM VL S FKHU]\NLD]RWX

5HDNFMDDPLQRNZDVyZ]QLQK\GU\Q

:\NRQDQLH
'R  FP ]RERM WQLRQHJR UR]WZRUX DPLQRNZDVX GRGDü  NURSOH  UR]WZRUX
QLQK\GU\Q\ L RJU]Dü GR ZU]HQLD 3RMDZLD VL LQWHQV\ZQH ]DEDUZLHQLH ILROHWRZH
,QWHQV\ZQRü EDUZ\ MHVW SURSRUFMRQDOQD GR ]DZDUWRFL ZROQ\FK JUXS DPLQRZ\FK Z
SUyELH

,,:\ND]DQLHREHFQRFLZL]DQLDSHSW\GRZHJR SUyEDELXUHWRZD 

2EHFQRü WUL OXE ZLHORSHSW\GyZ PR*QD Z\NU\ü Z UHDNFML NRPSOHNVRZDQLD ]

MRQHPPLHG]LRZ\PZURGRZLVNXDONDOLF]Q\P.RPSOHNVSU]\ELHUDEDUZ RGUy*RZHM
GR ILROHWRZRQLHELHVNLHM %DUZD NRPSOHNVX ]DOH*\ RG FKDUDNWHUX GDQHJR SHSW\GX
5HDNFM W Z\NRU]\VWXMH VL GR LORFLRZHJR NRORU\PHWU\F]QHJR R]QDF]DQLD ELDáND
1D]ZD UHDNFML ELXUHWRZHM SRFKRG]L VWG *H GDMH M WDN*H GZXPRF]QLN ELXUHW 
'ZXPRF]QLN SRZVWDMH SU]H] NRQGHQVDFM GZyFK F]VWHF]HN PRF]QLND SRGF]DV
RJU]HZDQLD

1+
2 & 1+
1+ 2 &
1+
1+ 2 &
2 & 1+
1+ 1+

:\NU\ZDQLHREHFQRFLZL]DQLDSHSW\GRZHJRZSHSW\G]LHOXEELDáNX

:\NRQDQLH
'R SUREyZNL GRGDü  FP UR]WZRUX ELDáND D GR GUXJLHM  FP K\GUROL]DWX ELDá
NRZHJR ]DZLHUDMFHJRSHSW\G\ 'RRE\GZXSUREyZHNGRGDüSR FP 0UR]WZRUX
ZRGRURWOHQNX VRGRZHJR L QDVW SQLH NURSODPL GRGDZDü UR]FLHF]RQ\ SUDZLH
EH]EDUZQ\ UR]WZyU VLDUF]DQX PLHG]LRZHJR 5R]WZyU SU]\ELHUD ]DEDUZLHQLH
Uy*RZRILROHWRZH

:\NU\ZDQLHZL]DQLDSHSW\GRZHJRZGZXPRF]QLNX

:\NRQDQLH
.LOND NU\V]WDáNyZ PRF]QLND RJU]Dü Z VWDUDQQLH RVXV]RQHM SUREyZFH 3R LFK
VWRSLHQLX VWZLHUG]Lü SDSLHUNLHP ODNPXVRZ\P OXE SRZRQLHQLHP Z\G]LHODQLH VL
DPRQLDNX 6WRSLRQ VXEVWDQFM RFKáRG]Lü UR]SXFLü Z ZRG]LH GRGDü  NURSOH 
UR]WZRUX ZRGRURWOHQNX VRGRZHJR L NURSODPL UR]FLHF]RQ\ UR]WZyU VLDUF]DQX
PLHG]LRZHJR5R]WZyUSU]\ELHUD]DEDUZLHQLH Uy*RZHF]HUZRQHLILROHWRZH3RUyZQDü
Z\QLNWHJRGRZLDGF]HQLD]Z\QLNLHPRWU]\PDQ\P]UR]WZRUHPPRF]QLND


2]QDF]DQLHLORFLRZHELDáNDZVXURZLF\NUZL

:\NRQDQLH
'R F]WHUHFK NDOLEURZDQ\FK SUREyZHN ]DPNQL W\FK NRUNLHP RGPLHU]\ü NROHMQR
   L  FP VXURZLF\ Z]RUFRZHM QDWRPLDVW GR SLWHM  FP VXURZLF\ R
QLH]QDQ\P VW *HQLX ELDáND .D*G SUREyZN GRSHáQLü GR REM WRFL  FP 
UR]WZRUHP1D&O UR]WZyUVROLIL]MRORJLF]QHM LGREU]HZ\PLHV]Dü'RNROHMQ\FKSL FLX
SUREyZHN RGPLHU]\ü SR  FP XSU]HGQLR VSRU]G]RQ\FK UR]WZRUyZ VXURZLF\ GR
V]yVWHM
SUyEDOHSD RGPLHU]\üFP VROLIL]MRORJLF]QHM1DVW SQLHGRZV]\VWNLFK V]HFLX 
SUREyZHNGRGDüSRFP RGF]\QQLNDELXUHWRZHJRGREU]HZ\PLHV]DüLSR]RVWDZLüQD
 PLQXW 3R W\PF]DVLH SU]\ GáXJRFL IDOLO QPGRNRQDüRGF]\WXDEVRUEDQFML
ZREHF OHSHM SUyE\ GOD UR]WZRUyZ VXURZLF\ Z]RUFRZHM L GOD VXURZLF\ R QLH]QDQ\P
VW *HQLX ELDáND :\QLNL ZSLVDü GR WDEHOL D QDVW SQLH Z\NUHOLü NU]\Z NDOLEUDFML
]DOH*QRü DEVRUEDQFML RG VW *HQLD ELDáND  = Z\NUHVX RGF]\WDü VW *HQLH ELDáND Z
EDGDQHMSUyEFH

7DEHOD

1USUyENL      
FP FP FP FP EDGDQD OHSD
$EVRUEDQFMD
QP
6W *HQLH
ELDáND
JFP

,,,5HDNFMHFKDUDNWHU\VW\F]QHGODSRV]F]HJyOQ\FKDPLQRNZDVyZ

:\NU\ZDQLHDPLQRNZDVyZDURPDW\F]Q\FK SUyEDNVDQWRSURWHLQRZD

3LHUFLH EHQ]HQRZ\DPLQRNZDVyZDURPDW\F]Q\FKZ\NU\ZDP\ZUHDNFML]H
VW *RQ\PNZDVHPD]RWRZ\P SRZVWDM *yáWHSRFKRGQHQLWURZHDPLQRNZDVyZ

:\NRQDQLH
'R  FP UR]WZRUX K\GUROL]DWX ELDáNRZHJR OXE UR]WZRUX ELDáND  GRGDü  FP
VW *RQHJR NZDVX D]RWRZHJR L RJU]HZDü SU]H] RNRáR  VHNXQG : PLDU RJU]HZDQLD
SRZVWDMH *yáWH ]DEDUZLHQLH NWyUH SRJá ELD VL SR ]DONDOL]RZDQLX UR]WZRUX
ZRGRURWOHQNLHPVRGRZ\P RVW *HQLX JZFP UR]WZRUX 

:\NU\ZDQLHW\UR]\Q\ RGF]\Q0LOORQD

7\UR]\QDSRGREQLHMDNLQQHIHQROHGDMHGRGDWQL UHDNFM 0LOORQD3ROHJDRQDQD

W\P *H QLWURIHQROH SRZVWDMFH ] W\UR]\Q\ SRG ZSá\ZHP NZDVX D]RWRZHJR WZRU]
EDUZQ\ F]HUZRQ\ NRPSOHNV ] UW FL 8ZLGDF]QLD VL WR XWZRU]HQLHP F]HUZRQHJR


RVDGX SR RJU]DQLX UR]WZRUX ]DZLHUDMFHJR W\UR]\Q ] RGF]\QQLNLHP 0LOORQD
]DZLHUDMF\PPLHV]DQLQ D]RWDQyZLD]RW\QyZUW FLZNZDVLHD]RWRZ\P

:\NRQDQLH
'RFP UR]WZRUXK\GUROL]DWXELDáNRZHJR OXEELDáND GRGDüFP RGF]\QQLND
0LOORQD L RJU]HZDü SU]H]  VHNXQG 3RZVWDMH F]HUZRQD ]DZLHVLQD VSRZRGRZDQD
REHFQRFL UHV]W\ IHQRORZHM W\UR]\Q\ 3U]\ GáX*V]\P RJU]HZDQLX F]HUZRQH
]DEDUZLHQLHPR*H]QLNQü

:\NU\ZDQLHDPLQRNZDVyZVLDUNRZ\FK RGF]\QF\VW\QRZ\

2JU]HZDQLHELDáNDZVLOQLH]DVDGRZ\PURGRZLVNXSURZDG]LGRSRZVWDQLDZROQ\FK
DPLQRNZDVyZ K\GUROL]D 8ZROQLRQHSU]\W\PF\VWHLQDLF\VW\QDXOHJDM GHJUDGDFMLGR
NZDVX SLURJURQRZHJR DPRQLDNX VLDUNL SLHUZLDVWNRZHM L MRQyZ VLDUF]NRZ\FK -RQ\
VLDUF]NRZH]MRQDPL3E WZRU] F]DUQ\RVDGVLDUF]NXRáRZLDZHJR

:\NRQDQLH
2NRáR  FP UR]WZRUX K\GUROL]DWX ELDáNRZHJR OXE UR]WZRUX ELDáND  JRWRZDü
SU]H] PLQXW ] UyZQ REM WRFL  UR]WZRUX ZRGRURWOHQNX VRGRZHJR 1DVW SQLH
GRGDü NURSO RFWDQX RáRZLDZHJR 5R]WZyU EDUZL VL QD NRORU EUXQDWQ\ OXE F]DUQ\ RG
SRZVWDáHM]DZLHVLQ\VLDUF]NXRáRZLX ,, 

:\NU\ZDQLHWU\SWRIDQX RGF]\Q$GDPNLHZLF]D

:\NRQDQLH
=PLHV]Dü UyZQH REM WRFL K\GUROL]DWX ELDáNRZHJR OXE UR]WZRUX ELDáND  L
VW *RQHJR NZDVX RFWRZHJR ]DQLHF]\V]F]RQHJR NZDVHP JOLRNVDORZ\P SR  FP 
1DVW SQLH GRGDü RVWUR*QLH SR FLDQFH SUREyZNL VW *RQ\ NZDV VLDUNRZ\ L RJU]HZDü QD
áD(QL ZRGQHM RNRáR  PLQXW\  1D JUDQLF\ ZDUVWZ Z\VWSL F]HUZRQRILROHWRZD
ZDUVWHZNDZLDGF]FDRREHFQRFLWU\SWRIDQX

:\NU\ZDQLHDUJLQLQ\ RGF]\Q6DNDJXFKL

: ]DVDGRZ\P URGRZLVNX DQDIWRO UHDJXMH ] JUXS JXDQLG\QRZ DUJLQLQ\

3RZVWDá\SURGXNWZREHFQRFLMRQyZ%U2 GDMHF]HUZRQH]DEDUZLHQLH

:\NRQDQLH
'RFP K\GUROL]DWXELDáNRZHJR OXEUR]WZRUXELDáND ZODüFP UR]WZRUX
ZRGRURWOHQNX VRGRZHJR L NURSO DONRKRORZHJR UR]WZRUX DQDIWROX QDVW SQLH GRGDü
MHGQ NURSO UR]WZRUXSRGEURPLQXVRGRZHJRLZ\PLHV]Dü=DZDUWRüSUREyZNLEDUZL
VL QDF]HUZRQRFRZLDGF]\RREHFQRFLDUJLQLQ\