ý/29(.,1$/.2+2/ -RåH5DPRYã   329=(7(. ýORYHNLPDQDVYRMLUD]YRMQLSRWLSR]DQMQHVSUHPHQOMLYLKGHMV WYLKIL]LþQLKNHPLþQLK ELRORãNLKSVLKLþQLKLQVRFLDOQLK]DNRQLWRVWLQHNDMVYRERGHY]DY]HPDQMXVWDOLãþDYGRåLYOMDQMX LQGHORYDQMX$ONRKROLQGUXJHRPDPQHVQRYL±SRGREQRSDWXGLRPDPQRGRåLYOMDQMHLQYHGH QMH±VVYRMLPGHORYDQMHPQDPRåJDQHWRQMHJRYRVYRERGRRåLMR8þLQNRYDQMHRPDPQLKVQRYL SDMHVPLVHOQRSULODMãDQMXWHOHVQHEROHþLQHSULKXGLKEROH]QLKNHU]YHþDVYRERGRGXãHYQHJD GHORYDQMDGXKRYQHJD]RUHQMDLQPHGþORYHãNHJDVRåLWMDVWHPRP RJRþDþORYHNXEROMNDNRYR VWQRåLYOMHQMHLQVRåLWMHYKXGLEROH]QLNDNUãQDMHODKNRQDSU HGXMRþLUDN  892' 9WHPUHIHUDWXERPSULND]DOQHNDMDQWURSRORãNLKUD]PLVOHNRYRþORYHNXNRW ELWMXNLQLKDPHGWUH]QRRSRMQRVWMR]GUDYHJDRVHEQRVWQHJDLQV RåLWQHJD UD]YRMDWHURPDPQR]DVYRMHQRVWMRNLWUDJLþQR]DYLUDLQSRãNRGXMHRVHE QRVWQLUD]YRMLQVRåLWMHYGUXåLQLVOXåELLQGUXåELVSR]QDQMRDONRKROXR ]DVYRMHQRVWL]QMLPR]GUDYOMHQMXLQSUHSUHþHYDQMXWHEROH]QL WXQHSLãHP± SROHJãWHYLOQLKDYWRUMHYVHPãWLULGHVHWOHWMDRQMLKSRURþDOYNQMLJDKRWHM WHPDWLNL>±@ 3R]RUQLERPRQDWULYVHELQH  þORYHãNLUD]YRMNLWHþHSRGYHKHQDNRYUHGQLKWLULKSUYLMHVSR]QDYDQMH LQVSUHMHPDQMHRGYLVQRVWLRGIL]LNDOQLKNHPLþQLKELRORãNLKVRFLDOQLKLQSVLKLþQLK]DNRQLWRVWLGUXJLMHVYRERGDYVWDOLãþXGRåLYOMDQMX YHGHQMXLQ GHORYDQMX  þORYHNRYRQLKDQMHPHGWUH]QRRSRMQRVWMRLQRPDPQR]DVYRMHQRVWMR SDOLDWLYQDRPDPOMHQRVWSULVPLVHOQHPODMãDQMXEROHþLQH  ý/29(â.,5$=92-0('2'9,61267-2,1692%2'2 ýORYHNMHHGLQRELWMHYQDUDYLNLVHEHGRMHPDNRWVYRERGQHJD =QDQRVW ODKNRUD]LVNXMHVDPRSRYH]DYHPHGY]URNLLQSRVOHGLFDPL=DQMRMHVYR ERGQR RGORþDQMH QHGRND]OMLY SUDY WDNR SD WXGL QHRYUJOMLY DNVLR P 1D VYRERGLWHPHOMLYVDNXOWXUDLQþORYHãNRGRVWRMDQVWYRYVDNHJDþO RYHNDYHV UD]YRM SRVDPH]QLND LQ VNXSQRVWL ]DNRQRGDMD LQ ND]QRYDQMH Y]JR MD LQ L]REUDåHYDQMHYVHSUL]DGHYDQMH]DOHSãHVRåLWMHLQ]DGHPRNUDW LþQRRUJD QL]DFLMRGUXåEH3ULJOHGDQMXQDþORYHNDQLKDMRSRVDPH]QLNLLQ QD]RULPHG GHWHUPLQL]PRPLQVYRERGR'HWHUPLQL]HPPHQLGDþORYHNQLPDQLNDNUãQHVYRERGHDPSDNMHWROHQMHJRYREþXWHNYUHVQLFLSDþORYHNRYRGRåLYOMDQMHLQYHGHQMHSRYVHPXVPHUMDMRVLOHQH]DYHGQHJDYQMHPGUXåEHQHX VPHUMH YDOQHVLOHWHUVLOHYYLGQHPDOLQHYLGQHPRNROMX9YVDNGDQMHP åLYOMHQMXLQ SULQHNDWHULKSVLKRORãNLKXVPHULWYDKSDWUGLMRGDMHYVHþORYHNRYDL]ELUDGD LPDODKNRYVHSRGQDG]RURPGD]PRUHYVHNDUKRþH%UH]XSRãWH YDQMD VYRERGHQLþORYHãNHJDGRVWRMDQVWYDQLQMHJRYHJDUD]YRMDQHVPLVODåLY OMHQMDQHXSRãWHYDQMHþORYHNRYHYSHWRVWLYQXMQRVWLQDUDYQLKGUXåEHQLKLQHWLþQLK]DNRQLWRVWLYþORYHNXLQYYVHMUHVQLþQRVWLRNURJQMHJDSDMHRPDPQD VDPR SUHYDUDEROHVWQLNRPSOHNVGDMHþORYHNERJNRWMHWRKXGRPRWQMR SRVDPH]QLNDLQGUXåEHSRLPHQRYDOSURQLFOMLYLSVLKRWHUDSHYW5LFK WHU>@ ýORYHNMHYSHWY]DNRQLWRVWLNMHUQLPDQLNDNUãQHVYRERGH2GIL]LNDOQLKLQ NHPLþQLK]DNRQLWRVWLMHRGYLVHQHQDNRNDNRUYVDQDUDYDYELROR ãNH]DNRQH MHYSHW]HQDNRQXMQRVWMRNDNRUYVDåLYDELWMD2GVYRMHJDSVLKLþQHJDGHORYD QMDMHRGYLVHQQDSRGREHQQDþLQNDNRUåLYDOL]UD]YLWLPFHQWUDOQLPåLYþQLP VLVWHPRP=HORMHRGYLVHQRGVNXSQRVWLLQVRåLWMDQDUDYQLGUXåLQHLQGUXJLK PDMKQLKVNXSLQNLMLPSULSDGDRG]QDQMDRURGLMLQRUJDQL]DFLMHWHUNDNRYRVWLQRUPLQVRåLWMDYVYRMLNUDMHYQLQDURGQLGUåDYQLYHUVNLLQG UXJLKVNXSQRVWLK 6YRERGDSDMHHGLQVWYHQDþORYHNRYD]PRåQRVW]QMRVHORþLRGR VWDOH QDUDYHWDNRGD]DþQHXVWYDUMDWLNXOWXURMHSRXGDUMDOQDãDQWURSRORJ$QWRQ7UVWHQMDN>@7RLQGHMVWYRGDMHDONRKROQRLQYVDNRGUXJRRPDPOMDQMH SRVNXVãLUMHQMDLQL]JXEOMDQMDVYRERGHWHUMDGDVHREQMHMXV WDYLPRPDOR YHþ0HGSVLKRORJLMRMHUD]LVNRYDO]ODVWL9LNWRU()UDQNO  ± LQ QMHJRYDKXPDQLVWLþQDVPHUSRLPHQRYDQDHNVLVWHQFLDOQDDQDOL]DDOL WHUDSHYWVNR ORJRWHUDSLMD0HGVRGREQLPLVYHWRYQR]QDQLPLDYWRULFDP LWHVPHUL MHQDMYLGQHMãD(OLVDEHWK/XNDVYVORYHQãþLQLLPDPRSUHYHGHQLKYUVWRGHOHQHJDLQGUXJHJD>±@ 6YRERGDMHRVQRYQDþORYHNRYDGXKRYQD]PRåQRVW6HVWDYOMDMRMRVSRVREQRVWL GDþORYHNYGRORþHQHPWUHQXWNXDOLVLWXDFLMLPRUH x ]D]QDWLGYHDOLYHþPRåQRVWL x VWYDUQRL]ELUDWLPHGWHPLPRåQRVWPL x VHRULHQWLUDWLNDWHUDPHGGDQLPLPRåQRVWPLMHYUHGQHMãDDOLEROMVPLVHOQD ]YLGLNDXYLGDYFHORWRR]LURPDYSRWVPLVHOQHJDUD]YRMDGRRE ]RUMDNL JDMHþORYHNYWHMVLWXDFLML]PRåHQYLGHWL x XUHVQLþLWLVYRMRL]ELURDOLRGORþLWHY 3RPHPEQRMHVSR]QDQMHGDLPDþORYHNODKNR]HORPDORVYRERGH. ROLþLQVNR MRUDGSRQD]RULPVWHåRYRODQDYSULPHUMDYLVWHåRFHORWQHJDDYWRPRELOD± GHVHWNLORJUDPVNLYRODQSRYVHP]DGRVWXMH]DXVPHUMDQMHWLVRþNLORJUDPVNHJD YR]LOD'DOHþQDMYHþVYRERGHLPDPRY]DY]HPDQMXVWDOLãþDGRIL] LþQHELR ORãNHVRFLDOQHLQSVLKLþQHGDQRVWLDOLMRVSUHMPHPRDOLQHN DNRMRVSUHMPHPR VSR]QDYDPRLQQDQMRRGJRYDUMDPR±RGJRYRUQRVWVH]DþQHSUL]DY]HPDQMXRVHEQHJDVWDOLãþDGRGHMVWHYWXGLGRUDNDYHEROH]QL0DQMVYRERGHLPDPR YGRåLYOMDQMXVHEHGUXJLKOMXGLLQYVHRVWDOHVWYDUQRVWLQDMP DQMSDMRLPDPR SULVYRMHPUDYQDQMXNDMUHVODKNRQDUHGLPRLQþHVDQHPRUHPR3UDY]DSUDYVHYVDNDVYRERGD]DþQHVVWDOLãþHPYMHGUXþORYHNRYH]DYHVWL6 PLVHOQR VWDOLãþHRGSUHþORYHNXGXãHYQLSURVWRU]DGRåLYOMDQMH]ODVWL]DþXVWYDLQ PRWLYDFLMRWHU]DVRGHORYDQMHåHYVHWRJDRGSLUDYUD]YRMSR OHJWHJDSD PXRGSLUDYUDWDYXVWYDUMDOQRGHORYDQMHYGDQLVLWXDFLMLNLELELODEUH]QMH JRYHJDVPLVHOQHJDVWDOLãþDQHUHãOMLYD 3RPHPEQRMHWXGLVSR]QDQMHGDMHþORYHNRYDVYRERGDYHGQRRGSUW DYREH VPHUL±WDNR]DGREURDOLVPLVHOQRNDNRU]DVODERDOLQHVPLVHOQ R6YRERGHQ VHPWDNUDWNRODKNR]DY]DPHPYNRQNUHWQLVLWXDFLMLVPLVHOQRDO LQHVPLVHOQR VWDOLãþHNRODKNRXVPHULPVYRMHGRåLYOMDQMHYGREURDOLYVODERNRODKNR QHNDMQDUHGLPYVPHULUD]YRMDDOLYVPHULXQLþHYDQMDVDPHJDVHE HGUXJLK OMXGLLQRNROMD7DYLGLNVYRERGHMHSVLKRORãNRVRFLDOQRLQGXKRYQRUD]þOH QMHYDO]QHGRVHJOMLYRXPHWQLãNRPRþMR'RVWRMHYVNL 3RJRVWRVOLãLPRPQHQMHGDOMXGMHXSRUDEOMDPRVYRMRVYRERGREROM]DVODER NDNRU]DGREURýHSUDYþORYHãNDQHXPQRVWQLPDPHMDQLSUHSULþO MLYRPQHQMH GD]ORUDEDVYRERGHSUHYODGXMHQDGQMHQRXSRUDER]DVPLVHOQRVWDOLãþH GRåLYOMDQMHLQUDYQDQMHýHELGUåDORPQHQMHRSUHYODGXMRþL]ORUDELVYRERGH ELåHGDYQRQHELORYHþþORYHãWYD]ODVWLSDQHUD]YRMD3UHSULþDQVHPGDOMXGMHVYRERGRYHOLNREROMXSRUDEOMDPR]DGREURNDNRU]DVODER RGORþDQMH ,QGDVHWRGREURYRVHEQRVWLNUHSLYNXOWXUDKSDQDODJDL]U RGDYURG±WR MHXSDQMHYQDGDOMHYDQMHUD]YRMD6ODERGHODPRWRGDYHþLQRPDQHKRWHQHQDPHUQRFHORQHYHGH±NRW]PRWRLQQHNRWKXGRELMR]DWRSRL]URþLOX QDãHMXGRYVNRJUãNRULPVNRNUãþDQVNHLQGUXJLKNXOWXUWUDMDMRS RVOHGLFH]OD GRªWUHWMHJDURGXGREURSDGRWLVRþHUHJD©1DSRGURþMX]DVYRMH QRVWLLQ RPDPWHUFHORWQHJDVRåLWMDYGUXåLQLVOXåELLQGUXåELYHOLNDY HþLQDKXGHJD QL]DYHVWQDKXGRELMDDPSDNQHKRWHQRJRUMH 3RWQDãHJDRVHEQHJDLQGUXåEHQHJDUD]YRMDWHþHWRUHMSRWUGQLKWOHKRGYLV QRVWLRG]DNRQLWRVWLYVDNþORYHNSDVHYVOHKHUQHPQHSRQRYOMLYHPWUHQXWNX XVPHUMDGRPHMDVYRMHVYRERGHVWHPNR]DY]HPDVWDOLãþHGRåLYOMDLQUDYQDEROMDOLPDQMVPLVHOQRDOLQHVPLVHOQRýORYHNMHQLKDMRþHELWMHPHG QXMQRVWMRLQVYRERGRYVYRERGLSDPHGVPLVHOQLPLQQHVPLVHOQLP R]LURPD VNODVLþQLPLL]UD]LHWLNHPHGGREULPLQVODELP 1DãHQDVOHGQMHYSUDãDQMHMHNDNãHQYSOLYLPDSULWHPXåLYDQMHDONRKRODLQ GUXJLKRPDPQLKVQRYL±R]LURPDSUDYWDNRXVPHUMDQMHYRPDPQRGRåLYOMD QMHLQYHGHQMH  0('75(=12232-1267-2,120$012=$692-(1267-2 1DELRORãNLUDYQLXVPHUMDUD]YRMGXãHYQLSULMHWHQQDJUDMHYDOQL REþXWHNSR ]DGRYROMLWYLSRWUHE]DSUHåLYHWMHLQUD]YRMPHGWHPNRMHREþXWHNQHSULMHWQHJD LQ EROHþLQH VYDULOQD ERGHþD RJUDMD NL VLOL N ]DGRYROMHYDQMX SR WUHE 7D WHPHOMQDUD]YRMQD]DNRQLWRVWMHYGHODQDQDNHPLþQLQDþLQYELRO RJLMRåLYþHYMD 3ULYLãMHUD]YLWLKPRåJDQLKSOD]LOFHYSWLþHYLQQDVVHVDOFHY MHYUKXQVNR GRYUãHQDVãWHYLOQLPLQLDQVDPLNHPLþQLKSUHQDãDOFHY WUDQVPLWRU MHY LQIRU PDFLMSRPRåJDQVNLKSRWHKNLVSRGEXMDMRDOL]DYLUDMRREþXWHQMH]D]QDYDQMH LQGHORYDQMH3UL]DGRYROMLWYLSRPHPEQHSRWUHEHODKNRSULMHWHQ REþXWHN ]DREMDPHYHVRUJDQL]HPLQVHVWRSQMXMHGRRUJDVWLþQHJDXJRGMD1DJUDMH YDOQRXJRGMHREWHPNRMHþORYHN]DY]HOVPLVHOQRVWDOLãþHNRMHXVPHULO VYRMHGRåLYOMDQMHYVPLVHOQRVPHUDOLQDUHGLOVPLVHOQRGHMDQMH ±WRVRYHVHOMH UDGRVWQDYGXãHQMH±MHQDMEROM]GUDYRGXãHYQRLQGXKRYQRGRJDMDQMHK NDWHUHPX]HORVSRGEXMDYQDãLNXOWXUL6YHWRSLVPRLQJDODKNR] EHVHGDPL VWDUHERJRVOXåQHKLPQHSRLPHQXMHPRWUH]QDRSRMQRVWREGRåLYOMDQMXODVWQHJDUD]YRMDLQUD]YRMDOHSHJDVRåLWMDYGUXåLQLVOXåELLQGUX åEL $ONRKROLQGUXJDRPDPQD SVLKRDNWLYQD VUHGVWYDVVYRMRNHPLþQR VHVWDYR VSRGEXMDMRGRåLYOMDQMHSULMHWQHJDLQDOL]DYLUDMRGRåLYOMDQMHQ HSULMHWQHJD EROHþLQHVWUDKX ±RPDPOMDMRþORYHNRYR]DYHVW'UXJD]QDþLOQRVWSULRPDPOMDQMX]DYHVWLMHGDVHVSRQDYOMDQMHPXWLULY]DVYRMHQRVW ±WRMH ãNRGOMLYRXPHWQRSRWUHER SR RPDPQL VQRYLRPDPQHP GRåLYOMDQMX D OL RPDPQHPYHGHQMX3RGREQRNDNRURPDPQHVQRYLQDPUHþXPHWQRVSRGEXMDDOL]DYLUDSULMHWQRQDJUDMHYDOQRPRåJDQVNRWUDQVPLVLMRWXGLRPDPR GRåLYOMDQMH QSUYERMHYLWLQDYLMDãNLWROSL DOLRPDPQRYHGHQMH QSULJUDQD VUHþR  3UL YVDNL RPDPQL ]DVYRMHQRVWL þORYHNX ]DNUQHYD ]PRåQRVWL ]D]GUDYRWUH]QRRSRMQRVWREVYRERGQHPUD]YRMX=YVDNRRPDPRVLþORYHN RåLSURVWRUVYRMHVYRERGH]DGRMHPDQMHVWYDUQRVWL±þHGDOMHERO MDYWLVWLþQR MH]D]LGDQYSRWUHERSR]DGRYROMHYDQMXVYRMHXPHWQHãNRGOMLYHS RWUHEHSR RPDPQLVQRYLRPDPQHPGRåLYOMDQMXVYRMHVXEMHNWLYQHQDYLGH]QHU HVQLþ QRVWLLQSRRPDPQHPYHGHQMXNLRWHåXMHGHORLQVRåLWMHþHGDOM HWHåMH ]DY]HPDVPLVHOQRVWDOLãþH 0ROHNXODDONRKRODRSLMDLQGUXJLKRPDPQLKVQRYLQLYQDUDYL]O R±KXGLþHYR VHPH±þHSUDYMRWXGLDONRKRORãNLVWURNRYQMDNGRåLYOMDNRWGYROLþQRKLQDYVNR PROHNXORNLYHOLNRREOMXEOMDQDWRSDQDUHGLãNRGR>@$ONRK ROMHHQDNR SRWUHEQDLQNRULVWQDVQRYNDNRUYVHGUXJH±MHUD]NXåLORWRSLORJRULYRVXURYLQDNRQ]HUYDQV±LQWXGLQMHJRYRRPDPQRGHORYDQMHQDPRåJDQ HMHELOR Y GRORþHQLK VLWXDFLMDK VPLVHOQR QSU RE EROHþLK SRVHJLK ]D UHãHYDQMH åLYOMHQMD GDQHVVR]DWRQDYROMRXVWUH]QHMãHNHPLþQHVQRYL  1DUNR]DNR SULXVWUH]QLGR]LSULPHUQHJDRPDPQHJDVUHGVWYDþORYHNL]JXEL]D YHVW RPRJRþDUHãHYDQMHåLYOMHQMD]RSHUDFLMR3DOLDWLYQRODMãDQMHEROHþLQHSULKXGLKEROH]QLKRPRJRþDGDþORYHN]PRUHVVYRMR]DYHVWMRVPLVHOQR]RUHWL VDPYVHELRSUDYOMDWLSRWUHEQDGHMDQMDWHUVPLVHOQRNRPXQLFLUD WL]EOLåQMLPL 9VHWRVRQHSUHFHQOMLYHYUHGQRWHNLELMLKREQH]QRVQLEROHþLQLQHPRJOL XUHVQLþLWL7XGLPRåJDQLVDPLLPDMRYUVWRY]JLERYGDVDPLSURL]YDMDMR SRGREQHVQRYL]DEODåLOQRWUDQVPLVLMRREªQHVPLVHOQL©EROHþLQL 2PDPOMDQMHMHWRUHMVDPRSRVHELVODERVODEDMH]ORUDEDRPDPQLKVQRYL RPDPQHJDGRåLYOMDQMDLQRPDPQHJDYHGHQMDNLRGYUDþDRG]GUDYHJ DUD]YRMD SRVDPH]QLNDRGOHSHJDVRåLWMDPHGOMXGPLLQRGWUDMQRVWQHJDUD ]YRMD NXOWXUH=ORRPDPOMDQMDQLRPHMHQRQDDONRKROLQGUXJHRPDPQHV QRYL SRVDPH]QLNRPLQGUXåELMHYVWROHWMXQDUHGLORYHOLNRYHþJR UMDGRåLYOMDMVNR RPDPOMDQMH]LGHRORJLMDPLLQ]JUHãHQLPLWHRULMDPL9GDQDãQMLSRWURãQLãNLGUXåEL PQRåLþQRDPSXWLUDUD]YRMQRVYRERGRNROHNWLYQD]PRWDUD]YDMDQMDNL]DYDMDOMXGLYLOX]LMRQHQHKQHJDXåLWNDEUH]GHODLQ]DYVDNRFHQRY GUXåLQDKSDSRY ]URþDQDMYHþKXGHJDRPDPQDUD]YDGDVODEHJDNRPXQLFLUDQMDLQMDORYLKVSRURY 1DYHGHQLDQWURSRORãNLUD]PLVOHNLRPRJRþDMRUD]PHMLWLXSRUDERRPDPQLK VQRYLRGQMLKRYH]ORUDEH2PDPOMDQMHLQ]DVYRMHQRVWLVRGLMRPHG PQRåLþQH NURQLþQHQHQDOH]OMLYHEROH]QLLQVRVRFLRSVLKRVRPDWVNLVLPSWRPGXKRYQH SUD]QRWHLQQDSDþQHåLYOMHQMVNHXVPHUMHQRVWLPHGWHPNRSDOLDWL YQR]GUDY OMHQMHEROHþLQHODKNRRGORþLOQRSRPDJDKXGREROQHPXþORYHNXGD RKUDQMD VYRERGRLQVHRVHEQRVWQRLQVRåLWQRUD]YLMDGRVPUWL  3$/,$7,91$20$0/-(126735,60,6(/1(0/$-â$1-8%2/(ý,1( 1DUNR]DSULRSHUDFLMLMHVPLVHOQRRPDPOMDQMH]DYHVWLNLRPRJRþDSUHåLYHWMH 3DOLDWLYQR]GUDYOMHQMHEROHþLQHREKXGLEROH]QLNLRODMãDWHOHVQRWUSOMHQMHRPRJRþDQDMYHþMHPRåQRWHOHVQRGXãHYQRGHORYDQMHLQVRåLWMH0QRJLPSRPDJDSULGXKRYQHP]RUHQMXYWUSOMHQMX]DUDGLQHR]GUDYOMLYHER OH]QLLQY VRRþHQMX]EOLåDMRþRVHVPUWMR/HSRPHGþORYHãNRVRåLWMHLQRVH EQDGXKRY QDJORELQDVWDQDMYLãMLLQ]DGQMLGRPHWþORYHãNHJD]RUHQMD=DWRMHODMãDQMHEROHþLQHHWLþQDGROåQRVW /DMãDQMHEROHþLQHQHSUHSUHþLþORYHãNHJDWUSOMHQMD7HOHVQDEROHþLQDNL SUHVHJDPHMHþORYHNRYH]GUåOMLYRVWLRYLUDQMHJRYRGXãHYQRGXK RYQRLQ VRFLDOQRGHORYDQMH]DWRMHQMHQRODMãDQMHQXMQRSRWUHEQRXWHPHOMHQRMH WXGLYQDUDYQHPODMãDQMX]EODåLOQRPRåJDQVNRWUDQVPLVLMR9HQG DUWRYHOMD VDPR]DODMãDQMHWHOHVQHEROHþLQHQHSD]DODMãDQMHGXãHYQHGXKRYQHLQ VRFLDOQHVWLVNHWHVRHQHUJLMD]DXNUHSDQMHNLQXMQRSRWUHEXM HNDUQDMYHþMR VYRERGRVWDOLãþDGRåLYOMDQMDLQUDYQDQMD2PDPOMDQMDYGXãHYQL GXKRYQLLQ VRFLDOQLVWLVNLUD]WRSLþORYHãNRHQHUJLMR]DUHãHYDQMHWHKVWLV N3DOLDWLYQR ]GUDYOMHQMHEROHþLQHMHWRUHMVPLVHOQRVDPR]DODMãDQMHWHOHVQH EROHþLQH 2ENRQFXODKNRL]SRYHGDQHJDL]OXãþLPRPLVHONLVHQDYH]XMHQD GHMVWYR GDMHUDNEROH]HQSULNDWHULRGSRYHWHOHVQLLPXQVNLY]JLE]DX QLþHYDQMH PDOLJQRPXWLUDQLKFHOLFYRUJDQL]PX3ULKLUDQMXWHOHVD]DUDGLWHJDODKNR±WXGLRESDOLDWLYQLRPDPLEROHþLQ±þORYHNGXKRYQRLQVRFLDOQRGR]RULGR SROQHPHUHVYRMHþORYHþQRVWL5DNVHGRJDMDYVUFXWHOHVQHLPXQ VNH]PRå QRVWLPHGWHPNRVHNURQLþQRRPDPOMDQMHLQ]DVYRMHQRVWLGRJDMDM RYVUFX SVLKRVRFLDOQLKLPXQVNLK]PRåQRVWL±SULQMLKXPHWQRDPSXWLUDPR þORYHãNR VYRERGRLQ]QMRGXKRYQLLPXQVNLVLVWHP=DWRMH]GUDYOMHQMHDO NRKROL]PDLQ GUXJLK]DVYRMHQRVWLWHUNURQLþQLKRPDPPRJRþHVDPRYREUDWQLVP HUL] YHOLNREROHþHJDQDSRUDVLþORYHNVNXSDM]GUXJLPLNLVH]GUDYLMR]DDONRKR OL]PRPYUDþD]PRåQRVWVYRERGH]D]DY]HPDQMHVPLVHOQHJDVWDOLãþ D]D ]GUDYRGRåLYOMDQMHLQGREURGHORYDQMH   /,7(5$785$  5DPRYã-$ONRKROQRRPDPOMHQ-HþDDONRKROL]PDYGUXåLQLLQ SRWL]QMHGRSROQMHQD L]GDMD&HOMH0RKRUMHYDGUXåED  5DPRYã-%RM]DåLYOMHQMHGUXåLQH=GUDYOMHQMHDONRKROL]PD LQXUHMDQMHQHVNODGQHGUXåLQH $ONRKROQRRPDPOMHQ,,&HOMH0RKRUMHYDGUXåED  5DPRYã-6RFLDOQLGHODYHFLQDONRKROL]HP0HWRGRORJLMD]DGHORVWURNRYQLKLQYRGVWYHQLK VOXåEQDSRGURþMXDONRKROL]PDYGHORYQLRUJDQL]DFLML/MXEOMDQD'HODYVNDHQRWQRVW  5DPRYã-6ORYDUVRFLDOQRDONRKRORãNHJDL]UD]MDGRSROQMHQDL]GDMD/MXEOMDQD,QãWLWXW $QWRQD7UVWHQMDND  5DPRYã-5DPRYã.3LWMHPODGLK5D]LVNDYDRSLWMXDONRKROD PHGPODGLPLYOXþLDQWUR SRORãNLKVSR]QDQMRRPDPDKLQ]DVYRMHQRVWLK/MXEOMDQD,QãWLWXW$QWRQD7UVWHQMDND  5DPRYã-5DPRYã.3UHSUHþHYDQMHRPDPOMDQMDLQ]DVYRMHQRVWL9SULSUDYLQDQDWLV  5LFKWHU+('HU*RWWHVNRPSOH[5HLQEHNEHL+DPEXUJ5RZRKOW   7UVWHQMDN$ýORYHNNRQþQRLQQHVNRQþQRELWMH&HOMH0RKRUM HYDGUXåED  )UDQNO9(.OMXEYVHPXUHþHPåLYOMHQMX'$&HOMH0RKRUMHYD GUXåED ª3VLKRORJGRåLYL WDERULãþHVPUWL©LQª7HPHOMQDQDþHODORJRWHUDSLMH© LQ  )UDQNO9(9ROMDGRVPLVOD&HOMH0RKRUMHYDGUXåEDL Q  )UDQNO9(=GUDYQLNLQGXãD&HOMH0RKRUMHYDGUXåED LQ  /XNDV(7XGLWYRMHWUSOMHQMHLPDVPLVHO&HOMH0RKRUMHYD GUXåED  /XNDV(9VHVHXJODVLLQL]SROQL9SUDãDQMDRVPLVOXNLV LMLK]DVWDYOMDPRQDVWDURVW &HOMH0RKRUMHYDGUXåEDLQD]ãLUMHQDL]GDMD  /XNDV(2VQRYHORJRWHUDSLMHýORYHãNDSRGREDLQPHWRGH&HOMH&HOMVND0RKRUMHYD GUXåED  (GZDUGV*$OFRKRO7KHZRUOG VIDYRULWHGUXJ1HZ