No title



)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

)(67,9$/9(56/$*352*32:(5(8523( 'RRU 1DXVLNDlGH%ODDXZ RSRNWREHU

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

9ULMGDJ +HWYHHO]LMGLJH9RODRSHQGHYULMGDJDYRQGGH]HHHGLWLHLQKHWJHPRHGHOLMNHSRS]DDOWMH6MLZDDOMDDUODQJGH YHQXHYRRUKHWIHVWLYDODOOHHQGHHHUVWHHGLWLHYRQGSODDWVLQLQ7LOEXUJ +HWLVHHQNOHLQKDOIXXUWMHORSHQYDQDI NDVWHHOGH%HUFNWZDDUGHPHHVWHEH]RHNHUVJHGXUHQGHKHWZHHNHQGYHUEOLMYHQ'H%HUFNWLVHHQLG\OOLVFKHORFDWLH ZDDUMHWRWUXVWNXQWNRPHQRINXQWSDUW\HQWRWGH]RQRSNRPW'DQEHQMHQHWRSWLMGYRRUKHWKHHUOLMNHRQWELMWGDW JHOXNNLJVLQGVHHQSDDUMDDUWRWWZDDOIXXUµ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«





)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

LQVWUXPHQWHQHHQGXLGHOLMNHHLJHQSOHNLQGHEDQGKHEEHQ]RQGHUHONDDURQGHUWHVQHHXZHQRIYRRUELMWHZLOOHQ VWUHYHQ'HHQVHEDODQV":DWHHQRSHQHU'LUHFWDOppQYDQGHKRRJWHSXQWHQYDQGLWMDDUZDWPLMEHWUHIW 'HKHDGOLQHURSYULMGDJDYRQGZDV0\UDWK7XQHVLVFKHSRZHUPHWDO :HUNWGDW"-DGDWZHUNWHQVWHUNHUQRJKHW7XQHVLVFKHWLQWMHLV ZDDUVFKLMQOLMNZDWGH]HEDQGRQGHUVFKHLGWYDQKHHOYHHODQGHUHEDQGVLQ KHWJHQUH1DWXXUOLMNGHEXLNGDQVHUHVZDVHHQDDQJHQDPHH[WUDHQPHW JURWHQGHHOVPDQQHQLQGH]DDO]HNHUHHQVOLPPH]HWPDDUGLWRSOHXNHQ ZDVLQSULQFLSHQLHWQRGLJZDQW0\UDWKµDQVLFK¶JDIHHQJRHGHVKRZ ZHJ$OOHEDQGOHGHQZDUHQPRRLXLWJHGRVWDDQGHSRGLXPSUHVHQWDWLH NRQKHWRRNQLHWOLJJHQ:HONZDPHQ]HZDWODQJ]DDPRSJDQJ=H]DWHQ QLHWGLUHFWKHOHPDDOLQKXQVSHOPDDUQDDUPDWHGHODQJHVHWYRUGHUGH NZDPGHEDQGVWHHGVPHHUORVHQNRQMHYRRUDORRNKRUHQGDWHUPHHU JHYRHOLQGHPX]LHNZHUGJHOHJG:HNUHJHQHHQVHWYRRUJHVFKRWHOGPHW HHQGXLGHOLMNEHJLQPLGGHQHQHLQGH+HWHQLJHPLQSXQWMHZDVZDWPLM EHWUHIWGHVROHHUYDDUGLJKHGHQYDQGHJLWDULVW'HVWRwFLMQVVSHOHQGH 9RODF 'ULHV'RNWHU

EDVVLVWHQLQGUXNZHNNHQGH]DQJHUPDDNWHQJHOXNNLJGDQZHHUKHHOYHHO JRHG1RJQRRLWHHUGHUZDVGHYULMGDJ]RVWHUNRS3URJ3RZHU(XURSH .XGR]YRRUGHRUJDQLVDWLH

=DWHUGDJ 'DJWZHHYDQKHWGULHGDDJVHIHVWLYDOZHUGDIJHWUDSWGRRUHHQ1HGHUODQGVHEDQG$UPHG&ORXG=LMZDUHQGLWMDDU ppQYDQGHVOHFKWVWZHHEDQGVXLWHLJHQODQGHQGDWLVPLVVFKLHQZHOW\SHUHQGYRRU3URJ3RZHU(XURSHGHJURWH YHUVFKHLGHQKHLGDDQQDWLRQDOLWHLWHQGLWMDDUVWRQGHQHUEDQGVXLW1HGHUODQG3ROHQGH9HUHQLJGH6WDWHQ6SDQMH 1RRUZHJHQ7XQHVLs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«





)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

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

+HW]HOIGHJROGWURXZHQVYRRUKHW 1HGHUODQGVH6FKL]RLG/OR\G0HW]R¶QEDQGRSKHW SURJUDPPDNDQHUHLJHQOLMNQLHWVPLVJDDQMRQJHKRQGHQPX]LHNJHGUDJHQGRRULPSRVDQWH]DQJSDUWLMHQ HFOHFWLVFKHFRPSRVLWLHVERPEDVW2SSDSLHULVGDWHHQXLWGDJHQGHRPVFKULMYLQJ=HPDDNWHQKHWOLYHHFKWZDDU +XQZDWUXLJHUHJLWDDUJHOXLG]RUJGHYRRUKHWSRZHUUDQGMHHQKHWSURJUHVVLHYH]DWµPYHHODOLQGHGUXPSDUWLMHQGLH VRPVHFKWQLHWWHYROJHQZDUHQQLHWGRRUPLMDOWKDQV:DDUKHWELM([[DVHQVYRRUDOGUDDLGHRPGHIORZKHW ZHJGURPHQELMZDVKHW6FKL]RLG/OR\GHUYRRUDORPWHGRHQRPRQVHYHQOHNNHUZDNNHUWHVFKXGGHQHQRSKHW YHUNHHUGHEHHQWH]HWWHQ2QJULMSEDDUPDDU]HJUHSHQRQVZHO 1DGHJHSODQGHµGLQQHUEUHDN¶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|IKDGHHQ K\SQRWLVHUHQGHIIHFWRSPH'HPDQZHNWH]RZHOZDDUGHULQJDOVRQJHPDNNHOLMNKHLGELMPHRS'DWZHUGQRJHYHQ YHUVWHUNWWRHQKLMVWDUKHWSXEOLHNLQVWDUHQGPHWHHQ]ZDUWHYODJEHJRQWH]ZDDLHQ*HHQEDQGZDDUGHWHQWPHHRS ]¶QNRSZRUGWJH]HWPDDUGDWLVGHQNLNRRNQLHWHFKWKXQLQVWHHN 'DWZDV]HNHUZHOZDDUGHDIVOXLWHUYDQGHGUXNEH]RFKWH]DWHUGDJDYRQG3DJDQ¶V0LQGRSKDGLQJH]HW'H1RUHQ ]LMQJUDDJJH]LHQHJDVWHQRS3URJ3RZHU(XURSH=HVWRQGHQHUGLWMDDUZHOJHWHOGYRRUGHYLHUGHNHHU'DW]HJWZHO ZDWHQYHUNODDUWRRNPLVVFKLHQZHOZDDURP]HZHOHHQVZDWDQGHUVZLOGHQSUREHUHQ=HEHJRQQHQKXQVHWPHWHHQ ODQJHLQVWUXPHQWDOHPHGOH\ZHWHQGHGDWMXLVWGLWSXEOLHNGDW]RXNXQQHQZDDUGHUHQ+HHOHYHQZDUHQZHEDQJGDW ]H]DQJHU1LOV.5XHYHUJHWHQZDUHQ«JHOXNNLJZDVGDWQLHWKHWJHYDO+HWSXEOLHNJLQJORV3DJDQ¶V0LQGVSHHOGH GDWDWH[WKWPOFKDUVHW XWI&KFODVV'HQWU\WLWOHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$«





)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

HHQODQJHVHWHQHUZHUG]HOIVHHQQXPPHUJHVSHHOGGDWQRJQRRLWHHUGHUOLYHWHQJHKRUHZHUGJHEUDFKW'HEDQG ZDVppQEURNSRVLWLHYHHQHUJLH'H]DWHUGDJDYRQGZHUG]RppQJURRWIHHVWLQ6MLZDODWHULQGHNHOGHUHQQRJZHHU ODWHULQGH%HUFNW«

6RHQF 'ULHV'RNWHU

=RQGDJ +HW*ULHNVH8QWLO5DLQRSHQGHGH]RQGDJ'HEDQGKDGHHQIOLQNHEH]HWWLQJPDQQHQHQYURXZHHQVLHUOLMNH GDPHLQKHWZLW=LMZDVGHEOLNYDQJHUPDDUKRHDDQJHQDDPRRNLNYURHJPHRI]HQRXHLJHQOLMNZHOHFKWLHWV ELMGURHJDDQGHQXPPHUVGLHHUWHQJHKRUHZHUGHQJHEUDFKW=HOHJGHZDWRQRSYDOOHQGH]DQJOLMQWMHVRQGHUGLHYDQ GH]DQJHUWHRQRSYDOOHQGZDWPLMEHWUHIW'DDUNDQYHHOPHHUXLWZRUGHQJHKDDOG(LJHQOLMNJHOGWKHW]HOIGHYRRUGH JLWDULVW+LMVSHHOGH]LMQULIIVVWUDNHQRYHUWXLJHQGPDDUKHWNORQNDOVRI]LMQVROR¶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«





)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

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pVHQFH9HHOEDQGVVSHOHQ WHJHQZRRUGLJPHWHHQDFKWHUJURQGVFKHUPZDDURSKHODDVWHYDDNFOLFKp EHHOGHQZRUGHQYHUWRRQGWHU GDWDWH[WKWPOFKDUVHW XWI&KFODVV'HQWU\WLWOHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$«





)HVWLYDOYHUVODJ3URJ3RZHU(XURSH_0HWDO_:ULWWHQLQ0XVLF

RQGHUVWHXQLQJYDQKXQOLYHPX]LHN/HSURXVNZDPPHWYLHU]RUJYXOGLJJHSRVLWLRQHHUGHIODWVFUHHQVHHQEULOMDQWH NHX]HHQSHUIHFWHDDQYXOOLQJRSKXQ]ZDUHPDDURK]RPHORGLHX]HVHWGLH]HYRORYHUWXLJLQJZLVWHQQHHUWH]HWWHQ +HWQLHXZHDOEXP7KH&RQJUHJDWLRQNUHHJJHOXNNLJYHHODDQGDFKW,NZDVEOLMWLMGHQVKXQRSWUHGHQppQNHHUHHQ YRFDOHPLVVHUWHKRUHQYDQWRHWVHQLVW]DQJHU(LQDU6ROEHUJZDQWDQGHUVZDVLNWRFKHFKWZHHU JDDQWZLMIHOHQ DDQ]LMQPHQVHOLMNKHLG2QJHORIHOLMN/HSURXVZDVGHSHUIHFWHDIVOXLWHUYDQHHQZHGHURPJHVODDJGH3URJ3RZHU HGLWLH0DDUQDWXXUOLMNJLQJKHWIHHVWMHQRJGRRUWRWLQGHYURHJHXXUWMHV«9ROJHQGMDDUZHHU"

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'HQWU\WLWOHVW\OH'PDUJLQ$S[S[S[%SDGGLQJ$«