%UXJVDQYLVQಣ LQJ 6 & '( ,QVWUXNFMD REVĄXJL %UXNVDQYLVQಣ LQJ .ºOHVNDE &KĄRG]LDUND .\OVN§S
63,6 75(Ĝ&, ,QIRUPDFMH GRW\F]ÇFH EH]SLHF]HĆVWZD :VND]µZNL GRW\F]ÇFH EH]SLHF]HĆVWZD ,QVWDODFMD 3DQHO VWHURZDQLD &RG]LHQQH Xľ\WNRZDQLH :VND]µZNL L SRUDG\ .RQVHUZDFMD L F]\V]F]HQLH 5R]ZLÇ]\ZDQLH SUREOHPµZ +DĄDV JĄRĝQD SUDFD 'DQH WHFKQLF]QH ,QIRUPDFMH GOD RĝURGNµZ SU]HSURZDG]DMÇF\FK WHVW\ 2%6ă8*$ ./,(17$ , 6(5:,6 1DOHľ\ ]DZV]H Xľ\ZDÉ RU\JLQDOQ\FK F]ÛĝFL ]DPLHQQ\FK 3U]HG NRQWDNWHP ] DXWRU\]RZDQ\P FHQWUXP VHUZLVRZ\P QDOHľ\ SU]\JRWRZDÉ SRQLľV]H GDQH 0RGHO QXPHU VHU\MQ\
ವ ವ ವ ವ ವ ವ D WDNľH QLHSRVLDGDMÇFH RGSRZLHGQLHM ZLHG]\ OXE GRĝZLDGF]HQLD MHĝOL EÛGÇ RQH QDG]RURZDQH OXE ]RVWDQÇ SRLQVWUXRZDQH Z ]DNUHVLH EH]SLHF]QHJR NRU]\VWDQLD ] XU]ÇG]HQLD L EÛGÇ ĝZLDGRPH ]ZLÇ]DQ\FK ] W\P ]DJURľHĆ ']LHFL Z ZLHNX RG GR ODW PRJÇ ZNĄDGDÉ L Z\MPRZDÉ SURGXNW\ ] XU]ÇG]HQLD SRG ZDUXQNLHP ľH ]RVWDQÇ RGSRZLHGQLR SRLQVWUXRZDQH = XU]ÇG]HQLD PRJÇ NRU]\VWDÉ RVRE\ R ]QDF]Q\P VWRSQLX QLHSHĄQRVSUDZQRĝFL SRG ZDUXQNLHP ľH ]RVWDQÇ RGSRZLHGQLR SRLQVWUXRZDQH ']LHFL SRQLľHM URNX ľ\FLD QLH S
ವ ವ ವ ವ ವ ವ ವ ವ ವ 2675=(Ľ(1,( 2WZRU\ ZHQW\ODF\MQH Z REXGRZLH XU]ÇG]HQLD OXE Z ]DEXGRZLH QLH PRJÇ E\É ]DNU\WH DQL ]DQLHF]\V]F]RQH 2675=(Ľ(1,( 1LH ZROQR Xľ\ZDÉ ľDGQ\FK XU]ÇG]HĆ OXE ĝURGNµZ GR SU]\VSLHV]DQLD RGPUDľDQLD XU]ÇG]HQLD ] Z\MÇWNLHP W\FK NWµUH ]DOHFD SURGXFHQW 2675=(Ľ(1,( 1DOHľ\ ]DFKRZDÉ RVWURľQRĝÉ DE\ QLH XV]NRG]LÉ XNĄDGX FKĄRGQLF]HJR 2675=(Ľ(1,( 'R ZQÛWU]D XU]ÇG]HQLD QLH ZROQR ZNĄDGDÉ ľDGQ\FK XU]ÇG]HĆ HOHNWU\F]Q\FK ] Z\MÇWNLHP W\FK NWµUH ]DOHFD SURGXFHQW 8U]ÇG]HQLD QLH ZROQR F]
ವ ವ ವ ವ ವ ವ ವ ವ VWRVRZDÉ UÛNDZLFH RFKURQQH L PLHÉ QD VWRSDFK SHĄQH REXZLH :RNµĄ XU]ÇG]HQLD QDOHľ\ ]DSHZQLÉ SU]HSĄ\Z SRZLHWU]D 3R ]DLQVWDORZDQLX QRZHJR XU]ÇG]HQLD OXE ]PLDQLH NLHUXQNX RWZLHUDQLD MHJR GU]ZL QDOHľ\ RGF]HNDÉ FR QDMPQLHM JRG]LQ\ SU]HG SRGĄÇF]HQLHP XU]ÇG]HQLD GR ]DVLODQLD -HVW WR QLH]EÛGQH DE\ ROHM VSĄ\QÇĄ ] SRZURWHP GR VSUÛľDUNL 3U]HG Z\NRQDQLHP MDNLFKNROZLHN F]\QQRĝFL SU]\ XU]ÇG]HQLX QS SU]HG ]PLDQÇ NLHUXQNX RWZLHUDQLD GU]ZL QDOHľ\ Z\MÇÉ ZW\F]NÛ SU]HZRGX ]DVLODMÇFHJR ] JQLD]GND
ವ ವ ವ ವ ವ ವ ವ ವ ವ SĄRPLHQLD DQL ļUµGHĄ ]DSĄRQX 3U]HZLHWU]\É SRPLHV]F]HQLH 1LH GRSXV]F]DÉ DE\ JRUÇFH SU]HGPLRW\ GRW\NDĄ\ SODVWLNRZ\FK HOHPHQWµZ XU]ÇG]HQLD 1LH ZNĄDGDÉ GR NRPRU\ ]DPUDľDUNL QDSRMµZ JD]RZDQ\FK =DPUDľDQLH SRZRGXMH Z]URVW FLĝQLHQLD Z RSDNRZDQLX ] QDSRMHP 1LH ZROQR SU]HFKRZ\ZDÉ Z XU]ÇG]HQLX ĄDWZRSDOQ\FK JD]µZ L SĄ\QµZ 1LH XPLHV]F]DÉ Z XU]ÇG]HQLX QD QLP DQL Z MHJR SREOLľX ĄDWZRSDOQ\FK VXEVWDQFML DQL SU]HGPLRWµZ QDVÇF]RQ\FK ĄDWZRSDOQ\PL VXEVWDQFMDPL 1LH GRW\NDÉ VSUÛľDUNL DQL VNUDSO
ವ 2GĄÇF]\É XU]ÇG]HQLH RG ļUµGĄD ]DVLODQLD ವ 2GFLÇÉ L Z\U]XFLÉ SU]HZµG ]DVLODMÇF\ ವ :\PRQWRZDÉ GU]ZL DE\ XQLHPRľOLZLÉ ]DPNQLÛFLH VLÛ G]LHFND OXE ]ZLHU]ÛFLD ZHZQÇWU] XU]ÇG]HQLD ವ &]\QQLN Z XNĄDG]LH FKĄRGQLF]\P L PDWHULDĄ\ L]RODF\MQH ]DVWRVRZDQH Z W\P XU]ÇG]HQLX QLH VWDQRZLÇ ]DJURľHQLD GOD ZDUVWZ\ R]RQRZHM ವ 3LDQND L]RODF\MQD ]DZLHUD ĄDWZRSDOQ\ JD] $E\ X]\VNDÉ LQIRUPDFMH GRW\F]ÇFH SUDZLGĄRZHM XW\OL]DFML XU]ÇG]HQLD QDOHľ\ VNRQWDNWRZDÉ VLÛ ] ORNDOQ\PL ZĄDG]DPL ವ 1DOHľ\ XZDľDÉ DE\ QLH XV]NRG]LÉ XNĄD
D3 D1 :\PLDU\ D2 W1 W3 A B H1 W2 &DĄNRZLWH Z\PLDU\ { :\PDJDQD SU]HVWU]HĆ t + PP ' PP : PP $ PP ' PP % PP { Z\VRNRĝÉ V]HURNRĝÉ L JĄÛERNRĝÉ XU]ÇG]HQLD EH] XFKZ\WX L QµľHN :\PDJDQD SU]HVWU]HĆ t + $ % PP : PP t Z\VRNRĝÉ V]HURNRĝÉ L JĄÛERNRĝÉ XU]ÇG]HQLD ZUD] ] XFKZ\WHP RUD] SU]HVWU]HQLÇ QLH]EÛGQÇ GR VZRERGQHJR RELHJX SRZLHWU]D FKĄRG]ÇFHJR
&DĄNRZLWD Z\PDJDQD SU]HVWU]HĆ u + $ % PP : PP ' PP u Z\VRNRĝÉ V]HURNRĝÉ L JĄÛERNRĝÉ XU]ÇG]HQLD ZUD] ] XFKZ\WHP SU]HVWU]HQLÇ QLH]EÛGQÇ GR VZRERGQHJR RELHJX SRZLHWU]D FKĄRG]ÇFHJR RUD] SU]HVWU]HQLÇ QLH]EÛGQÇ GR RWZDUFLD GU]ZL SRG PLQLPDOQ\P NÇWHP XPRľOLZLDMÇF\P Z\MÛFLH FDĄHJR Z\SRVDľHQLD ZQÛWU]D 8PLHMVFRZLHQLH $E\ ]DSHZQLÉ RSW\PDOQÇ SUDFÛ XU]ÇG]HQLD QLH QDOHľ\ LQVWDORZDÉ JR Z SREOLľX ļUµGĄD FLHSĄD QS SLHNDUQLND SLHFD JU]HMQLND NXFKHQNL JD]RZHM OXE SĄ\W\ JU]HMQHM DQL Z P
GRW\F]ÇFH LQVWDODFML L ]PLDQ\ NLHUXQNX RWZLHUDQLD GU]ZL 8:$*$ 1D NDľG\P HWDSLH SURFHGXU\ ]PLDQ\ NLHUXQNX RWZLHUDQLD GU]ZL QDOHľ\ ]DEH]SLHF]\É MH SU]H] ]DU\VRZDQLHP Xľ\ZDMÇF RGSRZLHGQLR Z\WU]\PDĄHJR PDWHULDĄX 3$1(/ 67(52:$1,$ 1 6 5 :\ĝZLHWODF] 3U]\FLVN SRGZ\ľV]DQLD WHPSHUDWXU\ 3U]\FLVN REQLľDQLD WHPSHUDWXU\ 2. 0RľQD ]PLHQLÉ ]GHILQLRZDQ\ GļZLÛN SU]\FLVNµZ QDFLVNDMÇF MHGQRF]HĝQLH L SU]\WU]\PXMÇF SU]H] NLOND VHNXQG 0RGH L 4 3 2 0RGH 21 2)) SU]\FLVN REQLľDQLD WHPSHUDWXU\ =PLDQÛ
:\ĄÇF]DQLH )XQNFMD )DVW)UHH]H 1DFLVQÇÉ SU]\FLVN 21 2)) QD XU]ÇG]HQLX L SU]\WU]\PDÉ SU]H] VHNXQG :\ĝZLHWODF] Z\ĄÇF]\ VLÛ :\MÇÉ ZW\F]NÛ SU]HZRGX ]DVLODMÇFHJR ] JQLD]GD HOHNWU\F]QHJR )XQNFMD )DVW)UHH]H VĄXľ\ GR ZVWÛSQHJR V]\ENLHJR ]DPUDľDQLD ľ\ZQRĝFL Z NRPRU]H ]DPUDľDUNL 3U]\VSLHV]D RQD ]DPUDľDQLH ĝZLHľHM ľ\ZQRĝFL L MHGQRF]HĝQLH FKURQL SU]HFKRZ\ZDQH SURGXNW\ SU]HG QLHSRľÇGDQ\P RJU]DQLHP 5HJXODFMD WHPSHUDWXU\ 8VWDZLÉ WHPSHUDWXUÛ XU]ÇG]HQLD QDFLVNDMÇF SU]\FLVNL UHJXODFML WHPSHUDWXU\ =DOHFD
VFKĄDG]DQLD SURGXNWµZ SU]H] RNUHĝORQ\ F]DV 0RľQD ] QLHM WDNľH NRU]\VWDÉ DE\ QLH ]DSRPQLHÉ R EXWHONDFK OXE SXV]NDFK XPLHV]F]RQ\FK Z ]DPUDľDUFH Z FHOX V]\ENLHJR VFKĄRG]HQLD 1DFLVQÇÉ L SU]\WU]\PDÉ 0RGH Dľ SRMDZL VLÛ RGSRZLHGQL V\PERO :VNDļQLN 'ULQNV&KLOO ]DF]QLH PLJDÉ 3U]H] NLOND VHNXQG EÛG]LH Z\ĝZLHWODQD XVWDZLRQD ZDUWRĝÉ GOD PLQXWQLND PLQXW 1DFLVQÇÉ SU]\FLVN UHJXODFML PLQXWQLND DE\ ]PLHQLÉ XVWDZLHQLH Z ]DNUHVLH RG GR PLQXW 1DFLVQÇÉ 2. DE\ SRWZLHUG]LÉ :ĄÇF]\ VLÛ ZVNDļQLN 'ULQ
=PLDQD SRĄRƽHQLD SµĄHN =DPUDƽDQLH ĝZLHƽHM ƽ\ZQRĝFL ĜFLDQ\ NRPRU\ FKĄRG]LDUNL Z\SRVDľRQR Z NLOND SURZDGQLF XPRľOLZLDMÇF\FK XPLHV]F]HQLH SµĄHN ]JRGQLH ] ELHľÇF\PL SRWU]HEDPL .RPRUD ]DPUDľDUNL MHVW SU]H]QDF]RQD GR GĄXJRWUZDĄHJR ]DPUDľDQLD ĝZLHľHM ľ\ZQRĝFL RUD] SU]HFKRZ\ZDQLD ]DPURľRQHM L JĄÛERNR ]DPURľRQHM ľ\ZQRĝFL : FHOX ]DPURľHQLD ĝZLHľHM ľ\ZQRĝFL QDOHľ\ ZĄÇF]\É IXQNFMÛ )DVW)UHH]H FR QDMPQLHM JRG]LQ\ SU]HG XPLHV]F]HQLHP ľ\ZQRĝFL SU]H]QDF]RQHM GR ]DPURľHQLD Z NRPRU]H ]DPUDľDUNL 3U]HFKRZ\ZDÉ ĝZLH
8:$*$ -HľHOL GRMG]LH GR SU]\SDGNRZHJR UR]PURľHQLD ľ\ZQRĝFL QS QD VNXWHN DZDULL ]DVLODQLD NWµUD WUZDĄD GĄXľHM QLľ SRGDQR QD WDEOLF]FH ]QDPLRQRZHM GOD SDUDPHWUX ಱF]DV XWU]\P\ZDQLD WHPSHUDWXU\ EH] ]DVLODQLDರ QDOHľ\ V]\ENR VSRľ\É UR]PURľRQÇ ľ\ZQRĝÉ OXE QLH]ZĄRF]QLH MÇ XJRWRZDÉ VFKĄRG]LÉ L SRQRZQLH ]DPUR]LÉ 5R]PUDƽDQLH Ľ\ZQRĝÉ ]DPURľRQÇ OXE JĄÛERNR ]DPURľRQÇ PRľQD SU]HG VSRľ\FLHP UR]PUR]LÉ Z FKĄRG]LDUFH OXE SR XPLHV]F]HQLX Z IROLRZHM WRUELH Z ]LPQHM ZRG]LH :\EµU PHWRG\ ]DOHľ\ RG ZROQHJR F]DVX L U
SRNRMRZHM Z F]ÛĝFL NRPRU\ ]DPUDľDUNL JG]LH QLH MHVW SU]HFKRZ\ZDQD ]DPURľRQD ľ\ZQRĝÉ ವ 1LH QDOHľ\ VSRľ\ZDÉ NRVWHN ORGX ORGµZ VRUEHWRZ\FK DQL ORGµZ QD SDW\NX EH]SRĝUHGQLR SR LFK Z\MÛFLX ] ]DPUDľDUNL *UR]L WR RGPURľHQLDPL ವ 1LH ZROQR SRQRZQLH ]DPUDľDÉ UR]PURľRQHM ľ\ZQRĝFL -HĝOL ľ\ZQRĝÉ XOHJĄD UR]PURľHQLX QDOHľ\ MÇ XJRWRZDÉ RVWXG]LÉ D QDVWÛSQLH ]DPUR]LÉ :VND]µZNL GRW\F]ÇFH SU]HFKRZ\ZDQLD ]DPURƽRQHM ƽ\ZQRĝFL ವ .RPRUD ]DPUDľDUNL MHVW R]QDF]RQD V\PEROHP ವ 2GSRZLHGQLH XVWDZLHQLH WHPSHUDWXU\ ]DSHZQ
5RG]DM SRWUDZ\ 2NUHV WUZDĄRĝFL Z PLHVLÇFDFK 2ZRFH PRU]D 7ĄXVWH U\E\ QS ĄRVRĝ PDNUHOD &KXGH U\E\ QS GRUV] IOÇGUD .UHZHWNL 0DĄľH L RVWU\JL EH] PXV]OL *RWRZDQH U\E\ 0LÛVR 'UµE :RĄRZLQD :LHSU]RZLQD -DJQLÛFLQD .LHĄEDVD 6]\QND 3R]RVWDĄRĝFL SRWUDZ PLÛVQ\FK :VND]µZNL GRW\F]ÇFH SU]HFKRZ\ZDQLD ĝZLHƽHM ƽ\ZQRĝFL ವ $E\ ]DSRELHF PDUQRWUDZVWZX ľ\ZQRĝFL QDOHľ\ ]DZV]H XPLHV]F]DÉ QRZH SURGXNW\ ]D NXSLRQ\PL ZF]HĝQLHM ವ 2GSRZLHGQLH XV
ವ %XWHONL ]DPNQÇÉ MH QDNUÛWNDPL L XPLHĝFLÉ QD GU]ZLRZHM SµĄFH QD EXWHONL OXE MHĝOL Z\VWÛSXMH QD VSHFMDOQHM SµĄFH QD EXWHONL ವ 1DOHľ\ ]DZV]H EUDÉ SRG XZDJÛ WHUPLQ SU]\GDWQRĝFL SU]HFKRZ\ZDQ\FK SURGXNWµZ GR VSRľ\FLD .216(5:$&-$ , &=<6=&=(1,( 2675=(Ƽ(1,( 3DWU] UR]G]LDĄ GRW\F]ÇF\ EH]SLHF]HĆVWZD &]\V]F]HQLH ZQÛWU]D : FHOX XVXQLÛFLD ]DSDFKX QRZHJR SURGXNWX SU]HG SLHUZV]\P XUXFKRPLHQLHP XU]ÇG]HQLD QDOHľ\ XP\É MHJR ZQÛWU]H L ]QDMGXMÇFH VLÛ Z QLP DNFHVRULD OHWQLÇ ZRGÇ ] GRGDWNLHP QHXWUDOQHJR ĝURGND F]
=DPUDľDUNÛ QDOHľ\ UR]PUDľDÉ JG\ ZDUVWZD V]URQX PD JUXERĝÉ RN PP :\ĄÇF]\É XU]ÇG]HQLH L Z\MÇÉ ZW\F]NÛ ] JQLD]GD HOHNWU\F]QHJR :\MÇÉ ZV]\VWNLH SU]HFKRZ\ZDQH SURGXNW\ L XPLHĝFLÉ MH Z FKĄRGQ\P PLHMVFX 8:$*$ :]URVW WHPSHUDWXU\ ]DPURľRQ\FK SURGXNWµZ VSRľ\ZF]\FK SRGF]DV UR]PUDľDQLD PRľH VSRZRGRZDÉ VNUµFHQLH F]DVX LFK EH]SLHF]QHJR SU]HFKRZ\ZDQLD 1LH ZROQR GRW\NDÉ ]DPURľRQHM ľ\ZQRĝFL PRNU\PL UÛNRPD 5ÛFH PRJÇ SU]\PDU]QÇÉ GR PURľRQNL =RVWDZLÉ RWZDUWH GU]ZL =DEH]SLHF]\É SRGĄRJÛ SU]HG ZRGÇ SRZ
3UREOHP 0RƽOLZD SU]\F]\QD 5R]ZLÇ]DQLH %UDN QDSLÛFLD Z JQLHļG]LH HOHNWU\F]Q\P 3RGĄÇF]\É XU]ÇG]HQLH GR LQಣ QHJR JQLD]GD HOHNWU\F]QHJR 6NRQWDNWRZDÉ VLÛ ] Z\NZDOLಣ ILNRZDQ\P HOHNWU\NLHP 8U]ÇG]HQLH MHVW JĄRĝQH 8U]ÇG]HQLH QLH MHVW SUDZLGಣ ĄRZR ]DPRFRZDQH 6SUDZG]LÉ F]\ XU]ÇG]HQLH VWRL VWDELOQLH :ĄÇF]\Ą VLÛ DODUP GļZLÛNRಣ Z\ OXE Z]URNRZ\ 8U]ÇG]HQLH QLHGDZQR ZĄÇಣ F]RQR 3DWU] ಱ$ODUP RWZDUW\FK GU]ZLರ OXE ಱ$ODUP Z\VRNLHM WHPSHUDWXU\ರ 7HPSHUDWXUD Z XU]ÇG]HQLX MHVW ]D Z\VRND 3DWU] ಱ$ODUP RWZ
3UREOHP 0RƽOLZD SU]\F]\QD 5R]ZLÇ]DQLH 'U]ZL VWDZLDMÇ RSµU SU]\ RWಣ ZLHUDQLX 3UµERZDQR RWZRU]\É GU]ZL ]DUD] SR LFK ]DPNQLÛFLX 3R ]DPNQLÛFLX GU]ZL QDOHľ\ RGF]HNDÉ NLOND VHNXQG SU]HG LFK SRQRZQ\P RWZDUಣ FLHP 2ĝZLHWOHQLH QLH G]LDĄD 2ĝZLHWOHQLH MHVW Z WU\ELH F]XZDQLD =DPNQÇÉ L RWZRU]\É GU]ZL 2ĝZLHWOHQLH MHVW XV]NRG]Rಣ QH 1DOHľ\ VNRQWDNWRZDÉ VLÛ ] QDMEOLľV]\P DXWRU\]RZDQ\P FHQWUXP VHUZLVRZ\P =D GXľR V]URQX L ORGX 'U]ZL QLH VÇ SUDZLGĄRZR ]Dಣ PNQLÛWH 3DWU] SXQNW ಱ=DP\NDQLH GU]ZLರ 8V]
3UREOHP 0RƽOLZD SU]\F]\QD 5R]ZLÇ]DQLH 2GSĄ\Z ZRG\ MHVW QLHGURľQ\ :\F]\ĝFLÉ RGSĄ\Z ZRG\ :RGD VSĄ\ZD QD SRGĄRJÛ 2GSĄ\Z VNURSOLQ QLH MHVW SRGĄÇF]RQ\ GR SRMHPQLND QDG VSUÛľDUNÇ =DPRFRZDÉ RGSĄ\Z VNURSOLQ GR SRMHPQLND QD VNURSOLQ\ 1LH PRľQD XVWDZLÉ WHPSHUDಣ WXU\ :ĄÇF]RQD MHVW ಱ)XQNFMD )DVW)UHH]Hರ OXE ಱ)XQNFMD )DVW&RROರ :\ĄÇF]\É UÛF]QLH ಱ)XQNFMÛ )DVW)UHH]Hರ OXE ಱ)XQNFMÛ )DVW&RROರ DOER ]DF]HNDÉ Dľ IXQNFMD Z\ĄÇF]\ VLÛ DXWRPDಣ W\F]QLH L XVWDZLÉ WHPSHUDWXಣ UÛ 3DWU] VHNFMD ಱ)XQNFMD )DVW)UHH]Hರ
3UREOHP 0RƽOLZD SU]\F]\QD 5R]ZLÇ]DQLH 1D Z\ĝZLHWODF]X WHPSHUDWXಣ U\ ]DPLDVW F\IU ZLGRF]Q\ MHVW 3UREOHP ] F]XMQLNLHP WHPಣ SHUDWXU\ 6NRQWDNWRZDÉ VLÛ ] QDMEOLľಣ V]\P DXWRU\]RZDQ\P FHQಣ WUXP VHUZLVRZ\P XNĄDG FKĄRG]ÇF\ EÛG]LH QDGDO FKĄRG]LĄ ľ\ZQRĝÉ DOH UHJXODಣ FMD WHPSHUDWXU\ QLH EÛG]LH PRľOLZD V\PERO OXE DOER -HĝOL SRGDQH UR]ZLÇ]DQLD QLH ]DSHZQLÇ SRľÇGDQHJR HIHNWX QDOHľ\ VNRQWDNWRZDÉ VLÛ ] QDMEOLľV]\P DXWRU\]RZDQ\P FHQWUXP VHUZLVRZ\P :\PLDQD RĝZLHWOHQLD 8U]ÇG]HQLH Z\SRVDľRQR Z EDUG]
+$ă$6 *ă2Ĝ1$ 35$&$ SSSRRR! BRRR! CLICK! HISSS! BLUBB! '$1( 7(&+1,&=1( 'DQH WHFKQLF]QH SRGDQR QD WDEOLF]FH ]QDPLRQRZHM ]QDMGXMÇFHM VLÛ ZHZQÇWU] XU]ÇG]HQLD RUD] QD HW\NLHFLH LQIRUPXMÇFHM R ]Xľ\FLX HQHUJLL .RG 45 ]QDMGXMÇF\ VLÛ QD HW\NLHFLH GRĄÇF]RQHM GR XU]ÇG]HQLD ] R]QDF]HQLHP NODV\ HQHUJHW\F]QHM ]DZLHUD ĄÇF]H GR VWURQ\ LQWHUQHWRZHM ] LQIRUPDFMÇ R SDUDPHWUDFK XU]ÇG]HQLD ] ED]\ GDQ\FK 8( (35(/ (W\NLHWÛ ] R]QDF]HQLHP NODV\ HQHUJHW\F]QHM ZUD] LQVWUXNFMÇ REVĄXJL L LQQ\PL GRNXPHQWDPL GRVWDUF]RQ\PL ] XU]Ç
Z\PLDUµZ ZQÛNL L PLQLPDOQ\FK RGVWÛSµZ ] W\ĄX VÇ RNUHĝORQH Z QLQLHMV]HM LQVWUXNFML Z UR]G]LDOH $E\ X]\VNDÉ ZLÛFHM LQIRUPDFML Z W\P GRW\F]ÇF\FK VSRVREX ]DĄDGXQNX QDOHľ\ VNRQWDNWRZDÉ VLÛ ] SURGXFHQWHP 2&+521$ Ĝ52'2:,6.$ 0DWHULDĄ\ R]QDF]RQH V\PEROHP QDOHľ\ SRGGDÉ XW\OL]DFML 2SDNRZDQLH XU]ÇG]HQLD ZĄRľ\É GR RGSRZLHGQLHJR SRMHPQLND Z FHOX SU]HSURZDG]HQLD UHF\NOLQJX 1DOHľ\ ]DGEDÉ R SRQRZQH SU]HWZDU]DQLH RGSDGµZ XU]ÇG]HĆ HOHNWU\F]Q\FK L HOHNWURQLF]Q\FK DE\ FKURQLÉ ĝURGRZLVNR QDWXUDOQH RUD] OXG]NLH ]