3U]HGSU]HMĞFLHPGRSHáQHJRVVDQLD
SRFLąJQąüGĨZLJQLĊKDPXOFDZ
NLHUXQNXSU]HGQLHJRXFKZ\WX
+DPXOHFSLá\áDĔFXFKRZHMMHVWWHUD]
RGEORNRZDQ\3LODUNDMHVWJRWRZDGR
XĪ\FLD
a 2675=(ĩ(1,(àDĔFXFKQLHPRĪHVLĊ
SRUXV]DüJG\VLOQLNSUDFXMHQDELHJX
MDáRZ\P-HĞOLáDĔFXFKVLĊSU]HVXZDJG\
SLODUNDSUDFXMHQDELHJXMDáRZ\PQDOHĪ\
]DVWRVRZDüVLĊGR]DOHFHĔSRGDQ\FKZ
UR]G]LDOH5(*8/$&-$*$ħ1,.$
a 2675=(ĩ(1,(1LHGRW\NDüWáXPLND
*RUąF\WáXPLNPRĪHVSRZRGRZDüSRZDĪQH
RSDU]HQLD
a 2675=(ĩ(1,(1LHZROQRSUyERZDü
XUXFKRPLüSLODUNLWU]\PDMąFMąZSRZLHWU]X
OXEÄRGU]XFDMąF´MąRGVLHELH*UR]LWR
XWUDWąNRQWUROLQDGSLODUNąRUD]SRZDĪQ\PL
REUDĪHQLDPLRSHUDWRUD
858&+$0,$1,(6,/1,.$&,(3à(*2
3U]HGXUXFKRPLHQLHPXSHZQLüVLĊ
ĪHKDPXOHFSLá\áDĔFXFKRZHMMHVW
]DEORNRZDQ\
1DFLVQąüSRPSNĊUR]UXFKRZąSRPSĊ
SDOLZRZąUD]\DE\QDSá\QĊáR
GRQLHMSDOLZR3RPSDUR]UXFKRZD
SRPSDSDOLZRZDQLHPXVLE\ü
FDáNRZLFLHQDSHáQLRQD
3U]HFLąJQąüQLHELHVNąGĨZLJQLĊ
VVDQLDGRSR]\FML)8//&+2.(
&]HUZRQ\SU]HáąF]QLN:à6723
]RVWDQLHDXWRPDW\F]QLHSU]HáąF]RQ\
GRSR]\FML:à
3RSFKQąüQLHELHVNąGĨZLJQLĊVVDQLD
GRSR]\FML+$/)&+2.(
8:$*$:WHPSHUDWXUDFKSRZ\ĪHM
&)QDOHĪ\FDáNRZLFLHZFLVQąü
QLHELHVNąGĨZLJQLĊVVDQLD
0RFQRSRFLąJDüOLQNĊ]DSáRQRZą
SUDZąUĊNąGRSyNLVLOQLNQLH]DSDOL
&DáNRZLFLHZFLVQąüQLHELHVNą
GĨZLJQLĊVVDQLD
3U]HGSU]HMĞFLHPGRSHáQHJRVVDQLD
SRFLąJQąüGĨZLJQLĊKDPXOFDZ
NLHUXQNXSU]HGQLHJRXFKZ\WX
+DPXOHFSLá\áDĔFXFKRZHMMHVWWHUD]
RGEORNRZDQ\3LODUNDMHVWJRWRZDGR
XĪ\FLD
758'1<52=58&+
OXEXUXFKDPLDQLH]DODQHJRVLOQLND
-HĞOLVLOQLNQLH]DSDOLáSRSRFLąJQLĊFLDFK
SUDZGRSRGREQLH]RVWDá]DODQ\SDOLZHP=DODQ\VLOQLN
PRĪQDZ\F]\ĞFLü]QDGPLDUXSDOLZDFDáNRZLFLH
ZFLVNDMąFGĨZLJQLĊVVDQLDGRSR]\FML%(=66$1,$
DQDVWĊSQLHSRVWĊSXMąF]JRGQLH]SURFHGXUą
XUXFKDPLDQLDFLHSáHJRVLOQLND
5R]UXFKPRĪHZ\PDJDüZLHORNURWQHJRSRFLąJDQLD
]DOLQNĊUR]UXV]QLNDZ]DOHĪQRĞFLRGVWRSQLD]DODQLD
VLOQLND-HĞOLQLHPRĪQDXUXFKRPLüVLOQLNDSDWU]
7$%(/$52=:,Ą=<:$1,$352%/(0Ï:OXE
VNRQWDNWXMVLĊ]SXQNWHPREVáXJLNOLHQWD
=$75=<0<:$1,(
$E\]DWU]\PDüVLOQLNSRSFKQąüZGyáSU]HáąF]QLN:à
6723
a 2675=(ĩ(1,(:FHOXXQLNQLĊFLDSU]\SDGNRZHJR
XUXFKRPLHQLDIDMNDĞZLHF\]DSáRQRZHMPXVL
E\ü]DZV]H]GMĊWD]HĞZLHF\]DSáRQRZHMJG\
XU]ąG]HQLHMHVWSR]RVWDZLRQHEH]QDG]RUX
+$08/(&3,à<à$ē&8&+2:(-
a 2675=(ĩ(1,(1DGPLHUQH]XĪ\WDWDĞPD
KDPXOFDPRĪHVLĊ]HUZDüZPRPHQFLH
XUXFKRPLHQLDKDPXOFDSLá\áDĔFXFKRZHM-HĞOL
WDĞPDKDPXOFDMHVWXV]NRG]RQDKDPXOHF
QLH]DWU]\PDáDĔFXFKD+DPXOHFáDĔFXFKD
QDOHĪ\Z\PLHQLüZDXWRU\]RZDQ\PSXQNFLH
VHUZLVRZ\PMHĞOLGRZROQDMHJRF]ĊĞüMHVW
]XĪ\WDGRJUXERĞFLSRQLĪHMQLĪPP
FDOD1DSUDZĊSĊNQLĊWHJRáDĔFXFKDQDOHĪ\
SRZLHU]\üDXWRU\]RZDQHPXVHUZLVRZL
:SU]\SDGNXNRQLHF]QRĞFLGRNRQDQLDQDSUDZ\
SLODUNĊQDOHĪ\GRVWDUF]\üGRPLHMVFD]DNXSX
MHĞOLSURZDG]LRQUyZQRF]HĞQLHVHUZLVOXE
GRQDMEOLĪV]HJRDXWRU\]RZDQHJR]DNáDGX
VHUZLVRZHJR
3LODUNDMHVWZ\SRVDĪRQDZKDPXOHFSLá\áDĔFXFKRZHM
+DPXOHF]DWU]\PXMHáDĔFXFKZSU]\SDGNXRGELFLD
,QHUF\MQ\KDPXOHFSLá\áDĔFXFKRZHM]RVWDMH
]DEORNRZDQ\JG\GĨZLJQLDKDPXOFD]RVWDQLHSRSFKQLĊWD
GRSU]RGXUĊF]QLHOXEDXWRPDW\F]QLHSU]H]QDJá\UXFK
*G\KDPXOHFMHVW]DEORNRZDQ\PRĪQDJRRGEORNRZDü
SRFLąJDMąFGĨZLJQLĊKDPXOFD]SRZURWHPPDNV\PDOQLH
ZNLHUXQNXXFKZ\WXSU]HGQLHJR
:F]DVLHFLĊFLDKDPXOHFáDĔFXFKDPXVLE\üRGEORNRZDQ\
.21752/$)81.&-,+$02:$1,$
8:$*$+DPXOHFáDĔFXFKDQDOHĪ\NRQWURORZDü
NLONDUD]\G]LHQQLH:F]DVLHZ\NRQ\ZDQLDNRQWUROL
VLOQLNPXVLE\üZUXFKX
.RQWURODG]LDáDQLDKDPXOFDMHVWMHG\QąF]\QQRĞFLą
ZF]DVLHNWyUHMSLODUNDPRĪHE\üSRáRĪQDQDSRGáRĪX
]SUDFXMąF\PVLOQLNLHP
3RáRĪ\üSLODUNĊQDVWDELOQ\PSRGáRĪX3UDZąUĊNą
FKZ\FLüXFKZ\WW\OQ\DOHZąUĊNą±XFKZ\WSU]HGQL$E\
ZSHáQLRWZRU]\üSU]HSXVWQLFĊQDFLVQąüGRNRĔFDVSXVW
SU]HSXVWQLF\8UXFKRPLüKDPXOHFáDĔFXFKDXGHU]DMąF
OHZ\PQDGJDUVWNLHPRVáRQĊUĊNLEH]SXV]F]DQLDXFKZ\WX
SU]HGQLHJRàDĔFXFKSRZLQLHQ]DWU]\PDüVLĊQDW\FKPLDVW
635$:'=$1,(67(52:$1,$)81.&-Ą
$.7<:$&-,%(=:à$'12ĝ&,
a 2675=(ĩ(1,(3RGF]DVZ\NRQ\ZDQLDQLĪHM
RSLVDQHMSURFHGXU\VLOQLNPXVLE\üZ\áąF]RQ\
3UDZąUĊNąFKZ\FLüXFKZ\WW\OQ\DOHZąUĊNą±
XFKZ\WSU]HGQL
7U]\PDüSLODUNĊRN±FP±QDGSQLHP
OXELQQąGUHZQLDQąSRZLHU]FKQLą
10X
1/2