35=(5=<1.$%(=32'3$5&,$
:\NRQDüFLĊFLHRGJyU\QDJáĊERNRĞüNáRG\
3U]HZUyFLüNáRGĊQDGUXJąVWURQĊLGRNRĔF]\ü
Z\NRQXMąFGUXJLHFLĊFLHRGJyU\
8:$*$=ZUDFDüXZDJĊQDVWURQĊĞFLVNDQąNáRG\
DE\XQLNQąü]DNOHV]F]HQLDSLODUNL
35=(5=<1.$=:<.25=<67$1,(0
.à2'</8%.2=à$
:\NRQDüSLHUZV]HFLĊFLHSRĞFLVNDQHMVWURQLH
NáRG\3LHUZV]HFLĊFLHSRZLQQRPLHüJáĊERNRĞü
ĞUHGQLF\NáRG\
'RNRĔF]\üZ\NRQXMąFGUXJLHFLĊFLH
2.5=(6<:$1,(,35=<&,1$1,(
a 2675=(ĩ(1,(1DOHĪ\SDPLĊWDüRU\]\NX
Z\VWĊSRZDQLDRGELüLSRGHMPRZDü
RGSRZLHGQLHĞURGNLRVWURĪQRĞFL3RGF]DV
RNU]HV\ZDQLDOXESU]\FLQDQLDQDOHĪ\XZDĪDü
DE\áDĔFXFKQDNRĔFyZFHSURZDGQLF\QLH
VW\NDáVLĊ]LQQ\PLJDáĊ]LDPLDQLLQQ\PL
RELHNWDPL0RĪHWRSURZDG]LüGRSRZDĪQ\FK
REUDĪHĔ
a 2675=(ĩ(1,(:FHOXRNU]HV\ZDQLDOXE
SU]\FLQDQLDQLJG\QLHZROQRZFKRG]Lü
QDGU]HZR1LHQDOHĪ\VWDüQDGUDELQLH
SODWIRUPLHNáRG]LHOXEZLQQHMSR]\FMLNWyUD
PRĪHGRSURZDG]LüGRXWUDW\UyZQRZDJLOXE
NRQWUROLQDGSLODUNą
:$ĩ1(,1)250$&-(
1DOHĪ\SUDFRZDüSRZROLWU]\PDMąFSLODUNĊ
SHZQLHZREXUĊNDFK6WDüQDVWDELOQ\PSRGáRĪXL
]DFKRZ\ZDüUyZQRZDJĊ
1DOHĪ\XZDĪDüQD]DJLĊWHJDáĊ]LH=DJLĊWHJDáĊ]LH
WRGHOLNDWQHJDáą]NLNWyUHPRJą]áDSDüáDĔFXFK
LRGELüZNLHUXQNXRSHUDWRUDOXEVSRZRGRZDü
XWUDWĊUyZQRZDJLRSHUDWRUD6]F]HJyOQąXZDJĊ
QDOHĪ\]DFKRZDüSRGF]DVFLĊFLDPDá\FKOXE
GHOLNDWQ\FKJDáĊ]L
1DOHĪ\XZDĪDüQDRGVNRNJDáĊ]L1DOHĪ\XZDĪDü
QDJDáĊ]LHNWyUHVą]DJLĊWHOXEQDSUĊĪRQH
8ZDĪDüDE\QLHGR]QDüREUDĪHĔZZ\QLNX
XGHU]HQLDSU]H]JDáąĨOXESLODUNĊZPRPHQFLH
UR]SUĊĪHQLDVLĊZáyNLHQGU]HZQ\FK
2EV]DUURERF]\SRZLQLHQE\üF]\VW\$E\XQLNQąü
SRWNQLĊFLDQDOHĪ\UHJXODUQLHVSU]ąWDüREFLĊWH
JDáĊ]LH
2.5=(6<:$1,(
'U]HZRQDOHĪ\RNU]HV\ZDüSRMHJRREDOHQLX
7\ONRZWHG\RNU]HV\ZDQLHPRĪHE\üZ\NRQ\ZDQH
EH]SLHF]QLHLZáDĞFLZLH
:LĊNV]HJDáĊ]LHQDOHĪ\SR]RVWDZLüSRGREDORQ\P
GU]HZHPWDNDE\VWDQRZLá\QDWXUDOQąSRGSyUNĊGU]HZD
SRGF]DVSUDF\
5R]SRF]ąüRGSRGVWDZ\REDORQHJRGU]HZDLSU]HVXZDü
VLĊZNLHUXQNXF]XENDRGFLQDMąFNROHMQRZV]\VWNLH
JDáĊ]LH0DáHJDáĊ]LHREFLQDüMHGQ\PFLĊFLHP
7U]\PDüSLODUNĊDE\SLHĔREDORQHJRGU]HZD]QDMGRZDá
VLĊSRPLĊG]\RSHUDWRUHPDáDĔFXFKHPWQąF\P&LąüSR
VWURQLHGU]HZDSU]HFLZQHMGRREFLQDQHMJDáĊ]L
:LĊNV]HJDáĊ]LHSRGWU]\PXMąFHQDOHĪ\FLąüVWRVXMąF
WHFKQLNLRSLVDQHZF]ĊĞFL35=(5=<1.$%(=
32'3$5&,$
'RREFLĊFLDPDá\FKLZROQR]ZLVDMąF\FKJDáĊ]LQDOHĪ\
]DZV]HVWRVRZDüWHFKQLNĊFLĊFLDRGJyU\&LĊFLHRG
GRáXPRĪHVSRZRGRZDü]DNOHV]F]HQLHáDĔFXFKDSLODUNL
35=<&,1$1,(
a 2675=(ĩ(1,(3U]\FLQDQLHQDOHĪ\RJUDQLF]\ü
GRJDáĊ]L]QDMGXMąF\FKVLĊPDNV\PDOQLHQD
Z\VRNRĞFLUDPLRQ1LHQDOHĪ\SU]\FLQDüJDáĊ]L
]QDMGXMąF\FKVLĊSRZ\ĪHMUDPLRQRSHUDWRUD
2Z\NRQDQLHSU]\FLĊFLDWDNLFKJDáĊ]LQDOHĪ\
]ZUyFLüVLĊGR]DZRGRZHJRSLODU]D
3LHUZV]HFLĊFLHQDOHĪ\Z\NRQDüRGGRáXQD
JáĊERNRĞüĞUHGQLF\JDáĊ]L
'UXJLHFLĊFLHQDOHĪ\Z\NRQDüSU]H]FDáąJUXERĞü
JDáĊ]L
:\NRQDüWU]HFLHFLĊFLHRGJyU\SR]RVWDZLDMąF
NRáQLHU]RJUXERĞFLRGGRFHQW\PHWUyZ
RGGRFDOLRGSQLDGU]HZD