3ROVNL
,QVWUXNFMDXĪ\WNRZQLND
.RPRUD]DPUDĪDUNL
=DPUDĪDUNL]LJZLD]GNDPLRGSRZLHGQLHVąGR
SU]HFKRZ\ZDQLDJáĊERNR]DPURĪRQ\FKSURGXNWyZZF]HĞQLHM
]DPURĪRQ\FKSU]HGZáRĪHQLHPGR]DPUDĪDUNLĞZLHĪ\FK
SURGXNWyZSU]H]NUyWV]\RNUHVW\JRGQLSRSU]H]LFK
]DPURĪHQLHOXEGRURELHQLDORGXORGyZLVRUEHWyZ
1DOHĪ\SU]HVWU]HJDü]DOHFDQ\FKWHUPLQyZSU]\GDWQRĞFLGR
VSRĪ\FLD
=DPUDĪDUNĊPRĪQDZ\NRU]\VW\ZDüGRSU]\JRWRZDQLDNRVWHN
ORGX
7HPSHUDWXUĊZHZQąWU]]DPUDĪDUNLPRĪQDXVWDZLü
UHJXODWRUHPWHPSHUDWXU\:SU]\SDGNXĞZLHĪHMĪ\ZQRĞFLL
Ī\ZQRĞFLNWyUDPDE\üSU]HFKRZ\ZDQDSU]H]GáXJLF]DV
]DOHFDQHMHVWXVWDZLHQLH&OXESRQLĪHMSRQLHZDĪZWHM
WHPSHUDWXU]HQLHSRZLQQ\SU]HWUZDüGUREQRXVWURMH-HĪHOL
WHPSHUDWXUDMHVWZ\ĪV]DQLĪ&GUREQRXVWURMHPRJą
SRZRGRZDüSVXFLHVLĊĪ\ZQRĞFLZ]ZLą]NX]F]\PRNUHV
SU]HFKRZ\ZDQLDXOHJQLHVNUyFHQLX-HĪHOLLVWQLHMHSRWU]HED
]DPURĪHQLDĪ\ZQRĞFLNWyUDF]ĊĞFLRZROXEFDáNRZLFLH
UR]PDU]áDQDOHĪ\MąXJRWRZDüSU]HGSRQRZQ\PZáRĪHQLHP
GR]DPUDĪDUNL:\VRNDWHPSHUDWXUDSRGF]DVSURFHVX
JRWRZDQLDSR]ZDODQDZ\HOLPLQRZDQLHZLĊNV]RĞFL
GUREQRXVWURMyZ
,PZ\ĪV]DMHVWXVWDZLRQDWHPSHUDWXUDUHJXODWRUHPW\P
QLĪV]DEĊG]LHWHPSHUDWXUDZNRPRU]H]DPUDĪDUNL
1RUPDOQLHJG\Ī\ZQRĞüZ\PDJDNUyWNLHJRRNUHVX
SU]HFKRZ\ZDQLDQDOHĪ\Z\EUDüĞUHGQLHXVWDZLHQLH
1RUPDOQLHJG\Ī\ZQRĞüZ\PDJDGáXJLHJRRNUHVX
SU]HFKRZ\ZDQLDQDOHĪ\Z\EUDüXVWDZLHQLHZ\VRNLHM
WHPSHUDWXU\
8:$*$
'R]DPUDĪDUNLQLHZROQRZNáDGDüJD]RZDQ\FKQDSRMyZZ
SXV]NDFKOXEEXWHONDFKSRQLHZDĪGZXWOHQHNZĊJODPRĪH
UR]V]HU]\üVZRMąREMĊWRĞüSRGF]DVSURFHVX]DPDU]DQLDL
UR]VDG]LüSRMHPQLN
1DSRMHZEXWHONDFKNWyUHZ\PDJDMąQDW\FKPLDVWRZHJR
VFKáRG]HQLDQDOHĪ\ZáRĪ\üGR]DPUDĪDUNLPDNV\PDOQLHQD
JRG]LQĊJG\ĪZSU]HFLZQ\PUD]LHPRJąHNVSORGRZDü
/RGyZLVRUEHWyZQLHQDOHĪ\VSRĪ\ZDüQDW\FKPLDVWSR
Z\MĊFLX]]DPUDĪDUNLE\QLHRGPUR]LüZDUJLMĊ]\NDVNyUD
PRĪHSRSĊNDü1DOHĪ\SRQDGWRXQLNDüGRW\NDQLDZQĊWU]D
]DPUDĪDUNLPRNU\PLUĊNDPL
:$ĩ1(
ĩ\ZQRĞüZNáDGDQDGR]DPUDĪDUNLPXVLE\üGREU]H
]DSDNRZDQD
1DOHĪ\SU]HVWU]HJDüWHUPLQXSU]\GDWQRĞFLGRVSRĪ\FLD
]DPURĪRQ\FKSURGXNWyZ
'R]DPUDĪDQLDRGSRZLHGQLDMHVWW\ONRGREUDMDNRĞFLRZR
ĞZLHĪDĪ\ZQRĞü
ĩ\ZQRĞüSU]HFKRZ\ZDQDZ]DPUDĪDUFHPXVLE\üSRG]LHORQD
QDRGSRZLHGQLHSRUFMH
:DJDSRMHG\QF]HJRRSDNRZDQLD]DPURĪRQHMĪ\ZQRĞFLQLH
SRZLQQDSU]HNUDF]DüNJ
'RSDNRZDQLDĪ\ZQRĞFLSURVLP\XĪ\ZDüQDGDMąF\FKVLĊGR
SRZWyUQHJRXĪ\WNXIROLL]WZRU]\ZDV]WXF]QHJRIROLL
DOXPLQLRZHMSU]H]QDF]RQ\FKGRSDNRZDQLDĪ\ZQRĞFLOXE
SRMHPQLNyZ
:RSDNRZDQLDFKĪ\ZQRĞFLQLHQDOHĪ\SR]RVWDZLDü]E\WGXĪR
SRZLHWU]D
'R]DPNQLĊFLDRSDNRZDĔQDOHĪ\XĪ\ZDüJXPHN]DSLQHN
V]QXUNDOXEWDĞP\VDPRSU]\OHSQHMRGSRUQHMQDQLVNLH
WHPSHUDWXU\
'R]DPNQLĊFLDRSDNRZDĔ]WZRU]\ZDPRĪQDZ\NRU]\VWDü
XU]ąG]HQLHGRSDNRZDQLDZIROLĊ
2SDNRZDQLDQDOHĪ\XáRĪ\üQDSáDVNE\SU]\VSLHV]\üSURFHV
]DPUDĪDQLD
2SDNRZDQLDQDOHĪ\Z\WU]HüGRVXFKDSU]HGZáRĪHQLHPGR
]DPUDĪDUNLE\QLHSU]\PDU]á\GRVLHELH
-HĪHOLLVWQLHMHSRWU]HED]DPURĪHQLDĪ\ZQRĞFLNWyUDF]ĊĞFLRZR
OXEFDáNRZLFLHUR]PDU]áDQDOHĪ\MąXJRWRZDüSU]HGSRQRZQ\P
ZáRĪHQLHPGR]DPUDĪDUNL
1LHZROQRVSRĪ\ZDüĪ\ZQRĞFLSRZ\JDĞQLĊFLXWHUPLQX
SU]\GDWQRĞFLGRVSRĪ\FLDSRQLHZDĪPRĪQDVLĊ]DWUXü
:\NRQ\ZDQLHNRVWHNORGXORGyZL
VRUEHWyZ
:\NRQ\ZDQLHNRVWHNORGX
'RWDF\QDOyGQDOHĪ\ZODüZRGĊGRMHMREMĊWRĞFLLXVWDZLü
WDFĊQDGQLH]DPUDĪDUNL*G\NRVWNLORGXEĊGąJRWRZHQDOHĪ\
ZVWDZLüWDFĊSRGELHĪąFąZRGĊG]LĊNLF]HPXáDWZREĊG]LHMH
Z\GRE\ü
:\NRQ\ZDQLHORGyZ
1DOHĪ\Z\Mąü]WDF\NUDWNĊ3URVLP\SDPLĊWDüĪHLPZLĊFHMMHVW
ZORGDFKĞPLHWDQ\W\PGáXĪHMEĊGą]DPDU]Dá\*G\ORG\EĊGą
JRWRZHQDOHĪ\ZVWDZLüWDFĊSRGELHĪąFąZRGĊG]LĊNLF]HPX
áDWZREĊG]LHMHZ\GRE\ü
3U]\JRWRZDQLHGRZ\MD]GXQDXUORS
3U]HGZ\MD]GHPQDGáXJLXUORSOXEZSU]\SDGNXGáXĪV]HM
QLHREHFQRĞFLQDOHĪ\Z\MąüZW\F]NĊ]JQLD]GND]DVLODMąFHJRL
XP\üFKáRG]LDUNĊ]JRGQLH]RSLVHPZG]LDOHÄ&]\V]F]HQLHL
NRQVHUZDFMD3R]RVWDZLüGU]ZLRWZDUWHE\QLHGRSXĞFLüGR
SRZVWDQLDSOHĞQLOXEQLHSU]\MHPQHJR]DSDFKXZĞURGNX
FKáRG]LDUNL
&=<6=&=(1,(,.216(5:$&-$
3U]HGSU]\VWąSLHQLHPGRP\FLDXU]ąG]HQLDQDOHĪ\MH
Z\áąF]\üOXEZ\MąüZW\F]NĊ]JQLD]GND]DVLODMąFHJR
