'ODWHJRWHĪZRFHQLH6ąGX2NUĊJRZHJRLZEUHZ]DU]XWRPDSHOXMąFHJRQLHVSRVyESU]\MąüĪHWHQRVWDWQL
RVNDUĪRQ\QLHE\áXF]HVWQLNLHPLQNU\PLQRZDQ\FK]DFKRZDĔDSLHUZV]DLQDMZF]HĞQLHMV]DUHODFMD
ZVSyáRVNDUĪRQHJR/5 QLHSROHJDQDSUDZG]LH
=]H]QDĔ-6Z\QLNDĪHWRZDU]\VWZRNWyUHSU]\E\áRQDG DE\ELHVLDGRZDüLUR]ELáRQDPLRW\QD
JPLQQHMSODĪ\RNRáRPHWUyZRGQLFKZSHZQ\PPRPHQFLH]DF]ĊáRZ\ĞSLHZ\ZDüZXOJDUQHWUHĞFL
V]NDOXMąFHU]ąGĩ\GyZRUD]Z\FKZDODMąFH+LWOHUD7RZDU]\VWZRWR]DF]ĊáRFKRG]LüSRRNROLF\VWUDV]QLH
JáRĞQRNU]\F]ąF=SRZRGXWHJRJáRĞQHJR]DFKRZDQLDMDNVWZLHUG]LáUD]HP]V\QHPZ\MHFKDOLVWDPWąGL
ZUyFLOLQDGUDQHP:yZF]DVQDPLHMVFHSU]\MHFKDáSDWURO6WUDĪ\/HĞQHMNWyU\SRLQIRUPRZDáLFKR
VWZLHUG]RQ\FKQDSODĪ\]QLV]F]HQLDFK N
3RZ\ĪV]H]QDOD]áRRG]ZLHUFLHGOHQLHZ]H]QDQLDFKV\QDZZĞZLDGND.6:VND]DáRQĪHZJRG]LQDFK
ZLHF]RUQ\FKQDG]DOHZSU]\MHFKDáDJUXSDPáRG\FKPĊĪF]\]QLNRELHW6DPRFKyGNXUVRZDáGZDUD]\DE\
GRZLHĨüWHRVRE\5R]VWDZLOLQDPLRW\LUR]SRF]ĊOLELHVLDGRZDQLH:PLDUĊXSá\ZXF]DVXVá\FKDüE\áR
JáRĞQHNU]\NLLĞSLHZ\SURIDV]\VWRZVNLHLDQW\VHPLFNLHWDNLHMDN -üĩ\GyZ6WRODWQLHFKQDP
Ī\MHNWR$GROI+LWOHU6LHJ+HLO:UR]PRZDFKSU]HZLMDá\VLĊLPLRQDNV\Z\ :VND]Dá
UyZQLHĪĪH]SRZRGXLFK]DFKRZDQLDRSXĞFLOLWRPLHMVFHLZUyFLOLUDQHPNLHG\SU]\MHFKDáDUyZQLHĪ
6WUDĪ/HĞQDLSRLQIRUPRZDáDLFKRVWZLHUG]RQ\FK]QLV]F]HQLDFKPLHQLD N
=DVWU]HĪHĔ6ąGX2NUĊJRZHJRQLHEXG]LIDNWSU]\]QDQLDZDORUXZLDU\JRGQRĞFLSRZ\ĪV]\P]H]QDQLRP
VWDQRZLąF\PUHODFMH]]DSDPLĊWDQ\FKZ\GDU]HĔ=ZáDV]F]DĪH]RVWDá\RQH]áRĪRQHSU]H]SU]\SDGNRZ\FK
QDRF]Q\FKREVHUZDWRUyZ]DFKRZDQLDRVNDUĪRQ\FKLZĪDGHQVSRVyEQLH]DLQWHUHVRZDQ\FKLFK
EH]SRGVWDZQ\PREFLąĪDQLHP
-HGQRF]HĞQLH]H]QDQLDWHMDNVáXV]QLH]DXZDĪ\á6ąG,LQVWDQFMLNRUHVSRQGXMą]]H]QDQLDPL
6WUDĪQLND/HĞQHJR3. NWyU\SRMDZLáVLĊQDPLHMVFX]GDU]HQLDUDQRZGQLXVLHUSQLDU5]HF]
MDVQDĞZLDGHNWHQQLHPyJá]DREVHUZRZDüZ\GDU]HĔSRSU]HGQLHMQRF\W\PQLHPQLHMSU]HGVWDZLá
RNROLF]QRĞFLLVWRWQH]SXQNWXZLG]HQLDVSUDZVWZDZV]\VWNLFKRVNDUĪRQ\FKZW\PRVNDUĪRQHJR0.Z
]DNUHVLHREXSU]\SLVDQ\FKF]\QyZ
:VND]DáPLDQRZLFLHĪHSRSU]\E\FLXVWZLHUG]LáQDSODĪ\EĊGąFHMWHUHQHPQDOHĪąF\PGR8U]ĊGX
0LHMVNLHJRZ Z\ZUyFRQHLSU]HVXQLĊWHNRQWHQHU\QDĞPLHFLNWyUHE\á\UR]U]XFRQHQDGXĪ\PWHUHQLHD
QDGWRXV]NRG]HQLDWDEOLFLQIRUPDF\MQ\FKEĊGąF\FKZáDVQRĞFLą1DGOHĞQLFWZD SRSU]H]]áDPDQLH
GUHZQLDQ\FKHOHPHQWyZLFKNRQVWUXNFMLRUD]]GHIRUPRZDQLHHOHPHQWyZPHWDORZ\FK1DSODĪ\]QDMGRZDá
VLĊVDPRFKyGPDUNL RQUUHM DZMHJRSREOLĪXUR]ELWHQDPLRW\7HUHQZRNyáQLFKUyZQLHĪE\á
]DĞPLHFRQ\:VND]DáĪHZQDPLRWDFKLSU]\GRSDODMąF\PVLĊRJQLVNX]DVWDáSLĊFLXPĊĪF]\]QLF]WHU\
G]LHZF]\Q\-DNRĪHQLHPLDáXSUDZQLHĔGRLFKOHJLW\PRZDQLDXGDáVLĊQDGUXJLEU]HJJG]LHVSUDZG]Dá
OHJDOQRĞüSRáRZXU\ESU]H]]QDMGXMąFHVLĊWDPRVRE\2GQLFKGRZLHG]LDáVLĊĪHPĊĪF]\ĨQLNWyU\FK]DVWDá
QDSODĪ\ZLHF]RUHPLZQRF\EDUG]RKDáDVRZDOL]DFKRZ\ZDOLVLĊZXOJDUQLHLDJUHV\ZQLHZW\PĞSLHZDOL