3URGXNF\MQR+DQGORZ\FK06$Z2]RERZLą]DáSR]ZDQ\FKGR]DPLHV]F]HQLDZ7U\EXQLHĝOąVNLHM
L*D]HFLH:\ERUF]HMRĞZLDGF]HQLDZ\UDĪDMąFHJRXEROHZDQLH]SRZRGXRSXEOLNRZDQLDZQU
7U\EXQ\ĝOąVNLHMDUW\NXáyZ6XSHUPDUNHW$XVFKZLW]RUD]/DJHUJHV]HIWDXWRUVWZD-HU]HJR%
EH]SRGVWDZQLHVXJHUXMąF\FKĪHSURMHNWRZDQDSU]H]SRZRGDLQZHVW\FMDFHQWUXPKDQGORZHJRZSREOLĪX
RER]XMHVWG]LDáDQLHPQLHHW\F]Q\PEH]F]HV]F]ąF\PSDPLĊüRILDUWHJRRER]X]DJáDG\RUD]GR
SU]HSURV]HQLDZV]\VWNLFKZSURZDG]RQ\FKZEáąGW\PLLQIRUPDFMDPLOXEGRWNQLĊW\FKLFKWUHĞFLą
-HGQRF]HĞQLH6ąG]DVąG]LáRGSR]ZDQ\FKVROLGDUQLHQDU]HF]3ROVNLHJR&]HUZRQHJR.U]\ĪDNZRWĊ
]áW\WXáHP]DGRĞüXF]\QLHQLD
1DVNXWHNDSHODFMLSR]ZDQ\FKRGWHJRRU]HF]HQLD6ąG$SHODF\MQ\Z\URNLHP]GQLD OLVWRSDGD U
]PLHQLáMHLRGGDOLáSRZyG]WZR :EUHZRFHQLH6ąGXSLHUZV]HMLQVWDQFMLX]QDáĪHNZHVWLRQRZDQH
SXEOLNDFMHVąUHDOL]DFMąSUDZDGRVZRERGQHJRZ\UDĪDQLDSRJOąGyZLGRNU\W\NLSUDVRZHMNU\W\ND]DĞ
]PLHU]DMąFDGRSRSUDZ\U]HF]\ZLVWRĞFLQLHMHVWG]LDáDQLHPEH]SUDZQ\PPLPRQDZHWQDGPLHUQHM
HNVSUHV\MQRĞFLRSLVXLXMHPQHMRFHQ\DWDNĪH]E\WQLHMRVWURĞFLVIRUPXáRZDĔLDUJXPHQWyZ]ZáDV]F]DMHĞOL
]RVWDáDSRGMĊWDZLQWHUHVLHVSRáHF]Q\P2JURPQH]DLQWHUHVRZDQLHRSLQLLNUDMRZHMLPLĊG]\QDURGRZHM
Z\ZRáDQHW\PLDUW\NXáDPLGRSURZDG]LáRGR]PLDQ\SU]H]ZáDG]H2ĞZLĊFLPLDNRQFHSFML
]DJRVSRGDURZDQLDVWUHI\RFKURQQHMZRNyáRER]XFRW\ONRSRWZLHUG]DSRWU]HEĊLVNXWHF]QRĞüLQWHUZHQFML
SXEOLF\VW\F]QHM:]JOąGQDRFKURQĊSDPLĊFLRILDUQD]L]PXXVSUDZLHGOLZLDáRVWUąIRUPĊG]LHQQLNDUVNą=
W\FKSU]\F]\Q6ąG$SHODF\MQ\X]QDáĪHQLHGRV]áRGRQDGXĪ\FLDSUDZDGRZROQRĞFLVáRZDLNU\W\NL
SUDVRZHMZREHFF]HJR]PLHQLáRU]HF]HQLH6ąGX2NUĊJRZHJRLRGGDOLáSRZyG]WZR
:\URN6ąGX$SHODF\MQHJR]DVNDUĪ\áSRZyGNDVDFMą]DU]XFDMąFQDUXV]HQLHDUWLNFZ]ZLą]NX]
DUWLDUW.RQVW\WXFMLRUD]DUW(XURSHMVNLHM.RQZHQFML3UDZ&]áRZLHNDL3RGVWDZRZ\FK
:ROQRĞFLLZQRV]ąFRMHJR]PLDQĊSU]H]RGGDOHQLHDSHODFMLDOERRXFK\OHQLHLSU]HND]DQLHVSUDZ\GR
SRQRZQHJRUR]SR]QDQLD
8]DVDGQLHQLHSUDZQH
6ąG1DMZ\ĪV]\]ZDĪ\áFRQDVWĊSXMH
6WRVRZQLHGRWUHĞFLDUWNFZVSUDZLHRRFKURQĊGyEURVRELVW\FKVąGSRZLQLHQZSLHUZV]\P
U]ĊG]LHXVWDOLüF]\GRLFKQDUXV]HQLDGRV]áRLGRSLHURZUD]LHSR]\W\ZQHMRGSRZLHG]LQDWRS\WDQLH
RFHQLDüF]\G]LDáDQLHSR]ZDQHJRQDUXV]\FLHODE\áREH]SUDZQHPDMąFSU]\W\PQDZ]JOĊG]LHĪH
SRZRáDQ\SU]HSLVSRVáXJXMHVLĊNRQVWUXNFMąGRPQLHPDQLDEH]SUDZQRĞFLD]DWHPĪHFLĊĪDUGRZRGX
REDOHQLDWHJRGRPQLHPDQLDVSRF]\ZDQDSR]ZDQ\P
7\PF]DVHPZX]DVDGQLHQLX]DVNDUĪRQHJRZ\URNXQLHRPyZLRQRRGUĊEQLHREXW\FKSU]HVáDQHNRFKURQ\
GyEURVRELVW\FK:UH]XOWDFLHWUXGQR]MHJRWUHĞFLMHGQR]QDF]QLHRGF]\WDüF]\SU]\F]\QąRGGDOHQLD
SRZyG]WZDE\áRWRĪHNZHVWLRQRZDQDSXEOLNDFMDSUDVRZDQLHQDUXV]\áDGREUHJRLPLHQLDSRZRGDF]\WR
ĪHLVWQLDá\RNROLF]QRĞFLZ\áąF]DMąFHEH]SUDZQRĞüG]LDáDQLDDXWRUDDZV]F]HJyOQRĞFLSUDZRGRVZRERG\
Z\SRZLHG]LLGRNU\W\NLSUDVRZHMQDNWyUHSRZRáXMHVLĊ6ąG8WUXGQLDWRNRQWUROĊLQVWDQF\MQąRU]HF]HQLD