untitled

$XWRU]\

3URFHGXU\NRQWUROQHZRGQLHVLHQLXGR]DNDHÍZHZQWU]V]SLWDOQ\FKMD

NR]DJURHÍV]F]HJÏOQ\FKGODSUDFRZQLNÏZ

$XWRU0DULROD%LVVLQJHU :RMHZÏG]ND6WDFMD6DQLWDUQR(SLGHPLRORJLF]QD

Z3R]QDQLX

&HQWUDOQDVWHU\OL]DWRUQLDEH]SLHF]HÍVWZRLRFKURQD]GURZLDSUDFRZQL

NÏZ VWDQSUDZQ\QDG]LHÍU

$XWRU5REHUWkQLRV]HN 3DÍVWZRZD,QVSHNFMD3UDF\2NUÆJRZ\,QVSHNWR

UDW3UDF\Z3R]QDQLX

$XWRU VNDGD VHUGHF]QH SRG]LÆNRZDQLD OHN PHG /HV]NRZL *UDEDÍVNLHPX

G\UHNWRURZL 6DPRG]LHOQHJR 3XEOLF]QHJR =DNDGX 2SLHNL =GURZRWQHM 3R

]QDÍ1RZH0LDVWRRUD]PJULQ:LHVDZRZL.DOLQLH6]F]HJÏOQHSRG]LÆNR

ZDQLDQDOHVLÆ]HVSRRZLNRQVXOWDQWÏZNWÏU]\XF]HVWQLF]\OLZSU]\JRWRZD

QLXEURV]XU\G]LHOFVLÆVZRLPGRyZLDGF]HQLHP]DXWRUHPRUD]Z\NRQXMF

PXGQSUDFÆDGLXVWDF\MQ

=DVDG\EH]SLHF]QHJRSRVWÆSRZDQLD]RGSDGDPLPHG\F]Q\PL

$XWRU0DFLHM*U]HyNRZLDN :,2k3R]QDÍ

2SUDFRZDQLHJUDILF]QHLWHFKQLF]QH-DQ./,0&=$.

)RWRJUDILDQDRNDGFH1LQD/(09,*+0¸//(5

:\GDQRQD]OHFHQLH*ÏZQHJR,QVSHNWRUDWX3UDF\

'UXN=DNDG3ROLJUDILF]Q\$/*5$)

%URV]XUD]RVWDDZ\GDQDZHZVSÏSUDF\

].UDMRZ\P8U]ÆGHPGVkURGRZLVND3UDF\Z'DQLL

1:($

63,675(k&,

:VWÆS
3URFHGXU\NRQWUROQHZRGQLHVLHQLXGR]DNDHÍZHZQWU]V]SLWDO
Q\FKMDNR]DJURHÍV]F]HJÏOQ\FKGODSUDFRZQLNÏZ
&HQWUDOQDVWHU\OL]DWRUQLDEH]SLHF]HÍVWZRLRFKURQD]GURZLDSUD
FRZQLNÏZ
2UJDQL]DFMDFHQWUDOQHMVWHU\OL]DWRUQL
:\PDJDQLD V]F]HJÏOQH MDNLP SRZLQQ\ RGSRZLDGDÂ SRG Z]JOÆGHP
IDFKRZ\PLVDQLWDUQ\PSRPLHV]F]HQLDFHQWUDOQHMVWHU\OL]DWRUQL
3RPLHV]F]HQLDZFKRG]FHZVNDGSRV]F]HJÏOQ\FKVWUHIZFHQWUDOQHM
VWHU\OL]DWRUQLZ63=2=1RZH0LDVWRZ3R]QDQLX
8U]G]HQLD L DSDUDWXUD VWDQRZLFH Z\SRVDHQLH FHQWUDOQHM VWHU\OL]D
WRUQLZ63=2=1RZH0LDVWRZ3R]QDQLX
6WHU\OL]DFMD
=DJURHQLD
kURGNLRFKURQ\LQG\ZLGXDOQHM
2UJDQL]DFMD SUDF\ SU]HFLZG]LDDQLH ]DJURHQLRP QD VWDQRZLVNDFK
SUDF\
3RGVWDZ\SUDZQH
=DVDG\EH]SLHF]QHJRSRVWÆSRZDQLD]RGSDGDPLPHG\F]Q\PL
5RG]DMHRGSDGÏZPHG\F]Q\FK
6HJUHJDFMDRGSDGÏZPHG\F]Q\FKX|UÏGD
=ELHUDQLHRGSDGÏZ
0DJD]\QRZDQLHRGSDGÏZ
7UDQVSRUWRGSDGÏZ
8QLHV]NRGOLZLDQLHRGSDGÏZ
3RVWÆSRZDQLH]RGSDGDPLZWÏUQ\PL

:67¦3

3UREOHP\EH]SLHF]HÍVWZDSUDF\LRFKURQ\]GURZLDSUDFRZQLNÏZ]DNDGÏZ

RSLHNL ]GURZRWQHM VWDQRZL SULRU\WHWRZH ]DGDQLD QDG]RUF]\FK L NRQWURO

Q\FKRUJDQÏZQDGZDUXQNDPLSUDF\QLHW\ONRZNUDMDFK8(DOHWDNHZ

3ROVFH

6WGWHZUDPDFKGXÍVNLHJR0LÆG]\UHVRUWRZHJRSURJUDPXSRPRF\yUR

GRZLVNRZHM GOD NUDMÏZ UHJLRQX 0RU]D %DW\FNLHJR UHDOL]RZDOLyP\

SROVNRGXÍVNLSURMHNW%H]SLHF]HÍVWZRSUDF\LRFKURQD]GURZLDZV]SLWD

ODFKSXEOLF]Q\FK

&HOHPSURMHNWXE\RZVND]DQLHGREU\FKSUDNW\NF]\OLUR]ZL]DÍRUJDQL

]DF\MQ\FKLWHFKQRORJLF]Q\FK]DSHZQLDMF\FKSUDFRZQLNRP]GURZHEH]

SLHF]QHLKLJLHQLF]QHZDUXQNLSUDF\NWÏUHMHGQRF]HyQLHPRJE\ÂZVND

]ÏZNDPLLZ]RUFDPLGODLQQ\FKV]SLWDOL

'RUHDOL]DFMLZVSÏOQHJRSURMHNWX]RVWDZ\EUDQ\V]SLWDOZ3R]QDQLX=D

NDG2SLHNL=GURZRWQHM3R]QDÍ1RZH0LDVWRD*UXSÆ5RERF]VWDQRZL

OLSU]HGVWDZLFLHOH3DÍVWZRZHM,QVSHNFML3UDF\3DÍVWZRZHM,QVSHNFML6DQL

WDUQHM RUD] ,QVSHNFML 2FKURQ\ kURGRZLVND .RQVXOWDQWHP PHU\WRU\F]Q\P

]H VWURQ\ GXÍVNLHM E\ SU]HGVWDZLFLHO .UDMRZHJR 8U]ÆGX GV kURGRZLVND

3UDF\Z'DQLL

(IHNWHPSUDF\*UXS\5RERF]HMVPLQEURV]XU\ZVND]XMFHGREUHSUDNW\

NLZZ\EUDQ\FKMHGQRVWNDFKRUJDQL]DF\MQ\FKV]SLWDODELRUFHJRXG]LDZ

SURMHNFLH

3U]H]RNUHVUHDOL]DFMLSURMHNWXNLHURZQLFWZRL]HVSÏSUDFRZQLNÏZV]SLWDOD

]ZLHONLP]DDQJDRZDQLHPXF]HVWQLF]\OLZSU]\JRWRZDQLXPDWHULDÏZVX

\OLUDGSRPRFLE\OLNRQVXOWDQWDPLGODRVÏERSUDFRZXMF\FKSU]HGVWD

ZLRQHPDWHULD\

=D,FKZNDGSUDF\WUXGLSRyZLÆFHQLHF]ÆVWRSU\ZDWQHJRF]DVXZLPLH

QLXF]RQNÏZ*UXS\5RERF]HMVNDGDPVHUGHF]QHSRG]LÆNRZDQLD

3U]HZRGQLF]F\*UXS\5RERF]HM

352&('85<.21752/1(

:2'1,(6,(1,8'2=$.$(

:(:175=6=3,7$/1<&+

-$.2=$*52(6=&=(*¯/1<&+

'/$35$&2:1,.¯:

=DNDHQLDZHZQWU]V]SLWDOQHWRURG]DM]DNDHQLDNWÏUHUR]ZLMDVLÆZF]DVLH

SRE\WX FKRUHJR Z V]SLWDOX OXE SR RSXV]F]HQLX V]SLWDOD ]DNDHQLD V]SLWDOQH

GRW\F]UÏZQLHSHUVRQHOXV]SLWDOQHJR

=DNDHQLDV]SLWDOQHQLHVXZDDQH]DXFK\ELHQLDV]SLWDOLDOH]DQLHRGF]QHLP

]MDZLVNR1DJURPDG]HQLHOXG]LFKRU\FKLOHF]RQ\FKDQW\ELRW\NDPLRUD]]ZLÆN

V]DMFDVLÆLQZD]\MQRyÂGLDJQRVW\NLL]DELHJÏZVWZDU]D]ZLÆNV]RQHPROLZRyFL

]DNDHQLD

:3ROVFHQLHZLDGRPRGRNDGQLHMDNLHRGVHWNLFKRU\FK]DSDGDMQD]DNDHQLD

V]SLWDOQH=EDUG]ROLF]Q\FKLVWDUDQQ\FKZ\QLNÏZ]NUDMÏZEDUG]LHMUR]ZLQLÆW\FK

Z\QLNDL]DNDHQLDV]SLWDOQHPRJSRGZDMDÂNRV]WOHF]HQLDLGXJRyÂSRE\WX

ZV]SLWDOX]ZLÆNV]DMF]DFKRURZDOQRyÂLyPLHUWHOQRyÂ

=DNDHQLDV]SLWDOQHEÆG]DZV]HDOHLVWRWQHMHVWGODGDQHJRV]SLWDODZMDNLP

RGVHWNXRQHZ\VWÆSXM3RPLPRV]HURNR]DNURMRQ\FKSURJUDPÏZ]DSRELHJDQLD

L]ZDOF]DQLD]DNDHÍV]SLWDOQ\FKQDZHWZNUDMDFKZ\VRNRUR]ZLQLÆW\FKLVWQLHMH

SHZQDJUDQLFDNWÏURNUHyODVLÆMDNRPLQLPDOQF]ÆVWRyÂZ\VWÆSRZDQLDLV]D

FXMHQDSR]LRPLH

=DNDHQLDV]SLWDOQHVSUREOHPHP]RRQ\PRQLHMHGQDNRZHMHWLRORJLLLSRZLQ

QRVLÆMHUR]SDWU\ZDÂMDNRSU]HMDZSUDF\V]SLWDOD

=XZDJLQDPROLZHU\]\NRNUZLRSRFKRGQHJR]DNDHQLDZLUXVDPL ]DSD

OHQLHZWURE\W\SX%L&RUD]OXG]NLPZLUXVHPQLHGRERUXRGSRUQRyFL+,9SUD

FRZQLNÏZRSLHNL]GURZRWQHM]ZDV]F]DSU]\VNDOHF]HQLDFKRVWU\PLSU]HGPLRWD

PLQDOH\ZGUR\ÂLSU]HVWU]HJDÂSUDZLGRZ\FK]DVDGEH]SLHF]QHJRXVXZDQLD

RGSDGÏZNOLQLF]Q\FK]ZDV]F]DRVWU\FKQDU]ÆG]L

'ODWHJRWHZ]DU]G]DQLXyURGRZLVNLHPRSLHNLQDOH\]ZUDFDÂXZDJÆQDWDNLH

HOHPHQW\MDN

ZGURHQLHLSU]HVWU]HJDQLHSROLW\NLGRW\F]FHMRGSDGÏZSU]H]FD\SHUVR

QHO

SU]HVWU]HJDQLH SURFHGXU\ X\ZDQLD VSU]ÆWX MHGQRUD]RZHJR X\FLD SU]H]

V]SLWDO

VHJUHJRZDQLHZV]\VWNLFKRGSDGÏZ]JRGQLH]SU]\MÆW\PLZV]SLWDOX]DVDGD

PLZPLHMVFDFKLFKSRZVWDZDQLD

6]SLWDOSRZLQLHQE\Â]DRSDWU]RQ\ZGRVWDWHF]QLORyÂSRMHPQLNÏZRUD]ZRUNÏZ

SRVLDGDMF\FKDWHVW\1DMOHSLHMDE\E\\Z\WZRU]RQH]PDWHULDXEH]SLHF]QHJR

GODyURGRZLVNDQSSROLSURS\OHQX33F]\WHWZDUGHJRSROLHW\OHQX3(:SR

PLHV]F]HQLDFKJG]LHSRZVWDMRGSDG\QSVDOH]DELHJRZHQDOH\]DSHZQLÂ

EH]SLHF]QHLFKVHJUHJRZDQLH1DVWDQRZLVNXSUDF\Z]DVLÆJXUÆNLPXV]E\Â

UR]PLHV]F]RQHVSHFMDOQHSRMHPQLNL3UDNW\NXMHVLÆVHJUHJDFMÆRGSDGÏZZHGXJ

NRGXNRORUÏZ

2GSDG\QLHEH]SLHF]QHRRVWU\FKNUDZÆG]LDFKJURPDG]RQHV]GMÆFLHQUZ

RNUJ\FK SRMHPQLNDFK NRORUX SRPDUDÍF]RZHJR ] F]HUZRQ\P ZLHF]NLHP R

WZDUG\FKyFLDQDFKRGSRUQ\FKQDSU]HELFLDLSU]HPRNQLÆFLH:LHONRyÂSRMHPQL

NDMHVWUÏQDL]DOH\RGLORyFLSRZVWDMF\FKRGSDGÏZ2GSDG\LQIHNF\MQHJUR

1DVWDQRZLVNXSUDF\Z]DVLöJXUöNLPXV]ñE\èUR]PLHV]F]RQHVSHFMDOQHSRMHPQLNL3UDNW\NX

MHVLöVHJUHJDFMöRGSDGÑZZHGäXJNRGXNRORUÑZ

PDG]RQHVZZRUNXNRORUXUÏRZHJR]

WZRU]\ZDDRGSDG\NRPXQDOQHZZRUNX

NRORUX F]DUQHJR 6]SLWDO SURZDG]L UÏZ

QLHVHJUHJDFMÆRGSDGÏZV]NODQ\FKZR

UHNNRORUXÏWHJR

3RGF]DV]DELHJÏZGLDJQRVW\F]Q\FK

LOHF]QLF]\FKQDVWÆSXMH]DQLHF]\V]F]H

QLH QDU]ÆG]L L VSU]ÆWX PHG\F]QHJR

RUD]SRZLHU]FKQLWNDQNDPLNUZLS\

QDPLXVWURMRZ\PLZ\G]LHOLQDPL 0RJ

RQH ]DZLHUDÂ ]QDF]Q OLF]EÆ GUREQR

XVWURMÏZ FKRURERWZÏUF]\FK =GROQRyÂ

GUREQRXVWURMÏZ GR SU]H\ZDQLD QD SR

ZLHU]FKQL Z yURGRZLVNX V]SLWDOQ\P MHVW

MHGQ\P ] F]\QQLNÏZ VSU]\MDMF\FK LFK

SU]HQRV]HQLXLPRHZS\ZDÂQDV]HUHJ

]DNDHÍ

5DFMRQDOQH L SODQRZH SRVWÆSRZDQLH ]D

SRELHJDMFH ]DQLHF]\V]F]HQLX yURGRZL

VNDLHOLPLQRZDQLHGUREQRXVWURMÏZZ\VWÆ

SXMF\FK QD UÆNDFK QDU]ÆG]LDFK VSU]Æ

FLH SRZLHU]FKQLDFK WR LVWRWQH HOHPHQW\

KLJLHQ\V]SLWDOQHM

:FHOXHOLPLQRZDQLDGUREQRXVWURMÏZVWR

VRZDQHVF]\V]F]HQLHGH]\QIHNFMDVWH

U\OL]DFMD

6]SLWDO VWRVXMH GR XWU]\PDQLD KLJLHQ\

V]SLWDOQHM ZÏ]NL VHUZLVRZH ]DRSDWU]RQH

Z V]HUHJ NXZHW ZLDGHUHN ]H yURGNLHP

GH]\QIHNF\MQ\P ] ]DVWRVRZDQLHP NRGX

NRORUÏZ.RORURPZLDGHUHNRGSRZLDGDM

NRORURZH yFLHUNL 8\ZDQH GR SUDF\

yFLHUNLLQDNDGNLEDZHQLDQHVSUDQHZ

PLHMVFRZHM SUDOQL V]SLWDOQHM :Ï]HN VHU

ZLVRZ\ ]DRSDWU]RQ\ MHVW Z GRVWDWHF]Q

LORyÂ QDNDGHN EDZHQLDQ\FK FR EDUG]R

F]ÆVWRZZLHOXV]SLWDODFKMHVW]QDF]Q\P

SUREOHPHP

:\ND]DQR ZLHORNURWQLH H EH] Z]JOÆGX

QDWRF]\RGG]LDMHVWP\W\GHWHUJHQWDPL

F]\ SUHSDUDWDPL GH]\QIHNF\MQ\PL F]Æ

'R XWU]\PDQLD KLJLHQ\ V]SLWDOQHM VWRVXMH

VLöZÑ]NLVHUZLVRZH]DRSDWU]RQHZV]H

UHJNXZHW]HĈURGNLHPGH]\QIHNF\MQ\P]

]DVWRVRZDQLHPNRGXNRORUÑZ

5XW\QRZHP\FLHSRZLHU]FKQLSU]\XĔ\FLX

GHWHUJHQWÑZMHVWZSHäQLZ\VWDUF]DMñFH

VWRyÂ ]DNDHÍ V]SLWDOQ\FK MHVW QD RJÏ

EDUG]RSRGREQD:ZLÆNV]RyFLV\WXDFML

UXW\QRZHP\FLHSRZLHU]FKQLSU]\X\FLX

GHWHUJHQWÏZMHVWZSHQLZ\VWDUF]DMFH

1DOH\ MHGQDN SRGNUHyOLÂ H GH]\QIHN

FMD QLH ]DVWSL SRGVWDZRZ\FK PHWRG

NRQWUROL ]DNDHÍ WDNLFK MDN P\FLH UN

L]RODFMDFKRU\FKLWS

$E\]DSRELHFSU]HQRV]HQLXVLÆGUREQR

XVWURMÏZ Z yURGRZLVNX V]SLWDOQ\P

V]F]HJÏOQXZDJÆQDOH\]ZUÏFLÂQDQD

W\FKPLDVWRZHXVXQLÆFLHX\WHJRUR]WZR

UX GHWHUJHQWX RUD] GDOV]H ZDyFLZH SR

VWÆSRZDQLH ]H VSU]ÆWHP X\ZDQ\P GR

F]\V]F]HQLD

: SU]\SDGNX QLHNWÏU\FK SU]HGPLRWÏZ L

SRZLHU]FKQL Z yURGRZLVNX V]SLWDOQ\P

SUDZLGRZHP\FLHDQDVWÆSQLHZ\VXV]H

QLH PRH E\Â G]LDDQLHP Z\VWDUF]DM

F\P GR ]DSHZQLHQLD EH]SLHF]QHJR SR

]LRPXF]\VWRyFLPLNURELRORJLF]QHM

'R P\FLD L GH]\QIHNFML PD\FK SR

ZLHU]FKQLZRWRF]HQLXSDFMHQWDZVND]D

QHMHVWX\ZDQLHMHGQRUD]RZ\FKyFLHUH

F]HN OXE yFLHUHF]HN ZLHORNURWQHJR X\

FLDNWÏUHQDVWÆSQLHSRZLQQ\E\ÂSU]HND

]DQHGRSUDQLDLGH]\QIHNFML1LHQDOH\

VWRVRZDÂGRW\FK]DELHJÏZ]P\ZDNÏZ

]JENLERZLHPGXJRXWU]\PXMZLOJRÂ

FRVSU]\MDUR]PQDDQLXEDNWHULLDWDNH

PRJ LQDNW\ZRZDÂ QLHNWÏUH yURGNL GH

]\QIHNF\MQH :V]HONLHJR URG]DMX ]P\

ZDNL QDNDGNL QD PRS\ yFLHUHF]NL MDN

QDMV]\EFLHM QDOH\ SR X\FLX SRGGDÂ

SUDQLX L GH]\QIHNFML WHUPLF]QHM RUD] QD

W\FKPLDVWRZHPX VXV]HQLX =DVWRVRZD

QLHW\ONRSURFHVXGH]\QIHNFMLFKHPLF]QHM

QLHMHVWRGSRZLHGQLH

:LDGUDSRMHPQLNL]GHWHUJHQWHPZRG

GR SXNDQLD UR]WZRUDPL P\MFRGH]\Q

IHNXMF\PL PXV] E\Â QDW\FKPLDVW

RSUÏQLRQHGRNDGQLHXP\WHL]GH]\QIH

:VND]DQHMHVWVWRVRZDQLHZV]SLWDOXZÑ]

NDVHUZLVRZHJRGRZ\PLDQ\ELHOL]Q\V]SL

WDOQHM

3RGVWDZRZ\PSRVWöSRZDQLHPZSURILODN

W\FH ]DNDĔHþ SUDFRZQLNÑZ PHG\F]Q\FK

MHVWKLJLHQD

NRZDQHZ\SXNDQHHZHQWXDOQLHZ\SDU]RQHJRUFZRGQDVWÆSQLHZ\VXV]R

QHLZF]DVLHSU]HFKRZ\ZDQLDRGZUÏFRQHGRJÏU\GQHP

3R]DNRÍF]HQLXVSU]WDQLDLGH]\QIHNFMLZÏ]NLSRZLQQ\E\ÂP\WHLGH]\QIHNRZD

QHGRW\F]\WRUÏZQLHNÏHN

6SU]ÆW F]\V]F]F\ VWRVRZDQH UR]WZRU\ P\MFH OXE yURGNL GH]\QIHNF\MQH SR

GREQLHMDNPHWRG\VSU]WDQLDSRPLHV]F]HÍLGH]\QIHNFMLSRZLHU]FKQLSRZLQQ\

SRGOHJDÂQDG]RURZL]HVSRXGRVSUDZ]DNDHÍV]SLWDOQ\FK

: QRZRF]HVQ\P VSU]WDQLX V\VWHPRZ\P SRGVWDZRZ UROÆ RGJU\ZDM RGSR

ZLHGQLRGREUDQHSUHSDUDW\FKHPLF]QHRUD]V\VWHPPHFKDQLF]Q\3HZQHURG]D

MH SRZLHU]FKQL Z\PDJDM ]DEH]SLHF]HQLD SU]HG ]QLV]F]HQLHP L QDGPLHUQ\P

ZQLNDQLHPEUXGXZLFKVWUXNWXUÆVWGSRWU]HEDVWRVRZDQLDSUHSDUDWÏZSLHOÆ

JQDF\MQ\FKOXEP\MFRSLHOÆJQDF\MQ\FKRG]LDDQLXNRQVHUZXMF\P

,QQ\P SU]\NDGHP GREUHM SUDNW\NL PHG\F]QHM SU]HFLZG]LDDMFHM ]DNDHQLRP

ZHZQWU]V]SLWDOQ\PMHVWVWRVRZDQLHZV]SLWDOXZÏ]NDVHUZLVRZHJRGRZ\PLDQ\

ELHOL]Q\V]SLWDOQHM

3RGVWDZRZ\PSRVWÆSRZDQLHP

ZSURILODNW\FH]DNDHÍSUDFRZQL

NÏZPHG\F]Q\FKMHVWKLJLHQDUN

5ÆFH VWDQRZL QDMZDQLHMV]

GURJÆ SU]HQRV]HQLD GUREQRXVWUR

MÏZKLJLHQDUNMHVWZLÆFSRGVWDZR

Z\PSRVWÆSRZDQLHPZ]DSRELHJD

QLX]DNDHQLRP]DUÏZQRSDFMHQWÏZ

MDNLSUDFRZQLNÏZPHG\F]Q\FK1D

OH\G\ÂGRRJUDQLF]HQLDNRQWDN

WX ]H VNDRQ\P PDWHULDHP SR

SU]H]WHFKQLNLEH]GRW\NRZHRFKUR

QÆUNUÆNDZLFHRFKURQQHUHGXN

FMÆ OLF]E\ GUREQRXVWURMÏZ XVXZD

QLH L LQDNW\ZRZDQLH GUREQRXVWUR

MÏZ QD UÆNDFK D WDNH QD SR

ZLHU]FKQLDFKNWÏUHPRJNRQWDNWR

ZDÂVLÆ]UÆNDPL

5HGXNFMÆ OLF]E\ GUREQRXVWURMÏZ SU]HMyFLRZ\FK ]QDMGXMF\FK VLÆ QD SR

ZLHU]FKQLVNÏU\UNX]\VNXMHVLÆSU]H]P\FLHUNKLJLHQLF]QHP\FLHUNKLJLH

QLF]QGH]\QIHNFMÆUN

$E\RFKURQDUNE\DVNXWHF]QDPXV]E\ÂVSHQLRQHSRGVWDZRZHZDUXQNL

QLHQRVLÂELXWHULLZF]DMF]HJDUNLLREUF]NL

SD]QRNFLHSRZLQQ\E\ÂNUÏWNLHL]DRNUJORQH

QRVLÂUÆNDZLFHRFKURQQH

3R]GMÆFLXUÆNDZLF

+LJLHQD UñN MHVW ZLöF SRGVWDZRZ\P SRVWöSR

ZDQLHP Z ]DSRELHJDQLX ]DNDĔHQLRP ]DUÑZQR

SDFMHQWÑZMDNLSUDFRZQLNÑZPHG\F]Q\FK

XP\ÂUÆFHSU]\X\FLXP\GD]Z\NHJR

OXE SU]H]QDF]RQHJR GR KLJLHQLF]QHJR

P\FLD UN OXE Z\NRQDÂ KLJLHQLF]Q GH

]\QIHNFMHUN

P\FLHUNSU]\X\FLX]Z\NHJRP\GD

PD QD FHOX XVXQLÆFLH EUXGX RUD] GURE

QRXVWURMÏZ SU]HMyFLRZ\FK ]QDMGXMF\FK

VLÆQDSRZLHU]FKQLVNÏU\/LF]EDGUREQR

XVWURMÏZXVXQLÆWDZWHQVSRVÏEMHVWQLH

ZLHOND

P\FLHUNSU]HSURZDG]DVLÆSU]\X\

FLX SUHSDUDWÏZ NWÏUH SRZLQQ\ UHGXNR

ZDÂOLF]EÆGUREQRXVWURMÏZZ

:V]HONLHyURGNLGRGH]\QIHNFMLUNSLHOÆJQDFMLUNSRZLQQ\E\ÂDNFHSWRZDQH

SU]H]SUDFRZQLNÏZSRQLHZDZS\ZDWRNRU]\VWQLHQDLFKVWRVRZDQLH

3RZDQH]DJURHQLHGODSHUVRQHOXVWDQRZLX\WHZF]DVLH]DELHJXQD

U]ÆG]LDQDUXV]DMFHFLJRyÂWNDQHN NRQWDNWXMFHVLÆ]ERQDPLyOX]RZ\PL

]DQLHF]\V]F]RQH OXE SRGHMU]DQH R ]DQLHF]\V]F]HQLH NUZL WNDQNDPL Z\

G]LHOLQDPLZ\GDOLQDPLLWS

1DU]ÆG]LDPLW\PLPRJ]DMPRZDÂVLÆMHG\QLHSUDFRZQLF\Z\]QDF]HQLGRWHJRFH

OXSURIHVMRQDOQLHSU]\JRWRZDQLQDELHFRV]NROHQL&]\V]F]HQLHQDU]ÆG]LLLQQH

JRVSU]ÆWXPHG\F]QHJRMHVWQLH]EÆGQ\PHWDSHPZLFKSU]\JRWRZDQLXGRVWHU\OL

]DFMLOXEGH]\QIHNFMLLMHVWMHGQ\P]ZDUXQNÏZVNXWHF]QRyFLW\FKSURFHVÏZ1DOH

\RJUDQLF]\ÂNRQWDNWSUDFRZQLNÏZ]QDU]ÆG]LDPLSU]HGLFKGH]\QIHNFM

:SU]\SDGNXGH]\QIHNFML]DQLHF]\V]F]RQ\FKQDU]ÆG]LQDOH\SU]\MÂ]DVDGÆH

UR]WZÏUPRHE\ÂX\W\MHGQRUD]RZR

3UDFRZQLNRP]DMPXMF\PVLÆ]DQLHF]\V]F]RQ\PLQDU]ÆG]LDPLSUDFRGDZFDPX

VL]DSHZQLÂyURGNLRFKURQ\RVRELVWHMW]QRGSRZLHGQLHIDUWXFK\RFKURQQHIDU

WXFK\QLHSU]HPDNDOQHUÆNDZLFHJRVSRGDUF]HJXPRZHOXE]WZRU]\ZDV]WXF]

QHJRGREUHMMDNRyFL]DNU\ZDMFHPDQNLHW\UÆNDZÏZRVRQ\QDWZDU]OXEPD

VNL L RNXODU\ RFKURQQH RVRQ\ JRZ\

F]HSHNFKXVWNDVSHFMDOQHREXZLHOXE

RFKUDQLDF]HQDREXZLH

:FHOX]PQLHMV]HQLDQDUDHQLDSUDFRZQL

NÏZ QD ]DNDHQLH QDU]ÆG]LD SR X\FLX

QDMOHSLHMSRGGDZDÂSURFHVRPP\FLDLGH

]\QIHNFML Z XU]G]HQLDFK DXWRPDW\F]

Q\FKQSZP\MFHXOWUDG|ZLÆNRZHM

'R GH]\QIHNFML QDU]ÆG]L SRZLQQ\ E\Â

VWRVRZDQH VSHFMDOQH SRMHPQLNL XPROL

ZLDMFHEH]SLHF]QHXPLHV]F]HQLHLZ\MÆ

3UDFRZQLNRP ]DMPXMñF\P VLö ]DQLHF]\V]

F]RQ\PLQDU]öG]LDPLSUDFRGDZFDPXVL]D

SHZQLèĈURGNLRFKURQ\RVRELVWHM

'RGH]\QIHNFMLQDU]öG]LSRZLQQ\E\èVWR

VRZDQHVSHFMDOQHSRMHPQLNL

FLHQDU]ÆG]L]SRMHPQLND]PQLHMV]DMFH

QDUDHQLH QD ]UDQLHQLH L NRQWDNW ] S\

QHPGH]\QIHNF\MQ\P.DG\VSU]ÆWPL

PRZVWÆSQHJRQDPRF]HQLDQDOH\WUDN

WRZDÂ MDNR SRWHQFMDOQLH VNDRQ\ L ]D

ZV]HX\ZDÂUÆNDZLF]HN

3U]\F]\Q]DNDHÍV]SLWDOQ\FKSD

FMHQWÏZ L SHUVRQHOX V]HU]F\FK VLÆ

GURJ QDUXV]HQLD FLJRyFL WNDQHN

PRH E\Â NRQWDNW ] ]DNDRQ\PL QLH

VWHU\OQ\PLQDU]ÆG]LDPL

$E\XDWZLÂNRQWUROÆMDNRyFLP\FLHGH

]\QIHNFMD RUD] VWHU\OL]DFMD VSU]ÆWX PH

G\F]QHJR SRZLQQ\ E\Â SURZDG]RQH Z

FHQWUDOQHM VWHU\OL]DWRUQL 5ÆF]QH P\FLH

VNDRQ\FK QDU]ÆG]L L VSU]ÆWX QLHVLH ]H

VREU\]\NR]DNDHQLDSHUVRQHOXSU]H]

SDWRJHQQ\SU]HQRV]RQHGURJNUZLOXE

LQQH GUREQRXVWURMH FKRURERWZÏUF]H

GODWHJRWHQDOH\JRXQLNDÂ

=DPLDVWP\FLDUÆF]QHJRPRQD]DVWRVR

ZDÂ P\MNL XOWUDG|ZLÆNRZH ]P\ZDUNL

SU]HORWRZH PDV]\Q\ P\MFRGH]\QIHNX

MFHOXEPDV]\Q\P\MFRVWHU\OL]XMFH

0HWRG\NRQWUROL]DNDHÍ

:V]\VF\ SUDFRZQLF\ RSLHNL ]GURZRWQHM

SRZLQQL ]DZV]H SU]HVWU]HJDÂ SRQL

V]\FKZ\W\F]Q\FKQLH]DOHQLHRGVWDQX

]DND|QRyFLSDFMHQWD

5HJXODUQLH P\Â UÆFH SRPLÆG]\ ]D

ELHJDPL SDFMHQWDPL SR NRQWDNFLH ]

NUZLOXES\QDPLXVWURMRZ\PLRUD]SR

]GMÆFLXUÆNDZLF]HN

2SDWU\ZDÂVNDOHF]HQLDRWDUFLDLUDQ\

NXWHSUDFRZQLNÏZZRGRRGSRUQ\PRSD

WUXQNLHPLOXE]DNDGDÂQDQLHUÆNDZLF]

3UDFRZQLF\ ] GX\PL REV]DUDPL

XV]NRG]RQHM VNÏU\ SRZLQQL XQLNDÂ Z\

NRQ\ZDQLDLQZD]\MQ\FK]DELHJÏZ

'R GH]\QIHNFML QDU]öG]L SRZLQQ\ E\è VWR

VRZDQHVSHFMDOQHSRMHPQLNLXPRĔOLZLDMñFH

EH]SLHF]QHXPLHV]F]HQLHLZ\MöFLHQDU]öG]L

]SRMHPQLND

1DOH\XQLNDÂVNDHQLDRG]LH\VWRVXMFRGSRZLHGQLRG]LHRFKURQQWMQLH

SU]HPDNDOQHOXESODVWLNRZHIDUWXFK\

-HHOLLVWQLHMHU\]\NRUR]SU\yQLÆFLDNUZLOXES\QÏZXVWURMRZ\FKQDOH\QRVLÂ

RNXODU\RFKURQQHLPDVNÆZFHOXRFKURQ\RF]XXVWLQRVD

-HHOLLVWQLHMHQLHEH]SLHF]HÍVWZRVNDHQLDSRGRJLWU]HEDQRVLÂNDORV]HOXE

MHGQRUD]RZHQLHSU]HPDNDOQHRFKUDQLDF]HQDEXW\

:PLDUÆPROLZRyFLQDOH\XQLNDÂVWRVRZDQLDRVWU\FKQDU]ÆG]L*G\VLÆLFK

X\ZDWU]HEDZSURZDG]LÂ]DVDG\EH]SLHF]QHJRSRVWÆSRZDQLD]LJDPLLLQQ\PL

RVWU\PLSU]HGPLRWDPLRUD]Z\U]XFDÂMHGRVSHFMDOQHJRSRMHPQLND3RMHPQLNQD

RVWUHSU]HGPLRW\PXVLE\ÂVWDUDQQLH]DP\NDQ\SRQDSHQLHQLXGRREMÆWRyFLL

QLV]F]RQ\SU]H]VSDOHQLH

1LHZROQR]DNDGDÂSRQRZQLHRVRQHNQDLJ\

7U]HED ZSURZDG]LÂ RGSRZLHGQLH ]DVDG\ SU]HSURZDG]DQLD VWHU\OL]DFML L GH

]\QIHNFMLQDU]ÆG]LLVSU]ÆWX

3RZLHU]FKQLHVNDRQHNUZLS\QDPLXVWURMRZ\PLZ\G]LHOLQDPLOXEZ\GD

OLQDPLWU]HEDRGND]LÂLQDW\FKPLDVWXP\Â]]DFKRZDQLHP]DVDGEH]SLHF]HÍ

VWZD

3U]\XVXZDQLXRGSDGÏZV]SLWDOQ\FKQDOH\SU]HVWU]HJDÂ]DVDGEH]SLHF]HÍ

VWZD]JRGQLH]PLHMVFRZ\PLSU]HSLVDPL

0\FLHGH]\QIHNFMDRUD]VWHU\OL]DFMDVSU]öWXPHG\F]QHJRSRZLQQ\E\èSURZDG]RQHZFHQWUDO

QHMVWHU\OL]DWRUQL5öF]QHP\FLHVNDĔRQ\FKQDU]öG]LLVSU]öWXQLHVLH]HVREñU\]\NR]DNDĔHQLD

SHUVRQHOXSU]H]SDWRJHQQ\SU]HQRV]RQHGURJñNUZLOXELQQHGUREQRXVWURMHFKRURERWZÑUF]H

GODWHJRWHĔQDOHĔ\JRXQLNDè

&(175$/1$67(5</,=$7251,$

%(=3,(&=(67:2,2&+521$

='52:,$35$&2:1,.¯:

2UJDQL]DFMDFHQWUDOQHMVWHU\OL]DWRUQL

&HQWUDOQDVWHU\OL]DWRUQLDVWDQRZLZ\G]LHORQ]DPNQLÆWMHGQRVWNÆV]SLWDOD

8V\WXRZDQLHFHQWUDOQHMVWHU\OL]DWRUQLLRGSRZLHGQLDDUFKLWHNWXUDPDMZS\ZQD

RUJDQL]DFMÆSUDF\LSURILODNW\NÆ]DNDHÍV]SLWDOQ\FK

&HQWUDOQDVWHU\OL]DWRUQLDSRZLQQDE\ÂXV\WXRZDQDZSLRQLHSRGEORNLHPRSHUD

F\MQ\P

&HQWUDOQDVWHU\OL]DWRUQLDSRZLQQDE\ÂZ\SRVDRQDZXU]G]HQLDXPROLZLDMFH

Z\MDDZLDQLHVSU]ÆWXDSDUDWXU\QDU]ÆG]LELHOL]Q\PDWHULDÏZRSDWUXQNRZ\FKL

LQQ\FKHOHPHQWÏZWHJRZ\PDJDMF\FK

F]QRyÂ FHQWUDOQHM VWHU\OL]DWRUQL ] EORNLHP RSHUDF\MQ\P SRZLQQ\ ]DSHZQLDÂ

GZDZ\G]LHORQHG|ZLJLEUXGQ\LF]\VW\

:FHQWUDOQHMVWHU\OL]DWRUQLSRZLQQ\E\ÂZ\RGUÆEQLRQHSU]HVWU]HQLHSRG]LHORQH

QDWU]\VWUHI\

EUXGQSU]H]QDF]RQGRSU]\MPRZDQLDPDWHULDXVHJUHJDFMLZVWÆSQHMGH

]\QIHNFMLP\FLD

F]\VWSU]H]QDF]RQGRNRPSOHWRZDQLDLSDNLHWRZDQLDPDWHULDÏZ]DDGR

ZDQLDVWHU\OL]DWRUÏZ

VWHU\OQ SU]H]QDF]RQ GR UR]DGRZDQLD VWHU\OL]DWRUÏZ PDJD]\QRZDQLD L

HNVSHG\FML

5R]ZL]DQLHSU]HVWU]HQQHSRZLQQR]DSHZQLDÂUXFKSRVWÆSRZ\RGVWUHI\EUXG

QHMGRVWHU\OQHM

8NDGSRPLHV]F]HÍWZRU]F\FKFHQWUDOQVWHU\OL]DWRUQLÆSRZLQLHQ]DSHZQLDÂ]D

FKRZDQLHVWUHI\EUXGQHMF]\VWHMLMDRZHMRUD]Z\PXVLÂMHGQRNLHUXQNRZ\UXFK

SHUVRQHOXLPDWHULDX

0LÆG]\ VWUHIDPL EUXGQ L F]\VW F]\

VWLVWHU\OQRUD]VWHU\OQLSRPLHV]

F]HQLDPL RJÏOQ\PL QDOH\ XU]G]LÂ

yOX]\XP\ZDONRZRIDUWXFKRZH

:]DNDGDFKRSLHNL]GURZRWQHMZDQ

UROÆSHQLNRORU\VXFHGRXPRZQH

JRUR]UÏQLDQLDVWUHI

3U]\MÆWRH

.RORU F]HUZRQ\ R]QDF]D VWUHIÆ

EUXGQ

.RORUQLHELHVNLLELD\R]QDF]DVWUHIÆ

F]\VW :NRORU]HW\PVR]QDNRZDQH

]HZQÆWU]QH RSDNRZDQLD ]HVWDZÏZ

RSHUDF\MQ\FK

ZÏ]NLX\ZDQHGRVSU]WDQLDF]ÆyFLF]\VWHMFHQWUDOQHMVWHU\OL]DWRUQL

XEUDQLDGODSHUVRQHOX]DWUXGQLRQHJRZFHQWUDOQHMVWHU\OL]DWRUQLF]ÆyÂF]\

VWDLEUXGQD

REXZLHGODSHUVRQHOXF]ÆyFLF]\VWHMFHQWUDOQHMVWHU\OL]DWRUQL

.RORU]LHORQ\R]QDF]DVWUHIÆMDRZ :NRORU]HW\PVR]QDNRZDQH

ZHZQÆWU]QHZDUVWZ\RSDNRZDÍ]HVWDZÏZRSHUDF\MQHJR

REXZLHX\ZDQHSU]H]SHUVRQHOF]ÆyFLVWHU\OQHMFHQWUDOQHMVWHU\OL]DWRUQL

XEUDQLDGODSUDFRZQLNÏZSU]HE\ZDMF\FKZF]ÆyFLVWHU\OQHMFHQWUDOQHMVWH

U\OL]DWRUQL

:\PDJDQLDV]F]HJÏOQHMDNLPSRZLQQ\RGSRZLDGDÂSRGZ]JOÆGHP

IDFKRZ\PLVDQLWDUQ\PSRPLHV]F]HQLDFHQWUDOQHMVWHU\OL]DWRUQL

:\PDJDQLDGODSRPLHV]F]HÍFHQWUDOQHMVWHU\OL]DFML

3RZLHU]FKQLDSRPLHV]F]HÍ

1DNDGHJR]SUDFRZQLNÏZMHGQRF]HyQLH]DWUXGQLRQ\FKSRZLQQRSU]\SDGDÂ

ZROQHMREMÆWRyFLSRPLHV]F]HQLDRUD]FRQDMPQLHMP

ZROQHMSRZLHU]FK

QLSRGRJLQLH]DMÆWHMSU]H]XU]G]HQLDWHFKQLF]QHVSU]ÆWLWS

:\VRNRyÂSRPLHV]F]HÍ

:\VRNRyÂSRPLHV]F]HÍZyZLHWOHSRZLQQDZ\QRVLÂPLQLPXPP

6XILW\

:SRPLHV]F]HQLDFKZ\PDJDMF\FKSRGZ\V]RQHMDVHSW\NLVXILWSRGZLHV]RQ\

SRZLQLHQE\ÂZ\NRQDQ\ZVSRVÏE]DSHZQLDMF\V]F]HOQRyÂSRZLHU]FKQL

3RGRJL

:HZV]\VWNLFKSRPLHV]F]HQLDFKFHQWUDOQHMVWHU\OL]DWRUQLSRGRJLSRZLQQ\E\Â

Z\NRQDQH]PDWHULDÏZJDGNLFKWUZD\FK]P\ZDOQ\FKQLHQDVLNOLZ\FKLRG

SRUQ\FKQDG]LDDQLHyURGNÏZGH]\QIHNF\MQ\FK

'ĒZLJ GR WUDQVSRUWX Z\VWHU\OL]RZDQHJR PD

WHULDäXQDEORNRSHUDF\MQ\

kFLDQ\

kFLDQ\SRPLHV]F]HÍSRZLQQ\E\ÂDWZR]P\ZDOQHLXPROLZLDMFHGH]\QIHNFMÆ

:SRPLHV]F]HQLDFKZ\PDJDMF\FKF]ÆVWHMGH]\QIHNFMLOXEXWU]\PDQLDDVHSW\

NLyFLDQ\QDFDHMZ\VRNRyFLSRZLQQ\E\ÂZ\RRQHS\WNDPL]PDWHULDÏZJDG

NLFKWUZD\FK]P\ZDOQ\FKQLHQDVLNOLZ\FKLRGSRUQ\FKQDG]LDDQLHyURGNÏZ

GH]\QIHNF\MQ\FK

'U]ZL

:]DNDG]LHQLHPRJE\ÂLQVWDORZDQHGU]ZLREURWRZHRUD]ZDKDGRZH

:\PLDU\RWZRUÏZGU]ZLRZ\FKZNDG\PSRPLHV]F]HQLXFHQWUDOQHMVWHU\OL]DWRU

QLSRZLQQ\E\ÂRGSRZLHGQLHGROLF]E\SUDFRZQLNÏZ]QLFKNRU]\VWDMF\FKRUD]

GRURG]DMXLZLHONRyFLX\ZDQ\FKXU]G]HÍWUDQVSRUWRZ\FKLSU]HPLHV]F]DQ\FK

DGXQNÏZ'U]ZLSRZLQQ\PLHÂZyZLHWOHRyFLHQLF\FRQDMPQLHMV]HURNRyÂ

PLZ\VRNRyÂP

:HQW\ODFMD

:NDG\PSRPLHV]F]HQLXFHQWUDOQHMVWHU\OL]DWRUQL]DZ\MWNLHPSRPLHV]F]HÍ

R]ZLÆNV]RQ\FKZ\PDJDQLDFKDVHSW\NLSRZLQLHQE\ÂLQG\ZLGXDOQ\NDQDZHQW\

ODFMLJUDZLWDF\MQHMZ\SURZDG]RQ\SRQDGGDFKL]DSHZQLDMF\NURWQZ\PLD

QÆSRZLHWU]DQDJRG]LQÆ

3RPLHV]F]HQLDR]ZLÆNV]RQ\FKZ\PDJDQLDFKDVHSW\NLZNWÏU\FKNRQLHF]QD

MHVW]ZLÆNV]RQDZ\PLDQDSRZLHWU]DSRZLQQDE\Â]DLQVWDORZDQDZHQW\ODFMDPH

FKDQLF]QD

:SRPLHV]F]HQLDFKZ\PDJDMF\FKZ\VRNLHJRVWRSQLDMDRZRyFLLQVWDODFMDNOL

PDW\]DFMLOXEZHQW\ODFMLPHFKDQLF]QHMSRZLQQD]DSHZQLDÂQDZLHZSRZLHWU]DMD

RZHJRILOWU\DEVROXWQH:\PLDQDILOWUÏZSRZLQQDRGE\ZDÂVLÆSR]DSRPLHV]

F]HQLDPLZHQW\ORZDQ\PL

3RPLHV]F]HQLDRUÏQ\PSR]LRPLHZ\PDJDÍVDQLWDUQ\FKQLHPRJE\ÂF]R

QHZHZVSÏOQ\XNDGZHQW\ODFMLPHFKDQLF]QHM

,QVWDODFMDHOHNWU\F]QD

6]SLWDOSRZLQLHQE\Â]DVLODQ\]GZÏFKQLH]DOHQ\FK|UÏGHHQHUJHW\NL]DZRGR

ZHMDSRQDGWRUH]HUZRZHSU]H]ORNDOQH|UÏGRHQHUJHW\F]QHWMDJUHJDW\SU

GRWZÏUF]H]DSHZQLDMFHPLQLPXPPRF\HQHUJLLV]F]\WRZHMRUD]SU]HWZRU

QLFHW\U\VWRURZHOXEEDWHULHDNXPXODWRUÏZ

2yZLHWOHQLH

3RPLHV]F]HQLDFHQWUDOQHMVWHU\OL]DWRUQLSRZLQQ\PLHÂ]DSHZQLRQ\EH]SRyUHG

QLGRVWÆSyZLDWDG]LHQQHJR

3RPLHV]F]HQLDFHQWUDOQHMVWHU\OL]DWRUQLSRZLQQ\SRVLDGDÂSU]\SRZLHU]FKQLVX

ILWXUÏZQRPLHUQLHUR]PLHV]F]RQH|UÏGDyZLDWD2SUDZ\RyZLHWOHQLRZHQLHSR

ZLQQ\Z\VWDZDÂSR]DSRZLHU]FKQLÆVXILWX

: ]DOHQRyFL RG URG]DMX Z\NRQ\ZDQ\FK ]DGDÍ L ]DVWRVRZDQHM DSDUDWXU\

SRZLQQDE\ÂLQVWDODFMDVSUÆRQHJRSRZLHWU]D

3RPLHV]F]HQLDZFKRG]FHZVNDGSRV]F]HJÏOQ\FKVWUHIZFHQWUDOQHM

VWHU\OL]DWRUQLZ63=2=1RZH0LDVWRZ3R]QDQLX

6WUHIDEUXGQD

SRPLHV]F]HQLHSU]\MÆFLDPDWHULDÏZ]EORNXRSHUDF\MQHJRRUD]]LQQ\FKMHGQR

VWHNRUJDQL]DF\MQ\FKV]SLWDOD

SRPLHV]F]HQLHP\FLDZÏ]NÏZ

SRPLHV]F]HQLHVXV]HQLDZÏ]NÏZ

VNDG]LNSRU]GNRZ\SRPLHV]F]HQLHSU]H]QDF]RQH

GRSU]HFKRZ\ZDQLDyURGNÏZF]\VWRyFLSRZLQLHQE\Â

Z\SRVDRQ\Z]OHZ]DZLHV]RQ\QDZ\VRNRyFLFP

RGSRGRJL

V]DWQLDGODSHUVRQHOX

SRPLHV]F]HQLHNLHURZQLNDFHQWUDOQHMVWHU\OL]DWRUQL

SRPLHV]F]HQLHVRFMDOQH

PDJD]\QyURGNÏZGH]\QIHNF\MQRP\MF\FK

G|ZLJVXF\GRWUDQVSRUWXPDWHULDÏZ]EORNXRSH

UDF\MQHJR

6WUHIDF]\VWD

PDJD]\Q yURGNÏZ RSDWUXQNRZ\FK GRVWDUF]DQ\FK ]

DSWHNLV]SLWDOQHM

SRPLHV]F]HQLH UR]SDNRZDQLD yURGNÏZ RSDWUXQNR

Z\FKGRVWDUF]DQ\FK]DSWHNLV]SLWDOQHM

SRPLHV]F]HQLHVHJUHJDFMLLSDNRZDQLDELHOL]Q\RUD]

yURGNÏZRSDWUXQNRZ\FK

SRPLHV]F]HQLHNRPSOHWRZDQLDSDNRZDQLDLNRQWUROL

PDWHULDXGRVWHU\OL]DFML

SRPLHV]F]HQLH]HVWHU\OL]DWRUHPJD]RZ\P

6WUHIDVWHU\OQD

SRPLHV]F]HQLHZ\DGXQNXZ\VWHU\OL]RZDQHJRPDWH

ULDX]DXWRNODZÏZSDURZ\FK

SRPLHV]F]HQLHDHUDWRUD

SRPLHV]F]HQLHHNVSHG\FML

PDJD]\Q RSDNRZDÍ ]ZURWQ\FK VWG ]DELHUDQ\ MHVW

Z\VWHU\OL]RZDQ\ PDWHULD GR SRV]F]HJÏOQ\FK MHGQR

VWHNRUJDQL]DF\MQ\FKV]SLWDOD]DZ\MWNLHPEORNXRSH

UDF\MQHJR

G|ZLJVXF\GRWUDQVSRUWXPDWHULDÏZMDRZ\FKQD

EORNRSHUDF\MQ\

PDJD]\QPDWHULDÏZVWHU\OQ\FK

7UDQVSRUWEUXGQ\FKQDU]ö

G]L ] EORNX RSHUDF\MQHJR

GĒZLJLHPEUXGQ\P

6WDQRZLVNRP\FLDZÑ]NÑZ

LSRMHPQLNÑZSREUXGQ\FK

QDU]öG]LDFK

0LÆG]\VWUHIDPLEUXGQLF]\VWF]\

VWLVWHU\OQ]QDMGXMVLÆyOX]\XP\

ZDONRZRIDUWXFKRZHGODSHUVRQHOXZ

NWÏU\FKQDOH\VLÆSU]HEUDÂSU]HGZHM

yFLHP GR SRV]F]HJÏOQ\FK VWUHI FHQ

WUDOQHMVWHU\OL]DWRUQL

3RPLHV]F]HQLD yOX]\ XP\ZDONRZR

IDUWXFKRZHMVZ\SRVDRQHZ]HVSR

\ZLHV]DNÏZXP\ZDONÆGR]RZQLNL]

P\GHPLyURGNLHPGRRGNDDQLDUN

RUD]MHGQRUD]RZHUÆF]QLNL

8U]G]HQLDLDSDUDWXUDVWDQRZL

FHZ\SRVDHQLHFHQWUDOQHMVWHU\OL

]DWRUQLZ63=2=1RZH0LDVWR

Z3R]QDQLX

&HQWUDOQD VWHU\OL]DWRUQLD F]ÆyÂ

EUXGQD

P\MQLDXOWUDG|ZLÆNRZD

GZLHP\MQLHGH]\QIHNWRU\SU]HORWR

ZHGRP\FLDLGH]\QIHNFMLWHUPLF]QHM

GZLHP\MQLHGH]\QIHNWRU\SU]HORWR

ZHGRP\FLDLGH]\QIHNFMLFKHPLF]QHM

GZD VWR\ ]H ]OHZR]P\ZDNDPL GR

P\FLDUÆF]QHJRQDU]ÆG]L

VWR\ GR VHJUHJDFML EUXGQ\FK QDU]Æ

G]L

SLVWROHW\ GR P\FLD L VXV]HQLD ZÏ]

NÏZ

&HQWUDOQD VWHU\OL]DWRUQLD F]ÆyÂ

F]\VWD

GZLH HOHNWU\F]QH V]DI\VXV]DUNL GR

QDU]ÆG]L

GZDVWHU\OL]DWRU\SDURZHSU]HORWRZH

VWHU\OL]DWRUSDURZRIRUPDOGHK\GRZ\

SU]HORWRZ\

VWHU\OL]DWRUJD]RZ\SU]HORWRZ\

WU]\VWR\URERF]HGRNRPSOHWRZDQLD

LSDNRZDQLDPDWHULDX

.RPSOHWRZDQLHPDWHULDäXVWHU\OL]DF\MQHJR

3U]HORWRZ\VWHU\OL]DWRUJD]RZ\]F]XMQLNLHPQD

REHFQRĈèWOHQNXHW\OHQX

ćOX]D SRPLöG]\ VWUHIñ EUXGQñ L VWUHIñ F]\VWñ

FHQWUDOQHMVWHU\OL]DWRUQL

F]XMQLNVWÆHQLDWOHQNXHW\OHQXZSRPLHV]F]HQLXVWHU\OL]DWRUDJD]RZHJR

GZDZÏ]NL]DDGRZF]HPDWHULDXGRVWHU\OL]DWRUÏZ

&HQWUDOQDVWHU\OL]DWRUQLDF]ÆyÂVWHU\OQD

DHUDWRU

UHJD\QDZ\VWHU\OL]RZDQ\PDWHULD

ZÏ]HNZ\DGRZF]\PDWHULDXZ\VWHU\OL]RZDQHJR]HVWHU\OL]DWRUÏZ

: SRPLHV]F]HQLDFK L SU]HVWU]HQLDFK NRPXQLND

F\MQ\FKZNWÏU\FKZ\PDJDQHMHVWRNUHVRZHZ\

MDDZLDQLHSRZLHWU]DVUR]PLHV]F]RQHVWDHODP

S\EDNWHULREÏMF]H

6WHU\OL]DFMD

6WHU\OL]DFMDMHVWSURFHVHPPDMF\PQDFHOX]DEL

FLHZV]\VWNLFKIRUPGUREQRXVWURMÏZZW\PWDNH

VSRUEDNWHULL

*ZDUDQFMÆ VWHU\OQRyFL QDU]ÆG]L L PDWHULDÏZ PH

G\F]Q\FKX]\VNXMHVLÆSU]H]]DFKRZDQLHZDyFL

ZHJRWRNXSRVWÆSRZDQLD]PDWHULDHPSU]HGVWH

U\OL]DFMSUDZLGRZRSU]HSURZDG]RQ\SURFHVVWH

U\OL]DFMLRUD]ZDyFLZHSRVWÆSRZDQLH]PDWHULDHP

SRSU]HSURZDG]RQ\PSURFHVLHVWHU\OL]DFML

%DUG]RZDQHVZV]\VWNLHRJQLZDZVWHU\OL]DF\M

Q\PDÍFXFKX]DOHQRyFLGH]\QIHNFMDSRX\FLX

GRNDGQHXP\FLHLZ\VXV]HQLHRGSRZLHGQLHRSD

NRZDQLHZDyFLZHXRHQLHZNRPRU]HVWHU\OL]D

WRUDSU]HVWU]HJDQLHSDUDPHWUÏZVWHU\OL]DFMLNRQ

WUROD SURFHVX Z\DGXQHN ] NRPRU\ SU]HFKRZ\

ZDQLH G\VWU\EXFMD WUDQVSRUW DVHSW\F]QH RWZDU

FLHRSDNRZDQLDX\FLH

'H]\QIHNFMDF]\V]F]HQLHP\FLHVXV]HQLHQD

U]ÆG]L 8\WH EUXGQH QDU]ÆG]LD ] EORNX RSHUD

F\MQHJR RUD] ] LQQ\FK NRPÏUHN RUJDQL]DF\MQ\FK

V]SLWDODGRVWDUF]DQHVGRSRPLHV]F]HQLDSU]\MÆFLDPDWHULDÏZZF]ÆyFLEUXG

QHMVWHU\OL]DWRUQLQDZÏ]NDFKZPHWDORZ\FKNRV]DFK]DQXU]RQ\FKZSRMHPQL

NDFK]UR]WZRUHPyURGNDGH]\QIHNF\MQHJR

.ROHMQ\PHWDSHPMHVWVHJUHJDFMDQDU]ÆG]LLSRGMÆFLHGHF\]MLRVSRVRELHP\FLDL

GH]\QIHNFML ZDyFLZHM Z P\MQL XOWUDG|ZLÆNRZHM OXE P\MQLDFKGH]\QIHNWRUDFK

:\EÏUVSRVREXP\FLD]DOH\RGURG]DMXPDWHULDÏZ

0\MQLDXOWUDG|ZLÆNRZD 8OWUDG|ZLÆNLQDGDMVLÆJÏZQLHGRF]\V]F]HQLDQDU]ÆG]L

PRFQR]DQLHF]\V]F]RQ\FKOXERWUXGQRGRVWÆSQ\FKSRZLHU]FKQLDFK

0RELOQ\ZÑ]HN]DäDGRZF]RZ\

äDGRZF]\ PDWHULDäX VWHU\OL]DF\M

QHJRGRL]HVWHU\OL]DWRUÑZ

3U]HORWRZHP\MQLHGH]\QIHNWRU\

0\MQLDGH]\QIHNWRU :XU]G]HQLXW\PVSU]ÆWMHVWP\W\GH]\QIHNRZDQ\RUD]SX

NDQ\:GZÏFKP\MQLDFKGH]\QIHNWRUDFKZWHPSHUDWXU]H

&P\W\LGH]\QIH

NRZDQ\MHVWVSU]ÆWWHUPRVWDELOQ\:SR]RVWD\FKGZÏFKP\MQLDFKGH]\QIHNWRUDFK

RGE\ZDVLÆP\FLHLGH]\QIHNFMDFKHPLF]QDVSU]ÆWXWHUPRODELOQHJR

6XV]HQLHPDWHULDXRGE\ZDVLÆZVXV]DUNDFKOXE]DSRPRFSLVWROHWX]HVSUÆ

RQ\PSRZLHWU]HP

0\FLHUÆF]QH 5ÆF]QLHP\MHVLÆQLHNWÏUHGHOLNDWQHQDU]ÆG]LDQSF]ÆyFLRSW\F]

QH HQGRVNRSÏZ XURORJLF]Q\FK 7DNL VSRVÏE P\FLD PRQD ]DVWRVRZDÂ SR

XSU]HGQLHMGH]\QIHNFMLZVWÆSQHM

:Ï]NLLSRMHPQLNLZNWÏU\FKSU]\ZRRQHVQDU]ÆG]LDGRFHQWUDOQHMVWHU\OL]DWRU

QLP\WHVZSRPLHV]F]HQLXP\FLDZÏ]NÏZDQDVWÆSQLHVXV]RQHZSRPLHV]F]H

QLXVXV]HQLDZÏ]NÏZ

3R]DNRÍF]RQ\PSURFHVLHP\FLDLGH]\QIHNFMLQDU]ÆG]LDZ\MPRZDQHVSRVWUR

QLHF]\VWHM]SU]HORWRZ\FKP\MQLGH]\QIHNWRUÏZRGE\ZDVLÆLFKRVXV]HQLHRUD]

SU]HJOGZFHOXVSUDZG]HQLDGRNDGQRyFLP\FLDRUD]Z\HOLPLQRZDQLDQDU]ÆG]L

XV]NRG]RQ\FK

3DNRZDQLH :V]\VWNLHDUW\NX\PHG\F]QHSRZLQQ\E\ÂRSDNRZDQHSU]HGSRG

GDQLHPLFKSURFHVRPVWHU\OL]DFML:\EÏURSDNRZDQLD]DOH\RGPHWRG\VWHU\OL

]DFML:DyFLZHRSDNRZDQLHXPROLZLDSUDZLGRZVWHU\OL]DFMÆLVWDQRZLRFKUR

QÆ SURGXNWX VWHU\OQHJR SU]HG ZWÏUQ\P

VNDHQLHPSR]DNRÍF]HQLXSURFHVXVWHU\

OL]DFML

3R VWURQLH F]\VWHM RGE\ZD VLÆ NRPSOHWR

ZDQLH L SDNRZDQLH QDU]ÆG]L Z SDNLHW\

RUD]]QDNRZDQLHHW\NLHWRZDQLHSDNLHWÏZ

:VWUHILHF]\VWHMZZ\G]LHORQ\PSRPLHV]

F]HQLX NRPSOHWXMH VLÆ L SDNXMH ELHOL]QÆ

RSHUDF\MQGRVWDUF]DQ]SUDOQLV]SLWDOQHM

RUD] yURGNL RSDWUXQNRZH GRVWDUF]DQH ]

DSWHNLV]SLWDOQHM

:\UÏQLÂ PRQD QDVWÆSXMFH URG]DMH

RSDNRZDÍ

DRSDNRZDQLDMHGQRUD]RZHJRX\WNX

SDSLHUVWHU\OL]DF\MQ\

WRUHENL SDSLHURZH L SDSLHURZRIROLR

UÆNDZ\SDSLHURZRIROLRZH

ERSDNRZDQLDZLHORUD]RZHJRX\WNX

SRMHPQLNLVWHU\OL]DF\MQH]ILOWUDPL

SRMHPQLNLVWHU\OL]DF\MQH]]DZRUDPL

3U]\JRWRZDQHSDNLHW\XNDGDVLÆQDZÏ]

NDFKL]DDGRZXMHZ]DOHQRyFLRGURG]D

6WDQRZLVNRP\MQLXOWUDGĒZLöNRZHM

3DNRZDQLHPDWHULDäXVWHU\OL]DF\MQHJR

MXPDWHULDXSU]H]QDF]RQHJRGRVWHU\OL]DFMLGRWU]HFKSU]HORWRZ\FKVWHU\OL]DWR

UÏZSDURZ\FKOXESU]HORWRZHJRVWHU\OL]DWRUDJD]RZHJR

0HWRG\VWHU\OL]DFML

SDURZDF]\QQLNLHPVWHU\OL]XMF\PMHVWQDV\FRQDSDUDZRGQDZQDGFLyQLH

QLXZWHPSHUDWXU]H

&QDGFLyQLHQLHDWPOXEZWHPSHUDWXU]H

QDGFLyQLHQLHDWP

WOHQNLHPHW\OHQXVWHU\OL]XMHVLÆVSU]ÆWZUDOLZ\QDG]LDDQLHZ\VRNLHMWHPSH

UDWXU\OXESRGOHJDMF\V]\EV]HPXQLV]F]HQLXSRGZS\ZHPSDU\ZRGQHM

IRUPDOGHK\GRZDF]\QQLNLHPVWHU\OL]XMF\PMHVWIRUPDOGHK\GLSDUDZRGQD

RQLVNLHMWHPSHUDWXU]H

&D\SURFHVVWHU\OL]DFMLPRQLWRURZDQ\MHVWQDELHFR]DSRPRFZVND|QLNÏZIL

]\F]Q\FKPDQRPHWU\WHUPRPHWU\NRQWURONLyZLHWOQHNDUW\NRQWUROQHZ\GUXNLL

FKHPLF]Q\FKXPLHV]F]DQ\FKZHZQWU]OXEQD]HZQWU]SDNLHWXZVND]XMH

]RVWD\RVLJQLÆWHZV]\VWNLHOXENLONDSDUDPHWUÏZVWHU\OL]DFMLRUD]WHVWÏZELROR

JLF]Q\FKZ\NRQ\ZDQ\FKSRGQL

3URZDG]RQDMHVWUÏZQLHV]F]HJÏRZDGRNXPHQWDFMDNDGHJRSURFHVXVWHU\OL

]DFML

3R]DNRÍF]RQ\PSURFHVLHVWHU\OL]DFMLMDRZ\PDWHULDZ\MPRZDQ\MHVW]HVWHU\OL

]DWRUÏZZF]ÆyFLVWHU\OQHMFHQWUDOQHMVWHU\OL]DWRUQL

0DWHULDVWHU\OL]RZDQ\WOHQNLHPHW\OHQXXPLHV]F]DQ\MHVWZDHUDWRU]HQDFRQDM

PQLHMJRG]LQ

3R]RVWD\VSU]ÆWMHVWVHJUHJRZDQ\LXNDGDQ\ZPDJD]\QLHPDWHULDÏZVWHU\O

Q\FKDQDVWÆSQLHG\VWU\EXRZDQ\G|ZLJLHPQDEORNRSHUDF\MQ\LZÏ]NDPLGRSR

]RVWD\FKNRPÏUHNRUJDQL]DF\MQ\FKV]SLWDOD

:F]ÆyFLVWHU\OQHMFHQWUDOQHMVWHU\OL]DWRUQLSURZDG]RQDMHVWUÏZQLHV]F]HJÏR

ZDGRNXPHQWDFMDZV]\VWNLFKZ\GDQ\FK]FHQWUDOQHMVWHU\OL]DWRUQLPDWHULDÏZ

=DJURHQLD

: yURGRZLVNX SUDF\ Z FHQWUDOQHM VWHU\OL]DWRUQL Z\VWÆSXM ]DJURHQLD NWÏUH

PRQDSRG]LHOLÂQD

F]\QQLNLQLHEH]SLHF]QH

F]\QQLNLV]NRGOLZHLXFLOLZH

&]\QQLNLQLHEH]SLHF]QHWRF]\QQLNLNWÏU\FKRGG]LD\ZDQLHPRHSRZRGR

ZDÂXUD]\QS

:DQ\ZS\ZQDVNXWHF]QRyÂSURFHVXVWHU\OL]DFML

PDVSRVÏE]DDGRZDQLDVWHU\OL]DWRUD

UXFKRPHHOHPHQW\RVWUHLZ\VWDMFHSU]HGPLRW\LJ\REUDFDMFHVLÆQDU]Æ

G]LDWQFH

SU]HPLHV]F]DMF\VLÆOXG]LHLSU]HGPLRW\WUDQVSRUWZHZQWU]]DNDGRZ\UXFK

SUDFRZQLNÏZ

QDSLÆFLHSUGXHOHNWU\F]QHJRXU]G]HQLDLLQVWDODFMH]DVLODQHSUGHPHOHN

WU\F]Q\P

SU]HGPLRW\RWHPSHUDWXU]HSRZRGXMFHMSRSDU]HQLDWHUPLF]QHVWHU\OL]DWRU\

VXEVWDQFMHRZDyFLZRyFLDFKUF\FKDWZRSDOQ\FKLZ\EXFKRZ\FK

yOLVNLHSRZLHU]FKQLH

&]\QQLNLV]NRGOLZHLXFLOLZH

F]\QQLNLFKHPLF]QHF]\OLF]\QQLNLNWÏUHZ]DOHQRyFLRGVSRVREXRGG]LD\

ZDQLDQDRUJDQL]PF]RZLHNDPRQDSRG]LHOLÂQDVXEVWDQFMHRG]LDDQLX

WRNV\F]Q\P

GUDQLF\P

UF\P

XF]XODMF\P

UDNRWZÏUF]\P

PXWDJHQQH

XSRyOHG]DMFHIXQNFMHUR]URGF]H

&]\QQLNLFKHPLF]QHZ\VWÆSXMSU]\VWRVRZDQLXyURGNÏZGRGH]\QIHNFMLVWHU\OL

]DFMLWHFKQRORJLHZ\NRU]\VWXMFHWOHQHNHW\OHQXSDUDIRUPDOGHK\GXGH]\QIHN

FMLIRUPDOGHK\GLWG

S\\ZÏNLHQ]EDZHQ\ELHOL]QD

F]\QQLNLIL]\F]QH

KDDVZ\WZDU]DQ\SRGF]DVSUDF\XU]G]HÍ

PLNURNOLPDW

SURPLHQLRZDQLHRSW\F]QHQDGILROHWRZHODPS\EDNWHULREÏMF]H

SROHHOHNWURVWDW\F]QHSRZVWDQLHDGXQNXHOHNWURVWDW\F]QHJRVSU]\MDZ\VR

NDWHPSHUDWXUDLZLOJRWQRyÂSRZLHWU]D

F]\QQLNLELRORJLF]QHEDNWHULHZLUXV\Z]ZW\SX%L&+,9JU]\E\

F]\QQLNLSV\FKRIL]\F]QHIL]\F]QHVWDW\F]QHQSZ\PXV]RQDSR]\FMDFLDDL

G\QDPLF]QHQSG|ZLJDQLHSU]HQRV]HQLHPDWHULDÏZSV\FKRQHUZRZHQSSUDFD

]PLDQRZDSRySLHFKSUHF\]MDG]LDDQLD]QDF]QDNRQFHQWUDFMDXZDJLVWUHV

kURGNLRFKURQ\LQG\ZLGXDOQHM

kURGNLRFKURQ\LQG\ZLGXDOQHMWRXU]G]HQLDOXEZ\SRVDHQLHSU]H]QDF]RQHGR

QRV]HQLDEG|WU]\PDQLDSU]H]SUDFRZQLNDZFHOXRFKURQ\SU]HGMHGQ\P]DJUR

HQLHPOXEZLÆNV]OLF]E]DJURHÍNWÏUHPRJPLHÂZS\ZQDMHJR]GURZLH

OXEEH]SLHF]HÍVWZRSUDF\

'RyURGNÏZRFKURQ\LQG\ZLGXDOQHM]DOLF]DVLÆUÏZQLH

]HVSR\VNDGDMFHVLÆ]NLONXXU]G]HÍOXEURG]DMÏZZ\SRVDHQLDNWÏUH]R

VWD\]HVRESRF]RQHZFHOXRFKURQ\F]RZLHNDSU]HGMHGQ\POXEZLHOR

PDMHGQRF]HyQLHZ\VWÆSXMF\PL]DJURHQLDPL

XU]G]HQLDOXEZ\SRVDHQLHRFKURQQHSRF]RQH]QLHRFKURQQ\PyURG

NLHPZ\SRVDHQLDLQG\ZLGXDOQHJRQRV]RQ\POXEWHWU]\PDQ\PSU]H]RVR

EÆZFHOXZ\NRQDQLDRNUHyORQ\FKF]\QQRyFL

Z\PLHQQHVNDGQLNLyURGNÏZRFKURQ\LQG\ZLGXDOQHMNWÏUHVLVWRWQHGODLFK

ZDyFLZHJRIXQNFMRQRZDQLDX\ZDQHZ\F]QLHGRWDNLFKyURGNÏZ

5RODyURGNÏZRFKURQ\LQG\ZLGXDOQHM kURGNLRFKURQ\LQG\ZLGXDOQHMIXQNFMR

QXMFHZ]DNDGRZ\PV\VWHPLHRFKURQ\SUDF\SR]ZDODMF]ÆVWRQDFDNRZLWOL

NZLGDFMÆQLHEH]SLHF]HÍVWZDZ\QLNDMFHJR]]DJURHQLDNWÏUHSRZVWDRQDVNX

WHNG]LDDQLDSURFHVXWHFKQRORJLF]QHJR0RJWHVWDQRZLÂ]DEH]SLHF]HQLHGR

GDWNRZHQDZ\SDGHNZ\VWSLHQLD]DJURHQLDSRPLPRSUDZLGRZHJRG]LDDQLD

V\VWHPX ]DEH]SLHF]HÍ WDNLFK MDN RFKURQ\ ]ELRURZH -HyOL yURGNL RFKURQ\ V

WUDNWRZDQHMDNRMHG\QDRFKURQDSUDFRZQLNDG]LDDMFDZRGHUZDQLXRGFDHJR

V\VWHPXWRPRJRQHFRQDMZ\HMREQL\ÂSR]LRPZ\VWÆSXMFHJR]DJURHQLD

DOHQLH]DZV]HVZVWDQLH]DSHZQLÂVNXWHF]QRFKURQÆ

kURGNL RFKURQ\ LQG\ZLGXDOQHM V WUDNWRZDQH MDNR ]DEH]SLHF]HQLH VWRVRZDQH

JG\QLHPRQDZ\HOLPLQRZDÂ]DJURHQLDQDLQQHMGURG]H

:DUXQNLHPSRGVWDZRZ\PSUDZLGRZHJRIXQNFMRQRZDQLDyURGNÏZRFKURQ\LQ

G\ZLGXDOQHMZUDPDFK]DNDGRZHJRV\VWHPXRFKURQ\SUDF\V

ZDyFLZ\GREÏU

SU]HV]NROHQLHSUDFRZQLNÏZZ]DNUHVLHX\WNRZDQLDW\FKyURGNÏZRUD]LFK

SDUDPHWUÏZRFKURQQ\FK

ZDyFLZHUR]SR]QDQLHF]\QQLNÏZV]NRGOLZ\FKRUD]LFKVWÆHQLDLQDWÆHQLD

V\VWHPPRQLWRULQJX]DJURHÍ

:SHQLVNXWHF]QDHOLPLQDFMD]DJURHÍMHVWPROLZDMHG\QLHZÏZF]DVJG\

yURGNLRFKURQ\LQG\ZLGXDOQHMIXQNFMRQXMMDNRMHGHQ]HOHPHQWÏZ]LQWHJUR

3UDFRGDZFDMHVWRERZL]DQ\GRVWDUF]\ÂSUDFRZQLNRZLQLH

RGSDWQLHyURGNLRFKURQ\LQG\ZLGXDOQHMVSHQLDMFHZ\PD

JDQLDGRW\F]FHRFHQ\]JRGQRyFLRNUHyORQHZRGUÆEQ\FK

SU]HSLVDFK ]DEH]SLHF]DMFH SU]HG G]LDDQLHP QLHEH]

SLHF]Q\FKLV]NRGOLZ\FKGOD]GURZLDF]\QQLNÏZZ\VWÆSXM

F\FKZyURGRZLVNXSUDF\RUD]LQIRUPRZDÂJRRVSRVREDFK

SRVXJLZDQLDVLÆW\PLyURGNDPL

ZDQHJRV\VWHPXEH]SLHF]HÍVWZDSUDF\DLFKUROD]DOH\RGNRQNUHWQLHZ\

VWÆSXMF\FKZDUXQNÏZyURGRZLVNDSUDF\

=JRGQLH ] RERZL]XMF\PL SU]HSLVDPL SUDZD SUDFRGDZFD PD RERZL]HN

]DSHZQLÂ SUDFRZQLNRP EH]SLHF]HÍVWZR L RFKURQÆ LFK ]GURZLD Z NDG\P

DVSHNFLH]ZL]DQ\P]SUDF

:UDPDFKVZHMRGSRZLHG]LDOQRyFLSUDFRGDZFDSRZLQLHQPLQVWRVRZDÂyURGNL

ZHGXJQDVWÆSXMF\FK]DVDG

XQLNDQLHU\]\ND

RFHQDU\]\NDNWÏUHJRQLHPRQDXQLNQÂ

]DSRELHJDQLHU\]\NXX|UÏGDQSSU]H]]DVWSLHQLHQLHEH]SLHF]Q\FKSUR

FHVÏZSURGXNF\MQ\FKEH]SLHF]Q\PLOXE]PLDQÆRUJDQL]DFMLSUDF\

SURZDG]HQLHVSÏMQHMSROLW\NL]DSRELHJDQLDU\]\NXZ]DNDG]LHSUDF\

GRVWRVRZDQLHVWDQRZLVNSUDF\GRSRMHG\QF]HJRF]RZLHND

QDGDZDQLHSULRU\WHWXyURGNRPRFKURQ\]ELRURZHMSU]HGyURGNDPLRFKURQ\

LQG\ZLGXDOQHM

ZDyFLZHLQIRUPRZDQLHSUDFRZQLNÏZQDWHPDW]DJURHÍQDVWDQRZLVNDFK

SUDF\

kURGNLRFKURQ\LQG\ZLGXDOQHMVWDQRZLMHGHQ]HOHPHQWÏZV\VWHPXEH]SLH

F]HÍVWZDSUDF\,FKIXQNFMRQRZDQLHZ]DNDG]LHSUDF\SRZLQQRE\ÂSRSU]H

G]RQH

DQDOL]]DJURHÍRUD]RFHQU\]\ND

V]NROHQLHP SUDFRZQLNÏZ QD WHPDW ]DJURHÍ Z\VWÆSXMF\FK QD VWDQRZL

VNDFKSUDF\RUD]LFKVNXWNÏZGOD]GURZLDOXE\FLD

.ODV\ILNDFMDyURGNÏZRFKURQ\LQG\ZLGXDOQHM :HGXJ3ROVNLHM1RUP\31=

yURGNLRFKURQ\LQG\ZLGXDOQHMG]LHOLVLÆSRGZ]JOÆGHPLFKRJÏOQH

JRSU]H]QDF]HQLDQDJUXS\R]QDF]RQHRGSRZLHGQLPLV\PERODPL

RG]LHRFKURQQD8

yURGNLRFKURQ\NRÍF]\QGROQ\FK1

VSU]ÆWRFKURQ\JRZ\*

VSU]ÆWRFKURQ\WZDU]\LRF]X7

VSU]ÆWRFKURQ\XNDGXRGGHFKRZHJR'

VSU]ÆWRFKURQ\VXFKX6

VSU]ÆWFKURQLF\SU]HGXSDGNLHP]Z\VRNRyFL:

3UDFRZQLNMHVW]RERZL]DQ\GRVWRVRZDQLDyURGNÏZ

RFKURQ\LQG\ZLGXDOQHMGRVWDUF]RQ\FKSU]H]SUDFRGDZFÆ

yURGNL L]ROXMFH FD\ RUJDQL]P VWDQRZL SRF]HQLH RG]LH\ JD]RV]F]HOQHM

RUD]VSU]ÆWXL]ROXMFHJRRFKURQ\XNDGXRGGHFKRZHJR,

3UDFRZQLF\63=2=1RZH0LDVWR]DWUXGQLHQLQDVWDQRZLVNDFKSUDF\QDNWÏU\FK

Z\VWÆSXMF]\QQLNLQLHEH]SLHF]QHLV]NRGOLZHGOD]GURZLD]RVWDOLZ\SRVDHQLZ

RGSRZLHGQLHyURGNLRFKURQ\LQG\ZLGXDOQHMRUD]VSU]HV]NROHQLZ]DNUHVLHVSR

VREXLFKX\WNRZDQLD

2UJDQL]DFMDSUDF\

SU]HFLZG]LDDQLH]DJURHQLRPQDVWDQRZLVNDFKSUDF\

:FHOXZ\HOLPLQRZDQLDRGG]LD\ZDQLDQDSUDFRZQLNÏZFHQWUDOQHMVWHU\OL]DWRUQL

F]\QQLNÏZV]NRGOLZ\FKLXFLOLZ\FKZ\VWÆSXMF\FKZyURGRZLVNXSUDF\Z63

=2=1RZH0LDVWR]DVWRVRZDQRPLQV]HUHJUR]ZL]DÍWHFKQLF]Q\FKLRUJDQL

]DF\MQ\FK

PRELOQHZÏ]NLGRWUDQVSRUWXPDWHULDX

Z\VRNRyÂEODWÏZZÏ]NÏZGRVWRVRZDQDGRSR]LRPXNRPÏUP\MQLGH]\QIHN

WRUÏZLVWHU\OL]DWRUÏZ

PRELOQHNU]HVD]UHJXODFMZ\VRNRyFLVLHG]L

VNDRUD]UHJXODFMSRGSDUFLDSRGOÆG|ZLH

]DLQVWDORZDQRDHUDWRUZSRPLHV]F]HQLXRGJD

]RZDQLDPDWHULDXVWHU\OL]RZDQHJRWOHQNLHPHW\

OHQX

]DDGRZDQLHLZ\DGRZDQLHPDWHULDX]HVWHU\

OL]DWRUÏZRGE\ZDVLÆSU]\SRPRF\EODWÏZZ\SR

VDRQ\FKZURONLEODW\XPLHV]F]RQHVQDZÏ]

NDFK

VWR\]SRGyZLHWODQ\PLEODWDPLGRSU]HJOGD

QLDELHOL]Q\

P\FLHQDU]ÆG]LRGE\ZDVLÆZDXWRPDW\F]Q\FK

SU]HORWRZ\FKP\MQLDFKGH]\QIHNWRUDFKHOLPLQX

MHWRNRQWDNWSUDFRZQLND]HyURGNDPLGH]\QIHN

F\MQ\PL

VXV]HQLH QDU]ÆG]L RGE\ZD VLÆ Z HOHNWU\F]

Q\FKV]DIDFKVXV]DUNDFK

UXFKRPH VWRMDNL GR SDSLHUX VWHU\OL]DF\MQHJR

XPROLZLDMFHVZRERGQHGRELHUDQLHUR]PLDUXSDSLHUX

XFLQDUNLGRFLÆFLDUÆNDZÏZSDSLHURZRIROLRZ\FK

]JU]HZDUNLGR]JU]HZDQLDUÆNDZÏZSDSLHURZRIROLRZ\FK

SRGDMQLNLGRWDyPVWHU\OL]DF\MQ\FK

]DLQVWDORZDQH XU]G]HQLD SU]HORWRZH P\MQLHGH]\QIHNWRU\ VWHU\OL]DWRU\

XPROLZLDMSRG]LDFHQWUDOQHMVWHU\OL]DWRUQLQDVWUHI\

:\SRVDĔHQLH SUDFRZQLND SU]H

E\ZDMñFHJR Z SRPLHV]F]HQLX

DHUDWRUD Z ĈURGNL RFKURQ\ LQG\

ZLGXDOQHM

ZÏ]NLGRSU]HZR]XNRV]\VWHU\OL]DF\MQ\FK

SU]HQRV]HQLHFLÆNLFKNRQWHQHUÏZ]QDU]ÆG]LDPLZGZLHRVRE\

RNUHVRZDURWDFMDSHUVRQHOXQDVWDQRZLVNDFKSUDF\SU]HFLZG]LDDQLH]PÆ

F]HQLXLPRQRWRQLLSUDF\

VWRVRZDQLHSU]H]SUDFRZQLNÏZRGSRZLHGQLFKyURGNÏZRFKURQ\LQG\ZLGXDO

QHMZ]DOHQRyFLRGURG]DMXZ\VWÆSXMFHJR]DJURHQLD

DNWXDOL]DFMDV]NROHÍSHUVRQHOXZ]DNUHVLHEH]SLHF]QHMREVXJLXU]G]HÍFL

yQLHQLRZ\FK

.RPSOHNVRZH Z\SRVDHQLH FHQWUDOQHM VWHU\OL]DWRUQL RUD]

ZDyFLZDRUJDQL]DFMDSUDF\Z63=2=1RZH0LDVWRZ3R

]QDQLXPDM]D]DGDQLHVWZRU]\ÂSUDFRZQLNRPEH]SLHF]QH

LKLJLHQLF]QHZDUXQNLSUDF\

3RGVWDZ\SUDZQH

8VWDZD]GQLDF]HUZFDU.RGHNVSUDF\']8]U1USR]]H

5R]SRU]G]HQLH0LQLVWUD=GURZLDL2SLHNL6SRHF]QHM]GQLDZU]HyQLDUZ

VSUDZLHZ\PDJDÍMDNLPSRZLQQ\RGSRZLDGDÂSRGZ]JOÆGHPIDFKRZ\PLVDQLWDUQ\P

SRPLHV]F]HQLDLXU]G]HQLD]DNDGXRSLHNL]GURZRWQHM']81USR]]H]P

5R]SRU]G]HQLH0LQLVWUD3UDF\L3ROLW\NL6RFMDOQHM]GQLDZU]HyQLDUZVSUD

ZLHRJÏOQ\FKSU]HSLVÏZEH]SLHF]HÍVWZDLKLJLHQ\SUDF\']8]U1USR]

5R]SRU]G]HQLH0LQLVWUD,QIUDVWUXNWXU\]GQLDNZLHWQLDUZVSUDZLHZDUXQNÏZ

WHFKQLF]Q\FKMDNLPSRZLQQ\RGSRZLDGDÂEXG\QNLLLFKXV\WXRZDQLH']81USR]

8VWDZD]GQLDVLHUSQLDUR]DNDGDFKRSLHNL]GURZRWQHM']81USR]

]H]P

8VWDZD]GQLDOLSFDU3UDZREXGRZODQH']8]U1USR]]H

5R]SRU]G]HQLH0LQLVWUD6SUDZ:HZQÆWU]Q\FK]GQLDOLVWRSDGDUZVSUDZLH

RFKURQ\SU]HFLZSRDURZHMEXG\QNÏZLQQ\FKRELHNWÏZEXGRZODQ\FKLWHUHQÏZ']8

1USR]]H]P]U1USR]8FK\ORQR]GQLHPU

5R]SRU]G]HQLH0LQLVWUD=GURZLDL2SLHNL6SRHF]QHM]GQLDPDMDUZVSUD

ZLH SU]HSURZDG]DQLD EDGDÍ OHNDUVNLFK SUDFRZQLNÏZ ]DNUHVX SURILODNW\F]QHM RSLHNL

]GURZRWQHMQDGSUDFRZQLNDPLRUD]RU]HF]HÍOHNDUVNLFKZ\GDZDQ\FKGRFHOÏZSU]HZL

G]LDQ\FKZ.RGHNVLHSUDF\']81USR]]H]PRUD]]U1USR]

5R]SRU]G]HQLH0LQLVWUD3UDF\L 3ROLW\NL6RFMDOQHM] GQLD F]HUZFD UZ VSUD

ZLHQDMZ\V]\FKGRSXV]F]DOQ\FKVWÆHÍL QDWÆHÍF]\QQLNÏZV]NRGOLZ\FKGOD]GURZLD

Z yURGRZLVNXSUDF\']81U SR] ]H]P] U']81U SR] 8FK\

ORQR] GQLHP U2EHFQLHRERZL]XMH5R]SRU]G]HQLH0LQLVWUD3UDF\L 3ROLW\

NL6RFMDOQHM] GQLD OLVWRSDGD UZ VSUDZLHQDMZ\V]\FKGRSXV]F]DOQ\FKVWÆHÍ

L QDWÆHÍ F]\QQLNÏZ V]NRGOLZ\FK GOD ]GURZLD Z yURGRZLVNX SUDF\ '] 8 QU

SR]

5R]SRU]G]HQLH0LQLVWUD=GURZLDL2SLHNL6SRHF]QHM]GQLDOLSFDUZVSUD

ZLHEDGDÍLSRPLDUÏZF]\QQLNÏZV]NRGOLZ\FKGOD]GURZLDZyURGRZLVNXSUDF\']8

1USR]]H]P]U1USR]8FK\ORQR] GQLHP U

5R]SRU]G]HQLH5DG\0LQLVWUÏZ]GQLDVW\F]QLDUZVSUDZLHZ\PDJDÍ]DVDG

QLF]\FK GOD yURGNÏZ RFKURQ\ LQG\ZLGXDOQHM '] 8 1U SR] 8FK\ORQR

] GQLHP U2EHFQLHRERZL]XMH5R]SRU]G]HQLH0LQLVWUD*RVSRGDUNL3UDF\

L3ROLW\NL6SRHF]QHM]PDUFDUZVSUDZLH]DVDGQLF]\FKZ\PDJDÍGODyURGNÏZ

RFKURQ\LQG\ZLGXDOQHM']8QUSR]RERZL]XMHGRU

5R]SRU]G]HQLH0LQLVWUD=GURZLD]GQLDOLSFDUZVSUDZLHNU\WHULÏZLVSR

VREXNODV\ILNDFMLVXEVWDQFMLLSUHSDUDWÏZFKHPLF]Q\FK']81USR]8FK\

ORQR] GQLHP U

5R]SRU]G]HQLH0LQLVWUD=GURZLD]GQLDOLSFDUZVSUDZLHR]QDNRZDQLDVXE

VWDQFMLQLHEH]SLHF]Q\FKLSUHSDUDWÏZQLHEH]SLHF]Q\FK']81USR]8FK\

ORQR] GQLHP U

5R]SRU]G]HQLH0LQLVWUD=GURZLD]GQLDOLSFDUZVSUDZLHNDUW\FKDUDNWHU\

VW\NLVXEVWDQFMLQLHEH]SLHF]QHMLSUHSDUDWXQLHEH]SLHF]QHJR']81USR]

5R]SRU]G]HQLH0LQLVWUD*RVSRGDUNL]GQLDZU]HyQLDUZVSUDZLHEH]SLH

F]HÍVWZDLKLJLHQ\SUDF\SU]\XU]G]HQLDFKLLQVWDODFMDFKHQHUJHW\F]Q\FK']81U

SR]

3ROVNLH1RUP\

,QVWUXNFMHZHZQWU]]DNDGRZH

'RNXPHQWDFMD7HFKQLF]QR5XFKRZDXU]G]HÍLZ\SRVDHQLDVSU]ÆWXFHQWUDOQHMVWH

U\OL]DWRUQL

3LyPLHQQLFWZR

=HVSÏSRGUHGDNFM*UD\Q\'XOQ\L(OELHW\/HMEUDQGW+LJLHQDZSODFÏZNDFKRSLH

NLPHG\F]QHMIDFKRZ\SRUDGQLNGOD]DU]G]DMF\FKSODFÏZNDPLRSLHNLPHG\F]QHMRUD]

OHNDU]\:\GDZQLFWZR9HUODJ'DVKRIHU6S]RR

=HVSÏURERF]\GVSU]\JRWRZDQLDLQVWUXPHQWDULXPPHG\F]QHJR3UDZLGRZ\VSRVÏE

SU]\JRWRZDQLDLQVWUXPHQWDULXPPHG\F]QHJR:\GDQLH9,

0LFKDHO*UHKQ6LJULG.UXJHU(YRUW0H\HU3HWHU:HEHU)ORULDQ:HLQLJ6WHU\OL]DFMD

:\GDZQLFWZR03RODQG6S]RR

0DULD&LXUXy3LHOÆJQLDUVWZRRSHUDF\MQH:\GDZQLFWZR$',

,QWHUQHWRZ\VHUZLVLQIRUPDF\MQ\&,23

=$6$'<%(=3,(&=1(*2

3267¦32:$1,$=2'3$'$0,

0('<&=1<0,

5RG]DMHRGSDGÏZPHG\F]Q\FK

:yUÏGRGSDGÏZPHG\F]Q\FKPRQDZ\UÏQLÂVLÆF]WHU\JUXS\

RGSDG\VSHF\ILF]QHQS]X\WHPDWHULD\RSDWUXQNRZHWNDQNDLWS

RGSDG\ VSHFMDOQH QS RGSDG\ UDGLRDNW\ZQH XV]NRG]RQH WHUPRPHWU\ UWÆ

FLRZHLWS

RGSDG\NRPXQDOQHQSRGSDG\]SRPLHV]F]HÍDGPLQLVWUDF\MQ\FKPDNXOD

WXUDLWS

RGSDG\ZWÏUQHQSSRSLÏLXHOSRVSDODQLXRGSDGÏZPHG\F]Q\FKLWS

0DVDLFKDUDNWHURGSDGÏZNWÏUHSRZVWDMQDWHUHQLHV]SLWDODGHWHUPLQRZDQHV

LORyFLLURG]DMHPQDE\W\FKDUW\NXÏZ

6HJUHJDFMDRGSDGÏZPHG\F]Q\FKX|UÏGD

.DG\V]SLWDOMHVW]RERZL]DQ\GRSRVLDGDQLDLQVWUXNFMLSRVWÆSRZDQLD]Z\WZD

U]DQ\PLRGSDGDPLPHG\F]Q\PLXZ]JOÆGQLDMFHMVHJUHJDFMÆX|UÏGD

6HJUHJDFMDSRZVWDMF\FKRGSDGÏZSURZDG]RQDMHVWEH]SRyUHGQLRQDRGG]LD

DFKV]SLWDOQ\FK3HUVRQHOPHG\F]Q\REVXJXMF\SDFMHQWÏZMHVWRGSRZLHG]LDO

Q\]DVHJUHJDFMÆRGSDGÏZ

:V]\VWNLH RVWUH SU]HGPLRW\ L QDU]ÆG]LD QDW\FKPLDVW SR LFK X\FLX ZLQQ\ E\Â

ZU]XFDQH GR RGSRZLHGQLFK SRMHPQLNÏZ R WZDUG\FK yFLDQDFK RGSRUQ\FK QD

SU]HELFLHLSU]HPRNQLÆFLH3RMHPQLNLSRZLQQ\PLHÂRGSRZLHGQLZ\VRNRyÂWDN

DE\QLHGRSXyFLÂGRSU]\SDGNRZHJR]DNXFLDSRGF]DVLFK]DP\NDQLD

2GSDG\QDOH\XPLHV]F]DÂZNRORURZ\FKZRUNDFKIROLRZ\FK]JRGQLH]LFKSU]H

]QDF]HQLHP:RUNLZNRORU]HF]HUZRQ\POXEÏW\PNRORUQDMF]ÆyFLHMNRMDU]R

Q\ ] QLHEH]SLHF]HÍVWZHP QDOH\ VWR

VRZDÂ GR RGSDGÏZ SU]H]QDF]RQ\FK

GR WHUPLF]QHJR SU]HNV]WDFDQLD 3R

ZLQQ\ RQH E\Â XPLHV]F]DQH QD VWHOD

DFKZ\SRVDRQ\FKZ]DP\NDQNODSÆ

OXE Z V]W\ZQ\FK SRMHPQLNDFK :RUNL

QDOH\Z\SHQLDÂRGSDGDPLGRRE

MÆWRyFLWDNDE\LFKZDJDZ\QRVLDPD[

2GSDG\ NRPXQDOQH SRZLQQ\ E\Â

]ELHUDQHRGG]LHOQLHLNLHURZDQHGRSR

MHPQLNÏZQDRGSDG\NRPXQDOQH.D

G\ ZRUHN OXE SRMHPQLN ] RGSDGDPL

PHG\F]Q\PL ZLQLHQ E\Â R]QDF]RQ\

GDW ]DPNQLÆFLD L E\Â RSLVDQ\ DE\

XPROLZLÂLGHQW\ILNDFMÆPLHMVFSRZVWD

ZDQLD RGSDGÏZ QS RGG]LD FKLUXU

JLF]Q\

:DyFLZLH ]RUJDQL]RZDQD L SU]HSURZD

G]RQD VHJUHJDFMD RGSDGÏZ SRZVWDM

F\FKZWUDNFLHG]LDDOQRyFLV]SLWDODSR

]ZDOD QD RG]\VN VXURZFÏZ ZWÏUQ\FK L

SU]HND]DQLHLFKGRZ\NRU]\VWDQLD7DNLH

G]LDDQLD ]PQLHMV]DM PDVÆ RGSDGÏZ

Z\ZRRQ\FKQDVNDGRZLVNR

=ELHUDQLHRGSDGÏZ

=HEUDQH ] RGG]LDX ZRUNL ] RGSDGDPL

PDJD]\QRZDQHVZZ\G]LHORQ\FKSR

PLHV]F]HQLDFK=QDMGXMVLÆWDPV]W\Z

QH SRMHPQLNL QD RGSDG\ PHG\F]QH

NWÏUHVXVXZDQH]RGG]LDXPLQLPXP

[GREÆ

3RGF]DV WUDQVSRUWX RGSDGÏZ PHG\F]

Q\FKSUDFRZQLNSRZLQLHQX\ZDÂyURG

NÏZRFKURQ\LQG\ZLGXDOQHM3U]\ZND

GDQLXEG|Z\MPRZDQLXZRUNÏZ]ZÏ]

ND WUDQVSRUWRZHJR QLH QDOH\ SRGND

GDÂ UN SRG ZRUHN :V]\VWNLH ZRUNL

PXV]E\ÂV]F]HOQLH]DPNQLÆWH1LHGR

SXV]F]DOQHVQDMPQLHMV]HXV]NRG]HQLD

:V]\VWNLHRVWUHSU]HGPLRW\LQDU]öG]LDQD

W\FKPLDVWSRLFKXĔ\FLXZLQQ\E\èZU]XFD

QH GR RGSRZLHGQLFK SRMHPQLNÑZ R WZDU

G\FK ĈFLDQDFK RGSRUQ\FK QD SU]HELFLH L

SU]HPRNQLöFLH

:äDĈFLZLH ]RUJDQL]RZDQD L SU]HSURZDG]R

QDVHJUHJDFMDRGSDGÑZSR]ZDODQDRG]\VN

VXURZFÑZ ZWÑUQ\FK L SU]HND]DQLH LFK GR

Z\NRU]\VWDQLD

ZRUNÏZ:WDNLPSU]\SDGNXQDOH\]D

ZV]H]DR\ÂGUXJLZRUHN

0DJD]\QRZDQLHRGSDGÏZ

2GSDG\]ELHUDQH]SRV]F]HJÏOQ\FKRG

G]LDÏZ V]SLWDOQ\FK WUDILDÂ SRZLQQ\ GR

Z\G]LHORQHJRPLHMVFDPDJD]\QRZDQLD

: SRPLHV]F]HQLDFK PDJD]\QRZ\FK

WHPSHUDWXUD ZLQQD ]DSHZQLDÂ RJUDQL

F]RQ\ UR]ZÏM GUREQRXVWURMÏZ L SURFH

VÏZ JQLOQ\FK 3U]\ SRMHPQLNDFK ] RG

SDGDPLSRZLQQD]QDMGRZDÂVLÆLQVWUXN

FMDSRVWÆSRZDQLD]RGSDGDPLPHG\F]

Q\PL

2ERZL]NLHPNDGHJRZ\WZDU]DMFHJR

RGSDG\MHVWLFKHZLGHQFMDLORyFLRZRMD

NRyFLRZD1DOH\MSURZDG]LÂ]JRGQLH

]RERZL]XMF\PLZ]RUDPLZRSDUFLXR

NDWDORJ RGSDGÏZ 3U]HND]DQLH RGSD

GÏZ GR XQLHV]NRGOLZLDQLD SRZLQQR SR

SU]HG]DÂLFKZDHQLH

7UDQVSRUWRGSDGÏZ

:WUDNFLHWUDQVSRUWXRGSDG\PHG\F]QH

PXV] E\Â RSDNRZDQH Z WDNL VSRVÏE

E\U\]\NRUR]SU]HVWU]HQLDQLDVLÆ]DLQIH

NRZDQHJRPDWHULDXE\RZ\HOLPLQRZD

3RGF]DVWUDQVSRUWXZHZQWU]RELHNWRZH

JREDUG]RZDQ\PHOHPHQWHPMHVWyZLD

GRPRyÂLZLHG]DSUDFRZQLNÏZRURG]D

MXWUDQVSRUWRZDQHJRPDWHULDXLR]DJUR

HQLDFK ] QLP ]ZL]DQ\FK QS JUR|ED

]DUDHQLD VLÆ ]DNDHQLD F]\ RNDOHF]H

QLD

7UDQVSRUW RGSDGÏZ PHG\F]Q\FK GR

PLHMVF XQLHV]NRGOLZLDQLD Z SU]\SDGNX

EUDNXZDVQHMLQVWDODFMLPXVLRGE\ZDÂ

VLÆ]JRGQLH]XVWDZRSU]HZR]LHWRZD

UÏZQLHEH]SLHF]Q\FK

2GSDG\]ELHUDQH]SRV]F]HJÑOQ\FKRGG]LD

äÑZV]SLWDOQ\FKWUDILDèSRZLQQ\GRZ\G]LH

ORQHJRPLHMVFDPDJD]\QRZDQLD

:WUDNFLHWUDQVSRUWXRGSDG\PHG\F]QHPX

V]ñE\èRGSRZLHGQLRRSDNRZDQH

3RGF]DV WUDQVSRUWX RGSDGÑZ PHG\F]Q\FK

SUDFRZQLN SRZLQLHQ XĔ\ZDè ĈURGNÑZ

RFKURQ\LQG\ZLGXDOQHM

8QLHV]NRGOLZLDQLHRGSDGÏZ

8QLHV]NRGOLZLDQLHRGSDGÏZPHG\F]Q\FKVSURZDG]DVLÆGRWUZDHJR]QLV]F]H

QLDZQLFK\FLDELRORJLF]QHJRF]\OLZ\HOLPLQRZDQLDGUREQRXVWURMÏZEDNWHULL

SUWNÏZZLUXVÏZJU]\EÏZSDVR\WÏZ]DURGQLNÏZIRUPSU]HWUZDOQLNRZ\FK

:J86(3$SUDZGRSRGRELHÍVWZRZ\VWÆSRZDQLDF]\QQLNDFKRURERWZÏUF]HJRZ

RGSDGDFKPHG\F]Q\FKZ\QRVL

:\PÏJVNXWHF]QHJRXQLHV]NRGOLZLHQLDRGSDGÏZPHG\F]Q\FKZLHVLÆ]NR

QLHF]QRyFL]QLV]F]HQLDGUREQRXVWURMÏZFKRURERWZÏUF]\FK-HVWWRW\PEDUG]LHM

NRQLHF]QHHZyURGRZLVNXV]SLWDOQ\PZ\VWÆSXMGUREQRXVWURMHRGX\FKPR

OLZRyFLDFKLQIHNF\MQ\FKL]QDF]QHMRGSRUQRyFLQDVWRVRZDQHOHNL

0HWRGDXQLHV]NRGOLZLDQLDRGSDGÏZPHG\F]Q\FKPXVLVSHQLDÂWU]\SRGVWDZR

ZHZDUXQNL

OLNZLGRZDÂ ]DJURHQLD LQIHNF\MQHJR ZV]\VWNLFK W\SÏZ RGSDGÏZ ZFKRG]

F\FKZVNDGVSHF\ILF]Q\FKRGSDGÏZPHG\F]Q\FK

QHXWUDOL]RZDÂ QLHEH]SLHF]QH ]ZL]NL FKHPLF]QH SRFKRG]FH ] QLH]X\W\FK

OXESU]HWHUPLQRZDQ\FKOHNDUVWZLRGF]\QQLNÏZFKHPLF]Q\FK

VSRSLHODÂRGSDG\]DZLHUDMFHWNDQNÆDSRZVWD\ZZ\QLNXWHJRRGSDGQLH

PRHE\ÂLGHQW\ILNRZDOQ\ZIRUPLH

:3ROVFHGRSXV]F]DOQHVQDVWÆSXMFHPHWRG\XQLHV]NRGOLZLDQLD

WHUPLF]QHSU]HNV]WDFDQLHRGSDGÏZ

DXWRNODZRZDQLH

2GSDGDPLZWÑUQ\PLZV]SLWDODFKSRVLDGDMñF\FKZäDVQHXU]ñG]HQLDGRWHUPLF]QHJRSU]HNV]WDä

FDQLDRGSDGÑZVñQSSRSLRä\LĔXĔOHSRVSDODQLXRGSDGÑZ

GH]\QIHNFMDWHUPLF]QD

G]LDDQLHPLNURIDODPL

LQQDREUÏENDIL]\F]QRFKHPLF]QD

.RV]W\SRQLHVLRQHQDEH]SLHF]QHLVNXWHF]QHSURFHV\XQLHV]NRGOLZLDQLDRGSD

GÏZRUD]Z\VRNLHVWDQGDUG\KLJLHQ\V]SLWDOQHMSU]\QRV]ZHIHNFLHNRU]\yFLZ

SRVWDFL]PQLHMV]RQHMOLF]E\]DNDHÍV]SLWDOQ\FKVFKRU]HÍRUD]FKRUÏE]DZRGR

Z\FK X SUDFRZQLNÏZ D WDNH ]PQLHMV]HQLD NRV]WÏZ VNDGRZDQLD RGSDGÏZ L

SU]\V]HMUHNXOW\ZDFMLVNDGRZLVND

:SU]\SDGNXSRVLDGDQLDSU]H]V]SLWDOZDVQHMLQVWDODFMLVXFHMGRWHUPLF]QHJR

SU]HNV]WDFDQLDRGSDGÏZPHG\F]Q\FKSRZLQQRE\ÂZ\G]LHORQHSRPLHV]F]HQLH

GRPDJD]\QRZDQLDRGSDGÏZ

3URFHGXUDSRVWÆSRZDQLD]RGSDGDPLPHG\F]Q\PLZLQQD]DZLHUDÂPLQ

RJÏOQH]DVDG\GREUHSUDNW\NLSRVWÆSRZDQLD]PDWHULDHP]DLQIHNRZDQ\P

LQVWUXNFMÆGRW\F]F]ELHUDQLDRUD]SDNRZDQLDRGSDGÏZPHG\F]Q\FK

VSRVÏER]QDNRZDQLDLRSLVRSDNRZDÍ

RNUHyOHQLHRVÏERGSRZLHG]LDOQ\FK

2GSRZLHGQLHLQVWUXNFMHLSURFHGXU\SRZLQQ\E\ÂSU]HFKRZ\ZDQHZNDGHMNR

PÏUFHRUJDQL]DF\MQHMV]SLWDODLZNDGHMFKZLOLXGRVWÆSQLRQHGRZJOGX

3RVWÆSRZDQLH]RGSDGDPLZWÏUQ\PL

2GSDGDPLZWÏUQ\PLZV]SLWDODFKSRVLDGDMF\FKZDVQHXU]G]HQLDGRWHUPLF]

QHJRSU]HNV]WDFDQLDRGSDGÏZVQSSRSLR\LXOHSRVSDODQLXRGSDGÏZZ\

SUDRQH HOHPHQW\ PHWDORZH S\\ L V]ODP\ SRFKRG]FH ] XU]G]HÍ RGS\ODM

F\FK-HHOLPRQDMH]DOLF]\ÂGRRGSDGÏZQLHEH]SLHF]Q\FKZJNDWDORJXRG

SDGÏZWRSRZLQQ\E\ÂVNDGRZDQHQDVNDGRZLVNDFKRGSDGÏZQLHEH]SLHF]

Q\FK2GSDG\LQQHQLQLHEH]SLHF]QHSRZLQQ\E\ÂZSLHUZV]HMNROHMQRyFLSRG

GDZDQHSURFHVRPRG]\VNX

3XEOLNXMHP\QDMFLHNDZV]HDUW\NX\]PLHVLÆF]QLND
d,QVSHNWRU3UDF\rZ\GDZDQHJRVSHFMDOQLHGOD
NDGU\LQVSHNWRUVNLHM7HJRQLHGDVLÆNXSLÂ
DQDQDV]HMVWURQLHPRHV]SU]HF]\WDÂ

&]\ZLHV]HXG]LHODP\EH]SDWQ\FKSRUDG
]G]LHG]LQ\SUDZDSUDF\"
6SUDZG|MDNVNRU]\VWDÂ]QDV]HMRIHUW\

Chcesz wiedzie wiŒcej?

Na naszej stronie www

.pip.gov

.pl

wida lepiej ni¿ na

zdjŒciu!