,16758.&-$2%6à8*,
0LFURPDW'XR
.8&+1,$
0,.52)$/2:$
$(*
63,675( &,
63,675( &,
:$
1(,1)250$&-(
:6.$=Ï:.,%(=3,(&=(
67:$
:6.$=Ï:.,'27<&=
&(1$&=< '2*272:$1,$
,167$/$&-$,32'à
&=(1,(
-$.2%6à8*,:$û.8&+1,
0,.52)$/2:
3$1(/67(58-
&<
35=('3,(5:6=<08
<&,(0
(.63/2$7$&-$
*272:$1,(0,.52)$/2:(
352*5$0<$8720$7<&=1(
6=<%.,67$5748,&.67$57
352*5$0*272:$1,(0,.52)$/2:(*5,//
)81.&-$=$3,(.$1,$&581&+
Ä0,1871,.´=$/$50(0
7$%(/(*272:$1,$25$=:6.$=Ï:.,
35$.7<&=1(:6.$=Ï:.,
&=<6=&=(1,(,.216(5:$&-$
&2=52%,û*'<
6(5:,6,&=
&,=$0,(11(
'URJL.OLHQFLH
*UDWXOXMHP\3D VWZXWUDIQHJRZ\ERUXLG]L NXMHP\]D]DNXSSURGXNWX PDUNL
$(* -HVWH
P\ SU]HNRQDQL H QRZD NXFKQLD PLNURIDORZD E G]LH 3D VWZX
EDUG]RSU]\GDWQDLXáDWZLSU]\JRWRZ\ZDQLHSRWUDZ
3U]HGX
\FLHPNXFKQLPLNURIDORZHMSURVLP\RGRNáDGQH]DSR]QDQLHVL ]
QLQLHMV]DLQVWUXNFM
REVáXJL
,QVWUXNFM
QDOH \]DFKRZDüDE\SRGF]DVX \WNRZDQLDPyFZND GHMFKZLOL]
QLHMVNRU]\VWDü
: SU]\SDGNX VSU]HGD
\ XU] G]HQLD SURVLP\ ]ZUyFLü XZDJ DE\ SU]HND]Dü
QRZHPXX
\WNRZQLNRZLLQVWUXNFM REVáXJL
:FHOXHIHNW\ZQHJRZ\NRU]\VWDQLD3D
VWZDQRZHMNXFKQL PLNURIDORZHM ZLQ
VWUXNFMLREVáXJL]DZDUWRZLHOHFHQQ\FKZVND]yZHNLSRUDG
:SU]\SDGNXXVWHUHNXU]
G]HQLDQDOH \SU]HF]\WDüZVND]yZNL]DZDUWHZUR]
G]LDOHÄ&RURELüJG\´
3URVLP\R]ZUyFHQLHXZDJLQD]QDNÄ7UyMN WRVWU]HJDZF]\´LOXEZ\
UD
HQLDÄ2VWU]H HQLH´Ä2VWUR QLH´Ä8ZDJD´6 WRZVND]yZNLRV]F]H
JyOQ\P]QDF]HQLXGODEH]SLHF]H
VWZDX \WNRZQLNDLGODSUDZLGáRZHJRIXQN
FMRQRZDQLDXU]
G]HQLD1DOH \LFKEH]Z]JO GQLHSU]HVWU]HJDü
7HQ]QDNE G]LHSRPRFQ\3D VWZXSRGF]DVVXNFHV\ZQHJR]DSR]QDZD
QLDVL
]REVáXJ XU] G]HQLD
,QIRUPDFMHRSDWU]RQHW\P]QDNLHPPDM FKDUDNWHUX]XSHáQLDM F\LGRW\F]
REVáXJLRUD]SUDNW\F]QHJRX \ZDQLDXU] G]HQLD
/LVWHNNRQLF]\Q\R]QDF]DUDG\LZVND]yZNLGRW\F] FHHNRQRPLF]QHJRL
SU]\MD]QHJR
URGRZLVNXQDWXUDOQHPXX \WNRZDQLDXU] G]HQLD
:$ 1(,1)250$&-(
2SDNRZDQLHXU] G]HQLD
.XFKQLD PLNURIDORZD $(* MHVW ]D
EH]SLHF]RQD QD F]DV WUDQVSRUWX
(OHPHQW\ RSDNRZDQL IROLD VW\UR
SLDQLWSPRJ
E\üQLHEH]SLHF]QH
GOD G]LHFL 5\]\NR XGXV]HQLD VL
0DWHULDá\ RSDNRZDQLD SU]HFKR
Z\ZDü]GDODRGG]LHFL
:V]\VWNLHPDWHULDá\X \WH GR
SURGXNFML RSDNRZDQLD V
SU]\MD]QH
URGRZLVNXQDWXUDOQHPXLPRJ E\ü
SU]HWZRU]RQHLSRQRZQLHX
\WH
5yZQLH
WZRU]\ZDV]WXF]QHQDGDM
VL GRSU]HWZRU]HQLD
q ]HZQ WU]QD SRZáRND L ZRUNL SOD
VWLNRZH ZH ZQ
WU]X Z\NRQDQH
V
] SROLHW\OHQX R]QDF]HQLH
V\PEROHP!3(
q HOHPHQW\ ]DEH]SLHF]HQLD Z\NR
QDQH V
] SLDQNL SROLVW\UHQRZHM
EH] ]DZDUWR
FL IUHRQX R]QD
F]HQLHV\PEROHP!36
q NODPU\ ] WZRU]\ZD V]WXF]QHJR
R]QDF]RQH MDNR!33 SROLSUR
S\OHQ
q F] FL NDUWRQRZH Z\NRQDQR ]
PDNXODWXU\LQDOH
\MH]ZUyFLüGR
PLHMVFD ]ELyUNL VXURZFyZ ZWyU
Q\FK
8VXQL FLH]X \WHJRXU] G]HQLD
-H OL ]X \WH XU] G]HQLH SU]H]QD
F]RQH MHVW GR XVXQL
FLD ] JRVSR
GDUVWZDGRPRZHJRQDOH
\MHXQLH
UXFKRPLü RGFL
ü SU]HZyG ]DVLODM
F\LSU]HND]DüGRRGSRZLHGQLHJR
R
URGND UHF\NOLQJX ,QIRUPDFML R
PLHMVFDFK ]ELyUNL XU]
G]H XG]LH
ODM
ZáDG]HORNDOQH
:6.$=Ï:.,%(=3,(&=( 67:$
q 1LHZá F]Dü NXFKQL PLNURIDORZHM
EH] SRGVWDZ\ REURWRZHM WDOHU]D
REURWRZHJROXESXVWHM-H
HOLQLH
PD Z QLHM SURGXNWyZ
\ZQR
FLRZ\FKOXEZRG\NWyUHPRJá\
E\ SRFKáRQ
ü HQHUJL PLNURIDOR
Z
PR H Z\VW SLü XV]NRG]HQLH
PDJQHWURQX
q 8 \ZDü W\ONR QDF]\ SU]H]QD
F]RQ\FK GR NXFKQL PLNURIDOR
Z\FK
q 3R ND G\P X \FLX QDOH \ RVX
V]\ü ZQ
WU]HNXFKQLGU]ZLRUD]
SRZLHU]FKQLH XV]F]HOQLDM
FH
DE\ QLH GRSX
FLü GR NRUR]ML
XU]
G]HQLD
q 1LH SR]RVWDZLDü Zá F]RQHM
NXFKQL EH] QDG]RUX SRGF]DV
SRGJU]HZDQLD SRWUDZ Z QDF]\
QLDFKSODVWLNRZ\FKSDSLHURZ\FK
OXELQQ\FKáDWZRSDOQ\FK
q 1DOH \ RGá F]\ü XU] G]HQLH RG
]DVLODQLD HOHNWU\F]QHJR MH
HOL ]
NXFKQL]DF]QLHVL
Z\GRE\ZDü
G\P 1LH RWZLHUDü GU]ZL JG\
PR H Z\GRE\ü VL RJLH 1LH
SROHZDüZRG
q 1DSUDZ\PRJ E\üZ\NRQ\ZDQH
Z\á
F]HQLH SU]H] SHUVRQHO DXWR
U\]RZDQ\FK ]DNáDGyZ VHUZLVR
Z\FK 1DSUDZ\ Z\NRQ\ZDQH
SU]H] RVRE\ QLHXSUDZQLRQH PR
J
VSRZRGRZDü QLHEH]SLHF]H
VWZRGODX
\WNRZQLND OXE XV]NR
G]HQLHXU]
G]HQLD
:SU]\SDGNXXVWHUNLOXEZDG\
QDOH
\ ]JáRVLü VL GR DXWRU\]R
ZDQHJRVHUZLVX
q : SU]\SDGNX XV]NRG]HQLD
XV]F]HOHN L OXE SRZLHU]FKQL
XV]F]HOQLDM
F\FKQLHQDOH \Zá
F]Dü NXFKQL GR F]DVX QDSUDZ\
XU]
G]HQLD
q 'RQDSUDZQDOH \X \ZDüRU\JL
QDOQ\FKF]
FL]DPLHQQ\FK
8ZDJD
.XFKQLD PLNURIDORZD PR
H E\ü RE
VáXJLZDQD Z\á
F]QLH SU]H] RVRE\
GRURVáH ']LHFLRP QLH QDOH
\ ]H
]ZDODü QD ]DEDZ
XU] G]HQLHP L
PDQLSXORZDQLH HOHPHQWDPL VWHUXM
F\PL
%H]SLHF]QDREVáXJD
q =ZUDFDü XZDJ DE\ QLH ]DWU]D
VQ
ü QLF]HJR GU]ZLDPL NXFKQL
PLNURIDORZHM
q 8V]F]HONL L SRZLHU]FKQLH
XV]F]HOQLDM
FH QDOH \ XWU]\P\
ZDüZF]\VWR
FL
q : NRPRU]H NXFKQL QLH SU]HFKR
Z\ZDüáDWZRSDOQ\FKPDWHULDáyZL
URGNyZ 0RJ XOHF ]DSDOHQLX
SR Zá
F]HQLX NXFKQL PLNURIDOR
ZHM
q 1LHZá F]DüSXVWHMNXFKQL
3RGJU]HZDQLH
q 3RGF]DV SRGJU]HZDQLD Sá\QyZ
QDOH
\ZáR \üGRQDF]\QLDWDN H
á\
HF]N 3á\Q\ PRJ ]RVWDü
SRGJU]DQH DOH QLH E
G ZU]Dá\
3R SU]HVXQL
FLX QDF]\QLD Sá\Q
PyJáE\QDJOHZ\GRVWDüVL
]QD
F]\QLDLRSDU]\üX
\WNRZQLND
q 3URGXNW\ SRVLDGDM FH QLHSRUR
ZDW
VNyU E G SRZáRN WDNLH
MDN MDEáND ]LHPQLDNL Z
WUyENL
GURELRZH
yáWND MDM Z\PDJDM
ZF]H QLHMV]HJR QDNáXFLD ]H
ZQ
WU]QHMZDUVWZ\DE\]DSRELHF
WZRU]HQLXVL
SDU\OXEHZHQWXDO
QHPXSRSDU]HQLX
q 'OD JRWRZDQLD SRGJU]HZDQLD
\ZQR FL MHVW Z\PDJDQD PLQL
PDOQD WHPSHUDWXUD & 'R
PLHU]HQLD WHPSHUDWXU\ QLH X
\
ZDü UW
FLRZ\FK GRPRZ\FK WHU
PRPHWUyZ
q \ZQR ü GOD G]LHFL Z VáRLNDFK
OXE EXWHONDFK QDOH
\ SRGJU]H
ZDü SR ZF]H
QLHMV]\P ]GM FLX
SRNU\ZNL QDVW
SQLH GREU]H UR]
PLHV]Dü OXE ZVWU]
VQ ü L XSHZ
QLü VL
H SRWUDZD MHVW UyZQR
PLHUQLH SRGJU]DQD 6SUDZG]Lü
WHPSHUDWXU
SRWUDZ\ SU]HG
SRGDQLHPMHMG]LHFLRP
q &LHSáR SRWUDZ\ SU]HQLND WDN H
GR QDF]\QLD 'R Z\MPRZDQLD
QDF]\
]NXFKQL]DZV]HX \ZDü
U
NDZLFRFKURQQ\FK
q 1LHXVWDZLDü]E\WZ\VRNLHJRSR
]LRPX PRF\ RUD] Z\GáX
RQHJR
F]DVX SRGJU]HZDQLD 1LHNWyUH ]
SRWUDZ PRJ
XOHF Z\VXV]HQLX
OXE]DSDOHQLX
q 1LH X \ZDü Z NXFKQL PLNURIDOR
ZHM QDF]\
SRUFHODQRZ\FK FH
UDPLF]Q\FKLWSJG\
SRFKáDQLDM
ZLOJRü SURGXNWX SRGF]DV SRG
JU]HZDQLDLPRJ
XOHFS NQL FLX
SRG ZSá\ZHP Z\VRNLHJR FL
QLH
QLDLWHPSHUDWXU\
1LHX \ZDü NXFKQL PLNURID
ORZHMGR
q JRWRZDQLD OXE VPD HQLD MDM Z
VNRUXSNDFK JG\
PRJ HNVSOR
GRZDü
=DZV]H QDOH
\ SU]HNáXZDü yáW
NDSU]\NU\üMHSRNU\ZN
LSR]D
NR
F]HQLX JRWRZDQLD RGF]HNDü
MHV]F]H PLQXW
SU]HG MHM ]GM
FLHP
q SRGJU]HZDQLD GX HM LOR FL WáXV]
F]XIRQGXHVPD
HQLHQDJá ER
NLP WáXV]F]X LWS RUD] QDSRMyZ
]DZLHUDM
F\FK DONRKRO ± QLHEH]
SLHF]H
VWZR GOD X \WNRZQLND L
XU]
G]HQLD
q SRGJU]HZDQLD ]DPNQL W\FK SR
MHPQLNyZSXV]HNEXWHOHN
q VXV]HQLDSDSLHUXLWNDQLQ
*ULOO
2NQR Z GU]ZLDFK NXFKQL PL
NURIDORZHM QDJU]HZD VL
SRGF]DV
SUDF\ NXFKQL 1LH SR]ZDODü G]LH
FLRP QD SU]HE\ZDQLH Z SREOL
X
Zá
F]RQHJRXU] G]HQLD
q -H HOL FKF 3DVWZR ]DPNQ ü
GU]ZL NXFKQL JG\ LFK V]\ED MHVW
MHV]F]H JRU
FD QDOH \ SR
SFKQ
ü GROQ SUDZNUDZG
GU]ZL
q :Q WU]H NXFKQL JU]DáNL JULOOD
UXV]W L SRGVWDZD REURWRZD QD
JU]HZDM
VLSRGF]DVSUDF\
NXFKQL 8
\ZDü QDF]\ DUR
RGSRUQ\FK 'R Z\MPRZDQLD
QDF]\
]NXFKQLX \ZDü U ND
ZLF NXFKHQQ\FK 5\]\NR RSD
U]HQLDVL
:6.$=Ï:.,'27<&= &(1$&=<
'2*272:$1,$
q :L NV]R üQDF]\ ]HV]NáDWZR
U]\Z V]NODQR FHUDPLF]Q\FK L
V]NáD
DURRGSRUQHJR QDGDMH VL
GR VWRVRZDQLD ZNXFKQLH PLNUR
IDORZHM 0LPR
H HQHUJLD PL
NURIDORZD QLH SU]HJU]HZD ZL
N
V]R
FL QDF]\ V]NODQ\FK L FHUD
PLF]Q\FK PRJ
RQH XOHF QD
JU]DQLX Z Z\QLNX SU]HQRV]HQLD
VL
FLHSáD ] SURGXNWX QD SRMHP
QLN 'ODWHJR ]DOHFDP\ X
\ZDQLH
U
NDZLF SU]\ Z\MPRZDQLX ]
NXFKQLQDF]\
'R JRWRZDQLD Z NXFKQL PLNUR
IDORZHM PR
HFLH 3D VWZR VWRVRZDü
Uy
QRURGQHQDF]\QLD'OD:DV]HJR
EH]SLHF]H
VWZD RUD] GOD ]DSRELH
JDQLD ]QLV]F]HQLX QDF]\
LNXFKQL
QDOH
\ Z\EUDü RGSRZLHGQLH SRMHP
QLNLLPDWHULDá\
3RQL
V]D OLVWD SR]ZROL 3D VWZX ]D
SR]QDü VL
] RJyOQ\PL ]DVDGDPL
GRERUX QDF]\
GR VWRVRZDQLD Z
NXFKQLPLNURIDORZHM
7U\ESUDF\
0DWHULDá
5RG]DMQDF]\QLD
*RWRZDQLH
PLNURIDORZH
*ULOO
*RWRZDQLH
PLNURIDORZHJULOO
6]NáRQDF]\QLD]HV]NáD DURRG
SRUQHJRV]NáREH]PHWDORZ\FK
GHNRUDFML
;; ;
6]NáRQLHRGSRUQHQDZ\VRND
WHPSHUDWXU SRUFHODQD]DVWDZD
VWRáRZD
;
&HUDPLNDV]NODQDYLWURFHUDPLND
PDWHULDá\RGSRUQHQDQLVN LZ\
VRN WHPSHUDWXU QS$UFRIODP
;; ;
:\URE\FHUDPLF]QHRGSRUQHQD
Z\VRN WHPSHUDWXU
; ;
:\URE\]WZRU]\ZRGSRUQ\FKQD
RGG]LDá\ZDQLHPLNURIDORSDNR
ZDQLD]WZRU]\ZV]WXF]Q\FK±
RGSRUQHQDWHPSHUDWXU
VWRSQL&
; ;
1DF]\QLDSDSLHURZH
.XENLWDFNL
;
)ROLDGRNXFKQLPLNURIDORZHM
;
7RUE\GRSLHF]HQLD
;;
)RUP\GRSLHF]HQLDHPDOLRZDQH
QDF]DUQRRVLOLNRQRZHMSR
ZLHU]FKQL
7DOHU]GR]DSLHNDQLDUXPLHQLH
QLD
;; ;
;±RGSRZLHGQLH
QLHQDGDMHVL
=Z\á F]HQLHPGHNRUDFMLVUHEUQ\FK]áRW\FKSODW\QRZ\FKOXEPHWDORZ\FK
=Z\M WNLHPSRZLHU]FKQLPHWDORZ\FK
1LHSU]HNUDF]DüWHPSHUDWXU\]DOHFDQHMSU]H]SURGXFHQWD
QLHX \ZDüUXV]WXGRJULOORZDQLDRUD]PHWDORZ\FKHOHPHQWyZ
:DUWR]DSDPL WDü
&]DVSUDF\LZDUWR üHQHUJLL]X
\ZDQHM SU]H] XU] G]HQLH GR
RGPUR
HQLD SRGJU]DQLD L JRWR
ZDQLD PRJ
SU]\ELHUDü Uy QH
ZDUWR
FL ]H Z]JO GX QD LOR ü
SURGXNWX MHJR VNáDG L ZDJ
2JyOQH]DVDG\V
QDVW SXM FH
3RGZyMQDLOR
üZDJD SUDZLH
SRGZyMQ\F]DVWUZDQLD
6SUDZG]Lü F]DV SU]\JRWRZ\ZD
QLD SRWUDZ\ Z WDEHODFK :\EUDü
NUyWV]\F]DV]HZ]JO
GXQDVWR
SLH
Z\SLHF]HQLD XJRWRZDQLD
SRWUDZ\ 1DVW
SQLH Z\GáX \ü
MH
HOLWRNRQLHF]QH
=H Z]JO GX QD ZáD FLZR FL RG
G]LDá\ZDQLDPLNURIDOQD
\ZQR ü
PR
H ]GDU]\ü VL H SRV]F]H
JyOQH NDZDáNL SRWUDZ\ E
G
UyZQRPLHUQLH SRGJU]DQH XJR
WRZDQH Z W\P VDP\P F]DVLH
3RGF]DV SRGJU]HZDQLD ZL
NV]HM
LOR
FLSURGXNWyZQDOH \ MH REUy
FLü ]DPLHV]Dü Z SRáRZLH SR
WU]HEQHJRF]DVX
Ä&]DV RGF]HNDQLD´ QDOH \
VSUDZG]Lü Z WDEHODFK -HVW WR
F]DV QD MDNL QDOH
\ SR]RVWDZLü
SRWUDZ
ZHZQ WU] OXE QD ]H
ZQ
WU]NXFKQLSRSRGJU]DQLX:
WHQ VSRVyE FLHSáR UR]HMG]LH VL
SRFDáHMSRWUDZLH
,167$/$&-$,32'à &=(1,(
.XFKQL QDOH \ XVWDZLü QD VWDELO
Q\P SRGáR
X PLQLPXP FP QDG
SRGáRJ
$E\ Z\SR]LRPRZDü NXFK
QL
QDOH\ Z\UHJXORZDü SU]HGQL
OHZ Qy N ZNU FLüOXEZ\NU FLüZ
]DOH
QR FL RG SRWU]HE\ XVWD
ZLH
8SHZQLüVL HRWZRU\ZHQ
W\ODF\MQH NXFKQL QLH E
G ]DVáRQL
WH DE\ ]DFKRZDü VZRERGQ
F\UNX
ODFM
SRZLHWU]D
0RGHOHZROQRVWRM FH
1DOH
\ ]DFKRZDü RGSRZLHGQLH RG
VW
S\ DE\ ]DSHZQLü SUDZLGáRZ
ZHQW\ODFM
1DGNXFKQL
FP
=DNXFKQL
FP
2G
FLDQHN ERF]Q\FK SR FP ]
ND
GHMVWURQ\
0RGHOHGR]DEXGRZ\
'R ]DLQVWDORZDQLD NXFKQL Z PH
EODFK SRWU]HEQD E
G]LH VSHFMDOQD
UDPND SU]HF]\WDü ]Dá
F]RQ GR
QLHM LQVWUXNFM
LQVWDODFML -H HOL
NXFKQLD E
G]LH VL ]QDMGRZDáD Z
Z\VRNLHM V]DIFH PR
QD ]DLQVWDOR
ZDüGU]ZLIURQWRZH SRGQRV]RQH GR
JyU\
8ZDJD
1LH XUXFKDPLDü NXFKQL JG\ GU]ZL
IURQWRZH PHEORZH SRGQRV]RQH GR
JyU\ V
]DPNQL WH 0R H WR ZSá\
Q
ü QD XV]NRG]HQLH XU] G]HQLD
RUD] VSRZRGXMH DQXORZDQLH JZD
UDQFMLSURGXFHQWD
3RGá
F]\ü ZW\F]N SU]HZRGX ]DVL
ODM
FHJRGRJQLD]GND]X]LHPLHQLHP
]DEH]SLHF]HQLH$
3RLQVWDODFMLZW\F]NDPXVLE\üáDWZR
GRVW
SQD
-$.2%6à8*,:$û.8&+1, 0,.52)$/2:
23,6
$3DQHOVWHUXM F\
%8V]F]HONDGU]ZL
&=DPHNGU]ZLL]DF]HS\]DWU]DVNRZH
'2NQR
(*ULOO
)7DOHU]REURWRZ\
*3LHU
FLH SRGVWDZ\
+3RGVWDZDWDOHU]DREURWRZHJR
3$1(/67(58- &<
$ 2NQR Z\ ZLHWODF]D ± SRND]XMH
DNWXDOQ
JRG]LQ F]DV JRWRZD
QLD Z\EUDQ
IXQNFM SR]LRP
PRF\LWS
% 3U]\FLVN ZLHORIXQNF\MQ\±GR
XVWDZLHQLD DNWXDOQHM JRG]LQ\
Z\
ZLHWOHQLD Z\EUDQHJR SR]LR
PXPRF\LWS
&3RNU
WáR PRF\ ]ODPSN
NRQWUROQ GR XVWDZLDQLD PRF\
PLNURIDORZHM
'3RNU
WáR REURWRZHGRZ\ERUX
F]DVX JRWRZDQLD
OXEZDJL
SURGXNWX
Z SURJUDPDFK DX
WRPDW\F]Q\FK
( 3U]\FLVN SURJUDPyZ DXWRPD
W\F]Q\FKÄ352*5$00(´ UR]
PUD
DQLDLJRWRZDQLD
) 3U]\FLVN &581&+]ODPSN
NRQWUROQ SRGF]DVSU]\JRWRZ\
ZDQLD SRWUDZ Z WDOHU]X GR ]D
SLHNDQLD
*3U]\FLVN 6723 GR NDVRZDQLD
XVWDZLH
+3U]\FLVN *5,// ] ODPSN
NRQ
WUROQ
GRXVWDZLHQLDIXQNFMLJULOOD
, 3U]\FLVN 67$5748,&.±GR
XUXFKRPLHQLD Z\EUDQHM IXQNFML L
Zá
F]HQLD 6=<%.,(*2 67$5
78
- 3U]\FLVN ] ODPSN
NRQWUROQ GR
Z\á
F]HQLDWDOHU]DREURWRZHJR
. 3U]\FLVNGRRWZLHUDQLDGU]ZL
$NFHVRULD
3RGVWDZ LWDOHU]REURWRZ\XPLH FLü
ZGROQHMF]
FLNXFKQL7DOHU]REUR
WRZ\ SRáR
\ü QD SRGVWDZLH Z VSR
VyE SRND]DQ\ QD U\VXQNX 1DOH
\
XSHZQLü VL
H WDOHU] ]RVWDá RGSR
ZLHGQLR]DPRFRZDQ\ZZ\SXVWFH
1LHZROQRNáD üWDOHU]DZSR]\FML
RGZURWQHM
7DOHU]REUDFDVL ZSUDZ LZOHZ
VWURQ MHVWWR]MDZLVNRQRUPDOQH
1LH REUDFDü SLHU
FLHQLD U F]QLH
JG\
PR QD XV]NRG]Lü PHFKDQL]P
REURWRZ\
5XV]W
5XV]W QDOH
\ XáR \ü FHQWUDOQLH QD
WDOHU]X REURWRZ\P GR JULOORZDQLD
PL
VDGURELXWRVWyZLWS
7DOHU]GR]DSLHNDQLD
7DOHU]QDOH
\X \ZDüUD]HP]IXQN
FM
]DSLHNDQLD&581&+0R HE\ü
X
\ZDQ\ GR FLDVW TXLFKH SL]]\
MDNRIRUPDGRSLHF]HQLD L UXPLHQLH
QLDSRWUDZ
35=('3,(5:6=<08 <&,(0
&]\V]F]HQLH
:\WU]Hü IURQWRZH HOHPHQW\ XU]
G]HQLD ZLOJRWQ
V]PDWN 1LH X \
ZDü
FLHUQ\FK URGNyZ FKHPLF]
Q\FK JG\
PRJ XV]NRG]Lü SR
ZLHU]FKQL
'OD IURQWyZ ]H VWDOL QLHUG]HZQHM
X
\ZDü VSHFMDOQ\FK URGNyZ NWyUH
SR]RVWDZLDM
ZDUVWZ ]DEH]SLH
F]DM
F SU]HGSR]RVWDZDQLHPRGFL
VNyZSDOFyZ
3U]HGSLHUZV]\PX
\FLHPXU] G]H
QLDQDOH
\MHGRNáDGQLHXP\üZ\M ü
DNFHVRULD WDN
H SRGVWDZ LWDOHU]
REURWRZ\ 8P\ü áDJRGQ\P
URG
NLHP FLHSá
ZRG 1DVW SQLH RSáX
NDüLGRNáDGQLHZ\WU]Hü
8VWDZLHQLH]HJDUD
3U]\NáDGJRG]LQD
3RGá
F]\ü NXFKQL PLNURIDORZ
GR JQLD]GND ]DVLODM FHJR 1D
Z\
ZLHWODF]X XND H VL R]QD
F]HQLH Ä$(*´ L F\IU\ Ä
´
3XQNW\ SRPL
G]\ F\IUDPL E G
SXOVRZDá\
:FLVQ ü SU]\FLVN ZLHORIXQNF\MQ\
SRG Z\
ZLHWODF]HP JyUQ\ OHZ\
UyJ 3XQNW\ SRPL
G]\ F\IUDPL
E
G V]\ENRSXOVRZDá\
3U]\WU]\PXM
FZFL QL W\SU]\FLVN
ZLHORIXQNF\MQ\ XVWDZLü DNWXDOQ\
F]DV SRNU
WáHP REURWRZ\P 3R
NU
WáR PR QD REUDFDü Z GRZRO
Q\P NLHUXQNX Z SUDZR DE\
]ZL
NV]\ü Z\ ZLHWODQH ZDUWR FL
Z OHZR ± ]PQLHMV]\ü =ZROQLü
SU]\FLVN MH
HOL QD Z\ ZLHWODF]X
SRMDZLVL
DNWXDOQ\F]DV3XQNW\
SRPL
G]\F\IUDPLSXOVXM ZROQR
.XFKQLDMHVWJRWRZDGRSUDF\
$NWXDOQ\ F]DV PR QD ]PLHQLü Z
ND
GHM FKZLOL ZFLVNDM F SU]\FLVN
ZLHORIXQNF\MQ\ L MHGQRF]H
QLH RE
UyFLüSRNU
WáRREURWRZH
:VND]yZNLRJyOQH
']LDáDQLH 2SLV
:FLVQ üSU]\FLVNRWZLH
UDQLDGU]ZL
'U]ZLV RWZDUWH
1DWDOHU]REURWRZ\SRáR
\üSURGXNW\
=DPNQ
üGU]ZL 3RGF]DV ]DP\NDQLD GU]ZL MHVW Vá\V]DOQH OHNNLH ]D
WU]D
QL FLH -H HOL GU]ZL QLH ]RVWDQ SUDZLGáRZR ]D
PNQL WH XU] G]HQLH QLH E G]LH PRJáR E\ü XUXFKR
PLRQH
:\EUDüSURJUDPRUD]
F]DVWUZDQLDJRWRZDQLD
]JRGQLH]HZVND]yZND
PL]DZDUW\PLZQLQLHM
V]HMLQVWUXNFMLREVáXJL
1LH PD ]QDF]HQLD NROHMQR ü XVWDZLDQLD SDUDPHWUyZ
JRWRZDQLD
2EUyFLüSRNU WáR Z NLHUXQNX ]JRGQ\P ]
UXFKHPZVND]yZHN]HJDUDDE\Z\GáX \üF]DVJRWR
ZDQLD OXE Z NLHUXQNX SU]HFLZQ\P GR UXFKX ZVND]y
ZHN]HJDUDDE\VNUyFLüF]DVJRWRZDQLD
:\á
F]\üSRGVWDZ RE
URWRZ
MH HOLWRNR
QLHF]QH
3R Z\á
F]HQLX SRGVWDZ\ REURWRZHM ]RVWDQLH SRG
ZLHWORQDRGSRZLHGQLDODPSNDNRQWUROQD
3RGVWDZ QDOH \Z\á F]DüMHG\QLHZWHG\JG\E G]LH
X \ZDQH RNU JáH QDF]\QLH ZL NV]HRG WDOHU]D REUR
WRZHJR
:FLVQ üSU]\FLVN
67$5748,&.
.XFKQLDUR]SRF]\QDSUDF 1DZ\ ZLHWODF]XSRMDZLD
VL F]DVJRWRZDQLDUR]SRF]\QDVL RGOLF]DQLHZVH
NXQGDFK 3RG ZLHWOHQLH RGSRZLHGQLHM ODPSNL ZVND
]XMHNWyU IXQNFM Z\EUDQR
=DNR F]HQLHJRWRZDQLD =DNR F]HQLH JRWRZDQLD MHVW V\JQDOL]RZDQH SU]H]
SRWUyMQ\ V\JQDá DNXVW\F]Q\ .XFKQLD L R ZLHWOHQLH
ZHZQ WU]QHZ\á F]DVL
1DZ\ ZLHWODF]XSRMDZLVL DNWXDOQDJRG]LQD
-H HOLNXFKQLDQLH]RVWDQLHXUXFKRPLRQDZFL JXPLQXWXVWDZLHQLDV DXWRPD
W\F]QLHNDVRZDQHQDZ\
ZLHWODF]XSRMDZLDVL SRQRZQLHDNWXDOQDJRG]LQD
-H HOL]RVWDQLHXVWDZLRQ\F]DVSRZ\ HMÄ´QDZ\ ZLHWODF]XSRMDZLVL
R]QDF]HQLHÄ´F]DVLHSUDF\WDOHU]MHVWZá F]RQ\
']LDáDQLH 2SLV
2WZRU]\ü GU]ZL ZFLVNDM F
SU]\FLVN
DE\QS]DPLH
V]DüSRWUDZ
.XFKQLDLR
ZLHWOHQLHZHZQ WU]QH]RVWDM Z\á
F]RQH3XQNW\SRPL
G]\F\IUDPLSXOVXM
=DPNQ ü GU]ZL L ZFLVQ ü
SU]\FLVN67$5748,&.
:V]\VWNLH XVWDZLHQLD SR]RVWDM ZSDPLFL
5R]SRF]\QDVL
RGOLF]DQLHXVWDZLRQHJRF]DVX
:FLVQ üSU]\FLVN6723 8VWDZLHQLD ]RVWDM VNDVRZDQH .XFKQLD Z\á
F]D VL
D R ZLHWOHQLH ZHZQ WU]QH JD QLH 1D
Z\
ZLHWODF]XSRMDZLDVL DNWXDOQ\F]DV
2EUyFLü SRNU WáR REURWRZH
]PLHQLDM
FF]DVJRWRZDQLD
1D Z\
ZLHWODF]X SRMDZLD VL ]PLHQLDQ\ F]DV
JRWRZDQLD
=PLHQLü SR]LRP PRF\ PL
NURIDORZHM REUDFDM
F SRNU
WáRPRF\
1D Z\
ZLHWODF]X SRMDZLD VL QD VHNXQG
]PLHQLRQ\SR]LRPPRF\
.XFKQLD Z]QDZLD SUDF
QD QRZ\P SR]LRPLH
PRF\
:FLVQ ü SU]\FLVN ZLHOR
IXQNF\MQ\
:\EUDQH SDUDPHWU\ V Z\ZLHWODQH NROHMQR
SU]H] VHNXQG ND
G\ QS QD]ZD SURJUDPX
ZDJDPRFLWS
:FLVQ üSU]\FLVN*5,// 1D Z\ ZLHWODF]X SRMDZLD VL ZDUWR üZ\EUDQHM
PRF\JULOOD=DSDODVL
ODPSNDNRQWUROQDSDWU]
WDN
H GR UR]G]LDáX *ULOO JRWRZDQLH PLNURIDOR
ZH´
:FLVQ ü SU]\FLVN IXQNFML
]DSLHNDQLD &581&+ SU]\
PDNV\PDOQHM PRF\ PLNUR
IDORZHMLIXQNFMLJULOOD
/DPSNL NRQWUROQH PRF\ PLNURIDORZHM JULOOD L
IXQNFML ]DSLHNDQLD &581&+ ]RVWDM
SRG ZLH
WORQH SDWU] UR]G]LDá Ä=DSLHNDQLH ± &581&+´
RUD]Ä*RWRZDQLHNRQZHNF\MQHPLNURIDORZH´
-H HOLQRZHXVWDZLHQLHF]DVX SU]\ELHU]H ZDUWR ü Ä´
JRWRZDQLHNR
F]\
VL
L UR]EU]PLHZD SRWUyMQ\ V\JQDá DNXVW\F]Q\ 8U] G]HQLH Z\á F]\ VL D
R
ZLHWOHQLH ZHZQ WU]QH ]JD QLH &]DV JRWRZDQLD PR QD Z\GáX \ü PDNV\
PDOQLHGRPLQXW
(.63/2$7$&-$
*RWRZDQLHPLNURIDORZH
0LNURIDOH GRSURZDG]DM FLHSáR GR
ZQ
WU]D SRWUDZ )XQNFMD MHVW SU]\
GDWQD GR SRGJU]HZDQLD JRWRZ\FK
GD
LQDSRMyZUR]PUD DQLDPL VDL
ZDU]\Z D WDN
H GR JRWRZDQLD SR
WUDZWDNLFKMDNU\E\LZDU]\ZD
*ULOO
&LHSáR SRFKRG]L ] JU]DáNL XPLHV]
F]RQHM Z JyUQHM
FLDQFH NXFKQL
)XQNFMD MHVW SU]\GDWQD GR WRVWRZD
QLDLJULOORZDQLDQSVWHNyZLNLHáED
VHN
)XQNFMD]DSLHNDQLD&581&+
)XQNFMD ]DSLHNDQLD Z\NRU]\VWXMH
MHGQRF]H
QLHPRFPLNURIDORZ RUD]
JULOO QS SRGF]DV SU]\JRWRZ\ZDQLD
GD
ZDU]\ZQ\FK OXE SL]]\ ]DSHZ
QLDM
FLFK]UXPLHQLHQLH
*RWRZDQLHPLNURIDORZHJULOO
*RWRZDQLH PLNURIDORZH PR QD SR
á
F]\ü ] JULOOHP : WHQ VSRVyE SR
WUDZ\ E
G XJRWRZDQH V]\EFLHM
MHGQRF]H
QLH PR QD MH RSLHNDü L
UXPLHQLü
*272:$1,(0,.52)$/2:(
3U]\NáDG *RWRZDQLH SU]H]
PLQXW
L VHNXQG QD SR]LRPLH
:
8VWDZLü SR]LRP PRF\ PLNURID
ORZHM REUDFDM
F SRNU WáR PRF\
/DPSND NRQWUROQD ]RVWDQLH SRG
ZLHWORQD $NWXDOQ\ F]DV ]QLNQLH
]Z\
ZLHWODF]DLSRMDZLVL XVWD
ZLRQ\SR]LRPPRF\
2EUDFDQLHZOHZR QL
V]DPRF
2EUDFDQLH Z SUDZR Z\
V]D
PRF
8VWDZLü F]DV JRWRZDQLD REUD
FDM
FSRNU WáR REURWRZH1DZ\
ZLHWODF]X SRMDZL VL Z\EUDQ\
F]DVJRWRZDQLD
:FLVQ ü SU]\FLVN 7$5748,&.
5R]SRF]QLHVL
RGOLF]DQLH
8VWDZLHQLH PRF\ LOXE F]DV
JRWRZDQLDPR
QD]PLHQLüJG\SUR
JUDPWUZD
&]DVJRWRZDQLDPR
QDXVWDZLü
RGGRPLQXW±ZVHNXQGRZ\FK
RGVW
SDFK
RG GR PLQXW ± Z VHNXQGR
Z\FKRGVW
SDFK
RGGRPLQXW±ZVHNXQGR
Z\FKRGVW
SDFK
RGGRPLQXW±ZVHNXQGR
Z\FKRGVW
SDFK
RG GR PLQXW ± Z PLQXWR
Z\FKRGVW
SDFK
0DNV\PDOQ\ F]DV SURJUDPRZDQLD
Z\QRVLPLQXW
(OHPHQW\PHWDORZHQDOH \XáR
\ü ] ]DFKRZDQLHP GZXFHQW\PH
WURZHJR RGVW
SX RG FLDQHN RUD]
GU]ZLNXFKQL
7DEHODXVWDZLH
:
:
3RGJU]HZDQLHSá\QyZ
JRWRZDQLHPL VD
JRWRZDQLHZDU]\Z
JRWRZDQLHGD JRWR
Z\FK
:
:
UR]PUD DQLHLSRG
JU]HZDQLHPUR
RQ\FK
GD
JRWRZ\FK
SRGJU]HZDQLHVFKáR
G]RQ\FKGD
JRWRZ\FK
JRWRZDQLHGD ]DZLH
UDM
F\FKMDMNR
:
:
:
JRWRZDQLHLSRGJU]H
ZDQLHGHOLNDWQ\FKSR
WUDZ
SRGJU]HZDQLHRG \ZHN
G]LHFL
F\FKZV]NODQ\FK
VáRLNDFK
SUD HQLHU\ X
UR]SXV]F]DQLH HODW\Q\
:
:
RGPUD DQLHPL VDU\EL
FKOHED
RGPUD DQLHVHUDLPD
VáD
RGPUD DQLHFLDVWD]NUH
PHP
]PL NF]DQLHPDVáD
SRGJU]HZDQLHVFKáR
G]RQ\FKGD
QDSRMyZ
352*5$0<$8720$7<&=1(
'RVW SQH V DXWRPDW\F]QH SURJUDP\ UR]PUD DQLD L JRWRZDQLD 3R Z\ERU]H
SURJUDPXQDOH
\ZSURZDG]LüZDJ SURGXNWXZJUDPDFK3R]RVWDáHSDUDPH
WU\SURJUDPXV
XVWDZLRQHDXWRPDW\F]QLH3RQL V]HWDEHOH]DZLHUDM SU]\NáD
G\SRWUDZNWyUHPR
QDSU]\JRWRZDüZSURJUDPDFKDXWRPDW\F]Q\FK
$XWRPDW\F]QHUR]PUD DQLH
3URJUDP 5RG]DMSURGXNWX 3U]\NáDG :DJD]DNUHV
'UyE
'UyEFDá\OXEZSRUFMDFK ±J
5\E\
5\EDZFDáR FLOXEILOHW\ ±J
0L VR *XODV]SLHF]H PL VQD ±J
'HOLNDWQHFLDVWDLWS &LDVWR]NUHPHP ±J
1y NLRUD]VNU]\GHáNDQDOH \RZLQ üIROL DOXPLQLRZ SU]HGUR]SRF] FLHPRGPUD DQLD
&LHQNLHNDZDáNLQDOH \RZLQ üIROL DOXPLQLRZ SU]HGUR]SRF] FLHPRGPUD DQLD
0UR RQNLQDOH \UR]SDNRZDüLXáR \üQDWDOHU]XDE\]HEUDüZRG SRFKR
G]
F ]UR]PUD DQLD:SRáRZLHF]DVXSU]H]QDF]RQHJR QD UR]PUD DQLHE
G]LHVá\V]DOQ\WU]\NURWQLHG
ZL NNWyU\V\JQDOL]XMH HZW\PPRPHQFLHQDOH
\REUyFLü]DPLHV]DüOXESRNURLüSURGXNW
3DPL
WDü R ÄF]DVLH RGF]HNDQLD´ RJyOQD ZVND]yZND F]DV RGF]HNDQLD F]DV
UR]PUD
DQLD
*RWRZDQLHZDU]\Z
3URJUDP 5RG]DMZDU]\Z SU]\NáDG\ :DJD]DNUHV
ZLH HZDU]\ZD, %UXNVHONDNDSXVWD
PDUFKHZVHOHU
J
ZLH HZDU]\ZD,, &XNLQLDSRU\]LHPQLD
NLV]SLQDNIHQNXáND
ODILRUEURNXá\
J
0UR RQHZDU]\ZD 0DUFKHZNDODILRU
EUXNVHONDSRUFXNLQLD
V]SLQDNEURNXá\
J
*RWRZDü SRG SU]\NU\FLHP Z V]NODQ\P QDF]\QLX DURRGSRUQ\P : SRáRZLH
F]DVX JRWRZDQLD UR]OHJQLH VL
WU]\NURWQ\ V\JQDá DNXVW\F]Q\ -H HOL SURGXNW
ZD
\SRZ\ HMJQDOH \JRREUyFLüOXE]DPLHV]DüUD]OXENLONDNURWQLHZ
WUDNFLHJRWRZDQLD
'RZDU]\ZQDOH
\GRGDüQLHZLHON LOR üZRG\
GR
ZLH \FKZDU]\Z,,,J á\ HN
J á\
HN
GRPUR
RQHN J á\ HN
J á\
HN
*RWRZDQLHPLNURIDORZHJULOO
3URJUDP 5RG]DMZDU]\Z :DJD]DNUHV 8ZDJL
.XUF]DN ZLH \
J
-H
HOL SURGXNW ZD \
ZL
FHMQL JQDOH \
JRZSRáRZLHF]DVX
SURJUDPX REUyFLü 3U]\
SRPQL R W\P WU]\NURWQ\
V\JQDáDNXVW\F]Q\
3LHF]H ZLHSU]RZD
ZLH D
J
-Z
*UDW\QRZDQLH SUR
GXNWyZ
J
-H HOLGDQLHZD \ZL FHM
QL J QDOH \
SRáR
\ü WDOHU] QD UXV]
FLHJULOOD
-H HOLSURGXNWZD \PL G]\JQDOH \ZáR \üJRGRZ\VRNLHJRQDF]\QLD DURRG
SRUQHJR XVWDZLü EH]SR
UHGQLR QD WDOHU]X REURWRZ\P L QLH SU]\NU\ZDü 3RUFMH NXUF]DND
VNU]\GHáNDQy
NLXáR \üEH]SR UHGQLRQDUXV]FLHJULOOD
3LHF]H ZLHSU]RZ QDOH \ZáR \üJRGRZ\VRNLHJRQDF]\QLD DURRGSRUQHJRXVWDZLüEH]
SR
UHGQLRQDWDOHU]XREURWRZ\PLQLHSU]\NU\ZDü
:SURZDG]LüFDáNRZLW ZDJ GDQLDQS]LHPQLDNyZ]VRVHP PLHWDQRZ\PLVHUHP
&]DV SU]\JRWRZ\ZDQLD SRWUDZ Z SURJUDPDFK DXWRPDW\F]Q\FK MHVW REOLF]RQ\
GODGD
VFKáRG]RQ\FK&
:DJ
SURGXNWyZPR QDZSURZDG]Lü
RGGRZRGVW
SDFKJ
RGGRZRGVW
SDFKJ
'OD ZV]\VWNLFK LQQ\FK SRWUDZ QLH XM
W\FK Z SRZ\ V]\FK WDEHODFK QDOH \
U
F]QLHZSURZDG]LüPRFPLNURIDORZ LF]DVJRWRZDQLD
-DNZ\NRU]\VWDüDXWRPDW\F]QH
SURJUDP\UR]PUD
DQLD
:FLVQ ü SU]\FLVN SURJUDPyZ
DXWRPDW\F]Q\FK Ä352*5$0
0(´QDZ\
ZLHWODF]XSRMDZL VL
RGSRZLHGQLV\PEROSURJUDPX
8VWDZLü ZDJ
SURGXNWX ]D SR
PRF
SRNU WáDREURWRZHJR
:FLVQ
üSU]\FLVN67$5748,&.
1D Z\
ZLHWODF]X SRMDZL VL F]DV
RGPUD
DQLD
-H
HOLMDNLH XVWDZLHQLHPXVLE\ü
]PLHQLRQHQDOH
\ZFLVQ ü SU]\
FLVN 6723L]PLHQLüXVWDZLHQLD
1DVW
SQLHZFLVQ üSU]\FLVNVWDUW
SRQRZQLH
:SRáRZLHF]DVXRGPUD DQLD
UR]OHJQLH VL
DODUP =DPLHV]Dü
OXE REUyFLü SURGXNW QD GUXJ
VWURQ .XFKQLDQLHZ\á F]\VL
6=<%.,67$5748,&.67$57
3RSU]H] ZFL QL FLH SU]\FLVNX
67$5748,&. IXQNFMD 6]\ENLHJR
6WDUWX XPR
OLZLD SU]\JRWRZ\ZDQLH
SRWUDZ\QDPDNV\PDOQ\PSR]LRPLH
PRF\SU]H]VHNXQGPLQXW\
VHNXQG Z VHNXQGRZ\FK RG
VW
SDFK
.D
GHZFL QL FLHSU]\FLVNXZ\GáX D
SURJUDPRVHNXQG
3U]\NáDG 3RGJU]HZDQLH
V]NODQHN ZRG\ PLQXW VH
NXQG
:FLVQ
ü SU]\FLVN
67$5748,&. WU]\NURWQLH 1D
Z\
ZLHWODF]X SRMDZL VL F]DV
JRWRZDQLDLXU]
G]HQLHUR]SRF]
QLHSUDF
8VWDZLRQ\F]DVPR
QDZ\GáX \ü
PDNV\PDOQLH GR PLQXW VH
NXQG Z WUDNFLH SURJUDPX ZFL
VNDM
F SU]\FLVN 67$5748,&.
VHNXQGRZHHWDS\
1LHPR
QDX \ZDüIXQNFML48,&.
67$57 GOD SURJUDPyZ WUZDM
F\FKGáX
HMQL PLQXW\
*ULOO
3U]\NáDG SURJUDP JULOORZD
QLDPLQXW±*3
2EUyFLü SRNU WáR GR XVWDZLHQLD
Ä´ $NWXDOQD JRG]LQD ]QLNQLH ]
Z\
ZLHWODF]D
8VWDZLü F]DV JULOORZDQLD SRNU
WáHPREURWRZ\P
:FLVQ
üSU]\FLVN*5,// /DPS
ND NRQWUROQD ]RVWDQLH SRG
ZLH
WORQD 1DMZ\
V]\ SR]LRP PRF\
JULOOD
Ä*3´SRMDZL VL QD Z\
ZLHWODF]X .D GH ZFL QL FLH
SU]\FLVNX]PQLHMV]DSR]LRP PR
F\
:FLVQ
üSU]\FLVN67$5748,&.
5R]SRF]QLH VL
RGOLF]DQLH XVWD
ZLRQHJRF]DVX
3U]\ND G\P ZFL QL FLXSU]\FLVNXJULOOD
QD Z\
ZLHWODF]X SRMDZL VL SR]LRP MHJR
PRF\ *3 *3 *3 3R SRQRZQ\P
ZFL
QL FLX SU]\FLVNX QD Z\ ZLHWODF]X SR
MDZLVL
DNWXDOQ\F]DVOXEF]DVJRWRZDQLD
DODPSNDNRQWUROQD]JD
QLH
-H HOL SU]\FLVN JULOOD ]RVWDQLH ZFL QL W\
SRGF]DV WUZDQLD SURJUDPX NXFKQLD Z\á
F]\ VL
L UR]OHJQLH VL WU]\NURWQLH V\JQDá
DNXVW\F]Q\ 1D Z\
ZLHWODF]X SRMDZL VL
DNWXDOQ\ F]DV -H HOL FKFHFLH 3D VWZR
]PLHQLü SR]LRPPRF\ JULOOD Z WUDNFLH SUR
JUDPX QDOH
\ ZFLVQ ü SU]\FLVN 6723 L
ZSURZDG]LüQRZHXVWDZLHQLH
352*5$0*272:$1,(0,.52)$/2:(*5,//
3U]\NáDG SURJUDP JRWRZD
QLDPLNURIDORZHJRSU]H]PLQXW
QD:RUD]JULOORZDQLHQDSR
]LRPLH*3
8VWDZLü SR]LRP PRF\ PLNURID
ORZHM]DSRPRF
SRNU WáD PRF\
/DPSND NRQWUROQD ]RVWDQLH SRG
ZLHWORQD D ] Z\ ZLHWODF]D
]QLNQLH DNWXDOQ\ F]DV 1D Z\
ZLHWODF]X SRMDZL VL Z\EUDQ\
SR]LRPPRF\PLNURIDORZHM
8VWDZLü F]DV ]D SRPRF SRNU
WáDREURWRZHJR
:FLVQ ü SU]\FLVN *5,// GZX
NURWQLH 6\PERO SR]LRPX PRF\
JULOOD Ä
*3´ SRMDZL VL QD Z\
ZLHWODF]X /DPSND NRQWUROQD
]RVWDQLHSRG
ZLHWORQD
:FLVQ üSU]\FLVN67$5748,&.
5R]SRF]QLH VL
RGOLF]DQLH XVWD
ZLRQHJRF]DVX
-H HOL SU]\FLVN JULOOD ]RVWDQLH ZFL
QL W\ SRGF]DV WUZDQLD SURJUDPX
PR
OLZDMHVW]PLDQDSR]LRPXPRF\
GR Ä
*3´ 1DVW SQH ZFL QL FLH
SU]\FLVNX Z\á
F]\ NXFKQL D ODPS
ND NRQWUROQD ]JD
QLH 8U] G]HQLH
SUDFXMHWHUD]W\ONRZWU\ELHJRWRZD
QLD PLNURIDORZHJR -H
HOL FKFHFLH
3D
VWZR]PLHQLüSR]LRPPRF\JULOOD
Z WUDNFLH SURJUDPX QDOH
\ ZFLVQ ü
SU]\FLVN*ULOOSRQRZQLH
)81.&-$=$3,(.$1,$&581&+
3U]\NáDG SURJUDP ]DSLHND
QLDSU]H]PLQXW
1D WDOHU]X REURWRZ\P SRáR \ü
VSHFMDOQH QDF]\QLH V]NODQH GR
]DSLHNDQLD&UXQFK
8VWDZLü F]DV ]DSLHNDQLD ]D SR
PRF
SRNU WáD REURWRZHJR $N
WXDOQ\ F]DV QDZ\
ZLHWODF]X ]R
VWDQLH]DVW
SLRQ\SU]H]XVWDZLR
Q\F]DVSUDF\NXFKQL
:FLVQ ü SU]\FLVN &UXQFK
/DPSNL NRQWUROQD PRF\ JULOOD L
&UXQFK ]RVWDQ
SRGZLHWORQH
3R]LRPPRF\JULOODPR
QD]PLH
QLü SU]HG UR]SRF]
FLHP SURJUD
PX 3RGF]DV ZFLVNDQLD SU]\FL
VNX JULOOD QD Z\
ZLHWODF]X SRMD
ZLDM
VL V\PEROH RGSRZLDGDM
FH SRV]F]HJyOQ\P SR]LRPRP
PRF\
*3 *3 *3 SR
PDJDM
F Z\EUDü WHQ ZáD FLZ\
1LHPR
QDZ\á F]\üIXQNFMLJULOOD
ZSURJUDPLH]DSLHNDQLD&UXQFK
:FLVQ
üSU]\FLVN67$5748,&.
5R]SRF]QLH VL
RGOLF]DQLH XVWD
ZLRQHJRF]DVX/DPSNDNRQWUROQD
]JD
QLH
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
Strona jest ładowana ...
-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
