3-DNLHVą]DOHW\PRQLWRUD/&'7)7ZSRUyZQDQLX]PRQLWRUHPNLQHVNRSRZ\P&57"
2:PRQLWRUDFKNLQHVNRSRZ\FKĞZLDWáRJHQHURZDQHMHVWSU]H]]GHU]DQLHVLĊ
VSRODU\]RZDQ\FKHOHNWURQyZZ\VWU]HOLZDQ\FKSU]H]G]LDáRHOHNWURQRZHQDV]\ELH]
ZDUVWZąIOXRUHVFHQF\MQą6WąGWHĪPRQLWRU\NLQHVNRSRZH]DVDGQLF]RSUDFXMą]
DQDORJRZ\PV\JQDáHP5*%0RQLWRU/&'7)7MHVWXU]ąG]HQLHPZ\ĞZLHWODMąF\P
REUD]ZHMĞFLRZ\SU]H]RGG]LDá\ZDQLHQDSDQHOFLHNáRNU\VWDOLF]Q\0DWU\FD7)7PD
]DVDGQLF]RLQQąEXGRZĊQLĪNLQHVNRSNDĪG\SDQHOPDVWUXNWXUĊDNW\ZQHMPDWU\F\L
QLH]DOHĪQHHOHPHQW\DNW\ZQH:\ĞZLHWODF]FLHNáRNU\VWDOLF]Q\7)7]EXGRZDQ\MHVW]
GZyFKSDQHOLV]NODQ\FKSU]HVWU]HĔSRPLĊG]\QLPLZ\SHáQLRQDMHVWFLHNá\P
NU\V]WDáHP*G\NDĪGD]NRPyUHNMHVWSRáąF]RQD]HOHNWURGąLSRGGDZDQDG]LDáDQLX
QDSLĊFLDVWUXNWXUDF]ąVWHF]NRZDFLHNáHJRNU\V]WDáX]PLHQLDVLĊLVWHUXMHLORĞFLą
ĞZLDWáDZFKRG]ąFHJRWZRU]ąFZWHQVSRVyEREUD]\:\ĞZLHWODF]/&'7)7PD
V]HUHJ]DOHWZSRUyZQDQLX]NLQHVNRSHPSRQLHZDĪPRĪHRQE\üEDUG]RFLHQNLLQLH
Z\VWĊSXMHZQLPHIHNWPLJRWDQLD]XZDJLQDWRĪHQLHMHVWZQLPVWRVRZDQH
Z\ELHUDQLHOLQLRZH
3'ODF]HJRF]ĊVWRWOLZRĞü+]RGĞZLHĪDQLDSLRQRZHJRMHVWRSW\PDOQDGODPRQLWRUyZ/&'"
22GPLHQQLHQLĪZSU]\SDGNXPRQLWRUyZNLQHVNRSRZ\FKSDQHO/&'7)7PDVWDáą
UR]G]LHOF]RĞü1DSU]\NáDGPRQLWRU;*$SRVLDGD[5*%[SLNVHOLL
Z\ĪV]DUR]G]LHOF]RĞüQLHPRĪHE\üRVLąJQLĊWDEH]GRGDWNRZHJRSU]HWZDU]DQLD
SURJUDPRZHJR3DQHOMHVW]DSURMHNWRZDQ\]RSW\PDOL]DFMąZ\ĞZLHWODQLDGOD
F]ĊVWRWOLZRĞFL]HJDUD0+]MHGQHJR]HVWDQGDUGyZGODZ\ĞZLHWODF]\;*$
3RQLHZDĪF]ĊVWRWOLZRĞüSLRQRZDSR]LRPDGODWDNLHJR]HJDUDZ\QRVL+]N+]
F]ĊVWRWOLZRĞFLąRSW\PDOQąGODWHJRPRQLWRUDMHVW+]
3.WyU\]URG]DMyZWHFKQRORJLLV]HURNLHJRNąWDZLG]HQLDMHVWGRVWĊSQ\":MDNLVSRVyERQD
G]LDáD"
23DQHO7)7/&'MHVWHOHPHQWHPNWyU\VWHUXMHĞZLDWáHPGRFKRG]ąF\P]
SRGĞZLHWODF]DSRSU]H]SRGZyMQHXJLĊFLHQDSá\QQ\PNU\V]WDOH:\NRU]\VWXMąFWĊ
ZáDĞFLZRĞüĪHU]XWRZDQHĞZLDWáRXJLQDVLĊZNLHUXQNXJáyZQHMRVLHOHPHQWX
FLHNáHJRVWHUXMHRQNLHUXQNLHPSDGDMąFHJRĞZLDWáDLZ\ĞZLHWODMH3RQLHZDĪ
ZVSyáF]\QQLNXJLĊFLDĞZLDWáDSDGDMąFHJRQDFLHNá\NU\V]WDá]PLHQLDVLĊ]NąWHP
SDGDQLDĞZLDWáDNąWZLG]HQLDGODZ\ĞZLHWODF]D7)7/&'MHVW]QDF]QLHZĊĪV]\QLĪZ
SU]\SDGNXNLQHVNRSX=D]Z\F]DMNąWZLG]HQLDRNUHĞODVLĊGODPLHMVFDZNWyU\P
VWRVXQHNNRQWUDVWXZ\QRVL:FKZLOLREHFQHMWUZDMąSUDFHQDGUyĪQ\PLVSRVREDPL
SRV]HU]HQLDNąWDZLG]HQLDMHGQ\P]HVSRVREyZMHVW]DVWRVRZDQLHEáRQ\RV]HURNLP
NąFLHZLG]HQLDUR]V]HU]DMąFHMJRSRSU]H]]PLDQĊZVSyáF]\QQLNDXJLĊFLDĞZLDWáD'OD
SRV]HU]HQLDNąWDZLG]HQLDVWRVRZDQDMHVWUyZQLHĪWHFKQRORJLD,36,Q3ODQH
6ZLWFKLQJOXE09$0XOWL9HUWLFDO$OLJQHG
3'ODF]HJRZPRQLWRU]H/&'QLHZ\VWĊSXMHPLJRWDQLH"
28MPXMąFU]HF]WHFKQLF]QLHPRQLWRU\/&'PLJRF]ąDOHSU]\F]\QDWHJR]MDZLVND
MHVWLQQDQLĪZPRQLWRUDFKNLQHVNRSRZ\FKLQLHPDRQDZSá\ZXQDáDWZRĞü
RJOąGDQLD0LJRWDQLHZPRQLWRUDFK/&'RGQRVLVLĊGR]D]Z\F]DMQLHZ\NU\ZDOQ\FK
]PLDQOXPLQDQFMLSRZRGRZDQ\FKSU]H]UyĪQLFĊSRPLĊG]\QDSLĊFLHPGRGDWQLPL
XMHPQ\P=GUXJLHMVWURQ\PRJąFHSRGUDĪQLDüZ]URNOXG]NLPLJRWDQLHZ
NLQHVNRSDFKSRZVWDMHJG\VWDMHVLĊZLGRF]QDF]\QQRĞüZáąF]HQLDZ\áąF]HQLD
RELHNWXIOXRUHVFHQF\MQHJR3RQLHZDĪV]\ENRĞüUHDNFMLFLHNáHJRNU\V]WDáXZSDQHOX
/&'MHVW]QDF]QLHPQLHMV]DWDNáRSRWOLZDIRUPDPLJRWDQLDZSDQHODFK/&'QLH
GJMF%]%'64BOEZNBOVBM10-*4)874"'&5:4"'@'"2)5.PGrr
