cesta k uspechu (jerry jaroslav krupa)
DESCRIPTION
Motivačná literatúra, duchovná cesta k úspechuTRANSCRIPT
-
1
Jerry Jaroslav Krpa
CESTA K SPECHU SUYiHOHNWURQLFNiNQLQiSXEOLNiFLDQD6ORYHQVNX
spracovan pre web
Tto knihu venujem mjmu novmu, slobodnmu Slovensku
Mil priatelia! 2NUtGOHQYURNVWDURUtPVNHKRILOR]RID6DOOXVWDHNDGORYHNMH
archiWHNWRPVYRMKR"DVWLDPDLQSLURYDON tejto vodnej vahe. 7HFKQRORJLFN\LMHPHYRYHPL~VSHQFKDVRFK9HGHFN\VDXGVWYR
nikdy nerozvjalo rchlejie ako v WRPWRVWRURt([SOy]LDQRYFKYHGRPRVWtSORGtYHNpPDWHULiOQHGREURDYDN]iURYHSORd i padok duchovnosti a morlky v XGVWYH$NRYG\Y histrii, technologick superiorita so sebou prina aroganciu a thu u QDMY\VSHOHMtFKRYOiGD"D Y\NRULV"RYD"PHQHMvyspelch. V SRVOHGQRPGHVD"URtGHPRNUDWLFNV\VWpPD XGVNpSUiYDVDrozrili, mal nrody sa oslobodili a meniny sa zrovnoprvnili. A predsa v GXLDFKPQRKFKXGtWHQWRVWDYXGVNHMVSRORQRVWLSORGtQHLVWRW\D]PlWRN
2DNiYDQUR]YRMD ]YHQLHLYRWQHM~URYQHVD]DWLDQHXVNXWRQLOR
5HODWtYQHYHNiDV"XGtMHY\QHFKDQi] hry o materilne bohatstvo. 1LHNWRUtLDXUH]LJQRYDOL1HVWDLDGUD"WHPSRSUHVWDOLVDVQDL"
Nenachdzaj v VHEHGRV"HQHUJLHGUD"NURN-HWRYLGLH"QDMPlv VSRORQRVWLDFKNWRUpSUHFKiG]DM~]PHQDPLQLHOHQWHFKQRORJLFNpKRDOH]iURYHDMSROLWLFNpKo a VSRORHQVNpKRV\VWpPX1DH6ORYHQVNRMHWDNRX
VSRORQRV"RX6YHWVDVWDOGHGLQRXD do naich prbytkov sa denne prenaj problmy celho sveta. Globalizuje sa ekonomika, planta sa postupne stva jednm celkom. Pre mnohch tieto rchle a mnohorozmern zmeny s QDUD]SUtOLYHD
XGLDYHREHFQHSRFL"XM~QHGRVWDWRNOiVN\SRUR]XPHQLDD socilneho ctenia. $RVDVWDORV SUDYGRX"tPYLDFGUXKRYNRPXQLNDQFKPpGLtPiPHWPPHQHMSUDYG\SRXMHPH9RGFRYLD
VYHWD]DE~GDM~QD]iNODGQ~SRXNXNDGpKRVNDXWDHFHORNP{HQDSUHGRYD"LEDWDNUFKORDNRP{H
QDSUHGRYD"QDMVODELDMHGQRWNDFHONX$NWtYSUHGXQHSRNDM~DOHERQHSRGDM~SRPRFQ~UXNXY celku nastane QDSlWLHUR]WUND celok sa rozpadne a LEDDV"SUtGHGRFLHD LDUHDOLWDMHWDNiHXGVWYRVDQLNG\QHSRXLOR7HQWRVYHWQLNG\QHEROLGHiOQ\
7RQH]QDPHQiHVLKRQHP{HPHXUREL"OHSt$ OHStPVLKRXUREtPHNH]DQHPHQHSUHVWDMQH]OHSRYD"
WUpQRYD"D Y]GHOiYD"VDPLVHED9HWFLYLHPHHDNPiORYHNVORERGXD je zdrav, niNG\QHFKFHE\"SRVOHGQnajslab, najhor. Vezmime si jeden prklad z histrie. Mocn a bohat Rmska ra. Nespadla z neba mocn a bohat. Museli sa k WRPXSRVWXSQHSUHSUDFRYD"5LPDQLDEROLSRVWDYDPLQDMPHQtXGLDY Eurpe! Pe o tom Plnius. RimaniDXSDGOLGRGRDVQpKRNRPSOH[XPHQHMFHQQRVWLNHVD]DDOLSRURYQiYD"V ostatnmi QiURGPL8YDRYDOL*UpFLV~QDMP~GUHMt,FKP~GURV"P\QHSUHNRQiPH*HUPiQLV~Y\VRNtQDMVLOQHMtFKODSL
Tm sa telesne nevyrovnme. Glovia s najlisnej. Tch my v poGYRGRFKQHSUHNRQiPH,EHURYLDV~WLHmocn ako kone A WDNDOHM 6WDUt5LPDQLDEROLYRVYRMLFKSRLDWNRFKY nezvidenia hodnej situcii. V VNXWRQHM nrodnej depresii. $32.,$1(=$$/1,(.72= 1,&+0
-
2
6NXWRQHSUHRMHGHQORYHNMHVSRNRMQ~VSHQD "DVWQD GUXKSUHNOtQDLYRWDSRKURE"$ SUHR
YlLQDXGtSUHtYDVYRMLYRWY sivej priemernosti? 9HWFLudia maj k GLVSR]tFLLWHQLVWDVGYDGVD"W\ULKRGtQGHQQHD WULVWRHV"GHVLDWSl"GQtGRURND9 RPje rozdiel? Rozdiel je v tom, ak mylienku si vsadili do svojej hlavy a DNpFLW\GRVUGFD$NpP\OLHQN\W~E\D vntorn SRGQHW\LFKYHG~NDG~PLQ~WXNDG~KRGLQXNDGGHSRFHOLFKLYRW
Iba to, v RORYHNYHUtULDGLMHKRLYRW$NYHUtHVLQLNWRHQHP{H1,GRNi]D"GRVLDKQHY LYRWHSUHVQHWR1,
VSHQtXGLDYHULDHV~G{OHLWpE\WRVWLHPDM~Y LYRWHG{OHLWpSRVODQLH3RGDWFKSUHGVWiYVLXULD
svoje ciele v LYRWHD LFKY\WUYDORV"LFKSULYHGLHN Yt"D]VWYX 9WRPMHUR]GLHO0iORXGtVDQDURGtVRVWULHERUQRXO\LNRXY stach... 6NXWRQRV"MHWDNiH
.$'/29(.&+&(% Mil priatelia, SRYDXMWHW~WRNQLNX]DVORYQ~PDSXNWRUiYiPXNiHFHVWXD ak chcete, povedie vs k zdravmu sebavedomiu a ~VSHQpPXLYRWX tPVPHGQHVQLHMHWDNpG{OHLWp1LHNGH]DD"PXVtPHtPEXGHPH]DMWUDMHUR]KRGXM~FH.HVDUD]
rR]KRGQHPHEXGHP~VSHQQLMDNiVLODVYHWDPDQH]DGUt
1H]iOHtQDQDRPYHNX]iOHtQDQDRPGXFKXORYHNDUREtYHNPWRRMHQDRPQHYLGLWHQp1LNWR
QHYLGtQDHP\OLHQN\XGLDYDNYLGLDYVOHGN\QiKRP\VOHQLD
9DNHMILQDQQHMDOHERGXFKRYQHMVLWXiFLLVPHGQHVMHYlLQRXYVOHGRNQiKRSUHGFKiG]DM~FHKRP\VOHQLD
0XVtP]G{UD]QL"HWiWRNQLNDQLHMHFHONRPSUHNDGpKR-HSUHWFKNWRUtV~QDFHVWHKDGDQLDOHSLHKR
]DMWUDMND$NVDQLHNWRUR]KRGROQH]OHSRYD"VLVYRMLYRWWHQDQLW~WRNQLKXtWD"QHEXGH7HGDWiWRNQLNDQLH
MHSUHWFKNWRUtVDUR]KRGOLVWUiYL"LYRWY QHLQQRVWLDNDM~FV RWYRUHQPL~VWDPLDNRQHYOiGQHYWiDHLP
XVLORYQtGRQLFKQLHRYORLD7iWRNQLNDQLHMHSUHWFKNWRUtFKF~E\"LEDGLYiNPLLYRWDNWRUtDNRQDWDGLyQH
FKF~VDLEDSR]HUD"DNRVDLQtXVLOXM~DNRLYRWEHtSUHGLFKRDPL$ QLHMHDQLSUHWFKNWRUtXYHULOLHV~LED
MHGQP]RLYRtFKRYQDQDHMSODQpWHHY LYRWHQHPDM~QLMDNpY\LHSRVODQLH
7iWRNQLNDMHSUHWFKNWRUtVDFKF~V~VWDYQH]OHSRYD"UiV"UR]YtMD"VDD PRKXWQLH"GXFKRYQHL materilne. 7iWRNQLNDMHSUHWFKNWRUtRGPLHWDM~E\"YHQPLWUSDVOtNPL-HSUHWFKNWRUtVDFKF~VWD"QH]iYLVOPLXPL
takho ducha, ktor ich povedie k bohatstvu plnho, aktvneho, kvalitnho a OiVN\SOQpKRLYRWD9lLQDXGtQHYLHHPDM~QDWRSUiYRD ]iURYHL SRYLQQRV"7iWRNQLNDMHSUHWFKNWRUtFKF~]tVND"SR]LWtYQXLYRWQ~
ILOR]RILXSR]LWtYQ\FKSULDWHRYD spolupracovnkov. A MHDMSUHWFKNWRUtKDGaj pravdu o sebe, pravdu o YHNRVWLORYHNDD jeho ohromnom poslan na naej krsnej plante a vo vesmre. RMHQDMG{OHLWHMLHSUHXGtNWRUtVLFKF~]OHSL"LYRW"1DMG{OHLWHMLDMHVLOQiW~EDSRNYDOLWQRP
slobodnom, bohatom a G{VWRMQRPLYRWH. Cesta k ~VSHFKXYiVSRYHGLHGRWDNpKRLYRWD
Autor
Cocoa Beach, Florida Bratislava, februr 2000
-
3
2%6$+
,/29(.............................................................................................................................................................. 4
SOM NAJDOKONALEJ VTVOR NA ZEMI ............................................................................................. 4 ZHADN ZVITKY.......................................................................................................................................... 9 ,,/6.$............................................................................................................................................................ 11
.$''(97$06/6.28965'&, ................................................................................................. 11 /6.$-(35(1250/1
-
4
,/29(.
2620"
.72620"
35(2620"
$.e-(02-(326/$1,("
SOM NAJDOKONALEJ VTVOR NA ZEMI 2GNHG\Y]QLNOD=HPRGNHG\VD]DDOLYRWRGNHG\SUYKRPRVDSLHQV]DDOL"QHEROWXORYHNV
WDNPLLVWPLYODVWQRV"DPLDNRMD3UHGRPQRXLOLPLOLDUG\XGtDOHQLNWRQHERODNRMD6RPXQLNiWQ\
YWYRU
1LNWRLQQHPDODQHPiPRMHVUGFH1LNWRLQQHPDODQHPiP{MPR]RJ1LNWRLQQHPDODQHPi
PRMHUXN\QRK\WYiU$XULWHQLNWRLQQHPDODQHPiPRMXP\VH
1LNWRLQQLHMHWRKRLVWpKRJpQRYpKR]ORHQLDDNRMD
0RKOLP{XDLVWHEXG~L"PQHSRGREQt$OHQLNWR]QLFKQHP{HP\VOLH"NRQD"DWYRUL"DNRMD
6RP~SOQHRULJLQiOQ\YWYRU3UHWRLPRMHLYRWQpSRVODQLHMH~SOQHRULJLQiOQH
620%5$79(7.&+8'$35('6$6$/,02'.$'e+2
7DNDNRKYLH]G\SODQpW\DSUYN\YHVPtUX9HWNRMH]WRKRLVWpKRFHQWUiOQHKR]GURMDDSUHGVDV~LQp
RULJLQiOQH
6RPMHGLQHQYWYRU6RPSHFLiOQDE\WRV"YRYHVPtUH
6RPQDMGRNRQDOHMtYWYRUQD=HPL
7HORPSDWUtPGRVYHWDLYRtFKRYDOHLEDLYRtQHSRWUHE\PDQHXVSRNRMXM~+HMPRMHWHORMH
LYHQp]KOLQ\DYRG\WHMWRSODQpW\GFKDPWHQLVWY]GXFKVRPSRGWPLVWPVOQNRPDNR]YLHUDWiD
SUHGVDQLHVRP]YLHUD0RMDGXDPDUREtORYHNRPDWiQLHMH]KOLQ\YRG\DY]GXFKXWHMWRSODQpW\
722-(1$01(1(9,',7(1e52%0$/29(.20$QLP\OLHQNXDQLGXXDQLPRUiONXDQL
OiVNXQHYLGtPDOHYLHPHV~6~DV"RXQDMY\HMLQWHOLJHQFLHDOiVN\YHVPtUX0RMDGXDLYRW
P{MKRVNXWRQpKRMDWDNDNRYHVPtUQLNG\QHY\KDVQHLYRWGXDV~DNRHQHUJLD$HQHUJLXSUDYGD
QHPRQR]QLL"0RQRMXSUHPHQL"QDLQ~IRUPX3UHWRLPRMDWHOHVQiVPU"EXGHLEDSUHPHQDQDLQ~
IRUPXLYRWD%H]SUt"DHP{MKRWHODNWRUpMHLYHQp]SUDFKXWHMWR=HPHDSDWUtWHMWR=HPL6RP
QHVPLHUQHYDQ]DVYRMLYRW]DWHQWRXQLNiWQ\GDU
6RPQDMGRNRQDOHMtYWYRUQD=HPL
1LNWRLQQHPiPRMHJpQ\QLNWRLQQHPiPRMHYODVWQRVWLPRMHNYDOLW\1LNWRLQQHGRNiH
RSDNRYD"PRMXWYRUEXQLNWRLQQHP{HVSORGL"PRMHP\OLHQN\DPRMHGHWL%DDQLRGWODN\SUVWRY
QLNWRQHPiWDNpDNRMD
.DGORYHNPiUR]OLQpVFKRSQRVWLDWDOHQW\1LNWRYDNQHP{HDQHGRNiHYOiGQX"PRMLPL
VFKRSQRV"DPLDWDOHQWDPLDNRMD-DVRPLEDMD,EDMDP{HPULDGL"VYRMLYRWQLNWRLQWRQHP{H]D
PDXUREL"
-$$,%$-$620=2'329('1=$692-,927$692-(,1SULURG]HQiSRYLQQRV",QDNE\VRPQHPRKROVSOQL"VYRMHYODVWQpDSHFLILFNpSRVODQLHYLYRWH
XGLDNWRUtRGPLHWDM~VDPLVHEDDOHERV~SULQ~WHQt]DSULH"VHEDVDPFKSRGYRQNDMtPWODNRP
VWUiFDM~VYRMXXGVN~SULURG]HQRV"VYRMXXQLNiWQRV".RQDM~WDNSURWL]iNRQRPSUtURG\DSiFKDM~
VDPLQDVHEHDOHERLQQDQLFK]ORLQ
-
5
RMHSULURG]HQpMHGREUpMHSUDYGLYpMHSRFWLYpMHP~GUHMHVSUiYQHMHVSUDYRGOLYpMH
VDPR]UHMPH]iNRQQpMHYV~ODGHVY{RX6WYRULWHDQiKRYHVPtUX
3UHWRVRPKUGDPLOXMHPVYRMXSULURG]HQ~XQLNiWQRV"DVRPYDQ]DVYRMWDOHQW]DVYRM
Y]KDG]DVYRMXLQWHOLJHQFLX]DVYRMXXQLNiWQXWRWRQRV"
7PHVRPXQLNiWQDE\WRV"VRPDMVDPRVWDWQiE\WRV"=WRKRY\FKiG]DPRMHSULURG]HQpSUiYR
QDVDPRXUHQLHDQDVDPRVWDWQpVORERGQpUR]YtMDQLHVD
6RPQDMGRNRQDOHMtYWYRUQD=HPL
9HWNRXQLNiWQHMHY]iFQH6RPXQLNiWQ\SUHWRVRPY]iFQ\6RPYVOHGNRPNRPSOLNRYDQpKR
YYLQXSRDVGOKFKYHNRY6RPYVOHGRNWLVtFRYP\VOLDFLFKSUDFXM~FLFKWYRULDFLFKERMXM~FLFKD
PLOXM~FLFKJHQHUiFLt0iPWHGDOHSLHY\EDYHQ~P\VHDWHORDNRXGLDPLQXORVWL%XGHPVUHSHNWRP
DOHMEXGRYD"QDLFK~VSHFKRFK
02-$'8(91$7(/(6181,.7126!%2/$%
-
6
'OKRVRPQHYHGHOHYHWN\]PHQ\VNODPDQLDSUREOpP\EROHVWLKODGFKODGDQH~VSHFK\QLHV~
WUHVWRP6~NRORXLYRWD6~SUtOHLWRV"DPL6~Y]YDPLQDLQQRV"
9VNXWRQRVWLV~WR]DKDOHQpQHY\XLWpPRQRVWLDSUtOHLWRVWLQDRVREQUR]YRM
9RYHVPtUHDYLYRWHLEDMHGQRMHLVWpVWiO\SRK\EVWiOD]PHQD
$.%
-
7
3RVWXSQHEXGHPYLDFDYLDFSUHQLND"GRKERNDWDMRPVWLHY%RHMSUtURG\YHVPtUX=WRKRSUHPD
Y\SOYDM~DMQRYpSRYLQQRVWLQRYpPRQRVWLQRYUDVWDQRYpSRGQLNDQLH9(6053275(%8-(8'
XGtVEXGRYDWHVNPYHGRPtP$MDVRPEXGRYDWHVRKURPQRXSUHGVWDYLYRV"RXORYHNVDPXVt
PQRL"OHER%RKSRWUHEXMHVSROXSUDFRYQtNRY%RK'XFKFH]ORYHNDXVNXWRXMHVYRMHYHNp
P\OLHQN\PDWHULDOL]XMHLFK=YLGLWHXMHVDFH]SUiFXORYHNDD-HKRSUtURGX7RWRMHQDMG{OHLWHMt
G{YRGE\"QDVHEDKUGSR]GYLKQ~"VYRMHXGVNpVHEDYHGRPLHYHPLY\VRNR
9HGRPLHRPRMRP%RKX2WFRYLYHQHGYtKDPRMHVHEDYHGRPLH%H]GRVWDWRQpKRVHEDYHGRPLD
QHP{HPVDSOQH]~DVWQL"QDR%RKDFXM~FRPSR]HPVNRPDYHVPtUQRPEXGRYDWHVNRPGLHOH
6RPQDMGRNRQDOHMtYWYRUQD=HPL
-
8
$'$09(57,&$/&20326,7,21
3(7(5.29$/.
-
9
ZHADN ZVITKY %DODWRQ%ODWHQVNpMD]HUR
6HUYXVNDPDUiW
$NRVDPiYWRPYHNRP1HZ
-
10
.HSULLHOGR%HOLDQVNHKRFKRWiUDVWiOHVDGUDOSRSULULHNHNWRU~VL%HOLDQFLORNiOSDWULRWLFN\
YRODM~%HODQND0{MGHGRVDYG\UR]XRYDOHWiREHFE\VDPDODYROD"%LHODDULHND%LHODQND
/HERYUDMVWDURVORYHQVNpVORYREHOREHODYPRGHUQHMVORYHQLQHMHELHO\ELHOD9UDMNHPDDUVNt
YRWUHOFLPDOLVQDLPLSUDPDWNDPLGLH"DDWRQHERORWPDYpDPRQJRORLGQpDNR0DDULDOHSHNQp
ELHOHWDNVLKRSRPHQRYDOL%HOR7LHPHQi0DDULGRWHUD]SRXtYDM~%HOR%pOD'QHVE\VDYHWFL
%pORYFLPDOLYROD"%LHORYFL7DNWRP{MGHGR0DOWRQDStVD"JUDPDWLNiURP
$OHQDVSl"N0DUWLQRYL9WRPEHOLDQVNRPFKRWiULFK\WLODKRYHNiE~UNDDKUPDYLFDEOVNDQLFD
9RGDVDYDOLOD]RYDGLDVNRURKRYUDMXFK\WLOR$E\KRQHY]DORWDNVDY\NULDEDOY\LHNGHVLSRG
KRUXDVDGRVWDOGRDNHMVLPHQHMMDVN\QN\'iDKUPDYLFDKRWDPGUDOLQLHNRNRKRGtQ2QYUDM]
GOKHMFKYtOHOHQWDN]DDOSDOLFRXUSD"YMHGQRPURKXGR]HPH1DMHKRSUHNYDSHQLHGRUSDOVDN
DNpPXVLRNRYDQpPXV~GNX7DNWHQV~GRNDMY\NRSDO0\VOHOVLHQDLHOQHMDNYHN]ODWSRNODG
'UHYRERORYUDMYlLQRXQDKQLWpWDNKRDKNRUR]ELO$OHVDYHPLSUHNYDSLONHYVXGHQHERORDQL
]ODWRDQLGXNiW\DOHDNpVLVWDUpNRHQp]YLWN\
$MVDPXSRWRPQDVPLHYDOL0DUWLQRNRSDO]ODWRDY\NRSDOVWDUpNRH7LH]YLWN\ERORLFK
GYDQiV"EROLQDStVDQpY\U\WpYODWLQLQHYJUpWLQHDSRVWDURVORYHQVN\YKODKROLNH.HGi
XVWDOVWULO]YLWN\GRSUi]GQHMNDSV\RGSURYLDQWXDGDOVDSRWPHDYEODWHKDGD"IDUX7DNERO]Y\N
WXGHQWRY.D]LYG\SRPiKDOLWXGHQWRP$MSUHVSD"LPGDOLDMLFKQDFKRYDOL1DWHMIDUHVD]GUDO
WULGQL%HOLDQVNHKRVWDUpKRND]DNRHQp]YLWN\RKURPQH]DXMtPDOL0~GU\ERODY]GHODQEROOHQRP
EHUQROiNRYVNpKR8HQpKRWRYDULVWYD=DWLHWULGQLVDND]RYLSRGDULORYHDSUHORL"9\O~WL"QLHOHQ
ODWLQLQXDJUpWLQXDOHDMYHD]RVWDURVORYHQLQ\3RYDRYDOWR]DYHPLFHQQQiOH]3RYHGDO
0DUWLQRYLHQDLHOYLDFDNR]ODWR
3RGDWRKRND]DEROLWRYUDMQHMDNpLQWUXNFLHOHNFLHDNpVLSUDYLGOiGRLYRWD3UDYGHSRGREQHSUH
DFKWLFN~YODGiUVNXVORERGQ~POiGH%ROLWDP]iNODG\NUHV"DQVNHMYLHU\SUDYLGOiDNRVDVSUiYD"
DNLYRWYLHV"DE\XGLDEROL~VSHQtDNRYOiGQX"DNRE\"VSUDYRGOLYNXNDGpPXDNRE\"YG\
XVLORYQRGYiQ\DFKHWQ,QWUXNFLHSUHPXRYLHQ\DNRVDY]iMRPQHPLORYD"UHSHNWRYD"DNR
E\"PLHUQ\NGH"RPDNRHQDPiE\"RGGDQiPXRYLDNRPXPiHQXFKUiQL"DGRVPUWLDNRVL
RGS~"D"DNRE\"PRUiOQ\DVORERGQ7DNpNUHV"DQVNpQDXHQLDDNRVD]ODDQHSULDWHDQHEi"D
YG\UREL"GREUR0{MRWHFPLWRYG\GiYDODNRSUtNODGGRLYRWD+RYRULHYDO1DLVWDUtYHGHOLRD
DNRPDM~L"DW\QHYLH
.HVDQDGWP]DP\VOtXGLDSUHNWRUFKWRERORXUHQpPXVHOLE\"Y]GHODQtYWURFKMD]\NRFK
9G\VPHSHNXORYDOLNWRWLH]YLWN\WDP]DNRSDO$DNRWRHLFKQLNWRGRYWHG\QHREMDYLO".HHEROL
StVDQpDMYKODKROLNHWDNPXVHOLE\"VWDUpPRQR]LDVSDQRYQtND5DVWLVODYD6YlWRSOXND,DOHER
6YlWRSOXND,,,VWHLFKPXVHOVStVD"QHMDNY]GHODQVORYHQVNRNDWROtFN\ND]YDVRFKVY&\ULODD
0HWRGD
0RQRQHMDNPODGVORYHQVNDFKWLFXWHNDOSUHGLQYi]LRXGLYRNFKD]LDWRYVFKRYDOVLWRWDP
DE\VLSRWRSULLHOSRERMLDOHERO]DELWDXVDSRVYRMHGUDKRFHQQp]YLWN\QLNG\QHYUiWLO
%HOLDQVN\ND]VLYHWN\]YLWN\YUDMQHFKDOHLFKEXGHWXGRYD"DOHMDSRWRPLFKGiQDY\LH
~UDG\0RQRVNRQLOLY1LWUHPRQRY2VWULKRPHPRQRY%XGDSHWL0DUWLQVDQD%HOHMRQHMDNpWUL
URN\XDNRY\WXGRYDQ]DVWDYLO$OHWHQP~GU\ND]EROXPWY\DWDMRPVWYR]YLWNRYRGLORVQtP
2RVXGHWFKY]iFQ\FK]YLWNRYQLNWRYLDFQHSRXO$0DUWLQVD]DQHMDNDVY\WUDWLOGRVYHWDKDGD"
"DVWLH9HGHOLHERO]DDVY7DOLDQVNXSRWRPYR)UDQF~]VNXDOHRDORPMHKRRVXGHDNRDQLR
WFK]YLWNRFKQLNWRQLQHYLH
%UDWNXGRV"VRP7LWRKRGQHVSRStVDOKRU~FRMHHQDPDYROiDE\VPHVLLOL]DSOiYD"0DMVD
GREUHGUVDQHGDMVDDQHVWUD"VDYWRPFXG]RPVYHWH2]YLVDSUtOHLWRVWQH]DVH7\DE\!D
QHVWLKRO0DUWLQRYRVXG3tQDGRKRGQXW~DGUHVXDE\PD~UDG\QHVOHGRYDOL5D]VDHWHXYLGtPHD
VSROXRVOiYLPHVORERGX
$KRM7YRM0LODQ
-
11
,,/6.$ 69b7-1
9/6.(1,(7675$&+8$'2.21$//6.$9
-
12
0iPUiGVYRMLFKURGLRYVYRMXURGLQXVYRMXREHFDVYRMQiURGOHERFH]QLFKVDXtPDEHFHGH
OiVN\FH]QLFKVDXtPUR]XPLH"LQFKDPD"UiGFHOVYHW
02-$/6.$086%%RODE\WRQHQiYLV"NVYRMHMURGLQHNVYRMPXQiURGXDNE\VRPQDSUtNODGVYRMHGHWLQHQDNPLO
QH]DRGHOQHFKDOLFKEH]GRPRYDEH]Y]GHODQLDDVYRMQiURGQHFKDOYQHG{VWRMQRPSRVWDYHQt
SRGGDQpKRY\NRULV"RYDQpKRDYQHVORERGH
0iPUiGSLHVQHPRMHMPDWN\DLQpQLNG\KDQL"QHEXGHP0iPUiGXPHQLHOHERVNXWRQpXPHQLH
SRY]QiDXGVNpKRGXFKDY\WYiUDYQiVSRFLWNUiVQD
6NXWRQpXPHQLHV~LQWtPQHUR]KRYRU\ORYHNDV%RKRP
/iVNDUR]LUXMHSUDYGX
0iPUiGSUDYGXOHERSUDYGDRVORERG]XMHULHLSUREOpP\XGULDYDGXXDP\VHLVW~Y\WYiUD
G{YHUXPHG]LXPLDQiURGPLYNDGHMREODVWLLYRWQpKRSRGQLNDQLD
$NYG\KRYRUtPSUDYGXQHPXVtPVLSDPlWD"OL
.DGGHYtWDPVOiVNRXYVUGFL
9(7&,8',$602-,%2652'(1&,0iPUiGVYRMLFKSULDWHRYDRQLVDVWiYDM~PRMLPL
EUDWPL0iPUiGVYRMLFKQHSULDWHRYDWDNVDVWiYDM~PRMLPLSULDWHPL9G\KDGiPG{YRG\QD
SRFKYiOHQLHXGtDY\KEDPVD]ORUHHQLX$NPDMD]\NNHG\NRYHN]YiG]DNODFQpPXNULWL]RYDQLX
]DKU\]QHPVLGR.HVXVHGRYL]GRFKQHNR]DQDGHOtPPX]P{MKRPOLHND2FHQHQLDGREUP
VSLHYDPKODVQRKDQ\LEDGRVYRMKRUXNiYD
LQHVSLHYDM~YWiN\NYHW\YLHWRUULHN\KRU\VWURP\RFHiQ\DFHOiSUtURGDSLHVQHYDN\DRFHQHQLD
VYRMPX6WYRULWHRYL"6SLHYDM~PX]DVYRMHMHVWYRYDQLH]DGDU\]HPH
$QLQDXPLPQHSUtGHV"DRYD"VDDQDULHND"QDVYRMLYRW
$LMDQHP{HPKRYRUL"SRGREQRXUHRXV1tPDV-HKRGH"PL"
0{MLYRWMHQDMYltGDUDNORYHNP{HGRVWD"$NE\VRPQHDNRYDONDGGH%RKX]DLYRWQD
WHMWRQDMNUDMHMSODQpWHDNiE\WRERODRGRPDYHNiQHYDQRV"
9HWNPYDtP]DGDU\DSRFKYDO\D]DQDMYltGDU]DLYRWE\VRP6WYRULWHRYLNDGGH
QHDNRYDO"
.DGGHYtWDPVOiVNRXYVUGFL
$RPRMHVUGFH"
9PRMRPVUGFLVDPXVtURGL"LEDOiVNDDNXMHPPX]DMHKRYHN~SUiFXDEXGHPVDVQtP
]KRYiUD"LEDOiVNDYRDYG\EXGHPGRVDGL"LEDGREUpXLWRQpP\OLHQN\.DGGHEXGHP]QHKR
Y\KiD"]OpP\OLHQN\DNRMHQDSUtNODG]iYLV"DQHQiYLV"
%XGHPKRSOQL"YLHURXOiVNRXQiGHMRXDVSUiYQ\PLQiY\NPL$WLHEXGHPUR]QiD"PHG]LXGt$M]O
ORYHNPiYVHEHQLHRGREUpQDRPP{HPH]DD"EXGRYD"0RMD~SULPQiOiVNDVWUKQHRSRQ\D
P~U\SRGR]ULHYDQLDNWRUPLVLXGLDRKUDGLOLVUGFHSURWL]OREHVYHWD1DPLHVWR]iWDUDVRYDSUHSDGOtVN
WUSH]OLYRY\EXGXMHPPRVW\SRUR]XPHQLDDG{YHU\DE\PRMDOiVNDPRKODSRQLFKSUHMV"GRLFKVGF
.DGGHYtWDPVOiVNRXYVUGFL
.$'/29(.3275(%8-(/6.8
/iVNDMHERtXQLYHU]iOQ\OLHNSUHFHOpXGVWYR%XGHPPD"UiGWYRULYFKY\QDFKiG]DYFKD
XVLORYQFKSUHWRHRQL]DUXXM~VNXWRQSRNURNDLQSLUXM~PD%XGHPPD"UiGYRGFRYSUHWRHV~
WRWDNLVWRLEDNUHKNtXGLD%XGHPPD"UiGSRNRUQFKOHERV~P~GUL%XGHPPD"UiGERKDWFKOHER
V~RVDPHOtDXGLDLP]iYLGLDERKDWVWYR%XGHPPD"UiGFKXGREQFKOHERLFKMHWDNPQRKR%XGHP
PD"UiGPODGFKSUHLFKRKHYVUGFLD]iUXNXEXG~FQRVWL%XGHPPD"UiGVWDUFKSUHLFKY\NRQDQ~
SUiFXP~GURV"UR]YiQRV"DEOt]NRV"N%RKX
.DGGHYtWDPVOiVNRXYVUGFL
/6.$-(1$-.21758.791(-,$6,/$929(605(/iVNDMHY\QDFKiG]DYiWYRULYiREHWDYi
WHGUi/iVNDKRU\SUHQiDDUR]SUiYNRY~P~GURV"VYHWXSULQiD
0\NWRUtVPHEROL]DPLORYDQtDVSRUD]YLYRWHYLHPHDNRVNXWRQiSULURG]HQiDRSlWRYDQi
OiVNDPHG]LPXRPDHQRXQiV]RGYLKODGRVLHGPHKRQHED9WRPWRNUiVQRPQHRStVDWHQH
SUtMHPQRPVWDYHE\VPHFKFHOLSUHL"FHOLYRW0QRKtYPHQHWHMWROiVN\Y\NRQDM~YHNpYHFL/HQH
WiWR~ERVWQiH[Wi]DWDNiNUiVQDDNDGPY\KDGiYDQiWRNRUi]KXGREQtNPLDEiVQLNPLRVSLHYDQi
MHYlLQRXWHOHVQpKRKRUPRQiOQHKRS{YRGXDYQHVNRURPYHNXSULURG]HQHSRKDVQH
3UHRQHWUYiWDNGOKRDNRE\VPHVLHODOL"$NE\VWDY]DPLORYDQRVWLWUYDOFHOLYRWLYRWE\ERO
MHGQDYHNiH[Wi]DDPRKOLE\VPHY\NRQD"WRNRYHNFKNUiVQ\FKLQRY$OHNRNtXGLDEROL
-
13
VNODPDQtYWDNHMWROiVNHDSRDJyQLXDSRYUDGXDOHERVDPRYUDGX6KDNHVSHDURYL5RPHRD-~OLD
V~YQDHMHXUySVNHMNXOW~UHNODVLFNSUtNODG7HQWRGUXKOiVN\QLHYG\SULQiD"DVWLHDSRNRM3UHR"
3UHWROHERWiWROiVNDPi]YlDWHOHVQS{YRG3RWUHEQiNUiVQD%RKRPGDQiDOHI\]LFNi
)\]LFNiOiVNDMHXGVN\NUHKNi]DORHQiQDKPRWQHMSUt"DOLYRVWLDE\VDXGVWYRPRKORSUtMHPQP
VS{VRERPUR]PQRRYD"
-HVWYXMHYDNOiVND]DORHQiQD%RHMLVWRGXFKRYQHMSUt"DOLYRVWLNWRUiQHY\SUFKiVXE~GDQtP
VH[XiOQ\FKKRUPyQRYYQDRPWHOH7iWROiVNDMHOiVND%RKDNQiPMHKRGH"RPDQiVN%RKX2WFX
-HWROiVNDQDMY\HMNDWHJyULHNWRUiQiP]DUXXMHRKURPQ~VLOX]DPLORYDQRVWLQDGXFKRYQHM~URYQL
7iWROiVNDDNMXSUDNWL]XMHPHYQDRPLYRWHQiPGiYDVWiOXH[Wi]XDVWiOXVLOXWYRULYRVWL1LNRKR
DQLHQXDQLPXDQHRKUR]XMH'iYDXGVWYXSRUR]XPHQLHDSRNRM
.DGGHYtWDPVOiVNRXYVUGFL
'8&+291/6.$161,.'
-
14
YLHUXHE\VRPKRU\SUHQiDODOiVN\E\VRPQHPDOQLtPE\VRPQHERO
$NHE\VRPUR]GDOFHOVYRMPDMHWRNDNRDOPXQXDNHE\VRPREHWRYDOVYRMHWHORDE\VRPERO
VOiYQ\DOiVN\E\VRPQHPDOQLE\PLWRQHRVRLOR
/iVNDMHWUSH]OLYiOiVNDMHGREURWLYiQH]iYLGtQHY\StQDVDQHY\VWDWXMHVDQLHMHQHKDQHEQiQLH
MHVHEHFNiQHUR]XXMHVDQHP\VOtQD]OpQHWHtVD]QHSUiYRVWLDOHUDGXMHVD]SUDYG\
9HWNR]QiDYHWNRYHUtYRYHWNRG~IDYHWNRY\GUt
/iVNDQLNG\QH]DQLNQH3URURFWYiSUHVWDQ~MD]\N\]DPNQXDSR]QDQLHSRPLQLH/HERSR]QiPHOHQ
VDVWLDVDVWLSURURNXMHPH
$NHSUtGHWRRMHGRNRQDOpSUHVWDQHRMHOHQLDVWRQp
.HVRPEROGLH"DKRYRULOVRPDNRGLH"DSR]QiYDOVRPDNRGLH"DUR]PDOVRPDNRGLH"D.H
VRPVDVWDOPXRP]DQHFKDOVRPGHWVNpVS{VRE\7HUD]YLGtPLEDQHMDVQHDNRE\Y]UNDGOHQR
SRWRPEXGHPSR]QD"WDNDNRVRPDMMDSR]QDQ
$WDNWHUD]RVWiYDYLHUDQiGHMOiVND
121$-9b,$=1,&+-(/6.$
-
15
(9(
7,%25.29$/.
-
16
/6.$-(35(1250/1
-
17
,,,,927 (3,.7(786
35$.7,=8-1$-3590$/e9(&,
,%$3272035,673.9(.0
'1(6=$1$0129,927 'QHVVRPVD]QRYDQDURGLO
'QHV]DKDG]XMHPVYRMXQHSRWUHEQ~PLQXORV"Y\EHUiP]QHMLEDXLWRQp=DKDG]XMHPPLQXORV"
NWRUiGRWHUD]]QiDOD~GHU\QH~VSHFKRYDUDQ\EROHVWQHMXGVNHMSULHPHUQRVWL
'QHVVRPVD]QRYDQDURGLO0RMHURGLVNRMHNUiVQD]HPERKDWVDGYNWRURPMHGRV"NUiVQHKR
RYRFLDSUHNDGpKRORYHND
'1(6=$1$0=%(5$!292&,(0'5267,]WFKQDMOHStFKDQDMNUDMtFKVWURPRY7LHVWURP\
]DVDGLOLQDMVN~VHQHMtDQDMP~GUHMt]GRWHUDMtFKJHQHUiFLtXGVWYD
'QHVWRWRGR]UHWpRYRFLHP~GURVWLQHQiV\WQHKOWiPOHERPLGiYDYLYXSUHQRYDSOQLYRW
'QHV]DtQDQRYLYRW
'iYDPVDQDSULDPXPQRKPL~VSHQPLXPLY\VN~DQ~FHVWX-HWRFHVWDQDSOQHQiYHNPL
SUtOHLWRV"DPLSUiFRXUDGRV"RXDERKDWRXRGPHQRX9LHPHPQRKtNWRUtNUiDOLSRQHMUFKORVD
XQDYLOLY]GDOLVDVSDGOLDQHYOiGDOLVD]RGYLKQ~"7tQDDOHM]~IDM~YQH~VSHFKX,FKY{D]OHSL"VL
LYRWERODVODEi,FKVHEDG{YHUDNUHKNi,FKYLHUDSO\WNi$OHWtNWRUtVDQHY]GDOLUDGRVWQHRVODYXM~
G{VWRMQLYRWWHLDVD]LFKVLO\DSUiYRPVDKUGLD~VSHFKPL-DVDQHY]GiPOHERYPRMLFKUXNiFK
GUtPGRNODGQiYRGPDSXNWRUiPLXND]XMHY\VN~DQ~FHVWXDNWRUiPDEH]SHQHSRYHGLHFH]
~VNDOLDDNULRYDWN\GRQRYpKRLYRWD
2WDNRPQiYRGHRWDNHMPDSHVRPGRWHUD]LEDVQtYDO1(63(&+81,.'
-
18
VD]DQHYPRMHMP\VOLUR]YtMD"DNRS~RNUXH.DGP{MFLHEXGHPSOiQRYD"DGRVDKRYD"
SRVWXSQH$MGRMDENDPXVtPYHDUi]]DKU\]Q~"DE\VRPKRPRKROFHOp]MHV"
$LPiPVSUiYQHYHGRPRVWLDVN~VHQRVWLDE\VRPPRKROGRVLDKQX"SOQ~]UHORV"DQiURQRV"
PRMLFKFLHRY"9HQDFHVWHLYRWRPVRPXYHDUi]]DNRSRODVSDGROGRNDOXHVHED~WRVWL
9\NURtPGRQRYpKRLYRWDQH]D"DHQQHSRWUHEQPLYHGRPRV"DPLDEH]Y]QDPQPLVN~VHQRV"DPL
3RGUtPVLLEDWLHNWRUpV~XLWRQpDYV~ODGHVPRMtPFLHRP2GSXVWtPVLFK\E\DRVORERGtPVDRG
LQRYNWRUp]D"DRYDOLD]QLRYDOLPRMXKRGQRWX$E\VRPY\NURLOVLVWPVUGFRPDE\VRPPRKRO
VSROXSUDFRYD"VRYHWNPLEH]SUHGVXGNRYRGS~"DPYHWNPRNWRUFKVLP\VOtPHPLXNRGLOL
7DNWRVDKNPVUGFRPDLVWRXP\VRXEXGHVDPLUH]NRNUiD"%XGHPYVHEHQLHV"LEDWR
XLWRQpDSRWUHEQp
$.0,9('20267,&+%$-5&+/26,,&+'23/108VWDYLQpIRUPiOQHDV~NURPQpW~GLXP
EXGHP{MVS{VRELYRWD
7PWRGRPRGKDG]XMHPVYRMXVWDU~NRXQH~VSHFKRY0iPSULURG]HQpSUiYRE\"QRYP
VORERGQPORYHNRP
'QHV]DtQDPQRYLYRW
.DGpPXORYHNXGDO%RKSULURG]HQpWDOHQW\DVFKRSQRVWL0RMDXGVNiSRYLQQRV"MHY\XL"WLHWR
SULURG]HQpGDQRVWLDNRDMYHWNRQDXHQp]tVNDQpDFKHWQpRMHYRPQH$EXGHP]tVNDYD"LED
WDNpYHGRPRVWLDVN~VHQRVWLNWRUpPLSULQHV~ERKDW~GXFKRYQ~DPDWHULiOQX~URGX6~XGLDED
LFHOpQiURG\NWRUpQHY\XtYDM~SUDNWLFN\VYRMHYHGRPRVWLDVN~VHQRVWLDSUHWRQHPDM~SOQ~VORERGX
V~]iYLVOtRGLQFK,EDSUDNWLFNDUR]KRGQVWDYP{MKRYHGRPLDPDSRYHGLHNUR]YRMXD~VSHFKX
RMH~VSHFK"
$QLGYRFKVSRPHG]LVWRP~GU\FKQHPRQRQiMV"NWRUtE\~VSHFKGHILQRYDOLURYQDNR$OHQH~VSHFK
VDGiGHILQRYD"FHONRPMHGQRGXFKR1(63(&+-(1(6&+23126!/29(.$86.8721,!692-(
1$-/(3,(&,(/(
-DXVNXWRQtPVYRMHQDMOHSLHFLHOH
'QHV]DtQDPQRYLYRW
.DGORYHNQD]HPLPiNDGGHNGLVSR]tFLLURYQDNDV3UHVQHGYDGVD"W\ULKRGtQ.DG
GFKDWHQLVWY]GXFKLMHSRGWPLVWPVOQNRPLYtVDSURGXNWPLWHMLVWHM]HPHSLMHW~LVW~YRGX
RMHWRWHGDRUR]GHXMHXGtQDQH~VSHQFKD~VSHQFK"
,&+19
-
19
2752&792-(2752&7929/$671&+=/&+19
-
20
0(7$0253+26(62)/,)(
7,%25.29$/.
7KHQDKHUPLWZKRYLVLWHGWKHFLW\RQFHD\HDU
FDPHIRUWKDQGVDLG6SHDNWRXVRI3OHDVXUH
$QGKHDQVZHUHGVD\LQJ
3OHDVXUHLVDIUHHGRPVRQJ
%XWLWLVQRWIUHHGRP
,WLVWKHEORVVRPLQJRI\RXUGHVLUHV
%XWLWLVQRWWKHLUIUXLW
,WLVDGHSWKFDOOLQJXQWRDKHLJKW
%XWLWLVQRWWKHGHHSQRUWKHKLJK
,WLVDFDJHGWDNLQJZLQJ
%XWLWLVQRWVSDFHHQFRPSDVVHG
$\LQYHU\WUXWKSOHDVXUHLVDIUHHGRPVRQJ
$QG,IDLQZRXOGKDYH\RXVLQJLWZLWKIXOOQHVVRIKHDUW
\HW,ZRXOGQRWKDYH\RXORVH\RXUKHDUWVLQWKHVLQJLQJ
.DKOLO*LEUDQ
-
21
=$$/,129,927 $QGUHZ)+XGDN-USUHGVHGD6ORYDN*DUGHQYR:LQWHU3DUNQD)ORULGHYMHKRNQLNH6ORYDNVLQ
)ORULGDRSLVXMHLYRWVORYHQVNFKSLRQLHURYQDWRPWRSRSXOiUQRPDKRU~FRPSRORVWURYH6SRMHQFK
WiWRYDPHULFNFK=PQRKFKIORULGVNFK6ORYiNRYHNRQRPLFN\QDM~VSHQHMtERO$QGUHM'XGD]
9HOtF5RGLQD$QGUHMD'XGXVDSULV"DKRYDODQD)ORULGX]&OHYHODQGXVQLHNRNPLDOtPLURGLQDPLY
URNX%ROLWRYHWNRKOERNRYHULDFLHYDQMHOLFLOHQRYLDNRVWRODVY/XNiD'XGX]YROLOL]D
SUHGVHGXNROyQLHNWRU~SRPHQRYDOL6ODYLD
'HGLQND6ODYLDMHQDVHYHURYFKRGRGYHNRPHVWD2UODQGD1DIDUPiULQXVDGDOLSUHWRDE\LP
GHWLPRKOLY\UDVWD"YQHVND]HQRPVYHWHSUHRGSULHP\VHOQpKRYHNRPHVWDDNPYWHG\EROUFKOR
UDVW~FLVHYHUVN&OHYHODQG3UYtSLRQLHULQHSR]QDOLVXEWURSLFNpSRGQHELHUDVWOLQ\D]YLHUDWi3UHtYDOL
YHNp"DNRVWL,EDVLOQiNUHV"DQVNiYLHUDLFKPRKODSUHQLHV"FH]YHWN\VN~N\LYRWDYQH]QiPRPD
QHKRVWLQQRPSURVWUHGt
$QGUHM'XGDVPDQHONRXDW\UPLGH"PL]DDOLSHVWRYD"]HOHQLQX=YOi"]HOHUXVDGREUHGDULORQD
GHVLDWLFKDNURFKQHNYDOLWQHM]HPH3RGQLN'XGDXVLORYQRV"RXDREFKRGQRXY\QDOLH]DYRV"RXVDY
W\ULGVLDW\FKURNRFKY\SUDFRYDOQD]HOHURYpKRNUiD)ORULG\9URNXURGLQDQD)ORULGHYODVWQLOD
XGYDGVD"RVHPWLVtFDNURY]HPH
3RVPUWL$QGUHMDVHQLRUDYHGHQLDSRGQLNXVDFK\WLOLMHKRWUDMDV\QRYLD-RKQ$QGUHZMUD
)HUGLQDQG9URNX'XGDEURWKHUVREUiEDOLGYDDSROPLOLyQDDNURY]HPHY86$D$XVWUiOLL
3RVOHGQ]RULJLQiOQ\FKSLRQLHURY)HUGLQDQGY]GDOVDPDQDJHPHQWXYURNX
'QHVYHGLHREFKRGQHUR]YHWYHQSRGQLNWUHWLDJHQHUiFLD
.HVDWiWRWUHWLDJHQHUiFLDUR]KRGRYDODDNRSRPHQRYD"PRGHUQpPHVWRNWRUpY\VWDYDOLY
VWUHGQHM)ORULGHMHGQRP\VHQHVDGRKRGOLQDPHQH9,(5$
/HERERODWRRKURPQHVLOQi9,(5$Y%RKDDMHKRV\QD-HLD.ULVWDWFKWRVORYHQVNFKSLRQLHURY
NUHV"DQRYHYDQMHOLNRYNWRUiLPGUDODGXFKDQDYNHNHXRG~QDY\DMNRQHDMPXOLFHNDSDOL
7UHWLDJHQHUiFLD'XGRYFRYVLWDNWRRFHXMHPLPRULDGQHXVLORYQFKQDGDQFKDY\WUYDOFKSUHGNRY]
9HOtF
'QHVQLHNWRUtILQDQQtRGERUQtFLRGKDGXM~KRGQRWXPDMHWNXURGLQ\'XGDRNRORMHGQHMPLOLDUG\
GROiURY
+HM'XGRYFLGQHVYHG~QRYLYRW
-
22
,99!$= *(1'U057()1,.
-$6$35(%,-(0
/(%26$35(%,!&+&(0
9
-
23
Y\LHGREURSUHQiURGSUHXGVWYR1LHNWRP~GU\RGKDGROHWDNFKWRVLOQFKSULURG]HQFKYRGFRY
LMHYXGVWYHLEDDVLSl"SHUFHQW-DFKFHPE\"MHGQP]WFKSl"SHUFHQW
$NMHLGHiOQ\FLH"
,GHiOLGHiOQ\FLHMHWDNNWRUEXGHSUHPDDMFKOHEtHNDMNRQtHN$MSHQLD]HDMUDGRV"
DPRUiOQH]DGRV"XLQHQLH
,'(/1
-
24
.DOHQGiUSUiFHMHYHPLG{OHLW/HERNDGSRKDGGRNDOHQGiUDNDGVSOQHQFLHOLNPLUREtUDGRV"
]tVNDYDPVN~VHQRVWLNDGNURNPDSRVXQXMHGRSUHGX
02-$+5'26!$!$67,(%8'1$5$67$!
1LHNWRUtS~WQLFLVDY]GiYDM~QDSROFHVWH&KF~SUHKOWQ~"FHOSHFHQDUD]&KF~GRVLDKQX"VYRM
YHNFLHVNRNRPKQHQHWUSH]OLYRVPLQLPiOQRXSUtSUDYRXW~GLRPDSUiFRX9lLQDFLQWRUtQRYMH
QDSOQHQFKWDNPLXPL
=DLDWNRPHV"GHVLDW\FKURNRYPDOVRPMHGQpKRSULDWHDY%UDWLVODYHNWRUVWiOHVQtYDORRGFKRGH
GR$PHULN\DDNYHNEXVLQHVVWDPRQXUREt.HVRPKRSRRVORERGHQt6ORYHQVND]QRYDVWUHWRO
QHRKROHQpKRDQHRVWULKDQpKRY%UDWLVODYHDRSWDOVDQDMHKRVHQRGSRYHGDOPLHHWHQH]YOiGRO
DQJOLFNMD]\N
0QHV~GREUPSUtNODGRPVORYHQVNtKRUROH]FL1DYUFKRO\+LPDOiMtQHY\VNRLOLQDUD]'RVLDKOLLFK
SUHP\VOHQHDSRVWXSQH$WRWYUGPWUpQLQJRPDLQWHOLJHQWQRXSV\FKLFNRXSUtSUDYRX6\VWHPDWLFNP
YVWXSRPNURN]DNURNRP]DQHXYHULWHQHWYUGFKSRGPLHQRNY\WUYDORVW~SDOLGRY\W~HQFKYLQ
$SULODKRGLQDNHVWiOLQDYUFKROHVYHWD$]UD]XVYHWOHDOSRGLFKQRKDPL
9\WUYDOPWUSH]OLYPDXVLORYQPVDY\SDM~W~E\
9\WUYDORV"PDSULYHGLHNYt"D]VWYX
35('67$9,926!-(=./$'116752-32.52.88'679$
%XGHDMPRMtP]iNODGQPQiVWURMRP.DGFLHNDGLQNDGQiVWURMNDGiVWDYEDNDGp
OLHWDGORNDGiUDNHWDGRYHVPtUXNDG~VSHFKNHG\NRYHNDNGHNRYHNQD]HPLQDURGtVDQDMSUY
DNRQHYLGLWHQiP\OLHQNDDNRIDQWi]LDDNRSUHGVWDYDYPR]JXQLHNRKRP\VOLDFHKRDRGYiQHKRD
SRWRPVDP{HSUHYLHV"GRSOiQXDGRVNXWRQRVWL0\OLHQNDSUHGVWDYDVDSUiFRX]PDWHULDOL]XMH
6QtYDQLHREUD]RWYRUQRV"SUHGVWDYLYRV"LPDJLQiFLDV~QHVPLHUQHG{OHLWpQiVWURMHQDGRVDKRYDQLH
~VSHFKRYMHGQRWOLYFRYLQiURGRY$NQiURGQHPiGRV"XGtNWRUtPDM~RULJLQiOQHP\VOHQLHYODVWQ
NRQFHSWLYRWDYODVWQ~NXOW~UXNWRUtYHGLDRGYiQHVQtYD"REXG~FQRVWLRQRYFKYHFLDFKD
V\VWpPRFKWDNQiURGLQWHOHNWXiOQHLPDWHULiOQH]DRVWiYD
$NVSRORQRV"WUHVWiY\VPLHYDVDQHSRVPHXMHDQHRGPHXMHXGtNWRUtYHGLDVQtYD"SUHGVWDYRYD"
VLQRYpQHRE\DMQpRGYiQHNUiVQHXLWRQpLPRPHQWiOQHQHXLWRQpWDNiVSRORQRV"VDSODKRtY
GXFKRYQHMPDORVWLYSUt]HPQRVWLLYPDWHULiOQHMELHGH7DNiVSRORQRV"Y\MGHQDRSLFX
6SUDYLGODRWURtFXG]tPNWRUtV~VORERGQtVQtYD"DPDM~Y\VSHOHMLXSUHGVWDYLYRV"6ORERGD
]RGSRYHGQiVORERGDVQtYD"MHSUYRXSRGPLHQNRXUR]YRMDORYHND1HVORERGQpVSRORQRVWLRE\DMQH
XPLHUDM~QDYODVWQ~REPHG]HQRV"
6ORERGQiSUHGVWDYLYRV"VQtYDQLHV~QHVPLHUQHSRWUHEQpSUHQRUPiOQ\YYLQORYHND)LOR]RILXD
WYRUEXVORERGQFK$WpQREGLYXMHPHLGQHVDOHR]RVWDORSRQHVORERGQHMPLOLWDQWQHM6SDUWH"
1('267$72.3275$9
-
25
DOHERSRVODOQDELW~QRN1HQHFKiPVDY\XtYD"DNRKXVNWRU~SUDYLGHOQHQLHNWRRNOEHRMHMYODVWQp
SHULH
6~XGLDNWRUtVDSURIHVLRQiOQHV"DXM~DQDULHNDM~QD"DNLYRWDOHSUVWRPQHSRKQ~QDVYRMH
]OHSHQLH7tPDM~VWUDFKL"XGVN\G{VWRMQVDPRVWDWQDVORERGQLYRW7tVDERMDLYODVWQHM
SUHGVWDY\RERKDWRPLYRWH
$NE\VDSUHVWDOLEi"DNE\RGPLHWOLE\"RWURNPLQDMYlLHKRQHSULDWHDXGVWYDVWUDFKXSUHVWDOL
E\QDULHND"=DDOLE\SHVWRYD"YVHEHGREUpRGYiQHSR]LWtYQH]GUDYpP\OLHQN\DQiY\N\$MWP
SRQ~NDPWLHWRP\OLHQN\
0
-
26
(QHUJLX]iSDODNRGLH"D2]DMQLHYHNP{MGXFKPDSR]GYLKXMH
9\WUYDORV"PDSULYHGLHNYt"D]VWYX
1$0$$.$-129e61
-
27
3520(7+(8612:
3(7(5.29$/.
7KUHHWKRXVDQG\HDUVRIVOHHSXQVKHOWHUHGKRXUV
DQGPRPHQWVD\HGLYLGHGE\NHHQSDQJV
7LOWKH\VHHPHG\HDUVWRUWXUHDQGVROLWXGH
6FRUQDQGGHVSDLUWKHVHDUHPLQHHPSLUH
0RUHJORULRXVIDUWKDQWKDWZKLFKWKRXVXUYH\HVW
)URPWKLQHXQHQYLHGWKURQH20LJKW\*RG
3HUF\%\VVKH6KHOOH\
-
28
GENERL Dr. MILAN RASTISLAV TEFNIK 6NXWRQtYt"D]LQLNG\QHXPLHUDM~
-HKRSUtNODGQpLQ\MHKRGXFKYHG~DLQSLUXM~QRYpJHQHUiFLHNYHNPLQRP
XGVWYRSRWUHEXMHYHNpSUtNODG\SRWUHEXMHXGtYHNFKLQRY
WHIiQLNSURIHVLRXDVWURQyPEROSUHGSUYRXVYHWRYRXYRMQRXLSRDVQHMYGLSORPDWLFNFKL
YRMHQVNFKVOXEiFK)UDQF~]VND%RMRYDO]DVORERGX)UDQF~]VNDEDFHOHM(XUyS\9\WUYDORSUDFRYDOQD
RVORERGHQtVORYHQVNpKRQiURGDLHVNpKRDPRUDYVNpKRQiURGD
)UDQF~]VN\SRQPDUiO)HUGLQDQG)RFKNWRUpKR)UDQF~]VNRD(XUySDREGLYRYDOLSRYDRYDO
WHIiQLND]DQHRE\DMQpKRORYHND]DDFKHWQ~GXX]DJpQLDNWRUEROYG\RFKRWQSULQLHV"
RVREQpREHWHDNLORRY\LHPRUiOQHGREUR=DWRPXMHFHOpXGVWYRYDQp
WHIiQLNYRVYRMRPWULGVD"GHYl"URQRPLYRWHY\NRQDOQHVPLHUQHYHDSUiFH9\ERMRYDOYHD
ERMRYYRMHQVNFKLGLSORPDWLFNFKSULRVORERG]RYDQt(XUyS\DVYRMKRQiURGD%ROHVWQH]QiDOIDNWH
6ORYiFLEROLMHGLQQiURGY(XUySHNWRUEROWLVtFURNRYVNRORQLDOL]RYDQQiURGRP]]LH/iVNDD
SUDYGDRVORERG]XMHWHIiQLNPDOUiGVYRMQiURGQH]QDOOiVN\SRORYLDWHM
'U-R]HINXOWpW\VSUiYFD0DWLFHVORYHQVNHMSRSUHWXGRYDQtWHIiQLNRYKRLYRWDSRWYUGLOSUDYGX
HLNHEROWHIiQLNWRNpURN\RGGHOHQRG6ORYHQVNDMHKROiVNDNQiURGXUiVWODDWRQDMPlSR
Y\SXNQXWt3UYHMVYHWRYHMYRMQ\
6OiYQ\KXGREQVNODGDWH0LNXOi6FKQHLGHU7UQDYVNYRVYRMHMVSRPLHQNHRSLVXMHMHKRYVWXSVR
WHIiQLNRPDSDQL6FKQHLGHURYRX7UQDYVNRXQDYUFK%UDGORYURNX.HGRVLDKOLYUFKROWHIiQLN
VDSRFKYtNHSR]RURYDQLDFHOpKRRNROLDVYRMtPDVWURQRPLFNP]UDNRPUR]GHOLOVQLPLRVYRMH
YQXNQXWLH.HXPULHPWXFKFHPOHD"2GWLDWRXYLGtPFHOpPRMHGUDKp6ORYHQVNR
WHIiQLNEROMHGHQ]SUYFKVNXWRQFKHXUySVN\FKYODVWHQFRY
0DOUiG(XUySXDMHMFLYLOL]iFLX=DWHIiQLNRPVWiODVNXWRQiSUiFDQDMHMSR]GYLKQXWtDVORERGH
1HERORWRSUi]GQHY\NULNRYDQLHRHXUySDQVWYHDVYHWRRELDQVWYHWHIiQLNRYDOiVNDN(XUySHDVYHWX
SRGQLHWLODHWHYlLXOiVNXNVYRMPXQiURGX9HGHOHEH]VORERGQFKQiURGRYQLHWVORERGQHM
(XUyS\QLHWVORERGQpKRVYHWD=YODVWQHMVN~VHQRVWLSR]QDOQLLY~VLOXLGHROyJLtQHQiYLVWL
YHNRPDDUL]PXDNRPXQL]PXLQHPHFNpKRPLOLWDUL]PX
-HKROiVNXNVORERGHNGHPRNUDFLLDNVYRMPXQiURGXSRWYUGLOQDMY\RXREHWRX
'HNDQDSURIHVRU
-
29
9'( $%5$+$0/,1&2/1
1$%8'&1267,-(1$-/(3,(72(35,&+'=$'(32'1,
7(172'(-(02-01$-9=&1(-0'20 .DGGHMHPRMtPQDMY]iFQHMtPGRP/HERNWRSRYHGDOHPXVtPE\""-DDQLE\"QHPXVtP
$QLQDMOHSLDSRLV"RYDPLQH]DUXtHVD]DMWUDSUHEXGtP
$NWRPL]DUXtHVDGRLMHPYHHUD"3UHWRNDGGHEXGHPPD[LPiOQHSUHtYD"DNRNHE\ERO
PRMtPMHGLQP%XGHPVDWHL"]NDGHMKRGLQ\NDGHMPLQ~W\]NDGHMVHNXQG\LYRWD1HVWUDWtPDQL
FKYtNXQDULHNDQtPQDGYHUDMtPLEROHV"DPLDQH~VSHFKPL
1(32.$=0'1(1'(7026$81,.'
-
30
'QHVRVODYXMHPGQHRNOHERMHQHQDSRGREQLWHQ
7HQWRGHMHPRMtPQDMY]iFQHMtPGRP
'QHQpY]Y\SULMtPDPGQHVGQHQpPRQRVWLY\XtYDPGQHVGQHQp"DVWLHSUHtYDPGQHV
=DMWUDEXGHLQQRYGH1RYpP\OLHQN\QRYpY]Y\QRYpPRQRVWLQRYp"DVWLH
'QHQGHMHWiSUtOHLWRV"NWRUiPDSULYHGLHEOLLHNFLHX
'QHQGHMHRGPHQD]DPLQXOpXVLORYQpGQL
'1(1'(-($/.52../(3(-%8'&1267,
3UHRVRPVDGQHVSUHEXGLONHPQRKtOHStGQHVRGLOLQDYHQRV""
-HWRSUHWROHERPRMHSRVODQLHHWHOHQDNiQDQDSOQHQLH
'QHVMHGHNHVDPiPY\SQ~"NYNRQX
'QHVMHGHNHPiPREMD"VYRMXHQXVYRMHGHWLVYRMLFKSULDWHRY
'QHVMHGHNHPiPV~VPHYRPSR]GUDYRYD"VYHWVSLHYD"SLHVH"DVWLD
'QHVMHGHNHPiPGD"LYRWXRP{HP
'QHVMHGHNHPiPY\SL"LYRWGRGQD
'QHVMHGHNHPiPY\QLNQ~"
'QHVMHGHNHPiPRSUDYL"VYRMH]OpQiY\N\
=DMWUDQDPDDNDM~QRYp~ORK\
7HQWRGHMHPRMtPQDMY]iFQHMtPGRP
0iPLEDMHGHQLYRW$NKRSUHPUKiPRPLRVWDQH"$NSRND]tPWHQWRGHNGHKR]QRYD
QiMGHP"3UHWRPLMHNDGGHY]iFQ\OHERDV]DFKYRVWSULWLDKQX"QHP{HP$NGHP~GUR
QHY\XLMHPMHSUHPDPWY\=DELOVRPGH
3R]RUDVMHP{MYODVWQQLNRKRLQpKRNDSLWiO
$SUHWR
%XGHPVDY\KED"NOHEHWQtNRP
%XGHPVDY\KED"]DEtMDRPDVX
%XGHPVDY\KED"QHJDWtYQ\PFKDUDNWHURP
%XGHPVDY\KED"SURIHVLRQiOQ\PQDULHNDRP
%XGHPVDY\KED"YHWNPNWRUtRNUiGDM~VYRMHGHWL
%XGHPVDY\KED"YHWNPNWRUtSUiFXSRYDXM~]DWUHVW
%XGHPVDY\KED"WPNWRUtQHFKF~E\"%RtPLVSROXEXGRYDWHPL
8',$.725.5$'1%2+8$66=/2'(-,7tNUDGQ~SRWUDYXVOQNRPHVLDFDWVWYRGi
WHSOROiVNXGRP\SUiYHWPNWRUFKPiPHPLORYD"-DQLHVRP]ORGHMRP{HPXUREL"YWHQWR
GHVWPQHEXGHP]QiVLORYD"LQpGQL
3UHWRNDGp]GURYDQLHGQHVQDKUDGtPLQQRV"RX3RFK\EQRVWLSRFKRYiPVLOQRXYLHURX6WUDFK
QDKUDGtPOiVNRX,EDWDNtQHFKRGNODGDM~LQQRV"NWRUtNUDGQ~%RKXDV0iPUiGWHQWRGH
7HQWRGHMHPRMtPQDMY]iFQHMtPGRP
3RYLQQRVWLGQHNDY\NRQiPGQHV=DMWUDP{HE\"QHVNRUR'QHVMHGHQDSRGQLNDQLH=DMWUDPD
P{XSUHGEHKQ~"LQtSRGQLNDWHOLD'QHVREtMPHPVYRMLFKGUDKFK'QHVSRNU\MHPER]NDPLVYRMX
HQX=DMWUDWXQHPXVLDE\"'QHVSRP{HPSULDWHRYL=DMWUDPRMXSRPRFXQHEXGHSRWUHERYD"
'QHVVDWHtP]QRYpKRYtQD=DMWUDEXGHVWDUp'QHVVDWHtP]RVH]yQ\=DMWUDMHXQRYiVH]yQD
'QHVRYRQLDPNYHW\=DMWUDEXG~XRGNYLWQXWp'QHVVDREHWXMHP=DMWUDPRMDREHWDXQHEXGH
SRWUHEQi'QHVY\FKXWQiPGQHRN/HERGQHRNMHLEDMHGHQ
'1(608600,/29$!9(5,!8,!6$0
-
31
63$&()2521(
7,%25.29$/.
-
32
%2/721$-9=&1(-'(902-20,927( 3UHGQLHNRNPLURNPLMHGHQP{MSULDWHLQLQLHUNWRUSUDFXMHYSRGQLNXVJOREiOQRX
S{VREQRV"RXUR]SRYHGDOPLWDN~WRSUtKRGX-HKRYHG~FLDRQPDOLtV"QDG{OHLW~VOXREQ~FHVWXGR
:DVKLQJWRQX2QPDOUREL"SUH]HQWiFLXG{OHLWpKRSURMHNWXLFKSUDFRYQHMVNXSLQ\SUHGSUH]LGHQWPLD
GLUHNWRUPLLFKUR]YHWYHQpKRSRGQLNX,ORRVFKYiOHQLHDOHERRGPLHWQXWLHSlWQiV"PLOLyQRYpKR
SURMHNWX9HGHQLHPXV~ELORSRYHQLHDNMHKRSUH]HQWiFLDEXGH~VSHQiDYUFKQRV"SURMHNWVFKYiOL
'R:DVKLQJWRQXNGHVDWDNpWRVFK{G]HNRQiYDOLRE\DMQHOHWHOL7HQWRUD]MHKRYHG~FLQDYUKRO
DE\LOLDXWREXVRPDSRNRFKDOLVDYSHNQHMUR]NYLWQXWHMPiMRYHMSUtURGH7RUiQRNHPDOLRGtV"
SULDWHVLVDGROGRVYRMKRUHODWtYQHQRYpKRDYG\VSRDKOLYpKRDXWDDE\VDRGYLH]ROQDDXWREXVRY~
VWDQLFXY]GLDOHQ~DVLQDKRGLQXFHVW\$OHDXWRQHFKFHORDQL]DVYHWQDWDUWRYD"8URELOVQtPR
YHGHODOHPRWRUQHQDVNRLO&HO]~IDOVL]DYRODOWD[tN'~IDOHDXWREXVHWHVWLKQH1HVWLKRO3ULLHO
DVLGHVD"PLQ~WSRRGFKRGH+URPLOD]~ULO3UHNOtQDODXWR%RKDDFHOVYHW=KQXVHQYUiWLOVD
GRPRYWD[tNRP
.HSULLHOGRPRYFKFHOYUDMFK\WL"NODGLYRDUR]WULHVND"DXWR=DYRODOGR:DVKLQJWRQXHWDPP{H
SUtV"QDGUXKGHSUHGSROXGQtP2QLMHKRPDQHOND]URQHQtO~LOLVDVMHKRSRYHQtP6MHKR
QRYPSODWRPE\Y\VWDLOLN~SL"GRPRNWRURPVQtYDOLXQLHNRNRURNRY$OHWRWRWRWRPXQLNWR
QHRGSXVWt
9SRGYHHU]YRQLOWHOHIyQ9]DOKRDQDGUXKRPNRQFLSRXMHKODVSUH]LGHQWDMHKRSRGQLNX
3UH]LGHQWPXGRPRYHWHQLNG\QHYRODO,VWHPXSRYLHHKRY\KDG]XMH]SUiFH1DSULDWHRYRYHNp
SUHNYDSHQLHSUH]LGHQWNHSRXOMHKRKODV]KOERNDVLGRWHOHIyQXY\GFKROYDND%RKXW\VL
LY
$XWREXVNWRUQHVWLKROPDOKDYiULX'HYlWQiV"PWY\FKPHG]LQLPLMHKRYHG~FL3ULDWHDQHPRKOL
PHG]LFHVWXM~FLPLQiMV"
.HGRKRYRULOHWHYRNXLLHOYRQSRWDSND"DXWRDSRDNRYD"VDPX]DQH~VSHQWDUW$V
PDQHONRXDGYRPDGH"PLVDREMtPDOLER]NiYDOLSODNDOLGOKRGRQRFLVDPRGOLOLDDNRYDOL%RKX]D
MHKRLYRW
3UH]HQWiFLDVDNRQDODWGHSRSRKUHEH3URMHNWEROSULMDW2GWRKRDVXMHKRURGLQDMHKRSUiFD
NDGMHKRGHNDGiPDOLNRV"NDGpVWHEORWUiY\YHWNRPXERORYHPLY]iFQH'OKDVFKRGLO
DNR]QRYDQDURGHQ1LHSUHWRHKRSRYLOLQDYHG~FHKR0LPRFKRGRPQDGUXKGHDXWR
QDWDUWRYDOREH]SUREOpPRY
3ULDWHXSRYHGDOPLQDNRQLHFNHVPHVLSUHGVWDYLOLHE\VRPEROVNRQLOPHG]LVNU~WHQPL
HOH]DPLDNRP{MYHG~FLHE\PDURGLQDERODVWUDWLODXYHGRPLOLVPHVLHQiLYRW]iYLVtRG
QLHNRKR1DMY\LHKRYQDRPYHVPtUH2GYWHG\NDGURNWHQWRGHRVODYXMHPHDNR
QDMY]iFQHMtGHP{MKRLYRWD
-
33
9,&,7 6(1(&$
1(9(57((6$/29(.0(67$!!$67101(!$670,1&+
BUDEM MAJSTROM SVOJICH CITOV &LW\V~PLQHVPLHUQHY]iFQHDG{OHLWp&LW\PDPRWLYXM~NLQQRVWL3RKiDM~GRSUiFHYHG~N
VSUDYRGOLYRVWLNSUDYGHNSRPRFLNOiVNHNVORERGHNRGYDKHN~VSHFKX$NRE\VRPRGVWUiQLO
QHVSUDYRGOLYRV"EH]FLWXVSUDYRGOLYpKRKQHYX"$NRE\VRPVDPRKRORHQL"EH]FLWXOiVN\N
Y\YROHQHM"$NFKFHPE\"PLORYDQPXVtPQDMSUYViPPLORYD"
$NPRMHFLW\V~SR]LWtYQHPRMDLQQRV"MHSR]LWtYQD$NPRMHFLW\V~QHJDWtYQHPRMDLQQRV"P{H
E\"]QLXM~FD6SUiYQDNRQWURODVYRMLFKFLWRYMHSUHWRYHPLG{OHLWi/iVNDSRFKYDODSUDYGDNUiVD
~VSHFKGREUVNXWRNYRPQHVSUDYLGODY\YROiYDM~SR]LWtYQHFLW\DPRMDLQQRV"]DORHQiQDWFKWR
FLWRFKMHSR]LWtYQD+QHY]iYLV"LDUOLYRV"QHQiYLV"RGPLHWQXWLHNODPVWYRSRGYRGYRPQHVSUDYLGOD
Y\YROiYDM~QHJDWtYQHFLW\DP{XPDYLHV"NGHWUXNQHMLQQRVWL1LHNHG\LGREUHPLHQHQiUDGDDOHER
SR]QiPNDDNPD]DFK\WtY]OHMFLWRYHMQiODGHP{HY\YROD"GHWUXNQpFKRYDQLH
3ULWRPSUHFLWOLYHQRV"QLHMHQLNRPXQD~LWRN$NE\VRPSUHFLWOLYHQHUHDJRYDOQDNDG~SR]QiPNX
XGtQDYHWNRQDYHWN\QHJDWtYQH]YXN\PXVHOE\VRPVDKQHYD"NHSHVQDPDEUHFKi
1HFKDMPHOHQLYFKQHFKNOHEHWLDP\]DWLDSUDFXMPH
$E\VRPPRKROE\"YLYRWH~VSHQSR]LWtYQ\DFLYLOL]RYDQPXVtPYHGLH"NRQWURORYD"VYRMHFLW\
DXVPHURYD"LFK
9(.63(18',$60$-675$0,692-,&+&,7299HGLDVYRMtPY\VSHOPGXFKRPSUHPHQL"
QHJDWtYQHQDSR]LWtYQHDOHERKRRGUD]L"VSUiYQ\PVPHURP%RKOiVNDVHEDUHSHNWD]QDORV"SUtURG\
EXGXMHORYHNXVLOQpKRGXFKD
%XGHPPDMVWURPVYRMLFKFLWRY
&HOiSUtURGDSUDFXMHF\NOLFN\6OQNRY\FKiG]DVOQNR]DSDGi-HVSOQPHVLDFDMHQRYPHVLDFD
6H]yQDSULFKiG]DVH]yQDRGFKiG]DURGXVDGtPH~URGX]ELHUDPHXGLDVDURGLDXGLDXPLHUDM~
.YHW\NYLWQ~NYHW\RGNYLWDM~-HSUtOLYMHRGOLY6RPYOHSHMQiODGHVRPYKRUHMQiODGH
7HOHVQHVRPDV"SUtURG\WHMWRSODQpW\3RGOLHKDPYHWNPYHVPtUQ\PYSO\YRPNWRUPSRGOLHKD
SUtURGDQDHMSODQpW\6YHWORVDtULSRVtQXVRLGHYOQRYLWR+RUHGROHKRUHGROH3OXVPtQXVSOXV
PtQXV/HSLHKRULHOHSLHKRULH
620%
-
34
0{HPVDVHEDNRQWURORYD"
&,7
-
35
.203/(;0(1(-&(11267,08602'+$/,!$=1,,!
7HQWRDJHQWVDVFKRYiYDSUHWYDUXMHNODPHQLHNHG\VDKUiQDVLOQpKRDRGYiQHKR
6WPWRQHSULDWHVNPDJHQWRPYSRGYHGRPtQLMDNpYlLH~VSHFK\QHGRVLDKQHP
-HGQDYHFMHLVWi1iQHEHVNPLOXM~FL2WHFQiPKRGRVUGFDQHQDVDGLO2QYLHHVWPWR
QHSULDWHRPYQDHMGXLQDHSULURG]HQpYHNpSRVODQLHORYHNDNWRUpQiPXORLOP{HPHVSOQL"
"DNR3UHWRQHSULDWHVNpKRDJHQWDPHQHMFHQQRVWLPXVtPY\KQD"YHWNPLSURVWULHGNDPL$NWUHED
SRLDGDPRSRPRFOHNiUD9SUYRPUDGHEXGHPYVHEHXWYUG]RYD"SR]LWtYQHYHGRPLHGDQpPL%RKRP
6RPGREUORYHN6RPGLH"DQDMOiVNDYHMLHKRDQDMP~GUHMLHKR%RKD0iPRG1HKRRGYRGHQ~
XGVN~G{VWRMQRV".HHVRP-HKRGLH"D
%2+0$9'
-
36
520(2-8/,(7$1''$5.1(66
7,%25.29$/.
:KHQKHVKDOOGLH
7DNHKLPDQGFXWKLPRXWLQOLWWOHVWDUV
$QGKHZLOOPDNHWKHIDFHRIKHDYHQVRILQH
7KDWDOOWKHZRUOGZLOOEHLQORYHZLWKQLJKW
$QGSD\QRZRUVKLSWRWKHJDULVKVXQ
:LOOLDP6KDNHVSHDUH
-
37
75,67831(9
-
38
SDWUtNOLPD[NWRUSRUREHQQiURG]DLMHSULVYRMRPRVORERGHQt7DNNOLPD[WUYiURN\DSULRVODYiFK
RVORERGHQLDVDXPQRKFKXGtRSDNXMH]QRYDD]QRYD0{HPGRWHMWRNDWHJyULH]DUDGL"DM
QHRDNiYDQpY\OLHHQLHORYHNDSRGOKHMFKRUREHDOHER]UDQHQt
,QWHOHNWXiOQ\NOLPD[MHLEDXGVNpXQLHLYRtQHFLWRYpY\YUFKROHQLH7HQWRY\tSRY]QiDM~FL
YUFKROQHSUtMHPQFLWRY]iLWRNMHORYHNXNGLVSR]tFLLSRFHOLYRW$NKRUD]VN~VLPHFKFHPHKR
GRVDKRYD"]QRYDD]QRYD3UHWRWYRUtPH
35,.$'209(.2063(&+8/29(.35(9$,17(/(.78/1
-
39
9,,60(9 (7+(/%$55
-
40
.DG~RSR]tFLXEXGHPEUD"VKXPRURPDNRGREUSRUWRYHF'R]iSDVXVR]iSDORPSR]iSDVHVL
SRGiPHUXN\2SR]tFLDPLEU~VLRVWURYWLSVS{VREXMHP{MLQWHOHNWXiOQ\UDVWDQ~WLPDVWiOHSUHPD"
D]OHSRYD"VD,YQDMYlRPSROLWLFNRPQDSlWtYSDUODPHQWRFKVYHWDKXPRUY\ULHLPQRKpVLWXiFLH
OHSLHDNRGOKpDP~GUHWUDNWiW\DOHERW\SLFNV~ERMMHGLQHP~GU\FKNRK~WRYQDSROLWLFNFK
VPHWLVNiFK
0QRKRUi]QDMKRUNHMLDSLOXONDPLY\OLHLPRMHQHGXK\.DGQHJDWLYL]PXVEXGHPSUHWRSULMtPD"Y
SRNRMLDVKXPRURP,QDNVDGREUPWXGHQWRPLYRWDQLNG\QHVWDQHP0{M~VPHYDQH~WRQKXPRU
RNUiXMHRNROLHYNWRURPVDSRK\EXMHP1DKQHYDQiWYiUNDGpKRVWUDt
60(9-(80(/(&.60(5.7256$9'
-
41
NLQHWLFRLOSDLQWLQJRQZRRGZLWKURWDWLQJLQQHUGLVF
3(7(5.29$/.
-
42
CHLAP BEZ HUMORU 8QHYLHPNGHVRPW~WRSUtKRGXSRXODOHERtWDODDQLQHYLHPLVLMXSUHVQHSDPlWiP$OH
RKURPQHVDPLSiLDSRXHQLD]QHM3UHWRVDMXSRN~VLPYROQHY\UR]SUiYD"DMP{MPXPLOpPX
LWDWHRYLDLLWDWHNH
3ULODYHNiSRYRGH3UDORDSUDORDSUHVWD"QHFKFHOR1LHOHQXGLDXDMDE\PDOLYRG\GRV"
5LHN\DMSRWRN\VDY\OLDOL]NRUWDYRGDVD]DDODYDOL"XOLFDPL3ROLFDMWLMD]GLOLVR]DSQXWPLVLUpQDPL
SRXOLFLDFKDUR]KODVRPY\]YDOLXGtDE\RSXVWLOLVYRMHSUtE\WN\DGRDVQHVDV~VWUHGLOLQDNRSFRFK
9MHGQRPGRPHEYDOVWDUtYHPLQiERQPX.HSROLFDMWLSUHFKiG]DOLYHGDMHKRGRPXYRODOL
QDQHKRHKRRGYH]~$OHRQLEDPiYROUXNRXD]DNULDO-DYHUtPY%RKDD2QPLSRP{H
9RGDVW~SDOD=DOLDODSUt]HPLHGRPRYDXVLDKDODSRRNQi9RMDFLYHVORYDOLSRXOLFLDFKYOQNRFK
VFK\WiYDOLXGtDRGYiDOLLFKQDEH]SHQpPLHVWD3ULOLLGRGRPXWRKRQiERQpKRVWDULHKRPXD8
VDVWPLHYDORNHKR]EDGDOLVWi"YNXFK\QLQDVWROH9RODOLQDQHKRDE\LLHOVQLPL$MYRMDNRP
RGSRYHGDOWRLVWp-DYHUtPY%RKDD2QPLSRP{H$QHLHORPDOLVQtPUREL""1HFKDOLKRWDN
=PUDLHQVDYDOLORDNR]YHGUD1DGUXKGHVDSUHGQtP]MDYLOLDNVLXGLDQDVLOQRPPRWRURYRP
OQH9LGHOLKRVHGLH"]DNRPtQRPGRPVNRUR~SOQH]DWRSHQ.ULDOLQDQHKRHMHHWHDVDE\VD
]DFKUiQLO+RGLOLPX]iFKUDQQNUXKQDSRYUD]H$OHFKODSVWiOHRGPLHWDOSRPRF$MLP]DNULDO-D
YHUtPY%RKDD2QPLSRP{H3RGOKFKQD"DKRYDNiFKQHFKDOLKRQDYHUtPERKD2SiUKRGtQKR
YRGDXFK\WLODDPXVDXWRSLO1HYHGHODQLSOiYD"
.HSULLHONQHEHVNHMEUiQHKQHVLLDGDOYL]LWXX%RKD1D"DVWLHQHPXVHOGOKRDND"YWHQ
GHXPUHORPiORXGt.HKRDQMHOLSUHGYLHGOLSUHG%RKDDQLVDSRULDGQHQHSR]GUDYLODKQHVSXVWLO
VYRMXYLWNX&HOLYRWVRPY7HEDYHULO$YHULOVRPHNHEXGHPSRWUHERYD"7YRMXSRPRFYG\
PLSRP{H$WXYRGDSULOD]DWRSLODPLGRPD7YRMDSRPRFQHSULFKiG]DOD=REUDODPDD7\VLPD
QHFKDOXWRSL"7DNMDWDNWRD7\WDNWR7DNSRWRPDNRWRRWRSUHRWR"
3iQ%RKNQHPXSULVW~SLOSRKODGLOKRSRPRNUFKYODVRFKDKRYRUtPXORYHHWDNVDSR]ULWDNWR
MHWR3UYGHVRPWLSRVODODQMHORYYDXWHDE\WLSRPRKOL$W\VLPRMXSRPRFRGPLHWRO1HVNRULH
VRPWLSRVODODQMHORYYOQNRFK$MW~SRPRFVLRGPLHWRO1DGUXKGHUHNXHWHUD]VDSRN~VLP
SRP{F"7DNVRPWLSRVODODQMHORYYPRWRURYRPOQH$OHDMW~WRPRMXSRPRFVLRGPLHWRORKRULH
YLYRWHVLEROOHQLYDQLSOiYD"VLVDQHQDXLO$XWULVLQRVDFKRVDUFKORXVXL"7XPiVXFK
WHSOXWHUiN(WHPLWXSUHFKODGQH
-
43
9,,,='5$9,( ='5$9e7(/2='5$9'8&+
='5$9'8&+='5$9e7(/2
='5$9,(-(=./$'!$671e+2,927$ 9G\NHVLQDSRNRMQRPPLHVWHQDFKYtX]DWYRUtPRLDY]QHVLHPVDQDGVYRMHWHORDFHO~
SODQpWXDNRDVWURQDXWDSUHPDPDSRURYQiYDPSRNDGUD]YLGtPHXGVNpWHORMHWRQDMOHSLH
GLHOR
.HHPLEROR]YHUHQpGRRSDWHU\DNRFKUiPSUHPRMXGXXPXVtPMHKRFKRGWXGRYD"DE\VRP
KRGREUHSR]QDODWDNPXGDOYHWNRRSRWUHEXMHDYPLHUHYDNHMSRWUHEXMH$E\PLWDNVO~LORR
QDMOHSLHDE\VRPPRKROY\NRQiYD"VYRMHLYRWQpSRVODQLHRQDMOHSLH
$%
-
44
YXRFKGHSUHVtYQHVWDY\1LHNHG\WLHWRSUREOpP\GHGtPH9HDXGtNHV~YQHSUtMHPQHMGHSUHVLL
SLM~DONRKRODE\VDDVSRQDFKYtXFtWLOLOHSLH$ONRKROLGURJ\MHYHPLGUDKpULHHQLHILQDQQH
]GUDYRWQHLVSRORHQVN\9]LPHVDPiORYHNY\VWDYL"VOQHQpPXVYHWOXSULNDGHMSUtOHLWRVWL
DDNWtYQHSRUWRYD"8OWUDILDORYpODPS\SRPiKDM~PQRKPXRPYGREURP]GUDYtSUHL"REGRELH
QHGRVWDWNXVOQHQpKRVYHWOD
8OWUDILDORYpO~HDMGH]LQILNXM~3R]RUNRGLDQiPX]UDNX
$NEXGHXGVWYRP~GUHDQH]QLtR]yQRVIpUX=HPHQDHVOQLHNRQiVEXGHLYL"SRWLDSRNLD
XGVWYR]RVWDQHL"YQDHMVOQHQHMV~VWDYH
6OQHQpVYHWORMHWHGDQDMG{OHLWHMLDLYLQDSRWUDYDNWRUiXGULDYDQDH]GUDYLHDY{EHFLYRWQD
QDHMSODQpWH
=GUDYLHMH]iNODG"DVWQpKRLYRWD
9='8&+
9lLQDXGtRSl"WDNDNRVOQNRQHSRYDXMHY]GXFK]DSRWUDYX
$OHHWHQLNWRQHGRNi]DOXGUD"LYRWEH]Y]GXFKXYLDFDNRSiUPLQ~W%H]MHGODORYHNP{HSUHL"DVL
PHVLDF9]GXFKYDND%RKXMHWLH]DWLD]DGDUPR
9QLHNWRUFK]QHLVWHQFKYHNRPHVWiFKVDX]DSODWtU{]Q\PVS{VRERP
'QHQiFLYLOL]iFLDMHSUHSLOXONRYDQiDMSUHWROHERXGLDRUD]YLDFSUDFXM~DLM~YQ~WULEXGRY
L]RORYDQtRGVOQNDHUVWYpKRY]GXFKXDWHOHVQpKRSRK\EX
3UHORYHNDMHQDMG{OHLWHMtREVDKN\VOtNDYRY]GXFKX9]GXFKREVDKXMHREMHPRYFKSHUFHQW
N\VOtNDD]HPVNiN{UDDREMHPRYFKSHUFHQW
LYRWQDMPlLQWHOLJHQWQLYRWVDY\YLQXOYDND]Y\RYDQLXREVDKXN\VOtNDYRY]GXFKX0R]RJDE\
GREUHIXQJRYDOSRWUHEXMHYHDN\VOtND.HHUDVWOLQ\XYRXM~N\VOtNDVSRWUHE~YDM~R[LGXKOLLW
RFKUDXMPHLFKDNRVYRMYODVWQPR]RJ
5$67/,1
-
45
SHNQ~SRNRNXGREUpQHUY\GOK~YGUSULSUiFLYSRUWHSULW~GLXSRPiKDM~ORYHNX
VNRQFHQWURYD"P\VH]Y\XM~RGROQRV"WHODGULDQiVHOHJDQWQHWtKO\PLSUHGOXM~GREU~QiODGXD
LYRWY{EHF
/29(.%
-
46
]RGSRYHGQFKREDQRYVFKRSQFKYLHV"VSRORQRV"OHERFKF~GREURSUHEXG~FQRV"VYRMKR
SRWRPVWYD
6.8721/6.$1,.'
-
47
FKFHP"
9(7.21$=(0,$929(605(-(9=-201(3263-$1e
.HVD%RKRSWDO.DLQDNWRU]DELOVYRMKREUDWDEHOD.DLQNGHMHWYRMEUDW".DLQDURJDQWQH
RGSRYHGDO%RKX$LVRPMD]RGSRYHGQ]DP{MKREUDWD"
9HWFLVPH]RGSRYHGQtMHGHQ]DGUXKpKRD]DYHWNRRVDYWRPWRWiWHDQDFHOHM=HPLGHMH
/HERYHWFLVPHQDY]iMRPSRVSiMDQtLMHPHYMHGQHMGHGLQHQDMHGQHMYHVPtUQHMORGL
8'6792-(-('1$%26.52',1$
5R]YDGHQiD]DEtMDM~FDMHGHQGUXKpKRDOHMHGQDURGLQD
XGLDQDHMSHNQHMSODQpW\SRVWXSQHQDGRE~GDM~RNUHPQiURGQpKRYHGRPLDDMSODQHWiUQHJOREiOQH
YHGRPLH
3V\FKROyJRYLDDLPXQROyJRYLDGiYQHMLH]LVWLOLHSR]LWtYQ\PHQWiOQ\VWDY]OHSXMHRGROQRVWQ
V\VWpPORYHND'QHVXMHVWYXMHYHGHFNiGLVFLSOtQDSV\FKRLPXQROyJLD9HGFLREMDYLOLVWDU~SUDYGX
V~YLVORV"PHG]LFLWRYPLYRWRPORYHNDDMHKR]GUDYtP,QDNSRYHGDQpXDMYHGFLKRYRULDLQPL
VORYDPLWRRQiP-HL.ULVWXVSRYHGDOXSUHGGYHWLVtFURNPL
0,/8-0(6$1$9=-20
RP{HE\"SR]LWtYQHMLH"$RP{HE\"]GUDYLH"
$NiLQiUDGDDNiLQiYHGDDNiLQiD[LyPDLYRWDP{HE\"VYHWXXLWRQHMLDDNRWiNWRU~
XGVWYXGDO1$-9b/,(,7(8'679$DNNHG\NUiDOSRWHMWRSODQpWH-HLNWRUVDVWDO
.ULVWRPXGVWYD"
=GUDYLHMH]iNODG"DVWQpKRLYRWD
5(=2/&,$3527,6$027(
.HSUtGHQDPDVDPRWDVP~WRNLGHSUHVLDYWHG\VLEXGHPDVWRSULSRPtQD"
HGREUiNQLKDMHVNXWRQHQDMOHStSULDWH
HSUiFDMHY\QLNDM~FLVSRORQtN
HMDVRVYRMLPLSR]LWtYQ\PLP\OLHQNDPLKXPRURPDGREURWRXQDSOQHQOiVNRXVRPY\QLNDM~FL
ORYHNPHG]LXPL
HWHOHVQpDGXFKRYQpFYLHQLHPL]QRYDSULQHVLHUDGRV"]RLYRWD
HXVLORYQtXGLDVDQLNG\QHQXGLDDQLNG\QLHV~VDPL
HPQRKtPHQHM"DVWQtPHQHM~VSHQtDVPXWQtXGLDDNDM~QDPRMXSRPRFSRY]EXGHQLHDOiVNX
HVRPGiYQRQHQDStVDOOLVWVYRMLPURGLRPV~URGHQFRPSULDWHRPUHGDNWRURYLQRYtQVYRMPX
SRVODQFRYLDOHER%RKXYNWRURPE\VRPVDLPSRDNRYDODRFHQLOLFK
HVLPXVtPY\KRWRYL"SOiQLQQRVWLSUiFHQDNDGGHNWRUPDY\YHGLH]RVDPRW\]QRYDGRUDGRVWL
LYRWD
HSUHFKiG]N\GRSUtURG\DSRPHVWHQiYWHYDJDOpULtGLYDGLHONRQFHUWRYPLXPRQLDVSRtWD"NRNR
LQFKGREUFKXGtMHVDPFKDHWtWRXGLDPRQRKDGDM~PRMXVSRORQRV"
HVDPRWDVHED~WRV"DGHSUHVLDV~LEDGRDVQpDWUYDM~SRWLDNPVLQHQiMGHPSULDWHDSULDWHNX
DOHERGREUpKRND]DLOHNiUD
HORYHNYODVWQHQLNG\QLHMHViP/iVNDY2WHFFHOpKRYHVPtUX-HKRV\Q-HL.ULVWXVD-HKRDQDD
PDWND0iULDV~YG\DOHYG\DYDGHSULPQHDSULSUDYHQtSRP{F"PLSRVPHOL"PDSROiVND"PD
REMD"PDGRGD"PLVLO\DRGYDK\DNVDLPMDSULKRYRUtP
$SUHNDGSUtSDGDLVWRWXVLQDOtVWRNNWRUEXGHPPD"YG\YSHDHQNHQDStHPW~WRSUDYGX
7$.!$0,/8-(0(620=$7(%$2%(729$/692-9/$671,927
3RGStVDQ-HL.ULVWXV
-
48
/,*+7:$9(6
7,%25.29$/.
-
49
'$-6,9
-
50
,;02& $5,6727(/(6
%02-$1$-9b,$02&-(02-(6/2%2'1e52=+2'29$1,( +HMPRMDQDMYlLDPRFMHVFKRSQRV"UREL"SRGDVYRMKRVORERGQpKRYEHUXYODVWQpVORERGQp
UR]KRGQXWLD0RMHSUYpYODVWQpUR]KRGQXWLHPDORE\"DDNQHERORQHFKMHWHUD]WRWREXGHPYLHV"
VORERGQ"DVWQXLWRQ~VSHQLYRW
6~XGLDPRFQtLVODEtNWRUtFKF~DE\VRPQHLOVYRMLYRWSRGDYODVWQFKSUHGVWiY
6~XGLDPRFQtLVODEtNWRUtFKF~DE\VRPLOY]iYLVORVWLRGQLFKYELHGHYRWURFWYHYGXFKRYQHM
PL]pULLYSLQHYRSLOVWYHY]iYLVORVWLRGLFKDONRKROXGURJSRUQRJUDILHYPRUiOQRPEDKQHD
Y]DGHQt
6~XGLDPRFQtLVODEtNWRUtFKF~DE\VRPLOKRFLDMYVWDMQLD"DKDOLFKNiUXDE\PRKOLQDPQH
]DUiED"
$YHUWHDOHERQHYHUWHV~XGLDNWRUtVDGDM~RVSURVWLH"D]KRGL"LQPLQD~URYH]YHUDGR
P\OLHQNRYpKRDPRUiOQHKREDKQDDWDNVDQHFKDM~Y\NRULV"RYD"]ORGXFKPL
%,('$$2752&7926$$672=$1$025/128'8&+29128%,('28
0DGRQLMDNpKRPRUiOQHKREDKQDDGXFKRYQHMELHG\QLNWRQHGRVWDQH
0{MLYRWPXVtEHD"SRGDPRMLFKQDMOHStFKLGHiORY
0RMDQDMYlLDPRFMHPRMHVORERGQpUR]KRGRYDQLH
6~XGLDNWRUtVDUR]KRGOLSRVWDYL"VDQDG~URYH%RKD3UHQLFKYOiGDQDGLQPLMHLFKQDMYlt
~VSHFKMHLFKQDSOQHQLHLYRWD2VWDWQtXGLDV~SUHQLFKLEDSURVWULHGRNDNRVDGRVWD"NPRFL
7DNpWRUR]KRGQXWLH]DDVSRWHtLFKGUDYLHFK~"N\DOH]iNRQLWHLFKSULYHGLHGR]iKXE\
-HWRUR]KRGQXWLHSURWL%RKX
$OHV~DMWDNtXGLDNWRUtVDYODVWQPUR]KRGQXWtP]KRGLDQD~URYHYROD"DKDM~GREURYRQH
FXG]LXNiUX
1$-+2567$98'6.e+29('20,$-(.(6,8',$=$11$0$!(1(0$-1,-$.
02&HQHPDM~QLMDNYSO\YHLFKLQ\DLFKKODVQH]QDPHQDM~QL$NiOHQLYRV"P\VOH$Ni
KO~SRV"
$FK$NUHFHSWQDRWURFWYR
7DNpUR]KRGQXWLHMHGUXKH[WUpPSURWL%RKX-HWRSURWL]iNRQRPSULURG]HQHMG{VWRMQRVWLORYHND
9HVHEDQHQiYLV"WUYDOpRGPLHWDQLHYODVWQHMFHQ\DG{VWRMQRVWLMH]QHXFWHQLHGLHODQiKRYHVPtUQHKR
%RKD2WFD%ROE\VRPEH]VNXWRQHMYLHU\DOiVN\DNE\VRPVHEDWDNWR]KRGLO%H]SRFLWXYODVWQHM
FHQ\DQiGHMHSUHVWDOE\VRPG~ID"D]DDOE\VRPLED]~ID"5R]KRGROE\VRPVDQLHSUHLYRWDOH
SUHSRPDOpXPLHUDQLH
%RH2WHQDMGUDKtUDGHMPDQHFKDMWUSLH"DNRELEOLFNpKR-yEDDOHQHGRSXVWLDE\VRPRVHEH
P\VOHOHVRPQLDE\VRPVDWDNWRU~KDOSURWL7YRMHMY{OL9LHPHNHVDUR]KRGQHP]RVWD"7YRMtP
GLH"D"RPRGPLHWQHPRELGYDH[WUpP\D]RVWDQHPQRUPiOQ\PVORERGQPORYHNRP
0RMDQDMYlLDPRFMHPRMHVORERGQpUR]KRGRYDQLH
9PRPHQWHNH]DQHPUREL"VYRMHYODVWQpVORERGQpUR]KRGQXWLDVYHWVDVWDQH]DXMtPDYP
VW~SQHPQDFHQHYRYODVWQRPYHGRPtDYRYHGRPtGREUFKXGt
1LHNHG\VDPL]GDORHSUREOpP\YLYRWHV~QHSUHNRQDWHQp3R]HUDOVRPVDQDVYHWDNRGLYiN
YGHSUHVLLDXYDRYDOLVWRMt]DWRRE"DRYD"VDVRLYRWRP0QRKRUi]VRPYLGHOLEDQHJDWtYQX
VWUiQNXLYRWD]GDORVDPLHMHYHWNRKRULHDKRULH1LHNHG\VRPD]DEXGROHLMHPYNUiVQHM
NUDMLQHDQDQDMNUDMHMSODQpWH
7HUD]XYLHPHVYHWVD]DQH]OHSRYD"YWRPPRPHQWHNHVDUR]KRGQHP]OHSRYD"ViPVHED
1HP{HPDND"QDLQFKDRQL]DQ~]OHSRYD"P{MYODVWQLYRW$MWDNE\VRPVDGRNDOLED
DOtFKVXERY
0{MLYRWEROGDQPQHDMD]D]RGSRYHGiP1LNWRLQ-D]DQHP]OHSRYD"ViPVHEDDVYRMH
RNROLHYNWRURPWHUD]LMHP0{MPRPHQWiOQ\VYHWMHSUHPD]RYHWNFKQDMG{OHLWHMt
0iPPRFKQHWHUD]UR]KRGRYD"ViPRVHEH1LHRLQFK1LHRVYHWRYHMSROLWLNH2WHMEXGHP
UR]KRGRYD"NHVDVWDQHPVYHWRYPSROLWLNRP.GH]DQHP"=DQHPYRYODVWQRPVUGFLYRYODVWQRP
KQLH]GH
-
51
1$-359=/(306(%$692-852',18692-82%(&
7RMHQDMUHiOQHMLHQDMKPDWDWHQHMLHQDMG{OHLWHMLH
72-(1$-52=+2'8-&(-,(
7RMHPRMHSUYpWUpQLQJRYpSROHNGHP{HPQLHRXLWRQpY\NRQD"
1DMSUYPXVtPUR]KRGRYD"ViPRVHEH
9ODVWQHNHWRKOELHXYiLPQLHOHQPRMHGREURDOHDMGREURPRMHMURGLQ\PRMHMREFHP{MKR
QiURGDVD]DtQDXPD8NDGpKRMHGQRWOLYFD
6YHWVD]DDOXMHGQpKRX$GDPD
.H~VSHQH]YOiGQHPVHEDSRWRPS{MGHPDOHMDDOHMDDOHM
1HPXVtPE\"QDHOHDUPiG\DOHERYOiG\DE\VRPVDVWDOSUtNODGRPKRGQPQDVOHGRYDQLD
1HEXGHPVDREKOLDGD"VWiOHGRNRODRSRYLHQDPRMHUR]KRGQXWLDWHQWiRQRQDRQR6iP]DQHP
NRQD"
VSHQtXGLDV~SULURG]HQtYRGFRYLDXGLDLFKQDVOHGXM~NHYLGLDHNRQDM~P~GUHUR]KRGQXWLDH
PDM~VDPRVWDWQ~KODYXQDNUNX
7$.e-(80(1,(7,&+e+292'&29679$
0RMDLQLFLDWtYDP{MSUtNODGVDREWULHSUHQHVLHQDLQFKDWtVDVWDQ~SUtNODGRPSUHDOtFK
DDOtFK$WDNPRMHUR]KRGQXWLHPRMDLQLFLDWtYD]OHSL"VHEDDVYRMVYHW]DQHQRYpRKQtN\
YVUGFLDFKWLVtFN\XGt9HWNRRNRORPDVDPXVt]OHSL"
0RMHUR]KRGQXWLH]DQHQRYpKQXWLHVORERGQpKRUR]KRGRYDQLD
-$52',1$2%(&
0RMDQDMYlLDPRFMHPRMHVORERGQpUR]KRGRYDQLH
$NQLHVRPVSRNRMQVRPVRVHERXDVRVYRMtPRNROtPDQHEXGHPQLLQpNRQD"LEDQDGiYD"QD
]OVYHWYHDVDQH]PHQt$YODVWQHQDGiYDPViPQDVHED
'REUDOHER]OVYHWVORERGQDOHERSRUREHQVYHWERKDWDOHERFKXGREQPRUiOQ\DOHER
VND]HQVYHWVD]DtQDXPD7HQ]OVYHWVDPRQR]DtQDYPRMHMDKRVWDMQRVWLF\QL]PHDOH
QDMSUDYGHSRGREQHMLHYPRMHMQHUR]KRGQRVWL
=/69(76$0212=$1$902-20675$&+8.21$!
.RNRUi]VRPQHNRQDONHVRPNRQD"PDOOHERVRPVDEiORSRYHGLDLQt
.RNRUi]VRPQHNRQDOOHERVRPSR~YDO]OpUR]KRGQXWLDLQFK
.RNRUi]VRPQHNRQDOOHERVRPVDEiOE\"SUY
.RNRUi]VRPQHNRQDOOHERVRPPDOVWUDFK]YODVWQpKRVWUDFKX
%
%XGHQDMOHSLHNHKQHWHUD]YWRPWRPRPHQWHVDRVORERGtPNRSQHPGRYODVWQpKRVWUDFKX
7DNWR"DSROLDSHPSLQDYHFVWUDFKQDMOHSLHRSlWNRP"DUR]GUYtPDNRMHGRYDWpKRKDGD
1LNG\YLDFQHEXGHPVDWLQHSRGGiP
1LNG\YLDFQHEXGHPPD"VWUDFKUREL"YODVWQpUR]KRGQXWLD
1LNG\YLDFQHEXGHVWUDFKRWUDYRYD"PRMXGXXPRMXP\VHPRMXNUY
1LNG\YLDFQHEXGHPPD"VWUDFKUREL"YODVWQpUR]KRGQXWLD
1LNG\YLDFQHEXGHVWUDFK]YLHUD"PRMHVUGFH
0RMDRGYDKDNRQD"YODVWQpUR]KRGQXWLDSRP{HSUHPHQL"]OVYHWQDVYHWOHStOiVNDYHMt
SULMDWHQHMtSUHPDDSUHNDGpKR
1LHNHG\NHVDGOKRV"DXMHPHQD]OLYRWQD]OVYHWNH]DVYRMHQH~VSHFK\REYLXMHPH
LQFKYWHG\MHGREUHSR]ULH"VDGR]UNDGOD0RQRWDPXYLGtPHQiKRQDMYlLHKRQHSULDWHD0RQR
WR]UNDGORQiPXNiHMHGQX]SUHNiRNNOHSLHPXLYRWX3R]ULPHVDWRPXY]UNDGOHGREUHGRRt
6PHVSRNRMQtVWPRYLGtPH"9LGtPHYWFKRLDFKSUDYGX~SULPQRV"OiVNDYRV"RGYDKXDVLOQ~
W~KX]OHSL"VD"2SWDMPHVDWRKRY]UNDGOH1DR]DMFKFH]OHSL"VYRMHSRVWDYHQLH"
6LGRV"XVLORYQRGYiQ\DPRUiOQ\"6LGRV"Y]GHODQPLOXM~FLDSR]LWtYQ\"
$NWHQY]UNDGOHRGSRYLHQLHSRFKYiPHKR]D~SULPQRV"
$+1(0852=.0(-(1$$6(=0(1,!6$
5R]NiPHPXDE\NRQHQH]DDONRQD"SRGDVYRMLFKQDMVLOQHMtFKW~REDQDMY\tFKLGHiORY$N
KQHQHXUREtUR]KRGQXWLHUR]ND]XMPHPXNDGGHWDNDNRDWiUGUH]~UXMHYRMDNRYQDYRMHQLQH
3R]HUDMPHVDPXSULWRPURYQRGRRt5R]ND]XMPHPXWDNGOKRDVD]WRKRXQDYtDNRQHQHVD
UR]KRGQHSUHVWD"V"DRYD"QD]OVYHWDGiVDQDUDGRVWQ~SR]LWtYQXFHVWXRVREQpKRSUHURGX
7HUD]XYLHPDOLHWDMRPVWYR~VSHFKXDWRWRWDMRPVWYRMHQDYG\PRMH
0RMDQDMYlLDPRFMHPRMHVORERGQpUR]KRGRYDQLH
-
52
1LNRKRQHP{HPQ~WL"V~KODVL"VPRMLPLUR]KRGQXWLDPL
$QLNWRQHP{HPDQ~WL"V~KODVL"VMHKRUR]KRGQXWLDPL.DGGRVSHOORYHNPiVORERGQ~Y{X
SRYHGD"iQRDOHERQLH
-(729$1+2%2+$$%
-
53
2+%(//$&$1$'$
7,%25.29$/.
6L]HLVQRWJUDQGHXUDQGWHUULWRU\GRHVQRWPDNHDQDWLRQ
7KRPDV+X[OH\
-
54
O '/(,7267,63591(+25OZHODOVANIA3UHUR]SUiYDQiLQGLiQVNDOHJHQGD
.HG\VLGiYQRMHGHQPODG,QGLiQRGLLHOGRVDPRW\6NDOLVWFKYUFKRYDE\VDSULSUDYLOQDVN~N\
PXQRVWL.HSUHFKiG]DOFH]NUiVQH~GROLHSOQpY\VRNFKVHNYRMtDUR]PDQLWFKNYHWRYUR]KRGROVD
HWRMHQDMYKRGQHMLHPLHVWRQDMHKRGXHYQ~SUtSUDYX
1DLHOVLSRKRGOQpPLHVWHNRSRGNRDWPVWURPRP7DPVDYWLFKRVWLSRVWLODUR]MtPDOSRWULGQL
YWDNHMKENHHVWUDWLOYHGRPLHVYRMKRRNROLD1DNRQFLWUHWLHKRGDNHVDSUHEHUDO]KEN\
UR]MtPDQLDMHKRSR]RUQRV"XS~WDOVQHKRPSRNU\WY\VRNYUFK
3RYHGDOVL=DMWUDVLQDWRPWRYUFKXY\VN~DPVYRMXWHOHVQ~]GDWQRV"
5iQRVLREOLHNRONRHX]NRHPODGpKREL]yQDFH]SOHFHVLSUHKRGLOWHSO~SULNUYNXDGDOVDQD
FKODSVNYVWXS%ROWRGOKDQDPiKDYYVWXS
.HNRQHQHGRVLDKROYUFKROQDGFKROVDVYRMtPYNRQRP1HRE\DMQUR]KDGSRFHOHMNUDMLQHPX
GDOSRFLWHMHQDYUFKROHVYHWD&tWLOVDPXQHDYt"D]QH3UVLDVDPXQDG~YDOLSFKRX.HVDYUiWL
QDVSl"GRRVDG\UR]SRYLHRWRPWRYNRQHQiHOQtNRYLLGLHYDWiP
$NRVDWDNVHERXQDGFKQDO]UD]XSRXO]QiP\WUNRWDY]YXN3R]UHOVDNQRKiPDWDPVDSOD]t
KDGWUNi
6N{UDNRPRKROXVNRL"KDGSUHKRYRULOXGVNPKODVRP
0U]QHPKODGXMHPXPLHUDPWX6FKRYDMPDSRGNRHX]RKUHMPDDRGQHVGR~GROLDWDPMH
WHSOHMLH0ODGtNVDEUiQL
2MQLH3UHGWHERXPDNDGYDURYDO.DGYLHRVLW\]D]ORGXFKD=GYLKQHP"DDW\PDVPUWHQH
SRKU\]QH
$OHQLH]DOLHDOVDPXKDG1LWLQHXUREtP9HYLGtYDNRPVRPVWDYH.HPLXUREtW~VOXEX
GREUHVDWLRGPHQtP
0ODGtNYiKDODY\KRYiUDOVD+DGKR]QRYDSUHVYLHGDOHRQYHUXQLHMHRE\DMQKDGHWLH
NUiVQHSUXK\QDFKUEWHWRGRVYHGXM~
0ODGtNQDNRQLHFKDGRYLXYHULO'DOVLKRSRGNRHXDY]DOKRGROHGR]HOHQpKR~GROLD7DPKR
SRORLOGRWHSOHMWUiY\DSRYHGDOPX
8URELOVRPDNRVLFKFHO7HUD]VDPLRGPH
+DGVDQDMSUYNU~WLODY\NU~FDOSRWRPVD]UD]XY]RSlODSRKU\]ROPODGpKR,QGLiQDGRQRK\
0ODGtN]YVNRORGEROHVWLDMRGSUHNYDSHQLD
9HVLPLV~ELORGPHQX
$NRVDKDGUFKORSOD]LOGRK~WLQ\HWH]DVLSHO
$OHYHVLGREUHYHGHONWRVRPNHVLPD]RGYLKRO
-
55
;6/2%2'$ &,&(52
$.26,&(16(%$
7$.6,!$$-,1&(1,$
1,.'
-
56
QDRE\LYRtFKRPEROLXGVNpSUiYDDVORERG\"=YLHUDQHSRWUHEXMHVORERGQ~Y{XDWYRULY~VORERGX
1HPiQDWRDQLLQWHOHNWXiOQHDQLHPRFLRQiOQHNDSDFLW\$M]YLHUDWiPDM~VYRMXG{VWRMQRV"
DQHP{HPHLFK]QHXtYD"DOHQHPDM~VFKRSQRV"WYRUL"QHPDM~NUHDWtYQXLQWHOLJHQFLX$WHLVWL
QHYHGLDHV~VDPLSURWLVYRMHMYODVWQHMVORERGH
,EDORYHNXERODGDQiVORERGQiWYRULYiY{DDW~WR%RKRPGDQ~]iNODGQ~VORERGXVLPXVtORYHN
VWiOHSHVWRYD"RFKUDRYD"DREUDRYD"
8'6.e359$$'(02.5$7,&.6
-
57
'QHVRY\HGYHVWRURLDQHVNRULHYlLQDQiURGRYVYHWDMHVORERGQiDGHPRNUDWLFNi.RQHQH
VDLQiURG\VWUHGQHMDYFKRGQHM(XUyS\]EDYLOLVRYLHWVNRUXVNpKRHVNpKRDVUEVNpKRNRORQLDOL]PX
6ORYiFLSR]EDYHQtVDi]LMVNRPDDUVNpKRWLVtFURQpKRNRORQLDOL]PXYURNXVDYURNX
RVDPRVWDWQLOLGHPRNUDWLFNPDFLYLOL]RYDQPVS{VRERPDMRGHVNpKRNRORQLDOL]PX6ORYHQVNRMH
VORERGQpDGHPRNUDWLFNpVWDYD6ORYHQVNHMUHSXEOLN\]DUXXMHXGVNpSUiYDDVORERG\REDQRPWDN
DNRVWDYD86$
$.e9(.e9!$=679235,.=$1,$0,/8-692-+2%/1(+2
1LNG\VDQHY]GiPSUiYDQDVORERGQLYRW
6ORERGDDSURVSHULWD$PHULN\VWiOHSUL"DKXM~XWOiDQFKVYHWDDNRPDJQHW6ORYiFL]DDOLPDVRYR
HPLJURYD"GR86$QDMPlSR]DWYRUHQt0DWLFHVORYHQVNHMDVORYHQVNFKJ\PQi]LtPDDUVNRX
YOiGRX
9$PHULNHVD6ORYiFLRGVYRMKRSUtFKRGXSUHE~G]DOLNVORERGHDNXGVNPSUiYDP.DGi
VORYHQVNiRVDGDY$PHULNHSR]iNODGQRP]RUJDQL]RYDQtVDYSUYRPUDGHVWDYDODNRVWRO\DVORYHQVNp
NRO\=D%RKDDQiURG3RWRPVORERGQpQRYLQ\YNWRUFKUR]YtMDOLP\OLHQN\DVQ\YODVWQHMVORERG\
DVQ\RVORERGH6ORYHQVND
9FHORPVYRMRPLYRWHVRPQHQDLHOXYHGRPHOHMtFKDVORERGQHMtFK6ORYiNRYYHGRPFKVLVYRMLFK
XGVNFKDQiURGQFKSUiYDNRV~DPHULFNt6ORYiFL2'=./$'1&+./6$$0(5,&.e'(7,8,$
692-,0359$0$8,$6$=$1(%2-29$!
%H]DPHULFNFK6ORYiNRYLFKSROLWLFNHM]UHORVWLDUR]KRGQRVWLNRQD"QiURGE\VDQHERORVORERGLORG
PDDUVNFKNRORQLDOLVWRY7DNDNRHPLJUiFLDSUHGRPQRXDQLMDSRGOKRPKDGDQtVRPQHQDLHO
OHSLXXHEQLFXLYRWDP~GURVWLVORERG\XGVNRVWLDQiGHMHGREXG~FQRVWLDNRMH%LEOLDXGLDP{X
E\"Y\VRNRY]GHODQtYPDWHULiOQ\FKYHGiFKP{XVO~L"YQDMY\tFKIXQNFLiFKSULHP\VOXREFKRGX
SROLWLN\NXOW~U\DOHEH]ELEOLFNHMP~GURVWLQHYHGLDSRFKRSL"HNRQyPLXDXPHQLH]RGSRYHGQpKR
DNYDOLWQpKRLWLD
%LEOLDERODKODYQP]GURMRPSROLWLFNFKP~GURVWtRWFRY$PHULFNHMUHYRO~FLH3UYtSROLWLFNt
DQiERHQVNtXWHHQFL]$QJOLFNDYURNXWKH3LOJULPV3~WQLFLHWHQDVYRMHMORGL0D\IORZHU
X]DYUHOLSUHG%RKRPGRKRGX0D\IORZHU&RYHQDQWRNUHV"DQVNHMURYQRFHQQHMVSROXSUiFL,FKFLHRP
ERORY\WYRUL"]QRYpKRNRQWLQHQWXLGHiOQXNUHV"DQVN~NUDMLQX1HZ-HUXVDOHP$QHVNRULHEROD%LEOLD
WPLVWP]GURMRPLQSLUiFLHDMSUHYRGFXDPHULFNFKHUQRFKRY0DUWLQD/XWKHUD.LQJD9DND
ELEOLFNHMP~GURVWL.LQJDSRMHKR]DYUDGHQtMHKRLHUQLLELHOLVSROXSUDFRYQtFLEROLVFKRSQtXVNXWRQL"
UHYRO~FLX~SOQpKR]URYQRSUiYQHQLD$IURDPHULDQRYY86$
'HPRNUDWLFNiSUHPHQDGQHV]DFKYiWLODXDM]LX.UHV"DQVNpGREUp]YHVWLSUHQLNDM~GR]LHD]D
QLPLLGHGHPRNUDFLDDSUiYDORYHND9YRMSUiYDVORE{GORYHNDERODMH"DNDNRPSOLNRYDQ$OH
QHEXGHXGOKRWUYD"DSULNi]DQLH0LOXMVYRMKREOtQHKRDNRVHEDVDPpKREXGH]QiPHSRFHORP
VYHWH7PVDVNRQtMHGQDYHNiIi]DGXFKRYQpKRYYRMDORYHNDQDQDHMSODQpWH
1LNG\VDQHY]GiPSUiYDQDVORERGQLYRW
9HREHFQiGHNODUiFLDXGVNFKSUiY261P\OLHQNRYRNRWYtYSUiYDFKREVLDKQXWFKYSUYRPUDGH
YVWDYH86$=iNODGQpXGVNpSUiYD]DUXXM~XRPG{VWRMQLYRWGXFKRYQDPDWHULiOQ\UR]YRM
=iNODGQpSUiYDDVORERG\DNRSUiYRQDLYRWSUiYRQDVORERGQSUHMDYSUiYR]KURPDRYDQLD
SUiYRQDVORERGQ~SUiFXSUiYRQDQiURGQRV"SUiYRQDVDPRXUHQLHSUiYRQDY]GHODQLHVORERGD
QiERHQVNpKRY\]QDQLDSUiYRYROL"DE\"YROHQSUiYRVORERGQHVDY\V"DKRYD"DYUiWL"VD]iND]
GLVNULPLQiFLHQD]iNODGHUDV\QiURGQRVWLQiERHQVWYDYHNXSRKODYLDDDOLHSUiYDGQHVQLNWR
YVORERGQFKNUDMLQiFKQHVSRFK\EXMH
8YLHPHHORYHNPiYHNpSRVODQLHDG{VWRMQRV"ORYHNQHLMHSUHWRDE\ERORWURNRPLQpKR
DE\QHVSUDYRGOLYRWUSHOXMPXRGLQFKXGt
1LNG\VDQHY]GiPSUiYDQDVORERGQLYRW
1,(.2.20
-
58
X]iNRQHQLHRGVWUDRYDQLDPHQWiOQHVODEFKWHOHVQHSRVWLKQXWFKDVWDUFKSRGDSRKDQRY
QHFKFHQFKXGt
35921$9='(/$1,(
9='(/$1,(%(='8&+291(-025/1(-13/1(1,(-(9='(/$1,(935$920=0
-
59
7+(*5($7/,%(5$7,21
7,%25DQG3(7(5.29$/.
-
60
BOL POVOLAN K SLOBODE .HND]D$QGUHMD+OLQNXURGiND]HUQRYHMIDUiUDUtPVNRNDWROtFNHMIDU\Y5XRPEHUNXMHKR
ELVNXSPRQV$OH[DQGHU3iUY\PiMDSR]EDYLOIDUVNpKR~UDGX+OLQNRYDVLWXiFLDY\]HUDOD
EH]QiGHMQH$EH]QiGHMQHMLHNHKRELVNXS3iUY\M~QDSR]EDYLODMSUiYDVO~L"VYlWpRPH
DY\VOXKRYD"VYLDWRVWL9HPLYiQDYHF
0DDUVNtNRORQLDOLVWLFNtSROLWLFLDFLUNHYQtSUHGVWDYLWHOLD8KRUVND+OLQNXQHQiYLGHOLVYRMRXW\SLFNRX
XOWUDRYLQLVWLFNRXYiRX
+OLQNDVDWRWLYRYREiFKURGYiLODJLWRYD"]DXGVNpSUiYDVYRMKRVORYHQVNpKRQiURGD
$JLWRYDO]DVORYHQVNFKSRVODQFRY]DSRXtYDQLHVORYHQLQ\YVORYHQVNFKNROiFK]DVORERGX
VORYHQVNHMWODHDSRGREQH
+OLQNDPDOQLHNRNRPRQRVWtQDYEHU
0RKROVLVDGQ~"QDURGQ~PHG]XYHUQRYHMDYHWNPRNRORLG~FLPVDV"DRYD"DQDULHND"QDWHQWR
]OVYHW
0RKROUREL"SRPRFQtNDQDQLHNWRUHMIDUH]DEXGQ~"QDND]VNVWDYDFKRGL"QDIDUVNpSiVDYD"NR]\
0RKROSURVtND"VYRMKRELVNXSD3iUY\KRRRGSXVWHQLHVRVXERPHXQLNG\QHSR]GYLKQHKODV%RHM
VSUDYRGOLYRVWLQDREUDQXVYRMKRJQLDYHQpKRDRGQiURGRYDQpKRQiURGDQDNWRURPVDSiFKDO]ORLQ
JHQRFtG\
$OHERVDPRKROUR]KRGQ~"YHPRQPVS{VRERPERMRYD"RVYRMHDQiURGQpSUiYD,NHE\PDOtV"]D
VSUDYRGOLYRV"RXQDNUDMVYHWDDOHERGR5tPD
+OLQNDY\VRNRLQWHOLJHQWQDQDGDQRUiWRUDSULWRPSUDYNUHV"DQVNND]VYRMHMFLUNYLEROVL
YHGRP%RKRPGDQFKSRYLQQRVWtDSUiYORYHND
6Y3DYROPXQDSRYHGDO%UDWLDEROLVWHSRYRODQtNVORERGH
$GREUHYHGHOH-HL.ULVWXVQHY\N~SLOLEDRYLQLVWLFNFK0DDURYDOHNDGpKRORYHND
+/,1.$GXFKRYQHLWHOHVQHNUiVQ\DVLOQPX52=+2'2/6$%2-29$!=$359$-HKR
XHEQLFRXVORERG\PXEROD%LEOLD9HGHOHYHNRPDDUVNRYLQL]PXVQHPDOVXHQtP.ULVWDQL
VSRORQp$OHQHPDOQLVSRORQpDQLVRGND]RPWROHUDQFLHLFKNUiDVYWHIDQD
+OLQNDYHGHOHNUHV"DQVNiPRUiONDMHQDMHKRVWUDQH
5R]KRGROVDERMRYD"]DSUDYGXSULDPRY5tPHXKODY\NDWROtFNHMFLUNYL
'DOVDGRND]RYD"SULDPRYR9DWLNiQHH0DDULNDWROtFNXFLUNHYSURWLSUiYQH]QHXtYDM~QDLFK
PRFHQVNpNRORQLDOLVWLFNpFLHOH3ULWRPVDGLVFLSOLQRYDQHDNRPXWRNyGH[SULND]RYDOSRGULDGLO
UR]ND]XVYRMKRELVNXSD
1DREUDQX+OLQNXDMHKRYHFLVDSRVWDYLOLDMILQDQQHVORERGQtDPHULFNt6ORYiFL9HN~SRGSRUX
QDLHOXVSUDYRGOLYFKND]RYDODLNRYQD0RUDYHDYHVNX
3iSHGRVWDOYHDOLVWRYNWRUpEUiQLOL+OLQNXDMHKRSUDYGX
3HWURYQiVWXSFDVDDNRYG\QHSUHQiKRYDOY]DOVLDV]ELHUDOGRNXPHQW\VYHGHFWYi
0HG]LWPRNWyEUDVDVWDODYHUQRYHMWUDJpGLD8KRUVNtDQGiUL]DVWUHOLOLSlWQiV"PXRY
LHQDGHWtNWRUtFKFHOLLEDWRNRDE\LFKV\Q$QGUHM+OLQNDY\VYlWLOQtPY\EXGRYDQNUiVQ\NRVWRO
7iWRXGDORV"RWULDVODFLYLOL]RYDQRX(XUySRX
1DREUDQX6ORYiNRYY8KRUVNXVDSRVWDYLOLWDNpPRUiOQHRVREQRVWLDNRQRVLWH1REHORYHMFHQ\1yU
%M|UQVWMHUQH%M|UQVRQEULWVNKLVWRULN6FRWXV9LDWRUUXVNVSLVRYDWH/HY7ROVWRMDLQt6ORYHQVNiOLJD
Y$PHULNHRUJDQL]RYDODSURWHVWQp]KURPDGHQLDStVDORVDR~WODNX6ORYiNRYDNRQLNG\SUHGWP/LJD
]REUDODQDVHEDYHNpSRVODQLHRVORERGHQLH6ORYHQVND
3ROLWLFNiPRF%XGDSHWLRGV~GLOD+OLQNXGRYl]HQLD]DSREXURYDQLHSURWL0DDURP9VNXWRQRVWL
+OLQNDQHSREXURYDOSURWL0DDURPRQERMRYDO]DW~QDXVORYHQLQXDDOLHXGVNpSUiYD
DVORERG\VYRMKRQiURGD
+OLQNDEROYRYl]HQtRGURNXGRIHEUXiUDDWDNVDMHKRSUtSDGYR9DWLNiQHSUH"DKRYDO
1DNRQLHFYDNSUHGVD%RLDSUDYGD]Yt"D]LOD9DWLNiQUR]KRGROY+OLQNRYSURVSHFK1DGHQLHEROR
REURYVNp.DWROtFNDFLUNHYVL]tVNDODVUGFLD6ORYiNRY
+OLQNDGRVLDKROYHNpPRUiOQHYt"D]VWYR$VQtPGRVLDKODH[HPSOiUQHPHG]LQiURGQpYt"D]VWYRDM
SUDYGDVORYHQVNpKRQiURGD
-
61
+OLQNDVLEROYHGRPNUHV"DQVNFKSUiYQLNG\VDQHY]GDOSUiYDQDVORERGQLYRW2WHFQiURGD
$QGUHM+OLQNDEROSRYRODQNVORERGH
-
62
;,52=+2'126! =267$5e+2=.21$
$.1,(-$.72"
$.1,(7(5$=.('
-
63
LYRWPiPOHQMHGHQDP{MGHPiLEDGYDGVD"W\ULKRGtQ
1(&+/(1,9$1(52=+2'135(.$-,9270-,927-(35/,&(11
.HMHRUROKODGQD]EDGiNRULV"DQHYUKQHVDQDXKQHDUFKOR]RVWDQHKODGQDVODE-D
QHEXGHPDQLKODGQDQLVODEOHERXYLHPHPXVtPNRQD"KQH
$NQLHMDNWR"
$NQLHWHUD]NHG\"
7HUD]MHDVNRQD"
8WRUD]WDNYLYRWHFKRGt
.WRLMHWHQP\VOt
.WRVDLQtWRPXNYLWQH
.WRMHE\VWUWHQGRVLDKQH
.WRMHUR]KRGQWHQNRQi
.WRMHUFKO\WHQPi
.WRMHP~GU\WHQMHYSO\YQ
.WRMHSUDNWLFNWHQVDQHY\KRYiUD
.WRMHSRVOHGQWHQVDRVSUDYHGOXMH
.WRMHSUYWHQY\KUiYD
8WRUD]WDNYLYRWHFKRGtDLQiWRQLNG\QHEXGH
1$=/$72032'126(6$,9271,.2081(6(5958-($VRVWULHERUQRXO\LNRXY~VWDFKVDURGLD
GHWLLEDYUR]SUiYNDFK3RNLDYLHPDM3RSROXNDERODLEDMHGQD
(MWLHQDHVORYHQVNpSUtVORYLDDSRUHNDGOiV~OHQP~GUH
.WRMHLYQHFKVDKEH.WRGOKROHtSVRWDPXGR]DGNXEHt!DNRWRKRYRGL"NWRViPQHFKFH
FKRGL".RPXVDFKFHWHQP{HNRPXVDQHFKFHWHQDQLQHP{H.RPXVDQHOHQtWRPXVD]HOHQt
/HQLYPiYG\WLVtFYKRYRULHN$NFKFH]ERKDWQ~"]EDYVDQDMSUYGOKRY6YHWQDQLNRKRQHDNi
ORYHNYSRGVWDWHRNRYHNFKFHY\NRQD"LGRVLDKQX"Pi9'
-
64
/$1')8//2)7(037$7,216
7,%25.29$/.
-
65
0
-
66
$NYRGFDFKFHDE\XGLDPDOLLQLFLDWtYXDE\EROL]DSiOHQt]DFLHQDMSUYRQPXVtSUtNODGQHEOD"
RKRP
6~YRGFRYLDNWRUtQiURGGYtKDM~RVORERG]XM~XWYUG]XM~YRPKUGRV"XGVN~G{VWRMQRV"DV~
YRGFRYLDNWRUtQiURGRPSRKGDM~]KDG]XM~KRSRWOiDM~SUiYDDYHG~KRGR]iKXE\7PSUYP
KLVWyULDVWDYLDSRPQtN\WPGUXKPSXMHQDKURE
$NYRGFDQHYHUtY%RKDViPFKFHE\"ERKRP
LYPYRGFRPVDSRPQtN\QLNG\QHVWDYDM~
8',$ 0D"FLHMHQDMG{OHLWHMLH%H]FLHDQHYLHPHLVPHGRVLDKOLQHMDNp~VSHFK\
1DHORQiURGDE\PDOLE\"]YROHQtQLHQDM]KRYRULYHMtDOHQDMY\QLNDM~FHMtXGLD
.HGLSORPDWRYY\FKRYiQiURGXFXG]LQDQHEXGHEH]SHQiMHKRVODQLQD
1LNG\VDQHVSROLHKDMPHQD"DVWLHYG\QDGREUSOiQDWYUG~SUiFX
9t"D]QiSUiFDY\DGXMHYt"D]Q~VWUDWpJLX
1H~VSHFKMHRKURPQHGREUiNRODDOHWDNDNRNRODQHPDOE\VDRSDNRYD"
2VREQiDQiURGQiHV"PXVtE\"Y\XRYDQiSURSDJRYDQiDREUDRYDQi
OHQRYLDPHQtQNWRUtNRQDM~XLWRQ~VOXEXWiWXPDM~E\"Y\]QDPHQDQtDGDQt]DSUtNODGLQP
FWDNYODVWQPURGLRPNQiURGXNMHKRNXOW~UHDWUDGtFLiPMH]iNODGQPSUHMDYRP
FLYLOL]RYDQRVWLSUtVOXQtNRYQiURGD
9HG~FLQiURGDPDM~E\"PHG]LQiURGQHVN~VHQtDOHQLHN~SHQt
6NXWRQtUHSUH]HQWDQWLQiURGDSLQDY~ELHOL]HQLNG\QHSHU~YRQNX
0~GULXGLDV~YG\SRNRUQtOHERYHGLDDNRPiORYHGLD
3\QtQDGXWtJURELDQVNLXGLDPDQHXUiDM~SULYiG]DM~PDGRSODXQDGVWDYRPLFKGXH
.RPELQiFLDPRFLSFK\SRNU\WHFWYDDQH]QDERVWYDMHVPUWHQiNRPELQiFLD
,QWHOHNWXDOL]PXVDHOLWiUVWYRMHFKRUREDGXHKO~S\FKY]GHODQFRY
0QRKtPDM~"DNRVWLKDGD"SUDYGXDKLHVDLPKDGiF\QL]PXVDPRF
6SRORQRV"EH]ORMiOQHMRSR]tFLHSiFKDVDPRYUDGXDQHPiQLNRKRNWRE\MHMWRSRYHGDO
-
67
;,,9,(5$ %2(1(&+-(792-$1(.21(1
,17(/,*(1&,$$9$902-(-35&,
VIERA MI UKAZUJE CESTU %XPHVL~SULPQt.WR]XGtMHWDNVLOQHQLNG\QHSRWUHEXMHSRPRFRGQLNRKR".WRYDVH
PLPRULDGQ\FK"DNRVWtDOHERWUDJpGLHVLQHSRY]G\FKQH%RHP{M.WR]XGtMHWDNVLOQHYDVH
VPUWHQHMFKRURE\YODVWQHMDOHERQLHNRKRPLORYDQpKRQHEXGHLDGD"SRWLFKXDOHERKODVQPQiUHNRP
RSRPRF"3RYHG]WHWRPDWNHNWRUHMXPLHUDGLH"D3RYHG]WHWRQiURGXNWRUSUHtYDWUDJpGLX
RNXSiFLHERPEDUGRYDQLDDOHERJHQRFtG\
$NWR]XGtMHWDNDURJDQWQHNHVDWUDJpGLDSRPLQLHDSUHLMHQHSRY]G\FKQHVLV~DYRX
GREURWLY%RHYDND7L
2GNLDSRFKiG]DWHQ]iKDGQLQWLQNWNWRU]QiVY\UiDY]G\FK\~GLYXUDGRVWLEROHVWLLYDN\
YRNXM~FLFKPRPHQWRFKDOHERYRFKYtDFKQDGHQLD"1LHMHWRQDDGXDNWRUiYG\YLHLNHWR
UR]XPRGPLHWQHHPiNGLVSR]tFLLSRPRFDOiVNXQHNRQHQHWYRULYpKR%RKDQiKRQHNRQHQpKR
YHVPtUX"
-(91626,29$6(3275(%
-
68
yyMDOHV~WLHQDH7DWU\NUiVQH2FKDNR"DPLOXMHP.WRNRYHNWLHKYLH]G\VWYRULOV~~DVQp
&KYiODFKYiODMHQDHVWDURVORYHQVNpD]QDtYDND%RKX
7RWRMHYVNXWRQRVWLGUXKPRGOLWLHE
9LHUDPLXND]XMHFHVWX
ORYHNNHVDVQDtGRSUDFRYD"QLHRKRSRULDGQHKRDQDFHVWH]DVYRMtPFLHRPVDQLHNHG\
GRVWDQHGRVWDYXNHQHYLHNDP]NRQRSt-DYWDNRPSUtSDGHVRPRE\DMQHXSDGROQDGXFKX
.RNRU{]Q\FKSV\FKRORJLFNFKVS{VRERYVRPY\VN~DONHVRPVLFKFHOSRY]QLHV"GXFKD/HQH
NDGWHQVS{VREVDVSROLHKDOQDYODVWQpVLO\ORYHND9HUHMQHVDNDGpPXY\]QiYDPHORYHNMH
VODEWYRU3RSRLDWRQRPQDGHQtP{MGXFKXSDGROD]QRYDVRPVN~DODKDGDOQRYpUDG\YNQLKiFK
SV\FKROyJRYDLQFKRGERUQtNRY/HERORYHNFKFHQDVHEHSUDFRYD"]OHSRYD"VDWXGRYD"
GRVDKRYD"P~GULH"$MVHEHDMPRMHMURGLQHDMP{MPXXWOiDQpPXQiURGXSRG7DWUDPLVRPFKFHO
SRPiKD"QDNRNRPLVLO\DDVVWDLOL7DNHGXFKDVRPVLSRWUHERYDOGUD"YG\QDYHNHMYNH$
SRGOKRPDVHKDGDQLDDWXGRYDQLDDMQiERHQVWLHYVRPREMDYLOHEH]VLOQHMYLHU\DG{YHU\
Y%RKDYHPRK~FHKRDEH]SUDNWLFNpKRXHQLD-HLD.ULVWDDQLY\VRNGXFKDQLQDGHQLHSUHSUiFX
DQLOiVNDDQLQLQHWUYiGOKR
52=80$9,(5$6632/835$&291&,$/(9,(5$086'5$!52=8032'32=,791
-
69
WYRULDMHGQXSULURG]HQ~NRPSOHWQ~ELRORJLFN~MHGQRWNXWRMHV~VFKRSQtSRNUDRYDQLDLYRWDQD=HPL
DYRYHVPtUH7LHWR~ORK\QLHV~Y]iMRPQH]DPHQLWHQp6~SULURG]HQp7RRMHSULURG]HQpMHYG\
VSUiYQH
3RWUHEXM~SRPRFMHGHQGUXKpKRDREDMDSRWUHEXM~SRPRFRGQHNRQHQHLQWHOLJHQWQpKR%RKD
QiKRYHVPtUX.UHV"DQVWYRMHSULURG]HQpQiERHQVWYR'QHQ]iNRQORYHNDNWRUPYHG~FLQiURGRY
QHP~GURKRGLOL]RGSRYHGQRV"]DSRNUDRYDQLHLYRWDLEDQDHQXMHYSUYRPUDGHRGUD]RP
SRNULYHQRVWLGXFKDGQHQHMFLYLOL]iFLH
9SUYRPUDGHMHRGUD]RPGXFKRYQHMFKXGRE\]EDEHORVWLVHEHFNRVWLDQH]RGSRYHGQRVWLPXRY
$NVLPXLDHQ\VYRMHSULPiUQH~ORK\QHSOQLDURELDWRQDYODVWQ~NRGXDQDNRGXFHOpKRXGVWYD
.DGORYHNVDRVREQH]RGSRYHGiSUHG%RKRP]DVYRMHLQ\0QRKpXGVNp]iNRQ\QHEROLDQLHV~
YV~ODGHV%RtPL]iNRQPL
9LHUDPLXND]XMHFHVWX
ORYHNDNRWDNSRWUHEXMHYHGHQLHVYRMKRQHEHVNpKR2WFD%H]QHKRDNRGLH"DFtWLVDQHLVW
PDOQHGRNRQDOVODEEH]VSUiYQHMVHEDG{YHU\DVSUiYQHKRVPHUXYLYRWH0QRKtV~SRSOHWHQt
U{]Q\PLQHSULURG]HQPLWHyULDPLQH]RGSRYHGQFKXGt3HUYHUWLNDGpKRGUXKXRE\DMQHUDFLRQDOL]XM~
VYRMH~FK\ON\
0R]RJQLHMHQDMVSRDKOLYHMtPQiVWURMRPORYHND
5DFLRQDOLVWLNWRUtVDVSROLHKDOLLEDQDPR]RJDY\KOiVLOL%RKD]DPWYHKRQHEROLDQLHV~~VSHQt
([WUpPQHSUtNODG\UDFLRQDOL]PXV~QiURGQVRFLDOL]PXV+LWOHUDDLQWHUQDFLRQiOQ\PDU[LVWLFN
VRFLDOL]PXV6WDOLQD%H]OiVN\N%RKXDNORYHNXEH]SR]QDQLD%RHMVSUDYRGOLYRVWLORYHNYG\
]DEO~GLWXGXMHPHQiERHQVWYiLGHROyJLHDILOR]RILHVYHWD
$OHSRNLDVRPVLQHSUHWXGRYDOQDMUR]tUHQHMLXDQDMtWDQHMLXNQLKXQDVYHWH%LEOLXQHUR]XPHO
VRP]iNODGRPDSRWUHEiPQiKRNUHV"DQVNpKRVYHWDQDHMGXFKRYQHDPDWHULiOQHQDMY\VSHOHMHM
FLYLOL]iFLLYKLVWyULLXGVWYD
=./$'1e=.21
-
70
P\VOHQtDNRQDQtDE\VRPPRKROY\XL"VYRMXLQWHOLJHQFLXD]DREVWDUD"VLYHWNRSUH~VSHQLYRW
=iYHUPRMHMPRGOLWE\SURVE\YG\EXGH%RHQHFKMH7YRMDY{DYPRMHMSUiFL
$E\VRPQHERODNRWtGYDMDVHGOLDFLNWRUtVWiOH%RKDREYLRYDOL]QHHVWQHMKU\LOLYPDOHM
GHGLQNHYHGDVHED-HGHQSHVWRYDORELOLHGUXK]HOHQLQX.HSUYLDGDO%RKDRGiGUXKLDGDO
RVXFKR.HGUXKVDPRGOLODLDGDO%RKDRVXFKRSUYLDGDOGi$WDNLSUDORLERORVXFKR
YG\MHGHQGUXKpKRREYLRYDOL]RVDERWiHLFKPRGOLWE\$VSROXKURPLOLQD%RKDDY\KUiDOLVDPX
SDOLFRX9RVYRMHMSO\WNHMYLHUHQHYHGHOLH%RKQLHMHSDKRONRPQLNRKRHMHWRLFKP\VOHQLHNWRUpVL
PXVLD]KDUPRQL]RYD"V%RtPL]iNRQPLDP~GURNRQD"SRGDQLFK
1LHNHG\MH"DNRUR]R]QD"%RLH]iNRQ\YNDGRGHQQRPLYRWHDULDGL"VDSRGDQLFK.DG
SUtURGQ]iNRQYRVYHWHMH%Rt]iNRQ%RKVWYRULOVYHWLSRPDO\DLUFKORQLHMHUR]KRGXM~FH
9HWN\]iNRQ\Y\WYRULODMHKRQHNRQHQiLQWHOLJHQFLD0\LFKLEDREMDYXMHPHDOHLFKQHY\WYiUDPH
1LMDNYHGHFVLWRQHEXGHQDPD"1LHNWRUtSRORY]GHODQFLKHM
3RGDWRKRNWRSUYREMDYtWHQNWRU]iNRQLSULQFtS%RHMSUtURG\SRGDWRKRMHWHQ]iNRQ
SRPHQRYDQ$OHQLHMHMHKRYODVWQtFWYRPDNRVRPVLP\VOHOYQH]UHOHMPODGRVWL1RYVS{VRESRXLWLD
SUtURGQFK]iNRQRYSDWHQWMHPDMHWNRPY\QiOH]FXDOHQLH]iNRQ\SUtURG\]iNRQ\%RLHNWRUPL
Y\QiOH]FDSUDFXMH
9H]PLPHVLQDSUtNODG1HZWRQRY]iNRQDNFLHDUHDNFLHNWRUSR]QiNDGLDN.DGiDNFLD
Y\YROiYDURYQDN~UHDNFLX
$NFLDNWRUiY\YROiYDURYQDN~UHDNFLXYKPRWQRPVYHWHGiVDY\MDGUL"PDWHPDWLFN\DXGLDMX
UR]R]QDM~DKNR$OHNHVDWHQLVW]iNRQDOHERSULQFtSQDFKiG]DYVSRORHQVNHMSROLWLFNHM
QiERHQVNHMREODVWLQLHYG\KR]DFK\WtPH1DSUtNODGGUXK]iNRQWHUPRG\QDPLN\REMDVXM~FL
HQWURSLXSR]QiNDGWXGHQWI\]LNiOQHMFKpPLH$OHSUHQHVHQLHWRKRLVWpKR]iNRQDGRG\QDPLN\
VSRORHQVNFKSURFHVRY]Y\RYDQLHFKDRVX]Y\RYDQtPXGVNHMDNWLYLW\MHXPHQHM]QiP\
1HZWRQREMDYLO]iNRQDNFLHDUHDNFLHYVHGHPQiVWRPVWRURtNHWXGRYDOI\]LNiOQ\SRK\EWHOLHV
$OHWHQLVW]iNRQSODWtLYVSRORHQVNFKY]"DKRFKDYNDGRGHQQRPLYRWHORYHND0RGOLWED27(
1NWRU~QiP]DQHFKDOV\Q%RKD-HL.ULVWXVREVDKXMHWHQLVWSULQFtS%RK2WHF2'386!10
1$(9,1
-
71
.ULVWRYDOiVNDXtDSULQiDSRNRMDPLHU$NFKFHDE\"DSUHVWDOLQHQiYLGLH"]DQLLFKPLORYD"
1LNG\SUYtQHSUHSDGiYDMPHVORYRPDOHER]EUDDPLLQFK
$NQiVLQtSUHSDGQ~EUiPHVDQDMSUYPLHURYPLSURVWULHGNDPL
%UiQL"VYRMHMHVWYRYDQLH]QDPHQiEUiQL"VWYRUHQLHQiKR%RKD2WFD
9LHUDPLXND]XMHFHVWX
9GQHQFKDVRFKVDYHWNRQDVYHWHUFKORY\YtMDDPHQtRYHUDSODWLORGQHVXQHSODWtDQL
WHFKQLFN\DQLVSRORHQVN\EDDQLPRUiOQHXGLDQHVWDLDVOHGRYD"YHWN\QRYp]PHQ\YHGRPRVWL
WRE{LFKYHWN\WXGRYD"0QRKPXRPVD]WRKRYHWNpKRNU~WLKODYDV~]PlWHQt1HYHGLDNDP
VDREUiWL"VN{UNGHQiMV"VNXWRQ~SUDYGXDVWDELOLWX$SUHGVDQDSULHNYHWNPUFKO\PD
XVWDYLQP]PHQiPMHGHQPDMiNMHGQRVYHWORMHGQDVWiOLFDMHGQDWUYDOiRSRUDDSUDYGDMHYHQiD
QLNG\VDQHPHQt
-(729(1(3/$71e8(1,(.5,67$
9MHKRXHQtXGVWYR]DNDGFKRNROQRVWtQDFKiG]D~WHFKXLQSLUiFLXNXLWRQHMLQQRVWLDQiGHMGR
EXG~FQRVWL
6Y3DYROKRYRUt.GHMH'XFKQiKR3iQDWDPMHVNXWRQiVORERGD
=PHQ\DNRGRVSLHYDQLHXXGtV~SULURG]HQp.DGi]PHQDNDGSURFHVSUHURGXMHSUH
QLHNWRUFKXGtQHSRKRGOQQLHNHG\EROHVWQ=PHQDPLVDY\WYiUDM~VSRORHQVNpDKRVSRGiUVNH
QHLVWRW\7DNiMHSUDYGDHFHOiGQHQiXGVNiVSRORQRV"MHDNRE\YS{URGQFKEROHVWLDFK1iGHMD
YODVWQ~LQLFLDWtYXQHVPLHPHVWUDWL"1DNRQLHFSR"DNRVWLDFKNHVDSUHURGtPHUDGRV"D~VPHY]
Yt"D]VWYDQiPQDSOQtVUGFH
.DG]QiVSULFKiG]DQDVYHWVSODRPNHVDVHSDUXMHPHRGPDWNLQKRWHOD
$OHQDPDWNLQFKSUVLDFKVDXVSRNRMtPHDRVNRURVUtPHHQHUJLRXSOQtLYRWD
3UY~PDWXULWXSUHFKRG]RVYHWDUDMVNpKRSRKRGOLDYRYRGHDWPHGRVYHWDY]GXFKXDVYHWODVPH
~VSHQH]YOiGOL
$DNRVDYHWFLYGHWVWYHWHtPH]NDGHMVHNXQG\LYRWD
%RORE\P~GUHXGUD"VLW~WRGHWVN~UDGRV"]RLYRWDSRFHOLYRW$MQiPWDNUDGtQDMP~GUHMtXLWH
-HL.ULVWXV'{YHUXMWHY%RKDLVWRXYLHURXGHWt
9LHUDPLXND]XMHFHVWX
$NXYiLPHVLWXiFLXXGVWYDD=HPHYRYHVPtUHQHRVWiYDQiPDQLQLLQpDNRG{YHURYD"QiPX
YHVPtUQHPX%RKX3R]ULPHVDQDDNRPPDORPX]XNRPN~VRNXYHVPtUX,%$929,',7(120
69(7/(-(6798-(0(=FHOHMREURYVNHMHOHNWURPDJQHWLFNHMNiO\YHVPtUXRGJDPDO~RYFH]
U|QWJHQRYpDXOWUDILDORYpO~HQDDYHMVWUDQHDLQIUDHUYHQpO~HPLNURYOQ\DUiGLRYpYOQ\QDSUDYHM
VWUDQHPiPHQDLYRWSULGHOHQ~QDMXLXYLEUDQ~NiOXYLGLWHQpVYHWOR3RKQHPHVDGRDYDVSiOLD
QiVXOWUDILDORYpO~HSRKQHPHVDGRSUDYDVSiOLDQiVLQIUDHUYHQpO~H
.72=166,9
-
72
$NERO]iXMHPWHMY\VRNHMYHVPtUQHMLQWHOLJHQFLHQDMSUYSULSUDYL"W~WRXLWRQ~WHSOPD
VWXGHQPY]GXFKRPVWXGHQRXDWHSORXYRGRXOX[XVQHY\EDYHQ~~DVQRXD~URGQRX]HPRX
NYLHWNDPLOLHLYPLUDVWOLQNDPLPlNNRXWUiYLNRXDNUiVQ\PLVWURPDPLY\VWODQ~DXLWRQPL
LYRtFKPLY\]GREHQ~SODQpWXSUHORYHND"
3UHRV~RVWDWQpSODQpW\QDHMVOQHQHMV~VWDY\SXVWpEH]LYRWD"9HGFL]LVWLOLHDNE\QDD
SODQpWDERODRLOHQRGHVD"SHUFHQWYlLDDOHERPHQLDLYRWE\QDQHMQHPRKROH[LVWRYD"9\VRNi
WYRULYiPDWHPDWLND
1LVDYRYHVPtUHQHGHMHEH]SUtLQ\9HVPtUQ\$UFKLWHNW6WYRULWHPiVYRMHSOiQ\VRVYRMtP
YHVPtURPLVQDPLQRLVNDGP]QiVRVREQH
&KFHPHYHGLH"DNPi]iXMHPDDNpSOiQ\PiVQDPL"
0{HPHDNVLQiRVREQSULMtPDDY\VLHODQDHVUGFHDPR]RJQDODGtPHQD-HKRYOQRY~GNX
0XVtPHYDNWXGRYD"VS{VRE\DNRQDMOHSLHP{HPHV$UFKLWHNWRP6WYRULWHRPYHVPtUX
NRPXQLNRYD"6~XGLDNWRUtFKF~PLOLyQ\EH]SUiFH$NHLFKQHGRVWDQ~KQHYDM~VDQDFHOVYHW6~
XGLDNWRUtVDFKF~]KRYiUD"VQHYLGLWHQRXQDMY\RXLQWHOLJHQFLRXYHVPtUX%RKRPWDNDNRVD
]KRYiUDM~VLFKSULDWHRPEH]QiPDK\SULSRKiULSLYD$NHVDLPWREH]SDWULQHMSUtSUDY\QHSRGDUt
SUHNOtQDM~QLHVYRMXOHQLYRV"DOHLFK6WYRULWHD
-HRKURPQHGREUHHXGVWYRVDVQDtUR]YtMD"VYRMXLQWHOLJHQFLX
HVN~PDPHH[SHULPHQWXMHPHWHRUHWL]XMHPH-HWRSRWUHEQpLQWHOHNWXiOQHFYLHQLHSUHQiOHSt
LYRW7PVDSULEOLXMHPHN%RKX
9LHUDPLXND]XMHFHVWX
9HWNRYGQHQFKDVRFKQDVYHGXMHWRPXHRERMHLVWiYHGDDLVWpQiERHQVWYRVNRQLDY
MHGQRPY%RKX
+HMSUHFKRG]GHWVWYDGRGRVSHORVWLMHQHV~ODGQQLHNHG\NRQIOLNWQ.DGORYHNPiWDNpD
RQDNpSUREOpP\VUDVWRPDGRVSLHYDQtP.HGRVSHMHPHNHPiPH]DVHERXYHWN\WLH]PHQ\NH
XUR]XPLHPHLYRWXYWHG\DMQDURGLRYDMQDXLWHRYDMQDNQLK\QDYHWNRWRWXGRYDQLHD
GLVFLSOLQRYDQLHVDSR]HUiPHLQi
/HERXUR]XPLHPH3R]HUiPHVDQDWRDNRQDSUHSRWUHEQ~HSRFKXQHY\KQXWQSURFHVUDVWXDVPH
SRYDQtWPNWRUFKVPHQLHNHG\YQHYHGRPRVWLQHQiYLGHOLQHG{YHURYDOLVPHLPDQHYHULOLHFHOi
WiQiPDKDMHSUHQDHYODVWQpGREUR$OHNHXPiPHUDVW]DVHERXD~VSHFKYUXNHVUDGRV"RX
RGSRUXtPHNDGpPXDE\VDQHEiOSURFHVX]PHQ\RVREQpKRSUHURGXDSRWUHEQHMQiPDK\
/(%22'0(1$=$10$+8-(6/$',$$.20('
&HOpXGVWYRGRVSLHYDUR]YtMDVD6~P\VWLNRYLDNWRUtKRYRULDHXGVWYRYQDLFKDVRFK
SUHFKiG]DVWDYRP"DNpKRGXFKRYQpKRLELRORJLFNpKRSUHURGX9VOHGRNEXGHVFKRSQRV"ORYHND
P\VOLH"QLHYWURFKGLPHQ]LiFKDOHYW\URFKEDLYSLDWLFK0iVDSUHNRQWUXRYD"KHOL['1$7RX
SRWRPEXGHPHUR]PD"DUR]XPLH"VHEHLQPFHOpPXYHVPtUXDMHKR6WYRULWHRYLYHGRPtP.ULVWD
'DOE\%RKDE\VRPVDWRKRPRKROGRL"
3UHWRYQDLFKSOiQRFKGREXG~FQRVWLQHP{HPH]RVYRMKRWXGLMQpKRSURJUDPXY\QHFKD"
QDMUR]tUHQHMLXDQDMtWDQHMLXNQLKXXHEQLFXQDNWRUHMVWRMtQDDFLYLOL]iFLDXHEQLFXHNRQyPLH
LYRWD%,%/,8(WHOHSLHXUREtPHNH]QHMEXGHPHtWD"QDVYRMHMNDGRGHQQHMS~WL]DNYDOLWQP
LYRWRP
129.561
-
73
:+(5(9(5
-
74
AK BY KRISTUS NEBOL MEDZI NAMI 'QHVY86$Y6ORYHQVNHMUHSXEOLNHDYRYHWNFKWUDGLQHNUHV"DQVNFKNUDMLQiFKYHDXGtQHYLH
QDDNFK]iNODGRFKVWRMtQDM~VSHQHMLDFLYLOL]iFLDYGHMLQiFKXGVWYDQDDNUHV"DQVNiFLYLOL]iFLD
=GiVDHVLDQLQHXYHGRPXM~SUHRXWHHQFL]EYDOFKNRPXQLVWLFNFKDOHERQDFLVWLFNFKNUDMtQ
XWHNDOLGRWUDGLQHNUHV"DQVNFKNUDMtQ%H].ULVWDV\VWpP\WFKWRNUDMtQE\EROLURYQDNREUXWiOQHDNR
DWHLVWLFNpNUDMLQ\]NWRUFKXWHNDOL,GQHVKODGQtDXWOiDQtQHXWHNDM~GRPRVOLPVNFKNUDMtQDOHER
GRtQ\DOH]QRYDGRNUHV"DQVNFKNUDMtQ=iSDGX7XV~UHSHNWRYDQpYHWN\LFKXGVNpSUiYDD
VORERG\1HNUHV"DQVNpNUDMLQ\SUHQDVOHGXM~NUHV"DQRY.HQLHNWRUtPRVOLP\VDRGYiLDSULMD"
NUHV"DQVWYRWtWRV~SUHQDVOHGRYDQtDOHERLPXVHNQ~KODYX,]UDHOVNpYOiG\GLVNULPLQXM~NUHV"DQRY
DOHERLFKY\KRGLD]NUDMLQ\0LOLyQ\tQVN\FKNUHV"DQRYEROLDV~SUHQDVOHGRYDQtD]DEtMDQtLQtGOKp
URN\Yl]QHQtWU]QHQtLFKURGLQ\SUHQDVOHGRYDQpDKPRWQHQLHQp'HVLDWN\PLOLyQRYNUHV"DQRYEROR
Y\KODGHQpYEYDORP6RYLHWVNRP]Yl]HDLQFKNRPXQLVWLFNFKNUDMLQiFK0DU[L]PXVQLLONUHV"DQVWYR
SRKDQVNRXVLORX
.HQHPHFNtQDFLVWLYWUKOLGR3RVNDMHGQX]SUYFKSURWLSRVNFKDNFLtNWRUp]RUJDQL]RYDOL
ERORXYUKQXWLHWLVtFRYNDWROtFN\FKND]RYGRNRQFHQWUDQFKWiERURY3RGREQHDNRNRPXQLVWL
KLWOHURYFLSRWOiDOLDY\N\QRRYDOLSRYHGDREDQRYLGRYVNpKRQiERHQVWYDDMGXFKRYQFKYHG~FLFK
DLQWHOLJHQFLXQiURGRYYDGHNDPSULOL+LWOHUVDQLHUD]Y\MDGULO.HVNRQtP]RLGPLQDUDGSUtGH
NUHV"DQVWYROHERWRSRFKiG]D]RLGRYVWYD
-HYHPLVSUiYQHDG{VWRMQpHREDQLD65Y3UHDPEXOHQDMY\LHKR]iNRQDYVWDYH65VD
KOiVLDNYHNpPXNUHV"DQVNpPX&\ULOR0HWRGVNpPXRGND]X
9DtPH]DWRQiPXJHQLiOQHPXNUiRYLY]GHOiYDWHRYLRVORERGLWHRYLQiURGD5DVWLVODYRYL
.UiRYL5DWLVODYRYLDWLHYWHGDMtPNQLHDWiP6ORYHQLHND6ORYHQRY1LWUDYDQVNpPX6YlWRSOXNRYLD
3DQRQVNpPX.RFHRYLNWRUtSRUR]XPHOL5DVWLVODYRYHMJHQLiOQHMP\OLHQNHHQiURGVDQDMOHSLHD
QDMUFKOHMLHY]GHOiDSRUR]XPLH.ULVWRYPXXHQLXDVYHWVNHMQiXNHYMHKRPDWHULQHYVORYHQVNRP
MD]\NX7PWRWURPYHQHDNXMPHHSR]YDOLXL"HRYSUH6ORYiNRYVVY&\ULODD0HWRGD]FHQWUD
YWHGDMLHKRY]GHODQLD]9FKRGRUtPVNHMUtH]%\]DQFLHYURNX3iQD8HQLH.ULVWDLQSLURYDOR
VVY&\ULODD0HWRGDNRVYRMHQLXVLJHQLiOQHM5DVWLVODYRYHMP\OLHQN\SRXtYDQLHVORYHQVNpKRMD]\NDY
tUHQtNUHV"DQVNHMY]GHODQRVWL9\FKRGRUtPVNL%\]DQWVNtSDWULDUFKDDWDNLVWRFLViU0LFKDO,,,QDGHQH
SRGSRURYDOLP\OLHQN\DSOiQ\NUiD5DVWLVODYD&LViUSRURYQDO5DVWLVODYDVUtPVN\PFLViURP
.RQWDQWtQRP9HNPNWRUYURNX]URYQRSUiYQLONUHV"DQVWYRVRVWDWQPLQiERHQVWYDPLYUtL
7LHUtPVNLSiSHLEROLXGYDURN\SUHGSUtFKRGRP&0]R]QiPHQtV5DVWLVODYRYRXP\OLHQNRXNWRU~
VFKYiOLOL/HQHQHPDOLY]GHODQFKND]RYDXLWHRYNWRUtE\RYOiGDOLVORYHQLQX9WHG\WDNDNRL
GQHVY]GHODQFLNWRUtSR]QDOLVORYDQVNpMD]\N\DNRVY&\ULOD0HWRGYHGHOLHVORYHQLQDMH
FHQWUiOQ\PVORYDQVNPMD]\NRP1DHQiURGQpPHQR6ORYHQpDNRVDSUHGVWDYLOD5DVWLVODYRYD
GHOHJiFLDFLViURYL0LFKDORYL,,,6ORYHQN\DMHKRLQRNUDMLQQpREPHQ\6ORYMHQMH6ORYMDQp6ODYMDQp
ERORWLHVNXSLQRYPPHQRPPHQRPFHOHMURGLQ\VORYDQVNFKQiURGRY
0RFHQVNpDSROLWLFNpYRMQ\NWRUpYLHGOL1HPFLSURWL6ORYHQNiPD6ORYHQRPDVORYHQLQHQHPDOLV
.ULVWRYPXHQtPOiVN\QLVSRORQp
%2/72./$6,&.35./$']QHXtYDQLD.ULVWRYHMSUDYG\LPSHULiOQRXVYHWVNRXPRFRX,SiSHLVD
SRVWDYLOLSURWLWRPXWRDURJDQWQpPX]QHXtYDQLXPHQD.ULVWRYKRD-HKR&LUNYLQDQDV\FRYDQLH
PRFHQVNFKFK~"RNQHPHFNFKDJUHVRURY9QHVNRUtFKVWRURLDFK8LJUL0DDULNHSRGURELOLNUDMLQX
QDLFKVORYHQVNFKSUHGNRYSRGDQHPHFNpKRSUtNODGXWDNLVWR]QHXtYDOLYHWN\FLUNYLQDNXOW~UQX
JHQRFtGX6ORYiNRYDLQFKQHPDDUVNFKQiURGRY8KRUVND%ROLWRSURWLNUHV"DQVNpSRKDQVNp
SUDNWLN\7DNFKWRSUtNODGRY]QHXtYDQLD.ULVWRYHM&LUNYLYMHMGYHWLVtFURQFKGHMLQiFKMHGRV"
6RPYHPLSRYDQ3iSHRYL-iQRYL3DYORYL,,HPDUFDYHUHMQHSURVLO%RKDRRGSXVWHQLH
KULHFKRY&LUNYL]DFHOpGYHWLVtFURLD9\MDGULO~WRV"QDGQiVLOQRV"DPLSiFKDQPLYPHQHSUDYG\
2GS~"DPHDLDGDPHRRGSXVWHQLH
LDGDPHRGSXVWHQLH]DQHMHGQRWQRV"NUHV"DQRY]DSRXLWLHQiVLOLDQLHNWRUPLNUHV"DQPLYVOXEH
SUDYG\D]DUH]HUYRYDQRV"DQHSULDWHVWYRNWRUpVPHQLHNHG\SUHFKRYiYDOLYRLVW~SHQFRPLQFK
QiERHQVWLHY]D]QHOR]~VWWRKWRSRVNpKRPLORYQtNDSUDYG\.ULVWRYHMQD3HWURYRPVWROFL
=~VW1iPHVWQtND.ULVWRYKRY\WU\VNROWHQWRSUHMDY~SULPQHM~WRVWLD.ULVWRYHMOiVN\QDGVODERV"RX
ORYHNDQDGFK\EDPL&LUNYL-HWRYHNDKLVWRULFNLQSRNRU\DGXFKRYQHMVLO\'~IDPHLQp
QiERHQVNpDQiURGQpVSRORQRVWLXGtQDHMSHNQHMSODQpW\EXG~3iSHRYLQRVSUDYHGOQHQLD
QDVOHGRYD"
.GHE\VPHEROLEH].ULVWD"
-
75
$.%2/,927YQDMY\VSHOHMRPDQDMPRFQHMRPLPSpULXYWHGDMLHKRSRKDQVNpKRVYHWD9
506.20,03e5,8"
3RSUYpLYRWORYHNDQHPDOYHN~FHQX9LHPHHYlLQDRE\YDWHRY5tPDEROLRWURFL7tWRXGLD
QHPDOLQLMDNpSUiYDDQLSUiYRQDLYRW3UHLFKPDMLWHDEROLPDMHWRNWDNDNRMHKR"DQp]YLHUDWi
2WURNiUPRKRORWURND]DEL"EH]DNpKRNRYHNSUiYQHKRQiVOHGNX9GHPRNUDWLFNFK$WpQDFKURYQDNR
DNRY5tPHYlLQDRE\YDWHRYEROLRWURFL,QGHQDVYHWHWRPXERORSRGREQHEDKRULH
.UHV"DQVWYRVDtULORQDMPlPHG]LQDMFKXGREQHMtPLDQDMXWOiDQHMtPLWULHGDPLLPSHULiOQHKR
5tPD2VORERG]RYDFLHXHQLH.ULVWDERORUDGRVWQHSULMtPDQpQDMPlHQDPLNHHHQ\EROLY"DNRP
SRORHQt3RKDQVNt5LPDQLDQD]YDOLNUHV"DQVWYRHQVNPQiERHQVWYRPDOHERQiERHQVWYRP
VODERFKRY
3275,67252,$.5(6!$1,$%2/,%587/1(35(1$6/('29$1DVWRGRVORYDKiG]DQtOHYRP
QDUR]WUKDQLHYUtPVNRP.RORVHXSUHSHUYHU]Q~UDGRV"SRKDQVNpKRNUYLODQpKRSXEOLNDQDHOHV
FLViUPL
.RQHQHYURNXSR.ULVWRYLFLViU.RQWDQWtQ9HN]URYQRSUiYQLONUHV"DQRYY5tPVNHMUtL
3UHWRH5tPEROXGOKRPRUiOQHVNRUXPSRYDQDWPLHNRQRPLFN\VNUDFKRYDQYURNX
.RQWDQWtQ9HNY\EXGRYDOQRYpKODYQpPHVWR5tPVNHMUtHY%\]DQWLXPQHVNRULHSUHPHQRYDQpQD
.RQWDQWLQRSRO&DULKUDG,VWDPEXO.RQWDQWtQRYRSDQRYDQLHVDY\]QDLORUHIRUPRX]iNRQRYY
]P\VOHNUHV"DQVNpKRKXPDQL]PX.RQWDQWLQRSROVDSRVWXSQHVWDORQDMERKDWtPQDMNUDMtPD
QDMY]GHODQHMtPPHVWRPVYHWD%RKDWVWYRSUHVWHQRV"DPRF%\]DQFLXGHJHQHURYDOL'RE\WLH
NUHV"DQVNHMVHYHUQHM$IULN\DEOt]NHKRYFKRGXPRVOLPDPLRVODELORYSO\YDPDQpYURYDFLXVFKRSQRV"
%\]DQFLH
7HQWRVWDYWUYDODGRSRUiN\%\]DQFLHWXUHFNPLPRVOLPDPLYURNX
6~EHQiSRPRF]5tPDQHSULOD
3R]URYQRSUiYQHQtNUHV"DQRYUYSO\YPRUiOQHKRDWPLVWULHGPHKRHNRQRPLFNpKR
NUHV"DQVWYDUiVWRO=PHQLORVDP\VOHQLHXGtY]P\VOHELEOLFNpKRSULNi]DQLDPLOXMVYRMKREOtQHKRDNR
VHEDVDPpKR.ULVWRYRXHQLHOiVN\DREHW\VS{VRELOR]PlNQXWLHVFLYLOL]RYDQLHWYUGFKSRKDQVNFK
VGF&KRYDQLHXGtMHGHQNGUXKpPXVD]OHSRYDOR7RVS{VRELORYHDVSRORHQVNFKDSROLWLFNFK
]PLHQ1DSUtNODG]iND]NUYDYFKJODGLiWRUVNFKKLHU
.UHV"DQVWYRWLH]PHQLORSROLWLFN~DVH[XiOQXPRUiONXXGt3UHNUHV"DQDQLNG\QHERORPRUiOQH
YODVWQL"RWURNRYWRE{X]DEL"ORYHND0DQHOVWYRVDVWDORVWDELOQP5RGLQDDNR]iNODGQiMHGQRWND
VSRORQRVWLVDXSHYQLOD
9LHVWRPVWRURtFLViU-XVWLQLiQY\GDO]iNRQQDRFKUDQXLYRWD'HWLQDURGHQpLQHQDURGHQpVDX
QHVPHOL]DEtMD"DOHERRGKDG]RYD"2WURFLEROLRVORERGHQt
9$.$.5(6!$16.(-025/.(=.211(6$=58,/2752&.6
-
76
$E\5tPQHXPUHORGKODGXPXVHO]DXGRYD"VYRMHSRQRKRVSRGiUVNHODWLIXQGLi]iNODG
KRVSRGiUVWYD5LPDQRYYlLQRXQiVLOQHRGLQDNLDGRYH]HQPLXPL*HUPiQPL.HOWDPL,EHUPL
6ORYDQPLDDOtPLQiURGPL
$OHSRDVHDMWtVDRGPLHWDOLUR]PQRRYD"DVWDUD"VDRVYRMXURGLQX
0RUiOQHSHYQpNUHV"DQVNpURGLQ\VSRORQRVWLSURVSHURYDOLDUiVWOL
3ULWRPNUHV"DQLD]tUHMOiVN\N%RKX]ELHUDOLD]DFKUDRYDOLRGKRGHQpVWYRUHQLD%RLH2SDWURYDOLD
NPLOLVWDUFKDFKRUFKXGtDWLHRGV~GHQFKXGtYRYl]QLFLDFK.UHV"DQLDSUDFRYDOLXVLORYQHD
HVWQH=DPHVWQiYDWHOLDUDGLSULMtPDOLNUHV"DQRYGRSUiFH.UHV"DQLDQHNUDGOLEROLVSRDKOLYtEROL
PRUiOQLDVWULHGPL5LDGLOLVDUDGRXVY3DYOD.WRQHSUDFXMHQHFKDQLQHMH'HOLOLVDVSORGPLLFK
SRFWLYHMSUiFHVLFKEUDWPLDVHVWUDPL0iUQLYPRUiOQHDILQDQQHVNUDFKRYDQSRKDQVN5tPVD
LQQRV"RXNUHV"DQRYSRXG"RYDOPHQLOUHJHQHURYDO6YlW3DYRO$SRWRO.DGNWRSULMPH.ULVWD
GRVYRMKRVUGFDVWDQHVDQRYPVWYRUHQtP
.5(6!$1,$=$/2,/,359e6,5271&(1(02&1,&(,78/.
-
77
FLUNYDPL&HOpNROVWYRY(XUySHDY$PHULNH]DDORSULNRVWRORFK
,XLWHQiURGRY-iQ$PRV.RPHQVNEROND]0QRKtY]QDPQtY]GHOiYDWHOLDDYRGFRYLDVORYHQVNpKR
QiURGDEROLND]\5XGQD\%HUQROiN0R\VHV.X]PiQ\+XUEDQ+RGD+OLQND.PH"NR9RWDiNY
VORYHQVNHM$PHULNH)XUGHN-DQNROD.DUGLQiO7RPNRYHG~FLHYDQMHOL]iFLHQiURGRYY.DWROtFNHMFLUNYL
PiFHORVYHWRYYSO\YQDYFKRYXDY]GHOiYDQLHPLOLyQRYQHNUHV"DQRYLNUHV"DQRY2]GREDGQHQpKR
6ORYHQVND-iQ.DUGLQiO.RUHFDXWRUGHVLDWRNNQtKSUHQDVOHGRYDQNRPXQLVWDPLMHSUtNODGQP
Y]GHOiYDWHRPXGXDPOiGHH
.GHE\VPHEROLEH].ULVWD"
+8'%$
.GHE\EROVYHWKXGE\EH]NUHV"DQVNFKVNODGDWHRY"9LHPHVLGQHVSUHGVWDYL"VYHWRY~KXGEX
QDSUtNODGEH]VNODGDWHRYDNRSiSHVY*UHJRU,9HNRWHFPRGHUQFKHXUySVN\FKQyW
EHQHGLNWtQVN\PQtFK*XLGR]$UH]]R$OELQRQL9LYDOGL7HOHPDQQ+DQGHO%DFK%UDKPV
0R]DUW%HHWKRYHQ+D\GHQ:DJQHU*OLQNDDMNRYVN\'YRiN3XFFLQL0HQGHOVVRKQ&KRSLQ
9UXNRSLVRFKYHNpKRVNODGDWHD-RKDQQD6HEDVWLDQD%DFKDV~U{]QHVNUDWN\NWRUpQLHNWRUt
YVNXPQtFLQHYHGHOLY\O~WL"%DFKSRYDRYDOKXGEX]DVOXEX%RKX
7R]G{UD]RYDOLMHKRLDNRP1LHNRNRVNUDWLHN]MHKRUXNRSLVRY6'* 6ROL'HR*ORULD,ED
SUHVOiYX%RLX-- -HVX-XEDQ-HLSRP{PL,1- ,Q1RPLQH-HVX9PHQH-HLD
%DFKQHVPLHUQHPLORYDO.ULVWRYXSUDYGX1D6ORYHQVNX%HOOD6FKQHLGHU7UQDYVNV~W\SLFNtNUHV"DQVNt
VNODGDWHOLD
7DNPHUSRORYLFDQDLFKSUHNUiVQ\FKXGRYFKSLHVQLWDNRXDOHERRQDNRXIRUPRXVSLHYDR%RKX
80(1,(
.HVDSR]ULHPHQDPHVWi(XUyS\GYHGRPLQDQW\QiPXGU~GRR~KUDG\SUHRFKUDQXD
NUHV"DQVNpFKUiP\SUHVSiVX9HXUySVN\FKPHVWiFKVDORYHNFtWLDNRYJDOpULiFKDOHERP~]HiFK
XPHQLD.HVDSUHMGHPHQDSUtNODGSR5tPHDOHER%UDWLVODYHXURELOLVPHVLSUHFKiG]NXY]GHODQLDYR
YHWNFKWORFKDVORKRFK2GDQWLFNpKRFH]JRWLNXUHQHVDQFLXEDURNRNODVLFL]PXVDSR
SRVWPRGHUQX
9\KRPHNUHV"DQVNpXPHQLH]PLHVWGHGtQ]NRVWRORYDJDOpULtD(XUySDSUHVWDQHE\"(XUySRX1D
QLMDNRPNRQWLQHQWHQHYLGtPHWRNRNUiV\WRNRQiGKHU\XPHOHFNpKRDGXFKRYQpKRSR]GYLKQXWLDDNR
YNUHV"DQVNFKNUDMLQiFK-HPRQpSUHGVWDYL"VL(XUySXDVYHWEH]NUHV"DQVNFKXPHOFRY"
3DUWLNXOiUQHQDMPl.DWROtFNDFLUNHYERODDMHILQDQQtNRPDSDWUyQRPXPHQLD8PHQLHNWRUp
SRGSRUXMH&LUNHYPiWUYDO~ORYHNDSR]GYLKXM~FXDUHSHNWXM~FXKRGQRWXSUHFHOpXGVWYR
1DSURWLWRPXPQRKpGQHQpXPHQLHMHSUHPDQH]UR]XPLWHQp
-HWRPRQRXPHQLHSUHSiUXGt
-DWRQD]YDPWLHXPHQLHDUEDQLFHPDFKDQLFH]RK\]GQLFHNRQI~]QLFH.HY\MGHP]JDOpULH
WDNpKRXPHQLDQHPiPSRFLWY]QHHQpKRNUiVQDVRPQDSRFK\EiFKYGXHYQRPUR]SRORHQt
]DQHFKiYDWRYRPQHSRFLWVWLHVQHQRVWLDSUi]GQD
$NRNRQ]XPHQWXPHQLDPiPSUiYRY\KED"VDXPHQLXNWRUpPLQLQHKRYRUtMHEH]REVDKX
IRUP\NUiV\DP\OLHQN\1HP\VOtPVLHSXEOLNXPPiRGFKiG]D"]YVWDYGXFKRYQHY\SUDKQXWp
0\VOtPVLHXGLDVL~DV"RXQDXPHQtFKF~LFKSULURG]HQ~W~KXDSRWUHEXSRNUiVHKDUPyQLLSR
LQWHOHNWXiOQRPDGXFKRYQRPSR]GYLKQXWtXVSRNRML"
$NXPHQLHORYHNDYQ~WRUQHQHQDSDDOHXUiDYLHPHWDNpXPHQLHSUDFXMHSURWLORYHNX6~L
XPHOFLNWRUQD]YDM~SRUQRJUDILXDOHER]DEtMDQLHSUH]DEtMDQLHXPHQtP1XNDGVLMHViPVHEH
UDGFRPDNQHPiY\LHKRUDGFX
1$=9(5
.UHV"DQVNiNXOW~UD.HVDKRYRUtRNXOW~UHDSRXMHPPHQiDNRQDSUtNODG'XUHU%DFK'DQWH
0LFKHODQJHOR/HRQDUGRGD9LQFL9LYDOGL6KDNHVSHDUH5DIDHO7L]LDQ'RVWRMHYVN+YLH]GRVODY
5HPEUDQGW%HHWKRYHQ3RXVVLQ(O*UHFR6OiGNRYL%L]HW,QJUHV5LPVN\.RU]DNRY'RVWRMHYVN
:DJQHU%HQNDDMNRYVN7ROVWRM+ORQtN+DQGHO.RYDOtN'LFNHQV5~IXV*RHWKH.RUHF0R]DUW
6FKQHLGHU7UQDYVN-iQ3DYRO,,RNDPLWHPLSULQHV~SRFLWNUiVQDDKDUPyQLHGRGXH
/HERYLHPHWtWRXGLDVDUR]SUiYDM~V%RKRPDDNXM~PX]D-HKRQH]PHUDWHQ~OiVNXN
XGVWYX]D]RVODQLH-HLD.ULVWDQDQDXNUiVQXSODQpWNXDE\ORYHNDQDXLOL"G{VWRMQHVORERGQHD
YVSROXSUiFLVMHKR6WYRULWHRP
-
78
%RHQHFKMH7YRMDQHNRQHQiLQWHOLJHQFLDDY{DYPRMHMSUiFL
6'*
-
79
=DSRPRFDNXMHP
PRMHMPDQHONH0iULL]DNULWLNX
3K'U0DWHMRYL3RYDDMRYL]DMD]\NRY~~SUDYX
51'U-R]HIRYL.U~SRYL]DRGERUQ~SRPRF
-DQH*UHJRURYHM]DSUHStVDQLH
1DGiFLL.25(1(]DSHQLD]HSUHSUYpNQLQpY\GDQLH
0JU,YRYL%DODMRYL]DVSUDFRYDQLHNQLK\SUHZHE
9iHQtLWDWHOLDDNPiWHRWi]N\DOHERSULSRPLHQN\QDStWHPLH-mail
[email protected] Jerry Jaroslav Krpa