Stáhnout aktuální číslo Valašského chemika.

Transkript

Stáhnout aktuální číslo Valašského chemika.
1 2 9 , 1 < = $ 0 ą 6 7 1 $ 1 & Đ 6 3 2 / ( ÿ 1 2 6 7 , 52ÿ1Ì.;/9,,ÿ(59(1
9$/$â6.é&+(0,.
129È-('127.$1$
9é52%892'Ë.8&$/25,&
1$35292=(%(1=2/
3UYQtHWDSDLQYHVWLþQtDNFH
0RGHUQL]DFHK\GURJHQDþQt
UD¿QDFH
VWUDQD 3591Ë0Ë672+$6,ýģ'(=<
9',6&,3/Ë1È&+
32äÈ51Ë+2632578
'58+é52ý1Ë.
'(=$9$/$&+,$5818
=$1È0,
2NUDMVNpPNROHVRXWČåHYSRåiUQtP
VSRUWXGUXåVWHY+=6D+=63
=OtQVNpKRNUDMH
VWUDQD )RWRUHSRUWiå
+ODYQtWpPD'(=$
$1.(7$
.WHUp QHMY]GiOHQČMãt PtVWR
MVWHQDYãWtYLOD"
0DUNpWD
6WURKEDFKRYi
2UJDQLN
2WURNRYLFH
3URWRåHMVHPWHSORPLOXMtFtþORYČNDƒ&
YHGUDMVRXSURPČRSWLPiOQtWHSORWRX
UiGD QDYãWČYXML MLåQt ]HPČ ]HMPpQD
ěHFNR1HMY]GiOHQČMãtPPtVWHPNWHUp
MVHP VH VYRX URGLQRX QDYãWtYLOD MVRX
ĜHFNpRVWURY\5KRGRVD.RV2EDRVW
URY\MVRXSOQpVOXQFHPRĜHNUiVQêFK
SOiåtSDPiWHNDSRPDOpKREČKXåLYR
WD NWHUê MH ěHNĤP WDN YODVWQt 8å VH
PRFWČãtPHåHVHWDPYþHUYHQFLRSČW
SRGtYiPH
' H ] D 9D O D F K L D U X Q S R G U X K p
7LVNRYi]SUiYD
9VRERWXNYČWQDSUREČKOYDUHiOXVSROHþQRVWL'H]DDMHKRRNROtGUXKêURþQtNVSRUWRYQČVSROHþHQVNpDNFH'(=$
9DODFKLDUXQ
3URVSRUWRYQtQDGãHQFHDQiYãWČYQtN\DUHiOXYDODãVNRPH
SRGQLNX-DNXYHGODĜHGLWHOND1DGDFH$JURIHUWSDQt=X]D
]LĜtþVNpFKHPLþN\E\OSĜLSUDYHQERKDWêSURJUDP.DåGêQi
QD7RUQLNLGLVSRGSRUDãNROHNVtGOtFtFKYRNROtVSROHþQRVWL
YãWČYQtNVLSĜLãHOQDVYp1HMHQWHQNGRVLSĜLãHO]DVSRUWRYDW
NWHUi MH VRXþiVWt NRQFHUQX $JURIHUW E\OD SUR 1DGDFL$J
VL PRKO YH YROQp FKYtOL ]SHVWĜLW GRSROHGQH NRPHQWRYDQRX
URIHUW ORJLFNi YROED .DåGi ] REGDURYDQêFK ãNROHN VL WDN
SURKOtGNRXYêUREQtKRDUHiOXSURMtåćNRXYNOLPDWL]RYDQpP
RGQHVODWLVtFNRUXQ
DXWREXVX QHER VH VH]QiPLW VH ]i]HPtP åHOH]QLþQt YOHþN\
6WHMQČMDNRORQLE\ODYHOPLDWUDNWLYQtSUH]HQWDFHKDVLþVNpKR
VERUX 1D VYp VL DOH SĜLãO\ SĜHGHYãtP GČWL SUR NWHUp E\OD
SĜLSUDYHQDĜDGDDWUDNFt
2UJDQL]iWRĜLRGKDGXMtåHEČKHPVRERWQtKRGRSROHGQHVHGR
DUHiOXFKHPLþN\SĜLãORSRGtYDWYtFHMDNQiYãWČYQtNĤ
5HNRUGQt]iMHPE\OSĜHGHYãtPREČåHFNp]iYRG\NWHUêFKVH
OHWRV]~þDVWQLORFHONHP]iYRGQtNĤÄ=YêãHQê]iMHP
MVPHVOHGRYDOLLKQHGRG]DþiWNXUHJLVWUDFHDWRQHMHQRKODYQt
GHVHWLNLORPHWURYê]iYRGDOHSĜHGHYãtPRGČWVNpEČK\DUR
GLQQêEČK³XYHGO]iVWXSFHRUJDQL]iWRUĤ/LERUýDGD
,QJ.DWHĜLQD
%DĜLQNRYi
Yê]NXP
DYêYRM
0êP QHMY]GiOHQČMãtP PtVWHP NWHUp
MVHP ]DWtP QDYãWtYLOD MH 6HQWRVD -H
WR XPČOH Y\WYRĜHQê RVWURY 6LQJDSXUX
D WDNp QHMMLåQČMãt ERG MLKRYêFKRGQt
$VLH &HVWRYiQt SR 'iOQpP YêFKRGČ
PČGRVORYDXFKYiWLORDPXVtPĜtFWåH
MVHPVLKR]DPLORYDOD8åVHWČãtPDå
VHGR$VLHYUiWtPſ
,QJ3DYHO
3WiþHN
RGERULQYHVWLF
)RWR9ODGDQ/HQRPDU
-DNRSUYQtY\VWDUWRYDO\GČWLSURNWHUpE\O\SĜLSUDYHQ\WUD
WČYGpONiFKDPHWUĤ1RYLQNRXE\O\%$%<
EČK\SURQHMPODGãt~þDVWQtN\NWHĜtMHãWČSRWĜHERYDOLGRSUR
YRGURGLþĤ9ãHFKGČWVNêFKEČKĤVH]~þDVWQLORFHONHP
GČWt 9 SUĤEČKX GČWVNêFK EČKĤ VH ERKXåHO Y\VN\WO\ WHFK
QLFNpSUREOpP\VþDVRPtURXDSURWRQHE\ORPRåQpQDPtVWČ
Y\KOiVLW WĜL QHMOHSãt ]iYRGQtN\ Y MHGQRWOLYêFK NDWHJRULtFK
9êVOHGN\E\O\SR]GČML]SUDFRYiQ\DDNWXDOL]RYiQ\WDNDE\
Y QLFK E\OL ]DSViQL YãLFKQL ]iYRGQtFL NWHĜt SUREČKOL FtOHP
9VRXþDVQpGREČPĤåHNDåGê]~þDVWQtNĤGČWVNêFKEČKĤ]MLV
WLWMDNVHXPtVWLOQDZHERYêFKVWUiQNiFKZZZYDODFKLDUXQF]
-DN Xå MVPH GĜtYH LQIRUPRYDOL OHWRãQt '(=$ 9DODFKLD
UXQ QDEtGO RSČW YtF QHå EČK 6WDUWRYQp Y\EUDQp RG EČåFĤ
QD GHVHW NLORPHWUĤ E\OR ]GYRMQiVREHQR 1DGDFt $JURIHUW
DUR]GČOHQRPH]LSČWPDWHĜVNêFKãNROHN]RNROtFKHPLFNpKR
1HXYČĜLWHOQêFK EČåFĤ
NWHĜt VH SRVWDYLOL QD VWDUW UR
GLQQpKREČKXSRWYUGLORVWRX
SDMtFt ]iMHP YHĜHMQRVWL R EČ
KiQt -HGQDOR VH R QHVRXWČåQt
EČK MHKRå XYROQČQi UDGRVWQi
DWPRVIpUD E\OD GRNUHVOHQD
MHGQRWQêP REOHþHQtP YČWãLQ\
~þDVWQtNĤNWHĜtEČåHOLYRULJL
QiOQtFKåOXWêFKWULþNiFK
9UFKROHP VRERWQtKR GRSR
OHGQH E\O GHVHWLNLORPHWURYê
]iYRGQD]YDQêSĜt]QDþQČÄ'H
VtWND NROHP NRPtQD³ +ODYQt
KR ]iYRGX VH OHWRV ]~þDVWQLOR
EČåFĤ YãHFK YČNRYêFK 2EGLY VL ]DVORXåLO QHMVWDUãt
NDWHJRULt /HWRãQt ]iYRG Y\ ~þDVWQtN ÄGHVtWN\³ OHWê
KUiO ORQL GUXKê 0DUWLQ .XþHUD -DURVODY*DPDQ$YDQWL+D
] 96. 8QLYHU]LWD %UQR V þD YtĜRYNWHUêþDVHP
VHP PLQXW VHNXQG SĜHNRQDOVYĤMþDV]ORĖVNpKR
9åHQiFKRSČWNUDORYDODVORYHQ URNX
VNi]iYRGQLFH/XERPtUD0DQt
NRYi]-0'HPROH[%DUGHMRYVþDVHPPLQXWVHNXQG
2UJDQL]iWRĜL GČNXMt YãHP ]iYRGQtNĤP D QiYãWČYQtNĤP
DWČãtVHQDSĜtãWtURþQtN
-DURVODY2EHUPDMHU
WLVNRYêPOXYþt'(=$DV
VWUDQD $.78$/,7 <
$NWXDOLW\QD~VHNXRFKUDQ\åLYRWQtKR
SURVWĜHGtDĜt]HQtNYDOLW\±NYČWHQ
'QH NYČWQD SUREČKOR SUDYLGHOQp MHG
QiQtVSRMLãĢRYQDPLVSRMHQpVSURKOtGNRX
Y\EUDQêFK þiVWt YêUREQtKR DUHiOX 'H]D
E\OD ] SRKOHGX SRMLVWQêFK UL]LN Y\KRGQR
FHQD MDNR QHMOHSãt VSROHþQRVW Y NRQFHUQX
$*52)(57 =YOiãĢ RFHQČQR E\OR XVSR
ĜiGiQtHQHUJHWLN\LQYHVWLFHGRUR]YRMHVSR
OHþQRVWLD~GUåED]DĜt]HQt
9HGQHFKNYČWQDSUREČKO~VSČã
QČMLåSRVHGPpYĜDGČUHFHUWL¿NDþQtDX
GLWV\VWpPXĜt]HQtNYDOLW\9UiPFLWRKRWR
DXGLWXQHE\O\]MLãWČQ\åiGQpQHVKRG\1D
DXGLW]iYRGXYH9DODãVNpP0H]LĜtþtYþHWQČ
RGORXþHQpKRSURYR]X2UJDQLNY2WURNRYL
FtFKQDYD]RYDOGQHNYČWQDUHFHUWL¿NDþ
Qt DXGLW GFHĜLQp ¿UP\ '(=$ 3ROVND 6S
]RR5RYQČåY'(=$3ROVNDQHE\O\]MLã
WČQ\åiGQpQHVKRG\
+DVLþLD7)$
-DNXåMVPHVL]Y\NOLYSĜHGFKR]tFKOHWHFK
QČNWHĜt QDãL KDVLþL VH ~þDVWQt L ]iYRGĤ
Y GLVFLSOtQČ 7)$ QHMWYUGãt KDVLþ SĜHåLMH
9OHWRãQtPURFHVHXVNXWHþQLORMLåQČNROLN
]iYRGĤ NWHUp SRVWXSQČ DEVROYRYDOL -RVHI
3DOiWYNDWHJRULLQDGOHW±Y+QRMQtNX
PtVWRY2ORPRXFLPtVWRDQDPH]LQi
URGQtFK]iYRGHFKY5DNRXVNXPtVWR
'iOH VH ]~þDVWĖXMt Y NDWHJRULL GR OHW
$OHã1DYUiWLO±PtVWRY+OXþtQČPtV
WRY2ORPRXFLDVSROHþQČV7RPiãHP)RX
NDOHPNWHUêOHWRV]iYRGLOSRSUYpY\ERMR
YDOLY+OXþtQČFHONRYČPtVWRY]iYRGX
GYRMLF-HãWČMHOHWRVþHNiQČNROLN]iYRGĤ
QDNWHUêFKEXGRXFKWtWGRViKQRXWQDGDOãt
Y\QLNDMtFtYêVOHGN\=DGRVDåHQiXPtVWČQt
MLPSDWĜtSRGČNRYiQtDGRGDOãtFK]iYRGĤ
PQRKRWROLNSRWĜHEQêFKVLO
3DYOtN/HRSROG
1DEtGNDRGERURYpNQLKRYQ\
1DEtGNDSURYãHFKQ\]DPČVWQDQFH±YRG
ERURYpNQLKRYQČMVRXNGLVSR]LFLY\ĜD
]HQpDSĜHE\WHþQpNQLK\='$50$
2]QiPHQtRGERURYpNQLKRYQ\
2]QDPXMHPH þWHQiĜĤP RGERURYp
NQLKRYQ\åHGQHMH]GĤ
YRGX HQHUJHWLFNp ]DUiåN\ NQLKRYQD
X]DYĜHQD
6EČUVWDUpKRSDStUX
5HFHUWLILNDFHV\VWpPXĜt]HQtNYDOLW\
9 URFH MVPH V SĜiWHOL QDYãWtYLOL
Y\ORćRYDFt SOiåH VSRMHQFĤ Y 1RU
PDQGLLYH)UDQFLL-HWDPPRFKH]N\
D]iURYHĖþORYČNDPUD]tSĜLSRP\ãOH
QtMDNE\VYČWY\SDGDONG\E\VSRMHQFL
þHUYQD QHXVSČOL 3UiYČ Q\Qt
VYČWVODYtVHGPGHViWpYêURþtWpWRXGi
ORVWLDQČNROLNUiWMVHPVLQDQiãYêOHW
Y]SRPQČO
,QJ0DUWLQ
=JDEDM
Yê]NXP
DYêYRM
3ĜHGPQRKDOHW\MVHPVHSRK\ERYDOYH
]KUXEDNPY]GiOHQpPPČVWHþNX
1RRUGZLMNNWHUpVHUR]NOiGiY]iSDG
QtP +RODQGVNX Y EOt]NRVWL 6HYHUQtKR
PRĜH
9SRVOHGQtFKOHWHFKYãDNGiYiPSĜHG
QRVW SRQČNXG EOLåãtP GHVWLQDFtP
. RGSRþLQNX MVHP VL REOtELO MHGQX
QHMPHQRYDQRX NOLGQRX YHVQLFL Y]Gi
OHQRX]KUXEDNPRGGiQVNp.R
GDQČMLKRYêFKRGQtPVPČUHP
9H GQHFK Då NYČWQD ~VSČãQČ SUREČKO GDOãt
UHFHUWL¿NDþQtDXGLWV\VWpPXĜt]HQtNYDOLW\RGSUYQtKRFHU
WL¿NDþQtKRDXGLWXYURFHMHWRMLåVHGPêYĜDGČ
$XGLWQtWêPVORåHQê]H[SHUWĤH[WHUQt¿UP\%XUHDX9HUL
WDV&HUWL¿FDWLRQSURYČĜLOåH'(=$DV]DYHGODDXGUåXMH
VYĤMV\VWpPPDQDJHPHQWXNYDOLW\YVRXODGXVSRåDGDYN\
V\VWpPRYêFKQRUHPDåH'(=$DVSURNi]DODVFKRSQRVW
V\VWpPXSOQLWSRåDGDYN\QDSURGXNW\DVOXåE\DSOQLWVYRX
SROLWLNXDFtOH9UiPFLDXGLWXQHE\O\LGHQWL¿NRYiQ\åiGQp
QHVKRG\
'(=$DVE\ODGRSRUXþHQDNSRWYU]HQtSODWQRVWLVWiYD
MtFtKRFHUWL¿NiWXYXYHGHQpPUR]VDKXSURV\VWpP406GOH
QRUP\ý61(1,62
1D ]iNODGČ YêVOHGNĤ UHFHUWL¿NDþQtKR DXGLWX E\OR QD
YUåHQR ]QČQt QRYpKR FHUWL¿NiWX NWHUê EXGH PtW SODWQRVW
GRþHUYQD&HUWL¿NiWEXGHY\VWDYHQSUR'(=$DV
DVDPRVWDWQêFHUWL¿NiWURYQČåLSURSURYR]2UJDQLN2WUR
NRYLFH
5iGE\FKSRGČNRYDOYãHP]DPČVWQDQFĤPVSROHþQRVWL
NWHĜtVHDĢXåQDMDNpNROLSURIHVLD~URYQLSRGtOHMtQD
Y\VRNp~URYQLIXQNFHV\VWpPXĜt]HQtNYDOLW\
3ĜHGQRVWQČ MH WĜHED SRGČNRYDW
,QJ 3DYOX 3XVWČMRYVNpPX Yê
UREQtPX ĜHGLWHOL D SĜHGVWDYLWHOL
YHGHQt SUR 406 D FHOpPX YU
FKRORYpPX YHGHQt VSROHþQRV
WL ]D SRVN\WRYiQt DGHNYiWQtFK
]GURMĤ SUR SURYR] V\VWpPX 406
D]DYVWĜtFQRVWDWUYDORXSR]RUQRVW
YČQRYDQRX YêVWXSĤP V\VWpPX QD
SUDYLGHOQêFKSRUDGiFKYHGHQt
3RGČNRYiQt]DSUiFLSĜLY\ODGČ
Qt V\VWpPX XNRQþHQpKR ~VSČã
QRX FHUWL¿NDFt QiOHåt YHGRXFtP
QD YãHFK VWXSQtFK Ĝt]HQt D MHMLFK
WHFKQRORJĤPDOHLYãHPĜDGRYêP
SUDFRYQtNĤP DXGLWRYDQêFK SUD
FRYLãĢVWHMQČWDNMDNRLSUDFRYQt
NĤPRGERUXĜt]HQt,62Dä3
=YOiãWQtSRGČNRYiQtQiOHåtURY
QČå L YãHP LQWHUQtP DXGLWRUĤP
NWHĜtVHQHPDORXPČURXQDRYČĜR
YiQtD]OHSãRYiQtIXQNFHV\VWpPX
SRGtOHOL
51'U2OGĜLFK.XEČQD
8SR]RUĖXMHPH ]DPČVWQDQFH åH YH
VWĜHGX þHUYQD Y KRGLQ VH
XVNXWHþQtVEČUVWDUpKRSDStUX=iURYHĖ
åiGiPHYHGRXFtNWHĜtPDMtVWDUêSDStU
NRGYR]XDE\VYpSRåDGDYN\QDKOiVLOL
QDGLVSHþLQN
7RXWRLQIRUPDFtDSHOXMHPHQDYãHFKQ\
]GDWQp GĤFKRGFH DE\ Y FR QHMYČWãtP
SRþWXSRPRKOLSĜLVEČUXDRGYR]XSD
StUXGRVEČUQ\NOXEGĤFKRGFĤ
)RWR0LFKDO6YiþHN
=PČQDDGUHV\VtGODVSROHþQRVWL
9]KOHGHP N XQL¿NDFL UHJLVWUX DGUHV
58,$1E\ODDGUHVDVtGODQDãtVSROHþ
QRVWL '(=$ D V GRSOQČQD R Qi]HY
þiVWLREFH.UiVQRQDG%HþYRXD]PČ
QČQR36ýQDSĜLGČOHQp
Y58,$1REFL9DODãVNp0H]LĜtþt-HG
Qi VH SRX]H R DGPLQLVWUDWLYQt ]PČQX
YDGUHVHQRYČXYHGHQRXYREFKRGQtP
UHMVWĜtNX
$GUHVDVtGODVSROHþQRVWLWDNQ\Qt]Qt
'(=$ D V 0DVDU\NRYD .UiVQR
QDG%HþYRX9DODãVNp0H]LĜtþt
8'È/267,
VWUDQD
9$/$â6.é&+(0,.
1RYiMHGQRWNDQDYêUREXYRGtNX&DORULFQDSURYR]HEHQ]RO
3R]RUQpPXRNXNROHPMGRXFtFKMLVWČYPLQXOpPURFHQHXQLNOþLOêVWDYHEQt
UXFKYSURVWRUXãWČSLFtVWDQLFHEHQ]LQX3UREtKDO\]GHVWDYHEQtDPRQWiå
Qt SUiFH SĜL UHDOL]DFL LQYHVWLþQt DNFH 0RGHUQL]DFH K\GURJHQDþQt UD¿QDFH
±HWDSDNWHUp]DKUQRYDO\SĜHGHYãtPYêVWDYEXDNRPSOHWDFL]DĜt]HQtQD
YêUREXþLVWpKRYRGtNX&DORULF
=HPQtSUiFH]DþDO\MLåQDSRG]LPURNXGRNRQFHURNXE\O\Y\EX
GRYiQ\]iNODG\VORXSĤEXGRXFtFKSRWUXEQtFKPRVWĤDDSDUiWĤQRYpWHFK
QRORJLH9]LPQtPREGREtURNXE\O\SURYHGHQ\SUiFHQD]SHYQČQêFK
SORFKiFKMtPFHRGSDGQtFKYRGDSĜtVWXSRYpNRPXQLNDFLDSUREtKDODPRQ
WiåRFHORYêFKNRQVWUXNFtSRWUXEQtFKPRVWĤ6SĜtFKRGHPMDUQtFKPČVtFĤVH
QDSOQRUR]EČKO\PRQWiåHSRWUXEQtFKWUDVDYOpWČSRWRPYODVWQtLQVWDODFH
QRYpKR]DĜt]HQtDMHKRSURSRMHQtVSRWUXEQtPLDHOHNWULFNêPLWUDVDPL1D
SRG]LPE\O\QDSOQČQ\WUXEN\UHDNWRUXNDWDO\]iWRUHPDSURYHGHQ\LQGLYLGX
iOQt]NRXãN\=NXãHEQtSURYR]E\O]DKiMHQ*HQHUiOQtPGRGD
YDWHOHPFHOpDNFHE\OD¿UPD7.%.RYRSURMHNWD%UQRDVXEGRGDYDWHOL¿U
P\5,26VWDYHEQtSUiFH7(&+120217PRQWiåH5(*20$5.(7
ě60D5,=267</WHSHOQpL]RODFHD81,0$/QiWČU\'RGDYDWHOHP
DOLFHQ]RUHPQRYpMHGQRWN\MHQČPHFNi¿UPD&DORULF9UiPFL]NXãHEQt
KRSURYR]XE\O\SURYHGHQ\QHMSUYHNRPSOH[Qt]NRXãN\GiOHE\ORQXWQR
DNWLYRYDWNDWDO\]iWRUDÄY\ODGLW³QRYp]DĜt]HQtSURVWĜHGQLFWYtPě66LPDWLF
D+RQH\ZHOO'RÄRVWUpKR³SURYR]XE\ODMHGQRWNDSĜHYHGHQDY~QRUX
-HGQRWND QD YêUREX YRGtNX MH ]DORåHQD QD NRQWLQXiOQtP SURFHVX +&
&DORULFDPiPD[LPiOQtNDSDFLWX1PñK3URFHVHP+&&DORULFMH
Y\UiEČQV\QWp]QtSO\QERKDWêQDYRGtNUHIRUPRYiQtPXKORYRGtNĤSiURXSĜL
Y\VRNpWHSORWČQDQLNORYpPNDWDO\]iWRUX6\QWp]QtSO\QVHþLVWtYMHGQRWFH
VWĜtGDYpWODNRYpDGVRUEFH36$SUR]tVNiQtY\VRFHþLVWpKRYRGtNX9êURE
QtMHGQRWNDMHNRQVWUXRYDQiSUR]SUDFRYiYiQtNDSDOQpXKORYRGtNRYpVPČVL
F\NORSHQWDQRYpIUDNFH]GHVWLODFHEHQ]RORYpKRUD¿QiWXNWHUiVHYSĜtSD
GČQHGRVWDWNXGRSOĖXMHOHKNêPLIUDNFHPLWHFKQLFNpKREHQ]tQX]H[WHUQtFK
]GURMĤ6NOiGiVH]QiVOHGXMtFtFKþiVWt
‡2GSDĜHQtVXURYLQ\
‡5HIRUPRYiQtSDURXDUHNXSHUDFHRGSDGQtKRWHSOD
‡.RQYHU]H&2DFKOD]HQtV\QWp]QtKRSO\QX
‡ýLãWČQtYRGtNXVWĜtGDYRXWODNRYRXDGVRUEFt36$
‡.RPSUHVQtMHGQRWNDRGSO\QXSURY\StUiQt&2
‡.RPSUHVHYRGtNXDMHKR]SČWQpSĜLGiYiQtGRRGSDĜHQpVXURYLQ\
‡3HULIHUQtV\VWpP\
-HGQRWNDMHSRVWDYHQiSURSOQČDXWRPDWL]RYDQêSURYR]DY\]QDþXMHVH
Y\VRNRXÀH[LELOLWRXYêNRQX±DVSROHKOLYRVWt
3URXG VX
URYLQ\
SĜL
FKi]HMtFt GR
MHGQRWN\ ]H
VNODGRYDFtKR
]iVREQtNX VH
QD MHMtP YVWX
SX UR]GČOXMH
QD GYČ þiV
WL ± SUR SDUQt
UHIRUPRYiQt
D SUR RKĜHY
NDWDO\]iWR
UX 6XURYLQD VH Y RERX SĜtSDGHFK
QHMSUYH SĜHYHGH GR SO\QQp Ii]H
Y WHSORVPČQQêFK DSDUiWHFK ]YD
QêFKRGSDUN\9Qt]NRWODNpRGSDU
FH WRSHQp SDURX 03D J VH
]SO\ĖXMHSURXGSDOLYDNWHUpMHQi
VOHGQČVSiOHQRYKRĜiNXUHIRUPHUX
7HSOR]tVNDQpKRĜHQtPXKORYRGtNĤ
SURFKi]t SOiãWČP UHDNWRUX D Y\KĜt
YiNDWDO\]iWRUXPtVWČQêYWUXENiFK
UHDNWRUX QD SRWĜHEQRX WHSORWX SUR
SUĤEČK UHDNFt SDUQtKR UHIRUPLQJX
9HY\VRNRWODNpRGSDUFHWRSHQpSD
URX03DJMH]SO\ĖRYiQDYČWãt
þiVWVXURYLQ\DMHYHGHQDQDNDWDO\
]iWRUSURYODVWQtSDUQtUHIRUPRYiQt
7UXEN\SDUQtKRUHIRUPHUXREVDKXMt
GYČ YUVWY\ QLNORYpKR NDWDO\]iWRUX
1DSUYQtGRFKi]tNHNUDNRYiQtGHO
ãtFKXKORYRGtNRYêFKĜHWČ]FĤ]DY]QLNXPHWKDQX1DGUXKpYUVWYČSRWRP
SUREtKiUHIRUPRYiQtPHWKDQXSDURX]DY]QLNXV\QWp]QtKRSO\QXVPČVYR
GtNXR[LGXXKHOQDWpKRR[LGXXKOLþLWpKRDYRGQtSiU\6\QWp]QtSO\QRWHS
ORWČFFDR&VHFKODGtSUĤFKRGHPSĜHVSDUQtY\YtMHþQDR&DYVWXSXMH
GRNRQYHU]QtKRUHDNWRUX=GHGRFKi]tQDåHOH]LWpPNDWDO\]iWRUXNUHDNFL
MHGRYDWpKRR[LGXXKHOQDWpKRVYRGQtSDURX]DY]QLNXYRGtNXDR[LGXXKOLþL
WpKR7RXWRW]YNRQYHU]tVHVQLåXMHREVDKR[LGXXKHOQDWpKRD]Y\ãXMHREVDK
YRGtNXYV\QWp]QtPSO\QX3RRFKOD]HQtQDR&DRGORXþHQtY\NRQGHQ]R
YDQpYRG\YRGOXþRYDþLYVWXSXMHGiOHV\QWp]QtSO\QGRVWĜtGDYpY\VRNRWODNp
DGVRUEFH36$=GHGRFKi]tNþLãWČQtYRGtNXRGVWUDQČQtPSO\QQêFKQH
þLVWRW&2&21D&+YHþW\ĜHFKDGVRUEpUHFK36$QDSOQČQêFKR[L
GHPKOLQLWêPDNWLYQtPXKOtPDPROHNXOiUQtPVtWHP]HROLW1HþLVWRW\MVRX
DGVRUERYiQ\SĜLY\VRNpPWODNXV\QWp]QtKRSO\QXDSRWpGHVRUERYiQ\SĜL
Qt]NpPWODNX3URFHVþLãWČQtSUREtKiYQHXVWiOHVHRSDNXMtFtPF\NOXNWHUê
]DKUQXMHDGVRUEFLDUHJHQHUDFL]DNRQVWDQWQtWHSORW\-HGHQ]HþW\ĜDGVRUEpUĤ
SURYiGtDGVRUEFLDGDOãtWĜLSURFKi]HMtUHJHQHUDFt9RGtNRþLVWRWČPLQLPiOQČ
REMRGFKi]tSĜLWODNX03DJSĜHVWODNRYêUHJXODþQtYHQWLO
GRSO\QRMHPX1HþLVWRW\NWHUpVHRGORXþt]HV\QWp]QtKRSO\QXYMHGQRWFH
36$ VH VKURPDåćXMt YH Y\URYQiYDFt QiGUåL NRQFRYpKR SO\QX SĜL WODNX
03DJDSRNRPSUHVLMVRXYHGHQ\QDY\StUNXR[LGXXKOLþLWpKR.RQ
FRYêSO\Q]EDYHQêR[LGXXKOLþLWpKRVHQiVOHGQČY\XåtYiMDNRSDOLYRSUR
KRĜiNUHIRUPHUX-HGQRWNDVHY\]QDþXMHY\VRNRXHQHUJHWLFNRX~VSRUQRVWt
7HSORV\QWp]QtKRSO\QX]UHIRUPHUXVHY\XåtYiNYêUREČSiU\03DJ
NWHUiVHVSRWĜHEXMHSURYODVWQtUHIRUPLQJSRSĜMHMHMtSĜHE\WHNGLVWULEXRYiQ
GR]iYRGQtVtWČSiU\03DJ7HSORWpKRåSO\QX]NRQYHU]QtKRUHDNWR
UXSĜHGHKĜtYiQDSiMHFtYRGXSURY\YtMHþSiU\03DJ+RUNpVSDOLQ\
]KRĜiNXVHSRXåtYDMtURYQČåNYêUREČSiU\NSĜHGHKĜHYXVPČVLVXURYLQD
SiUDDNSĜHGHKĜHYXVSDORYDFtKRY]GXFKXSĜLYiGČQpKRGRKRĜiNXSDOLYD
9PČVtFtFK~QRUXDNYČWQX~VSČãQČSUREČKO\JDUDQþQtWHVW\7HVWRYiQ\
E\O\WĜLUHåLP\NWHUpVHOLãLO\YêNRQHPMHGQRWN\DYêNR
QX6RXþiVWt]NRXãHNE\ORDXWRUL]RYDQpPČĜHQtHPLVt12[YHVSDOLQiFK
DNYDOLWDY\UiEČQpKRYRGtNX9êVOHGN\WHVWĤSRWYUGLO\VKRGXPČĜHQêFK~GDMĤ
VSDUDPHWU\GDQêPLVPORXYRX
3RXåtYiQtþLVWpKRYRGtNXVHYê]QDPQČSURMHYLORYK\GURJHQDþQtUD¿QDFL
VXURYpKREHQ]ROXYH]PČQČ]iNODGQtFKWHFKQRORJLFNêFKSDUDPHWUĤ=HMPp
QDGRãORNSRGVWDWQpPXVQtåHQtWODNXY]DĜt]HQt]SĤYRGQtFKDå03D
JQDDå03DJDNHVQtåHQtWHSORWYUHDNWRUHFK]DåR&
QDDåR&9SUD[LWR]QDPHQiåHGRãORNYêUD]Qp~VSRĜH]HPQtKR
SO\QXSRWĜHEQpKRSURSĜHGHKĜHYVPČVLSDUVXURYpKREHQ]ROXDYRGtNXSĜHG
YVWXSHPGRUHDNWRUĤ'DOHNRYČWãtSĜtQRVVHDOHRþHNiYiSRYêPČQČNDWD
O\]iWRUĤYHYãHFKWĜHFKUHDNWRUHFKK\GURJHQDþQtUD¿QDFHNWHUiSUREČKQH
YVUSQXOHWRãQtKRURNX1RYêNDWDO\]iWRUYNRPELQDFLVþLVWêPYRGtNHP
XPRåQtY\ããtSURVD]HQtVXURYpKREHQ]ROX]SUDFRYiQtYČWãtKRPQRåVWYtSH
WURFKHPLFNêFKIUDNFtREVDKXMtYHONpPQRåVWYtQHDURPDWLFNêFKXKORYRGtNĤ
LQHQDV\FHQêFKDVQtåHQt]WUiWW]YSĜHãWČSRYiQtPDURPDWLFNêFKXKORYRGtNĤ
/DGLVODY.ĜHQHN-LĜt3DćRXU
)RWR-LĜt3DćRXU
ÒWYDURYêGHQKDVLþĤ
3DQ=GHQČN0URþHN]~GUåE\SURYR]X
RVODYLOþHUYQDãHGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
7,5Éæ
9$/$ä6.ë&+(0,.
Y\FKi]tMHGQRX
PęVtĀQę
2GSRYęGQiUHGDNWRUND
,QJ0LULDP.$//(529É
WHOĀ
HPDLOPNDOOHURYD#GH]DF]
5HGDNWRUND
5(63216,%/(&$5(
-DQD%$0%8&+29É
WHOĀ
HPDLOMEDPEXFKRYD#GH]DF]
)RWRJUDILH
UHGDNFHDUFKLY
$GUHVDUHGDNFH
9DODåVNìFKHPLN'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
9DODåVNp0H]LĨtĀt
9\GDYDWHO
YHGHQt'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
9DODåVNp0H]LĨtĀt
ZZZGH]DF]
,ÿ2
*UDILFNp]SUDFRYiQtDWLVN
&2/25$3ULQW+RXVH
0.ÿ5(
3ĨtåWtĀtVOR9$/$ä6.e+2&+(0,.$
Y\MGHY~WHUì]iĨt
X]iYęUNDEXGH]iĨt
-DNRNDåGêPURNHPLOHWRVVHYPČVtFLNYČWQXNRQDO~WYDURYêGHQ+D
VLþVNpKR]iFKUDQQpKRVERUXSRGQLNX+=63'(=$DV9UiPFL~WYD
URYpKRGQHVHNRQDODYêUREQtSRUDGDQDãHKRVWĜHGLVNDGiOHSDNWHVW\RG
ERUQêFK]QDORVWtSURãNROHQtREVOXKRYDWHOĤY\VRNR]GYLåQêFKSORãLQDMLQp
+ODYQtQiSOQtWRKRWRGQH+=63'(=$DVE\ORSURYČĜRYDFtFYLþHQt
$VLQLNRPX]QiVNGRE\OYDUHiOXQDãL¿UP\LPLPRQLQH
XQLNO]YXNYDURYQêFKVLUpQ6LUpQ\Y\KODãRYDO\¿NWLYQtSRåiUQDSURYR]H
&+ý29NRQNUpWQČYH[WUDNFLIHQROXYþHWQČSĜLOHKOpþHUSDFtVWDQLFHNWHUê
Y]QLNOYGĤVOHGNX]iVDKXEOHVNX
&tOHPSURYČĜRYDFtKRFYLþHQtE\ORRYČĜHQtRGERUQêFK]QDORVWtSRVWXSĤ
]GROiYiQtSRåiUĤRG]NRXãHQtWHFKQLN\SČQRYpVWDQLFH6+=VRXþLQQRVW
MHGQRWHN32NRPXQLNDFHVNUDMVNêPRSHUDþQtPDLQIRUPDþQtPVWĜHGLV
NHP +=6 =OtQ YHGHQtP D SUDFRYQtN\ SURYR]X &+ý29 VYROiQt ãWiEX
]GROiYiQt SRåiUX D VSROXSUiFH VH ]DPČVWQDQFL ]DĜD]HQêPL GR MHGQRWN\
GREURYROQêFKKDVLþĤ
7LNGRWRPXWRFYLþHQtSĜLKOtåHOLVLDVLNODGOLRWi]NXåHYãHFKKDVLþĤ
VORXåtFtFKXQDãHKR~WYDUXD~þDVWQtFtFKVHFYLþHQtEČåQČYDUHiOXQDãL
¿UP\QHEêYi
-DNRSUYQtSRY\KOiãHQtSRSODFKXY\MHODQDPtVWRXGiORVWLVORXåtFtVPČQD
KDVLþĤ9HOLWHOVPČQ\SRSURYHGHQtSUĤ]NXPXPtVWDXGiORVWLNRQWDNWR
YDOQDãLVSRMRYRX~VWĜHGQXVQXWQRVWtY\KOiãHQt,VWXSQČSRåiUQtKRSRSOD
FKRYpKRSOiQX=E\OtKDVLþLUR]GČOHQtSRGOHVYêFKVPČQVLPXORYDOLMHGQRWN\
NWHUpE\YSĜtSDGČUHiOQpXGiORVWLE\O\SRYROiQ\7\WRMHGQRWN\SRWpQDPtVWR
XGiORVWLGRMtåGČO\SRGOHSOiQRYDQêFKGRMH]GRYêFKþDVĤ7tPE\O\QDPtVWČ
XGiORVWLVRXVWĜHćRYiQ\VtO\DSURVWĜHGN\NH]GROiQtSRåiUX%\ODSRYROiQD
LMHGQRWND+=6=/NUDMH]HVWDQLFH9DODãVNp0H]LĜtþt2GWXGGRMHODGYČ
GUXåVWYD9SUĤEČKXSĜtMH]GXE\ODVSXãWČQDSČQRYiVWDQLFHNWHUiGR6+=
GRGiYDODKDVtFtVPČVGRPtVWDXGiORVWL'iOHE\ODPRELOQtWHFKQLND]iVRER
YiQD]HVXGĤVSČQLGOHPDE\E\ORPD[LPiOQČDHIHNWLYQČY\XåLWRYãHFKVLO
DSURVWĜHGNĤ3UDFRYQtFL]DĜD]HQtGRGREURYROQêFKMHGQRWHNE\OLQiSRPRF
QLSĜLSĜtSUDYČKDGLFRYpKRYHGHQtDWG%\OVYROiQãWiE]GROiYiQtSRåiUX
NWHUêE\YSĜtSDGČPLPRĜiGQpXGiORVWLĜHãLOVYp~NRO\3R]GROiQtSRåiUX
MHGQRWN\RGMHO\QDQDãLVWDQLFLNGHGRãORNY\KRGQRFHQtSUĤEČKXFYLþHQt
&YLþHQtE\ORKRGQRFHQRNODGQČLNG\åVQHSDWUQêPLQHGRVWDWN\NWHUp
Y\YVWDO\]GDQpVLWXDFH7\E\YSĜtSDGČUHiOQpKRSRåiUXQHPČO\åiGQp
IDWiOQtQiVOHGN\=GĤYRGXQiFYLNXDY\YDURYiQtVHQHGRVWDWNĤNDåGR
URþQČWDWRFYLþHQtSUREtKDMt-DN]QtVWDUpSĜtVORYtWČåFHQDFYLþLãWLOHKFH
QDERMLãWL
.KDVLþVNpPXåLYRWXQHRGP\VOLWHOQČSDWĜtKDVLþVNêVSRUW9ãLFKQLSĜt
VOXãQtFLPČĜLOLVYpVtO\YGLVFLSOtQiFKPVSĜHNiåNDPLDYHYêVWXSXGR
þWYUWpKRSRGODåtFYLþQpYČåH
9\YUFKROHQtPSDNE\ODNUiORYVNiGLVFLSOtQDYSRåiUQtPVSRUWXNWHURX
MHSRåiUQt~WRN
-LĜtâHEHVWD
)RWR0LFKDO6YiþHN
)RWR0LFKDO6YiþHN
)RWR5RPDQ6HUHPHN
(QHUJHWLFNi
]DUiåND
,YOHWRãQtPURFHEXGHQDSURYR
]X HQHUJHWLND RGVWDYHQR ]DĜt]HQt
] SURYR]X YH GYRX HWDSiFK
9 QHGČOL EXGH Y QRþ
QtFK KRGLQiFK RGVWDYHQR Yê
UREQt ]DĜt]HQt QD WHSOiUQČ WDN
DE\ Y SRQGČOt UiQR E\OR PRå
QR ]DKiMLW ]DUiåNRYp SUiFH
Y QDSOiQRYDQpP UR]VDKX 'R
GiYND WHSOD EXGH ]DEH]SHþHQD
YêURERX QD SDUQtFK NRWOtFK GR
SDORYQ\ 7DLOJDV &HQWUiOQt NRP
SUHVRURYQD QD YêUREX WODNRYpKR
Y]GXFKX QHEXGH Y OHWRãQtP URFH
RGVWDYRYDWPLPRRGVWiYNXHOHN
WULFNpHQHUJLH
9SRQGČOtEXGHUiQR
RGVWDYHQDGR]DUiåN\GRSDORYQD
7DLOJDVDRGKRGLQGR
KRGLQ EXGRX SUREtKDW VHUYLVQt
DUHYL]QtSUiFHQD]DĜt]HQtFKY\VR
NpKRQDSČWt3RWXWRGREXQHEXGH
Y FHOpP DUHiOX N GLVSR]LFL HOHN
WULFNiHQHUJLH3RXNRQþHQt~GUåE\
EXGRXRSČWRYQČXYHGHQDGRSURYR
]X ]DĜt]HQt QD WUDQVIRUPDFL D UR]
YRGHOHNWULFNpHQHUJLHYêUREDWOD
NRYpKRY]GXFKXQDNRPSUHVRURYQČ
D QiVOHGQČ YêURED D UR]YRG WHSOD
SURSURYR]\LH[WHUQtRGEČUDWHOH
'RGiYND WHSOD SUR RE\YDWHO
VWYR EXGH YH 9DODãVNpP 0H]L
Ĝtþt SĜHUXãHQD RG QHGČOH RG FFD KRGLQ GR þWYUWNX
GRSROHGQH 'OH Yê
YRMH SRVWXSX ~GUåEiĜVNêFK SUD
Ft QD ]DĜt]HQtFK &=7 PĤåH
EêW GRGiYND WHSOD SRGOH SR
åDGDYNX RGEČUDWHOH REQRYHQD
LGĜtYH
,QJ9ODVWLPLO+RUiN
YHGRXFtSURYR]XHQHUJHWLND
'(=$$0<
VWUDQD
=NRQIHUHQFHRGERURYpRUJDQL]DFH
9 SRQGČOt þHUYQD VH NRQDOD Yê
URþQt NRQIHUHQFH 9=2 26 (&+2
=~þDVWQLOR VH Mt SR]YDQêFK
GHOHJiWĤ 3R]YiQt SĜLMDOL Wpå SĜHGVHGD
SĜHGVWDYHQVWYDNRQFHUQX$JURIHUWDJH
QHUiOQtĜHGLWHO'H]\,QJ=E\QČN3UĤãD
YêUREQtĜHGLWHO,QJ3DYHO3XVWČMRYVNê
DSHUVRQiOQtĜHGLWHO,QJ/DGLVODY+DLNHU
3ĜHGVHGD 9=2 26 (&+2 0LFKDO
6YiþHN ]KRGQRWLO þLQQRVW ]iNODGQt RG
ERURYpRUJDQL]DFH]DSRVOHGQtURNÄ-H
QDQiVDE\FKRPYHGOLSORGQRXDYČF
QRX GLVNX]L VH ]iVWXSFL QDãt ¿UP\³
XYHGO0LFKDO6YiþHN'iOHSRNUDþRYDO
Ä-H QHSRFK\EQp åH RGERU\ MVRX ]GH
Y SUYp ĜDGČ RG WRKR DE\ ]DVWXSRYDO\
]DPČVWQDQFH SĜHG ]DPČVWQDYDWHOHP
D GRKRG\ Y]HãOp ] WRKRWR ]DVWXSRYi
Qt SDN Y\MiGĜLO\ VSROHþQêP SRGSLVHP
SRG NROHNWLYQt VPORXYX þL GRGDWNHP
NROHNWLYQt VPORXY\ D SDN GEDO\ DE\
E\O\ YHãNHUp GRKRG\ SOQČQ\ 2GERU\
MVRX ]GH WDNp RG WRKR DE\ GRKOtåHO\
QD GRGUåRYiQt EH]SHþQRVWL SUiFH MDN
]HVWUDQ\]DPČVWQDYDWHOHWDN]HVWUDQ\
]DPČVWQDQFĤ'tN\SODWQpOHJLVODWLYȱ
RGERU\ GRKRGQXWp YêKRG\ QDG UiPHF
]iNRQtNXSUiFHWČFKWRYêKRGY\XåtYDMt
LQHRGERUiĜLFRåVHGiFKiSDWåHVNOt
]HMt~URGXNWHURXRGERUiĜL]DVHOL³-DN
GiOH 0LFKDO 6YiþHN NRQVWDWRYDO =2
26 (&+2 SĜL '(=$ D V SDWĜt PH]L
QHMYČWãtRUJDQL]DFHFKHPLFNpVHNFHRG
ERURYpKR VYD]X (&+2 .H GQHãQtPX
GQL RGERURYi RUJDQL]DFH Y 'H]H þtWi
UHJLVWURYDQêFK RGERUiĜĤ FRå MH
YãHFK]DPČVWQDQFĤYPDWHĜVNpP
]iYRGČ YH 9DODãVNpP 0H]LĜtþt 2G
þHUYHQFH GR NYČWQD GR RGERUĤ YVWRXSLOR ]DPČVWQDQFĤ
DVYpþOHQVWYtMLFKXNRQþLORRVP0LFKDO
6YiþHN SRNUDþRYDO Ä9HGHQt D RGERU\
YåG\QDFKi]HMtVSROHþQRXĜHþ'RFKi]t
P\VOtPVLNHYVWĜtFQêPGRKRGiPNWH
Up YHGRX N GREUp SRKRGČ ]DPČVWQDQ
FĤ D VSRNRMHQRVWL ]DPČVWQDYDWHOH -HQ
Y PiOR ¿UPiFK VH PRKRX SRFKOXELW
WtPåHPH]LRGERU\DYHGHQtPGRFKi]t
N SOQČQt JHQWOHPDQVNêFK GRKRG MDNR
MHWRPXXQiV'RFKi]tNEH]FK\EQpPX
¿QDQþQtPXSOQČQtNROHNWLYQtVPORXY\
1\Qt MVPH Y MHGQiQt R YêSODWČ PLPR
ĜiGQpKRERQXVX³
3R ~YRGQtP Y\VWRXSHQt SĜHGVH
G\ RGERURYp RUJDQL]DFH VH VORYD XMDO
SĜHGVHGD SĜHGVWDYHQVWYD NRQFHUQX
$JURIHUW D JHQHUiOQt ĜHGLWHO 'H]\
,QJ =E\QČN 3UĤãD 1HMSUYH KRYRĜLO
R 8NUDMLQČ Ä6LWXDFL QD 8NUDMLQČ SHþ
OLYČ VOHGXMHPH QHERĢ VXURYLQ\ QDNX
SXMHPH SUiYČ YH YêFKRGQtFK SUREOH
PDWLFNêFK REODVWHFK³ . ORĖVNpPX
6YpSRPRFQêSRGSĤUQêIRQGYURFHD]PČQDVWDQRY
'QHSURYHGODUHYL]QtNRPLVH]iNODGQtRUJDQL
]DFH26(&+2SĜL'(=$DVNRQWUROXKRVSRGDĜHQtVYpSR
PRFQpKRSRGSĤUQpKRIRQGX]DURN5HYL]QtNRPLVtE\OR
NRQWURORYiQR
6SUiYQpVWDQRYHQtYêãHY\SODFHQêFKSRGSRU
'RGUåRYiQtVWDQRYVYpSRPRFQpKRSRGSĤUQpKRIRQGX
7YRUEDþHUSiQtD]ĤVWDWHN¿QDQþQtFKSURVWĜHGNĤ
3ĜHKOHG R þHUSiQt 6YpSRPRFQpKR SRGSĤUQpKR IRQGX
]DPČVWQDQFĤ
=ĤVWDWHNN
.þ
3ĜtMHP]þOHQVNêFKSĜtVSČYNĤ
.þ
9êGHMQDSRGSRU\þOHQĤP
.þ
9êGHMQDYHGHQt~þWXSRSODWN\
.þ
3ĜtMHP]~URNĤ
.þ
=ĤVWDWHNILQDQþQtFKSURVWĜHGNĤQD~þWXN.þ
3ĜHKOHGþHUSiQtMHGQRWOLYêFKSRGSRU
SRGSRUSĜLQDUR]HQtGtWČWH
.þ
SRGSRUYQHPRFL
.þ
SRGSRUSĜL]XEROpNDĜVNêFKSUDFtFK.þ
SRGSRUDSĜLRGFKRGXGRLQYDOLGQtKRGĤFKRGX .þ
SRGSRUSĜLRGFKRGXGRVWDUREQtKRGĤFKRGX
.þ
SRGSRU\SĜL~PUWtþOHQDIRQGX
.þ
SRGSRUDSĜL~PUWtþOHQDURGLQ\
.þ
FHONHPY\SODFHQRSRGSRUYHYêãL
.þ
.RQWURORX UHYL]Qt NRPLVH QHE\O\ VKOHGiQ\ åiGQp ]iYDG\
9ãHFKQ\ SRGSRU\ E\O\ Y\SOiFHQ\ GOH SĜLORåHQêFK GRNODGĤ
DYHVSUiYQpYêãL5RYQČåYêSLV\]EDQNRYQtKR~þWXVRXKOD
Vt V SĜLORåHQêPL GRNODG\ äiGRVWL R SRGSRUX E\O\ Y\SOQČQ\
DVFKYiOHQ\GOHSODWQêFKVWDQRY63)5HYL]QtNRPLVtMHGQH
Y\KRWRYHQ]iSLVRYêVOHGNXNRQWURO\
=PČQDVWDQRY
9]KOHGHP N WRPX åH ]ĤVWDWHN QD ~þWX Y\ND]XMH ]QDþQRX
UH]HUYXQDYUKODVSUiYQtNRPLVH.RQIHUHQFL=226(&+2
NWHUiVHNRQDODGQHNSRVRX]HQt]PČQXVWDQRYYH
SURVSČFKY\ããtKRSOQČQtYQČNWHUêFKGUX]tFKSRGSRU3RSUR
MHGQiQtNRQIHUHQFtE\OVFKYiOHQQiYUK]PČQDVWDQRY\63)VH
RGPČQtYQiVOHGXMtFtFKERGHFKþOiQNX1iURN\
QDSRGSRUX
ERG3RGSRUDSĜLQDUR]HQtGtWČWH.þ
ERG3RGSRUDSĜLRGFKRGXGRGĤFKRGXSRSĜL]QiQtSOQp
KRLQYDOLGQtKRGĤFKRGX
Y]iYLVORVWLQDGpOFH]DPČVWQiQtY'(=$DV
RGGROHW.þ
Y]iYLVORVWLQDGpOFH]DPČVWQiQtY'(=$DV
QDGOHW.þ
ERG3RGSRUDSĜLRGFKRGXGRGĤFKRGXSRSĜL]QiQtVWD
UREQtKRLSĜHGþDVQpKRVWDUREQtKRGĤFKRGXDXNRQþHQtSUD
FRYQtKRSRPČUXGOH†StVPDEFDH=iNRQtNXSUiFH
SRGSRUDYHYêãL.þ
SODWtSURYãHFKQ\SĜtSDG\XYHGHQpYQiVOHGXMtFtFKERGHFK
DMHGQRUi]RYiSRGSRUDSRSĜL]QiQtVWDUREQtKRLSĜHGþDV
QpKRVWDUREQtKRGĤFKRGXDUR]Yi]iQtSUDFRYQtKRSRPČUXSĜL
GpOFH]DPČVWQiQtY'(=$DVGpOHQHåOHW
EYSĜtSDGČXNRQþHQtSUDFRYQtSRPČUXGOH†StVPD
EF=iNRQtNXSUiFHYêSRYČć]DPČVWQDYDWHOH]GĤYRGXRUJD
QL]DþQt]PČQ\PD[LPiOQČURN\SĜHGGRYUãHQtPYČNRYpKR
QiURNX QD VWDUREQt GĤFKRG MHGQRUi]RYi SRGSRUD SĜL GpOFH
þOHQVWYtYSRGSĤUQpPIRQGXPLQLPiOQČOHW
FYSĜtSDGČXNRQþHQtSUDFRYQtKRSRPČUXGOH†StVP
H=iNRQtNXSUiFHYêSRYČć]DPČVWQDYDWHOH]GĤYRGX]WUiW\
]GUDYRWQt]SĤVRELORVWLMHGQRUi]RYiSRGSRUDSĜLGpOFHþOHQ
VWYtYSRGSĤUQpPIRQGXPLQLPiOQČOHW
ERG3RGSRUDSĜL~PUWtYURGLQČþOHQDIRQGXSRGPtQND
QHMPpQČURN\þOHQVWYt
3ĜtVSČYHN VH SRVN\WXMH SĜL ~PUWt Y URGLQČ þOHQD IRQGX
PDQåHOPDQåHONDDGtWČNWHUpE\ORYGREČ~PUWtRGNi]iQR
YêåLYRXQDþOHQDIRQGXSRGSRUDYHYêãL.þ
ERG3RGSRUDSĜL~PUWtþOHQDIRQGXSRGPtQNDQHMPp
QČURN\þOHQVWYt
DRVREČNWHUiY\SUDYLODSRKĜHEDåLODVH]HPĜHOêPYHVSR
OHþQpGRPiFQRVWLSRGSRUDYHYêãL.þ
EY\SUDYLODOLSRKĜHEMLQiRVREDY\SODWtVHVNXWHþQpQiNOD
G\]DRNURXKOHQpQDQHMEOLåãtY\ããtGHVHWLNRUXQXPD[LPiOQČ
YãDN.þ
=DNDåGpSR]ĤVWDOpGtWČNWHUpE\ORQD]HPĜHOpKRþOHQDIRQ
GXRGNi]iQRYêåLYRXY\SODWtVHQDYtFSRGSRUD.þ
0LOHQD'RãNRYi
SĜHGVHGN\QČVSUiYQtNRPLVH
9$/$â6.é&+(0,.
URNX Y$JURIHUWX ,QJ 3UĤãD XYHGO åH
QHMYê]QDPQČMãt XGiORVWt E\O SĜHFKRG
,QJ%DELãHGRIXQNFHYLFHSUHPLpUDDPL
QLVWUD¿QDQFLýHVNpUHSXEOLN\DMHKRUH
]LJQDFHQDYãHFKQ\PDQDåHUVNpIXQNFH
YNRQFHUQX$*52*(57+RVSRGiĜVNê
YêVOHGHNYHVURYQiQtVURNHPE\O
QLåãt ] GĤYRGX ]KRUãHQp WUåQt VLWXDFH
YFKHPLFNpPVHNWRUX]HMPpQDQDWUKX
KQRMLY9REODVWLFKHPLHSĜHGQiPLVWRMt
]iVDGQtUR]KRGQXWt]GDSRVWDYLWY'XV
OHQRYRXYêUREXþSDYNXþLLQYHVWRYDW
GRJHQHUiOQtRSUDY\VWiYDMtFtWHFKQROR
JLH &R VH WêNi DNYL]LF QHMGĤOHåLWČMãt
E\O\GYČDWRQČPHFNpSHNiUQ\/LHNHQ
D PHGLiOQt GĤP 0$)5$ ,QJ 3UĤãD
SDN Y\VYČWOLO VRXYLVORVWL Y UiPFL FKH
PLFNpYČWYHNRQFHUQX$JURIHUW
3RWp VH UR]SURXGLOD GLVNXVH PH]L
]iVWXSFL RGERUiĜĤ D YHGHQtP VSROHþ
QRVWL 1D RWi]N\ GHOHJiWĤ RGSRYtGDO
SĜHGHYãtP YêUREQt ĜHGLWHO ,QJ 3DYHO
3XVWČMRYVNê
.RQIHUHQFHSRNUDþRYDODY\VWRXSHQtP
SĜHGVHG\9=226(&+2NWHUêSĜHGQH
VO]SUiYXRKRVSRGDĜHQtYORĖVNpPURFH
D QiYUK SUR URN %\O\ QDYUåHQ\
DVFKYiOHQ\]PČQ\YHVWDQRYiFKVYpSR
PRFQpKRSRGSĤUQpKRIRQGX
9tFH Y þOiQNX 0LOHQ\ 'RãNRYp
YGQHãQtPY\GiQt9DODãVNpKRFKHPLND
0LULDP.DOOHURYi
9êVOHGN\NRQWURO\YDUXMt
9SUĤEČKXPČVtFHGXEQDE\ODYUiPFL
EH]SHþQRVWL SUiFH SĜLMDWD ĜDGD RSDWĜHQt
VPČĜXMtFtFKGRREODVWLSUHYHQFH-HGQRX
]REODVWtQDNWHURXVHVRXVWĜHGLOD]YêãHQi
SR]RUQRVWE\ODREODVWSUHYHQFHSURWLDO
NRKROX9VRXODGXVWtPWR]iPČUHPE\OD
QČNROLNDQiVREQČ]YêãHQDþHWQRVWNRQWURO
DWRMDNQDYVWXSQtFKEUDQiFKWDNLSĜtPR
QDSUDFRYLãWtFK9êVOHGN\WČFKWRNRQWURO
MVRX]DUiåHMtDYDUXMtFt3RþHWSR]LWLYQtFK
]MLãWČQtGRViKORVPLSĜtSDGĤ9êãHQiPČ
UĤVHSRK\ERYDODRGGHVHWLQ\SURPLOHDå
SRSURPLOH
9ãLFKQL VL XYČGRPXMHPH MDNi UL]LND
Y FKHPLFNp YêUREČ PRKRX QDVWDW SĜL
VQtåHQp SR]RUQRVWL ~QDYČ D RPH]HQp
NRRUGLQDFL 3ROLWLND QXORYp WROHUDQFH
MH SĜtVQi D SUR QČNWHUp PRåQi Då SĜtOLã
WYUGi 3UDFRYQČ SUiYQt GĤVOHGN\ WČFK
WR SĜtSDGĤ MVRX YHOPL GĤUD]Qp 'YD
]DPČVWQDQFL 'H]\ E\OL SURSXãWČQL
8 ]DPČVWQDQFĤ H[WHUQtFK ¿UHP
E\ODRGHEUiQDSUĤND]NDSURYVWXS
D XSODWQČQD VMHGQDQi VDQNFH
Y ĜiGX Då GHVtWHN WLVtF NRUXQ 9H
YČWãLQČ SĜtSDGĤ E\OL ]DPČVWQDQFL
H[WHUQt¿UPRXWDNpSURSXãWČQL
=iYČU$NWXiOQtSĜtSDG\XND]X
MtåHUL]LNRMHVWiOHUHiOQpDY\VR
Np 9\VRNi þHWQRVW NRQWURO EXGH
SURWR]DMLãĢRYiQDWUYDOHDSUĤEČå
QČ6WUiåQtVOXåED,32MLåREGUåHOD
SRN\Q\SUR]YêãHQRXþHWQRVWWČFK
WRNRQWURO)RUPRXQDPiWNRYêFKNRQ
WUROEXGRXWDNpPRQLWRURYiQ\SRGUREQČ
LRVREQtDQiNODGQtDXWRPRELO\SURVQt
åHQtUL]LNDPRåQêFKNUiGHåt9ČĜtPHåH
VL ]DPČVWQDQFL XYČGRPXMt WDWR Y\VRNi
UL]LNDLPRåQpSRVWLK\DåHWRPXSRGĜtGt
LVYRMHFKRYiQtDåLYRWRVSUiYX
2GERUEH]SHþQRVWLSUiFH
SHUVRQiOQtRGERU
3DQ/HRã0DUFLQRY]SURYR]X
2UJDQLNRVODYtþHUYQD
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
3DQ-RVHI.UþPiĜ]SURYR]XYRGD
DRGSDG\RVODYtþHUYHQFH
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
25',1$ý1Ë+2',1</e.$ěģ
08'U=ODWLFD&XU\ORYi
WHO
.?>;E=?2;F;mME¼BI=B?GCE;
Jû?D?Pm?GßN?H´ûăG
B?TEIO>IPIF?HIO
25',1$ý1Ë'2%$
3RQGČOt ÒWHUê
6WĜHGD ýWYUWHN 3iWHN
]GUDYRWQtVHVWUD0DUWLQD-DQHþNRYi
'HQQČRGGRKRGLQSĜHGQRVWQČ
RGEČU\DLQMHNFH
2GSROHGQtRUGLQDFHQDREMHGQiQt
'RYROHQi
RGGRRGGR
08'U7RPiã)LãQDU
WHO
HPDLORUGLQDFH¿VQDU#JPDLOFRP
2'%ċ5<
3RQGČOt ÒWHUê 6WĜHGD
ýWYUWHN 3iWHN 25',1$ý1Ë'2%$
3UHYHQFHGOHREMHGQiQt
±GOHREMHGQiQt33
RG±GOHREMHGQiQt
]GUDYRWQtVHVWUD9ODGLPtUDâNDĜXSRYi
VWUDQD
'(=$$0<
9$/$â6.é&+(0,.
3UYQtPtVWRKDVLþĤ'H]\YGLVFLSOtQiFKSRåiUQtKRVSRUWX
+DVLþL]'H]\VH]~þDVWQLOLNDåGRURþQtKR
NUDMVNpKR NROD VRXWČåH Y SRåiUQtP VSRUWX
GUXåVWHYKDVLþVNpKR]iFKUDQQpKRVERUX=OtQ
VNpKRNUDMHDKDVLþVNêFK]iFKUDQQêFKVER
UĤ SRGQLNĤ =OtQVNpKR NUDMH NRQDQpKR GQH
YH=OtQČ
7DWR VRXWČå VH VNOiGi ]H þW\Ĝ GLVFLSOtQ
DWRYêVWXSXGRþWYUWpKRQDG]HPQtKRSRGOD
åtFYLþQpYČåHEČKXQDVWRPHWUĤVSĜHNiå
NDPLãWDIHW\[PDSRåiUQtKR~WRNX
1DãH GUXåVWYR
NWHUp E\OR SRVt
OHQR R QČNROLN
PODGêFK WYiĜt VH
V YHUYRX SXVWLOR
GR SUYQt GLVFLSOt
Q\ D WR YêVWXSX QD
FYLþQRX YČå 1DG
PtUD VQDK\ D DVL
L QHUYR]LWD ] YHO
NpKR ]iYRGX VH QD
QČNWHUêFK SURPČ
QLOD Y FK\E\ NWHUp
VWiO\ GUDKRFHQQê
þDV 3URWR SR VRXþ
)RWR5REHUW6NêSDOD WX ãHVWL QHMOHSãtFK
þDVĤMVPHVHXPtVWL
OLQDWĜHWtPPtVWČVFHONRYêPþDVHPV
. GDOãt GLVFLSOtQČ VWR PHWUĤ V SĜHNiåND
PLMVPHQDVWXSRYDOLVYtURXåHSUiYČYWpWR
GLVFLSOtQČ PĤåHPH ]YtWČ]LW$ DE\ QH NG\å
YVHVWDYČPiPHPLVWUDVYČWDGROHW)UDQ
WLãND.XQRYVNpKR7HQVHQHQHFKDO]DKDQELW
D VYêP RVREQtP UHNRUGHP SRVXQXO
GUXåVWYRVFHONRYêPþDVHPVQDSUY
QtPtVWR
7DWR YêKUD QiP GR WĜHWt GLVFLSOtQ\ ãWDIH
W\PVSĜHNiåNDPLSĜLQHVODNOLGVHNWHUêP
MVPHGRFtOHQêPþDVHPVY\ERMRYDOLFHQ
QpGUXKpPtVWR
3ĜHGSRåiUQtPL~WRN\MHåMVRXR]QDþRYiQ\]D
GLVFLSOtQXSUDYG\VHQDãHGUXåVWYRSRK\ERYDOR
QDSĜHGEČåQpPGUXKpPPtVWČVHVRXþWHPãHVWL
ERGĤ]SĜHGFKR]tFKGLVFLSOtQ
+DVLþĤP]H=OtQDSRåiUQt~WRNQHY\ãHOSRGOH
SĜHGVWDYDþDVVMH]DĜDGLODå]DGUXåVWYR
] +=6 8KHUVNp +UDGLãWČ NWHUêP YêERUQê þDV
V]DUXþRYDOSUĤEČåQpSUYQtPtVWR
9WXFKYtOLVHQDãHGUXåVWYRSĜLSUDYRYDORNH
VWDUWX$E\PRKORSRPêãOHWQDSUYQtPtVWRMDN
Y ~WRFtFK WDN Y FHONRYpP SRĜDGt PXVHOR Y\
WYRĜLW QRYê RVREQt UHNRUG D WtP SĜHNRQDW YH
GRXFtKDVLþH]8KHUVNpKR+UDGLãWČ
3R YêVWĜHOX QDEUiQt YRG\ GRSUDYHQt KDGL
FHPL N QiVWĜLNRYêP WHUþĤP D QiVWĜLNX OLWUĤ
YRG\ MVPH V QDSČWtP Y\KOtåHOL GRFtOHQê þDV
ýDVRPtUDVH]DVWDYLODQDV7HQWRYêERUQê
þDVQiPSĜLQHVOYtWČ]VWYtDSRGYDQiFWLOHWpQDG
YOiGČ KDVLþĤ ] +UDGLãWČ L FHONRYp SUYQt PtVWR
DWLWXOYtWČ]HNUDMVNpKRNRODYSRåiUQtPVSRUWX
]DUXþXMtFtVWDUWQDPLVWURYVWYtý5NWHUpVHEXGH
NRQDW YH GQHFK Y ýHVNêFK
%XGČMRYLFtFK
=GHQČN0DW\iVHN
)RWR5REHUW6NêSDOD
)RWR(YD)RXNDORYi
%ČåHOLMVPHRNRORNRPtQD
1DVWDUWÄGHVtWN\³VHSRVWDYLOLL]DPČVWQDQN\QČD]DPČVWQDQFL'H]\=GHĖND+HJDURYi9LOPD-DQRãRYi(YD2EHUPDMH
URYi/XNiã%H]GČN/XERã6HN\UD0LODQ'XMND/LERUäHPOD3DYHO.UXPSKRO]9ODGLPtUâWČSiQHN7RPiã.RODĜtN3DYHO
.UþPiĜ 0DUWLQ .RU\WiĜ 0DUWLQ 0DUHN -RVHI &KêOHN 'DQLHO 2UViJ 5DGRPtU 0DVDĜtN 3HWU âNUREiN -LĜt .XUiĖ -RVHI
.XUND-RVHI7UXVLQDDOHWêGĤFKRGFH)UDQWLãHN.RĖDĜtN)RWR9RMWČFK9iFKD3HWU9\PČWDO0LULDP.DOOHURYi
3RGQLNRYêWXUQDMYNXåHONiFK
9iåHQtVSRUWRYQtSĜiWHOp
OHWRãQt SRGQLNRYê WXUQDM Y NXåHONiFK
QHSĜLQHVOYVRXWČåLGUXåVWHYåiGQpYHO
Np SĜHNYDSHQt 2SČW Y\KUiOD GUXåVWYD %HQ]RO ,,
YHVNXSLQČ$D9Ò.&+,YHVNXSLQČ%=DWRYãDN
YVRXWČåLMHGQRWOLYFĤE\ORQDFRNRXNDW3RNYD
OL¿NDFLYHGO3HWU0DĖiNQiVOHGRYDQê)UDQWLãNHP
)RMWtNHPD0LURVODYHP0RMåtãNHP$SUiYČWĜHWt
YSRĜDGt0LURVODY0RMåtãHNVLYH¿QiORYpPNROH
XGUåHO IRUPX D FHONRYêP VNyUH NRONĤ ]Yt
WČ]LO 1D GUXKpP PtVWČ VH V YêNRQHP NRONĤ
XPtVWLO-LQGĜLFK&DKOtNDWĜHWtE\OVNRON\-LĜt
3DYOtNVWDUãt.WUDGLþQtPXGXXåHQ$OHQD-XJRYi
D -DQD 6WUDWLORYi VH OHWRV SĜLGDOD QD WĜHWt PtVWR
9tWČ]RYp VRXWČåH MHGQRWOLYFĤ
3DYOD 6HGOiþNRYi 9ãHP GUXåVWYĤP GČNXML ]D
0LURVODY 0RMåtãHN D $OHQD
~þDVWD=226(&+2]DVSROXSUiFLSĜLDNWXDOL]D
-XJRYi
FtFKYêVOHGNĤDRGPČQ\YtWČ]ĤP
)RWR5DGLP%RKĤQHN
5DGLP%RKĤQHN
7X U Q D M Y H V W R O Q t P W H Q L V X
'QHE\OXVSRĜiGiQSRG]iãWLWRX=226(&+2GDOãtURþQtNWXUQDMHYH
VWROQtPWHQLVX7XUQDMVHNRQDORSČWY'RPHþNX
ÒþDVWE\ODKRMQi-HSRWČãLWHOQpåHVHSURERX]t]iMHPRWHQWRVSRUWLPH]LPOi
GHåt/HWRVE\ODSRSUYp]DĜD]HQDGRSURJUDPXLVRXWČåGČWtGROHW
6WROQtWHQLVMHVSRUWSRYãHFKQ\YČNRYpNDWHJRULH1HMVWDUãtPXKUiþLE\OR
OHWQHMPODGãt~þDVWQtNPČOOHW
)RWR'DYLG5\ãiQHN
9êVOHGN\
'ČWLGROHW 5\ãiQHN-DNXE 'YRXKUDPXåL =iNRVWHOVNê6WDQLVODY
0DFKiĖ3DWULN 3DOLþND-LĜt
.YČWRĖ3DWULN *ROiĖ-DURVODY
ýW\ĜKUDPXåL
=iNRVWHOVNê6WDQLVODY*ROiĖ-DURVODY
3DOLþND-LĜt±6HJHĢD%RKXã
0DUNXVtN0DUWLQ0DUNXVtN0DW\iã
7XUQDMXNi]DOMHãWČMHGQX]DMtPDYRXYČF%\ORYLGČWåHURGLþHYHGRXNHVSRUWX
VYpGČWL.OiQtVHWRWLå]~þDVWQLORQČNROLNURGLQQêFKGYRMLFRWHFDV\Q±6HJH
ĢRYL0DFKiĖRYL5\ãiQNRYL0DUNXVtNRYL5XGROIRYL
5XGROI0LURVODY
,ERVN\VHGiGREČKQRXWGRFtOH
'(=$$0<
VWUDQD
1HMOHSãtPODGêFKHPLNýHVNpUHSXEOLN\MH]9\ãNRYD
3DUGXELFH'UXKêURþQtNFHORVWiWQtKR¿QiOHVRXWČåH+OHGiPHQHMOHSãtKR0ODGpKRFKHPLNDý5]QiVYpKRYtWČ]HVWDOVHMtP
0DUWLQ0iWO]9\ãNRYD
9H VWĜHGX þHUYQD VH Y SURVWRUiFK
8QLYHU]LW\3DUGX
)DNXOW\ FKHPLFNRWHFKQRORJLFNp 8QL
ELFH 3HWU /RãĢiN
YHU]LW\3DUGXELFHXVNXWHþQLORYUFKROQp
-DNR WĜHWt VNRQþLO
NOiQt PODGêFK FKHPLNĤ äiNRYVNpKR
0DUWLQ /LJRFNê
PLVWURYVWYt UHSXEOLN\ VH ]~þDVWQLOR ] 2VWUDY\3RUX
¿QDOLVWĤ ] MHGHQiFWL NUDMĤ Ä9 UHJLR
E\ NWHUê SĜHY]DO
QiOQtFKNROHFKVRXWČåLORFHONHP
RGSURGČNDQDSUR
åiNĤGHYiWêFKWĜtGFRåMHþtVORRKURPX
SHGDJRJLNXSRĜi
MtFt'RNOiGiåHFKHPLHMHQDY]HVWXSX
GDMtFtIDNXOW\3HW
D GRNiåH ]DXMPRXW VWiOH YtFH PODGêFK
UD.DOHQG\SRKiU
OLGt³ XYHGO GČNDQ )&K7 3HWU /RãĢiN
GiUNRYRX WDãNX
MHKRå IDNXOWD FHORVWiWQt ¿QiOH SRĜiGi
SĜtVOLE
VWLSHQ
Ä3URERMRYDWVHDåGR]iYČUHþQpKRNOiQt
GLD D MDNR KODYQt
SĜHGSRNOiGiYêMLPHþQp]QDORVWLDYČGR
FHQX /(' 79
PRVWL3RGREQpWDOHQW\FtOHQČY\KOHGi
Ä6QDåtPHVHåiN\
YiPHSURWRåHMVPHVFKRSQLQDEtGQRXW
PRWLYRYDW KRG
MLPY\QLNDMtFtSRGPtQN\SURGDOãtUĤVW
QRWQêPLYêKUDPL
-VHPSĜHVYČGþHQåHPQR]t]GQHãQtFK
NWHUpMVRXYUiPFL
¿QDOLVWĤVHNQiPSRPDWXULWČYUiWtDE\
SRGREQêFKVRXWČ
0ODGtFKHPLFLEČKHP¿QiORYpKRGQH
]GH]DYUãLOLVYpVWXGLXP³GRGDOSURIH
åtQDGVWDQGDUGQt=DWRSDWĜtSRGČNRYiQt
DOHMHQQHVRXWČåLOL2]iEDYQêSURJUDP
VRU.DOHQGDSURGČNDQSURSHGDJRJLNX
6YD]XFKHPLFNpKRSUĤP\VOXý5JHQH
VH SRVWDUDO 3HWU +XUWD D MHKR IHQRPH
SRĜiGDMtFtIDNXOW\
UiOQtPX SDUWQHURYL VRXWČåH EH] MHKRå
QiOQtEDUPDQVNiVKRZSĜLSUDYHQDE\OD
6RXWČå VHVWiYDOD ]H GYRX þiVWt 7HR
SRGSRU\ E\ WR QHE\OR PRåQp³ XYHGOD
WDNp RFKXWQiYND QHWUDGLþQtFK NRNWHMOĤ
UHWLFNp ]QDORVWL SURYČĜLO StVHPQê WHVW
*DEULHOD ýHELãRYi ] DJHQWXU\ &]HFK
D ]PU]OLQ\ 3RĜiGDMtFt IDNXOWD SR]YDOD
SUDNWLFNpGRYHGQRVWLODERUDWRUQtSUiFH
PDUNHWLQJNWHUiVRXWČåRUJDQL]XMH
]iMHPFH QD H[NXU]L SĜHGYHGOD XNi]NX
1HMOpSHVLYRERXþiVWHFKYHGO0DUWLQ
2FHQČQRE\ORYãHFK¿QDOLVWĤUROH
HIHNWQtFK SRNXVĤ D XPRåQLOD VRXWČåt
0iWO]H=â1iGUDåQt9\ãNRYNWHUêVH
SĜHGiYDMtFtFK VH XMDOL Yê]QDPQt KRVWp
FtP L MHMLFK GRSURYRGX SĜHVSDW QD NR
VWDO SRP\VOQêP NUiOHP PODGêFK FKH
]ĜDGSDUWQHUĤVRXWČåH7LNWHĜtVHXPtV
OHMtFKDSRREČGYDWYPHQ]H)LQDOLVWpVL
PLNĤSURURNÄ-iXåMVHPSRND]LO
WLOLQDSUYQtPDåSiWpPPtVWČREGUåHOL
WDNPRKOLY\]NRXãHWMDNpWRMHEêWQD
WROLNVRXWČåtåHMVHPåiGQê~VSČFKDQL
QDYtFL&HQXGČNDQD)&K783D]DY\
MHGHQGHQVWXGHQWHPY\VRNpãNRO\
QHRþHNiYDO -VHP VWUDãQČ SĜHNYDSHQê
QLNDMtFtYêVOHGN\YREODVWLYČG\SĜtVOLE
Ä%LODQFH OHWRãQtKR URþQtNX 0ODGp
DOHãĢDVWQê³VYČĜLOVHSRVYpPYtWČ]VWYt
SĜL]QiQtVWLSHQGLDYSUYQtPDNDGHPLF
KR FKHPLND MH YtF QHå SĜt]QLYi 3RþHW
Ä&KHPLLVHXUþLWČKRGOiPYČQRYDWLQD
NpP URFH VWXGLD QD )DNXOWČ FKHPLFNR
~þDVWQtNĤ UDSLGQČ VWRXSO D GR GČQt VH
GiOHQHMOpSHYNRPELQDFLVELRORJLt7D
WHFKQRORJLFNp 8QLYHU]LW\ 3DUGXELFH
]DSRMLO\QRYpUHJLRQ\5RVWRXFt]iMHP
MHWRWLåPêPGDOãtPNRQtþNHP³GRSOQLO
YKRGQRWČ.þPČVtþQČ$SURWR
R VRXWČå MDVQČ VLJQDOL]XMH åH FKHPLH
QHMOHSãtFKHPLNNWHUêVL]UXNRXĜHGL
åH]D~VSČFK\QHMOHSãtFKåiNĤVWRMtGR
åiN\ EDYt D LQVSLUXMH D åH VH SUR QČ
WHOH 6YD]X FKHPLFNpKR SUĤP\VOX ý5
]QDþQp PtU\ MHMLFK XþLWHOp X]QiQt VH
VWiYi SĜLWDåOLYRX VWXGLMQt L SURIHVQt DO
/DGLVODYD1RYiNDRGQHVOSRKiUãHUSX
GRþNDOL L SHGDJRJRYp MHMLFKå VYČĜHQFL
WHUQDWLYRX$NXWQtQHGRVWDWHNPODGêFK
L3DG SĜtVOLE VWLSHQGLD EČKHP SUYQtKR
REVDGLOLSUYQtWĜLSR]LFH=UXNRXGČND
D WHFKQLFN\ Y]GČODQêFK RGERUQtNĤ
URNX VWXGLD QD )&K7 8QLYHU]LW\ 3DU
QD)&K73HWUD/RãĢiNDVLýHVWQpX]QiQt
NWHĜt GQHV WROLN FK\EČMt QD SUDFRYQtP
GXELFH D GiUNRYRX WDãNX RG SDUWQHUĤ
D 0HGDLOL )DNXOW\ FKHPLFNRWHFKQR
WUKXE\SURWREU]\PRKOEêWPLQXORVWt³
VRXWČåH 1D GUXKp SĜtþFH VH XPtVWLO
ORJLFNp 8QLYHU]LW\ 3DUGXELFH RGQHVO\
X]DYĜHO /DGLVODY 1RYiN ĜHGLWHO 6YD]X
3DYHO âWČSiQHN ] 2SDY\ NWHUê ]tVNDO
0LOHQD7LKHONRYi]H=â1iGUDåQt9\ã
FKHPLFNpKRSUĤP\VOXý5
SRKiUSĜtVOLEVWLSHQGLDGiUNRYRXWDãNX
NRY/XFLH/\NRYi]H=â2WLFNi2SDYD
9tFHLQIRUPDFtQDZZZPODG\FKHPLNFUF]
DKHUQtNRQ]ROL;ER[&HQ\PXSĜHGDO
D/XFLH.RIUiQNRYi]H=â$+UGOLþN\
GČNDQ)DNXOW\FKHPLFNRWHFKQRORJLFNp
2VWUDYD3RUXED
9$/$â6.é&+(0,.
'REUi]SUiYDSURþHUVWYpDEVROYHQW\
VWĜHGQtFKãNRODMHMLFKURGLþH
-D]\N\MVRXEUiQDGRVYČWDDOHLVWiOH
ERODYpPtVWRYČWãLQ\]QiV8þHQtMD]\ND
QLNG\QHNRQþtMHKR]QDORVWþLQH]QDORVW
þDVWR UR]KRGXMH R EXGRXFtP SRYROiQt
$OHNGHVHVWiOH]GRNRQDORYDW"
6WXGHQWLNWHĜtVHSRPDWXULWČQHGRVWD
OLQDY\VRNRXãNROXQHERNWHĜtVLFKWČOL
]QDORVWMD]\NDXSHYQLWPČOLSRGORXKi
OpWD PRåQRVW MHGQROHWpKR SRPDWXULW
QtKRVWXGLDFL]tKRMD]\NDVGHQQtYê
XNRXNG\MLPVWiWSRQHFKDOVWDWXWVWX
GHQWDVWĜHGQtãNRO\DURGLþĤPWDN]ĤVWDO
QiURNQD~OHY\QDGDQtFK
9SRVOHGQtFKGYRXOHWHFKVHYUiPFL
~VSRUQêFK RSDWĜHQt RWĜiVOR SRPDWXULW
Qt VWXGLXP Y ]iNODGHFK SR GYD URN\
VYiGČO\ ãNRO\ ELWYX R ]DFKRYiQt WpWR
IRUP\ VWXGLD SRWp R RSUiYQČQt N MHKR
RUJDQL]DFLYNRQNUpWQtPPČVWČ
%LWYD MH Y\ERMRYiQD SRPDWXULWQt
VWXGLXP$-D1-VHVWDWXWHPVWXGHQWD
YH9DODãVNpP0H]LĜtþt]ĤVWiYi
$NUHGLWDFH 0â07 N RUJDQL]DFL VWX
GLD QD QiVOHGXMtFt WĜL URN\ E\OD SĜLGČ
OHQD Y NYČWQX -D]\NRYp ãNROH
VSUiYHPVWiWQtMD]\NRYp]NRXãN\SĜL
,6â±&23YH9DODãVNpP0H]LĜtþt
1D-D]\NRYFHSĜL,6â&23WRQHQt
QRYLQNDODYLFHPLSRPDWXULWQtKRVWXGLD
]GH]DGREXMHKRH[LVWHQFHSURãORYtFH
QHåVWXGHQWĤYČWãLQD]QLFKRSXV
WLODãNROXVHVWiWQLFtþLVPH]LQiURGQtP
FHUWL¿NiWHPR]QDORVWLMD]\NDDWRXå
MH GRNXPHQW NWHUê VH QD WUKX SUiFH
SRþtWi
-HGQiVHRVWXGLXPSODFHQpVWDWXWVWX
GHQWDĜHãtMHQ]GUDYRWQtDVRFLiOQtSRMLã
WČQtSRVOXFKDþHDGDĖRYp~OHY\URGLþĤ
1LFPpQČ MH WR QHMLQWHQ]LYQČMãt D MHG
QR]QDþQČQHMHIHNWLYQČMãtIRUPDYêXN\
VWXGHQWLPDMtKRGLQMD]\NDWêGQČWM
WpPČĜKRGLQMD]\ND]DURN9êXNX
YHGRXDSURERYDQtXþLWHOpMD]\NDDURGL
OtPOXYþtSRGPtQN\MVRXYHVSHFLiOQČ
Y\EDYHQêFKWĜtGiFKLGHiOQt
.DPWHG\SRPDWXULWČNG\åQHY\MGH
Y\VRNiþLåiGQiSUiFHQHQtQDRE]RUX"
-H ãNRGD ]WUiFHW þDV QD ~ĜDGX SUiFH
NDåGêGHQQDMD]\NRYFH]QDPHQiGDOãt
NURN N VHEH]GRNRQDOHQt Y SĜtMHPQpP
NROHNWLYXYUVWHYQtNĤ.DåGêGHQSUREt
KiYêXNDRGGRKRGMHWHG\
GRVWþDVXLQDRGSROHGQtEULJiG\
3RURFHRGFKi]HMtVWXGHQWLVFHUWL¿Ni
WHPGRSUiFHQDY\VRNRXãNROX±QHER
SĜtPR GR VYČWD -D]\NRYRX YêEDYX Xå
QDWRNDåGRSiGQČPDMtſ
,QIRUPDFHNHVWXGLX
ZZZZZZLVVFRSYPF]
HPDLOMD]\NRYDVNROD#LVVFRSYPF]
WHOHIRQ
.ROHNWLYGREUiQiODGDDOHLSUiFHWRYãHNHVWXGLXSURVWČSDWĜt
1HPiWHþDVQDXþHQtDQJOLþWLQ\"
=PČQLO\VH9DãHåLYRWQtSRGPtQN\"=PČQtPHVHSRGOH9iV
0,%,',=2YHâYêFDUVNXQHMYČWãtGRVDYDGQt~VSČFKGČWVNpKRVERUX
=D VYĤM QHMYČWãt GRVDYDGQt ~VSČFK QD PH]LQiURGQtFK VRXWČåtFK SRYDåXMH VERU 0,%,',
=2 VYp Y\VWRXSHQt QD URþQtNX 0H]LQiURGQtKR VRXWČåQtKR IHVWLYDOX Ä02175(8; &+2
5$/ )(67,9$/ ³ NWHUê SUREČKO YH GQHFK ± GXEQD YH âYêFDUVNX . ~þDV
WL QD VRXWČåL E\OL Y\EUiQL ] FHOp ĜDG\ HYURSVNêFK GČWVNêFK VERUĤ NWHUp R SR]YiQt XVLORYDO\
9 VRXWČåL ]tVNDOL PH]L GČWVNêPL VERU\ QHMOHSãt KRGQRFHQt Ä([FHOOHQW³ D NRQHþQp PtVWR SUYQt
DGUXKiFHQDYGČWVNpNDWHJRULLQHE\ODXGČOHQD.~VSČFKXSĜLãODGČWHPSRJUDWXORYDWLQiPČVWN\QČ
þHVNpKRYHOY\VODQFHYHâYêFDUVNX9êMLPHþQiD~VSČãQiFHVWDVERUXVHXVNXWHþQLODWDNpGtN\YêUD]Qp
SRGSRĜH1DGDFH$JURIHUW
3RSDGHViWp VH YH ãYêFDUVNpP NDQ
WRQX :DDGW YH PČVWHFK 0RQWUHX[
D 9HYH\ VHãO\ Y\QLNDMtFt HYURSVNp
DDVLMVNpVERU\QDPH]LQiURGQtVRXWČå
QtSĜHKOtGFHÄ0RQWUHX[&KRUDO)HVWL
YDO³6RXWČåLSĜHGFKi]HORQiURþQpYê
EČURYpNRORYHNWHUpPXVSČORFHONHP
VERUĤ D SRSUYp E\O MHGQtP ] QLFK
L GČWVNê SČYHFNê VERU 0,%,',=2 ]H
=8â$OIUpGD5DGRND9DODãVNp0H]LĜtþt
6ERU\ QD PH]LQiURGQt ~URYQL PXVt
SĜHGYpVWåHVL~þDVWQDWDNRYpVRXWČåL
]DVORXåtDWDNGČWLVRXWČåLO\YHGYRX
GQHFKVYHOPLQiURþQêPUHSHUWRiUHP
9 SUYQtP VRXWČåQtP NROH PXVHO\
PLPR MLQp ]YOiGQRXW SRYLQQRX SČWL
KODVRX VNODGEX Ä-DDNRELQ SRMDW³
GiOH VNODGEX ] GRE\
UHQHVDQFH D QDNRQHF
GtOR VRXþDVQpKR DX
WRUD QDUR]HQpKR SR
URFH9GUXKpP
VRXWČåQtP NOiQt VH
SĜHGVWDYLO\ VH VYêP
YROQêPSURJUDPHP
6ODYQRVWQt NRQFHUW
D SĜHGiYiQt FHQ Yt
WČ]ĤP VH NRQDO\
Y QiGKHUQpP NRQ
FHUWQtP ViOH 6WUD
YLQVNpKR
DXGLWRULD
Y0RQWUHX[D~þDVWQL
O\ VH KR MDN YãHFKQ\
VRXWČåQt VERU\ WDN
L ãYêFDUVNp SXEOL
NXP 'ČWVNê VERU
0,%,',=2
E\O
Y VRXWČåL RFHQČQ
PtVWHP Ä([FHOOHQW³ SĜLþHPå SUY
Qt D GUXKi FHQD Y GČWVNp NDWHJRULL
YĤEHF QHE\OD XGČOHQD Ä'ČWL ]StYDO\
YêERUQČ GDO\ GR WRKR YãH FR E\OR
Y MHMLFK VLOiFK 3DWĜt MLP YHONê REGLY
D SRGČNRYiQt³ ĜHNOD VERUPLVWU\QČ
(YD-HåtNRYi
'ČWL ]H =8â VL ]H âYêFDUVND RGYi
åHMtPQRKR~åDVQêFK]iåLWNĤ=tVNDO\
FHQQRX ]NXãHQRVW SRVOHFKHP ãSLþNR
YêFK SČYHFNêFK VERUĤ D PRKO\ SR
]RURYDW QRYp WUHQG\ NWHUp VH Y VRX
þDVQpP VERURYpP ]StYiQt REMHYXMt
0ČO\ PRåQRVW SR]QDW NUiVQRX ]HP
DQiGKHUQpPČVWR0RQWUHX[]iåLWNHP
E\OR L MHMLFK NRQFHUWQt Y\VWRXSHQt QD
QiGYRĜt ]QiPpKR VWĜHGRYČNpP KUDGX
&KLOORQSRVWDYHQpKRQDRVWURKXYäH
QHYVNpPMH]HĜH
0LOêP SĜHNYDSHQtP SUR YãHFKQ\
E\OR VHWNiQt V þHVNRX QiPČVWN\Qt
YHOY\VODQFHYHâYêFDUVNXNWHUiQDãH
]SČYiþN\ SĜLãOD SR]GUDYLW D REGDUR
YDODMHWUDGLþQtPãYêFDUVNêPGiUNHP
±YêERUQRXþRNROiGRX
=8â$OIUpGD5DGRND9DODãVNp0H
]LĜtþt QDYãWČYXMH PQRKR QDGDQêFK
GČWt D VERU 0,%,',=2 WR MHQ GRND
]XMH3URWRMLPSĜHMHPHDE\MHUDGRVW
]HVSROHþQpKR]StYiQtSURYi]HODLQD
GDOãtFKVRXWČåtFKDNRQFHUWHFKNWHUp
MHYQHMEOLåãtFKGQHFKDOHWHFKþHNDMt
7LVNRYi]SUiYD
=8â$OIUpGD5DGRND
1HPiP þDV -HGQD ] QHMþDVWČMãtFK
YČWVWROHWt.GRQDMGH]SĤVREMDN
YGQHãQtGREČXãHWĜLWþDVQDSĜQDDQJ
OLþWLQXY\KUiYi
$ WĜHED WR SĤMGH 6 WRXWR Yê]YRX
YVWRXSLOD REHFQČ SURVSČãQi VSROHþ
QRVW /LQJXD OLYH V -D]\NRYRX ãNRORX
SĜL,6â±&23YH9DODãVNpP0H]LĜtþt
GR (YURSVNpKR SURMHNWX Ä3DUWQHUVNi
VtĢ$QJOLþWLQDVRQOLQHOHNWRU\³
3DUWLFLSDFH QD SURMHNWX MHKRå åD
GDWHOHP MH ¿UPD 2SHQ ,7 F] VUR
] &KUXGLPL SĜLQHVH GR 9DODãVNpKR
0H]LĜtþtSRGPtQN\SURPRGHUQtYêXNX
SĜHVLQWHUQHWSĜtPR]SRKRGOtGRPRYD
3ĜLKOiVtWHVHGRNXU]X1DUR]GtORG
VN\SX NWHUê ]QiPH MDNR EČåQRX IRU
PX NRPXQLNDFH EXGHWH DOH ~þDVWQt
NHPNXU]XVSROXVGDOãtPLSRVOXFKDþL
3RG YHGHQtP OHNWRUD EXGH SUREtKDW
KRGLQD L V YêXNRYêPL PDWHULiO\ St
VHPQêPL ~NRO\ DWG ýiVW NXU]X SDN
EXGHSUH]HQþQtNWRPXY]QLNiYUiPFL
SURMHNWX VSHFLiOQČ XSUDYHQi PtVWQRVW
Y\EDYHQi SRþtWDþHP EH]GUiWRYêPL
PLNURIRQ\ D NDPHURX 1HEXGHWHOL
VHPRFLKRGLQ\]~þDVWQLWSĜLSRMtWHVH
DOHVSRĖYLUWXiOQČWĜHED]3HQGROLQDSR
FHVWČGR3UDK\þLVLKRGLQXSXVWtWH]H
]i]QDPX
'R WRKRWR RGYiåQpKR SURMHNWX VH
SXVWLOD /LQJXD OLYH RSV RUJDQL]D
FH NWHUi VH Xå OHW VQDåt QHWUDGLþ
QtPL IRUPDPL NRQWDNWX YHĜHMQRVWL
VFL]tPMD]\NHPSRPRFL]GHMãtPRE
þDQĤP SĜHNRQiYDW MD]\NRYRX EDULH
UX 3URSRMHQtP V -D]\NRYRX ãNRORX
VSUiYHPVWiWQtMD]\NRYp]NRXãN\SĜL
,6â ± &23 WDN Y]QLNi YH9DODãVNpP
0H]LĜtþt MD]\NRYp FHQWUXP V NRP
SOH[QtPLVOXåEDPLRGNODVLFNpYêXN\
YRGSROHGQtFKNXU]HFKSĜHVMHGQROHWp
GHQQtSRPDWXULWQtVWXGLXPDQJOLþWLQ\
D QČPþLQ\ V GRWDFt WpPČĜ KRGLQ
MD]\ND]DURNDåSRNRQYHU]DþQtNXU
]\NXU]\ãLWpQDPtUXDSĜHNODGDWHOVNp
VOXåE\ÒVLOtSRVOXFKDþĤ]GHPĤåHEêW
NRUXQRYiQR MD]\NRYêP FHUWL¿NiWHP
SR VORåHQt MD]\NRYêFK ]NRXãHN MDN
VWiWQtFK WDN L PH]LQiURGQtFK SĜtPR
QDPtVWČ
1RDSRNXGMD]\NRSUDYGXSRWĜHEX
MHWHDQHPiWHþDV"3RVNRQþHQtSLORWi
åHNRYČĜHQtIXQNþQRVWLFHOpKRV\VWp
PX QD SRþiWNX URNX VH PĤåHWH
SĜLGDW GR NXU]X V RQOLQH OHNWRU\ =D
SRNXVWRVWRMtSĜHGVWDYWHVLåHQLNDP
QHPXVtWHOHNWRUYiPEXGHNGLVSR]L
FL YH YDãHP REêYiNX MHQ VL XYDĜtWH
NiYX«
,YDQD1RYiþNRYi
,QVWUXNWiå N YêXFH RQOLQH LQVWDODFH PLNURIRQĤ D SĜtSUDYD PtVWQRVWL SUR SUH]HQþQt
YêXNXYþHUYQX
$*52)(57
VWUDQD
& 6 & $ % 2 7 V O D Y L O O H W
RG]DKiMHQtYêURE\
1DNRQFLNYČWQDVODYLODVSROHþQRVW&6&$%27GYDFiWpYêURþtRG]DKiMHQtYêURE\
SRG]QDþNRX&DERW6ODYQRVWQtKRFHUHPRQLiOX]D~þDVWLYHGHQtDSĜHGQtFKPDQDåHUĤ
PDWHĜVNêFKVSROHþQRVWt&DERW&RUSRUDWLRQD'(=$DVVH]~þDVWQLOLWDNpYê]QDPQt
KRVWp]UHJLRQiOQtSROLWLFNpVIpU\YþHOHVHVWDURVWRX9DODãVNpKR0H]LĜtþt]iVWXSFHP
KHMWPDQD =OtQVNpKR NUDMH D GDOãtPL þHVWQêPL KRVW\ ] ĜDG ]iND]QtNĤ D ]iVWXSFĤ Yê
]QDPQêFK¿UHPYUHJLRQX3DWULFN3UHYRVWSUH]LGHQWD&(2&DERW&RUSRUDWLRQSĜL
YH]OVVHERXPMWDNpGĤOHåLWpVGČOHQtåH]iYRGYH9DODãVNpP0H]LĜtþtREGUåtRFHQČQt
´$ZDUGIRU([FHOOHQFH´SURURN]DVYĤMSĜtVWXSNEH]SHþQRVWLSUiFH.YêURþt
SRJUDWXORYDOWDNp]iVWXSFHPLQRULWQtKRYODVWQtND'(=$DVJHQHUiOQtĜHGLWHO=E\QČN
3UĤãDDGRGDOÄ-VPHRSUDYGXUiGLåHMVPHVHPRKOLWRKRWRSURMHNWX]~þDVWQLW³
9HGHQtDVSUiYQtUDGD&6&$%27VSROXVH]iVWXSFLQHMY\ããtKRYHGHQt&DERW&RUSRUDWLRQ
%ČKHP FHUHPRQLiOX RFHQLOR YHGHQt VSROHþQRVWL WpPČĜ þW\ĜLFHW ]DPČVWQDQFĤ NWHĜt
]GH SĤVREt RG MHMtKR ]DORåHQt &HONHP YH VSROHþQRVWL &6 &$%27 SUDFXMH SĜHV VWR
]DPČVWQDQFĤ)LUPDURþQČY\UREtDåVWRGYDFHWWLVtFWXQVD]tYMHGHQiFWLGUX]tFKXU
þHQêFKSURJXPiUHQVNêDSODVWLNiĜVNêSUĤP\VOYPQRKD]HPtFKVYČWDÄ-HWRGĤOHåLWê
]DPČVWQDYDWHOVGREURXSRYČVWtYREODVWLRFKUDQ\åLYRWQtKRSURVWĜHGtGRNWHUpYNOiGi
REURYVNpLQYHVWLFH.URPČWRKR¿QDQþQČSRGSRUXMHQHMUĤ]QČMãtDNWLYLW\PČVWDLVWX
GHQWĤ³]KRGQRWLOYê]QDP¿UP\VWDURVWD-LĜtýiVWHþND
3RIRUPiOQtPSURJUDPXQiVOHGRYDODVSRUWRYQtþiVWNWHUiE\ODXUþHQDSUR]DPČVW
QDQFH NRUSRUDFH &DERW$ QH]~þDVWQLOL VH Mt MHQ WL ] 9DODãVNpKR 0H]LĜtþt 'R ERMĤ
RIRWEDORYpDYROHMEDORYpPHGDLOHVHSXVWLO\GYD]iYRG\±9DOPH]D5DYHQQD,WiOLH
9êVOHGHN]iSDVXQHE\OGĤOHåLWêQLFPpQČPHGDLOHE\O\UR]GČOHQ\VSUDYHGOLYČDWR
WDNåHIRWEDORYpSĜLSDGO\9DOPH]XDYROHMEDORYp5DYHQQČ
2VODY\SRNUDþRYDO\YVRERWXNYČWQD'QHPRWHYĜHQêFKGYHĜt7pWRSĜtOHåLWRVWL
DNUiVQpKRSRþDVtVLSĜLãORXåtWWpPČĜQiYãWČYQtNĤSURNWHUpE\O\SĜLSUDYHQ\NR
PHQWRYDQpSURKOtGN\YêUREQtFKSURVWRUÄ%\ORQiPSRWČãHQtPSĜLYtWDWYãHFKQ\]iMHP
FHRQDãLVSROHþQRVWDXNi]DWMLPSURVWĜHGtYMDNpPVHY\UiEČMtVD]H0XVtPĜtFWåH
QiYãWČYQtFLE\OLSĜtMHPQČSĜHNYDSHQLQDGþLVWRWRXYêUREQtKRSURFHVXDFHOpKR]iYRGX
SĜtVWXSHPVSROHþQRVWLNRFKUDQČåLYRWQtKRSURVWĜHGtDY\VRNêPLEH]SHþQRVWQtPLSRåD
GDYN\³ĜtNiJHQHUiOQtĜHGLWHO-DURPtU2GVWUþLO
2GSROHGQHSRNUDþRYDORYPtVWQtPDP¿WHiWUX)LUHPQtPGQHPVERKDWêPSURJUD
PHPYUiPFLNWHUpKRE\O1DGDþQtPXIRQGX-RQiãHNSĜHGiQãHN]UXNRXSDQDĜHGLWHOH
QD.þQDSRGSRUXRQNRORJLFN\QHPRFQêFKGČWt6SROHþQRVW&6&$%27E\OD
VSRQ]RUHPNRQFHUWXNDSHO\0ĖiJDDäćRUSNWHUiY\VWRXSLODYHYHþHUQtFKKRGLQiFK
%\ODQiVOHGRYiQDVODYQRVWQtPRKĖRVWURMHPNWHUêXNRQþLORVODY\YêURþtRG]DKi
MHQtYêURE\YWpWRVSROHþQRVWL
-DQD.XEtþNRYi&6&$%27
9$/$â6.é&+(0,.
.$09<5$=,793ěËâ7Ë&+7ě(&+0ċ6Ë&Ë&+
ý(59(1(&
+RUHþN\)HVW±)UHQãWiWSRG5DGKRãWČP
3RKRGRYêURGLQQêIHVWLYDO+RUHþN\)HVWVHMLåSRþWYUWpNRQi
YH)UHQãWiWČSRG5DGKRãWČPýHNDMtQDYiVYtFHQHåGYČGHVtWN\
NDSHOQDWĜHFKSyGLtFKGDQFHSDUWLHVYWDQHþQtPVWDQXGRSUR
YRGQêSURJUDPSURGČWLLGRVSČOpDQD]iYČUIDPy]QtRKĖRVWURM
9tFHLQIRQDZZZKRUHFN\IHVWF]
±
&RORXUV RI 2VWUDYD
2VWUDYD
$JURIHUW MH MLå SR
GUXKp KODYQtP SDUW
QHUHP
PXOWLåiQUR
YpKR PH]LQiURGQtKR
KXGHEQtKR
IHVWLYDOX
&RORXUV RI 2VWUDYD
9 DUHiOX 'ROQtFK 9tW
NRYLFVHPĤåHWHWČãLWQD
ĜDGX KYČ]GQêFK NDSHO
D'-HMĤGLYDGODZRUN
VKRS\ ¿OP\ D VDPR
]ĜHMPČVHQH]DSRPHĖWH
]DVWDYLWY$JURIHUW5(
/$; )22' =21(
D RFKXWQDW GREURW\ RG
QDãLFK SRWUDYLQiĜVNêFK
]QDþHN
9tFHLQIRQDZZZFR
ORXUVF]
6287ċä9\KUDMWH
YVWXSHQN\ QD IHVWLYD
O\&RORXUVRI2VWUDYD
D+RUHþN\)HVW
8YHćWHQi]Y\DOH
VSRĖVSROHþQRVWt$J
URIHUWXNWHUpVHYORĖ
VNpPURFHQDIHVWLYDOX
&RORXUVRI2VWUDYDSRVWDUDO\RREþHUVWYHQt"
.WHUpGYČ]QiPpþHVNp]SČYDþN\XVO\ãtWHQDIHVWLYDOX+R
UHþN\)HVW"
&KFHWHOLVRXWČåLWR]FHONHPþW\ĜGHQQtFKYVWXSHQHNQD
IHVWLYDO&RORXUVRI2VWUDYDRGSRYČ]WHQDRWi]NXþ9SĜtSDGČ
åHYiVYtFH]DXMDOSURJUDPIHVWLYDOX+RUHþN\)HVW]DãOHWHQiP
RGSRYČćQDRWi]NXþVRXWČåLWVHEXGHRSČWRYVWXSHQN\
6SUiYQpRGSRYČGLQiPSRVtOHMWHQHMSR]GČMLGR
QDDGUHVXUHGDNFH#DJURIHUWF]
6YLWDY\
0LVWURYVWYtVYČWDGRURVWXDMXQLRUĤYSRåiUQtPVSRUWX
(OLWDþHVNêFKL]DKUDQLþQtFKPODGêFKKDVLþĤVHSĜHGYHGHQD
PLVWURYVWYtVYČWD=iYRGLWVHEXGHSRFHOêWêGHQDQDSURJUDPX
GLVFLSOtQ\MDNRYêVWXSQDYČåãWDIHW\QDPHWUĤVSĜHNiåND
PLEČKQDPHWUĤVSĜHNiåNDPLDSRåiUQt~WRN1DYtFSRSUYp
YKLVWRULLEXGRX]iYRGLWLGtYN\
653(1
±+UDGHFQDG0RUDYLFt
.RYiĜVNpVRQiW\
8Ni]N\ WUDGLþQtKR NRYiĜVNpKR ĜHPHVOD NRYiQt QD PLQLNR
YDGOLQČSURGČWL]iPHFNpNRYiĜVNpPX]HXPþLYêVWDYDY\NRYD
QêFKH[SRQiWĤ±WRDVSRXVWDGDOãt]iEDY\YiVþHNiQDURþQtNX
NRYiĜVNpKRIHVWLYDOXQD]iPNXY+UDGFLQDG0RUDYLFt8GČOHMWH
VLYêOHWVFHORXURGLQRXDXNRYHMWHVLWĜHEDSRGNRYXSURãWČVWt
7UDGLþQtÄDJURVDORQ³=HPČäLYLWHOND
9êVWDYD=HPČåLYLWHONDMHMHGLQRXYêVWDYRXYUHSXEOLFHNWH
Ui]DKUQXMHFHOê]HPČGČOVNRSRWUDYLQiĜVNêVHNWRU0H]LQiURGQt
DJURVDORQVGORXKROHWRXWUDGLFtDNDåGRURþQtPSRþWHP
QiYãWČYQtNĤSDWĜtPH]LQHMQDYãWČYRYDQČMãtYêVWDY\XQiV
=ÈěË
6SRUĢiþHN±IHVWLYDOVSRUWXSURGČWLDPOiGHå
±3UDKD
±2VWUDYD
±3O]HĖ
$ĢXåYDãHGtWČVSRUWXMHQHERVHWHSUYHFK\VWiXUþLWČĜHãtWH
MDNêVSRUWMHWHQSUDYê)HVWLYDO6SRUĢiþHNSĜHGVWDYtQDMHGQRP
PtVWČVSRUW\WDNDE\VWHVLQDQČPRKOLÄViKQRXW³DSR]QDWWUH
QpU\NWHUêPVYRMHGtWČVYČĜtWH1DYtFYiVYSUĤEČKXFHOpKRGQH
þHNDMtQHMUĤ]QČMãtH[KLELþQtY\VWRXSHQtUR]KRYRU\VHVSRUWRYFL
DXWRJUDPLiGDDGDOãt9tFHLQIRQDZZZVSRUWDFHNF]
=ODWpNXĜHSRNODGMLåQtFKýHFK
=$9<69ċ'ý(1Ë
=ODWpNXĜHQ\QtSR]QiWHSRGOHQH]DPČQLWHOQpKR]OD
WpKR REDOX NWHUê Xå QD SUYQt SRKOHG Y\MDGĜXMH MHKR
NYDOLWX
=ODWpNXĜHMHRULJLQiOQtPDSUpPLRYêPSURGXNWHPNWHUê
MH PRåQp NRXSLW YêKUDGQČ SRG ]QDþNRX9RGĖDQVNp NXĜH
9HVQD]H]GĤUD]QLWMHKRMHGLQHþQRXNYDOLWXYRþtFKVSRWĜH
ELWHOHSURãHOREDOSURPČQRXNWHUiPi]D~NROSRVtOLWMHGL
QHþQRVW=ODWpKRNXĜHWH
&RMH=ODWpNXĜH"
-HGQiVHRVSHFLiOQČY\ãOHFKWČQpSOHPHQRNWHUpPiGtN\
SURGORXåHQpGREČYêNUPXQDGQtPQRKHPY\]UiOHMãtPDVR6WtPMHVSRMHQDLODKRG
QČMãtFKXĢDWHG\Y\QLNDMtFtFKXĢRYê]iåLWHN%DUYDNĤåHWRKRWRSOHPHQHMHYêUD]QČ
åOXWi±WRMH]SĤVREHQRJHQHWLFNRXGLVSR]LFtSOHPHQH.YDOLWXPDVD]DUXþXMHLQLåãt
SRþHWNXĜDWQDPðYêNUPRYpSORFK\FRå]DMLãĢXMHRSWLPiOQtSRGPtQN\SURSĜLUR]HQê
SRK\E3URWHQWRW\SNXĜHWHE\ODQDYtFY\YLQXWDVSHFLiOQtNUPQiVPČVYHNWHUpSĜHYD
åXMHRELOQiVORåND]HMPpQDNXNXĜLFHDSãHQLFHVSĜtGDYNHPVyMRYpKRDĜHSNRYpKR
ãURWXEH]SRXåLWtåLYRþLãQêFKPRXþHNDHQHUJHWLFNêFKNRQFHQWUiWĤ
=iUXNDNYDOLW\
.XĜDWDSRFKi]HMtYêKUDGQČ]þHVNêFKX]DYĜHQêFKFKRYĤ]YODVWQtFKIDUHPQHERRG
VPOXYQtFKSDUWQHUĤ&HOêYêUREQtSURFHVDGLVWULEXFHMVRXSUĤEČåQČNRQWURORYiQ\VWiOêP
YHWHULQiUQtPGR]RUHPDMVRX]iUXNRXY\VRNpNYDOLW\D]GUDYRWQtQH]iYDGQRVWLYêURENĤ
GRGiYDQêFK QD WUK9ê]QDPQRX QRYLQNRX MH W]Y ÄGRVOHGRYDWHOQRVW³ NG\ QD NDåGpP
REDOX=ODWpKRNXĜHWH]iND]QtNQDMGHMPpQRþHVNpKRFKRYDWHOHRGNWHUpKRNXĜHSRFKi]t
'RVOHGRYDWHOQRVWRYãHPQHQtMHQYêKRGRX=ODWpKRNXĜHWHMHVSRMHQDWDNpVĜDGRX
GDOãtFK SURGXNWĤ VSROHþQRVWL 9RGĖDQVNi GUĤEHå MDNR MH QDSĜtNODG 9RGĖDQVNp NXĜH
VURGRNPHQHP9tFHQDZZZ]ODWHNXUHF]
ý2.2/È'29é'257
6(â/(+$ý.29281È3/1Ë
.RUSXV
YDMHF
JSUiãNRYpKRFXNUX
YUFKRYDWiOåtFHNDNDD
òEDOtþNXYDQLONRYpKRFXNUX
JRĜHFKĤ
JKUXEpPRXN\
QDKURWQRåHN\SĜtFt
SUiãHN
1iSOĖ
JSUiãNRYpKR
FXNUX
JþRNROiG\
GOYRG\
åORXWN\
óOãOHKDþN\
OåLþNDYDQLONRYpKRFXNUX
3RVWXS
'R WXKpKR VQČKX ]DãOHKiPH SRORYL
QXSĜHViWpKRFXNUX]OHKNDSĜLPtFKiPH
GUXKRXSRORYLQXFXNUXåORXWN\VWĜtGDYČ
SĜLGiPH PRXNX VPtFKDQRX V SĜHViWêP
NDNDHP D N\SĜtFtP SUiãNHP D YãHFK
QR ]OHKND SURPtFKiPH7ČVWR GiPH GR
GREĜH Y\PD]DQp D KODGNRX PRXNRX
Y\V\SDQp GRUWRYp IRUP\ D YH VWĜHGQČ
WHSOp WURXEČ XSHþHPH 8SHþHQê GRUW
Y\MPHPH ] IRUP\ D QHFKiPH Y\FKODG
QRXW3DNUR]NURMtPHQDGtO\QDSOQtPH
DSROLMHPHþRNROiGRYRXQHERNDNDRYRX
SROHYRX
1iSOĖ
&XNUYDQLONRYêFXNUþRNROiGXDYRGX
]D VWiOpKR PtFKiQt YDĜtPH GRNXG VPČV
QH]DþQHKRXVWQRXW3DN]DVWiOpKRPtFKi
QtWURFKX]FKODGtPHMHãWČWHSOpQDOLMHPH
QDY\PtFKDQpåORXWN\DVPČVPtFKiPH
GRNXG QHY\FKODGQH QiGREX VH VPČVt
PĤåHPH SRVWDYLW GR VWXGHQp YRG\ ± QD
YRGQt Oi]HĖ 9\FKODGORX VPČV YPtFKi
PHGRXãOHKDQpVPHWDQ\±ãOHKDþN\
9\SHþHQiVRXWČåV9RGĖDQVNêPNXĜHWHP
'HQRWHYĜHQêFKGYHĜtDUHiO&6&$%27NYČWQD
3RĜiGQČ Y\SHþHQi VRXWČå MH ]GH =DSRMWH VH D Y\KUiYHMWH
NDåGêWêGHQSRE\WQDMLKRþHVNpPYHQNRYČVH]iVRERXPDVDQD
JULORYDFtSiUW\QHERNDåGêGHQRULJLQiOQtþHVNRXUHPRVNX
9GXEQXRGVWDUWRYDODVSROHþQRVW9RGĖDQVNiGUĤEHåYHOPLDWUDNWLY
QtVSRWĜHELWHOVNRXVRXWČå-HXUþHQDYãHPNGRVREOLERXNXSXMtþHVNp
GUĤEHåtPDVRX]HQLQ\L]PUD]HQpSRKRWRYpSRWUDYLQ\SRG]QDþNRX9RGĖDQVNpNXĜH
'RVRXWČåHVHPRKRX]DSRMLWYãLFKQLRE\YDWHOpýHVNpUHSXEOLN\VWDU
ãtOHWNWHĜt]DNRXStVRXWČåQtYêUREHNDSRPRFtVPV]SUiY\RGHãORX
VRXWČåQtNyG7UHItOLVHGRW]YãĢDVWQpFKYLON\PRKRXY\KUiWNDåGêGHQ
SUDYRX þHVNRX UHPRVNX D NDåGê WêGHQ SDN SRE\W QD MLKRþHVNpP YHQ
NRYČ.WRPXQDYtFWĜLNLORJUDP\NXĜHFtKRPDVDQDJULO8QLNiWQtNyG
O]H]DGDWLGRLQWHUQHWRYpDSOLNDFHNWHURXQDOH]QHWHQDVWUiQNiFKZZZ
YRGQDQVNDGUXEH]F]6RXWČåSUREtKiRGGXEQDGRþHUYHQFH
0RåQRVWY\KUiWMHYVNXWNXY\VRNiNRPSOHWQČVHKUDMHRSRE\WĤ
QD MLKRþHVNpP YHQNRYČ D þHVNêFK UHPRVHN$ DE\ PiORNGR SĜLãHO
YQDãtVRXWČåL]NUiWNDUR]GiYiPHLNXVĤRULJLQiOQtFKPDJQHWHN
VRSUDYGXMHGLQHþQêPGHVLJQHP9tFHQDZZZYRGQDQVNDGUXEH]F]
0DUNHWLQJRYpRGGČOHQt9RGĖDQVNiGUĤEHåDV
7 ( & + 1 , & . e = $ - Ì 0 $ 9 2 6 7 ,
2EDOVSHFLiOQČSURSRWUDYLQ\
)LUHPQtGHQDP¿WHDWUNYČWQD
)RWR$JHQWXUD0RWêO0HGLDVUR
)LQVNi ¿UPD $KOVWURP 2\L Y\YLQXOD
QRYê YOiNQLWê PDWHULiO SUR SRWUDYLQiĜ
VNp REDO\ NWHUê MH ELRORJLFN\ RGERX
UDWHOQê RGROQê YĤþL FKODGX D WHSOX GR
R&1DWXUH0ROGMHSHYQê]DPRNUD
QHSURSXVWQêSURWXN\DPĤåHEêWYNRQ
WDNWX V KRUNêPL SRWUDYLQDPL -H YKRG
Qê SUR EDOHQt UĤ]QêFK SRWUDYLQ D VNêWi
PQRKRVWUDQQp PRåQRVWL SUR RGOLãHQt
YêURENĤD]QDþHN0ĤåHEêWRSDWĜHQYR
GR]QDNHPQHERYEDUHYQpPSURYHGHQt
0DWXUH0ROGMHY\UREHQ])6&FHUWL¿
NRYDQpFHOXOy]\-HDOWHUQDWLYRXNRED
OĤPDPLVNiP]SODVWĤQHERKOLQtNX-H
SDWHQWRYČFKUiQČQê$NWXiOQČVHQDEt]t
YH WĜHFK YDULDQWiFK SHUJDPHQ
GYRMYUVWYê ODPLQiW SHUJDPHQNDUWRQ
DWĜtYUVWYêODPLQiWSHUJDPHQNDUWRQ3/$
77
3(7WNDQLQDSURELJEDJ\
5DTNRXVNi¿UPD6WDUOLQJHU*PE+9t
GHĖYHVSROXSUiFLVNRQFHUQHP6$%,&
Y\YLQXODQRYRXWHFKQRORJLLSURYêUREX
3(7SiVNĤ7\WRSiVN\VHY\]QDþXMtY\
VRNRX SHYQRVWt RGROQRVWt SURWL WHþHQt
DYHOPLPDORXWHSHOQRXVPUãWLYRVWt
3(7 WNDQLQD ] SiVNĤ D ] Qt ]KRWRYH
Qp YêUREN\ PDMt Y\VRNRX SHYQRVW
D WDNp GORXKRGRERX WYDURYRX VWDELOL
WX 6SHFLiOQČ Y GRSUDYČ JUDQXORYDQêFK
DV\SNêFKPDWHULiOĤQDEt]tWDWRWNDQLQD]DMt
PDYpPRåQRVWLSUREDOHQtDOHLVNODGRYiQt
3ĜLEDOHQtV\SNêFKPDWHULiOĤXNWHUêFK
VHXYHGHQêFKYODVWQRVWtVYêKRGRXY\X
åtYiMVRX),%&VÀH[LEOHLQWHUPHGLDQWH
EXONFRQWDLQHUELJEDJ\DNRQWHMQHURYp
S\WOHRSWLPiOQt
77
'(=$$0<
VWUDQD
1$ä,-8%,/$17,
9þHUYQXVODYtåLYRWQtMXELOHXP
1ČPHF9ODVWLPLO~GUåEDSURYR]X
0URþHN=GHQČN~GUåEDSURYR]X
0DUFLQRY/HRã
2UJDQLN
9þHUYHQFLRVODYtåLYRWQtMXELOHXP
9DOHQWRYi,YHWD]iYRGQtVWUDYRYiQt
0DUNRYi0DUFHOD]iYRGQtVWUDYRYiQt
+DYOtNRYi6YDWRVODYD~VHNSURVSUi
YXPDMHWNX¿QDQFHDHNRQRPLNX
.RĜtVWND-DURVODY HQHUJHWLND
.UþPiĜ-RVHI
YRGDDRGSDG\
-RUGiQ-DURVODY 2UJDQLN
-XELODQWĤPEODKRSĜHMHPH
32'ą.29É1Ì
9NYČWQXRGHãOLGRGĤFKRGX
+ROXE-DQ
IWDODQK\GULG
.DLQDU.DUHO
+=6
9HGHQtDNFLRYpVSROHþQRVWLYiPGČNXMH
]DFHORåLYRWQtSUiFLDGRGDOãtFKOHWSĜHMH
KRGQČ]GUDYtDRVREQtVSRNRMHQRVWL
2.e1.23521$ä('Đ&+2'&(
%/$+23ě(-(0(
9þHUYQXVODYtåLYRWQtMXELOHXPWLWR
GĤFKRGFL
äiN-DURVODY
OHW
9DOHQWD2OGĜLFK OHW
3URYi]NRYi'DQLHOD
OHW
.RSĜLYRYi=GHĖND
OHW
&KPHORYi/XGPLOD
OHW
.RYiĜRYi%RKXVODYD
OHW
%DPEXFK3DYHO OHW
+UGLQD,YDQ
OHW
0DUWLQHN=GHQČN OHW
-DVRQČN/DGLVODY OHW
.XQGUiWRYi9ODVWD
OHW
.UþPiĜRYi0DULH
OHW
.RWUiG\3HWU
OHW
9HMPHONRYi-LĜLQD
OHW
9þHUYHQFLRVODYtåLYRWQtMXELOHXP
WLWRGĤFKRGFL
&KêONRYi$QDVWi]LH
OHW
)ULHGULFKRYi9ČUD
OHW
-DQRãNRYi0DULH OHW
-$.-62878'/28+2
ýHUYHQOHW
.HUVFKEDXPRYi(YDSURYR]QtODERUDWRĜ
9DOD0LURVODY
IHQRO\
ýHUYHQOHW
3HFKD=GHQČN
GHKHW
0LFKRQČN5HQp~GUåEDSURYR]X
.XUND-RVHI
GHKHW
ýHUYHQHFOHW
+RUiNRYi$OHQD
H[SHGLFH
=iWRSNRYi0DULH P]GRYpRGGČOHQt
.XEtþNRYi1DGČåGD2UJDQLN
&LPDOD3HWU~GUåEDSURYR]X
+DWODSDWND)UDQWLãHNYRGDDRGSDG\
2FKPDQ5XGROI
EHQ]ROND
äOHEHN)UDQWLãHN GHKHW
ýHUYHQHFOHW
%ODåHN-DURVODY
HQHUJHWLND
ýiĖ9ODGLPtU
GHKHW
3LVNOiN-RVHI~GUåEDSURYR]X
ýHUYHQHFOHW
-XJD7RPiã
GHKHW
0HLVVHO-DURVODY
YRGDDRGSDG\
0DVDĜtN3HWU
GHKHW
ýHYHQHFOHW
/LãND-RVHI
YRGDDRGSDG\
%ODEOD-RVHI
=iNRSþDQtN-iQ
9OþHN9iFODY
0LFKQD9RMWČFK
%tOHN-LQGĜLFK
$GDPRYi0DUWD
OHW
OHW
OHW
OHW
OHW
OHW
%2:/,1*
'QH NYČWQD MVPH VH RSČW VHãOL
QD ERZOLQJX Y SRþWX VHGPQiFWL RVRE
]WRKRGČYþDWDNWHUiFKRGtSUDYLGHO
QČDWRMHSDNXåYLGČWLQDYêVOHGFtFK
.RQHþQp ERG\ 9\NRSDORYi 2QGUXãNRYi 3RUXERYi D6HKQDORYi0H]LPXåLVH]DVNYČO
YêNRQHP )LOLS V ERG\ SĜHG 6WR
ODĜHP D +HLGOHUHP 'DOãt
ERZOLQJRYpNOiQtEXGHR]QiPHQR
*ROiĖ-DURVODY
9=320Ë1.$
NYČWQD]HPĜHOSDQ)UDQWLãHN1HYUOD
YHYČNXOHW
þHUYQD]HPĜHODSDQt-RVHID6WROiĜRYi
YHYČNXOHW
ýHVWMHMLFKSDPiWFH
=12-02
'QHVLGĤFKRGFLXVSRĜiGDOL
GYRXGHQQt ]iMH]G GR =QRMPD &HONR
Yê SRþHW ~þDVWQtNĤ E\O GREĜH QDOD
GČQêFK GĤFKRGFĤ D GĤFKRGN\Ė 'QH
YKRGLQMVPHY\MHOL]DXWR
EXVRYpKR QiGUDåt VPČU %UQR D SUYQt
]DVWiYNXMVPHPČOLY-DURPČĜLFtFKQDG
5RN\WQRX NGH VH QDFKi]t NUiVQê ]i
PHNLVH]DKUDGRXDFKUiPVY0DUNpW\
8UþLOLMVPHVLWUDVX$D%NWHUiVHYãHP
PRF OtELOD 3R ]KOpGQXWt WpWR SDPiWN\
MVPH RGMHOL GR PČVWD 6ODYRQLFH NGH
QiVþHNDOSUĤYRGFHNWHUêQiVVWDURE\
OêP PČVWHP SURYHGO YþHWQČ ]DMtPDYp
KR YêNODGX9 WRPWR VDPpP PČVWČ VH
QDFKi]t PX]HXP VDPRURVWĤ NGH MVPH
URYQČå E\OL PRF QDGãHQL Y\SUiYČQtP
MHKR PDMLWHOH 1DFKi]HOR VH WDP FFD
NXVĤVDPRURVWĤ3RWpMVPHRGMH
OL QD XE\WRYiQt GR 9UDQRYD QDG '\Mt
NWHUp SĜHGþLOR QDãH RþHNiYiQt WDNWpå
L YHþHĜH 0\VOtP VL åH YČWãLQD ~þDVW
QtNĤ E\OD PRF VSRNRMHQi 'UXKê GHQ
UiQRSRVQtGDQLMVPHRGMtåGČOLY
KRGLQVPČU=QRMPRGR/RXFNpKRNOiã
WHUD3RPLQXWRYpSURKOtGFHYLQQêFK
VNOHSĤ GRVWDOL YãLFKQL ~þDVWQtFL VNOH
QLþNX YtQD 3R REČGČ QiV þHNDOD Qi
YãWČYD PČVWVNêFK NDWDNRPE VNOHSĤ
1D]iYČUWpWRDNFHMVPHVLY\ãOLQDUR]
KOHGQXUDGQLþQtYČåHNGHE\O]DMtPDYê
YêKOHGSRFHOpPNUDML3DNXåQiVþHNDO
MHQ QiYUDW GR QDãHKR PČVWD 1DNRQHF
E\FK FKWČO NRQVWDWRYDW åH YãH QHE\OR
VWRSURFHQWQt SĜHVWR YČĜtP åH VH DNFH
YFHONXY\GDĜLOD3RþDVtQiPSĜiORQi
ODGDE\ODGREUiDWDNGRXIiPåH]DURN
VHSĜLKOiVtRSČWYHONêSRþHW]iMHPFĤQD
GYRXGHQQt]iMH]G
7H[WDIRWR0LUHN+ODYDWê
1$ä,1(-0(1äÌ
NYČWQDVH-DURVODYRYLäDOXGNRYL
D,YDQČ7\GODþNRYpQDURGLOV\Q-DNXE
þHUYQDVH-DURVODYRYLD0RQLFH
%DþRYêPQDURGLOV\Q0DUHN
5RGLþĤPEODKRSĜHMHPHDFKODSHþNĤP
SĜHMHPH~VSČãQêVWDUWGRåLYRWD
,1=(5&(
352'È0 E\W P YH 9DODã
VNpP 0H]LĜtþt ± XOLFH %UDWĜt ýDSNĤ
9ROQêLKQHG&HQDGRKRGRX
7HO
9=320Ë1.$
9HþWYUWHNþHUYQDMVPHVHUR]
ORXþLOL V QDãtP VSROXSUDFRYQtNHP
D NDPDUiGHP SDQHP /DGLVODYHP
/DMJRWHP NWHUê QiKOH ]HPĜHO YH
YČNXOHW
'R WHKGHMãtFK 8U[RYêFK ]iYR
GĤ QDVWRXSLO Y URFH D SĜHV
NUiWNRGREp SĤVREHQt QD HQHUJHWLFH
D ]iVRERYiQt SDN SR DEVROYRYiQt
YRMHQVNp VOXåE\ SUDFRYDO YH VWURMQt
~GUåEČ QHMSUYH MDNR ]iPHþQtN SDN
WHFKQRORJ SĜtSUDY\ D SR]GČML MDNR
VWURMQt PHFKDQLN YêUREHQ QDIWDOHQ
IWDODQK\GULG D GLRNW\OIWDOiW 2SXVWLO
QiV VSROXSUDFRYQtN D GREUê NDPD
UiGNWHUêYåG\SRUDGLODSRPRKONGH
E\ORSRWĜHED-HKRRSWLPLVPXVDGRE
Ui QiODGD SUR QiV ]QDPHQDO\ YåG\
SRY]EX]HQt SĜL SĜHNRQiYiQt SUDFRY
QtFKDåLYRWQtFKSĜHNiåHN
&KWČOL E\FKRP PX WRXWR FHVWRX
SRGČNRYDW]DYãHFRY\NRQDO
6SROXSUDFRYQtFLDNDPDUiGL
2GERU\,QIR
9 = 2 2 6 ( & + 2 , 1 )2 5 0 8 - (
&\NOR]iMH]G
â80$9$±%$9256.é/(6
2GERU\ SRĜiGDMt YH GQHFK ± F\NOR]iMH]GY]HOHQpVWĜHãH(YURS\
±MDNMHPQRKG\âXPDYDQD]êYiQD
9WRPWRF\NOR]iMH]GXEXGHWHPtWPRåQRVW
SR]QDWNUiV\âXPDY\D%DYRUVNpKROHVD
'OHVYêFKPRåQRVWtEXGHWHPRFLY\XåtW
] QHSĜHEHUQpKR PQRåVWYt WUDV 0pQČ
]GDWQtF\NOLVWpPRKRXY\XåtWPpQČQi
URþQpWUDV\=GDWQtF\NOLVWpVLSĜLMGRXQD
VYpQDQiURþQêFKDåH[WUpPQtFKWUDViFK
.DåGê ~þDVWQtN GRVWDQH F\NORPDSX
D SĜHVQê SRSLV WUDV\ V SRSVDQêPL ]DMt
PDYRVWPL SR WUDVH 0DS\ EXGRX REVD
KRYDWLJUDI\SĜHYêãHQt%XGH]iOHåHWQD
NDåGpP~þDVWQtNRYLMDNRXWUDVXVL]YROt
.DåGê GHQ EXGH DXWREXV Y\MtåGČW GR
MLQpORNDOLW\âXPDY\D%DYRUVNpKROHVD
DYåG\EXGHQDF\NOLVW\þHNDWQDVPOX
YHQpPPtVWČ%XGHWHPRFLY\XåtWLPtVW
QtFKF\NOREXVĤQHERYODNRYpKRVSRMHQt
1iKOHG\GRF\NORPDSVSRSLVHPMHG
QRWOLYêFKWUDVMVRXPRåQpYNDQFHOiĜL
RGERUĤFFDYDULDQW
8E\WRYiQt EXGH Y KRWHOX 25($ ZHOO
QHVV KRWHO KRUL]RQW âSLþiN Y QDGPRĜ
VNp YêãFH P +RWHO MH Y\EDYHQ
ZHOOQHV ED]pQHP ZL¿ 6QtGDQČ
3DQt0DUFHOD0DUNRYi]H]iYRGQtKR
VWUDYRYiQtRVODYtþHUYHQFH
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
3DQt,YHWD9DOHQWRYi]H]iYRGQtKR
VWUDYRYiQtRVODYtþHUYHQFH
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
92/1ëÿ$6
+9ċ='È51$
$6752120,&.È32=2529È1Ë
3RQGČOtDåSiWHNYKRGLQ
ýHUYHQ
0DUV6DWXUQKYČ]G\KYČ]GRNXS\DM
ýHUYHQHFDVUSHQ
0ČVtF±RGGRþHUYHQFHDRGGR
VUSQD
0DUV±SRFHOêPČVtFYHþHUQDMLKR]iSDGČ
6DWXUQ±YSUYQtSRORYLQČQRFL
+YČ]G\ D YtFHQiVREQp KYČ]GQp V\VWp
P\±SRFHOêPČVtF
2G ~WHUê þHUYHQFH GR VRERW\
VUSQD'(11Ë35È='1,129é
352*5$0
9REGREtSUi]GQLQEXGHKYČ]GiUQDRWH
YĜHQD SUR YHĜHMQRVW SUR MHGQRWOLYFH
URGLQ\þLRUJDQL]RYDQpVNXSLQ\QHMHQ
YH YHþHUQtFK KRGLQiFK DOH L Y GHQQt
GREX D WR Y SUDFRYQt GQ\ D Y VRERWX
YGREČRGGRKRGLQ-HGQRW
OLYp SURKOtGN\ ]DþtQDMt NDåGRX FHORX
KRGLQX
3ĜLSUDYHQD MH H[NXU]H SR Y\EUDQêFK
SUDFRYLãWtFK KYČ]GiUQ\ SURKOtGND RE
UD]RYpYê]GRE\YSURVWRUQpYVWXSQtKDOH
VH]QiPHQtVGDOHNRKOHGHPSURKOtGND
]UHNRQVWUXRYDQpKR REMHNWX %DOOQHURY\
KYČ]GiUQ\]URNXNUiWNêSURJUDP
YSĜHGQiãNRYpPViOH
ZZZDVWURYPF]
9]SRPtQN\]PL]HOpYþDVH±KLVWRULFNi
SDPČĢPČVW9DODãVNp0H]LĜtþtDýDGFD
YH VWDUêFK IRWRJUD¿tFK 9HUQLViå RGKRGLQ
2G~WHUêGRQHGČOHVUSQD
/28ý(1Ë6/e7(0
+UDYêDWYRĜLYêSURJUDPSURGČWLLGR
VSČOp
'RQHGČOH]iĜt
.$53$76.e'ċ',&79Ë
0XOWLPHGLiOQtYêVWDYD]DPČĜHQiQD
.DUSDW\
9$/$â6.e 0(=,ěËýË =$ 69,78
Ò3/ĕ.8±352&+È=.<+,672
5,Ë1$â(+20ċ67$
6RERWD þHUYHQFH RG KRGLQ
80ċ/(&.e3$0È7.<9$/$â
6.e+20(=,ěËýË$.5È61$
0ČãĢDQVNp GRP\ VRFKDĜVNp D NDPH
QLFNpSDPiWN\QDQiPČVWtãNROQtþWYUĢ
SRG6WtQDGO\âODSHWRYLFYLOD6UD]X,Q
IRUPDþQtKRFHQWUDQD,,QiGYRĜt]iPNX
äHURWtQĤ
1HGČOHVUSQDRGKRGLQ
38729È1Ë32'ċ-,1È&+
&Ë5.(91Ë&+,69ċ76.é&+
)DUQtNRVWHO1DQHEHY]HWt3DQQ\0DULH
NRVWHO 6Y7URMLFH HYDQJHOLFNê NRVWHO
UH]LGHQþQtþWYUĢYSDUNX%RWDQLND6UD]
X ,QIRUPDþQtKR FHQWUD QD ,, QiGYRĜt
]iPNXäHURWtQĤ
0ċ676.È.1,+291$
'RSRQGČOtþHUYQD
-$.6(ä,-(
9êVWDYD IRWRJUD¿t ] þLQQRVWL PH]LĜtþ
VNpNQLKRYQ\YHYHVWLEXOXNQLKRYQ\
'RSiWNXþHUYQD
%$=$5.1,+
3URGHM Y\ĜD]HQêFK NQLK YH YHVWLEXOX
NQLKRYQ\9ãH]D.þ
ZZZPHNYDOPH]F]
9Ì7É0(9É6
9NYČWQXQDVWRXSLOL
+UDELQD2QGĜHM~GUåEDHQHUJHWLN\
0JU.RQHþQi*DEULHODĜt]HQt,62
Dä3]0'
1LNO-DNXE
IWDODQK\GULG
9tWiPHYiVYQDãHPSUDFRYQtP
NROHNWLYXDSĜHMHPHYiPKRGQČ
SUDFRYQtFK~VSČFKĤ
9$/$â6.é&+(0,.
D YHþHĜH EXGRX IRUPRX EXIHWX .DåGê
SRNRM MH Y\EDYHQ 79 :& VSUFKRX
1HQtPRåQRVWY\XåtWMHGQROĤåNRYêSR
NRMDQL]DSĜtSODWHN
&HQD ]iMH]GX .þ RGERUiĜ
.þ URGLQQê SĜtVOXãQtN RGERUiĜH
.þ]DPČVWQDQHF.þURGLQ
QêSĜtVOXãQtN]DPČVWQDQFH
3URVtPH ]iMHPFH NWHĜt VH SĜHGEČå
QČ SĜLKOiVLOL DE\ VYRX ~þDVW SRWYUGLOL
Y NDQFHOiĜL RGERUĤ QHER WHOHIRQLF
N\ QD WHO þtVOH QHMSR]GČML GR
þHUYHQFH
)RWR0LFKDO6YiþHN
08=(805(*,2189$/$â6.2
6RERWDþHUYQDRGGRKRGLQ
)$50Èě6.é75+
9=iPHFNpPSDUNXDYEXGRYČPX]HD
SURGHMQtWUKVWUDGLþQtPLYêUREN\DSR
WUDYLQDPL
2G VWĜHG\ þHUYHQFH GR QHGČOH
VUSQDNRVWHOVY7URMLFH
6$0267$71ċ$3ě,720
632/(ý1ċ
9êVWDYD YČQRYDQi KLVWRULL D OLGRYp
NXOWXĜH 9DODãVND D 6ORYHQVND Y GREČ
RGGRVWROHWt9HUQLViåRG
KRGLQYNRVWHOHVY7URMLFH
2GþWYUWNXþHUYHQFHGRĜtMQD
$87Ëý.$=.5$%,ý(.
9êVWDYDKRGQRWQpVEtUN\PRGHOĤDXWt
þHN±ÄDQJOLþiNĤ³RGVRXNURPpKRVEČ
UDWHOH9HUQLViåRGKRGLQ
2G ~WHUê þHUYHQFH GR SiWNX
VUSQD±RGGRKRGLQ
.$53$76.e+5<
ýHNi YiV ĜDGD ]DMtPDYRVWt KHU D ]i
EDY\ NWHUp MVRX SĜLSUDYHQ\ N YêVWDYČ
VQi]YHP.DUSDWVNpGČGLFWYt
'RQHGČOHVUSQD
792ěË0(3525$'267
9êWYDUQi YêVWDYD GČWt ] 0â .UKRYi
DVWXGHQWĤ*\PQi]LD)3DODFNpKR9D
ODãVNp0H]LĜtþt
2GþWYUWNXGRQHGČOHVUSQD
9=320Ë1.<=0,=(/e9ý$6(
9êVWDYDNRQDQiYUiPFLPLNURSURMHNWX
ýWYUWHNVUSQDRG
.8'<.5Èý(/$â/(&+7$
=iPHN äHURWtQĤ QiPČVWt PH]LĜtþVNi
D NUiVHQVNi UDGQLFH EDURNQt VRFK\
DMHMLFKGRQiWRĜL]iPHN.LQVNêFK]i
PHFNêSDUN6UD]X,QIRUPDþQtKRFHQW
UDQD,,QiGYRĜt]iPNXäHURWtQĤ
3URFKi]NX MH PRåQR XVSRĜiGDW L Y ML
QpPWHUPtQXSRWHOHIRQLFNpGRPOXYČ
ZZZPX]HXPYDODVVNRF]
0X]HXP MH RWHYĜHQR GHQQČ PLPR
SRQGČOtRGGRKRGLQ
.RVWHOVY7URMLFHMHRWHYĜHQYGREČRG
±RGþWYUWNXGRQHGČ
OHRGGRKRGLQ
9=320Ë1.$
'QH XSO\QXOR GORXKêFK VPXWQêFK OHW FR QiV QDYåG\ RSXVWLO
2QGUHM%UH]iQLGORXKROHWê]DPČVWQDQHFRVWUDYVNpKR]iYRGX.GRMVWHKR]QDOL
YČQXMWHPXWLFKRXY]SRPtQNX
6OiVNRXY]SRPtQDMtPDQåHOND'DJPDUDGČWLVURGLQDPL
VWUDQD
'(=$$0<
9$/$â6.é&+(0,.
' U X K ê U R þ Q t N ' H ] \ 9D O D F K L D U X Q X ] D Q i P L
/RĖVNê~VSČãQêSUYQtURþQtNQDVWDUWRYDOQRYRXWUDGLFL/HWRãQtURþQtNVHWČãLOYHONpSR]RU
QRVWLVSRUWRYFĤLQHVSRUWXMtFtYČĜHMQRVWL8åSĜLUHJLVWUDFLE\ORMDVQpåHEČKDWSĜLMGHPQRKHP
YtFHOLGtQHåORQL$WRVHWDNpSRWYUGLOR$NFLVLQHQHFKDOLXMtWDQL]DPČVWQDQFL'H]\1DVWDUW
ÄGHVtWN\³VHSRVWDYLORDWUDĢ]GRODORFHONHPEČåN\ĖDEČåFĤ
,VSROHþHQVNiþiVWVHWČãLODYHONpSR]RUQRVWLYHĜHMQRVWL.GRQHVSRUWRYDOSURKOpGOVL]iYRG
'ČWLVHEDYLO\9êERUQêJXOiãY]iYRGQtMtGHOQČVNOLGLO]DVORXåHQRXSRFKYDOX&HONHPVSRĜi
GDOLQiYãWČYQtFLD]iYRGQtFLSRUFtMtGHOMHQJXOiãHVHY\GDORSRUFt3URVURYQiQtYH
YãHGQtGHQVHY\Gi±MtGHO
3ĜHVREDY\SRĜDGDWHOĤXNi]DORSRþDVtVYRMLYOtGQČMãtWYiĜ=iMHPYHĜHMQRVWLE\ORSČWREURY
VNê%\OWRSĜtMHPQČSURåLWêGHQYSUĤP\VORYpPDUHiOX
)RWR3HWU0HQF9RMWČFK9iFKD-DQD%DPEXFKRYi0LULDP.DOOHURYi

Podobné dokumenty

Hasičské noviny č. 24, 18. prosince 2015

Hasičské noviny č. 24, 18. prosince 2015 ]DYi]DOLNPQRKD~NROĤPQDSĜNSUiFLQD]OHSãRYiQtSRGPtQHNQXWQêFKN]DEH]SHþHQtþLQQRVWL GREURYROQêFKKDVLþĤDQD]Y\ãRYiQtMHMLFKVSROHþHQVNpKRX]QiQt'iOHN]OHSãRYiQtLQIRUPRYDQRVWLXYQLWĜ...

Více

Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika. 9OHãHQVNpPSDUNXSUiYČUR]NYpWDMtD]DON\DURGRGHQGURQ\

Více

Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika. VNRPH]LĜtþVNDY'H]HVHNRQDODQDNRQFLþHUYQD-HGQiQtVH ]~þDVWQLOL]iVWXSFLD]iNODGQtRUJDQL]DFHýHVNpKRVYD ]X RFKUiQFĤ SĜtURG\ ý623  ± 9DODãVNp 0H]LĜtþt D -DVHQL FHREþDQVN...

Více

Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika. YDO\ V PDSRX KOHGDO\ QHMEH]SHþQČMãt FHVWXQDPDSČGRãNRO\

Více

Telečské listy červenec

Telečské listy červenec YUiWtKLVWRULH0RWRULVWLFNi/HWRãQtY]SRPtQNRYi Mt]GD QD NG\VL SRSXOiUQt ]iYRG 0H]LGYČPDEUDQDPLEXGHPLPRĜiGQRX XGiORVWt MDN SUR ~þDVWQtN\ VDPp WDN SUR YHĜHMQRVW1DFRVHPĤåHPH...

Více

Rekonstrukce zdravotního střediska v Novém Malín

Rekonstrukce zdravotního střediska v Novém Malín EXGRY\E\ODMLåWHKG\SRMDWDYHOPLYHONRU\VHEH]RKOHGX UHNRQVWUXNFHY\FKi]t]HNRQRPLþWČMãtKRY\XåLWtVWiYDMtFtFK QDWHSHOQČL]RODþQtYODVWQRVWLEXGRY\NOLPDWLFNpSRGPtQN\ SURVWRU ]GUDYRWQtK...

Více