Text práce ve formátu PDF

6WHGRãNROVNiRGERUQiþLQQRVW
2ERU±]HPGOVWYtSRWUDYLQiVWYtOHVQtDYRGQt
KRVSRGiVWYt
(WRORJLHNRQt
$XWRUND
+HOHQD'DYtGNRYi
6=HâD6286YDWRSOXNDýHFKD
äDWHFURþQtN
.RQ]XOWDQWSUiFH
,QJ'UDKRPtUD.RORXFKRYi
6=HâD628äDWHF
=DGDYDWHOSUiFH
,QJ(YD.OtPRYi
HGLWHOND6=HâD628
äDWHF
ÒVWHFNêNUDM
3URKODãXML WtPWR åH MVHP VRXWåQt SUiFL Y\SUDFRYDOD VDPRVWDWQ SRG YHGHQtP ,QJ
'UDKRPtU\ .RORXFKRYp D XYHGOD Y VH]QDPX OLWHUDWXU\ YHãNHURX SRXåLWRX OLWHUDWXUX D
GDOãtLQIRUPDþQt]GURMHYþHWQLQWHUQHWX
9äDWFLGQH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
YODVWQRUXþQtSRGSLVDXWRUN\
3RGNRYiQt
7tPWRE\FKFKWODSRGNRYDWLQJ'UDKRPtH.RORXFKRYp]DRFKRWXDSRPRFSL
]SUDFRYiYiQt SUiFH 'iOH E\FK FKWOD SRGNRYDW 'DYLGX 0\ãLþNRYL ]D SRVN\WQXWt
3&DSRPRFSL~SUDYSUiFH
2EVDK
ÒYRGQtVWUDQD
ýHVWQpSURKOiãHQt
3RGNRYiQt
2EVDK
ÒYRG
7HRUHWLFNiþiVW
(WRORJLHREHFQ
(WRORJLHMDNRYGD
.$VRXþiVWVWiGD
6P\VO\NRQt
'RUR]XPtYiQt±NRPXQLNDFHNRQt
3DP"DLQWHOLJHQFH
'HQQtUHåLP
3RWUDYQtSURMHY\
2GSRþLQHN
6RFLiOQtFKRYiQt
.RPIRUWQtFKRYiQt
3UiFH
/LGVNiSpþH
tMH%H]RVWSRURG
tMH
%H]RVW
3RURG
0HWRGLND
9êVOHGN\
3R]RURYiQtNOLVHQQDMDH
3R]RURYiQtNOLVHQYOpW
3R]RURYiQtNOLVHQQDSRG]LP
3R]RURYiQtNOLVHQY]LP
3R]RURYiQtNOLVHQY,Ii]LEH]RVWL
3R]RURYiQtNOLVHQY,,Ii]LEH]RVWL
3R]RURYiQtNOLVHQYH,,,EH]RVWL
3R]RURYiQtKtEDWYSU$EKXSUYQtFKKRGLQ
3R]RURYiQtKtEDWYHYNXPVtFH
3R]RURYiQtKtEDWYHYNXPVtF$
'LVNXVH
=iYU
6H]QDPSRXåLWpOLWHUDWXU\
'RNXPHQWDþQtStORKD
ÒYRG
9PRGHUQtP VYW MH HWRORJLH SRSXOiUQt YGRX 6NUêYi PQRKR SR]QDWN$ R
StþLQiFKFKRYiQt]YtDWNWHUpPQRKG\SHNYDStQHMHGQRKR]QiV0QHWDWRYGD]DXMDOD
VYRXG$OHåLWRVWtDPRåQRVWPLNWHUpQDEt]t0iPEOt]NêY]WDKNH]YtDW$P]HMPpQDNH
NRQtP QD NWHUêFK MVHP VH UR]KRGOD SURYpVW VY$M Yê]NXP 0iP PRåQRVW SR]RURYDW
åLYRWQtSURMHY\NRQtQHER"VHPH]LQLPLSRK\EXMLYHOPLþDVWR
0H]L GRSRVXG ]NRXPDQp SUREOpP\ YHWRORJLL NRQt SDWt ]HMPpQD ]NRXPiQt
Yê]QDPX VP\VORYêFK YODVWQRVWt MHMLFK LQWHOLJHQFL RULHQWDFL D SDPWL VSROHþQêP
SURMHY$PNRQtERMRYQRVWL]S$VREXGRUR]XPtYiQtSRKODYQtPSURMHY$PJUDYLGLW
9H VYp SUiFL MVHP VH ]DEêYDOD SR]RURYiQtP NOLVHQ EH]tFK NOLVHQ D KtEDW
=DPLODMVHPVH]HMPpQDQDSURMHY\VRFLiOQtNRPIRUWQtSRWUDYQtRGSRþLQNRYp'iOH
QDSRGtOSUDFRYQtþLQQRVWLDOLGVNpSpþH
1D ]iNODG VYpKR SR]RURYiQt MVHP SUR NDåGRX VNXSLQX D NDåGp REGREt
Y\SUDFRYDODDNWRJUDP\NWHUpSHGVWDYXMtþDVRYêSRGtOMHGQRWOLYêFKSURMHY$EKHPGQH
'iOH MVHP ]SUDFRYDOD HWRJUDP\ NOLVHQ þW\ URþQtFK REGREt 7\ SHGVWDYXMt þDVRYp
]DD]HQtMHGQRWOLYêFKDNWLYLWGRKRGLQRYpKRREGREt2EGREtEH]RVWLMVHPUR]þOHQLOD
QDWLIi]H1DREGREtPtUQpEH]RVWLPVtFVWHGQtEH]RVWLPVtFDY\VRNp
EH]RVWL PVtF 8 KtEDW MVHP VH ]DPLOD QD SURMHY\ Y\ND]RYDQp YSUYQtFK KRGLQiFKGiOHYHVWitMHGQRKRPVtFHDS$OURND
3R]RURYDW NRQ D ]NRXPDW MHMLFK FKRYiQt MH ~åDVQp -HQ WtPWR SR]RURYiQtP D
þDVHP VWUiYHQêP VQLPL P$åHPH SRPDOX SURQLNDW GR SRGVWDW\ NRVNpKR P\ãOHQt
3RFKRSLWFKRYiQtNRQt P$åHPHWHKG\SRNXGEXGHPH]QiWMHKRSRWHE\DSURMHY\9H
VYp SUiFL VH ]DEêYiP åLYRWQtPL SURMHY\ NOLVHQ EH]tFK NOLVHQ D KtEDW =tVNDQp
SR]QDWN\PRKRXSRPRFL]DMLãWQtåLYRWQtSRKRG\WFKWR]YtDW
2GWpWRSUiFHRþHNiYiPåHSLVSMHNSURKORXEHQtPêFKLþWHQiRYêFK]QDORVWt
YRERUXHWRORJLHDYtPåHMLEXGXPRFLGiOHSRXåtWSRStSDGUR]ãtLW
7HRUHWLFNiþiVW
(WRORJLHREHFQ
(WRORJLHMDNRYGD
(WRORJLH MH YGQt RGYWYt ELRORJLH NWHUp VWXGXMH FKRYiQt åLYRþLFK$ 3DWt
NQHMPODGãtPELRORJLFNêPGLVFLSOtQiPDMHMtPL]DNODGDWHOLMVRXUDNRXVNêYGHF.RQUDG
/RUHQ] D DQJOLFNê YGHF 1LNR 7LQEHUJHQ 8 QiV QD StURGRYGHFNp IDNXOW ]DYHGO
VWXGLXP QDXN\ R FKRYiQt ]YtDW EêYDOê HGLWHO SUDåVNp ]RRORJLFNp ]DKUDG\ =GHQN
9HVHORYVNê
(WRORJLH VH UR]GOXMH QD HWRORJLL REHFQRX D VSHFLiOQt 2EHFQi HWRORJLH VWXGXMH
]iNODG\ åLYRWQtFK SURMHY$ MHMLFK SRGVWDWX JHQHWLFNRX D I\]LRORJLFNRX QDS ]NRXPi
MDNQHUYRYiVRXVWDYDåOi]\VYQLWQtPY\PãRYiQtPDOiWNRYêPHWDEROLVPXVRYOLYXMt
FKRYiQt ]YtDW 6SHFLiOQt HWRORJLH VWXGXMH VSHFLILFNp IRUP\ D ]iNRQLWRVWL FKRYiQt
MHGQRWOLYêFK GUXK$ åLYRþLFK$ QDS ]S$VRE\ SRK\EX ]tVNiYiQt SRWUDY\ Y\PãRYiQt
SpþLRþLVWRWXWODSURMHY\SLUR]PQRåRYiQtVSROHþHQVNpY]WDK\]YtDWDSRG
3L HWRORJLFNpP Yê]NXPX VH SRXåtYi KODYQ PHWRGD SR]RURYiQt D ]i]QDPX
StVHPQpKRIRWRJUDILFNpKRDILOPRYpKRDPHWRGDH[SHULPHQWiOQt
8SODWQQtHWRORJLH MHUR]ViKOp0i QHMHQ Yê]QDPSURGDOãtUR]YRM ]RRORJLHDOH
KODYQSURFKRY]YtDWY]RRORJLFNêFK]DKUDGiFKXPRåXMHUR]PQRåRYiQtGUXK$NWHUp
E\ MLQDN YStURG Y\K\QXO\ DOH L SUR RFKUDQX RKURåHQêFK GUXK$ YH YROQp StURG
'$OHåLWêYê]QDPPiWDNpYRFKUDQSROQtFKDOHVQtFKNXOWXUSHGQHEH]SHþQêPLãN$GFL
]QiPHOL]S$VRE\FKRYiQtMHGQRWOLYêFKãN$GF$P$åHPHYHYKRGQRXGREXDYKRGQêP
]S$VREHPSURWLQLP]DVDKRYDWYRFKUDQOHWLã"SHGKHMQ\WDåQêFKSWiN$DSRG
9]HPGOVWYt Pi HWRORJLH QHMãLUãt XSODWQQt YFKRYX KRVSRGiVNêFK ]YtDW
&KFHPHOL GRViKQRXW FR QHMYWãt XåLWNRYRVWL PXVtPH Y\SUDFRYDW WDNRYp WHFKQRORJLH
NWHUpE\FRQHMOpSHRGSRYtGDO\SLUR]HQêPSRWHEiPFKRYDQêFK]YtDW3URWRMHQXWQp
DE\E\O\MHMLFKSLUR]HQpåLYRWQtSURMHY\FRQHMSRGUREQML]QiP\-HWHEDYGWNWHUp
YOLY\S$VREtQD]YtDWDQHSt]QLY-HWRG$OHåLWpKODYQGQHVNG\åLYRþLãQiYêUREDMH
]QDþQ NRQFHQWURYDQi D PHFKDQL]RYDQi D VQLåXMH VH SRGVWDWQ LQGLYLGXiOQt SpþH R
]YtDWD
6WXGLXP HWRORJLH ]YtDW P$åH EêW StQRVHP L SUR SV\FKRORJLL D SV\FKLDWULL
SURWRåH X Y\ããtFK REUDWORYF$ H[LVWXMH DGD SURMHY$ ]QiPêFK X þORYND 3URWR ]QDORVW
FKRYiQtVDYF$XPRåXMHSRFKRSLWQNWHUpSV\FKLFNpSRUXFK\þORYNDDQDOp]W]S$VRE\
MHMLFKOpþHQt
.$±VRXþiVWVWiGD
+UDYi KtEDWD EåQ QDSRGREXMt VRXERMH GRVSOêFK NRQt ± YiåQRVW D KODYQ
QHRKUDEDQRVW VMDNêPL VL SL WRP SRþtQDMt PRKRX EêW OHJUDþQt Y]StQDMt VH VNiþRX D
VY\ERþHQRX ]iGt Y\KD]XMt 3RK\E\ ]DWtP MHãW UR]Ki]HQp YãDN SL KRQLþNiFK D
SUDQLFtFK VODXMt Xþt VH REUDWQRVWL ]Y\ãXMt VYRML U\FKORVW ± SR FKYtOL ÄERMH³ RYãHP
NOHVQRXY\þHUSDQiQD]HPDXVQRX
3LERMRYêFKKUiFKSLSUYQtFKYtW]VWYtFKQDGSURWLYQtNHPVHSRþtQiXSODWRYDW
WR FR SR]GML EXGH SODWLW MDNR ]iNODGQt SUDYLGOR YåLYRW GRVSOpKR NRQ .$
RGSUDGiYQD åLO YH VWiG D VWiGR POR VYRML KLHUDUFKLL ± MHGQRWOLYHF YQP E\O ]DD]HQ
SRGOHSUiYDVLOQMãtKRPXVHOVLViPY\PRFLVYpKRGQRVWQtW]YVRFLiOQtSRDGt
1HMHQKtEDWDDOHLGRVSOtNRQVYpVRXERMHSHGHYãtPQD]QDþXMt±Y]StQDMtVH
SHWODþXMt ãWtSRX VYêPL ]XE\ DOH PiORNG\ VH SRUDQt 1NG\ ELWY\ GLYRNêFK NRQt
NRQþLO\NUYtþLGRNRQFHVPUWtDOHLPH]LWPLMHQYêMLPHþQ3RW\þN\XYQLWVWiGDNRQþt
WtPåHVHVODEãtN$]DDGtQDRGSRYtGDMtFtPtVWR±DSRåtYiSDNYNOLGXYãHFKYêKRG
NWHUpPXVSROHþHQVWYtP$åHSRVN\WQRXW
9H YROQp StURG åLOL NRQ YSWL Då GYDFHWLþOHQQêFK VNXSLQiFK 3t]QDþQp SUR
VWiGR E\OD VRXþLQQRVW D VSROXSUiFH D SDQRYDO YQP StVQê iG 9HGRXFt KHEHF
QD]êYDQê ÄDOID³ QHMVLOQMãt N$ VWiGD VWUiYLO VY$M åLYRW GRVORYD YSRNOXVX ± SiVO VH
SHGQRVWQDU\FKOHSURWRåHMLQDNVYRXVNXSLQXQHXVWiOHREtKDOVWHåLOML]Y\YêãHQêFK
PtVW D YþDV YDURYDO SHG QHEH]SHþtP 3RGOH VYpKR YêVRVWQpKR SRVWDYHQt SLSDRYDO
NOLVQ\DE\OWHG\LRWFHPKtEDW
'UXKêP NRQP XUþXMtFtP åLYRW VWiG E\OD ÄSUYQt PDWND³ QHMVWDUãt NOLVQD WiKOD
QD ãSLFL NDUDYDQ\ VWDQRYLOD VPU L U\FKORVW SXWRYiQt Y\EtUDOD SDVWYLQ\ QDSDMHGOD L
PtVWD SUR QRFRYiQt 7DNp XVPURYDOD ÄQHSRVOXãQp YêWUåQtN\³ =D Qt QiVOHGRYDO\
NOLVQ\ VH VYêPL KtEDW\ ± SODWLOR åH þtP PHQãt KtE WtP YtFH YSHGX S$MGH 6WiGR
PXVHORþDVWR]DVWDYRYDWKtEDWDSRWHERYDODRGSRþLQHNGHQQSURVSDODLGHVHWKRGLQ
'RVSOtNRQMHVWiOHRENORSRYDOLLSLSDVWYNROHPQLFKWYRLOLRFKUDQQRXKUDGEXWO
3RFKRGRYêHW]HFX]DYtUDOLPODGtKHEFLDQHRKHEHQpNOLVQ\-HQYQXWQêFKStSDGHFK
VHÄURGLQ\³VGUXåRYDO\YHYHONiQNG\DåVWRKODYiVWiGD
6RXåLWt YH VWiG VH ]D GORXKp JHQHUDFH VWDOR KODYQtP ]S$VREHP åLYRWD NRQt D
MHMLFK FKRYiQt XUþXMH GRGQHV .RQ MVRX W\SLFN\ VSROHþHQVNi VWiGRYi ]YtDWD VY$M
VWiGRYê SXG GGt MH MLP KOXERFH YUR]HQ D QHGi VH QLþtP SRGVWDWQ RYOLYQLW
'RPHVWLNDFH VRXåLWt VþORYNHP D WHG\ ]DMLãWQê åLYRW YEH]SHþQêFK VWiMtFK PQRKp
]PQLO\QDSWHPSHUDPHQWNRQt LQVWLQNWLYQt FKRYiQt YãDN QLNROL,]GRPiFQOê N$
WtKQHPQRKDSURMHY\NHVSROHþHQVWYt±RGGOHQêVHQHFtWtGREHPQRKG\QHQtVFKRSHQ
DQLVDPRVWDWQpKRUR]KRGRYiQtDYRKURåHQtVQDGQRSURSDGi]PDWNXDSDQLFH
.$ Y\åDGXMH VSROHþQtND VDPRWD PX QHVYGþt D GREUê FKRYDWHO WXWR SRWHEX
UHVSHNWXMH .$ SLMPH þORYND MDNR QiKUDGX QNG\ VH GRNRQFH VSRNRMt VWUYDORX
StWRPQRVWtMLQpKR]YtHWHWHEDRYFHþLNR]\
1HMOpSHVHN$FtWt VDPR]HMP PH]LNRPL YH VYpP VWiG±WDNRYpVRXåLWt MH
SURQMQHMSLUR]HQMãt9]WDK\YHVNXSLQNRQtQHPXVtEêWYåG\LGHiOQtULYDOLWDYOiGQH
QHMHQ PH]L KHEFL Y\SXNQH QNG\ Wpå PH]L NOLVQDPL ± L X QLFK VH O]H VHWNDW
VQHYUDåLYRVWt Då ~WRþQRX QHQiYLVWt 9WãLQRX YãDN SHYOiGi VRXþLQQRVW NRQ R VHEH
QDY]iMHP SHþXMt WHED WtP åH VH YKRUNX QDY]iMHP RYtYDMt D RGKiQMt VL KP\] QHER
MHGHQ GUXKpPX QD KEHWHFK Y\NXVXMt VWDURX VYGtFt VUVW WDN VH L VEOLåXMt þL VPLXMt
KHEHFVLWtPGRNRQFHQDPORXYiNOLVQX
9H VWiG VH XWYiHMt WDNp SiWHOVNp Y]WDK\ QHMþDVWML PH]L YWãtPL KtEDW\
VHVNXSXMtVHGRGYRMLFLWURMLFNWHUpVHGUåtVWiOHSRKURPDGVSROHþQVHSDVRXVSROXVL
KUDMtGRYHGRXVH MHGHQGUXKpKR]DVWDWSHGRVWDWQtPL-HVWOLåHNRQtNRGU$VWiViPWUSt
ERMiFQRVWt1HGRNiåHQDYi]DWY]WDKVRVWDWQtPLNRPLDSURVDGLWVHPH]LQLPLQHFKiSH
MHMLFK MHGQiQt EêYi L ]Oê -H OHSãt GRSiW PX Y\VStYiQt YH ÄVSROHþQRVWL³ R QLF KR
QHRFKXGLW±SUiYYHVWiGVHPRKRXVSRQWiQQUR]YLQRXWYãHFKQ\SHGQRVWLNRQMHKR
VRXSHLYRVWMHGLQHþQRVWDLQGLYLGXDOLWD
6P\VO\NRQt
.RQ PDMt YêERUQRX QNG\ Då SHNYDSLYRX VFKRSQRVW VP\VORYpKR YQtPiQt
tGt VH SHGHYãtP þLFKHP D VOXFKHP NWHUp QDKUD]XMt XUþLWp QHGRVWDWN\ ]UDNX RVWURVW
YLGQtRPH]HQiVFKRSQRVWUR]OLãRYiQtEDUHYSRþLWN\MVRXGRSORYiQ\KPDWHPDFKXWt
9ãHFKQ\VP\VO\NRQYHVYpPVRXKUQXS$VREtMDNRGRNRQDOpSRSODFKRYp]Dt]HQt7tP
VHWDNpY\VYWOXMHQHUYy]QtWHPSHUDPHQWGQHãQtFKNRQtNWHtYVREQHVRXYORK\VYêFK
SHGN$
ýLFK
1HMG$OHåLWMãt VP\VO NRQt ]D]QDPHQiYi SDFK\ þL Y$Q QD Y]GiOHQRVW QNROLND
GHVtWHN PHWU$ 3RNXG N$ P$åH VQDåt VH SRK\ERYDW SURWL YWUX DE\ PRKO QDViYDW
G$OHåLWp SDFKRYp VWRS\ ýLFKHP VH RULHQWXMH YH WP PO]H YKXVWpP OHVH ýLFK NRQ
YDUXMH L SHG QHStPêP QHEH]SHþtP NRQ E\ VH VSODãLOL SRNXG E\ NQLP SLVWRXSLO
þORYNNWHUêSHGWtPRãHWRYDORFKRþHQpKRYONDDSHGRKURåHQtPY$EHFýLFKMHSUR
RULHQWDFLNRQLSURY]iMHPQpGRUR]XPtYiQtQHVPtUQG$OHåLWêýLFKHPVHQRYRUR]HQp
KtEVH]QDPXMHVHVYRX PDWNRXVY$MSDFKVL Y]iMHPQ]DSDPDWXMtDSDNVHEH]SHþQ
QDMGRX L YH YHONpP VWiG 3RGOH SDFKX WOD D WUXVX SR]Qi YHGRXFt KHEHF MHGQRWOLYp
þOHQ\VYpKRVWiGD
2EMHYtOL VH YH VWiG QRYê þOHQ VRVWDWQtPL VH RþLFKi QHMGtYH Y]iMHPQêP
GRW\NHP QR]GHU MGH R W]Y QDVRQDViOQt NRQWDNW NDåGê N$ Pi VY$M YODVWQt SDFK
QNWHUêP QHPXVt ÄYRQW³ 3DFK P$åH VORXåLW MDNR ÄWLFKi SRãWD³ ± SHQiãt VGOHQt R
U$]QêFK SV\FKLFNêFK VWDYHFK NG\å Pi N$ VWUDFK QHER MH QHUYy]Qt ]DþQH VH SRWLW ±
GUX]tWRXFtWt]DUHJLVWUXMtWDNQDSWtþLKUR]tFtQHEH]SHþtDRNDPåLW]SR]RUQt2EGREQ
N$ SR]Qi NG\å VH KR MH]GHF ERMt ± L þORYN VH YH VWUDFKX PtUQ SRWt 0iOL VH N$
VQþtP VH]QiPLW D" MH WR MH]GHF VHGOR þL GHND PXVt YãH QDSHG RþLFKDW WHSUYH SDN
SHVWDQHEêWQHG$YLYê1HQtGREHSRNXGMH]GN\QSLMGHQDYRQQiQHERþORYNSHG
NRQPNRXt±NRQtPMVRXSURQLNDYpDURPDWLFNpY$QQHStMHPQp]QHPRåXMtMLPFtWLW
SLUR]HQpSDFKRYpVLJQiO\
.RQ MVRX QDYtF Y\EDYHQL MHãW þLFKRFKX"RYêP W]Y -DFREVRQRYêP RUJiQHP
=HMPpQDKHEFL]YOiã"SHþOLY]NRXPDMtFRQDViOLFLWOLYRXVOL]QLFtQRVRKOWDQX9\VRNR
]GYLKQRXKODYXDRKUQRXKRUQtS\VNIOpPXMtWtPY-DFREVRQRYRUJiQX]SUDFRYiYDMt
QDViWêSDFK
6OXFK
.RVNêVOXFKVHY\]QDþXMHYHONRXMHPQRVWt9QtPiQDYHONRXY]GiOHQRVWLWLFKp
ãHOHVW\ .RVNp XãL MVRX X]S$VREHQ\ WDN DE\ ]DFK\FRYDO\ ]YXNRYp YOQ\ ]NWHUpNROL
VWUDQ\ %ROWFH MVRX SRK\EOLYp N$ MH SRGOH SLFKi]HMtFtKR ]YXNX QDWiþt D WHED NDåGp
XFKRQH]iYLVOHMLQêPVPUHP
.RQVH YHOPLGREHRULHQWXMt YHWP9HVYpP ER[XQHQDUiåtGRVWQQHERGR
åODEXDDQLYKOXERNpQRFLE\QHEåHOLSURWLSORWXQHERSURWLVWURPX1H]iOHåtWRSRX]H
QD GREUêFK RþtFK DOH WDNp QD MHMLFK Y\QLNDMtFtP VOXFKX -DNPLOH Y\WXãt QMDNRX
SHNiåNX NWHURX QHPRKRX RþLPD RGKDGQRXW IUNDMt Y]GXFK WDNåH MHMLFK QR]GU\ VH
FKYMt D R]YQD ]YXNX WRKRWR IUNiQt MLP SUR]UDGt VPU D SLEOLåQRX Y]GiOHQRVW
SHNiåN\0QR]tNRQ]NRXPDMtWtPWR]S$VREHPLQHSHKOHGQêWHUpQQHERQHSU$KOHGQp
NDOXåHMHMLFKåKORXENXQHPRKRXRGKDGQRXWRþLPD
-HOLNRå NRQ WDN PLPRiGQ GREH VO\ãt MVRX SUR Q ]YXN\ MDNR KOXN PRWRUX
QHER NLN OLGVNpKR KODVX QHVQHVLWHOQêP KOXNHP =D þDV YãDN N$ QDY\NQH L QD SRY\N
OLGt QHER PVWVNê GRSUDYQt UXFK MDNR QD SRXKRX ]YXNRYRX NXOLVX SURWR E\ FKRYDWHO
QHPO QDNRQNLþHWDOH POXYLWVQLPLSRWLFKXDFKOiFKROLY.RQUR]OLãXMt LQWRQDFL
KODVXSR]QDMt VYpKRSiQDSRGOH KODVX LNURNXDWRLSRYHOPLGORXKpGRE7på YHOPL
GREH UR]H]QDMt SRFKYDOX RG SRNiUiQt .$ VL YêERUQ SDPDWXMH L MHGQRWOLYi VORYD D
GRNiåHMHVSRMLWVXUþLWRXþLQQRVWtY\WYRtVLW]YSRGPtQQpUHIOH[\
.RQ MVRX Wpå VFKRSQL YQtPDW KXGEX .G\å RãHWRYDWHO SXVWt UiGLR MH PQRKR
NRQt YER[X VSRNRMHQR7DNpMt]GDSL KXGENRQUR]YHVHOXMH&LWOLYtNRQUHDJXMt QD
U\WPXVDWDNWDSLKXGEVHOpSHXYROXMt
=UDN
3RKOHGGRYêUD]QêFKRþtNRQY\YROiYiXQiVOLGtPQRKRSRFLW$3$VREtQDQiV
MDNR ]UFDGOR NRVNp GXãH 3UR NRQ YãDN QHMVRX MHKR RþL QLF MLQpKR QHå VSROHKOLYê
SURVWHGHNNSHVQpPXRKOtGiQtVYpKRRNROt
.RVNpRþLMVRXVSHFLDOL]RYiQ\WDNDE\YLGO\MDNRYH]SRPDORYDþLLQHMPHQãt
QHMU\FKOHMãtYHOPLY]GiOHQpSRK\E\NWHUpOLGVNpRNRDQLQHP$åHYQtPDW
=YOiãWQtXORåHQtNRVNêFKRþt QDVWUDQiFK KODY\ XPRåXMH YLGQtWpPFHOpKR
RNROtNROHPVHEH9ãHFKQRFRVHGMHVWUDQRXRGQKRYLGtN$YåG\MHGQtPRNHP.$
MHSURWRVFKRSHQYLGWGYDREUD]\QDMHGQRX
.$ ]DRVWXMH VYp YLGQt SHGHYãtP WtP åH ]PQt SRORKX KODY\ ± ]YHGi ML
VNOiQt QDWiþt .G\å FKFH RVWH YLGW QFR SHG VHERX D QD VWUDQ PXVt KODYX VNORQLW
NG\åFKFHRVWHYLGWGRGiON\]GYLKQHN$KODYX9LGtSLWRPWDNpþiVWHþQGRVWUDQ\
QH YãDN WDN RVWH 3L WRPWR ]GYLåHQt KODY\ NRQ Y]QLNi StPR SHG NRQP D ]D QtP
VOHSpSiVPRYHNWHUpPN$QLFQHYLGt
9LGQtEDUHY
.$ PiRPH]HQRXVFKRSQRVWEDUHYQpKRYLGQt ±EDUY\ VLFHUR]H]QiYiDOHSDWUQ MHQ
SRGOH MHMLFK ãHGêFK WyQ$ OpSH YQtPi ]HOHQRX D åOXWRX K$H UR]H]QiYi þHUYHQRX RG
PRGUp]HMP QHPiUiGEtORX± YStURGQHQtREY\NOi.UDMLQDNWHURXNRQYLGtVH
QHMVStãSRGREiPR]DLFHVORåHQp]HãHGêFKDWPDYêFKVWtQ$
9LGQtYHWP
5\FKOpPXVWtGiQtMDVQDDWHPQDVHNRVNpRþLSL]S$VREXMtK$HQHåOLGVNp3LQiKOpP
UR]VYtFHQt YWHPQp VWiML PXVt N$ GORXKR PUNDW QHå VL ]Y\NQH QD QiKOê MDV 9H WP
QDRSDNYLGtNRQ PQRKHP OpSH QHå OLGpSLWRP YãDN KUDMH YHOLNRXUROL QHMHQRP]UDN
DOHWDNpVOXFK
+PDW
.DåGRX QRYRX YF VL N$ SRWHEXMH RþLFKDW D SURKOpGQRXW DOH WDNp RKPDWDW ±
QHMOpSH FLWOLYêP KRUQtP S\VNHP .RQ MtP SURYXMt NDåGRX SRWUDYX NDåGê SHGPW
þDVWR WDN ]NRXPDY RKPDWiYDMt L þORYND 'RWêNDMt VH MtP Y]iMHPQ PH]L VHERX
Y\MDGXMt G$YUQê Y]WDK PH]L KHEFHP D NOLVQRX QHER NOLVQRX D KtEWHP -HPQi
VYDORYi YOiNQDS\VNXNRQLXPRåQtDE\]H ]HP ]YHGO LGUREQpSHGPW\3\VN\NRQt
MVRXQDYtFSRURVWOpGORXKêPLKPDWRYêPLFKOXS\
'REUêKPDWPDMtNRQLYSHGQtFKNRQþHWLQiFKQDSYHWPMLPL]NRXPDMtWHUpQSRG
VQKHPFtWt]DYiWRXVLOQLFLDSRG
+PDWRYpþLVStãHWODNRYpUHFHSWRU\±þLGODNWHUiSLMtPDMtLQIRUPDFHGRW\NHP
± MVRX SRFKRSLWHOQ UR]PtVWQ\ YN$åL QD SRYUFKX FHOpKR WOD +OiVt YMHP\ StMHPQp
WHEDSRKOD]HQt±LN$]QMPiSRåLWHNQHERQHStMHPQpEROHVWSLãOHKQXWtELþtNXþL
SRUDQQt
&KX"
.RQ MVRX SURVOXOt Y\WtEHQRX FKXWt 3R]QDMt D RGPtWDMt ]iYDGQRX þL QHþLVWRX
SRWUDYX SL SDVWY VH Y\KêEDMt KRNêP E\OLQiP 6StãH ]$VWDQRX R åt]QL QHå DE\ VH
QDSLOLãSLQDYpþL]NDåHQpYRG\]H]QHþLãWQpQiGRE\
'RUR]XPtYiQtNRPXQLNDFHNRQt
2SURWL þORYNX NWHUê MHGLQê QDE\O VFKRSQRVWL POXYLW ]YtDWD SRXåtYDMt
NGRUR]XPtYiQt VRXERU QHMU$]QMãtFK YêUD]RYêFK SURVWHGN$ 3ODWt WR L R NRQtFK -H
]QiPR PQRKR ]S$VRE$ MHå SRXåtYDMt SL Y]iMHPQp NRPXQLNDFL ± KODVRYp SURMHY\
SURMHY\SRK\ERYpLPLPLFNp.RQVHY]iMHPQGRUR]XPtYDMtU$]QêPLSRK\E\WLFKêPL
JHVW\DYêUD]\SURQiVWpPQHSRVWHKQXWHOQêPL±LQHSDWUQêSRK\EPiVY$MYê]QDP
.$MHWHG\Ä]DYHGHQ³SHGHYãtPQDSRVXQN\NWHUpVHXWYiHO\SRWLVtFHOHWMVRXVLOQ
YåLW\ NDåGê þOHQ VWiGD VL MH U\FKOH RVYRMt D MHGQR]QDþQ MLP UR]XPt 0LPLFNêP
VYDOVWYHP GRNiåt NRQ VWiKQRXW VYRML WYi GR UR]OLþQêFK JULPDV 6GOXMt VL WDN WHED
QDEtGNXþLSR]GUDYY\MDGXMtSHNYDSHQtSRGt]HQRVWKUR]EXþLtML
.RQ MVRX ]QiPL VYRX ÄKURX Xãt³ ± FKRYDWHOp tNDMt åH N$ ÄPOXYt XãLPD³
3RK\E D SRORKD XãQtFK EROWF$ WRWLå Y\MDGXMH QiODGX NRQ 8ãL VWDåHQp GR]DGX
]QDPHQDMt SRGUiåGQRVW D ~WRþQRVW SRVWDYHQt URYQ ]DVH NOLG XãL QDPtHQp GRSHGX
SUR]UD]XMtSR]RUQRVWD]YGDYRVW
8åMHQGUåHQtWODNRQS$VREtQDRVWDWQtMDNRVLJQiO%OtåtOLVHQHEH]SHþtQDSQH
N$YãHFKQ\VYDO\DY\SQHVHWDNY\VRNRMDNMHWRMHQPRåQp=YOiãWQtSRVWRMH]DXMtPi
N$ L YVLWXDFtFK NG\ Pi NRQNXURYDW ULYDO$P D XND]XMH VYRX SLSUDYHQRVW
NUR]PQRåRYiQt 3LWRP Y\VtOi VODGQp VLJQiO\ XãLPD D RFDVHP KODYRX D NUNHP
SHGQtPDD]DGQtPDQRKDPDGRNRQFHLWtPMDNQDStQiVYDO\YREODVWLRþtDQR]GHU
7XWRVYRMLHþYãDNNRQQHSRXåtYDMtSRX]HY$þLMHGLQF$PVYpKRGUXKXDOHLYH
Y]WDKX NQiP OLGHP 3UR QiV QHQt YåG\ OHKNp SRUR]XPW HþL NRQt 0$åHPH VH ML DOH
SRNXVLWQDXþLWYþDVWpPVW\NXVQLPL
3DP"DLQWHOLJHQFH
.RQ PDMtSRPUQ YHONRX KODYXDOH MHMLFK PR]HN MH PDOêDWDNQDUR]GtORG
þORYND QHXPMt MHGQDW VUR]P\VOHP 1DPtVWR WRKR UHDJXMt Y]iYLVORVWL QD YUR]HQêFK
LQVWLQNWHFKDSRWHEiFKQXWQêFKSURSHåLWt
&KRYiQt NRQ MH VLOQ SRGPtQQR L MHKR SDPWt 3DP" NRQt REGREQ MDN X
RVWDWQtFK]YtDWLXþORYNDO]HUR]OLãRYDWQDGORXKRGRERXDNUiWNRGRERX1FRVLN$
]DSDPDWXMHQDFHOiOpWDQFR]DSRPtQiWpPRNDPåLWMHY\NWHUpVHQHRSDNXMtþDVWR
QHER SUR QM QHPDMt YHONê Yê]QDP 2SDNRYiQtP MHYX þL MHKR Yi]iQtP QD GRVDYDGQt
]NXãHQRVWL D LQVWLQNW\ VH Y\WYRt W]Y ÄGORXKRGREi SDP"RYi VWRSD³ ± N$ VL XUþLWRX
VNXWHþQRVWQHERVLWXDFLYãWSXMHXVD]XMHVLMLGRSDP"RYpKRFHQWUD
=iYDåQp LQIRUPDFH VH YUVWYt YH ]NXãHQRVW ± D WD VH PQt YQiY\N N$ VL L SR
OHWHFKSDPDWXMHþORYNDNWHUêPXXEOLåRYDO.RQY\QLNDMtPtVWQtSDPWtDRULHQWDFt
VSRMXMtVLWRWLåXUþLWiPtVWDVHVLOQêPL]iåLWN\SHGHYãtPGRPRYþLVYRMLVWiMMDNPLOHVH
N$ REUiWt VPUHP NGH Pi VWiM YåG\ SLGi GR NURNX D EH]SHþQ GRMGH L NG\E\ MHKR
MH]GHFXVQXO
3RUR]XPW P\ãOHQNRYêP SRFKRG$P NRQ ]QDPHQi VWXGRYDW SHVQ MHKR
LQVWLQNW\DSHGYtGDWDRYOLYRYDWMHKRYêVOHGQpFKRYiQt]LQVWLQNW$Y\SOêYDMtFt
'HQQtUHåLP
.RQ YVRE PDMt Ä]DEXGRYDQp³ W]Y ELRORJLFNp KRGLQ\ 2UJDQLVPXV ]YtHWH MH
WRWLåQDY\NOêQDXUþLWpSUDYLGHOQVHRSDNXMtFtMHY\±GHQPiSURNRQ]DYHGHQêVOHGD
iG VWHUHRW\SQt UR]YUK KRGLQ 1HMGH MHQ R VWtGiQt VYWOD D WP\ QRFL VGQHP D VWtP
VSRMHQêFKY\ããtFKþL QLåãtFKWHSORW1DSUDYLGHOQpPRSDNRYiQt MVRX]DORåHQ\ LåLYRWQt
SRFKRG\ D SURMHY\ RUJDQLVPX RGSRþLQHN SDVHQt SUiFH DSRG 9\WYiHMt VH WDN
ELRU\WP\ ±NDåGp QHGRGUåHQt QHERþDVRYpSRVXQXWtS$VREt QDNRQ QHSt]QLY3RNXG
VHRãHWRYDWHO]SR]GtWHED VNUPHQtP MHQRGYDFHWPLQXWNRQXå QHWUSOLYHKWDMt D
KUDERXNRS\W\-VRXOLQDY\NOtYUDFHWVHYHþW\LKRGLQ\RGSROHGQH]SDVWY\P$åHWHVH
VSROHKQRXWåHSHVQYWXGREXVHXåWLVNQRXNRKUDG]DKOHGQLNHVWiML
'QHV MVRX NRQ SUDNWLFN\ ]FHOD ]iYLVOt QD QiV OLGHFK 0XVtPH MHMLFK ELRU\WP\
UHVSHNWRYDWD]DYHGHQêåLYRWQtiGGRGUåRYDW
3RWUDYQtSURMHY\
.UPHQt
.UPQiGiYNDSURXUþLWpKRNRQ]iYLVt QD MHKRYNXNRQGLFLDSUDFRYQt]iWåL
0ODGê Y\YtMHMtFt VH N$ Pi MLQRX SRWHEX QHåOL N$ GRVSOê .$ SUR UHNUHDFL
QHSRWHEXMHWROLNMDGUQpKRNUPLYDMDNRN$VSRUWRYQtY]iYRGQtVH]yQ
9]LP SRWHEXMH N$ YWãt GiYNX NUPLYD DE\ VL XGUåHO WHSORWX 1D GUXKRX
VWUDQX PXVtPH GiYDW SR]RU DE\FKRP NRQ StOLã QHSHNUPRYDOL 7XþQê N$ ]WUiFt
NRQGLFLDMHKRNRQþHWLQ\MVRXSHWåRYiQ\
.UPQiGiYNDNDåGpKRNRQE\POD]KUXEDREVDKRYDWQiVOHGXMtFtSUYN\FXNU\
WXN\KUXERXYOiNQLQXEtONRYLQ\PLQHUiO\DYLWDPtQ\
&XNU\ MVRX SRWHED SUR ]iVREX HQHUJLH EtONRYLQ\ SUR WYRUEX VYDO$ NRS\W
FKOXS$NUYHPOpNDDWG0LQHUiO\DYLWDPtQ\XGUåXMtNRVWUXD]DMLã"XMtIXQNþQRVWFHOpKR
WOD
'UXK\NUPLY
•
*UDQXOH ± MVRX XQLYHU]iOQtP NUPLYHP REVDK EtONRYLQ MH SURPQOLYê SRGOH
~þHOX
•
2YHV±PiY\VRNRXNUPQRXKRGQRWXDMHOHKFHVWUDYLWHOQê
•
-HþPHQ±PpQHQHUJHWLFNêQHåRYHVYDHQêMHYêERUQêSUR]OHSãHQtNRQGLFH
•
2WUXE\ ± ]E\WN\ SR VHPOHWt SãHQLFH 2EVDKXMt YLWDPtQ\ D SUR NRQ MVRX GREH
VWUDYLWHOQp2EVDKXMtKRGQKUXEpYOiNQLQ\
•
0DVK ± WHSOê QiSRM ]SãHQLþQêFK RWUXE D YDHQpKR OQQpKR VHPHQH
UR]PtFKDQpKRYWHSOpSHYDHQpYRG
•
6HQR ± P$åH EêW ]SUYQt þL GUXKp VHþH 6HQR ]SUYQt VHþH Pi Y\ããt NUPQRX
KRGQRWX D MH SUR NRQ YKRGQMãt 6HQR MH ]GURMHP YOiNQLQ\ Pi Y\VRNê REVDK
VWUDYLWHOQêFKEtONRYLQDREVDKXMHWpåPLQHUiOQtVORåN\
•
1NWHUi GDOãt NUPLYD NXNXLþQp YORþN\ OQQp VHPHQR /]H Wpå SLNUPRYDW
NUPQRXPUNYtþLHSRX
.$ VDPR]HMP SRWHEXMH L YRGX .$ E\ ML PO PtW VWiOH NGLVSR]LFL
YQHRPH]HQpP PQRåVWYt 9RGD E\ POD EêW YåG\ þHUVWYi EH] StFKXWL 2SWLPiOQt
WHSORWDMHƒ&
3tNODGNUPQpGiYN\SURNRQYiåtFtKRNJSLVWHGQtSUDFRYQt]iWåL
=,0$
/e72
MiGUR NJ MiGUR NJ
VHQR NJ VHQR NJ
VOiPD NJ VOiPD NJ
ã"DYQDWpHSDPUNHYMDEONDNJ
]HOHQiStFH
NJ
3DEUNRYiQt
0H]L SRWUDYQt SURMHY\ NRQt DGt RGERUQi OLWHUDWXUD L SDEUNRYiQt 2G
LQWHQ]LYQtKR SLMtPiQt MiGURYêFK D REMHPRYêFK NUPLY VH XYHGHQê SURMHY RGOLãXMH
SHGHYãtP LQWHQ]LWRX VYp UHDOL]DFH 3DEUNXMtFt N$ åHUH VOiPX QHER VHQR SR
MHGQRWOLYêFK VWpEOHFK þL FKRPiþFtFK D VNUPLYHP VL YODVWQ SRKUiYi '$YRGHP SUR
]DD]HQt SDEUNRYiQt PH]L SRWUDYQt SURMHY\ MVRX SR]QDWN\ SRGOH NWHUêFK YH YWãLQ
StSDG$MHNUPLYRNRPLVNXWHþQNRQ]XPRYiQRDMHQYPHQãtPtHVORXåtNHKUiP
3DEUNRYiQtPiWURMtIXQNFLYVRXYLVORVWLVSLMtPiQtPSRWUDY\VORXåtMDNIRUPD
GRV\FRYiQtRUJDQLVPX/]HMHMYãDNLKRGQRWLWMDNRVWHUHRW\SQtFKRYiQtDYQHSRVOHGQt
DG LQGXNXMH H[LVWHQFL QHURYQRYiK\ RUJDQLVPX NRQt YUiPFL StMPX D YêGHMH HQHUJLH
6FKlIHU 3DEUNRYiQt MH XUþLWRX QiKUDGQt þLQQRVWt NWHUi VH UHDOL]XMH SHGHYãtP
YW]YLQDNWLYQtFK~VHFtFKKRGLQRYpKRREGREt,POH&LWRYDQtDXWRLVHVKRGXMt
Y]iYUHFKSRGOHNWHUêFKVHSURMHYSDEUNRYiQtY\VN\WXMHXYãHFKYNRYêFKNDWHJRULt
NURPKtEDWGRRGVWDYX
3DVWYD
3DVHQtMHQHMSLUR]HQMãtPDVRXþDVQQHMHIHNWLYQMãtP]S$VREHPRGFKRYXNRQt
3RE\W YH YROQRVWL MH XUþXMtFtP IDNWRUHP SRåDGRYDQpKR UR]YRMH NDUGLRYDVNXOiUQtKR D
UHVSLUDþQtKR DSDUiWX NRQ , SUR YêYRM SRK\ERYêFK RUJiQ$ ± NRVWt ãODFK D VYDO$ MH
QHPpQG$OHåLWê
3HGSRNODGHP VSUiYQpKR YêYRMH PODGêFK NRQt MH SRE\W YH YROQRVWL NWHUê
SRGVWDWQRXPURXRYOLYXMHPHFKDQLNXSRK\EX'ORXKROHWpSR]QDWN\XND]XMtåHSRE\W
NRQt QD SDVWY SLVStYi NH ]OHSãHQt H[WHULpUX UHVS NKDUPRQLþQRVWL WOHVQêFK SDUWLt D
YQHPDOp PtH S$VREt MDNR NRUHNWRU QNWHUêFK YUR]HQêFK FK\EQêFK SRVWRM$ PODGêFK
NRQt
=HMP QHMYê]QDPQMãtP StQRVHP SDVHQt NRQt MH KOHGLVNR YêåLY\ .YDOLWQt
]HOHQiKPRWDMHSURRUJDQLVPXVQHQDKUDGLWHOQiVYêPREVDKHPYLWDPtQ$DPLQHUiO$
9KRGQiSDVWYLQD
3DVWYLQX QLNG\ QH]DNOiGiPH QD StOLã VYDåLWêFK SORFKiFK QHPOD E\ VH
UR]NOiGDW DQL YREODVWHFK VYHONRX QDGPRVNRX YêãNRX DQL YH Y\VORYHQêFK QtåLQiFK
NWHUpEêYDMtþDVWR]DPRNHQpDSHGHYãtPY]LPVHQDQLFKREMHYXMt]DEDKQQp~VHN\
3URMHGQRKRNRQPXVtPHSRþtWDWVSORFKRXQHMPpQKDSDVWYLQ\
,GHiOQtSRGPtQN\
•
9\VRNêåLYêSORWP$åHNRQtPSRVORXåLWMDNStVWHãHN
•
=DGQt VWQD GHYQpKR StVWHãNX PXVt EH]SURVWHGQ QDYD]RYDW QD RSORFHQt
1HVPtWXEêWSURVWRUNWHUêPE\N$PRKOSURMtW
•
'$OHåLWêMHGRVWDWHþQê]GURMþLVWpSLWQpYRG\
•
7UDYQtSRURVW\PXVtGRVDKRYDWVWHMQpYêãN\DQHVPMtEêWSHURVWOp
•
&HOiSORFKDSDVWYLQ\GRNRQDOHRGYRGQQD
•
8GUåRYDQiStVWXSRYiFHVWDPiFHORURþQSHYQêSRYUFK
2GSRþLQHN
3R REGREt DNWLYLW\ NWHUi ]DEH]SHþXMH UHJXODFL HQHUJLH YRUJDQLVPX QiVOHGXMH
YUiPFLGQHREGREtRGSRþLQNX0iSHGHYãtPUHJHQHUDþQtIXQNFLDMHFKDUDNWHUL]RYDQp
QLåãtVSRWHERXHQHUJLH
2GSRþLQHN VH XVNXWHþXMH IRUPRX NOLGRYpKR SRVWRMH OHåHQt D VSiQNX.OLGRYê
SRVWRM MH FKDUDNWHULVWLFNê SHGHYãtP X GRVSOêFK NRQt 2GSRþtYDMtFt MHGLQHF VWRMt
QHSRKQXW KODYX D NUN Pi YURYLQ VKEHWHP 8ãL MVRX VNORSHQp GR VWUDQ RþL EêYDMt
~SOQ ]DYHQp D VSRGQt S\VN MH XYROQQê .$ VWRMt VMHGQRX ]DGQt NRQþHWLQRX
SRNUþHQRX+PRWQRVWSHQHVHQDGUXKRXNRQþHWLQXDþDVRGþDVXMHY\VWtGi
/HåHQtMHIUHNYHQWRYDQMãtXPODGêFKNRQtDXKtEDWQHåXGRVSOêFKNRQt,X
NRQtP$åHPHSR]RURYDWU$]QpGUXK\OHåHQtVWHMQMDNRXRVWDWQtFK]YtDW
6SiQHN VH XVNXWHþXMH YOHåH L YVWRMH .DåGp ]YtH Pi SL VSiQNX FKDUDNWHULVWLFNRX
SRORKX WOD 3L EåQpP SR]RURYiQt QHQt PRåQp YåG\ SHVQ XUþLW MHVWOL ]NRXPDQê
MHGLQHF MHQRGSRþtYiSLþHPå MVRX MHKRVP\VORYpRUJiQ\ YþLQQRVWLþL MHVWOLVNXWHþQ
VSt
9RGERUQp OLWHUDWXH VH VHWNiYiPH VSHGSRNODGHP åH NRQ PDMt VQ\
3U$YRGQtPL ]QDN\ VQtFtFK NRQt MVRX SRK\E\ Xãt VSROX VWUKDYêPL SRK\E\ NRQþHWLQ
QNG\GRSURYi]HQpWLFKêPUåiQtP
2GSRþLQHN MH Yi]DQê QD þDV D SURVWRU D MH RYOLYRYiQ YQMãtP SURVWHGtP
QDStNODGGpONRXSUiFHYHVWiML7R]QDPHQiåHNUDWãtGREDWUYiQtSUDFtYREMHNWXVWiMH
Pi ]D QiVOHGHN SURGORXåHQt RGSRþLQNRYêFK SURMHY$ 7DNp ]D OHWQtFK YHGHU VH ]YtDWD
XFK\OXMtGRVWLQQêFKPtVWDRGSRþtYDMtGpOHQHåE\RGSRþtYDOD]DMLQpKRSRþDVt
6RFLiOQtFKRYiQt
+HUQt SURMHY\ SHGVWDYXMt MHGQX ]RVRELWêFK IRUHP SRK\EX -HMLFK SRGVWDWRX MH
QHYi]DQêGUXKSRK\EXY\NRQiYDQêVSRQWiQQD]YODVWQtY$OH%OHQGLQJHU+HUQt
SURMHYNRQtMHþDVWRKRGQRFHQMDNRSURMHYNWHUêPNRQY\MDGXMtVYRXUDGRVW]HåLYRWD
+U\ MVRX YåG\ VRFLiOQtKR FKDUDNWHUX 3RVWDWRX KHUQtFK SURMHY$ NRQt MH LQVWLQNWLYQt
FKRYiQtSRGPtQQpW]YÄVWiGRYRXSV\FKLNRX³
+U\ WDNp ]Y\ãXMt FHONRYRX SRK\EOLYRVW REUDWQRVW D ãLNRYQRVW WFKWR ]YtDW
)UHNYHQWRYDQMãt MH WHQWR SURMHY X PODGêFK MHGLQF$ QLFPpQ L X GRVSOêFK VH
Y\VN\WXMH1DSKU\NOLVQ\VYODVWQtPKtEWHPQHERREGREQpFKRYiQtKHEF$DNOLVHQ
YþDVHSiHQt
9]iMHPQpY\NXVRYiQtVUVWL
-H YHOPL G$OHåLWêP VRFLiOQtP NRPXQLNDþQtP SURMHYHP PH]L NRPL YH VWiG
7HQWR GUXK VRFLiOQtKR SURMHYX WNYt YH Y]iMHPQpP Y\KU\]iYiQt VUVWL .RQ VWRMt
YSU$EKX WRKRWR SURFHVX KODYDPL SURWL VRE 9]iMHPQp RãHWHQt SUREtKi VRXþDVQ QD
VKRGQêFK PtVWHFK RERX ]YtDW FRå MH GiQR DQDWRPLFNRX VWDYERX VWHMQ Y\VSOêFK
MHGLQF$=DþtQiRãHWHQtPNUNXSRNUDþXMHSHVREODVWORSDWHNDWUXSXDNRQþtXNRHQH
RFDVX
3R]Q 3RG Qi]HY VRFLiOQt FKRYiQt VH Gi ]DDGLW PQRKR GDOãtFK SRMP$ MDNR
VRFLiOQt FKRYiQt YH VWiG VWiGRYê SXG WHULWRULiOQt FKRYiQt VH[XiOQt SXG DM 1NWHUp
]WFKWR SRMP$ MLå E\O\ SRSViQ\ YSUYQt NDSLWROH D ]DD]HQ\ WDN SRG MLQêP Qi]YHP
3RMPHP VRFLiOQt FKRYiQt YãDN YH VYp SUiFL R]QDþXML SURMHY\ NWHUp E\OR PRåQR
SR]RURYDW QD GDQêFK MHGLQFtFK D ]iURYH E\OR PRåQR MH ]DKUQRXW GR DNWRJUDPX D
HWRJUDPXDWtPþDVRYp]Qi]RUQLWMHMLFKSRGtOYGHQQtFKSURMHYHFK]NRXPDQêFKMHGLQF$
.RPIRUWQtFKRYiQt
.RPIRUWQt FKRYiQt NRQt MH NRPELQDFt U$]QêFK SURMHY$ D WYRt KR SHGHYãtP
WHVHQtSRNRåN\RWHSiYiQtGUEiQtRWtUiQtRKU\]iYiQtYiOHQtROL]RYiQtDSRG
2ãHWRYiQtSRNRåN\MHSURMHYHPNWHUêMHåLYRþLFK$PYUR]HQêDþiVWHþQVRXYLVt
VHVRFLiOQtPFKRYiQtP3URSLEOtåHQtXYiGtPSRSLVDIXQNFLMHGQRWOLYêFKSURMHY$NWHUp
DGtPHPH]LNRPIRUWQt
7HVHQtSRNRåN\
1HMMHGQRGXããtP D QHMEåQMãtP NRPIRUWQtP SURMHYHP MH WHVHQt SRNRåN\
5HDOL]DFLXYHGHQpKRSURMHYXXPRåXMtSRGNRåQtVYDO\NWHUpMVRXYHOPLGREHY\YLQXW\
QD ERFtFK D YREODVWL ORSDWN\ WFKWR ]YtDW 7HVHQtP VH NRQ ]EDYXMt GUREQêFK FL]tFK
SHGPW$XFK\FHQêFKYVUVWLStSDGQVORXåtN]DSODãHQtREWtåQpKRKP\]X
2WHSiYiQt
2WHSiYiQtP NRQ ]EDYXMt VYRX VUVW MHPQpKR SUDFKX U$]QêFK QHþLVWRW QHER
YRG\.$SLRWHSiYiQtVWRMtPtUQUR]NURþHQVNUNHPDKODYRXQDWDåHQêPLGRSHGX
9ODVWQtRWHSiYiQtSUREtKiYOQRYLWDWRRG]DGQtFKSDUWLt]YtHWHVPUHPNKODY
'UEiQt
.GUEiQtY\XåtYDMtNRQYãHFKQ\SHYQpDGUVQpSHGPW\QDFKi]HMtFtVHYMHMLFK
RNROt8YHGHQêSURMHYVHUHDOL]XMHLIRUPRXVRFLiOQtKRY]iMHPQpKRRãHWHQtStVOXãQêFK
þiVWt WO GYRX MHGLQF$ 9êVN\W GUEiQt MH RYOLYRYiQ URþQt GRERX ]S$VREHP RGFKRYX
NRQtDSRGOpKiLGHQQtSHULRGLFLW
2WtUiQt
-LQRX IRUPRX VWDURVWOLYRVWL NRQt R SRYUFK YODVWQtKR WOD MH RWtUiQt R SHYQp
SHGPW\ MDNR MVRX VWQ\ ER[$ GHYQp RKUDG\ YêEK$ D SDVWYLQ StSDGQ VWURP\
.RQVHRWtUDMtSHGHYãtPWPLþiVWPLWODNDPVHSRPRFt]XE$DNRQþHWLQQHGRVWDQRX
2KU\]iYiQt
2KU\]iYiQt MH IUHNYHQWRYDQê NRPIRUWQt SURMHY NRQt 3L WRPWR ]S$VREX RþLVW\
WODY\NRQiYDQpPSRPRFt]XE$VHWUYiYDMtNRQYWãLQRXYHVWRMH
9iOHQt
9iOHQtMHSHYDORYiQtNRQQDKEHWYMHKRåSU$EKXGRFKi]tNYtFHQiVREQpPX
SHYDORYiQt ]ERNX QD ERN 9SU$EKX WRKRWR NRPIRUWQtKR SURMHYX GRFKi]t
NG$NODGQpPX WHQt KEHWRYp þiVWL WOD NRQt YOLYHP KPRWQRVWL YiOHMtFtKR VH MHGLQFH
.RQ VHVYHOLNRXREOLERX YiOHMt YSUDFKXþLStVNX9WDNRYpPStSDGVHN$]EDYXMH
VWDUpVUVWLDVRXþDVQVHÄ]DSXGURYiYi³%H]SURVWHGQtPHIHNWHPWDNRYpKRSRþtQiQtMH
åH VUVW ]YtDW VH QHVOHSXMH D WHG\ QH]WUiFt VYRX WHSHOQ L]RODþQt IXQNFL 9iOHQt MH
PRWLYRYiQRVXEMHNWLYQtPSRFLWHPVYGQt=HHE
2OL]RYiQt
([LVWXMt GY IRUP\ DQDO\]RYDQpKR SURMHYX YODVWQt ROL]RYiQt D Y]iMHPQp
ROL]RYiQtGYRX]YtDW7XWRVOXåEX VL QHMþDVWMLSRVN\WXMt MHGLQFLVWHMQpKRSRVWDYHQt YH
VWiG9ê]QDPQRXREODVWtYêVN\WXROL]RYiQtNRQtMHY]WDKNRE\O\DKtEWH3URMHYXMHVH
XåYSUYQtFK KRGLQiFKSRSRURGXNG\NRE\ODROL]RYiQtPSUDNWLFN\ Y\VXãtSRYUFKWOD
VYpKRSRWRPND2OL]RYiQt QDSRPiKiUR]SURXGQtNUYH YSRGNRåQtFKWNiQtFK KtEWHD
VYRMLQH]DVWXSLWHOQRX~ORKXVHKUiYiLSLY]iMHPQpPUR]SR]QiYiQtRERX]YtDW
9]iMHPQpNRPIRUWQtSURMHY\
7HQWRGUXKNRPIRUWQtFKSURMHY$PiVRFLiOQtFKDUDNWHU±YL]VRFLiOQtFKRYiQt
3UiFH
3UiFHNRQt P$åHSHGVWDYRYDWPQRKR IRUHP1DSSUiFHYHVSHåHQtNODVLFNp
MHåGQt GUH]~UD KRQHEQt MHåGQt ZHVWHUQ GRVWLK\ VNRNRYp MHåGQt D MLQp
1HM]iNODGQMãtPGOHQtPE\YãDNE\ORGOHQtQDSUiFLYWDKXDSRGVHGOHP
3UiFHMHFKDUDNWHUL]RYDQiYWãtVSRWHERXHQHUJLH0$åHPHMtUR]GOLWQDOHKNRX
VWHGQtDWåNRX-DNROHKNRXSUiFLR]QDþXMHPHSUiFL YNURNXDYNOXVXSRGREX MHGQp
KRGLQ\GHQQ6WHGQtSUiFHMHSRNXGN$VNiþHFYiOiSRStSDGVHSRK\EXMHYWU\VNX
SR GREX MHGQp KRGLQ\ GHQQ 9\NRQiYiOL N$ SR GY KRGLQ\ GHQQ YHOPL QDPiKDYê
YêNRQR]QDþXMHPHWRMDNRSUiFLWåNRX
3UDFRYQt]DWtåHQt]iYLVtQDW\SXNRQMHKRYNX]GUDYRWQtPVWDYXStSDGQQD
VWXSQL EH]RVWL D ]S$VREX Y\XåLWt NRQ ÒPUQ NSUDFRYQtPX ]DWtåHQt YROtPH NUPQp
GiYN\
/LGVNiSpþH
/LGVNiSpþHVSRþtYi]HMPpQDYSUDYLGHOQpPþLãWQtSpþLRNRS\WDDNDåGRGHQQt
NRQWUROH]GUDYRWQtKRVWDYX]YtHWH .$VHþLVWtSHGHYãtPSURSNQêY]KOHGPiWRYãDNLMLQpG$YRG\.$åHVHWtP
þLVWt D P$åH SUDFRYDW VQHMY\ããtP PRåQêP ~þLQNHP ýHViQt D PDVtURYiQt NG\ MH N$
U\WPLFN\ ]SUDFRYiYiQ QD SOHFtFK NUNX D ]iGL WDNp SRGSRUXMH YêYRM D QDSWt VYDO$ D
SURVStYi NUHYQtPX REKX 9HOPL G$OHåLWi MH SpþH R NRS\WD 1HMPpQ [ GHQQ MH
Y\þLVWtPHDSR]RUQSURKOpGQHPHMVRXOLYSRiGNX
ýLãWQtWDNpXPRåXMHþORYNXQDYi]DWKOXEãtY]WDKVNRQPY]iMHPQpSR]QiQt
DY\WYiHQtG$YU\
tMHEH]RVWSRURG
.OLVQ\ REY\NOH GRVStYDMt YH YNX ± PVtF$ DOH L SR]GML 2G GYRX OHW MH
PRåQpMHSRXåtWGRFKRYXDOHSLMDWHOQMãtMHYNWtOHW
tMH
2GþDVQpKRMDUDGRSRG]LPXSLFKi]HMtNOLVQ\GRtMHYSUDYLGHOQêFKLQWHUYDOHFK
Då GQ$ .DåGi tMH WUYi GQ$ D EKHP WpWR GRE\ MH NOLVQD RFKRWQD SLMPRXW
KHEFH([LVWXMHDGDQH]DPQLWHOQêFK]QDN$SRGOHQLFKåSR]QiPHåHMHNOLVQDYtMLL
NG\å VH YãHFKQ\ QHSURMHYXMt VRXþDVQ .OLVQ\ MVRX GUiåGLYp D QHNOLGQp KOHGDMt
VSROHþQRVWMLQêFKNRQtDSRG-HMLFKNOLWRULVPDOêFLWOLYêRUJiQPH]LVW\GNêPLS\VN\MH
OHKFH]GXHOêNOLVQDÄEOêVNi³.OLVQDPRþtGDOHNRþDVWMLLNG\åYPDOêFKGiYNiFKD
NROHPYXOY\VHREMHYXMHKOHQ
9QLWQtPY\ãHWHQtPMHPRåQp]MLVWLWYMDNpIi]LtMHNOLVQDSUiYMHDOHMLVWMãt
MH]NRXãNDKHEFHP-HOLNOLVQDSLSUDYHQD]DXMPHSitFtSRVWRMDSRGUåtRFDVVWUDQRX
1HQtOLFHQtQDKHEFH]XE\DVQDåtVHKRNRXVQRXWQHERNRSQRXW
%H]RVW
3U$PUQWUYi EH]RVWNOLVQ\GQt9WpWRGRE MH QXWQp YQRYDWNOLVQ YtFH
SR]RUQRVWLPD[LPiOQRPH]LWPRåQpVWUHVRYpVLWXDFH]DMLVWLWGRVWDWHNNYDOLWQtVWUDY\D
YRG\GRSiWNOLVQYtFHRGSRþLQNXDYROQpKRSRK\EXQDSDVWY
9SUYQtFK PVtFtFK P$åHNOLVQDSUDFRYDWQRUPiOQ6SLEêYDMtFt EH]RVWt YãDN
SUiFL XEtUiPH D PVtF SHG SHGSRNOiGDQêP SRURGHP E\ POD NOLVQD PtW PLQLPiOQt
UHVS åiGQRX SUDFRYQt ]iWå 3RK\E Y\VRFH EH]t NOLVQ\ ]DMLã"XMt SURFKi]N\ þL YRGQt
YNURNXDYROQêSRE\WQDSDVWYLQ
7DNp NUPQp GiYN\ VH SRVWXSQ ]Y\ãXMt 9REGREt Y\VRNp EH]RVWL NOLVQ\ D
YGRENRMHQtE\VHQHPODNUPQiGiYNDPQLW6WUDYX]SHVWtPHQDSNUPQRXPUNYtþL
HSRXQHER]YROtPH QNWHURX]YLWDPLQRYêFK VPVtSUREH]tNOLVQ\QDS(JJHUVPDQ
SUREH]tNOLVQ\
%H]RVW MH QD NOLVQ YLGW RG SiWpKR PVtFH D RG ãHVWpKR MH PRåQp SR]RURYDW
SRK\E\ KtEWH .RQFHP EH]RVWL ELFKR PDWN\ SRYROXMH 3RþiWHN SRURGX VLJQDOL]XMH
]YWãHQtYHPHQHDRGPãRYiQtPOH]LYD]HVWUXN$
9êYRMKtEWHYGOR]H±YL]GRNXPHQWDþQtStORKDREUþ
3RURG
3tSUDYDNSRURGX
3tSUDYDNSRURGXPiWLIi]H1HMGtYHY$OtQHRYODGDWHOQpVWDK\GORK\NG\VH
SORG GRVWiYi GR SRORK\ YKRGQp NY\SX]HQt D XYROQQt GORåQtKR KUGOD D RNROQtFK
VWUXNWXU 'DOãt MVRX YGRPp VWDK\ NWHUp QXWt SORG RSXVWLW SiQHY D SURMtW SRURGQtPL
FHVWDPL YHQ 3ORGRYp REDO\ SUDVNDMt YH WHWt Ii]L 3HG D EKHP StSUDY\ KHEHQt VH
VWDK\ VWiYDMt VWiOH þDVWMãtPL L NG\å WUYDMt MHQ QNROLN PLQXW 7RWR VWiGLXP NRQþt
XYROQQtP þiVWL SORGRYêFK REDO$ D RGFKRGHP SUYQt SORGRYp YRG\ NWHUi Y\WpNi
]SRFKY\
6DPRWQêSRURGYL]GRNXPHQWDþQtStORKDREUþ
3R RGFKRGX SORGRYp YRG\ VL NOLVQD OHKQH D EROHVWL QDEêYDMt QD VtOH ýDVWR VH
R]êYi KODVLWêP HKWiQtP QHER KHNiQtP D YGRE NG\ SRURG YUFKROt VH VLOQ SRWt 3L
QRUPiOQtPSU$EKXVHPH]LUR]HYHQêPLS\VN\YXOY\REMHYtQHMGtYHSHGQtQRK\-VRX
REDOHQ\SU$VYLWQRXEOiQRXNWHUiEKHPSRVWXSXMtFtKRSRURGXSUDVNi+ODYLþNDOHåtQD
QDWDåHQêFK SHGQtFK QRåNiFK D REMHYXMH VH KQHG ]D NRSêWN\ -DNPLOH SURMGH SOHF MH
QHMWåãtþiVWSRURGXRGE\WDDRVWDWQtMLåSRNUDþXMHU\FKOH2EDO\QDQRVHSUDVNDMtDKtE
]DþtQiGêFKDW
.G\åKtERSXVWtWORPDWN\SHVWiYiWHSDWSXSHþQtã$UD8]DYtUiVHSLUR]HQi
ÄNUHYQt ]iNORSND³ ]DEUDXMtFt ~QLNX NUYH ]SW GR SODFHQW\ D ]iVRERYiQt YãtP
SRWHEQêP WRXWR FHVWRX GHILQLWLYQ NRQþt .UiWFH SR SRURGX VH NOLVQD VQDåt SRVWDYLW
KtE QD QRK\ D SHUXãLW SXSHþQt ã$UX QHQtOL StOLã VLOQi %KHP S$OKRGLQN\ KtE
ROtåHþtPåVYpQRYRUR]HQRþLVWt]DKtYiDPDVtUXMH
3R S$O KRGLQ MLå KtE RE\þHMQ ]DþQH ViW 0OH]LYR SUYQt POpNR NWHUp KtE
GRVWiYi MH QHRE\þHMQ EODKRGiUQp3$VREt MDNRDQWLELRWLNDDXVQDGXMHRGFKRGVPRON\
]H]DåtYDFtKRWUDNWX
/$åNR Y\FKi]t DVL þW\L KRGLQ\ SR VNRQþHQt SRURGX -HVWOLåH YþDV QHY\MGH MH
QXWQiSRPRFYHWHULQiHQHER"]DGUåHQpO$åNRP$åH]S$VRELWVHSVL
0HWRGLND
(WRORJLFNêYê]NXPMVHPY\NRQiYDODRGGXEQDGROHGQD
3R]RURYDQêPL MHGLQFL E\O\ GY FKODGQRNUHYQp NOLVQ\ VWit D OHW XYiGtP Q\QMãt
YNDMHMLFKGYKtEDWDNWHUiVHPODPRåQRVWSR]RURYDWRGQDUR]HQtS$OURNDåLYRWD
8YHGHQtMHGLQFLMVRXFKRYiQLYRNUHVH&KRPXWRY2WYLFH.RQMVRXXVWiMHQL
YER[HFKDOH PDMt PRåQRVWþDVWpKRSRE\WXYHYêEKX3URSLEOtåHQtXYiGtPVWUXþQRX
FKDUDNWHULVWLNXSR]RURYDQêFKMHGLQF$
3HWUDYL]IRWR
3OHPHQR ± þHVNRPRUDYVNê EHOJLFNê N$ YN OHW 92WYLFtFK FKRYiQD RG
VYêFKOHW9RVPLGHVHWLDWLQiFWLOHWHFKPODKtEDWD-HSRPUQWHPSHUDPHQWQtDOH
QDSUiFLYWDKXLSRGVHGOHPVSROHKOLYi3LRãHWRYiQtMHKRGQiDNOLGQiVQDGQRVHYãDN
UR]UXãtYQHþHNDQêFKVLWXDFtFK-H]Y\NOiQDVSROHþQRVWOLGtSV$DRVWDWQtFKNRQt3HWUD
MHY$GFHPVWiGD
3HG\YL]IRWR
7\SFKODGQRNUHYQêEHOJLFNêYNOHW2GQDUR]HQtFKRYiQDY2WYLFtFK9SWL
OHWHFKSLYHGODQDVYWSUYQtKtE'RURNDRãHWRYiQDSRX]HPDMLWHONRXSR]GMLþW\PL
OLGPL
ýDVWRMHQHYUOiQDFL]tOLGLDåDJUHVLYQt3LSUiFLOtQMãtIOHJPDWLFNiDOHSHVWR
XþHQOLYi7på]Y\NOiQDVWiGRDSV\9XUþLWêFKFKYtOtFKKUDYi]YGDYi
3HUU\YL]IRWR
+tE SR 3HG\ W\S FKODGQRNUHYQê YN S$O URNX &KRYiQD Y2WYLFtFK Y
PVtFtFKSURGiQD2GQDUR]HQtYHOPL]YGDYiKUDYiDPD]OLYi+QHGYSUYQtFKGQHFK
åLYRWD VH RFKRWQ QHFKDOD RãHWRYDW D VUDGRVWt YtWDOD OLGVNRX VSROHþQRVW NWHURX VDPD
þDVWR Y\KOHGiYDOD 3R]GML ]HMPpQD QD FL]t RVRE\ ]DþDOD ]NRXãHW YêVWUDåQp SRVWRMH
NWHUp REþDV GRSOQLOD NRXVQXWtP þL NRSQXWtP 6Yp RãHWRYDWHOH YãDN UHVSHNWRYDOD D
YMHMLFKStWRPQRVWLVHFKRYDODXNi]QQ
3ULQFHVVYL]IRWR
+tE SR 3HWH W\S FKODGQRNUHYQê YN S$O URNX &KRYiQD Y2WYLFtFK Y
PVtFtFKSURGiQD9SUYQtFKGQHFKåLYRWDSODFKiDQHG$YLYiSR]GMLDOHYãDNYHOPL
RFKRWQi VSROXSUDFRYDW 3L RãHWRYiQt YHOPL NOLGQi D KRGQi VWHMQ MDNR PDWND
WHPSHUDPHQWQtDVQDGQRUR]UXãLWHOQi3ULQFHVVVWHMQMDNRYWãLQDKtEDWPD]OLYiKUDYi
D]YGDYi
3R]Q &KWOD E\FK SRGRWNQRXW åH MVHP ]D]QDPHQDOD QiSDGQRX VKRGX SRYDK
KtEDWVMHMLFKPDWNDPL
&tOHP PpKR SR]RURYiQt E\OR ]tVNDW XFHOHQê VRXERU åLYRWQtFK SURMHY$
]NRXPDQêFKMHGLQF$DSURFHQWLFN\]Qi]RUQLWMHMLFKþDVRYêSRGtOEKHPKRGLQRYpKR
REGREt9êVOHGN\MVHP]Qi]RUQLODIRUPRXDNWRJUDP$YHþW\HFKURþQtFKREGREtFKDWtP
SRXNi]DODQDQNWHUp]PQ\QDVWiYDMtFtYOLYHPVWtGiQtURþQtFKGRE
.HNDåGpPXURþQtPXREGREtMVHPQD]iNODGSR]RURYiQtY\SUDFRYDODHWRJUDP
NWHUêXND]XMHSHVQê þDVRYêU\WPXVDNWLYLW]D]QDPHQDQêFK EKHP KRGLQ9ãHFKQD
URþQtREGREtMVHPVWUXþQFKDUDNWHUL]RYDOD9êãHXYHGHQêYê]NXPVHUHDOL]RYDOSRX]H
QDGYRXGRVSOêFKNOLVQiFK
'DOãt REODVWt PpKR SR]RURYiQt E\O\ W\WR NOLVQ\ YREGREt EH]RVWL 3RPRFt
DNWRJUDP$ MVHP ]Qi]RUQLOD YêVN\W MHGQRWOLYêFK DNWLYLW YSUYQt GUXKp D WHWt Ii]L
EH]RVWL 6WUXþQRX FKDUDNWHULVWLNRX YêãH XYHGHQêFK Ii]t SRXND]XML ]HMPpQD QD ]PQ\
YWFKWRIi]tFK
'iOHMVHPVH]DPLODQDSR]RURYiQtåLYRWQtFKSURMHY$KtEDW9\SUDFRYDODMVHP
DNWRJUDP\ KtEDW YSUYQtFK KRGLQiFK KtEDW MHGQRPVtþQtFK D S$OURþQtFK 2SW
XYiGtPVWUXþQRXFKDUDNWHULVWLNXSR]RURYDQêFKREGREt
9êVOHGN\
3R]RURYiQtNOLVHQQDMDH
(WRJUDPYMDUQtPREGREt
StMHPMDGUQpKRDREMHPRYpKRNUPLYD
SDEUNRYiQt
QRUPiOQtEGOêSRVWRM
YROQêSRE\WYHYêEKX
StMHPMDGUQpKRDREMHPRYpKRNUPLYD
RGSRþLQHNNOLGRYêSRVWRM
OLGVNiSpþHþLãWQt
YROQêSRE\WYHYêEKX
þLãWQtVHGOiQtSRStSDG]DSDKiQtYL]IRWR
SUiFHMHåGQtþLWDK
YROQêSRE\WYHYêEKX
þLãWQtSpþHRNRS\WD
StMHPMDGUQpKRDREMHPRYpKRNUPLYD
SLWtYRG\XVWiOHQtGRNOLGRYpKRSRVWRMH
RGSRþLQHNNOLGRYêSRVWRM
XOpKiQtVSiQHN
YVWiYiQtRSWRYQpXFKêOHQtGRNOLGRYpKRSRVWRMH
RSWXOHKi
SHFKi]HQtSRER[HSDEUNRYiQt]E\WN$NUPLYD
NOLGRYêSRVWRMRGSRþLQHN
QRUPiOQtEGOêSRVWRMNOLVQ\QDWRþHQ\VPUHPNHVWiMRYêPGYHtP
(WRORJLHNOLVHQYMDUQtPREGREt
3LYROQpPSRE\WXYHYêEKXSHYOiGiSDVWYDYL]IRWR=WRKRG$YRGXE\O\
VQtåHQ\SUDYLGHOQpGiYN\MDGUQpKRLREMHPRYpKRNUPLYD
9WRPWRREGREtMVHPSR]RURYDODþDVWMãtYêVN\WNRPIRUWQtFKSURMHY$YL]IRWR
DFRåE\ORVSMDWRVREWåRYiQtPKP\]X3URMHY\VRFLiOQtKRFKDUDNWHUXE\O\PpQ
þDVWp
9GHQQtFKKRGLQiFKNOLVQ\RGSRþtYDO\SRX]HYHVWRMHYQRFLSDNXOHKDO\PH]L
/HåHQtVHXVNXWHþRYDORYHGYRXSHULRGiFK]QLFKåSUYQtE\ODYåG\GHOãt
QHåGUXKi9SUYQtSHULRGMVHPWDNpSR]RURYDODREþDVQpãNXEiQtQRKRXþLWLFKpUåiQt
FRåQDVYGþRYDORKOXEãtPXVSiQNX
3HYOiGiSUiFHYWDKXYL]IRWR
$NWRJUDPKRGLQRYpKR
REGREtQDMDH
3UiFH
2GSRþLQHN
9ROQêSRE\WYHYêEKX
1RUPiOQtEGOêSRVWRM
.UPHQt
3DEUNRYiQt
/LGVNiSpþH
.UPHQt
3tMHPMDGUQpKR
NUPLYD
3tMHPREMHPRYpKR
NUPLYD
9ROQêSRE\WYHYêEKX
3DVWYD
.RPIRUWQtSURMHY\
6RFLiOQtFKRYiQt
2GSRþLQHN
2GSRþLQHNYOHåH
2GSRþLQHNYHVWRMH
NOLGRYêSRVWRM
3R]RURYiQtNOLVHQYOpW
(WRJUDPYOHWQtPREGREt
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±SDEUNRYiQt
±QRUPiOQtEGOêSRVWRM
±YROQêSRK\EYHYêEKX
±OLGVNiSpþH±þLãWQtSRStSDGNRXSiQtYL]IRWR
±YROQêSRK\EYHYêEKX
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±NOLGRYêSRVWRM
±YROQêSRK\EYHYêEKX
±þLãWQtVHGOiQtSRStSDG]DSDKiQt
±SUiFH
±YROQêSRK\EYHYêEKX
±þLãWQtSpþHRNRS\WD
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±SLWtYRG\XVWiOHQtGRNOLGRYpKRSRVWRMH
±RGSRþLQHN±NOLGRYêSRVWRM
±XOpKiQt±VSiQHN
±YVWiYiQtRSWRYQpXFKêOHQtGRNOLGRYpKRSRVWRMH±RGSRþLQHN
±XOpKiQt±VSiQHN
±SDEUNRYiQt
±RSWNOLGRYêSRVWRM
±QRUPiOQtEGOêSRVWRMNOLVQ\KODYRXQDWRþHQ\NHGYHtPVWiMH
(WRORJLHNOLVHQYOHWQtPREGREt
=KOHGLVNDþDVRYpKRSRGtOX]NRXPDQêFKSURMHY$YUiPFLKRGLQRYpKRREGREt
MHOHWQtHWRJUDPWpPWRWRåQêVMDUQtP
.UPQpGiYN\]$VWiYDMtQHPQQp
3LYROQpPSRE\WXYHYêEKXMHYtFHþDVXYQRYiQRVRFLiOQtPDNRPIRUWQtP
SURMHY$P=HMPpQDPH]L±KRGLQRX7pPSUDYLGHOQY\KOHGiYDO\VWtQD
LQWHQ]LYQVHYQRYDOLG$NODGQpPXY]iMHPQpPXY\NXVRYiQtVUVWLYL]IRWR
9XYHGHQpGREWDNpþDVWRY\KOHGiYDO\OLGVNpDSVtVSROHþQtN\YL]IRWRDå
.RPIRUWQtSURMHY\E\O\UHDOL]RYiQ\]HMPpQDWHQtP]iGtRVWURP\
ELFKDRYWYHNH$DNUNXRRKUDGX
3UiFHMHSRVXQXWDGRFKODGQMãtþiVWLGQH1HQtWDNLQWHQ]LYQtYWDKXSHYOiGDMt
Y\MtåN\DSUiFHQDREGpOQtNXDORQåLYL]IRWR
2GSRþLQHNYRGSROHGQtFKKRGLQiFKMHUHDOL]RYiQYHVWRMHQHERYOHåH9QRþQtFK
KRGLQiFKMVRXSR]RURYDQpDNWLYLW\VURYQDWHOQpVMDUQtPREGREtP
$NWRJUDPKRGLQRYpKR
REGREtYOpW
2GSRþLQHN
1RUP iOQtEGOêSRVWRM
.UP HQt
3DEUNRYiQt
/LGVNiSpþH
3UiFH
9ROQêSRE\WYHYêEKX
.UPHQt
3tMHPMDGUQpKR
NUPLYD
3tMHPREMHPRYpKR
NUPLYD
9ROQêSRE\WYHYêEKX
3DVWYD
.RPIRUWQtSURMHY\
6RFLiOQtFKRYiQt
2GSRþLQHN
2GSRþLQHNYOHåH
2GSRþLQHNYHVWRMH
NOLGRYêSRVWRM
3R]RURYiQtNOLVHQQDSRG]LP
(WRJUDPYSRG]LPQtPREGREt
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±QRUPiOQtEGOêSRVWRM
±YROQêSRK\EYHYêEKX
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±NOLGRYêSRVWRM
±þLãWQt
±SUiFH
±YROQêSRK\EYHYêEKX
±þLãWQtSpþHRNRS\WDYL]IRWR
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±SLWtYRG\XVWiOHQtGRNOLGRYpKRSRVWRMH
±NOLGRYêSRVWRM±RGSRþLQHN
±XOpKiQt±VSiQHN
±YVWiYiQtRSWRYQpXFKêOHQtGRNOLGRYpKRSRVWRMH±RGSRþLQHN
±XOpKiQtVSiQHN
±SDEUNRYiQt
±NOLGRYêSRVWRM±RGSRþLQHN
±QRUPiOQtEGOêSRVWRMNOLVQ\QDWRþHQ\VPUHPNHVWiMRYêPGYHtP
(WRORJLHNOLVHQYSRG]LPQtPREGREt
9WRPWRREGREtNRQþtSDVWYD9OLYHPVQtåHQpKR]iMPXRSDVHQtVHNOLVQ\YQXMt
RNXVRYiQtN$U\VWURP$DåUDQtVOiP\]HVWRK$QDMDHDYOpWPtMHQpKREH]
SRYãLPQXWt6RFLiOQtFKRYiQtMHVURYQDWHOQpVOHWQtPREGREtPDOHNRPIRUWQtSURMHY\
QHMVRXWDNþDVWp
.UPQpGiYN\VH]Y\ãXMt
2GSRþLQHNYRGSROHGQtFKKRGLQiFKMHUHDOL]RYiQYêOXþQYHVWRMH
9êVOHGN\QRþQtKRSR]RURYiQtMVRXWRWRåQpVYêVOHGN\]MDUQtKRREGREt
2SWSHYOiGiSUiFHYWDKXYL]IRWR
$NWRJUDPKRGLQRYpKR
REGREtQDSRG]LP
2GSRþLQHN
9ROQêSRE\WYHYêEKX
1RUPiOQtEGOêSRVWRM
3DEUNRYiQt
.UPHQt
/LGVNiSpþH
3UiFH
.UPHQt
3tMHPMDGUQpKRNUPLYD
3tMHPREMHPRYpKR
NUP LYD
9ROQêSRE\WYHYêEKX
3DVWYD
.RPIRUWQtSURMHY\
6RFLiOQtFKRYiQt
2NXVN$U\VWURP$
3DEUNRYiQtVOiP\
NROHPVWRKX
2GSRþLQHN
2GSRþLQHNYOHåH
2GSRþLQHNYHVWRMH
NOLGRYêSRVWRM
3R]RURYiQtNOLVHQY]LP
(WRJUDPY]LPQtPREGREt
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±YROQêSRK\EYHYêEKX
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±NOLGRYêSRVWRM±RGSRþLQHN
±þLãWQt
±SUiFH
±SRE\WYHVWiMt±SDEUNRYiQt
±YROQêSRK\EYHYêEKX
±þLãWQt
±StMHPMDGUQpKRDREMHPRYpKRNUPLYD
±SLWtYRG\XVWiOHQtGRNOLGRYpKRSRVWRMH
±NOLGRYêSRVWRMRGSRþLQHN
±XOpKiQtDVSiQHN
±YVWiYiQtXFKêOHQtGRNOLGRYpKRSRVWRMH
±XOpKiQtVSiQHN
±SDEUNRYiQt
±QRUPiOQtEGOêSRVWRMNOLVQ\KODYRXQDWRþHQ\VPUHPNHVWiMRYêPGYHtP
(WRORJLHNOLVHQY]LPQtPREGREt
9]LPQtPREGREtVH]YêãLODSRX]HUDQQtGiYNDREMHPRYpKRNUPLYD
.UDQQtDYHþHUQtNUPQpGiYFHMHQ\QtSLGiYiQDNUPQiHSDDPUNHY9HþHUQtNUPHQt
MHRS$OKRGLQ\GtYH
3LYROQpPSRK\EXYHYêEKXSR]RURYDQpNOLVQ\YQXMtQHMYWãtSRGtOþDVX
SRåtUiQtVOiP\]HVWRKXDVRFLiOQtPSURMHY$P3R]RURYDODMVHP]YêãHQê]iMHPR
NRQWDNWVþORYNHPDþDVWMãtYêVN\WY]iMHPQpKRY\NXVRYiQtVUVWL7DNpNRQWDNWDKU\
VHSV\MVHP]D]QDPHQDODþDVWMLQHåYSHGFKi]HMtFtFKREGREtFK0H]LGDOãtDNWLYLW\
NRQDQpYWRPWR~VHNXGQHSDWLORNXVN$U\YWYtVWURP$DNH$YL]IRWRDSDVWYD
.RPIRUWQtFKRYiQtMHPiORLQWHQ]LYQt
1RþQtRGSRþLQHN]DþtQiRQFRGtYH3UYQtSHULRGDRGSRþLQNXYOHåH]DþtQi
NROHPDNRQþtNROHPUiQR1DVWiYiWHG\GtYHDWUYiGpOHQHåYRVWDWQtFK
URþQtFKREGREt
3HYOiGiSUiFHSRGVHGOHPDOHSRNXGMHVQtKMHNRPELQRYDQiVSUDFtY]iSDKX
YL]IRWR
$NWRJUDPKRGLQRYpKRREGREt
Y]LP
2GSRþLQHN
9ROQêSRE\WYHYêEKX
1RUPiOQtEGOêSRVWRM
.UPHQt
3DEUNRYiQt
/LGVNiSpþH
3UiFH
.UPHQt
3tMHPMDGUQpKRNUPLYD
3tMHPREMHPRYpKRNUPLYD
9ROQêSRE\WYHYêEKX
3DVWYD
.RPIRUWQtSURMHY\
6RFLiOQtFKRYiQt
2NXVN$U\VWURP$
3DEUNRYiQtVOiP\
NROHPVWRKX
2GSRþLQHN
2GSRþLQHNYOHåH
2GSRþLQHNYHVWRMH
NOLGRYêSRVWRM
3R]RURYiQtNOLVHQY,Ii]LEH]RVWL
(WRORJLHNOLVHQY,Ii]LEH]RVWL,,9PVtF±YL]IRWR
9SUYQtPDåþWYUWpPPVtFLEH]RVWLMVHPQHSR]RURYDODYê]QDPQp]PQ\
YFKRYiQt.UPQpGiYN\MVRXQH]YêãHQpSUDFRYQtY\WtåHQtQRUPiOQt3LRãHWRYiQtVH
NOLVQ\FKRYDMtMDNRREY\NOH2GSRþLQHN]DEtUiVWHMQêSRGtOþDVXMDNRXNOLVHQMDORYêFK
YWRPWRREGREtþHUYHQ±]it3RX]HSURMHYSDEUNRYiQtVHY\VN\WRYDOþDVWML
]HMPpQDYQRþQtFKKRGLQiFK
$NWRJUDPNOLVHQYSUYQtIi]LEH]RVWL
,,9PVtF
NUPHQt
YROQêSRE\WYHYêEKX
SDEUNRYiQt
RGSRþLQHN
OLGVNiSpþH
3UiFH
QRUPiOQtEGOêSRVWRM
3RE\WYHYêEKX
3DVWYD
6RFLiOQtFKRYiQt
.RPIRUWQtFKRYiQt
.UPHQt
-DGUQpNUPLYR
2EMHPRYpNUPLYR
2GSRþLQHN
9OHåH
9HVWRMH
3R]RURYiQtNOLVHQY,,Ii]LEH]RVWL
(WRORJLHNOLVHQY,,Ii]LEH]RVWL,99,,,PVtF±YL]IRWR
9WpWRIi]LEH]RVWLVH]Y\ãXMtNUPQpGiYN\FRåMHYãDNWDNpGiQR]PQRXURþQtKR
REGREttMHQ±OHGHQ1\QtMHYãDNY\ããtSRGtOMDGUQpKRNUPLYD3UDFRYQt]iWåMH
RPH]HQDQDLQWHQ]LWDOHGpOND]$VWiYiVWHMQi3LSRE\WXYHYêEKXVHSR]RURYDQp
NOLVQ\YQXMtSDVWYSRåtUiQtVOiP\NROHPVWRKXRNXVRYiQtN$U\]HVWURPX
NRPIRUWQtPXDVRFLiOQtPXFKRYiQt7\WRSURMHY\MVRXVKRGQpVSURMHY\NOLVHQPLPR
GREXEH]RVWLYStVOXãQpURþQtGRE$QLSRGtOþDVXYQRYDQêMHGQRWOLYêPDNWLYLWiPVH
YêUD]QQH]PQLO
/LGVNiSpþHSHGVWDYXMH]HMPpQDþLãWQtDSURFKi]N\SRRNROt
3URMHYSDEUNRYiQtDQRþQtFKKRGLQiFKXVWXSXMHYtFHþDVXMHYQRYiQR
RGSRþLQNXNWHUêMHQ\QtRS$OKRGLQ\GHOãtQHåXNRE\OMDORYêFKYStVOXãQpPURþQtP
REGREtSRG]LP]LPD
$NWRJUDPNOLVHQYH,,Ii]LEH]RVWL
,99,,,PVtF
NUPHQt
YROQêSRE\WYHYêEKX
SDEUNRYiQt
RGSRþLQHN
QRUPiOQtEGOêSRVWRM
3UiFH
OLGVNiSpþH
3RE\WYHYêEKX
3DVWYD
6RFLiOQtFKRYiQt
.RPIRUWQtFKRYiQt
2NXVN$U\VWURP$
3RåtUiQtVOiP\]HVWRKX
.UPHQt
-DGUQpNUPLYR
2EMHPRYpNUPLYR
2GSRþLQHN
9OHåH
9HVWRMH
3R]RURYiQtNOLVHQYH,,,Ii]LEH]RVWL
(WRORJLHNOLVHQYH,,,Ii]LEH]RVWL9,,,;,PVtF±YL]IRWR
2SWVH]Y\ãXMtGiYN\DWRMDNMDGUQpKRWDNLREMHPRYpKRNUPLYD3UDFRYQt]iWå
YWpWRIi]LQHQtåiGQi3RK\EMHUHDOL]RYDQêIRUPRXSURFKi]HNQDRKOiYFH9WRPWR
REGREtEH]RVWL]DþDOD]QRYXSDVWYDNWHUiMHSLYROQpPSRE\WXYHYêEKXGRPLQDQWQt
þLQQRVWtY\VRNREH]tFKNOLVHQ'UXKRXQHMYê]QDPQMãtþLQQRVWt]KOHGLVNDSRGtOXþDVX
MHVRFLiOQtFKRYiQt'DOãtDNWLYLW\MDNRSRåtUiQtVOiP\]HVWRKXNRPIRUWQtFKRYiQtD
RNXVN$U\VWURP$MVHP]D]QDPHQDODMHQYNUiWNêFKþDVRYêFK~VHFtFK=HMPêMHSRNOHV
U\FKOpKRSRK\EXSHYOiGiSRPDOiFK$]H
2GSRþLQNXQ\QtNOLVQ\YQXMtSOQêFKGHYWKRGLQ9RGSROHGQtFKKRGLQiFKVH
QNG\UHDOL]XMHYOHåHYL]IRWRFRåYåiGQpPMLQpPREGREtQHE\ORPRåQR
SR]RURYDW3URMHYSDEUNRYiQtWpPXVWRXSLO
3LþLãWQtMVRXNOLVQ\FLWOLYpQDELFKRDYHPtQNR
$NWRJUDPNOLVHQYHY\VRNpPVWXSQLEH]RVWL
9,,,;,PVtF
NUPHQt
YROQêSRE\WYHYêEKX
SDEUNRYiQt
RGSRþLQHN
QRUPiOQtEGOêSRVWRM
OLGVNiSpþH
3RE\WYHYêEKX
3DVWYD
6RFLiOQtFKRYiQt
.RPIRUWQtFKRYiQt
2NXVN$U\VWURP$
3RåtUiQtVOiP\]HVWRKX
.UPHQt
-DGUQpNUPLYR
2EMHPRYpNUPLYR
2GSRþLQHN
9OHåH
9HVWRMH
3R]RURYiQtKtEDWYSU$EKXSUYQtFKKRGLQ
(WRORJLHKtEDWYSU$EKXSUYQtFKKRGLQåLYRWDYL]IRWRDå
3UYQtåLYRWQtSURMHY\QDUR]HQpKRKtEWH
+tE]YHGORKODYXDMLåSRSUYQtFKSDWQiFWLPLQXWiFKVHVQDåLORYVWiW3R
QNROLNDQH~VSãQêFKSRNXVHFKVHWRSRGDLOR1iVOHGRYDO\SUYQtQHMLVWpNURN\2
QNROLNPLQXWSR]GMLGRãORNSUYQtPXViQtPDWHVNpKRPOpND±POH]LYD7RWRSUYQt
ViQtE\ORUHDOL]RYiQRQDQNROLNUiWYåG\YNUiWNpPþDVRYpP~VHNX'DOãtPG$OHåLWêP
SURMHYHPE\ORGFKRGVPRON\]WODKtEWH3RSLEOLåQWLPLQXWiFKSRSUYQtP
SRVWDYHQtVLKtEOHKOR1iVOHGXMHSRPUQNUiWNêRGSRþLQHNDKtE]QRYXYVWiYiDMLå
QDMLVWRPttNYHPHQL
2VWDWQtåLYRWQtSURMHY\QRYRUR]HQpKRKtEWH
3RWUDYQtSURMHY\±MHGLQêPSRWUDYQtPSURMHYHPMHViQtPDWHVNpKRPOpND
3U$PUQiIUHNYHQFHViQtPDWHVNpKRPOpNDYWRPWRREGREtMHNUiW7R]QDPHQiåH
YNDåGpKRGLQViORKtENUiW
2GSRþLQHN±1HMYê]QDPQMãtPåLYRWQtPSURMHYHPQRYRUR]HQpKRKtEWHE\O]
KOHGLVNDSRGtOXþDVXSUiYRGSRþLQHN.SUYQtPXGHOãtPXDLQWHQ]LYQtPXXSODWQQt
GRãORSRWHFKKRGLQiFKåLYRWDKtEWH5HDOL]RYiQMHSRX]HYOHåH
3RK\E±'RPLQDQWQtPSRK\ERYêPSURMHYHPE\ODSRPDOiFK$]HSRNXGKtE
QHOHåHORDQLQHViORPDWHVNpPOpNRSR]RURYDODMVHPQRUPiOQtEGOêSRVWRM
.þORYNXQRYRUR]HQiKtEDWDSLVWXSRYDODQHMLVW9]iMPXFKRYDWHO$YãDNE\OR
XGUåRYDWKtEYSV\FKLFNpSRKRGWDNåHMVPHQRYRUR]HQiKtEDWDÄ2EWåRYDOLVYRX
StWRPQRVWt³DOHMHQQH]E\WQRXGREX
$NWRJUDPKtEWHYSU$EKXSUYQtFKKRGLQiFK
åLYRWD
6iQtPDWHVNpKRPOpND
3RK\ERYpSURMHY\
2GSRþLQHN
1RUPiOQtEGOêSRVWRM
$NWLYLW\SURMHYRYDQpWVQ
SRSRURGX
3R]RURYiQtKtEDWYHYNXPVtFH
(WRORJLHKtEDWYHYNXPVtFHYL]IRWRDå
9WpWRIi]LåLYRWDKtEWHMHMLåNRQWDNWVþORYNHP]FHODEåQêMVRX]Y\NOiQD
RKOiYN\QDþLãWQtVUVWLLRãHWRYiQtNRS\W
6YpKU\SURYR]XMHåLYVH]HMPRXUDGRVWt+UDMtVLVHVYêPLPDWNDPLLVSROX
QDY]iMHP'RVYêFKKHU]DSRMXMtWDNpSV\LþORYND6YRXSR]RUQRVWYQXMtSHGHYãtP
SRK\EOLYêPSHGPW$PNWHUp]NRXPDMtS\VN\DNRS\W\
3RWUDYQtSURMHY\±MHGQRPVtþQtKtEDWDVHåLYêVWiOHPDWHVNêPPOpNHPNG\
SU$PUQiIUHNYHQFHViQt]DKRGLQXMH[=DþtQDMtYãDNSURMHYRYDW]iMHPRVHQRD
WUiYX]HMPpQDSLYHþHUQtPNUPHQt
2GSRþLQHN±=KOHGLVNDSRGtOXþDVXGRPLQDQWQtåLYRWQtSURMHYXVNXWHþRYiQ
YOHåH.OLGRYêSRVWRMVHQHY\VN\WXMH
3RK\E±%RKDWSUH]HQWRYDQê]HMPpQDYHYêEKXSLKUiFKYL]IRWRDå
$NWRJUDPKtEWHYHYNXMHGQRKRPVtFH
1RUPiOQtEGOêSRVWRM
2GSRþLQHN
3RK\EYHYROQRVWL
3RWUDYQtSURMHY\
/LGVNiSpþH
3RWUDYQtSURMHY\
6iQtPDWHVNpKR
POpND
2VWDWQtSRWUDYQt
SURMHY\
9ROQêSRE\WYHYêEKX
6RFLiOQtFKRYiQt
RGSRþLQHN
1RUPiOQtEGOêSRVWRM
6iQtPDWHVNpKRPOpND
3R]RURYiQtKtEDWYHYNXPVtF$
(WRORJLHKtEDWYHYNXPVtF$YL]IRWR
9WRPWRREGREtE\ODKtEDWDRGVWDYHQDRGPDWHN3LRãHWRYiQtVWRMtNOLGQQD
YRGtWNXFKRGtEH]YWãtFKREWtåtLEH]GRKOHGXPDWHN5HDJXMtQD]iNODGQtSRYHO\SL
RãHWRYiQtQDSREtGNXXVWXSXMt]YHGDMtQRK\DWG
3RWUDYQtSURMHY\±KtEDWDGRVWiYDMtSUDYLGHOQRXGiYNXREMHPRYêFKLMDGUQêFK
NUPLY9HYêEKXNGHVHYROQSRK\EXMtVHVYêPLPDWNDPLYãDNVWiOHVDMtPDWHVNp
POpNR
2GSRþLQHN±SRGtORGSRþLQNXYUiPFLKRGLQRYpKRREGREtVHVQLåXMH6WiOHMH
XVNXWHþRYiQYOHåHNOLGRYêSRVWRMMVHP]D]QDPHQDODMHQRMHGLQOHDWRYHYHOPL
NUiWNêFKþDVRYêFK~VHFtFK
9HYêEKXVHMLåSDVRXVWiOHYãDNPQRKRþDVXYQXMtKUiPD]NRXPiQtQRYêFK
SHGPW$QDSQRYpSODFKW\þLSLYH]HQpGHYR=DþtQiVHYtFHSURMHYRYDWNRPIRUWQt
MHGQiQtNWHUpVHYPLQXOpPVOHGRYDQpPREGREtSUDNWLFN\QHY\VN\WRYDOR2EOtEHQêPL
VSROHþQtN\MVRXSVLDOLGp
$NWRJUDPKtEWHYHYNXPVtF$
1RUPiOQtEGOêSRVWRM
2GSRþLQHN
3RK\EYHYROQRVWL
3RWUDYQtSURMHY\
/LGVNiSpþH
3RWUDYQtSURMHY\
6iQtPDWHVNpKRPOpND
3tMHPMDGUQpKRNUPLYD
3tMHPREMHPRYpKR
NUPLYD
9ROQêSRE\WYHYêEKX
3DVWYD
6iQtPDWHVNpKRPOpND
.RPIRUWQtFKRYiQt
6RFLiOQtFKRYiQt
'LVNXVH
9HVYpSUiFLVH]DEêYiPSR]RURYiQtPåLYRWQtFKSURMHY$NOLVHQEH]tFKNOLVHQD
KtEDW 2EGREt EH]RVWL MVHP UR]þOHQLOD QD WL Ii]H X KtEDW MVHP VOHGRYDOD SURMHY\ Y
SUYQtFK KRGLQiFK YH VWit MHGQRKR PVtFH D S$O URND9GLVNXVL E\FK FKWOD VYp
YêVOHGN\]KRGQRWLWSRGOHLQIRUPDFt]tVNDQêFKYRGERUQpOLWHUDWXH
(WRORJLHNOLVHQYMDUQtPREGREt
&KRYiQt SR]RURYDQêFK MHGLQF$ YWRPWR REGREt E\OR RYOLYRYiQR ]HMPpQD
SDVWYRX 3L SRE\WX YH YêEKX E\OR SDVHQt QDSURVWR GRPLQDQWQtP SURMHYHP 8 3HG\
NWHUi EêYi þDVWR QHYUOi QDVWiYi YMDUQtP REGREt ]OHSãHQt -H NOLGQMãt SL þLãWQt D
FHONRY StMHPQMãt NOLGHP 0$åH WR EêW GiQR SUiY PRåQRVWPL NWHUp VNêWi SDVWYD
QHER"YWãLQXGQHVWUiYtSRWUDYQtPLþLQQRVWPL-LåGtYHMVHPSR]RURYDODPtUQp]PQ\
YFKRYiQtYGRENROHPGYRXKRGLQSHGNUPHQtPDSRQP3HGNUPHQtPVHQHYUORVW
VWXSRYDOD ]DWtPFR SR NUPHQt MVHP SURMHY\ QHY$OH SUDNWLFN\ QHSR]RURYDOD -DUQt
SDVWYDXPRåXMHStMHPSRWUDY\SUDNWLFN\ QHRPH]HQ YSU$EKXFHOpKRGQHDXGUåXMH
WDNMHGLQFHYOHSãtPSV\FKLFNpPUR]SRORåHQt
, X 3HWU\ NWHUi MH KRGQi EKHP FHOpKR URNX MH QD MDH PRåQp SR]RURYDW OHSãt
RFKRWXSLSUiFL2ENOLVQ\OpSHDSUXåQUHDJXMtQDSRYHO\
(WRORJLHNOLVHQYOHWQtPREGREt
9OHWQtP REGREt NRQ RYOLYXMt NURP SDVWY\ WDNp Y\VRNp WHSORW\ ýDVWML
Y\KOHGiYDMt VWLQQi PtVWD NGH VH YQXMt þLQQRVWHP VRFLiOQtKR FKDUDNWHUX NWHUp MVRX
PQRKHPþDVWMãtQHåQDMDH
3URMHY SDVHQt PtUQ ]WUiFt QD LQWHQ]LW '$YRG ]HMP VSRþtYi YH Y\URYQiYiQt
SRGtOX MHGQRWOLYêFK SURMHY$ 7R ]QDPHQi åH NG\å QD MDH E\OR VRFLiOQt FKRYiQt
XWOXPHQRDGRãORNLQWHQ]LYQtSDVWYYOHWQtPREGREtP$åHPHSR]RURYDWMHYRSDþQê±
YtFHSURMHY$VRFLiOQtFKPpQLQWHQ]LYQtSDVWYD
.OLVQ\MVRXSLSUiFLPpQDNWLYQtSHVWRåHMHSRVXQXWDQDFKODGQMãtþiVWGQH
(WRORJLHNOLVHQYSRG]LPQtPREGREt
1DSRG]LPVNRQþtFtSDVWYRXVHNRQ]DþtQDMtYQRYDWSRåtUiQtVOiP\]HVWRKX
NHNWHUpPXPDMtYROQêStVWXSDRNXVRYiQtVWURP$DNH$
.UPQpGiYN\VHVQLåXMtFtVHSDVWYRXVH]Y\ãXMtDE\E\ODSRNU\WDSRWHEDåLYLQ
DOHREY\NOiGREDSHåY\NRYiQtVH]NUiWLODQHGRVWDWHNWHG\NRPSHQ]XMtYêãH]PtQQêP
RNXVRYiQtPVWURP$
(WRORJLHNOLVHQY]LPQtPREGREt
9]LPQtPREGREtE\OQDFKRYiQtNOLVHQQHM]DMtPDYMãtY]U$VWVRFLiOQtFKSURMHY$
ýDVWR Y\KOHGiYDO\ VSROHþQRVW þORYND GRSURYi]HO\ KR SL Y\YiåHQt KQRMH SL QRãHQt
YRG\DMLQêFKþLQQRVWHFKNWHUpREQiãHOLSRK\EYHYêEKX.OLVQ\WDNpYtWDO\VSROHþQRVW
SV$ 2KOHGiYDO\ MHMLFK WOR VYêPL S\VN\ QHER VH VQLPL IRUPRX KRQLþHN KUiO\3HVWR
YãDN3HG\]HMPpQDSLþLãWQtYER[HGiYDODQDMHYRQHFKX"DQHYUORVW
Ž0OLE\FKRPYWRPWRREGREtXPRåQLWNRQtPW\WRVRFLiOQtSURMHY\DYtFHVHMLP
YQRYDWDE\VHQH]DþDO\QXGLWDQHY]QLNDO\XQLFKSURMHY\VWHUHRW\SQtKRFKRYiQt
(WRORJLHNOLVHQY,Ii]LEH]RVWL,±,9PVtF
9WRPWRREGREt QHPRKXSRSVDWåiGQp]YOiãWQt]PQ\NWHUpE\ QHE\O\ VSRMHQ\
VPQtFtPVHURþQtPREGREtPDOHVEH]RVWt
=H VWUDQ\ þORYND E\ YãDN L YUDQQp Ii]L EH]RVWL POD EêW Y\YtMHQD VQDKD R
XGUåRYiQt EH]tFK NOLVHQ YGREUp SRKRG'$OHåLWp MH NYDOLWQt NUPLYR D SRE\W QD
þHUVWYpPY]GXFKX
3UDFRYQtY\WtåHQt]$VWiYiQHPQQp
(WRORJLHNOLVHQYH,,Ii]LEH]RVWL,99,,,PVtF
9H þWYUWpP Då RVPpP PVtFL MH MLå SDWUQêFK YtFH ]PQ 3L SUiFL ]DþtQDMt EêW
NOLVQ\ OtQMãt U\FKOHML VH ]DGêFKDMt YtFH VH SRWt -VRX QD VHEH RSDWUQMãt D SHVWR åH
YQXMt GRVW þDVX VRFLiOQtP SURMHY$P GUåt VL RG VHEH RGVWXS 3R]RURYDOD MVHP EX
LQWHQ]LYQt]iMHPDY]iMHPQRXSpþLQHERRGVWXSQHMPpQQDWLPHWU\3RNXGVHMHGQDþL
GUXKiSLEOtåLODYtFHGUXKiMLYtWDODVHVNORSHQêPLXãLDQDWiþHODVH]iGt3UYQtYDULDQWD
FKRYiQt QDVWiYDOD ]HMPpQD YGRE SHG NUPHQtP NG\ ]DþtQDO\ SRVWiYDW EOt]NR VWiMH
9WpWRGRENG\VH]HMP]DþtQDO\QXGLWDþHNDO\QDNUPHQtY\XåtYDO\WRKRWRYROQpKR
þDVX NY]iMHPQêP VRFLiOQtP SURMHY$P . GUXKpPX StSDGX FKRYiQt GRFKi]HOR
QHMþDVWML SL MHåGQt 3RNXG ãO\ NOLVQ\ StOLã EOt]NR VHEH SR]RURYDO\ MVPH LQWHQ]LYQt
YêKUXåQpSRVWRMH3RNXGMVPHVHY]GiOLO\E\ORYãHYSRiGNX
7DNRYp FKRYiQt MVHP SR]RURYDOD QHMYtFH SL MHåGQt ]FHOD ORJLFN\ SURWR åH
SRNXGE\O\NOLVQ\YHYROQRVWLXGUåRYDO\VLRQHQRGVWXSDXWRPDWLFN\VDPL
(WRORJLHNOLVHQYH,,,Ii]LEH]RVWL9,,,±;,PVtF
9WpWR Ii]L MH QH]E\WQi GRVWDWHþQi OLGVNi SpþH D SR]RUQRVW 3HVWRåH SUiFL MLå
YWRPWRREGREtQHY\NRQiYDMtMHSRK\EG$OHåLWê9KRGQpMHYRGLWY\VRNREH]tNOLVQ\QD
SURFKi]N\ D XPRåQLW þDVWê SRE\W YH YêEKX %H]RVW MH ]HMPi ]HMPpQD YH ]YêãHQpP
SRGtOXRGSRþLQNX
.OLVQ\VHSRK\EXMtQHMYtFHYNURNXDVH]HMPRXRSDWUQRVWt3V\MDNRVSROHþQtN\
SLOLå QHYtWDMt3HG\ MH YHOPLFLWOLYi QD ELFKRDVODELQ\=GUåHQOLYpFKRYiQt Y$þLVRE
QDY]iMHPSHWUYiYi
9HOPLG$OHåLWiMHNYDOLWQtVWUDYD
(WRORJLHKtEDWYSUYQtFKKRGLQiFKåLYRWD
9WpWR GRE VH QHGRSRUXþXMH StOLã VH VQDåLW R QDYi]iQt NRQWDNWX VKtEWHP
9\NRQDWPiPHMHQQHRGNODGQp]iOHåLWRVWLDQHFKDWPDWNXLKtEYNOLGX3UYQtGHQDQL
QHSRXãWtPHKtEYHQQHFKiPHWRQDSR]GMãtGREX
1RYRUR]HQpKtEVHYQXMH]HMPpQDViQtPDWHVNpKRPOpNDDRGSRþLQNX
(WRORJLHKtEDWYHYNXMHGQRKRPVtFH
7DWR GRED MH YHOPL G$OHåLWi D MH G$OHåLWê VSUiYQê StVWXS NY\YtMHMtFtPX VH
KtEWL=Gi VH WRWLå åH NDåGê RUJDQLVPXV Pi VYp NULWLFNp REGREt YH NWHUpP MH
QHMYQtPDYMãt SURYVWHEiYiQt QRYêFK]NXãHQRVWt -HWRIi]H EKHP QtåVHGRSDPWL
POiGWH QHVPD]DWHOQ YUêYDMt QRY QDELWp ]NXãHQRVWL D SR]QDWN\ 9WãLQRX VH MHGQi
SUiY R SUYQt WêGQ\ D PVtFH åLYRWD ]YtHWH 3RNXG E\FKRP SLVWXSRYDOL NPVtF
VWDUpPX KtEWL QHVSUiYQ QDS NG\E\FKRP KR þDVWR EH]G$YRGQ ELOL GRãOR E\
NSRUXFKiPSURMHYXMtFtFKVH]HMPSRFHOêåLYRW]YtHWH,QWHQ]LWDWFKWRSRUXFK]iOHåt
QD ]S$VREXFK\EQpKR]DFKi]HQtD YQHPDOp PtH QDGDQpP MHGLQFL3URMHY\ Y]QLNOêFK
SRUXFKPRKRXEêWU$]QpDPQRKG\Y$EHFQHWXãtPHMDNNQLPGRãOR
9WRPWRREGREtMHG$OHåLWpXPRåQLWKtEWLPRåQRVWYROQpKRSRK\EX
(WRORJLHKtEDWYHYNXPVtF$
7DNWR VWDUi KtEDWD VH YWãLQRX Y\URYQiYDMt VRGVWDYHP RG PDWHN 8 PQRX
SR]RURYDQêFK MHGLQF$ RGVWDY QHSLQHVO YêUD]Qp ]PQ\ SURWRåH MHãW PVtF SR
RGVWDYHQt E\OD KtEDWD SRXãWQD GR VWHMQpKR YêEKX D POD WHG\ PRåQRVW ViQt
PDWHVNpKRPOpNDDNRQWDNWXVPDWNRX
+tE E\ YWRPWR YNX POR UHDJRYDW QD ]iNODGQt SRYHO\ D POR E\ EêW
VH]QDPRYiQR VRNROtP VWiMH VUXFKHP QD VLOQLFL VRVWDWQtPL OLGPL VH ]YtDW\ 7DNp
VDPRVWDWQp SURFKi]N\ EH] GRSURYRGX PDWN\ Xþt KtE G$YH NþORYNX 9StSDG
3HUU\ QHE\OR REWtåQp GRVWDW Mt PLPR GRVDK PDWN\ 3tWRPQRVWL þORYND VH FtWLOD
EH]SHþQDG$YLYKRQiVOHGRYDOD3ULQFHVVE\OD]GUåHQOLYMãt=H]DþiWNXMVPHMLEUDOL
VSROX V3HUU\ D SR]GML L EH] Qt 1LNG\ QHE\OD YãDN XYROQQi D YåG\ KODVLW HKWDOD
NG\åMVPHVHRWRþLOLVPUHPNHVWiML7\WRSURFKi]N\E\O\NUiWNpDYåG\MHQYEOt]NpP
RNROtVWiMHNWHUpKtEDWDG$YUQ]QDOD
=iYU
9HVYpSUiFL MVHPVH ]DPLODSHGHYãtP QD]PQ\ QDVWiYDMtFtXNOLVHQ YOLYHP
VWtGiQt URþQtFK REGREt D QD ]PQ\ YREGREt EH]RVWL'iOH MVHP SR]RURYDOD KtEDWD
YSUYQtFK KRGLQiFK SR QDUR]HQt YH VWit MHGQRKR PVtFH D S$O URND D ]D]QDPHQiYDOD
MHMLFKYêYRM
9WãLQD ]PQ SURMHYXMtFtFK VH X NOLVHQ EKHP URNX Pi VSRMLWRVW VSRWUDYQtPL
SURMHY\9HONRXUROLYãDNKUDMHGHQQtUHåLP3RNXGMHSUDYLGHOQêMHFKRYiQtNOLVHQVWiOp
D SUDNWLFN\ QHPQQp -HVWOLåH YãDN GRFKi]t NþDVRYêP SRVXQ$P MHGQRWOLYêFK DNWLYLW
FKRYiQt MH SURPQOLYp =HMPpQD FLWOLYp MVRX QD SRVXQ\ GRE\ NUPHQt D SUiFH =WRKR
Y\SOêYiåHMHYHOPLG$OHåLWpGEiWQDSUDYLGHOQRVWGHQQtKRUHåLPXNRQt
1D EH]t NOLVQ\ S$VREt QHMHQ ]PQ\ URþQtFK REGREt DOH VDPR]HMP Y\YtMHMtFt
VHSORG2GSRþiWNXEH]RVWLMHG$OHåLWpNOLVQ\QHY\VWDYRYDW]HMPpQDSV\FKLFNp]iWåL
3UiFL MH QXWQp VSLEêYDMtFt EH]RVWt XEtUDW DOH PXVtPH GEiW QD GRVWDWHN SRK\EX L
YSRVOHGQtIi]LEH]RVWLÒPUQ]Y\ãXMHPHNUPQpGiYN\,XEH]tFKNOLVHQMHG$OHåLWp
GRGUåRYDWSUDYLGHOQêGHQQtUHåLP9StSDGQêFK]PQiFKGHQQtKRUHåLPXUHDJXMtEH]t
NOLVQ\MHãWFLWOLYML
8 KtEDW MH G$OHåLWp ]YROLW VSUiYQê SRVWXS YVH]QDPRYiQt VQRYêPL YFPL D
SRåDGDYN\8þLWKtEQDSRYHO\PVWVNêUXFKRNROtDMLQpIDNWRU\QHVPtPHDQLStOLã
EU]\ DQL SR]G -HGQRWOLYp ~NRQ\ ]DDGtPH GR YêFYLNX SRGOH LQGLYLGXiOQtKR FKRYiQt
MHGLQFH +tEWL PXVtPH GRSiW GRVWDWHN SRK\EX D VRFLiOQtKR NRQWDNWX VPDWNRX L
RVWDWQtPLNRPL
1HQt YåG\ MHGQRGXFKp GRSiW NRQtP YHãNHURX SRWHEQRX SpþL D ]DMLVWLW MLP
LGHiOQt SRGPtQN\ 0OL E\FKRP YãDN Y\QDORåLW YHãNHUp ~VLOt DE\FKRP WR GRNi]DOL
QHER"MHQWDNXGOiPH]iVDGQtNURNNGRVDåHQtåLYRWQtSRKRG\NRQt
6H]QDPSRXåLWpOLWHUDWXU\
&ROLQ9RJHO-iN$'RUOLQJ.LQGHUVOH\OLPLWHG/RQGRQ
'XUXWW\D0LFKDHO(WROyJLDNRQt9HYODVWQtPY\GiQt.RãLFH
(GZDUGV(+9HONiNQLKDRNRQtFK*HPLQL%UDWLVODYD
0DKOHU=GHQNýORYNDN$'RQD
7HWWHQERUQRYi0RQLNDâNRODMH]GHFWYt6YRMWNDD9DãXW
:HEVWHU-RKQ:HOIDUHäLYRWQtSRKRGD]YtDWDQHEVWt]OLYpNi]iQtRUiML%ODFNZHOO
6FLHQFH/WG