Stažení - Zručské noviny

Transkript

Stažení - Zručské noviny
129
12
9,1<
5RþQtN;,ýtVOR
PVtþQtN
EH]HQ
9\GiYi0VWR=UXþQDG6i]DYRXFHQD .þ
&RQDMGHWHY WRPWRþtVOH
0676.È32/,&,(,1)2508-(†
3RVWHK\] PVWD
6ýË7È1Ë/,'8± '$/âË ,1)2
,1)2&(17580
=LPQtPDOiNRSDQi
6SROHþHVQNiNURQLND
-DNM
NMH
HWWR
RVVH
HVVWDYERX
XVVXSHUPDUNHWX
9 SRVOHGQt GRE KêEH YHHMQêP PtQQtP Y QDãHP PVW SHGHYãtP ]SUiYD R PRåQp
VWDYE VXSHUPDUNHWX 0XVtP SHGHVODW åH FHORX ]iOHåLWRVW UR]KRGQ QHY\YRODOR 0VWR ]H VYp
LQLFLDWLY\ DOH GR SRSHGt ]iMPX ML GRVWDOR QNROLN QDEtGHN LQYHVWLþQtFK D GHYHORSHUVNêFK
VSROHþQRVWtQDYêVWDYEXWDNRYpKR]Dt]HQt=GiVHåHMLå]DþtQiPHEêW]DMtPDYêPVXEMHNWHP
SUR LQYHVWLFL WRKRWR W\SX =iVWXSFL WFKWR VSROHþQRVWt E\OL YHOPL SRGUREQ REH]QiPHQL VH
VLWXDFtQDWUKXSUiFHVSiGRYRVWtRE\YDWHOPDMHWNRYêPYODVWQLFWYtPNSR]HPN$PDSRGREQ
0VWR SUR]DWtP WHQWR ]iPU QHSURMHGQiYDOR Y StVOXãQêFK RUJiQHFK 9]KOHGHP N ]iMPX
]YHHMQLOR Yê]YX N SRGiQt QDEtGHN YþHWQ SRGPtQHN SUR YêVWDYEX QD VYêFK ZHERYêFK
VWUiQNiFK QD LQWHUQHWX 6XSHUPDUNHW MH ]GH VLWXRYiQ GR ORNDOLW\ 1D 3RKRt 7RWR PtVWR MH
XUþHQR SUR WDNRYRXWR YêVWDYEX ~]HPQtP SOiQHP D ]iVWDYERYRX VWXGLt 'i VH tFL åH SUR
YãHFKQ\ WL LQYHVWLþQt VSROHþQRVWL NWHUp SURMHYLO\ ]iMHP R VWDYEX MH WDWR ORNDOLWD MHGLQRX
PRåQRX-HGQDORE\VHRYêVWDYEXVXSHUPDUNHWXHW]F$ 3(11<('(.$þL'(/9,7$3R]HPHN
MH YH YODVWQLFWYt 3R]HPNRYpKR IRQGX ý5 D 0VWR KR RGNRXSt ]D VRXþDVQêFK FHQRYêFK
SRGPtQHNDQiVOHGQ RGSURGi]DGRKRGQXWRXFHQXY\EUDQpVSROHþQRVWL2WRPNWHUiWREXGH
UR]KRGQH =DVWXSLWHOVWYR PVWD GQH QD VYpP YHHMQpP ]DVHGiQt RG KRGLQ
6UGHþQ ]YHPHYãHFKQ\VSROXREþDQ\N~þDVWL
0JU-Lt.ODWRYVNê
9iåHQtNOLHQWL
ýHVNiVSRULWHOQDDVRNUHVQtSRERþNDY .ROtQ
VL9iPGRYROXMHR]QiPLWåHV ~þLQQRVWtRG
GXEQD
GRFKi]tN ~SUDY SRNODGQtFKKRGLQY SRERþFH
ýHVNpVSRLWHOQ\DVYH=58ýLQ6
3RNODGQtKRGLQ\RGGXEQDEXGRXY WRPWRUR]VDKX
3RQGOt± ± ÒWHUê
± ± 6WHGD
± =$9(12
ýWYUWHN ± ± 3iWHN
± ± 2]
2
]Q
Qi
iP
PH
HQ
Qtt
=58ý6.e129,1<
Ò125
9RGRKRVSRGiVNiVSROHþQRVW9UFKOLFH 0DOHþDVR]QDPXMHYãHPVYêP]iND]QtN$P
RGEUDWHO$PYRG\åHV~þLQQRVWtRGGRFKi]tN~SUDY FHQ\YRGQpKRDVWRþQpKR
&HQDYRGQpKRDVWRþQpKR]$VWiYiLSURURNFHQRXUHJXORYDQRXYFQ
XVPURYDQRX&HQRYi~SUDYDY\FKi]t]YêPUX0)þNWHUêXNOiGiVMHGQRFHQtFHQ
SURGRPiFQRVWLDRVWDWQtRGEUDWHOHDVSROHþQRVWPXVtY\KRYWWpWR]iNRQQp~SUDY
2GSODWtSURYãHFKQ\]iND]QtN\FHQDYRGQpKR.þP&HQDVWRþQpKRRG
EXGHSURRVWDWQtRGEUDWHOH.þPFHQDVWRþQpKRRGEXGHSUR
GRPiFQRVWLEXGHGRWRYiQDVSROHþQRVWt]RVWDWQtFKþLQQRVWtDEXGH~þWRYiQDYHYêãL
.þPÒSUDYDFHQMHSURYHGHQDWDNDE\FRQHMPpQ ]DWtåLODRGEUDWHOHYGRPiFQRVWHFKDMH
Y\YROiQ\QXWQRVWtY\URYQDWVH]H]PQRXOHJLVODWLY\NWHURXMHFHQDUHJXORYiQD
.XYHGHQêPFHQiPEXGHSLSRþWHQDGD ]SLGDQpKRGQRW\
9.XWQp+RH,QJ.DUHO.YDSLOHGLWHODV
3LSRPtQiPH åH3L]QiQtNGDQL]StMP$ ]DURNMHPRåQpRGHY]GDW
SUDFRYQtN$P)LQDQþQtKR~DGX]8KOtVNêFK-DQRYLFMHãW YPtVWQRVWLþ
QD]iPNX YH=UXþLQDG6i]DYRX
9WpWRVRXYLVORVWLMVPHVH]DYiV]HSWDOLLQDSUDFRYQtGREXQD9=3D266=Y
.XWQp+RH
DMHWDWR
9=3266=
SR~HGQtGHQ KRGLQ
KRGLQ
~W
± VW~HGQtGHQ± þW± Si =PQDV\VWpPXSODWHE]DVYR]WXKpKRNRPXQiOQtKRRGSDGX
.RQFHP ORVNpKR URNX E\OD YH =UXþVNêFK QRYLQiFK ]YHHMQQD ]SUiYD R Y\WYRHQt SUDFRYQt VNXSLQ\ NWHUi VH
EXGH]DEêYDW]PQRXV\VWpPXSODWHE]DVYR]WXKpKRNRPXQiOQtKRRGSDGX9SULQFLSXEXGHWDWR]PQDY\FKi]HW]H
]iNRQDþ6ERRGSDGHFKYH]QQt]iNRQDþ6E&LWRYDQiQRYHODXPRåXMHREFtPVWDQRYLWREHFQ
]iYD]QRXY\KOiãNRXSRSODWHN]DNRPXQiOQtRGSDGY]QLNDMtFtQDMHMLFK~]HPtSLþHPåSRSODWQtNHPMHNDåGiI\]LFNi
RVRED SL MHMtå þLQQRVWL Y]QLNi NRPXQiOQt RGSDG /DLFN\HþHQR MGH R VWDQRYHQt YêãH SRSODWNX QD KODYX 6SUiYX
SRSODWNXSDNY\NRQiYiREHFNWHUiKRQDVYpP~]HPt]DYHGOD
-HWHEDNRQVWDWRYDWåHYWãLQDREFtY\XåLODQRYHO\]iNRQDNWRPXDE\]DYHGOD.DSLWDþQtSODWE\MLåRG
-HMLFK UR]KRGQXWt SRGHSHO L QiOH] ÒVWDYQtKR VRXGX NWHUê QHY\KRYO QiYUKX þiVWL SRVODQF$ QD ]UXãHQt XVWDQRYHQt
]iNRQD R RGSDGHFK NWHUp VH WêNi SUiY ]DYHGHQt SRSODWNX 0VWR =UXþ Q6 ]DWtP N WpWR ]PQ QHSLVWRXSLOR
3UDFRYQt VNXSLQD VH VHãOD FHONHP GYDNUiW 1D VYpP GUXKpP ]DVHGiQt VH ]DEêYDOD QiYUKHP QRYHO\REHFQ ]iYD]Qp
Y\KOiãN\ R RGSDGHFK D QiYUKHP Y\KOiãN\ R SRSODWNX 1HMYWãt GLVNX]H VDPR]HMP E\OD RNROR VWDQRYHQt YêãH
SRSODWNX D StSDGQêFK ~OHYiFK &R VH WêþH YêãH SRSODWNX SUR NDåGRX I\]LFNRX RVREX MH QXWQp Y\FKi]HW ] ~SUDY\
NWHURX VWDQRYt SDU RGVW ]iN þ 6E =GH MH XYHGHQR åH PD[LPiOQt YêãH SRSODWNX VH VWDQRYt SRGOH
SHGSRNOiGDQêFK RSUiYQQêFK QiNODG$ REFH Y\SOêYDMtFtFK ] UHåLPX QDNOiGiQt V NRPXQiOQtP RGSDGHP D
UR]YUåHQêFK QD MHGQRWOLYp SRSODWQtN\ SRGOH SRþWX D REMHPX QiGRE XUþHQêFK N RGNOiGiQt RGSDG$ SLSDGDMtFtFK QD
MHGQRWOLYp QHPRYLWRVWL QHER SRGOH SRþWX XåLYDWHO$ E\W$ D V RKOHGHP QD ~URYH WtGQt WRKRWR RGSDGX 3UDFRYQt
VNXSLQDGRãODNMHGQRWQpPXVWDQRYLVNXåHYêãHSRSODWNXE\QHPODEêWVWDQRYHQDSRG.þQDKODYX
.HVKRG SUR]DWtPQHGRãORXVWDQRYHQt~OHYSURQNWHUpVNXSLQ\RE\YDWHO([LVWXMt]KUXEDGYDQi]RU\3UYQtY\FKi]t
]StNODGXQDS6YWOiQ6i]DYRXDtNiåiGQpVOHY\QHSRVN\WRYDWDQHY\WYiHWWDNQHEH]SHþQpSUHFHGHQW\DGUXKê
QDRSDNY\FKi]tQDS ]HVD]HEQtNXNWHUêPi/HGHþQ6i]DYRXDNWHUêVOHY\SRVN\WXMH
3URWRåH VH Y EU]Np GRE RþHNiYi VFKYiOHQt QRYpKR ]iNRQD R RGSDGHFK E\OR GDOãt ]DVHGiQt SUDFRYQt VNXSLQ\
VWDQRYHQRQDGREXNG\WHQWR]iNRQYVWRXStYSODWQRVW-HWHG\YtFHQHåSUDYGSRGREQpåHNH]PQ SODWHEYH=UXþL
QDG6i]DYRXGRMGHDåNDSURWRLSURGUXKpSROROHWtOHWRãQtKRURNX]$VWDQHYSODWQRVWL]QiPNRYêV\VWpP
SODWE\]DVOXåE\9ãHFKQ\EXGRXFt]PQ\SDNVDPR]HMP SRGOpKDMtVFKYiOHQtY=DVWXSLWHOVWYXPVWD
0JU-Lt.ODWRYVNê
Ò125
+$6,ý6.é=È&+5$11é6%25
VWDQLFH=UXþQDG6i]DYRX
=58ý6.e129,1<
3L VQKRYp NDODPLW NWHUi QiV SRVWLKOD ~QRUD KDVLþL RGVWUDRYDOL SHV
YR]RYNXVSDGOêVWURPYORNDOLW PH]L.iFRYHPDREFt=OLY
1HWUYDORGORXKRDE\ORQXWQpY\SURVWLWDXWRNWHUpVMHOR8/tS\]YR]RYN\
=UXþãWt KDVLþL VH Y WHQWR GHQ WDNp SRGtOHOL QD ]SU$MH]GQQt GiOQLFH ' 1D NP E\OR QXWQR Y\SURã"RYDW DXWD 7RKRWR YWãtKR ]iVDKX VH ]~þDVWQLOL QHMHQ QDãL
DOHLGDOãt+DVLþVNp]iFKUDQQpVERU\D3ROLFLHý5
'DOãt]iVDK\YSU$EKXPVtFH
1D+RUFHPXVHOLKDVLþLVSROHþQ VH=iFKUDQQRXVOXåERXD0VWVNRXSROLFLtRWHYtWGRPHN
YHNWHUpPE\ODX]DPþHQDQHPRFQiSDQt
=StNRSXPXVHOLX1HVPLFY\WDKRYDWRVREQtDXWRPRELO
3RPiKDOLþOHQ$P=iFKUDQQpVOXåE\Y\QpVW]OHVDNRãHWHQtSDFLHQWD1HMGtYHYãDNE\OR
QXWQpRGVWUDQLW]FHVW\SRORP\
7DN MDN XYiGtPH Y NDåGpP þtVOH =UXþVNêFK QRYLQ WDN L WHQWRNUiW SRPiKDOL V
RWHYtUiQtP E\W$ 9 QNWHUêFK StSDGHFK ãOR R GYHH ]DERXFKQXWp VDPRWQêPL
YODVWQtN\ E\WX Y QNWHUêFK StSDGHFK ]DPþHQp GYHH EUiQLO\ YVWXSX OpNDH N
SDFLHQW$PDWG
†
0676.È32/,&,(,1)2508-( †
OiGQ SRGQDSLOê MDN WR XPt MHQ RQ OH]O SR þW\OHFK QD VLOQLFL SOHG SOHMH]GHP
WUDWL QD ýHUþDQ\ $VL VH EiO åH VH YH VWRMH XGHOt KODYRX R ]iYRU\ 5DGML MVPH KR
RGYHGOLGRPa
3RGREQ
3RGREQ MVPH ]YHGDOL PXåH NWHUê OHåHO X VFKRGa
VFKRGa SRG EêYDOêP YêGHMHP SO\QX 7HQ DOH
GRPa
GRP
a RGHãHOSRVYêFK
VLVWåRYDOQDFKRYiQt)$NWHUê SRSOLYDOMHKRGYDV\Q\YXOJiUQ MLPQDGiYDOD
Y\KURåRYDO2ILFLiOQ WRDOHKOiVLWQHFKFH
1D OLQNX E\OR QDKOiãHQR RGFL]HQt KRUVNpKR NROD NWHUp VWiOR SO
SOHG UHVWDXU
UHVWDXUD
DFt 8
6WXGQLþN
6W
XGQLþNa
a 6WUiåQtFL VSROX V KOtGNRX 3ý5 SURKOHGDOL VNOHS\ YH YãHFK SO
SOLOHKOêFK
SDQHOiFtFK DOH EH] YêVOHGNX 3DFKDWHO QHER PRåQi MHQ YWLSiOHN NWHUê NROR XNOLGLO
NG\åYLG
NG\åYLG
OQHEêYDORXVQDKXRERX KOtGHNVHSUDYG
KOtGHNVHSUDYG
SRGREQ
SRGREQ
]DOHNODNRORSR]G
]DOHNODNRORSR]G
MLYUiWLOQD
SaYRGQtPtVWR
+OtGFH VH QHOtELOR FKRYiQt SDUW\ PODGtNa NWHOt WiKOL NUiWFH SR SROHGQL PVWHP D X
KOtGN\ Y\YRODOL SRFLW åH EXGt YHOHMQp SRKRUãHQt %\OL SURWR GRVWLåHQL Y MHGQp ]
PtVWQtFK UHVWDXUDFt NGH N WRPXWR KOtGND SRåDGRYDOD Y\VYWOHQt 3OL NRQWUROH E\OR
]MLãWQR åH SRX]H MHGHQ MH VWDUãt WL OHW %\OL ]D VYp FKRYiQt QDSRPHQXWL QDþHå
KOtGFH VOtELOL åH Då RSXVWt UHVWDXUDFL EXGRX VH FKRYDW VOXãQML 2EVOXKD E\OD
XSR]RUQQD åH X VWROX QHQt QLNGR SOQROHWê 2EVOXKD VH EUiQLOD åH MLP VDPR]OHMP
QHQDOpYi""
3O
3OL REFK
REFKa
a]FH P
P
VWD VSDW
VSDWO
OLOD KOtGND QD VFKRGHFK YHGRXFtFK N ]iPNX PXåH Y VLOQ
VLOQ
SRGQDSLOpP VWDYX 1HMSUYH QD RVORYHQt KOtGNRX YaEHF QHUHDJRYDO WHSUYH SR GHOãt GRE
GRE VH
KR SR
SRGD
GDO
OLOR SUREXGLW D S
SO
OLP
LP
W KR N RGFKRGX GRP
GRPa
a 1D PtVW
PtVW
SR Q
QP ]
]a
aVWDO QHSR
QHSRO
OiGHN
SURWRåH WX Y\V\SDO WDãNX V Qi
QiNXSHP D WHQWR UR]YiOHO 2 Sa
SaO KRGLQ\ SR]G
SR]G
ML KOtGND
REMHYLOD]QRYXWRKRWRPXåHVStFtKR XSURVW
XSURVWO
OHGYR]RYN\S
HGYR]RYN\SO
OHGEUDQRXYHGRXFtN0
HGEUDQRXYHGRXFtN0
Ò1DPtVW
Ò1DPtVW
E\O RS
RSW QHS
QHSR
ROiGHN ] Y\V\SDQp WDãN\ D VWUiåQtN
VWUiåQtNa
aP VH MLå QHSRGD
QHSRGDO
OLORRSLOFHSUREXGLW%
LORRSLOFHSUREXGLW%\O
\O
SURWRSO
SURWRS
OHY
HYH
H]HQNRãHW
]HQNRãHWO
OHQtQD SRKRWRYRVW+RGLQN\NWHUpOHåHO\QDXOLFLPXE\O\YUiFHQ\
QD SRKRWRYRVWL SO
SOHG VHVWURX D OpND
OpNDO
OHP 1D SRKRWRYRVWL SR Wp FR VH GRW\þQê SU
SUR
REUDO
R]QDþLO VWUiåQtN\ ]D ]ORG
]ORGMH NWH
NWHO
Ot PX RGFL]LOL WDãNX NOtþH D KRGLQN\ 5RY
5RYQå ]UDQ
]UDQ
Qt
NWHUi VL ]Sa
]SaVRELO VYêPL SiG\ QD YR]RYNX PX SUê ]Sa
]SaVRELOL VWUiåQtFL WtP åH MHM
]WORXNOL 9]KOHGHP N QDSOQ
QDSOQQt VNXWNRYp SRGVWDW\ GYRX S
SO
OHVWX
HVWXS
SNa SURWL YHO
YHOHMQpPX SR
SRO
OiGNX
E\OFHOêSO
E\OFHOêS
OtSDGS
tSDGSO
OHGiQNGDOãtPXSURMHGQiYiQtS
HGiQNGDOãtPXSURMHGQiYiQtSO
OHVWXSNRYpNRP
HVWXSNRYpNRPL
LVL
R]QiPLO åH POD MHKR GFHUD YH ãNROH PRELOQt WHOHIRQ D åH Mt KR MHGHQ ] XþLWHOa
]DEDYLO2WHFY\KURåRYDOåHMHVWOL MtKRQHYUiWtWDNQDXþLWHOHSRGiWUHVWQtR]QiPHQt
+OtGNRX E\OR ]MLãWQR åH WHOHIRQ E\O RSUDYGX ]DEDYHQ D WR ] GaYRGX Y\UXãRYiQt SOL
Y\XþRYiQt D åH WHOHIRQ EXGH YUiFHQ MHGQRPX ] URGLþa 2WHF WYUGLO åH VL SURVWXGRYDO
ãNROQtOiGDåHQHQt]DNi]iQRWHOHIRQGRãNRO\QRVLW$QLKOtGND KRQHSOHVYGþLODåHWR
QHQt WDN MHGQR]QDþQ SUDYGD .G\å VL RWHF GUXKê GHQ SUR WHOHIRQ ãHO WDN YtPH ]
GRVOHFKXåHWRSURXþLWHOH QHE\ORSOtMHPQpMHGQiQt&KXGiFLXþLWHOpQHPDMtWRVHVYêPL
SUDYRPRFHPLSOLYêFKRY QDãLFKGtWHNYaEHFMHGQRGXFKp
%\O]DGUåHQO
%\O]DGUåHQ
OLGLþRNWHUpPVWUiåQtN0
LGLþRNWHUpPVWUiåQtN0
3L KOtGND3ý5Y
KOtGND3ý5Y
GOLåHPXE\OVRXGHPQD
OLåHPXE\OVRXGHPQDO
Ot]HQ
]iND] Ot]HQt PRWRURYêFK YR]LGHO = Ga
GaYRGX SRGH]
SRGH]O
OHQt QD WUHVWQê þLQ PDO
PDOHQt ~O
~OHGQtKR
UR]KRGQXWtE\OY\VOHFKQXW
NLGLþ VDQLWN\ QDKOiVLO åHSRQLFKQMDNê0RQJROHFKRGLO]KRWHOX%DWRYGOREXFK3OL
SOtMH]GX KOtGND QD QiPVWt ]D]QDPHQDOD NOLG D GR KRWHOX VH QHE\OR PRåQR GRVWDW -H DOH
IDNW åH QD KRWHOX VH XE\WRYiYDMt YWãLQRX ]iYDGRYp RVRE\ NWHUp PDMt YH VYpP WUYDOpP
E\GOLãWLSUREOpP\
=58ý6.e129,1<
Ò125
3O
3OL NRQWUROH FKDW .H &WLERUNiP E\OR KOtGNRX ]MLãW
]MLãWQR åH X Q
Q
NWHUêFK FKDW E\O\ ]D
NOLNDPL]DVWUNiQ\Y
NOLNDPL]DVWUNiQ\Y
WYLþN\%X
WYLþN\%X
VL]GHKUiO\G
VL]GHKUiO\G
WLQHERVLFKDW\Q
WLQHERVLFKDW\Q
NGRW\S
NGRW\SX
XMH
1D GLVSHþLQN 03 SOLãHO QD 3&2 SRSODFK KOtGDQpKR REMHNWX SRWUDYLQ 786< %\O ]MLãWQ
SRNXV R YORXSiQt GR REMHNWX SOHV VWDYHQLãW GR SUYQtKR SDWUD NGH VH QDFKi]t SURGHMQD
HOHNWUR%\OR]MLãWQRåHVNOHQQiYêSO@ GYHOtE\ODSRãNR]HQDFLKORX=REMHNWX VHYãDN
QLFQH]WUDWLOR3DFKDWHOVHSDWUQ OHNOMHþtFtVLUpQ\DXWHNO
3O
3OL REFK
REFKa
a]FH P
P
VWD XVO\ãHOD KOtGND KOXN RG EêYDOêFK NDELQ Y DUHiOX VWDGLRQX +OtGND
QD PtVW
PtVW ]MLVWLOD åH GYD SiQRYp RGPRQWRYiYDMt åHEO
åHEOLQ\ %\OR ]MLãW
]MLãW
QR D MHGQDWHONRX 7-,6.5$ SRWYU]HQR
SRWYU]HQR åH åHE
åHEOLQ\ EXGRX XPtVW
XPtVW
Q\ Y REMHNWX 5iNRVt NWHUê MH WDNp PDMHNWNHP
7- -,6
-,6.5$ 'OH Qi]RUX KOtGN\ E\ E\OR GREUp NDELQ\ Q
QNRPX QD G
GO
OHYR Q
Q
NRPX GDURYDW þtPå
E\VH]DPH
E\VH]DP
H]LORGDOãtPXGHPRORYiQtS
]LORGDOãtPXGHPRORYiQtSO
OHGHYãtPG
HGHYãtPG
WPL
9 SOHGViOt KRWHOX E\O SOL WHOHIRQRYiQt RVORYHQ MHGHQ REþDQ VYêP ]QiPêP D Y\]YiQ N
XVPtOHQt NYaOL GOtYMãtP QHVKRGiP 3URWRåH WHOHIRQXMtFt QHPO R XVPtOHQt ]URYQD ]iMHP
GRãOR
QDUiQ\SVWt3OtSDGMHYGDOãtPãHWOHQt
R]QiPLOåHE\OSRO
R]QiPLOåHE\OSR
ODGDWHOLY\YHGHQ]GLVNRWpN\QDKRWHOXSURWRåHSROH
DGDWHOLY\YHGHQ]GLVNRWpN\QDKRWHOXSURWRåHSROHKiYDOQD]HPL
KiYDOQD]HPL
+OtGND N MHKR QHOLERVWL V MHGQiQtP SRO
SRODGDWHO
DGDWHOa
a VRXKODVLOD 1D MHKR NRPHQWRYiQt åH
QLNGH QHPDMt QDSViQR FR VH VPt D QHVPt E\OR KOtGNRX 0
03 NRQVWDWRYiQR åH REHFQi
SUDYLGODVOXãQpKRFKR
SUDYLGODVOXãQpKRFK
RYiQtYHVSROHþQRVWLE\P
YiQtYHVSROHþQRVWLE\P
O]QiWNDåGêDQHQtW
O]QiWNDåGêDQHQtWO
OHEDW
HEDWRQLNGHSViW
RQLNGHSViW
R]QiPLO åH Pi QHXVWiOp VSRU\ V QiMHPQtN\ NWHUêP SURQDMDO SR]HPHN NGH PDMt
XPtVWQ\ VOHSLFH D SVD -HOLNRå X QLFK GRFKi]t N þDVWpPX SRUXãRYiQt VPORXY\ D WR
RKOHGQ SODWE\ UR]KRGO VH PDMLWHO WXWR VPORXYX Y\SRYGW 1iMHPFL YãDN WRWR
QHUHVSHNWRYDOL 3OHVWRåH VH MHGQi R REþDQVNRSUiYQt VSRU VWUiåQtFL QiMHPQtN\ Y\KOHGDOL
=DMHMLFKSOtWRPQRVWLVHRE VWUDQ\GRKRGO\RY\NOL]HQtSR]HPNX1iMHPQtFLYãDNQD]iYU
R]QiPLOLåHVOHSLFHY\SXVWtQDXOLFLDSVDEXGRXPXVHW]NRQ]XPRYDW
R]QiPLOåHQDQ
R]Q
iPLOåHQDQ
KRUiQRNG\åFKW
KRUiQRNG\åFKW
ORGMHWGRSUiFHVNRþLOVRXVHGDS
ORGMHWGRSUiFHVNRþLOVRXVHGDSR
RYDOLOKRGR
VQ
VQ
KX -HãW
-HãW
QD Q
QKR S
SO
OL WRP OYDO åH MH ãPHMG DWG D åH KR ]POiWt .Ya
.YaOL WRPXWR
QDSDGHQt SO
SOLMHO R]QDPRYDWHO R PLQXW SR]G
SR]G
ML GR ]DP
]DP
VWQiQt -HGQiQt VRXVHGD E\OR
Y\O
Y\
OHãHQR
HãHQREORNRYRXS
EORNRYRXSR
RNXWRX
=þLQQRVWLNRPLVt
9HVQLFNi
iN
NRPLVH
9HVQLFNiNRPLVHMHYODVWQ SRVOHGQtNWHURX]E\ORSHGVWDYLW.RPLVHSUDFRYDODYHVORåHQtSHGVHGD5XGROI
0DUWLQiN þOHQRYp -DURVODY -XUVtN ]H äHOLYFH 6WDQLVODY âDQN ] 'XELQ -LQGLFK â"DVWQê ] 1HVPLF D WDMHUPQLFH
-LLQD-DQDWRYi
'QHP YROHE GR ]DVWXSLWHOVWHY NUDM$ GRãOR NQNWHUêP]PQiPY]iNRQXRREFtFKDSUiY MHGQD]H]PQVHWêNDOD
YHVQLFNêFKNRPLVt0tVWRVWiYDMtFtFKYHVQLFNêFKNRPLVtPDMtEêWQRY MPHQRYiQ\QHMPpQ WtþOHQQpRVDGQtYêERU\8
QiVVHWRGRWêNiREFt'XELQDäHOLYHFD1HVPLFH
=iVWXSFLYHVQLFNpNRPLVHY\YRODOLQHMGtYHYHHMQRXVFK$]LYäHOLYFLDE\LQIRUPRYDOLREþDQ\RQDVWDOêFK]PQiFKD
REþDQpGRVWDOLPRåQRVWY\EUDWVLVYp]iVWXSFHGRRVDGQtKRYêERUX2VDGQtYêERUYäHOLYFLE\OY\EUiQWDNWRSHGVHGD
-DURVODY-XUVtNþOHQRYp0LORã%H]LQDD9ODVWLPLO&KXGRED
2VDGD 'XELQD VL VYp ]iVWXSFH Y\EUDOD IRUPRX DQNHW\ &HONHP E\OR UR]QHVHQR DQNHWQtFK OtVWN$ ] QLFKå VH SDN
Y\SOQQêFK YUiWLOR 9êERU EXGH SUDFRYDW YH VORåHQtSHGVHGD6WDQLVODYâDQNþOHQRYp-DURVODY-HOtQHNPOþS
9ODGLVODY0DãWDOt VWD/XERã3HUJU
3URWRåH Y 1HVPLFtFK VH YêEU SURWDKRYDO E\O\ =DVWXSLWHOVWYHP PVWD VFKYiOHQL ]iVWXSFL REFt äHOLYHF D 'XELQD D
VFKYiOHQt]iVWXSF$ 1HVPLFE\ORRGORåHQRQDStãWt]DVHGiQt
9 VRXþDVQp GRE PDMt MLå Y\EUiQ\ VYp ]iVWXSFH L 1HVPLFH âHYHþNRYp -LQGLFK â"DVWQê 9ODGLPtU .tå D .DUHO
=QDPHQiþHN 7RWR VORåHQt RVDGQtKR YêERUX Y 1HVPLFtFK EXGH VFKYiOHQR QD EH]QRYpP ]DVHGiQt =DVWXSLWHOVWYD
PVWD
$WtPVNRQþLODþLQQRVWYHVQLFNpNRPLVH
0iPWHG\SRVOHGQtStOHåLWRVWSRGNRYDWþOHQ$PEêYDOpYHVQLFNpNRPLVHSiQ$P-XUVtNRYLâ"DVWQpPXDâDNRYL]D
PD[LPiOQtVSROXSUiFLSLYêEUX]iVWXSF$ GRQRYêFKRVDGQtFKYêERU$$SURWRåHVHMHMLFKMPpQD]QRYXREMHYLODPH]L
Y\EUDQêPLMVHPSHVYGþHQDRWRPåH
EXGRXDNWLYQtQDGiOH3HMLMLPLYãHPQRY Y\EUDQêP]iVWXSF$PKRGQ VLO~VSFK$ DDE\]DMHMLFKS$VREHQtYHVQLFH
Y]NYpWDO\
-L LQD-DQDWRYi
WDMHPQLFHEêYDOpYHVQLFNp
Ò125
=58ý6.e129,1<
2EQRYD]HOHQ QD0DORVWUDQVNpPQiPVWt
9 OHWRãQtP URFH EXGH ]DSRþDWR V REQRYRX ]HOHQ D ]HOHQêFK SORFK QD
0DORVWUDQVNpP QiPVWt -HGQi VH R H[SRQRYDQRX ORNDOLWX V þiVWHþQ S$YRGQt
YHVQLFNRX ]iVWDYERX 0VWR VSROXSUDFXMH V LQJ 0LFKiONRYRX NWHUi ]DMLã"XMH
RGERUQpSUiFHVSRMHQpVLQYHQWDUL]DFt]HOHQNiFHQtP QHYKRGQêFKVWURP$ DNH$
YêVDGERYêP SOiQHP YêEUHP YKRGQêFK GUXK$ GHYLQ SUR WXWR YêVDGEX D SRGREQ
2EþDQp VH EU]\ EXGRX PRFL VH]QiPLW V QiYUKHP REQRY\ Y P VWVNêFK YêYVNiFK D
NUiWNi LQIRUPDFH EXGH SHGQHVHQD L QD QHMEOLåãtP ]DVHGiQt =0 &HONRYi VXPD
NWHUiEXGH Y\QDORåHQDQDSURMHNWDSUiFHVWtPVSRMHQpYOHWRãQtPURFHGRViKQH
.þ
1D SRG]LP SDN ]DþQRX SUiFH QD SURMHNWX NWHUê EXGH HãLW ]HOH QD QiPVWt
08'U-RVHID6YRERG\MDNRFHQWUiOQtPQiPVWtYHVWDUpþiVWLPVWD
0JU-L t.ODWRYVNê
3RVWHK\
SUREtKDMt]iYUHþQpSUiFHQDGRNRQþHQtWUDV\*SO\QRILNDFHYHVWDUpþiVWLPVWD
760VWDOLNYLGXMtãNRG\QDPVWVNp]HOHQL]S$VREHQpQHGiYQRXYLFKLFt
DGiOHVHEXGRX]DEêYDWRSUDYDPLQH]SHYQQêFKXOLFYHPVW
]G$YRGXYVWXSXEêYDOpKR/,$=XGRNRQNXU]XMHSR]DVWDYHQGDOãtSURGHMFKDWHN
2EþDQVNpVGUXåHQt+UDãNRORXXYDåXMHSRNG\NRQþtQiMHPQtVPORXYD
YSURVWRUXEêYDOpKRNLQDQHXVLORYDWMLåRSURGORXåHQtQiMPXNWHUê]DQ
KUDGLOR0VWR
SUREtKDMtMHGQiQtWêNDMtFtVHSHPtVWQt=YâD=8âGRREMHNWXEêYDOp,6â
EXGHVYROiQRMHGQiQt]D~þDVWL]iVWXSF$ 9RGRKRVSRGiVNpVSROHþQRVWL
9UFKOLFH0DOHþILUP\*$6.27(/(&20XD0VWD]D~þHOHP
HãHQtSRYUFKX2NUXåQtXOLFHSRUHNRQVWUXNFLYRG\DNDQDOL]DFH
0VWRSLMDORGDOãtRSDWHQtY$þLQHSODWLþ$PQiMHPQpKRYPVWVNêFKE\WHFK
SR]LPQtPREGREtEXGHRSW]DPHQDSR]RUQRVWRUJiQ$ 0VWDQD
XNOiGiQtRGSDG$ PLPRY\KUD]HQiPtVWD6REþDQ\NWHtEXGRX
SLVWLåHQLSL]DNOiGiQt þHUQêFKVNOiGHNEXGH]DKiMHQRVSUiYQtt]HQt
3HKOHG~QRURYêFKXGiORVWtY\SVDQêFK]PVWVNêFKNURQLN
EH]QDSLãODQHþHNDQiDDEQRUPiOQtQDGtONDVQKX6QtKY\GUåHOOHåHWGQ\DSDN]DþDOQDUi]WiW2NDPåLW
VH]YêãLO\KODGLQ\SRWRNDLHN\
EH]QDVHSRSUYpUR]]iLODRNQDGRP$ DNUiWFHSRWpVHUR]VYtWLO\ODPS\YXOLFtFKDQDQiPVWtYHVWDUp
=UXþLHOHNWULFNêPVYWOHP'RNRQþHQDE\ODWRWLåSUYQtþiVWSORãQpHOHNWULILNDFH=UXþHQ6
EH]QD E\O YH =UXþL XVWDYHQ 6SROHN QD RFKUDQX PDWHN D GWt -HKR SUYQtP þLQHP E\OR ]DYHGHQt SUDYLGHOQêFK
OpNDVNêFKSURKOtGHNNRMHQF$DWRMHGQRXWêGQ3URKOtGN\SURYiGO08'U$ORLV'LDV
EH]QD VH VHãOL YH =UXþL SHGVWDYLWHOp 6RFLiOQ ]GUDYRWQt VOXåE\ RNUHVX OHGHþVNpKR D SURMHGQiYDOL
PRåQRVWLVRFLiOQtSpþH
EH]QDE\ODSRiGiQDDNFH1iURGQtVPQDYtW]VWYt=UXþDQp]DVOHFKOLVPUHPRGQRYp=UXþHUi]QêSRFKRG
GHFKRYpKXGE\NDSHOQtND.RORPD]QtNDDSRVOp]HY]DO\]DVYpVNOHS\QDQiPVWtYHVWDUp=UXþL
EH]QDE\ODYH=UXþL]DORåHQD5DGDåHQ
.EH]QXE\ORSURYHGHQRFHORVWiWQtVþtWiQtOLGX9H=UXþLE\ORQDSRþtWiQRRE\YDWHO
EH]QD Y\SXNOD YH =UXþL HSLGHPLH LQIHNþQt åORXWHQN\ 1HMSUDYGSRGREQMãtP ]GURMHP QiND]\ E\OD
ãSDWQiNYDOLWDSLWQpYRG\
9EH]QXE\ODYH=UXþLQ6MPHQRYiQDQRYiNURQLNiNDSDQt-LLQD+XGFRYi9\VWtGDODWDN9UX1RYiþNRYRX
NWHUiRGHãODXþLWGR3UDK\VSROXVHVYêPPDQåHOHP
9 EH]QX E\OD Y REXYQLFNpP SURYR]X QS 6i]DYDQ ~VSãQ XNRQþHQD RYRYDFt VpULH QRYpKR
NURXåNRYDFtKRVWURMH
9~QRUXE\OSURYiGQ]iSLVGWtGRWtG9EH]QXMLåE\ORMDVQpåHEXGRXPXVHWEêWRWHYHQ\WtG\3UR
VURYQiQt LQIRUPDFH ] OHWRãQtKR EH]QRYpKR ]DVHGiQt âNROVNp D NXOWXUQt NRPLVH SUR ãNROQt URN EXGRX
RWHYHQ\ PD[LPiOQ WtG\SUYiþN$
9URFHRVODYRYDORYêURþtVYpKRWUYiQt0\VOLYHFNpVGUXåHQtYH=UXþLQ6DOHWMLåYH=UXþLSUREtKDOD
RGERUQi YêXND Xþ$ SUR REXYQLFNê SU$P\VO SDN E\O GRNRQFH ]t]HQ OHWê XþHEQt RERU V PDWXULWRX
RSHUiWRU NRåHGOQpYêURE\
9EH]QXE\OR]DSRþDWRVEXGRYiQtPGYRXSURGHMQtFKVWiQN$ YGROQtþiVWL6DGX0tUX9SU$EKXURNXSDNE\O\
REDVWiQN\RWHYHQ\DQHGDOHNRE\ODYWpPåHURFHRWHYHQDSURGHMQD-('127<8%ODQN\
=58ý6.e129,1<
Ò125
2GEH]QDE\ODYREMHNWX86PUNXRWHYHQDVEUQDþLVWtUQ\RGY$
9 EH]QX E\OR RWHYHQR WDNp QNROLN QRYêFK SURGHMHQ YH VWDUp =UXþL %\OD WR QDS FXNUiUQD D RSUDYQD REXYL
PtVWQt SRGQLNDWHON\ -LWN\ âURPRYp D SURGHMQD REXYL Y REMHNWX EêYDOp ]HOHQLQ\ Y XO PiMH NGH REXY QDEt]HODSDQt
0DULHýHUQi
EH]QDXVSRiGDORGERUNXOWXU\0Ò]iMH]GGR6WiWQtRSHU\Y3UD]HQDRSHUX*LXVVHSH9HUGLKR$,'$
EH]QD SRiGDOD PtVWQt =8â 2EODVWQt NROR 1iURGQt VRXWåH GHFKRYêFK WDQHþQtFK D MD]]RYêFK VRXERU$
=~þDVWQLORVHVRXERU$FRåSHGVWDYXMHDVLPODGêFKKXGHEQtN$9VLOQpNRQNXUHQFL]UXþãWtXVSOLYHOPLGREH
9 EH]QX MVPH VH QDSRVOHG\ UR]ORXþLOL V SDQHP -DURVODYHP 9DiWNHP EêYDOêP SHGVHGRX 019 D
GORXKROHWêPNURQLNiHPDSHGDJRJHP.DUOHP3HURXWNRX
.E\ODRILFLiOQ XNRQþHQDYêUREDYDV6i]DYDQDVNRQþLODWDNVOiYDMHGQRKR]QHM]QiPMãtFKREXYQLFNêFK
]iYRG$
VH SL StOHåLWRVWL SRKEX SDQD âLPND SHGYHGOD YH =UXþL Q6 ILUPD *(129 ] 8KOtVNêFK -DQRYLF V
QRY UHQRYRYDQêPVPXWHþQtPNRþiUHPWDåHQêPNRPL
VODYQRVWQ NWLOL KDVLþL QRYRX 7$758 VH VSHFLiOQt YêEDYRX NWHUi RERKDWLOD YR]RYê SDUN ]UXþVNp SRåiUQt
VWDQLFH3LStOHåLWRVWLNWXKDVLþLXVSRiGDOLSHKOtGNXFHOpKRYR]RYpKRSDUNXDVSHFLiOQtYê]EURMH
YH KRGLQ E\OD GR SUDYpKR SLOtH PRVWX SR VPUX WRNX HN\ ]D]GQD VFKUiQND V PDWHULiO\
Y\SRYtGDMtFtPLRVRXþDVQRVWLPVWD
VH ]D YHONp ~þDVWL PtVWQtFK REþDQ$ NRQDOR YH VPXWHþQt VtQL SRVOHGQt UR]ORXþHQt VSRGQLNDWHOHP-DURVODYHP
5RXEHPþOHQHP0VWVNpKR]DVWXSLWHOVWYDYH=UXþLQDG6i]DYRX
.8/785$,1)2&(17580
,QIRUPD QtVHUYLV
1RYêPX]LNiO
2G Y 'LYDGOH 0LOpQLXP Y 3UDåVNp WUåQLFL Y +ROHãRYLFtFK XYiGt VSROHþQRVW )$&7 VUR S$YRGQt þHVNê
PX]LNiOSRGOHILOPRYpKRVFpQiH9UDWLVODYD%ODåND67$5&,1$&+0(/8
+UDMt,YDQD&KêONRYi-DQDâYDQGRYi-LWND$VWHURYi/XFND9RQGUiþNRYi5XGROI+UXãtQVNê%RKXVODY.OHSO9iFODY
6ORXS-DQD2EHUPDLHURYiDGDOãt
%OLåãtLQIRUPDFHSRGiDYVWXSHQN\]DMLVWtREFKRGQtRGGOHQtWHOID[QHER
ZZZVWDUFLF]
9HOHWUK\DYêVWDY\
9ýHVNêFK%XGMRYLFtFKSUREtKiYDUHiOX9êVWDYLãW YHGQHFK VRXþDVQ KQHGQNROLNYêVWDY
67$9%$)25$5&+ 6WDYHEQtPDWHULiO\E\WRYpD]DKUDGQtY\EDYHQt
7+(502./,0$ 9\WiSQtNOLPDWL]DFHYWUiQtFKOD]HQt
697(/(.752 $XGLRYLGHRWHFKQLNDRSWLND
(.267</ (NRORJLFNpYêUREN\VWDYE\
9/\VpQDG/DEHPSDNMHPRåQRYHGQHFK ]KOpGQRXWQD9êVWDYLãWLYêVWDYX%$=e1<
9 2VWUDY VH YH GQHFK XVNXWHþQt 2675$96.È 1È52'1Ë 9é67$9$ 368 9â(&+ 3/(0(1
9êVWDYLãW ýHUQiORXND
'$PGWtDPOiGHåH'20,1,..XWQi+RUD
''0 Y\KOiVLO Y EH]QX YêWYDUQRX VRXWå SUR YãHFKQ\ YNRYp NDWHJRULH QD WpPD%$%$ -$*$ 6 .2&285(0
2EUi]N\ Y\KRWRYHQp OLERYROQRX WHFKQLNRX VH MPpQHP YNHP D DGUHVRX MH PRåQR RGHY]GDW GR ''0 Y .XWQp +RH
QHMSR]GMLGRGXEQD2EUi]N\EXGRXY\VWDYHQ\Y''0DQDYtW]HþHNiRGPQD
3LQpVWVHPP$åHWHWDNpMDNNROLYQiSDGLW R]GREHQpYHOLNRQRþQtYDMtþNRDWRGR9DMtþNDEXGRXY\VWDYHQDD
QHM]GDLOHMãtRFHQQD
9(/,.212ý1Ë'29È'1Ë
6UD]Y''0YHVWHGXYKRGLQ1DSURJUDPXYHþHHPDORYiQtNUDVOLF
StSUDYDWVWDSHþHQtD]GREHQtSHUQtþN$SOHWHQtSRPOi]HN.RQHFDNFHYH
þWYUWHNYKRGLQ&HQD.þ6VHERXNDUWLþNX]GUSRMLã"RYQ\S\åDPR
K\JLHQLFNpSRWHE\SROpYNRYRXOåtFLKUQHþHNQDþDMVWXåN\SURXWN\QD
SRPOi]NXWiFHNQDSHUQtþN\3URGWLVWDUãtOHW
0DORYiQtNUDVOLFSHþHQtSHUQtþN$ DSOHWHQtSRPOi]HNVHPRKRX]~þDVWQLWYãHFKQ\GWL]D.þ
Ò125
=58ý6.e129,1<
7XUQDMYHVWROQtPWHQLVH=DþiWHNYKRGLQY''0=iSLVQp.þ6VHERXYODVWQtSi
ONXDSH]$YN\3UR
GWLRGOHW
9WHQWRGHQMHWDNpPRåQpSLMtWQDSHþHQtYHOLNRQRþQtFKEHUiQN$ D]DMtþN$6VHERX.þVYDþLQXVWXåNXDWiFHN
''0'20,1,.SLSUDYXMHWDNpGYD]iMH]G\GR7HFKQLFNpKRPX]HDY3UD]HDGRKUDGHFNpKRED]pQX&HQD]iMH]GXGR
7HFKQLFNpKRPX]HDMH .þNRXSiQtYED]pQXSLMGHQD .þ
SRiGi''0QD]DKUDG UHMþDURGMQLFDMHMLFKSiOHQt8WiERUiNXVHEXGRXRSpNDWãSHNiþN\
%OLåãt LQIRUPDFH R DNFtFK SRiGDQêFK Y ''0 '20,1,. Y .XWQp +RH GRVWDQHWH QD WHOHIRQQtPþtVOH
&KFHWHSURåtWNUiVQêSUi]GQLQRYêWêGHQY0(=,1È52'1Ë0.$72/,&.e0
(63(5$176.e07È%2("
-GHRSRE\WYNRX]HOQpPSURVWHGtVNRXSDOLãWPYVRXVHGVWYtY6HEUDQLFtFKX/LWRP\ãOHYHGQHFK VUSQD
3URYêGOHþQ þLQQpMHSRSODWHN.þSURVWXGHQW\.þ
3URJUDPMHYHOPLSHVWUê9HGOHVSRUWXNRXSiQt]iEDY\WiERUiN$ DKHULWURFKX]DP\ãOHQtQDGGXFKRYQtPL
YXMH]GDUPDNXU]\
RWi]NDPLPRåQRVWGHQQt~þDVWLQDPãLVYDWpYWiERURYpNDSOL1DYtFNDåGêWiERUQtNQDYãW
PH]LQiURGQtKR MD]\ND(63(5$1727HQWRMD]\NWDPYOiGQHKQHGYHGOHþHãWLQ\SURWRåHMGHRWiERURSUDYGX
PH]LQiURGQtQDQPå]tVNiWHSiWHOH]DG\FL]tFK]HPt
QDWHOþ
3LKOiVLWVHP$åHWHQDDGUHVH.DWROLFNiVHNFHý(67UãLFNi3HQþLFHQHERSRKRGLQ
6SROHþQRVW/2.2027,9&KRPXWRY
SLSUDYXMHYUiPFLRVODY.XWQRKRUVNpKRVWtEHQtMt]GXKLVWRULFNpKRYODNXQDWUDWL=UXþQDG6i]DYRX
.XWQi+RUD3RþtWDMtåHEXGHPRåQRVHVYpVWSDUQtPYODNHPYHGHQêPURN\VWDURXSDUQtORNRPRWLYRX
NWHUi]DKDMRYDODSURYR]QDWpWRWUDWL
-t]G\MVRXSOiQRYiQ\QDVRERWXþHUYQDDQDQHGOLþHUYQD
1iURGQtGLYDGOR LQIRUPDFH
%RKXåHOVHQHSRGDLOR]DMLVWLWYVWXSHQN\QDGDOãtSHGVWDYHQtNWHUpMVPHPOLMHãW YSOiQX9ROQêE\OSRX]HWHUPtQ
RYHOLNRQRþQtQHGOLDOHERKXåHOQiPQHE\ODSRWYU]HQDREMHGQiYND
1DWHOHIRQLFNRXXUJHQFLQiPE\ORVGOHQRåHMHMHãW QNROLNYROQêFKYVWXSHQHNQDSHGVWDYHQtNRQDQpYSRORYLQ
NYWQD$OHYVWXSHQN\MVRXMLåSRX]HW\QHMOHYQMãtGRQHMY\ããtFKPtVWGLYDGODDQHQtMLFKSRþHWQDFHOêDXWREXVSURWR
MVPHMHPXVHOLRGPtWQRXW
%XGHPHVHVQDåLW]DMLVWLWGDOãtSHGVWDYHQtDYãHFKQ\QDNWHUpVHWHQWRNUiWQHGRVWDORXVSRNRMLW7ãtQiVYiã]iMHPD
YWHåHMVPHY1iURGQtPGLYDGOHQHE\OLQDSRVOHG
-LLQD-DQDWRYi
=iSDONRYpNUDELþN\DQiOHSN\
-LåPLQXOHMVPHYiVLQIRUPRYDOLåHQDRGGOHQtNXOWXU\0ÒMVRXNGLVSR]LFLUHNODPQt]iSDON\VH]QDNHPDIRWRJUDILt
QDãHKRPVWD.UDELþND]iSDOHNVHSURGiYi]D.þ
3LWpWRStOHåLWRVWLQDEt]t ]UXþVNêVEUDWHO]iSDONRYpQiOHSN\]HVYêFKSHE\WN$.DWDORJVSHE\WN\MHWpåNQDKOpGQXWt
QDRGGOHQtNXOWXU\
832=251 1Ë
3LSRPtQiPHREþDQ$PåHVWiOHMHãW PDMtPRåQRVWY\MiGLWVHNSRGRE PVWVNpKR
SUDSRUX3HGORåHQpSRGRE\E\O\]YHHMQQ\YOHGQRYpPþtVOH=UXþVNêFKQRYLQ
9\MDGRYDWVHP$åHWHNWPWRSRGREiPQHERPiWHPRåQRVWQDYUKQRXWLPRåQRVWL
GDOãt7ãtPHVHQDYDãLLQLFLDWLYX
=58ý6.e129,1<
Ò125
129È.1,+$
3UiY Y WFKWR GQHFK Y\FKi]t QRYi NQLKD V Qi]YHP ý(6.È 5(38%/,.$ 1$ 3(/208 7,6Ë&,/(7Ë
9\GDYDWHOHPMHRVWUDYVNpQDNODGDWHOVWYt65'&('RSRUXþHQiSURGHMQtFHQDUHSUH]HQWDWLYQtNQLK\MH.þ-HGQiVHR
NUiVQp EDUHYQp IRWRJUDILH PVW KUDG$ D ]iPN$ ]DMtPDYê WH[W YãH QD NYDOLWQtP NtGRYpP SDStUX -HGQX VWUDQX Y WpWR
SXEOLNDFL VL ]DGDOR L 0VWR =UXþ Q6 .QLKD MH N QDKOpGQXWt MLå Q\Qt Y 0VWVNp NQLKRYQ D QD RGGOHQt NXOWXU\ QD
]iPNX2PH]HQpPQRåVWYtNQLKEXGH]HMP 5DGRXPVWDXUþHQRLNSURGHML
;;,'76.é3/(6
GXEQDVHEXGHYHYHONpPViOH+RWHOX%D"RYNRQDWMLå;;,3/(6'7Ë=DþiWHNEXGHY
KRGLQ 9\VWRXSt NROHNWLY\ =8â SRORQp]D åiN$ =â KU\ D VRXWåH 6OHGXMWH SODNiW\ D YþDV VL
]DMLVWWHYVWXSHQN\
3R]YiQt
=YHPHYãHFKQ\QDãHREþDQ\QD]DVHGiQt=DVWXSLWHOVWYDP VWDNWHUp
VHNRQiYHþWYUWHNGQHY]DVHGDFtPtVWQR VWL0VWVNpKR~DGX
1DSURJUDPXMHSHGiQt&HQ\PVWDS)UDQWLãNX6HYHURYL
SHGiQtNQLåQtKRGDUXS9iFODYXâOHFKWLFNpPXPO
SURMHGQiQtPRåQRVWLVWDYE\VXSHUPDUNHWXYQDãHPPVW
]t]HQt2VDGQtKRYêERUXY1HVPLFtFK
=L]RYDFtOLVWLQD,=â1D3RKRt
NRXSLSR]HPNXRGEêYDOpDV6i]DYDQ
Y\KOiãHQtYêEURYpKRt]HQtQDS$MþN\])5%)RQGUR]YRMHE\GOHQt
VFKYiOHQt]iYUHþQpKR~þWX0VWD]DURN
UHIRUPD~]HPQtYHHMQp]SUiY\ GUXKêSRVWXSRYêURN
YêNXSSR]HPNXRGS.UDMtþNDDS/DFLQRYp
U$]QpYHHMQi]HOH SRVWXSHãHQtREQRY\
(QHUJRFHQWUXP
/HVQtGUXåVWYR+QYNRYLFH SLSRPtQN\NHVWDQRYiP
NRQNXU]QtSURGHM,D,,LQWHUQiWX
'DOãtLQIRUPDFH
=MHGQiQt5DG\P VWD
5DGDPVWDQDVYpP]DVHGiQtNRQDQpPGQH~QRUD
VFKYiOLOD QD ]iNODG ]YHHMQQpKR ]iPUX 0VWD SURQiMHP QHE\WRYêFK SURVWRU Y REMHNWX GROQt &+ YH
=UXþVNpPGYRHILUP +7&=(&+ VUR
VFKYiOLODILQDQþQtStVSYHN0â1D3RKRtQDGRSUDYXQDREODVWQtSHKOtGNX0$7(,1.$Y&KUXGLPLQDNWHUp
]UXþVNpGWLY\VWRXStVHVYêPSURJUDPHP
VFKYiOLODYêãL~KUDG]D~NRQ\SHþRYDWHOVNpVOXåE\YVRXODGXVY\KO6EVSODWQRVWtR
G
XORåLOD VYRODW MHGQiQt ]D ~þDVWL ]iVWXSFH ', 3ý5 D PDMLWHO$ REFKRG$ Y XOLFL PiMH ]D ~þHOHP Y\HãHQt GRSUDYQt
VLWXDFHYWpWRORNDOLW
VFKYiOLOD VPORXYX R ]iYD]NX YHHMQp VOXåE\ YH YHHMQp OLQNRYp RVREQt GRSUDY N ]DMLãWQt RVWDWQt GRSUDYQt
REVOXåQRVWL~]HPtRNUHVX.XWQi+RUDSURURNX]DYHQRXVý6$'%HQHãRY
VFKYiOLOD ]DGDW ]KRWRYHQt SURMHNWRYp GRNXPHQWDFH QD SO\QRILNDFL REFH 'XELQD GOH QiYUKX SHGORåHQpKR ILUPRX
5(352*$6VUR
5DGDPVWDQDVYpP]DVHGiQtNRQDQpPGQHEH]QD SURMHGQDODDVFKYiOLODHãHQtYHYFLSR]HPN$ ]DJDUiåHPLYORNDOLW 1D6NDOiFK
VFKYiOLOD EH]~SODWQê SURQiMHP ãNROQt MtGHOQ\ 6PtãHQp RUJDQL]DFL ]GUDYRWQ SRVWLåHQêFK ]D ~þHOHP NRQiQt YêURþQt
þOHQVNpVFK$]H
VFKYiOLOD EH]~SODWQê SURQiMHP YHHMQpKR SURVWUDQVWYt SDUNRYLãW QD QiP 0tUX +DVLþVNpPX ]iFKUDQQpPX
VERUX 6Wþ NUDMH ~]HPQt RGERU .XWQi +RUD GQH RG GR KRGLQ ]D ~þHOHP SRiGiQt .UDMVNp
VRXWåHYHY\SURã"RYiQtRVRE]KDYDURYDQêFKYR]LGHO
Ò125
=58ý6.e129,1<
Y]DODQDYGRPtGRSLVýý..XWQi+RUDYHNWHUpPLQIRUPXMtåHQiãVSROXREþDQSDQ9iFODYâOHFKWLFNêPOGDURYDO
[EH]SODWQ VYRXNUHY7HQWRþLQEXGHRFHQQQD]DVHGiQt=0 GQH
XORåLOD]QRYX]YHHMQLWDNWXiOQt]iPU\0VWD
SURQDMPRXW]EêYDMtFtYROQpSURVWRU\YH=UXþVNpPGYRHVXSUDYHQRXFHQRX]DPQD
.þPURN
SURQDMPRXWQHERSURGDWYêPQtNRYRXVWDQLFL6OXQQê9UFKVXSUDYHQRX
PLQLPiOQtQDEtGNRYRXNXSQtFHQRXQDWLVtF.þ
Y]DODQDYGRPt]SUiYXRUR]YRMLWHSORILNDþQtVRXVWDY\YHPVW D XORåLODVH]QiPLWVWtPWRPRGHOHP=0
1È=25<ý7(1È#
3RG WRXWR KODYLþNRX QDMGHWH YåG\ þOiQN\ NWHUp QDSVDOL þWHQiL =UXþVNêFK QRYLQ 1XWQR YãDN
SHGHVODW åH W\WR þOiQN\ QHY\MDGXMt VWDQRYLVNR UHGDNFH D Y\GDYDWHOH QRYLQ 1HERMWH VH Y\MiGLW
VY$M Qi]RU D GRSLV RSDWLW VYêP SRGSLVHP 5HGDNFH VL Y\KUD]XMH SUiYR NRUHNFH ]HMPpQD
JUDPDWLFNp SRMPRYp D NYDQWLWDWLYQt 'RSRUXþXMHPH þWHQi$P DE\ ]iPU QHFKDW ]YHHMQLW VY$M
þOiQHN ]NRQ]XOWRYDOL RVREQ Y UHGDNFL ýOiQN\ XUþHQp MDNR UHNODPD SUH]HQWDFH SROLWLFNêFK VWUDQ
SLSHGYROHEQtNDPSDQLDSEXGRX]YHHMRYiQ\SRX]HMDNRSODFHQiLQ]HUFH
3URWRåHWDWRUXEULNDPiRPH]HQêSURVWRUEXGHPHGiYDWSHGQRVWþOiQN$PYFQêPDNRQVWUXNWLYQtPSHGþOiQN\
HPRWLYQtPL NWHUp QLF QHHãt 3HMHPH VL D XGOiPH YãH SUR WR DE\ VH ] WFKWR QRYLQ QHVWDO EUDN D SURVWHGQtN N
Y\L]RYiQt~þW$3HMHWHOLVLWRWDNpSRPR]WHQiPDQDSLãWHVY$MþOiQHN
=YOiãWQtãNRODGNXMH
'QHDEH]QDXVSRiGDODSDQt/KRWNRYiSURQDãHåiN\YHOLFH]DMtPDYpDSRXþQp
EHVHG\YGWVNpPRGGOHQt0VWVNpNQLKRYQ\YH=UXþLQDG6i]DYRX
'NXMHPHMt]DVQDKXDYHONRXWUSOLYRVW
2VWSROLWLND YêFKRGQtSROLWLND9DWLNiQX
GRNRQþHQt
2VWSROLWLNDE\ODWDNpSROLWLNRXYê]QDPQpVRXWåH=PtQQpY\URYQiQtSRGHSVDQpV-XJRVOiYLtYUVWDQRYLOR
UHåLPUR]GOHQtWRXPRåQLORYêPQXUHSUH]HQWDQW$ GLSORPDWLFNpKRFKDUDNWHUXYVUSQXVSHGFKR]tQiYãWYRX
PDUãiOD 7LWD YH 9DWLNiQX 9H VWHMQpP URFH NDUGLQiO 0LQGV]HQW\ PRKO RSXVWLW DPHULFNp
YHOY\VODQHFWYtY%XGDSHãWLRGMHWGR9tGQ DEêWIXQNþQ SRYêãHQ1NROLNOHWSHGWtPMHGQiQtY3UD]H
SUR PRQV %HUDQD MPHQRYiQ NDUGLQiOHP D ]DVWRXSHQ PRQV 7RPiãNHP MDNR DSRãWROVNêP DGPLQLVWUiWRUHP VNRQþLOR
QH~VSãQ 6YDWê VWROHF YãDN SRNUDþRYDO YH VQD]H YpVW GLDORJ V SUDåVNêPL DXWRULWDPL D WR Y SURVLQFL Y EH]QX
Y OLVWRSDGX Y OHGQX Y G$VOHGNX þHKRå E\OR XPRåQQR MPHQRYDW GYD ELVNXS\ D GYD DSRãWROVNp
DGPLQLVWUiWRU\YEH]QX
'QH SURVLQFHV\PEROLFN\MDNE\ORSR]GMLNRQVWDWRYiQR3DYHO9,SLMDOYDXGLHQFLSUYQtKRWDMHPQtND
SROVNp VMHGQRFHQp VWUDQ\ (GZDUGD *LHUHND 9H VYpP SURVORYX SDSHå WHKG\HNO åH NDWROLFNi FtUNHY QHSURVt R
SULYLOHJLDDOHSRX]HåiGiRSUiYREêWVDPDVHERXDRPRåQRVWSURYR]RYDWEH]]iEUDQþLQQRVWNWHUiMtMHYODVWQtSURMHMt
WYiQRVWDPLVL
HNOLMVPHåHRVWSROLWLNDVYHQi3DYOHP9,GRSpþHPRQV&DVDUROLKRSLQHVODYê]QDPQpSORG\7R3DYHO9,
ViP Y]SRPHQXO YH VYp SRVOHGQtHþL N GLSORPDWLFNpPX VERUX DNUHGLWRYDQpPX X 6YDWpKR VWROFH Y OHGQX 3R
PQRKR OHW V YêMLPNRX QNROLND ]HPt SUR NWHUp QiP WR QHE\OR GRYROHQR FtUNHY VH VQDåLOD QDYD]RYDW XStPQê D
RWHYHQêGLDORJNWHUêQHP$åHEêWSRYDåRYiQ]DEH]YêVOHGQêDNWHUêVLSHMHPHGiOHSURKORXELWUR]ãtLWQDERG\GRVXG
QHSURMHGQiYDQp
-DQ 3DYHO ,, RG U GR SUDYGSRGREQ QDKUDGLO GUREQp NURN\ SUDYLGOR MHKR VWiWQtKR WDMHPQtND
SULQFLSHP StPMãt LQWHUYHQFH 8UþLW SHUHVWURMND RWHYHOD QRYp SHUVSHNWLY\ D PQRKHP YtFH N WRPX SLVSO SiG
EHUOtQVNp]GLYU2VWSROLWLNDYWRPWRYêYRML]FHODXUþLW PODWDNpVYRMLQHPDORXUROL3RVOHGQtGY VKURPiåGQt
V\QRGXELVNXS$ YQRYDQi(YURS Y\FKi]HODSUiY ]WFKWRYê]QDPQêFKXGiORVWt
3DSHå-DQ3DYHO,,YSROVNpP+Q]GQSLPãLVYDWpNWLVtFLOHWtVYDWpKR9RMWFKDHNO6YUåHQDE\OD
]HNWHUiUR]GOLOD(YURSXOHWSR]DþiWNXGUXKpVYWRYpYiON\MHMt~þLQN\SHVWDO\UR]UêYDWWYi QDãHKRNRQWLQHQWX
6NRQþLORVHS$OVWROHWtUR]GOHQt]DNWHUpPLOLyQ\RE\YDWHOVWHGQtDYêFKRGQt(YURS\]DSODWLO\KUR]QRXFHQX
&tUNHY NWHUi MH Y VRXODGX VH VYRX QiERåHQVNRX D KXPDQLWQt PLVt ]DYUKOD WHRULH D LGHRORJLH NWHUp RGVWUDQLO\
%RKD ]H VSROHþQRVWL D NWHUp SRNRLO\ OLGVNRX G$VWRMQRVW 9åG\ REKDMRYDOD ~FWX N SUiY$P PH]LQiURGQ X]QDQêP
VWYU]HQêPSRGSLVHP]iVWXSF$ LWFK]HPtNWHUpMHQHUHVSHNWRYDO\3HGHYãtPYãDN MHPRåQRtFLQDNRQFLWpWRNUiWNp
SR]QiPN\ FtUNHY PLORYDOD RE\YDWHOH YUåHQp GR V\VWpP$ NWHUp Y\WYiHO\ GXFKRYQt D PDWHULiOQt FKXGREX QH]QDORVW
QiERåHQVWYtDEVHQFLSUDYG\
=58ý6.e129,1<
ýHVNêVYD]RFKUiQF$ StURG\
Ò125
3RGEODQLFNpHNRFHQWUXPý6239ODãLP
3OiWHQtNRYD9ODãLP
=3RGEODQLFNpKRHNRFHQWUDMVPHREGUåHOLYPLQXOêFKGQHFKQNROLNWLVNRYêFK]SUiY3RMHGQiYDO\QDStNODGR
tURG\
ELODQFRYiQtHNRFHQWUD]DURNRSUYQtPOHWRãQtPþtVOHþDVRSLVX3RG%ODQtNHPRWRPMDNRFKUiQFLS
SRPiKDMtþiS$PRYêVN\WXMHiE$ SRSHODYêFKRWRPNGREXGH%ODQLFNêPU\WtHPRWRPåHMHRKURåHQD
UH]HUYDFHX7RPLFDWG
9]KOHGHPNWRPXåHQHQtPRåQpYãHFKQ\W\WR]SUiY\]YHHMQLWYQDãHPPVtþQtNXY\EUDOLMVPHWXNWHUiVHQiV
GRWêNi]HYãHFKQHMYtFH3RMHGQiYiWRWLåRåDEtFKQiPOXYiFKDLGLþLMLVW YGtåHNROHPVt"RYêFK]iEUDQMH]GLOL
RþHNiYiQLOHWRVDSURWR
XåYORVNpPURFHQDGStVNRYQRXX+RUN\QDG6i]DYRX$YêVN\WåDEMHYWpWRORNDOLW
,',ý,32=25-$51Ë1È0/89<ä$%=$ýË1$-Ë
6 SLFKi]HMtFtP MDUHP Y\Op]i PQRKR ]YtDW NWHUi E\OD EKHP ]LP\ XNU\WD D VSDOD -HMLFK Yê]QDPQê SRGtO WYRt
RERMåLYHOQtFtD]YOiãW SDNåiE\7LWRVWXGHQRNUHYQtåLYRþLFKRYpMHMLFKåWOHVQiWHSORWDMH]iYLVOiQDWHSORW RNROtVH
VWiYDMt DNWLYQtPL SL MDUQtP RWHSOHQt Y]GXFKX DVL QD VWXS$ PH]L SUYQtPL RSXãWMt VYp ]LPQt ~NU\W\ VNRNDQL D
URSXFK\ 3UiY URSXFK\ Y\åDGXMt QD MDH V RKOHGHP QD VY$M ]S$VRE åLYRWD ]YOiãWQt RFKUDQX 7HQWR GUXK åDE VH Y
WRPWRREGREtYWãLQRXNRQHFEH]QDD]DþiWHNGXEQDLQVWLQNWLYQ VWDKXMHGRPtVWNGHVHYPLQXOpPURFHY\OtKQXO
-HGQi VH SHGHYãtP R U\EQtN\ D MLQp SRGREQp VWRMDWp YRG\ 5RSXFK\VHGRW FKWRPtVWKURPDGQ VWDKXMt]D~þHOHP
SiHQt 9 WpWR GRE VHP VPXMt VWRYN\ D QNG\ L WLVtFH åDE -H ]DMtPDYp åH L NG\å QHMVRX VFKRSQp YLG W QD YWãt
Y]GiOHQRVWLWDNVY$MU\EQtNQDMGRXYåG\7RSODWtLYStSDGåHWHUpQYRNROtVH]PQLODMVRX]GHQRYpSHNiåN\
2VXGRYêPVHVWiYiPQRKêPåiEiPþLMLQêPRERMåLYHOQtN $PMDUQtWDKNG\SHFKi]HMtPLJUXMt]HVYêFK]LPRYLã"
QD PtVWD UR]PQRåRYiQt SRNXG MLP WDKRYRX FHVWX S HWtQi VLOQLFH 9HONp PQRåVWYt URSXFK VNRNDQ$ D GDOãtFK
RERMåLYHOQtN$ SDNNRQþtVYRMLMDUQtSRX" ]DQiPOXYDPLSRGNRO\DXWRPRELO$7RWRSURRERMåLYHOQtN\QHEH]SHþQpREGREt
SUiY ]DþtQi
ýOHQRYp ý623 YH 9ODãLPL ]DMLã"XMt NDåGRURþQ W\WR WDKRYp FHVW\ LQVWDORYiQtP VSHFLiOQtFK Vt"RYêFK ]iEUDQ SRGpO
NRPXQLNDFt =YtDWD SDN QDUD]t QD ]iEUDQX D SXWXMt SRGpO Qt N QHMEOLåãt ]DN RSDQp RGFK\WRYp QiGRE NEHOtNX NDP
VSDGQRX .DåGê GHQ UiQR SDN SLMGH SUDFRYQtN 3RGEODQLFNpKR HNRFHQWUD ý623 9ODãLP D QDSDGDQp åiE\ D GDOãt
åLYRþLFK\ ] ODSDþ$ Y\EHUHDSHQHVHSHVVLOQLFLGRFtOHMHMLFKFHVW\ GRU\EQtNDNGHVHUR]PQRåXMt%KHPWDKXVH
WDNWRRFKUiQF$PStURG\SRGDt]DFKUiQLWVWRYN\åDE]QLFKåYWãLQDQiOHåtN]iNRQHPFKUiQQêPGUXK$P
9GQHãQtGRE MHYWãLQDPLJUDþQtFKFHVWNWHUpMVRXSURWQXW\VLOQLFHPLMLå]QiPD1DW\WRLQNULPLQRYDQiPtVWD
NDåGRURþQ þOHQRYpý623UR]PtV"XMtVt"RYp]iEUDQ\3UYQtMVRXMLåLQVWDORYiQ\YORNDOLW PH]LNLåRYDWNRXX.ODGUXED
7UKRYêP âWSiQRYHP QiVOHGRYDW EXGRX GDOãt SR FHOpP RNUHVH %HQHãRY D .XWQi +RUD 3HGSRNOiGiPH åH WtPWR
]S$VREHPEXGRXSHGNRO\DXWRPRELO$ ]DFKUiQQ\WLVtFHRERMåLYHOQtN$=iEUDQ\EXGRXXPtVWQ\GRNRQFHWDKXåDE
3RFHORXWXWRGREXEXGRXSDVWLY\EtUiQ\DåiE\SHQiãHQ\
9\]êYiPH YãHFKQ\ YãtPDYp VSROXREþDQ\ DE\ SRNXG ]QDMt REGREQp PtVWR NGH KURPD GQ K\QRX åiE\ SL
MDUQtFKWD]tFKWXWRVNXWHþQRVWR]QiPLOLY3RGEODQLFNpPHNRFHQWUXý623YH9ODã LPL3OiWHQtNRYDWHO
3UDFRYQtFL]GHMãt6WDQLFHSURKDQGLFDSRYDQpå LYRþLFK\MHåMHVRXþiVWt1iURGQtVtW REGREQêFKVWDQLF
EXGRXW\WR~GDMHVKURPDåRYDWDEXGRXRUJDQL]RYDW]iFKUDQQiRSDWHQt
9iFODY=HPHN3RGEODQLFNpHNRFHQWUXPý623
7VQ SHGX]iYUNRXQRYLQMVPHGRVWDOLQHPpQ ]DMtPDYRXLQIRUPDFL
9WUQiVPUã" NDWDSXOWRYDODYHYHUN\
9 SRQGOt EH]QD VH QDG 3RVi]DYtP SHKQDOD YWUQi VPUã" NWHUi SRãNRGLOD PQRKp VWDYE\ SDWLOR PH]L Q L
KQt]GRYHYHUHNXPtVWQpYHãSLþFHDVLPY\VRNpKRSLFKODYpKRVPUNXQD]DKUDG URGLQQpKRGRPXY3RGOXVtFK3L
VLOQêFK SRU\YHFK YWUX E\OD ] KQt]GD Y\PUãWQD þW\L POiDWD YHYHUN\ REHFQp 0DOêFK YHYHUHN VL YãLPO\ GWL ]H
VRXVHGQtKR GRPX D V SRPRFt VYêFK URGLþ$ SLYRODOL QD SRPRF SUDFRYQtND 6WDQLFH SUR KDQGLFDSRYDQp åLYRþLFK\ YH
9ODãLPL 3R ]NRQWURORYiQt MHMLFK ]GUDYRWQtKR VWDYX D RYHQt KQt]GD E\OD DVL WLGHQQtPOiDWDGRVD]HQD]SWGR
VYpKRGRPRYD'RVSOiYHYHUNDNWHUiY\EKOD]KQt]GDNG\åVH]DFKUiQFHMHMtFKPOiDWSLEOtåLOVOHGRYDODFHOpGQt]
YUFKRONXVPUNX
9HYHUN\REHFQpSDWtPH]L]YOiãW FKUiQQpDVLOQ RKURåHQpåLYRþLFK\9VRXþDVQpGRE VHVQLPLP$åHPHþDVWML
VHWNDWY]DKUDGiFKQHERSDUFtFKQHåYHYROQpStURG3HVWRåHPDMtQNROLNUiWGRURNDPODGpDåYMHGQRPYUKX
MHMLFKVWDY\MVRXQt]NpÒKODYQtQHStWHOYHYHUHNSRVOHGQtFKOHWMHNXQDNWHUiMHGRYHGHKELW SURQiVOHGRYDWYNRUXQiFK
VWURP$ QHERY\EtUiPOiDWD]KQt]G3tþLQSURþYHYHUHNYQDãtStURG XEêYiMHVDPR]HMP YtFP$åHWREêWLPDOi
GUXKRYiSHVWURVWURVWOLQ DåLYRþLFK$ YQDãLFKOHVtFK.HVYpPXQDV\FHQtSRWHEXMtYHYHUN\U$]QRURGRXSRWUDYXNGHMVRX
]DVWRXSHQ\URVWOLQQpLåLYRþLãQpVORåN\6ORåHQtSRWUDY\WDNpGRXUþLWpPtU\RYOLYXMHMHMLFK]DEDUYHQtSURWRVHP$åHPH
VHWNDWVNODVLFN\UH]DYêPLKQGêPLDåþHUQêPLYHYHUNDPL
0JU3DYHOýHFK3RGEODQLFNpHNRFHQWUXPý6239ODãLP
3R]YiQND
9SHGQiãNRYpPViOH3RGEODQLFNpKRHNRFHQWUDý623YH9ODãLPLE\ODRWHYHQDYêVWDYDRJHRORJLL3RGEODQLFND
9êVWDYDMHRWHYHQDSRSiRGKRGDRGKRGLQ3RWUYiGRNRQFHPVtFHGXEQD
Ò125
=58ý6.e129,1<
9$Ë0($5$'Ë0(
.DOHQGiQtMDURXåPiPHWDG\D]DQHGORXKRXYtWiPHYHOLNRQRþQtVYiWN\$SURWRSiUMDUQtFKSHGSLV$
2YHOLNRQRþQtKODYLþFHMVPHMLå NG\VLYQRYLQiFKSVDOLDOHPiPHMHãW MHGHQUHFHSWQDQiN\SNWHUêE\YiPPRKO
FKXWQDWY\MGHOHYQMLDMHPQRKHPU\FKOHMãt
âXQNRYêQiN\S
$O
JUêåHJãXQN\P$åHEêWLãXQNRYêVDOiPJ WYUGpKRVêUDQDVWURXKiQtOLWUXPOpNDYHMFHV
]HOHQiSHWUåHODSDåLWNDPiVOR
5êåLXYDtPHYRVROHQpYRG DQHFKiPHRNDSDWSRWRPSLGiPHXVHNDQRXãXQNXSURPtFKiPHVHåORXWN\UR]ãOHKDQêPL
Y POpFH RVROtPH SLGiPH XVHNDQRX SHWUåHO D SDåLWNX D QDNRQHF YPtFKiPH SHYQê VQtK ] EtON$ 6PV GiPH GR
RKQLY]GRUQpPLVN\Y\PD]DQpPiVOHPDSRPDOX]DSHþHPH3HGGRNRQþHQtPSRV\SHPHSRYUFKVWURXKDQêPVêUHP
3RGiYiPHVPNNêPFKOHEHPQHERSHþLYHPN\VHORXRNXUNRXQHER]HOHQLQRYêPVDOiWHP
$MHãW QFRQD]XE
H]\]YDQp9(/,.212ý1Ë5(-
JKODGNpPRXN\JPiVODFHOiYHMFHYDQLONRYêFXNUSUiãHNGRSHþLYDOåtFHUXPX
1DYiOH]SUDFXMHPHWVWR]KODGNpPRXN\SUiãNXGRSHþLYDPiVODFHOpKRYHMFHYDQLONRYpKRFXNUXDOåtFHUXPX7VWR
GREHY\SUDFXMHPHDUR]GOtPHQDþiVWL.DåGRXþiVWXSHþHPHQDY\PDãWQpPDPRXNRXY\V\SDQpPSOHFKX]YOiã"
-HãW ]DWHSODNDåGRXþiVWUR]HåHPHQDWLSUXK\&HONHPEXGHPHPtWGHYWSUXK$1DSOQtPHMHPiVORYêPNUpPHP
.UpP 3$OOLWUXþHUQpNiY\JNU\VWDORYpKRFXNUXOåtFHKUXEpPRXN\JRHFK$ DJPiVOD
ýHUQRX NiYX YDtPH VSROHþQ V NU\VWDORYêP FXNUHP 0RXNX UR]PtFKiPH Y WURãFH VWXGHQp YRG\ SLOLMHPH NH NiY D
XYDtPHNDãL'RãOHKDþHGiPHPiVORDGRXãOHKDQpKRPiVODSLGiYiPHVWXGHQRXNDãLDPOHWpRHFK\1DSOQQpSiV\
SROLMHPHSROHYRX
3ROHYD GFOYRG\XYDtPHVHJFXNUXQDQLWNXJPiVODY\PtFKiPHVHJNDNDD
'RYURXFtYRG\VFXNUHPSLGiPHY\PtFKDQpPiVORVNDNDHPDSROLMHPHQDSOQQpH]\
'REURXFKX"
63257
9VRERWX EH]QDSUREKO]iYUHþQê]HVHULiO$ ]LPQtFKWXUQDM$ YPLQLNRSDQpQDãNROQtP
KLãWL]DEXGRYRX]iNODGQtãNRO\1D3RKRt7XUQDMHVHWHQWRNUiW]~þDVWQLORGHYWGUXåVWHYKUiOR
VHQDGYRXKLãWtFKVKUDFtPþDVHP[PLQXW
6.83,1$$
)&.(.21+RUNDQ6
)&6/29$1.ODGUXE\
)&6RXWLFH
)&3UDKD
,17(51$&,21È/29e
6.83,1$%
)&$-$;3ROLSV\
+$6,ý&$-7, )&&KDEHLFH
636&KYRMNRYLFH+%URG
3RRGHKUiQt]iSDV $ YHVNXSLQiFKNGHVHKUiORV\VWpPHPNDåGêVNDåGêPSRVWXSRYDODGUXåVWYDXPtVW QiQDSUYQtPDGUXKpP
PtVW YHVNXSLQiFKGRILQiORYpVNXSLQ\R PtVWRS LþHPåVH Y]iMHPQê]iSDV]H]iNODGQtVNXSLQ\]DSRþtWiYDOGRILQiORYp
VNXSLQ\
6.83,1$2 0Ë672
)&$-$;3ROLSV\
)&)(.21+RUNDQ6
+$6,ý&$-7,
)&6/29$1.ODGUXE\ )&$-$;3ROLSV\
=9é6/('.8),1È/29e6.83,1<
+$6,ý&$-7,
=58ý6.e129,1<
)&$-$;3ROLSV\
)&$-$;3ROLSV\
)&)(.21+RUNDQ6
)&)(.21+RUNDQ6
+$6,ý&$-7,
Ò125
)&)(.21+RUNDQ6 )&6/29$1.ODGUXE\
+$6,ý&$-7,
)&6/29$1.ODGUXE\
)&6/29$1.ODGUXE\
6WHMQêP]S $VREHPVHKUiORRPtVWRS LþHPåSRVOHGQtFHOHNVNXSLQ\$,17(51$&,21È/29eE\OPLPRKUX3URWRåH
YãDNWêP)&3UDKD N]iSDV$PRFHONRYpXPtVW QtXåQHQDVWRXSLOWRWRGUXåVWYRQDKUDGLOLSUiY ,17(51$&,21È/29e
6.83,1$2 PtVWR
)&&KDEHLFH
636&KYRMNRYLFH+%URG
)&6RXWLFH
,17(51$&,21È/29e 2SR DGtQDDPtVW UR]KRGRYDOYWãtSRþHWYVWHOHQêFKEUDQHNSURWRåHY]iMHPQêGXHOVRXSH $VNRQþLOQHUR]KRGQ 9UiPFLWXUQDMHE\OLY\KRGQRFHQLQHMOHSãtKUiþL
EUDQNi
)UDQWLãHNâWHFKHU )&)(.21+RUNDQ6
VWHOHF-RVHI6WXGHFNê)&)(.21+RUNDQ6
KUiþDXWRUEUDQHN-RVHI6WXGHFNê)&)(.21+RUNDQ6
9ãHFKQD]~þDVWQ QiGUXåVWYDLQHMOHSãtKUiþLREGUåHOLYFQpFHQ\DGLSORP\
9SOiQXPiPHXVSRiGDWLVHULiOOHWQtFKWXUQDM$ þHUYHQþHUYHQHFVUSHQ
=DSRDGDWHOH-Lt'ROHMãtVW
6SROHþHQVNiNURQLND
%ODKRSHMHPH YãHP QDãLP VSROXREþDQ$P NWHt Y PVtFL EH]QX RVODYXMt QHER MLå RVODYLOL VYp
QDUR]HQLQ\ ]YOiãW SDN $QHåFH âDWURYp 5$åHQ 5DNXãDQRYp %RåHQ 5DMGORYp )UDQWLãFH
3XVWNRYp(P .RtQNRYp-DURVODYX%HãWRYL 0LORVODYX9LNWRURYL)UDQWLãFH&KDORXSNRYp-LLQ
6êNRURYp -LLQ 3DYOLãRYp 0LORVODYX .XWWHOZDVFKHURYL -RVHIX '\QGRYL 5$åHQ 0iONRYp
-RVHIX 3DYOLãRYL $QHåFH 3QNDYRYp .YWRVODY 3DFRYVNp 9ODVW =DFKDULiãRYi =GHFH
9DãtþNRYp 9H +DODãWRYp 0DULL %HQHãRYp -DURVODYX 6WXGQLþNRYL )UDQWLãNX âPtGRYL
%RKXPLOX.ODWRYVNpPX
-PHQRYDQêPLYãHPRVWDWQtPRVODYHQF$PSHMHPHKRGQ ]GUDYtãWVWtDSRKRG\
3RGNRYiQt
'NXML0VWVNpPX~DGXD6ERUXSURREþDQVNp]iOHåLWRVWL]DEODKRSiQtNPêPMXELOHMQtP
QDUR]HQLQiP
-RVHI6RXNHQtN
'NXML WRXWR FHVWRX 0VWVNpPX ~DGX D 6ERUX SUR REþDQVNp ]iOHåLWRVWL ]D EODKRSiQt
NPêPQDUR]HQLQiP
.YWRVODYD3DFRYVNi
8StPQ D V GRMHWtP GNXMHPH 9iP YãHP NWHt MVWH VH SLãOL GQH ~QRUD UR]ORXþLWVQDãtGUDKRXPDPLQNRXSDQt2OJRX.\GDORYRX
'NXMHPHWDNp]DNUiVQpNYWLQRYpGDU\D~VWQtLStVHPQpSURMHY\VRXVWUDVWL9ãHQiP
]$VWiYiRSRURXYQDãHP]iUPXWNX
=DURGLQX%HWLVODY.\GDODD2OJD.UiVQi
9=3
=32
20Ì1.
1.$
$
9PVWVNpPUR]KODVHMVPHVHQDSRVOHG\UR]ORXþLOLVQDãLPLVSROXREþDQ\SDQt0DULt
6HGOiNRYRXSDQHP3DYOHP9RGHKQDOHPSDQHP/DGLVODYHP0iONHPDSDQHP
$ORLVHPâHENHP9QXMPHMLPWLFKRXY]SRPtQNX
Ò125
=58ý6.e129,1<
9 StãWtPþtVOHXYLGtWH
=$+È-(1Ë129e+26(5,È/8 632/.<$25*$1,=$&(
$.78È/1Ë,1)250$&(
'8%129e8'È/267,9<36$1e=0 676.é&+.521,.
x 3267(+<$=$-Ë0$9267,=0 67$
=58ý6.e129,1<
Ò125
0VWVNp.,12/('(ý1$'6È=$928
SURJUDPQDEH]HQ
8SR]RUQQt3HGSURGHMYVWXSHQHNQDSRKiGNX=3(./$â767ËEXGHY
SRNODGQ NLQDGQHRGKRGLQRGSROHGQH0LPRiGQpYVWXSQp .þ
=3(./$â767Ë
3RNUDþRYiQt~VSãQpSRKiGN\
=3(./$â767Ë
3RNUDþRYiQt~VSãQpSRKiGN\
6/(3,ýËÒ/(7
ÒVSãQiILOPRYiNRPHGLH
6287+3$5. 3(./21$=(0,
&HORYHþHUQtILOPQDWRþHQêSRGOHSRSXOiUQtKRDPHUVHULiOX
08ä%(=67Ë18
âRNXMtFtVFLILWKULOOHU
&(67$=067$
ÒVSãQiILOPRYiNRPHGLH
&(67$=067$
ÒVSãQiILOPRYiNRPHGLH
32'3295&+(0
0\VWLFNêWKULOOHU
9,.,1*29e
)LOPRYpGUDPD
.<7,&(
)LOPRYiEiVH ]KRURURYêFKNYW$ QiPW.-(UEHQD
32â/,72'È/
'UDPDWLFNêStEK
$1'/(;,7
ýHVNêILOP
%,//<(//,27
)LOP]ER[HUVNpKRSURVWHGt
Ò125
=58ý6.e129,1<
,1=(5&(
9 WFKWRQRYLQiFKP$åHWH]YHHMQLWVY$MLQ]HUiW]DWFKWRSRGPtQHN
iGNRYiLQ]HUFH ]DiGHN.þ
iGHNPiãtNXFP
3ORãQiLQ]HUFH QHMPHQãtþiVWNDMH.þ]DVWUiQN\.þ]DVWUiQN\D.þ]DFHORXVWUDQX$
&HQ\MVRXYþHWQ '3+
=D REVDKRYRX VSUiYQRVW QH]RGSRYtGiPH QH]YH HMXMt VH LQ]HUiW\ RGSRUXMtFt PRUiOFH D VSROHþHQVNpPX VWDQGDUGX D R G
SRUXMtFtStVOXãQêP]iNRQ$Pý53RGiYDWLQ]HUFLP$åHWHRVREQStVHPQ QHERWHOHIRQLFN\XS-DQDWRYpWHO
3URGiPGWVNpKRUVNpNRORQDDåOHWYêERUQêVWDYFHQD.þ7HO
.RXStPQHPRYLWRVWNUHNUHDþQtPXQHERLWUYDOpPXSRE\WX3RX]HQDYODVWQtPSR]HPNX
3URVtPYROHMWHQHER
2&(11Ë1(029,7267Ë
i SURU$]Qp~þHO\
i U$]QêPLRGSRYtGDMtFtPLGUXK\FHQKRGQRW
QDEt]t
,QJ)UDQWLãHNâXOF
]QDOHF
i ] RERUXVWDYHEQLFWYt RGYWYtVWDYE\RE\WQp
i RGYWYtVWDYE\SU$P\VORYp
i DRERUXHNRQRPLNDRGYWYtFHQ\DRGKDG\± VHVSHFLDOL]DFtRFHRYiQtQHPRYLWRVWt
1DYLJiWRU$ 7HO]DP
YtNHQG
E\W
PRELO
=58ý6.e129,1<
Ò125
75:$XWRHOHNWURQLNDVUR%HQHãRY
9iVVUGHþQ ]YHQD
'(127(9(1é&+'9(Ë
Y SURYR]X=UXþQDG6i]DYRX
EêYDOêDUHiO6i]DYDQX
GQHRGKRGGRKRG
75: $XWRHOHNWURQLND VUR MH GFHLQQi VSROHþQRVW QDGQiURGQtKR
NRQFHUQX FHORVYWRY S$VREtFtKR Y REODVWL DXWRPRELORYpKR SU$P\VOX D R
Y REODVWLYHVPtUQpKRYê]NXPXDREUDQ\75:$XWROHNWURQLNDVHVSHFLDOL]XMHQD
YêUREX SODVWRYêFK D NRYRYêFK VStQDþ$ D HOHNWURQLFNêFK PRGXO$ SUR YWãLQX
VYWRYêFKDXWRPRELOHN
9 VRXþDVQp GRE 75: $XWRHOHNWURQLND VUR %HQHãRY ]DPVWQiYi SHV
SUDFRYQtN$] WRKRMLFKSUDFXMHY ]iYRG YH=UXþLQDG6i]DYRX
3UiY ]GHEXGH75:UR]ãLRYDWYêUREXDWDNEKHPNUiWNpGRE\Y]QLNQH
YH=UXþLQDG6i]DYRXSUDFRYQtStOHåLWRVWSURGDOãtFKQNROLN VHW ]DPVWQDQF$
SHYiåQ YHYêURE DWHFKQLFNêFKSURIHVt
75:$XWRHOHNWURQLNDYODVWQtFHUWLILNiWSRGOHQHMY\ããtFKDXWRPRELORYêFK
QRUHP,6246D9'$
5HGDNFH0VWVNê~DG=UXþQDG6i]DYRX=iPHN WHO5HJLVWUDþQtþtVOR0.ý5(
*UDILFNi~SUDYD%RKXVODY3OH VNDþWHOH PDLOZZZPHVWR]UXFF]PX]UXF#SYWQHWF]
3tMHPLQ]HUFHY]ND]$ DStVSYN$ GRQRYLQ -LLQD-DQDWRYi WHO1HY\åiGDQpS tVSYN\QHYUDFtPH

Podobné dokumenty

Stažení

Stažení VWYtRE\þHMQ NJQDYþHOVWYRYQ NWHUêFKOHSãtFKOHWHFKLNJ9HYiOFHSDNStG OþLQLOSRX]HNJDGD ] Q KR VOHYHQDQHE\OD3LãHONRQHFVY WRYpYiON\DKOiãHQt]NRQFHURNXM...

Více

12 129,1 - Zručské noviny

12 129,1 - Zručské noviny %HQHã&HQXSURQHMVWDUãtKRKUiþHREGU åHOSDQ-XOLXV$XIUHFKW] 0 Ò.XWQi+RUDURþQtNNWHUêY SRKRG RGHKUiOFHOê WXUQDMEH]WRKRåHE\QDQ PE\O\]QiWVWRS\~QDY\DY\þHUSiQt%ODKRS...

Více

Stažení

Stažení -HãW Y URFH  E\O VWDYHEQt L SRGQLNDWHOVNê UXFK YH =UXþL SRP UQ þLOê ýtP YtFH VH YãDN EOtåLOD KUR]EDIDãLVPXWtPUXFKSR]YROQDXSDGDO$WDNMDNSHGVY WRYRXYiONRXPOiGH...

Více

Stažení - Zručské noviny

Stažení - Zručské noviny 9H=UXþLEêYDORMDNMHMLåYêãH]PtQ QRQ NROLNKRVWLQF$ DWpP  NDåGêP OVY$MViOYHNWHUpPVHKUiOD GLYDGOD SRiGDO\ U$]Qp SHGQiãN\ YHþtUN\ SOHV\ DWG $ WDN QDStNODG Xå Y UR...

Více

Chci si přečíst toto číslo

Chci si přečíst toto číslo minimální mzdu platnou v]DKUDQLþt D VSO RYDW FHORX DGX GDOãt SRåDGDYN  %XGRX VH REWtåQ ML ]tVNiYDW ~Y U\ D GRMH NQiU VWX QiNODG  D WtP VH VQtåt L

Více

V0202

V0202 PLVWDYEXLJO~YD HQtQDVQ KXUêåRYiQt]ODWDKUXVL]DSRþtWHM6FHONHPYãDNPD[LPiOQ 6 1HQtOLXåXYiVYWpWRGRE GRVWVQ KXQD]LPQtVSRUW\QHERGREURGUXåVWYtGDOHNpKR6HYHUX]D D...

Více