Zpravodaj č. 16

,1)250$ª1¯=35$92'$3522%ª$1</,%2“($.5129$
ªÍVOR
ªHUYHQHF
9iæHQLVSROXREÿDQp
UiG E\FK YiV VH]QiPLO VSOQQtP QNWHUëFK LQYHVWLÿQtFK DNFt NWHUp MVPH VL GDOL YOHWRäQtP URFH ]D ~NRO
9SUYQtQDGWRE\ODNDSOLÿNDY.UQRY3RRGERUQpP]MLäWQtVNXWHÿQpKRVWDYXYæLÿN\E\ORNRQVWDWRYiQR
æHMH]GHQXWQRY\PQLWMLæ]WURXFKQLYOpWUiP\]DQRYpFRæQHQtRWi]NRXRNDPæLWpKRQHäHQtDOHæHMHQXWQp
DæYSQtäWtPURFHVXQGDWFHORXYæDSRGURELWMLUHNRQVWUXNFL3RWpMVPHVHVRXVWQHGLOLQDRSUDYXIDViG\YÿHWQ
QiWUX0\VOtPVLæHVHQiPWDWRDNFHSRGDQLODNHVSRNRMHQRVWLPtVWQtFKRE\YDWHO
9MHGQp]GDOätFKHWDSE\ODREQRYDKRXSDÿHNQDQiYVLY.UQRYMHMLFKæNRQVWUXNFHVHYOLYHPSRYWUQRVWL
D]iVOXKRXQNWHUëFKYëURVWNcYORQLMLæ]FHODUR]SDGOD3RGDQLORVH]DMLVWLWQNROLNNXOiÿc]FKPHOQLFHDGR
VYDWpKR)ORULiQDE\ORYäH]KRWRYHQRDQDLQVWDORYiQRSUDFRYQtN\REHFQtKR~QDGX
7RWpæQiVMHäWÿHNiQDSURVWUDQVWYtXOHVtNDQDXOLFL5HYROXÿQtYÿHWQ]KRWRYHQtVWRONXDODYLÿHN,QDW\WR
SQHGPW\PiPH]DMLäWQëPDWHULiOSURWRæHVHMHQQHSDWUQiÿiVWVSRNiFHQëFKVWURPcSURGDODQDSDOLYRDSQHV
GHVHWNXEtNcKPRW\QiPSRQH]DOLQDSLOHY3BRYLFtFKQDIRäQ\
-DNMVWHMLæE\OL]DMLVWpLQIRUPRYiQLYQNWHUpP]PLQXOëFK]SUDYRGDMcGRVWDODOHWRVREHFGRWDFLNHVWDYE
GDOätHWDS\YHQHMQpKRRVYWOHQt-LæORQLNG\æMVPHRWXWRGRWDFLæiGDOL]DVWXSLWHOVWYRREFHUR]KRGORRSURYH
GHQtYVRXÿDVQRVWLQHMKRUätORNDOLW\DWR~VHNKUi]NDNHNRVWHOXDNYëVWDYEQRYëFKURGLQQëFKGRPNcYWpWR
QDätPtVWQtÿiVWL'DOätHWDS\EXGRXQiVOHGRYDWDæYSQtäWtFKOHWHFKSURWRæHMVPHVLSQHGVHY]DOLRGGOXæHQtREFH
FR VH WëNi ]E\WNX GOXKX QD KODYQtP QiGX WODNRYp NDQDOL]DFH 2VD]HQt VORXSc QDWDæHQt NDEHOX SUREKOR
~VSäQWDNpMHSURYHGHQDUHYL]HHOHNWULFNpKR]DQt]HQtDYVRXÿDVQRVWLMHYFKRGXæiGRVWRY\GiQtNRODXGDÿ
QtKR UR]KRGQXWt WDN DE\FKRP PRKOL ~VSäQ VSOQLW YäHFKQ\ SRGPtQN\ VPORXY\ VNUDMVNëP ~QDGHP R SR
VN\WQXWpGRWDFL
3UcEæQ SUREtKi ~GUæED ~NOLG D UHNRQVWUXNFH GDOätFK REHFQtFK SURVWRU SUDFRYQtN\ REHFQtKR ~QDGX
YÿHWQVHÿHQtD~SUDYSURVWUDQVWYtVH]HOHQt3RY\NiFHQpPVPUNRYpPSRURVWXYÿiVWL0DOë-tONRYE\O\Y\Vi
]HQ\YUE\WDNMDNMLæYORQLUR]KRGOR]DVWXSLWHOVWYRREFHDMHVUDGRVWtVOHGRYDWæHVHGUWLYiYWäLQDQDQt]NRYD
QëFKSUXWc]YODVWQtFK]GURMcXMDOR
-DQ'DYLGVWDURVWDREFH/LERä
861(6(1Ì]YHQHMQpKR]DVHGiQt=DVWXSLWHOVWYD
REFH/LERäNRQDQpKRGQH
=DVWXSLWHOVWYRREFHVFKYDOXMH
• YROEXQiYUKRYpNRPLVH]DSLVRYDWHOHDRYQRYDWHOc]iSLVX
• SURJUDPMHGQiQtYHQHMQpKR]DVHGiQt=2
• KRVSRGDQHQtREFH]DOHGHQDæGXEHQ
• ]iYUHÿQë~ÿHWREFH]DURNVYëKUDGRX
• VPORXYX R ]SURVWQHGNRYiQt SURGHMH SO\QiUHQVNpKR ]DQt]HQt REFH SUR
VWQHGQLFWYtPVSROHÿQRVWL3O\QDUVUR3HWQYDOG
• QD]iNODGæiGRVWLþ562ORPRXFVQtæHQtQiMPXYHYëäLQH]E\WQQXWQp
LQYHVWLFH.ÿ
• SURQiMHPQDGREXXUÿLWRXPtVWQRVWLYEXGRY2Ó²NDGHQQLFWYtVOHÿQ
/XFLL=ERQLORYpDWRSRREGUæHQtSDWQLÿQëFKGRNODGc²NRSLHYëXÿQtKR
OLVWXDæLYQRVWHQVNpKRRSUiYQQt
• SDQD-LQtKR6HPOHUDE\WHP/LERäÿSGRIXQNFHVSUiYFHLQWHUQHWR
YëFKVWUiQHNREFH/LERäDQiYUKVPORXY\NUHDOL]DFLSURMHNWX
• RSDWQHQt NRGVWUDQQt QHGRVWDWNc ]DXGLWX KRVSRGDQHQt REFH ]H GQH D
3RNUDÿRYiQtQDVWU
$.78$/,7<
8SR]RUQQt
8SR]RUBXMHPH REÿDQ\
æHQD]iNODG 1DQt]HQtYOiG\
ÿ6ENWHUpVWDQR
Yt OKcW\ SUR YëPQX REÿDQ
VNëFK SUcND]c MVRX REÿDQp
SRYLQQL SURYpVW YëPQX
REÿDQVNëFK SUcND]c YÿHWQ
WFK NGH MH XYHGHQD GRED
SODWQRVWL ÅEH] RPH]HQt´ Y\
GDQëFK GR 7HU
PtQ SUR YëPQX WFKWR RE
ÿDQVNëFK SUcND]c MH VWDQR
YHQGRåiGRVWMH
QXWQR SRGDW QHMSR]GML GR
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
8VQHVHQt]H]DVHGiQt=2²GRNRQÿHQt]HVWU
=DVWXSLWHOVWYRREFH]PRF
•
=DVWXSLWHOVWYREHUHQDY GRPt
•
LQIRUPDFL NDNFL Å.iFHQt PiMH´ NRQDQp GQH •
]SUiYX R YëVOHGFtFK DXGLWX R KRVSRGD HQt REFH ]D URN
DGDOätFKQiVOHGXMtFtFKNXOWXUQtFKDNFt
Q
Q
Q
VUR 3HW YDOG YH Y FL ]SURVW HGNRYiQt SURGHMH SO\Qi
Q
UHQVNpKR]D t]HQtREFH
•
VWDURVWX REFH NSRGSLVX GRGDWNX VPORXY\ Vþ56 2OR
PRXFVWtPæH]FHONRYpILQDQÿQtÿiVWN\EXGHRGHÿWHQD
ÿiVWND QH]E\WQ QXWQëFK LQYHVWLF GR WRKRWR SURQDMD
Q
WpKR]D t]HQt
=DVWXSLWHOVWYRREFHXNOiGi
• GcVOHGQRX UHDOL]DFL RSDWQHQt NRGVWUDQQt QHGRVWDWNc
•
•
Q
•
=DVWXSLWHOVWYDREFH/LERäNRQDQpKR
GQH
VWDURVWX REFH NMHGQiQt D SRGSLVX VPORXY\ VH ='
Q
c
8QÿRYLFHRS HGiQtSR]HPN GRSURQiMPX
VWDURVWRYLSRæiGDWRDXGLWKRVSRGD REFH]DURN
861(6(1Ì]YHQHMQpKR]DVHGiQt
Q
VWDURVWXREFH NSRGSLVXVPORXY\VSDQHP-L tP 6HPOH
UHPYUiPFLVSUiY\LQWHUQHWRYëFKVWUiQHNREFH/LERä
]DXGLWX SURYHGHQpKR .Ó 2ORPRXF YWHUPtQX GR
•
BXMH
VWDURVWX REFH NSRGSLVX VPORXY\ VH VSROHÿQRVWt 3O\QDU
Q
R]QiPHQt0ã/LERäRX]DY HQtYREGREtOHWQtFKSUi]G
QLQRGGR
•
c LQIRUPDFL R Y\~ÿWRYiQt D SU E KX )HVWLYDOX PDOëFK
c
KXGHEQtFKVRXERU NWHUëVHXVNXWHÿQLO
=DVWXSLWHOVWYRREFHVFKYDOXMH
•
Q
VNXWHÿQRVW æH GOH X]DY HQp VPORXY\ R VSROXSUiFL PH]L
2EFt /LERä D W æHEQt RUJDQL]DFt I\]LFNRX RVRERX
Q
• SQtVSYHN 0\VOLYHFNpPX VGUXæHQt ãWSiQRY QD Å+X
VS tVOXäQëP RSUiYQ QtP )UDQWLäHN -DPStOHN SURYHGH
YH VP\VOX XVW † FLW ]iNRQD ~SOQRX ~KUDGX QiNODG
EHUWNX´ GQH GOH MHMLFK æiGRVWL IRUPRX Y F
Q
c
]D SR t]HQt ]P Q\ ÿ ~]HPQtKRSOiQX VtGHOQtKR ~WYD
QpKRGDUXYKRGQRW .ÿ
Y
Q
• SQtVSYHN äLSNDQVNpPX GUXæVWYX 9UK /LERä ]DVWRX
UX /LERä SDQ )UDQWLäHN -DPStOHN QHER SR t]HQt ]P Q
SHQpPX0DUWLQHP.UHMÿtPE\WHPãW SiQRYXO6RNRO
ÿ ~]HPQtKR SOiQXVtGHOQtKR~WYDUX /LERä E\OR Y\YR
Q
Q
OiQRMHKRYëKUDGQtSRW HERX
VNiQDÅãLSND VNëWXUQDM´GQHIRUPRXY FQp
KRGDUXYKRGQRW .ÿ
•
Q
SR t]HQt ]P Q\ ÿ ~]HPQtKR SOiQX VtGHOQtKR ~WYDUX
=DVWXSLWHOVWYRREFHVWDQRYXMH
/LERä
•
SRGOH
XVWDQRYHQt
†
RGVW
Q
]iNRQD
c
Q
•
Q
Q
c
NRQDÿ6EYH]Q QtSR]G MätFKS HGSLV WDN
S HGP WHP EXGH ]P QD IXQNÿQtKR Y\XæLWt ~]HPt SUR
Q
SRVWXS S L SR t]HQt ]P Q\ ÿ ~]HPQtKR SOiQX VtGHO
QtKR ~WYDUX /LERä SRGOH XVWDQRYHQt † RGVW ]i
ÿ 6E YH ]Q Qt SR]G MätFK S HGSLV MHMtPæ
Q
W æEX äW UNRStVNX YUR]VDKX GOH SRGQ WX W æHEQt RUJD
æH EXGH VSRMHQR ]SUDFRYiQt D SURMHGQiQt NRQFHSWX H
QL]DFH)UDQWLäHN-DPStOHN
äHQt D QiYUKX ]P Q\ ÿ ~]HPQtKR SOiQX VtGHOQtKR
~WYDUX/LERä
]iP U REFH SURQDMPRXW REHFQt SR]HPN\ YN~ /LERä
D.UQRY QD GREX XUÿLWRX YÿHWQ QiYUKX SRGPtQHN
Q
Q
=DVWXSLWHOVWYRREFHXNOiGi
YëE URYpKR t]HQtGOHS tORK\
•
Y\SRY ]HQt QiMHPQt VPORXY\ VH =3 ãW SiQRY DV VH
•
c
•
/LERäD.UQRY
•
Q
Q
VWDURVWRYL REFH ]YH HMQLW GOH ]iNRQD ÿ 6E
Qt]HQt
PRXF D 2EFt /LERä R SURPLQXWt SODWE\ QiMHPQpKR
PDMHWNX SR]HPN YN~ /LERä D .UQRY GOH VFKYiOH
c
Q
c
QpKR]iP UX
•
c
=DVWXSLWHOVWYRREFHEHUHQDYGRPt
c
YëP QXRNHQYEXGRY 2Ó/LERä
]SUiYX]H]DVHGiQt0LNURUHJLRQXãWHUQEHUVNR
=DVWXSLWHOVWYRREFH]PRF
•
]SUiYXRÿLQQRVWLNRPLVHVRFLiOQt
Qt]HQt
NH
c
~VWQt MHGQiQt VH XVNXWHÿQt Y KRG Y]DVH
VWDURVW\REFH/LERä
GDFtPtVWQRVWL2Ó/LERä
LQIRUPDFLRS tSUDY ,QIRUPDÿQtKR]SUDYRGDMHÿ
BXMH
VWDURVWX REFH NMHGQiQt YH Y FL VSUiYQtKR
VWDQRYHQt SU ]NXPQpKR ~]HPt åHURWtQ /LERä NG\
LQIRUPDFL VWDURVW\ R ]DMLäW Qt KDVLÿVNp VRXW æH R SRKiU
Q
VWDURVWRYL REFH MHGQDW R PRæQRVWL GRWDFH ]3URJUDPX
REQRY\YHQNRYDSURURND]DMLäW QtGRGDYDWHO QD
VSRMHQëFKV~SUDYRXE HK U\EQtN
QD SURQiMHP REHFQtKR
c
UR]KRGQXWt0DJLVWUiWXP VWD2ORPRXFHRGERUXå3]H
Q
QHMQpNDQDOL]DFHREFH/LERäVSODWQRVWtGR
UR]KRGQXWt0DJLVWUiWXPVWD2ORPRXFHRGERUXå3]H
GQH YH YFL SRYROHQt NY\SRXäWQt RGSDG
QtFKYRG]Yë~VWtYHQHMQpNDQDOL]DFHREFH/LERäGRYRG
GQH YH Y FL VFKYiOHQt NDQDOL]DÿQtKR iGX YH
•
Y\KOiäHQt YëE URYpKR
]U\EQtN Y/LERäLQD]iNODG æiGRVWLþ562ORPRXFQD
•
•
Q
X]DY HQt GRGDWNX QiMHPQt VPORXY\ PH]L þ56 2OR
GREX OHW SUR ]DMLäW Qt QH]E\WQ QXWQëFK LQYHVWLF
•
•
•
VWDURVWRYLREFHRUJDQL]DÿQ ]DMLVWLWSR t]HQt]P Q\ÿ
~]HPQtKRSOiQXVtGHOQtKR~WYDUX/LERä
VtGOHP Y /LERäL QD SURQiMHP REHFQtFK SR]HPN YN~
SRYUFKRYëFKVSODWQRVWtGR
=DVWXSLWHOVWYRREFHUHYRNXMH
•
XVQHVHQt]HGQHRVFKYiOHQtVQtæHQtQiMPXQD
]iNODG æiGRVWL þ56 2ORPRXF YH YëäL QH]E\WQ QXWQp
LQYHVWLFH.ÿ
•
XVQHVHQt ]H GQH R ]PRFQ Qt VWDURVW\ REFH
Q
NMHGQiQt D SRGSLVX VPORXY\ VH =' 8QÿRYLFH R S H
c
GiQtSR]HPN GRSURQiMPX
,QIRUPDÈQÍ]SUDYRGDM
6WUDQD
&RVHFK\VWi"
+DVLÿVNiVRXWæ
232+É567$5267<2%&(
9~WHUë VH XVNXWHÿQt MLæ ÿWYUWë URÿQtN SR
KiURYp VRXW æH YKDVLÿVNpP VSRUWX RG KRGLQ QD
Q
K LäWL Y/LERäL 6RXW æ SURE KQH YNDWHJRULL PXæL D æH
Q\ GYDNUiW YSRæiUQtP ~WRNX ]H ]iNODGQ\ %RKDWp
REÿHUVWYHQtMH]DMLäW QR
Q
+UDMH'-.UEHFDYS tSDG ]iMPXDKODYQ S NQp
KRSRÿDVtEXGHSRNUDÿRYDWYSRGYHÿHUGLVNRWpND
ãLSNRYëWXUQDM
9VRERWXRGKRGLQVHXVNX
WHÿQtMLæäHVWëURÿQtNWUDGLÿQtKRäLSNRYpKRWXUQDMH
YSRKRVWLQVWYtÅ=DYRGy´Y/LERäL
3R XNRQÿHQt WXUQDMH EXGH QD ]DKUDG WDQHÿQt
]iEDYD VH VNXSLQRX 3$1'25$ 6UGHÿQ ]YRX
SRQDGDWHOp95+/,%2ã
=iPUREFH
6WDURVWD REFH YVRXODGX VH ]iNRQHP R REFtFK
ÿ6EY\KODäXMHYëEURYpQt]HQtDR]QDPX
MH]iPUREFHSURQDMPRXWWHQWRPDMHWHN
REHFQtSR]HPN\YN~/LERäDN~.UQRYRFHO
NRYpYëPQHKDNWHUpWYRQtSDUFHO\ÿ
RYëPQHPRVWDWQtSORFKD
P
]DVWDYQiSORFKD
P
]DVWDYQiSORFKD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
P RUQiScGD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
P RUQiScGD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
P
RUQiScGD
P RUQiScGD
'HPRJUDILFNëYëYRMQDätREFH
&HONRYëVWDYRE\YDWHO/LERäHD.UQRYDN
MHREÿDQc]WRKRPXæcDæHQ
9URFH VH QDURGLOL REÿDQp FKODSFL
DGYÿDWDNWUYDOpPXSRE\WXVHSQLKOiVLORRE\
YDWHO]WRKRPcæcDæHQ
=DURN]HPQHORRVREPXæLDæHQ\
]WUYDOpKR SRE\WX YREFL VH RGKOiVLOR REÿDQc
PXæcDæHQ
=YëäHXYHGHQpKRY\SOëYiæHYREFLYURFH
YSRURYQiQtNQHSDWUQXE\ORæHQ
.GQHäQtPXGQLPi/LERäVSROHÿQV.UQRYHP
RE\YDWHO]WRKRPXæcDæHQ/HWRVVH]DWtP
QDURGLOD GYÿDWD NWUYDOpPX SRE\WX VH SQLKOiVLOR
PXæcDæHQRGKOiVLOLVHPXæLDæHQ\
9KRGQpSURSRGQLNiQtY]HPGOVNpÿLQQRVWL
=DWFKWRSRGPtQHN
‰ PLQLPiOQtQiMHPQp.ÿ]DKD
‰ QXWQRSQHGORæLWSRGQLNDWHOVNë]iPU
‰ EXGHXSQHGQRVWQQDQHMY\äätQDEtGND
-HGQiVHRSURQiMHPQDGREXXUÿLWRX
3RGPtQN\SURQiMPXMHPRæQpVLY\]YHGQRXWQD
2EHFQtP~QDGY/LERäLYSUDFRYQtGRE
1DEtGN\]DVtOHMWHRGGR
GRKRGLQQDDGUHVX2EHFQt~QDG/LERä/LERä
ãWSiQRY Y]DOHSHQp REiOFH VQiSLVHP
Å9ëEURYpQt]HQt´
7DWR QDEtGND EXGH Y\YäHQD QD ~QHGQt GHVFH
YGRE RG GR ]YHQHMQQD
PtVWQtPUR]KODVHP D Y,QIRUPDÿQtP ]SUDYRGDML SUR
REÿDQ\/LERäHD.UQRYD
-DQ'DYLGVWDURVWDREFH/LERä
,QIRUPDFH]NDWDVWUXQHPRYLWRVWt
9VRXÿDVQp GRE VH VWiOH YtFH VHWNiYiPH VWtP
æH~GDMHYNDWDVWUXQHPRYLWRVWtVHQHVKRGXMtVGRNOD
G\RYODVWQLFWYtQHPRYLWRVWtDSR]HPNc0QR]tREÿD
Qp]MLäYXMtæHQDSQtNODGYMH]GNGRPXÿiVW]DKUDG\
ÿLSDUFHODQDQtæMHSRVWDYHQGcPQHQtYMHMLFKYODVW
QLFWYt3URWRYiVXSR]RUBXMHPHDE\VWHVLYHYODVWQtP
]iMPX SQHNRQWURORYDOL GRNODG\ D SRURYQDOL VYëSLV\
]NDWDVWUXQHPRYLWRVWt'RNDWDVWUXQHPRYLWRVWtPi
WH PRæQRVW QDKOpGQRXW SURVWQHGQLFWYtP LQWHUQHWUX
QD VWUiQNiFK þHVNpKR ~QDGX ]HPPQLÿVNpKR D ND
WDVWUiOQtKR ZZZFX]NF] NGH MH ]GDUPD QDEt]HQD
LQIRUPDFHRSDUFHOiFKDÿtVOHFKSRSLVQëFK=tVNDQp
LQIRUPDFH YäDN QHPcæHWH SRXætW SQL ~QHGQtP MHG
QiQtPDMtSRX]HLQIRUPDWLYQtFKDUDNWHU
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
2KOpGQXWt]D)HVWLYDOHPPDOëFKGHFKRYëFKKXGHE/LERä
)HVWLYDOPDOëFKKXGHEQtFKVRXERUcE\OOHWRVRU
JDQL]RYiQREFt/LERäMLæSRMHGHQiFWp7HQWRNUiWVH
XVNXWHÿQLOYQHGOLÿHUYQDDE\O]DKiMHQVWD
URVWRX -DQHP 'DYLGHP Y KRG Y SQtMHPQpP
SURVWQHGt ]DKUDG\ NXOWXUQtKR GRPX D SRKRVWLQVWYt
Å=DYRGy´
9 ]DKUDG NXOWXUQtKR GRPX NUiVQ XSUDYHQp
DXGUæRYDQp PDQæHOL 3ROLäHQVNëPL E\OD SQLSUDYHQD
]YXNRYi DSDUDWXUD NWHURX REVOXKRYDOL -DQ 6WRGROD
D0LFKDO9iFODYVNë6WRO\VHVOXQHÿQtN\æLGOHDODYL
FHSURGLYiN\E\O\UR]PtVWQ\YSURVWRUiFK]DKUDG\
DLNU\WiWDQHÿQtSORFKDVHVWRO\DæLGOHPLÿHNDODQD
SQtFKR]tQiYäWYQtN\IHVWLYDOX3UR~ÿLQNXMtFtLGLYi
N\E\ORSQLSUDYHQRERKDWpREÿHUVWYHQtNWHUp]DMLVWLOD
SDQt -LQLQD 3ROLäHQVNi V URGLQRX YH YLQiUQ NXOWXU
QtKRGRPXDSQLOHKOpP+RVWLQFL]DYRGy
6DPRWQp Y\VWRXSHQt MHGQRWOLYëFK VRXERUc E\OR
QDSOiQRYiQR]KUXEDSRKRGLQPX]LFtURYiQtNDæGp
KRVRXERUXÓÿLQNRYDORFHONHPVRXERUc]9DODä
VND 6ORYiFND 6OH]VND D +DQp Y REVD]HQt Dæ ÿOHQc 3RVWXSQ VH Y\VWQtGDO\ NDSHO\ .UQRYDQND
].UQRYD %OXGRYQND +ROED %DQG ]%OXGRYD +X
OtBDQp ]+XOtQD -H]HUND ]5DNYLF D 2OäRYQND ]-H
GRYQLF
3R ]KOpGQXWt FHOpKR SURJUDPX E\OD YRGSROHG
QtFKKRGLQiFKY\KRGQRFHQDGLYiFNiDQNHWDNG\Qi
YäWYQtFLIHVWLYDOXY\EUDOLVRXERUNWHUëVHMLPQHMYt
FH OtELO D WtP XUÿLOL SRQDGt MHGQRWOLYëFK NDSHO 1D
SUYQtP PtVW VH XPtVWLOD NDSHOD +XOtBDQp ]+XOtQD
VSRÿWHPKODVcQDGUXKpPPtVW-H]HUND ]5DN
YLFDQDWQHWtPPtVW.UQRYDQND].UQRYD
9äHFKQ\VRXERU\REGUæHO\SODNHW\GLSORP\DX
SRPtQNRYpSQHGPW\Y\VWXSXMtFt]SYiFLMHäWN\WLÿ
3R]YiQtNHÿWHQt
3Ui]GQLQ\MVRX]DGYHQPLVOXQtÿNRSiOtDYRGDVH
SRPDOXDOHMLVWRKQtYiSURVWSRÿDVtMDNRVWYRQHQp
NOHWQtPX RGSRÿLQNX 3URÿ VL MHäW QH]SQtMHPQLW
OHQRäHQt QD GHFH ÿL YNQHVOH QMDNRX SNQRX NQtæ
NRX".QLKRYQDY/LERäL9iPQDEt]tNDæGëSiWHNRG
GRKRGLQYHONëYëEUÿWHQtRGGWVNëFKNQLK
SQHV URPiQ\ SUR æHQ\ Dæ SR QDXÿQp HQF\NORSHGLH
3RNXG E\ 9iV SQHVWDOR OHQRäHQt EDYLW PcæHWH
YSURVWRUiFKNQLKRYQ\Y\XætWLSQLSRMHQtNLQWHUQHWX
D QDMtW VL WDN WQHED ]DMtPDYp WLS\ QD YëOHW SRRKOpG
QRXWVHSRQRYLQNiFKYWHFKQLFHQHERNXOWXQHÿLVH
]RULHQWRYDWYDNWXiOQtPGQt=NUiWNDKOHGiWHOLPtV
WR NGH E\VWH VH PRKOL DOHVSRB QD FKYtOL XNUëW SQHG
WURSLFNëPSRÿDVtPDVWUiYLWYROQRXFKYtOLYSQtWRP
QRVWLSDStURYëFKSQiWHO]DYtWHMWHGROLERäVNpNQLKRY
Q\
/LEXäH7RPiäNRYi
N\6RXÿiVWtVODYQRVWLE\ODSURGLYiN\LGUREQiWRP
ERODRFHQ\
-LQt /DQJHU YUROL NRQIHUHQFLpUD VH VYp ~ORK\
]KRVWLOQDYëERUQRX.DæGRXNDSHOXGRNRQDOHSQHG
VWDYLO QH]DSRPQO VH ]PtQLW RGNXG ]MDNpKR NUDMH
SRFKi]t D R NDæGp PX]LFH GRNi]DO VSQHKOHGHP KR
YRQLW 1iYäWYQtFL IHVWLYDOX VH GREQH EDYLOL D L SQHV
QHSQt]HB SRÿDVt NG\ ~ÿLQNXMtFt L GLYiFL ÿW\QLNUiW
]PRNOLD]DVHXVFKOLNG\QDVWQtGDÿNXSUäHORDSiOLOR
VOXQFH RGFKi]HOL GRPc Y SRKRG D V NUiVQëPL ]i
æLWN\
1D IHVWLYDO SQLVSOL WLWR VSRQ]RQL YFQëPL D IL
QDQÿQtPL GDU\ /DQJHU /XERPtU 6OpYiUQD ãWSi
QRY =GHQN =DKUDGQtÿHN $JURVOXæE\ /LERä LQJ
.XOD )UDQWLäHN 2ELOQt DUHiO /LERä =HPGOVNp
GUXæVWYR 0RU +X]RYi =HPGOVNp GUXæVWYR 8Q
ÿRYLFH 0iGU =GHQN 6RXVWUXæQLFNp SUiFH /LERä
6'+/LERä%0+VUR2ORPRXF/RXWRFNëãWSiQ
9ëNRSRYp SUiFH /LERä LQJ =GHQN -iUD =DKUDG
QLFWYt /LERä 5ROQLFNp GUXæVWYR åHURWtQ (OHPRQW
VUR /LERä 0LORVODYD .U\ORYi SURGHMQD ãWSiQND
ãWSiQRY -RVHI .U\O 6WDYHEQLQ\ 6WHS ãWSiQRY
-RVHI +UXäND /LERä )UDQWLäHN =ERQLO =DKUDGQLFWYt
/LERä PDQæHOp /RKUHURYL /LERä 0DULH :HQJU\
QRYi&XNUiQVNiYëUREQDãWSiQRY3LYRYDU/LWRYHO
DV ,QJ -DQ ãHGLYë ãWSiQRY 5HPLW VUR ãWHUQ
EHUN -RVHI .RE\OND $XWRGRSUDYD åHURWtQ 'RE
URPLOD 6QiäHORYi 3URGHMQD WH[WLOX /LERä $JUR
+DQi 9HONi %\VWQLFH -LQt +RIPHLVWHU 2ORPRXF ²
+ROLFH-RVHI%DMHU /LERä2EHFãWSiQRYPDQæHOp
3HQLQRYLãWSiQRY
9äHP VSRQ]RUcP SDWQt YHONp SRGNRYiQt %H]
MHMLFKSRPRFLE\VHWDNRYiWRDNFHQHGDODXVNXWHÿQLW
(YD6WHMVNDORYi
-XELOHDDYëURÿtQDäLFKREÿDQc
.YWHQ
%RæHQD5cæLÿNRYi
þHUYHQ
0DULH1HUDGRYi
þHUYHQHF
/LEXäH3RVStäLORYi
+HOHQD'UHLVHLWHORYi
.DUHO.U\O
6USHQ
$QQD6YWOi
-RVHI1iGYRUQtN
URNc
URNc
URNc
URNc
URNc
URNc
URNc
,QIRUPDÈQÍ]SUDYRGDM
6WUDQD
&RQRYpKRYPDWHQVNpäNROH
9~QRUX GWL PO\ PRæQRVW VL XætYDW KQHG QD
GYRXPDäNDUQtFKEiOHFK-HGHQSUREKOYUiPFLGR
SROHGQtKR Y\XÿRYiQt Y0ã D WHQ GUXKë XVSRQiGDOL
URGLÿH YH VSROXSUiFL V2EHFQtP ~QDGHP Y/LERäL
9ëWæHN ]WpWR DNFH ÿLQLO .ÿ D E\O GDURYiQ
0ã =D W\WR SHQt]H E\O\ ]DNRXSHQ\ WROLN SRWQHEQp
HOHNWULFNp NOiYHV\ NWHUp Y0ã FK\EO\ &KWOD E\FK
WRXWRFHVWRXYHOPLSRGNRYDWYäHPREÿDQcPNWHQt
VHQDWpWRDNFLSRGtOHOLDSQLVSOLWDNNOHSätPXY\ED
YHQt0ã
9MDUQtFK PVtFtFK YNYWQX D YÿHUYQX PO\
GWL ERKDWë SURJUDP -DNR MLQp URN\ WDN L OHWRV MHO\
GWL QD äNROQt YëOHW GR =22 QD 6Y .RSHÿHN 1D
WRWRPtVWRMH]GtYäHFKQ\0ãWUDGLÿQMHOLNRæ=22
VNëWi SUR GWL VWiOH QRYp ]iæLWN\ GRMP\ D SURæLWN\
&HORX=22VLGWLSURäO\SäN\DWDNE\O\YEOt]NpP
NRQWDNWXVH]YtQiWN\3QHVWRæHQiPSRÿDVtQHSQiOR
DGRNRQFH]DÿDORLSUäHWQiODGXQiPWRQHSRND]LOR
.GREUpSRKRGSQLVSOLGiUHÿHNNWHUëVLGWLPO\
PRæQRVW ]DNRXSLW D WR SUR Q E\O GDOät QH]DSRPH
QXWHOQë]iæLWHN
.H 6YiWNX PDPLQHN VL GWL SQLSUDYLO\ SiVPR
StVQLÿHN EiVQLÿHN D WDQHÿNc &HOi 0ã VH WDNp SUH
]HQWRYDODQDRVODYiFKXSRPQtÿNX6YiWHNGWtMVPH
RVODYLOL QD äNROQt ]DKUDG NGH MVPH VL RSHNOL äSH
NiÿN\ D ]DKUiOL VRXWæLYp KU\ 9H VWQHGX QDYäWtYLO\ GWL NLQR YH ãWSiQRY NGH MLP KUiOL SR
KiGNX2SHMVNRYLDNRÿLÿFH
6YHONëP QDGäHQtP SQLYtWDOL GWL L URGLÿH PRæ
QRVW SQHGSODYHFNpKR YëFYLNX %\O R QM QHYtGDQë
]iMHPDOHERKXæHO]NDSDFLWQtFKGcYRGcYDXWREXVX
MVPHPXVHOLSRÿHW]UHGXNRYDWQDGWt1DRVWDWQt
GWLGRMGHQDGDSQtäWtURN1D]iYUYëFYLNXGWLRE
GUæHO\0RNUpY\VYGÿHQtDÿRNROiGRYRXPHGDLOL
9OHWRäQtPURFHRGFKi]tGRWQtG\äNROiÿNc²
(OLäND /RXWRFNi 7HUH]D *DUOiWK\RYi 9HURQLND
%LWWQHURYi1HOD.YDSLORYi-DQ0DUHND)LOLS-XULJD
5R]ORXÿHQt VWPLWR GWPL SUREKOR YUiPFL 9HVH
OpKRGRSROHGQHVSOQQëFKSQiQt1DSDPiWNXQDSR
E\W Y0ã E\OD GWHP YQRYiQDNQtæND 3QHMHPH MLP
KRGQ~VSFKcQHMHQ YSUYQt WQtGDOH L YFHOpP æL
YRWDYQtPHæHQDFKYtOHSURæLWpY0ãEXGRXUiGL
Y]SRPtQDW
7RXWRFHVWRXE\FKFKWODSRGNRYDWYäHPGRE
UëPOLGHPNWHQtSRPRKOL0ãYHVEUXSDStUX9ëW
æHN ÿLQt .ÿ 3RGOH ORBVNpKR URNX MH ÿiVWND
SRGVWDWQQLæätQHERYYOLYPDMtNRQWHMQHU\QDSDStU
XPtVWQp YREFL &KWOD E\FK WRXWR FHVWRX SRSURVLW
YäHFKQ\REÿDQ\NWHQtFKWMt0ãRSWSRPRFLQHFKY
SDStU RGYiæHMt QD REHFQt ~QDG NGH VH EXGH VKUR
PDæRYDW-HäWMHGQRXPQRKRNUiWGNXML]DVSROX
SUiFL
9äHP REÿDQcP /LERäH D .UQRYD SQHMt ]DPVW
QDQFL 0ã NOLGQp D VOXQHÿQp SUi]GQLQ\ D Y]iQt VH
WätPHVGWPLQDVKOHGDQRX
9PVtFLÿHUYHQFLRVODYtQHMVWDUätREÿDQ/LERäH
SDQ.DUHO.U\ONUiVQpQDUR]HQLQ\
DVWURPcP %\O GORXKROHWëP PX]LNDQWHP YH äWSi
QRYVNp NDSHOH D WDNp ~VSäQëP FKRYDWHOHP KRVSR
GiQVNëFK]YtQDWYHONëPRGERUQtNHPDVSROX]DNODGD
WHOHPSOHPHQQpKRFKRYXY/LERäL9æG\VHVQDæLOX
SODWQLW YSUD[L QHMQRYMät SR]QDWN\ ] FKRYDWHOVWYt
LSRXæLWtQHMOHSätFKVWURMcD]DQt]HQt
=DYtWDODMVHPGRMHMLFKGRPHÿNXSRSUYpDGëFKOD
QD PQ ~WXOQRVW D SURVWRWD SUR]iQHQi GREURWRX
VNURPQRVWt D ODVNDYRVWt 3DQX .U\ORYL SQHMHPH æL
YRWQt HOiQ D GXäHYQt VtOX SQLQHMPHQätP GR VWD OHW
-HKR YQLWQQt NUiVD GXFKD D Y\URYQDQRVW PcæH EëW
SQtNODGHPDY]RUHPSURQiVSURYäHFKQ\
9DOHQWRYi/HQNDQHGLWHOND0ã/LERä
9/HERäHNDSHOH
-RæR+DYHO+X]RYVNë
9/HERäHNDSHOHUR]WRÿLMyNUDM
WHQDäH+DQiNHGHFKRYNRYpUiM
FHOiYHVWRKODKROLWyQHRæQiVYHVHOL
PR]HNRRGSRGODKHUi]Q]DKUDM
7yQHQiVUR]SMy]MLKQyVUGLÿND
QDUWHQiPYHVNRÿLNDæGiSHVQLÿND
WDGREpYiFHOpVYWU\FKOHWDPFKFHRæEæHW
DYVHQiPUR]SLYi+DQiFHOHÿNi
$YVHQiPUR]KpEiWHQYiKDYpNUDM
SURWRQiPPR]HNRRGSRGODKHKUDM
SDNVPHSDUWDYHVHOiSHVQLÿNyUR]EyQHQi
DYWDGHY/HERäHKQHGKDQiFNpUiM
%ODKRSQHMHPH
6YpæLYRWQtMXELOHXPRVODYtYNUXKXURGLQ\NWHUp
SQHGDOYHOPLFHQQp]NXäHQRVWLD]QDORVWL9QRYDOVH
YæG\VOiVNRXYäHPVYëPEOt]NëP3RFHOëVYcMæLYRW
MLPE\ORSRURXDYHONRXDXWRULWRX6YpGWLY\FKRYDO
VPDQæHONRX -LQLQRX N RFKRW D N ~FW NURGLÿcP
-HKR PDQæHOVWYt MH WDNRYë VSRNRMHQë WLFKë D NOLGQë
SQtVWDY 0H]L PDQæHOL SDQXMH Y]iMHPQi RKOHGXSO
QRVWSRFKRSHQt D SQHGHYätP OiVND 6SROHÿQ VSDQt
VHWät]HVYëFKYQRXÿDWLSUDYQRXÿND-HäWGQHVVH
VSRWäHQtP YQXMH VYp YHONp ]iOLE ]DKUiGFH
QDQiS YStVQ Å.G\E\E\O%DYRURY´
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
2EÿDQpSR]RU²KDVLÿLYDUXMt
9H VWDWLVWLFH Y]QLNOëFK SRæiUc VH VWiOH ÿDVWML
REMHYXMt SRæiU\ Y E\WRYëFK GRPHFK MHMLFKæ KODYQt
SQtÿLQRX MH VNXWHÿQRVW æH QNWHQt QDäL VSROXREÿDQp
QHGRGUæXMt ]iNODGQt SRYLQQRVWL NWHUp MLP XNOiGi
]iNRQÿ6ERSRæiUQtRFKUDQYH]QQt
SR]GMätFKSQHGSLVcGiOHMHQÅ]iNRQR32´
8YHGHQë]iNRQY†MHGQR]QDÿQVWDQRYtSR
YLQQRVWL I\]LFNëFK RVRE REÿDQc þ5 DOH L FL]LQFc
NWHQt X QiV SREëYDMt -HGQi VH SQHGHYätP R SRYLQ
QRVW SRÿtQDW VL WDN DE\ QHGRFKi]HOR NH Y]QLNX SR
æiUX]HMPpQDSQLSRXætYiQtWHSHOQëFK HOHNWULFNëFK
SO\QRYëFKDMLQëFKVSRWQHELÿcDNRPtQcSQLVNODGR
YiQtDSRXætYiQtKRQODYëFKQHERSRæiUQQHEH]SHÿ
QëFKOiWHNPDQLSXODFLVQLPLQHERVRWHYQHQëPRK
QP ÿL MLQëP ]GURMHP ]DSiOHQt VYtÿN\ ]iSDON\
DSRG
2EÿDQpVHÿDVWRQDKDVLÿHREUDFtDVWæXMtVLQD
VYpVSROXREÿDQ\æHQHGRGUæXMt]iNODGQt]iVDG\SR
æiUQt SUHYHQFH D KURPDGt YH VYëFK E\WHFK YHONp
PQRæVWYt KRQODYpKR PDWHULiOX SDStU WH[WLOLH RG
SDGN\NWHUëPcæHEëWSQtÿLQRXU\FKOpKRätQHQtSR
æiUX
+DVLÿL NWPWR VWtæQRVWHP PRKRX XYpVW QiVOH
GXMtFt
+DVLÿVNë ]iFKUDQQë VERU SURYiGt W]Y SRæiUQt
NRQWURO\7\WRNRQWURO\YäDNPcæHSURYiGWSRX]HX
SUiYQLFNëFKRVREDSRGQLNDMtFtFKI\]LFNëFKRVRE =iNRQ R 32 DQL /LVWLQD ]iNODGQtFK SUiY D
VYRERGNWHUi]DUXÿXMHQHGRWNQXWHOQRVWRE\GOtKDVL
ÿcPQHXPRæBXMtSURYiGWW\WRNRQWURO\YURGLQQëFK
GRPHFK D E\WHFK SQtS FKDWiFK +DVLÿL WHG\ QHPR
KRXMtWQD]iNODGVWtæQRVWtREÿDQc]NRQWURORYDW]GD
MHMLFK VSROXREÿDQp QHSRUXäXMt ]iNRQ R 32 WtP æH
KURPDGtYHVYëFKE\WHFKYHONpPQRæVWYtKRQODYpKR
PDWHULiOX
+DVLÿL PRKRX YVWRXSLW D SURYiGW NRQWUROX
YE\WRYëFK GRPHFK SRX]H YH VSROHÿQëFK SURVWR
UiFKNWHUëPLMVRXFKRGE\SUiGHOQ\VXäiUQ\NRÿiU
NiUQ\NROiUQ\DWG
=GH NRQWUROXMHPH SUcFKRGQRVW ~QLNRYëFK FHVW
SRæiUQ EH]SHÿQRVWQt ]DQt]HQt YÿHWQ MHMLFK UHYL]t D
GDOät =DEH]SHÿLW GRGUæRYiQt WFKWR SRæDGDYNc MH
SRYLQQD RVRED SOQtFt SRYLQQRVWL QD ~VHNX SRæiUQt
RFKUDQ\ WHG\ PDMLWHO E\WRYpKR GRPX ]YROHQë ]i
VWXSFH PDMLWHOc E\WRYp GUXæVWYR DSRG 'R URGLQ
QëFK GRPc FKDW D E\Wc PRKRX KDVLÿL YVWRXSLW Dæ
YSQtSDGæH]GHGRäORNH Y]QLNX SRæiUX SQtS MLQp
PLPRQiGQpXGiORVWLQDSQ~QLNSO\QX
+DVLÿVNë ]iFKUDQQë VERU Pi ]D WR æH WUYDOëP
SUHYHQWLYQ YëFKRYQëP ScVREHQtP D RVYWRX PH]L
REÿDQ\PDMLWHOLÿLXæLYDWHOLE\Wc]HVWUDQ\PDMLWHOc
]YROHQëFK ]iVWXSFc PDMLWHOc D E\WRYëFK GUXæVWHY
QDSQQDGRPRYQtFKVFKc]tFKQHERIRUPRXOHWiÿNc
D ]SUiY QD QiVWQNiFK YE\WRYëFK GRPHFK O]H
]YHONp ÿiVWL SQHGHMtW WUYDOpPX ]Y\äRYiQt SRæiUQtKR
UL]LND YE\WHFK D WtP ]DEUiQLW SQtSDGQpPX SRæiUX
DQiVOHGQ äNRGiP QD PDMHWNX E\WRYëFK GUXæVWHY
DREÿDQc
.DæGë E\ VL PO XYGRPLW æH ]D VYp ]GUDYt
DPDMHWHN MH RGSRYGQë ViP D VQDæLW VH VYcM E\W
RFKUiQLW WDN DE\ VQtæLO UL]LNR Y]QLNX SRæiUX QD PL
QLPXP3RNXGYäDNMLæNSRæiUXGRMGH]MDNëFKNROLY
SQtÿLQGRSRUXÿXMHPHPtWYE\WHFKQDLQVWDORYiQ\W]Y
DXWRQRPQt KOiVLÿH SRæiUX NWHUp GRNiæt KODVLWëP
VLJQiOHPYÿDVXSR]RUQLWQDY]QLNOëSRæiUDXPRæQLW
RVREiP YÿDV RSXVWLW RKURæHQë SURVWRU ,QIRUPDFH
9iP UiGL SRVN\WQHPH QD YäHFK SRæiUQtFK VWDQLFtFK
+=62ORPRXFNpKR NUDMH 1DMGHWH MH WDNp QD LQWHU
QHWRYp DGUHVH ZZZK]VROF] YUXEULFH Å]SUiY\ SUR
REÿDQ\´
2VODYDVYiWNXVYRERG\
NUiVQë YQHF ]SRG]LPQtKR NYtWt ãNRGD æH SR ]D
KiMHQt RVODY\ VWDURVWRX REFH ãW PtPVNëP D SR ]D
SQtVERUXÅÐYODVWLPi´VSXVWLOVHGpäYD~ÿDVWQtFL
E\OLQXFHQLRGHEUDWLVHGRViOXNH=ERQLOcP6iOE\O
QDSOQQ GR SRVOHGQtKR PtVWHÿND D YSURJUDPX SR
NUDÿRYiQR=D]StYiQPXæVNëVERUÅ1D0RUDYX´3R
QP SQHGYHGOL æiFL VYcM SHVWUë SURJUDP 6ODYQRVWQt
QHÿSURQHVOEUDWU9RMWFK6HLIHUW
'RNRQÿHQtQDVWU
=iYUHPXSR]RUQQtDYDURYiQt
SURYäHFKQ\REÿDQ\
• 1HQHFKiYHMWH WHSHOQp VSRWQHELÿH YSURYR]X
D]GURMHRWHYQHQpKRRKQEH]GR]RUX
• , PDOi FKYLOND QHSR]RUQRVWL PcæH PtW QHGR
]tUQpQiVOHGN\DRKUR]LWWRQHMFHQQMätFRPi
PH²æLYRW
• 3QHG RGFKRGHP ]E\WX L NG\æ ]GiQOLY MHQ QD
FKYtOL ]NRQWUROXMWH ]GD QHKUR]t RG XYHGHQëFK
]GURMcQHEH]SHÿtY]QLNSRæiUX3QHGHMGHWHWtP
]E\WHÿQëP äNRGiP QD PDMHWNX D ~MP QD
]GUDYt
• 9\EDYWH VL VYp E\W\ DXWRQRPQtPL KOiVLÿL SR
æiUX ² ]D SQLMDWHOQRX SRQL]RYDFt FHQX PRKRX
9iPD9DäLPEOt]NëP]DFKUiQLWæLYRW
+DVLÿVNë]iFKUDQQëVERU2ORPRXFNpKRNUDMH
=KLVWRULHKDVLÿVWYD
=/LERäH 6ERU GREURYROQëFK KDVLÿc VSROX
VRVWDWQtPLNRUSRUDFHPLXVSRQiGDOYSRQGOtGQH
QtMQDRVODYXXSRPQtNXSDGOëFK3UcYRGXYHV
QLFt]~ÿDVWQLOLVHæiFL]GHMätäNRO\ÿOHQRYpREHFQtKR
]DVWXSLWHOVWYD PtVWQt äNROVNp UDG\ VERU GREURYRO
QëFK KDVLÿc VH VDPDULWiQNDPL YNURML VODYQRVWQtP D
PQRKR REÿDQVWYD 8 SRPQtNX SRORæHQ E\O VERUHP
,QIRUPDÈQÍ]SUDYRGDM
6WUDQD
=KLVWRULHKDVLÿVWYD²GRNRQÿHQt]HVWU
9]iYUX XÿLQLO WNOLYRX SLHWQt Y]SRPtQNX RE
WHP VYWRYp YiON\ FRæ Y\VOHFKOL ~ÿDVWQtFL VWRMH 3R
]DKUiQtK\PQ\QiVOHGRYDO\VERU\Å%ëYDOLþHFKRYp´
Å-iMVHP6ORYDQ´UHFLWDFHDNRQFHUWKXGE\KDQiFNp
$ÿ E\OR SRÿDVt QHSQt]QLYp VODYQRVW VSOQ ]GDQLOD
ÓÿLQNXMtFtPLYäHP~ÿDVWQtNcPSDWQtQiäGtN
6ERU
9UiPFL RVODY QtMQD SQLSUDYXMHPH GLYDGHOQt
KUX -09HVHOVNpKR Å(YURSD KRQt´ 3QHG GLYDGOHP
SURVORYRQHEH]SHÿtOHWHFNëFK~WRNcSURFLYLOQtRE\
YDWHOVWYRDRQXWQpSQtSUDYNREUDQ3URPOXYtEU
96HLIHUW
'LYDGHOQtNURXæHN
7RWRMVPHVHGRÿHWOLYH9VWQtNXKDQiFNëFKKDVLÿVNëFKæXS
VWQHGQtDVHYHUQt0RUDY\ÿ]OLVWRSDGX
9]iFQëSQtNODG
=/LERäH ² 8 SQtOHæLWRVWL VYp ]ODWp VYDWE\ YQRYDOL
YiæHQtPDQæHOpãWSiQD 7HUH]LH /RXWRFNëFK VERUX
GREURYROQëFK KDVLÿc Y/LERäL GDU Nÿ QD ~PRU
GOXKX]DDXWRVWQtNDÿNXNWHUiE\ODYUSRQt]HQD
]QDÿQëP QiNODGHP %U ãWSiQ /RXWRFNë UROQtN
Y/LERäL QD RGSRÿLQNX MHVW MHGHQ ]WFK NWHQt YU
SQLÿLQLOL VH R ]DORæHQt VERUX 0QRKR MHKR YUV
WHYQtNcRGHäORGRQHQiYUDWQD2QDÿY\VRKpKRYNX
OHW ]DFKRYDO VL GRSRVXG WOHVQRX L GXäHYQt VY
æHVWãOHFKHWQëGiUFHMHVWRG]DORæHQtVERUXMHKRKRU
OLYëP ÿOHQHP D SQt]QLYFHP 0LPR WR MHVW GORX
KROHWëP SQHGVHGRX PtVWQtKR RGERUX 1iURGQt -HG
QRW\DÿOHQHPSYHFNpKRNURXæNXMHKRæSUDYLGHOQp
]NRXäN\RE]YOiäWUiGQDYäWYXMH=DVWiYDOWDNp~QDG
VWDURVW\ REFH D MLQp IXQNFH $ÿ E\OR PX VERUHP ]D
MHKR äOHFKHWQë ÿLQ StVHPQ SRGNRYiQR NYLWXMHPH
MHMLWRXWRFHVWRXYHQHMQMDNSUiYHP]DVOXKXMH.pæ
NUiVQi P\äOHQND KDVLÿVNi Pi YtFH WDNRYëFK SQt]
QLYFc 2EPD PDQæHOcP SQHMHPH VSOQD VUGFH DE\
MHäWGORXKiOpWDYH]GUDYtOiVFHDVSRNRMHQRVWLXæLOL
YSRG]LPNXVYpKRæLYRWD]DVORXæHQpKRRGSRÿLQNX
96HLIHUW
3QHY]DWR]9VWQtNXKDQiFNëFKKDVLÿVNëFKæXSVWQHGQt
DVHYHUQt0RUDY\ÿ]QtMQD
/LERäVNëURGiN$QWRQtQ6OH]iÿHN
c
c
DNFt NWHUp VERU SRQiGDO 3UDFRYLWRVW SRFWLYRVW D DQJD
æRYDQRVWSURVSROHÿQRVWYäWSRYDOLVYëPV\QcP-HKR
DGY VHVWU\-HGQp]QLFKVHQDURGLOV\Q.DUHO6OH]iÿHN
RGFKRG QD KDVLÿVNp QHEH E\O YHONRX ]WUiWRX SUR ÿLQ
MDNR QHPDQæHOVNp GtW -HKR RVXG MH YHOPL ]QiP WHQ
QRVW KDVLÿVNpKR VERUX Y/LERäL 9 ]LP NG\æ RSUDYR
MDNR SLORW S L PDQpYUHFK Y-XJRVOiYLL WUDJLFN\ ]DK\QXO
YDOWXUELQXYH]GHMätPPOëQ VHQDFKODGLODGRVWDO]iSDO
'ORXKROHWë QiÿHOQtN KDVLÿVNpKR VERUX Y/LERäL
QDUR]HQSURVLQFHY/LERäLYGRPNXÿMDNR
V\Q -RVHID 6OH]iÿND D MHKR PDQæHON\ -HQRYpI\ UR]HQp
Q
-DäNRYp0 OEUDWUDNWHUëE\OKRGLQi HPYHãW SiQRY
Q
c
Q
NëP S tQRVHP SUR VERU GREURYROQëFK KDVLÿ %\O MH
GHQ ]QHMSUDFRYLW MätFK ÿOHQ LQLFLiWRUHP YHäNHUëFK
c
-HäW GQHV PH]L QiPL æLMt SDP WQtFL WpWR XGiORVWL MHKR
SOLF NWHUpPX ~QRUD SRGOHKO åH VY M æLYRWQt
SR] VWDWN\ E\O\ S HYH]HQ\ GR URGQp REFH D YäHPL
]iSDV QHY\KUiO NWRPX GRSRPRKOR ]UDQ Qt ], VY YRMHQVNëPLSRFWDPLE\OSRK EHQY+QRMLFtFK
WRYpYiON\= VWDODSRQ PYGRYD7DS HY]DODSURVSH
Q
Q
c
Q
$QWRQtQ 6OH]iÿHN SR Y\XÿHQt D VORæHQt WRYDU\ä
UXMtFt ILUPX NWHUi RSUDYRYDOD ]HP G OVNp VWURMH Y\
VNëFK ]NRXäHN QD VWURMQtKR ]iPHÿQtND ] tGLO YH VYpP
UiE OD YOHÿN\ D SUR RVWDWQt ]iND]QtN\ SLOLQRYi NDPQD D
URGQpP GRP æLYQRVW NWHUi QD E\OD YHOPL SRW HEQi
SiVRYp SLO\ 6 QiVWXSHP PRWRULVPX ]DÿDO\ VH RSUDYR
Q
Q
PQHQi E\OR MHKR QHPHVOQp XPQt YHOPL Y\KOHGiYiQR
åHWRE\O QHPHVOQtN SRGQLNDYë VYGÿt L Y\EDYHQt GtOQ\
DWRQHMPRGHUQMätPLVWURMLDQiVWURMLQDWHKGHMät GREX
=DNRXSLO VL VRXVWUXK QD NRY DXWRJHQQt VYiQHÿNX
Y
9æG\ QD YHVQLFL NWHUi E\OD Y WäLQRX ]HP G OVN\ ]D
c
Q
YätP NOXFL ]RNROQtFK YHVQLF NWHQt VH X 6OH]iÿNc RG
URNX D EKHP ,, VYWRYp YiON\ Y\XÿLOL VWURMDQ
VNpPX QHPHVOX 3QLäHO ~QRU D V WtP VRXYLVHMtFt
YDW WUDNWRU\ L DXWD )LUPD ]DP VWQiYDOD SUDFRYQtN NWHUëP PLVWURYDO QHMVWDUät V\Q /XGYtN %\O\ WR S HGH
EUXVN\ D GDOät QRYp VWURMH =NUiWND E\O YHOLFH SRGQL
EH]SHUVSHNWLYQt SRNUDÿRYiQt VRXNURPp æLYQRVWL 3URWR
NDYëD]UXÿQë HPHVOQtN.URP WRKRYODVWQLOPOiWLÿNX
E\OD MHMt ÿLQQRVW SR]G ML ]UXäHQD D VWURMH UR]SURGiQ\
QD RELOt SRKiQ QRX SDUQtP NRWOHP NWHUë E\O QiPL
0OiWLFtVRXSUDYD PRæQi MHäW GQHV POiWt RELOt QD 8NUD
NOXN\ REGLYRYiQ 6WURMQtN NWHUë SDUQt NRWHO REVOXKR
MLQ 6\QRYp QDäOL XSODWQ Qt YWRYiUQiFK 3R VPUWL
YDO PXVHO MHM PtW YæG\Y\OHäW Q QD WR VL SDQ PLVWU SR
GUXKp PDQæHON\ $QRWtQD 6OH]iÿND E H]QD E\O
WUS O NG\æ SUDäQRVW S L POiFHQt E\OD YHOLNi 0\ NOXFL
SURGiQ L G P D WtP E\O\ XNRQÿHQ\ YHäNHUp YD]E\ QD
Q
Q
c
c
Q
QHMYtFH MVPH REGLYRYDOL UHJXOiWRU RWiÿHN NWHUp GiYDO\
URGQRX REHF = VWDO MHGLQë æLMtFt V\Q NWHUë MLæ ]DSXVWLO
WRPXWR VWURML VY M S YDE E\O\ WR GY PRVD]Qp NRXOH
VYpNR HQ\YåHURWtQ Q
c
c
Q
c
Q
6\Q $QWRQtQ NWHUë E\O SRN W Q 2VNDYRX VH QHVWDO
NWHUpRGVW HGLYRXVLORXXGUæRYDO\VWHMQRP UQëFKRG9
QcP DOH L VHGOiNcP
YH VWRGROiFK 2ELOt POiWLO SUR äLURNp RNROt QDSQtNODG
Y/DäWDQHFKD%ONRYFtFK0OV\QD/XGYLNDDGFHU\
NWHUi WHKG\ RSOëYDOD U\EDPL MH SR]QDW æH YRGD PX
(OLäNX D 0DULL 3R VPUWL VYp PDQæHON\ SUR QHGRVWDWHN
] HGLOD NUHY QDWROLN æH MH U\Ei HP W OHP L GXät , GQHV
ÿDVXNWHUë E\OR QXWQR Y QRYDW YëFKRY G Wt VH ]QRYX
KR ÿDVWR QDMGHWH QD E HKX æHURWtQVNpKR U\EQtND NG\æ
GRE æQt Y\POiWLO I U\ RELOt GRPND
YäDN KDVLÿHP DOH DNWLYQtP ÿOHQHP 0\VOLYHFNpKR VGUX
Q
æHQt ãW SiQRYåHURWtQ $ æH E\O SRN W Q 2VNDYRX
Q
Q
Q
RæHQLO 6 GUXKRX PDQæHONRX $QG ORX P O V\Q\
Q
VYWRYiYiONDDWDNMDNRYWäLQDPXæcPXVHOQDUXNRYDW
WR SRÿDVt MHQ WURFKX GRYROt 7R YäDN QHQt MHKR MHGLQi
$QWRQtQD D 0LORVODYD 3 LäO\ W æNp GRE\ Y\SXNOD ,
]iOLED9MHKRY NXOHWVHY QXMHVYp]DKUiGFH-HWR
7DNMDNRNDæGiYiONDQHVHVYiUL]LNDWDNLWDWRYiONDVH
MDN PX
SRGHSVDOD QD L QD Q P -DNR SDPiWNX QD QL VL GRQHVO
YMHKR]iOLEiFKDVWiOp]GUDYt
c Q
Q
æHURWtQVNë ERWDQLN Å9 WYLÿND´ 3 HMHPH Å7RQtNRYL´
QtNDMt
c
REÿDQp ]H åHURWtQD KRGQ ~VS FK
SU VW HO SOLF 7R PX YäDN QLMDN QHXEUDOR QD SUDFRYL
5R]KRYRUVHV\QHP$QWRQtQD6OH]iÿND]DSVDO
WRVWL D QD VSROHÿHQVNp DNWLYLW -HKR DNWLYLWD E\OD YHOL
-RVHI%DMHU
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
262%1267,/,%2ã(9
VHULiOQDSRNUDÿRYiQt
5RGiFLSRVWDY\DSRVWDYLÿN\RVRE\DRVREQRVWL
/LERäHD.UQRYDæLYQRVWLDQHPHVOD
Y/LERäLD.UQRY
9PLQXOëFK
Y\GiQtFK
LQIRUPDÿQtKR
]SUDYRGDMH
Q
Q
MVPH XYH HMQLOL RVREQRVWL /LERäH D .UQRYD YDEHFHG
QtP XVSR iGiQt RG StVPHQH $ SR StVPHQNR - 'QHV
Q
YiP S HGNOiGiPH GDOät MPpQD ]DÿtQDMtFt StVPHQHP .
3URWRæH PiPH YHOPL PiOR LQIRUPDFt R URGiFtFK
Q
c
DYäHFK W FK NWH t VH Q MDNëP ]S VREHP SRGtOHOL QD
NXOWXUQtP VSROHÿHQVNpP ÿL VSRUWRYQtP æLYRW REFH
Q
QiGN\ VSURVERX R SQHGiQt VHEHPHQätFK ]SUiYLÿHN ÿL
VYëFK SRVWQHKc QD REHFQt ~QDG 7PLWR SUR YiV WQHED
EH]Yë]QDPQëPL LQIRUPDFHPL MH PRæQR ]SHVWQLW WXWR
SQLSUDYRYDQRX UXEULNX QD NWHURX ÿHNDMt ]YOiäW WL
]QRYXVHREUDFtPHQDYiVYäHFKQ\NWH tQ\QtÿWHWHW\WR
-DQ.OiäWHUQtN
/LERä
0tVWRSRE\WX/LERä
3RVORXÿHQtREFt/LERäHDãW SiQRYDE\O]YROHQÿOHQHP
WLÿOHQQp UDG\ 019 D WXWR IXQNFL Y\NRQiYDO GR
YROHE 7DMHPQtNHP 019 ãW SiQRY
Q
E\O YOHWHFK S HGVHGRX REÿDQVNpKR Yë
ERUX/LERäYREGREtDæGR
1DG æGD.OiäWHUQtNRYiSURYGãRWRORYi08'U
ãWHUQEHUN
0tVWRSRE\WX/LERäãXPSHUN7URXEHOLFH
9POiGt NQLKRYQLFH YPtVWQt NQLKRYQ Y/LERäL ÿOHQND
2VY WRYpEHVHG\Y/LERäL
Q
)UDQWLäHN.OXND²PDOt StVPD
ãW SiQRY
VWDUät
%\GOHO Y/LERäL ÿS YURFH RWHF /LEXäH .OX
7RPiä0LFKDO.DPHQtÿHN²XÿLWHOND]DWHO
NRYp
.UQRYXãW SiQRYD
2ORPRXF
/LEXäH.OXNRYi²GiPVNiNUHMÿRYi
c
0tVWDS VREHQt2ORPRXF
Q
Q
6WXGRYDO Y2ORPRXFL D YWL OHWHFK E\O S LMDW GR iGX
Q
VY'RPLQLNDNGHGRVWDO iGRYpMPpQR0LFKDO9\VWX
Q
/LERä
%\GOHOD Y/LERäL ÿS YURFH SURYGDOD VH
Q
]D2OG LFKD1DNOiGDOD%HQiWN\
GRYDO ILOR]RILL D WHRORJLL QD iGRYp äNROH YH 9tGQL NGH
E\O YURFH Y\VY FHQ QD NQ ]H 'RViKO KRGQRVWL
Q
%RKXPtU.ROi 0JU²SHGDJRJSXEOLFLVWD
0tVWD ScVREHQt 2ORPRXF 1HPLODQ\ /LERä ãWSiQRY
8ÿLO ÿHäWLQX QD ]iNODGQtFK äNROiFK 3cVRELO WDNp MDNR
YHGRXFtQDRGERUXäNROVWYt219DQD2NUHVQtP~QDGX
Y2ORPRXFLYOHWHFK9VRXÿDVQRVWLMHSQHG
QiGRYëFK XÿLOLäWtFK 92OR
YGRPLQLNiQVNpP NRVWHOH 3DQQ\ 0DULH =HPQHO YH Y
NX OHW 3RGUREQë æLYRWRSLV MH Y%HUiQNRYëFK GML
QiFKäWSiQRYVNpIDUQRVWLþOiQN\1DäHQRYLQ\ÿ
3URVW MRY
²ÿHUYHQ2ORPRXFNpOLVW\
VHGRX /LWHUiUQt VHNFH 9602 3XEOLNXMH YUHJLRQiOQtP
OHNWRUD ILOR]RILH 8ÿLO QD
Q
PRXFL S HGQiäHO ILOR]RILL D VRFLRORJLL 3UDYLGHOQ Ni]DO
Q
WLVNX .RQFLSRYDO Q NROLN DQWRORJLt D QD Q NWHUëFK VH L
ãW SiQ.DPHQtÿHN
Q
DXWRUVN\SRGtOHO1DS 2ORPRXFYOLWHUDWX HVWROHWt
ãW SiQRY
6ORYDQVNp J\PQi]LXP OLWHUiUQt DWG 9/LERäL E\GOHO QD
5ROQtNÿOHQ6'+RGURNX%\GOHOY/LERäLÿS
ÿSRGGRXÿLOYHäNROHY/LERäL
'DOät LQIRUPDFH YWLVNX 1DäH QRYLQ\ ÿ ² OLVWRSDG
)UDQWLäHN.DUHä²QiMHPFHPOëQD
+DQiFNp QRYLQ\ 2ORPRXFNp OLVW\
0DOë-HQtNRY
.G\NGHFR;,DWG
Q
$ORLV.HODU²]HGQLFNëPLVWU
/LEXäH.ROi RYi²XÿLWHOND
ãW SiQRY
c
=DNOiGDMtFt ÿOHQ VERUX GREURYROQëFK KDVLÿ YURFH
åHURWtQ
8ÿLODY/LERäLVSROXVHVYëPPDQæHOHP
E\GOHOQD-tONRY ÿSYURFHQDÿS
Q
=GHQ N.RVW tæ²]HGQtN
)UDQWLäHN.HOOQHU²]iPHÿQtN
+ROLFH
%\GOHOY.UQRY QDÿSYURFH
%RKXPLO.OiäWHUQtN
/LERä
ãWHUQEHUN
%\OÿOHQHP6'+
)UDQWLäHN.OiäWHUQtN
/LERä
þOHQ6'+RGURNX
PHS\
ãWHUQEHUN
Q
%\GOHO Y/LERäL ÿS SR S HÿtVORYiQt QD ÿS RG
SUDFRYDO QD RSUDY .' YURFH EH]SODWQ VWRYN\
Q
KRGLQ%\OÿOHQHPLIXQNFLRQi HP6'+
Y
0DULH.Rä iORYi²SRURGQtDVLVWHQWND
ãW SiQRY
ãWHUQEHUN
%\GOHODY/LERäLQDÿS
3RNUDÿRYiQtQDVWU
,QIRUPDÈQÍ]SUDYRGDM
6WUDQD
2VREQRVWL/LERäH9²GRNRQÿHQt]HVWU
Y
Q Q
c
Q
-RVHI.Rä iO²VWROi H]Ei
UDG\ REHFQt VOXKD YH ãW SiQRY EXEHQtN ÅVWUpÿHN
.UHO´ OLGRYë EiVQtN 7\SLFNi ILJXUND ]QiPi SR FHOpP
0tVWRSRE\WXãW SiQRY/LERä
Q
%\GOHOY/LERäLÿSY\ H]iYDOREUD]\ND]HW\DäSHU
Q
NRYQLFH]HG HYD9\ H]DOWDNpUHSOLNXFKUiPX6Y9tWD
Y3UD]H NWHUi E\OD XORæHQD YSUDYRVODYQpP NRVWHOH YH
Q
'ORXKROHWë IXQNFLRQi 1iURGQt MHGQRW\ D .QLKRYQt
/LERä
3 YRGQ KXWQtN E\GOHO Y/LERäL ÿS YURFH 5iMHÿNR
Q
0tVWRSRE\WX/LERäãW SiQRY
Q
RNROt 2EOtEHQ SUR ERGUë KXPRU RVREQt GREURWX
DSRFWLYRVWþOiQHN11ÿÿHUYHQ
-RVHI.U\O²]HGQtN
ãW SiQRY D S L RVYRER]RYiQt ãW SiQRYD YURFH /LEXä
E\OD]FL]HQD
/LERä
Q
,QIRUPDFHYWLVNX1DäHQRYLQ\ÿ]H]i t
%\GOHO YURFH Y/LERäL ÿS SRWRP YURFH Q
c
Y/LERäL QD ÿS Q\Qt SR S HÿtVORYiQt G P ÿS Q
-DURVODY.RYi ²NUHMÿt
c
ÿOHQ 6'+ RG URNX ]DVWiYDO U ]Qp IXQNFH YURFH
.YDVLQ\
SRGQiÿHOQtN 6+' Y /LERäL YURFH SRNODG
ãWHUQEHUN
c
QtNHP , RNUVNX 9,,, æXS\ =MHKR SR] VWDORVWL REHF
Q
%\GOHOQD-tONRY ÿSþOHQDIXQNFLRQi 6'+
REGUæHOD +DVLÿVNp Y VWQtN\ RG URNX GR URNX
Q
-DURVODY.RYi
SDP WQt SODNHWX ]URNX ] KDVLÿVNp äNRO\
/LERä
SURWLSO\QRYp REUDQ\ Y2ORPRXFL ² /XWtQ D MLQp GR
0tVWRSRE\WX/LERä
NXPHQW\ OLERäVNëFK KDVLÿ %\O GRSLVRYDWHOHP GR +D
%\O GORXKROHWëP ÿOHQHP 6'+ RG URNX SUYQt
VLÿVNpKRY VWQtNX
SRUHYROXÿQt VWDURVWD REFH /LERä ]DVORXæLO VH R ERKDWë
UR]YRM REFH SR RVDPRVWDWQ Qt /LERäH YURFH 9POiGtYHONëVSRUWRYHFKUiOKRNHMDYROHMEDO9 WäLQX
æLYRWDSUDFRYDOY0RUæHOH]iUQiFKY2ORPRXFL
Q
.DUHO.U\O²]HGQtN
%\GOHOY-tONRY ÿSYURFH
.DUHO.U\O
Q
.DUHO.RYi ²REFKRGQtS tUXÿt
.YDVLQ\
%\GOHO Y/LERäL ÿS YURFH SR]G ML QD ÿS YURFHE\OREFKRGYHGRXFtP
Q
c
'ORXKROHWëP ÿOHQHP 6'+ 1D YDOQp KURPDG VERUX
GQHE\OMPHQRYiQYGHQVYëFKQDUR]HQLQ
ÿHVWQëP ÿOHQHP VERUX ]D ]iVOXK\ Y\WUYDOpKR ÿLQQpKR
Q
ÿOHQVWYtYHVERUX%\OLGORXKROHWëPÿOHQHPYëERUX
$QQD.RYi RYi²NDGH QLFH
/LERä
Q
'FHUD-DURVODYD.RYi H%\GOHODY/LERäLÿSYURFH
SRWRPVHSURYGDOD]D-DQD$PEUR]ND]+QRMLF
.DUHO.U\O²UROQtN
+QRMLFH
Q
2æHQLOVHV-L LQRX+XUW\FKRYRXE\GOHOY/LERäLQDÿS
Q
Q
SR S HÿtVORYiQt ÿS YURFH VH S HVW KRYDO
0LURVODY.UiÿPDU²VWURMQtPHFKDQLN
Q
Q
ãW SiQRY
QD ÿS ÓVS äQë FKRYDWHO KRVSRGi VNëFK ]Yt DW
ãWHUQEHUN
VSROX]DNODGDWHO SOHPHQQpKR FKRYX Y/LERäL 9æG\ VH
Q
S HPtVWLO
VWURMQt
PHFKDQLFNRX
GtOQX
]&KRPRXWRYD GR /LERäH D SURYiG O RSUDY\ Mt]GQtFK
c
NRO D PRWRF\NO RSUDY\ YDK VPDOWRYiQt D QLNORYiQt
NRO=DP VWQiYDOSDQD/XERäH6YRERGXPX]LNDQWD]H
VQDæLO XSODWQLW YSUD[L QHMQRY Mät SR]QDWN\ DQHMQRY Mät
0tVWDSRE\WXãW SiQRY&KRPRXWRY/LERä
2G
ãW SiQRYD
c
VWURMH 9ëERUQë KXGHEQtN RG POiGt Dæ GR G FKRGX
KUiYDO YH äW SiQRYVNëFK NDSHOiFK 'ORXKROHWë ~VS äQë
Q
Q
]DKUiGNi DRYRFQi DNWLYQtGRSR]GQtKRY NX
/DGLVODY.U\O
/LERä
-DURPLO.UHMÿt²HOHNWURPHFKDQLN
9UDWLVODY
'UR]GRY
3ROLFHMQt SUDSRUÿtN E\GOHO YH ãW SiQRY SUR LOHJiOQt
2ORPRXF
ÿLQQRVW E\O VH VYëPL VSROXSUDFRYQtN\ ]DWÿHQ Y2OR
PRXFL'QH E\O SURKOiäHQ ]DPUWYpKR SURWR
%\GOHOY.UQRY ÿS
æH E\O SRSUDYHQ Y%UHVODX GQHV :URFODY ÿHVN\ 9UD
Q
$QQD.UäNRYi²RäHW RYDWHOND
Q
WLVODYþOiQHNY11ÿ
3UDFRYDOD MDNR RäHW RYDWHOND FKRURP\VOQëFK YH ãWHUQ
Q
-L LQD.U\ORYi²UROQLFH
EHUNX
/LERä
0DULH.UäNRYi²äYDGOHQD
c
$QWRQtQD&KPHOD HG OQtND]1RYëFK]iPN -DQ.U\O²REHFQtEXEHQtN
/LERä
KODYQ YæLYRÿLäQpYëURE 2GäHVWLOHWFYLÿLODY6RNROH
%\GOHOD Y/LERäL ÿS YURFH VH SURYGDOD ]D
Q
5R]HQi +XUW\FKRYi SUDFRYDOD Y]HP G OVWYt Y\QLNDOD
/LERä
ãW SiQRY
SR YiOFH FYLÿLWHOND D QiÿHOQLFH 6RNROD YH ãW SiQRY Q
3 LSUDYLOD FYLÿHQN\ ]æXS\ QD GYD FHORVWiWQt VOHW\
Y3UD]H 1DFYLÿRYDOD VODYQRVWL YKDQiFNpP NURML Y QRYDODVHG WHPDFYLÿLODVQLPLMHäW SRRVDPRVWDWQ Qt
/LERäHYURFH
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
=KLVWRULH.UQRYD
1HMVWDUät OLVWLQRX NWHUi VH WëNi .UQRYD XORæH
QRX Y2NUHVQtP DUFKLYX Y2ORPRXFL MH RULJLQiO
SQtSLVX YUFKQtKR UDG\ NOiäWHUD +UDGLVNR $QWRQD
.DUOD *LOND R SQLGOHQt SHÿHWL .UQRYX /LVWLQD MH
SViQD ÿHVN\ DOH NXUHQWHP 3QHSLV GR ODWLQN\ SRQtGLO
PcMRWHF9WpSRGREKRSQHGNOiGiPÿWHQiQcP
1DREHFQtKRU\FKWiQH
-HPXVHWDQRYiSHÿHYREFHNUQRYVNpVWtPY\
MiGQHQtPRGHVtOi
æH RQD ]O NRäWXMH D æH ]WHM SQtÿLQ\ SRQYDGæ WD
NRORQLHQHEQRYRXVHGORVW.UQRYQDQPHFNR-lJHU
VIHOGQD]YiQDMHVWWRVORYR-lJHUVIHOGDOHQDPRUDY
VNR 0\VOLYFRYR SROH VH MPHQXMH YWHM SHÿHWL MHGHQ
SRQiGQë P\VOLYHFNë URK NWHUë QD MHGQRP VWURPX
YLVt D äHVW NOiVNcY SäHQLÿQëFK NWHUi SäHQLFH QD WHM
SROL Y\URVWOD YWHMWR SHÿHWL Y\WODÿHQ\ MVRX 'OH WR
KRWR JUXQWRYQtKR Y\MiGQHQt VH NUQRYVNëP GiOHMF
R]QDPXMHæHRQXWXWRSHÿHYMHQMHGLQYæG\FN\NX
SRWYU]HQtERKXPLOpSUDYG\SRWQHERYDOLDSQLWRP
YWHMWRSHÿHWLYHGRXFtPP\VOLYHFNëPURKXNWHUëNX
SRYROiQt D Y\EX]RYiQt P\VOLYFcY VH GUæt RVWDWQt
YREFL XVHGOp NDæGë ÿDV NSLOQRVWL Y]EX]RYDWL PDMt
DE\ RQL ]WFK YMHMLFK SHÿHWL YHGRXFtFK NOiVNc RG
URNXNURNXYtFHMFSURYHGOLDQDWDNRYë]ScVREMHMLFK
GREURVWDYXSHYQLOL
'iQRQD+UDGLVNXGQHÿHUYHQFH
$QW.DUO*LONYUFKQt
3RGHSVDQë*LONMHWHQWëæSRQPæMHSRMPHQR
YiQ-tONRY1HQtSQHVQ ]QiPR MDN VL ScYRGQ SDQ
YUFKQt VSUiYFH SHÿHW SQHGVWDYRYDO QLFPpQ REHF
.UQRY SRXætYDOD NROHP URNX UD]tWNR YQPæ
E\ODSHÿHYYëWYDUQY\YHGHQDSQLEOLæQYWpSRGRE
MDNMHSQHNUHVOHQDQDQiVOHGXMtFtPREUi]NX
&HOQtVSUiYDþHVNpUHSXEOLN\YHVQD]HY\MtWYVWQtF
REFKRGQt D SRGQLNDWHOVNp YHQHMQRVWL XSR]RUBXMH QD
QNWHUp SRYLQQRVWL VSRMHQp VDSOLNDFt ]iNRQD
ÿ 6E RSRYLQQpP ]QDÿHQt OLKX UHVS
ÅNRONRYiQt´ OLKRYLQ MHQæ QDEëYi ~ÿLQQRVWL GQH
ÿHUYHQFH
3RGUREQMät LQIRUPDFH R LQYHQWDUL]DFL D MHMt
IRUP UHVS VWUXNWXQH StVHPQp LQYHQWXUQt VHVWDY\
PRKRX SRYLQQp VXEMHNW\ ]tVNDW SURVWQHGQLFWYtP
VSHFLiOQtKR RGND]X QD LQWHUQHWX &HOQt VSUiY\ þ5
ZZZFVPIFUF] SQtSDGQ QD PtVWQ SQtVOXäQpP
FHOQtP~QDGX
)UDQWLäHN6YR]LO
8SR]RUQQt&HOQtVSUiY\þ5SURREFKRGQtN\DSURGHMFHOLKRYLQ
RSRYLQQpLQYHQWDUL]DFL]iVRE
3UiYQLFNp D I\]LFNp RVRE\ NWHUp GRYiæHMt VNOD
GXMtDSURGiYDMtOLKRYLQ\YHVSRWQHELWHOVNpPEDOHQtR
REVDKXODYWätPVREVDKHPDONRKROXYRO
D Y\äätP PDMt SRYLQQRVW SURYpVW YH VYëFK SURYR
]RYQiFK YëUREQt SRGQLN\ YHONRREFKRG\ PDORRE
FKRG\ DOH L PtVWD NGH MVRX OLKRYLQ\ UR]OpYiQ\ NH
NRQ]XPDFL²UHVWDXUDFHSRKRVWLQVWYtEXIHW\DSRG
NHGQLÿHUYHQFHLQYHQWDUL]DFLMHMLFK]iVRE
9ëVOHGN\ WpWR LQYHQWXU\ LQYHQWXUQt VH]QDP\ PDMt SRYLQQRVW QiVOHGQ SQHGDW PtVWQ SQtVOXäQpPX
FHOQtPX ~QDGX GOH PtVWD NGH E\O OtK LQYHQWDUL]R
YiQDWRQHMSR]GMLGRÿHUYHQFH
&HOQt ~QDG SRWYUGt SQHY]HWt LQYHQWXUQtKR VH
]QDPX QD MHKR NRSLL NWHURX MH RVRED ² SRGQLNDWHO
SRYLQQDXVFKRYDWSURSQtSDGQRXNRQWUROX
8SR]RUBXMHPH GiOH æH LQYHQWDUL]RYDQp ]iVRE\
QH]QDÿHQëFK ÅQHNRONRYDQëFK´ OLKRYLQ O]H GRSUR
GiYDWSRX]HGRNRQFHOHWRäQtKRURNX
/LKRYLQ\ Y\UREHQp QHER GRYH]HQp QD ~]HPt
þHVNp UHSXEOLN\ SR MLæ PXVHMt EëW R]QD
ÿHQ\ NRQWUROQt SiVNRX ÅNRONHP´ XPtVWQRX SQHV
X]iYUODKYH
.RQWDNW
&HOQt ~QDG 2ORPRXF 6ODGNRYVNpKR 2ORPRXF
-XUHÿND0LFKDO'LVWHO
.RE\OND5DGRPtUWHO
,QIRUPDÈQÍ]SUDYRGDM
-DNpMHVWiQt
$XWREXVRYpVSRMHQt
c
1D ]iNODG SRæDGDYNX NUQRYVNëFK REÿDQ MVPH
Q
Q
c
c
6WUDQD
S LSUDYLOL S HKOHG RGMH]G DXWREXV ]H ãW SiQRYD XO
0LOë SQtWHOL NRQHÿQ MVL VH YSRPUQ VOXäQpP VWDYX GRNRGUFDO
NYë]QDPQpPXYNXDYVWXSXMHäQ\QtGRVXSHUREGREtæLYRWD
1RYRYHVNiGR2ORPRXFHD]S WYSUDFRYQtGQ\DYHGQ\
3UDFRYQtGQ\
3UDFRYQtGQ\
ãW SiQRY2ORPRXF
2ORPRXFãW SiQRY
%XGHäPtWPRQHÿDVXDOHæiGQëQiSDGFRVQtP
•
•
•
YROQD
3RVDGtäOLVHQNGHQDODYLÿNXDE\VHVNRFKDOSQtURGRXXVQHä
%XGRXVHWLÿtP GiO YtF OtELW PODGp KRON\ DOHRVORYRYDW W EXGRX
VWDUpEiE\
•
.G\æVLEXGHäFKWtWSRQtGLWQFRQDVHEHEXGHäSRVORXFKDW QHÿLæH
•
•
•
•
3iQ%cKWLVtO\YH]PHDOHFKXYQHFKi
XæWRQHXQRVtäDGRUDNYHVHWRQHKRGt
=DÿQRXWLQtNDWSDPWQtNSUiYYGRENG\]DÿQHä]DSRPtQDW
%XGHäYtFÿtVWDOHQDNRQFLVWUiQN\QHEXGHäYGWRFRQDQtäOR
%XGRX WL QtNDW MDN NUiVQ Y\SDGiä MDNRE\ QHYGOL æH Piä
GRPD]UFDGOR
9äHFKQ\ERW\WEXGRXWODÿLWQHERVHWLEXGRX]RXYDW
•
•
•
•
2ERXYDFtOætFLEXGHäSRWQHERYDWPHWUGORXKRX
þtPEXGHäPtWPtB]XEcWtPEXGHäNRXVDYMät
$Y WL XYDQt FRNROLY GRVWDQHä SR WRP SiOHQt æiK\ ]iFSX QHER
VUDMGX
9ODVcEXGHäPtWGRVWDOHÿtPGiOPHQätKODYX
•
•
•
•
'RYDQ\SROH]HäSRKODYSURWRæHQHRKQHäQRK\YNROHQ
%XGHäPtWPRQH]NXäHQRVWtDOHæiGQpSRVOXFKDÿH
.G\æVLEXGHäFKWtWXVWiQNXNRXSLWWLVNDXSDGQHWLSHQæHQND
EXGHä GODW æH VL RSUDäXMHä NROHQR SDN OëWNR SDN WL UXSQH
Y]iGHFKÿtPæWYpRKëEiQtVNRQÿtDSHQæHQNXY]WHN\NRSQHäGR
NDQiOX
%XGHäÿcUDWWDNÿDVWRDWDNGORXKRæHVNRURQHEXGHäPtWÿDVVH
•
QDStW
9ROQpGQ\
9ROQpGQ\
%XGHä PtW EUHMOH QD EOt]NR QD GiONX QD ätQNX ELIRNiOQt
•
ãW SiQRY2ORPRXF
2ORPRXFãW SiQRY
$WDNRYpMHVWiQtSURWRVLXætYHMæLYRWDGRNXGPcæHäDUDGXMVH
]NDæGpKRNUiVQpKRUiQDDUDGRVWQSURæLWpKRGQH«
WULIRNiOQtDSDNMHGQ\VMHGQRXQRæLÿNRXNWHUëPLEXGHäYLGW
6WUiYtä KRGQ ÿDVX YSRVWHOL QLNROLY NYcOL RGSRÿLQNX QHER
•
UDGRYiQNiPDOHSURWRæHVHQHEXGHäPRFL]YHGQRXW
$æWLQNGRSQLMGHSQiWDE\VHVGRæLOVWRYN\SRäOHäGRGRS«
•
'RNXPHQW\SURY\GiQtREÿDQVNpKRSUcND]X
9\GiQtSUYQtKR23SUROHWp
Q
c
Q
åiGi ]iNRQQë ]iVWXSFH QHMG tYH GQ S HG
Q
3UR
Q
XYHGHQt
QHSRYLQQëFK
c
~GDM Q
S HGORæt
YRERX
Q
GRYUäHQtPWLOHWS HGORæt
S tSDGHFK GDOät GRNODG\ NSURNi]iQt VNXWHÿQRVWL QDS •
•
•
•
GLSORPURGQëOLVWG WtURGQëOLVWPDQæHOD
URGQëOLVWGtW WH
c
RGGDFtOLVWURGLÿ
IRWRJUDILL[PP
Q
GRNODG R VWiWQtP REÿDQVWYt QDS SODWQë SDV SRNXG
KR GtW QHYODVWQt SRæiGi ]iNRQQë ]iVWXSFH .Ó
•
•
Q
2ORPRXFNpKRNUDMHSURVW HGQLFWYtPPDWULN\2Ó/L
ERäRY\VWDYHQtGRNODGXRREÿDQVWYt
8NRQÿHQtSODWQRVWL23W\SXNDUWD¶¶
•
•
GRVDYDGQt23
IRWRJUDILH[PP
8NRQÿHQtSODWQRVWL23W\SXNQtæND¶¶
•
•
•
•
•
•
URGQë OLVW GRNODG R VWDYX RGGDFt OLVW UR]VXGHN
IRWRJUDILH[PP
Q
Q
3 L]WUiW
S L]WUiW 23W\SXNDUWD¶¶
NVIRWRJUDILH
URGQëOLVW
Q
S L]WUiW 23W\SXNQtæND¶¶
NVIRWRJUDILH
URGQëOLVW
GRNODGRVWDYX
Q
GRNODG R VWiWQtP REÿDQVWYt QDS FHVWRYQt SDV
Q
SRNXG KR QHPi WDN SRæiGi SURVW HGQLFWYtP 2Ó
GRVDYDGQt23
RUR]YRGXDSRG
•
Q
/LERäNUDMVNë~ DGRY\VWDYHQt3RSODWHNÿLQt.ÿ
•
c
3UR ]DSViQt QHSRYLQQëFK ~GDM GRNODG\ NSURNi]iQt
VNXWHÿQRVWL
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
,QIRUPDÈQÍ]SUDYRGDM
3ROLFLHNQLGLÿcP
6WUDQD
'RSUDYQtQHKRGRYRVWMHQHMYWätP]ORÿLQFHPY]HPL
¾ .DæGp PLQXW\ GRMGH QDÿHVNëFK VLOQLFtFK
NGRSUDYQtQHKRG
¾ .DæGëFKPLQXWMHSQLQHKRGOHKFH]UDQQ
ÿORYN
¾ .DæGëFKPLQXWMHQDVLOQLFLWæFH]UDQQ
ÿORYN
¾ .DæGRX KRGLQX ]HPQH YGcVOHGNX QHKRG\
ÿORYN
3URÿOLGpERXUDMt"SURWRæH
‰ VH SOQ QHYQXMt Qt]HQt D ]D Mt]G\ WHOHIRQXMt
NRXQtMHGtUR]KOtæHMtVHSRRNROt
‰ QHGRGUæXMtEH]SHÿQRXY]GiOHQRVWDMH]GtGRVORYD
ÅQDOHSHQL´QDVRE
5RÿQ]HPQHQDÿHVNëFKVLOQLFtFKOLGt
]WRKRDVLGWt=%<7(þ1
-DNSRVWXSRYDWSQLDXWRQHKRG"
‰ 1HSURGOHQDOHEH]SHÿQ]DVWDYWH
‰ 9\SQWHPRWRUDY\WiKQWHNOtÿN\]H]DSDORYiQt
‰
‰
‰
‰ SQHNUDÿXMtVWDQRYHQRXU\FKORVW
‰ QHGiYDMt SQHGQRVW YMt]G D YMtæGMt GR SURWL
VPUX
‰ SQHGMtæGMtYQHEH]SHÿQëFK~VHFtFK
‰ MH]Gt UR]ÿLOHQt SRVStFKDMt D QHSQHGYtGDMt SQt
SDGQpQHEH]SHÿt
‰
‰
‰
‰
‰
‰
-DFtQLGLÿLQHMÿDVWMLERXUDMt"
QLGLÿLDJUHVLYQtDQHRKOHGXSOQt
PODGtQLGLÿLVHVLOQëPLYR]\
VSFKDMtFtDQHUYy]QtQLGLÿL
QH]NXäHQtÿHUVWYtPDMLWHOpQLGLÿVNëFKSUcND]c
RVRE\SRGYOLYHPDONRKROXDQiY\NRYëFKOiWHN
W]YVYiWHÿQtQLGLÿLNWHQtY\MtæGMtMHQREÿDV
.GHQHMYtFHGRFKi]tNWUDJLFNëPQHKRGiP"
‰ QHMYtFH XVPUFHQëFK RVRE MH QD VLOQLFtFK , D ,,
‰
‰
‰
‰
WQtG\
]H QHKRG VH VWDQRX YH PVWHFK D REFtFK
QHKRGVHVWDQHMHQQDGiOQLFtFK
QHEH]SHÿQp MVRX WUDGLÿQ æHOH]QLÿQt SQHMH]G\
NGHURÿQSQLVUiæFHVYODNHP]HPQHRVRE
QHMYtFHQHKRGVHVWDQHQDSQtPëFK~VHFtFKDQD
NQLæRYDWNiFKYHWYDUXÅ7´
QHMÿDVWML ]HPQH FKRGHF NWHUë VL ]NUDFXMH FHVWX
DÿNROLYSQHFKRGSURFKRGFHEëYiYGRKOHGX
.G\OLGpQHMÿDVWMLERXUDMt"
‰ QHMYtFHYSURVLQFLDYOHWQtFKPVtFtFK
‰ RYtNHQGRYëFKGQHFKSiWHN²QHGOH
‰ R9HOLNRQRFtFK9iQRFtFKÿLYGREGHOätKRSUD
FRYQtKRYROQD
‰ NG\æ SURMtæGMt NROHP PtVWD GRSUDYQt QHKRG\
DQHVRXVWQHGtVHQDYODVWQtMt]GX
‰
‰
‰
‰
-DFt~ÿDVWQtFtVLOQLÿQtKRSURYR]X
MVRXQHM]UDQLWHOQMät"
FKRGFL]QLFKSDNQHMYtFHGWLDVWDUätOLGp
F\NOLVWpEH]SQtOHE
GWL ² VSROXMH]GFL NWHUp QHMVRX SQLSRXWDQp
YDXWRVHGDÿFH
QLGLÿLDVSROXMH]GFLNWHQtQHMVRXSQLSRXWDQt EH]
SHÿQRVWQtPSiVHP
‰
‰
‰
‰
‰
3RNXG MH WQHED ]DMLVWWH SURWL SRK\EX YR]LGOR
UXÿQtEU]GRX
2]QDÿWH PtVWR QHKRG\ YëVWUDæQëFK WURM~KHOQt
NHPUR]VYLYWHYëVWUDæQiVYWODDXWRPRELOX
=UDQQpRVRE\GRVWDBWHRSDWUQGREH]SHÿtNGH
MLPPcæHWHSRVN\WQRXWSUYQtSRPRF
3RNXG MVRX X QHKRG\ DOHVSRB GYD OLGp MHGHQ
SRVN\WXMHSUYQtSRPRFDGUXKëYROi]iFKUDQQRX
VOXæEXD3ROLFLLþ53RNXG]DVDKXMHWHX
QHKRG\ VDPL PXVtWH QHMSUYH SRVN\WQRXW SUYQt
SRPRF WHSUYH SRWRP PcæHWH YRODW SRPRF RG
ERUQRX2SHUiWRURYLQDOLQFHVGOWHNGHVH
QDFKi]tWH PVWR XOLFH NQLæRYDWND ÿtVOR NLOR
PHWUXGiOQLFHRULHQWDÿQtERGGiOHSRÿW\DVWDY
]UDQQëFKD VDPR]QHMQ 9DäH MPpQR D WHOHIRQQt
ÿtVOR]HNWHUpKRYROiWH
6HWUYHMWH QD PtVW GRSUDYQt QHKRG\ Dæ GR SQt
FKRGXSROLFLVW\3RNXGMGHWHSQLYRODWSRPRFQD
PtVWRQHKRG\VHQHSURGOHQYUDYWH
-DNR ~ÿDVWQtN QHKRG\ MVWH RSUiYQQL ]DVWDYRYDW
GDOätYR]LGODDE\YiPMHMLFKSRViGNDSRPRKOD
7YRQtOL YR]LGOR SQHNiæNX YVLOQLÿQtP SURYR]X
PcæHWH MHM RGVWDYLW DOH PXVtWH QHMSUYH Y\]QDÿLW
MHKRSQHVQRXSRORKXSQLQHKRG
3RNXG MVWH VYGNHP QHKRG\ SQLVWXSXMWH
NKDYDURYDQpPXYR]LGOXRSDWUQ3RUXFHPMWH
OpNiUQLÿNXEDWHUNXPRELOQtWHOHIRQDGcOHæLWëMH
LKDVLFtSQtVWURM
3RNXGMVWH~ÿDVWQtN\QHKRG\NWHUiVHREHäODEH]
]UDQQt D PiWH NGLVSR]LFL IRWRDSDUiW Y\SODWt VH
FHORXVLWXDFLY\IRWLW
$ QH]DSRPHBWH 3R QHKRG MH QLGLÿ SRYLQHQ
]GUæHW VH SRæLWt DONRKROLFNpKR QiSRMH D QiY\NRYëFK
OiWHNVWHMQMDNRSQHGDEKHPMt]G\GRGRE\GRNXG
SROLFLVWDQHSURYHGHRULHQWDÿQtGHFKRYRX]NRXäNXQD
DONRKROSQtSDGQGRNXGVHQHSRGUREtWHOpNDQVNpPX
Y\äHWQHQt VRGEUHP NUYH ÿL PRÿL NH ]MLäWQt PQRæ
VWYtDONRKROXYNUYL
‰
‰
‰
‰
.G\QHMVWHSRYLQQLYRODWNGRSUDYQt
QHKRGSROLFLLþ5"
QHGRMGHOLNH]UDQQtÿLXVPUFHQtRVRE\
QHSQHViKQHOL ]ScVREHQi äNRGD ÿiVWNX Y\äät
.ÿ
QHQtOL]ScVREHQDäNRGDQDPDMHWNXWQHWtRVRE\
SRNXGVHQLGLÿLY]iMHPQGRKRGQRXQD]DYLQQt
GRSUDYQtQHKRG\
3QHGFKi]HMWH WRPX DE\ GRSUDYQt QHKRGD ]PQLOD
YVHWLQVHNXQG\YiäæLYRW
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
3/$71267QLGLÿVNëFKSUcND]cYþ5D]HPt(8GRGRE\SRYLQQpKR
Y\PQQt]DQLGLÿVNëSUcND](8
-HSRWQHED ]GcUD]QLW æH VWiYDMtFtQLGLÿVNp SUcND]\ Y\GDQp RG GR EXGRX
LQDGiOH SODWQp D WR YH YäHFK ÿOHQVNëFK VWiWHFK (YURSVNp XQLHPLGLÿVNp SUcND]\ Y\GiYDMt SQtVOXäQi
SUDFRYLäWSRYQHQëFKREHFQtFK~QDGcDREFHVUR]ätQHQRXScVREQRVWtPDJLVWUiW\
1DYUKRYDQpWHUPtQ\YëPQ\VWiYDMtFtFKQLGLÿVNëFKSUcND]c
PLGLÿVNëSUcND]Y\GiYiQRGGR1iYUKSRYLQQpYëPQ\GR
GRNRQFHURNX
GOHQRYHOL]DFH
PLGLÿLVSUcND]\NWHUpE\O\Y\GiQ\GRNRQFHURNXPDMtQDYëPQXDæGRSURVLQFH
/]HLY\PQLWGQtYHDOH]DSRSODWHN3UR]DWtPGREDWUYiQtY\GiQtQRYpKRP3MHGQcDQHQtY\GiYiQ
SUR]DWtPQtP3MVWHSRWXWRGREXEH]QM3URWRGRSRUXÿXMLSRNXGQHEXGH]PQDSRÿNDWQDGDQpWHUPtQ\
REPQ\
9\GiYiQtQLGLÿVNpKRSUcND]XY]RUX(YURSVNëFKVSROHÿHQVWYt
9\GiYiQtQLGLÿVNëFKSUcND]cY]RUX(6MHRGNYWQXXPRæQQRQD]iNODGQRYHO\Y\KOiäN\ÿ6ERQLGLÿ
VNëFKSUcND]HFKDRUHJLVWUXQLGLÿc
1RY Y\GiYDQë QLGLÿVNë SUcND] þHVNp UHSXEOLN\ SRGOH Y]RUX (YURSVNëFK VSROHÿHQVWYt EXGH W\SX SODVWRYp
NDUW\ R YHOLNRVWL [ PP WM SUR SQHGVWDYX YHOLNRVW WHOHIRQQtFK QHER EDQNRYQtFK NDUHW %XGH UcæRYR
PRGUp EDUY\ D EXGH R]QDÿHQ QiSLVHP ÅP,',þ6.ê 35b.$= þ(6.É 5(38%/,.$´ ORJHP (YURSVNp
XQLHDUR]H]QiYDFtP]QDNHPY\GiYDMtFtKRVWiWXÅ&=´
PLGLÿVNëSUcND]Y]RUX(6
9\GiYiQEXGHQDGREXOHW]GcYRGXæLYRWQRVWLDÿLWHOQRVWLSODVWRYpNDUW\DQHERQDGREXNUDWät]Gc
YRGXRPH]HQtRGERUQpQHER]GUDYRWQt]ScVRELORVWLQLGLÿH%XGHX]QDWHOQëSURQt]HQtYR]LGODYUiPFL(YURS
VNpXQLHDSRGREQMDNRVRXÿDVQY\GiYDQëW\SQLGLÿVNpKRSUcND]XLYRVWDWQtFKVWiWHFKÅÓPOXY´
1RYëEXGHV\VWpPYëURE\QLGLÿVNpKRSUcND]XNWHUëEXGHQHäHQFHQWUDOL]RYDQëP]ScVREHP2EÿDQWHG\
Y\SOQtæiGRVWQDSQHGHSVDQpPWLVNRSLVXDWXWRSRGiQDSQtVOXäQpPSUDFRYLäWLREHFQtKR~QDGXREFHVUR]ätQH
QRXScVREQRVWtUHVSPVWVNpKR~QDGXPDJLVWUiWX1DæiGRVWQDOHStGRSQtVOXäQpKRPtVWDIRWRJUDILLDæiGRVW
SRGHStäHGRSQHGHSVDQpKRREGpOQtNX)RWNDDSRGSLVEXGRXQiVOHGQYSURFHVXYëURE\GLJLWiOQ]SUDFRYiQ\
DVSROHÿQVRVWDWQtPL~GDMLODVHURYJUDYtURYiQ\GRWOHVDNDUW\
2EÿDQY\]YHGQHQLGLÿVNëSUcND]RSWQDSUDFRYLäWLREHFQtKRUHVSPVWVNpKR~QDGX9\GiQtQLGLÿVNpKR
SUcND]X EXGH SURYHGHQR REGREQMDNR X REÿDQVNëFK SUcND]cD SDVc QHMGpOH GR GQc RGH GQH SRGiQt
æiGRVWL3RNXGVHVWDQHæHQLGLÿ]WUDWtQLGLÿVNëSUcND]EXGHPXGRGRE\Y\GiQtQRYpKRQLGLÿVNpKRSUcND]X
Y\VWDYHQR~QDGHPGRÿDVQpSRWYU]HQtQD]iNODGNWHUpKREXGHPRFLQtGLWYR]LGORQD~]HPtþHVNpUHSXEOLN\
,QIRUPDÈQÍ]SUDYRGDM
3DWHURUDGSUR]DÿtQDMtFtSHMVNDQH
6WUDQD
.G\æ VH Yiä ÿW\QQRKë GUDKRXäHN Y\NDNi QD FKRGQtN GOHMWH MDNRE\ QLF D FR QHMU\FKOHML RSXVYWH
PtVWR1DSQLSRPtQN\NROHPMGRXFtFKQHUHDJXMWH
3QtSDGQpPXPVWVNpPXVWUiæQtNRYLWYUWHGRRÿtæH72XæWDPE\OR1DMHKRXSR]RUQQtæHFHOë
DNWSR]RURYDO]SRY]GiOtVHMHM]HSWHMWH]GDQHPiQDSUiFLQLFMLQpKRQHæYiVäSHKRYDWDæHQDQiPVWt
]DVHXUÿLWQiGtNDSViQLDRQVHWDG\IOiNiDæHVLEXGHWHVWæRYDWMHKRQDGQt]HQëP3R]DSViQtMHKR
VOXæHEQtKRÿtVODYNOLGXRGHMGWH
8GOiOL Yiä PD]OtÿHN ORXæLÿNX YH YëWDKX ]DVWDYWH QHSURGOHQ YëWDK WODÿtWNHP 6723 VWLVNQWH
QHMEOLæätY\äätSDWUR]GHY\VWXSWHDRSDWUQSRNUDÿXMWHSRVFKRGHFK
3RWNiWHOLQNWHUpKR]HVRXVHGcNWHUpPXMHGLYQpæHMGHWH]SiWpKRSDWUDSäN\VHSVHPSURQHVWH
QFR R ]GUDYpP WOH D GXFKX D SRNUDÿXMWH 3RNXG SRWNiWH GROH X GYHQt YëWDKX QNRKR ]H VRXVHGc
QDGiYDMtFtKRQDW\EOEpSHMVNDQHVYHWHWRQDWRKRRæUDOX]GHYtWN\
6YpKRPLOiÿNDQLNG\QHP\MWHGRPD9\XæLMWHNWRPXYHQHMQëFKQHSODFHQëFKYRGQtFKSORFKNGHVL
YiVMLVW]DPLOXMtURGLÿHNRXSDMtFtFKVHPDOëFKGWt
3RNXGE\VHVQDGQDäHOQMDNëKQLGRSLFKNWHUpPXE\YDGLORæHYiä SHMViQHN SURSORXYi PH]L MHKR
GWPLREÿDVVHY\ÿcUiQDEQHKDSRY\EKQXWt]YRG\]FHODQHRP\OQ]DPtQtQDMHKR GHNXNGHVH
RWQHSiQtP]EDYtSQHE\WHÿQpYRG\QD]YWHKREXUDQHPNWHUëQHPiUiG]YtQDWD1DMHKRGRWD]SURÿ
QHMGHWHVHVYëPSVHPQDYHGOHMätEQHKNG\æMHWDPYROQRPXYPHYWHGRWYiQHDYWDPMGHRQ3RNXG
VHEXGHEUiQLWæHRQWDG\E\OSUYQtLJQRUXMWHMHM
1D YHQHMQëFK SURVWUDQVWYtFK NGH QHQt Y\VORYHQ QDSViQR =iND] YROQpKR SREtKiQt SVc UR]
KRGQQHGiYHMWHVYpPXEURXÿNRYLNRätNDQLYRGtWNRDWRDQLYSQtSDGæHYiætVNRURMDNRY\1HQt
QLF QHSQtMHPQMätKR QHæ NG\æ Yiä VYpKODYë GUREHÿHN Y\UD]t ]D YcQt KiUDMtFt IHQ\ QD GUXKp VWUDQ
SDUNXDY\MVWHQXFHQLMHMFKWQHFKWGRSURYi]HWOHWHPSODYPR
3RNXG YDäH FKXQGH
ODWp SRWäHQt SRYDOt
YSDUNXKUDMtFtVLGtWMH
WR QDSURVWR Y SRQiGNX
9\VYWOHWH MHÿtFt PDWFH
æH L NG\æ Yiä GUREHÿHN
MHYWätQHæMHMtGtWNRMH
WR YODVWQ MHäW äWQ
DWXGtæ Pi SUiYR VL
KUiW 6 ÿtPNROL D NëP
NROL $ EH]WDN MHM Y\
SURYRNRYDORVDPRGtW
3RNXG MHNRW QHXVWiYi
LJQRUXMWHMHM
1HMHQSURYäHFKQ\]DÿtQDMtFtSHMVNDQHY\EUDOD]LQWHUQHWX
(YD6WHMVNDORYi
6WUDQD
,QIRUPDÈQÍ]SUDYRGDM
.QtæRYNDRFHQ\
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
1
2
3
4
5
6
7
8
9
10
11
12
=QiPëSROVNëKXPRULVWD6-/HFMHDXWRUHPYëURNXVNU\WpKRYWDMHQFHQDätNQtæRYN\
2GKDOXMHYDGXNUiVQpKRSRVPUWQpKRQHE\Wt
9RGRURYQ
þHVNi ]NUDWND PH]LQiURGQtKR VSROHÿHQVWYt ]GUKRYDGOR SRWRP ]QDÿND SROVNëFK æHOH]QLF 0XæVNp
MPpQR ]QDÿND ÿLVWtFtKR SURVWQHGNX GRPiFN\ $OHQD ODWLQVN\ ÅXPQt´ 3UYQt ÿiVW WDMHQN\ 1PHFN\
ÅEX´ RVREQt ]iMPHQR SQDGOHQLQ YëUREHN ]QDÿND ]iNODGQtKR VRIWZDUH 3& 'RPiFN\ (OLäND SRSUDYÿt
Y\VRNp NDUW\ VSRMND RGSRURYDFt 3QHGORæND I\]LNiOQt]NUDWND MRXOX )LOLSLQVNi VRSND VORYHQVN\ ÅMDN´
FLWRVORYFH ]DV\ÿHQt WUKi þHUQë SYHF QRX]RYp YROiQt WXUHFNp PXæVNp MPpQR DQJOLFN\ ÅVWDUë´
&LWRVORYFHSR]QiQtFKHP]QGUDVOtNXDOLWKLDKUREFL]tæHQVNpMPpQR7QHWtÿiVWWDMHQN\=NUDWND
ÿHVNp SROLWLFNp VWUDQ\ ]QDÿND Y\RUiYDÿH EUDPERU QPHFN\ Å~KRQ´ SXOV 'DURYDO VWDURÿHVNp Y]WDæQp
]iMPpQRVHNQLVRXKODV
6YLVOH
$ =QDÿND RNUHVX 2ORPRXF ]QDÿND ]GUDYRWQt æYëNDÿN\ SQHGORæND % =HVWiUQXO EH]YDGQi QiODGD
&=QDÿNDPRELOQtFKWHOHIRQcRPDNDO'&KHP]QN\VOtNXVSHFLiOQÿHVNiVRXKOiVND(6ORYHQVN\Å]DGQt
ÿiVW´YHOPLVWQtGPæLMtFtÿORYN)åHQVNpMPpQR]DNODGDWHOSRGQLNXþ.'*7UiYQtNPDOëRELOQtIRXV
+6DPRKOiVNDGORXKiVDPRKOiVND,=HPQHYERMLSQtVOXäQtNVWDURLUiQVNpKRQiURGD-0XæVNpMPpQRQi
]HY OLEHUHFNpKR IRWEDORYpKR NOXEX . 6RXÿiVW VWROQt KU\ NRGDBVNë ]iEDYQt SDUN / 'ORXKi VDPRKOiVND
SQHGORæND0.XOKDYHFUcæLFH1ãSDQOVNRLQGLiQVNëPtäHQHFYUDæHQGRYQLWQ2'RSLVQt]NUDWNDGUXKi
ÿiVWWDMHQN\SQHGORæND
1iSRYGD.ROEHQ6DUPDW
)UDQWLäHN6YR]LO
9\OXäWQRXWDMHQNXGRUXÿWHSRäWRXQHERRVREQGRÿHUYHQFHQD2EHFQt~QDGY/LERäL2EiONX
QDGHSLäWH KHVOHP Å.PÌå29.$´ 9\ORVRYDQt YëKHUFL REGUæt GUREQp YFQp FHQ\ 9ëKHUN\Qt ]D Y\OXäWQt
WDMHQN\]H=SUDYRGDMHÿ1NWHQtOLGpWUStMDUQt~QDYRXSRFHOëURNVHVWDOD0LFKDHODãYDQFHURYi9ëKHU
N\QLEODKRSQHMHPH
,1)250$ª1¯=35$92'$-SURREÈDQ\/LERœHD.UQRYD
'YRXP VtÿQtN
Y\GiYi
REHF /LERä /LERä ãW SiQRY ,þ2 WHOID[ HPDLO OLERV#OLERVF] ZZZOLERVF]
Q
Q
5HJLVWURYiQR X 0. þ5 SRG ]QDÿNRX 0. þ5 ( 5HGDNÿQt UDGD 0JU -L t /DQJHU 3K' 0JU -L t /DQJHU ,QJ
Q
.DUHO .U\O -DQ 'DYLG -RVHI +UXäND D )UDQWLäHN 6YR]LO 5HGLJRYDO 0JU -L t /DQJHU 3K' =D MD]\NRYRX VSUiYQRVW
Q
c
Q
S tVS YN UXÿtVDPLDXWR L