Závěrečná zpráva Mezinárodního auditu výzkumu, vývoje a inovací

Transkript

Závěrečná zpráva Mezinárodního auditu výzkumu, vývoje a inovací
9cTĀPCóLcXNPcT?
KCXGLcPMBLnFM?SBGRS
TãXISKSÇTãTMHC?•GLMT?An
T•òCQIjPCNS@JGAC
MŠMT
7`QþM@ñI`UKM`Q<H@UDI`MJ?IkCJ<P?DOP
QâUFPHPÂQâQJE@<’DIJQ<>k
Q’ð@NFgM@KP=GD>@
Q<9DG·ÌAFAKL=JKLNGŐCGDKLNbµEDW<=š=9LİDGNŞ;@GNQµ}{|}
Karmelitská 7
||ƒ|}J9@9|
ބ‚ƒ¨ƒ{¨ƒ‚{|¨{|¨~
7`QþM@ñI`UKM`Q<H@UDI`MJ?IkCJ<P?DOP
QâUFPHPÂQâQJE@<’DIJQ<>k
Q’ð@NFgM@KP=GD>@
ßM<ALNŞRCMEMµNŞNGB=9AFGN9;bNè=KC^J=HM:DA;=:QDRHJ9;GNWFKHGD=ĩFGKLb
=;@FGHGDAKJGMH<D=R9<WFb
F<ANA<MWDFb@GHJGB=CLMFWJG<Fb@G±=RAFWJG<Fb
9M<ALNŞRCMEMµNŞNGB=9AFGN9;bNè=KC^J=HM:DA;=9AEHD=E=FL9;=B=@G
NŞKD=<Cś<GKLJ9L=?A;CŞ;@<GCME=FLś§¶|¶{‚Ķ}¶{{Ä{¶{{{«J=9DARGN9F^@G
ĎG<|¶|¶}{{„<G~|¶|}¶}{|}NJWE;AH=J9ĩFb@GHJG?J9EMR<İDWNWFb
HJGCGFCMJ=F;=K;@GHFGKL¾¿¶JGB=CLB=KHGDMrF9F;GNWFNJGHKCŞE
KG;AWDFbE>GF<=E9KLWLFbEJGRHGĩL=Eè=KC^J=HM:DACQ¶
1<OJKP=GDF<>@J=N<CPE@0JPCMIIJPUKM`QPQODàOþIgKJ?J=þ<E@?IJOGDQg?kGñk
U`QþM@ñIgUKM`QTI< !Ï
7`QþM@ñI`UKM`Q<Ï'MBLMACLnTCĠCHLãAFTãB?HĪL?5?5T•òCQIjPCNS@JGAC
,GAF?CJ#GLECQ›)M?LLCSK1CQC?PAF%MPQAFSLEQECQCJJQAF?DRK@'/MJGAGCQÇ"CLRPCDMP$AMLMKGA?LB(LLMT?RGML
1CQC?PAF
7`QþM@ñI`UKM`Q<ÏğnXCLn5?5T•òCQIjPCNS@JGAC
$PGI PLMJBÇ!C?,?FGCSÇ LBPCH'MPT?RF›3CAFLMNMJGQ&PMSN
7`QþM@ñI`UKM`Q<Ï*T?JGR?TãXISKSÇGLQRGRSAGMLcJLn¤L?LAMTcLn?•FMBLMACLnTãXISKST•òCQIjPCNS@JGAC?TX?FP?LGón
$PGI PLMJBÇ!?P@?P?&MMBÇ%PGRX.FJCPÇ!PGEGRRC3GCDCLRF?JCPÇ-GIG5CPKCSJCL›3CAFLMNMJGQ&PMSN
7`QþM@ñI`UKM`Q<Ï/ĠCFJCBQWQRjKSMAFP?LWBSáCTLnFMTJ?QRLGARTn
JDPCB1?B?SCP›3CAFLMNMJGQ&PMSN)SP?H/MJCBL?›/CPGRSQ
7`QþM@ñI`UKM`Q<Ï5?X@WKCXGTĀBMS?•NPĪKWQJCK
1CGLFMJB'MDCPÇ2SQ?LLC,CWCPÇ,?PRGL!CPECPÇ"FPGQRG?L1CGLCP›)M?LLCSK1CQC?PAF%MPQAFSLEQECQCJJQAF?DR
K@'/MJGAGCQÇ"CLRPCDMP$AMLMKGA?LB(LLMT?RGML1CQC?PAF
7`QþM@ñI`UKM`Q<Ï,CXGLcPMBLnQNMJSNPcACTC5?5
)?IM@$BJCPÇ*GCPML%J?L?E?LÇ @BSJJ?F&MIÇ/FGJGN2F?NGP?›,?LAFCQRCP(LQRGRSRCMD(LLMT?RGML1CQC?PAFÇ,!2Ç
4LGTCPQGRWMD,?LAFCQRCP/?RPGCQ!MCIFMJR›3CAFLMNMJGQ&PMSN
7`QþM@ñI`UKM`Q<Ï+GBQIjXBPMHCTC5?5
+GSBTGI?+CGQWRCÇ/?SJ!CLLCUMPRFÇ)MFL%GJCÇ LBPC?*MRRK?LLÇ$E@CPRBC6CCPR›"CLRCPDMP'GEFCP$BSA?RGML
/MJGAW2RSBGCQÇ4LGTCPQGRWMD3UCLRC
7`QþM@ñI` UKM`Q< ÁÏ !G@JGMKCRPGAIc ?L?JãX? NPMBSIAC TãXISKS T• òCQIj PCNS@JGAC T• KCXGLcPMBLnK IMLRCVRSÇ
ÄěÄ
şCBT?L+CCSUCLÇ1MBPGEM"MQR?Q"MKCQ?L?›"CLRPCDMP2AGCLAC?LB3CAFLMJMEW2RSBGCQ"632Ç+CGBCL4LGTCPQGRW
°QJ?IkNGJQJ
Wš=FbHōWL=D^µ
Hŏ=<CDW<WE=WERWNıJ=ĪFGMRHJWNM=RAFWJG<Fb@G9M<ALMKQKL^EMNı<Q´NŠRCMEM9ÝAFGN9;bNÝé=KC^J=HM:DA;=´CL=JGMNQHJ9;GN9DGE=RAFWJG<FbK<JMţ=FbN=<=F^>AJEGM=;@FGHGDAK´=DCWßJALWFA=´:ı@=ED=L}{|{§}{||µQFL=LA;CWĪWKLRWNıJ=ĪF^RHJWNQB=NÝLAŒLıF^HG<G:ı
9ÝKHGDMK=NŒ=EAGKEARWNıJ=ĪFŠEARHJWN9EAB=HŏADGţ=F9AÝNÝ=D=CLJGFA;C^N=JRAF9µGMĪWKLb
NŠKD=<Cŝ9M<ALMBKGMAÝ<NıHJŝ:ıţF^RHJWNQ·NŒ=;@FQRHJWNQF9D=RF=L=F9O=:GN^KLJWF;=ď
½@LLH¶ÃÃ9M<AL§N9NµJ=>GJEQ§EKELµ;R¾µ
=RAFWJG<Fb9M<ALHŏAF=KDHJNFb<ŝCD9<FGM´@DM:GCGM9ÝCGEHD=PFb9F9DŠRMKL9NM;=D^@G
Ī=KC^@GKQKL^EMNŠRCMEM´NŠNGB=9ÝAFGN9;b´HJGN=<DB=@GKJGNFWFbKÝ<G:JŠEAR9@J9FAĪFbEA
HGKLMHQ 9Ý F9:b<D ŏ9<M <ŝD=ţALŠ;@ <GHGJMĪ=Fbµ GRKW@DW RWNıJ=ĪFW RHJWN9 B= NŠBAE=ĪFŠE
<GCME=FL=E´CL=JŠF9:bRbF=RWNAKDŠHG@D=<E=RAFWJG<FıMRFWN9F^9MLGJALQKÝJGRKW@DŠEA
RCMŒ=FGKLEA NÝ G:D9KL=;@ ŏbR=Fb´ @G<FG;=Fb 9Ý >AF9F;GNWFb NŠRCMEM 9Ý NŠNGB=µ ŏ=<KL9NMB=
N=DEA<G:JŠNŠ;@GRb:G<HJGL9CGNGM9CLM9DAR9;AKLJ9L=?A;CŠ;@<GCME=FLŝ´CL=JWHGN=<=
C=KCML=ĪF^EMR=>=CLANFıFbKQKL^EMNŠRCMEM´NŠNGB=9ÝAFGN9;b9ÝHŏAKHıB=C=RNŠŒ=FbCGFCMJ=F;=K;@GHFGKLAé=KC^J=HM:DACQµ
ıŏbE=´ ţ= AF>GJE9;=´ RWNıJQ 9Ý <GHGJMĪ=Fb NÝ Fb G:K9ţ=F^ :M<GM NQMţALQ AÝ HŏA HŏbHJ9Nı
CGF;=HĪFb;@JGR@G<FMLbF9NŒ=;@mJGNFb;@ŏbR=FbKQKL^EMNŠRCMEM´NŠNGB=9AFGN9;bµ
ŠE F<ANA<MWDFb@G HJGB=CLM FWJG<Fb@G °=RAFWJG<Fb 9M<AL NŠRCMEM´ NŠNGB= 9Ý AFGN9;b
NÝé9ÝAEHD=E=FL9;=B=@GNŠKD=<Cŝ<GKLJ9L=?A;CŠ;@<GCME=FLŝª
0JPCMII`UKM`Q<
,=N<C
0CMIPOk
Ò
°QJ? 0OMPFOPM<ñ@NFgCJ+03&
2WQRjKTãXISKS?TWQMIjFMáIMJQRTn
/MBLGI?RCJQIãQCIRMP
Ä
/@AJMHT<’ĝkU@Ik3<3<&
1CDMPKW
%GL?LAMTcLn
ğnXCLn?•1?B?NPMTãXISKÇTãTMH?•GLMT?AC
'MBLMACLn
Å
Å
3âFJIIJNO
/S@JGI?óLnTãIMLLMQR
(LRCPL?AGML?JGX?AC
,?L?ECKCLRTãXISKS
+GBQIjXBPMHCTC5?5
5?X@WKCXGTĀBMS?NPĪKWQJCK
/PcT?BSáCTLnFMTJ?QRLGARTn
Å
Å
7`QþMT<’?JKJMPñ@Ik
9cTĀPW
#MNMPSóCLn
Á
Å
Å
!J?<O@FÏ0@UI<HUFM<O@F
!J?<O@FÏ0@UI<HJ=M`UFħ
Á
ÁÁ
2MSFPLLcXNPcT?NPMáJ?H?XWIMTMSIMPCIRSPMS
0CMIPOk
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
9
GLGB=RWNıJ=ĪFWRHJWN9GÝ9M<ALMĪ=KC^@GKQKL^EMNŠRCMEM´CL=JŠHJGAFAKL=JKLNGŒCGDKLNb´
EDW<=ţ=9ÝLıDGNŠ;@GNQ½ď¾NÝD=L=;@}{|{¦}{||HJGN=<DE=RAFWJG<FbLŠER9HGEG;A=;@FGDG?A;C^@G;=FLJ9àC9<=EA=Nı<é=KC^J=HM:DACQµ=LGB=<F9RÝF=BG:KW@D=BŒb;@KLM<AbKN^@G<JM@M
9ÝR9@JFMB=9F9DŠRM¶
Ç
Ç
Ç
Ç
10
Ç
Ç
Ç
Ç
=ŏ=BF^@GrF9F;GNWFbNŠRCMEM9ÝNŠNGB=½9¾NÝé=KC^J=HM:DA;=
ČbR=FbKQKL^EM9
N9DALQNŠRCMEM9ÝE9F9?=E=FLMNŠRCMEM
G<FG;=Fb HJG?J9Eŝ 9Ý =LG<ACQ @G<FG;=Fb HGMţbN9F^ HJG 9DGC9;A AFKLALM;AGFWDFb@G
rF9F;GNWFbGJ?9FAR9;bHJGNW<ıBb;b;@NŠRCME
QKL^EMHJWNCÝ<MŒ=NFbEMND9KLFA;LNb½
¾
RL9@ŝE=RANı<GM9ÝHJŝEQKD=E
=RAFWJG<FbKHGDMHJW;=N=9
A<KCŠ;@R<JGBŝN=9
QLGH9J9E=LJQBKGMK@JFMLQNÝL^LGRHJWNı9ÝHG<JG:FıK=GÝFA;@B=<FWNÝB=<FGLDANŠ;@<bDĪb;@
RHJWNW;@´CL=J^BKGMNQ<WFQRNDWŒŗµ
FG@G mĪ9KLFbCŝ 9 B= Hŏ=KNı<Ī=FG´ ţ= HGDALA;CW F=KL9:ADAL9 G< JGCM }{{ EW F=?9LANFb
<GH9<F9NQKGC^ŒCGDKLNb9ÝNŠRCMEµŠRCME9ÝNŠNGBK=KL9DQHGDALA;CGMRWD=ţALGKLb9ÝNÝ<AKCMKb;@
Ī9KLG Hŏ=NDW<9DQ KCMHAFGN^ RWBEQ F9< KLJ9L=?A;CŠEA NAR=EAµ HGDM KÝ Ī9KLŠEA REıF9EA NDW<Q
9ÝB=ŒLıĪ9KLıBŒbEAREıF9EAEAFAKLJŝK=L9Cé=KCWJ=HM:DAC9KL9D9EbKL=E´N=CL=J^EB=N=DEAG:LbţF^NQLNWŏ=L9ÝAEHD=E=FLGN9LCGFRAKL=FLFbHGDALACMNŠRCMEM´NŠNGB=9ÝAFGN9;b½99
¾µFG@G
RÝF=MLM;@9Bb;b;@<AKCMKbGÝLNGJ:ıHGDALACQNÝG:D9KLANŠRCMEM9ÝAFGN9;bNÝé=KC^J=HM:DA;=B=KNı<=;LNbEGÝF=<GKL9LCM<ŝNıJQ´R=BE^F9<ŝNıJQN=KLWLFbEG;µALM9;AR@GJŒMB=F=mKHı;@é=KC^
J=HM:DACQHŏAAEHD=E=FL9;AJ=>GJEQN=ŏ=BF^KHJWNQ´C=CL=J^K=R=EıR9NWR9D9HŏANKLMHM<Gµ
Č9<9R=KGMĪ9KFŠ;@J=>GJ=EB=F=HGN=<=FŠEHGCMK=ENQJGNF9LK=KÝF=KL9:ADALGM9ÝKÝHG;AL=E´ţ=
NDW<ı9ÝN=ŏ=BF^KHJWNıF=DR=<ŝNıŏGN9Lµ=DCGNıB=Rŏ=BE^´ţ=HGDALAC999
¦HG<G:FıB9CG<9DŒb
KGMĪWKLAKLWLFb9ÝNDW<FbHGDALACQ¦:M<=mĪAFFWHGMR=L=@<Q´C<Qţ:M<==PAKLGN9LMJĪALŠKLMH=ʼn
HGDALA;C^KL9:ADALQ9ÝDA<^:M<GMEbLHG;AL´ţ=KLWLMEG@GMNıŏALµ
0OMPFOPM<I`MJ?IkCJNTNOgHPQâUFPHP<’DIJQ<>k+03&
é=KCWJ=HM:DAC9NQF9CDW<WF99GÝFı;GNb;=F=ţ|´€…@JM:^@G<GEW;b@GHJG<MCLM½¾´
HJŝEıJFW@G<FGL9HJG¦}‚HŏALGEĪAFb}…µG<FAC9L=DKCŠK=CLGJRbKCWN9DHŏ=<rF9FĪFbCJARb
{…RÝL^LGKMEQ´9D=B=@GHG<bDHGL^GHıLHGCD=KD´9ÝLGHŏA:DAţFıF9HGDGNAFM½LBµF9€{…¾µ
D9NFbKH=;ArC9KLJMCLMJQĪ=KC^@GFWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bE9BbHŝNG<NÝG:<G:b
CGEMFAKEM9ÝFWKD=<F^LJ9FK>GJE9;=µQKL^ENŠRCMEM9ÝNQKGC^@GŒCGDKLNbB=<GKM<;@9J9CL=JARGNWFNRWB=EFŠEG<<ıD=FbEKQKL^EŝàC9<=EA=½àé¦àC9<=EA=Nı<é=KC^J=HM:DACQ¾9ÝNQKGCŠ;@
ŒCGD´AÝC<QţFQFbNRJŝKL9Bb;bEıJGMKHGDMHJ9;MBbµÝé=KC^J=HM:DA;=B=FQFb}N=ŏ=BFŠ;@NQKGCŠ;@ŒCGDµ
ŏ=<LJ9FK>GJE9;b:QDQNQKGC^ŒCGDQR9Eıŏ=FQF9NR<ıDWNWFb´9D=:ı@=EHGKD=<Fb;@}{D=LHŏ=NR9DQ
G<àéHŏbHJ9NM<GCLGJ9F<ŝ½@µµ¾´JQ;@D=JGRNAFMDQNŠRCMEF^9CLANALQ9ÝNÝKGMĪ9KF^<G:ıE9Bb
HŏA:DAţFı|„{{{NŠRCMEFbCŝ½NÝHŏ=HGĪLMF9HDF^mN9RCQ¾µàé:QD9NÝG:<G:bCGEMFAKEMNb;=E^FıB=<AFGMGJ?9FAR9;bR9:ŠN9Bb;bK=RWCD9<FbENŠRCME=EµQFbEWL^Eıŏ‚{{{R9EıKLF9F;ŝ
9ÝKCDW<WK=R݀~NŠRCMEFŠ;@mKL9NŝµéEW<WD=|„J=KGJLFb;@NŠRCMEFŠ;@mKL9Nŝ9݁{mKL9NŝH9Lŏb;b;@K=CLGJMNŠRCMEFŠ;@mKL9NŝHJG9HDAC9;=NÝHJŝEQKDM½NÝE=RAFWJG<FbL=JEAFGDG?AA
°NŠRCMEF^9ÝL=;@FGDG?A;C^GJ?9FAR9;=ª¦¾´;GţB=R@JM:9HGDGNAF9RÝHGĪLM´CL=JŠ=PAKLGN9D
Hŏ=<JGC=E|„„{µQLGmKL9NQ½¾E9Bb>GJEMKGMCJGEŠ;@KHGD=ĪFGKLb´9D=HDFbN=ŏ=BF^>MFC;=
9ÝR9MJĪALŠ;@HG<EbF=CEG@GMG:<Jţ=LAFKLALM;AGFWDFbrF9F;GNWFbG<KLWLMµ4DG@9Lı;@LGGJ?9FAR9;bNÝAFGN9;b;@B=NÝBAFŠ;@R=Eb;@N=DEA<ŝD=ţALW´9D=B=BA;@JGD=NÝĪ=KC^EKQKL^EMF=Fb<GKL9L=ĪFıRE9HGNWF9µÝŒAJŒbEHG@D=<MB=HŏbKDMŒFWJGD=JŝRFŠ;@LQHŝAFKLALM;bNÝFWJG<FbEKQKL^EM
NŠNGB=9ÝAFGN9;b<GKM<F=B9KFW·F9HŏbCD9<R<==PAKLMB=de factoHGDALAC9RNıLŒGNWFbMFAN=JRALFb@G
NŠRCMEM9ÝR9;@GNWFbàC9<=EA=F9EbKLGB9KF^HGDALACQ´CL=JW:QNQţ9<GN9D9HGKGMR=FbFWCD9<ŝ
9ÝHŏbFGKŝHŏbH9<F^@GKHGB=FbàC9<=EA=9ÝMFAN=JRAL½L9CB9C:QDGJQ;@D=HJGN=<=FGNÝKLGFKCM
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
9ÝHGE9DMN=J9F;AA¾´F=:GAFL=?J9;=KÝN=ŏ=BFŠEA½NDW<FbEA¾NŠRCMEFŠEAmKL9NQ´CL=JWHJG:ı@D9
NÝWFKCMµ
<G:<G:bLJ9FK>GJE9;=K=HG<FAC9L=DKCŠ9<GRF9ĪF^EbJQNRH9E9LGN9DNÝLJ9<AĪFıKADFŠ;@
G:D9KL=;@é=KC^J=HM:DACQ´CGFCJ^LFıNÝG:D9KLAG:D9KLANŠJG:QNGRA<=D9<GHJ9NFb@GNQ:9N=Fb´9D=
Hŏ=N9ţMBb;bJGDANÝFıE@J9BbHŏbE^R9@J9FAĪFbAFN=KLA;=µG<WNWé=KC^J=HM:DA;=R<WFDANıKADFGM
HGRA;ANÝG<NıLNb;@KLŏ=<Fb;@9ÝŒHAĪCGNŠ;@L=;@FGDG?Ab´9D=NÝHJ9PAEWNŠJG:9L=F<=F;A:ŠLHGMR=
E^Fı@G<FGLFGMKGMĪWKLbLı;@LGHJŝEQKDGNŠ;@G<NıLNb9ÝNıLŒAF9RÝ9CLANAL9HJGNW<ıFŠ;@HJŝEQKD=EEWKHbŒ=;@9J9CL=JNŠNGB=F=ţNŠRCMEMµ
ÝKGMĪ9KF^<G:ıB==CGFGEA;CŠJŝKLNÝé=KC^J=HM:DA;=R9DGţ=FR=BE^F9F99:KGJH;A9ÝŒbŏ=FbL=;@FGDG?Ab´CL=J^BKGMKA;=FGNAFC9EAN=rJEıF=:GNÝR=EA´9D=F=BKGMFGN^N=KNıLıµGEW;bLNGJ:9FGNŠ;@RF9DGKLbNÝHJŝEQKDMHJGKLŏ=<FA;LNbE9F=:GF=NŠRCMEFŠ;@L=;@FA;CŠ;@9CLANAL´KL=BFıB9CG
9CMEMD9;=RF9DGKLbN=N=ŏ=BF^EKQKL^EM9KLWD=B=ŒLıF=BKGMKCML=ĪFŠEEGLGJ=EJŝKLMµGK9ţ=Fb
KHJWNF^@GHGEıJMJŝRFŠ;@LQHŝNŠRCMEFŠ;@9ÝNŠNGBGNŠ;@9CLANALF9HŏbĪ=CGFGEACGMB=HŏALGE
FMLF^HJGLG´9:Q:QDQNQLNGŏ=FQHG<EbFCQJGRNGB=R9DGţ=F^@GF9RF9DGKL=;@µG:QEıDGR9@JFGN9L
R9ĪD=FıFbF9<FWJG<Fb;@KHGD=ĪFGKLb<GFWJG<Fb;@<G<9N9L=DKCŠ;@ŏ=LıR;ŝ9ÝJGNFıţAÝRAFL=FRANFıFb
B=BA;@9CLANALF9FWJG<FbmJGNFAµ4CGDQ´CL=J^:QEıDQ:ŠLF9HGŏ9<M<F=´:QL=<QEıDQR9@JFGN9LHG<HGJM9ÝMĪ=FbK=RÝL9CGNŠ;@9CLANAL9ÝHGKLMHFŠHGKMFĪAFFGKLbNQNbB=FŠ;@NÝé=KC^J=HM:DA;=KEıJ=E
CÝ@G<FGLFıBŒbE9CLANALWE´KL=BFıB9CGNQ@D=<WNWFbFGNŠ;@G:D9KLbJŝKLMR9DGţ=F^@GF9RF9DGKL=;@µ
àCLANALQHJŝEQKDM9ÝKQKL^ENŠRCMEM9ÝNQKGCGŒCGDKC^@GNR<ıDWNWFbBKGMNÝKGMĪ9KF^<G:ıHŏbDAŒHGD9JARGNWFQF9LG´9:QRNDW<9DQL9CGNGMHG<HGJMAFGN9;b9ÝJŝKLM´CL=JW:Q<GNGDAD9<G@F9LNQKHıDŠKNıLµ
ĜkU@IkNTNOgHPQâUFPHP<’DIJQ<>k
Ý HGKLCGEMFAKLA;C^E G:<G:b Eŝţ=E= JGRDAŒAL LŏA JŝRF^ H=JAG<Q N= rF9F;GNWFb 9µ JNFb´
NÝ G:<G:b D=L |„„{ 9ţ |„„ƒ´ R9@JFGN9D9 Hŏ=KCMH=Fb AFKLALM;b 9Ý :QD9 CGEHDACGNWF9 JGR<ıD=FbE
é=KCGKDGN=FKC9µDW<9K=N=DEAG<EbL9NıKL9NıD9CÝ;=FLJWDFbEMHDWFGNWFb´L9Cţ=G<HGNı<FGKLR9
JGRHGĪ=LKQKL^EM9:QD9JGR<ıD=F9E=RAEAFAKL=JKLN99ÝàC9<=EAAµJM@^G:<G:b´NÝD=L=;@|„„ƒ
9ţ}{{~´:QDGHŏbHJ9NFŠEG:<G:bEHJGNKLMH<GµDW<9R9Ī9D9MKLMHGN9LG<KL9J^@GKQKL^EM
F=HG<EbFıF^@GrF9F;GNWFb9ÝR9DGţAD9AFKLALM;AGFWDFbrF9F;GNWFbNŠRCMEFŠ;@AFKLALM;bF9LRNµ
°NŠRCMEFŠ;@ RWEıJ=;@ªµ ßQD9 NQ@DWŒ=F9 HJNFb FWJG<Fb HGDALAC9 9 R9Eıŏ=FW F9 G<KLJ9FıFb
KQKL^EGNŠ;@;@Q:9ÝF9HG<HGJMJGRNGB=R<J9N^@GKQKL^EM9HG<N=<=FbEAFAKL=JKLN9ŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQµŏ=LbG:<G:b´CL=J^LJNWG<JGCM}{{9ţ<GHGKM<´R9@JFMB=REıFM
GJA=FL9;=
KEıJ=ECÝAFGN9;bE9Ý9HDACGN9F^EMNŠRCMEM9ÝG:K9@GN9DGAÝRWEıJ´9:QHJGNŠNGBKQKL^EMNŠRCMEM9ÝAFGN9;b9ÝHJGŏbR=Fb9KH=CLŝ<AKLJA:M;=R<JGBŝ:QDGNŠJ9RFıBANQMţbNWFG
@G<FG;=FbµNDWŒLFbNŠRF9EEWNÝLGELGG:<G:bJ=>GJE999
RÝJGCM}{{ƒ´CL=JWEıD9R9;bD
RB=<FG<MŒAL9ÝREG<=JFARGN9LKQKL^E9ÝRD=HŒALB=@GŏbR=Fb´HG<HGŏALNŠRCMEFGM=P;=D=F;A9Ý9HDAC9;ANŠKD=<CŝNŠRCMEM´RD=HŒALKHGDMHJW;AHJŝEQKDM9ÝNŠRCMEM´RNŠŒALs=PA:ADALMN=ŏ=BFŠ;@NŠRCMEFŠ;@GJ?9FAR9;b´RD=HŒAL<GKLMHFGKLDA<KCŠ;@R<JGBŝ9ÝJGRŒbŏALE=RAFWJG<FbKHGDMHJW;AN=
NŠRCMEMµJGEıLG@GNÝKGMĪ9KF^<G:ı=NJGHKC^LJMCLMJWDFb>GF<QF9:bR=BbN=DCGMHŏbD=ţALGKL
AFN=KLGN9L<GNŠRCMEF^AF>J9KLJMCLMJQ9Ý<GL9CGNŠ;@GH9Lŏ=FbF9HG<HGJMAFGN9;b´B9CGB=NŠKL9N:9L=;@FGDG?A;CŠ;@HD9L>GJ=EEAEGJ9@M´HŏAĪ=EţNRFACF=HGNAFFGKLF9D^RLFWJG<FbrF9FĪFbR<JGB=HJGNQMţALbL^LGAF>J9KLJMCLMJQNÝ:M<GM;FGKLAµ
ıCL=J^KLJMCLMJQ´B=BA;@ţHJGKLŏ=<FA;LNbEMHD9LʼnMB=Ī=KCŠKLWLKNGBAŏb<b;bmDG@MN=NŠRCMEM
9ÝAFGN9;b;@´BKGMRÝE=RAFWJG<Fb@G@D=<AKC9F=G:NQCD^9ÝHJG:D=E9LA;C^µàC9<=EA=EW<GKM<<G
RF9ĪF^EbJQKL9LMLEAFAKL=JKLN9NÝLGEKEQKDM´ţ=EWKNGBAND9KLFbHGDGţCMN=KLWLFbEJGRHGĪLM
9ÝJGR@G<MB=´B9CLQLGH=FbR=NQMţAB=µQHAĪLıBŒbRWH9<FbEG<=DHJGrF9F;GNWFbGJ?9FAR9;bRWCD9<Fb@G NŠRCMEM Hŏ=<KL9NMB= 9?=FLMJ9 EAFAKL=JKLN9 ŒCGDKLNb´ R9LbE;G G<HGNb<9Bb;b 9?=FLMJ9 HJG
AFGN9;=:ŠNWRŏbR=F9EAFAKL=JKLN=EHJŝEQKDMµQFbB=NÝéNŠRCMEFWHGDALAC9KL9FGNGNWF9F9
mJGNFA9<QHJGNŠRCME´NŠNGB9ÝAFGN9;=½
¾9ÝFWKD=<FıHŏ=<WF9àC9<=EAANı<´=;@FGDG?A;C^9?=FLMŏ=´J9FLGN^9?=FLMŏ=9ÝEAFAKL=JKLNŝECÝJ=9DAR9;AµJ9FLGNW9?=FLMJ99Ý=;@FGDG?A;CW
9?=FLMJ9 F=HG<D^@9Bb ţW<F^EM EAFAKL=JKLNM´ L9Cţ= ¦ B=ţ J=WDFı JGR@G<MB= GÝ ;=D^E JGRHGĪLMF999
¦HDFbde factomDG@MEAFAKL=JKLN9HJGNı<M´AÝC<QţB=de iureHGJ9<FbEGJ?WF=E
½FACGDANKGMĪWKLb¾NDW<Qµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
11
12
WJG<Fb HGDALAC9 99
F9 G:<G:b }{{„¦}{|€ R9N=<D9 <ŝD=ţAL^ REıFQ NÝ ŏbR=Fbµ J=<MCGN9D9
mDG@MEAFAKL=JKL=NHŏA<=rFGNWFbHJAGJAL9ÝNQLNGŏAD9FGNŠKQKL^EKL9FGNGNWFbHJAGJALR9DGţ=FŠF9
G<:GJFŠ;@CGEAKb;@½KDGţ=FŠ;@Hŏ=NWţFıRÝNŠRCMEFbCŝ¾HG<ŏbR=FŠ;@
µGMĪ9KFŠHŏbKLMH´
C<QB=AFKLALM;AGFWDFbHG<HGJ9JGR<ıDGNWF9F9RWCD9<ıE9L=E9LA;C^@GNRGJ;=9ÝŏbR=FbmĪ=DGN^@G
rF9F;GNWFbB=KGMKLŏ=<ıFGNÝ
´B=FHGKADMB=HGRA;A9<QB9CGF=>GJEWDFb@GEAFAKL=JKLN9HJG
Nı<MµÝE=RAFWJG<FbECGFL=PLM@J9B=
F=G:NQCDGMmDG@MNÝŏbR=FbNŠRCMEM9ÝNŠNGB=NÝR=EA
LbE´ţ=F=HDFbHGMR=JGDAF9<ŏbR=F^@GGJ?WFMàé´=;@FGDG?A;C^9?=FLMJQ9ÝJ9FLGN^9?=FLMJQ´ 9D= ţ= L9C^ ŏ=Œb <DGM@G<G:GM KLJ9L=?AA JGRNGB=´ EGFALGJGNWFb´ @G<FG;=Fb 9Ý JGR@G<GNWFb
GÝJGRHGĪLGNŠ;@9DGC9;b;@µÝR9@J9FAĪbK=J9<QHJGNŠRCMER9:ŠN9BbHGMR=FıCL=JŠEARÝLı;@LG
mCGDŝ9ÝHGMR=N=N=DEAG:=;F^Ebŏ=µ
;=FLJ9DARMB=NŒ=;@FQLQLG9CLANALQ9ÝB=G<HGNı<FWAÝR9
EACJGE9F9?=E=FLµ bE GNŒ=E NRJŝKL9Bb;b EıJGM Hŏ=:bJW AÝ JGDA NŠCGFF^@G GJ?WFMµ G CD9<=
N=DEA JGRKW@D^ FWJGCQ F9 ĪD=FQ 9<Q 9Ý B=Bb;@ G<:GJFŠ;@ CGEAKb´ 9Ý LG B9C RÝ HG@D=<M Ī9KGN^@G
NQLbţ=Fb´L9CRÝHG@D=<MHGLŏ=:QG<:GJFŠ;@RF9DGKLb¦9ÝR=BE^F9H9CF9E9DŠK=CJ=L9JAWL9<Qµ
é=KCWJ=HM:DAC9HGKMFMD9KNŝBKLQDŏbR=Fb
RÝHŏbKLMHMLJ9<AĪFıGJA=FLGN9F^@GHŏ=<=NŒbE
F9Nı<MCÝŏbR=Fb´CL=J^<G<9D=CGNıLŒbEbJQR9@JFMB=AFGN9;=µČbR=FbNŠRCMEM9ÝNŠNGB=K=9D=
L9C^KL9DG;=FLJ9DARGN9FıBŒbE´;GţRHŝKG:ADG´ţ=NRJGKLD9NR<WD=FGKLE=RAJGR@G<GNWFbEGÝrF9F;GNWFb99Ý9CL^JQLbELGJGR@G<GNWFbEGNDANʼnGN9FŠEAµÝJGRNGB=EFGNıMKL9N=F^=;@FGDG?A;C^9?=FLMJQK=G:B=NADQEGţFGKLALQLGNRL9@QHGKbDAL´9D=LGRWK9<FbERHŝKG:=ERWNAKbF9G;@GLı
E^FıK=R9:ŠN9LEACJGE9F9?=E=FL=EµÝŒAJŒb@GHG@D=<MLMB=HGLŏ=:9<WLNıLŒbHJ9NGEG;AJŝRFŠEKLWLFbEKM:B=CLŝENÝ
´HG<HGŏALNQLNWŏ=Fb9ÝNQMţALb<AKLJA:MGN9FŠ;@KLJ9L=?A;CŠ;@RF9DGKLb9ÝREıFALR9Eıŏ=Fb
F9GJ?WFHJG<AKCMKA9ÝKL9FGNGNWFbG:=;F^HGDALACQ´;Gţ
B=HJGLACD9<=EKALM9;=´C<QMÝB=<F9;b@GKLGDM:GBMBbRWKLMH;AAFKLALM;bGÝKNŝBHG<bDF9JGRHGĪLMµ
GMĪWKLbR9<WFb9M<ALM:QDGHJGNıŏ=FbLG@G´B9CŠERHŝKG:=EB=KL9FGNGNWFHJG?J9E9µ9
EAFAKL=JKLN=;@´C<=BKE=HJGNıŏGN9DAKALM9;AN=9´B=LGLGNıLŒAFGM<G:ŏ=R9BAŒLıFG´K=KADFŠE
9C;=FL=E F9 R9NW<ıFb KHJWNFŠ;@ HJG;=Kŝ´ 9Ý L9LG KF9@9 B= HG<HGŏ=F9 <G:JGM CGEH=L=F;b R9EıKLF9F;ŝµJ9FLGNW9?=FLMJ9B==>=CLANFb9ÝmĪAFFW9ÝM<JţMB=N=DEALJ9<AĪFbHŏbKLMHC=KN^HJW;Aµ
=;@FGDG?A;CW9?=FLMJ9B=K9EGRŏ=BEıED9<W9Ý:M<=NQţ9<GN9L<9DŒbJGRNGB´9D=HGĪbFWKAKDA:Fıµ
D9NFbG:9NGMNÝJWE;A;=D^@GKQKL^EMB=L9CCD=K9Bb;bJGD=Hŏ=<KL9NAL=Dŝ9N=KL9FGNGNWFbHJG?J9EM9´HJGLGţ=CGEH=L=F;=K=HGKGMN9BbKEıJ=ECÝ
9ÝL9LG;=FLJ9DAR9;=RHŝKG:MB=´ţ=
K=NQLJW;=Bb°KLJ9L=?A;C^RF9DGKLAªGÝHGLŏ=:W;@9ÝHŏbD=ţALGKL=;@µ
#DI<I>JQ`Ik
G<G:Fı B9CG NıLŒAF9 R=Eb rF9F;MB= é=KCW J=HM:DAC9 NŠRCME HJGKLŏ=<FA;LNbE <NGM LQHŝ rF9FĪFb;@LGCŝµRNµ°AFKLALM;AGFWDFbªrF9F;GNWFbB=NÝ:ıţF^EE=RAFWJG<FbECGFL=PLMHGMţbNWFG
CÝLGEM´9:QHGKCQLGN9DGKL9:ADFbAFKLALM;AGFWDFbRWCD9<FM9ÝHŏbD=ţALGKLACÝAFN=KLA;bE<GFGNŠ;@C9H9;AL9Ý9CLANALµ4Ī=DGN^rF9F;GNWFbHGKCQLGN9F^F9RWCD9<ımKHı;@MNÝKGMLıţb;@GJ?9FARGN9FŠ;@NŠRCMEFŠEAJ9<9EAB9CGB=J9FLGNW9?=FLMJ9´AFGN9ĪFbEA9?=FLMJ9EAB9CGB==;@FGDG?A;CW9?=FLMJ99ÝGKL9LFbEAHGKCQLGN9L=DAB=<GHDʼnC=EREbFıF^@GAFKLALM;AGFWDFb@GrF9F;GNWFbµ;=DCMB=EGţFG
ŏb;A´ţ=NŠRCMEF^J9<Q<G@Dbţ=BbF9R<J9NbKQKL^EMRWCD9<Fb@GNŠRCMEM´R9LbE;GAFGN9ĪFb9?=FLMJQ
NQLNWŏ=BbHJG?J9EMEGţʼnMBb;b´9:Q9D=KHGʼnĪWKLB=BA;@R<JGBŝEG@D9:ŠLKEıJGNWF9F9ŏ=Œ=FbG:D9KLb
FWJG<Fb;@ HGLŏ=: F=:G HJAGJALµ =<FbE RÝ mĪ=Dŝ HJGB=CLGNı GJA=FLGN9F^ KGMLıţ= HŏALGE B= R9BAKLAL
CN9DALMHJW;=rF9F;GN9F^HJGKLŏ=<FA;LNbEAFKLALM;AGFWDFbHG<HGJQ´HJGLGţ=AFKLALM;=KÝFbRCGMCN9DALGMF=EG@GMNÝKGMLıţAG:KLWLµ=FNÝFıCGDAC9EWDGR=Eb;@MFAN=JRALQ9ÝNı<=;CGNŠRCMEF^mKL9NQ
RbKCWN9BbF9RWCD9<ıKGMLıţ=HGDGNAFMKNŠ;@HŏbBEŝF9NŠRCMEµé=KCWJ=HM:DAC9KANŒ9C<9D9R9;bD
<GKW@FGML<GJGCM}{|€HGEıJM{¶{E=RANQKGMLıţ=FŠE½mĪ=DGNŠE¾9ÝAFKLALM;AGFWDFbErF9F;GNWFbE·C<QţHGĪbLWE=HGMR=KÝLGMĪWKLbAFKLALM;AGFWDFb@GrF9F;GNWFb´CL=JWKCML=ĪFıHDQF=LıE´C<G
9CLANFıHJGNGRMBbNŠRCME ´L9CLG@GLGHGEıJM:QDG<GK9ţ=FGBAţFQFbµ
9CB9CGKLWD=Nb;=R=EbK=AÝé=KCWJ=HM:DAC9JGR@G<D9CÝLGEM´ţ=CÝR9BAŒŗGNWFbCN9DALQNQMţAB=L9C^
LGCAFKLALM;AGFWDFb;@HJGKLŏ=<CŝHGEG;bKQKL^EMrF9F;GNWFbNŠRCMEMHG<D=NŠCGFFGKLA½¾´
|
|
GRHGĪLGN^HGDGţCQMJĪ=F^NÝ;=DCGN^EKLWLFbEJGRHGĪLMF9AFKLALM;AGFWDFbrF9F;GNWFbR9@JFMBbAÝGKL9LFbNŠ<9B=KGMNAK=Bb;bKÝHJGNGR=EEAFAKL=JKL=N´CL=J^F=BKGMNÝR=Eb;@EAEGé=KCGMJ=HM:DACM:ıţFıHGN9ţGNWFQR9NŠ<9B=G<HGNb<9Bb;bAFKLALM;AGFWDFbEMrF9F;GNWFbµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
LRNµ =LG<ACM @G<FG;=Fb ½¾µ ıLŒAF9 KQKL^Eŝ B= R9DGţ=F9 F9 <DGM@G<G:Š;@ ½FıCGDAC9D=LŠ;@¾Ī9KGNŠ;@G:<G:b;@9ÝHŏ=JGR<ıDMB=HGMR=E9DŠHG<bDAFKLALM;AGFWDFb;@HJGKLŏ=<CŝG<ŒH9LFı
>MF?MBb;b;@KCMHAFC=KCMHAFWED=HŒbE´;GţLıER9GKLWN9Bb;bE<WNWŒ9F;AF9RD=HŒ=FbµR9@JFMB=
C9ţ<GJGĪFb½Hŏ=¾JGR<ıDGNWFb;=D^@GG:B=EMAFKLALM;AGFWDFb@GrF9F;GNWFbF9RWCD9<ıNŠKLMHŝ?=F=JGN9FŠ;@NÝG:<G:bHŏ=<;@GRb;@HıLAD=LµGRF9E=FW´ţ=K=KGMLıţbGÝN=ŒC=J^KLWLFbR<JGB=F9NŠRCME´
CL=J^BKGMHJGLGAF@=J=FLFıF=KL9:ADFb9ÝEıFbK=RÝJGCMF9JGCµ
AF9F;GNWFbB=LıE´C<GKCML=ĪFıHJGNGRMBbNŠRCME´HGKCQLGNWFGNÝéHJGKLŏ=<FA;LNbEC9FWDŝ´B=BA;@ţ;=FLJ9DAR9;=K=KLWD=RNQŒMB=µ
FKLALM;AGFWDFbrF9F;GNWFbB=HJAEWJFıHGKCQLGNWFG
HJGKLŏ=<FA;LNbE ď 9Ý àC9<=EA= Nı<µ ď´ AFAKL=JKLNG HJŝEQKDM 9Ý G:;@G<M´ =;@FGDG?A;CW9?=FLMJ99ÝJ9FLGNW9?=FLMJ9<GEAFMBbmĪ=DGN^EMrF9F;GNWFbµÝŒAJŒbEHG@D=<MHD9Lb´
ţ= G<HGNı<FGKL R9 CGEH=LALANFı rF9F;GN9FŠ RWCD9<Fb NŠRCME :QD9 Hŏ=N=<=F9 F9 J9FLGNGM
9?=FLMJM¦9ÝHGDALA;CŠERWEıJ=EB=RNŠŒALB=BbHG<bDF9mĪ=DGN^ErF9F;GNWFbF9<KGMĪ9KFŠ;@
}{…´;GţB=HG<D=E=RAFWJG<Fb;@KL9F<9J<ŝEWDGµ
/JG@CJ?IJ>@IkKĝDOQJM=þKJGDODF<’ĝkU@Ik3<3
QKL^E@G<FG;=Fb99
NÝé=KC^J=HM:DA;=>MF?MB=ŒH9LFıµ
ÝC<QţWJG<FbHGDALAC9NŠRCMEM
9ÝNŠNGB=HŏAB9D9NÝJµ}{{E=RAFWJG<FıMRFWN9F^HJAF;AHQ@G<FG;=Fb´B=BA;@AFL=JHJ=L9;=9ÝHGMţALb
@G<FG;=Fb99
NÝé=KC^J=HM:DA;=K=HGKLMHFıRmţADQµ=BE^F9K=@G<FG;=FbKGMKLŏ=ĮMB=F9F=N@G<F^MC9R9L=D=´HJGLGţ=KD=<MB=:=RHJGKLŏ=<FbNŠKLMHQNŠRCMEF^@GKQKL^EMF9EbKLGLG@G´
R<9B=<GK9@GNWFGR9EŠŒD=FŠ;@KHGD=Ī=FKCŠ;@HŏbFGKŝµ
GMţALb=LG<ACQ@G<FG;=FbHJGmĪ=DQAFKLALM;AGFWDFb@GrF9F;GNWFbB=F=N@G<F^µ=BbRWNAKDGKLF9CN9FLAL9LANFb;@AF<ACWLGJ=;@B=NQNGDWF9HŏWFbE<=HGDALARGN9L9Ý<=H=JKGFArCGN9LHJG;=K
rF9F;GNWFbµbE´ţ=K=KHGD^@WHGMR=F9½HJGCWR9F^¾EAFMD^mKHı;@Q´;@;=HŝKG:ALHJGLAF=HGLAKEM´CGJMH;A9ÝDG::GNWFbµQKbDWB9KFŠKA?FWD¶ţW<F^NŠKLMHQ¦ţW<F^AFKLALM;AGFWDFbrF9F;=µ
=LG<AC9B9CGL9CGNWEbŏbF9HJG:D^EFbRC^HJG<MCLANALQNÝFıCL=JŠ;@NŠRCMEFŠ;@GJ?9FAR9;b;@µWJGN=ʼnB=B=BbER9EŠŒD=FŠE;bD=ERD=HŒ=FbCN9DALQNŠKLMHŝNŠRCMEMµGBKGMKHJWNF^;bD=µ
àNŒ9CLbE´ţ=HGMţbNWL9CGN^AF<ACWLGJQNŠKLMHŝ´CL=J^BKGMN=KCML=ĪFGKLAKHGJF^´B==LG<AC9
HGKLAţ=F9NŠRF9EFŠEAKD9:ŠEAKLJWFC9EA NĪ=LFı J=<MC;AGFAKEM´ F=K;@GHFGKLb R9:ŠN9L K= JGR<bD=EE=RANKLMHQ9ÝNŠKLMHQF=:G:JWLNÝmN9@MHGDALA;C^HGţ9<9NCQ´B9CGBKGMFWJG<FbL=E9LA;C^
HJAGJALQ´HŏAĪ=EţHŏAKLMHMB=C=NŒ=EAFKLALM;bEKL=BFıF=RWNAKD=F9B=BA;@HGKDWFbµN9DALFb@G<FG;=FbF=RWNAKDŠEA=PH=JLQ½°H==JJ=NA=Oª¾:QNÝEFG@9HŏbH9<=;@N=<DGCÝG<DAŒF^EM9ÝH=ĪDANıBAJGRDAŒMBb;bEMHGKGMR=FbNŠCGFFGKLANŠRCMEFŠ;@LŠEŝ´F=ţMEGţʼnMB=HGMţALb=LG<ACQ@G<FG;=Fbµ
N=<=CÝGHGJLMFAKLA;C^EM;@GNWFbNŠRCMEFbCŝ½C=KF9R=°NQRJWLF9KQKL^Eª¾9ÝL9C^CÝLGEM´
ţ=AFKLALM;AGFWDFbrF9F;GNWFbB=F=Hŏ=<Nb<9L=DF^µÝŏ9<ıHŏbH9<ŝN=<=CÝJGRKW@DŠEREıFWEN=
rF9F;GNWFb9ÝHG<HGJMB=R9Eıŏ=FbF9CJWLCG<G:^;bD=LbE´ţ=ND9KLFıLJ=KLWAFN=KLA;=<GNŠNGB=
FGNŠ;@G:GJŝ9ÝC9H9;AL´C<=DR=GĪ=CWN9LB=FEWDGNŠKLMHŝNÝCJWLCG<G:^H=JKH=CLANıµ=LG<AC9
B=C9ţ<GJGĪFıNQD=HŒGNWF9´9D=KLWD=NÝFb;@Q:bREıF9´CL=JW:QR9N=<D9R<J9NŠmKM<=C9ÝHJNCQGJA=FLGN9F^F9:M<GM;FGKL´9ÝHJGLG:M<=AÝF9<WD=>MF?GN9LŒH9LFı´LŏbŒLALNŠRCMEF^mKADb´G<J9RGN9L
G<KHGDMHJW;=´<=>GJEGN9LAFGN9ĪFıGJA=FLGN9F^9CLANALQLı;@´C<GNŠRCMEKCML=ĪFıHJGNW<ıBb´
9Ý:JWFALJGRNGBAKLJ9L=?A=9ÝAFN=KLA;<GNŠRCMEM9ÝF9N9RGNWFbCGFL9CLŝE=RANı<GM9ÝHJŝEQKD=Eµ
:=;FGMDG?ACGMKLWLFb;@RWK9@ŝB=LG´ţ=KLWLA<=FLArCMB=KHGD=Ī=FKC^HJG:D^EQ9ÝHJGNW<b
CJGCQCÝB=BA;@G<KLJ9FıFbµQLG°HJG:D^EQªEG@GMEbLH=JE9F=FLFb;@9J9CL=J½DA<^GF=EG;Fb
9ÝEMKb:ŠL@GKHAL9DARGNWFA·KHGD=ĪFGKL:QRbKC9D9HJGKHı;@RÝNŠRCMEM´9D=rJEQF=E9Bb9<=CNWLFbHG:b<CQ<GFıBAFN=KLGN9L¾F=:GEG@GM:ŠLB=F<GĪ9KF^µÝC9ţ<^EHŏbH9<ıB=;bD=EG<KLJ9FAL´
9F=:GREbJFALHJG:D^Eµ<J9NGLFbHGDALAC9L9CEWR9;bDE9PAE9DARGN9LHG<bDR<J9N^HGHMD9;=µ
à:QLG@G<GKW@D9´HJG<MCMB=R<J9NGLFbKQKL^EEFG@GNŠKLMHŝ´B9CGBKGMGĪCGNWFb´GH=J9;=´<A=L=LA;C^J9<Q9ÝHGĪLQG:K9R=FŠ;@Dŝţ=CNÝF=EG;FA;b;@µ=<ŝD=ţAL^LQLGNı;AHGĪbL9L¦KLGBbH=FbR=´
<GC9RMBb´ţ=KQKL^E>MF?MB=´9ÝFWKR9BbEW=>=CLANAL9´K=CL=JGMBKGMLQLGNŠKLMHQHJG<MCGNWFQµ
àD=KCML=ĪFŠEEıŏbLC=EB=@G<FG;=FbR<J9NGLFb@GKL9NMHGHMD9;=¦9ÝHJWNıLG´FACGDANEFGţKLNbNŠKLMHŝ´FWEŏbCW´B=KLDAB=R<J9NGLFbHGDALAC9mKHıŒFWµ=<G:ŏ=EGţF^´ţ=HGĪ=LNŠKLMHŝ
KLGMHW´R9LbE;GR<J9NGLFbKL9NHGHMD9;=K=R@GJŒMB=¦F9HŏbCD9<L=@<Q´C<QţF=EG;FA;=HJG<MCMBbNŠKLMHQ´CL=J^F=MKHGCGBMBbHGLŏ=:QH9;A=FLŝµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
13
=NıLŒAFıKQKL^EŝHGEW@W@G<FG;=FbJGRMEıLLGEM´B=KLDABKGMKLWLFbRWK9@Q=>=CLANFbµG<FG;=Fb K= KLWNW KGMĪWKLb HGDALA;C^@G ;QCDM 9Ý HGKCQLMB= MJĪAL^ KLJ9L=?A;C^ RF9DGKLA´ <bCQ FAEţ
RŝKLWNWHGDALAC9J=D=N9FLFbµÝHGDALA;=9NÝé=KC^J=HM:DA;=K=@G<FG;=FbHJG?J9EŝR9EıŏMB=
F9 NŠKLMHQ 9µ =FLG HŏbKLMH G<LJ@WNW HGDALACM 99
G< HGLŏ=:´ R=BE^F9 NÝ KALM9;A´ C<Q JGD=
Hŏ=<KL9NAL=DŝNŠRCMEM9ÝNŠNGB=N=KL9FGNGNWFbHGDALACKDW:F=µGMĪ9KFı9DGCMB=AFKLALM;AGFWDFbHJGKLŏ=<CQHGMR=LıENŠRCMEFŠEGJ?9FAR9;bE´CL=J^K=R9EıŏMBbHGMR=F9NŠKLMHQ:=R
G@D=<MF9LG´R<9B=BA;@NŠRCMEHŏAFWŒbMţAL=CµGB=KF9<<G:JWNı;NÝRWCD9<FbENŠRCMEM´9D=
F=NÝHŏA:DAţFıƒ{…NŠRCMEFŠ;@9CLANAL´CL=J^:QHG<D=NŠRCMEF^HGDALACQEıDQ:ŠLJ=D=N9FLFb
HJG9HDAC9;=9ÝAFGN9;=µCNAN9D=FL=EN=R<J9NGLFbHGDALA;=:Q:QDGG<EıʼnGN9LF=EG;FA;=HG<D=
HGĪLMRWCJGCŝ´CL=J^HJGNW<ıBb´9ÝFACGDANHG<D=B=BA;@mĪAFCŝF9R<J9Nbµ=B9KF^´ţ=RHŝKG:@G<FG;=Fb9NQţ9<MB=J9<ACWDFbREıFMµ
14
3âFJIIJNONTNOgHP3<3<&
ıŏ=FG HGĪL=E 9Ý CN9DALGM HM:DAC9;b K= NŠCGFFGKL Ī=KC^@G NŠRCMEM KLWD= RD=HŒMB=´ AÝ C<Qţ
RŝKLWNWHG<KNıLGNŠEHJŝEıJ=Eµé=KCWJ=HM:DAC9B=LJ9<AĪFıKADFıR9Eıŏ=F9F9HŏbJG<FbNı<Q
9Ý E9L=E9LACM´ 9D= HM:DAC9ĪFb HJGrD R=Eı K= FQFb HGE9DM EıFb´ L9Cţ= ½:AG¾E=<A;bFKC^ G:GJQ
9ÝNı<QGÝR<J9Nb@J9BbGÝFı;GNıLŒbJGDA´HŏAĪ=EţB=GNŒ=EHGLŏ=:9NRbLNÝmN9@M´ţ=B=BA;@NŠ;@GRb
HGRA;=NÝE=RAFWJG<FbEKJGNFWFb:QDQF9FAţŒbmJGNFAµGKLGM;bKHGDMHJW;=F9FWJG<FbAÝE=RAFWJG<FbmJGNFA9ÝHGKLMHF^:M<GNWFbC9H9;ALRF9E=FW´ţ=K=NŠCGFFGKLHJ9N<ıHG<G:Fı:M<=
F9<WD=RNQŒGN9LR9Hŏ=<HGCD9<M´ţ=:M<=HGCJ9ĪGN9LLJ=F<FWJŝKLMrF9F;GNWFb9F=:Gţ=K=
rF9F;GNWFb9D=KHGʼnM<JţbF9KL=BF^mJGNFAµJGLGţ=E=RAFWJG<FbHM:DAC9;=R9DGţ=F^F9KHGDMHJW;ABKGMG:NQCD=NŠJ9RFıCN9DALFıBŒbF=ţFWJG<Fb´B=<ŝD=ţAL^RD=HŒALHGFıCM<ND9ţFŠHŏbKLMH
é=KC^J=HM:DACQNÝG:D9KLAWE;GNŠ;@HJG?J9Eŝ9ÝJGRŒbŏALmĪ9KLNÝGKL9LFb;@>GJEW;@E=RAFWJG<FbKHGDMHJW;=µ
GLAN=EHJGAFL=JF9;AGF9DAR9;AĪ=KC^@G
:QEıDG:ŠLRD=HŒ=FbCN9DALQ´JGRK9@M9ÝF=R:QLFŠ;@C9H9;ALN=Nı<ı9ÝNŠRCMEMHJGHGB=FbE½rF9FĪFb;@9ÝDA<KCŠ;@¾R<JGBŝ9ÝRF9DGKLbK=R<JGBA
9Ý RF9DGKLEA NÝ BAFŠ;@ R=Eb;@µ éLQŏA HıLAFQ E=RAFWJG<Fb;@ HM:DAC9;b NÝ é=KC^ J=HM:DA;= BKGM NQLNGŏ=FQKÝH9JLF=JQRÝ=NJGHKCŠ;@R=Eb´AÝC<QţE=RA@D9NFbH9JLF=JQH9LŏbL9C^àµHGD=ĪFŠE
E=RAFWJG<FbEHM:DAC9;bE<GEAFMBbàé9Ý9JDGN9MFAN=JRAL9´;GţF9RF9ĪMB=´ţ=NÝGKL9LFb;@
GJ?9FAR9;b;@=PAKLMB=RF9ĪFŠHJGKLGJHJGRD=HŒ=FbNŠCGFM<GK9@GN9F^@GN=KHGDMHJW;AµGCM<
B<=GÝRCMŒ=F^Nı<;=´DR=CGFKL9LGN9L´ţ=Ī=KCŠNŠRCMEEW<G:J^CGFL9CLQNÝR9@J9FAĪb9ÝNıLŒAF9´
:QŗF=NŠJ9RFW´Lı;@LGNı<;ŝNÝR9@J9FAĪbAÝHJ9;GN9D9µàNŒ9CE^FıF=ţ|{…NŠRCMEFbCŝNÝéHG;@WRbR=R9@J9FAĪb´HŏAĪ=EţHGDGNAF9RÝFA;@BKGMDGNW;AµGţ9<9NCQF9NQMĪGN9;bB9RQCF9MFAN=JRALW;@9ÝCGEHDACGN9F^AEA?J9ĪFbHŏ=<HAKQ:JWFbJŝKLMLG@GLGHGEıJMµé=KCWJ=HM:DAC9RbKCWNW
EWDGHJGKLŏ=<CŝRÝWE;GN^@GHJG?J9EM¦ĪWKL=ĪFıHJGLG´ţ=HJGĪ=KC^NŠRCMEFbCQB=KF9RŒb
RbKC9LHJGKLŏ=<CQ<GE9´ĪWKL=ĪFıAÝHJGLG´ţ=F==PAKLMBbţW<F^C9JA^JFb9FArF9FĪFbHG:b<CQ´CL=J^:QG;=ʼnGN9DQHŏbB=ERÝNb;=F=ţHŏbBEQRÝBAFŠ;@R<JGBŝ µ=R<=EWDGCGGJ<AFWLGJŝHJGB=CLŝ
9ÝNŠJ9RFWKD9:AF9B=NÝmĪ9KLAF9HJGB=CL=;@´CL=J^KHGDMHJ9;MBbKÝEAEG=NJGHKCŠEAR=EıEAµ
=KL9NM´C<Q;@Q:bB9CEGLAN9;=R9HGBGN9LK=<GE=RAFWJG<Fb;@HJGB=CLŝ´L9C;=DCGNWKLJ9L=?A=
AFL=JF9;AGF9DAR9;=´ B= Nb;=E^Fı Rŏ=BE^´ ţ= B= R<= RF9ĪFŠ HJGKLGJ HJG D=HŒb NQMţALb AFL=JF9;AGF9DAR9;=NŠRCMEMF=B=FGEHJGHG<HGJMHGKbD=FbNŠRCMEF^CGEMFALQ´9D=L9C^HJGHJGK9R=Fb
HŏbEŠ;@R9@J9FAĪFb;@AFN=KLA;9ÝHJGRD=HŒ=FbNRL9@ŝE=RAĪ=KCŠEHJŝEQKD=E9ÝR:QLC=EKNıL9µ
JG:D=E9LA;CGMG:D9KLbB=E9F9?=E=FLNŠRCMEM´9ÝLGNÝF=BŒAJŒbEKEQKDMµÝHGEG;bHGKMRGN9L=DŝRÝŏ9<Nı<;ŝBKE=Hŏ=RCGME9DANŠCGFFGKL|€NŠRCMEFŠ;@KCMHAF´CL=J^:QDQNQ:JWFQR9
HGEG;AF9Œ=@Gŏb<A;b@GNŠ:GJML9C´9:QHGCJQDQ<GKL9L=ĪF^JGRHıLb<AK;AHDbFAÝ?=G?J9r;C^@GJGREbKLıFb9ÝRWJGN=ʼnH9LŏADQCÝF=BD=HŒbENŠRCMEFŠELŠEŝENÝHŏbKDMŒFŠ;@G:GJ=;@µCMHAFQ:QDQ
NıLŒAFGME9D^9ÝRWNAK=DQF9ŏbR=FbB=<AFGMGKG:GM´;Gţ:QDGĪ9KLG<ŝKD=<C=EHGEıJFıJGRLŏbŒLıF^
MFAN=JRALFbGJ?9FAR9;=KÝNQKG;=9MLGFGEFbEAHJG>=KGJQµ9DŠH=JKGFWDFbJGRK9@KCMHAFGE=RMB=
AFL=J<AK;AHDAF9JALM9ÝHŏAKHbNWCÝLGEM´ţ=K=KCMHAFQMR9NbJ9BbNÝ=PAKLMBb;b;@NŠRCMEFŠ;@LJ9<A;b;@µ
}
}
FG@GFWJG<Fb;@KQKL^EŝNA<bNÝHŏbBE=;@RÝWE;GNŠ;@HJG?J9Eŝ°AF<ACWLGJMRFWFbª¦RFWECMG;=FıFbCN9DALQµGLG:QEıDG:ŠLMN9ţGNWFG
AÝNÝKQKL^EM´CL=JŠF9@J9<b=LG<ACM@G<FG;=Fbµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
CMHAFQEıDQFbRC^HGNı<GEbGÝHJG:D=E9LA;=DA<KCŠ;@R<JGBŝµ9NR<GJQNıCMKNŠ;@N=<GM;b;@K=EFG@GRÝFA;@F=R9:ŠN9DGFWKD=<FA;LNbE·EFG@GLJHıDGH=JKGFWDFbMR9Nŏ=FGKLb½°AF§:J==<AF?=Eª¾·E=RAFWJG<FbEG:ADAL9:QD9FbRCW9ݦAÝC<QţBKE=HGRGJGN9DAHGRALANFbLJ=F<¦EGţFGKLAKHGDMHJW;=mKL9NŝàC9<=EA=Nı<9ÝNQKGCŠ;@ŒCGDF=:QDQH9LŏAĪFıNQMţbNWFQµıLŒbH=JKGFWDFb
JGRK9@KCMHAF´D=HŒbHDWFGNWFbNÝG:D9KLADA<KCŠ;@R<JGBŝ9ÝB9KFıBŒbKLJ9L=?A=:QHGEG@DQREbJFAL
KGMĪ9KFGMJGRLŏbŒLıFGKL9ÝRNŠŒALHJG<MCLANALMµDbĪGNGMKDGţCGMB=KFbţ=FbF=BAKLGLQrF9F;GNWFb´
;Gţ :Q MEGţFADG AFKLALM;bE NQLNWŏ=L 9Ý JGRNbB=L <DGM@G<G:^ KLJ9L=?A=µ Ý LG@G NQHDŠNW HGLŏ=:9
J=>GJEQ=LG<ACQ@G<FG;=Fbµ
ÝŒAJŒbEHG@D=<MRŝKLWNWHŏbKLMHCÝJGRNGBADA<KCŠ;@R<JGBŝNÝĪ=KC^E
<GKLAF=KQKL=E9LA;CŠµ=<FbERÝ<ŝNG<ŝB=R9KL9J9DŠHŏbKLMHCÝŏbR=Fb9ÝGJ?9FAR9;AAFKLALM;b´CL=JŠN=<=CÝJGRLŏbŒLıFGKLANŠRCMEMµ=Lŏ=:9´9:QN=ŏ=BF^NŠRCMEF^GJ?9FAR9;=RbKC9DQNıLŒbHŏbEGMRG<HGNı<FGKL
R9ŏbR=FbDA<KCŠ;@R<JGBŝ½NĪ=LFı<9DŒb;@9KH=CLŝE9F9?=E=FLMNŠRCMEM¾´;GţMEGţFb´9:QK=
C9JA^JFbH=JKH=CLANQKL9DQHJMţFıBŒbEA´9:QK=KFbţAD9EbJ9°H=JKGFWDFbMR9Nŏ=FGKLAªLŠEŝ½FQFb
KCMHAFQHDWFMBb´ţ=R9HDFbKNGB=NGDFWHJ9;GNFbEbKL9R݃€…ND9KLFbEA9:KGDN=FLQ<GCLGJKC^@G
KLM<A9¾9Ý9:QK=KFbţAD9JGRLŏbŒLıFGKLHJGKLŏ=<FA;LNbEFWKLJGBŝ´B9CŠEABKGMFWJG<Fb9ÝE=RAFWJG<FbHJG?J9EQ<GCLGJKC^@GKLM<A9µ
=<GKL9L=CCN9DArCGN9F^@GH=JKGFWDMB=B=<FbERÝ>9CLGJŝ´CL=J^G:=;Fı:JWFbREıFWEµé=ŒLb
NŠRCMEFb;ABKGMRB=NFı;=DCGNıF=KHGCGB=FAK=KNŠEAHD9LQ9ÝHJ9;GNFbEAHG<EbFC9EA´9D=AÝC<Qţ
BKGMHD9LQHG<mJGNFb¦}€´L9CRÝHG@D=<MNŠEıFF^@GCMJKM9ÝH9JALQCMHFbKbDQBKGMR@JM:9F9
=NJGHKC^EHJŝEıJMµD9LQG:K9@MBbNŠRF9EFGMKDGţCMRWNAKDGMF9NŠCGFFGKLA´CL=JWB=NÝEFG@9
HŏbH9<=;@HŏbEGG<NGR=F9G<EAFMDŠ;@NŠKLMHŝR9HGĪbL9FŠ;@NÝJWE;Aµ
9JA^JFbHGKLMHB=LıţCGHW<FŠ9ÝJA?A<Fbµb;=F=ţ€{…N=<GM;b;@NŠRCMEFŠ;@HJ9;GNFbCŝB=
KL9JŒbF=ţ€{D=LµG<bDţ=FB=F9HGDGNAĪFbmJGNFAHJŝEıJMR=Eb¦}‚µQLGHGEıJQBKGMRŏ=BEı
<DGM@G<G:ıF=EıFF^´HJGB=BA;@REıFMLM<bţ:M<=Lŏ=:9HJGN^KL<G:ŏ=HJGEQŒD=FWGH9Lŏ=Fbµ
N9DArCGN9FŠ;@Nı<=;CŠ;@HJ9;GNFbCŝB=F=<GKL9L=C9ÝB=AÝF=<GKL9L=CHŏbD=ţALGKLbCÝG<:GJF^HŏbHJ9NıµČbR=FbDA<KCŠ;@R<JGBŝNÝKQKL^EMNŠRCMEMF=Fb<GKL9L=ĪFıJGRNAFMLG´HDWFQC9JA^JFb@G
HGKLMHMBKGMEWDGNQMţbNWFQµŏAHJ9NMBbK=J=>GJEQ´CL=J^:QEıDQN^KLCÝNıLŒbLJ9FKH9J=FLFGKLA
C9JA^JFb;@HGKLMHŝ9ÝH=JKGFWDFb;@NŠ:ıJGNŠ;@ŏbR=Fbµ=R9HGLŏ=:bNb;=s=PA:ADALQNÝC9JA^JFb;@
HGKLMH=;@´F9HŏbCD9<HGMţbN9LKDGţ=F^mN9RCQ½B=<F9GKG:9NQCGFWNWNb;=ĪAFFGKLbF9JŝRFŠ;@
HGRA;b;@F=:GKCMHAFW;@¾´9ÝNÝG:D9KLADA<KCŠ;@R<JGBŝB=FMLF^R9N^KLJGRE9FALıBŒbCJAL^JA9D^H=
G<HGNb<9Bb;bC9JA^JFbE9ÝAFKLALM;AGFWDFbE;bDŝEµG@GK=KFWR=<GKW@F=HŏANb;=D=L^9DGC9;AJGRHGĪLGNŠ;@R<JGBŝF9NŠRCMEµÝG:D9KLAAFN=KLA;<GDA<KCŠ;@R<JGBŝHJG99
=PAKLMB=ŏ9<9NŠR=N
HJGKLŏ=<FA;LNbECG@=J=FLFb@GFWJG<Fb@G9ÝJ=?AGFWDFb@GHŏbKLMHM´CL=JŠHGN=<=CÝG<HGNb<9Bb;bEMNQMţALbHJG:b@9Bb;b;@JGRKW@DŠ;@AFN=KLA;R=KLJMCLMJWDFb;@>GF<ŝµJGHG<HGJMHJŝEQKDGN^@GJGRNGB=B==NA<=FLFıFMLF^HGKbDALG:D9KLAEAEG@D9NFbJ=?AGFQ´LBµEAEGJ9@M´KLŏ=<Fbé=;@Q
9ÝBA@GRWH9<´9FAţ:QLGNŒ9CGKD9:GN9DGKbDM9Ý9LJ9CLANALMJ9@QB9CGEbKL9HGKCQLMBb;b@GKDMţ:Q
HJGKLŏ=<Fb9ÝNŠ;@G<FbNJGHMµ
RL9@QE=RANı<GM9ÝHJŝEQKD=ENQC9RMBbN9JA9:ADALMµ=LCWNWE=K=KÝEFG@9F=>GJEWDFbEA
NRL9@Q´9D=KÝE9DŠEHG<bD=E>GJE9DARGN9FŠ;@NRL9@ŝµFG@GF9<FWJG<Fb;@KHGD=ĪFGKLbK=NÝé
R9:ŠNWĪAFFGKLEAKÝFbRCGMHŏA<9FGM@G<FGLGM´;GţB=HŏbĪAFGMLG@G´ţ=K=F=KLWN9BbKF9<FGKGMĪWKLbĪ=KC^@G
µFG@G=PAKLMBb;b;@NRL9@ŝB=L=<QF9NWRWFGKHbŒ=KÝrJE9EAKLŏ=<FbN=DACGKLAµ
JGLAHJGHGBGNWFbKÝLıEALGrJE9EANŒ9CHŝKG:bNDAN=LG<ACQ@G<FG;=FbAÝF=<GKL9L=CN=ŏ=BFŠ;@
µ=Lŏ=:9HJGN^KLGH9Lŏ=FbHJGD=HŒbR9HGB=FbF9<FWJG<Fb;@KHGD=ĪFGKLb<GĪ=KC^@GKQKL^EMNŠRCMEM9ÝF9FWJG<FbAÝJ=?AGFWDFbmJGNFAHGKCQLFGMLHŏAEıŏ=FGMCGGJ<AFGN9FGMHG<HGJM
E^FıK;@GHFŠErJEWEµ
bD9NRL9@ŝE=RANı<GM9ÝHJŝEQKD=ENÝC9ţ<^R=EARWNAKbF9G<HGNb<9Bb;b;@HGLŏ=:W;@9ÝK;@GHFGKL=;@HJŝEQKDM9ÝNı<QµALM9;=B=L9CGNW´ţ=F9<FWJG<FbKHGD=ĪFGKLA½¾N=KNŠ;@LGNWJFW;@
NÝé=KC^J=HM:DA;=HJGNGRMBbE^Fı@G<FGLF^KGMĪWKLAKN^HJG<MC;=ŒHAĪCGNŠ;@L=;@FGDG?AbµQLG
rJEQL=<QE9BbKCDGFNQMţbN9L9NÝR=Eb;@KNŠ;@@D9NFb;@Kb<=D9ÝEWDGK=R9HGBMBb<GĪAFFGKLb
NÝ JWE;A Ī=KC^@G NŠRCMEF^@G HJGKLGJMµ G<bNWE=§DA K= F9 R:QL=C HJŝEQKDM´ NA<bE= HG<G:FŠ
G:JWR=CB9CGNÝBAFŠ;@R=Eb;@¶ĪbEB=rJE9NıLŒb´LbENb;=NRL9@ŝF9N9RMB=KÝMFAN=JRAL9EA9ÝNŠRCMEFŠEAmKL9NQµ=DACGKLFb=>=CLEW<NıHŏbĪAFQµ9HJN^´ĪbEB=rJE9NıLŒb´LbEKHbŒ=NQJW:b
JGRKW@DGMŒCWDMNŠJG:Cŝ9ÝLbENb;=RF9DGKLbHGLŏ=:MB=µ9<JM@^´KÝJŝKL=EN=DACGKLArJEQJGKL=
AÝB=BbHGLŏ=:9R9EıKLFWN9LL=;@FACQ´AFţ=FŠJQ9ÝNı<;=9ÝHJGNW<ıL9µM<bţB=Bb9:KGJHĪFbC9H99©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
15
;AL9 ¦K;@GHFGKLJGR@Dbţ=LK=CGD=E´A<=FLArCGN9L´HŏABbE9L9ÝNQMţbN9LRF9DGKLA¦JGKL=KÝN=DACGKLb
9ÝRWJGN=ʼnN=<=C=RNQŒMBb;bK=HGLŏ=:ıRF9DGKLbµR@D=<=ECÝLGEM´ţ=NıLŒAF9Ī=KC^@GHJŝEQKDM
<GKM< F=<GK9@MB= ŒHAĪCGN^ L=;@FGDG?A;C^ mJGNFı´ :M<GM HGLŏ=:Q =PL=JFb RF9DGKLFb HG<HGJQ
R9Eıŏ=FQKHbŒ=F9NŠ:ıJ´HGJGRMEıFb9ÝNQMţALb=PAKLMBb;b;@L=;@FGDG?AbF=ţF9Nı<Mµ9EGRŏ=BEı´ţ=NÝFıCL=JŠ;@G<NıLNb;@´F9HŏµNÝ;@=EAA´C<=:QDĪ=KCŠHJŝEQKDLJ9<AĪFıKADFŠ´BKGMNRL9@Q
E=RANı<GM9ÝHJŝEQKD=EKADFıBŒbF=ţNÝBAFŠ;@µ9CNŠRCMEFb;A´L9CAÝrJEQ´CL=ŏbK=mĪ9KLFADAF9Œb
KGF<Wţ=´:QDAF=KHGCGB=FAKÝGH9Lŏ=FbEAF9HG<HGJMLı;@LGNRL9@ŝµ
GJEWDFb FWKLJGB= G;@J9FQ 9MLGJKCŠ;@ HJWN´ R=BE^F9 H9L=FLQ´ BKGM NÝ é=KC^ J=HM:DA;= EWDG
NQMţbNWFQµ<HGNb<WLGLGEM´ţ=R9NW<ıFb9ÝNQMţbNWFbL=;@FGDG?AbEWNıLŒbNŠRF9EF=ţNŠNGB
KNıLGNıFGNŠ;@AFGN9;bNÝHJŝEQKDGN^EJGRNGBA´9D=L9C^LGG<JWţbLJ9<A;=9ÝRNQCDGKLARÝCGEMFAKLA;C^@GG:<G:b9ÝKCML=ĪFGKL´ţ=JGRNbB=Bb;bK=NJGHKCŠH9L=FLGNŠmŏ9<9ÝBbE:M<GN9FŠKQKL^E
B=RÝNıLŒbĪWKLAHJGé=KCGMJ=HM:DACMAJ=D=N9FLFbµ
ÝC<QţEWé=KCWJ=HM:DAC9NÝG:D9KLAG;@J9FQ
9MLGJKCŠ;@HJWNEG<=JFbD=?AKD9LANM9ÝB=R<=AÝE9DWCGEMFAL9G<:GJFbCŝF9LMLGHJG:D=E9LACM´
HGJGRMEıFbHJG:D=E9LA;=G;@J9FQ9MLGJKCŠ;@HJWNB=G:=;FıFbRC^µGHD9LbB9CGÝH9L=FLGNWFb´
L9CAÝGÝEFG@=EŒAJŒbEHGDA<9DŒb;@FWKLJGBŝ´B9CGBKGMG:;@G<FbRF9ĪCQ´J=?AKLJGN9F^NRGJQ9L<µ´
CL=J^ LNGŏb EG<=JFb E9F9?=E=FL G;@J9FQ 9MLGJKCŠ;@ HJWNµ Ý C<Qţ =PAKLMBb NŠRF9EF^ NŠBAECQ¦NÝF=HGKD=<Fbŏ9<ı4KL9NGJ?9FA;C^;@=EA=9Ý:AG;@=EA=àé½CL=JŠHJGàC9<=EAA?=F=JMB=NŠJ9RF^HŏbBEQRÝDA;=F;b¾¦ŏbR=FbHJŝEQKDGN^@GAÝNŠRCMEF^@GK=CLGJMLJHbF=<GKL9LC=E
RF9DGKLb9ÝRCMŒ=FGKLbNÝG:D9KLA9MLGJKCŠ;@HJWNµıCGDACLQHŝAFKLALM;b´CL=J^:QN=KCML=ĪFGKLA
EıDQHGKCQLGN9LAF>GJE9;=9Ý9D=KHGʼnRWCD9<FbHGJ9<=FKLNbNÝL^LGG:D9KLA´L9CGN^KDMţ:QF=F9:bRb
¦F=BRŏ=L=DFıBŒbB=LGMÝNıLŒAFQG:;@G<Fb;@CGEGJ9ÝHG<FAC9L=DKCŠ;@9KG;A9;bµ
4KADbGÝR9DGţ=FbC9F;=DWŏbHJGLJ9FK>=JL=;@FGDG?AbF9MFAN=JRALW;@9ÝN=NŠRCMEFŠ;@mKL9N=;@
B=R9LbEN=KL9<AMRJG<M9ÝEFG@GGJ?9FAR9;bR9LbEB=ŒLıF=EWEFG@GRCMŒ=FGKLbB9CKCDGM:AL
>GJEWDFbLJ9FK>=JL=;@FGDG?Ab½HJGKLŏ=<FA;LNbEH9L=FLŝ9ÝDA;=F;b¾KÝŒAJŒbEA>MFC;=EALJ9FK>=JM
L=;@FGDG?AbNÝK=CLGJMN=ŏ=BF^@GNŠRCMEMµŏALGEHŏbKLMHGL=Nŏ=FŠ;@AFGN9;bF=:GKLJ9L=?A;CW
H9JLF=JKLNbEG@GMNÝEFG@9HŏbH9<=;@:ŠL=>=CLANFıBŒb;=KLGMCÝRbKCWFbKHGD=Ī=FKCŠ;@HŏbFGKŝ
RÝNDW<Fb;@AFN=KLA;<GNŠRCMEM´F=ţBKGM>GJEWDFbE=;@9FAKEQµ
~
16
7`QþMT
N^@D9NFbRWNıJQEŝţ=E=K@JFGMLmN9@GM´B9C=>=CLANFb:QD9AEHD=E=FL9;=@D9NFb;@KEıJŝ
J=>GJEQFWJG<FbHGDALACQ99
RÝJGCM}{{ƒµ
~
µG@=F9ݵ=NAFL@9D´à:KGJHLAN=;9H9;ALQ¶9ÝF=OH=JKH=;LAN=GFD=9JFAF?9F<AFFGN9LAGF´à<EAFAKLJ9LAN=;A=F;=M9JL=JDQ´Īµ~€´|„„{´KLJµ|}ƒ¦|€}
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
'<FuNKþàIþ?JKJNP?KħNJ=DG<M@AJMH<UMJFPÁ
kG@M@AJMHT
!JN<Q<?IkQD?DO@GIgQâNG@?FT
Zjednodušit podporu VaV – AFKLALM;= HG<HGJGN9L
HG<D=NŠKD=<Cŝ´LŠEQHJGB=CLGNıµGR9@JFMB=RD=HŒ=Fb
KQKL^EM@G<FG;=FbHJGN=ŏ=BFırF9F;GN9FŠ9µ
KCML=ĪFıRB=<FG<MŒAD9KQKL^EHG<HGJQ´GNŒ=ER9;=FM
HGLD9Ī=FbEFG@99KH=CLŝ>MF?GNWFbLG@GLGKQKL^EMµ
K= F=@G<b C= KN^EM mĪ=DM´ F9 Ī=Eţ ţW<F^ EFGţKLNb HGKLMHFŠ;@mHJ9NHJ9N<ıHG<G:FıEFG@GF=REıFbµG<FGLb
K=HGMR=B=<=FJGREıJN=ŏ=BF^HG<HGJQ9HGEbBbK=EFG@G
<ŝNG<ŝ´HJGĪKLWLrF9F;MB=NŠRCMEµCGE:AF9;AK<9DŒbEA
J=>GJE9EAN=<=MţbNWFbCLGEM´ţ=NŠRCME:M<=G<LJţ=FG<NŠNGB=´AFGN9;b9KHGD=Ī=FKCŠ;@HGLŏ=:µ
=FbNA<ıLţW<F^RD=HŒ=FbKQKL^EM@G<FG;=FbHJGmĪ=DGN^
rF9F;GNWFb9µ
}¶Zjednodušit systém podpory VaVaI a administrativní
procesy.ŠJ9RFıKFbţALHGĪ=L}}JGRHGĪLGNŠ;@C9HALGD´
RFA;@ţB=HG<HGJGNWF9Né´RB=<FG<MŒAL9<EAFAKLJ9LANMµ B=<FG<MŒ=Fb 9<EAFAKLJ9LA NQ :M<= <GK9ţ=FG
L9C^ HJGKLŏ=<FA;LNbE RŏbR=Fb B=<AF^ 9?=FLMJQ RG<HGNı<F^ R9 HG<HGJM HJGB=CLŝ HJŝEQKDGN^@G NŠRCMEM
½=;@FGDG?A;CW9?=FLMJ9¾µ
GĪ=L JGRHGĪLGNŠ;@ C9HALGD :QD RJ=<MCGNWF´ 9NŒ9C R9
;=FMRNıLŒ=FbNR<WD=FGKLAE=RALıEA´C<GJGRMEıBbHGLŏ=:WE´9LıEA´C<GRG<HGNb<9BbR9HGDALACMNŠRCMEM´
LGNŒ=R9F=mFGKF^@GHJ9;GNFb@GHŏ=Lbţ=Fb
µ=DEA
KDA:FŠNŠNGBHŏ=<KL9NMB=RŏbR=Fb=;@FGDG?A;C^9?=FLMJQ´9D=F9B=BbErF9F;GNWFb9ŏbR=Fb:QK=EıD9HG<bD=L
L9C^EAFAKL=JKLN99GKL9LFb9CL^ŏAL9C´9:Q:QD9D^H=KNWRWF9K=KHGD=Ī=FKCŠEAHGLŏ=:9EA9KFWJG<FbEAHJAGJAL9EAµ
~¶G<FbLAL9HG<HGōAL=P;=D=F;AN=NŞRCMEM9MKF9<FAL
NQMţALbNŞKD=<Cś9NAFGN9;b;@µG@GLG;bD=:M<=<GK9ţ=FGHJGKLŏ=<FA;LNbERD=HŒ=F^@G@G<FG;=Fb99L9C^
NıLŒbE <ŝJ9R=E F9 =P;=D=F;A N RWCD9<FbE NŠRCMEM
99HDACGN9L=DF^NŠKD=<CQN9HDACGN9F^ENŠRCMEMµ
Eŝţ= N mRC^E KEQKDM HGKbDAL =P;=D=F;A NŠRCMEM
½G:RNDWŒŗ N °=P9CLFb;@ Nı<W;@ª´ 9NŒ9C HJ9N<ıHG<G:Fı
FACGDANN=KHGD=Ī=FKCŠ;@Nı<W;@¾´9D=F=B=@GJ=D=N9F;A´
L9Cţ= B=Bb HJ9N<ıHG<G:FŠ NŠKD=<FŠ mĪAF=C B= GH9C=E
G:=;F^@G HGDALA;C^@G RWEıJM AFL=?JGN9L AFGN9;= LıKFıBA<GNŠRCMEF^@GKQKL^EMµ
¶GKbDALKHGDMHJW;AE=RANŞRCME=E9HJśEQKD=EµHG<EbFALHG<HGJMHJG?J9Eŝ9KHGDMHJ9;bN=ŏ=BF^@GNŠRCMEMKMţAN9L=DANŠKD=<Cŝ9´R9DGţ=FGMF9KHGDMrF9F;GNWFbRN=ŏ=BFŠ;@9KGMCJGEŠ;@R<JGBŝµ9NJ@MB=
K= JGRŒbŏAL F=HŏbEG HG<HGJM 9 ½<9ʼnGN^ mD=NQ¾ A F9
FWCMHNŠKD=<Cŝ9CGE=JĪFbEK=CLGJ=EG<½Ī=KCŠ;@¾
N=ŏ=BFŠ;@NŠRCMEFŠ;@AFKLALM;b9NQKGCŠ;@ŒCGDµ
=FLG ;bD B= HJAEWJFı HJGK9RGNWF AFAKL=JKLN=E HJŝEQKDM 9 G:;@G<Mµ =<GKL9L=ĪFGKL @G<FG;=Fb HJG?J9Eŝ EW NŒ9C R9 FWKD=<=C´ ţ= B= EWDG AF<ACWLGJŝ B=BA;@
mĪAFFGKLAµ HJAF;AHM B= KHJWNF^ G L=FLG ;bD MKADGN9L
9 JGRŒAŏGNWFb <9ʼnGNŠ;@ mD=N F9 NŠKD=<CQ NŠRCMEM
Eŝţ=L9C^:ŠLHJGKHıŒF^¦FA;E^FıLGLGGH9Lŏ=FbEMKb
:ŠLAEHD=E=FLGNWFGGH9LJFı´9:QF=<GŒDGC@JGE9<ıFb 9CLANFıBŒb;@ N9R=: E=RA Nı<GM 9 HJŝEQKD=E´ CL=J^
BKGMmĪAFFıBŒbHŏAR9NW<ıFbJGRNbB=FbL=;@FGDG?A;C^RHŝKG:ADGKLAHG<FACŝµ
€¶ 9N^KL HJMšFİBŐb GJ?9FAR9ĩFb KLJMCLMJQ N= NŠRCMEFŠ;@GJ?9FAR9;b;@N=ŏ=BF^@GK=CLGJML9C´9:Q:QD9JGRŒbŏ=F9KHGDMHJW;=E=RANŠRCME=E9HJŝEQKD=E99:Q
:QDQ NQLNGŏ=FQ HG<EbFCQ HJG CGE=J;A9DAR9;A NŠKD=<Cŝ
NŠRCMEMµ
¶ 9BAKLAL G<:GJFbCQ HJG 99
NĪ=LFı RB=<FG<MŒ=Fb
HG<EbF=CHJGFW:GJNŠRCMEFbCŝR=R9@J9FAĪbµ
‚¶
FL=FRANFıR9HGBALé<GE=RAFWJG<FbKHGDMHJW;=N=
NŠRCMEM´NŠNGBA9AFGN9;b;@´G:RNDWŒŗNJWE;ANJGHKC^@GNŠRCMEF^@GHJGKLGJMµ
9CGNŠEA GH9Lŏ=FbEA K= R9LbE FAC<G F=R9:ŠN9D´ 9D= B=
LGR;=D9Rŏ=BEıF=R:QLFWKGMĪWKLŒAJŒbEG<=JFAR9;=NŠRCMEFŠ;@AFKLALM;b9R=BE^F9NQKGCŠ;@ŒCGDµ
JĪALŠGE=R=FŠHGCJGCµ=Lŏ=:9M<ıD9LEFG@=ENb;=µ
JĪALŠGE=R=FŠHGCJGCµ=Lŏ=:9M<ıD9LEFG@=ENb;=µ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
17
!JKJMPñ@Ik
ÝF9Œb;=DCGN^9F9DŠRQNQHDŠN9BbFWKD=<MBb;b<GHGJMĪ=FbµKGM<AKCMLGNWF9<WD=NÝ@D9NFbĪWKLA
RHJWNQµ=ŒLı<=L9ADFıBŒb<AKCMK=9Ý<GHGJMĪ=FbBKGMG:K9@=EB=<FGLDANŠ;@<bDĪb;@RHJWNµ
18
|¶ Q:M<GNWFb<ŝNıJQN=NDW<MAÝF9NRWB=EE=RAĪD=FQCGEMFALQ99
B=<ŝD=ţALGMHG<EbFCGM
HJGmKHıŒFGMNŠCGFFGKLNÝ
µ9CGNW<ŝNıJ9B=R9DGţ=F9F9HJAF;AH=;@LJ9FKH9J=FLFGKLA
9ÝF=KLJ9FFGKLANÝCGE:AF9;AKÝ=P=EHDWJFbELJ=KL=EHJGCG@GCGDANF9B9C^CGDANmJGNFA´HGCM<
HGJMŒbHJ9NA<D9µDA:GN9F^J=>GJEQKLWLFbKHJWNQ:QEİDQ:ŞLHJGN=<=FQMJQ;@D=Fݶ=Lō=¨
:9HGš9<GN9Lµ9:QKLWLFbAFKLALM;=µB=BA;@š;bD=EB=ōb<AL
§
µEAFAKL=JKLN9µJ9F¨
LGNW9?=FLMJ99=;@FGDG?A;CW9?=FLMJ9§HG<JG:FİRN=ō=BŇGN9DQKNWJGR@G<FMLbNĩ=LFİ
<śNG<śµCL=J^CFAEN=<DQ¶G@Dbš=;bHJG;=KQµNĩ=LFİNQMšALbE=RAFWJG<Fb;@@G<FGLAL=Dśµ
:QEİDQ:ŞLRGJ?9FARGNWFQL9Cµ9:Q=PAKLGN9DANİJG@G<Fb?9J9FLAµCL=ōb:QGNİōGN9DA9<G¨
@Dbš=DAF9F=RWNAKDGKL9G:B=CLANALMJGR@G<FMLb¶
}¶ =DACGKL9ÝCN9DAL9KQKL^EMĪ=KC^@G99
JGKLDQHGŏ9<MD=L´9D=KLWD=RŝKLWN9BbHG<E=RAFWJG<FbmJGNFbµLWL:QEİDF9<WD=RNQŐGN9LAFN=KLA;=<G9NKGMD9<MKHDWF=E<GKW@FGMLNި
<9B=F99N=NŞŐA|…<GJGCM}{}{¶İD9:Q:ŞLHōAB9L9GH9Lō=FbµCL=JW:QHG<FbLAD9
HJśEQKDC=RNŞŐ=FbB=@GNŞ<9BśF99NJG;=}{}{F9}…µNKGMD9<MKGĩ=CWNWFbEA
FİC<=BŐb;@;bDś:9J;=DGFKC^@GHJG;=KM9FGN^HGDALACQHG<FWRN=EGJARGFL}{}{¶
~¶ KGMH9LJF^KA?FWDQ´ţ=9FAJGR<ıD=FbHJW;=´9FAAFKLALM;AGFWDFb@J9FA;=E=RAMFAN=JRAL9EA´
àé9ÝNŠRCMEFŠEAmKL9NQF=BKGMGHLAEWDFb9Ýţ=HŏbD=ţALGKLAHJGMţŒbNRWB=EFGMKHGDMHJW;AF=BKGMNQMţbNWFQµÝFıCL=JŠ;@HŏbH9<=;@K=G:B=NMBbR9KL9J9D^>GJEQGJ?9FAR9;=9ÝE9F9?=E=FLM´CL=J^BKGMF9Hŏ=CWţCM=>=CLANALıµ
:QEİD9R9@WBALŐ=Lō=FbGGJ?9FAR9;Aµ
NŞCGFFGKLA9<İD:İHJW;=E=RAMFAN=JRAL9EAµßè9<9DŐbEANŞRCMEFŞEAGJ?9FAR9;=¨
EAKNŞ@D=<=EF9FWNJ@GH9Lō=FbN=<GM;b;@CEG<=JFAR9;A9HōbH9<F^EMHō=JGR<İD=Fb
JGDbE=RALİEALGGJ?9FAR9;=EA¶DbĩGNŞEHJNC=ENŞKD=<FŞ;@J=>GJ=E:QEİD9:ŞLEG¨
<=JFAR9;=HGKLMHśōbR=FbDA<KCŞ;@R<JGBś9NŞRCMEM¶9D^@9Nİ:QEİD9:ŞLHJGN=<=F9
GH9Lō=FbµCL=JW:QF9HJ9NAD9F=MNİōAL=DFİFbRCGMmJGN=Ňmĩ9KLAš=FN=NŞRCMEMµCL=JW
Hō=<KL9NMB=G:JGNKC^HDŞLNWFbL9D=FLQ¶
¶ QFıBŒbJ=>GJEQK=KF9ţb:GBGN9LKÝF=<GKL9LC=E<ŝNıJQN=KLWLFbEG;´KÝHG;AŗGN9FŠEAF=<GKL9LCQNÝHJG;=K=;@JGR@G<GNWFb9ÝKÝHG;AŗGN9FŠEAF=<GKL9LCQN=K;@GHFGKL=;@EAFAKL=JKL=N
LbE´ţ=;=FLJ9DARMBbG<HGNı<FGKLR9JGRHGĪLQ9ÝHGDALACM99
<G
µGGNŒ=E
Hŏ=LıţMB=F=mFGKFGMEbJGMRG<HGNı<FGKLA´CL=JGMN=KCML=ĪFGKLA9<9F=Eŝţ=RNDW<9L´9ÝB=L9C
HJGFAN=DEALıţC^HŏABbE9L<G:JW9ÝCN9DArCGN9FWŏ=Œ=Fbµ9LGKALM9;=ĪAFbRÝ9<QB9C^KACN9RA§EAFAKL=JKLNG Nı<Q´ CL=J^ 9D= F=EW KL9F<9J<Fb NRL9@ CÝ NDW<ı ĪA <=EGCJ9LA;CŠE HJG;=KŝE´
9ÝNR<9DMB=BAG<R<JGBŝRF9DGKLb;=D^@GKQKL^EM9ÝJGNFıţAÝG<KLJ9L=?A;CŠ;@AF>GJE9;bFMLFŠ;@
HJG>GJEGNWFbHGDALACµGM:ıţFıKJ=>GJEGMKLWLFbKHJWNQB=HGLō=:9HGKbDALC9H9;ALQEAFA¨
KL=JKL=N9HōA<İDALBAEND9KLFbJGRHGĩLGNGMHGDGšCMHJG99
9GHİLBAEMEGšFAL9CLANFb
JGDAN
¶
:QEİD9REİFALKNGB=R9Eİō=FbKHbŐ=F9NQLNWō=FbŐAJGCŞ;@KLJ9L=?A;¨
CŞ;@ CGF;=H;b F=š F9 KL9FGNGNWFb JGRHGĩLM 9 EACJGE9F9?=E=FL¶ J9FLGNW 9?=FLMJ9
9=;@FGDG?A;CW9?=FLMJ9:QEİDQ:ŞLōbR=FQEAFAKL=JKLNQ¶G<G:FİB9CGB=LGEMNHōbH9¨
<İ9<QHJGNŞRCMENGJKCM9N9CGMKCMµNb;=EAFAKL=JKL=N:QEİDGEbLEGšFGKL
NQMšbN9LB=B9CG9?=FLMJQrF9F;MBb;bB=BA;@9CLANALQN=99
¶RL9@QE=RAAFKLALM;=EAōb<b¨
;bEArF9F;MBb;b9?=FLMJQ9ND9KLFbEA9?=FLMJ9EA:QEİDQEbL;@9J9CL=JNŞCGFFGKLFb;@
KEDMN¶ß?=FLMJQ:QEİDQ:ŞLōbR=FQL9Cµ9:QLGG<HGNb<9DG;bDśE¸B=BA;@9C;=99CLANALQ:Q
F=EİDQ:ŞL<=L9ADFİōbR=FQ
9FABAFŞEAAFKLALM;=EA¶@9J9CL=JōbR=Fb:QK=HJGLGEİD
REİFALKEİJ=ECF=HōbE^EMōbR=FbK=R9HGB=FbEJ=D=N9FLFb;@9CL^Jś9¶
€¶ G<D=<G:J^R9@J9FAĪFbHJ9P=BKGM<GNQLNWŏ=FbHJG?J9EŝHG<HGJQ9R9HGBGNWFA9CL^ŏA9
KÝ;bD=ER9BAKLALK@G<MKÝHGLŏ=:9EA9ÝHŏbD=ţALGKLEAµ9CGN^NQLNWŏ=FbHJG?J9EŝGNŒ=EK9EGRŏ=BEıEMKb:ŠLCGFLJGDGN9F^9ÝNQNWţ=F^9ÝHGKLMHQB=@GHDWFGNWFbAÝAEHD=E=FL9;=EMKb:ŠL
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
LJ9FKH9J=FLFbµè=KCWHJ9P=:QEİD9J=KH=CLGN9LE=RAFWJG<FbLJ9<A;AR9HGB=FbHō=<KL9NA¨
L=Dś9NCGE:AF9;AK<G@D=<=EµCL=JŞR9BAKLbG:B=CLANALM9F=RWNAKDGKL¶
¶ G<bD rF9F;GNWFb NŠRCMEM NÝ é=KC^ J=HM:DA;=´ CL=J^ B= HGKCQLGNWFG F9 RWCD9<ı mKHı;@M
NÝKGMLıţA´B=HŏbDAŒNQKGCŠ9ÝHŏ=CJ9ĪMB=mJGN=ʼn´CL=JGMŏ9<9R=EbHGN9ţMB=R9F=:=RH=ĪFGMµ
FKLALM;AGFWDFbrF9F;GNWFb:QEİDGHGCJŞN9L9D=KHGҀ{…rF9F;GNWFbNŞRCMEM¶İDG
:Q:ŞLR9DGš=FGF9GNİōGNWFbCN9DALQNŞRCMEMµ9D=NHGE9D=BŐbE;QCDM¾€9Nb;=D=L¿µCL=JŞ
NQLNWōbKL9:ADALM9HōbD=šALGKLACHDWFGNWFbµFACGDAF9RWCD9<İB=<FGD=L^@G;QCDM¶
‚¶ =LG<AC9@G<FG;=FbF=FbN@G<FWCÝmĪ=DM´HJGCL=JŠ:QD9NQNAFML9µHŝKG:MB=ŏ9<M<=>GJE9;bB9CN=KLJMCLMŏ=NŠRCMEM´L9CNÝ;@GNWFbB=@G9CL^Jŝ9Ý:JWFbEFG@99KH=CLŝEJGRNGB=
µ=LG<AC9@G<FG;=Fb:QEİD9:ŞLF9@J9R=F9KQKL^E=ENŞCGFFGKLFb;@KEDMNG:K9¨
@MBb;b;@J=LJGKH=CLANFbAHJGKH=CLANFbKDGšCM¶=FLGKQKL^E:QEİD:ŞLHG<HGJGNWFCGE¨
:AF9;bG:B=CLANFb;@AF<ACWLGJś9HGKMRGNWFbF=KLJ9FFŞEAR9@J9FAĩFbEACGD=?Q¶
ƒ¶ QKL^E@G<FG;=Fb9NÝé=KC^J=HM:DA;=K=NŒ=G:=;FıR9EıŏMB=F9HGĪbLWFbNŠKLMHŝF9mCGJ
HG;@GH=FbHGDALA;CŠ;@GH9Lŏ=Fb9ÝB=BA;@<GH9<ŝµGKCQLMB=L9CAF>GJE9;=´B=BA;@ţJ=D=N9F;=
B= HŏAF=BD=HŒbE GE=R=FWµ G<FGLA;bHGKLMHQ:QL=<QEİDQ:ŞLG<RWCD9<MJ=>GJEGNWFQµ
HGRGJFGKL:QK=EİD9Hō=F^KLCJGEİNŞKLMHśAF9<śKD=<CQ9<GH9<Q¶G<FG;=Fb:QEİDG
HōAKHbN9LL9C^CHDWFGNWFb9NŞNGBAHGDALAC9HJG?J9Eś¶9CGN^@G<FG;=Fb:QCJGEİBAF^¨
@GR9@JFGN9DGA°C9KCW<GNŞHōbKLMH´µB=FšB=R9DGš=FF9LGEµš=F9C9š<^mJGNFA@A=J9J¨
;@A;C^@GōbR=FbBKGMNQMšbNWFQF=RWNAKD^=PH=JLFbRF9DGKLAHJG@G<FG;=FbFAšŐb;@mJGNFbµ
9D=F9šW<F^mJGNFAF=<G;@WRbCK=:=@G<FG;=Fb¶
„¶ é=KCŠ
HGKLJW<WKLJ9L=?AAAFL=JF9;AGF9DAR9;=´;Gţ:JWFbB=@GJGRNGBAµ
:QEİD9R9¨
@WBALCGFRMDL9;=F9LGLGL^E99R9<9LKLM<AAK;bD=ENQLNGōALKLJ9L=?AAAFL=JF9;AGF9DAR9;=
ĩ=KC^@GNŞRCMEMµNŞNGB=9AFGN9;b¶
|{¶Ýé=KC^J=HM:DA;=H9FMB=FbRC^HGNı<GEbGÝ9MLGJKCŠ;@HJWN=;@9ÝHJWN=;@<MŒ=NFb@GND9KLFA;LNbµ=FEWDGC<G;@WH=ŒbŏA9ÝMţAL=ĪFGKLŏW<F^KLJ9L=?A=MţALbLı;@LGHJWNµ9EİKLF9N9L=D¨
KC^GJ?9FAR9;=9G:;@G<FbCGEGJQ:QEİDQHJGHJśEQKDNQ@DWKALC9EH9ŇF9NR<İDWNWFb
NG:D9KLAHJWN<MŐ=NFb@GND9KLFA;LNb¶WJGN=Ň:QEİDQNQKGC^ŐCGDQ9NŞRCMEF^AFKLALM;=
NQLNGōAL B9KFİBŐb KLJ9L=?A= N L^LG G:D9KLA¶ G F=RF9E=FWµ š= :Q K= EİD NQNbB=L <9DŐb LD9C
F9H9L=FLGNWFbAJ=D=N9FLFb;@NŞKD=<Cś§F9GH9CµHGJGRMEİFbHJG:D=E9LA;=9MLGJKCŞ;@
HJWN9HJWN<MŐ=NFb@GND9KLFA;LNb:QEİDGN^KLCJ9;AGFWDFbEMJGR@G<GNWFbGLGEµ;G:Q
F=EİDG:ŞLH9L=FLGNWFG9B9CF=BD^H=K<bD=LRF9DGKLAKHJśEQKD=E9GKL9LFbEAGJ?9FAR9¨
;=EAEAEGK=CLGJQNŞRCMEM9NQKGC^@GŐCGDKLNb¶
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
19
°QJ?
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
21
GLG B= RWNıJ=ĪFW RHJWN9 GÝ 9M<ALM Ī=KC^@G KQKL^EM NŠRCMEM NQCGF9F^E HJG AFAKL=JKLNG
ŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQ½ď¾´CL=JŠHJGN=<DE=RAFWJG<FbLŠENÝD=L=;@}{|{¦}{||R9
HGEG;A =;@FGDG?A;C^@G ;=FLJ9 àC9<=EA= Nı< é=KC^ J=HM:DACQµ = LG B=<F9 RÝ F=BG:KW@D=BŒb;@
KLM<AbKN^@G<JM@M9ÝR9@JFMB=9F9DŠRM¶
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
22
=ŏ=BF^@GrF9F;GNWFbNŠRCMEM9ÝNŠNGB=½9¾NÝé=KC^J=HM:DA;=
ČbR=FbKQKL^EM9
N9DALQNŠRCMEM9ÝE9F9?=E=FLMNŠRCMEM
G<FG;=Fb HJG?J9Eŝ 9Ý =LG<ACQ @G<FG;=Fb HGMţbN9F^ HJG 9DGC9;A AFKLALM;AGFWDFb@G
rF9F;GNWFbGJ?9FAR9;bHJGNW<ıBb;b;@NŠRCME
QKL^EMHJWNCÝ<MŒ=NFbEMND9KLFA;LNb½
¾
RL9@ŝE=RANı<GM9ÝHJŝEQKD=E
=RAFWJG<FbKHGDMHJW;=N=9
A<KCŠ;@R<JGBŝN=9
QLGH9J9E=LJQBKGMK@JFMLQNÝL^LGRHJWNı9ÝHG<JG:FıHJG:JWFQNÝB=<FGLDANŠ;@<bDĪb;@RHJWNW;@´CL=J^BKGMNQ<WFQRNDWŒŗµ
é=KCW J=HM:DAC9 H9Lŏb CÝ F=BJGRNAFMLıBŒbE R=EbE KNıL9´ AÝ C<Qţ Bb KLWD= R:ŠNW HDFı <GCGFĪAL
Hŏ=;@G<G<CGEMFAKEMF9LG´9:QKHDʼnGN9D9KL9F<9J<QHŏbBEŝ9ÝNŠCGFŝRWH9<FbNJGHQµHJWN9 NıLGN^@G =CGFGEA;C^@G >hJ9 GÝ ?DG:WDFb CGFCMJ=F;=K;@GHFGKLA HGKCQLMB= RB=<FG<MŒ=FŠ´
FA;E^FıMţAL=ĪFŠHG@D=<F9<ŝD=ţAL^9KH=CLQLG@G´B9CR=Eı>MF?MB=´R9DGţ=FŠHŏ=<=NŒbEF9
FWJG<Fb;@HJŝRCME=;@EbFıFbHG<FAC9L=DŝGÝNŠCGFFGKLAµ=RA|~„R=EıEAK=é=KCWJ=HM:DAC9
ŏ9<bF9}|µEbKLGNÝCN9DALıKNŠ;@Nı<=;CG§NŠRCMEFŠ;@AFKLALM;b´F9}„µEbKLGNÝG:D9KLAKHGDMHJW;=
E=RAHJŝEQKD=E9ÝMFAN=JRAL9EAN=99ÝF9}µEbKLGNÝAFGN9ĪFb;@K;@GHFGKL=;@µé=KCWJ=HM:DAC9K=MEbKLAD9F9~}µEbKLıNÝHGĪLMKLM<=FLŝR9HK9FŠ;@<GKQKL^EML=J;AWJFb@GNR<ıDWNWFb9ÝF9
~µEbKLıNÝ;=DCGN^CN9DALıNR<ıDWN9;b@GKQKL^EMµàD=NÝţ=:ŏbĪ;b;@@G<FG;=FbAFKLALM;AGFWDFb@G
>MF?GNWFbK=F9;@WRbF9N=DEAFbRCŠ;@HŏbĪCW;@·éB=F9|}|µEbKLıRÝ@D=<AKC9<ŝNıJQN=ŏ=BFGKLA
NÝHGDALA;C^Hŏ=<KL9NAL=D=·F9|{}µHGRA;ARÝHG@D=<MCGJ=CLFb@GJGR<ıDGNWFbN=ŏ=BFŠ;@R<JGBŝ·F9
||ƒµEbKLıRÝ@D=<AKC9R9Lbţ=FbKLWLFbEAAFL=JN=F;=EA·F9|{}µEbKLıNÝLJ9FKH9J=FLFGKLANDW<Fb;@
JGR@G<FMLb· F9 „{µ HGRA;A NÝ =LA;C^E ;@GNWFb rJ=E 9Ý CGF=ĪFı F9 ƒ„µ EbKLı NÝ G:D9KLA G;@J9FQ
RWBEŝ EAFGJALFb;@ 9C;AGFWŏŝµ AFŠEA KDGNQ´ RWD=ţALGKLA LŠC9Bb;b K= KQKL^EM NŠRCMEM 9Ý AFGN9;b
NQH9<9Bb;=DC=E<G:ŏ=½AÝC<QţF=BKGME=RAF=BD=HŒbEAF9KNıLı¾´9D=mJGN=ʼn<ŝNıJQ¦G:RNDWŒŗN=
KLWLFbEG;¦B=FbRCWµ
PAKLMB=NŒ=G:=;FŠFWRGJ´ţ=HGDALA;CWKALM9;=NÝé=KC^J=HM:DA;=NÝHJŝ:ı@MFıCGDAC9HGKD=<Fb;@D=L:QD9<ŝD=ţALŠE>9CLGJ=E´CL=JŠG:=;FıGNDANʼnGN9DG:D9KLNŠRCMEM9ÝNŠNGB=µG<D=EFG@9
<GLWR9FŠ;@ĪAFAL=Dŝ9EWHGDALA;CWF=KL9:ADAL9G<JGCM}{{F=?9LANFb<GH9<F9NQKGC^ŒCGDKLNb9ÝNŠRCMEµG<D=EFG@9RÝFA;@K=NŠRCME9ÝNŠNGBKL9DQNQKG;=HGDALA;CGMRWD=ţALGKLb9ÝNÝ<AKCMKb;@Ī9KLG<GEAFGN9DQAF<ANA<MWDFbRWBEQ9ÝFWLD9CGN^KCMHAFQF9<KLJ9L=?A;CŠEANAR=EALG@G´
;GB=HJGéHGLŏ=:F^µHGDMKÝĪ9KLŠEAREıF9EANDW<Q9ÝB=ŒLıĪ9KLıBŒbEAREıF9EAEAFAKLJŝK=
L9Cé=KCWJ=HM:DAC9KL9D9EbKL=E´N=CL=J^EB=N=DEAG:LbţF^NQLNWŏ=L9ÝAEHD=E=FLGN9LCGFRAKL=FLFbHGDALACMAFGN9;b9ÝNŠRCMEMµFG@GRÝ<AKCMKb´CL=J^:JR<bLNGJ:MHGDALACQNÝG:D9KLANŠRCMEM9ÝAFGN9;bNÝé=KC^J=HM:DA;=´B=KNı<=;LNbEGÝF=<GKL9LCM<ŝNıJQµGB=KCML=ĪFGKL´CL=JGM
B=Lŏ=:9NRbLNÝmN9@MHŏAĪL=FbL^LGRHJWNQAÝHŏAB9C^ECGDANMNW<ıFbF9ŒA;@<GHGJMĪ=Fb<GHJ9P=µ
ŠE´CL=JŠHJGNW<ıDL=FLG9M<AL´HŏAFWŒbKHGD=ĪFŠKGM:GJRF9DGKLb9ÝRCMŒ=FGKLbLŠC9Bb;b;@K=
LG@G´B9C>MF?MBbKQKL^EQNŠRCMEM9ÝAFGN9;b9ÝB9C:QEıDQ:ŠL;GF=BD^H=ŏbR=FQµWCD9<=EB=
CGE:AF9;=HGRF9LCŝ´CL=J^:QDQNÝG:D9KLA°NŠRCMEMNŠRCMEMªRbKCWFQ:ı@=EEAFMDŠ;@{¦€{
D=L´9ÝF9ŒA;@RCMŒ=FGKLbRÝE=RAFWJG<FbHJ9P=NÝŏbR=Fb9ÝE9F9?=E=FLMJGD=KLWLMNÝWJG<FbEKQKL^EMNŠRCMEM9ÝAFGN9;bµ=RAB=<FGLDANŠEAFWJG<FbEAHŏbKLMHQ=PAKLMBbN=DC^JGR<bDQ´L9Cţ=:Q
:QDG:DW@GN^J9RALB=<AFŠHŏbCD9<B9CG°KHJWNFGMHJ9PAªµG´;G<G:ŏ=>MF?MB=F9B=<FGEEbKLı´
F=EMKb>MF?GN9LBAF<=µA;E^FıNıŏbE=´ţ=FıCL=J^A<=B=BKGMHŏ=FGKAL=DF^µ
J9N<ıHG<G:FıF=B<ŝD=ţALıBŒbB=A<=9FWJG<Fb@GAFGN9ĪFb@GKQKL^EM¦CL=JŠJ9<ıBAF9RŠNWE=
WJG<FbKQKL^ENŠRCMEM9ÝAFGN9;bµ=rFMB=E=B=BB9CGKQKL^ENRWB=EFıHJGHGB=FŠ;@GJ?9FA

D9MK;@O9:´Ȼ=DG:9DGEH=LALAN=F=KK=HGJL´}{|{§||´=F=N9¶GJD<;GFGEA;GJME
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
R9;b F=:G CDbĪGNŠ;@ 9CL^Jŝ 9Ý ŒAJŒb@G JWE;= HG<EbF=C´ NÝ FA;@ţ FWJG<Fb KHGD=Ī=FKLNb NQLNWŏ=Bb´
M;@GNWN9Bb 9Ý Hŏ=<WN9Bb RF9DGKLA´ K;@GHFGKLA 9Ý <9DŒb 9JL=>9CLQ´ CL=J^ HŏAKHbN9Bb CÝ LNGJ:ı AFGN9;b
½G:Jµ |¾µ Ý LG@GLG HG@D=<M RWNAKb AFGN9ĪFb NŠCGFFGKL MJĪAL^ =CGFGEACQ F=B=FGE F9 LGE´ B9C
NŠCGFF^BKGMB=<FGLDAN^GJ?9FAR9;=K9EGKL9LFı´9D=L9C^F9LGE´B9CŠERHŝKG:=ECGEMFACMBb
9ÝKHGDMHJ9;MBbF9NRWB=E9ÝB9C^BKGMB=BA;@NRL9@QCÝRWCD9<ŝEKHGD=Ī=FKC^@GMKHGŏW<WFb½B9CG
BKGM@G<FGLQ´FGJEQ9ÝHJWNFbJWE;= ¾µ9C9D=KHGʼnFQFbNQH9<WNıLŒAFGNŠHG@D=<NÝG:D9KLAHGDALACQNŠRCMEM9ÝAFGN9;bµ
€
Obrázek 1: WJG<FbAFGN9ĩFbKQKL^E
23
Zdroj: JAC ßJFGD< 9L=>9F M@DE9FµAFL@=GJO=?A9F=K=9J;@9F<
FFGN9LAGFQKL=EµÞ9;C?JGMF<
=HGJLG|}AFL@=N9DM9LAGFG>L@==K=9J;@GMF;ADG>GJO9QµKDG·GQ9DGJO=?A9FAFAKLJQ>GJ<M;9LAGFµ
=K=9J;@9F<@MJ;@ßǛ9AJKµ}{{|
€
=AL@EAL@9ÝGF9L@9F=KL´àMKLJ9DA9²KÝ
FFGN9LAGF@9DD=F?=K¶Ȼ==QGDA;Q
KKM=K´KM:EAKKAGFLGL@=GMK=G>J=HJ=K=FL9LAN=KL9F<AF?
GEEALL==GF;A=F;=9F<
FFGN9LAGF´
FIMAJQAFLG9L@O9QKLG=;@FGDG?A;9D
FFGN9LAGF´G:9JL¶FAN=JKALQG>9KE9FA9´àHJAD}ƒ´}{{€
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
GMĪ9KFŠ HG@D=< F9 AFGN9;= 9Ý NŠRCME KHGĪbNW NÝ LGE´ ţ= K= B=<FW GÝ RWK9<Fb KDGţCQ KHGD=Ī=FKCG§=CGFGEA;C^NŠCGFFGKLANÝJWE;ACGEHD=PFb;@FWJG<Fb;@´E=RAFWJG<Fb;@9ÝJ=?AGFWDFb;@
KQKL^Eŝµ=<FGLDAN^KDGţCQLı;@LGKQKL^Eŝ¦B9CGBKGMrJEQ´MFAN=JRALQ´AFKLALM;=´mKL9NQ´ŏbR=Fb´
NR<ıDWNWFb´<9ʼnGN^RWCGFQ9ÝGKL9LFbJWE;GN^HG<EbFCQ9L<µ¦LGNŒ=;@FGEMKb<G:ŏ=>MF?GN9L´
EW§DAKQKL^EB9CG;=D=CNQLNWŏ=L=CGFGEA;C^:G@9LKLNbµN9DALFb9ÝNQKG;==>=CLANFbEMK=Bb:ŠL
F=B=FGEB=<FGLDAN^KDGţCQKQKL^EM´9D=AÝRHŝKG:´B9CŠEBKGMLQLGKDGţCQF9NRWB=EHJGHGB=FQµ
àÝHG<G:FıEMKbE=RAJŝRFŠEAKDGţC9EAKQKL^EM9ÝHGDALAC9EA´CL=J^K=CÝFAENRL9@MBb´H9FGN9L
HŏbKDMŒFWJGNFGNW@99ÝB=<FGLDAN^HGDALACQEMK=Bb:ŠLNRWB=EFıCGFRAKL=FLFbµ
J9<AĪFıK=EWR9LG´ţ=KLWLR9K9@MB=<GNŠRCMEM´HJGLGţ=NÝC9HAL9DAKLA;C^EKQKL^EM=PAKLMB=°K=D@WFbLJ@Mª ´;GţRF9E=FW´ţ=KGMCJGEŠK=CLGJF=AFN=KLMB=<GKL9L=ĪFı<GRWCD9<Fb@G
NŠRCMEM´HJGLGţ=F=Eŝţ=KF9<FGEGFGHGDARGN9LB=@GNŠKD=<CQµQLGNŠKD=<CQE9BbL=F<=F;A
K= KHbŒ= ŒbŏAL <G ;=D^ KHGD=ĪFGKLAµ ŠRCME B= L9C ŒH9LFGM AFN=KLA;b HJG rJEQ´ 9D= <G:JGM AFN=KLA;b HJG KLWL´ HJGLGţ= KHGD=ĪFGKL EW RÝ LG@GLG Œbŏ=Fb MţAL=Cµ AJEWE K= NQHDW;b R9:ŠN9L K=
NŠRCME=E´CL=JŠK=F9D^RW°:DbRCGLJ@Mª´C<=KAEG@GMHŏAND9KLFALNb;=RÝB=@GHŏbFGKŝµG@D=<
AFGN9ĪFb;@KQKL^EŝR<ŝJ9RʼnMB=KCML=ĪFGKL´ţ=NÝ<ŝKD=<CMLG@G´ţ=KQKL^ER9@JFMB=AÝ;@Q:MBb;b
GJ?9FAR9;=KÝF=<GKL9L=ĪFŠEARF9DGKLEA´9D=K=K;@GHFGKLbMĪALK=´=PAKLMBbJŝRF^LQHQ°K=D@WFb
KQKL^EMªB9CGR9:DGCGNWFbF=:GK=D@WFbAFKLALM;bF=:GJWE;GNŠ;@HG<EbF=C´CL=J^GKHJ9N=<DʼnMBbAFL=JN=F;=µŏbCD9<=EL9CGN^@G<JM@MK=D@WFbEŝţ=:ŠLHGţ9<9N=CEG<=JFARGN9LGJ?9FAR9;A9ÝŏbR=FbMFAN=JRALµ
JGLGţ=HGJM;@QKQKL^Eŝ9ÝB=BA;@NŠCGFFGKLBKGMKADFıRWNAKD^F9KGM@ŏ=;@9J9CL=JAKLACB=<FGLDANŠ;@KQKL^Eŝ´F==PAKLMB=R<=HGDALAC9R9DGţ=FWF9B=<FG<M;@Š;@HJ9NA<D=;@´B9CB=LGEGţF^N=
NRL9@MC=KL9LA;C^EQŒD=F;=HGJM;@LJ@Mµ DbĪGNGMmDG@GMLNGJ:QHGDALACQKLWLMB=KHbŒ=°9F9DŠR9
mRCŠ;@HJGrDŝª¦F=Hŏ=LJţALWA<=FLArC9;=9ÝG<KLJ9ʼnGNWFbKLJMCLMJWDFb;@F=<GCGF9DGKLbµ Ý C<Qţ :Q :QDG F=KEQKDF^ KF9ţAL K= KL9FGNGN9L H=NFW 9Ý F=EıFFW HJ9NA<D9 HJG ŏbR=Fb ´
Hŏ=;=B=FRÝF9ŒA;@<AKCMKbNQHDQFMD9ŏ9<9HJAF;AHŝ´CL=J^HGEW@9BbKL9FGNALCJAL^JA9HJG9M<AL
Ī=KC^@GKQKL^EM¶

24
‚
ƒ
Ç
JGLGţ=AFGN9;=9Ý9HDACGN9FŠ9ÝRWCD9<FbNŠRCMENRWB=EFıKGMNAK=Bb´NŒ=;@FQLQLGLŏAKDGţ
CQEMK=Bb:ŠL°R<J9N^ª9ÝNRL9@QE=RAFAEA9ÝAFKLALM;=EA´CL=J^HJGNW<ıBb9ÝrF9F;MBbNŠRCME´EMK=Bb:ŠLKADF^µ
Ç
ı<=;CWNŠCGFFGKLK=EMKbHGKLMHFı:DbţALKNıLGN^mJGNFA9Ý9D=KHGʼnN=NQ:J9FŠ;@G:GJ=;@
KÝFWJG<FbEF=:GHJŝEQKDGNŠENŠRF9E=E:QEıD9LMLGmJGN=ʼnHŏ=CGF9Lµ
Ç
JGLGţ=ŏ9<9<ŝD=ţALŠ;@AFGN9;bR9@JFMB=AÝGKNGB=Fb9ÝNQMţALbRF9DGKLb´CL=J^F=BKGMN=KNıLGNıFGN^´B=R9HGLŏ=:bKADF^@GHGL=F;AWDMHŏbKLMHMC=KNıLGNŠERF9DGKL=E´NĪ=LFıHŏbKLMHMHJGKLŏ=<FA;LNbEHŏbEŠ;@R9@J9FAĪFb;@AFN=KLA;´LBµKHGB=FbEHGţ9<9NCŝF9<FWJG<Fb;@
KHGD=ĪFGKLbKÝFWJG<FbEA<G<9N9L=DKCŠEAŏ=LıR;A´RHıLF^@GAFţ=FŠJKLNb9ÝK=H9J9;=RF9DGKLb
RÝNıLŒb;@;=DCŝµ
Ç
=<ŝD=ţAL^<AKHGFGN9LJGRKW@DŠEAC9H9;AL9EANÝRWCD9<FbENŠRCMEM´9:QMFAN=JRALFbNŠMC9:QD9F9KGM<G:^mJGNFA´9:Q:QDGR9BAŒLıFG´ţ=N=NıLŒAFıG:GJŝB=CÝ<AKHGRA;ANı<=;CW
C9H9;AL9HGLŏ=:FWCÝLGEM´9:Q:QDQKHDFıFQHGDALA;C^HGţ9<9NCQ9ÝHGţ9<9NCQF9RF9DGKLA
N=KHGD=ĪFGKLA9Ý9:Q:QDR9BAŒLıFRWCD9<´CL=JŠ:M<=EGţF^JGRNAFGMLNÝHŏbH9<ı´C<QţF9KL9F=HGLŏ=:9RNŠŒALC9H9;ALMµ
Ç
ŠRF9EFWĪWKLRWCD9<Fb@GAÝ9HDACGN9F^@GNŠRCMEMNŒ9CEMKb:ŠLGJA=FLGNWF9F9G:D9KLA
FWJG<Fb;@9ÝHJŝEQKDGNŠ;@HJAGJAL´9ÝLGF=B=FR9mĪ=D=EHGKCQLGNWFbRF9DGKLb´9D=¦9ÝLG

=FàJJGO´;GFGEA;=D>9J=9F<L@=àDDG;9LAGFG>=KGMJ;=K>GJ
FN=FLAGF´AFA;@9J<=DKGF½<µ¾Ȼ=9L=9F<AJ=;LAGFG>
FN=FLAN=à;LANALQ´JAF;=LGFFAN=JKALQJ=KK´|„}·NARL^ţA;@9J<=DKGF´Ȼ=KAEHD==;GFGEA;KG>:9KA;K;A=FLAr;J=K=9J;@´GMJF9DG>GDALA;9D;GFGEQ´
|„€„´NGD‚´KLJµ}„‚§~{
‚
G@9F9MCF=K9F<=FF9JLGJ?J=F´;GFGEA;9LAGF9D=KG>GN=JFE=FL
FL=JN=FLAGFAF
FFGN9LAGF9F<L@=MHHDQG>
FFGN9LAGF§=D9L=<
K=JNA;=K´=HGJL{ƒ|„„„´KDG¶JGMH´DR=KLW@FGMLRÝOOOµFA>MµFG
ƒ
JACàJFGD<´L=>9FM@DE9FF9F<ß9J=F<N9F<=J=MD=F´àÝAF?MD9JGMF;AD¶N9DM9LAGFG>L@==K=9J;@GMF;ADG>GJO9Q´KDG¶AFAKLJQ
G><M;9LAGF´=K=9J;@9F<@MJ;@àǝ9AJK´}{{|
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
B=CDbĪGN^¦R=BE^F9B9CGJ=R=JN9H9LŏAĪFıNR<ıD9F^9ÝHŏAHJ9N=F^HJ9;GNFbKbDQµJGLGBKGM
CJAL^JA9CN9DALQAÝJ=D=N9F;=<ŝD=ţALWNÝHŏbKDMŒFŠ;@:G<=;@KQKL^EMµ
Ç
RL9@QE=RAHJŝEQKD=E´NŠRCME=E9ÝNQKGCGŒCGDKCŠEK=CLGJ=E½NĪ=LFımKL9Nŝ9HDACGN9
F^@GNŠRCMEM¾BKGM<ŝD=ţAL^B9CHJG°NQKHıD^ª´L9CAÝHJGE^FıJGRNAFML^rJEQ´AÝC<QţLQH
NRL9@M9ÝN@G<FGKLH9JLF=J9:M<=RWD=ţ=LF99:KGJHĪFbC9H9;ALıB=<FGLDANŠ;@rJ=Eµ
Ç
bR=Fb NQţ9<MB= L9C^ >MF?GNWFb LJ9FKH9J=FLFb HD9L>GJEQ´ F9 Fbţ B=<FGLDANb 9CL^ŏA
Č
9ÝJGR@G<MBb;bĪAFAL=D^EG@GM<AKCMLGN9L9Ý>GJEMDGN9LŒAJGC^HJAGJALQ99
9ÝHŏALGEF=;@9LHŏbHJ9NMJGRHGĪLMNDW<ı9ÝHJGNW<ıFbCGFCJ^LFb;@GH9Lŏ=FbBAFŠEAFKLALM;bEµéD=FGN^
L^LGHD9L>GJEQ:QEıDAHŝKG:ALB9CGG<:GJFb;A9ÝFACGDAB9CGRWKLMH;A´9ÝF9KL9N=FbHJG;=Kŝ
:QEıDGR9E=RALLGEM´9:QNÝHD9L>GJEıR9KLMHGN9DAKN^F=:GBAF^GJ?9FAR9;=µ
Ç
GLŏ=:F^KLJ9L=?A;C^RF9DGKLAB=FMLF^NQLNWŏ=L9Ý9F9DQRGN9L<AKLJA:MGN9Fı´RHŝKG:=EHG
CJŠN9Bb;bENŒ=;@FQAFKLALM;=F9HŏbĪ
µ
Ç
G<FG;=FbB=CDbĪGNŠEHJNC=EKLJ9L=?A;CŠ;@RF9DGKLb9ÝNQţ9<MB=N=KN^EBW<JMKL=BFGM
°DG?ACMAFL=JN=F;bªB9CGNQLNWŏ=FbHJG?J9EŝµJNGŏ9<ŠEmĪ=D=E@G<FG;=FbB=HGJGRMEıFbLGEM´<GB9C^EbJQK=GH9Lŏ=FbR9:ŠN9BbKHGD=Ī=FKCŠEAHJG:D^EQ9Ýŏ=ŒbB=µG<FG;=Fb
K9EGLFŠ;@NŠKLMHŝEWGE=R=FGMHD9LFGKLµ
Ç
GDALAC999
:QEıD9:ŠLN=<=F9HJAF;AH=EKM:KA<A9JALQ¶CGFCJ^LFı:QL=<QEıD9:ŠLJGR
@G<FMLbHŏABbEWF9F9;GF=BFAţŒbEGţF^mJGNFANÝKQKL^EMR9HGB=FŠ;@GJ?9FAR9;bµ
Ç
9HGB=F^AFKLALM;=´NÝF=HGKD=<Fbŏ9<ıHGKCQLGN9L=D^rF9F;bHJG99
´HGLŏ=:MBbHŏbKDMŒFı
CN9DArCGN9FŠ9ÝRCMŒ=FŠH=JKGFWDµ9C^:QEıDQHGMţbN9LLJ9FKH9J=FLFb´mĪAFF^9ÝJ9;AGFWDFbRHŝKG:Q>GJEMD9;=HJG?J9Eŝ´CL=J^:=JGMNÝmN9@MB9CFWJG<FbHJAGJALQ´L9CAÝHGLŏ=:Q
Hŏ=<Fb;@9CL^Jŝ99
µ
Ç
=Lŏ=:9NQLNGŏALE=;@9FAKEQ´CL=J^:QNQB9<ŏGN9DQHGHLWNCMHGL=;@FGDG?Ab;@9ÝNŠRCMEM´
FACGDAHGMR=F9:b<CMµà:QL9CGN^GH9Lŏ=FbEG@DG:ŠL=>=CLANFıJ=9DARGNWFG´B=Lŏ=:9NQMţbL
RCMŒ=FGKLb9ÝRF9DGKLbHŏbKDMŒFŠ;@9CL^Jŝµ
Ç
GD=KLWLMNÝŏbR=FbB=<FGLDANŠ;@ĪWKLb
´CL=J^HG<FıBKH9<9Bb´EMKbG:K9@GN9LEGţFGKL
HŝKG:ALB9CG°@Q:9L=DREıFQª¦Hŏ=CGFWN9LKL9NQR9:DGCGNWFb´CL=J^E9BbF=?9LANFbmĪAF=C
F9
µ=Lŏ=:9´9:QKLWL:QDK;@GH=Fŏ=ŒALKQKL^EGN^;@Q:QKL=BFıB9CGLJ9<AĪFbHGJM;@Q
LJ@M´CL=J^BKGMKGMĪWKLbrF9F;GNWFbNŠRCMEMµ
Ç
ÝŒAJŒbEHG@D=<MEMKbEbLKLWLC9H9;ALM9F9DQRGN9L°mRC^HJGrDQªNÝ
´;GţNQLNGŏbKLJ9
L=?A;C^RF9DGKLAGÝNŠCGFFGKLA´HJG:D^E=;@9ÝHŏbD=ţALGKL=;@HJGREıFMµ
Ç
EMKb:ŠLE=RAFWJG<FıGL=Nŏ=FŠB9CNÝHJŝEQKDM´L9CAÝN=NŠRCMEM9ÝNÝKQKL^EMNQKG
C^@GŒCGDKLNb´;GţKHGBbĪ=KC^Nı<=;C^CGEMFALQKÝ?DG:WDFbEAR<JGBARF9DGKLb9ÝKÝHGţ9<9NCQ
F9CN9DALMHD9LFŠEANÝ?DG:WDFb;@Nı<=;CŠ;@9ÝL=;@FGDG?A;CŠ;@KQKL^E=;@µ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
25
0OMPFOPM<ñ@NFgCJ+03&
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
27
28
D9NFbKH=;ArC9KLJMCLMJQĪ=KC^@G
HG;@WR=BbRÝCGEMFAKEM9ÝRÝG:<G:bFWKD=<F^LJ9FK>GJE9;=µQKL^ENŠRCMEM9ÝNQKGC^@GŒCGDKLNbB=<GKM<;@9J9CL=JARGNWFJGR<ıD=FbEE=RAàC9<=EAANı<9ÝMFAN=JRALFbKQKL^E´AÝC<QţLQLG<N9K=CLGJQKLWD=Nb;=KHGDMHJ9;MBbµÝ;@N9LMHJAN9LAR9;=HGCGF;ACGEMFAKLA;C^@GG:<G:bK=<GKGMCJGE^@GK=CLGJMHŏ=KMFMDGN=DC^EFGţKLNb
NŠRCMEFŠ;@ mKL9Nŝ´ CL=J^ :Q BAF<= :QDQ HGN9ţGNWFQ R9 NŠRCMEF^ 9Ý NŠNGBGN^ GJ?9FAR9;= ½=K=9J;@9F<=;@FGDG?QJ?9FAR9LAGFK¦¾´9ÝLM<bţ:QR9KDM@GN9DQMJĪALGMN=ŏ=BFGMHG<HGJM´
9:Q?=F=JGN9DQGĪ=CWN9F^HŏbFGKQµ
GE=JĪFb9K=<GRF9ĪF^EbJQNRH9E9LGN9DNÝLı;@G:GJ=;@´NÝCL=JŠ;@:QD9é=KCWJ=HM:DAC9
LJ9<AĪFı KADFW´ CGFCJ^LFı NÝ G:D9KLA NGRA<=D 9Ý <GHJ9NQ´ 9D= L=FLG 9 B= N=<=F HŏbEŠEA R9@J9FAĪFbEAAFN=KLA;=EAµ=HJGLG<ŝD=ţAL^K=RÝLG@GHGMĪAL9ÝHGKLMHFıHGKMFGMLĪAFFGKLANÝé=KC^
J=HM:DA;=KEıJ=ECÝLıE´CL=J^NQC9RMBbNQŒŒb@G<FGLM´KL=BFıB9CGCÝNQ@D=<WNWFbG:GJŝFGNŠ;@
G:D9KLbJŝKLMR9DGţ=F^@GF9NQMţALbRF9DGKLbµJGMEGţFıFbJŝKLMR9DGţ=F^@GF9RF9DGKL=;@B=
Lŏ=:9<GKW@FGMLKHJWNF^@GHGEıJMJŝRFŠ;@LQHŝNŠRCMEFŠ;@9ÝNŠNGBGNŠ;@9CLANALF9HŏbĪ;=DGM
=CGFGEACGMµÝKGMĪ9KF^<G:ıK=R<W´ţ=HJŝEQKDF9B=<F^KLJ9Fı9ÝNŠRCME9ÝKQKL^ENQKGC^@G
ŒCGDKLNbF9KLJ9Fı<JM@^BKGMHŏbDAŒHGD9JARGNWFQF9LG´9:QEG@DQ<GKL9L=ĪFıHG<HGŏALmKADbGÝ<GK9ţ=FbKNıLGN^mJGNFıNÝAFGN9;b;@9ÝJŝKLMµ
=DCGNı DR= ŏb;A´ ţ= NŠ<9B= F9 9 NÝ é=KC^ J=HM:DA;= NÝ EAFMDŠ;@ D=L=;@ EıDQ NŠJ9RFŠ HJGrDµ
ÝC<QţHG<bDNŠ<9BŝF99CÝNÝé=KC^J=HM:DA;=½|´€~…NÝJµ}{{„¾G:=;FıRŝKLWNWHG<mJGNFb
¦}‚½}…¾´G<Jµ|„„€JGKLDN=DEAJQ;@D=¦EFG@=EJQ;@D=BA´F=ţNÝGKL9LFb;@R=Eb;@KLŏ=<Fb
9ÝNŠ;@G<FbNJGHQµ=DCGN^NŠ<9B=K=NÝLGELGG:<G:bRNŠŒADQĪLQŏFWKG:Fıµ
FN=KLA;=HG<FACGN^@G
K=CLGJM<G9K=HJM<;=RHGE9DADQKÝFWKLMH=ECJAR=NÝJµ}{{ƒ´9D=Rmţ=FbE=R=JQE=RAAFL=FRALGM9NÝé=KC^J=HM:DA;=9ÝNݦ}‚:QF=:QDG:ŠN9DGEGţF^:=RNŠRF9EF^@GJŝKLMHJANWLFb;@
AÝN=ŏ=BFŠ;@AFN=KLA;<G9½G:Jµ}¾µ
Obrázek 2: ŞRCME9NŞNGBNè=KC^J=HM:DA;=HG<D=R<JGBśrF9F;GNWFb
Zdroje: MJGKL9L¾}{|{¿µNŞHGĩLQßß
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
0TNOgHQâUFPHP<’QTNJFgCJàFJGNOQk
QKL^ENŠRCMEM9ÝNQKGC^@GŒCGDKLNbNÝé=KC^J=HM:DA;=B=KDGţ=FRÝN=ŏ=BFŠ;@9ÝKGMCJGEŠ;@
NQKGCŠ;@ŒCGD´RÝàC9<=EA=Nı<é=KC^J=HM:DACQ½àé¾9ÝRÝŏ9<QN=ŏ=BFŠ;@9ÝKGMCJGEŠ;@NŠRCMEFŠ;@mKL9NŝR9Eıŏ=FŠ;@F99HDACGN9FŠNŠRCMEHJGKLWL9ÝHJGHJŝEQKDµ
Ý KGMĪ9KF^ <G:ı NÝ é=KC^ J=HM:DA;= HŝKG:b } N=ŏ=BFŠ;@ NQKGCŠ;@ ŒCGD KÝ ~~~ €ƒ{ KLM<=FLQ
½}{{„¾9Ý€KGMCJGEŠ;@NQKGCŠ;@ŒCGDK݀~€‚KLM<=FLQ½}{{„¾´CL=J^HGKCQLMBbL=J;AWJFbNR<ıDWFb½é4}{|{¾µŏA@D9NFbLQHQNQKGCŠ;@ŒCGDHJG<MCMBb„‚9:KGDN=FLŝ½}{{„¾¶
Ç
L J9<AĪFbMFAN=JRALQ½F9Hŏµ9JDGN9MFAN=JRAL9NÝJ9R=´9K9JQCGN9MFAN=JRAL9NÝßJFıKÝLJ9<AĪFbEA >9CMDL9EA B9CG BKGM D^C9ŏKCW´ HŏbJG<GNı<=;CW´ @ME9FALFb 9L<µ¾´ CL=J^ HJG<MCMBb
;;9~{LAKµ9:KGDN=FLŝ·
Ç L=;@FA;C^NQKGC^ŒCGDQ½F9Hŏµé=KC^NQKGC^MĪ=FbL=;@FA;C^NÝJ9R=´=;@FA;CWMFAN=JRAL9
KLJ9N9F=:GQKGC^MĪ=FbL=;@FA;C^NÝßJFıKÝL=;@FA;CŠEAG:GJQ¾¦LQHJG<MCMBbHŏA:DAţFı
|ƒLAKµ9:KGDN=FLŝ·
Ç NQKGC^ŒCGDQKH=;A9DARGN9F^F9NQ:J9F^G:GJQ½F9Hŏµé=KCWR=Eı<ıDKCWMFAN=JRAL9NÝJ9R=
F=:GQKGCWŒCGD9=CGFGEA;CWNÝJ9R=¾µ
ŏ=<LJ9FK>GJE9;b:QDQNQKGC^ŒCGDQR9Eıŏ=FQF9NR<ıDWNWFb´9NŒ9C:ı@=EHGKD=<Fb;@<N9;=LA
D=LJQ;@D=NQ:M<GN9DQNŠRCMEF^C9H9;ALQ9ÝFQFbE9BbF9|„LAKµNŠRCMEFbCŝ½HGĪbLWFGNÝ=CNAN9D=FLMHDF^@GHJ9;GNFb@GmN9RCM¾µ
ÝKGMĪ9KF^<G:ı=PAKLMB=|„NDW<Fb;@NŠRCMEFŠ;@mKL9Nŝ¦|NÝJ9R=´~NÝßJFı´|NÝ=HDA;b;@
9Ý|N=QŒCGNı´CL=J^HŏbEGKDGMţbHGLŏ=:WEB=BA;@R9CD9<9L=DKCŠ;@EAFAKL=JKL=Nµ 9DŒbN=DCGMNŠRCMEFGMGJ?9FAR9;bB=àé´CL=JWEWLıKF^NRL9@QC=KLWLFbEMK=CLGJMµà
é:QD9NÝG:<G:bCGEMFAKEMNb;=E^FıB=<AFGMGJ?9FAR9;bR9:ŠN9Bb;bK=RWCD9<FbENŠRCME=Eµ
ÝKGMĪ9KF^<G:ıEWàéKCGJG‚LAKµR9EıKLF9F;ŝ9ÝKCDW<WK=R݀~NŠRCMEFŠ;@mKL9NŝJGR<ıD=FŠ;@<GLŏb@D9NFb;@Nı<=;CŠ;@G:D9KLb¶
„
Ç
Ç
Ç
9L=E9LAC9´>QRAC99ÝNı<QGÝ=EA
E
;@=EA=9ÝNı<QGÝţANGLı
KHGD=Ī=FKC^9Ý@ME9FALFbNı<Q
9<GŒ=NAĩ 9Ý =HGJA MNW<ıBb´ ţ= NÝ FıCL=JŠ;@ R=Eb;@ KLŏ=<Fb 9Ý NŠ;@G<Fb NJGHQ RWNAKDGKL F9
EAFMDŠ;@KEıJ=;@AF@=J=FLFıG:K9ţ=FWN=KF9@W;@GÝM<Jţ=FbF=:GJ=>GJEMKQKL^Eŝ:ŠN9DŠ;@
àC9<=EAbKHGD=ĪFıKÝJ=WDFGMHGDALA;CGMEG;bHŏbKDMŒFŠ;@Hŏ=<KL9NAL=DŝGE=RADQEbJM´K=CL=JGM
EG@GMFGN^HG<FıLQNQNGD9LJ=>GJEM µ
9CGF=;DR=MN^KL´ţ=R<==PAKLMB=K=CLGJNŠRCMEFŠ;@HJ9;GNAŒŗ½¾´CL=JŠG:K9@MB=R=BE^F9ŏ9<MHJAN9LARGN9FŠ;@:ŠN9DŠ;@KLWLFb;@mKL9NŝµıLŒAF9RÝFA;@B=ĪD=F=EàKG;A9;=NŠRCMEFŠ;@ GJ?9FAR9;bµ LJWL9 rF9FĪFb;@ R<JGBŝ G< KLWLM RHŝKG:AD9´ ţ= EFG@G RÝ Lı;@LG GJ?9FAR9;b
RJ=<MCGN9DGKN^NŠRCMEF^9CLANALQF=:GK=BA;@<GCGF;=mHDFıNR<9DG9ÝHŏ=KMFMDGLıţAŒLıKN^
ĪAFFGKLA<GG:D9KLAE9DGK^JAGN^NŠJG:Q´HGKCQLGNWFbKDMţ=:ĪAG:;@G<Fb;@9CLANAL´F=:GK=NÝFıCL=JŠ;@ HŏbH9<=;@ ţANb B=<FG<MŒ= HJGF9BbEWFbE :M<GN 9Ý R9ŏbR=Fb´ CL=J^ RbKC9DQ NÝ HJAN9LAR9;Aµ
ÝKGMĪ9KF^<G:ıHŝKG:bHŏA:DAţFı{L9CGNŠ;@mKL9Nŝ¦9KAB=<F9HGDGNAF9N=KJGNFWFbK=KL9N=E
Hŏ=<JGC=E|„„{½à ¾µ
ÝFıCL=JŠ;@HŏbH9<=;@:QDQHŏAN=DCŠ;@HG<FA;b;@NÝG:<G:bHJAN9LAR9;=N݄{µD=L=;@R9DGţ=FQ
rJEQLQHMKHAF§Gǝ´CL=J^K=R9:ŠN9BbKGMCJGEŠE9½F9Hŏµ:ŠN9D^NŠRCMEF^G<<ıD=FbďCG<Q
DR=ʼnRN9F^ďCG<9NŠRCME½KLJGBbJ=FKLNb¾F=:G:ŠN9D^NŠRCMEF^G<<ıD=FbbLCGNA;CŠ;@ţ=D=RWJ=FRN9F^9L=JAWDGNŠ9ÝE=L9DMJ?A;CŠNŠRCMEKµJµGµNÝKLJ9Nı ¾µ
|{
||
|}
„
JGrDé=KC^J=HM:DACQNàà¶@LLH¶ÃÃ;GJ<AKµ=MJGH9µ=MÃ=J9O9L;@ÃAF<=Pµ;>E¹>MK=9;LAGFŽJAµ;GFL=FLÏLGHA;
ŽÏ;GMFLJQG<=Ž
D9NG9<GŒ=NAĩ9ß=F=<=LLG=HGJA´M:DA;J=K=9J;@KQKL=EKAF;=FLJ9D9F<9KL=JFMJGH=¶:=LO==F=P;=DD=F;=9F<J=D=N9F;=´;A=F;=9F<
M:DA;GDA;Q´~½„¾´}{{„
||
à¦àKG;A9;=NŠRCMEFŠ;@GJ?9FAR9;b¶@LLH¶ÃÃOOOµ9NGµ;RÃAF<=P¤=µ@LE
|}
àà}{|{
|{
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
29
ŏ=KLGNÝKGMĪ9KF^<G:ıNÝéHŝKG:bŏ9<9N=DEA9CLANFb;@KGMCJGEŠ;@GJ?9FAR9;b9´CL=J^
HJAEWJFıHJ9;MBbF9HJAF;AHMKEDMNFb@GNŠRCMEMHJGHJŝEQKDGN^H9JLF=JQF=:GHŏbH9<FıNQMţbN9BbEGţFGKLb<GEW;b;@AÝE=RAFWJG<Fb;@9?J9FLŝµ=BNıLŒbHGĪ=LBA;@B=NÝG:GJ=;@;@=EA=´
=D=CLJA;C^@G 9Ý KLJGBbJ=FKC^@G AFţ=FŠJKLNb· <9DŒb HŝKG:b NÝ HGLJ9NAFWŏKC^E HJŝEQKDM 9Ý NÝ R=Eı<ıDKLNb½à¾µQLGGJ?9FAR9;=HJ9;MBbHJGCGE=JĪFbK=CLGJ´FıCL=J^K=NŒ9CmĪ9KLFbAÝN=ŏ=BFŠ;@
HJG?J9EŝNŠRCMEMµJGLGţ=K=B=<FWGÝKGMCJGE^AFKLALM;=´BKGMB=BA;@9CLANALQHŏAŏ9RGNWFQNÝGr;AWDFb;@9CLANALW;@C=°CGE=JĪFbEMªK=CLGJMµıCL=J^RÝFA;@NŒ9CBKGMGHJWNFıFQAÝCÝRbKCWNWFb
AFKLALM;AGFWDFbHG<HGJQµÝJG;=}{{„K=HG<bD=DQ|…F9HG<FACGNŠ;@NŠ<9Bb;@F9NŠRCME9ÝNŠNGB
9ÝRbKC9DQ}„…KLWLFb@GrF9F;GNWFb9NÝG:D9KLAHG<FACGN^@GK=CLGJMµ
=ŏ=BFŠNŠRCMEFŠK=CLGJR9EıKLFWNW;=DC=E}‚{{{NŠRCMEFbCŝ 9ÝHŏA:DAţFı|{{{{L=;@FA;CŠ;@HJ9;GNFbCŝµGŒDGCÝEbJF^EMHGKMFMR=KLWLFb@GK=CLGJM½R=BE^F9¦9D=FACGDANŠ@J9<Fı
¦RÝàé¾<GG:D9KLANQKGC^@GŒCGDKLNb´;Gţ:QD<ŝKD=<=CKFAţGNWFbHGĪLMR9EıKLF9F;ŝKLWLFb@G
9 µ9LGRWCD9<F9N=ŏ=BF^@GNŠRCMEMB=NŠJ9RFıKGMKLŏ=<ıF9CGD=EJ9@Q½€…R9EıKLF9F;ŝ9 ¾9ÝNÝßJFı½|ƒ…R9EıKLF9F;ŝ9¾´R9LbE;GC9H9;AL99NÝCGE=JĪFbEK=CLGJMB=E^Fı
mR=EFıCGF;=FLJGNWF9µ
=<FGLDAN^R=EıK=NŠRF9EFıDAŒbNÝEbŏ=´<GB9C^B=KLWL=ErF9F;GN9FŠNŠRCMEHJGNW<ıFF9
NQKGCŠ;@ŒCGDW;@F=:GF9BAFŠ;@HJ9;GNAŒLb;@´LQHA;CQN=NŠRCMEFŠ;@mKL9N=;@µG<G:FıB9CG
BAF^R=EıKLŏ=<Fb9ÝNŠ;@G<FbNJGHQ´CL=J^KAR9;@GN9DQàC9<=EAANı<´é=KCWJ=HM:DAC9HGCJ9ĪMB=N=rF9F;GNWFbEFG@9NŠRCMEFŠ;@9CLANALNÝmKL9N=;@àC9<=EA=µGmNG<FbJ=<MC;AN=DACGKLA
àC9<=EA=´CL=JWBAR=ŒLb@DAD9<GHG<G:QMEGţʼnMBb;bHJGNGRGN9LNb;=E^FıB=FRWCD9<FbNŠRCME´
RŝKL9D9N=DACGKLàC9<=EA=:ı@=EHGKD=<Fb;@<=K=LAD=LHJ9CLA;CQF=REıFıFWµŝKLKQKL^EMK=
G<=@JWN9D NÝ HŝNG<Fı NŠMCGNŠ;@ MFAN=JRALW;@´ CL=J^ FQFb HJGNW<ıBb RF9ĪFŠ G:B=E RWCD9<Fb@G
AÝ9HDACGN9F^@GNŠRCMEM9ÝHŏ=CGF9DQàC9<=EAANÝG:B=EMNŠRCMEMAÝHM:DAC9;bµ
ÝKGMNAKDGKLAKÝLbE´ţ=K=NQKGC^ŒCGDQAÝàC9<=EA=KGMKLŏ=ĮMBbR=BE^F9F9RWCD9<FbNŠRCME´
KL9LAKLACQ MC9RMBb´ ţ= K= N= NŠRCMEF^E 9Ý NQKGCGŒCGDKC^E K=CLGJM HJGNW<b N=DEA EWDG
=PH=JAE=FLWDFb@GNŠNGB=µGB=ĪWKL=ĪFıNQNGDWFGHJAN9LAR9;bHJŝEQKDGNıGJA=FLGN9FŠ;@mKL9Nŝ
9HDACGN9F^@G NŠRCMEM :ı@=E „{µ D=L´ CL=JW RHŝKG:AD9´ ţ= >MFC;= NŠRCMEFŠ;@ 9Ý L=;@FGDG?A;CŠ;@GJ?9FAR9;b´CL=J^HDFbNÝBAFŠ;@R=Eb;@GJ?9FAR9;=B9CGNÝGD9F<KCMF=:GJ9MF@G>=JGN9KHGD=ĪFGKLNÝıE=;CM´BKGMJ=9DARGNWFQKGMCJGEŠEArJE9EAHŝKG:b;bEANÝG:D9KLAK=CLGJM
9KDMţ=:µQHDŠNWRÝLG@GGNŒ=EL9C^´ţ=K;@GHFGKLNŠRCMEF^@G9ÝNQKGCGŒCGDKC^@GKQKL^EM
HG<HGJGN9LLQ9HDACGN9F^L=;@FA;C^G:D9KLA´N=CL=JŠ;@B=Ī=KCŠHJŝEQKDKADFŠ´B=GE=R=FWµ
G<bNWE=§DAK=F9;=DCGNGMHG<G:MNDW<Fb;@NŠ<9BŝF99N=KJGNFWFbKݦ}‚´L9Cé=KCWJ=HM:DAC9NQC9RMB=D=@CGMKH=;A9DAR9;AF9R=Eı<ıDKLNb9ݽKÝEbJGMJGKLGM;bNÝĪ9K=¾F9HJŝEQKDGNGM
NŠJG:M9ÝL=;@FGDG?A=µFAN=JRALQK=Nb;=KH=;A9DARMBbF9HJGNW<ıFbNŠRCMEMNÝR=Eı<ıDKLNb9ÝKLJGBbJ=FKLNb´ R9LbE;G àC9<=EA= K= Nb;= R9EıŏMB= F9 HŏbJG<Fb Nı<Qµ =RE=E=§DA KQKL^E N=ŏ=BF^@G
NŠRCMEMB9CG;=D=C´NA<bE=KJGNF9L=DF^R9Eıŏ=FbF9R=Eı<ıDKLNb9ÝKLJGBbJ=FKLNbµ^C9ŏKC^Nı<Q
9ÝNı<QGÝR<J9Nb´KHGD=Ī=FKC^Nı<Q9Ý@ME9FALFbG:GJQBKGMN=KJGNFWFbKݦ}‚R9KLGMH=FQE^Fıµ
|~
|
|€
30
-J?IDF<O@GNFâN@FOJM
ŏA:DAţFıB=<F9ĪLNJLAF9Ī=KC^HŏA<9F^@G<FGLQHG;@WRbRÝNŠJG:Fb@GHJŝEQKDM´9D=L=FLGK=CLGJK=HG<bDb<NıE9Lŏ=LAF9EAF9HG<FAC9L=DKCŠ;@NŠ<9Bb;@F99½ß¾9ÝB=@G;=DCGNWAFL=FRAL9NRJGKLD9E=RAJGCQ}{{}9Ý}{{‚ RÝHŏA:DAţFı}…F9HŏA:DAţFı}´}…µé=KCWJ=HM:DAC9HŏADWC9D9
NŠRF9EF^R9@J9FAĪFbAFN=KLA;=<GKNŠ;@LJ9<AĪFıKADFŠ;@G<NıLNb¶KLJGBbJ=FKLNb½R=BE^F99MLGEG:ADQ¾9Ý;@=EA=µ9LbE;GF9<FWJG<FbKHGD=ĪFGKLAHJGNGRMBbNÝé=KC^J=HM:DA;=KLWD=Nb;=9´
éK9E9EWL=F<=F;AKHGD^@9LK=Nb;=F9HGR<ıBŒb>WR=@G<FGLGN^@G;QCDM´L9Cţ=9HJGNW<ıFŠ
NÝéKEıŏMB=KHbŒCÝ=PH=JAE=FLWDFbEMNŠNGBAF=ţCÝNŠRCMEMµPAKLMB=L=<QHŏbD=ţALGKL°NQD9<ALª
ĪWKL9HJGNW<ıF^@GN=N=ŏ=BF^EK=CLGJMCÝLGEM´9:QHG<HGJGN9DREbFıF^9CLANALQ9ÝKGMĪ9KFı
|
|~
G<D=R9EıKLF9FGKLAN=NDW<FbEK=CLGJM9ÝNÝK=CLGJMNQKGC^@GŒCGDKLNbNÝJµ}{{„
G<JG:FıBŒbAF>GJE9;=LŠC9Bb;bK=rF9F;GNWFb´NŠCGFFGKLA9ÝCGFLJGDQNŒ=;@N=ŏ=BFŠ;@NŠRCMEFŠ;@GJ?9FAR9;bB=HG<WF9NHŏbKDMŒFŠ;@<bDĪb;@
RWNıJ=ĪFŠ;@RHJWNW;@µ
|€
CNAN9D=FLHDF^HJ9;GNFb<G:Q}{{„
|
ARWNıJ=ĪFWRHJWN9€
|
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
K=NQNbB=DH9J9D=DFıKÝHJ9;bNÝKGMCJGE^EK=CLGJMKÝLbE´B9CK=KGMCJGEŠK=CLGJ:M<=HGKLMHFı
HGKGMN9LKEıJ=ECÝNŠRCMEMµGL=<QRF9E=FW´ţ=B=Lŏ=:9R9HGBALRWKLMH;=HJŝEQKDM<GHJG;=KMA<=FLArC9;=HGLŏ=:9Ý<GNQLNWŏ=FbHJG?J9EŝHG<HGJQ9µ
é=KCWJ=HM:DAC9EWR=NŒ=;@R=EbF=BNQŒŒbHG<bDHJ9;GNFb;@KADNÝG:D9KLAKLŏ=<Fı9ÝŒHAĪCGNıNQKHıDŠ;@NŠJG:Fb;@L=;@FGDG?Abµ=NŒ9CRŏ=BE^´ţ=LQLGHJ9;GNFbKbDQHŝKG:bKHbŒ=NÝL^ĪWKLA
HJŝEQKDM´ CL=JW NQC9RMB= FAţŒb HŏA<9FGM @G<FGLM ½EFG@G RÝ HŏbKDMŒFŠ;@ HG<FACŝ B= NÝ JMCGM
F9<FWJG<Fb;@KHGD=ĪFGKLb¾9ÝHJGNW<bEWDG9µŏA:DAţFı€€…RÝHG<FAC9L=DKCŠ;@NŠ<9BŝF99
HG;@WRbG<rJ=EKÝNb;=F=ţ€{{R9EıKLF9F;AµGB=LQHA;C^HJGE9D^F=:GE^FıJGRNAFML^R=Eıµ
ÝKADFıAF<MKLJA9DARGN9FŠ;@R=Eb;@½AFKCG´ďN^<KCG´=DCWßJALWFA=´J9F;A=´ıE=;CG¾B=L=FLG
HG<bD‚{¦ƒ…µÝ:M<GM;FGKLA:QEıD:ŠLL=FLGHGEıJHG<G:FŠAÝNÝé´EW§DAEbLR=Eı<G:JŠ
9ÝHJG<MCLANFbHJŝEQKDGNŠ9µ
=KJGNFWFbKÝ|{J=>=J=FĪFbEAR=EıEA´HJGFıţBKGM<GKLMHF^F=9?J=?GN9F^m<9B=´BKGM
NŠ<9B=HG<FAC9L=DKC^@GK=CLGJMF99KH=;A9DARGNWFQF9G:D9KLAR=Eı<ıDKLNb´L=PLADFb@GHJŝEQKDM´CGNŝ´GKL9LFb;@F=CGNGNŠ;@F=JGKLFŠ;@HJG<MCLŝ´EGLGJGNŠ;@NGRA<=D´KL9N=:FA;LNb´L=D=CGEMFAC9;b´rF9FĪFb@GHGJ9<=FKLNb9ÝĪAFFGKLbKHGB=FŠ;@KÝNŠHGĪ=LFbL=;@FACGMµŏbE^R9@J9FAĪFb
AFN=KLA;=MEGţFADQé=KC^J=HM:DA;=R9MBEGMLR<WFDANıKADFGMHGRA;ANÝG<NıLNb;@KLŏ=<Fb;@9ÝŒHAĪCGNŠ;@L=;@FGDG?Ab´9D=N=KCML=ĪFGKLAEWNŠJG:FbĪAFFGKLL=F<=F;ARŝKLWN9LNÝLı;@B=BA;@K=CLGJ=;@´CL=J^NQC9RMBbFbRCGMHŏA<9FGM@G<FGLMµ=Lŏ=:9B=ŒLıEFG@GNQCGF9LRÝHG@D=<MR9HGB=Fb
F9<FWJG<Fb;@ KHGD=ĪFGKLb <G FWJG<Fb;@ <G<9N9L=DKCŠ;@ ŏ=LıR;ŝ´ NÝ EG<=JFAR9;A 9CLANAL´ CL=J^
LQLGKHGD=ĪFGKLAHJGNW<ıBbNÝé´9ÝNÝB=BA;@HJGHGB=FbK=RWCD9<FGMĪ=KC^@GN=ŏ=BF^@GNŠRCMEMµ
GMĪWKLbHJŝEQKDM´N=CL=J^K=F=BNb;=MHD9LʼnMB=NŠRCME9ÝNŠNGB´BKGMK=CLGJQNŠJG:QNGRA<=D 9Ý <GHJ9NFb@G NQ:9N=Fbµ GEH9J9LANFb NŠ@G<Q é=KC^ J=HM:DACQ JGKLDQ F=BNŠJ9RFıBA NÝ Lı;@LG
K=CLGJ=;@½9ÝL9C^NÝK=CLGJ=;@E^FıFWJGĪFŠ;@F99´B9CGBKGM?MEWJ=FKCŠK=CLGJ9ÝG<NıLNb
HD9KLA;CŠ;@@EGL¾G<HGDGNAFQ„{µD=LµŏA:DAţFı‚€…NŠRCMEM9ÝNŠNGB=NÝK=CLGJMNŠJG:QNGRA<=D
HJŝEQKDMH9LŏbďCG<ıµ=R<=NŒ9CJGKLGM;bKCMHAF9NŠJG:;ŝ9ÝKM:<G<9N9L=DŝEGFLWţFb;@CGEHGF=FLK=R9@J9FAĪFbEAND9KLFbCQ´B=BbţĪD=FGN^K=L9C^R9ĪbF9BbR9:ŠN9L9µ9NR<GJQJGKLGM;b
AFL=FRALı9RLJ9LAD;@=EA;CŠHJŝEQKDNÝHGKD=<Fb;@D=L=;@KNGB=CGEH9J9LANFbNŠ@G<QµLJGBbJ=FKCŠHJŝEQKD9ÝHJŝEQKD=D=CLJA;CŠ;@9ÝGHLA;CŠ;@HŏbKLJGBŝNQC9RMBbKCJGEFŠJŝKLAFL=FRALQ
9µ ŠJG:9 HGĪbL9Īŝ 9Ý Hŏb:MRF^ 9CLANALQ 9Ý NŠJG:9 JW<Ab´ L=D=NARGJŝ 9Ý CGEMFAC9ĪFb;@ HŏbKLJGBŝ
9Ý R9ŏbR=Fb NŠJ9RFı RNŠŒADQ KNGBA AFL=FRALM 9´ L9Cţ= K= NÝ :M<GM;FGKLA EG@GM KLWL R9BbE9NŠEA
G:D9KLEAJŝKLM´9D=9CLANAL9é=KC^J=HM:DACQNÝLı;@LGK=CLGJ=;@B=N=DEAFbRCWµ
G<D=½}{|{¾ HGCJŠN9DQNÝJG;=}{{‚HG:GĪCQ F9<FWJG<Fb;@KHGD=ĪFGKLb€{…NŠJG:Q
9݁…HŏA<9F^@G<FGLQN=NŠJG:ıNÝé=KC^J=HM:DA;=µÝKGMNAKDGKLAKÝ9BKGMF9<FWJG<FbKHGD=ĪFGKLARG<HGNı<F^R9€€…NŠ<9Bŝ9Ý~…NŠRCMEFbCŝ½}{{‚¾µ=BNŠRF9EFıBŒbEK=CLGJ=EB=
NŠJG:9EGLGJGNŠ;@NGRA<=D´CL=J^G<HGNb<9DGNÝJµ}{{‚~ƒ…;=DCGNŠ;@NŠ<9BŝF99N=NŠJG:ı
½´àß}{{„¾µG<bDF9<FWJG<Fb;@KHGD=ĪFGKLbNÝLGELGK=CLGJMNÝéB=N=DEANQKGCŠ
¦NÝJµ}{{‚ĪAFAD„€…AFN=KLA;NÝLGELGK=CLGJMµ=KLJGBbJ=FKLNb9ÝNŠJG:ıHŏbKLJGBŝ½|€…;=DCGNŠ;@
NŠ<9Bŝ F9 9¾ B= HG<bD F9<FWJG<Fb;@ KHGD=ĪFGKLb ‚…´ NÝ ;@=EAA ½„… NŠ<9Bŝ¾ B= LG „…µ 9LG
RBAŒLıFbK=GHbJ9BbGÝm<9B=GÝ<=L9ADFbmJGNFAAFN=KLA;<G9N=rJEW;@½G:Jµ~¾HG<D=
F<MKLJA9DÏ
FN=KLE=FL;GJ=:G9J<½R9FıCGDACD=L¾µ9LGL9:MDC9MC9RMB=KCML=ĪFGKL´ţ=@D9NFb
rJEQAFN=KLMBb;b<G9NÝé=KC^J=HM:DA;=BKGMKHGD=ĪFGKLAND9KLFıF^R9@J9FAĪFbEAKHGD=ĪFGKLEA
½GRF9Ī=FQ<NıE9@NıR<AĪC9EA¾µ
9<FWJG<Fb KHGD=ĪFGKLA LM<bţ @J9Bb KADFGM JGDA NÝ KQKL^EM é=KC^ J=HM:DACQµ =BNıLŒb rJEGM
RÝHG@D=<MNŠ<9BŝF99B=KHGD=ĪFGKLďCG<9½CL=JW:QD9RG<HGNı<FWR9|}…ßNÝJµ}{{ƒ¾µ
9DŒbEA rJE9EA´ CL=J^ F=BKGM REbFıFQ NÝ ;GJ=:G9J<´ BKGM A=E=FK KÝ FıCGDAC9 ;=FLJQ 9
½=F=J?=LAC9´ ´ 9MLGE9LAR9;= 9Ý ŏbR=Fb´ <GHJ9NFb AFţ=FŠJKLNb´ KNıL=DFW L=;@FAC9´ D^C9ŏKCW H^Ī=
9L<µ¾´GF=QO=DDK=~NŠRCMEFŠEA;=FLJQ½9MLGE9LAR9;=9ÝŏbR=Fb´:=RH=ĪFGKL´D=L=;LNb¾´G:=JL
ßGK;@½<A=K=DGN^EGLGJQ¾´
ßKÝ9;=FLJQ½
¾´GFLAF=FL9D½?ME99ÝHD9KLQ¾´=EA;GF<M;LGJ½=D=CLJGFAC9¾´AKL=GF½9MLGEG:ADGNŠHJŝEQKD¾9Ýà½D^ĪAN9¾µ
|‚
|ƒ
|‚
DG:9DAR9ĪFb<9L9:WR=´9CLANALQF9<FWJG<Fb;@KHGD=ĪFGKLb´9CLANALQF9<FWJG<Fb;@KHGD=ĪFGKLbKEıŏMBb;b<Gé
GBE=ER9@J9FAĪFbHG:GĪCQK=EQKDbHG<FACQ´NÝFA;@ţB=HG<bDR9@J9FAĪFb@GC9HALWDMRÝHG@D=<M:=RHJGKLŏ=<FbCGFLJGDQF=BE^Fı€{…µ
=HŏbEGND9KLFıF^R9@J9FAĪFbHG:GĪCQF=BKGMR9@JFMLQµ
|ƒ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
31
Obrázek 3: =BNİLŐbAFN=KLGōA<G9Nè}{{€§}{{„
¡MH<
àIMB? SRM?Q
*MKCPóLn@?LI?
Ò
”
Á
”
ÄÄ
Å
Å
Å
”
”
Å
”
”
”
”
Å
Å
Å
”
4LGNCRPMJ
”
Å
2NMJAFCKGC
”
Å
/?P?KM?Q
òCQIjBPcFW
3CJCDsLGA?.ò1
#CX?
5nRIMTGAC2RCCJ
.QI?PòCQIã,M@GJ
òCQIã3CJCIMK
-*3"?@JCQ
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
”
9CLRGT?
½FQFbKGMĪWKL9FGr§àN=FLAK¾
ò$9
$1.5MBMAFMBW
3ĠGLCAIjçCJCXcPLW
32
½HGD=CHJG;@=EA;CGM
9@MLFbNŠJG:M¾
EADAGFś
Poznámka 1: 9:MDC9R9@JFMB=L9C^<;=ōAF^KHGD=ĩFGKLAR9@J9FAĩFb;@rJ=E¾GRF9ĩ=F^<NİE9@NİR<AĩC9EA¿¶ÞQD99HDACGNWF9NŐ=;@F9HJ9NA<D9HJGR9ō9R=Fb<G;GJ=:G9J<M¾LB¶<GKLMHFGKL=CGFGEA;CŞ;@m<9Bś9HGKCQLFMLbHōbKLMHMC9¿¶¹ŽšW<FWAF>GJE9;=¶
Poznámka 2: è=KCŞ=D=CGE>mRGN9DK=D=>GFA;9}¶
<JGB·
F<MKLJA9DÐ
FN=KLE=FL;GJ=:G9J<}{{§}{|{
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
ÝE=RAFWJG<FbEKJGNFWFbB=<FGLDANŠ;@LQHŝNŠ<9BŝF99NÝHG<FAC9L=DKC^EK=CLGJMK=MC9RMB=´ţ=é=KCWJ=HM:DAC9B=NŠJ9RFıR9Eıŏ=F9F9=PH=JAE=FLWDFbNŠNGB½‚|…¾´R9LbE;GmJGN=ʼn
9HDACGN9F^@G9ÝRWCD9<Fb@GNŠRCMEMB=FAţŒb´AÝC<QţKLJMCLMJ9B=NÝLGELGKEıJMHG<G:FWKLJMCLMŏ=à9Ý9HGFKCM´CL=J^NŒ9CE9BbK9EGRŏ=BEıEFG@=ENQŒŒbHG<bDAFN=KLA;<G9NÝCGE=JĪFbEK=CLGJMµ
QKGCW mJGN=ʼn =PH=JAE=FLWDFb@G NŠNGB= HG<HGJMB= L=RA REbFıFGM NÝ àà ½}{|{¾´ ţ=
AFGN9ĪFbHJG;=KNÝĪ=KCŠ;@rJEW;@B=<GKM<;@9J9CL=JARGNWF@D9NFıFWCMH=EKLJGBŝ9ÝR9ŏbR=Fb
NÝ R9@J9FAĪbµ 9LG R9ŏbR=Fb BKGM 9<9HLGNWF9 F9 NŠJG:Fb HJG;=K NÝ é F=:G CGEHD=LFı F9@J9RMBb
KLWN9Bb;bHJG;=KQFGNŠEAL=;@FGDG?A=EAµ
FGN9;=BKGML=<QR=BE^F9R9DGţ=FQF9NQMţALbRF9DGKLb
RbKC9FŠ;@NÝR9@J9FAĪb´F9EbKLG9:QNQ;@WR=DQRÝNQMţALbNŠKD=<CŝND9KLFb@GNŠRCMEMF=:GNŠKD=<CŝRbKC9FŠ;@N=NŠRCMEFŠ;@HJ9;GNAŒLb;@NÝé=KC^J=HM:DA;=µGDALAC9NŠRCMEM:QEıD9G:K9@GN9LNQ:M<GNWFbC9H9;ALN=ŏ=BF^@GNŠRCMEM´CL=J^:Q:QDQK;@GHFQ<GHDFAL9ÝHGKbDALLQLGKF9@Q
9Ý HGKLMHFı :Q L9C EıDQ HGEG;A Ī=KC^EM HJŝEQKDM HGKMFGML K= KEıJ=E CÝ F=BEG<=JFıBŒbE
L=;@FGDG?AbEµ
é=KCWJ=HM:DAC9B=N=KL9<AM=CGFGEA;C^@GNQJGNFWNWFbK=KNıL=E´CL=J^K=LŠCWHGŏARGNWFb
R9@J9FAĪFb;@L=;@FGDG?Abµ=;@FGDG?A;CŠHGCJGCK=LM<bţF=LŠCWB=FGEJWE;=
FFGN9LAGFFAGF
;GJ=:G9J<´CL=JŠA?FGJMB=RF9DGKLAG:K9ţ=F^NÝF=HŏbEŠ;@NKLMH=;@9ÝC9HALWDGNŠ;@KL9L;b;@´B=ţ
BKGM<ŝD=ţAL^HJGR=Eı´CL=J^R9GKLWN9BbN=ŒHAĪCGNŠ;@L=;@FGDG?Ab;@µW<J=EAFGN9ĪFb;@9CLANAL
NÝR=Eb;@´CL=J^<G@WFıBbŒHAĪCGNGMmJGN=ʼnHJGKLŏ=<FA;LNbER9@J9FAĪFb;@AFN=KLA;´B=9<9HL9;=
KLJGBŝ´R9ŏbR=Fb9ÝKG>LO9J=µG<bDNŠ<9BŝF9KLJGB=´R9ŏbR=Fb9ÝKG>LO9J=K=L9CNÝR=Eb;@KLŏ=<Fb
9ÝNŠ;@G<FbNJGHQHG@Q:MB=G<€€…½é=KCWJ=HM:DAC9¾<G„|…½ßMD@9JKCG¾ µG<bDNŠ<9BŝF99
9ÝF9GKL9LFbF=@EGLF^KL9LCQB=NÝJGRNAFMLıBŒb;@R=Eb;@NŠRF9EFıNQŒŒbµ
ŏbNıBŒbRCMŒ=FGKLARÝHJG;=KŝNQJGNFWNWFbR<ŝJ9RʼnMBbNŠRF9EGL=Nŏ=FGKLA<GR9@J9FAĪb9ÝNŠRF9EHG<HGJQrJ=ENÝLGE´9:QHJGNW<ıDQKNŝBND9KLFb99ÝMĪADQK=L9CµŏbKLMHRNGD=FŠ°LQ?JQ
RÝBA@GNŠ;@G<FbàKA=ªN݁{µ9݂{µD=L=;@}{µKLGD=LbKHGĪbN9DNÝCGE:AF9;AE9KANFb;@C9HALWDGNŠ;@AFN=KLA;K=RWEıJFŠE°RHıLFŠEAFţ=FŠJKLNbEª9Ý=PH=JAE=FLGNWFbEN=NQ:J9FŠ;@HJŝEQKDGNŠ;@
G<NıLNb;@µ =DKGF9Ý9;CMNW<ıBb´ţ=mKHı;@=CGFGEACLı;@LG°LQ?Jŝª :QDNŠKD=<C=EFıCGDAC9
NRWB=EFıKGMNAK=Bb;b;@JQKŝ´NĪ=LFı¶
|„
}{
}|
Ç
B=BA;@ GL=Nŏ=FGKLA NŝĪA R9@J9FAĪFbE RF9DGKL=E 9Ý B=BA;@ K;@GHFGKLA 9Ý NŝD= HJGFACFGML F9
R9@J9FAĪFbLJ@Q·
Ç LD9CMF9rJEQ´9:QRNQŒGN9DQKNGBAHJG<MCLANALMR9mĪ=D=ELJN9D^@GRNQŒGNWFb=PHGJLM´KHbŒ=F=ţ9:QNQMţbN9DQRbKC9F^RF9DGKLACÝ<GK9@GNWFbRAKCŝRÝ<GEW;b=CGFGEACQ´ĪbEţ:QD9
NQLNGŏ=F9HGHLWNC9HGR9@J9FAĪFb;@L=;@FGDG?Ab;@·
Ç NQKGC^ HJG<MCLANALQ R9@J9FAĪFb;@ L=;@FGDG?Ab´ B=BA;@ţ JGRŒAŏGNWFb 9Ý mKHıŒF^ NQMţALb :QDQ
HGKADGNWFQCN9DArCGN9FGM<GEW;bHJ9;GNFbKADGMµ
}}
=EıMKCMH=Fb=J;GKMJBKGMKÝLbENÝF9HJGKL^ECGFLJ9KLMµ9LbE;GLQLGR=EıN=KL=BF^E
G:<G:bB9CG°LQ?ŏAªL9C^HJGN=<DQNŠRF9EF^AFN=KLA;=<GR9@J9FAĪFb;@L=;@FGDG?Ab´F=HJGN=<DQ
HG<G:F^ AFN=KLA;= <G 9´ 9Ý L9C HŏbFGK R9@J9FAĪFb;@ L=;@FGDG?Ab CÝ JGRNGBA :QD G<HGNb<9Bb;bE
RHŝKG:=EFAţŒbµ
}~
ébENb;=K=rJEQN=KNŠ;@AFGN9ĪFb;@9CLANALW;@R9EıŏMBbF9R9ŏbR=Fb´LbEE^FıK=LQLGrJEQ
:M<GMR9EıŏGN9LF9G;@J9FMRF9DGKLb´CL=J^:M<GMEbLKHbŒ=>GJEMCFGO§@GOF=ţ<MŒ=NFb@G
ND9KLFA;LNbµFGO§@GOEWŒAJGCGMKHGBALGKLKÝmĪAFFŠENQMţALbE9Ý9<9HL9;bFGNıHGŏbR=F^@GR9ŏbR=Fb´F=ţ9:QLıKFıBAKGMNAK=DGKÝAFGN9;=EANQNAFMLŠEAF9RWCD9<ı9´;GţEWR9FWKD=<=C´ţ=
|„
D9NG9<GŒ=NAĩ9ÝàFF99<=ŏW:CGNW´@9DD=F?=K>GJMJGH=9F
FFGN9LAGFGDA;Q¶G@=KAGF9F<P;=DD=F;=>JGE9ÝMJGH=9F=JKH=;LAN=´
GF<GF¶<O9J<D?9J´}{||
AFKMAE9ÝA;@9J<=DKGF½=<Kµ¾´=;@FGDG?Q´=9JFAF?9F<
FFGN9LAGF¶PH=JA=F;=KG>=ODQ
F<MKLJA9DAKAF?GMFLJA=K´9E:JA<?=
FAN=JKALQJ=KK´}{{{
}|
GF?CGF?´GJ=9´AF?9HMJ9Ý;@9B§O9F
}}
A;@9J<=DKGF9ÝGO9J<9;C´Ȼ=àKA9F?JGOL@EAJ9;D=9F<EG<=JF?JGOL@L@=GJQ´Ȼ=;GFGEA;GMJF9D´GDµ|{„´|„„„´KLJµ¦~
}~
GK^<M9J<G9KKAGD9LG9Ý=D=F=9JA99JLAFK9KLJ=K´G;9DKQKL=EKG>AFFGN9LAGFAF=J;GKMJ;GMFLJA=K´
F<MKLJQ9F<
FFGN9LAGF´
GDµ‚Gµ|´}{{{´KLJµ~~¦€~
}{
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
33
34
H9L=FLGN^G;@J9Fı´J=?AKLJGN9FŠEG:;@G<FbERFWECWE9Ý9MLGJKCŠEHJWNŝECÝHJŝEQKDGNŠE
NRGJŝEB=HŏAKMRGNWFE=FŒbNŠRF9Eµ
;@GHFGKLR=Eı=>=CLANFı9:KGJ:GN9LFGN^L=;@FGDG?A=N=KCJQL^AÝGL=Nŏ=F^>GJEıB=CDbĪ=E
CÝHJG<MCLANALı9ÝCÝJŝKLMµGEW;bAFGN9ĪFb9CLANAL9K=KLWNWLbE<ŝD=ţALıBŒb´ĪbENb;=K=HŏA:DAţMB=
CÝF=BEG<=JFıBŒbEL=;@FGDG?AbEµŠRNGMB=HJG:D=E9LAC9KHGB=FbFWJG<Fb@G99ÝAFGN9ĪFb;@
9CLANALKÝ9:KGJH;b9Ý9<9HL9;bR9@J9FAĪFb;@RF9DGKLbµQţ9<MB=LG<NGMCGD=BFGKLN=ŏ=BFırF9F;GN9F^@GNŠRCMEM9ÝNŠNGB=¶F9B=<F^KLJ9FıHJG@DM:GNWFbHGJGRMEıFbG:D9KL=E´N=CL=JŠ;@BKGM
9:KGJ:GNWFQ9ÝJGRNbB=FQR9@J9FAĪFbL=;@FGDG?A=´F9<JM@^KLJ9Fı:M<GNWFbND9KLFb;@NŠRCMEFŠ;@9ÝNŠNGBGNŠ;@C9H9;AL´R=BE^F9NÝG:D9KL=;@´NÝFA;@ţK=GĪ=CWNW´ţ=NQmKLbNÝ@GKHG<WŏKCGM
J=KLJMCLMJ9DAR9;A9ÝJŝKLµ=FbB9KF^´B9CŠERHŝKG:=EK=L9LG<NGBCGD=BFGKLHJGEbLW<GKGMĪ9KF^
Ī=KC^HGDALACQ99
µ=9DAR9;=LG@GLGCGF;=HLM:QNQţ9<GN9D9NıLŒbR9HGB=FbrJ=E<GK@JGE9ţĮGNWFbKLJ9L=?A;CŠ;@RF9DGKLb´Hŏ=<Nb<WFb:M<GM;b@GNŠNGB=9ÝŏbR=FbCDbĪGNŠ;@GJ?9FAR9;bµ
G<bD;=DCGNŠ;@FWJG<Fb;@@JM:Š;@NŠ<9BŝF99½¾´CL=JŠB=J=9DARGNWFF=:GrF9F;GNWFHG<FAC9L=DKCŠEK=CLGJ=E´RHJ9NA<D9<G:ŏ=CGJ=DMB=KÝHG<bD=EFWJG<Fb;@@JM:Š;@NŠ<9BŝF9
9NÝJWE;A9ÝG:=;FıB=HŏABbEWFB9CGAF<ACWLGJJGRNGB=µÝJµ}{{„K=HG<FAC9L=DKCŠK=CLGJ
HG<bD=DF9J=9DAR9;A9NÝé=KC^J=HM:DA;={…´NDW<FbK=CLGJ}|´…´K=CLGJNQKGCŠ;@ŒCGD|ƒ´|…
9ÝKGMCJGEŠF=RAKCGNŠK=CLGJ{´€…µ
<@D^<F=E=§DAG<FıCGDAC9HGKD=<Fb;@D=L´C<Q:QDQ@D9NFbLJ=F<Q<=>GJEGNWFQNDAN=ErF9FĪFbCJAR=´MC9RMBbm<9B=RÝJµ}{{‚´ţ=HG<bD9rF9F;GN9F^@GFWJG<FbEKGMCJGEŠEK=CLGJ=E
B=F9KL=BF^mJGNFAB9CGNÝR=Eb;@¦}‚µ<L^<G:QGNŒ=EHG<bDFWJG<Fb;@HG<FAC9L=DKCŠ;@
KM:B=CLŝHGCD=KDF9€´ƒ…NÝJµ}{{„µAF9F;GNWFbR=R9@J9FAĪbĪAFb<9DŒb;@„´}…AFN=KLA;<G9´
RÝĪ=@GţNıLŒAF9½‚{…¾HŏA;@WRbR=R9@J9FAĪFb;@E9L=ŏKCŠ;@rJ=E9ÝR:QL=CRݵ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
35
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
/@AJMHT<’ĝkU@Ik3<3<&
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
37
38
ÝHGKLCGEMFAKLA;C^EG:<G:bEŝţ=E=RÝHG@D=<MrF9F;GNWFb9JGRDAŒALLŏAG:<G:bµJNFb
G:<G:bG<Jµ|„„{<GJµ|„„ƒ:QDG;@9J9CL=JARGNWFGFGNŠEMKHGŏW<WFbEAFKLALM;b9Ý:QDGCGEHDACGNWFGJGR<ıD=FbEé=KCGKDGN=FKC9µJM@^G:<G:b½|„„ƒ¦}{{~¾:QDGG:<G:bEHŏbHJ9NQF9NKLMH
<GµGMĪWKLbLŏ=Lb@GG:<G:b½}{{¦}{{ƒ¾:QD9Hŏ=GJA=FLGNWFb
KEıJ=ECÝAFGN9;bE9Ý9HDACGN9F^EMNŠRCMEMµNDWŒLFbNŠRF9EEıD9NÝLGELGG:<G:bJ=>GJE9RÝJµ}{{ƒ´B=BbEţ;bD=E:QD9
EG<=JFAR9;= KQKL^EM 9Ý RD=HŒ=Fb B=@G ŏbR=Fbµ HGD=ĪFŠE JQK=E Lı;@LG G:<G:b :QDQ NŠRF9EF^
HGKMFQNÝ9DGC9;AJGRHGĪLME=RAJŝRF^GJ?9FAR9;=9Ý9CLANALQµ
LWLFb rF9F;GNWFb 9 NÝ HGKD=<Fb;@ D=L=;@ J9HA<Fı JGKLDGµ G RF9ĪF^ EbJQ LGEM L9C :QDG
<bCQ RNŠŒ=F^EM AFKLALM;AGFWDFbEM rF9F;GNWFb MFAN=JRALFb@G NŠRCMEM 9Ý NŠRF9EF^EM JŝKLM
mĪ=DGN^@GF=:GDAF9KGMLıţAR9DGţ=F^@G9ÝHJGB=CLGNıGJA=FLGN9F^@GrF9F;GNWFbN=NŠRCMEF^E
9ÝNQKGCGŒCGDKC^EK=CLGJMAÝNÝHJŝEQKDMµHGD=ĪFıKÝMţbNWFbE=LG<ACQ@G<FG;=FbB9CGRWCD9<M
HJG9DGCGNWFbAFKLALM;AGFWDFb@GrF9F;GNWFbNŠRCMEMLGRF9E=FW´ţ=HJ9N<ıHG<G:Fı9ţHŏbDAŒ
NQKGCŠHG<bDrF9F;GNWFbB=9DGCGNWFF9HJAF;AHMKGMLıţ=´;GţN=<=CÝLGEM´ţ=B=LıţC^NQNAFGML
KLJ9L=?AA9ÝAFN=KLGN9L<GNŠRCMEF^@GK=CLGJMµ=Lŏ=:9D^H=NQNWţALB=<FGLDAN^KbDQN=rF9F;GNWFb´CL=J^HG<HGJMBbCN9DALM´KL9:ADALM9ÝJ=KLJMCLMJ9DAR9;Aµ
é=KCWJ=HM:DAC9REıFAD9ŏbR=FbKN^@GFWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bRÝLJ9<AĪFb@GR9Eıŏ=FbF9Nı<ML9C´9:QNÝFıE<9D=CGNŠRF9EFıBŒbJGDA@JWDQAFGN9;=µČbR=FbK=NŒ9CRWJGN=ʼn
;=FLJ9DARGN9DG9ÝRNıLŒADK=G<KLMHE=RAJGR@G<GNWFbEGÝrF9F;GNWFbNŠRCMEM9ÝAFGN9;b9Ý9CL^JQ
NŠRCMEM´CL=J^LGLGJGR@G<GNWFbGNDANʼnMB=µÝJGRNGB=EFGN^=;@FGDG?A;C^9?=FLMJQK=G:B=NMBb
EGţFGKLAHGKbDALLQLGN9R:QF99CL^JQNŠRCMEM´9D=RWK9<FıLGRWD=ţbF9G;@GLı
R9:ŠN9LK=
NÝE=FŒbEbŏ=EACJGE9F9?=E=FL=EµÝŒAJŒbEHG@D=<MB=Lŏ=:9<WLHŏ=<KL9NAL=DŝEKLWLFbKHJWNQ
NÝ G:D9KLA NıLŒb HJ9NGEG;A´ HG<HGŏAL NQLNWŏ=Fb 9Ý NQMţbNWFb <AKLJA:MGN9FŠ;@ KLJ9L=?A;CŠ;@
RF9DGKLb 9Ý REıFAL R9Eıŏ=Fb 9<Q L9C´ 9:Q K= KL9D9 Hŏ=<=NŒbE 9J^FGM HJG <AKCMK= 9Ý NQLNWŏ=Fb
G:=;F^HGDALACQ´9ÝF9GH9CHŏ=KL9D9:ŠLEbKL=ENQB=<FWNWFb´C<=K=RWKLMH;AAFKLALM;bHŏGMGÝKNŝB
HG<bDF9JGRHGĪLMµ
QLNWŏ=FbHJG?J9Eŝ9NÝéB=NıLŒAFGMF9<G:J^mJGNFA´HGCGMŒbK=AEHD=E=FLGN9L°<G:J^
HJG;=KQª9ÝB=HG<HGJGNWFGCN9DALFbEAHJ9;GNFbCQµ=;@FGDG?A;CW9?=FLMJ9B=HG;@GHAL=DFıED9<GMAFKLALM;b9ÝNQţ9<MB=<9DŒbJGRNGBµPAKLMB=AÝJARACG´ţ=F=<GKL9L=C<ŝNıJQNÝmŏ=<FbCQHGN=<=
CÝF=<GKL9L=ĪF^EMNQMţALbB=BA;@K;@GHFGKLbHŏAJ=9DAR9;AHJG?J9Eŝµ
G<FG;=Fb;@WH9F^B9CG<AE=FR=KLJ9L=?A;CŠ;@RF9DGKLb>MF?MB=ŒH9LFıµ=LG<AC9@G<FG;=Fb
HGMţbN9FWHJGJGR@G<GNWFbGÝAFKLALM;AGFWDFbErF9F;GNWFbF=FbN@G<FWCÝmĪ=DŝE´HJGFıţ:QD9
NQNAFML9µ=>GJEMB=;@GNWFbKQKL^EMNŠRCMEM´KFAţMB=B=@GKL9:ADALM9Ý:JR<bB=@GNŠCGFFGKLµQBW<ŏ=FGG:=;FıBA´LGLG@G<FG;=FbB=HŏbDAŒR9Eıŏ=FGF9NŠKLMHQ9ÝHG<WNWEWDGAF>GJE9;bGÝLGE´
B=KLDAHJG?J9EQF9HDʼnMBbKNGB=;bD=µÝHJ9PA9ÝHGMţALb@G<FG;=FbB=Lŏ=:9HJGN^KLJ9<ACWDFbREıFQ´
9:Q@G<FG;=Fb:QDGMţAL=ĪF^HŏAKD=<GNWFbRG<HGNı<FGKLA9ÝHŏALNGJ:ı9ÝRD=HŒGNWFbHGDALACµ
/@AJMHT
~µ|µ|:<G:b|„„{¦|„„ƒ
Ý<=K=LAD=LbFWKD=<MBb;bEHGCGF;ACGEMFAKLA;C^^JQEıDQNDW<QKADFGM9N=JRANŝĪAB9CŠECGDA
RWK9@ŝE <G =CGFGEACQ 9Ý ;=DCGNı N= KHGD=ĪFGKLA H9FGN9D9 F=<ŝNıJ9 CÝ ;=FLJWDFbEM HDWFGNWFb
9ÝKL9FGNGNWFbCN9FLAL9LANFb;@;bDŝµ
ÝJµ|„„{=PAKLGN9DGNÝKQKL^EM99
GCGDG}€{NŠRCMEFŠ;@mKL9NŝHJGNW<ıBb;b;@HJŝEQKDGNŠNŠRCMEµFG@GRÝFA;@:QDGHJAN9LARGNWFG9ÝL9CF9CGF;A<=CW<QRŝKL9DGHGMR=€…RÝFA;@´
CL=J^ F9<WD= HŝKG:ADQ B9CG NŠRCMEF^ mKL9NQµ JNFbE CJGC=E CÝ rF9F;GNWFb F9 RWCD9<ı mKHı;@MNÝKGMLıţA:QDGR9DGţ=FbJ9FLGN^9?=FLMJQàC9<=EA=Nı<½|„„{¾´CL=JW:QD9JQ;@D=F9@J9R=F9J9FLGNGM9?=FLMJGMé=KC^J=HM:DACQ½|„„}¾µàC9<=EA=Nı<é=KC^J=HM:DACQ:QD9R9DGţ=F9
NÝJµ|„„}B9CGJ=9C;=F9G<<ıD=FbDGN=FKC99Ý:QD9BbHŏA<ıD=F9HŏA:DAţFıHGDGNAF9rF9FĪFb;@R<JGBŝN=KJGNFWFbKÝB=BbHŏ=<;@ŝ<CQFbµQKL^EKGMLıţFb@GrF9F;GNWFb°;bD=F^@GªNŠRCMEM:QDG<KL9JLGNWFNÝD=L=;@|„„ÀN=>GJEıN=ŏ=BFŠ;@KGMLıţbµÝD=L=;@|„„9Ý|„„‚:QDQMĪAFıFQHGCMKQ
REıFALRWCD9<QHJG9DGCGNWFb°AFKLALM;AGFWDFb;@ªHJGKLŏ=<CŝNQCGF9N9L=DŝENŠRCMEMµLJMCLMJWDFbJGR<ıD=FbF9°NŠRCMEª½àC9<=EA=Nı<¾9Ý°NŠMCMª½NQKGC^ŒCGDQ¾NŒ9C:QDGR9;@GNWFGµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
݄{µD=L=;@:QDKQKL^E9R;=D9<=;=FLJ9DARGNWFµ
Ç AFAKL=JKLN99ÝKLWLFb9?=FLMJQB9CGLWLFbmŏ9<HJGB9<=JFGM:=RH=ĪFGKLF=:Gé=KCŠmŏ9<
R=EıEıŏA;CŠ9ÝC9L9KLJWDFb´KL=BFıB9CGàC9<=EA=Nı<é´EıDQKNGB=JGRHGĪLQF99´R=
CL=JŠ;@rF9F;GN9DQHG<ŏbR=F^NŠRCMEF^GJ?9FAR9;=´CL=J^KH9<9DQHG<B=BA;@CGEH=L=F;=µ=DC=ER<=:QDG}{°rF9F;MBb;b;@GJ?WFŝª½HGKCQLGN9L=Dŝ¾µ
Ç NJ<bK=´ţ=F=<GKL9L=CCGGJ<AF9;=N=<DCÝ>J9?E=FL9;AHG<HGJQ9HJGKLŏ=<FA;LNbECGEH=LALANFb@GrF9F;GNWFb´C<QţEAFAKL=JKLN9NQ@D9ŒGN9D9EFG@GFbRCGJGRHGĪLGNŠ;@HJG?J9EŝKÝF=B9KFŠEA¦9ÝĪ9KLGHŏ=CJŠN9Bb;bEAK=¦;bDAµ=RAD^LQ|„„€9Ý}{{{:QDGNQ@DWŒ=FGNb;=
F=ţ€HJG?J9Eŝ9µ
Ç ßQD9R9DGţ=F99<9HJG9B9CGJQR=HGJ9<FbGJ?WFKDGţ=FŠRÝNı<;ŝµ
GRHGĪ=L ¦ B9C F9 FWJG<Fb mJGNFA´ L9C F9 mJGNFA HGKCQLGN9L=Dŝ ¦ :QD B=ŒLı <G RF9ĪF^ EbJQ
CGFKLJMGNWFAF<=PGNGME=LG<GMHGMţbN9FGMNÝCGEMFAKLA;C^EG:<G:b´LBµrF9F;=:QDQ9DGCGNWFQF9RWCD9<ım<9BŝGÝmJGNFANŠ<9BŝNÝHŏ=<;@GRb;@D=L=;@µD9NFbNŠBAECGMRÝLG@GLGHJ9NA<D9
:QD9àC9<=EA=Nı<´CL=JWK=NÝJµ|„„€HGCMKAD9GÝAFL=JFbJ=>GJEMR9DGţ=FGMF9F=RWNAKD^ECGD=?AWDFbE HGKGMR=Fb Nı<=;C^ CN9DALQµ CGFGEA;CW KALM9;= N=<GM;b CÝ J=<MC;A JGRHGĪLŝ F9 9
½R=BE^F9NÝKGMNAKDGKLAKÝNŠRCMEFŠEAmKL9NQ¾RHŝKG:AD9G<DANEGRCŝRÝNŠRCMEM<GHJŝEQKDM
9ÝR9HŏbĪAFAD9AÝ?=F=J9ĪFbE=R=JMN=NŠRCMEMµ
~µ|µ}ŏ=<NKLMHFbG:<G:b¶|„„ƒ¦}{{~
ßı@=ELG@GLGG:<G:bR9Ī9D9NDW<9HJGNW<ıLGH9Lŏ=Fb´CL=JWEıD9MEGţFALNKLMHR=Eı<G
NJGHKC^ MFA= ½NÝ Jµ }{{¾µ Ý Jµ |„„ƒ :QD R9N=<=F KQKL^E °NŠRCMEFŠ;@ RWEıJŝª´ B=@Gţ ;bD=E
:QDG KHGBAL AFKLALM;AGFWDFb HG<HGJM NŠRCMEM K= KH=;Ar;CŠEA ;bDAµ AFAKL=JKLNG ŒCGDKLNb´ EDW<=ţ= 9Ý LıDGNŠ;@GNQ R9Ī9DG rF9F;GN9L NŠRCMEF^ RWEıJQ AFKLALM;b NÝ Jµ }{{|µ ßQDG rF9F;GNWFG
GÝFı;GE^FıF=ţ{NŠRCMEFŠ;@RWEıJŝµÝJG;=}{{:QDGJGR@G<FMLGGÝrF9F;GNWFbFGN^@G
KGM:GJMNŠRCMEFŠ;@RWEıJŝF9HŏbĪNŒ=EAEAFAKL=JKLNQAÝàC9<=EAbNı<µQLGFGN^RWEıJQ:QDQ
AEHD=E=FLGNWFQNÝJµ}{{€µGN^HJWNFbMKHGŏW<WFbF=B=FGEMEGţFADGrF9F;GNWFbLJ9<AĪFb;@
NŠRCMEFŠ;@GJ?9FAR9;b½NQKGC^ŒCGDQ9ÝmKL9NQàC9<=EA=Nı<¾´9D=L9C^rF9F;GNWFbF=RAKCGNŠ;@
KGMCJGEŠ;@ NŠRCMEFŠ;@ mKL9Nŝ 9Ý rJ=Eµ ßQDG rF9F;GNWFG 9KA |ƒ NŠRCMEFŠ;@ RWEıJŝ KGMCJGEŠ;@KHGD=ĪFGKLbµ<Jµ}{{€:QD9rF9F;GNWF9<9DŒbKCMHAF9NŠRCMEFŠ;@RWEıJŝ½„ƒ…F9
MFAN=JRALW;@¾9ÝNÝJµ}{{‚<9DŒb;@~{µ
JNFb±WJG<FbHGDALAC9NŞRCMEM9 NŞNGB=Nè=KC^J=HM:DA;=² G<@9DAD9 KQKL^EGN^ ;@Q:Q
NÝ HG<EbFCW;@´ CL=J^ EıDQ HŏADWC9L ED9<^ DA<A CÝ HJW;A N= NŠRCMEM´ 9Ý <WD= ŒH9LFGM KHGDMHJW;A
NÝ JWE;A 9Ý E=RA NŠRCMEFŠEA AFKLALM;=EA 9Ý FbRCGM mJGN=ʼn E=RAFWJG<Fb KHGDMHJW;= 9Ý EG:ADALQ
NŠRCMEFbCŝµßQDA<=FLArCGNWF<DGM@ŠK=RF9EE9F9ţ=JKCŠ;@mCGDŝ¶
}
Ç
Ç
Ç
Ç
Ç
Ç
NŠŒALmĪAFFGKL9ÝHŏbFGKQ9HJGKLŏ=<FA;LNbER9Eıŏ=FbK=F9NŠKD=<CQ99ÝF9EGţFGKLA
B=BA;@NQMţALbN=NŒ=;@G:D9KL=;@KHGD=ĪFGKLAµ
QLNGŏALD=HŒbN9R:QE=RAHGDALACGM99Ý<9DŒbEAHGDALAC9EAµ
9EıŏALHG<HGJMKLWLMF9E=FŒbHGĪ=L=>=CLANFıCGGJ<AFGN9FŠ;@HJG?J9Eŝ9ÝHJGB=CLŝµ
D=HŒALD=?AKD9LANMKLWLFbHG<HGJQ9µ
NŠŒALFWJGCQ9NĪ=LFıNŠRF9EFıBŒb<A>=J=F;A9;=CN9DALQNŠRCMEFŠ;@NŠKLMHŝµ
NŠŒALG:B=CLANALM9ÝLJ9FKH9J=FLFGKLJGR<ıDGNWFbrF9F;bF99µ
JNFbWJG<FbHGDALAC99R9@WBAD9HJG;=KRD=HŒ=FbCGGJ<AF9;=NŠRCMEFŠ;@9CLANALR9DGţ=FŠ F9 A<=FLArC9;A 9Ý NŠ:ıJM HJAGJAL NŠRCMEM´ CL=J^ :Q EıDQ N^KL CÝ NQLNGŏ=Fb HDWFŝ NŠRCMEM
AÝCÝLNGJ:ıHDWFŝF9AFKLALM;AGFWDFbrF9F;GNWFbNŠRCMEM´9ÝF9LNGJ:ıFWJG<Fb;@NŠRCMEFŠ;@
HJG?J9Eŝµ<ŝJ9RFAD9NŠRF9E@G<FG;=FbNŠKD=<CŝNŠRCMEM9ÝKL9FGNAD9B=R9RWCD9<FbCJAL^JAME
HJGJGR<ıDGNWFb<GKLMHFŠ;@rF9F;bµ9C^KL9FGNAD9;=KLQHJGRNŠŒ=FbCN9DALQ9ÝmĪAFFGKLAKLWLFb
9<EAFAKLJ9LANQ99ÝF9<F=KD9GLWRCMJ=KLJMCLMJ9DAR9;=KLWLFbKHJWNQN=9µGJEMDGN9D9@D9NFb
}
WJG<FbHGDALAC9NŠRCMEM9ÝNŠNGB=é=KC^J=HM:DACQ´ŏbDG@9KF=K=FbDW<QéR݀µD=<F9}{{{Īµ|
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
39
HGţ9<9NCQF9FGNŠRWCGFGÝHG<HGŏ=9 ´HŏAB9LŠNÝJµ}{{}´CL=JŠHŏA<ıDADAFAKL=JKLNMŒCGDKLNb´
EDW<=ţ=9ÝLıDGNŠ;@GNQN=<GM;bmDG@MNÝG:D9KLAHGDALACQ9µWCGFGÝHG<HGŏ=9KL9FGNAD´ţ=
WJG<FbHJG?J9EQNŠRCMEM9ݽJ=KGJLFb¾KLJ9L=?A=9ÝHJG?J9EQ9:QEıDQG<JWţ=L<DGM@G<G:^
LJ=F<QN=99ÝKLŏ=<Fı<G:^NŠRCMEF^HJAGJALQ9ÝEıDQ:QJ=9?GN9LF9KQKL^EGN^AÝL=E9LA;C^
HJAGJALQKL9FGN=F^WJG<FbHGDALACGMNŠRCMEMµ=KGJLFbHJG?J9EQ9EıDQ:ŠLHŏ=<CDW<WFQ
ď9Ý9<ıHJGNŠRCME9ÝNŠNGBCÝNQBW<ŏ=Fb9ÝFWKD=<FıEıDQ:ŠLK;@N9DGNWFQNDW<GMµJGEı
HJGNGRFb;@<=L9ADŝ´B9CGB=<^DC9LJNWFb9ÝFWCD9<Q´EıDQF9NJ@GN9F^G<NıLNGN^HJG?J9EQKH=;ArCGN9L;bD=HJG?J9EM9ÝHG<HJG?J9EŝKHGD=ĪFıKÝB=BA;@R<ŝNG<FıFbE´9F9DŠRGMKGMĪ9KF^@GKL9NM
NÝé=KC^J=HM:DA;=9ÝNÝR9@J9FAĪb9ÝAF<ACGN9LHŏ=<HGCDW<9F^HŏbFGKQµ
WCGFGÝHG<HGŏ=9RÝJµ}{{}L9C^<=rFGN9DK;@^E9L9HJGN=ŏ=BFGMHG<HGJM9´E=LG<Q
9ÝHGKLMHQHJGHGKCQLGNWFb?J9FLŝ´CD9KArC9;ANŠ<9BŝKLWLFb@GJGRHGĪLMF99´ND9KLFA;LNbNŠKD=<Cŝ99ÝHGKLMHQ´CL=J^E9BbHGKCQLGN9L=D^HGMţbN9LHŏAŏbR=FbHJG?J9EŝµQR9@JFGN9DQAÝŏbR=Fb
N=ŏ=BFŠ;@R9CWR=C´@G<FG;=FbHDWFŝNŠRCMEM½°NŠRCMEFŠ;@RWEıJŝª¾HJGmĪ=DQAFKLALM;AGFWDFb@GrF9F;GNWFb9ÝHGKCQLGNWFbAF>GJE9;bGÝ9HJGKLŏ=<FA;LNbE
F>GJE9ĪFb@GKQKL^EM9µ
Ý Jµ }{{~ NDW<9 K;@NWDAD9 HJNFb WJG<Fb HJG?J9E NŠRCMEM ½ ¾ HJG G:<G:b }{{¦}{{„´
R9DGţ=FŠF9HJAGJALW;@NŠRCMEMKL9FGN=FŠ;@NÝJµ}{{}µ
}€
}
40
~µ|µ~:<G:b}{{¦}{{ƒ
GLGG:<G:b:QDG;@9J9CL=JARGNWFGRWCD9<FbEHGKMF=ER9Eıŏ=FbHGDALACQ9KEıJ=ECÝAFGN9;bE9Ý9HDACGN9F^EMNŠRCMEM´RNŠJ9RʼnMBb;bEmDG@M9ÝNŠRF9ENŠRCMEMHJG=CGFGEA;CŠJGRNGB9ÝAFGN9;=µ9<9HJG9:QD9LM<bţNÝJµ}{{Hŏ=EıFıF9RÝ=PH=JLFb@GGJ?WFMR9Eıŏ=F^@GF9
Nı<MNÝGJ?WFKDGţ=FŠR=RWKLMH;ŝNŒ=;@Hŏ=<KL9NAL=Dŝ9½NĪ=LFıHGDALACŝ¾µÝLGEL^ţJG;=NDW<9
K;@NWDAD9HJNFbWJG<FbJGRNGBGNŠHDWFHJGG:<G:b}{{¦}{{½
¾´CL=JŠCGGJ<AFGN9DHG<HGJM
RÝ=NJGHKCŠ;@KLJMCLMJWDFb;@>GF<ŝKÝFWJG<FbHGDALACGM9µJ?WF=ERG<HGNı<FŠER9CGGJ<AF9;A
9Ý ;=DCGNGM 9<EAFAKLJ9;A Lı;@LG >GF<ŝ :QDG AFAKL=JKLNG HJG EbKLFb JGRNGBµ D9NFbE GH=J9ĪFbE
HJG?J9E=EN=NRL9@MCÝ9:QDG<FACWFb9ÝAFGN9;=ŏbR=FŠAFAKL=JKLN=EHJŝEQKDM9ÝG:;@G<M½¾µ=FLGHJG?J9EHG<HGJGN9D½EAEGBAF^¾RŏARGNWFb=FL=JF9HG<HGJMHG<FACWFb´9
CD9KLJŝ9Ý=;@FGDG?A;CŠ;@;=FL=J9ÝKH=;Ar;C^HJG?J9EQF9HGKbD=FbKHGDMHJW;=E=RANŠRCME=E
9ÝHJŝEQKD=E´CGE=JĪFb;@AFGN9;b9ÝAFGN9ĪFb;@AF>J9KLJMCLMJµ=DC=E:QDGNÝé=KC^J=HM:DA;=AEHD=E=FLGNWFG|HJG?J9EŝHG<HGJGN9FŠ;@NÝ;=DCGN^EG:B=EMƒ{ED<µĪµ
Ý JG;= }{{€ HŏAB9D9 NDW<9 é WJG<Fb AFGN9ĪFb HGDALACM HJG G:<G:b }{{€¦}{{„ ´ CL=JW :QD9
HŏAHJ9N=F99<GMHJG99ÝEAFAKL=JKLNQŒCGDKLNb9ÝHJŝEQKDMHGCGFRMDL9;AKÝ@D9NFbEA9CL^JQµ
9EıŏAD9K=F9F=BHG<KL9LFıBŒbHJG:D^EQN=KHGBALGKLAKÝAFGN9ĪFbEKQKL^E=ENÝé=KC^J=HM:DA;=
9ÝKL9FGNAD9LQLG;bD=¶HGKbDAL9B9CGR<JGBAFGN9;b·R9CDW<9LH9JLF=JKLNbE=RAN=ŏ=BFŠE9ÝKGMCJGEŠE K=CLGJ=E· R9BAKLAL <GKL9L=C DA<KCŠ;@ R<JGBŝ HJG AFGN9;=· R=>=CLANFAL N=ŏ=BFGM KHJWNM
NÝ G:D9KLA 99
µ Ý LGEL^ţ JG;= NDW<9 é HŏAB9D9 <JM@Š WJG<Fb HJG?J9E NŠRCMEM F9 G:<G:b
}{{¦}{|| ½
¾´CL=JŠ:QDR9Eıŏ=FF9LG´9:Q:QD9HDACGN9FŠNŠRCMEKHGDMrF9F;GNWFHJŝEQKD=Eµ=@GKGMĪWKLb:QD9Nb;=;=FLJ9DARGN9FW9<EAFAKLJ9;=µJGKLŏ=<FA;LNbELG@GLGrF9F;GN9D9NŠRCMEF^HJGB=CLQHGMR=EAFAKL=JKLN9ŒCGDKLNb9ÝHJŝEQKDMµJG?J9EQHG<KL9LFıRNŠŒADQ
G:B=E HG<HGJQ 9´ R=BE^F9 HJGKLŏ=<FA;LNbE AFAKL=JKLN9 HJŝEQKDM 9Ý G:;@G<M´ 9D= HGCJGC
NÝ HGţ9<GN9F^E RB=<FG<MŒ=Fb 9<EAFAKLJ9LANQ :QD <9D=CG KCJGEFıBŒbµ 9 CGF;A HJG?J9EM KLWD=RŝKLWN9DG}}°JGRHGĪLGNŠ;@C9HALGDªHJGrF9F;GNWFbNŠRCMEMF9HŏbĪJŝRFŠEAEAFAKL=JKLNQ
9Ý9?=FLMJ9EAµÝEFG@9BAFŠ;@R=Eb;@B=rF9F;GNWFbNŠRCMEMHJGKLŏ=<FA;LNbEL9CNQKGC^@G
HGĪLMJGRHGĪLGNŠ;@HGDGţ=C:ıţF^9ÝFGJEWDFb´9D=NÝé=KC^J=HM:DA;=L9CGNŠHGĪ=LHGDGţ=CMJĪAL^
CJM@QHGN9ţGN9DQ9ÝHGN9ţMBbR9HJG:D^EKWEGÝKG:ıµÝE=RAFWJG<Fb@G@D=<AKC9HŏALGEF=Fb
}‚
}ƒ
}€
WCGFĪµ|~{Ã}{{}:µ´GÝHG<HGŏ=NŠRCMEM9ÝNŠNGB=RÝN=ŏ=BFŠ;@HJGKLŏ=<Cŝ9ÝGÝREıFıFıCL=JŠ;@KGMNAK=Bb;b;@RWCGFŝ½RWCGFGÝHG<Gŏ=NŠRCMEM9ÝNŠNGB=¾´N=RFıFbHGR<ıBŒb;@Hŏ=<HAKŝµ
WJG<FbHJG?J9ENŠRCMEM}{{¦}{{„
}‚
WJG<FbAFGN9ĪFbHGDALAC9é=KC^J=HM:DACQHJGG:<G:b}{{€¦}{{„´J9@9´Ī=JN=F}{{€
}ƒ
WJG<FbHJG?J9ENŠRCMEM
½}{{¦}{||¾
}
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
HJG:D^ENÝHGĪLMJGRHGĪLGNŠ;@C9HALGD´9D=NÝLGE´B=KLDAB=EGţF^CGGJ<AFGN9LHGDALACQ9F9HŏbĪLıEALGC9HALGD9EAµ
~¶|¶=>GJE9RJGCM}{{ƒ
àF9DŠR9Ī=KC^@G
RÝJµ}{{Ã‚MCWR9D9F9N=DC^EFGţKLNbKD9:Š;@KLJWF=CNÝHJG<MC;A9ÝNQMţALbRF9DGKLb´NÝHDWFGNWFb´KHJWNı9Ý@G<FG;=FbHGDALACQrF9F;GNWFbµ9LGRBAŒLıFb:QD9<GRF9ĪF^
EbJQHGLNJR=F9LGMLGKLM<Abµ
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
Ç
=<GKL9L=ĪFWNŠRCMEFWC9H9;AL9
9GKLWNWFbNÝCN9DALıFıCL=JŠ;@G:GJŝNĪ=LFı=CGFGEA;CQNŠRF9EFŠ;@HŏbJG<Fb;@9ÝL=;@FA;CŠ;@Nı<
9DWHGHLWNC9HGAFGN9;b;@
=9<=CNWLFbNQMţALbNŠKD=<CŝNŠRCMEM
=<GKL9L=ĪF^N=ŏ=BF^9ÝKGMCJGE^AFN=KLA;=<G9
9DWG;@J9F9HJWNCÝ<MŒ=NFbEMND9KLFA;LNb
=<GKL9L=ĪFWCGGJ<AF9;=N=ŏ=BFırF9F;GN9F^@GNŠRCMEM
=<GKL9L=CK;@GHFGKLbHJGŏbR=Fb99
B=NFŠF=mKHı;@HGDALA;CŠ;@GH9Lŏ=Fb¶9FAHJG;=KHDWFGNWFbNŠRCMEMHJGmĪ=DQAFKLALM;AGFWDFb@GrF9F;GNWFb½°NŠRCMEF^RWEıJQª¾´9FA@G<FGLA;bHJG;=KQHJGmĪ=DGN^½CGEH=LALANFb´HJGB=CLGNıGJA=FLGN9F^¾rF9F;GNWFbF=:QDQmKHıŒF^µ
ŏ=CWţCQN=NŠRCMEF^KHGDMHJW;AE=RAGJ?9FAR9;=EANÝK=CLGJMNŠRCMEM9ÝNQKGC^@GŒCGDKLNb9ÝNÝJWE;AHJŝEQKDM
ŏ=CWţCQNÝHJGHGBGNWFbNı<Q9ÝHJŝEQKDM
ŏ=CWţCQN=KHGDMHJW;AN=9NÝJWE;AHJŝEQKDM
=<GKL9L=CAFGN9ĪFbCMDLMJQNÝŒAJŒbEHGB=Lb
WJG<FbHGDALAC999
F9D^L9}{{€¦}{{„ EıD9R9;bDHJGN^KLŏ9<MJ=>GJ=E´CL=J^:QK=NQHGŏW<9DQK=REbFıFŠEAHJG:D^EQµbD=E:QDGRB=<FG<MŒAL9ÝRNŠŒALmĪAFFGKLKQKL^EMHG<HGJQ9´
L9C9:QN=ŏ=BF^R<JGB=AFN=KLGN9F^<G9HDACGN9F^@GNŠRCMEM´NŠNGB=9ÝAFGN9;bN=<DQC=CGFCJ^LFbE=CGFGEA;CŠEF=:GKHGD=Ī=FKCŠEHŏbFGKŝEµL9FGNAD9K=<E@D9NFb;@;bDŝ¶
}„
|¶ Zjednodušit podporu VaV´HG<HGJGN9LAFKLALM;=HG<D=<GK9ţ=FŠ;@NŠKD=<Cŝ9ÝLŠEQF9RWCD9<ıJ=9DARGN9FŠ;@HJGB=CLŝµÝLG@GNQHDŠNWHGLŏ=:9RD=HŒ=FbKQKL^EM@G<FG;=FbHJGN=ŏ=BFırF9F;GN9FŠ9µ
}¶ Zjednodušit systém podpory VaVaI a administrativní procesy.FGţKLNbJGRHGĪLGNŠ;@C9HALGD
½}}¾´CL=JŠEAB=rF9F;GNWFĪ=KCŠ9´EW:ŠLNŠJ9RFıJ=<MCGNWFG9ÝHGţ9<9NCQF99<EAFAKLJ9;A RB=<FG<MŒ=FQµ GKD=<Fı REbFıF^@G ;bD= EW :ŠL <GK9ţ=FG HJGKLŏ=<FA;LNbE R9DGţ=Fb
B=<AF^9?=FLMJQRG<HGNı<F^R9HG<HGJMHJGB=CLŝHJŝEQKDGN^@GNŠRCMEM½=;@FGDG?A;CW
9?=FLMJ9é¾µ
~¶ G<FbLAL9ÝHG<HGŏAL=P;=D=F;AN=NŞRCMEM9ÝMKF9<FALMšALbNŞKD=<Cś9NÝAFGN9;b;@µG@G
EW:ŠL<GK9ţ=FGB9CHJGKLŏ=<FA;LNbERD=HŒ=F^@G@G<FG;=Fb9´L9CNıLŒbE<ŝJ9R=EF9
=P;=D=F;ANÝRWCD9<FbENŠRCMEM9ÝMţALF^NŠKD=<CQNÝ9HDACGN9F^ENŠRCMEMµ
¶ GKbDALKHGDMHJW;AHJśEQKDMKNŞRCME=EµG<EbFALHG<HGJMHJG?J9EM9KHGDMHJ9;bN=ŏ=BF^@G NŠRCMEM KÝ MţAN9L=DA NŠKD=<Cŝ 9 F9 RWCD9<ı KHGD=ĪF^@G rF9F;GNWFb N=ŏ=BFŠE
9ÝKGMCJGEŠEK=CLGJ=EµßQDGF9NJţ=FG´9:QK=F=HŏbEWHG<HGJ9½<9ʼnGN^mD=NQ¾JGRŒbŏAD9
}„
WJG<FbHGDALAC9NŠRCMEM´NŠNGB=9ÝAFGN9;bé=KC^J=HM:DACQF9D^L9}{{„¦}{|€´}{{„
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
41
AÝF9FWCMHNŠKD=<Cŝ9HG<FACQG<½Ī=KCŠ;@¾N=ŏ=BFŠ;@NŠRCMEFŠ;@mKL9Nŝ9ÝMFAN=JRALµ
€¶ 9N^KL HJMšFİBŐb GJ?9FAR9ĩFb KLJMCLMJQ N=ŏ=BFŠ;@ NŠRCMEFŠ;@ GJ?9FAR9;b L9C´ 9:Q :QD9
HG<HGŏ=F9KHGDMHJW;=E=RANŠRCME=E9ÝHJŝEQKD=E9Ý9:Q:QDQNQLNGŏ=FQHG<EbFCQHJG
CGE=J;A9DAR9;ANŠKD=<CŝNŠRCMEMµ
¶ 9BAKLALCN9DArCGN9F^HJ9;GNFbKbDQHJG99
NĪ=LFıRB=<FG<MŒ=FbHG<EbF=CHJGF9BbEWFb
NŠRCMEFbCŝR=R9@J9FAĪbµ
‚¶ NŠŒALE=RAFWJG<FbKHGDMHJW;AN=NŠRCMEM´NŠNGBA9ÝAFGN9;b;@´R=BE^F9K=R=EıEA=NJGHKC^@GNŠRCMEF^@GHJGKLGJMµ
42
GMĪWKLbR9NW<ıFbJ=>GJ=E:QDG´ţ=K=
KL9D9B=<AFŠECGGJ<AF9ĪFbEGJ?WF=ENÝG:D9KLA99
´ţ=:QD9R9DGţ=F9=;@FGDG?A;CW9?=FLMJ9rF9F;MBb;b9HDACGN9FŠNŠRCMEHG<G:FıB9CGJ9FLGNW9?=FLMJ9´ţ=:QDKFbţ=FHGĪ=LJGRHGĪLGNŠ;@HGDGţ=CMJĪ=FŠ;@F9NŠRCMERÝ}}F9||9Ýţ=K=
JGRHGĪ=LF999
NQLNWŏ=DB9CGJGRHGĪ=LHJGB=<AFGMG:D9KLµ
K=KL9D9mKLŏ=<FbEEbKL=EHJG
NQLNWŏ=FbKLJ9L=?A;CŠ;@RF9DGKLbNÝKQKL^EM´NQLNWŏ=FbJGRHGĪLM9Ý@G<FG;=FbNŠKD=<CŝµŠRF9E
@G<FG;=Fb:QDRmţ=F´:QDQGHMŒLıFQHŏ=<;@GRbKF9@QGÝR9N=<=Fb°CMDLMJQ@G<FG;=Fbª9ÝR9@JFMLb
CGJ=CĪFb;@HJG;=Kŝ<GKQKL^EM´9ÝG:GBb:QDGF9@J9R=FGEQŒD=FCGM@G<FG;=FbB9CGţLGKDGţCQ
KQKL^EMKDGMţb;bCÝJGR<ıDGNWFbR<JGBŝF9RWCD9<ı@G<FG;=FbNŠCGFFGKLAµWJG<FbHGDALAC999
F9G:<G:b}{{„¦|€L9C^HDWFGN9D9¶
Ç
Ç
Ç
Ç
Ç
QLNGŏALHGDALACQHJGKLAEMD9;ANŠRCMEF^KHGDMHJW;=NŠRCME¦HJŝEQKD9ÝHJŝEQKD¦HJŝEQ
KDNĪ=LFı9DGC9;=N=DC^@GG:B=EMHJGKLŏ=<CŝR=KLJMCLMJWDFb;@>GF<ŝ<GAF>J9KLJMCLMJQ
HJG99Ý<GJ=?AGFWDFb;@C9H9;AL´
HG<HGŏALAFGN9;=R9N=<=FbEE9F9?=E=FLM<MŒ=NFb@GND9KLFA;LNbNÝGJ?9FAR9;b;@HJGNW<ıBb;b;@NŠRCME´J=>GJEGN9LŏbR=FbNQKGCŠ;@ŒCGD9ÝNŠRCMEFŠ;@mKL9NŝHŏA<WFbEEAEG9C9<=EA;CŠ;@ĪD=Fŝ<GHŏbKDMŒFŠ;@J9<´HG<HGŏALNŠNGB9ÝNQMţALb<MŒ=NFb@GND9KLFA;LNbNÝE9DŠ;@9ÝKLŏ=<Fb;@HG<FA;b;@½¾´HGKMRGN9LHŏbD=ţALGKLACÝHGKCQLFMLbJARACGN^@GC9HALWDM
9ÝRŏb<ALCGFRMDL9ĪFbKDMţ:QHJG´
HG<HGŏALE=RAFWJG<FbKHGDMHJW;AN=9´
:M<GN9LNŠRCMEFGMC9H9;ALMRŏARGNWFbEHGKL<GCLGJ9F<KCŠ;@9ÝNŠRCMEFŠ;@KLAH=F<Ab
KLAEMDGN9LAFGN9;=HJGKLŏ=<FA;LNbEAF>GJE9ĪFb;@C9EH9Fb9ÝHJGH9?9;=Ī=KCŠ;@AFGN9;b
NÝR9@J9FAĪbµ
#DI<I>JQ`Ik
=ŏ=BF^rF9F;GNWFb9:ı@=EHGKD=<Fb<=CW<Q;=DCGNıNŠRF9EFıNRJGKLDG´9D=NÝHGKD=<Fb;@
Lŏ=;@D=L=;@KL9?FGN9DG½G:Jµ¾µÝF=BNıLŒbĪWKLAK=L=FLGJŝKLHJGB=NADNÝJ=KGJLMďHŏA:M<GNWFbKQKL^EMNQKGCGŒCGDKC^@GNŠRCMEM9ÝN=RNŠŒ=F^ErF9F;GNWFb;bD=FŠ;@HJG?J9Eŝµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
Obrázek 4: J=F<N;=DCGN^EFWJG<FbErF9F;GNWFb9HG<D=<JšAL=DśJGRHGĩLśµ}{{§}{||
43
Zdroje: 4<9B=HJGG:<G:b}{{§}{{HG;@WR=BbR=K;@NWD=FŞ;@JGRHGĩLśHM:DACGN9FŞ;@F9O=:GNŞ;@KLJWFCW;@
¸m<9B=HJGJGCQ}{{‚9}{{ƒBKGMHō=NR9LQR<9LMN=<=FŞ;@NJGRHGĩLMF9J¶}{{„¸m<9B=HJGJGC}{{„BKGM
Hō=NR9LQR=K;@NWD=F^@GJGRHGĩLMF9JGC}{|{9HG<G:Fİm<9B=HJGJ¶}{|{BKGMHō=NR9LQR=K;@NWD=F^@GJGRHGĩLM
F9JGC}{||¶
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
ÝĪ=KC^EKQKL^EM99
B=FWJG<FbrF9F;GNWFbJGR<ıD=FG<G<NGMRWCD9<Fb;@KCMHAFFWKLJGBŝ¶AFKLALM;AGFWDFbrF9F;GNWFb9ÝmĪ=DGN^rF9F;GNWFbµ
=JEbFmĪ=DGN^rF9F;GNWFb¦NÝE=RAFWJG<FbL=JEAFGDG?AA°CGEH=LALANFbªF=:G°HJGB=CLGN^ª
rF9F;GNWFb¦R9@JFMB=LŏARHŝKG:QrF9F;GNWFb¶rF9F;GNWFbRWCD9<Fb@GNŠRCMEMJ9FLGNGM
9?=FLMJGMéHG<D=;bDŝKL9FGN=FŠ;@NÝFWNJ@MHJGB=CLM·CGEH=LALANFbrF9F;GNWFbNŠRCMEFŠ;@
HJG?J9EŝNÝG:D9KLA9HDACGN9F^@GNŠRCMEM·N=ŏ=BF^KGMLıţ=HJGHJGB=CLQ´B=BA;@ţB=<AFŠE:M<GM;bEMţAN9L=D=EBKGMGJ?WFQN=ŏ=BF^KHJWNQµ
:Jµ€MC9RMB=´ţ=R9LbE;GNÝJµ}{{„:QD9N=DCWĪWKL;=DCGN^@GJŝKLMKLWLFb@GJGRHGĪLMF999
JGR<ıD=F9HJGKLŏ=<FA;LNbEAFKLALM;AGFWDFb@GrF9F;GNWFb´NÝJµ}{||NRJGKLDJGRHGĪ=LF9mĪ=DGN^
rF9F;GNWFb9ÝJGRHGĪ=LF9AFKLALM;AGFWDFbrF9F;GNWFbK=NJWLADNÝ9:KGDMLFb;@ĪbKD=;@F9mJGN=ʼn
JGCM}{{ƒµÝJGRHGĪLMF9JGC}{||ĪAFb°AFKLALM;AGFWDFbrF9F;GNWFbª´CL=J^HDQF=HŏbEG<GNŠRCMEFŠ;@AFKLALM;b´~‚…;=DCGN^@GKLWLFb@GJGRHGĪLMF999
´„…B=9DGCGNWFGF9mĪ=DGN^
rF9F;GNWFb9Ý|{…HGCJŠNWKLWLFbKHGDMrF9F;GNWFbHJGB=CLŝE=RAFWJG<FbKHGDMHJW;=9ÝGH=J9ĪFb;@HJG?J9EŝµbD=KL9FGN=F^@GWJG<FbHGDALACGM99
}{{„¦|€HJGJGC}{|€´LBµHGEıJ
mĪ=DGN^@GCÝAFKLALM;AGFWDFbEMrF9F;GNWFb{¶{´:QDGL=<Q>9CLA;CQ<GK9ţ=FGµ
44
Obrázek 5: J=F<NHG<bD=;@NŞ<9BGNŞ;@C9HALGDFWJG<Fb@GJGRHGĩLMF999
2007 – základ
ÇKJB*ó
2008 – základ
ÇÄKJB*ó
2009 – základ
ÇÅKJB*ó
2010 – základ
ÇÄKJB*ó
2007 – základ
ÇÄKJB*ó
Zdroje: 4<9B=HJGJGCQ}{{‚9}{{ƒHG;@WR=BbR=K;@NWD=F^@GJGRHGĩLMHJGJGC}{{„¸m<9B=HJGJGC}{{„BKGM
Hō=NR9LQR=K;@NWD=F^@GJGRHGĩLMF9JGC}{|{9HG<G:Fİm<9B=HJGJ¶}{|{9}{||BKGMHō=NR9LQR=K;@NWD=F^@G
JGRHGĩLMF9JGC}{||¶
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
Obrázek 6: J=F<NJGR<İD=FbFWJG<Fb;@AFKLALM;AGFWDFb;@R<JGBśE=RAHGKCQLGN9L=D=µm<9B=F9
RWCD9<İNŞ<9Bś}{{‚§}{||
45
2007 – základ
ÅÇKJB*ó
2008 – základ
ÄÇKJB*ó
2009 – základ
ÇKJB*ó
2010 – základ
ÄÇÄÅKJB*ó
2011 – základ
ÄÇÅKJB*ó
2012/A – základ
ÄÇÅÅKJB*ó
2012/B – základ
ÄÇÅÅKJB*ó
Zdroje: 4<9B=HJGG:<G:b}{{‚9}{{ƒHG;@WR=BbR=K;@NWD=F^@GJGRHGĩLMHJGJGC}{{„¸m<9B=HJGJGC}{{„BKGM
Hō=NR9LQR=K;@NWD=F^@GJGRHGĩLMF9JGC}{|{9HG<G:Fİm<9B=HJGJ¶}{|{9}{||BKGMHō=NR9LQR=K;@NWD=F^@G
JGRHGĩLMF9JGC}{||¸m<9B=HJGJ¶}{|}¾N9JA9FLQß9Þ¿BKGMHō=NR9LQRFWNJ@MJGRHGĩLMF9J¶}{|}HGKCQLFML^@G
Nĩ=JNFM}{||¶
Poznámka: GKD=<Fb<N9:DGCQBKGM9DL=JF9LANFbK;^FWō=HJGJ¶}{|}¶°
FKLALM;AGFWDFbrF9F;GNWFb´R<=RF9E=FW
R<JGB=µCL=J^BKGMHGKCQLGNWFQHōbEGGJ?9FAR9;bEHJGNW<İBb;bENŞRCMEµF=B<=L=<QGNİLŐbKMEQMN=<=F^N=KLWLFbEJGRHGĩLM¶
GŒDGCÝHGKMFMRÝJGNF^@GJGR<ıD=FbAFKLALM;AGFWDFb;@R<JGBŝE=RAAFKLALM;=NQKGCGŒCGDKC^@G
NR<ıDWNWFb9ÝàC9<=EAANÝJµ}{{½G:9K=CLGJQHG;;9{…RÝ;=DCGNŠ;@R<JGBŝ¾CÝKALM9;ANÝJµ}{|}´
C<QmKL9NQàC9<=EA=G:<Jţb;;9~ƒ…N=KJGNFWFbKÝ;;9€{…HJGK=CLGJNQKGCŠ;@ŒCGDµ=KNıLD=
HGLŏ=:QHGKbDALNQKGCGŒCGDKCŠK=CLGJK=B=<FWHJ9N<ıHG<G:FıGÝJGRMEFŠNŠKD=<=C¦9D=F=R<W
K=´ţ=:QŒDGGÝKGMĪWKLGr;AWDFbHGDALACQµÝ<DGM@G<G:^H=JKH=CLANıB=Lŏ=:9LMLGRWD=ţALGKL=PHDA;ALFı<AKCMLGN9LNÝJWE;AŒAJŒb<=:9LQGÝmDGR=àC9<=EA=9ÝNQKGCŠ;@ŒCGDµ
ŏ=<<=K=LAD=LQ:QDGmĪ=DGN^rF9F;GNWFbŒAJG;=JGR<ıD=FGE=RAEAFAKL=JKLNQµGJµ}{{ƒ:QDG
<9D=CGNb;=R9Eıŏ=FGF9ď9ݵÝKGMĪ9KF^<G:ıHŏ=NR9DQNŠRF9EFŠHG<bD<Nı9?=FLMJQ
½G:Jµ‚¾µ QLGm<9B=G<JWţ=BbKCML=ĪFGKL´ţ=rF9F;GNWFbRWCD9<Fb@GNŠRCMEMK=<bCQJ=>GJEıRÝJµ
}{{ƒKGMKLŏ=<ADG<GJMCGMJ9FLGN^9?=FLMJQµÝJG;=}{||:QDG<GK9ţ=FGHGEıJM}{¶ƒ{E=RA
rF9F;GNWFbEF9RWCD9<ıNQ@G<FG;=FbFWNJ@ŝHJGB=CLŝF=GJA=FLGN9F^@GNŠRCMEM9ÝHJG?J9EGNŠErF9F;GNWFbE´RÝĪ=@GţNÝKGMĪ9KF^EKQKL^EMNQHDŠNWAÝHG<G:FŠHGEıJHJGrF9F;GNWFbRWCD9<Fb@GN=JKMK9HDACGN9F^@GNŠRCMEMNÝFWJG<FbEmĪ=DGN^EN=ŏ=BF^ErF9F;GNWFbµGCME=FLQWJG<FbHGDALACQ99
HJGG:<G:b}{{„¦}{|€MRF9DQ´ţ=rF9F;GNWFbRWCD9<Fb@GNŠRCMEMB=
NŠRF9EFıFAţŒb´F=ţB=LGEMNÝBAFŠ;@R=Eb;@´9Ý<=CD9JGN9DQmEQKDRNŠŒALL=FLGHG<bD¦Hŏ=<=NŒbE
HJGKLŏ=<FA;LNbEmĪ=DGN^@GrF9F;GNWFbµ
~{
~|
~{
WNıJ=ĪFWRHJWN9|¦G<FG;=FbN=ŏ=BFŠ;@NŠ<9BŝF99NÝéHG<JG:FıBAHGHAKMB=JŝRF^CGEH=LALANFbHJG?J9EQ9ÝRG<HGNı<FGKLAEAFAKL=JKL=Nµ
AR;bDàÝ~§}WJG<FbHGDALACQNŠRCMEMF9D^L9}{{€¦}{{„
~|
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
Obrázek 7: DWFGN9F^JGR<İD=FbJGRHGĩLMmĩ=DGN^@GrF9F;GNWFbNJ¶}{|}µRWCD9<·|}µƒEAD¶ĩ
46
5
Zdroj: WNJ@KLWLFb@GJGRHGĩLMF999
HJGJGC}{|}§FWNJ@R}ƒ¶D=<F9}{||
:JµƒMC9RMB=´B9CK=HGEıJ;bD=F^@G9ÝAFKLALM;AGFWDFb@GrF9F;GNWFbDAŒbNÝB=<FGLDANŠ;@K=CLGJ=;@HJGNW<ıBb;b;@NŠRCMEµ=RAFWJG<FbKJGNFWFbLı;@LGĪbK=DB=G:LbţF^´HJGLGţ=B=FEWDGR=Eb
K@JGE9ţĮMB=G<HGNb<9Bb;b<9L9µG<bDmĪ=DGN^@GrF9F;GNWFbF9Ī=KCŠ;@MFAN=JRALW;@K=B=NbB9CG
B=<=FRÝF=BNQŒŒb;@NÝJGRK9@M´CL=JŠEŝţ=E=F9E=RAFWJG<FbmJGNFAKD=<GN9Lµ=<F9R=EıK=NŒ9C
NQEQCW´9LG=DCWßJALWFA=´C<=MFAN=JRALQRbKCWN9Bb;=DCGNıNb;=HJGKLŏ=<CŝG<J9<QHJGNŠRCME
F=ţRÝAFKLALM;AGFWDFb@GrF9F;GNWFbNŠRCMEMµ
L9LAKLACQHJG9JWE;GNıHGLNJRMBbLMLGKALM9;AHJGNQKGCGŒCGDKCŠK=CLGJµG<bDmĪ=DGN^@GrF9F;GNWFbĪ=KCŠ;@NQKGCŠ;@ŒCGDK=NÝE=RAFWJG<FbEEıŏbLCMHG@Q:MB=NÝ@GJFbĪWKLA
½G:Jµ„¾µ<WK=´ţ=K=HJGK9RMB=NQKG;=KGMLıţFb°9F?DGK9KCŠªEG<=DrF9F;GNWFb´CL=JŠK=DAŒbG<
NıLŒAFQCGFLAF=FLWDFb;@EG<=DŝR9DGţ=FŠ;@F9AFKLALM;AGFWDFbErF9F;GNWFbµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
Obrázek 8: GEİJAFKLALM;AGFWDFb@G9mĩ=DGN^@GrF9F;GNWFbNŞRCMEFŞ;@GJ?9FAR9;b¾Þß¿
47
Zdroj: è=KCŞKL9LAKLA;CŞmō9<
Obrázek 9: DW<FbrF9F;GNWFb·
FKLALM;AGFWDFbrF9F;GNWFbNK¶mĩ=DGN^rF9F;GNWFb¾}{{ƒ¿
³óCJMTj
Zdroj:¾}{|{¿
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
ŝRF^R=EıNGDbJŝRFGMJGNFGNW@ME=RAAFKLALM;AGFWDFbE9ÝmĪ=DGNŠErF9F;GNWFbENŠRCMEMµÝHJAF;AHMB=LGL9C´ţ=HJGB=CLGNıR9DGţ=FWKDGţC9R9@JFMB=KGMLıţ9ÝLM<bţN=<=C=CN9DALı
9ÝRWJGN=ʼnF9RF9ĪMB=;=KLMCÝF9KEıJGNWFbR<JGBŝKEıJ=ECÝ=P;=D=FLFbEMNŠRCMEMµ
FKLALM;AGFWDFb KDGţC9 HGKCQLMB= KL9:ADALM¶ MEGţʼnMB= JGR@G<GN9L GÝ Nı;=;@´ B9CG B= HGĪ=L 9Ý N=DACGKL NŠRCMEFŠ;@KM:B=CLŝ½F9HŏbCD9<F=EMKb:ŠLţW<GM;b´9:QN=ŒC=JŠNŠRCMENÝMJĪAL^EG:GJM:QD
HJGNW<ıF HGMR= F9 B=<FGE EbKLı¾´ HG<HGJMB= R9BAŒLıFb AF>J9KLJMCLMJQ 9Ý MEGţʼnMB= RBAŒŗGNWFb
9Ý:M<GNWFbC9H9;ALLbE´ţ=HGKCQLMB=R<JGB=´GÝCL=J^F=FbFMLFGKGMLıţALµ
GKLGM;b HGĪ=L R=Eb HGMţbNW KQKL^EQ rF9F;GNWFb NŠRCMEM HG<D= NŠCGFFGKLA ½¾µ QLG
KQKL^EQ9DGCMBbĪWKLF=:G½Rŏb<C9¾NŒ=;@FQAFKLALM;AGFWDFbR<JGB=N=KLŏ=<Fı<G:^E@GJARGFLM
F9RWCD9<ıNŠCGFFGKLA´L9Cţ=AFKLALM;AGFWDFbrF9F;GNWFbK=RWJGN=ʼnKLWNWCGEH=LALANFbEµAKLGJA;CŠNŠNGBB=L9CGNŠ´ţ=R=EıK=HGKGMN9BbG<|{{…AFKLALM;AGFWDFb@GrF9F;GNWFbC=CGE:AF9;A
AFKLALM;AGFWDFb@G9ÝHJGB=CLGN^@GrF9F;GNWFb9ÝF9CGF=;HŏAKLMHMBbCÝLGEM´ţ=ĪWKLAFKLALM;AGFWDFb@GrF9F;GNWFbB=R9DGţ=F9F9@G<FG;=FbNŠCGFFGKLAµÝ„{µD=L=;@K=NÝEFG@9R=Eb;@rF9F;GNWFbNQKGCŠ;@ŒCGDKCDW<9DGRÝ}{¦~{…HJGB=CLGN^@GrF9F;GNWFb´R:QL=C:QDHGCJQLAFKLALM;AGFWDFbErF9F;GNWFbE´9D=G<L^<G:QHG<bDHJGB=CLGN^@GrF9F;GNWFbNRJGKLD µ<WK=´ţ=°A<=WDFbª
CGE:AF9;=F==PAKLMB=·;bD=E:QF=BKHbŒ=EıDG:ŠLR9;@GNWFbJGNFGNW@QE=RAKGMLıţb´KL9:ADALGM
9ÝJ=KLJMCLMJ9DAR9;b´CL=JWR9BAŒŗMB=CN9DALM9ÝRWJGN=ʼnM<JţMB=mJGN=ʼn9ÝJ=D=N9F;ANŠRCMEMµJGB=CLGN^rF9F;GNWFbK9EGGÝKG:ıRHJ9NA<D9Hŏ=<KL9NMB=KEıKrF9F;GNWFbAFA;AGN9F^@GNŠRCMEFbCQ
½°R<GD9F9@GJMª¾9ÝHJG?J9EGN^@G½°K@GJ9<GDŝª¾µ
=RE=E=§DANÝmN9@MRWEıJHGMţbLĪ=KCŠRHŝKG:¦LRNµ=LG<ACM@G<FG;=Fb¦HJG9DGCGNWFb |{{… AFKLALM;AGFWDFb@G rF9F;GNWFb´ B= NA<ıL´ ţ= JGNFGNW@9 E=RA KAD9EA HG<HGJMBb;bEA
CN9DALM´KL9:ADALM9ÝJ=KLJMCLMJ9DAR9;AB=RLJ9;=F9´;GţHG<CGHWNWK;@GHFGKLKQKL^EMJ=9?GN9LF9
HGLŏ=:QHJŝEQKDM9ÝGKL9LFbKHGD=Ī=FKC^HGţ9<9NCQµ
~}
48
ĜkU@Ik<’/<?<KMJQâUFPHÂQâQJE<’DIJQ<>@
~¶~¶|LJMCLMJQōbR=Fb
ČbR=FbEK=JGRMEbB=<F9C=>=CLANFbAEHD=E=FL9;=KLWL=EHG<HGJGN9FŠ;@9C;b9ÝB=<F9CE9F9?=E=FLNŠRCMEM9ÝAFGN9;bGJ?9FAR9;=EA´CL=J^LbEHGNıŏADKLWLµÝDAL=J9LMŏ=GÝE9F9?=E=FLM
N=ŏ=BF^@GK=CLGJMK=MNW<b´ţ=°¸K=B=<FWGÝHŏbKLMH´NÝB=@GţJWE;ABKGMLJ9<AĪFb@J9FA;=E=RA
HGDALACGM9ÝN=ŏ=BFGMKHJWNGME^FıNŠRF9EF^9ÝB=FţMEGţʼnMB=HŏbEıBŒbM;@GH=FbN=DCŠ;@KG;AWDFb;@L^E9L´F=ţ:QLGEM:QDGNÝHŏbH9<ıLJ9<AĪFb@GmRC^@GHGB=LbN=ŏ=BF^KHJWNQµª ČbR=FbB=
KQKL^EGNWĪAFFGKL´NÝFbţ°¸@J9FA;=E=RAB=<FGLDANŠEAAFKLALM;=EAK=KLWN9BbE^FıNŠRF9EFŠEA
F=ţGLWRC9´B9C;=DŠKQKL^E>MF?MB=½F=:GK=D@WNW¾B9CG;=D=Cªµ9CK=NÝHŏbH9<ıŏbR=FbNÝG:D9KLA
NŠRCMEM9ÝAFGN9;bF=<bNWE=HGMR=F9HGDALACMB9CGL9CGNGM´9D=L9C^F9HJGHGB=FbB=<FGLDANŠ;@
9CL^Jŝ´CL=ŏb<G@JGE9<QNQLNWŏ=BbHJAGJALQ´KLJ9L=?A=´9CLANALQ9ÝNŠKD=<CQNŠRCMEM9ÝAFGN9;bµŝJ9RK=CD9<=F9HJG;=KNQLNWŏ=Fb9ÝAEHD=E=FL9;=HGDALACQKHbŒ=F=ţF9B=BbG:K9@µ
ČbR=FbEWN=JLACWDFb9Ý@GJARGFLWDFb<AE=FRAµ=JLACWDFb<AE=FR=R9@JFMB=ŏbR=Fb´C<QGJ?9FAR9;=F9MJĪAL^mJGNFAHGNıŏMB=GJ?9FAR9;AF9FAţŒbmJGNFAmCGDQ9ÝRHıLG<Fb<GKLWNWAF>GJE9;=µ
ÝHJ9PAHGLŏ=:MBbE=;@9FAKEQŏbR=FbAÝ@GJARGFLWDFb<AE=FRA´9:Q<GŒDGCÝHJGHGB=FbK;@GHFGKLA
KLJ9L=?A;CQHDWFGN9L9ÝRWJGN=ʼnNKLMHGN9LE=RANŒ=;@FQRmĪ9KLFıF^9CL^JQL9C´9:Q<G;@WR=DG
C=KD9<ıFb;bDŝµ°4KHıŒFWLNGJ:9HGDALACFGJEWDFıRF9E=FW<GK9@GNWFbCGEHJGEAKŝHJGKLŏ=<FA;LNbEGH9CGN9FŠ;@mHJ9NH=JKH=CLANQR9AFL=J=KGN9FŠ;@9CL^Jŝ9ÝKHGD=ĪF^LNGJ:QCGFK=FKMµª ČbR=FbL=<QF=RF9E=FWB=FK9EGLF^°ŏbR=Fbª´9D=L9C^NQLNWŏ=FbHJGKLGJMHJG<=:9LQHGLŏ=:F^
CÝNŠ:ıJMKHJWNF^@GKEıJMŏbR=Fb9Ý<GK9ţ=FbNŠKD=<F^@G´F9CGFK=FKMR9DGţ=F^@GRWN9RCMK=
NQ:J9FŠEKEıJ=ENQ<9Lµ
NŝJ;AHGDALAC9ÝGKL9LFb9CL^ŏAHGLŏ=:MBbHJŝ:ıţFıRbKCWN9LKLJ9L=?A;C^RF9DGKLAGÝAFGN9ĪFbE
KQKL^EM´9:QEG@DANQLNWŏ=LGL=Nŏ=F^KQKL^EQK;@GHF^F=B=FJ=9?GN9LF9NŠCGFFGKL´9D=L9C^
~~
~
~}
ß9J=F<N9F<=J=MD=F´Ȼ=àMKLJA9F;A=F;=MF<¶GN=JF9F;=9F<JG;=KK=K´FK;@=<=¶FAN=JKAL=ALO=FL=´}{{|
GDDALL´µ´ßGM;C9=JL´µ´M:DA;9F9?=E=FL=>GJE´àÝGEH9J9LAN=àF9DQKAK´P>GJ<FAN=JKALQJ=KK´}{{{
L=>9FM@DE9FF´MLMJ=?GN=JF9F;=G>AFFGN9LAGFHGDA;QAFMJGH=¦L@J==K;=F9JAGK´=K=9J;@GDA;Q´~{½}{{|¾´KLJµ„€~¦„‚
~~
~
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
MEGţʼnGN9L<9DŒbNŠNGBHGDALACQµı;GRÝLG@GK=MKCML=ĪʼnMB=:ıţFŠEA9CLANAL9EAAFGN9ĪFb;@9?=FLMJ9ÝHG<G:FŠ;@9CL^JM´CL=ŏbHŏAKN^HJW;AK@JGE9ţĮMBbAF>GJE9;=9ÝRCMŒ=FGKLAµ9DŒbRF9DGKLA
H9C HGKCQLMBb KH=;AWDFb KLM<A= ĪA mCGDQ B9CG BKGM >GJ=KA?@L 9Ý HDWFGNWFbµ G<FG;=Fb HŏAFWŒb NŠRF9EFGM RHıLFGM N9R:M KGMĪ9KFŠ;@ 9Ý EAFMDŠ;@ 9CLANALµ 9CLG K@JGEWţ<ıF^ HJNCQ HGKCQLMBb
R<JGB=AF>GJE9;bHJG<9DŒbLNGJ:MHGDALAC´R9LbE;GK;@GHFGKLKQKL^EM9ÝB=@GB=<FGLDANŠ;@9CL^Jŝ
NQMţbLLQLGAF>GJE9;=9ÝMRHŝKG:AL9ÝREıFALHG<D=FA;@HGDALACQNÝHJŝ:ı@MĪ9KMRWNAKbF=B=FF9
B=BA;@<GKLMHFGKLA´9D=R=BE^F9F9L9CGN^EMKHGŏW<WFbAFKLALM;b9ÝŏbR=Fb´CL=J^R9BAKLb=>=CLANFb
HJGHGB=FbRF9DGKLbKÝHGDALA;CGMHJ9Pbµ
ADF^ 9J?ME=FLQ HGMC9RMBb F9 HGLŏ=:M BAKL^ JGNFGNW@Q E=RA EAFAKL=JKLNQ 9Ý 9?=FLMJ9EA N=
K;@GHFGKL=;@NQMţbN9LKLJ9L=?A;CŠ;@RF9DGKLbµ9LGJGNFGNW@9
Ç
Ç
K HGBMB=AEHD=E=FL9;AHGDALACQNŠRCMEM9ÝAFGN9;bKÝHGDALA;CGMK>^JGM´
NQLNWŏbF9HıLbE=RAJŝRFŠEAmJGNFıEAHGDALACQ9ÝHJG?J9Eŝ´L9Cţ=HGDALACQ9ÝHJG?J9EQK=
F9NRWB=ERHG;@Q:ʼnMBb´
Ç R9JMĪMB=´ţ=EAFAKL=JKLN9°MEbF9CMHGN9LªHŏAF9KL9NGNWFbKEDMNGÝNŠCGFFGKLAK=KNŠEA
9?=FLQ´
Ç NÝ EGE=FLı Hŏ=F=K=Fb 9KH=CLŝ AEHD=E=FL9;= HGDALACQ F9 9?=FLMJQ KFAţMB= HGLŏ=:M´ 9:Q
EAFAKL=JKLN9EıD9CÝ<AKHGRA;AN=ŒC=J^RF9DGKLAµbEHW<=E<G;@WRbC=LNGJ:ıR<JGB=GH=J9LANFb;@RF9DGKLb´CL=JŠB=:DbRCGCGF=ĪFŠEMţAN9L=DŝEHGDALACQNŠRCMEM9ÝNŠNGB=9ÝCL=JŠ
Eŝţ=HGKCQLGN9LRF9DGKLA´B=ţF=BKGMHŏbEG<GKLMHF^F9EAFAKL=JKC^mJGNFAµ
WJG<Fb HGDALAC9 99
}{{„¦|€ KGMKLŏ=<AD9 AEHD=E=FL9;A HGDALAC 99
HG< ‚ EAFAKL=JKL=N
9Ý}9?=FLMJQ½J9FLGNGM9?=FLMJM9Ý=;@FGDG?A;CGM9?=FLMJM¾N=Nbŏ=´ţ=Hŏ=<;@GRbKQKL^E}}
JGRHGĪLGNŠ;@ C9HALGD N=<D CÝ JGRLŏbŒLıFGKLA 9Ý C= KL9NM´ C<Q EFG@G GJ?9FAR9;b HGKLJW<9DG K;@GHFGKL=>=CLANFıKHJ9NGN9LKNŝBJGRHGĪ=LMJĪ=FŠHJGmĪ=DGNGMHG<HGJMNŠRCMEMµà?=FLMJQ9ÝNıLŒAF9
EAFAKL=JKL=NHG<HGJMBb99
LNGJ:GMNŠRCMEFŠ;@HJG?J9EŝR9DGţ=FŠ;@F9HJGB=CLGN^KGMLıţAµ
ŠBAECGM B= AFAKL=JKLNG HJŝEQKDM 9Ý G:;@G<M´ CL=J^ BAţ Gr;AWDFı F=Fb RG<HGNı<F^ R9 mĪ=DGN^
rF9F;GNWFb´9D=KLWD=KHJ9NMB=<ŝD=ţALŠHJG?J9E´CL=JŠHG:ıţb<GJGCM}{|‚µıLŒAF9EAFAKL=JKL=N
F9<WD=JGR<ıDMB=AFKLALM;AGFWDFbHJGKLŏ=<CQNŠRCMEFŠEmKL9NŝE´CL=J^E9BbN=KN^?=K;Aµ
RFAC9Bb;bKLJMCLMJ9rF9F;GNWFbNÝé=KC^J=HM:DA;=´HGKL9N=FWF9J9FLGN^9Ý=;@FGDG?A;C^
9?=FLMŏ=9ÝF9ŏ9<ı<9DŒb;@KH=;A9DARGN9FŠ;@rF9FĪFb;@R<JGBŝ´B=HG<G:FW<NGMHADbŏGN^KLJMCLMŏ=HGMţbN9F^N=AFKCM9ÝNÝK=N=JKCŠ;@R=Eb;@µ=G:<G:FWHJ9PAEFG@9R=EbLbE´ţ=K=GHbJW
F9B=<F^KLJ9FıGÝNŠRCMEFGMJ9<M½J9FLGNGM9?=FLMJM¾´NÝFbţBKGMJGR@G<FMLbGÝrF9F;GNWFb
>9CLA;CQKNıŏ=F9<GJMCGMNı<=;C^CGEMFALQB9CGHŏbB=E;=´9ÝF9<JM@^KLJ9FıGÝAFGN9ĪFb9?=FLMJM½=;@FGDG?A;CGM9?=FLMJM¾´CL=JWHG<D^@WŒAJŒbKHGD=Ī=FKC^CGFLJGD=µ9CGN^MKHGŏW<WFb
EWKLWD=NıLŒbNŠRF9EAÝBAF<=N=KNıLı´9ÝLGAÝNÝ<G:ı´C<QR9ĪbFW:ŠLKLWD=B9KFıBŒb´ţ=B=HGKL9N=FG
F9KQKL^EMJGRDAŒGNWFb¦RWCD9<Fb@G9Ý9HDACGN9F^@GNŠRCMEM´rF9F;GNWFb?J9FLGNŠ;@HJGB=CLŝ
F=GJA=FLGN9F^@GNŠRCMEM9ÝHJG?J9EGN^@GrF9F;GNWFb¦B=@GţHD9LFGKLCD=KWµ9E=RAFWJG<Fb
mJGNFAK=EFG@GHGKCQLGN9L=DŝHG<HGJQNŠRCMEMKF9ţbNQHGŏW<9LKÝ@J9FA;=EALG@GLG<NGMHADbŏGN^@GHŏbKLMHM9ÝHŏ=CJGĪALB=@GJA?A<FbF9KL9N=FbHJGHGB=FbE?J9FLGN^@G9ÝHJG?J9EGN^@GHŏbKLMHMCÝrF9F;GNWFb9ÝR9N=<=FbECGE:AF9;=RWCD9<Fb@G´9HDACGN9F^@G9ÝAFGN9ĪFb@GNŠRCMEMµ
ÝHGKD=<Fb;@R@JM:9}{D=L=;@N=DCŠHGĪ=LR=EbMKL9NADHGJ9<FbNŠ:GJQF=:GJ9<QHG<G:F^
Ī=KC^
µG<FıRÝFA;@Ī=JH9DGAFKHAJ9;AN=rFKC^9<ıHJGNŠRCME9ÝAFGN9;=½Ȼ=AFFAK@
=K=9J;@9F<
FFGN9LAGFGMF;AD¾µ=FLGFWJŝKLB=RĪWKLAEGţF^NQKNıLDALKLWD=NıLŒbENDAN=E´
CL=JŠ EW NŠRCMEFW 9Ý AFGN9ĪFb HGDALAC9 F9 ŏ9<M K=CLGJŝ KHGD=ĪFGKLA´ 9Ý RĪWKLA L9C^ JGRŒbŏ=FbE
H=JKH=CLANQ°AFGN9ĪFb;@KQKL^Eŝª´CL=JWMRFWNWKQKL^EGNGMHG<KL9LMAFGN9;b´9ÝL=<QAÝHGLŏ=:M
CGGJ<AFGN9F^@GNDW<Fb@GHŏbKLMHMµ
:KW@D=BŒbHbK=EF^HJ9E=FQGÝLı;@LGJ9<W;@F==PAKLMBbF=:GF=BKGM<GKLMHF^´HJGLGK=EMKbE= KHGD=@FGML F9 F9ŒA Hŏ=<;@GRb HJW;A´ CL=JW K= NıFMB= <=NbLA J9<WE N= KNıLı µ 9<Q L^Eıŏ
Nţ<QR9@JFMBbB9CHGJ9<;=RÝHJŝEQKDM´L9CRÝ9C9<=EA;C^K>^JQµ9BbE9N^B=´ţ=HGMR=rFKCWJ9<9
R9@JFMB= K=CLGJ NŠRCMEFŠ;@ mKL9Nŝ´ 9Ý LG AÝ Hŏ=K B=@G HŏAJGR=FGM :DbRCGKL CÝ AFGN9ĪFbE HJG;=KŝEµ9<Q´CL=JŠEABKE=K=R9:ŠN9DA´F=B=NbRFWECQLG@G´ţ=:Q:QDQHGHD9LF^HGDALA;=µ=NÝFA;@
~€
~€
JACàJFGD<9Ý=JFGLMLK;@=FJ=AL=J´@AD=²KÝ9LAGF9D
FFGN9LAGFGMF;AD>GJGEH=LALAN=F=KK¶
FL=JAEàKK=KKE=FL9F<MLDGGC´9JAK¶´}{{„
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
49
R99F?9ţGNWF<GKL9L=ĪFıŒAJGCŠGCJM@9CL^JŝNŠRCMEM9ÝNQLNWŏbK=L9CF=MLJWDFb>hJMEHJG<AKCMKA¶HGCMKQKD=<GN9LND9KLFb´H9JLACMDWJFbRWB=EBKGMN=DEAJQ;@D=G<@9D=FQµ
ÝH=JKH=CLANQNDW<Q<9F^J9<QF9:bR=BbNGD:ME=RALŏ=EAEG<=DQ¶
Ç
G<=DKHGD=ĩF^@GHDWFGNWFb½9HGFKCG¾´N=CL=J^ENDW<9HGMţbNWJ9<MB9CGţLG>9CLA;C^
°@GJARGFLWDFbEAFAKL=JKLNGHJGAFGN9;=ª´NÝHG<KL9LıKL=BFŠERHŝKG:=E´B9CGHJŝEQKDGN^
KHGD=ĪFGKLAKL9NbHJGB=CLGN^LŠEQ´CL=J^KDMĪMBbDA<ARÝF=BJŝRFıBŒb;@G:GJŝµ
Ç GGJ<AF9ĩFbEG<=D½AFKCG´FARGR=EKCW´9CGMKCG¾´C<=mCGD=EJ9<QB=´9:QCGEMFACGN9D9@GJARGFLWDFı´F9HŏbĪRG<HGNı<FGKLEAEAFAKL=JKL=NL9C´9:Q<G;@WR=DGCÝ@9JEGFAR9;AHGDALACHG<HGJQAFGN9;b´9NŒ9C:=RLG@G´9:QL9LG@9JEGFAR9;=:QD9Nţ<QRWN9RFWµ
é=KCW
B=NÝL^LGC9L=?GJAAµ
Ç G<=DHGJ9<=FKC޽9F9<9´
JKCG´FARGR=EKCWà´ďNŠ;9JKCG´=DCWßJALWFA=¾´C<=NDW<9
HGRGJFıF9KDGM;@WJ9<WELŠC9Bb;bEK=NŠRCMEF^9ÝAFGN9ĪFbHGDALACQ´9D=F=;@;=:ŠLLıEALGJ9<9EAGE=RGNWF9µ
50
G<=DHDWFGNWFb9ÝCGGJ<AF9ĪFbEG<=DBKGMFWJGĪF^F9Ī9KEAFAKLJŝ9ÝHŏ=<HGCDW<9BbG<@G<DWFbF9HŏbĪHGDALA;CŠEAKLJ9F9EAHGN9ţGN9LF=Hŏ=LJţALıNŠRCME9ÝAFGN9;=R9@D9NFb9KH=CLQNDW<Fb
HGDALACQµ Œ=;@FQ RCGME9F^ J9<Q HŝKG:b NÝ KQKL^E=;@ KÝ NŠRF9EFŠE HG<bD=E <AKLJA:MGN9FŠ;@
KLJ9L=?A;CŠ;@RF9DGKLbN=KLWLFbĪWKLAAFGN9ĪFb@GKQKL^EMµGRF9E=FW´ţ=N=DCWĪWKLNQLNWŏ=Fb
FWKLJGBŝ9Ý<GCGF;=AÝNQLNWŏ=FbHGDALACK=<ıB=F9EAFAKL=JKLN=;@´NÝ9?=FLMJW;@9ÝF9<9DŒb;@mJGNFb;@°HG<ªmJGNFbJ9<QµŠ@G<GMB=NQMţALbHG<KL9LFıD=HŒb;@RF9DGKLbHGLŏ=:9ÝB=BA;@F9HDʼnGNWFb
F9FAţŒb;@mJGNFb;@KQKL^EM´9D=NQţ9<MB=LGN=DEA<G:JGMCGEMFAC9;AE=RAJ9<GM9ÝGJ?9FAR9;=EAHJ9;MBb;bEAF9°FAţŒb;@ªmJGNFb;@µ4Ī=DF^NQMţbNWFbRF9DGKLb<AKLJA:MGN9FŠ;@NÝKQKL^EMB=´
R<WK=´RÝN=DC^EbJQRWNAKD^F9NŠNGBAFıĪ=@G´;G:Q;@GEEG@DAGRF9ĪALR9°C9HALWDKHGD=Ī=FKCŠ;@
KbLbªµ
ÝHJŝRCMEMJ9<NQŒDGB9CGHGLŏ=:F^FWKD=<MBb;b¶
Ç
Ç
Ç
Ç
Ç
Ç
9<9HJGAFGN9ĪFbHGDALACM:QEıD9KDGMţALB9CGN=ŏ=BFıHŏbKLMHF^>hJME´NÝFıEţR9AFL=J=
KGN9Fb9CL^ŏA9ÝGKG:QKÝJGR@G<GN9;bHJ9NGEG;b<=:9LMBb9ÝB=ţGNDANʼnMB=KEıJQ<DGM@G<G:^
NŠRCMEF^9ÝAFGN9ĪFbHGDALACQµ9LGJGD=>hJ9:QEıD9:ŠL<GHDFıF9GÝ9CLANFb9CL^JQ§CGFRMDL9FLQµ
=BbKDGţ=Fb9ÝKL9LML:QEıDQ:ŠLL9CGN^´9:Q:QD9KHGD=Ī=FKCQ9ÝHGDALA;CQD=?ALAEFb9ÝLM<bţ
N=DEAG<GDFWHJGLAREıFWENDW<µıD9:QR9@JFGN9LNı<=;CGM9ÝL=;@FGDG?A;CGMG<:GJFGKLµ
9<9FıC<QEŝţ=B=<F9LB9CGJGR@G<ĪbGJ?WF9ÝHŏABbE9LJGR@G<FMLb´K=CL=JŠEAF=NŒA;@FA
KGM@D9KbµŝD=ţALŠE;bD=EB=NŒ9CNQLNWŏ=LCGFK=FKMKGÝLGE´B9CW:M<=HGDALAC9´9:Q:QDG
HJGR9AFL=J=KGN9F^9CL^JQHŏAJGR=F^<ıD9LNı;A´CL=J^BKGMNÝKGMD9<MKÝHGDALACGMµ
GMĪWKLb>MF?GNWFbJ9<QB=NQLNWŏ=L9ÝKHGBGN9LHGLŏ=:F^KLJ9L=?A;C^RF9DGKLA´CL=J^HGLŏ=:MB=CÝLGEM´9:QEG@D99F9DQRGN9LF=<GKL9LCQNÝAFGN9ĪFbEKQKL^EM9ÝF9NJ@GN9LRD=HŒ=Fbµ
G:QEıDG:ŠLKGMĪWKLbŒAJŒb@GK;@^E9LM<ıD:QKLJ9L=?A;CŠ;@RF9DGKLb´N=CL=J^EGKL9LFb
L9C^K@JGE9ţĮMBb9Ý9F9DQRMBb<9L99ÝHGMţbN9BbB=HJG9F9DŠRQHGDALAC9ÝB=BA;@Œbŏ=FbµQLNGŏ=F^9ÝK<bD=F^AF>GJE9;=:QEıDQ:ŠLNGDFıHŏbKLMHF^´9:QK=GÝFA;@EG@DG<=:9LGN9Lµ
9<9:QEıD9NQLNGŏAL<DGM@G<G:GMKLJ9L=?AAAFGN9ĪFb@GKQKL^EM´CL=JWK=F=LŠCWHGMR=
K=D@WFbKQKL^EM9ÝLJ@M´9D=L9C^KL9FGNMB=L=E9LA;C^HJAGJALQ´B=M;=D=FW´F9NJ@MB=9<=CNWLFbCGE:AF9;AHGDALAC9ÝKDGMţbCÝJ=<MC;A°<QF9EA;CŠ;@F=CGFRAKL=F;bªE=RA<DGM@G<G:ŠEA
CGFKL9FL9EANŠRCMEF^@G9ÝAFGN9ĪFb@GKQKL^EM9ÝCJWLCG<G:ŠEAH=JKH=CLAN9EAKNıL9HGDALACQµ
DbĪGNGM JGDb J9<Q B= CGGJ<AF9;=¶ N=JLACWDFb´ @GJARGFLWDFb 9Ý Ī9KGNWµ Ý EFG@9 R=Eb;@ CGGJ<AF9;= EMKb EbL AÝ J=?AGFWDFb <AE=FRAµ GGJ<AF9;= KDGMţb C= KFAţGNWFb F=KJGNF9DGKLb
9ÝJGRHGJŝNÝ;bD=;@E=RAHGDALAC9EA9Ý9CL^JQ´CÝ=>=CLANFbEMJGR<ıD=FbHJW;=NÝJWE;AKQKL^EMHG<HGJQ9ÝC=KFAţGNWFbJGRLŏbŒLıFGKLAmKADb9ÝHŏALGEMEGţʼnMB=RmĪ9KLFıFŠE9CL^JŝE
=>=CLANFıNQCGFWN9LKNGBAHJW;Aµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
Ç
9<9KAEMKbM<Jţ=LNWţFGKLHŏ=<N=ŏ=BFGKLb9ÝF9mJGNFb;@LNŝJ;ŝEbFıFbHJGH9?GNWFbE
<ŝD=ţALGKLANŠRCMEM9ÝAFGN9;b9ÝHJGC9RGNWFbEKN^@GND9KLFb@GHŏbFGKMµ
Ç ıD9:Q:ŠL<GKL9L=ĪFıF=RWNAKDWF9KQKL^EM´9:QEG@D9>MF?GN9LB9CG@Q:9L=DREıFµGţ
RF9E=FW´ţ=:QF=EıD9EbLţW<FŠBAFŠHJG?J9EF=:GGH=J9LANFb>MFC;=F=ţKNGBAG<HGNı<FGKLHG<HGJGN9L99
9ÝF=EıD9:QEbLRWB=ERbKCWN9LĪAMLJW;=LNŠRF9EF^HJGKLŏ=<CQ
HJGK=:=µ
Ç 9<9:QEıD9EbLB9KFı<=rFGN9FŠRHŝKG:CGEMFAC9;=KÝNDW<GM´9D=KHGʼnF9mJGNFAEAFAKLJŝ´9ÝLGL9C´9:QCGFCJ^LFbGKG:Q:QDQRG<HGNı<F^R9HŏAB=Lb½ĪAR9EbLFMLb¾9ÝAEHD=E=FL9;A
B=Bb;@J9<µGĪ9KLGRF9E=FW´ţ=FıCL=ŏbEAFAKLŏA:QEıDA:ŠLĪD=FQJ9<Qµ
ÝHGKD=<Fb;@D=L=;@é=KCWJ=HM:DAC9NQLNGŏAD9RWCD9<QHJGJ9<ACWDFbREıFMŏbR=FbNÝ G:D9KLA
KQKL^EM99
NÝHG<G:ıJ=>GJEQK;@NWD=F^NÝJG;=}{{ƒ9ÝFWKD=<F^WJG<FbHGDALACQNŠRCMEM´
NŠNGB=9ÝAFGN9;bF9D^L9}{{„¦}{|€µ
WJG<FbHGDALAC999
}{{„¦}{|€R9N=<D9NŠRF9EF^REıFQNÝŏbR=Fb¶
Ç
Ç
E=RAD99MLGFGEAAEAFAKL=JKL=NHŏA<=rFGNWFbKM:HJAGJAL9Ý=PHDA;ALFıB=R9ŏ9<AD9CÝHGKCQ
LGN9L=DŝE´B=BA;@ţmCGD=EB=HŏbEGAEHD=E=FLGN9LFWJG<FbHJAGJALQµ
QLNGŏAD9FGN^RWK9<QB9CHJGR9Eıŏ=FbHJAGJALFb;@G:D9KLb´L9CHJGHŏbKLMH´CL=JŠB=HGLŏ=:9HŏABEGMLHŏAKL9FGNGNWFbHJAGJAL´9ÝLbENQLNGŏAD9JWE=;HJGHŏbHJ9NF^9CLANALQ´CL=J^
:QEıDQ:ŠLAEHD=E=FLGNWFQNÝLGELGG:<G:bR9mĪ=D=E<AKCMK=GÝFGN^WJG<FbHGDALA;=
99
NÝG:<G:bHGJG;=}{|€9ÝHJG;=KMJGR@G<GNWFbGÝFbµGCME=FLHGDALACQKL9FGNAD´ţ=
CJAL^JAAHJG<=rFGNWFbHJAGJALFb;@G:D9KLb9:QEıDQ:ŠLHGLŏ=:QHJŝEQKDM9ÝHG<HGJ9
M<JţAL=DF^@GJGRNGB=½=CGFGEA;CW´KG;AWDFb9Ý=FNAJGFE=FLWDFb¾NÝG:GJ=;@´N=CL=JŠ;@EW
R=EıNŠRCMEF^C9H9;ALQµÝMţALbEGL=Nŏ=FŠ;@9ÝLJ9FKH9J=FLFb;@E=LG<9ÝR=BE^F9K=R9@JFMLbEMţAN9L=DŝNŠKD=<Cŝ9HGN=<GMF=RWNAKDb=PH=JLA>GJ=KA?@LGN^9CLANALQ9Ý:M<GM
KL9FGNGN9LHJAGJALFbG:D9KLAµGEHD=PFb9F9DŠR9HGL=F;AWDM99
é=KC^J=HM:DACQ:QEıD9
<G<9L<9DŒbKLJ9L=?A;C^RF9DGKLAµ
=CD9JGN9D9RWB=EHJGN^KLFGN^JGR<ıD=FbJGRHGĪLMF9RWCD9<ıNŠRF9EFGKLAHJAGJALFbG:D9KLAµ
bD=EB=KL9FGNALHJAGJALFbG:D9KLAR9EıŏMBb;bK=F9CGFCJ^LFbHJG:D^EQ9ÝR9@JFMBb;bB9C
RWCD9<Fb´L9C9HDACGN9FŠNŠRCMEµ
G<FG;=FbHJG?J9Eś:QEıDGR9MBEGMLNŠRF9EFGMJGDAB9CHŏAKHGMŒLıFbFGNŠ;@HJG?J9Eŝ´L9CHŏAKHJWNı9ÝREıFW;@KLWN9Bb;b;@HJG?J9Eŝµ
~
~‚
Ç
Ç
Ç
~ƒ
~„
{
GMĪ9KFWŏb<b;bKLJMCLMJ999
NÝé=KC^J=HM:DA;=B=RFWRGJFıF9F9G:Jµ|{µ
~
GDALAC9MNW<b´°
<=FLArCGN9F^HJAGJALQ:M<GMLJ9FK>GJEGNWFQ<GHJG?J9EŝmĪ=DGN^HG<HGJQ9HDACGN9F^@GNŠRCMEM´NŠNGB=9ÝAFGN9;b´CL=J^:M<GM
NQ@D9ŒGNWFQ=;@FGDG?A;CGM9?=FLMJGMé9Ý<9DŒbEAHGKCQLGN9L=DAN=ŏ=BF^HG<HGJQµ¸GKCQLGN9L=D^HG<HGJQ:M<GMEMK=LHŏAJGR@G<GNWFbGÝHG<HGŏ=9HDACGN9F^@GNŠRCMEMNQ;@WR=LRÝLı;@LGHJAGJALFb;@KEıJŝ¸9Eıŏ=FbHJG?J9EŝmĪ=DGN^HG<HGJQ9HDACGN9F^@GNŠRCMEM:M<=<ŝKD=<Fı
G<HGNb<9LHJAGJALWEJGRNGB=RF9DGKLFbKHGD=ĪFGKLA9ÝHGLŏ=:WEMţAN9L=DKC^K>^JQªµ
~‚
ıLŒAF9RÝLı;@LGmCGDŝB=R9@JFML9N=KLM<AA´CL=JW:QD9R9<WF9=CJ=L9JAWL=E
=;@FGDG?A;C^EM;=FLJMàµ
~ƒ
°ŏAKL9FGN=FbHJAGJAL9HDACGN9F^@GNŠRCMEM´NŠNGB=9ÝAFGN9;b:M<=RWJGN=ʼnG<:GJFŠERHŝKG:=ECN9FLArCGNWFG´B9CŠHG<bDN=ŏ=BFŠ;@rF9FĪFb;@
HJGKLŏ=<Cŝ:M<=NQĪD=FıFF9mĪ=DGNGMHG<HGJM9HDACGN9F^@GNŠRCMEM´NŠNGB=9ÝAFGN9;bNÝA<=FLArCGN9FŠ;@HJAGJALW;@µª
~„
JG;=KF9KL9NGNWFbHJAGJAL:QEıD°R9BAKLALN9R:MRWCD9<Fb@GNŠRCMEMF9<9DŒb>WR=AFGN9ĪFb@GHJG;=KM½9HDACGN9FŠNŠRCME´=PH=JAE=FLWDFbNŠNGB
9ÝJ=9DAR9;AB=BA;@NŠKD=<CŝNÝAFGN9;b;@¾´9ÝLGR=BE^F9NÝHJAGJALW;@G<HGNb<9Bb;b;@HGLŏ=:WEKHGD=ĪFGKLA9ÝRF9DGKLFb=CGFGEACQ鵪
{
°GN^HJG?J9EQmĪ=DGN^HG<HGJQ:M<GMNQ@D9ŒGNWFQ9ţF9RWCD9<ıNŠKD=<Cŝ<ŝKD=<F^=N9DM9;=Hŏ=<;@GRb;@HJG?J9Eŝ9ÝHG<D=B=BA;@HJŝ:ıţF^=N9DM9;=:M<GMLQLGHJG?J9EQ<WD=MKEıJʼnGNWFQF=:GEG<ArCGNWFQµ±
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
51
Obrázek 10: GMĩ9KFWōb<b;bKLJMCLMJ99Nè=KC^J=HM:DA;=
52
2CIRMPMTjTCĠCHLjTãXISKLj
GLQRGRSAC
(KOPFPÞAFLK`IKk
¡K?KALQ`Kk
°óBILQg¡K?KALQ`Kk
?MIFHLQ?KgEL5?5
2MLIÞ¡K?KALQ`Kk
JBUFK`NLÜKkOMLIÞMN`AB
&N?KPLQg¡K?KALQ`Kk
U`HI?ÜKkELQãUHÞJÞ
2MLIÞ¡K?KALQ`Kk
LMBN?óKkAE
MNLDN?JĪ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
9F=BNQŒŒbmJGNFAK=F9;@WRb
´CL=JWKL9FGNMB=N=ŒC=J^KEıJQ9ÝHJAGJALQF9HŏbĪWJG<FbEKQKL^E=ENŠRCMEM9ÝAFGN9;bµG<FbK=F9;@WR=BbEAFAKL=JKLN99Ý<Nı9?=FLMJQ½J9FLGNW
9?=FLMJ99Ý=;@FGDG?A;CW9?=FLMJ9¾´CL=J^BKGMRG<HGNı<F^R9AEHD=E=FL9;AHGDALACQ99
µ:ı
9?=FLMJQE9BbRÝE=RAFWJG<Fb@G@D=<AKC9<GKLF=G:NQCDŠKL9LML´HJGLGţ=K=F=RG<HGNb<9BbţW<F^EMEAFAKL=JKLNMµDW<9BE=FMB=B=BA;@ŏb<b;bGJ?WFQF9RWCD9<ıFWNJ@M9<Q´R9LbE;G9JD9E=FL
BE=FMB=B=BA;@CGFLJGDFbGJ?WFQµ
DW<9AÝH9JD9E=FLBKGM@DM:G;=R9HGB=FQ<GKGMĪ9KF^@GKQKL^EM99
µDW<9BE=FMB=¦F=:G
G<NGDWNW¦ĪD=FQ
9ÝK=CJ=L9JAWL
B=KGMĪWKLb4ŏ9<MNDW<Qµ
B=NÝé=KC^J=HM:DA;=F=BNQŒŒbEHGJ9<FbEGJ?WF=ENDW<QHJGNŠRCME´NŠNGB9ÝAFGN9;=9ÝKL9FGNMB=;=DCGN^KEıJQ9ÝHJAGJALQF9HŏbĪFWJG<FbEKQKL^E=ENŠRCMEM9ÝAFGN9;bµÝKGMĪ9KF^<G:ıEW|‚ĪD=Fŝµŏ=<KL9NAL=DNDW<Q´RHJ9NA<D9EAFAKL=JKCŠHŏ=<K=<9´B=Hŏ=<K=<GM
´ĪbEţR9BAŒŗMB=B=BbD=?ALAEALMµNıHGJ9<Fb
CGEAK=9ÝLŏAG<:GJF^Nı<=;CG§L=;@FA;C^CGEAK=HG<HGJMBbĪAFFGKL
´KL=BFıB9CGK=CJ=L9JAWL´
CL=JŠEW}{R9EıKLF9F;ŝ½NÝJG;=}{|{¾µ
AFAEWDFıR=KLJMCLMJFb@G@D=<AKC9NA<bE=RWN9ţFWGE=R=FbK;@GHFGKLb
NQCGFWN9LB=<FM R= KNŠ;@ CDbĪGNŠ;@ JGDb´ LBµ CGGJ<AF9;A NŒ=;@ 9CL^Jŝ HŝKG:b;b;@ NÝ G:D9KLA 99
¶ HJŝEQKDGNb
9CL^ŏABKGMR9KLGMH=FAHGMR=NÝGE=R=F^Ebŏ=9ÝB=FGEFıCL=ŏbRHJGKLŏ=<CGN9L=D^½<Nı9?=FLMJQ´
ď9ݾE9BbEGţFGKLmĪ9KLFALK=R9K=<WFb
B9CGHGRGJGN9L=D^µ
ÝHG@D=<ME=RAFWJG<Fb;@KL9F<9J<ŝEW
F=G:NQCDGMJGDANÝE9F9?=E=FLMNŠRCMEM9ÝNŠNGB=NÝR=EA¦EWL^EıŏJGDA>9CLA;C^@GEAFAKL=JKLN9HJGNŠRCMEµ9JGR<bDG<HG<G:FŠ;@J9<
NÝR9@J9FAĪb
L9C^R9KLWNWJGDAŏb<b;b@GGJ?WFM=;@FGDG?A;C^9ÝJ9FLGN^9?=FLMJQµGNFıţ
F=G:NQCDWB=RÝHG@D=<ME=RAFWJG<Fb;@KL9F<9J<ŝŒbŏ=B=Bb;@mDG@´CL=J^R9@JFMBbNŠNGB<DGM@G<G:^ KLJ9L=?A=´ EGFALGJGNWFb´ =N9DM9;A 9Ý JGR@G<GNWFb GÝ JGRHGĪLGNŠ;@ 9DGC9;b;@µ KL9LFb J9<Q
K= R9:ŠN9Bb FıCL=JŠEA RÝ Lı;@LG mDG@ NÝ G:=;F^ JGNAFıµ ;=FLJ9DARMB= NŒ=;@FQ LQLG 9CLANALQ
9ÝHŏ=:bJWLbERG<HGNı<FGKLR9EACJGE9F9?=E=FLµŠKD=<C=EB=´ţ=
KLWD=Nb;=Hŏ=:bJWJGDA
=P=CMLANFb@GGJ?WFMµGCD9<=N=DC^FWJGCQF9ĪD=FQ9<Q9ÝHGJ9<Fb;@CGEAKb¦9ÝF=BNb;=F9B=Bb
E9DŠK=CJ=L9JAWLµ
ıLŒAF9 DA<KCŠ;@ R<JGBŝ NÝ 9Ý NÝ B=BbE K=CJ=L9JAWLM K= NÝ KGMĪ9KFGKLA NQĪ=JHWNW HŏbHJ9NGM
FWNJ@MJGĪFb@GJGRHGĪLM99
9Ý<=rFGNWFbEE=LG<GDG?A=@G<FG;=FbµR@D=<=ECÝGE=R=F^EM
HGĪLM R9EıKLF9F;ŝ K=CJ=L9JAWLM EW 9<9 HG<KL9LFı GE=R=FGM AFL=JFb 9F9DQLA;CGM C9H9;ALM
9ÝHŏARbKCWNWFbKLJ9L=?A;CŠ;@RF9DGKLbB=N=DEARWNAKDWF9=PL=JFb;@=PH=JL=;@µ
~¶~¶}JG;=KQōbR=FbNG:D9KLA99
=FLJ9DARGN9FŠ 9Ý >GJE9DARGN9FŠ EG<=D ŏb<b HJG;=KQ LNGJ:Q HGDALACQ 9Ý B=Bb AEHD=E=FL9;= G<
JGCM}{{}´C<QRWCGFGÝHG<HGŏ=NŠRCMEM9ÝNŠNGB=KL9FGNADHJWNFbJWE=;LG@GLGHŏbKLMHMµbD=E:QDGRD=HŒALmĪAFFGKLKQKL^EMHG<HGJQ9HGEG;bNŠNGB=KHGD=ĪF^@GHDWFGN9;b@GHJG;=KM
9Ý AEHD=E=FL9ĪFb;@ HGKLMHŝ´ NĪ=LFı @G<FG;=Fbµ WKD=<Fı K= HJGB=NAD9 L=F<=F;= REıFAL L=FLG
RHGĪWLCM °EıCCŠª HŏbKLMH ¦ <G<WN9Bb;b KLJMCLMJM HJG HDWFGNWFb 9Ý AFL=JN=F;= @G<FG;=Fb ¦ F9
°LNJ<ŠªHŏbKLMH´LBµKÝ;bD=ERHıLFıHJGHGBALNŠKD=<CQHJG;=KŝLNGJ:QHGDALACQ9ÝB=BbAEHD=E=FL9;=KÝ9DGCGNWFbEJGRHGĪLM´R9DGţ=FŠEF9EQŒD=F;=G<EıʼnGNWFb<G:J^NŠCGFFGKLA9ÝLJ=KLWFbE
ŒH9LF^µŠKD=<C=EB=;=FLJ9DAR9;=¶HGKbD=FbŏbR=FbK@GJ99CLANAL99
rF9F;GN9FŠ;@F9FWJG<Fb
mJGNFA9ÝF9JŝKL9Bb;bCGFLJGD9RG<HGNı<FŠ;@9<EAFAKLJ9LANFb;@GJ?WFŝµ
ÝE=RAFWJG<FbHJ9P=MţALbAF<ACWLGJŝ9ÝNŠCGFFGKLFb;@KEDMNB9CGţLGFWKLJGBŝŏbR=FbNŠRCMEFŠ;@9CL^Jŝ9Ý9?=FLMJB=EGţF^MĪAFALRWNıJ´ţ=G:=;FıBKGM9CL^ŏA9Ý9?=FLMJQKGMĪWKLbŒAJŒb@GHJG;=KMHGKL9N=F^@GF9F=HōbE^EōbR=FbHGEG;b<A9DG?M9ÝHGMţbNWFb<AKLJA:MGN9FŞ;@KLJ9L=?A;CŞ;@
RF9DGKLbµÝLG@GLG<ŝNG<MB=R9HGB=FbR9AFL=J=KGN9FŞ;@9CL^JśN=DEA<ŝD=ţALŠEĪDWFC=EHJG;=KM
LNGJ:Q HGDALACµ A;E^Fı R9@JFMLb R9AFL=J=KGN9FŠ;@ 9CL^Jŝ F=Fb NÝ ţW<F^E HŏbH9<ı B=<AFŠE 9KH=CL=EKLJ9L=?A;CŠ;@RF9DGKLb´CL=J^B=Lŏ=:9<AKLJA:MGN9Lµ=RWK9<Fı<ŝD=ţAL^´9:Q9F9DQLA;C^C9H9;ALQ9ÝK;@GHFGKLNQLNWŏ=LKLJ9L=?A;C^RF9DGKLA9ÝF9KL9NGN9LHJG?J9EQ9ÝGKL9LFbAFL=JN=F;=:QDQ
HŏbLGEFQF9FıCGDAC9mJGNFb;@KQKL^EMµ=RAFWJG<FbRCMŒ=FGKLAL9C^MC9RMBb´ţ=RWCD9<=EHJG
=>=CLANALMHJG;=KMNQLNWŏ=FbHGDALACB=<G:J^HJGHGB=FbE=RAJśRFŞEAmJGNFİEAKLJMCLMJQŏbR=Fbµ
ßı@=EHJG;=KMLNGJ:QHGDALACHGMţbN9F^@GNÝé=KC^J=HM:DA;=NÝD=L=;@}{{ƒÃ}{{„:QD°N=JLACWDFbª <A9DG? GE=R=F¶ EAFAKL=JKLN9 :QD9 R9HGB=F9 <G <AKCMK= HGMR= NÝ HGKD=<FbE KL9<AM
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
53
54
JGR@G<GN9;b@GHJG;=KM9Ý:ı@=EK9EGLF^@GHJG;=KM:QD9R9@JFML9B=F<NıF=B<ŝD=ţALıBŒbEAFAKL=JKLN9´LBµAFAKL=JKLNGŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQ9ÝAFAKL=JKLNGHJŝEQKDM9ÝG:;@G<Mµ
ĠW<F^EAFAKL=JKLNGF=:QDGR9KLGMH=FGNÝ
´CL=JWK=R9:ŠN9D9J=>GJEGMRÝJGCM}{{ƒ9ÝKL9FGNGN9D9L=E9LA;C^HJAGJALQµ
JG;=KLNGJ:QHGDALACQHGMţbN9FŠNÝD=L=;@}{{ƒÃ}{{„K=MCWR9DB9CG=>=CLANFbRÝ@D=<AKC9MKL9N=FbCGFRAKL=F;=HGDALA;CŠ;@HJAGJALE=RA<=rFGN9FŠEAKLJ9L=?A=EAF9JŝRFŠ;@mJGNFb;@ŏbR=Fb
NÝG:D9KLA9½WJG<FbHGDALAC999
9ÝKLJ9L=?A;C^CGF;=HLQEAFAKL=JKL=N¾µ9JGR<bDG<G:=;F^@GHG;ALMLNŝJ;ŝHGDALACF9Œ=9F9DŠR9MCWR9D9<G:JGMCGFRAKL=F;AE=RAKLJ9L=?A=EAF9FıCGDAC9
mJGNFb;@ŏbR=Fb99
´;GţKNı<ĪbGÝLGE´ţ=EAFAKL=JKLN9E9BbNÝHJ9PAGÝ<GKLKADFıBŒb9F9DQLA;C^
C9H9;ALQ9ÝC9H9;ALQLNGJ:QHGDALAC´F=ţKAB=BA;@CJALA;AEQKDbµ
ÝHG@D=<M@GJARGFLWDFbCGGJ<AF9;=K=F9mJGNFA
B=NbKLMH=Ň<GK9@GNWFbCGFK=FKMHŏA
LNGJ:ıHGDALAC}{{ƒÃ}{{„E=RAR9AFL=J=KGN9FŠEA9CL^JQB9CGGE=R=FŠµ=NıLŒAFıHŏbH9<ŝK=<AKCMK=GE=RADQF9NQB=<FWNWFbE=RAAFKLALM;=EAµQHA;CQK=B=<F9DGGÝF=HŏbE^R9@JFMLbCGEMFAL
9CL^JŝHJGKLŏ=<FA;LNbEB=BA;@Hŏ=<KL9NAL=DŝNÝK9EGLF^
µÝD=L=;@}{{ƒÃ}{{„F=:QDQŒAJŒbR9AFL=J=KGN9F^CGEMFALQ<GHJG;=KMR9@JFMLQ9ÝF=CGF9DQK=ţW<F^N=ŏ=BF^CGFRMDL9;=R9@JFMBb;b
B=<FGLDAN^9CL^JQRÝNŠRCMEF^CGEMFALQµ
GRGJMB=E=´ţ=HG<G:F^K;@^E9K=GHıLG:B=NMB=HŏAKGMĪ9KF^EHJG;=KMF9KL9NGNWFbHJAGJAL´CL=JŠEWR9;bDKL9FGNALFGN^HJAGJALFbG:D9KLA½NQE=R=F^KHbŒ=HJG:D^EGNıF=ţL=E9LA;CQ¾
9ÝHŏ=JGR<ıDALJGRHGĪ=LF9RWCD9<ıJ=D9LANFb<ŝD=ţALGKLAFGNı<=rFGN9FŠ;@HJAGJALFb;@G:GJŝµ=DŠ
HJG;=KB=>9CLA;CQGNDW<WFNŠRCMEFGMCGEMFALGM9ÝHJŝEQKD9ÝNRL9@QKÝGKL9LFbEA9CL^JQNÝFıE
@J9BbB=FGE=R=FGMJGDAµ
:=;FıBKE=R9RF9E=F9DAE9DGMG;@GLMCÝGL=Nŏ=F^CGEMFAC9;AK=ŒAJŒbEKH=CLJ=ECGEMFAL 9CL^Jŝ 9Ý N=ŏ=BFGKLA GÝ <AKCMKb;@ NÝ µ HGDMHJW;= E=RA G<:GJFŠEA CGEAK=EA´ CL=J^ BKGM
HGJ9<FbEA GJ?WFQ ´ 9Ý K9EGLFGM B= G:LbţFW¶ BKGM R<= B9KF^ RFWECQ F=KHGCGB=FGKLA
9Ý>JMKLJ9;=F9G:GMKLJ9FW;@µ
9JGR<bDG<
BKGMF9mJGNFAEAFAKL=JKL=N9Ý9?=FLMJ9CL^ŏAR9@JFMLAB9C<GHJG;=KMLNGJ:Q
HGDALACQ´L9C<GHJG;=KME9F9?=E=FLMHJG?J9EŝµGNŠNGB=CGF;=HLŝ9ÝHJG?J9Eŝ:QDA9CL^ŏAR9HGB=FAF=HŏbEGHŏ=KEAFAKL=JKC^HGJ9<FbGJ?WFQ´9D=N=NıLŒAFıHŏbH9<ŝL9C^AÝHŏbEGµGR<ıD=Fb
HJW;=´CL=J^:QDGHŏAB9LGHŏAF9KL9NGNWFbKLJ9L=?A;CŠ;@CGF;=HLŝ9ÝHJG?J9Eŝ´K=DAŒADGEAFAKL=JKLNGG<EAFAKL=JKLN9´NÝFWN9RFGKLAF9JGDA´CL=JGMNÝC9ţ<^ERÝFA;@HGJ9<FbGJ?WFQLJ9<AĪFıE9Bbµ
9ŒARNDWŒLFbHGRGJFGKLNR:M<AD9<NıEAFAKL=JKLN9KÝ=D=E=FLWJFıJGR<bDFŠEHŏbKLMH=E¶AFAKL=JKLNGR<J9NGLFA;LNb´CL=J^HJG;=KNÝHG<KL9Lı<=D=?GN9DGF9R9AFL=J=KGN9F^CGEMFALQKÝHGMR=
EAFAEWDFbER9HGB=FbEEAFAKL=JKCŠ;@R9EıKLF9F;ŝ´9ÝAFAKL=JKLNGHJŝEQKDM9ÝG:;@G<M´CL=J^
K=KHGD=@DGNŠDMĪFıF9ND9KLFbNFALōFb=PH=JLFbRF9DGKLA¶
ıCGDACEAFAKL=JKL=NL9C^Hŏ=<N=<DGE=RAJ=KGJLFbKHGDMHJW;AHŏAF9NJ@GNWFbKNŠ;@CGF;=HLŝ
9ÝHJG?J9Eŝµ9RF9E=F9DABKE=NRJŝKL9Bb;bLJ=F<L^LGKHGDMHJW;=´CL=JWKACD9<=R9;bDD=HŒbCGGJ<AF9;ArF9F;GNWFbNŠRCMEM9ÝRWJGN=ʼnD=HŒbFWN9RFGKLrF9F;GN9FŠ;@NŠRCMEFŠ;@9CLANALF9
HGLŏ=:QCGEMFALMţAN9L=DŝEAEGLJ9<AĪFbG:D9KLAµ
L=BFıL9CKANıLŒAF9EAFAKL=JKL=NR9<9D9KLM<A=F9HG<HGJMLNGJ:QKN^HGDALACQ´9D=G<C9RQF9
EAFMD^HJG?J9EQK=R9EıŏADQKHbŒ=F9G:=;F^°RCMŒ=FGKLARÝEAFMDŠ;@HJG?J9EŝªF=ţF9KH=;Ar;C^@G<FGLb;bKLM<A=µ
~¶~¶~QLQĩGNWFbHJG?J9Eś
=OM:DA;9F9?=E=FL½F9KDMţ:MGJA=FLGN9F^ŏbR=FbN=ŏ=BF^KHJWNQ¾K=<ŝD=ţALŠERHŝKG:=E HJGB=NAD N= rF9F;GNWFb AFGN9;b 9Ý NŠRCMEM LbE´ ţ= :QDQ NQHJ9;GNWFQ HJG?J9EQ NŠRCMEM
9ÝAFGN9;bHJGKHGD=Ī=FKC^9Ý@GKHG<WŏKC^;bD=µNŝJ;AHGDALAC½F=BĪ9KLıBAF9EAFAKL=JKLN=;@¾NÝHG<KL9LıK=HAKMBbNŠCGFFGKLFbKEDGMNQKÝE9F9ţ=JQHJG?J9Eŝ´CL=ŏbHŏ=:bJ9BbJGDA9?=FLśNÝHJG;=KM
HDFıFbHGDALA;CŠ;@;bDŝµ9F9ţ=ŏAHJG?J9EŝR=KN^KLJ9FQMR9NbJ9BbNŠCGFFGKLFbKEDGMNQKÝ9CL^JQ
HJGB=CLŝµR@D=<=ECÝLGEM´ţ=E9F9ţ=ŏAHGLŏ=:MBb<9F^9CL^JQHJG<GK9ţ=FbHGDALA;CŠ;@;bDŝ´
EbN9Bb9CL^ŏAĪ9KLG<ŝD=ţAL^KDGNG½9ÝFıC<Q<GCGF;=AÝCGFLJGDM¾HŏAJGR<ıDGNWFbHJGKLŏ=<Cŝ F9
|
|
==A=LE9JßJ9MF´@G?GN=JFKAFL=JE=<A9JQ9?=F;A=K¹JAF;AH9D§9?=FLJ=D9LAGFKAFJ=K=9J;@HGDA;QE9CAF?´GMJF9DG>M:DA;GDA;Q´|~½}¾´
|„„~´KLJµ|~€¦|}
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
mJGNFAHJG?J9EŝµGLGHD9LbR=BE^F9NÝ?J9FLGNŠ;@9?=FLMJW;@rF9F;MBb;b;@RWCD9<FbNŠRCME´
9D=L9C^<GRF9ĪF^EbJQNÝ9?=FLMJW;@AFGN9ĪFb;@µŏ=KLGţ=L=FLGRHŝKG:>9CLA;C^@GGNDW<FMLb
9?=FLŝ HŏbB=E;A F=Fb ND9KLFb HGMR= G:D9KLA rF9F;GNWFb NŠRCMEM 9Ý AFGN9;b´ B=<FW K= GÝ EAEGŏW<FıKADFGM;@9J9CL=JAKLACML^LGG:D9KLAµÝLG@GHDQF=´ţ=MN=<=F^AFKLALM;=EMKb:ŠLGL=Nŏ=F^
9ÝLJ9FKH9J=FLFb9ÝEMKbEbLKQKL^ECGFLJGDQ9ÝNQN9ţGNWFb´9:QG<J9RGN9DQG<;@GNWFbR9Eıŏ=F^@GF9ND9KLFbHJGKHı;@µ
GMĪWKLb9M<ALM:QDGL9C^HJGNıŏ=FbRHŝKG:M´B9CŠECDbĪGNWEAFAKL=JKLN99Ý9?=FLMJQKL9FGNMBb
JGRHGĪ=LKN^@G9´9ÝKJGNFWFbB=BA;@HGKLMHŝKÝGKNı<Ī=FGME=RAFWJG<FbHJ9PbµD=F9Œ=@G@G<FG;=FbRWCGF=EF9KL9N=F^HGKLMHQG:=;FıNR9LGG<JWţ=BbG:NQCDGME=RAFWJG<FbHJ9PANÝRWCD9<Fb;@HJAF;AH=;@HŏbKFGKLA´LJ9FKH9J=FLFGKLA´G:B=CLANALQ´KHJ9N=<DANGKLA9Ý=>=CLANALQµ9RF9E=F9DA
BKE=KHJWNF^HGKLMHQR=BE^F9N=RB=<FG<MŒGNWFb9ÝJ9;AGF9DAR9;AHGKLMHŝF9HŏbĪHGKCQLGN9L=DA
9ÝNÝEbŏ=LJ9FKH9J=FLFGKLAB9CHGKLMHŝ9ÝCJAL^JAbNŠ:ıJMHGMţbN9Bb;b;@HG<WNWFbFWNJ@ŝGFDAF=´
L9CNŠ:ıJM@G<FGLAL=Dŝµ:=;FıNR9LGBKGMR9EıKLF9F;ARCMŒ=Fb9ÝCGEH=L=FLFbN=rF9F;GN9F^
G:D9KLA NŠRCMEMµ A;E^Fı >9CL´ ţ= KL9F<9J<Q NŠCGFFGKLA BKGM D=?AKD9LANFı R9CGLN=FQ´ R9LbE;G
D=?AKD9LANFıKL9FGNALK;@GHFGKLARmĪ9KLFıFŠ;@DA<bB=<9D=CGKDGţALıBŒb´NQNGDWNWG:9NM´ţ=ŏbR=Fb
9?=FLMJ9EA K= R9EıŏMB= R=BE^F9 F9 HJG;=K F9 mCGJ K;@GHFGKLbµ G:ŏb HGKCQLGN9L=D^ HJ9;MBb
<G:ŏ=´HJGLGţ=CN9DALFbDA<^NQMţbN9BbGKNı<Ī=FŠ;@HJG;=KŝHJGEQŒD=FŠERHŝKG:=EµGM@W<=rFA;=ĪAD=?AKD9LANFbMCGLN=FbHGMţbNWFb<G:J^HJ9P=F=N=<=K9EGGÝKG:ıCÝHGRALANFbENŠKD=<CŝEµ
=<AF^ EAFAKL=JKLNG´ C<= K= NQKCQLDQ HJG;=KFb GLWRCQ´ :QDG AFAKL=JKLNG R<J9NGLFA;LNb´ 9Ý LG
N= NRL9@M CÝ LJ9FKH9J=FLFGKLA 9Ý KHJ9N=<DANGKLA HGKLMHŝµ ŝţ= LG KGMNAK=L K= <NıE9 RWK9<FbEA
G<DAŒFGKLEAHGKLMHŝLG@GLGEAFAKL=JKLN9N=KJGNFWFbKÝHGKLMHQAEHD=E=FLGN9FŠEAGKL9LFbEA
EAFAKL=JKLNQ¶HGKLMHQHŏABE=FGNWFb=PH=JLŝ9ÝLJ9FKH9J=FLFGKL@G<FGLb;b;@CJAL^JAb´F9FA;@ţB=
HGKL9N=FGNQ@G<FG;GNWFbµ
9DŒbEN=DCŠEJGR<bD=EE=RAAFAKL=JKLN=ER<J9NGLFA;LNb9ÝGKL9LFbEAEAFAKL=JKLNQB=JGR<ıD=FbHJW;=F9KHJWNıHJG?J9EŝµAFAKL=JKLNGR<J9NGLFA;LNbLMLGĪAFFGKLHDFı<=D=?MB=KN^
FL=JFb
?J9FLGN^9?=FLMŏ=´CL=JWB=K9EGKL9LFŠEKM:B=CL=EG<<ıD=FŠEG<G<:GJM9EAFAKL=JKLN9µ
ßıţFGM HJ9Pb F9 GKL9LFb;@ EAFAKL=JKLN=;@ B= MKL9N=Fb HJG?J9EGN^@G NŠ:GJM´ CL=JŠ R9@JFMB=
B9C=PH=JLQRÝŏ9<R9AFL=J=KGN9FŠ;@9CL^Jŝ´L9CEAFAKL=JKC^mŏ=<FbCQµ9LGKHGDMHJW;==PH=JLŝ
KÝmŏ=<FbCQN=DEAMKF9<ʼnMB=9ÝHGKADMB=KLJ9L=?A;C^RF9DGKLAEAFAKL=JKCŠ;@G<:GJŝµ
J9FLGNW 9?=FLMJ9 B= NŠCGFFW 9Ý =>=CLANFb 9Ý M<JţMB= N=DEA LJ9<AĪFb HŏbKLMH C= KN^ >MFC;A
°NŠRCMEF^ J9<Qªµ Ý CGFL=PLM LG@G´ ţ= <ŏbNıBŒb HGKLMHQ rF9F;GNWFb :QDQ HGN9ţGNWFQ R9 KN^NGDF^ F=:G HG<D^@9Bb;b °NDANŝEª´ B= K9EGRŏ=BEı N=DEA <ŝD=ţAL^ EbL F9KL9N=FQ HJG;=KQ´ CL=J^
F=BKGMHGMR=KHJ9N=<DAN^´9D=L9C^LJ9FKH9J=FLFb9Ý°F9HJGKLGĪAKL^ªµ=<AFGMF9ŒbG:9NGM:QDG´
ţ=KLJACLFb9ÝLJ9<AĪFbNQDGMĪ=FbR9EıKLF9F;ŝRÝHJG;=KMJGR@G<GNWFbEŝţ=N^KLC=CGFR=JN9LANFbEJGR@G<FMLbE´CL=JWAFGN9LANFbĪAAFL=J<AK;AHDAFWJFbFWNJ@QNQKL9NMBbJARACM´ţ=K=F=N=B<GM
<GţW<F^°ŒC9LMDCQªµÝL^LGKGMNAKDGKLABKE=K@D=<9DA´ţ=FıCL=J^<9DŒbNŠRCMEF^J9<Q¦F=BNb;=
9LAGF9D;A=F;=GMF<9LAGF¦HGKCQLMBbHJG?J9EGNŠEmŏ=<FbCŝENıLŒbEGţFGKLHGEW@9L
A<=FLArCGN9LEGţFGKLArF9F;GNWFbL9CGNŠ;@FWNJ@ŝ9ÝL9C^Ī9KLGNQ:bR=LCÝFWNJ@ŝENÝG:GJ=;@
K=KH=;AWDFbENŠRCMEFŠERWBE=E:=RLG@G´ţ=:QLbEG:;@WR=DACGEAK=KDGţ=F^RÝ9C9<=EA;CŠ;@=PH=JLŝµ
=;@FGDG?A;CW9?=FLMJ9B=F9R9ĪWLCMKN^ĪAFFGKLAµ9CGNÝHŏbH9<ıJ9FLGN^9?=FLMJQBbRWCGFMJĪMB=EFG@GKL9F<9J<ŝĪAFFGKLAµàéEWE9DŠ9ÝED9<Š9H9JWLKÝGE=R=FŠEARCMŒ=FGKLEARÝHJŝEQKDMF=:GKÝL=;@FGDG?A;CŠENŠRCME=E9ÝAFGN9;=EAµÝLGELGKEıJMR<==NA<=FLFı
=PAKLMBbEGţFGKLAHGKbD=FbH=JKGFWDMµÝKGM@D9KMKÝEG<=D=EK=N=JKCŠ;@AFGN9ĪFb;@9?=FLMJEW
=;@FGDG?A;CW9?=FLMJ9<Nı@D9NFbHGKDWFb¶R9HJN^rF9F;GN9L9CLANALQNŠRCMEM9ÝAFGN9;b´CL=J^
:QK=F=MKCML=ĪFADQB=FRÝHG<FıLMLJ@M¦B=<FWK=L=<QGÝCGEH=FR9;AK=D@WFbLJ@MKCJR=ŒAJGCŠ
:9DbCHGDALAC·R9<JM@^HG<Fı;GN9LHGLŏ=:F^KLJMCLMJWDFbREıFQ9ÝHG<HGJGN9LRWB=EGÝFGN^9ÝJG<b;bK=L=;@FGDG?A=µ
Q:M<GN9L =;@FGDG?A;CGM 9?=FLMJM RÝ FAĪ=@G B= N=DEA HJ9;FW RWD=ţALGKLA´ R=BE^F9 HGCM<
N=RE=E=NÝHGL9RŒAJGCGMŒCWDMB=Bb;@R9EŠŒD=FŠ;@ĪAFFGKLb´HGLŏ=:MF9:J9LCGEH=L=FLFbDA<A´
RÝFA;@ţEFGRb:QEıDA:ŠLG<:GJFbCQNÝL=;@FGDG?Ab;@´9ÝHGţ9<9N=C´9:QB=BbR9EıKLF9F;AEıDA
F=:G KA :QDA K;@GHFA NQ:M<GN9L HGRA;A E=RA CDA=FLQ 9Ý R9AFL=J=KGN9FŠEA KCMHAF9EAµ à?=FLMJ9
NQLNGŏAD9B=<FG<MŒbHJG?J9EQF9JGRB=R<9ÝRHJ9;GNWNW<9DŒb´HŏAĪ=EţHŏ=NWţFıHGMţbNWR9@J9FAĪFbEG<=DQµàD=HJG:D^EQHJ9CLA;C^@GJWRMHŏAJGRB=R<MFGN^9ÝKGrKLACGN9F^GJ?9FAR9;=BKGM
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
55
L9CGN^@GJWRM´ţ=B=Bb:M<GNWFbEŝţ=:ŠLHGMR=HGRNGDF^µGMĪ9KFWKALM9;=àéKHGDMKÝLbE´
;GNbE=GÝG:<G:FŠ;@9?=FLMJW;@NÝR9@J9FAĪb´N=<=CÝFWKD=<MBb;bE<GHGJMĪ=FbE¶
Ç
Ç
Ç
Ç
Ç
56
Ç
Ç
Ç
Ç
Ç
GD=9Ý9CLANALQ9?=FLMJQK=:M<GMHJ9N<ıHG<G:FıEıFALNÝĪ9K=´L9Cţ=RWCGFF^R9CGLN=Fb
àé:QEıDG:ŠL<GKL9L=ĪFıs=PA:ADFbF9LG´9:QLQLGREıFQEG@DQHJG:ı@FGMLµ
àé:QEıD9EbLCÝ<AKHGRA;AAFL=JFb9F9DQLA;CGM9ÝKLJ9L=?A;CGMKCMHAFMK;@GHFGMHJGNıŏALHGLŏ=:MRWK9@ŝ´HDWFGN9LB=9ÝAFL=?JGN9LB=<GKLJ9L=?A=9?=FLMJQµ
<Qţ K= HJG?J9EQ :M<GM <GLŠC9L CGFCJ^LFb;@ KCMHAF 9CL^Jŝ´ B9CG F9Hŏµ HJŝEQKDGNŠ;@
G<NıLNb´LQLGKCMHAFQ:QEıDQ:ŠLR9KLGMH=F^HŏAHJG;=KMLNGJ:QHG<D=K=N=JKC^@GEG<=DMµà:KLJ9CLFıBŒbKLM<A=´B9CGF9HŏµLNGJ:9>GJ=KA?@LM´EG@GM:ŠLMţAL=ĪF^´9D=F=EG@GM
:ŠL<GKL9L=ĪFGMFW@J9<GMHJ9CLA;CŠ;@RF9DGKLb9CL^Jŝµ
ŏALNGJ:ı9Ý:ı@MHJG?J9Eŝ:Q<Gŏb<b;b;@NŠ:GJŝEıDA:ŠLR9HGB=FAR9AFL=J=KGN9Fb9CL^ŏA
K=RF9DGKLEA99ÝHJŝEQKDGNŠ;@HGLŏ=:RÝ<9FŠ;@G:GJŝµ
ÝEAFAKL=JKLNQ´CL=JWBAţF=E9BbKN^JGRHGĪLQF99´B=HGLŏ=:9NQNAFGMLHJG;=K°EıCC^@G
ŏbR=FbªR9DGţ=FŠF9<A9DG?ML9C´9:QB=BA;@HGLŏ=:Q:QDQ:JWFQNÝmN9@M9Ý9:QBAE:QDMEGţFıFHŏbKLMHCÝHG<bDMJGRHGĪLM´CL=JŠG<HGNb<WF9HDFıFbB=BA;@HGLŏ=:µ
à?=FLMJ9:QEıD9NQNAFGMLKL9F<9J<FbHJG;=KHJGEGFALGJGNWFbHJŝ:ı@MHJG?J9EMHGDALA;CŠE;QCD=EµGR9@JFMB=<G@G<FML^HJAF;AHQF9KL9N=FbHJG?J9Eŝ´<G@G<MGÝEGFALGJGN9;b;@HGLŏ=:W;@HJGC9ţ<ŠK9EGKL9LFŠHJG?J9E9ÝHJGHGB=FbLı;@LGHGLŏ=:K=KL9F<9J<FıKD=<GN9FŠEAAF<ACWLGJQµ
9ţ<ŠHJG?J9E:QEıDEbLKL9FGN=FGM<^DCMLJNWFb½NÝRWNAKDGKLAF9;@9J9CL=JMHJG?J9EM¾
9ÝHDWFB9C>GJE9LANFb@G´L9CKME9LANFb@G@G<FG;=FbNŠKD=<Cŝ´<GH9<ŝ9ÝKL=BFıL9CAÝNŠKLMHŝµ
à?=FLMJ9:QK=EıD9KF9ţALNQN9JGN9LE=;@9FA;C^@GCGHbJGNWFbR9@J9FAĪFb;@HJG?J9Eŝ´
9ÝF9GH9CHJGN^KLHJŝRCME9Ý9F9DŠRM´9:QEG@D9MJĪAL´B9CG:=;F^LQHQHJG?J9EŝEG<ArCGN9L9ÝNQMţbLNÝĪ=KC^ECGFL=PLMµ
=DCWĪWKLRF9DGKLb´CL=J^KAàéHGLŏ=:MB=NQ:M<GN9L´BAţ=PAKLMB=:MĮNÝF=HK9F^´F=:G
NÝGr;AWDFb>GJEıMÝBAFŠ;@=NJGHKCŠ;@AFGN9ĪFb;@9?=FLMJµà?=FLMJ9:QEıD9E9PAEWDFı
NQMţbLKbŗà
´9:QCÝFAERbKC9D9HŏbKLMHµ
Q;@DŠmKHı;@B=<ŝD=ţALŠHJG:M<GNWFbJ=HML9;=9?=FLMJQ9Ý<ŝNıJQNÝFbµJGLG:QK=EıD9
9?=FLMJ9R9EıŏALF=B<ŏbN=F99CLANALQ´CL=J^HŏAF=KGMJQ;@DŠ9ÝRŏ=L=DFŠHŏbFGKµ
~¶~¶LJ9L=?A;C^RF9DGKLA
=<FbERÝ@D9NFb;@HJG:D^Eŝ´CL=J^NQCJQKL9DARGN9DQRÝF9Œb9F9DŠRQ´B=RbKCWFb9ÝNQMţALbKLJ9L=?A;CŠ;@RF9DGKLb´9ÝLGNĪ=LFıB=BA;@NQ@G<FG;=Fbµ9J=?AKLJGN9DABKE=RWK9<FbE=R=JQNÝKGM:GJM KLJ9L=?A;CŠ;@ AF>GJE9;b´ CL=J^ LNŝJ;A HGDALAC EıDA CÝ <AKHGRA;A NÝ D=L=;@ }{{ƒÃ}{{„µ PAKLGN9D
KGM:GJKL9LAKLA;CŠ;@9Ý9F9DQLA;CŠ;@HG<CD9<GNŠ;@KLM<Ab´CL=J^HGKCQLGN9DQAF>GJE9;=LŠC9Bb;b
K=K=D@WFbKQKL^EM99ÝAFGN9;b·K=D@WFbKHGB=FWKÝFWJG<FbEŏbR=FbEHG<HGJQ9NQHDQFMD9
RÝEGFALGJAF?MAEHD=E=FL9;=WJG<FbHGDALACQ9ݦR=BE^F9¦WJG<Fb;@NŠRCMEFŠ;@HJG?J9Eŝµ
A;E^Fı9F9DQLA;CWĪWKLLı;@LGKLM<Ab:QD9F=<GKL9L=ĪFW´9Ý;GB=<ŝD=ţALıBŒb´9F9DŠR´CL=J^ŒDQ<G
@DGM:CQKQKL^EGNŞ;@HōbĩAFLı;@LGK=D@WFb´:QDGN=DEAEWDG9ÝKLM<A=´CL=J^:Q9F9DQRGN9DQ>9CLGJQR9HŏbĪAʼnMBb;bmKHı;@ĪAK=D@WFbHŏ=<;@WR=Bb;b;@HGDALA;CŞ;@AFL=JN=F;bRÝ@D=<AKC9<GK9ţ=F^@G
<GH9<M9ÝL9CMEGţʼnGN9DQHGMĪALK=´NÝHG<KL9LıF==PAKLGN9DQµ
GFRMDL9;=KÝ9CL^JQ´B=BbEţRWK9<FbEJQK=EB=mĪ9KLCDbĪGNŠ;@R9EıKLF9F;ŝEAFAKL=JKCŠ;@
G<:GJŝ´HGKCQLMB=<ŝD=ţALGMHŏbD=ţALGKLHJG:M<GNWFb<AKLJA:MGN9FŞ;@KLJ9L=?A;CŞ;@RF9DGKLb´LBµ
Hŏ=FGKK=CLGJGNŠ;@RF9DGKLbG<9CL^JŝKEıJ=ECÝE9F9ţ=JŝEAFKLALM;AGFWDFb;@HJG?J9Eŝ´;Gţ
B=RWK9<FbE>9CLGJ=EHJGNŒ=G:=;FGM=>=CLANALM9ÝNŠCGFFGKL9<EAFAKLJ9;=HG<HGJQ9µAKLJA:M;=Lı;@LGRF9DGKLbK=B=ŒLıNb;=HJGK9RMB=NÝHGKLMHM´CL=JŠEAFAKL=JKLN9AEHD=E=FLMBbNÝJWE;A
E9F9?=E=FLMHJG?J9Eŝ´C<QţHJGC9ţ<ŠHJG?J9EMKL9FGNMBbHJG?J9EGNŠNŠ:GJ´B=@GţĪD=FQ
BKGMB9C9CL^ŏA¦=PH=JLA´L9CEAFAKL=JŒLbmŏ=<Fb;Aµ
LJ9L=?A;C^ RF9DGKLA BKGM CDbĪGN^ B9C HJG F9KL9N=Fb HGDALAC´ L9C F9 mJGNFA B=<FGLDANŠ;@ AFL=JN=F;bµ9LbE;GRÝ>GJEWDFb@G@D=<AKC9K=KL9FGN=FbHGDALACQB=NbB9CGRWD=ţALGKLEAFAKL=JKL=N
9Ý B=BA;@ AEHD=E=FL9;= R9K= RWD=ţALGKLb 9?=FLMJ´ <ıD:9 KLJ9L=?A;CŠ;@ RF9DGKLb NQKNıLDMB=´ C<=
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
GHJ9N<MCÝLNGJ:ıHGDALAC<G;@WRbµGNFGNW@9@G<FGLA;b@GmKADbE=RAĪWKLEAKQKL^EM´CL=J^
HGDALACMLNGŏb´9ÝLıEA´CL=J^BAAEHD=E=FLMBb´G:NQCD=G<JWţb<ıD:MKLJ9L=?A;CŠ;@RF9DGKLbµ
%J?IJ>@Ik
~¶¶|GDALAC9@G<FG;=Fb99
WJG<FbHGDALAC99F9JGCQ}{{§}{{ƒK=HGCMKAD9RD=HŒALCN9DALM@G<FGLA;b@GKQKL^EMµ
L9FGNAD9´ţ=B=R9HGLŏ=:bNQ:M<GN9LKADFıBŒb°CMDLMJM@G<FG;=Fbª9ÝR<ŝJ9RFAD9<ŝD=ţALGKL@G<FG;=FbB9CGţLGNKLMHŝHŏALNGJ:ıHGDALACQ9ÝHŏAJGR@G<GNWFbµDW<9HGNıŏAD9ď9Ý
HGKGMR=FbE@G<FGLA;b;@HGKLMHŝµGŒDQCÝRWNıJM´ţ=NÝHJG?J9E=;@K=F=<9ŏbF9KL9NGN9LCGFCJ^LFb
9ÝEıŏAL=DF^;bD=9Ýţ=@G<FG;=FbF=HGKMRMB=NŠKD=<CQHJG?J9EŝN=NRL9@MC=KL9FGN=FŠEHJG?J9EGNŠE;bDŝEG<HGNb<9Bb;bERHŝKG:=EµıCL=J^RÝLı;@LGRWNıJŝ:QDQR9CGEHGFGNWFQ<GKF=¨
K=FbNDW<Qĩ¶C@G<FG;=FbNŞRCMEMµNŞNGB=9B=BA;@NŞKD=<CśRÝĪ=JNF9}{{´CL=J^KL9FGNADG
RWCD9<Q HJG @G<FG;=Fb AFKLALM;b 9Ý HJG?J9Eŝ 9 9Ý HJG RWNıJ=ĪFW @G<FG;=Fb HJGB=CLŝ NĪ=LFı
°NŠRCMEFŠ;@RWEıJŝª´HGEG;bCL=JŠ;@:QDGNÝL^<G:ıHGKCQLGNWFGAFKLALM;AGFWDFbrF9F;GNWFbµ
KF=K=FbKL9FGNADGKGM:GJRWCD9<FbHJAF;AHŝ@G<FG;=Fb¶
|¶ G<FG;=FbB=HJ9NA<=DF^9ÝHGMJĪAL^<G:ıK=GH9CMB=½LBµFACGDANHGMR=NKLMHFb@G<FG;=Fb
FWNJ@M´9D=AÝHJŝ:ıţF^@G<FG;=Fb9Ý@G<FG;=FbRWNıJ=ĪF^¾µ
}¶ = Hŏ=<=E NQLQĪ=F CGFCJ^LFb ;bD ½HJG?J9EM´ HJGB=CLM´ NŠRCMEF^@G RWEıJM´ AFKLALM;=¾´
CL=JŠEŝţ=:ŠLHJGC9ţ<ŠB=<FGLDANŠHŏbH9<KH=;Ar;CŠ´CL=J^@GEW:ŠLNÝ<9F^EĪ9K=<GK9ţ=FG9ÝGÝCL=J^EB=EGţF^JGR@G<FGML´R<9:QDKHDFıFF=:GF=µ
~¶ JAL^JA9@G<FG;=FbBKGM
A¾ Hŏ=<=ERFWEW9ÝRWN9RFW´
AA¾ B9KFı>GJEMDGN9FW½L9C9:QKAF9NRWB=EF=G<HGJGN9D9¾´
AAA¾ CN9FLArCGN9L=DFW´EıŏAL=DFW´R@G<FGLAL=DFW´
AN¾ NRL9@MBb;bK=CÝ<9F^EM;bDAµ
KF=K=Fb L9C^ HGKCQLMB= K=RF9E HGL=F;AWDFb;@ m<9Bŝ HJG @G<FG;=Fb´ RÝ FA;@ţ NŒ=;@FQ BKGM
AF<ACWLGJQNŠKLMHŝKHbŒ=F=ţHŏbFGKŝĪA<GH9<ŝµ
bE´ ţ= K= KF9ţb GÝ RD=HŒ=Fb @G<FG;=Fb F9 NŒ=;@ mJGNFb;@ KQKL^EM 9 F9JWR´ KA <GCME=FL
RÝJGCM}{{CD9<=N=DEA9E:A;AhRFb;bD=µŒbEWKALG@G´ţ=K=N=DCWNW@9CD9<=F9@G<FG;=Fb=P
9FL=´9ÝNÝ<ŝKD=<CMLG@GK=KF9ţbF9BbLJGNFGNW@ME=RA@G<FG;=FbE=P9FL=9Ý=PHGKLµ<ŝJ9RʼnMB=´ţ=F9KL9N=FbĪ=KC^@GKQKL^EM@G<FG;=FbEMKb:ŠLR9DGţ=FGF9E=RAFWJG<Fb;@RCMŒ=FGKL=;@NÝ@G<FG;=FbNŠRCMEM9ÝEMKbR9@JFGN9LR9@J9FAĪFb=PH=JLQµJGEıLG@G<GCME=FLCD9<=
<ŝJ9RF9<ŝD=ţALGKLJ=KH=CLGNWFbJGR<bDŝE=RA<AK;AHDbF9EAHŏA@G<FG;=FbNŠKD=<CŝNŠRCMEMµ
GCME=FL RÝ JGCM }{{ F=Fb R;=D9 B9KFı >GJEMDGNWF NÝ Lı;@ ĪWKL=;@´ CL=J^ K= LŠC9Bb N@G<F^@G
HGEıJME=RACN9FLAL9LANFbE9ÝCN9DAL9LANFbE@G<FG;=FbEµıC<Q@GNGŏbGÝLGE´ţ=E=;@9FA;C^
@G<FG;=Fb:QEıDG:ŠLHGMR=B=<FGMR=KGMĪWKLb@G<FGLA;b@GKQKL^EM´FıC<QR9K=CD9<=<ŝJ9R
F9FMLFGKLCN9FLArC9;=B9CNKLMHŝ´L9CNŠKLMHŝNŠRCMEMµ
ÝC<QţMNW<b´ţ=@G<FG;=FbNŠKD=<Cŝ
:QEıDG:ŠL:JWFGNÝHGL9RHŏAJGR<ıDGNWFbKLWLFb@GJGRHGĪLMF99´MJĪALıR<=F=FbMN=<=FG´ţ=
:QK=EıDGB=<F9LGÝB=<AF^CJAL^JAMEHJGAFKLALM;AGFWDFbrF9F;GNWFbµ
9 RWCD9<ı LG@GLG MKF=K=Fb :QD9 NÝ JG;= }{{ HGHJN^ NQ<WF9 =LG<AC9 @G<FG;=Fb´ CL=JW B=
Nţ<QB=<FGMJGĪFı9CLM9DARGNWF9
´;GţK=F9HGĪWLCM<ıDGN=KHGDMHJW;AKÝďµ=LG<AC9
RÝ JGCM }{{ R<ŝJ9RʼnGN9D9 <ŝD=ţALGKL @G<FG;=Fb NŠKD=<Cŝ 9 N= NRL9@M CÝ B9KFŠE HŝNG<FbE
NŠRCMEFŠE;bDŝE9ÝHGLŏ=:MR9Eıŏ=FbRWNıJ=ĪF^@G@G<FG;=FbNŠKD=<CŝF9@G<FG;=FbCN9DALQ
9Ý9HDACGN9L=DFGKLANŠKD=<Cŝ9½HGMţAL=DFGKLA¾µ
ÝC<QţB=EGţF^R9RF9E=F9LBAKLGMCGFLAFMALM
KQKL^EM @G<FG;=Fb´ LJ9FK>GJE9;= KQKL^EM @G<FG;=Fb NÝ Ī9K= B= <G GĪb :ABb;bµ =BNA<AL=DFıBŒb B=
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
57
HGKMFG<NŒ=G:=;F^=LG<ACQ@G<FG;=FbHGCJŠN9Bb;bNŒ=;@FQF=BJŝRFıBŒbmJGNFıNŠRCMEF^@G
KQKL^EMNÝJG;=}{{CÝ<9D=CGmţ=BAGJA=FLGN9F^=LG<A;=@G<FG;=Fb´CL=JWK=KCGJGNŠ@J9<Fı
R9EıŏMB= F9 CN9FLArCGN9L=DF^ NŠKLMHQ´ 9Ý CÝ B9KF^EM HJGHGB=Fb L^LG =LG<ACQ KÝ JGR<ıDGNWFbE
JGRHGĪLMNÝJG;=}{{„µ=EGţFGCGFKL9LGN9L´ţ=NıLŒAF9mKADb:QD9NQF9DGţ=F9F9F=MKLWDWNQD=HŒGNWFb=LG<ACQ@G<FG;=Fb´B=BbEţmĪ=D=E:QDGHGMţALbHJG9DGCGNWFbAFKLALM;AGFWDFb;@HJGKLŏ=<Cŝ´EFG@=EE^FımKADbH9C:QDGNıFGNWFGE=LG<GDG?AA@G<FG;=FbHJG?J9EŝĪAHJGB=CLŝµ
9LbE;GMKF=K=FbRÝJGCM}{{K=G<NGDWNWF9E=RAFWJG<FbKJGNFWFb9ÝRCMŒ=FGKLARÝ<G:JŠ;@
=NJGHKCŠ;@HGKLMHŝB9CGF9A<=WD´HŏbDAŒF^KGMKLŏ=<ıFbF9NŠKLMHQF9mCGJHGKMRGNWFbNŠKD=<Cŝ
9Ý<GH9<ŝB=>MF<9E=FLWDFb;@Q:GM´CL=JWEWLJN9DŠNDANF9Ī=KCŠKQKL^E@G<FG;=Fb99ÝF9KL9NGNWFbB=BA;@HGDALACµ
~¶¶}=LG<AC9@G<FG;=FbHJGmĩ=DQAFKLALM;AGFWDFb@GrF9F;GNWFb
58
=LG<AC9@G<FG;=FbN=DEAKADFıRWNAKbF9FWJG<FbE
F>GJE9ĪFbEKQKL^EM9´CL=JŠ:QDMKL9N=FNÝFWN9RFGKLAF9RWCGFGÝHG<HGŏ=9NÝJG;=}{{}9Ý<GCL=J^@GE9BbHJGNGRGN9L=D^NŠRCMEM
J=?AKLJGN9LNŠKLMHQKN^@GNŠRCMEM´9ŗMţE9Bb>GJEMF=BJŝRFıBŒb;@HM:DAC9;b´AFGN9ĪFb;@NŠKLMHŝB9CGBKGMH9L=FLQ´HJGLGLQHQ´KG>LO9J=´E=LG<GDG?A=´F=:G<9DŒbµ9C9ţ<ŠNŠKLMHG:<Jţb<9FW
GJ?9FAR9;=HG<D=C9L=?GJA=MJĪALŠHGĪ=L:G<ŝµQLGNŠKD=<CQ@G<FG;=FbBKGMH9CHGMţbNWFQC=
KL9FGN=FbAFKLALM;AGFWDFb@GrF9F;GNWFbKÝLbE´ţ=GJ?9FAR9;=R9C9ţ<Š:G<G:<JţbMJĪALŠHGĪ=L
CGJMF½C9ţ<ŠJGCBAFŠ¾µbCQ=LG<A;=@G<FG;=Fb:QDL9CNQLNGŏ=FKQKL^ErF9F;GNWFbNŠRCMEM
F9 RWCD9<ı NŠCGFFGKLA´ C<Q NŠKD=<CQ HGKD=<Fb;@ HıLA D=L GNDANʼnMBb AFKLALM;AGFWDFb rF9F;GNWFb
<9DŒb@GJGCMµWEıJ=E:QDHŏ=;@G<AFKLALM;AGFWDFb@GrF9F;GNWFbF9L=FLGKQKL^ER9DGţ=FŠF9
9JALE=LA;=:ı@=ELŏbD=LµAFWDFbHŏ=;@G<:QDHŏ=JMŒ=F´HJGLGţ=LGLGK;@^E9NR:M<ADGF=KHGCGB=FGKLµ
=LG<AC9@G<FG;=FbGHbJ9Bb;bK=GÝCN9FLAL9LANFbAF<ACWLGJQB=N=<=F9Hŏ=<=NŒbEKF9@GM<=HGDALARGN9L9ÝG<GKG:FALHJG;=KrF9F;GNWFbµbE´ţ=RWNAKbF9½HJGCWR9FŠ;@¾EAFMDŠ;@NŠKLMH=;@´B=
B=BbE;bD=E:GBHJGLAH=JKGFWDFbEN9R:WE´CGJMH;A9ÝDG:GNWFbµWNWB9KFŠKA?FWD¶ţW<FŠNŠKLMH´
ţW<F^ AFKLALM;AGFWDFb rF9F;GNWFbµ 9CG L9CGNW K= NQHGŏW<WNW KÝ FbRCGM HJG<MCLANALGM NÝ FıCL=JŠ;@NŠRCMEFŠ;@GJ?9FAR9;b;@µGMĪ9KFıB=B=BbE;bD=EAÝRNŠŒ=FbCN9DALQNŠKD=<CŝNŠRCMEMµ
9<JM@GMKLJ9FMLJHbNŠRF9ĪFŠEAF=<GKL9LCQµ=<FbERÝFA;@B=J=<MC;AGFAKEMK´N=KEQKDM
GE=R=Fb KDGţALGKLA HJG:D=E9LACQ Nı<=;C^ NŠCGFFGKLA HGMR= F9 KADFı RB=<FG<MŒ=FGM C9L=?GJAA
NŠKLMHŝµ
ÝHŏ=KFWKD=<FWNQD=HŒGNWFbK=NÝE=LG<A;=F=HGN=<DG9<=CNWLFıJ=s=CLGN9LG<DAŒFGKLA
½B9C RÝ @D=<AKC9 NŠKLMHŝ NÝ B=<FGLDANŠ;@ G:GJ=;@´ L9C RÝ @D=<AKC9 FWCD9<GNGKLA G:GJŝ¾ F=:G NRbL
NÝHGL9RHGDALA;C^HGţ9<9NCQ´B9CGF9HŏbCD9<FWJG<FbL=E9LA;C^HJAGJALQµ=LG<AC9L9C^HG@Dbţb
F9 NŒ=;@FQ AFKLALM;= KL=BFı´ :=R JGR<bDM B=BA;@ HGKDWFbµ 9LbE;G RWEıJ=E :QDG LGLG RG@D=<FAL
HGEG;bNQMţbNWFbK=RF9EŝJŝRFŠ;@N9@B=<FGLDANŠ;@C9L=?GJAbNŠKLMHŝ´>9CLA;CQB=NW@9Lı;@LG
C9L=?GJAbFW@G<FWµ
G<FG;=FbEMKbEbLFıB9CŠ<ŝKD=<=C´HGCM<K=F=EWB=<F9LHGMR=GÝHJWR<F^;NAĪ=Fb´9D=<ŝKD=<CQHGMţbNWFbE=LG<ACQ@G<FG;=FbHJGKL9FGN=FbAFKLALM;AGFWDFb@GrF9F;GNWFbBKGMF=Œŗ9KLF^µ=LG<AC9N=<=CÝGHGJLMFAKLA;C^EM;@GNWFb½C=KF9R=°NQRJWLªF9KQKL^E¾R=KLJ9FQNı<;ŝ
9ÝĪAFbAFKLALM;AGFWDFbrF9F;GNWFbF=Hŏ=<Nb<9L=DFŠEµÝFıCL=JŠ;@HŏbH9<=;@N=<=CÝN=DCŠENŠCQNŝEN=rF9F;GNWFb9ÝNÝBAFŠ;@HG<HGJMB=CJWLCG<G:^R9Eıŏ=FbLbE´ţ=RF=NŠ@G<ʼnMB=AFN=KLA;=
<GJGRNGB=FGNŠ;@G:GJŝ9ÝC9H9;AL´CL=J^E9BbHGMR=E9DŠHGĪ=LCJWLCG<G:Š;@NŠKLMHŝµ
=LG<AC9@G<FG;=FbK=EıFbC9ţ<ŠJGC´@D9NFıHJGLG´ţ=B=HGLŏ=:9CGJA?GN9LF=BRB=NFıBŒbF=KJGNF9DGKLAµQLGREıFQĪ9KLGHŏ=<KL9NGN9DQNQD=HŒ=FbF=:GGE=R=Fb<=L9ADŝµé9KL^REıFQ=LG<ACQ@G<FG;=FbR9HŏbĪAʼnMBbRE9L=C´B=DACGţNı<=ĪLbHJ9;GNFb;AĪ9KLGCJWLMţF=Nı<b´B9C^NŠKD=<CQ
K=R9HGĪbLWN9Bb9ÝB9C^F=µ=LG<AC9@G<FG;=FbEWE9DGMHG<HGJME=RANı<;A9ÝNı<=;CŠEAE9F9ţ=JQµ=NŒ=E<ŝKD=<CŝEB=JGRMEıLµ=BE^F9K=@GNGŏbGÝLGE´ţ=G<J9RMB=G<KHGDMHJW;=µ
=LG<AC9@G<FG;=Fb:QD9NQLNGŏ=F9B9CGE=;@9FAKEMKHJGMJĪGNWFbNŠŒ=AFKLALM;AGFWDFb@G
rF9F;GNWFbµıLŒAF9AFKLALM;bHGMţbNWB=BbNRGJ=Ī=CL9C^CÝ9DGCGNWFbAFKLALM;AGFWDFb;@HJGKLŏ=<CŝMNFALŏ´E=RAKN^NŠRCMEF^KCMHAFQµGLŏbŒLbNŠRCMEF^mKADbNR@D=<=ECÝLGEM´ţ=GJ?9FAR9;=
F=NQ:bJW HJAGJALQ 9Ý F=AFN=KLMB= K=D=CLANFı <G FıCL=JŠ;@ G:D9KLb´ 9:Q NÝ FA;@ NQLNGŏAD9 CJALA;CGM
C9H9;ALMµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
~¶¶~ĎAJŐb@G<FG;=FbHGDALACQ99
Ý KGMĪ9KF^ <G:ı =LG<AC9 @G<FG;=Fb Hŏ=<KL9NMB= NÝ HG<KL9Lı B=<AFŠ JWE=; HJG @G<FG;=Fb
MCGFĪ=FŠ;@ HJG?J9Eŝµ ŏ=<HAKQ HJG @G<FG;=Fb NŒ9C F=BKGM E=LG<GDG?A;CŠEA HGCQFQ´ FŠ:Jţ
HGHAKFŠEA<GCME=FLQMC9RMBb;bEA´CL=J^RWCD9<FbAF>GJE9;=EW9<EAFAKLJ9LANFbGJ?WFHGKCQLFGML HJG AEHD=E=FL9;A HGD=ĪF^@G NQ@G<FG;=Fb HJG?J9Eŝµ =LG<AC9 HŏAB9LW HJG LGLG
°KHGD=ĪF^ª@G<FG;=FbB=JQR=CN9FLAL9LANFb9ÝB=R9DGţ=F9F9HGĪbLWFbHGEıJMNKLMHŝ9ÝNŠKLMHŝµ
=BbE <=CD9JGN9FŠE RWCD9<FbE ;bD=E B= HGKCQLFGML Hŏ=@D=< GÝ =>=CLANALı AEHD=E=FL9;=
HJG?J9EMRHJGKLŏ=<CMBb;bEKM:B=CL=Eµ
WJG<FbHGDALAC999
}{{„¦}{|€HŏAF=KD9HG<KL9LF^REıFQNÝKQKL^EM@G<FG;=Fbµ9G:JWRCM||Fbţ=B=RG:J9R=FKGMĪ9KFŠKQKL^E@G<FG;=FbNÝCGFL=PLMGJ?9FAR9;=@D9NFb;@DAFAbHJŝ:ı@M
HGDALA;C^@G;QCDMNÝé=KC^J=HM:DA;=µG:J9RMB=B=<FGLDAN^9CL^JQNÝKQKL^EMKGMĪ9KFıKÝ9CLANAL9EA´CL=J^E9BbF9KL9JGKLAHŏALNGJ:ı9ÝAEHD=E=FL9;AHGDALA;CŠ;@FWKLJGBŝ9ÝEGFALGJGNWFb9Ý@G<FG;=FbB=BA;@<GH9<ŝµGMĪ9KF^>GJEWDFbKEQĪCQRHıLFŠ;@N9R=:½RÝ@D=<AKC9NKLMHŝRÝ@G<FG;=Fb<G<9DŒb@G@G<FG;=FbF=:G<GHGDALA;CŠ;@AFL=JN=F;b¾BKGMGJ9FţGNıRNŠJ9RFıFQ·@G<FG;=Fb
Hŏ=<HGCDW<9FWNÝWJG<FbHGDALA;=99
9ÝB=BA;@KEQĪCQRHıLFŠ;@N9R=:BKGMRFWRGJFıFQEG<ŏ=µ
59
Obrázek 11: QKL^E@G<FG;=Fb;bD=F^FWJG<FbHG<HGJQ9Nè
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
GMĪ9KF^ F=<GKL9LCQ KQKL^EM @G<FG;=Fb NÝ é=KC^ J=HM:DA;= RÝ @D=<AKC9 CN9DALQ @G<FG;=Fb
9ÝJGD=@G<FG;=FbNÝHGDALA;C^E;QCDMNŒ9C:M<GMHGAEHD=E=FL9;AGH9Lŏ=FbHGHK9FŠ;@NÝWJG<Fb
HGDALA;=99
}{{„¦}{|€G<KLJ9FıFQHGMR=ĪWKL=ĪFıµ
Ç
60
ŏA<ıD=F^ RG<HGNı<FGKLA R9 HJGN=<=Fb @G<FG;=Fb BKGM HJG:D=E9LA;C^µ 9ţ<W mJGN=ʼn N=
KLJMCLMJGN9F^@A=J9J;@AA@G<FGLbKN^ND9KLb9CLANALQµGN=rFWD=HG<CGHWNWNıJG@G<FGKL
@G<FG;=Fbµ
Ç ŏbKLMHKL9FGN=FŠNÝ°=LG<A;=@G<FG;=FbNŠKD=<CŝMCGFĪ=FŠ;@HJG?J9Eŝª´CL=JWK=R9EıŏMB=NŠ@J9<FıF9=>=CLANALMAF<ACWLGJŝNŠKLMHŝ9´NŠJ9RFı<GEAFMB=CMDLMō=@G<FG¨
;=Fb·:ı@=EF9Œ=@GE=L9§@G<FG;=FbK=<EA@G<FG;=FbRÝHGKD=<Fb<G:Q´CL=JWHGCJŠN9Bb
NŒ=;@FQLQHGDG?A=@G<FG;=Fb´B=ţBKGMNÝKGMĪ9KF^<G:ıNÝéAEHD=E=FLGNWF9´BKE=R9J=?AKLJGN9DAHŏ=NDW<9Bb;bR9Eıŏ=FbF9=>=CLANALM´KÝE9DŠEF=:GNŝ:=;ţW<FŠEG@D=<=EF9
ŒbŏA HŏbH9<FŠ;@ <GH9<ŝ F9 NŠRCMEF^ 9Ý L=;@FGDG?A;C^ G:GJQ´ HJŝEQKDGN^ K=CLGJQ F=:G
KHGD=ĪFGKL B9CG L9CGNGM´ CL=J^ :QDQ <GK9ţ=FQ ĪA :QDQ :DbRCG <GK9ţ=Fbµ N9DAL9 NKLMHFb;@
HJGEıFFŠ;@ F=MEGţʼnMB= HJGN^KL HG<JG:FıBŒb 9F9DŠRM R9:ŠN9Bb;b K= NŠKD=<CQ 9Ý <GH9<Q´
B9CG F9HŏbCD9< mJGNFb KHGDMHJW;= <GK9ţ=F^ E=RA NŠRCME=E 9Ý HJŝEQKD=E F=:G mJGNFı
KHGDMHJW;=E=RAGJ?9FAR9;=EAKb<Db;bEANÝJGR<bDFŠ;@J=?AGF=;@µ
=B<ŝD=ţALıBŒbNŒ9CB=´ţ=CGF;=HLKQKL^EM@G<FG;=FbNŝ:=;F=Fb:JWFR9ND9KLFbKGMĪWKLHGDALA;C^@G;QCDMµG<FG;=Fb:QD9¦9ÝNÝKGMĪ9KF^<G:ıKLWD=BKGM¦Hŏ=NWţFıEGFALGJGN9;bEA;NAĪ=FbEAµ9ŒDABKE=HGMR=B=<=FKLJ9L=?A;CŠCGF;=HLB=<FG@GEAFAKL=JKLN9´C<=BKGM=PHDA;ALFı
HJGHGB=FQ HGDALA;C^ ;bD= 9Ý HDFıFb ;bDŝ F9 mJGNFA HJG?J9EM´ CL=JŠ LMLG HGDALACM AEHD=E=FLMB=µ
GFL9CLFbGKG:QF9EAFAKL=JKLN=;@9ÝNÝ9?=FLMJW;@rF9F;MBb;b;@9HGMCWR9DQF9LG´ţ=EGFALGJGNWFb9Ý@G<FG;=FbF9mJGNFAHJGB=CLŝB=HJGNW<ıFG<G:ŏ=´9D=@G<FG;=FbN=KEQKDM9F9DŠRQ
<GCD9<ŝGÝLGE´<GB9C^EbJQE9BbN=ŏ=BF^AFL=JN=F;=J=D=N9FLFb;bD=9ÝB9CB=HDFb´K=NÝĪ=KC^E
99
KQKL^EMKCGJGNŝ:=;F=HJGNW<bµ=L=<Q?=F=JGNWFGEWDGLG@G´;GDR=NQMţbLHJGHGMĪ=Fb
NÝJGNAFıLNGJ:QHGDALACĪAHJGRD=HŒGNWFbAEHD=E=FL9;=µGFALGJGNWFbĪA@G<FG;=FbNÝHGDGNAFı
G:<G:b LM<bţ KCGJG F==PAKLMBb´ L9Cţ= R<= F=DR= HJGNW<ıL B9KFı HG<DGţ=F^ CGJ=C;= NÝ HGDGNAFı
G:<G:bHJG?J9EM9ÝB=@GAEHD=E=FL9;=µG<FG;=Fb=P§HGKLF==PAKLMBbF9ţW<F^mJGNFA´;GţRF=EGţʼnMB=B9C^CGDANMĪ=FbK=NÝG:D9KLALNGJ:QHGDALACµ
AFAKL=JKLNGĪA9?=FLMJ9´CL=JWEWHJG?J9ENÝ?=K;A´HJGNW<bĪ9KLGAÝB=@G@G<FG;=FbµGB=ŒH9LFWHJ9P=´HJGLGţ=NÝLGEHŏbH9<ıF=Fb@G<FG;=FbF=RWNAKD^µÝE=RAFWJG<FbHJ9PAĪ9KLGNA<bE=
C9KCW<MRG<HGNı<FGKLb´C<=EAFAKL=JKLN9R9<WN9Bb@G<FG;=Fb9?=FLMJ9Ý9?=FLMJQR9K=R9<WN9Bb
@G<FG;=Fb KNŠ;@ HJG?J9Eŝµ ŠBAECGM B= KGM@JFF^ @G<FG;=Fb HJG?J9Eŝ HJGNW<ıF^ µ G
@G<FGLb HJG?J9EQ HGMR= F9 RWCD9<ı R9<9FŠ;@ NKLMHŝ 9Ý NŠKLMHŝ NÝ FWJG<Fb <9L9:WRA NŠKD=<Cŝ
9µ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
61
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
3âFJIIJNO
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
63
64
ŠCGFFGKL Ī=KC^@G NŠRCMEM Eıŏ=FW HGĪL=E 9Ý CN9DALGM HM:DAC9;b K= KLWD= RD=HŒMB=´ AÝ C<Qţ
RŝKLWNWHG<mJGNFbKNıLGN^@GHJŝEıJMµJG<MCLANAL9NŠRCMEFbCŝK=RD=HŒMB=B9CRÝ@D=<AKC9G:B=EMNŠKLMHŝ´L9CRÝ@D=<AKC9B=BA;@<GH9<ŝµNQŒMBb;bK=KHGDMHJW;=F9FWJG<FbAÝE=RAFWJG<Fb
mJGNFA9ÝHGKLMHF^NQLNWŏ=FbC9H9;ALRF9E=F9Bb´ţ=NŠCGFFGKLK=F=BKHbŒ=:M<=RD=HŒGN9LAÝF9<WD=´HGCM<rF9F;GNWFb9:M<=F9JŝKL9LHG<D=<GK9N9<Fb@GK;@^E9LMĪAEAFAEWDFıRŝKL9F=
KL=BF^µ
9LbE;GEFG@GĪ=KCŠ;@NŠRCMEFbCŝNÝR9@J9FAĪbHJ9;GN9DG9ÝE9BbL9EAÝCGFL9CLQ´EbJ9AFL=JF9;AGF9DAR9;=NŠRCMEF^CGEMFALQB=FbRCW´RÝĪWKLACNŝDAJ=?MD9ĪFbE:9JA^JWEµà:K=F;=KLJ9L=?A=B9CF9mJGNFAKLWLM´L9CF9mJGNFAAFKLALM;bRHŝKG:MB=´ţ=é=KCWJ=HM:DAC9B=FF=<GKL9L=ĪFı
NQMţbNWE=RAFWJG<Fb;@EGţFGKLb¦;GţB=RNDWŒLı<ŝD=ţAL^ŏb;ANR@D=<=ECÝLGEM´ţ=E=RAFWJG<Fb
KHGDMHJW;=@J9B=<ŝD=ţALGMJGDAN=RNQŒGNWFbFWJG<FbCN9DALQµé=KCWJ=HM:DAC9K=B=FKD9:ımĪ9KLFb
WE;GNŠ;@HJG?J9Eŝ9ÝNQC9RMB=B=FN=DEAGE=R=FGMKHGDMHJW;AEAEGNJGHMµ
9F9?=E=FL9´NÝŒAJŒbEKDGN9KEQKDM´B=HJG:D=E9LA;CŠµNıLŒ=FbNŠRCMEFŠ;@LŠEŝ´D=HŒb
HDWFGNWFb NÝ G:D9KLA DA<KCŠ;@ R<JGBŝ 9Ý =PHDA;ALFıBŒb KLJ9L=?A= :Q HGEG@DQ KFbţAL KGMĪ9KFGM JGRLŏbŒLıFGKL9ÝRNŠŒALNŠCGFQµDbĪGNGMKDGţCGMB=KFbţ=FbF=BAKLGLQrF9F;GNWFbL9C´9:QKAAFKLALM;=
EG@DQKL9FGNAL9ÝJ=9DARGN9L<DGM@G<G:ıBŒbKLJ9L=?A=µ
ŏbKLMHCÝJGRNGBADA<KCŠ;@R<JGBŝNÝJWE;AĪ=KC^@GWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bB=
<GKLF=KQKL=E9LA;CŠµ=<FbERÝ<ŝNG<ŝB=RF9ĪFıR9KL9J9DŠKLQDŏbR=Fb9ÝGJ?9FAR9;=9´;GţRHŝKG:MB=JGRLŏbŒLıFGKLNŠRCMEMµGK=L9C^HJGB=NMB=NÝ=PLJ^EFıFbRC^EHGĪLMţ=FE=RANı<=;CŠEAHJ9;GNFbCQµ=ŏ=BF^NŠRCMEF^GJ?9FAR9;=:QEıDQHŏ=NRbLNıLŒb;=FLJWDFbRG<HGNı<FGKLR9
E9F9?=E=FLDA<KCŠ;@R<JGBŝ½9Ý<9DŒb9KH=CLQE9F9?=E=FLMNŠRCMEM¾´MEGţʼnGN9Ls=PA:ADFıBŒb
C9JA^JFbHGKLMH´KFAţGN9LEbJMHŏABbEWFbND9KLFb;@9:KGDN=FLŝ½°AF§:J==<AF?ª¾9ÝKFAţGN9LJGRLŏbŒLıFGKLHGEG;bFWKLJGBŝ´B9CŠEABKGMF9HŏµEbKLFb9ÝE=RAFWJG<FbŒCGDQ<GCLGJ9F<ŝµ
9R:QE=RANı<GM9ÝHJŝEQKD=EE9BbJŝRFGMAFL=FRALMµQKGCGŒCGDKCŠNŠRCMEEWEAFAEWDFb
HŏbBEQ RÝ HJŝEQKDMµ JŝEQKD Nb;= KHGDMHJ9;MB= KÝ NŠRCMEFŠEA GJ?9FAR9;=EAµ bRCG@G<FGLGN^
9CLANALQEFG@9F9<FWJG<Fb;@rJ=ERF9Īb´ţ=K=<GĪ=KC^@GFWJG<Fb@GKQKL^EM9F=AFL=?JMBb
KF9<FGµıLŒAF9=PAKLMBb;b;@N9R=:B=HJGLG<GE^FGME9DŠ;@9ÝKLŏ=<Fb;@HG<FACŝµ9CHŝKG:=Fb
=LG<ACQ@G<FG;=Fb´L9CF=<GKL9L=CN=ŏ=BFŠ;@NŠRCMEFŠ;@9ÝL=;@FGDG?A;CŠ;@GJ?9FAR9;bGNŒ=E:JWFbHJGHGBGNWFbKÝL9CGNŠEArJE9EAµKGMHJGLGFMLFWGH9Lŏ=FbHJGRD=HŒ=FbAFL=?J9;=
F9<FWJG<Fb;@rJ=E<GĪ=KC^@GNŠRCMEF^@GKQKL^EM9ÝHJGHGKCQLGNWFb9<=CNWLFbEbJQCGGJ<AFGN9F^HG<HGJQE^FıRCMŒ=FŠErJEWEF9FWJG<Fb9ÝJ=?AGFWDFbmJGNFAµ
9LbE;G é=KCW J=HM:DAC9 EW EG<=JFb D=?AKD9LANM G;@J9FQ <MŒ=NFb@G ND9KLFA;LNb 9Ý F=N=DCGM
KCMHAFM=PH=JLŝNÝL^LGG:D9KLA´EAEGLMLGKCMHAFM=PAKLMB=HGMR=E9D^HGJGRMEıFbHJGG;@J9FM<MŒ=NFb@GND9KLFA;LNbµGK=NRL9@MB=F9H9L=FLGNWFb´9D=AÝF9<9DŒb´G:=;FıBŒbFWKLJGB=G;@J9FQ
<MŒ=NFb@GND9KLFA;LNbµH9Lŏ=FbN=<GM;bCÝNQ:M<GNWFb;=FL=JLJ9FK>=JML=;@FGDG?AbF9NQKGCŠ;@
ŒCGDW;@9ÝmKL9N=;@BKGMNÝR9ĪWL;b;@9ÝNıLŒAF9GJ?9FAR9;bB=ŒLıF=KLA@D9RbKC9LRCMŒ=FGKLAB9C>GJEWDFbL=;@FGDG?A;CŠLJ9FK>=J½HGEG;bH9L=FLŝ9ÝDA;=F;b¾R9EıFALR9ŒAJŒb>MFC;=LJ9FK>=JMRF9DGKLbNÝK=CLGJMN=ŏ=BF^@GNŠRCMEMµ
-P=GDF<ñIkQâFJIIJNO
M:DAC9ĪFbNŠCGFFGKLB=MţAL=ĪFŠEAF<ACWLGJ=EJGRNGB=NŠRCMEF^CGEMFALQµ=<FWK=K9EGRŏ=BEıGÝ<GKLB=<FGJGREıJFŠHG@D=<´L9Cţ=B=N=DEA<ŝD=ţAL^NRbLNÝHGL9RFWRGJQ@G<FGLAL=Dŝ´
CL=ŏbKÝFWEA@G<FGLADAEFGţKLNbKADFŠ;@NŠRCMEFŠ;@KCMHAFNÝé=KC^J=HM:DA;=µKGMR<=L9C^
N=DEA<G:ŏ=RFWEWGE=R=FbRHŝKG:=FWNÝF=HGKD=<Fbŏ9<ıJGRDAĪFŠEAHM:DAC9ĪFbEARNQCDGKLEA
JŝRFŠ;@G:GJŝ9ÝB=BA;@HGKLGB=ECÝHM:DACGNWFbNÝ9F?DA;CQHK9FŠ;@Ī9KGHAK=;@µţALb:A:DAGE=LJA=
K=NŒ9CĪbE<WDNb;=G<JWţbNÝFWRGJMNŠRCMEFbCŝR=BE^F9NÝ=P9CLFb;@G:GJ=;@´ţ=HM:DACGNWFb
NÝE=RAFWJG<Fb;@´J=;=FRGN9FŠ;@´NQKG;=AEH9CLGN9FŠ;@´9F?DA;CQHK9FŠ;@Ī9KGHAK=;@B=°RD9LŠ
KL9F<9J<ª´CL=JŠMJĪMB=CN9DALM¦9ÝLALGNŠRCMEFb;ALGEMHŏARHŝKG:MBbKN^;@GNWFbµ½9CAFţ=FŠŏA
JW<AŏbC9Bb°;GF9EıŏbŒ´LG<GKL9F=Œªµ¾
àF9DQRGN9DA BKE= ;=DCGNŠ NŠKLMH ƒ€ €‚} AF<=PGN9FŠ;@ HM:DAC9;b NÝ é=KC^ J=HM:DA;= NÝ D=L=;@
|„„~¦}{{„µGĪ=LĪDWFCŝR9JGCK=R9LGLGG:<G:bNb;=F=ţR<NGBFWKG:AD´R9LbE;GHGĪ=L;AL9;b
½KÝNQDGMĪ=FbE9MLG;AL9;b¾K=RNŠŒADGKECJWL´;Gţ<GC9RMB=G:JGNKC^RD=HŒ=FbCN9DALQµJG<MCLANAL9
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
K=RD=HŒAD9¶Ī=ŒLbNı<;ARNŠŒADAHGĪ=LĪDWFCŝNÝAEH9CLGN9FŠ;@Ī9KGHAK=;@R9JGC9ÝBKGMNÝKGMĪ9KF^
<G:ıGÝ;;9€{…NŠCGFFıBŒb´F=ţ:QDANÝJG;=|„„~µGM:ıţFıK=L9C^CGFKL9FLFıRNQŒGN9DAEH9CLFb
>9CLGJĪ9KGHAKŝ´N=CL=JŠ;@HM:DAC9;=NQ;@WR=DQ´;Gţ<GC9RMB=JŝKLK=:=<ŝNıJQ9Ý9E:A;b´KL=BFı
B9CGCN9DALQµ9R9ĪWLCMLG@GLGG:<G:bF=:QDGNb;=F=ţ‚{…ĪDWFCŝFAC<Q;ALGN9FŠ;@´F9B=@G
CGF;AK=L=FLGHGEıJKFbţADF9€{…´;Gţ<GC9RMB=L9C^N=DC^RD=HŒ=FbE=RAFWJG<FbNA<AL=DFGKLA
Ī=KC^@GNŠRCMEMµN9DAL9HM:DAC9;b½AF<ACGN9FWAEH9CLGN9FŠEG:GJGNıKL9F<9J<ARGN9FŠE>9CLGJ=E¾K=HŏbDAŒF=EıFAD9R@JM:9<GJGCM|„„´C<QR9Ī9DNRJŝKL9Bb;bLJ=F<´CL=JŠLJNW<GHGKM<µ
A;E^FıHG<D=B9C^@GCGDANEıŏ=FbAEH9CLMB=HJŝEıJFWCN9DAL9KLWD=HG<KNıLGNŠEHJŝEıJ=Eµ
Ý D=L=;@ |„„~¦}{{„ :QD9 F=BNıLŒbE G:GJ=E >QRAC9 KÝ E9L=JAWDGNŠEA Nı<9EA´ CL=J^ HGKCQLGN9DQ|ƒ…Ī=KCŠ;@NŠKLMHŝ´R9FAEA:QD9;@=EA=9Ý;@=EA;C^AFţ=FŠJKLNb½KÝNb;=F=ţ|…¾µé=KCW
J=HM:DAC9 EW LM<bţ KHbŒ= LJ9<AĪFb CGFLAF=FLWDFb =NJGHKCŠ NŠRCMEFŠ HJGrD HG<G:FŠ R=BE^F9
ıE=;CM´J9F;AA9Ý
LWDAA´F9JGR<bDG<9F?DGK9KC^@GHJGrDM´NÝFıEţNıLŒbJGDA@J9BbNı<QGÝţANGLı
9Ý E=<A;bF9µ DAFA;CW E=<A;bF9 Hŏ=<KL9NMB= HGMR= |{… FWJG<Fb;@ HM:DAC9ĪFb;@ NŠKLMHŝµ 9DŒb
G:GJQ´CL=J^HŏAKHbN9BbNb;=F=ţ€…FWJG<FbENŠKLMHŝE´BKGMNı<QGÝţAN^HŏbJG<ı´:AGE=<A;bFKC^
Nı<Q9Ý:AGDG?A;C^Nı<Qµ=NŒ=;@Lı;@LGG:GJ=;@NŒ9CHGRGJMB=E=FbRCŠ<GK9ţ=FŠAEH9CLµ
é=KCW J=HM:DAC9 :QD9 LJ9<AĪFı @G<Fı R9Eıŏ=F9 F9 HŏbJG<Fb Nı<Q 9Ý E9L=E9LACM´ 9D= HM:DAC9ĪFbHJGrDR=EıK=HGE9DMEıFb´L9Cţ=½:AG¾E=<A;bF99ÝNı<QGÝR<J9NbR9ĪbF9Bb@JWL<ŝD=ţALıBŒb
JGDAµ=FGEE9DŠHGĪ=LG:GJŝ<GKW@DE=RAFWJG<Fb@GHJŝEıJMCN9DALQ¶E9L=E9LAC99ÝKL9LAKLAC9·
=FNAJGFE=FLWDFbNı<Q9ÝL=;@FGDG?A=·9Ý<WD=EFGţKLNbE=FŒb;@G:GJŝNĪ=LFıDAL=J9LMJQ9ÝE9F9?=E=FLM9ÝHDWFGNWFbµGEıJHM:DAC9;bKGMNAK=Bb;b;@KÝ>QRACGM9Ý;@=EAbK=KFAţMB=µ
EH9CL>9CLGJQ
K=RNŠŒADQR=BE^F9N=>QRACWDFb;@9ÝE9L=JAWDGNŠ;@Nı<W;@9ÝNÝCDAFA;C^E=<A;bFıµ
9LM<G:MK=Ī=KCWNı<=;CWCGEMFAL9KL9D9B9CM;=D=FıBŒb½NÝLGEKEQKDM´ţ=9MLGŏARÝJŝRFŠ;@
GJ?9FAR9;b HM:DACMBb Ī9KLıBA KHGD=ĪF^ ĪDWFCQ¾´ L9C D^H= R9ĪD=FıFW <G E=RAFWJG<Fb Nı<=;C^ CGEMFALQ´B9CMC9RMB=HGĪ=LĪDWFCŝF9HK9FŠ;@KHGDMK=R9@J9FAĪFbEA9MLGJQµL=BFıB9CGB=LGEM
RNQC=EBAF<=´:ŠN9BbKHGD=ĪF^ĪDWFCQCN9DALFıBŒbF=ţĪDWFCQF9HK9F^B=<FbE9MLGJ=E´L9Cţ=KHGDMHJW;=¦R=BE^F9E=RAFWJG<FbKHGDMHJW;=¦K=B=NbB9CG<G:JŠKEıJ´B9CŠEK=Nı<=;CWCGEMFAL9MĪbRNQŒGN9LNŠCGFQµ:JWR=C|}MC9RMB=REıFQĪ=KC^@GHM:DACGNWFbNÝG:GJGNıKL9F<9J<ARGN9FŠ;@AEH9CL>9CLGJ=;@N=KJGNFWFbK=KNıLGNŠEHJŝEıJ=EN=Lŏ=;@G:D9KL=;@µ½ÃE
MC9RMB=AEH9CLĪDWFCŝmKL9NM´J=KHµKCMHAFQN=KJGNFWFbK=KNıLGNŠEHJŝEıJ=E;AL9;bNݽHG<¾
G:GJM´N=CL=J^EB=mKL9NÃKCMHAF99CLANFbµ¾<ŝJ9RʼnMB=LGKCML=ĪFGKL´ţ=R9HGKD=<Fb;@FıCGDAC
D=LHJŝEıJFWCN9DAL9KHGD=ĪFŠ;@E=RAFWJG<Fb;@ĪDWFCŝNRJGKLD9F9<KNıLGNŠHJŝEıJµ
Obrázek 12: ŞNGBAEH9CLMN=Lō=;@LQH=;@KHGDMHJW;=µ|„„~§}{{„
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
65
QKGC^ ŒCGDQ 9Ý NŠRCMEF^ GJ?9FAR9;= ½LBµ àC9<=EA= KHGDM KÝ <9DŒbEA NDW<FbEA NŠRCMEFŠEA
D9:GJ9LGŏ=EA¾E9BbDNbHG<bDF9HM:DAC9;b;@é=KC^J=HM:DACQµN9DAL9K=RD=HŒMB=E=RANŒ=EAKCMHAF9EAAFKLALM;b´9D=NŠRCMEF^GJ?9FAR9;=½LBµHJAEWJFıàé¾G:NQCD=HG<WN9BbF=BD=HŒbNŠCGF
½G:JWR=C|~¾µ
Obrázek 13: ŞNGBÄEHG<D=AFKLALM;AGFWDFb;@K=CLGJś
66
HGDM9MLGJKLNbE=RAĪ=KCŠEAAFKLALM;=EAF9NRWB=E9ÝE=RAĪ=KCŠEA9ÝR9@J9FAĪFbEAAFKLALM;=EANRJGKLDG·HGĪ=LHM:DAC9;bRÝB=<F^AFKLALM;=KL9?FGN9Dµ9DŒb<ŝD=ţAL^HGRF9LCQBKGM¶
Ç
9LbE;GNŠKLMHQNıLŒAFQAFKLALM;bK=R9EıŏGN9DQF9E=RAFWJG<FbKHGDMHJW;A´FıCL=J^RÝJ=?AGFWDFb;@NQKGCŠ;@ŒCGDK=Nb;=R9EıŏGN9DQF9KHGDMHJW;AF9FWJG<FbmJGNFAµ
Ç WJŝKLE=RAFWJG<FbKHGDMHJW;=KL=BFıB9CGmJGN=ʼnHJG<MC;=NÝJWE;AE=RAFWJG<FbKHGDMHJW;=B=NQŒŒbNÝHŏbH9<ıNQKGCŠ;@ŒCGD9ÝNŠRCMEFŠ;@GJ?9FAR9;b½R=BE^F9àé¾´R9LbE;G
FWJG<FbKHGDMHJW;=EWNıLŒbNŠRF9EHJGF=EG;FA;=´NDW<FbAFKLALM;=9ÝR=BE^F9L9C^rJEQ´;GţJ=s=CLMB=>9CL´ţ=EFG@GAFGN9ĪFb;@9CLANALN=rJEW;@B=R9Eıŏ=FGKHbŒ=F9KF9@M<G@F9LR9@J9FAĪFbmJGN=ʼnµ=DCWĪWKLL^LGAFL=JFbKHGDMHJW;=B=KHB9L9KÝNŠRCMEFŠEA
9ÝL=;@FGDG?A;CŠEAGJ?9FAR9;=EAµ
Ç ıCL=J^NQKGC^ŒCGDQ9ÝmKL9NQ:QDQBAţ<DGM@GM<G:MmKHıŒFıF9HGB=FQF9E=RAFWJG<FbKbLı
9´L9Cţ=B=BA;@HG<bDF9E=RAFWJG<FbKHGDMHJW;AK=KÝĪ9K=EFAB9CNŠJ9RFıF=EıFb½;GţB=
HŏbH9<àéB9CG;=DCM´FAN=JRALQ9JDGNQĪAQRACWDFb@GmKL9NMàé¾µAF^AFKLALM;=´
B9CGF9HŏbCD9<é=KC^NQKGC^MĪ=FbL=;@FA;C^NÝJ9R=´NQC9RMBbHGRGJM@G<FŠFWJŝKLHG<bDM
F9E=RAFWJG<FbKHGDMHJW;A:ı@=E9F9DQRGN9F^@GĪ9KGN^@GmK=CMµ9LGNQKGCWŒCGD9R9RF9E=F9D9N=DCŠFWJŝKLAEH9CLMKNŠ;@ĪDWFCŝNRFACDŠ;@NÝE=RAFWJG<FbKHGDMHJW;ANÝHGKD=<Fb;@D=L=;@LG@GLGG:<G:bµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
é=KCWHM:DAC9ĪFbNŠCGFFGKLK=NQNbBbHGRALANFbEKEıJ=E¦NÝBW<JMKJGNF9L=DFŠEKÝNŠNGB=E
N=DGNAFKCMĪANÝ9Į9JKCM¦9ÝNQH9<WLG´ţ=Ī9K=EK=NQJGNFWmJGNFAE=RAFWJG<FbNŠCGFFGKLAµ
9EGRŏ=BEı´HGCM<BAKJGNFWE=KÝN=<GM;bEAE=FŒbEAR=EıEAGJA=FLGN9FŠEAF9NŠRCMEB9CGB=
ďN^<KCG´AFKCG9ÝWFKCG´B=B9KF^´ţ=;=KL9B=ŒLı:M<=<DGM@W´9D=Ī=KC^NŠKLMHQ9ÝCN9DAL9JGKLGM
JQ;@D=BA´F=ţB=LGEMNÝMN=<=FŠ;@LJ9<AĪFıNŠRCMEFıGJA=FLGN9FŠ;@R=Eb;@RWH9<Fb9ÝK=N=JFb
NJGHQµ
EHAJA;C^RWCD9<Q´F9CL=JŠ;@:QEG@DG:ŠLHGKL9N=FGKEQKDMHDF^E=RAFWJG<Fb:A:DAGE=LJA;C^KJGNFWFbNŠCGFM´B=ŒLıF==PAKLMBbµ9LbE;GB=EGţF^NQHJG<MCGN9LKJGNF9L=DF^AF<ACWLGJQ
NÝ°LNJ<Š;@ªNı<W;@´NÝHKQ;@GDG?AA9ÝNÝ=CGFGEAA´AF<ACWLGJQNÝEFG@9KG;AWDFb;@9Ý@ME9FALFb;@Nı<W;@BKGMKJGNF9L=DF^<9D=CGG:LbţFıBAµ=ŒLıHG<KL9LFıBŒbB=F=<GKL9L=C9<=CNWLFb;@K9<NKLMHFb;@m<9Bŝ´9ÝLGF=B=FF9<=L9ADFbmJGNFAKH=;Ar;C^HJGB=<FGLDAN^G:GJQ´;Gţ:Q:QDGHGLŏ=:F^
HJGKEQKDMHDF^KJGNFWFb´9D=AÝF99?J=?GN9F^mJGNFAµ<QţK=HJGNW<ıBbE=RAFWJG<FbKJGNFWFb
NŠCGFM´BKGMN=DEAĪ9KLGR9DGţ=F9F9HGJGNFWFb:A:DAGE=LJA;CŠ;@AF<ACWLGJŝ9Ým<9BŝGÝHGHMD9;Aµ
=B=<FWK=L=<QGÝGHJ9N<GN^m<9B=GÝNŠCGFM´HJGLGţ=HGMţbN9BbHGHMD9;AB9CGFW@J9ţCMR9NKLMHQ´AÝC<QţNbE=´ţ=NKLMHQ½LBµCGFCJ^LFıH=FbR=NıFGN9F^F9NŠRCMEF9B=<FG@GG:QN9L=D=¾K=
R=EG<R=EıRF9ĪFıDAŒbµ<=KJGNFWNWE=REİFQ:A:DAGE=LJA;CŠ;@AF<ACWLGJŝNŠKLMHŝ9ÝCN9DALQ
NÝĪ9K=µà:KGDMLFbHGJGNFWFbNŠCGFMRŝKLWNWEAEGEGţFGKLA<F=ŒFb:A:DAGE=LJA=µ
:JWR=C|MC9RMB=NŠKD=<CQ9F9DŞRQNŞCGFMµ<=BKE=HGMţADAHGHMD9ĪFbKL9LAKLACQRbKC9F^
RÝ<9L9:WR=K@JFMBb;bHGHMD9ĪFbKL9LAKLACQGKEAR=EbµGMţADABKE=<9L9RÝJGCM}{|{´CL=JW
HGCJŠN9BbHGHMD9ĪFbKL9LAKLACQR9G:<G:b|„„~¦}{{ƒ µGR@G<DABKE=K=HGMţbL<9L9GÝHGHMD9;A
KHbŒ=F=ţ<9L9GÝNŠRCMEFb;b;@´F=:GŗL9BKGMN=DEAGNDANFıF9<=rFA;bµQHGĪbL9DABKE=KLŏ=<Fb
@G<FGLMHGĪLMHM:DAC9;bF9G:QN9L=D=HG<G:M9F9DŠRQµ9Cţ=:AD9F;=NŠCGFME=RAD^LQ|„„~¦
}{{„B=HGKL9N=F9F9Nb;=D=L=;@9ÝJ=D9LANFıE=FŒbEHGĪLMG:QN9L=DF=ţHGKD=<FbG:<G:b½NÝFıEţ
EWE=E^FıD=L´9D=NRJŝKL9Bb;bNŠKLMHQ9ÝNQŒŒbHGĪ=LG:QN9L=D¾µGJGNF9DABKE=REıFQ:AD9F;=
NŞCGFM¾=DL9¿9:AD9F;=AEH9CLMNÝG:<G:b;@|„„~¦}{{„9Ý}{{€¦}{{„µ
é=KCWJ=HM:DAC9EWLŏ=LbF=BNQŒŒbFWJŝKLN=NŠCGFMF9G:QN9L=D=´R9DGNAFKC=E9Ý9Į9JKC=E
½KÝFWJŝKL=E€„…´€ƒ…9݃…NÝHGŏ9<b¾µ9Nb;9F9DŠR9REıFQAEH9CLFb@G>9CLGJMMC9RMB=´ţ=
é=KCWJ=HM:DAC9EıD9F=BNQŒŒbFWJŝKLAEH9CLM½FWJŝKLGÝ}€…¾´L=HJN=R9FbB=9Į9JKCG½KÝFWJŝKL=EGÝ|„…¾µ
}
Obrázek 14: ÞA:DAGE=LJA;C^KL9LAKLACQR9è=KCGMJ=HM:DACM9ƒKJGNFWN9FŞ;@R=EbµNŞCGFB=R9DGš=FF9HGHMD9ĩFb;@KL9LAKLACW;@µ|„„~§}{{„
3âFJI
1 *.42*.
ò$2*©1$/4!+(* #©-2*.
%(-2*.
-ÿ,$"*.
, ù 12*.
-(9.9$,¬
2+.5(-2*.
à5_#2*.
ҘÒ
Ç
Ç
Ç
Ç
ÇÄ
Ç
Ç
ÇÅ
ÇÅ
--# 0H
ҘÒ
Ç
Ç
Ç
ÇÄ
Ç
ÇÅ
Ç
Ç
Ç
3âFJI
˜Ò
Ç
Ç
ÇÄ
ÇÅ
Ç
Ç
Ç
Ç
Ç
--# 0H
!@GO<-
!@GO<&
˜Ò
ÇÅ
Ç
ÇÄ
ÇÄ
ÇÄ
ÇÄ
Ç
Ç
ÇÅ
Ç
ÄÇ
Ç
Ç
ÅÇ
ÄÇ
ÇÄ
ÅÇ
ÅÇ
Ç
ÇÅ
ÇÅ
ÇÅ
ÅÇÄ
ÅÇ
Ç
Ç
ÇÄ
}
ÝHŏbH9<ıDGNAFKC9BKE=EMK=DARbKC9Lm<9B=G<DGNAFKC^@GKL9LAKLA;C^@Gmŏ9<M´HJGLGţ=F=:QDQR9@JFMLQ<Gm<9Bŝ½EMK=DABKE=
HJ9;GN9LKÝm<9BARÝJGCM}{{‚´HJGLGţ=HGR<ıBŒbm<9B=F=:QDQCÝ<AKHGRA;A¾µ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
67
&IO@MI<>DJI<GDU<>@
68
WJG<FbNŠRCME9ÝAFGN9ĪFbKQKL^EFMLbCÝAFL=JF9;AGF9DAR9;ARF9ĪF^KbDQ´CL=J^R9@JFMBb¶HGLŏ=:MmĪ9KLANÝ?DG:WDFb;@Nı<=;CŠ;@CGEMFALW;@´9:QNı<9>MF?GN9D9F9ŒHAĪCGN^mJGNFA·?DG:9DAR9;AHJŝEQKDM9ÝHJŝEQKDGN^@G9·HGLŏ=:M:M<GN9LG:B=E9ÝKH=;A9DAR9;A½F9HŏbCD9<NÝFWN9RFGKLAF9HGKMFNÝCGFCMJ=FĪFb;@G:GJ=;@N=NRL9@MCÝ=NJGHKC^mJGNFA9ÝJ=9DAR9;ANJGHKC^@G
NŠRCMEF^@GHJGKLGJM¾·HGLŏ=:MR9:ŠN9LK=?DG:WDFbEANŠRN9EA´B=BA;@ţRŏbR=FbB=EAEG<GK9@
B=<FGLDANŠ;@R=Ebµ
é=KCWJ=HM:DAC9K=ŏ9<bE=RAR=Eı´CL=J^KD=<MBbLG´Ī=EMŏbCWE=H9J9<A?E9mRC^Nİ<=;CG¨
L=;@FA;C^9AFGN9ĩFbKHGDMHJW;=´C<=@D9NFb@F9;bKADGMB=RD=HŒ=FbCN9DALQ´RW:ıJM9ÝCJALA;C^@GEFGţKLNbN=Nı<ı9ÝNŠRCMEMHGEG;bHJGHGB=Fb½rF9FĪFb;@9ÝDA<KCŠ;@¾R<JGBŝ9ÝRF9DGKLbK=
R<JGBA9ÝRF9DGKLEAGKL9LFb;@R=EbµG<FıLQNRFAC9BbN=Nı<=;C^CGEMFALı9ÝBKGMHŏ=NW<ıFQ<G
HGDALA;CŠ;@FWKLJGBŝNı<Q9ÝNŠRCMEMµQEG@GMEbL<NGBb;bD¶RB=<F9LKAHŏbKLMHCÝF=BFGNıBŒbE
RF9DGKL=ENÝR9@J9FAĪb9ÝHŏADWC9LF=BFGNıBŒbRF9DGKLAF=:GDA<A<G<9F^R=EıµÝHG@D=<MNı<=;C^
CGEMFALQKDGMţbKHGD=ĪF^NŠRCMEF^9CLANALQCÝŏ=Œ=FbNŠRCMEFŠ;@HJG:D^EŝµÝR=Eb;@´C<=B=
9E^FıJGRNAFMLŠ´B=<ŝD=ţALGMND9KLFb@F9;bKADGM:M<GNWFbFWJG<Fb;@Nı<=;CGL=;@FA;CŠ;@
9ÝAFGN9ĪFb;@C9H9;ALHJGKLŏ=<FA;LNbEKHGDMHJW;=µ
=FŒbHGĪ=LR=EbFWKD=<MB=H9J9<A?E9ŐAJGC^Nİ<=;CGL=;@FA;C^9AFGN9ĩFbKHGDMHJW;=´C<Q
GKL9LFbF=Nı<=;C^HGDALA;C^;bD=NRWB=EFıHŝKG:bF9NFALŏFbNŠRCMEFıGJA=FLGN9F^;bD=9ÝNı<=;CGL=;@FA;CW9ÝAFGN9ĪFbKHGDMHJW;=K=KLWNWHJGKLŏ=<C=ECÝ<GK9ţ=FbLı;@LGHGDALA;CŠ;@RWEıJŝ´
CGFCJ^LFı
Ç
Ç
D=HŒGNWFbFWJG<FbCGFCMJ=F;=K;@GHFGKLA´
R
HG<HGJME^FıJGRNAFMLŠ;@R=EbHGEG;bJGRNGB=B=BA;@Nı<=;CGL=;@FA;CŠ;@9ÝAFGN9ĪFb;@
K;@GHFGKLb´
Ç NQJGNFWFbK=KÝ?DG:WDFbEAKHGD=Ī=FKCŠEANŠRN9EA´
Ç LNGJ:M<G:JŠ;@9ÝKL9:ADFb;@<AHDGE9LA;CŠ;@NRL9@ŝµ
=RAFWJG<FbKHGDMHJW;=K=B=NbB9CGB=<=FRÝHG<FıLŝRD=HŒ=FbCN9DALQĪ=KCŠ;@HM:DAC9;bµéLQŏA
HıLAFQR=KHGD=ĪFŠ;@E=RAFWJG<Fb;@HM:DAC9;bé=KC^J=HM:DACQHG;@WR=BbR=KHGDMHJW;=KÝ=NJGHKCŠEAR=EıEA´AÝC<QţàBKGML9C^B=<FbERÝN=DCŠ;@H9JLF=Jŝµé=KCWE=RAFWJG<FbKHGDMHJW;=
N=9B=F=BNıLŒb½Eıŏ=FG9:KGDMLFbEHGĪL=EĪDWFCŝ¾N=>QRA;=9ÝE9L=JAWDGNŠ;@Nı<W;@´;@=EAA
9Ý;@=EA;C^EAFţ=FŠJKLNb´RWCD9<Fb;@Nı<W;@GÝţAN^HŏbJG<ı´CDAFA;C^E=<A;bFı´:AGE=<A;bFKCŠ;@
9Ý:AGDG?A;CŠ;@Nı<W;@µ=RAFWJG<FbKHGDMHJW;=NÝŏ9<ı<AK;AHDbFKG;AWDFb;@Nı<B=KD9:WNÝHGJGNFWFbKÝNŠRF9E=E´CL=JŠL9LGL^E9LAC9R9MBbEWF9FWJG<FbmJGNFAµàé9Ý9JDGN9MFAN=JRAL9
<GEAFMBbE=RAFWJG<FbEKHGD=ĪFŠEHM:DAC9;bE´B=R<=L=<QHJGKLGJHJGRNŠŒ=FbNŠCGFMN=KHGDMHJW;AHJG<9DŒbGJ?9FAR9;=µ
WŒHJŝRCMEMÝNŠRCMEFbCŝMCWR9D´ţ=<NıLŏ=LAFQR=NŒ=;@HJGB=CLŝ´CL=J^HJG:b@9BbN=KHGDMHJW;A´EW9D=KHGʼnB=<FG@GR9@J9FAĪFb@GH9JLF=J9¦HGF=BNb;=RÝ=NJGHKCŠ;@R=Ebµ@JM:9„}…
NŒ=;@NŠRCMEFbCŝ´CL=ŏbE=RAFWJG<FıKHGDMHJ9;MBb´KHGDMHJ9;GN9DAKÝH9JLF=J=ERÝ}‚Ãà
9Ý|…KÝH9JLF=J=ER=K=N=JFbàE=JACQµƒ~…R=NŒ=;@Ī=KCŠ;@NŠRCMEFbCŝ:QDGNÝJWE;AKN^@G
NŠRCMEMF=BE^FıB=<FGMNÝR9@J9FAĪbµ9BbE9N^B=´ţ=Nb;=F=ţB=<F9Lŏ=LAF9J=KHGF<=FLŝHJG@DWKAD9´ţ=:QD9R9EıKLF9FWR9@J9FAĪFbGJ?9FAR9;b·NÝHŏbH9<ıN=<GM;b;@HJ9;GNFbCŝ½F9HŏµJ=CLGŏA¾
L=FLGHG<bDHŏ=K9@MB=€ƒ…µA´;GHJ9;GN9DANÝR9@J9FAĪb´LNJ<b´ţ=J=AFL=?J9;=F=FbN=DCŠHJG:D^Eµ
ŠRCMEFb;AHG<HGJMBbAFL=JF9;AGF9DAR9;A´9:QKAJGRŒbŏADAKNGBAKbŗCGFL9CLŝ´HGCJ9ĪGN9DAN=KNŠ;@
GKG:Fb;@NŠRCMEFŠ;@RWEıJ=;@9ÝRD=HŒADAKAKNŝBHM:DAC9ĪFbHJGrDµHGDMHJW;=K=R9@J9FAĪFbE
HJŝEQKD=EB=EWDG´9D=LA´;GL9CLGKHGDMHJ9;MBb´BbHŏACDW<9BbN=DCŠNŠRF9Eµ:=;FıNR9LGNıLŒAF9
Ī=KCŠ;@NŠRCMEFbCŝ;bLb´ţ=B=BA;@GJ?9FAR9;=@G<FGLbE=RAFWJG<Fb9CLANALQHGRALANFı9ÝHG<HGJMB=B=µA;E^FıHGCDW<9BbFWJG<FbKQKL^ER9R;=D9K=D@WN9Bb;bNÝHG<HGŏ=9ÝHG:b<CW;@KHGDMHJW;=
KÝ=NJGHKCŠEA´9D=B=ŒLıNb;=KÝF==NJGHKCŠEAH9JLF=JQ9ÝF9AFL=?J9;AR9@J9FAĪFb;@9CL^Jŝ<GFWJG<Fb;@HJG?J9EŝHG@Dbţ=BbB9CGF9N=DEAKD9:GMµ
^FıF=ţ{…GJ?9FAR9;b´CL=J^K=RmĪ9KLFADQF9Œ=@GHJŝRCMEM´EıDGB9KFGMKLJ9L=?AAAFL=JF9;AGF9DAR9;=´9D=<9DŒb;@„…HDWFMB=BANQHJ9;GN9LNÝFWKD=<MBb;b;@Lŏ=;@D=L=;@´;Gţ<GC9RMB=
HJAEWJFbNŠRF9EAFL=JF9;AGF9DAR9;=NÝ:M<GM;FGKLAµÝmKL9NŝàéB=KA;=E=FŒbHJ9N<ıHG<G:9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
FGKLF=ţMÝGKL9LFb;@AFKLALM;b´ţ=:M<GMEbL>GJEWDFıNQHJ9;GN9FGMKLJ9L=?AA9ÝKH=;AWDFbHGDGţCM
NÝJGRHGĪLMNıFGN9F^AFL=JF9;AGF9DAR9;A´9D=R9LGBKGMBAţNb;=E=RAFWJG<Fb¦9D=KHGʼn;GK=LŠĪ=
KHGD=ĪFŠ;@ HM:DAC9;b 9Ý R9@J9FAĪFb@G HG<bDM F9 KNŠ;@ HJGB=CL=;@µ 9LbE;G NıLŒAF9 GJ?9FAR9;b
EıD9B=FEWDGE=RAFWJG<Fb;@HJGB=CLŝ´<NıLŏ=LAFQRÝFA;@E9BbKLJ9L=?A;CWH9JLF=JKLNbK=R9@J9FAĪFbEAGJ?9FAR9;=EA´R=BE^F9RÝ}‚Ãà9ÝRÝàµ
9DŒbEEıŏbLC=EAFL=JF9;AGF9DAR9;=NÝGJ?9FAR9;AB=HGEıJR9@J9FAĪFb;@R9EıKLF9F;ŝµ=DCW
NıLŒAF9GJ?9FAR9;bEWE^FıF=ţ|{…R9@J9FAĪFb;@R9EıKLF9F;ŝ´HŏAĪ=EţHGEıJNÝmKL9N=;@à
éB=EbJFıNQŒŒbµJ?9FAR9;b´CL=J^HŏABbE9BbR9EıKLF9F;=R=R9@J9FAĪb´B=HGM@Š;@|…´9ÝGHıL
AÝNÝLGELGBKGMmKL9NQàéNb;=E=RAFWJG<FbF=ţBAF^GJ?9FAR9;=µGDFWEbKL9NÝF=BD=HŒb;@AFKLALM;b;@½9ÝF9F=BD=HŒb;@C9L=<JW;@NQKGCŠ;@ŒCGD¾BKGMKLWD=Nb;=GL=Nŏ=F9AÝE=RAFWJG<FbKGMLıţA
9ÝK@D=<9DABKE=´ţ=HJGrDE=RAFWJG<FbKHGDMHJW;=ţ9<9L=D=B=:JWFNÝHGL9R´AÝC<QţLGF=HD9LbNţ<Qµ
ÝmKL9NŝàéB=GÝ@G<FıE=FŒbHJ9N<ıHG<G:FGKL´ţ=E9BbE=RAFWJG<FbRWKLMH;=N=KNŠ;@HGJ9<Fb;@GJ?WF=;@µ9<JM@GMKLJ9FMK=R<W´ţ=mĪ9KLE=RAFWJG<Fb;@@G<FGLAL=DŝHŏA@G<FG;=Fb
mKL9NŝàéK=KLWNWFGJEGMµ
Č=<AL=D^HGN9ţMBbKN^GJ?9FAR9;=R9;=DCGNıHG<HGJMBb;bE=RAFWJG<Fb9CLANALQµ=B<ŝD=ţALıBŒb
KL9JGKLbK=R<W:ŠLG<DANEGRCŝ9ÝHGLŏ=:9R9LJ9CLANFıFbĪ=KC^@GKQKL^EMB9CHJGĪ=KC^´L9CHJG
R9@J9FAĪFbNŠRCMEFbCQµ
AF9F;GNWFb´R=BE^F9F=<GKL9L=ĪFWGL=Nŏ=FGKLFWJG<Fb;@?J9FLGNŠ;@HJG?J9EŝR9@J9FAĪFbE
mĪ9KLFbCŝEF9LG´9:QR9@J9FAĪFbNŠRCMEFb;AEG@DANÝR=EA@GKLGN9LF=:G<GKL9LR9EıKLFWFb´
RŝKLWNWF=BNıLŒb:9JA^JGMµQKGC^H=<9?G?A;C^mN9RCQ´9ÝLGAÝF9F=BD=HŒb;@C9L=<JW;@´BKGML9C^
:9JA^JGM E=RAFWJG<Fb KHGDMHJW;= N= NŠRCMEM 9Ý KLŏ=<Fı<G:^ EG:ADALQµ KGM R<= L9C^ :9JA^JQ
AFL=JF9;AGF9DAR9;=NŠMCQ´NĪ=LFıD=?AKD9LANFb@GHGţ9<9NCMNQMĪGN9LHŏ=<=NŒbENÝĪ=KC^EB9RQ;=µ
G<FıNŠRCMEFbCŝEWL9C^<GB=E´ţ=B=KF9<FıBŒbRbKC9LrF9F;GNWFbF9FWJG<FbmJGNFAF=ţ
rF9F;GNWFbR=R<JGBŝµNJGHKC^rF9F;GNWFbHŏAFWŒbB=<FGLDANŠENŠRCMEFbCŝEHŏbDAŒE9DŠ
GKG:FbHJGKHı;@F9LG´9:QLGCGEH=FRGN9DGFMLFGKLNQNAFGMLRNŠŒ=F^mKADb9ÝHŏ=CGF9LKDGţAL^
Hŏ=CWţCQHŏAB=@GRbKCWNWFbµ
ČbR=Fb9ÝrF9F;GNWFbAFL=JF9;AGF9DAR9;=99
B=HJAEWJFıNÝJMCGMAFAKL=JKLN9ŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQ´CL=J^B=RG<HGNı<F^R9LNGJ:MHGDALACQ´NŠNGBKLJ9L=?Ab9ÝAEHD=E=FL9;AKCGJG
NŒ=;@HJG?J9EŝE=RAFWJG<FbKHGDMHJW;=N=9NĪ=LFıKHGDMHJW;=KÝHJŝEQKD=Eµ
ıLŒAF9HGRGJFGKLA9ÝmKADbNÝG:D9KLAHGDALACB=NıFGNWF9=NJGHKCŠEAFA;A9LANWEµ9rF9F;GNWFb
mĪ9KLANÝE=RAFWJG<Fb;@GJ?9FAR9;b;@B9CGB=à´´´ß´à9ÝB=NıFGNWF9
NıLŒAF9 JGRHGĪLMµ 9DŒb <ŝD=ţAL^ AFA;A9LANQ BKGM KHB9LQ KÝ FıCGDAC9 HGD=ĪFŠEA L=;@FGDG?A;CŠEA
AFA;A9LAN9EA½àJL=EAK´FA9;´
9F<MJGKL9JK¾µé=KCWJ=HM:DAC9EWL9C^9CLANFb<NGBKLJ9FF^
KHGDMHJW;= KÝ EAEG=NJGHKCŠEA R=EıEA ½MKCG´ AţFb GJ=9´ ébF9´ 9HGFKCG´ RJ9=D´ àJ?=FLAF9
9ÝྴCL=J^R9@JFMBbAÝrF9F;GNWFbNŠRCMEFŠ;@HJGB=CLŝF9RWCD9<ıGL=Nŏ=F^KGMLıţ=µŝJ9R
HGDALACHJGNı<=;CGL=;@FA;CGMKHGDMHJW;AB=CD9<=FF9NQLNWŏ=FbN9R=:KÝN=ŏ=BFŠEANŠRCMEFŠEA
GJ?9FAR9;=EAµJŝEQKDGNıGJA=FLGN9FWKHGDMHJW;=NÝG:D9KLA9GJ?9FARGN9FWHJGKLŏ=<FA;LNbE
rF9F;GN9FŠ;@HJG?J9EŝB=HGEıJFıE9DW9ÝB=KGMKLŏ=<ıF9F9HJG?J9EMJGKL9JKµ
GDALA;CŠNŠRF9EE=RAFWJG<FbKHGDMHJW;=N=9JGKL=9ÝJGKLGMAÝFWJG<FbJGRHGĪLQµ=BHGRGJM@G<FıBŒbmKHı;@HGKD=<Fb;@D=LB=9KANÝG:D9KLAAF>J9KLJMCLMJQ´C<=K=é=KCWJ=HM:DAC9KF9ţAD9
GÝ HGKMF <ŝJ9RM NÝ HDWFGNWFb KEıJ=E CÝ FGNŠE ĪD=FKCŠE KLWLŝE 9Ý HG<9ŏADG K= Bb REG:ADARGN9L
KLJMCLMJWDFb>GF<QF9HG<HGJMNŠKL9N:QPLJ=E=A?@L
F>J9KLJM;LMJ=NÝé=KC^J=HM:DA;=µ
A;E^FıHG<D=LNŝJ;ŝHGDALACCGGJ<AF9;=KLWD=RŝKLWNWHJG:D^E=EF9HGDALA;C^mJGNFA9Ý:9JA^JQHŏ=LJNWN9BbF9mJGNFAGJ?9FAR9ĪFb9ÝAF<ANA<MWDFb´Hŏ=<=NŒbENÝLGE´ţ=NŠRCMEFWCGEMFAL9
EWL=F<=F;A:ŠLR9@D=<ıF9<GK=:=´9ÝNÝF=<GKL9LCMRCMŒ=FGKLbNÝ:M<GNWFbE=RAFWJG<Fb;@KbLb
½G:RNDWŒLıK=LGLŠCWE9F9ţ=JKCŠ;@HGRA;N=NŠRCMEM¾µıCL=J^Nı<=;C^G:GJQE9Bb<GKL9L=ĪFGM<G:JGME=RAFWJG<FbHGNıKLF9LG´9:QF9DWC9DQR9@J9FAĪFbNŠRCMEFbCQ¦9D=F=FbLGFAB9C
KQKL=E9LA;CQKD=<GNWFGµ
9RWCD9<ıF9Œ=@GKJGNFWFbĪ=KCŠ;@GH9Lŏ=FbE9Bb;b;@R9;bDAFL=JF9;AGF9DAR9;ANŠRCMEMKÝBAFŠEA NQ:J9FŠEA R=EıEA ½
JKCG´ AFKCG´ ıE=;CG¾ F9NJ@MB=E=´ 9:Q Ī=ŒLb LNŝJ;A HGDALAC RNWţADA F9KL9N=Fb B9KF^ KLJ9L=?A= AFL=JF9;AGF9DAR9;= MCGLN=F^ NÝ ŒAJGC^ ŒCWD= G:D9KLb HGDALACQ´ NĪ=LFı
NR<ıDWNWFb´=CGFGEA=9ÝHJŝEQKDGN^HGDALACQ´<AHDGE9;A=9ÝHGDALACQR9@J9FAĪFb;@NRL9@ŝ´CL=JW
:QF=:J9D9NÝHGL9RHGMR=rF9F;GNWFbHGEG;bWE;GNŠ;@HJG?J9Eŝ´9D=L9C^:AD9L=JWDFbKHGDMHJW;AK=R=EıEA9ÝEAEG´NQMţbN9D99B9CGHJN=CHJGHŏADWCWFbHŏbEŠ;@R9@J9FAĪFb;@
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
69
70
AFN=KLA;9ÝKL=BFıL9CHGEW@9D9Ī=KCŠErJEWENQLNWŏ=LKAN9R:QF9H9JLF=JQNÝG:D9KLA99
F9
;=D^EKNıLıµé=KC^NŠRCMEF^GJ?9FAR9;=:QKAEıDQF9KL9NALB9KF^KLJ9L=?A=AFL=JF9;AGF9DAR9;=µ
GKCQLGN9L=D^:QEıDANRbLG<HGNı<Fı<GmN9@QNŒ=;@FQNŠ@G<Q´B=ţEŝţ=HŏAF^KLB=<F9CGL=Nŏ=FbFWJG<Fb;@NŠRCMEFŠ;@HJG?J9Eŝ9ÝGJ?9FAR9;b9ÝB=<F9CRJMŒ=Fb:9JA^J´CL=J^R9@J9FAĪFbE
H9JLF=JŝE ĪA CGFCJ^LFbE NŠRCMEFŠE mCGDŝE :JWFb KHGDMHJ9;GN9L KÝ Ī=KCŠEA H9JLF=JQ F=:G
MK9<ALK=NÝé=KC^J=HM:DA;=µ
=HGLŏ=:9MN^KLAÝLG´ţ==NJGHKCWNŠRCMEFWKHGDMHJW;=9ÝR=BE^F9WE;GNŠHJG?J9EKAR9;@GN9BbKNŝBN=DCŠNŠRF9E<9FŠL9C^LbE´ţ=GL=NbJ9BbĪ=KCŠENı<;ŝEHJGKLŏ=<brF9F;GNWFbR9DGţ=F^
F9KGMLıţA9ÝF9@G<FG;=FbF=RWNAKDŠEA@G<FGLAL=DA9ÝK9EQHŏALGEHGKCQLMBbAÝCDbĪGN^EGţFGKLA
B9CHJGE=RAFWJG<FbKHGDMHJW;A´L9CHJGNŠRF9EFGMĪWKLrF9F;GNWFbµbJ9mKHıŒFGKLAHJGB=CLŝ
KÝĪ=KCGMmĪ9KLbK=:ı@=EHGKD=<Fb;@<NGMWE;GNŠ;@HJG?J9EŝRNŠŒAD9µA;E^FıAÝHŏ=KNQKGCGM
HG<HGJMĪ=KCŠEţ9<9L=DŝEF9FWJG<FbmJGNFAF=FbN=KJGNFWFbKÝGKL9LFbEAFGNŠEAĪD=FKCŠEA
KLWLQ;=DCGNŠRWB=EFAB9CKADFŠ9ÝHGĪ=LCGGJ<AFWLGJŝmKHıŒFŠ;@HJGB=CLŝB=KCML=ĪFıN=DEAFbRCŠµ
Ý@D=<AKC9ŒAJŒbAFL=JF9;AGF9DAR9;=B=RF=HGCGBANWN=DEAFbRCWmĪ9KLNÝLı;@K;@^E9L=;@WE;GN^@GHJG?J9EM´CL=JWMEGţʼnMBbEAEG=NJGHKCGMKHGDMHJW;A´B9CGBKGM
9Ý
àµÝHG@D=<M
ĪAKLırF9FĪFbFWNJ9LFGKLAAFN=KLA;K=é=KC^J=HM:DA;=F=NJ9;bHDFŠ;@|{{…µJGR=EA´CL=JWK=
KLWD=KF9ţb=L9:DGN9LNÝHGHŏ=<b=NJGHKC^@GNŠRCMEM´K=R<W´ţ=:QAFN=KLA;=<GCGrF9F;GNWFb
9Ý HG<HŝJFŠ;@ GH9Lŏ=Fb EıDQ EbL N=DCŠ NŠRF9E´ 9D= HJG B9KFıBŒb 9J?ME=FL9;A G@D=<Fı HŏA<9F^@G<FGLQLı;@LGFWKLJGBŝ:Q:QDGHGLŏ=:9@DM:Œb@G<FG;=FbF=BJŝRFıBŒb;@K;@^E9LHG<HGJQ
9ÝCGrF9F;GNWFbµ:=;FıBAŏ=Ī=FG´F9Œ=AFL=JNA=OHGLNJ<AD9NŠKD=<CQ<ŏbNıBŒb@G@G<FG;=Fb‚µ´
R=BE^F9LQ´ţ=;@Q:bB9CFWJG<FbKLJ9L=?A=´L9CAÝKLJ9L=?A=B=<FGLDANŠ;@AFKLALM;bHJGHJGH9?9;A
mĪ9KLANÝJWE;GNŠ;@HJG?J9E=;@NÝCGFL=PLMŒAJŒbKLJ9L=?A=AFL=JF9;AGF9DAR9;=µ9LGFbRCWNŠCGFFGKLAFL=JF9;AGF9DAR9;=B=HJ9N<ıHG<G:FıKHGB=F9KÝJGRLŏbŒLıFGKLbNŠRCMEFŠ;@KCMHAF9ÝKÝF=<GKL9LC=EKGrKLACGN9F^@GE9F9?=E=FLMNŠRCMEM´F9CL=JŠG<C9RMB=E=NÝK=C;Aµ~µ
*<I<B@H@IOQâUFPHP
à:Q;@GEHJGRCGME9DAAÝBAF^9KH=CLQCN9DALQF=ţB=FHM:DAC9;=´NQ:J9DABKE=½RÝN=DC^ĪWKLAF9
RWCD9<ıHM:DAC9ĪFb@GNŠCGFM´9D=L9C^KÝG@D=<=EF9<G:J^J=?AGFWDFb´G:GJGN^9ÝAFKLALM;AGFWDFbHGCJQLb¾|€NQKG;=NŠCGFFŠ;@NŠRCMEFŠ;@KCMHAFF9HŏbĪàé9ÝMFAN=JRALFbEKQKL^E=E
9Ý~NŠRCMEF^9ÝL=;@FGDG?A;C^GJ?9FAR9;=9ÝHGţW<9DABKE=B=GÝKHGDMHJW;AHŏA=PL=JFbER@G<FG;=FbB=BA;@ĪAFFGKLAµ9ţ<WNQHJ9;GN9D9CJWLC^K=:=@G<FG;=Fb9ÝG:<Jţ=D9RHıLFGMN9R:MG<
E=RAFWJG<Fb;@@G<FGLAL=DŝHGB=BA;@FWNŒLıNıHŏbEGNÝB=BbEKb<D=µ
JAL^JA9´CL=JŠEAK=ŏb<ADA@G<FGLAL=D^´R9@JFGN9D9=PAKL=F;A9ÝHGĪ=LNQKG;=@G<FG;=FŠ;@9C9<=EA;CŠ;@HM:DAC9;b´HGKL9N=FbCDbĪGNŠ;@R9EıKLF9F;ŝNÝ9C9<=EA;C^ENŠRCMEMF=:GB9KF^HG;@GH=FbMţAN9L=Dŝ9ÝHŏbKLMHMCÝMţAN9L=DŝENÝ9HDACGN9F^EHJGKLŏ=<bµG@=J=F;=9ÝCGEH9CLFGKL
NŠRCMEF^@GHGJL>GDA9:QDQ<9DŒbE<ŝD=ţALŠECJAL^JA=EµıLŒAF9AFKLALM;AGFWDFb;@HJGKLŏ=<b´N=
CL=JŠ;@KCMHAFQHJ9;GN9DQ´CD9<D9NQKGC^FWJGCQ9ÝG:=;Fı:QDA@G<FGLAL=D^HGRALANFıHŏ=CN9H=FA´
ţ=KCMHAFQ:QDQK;@GHFQHJG<MCGN9LNQKG;=CN9DALFbHJW;AR9HG<EbF=C´CL=J^:QDQĪ9KLGF=D=@C^µ
ıLŒAF9 @G<FG;=FŠ;@ NŠRCMEFŠ;@ KCMHAF EıD9 <G:JGM F=:G =P;=D=FLFb CN9DALM NQ@GNMBb;bE=RAFWJG<FbEKL9F<9J<ŝEµD9NFıNÝG:GJ=;@HŏbJG<Fb;@Nı<´L=;@FA;CŠ;@Nı<9Ý=CGFGEA=
BKE=F9J9RADAF9KCMHAFQ´CL=J^BKGM<G:ŏ==L9:DGN9F^NÝE=RAFWJG<FbNŠRCMEF^CGEMFALıµN^@GE=RAFWJG<Fb@GHJGrDM<GKW@DQ:MĮ<bCQŒCGD=FbKNŠ;@N=<GM;b;@NŠRCMEFbCŝNÝà9ÃF=:G
NÝNJGHı´F=:GHJGKLŏ=<FA;LNbEF9N9RGNWFbJGRKW@D^KHGDMHJW;=KÝE=RAFWJG<FbEAMFAN=JRAL9EA
F=:GKHGD=ĪFGKLEAµ9LGE=RAFWJG<FbRCMŒ=FGKL9ÝCGFL9CLQBAER;=D9Rŏ=BEıHGEG@DQHG;@GHAL
E=RAFWJG<FbKL9F<9J<Q9Ý<GKW@FGMLBA;@9ÝL9C^AFKHAJGN9DQB=BA;@GJ?9FAR9;A9ÝŏbR=FbµA;E^Fı
NR@D=<=E CÝ GE=R=FbE Ī=KC^@G NŠRCMEF^@G KQKL^EM F=BKGM 9FA LQLG EAEGŏW<F^ NŠRCMEF^
KCMHAFQNţ<QK;@GHFQK=GJ?9FARGN9LL9C´B9C:QKAHŏWDQµ
KL9LFbNŠRCMEF^KCMHAFQR9K=:GME9Bb<DGM@GM;=KLMµ9LbE;Gé=KCŠ=?QHLGDG?A;CŠmKL9N
B=<G:JŠEHŏbCD9<=ENŠRCMEF^@GmKL9NMRÝG:GJMKG;AWDFb;@9Ý@ME9FALFb;@Nı<´CL=JŠ<GKW@D
E=RAFWJG<Fb@GMRFWFb´GKL9LFb@G<FG;=F^NŠRCMEF^KCMHAFQRÝLı;@LGG:GJŝB=ŒLıF=BKGMF9
E=RAFWJG<FbmJGNFAµGF=FbFAB9CHŏ=CN9HAN^NR@D=<=ECÝLGEM´ţ=FıCL=J^G:GJQEMK=DQ:ŠL
NQ:M<GNWFQHGK9E=LGN^J=NGDM;AR;=D9RFGNMµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
GKD=<FbC9L=?GJA=NŠRCMEFŠ;@KCMHAFQK=EMKb@G<FıRD=HŒAL´9:Q<GKW@D9E=RAFWJG<Fb;@
KL9F<9J<ŝµ =BE^F9 F9NŒLbN=F^ mKL9NQ 9HDACGN9F^@G NŠRCMEM K= GJA=FLMBb @D9NFı F9 <GEW;b
K;^FMµWJG<FbGJA=FL9;=KA;=G<HGNb<WB=BA;@HGKDWFb´F=<GK9@MBbNŒ9CE=RAFWJG<Fb;@KL9F<9J<ŝKEDMNFb@GNŠRCMEMµ@Q:bBAEKCML=ĪFWHG<FAC9NGKL9ÝJAKCMBb´ţ=;bDGNWKCMHAF9G<:ıJ9L=Dŝ
B=BA;@ NŠKD=<Cŝ K= Eŝţ= G:JWLAL BAF9Eµ 9LG HGKD=<Fb C9L=?GJA= HGLŏ=:MB= RD=HŒ=Fb RÝ @D=<AKC9
CN9DALQNŠRCMEM9ÝR=BE^F9GJ?9FAR9;=9ÝE9F9?=E=FLM½9HDACGN9F^@G¾NŠRCMEMµ
=K=LCWFbHŏALı;@LG@G<FG;=Fb;@NQHDQFMDMJĪALŠHGĪ=LG:=;FŠ;@´9D=<ŝD=ţALŠ;@GLWR=CE9F9?=E=FLMNŠRCMEMµ9LbE;GFWŒHJŝRCMEŏ=<AL=DŝMCWR9D´ţ=EFG@GHGLŏ=:FŠ;@HJG;=<MJ
9ÝHGDALAC=PAKLMB=´:ı@=EFWNŒLıNAFKLALM;bK=Rŏ=L=DFıMCWR9DG´ţ=K=B=ŒLı@G<FıEMKbRD=HŒAL
NÝE9F9?=E=FLMNŠRCMEM9ÝDA<KCŠ;@R<JGBŝµ9Hŏµ„…ŏ=<AL=Dŝ´CL=ŏbK=RmĪ9KLFADAF9Œ=@GHJŝRCMEM´LNJ<ADG´ţ=E9Bb?=F<=JGNGMHGDALACM´9D=:ı@=EFWNŒLıNBKE=F=NA<ıDAL^EıŏţW<F^ţ=FQµ
=B9KF^´ţ=GJ?9FAR9;=HGLŏ=:MBbNQMţbL=PL=JFb;@RF9DGKLbHJGJGRNGBKN^@GŏbR=Fbµ
GRLōbŐLİFGKLµÝHŏbJG<Fb;@Nı<W;@´E=<A;bFı9ÝL=;@FA;CŠ;@Nı<W;@BKGMNŠRCMEF^KCMHAFQ
KHbŒ=E9D^´R=BE^F9C<QţBKGMKGMĪWKLbN=DC^@GmKL9NMµ9LGJGRLŏbŒLıFGKLB=R9HŏbĪAFıF9N=DCGM
EbJGM9MLGFGEA=´CL=J^K=LıŒb@G<FıHJG>=KGJŝ´9ÝF=<GKL9LC=EL9CGNŠ;@HG:b<=CHJGHJW;AN=
NıLŒb;@;=FLJ=;@´B9C^DR=KLWD=Ī9KLıBANA<ıLNÝGKL9LFb;@R=Eb;@µŠRCMEFWL^E9L9KAĪ9KLGNGDb
B=<FGLDANbHJG>=KGŏAEbKLGLG@G´9:QNıLŒbKCMHAFQDA<bAEHD=E=FLGN9DQŒAJŒbKLJ9L=?A=µGRŝKL9LCQ
Hŏ=<;@GRb;@HGDALAC´R=BE^F9RÝ<G:CGEMFAKLA;C^@GJ=ţAEM´L9C^HG<HGJMBbL=F<=F;ANQLNWŏ=Fb
<JG:FŠ;@NŠRCMEFŠ;@FAC´CL=J^EıDQNL^<G:ıHGNıKLEbKLKÝJ=D9LANFbKNG:G<GMHJW;=´KÝEGţFGKLbNŠEıFQFWRGJŝ9Ý;=KL<GR9@J9FAĪb9L<µ
R9Nō=FGKL¶ GRLŏbŒLıFGKL L9C^ RF9E=F9D9´ ţ= :QDG LıţC^ REıFAL <DGM@G<G:Š KEıJ :W<WFb
Hŏ=;@G<=EF9AFL=J<AK;AHDAFWJFbKLQDNŠRCMEM´R9Eıŏ=FbEF99HDAC9;=´HJGNW<ıFbE<DGM@G<G:^@GNŠNGB=ĪAMKL9N=FbEKLJ9L=?A;CŠ;@H9JLF=JKLNbµ9CGN^REıFQNQţ9<MBbB9CH=NFıF9KL9N=F^
CGEH=L=F;=NÝFGKFŠ;@9CLANALW;@´L9C<GKLMHF^R<JGB=HJGRCGMEWFbFGNŠ;@L^E9Lµ9D^mLN9JQ
LQHA;CQF=E9Bb<GKL9L=ĪF^R<JGB=9FAF9B=<FG´;GţB=F9Hŏ=CWţCMAFGN9;bE½@D9NFıHŏA9:K=F;A
B9KF^@GN=<=FbF9NQŒŒb;@GJ?9FAR9ĪFb;@mJGNFb;@¾µ
=G;@GL9CAFL=J<AK;AHDAFWJFbEMĩA9HDACGN9FİGJA=FLGN9F^EMNŞRCMEM¶G<FGLAL=D^:QDA
Ī9KLG Hŏ=CN9H=FA F=G;@GLGM KCMHAF NQLNWŏ=L CGFL9CLQ F=:G KHGDMHJ9;GN9L KÝ GKL9LFbEA EAEG
KNŝBND9KLFbG:GJµŠKD=<C=ELG@GB=´ţ=K=KCMHAFWEF=<9ŏADGNQMţbN9LEGţFGKLbAFL=J<AK;AHDAF9JALQCÝ<GK9ţ=FbHJŝDGEGNŠ;@NŠKD=<Cŝ½B=ţK=Ī9KLGG:B=NMBbF9@J9FA;b;@G:GJŝ¾F=:GHJGrLGN9L
RÝFGNŠ;@NŠRCMEFŠ;@NŠR=NNQHDŠN9Bb;b;@RÝŏ=Œ=Fb9HDACGN9FŠ;@NŠRCMEFŠ;@mCGDŝµ
bRC^HGNİ<GEbGRWD=šALGKL=;@DA<KCŞ;@R<JGBśF=:GE9DŞHJGKLGJHJG9C;Aµ9LbE;GFıCL=J^@G<FG;=F^B=<FGLCQ:QDQRÝ@D=<AKC9NıCMR9EıKLF9F;ŝ´B=BA;@RCMŒ=FGKLb9ÝHŏbKLMHMCÝED9<ŠENı<;ŝENQNWţ=F^´EFG@GBA;@F=EıDG<G:JGMNıCGNGMKLJMCLMJM´EıDQHJG:D^EQKÝ<GHDʼnGNWFbELŠEM9ÝKÝEG:ADALGM¶
Ç
ıCGDACKCMHAF:QDGRWNAKDŠ;@F9B=<FGEN=<GM;bE´CL=JŠKLWJF=´HŏALGEB=9D=mKLŏ=<Fb
HGKL9NGMLŠEMRÝ@D=<AKC9B=@GN=<=Fb´HGNıKLA9Ý=PL=JFb;@KbLbµ=FLGHJG:D^E:QDF=BF9D^@9NıBŒb NÝ E9DŠ;@ KCMHAFW;@´ CL=JŠE K= F=HG<9ŏADG RbKC9L R9EıKLF9F;= KLŏ=<Fb NıCGN^
mJGNFıĪAHDWFGN9LFWKLMHFA;LNbµ
Ç FG@G KCMHAF R9EıKLFWNW ND9KLFb 9:KGDN=FLQ´ C9JA^JM NŠRCMEFbCŝ ;@9J9CL=JARMB= E9?AKL=JKCW <AHDGEGNW HJW;=´ @µµ <AK=JL9;=´ NŠRCMEFW HGRA;= 9Ý HJG>=KGJKCW HGRA;= RbKC9F^NÝL^ţ=KCMHAFı´FıC<QHGMR=KÝE9DGME=RAFWJG<FbRCMŒ=FGKLbµGGE=RMB=JGR@D=<
NŠRCMEFbCŝ9ÝKFAţMB=EGţFGKLAB=BA;@mĪ9KLANÝE=RAFWJG<Fb;@HJGB=CL=;@´CL=JWB=Ī9KLG
HGKL9N=F9F9GKG:Fb;@CGFL9CL=;@µGMĪ9KFWHGDALAC9F9:bJWFbF=BD=HŒb;@@µµKLM<=FLŝ
RÝND9KLFbKCMHAFQF9R9EıKLF9F=;CGMHGRA;A:QL=<QEıD9:ŠLKHGB=F9KÝHGDALACGMGL=Nŏ=F^@GFW:GJMµ
Ç E=R=FW N=DACGKL KCMHAF L9C^ RF9E=FW´ ţ= ;@Q:b s=PA:ADAL9 HJG E=RAFWJG<Fb EG:ADALMµ
G:QLQNÝR9@J9FAĪbBKGMNıLŒAFGMGE=R=F^F9FıCGDACLŠ<Fŝ´NÝD=HŒbEHŏbH9<ıEıKb;ŝ´;Gţ
GE=RMB=EGţFGKLMĪALK=µ=HGLŏ=:9Nb;=E=RAFWJG<Fb;@KLAH=F<AbKHGDMKÝG<HGNı<FıBŒbE
HDWFGNWFbEDA<KCŠ;@R<JGBŝ´HŏAĪ=EţEG:ADAL9:QEıD9:ŠLG;=FıF9HŏA@G<FG;=Fb9ÝHDWFGNWFbJGRNGB=C9JA^JQµ
Ç E=R=FWKHGDMHJW;=E=RANQKGCŠEAŒCGD9EA9ÝàC9<=EAbNı<µ=B9KF^´ţ=K=RD=HŒMB=´9D=
F9mJGNFANŠRCMEFŠ;@KCMHAF:QDGRŏ=L=DF^´ţ=@G<FıEGţFGKLbNQMţALbKHGDMHJW;=B=
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
71
HJGE9JFıFGµQMţbNWFbKHGD=ĪFŠ;@ŒCGDHJG<GCLGJKCWKLM<A9½B9CB=LGEMF9HŏµNÝARGR=Eb¾:QJ=<MCGN9DGL=FLGHJG:D^E9ÝKGMĪ9KFıRD=HŒADGŒCGD=FbED9<Š;@NŠRCMEFbCŝNÝé=KC^
J=HM:DA;=µ
HśKG:rF9F;GNWFbB9CGB=<F9R@D9NFb;@HōbĩAFCJWLCG<G:Ş;@ō=Ő=Fb¶CMHAFQK=HGLŠC9Bb
B9CKÝFWJG<FbEA´L9CKÝE=RAFWJG<FbEA9KH=CLQJ=ţAEŝrF9F;GNWFb¶
Ç
72
GFLAFMAL9rF9F;GNWFbKCMHAFB=F=<GKL9L=ĪFW´;GţB=R9HŏbĪAFıFGF=MKLWDŠEAREıF9EA
HG<EbF=CAFKLALM;AGFWDFb@GrF9F;GNWFbµGK=B=ŒLıR@GJŒMB=;@9:ŠErF9FĪFbEHDWFGNWFbENŠRCMEFŠ;@GJ?9FAR9;bµHbŒ=F=ţ9:QKANQLNGŏADQNŠRCMEFGMKLJ9L=?AA9ÝLMHGMţbN9DQ
B9CGRWCD9<HJGNFALŏFbJGR<ıD=FbH=FıR´GJ?9FAR9;=K=KF9ţbHŏARHŝKG:ALG:B=EMAFKLALM;AGFWDFb@GrF9F;GNWFbHDQFGM;bEMRÝ=LG<ACQ@G<FG;=Fb´9ŗB=L=FLGG:B=EB9CŠCGDANµ
Ç JGB=CLGN^rF9F;GNWFbB=KHbŒ=FbRC^9ÝCJWLCG<G:^´;GţB=<9DŒbHŏ=CWţC9:JWFb;bJGRNGBA
9ÝF9KL9N=FbKLJ9L=?A=NŠRCMEMµ
Ç ÝHJGLACD9<MCÝLGEM´ţ=B=NŒ=G:=;FıMRFWNWF9HGLŏ=:9JGR<ıD=FbH=FıRF9RWCD9<ıB9KFŠ;@9ÝLJ9FKH9J=FLFb;@CJAL^JAb´B==LG<AC9@G<FG;=FbŒAJG;=NFbEWF9B9CGFWKLJGB´CL=JŠ
HG<HGJMB=CJWLCG<G:ŠHŏbKLMH´N=<=CÝF=EıFFGKLA=PAKLMBb;b;@KLJMCLMJ9ÝHGNR:MRMB=H=JN=JRFbB=<FWFbµ
Ç 4Ī9KLNÝHJG?J9E=;@B=G:=;FıKD9:W´RĪWKLA<bCQGE=R=F^N=DACGKLAKCMHAF´B=ţEWR9FWKD=<=C´ţ=KCMHAFQE9BbKD9:GMKbŗCGFL9CLŝK=R9@J9FAĪbEµJ?9FAR9;=EMKbmĪ9KLNÝE=RAFWJG<Fb;@HJG?J9E=;@HGCDW<9LR9KNGMHJAGJALM9ÝHG<HGŏALBAHŝKG:=FbEHJG>=KAGFWDFb@G
NŠRCMEF^@GE9F9?=E=FLM9ÝHGKCQLGNWFbEHG<HGJQ9ÝŒCGD=FbNŠRCMEFbCŝEµ
)D?NFgU?MJE@Q@3<3
ÝG:D9KLAJGRNGB=DA<KCŠ;@R<JGBŝN=9B=FMLFŠKQKL=E9LA;CŠHŏbKLMHµQKG;=CN9DArCGN9Fb
NŠRCMEFb;A9Ý9C9<=EA;ABKGMF=R:QLFbHJGmKHı;@WJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bµ9CGN^KQKL^EQHGLŏ=:MBbCN9DArCGN9F^R9EıKLF9F;=9NŒ=;@mJGNFbF9MFAN=JRALW;@´N=NŠRCMEFŠ;@mKL9N=;@AÝNÝHJŝEQKDMµ
GRNGB9ÝR9BAŒLıFbDA<KCŠ;@R<JGBŝHJG99
B=<DGM@G<G:Š9ÝKDGţALŠHJG;=KR9@JFMBb;bĪ=LF^
9CLANALQ 9Ý GH9Lŏ=Fb ;bD=FW F9 JŝRF^ KCMHAFQ NĪ=LFı CGEMFAC9;= Nı<Q´ ;=FL=J HJG NŠMCM Nı<Q´
HG<HGJQKLM<=FLŝNÝL=;@FA;CŠ;@9ÝHŏbJG<Fb;@Nı<W;@´HG<HGJQEG:ADALQNŠRCMEFbCŝ´HG<HGJQ
ED9<Š;@ 9Ý L9D=FLGN9FŠ;@ NŠRCMEFbCŝ R= R9@J9FAĪb 9Ý HD9L>GJ=E 9Ý KbLb CGFL9CLŝ HJGHGBMBb;b;@
NŠRCMEFbCQ9ÝHJŝEQKDµ
GMKLŏ=<ıFbDA<KCŠ;@R<JGBŝB=N=DEA<ŝD=ţAL^HJG9E:A;=é=KC^J=HM:DACQ:ŠL=CGFGEACGM
R9DGţ=FGM F9 NŠRCMEM´ NŠNGBA 9Ý AFGN9;b;@µ ß=R mĪAFF^ 9Ý ŒAJG;= CGF;AHGN9F^ HGDALACQ JGRNGB=
DA<KCŠ;@R<JGBŝ´R=BE^F9N=9´9ÝB=BbmKHıŒF^AEHD=E=FL9;=:M<=N=DEAG:LbţF^LMLG9E:A;A
F9HDFALµ9F=<GKL9L=CCN9DArCGN9F^@GH=JKGFWDMB=F9@Dbţ=FGB9CGF9B=<=FRÝ@D9NFb;@>9CLGJŝ´
CL=JŠG:=;Fı:JR<bAFGN9ĪFb9CLANALQµ
LJMCLMJ9ţANGLFb<JW@QNŠRCMEFbCŝNÝé=KC^J=HM:DA;=LJHbEFGţKLNbEKD9:Š;@KLJWF=Cµ<
9:KGDN=FLŝ<GCLGJKC^@GKLM<A9K=GĪ=CWNW´ţ=NÝJWE;AKCMHAFQR9MBEGMƒ€…:M<GM;b;@HGRA;´
;GţR<ŝJ9RʼnMB=F9D^@9NŠHJG:D^EF=<GKL9LCMEG:ADALQHŏ=LJNWN9Bb;bF9NŒ=;@mJGNFb;@´RÝĪWKLA
R9HŏbĪAFıFŠHGDALACGMDA<KCŠ;@R<JGBŝ9ÝRÝĪWKLAF=G;@GLGMĪ=KCŠ;@9C9<=EACŝHŏ=;@WR=LE=RA
AFKLALM;=EAµé=ŒLbNŠRCMEFb;ABKGMNQKG;=F=KHGCGB=FAK=KNGBbNŠHD9LGM9ÝHG<EbFC9EA´9D=R9LbE;GHJŝEıJF^ER<QBKGMHG<mJGNFb}€´HGCM<K=:=J=NÝHGL9RKEıFFŠCMJK´BKGM;G<G
FWCMHFbKbDQF9R@JM:9KL=BF^mJGNFAµD9LQR9@JFMBbNŠRF9EFGMĪWKLKHGB=FGMKÝNŠCGF=E´CL=JW
B=NÝEFG@9HŏbH9<=;@NRL9ţ=F9CÝHŏ=<=ŒDŠENŠKLMHŝER9ŏ9R=FŠE<GKQKL^EMrF9F;GNWFbNŠRCMEMHG<D=NŠCGFFGKLA½¾µ
9JA^JFb HGKLMH B= LıţCGHW<FŠ 9Ý JA?A<Fbµ b;= F=ţ €{… N=<GM;b;@ Nı<=;CŠ;@ HJ9;GNFbCŝ B=
Hŏ=K€{D=L´R9LbE;GHGEıJţ=FB=F9HGDGNAFıHJŝEıJMµ9LGĪbKD9BKGMHŏALGERŏ=BEıKL9:ADFb´:M<=L=<QR9HGLŏ=:bKADFŠ;@FWKLJGBŝHJGF9HJ9N=FbL9CGN^F=JGNFGNW@QµéLJHbB9CF=<GKL9LC=ECN9DArCGN9FŠ;@9C9<=EA;CŠ;@HJ9;GNFbCŝ´L9CF=<GKL9L=ĪFŠEAHŏbD=ţALGKLEAC=ŒCGD=Fbµ9F9?=E=FLDA<KCŠ;@R<JGBŝN=NŠRCMEF^EKQKL^EMB=HJAEALANFb9ÝB=FN=DEAEWDGNQMţbNW
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
HDWFQC9JA^JFb@GNŠNGB=µ=HGLŏ=:9R9N^KLJ=>GJEQN=<GM;bCÝNıLŒbLJ9FKH9J=FLFGKLAC9JA^JFb@G
JŝKLM9ÝCGFCMJ=F;AGÝHGRA;=µ
Ý<GK9ţ=FbLı;@LG;bDŝHGEŝţ=F9KL9N=FbKQKL^EME9F9?=E=FLMR9EıKLF9F;ŝ´CL=JŠ:M<=
G;=ʼnGN9L9ÝCGGJ<AFGN9LB=BA;@HŏbKHıNCQCÝ;bDŝENQKGC^ŒCGDQµNDWŒLFbHGRGJFGKLB=Lŏ=:9NıFGN9LHJAF;AHŝEGL=Nŏ=F^KGMLıţ=GÝHGRA;=9ÝLJ9FKH9J=FLFGKLAHGKLMHŝHŏABE=FGNWFb9ÝHŏAHGNQŒGNWFbµG<JţGNWFbLı;@LGHJAF;AHŝL9C´B9CB=<=rFMB=NJGHKCW;@9JL9HJGNŠRCMEF^HJ9;GNFbCQ
9ÝG<=P;@GNWFbHŏAHŏABbEWFbNŠRCMEFŠ;@HJ9;GNFbCŝ´B=<ŝD=ţAL^HJG:M<GNWFbD=HŒb;@C9JA^JFb;@HG<EbF=CNı<;ŝµıDQ:Q:ŠL<ŝJ9RFı<G<JţGNWFQF9mJGNFAAFKLALM;=µÝE9F9?=E=FLM
DA<KCŠ;@ R<JGBŝ B= R9HGLŏ=:b B9C NıLŒb C9JA^JFb s=PA:ADAL9´ 9:Q F9Hŏµ :QDG KF9RŒb EbL KGMĪ9KFı
HGRA;AN=NŠM;=9ÝNŠRCMEM´L9CJŝRFGKLCJAL^JAb´CL=JW:Q:QD9D^H=KD9<ıF9KÝC9JA^JFbEA9ÝAFKLALM;AGFWDFbEA;bDAµb;=D=L^JGRHGĪLGN^9DGC9;=F9NŠRCME:QMKF9<FADQ<GK9ţ=FbLı;@LGHG<EbF=Cµ
bRCWEG:ADAL9Nı<;ŝB=HJG:D^E=E<JM@^ĪWKLAHGKD=<Fb@G<=K=LAD=LbµGDALA;CWGH9Lŏ=FbR9@JFMBbLNGJ:MCGFCMJ=FĪFb@GHJG?J9EMHJGHGKL<GCLGJ9F<Q´HG<HGJMKLAH=F<AbF9R9@J9FAĪFb;@
MFAN=JRALW;@´ HG:b<CQ HJG R9EıKLFWNWFb MFAN=JRALFb;@ 9:KGDN=FLŝ NÝ HJŝEQKDM 9Ý RB=<FG<MŒ=Fb
AEA?J9;=µ GKD=<Fb REbFıF^ GH9Lŏ=Fb F=:QDG <GKM< HŏbDAŒ =>=CLANFb¶ 9<EAFAKLJ9LAN9 NbR RŝKLWNW
CGEHDACGN9FW9ÝKG;AWDFbR9:=RH=Ī=FbG:Ī9FŝR=R=EbEAEGB=NÝHGJGNFWFbKÝG:Ī9FQ@GJŒbµ
Ýé=KC^J=HM:DA;=B=EWDG9CLANFb;@R9@J9FAĪFb;@NŠRCMEFbCŝ´9ÝN=KCML=ĪFGKLAB=Nb;=F=ţHGDGNAF9RÝFA;@R=DGN=FKC9µ;=D9;@Q:ıBbGH9Lŏ=FbHJG<GĪ9KF^G<;@G<QF=:GNı<=;C^<GNGD=F^´
;GţNŠRCMEFbCŝEN=DEARLıţMB=EGţFGKLAKLJWNALFıB9CŠĪ9KNÝR9@J9FAĪbµ
é=ŒAK=NıLŒAFGMNJ9;=BbRÝGKG:Fb;@<ŝNG<ŝµ9@D9NFb:9JA^JQHGCDW<9BbFbRCGMmJGN=ʼnHD9Lŝ´
GE=R=F^C9JA^JFbEGţFGKLA9ÝĪ=KC^KG;AWDFbHJGKLŏ=<bN=NŠRCMEMµ=LJ9FKH9J=FLFbFW:GJGN^
HJG;=<MJQ9ÝHGţ9<9N=CNQMĪGN9LHŏ=NWţFıNÝĪ=KC^EB9RQ;=G:=;Fı:JR<bEG:ADALMµ
GCLGJKC^KLM<AME:ŠN9DGmCGD=Eàé´9D=G<LJ9FK>GJE9;=Hŏ=:J9DQRG<HGNı<FGKLR9
HŏARFWNWFb<GCLGJKCŠ;@LALMDŝMFAN=JRALQµ9LbE;G=PAKLMB=MJĪALWKHGDMHJW;=E=RAB=<FGLDANŠEA
KCMHAF9EANÝàé9ÝF9NQKGCŠ;@ŒCGDW;@HŏAN=<=Fb<GCLGJ9F<ŝ´GÝEGţFGKL=;@KQKL=E9LA;C^
KHGDMHJW;=K=FAC<QF=B=<F9DGµ=<FbERÝNŠKD=<CŝB=´ţ=;;9ƒ{…<GCLGJ9F<ŝB=ŒCGD=FGKHbŒ=
HG<D=LJ9<AĪFb@G¯MĪʼnGNKC^@G³EG<=DMF=ţNÝ<GCLGJKCŠ;@KLM<ABFb;@HJG?J9E=;@µGGE=RMB=
CN9DALM9ÝJGRK9@<GCLGJKC^@GŒCGD=Fb9ÝHGKADMB=HJG:D^EQK=R9EıKLFWNWFbEND9KLFb;@9:KGDN=FLŝµL=Nŏ=FıBŒbHJ9P=´B9CGB=AFR=JGNWFbHGRA;F9O=:GNŠ;@KLJWFCW;@´K=Œbŏb´9D=HŏADWC9LR9@J9FAĪFb<GCLGJ9F<QB=KLWD=LıţC^µGCLGJ9F<KCWKLAH=F<A9BKGMFbRCW´<G:9KLM<A9B=Ī9KLG<DGM@W´
L9Cţ=Ý@G<Fı<GCLGJ9F<ŝNR<WNWKLM<AMEHŏ=<<GCGFĪ=FbEµ
9LbE;Gé=KCWJ=HM:DAC9EWE^FıNŠRCMEFbCŝ´F=ţ:QK=<9DGHŏ=<HGCDW<9LRÝ<9LGÝHGĪLM
B=Bb;@ G:QN9L=D´ NÝ B=BbE 9C9<=EA;C^E KQKL^EM F=Fb <GKL9L=C HJ9;GNFb;@ EbKL HJG FGN^ 9:KGDN=FLQ<GCLGJKC^@GKLM<A9µGCLGJ9F<KCWHJŝHJ9N9K=HJGLG:M<=EMK=LMRHŝKG:ALFGN^J=9DALı´
NÝ Fbţ NıLŒAF9 <JţAL=Dŝ LALMDM @µµ :M<= HJ9;GN9L NÝ HJŝEQKDM´ B=Fţ= 9FA <GN=<FGKLA NQMĪGN9F^
NÝ<GCLGJKC^EKLM<AM´9FAB=BA;@F9KL9N=Fb´CL=J^NÝBAFŠ;@R=Eb;@Eŝţ=KLWD=Ī9KLıBAR9@JFGN9L
MJĪAL^NRL9@QKÝHJŝEQKD=EB9CGF9HŏµKHGD=ĪF^N=<=Fb<GCLGJ9F<ŝ´K=R9LbEF=REıFADQµA;E^Fı
NÝF9N9RGNWFb:AD9L=JWDFb;@NQKGCGŒCGDKCŠ;@NRL9@ŝK=R9@J9FAĪFbEAMFAN=JRAL9EAF9KL9DHGCJGCµ
PAKLMB=ŏ9<9HG<FıLŝHJGAFN=KLGNWFb<GDA<KCŞ;@R<JGBśHJG99
HJGKLŏ=<FA;LNbECGFKAKL=FLFb@GFWJG<Fb@G9ÝJ=?AGFWDFb@GHŏbKLMHM´CL=J^NQMţbN9BbKGMĪ9KFŠ;@N=DCŠ;@AFN=KLA;<G
NJGHKCŠ;@KLJMCLMJWDFb;@>GF<ŝµÝJWE;AHG<HGJQHJŝEQKDGN^@GJGRNGB=B=Rŏ=L=DFWHGLŏ=:9
HGKbDALG:D9KLAEAEG@D9NFbJ=?AGFJ9@M´KLŏ=<Fbé=;@Q9ÝBA@GRWH9<´GNŒ=E:=RLG@G´9:Q:QD9
GKD9:=F9KbD99Ý9LJ9CLANAL9J9@QB9CGţLGK=JNAKFb@G;=FLJ9HJGKLŏ=<Fb9ÝNŠ;@G<FbNJGHMµÝ?=G?J9r;C^9F9DŠRQ:QNQHDQFMD9HGLŏ=:9HGDQ;=FLJA;C^@GKLŏ=<AKCGN^@GJ=?AGFMNÝG:D9KLAKLŏ=<Fb@G HWKM ½K=N=JGNŠ;@G<´ BA@GNŠ;@G<¾ K;@GHF^@G HG<HGJGN9L <QF9EA;CGM @A=J9J;@AA GKb<D=Fb
KLŏ=<FbGJ9NQJGRNbB=FbE>MFCĪFb;@N9R=:F9<QF9EACMGDFb@G9CGMKC9´b<Fı9ÝJ=?AGFM
GCGDGßJ9LAKD9NQµ=NAL9DAR9;=K=N=JGRWH9<M´GJ9NQ9ÝD=RKC9B=HG<KL9LFGM<DGM@G<G:ıBŒbNŠRNGM´CL=JW:M<=N=DEAHJ9N<ıHG<G:FıNb;=GNDANFıF9<DGM@G<G:ŠEJGRNGB=EĪ=KC^=CGFGEACQ
F=ţHŏbEŠEACJWLCG<G:ŠEAAFL=JN=F;=EAF9RD=HŒ=FbKALM9;=µ
à:Qé=KCWJ=HM:DAC9RNŠŒAD9KNGBAHJG<MCLANALM9ÝM<Jţ=D9KAHGRA;ADGC9DALQ9LJ9CLANFbHJGAFN=KLGJQ´B=HGLŏ=:9;=DCGNıRD=HŒALCN9DALMKLŏ=<GŒCGDKC^@GNR<ıDWNWFb9ÝHGĪ=LDA<bKÝNQŒŒbENR<ıDWFbEµ
=Lŏ=:9KFbţALF=JGNFGNW@ME=RAJ=?AGFQNÝHGEıJMDA<bKÝNQŒŒbENR<ıDWFbE´9:Q:QDHG<HGŏ=F
JGRNGBR=BE^F9L=;@FGDG?A;CQNQKHıD^@GHJŝEQKDMµ
ÝC<Qţ=PAKLMB=L9C^F=JGNFGNW@9NÝJ=?AGFWDFbEJGR<ıD=FbR9EıKLF9FGKLAN=N=ŏ=BF^E9ÝKGMCJGE^EK=CLGJM9´@D9NFbHJAGJALGM:QEıDG
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
73
74
:ŠL:M<GN9LKADFW;=FLJ99GJA=FLGN9FWF9J=?AGFWDFbCD9KLJQ9ÝHJGHGBGN9LB=<GKbLbKÝGKL9LFbEA
FWJG<FbEAKADFŠEAH9JLF=JQR9:ŠN9Bb;bEAK=HG<G:FŠENŠRCME=E´KHbŒ=F=ţK=KF9ţALGÝNQLNGŏ=FbEGFGHGDMµ=R<=JARACG´ţ=:QFGN^AFN=KLA;=EG@DQ<MHDACGN9L=PAKLMBb;bKLJMCLMJQLJ9FK>=JM
L=;@FGDG?Ab´L9Cţ=HJGNQLNGŏ=FbFWJG<Fb9J;@AL=CLMJQHJGHG<HGJMAFGN9;bB=FMLFWCGGJ<AF9;=
E=RAFWJG<Fb9ÝJ=?AGFWDFbmJGNFbµ
FN=KLA;=RÝKEıŏMBb´B9CB=N=DEA<G:ŏ=RFWEG´R=BE^F9<G
RWCD9<FbAF>J9KLJMCLMJQ´9:Q:QDQH=FbR=KHGLŏ=:GNWFQN=NQE=R=F^EĪ9K=µGNQLNWŏbHJG:D^EQ
N=rF9F;GNWFbF9N9RMBb;b;@GH=J9;b´CL=J^B=KF9<FıBŒbŏ=ŒAL´HGCM<AFN=KLGNWFbHJG:b@9DGHG<D=
KQKL^EM´CL=JŠB=CGFRAKL=FLFbKÝ=PAKLMBb;bEAAFN=KLA;=EA9ÝNŠNGB=EFWJG<Fb;@HGLŏ=:µ
à:KGDN=FLABKGMĪ9KLGR<JGB=EHJGKL9JL§MHGN^rJEQ´9D=B=BA;@EGţFGKLA@JWLLMLGJGDANÝé=KC^
J=HM:DA;=BKGMGE=R=FQF=<GKL9LC=EJARACGN^@GC9HALWDMHJGHG<FACWFbN=ŒHAĪCGNŠ;@L=;@FGDG?Ab;@9ÝHŏ=LJNWN9Bb;bEAF=B9KFGKLEAG@D=<FıND9KLFA;LNb9ÝRHŝKG:MNQMţbNWFb<MŒ=NFb@GND9KLFA;LNb
NQLNWŏ=F^@GF9NQKGCŠ;@ŒCGDW;@9ÝNÝmKL9N=;@àéµ9NŒ=;@mJGNFb;@NQŒŒb@GNR<ıDWNWFbB=<ŝD=ţAL^R9BAKLAL´9:QK=KLM<=FLAK=RFWEADA9D=KHGʼnK=RWCD9<QHG<FACWFbµG:M<=MţAL=ĪF^F=B=FHJG
LQ´CL=ŏbKAK9EARNGDbHG<FACWFbR9KNGMţANGLFb;=KLM´9D=L9C^HGNR:M<b<9DŒb´9:QK=L9CJGR@G<DAµ
:=;FıBAŏ=Ī=FG´NÝC9JA^JW;@NŠRCMEFbCŝ=PAKLMBbHŏ=CWţCQ9ÝRCGKLF9LıDGKL´CL=J^EMKb:ŠL
G<KLJ9FıFQ´9:Q:QDNÝ:M<GM;FMR9BAŒLıFHŏbDANDA<bK;@GHFŠ;@HJ9;GN9LN=9<GHJŝEQKDM9Ý<G
NŠRCMEF^@G9ÝNQKGCGŒCGDKC^@GK=CLGJMµ
9LbE;G K= N=<= EFG@G HGDALA;CŠ;@ <=:9L GÝ DA<KCŠ;@ R<JGBb;@´ =PAKLMB= HJGH9KLE=RAKLJ9¨
L=?A=EA9AEHD=E=FL9;b´;GţRF9E=FW´ţ=L=EHGREıFB=HGE9D^µA<KC^R<JGB=:QDQKGMĪWKLb
LJ9L=?A=@GKHG<WŏKC^@GJŝKLMRÝJGCM}{{€´@D9NFb;@GH=J9ĪFb;@HJG?J9EŝHJGNR<ıDWNWFb9ÝNŠRCME´R=D=FŠ;@9Ý:bDŠ;@CFA@RÝJGCM}{{ƒ9L<µÝHŏbHJ9NıB=FGNŠ9CĪFbHDWFDA<KCŠ;@R<JGBŝF9
D^L9}{||¦}{|‚µŏ=KLGţ=NRFACDGHDFGHGDALA;CŠ;@FWNJ@ŝ´B=FEWDGCL=J^:QDQAEHD=E=FLGNWFQµ
GFRAKL=FLFbHGDALAC9CGFRAKL=FLFıAEHD=E=FLGN9FWNÝHJŝ:ı@MHGLŏ=:FŠ;@Ī9KGNŠ;@mK=CŝF==PAKLMB=µÝCGFL=PLMF=MKLWDŠ;@REıFN=NDW<ı:QDQGLWRCQ99
RHGDALARGNWFQ´;GţHG<CGHWNW
EGţFGKLAF9KL9N=Fb9ÝAEHD=E=FL9;=CGFRAKL=FLFbHGDALACQNÝL^LGG:D9KLAµ
D9:WAEHD=E=FL9;=HGDALACQDA<KCŠ;@R<JGBŝGKD9:MB=EFG@GGKL9LFb;@KGMĪWKLbHGDALACQ99
´ HG<CGHWNW C9JA^JQ Nı<;ŝ 9Ý R:9NMB= ND9KLFGKLA :ŠL CDbĪGNŠE ¯HJG<MCĪFbE >9CLGJ=E³µ
=<GKL9L=C CGEHD=PFb@G HŏbKLMHM CÝ JGRNGBA DA<KCŠ;@ R<JGBŝ F9HŏbĪ àC9<=EAb AÝ NQKGCŠEA ŒCGD9EALŏbŒLbNŠRCMEFGMKGMKL9NM9ÝGKD9:MB=B9CCN9DALM<GCLGJKC^@GKLM<A9´L9CNQLNWŏ=FbN9R=:
E=RANı<GM9ÝHJŝEQKD=Eµ=J9<A:Q;@GER<=MH9<DA<GĪ=KC^@GRNQCMŏbC9L´ţ=C<QţF=>MF?MB=
Fı;G´L9CF=>MF?MB=FA;¶NÝE=RAAFKLALM;AGFWDFbKHGDMHJW;A9ÝNÝHJG<MC;ANQKG;=CN9DALFb;@DA<KCŠ;@
R<JGBŝ B= @G<Fı KNıLDŠ;@ :G<ŝµ àD= R= KQKL^EGN^@G @D=<AKC9 NQţ9<MB= JGRNGB DA<KCŠ;@ R<JGBŝ
9ÝF9CDW<WFbKÝFAEANŠJ9RF^RD=HŒ=Fb¶
|¶ EHD=E=FL9;=HGDALAC9ÝKLJ9L=?A;CŠ;@RWEıJŝHGLŏ=:MB=KQKL=E9LA;CŠHŏbKLMHµÝEFG@9
CJALA;CŠ;@GLWRCW;@K=HGB=<FWNWNÝ9F9DQLA;CŠ;@9ÝKLJ9L=?A;CŠ;@<GCME=FL=;@K=HK9FŠ;@
F=BJŝRFıBŒbEAGJ?WFQ½EAFAKL=JKLNQ´HGJ9<FbEAGJ?WFQ9L<µ¾´9D=B=BA;@AEHD=E=FL9;=HGCMD@WNWµ
}¶ = HGLŏ=:9 RD=HŒAL KHGDMHJW;A E=RA JŝRFŠEA CDbĪGNŠEA 9CL^JQ ¦ R=BE^F9 AFAKL=JKLN=E
ŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQ´AFAKL=JKLN=EHJŝEQKDM9ÝG:;@G<M´
9ÝGKL9LFbEAJ=D=N9FLFbEA@JWĪAµŒ=;@F9GH9Lŏ=Fb9ÝHJG?J9EQHGLŏ=:MBbAFL=?J9;A<GCGEHD=PFbK9<QNRWB=EFıK=<GHDʼnMBb;b;@FWKLJGBŝR9;bD=FŠ;@F9JŝRF^mJGNFıNR<ıDWNWFb9ÝKQKL^EM99
µ
~¶ NŠŒ=FWHGRGJFGKL:QG:=;FıEıD9:ŠLNıFGNWF9GH9Lŏ=FbE9ÝHJG?J9EŝEHG<HGJMBb;bE
HJGHGB=Fb Nı<Q 9Ý HJŝEQKDMµ 9CGN^ HJGB=CLQ EG@GM EbL NŠRF9EFŠ <GH9< F9 JGRNGB DA<KCŠ;@R<JGBŝµ
¶ =L9ADFbEGFALGJGNWFb9Ý@G<FG;=FbB=RWK9<FbNÝG:D9KLAFGNŠ;@AF>J9KLJMCLMJ9rF9F;GN9FŠ;@RÝ9H
µGNıHGKL9N=F^C9H9;ALQ:M<GMNQţ9<GN9LNQKG;=CN9DALFbDA<KC^R<JGB=µ
GMĪ9KFı EW GNŒ=E HJ9ţKCŠ J=?AGF ½KLWD= N=<GM;b DGC9DAL9 ;G <G CN9DALQ 9Ý CN9FLALQ 9¾
NÝHJG?J9EGN9;bEG:<G:b}{{‚¦}{|~EGţFGKLĪ=JH9LHGMR=E9DGMĪWKLKLJMCLMJWDFb;@>GF<ŝµGRNGBDA<KCŠ;@R<JGBŝNÝG:D9KLA99
NÝJ9R=N=KJGNFWFbK=R:QLC=Eé=KC^J=HM:DACQ:QEıD:ŠLH=ĪDANı9F9DQRGNWFµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
€¶ =HGLŏ=:9H=ĪDANı9F9DQRGN9LHŏbFGKNR<ıDWN9;b@GKQKL^EMNŒ=;@mJGNFbCÝJGRNGBADA<KCŠ;@
R<JGBŝHJG99
µé:QK=EıD9ŏb<AL<GHGJMĪ=FbEA<GCME=FLMȼ=E9LA;=NA=OG>
=JLA9JQ<M;9LAGFAFL@=R=;@=HM:DA;¶
3<U=TH@UDQþ?JP<’KMħHTNG@H
L9LAKLACQ GÝ 9 MEGţʼnMBb ĪWKL=ĪFı F9@D^<FGML <G N9R=: E=RA Nı<GM 9Ý HJŝEQKD=Eµ
Œ=G:=;FıNR9LGĪ=KCŠNQKGCGŒCGDKCŠKQKL^ERbKCWNWB=FN=DEAE9DGMĪWKLKNŠ;@NŠRCMEFŠ;@
HŏbBEŝ½{´‚…¾R=KHGDMHJW;=KÝHJŝEQKD=EµJGKJGNFWFb¶Nݦ}‚K=B=<FWGÝR@JM:9‚…µ=@G
;=DCGN^HŏbBEQHG;@WR=Bb;bRÝHJŝEQKDM½…¾BKGML9C^HG<=NJGHKCŠEHJŝEıJ=E´€…µ WŒHJŝRCMErF9F;GNWFbF9mJGNFANŠRCMEFŠ;@KCMHAFMC9RMB=´ţ=KCMHAF9F9NŒ=G:=;F^MFAN=JRALı
RbKCWNW…rF9F;bF9NŠRCMERÝHJŝEQKDM´R9LbE;G=CNAN9D=FLFbKCMHAF9F9L=;@FA;C^MFAN=JRALı
RbKCWNW„…¦ĪbKDG´CL=J^B=RF9ĪFıHG<mJGNFbLG@G´;G:Q;@GEGĪ=CWN9DAŏ=CFıE=N=ďN^<KCM
F=:GNÝıE=;CMµ
Œ=G:=;FıNŐ=NQH9<WL9C´ţ=Ī=KCŠKLWLrF9F;MB=HJŝEQKDGNŠNŠRCMEN=DEAŒLı<ŏ=½G:JWR=C
|€¾µLWLrF9F;MB=|~…HG<FACGNŠ;@NŠ<9BŝF99´HŏAĪ=Eţ=NJGHKCŠHJŝEıJB=‚…µA;E^Fı
NŠRF9EFWĪWKLLı;@LGKLWLFb;@HJGKLŏ=<CŝB<=<GK=CLGJM°HJG>=KAGFWDFb;@´Nı<=;CŠ;@9ÝL=;@FA;CŠ;@9CLANALª¦NÝHG<KL9Lı<GKQKL^EMRHJAN9LARGN9FŠ;@NŠRCMEFŠ;@AFKLALM;bµGCM<G<@D^<F=E=G<Lı;@LGHJGKLŏ=<Cŝ½CL=J^BKGMNÝHG<KL9LıŒH9LFıCD9KArCGNWFQ¦EıDQ:Q:ŠLKGMĪWKLb
rF9F;GNWFbK=CLGJMNŠRCMEM9ÝNQKGC^@GŒCGDKLNb¾´L9CmJGN=ʼnHŏbE^@GrF9F;GNWFbHG<FACGNŠ;@NŠ<9BŝF99B=FGJEWDFb¦:=RLG@GLGNDANM:Qé:QD9FıC<=MHJGKLŏ=<G:JWRCM|€µG
RF9E=FW´ţ=N9R:QE=RArJE9EA9ÝNŠRCMEFŠEAGJ?9FAR9;=EABKGMEFG@=EKADFıBŒbF=ţE=RA
rJE9EA9ÝMFAN=JRAL9EAµ
~
Obrázek 15: G<HGJ9HJśEQKDGN^@G9NJG;=}{{„¾…¿
.
Zdroj: ¾}{|{¿
~
LM<A=àREbFıFWNÝWNıJ=ĪF^RHJWNı|¦G<FG;=FbN=ŏ=BFŠ;@NŠ<9BŝF99NÝéµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
75
76
9NıLŒAFıAFGN9;bNÝHG<FACWFbK=N=ŏ=BF^NŠRCMEF^GJ?9FAR9;=F=HG<bD=Bb9Ý<GCGF;=K=F9
FA;@F=HG<bDb9B9CGL9CGNŠ·HGCM<LG9D=F9KLWNW´B<=GÝ<ŝD=ţAL^N9R:QµLWLFbrF9F;GNWFbB=
LJ9<AĪFıGHJWNFıFGK=D@WFbELJ@M´9D=Eŝţ=:ŠLGHJWNFıFGAÝK=D@WFbEK;@GHFGKLb´L9Cţ=rF9F;GNWFbEŝţ=HGNR:M<ALN9R:QC<Qţ½|¾RbKCWFbFGNŠ;@HGRF9LCŝB=HŏbDAŒJAKC9FLFbF=:GB=HJG
KGMCJGE^@GAFN=KLGJ9HŏbDAŒ<J9@^´F=:G½}¾rJE9F=EW<GN=<FGKLA´RF9DGKLAF=:GNQ:9N=FbHJG
LG´9:QHG<HGJGN9D9HGLŏ=:FGML=;@FA;CGMREıFMµébEB=rJE9L=;@FGDG?A;CQK;@GHFıBŒb´LbE
FWJGĪFıBŒbF=:G°Nı<=ĪLıBŒbªBKGMB=Bb;bD=´C<QţK=JGR@G<F=KHGDMHJ9;GN9LKÝ°Nı<GMª´;GţRF9E=FW´ţ=NıLŒb9ÝK;@GHFıBŒbrJEQHJGNW<ıBbND9KLFbEAKAD9EAEFG@GNı;b´CL=J^KAE9D^9ÝKLŏ=<Fb HG<FACQ EMKb G:KL9J9L =PL=JFıµ = NıLŒAFı R=Eb L=<Q <G;@WRb CÝ HŏAJGR=F^EM JGR<ıD=Fb´ N=
CL=J^EHGCJGCGNıBŒbrJEQKHGDMHJ9;MBbKÝMFAN=JRAL9EA9ÝBAFŠEAAFKLALM;=EA´CL=J^K=R9:ŠN9Bb
RWCD9<FbE9Ý9HDACGN9FŠENŠRCME=E½NĪ=LFıNŠRCMEFŠ;@mKL9Nŝ¾´R9LbE;GE=FŒbrJEQ<GKLWN9BbB=<FG<MŒŒb>GJEMHGEG;AG<mKL9Nŝ9HDACGN9F^@GNŠRCMEM´J=?AGFWDFb;@NQKGCŠ;@ŒCGD9Ã
F=:GG<CGFRMDL9FLŝµÝEFG@9KQKL^E=;@EG@GMmKL9NQ9HDACGN9F^@GNŠRCMEM@JWLmKLŏ=<Fb
JGDALbE´ţ=KHGDMHJ9;MBbKÝMFAN=JRAL9EA´N=DCŠEAAÝE9DŠEArJE9EA9ÝĪ9KLGHGEW@9Bb¯HGDA<ŒLAL³
HJŝEQKDGNGM@A=J9J;@AAµ
LJMCLMJ9 HJŝEQKDM NÝ é=KC^ J=HM:DA;= B= RWK9<Fı KEıJG<9LFW HJG LG´ ;G B= HGLŏ=:9 9Ý ;G B=
EGţF^F9HGDAN9R=:E=RANı<GM9ÝHJŝEQKD=EµFG@GRÝN=DCŠ;@KHGD=ĪFGKLb´CL=J^:QNÝBAFŠ;@
=CGFGEACW;@EıDQHŏAJGR=FıKADF^F9HGB=FbF9MFAN=JRALQ9ÝNŠRCMEF^mKL9NQ´BKGMHG:GĪC9EA
F9<FWJG<Fb;@KHGD=ĪFGKLb´CL=J^NÝé=KC^J=HM:DA;=KA;=FıB9CŠNŠRCME<ıD9Bb´9D=NıLŒAF9RÝB=BA;@
9B=N=KCML=ĪFGKLANŠNGB9Ý9<9HL9;=½AÝC<QţK=HG<bD=BbRÝ;;9€€…F9HG<FACGNŠ;@NŠ<9Bb;@F9
9NÝé=KC^J=HM:DA;=¾µJGL=;@FGDG?A;C^NKLMHQK=HŏAJGR=FıKHGD^@9BbF99N=KNŠ;@;=FLJWDW;@¦B=BA;@HJW;=B=NÝHG<KL9LıB=FHŏ=FGKNŠKD=<CŝHJW;=;=FLJWDQF9FAţŒbmJGN=ʼn¦L9Cţ=B=BA;@
AFL=J9C;=KÝĪ=KCŠEAMFAN=JRAL9EAĪAmKL9NQB=E9DWµà:QKAé=KCWJ=HM:DAC9M<Jţ=D9F9<FWJG<Fb
KHGD=ĪFGKLA´B=<ŝD=ţAL^´9:QK=B=BA;@EbKLFb9CLANALQKLWD=Nb;=KGMKLŏ=ĮGN9DQF9RF9DGKLA9Ý9:Q
:QDQNb;=R9HGB=FQ<GEbKLFb;@<G<9N9L=DKCŠ;@ŏ=LıR;ŝ´CL=J^:QL9C^EıDQKLWD=Nb;=:ŠLKGMKLŏ=<ıFQF9RF9DGKLAµ9C<GCWR9DG
JKCGN=KN^EŒŗ9KLFıBŒbEG:<G:b´HG<HGJ9EbKLFb;@E9F9ţ=Jŝ
F9<FWJG<Fb;@KHGD=ĪFGKLbNÝLGE´9:Q<GR=EıHŏAF=KDAHJW;AR9DGţ=FGMF9RF9DGKL=;@´B=CDbĪ=E
CÝMCGLN=FbF9<FWJG<Fb;@KHGD=ĪFGKLbNÝ=CGFGEA;=9ÝNÝFWJG<FbEKQKL^EMNŠRCMEM9ÝAFGN9;bµ
ÝLGELGKEıJMH9CF=B=FG:G@9;MBb=CGFGEACM´9D=>MF?MBbAÝB9CGŒCGDA;bHJGKLŏ=<bHJGEbKLFb
AFGNWLGJQ9ÝE9F9ţ=JQµ
<QţK=HG<bNWE=F9R:QL=CHJŝEQKDM´NA<bE=HG<G:F^K;@^E9B9CGNÝBAFŠ;@R=Eb;@¶ĪbE
NıLŒbB=KHGD=ĪFGKL´LbENb;=KHGDMHJ9;MB=KÝMFAN=JRAL9EA9ÝmKL9NQµ=FLGN=DACGKLFb=>=CLEW<Nı
HŏbĪAFQµ9HJN^´ĪbEB=rJE9NıLŒb´LbENQJW:bNb;=HJG<MCLŝ9ÝLbEŒAJŒbBKGMB=BbL=;@FGDG?A;C^
HGLŏ=:Qµ9<JM@^´KÝN=DACGKLbrJEQJGKL=AÝB=BbHGLŏ=:9R9EıKLFWN9LL=;@FACQ´AFţ=FŠJQ9ÝNı<;=
9ÝHJGNW<ıLND9KLFb9µàÝHJGLGB=Bb9:KGJHĪFbC9H9;AL9 ¦K;@GHFGKLHG<bN9LK=EAEGrJEM´A<=FLArCGN9L´HŏABEGML9ÝNQMţbLHGLŏ=:F^RF9DGKLA¦JGKL=KÝB=BbN=DACGKLb´;GţGHıLRNQŒMB=B=BbHGHLWNCMHGRF9DGKL=;@µR@D=<=ECÝLGEM´ţ=Ī=KCŠHJŝEQKDKLWD=R9GKLWNWR9ŒHAĪCGNŠEAL=;@FGDG?A=EA´B=@GHGLŏ=:9=PL=JFbHG<HGJQNÝG:D9KLARF9DGKLbK=G:NQCD=R9EıŏMB=F9NŠ:ıJ´HG;@GH=Fb
9ÝJGRCDbĪGNWFb=PAKLMBb;b;@L=;@FGDG?AbKHbŒ=F=ţF9Nı<Mµ9EGRŏ=BEıţ=NÝLı;@G:D9KL=;@´C<=
B=Ī=KCŠHJŝEQKDLJ9<AĪFıKADFŠ´B9CGB=F9HŏbCD9<;@=EA=´BKGMN9R:QNı<QF9HJŝEQKDRHJ9NA<D9
KADFıBŒbF=ţBAF<=µ
ıLŒAF9HJG?J9EŝF9HG<HGJMAFGN9;bNÝé=KC^J=HM:DA;=B=GJA=FLGN9FWF9AFGN9ĪFbmKADbB=<FGLDANŠ;@ rJ=Eµ ½R9@WB=F NÝ JG;= }{{„¾ B= NÝ KGMĪ9KFGKLA B=<AFŠE HJG?J9E=E R9EıŏMBb;bE
K= Nb;= ĪA E^Fı HŏbEG F9 Nı<=;CG§HJŝEQKDGN^ N9R:Qµ àţ NÝ JG;= }{|| KHMKLAD9 =;@FGDG?A;CW
9?=FLMJ9HJG?J9Eàà½KHGBMBb;b9HDACGN9FŠNŠRCME9Ý=PH=JAE=FLWDFbNŠNGB¾9ÝHJG?J9E=FLJ9
CGEH=L=F;=½HG<HGJMBb;bCD9KLJQAFGN9ĪFb;@rJ=E9ÝNŠRCMEFŠ;@KCMHAF¾µJG?J9EQAFA;AWDFb@G
rF9F;GNWFbKL9JL§MHGNŠ;@rJ=EK=HŏAHJ9NMBbµ9C<GL9RGN9FbNŠRCMEFb;A´L9CKHGD=ĪFGKLA:QDA
F=KHGCGB=FAKÝGH9Lŏ=FbEAF9HG<HGJMNı<=;CG§HJŝEQKDGNŠ;@N9R=:´9D=R<WK=´ţ=F=<GCWR9DA
R;=D9HG;@GHALHGLŏ=:MHGKLMHF^@GJGRNGB=EbKLFb;@K;@GHFGKLbF9<FWJG<Fb;@rJ=Eµ
ıCL=J^BAF<=A<=FLArCGN9F^HJG:D^EQKLJMCLMJWDFb@G9ÝNŠRCMEF^@GE9F9?=E=FLML9C^:JR<bNı<=;CG§HJŝEQKDGN^N9R:QµE=R=FWN=DACGKLNŠRCMEFŠ;@KCMHAFRLıţMB=Nı<=;CG§HJŝEQK

µG@=F9ݵ=NAFL@9D´à:KGJHLAN=;9H9;ALQ¶9ÝF=OH=JKH=;LAN=GFD=9JFAF?9F<AFFGN9LAGF´à<EAFAKLJ9LAN=;A=F;=M9JL=JDQ´Gµ~€´|„„{´KLJµ
|}ƒ¦|€}
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
DGN^N9R:Q9ÝHJŝEQKDB=JGNFıţRF=HGCGB=FHŏA:ŠN9Bb;bENıC=ECDbĪGNŠ;@NŠRCMEFbCŝ´RNDWŒLı
C<QţKALM9;=NQH9<WL9C´ţ=F=E9BbFWKD=<FbCQµWŒHJŝRCMEMÝŏ=<AL=DŝNŠRCMEMMCWR9D´ţ=F9
KLJ9FıNŠRCMEFŠ;@GJ?9FAR9;b:QDQ@D9NFbEEGLAN=EHJGF9NWRWFbNı<=;CG§HJŝEQKDGNŠ;@NRL9@ŝH=FbR=µGB=RF=HGCGBMBb;bµ4KHıŒF^9ÝLJN9D=M<JţAL=DF^Nı<=;CG§HJŝEQKDGN^N9R:QKL9NıBbF9
KHGD=ĪF^ERWBEM9ÝHGRFWFbHGLŏ=:KHbŒ=F=ţF9@D=<WFb:=RHJGKLŏ=<Fb@GRAKCMµ
=LG<AC9 @G<FG;=Fb EW L=F<=F;A :JWFAL Nı<=;CG§HJŝEQKDGNŠE N9R:WEµ ADFı K= R9EıŏMB=
F99C9<=EA;C^NŠKLMHQ´ĪbEţG<J9RMB=G<HJŝEQKDGN^KHGDMHJW;=µß=J=NÝHGL9RFıCL=J^C9L=?GJA=AFGN9ĪFb;@NŠKLMHŝB9CGF9HŏbCD9<H9L=FLQ9ÝHJGLGLQHQ´9D=B=BA;@R9HGĪbLWFb<G@G<FG;=Fb
B= HGKL9N=FG F9 Hŏ=<HGCD9<M´ ţ= NŠRCMEFb;A K9EA :M<GM CGE=J;A9DARGN9L NŠKD=<CQ NŠRCMEM´
HGL=F;AWDFı<GCGF;=B9CGCGFCMJ=F;==PAKLMBb;b;@rJ=Eµ
?FGJMB=L=<QHŏ=N9ţMBb;bEG<=D°GL=Nŏ=F^AFGN9;=ª´C<QHJŝEQKD9Ý°Nı<9ªKHGDMHJ9;MBbF=:GHJ9;MBbH9J9D=DFı9ÝC<QB=CGE=J;A9DAR9;=
RÝN=DC^ĪWKLARWD=ţALGKLbHJŝEQKDMµGLGK;@^E9Hŏ=N9ţMB=NÝWE;GN^EHJG?J9EM9ÝB=L9C^H9LJF^NÝEFG@9<9DŒb;@HŏbH9<=;@Nı<=;CG§HJŝEQKDGN^KHGDMHJW;=´9ŗMţ:AD9L=JWDFbF=:GF9mJGNFA
HJG?J9Eŝµ=LG<AC9@G<FG;=FbL9C^GHGEbBb<ŝD=ţALGMJGDA´CL=JGM@J9BbNı<=;CG§HJŝEQKDGN^
N9R:Q´C<QţB=HGLŏ=:9BAţ=PAKLMBb;bRF9DGKLAF9D^RL´GH=JGN9LKÝFAEA9ÝHJGN^KLB=BA;@LJ9FK>=Jµ
ŏ=CN9HANıN=DCŠHGĪ=L<GL9RGN9FŠ;@NŠRCMEFbCŝ½ƒ…¾HJG@DWKAD´ţ=KHGDMHJ9;MBbKÝHJŝEQKD=EµGLGHJG;=FLG:QDGF=BNQŒŒbF9Hŝ<ıL=;@FA;CŠ;@MFAN=JRAL´CL=J^E9BbF=BKADFıBŒbN9R:QF9
HJŝEQKD9ÝBKGMHJGFıBF=BG:Db:=FıBŒbEAH9JLF=JQRÝMFAN=JRALFb@GK=CLGJMµA;E^FıAÝF9L=;@FA;CŠ;@MFAN=JRALW;@EWB=FEWDGNŠRCMEFbCŝN9R:QF9F9<FWJG<FbKHGD=ĪFGKLA¦F=BNıLŒbHG<bD
F9B=BA;@KHGDMHJW;AE9Bb<GEW;bE9D^9ÝKLŏ=<FbHG<FACQµŠRCMEFb;AàéE9BbG:NQCD=GKG:Fb
NRL9@QKÝrJE9EA´R9LbE;GNŠRCMEFb;ARÝMFAN=JRALĪ9KLGNQMţbN9Bb>GJEWDFb;@E=;@9FAKEŝHJG
Nı<=;CG§HJŝEQKDGN^ N9R:Qµ G B= NÝ KGMD9<M KÝ GJA=FL9;b àC9<=EA= F9 RWCD9<Fb NŠRCMEµ 9R:Q
E=RAHJŝEQKD=E9ÝRWCD9<FbENŠRCME=EKHGD^@9BbF9HGEıJFıNQKGCGMmJGN=ʼn9:KGJHĪFbC9H9;ALQHJŝEQKDMµ:=;FıB=EGţFGCGFKL9LGN9L´ţ=NŠRCMEFb;A´CL=ŏbF=EıDAţW<F^RCMŒ=FGKLA
KÝ Nı<=;CG§HJŝEQKDGNŠEA N9R:9EA´ HG;AŗGN9DA NıLŒb :9JA^JQ HJGHGB=Fb F=ţ LA´ CL=ŏb L9CGN^ RCMŒ=FGKLAEıDA´;GţN=<=CÝFW@D=<M´ţ=NR<ıDWN9;bE=;@9FAKEQ9ÝE=;@9FAKEMK°G;@MLF=B9ÝRCMK
LGª:QEG@DQEbLN=DCŠNDANF9FWJŝKLNı<=;CG§HJŝEQKDGNŠ;@N9R=:µ
=BKE=K;@GHFAHŏ=<DGţALKCML=ĪF^<ŝC9RQ´9D=<GEFbNWE=K=´ţ=HJAN9LAR9;=GJ?9FAR9;b9HDACGN9F^@GNŠRCMEMFWKD=<FıNQmKLAD9NÝHŏ=CWţCMNı<=;CG§HJŝEQKDGNŠ;@NRL9@ŝµ9FGJEWDFb;@
GCGDFGKLbL9CGN^NŠRCMEF^GJ?9FAR9;=HGMţbN9BbKM:N=FĪFbHŏbB=ECÝLGEM´9:QJGRNAFMDQAFL=JFb
K;@GHFGKLA´CL=JŠ;@NQMţbN9BbF9HG<HGJMrJ=EFb;@RWC9RFbCŝµQHA;CQHGEW@9BbRWC9RFbCŝE
:ŠL°GÝCJGC<WD=ª´ F=ţ:QEG@DA:ŠL:=R=PL=JFbHG<HGJQµLWD=Nb;=K=KHGD^@9BbF9LıKF^N9R:Q
9ÝHŏ=CJQNQKÝMFAN=JRAL9EANÝHG<G:ı@µµKLM<=FLŝ´R9EıKLFWNWFb=PH=JLŝNÝG:GMGJ?9FAR9;b;@
½NŠRCMEF^AÝHJŝEQKDGN^¾9ÝKHGD=ĪFŠ;@HJGB=CLŝµé=KCŠKQKL^EG<J9RMB=G<L9CGNŠ;@Hŏ=CJQNŝ
CG<ArCGNWFbEHJWNFb;@>GJ=ERmĪ9KLFıFŠ;@AFKLALM;b9ÝNQLNGŏ=FbEHG:b<CGN^@GKQKL^EMHG<HGJMBb;b@GKHbŒ=CGFCMJ=F;AF=ţKHGDMHJW;A¦9ÝF=<9ŏbK=EMHJGLGF9:bR=LE=;@9FAKEQ´CL=J^
:QHG<HGJGN9DQKHGDMHJW;ANŠRCMEFŠ;@GJ?9FAR9;bKÝMFAN=JRAL9EA9Ý9C9<=EA;CŠEAmKL9NQµHbŒ=
F=ţ9:QHG<HGJGN9DQGL=Nŏ=F^AFGN9;=9ÝG:GMKEıJFŠHJŝ:ı@KA?FWDŝGÝHGLŏ=:W;@9ÝEGţFGKL=;@
JGRNGB= AFL=?JGN9FŠ;@ CGEMFAL K<bD=Bb;b;@ HJ9PA 9Ý RF9DGKLA´ CL=J^ :Q HGEW@9DQ MLNWŏ=L JGRNGB
mKHıŒF^@GAFGN9ĪFb@GKQKL^EM´AFKLALM;AGFWDFbKLJMCLMJQ9ÝE=LG<AC9@G<FG;=FbNQLNWŏ=BbMR9Nŏ=F^CGEMFALQµ
ı<=;CG§HJŝEQKDGN^N9R:QE9Bb<ŝD=ţALGMJ=?AGFWDFb<AE=FRAµGMKLŏ=<ıFbNŠRCMEFŠ;@C9H9;ALNÝJ9R=9ÝßJFıHG<HGJMB=JGRNGBCJALA;C^E9KQ9ÝJ=?AGFWDFb;@KbLb´CL=J^EG@GMF9:b<FGML
ŒAJGCGMŒCWDMK;@GHFGKLbHJŝEQKDM´B=FţB=Ī9KLGG;@GL=F½KÝNŠBAECGMF=BFAţŒb;@mJGNFb¾AFN=KLGN9LJ=D9LANFıEFG@G´9:Q<GKW@DHJGHGB=FbKÝHGLŏ=:FŠEA=PL=JFbEAK;@GHFGKLEAµÝHJ9PAB=
Ī=KCWCD9KLJGNWHGDALAC9ŏbR=F9RÝJ=?AGFWDFbmJGNFı9ÝR9@JFMB=<GRF9DGKLFbAF>J9KLJMCLMJQEbKLFb
H9JLF=JQF=:GGJ?9FAR9;=´CL=J^BKGMK;@GHFQHG<HGŏALrJEQNÝB=BA;@NŠRCMEM9ÝAFGN9;b;@µ<W
K=´ ţ= R<= BKGM F=NQMţAL^ EGţFGKLA D=HŒb@G HJGHGB=Fb FWJG<Fb@G KQKL^EM NŠRCMEM 9Ý AFGN9;b
KÝJGRNbB=Bb;bEK=J=?AGFWDFbE´CD9KLJGNŠEKQKL^E=Eµ
€
€
N=JC=JjJDAF½;@9AJ¾´JACàJFGD<½J9HHGJL=MJ¾=L9D´àÝL=Hß=QGF<¶
FL=JF9LAGF9DN9DM9LAGFG>L@=QKL=EAF=FE9JC´GH=F@9?=F¶GJKCFAF?K§G?
FFGN9LAGFKKLQJ=DK=F´}{{„
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
77
-M`Q<?Pà@QIkCJQG<NOID>OQk
78
GJEWDFb FWKLJGB= G;@J9FQ 9MLGJKCŠ;@ HJWN´ R=BE^F9 H9L=FLQ´ BKGM NÝ é=KC^ J=HM:DA;= EWDG
NQMţbNWFQµ G KGMNAKb KHbŒ= KÝ NŠRF9E=E R9N=<=Fb 9Ý NQMţALb L=;@FGDG?Ab F=ţ KÝ NŠNGB=E KNıLGNı
FGNŠ;@AFGN9;bNÝHJŝEQKDGN^EJGRNGBA´9D=L9C^LGG<JWţbLJ9<A;=9ÝRNQCDGKLARÝCGEMFAKLA;C^@G
G:<G:b9ÝKCML=ĪFGKL´ţ=JGRNbB=Bb;bK=NJGHKCŠH9L=FLGNŠmŏ9<9ÝBbE:M<GN9FŠKQKL^EB=RÝNıLŒb
ĪWKLAHJGé=KCGMJ=HM:DACMAJ=D=N9FLFbµ
ÝC<QţEWé=KCWJ=HM:DAC9NÝG:D9KLAG;@J9FQ9MLGJKCŠ;@
HJWNEG<=JFbD=?AKD9LANM9ÝB=R<=AÝE9DWCGEMFAL9G<:GJFbCŝF9LMLGHJG:D=E9LACM´HGJGRMEıFb
HJG:D=E9LA;=G;@J9FQ9MLGJKCŠ;@HJWNB=G:=;FıFbRC^µGHD9LbB9CGÝH9L=FLGNWFb´L9CAÝGÝEFG@=EŒAJŒbEHGDA<9DŒb;@FWKLJGBŝ´B9CGBKGMG:;@G<FbRF9ĪCQ´J=?AKLJGN9F^NRGJQ9L<µ´CL=J^LNGŏb
EG<=JFbE9F9?=E=FLG;@J9FQ9MLGJKCŠ;@HJWNµ
ÝC<Qţ=PAKLMBbNŠRF9EF^NŠBAECQ¦NÝF=HGKD=<Fbŏ9<ı4KL9NGJ?9FA;C^;@=EA=9Ý:AG;@=EA=àé½CL=JŠHJGàC9<=EAA?=F=JMB=NŠJ9RF^HŏbBEQ
RÝDA;=F;b¾¦ŏbR=FbHJŝEQKDGN^@GAÝNŠRCMEF^@GK=CLGJMLJHbF=<GKL9LC=ERF9DGKLb9ÝRCMŒ=FGKLb
NÝG:D9KLA9MLGJKCŠ;@HJWNµıCGDACLQHŝAFKLALM;b´CL=J^:QN=KCML=ĪFGKLAEıDQHGKCQLGN9LAF>GJE9;=9Ý9D=KHGʼnRWCD9<FbHGJ9<=FKLNbNÝL^LGG:D9KLA´L9CGN^KDMţ:QF=F9:bRb¦F=BRŏ=L=DFıBŒbB=LG
MÝNıLŒAFQG:;@G<Fb;@CGEGJ9ÝHG<FAC9L=DKCŠ;@9KG;A9;bµ
4KADbGÝR9DGţ=FbC9F;=DWŏbHJGLJ9FK>=JL=;@FGDG?AbF9MFAN=JRALW;@9ÝN=NŠRCMEFŠ;@mKL9N=;@
B=R9LbEN=KL9<AMRJG<M9ÝEFG@GGJ?9FAR9;bR9LbEB=ŒLıF=EWEFG@GRCMŒ=FGKLbB9CKCDGM:AL
>GJEWDFbLJ9FK>=JL=;@FGDG?Ab½HJGKLŏ=<FA;LNbEH9L=FLŝ9ÝDA;=F;b¾KÝŒAJŒbEA>MFC;=EALJ9FK>=JM
L=;@FGDG?AbNÝK=CLGJMN=ŏ=BF^@GNŠRCMEMµŏALGEHŏbKLMHGL=Nŏ=FŠ;@AFGN9;bF=:GKLJ9L=?A;C^
H9JLF=JKLNbEG@GMNÝEFG@9HŏbH9<=;@:ŠL=>=CLANFıBŒb;=KLGMCÝRbKCWFbKHGD=Ī=FKCŠ;@HŏbFGKŝ
RÝNDW<Fb;@AFN=KLA;<GNŠRCMEM´F=ţBKGM>GJEWDFbE=;@9FAKEQµ
=LG<AC9 @G<FG;=Fb B=F ŒH9LFı EGLANMB= CÝ =>=CLANFb G;@J9Fı 9MLGJKCŠ;@ HJWN F=:G CÝ F9HDFıFb HGLŏ=: KLJ9L=?A= LJ9FK>=JM RF9DGKLbµ ;=ʼnMB= MţALF^ NRGJQ´ B=BA;@ţ CN9DAL9 F=Fb 9D= FAB9C
HJGNıŏGNWF9´ 9Ý G<EıʼnMB= H9L=FLGNGM 9CLANALM K9EM GÝ KG:ı´ FACGDAN ;bD=F^ NQMţbNWFb H9L=FLŝ
CÝNQLNWŏ=Fb@G<FGLµ
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
79
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
7`QþMT<’?JKJMPñ@Ik
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
81
ÝL^LGRWNıJ=ĪF^C9HALGD=Hŏ=<CDW<WE=FıCGDACRWNıJŝ9Ý<GHGJMĪ=Fb´CL=J^BKGMN=NıLŒbEbŏ=
HJG:bJWFQN=RHJWNW;@B=<FGLDANŠ;@EG<MDŝ9ÝHM:DACGNWFQ=D=CLJGFA;CQKÝLGMLGKQFL^RGMµHGD=ĪFıHGKCQLMBbF=B;=FFıBŒbĪWKLRÝLAKb;=KLJ9FHG<CD9<ŝ9Ý9F9DŠR´JGR=:bJ9Bb;b;@<9FWL^E9L9<G
@DM:Œb;@<=L9ADŝ´F=ţB=LGEGţF^NÝCJWLC^RHJWNıµ
7`QþMT
82
WŒ F=B<ŝD=ţALıBŒb RWNıJ B= HJ9N<ıHG<G:Fı L=F´ B=@Gţ ŏ=Œ=Fb B= F=BG:LbţFıBŒbµ = LG CGFKL9LGNWFb>9CLM´ţ=NŒ=G:=;FıFbRCWmJGN=ʼn<ŝNıJQ´9ÝG:RNDWŒLıF=<ŝNıJ9N=KLWLFbEG;´B=@D9NFb
Hŏ=CWţCGM<9DŒb@GJGRNGB=L9CGN^@GFWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;b´CL=JŠ:QG:K9@GN9D
EFG@^RÝHGDGţ=CHGLŏ=:FŠ;@HJGmKHı;@9ÝCL=JŠ¦R9Hŏ=<HGCD9<MKHDFıFbFMLFŠ;@HG<EbF=C
¦:Q:QDK;@GH=FK=JQ;@D=JGRNbB=LµÝF9ŒbRCMŒ=FGKLANbE=´ţ=Ī=KCWmJGN=ʼn;QFAKEM9ÝF=KL9:ADALQ
NÝHGDALA;C^EţANGLıBKGMEFG@=ENQŒŒbF=ţNÝGKL9LFb;@:G@9LŠ;@R=Eb;@µGţFWHJGLG
=PAKLMBb<G:J^@AKLGJA;CQ<9F^<ŝNG<Q´9D=R<WK=´ţ=K=LbE>GJEMBbRF9ĪFıCGFLJ9HJG<MCLANFb
NRGJ;=;@GNWFb9ÝHGDALACµ=LG<AC9@G<FG;=FbB=LG@GKCNıDŠEHŏbCD9<=E¶B=<FWK=GÝHGCMKMţALbE9JALE=LACQ<GKW@FGMLG:B=CLANAR9;=9DGC9;=R<JGBŝ´CL=JŠNQHDQFMDRÝLG@G´ţ=K=EFG@GDA<b
<GEFbNW´ţ=B=<FGLDAN;ŝEF=DR=<ŝNıŏGN9L´HJGLGţ=F=<GCWţb:ŠLF=KLJ9FFb9ÝF=:M<GMG:B=CLANFıJGR@G<GN9LµJGNF9L9CK=HJ9NGEG;AHŏ=KMFMDQKEıJ=ECÝ9<ıHJGNŠRCME´NŠNGB9ÝAFGN9;=´
HJGLGţ=EFGRbF=<ŝNıŏMBbEAFAKL=JKLNŝE´ţ=<ıD9BbKNGBAHJW;AŏW<FıµQLG9ÝBAF^F=<WNF^HŏbH9<Q
NG:D9KLANı<FbHGDALACQBKGMHGM@^<G:ŏ=EQŒD=F^FWHD9KLA´CL=J^GNŒ=EF=EG@GM9FANQD^ĪAL
CGFCJ^LFb@GH9;A=FL9´9FAHGLD9ĪALF=EG;B9CGL9CGNGMµ
ŝNıJ9F=Eŝţ=NRFACFGMLHŏ=KFG;µGLŏ=:MB=<G:J^HŏbCD9<Q9ÝLJ9FKH9J=FLFGKL´N=KHGB=Fb
KÝNQKGCGMHJ9N<ıHG<G:FGKLbN=ŏ=BF^@GHGKLA@M9ÝHGFbţ=FbHJGLQ´CL=ŏbBARF=MţABbµ=D@WFbAEHD=E=FL9;=F=R:QLFŠ;@J=>GJ=EKLWLFbKHJWNQHGCDW<9FŠ;@R9F=R:QLF^N=;@NbDA´C<QéNKLMHGN9D9<G´B=HJGFWKRW@9<9µ=MLJWDFb´CGEH=L=FLFb9ÝF=RWNAKDWKLWLFbKHJWN9B=HJG=>=CLANFbKLWL
F=R:QLFWµGCM<EAFAKLŏAEG@GMHŏABbE9L9ÝHJGHGMŒLıLKLWLFbR9EıKLF9F;=RÝHGM@^@GJGRE9JM´
=>=CLANAL9NŠCGFMKLWLFbEG;AB=HG<DGE=F99ÝKLWLK=GHJ9N<MKLWNWF=<ŝNıJQ@G<FŠEµ
é=KCŠ FWJG<Fb KQKL^E NŠRCMEM 9Ý AFGN9;b M<ıD9D G< K9E=LGN^ J=NGDM;= N=DCŠ HGCJGCµ GR@G<FMLbGÝHJAN9LAR9;ANŠRCMEFŠ;@AFKLALM;b9ÝGÝR9;@GNWFbKLJMCLMJQàC9<=EA=Nı<:QDGLŏ=:9
M<ıD9LN=DEAJQ;@D=µG<NGM<=K=LAD=Lb;@:Q9D=:QDGJGRMEF^K=R=HL9L´B=KLDAKGMĪ9KFW<ıD:9
HJW;=9ÝE=LG<QCGGH=J9;=E=RAAFKLALM;=EABKGMN=KNıLD=RNQŒMBb;bK=CGFN=J?=F;=B=BA;@mCGDŝ
9ÝJGKLGM;bHJGHGB=FGKLAK=KQKL^E=EAFGN9;bKLWD=9<=CNWLFbµ
4KADbNÝG:D9KLA9B9CF9KLJ9FıHJŝEQKDM´L9CAÝF9KLJ9FıNDW<QNŠJ9RFıJGKL=´AÝC<QţG:GBbB=
KLWD=HG<mJGNFbHGLŏ=:FGMCÝLGEM´9:QéNQMţAD9KNŝBHGL=F;AWD9ÝEG@D9EıŏALKbDQKN^HJŝEQKDGN^9ÝNı<=;C^NŠCGFFGKLAKÝN=<GM;bEAE9DŠEAR=EıEANÝRWH9<FbNJGHıµ=HGLŏ=:9RD=HŒAL
N9R:QE=RANŠRCME=E9ÝHJŝEQKD=E´9ÝLGB9CF9mJGNFAŏbR=Fb´L9CNÝC9ţ<G<=FFbKHGDMHJW;A´9:Q
:QD9HG<HGŏ=F9HGLŏ=:FWJGNFGNW@9E=RANŠRCME=E9ÝJGRNGB=EDA<KCŠ;@R<JGBŝNÝG:D9KL=;@´
CL=J^HG<HGJMBb<GK9ţ=FbKNıLGN^mJGNFı´9ÝNÝG:D9KL=;@´CL=J^MEGţFbJŝKLAFGN9;bR9DGţ=FŠ;@
F99µ=HGLŏ=:F^<GKW@FGML<G:J^JGNFGNW@QE=RARWCD9<FbE9Ý9HDACGN9FŠENŠRCME=E´;Gţ
:QEıDG:ŠL<GHJGNWR=FGFWKLJGBA´CL=J^:M<GMKA?F9DARGN9LHGLŏ=:Q9ÝHŏbD=ţALGKLAµGB=B=<=F
RÝ<ŝNG<ŝ´HJGĪHJŝEQKDEMKb@JWLNŠRF9EFıBŒbJGDANÝHGDALA;=JGRNGB=9ÝŏbR=Fb´9ĪCGDANL=FLGHJG;=KK9EGRŏ=BEıEMKbHG<D^@9LŏbR=FbHGEG;bCGFLJGDQ9ÝNQN9ţGNWFb´NÝFA;@ţ:M<=RFbL@D9KNı<Qµ
ÝHGDALA;=NŠRCMEMB=KF9<F^K=R9EıŏALF9F9<ıBAF9<GK9ţ=FbNı<=;C^@GG:B=NM9ÝHŏ=@D^<FGMLHŏALGEJGDANŠRCMEMNÝJGRNGBADA<KC^@GC9HALWDMKL=BFıB9CG<ŝD=ţALGKLCGEMFAC9;=E=RANŠRCME=E9ÝKHGD=ĪFGKLbµGLGHD9LbG:RNDWŒLıGÝKGMĪ9KF^Ī=KC^KALM9;AN=99
´C<QHJŝEQKDF=Fb
K;@GH=F>GJEMDGN9LKNGB=HGLŏ=:QL9C<G:ŏ=B9CGF9HŏbCD9<KGrKLACGN9F^ŒN^<KC^F9<FWJG<Fb
KHGD=ĪFGKLA´CL=J^GNDANʼnMBbŒN^<KCGMNŠRCMEFGMHGDALACMµ=KL=BF^@G<ŝNG<MHD9Lb´ţ=Ī=KC^
NŠRCMEF^GJ?9FAR9;=9Ýŏb<b;bAFKLALM;=:QEıDQF9KDGM;@9LHGRGJFıBAF=ţLQŒN^<KC^µ
éNÝHGKD=<Fb;@D=L=;@Hŏ=<N=<D9G:JGNKC^mKADbJ=>GJEGN9LKQKL^E99
´NÝF=HGKD=<Fbŏ9<ı
HJGLG´9:QK=HGCMKAD9EG<=JFARGN9L9ÝRD=HŒALŏbR=FbNÝL^LGG:D9KLAµ9LbE;G=PAKLMB=B9KFW´F9
E=RAFWJG<Fb;@RCMŒ=FGKL=;@R9DGţ=FWNAR=´B9C:QEıDFWJG<FbKQKL^ENŠRCMEM9ÝAFGN9;bNŠKD=<FıNQH9<9L´B=R<=L9C^L=F<=F;=K=KF9ţALNQMţbLHJ9NA<D9½F9HŏµRWCGFQGÝLGE´B9C:QEıDQ
9?=FLMJQ9<EAFAKLJGN9LKNGB=RWD=ţALGKLA´F=:GGHıLRFWEGM=LG<ACM@G<FG;=Fb¾NÝH9JLACMDWJ9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
FbHJGKHı;@´C<Qţ@D9NFbKD=<GN9FGMHGLŏ=:GMB=JGRNAFGMLC9H9;ALQµ
LWLFbrF9F;GNWFbNŠRCMEM´NŠNGB=9ÝAFGN9;bNÝHGKD=<Fb;@D=L=;@JQ;@D=JGKLDG´N=RF9ĪF^Ebŏ=
HJGKLŏ=<FA;LNbERNŠŒ=F^@GAFKLALM;AGFWDFb@GrF9F;GNWFbMFAN=JRALFb@GNŠRCMEM9ÝNŠRF9EF^@GFWJŝKLMmĪ=DGN^@GF=:GDAKGMLıţFb@G´HJGB=CLGNıGJA=FLGN9F^@GrF9F;GNWFbB9CN=NŠRCMEM
9ÝNQKGCGŒCGDKC^EK=CLGJM´L9CAÝNÝHJŝEQKDMµHGD=ĪFıKÝHGMţALbE=LG<ACQ@G<FG;=FbB9CGRWCD9<M HJG 9DGC9;A NŒ=;@ AFKLALM;AGFWDFb;@ HJGKLŏ=<Cŝ HJG NŠRCME LG RF9E=FW´ ţ= F9 RWCD9<ı
KGMLıţ=B=HJ9N<ıHG<G:Fı9DGCGNWF9HŏbDAŒN=DCWĪWKLHJGKLŏ=<Cŝ´;GţEWR9FWKD=<=C´ţ=B=LıţC^NQNAFGMLKLJ9L=?AANŠRCMEM9ÝAFN=KLGN9L<GFıBµ=HGLŏ=:9<GKW@FGMLJGNFGNW@QE=RA<JM@Q
rF9FĪFb;@R<JGBŝ´B=ţHG<HGJMBbCN9DALM´KL9:ADALMF=:GJ=KLJMCLMJ9DAR9;Aµ
éHGKMFMD9KNGB=ŏbR=FbFWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bRÝHŏbKLMHMLJ9<AĪFıGJA=FLGN9F^@GHŏ=<=NŒbEF9Nı<MCÝŏbR=Fb´CL=J^<G<9D=CGNıLŒbEbJQR9@JFMB=AFGN9;=µČbR=FbNŠRCMEM9ÝNŠNGB=K=9D=L9C^KL9DG;=FLJ9DARGN9FıBŒbE´;GţRHŝKG:ADG´ţ=NRJGKLD9NR<WD=FGKLE=RA
JGR@G<GNWFbEGÝrF9F;GNWFb99Ý9CL^JQLbELGJGR@G<GNWFbEGNDANʼnGN9FŠEAµÝJGRNGB=EFGNı
MKL9N=F^=;@FGDG?A;C^9?=FLMJQK=G:B=NADQEGţFGKLALQLGNRL9@QHGKbDAL´9D=LGRWK9<FbERHŝKG:=ERWNAKbF9G;@GLı
E^FıK=R9:ŠN9LEACJGE9F9?=E=FL=EµÝŒAJŒb@GHG@D=<MLMB=
HGLŏ=:9 <WL NıLŒb HJ9NGEG;A JŝRFŠE KLWLFbE KM:B=CLŝE NÝ ´ HG<HGŏAL NQLNWŏ=Fb 9Ý NQMţALbB=<FGLDANıRbKCWN9FŠ;@KLJ9L=?A;CŠ;@RF9DGKLb9ÝREıFALR9Eıŏ=Fb
F9GJ?WFHJG<AKCMKA
9ÝKL9FGNGNWFbG:=;F^HGDALACQ´;GţB=HJGLACD9<=EKALM9;=´C<QMÝB=<F9;b@GKLGDM:GBMBbRWKLMH;A
AFKLALM;bGÝKNŝBHG<bDF9JGRHGĪLMµ
G<FG;=Fb NÝ Ī=KC^E KQKL^EM 99
>MF?MB= ŒH9LFıµ GMţALb =LG<ACQ @G<FG;=Fb HJG mĪ=DQAFKLALM;AGFWDFb@GrF9F;GNWFbB=F=N@G<F^´HJGLGţ=<=>GJEMB=;@GNWFb´KFAţMB=KL9:ADALMNŠRCMEF^@GKQKL^EM9ÝB=F9Hŏ=CWţCMB=@GNŠCGFFGKLAµ:=;Fı:=J=@G<FG;=FbNÝHGL9RF=N@G<F^
MC9R9L=D=µ=Hŏ=KHŏbDAŒR9Eıŏ=FGF9NŠKLMHQ9ÝHGKCQLMB=EWDGAF>GJE9;bGÝLGE´R<9BKGMKLWLFb
RWK9@QmKHıŒF^9ÝR<9HJG?J9EQKHDʼnMBbNQLĪ=F^;bD=µÝHJ9PA@G<FG;=FbB=Lŏ=:9HJGN^KLJ9<ACWDFb
REıFQ9ÝNQMţbL@G<FG;=FbHJG<GK9ţ=FbRG<HGNı<FGKLA9ÝCÝLNGJ:ı9ÝRD=HŒGNWFbHGDALACµ
ıŏ=FGHGĪL=E9ÝCN9DALGMHM:DAC9;bK=NŠCGFFGKLĪ=KC^@GNŠRCMEMKLWD=RD=HŒMB=´AÝC<QţRŝKLWNWHG<KNıLGNŠEHJŝEıJ=EµJG<MCLANAL9NŠRCMEFbCŝEıŏ=FWB9CEFGţKLNbE´L9CAEH9CL=E
NŠKLMHŝK=RD=HŒMB=µGRNbB=Bb;bK=KHGDMHJW;=MNFALŏAÝEAEGé9ÝHGKLMHF^:M<GNWFbNŠRCMEFŠ;@C9H9;ALRF9E=F9Bb´ţ=NŠCGFFGKLK=:M<=HJ9N<ıHG<G:FıF9<WD=RNQŒGN9LR9Hŏ=<HGCD9<M´
ţ=rF9F;GNWFb9K=:M<=L9C^RNQŒGN9LĪA9D=KHGʼnRŝKL9F=F9KGMĪ9KF^mJGNFAµD9NFbRHŝKG:´
B9C<GKW@FGMLD=HŒbNŠCGFFGKLA´B=JŝKLAFL=?J9;=Ī=KCŠ;@NŠRCMEFbCŝ<GKNıLGN^CGEMFALQ·B=
L=<Q <ŝD=ţAL^ HGCJ9ĪGN9L NÝ AFL=JF9;AGF9DAR9;A F=B=F D=HŒbE NQMţbNWFbE HŏbD=ţALGKLb HGKCQLGN9FŠ;@HJG?J9EQ´9D=L9C^NQLNWŏ=FbED=HŒb;@CGFL9CLŝK=R:QLC=EKNıL9µé=KCWJ=HM:DAC9EW
FbRCGMmKHıŒFGKLmĪ9KLANÝWE;GN^EHJG?J9EM9ÝN=DEAE9DGMKHGDMHJW;AEAEGNJGHMµ9LbE;GEFG@GĪ=KCŠ;@NŠRCMEFbCŝHJ9;GN9DGNÝR9@J9FAĪb9ÝE9BbE=RAFWJG<FbCGFL9CLQ´B=KLMH=ʼn
AFL=JF9;AGF9DAR9;=NŠRCMEF^CGEMFALQFbRCŠ´ĪWKL=ĪFıCNŝDA:QJGCJ9LA;CŠEHŏ=CWţCWEµD9:W
KLJ9L=?A=B9CF9FWJG<Fb´L9CF9AFKLALM;AGFWDFbmJGNFARF9E=FW´ţ=éNQMţbNWE=RAFWJG<Fb;@
HŏbD=ţALGKLbB=FF=<GKL9L=ĪFıµ
ŠRCMEFŠE9F9?=E=FLNÝŒAJGC^EKEQKDMB=HJG:D=E9LA;CŠµNıLŒ=FbKCMHAF´D=HŒbHDWFGNWFbDA<KCŠ;@R<JGBŝ9Ý<=L9ADFıBŒbKLJ9L=?A=:QHGEG@DQKFbţALKGMĪ9KFGMJGRLŏbŒLıFGKL9ÝNŠJ9RFı
RNŠŒALHGĪ=LNŠKLMHŝµGGNŒ=ERWNAKbF9LGE´R<9MFAN=JRALQ9ÝmKL9NQREG<=JFARMBbŏbR=Fb9ÝE9F9?=E=FL9ÝKL9FGNbKAHŏ=KFıBŒbKLJ9L=?A=µJGLG´9:QAFKLALM;=EG@DQHŏABEGML9ÝAEHD=E=FLGN9L
<DGM@G<G:^KLJ9L=?A=´B=GNŒ=ECDbĪGN^J=<MCGN9LF=BAKLGLQGCGDGrF9F;GNWFbµ
ŏbKLMHCÝJGRNGBADA<KCŠ;@R<JGBŝNÝJWE;AĪ=KC^@GWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bB=
<GKLF=KQKL=E9LA;CŠµ=<FbERÝ<ŝNG<ŝB=RF9ĪFıR9KL9J9DŠKLQDŏbR=Fb9ÝGJ?9FAR9;=9´;GţRHŝKG:MB=JGRLŏbŒLıFGKLNŠRCMEMµGK=L9C^HJGB=NMB=NÝ=PLJ^EFıFbRC^EHGĪLMţ=FE=RANı<=;CŠEAHJ9;GNFbCQµ=Lŏ=:9´9:QN=ŏ=BF^NŠRCMEF^GJ?9FAR9;=RbKC9DQNıLŒbHŏbEGMRG<HGNı<FGKL
R9ŏbR=FbDA<KCŠ;@R<JGBŝ½NĪ=LFı<9DŒb;@9KH=CLŝE9F9?=E=FLMNŠRCMEM¾´;GţMEGţFb´9:QK=
C9JA^JFbH=JKH=CLANQKL9DQHJMţFıBŒbEA´9:QK=KFbţAD9EbJ9°H=JKGFWDFbMR9Nŏ=FGKLAªLŠEŝ½FQFb
KCMHAFQHDWFMBb´ţ=R9HDFbKNGB=NGDFWHJ9;GNFbEbKL9R݃€…ND9KLFbEA9:KGDN=FLQ<GCLGJKC^@G
KLM<A9¾9Ý9:QK=KFbţAD9JGRLŏbŒLıFGKLHJGKLŏ=<FA;LNbEFWKLJGBŝ´B9CŠEABKGMFWJG<Fb9ÝE=RAFWJG<FbHJG?J9EQ<GCLGJKC^@GKLM<A9µ
9R:QE=RANı<GM9ÝHJŝEQKD=EE9BbJŝRFGMAFL=FRALM9ÝF=<GKL9L=ĪFıHG<HGJMBbNŠNGBµQKGCGŒCGDKCŠNŠRCMEEWEAFAEWDFbHŏbBEQRÝHJŝEQKDMµJŝEQKDNb;=KHGDMHJ9;MB=KÝNŠRCMEFŠEA
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
83
GJ?9FAR9;=EAµbRCG@G<FGLGN^9CLANALQEFG@9F9<FWJG<Fb;@rJ=ERF9Īb´ţ=K=<GĪ=KC^@GFWJG<Fb@GKQKL^EM9F=AFL=?JMBbKF9<FGµıLŒAF9=PAKLMBb;b;@N9R=:B=HJGLG<GE^FGME9DŠ;@
9ÝKLŏ=<Fb;@HG<FACŝµ9CHŝKG:=Fb=LG<ACQ@G<FG;=Fb´L9CF=<GKL9L=CN=ŏ=BFŠ;@NŠRCMEFŠ;@
GJ?9FAR9;bGNŒ=E:JWFbHJGHGBGNWFbKÝL9CGNŠEArJE9EAµKGMHJGLGFMLFWGH9Lŏ=FbHJGRD=HŒ=Fb
AFL=?J9;= F9<FWJG<Fb;@ rJ=E <G Ī=KC^@G NŠRCMEF^@G KQKL^EM 9Ý HJG HGKCQLGNWFb 9<=CNWLFb
EbJQCGGJ<AFGN9F^HG<HGJQE^FıRCMŒ=FŠErJEWEF9FWJG<Fb9ÝJ=?AGFWDFbmJGNFAµ
9LbE;Gé=KCWJ=HM:DAC9EWF=BEG<=JFıBŒbD=?AKD9LANMG;@J9FQ<MŒ=NFb@GND9KLFA;LNb9ÝF=N=DCGMKCMHAFM=PH=JLŝNÝL^LGG:D9KLA´EAEGLMLGKCMHAFGM=PAKLMB=HGMR=E9D^HGJGRMEıFbHJG
G;@J9FM<MŒ=NFb@GND9KLFA;LNbµGK=NRL9@MB=F9H9L=FLGNWFb´9D=AÝF9<9DŒb´G:=;FıBŒbFWKLJGB=
G;@J9FQ<MŒ=NFb@GND9KLFA;LNbµH9Lŏ=FbN=<GM;bCÝNQ:M<GNWFb;=FL=JLJ9FK>=JML=;@FGDG?AbF9
NQKGCŠ;@ŒCGDW;@9ÝmKL9N=;@BKGMNÝR9ĪWL;b;@9ÝNıLŒAF9GJ?9FAR9;bB=ŒLıF=KLA@D9RbKC9LRCMŒ=FGKLA
B9C>GJEWDFbL=;@FGDG?A;CŠLJ9FK>=J½HGEG;bH9L=FLŝ9ÝDA;=F;b¾R9EıFALR9ŒAJŒb>MFC;=LJ9FK>=JM
RF9DGKLbNÝK=CLGJMN=ŏ=BF^@GNŠRCMEMµ
!JKJMPñ@Ik
84
WKD=<MBb;b<GHGJMĪ=FbĪ=JH9BbRÝ;=D^F9Œb;=DCGN^9F9DŠRQµ=L9ADFıBŒb<AKCMK=9Ý<GHGJMĪ=Fb
BKGMG:K9ţ=FQNÝJ=HGJL=;@B=<FGLDANŠ;@EG<MDŝµ
|¶ Q:M<GNWFb<ŝNıJQN=NDW<ME=RAĪD=FQNı<=;CG§NŠRCMEFı§AFGN9ĪFbCGEMFALQB=RWCD9<Fb
HG<EbFC9HJG<G:JGMNŠCGFFGKLFWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bµ9CGNW<ŝNıJ9
B=R9DGţ=F9F9LJ9FKH9J=FLFb9ÝF=KLJ9FF^AEHD=E=FL9;AKHJ9N=<DANŠ;@HJAF;AHŝNÝCGE:AF9;AKÝHGLJ=KLWFbELı;@´CL=ŏbL9LGHJ9NA<D9HGJMŒMBb´9ŗMţF9B9C^CGDANmJGNFAµ=MJ?=FL¨
Fİ HGLō=:9 HJGN^KL HōAKDb:=FGM J=>GJEM KLWLFb KHJWNQ¶ LWLFb GJ?9FAR9;=µ CL=J^ E9Bb
ōb<AL FWJG<Fb KQKL^E NŞRCMEM 9 AFGN9;b § 9<9 HJG NŞRCMEµ NŞNGB 9 AFGN9;=µ EAFAK¨
L=JKLN9µ J9FLGNW 9?=FLMJ9 9 =;@FGDG?A;CW 9?=FLMJ9 § :Q EİDQ RN=ō=BŇGN9L HG<JG:¨
FGKLAGKNŞ;@JGR@G<FMLb;@9B=BA;@<śNG<=;@¶İDQ:Q:ŞLR9N=<=FQ<G@Dbš=;bHJG;=KQ
R9@JFMBb;bNQMšALbF=RWNAKDŞ;@E=RAFWJG<Fb;@@G<FGLAL=DśL9Cµ9:QNİJG@G<FbJMĩAL=D^
EG@DAHJGNİōGN9L9?9J9FLGN9LF=RWNAKDGKL9G:B=CLANALMJGR@G<FMLb¶
}¶ =DACGKL9ÝCN9DAL9Ī=KC^@GKQKL^EM99
K=NÝHJŝ:ı@MFıCGDAC9D=LRNŠŒAD9´9D=KLWD=RŝKLWN9BbHG<E=RAFWJG<FbmJGNFbµLWL:QEİDHGCJ9ĩGN9LN=RNQŐGNWFbAFN=KLA;<G9NKGM¨
D9<MKHGDALACGMNQF9CDW<WFb|…F99<GJGCM}{}{¶=Lō=:9NQLNGōALHG<EbFCQ
HJGHJśEQKDµ9:QNLGELGG:<G:bNQF9CDW<9D<9DŐb}…F99NKGMD9<MK<ōbNİBŐb¨
EA:9J;=DGFKCŞEA;bDA9KFGNİ>GJEMDGN9FGMHGDALACGMGJARGFL}{}{NJGHKC^MFA=¶
~¶ PAKLMBbRFWECQLG@G´ţ=<ıD:9HJW;=9ÝAFKLALM;AGFWDFb@J9FA;=E=RANQKGCŠEAŒCGD9EA´àC9<=EAbNı<9ÝJ=KGJLFbEANŠRCMEFŠEAGJ?9FAR9;=EAF=FbGHLAEWDFb9Ýţ=HŏbD=ţALGKLACÝLıKFıBŒbKHGDMHJW;AF=BKGMNQMţbNWFQµ9KL9J9D^>GJEQGJ?9FAR9;=9ÝE9F9?=E=FLMNÝFıCL=JŠ;@
HŏbH9<=;@ :JWFb NQŒŒb =>=CLANALıµ :Q EİD9 HJGNİōAL GJ?9FAR9;Aµ NŞCGFFGKL 9 <İD:M
HJW;=E=RANQKGCŞEAŐCGD9EAµßC9<=EAbNİ<9J=KGJLFbEANŞRCMEFŞEAGJ?9FAR9;=EA
K ;bD=E F9NJ@FGML ō=Ő=Fb B9C EG<=JFARGN9L 9 HGL=F;AWDFİ J=9DGCGN9L B=BA;@ JGD=¶ G¨
<=JFAR9;=ōbR=FbDA<KCŞ;@R<JGBś9NŞRCMEFŞ;@ĩAFFGKLb:QEİD9:ŞLRWCD9<FbEJQK=E
L^LGJ=>GJEQ¶İD9:Q:ŞLR9N=<=F9GH9Lō=FbN=<GM;bCG<KLJ9FİFbŐGCMBb;b@GF=<GKL9L¨
CMš=FN=NŞRCMEMµCL=JŞHō=<KL9NMB=G:JGNKC^HDŞLNWFbL9D=FLQ¶
¶ =<WNF^J=>GJEQK=HGCMKADQĪ=DALF=<GKL9LCM<ŝNıJQN=NDW<M´HG;AŗGN9FŠEF=KHJWNFGKL=ENÝJGR@G<GN9;bEHJG;=KM9ÝHG;AŗGN9F^F=K;@GHFGKLAEAFAKL=JKL=NKGMKLŏ=<ıFbERG<HGNı<FGKLAR9JGRHGĪ=L9ÝHGDALACM99
HG<9<MHJGNŠRCME´NŠNGB9ÝAFGN9;=µGGNŒ=E
R9LıţMB= 9<M L9CGNGM EbJGM RG<HGNı<FGKLA´ K= CL=JGM K= F=Eŝţ= J=9DAKLA;CQ NQJGNF9L´
9Ý CL=JW RLıţMB= B=Bb K;@GHFGKL HŏABbE9L CN9DALFb 9Ý AF>GJEGN9FW JGR@G<FMLbµ ıDW LG RÝ Fb
B9C^KACN9RAEAFAKL=JKLNGHJGNı<M´GNŒ=E:=RFWD=ţAL^@GHJGNWRWFbF9NDW<MF=:GF9<=EGCJ9LA;C^HJG;=KQ9ÝNR<9DMB=BALGG<KQKL^EGNŠ;@9ÝKLJ9L=?A;CŠ;@RF9DGKLbF=R:QLFŠ;@
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
CÝ HJGHGB=Fb HGDALAC 9Ý HGLŏ=:µ HGD=ĩFİ K J=>GJEGM KLWLFb KHJWNQ :Q EİDQ :ŞL HGKbD=FQ
EAFAKL=JKC^C9H9;ALQ9EAFAKL=JKLN9:QEİD9:ŞLRFGNMNQ:9N=F9HJ9NGEG;=EAHśKG¨
:ALNG:D9KLA99
KLbEµš=F9LG:M<GMEbLND9KLFbJGRHGĩLGN^HGDGšCQ¶
:QEİD9
Hō=KMFGMLG@FAKCGKN^@GRWBEMR9DGCGNWFbJGRHGĩLM9EACJGE9F9?=E=FLMF9KL9¨
FGNGNWFbŐAJŐb;@KLJ9L=?A;CŞ;@KEİJś¶J9FLGNW9?=FLMJ99=;@FGDG?A;CW9?=FLMJ9:Q
EİDQ:ŞLHG<ōbR=FQEAFAKL=JKLNśE¶b;=EAFAKL=JKL=N:QEİDGEbLEGšFGKLHGMšbN9LB=
B9CGHGKCQLGN9L=D=HJGKN^9CLANALQN=99
µHG<G:FİB9CGLGEMB=MGJKC^NŞRCMEF^
J9<QF=:GMN9CGMKCM¶RL9@E=RA9?=FLMJ9EA9B=BA;@F9<ōbR=FŞEAGJ?WFQ:Q
EİDEbL;@9J9CL=JNŞCGFFGKLFb;@KEDMN¶èAFFGKL9?=FLMJ:QEİD9:ŞLōbR=F9<9FŞEA
;bDA¸B=BA;@ĩAFFGKLA:QF=EİDQHG<D^@9LEACJGE9F9?=E=FLM
F=:GBAFŞ;@GJ?WFś¶
@9J9CL=J ōbR=Fb :Q EİD L=<Q :ŞL HGKMFML KEİJ=E C EİCC^EM ōbR=Fb K= R9HGB=FbE
J=D=N9FLFb;@9CL^Jś¶
€¶ G:JW E=RAFWJG<Fb HJ9P= NÝ F9KL9NGNWFb HJG?J9Eŝ 9 R9@JFMB= R9AFL=J=KGN9F^ 9CL^JQ´
;GţMEGţʼnMB=´9:QHJG?J9EQG<HGNb<9DQHGLŏ=:WE9ÝHŏbD=ţALGKL=Eµ9CGNŠHGKLMHB=9D=
K9EGRŏ=BEıHGLŏ=:9KD=<GN9L9ÝNQN9ţGN9L9ÝB=@GHDWFGN9;b9ÝAEHD=E=FL9ĪFbHJG;=KEMKb
:ŠLLJ9FKH9J=FLFbµJ9CLA;C^F9KL9NGNWFbHJG?J9Eśĩ=KC^@G9:QEİDGJ=KH=CLGN9L
E=RAFWJG<FbHJ9PAR9HGB=FbR9AFL=J=KGN9FŞ;@KCMHAF9CL^JśCGE:AFGN9FGMKHG<JG:¨
FŞE<G@D=<=ER9BAŐŕMBb;bEG:B=CLANALM9F=RWNAKDGKL¶
¶ GEıJFW ĪWKL HJGKLŏ=<Cŝ F9 NŠRCME NÝ é´ CL=JW B= HGKCQLGNWF9 F9 RWCD9<ı KGMLıţ=´ B=
HŏbDAŒNQKGCW9ÝHŏ=CJ9ĪMB=mJGN=ʼn´CL=JGMEFG@^R=EıBAţHGN9ţMBbR9F=:=RH=ĪFGMµ Insti¨
LM;AGFWDFbHJGKLō=<CQ:QEİDQLNGōAL9D=KHGҀ{…rF9F;GNWFbNŞRCMEM¶İDQ:Q:ŞL
HGKCQLGNWFQF9RWCD9<İCGFLJGDQCN9DALQµHōAĩ=Eš@G<FGLA;b;QCDMKF=:M<=R9DGš=FF9
JGĩFbH=JAG<ݵ9D=:M<=HGE9D޾H=JAG<9€F=:GNb;=D=L¿µ;GšNQLNGōbKL9:ADALM9HōbD=šA¨
LGKLACHDWFGNWFb¶
‚¶ =LG<AC9@G<FG;=FbF=FbN@G<FWHJGmĪ=DQ´BAEţEWKDGMţALµŏAFWŒbHGCŏAN=FbKLJMCLMJQ
AÝ;@GNWFb9ÝB=Hŏ=CWţCGMEFG@ŠE9KH=CLŝEJGRNGB=FWJG<Fb@GKQKL^EMNŠRCMEM9ÝAFGN9;bµ=LG<AC9@G<FG;=Fb:QEİD9:ŞLF9@J9R=F9KQKL^E=ENŞCGFFGKLFb;@KEDMNµCL=J^
:QR9@JFGN9DQH=JKH=CLANFbAJ=LJGKH=CLANFbKDGšCQµHG<HGō=F^CGE:AF9;bG:B=CLANFb;@
AF<ACWLGJś9@G<FG;=FbEF=RWNAKDŞEE=RAFWJG<FbE@G<FGLAL=DKCŞEH9F=D=E¶
ƒ¶ QKL^E@G<FG;=Fb9NÝéB=ŒAJG;=R9Eıŏ=FF9HGĪbLWFbNŠKLMHŝF9mCGJHG;@GH=FbHGDALA;CŠ;@AFL=JN=F;b9ÝB=BA;@<GH9<ŝµGKCQLMB=L=<QAF>GJE9;=´B=BA;@ţJ=D=N9F;=B=HŏAF=BD=HŒbEGE=R=FWµG<FGLA;bHJ9P=:QEİD9:ŞLG<RWCD9<MJ=>GJEGNWF9KLbEµš=:M<=
R9Eİō=F9F9NŞKD=<CQ9<GH9<Q9:M<=HōAKHbN9LCJGRNGBAHGDALAC9HJG?J9Eś9CHDW¨
FGNWFb¶ JGEİ BAF^@G :M<= R9@JFGN9L AEHD=E=FL9;A ±C9KCW<GN^@G HJAF;AHM«µ B=Fš
RF9E=FWµ š= mJGNFİ ōb<b;b @A=J9J;@A= HGMšbN9Bb F=RWNAKDGM =PH=JLbRM HJG @G<FG;=Fb
FAšŐb;@@A=J9J;@A;CŞ;@mJGNFbµ9D=F=@G<FGLbK9EQK=:=¶
„¶ é=KC^EM FWJG<FbEM KQKL^EM NŠRCMEM 9Ý AFGN9;b ;@Q:b KLJ9L=?A= AFL=JF9;AGF9DAR9;=´ ;Gţ
RHGE9DMB=B=@GJGRNGBµ
:QEİD9R9@WBALCGFRMDL9;=9R9<9LKLM<AAN=<GM;bCHōbHJ9¨
NİKLJ9L=?A=AFL=JF9;AGF9DAR9;=ĩ=KC^@G99
¶
|{¶ G;@GH=Fb9MLGJKCŠ;@HJWNNÝéB=F=<GKL9L=ĪF^µ=FEWDGDA<bJGRMEbJGRK9@M9ÝMţAL=ĪFGKLAKHJWNF^KLJ9L=?A=G;@J9FQHJWN<MŒ=NFb@GND9KLFA;LNbµ9EİKLF9N9L=DKC^KN9RQ9G:¨
;@G<FbCGEGJQ:QEİDQG<KL9JLGN9LNR<İDWN9;bC9EH9ŇGHJWN=;@<MŐ=NFb@GND9KLFA;¨
LNbHJGHJśEQKD¶WJGN=ŇEMKbMFAN=JRALQ9mKL9NQJGRNAFGMLB9KFİBŐbKLJ9L=?A=G;@J9FQ
HJWN<MŐ=NFb@GND9KLFA;LNb¶GF=RF9E=FWµš=:QR<=EİDNRFACFGML<9DŐbLD9CF9H9¨
L=FLGNWFbF=J=D=N9FLFb;@NŞKLMHś§KHbŐ=B<=GHGJGRMEİFbLGEMµš=HJWN9<MŐ=NFb@G
ND9KLFA;LNbMEGšŇMBbHōABbEWFbJ9;AGFWDFb;@JGR@G<FMLbGLGEµ;GF=H9L=FLGN9L9B9C
F=BD^H= K<bD=L HGRF9LCQ K HJśEQKD=E 9 K GKL9LFbEA GJ?9FAR9;=EA EAEG NŞRCMEFGM
9NQKGCGŐCGDKCGMK>^JM¶
9©5ÿ1$ò-©9/1©5 ,$9(-©1.#-¬'. 4#(345â9*4,4Ç5â5.)$ (-.5 "¬5ò$2*_1$/4!+("$
85
!J?<O@FÏ0@UI<HUFM<O@F
ßÞ
86
F9DŞR9NŞRCMEM9NŞNGB=NHG<FAC9L=DKCŞ;@KM:B=CL=;@¾ßF9DQLA;9DÞMKAF=KK
ß
FL=JHJAK==K=9J;@9F<=N=DGHE=FL¿
ßè
ßC9<=EA=Nİ<è=KC^J=HM:DACQ
ß
ßKG;A9;=NŞRCMEFŞ;@GJ?9FAR9;bè
ß
GD9F<KCŞHGJ9<FbNŞ:GJHJGHGDALACMNİ<Q9L=;@FGDG?Ab¾ML;@ß<NAKGJQ
GMF;ADGJ;A=F;=9F<=;@FGDG?QGDA;Q¿
Þ
G<FAC9L=DKC^NŞ<9B=F9NŞRCME9NŞNGB¾ÞMKAF=KKPH=F<ALMJ=GF=K=9J;@
9F<=N=DGHE=FL¿
Lō=<Fb9NŞ;@G<FbNJGH9¾=FLJ9DÐ9KL=JFMJGH=¿
NJGHKCWGJ?9FAR9;=HJGB9<=JFŞNŞRCME¾MJGH=9FJ?9FAK9LAGF>GJM;D=9J
=K=9J;@¿
MJGH=9FG¨GH=J9LAGFAFL@=r=D<G>;A=FLAr;9F<=;@FA;9D=K=9J;@
ÄE F<ACWLGJHGJGNFWN9Bb;bHJśEİJF^HGĩLQ;AL9;bµCL=JWEWHōbKDMŐF^HJ9;GNAŐLİ
¾¿KE=RAFWJG<FbJ=>=J=FĩFb@G<FGLGM¾E¿
è
è=KCWJ=HM:DAC9
R
è=KCWCGJMF9
è4
è=KCŞKL9LAKLA;CŞmō9<
ß
NJGHKCW9KG;A9;=NGDF^@GLJ@M¾MJGH=9FJ==J9<=ßKKG;A9LAGF¿
=LG<AC9@G<FG;=Fb
Þ
NJGHKCWCGF>=J=F;=EGD=CMDWJFb:AGDG?A=¾MJGH=9FGD=;MD9JÞAGDG?Q
GF>=J=F;=¿
ß
NJGHKCŞNŞRCMEFŞHJGKLGJ¾MJGH=9F=K=9J;@ßJ=9¿
ßß D=<GNWFbNŞRCMEF^HGDALACQNJGHKC^CGEAK=
ß
NJGHKCWCGKEA;CW9?=FLMJ9¾MJGH=9FH9;=ß?=F;Q¿
NJGHKCŞKG;AWDFb>GF<
NJGHKCWBAšFbG:K=JN9LGō¾MJGH=9FGML@=JF:K=JN9LGJQ¿
NJGHKCWMFA=
}€
}€ĩD=FKCŞ;@KLWLś§:=RĩD=FKLNbÞMD@9JKC99MEMFKC9
}‚
Ő=;@FQĩD=FKC^KLWLQ
ß
NJGHKCWAFA;A9LAN9HJGrF9F;GNWFb9
GD9F<KC^EAFAKL=JKLNG@GKHG<WōKLNb
9CGMKCW9?=FLMJ9HJGHG<HGJMNŞRCMEM
WE;GNŞHJG?J9E¾J9E=OGJCJG?J9EE=¿
AF9F;GNWFbNŞRCMEMHG<D=NŞCGFFGKLA¾Þµ=J>GJE9F;=¨Þ9K=<=K=9J;@
MF<AF?¿
ßè
J9FLGNW9?=FLMJ9è
Þß
DW<FbJGRHGĩLGN^NŞ<9B=F99¾GN=JFE=FL:M<?=L9HHJGHJA9LAGFKGJ
GMLD9QKGFп
¾JGKKGE=KLA;JG<M;L¿
=RAFWJG<FbRCJ9LC9HJG;=DCGN^NŞ<9B=F99
JM:Ş<GEW;bHJG<MCL
QŐŐbŐCGDKLNb¾A?@=J<M;9LAGF¿
ŞRCME9NŞNGBN=NQŐŐbEŐCGDKLNb¾A?@=J<M;9LAGF=K=9J;@9F<=N=DGHE=FL¿
A<KC^R<JGB=¾ME9F=KGMJ;=K¿
F>GJE9ĩFb9CGEMFAC9ĩFbL=;@FGDG?A=¾
F>GJE9LAGF9F<
GEEMFA;9LAGFK=;@FGDG?Q¿
F<MKLJA9D9F9?=E=FL
FKLALML=
=RAFWJG<FbKHGDMHJW;=¾
FL=JF9LAGF9DG¨GH=J9LAGF¿
F
F<ANA<MWDFbHJGB=CLFWJG<Fb
JWN9C<MŐ=NFbEMND9KLFA;LNb¾
FL=DD=;LM9DHJGH=JLQJA?@LK¿
=LG<AC9@G<FG;=Fb
Ď
Ð
ÐÐ
Ð
ß
ß
ß
ßè
9
99
9H
9<FWJG<FbKHGD=ĩFGKL¾MDLAF9LAGF9DGEH9FQ¿
AFAKL=JKLNGHJśEQKDM9G:;@G<Mè
9DŞ9KLō=<FbHG<FAC
AFAKL=JKLNGŐCGDKLNbµEDW<=š=9LİDGNŞ;@GNQè
WJG<FbHJG?J9ENŞRCMEM
WJG<FbHJG?J9ENŞRCMEM
WJG<FbKQKL^ENŞRCMEM9AFGN9;b¾9LAGF9D=K=9J;@9F<
FFGN9LAGFQKL=EK¿
JNFbFWJG<FbJGRNGBGNŞHDWF}{{§}{{
J?9FAR9;=HJG=CGFGEA;CGMKHGDMHJW;A9JGRNGB¾J?9FAK9LAGF>GJ;GFGEA;
G¨GH=J9LAGF9F<=N=DGHE=FL¿
H=J9ĩFbHJG?J9E
H=J9ĩFbHJG?J9ENR<İDWNWFbHJGCGFCMJ=F;=K;@GHFGKL
ŞRCME9NŞNGB¾=K=9J;@9F<=N=DGHE=FL¿
ŞRCMEµNŞNGB9AFGN9;=¾=K=9J;@9F<=N=DGHE=FL9F<
FFGN9LAGF¿
GJKCWJ9<9HJGNŞRCME¾=K=9J;@GMF;ADG>GJO9Q¿
WE;GNŞHJG?J9E
ŞRCME9L=;@FGDG?A;CŞJGRNGB¾=K=9J;@9F<=;@FGDG?A;9D=N=DGHE=FL¿
ŞRCME9L=;@FGDG?A;C^AFGN9;=¾=K=9J;@9F<=;@FGDG?Q
FFGN9LAGF¿
ŞRCMEFW9L=;@FGDG?A;CWGJ?9FAR9;=¾=K=9J;@9F<=;@FGDG?QJ?9FAK9LAGF¿
9<9HJGNŞRCMEµNŞNGB9AFGN9;=
İ<99L=;@FGDG?A=¾;A=F;=9F<=;@FGDG?Q¿
H=;Ar;CWE=RAFWJG<FbKHGDMHJW;=¾H=;Ar;AFL=JF9LAGF9D;GGH=J9LAGF9;LANALA=K¿
9R:QE=RANİ<GM9HJśEQKD=E¾;A=F;=¨
F<MKLJQAFCK¿
9DŞ9KLō=<FbHG<FAC¾E9DD9F<=<AME¨KAR=<FL=JHJAK=¿
ĎN^<KCWFWJG<FbJ9<9HJGL=;@FGDG?A;CŞJGRNGB
=;@FGDG?A;CW9?=FLMJ9è
ßKG;A9;=HJGAEHD=E=FL9;AL=;@FGDG?AbNNJGHݾßKKG;A9LAGF>GJ=;@FGDG?Q
EHD=E=FL9LAGFAFMJGH=¿
=;@FGDG?A;C^;=FLJMEßè
JG?J9EAFAKL=JKLN9HJśEQKDM9G:;@G<Mè
ARGR=EKCWGJ?9FAR9;=HJG9HDACGN9FŞNŞRCME
HGB=F^CJWDGNKLNb¾FAL=<AF?<GE¿
HGB=F^KLWLQ9E=JA;C^¾FAL=<L9L=K¿
ŞRCME9NŞNGB
ŞRCMEµNŞNGB9AFGN9;=
ŞRCME9NŞNGBHJGAFGN9;=
87
!J?<O@FÏ0@UI<HJ=M`UFħ
88
:JWR=C|·WJG<FbAFGN9ĪFbKQKL^E
:JWR=C}·ŠRCME9NŠNGBNé=KC^J=HM:DA;=HG<D=R<JGBŝrF9F;GNWFb
:JWR=C~·=BNıLŒbAFN=KLGŏA<G9Né}{{€¦}{{„
:JWR=C·J=F<N;=DCGN^EFWJG<FbErF9F;GNWFb9HG<D=<JţAL=DŝJGRHGĪLŝ´
}{{¦}{||
:JWR=C€·J=F<NHG<bD=;@NŠ<9BGNŠ;@C9HALGDFWJG<Fb@GJGRHGĪLMF999
:JWR=C·J=F<NJGR<ıD=FbFWJG<Fb;@AFKLALM;AGFWDFb;@R<JGBŝE=RA
HGKCQLGN9L=D=´m<9B=F9RWCD9<ıNŠ<9Bŝ}{{‚¦}{||
:JWR=C‚·DWFGN9F^JGR<ıD=FbJGRHGĪLMmĪ=DGN^@GrF9F;GNWFbNJµ}{|}
:JWR=Cƒ·GEıJAFKLALM;AGFWDFb@G9mĪ=DGN^@GrF9F;GNWFbNŠRCMEFŠ;@
GJ?9FAR9;b½ßà¾
:JWR=C„·DW<FbrF9F;GNWFb¶
FKLALM;AGFWDFbrF9F;GNWFbNKµ
HJGB=CLGN^rF9F;GNWFb½}{{ƒ¾
:JWR=C|{·GMĪ9KFWŏb<b;bKLJMCLMJ99Né=KC^J=HM:DA;=
:JWR=C||·QKL^E@G<FG;=Fb;bD=F^FWJG<FbHG<HGJQ9Né
:JWR=C|}·ŠNGBAEH9CLMN=Lŏ=;@LQH=;@KHGDMHJW;=´|„„~¦}{{„
:JWR=C|~·ŠNGBÃEHG<D=AFKLALM;AGFWDFb;@K=CLGJŝ
:JWR=C|·ßA:DAGE=LJA;C^KL9LAKLACQR9é=KCGMJ=HM:DACM9ƒKJGNFWN9FŠ;@
R=Eb´NŠCGFB=R9DGţ=FF9HGHMD9ĪFb;@KL9LAKLACW;@´|„„~¦}{{„
:JWR=C|€·G<HGJ9HJŝEQKDGN^@G9NJG;=}{{„½…¾
}~
}ƒ
~}
~

€

‚
‚
€}
59
€

‚
75
,KMJE@FOP
WNıJ=ĪFW9ÝG:ı<bDĪbRHJWNQGÝNŠKD=<;b;@E=RAFWJG<Fb@G9M<ALMKQKL^EM99
NÝé:QDQ
RHJ9;GNWFQNÝJWE;AHJGB=CLM°=RAFWJG<Fb9M<ALNŠRCMEM´NŠNGB=9ÝAFGN9;bNÝé=KC^J=HM:DA;=
9ÝAEHD=E=FL9;=B=@GNŠKD=<Cŝ<GKLJ9L=?A;CŠ;@<GCME=FLŝª´CL=JŠB=B=<FbERÝ
F<ANA<MWDFb;@
HJGB=CLŝFWJG<Fb;@ŏ=Œ=FŠ;@AFAKL=JKLN=EŒCGDKLNb´EDW<=ţ=9ÝLıDGNŠ;@GNQNÝJWE;A
H=J9ĪFb@GHJG?J9EMR<ıDWNWFbHJGCGFCMJ=F;=K;@GHFGKLµČ=Œ=FbHJGB=CLM:QDGR9@WB=FG
|µ|µ}{{„9ÝMCGFĪ=FG:M<=~|µ|}µ}{|}µ
9HJGB=CLMK=HG<bD=DA9ÝHG<bD=Bb¶
JGB=CLGNŠLŠE
ALC9GJ9N;GNW½@D9NFbG<:GJFW?9J9FLC9¾´AJGKD9Né=JNAFC9´ßG@MKD9N9Œ´AJGKD9N9F=Ī=C´
ďLıHWFMJ9B<9´D9<AEbJ=:G´ADGKD9NDbE9´A;@9DGJ=;CŠ´A;@9DGLGMD´AŏbWD=C´
9F9J=C´9F=<ıDFbC´Aŏb=MţAD´9J=DDAN9´AŏbWCGKFbC´9F9Čb@GNW´9JLAFďLb;@9´ALC9
DJA;@GNW´
N9FAD@=DE
JGB=CLGNb9ÝrF9FĪFbE9F9ţ=ŏA
bLďL=F?D´ALC9GŒNGNW´9J;=D99JCGNW´9CM:=NıŏAD
ŠEF=RWNAKDŠ;@HGKMRGN9L=DŝRWNıJ=ĪF^RHJWNQ
9N=Dß9J9F´GEWŒMF?OAJL@´MDAMKMC=Œ´9JGKD9N9;@9F´D9<AEbJ9ŏbC´àD=CKAď=<G´
J9FLAŒ=CďLıHWF=C´9NA<@Dbŏ
HGF=FLAHJŝ:ıţFŠ;@9ÝRWNıJ=ĪF^RHJWNQ
9F9MKADGNW´9FA=DoFA;@´GEWŒH9LJFŠ
=RAFWJG<Fb9M<ALRHJ9;GN9D
=;@FGHGDAKJGMH´=DCWßJALWFA=´ŏ=<AL=DJACàJFGD<
N=KHGD=Ī=FKLNbKÝȻ==FLJ=>GJA?@=J<M;9LAGFGDA;QLM<A=K½¾´FAN=JKALQG>O=FL=´
Ȼ==FLJ=>GJ;A=F;=9F<=;@FGDG?QLM<A=K½¾´FAN=JKALQG>=A<=F´9F;@=KL=J
FKLALML=G>
FFGN9LAGF=K=9J;@½>GJE=JDQ¾´Ȼ=G9FF=ME=K=9J;@
FKLALML=G>
=;@FGDG?Q9F<=?AGF9DGDA;Q´=JALMK´DGN9CHGDA;QJ=K=9J;@GJ?9FAK9LAGF9Ý9:9D9
½<G}{|{¾
éD=FGN^E=RAFWJG<Fb@GHGJ9<Fb@GH9F=DM
ß=F9JLAF½FAN=JKALQG>MKK=P¾´MC==GJ?@AGM½FAN=JKALQG>9F;@=KL=J¾
9ÝGMAK;@D9H:9;@½¾
ÝRWNıJ=ĪF^RHJWNıHŏAKHıDA
GD>?9F?GDL½G9FF=ME=K=9J;@¾9ÝD9NG9<GŒ=NAĩ½FAN=JKALQGDD=?=GF<GF¾
WJG<FbHG<HGJMHGKCQLDG
=;@FGDG?A;C^;=FLJMEàé
89
90
WNİJ=ĩFWRHJWN9E=RAFWJG<Fb@G9M<ALMNŞRCMEMµNŞNGB=9AFGN9;bNè=KC^J=HM:DA;=
àMLGŏA¶CGD=CLAN9MLGJŝ
Q<9DG¶AFAKL=JKLNGŒCGDKLNb´EDW<=ţ=9LıDGNŠ;@GNQNJG;=}{|}NFWCD9<M{{NŠLAKCŝµ
J9r;C^RHJ9;GNWFb¶=J=R9=D=FGNW
AKC¶à
|µNQ<WFb
߄‚ƒ§ƒ{§ƒ‚{|§{|§~
=FLGE9L=JAWDB=KHGDMrF9F;GNWFNJGHKCŠEKG;AWDFbE>GF<=E9KLWLFbEJGRHGĪL=E
é=KC^J=HM:DACQµ
/S@JGI?AC @WJ? XNP?AMTcL? T• PcKAG NPMHCIRS Ë,CXGLcPMBLn ?SBGR TãXISKSÇ TãTMHC
?•GLMT?AnT•òCQIjPCNS@JGAC?•GKNJCKCLR?ACHCFMTãQJCBIĩBMQRP?RCEGAIãAFBMISKCLRĩÏÇ
IRCPãHCHCBLnKX•(LBGTGBScJLnAFNPMHCIRĩLcPMBLnAFğCáCLãAF,GLGQRCPQRTCKáIMJQRTnÇ
KJcBCçC?•RĀJMTãAFMTW

Podobné dokumenty

ztracené bednění

ztracené bednění 9D=A{ACE\KLcFQ F9CDG FcF\ KLJGHQ9L9C\F=FGKF\ Více

2008.1.19 volejbal mix Berlin

2008.1.19 volejbal mix Berlin 14.Neujahr – Volleyball- Mixed- Turnier v Berlíně 19.01.2008 Skupina A Ludwigslust

Více