Stáhnout aktuální číslo Valašského chemika.

Transkript

Stáhnout aktuální číslo Valašského chemika.
1 2 9 , 1 < = $ 0 ą 6 7 1 $ 1 & Đ 6 3 2 / ( ÿ 1 2 6 7 , 52ÿ1Ì.;/9,,ÿ(59(1(&=ÉčÌ
9$/$â6.é&+(0,.
3(5621È/1Ë=0ċ1<
1$Ò6(.8%(=3(ý1267,
35È&(
2UJDQL]DþQt]PČQ\
VWUDQD +$6,ý,0$-Ë35$325
+=63REGUåHOYþHUYQXRGYHGHQt
'H]\VODYQRVWQtSUDSRU
VWUDQD +ODYQtWpPD'(=$
$1.(7$
-DN QHER þtP QHMUDGČML
FHVWXMHWH"
,QJ-LĜt
6SLHJHO
WHFKQRORJ
SURYR]X
-HOLNRåVHPLQČMDNQHGDĜtFHVWRYDWþDVHP
SĜHNRQiYiP SUR]DWtP Y]GiOHQRVWL DOHV
SRĖSURVWRUHP3URVWĜHGN\NWRPXYROtP
UĤ]Qp6LFHVHVQDåtPY\XåtYDWFRPRåQi
QHMYtFYODVWQtYViGOHXORåHQpHQHUJLHDOH
PRMH REOtEHQp NROR L NYĤOL OHQRVWL QHMGH
SRXåtW YåG\ D WDN X PČ SRVOHGQt URN\
YSRþWXXMHWêFKNLORPHWUĤYHGHERKXåHO
DXWR
,QJ=ODWD
0DUWLQNRYi
RGERU
~þHWQLFWYt
-LåRGGČWVWYtQHMUDGČMLDWDNpQHMþDVWČML
FHVWXML DXWHP9 GREČ OHWQtFK SUi]GQLQ
VGČWPLUiGLY\UD]tPHQDYêOHWLYODNHP
QHERQDNROHFK
%F-LĜt
3URNRS
VWXGHQW
8QLYHU]LWD
3DODFNpKR
2ORPRXF
1HMUDGČML FHVWXML YODNHP 9H YODNX
PiP GRVW PtVWD MH WR QHMU\FKOHMãt
D QHMOHYQČMãt PRåQRVW SĜHSUDY\ .G\å
QiV FHVWRYQt NDQFHOiĜ ]DSRPQČOD
Y,VWDQEXOX]SiWN\GRQDãHKROHWRYLV
NDMVPHGRMHOLSUiYČYODNHP
3HWUD
%DUWRĖRYi
SRãWRYQt
RGGČOHQt
0iPUiGDSĜtURGXDSURWRMH]GtPQHM
UDGČMLQDNROH-HWRVNYČOê]SĤVREMDN
VH RGUHDJRYDW D GRGiYi PL HQHUJLL
7HQWRURNMVHPMH]GLODKODYQČGRSUiFH
QDNROHNG\åPLWRSRþDVtGRYROLOR
.YČWQDWHF$UFKHUĤY E\VWH Y QDãLFK OH
VtFK MHãWČ ]DþiWNHP VWROHWt PDUQČ
KOHGDOL7HQWRSĤYRGQtRE\YDWHO7DVPi
QLHVHYH)UDQFLLSRSUYpREMHYLOSĜHVQČ
SĜHGVWROHW\2GWpGREêYi(YURSX
3Ui]GQLQ\WRQHQtMHQGRYROHQi
/HWQtSUi]GQLQ\MVRXV\PEROHPRGSRþLQNXYROQêFKGQtFHVWRYiQtDSR]QiYiQt1HPXVtDQHQtWRPXWDNYãDNYåG\DYãXGH6YpRWRP
YČGtSUDFRYQtFLQDYêUREQtFKSURYR]HFK/HWQtSĜt]QLYpSRþDVtMHGREUpQHMHQNRGSRþLQNX/pWRMHWpåYKRGQpNYêVWDYEČUĤ]QêP
RSUDYiPNRQWUROiPþLãWČQt~GUåEČ$MDNWRE\OROHWRVY'H]H"
RGERUWHFKQLFNpKRUR]YRMHDLQYHVWLF,QJ7RPiã)LOLS
/HWQtSUi]GQLQ\MVRXLY]KOHGHPNHNOLPDWLFNêPSRGPtQNiPREGREtPLQWHQ]LYQt
VWDYHEQtþLQQRVWLYLQYHVWLþQtYêVWDYEČ9OHWRãQtPURFHSUREtKDMtVWDYHEQČPRQWiåQt
SUiFH]HMPpQDQDSURYR]XHQHUJHWLND-HGQiVHRÄ(NRORJL]DFLWHSOiUQ\±þiVWGH
QLWUL¿NDFH³DPRQWiåNRWOHYUiPFLLQYHVWLþQtDNFHÄ6SDORYDFt]DĜt]HQtSURY\XåLWt
GUXKRWQpKRHQHUJHWLFNpKR]GURMH³$DE\WRQHE\ORWDNMHGQRGXFKpWDNQČNWHUpþLQ
QRVWLPXVHO\EêWSURYHGHQ\SRX]HYWHUPtQXHQHUJHWLFNp]DUiåN\DWR]HMPpQDSUR
YHGHQtQDSRMRYDFtFKPtVWSURUR]YRGPpGLt]HVWiYDMtFtFKUR]YRGĤ=D]PtQNXVWRMt
LPRQWiåQRYpKRUHDNWRUX%UD¿QDþQtSĜHGNRQWDNWYþHWQČSOQČQtNDWDO\]iWRUX
QDSURYR]XEHQ]RO
,QJ7RPiã)LOLSYHGRXFtRGERUXLQYHVWLF
SURYR]IWDODQK\GULGDHVWHU\,QJ0DUWLQ5\NDOD
2 SUi]GQLQiFK VH KODYQČ Y\EtUDMt GRYROHQp DOH SURYR] VH QH]DVWDYLO 9 þHUYHQFL SURYR]\ GLRNW\O D IWDODQK\GULG EČåHO\
QDSOQR'iOHSUREtKDO\EČåQpUXWLQQtSUiFHDOHLW\YêMLPHþQpMDNRQDSĜSĜtSUDYDQDSĜHVWDYEXPDOpKRUHDNWRUX'$QD
VPČVQêQiVWĜLN2;DQDIWDOHQXYþHWQČYêPČQ\NDWDO\]iWRUX1DVUSHQQDSOiQRYDQiWêGHQQtRGVWiYNDMHYMLVWpPVP\VOXRMH
GLQČOi/HWRVSRSUYpQHGRGiYiPHGR¿UHPQt
VtWČWODNRYêY]GXFKMDNE\OR]Y\NHP3RUH
NRQVWUXNFt NRPSUHVRURYQ\ QD HQHUJHWLFH VL
MLåGRGiYNXSĜtVWURMRYpKRY]GXFKX]DMLãĢXMH
HQHUJHWLNDVDPD2GVWiYNDMH]DMtPDYiWDNp
WtPåHFHOi'H]DVWiODDOHSURYR]\GLRNW\O
DIWDODQK\GULGE\O\YSURYR]XGR'Ĥ
YRGHPE\ODYêPČQDGHK\GUiWRUXGtN\NWHUp
VHSUDYLGHOQiPČVtþQtVUSQRYiRGVWiYNDSR
VXQXODQDĜtMHQ
SURYR] WHFKQLFNê DQWKUDFHQ D QDIWD ýLãWČQtRGSDĜRYiNĤQDIWDOHQXQDSURYR )WDODQK\GULG þLãWČQt GHPRQWRYDQêFK
OHQ,QJ0DUWLQ.ĜHQHN
]XIWDODQK\GULG
]YRQĤDUHJLVWUĤ]RGSDĜRYiNXQDIWDOHQX
3URSURYR]MHOHWQt]DUiåNDVWHMQČMDNR
SURRVWDWQtSURYR]\]DUiåNRXY\QXFHQRXRGVWiYNRXWHSOiUQ\'ĤOHåLWČMãtSĜHGHYãtPNYĤOLREMHPXSUDFtMVRXSURQiVMDUQt
DSRG]LPQt]DUiåND9UiPFLNDåGpRGVWiYN\MVRX]NRQWURORYiQDDY\þLãWČQD]DĜt]HQt
MDNVWURMQtKRFKDUDNWHUXWDN]DĜt]HQtHOHNWURLPČĜHQtDUHJXODFH
&RVHWêNiYêUREHQWDNQDYêUREQČQDIWDOHQSUREtKDODþiVWHþQiRGVWiYND±PLPR
GQ\ E\OD FHORX GREX Y SURYR]X UD¿QDFH GOH SRWĜHE\ L JUDQXODFH =H
]DUiåNRYêFKSUDFt E\O\ SURYHGHQ\ þLVWtFt D NRQWUROQt SUiFH SĜHGHYãtP QD MHGQRW
FHGYRXNRORQRYpGHVWLODFHNGHE\O\Y\þLãWČQ\YêPČQtN\]NRQWURORYiQ\YHVWDYE\
DGLVWULEXWRU\YNRORQiFKE\O\SURYHGHQ\NRQWURO\IXQNþQRVWLY\EUDQêFK]DĜt]H
Qt'iOHSDNE\ORSURYHGHQRY\þLãWČQtD~GUåEDQDMHGQRWFHRGIHQRORYiQtQDIWDOH
QRYpKRROHMHDMHGQRWFHGHVWLODFHþLVWpKRQDIWDOHQX±SĜHGHYãtPY\þLãWČQtYDĜiNX
DYêPČQtNĤ*UDQXODþQtOLQNDSURãODSUDYLGHOQêPURþQtPVHUYLVHPDVHĜt]HQtPWHFK
QLNHPGRGDYDWHOVNp¿UP\%\O\SURYHGHQ\RSUDY\EH]SHþQRVWQtKR]QDþHQt
1DYêUREQČWČåNpDURPiW\E\O\YGHVWLODFLSURYHGHQ\NRQWURO\YHVWDYHEDGLVWUL
EXWRUĤGHPRQWiåþLãWČQtD]SČWQiPRQWiåYHVWDYHEGRNRORQ'iOHSUREČKORþLã
WČQtYêPČQtNĤRSUDYDEHWRQRYpKRYDOXXQiGUåH71DMHGQRWFHNU\VWDOL]DFH
E\ODSURYHGHQDNRQWURODYãHFKNU\VWDOL]pUĤDRSUDYDþLYêPČQDRSRWĜHERYDQêFKGtOĤ
%\O\SURYHGHQ\RSUDY\EH]SHþQRVWQtKR]QDþHQt
9ãHFKQ\W\WRSUiFHSUREtKDO\EH]SĜHUXãHQtH[SHGLFHYêURENĤ]iND]QtNĤP
SURYR]2UJDQLN2WURNRYLFH,QJ%RKXPtU6RWRUQtN
3Ui]GQLQ\WRQHQtMHQGRYROHQi$NG\åWDNMDNSURNRKR92UJDQLNXE\ODþiVWSUi]G
QLQYČQRYiQDSUDYLGHOQpURþQt]DUiåFHRERXYêUREHQ9UiPFLRGVWiYN\VHSURYiGČO\
SUiFHNWHUpMHPRåQpGČODWQD]DĜt]HQtMHåPXVtEêWY\þLãWČQpDY\FKOD]HQp9HVURYQiQt 0RQWiåQt SUiFH QD KODYČ DQWKUDFHQRYp
VSĜHGFKR]tPLOHW\QHE\ODYUiPFL]DUiåN\SURYiGČQDåiGQiDNFHYČWãtKRUR]VDKXDĢMLå NRORQ\
LQYHVWLþQtþLIRUPRXJHQHUiOQtFKRSUDY1H]QDPHQiWRYãDNåHE\OLGpQHPČOLFRGČODW
1D YêUREQČ DQWKUDFKLQRQX WR XUþLWČ QHE\OD SUR ]DUiåNRYRX REVOXKX SURFKi]ND
UĤåRYêPVDGHPY\þLVWLWNRQGHQ]DþQtNRPRU\XYãHFKþW\ĜOLQHN3UiFHYPDVNiFK
DVSHFLiOQtFKREOHFtFK]YOiãWČYOHWQtPREGREtQHQtSUDFtMHGQRGXFKRXDOHQDPiKD
YRXDãSLQDYRX'DOãtODKĤGNRXE\O\SUiFH~GUåE\QDSĜHWČVĖRYiQtYêUREQtKR]DĜt]H
Qt,9OLQN\±QDPiKDYiSUiFHYSR]LFtFKNWHUpPČO\GRVWþDVWRGDOHNRNQRUPiOQtP
SUDFRYQtPSRORKiPSĜLGHPRQWiåLDPRQWiåL]DĜt]HQt0LPRW\WRSUiFHE\ODXGČOiQD
FHOiĜDGDGDOãtFK]HNWHUêFKMHPRåQpY]SRPHQRXWQDSĜY\þLãWČQtYêPČQtNĤWHSODQD
OLQFHDYêPČQXNDWDO\]iWRUXQDOLQFHDYêPČQXRGSDĜRYiNXQDOLQFH
8YêUREQ\HVWHUĤE\O\SURYiGČQ\VWDQGDUWQtSUiFHVRXYLVHMtFtVWRSQêPLDFKODGtFt
PLRNUXK\NRQWURORXYQLWĜNXYãHFKUHDNþQtFKNRWOĤDFHOpĜDGČGUREQČMãtFKþLQQRVWt
VRXYLVHMtFtFKVH]DUiåNRX=YČWãtFKDNFtMHPRåQpY]SRPHQRX]DKiMHQtRSUDYWČV 1DWĜHQêSRWUXEQtPRVW
QRVWLMtPN\QDEXGRYČ$DMtPN\QDDONRKRO\XEXGRY\'RNRQþHQtWČFKWR
SUDFtMHSOiQRYiQRYSUYQtSRORYLQČPČVtFH]iĜt
&HOi]DUiåNDVHREHãODEH]~UD]ĤSRåiUĤþLMLQêFKQHãWČVWt
5iGE\FKWRXWRIRUPRXSRGČNRYDO]DRGYHGHQRXSUiFLYãHPSUDFRYQtNĤPSRGtOHMt
FtPVHQDSĜtSUDYČDUHDOL]DFL]DUiåN\
SURYR]YRGQtKRVSRGiĜVWYt,QJ.DUHO2QGHUND
9 REGREt HQHUJHWLFNp RGVWiYN\ WM QD SĜHORPX þHUYHQFH D VUSQD MH YČWãLQD OLGt
]Y\NOiþHUSDWĜiGQRXGRYROHQRXDOHSUR~GUåEXDSURYR]QtSUDFRYQtN\Y'H]HWR
SĜHGVWDYXMH]YêãHQRXDNWLYLWXSĜL~GUåEČþLVWČQtDRSUDYiFKYêUREQtKR]DĜt]HQt
2UJDQL]DþQČMHSURYR]YRGQtKRVSRGiĜVWYtþOHQČQQDWĜLYêUREQ\
9êUREQD]iVRERYiQtYRGRX=DUiåNRYpSUiFHQDWRPWR~VHNXMVRXSRX]H[URþQČ
DWRMHQQDGREXMHGQRKRWêGQH%ČKHPWpWRGRE\MHQXWQpSURYpVWYãHFKQ\RSUDY\UH
YL]HPRQWiåHDþLãWČQt]DĜt]HQtNWHUpMLQDNYSUĤEČKXFHOpKRURNXQHQtPRåQRRGVWDYLW
9êUREQDþLãWČQtRGSDGQtFKYRGýLãWČQtRGSDGQtFKYRG&+ý29%ý29]DUiåNX
QHPi3URYR]XWLFKQHSRX]HQDMHGHQGHQYURFHHQHUJHWLFNi]DUiåND3URYR]&+ý29
IXQJXMHEČKHP]DUiåN\YRPH]HQpPUHåLPX9SURYR]XMVRXSRX]HSURFHV\RGGHKWRYiQt
RGIHQRORYiQtDRGEHQ]RORYiQt5HåLPHOHNWURÀRWDFHD%ý29EČåtQHSĜHWUåLWČ
9êUREQD VSDORYQD SUĤP\VORYêFK RGSDGĤ =DUiåND QD VSDORYQČ SUĤP\VORYêFK
RGSDGĤ]DþDODGQHPHQHUJHWLFNpRGVWiYN\9OHWRãQtPURFHSUREČKODYêPČQDþiVWL
Y]GXFKRWHFKQLN\RSUDYDStVWXSRGDYDþHRGSDGXYêPČQDSĜtYRGXXåLWNRYpYRG\GR
REMHNWXY\StUN\VSDOLQRSUDYDY\QDãHþHãNYiU\RSUDYDþiVWLY\]GtYN\SHFHDVSRXV
WČGDOãtFKRSUDYYêPČQUHYL]tDþLVWLFtFKSUDFt
(QHUJHWLND LQVWDODFH NRPtQD QD QRYê
9HONêGtNSDWĜtYãHP]DPČVWQDQFĤPNWHĜtVHSRGtOHOLQD]DUiåNRYêFKSUDFtFK
3RNUDþRYiQtQDVWUDQČ ]GURM)RWR/XNiã%H]GČN
-$1ý$3(.+5$ý.<
=)$75<-628
,.2128ý(6.e+2
'(6,*18
-DQýDSHN±GHVLJQpU
URNX
VWUDQD $.78$/,7 <
'QHVHYDUHiOXâWČUNRYLãWČ
2WURNRYLFHXVNXWHþQLO]iYRGGHVHWLPtVWQêFK
GUDþtFKORGtMDNRVRXþiVWGUXKpKRURþQtNX
2WURNRYLFNp=XEUGHVtWN\
=iYRGXVHYUiPFL¿UHPQtFKORGt]~þDVW
QLOD L SRViGND VORåHQi ]H ]DPČVWQDQFĤ
DURGLQQêFKSĜtVOXãQtNĤPDQåHOHN'(=$
DVSURYR]2UJDQLN3RVWXSQČDEVROYRYD
OD ]iYRG\ QD P WUDWL D URYQČå QD WUDWL
P1DPWUDWLVHXPtVWLODQDY\QL
NDMtFtP PtVWČ ]H YãHFK ]~þDVWQČQêFK
SRViGHNFFDORGt9HVSULQWXNWHUêE\O
]DORåHQQDãWČVWtYORVRYiQtVRXSHĜHDQi
VOHGQêP Y\ĜD]RYDFtP V\VWpPHP ]iYRGX
E\ODY\ĜD]HQDSRViGNRXNWHUiVHSDNFHO
NRYČXPtVWLODQDPtVWČ'RORGL]DVHGOL
09UED%9UERYi'5XOIRYi56WRNOi
VHN'0LNHãWtN50LNHãWtN9.XEtQ/
âHYHþHN-6RWRUQtN35XOI6âWČUED
=D ~VSČãQRX ~þDVW D SURSDJDFL ¿UP\ SDWĜt
FHOpSRViGFHSRGČNRYiQtDSDQX'XãDQRYL
0LNHãWtNRYL SRGČNRYiQt ]D WR åH E\O LQL
FLiWRUHP NWHUpPX VH SRGDĜLOR SĜHVYČGþLW
DGiWGRKURPDG\OLGLGRSRViGN\3RGLVNXVL
VSRViGNRXSR]iYRGHFKVLP\VOtPåHWĜHWt
URþQtN]iYRGXVHMLåEH]ORGL2UJDQLNXQH
REHMGH%RKXPtU6RWRUQtN
0LURVODY âWHIHN V\Q QDãt VSROXSUDFRY
QLFH 0DUWLQ\ ýHUYHQNRYp V SDStURYêP
PRGHOHP ORGL $GPLUDO +LSSHU D ]ODWRX
PHGDLOtNWHURXREGUåHO]DWHQWRPRGHOQD
PLVWURYVWYtVYČWDORGQtFKPRGHOĤ
0LVWURYVWYt VH NRQDOR OHWRV Y þHUYHQFL
YEXOKDUVNpPPČVWČ6WDUD=DJRUD=DýHV
NRX UHSXEOLNX VH Y NDWHJRULL SDStURYêFK
PRGHOĤ ]~þDVWQLOR VRXWČåtFtFK VSROX
V PRGHO\ ORGt =D WČFKWR PRGHOĤ
]tVNDOLYH¿QiOHVRXWČåHFHONHPPHGDLOt
]WRKR]ODWpDVWĜtEUQêFKFRå]FHONR
YpKR SRþWX PRGHOĤ ] FHOpKR VYČWD MH
YHONê~VSČFKQDãLFKUHSUH]HQWDQWĤ
3DQX 0LURVODYX âWHINRYL ]D UHSUH]HQWDFL
ýHVNpUHSXEOLN\D]LVN]ODWpPHGDLOHSDWĜt
XUþLWČ]HVWUDQ\]DPČVWQDQFĤSURYR]X2U
JDQLNSRGČNRYiQtDEODKRSĜiQt=PpVWUD
Q\SDNREGLYþORYČNDNWHUêVHYPOiGtWDN\
VQDåLORVWDYEXPRGHOĤOHWDGHO9tPWRWLåFR
VWXGLD PDWHULiOĤ WUSČOLYRVWL D KODYQČ þDVX
WDWR ]iOLED REQiãt DE\ YêVOHGHN Y\SDGDO
MDNRORćQDVQtPNX%RKXPtU6RWRUQtN
/HWRV Y OpWČ URVWO\
KRXE\RSUDYGXYãXGH
QHMHQYOHVH3ĜHGEX
GRYRX 9Ò.&+ åDP
SLRQ\ X MtGHOQ\ KĜLE\
X %\QLQN\ NR]iN\
7ČPWREHGOiPVHGDĜL
ORQDGHKWRYp
)RWR3HWUâYHF
6EČUVWDUpKRSDStUX
'QH þHUYQD VH Y DUHiOX '(=$ D V
XVNXWHþQLOVEČUVWDUpKRSDStUX3RGČNRYiQt
SDWĜtYãHPNWHĜtVHSRGtOHOLQDWpWRDNFLDĢ
XåGĤFKRGFĤPĜLGLþĤPNWHĜtQiPSRPi
KDOLVRGYR]HPDWDNp]DPČVWQDQFĤPNWHĜt
VWDUêSDStUSĜLSUDYLOL
6HEUDORVHFFDNJVEČURYpKRSDStUX
FFDNJNDUWRQXDNJKOLQtNX3HQt]H]D
VEČUVORXåtNQDãtþLQQRVWL
=DYêERUNOXEXGĤFKRGFĤ,QJ/D]HFNê
8'È/267,
VWUDQD
3Ui]GQLQ\WRQHQtMHQGRYROHQi
'RNRQþHQt]WLWXOQtVWUDQ\
SURYR]HQHUJHWLND,QJ9ODVWLPLO+RUiN,QJ/XNiã%H]GČN
Ä3Ui]GQLQ\WRQHQtMHQGRYROHQi³1DSURYR]HHQHUJHWLNDWRSODWtGRVORYDDOHWRV
D SĜtãWt URN GYRMQiVRE 3URYR] HQHUJHWLND MH Y SURYR]X QHSĜHWUåLWČ Y\MPD WêGQH
Y URFH YČWãLQRX SĜHORP þHUYHQFH D VUSQD NG\ MH SOiQRYDQi HQHUJHWLFNi ]DUiåND
DNG\PRåQpSURYpVW~GUåEX]DĜt]HQtDSURYpVWRSUDY\NWHUpVHQHGDMtXGČODWSĜHVURN
]DEČåQpKRSURYR]X7HSORVWiOHRGHEtUDMtYêUREQtSURYR]\QHERH[WHUQtGRGDYDWHOp
(OHNWURSURYR] Pi QD YHONp RSUDY\ GRNRQFH SRX]H GHQ /HWRãQt ]DUiåND D WHG\
LSUi]GQLQ\E\O\RKRGQČNRPSOLNRYDQČMãtLSURWRåHQDSURYR]XHQHUJHWLNDSUREtKi
UHDOL]DFHLQYHVWLþQtFKDNFt±YêVWDYEDÄ'HQLWUL¿NDFHRGVtĜHQtDRGSUiãHQtNRWOĤ.
.³DDNFHVSRMHQpVYêVWDYERXQRYpKRNRWOHDQRYp0:HWXUEtQ\1ČNWHUp]QLFK
EXGRXGRNRQþHQ\MLåYWRPWRURFHRVWDWQtEXGRXGRNRQþHQ\YSUĤEČKXURNX (QHUJHWLNDQRYê]GURMVWDYEDSRNUDþXMH
.DåGRURþQČMHQDHQHUJHWLFHWHSOiUQČQDSOiQRYiQRFFD]DUiåNRYêFKSUDFt/HWRV )RWR/XNiã%H]GČN
MLFKE\OR3ĜLSUDYRYDODVHQDSRMRYDFtPtVWDYHãNHUêFKPHGLtDHOHNWĜLQ\SURYi
GČODVH~SUDYDWODNRYpKRFHONXNRWOHĤSURQRYRXWHFKQRORJLLDVDPR]ĜHMPČEČåQi
~GUåED ]DĜt]HQt 'iOH Y OHWRãQt ]DUiåFH SUREČKOD PRQWiå ELODQþQtKR PČĜHQt GXVtNX
YFHOpPDUHiOX'H]DNWHUiVHPXVHODVWLKQRXWYHOHNWUR]DUiåFHþiVW6ě73DSĜHQRV
VLJQiOĤEXGHGRNRQþHQEČKHPPČVtFĤ
Ä3Ui]GQLQ\³DOHQHPČODDQLGRSDORYQDNRQFRYêFKSO\QĤNGHSUREtKDODJHQHUiOQt
RSUDYDNRPtQX.DSUREtKiJHQHUiOQtRSUDYDNRWOH.
9ãHFKQ\W\WRSUiFHMHSRWĜHEDSHþOLYČGRSĜHGXQDSOiQRYDW]DMLVWLWPDWHULiOQČLSHU
VRQiOQČ«3Ui]GQLQ\WRRSUDYGXQHQtMHQGRYROHQi
3URWRE\FKRPUiGLSRGČNRYDOLYãHPNWHĜtVHQD]GiUQpPSUĤEČKXHQHUJHWLFNp]D
UiåN\SRGtOHOL
9êPČQDNDWDO\]iWRUXQDEHQ]ROFH
SURYR]EHQ]RO,QJ/DGLVODY.ĜHQHN
1DSURYR]XEHQ]ROSUREtKDODY]iYČUXþHUYHQFHDYSUĤEČKXVUSQDSČWLWêGHQQt]D
UiåND
9HONêUR]VDKSUDFtE\OVRXVWĜHGČQ]HMPpQDYþiVWLK\GURJHQDþQtUD¿QDFHVXURYpKR
EHQ]ROX NGH E\O Y\V\SiQ NDWDO\]iWRU ]H YãHFK WĜt UHDNWRUĤ GHPRQWRYiQ SĤYRGQt
DLQVWDORYiQQRYêYČWãtSĜHGNRQWDNWQtUHDNWRUDYãHFKQ\UHDNWRU\QDSOQČQ\QRYêP
W\SHP NDWDO\]iWRUX V\VWpPHP KLJK GHQVLW\ ORDGLQJ =iURYHĖ E\OD SURYHGHQD GH
PRQWiåVWiYDMtFtKRDPRQWiåQRYpKRPČĜHQtWHSORWYNDWDO\]iWRURYpPORåLYHYãHFK
UHDNWRUHFK,QVWDODFHYČWãtKRUHDNWRUXVLY\åiGDODURYQČå~SUDY\Y\VRNRWODNêFKSR
WUXEQtFKYČWYt2SHUDFHVNDWDO\]iWRUHP]DMLãĢRYDODQČPHFNi¿UPD%XFKHQLQVWDODFL
QRYêFKWHUPRþOiQNĤDPHULFNi¿UPD:LNDDYêPČQXUHDNWRUX¿UPD3URGH]
9þiVWLGHVWLODFHEHQ]RORYpKRUD¿QiWXE\O]NRORQ\']GĤYRGXQHGRVWDWHþQp
KRYêNRQXGHPRQWRYiQYQLWĜQtGHVNRYêYDĜiNUHNODPDFHDQDKUD]HQRSUDYHQêP 6\SiQtNDWDO\]iWRUXGRUHDNWRUĤ&ODXVRY\
MHGQRWN\
WUXENRYêPYDĜiNHP
9þiVWLRGVtĜHQtE\ODGHPRQWRYiQDNRORQD&MHMtåVSRGQtGtOE\ORSUDYRYiQ
Y7*+ 5HQRYD9H YãHFK UHDNWRUHFK &ODXVRY\ MHGQRWN\ E\O Y\PČQČQ NDWDO\]iWRU
DE\ORSUDYHQLQFLQHUiWRUYþHWQČYVWXSQtKRSRWUXEt
9êãHXYHGHQêYêþHWVHWêNiSUDFtYČWãtKRUR]VDKX9UiPFL]DUiåN\SURYR]XE\OR
VDPR]ĜHMPČUHDOL]RYiQRPQRKRGDOãtFKRSUDYDþLVWLFtFKþLQQRVWtPHQãtKRUR]VDKX
QDSĜtþFHOêPSURYR]HP
=iYČUHPE\FKFKWČOXSĜtPQČSRGČNRYDWYãHPSUDFRYQtNĤPSURYR]XLGDOãtPSUD
FRYQtNĤP'(=$DV]HMPpQD]YODVWQt~GUåE\DXWRGRSUDY\D]RGERUXLQYHVWLF
DSUDFRYQtNĤPH[WHUQtFK¿UHP-'DQHFKOHãHQt96SXUQê±,]RVW\O9iFODY6OLPi
þHN716736-1RYiN10RQW5HJRPDUNHW3URGH]+HSRVD7*+5HQRYDNWHĜt
VHSRGtOHOLQD]YOiGQXWtQiURþQêFKSUDFtDRSHUDFtDSĜLVSČOLVYêPGtOHPNH]GiUQpPX
2SUDYDLQFLQHUiWRUX&ODXVRY\MHGQRWN\
SUĤEČKX]DUiåN\DN]DMLãWČQtQiMH]GXSURYR]XYSOiQRYDQpPWHUPtQX
SURYR]IHQRO\D079&+,QJ5DGHNâUXEDĜ
=DþiWHNSUĤEČKDRUJDQL]DFH]DUiåN\QDSURYR]XIHQROMHRYOLYQČQWĜHPL]iNODGQtPLDVSHNW\DWRGpONDHQHUJHWLFNp]DUiå
N\VWDY]iNODGQtFKVXURYLQDSRåDGDYN\RGE\WXQDIHQROLFNpSURGXNW\SUR]DMLãWČQtQXWQêFKH[SHGLF]iND]QtNĤP+ODYQtP
~NROHPMHSĜL]SĤVRELWDVODGLWW\WRSRåDGDYN\VSURYR]QtPLSRWĜHEDPLNWHUpMVRXY\QXFHQ\KODYQČFKDUDNWHUHP]SUDFRYiYD
QêFKVXURYLQDQXWQČY\åDGXMtSUDYLGHOQpRGVWDYHQtVSRMHQpVþLãWČQtPWHFKQRORJLFNpKR]DĜt]HQt=WČFKWRGĤYRGĤMHþLQQRVW
]DUiåNRYêFKSUDFt]DPČĜHQDSĜHGHYãtPQDþLVWtFtSUiFHWHFKQRORJLFNêFKDSDUiWĤUHYL]HWRþLYêFKVWURMĤDWODNRYêFKQiGRE
7\WRþLQQRVWLMVRXQXWQpSUR]DMLãWČQtSURYR]XVFKRSQRVWLYêUREQ\SURQiVOHGXMtFtPREGREt
/HWRãQt]DUiåNDSUREČKODYWHUPtQXRGGR5R]VDK]DUiåN\YWHFKQRORJLFNpPFHONXÄYêURED6..³SĜHGVWD
YXMHY\YDĜHQtRWHYĜHQtDPHFKDQLFNpY\þLãWČQtYãHFKWHFKQRORJLFNêFKQiGUåtYêPČQtNĤRGPHFKDQLFNêFK~VDGDEDODVWQtFK
OiWHN'iOHSUREtKiþLãWČQtSRWUXEQtFKWUDVViQtDYêWODNXþHUSDGHOþHUSDMtFtVXURYLQ\VY\VRNêPSRGtOHPPHFKDQLFNêFKQHþLVWRW
=SUDYLGHOQêFK]iPHþQLFNêFKþLQQRVWtVHSUiFHVRXVWĜHGLODSĜHGHYãtPQDUHYL]HþHUSDGHODUHYL]HWODNRYêFKDSDUiWĤSRMLãĢRYDFtFKYHQWLOĤ
9GHVWLODþQtþiVWLYêUREQ\MHUR]VDK]DUiåNRYêFKSUDFt]DPČĜHQQDGRNRQDOpY\YDĜHQtGHVWLODþQtFKNRORQYþHWQČWHFKQ3ĜtVOX
ãHQVWYtWMYDĜiN\UHÀX[QtQiGUåHDYêPČQtN\
9GDOãtGHVWLODþQtþiVWL±GLVNRQWLQXiOQtVHSURYiGtYSUDYLGHOQêFKF\NOHFKYêPČ
QD]DQHVHQpYêSOQČ'iOHGRþLVWtFtFKSUDFtVSDGiþLãWČQtSĜtVOXãQêFKFKODGLþĤYD
NXRYpKRKRVSRGiĜVWYtþLãWČQt¿OWUĤþHUSDGHOY\YDĜRYiQtRGSDĜRYDFtMHGQRWN\*
*YþHWQČSĜtVOXãHQVWYt1HPDOêSRGtOMHYČQRYDQêRSUDYČ]NRURGRYDQpKRSRWUXEt
DSĜHWČVĖRYiQtQHWČVQRVWtDSĜtUXERYêFKVSRMĤ
%ČKHP RGVWiYN\ MH WDNp SURYiGČQD UHYL]H HOHNWUR ]DĜt]HQt D ]DĜt]HQt FKDUDNWHUX
PČĜHQtDUHJXODFHNWHUpQHO]H]DSURYR]X]DĜt]HQtSURYpVW
9]KOHGHPNY\VRNpNRQFHQWUDFLOLGtDSUiFHUĤ]QêFKRGERUQRVWtQDUHODWLYQČPDOpP
SURVWRUXMHNODGHQQDSUDFRYQtN\SURYR]XD~GUåE\]KOHGLVNDEH]SHþQRVWLDSRåiUQtKR
UL]LNDYHONêGĤUD]QDRUJDQL]DFLSUiFHVSROHKOLYRVWDRGSRYČGQRVW5iGE\FKLWRXWR
FHVWRXSRGČNRYDOYãHPNWHĜtVHSRGtOHOLQD]GiUQpPSUĤEČKXD]DMHMLFKDNWLYQtSĜtVWXS 3UĤMH]G]DNi]iQWDG\VHSUDFXMH
RGERUGRSUDY\3HWU0HQF
3Ui]GQLQ\YRGERUXGRSUDY\MVRXUĤ]QpQDåHOH]QLFLDQDVLOQLFL6SROHþQpMHVQDGMHQWRåHQDGRSUDYČQHQt]DFHOêURNåiG
QpREGREt]DUiåHNGRSUDYD]DMLãĢXMHREVOXKXSURYR]ĤDSĜtMHPDH[SHGLFL]ERåt
QHSĜHWUåLWČFHOêURNVYêMLPNRXMHGQRKRGQHHQHUJHWLFNp]DUiåN\
1D åHOH]QLþQt GRSUDYČ MVRX SUi]GQLQ\ D ]HMPpQD SDN PČVtF VUSHQ REGREtP
9$/$ä6.ë&+(0,.
þiVWHþQpKR~WOXPXYREUDWXYR]Ĥ2SURWLGORXKRGREêPSUĤPČUĤPYR]ĤGHQ
Y\FKi]tMHGQRX
SRNOHVQHREUDWYČWãLQRXR]KUXED
PęVtĀQę
'HQQtREUDW]QDPHQiåHGR'H]\SĜLMH
2GSRYęGQiUHGDNWRUND
GHGHQQČQDSĜYSUĤPČUXYR]ĤNWH
,QJ0LULDP.$//(529É
Up VH PXVt ]SUDFRYDW D RGMHGH YR]Ĥ
WHOĀ
NWHUp VH PXVt SĜLSUDYLW N H[SHGLFL 3R
HPDLOPNDOOHURYD#GH]DF]
NOHVREUDWXQiPSDUDGR[QČSĜLQiãtYHONp
5HGDNWRUND
NRPSOLNDFH SURWRåH YãHFKQ\ YDJRQ\
5(63216,%/(&$5(
-DQD%$0%8&+29É
NWHUp PiPH VH QD QDãH NROHMLãWČ QHYH
WHOĀ
MGRX D MHMLFK NXPXODFH YêUD]QČ ]Y\ãXMH
HPDLOMEDPEXFKRYD#GH]DF]
SUDFQRVW SĜL RUJDQL]RYiQt SRVXQX $X
)RWRJUDILH
WRGRSUDYD SURåtYi R SUi]GQLQiFK GtN\
UHGDNFHDUFKLY
]DUiåNiP YêUREQtFK SURYR]Ĥ REGREt 3ĜHNOiGNDWDQNNRQWHMQHUĤ)RWR3HWU0HQF
NG\VHGDĜtSOQLWYãHFKQ\SRåDGDYN\MHQ
$GUHVDUHGDNFH
GtN\PLPRĜiGQpPXQDVD]HQtYãHFKMHMLFKSUDFRYQtNĤ6SROHþQêPQRYêP~NROHP
9DODåVNìFKHPLN'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
SURåHOH]QLþQtGRSUDYXLSURDXWRGRSUDYXE\ODDMHSĜHNOiGNDWDQNNRQWHMQHUĤ]D
9DODåVNp0H]LĨtĀt
~þHOHPSURYiGČQtMHMLFKNRQWURODWODNRYêFK]NRXãHNDVWtPVRXYLVHMtFtQXWQRVW
MHMLFKVNODGRYiQt
9\GDYDWHO
7,5Éæ
3ĨtåWtĀtVOR9$/$ä6.e+2&+(0,.$
Y\MGHY~WHUìĨtMQD
X]iYęUNDEXGH]iĨt
27(6 78-7(6,69e=1$/26 7,
3ĜLMDNpPSURFHVXY]QLNi
þHUQRXKHOQêGHKHW"
DEČKHPNRNVRYiQtþHUQpKRXKOt
EEČKHPELRORJLFNpIHUPHQWDFHRUJDQLF
NêFKPDWHULiOĤ
FSĜLQHGRNRQDOpPVSDORYiQtGĜHYD
GEČKHPNRNVRYiQtKQČGpKRXKOt
.WHUpOiWN\REVDKXMHVXURYêEHQ]RO
QHMYtFH"
DWROXHQX
EEHQ]HQX
FQDIWDOHQX
G[\OHQX
DE±YPQRåVWYt±
YHGHQt'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
9DODåVNp0H]LĨtĀt
ZZZGH]DF]
,ÿ2
*UDILFNp]SUDFRYiQtDWLVN
&2/25$3ULQW+RXVH
0.ÿ5(
9$/$â6.é&+(0,.
3HUVRQiOQt]PČQ\QD~VHNXEH]SHþQRVWLSUiFH
3RþtQDMH URNHP E\O ~VHN EH]SHþQRVWL SUiFH RGERUX
Ĝt]HQt,62Dä3SRVtOHQRGUXKpKREH]SHþQRVWQtKRWHFKQLND
WDNåHMHGQHVWHQWR~WYDUWYRĜHQGYČPDEH]SHþQRVWQtPLWHFK
QLN\DSUDFRYQtNHPSURK\JLHQXSUiFHNWHUê]iURYHĖ]DVWi
YiIXQNFLYHGRXFtKRK\JLHQLFNpODERUDWRĜH7DWRRUJDQL]DþQt
]PČQD E\OD SĜLSUDYRYiQD VH ]iPČUHP SRVtOLW YêNRQ IXQNFH
EH]SHþQRVWQtKRWHFKQLNDSĜLNDåGRGHQQtUXWLQQtNRQWUROHGR
GUåRYiQt]iVDG%2=QDSURYR]HFK
. RGHãHO QD ]DVORXåHQê RGSRþLQHN EH]SHþ ,QJ9iFODY'ĜtPDO
QRVWQt WHFKQLN SDQ -RVHI .XEiĖ %H]SHþQRVWQtPL WHFKQLN\
NWHĜt SĜHEtUDMt MHKR NRPSHWHQFH D RGSRYČGQRVW MVRX QDGiOH
,QJ9iFODY'ĜtPDONWHUê-RVHID.XEiQČ]DVWXSRYDODQRYČ
SĜLMDWêSUDFRYQtNSDQ0LURVODYâXVWHN3DQXâXVWNRYL]iURYHĖ
VWHUPtQHPRGFKRGXSDQD-RVHID.XEiQČQDGĤFKRGVNRQþLO
LSĤOURþQt]DãNRORYDFtSOiQ
9êNRQ EH]SHþQRVWQtFK WHFKQLNĤ WHG\ RG Y\
NRQiYDMt ,QJ9iFODY 'ĜtPDO D 0LURVODY âXVWHN 3UDFRY
QtNHPSURK\JLHQXSUiFHDSUDFRYQtSURVWĜHGtDYHGRXFt
0LURVODYâXVWHN
K\JLHQLFNpODERUDWRĜHMH,QJ,YD3LWUXQRYi
3URVtP DE\VWH W\WR RUJDQL]DþQt D SHUVRQiOQt ]PČQ\ Y]DOL
QD YČGRPt D QDGiOH VH Y XYHGHQêFK VRXYLVORVWHFK REUDFHOL
QD YêãH MPHQRYDQp SUDFRYQtN\ GOH MHMLFK DNWXiOQtFK IXQNFt
,QJ9iFODYD'ĜtPDODQDMGHWHQDWHOHIRQQtPþtVOHQHER
QDPRELOX0LURVODYDâXVWNDQDWHOHIRQQtFKþtV
OHFKGĜtYH-RVHI.XEiĖDGĜtYH-DURVODY3DYOLFD
,QJ,YD3LWUXQRYiMHVWiOHNGRVDåHQtQDWHOHIRQQtPþtVOH
9ČĜtPåHYDãHNRPXQLNDFHVSUDFRYQtN\~WYDUXEH]SHþQRVWL
DK\JLHQ\SUiFHEXGHLQDGiOHSUREtKDWSĜHVXYHGHQp]PČQ\KODGFH
,QJ,YD3LWUXQRYi
51'U2OGĜLFK.XEČQD
([NXU]HQDGHKWRYp
'QH VUSQD WHFKQRORJRYp ] SURYR]X SURYHGOL VWXGHQW\ EULJiGQtN\ D QRYČ
QDVWRXSLYãt]DPČVWQDQFHQHMYČWãtPSURYR]HPYDV'(=$±SURYR]HPGHKHW([
NXU]H VH ]~þDVWQLOL L ]DPČVWQDQFL 'H]\ V GORXKROHWêPL ]NXãHQRVWL NWHĜt SURMHYLOL
]iMHPSR]QDWWDMHPVWYt]SUDFRYiQtGHKWX'YRXKRGLQRYiWUDVD]DKUQRYDODSURKOtG
NXVSRXãWČFtVWDQLFHGHKWXGHVWLODFHGHKWX¿OPRYpRGSDUN\VNODGRYiQtGHKWRYêFK
ROHMĤPtVtUQ\LYãHFKGUXKĤJUDQXODFtYþHWQČGHWDLOQtFKSURKOtGHNGRSDORYHQNRQFR
YêFKSO\QĤþHUSDFtFKVWDQLFDYHOtQĤ1D]iYČUE\O\~þDVWQtNĤPSRORåHQ\RWi]N\
NWHUp PČO\ RWHVWRYDW MHMLFK SR]RUQRVW D ]DQtFHQt SUR GHKWRFKHPLFNRX WHFKQRORJLL
1HME\VWĜHMãtPYNYt]XE\OQHMPODGãt]~þDVWQtNĤ-DNXE)ULGULFKNWHUêSURNi]DOQHM
OHSãtSĜHGSRNODG\VWiWVHYEXGRXFQXGĤVWRMQêPQiVWXSFHPQ\QČMãtFK]DVORXåLOêFK
KDUFRYQtNĤ'XãDQ6SiþLO3HWUâYHF
' H ] D Q H F K U i Q t S Ĝ t U R G X M H Q
SURVWĜHGQLFWYtPQRUHP
(QHUJHWLFNê PDQDJHPHQW KHUPHWL]DFH YêUREQtKR SURFHVX QRUPRYDQê V\VWpP
Ĝt]HQt åLYRWQtKR SURVWĜHGt 7R MVRX QiVWURMH NWHUp
'H]D SRXåtYi N WRPX DE\ E\O MHMt SURYR] FR QHM
ãHWUQČMãt.URPČQRUHPDY\KOiãHNYãDNVSROHþQRVW
SRPiKiSĜtURGČLMLQDN1HPDOp~VLOtYČQXMHURYQČå
]DFKRYiQt]HOHQČYHVYpPRNROt'REUêPSĜtNODGHP
VSROHþHQVNp RGSRYČGQRVWL ¿UP\ MH MHMt VSROXSUiFH
QDSpþLRY]iFQRXORNDOLWX-XQiNRYY3ROLþQpX9D
ODãVNpKR0H]LĜtþt
9ê]QDPQêNUDMLQQêSUYHN-XQiNRYMHWYRĜHQWH
UDVDPL þOHQtFtPL VWUiQČ YêFKRGQtKR VYDKX NRSFH
6WUiåNDÒ]NpSiV\OXNVHYHYUVWHYQLFtFKVWĜtGDMtVOLQLHPLNHĜĤDRYRFQêFKVWURPĤ
'ĜtYHVHQDPH]tFKKRVSRGDĜLORÒURGX]RYRFQêFKVWURPĤYãDNGQHVQLNGRQHVNOt]t
D~]NiSROtþNDQLNGRQHREGČOiYi7RFRPČORGĜtYHYê]QDPYêKUDGQČSURþORYČND
PiYãDNGQHVYêUD]QRXHNRORJLFNRXKRGQRWX
.G\å RGERUQtFL ] ý623 6DODPDQGU ] 5RåQRYD
SRG5DGKRãWČPSURYHGOLQDWpWRORNDOLWČSUĤ]NXP\
]DPČĜHQp QD KP\] D SWiN\ GRãOL N SĜHNYDSXMtFtP
YêVOHGNĤP 1D ORNDOLWČ E\OD ]MLãWČQD SĜtWRPQRVW
QČNROLND RKURåHQêFK EURXNĤ ]GREHQHF VNYUQLWê
]ODWRKOiYHN WPDYê D VYLåQtN SROQt D WDNp PRWêOĤ
] QLFKå MVRX GYD GUXK\ Y]iFQp Y FHOp (YURSČ RKQL
YiþHN þHUQRþiUQê D SĜiVWHYQtN NRVWLYDORYê = RKUR
åHQêFKSWiNĤ]GHYVRXþDVQRVWLKQt]GtĢXKêNREHFQê
DNUXWLKODYREHFQêYEOt]NpPOHVHGiOHY]iFQêOHMVHN
2KQLYiþHNþHUQRþiUQê
EČORNUNê=D]PtQNXVWRMtLYêVN\WWĜtVLOQČRKURåHQêFK
)RWR09RMWtãHN
GUXKĤQHWRSêUĤ±SDUNRYpKRUH]DYpKRDYHþHUQtKR
%H] SUĤEČåQp SpþH YãDN PH]H ]DURVWRX QiOHWHP D Y]iFQp GUXK\ ] QLFK Y\PL]t
3URWR VH ý623 6DODPDQGU VQDåt KOHGDW ]SĤVRE\ MDN R WRWR NUiVQp PtVWR SHþRYDW
9 URFH VH SRGDĜLOR ] SURVWĜHGNĤ âYêFDUVNRþHVNp VSROXSUiFH ¿UP\
'(=$DVDPČVWD9DODãVNp0H]LĜtþt]DSRþtWVREQRYRXORNDOLW\9URFHURå
QRYãWtRFKUiQFLSĜtURG\]DSRGSRU\'H]\D&6&DERWYSpþLSRNUDþRYDOLDXPtVWLOL
WDNpQČNROLNEXGHNSURSWiN\DVDPRWiĜVNpYþHO\3URMHNWYãDNYORQLQDE\OWDNpVR
FLiOQtKR UR]PČUX NG\å E\OL Y UiPFL RVYRMRYiQt SUDFRYQtFK QiY\NĤ ]DSRMHQL WDNp
NOLHQWLREþDQVNpKRVGUXåHQt,VNpUND
1HQtEČåQpDE\VHYRNROtYČWãtKRPČVWD]DFKRYDONXVNUiVQpSĜtURG\&tOHPGDOãt
VSROXSUiFHMHDE\LYEH]SURVWĜHGQtPRNROtPČVWD]ĤVWDODNUDMLQDUR]PDQLWiPQRKR
GDOãtFKOHW3URWRMHåiGRXFtSRNUDþRYDWVSUDFHPLNWHUpSRGSRĜtYêVN\WY]iFQêFK
GUXKĤ 9HONp VSROHþQRVWL VH Y SRVOHGQt GREČ V REOLERX ]DSRMXMt GR W]Y ¿UHPQtKR
GREURYROQLFWYt7RVSRþtYiYWRPåH]DPČVWQDYDWHOXYROQtQDMHGHQþLYtFHGQĤQČ
NROLNVYêFKSUDFRYQtNĤNWHĜtVHSĜLGDMtNQH]LVNRYpRUJDQL]DFLDSRPRKRXMtVSUDFt
YWHUpQX6SROHþQiSpþHRQDãHRNROtMHSURVSČãQiSUREXGRXFQRVWNDåGpKR]QiV
3URWRMHWRPXWR]SĤVREXVSROXSUiFH6DODPDQGUYĤþL¿UPČ'H]DRWHYĜHQ
5DGLPäLYRFNêý6236DODPDQGU
'(=$$0<
VWUDQD
9$/$â6.é&+(0,.
+DVLþLPDMtSUDSRU
6SRUWRYQtÄSUi]GQLQ\³SRGQLNRYêFKKDVLþĤ
1iã KDVLþVNê VERU REGUåHO Y þHUYQX RG YHGHQt 'H]\ VODY
QRVWQtSUDSRU
P SĜHNiåHN D YêVWXSX QD OH
9 SRVOHGQtP þOiQNX R þLQQRVWL
]HFNRX YČå =GH RSČW ÄĜiGLO³ )UDQ
D ~VSČãtFK KDVLþĤ MVPH VH ORXþLOL
WD NG\å VH PX SRGDĜLOR RE]YOiãĢ
SĜiQtP~þDVWLQD0LVWURYVWYtýHVNp
QD SĜHNiåNiFK SRUD]LW QČNROLNUiW
UHSXEOLN\SURIHVLRQiOQtFKKDVLþĤ
LFHORXþHVNRXãSLþNX9HVYêFKYê
YSRåiUQtPVSRUWX3ĜiQtVHVWDOR
NRQHFK VH VWiOH ]OHSãXMH 'QH VNXWHþQRVWtDYHGQHFK
QD VRXWČåL Y .DPHQFL GRViKO þDVX
MVPH VH WRKRWR ]iSROHQt ~þDVWQLOL
VYEČKXSĜHVSĜHNiåN\D
Y OHWRãQtP URFH SRĜiGDQpKR -LKR
Y+UDGFL.UiORYpYHYêVWXSXQDYČå
þHVNêP NUDMHP Y ýHVNêFK %XGČ
GRViKO þDVX V FRå MVRX ]DWtP
MRYLFtFK ÒYRGQt GLVFLSOtQRX E\O
MHKRRVREQtUHNRUG\
YêVWXS GR QDG]HPQtKR SRGODåt
3RVOHGQt SUi]GQLQRYRX VRERWX
OH]HFNp YČåH 9 SČNQpP SURVWĜH
VHMDNRNDåGêURNNRQDODVRX
Gt þHVNREXGČMRYLFNpKR YêVWDYLãWČ
WČåYSRåiUQtP~WRNXGOH]YOiãWQtFK
MVPHYLGČOLPQRKRSHUIHNWQtFKYê
SUDYLGHOXSUDYHQêFKSURPtVWQtSUR
NRQĤYSRGiQtSĜtVOXãQtNĤMHGQRWOL
VWĜHGt Y .DUROLQFH W]Y 5DĢNRYVNi
YêFK+=6NUDMĤ%RKXåHOQDãLP]i 0LVWURYVWYtý5YýHVNêFK%XGČMRYLFtFK
*UDSD -HGQi VH NODVLFNê SRåiUQt
YRGQtNĤPVHQHGDĜLORMDNE\FKRP )RWR0LFKDO6YiþHN
~WRN RG ]iNODGQ\ SR VWURS D GiOH
VLSĜHGVWDYRYDOLDSRWpWRGLVFLSOt
UR]GČORYDþ /HYê SURXG MH QD [&
QČ MVPH E\OL SUĤEČåQČ QD PtV
D SUDYê [& SĜLþHPå RED MGRX GR
WČ6RXWČåSRNUDþRYDODYVRERWQtP
SUXGNpKR NRSFH V SĜHYêãHQtP P
GRSROHGQLGLVFLSOtQRXPSĜHNi
=GHRSČW]D]iĜtO\QHRQRYpGUHV\SRG
åHN 9 WpWR VRXWČåL QDãL KDVLþL Y\
QLNX D V 'H]D D V þDVHP V
WYRĜLOL]DWtPQHMOHSãtNROHNWLYQtYê
]YtWČ]LO\QDGRVWDWQtPLGUXåVWY\1D
NRQDOHLSĜHVWHQWRYêVOHGHNMVPH
WRPWR ~VSČFKX VH SRGtOHOL *DãHN
VNRQþLOL QD PtVWČ 2GSROHGQH
0DUWLQ 3LYNR 5DGHN .XQRYVNê
VRXWČåSRNUDþRYDODãWDIHWRYêPEČKHP
)UDQWLãHN .RUiEHþQê 3HWU )RXNDO
[PSĜHNiåHN1DãHãWDIHWDRSČW
7RPiã 0DW\iVHN =GHQČN âNDĜXSD
Y\OHSãLOD VYRMH GRVDYDGQt PD[LPXP
5DGLP
D þDVHP V REVDGLOD FHONRYČ
6RXWČåQt GUXåVWYR Q\Qt WYR
PtVWR&HOiVRXWČåE\ODXNRQþH 0LVWURYVWYt VYČWD MXQLRUĤ Y SRåiUQtP VSRUWX YH 6YL
QDYQHGČOLNUiORYVNRXGLVFLSOtQRX WDYiFK-HGQRWND+=63'(=$DVPČODYHYtWČ]QpP Ĝt %H]GČN .DUHO *iãHN 0DUWLQ
± SRåiUQtP ~WRNHP 7DWR GLVFLSOt GUXåVWYX ý5 VYpKR ]iVWXSFH )UDQWLãND .XQRYVNpKR )RXNDO 7RPiã 0DW\iVHN =GHQČN
1DYUiWLO$OHã.RUiEHþQê3HWUâND
QD YČWãLQRX UR]KRGXMH R FHONRYpP þWYUWê]SUDYD)RWR6'+-XĜLQND
ĜXSD 5DGLP .XQRYVNê )UDQWLãHN
SRĜDGt GUXåVWHY 1D WpWR VRXWČåL
3LYNR5DGHN'REHã/XNiã9ãLFKQL
MVPH GRViKOL RSČW OHWRãQtKR QHMOHS
SRGYHGHQtP]NXãHQpKRWULDWUHQpUĤ
ãtKR þDVX V 7HQWR YêNRQ QiV
.XFKDĜtND9ODGLPtUD.ĜHQND5DGR
]DĜDGLOQDPtVWRYWpWRGLVFLSOtQČ
PtUDD3DYOtND/HRãH1HFKĢVHYiP
3RVRXþWXERGĤ]HYãHFKGLVFLSOtQVH
SiQRYpLYEXGRXFQXFRQHMYtFHGDĜt
QDãH GUXåVWYR FHONRYČ XPtVWLOR QD
DGRVDKXMHWHFRQHMOHSãtFKYêVOHGNĤ
PtVWČ 3R SR]GČMãtP ]KRGQRFHQt
1HMHQ SRåiUQtP VSRUWHP MH KD
VRXWČåHMVPHXVRXGLOLåHLSĜLSRGiQt
VLþ åLY DOH SUR ]Y\ãRYiQt I\]LFNp
VYêFK UHNRUGQtFK YêNRQĤ E\FKRP
SĜtSUDY\ Y\XåtYiPH L MLQêFK VSRU
REVDGLOLPD[PtVWR,SĜHVWRMVPH
WRYQtFKDNWLYLW-HGQRX]WČFKWRDN
VYêNRQ\VSRNRMHQLDSRNXGVOHGXMH
WLYLWE\OIRWEDORYêWXUQDMGUXåVWHY
WHSUĤEČåQČQDãLSRNUDþXMtFtSĜtSUDYX
VORåHN,=6=OtQVNpKRNUDMHNWHUê
QDGDOãtVH]yQXGRXIiPHåHVHQDãL
SRĜiGDOD3ROLFLHý59DODãVNp0H]L
KDVLþL EXGRX ]OHSãRYDW D SĜLĜDGt VH
ĜtþtYHVSRUWRYQtPDUHiOXQD-XĜLQFH
N WČP OHSãtP FHONĤP 'ČNXML YãHP
0LPR VWiWQt SROLFLH D KDVLþĤ 'H]\
þOHQĤP VRXWČåQtKR GUXåVWYD D UHDOL
]DþQtPX WêPX SRG YHGHQtP YHOLWHOH 9tWČ]QpGUXåVWYR5DĢNRYVNp*UDS\)RWR5DGHN.ĜHQHN VH ~þDVWQLOR PXåVWYR PČVWVNp SROL
FLH 9DODãVNp 0H]LĜtþt PČVWVNp SR
~WYDUX+=63'(=$DVSDQX=GHĖ
OLFLH]H9VHWtQDD]iFKUDQQiVOXåED
NX5DPtNRYL]DY]RUQRXUHSUH]HQWDFL
9DODãVNp 0H]LĜtþt 7XUQDM SUREtKDO
QDãHKRKDVLþVNpKR~WYDUX
]D SĜt]QLYpKR SRþDVt SRG YHGHQtP
7tPWRDOHQDãHVSRUWRYQtVH]yQD
]NXãHQêFK UR]KRGþtFK D VNYČOp RU
QHVNRQþLOD 3Ui]GQLQRYp PČVtFH
JDQL]DFH SRĜDGDWHOĤ 1DãH PXåVWYR
E\O\QDELWpGDOãtPLVSRUWRYQtPLKD
YH VORåHQt 3DYOtN / .RUiEHþQê
VLþVNêPLDNFHPL
3 )RXNDO ) )RXNDO 7 *ROiĖ 5
9HGQHFKSUREt
3HUQLFNê / 'REHã / .RYDĜþtN
KDORYH6YLWDYiFK0LVWURYVWYtVYČ
7 .RSĜLYD - GRSOQČQp EêYDOêP
WD GRURVWX D MXQLRUĤ GR OHW
NROHJRX 0DUWLQHP âYUþLQRX KUiOR
'RþHVNpUHSUH]HQWDFHE\OQRPLQR
SRKOHGQê IRWEiOHN D SUHFL]QtP Yê
YiQMLåSRQČNROLNiWpQiã]DPČVW
NRQHP V QHMYČWãtP SRþWHP YVWĜH
QDQHF ± )UDQWLãHN .XQRYVNê$ åH
OHQêFK EUDQHN REVDGLOR FHONRYČ
E\O YHOLFH SODWQêP þOHQHP VRXWČå
QtKR GUXåVWYD GRND]XMt YêVOHGN\ )RWEDORYp GUXåVWYR SRGQLNRYêFK KDVLþĤ REVDGLOR QD PtVWRD]tVNDORSRSUYpFHQQêSX
NWHUêFKGRViKODĢXåMDNRMHGQRWOL IRWEDORYpPWXUQDMLGUXåVWHYVORåHN,=6=OtQVNpKRNUDMH WRYQtSRKiU'tN\SDWĜtRUJDQL]iWR
YHFQHERþOHQWêPX9GLVFLSOtQČQD PtVWRD]tVNDORSXWRYQtSRKiU)RWR)UDQWLãHN)RXNDO UĤPD]YOiãWČQDãLPKDVLþĤP
/HRSROG3DYOtN
P SĜHNiåHN REVDGLO þDVHP
V Y ]iNODGQtP NROH PtVWR YH
¿QiORYpP EČKX VNRQþLO QD PtVWČ
%\O þOHQHP ãWDIHW\ QD [ P SĜH
NiåHN NWHUi Y\WYRĜLOD VYČWRYê MXQLRU
VNê UHNRUG %\O WDNp þOHQHP GUXåVWYD
YSRåiUQtP~WRNXNWHUpRSČWY\WYRĜLOR
3HUVRQiOQt~VHNVUHGDNFt9DODãVNpKRFKHPLNDSRĜiGDMtIRWRVRXWČåQDWpPD/HWQtGR
VYČWRYêUHNRUG3RVRXþWXERGĤ]MHG
YROHQi.DåGê]DPČVWQDQHFVHPĤåH]~þDVWQLWVVQLPNHP
QRWOLYêFK GLVFLSOtQ VH GUXåVWYR QDãLFK
)RWRJUD¿L R IRUPiWX$ V Qi]YHP D MPpQHP DXWRUD RGHY]GHMWH Y ]DOHSHQp REiOFH
KDVLþĤ VWDOR FHONRYêP YtWČ]HP D VWDOR
VQiSLVHP)RWRVRXWČåGR]iĜtQDUHFHSFLYGREČRGGRKRGLQ3ĜHGiQtPVQtPNX
VHWDNPLVWU\VYČWD)UDQWRDNOXFLEOD
GRVRXWČåHXGČOXMHVRXWČåtFtVRXKODVVEH]SODWQêPSRXåLWtPVQtPNXYPHGLtFKNSXEOL
KRSĜHMHPHDGtN\
NDþQtP~þHOĤPY\KODãRYDWHOHVRXWČåH
3RQiYUDWX]H6YLWDY)UDQWDQDYQDGLO
9ãHFKQ\IRWRJUD¿HEXGRXY\VWDYHQ\YMtGHOQČDY\EXGHWHPRFLKODVRYDWSURQHMOHSãt
L YČWãLQX RVWDWQtFK þOHQĤ QDãHKR GUXå
]QLFK+ODVRYDFtOtVWHNREGUåtNDåGê]DPČVWQDQHFVYêSODWQtSiVNRX]DPČVtF]iĜt
VWYD =YêãLOL ~VLOt Y QiFYLNX GLVFLSOtQ
$XWRU YtWČ]Qp IRWRJUD¿H REGUåt WDEOHW 3UHVWLJLR 0XOWL3DG GUXKê Y SRĜDGt SHUPD
FRå VH QD GDOãtFK VRXWČåtFK SURMHYR
QHQWNX QD PDViåH GOH YODVWQtKR YêEČUX D WĜHWt VSRUWRYQt WDãNX 'iOH VL WĜL Y\ORVRYDQt
YDOR L NG\å QH YåG\ MDN E\ VL YãLFK
IRWRJUDIRYpRGQHVRXSROiKYLGREUpKRYtQD1HMOHSãtIRWRJUD¿HEXGRX]YHĜHMQČQ\YOLVWR
QL SĜiOL &KODSL VH ~þDVWQLOL QČNROLND
SDGRYpPY\GiQt9DODãVNpKRFKHPLND
]iYRGĤ ýHVNpKR SRKiUX Y EČKX QD
+LVWRULH
-LåYHVWĜHGRYČNXVHSĜLVODYQRVWQtFK
FHUHPRQLtFK SĜHKOtGNiFK FtUNHYQtFK
VODYQRVWHFK DM SRXåtYDO\ SUDSRUFH
ERMRYp ]iVWDY\ PČVWVNp VWDQGDUW\ þL
FHFKRYQt SUDSRU\ 3RG NDåGêP ] QLFK
VHYåG\VFKi]HOLSĜtVOXãQtFLNRQNUpWQt
KR VSRONX 6YêPL SUDSRU\ GHPRQVWUR
YDOL RGGDQRVW ORDMDOLWX þL SĜtVOXãQRVW
1D SUDSRUHFK E\OD YåG\ Y\ãLWD KHVOD
]QDN\ D DWULEXW\ SRGWUKXMtFt Yê]QDþQRVW
þLVSHFL¿þQRVWVSRONX3UDSRU\E\O\YåG\
QiNODGQRXDSUDFQRX]iOHåLWRVWtQDNWH
URX E\OL MHMt PDMLWHOH SDWĜLþQČ KUGt 3H
þRYDOLRQČDY\VWDYRYDOLMH.G\åPČOR
GRMtW N SRGČNRYiQt VSRONĤP ]D SRPRF
QHERSĜHGiQtRFHQČQtYåG\E\OR]GREHQ
LMHMLFKSUDSRUGČNRYQRXY\ãtYDQRXVWX
KRX.DåGêSUDSRUE\ORULJLQiO
0RKORE\VH]GiWåHSUDSRU\MVRXGiY
QR ÄPyGRX³ ]DSRPHQXWRX .G\å VH DOH
SRGtYiPHGRKLVWRULHQHGiYQpYLGtPHåH
VHSUDSRU\SRXåtYDO\QHXVWiOH9RMHQVNp
ERMRYpNRURXKYHVSRON\EDUiþQtNĤ6R
NROL-HGQRWD2UHOVNi6NDXWLDM
3UDSRU\KDVLþĤ
6DPR]ĜHMPRVWtE\O\LSUDSRU\KDVLþ
VNêFK VSRONĤ /HWRV VL SĜLSRPtQiPH
OHW RG Y]QLNX SUYQtKR KDVLþVNpKR
VERUXYýHFKiFKDQD0RUDYČ-LåWHQWR
VSROHN PČO ]DQHGORXKR SR VYpP
Y]QLNXVODYQRVWQtSUDSRU$QiVOH
GRYDO\ GDOãt VSRON\ 1H MLQDN MH
WRPX L X SURIHVLRQiOQtFK KDVLþĤ
+DVLþLSUDSRU\SRXåtYDMtSĜLVODY
QRVWQtFK SĜtOHåLWRVWHFK 3UDSRU\
YODVWQt NUDMVNi ĜHGLWHOVWYt JHQH
UiOQtĜHGLWHOVWYtLQČNWHUpSRGQLNR
YpMHGQRWN\+=63'(=$DVSDWĜt
N WČP MHGQRWNiP NWHUp VH SĜL KD
VLþVNêFK FHUHPRQLiOHFK QHER
VODYQRVWHFK PĤåRX SUH]HQWR
YDW VH VYêP SUDSRUHP D WDN
'H]X ]YLGLWHOQLW PH]L KDVLþVNRX
LREþDQVNRXYHĜHMQRVWt
3UDSRUKDVLþĤ'H]\
3ĜL YêUREČ SUDSRUX NG\ Y]QLNDO
SUYRWQt JUD¿FNê QiYUK VH Y\FKi]HOR
]ORJRW\SX'(=$9ORJRW\SXMHSĜHV
QČ Y\PH]HQR SRXåLWt EDUHY SRPČURYp
YHOLNRVWL ]QDNX VSROHþQRVWL PRåQRVWL
SRXåLWtW\S\StVHPDM%\ORWDNpSR
WĜHEDSRXåtWORJRW\S$JURIHUWX9êURE
FHPXVHOSĜLY\WYRĜHQtQiYUKXGRGUåHW
L KHUDOGLFNi SUDYLGOD %\OR Y\WYRĜH
QR FHONHP QiYUKĤ D P\VOtPH VL åH
E\O Y\EUiQ WHQ QHMOHSãt 0RKOR E\ VH
]GiW åH SUDSRU MH MHGQRGXFKê D VWUR
Kê DOH SĜL GRGUåHQt YãHFK YêãH XYH
GHQêFKSRGPtQHNMHWRGtORQDGþDVRYp
±PRGHUQtDY\VWLKXMtFt]DPČĜHQt¿UP\
'(=$DVNWHUpMVPHP\KDVLþLVRXþiVWt
3UDSRUMHVHãLW]HGYRXVDPHWRYêFK
OiWHN W]Y YODMNRYê VDPHW JP
EtOpDPRGUpEDUY\RGSRYtGDMtFtFKEDU
YiPQDãL¿UP\1DOtFRYpEtOpVWUDQČ
MHGRPLQDQWQt]QDNQDãHKRVERUXNWHUê
]QiWH]SROHSXQDDXWHFKQHER]GRPR
YHQHN QDãLFK VWDQLþQtFK VWHMQRNURMĤ
2NROR ]QDNX MH Y\ãLW QiSLV +$6,ý
6.é =È&+5$11é 6%25 32'1,
.8'(=$DV0QRKêPE\VHPRKO
]GiW Y\ãLWê WH[W ]E\WHþQê QHERĢ MLå
]QDNKDVLþĤViPRVREČY\SRYtGiNGR
MVPH-HWRYãDNSUiYČMHGQD]KHUDOGLF
NêFKSRGPtQHNNWHUiE\VHPČODGRGU
åHW WH[W Pi EêW GRPLQDQWQtFRå QD
]QDNX GRPLQDQWQt QHQt 9 UR]tFK MVRX
V\PERO\ EHQ]HQRYpKR MiGUD SĜHY]DW\
] ORJRW\SX 7\WR SUDYLGHOQp ãHVWL~KHO
QtN\ REVDKXMH L VDPRWQp ORJR 'H]\
5XERYi PRGUi VWUDQD MH Y\WYRĜHQD
IRUPRXQHJDWLYX6WĜHGXGRPLQXMHQiP
YãHP ]QiPp ORJR QDãt ¿UP\ Y UR]tFK
MVRXRSČWY\ãLWDEHQ]HQRYiMiGUD'ROH
QDG VSRGQt OLQNRX MH Y\ãLWR ORJR NRQ
FHUQX$*52)(573UDSRUPiUR]PČU\
[FPDOHPXMtMHM]ODWpWĜiVQČ
äHUć SUDSRUX MH Y KRUQt þiVWL RVD]HQD
NRURXKYt ± ãSLFt âSLFH MH ] PRVD]L
DMHGRQtY\JUDYtURYiQREHQ]HQRYpMiGUR
VGRPLQDQWQtPStVPHQHP'
3UDSRU MH Y\ãLW GYČPD WHFKQLNDPL
WHFKQLNRX DXWRPDWLFNpKR Y\ãtYiQt
D WHFKQLNRX VWURMRYpKR Y\ãtYiQt 6WUR
MRYêP Y\ãtYiQtP MH P\ãOHQ ãLFt VWURM
NG\ Y\ãtYDþND YHGH OiWNX D QLWČ UXþQČ
D Y\ãtYi WHFKQLNRX QD]êYDQRX ÄPDOED
MHKORX³ 7RXWR WHFKQLNRX VH Y\ãtYDMt
VORåLWČMãt PRWLY\ NGH MH SRWĜHED GRGU
åHWVWtQRYiQtSODVWLFLWXDM
&HORXUHDOL]DFLSURYHGODVSHFLDOL]RYDQi
¿UPD9HOHEQê)DPVURNWHUiVHY\ãt
YiQtPDKHUDOGLNRX]DEêYiMLåOHW
1iã QRYê SUDSRU SRSUYp GH¿ORYDO
VSUDSRU\+=6ý5D6+ý06QDVODY
QRVWQtP QiVWXSX ]DKDMXMtFtP 0LVWURY
VWYtýHVNpUHSXEOLN\YSRåiUQtPVSRUWX
SURIHVLRQiOQtFKDGREURYROQêFKKDVLþĤ
YýHVNêFK%XGČMRYLFtFK
+DVLþL
/pWRY]iYRGQtMtGHOQČ
7L ] QiV NWHĜt QHPČOL Y OHWRãQtP WêGQX±GRYROHQRX]DåLOL
Y]iYRGQtMtGHOQČPLOpSĜHNYDSHQt&HOê
WêGHQE\ODQDMtGHOQtþNXVDPiQRYiMtGOD
3URþ"ýtPWR"&RVHVWDOR"
2GSRYČć QiP GDOD YHGRXFt ]iYRGQt
KR VWUDYRYiQt 0DULH 7UH¿ORYi Ä1RYê
VHGPêMtGHOQtþHNMVPH]DĜDGLOLQDSĜiQt
VPČQRYêFK SUDFRYQtNĤ UĤ]QêFK SUR
YR]Ĥ 6PČQ\ VH VWĜtGDMt Y VXGpP F\NOX
DMtGHOQtþNĤE\OWpåVXGêSRþHW$WDNVL
WLWRSUDFRYQtFLPRKOLY\EtUDW]SRORYLþQt
QDEtGN\NWHUiVHSURQČUHODWLYQČþDVWR
RSDNRYDOD³$ GiOH 0DULH 7UH¿ORYi SR
NUDþRYDOD Ä3URWR MVPH VH UR]KRGOL Y\
WYRĜLWMHãWČMHGHQMtGHOQtþHNOLFKêWDNåH
LVPČQRYtSUDFRYQtFLVLXåPRKRXY\EtUDW
MtGODYVHGPLWêGHQQtPF\NOX3ĜLWYRUEČ
MtGHOQtþNXMVPHþHUSDOL]NODVLFNêFKQR
UHP VSROHþQpKR VWUDYRYiQt ] LQWHUQHWX
LQVSLURYDOLMVPHVHLYMLQêFK¿UPiFK³
&RWRPXYãDNSĜHGFKi]HOR"1D]DþiW
NXE\O\SĜLSRPtQN\QiPČW\DSRåDGDYN\
]DPČVWQDQFĤ-HGHQiFWpKRþHUYQDVHVHãOL
QD SĤGČ RGERUĤ ]iVWXSFL ]DPČVWQDQFĤ
V YHGRXFt ]iYRGQtKR VWUDYRYiQt 0DULt
7UH¿ORYRXDV0DULt+RUiþNRYRX~þHWQt
]iYRGQtKR VWUDYRYiQt DE\ QDãOL ĜHãHQt
MHGQRWOLYêFK SRåDGDYNĤ 2 WRP åH MHG
QiQt E\OR ~VSČãQp VYČGþt MLå ]PtQČQê
VHGPê MtGHOQtþHN -H SHVWUê MH Y QČP
PQRKR ]DMtPDYêFK
MtGHONWHUiMVPHYQDãt
]iYRGQtMtGHOQČGRSR
VXG QHRFKXWQDOL QD
SĜtNODGNUiOtNVID]RO
NDPL ORãWLFNê Ĝt]HN
U\Et ¿Op ]DSHþHQp VH
ãOHKDþNRX D V EXOJX
UHPKRYČ]tPDVRQDKUiãNXDWG
%\O\ DNFHSWRYiQ\ D VSOQČQ\ L GDO
ãt SRåDGDYN\ ]DPČVWQDQFĤ 9 NDåGpP
MtGHOQtþNX MVRX XYHGHQ\ X Qi]YX MtGOD
LVXURYLQ\]HNWHUêFKMHMtGORSĜLSUDYHQR
. ]DKXãĢRYiQt RPiþHN D SROpYHN VH Xå
SRXåtYiPpQČPRXN\SRNUP\MVRXPpQČ
VROHQp9MHGQiQtMH]PČQD]SĤVREXSUR
GHMHMtGHOSĜHGHYãtPDE\NDåGiSROpYND
PČODYODVWQtFHQX=DWtP]FHODQHY\ĜHãHQ
MH SRåDGDYHN VWUiYQtNĤ QD VDPRVWDWQp
~þWRYiQtSĜtORK,]GHMHVQDKDWXWRSĜLSR
PtQNX]DPČVWQDQFĤĜHãLW
=iYRGQtVWUDYRYiQtVHWêNiQiVYãHFK
Ä9tWiPMDNpNROLYSĜLSRPtQN\NMtGHOQtþ
NX L N MHGQRWOLYêP MtGOĤP³ XYHGOD YH
GRXFt]iYRGQtKRVWUDYRYiQt
3URWR SRSĜHMPH SUDFRYQtNĤP ]iYRG
QtKR VWUDYRYiQt L QiP RVWDWQtP DE\ VH
YãHFKQ\ RSUiYQČQp SRåDGDYN\ SRGDĜLOR
YåG\Y\ĜHãLWDQiPČW\QD]OHSãHQtSRGD
ĜLORUHDOL]RYDWNYãHREHFQpVSRNRMHQRVWL
0LULDP.DOOHURYi
)2726287ċä
3DQt$OHQD-XJRYi]RGERUX
Yê]NXPXDYêYRMHRVODYLOD
VUSQDãHGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
,QJ,YDQ=iPHþQtN]HQHUJHWLN\
RVODYLOVUSQD
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
3DQ-LQGĜLFK6PDKHO]SURYR]X
YRGDDRGSDG\RVODYLOVUSQD
SDGHViWpQDUR]HQLQ\
%ODKRSĜHMHPH
VWUDQD
.GRSDNE\VHOHVDEiO
Ä.GRSDNE\VHOHVDEiO³SĜHVQČWDNWRE\ODQD]YiQDFHORWi
ERURYiKUDSURWiERU7UXELVND,,,WXUQXV7HQE\ODMH
XUþHQ VStãH SUR PHQãt GČWL ÄPpQČ³ ]NXãHQp WiERUQtN\ D Wi
ERUQLFHQHERSURW\NWHĜtFKWČMtNUDWãtWiERURYêSRE\W0pQČ
]NXãHQt WiERUQtFL Y XYR]RYNiFK SURWRåH QČNWHĜt WiERUQtFLH
V QiPL QD WiERĜH E\OL MLå SRGUXKp QHER SRWĜHWt 2QL Xå Yt
FR WDNRYê WiERU REQiãt D SĜLQiãt ]D SRYLQQRVWL DOH WDN\ ]D
KU\ VUDQGLþN\ ]iEDYX SR]QiYiQt QRYêFK YČFt D QRYêFK
NDPDUiGĤ -DNR WL ÄVWDUãt³ VH YH VYêFK VNXSLQNiFK VWDUD
OL R PHQãt VSROXWiERUQtN\ DĢ VH MHGQDOR R .HQWDXU\ 6¿Q
J\ /HSULNyQ\ +LSRJU\I\ )pQL[H QHER 6DODPDQGU\ſ
=QČNWHUêFKEXGRXPRåQiMHGQRXãLNRYQtYHGRXFt
9 VRERWX SR RGMH]GX ] DXWREXVRYpKR QiGUDåt VPČU WiERU
MVHPVLĜtNDOMHVWOLQHE\ORãSDWQČåHMVHPÄWiERU³QHSĜHMPHQR
YDOQDÄH[SHGLFL³1DH[SHGLFtFKMVRXSUêGRYROHQ\]WUiW\
ſ3RSĜtMH]GXQDPtVWRWiERUDWRDOH]HPČVSDGORNG\åMVHP
YLGČOMDNVHGČWLWČãLO\DåVHEXGRXPRFLXE\WRYDWYHVWDQHFK
SURKOpGQRXWVLRNROtWiERUDQHERVHEURGLWYSRWRFHſ
%ČKHP FHORWiERURYp KU\ Ä.GRSDN E\ VH OHVD EiO³ MVPH
V GČWPL ]DYtWDOL GR QČNROLND OHVQtFK Ĝtãt /pþLOL MVPH VSROX
V QDãt ]GUDYRWQLFt ]UDQČQpKR +HMNDOD NWHUpPX GČWL PXVHO\
SĜLSRPHQRXWFRWROHVMHDMDNVHYQČPFKRYDWSURWRåHFKX
GiN]WUDWLOSDPČĢ%RKXåHOQČNWHUpGČWLMLSDNYWRPWRVPČUX
]WUDWLO\MHãWČU\FKOHMLQHåQiã+HMNDO«1DYãWtYLO\QiV%RVRUN\
=DIUDD6DIUDNWHUpGČWHPVOtELO\SRPRFVXYDĜHQtPOHNWYDUX
SURWLÄ¿[RYp³HSLGHPLLNWHUiQDWiERĜHSĜHVQRFY\SXNODſ
-HOLNRå6DIUDD=DIUDE\O\YHYDĜHQtOHNWYDUĤ]DþiWHþQLFHOHN
WYDUVLFHHSLGHPLLY\OpþLODOHSĜLMHKRHNRORJLFNpOLNYLGDFLGRãOR
NMHKRY]SODQXWt1DãWČVWtMHORQiKRGRXNROHPXVPČYDYpGXR55
åiGQi5\FKOi5RWDſDOH5DGHND5DGHN]+=63'H]DNWHĜt
GČWHPSRPRKOLRKHĖXKDVLW8Ni]DOLGČWHPKDVLþVNRXWHFKQLNX
RGSRYČGČOLQD]YtGDYpGRWD]\LYHGRXFtFKſDSRWpXVSRĜiGDOL
PHQãtYRGQtYiONXNGHE\OYtWČ]HPNDåGêNGRFKYLONXGUåHODV
SRĖQČMDNRXSURXGQLFL«YãLFKQLE\OLPRNĜtDå]DXãLPDſ
9H VWĜHGX QiV þHNDO YêOHW GR ĜtãH VNDOQtFK VNĜtWNĤ QD /Dþ
QRYVNpVNiO\SURQČNWHUpGČWLV~GLYHPÄ7RMDNRSČãN\"/RQL
MVPHMHOLQDYêOHWDXWREXVHP³-DNPLOHDOHGČWLGRUD]LO\NHVND
'(=$$0<
OiPNGHXåQDQČþHNDO\SĜLSUDYHQpDWUDNFH±OH]HQtVODĖRYiQt
DVNOX]DYNDYPåLNX]DSRPQČO\åHGRNi]DO\XMtWNP9H
þHUE\OLYãLFKQL]HVNDOXQDYHQtDOHQDGãHQt
1R D SDN Xå WR ãOR ãXSHP ýWYUWHN E\O WURãLþNX RGSRþLQNRYê
LGtN\MHGQRPXYČWãtPXGHãWLDERXĜFHMLQDNMHWRSĜHFHMHQYRGDſ
&HOêPWiERUHPVHQHVO\LUĤ]QpVRXWČåHDWXUQDMHSĜHWDKR
YiQtODQDVRXERMYUR]HVPtYiQtNRKRXWt]iSDV\
9SiWHNþHNDODQDGČWLFHVWD]DSRNODGHPNWHUiPČOD]D~NRO
GČWLWURFKXSRWUiSLWYHYČGRPRVWHFK]FHOpKRWiERURYpKRWêG
QH =GD SR]QDMt QČNWHUp URVWOLQ\ VWURP\ SRGOH OLVWt D MHKOLþt
]GDGiYDO\SR]RUXKDVLþĤDMDNVLSRUDGtVKiGDQNDPLDYWê
PRYpVSROXSUiFLQDÄSDYXþLQČ³3RREČGČVHYãHFKQ\VNXSLQ
N\Y\GDO\KOHGDWVYĤMSRNODGSRGOHPDSN\DLQVWUXNFtNWHUpVH
MLPSRGDĜLORQDVEtUDWDQDMtW=GiUQČE\O\QDOH]HQ\LYãHFKQ\
SRNODG\WDNåHVLGČWLRGYH]O\]WiERUDLQČMDNpGUREQRVWL
9HþHUVHNRQDOÄ5HMOHVQtFKDMLQêFKE\WRVWt³NWHUêE\OOHKFH
]SHVWĜHQSURFKi]NRXÄSURRGYiåQp³GRĜtãHEOXGLþHN
$VRERWD"WRXåMHSĜHFHQiYUDWGRPĤ/8WHNORWRMDNRYRGD
'ČNXMLYãHPNWHĜtVHQDWiERĜHSRGtOHOLNXFKDĜĤP]GUDYRW
QLFLKRVSRGiĜLYãHPÄ,VRVWDU³YHGRXFtP5DGNRYLD5DGNRYL
]DMHMLFKþDVDSRKRGXVHNWHURX]DQiPLSĜLMHOL9ãHPNWHĜt
VGČWPLOR]LOLSRVNDOiFK'RXIiPåHLNG\åMHWRQiURþQpVWDUDW
VHWêGHQKRGLQGHQQČRPDOpGČWLåH]DURNRSČWY\WYRĜtPH
GREUêWêPDXYLGtPHVHQD7UXELVNiFK6DPR]ĜHMPČGtN
SDWĜtLGČWHPSURNWHUpWRYãHFKQRGČOiPH
$WDN\YãHPWČPYHGRXFtPSURYR]ĤDRGGČOHQtNWHĜtXYRO
QLOLQČNWHUpVYp]DPČVWQDQFHDE\VHPRKOLWiERUD]~þDVWQLW
'ČNXML+9'7/XNiã$YDWDUþOHQ,VRVWDUGUXåVWYDſſ
QD 0RUDYČ D GR ¿QiOH SRVWXSRYDO YåG\ SRX]H YtWČ] MHGQRWOL
YêFKUR]EČKĤ1DWiONDVLVYRX~þDVWYH¿QiOHY\ERMRYDODPH]L
]iYRGQLFHPLY2ORPRXFL
'R NRQFH OHWRãQt DWOHWLFNp VH]yQ\ ]EêYDMt ]iYRG\ %HVN\G
VNpKRSRKiUXD2VWUDYVNpKREČåHFNpKRSRKiUXPOiGHåHNGHVH
WDWRDWOHWNDGUåtQDPHGDLORYêFKSR]LFtFK
äH MH YãHVWUDQQRX VSRUWRYN\Qt GRND]XMt L FHQQp PHGDLOH
Y\ERMRYDQpYGXDWORQXDWULDWORQXNWHUêFKVHOHWRV]~þDVWQLOD
DVSROXVHVYêPEUDWUHP$OH[HPY\VWXSRYDOLQDVWXSQČYtWČ]Ĥ
3ĜHMHPHMtDE\]iYČUVH]yQ\]YOiGODQDMHGQLþNXDLYSĜtãWt
VH]yQČERMRYDODRFRQHMOHSãtXPtVWČQt)3
+RZJK EtOp WYiĜH
MLå WUDGLþQČ L OHWRãQt
URN RYOiGO EL]RQt SUp
ULH QD 7UXELVNiFK LQGL
iQVNê NPHQ .XD.XD
9 FHORWiERURYp KĜH E\OL
QDãL PODGt ERMRYQtFL
DERMRYQLFHUR]GČOHQLGR
ãHVWLNPHQĤ]WYiUQČQêFK
MHGQRWOLYêPL GUXåLQDPL
6RXSHĜLOL VH VYêP NPH
QRYêP LQGLiQHP R QD
OH]HQt SRVYiWQpKR NRSt
±:iSDKD:DNDQ
1iSOĖWiERUDQHSRFK\EQČWYRĜLO\WDNpKU\YSĜtURGČQDIRWEDORYpPKĜLãWLYOHVHþL
FHORWiERURYiWXUQDMRYiXWNiQt'UXåLQ\PČO\PRåQRVW]PČĜLWVYpVtO\YNêEORYDQp
KXWXWXWXDWHQWRURNQRYČLYHKĜH]YDQpYODMNRYDQi
1DãLERMRYQtFLNPHQH.XD.XDVHQDXþLOLĜDGXGRYHGQRVWtMDNRMHVWĜHOEDOXNHP
KRGODVHPãLIU\PRUVHRYNXODNURVDVSRXVWXGDOãtFK9L]LWNRXVSUiYQpKRLQGLiQD
MH YãDN ]tVNiYiQt RUOtFK SHU LQGLiQVNêFK EREĜtNĤ NWHUp PČO\ GČWL PRåQRVW SOQLW
YSUĤEČKXFHOpKRWiERUD
1H]Y\NOHSURVOXQČQpGQ\QD7UXELVNiFKQiP]SHVWĜLO\YRGQtELWY\VSDQtSRGãLUêP
QHEHPLQGLiQVNpREĜDG\SRWQtFKêãHDYQHSRVOHGQtĜDGČNXĜHSHþHQpY]HPL3RG
ãLUêPQHEHPVHWDNpXVNXWHþQLODGLVNRWpNDVY\VWRXSHQtPQDãLFKPODGêFKWDOHQWĤ
=DXMPRXWGQHãQtGČWLRENORSHQpQRWHERRN\WDEOHW\DFK\WUêPLWHOHIRQ\QiPSR
PiKDOGREĜHY\EDYHQêDVLWXRYDQêWiERURYêDUHiOQD7UXELVNiFK7iERUHPQLFQH
NRQþtWČãtPHVHQDYiVQDQDãLFKYtNHQGRYNiFK-LĜt=HOHQND
/]HFHVWRYDWþDVHP"
9tWČ]ND2G]QDNXYãHVWUDQQRVWLRO\PSLMVNêFKYtWČ]Ĥ1DWiOLH3DĢDYRYi
V5REHUWHP=PČOtNHP9ČURXýiVODYVNRXâiUNRX.DãSiUNRYRX
D5RPDQHPâHEUOHP
' H Q Q t V W D F L R Q i Ĝ S UR V H Q L R U \ P Č Q t V Y R X W Y i Ĝ
3RSXODFH Y ýHVNp UHSXEOLFH VWiUQH GpOND åLYRWD VH SUR
GOXåXMH 9H Y\ããtP YČNX VH YãDN þORYČNX PQRKG\ ]DþtQi
]KRUãRYDW ]GUDYRWQt VWDY PRKRX VH REMHYLW L SRUXFK\ SD
PČWL6HQLRU\PĤåHWUiSLWWDNpVDPRWD9WRPWRRNDPåLNXVH
YČWãLQRX]DþtQiPHSWiWMDNPĤåHPHVHQLRURYLþDVWRQDãH
PXEOt]NpPXSRPRFL"
-HGQRX ] PRåQRVWt MH QiYãWČYD 'HQQtKR VWDFLRQiĜH SUR
VHQLRU\ 'LDNRQLH ý&( ± VWĜHGLVND YH 9DODãVNpP 0H]LĜt
þt 3RVOiQtP VOXåE\ MH XPRåQLW VHQLRUĤP NWHĜt SRWĜHEXMt
SUDYLGHOQRX SRPRF MLQpKR þORYČND WUiYLW GHQ Y NRQWDNWX
VMLQêPL OLGPL Y SRGQČWQpP SURVWĜHGt SĜL]SĤVREHQpP MHMLFK
SRWĜHEiP6OXåEDMHSRVN\WRYiQDY'RPČVRFLiOQtFKVOXåHE
3URYR]QtGREDVOXåE\MHNDåGêYãHGQtGHQRGGRKR
GLQEČKHPWpWRGRE\PRKRXVHQLRĜLWUiYLWGHQY'HQQtP
VWDFLRQiĜLDSRWpVHYUiWLW]SČWGRVYpGRPiFQRVWL-HPRå
QpWDNp]SURVWĜHGNRYDWGRSUDYXSURVWĜHGQLFWYtPSHþRYD
WHOVNpVOXåE\'LDNRQLHý&(VWĜHGLVNDYH9DODãVNpP0H
]LĜtþt6OXåEDMHXUþHQDVHQLRUĤPQDGOHWYČNX
'HQQt VWDFLRQiĜ MH SURYR]RYiQ RG URNX Y SRVOHG
QtFKOHWHFKVHYãDNREMHYXMHY\ããtSRþHWVHQLRUĤNWHĜtVHSR
WêNDMtVSRUXFKDPLSDPČWL3UiYČLQDW\WRVHQLRU\VH'HQQt
VWDFLRQiĜ]DPČĜLODXVNXWHþĖXMHNURN\SURUR]YRMVOXåE\
1DSRG]LPPLQXOpKRURNXE\ORWHYĜHQQRYêSURVWRU'HQ
QtKR VWDFLRQiĜH 9 VRXþDVQRVWL VH Y\EDYXMH PtVWQRVW YH
NWHUpEXGRXSUREtKDWQDSĜLY]SRPtQNRYpDNWLYLW\SR]Qi
YiQtIRWRJUD¿tSĜLSRPtQiQtGiYQêFKXGiORVWt]StYiQtStVQt
] GRE POiGt7\WR DNWLYLW\ MVRX MHGQRX ] IRUHP WUpQRYiQt
SDPČWL3UR]YêãHQtNYDOLW\SpþHDEVROYXMtSUDFRYQtFLGHQ
QtKR VWDFLRQiĜH SUDYLGHOQp ãNROHQt 5R]YRM VOXåE\ GHQQt
VWDFLRQiĜMHUHDOL]RYiQYUiPFLSURMHNWX%*Ä8GU
åLWHOQêUR]YRMGHQQtKRVWDFLRQiĜHOpSHDYtFHSURNOLHQW\³
9 VRXþDVQRVWL PĤåH WDN 'HQQt VWDFLRQiĜ YH 9DODãVNpP
0H]LĜtþtSURVHQLRU\QDEtGQRXWRGERUQpVOXåE\SURVHQLRU\
DRVRE\VSRUXFKDPLSDPČWLXGUåRYiQtLUR]YRMNRQGLFHVH
QLRUĤSĜiWHOVNpSURVWĜHGtNDåGRGHQQtSURJUDP
9 SĜtSDGČ ]iMPX SRWĜHE\ QiV QHYiKHMWH NRQWDNWRYDW
5iGLQDEtGQHPHSRPRFQRXUXNXLYiP
/HWQtWiERUY&KRUYDWVNX
9]SRPtQiWH" 3UYQt GQ\ Y &KRUYDWVNX E\O\ VLFH WURFKX SRG PUDNHP DOH PRF
QiPWRQHYDGLOR±E\O\WRWLåYHOLNpYOQ\DW\QiPVOXQtþNRGRFHODY\QDKUDGLO\&HOp
GQ\MVPHGRQLFKVNiNDOL
DSRWiSČOLVHKUiOLIRWEDO
D EDGPLQWRQ QHER SOHWOL
JXPLþNRYp QiUDPN\
9HþHU MVPH FKRGLOL GR
VRXVHGQtKRNHPSX%ODWD
QD ]PU]OLQX SR]RURYDW
SDGDMtFt KYČ]G\ QHER
]DKUiWKU\KODYQČQRþQt
VFKRYNX PH]L FKDWND
PL D PČVWHþNR 3DOHUPR
MVPH PČOL QHMUDGČML
9~WHUêMVPHMHOLQDFH
ORGHQQtYêOHWORGtQDSR
ORRVWURY 3HOMHãDF D SR
WRPLQD6XüXUDMQDRVWURYX+YDU9HVWĜHGXMVPHMHOLQDGDOãtYêOHWQD0DNDUVNRX
7DP MVPH VL QHMSUYH GDOL UR]FKRG D SRWRP VSROHþQČ QDYãWtYLOL PX]HXP PXãOt9H
þWYUWHNMVPHSRVWDYLOLGRPHþN\YRGQtPQDIXNRYDFtP]YtĜiWNĤPDYHþHUãOLQDQRþQt
NRXSiQt9SiWHNMVPHPČOLVUDQGXQDYRGQtPãODSDGOHDMDNPLOHSDGODþHUQRþHUQi
WPDWDNMVPHFHOêSRE\W]DNRQþLOLYHVHORXNDQDGVNRXQRFtſ
'ČFNDE\OLMVWHVNYČOtGORXKRMVPHQHPČOLWDNSRKRGRYêNROHNWLYGČWt'ČNXMH
PHURGLþĤPåHSRXþLOLVYpUDWROHVWLåHPDMtUHVSHNWRYDWSUDYLGODSRVORXFKDWYHGRX
FtDFKRYDWVHQDY]iMHPNVREČVOXãQČ
-VPHUiGLåHVHQLNRPXQLFQHVWDORDYãHFKQ\MVPHYiVQHMHQYPRĜLXKOtGDOLſ
3ĜtãWtURN]DVHYHGRXFt0LOþDD5DGND
7U X E L V N D , , W X U Q X V
1DWiOLH3DĢDYRYiY3UD]HRSČW]ODWi
3iWê URþQtN UHSXEOLNRYpKR ¿QiOH 2929 RG]QDN YãH
VWUDQQRVWLRO\PSLMVNêFKYtWČ]ĤSRĜiGDQêRO\PSLMVNêPLYtWČ]L
5REHUWHP =PČOtNHP D 5RPDQHP âHEUOHP SUREČKO YH GQHFK
± QD VWDGLRQHFK -XOLVND D .RWOiĜND Y 3UD]H
ÒþDVWQHMOHSãtFKVSRUWRYFĤåiNĤ=â]FHOpUHSXEOLN\NWHĜtVL
SRVWXSGR¿QiOHY\ERMRYDOL]NUDMVNêFKNROVOLERYDODQDStQD
YRXDGUDPDWLFNRXSRGtYDQRX
=ââDIDĜtNRYD]9DODãVNpKR0H]LĜtþtPČODWDNpVYp]DVWXSFH
DWRWĜLåiN\URþQtNX±1DWiOLL3DĢDYRYRXORĖVNRXYtWČ]NX
DREKiMN\QLSRKiUX2929$OH[H3DĢDYXD-DQD1HUXãLOD
1DWiOLH 3DĢDYRYi SRWYUGLOD UROL IDYRULWN\ D Y GUDPDWLFNp
NRQFRYFH REKiMLOD ORĖVNp YtWČ]VWYt D SRGUXKp Y\VWRXSLOD QD
QHMY\ããt VWXSHĖ 6NYČOpKR YêVOHGNX GRViKOD Y ]iYČUX FHOpKR
]iYRGXNG\YSRVOHGQtGLVFLSOtQȱEČKXQDNPPXVHODSR
UD]LWVYRXVRXSHĜNXRYWHĜLQ8Ni]DODåHMHRSUDYGXYHONi
ERMRYQLFHD]iYČU]YOiGODVNYČOH3ĜHGiQt]ODWpPHGDLOH]UX
NRXQČNROLNDQiVREQpRO\PSLMVNpYtWČ]N\9ČU\ýiVODYVNpSUR
QLE\ORXUþLWČQH]DSRPHQXWHOQêP]iåLWNHP$MDNSR]QDPHQDO
NRPHQWiWRU SĜL VODYQRVWQtP Y\KOiãHQt VYêP Y\VWXSRYiQtP
ERMRYQRVWtL~VPČY\NWHUpUR]GiYDODSRFHORXGREX]iYRGXVL
]tVNDODV\PSDWLHSRĜDGDWHOĤUR]KRGþtFKLRVWDWQtFK~þDVWQtNĤ
FRåRFHQLOLSRWOHVNHPSĜLSOQČQt]YOiãWČVLORYêFKGLVFLSOtQ
3ČNQpKRYêVOHGNXGRViKOLL]EêYDMtFtGYDåiFL±-DQ1HUXãLO
REVDGLOPtVWRD$OH[3DĢDYDPtVWR%êWYSUYQtSRORYLQČ
VWDUWRYQtKRSROH¿QiORYpKR]iYRGXMHY\QLNDMtFt~VSČFK
/HWRãQt VH]yQD PODGp DWOHWN\ 1DWiOLH 3DĢDYRYp SDWĜt PH]L
QHMY\GDĜHQČMãt3RPQRKDYtWČ]VWYtFKYMHGQRWOLYêFK]iYRGHFK
EČKĤ QD D P WURMERMtFK D þW\ĜERMtFK VL QHMYtFH FHQt
~þDVWLYH¿QiORYpPEČKXýRNROiGRYpWUHWU\QDSUHVWLåQt=OD
WpWUHWĜHY2VWUDYČ-HGQRWOLYpUR]EČK\SUREtKDO\YPČVWHFK
9$/$â6.é&+(0,.
,QIRUPDFH YiP UiGL SRVN\WQHPH Y WČFKWR KRGLQiFK
SRQGČOt~WHUê±SiWHN9WXWRGREX
MHNGLVSR]LFLRVREQČYNDQFHOiĜLQHERQDWHOHIRQXYWHUpQX
SUDFRYQtN NRPSHWHQWQt N SRVN\WRYiQt LQIRUPDFt R VOXåEČ
NMHMtPXVMHGQiYiQtDNSRVN\WRYiQtVRFLiOQtKRSRUDGHQVWYt
‡$GUHVD 'LDNRQLHý&(VWĜHGLVNRYH9DODãVNpP0H]LĜt
þt'ĤPVRFLiOQtFKVOXåHEQDG]HPQtSRGODåt±EêYDOi
ÄSOLFiUQD³äHURWtQRYD9DODãVNp0H]LĜtþt
‡.RQWDNW%F3HWUD3UQi
‡7HOHIRQ
‡(PDLO VWDFLRQDU#GLDNRQLHYPF]
‡:HE ZZZGLDNRQLHYPF]
5R]YRMVOXåE\GHQQtVWDFLRQiĜMHUHDOL]RYiQYUiPFLSURMHNWX%*
Ä8GUåLWHOQêUR]YRMGHQQtKRVWDFLRQiĜHOpSHDYtFHSURNOLHQW\³
3RGSRĜHQR]3URJUDPXãYêFDUVNRþHVNpVSROXSUiFH
KWWSZZZQDGDFHSDUWQHUVWYLF]ZZZVZLVVFRQWULEXWLRQF]
6XSSRUWHGE\DJUDQWIURP6ZLW]HUODQGWKURXJKWWKH6ZLVV&RQWULEXWLRQ
WRWKHHQODUJHG(XURSHDQ8QLRQ
$þNROLYMHVSRXVWD]YiVMLVWČ
QD SRFK\EiFK FHVWRYDW þDVHP
VNXWHþQČ O]H 3ĜHVYČGþLW YiV
R WRP PĤåRX YãLFKQL ~þDVWQtFL
, WXUQXVX QDãHKR WUXELVNRYpKR
WiERUD NWHĜt VH V RFKRWRX QDG
ãHQtP D YHUYRX Y\GDOL GR PL
QXORVWL KOHGDW YČGFH MHQå QiP
VYČĜLO WDMHPVWYt R VWURML þDVX
3R MHKR VWRSiFK MVPH VH PLPR
MLQp Y\GDOL N 3UDRWFL ýHFKRYL
SĜHY]DOLStVPRRG&\ULODD0H
WRGČMH VHWNDOL VH V 3ĜHP\VOHP
2WDNDUHP,,]~þDVWQLOLMVPHVH
WXUQDMHQDGYRĜH.DUOD,9ERMRYDOLSURWLKXVLWĤPDWDNpQDãOLSRNODG5XGROID,,7R
D PQRKR GDOãtFK KLVWRULFNêFK XGiORVWt QiV GRYHGOR N ]iFKUDQČ YČGFH D ]GiUQpPX
QiYUDWXGRVRXþDVQRVWL.URPČWRKRMVPHVWLKOLQDMtWYtWČ]HVRXWČåHÄ7UXELVNDKOHGDMt
WDOHQW³XEUiQLOLMVPHWiERUSĜHGSĜHSDGQtN\]D]StYDOLVLXWiERURYpKRRKQČY\ãOLMVPH
QDGYRXGHĖiNDVSDOLSRGKYČ]GDPLDVDPR]ĜHMPČQHPRKODFK\EČWWiERURYiVYDWED
3ĜLWRPYãHPMVPH]DåLOLSOQROHJUDFHDVSROHþQČWDNRGVWDUWRYDOL~åDVQpOpWR&HVWD
þDVHPVLFHQHE\ODYåG\OHKNiDOHXUþLWČVWiOD]DWR8åWHćVHWČãtPHQDSRG]LPQtVUD]
NGHVL]RSDNXMHPHREOtEHQpKU\D]DY]SRPtQiPHQD]iåLWN\]WiERUD
9ČUD=GUDåLORYiYHGRXFtWXUQXVX
.OXESĜiWHOIRWRJUDILH±
‡3UDNWLFNiIRWRJUD¿H9ROE\H[SR]LFHNRUHN
FHQDVWDYHQtEtOpV\VWpPRYêEOHVNYLQWHULpUXDH[WHULpUXYROED
,62SĜHSDO\'RWD]\DRGSRYČGL3ĜHGQiãND%F-RVHID.QiSND
‡ 3KRWRVKRS ÒSUDYRX IRWRJUD¿t YH IRUPiWX
5$:YiVSURYHGHIRWRJUDI0J$7RPiã0DFtþHN
‡)RWRJUD¿HYUHNODPČ5R]GtO\YROQpWYRUE\
D]DNi]NRYpSUiFHSĜHGQiãtIRWRJUDI0DUHN7LKHOND
‡ *DUJDQR ýHVNê .UXPORY 6RQiW\ 3ĜHG
YiQRþQt ERQXVRYp YLGHRVKRZ YVWXS YROQê$XWRĜL %F -RVHI
.QiSHN-DQ6XFKê+HUEHUW8OOULFK1D]iYČUYHþHUDYROQiEHVHGD
‡äLYRWDNUDMLQD*HQLXVORFLPtVWDDWPRVIpUDVYČWOR-DNQDGREURX
IRWRJUD¿LNUDMLQ\"6HVYêPLGORXKROHWêPL]NXãHQRVWPLYiVVH]QiPt,YDQ&KXPFKDO
‡6DP+DVNLQV±9RJXH+DUSHUV%D]DU$XWRUNDOHQGiĜĤDNQLKMDNR
)LYH*LUOV.RZER\.DWHSOQêFKNUiVQêFKåHQ3ĜHGQiãt%F-RVHI.QiSHN
‡-RVHI.RXGHONDäLYRWQtFHVWDþHVNpKRIRWRJUDIDþOHQDDJHQWXU\
0DJQXP3ĜHGQiãt+HUEHUW8OOULFK
‡$WUDNWLYQtNUDMLQ\,PDJLQDFHDWDMXSOQiNUiVDDEVWUDNFH6YČWOR
NRPSR]LFHPRWLYYODVWQtWYRUED3ĜHGQiãt%F$3HWU/HãNDD-DNXE'RVWiO
‡0RGHUQtMDSRQVNiIRWRJUD¿H3ĜHGQiãt-DQ6XFKê
=DþiWHNYãHFKSĜHGQiãHNYKRGLQMHGQRWOLYpYVWXSQp.þQHERSĜHGSODW
Qp.þQDFHOêURNPLPRZRUNVKRS
‡±RGGRKRGLQ:RUNVKRS3RUWUpW$WHOLpUGHQQt
VYČWOR VWXGLRYp VYČWOR SOHQpU 7YĤUþt GtOQ\ SRYHGRX %F -RVHI .QiSHN D +HUEHUW
8OOULFK&HQD.þ
*DOHULH0LODQD%RURYLþN\XYHGHEČKHPURNXĜDGXDXWRUVNêFKYêVWDY
)RWRJUD¿FNi VRXWČå QD WpPD /LGp NROHP QiV 8]iYČUND EOLåãt
LQIRUPDFH QD ZZZGRPHFHNYDOPH]F] 6WĜHGLVNR YROQpKR þDVX 'RPHþHN =GHĖND
)LELFKD9DODãVNp0H]LĜtþtWHO
'(=$$0<
VWUDQD
1$ä,-8%,/$17,
9VUSQXRVODYLOLåLYRWQtMXELOHXP
-XJRYi$OHQD
Yê]NXPDYêYRM
,QJ=iPHþQtN,YDQHQHUJHWLND
6PDKHO-LQGĜLFK YRGDDRGSDG\
.ĜHQHN)UDQWLãHN EHQ]RO
9]iĜtVODYtåLYRWQtMXELOHXP
,QJ3DćRXU-LĜt EHQ]RO
=HMGD-LQGĜLFK +=6
-XELODQWĤPEODKRSĜHMHPH
32'ą.29É1Ì
9þHUYQXRGHãOLGRGĤFKRGX
äOHENRYi=GHQND SURYR]QtODERUDWRĜ
6YRERGRYi+DQD 6($/
6WDQČN0LODQ
IWDODQK\GULG
,QJ2UHO0LURVODY ět]HQt,62Dä3
+RIPDQ%RKXPLO YRGDDRGSDG\
9VUSQXRGHãOLGRGĤFKRGX
.XEiĖ-RVHI
ět]HQt,62Dä3
-HPHOND-DURVODYåHOH]QLþQtGRSUDYD
âHYHþHN-DURVODYåHOH]QLþQtGRSUDYD
*DGDV-LĜtIWDODQK\GULGDGLRNW\OIWDOiW
.DPHQFRYi$OHQD VSUiYD2UJDQLN
9HGHQtDNFLRYpVSROHþQRVWLYiPGČNXMH
]DFHORåLYRWQtSUiFLDGRGDOãtFKOHWSĜHMH
KRGQČ]GUDYtDRVREQtVSRNRMHQRVWL
9ë6783<35$&291Ì.Đ
ýHUYHQ
'RUþiN-RVHI'L6
+=6
+XUWRYi*DEULHOD ]iYRGQtMtGHOQD
,QJ9DKDORYi/XFLHFRQWUROOLQJ0'
ýHUYHQHF
+ODYDWê7RPiã
WČåNpDURPiW\
2.e1.23521$ä('Đ&+2'&(
%/$+23ě(-(0(
9VUSQXRVODYLOLåLYRWQtMXELOHXPWLWR
GĤFKRGFL
)XUPiQNRYi0DUWD
OHW
6WUQDGORYi0LOHQD
OHW
5HSNRYi9ČUD2UJDQLN
OHW
3ĤVW.DUHO
OHW
.UHMþt=GHQČN2VWUDYD
OHW
,QJ2UGHOW6WDQLVODY2UJDQLNOHW
3RERĜLORYi0DULH OHW
9RONRYi/XGPLOD OHW
6FKXVWHU3HWU
OHW
+YR]GHFNê.DUHO OHW
3HFKRYi/XGPLOD OHW
9DOþtN5DGRPtU OHW
ýHUQRFK-DURVODY OHW
9]iĜtVODYtåLYRWQtMXELOHXPWLWR
GĤFKRGFL
+ROþiNRYi$QQD OHW
9DQtþNRYi/XGPLOD
OHW
6]F]\JLHO%RJXVODY
OHW
&KXPFKDORYi/XGPLOD
OHW
-DQRã3HWU
OHW
3HOXKD/DGLVODY OHW
.DEHOiþRYi/XGPLOD
OHW
6WRODĜRYi-DUPLOD
OHW
0DUHN-LĜt
OHW
%LOO0RMPtU
OHW
5$.286.2
, NG\å SUi]GQLQ\ QiP YãHP MLVWČ
SĜLQHVO\ VSRXVWX ]iåLWNĤ UiGD E\FK VH
YUiWLOD N þHUYQRYpPX ]iMH]GX QDãLFK
VHQLRUĤGR5DNRXVND
-$.-62878'/28+2
6USHQOHW
YRGDDRGSDG\
6USHQOHW
%DćXĜtN0LFKDHO EHQ]RO
=iĜtOHW
51'U3WiþNRYi9ODGLPtUDSURYR]Qt
ODERUDWRĜ
,QJ+DLNHU/DGLVODY~VHNSHUVRQiOQt
,QJ*YR]GHN-LĜtRGGČOHQt~þHWQLFWYt
=iĜtOHW
6HGOiþNRYi3DYOD 6($/
=HOHQND-LĜt
HQHUJHWLND
%DEHM-DQ
9Ì7É0(9É6
9þHUYQXQDVWRXSLOL
.RUiEHþQê3HWU +=6
=JDEDMRYi,YHWD6($/
9þHUYHQFLQDVWRXSLOL
)UNDO0LURVODYåHOH]QLþQtGRSUDYD
.ORVV-LĜt
HQHUJHWLND
.ĜHQHN0LODQ
HQHUJHWLND
.\SU=GHQČNåHOH]QLþQtGRSUDYD
0DUWLQNRYi$QHWD]iYRGQtMtGHOQD
2QGĜHM0LFKDOHQHUJHWLND
6HLJH-LĜt
HQHUJHWLND
6WDQČN0DUWLQ
HQHUJHWLND
9DQGXFK-DURVODY HQHUJHWLND
9HVHOi.OiUD
~GUåEDEHQ]RO
9VUSQXQDVWRXSLOL
GHKHW
%DUWRã-LĜt
.RVWND9ODGLPtUKRVSRGiĜVNiVSUiYD
9tWiPHYiVYQDãHPSUDFRYQtP
NROHNWLYXDSĜHMHPHYiPKRGQČ
SUDFRYQtFK~VSČFKĤ
1$ä,1(-0(1äÌ
þHUYQDVH0DUWLQRYLD.ULVWêQČ
3OHVQtNRYêPQDURGLOV\Q0DUWLQ
þHUYHQFHVH7RPiãL3UDYGtNRYL
D-DQČâXWRYpQDURGLODGFHUD7DPDUD
þHUYHQFHVH3HWURYLD/XFLL
5êGORYêPQDURGLODGFHUD/HD
VUSQDVH-LQGĜLFKRYLD3DYOH
&DKOtNRYêPQDURGLOV\Q-LQGĜLFK
VUSQDVH/XNiãRYLD/XFLL
9DKDORYêPQDURGLOV\Q7DGHiã
VUSQDVH0LFKDORYLD$OHQČ
%XUGRYêPQDURGLOV\Q7RP
5RGLþĤPEODKRSĜHMHPHDGČWHP
SĜHMHPH~VSČãQêVWDUWGRåLYRWD
6RFLiOQtRGERU,QIR
832=251ą1Ì
1DUHFHSFL'(=$DVMHQDFK\VWiQIRU
PXOiĜNVHSViQtSĜtSDGQêFKSĜLSRPtQHN
NDXWREXVRYêPMt]GQtPĜiGĤP
7HUPtQGR
,1=(5&(
3521$-08 GORXKRGREČ E\W YH
9DODãVNpP0H]LĜtþt1DâLãWRWČ
7HO
1$%Ë=Ë0 GR GREUêFK UXNRX D SĜiWH
OĤP ]YtĜDW ãWČĖDWD QČPHFNpKR RYþiND
EH] 33 þHUQi N RGEČUX NRQFHP ]iĜt
RGþHUYHQi]iNODGQtRþNRYiQt
&HQDGRKRGRXWHO
1DãHSUYQt]DVWiYNDE\ODXSDPiWQt
NXELWY\QD 0RUDYVNpP SROL SDN QiV
þHNDODQiGKHUQiDYČĜtPåHGtN\QD
ãHPXYêERUQpPXSUĤYRGFLSURYãHFK
Q\YHOPL]DMtPDYiSURKOtGNDĜtPVNpKR
RVtGOHQt &DUQXQWXP 3HWURQHOOXP
'DOãtP NUiVQêP L NG\å ]FHOD RGOLã
QêP ]iåLWNHP E\OD QiYãWČYD SDUNX
D ]iPNX 6FKORVVKRI VWHMQČ MDNR
SURFKi]ND SR VWDURE\OpP PČVWČ +D
LQEXUJ RSČW VH ]DVYČFHQêP YêNOD
GHP $ SDN QiV þHNDOR MHãWČ SĜHNYD
SHQt YH IRUPČ Ui]RYLWp PDćDUVNp
UHVWDXUDFH Y 'XQDNLOLWL V RFKXWQiY
NRX PDćDUVNêFK VSHFLDOLW 1D ]Si
WHþQt FHVWČ MVPH VH MHãWČ ]DVWDYLOL
SRG 'ČYtQHP QD VRXWRNX 0RUDY\
V'XQDMHPDOHKHMQDNRPiUĤQiVU\FK
OHYUiWLODGRDXWREXVX
=D ~þDVWQtN\ ]iMH]GX GČNXML RGER
UĤP ]D YêERUQČ SĜLSUDYHQê SURJUDP
D]DKH]N\SURåLWêGHQ
*LWDâNUKORYi
%2:/,1*
3RGHOãtSĜHVWiYFHMHWXRSČWVHWNiQt
GĤFKRGFĤQD ERZOLQJXD WR Y SRQGČOt
]iĜtRGGRKRGLQXOLFH6R
NROVNi
1D~þDVW]YH-DUGD*ROiĖ
785,67,.$
9~WHUê]iĜtMHSOiQRYDQêYêãODS
]/i]ĤSĜHV3UåHQVNpSDVHN\GR-DEOĤQ
N\ 6UD] ]iMHPFĤ R WHQWR SRFKRG MH
YKRGLQQDDXWREXVRYpPQiGUDåt
YH9DODãVNpP0H]LĜtþt2GWXGSRMHGH
PHQD/i]\&HVWDDXWREXVHPWDPEXGH
KUD]HQD ] IRQGX = NRQHþQp ]DVWiYN\
DXWREXVXSĤMGHPHQD3UåHQVNpSDVHN\
]DVWDYHQt EXGH Y KRVSĤGFH D SRFKRG
EXGH SRNUDþRYDW GR -DEOĤQN\ 1D
SDStUQX&HVWX]SČWLKRVSRGXVLKUDGt
NDåGê ViP7UDVD WRKRWR YêOHWX MH FFD
NP SR KĜHEHQX $E\ VH QiP OpSH
ãODSDOR MH GRSRUXþHQi SOQi SODVNDþND
DIRIUKĤON\3ČNQpSRþDVtMH]DMLãWČQR
0LUHN+ODYDWê
.8ä(/.<
3R SUi]GQLQRYpP YROQX ]DKiMtPH
RSČW NXåHONRYp WXUQDMH =DþtQiPH
Y SRQGČOt ]iĜt RG KRGLQ Y NX
åHOQČ QD ]LPQtP VWDGLRQX 9ãHFKQ\
VRNROtN\LVRNROQLFHFRPDMtUiGLWHQWR
VSRUWVUGHþQČ]YH0LUHN+ODYDWê
6(7.È1Ë'ģ&+2'&ģ
9HGHQt '(=$ D V VRFLiOQt RGERU
D YêERU NOXEX GĤFKRGFĤ YiV VUGHþQČ
]YRXYSiWHNĜtMQDYKRGLQQD
VHWNiQt VHQLRUĤ GR .XO
WXUQtKR]DĜt]HQtY.HOþL
2GYR] MH ]DMLãWČQ 1D
SURJUDPX MH Y\VWRXSHQt
]iVWXSFĤ YHGHQt '(=$
D V D KRVWĤ ]SUiYD
RþLQQRVWLNOXEXGĤFKRG
FĤ REþHUVWYHQt D YROQi
]iEDYD 1D VHWNiQt VH
EXGRX SURGiYDW SHUPD
QHQWN\ QD ED]pQ VDXQX
D PDViåH =iURYHĖ VH
EXGHY\EtUDWþOHQVNêSĜt
VSČYHN.DåGêGĤFKRGFH
REGUåt SR]YiQNX V Qi
YUDWNRX
.21&(57
.OXEGĤFKRGFĤQDEt]tVYêPþOHQĤP
YVWXSHQN\ QD NRQFHUW Y UiPFL 5RNX
þHVNp KXGE\ NWHUê VH NRQi Y SRQGČOt
ĜtMQDYKRGLQY.=909\VWRX
St 9iFODY +XGHþHN KRXVOH D 0DUWLQ
+URFKFHPEDOORÒþDVWQLFNêSRSODWHN
MH.þSĜLKOiãN\XSDQt3RNRUQpQD
WHO
9=320Ë1.$
þHUYHQFH]HPĜHOSDQ-RVHI0LNXOþiN
YHYČNXOHW
þHUYHQFH]HPĜHOSDQ2OGĜLFK+XUWtN
YHYČNXOHW
VUSQD]HPĜHODSDQt=GHĖND6WUiQVNi
]2UJDQLNXYHYČNXOHW
9VUSQX]HPĜHODSDQt'DJPDU/XEtQNRYi
YHYČNXOHW
]iĜt ]HPĜHO SDQ .DUHO .XEtQ YH
YČNXOHW
ýHVWMHMLFKSDPiWFH
35È='1,1<$69È7.<
YHãNROQtPURFH
]iĜt±QHGČOH±VW6YiWHN±'HQþHVNpVWiWQRVWL
DĜtMHQ±SRQGČOtDVWĜHGD±SRG]LPQtSUi]GQLQ\
ĜtMHQ±~WHUê±VWVYiWHN9]QLNVDPRVWDWQpKRþHVNRVORYHQVNpKRVWiWX
OLVWRSDG±SRQGČOt±VWVYiWHN±'HQERMHVWXGHQWĤ]DVYRERGXDGHPRNUDFLL
SURVLQHF±OHGHQ±SRQGČOt±SiWHN±YiQRþQtSUi]GQLQ\
SURVLQHF±VWĜHGD±VWVYiWHNâWČGUêGHQ
SURVLQHF±þWYUWHN±VWVYiWHNVYiWHNYiQRþQt
SURVLQHF±SiWHN±VWVYiWHNVYiWHNYiQRþQt
OHGHQ±þWYUWHN±VWVYiWHN±'HQREQRY\VDPRVWDWQpKRþHVNpKRVWiWX1RYêURN
OHGHQ±SiWHN±SROROHWQtSUi]GQLQ\
±EĜH]HQSR±QHMDUQtSUi]GQLQ\SURRNUHV\9VHWtQ=OtQ1RYê-LþtQ
GXEHQ±GXEHQ±þWYUWHN±SRQGČOt±YHOLNRQRþQtSUi]GQLQ\
GXEHQ±VWVYiWHN9HOLNRQRþQtSRQGČOt
NYČWHQ±SiWHN±VWVYiWHN±6YiWHNSUiFH
NYČWHQ±SiWHN±VWVYiWHN±'HQRVYRER]HQtRGIDãLVPX
þHUYHQHF±VUSHQ±VWĜHGD±SRQGČOt±OHWQtSUi]GQLQ\
þHUYHQHF±QHGČOH±VWVYiWHN±'HQVORYDQVNêFKYČUR]YČVWĤ&\ULODD0HWRGČMH
þHUYHQHF±SRQGČOt±VWVYiWHN±'HQXSiOHQtPLVWUD-DQD+XVD
32'=,01Ë38729È1Ë
9$/$â6.(0
2GERU.ý77-9DODãVNp0H]LĜtþtSRĜiGiYVRERWX]iĜtURþQtNSRFKRGX
URþQtNF\NORSĜHMH]GXDY\FKi]NX7RXODYêQiSUVWHN
6WDUW+YČ]GiUQD9DODãVNp0H]LĜtþtRGGRKRGLQ
&tO +YČ]GiUQD 9DODãVNp 0H]LĜtþt GR KRGLQ9FtOLPRåQRVWVH]QiPHQtVY\EDYHQtP
KYČ]GiUQ\]DSĜt]QLYêFKSRGPtQHNSR]RURYiQt
6OXQFHSURGČWLEXGRXSĜLSUDYHQ\DVWURQRPLF
NpSRKiGN\D]DMtPDYpVRXWČåQtKU\RFHQ\
6WDUWRYQp.þGLSORPNRYRYêRG]QDNþDM
7UDV\3ČãtDNP&\NORDNP
9ãHFKQ\ SĜt]QLYFH WXULVWLN\ D SRFKRGĤ VU
GHþQČ]YHRGERU.ý7D+YČ]GiUQD9DODãVNp
0H]LĜtþtZZZNFWYPZ]F]
9$/$â6.é&+(0,.
2GERU\,QIR
9 = 2 2 6 ( & + 2 , 1 )2 5 0 8 - (
.8/785$
.21&(571Ë3ě('3/$71e
6WĜHGD]iĜtYKRGLQViO.=±-,7.$+263529ÈYLROD-,7.$
ý(&+29ÈNODYtU&HQD.þRV
',9$'(/1Ë3ě('3/$71e
ýWYUWHNĜtMQDYKRGLQViO.=-HYDQ%UDQGRQ7KRPDV&+$5/(
<29$7(7$7ČãtQVNpGLYDGORýHVNê7ČãtQ&HQD.þRV
3ě('3/$71e6('0,.5È6.$±32+È'.<
1HGČOHĜtMQDYKRGLQViO.=+DQD/DPNRYi0$7</'$=$6$
+8-(DQHESRYtGDþN\QDãtNDþN\&HQD.þRV
3ĜLKOiãN\QDYãHFKQ\DNFHQDRGERUHFKWHO
9é/(7'2+,6725,(
¼¼1XWQRQDKOiVLWSĜLSĜLKODãRYiQt
9êERU]iNODGQtRUJDQL]DFH26(&+2
9FHQČQHQt]DKUQXWREČGY0DćDUVNX
SRĜiGiSUR]DPČVWQDQFHDMHMLFKURGLQ
3RGUREQČMãtLQIRUPDFHQDOH]QHWHQDPtV
QpSĜtVOXãQtN\YHGQHFKDĜtMQD
WHFKREY\NOêFK6(,'ZZZVWUiQN\RG
VRERWD±QHGČOH]iMH]GGRREODVWLVOR
ERUĤQiVWČQND
YHQVNRUDNRXVNRPDćDUVNpKRSRPH]t
&HQD]iMH]GX
3URJUDP 2GMH]G Y VRERWX UiQR ] 9D
ýOHQRGERUĤ.þ
ODãVNpKR0H]LĜtþtGR'HYtQVNp1RYp9VL
NVRXWRNX'XQDMHD0RUDY\3URKOtGNDSD
PiWQtNXD'HYtQVNpKRKUDGX3ĜHMH]GGR
%UDWLVODY\QDYêVWDYLãWČ,QFKHEDDQiYãWČ
YD YêVWDY\ 7XWDQFKDPRQ MHKR KUREND
DSRNODG\2GMH]GQDXE\WRYiQtYHþHĜH
3R YHþHĜL PRåQi SURKOtGND %UDWLVODY\
VSUĤYRGFHPQHERLQGLYLGXiOQČ=iMHP
FLWpåPRKRXQDYãWtYLWRSHUX1DEXFFR
YHVWDUpKLVWRULFNpVFpQČ6ORYHQVNpKR
QiURGQtKRGLYDGOD
5RGLQQêSĜtVOXãQtNþOHQDRGERUĤ.þ
9QHGČOLUiQRRGMH]GGRQHMYêFKRGQČM
=DPČVWQDQHFQHRGERUiĜ.þ
ãtKRUDNRXVNpKRPČVWD+DLQEXUJDPGHU
5RGLQQêSĜtVOXãQtN]DPČVWQDQFH.þ
'RQDX PČVWR 3ĜHP\VOD 2WDNDUD ,,
3ĜLKOiãN\YNDQFHOiĜLRGERUĤRG
3URKOtGNDKLVWRULFNpKRFHQWUDDY\Mtåć
GR
NDQDNRSHF%UDPEHUNRVtGOHQê.HOW\±
3ĜHGQRVW EXGRX PtW ]iMHPFL NWHĜt VH
RMHGLQČOêYêKOHGGR5DNRXVND0DćDU
Y WRPWR URFH QH~þDVWQLOL åiGQêFK DNFt
VNDDQHREY\NOêYêKOHGQD%UDWLVODYX
SRĜiGDQêFKRGERU\
1iYãWČYD PX]HD ĜtPVNêFK D UDQČ NĜHV
ĢDQVNêFK Y\NRSiYHN Y %DG 'HXWVFK
$OWHQEXUJ 3ĜHMH]G GR PČVWHþND 3HWUR
QHOO&DUQXQWXP SURKOtGND XQLNiWQtKR
DUFKHRSDUNX ĜtPVNpKR PČVWD QiYãWČYD
3RKDQVNp EUiQ\ ĜtPVNpKR DP¿WHiWUX
9RGSROHGQtFKKRGLQiFKRGMH]GGRPD
ćDUVNpKR'XQDNLOLWLQDSR]GQtREČGGR
W\SLFNpPDćDUVNpFViUG\VPDćDUVNêPL
VSHFLDOLWDPL
9 FHQČ ]iMH]GX MH ]DKUQXWD GRSUDYD
XE\WRYiQtYKRWHOX$SROORYFHQ
WUX %UDWLVODY\ SRORSHQ]H YVWXSQp QD
KUDG 'HYtQ YêVWDYX 7XWDQFKDPRQ
YVWXSQp GR DUFKHRSDUNX D PX]HD ĜtP
3DQ)UDQWLãHN.ĜHQHN
VNêFKY\NRSiYHN
]SURYR]XEHQ]RORVODYLOVUSQD
9FHQČQHQt]DKUQXWDYVWXSHQNDQDRSHUX
SDGHViWpQDUR]HQLQ\
1DEXFFR=iMHPFLRWXWRRSHUXVLPRKRX
%ODKRSĜHMHPH
Y\EUDWYVWXSHQN\YFHQRYêFKUHODFtFK¼
92/1ëÿ$6
+9ċ='È51$
$6752120,&.È32=2529È1Ë
3RQGČOtDåSiWHNYKRGLQ
3R]RURYiQt]DMtPDYêFKREMHNWĤYHþHUQt
REORK\SRPRFtGDOHNRKOHGXSĜHGHYãtP
0DUVX YHþHU Qt]NR QDG MLKR]iSDGQtP
RE]RUHP -XSLWHUX UiQR QD YêFKRGČ
6DWXUQXYHþHUQt]NRQDGMLKR]iSDGQtP
RE]RUHP8UDQXSRFHORXQRF1HSWX
QXSRFHORXQRFKYČ]GKYČ]GRNXSDM
3iWHN ]iĜt (95236.È 12&
9ċ'&ģ
'DOãtURþQtNFHORHYURSVNpDNFHNHNWH
UpVHSĜLSRMtL+YČ]GiUQD9DODãVNp0H
]LĜtþtSR3URJUDPQDZZZDVWURYPF]
3iWHNDåQHGČOHDåĜtMQD632
/(ý1e 9='ċ/È9È1Ë 352 632
/(ý128%8'28&1267
1R*UDYLW\ .RVPRQDXWLND
NRVPLFNêYê]NXPDWHFKQRORJLH
3ĜHVKUDQLþQt VHPLQiĜ R VRXþDVQp NRV
PRQDXWLFHNRVPLFNpPYê]NXPXDWHFK
QRORJLtFK L QRYLQNiFK D SĜtOHåLWRVWHFK
Y REODVWL NRVPLFNpKR SUĤP\VOX 6HPL
QiĜ VH EXGH NRQDW Y SĜtKUDQLþQt REODVWL
6ORYHQVND,QIRUPDFHQDZZZDVWURYPF]
08=(805(*,2189$/$â6.2
6RERWD]iĜtRGKRGLQSDUND]i
PHN.LQVNêFK)$50Èě6.é75+
3URGHM NYDOLWQtFK UHJLRQiOQtFK SRWUD
YLQDĜHPHVOQêFKYêURENĤ
2G ~WHUê GR QHGČOH ± ]iĜt 9é67$9$ä,9é&++8%
7UDGLþQt SRG]LPQt YêVWDYD QD NWHUp
EXGH SĜHGVWDYHQD ĜDGD SUiYČ URVWRXFtFK
GUXKĤKXE6RXþiVWtMHYêVWDYDIRWRJUD¿t
KXE NWHUp VYêP REMHNWLYHP QD9DODãNX
]DFK\WLO-LĜt1RYiN9UiPFLYêVWDY\VH
XVNXWHþQtWUDGLþQtP\NRORJLFNiSRUDGQD
'R QHGČOH ]iĜt .$53$76.e
'ċ',&79Ë
0XOWLPHGLiOQtÄ]iåLWNRYi³YêVWDYD]D
PČĜHQiQD.DUSDW\QHMUR]ViKOHMãtKRU
VNêV\VWpP(YURS\
'R QHGČOH ĜtMQD $87Ëý.$
=.5$%,ý(.
9êVWDYDKRGQRWQpVEtUN\PRGHOĤDXWtþHN
±ÄDQJOLþiNĤ³RGVRXNURPpKRVEČUDWHOH
0ċ676.È.1,+291$
ýWYUWHN]iĜtYKRGLQ$/(;$1
'(5*(17(/(9387,129<+5<
=¿OPRYpKRIHVWLYDOX-HGHQVYČW]LP
Qt RO\PSLMVNp KU\ Y 6RþL MDNR
NRQWURYHU]QtSURMHNWUXVNpKRSUH]LGHQ
WD9ODGLPLUD3XWLQD
ÒWHUê ]iĜt Y KRGLQ %2%
6783.$ 0$52.(0 $ä 1$
2.5$-6$+$5<
%HVHGDVGDWDSURMHNFt
'RSRQGČOt]iĜt3$9(/+21
=(7ě(7Ëě$'<
9êVWDYDIRWRJUD¿tYHYHVWLEXOXNQLKRYQ\
'R~WHUê]iĜt±%$/Ë0%$/,â
%$/Ë0(«
0ČVWVNi NQLKRYQD QDEt]t REDOHQt NQLK
D VHãLWĤ SUR åiN\ D VWXGHQW\ ]iNODGQtFK
D VWĜHGQtFK ãNRO 2EDO\ YiP ]KRWRYt
Y EêYDOp NUiVHQVNp UDGQLFL D Y SRERþ
NiFKQD9\KOtGFHDX5DMN\&HQDMH.þ
]DREDO
6RFLiOQt RGERU RUJDQL]XMH NDåGê URN
WêGHQQt UHOD[DþQt SRE\W\ SUR ]DPČVW
QDQFH Y PRGHUQČ ]DĜt]HQp 5H]LGHQFL
$PEUD Y NUiVQpP SURVWĜHGt Oi]Qt /X
KDþRYLFH
)RWR]þHUYQRYpKRY\GDĜHQpKR]iMH]GX
SRSLYRYDUHFKNWHUêSRĜiGDO\RGERU\
9\VRþLQVNê Ä DNFLRYê SLYRYDU '$/(
â,&(³]QiPêVYêP0iMRYêPOHåiNHP
D SURVOXOê ¿OPHP %RKXPLOD +UDEDOD
3RVWĜLåLQ\)RWR'DYLG5\ãiQHN
$*52)(57
9$/$â6.é&+(0,.
$*52)(57'$/9Ë&(1(ä0,/,$5'8.2581'2/(3âË+2=$&+È=(1Ë692'28
VWUDQD
KR ]iYRGX NWHUê SRG 'XVOR
VSDGi QDYtF VSROXSUDFRYDOL
YČGFL ] 9ê]NXPQpKR ~VWD
YX FKHPLFNp WHFKQRORJLH
NWHĜt SĜLãOL V HIHNWLYQČMãtP
V\VWpPHP þiVWHþQpKR RSD
NRYDQpKRY\XåLWtYRG\'tN\
WRPX ]iYRG PĤåH ] 'XQDMH
þHUSDWPpQČDQDRSDNGRQČM
Y\SRXãWt YêUD]QČ NYDOLWQČMãt
1RYČY\EXGRYDQiþLVWLþNDRGSDGQtFKYRGYHVSROHþQRVWL6\QWKHVLD YRGX &HONRYi YRGRKRVSR
GiĜVNi PRGHUQL]DFH Y EUDWL
.RQFHUQ$*52)(57 Y SRVOHGQtFK
VODYVNpP]iYRGČSĜLãODQDRVPPLOLRQĤ
SČWLOHWHFKYORåLODSĜHVPLOLDUGXNRUXQ
HXU]KUXEDPLOLRQĤNRUXQ
GROHSãtKR]DFKi]HQtVYRGRX1HMYČWãt
1HMHQþLVWČMãtYRGD
LQYHVWLFHSURYHGO\FKHPLFNpVSROHþQRV
3DUGXELFNi6\QWKHVLD]DVHLQYHVWRYD
WLSURQČåMHYRGDSĜLYêUREČNOtþRYi
OD PLOLRQĤ GR NYDOLWQČMãtKR þLãWČQt
1HMYê]QDPQČMãtD¿QDQþQČQHMQiURþ
YRG\ Ä-HGQDN MVPH ~VSRUQi RSDWĜHQt
QČMãtLQYHVWLFLYHYRGRKRVSRGiĜVWYtSUR
UHDOL]RYDOLPRGHUQL]DFtSURYR]RYDQêFK
YHGODFKHPLþND'XVOR9ORĖVNpPURFH
WHFKQRORJLt QDSĜtNODG þHUSDGHO QHER
E\OD GRNRQþHQD PRGHUQL]DFH þLVWtUQ\
VWURMRYHQ FKODGX 'iOH MVPH RSWLPDOL
RGSDGQtFK YRG Y âDOH ]D PLOLRQĤ
]RYDOL YêUREQt SURFHV\ MGH QDSĜtNODG
HXU ]KUXED PLOLRQĤ NRUXQ 'tN\
R RSČWRYQp Y\XåtYiQt FKODGtFt YRG\ þL
WRPX VH YêUD]QČ ]OHSãLOD NYDOLWD YRG\
YtFHQiVREQp Y\XåLWt WHFKQRORJLFNêFK
Y\SRXãWČQp]SČWGR9iKX1HMHGQDORVH
YRG³ Y\MPHQRYiYi JHQHUiOQt ĜHGLWHO
R MHGLQRX LQYHVWLFL VSROHþQRVWL 'XVOR
FKHPLþN\ -RVHI /LãND ]SĤVRE\ NWHUê
1D ]OHSãHQt WHFKQRORJLt EUDWLVODYVNp
ãtDNGHVHQHMYtFHSURMHYLOYOLYUHF\NODFH
XåLWNRYpYRG\Y\XåtYDQpSURFKOD]HQt
&KHPLþND 3UHFKH]D ¿QDQFHPL YH
YêãLEH]PiODPLOLRQĤNRUXQVQtåLOD
Yê]QDPQRX PČURX VSRWĜHEX YRG\ SUR
YêUREXDWRFHONHPRþWYUWLQX3ĜHURY
VNêSRGQLNQDYtFKRGOiYORåLWGR~VSRU\
YRG\GDOãtFKYtFHQHåPLOLRQĤNRUXQ
%H]PiODPLOLRQĤNRUXQ¿QDQFR
YDODOHSãt]DFKi]HQtVYRGRXVSROHþQRVW
'(=$3URVWĜHGN\VPČĜRYDO\QDPRGHU
QL]DFLþLãWČQtYRG\LUR]YR
GXYRG\Ä1DYtFYVRXþDVQp
GREČ SUREtKDMt SĜtSUDY\ QD
JHQHUiOQt UHNRQVWUXNFL ELR
ORJLFNp þLVWLþN\ RGSDGQtFK
YRG³ XYHGO POXYþt VSROHþ
QRVWL'(=$-DURVODY2EHU
PDMHU
)DWUD 1DSDMHGOD VQt
åLOD PQRåVWYt VSRWĜH
ERYDQp YRG\ ]D SČW OHW
RSRORYLQX]WLVtFNXELF
-HQ]DSRVOHGQtFKOHWLQYHVWRYDODVSROHþQRVW'H]DYH9DODã NêFKPHWUĤQDWLVtF)D
WUDLQYHVWRYDODYSRVOHGQtFK
VNpP0H]LĜtþtGROHSãtKR]DFKi]HQtVYRGRXWpPČĜPLOLRQĤ GYRXOHWHFKGRPRGHUQL]DFH
NRUXQ
PL 6\QWKHVLD Y SRVOHGQtFK SČWL OHWHFK
VQLåRYDOD VSRWĜHEX YRG\ 3RPRFt YêãH
XYHGHQêFK SRVWXSĤ VH 6\QWKHVLL SRGDĜL
ORXVSRĜLW]DSRVOHGQtFKSČWOHWWpPČĜ
PLOLRQXNXELFNêFKPHWUĤYRG\Ä$WRSĜL
QH]PHQãHQpP DOH QDRSDN Y]UĤVWDMtFtP
REMHPX YêURE\³ GRGDO ĜHGLWHO /LãND
VWtPåH6\QWKHVLDURþQČVSRWĜHEXMH
PLOLRQXNXELFNêFKPHWUĤYRG\'REUêP
SĜtNODGHP ~VSRU\ MH YêURED QLWURFHOXOy
]\NGHMHVSRWĜHEDXåLWNRYpYRG\QHMY\ã
&KFHPHSRPiKDWKODYQČVHQLRUĤPDPDWNiPVDPRåLYLWHONiPYQRX]L
021,.$%$%,â29È
9URFH]DORåLODVSROXV$QGUHMHP
%DELãHP1DGDFL$*52)(57
9 OHGQX VH VWDOD þOHQNRX MHMt
VSUiYQtUDG\
9SRVOHGQtFKOHWHFKVHYČQXMHLQWHULp
URYpPXGHVLJQpUVWYt
9\FKRYiYiGFHUX9LYLHQOHWDV\QD
)UHGHULNDOHW
9 OHGQX VH 0RQLND %DELãRYi
VWDODQRYRXþOHQNRX6SUiYQtUDG\1D
GDFH $*52)(57 MHMtå ]DORåHQt SĜHG
WĜHPL OHW\ VDPD LQLFLRYDOD 9 QHMEOLåãt
GREČ VH FK\VWi RVREQČ QDYãWtYLW QHMHQ
GRPRY\VHQLRUĤDOHLRVWDWQtQDGDþQČ
SRGSRURYDQpSURMHNW\=iURYHĖMHWDNp
~VSČãQRX GHVLJQpUNRX 9ê]QDPQČ VH
SRGtOHOD QDSĜtNODG QD ~SUDYČ LQWHULp
UX UHVWDXUDFH 3DORPD YH )UDQFLL NGH
VHMHMtSUiFHVHWNDODVYHOPLSR]LWLYQtP
RKODVHPWDPQtFKRGERUQtNĤ
.GRSĜLãHOVQiSDGHP]DORåLWQDGDFL
$JURIHUW"
9ODVWQČDVLMi0ĤMPXåSĜLVStYDOQD
FKDULWXDPČQDSDGORåHE\FKRPPRK
OL]DORåLWQDGDFLDGiWWRPXFHOpPXĜiG
DMDVQêVPČU
-DNp REODVWL QDGDþQt þLQQRVWL YiV
RVREQČQHMYtFH]DMtPDMt"
1HPĤåX ĜtFW åH E\ PČ QČFR ]DXMDOR
YtFHDQČFRPpQČ1HQtYČWãtQHERPHQãt
QHãWČVWt &tWtP åH E\FKRP PČOL SRPi
KDW YãXGH NGH MH WR DNWXiOQČ SRWĜHED
1DGDFH $*52)(57 Pi DOH ]iURYHĖ
VYpMDVQČGDQpSULRULW\DYQLFKFKFHPH
SRPiKDWNRQFHSþQČDGORXKRGREČ
9 OHWRãQtP URFH VH QDGDFH YČQXMH
SĜHGHYãtPSRGSRĜHVHQLRUĤDSpþLRQČ
Y GRPiFtP SURVWĜHGt %XGHWH VH WtPWR
VPČUHPXEtUDWLYGDOãtPURFH"
3UDFXMHPHQDWRPDE\VHSRGSRUDVH
QLRUĤ VWDOD MHGQtP ] KODYQtFK SLOtĜĤ QDãt
QDGDFHVWHMQČMDNRSRGSRUDVDPRåLYLWHOHN
YQRX]L0\VOtPVLåHSDWĜtPHPH]LMHG
Q\ ] PiOD PRåQi MVPH GRNRQFH MHGLQt
NGRRVDPČOêPPDWNiPþLRWFĤPSRPiKi
YWČåNêFK¿QDQþQtFKDåLYRWQtFKVLWXDFtFK
3RVX]RYiQtMHGQRWOLYêFKQDGDþQtFKåiGRVWtPXVtEêWHPRþQČGRVWQiURþQp1HQt
YiPSĜLWRPQČNG\GRSOiþH"
$QRMVHPYHOPLFLWOLYiDKRGQČVHPČW\OLGVNpSĜtEČK\GRWêNDMt6DPR]ĜHMPČQHMKRUãtMH
NG\åMGHRWČåFHQHPRFQpGČWLVQHY\OpþLWHOQRXFKRURERX'RWêNiVHPQHDOHNDåGiQHPRFþL
SRVWLåHQt3RNDåGpVLXYČGRPtPMDNPRFMVHPYGČþQiDãĢDVWQiåHPiP]GUDYpGČWL
&K\VWiWHVHRVREQČQDYãWČYRYDWRUJDQL]DFHNWHUpYDãHQDGDFHSRGSRUXMH"
6ĜHGLWHONRXQDGDFH=X]DQRX7RUQLNLGLVYWČFKWRGQHFKODGtPHNDOHQGiĜDE\FKRP
VHPRKO\MHWVSROHþQČSRGtYDWGRGRPRYĤSURVHQLRU\NWHUêP¿QDQþQČSRPiKiPH7D
FHVWDVHXVNXWHþQtXUþLWČMHãWČSĜHG]DþiWNHPOpWD
0iWHQČMDNRXRVREQt]NXãHQRVWVSpþtRVHQLRU\"
0ČODMVHPWČåFHQHPRFQRXEDELþNX7USČOD$O]KHLPHURYXFKRURERXDVQHPRFtåLOD
GORXKRXĜDGXOHW6WDURVWRQLE\ODYHOPLQiURþQiDOHGRNXGWRE\ORMHQWURFKXPRåQp
VWDUDOLMVPHVHRQLGRPD9SR]GČMãtPVWiGLXMVPHMLERKXåHOPXVHOLSĜHPtVWLWGR~VWD
YXDGtN\WRPXMVHPSRFKRSLODMDN¿QDQþQČQiURþQiWDNRYiSpþHMH
9HGHWHNFKDULWČDVRFLiOQtPXFtWČQtWDNpYDãHGČWL"0iWHSRFLWåHVHYiPWRGDĜt"
0\VOtPVLåHDQR2GPDOLQNDQDãHGČWLSRVtODMtKUDþN\GRGČWVNêFKGRPRYĤVSR
OHþQČMLPNXSXMHPHGiUN\N9iQRFĤPYHãNROHSĜLVStYDMtQDNDåGRXFKDULWXNWHURX
ãNRODRUJDQL]XMHDWG1ČNG\MLPY\SUiYtPFRPiPHYQDGDFL]DSĜtSDG\NWHUêP¿
QDQþQČSRPiKiPHDE\VLXYČGRPLO\MDNXPtEêWåLYRWNUXWê
.URPČþLQQRVWLY1DGDFL$*52)(57SUDFXMHWHWDNpMDNRLQWHULpURYiGHVLJQpUND
0ĤåHWHSUR]UDGLWQDMDNêFKSURMHNWHFKPRPHQWiOQČSUDFXMHWHDNGHEHUHWHLQVSLUDFL"
0RPHQWiOQČ ¿QLãXML UHNRQVWUXNFL EXGRY\ 2&( GRNRQþXMHPH GĤP Y 7XOLSiQRYp
XOLFLDSRVOHGQtSUiFHSUREtKDMtLQDMHGQpVRXNURPpYLOH'DOãtYHONêSURMHNWEXGHUH
VWDXUDFH3DORPDY3UĤKRQLFtFKNGH]iURYHĖSUDFXMLLQDGDOãtVRXNURPpYLOHDSRGREQi
SUiFHPČþHNiLYH)UDQFLL,QVSLUXMLVHUĤ]QČYþDVRSLVHFKQDLQWHUQHWXQDYêVWDYiFK
SĜLFHVWiFKNXSXMLVLGHVLJQpUVNpNQLK\SURVWČVWiOHVHVQDåtPY]GČOiYDW
1DMDNêVYĤMGHVLJQpUVNêSURMHNWMVWHQHMYtFHKUGi"
8UþLWČQDUHVWDXUDFL3DORPDYH)UDQFLLDWRKODYQČSURWRåHMHWRYFL]LQČDQLNGR
WDPQHYČGČOFRMVHP]Dþ3UDFRYDODMVHPYNOLGXDEH]]E\WHþQêFKSĜHGVXGNĤRNROt
9ãLFKQLVH]DMtPDOLKODYQČRWRMDNUHVWDXUDFHY\SDGiDMDNpVHYQtSĜLSUDYXMHMtGOR
-HãWČ SĜHG R¿FLiOQtP RWHYĜHQtP Y\ãOD QD LQWHUQHWX D Y þDVRSLVHFK YH )UDQFLL YHOPL
SR]LWLYQtNULWLNDGHVLJQXFRåPČYHOPLSRWČãLOR
1RYiNDULpUD9DãHKRPXåH9iVY\QHVODPQRKHPYtFHGRVWĜHGX]iMPXPpGLt-DN
VHVWRXWRMLVWČQHYåG\SĜtMHPQRXSRSXODULWRXY\URYQiYiWH"
9\URYQiYiPVHVQtSRVWXSQČDVWiOHMHãWČQHPRKXĜtFWåHMVHPVLQDYãHFKQR]FHOD
]Y\NODäLYRWVH]PČQLOMDNPDQåHORYLWDNLPQČ=DþtQiWRWtPNROLNQDVHEHPiPH
þDVXDNRQþt]iMPHPQRYLQiĜĤQDYHĜHMQRVWL$MiERKXåHOQHMVHPWHQW\SNWHUêVLXåt
YiNG\åMHMHKRURGLQDVWĜHGHPSR]RUQRVWL
-DNêY\SDGiYiãEČåQêSUDFRYQtGHQ"
$VLMDNRNDåGpåHQ\5iQRYVWiYiPVGČWPLGRãNRO\DSĜLSUDYXMLMLPVQtGDQLDVYDþL
QX3RWRPY\EtKiPQDVFKĤ]N\QHERSUDFXMLYNDQFHOiĜL2GSROHGQHNROHPKRGLQ\
VHVQDåtPEêWGRPDDYČQRYDWVHGRPiFQRVWL±SĜLSUDYLWQČMDNpMtGORDSRGýDVWRWDNp
MHãWČVHGtPXSRþtWDþHDY\ĜL]XMLFRMHSRWĜHED9HþHĜtPHNROHPKRGLQ\
-DNQHMUDGČMLUHOD[XMHWH"
-HQWDNVLOHKQXNWHOHYL]LDþWXVLþDVRSLVQHERVHVHMGXVNDPDUiGNDPLDSRYtGiPH
VL1HMVHP]URYQDVSRUWRYQtW\SNWHUêE\VHY\ELOYWČORFYLþQČ
0LUNDäLURYQLFNi$*52)(57DV
)RWR0DWHM6OiYLNSĜHY]DWR]+RVSRGiĜVNêFKQRYLQ
%/(6.29é'27$=1Ë.
-DNRXKXGEXUiGDSRVORXFKiWH"
3RS±$YLFLL*HRUJH0LFKDHOD$GHOH3LWEXO-DPHVH$UWKXUDNDSHOX.U\ãWRI
&RUiGDþWHWH"
0RPHQWiOQČþWXNRPQDWX$QGUHMH%DELãHſURPiQ\SURåHQ\
-DNVHXGUåXMHWHYNRQGLFL"
9OpWČFKRGtPGR¿WND-LQDNQLMDNVQDåtPVHMtVW]GUDYČDQHSĜHMtGDWVH
0iWHQČMDNpSURIHVQtY]RU\"
9]RU\Y\ORåHQČQHPiPDOHREGLYXMLVSRXVWXOLGtNWHĜtQČþHKRGRViKOLDQČFRXPt
9 GHVLJQX MH WR (YD -LĜLþQi Y FKDULWČ VH PL OtEt 7HUH]D 0D[RYi D REGLYXML
VYpKRPXåH
&RMHSURYiVYåLYRWČQHMGĤOHåLWČMãt"
1HMGĤOHåLWČMãtMHXUþLWČ]GUDYtDURGLQD
-DQýDSHN+UDþN\])DWU\MVRXLNRQRXþHVNpKRGHVLJQX
1HQtPXMHãWČDQLþW\ĜLFHWDOHYWpWR]HPLXåSURãO\GYHĜPLWRYiUHQX]QiYDQêFK¿UHPRGKDGHPGYČPLOLDUG\MHKRYêURENĤ-DQýDSHN
GDOWYiĜQDSĜtNODG3(7ODKYtPPLQHUiOHN0DWWRQL$TXLOD0DJQHVLDQHER.RIRODDQDYUKOWDNpSĤOOLWU\SURSLYD*DPEULQXV.R]HOQHER
5DGHJDVW'HIDFWRQHQtýHFKNWHUêE\MHKRYêUREHNQHGUåHOYUXFH3UHVWLåQtRFHQČQt&]HFK*UDQG'HVLJQSURGHVLJQpUDURNXREGUåHO
DåOHWRV±]DQDIXNRYDFtKUDþNX3VD%XOtNDQDYUåHQRXSUR)DWUX1DSDMHGOD
3URþ MVWH VH UR]KRGO VSROXSUDFRYDW
-DNGORXKRWUYDOR3VD%XOtNDQDYUKQRXW
RG WHKGHMãtKR JHQHUiOQtKR ĜHGLWHOH SDQD
V)DWURX"
DY\URELW"
%OiK\7LWXO PDQDåHUND URNX VL ]DVORXåt
1DIXNRYDFtKUDþN\)DWU\MVRXLNRQ\þHV
2G]DþiWNXMVHPVHVQDåLORY\VWLåHQtMHKR
SDQt9\þiQNRYiNWHUi]DĜL]RYDODRKOHG
NpKRGHVLJQX-HVNYČOpPtWPRåQRVWVWiW
YHOLFHW\SLFNpKRFKDUDNWHUX7YDUXKODY\
QČKUDþHNQDSURVWRYãH
VH VRXþiVWt KLVWRULH WpWR ]QDþN\ 3URMHNW
YêUD]X SRVWRMH WČOD D MHKR ~KOĤ YþHWQČ
3URþMVWHVHSXVWLO]URYQDGR3VD%XOtND"
QRYêFKKUDþHN]RUJDQL]RYDOD7HUH]D%UX
RFDVXDXãt+ODYDE\ODSURPČQHMYČWãtP
%XOWHULpUDPiPHGRPDDYL]XiOQČMHSUR
WKDQVRYiDXWRUNDPRQRJUD¿HGHVLJQpUN\
RĜtãNHP=NRXãHOMVHPMLVYDĜRYDWPQRKD
PČVWiOH]GURMHPIDVFLQDFH%DYtPČKUiW
SĤYRGQtFK QDIXNRYDFtFK KUDþHN )DWU\
]SĤVRE\DY\ãODDåQDGYDFiWêSRNXV
VLYNRQWH[WXGČWVNpKUDþN\VHVWHUHRW\
2VORYLODPČDGDOãtGHVLJQpU\NRQNUpWQČ
&RMH]YDãHKRSRKOHGXQDQDIXNRYDFtFK
SHPWDN]YDQpKRERMRYpKRSVD]DNWHUp
PDQåHOH .R]RYL D =X]DQX /HGQLFNRX
KUDþNiFKQHMWČåãt"
KRMHR]QDþRYiQQHSUiYHP
9H )DWĜH GRVWDO SURMHNW YHONRX SRGSRUX
1DYUKRYDW QDIXNRYDFt KUDþN\ SUR PČ
YRGQtKRKRVSRGiĜVWYtFHONHPPLOLRQĤ
NRUXQ9êVOHGNHP MH ~VSRUD SLWQp YRG\
YREMHPXWLVtFNXELFNêFKPHWUĤYRG\
]DURNFRå]KUXEDRGSRYtGiURþQtVSRWĜH
EČYRG\WLVtFRYN\RE\YDWHO
$QLSRWUDYLQiĜLQHMVRXSR]DGX
6QDKD R FR QHMOHSãt Y\XåLWt YRG\ MH
SDWUQi L X SRWUDYLQiĜĤ 7DP NGH MH WR
PRåQp SRXåLWi YRGD SĜL YêUREČ QHRG
WpNiSU\þDOHY\XåtYiVHQDSĜtNODGMHãWČ
N FKOD]HQt XFSiYHN þHUSDGHO QHER
YFKODGtFtFKPLNURYČåtFK-HGQtP]SĜt
NODGĤMHWĜHEDPOpNiUQD7DWUD7DVHQD
YtFFK\VWiLQYHVWRYDWGRYODVWQtKR]GURMH
YRG\
0LODQ0LNXOND$*52)(57DV
PLOLDUG\NRUXQ±WROLNLQYHVWR
YDO\MHQFKHPLþN\$*)GRYRGRKRVSR
GiĜVWYtYSRVOHGQtFKSČWLOHWHFK
)DWUD VQtåLOD VSRWĜHEX YRG\
RSRORYLQX
3UHFKH]D VQtåLOD VSRWĜHEX
YRG\RþWYUWLQX
3RPiKiPHWČPNGRQDãLSRGSRUX
RSUDYGXSRWĜHEXMt
1DGDFH $*52)(57 VH
UR]KRGOD SRGSRĜLW 0H]LQi
URGQt GČWVNRX YêWYDUQRX Yê
VWDYX /LGLFH D UR]GDOD SĜHV
PLOLRQDSĤOQDSRPRFVHQLR
UĤP
91DGDFL$*52)(57VHVWi
OH GČMH QČFR QRYpKR 0H]L QHM
Yê]QDPQČMãt XGiORVWL PLQXOpKR
SROROHWtUR]KRGQČSDWĜt]DKiMHQt
VSROXSUiFH V 0H]LQiURGQt GČW
VNRX YêWYDUQRX YêVWDYRX /LGL
FH7DVYêPUR]VDKHPDGpONRX
WUYiQt QHPi Y ýHVNp UHSXEOLFH
REGRE\±ĜDGtVHPH]LQHMYČWãtDQHMVWDUãtYêVWDY\GČWVNpKRYêWYDUQpKRSURMHYXQDVYČWČ
-iVDPDMVHPVH~þDVWQLODKRGQRFHQtPH]LQiURGQtRGERUQpSRURW\DPXVtPĜtFLåHWR
E\OQiGKHUQêD]DMtPDYê]iåLWHN6NXWHþQČMVHPåDVODQDGGRNRQDORVWtQČNWHUêFKGČW
VNêFKSUDFt=iURYHĖPČSRWČãLORMDNY\VRNRX~URYHĖREHFQČPDMtSUiFHGČWt]ýHVNp
UHSXEOLN\1DGDFH$*52)(57QDYtFYHVSROXSUiFLVLQWHUQHWRYêPVHUYHUHPZZZDOLNF]
Y\KOiVLODLVSHFLiOQtFHQXYHNWHUpRYtWČ]LQHKODVXMHRGERUQiSRURWDDOHSĜtPRGČWL
3URGĤVWRMQpVWiĜt
'DOãtGĤOHåLWRXXGiORVWtE\ORXNRQþHQtJUDQWRYpKRĜt]HQtQDSRGSRUXRUJDQL]DFtPNWH
UpSRPiKDMtXPRåQLWVHQLRUĤPåtWFRQHMGpOHYHVYpPGRPiFtPSURVWĜHGt6HãORVHRSUDY
GXYHONpPQRåVWYtåiGRVWtDUR]KRGQČQHE\OROHKNpY\EUDWW\NWHUpVLSRGSRUX]DVORXåt
QHMYtFH6QDGVHQiPWRSRGDĜLOR-HGQiVHYHVPČVRRUJDQL]DFHNWHUpSRVN\WXMtRGOHKþR
YDFtDWHUpQQtVOXåE\DWRMDNYHYČWãtFKPČVWHFKWDNYWČåFHGRVWXSQêFKUHJLRQHFKýHVNp
UHSXEOLN\1DNRQHFMVPHSRGSRĜLOLRUJDQL]DFtFHONRYRXþiVWNRXNRUXQ
-VPHMHGLQt
1DNRQFLPLQXOpKRURNXMVHPQDWRPWRPtVWČLQIRUPRYDODR]Ĝt]HQt)RQGXSURURGL
þHVDPRåLYLWHOH-HXUþHQRVDPČOêPURGLþĤP±VDPRåLYLWHOĤPNWHĜtY\FKRYiYDMtMHGQR
þLYtFHGČWtGRYČNXOHWDWRMDNGČWLELRORJLFNpWDNGČWLDGRSWLYQtþLYSČVWRXQVNp
SpþL)RQGSRGSRUXMHPDWN\DRWFHNWHĜtVHLSĜHVYHãNHURXVYRMLVQDKXD~VLOtGRVWDOL
GRWtåLYpåLYRWQtVLWXDFHDDNWLYQČVHVQDåtQDMtW]QtYêFKRGLVNR=DMtPDYRVWtMHåHGR
WRKRWRIRQGXSXWXMtYãHFKQ\SĜtMP\SĜHGVHG\VSUiYQtUDG\1DGDFH$*52)(57SDQD
$QGUHMH%DELãH]SROLWLFNêFKDNWLYLWDWRYþHWQČSRVODQHFNêFKQiKUDG
.G\åMVPH)RQGQDSRGSRUXURGLþĤVDPRåLYLWHOĤYQRX]L]ĜL]RYDOLQHWXãLOLMVPHMDN
Yê]QDPQêPWpPDWHPVH
1i]HYRUJDQL]DFH9êãHQDGDþQtKR
SUR QiV WDWR SUREOHPD
WLND VWDQH 'QHV PRKX SĜtVSČYNXY.þ
ĜtFL åH WpPD URGLþĤ VD 6SRNRMHQêGRPRYRSV
PRåLYLWHOĤ MH MHGQtP ]H &HQWUXPSURVHQLRU\.ROtQRV
]iVDGQtFK WpPDW QDGDFH 3URVDSLDRVVGUXåHQtSURURGLQX
QHOLWpPDWHPVWČåHMQtP &KDULWD-DYRUQtN
0ČVDPRWQRXDVLQHMYt &HQWUXPSUR]GUDYRWQČSRVWLåHQp
FHSĜHNYDSLORåHMVPHSUR DVHQLRU\3DUGXELFNpKRNUDMHRSV
WXWR FKYtOL MHGLQRX QDGD 2EODVWQtFKDULWD.ODWRY\
Ft NWHUi VH V\VWHPDWLFNp FtUNHYQtSUiYQLFNiRVRED
SRPRFL VDPRåLYLWHOĤP $UFLGLHFp]QtFKDULWD3UDKD
YČQXMH 0DWN\ D RWFRYp FtUNHYQtSUiYQLFNiRVRED VDPRåLYLWHOp MVRX SĜLWRP /HWRNUXK\RSV
VSROXVHVHQLRU\VNXSLQRX
)DUQtFKDULWD/RYRVLFH
RE\YDWHO QHMYtFH RKUR
åHQRX FKXGRERX .H GQL +HZHU±REþDQVNpVGUXåHQt]V
X]iYČUN\WRKRWRþtVOD0D 'LDNRQLHý&(
JD]tQX$*52)(57MVPH VWĜHGLVNR=iSDGQtýHFK\
YUiPFL)RQGXSURVDPR &KDULWDâWHPEHUN
åLYLWHOHY\ĜtGLOLFHONHP 2EODVWQtFKDULWD8KHUVNê%URG
)DUQtFKDULWD/LWRP\ãO
åiGRVWt
=X]DQD7RUQLNLGLV 'LHFp]QtFKDULWD%UQR
$*52)(57DV REODVWQtFKDULWD+RGRQtQ
]QDPHQDOR]DþtW~SOQČRGQXO\1HMWČåãt
MHåHYãHVHQDYUKXMHQDSDStĜHQDMHGQp
SORãHDOHSDNVHWRQDIRXNQHDY\SDGiWR
~SOQČMLQDN3RNXGVLWHG\QČMDNêWYDUY\
P\VOtWHPXVtWHY\YLQRXW]QDþQp
~VLOt QHå ]MLVWtWH MHVWOL YãH VHGt
D QHMVWH REUD]QČ Ä]FHOD YHGOH³
FRåVHþDVWRVWiYi7HQWRSRVWXS
QHMGHQLMDNSĜHVNRþLWD~SOQČY\
ĜD]XMH SRXåLWt SRþtWDþH %\O WR
QiYUDWNSRFWLYpPDQXiOQtSUiFL
9H YêVOHGNX DOH PRKX V KUGRVWt
ĜtFWåHQDYãHFKKUDþNiFKSURãHO
GRVORYD NDåGê MHMLFK PLOLPHWU
PêPDUXNDPDDPQRKRNUiW
3UDFXMHWH Q\Qt QD QČMDNp QRYp
KUDþFH"
=DþtQiPSUDFRYDWQDQČNROLNDKUDþNiFK
DQiSDGHFKDXYLGtPHFREXGHIXQJRYDW
QHMOpSH
0LODQ0LNXOND$*52)(57DV

Podobné dokumenty

Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika. ĜtFLåHVH]DEêYDOLþW\ĜPLVWDY\KPRW\ WHG\ Ii]t SHYQRX NDSDOQRX SO\QQRX D SOD]PRX þL ]MHGQRGXãHQČ KPRWRX DHQHUJLt-LåWHKG\VLDOFK\PLVWpSDWUQČ XYČGRPRYDOL åH WHFKQRORJLH ...

Více

Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika. 1DVWiåLY'H]HRþLPDEUD]LOVNpVWXGHQWN\ 0HX QRPH p /DXUD WHQKR  DQRV H VRX GH /LQKDUHV XPD FLGDGH QR HVWDGR GR (VSLULWR6DQWRQR%UDVLOHVRXXPDHVWDJLiULDQD'H]D1RLQLFLRP...

Více

Sbor Morganovy státnt university Nathan Carter

Sbor Morganovy státnt university Nathan Carter EDOWLPRUVNêPLILOKDUPRQLN\QDÄ$IULFNêFKSRUWUpWHFK´V)LODGHOIVNêP V\PIRQLFNêPRUFKHVWUHPDQDÄ7RR+RWWR+DQGHO´V&RQFRUGLD2UFKHVWUD % KHPMDUDSURYHGOLVSROHþQ VHV\PIRQLFNêPLRUFKHVWU...

Více