nový domov - Czechevents.net

$SULO
1R(2885)
9ROXPH‡
=YêURþQtVFKĤ]H00,
VWU
%HQH¿þQtNRQFHUWþHVNp
79VWU
'ĤVWRMQiUHSUH]HQWDFH
KRNHMLVWĤVWU
3URMHNWýHVNpNRĜHQ\
3U
3
URMHNW
URM
UR
RMHNWýHVNp
RM
MHNW
NWWýHVNp
NW
ýHVNp
Np NR
Np
NRĜHQ\
N ĜHQ\
NRĜH
\
VWUU VWU
'LVNXVHN(LQVWHLQRYČ
WHRULLVWU
NOVÝ DOMOV
THE NEW HOMELAND
ZZZPDVDU\NWRZQFD
3XEOLVKHGHYHU\WKLUG7KXUVGD\
LVVXHVD\HDU
,661
3XEOLFDWLRQV
35$9'$9Ë7ċ=Ë
&$1$'$
6&=(&+$1'6/29$.1(:63$3(538%/,6+('%<0$6$5<.0(025,$/,167,787(,1&6,1&(
=YêURþQtKRMHGQiQt00,
$XGLWRU3DXO+DUWOQDYêURþQtP]DVHGiQtþOHQĤ00,
6QDGVHQD79QiGREtþNRQDVEtUi
9iåHQtSĜiWHOp
FKWČOD E\FK YiP YãHP SRGČNRYDWåHMVWHSĜLãOLQDPĤMEHQH¿þQt NRQFHUW 'ORXKR MVHP YiKDOD
]GD WDWR IRUPD ]iEDY\ D YêGČONX VRXþDVQČ SĜLQHVH VYp RYRFH
DOHMDNVHQDNRQHFXNi]DORQiSDG
WRE\OGREUê%\OLMVWHVSRNRMHQL
MDN V SURVWĜHGtP LUVNp UHVWDXUDFH
%UD]HQ+HDGWDNLVQiSOQtYHþHUD$ L SUR PČ WR E\O QH]DSRPHQXWHOQê]iåLWHNVWiODMVHPQDMHYLãWL SR GYDQiFWL OHWHFK$OH SUR
YiV SUR YãHFKQ\ NWHĜt MVWH SĜLãOL D WtP SRGSRĜLOL WHOHYL]Qt Y\VtOiQt Y NRPXQLWČ D GRNi]DOL åH
LWĜLQiFWêURNPiSURGXNFH1RYp
9L]HQiURNQDH[LVWHQFLMVHP]StYDODUiGD
9ČĜtP åH MVWH SR]QDOL åH MVHP
9iPRWHYĜHODVYRMHVUGFH0QR]t
]YiVMVWHY\MiGĜLOLUDGRVW]PRåQpKR SRNUDþRYiQt SRGREQêFK
DNFtDSURWRåHMDNGREĜHYtWHYêWČåHNNRQFHUWXE\OXUþHQNQiNXSXQRYêFKYêUREQtFKSURVWĜHGNĤ
WR MH NDPHU\ D SRþtWDþH DOH Y\GČODO SRXKp GYD WLVtFH D FHONRYi
SRWĜHEQi VXPD MH Y EU]NpGREČVHEXGHGDOãtIXQGUDLVLQJ
RSDNRYDW7DPNURPČ]iEDY\SĜLMGHMHãWČPQRKRMLQêFKSĜHNYDSHQt9ČĜtPåHWHOHYL]QtPXY\VtOiQt ]DFKRYiWH SĜt]HĖ D SĜLMGHWH L
SĜtãWČ9iåtPHVLYDãtãWČGURVWLD
RGGDQRVWL
7R MH Y]ND] 0DUNpW\ 6OHSþtNRYpSURGXFHQWN\þHVNpKRWHOHYL]QtKRY\VtOiQt1RYi9L]HY7RURQ-
WXNWHUiQDEHQH¿þQtPNRQFHUWXV
3DXORX%DUWRNRYRXWDNp]StYDOD
3ĜtWRPQp ]DXMDOD Y RQHQ VRERWQt
YHþHU GXEQD Y V\PSDWLFNpP
VW\ORYpP µSXEXµ %UD]HQ +HDG Y
7RURQWX FLNiQVNêPL StVQČPL D
ãDQVRQ\ 2EČ ]SČYDþN\ SĜLYHGOD GRKURPDG\ QiKRGD D MDN VH
XNi]DOR FK\ED WR QHE\OD 2EHFHQVWYHP REVD]HQi PtVWQRVW WRQXODYWLFKXNG\åVSXVWLO\VYRMH
GXHWD-HMLFKSURIHVLRQiOQČãNROHQpKODV\VHQHVO\SURVWRUHPDYêNRQ E\O RFHQČQ GORXKRWUYDMtFtP
SRWOHVNHP D VSRQWiQQtPL YêNĜLN\µEUDYR¶
1XWQRGRGDWåH0DUNpWDQDVWRXSLOD QD VFpQX Y QHGREUpP ]GUDYRWQtP VWDYX 7UiSLO\ ML SRWtåH
V GêFKDQtP YOHNOê ]iQČW YHGOHMãtFK QRVQtFK GXWLQ ]DVW\GOi
UêPD ± VLQXVLWLGD ML SURQiVOHGXMH Xå QČNROLN WêGQĤ9 VRERWX
YHGYČRGSROHGQHSURSDGODSDQLFHåHNRQFHUWQHRG]StYiQDNROLN
QHE\OD VFKRSQi XWiKQRXW GHFK
DOH QDãWČVWt VH REUiWLOD QD RVREX
SRYRODQRX D GU 0LORã .UDMQê ML
GRVORYD SRVWDYLO QD QRK\ WDNåH
MVPH ML PRKOL YLGČW R VHGPp YHþHU Y UHODWLYQt SRKRGČ 6WiOH VH
DOHOpþt
6ORYD VH XMDO SRSXOiUQt EDVLVWDNWHUêVLVYpKRþDVXPXVHOQHFKDWY\URELWQiVWURMQDVYRMLYêãNX NG\å QD VWDQGDUGQt GRViKQRXWPČOSUREOpP7DOHQWRYDQêD
VYêP OHGRYêP NOLGHP L NG\å Y
RþtFKVYĜHOêPLSRKOHGHPGRNi-
åH VWUKQRXW REHFHQVWYR QHMHQ NH
]SČYXDOHWDNpNQHMY\ããtSR]RUQRVWL $EEH\ 6K|O]EHUJ MH SURVWČ~åDVQê$OHQLFMLQpKRVHQHGi
ĜtFLDQLRWČFKGUXKêFKNWHĜtKUiOL SRG YHGHQtP -LUN\ *URVPDQD 0X]LNDQWD NWHUpPX N\WDUD
MDNRE\SĜLURVWODNUXNiP$WLFR
YČGtåHQ\QtåLMHQD)ORULGČQHPXVtKOHGDW]GURMMHKRPX]LNDQWVNpKRSĜHURGX±WDPČMãtVW\OKXGE\ PX MGH SĜtPR RG VUGFH 0QČ
VHMHYtåHWDPãHOVSth7
ãH ]D VYêP PX]LNDQW-
1D GXEQRYp YêURþQt VFKĤ]L þOHQĤ 0DVDU\NRYD LQVWLWXWX MHMLFKå
MHGQiQt VH NRQOR URYQČå Y
DQJOLþWLQČVHSRVFKYiOHQtORĖVNp
URþQt]SUiY\URNRYDORPMRKRVSRGDĜHQtQHYêGČOHþQpRUJDQL]DFH
YXSO\QXOpPREGREtDRMHMtPGDOãtPåLYRWČDSRVWDYHQtYH
VSROHþQRVWLYVRXþDVQêFK
SRGPtQNiFK6URþQtD¿QDQþQt ]SUiYRX VH]QiPLO
SĜtWRPQp H[WHUQt DXGLWRU
3DXO+DUWONQČPXåWDNpSR]GČML
VPČĜRYDO\GHWDLOQtRWi]N\SĜtWRPQêFKþOHQĤ
9HVYpYêURþQt]SUiYČSURãHOGRVDYDGQtSUH]LGHQW00,)UDQWLãHN
-HþPHQDNWLYLWX~VWDYXPMĜHNO
³,ZRXOGOLNHWRLQIRUP\RXDERXW
0DVDU\N0HPRULDO,QVWLWXWHDFWLYLWLHVHYHQWVDQGKDSSHQLQJVVLQFHWKHODVW*HQHUDO0HHWLQJ<HDU
ZDV UHODWLYHO\ JRRG FRQVLGHULQJ WKH FKDOOHQJHV DQG WDVNV
WKDWQHHGHGWREHDGGUHVVHG,EHOLHYH WKDW DOO RI \RX DUH LQWHUHVWHGZKDWVWHSVZHUHPDGHDQGWKH
SURJUHVV LQ WKH PDWWHU RI XSJUDGLQJ RXU &RUSRUDWH GRFXPHQWV
0LVVLRQ 6WDWHPHQW 2EMHFWV DQG
%\ODZV
$W WKH$*0 ODVW \HDU , KDYH UHSRUWHG WR \RX WKDW ZH QR ORQJHU
KDYHFKDULWDEOHVWDWXVDQGWKDWZH
ZLOOUHPDLQDVDQRQSUR¿WRUJDQL]DWLRQ7KLV\HDUZHPDGHVRPH
SURJUHVV LQ RUJDQL]LQJ RXU OHJDO
VWUXFWXUHDQGZLOOEHZRUNLQJRQ
RXUDFFRXQWLQJVRWKDWLWLVDSSURSULDWHWRRXUQRQSUR¿WVWDWXV:H
ZLOOEHZRUNLQJZLWKDQDFFRXQWDQWZKRZLOOKHOSXVRUJDQL]HWKH
ZD\ZHGR¿QDQFLDOUHSRUWLQJDQG
EXGJHWLQJVRWKDWLWZLOOPHHWWKH
UHTXLUHPHQWV WKH &DQDGD 5HYHQXH$JHQF\KDVIRUQRQ
SUR¿WRUJDQL]DWLRQV
:RUNLQJ ZLWK RXU ODZ\HUVZHKDYHDOVRUHYLVHG
ZKDW LV FDOOHG RXU ³REMHFWV´ ± ZKLFK GHVFULEH LQ YHU\
VLPSOH WHUPV ZK\ ZH H[LVW ,Q
D IHZ ZHHNV \RX ZLOO EH JHWWLQJ
D QRWLFH IURP XV WR DWWHQG VSHFLDO PHHWLQJ RI PHPEHUV ZKHUH
ZHZLOOEHDVNLQJ\RXWRDSSURYH
QHZREMHFWVDQGDQHZQDPHIRU
00,:HDUHSURSRVLQJWREHFDOOHG0DVDU\N,QVWLWXWHVRWKDWSHRSOHFRPLQJWRYLVLW0DVDU\NWRZQ
GRQ¶WWKLQNZHDUHDFHPHWHU\
7KH QHZ REMHFWV DUH WKH GRFXPHQWV ZKLFK DUH XVHG WR UHJLVWHUXVDFRUSRUDWLRQDUHWRUHÀHFW
PRUHDFFXUDWHO\ZKDWZHGR:H
ZHUH DGYLVHG WKDW LQ RUGHU WR EH
SURSHUO\RSHUDWLQJDVDQRQSUR¿W
RUJDQL]DWLRQZHQHHGWREULQJRXU
REMHFWVXSWRGDWH
:H KDYH IRUPHG D 6HOI $VVHVVPHQW &RPPLWWHH ZKLFK ZLOO IRFXV RQ RXU IXWXUH ZKDW ZH DUH
GRLQJZK\IRU ZKRP DQG ZKDW
ZHFDQLPSURYH$OORIWKHVHSURFHGXUHV DQG FKDQJHV UHTXLUHG IRU XSGDWLQJ WKH h
=OHYD(G9RNXUND3DXOD%DUWRNRYi0DUNpWD6OHSþtNRYi$EEH\6K|O]EHUJ)RWR2QGUHM0LKDO
2
KE DNI
1ČNG\PiPFKXĢY\NĜLNQRXWQDFHOê
VYČW9]SDPDWXMVHNXOtãVHGR]i
KXE\ -VRX RSWLPLVWp FR WYUGt åH
WRPXWDNQHQtDOHNDåGêGHQSRGi
Yi GĤND] R RSDNX 1HNĜHVĢDQVNp
VWDYE\URVWRXMDNRKRXE\SRGHãWLD
LYGRPRYLQČNGHVH]GiORåHRGSRU
EXGH WUYDOHMãtKR Ui]X ,VOiPãWt UDGL
NiORYp QHMVRX QD ~VWXSX GRNRQFH
QD)LOLSLQiFKXNi]DOLMDNQHUHVSHNWX
SOQiPĤåHEêWSURQČ.DQDGDNG\å
SRGĜt]OLMHMtKRREþDQDSRWpFRQHRE
GUåHOLVYpÄVSURSLWQp³]DMHGQXEtORX
KODYX«SVDODRWRPQDVYpPZHEX
~åDVQČ RGYiåQi QRYLQiĜND 3DPH
OD *HOOHU åHQD EH] Ei]QČ L NG\å Mt
Y\KURåXMtRQDYDNWLYLWČRWYtUiQtRþt
YãHP]SR]GLOêPQHXVWiYi7DPMVRX
YČFL 7DNp YLGt MDN VH QDãHPX 30
OtEtYPHãLWČ«SRVWĜHKOLMVWHQČMDNRX
]SUiYX Y NDQDGVNpP WLVNX R MLå QH
åLMtFtP]DMDWFLNWHUpKRMLKiGLVWpåDOi
ĜRYDOL]ĜHMPČMDNR]iORKXVYpKRSĜt
MPXSRFHOêURNVRVWDWQtPLWĜHPL"$
QHXVWiYDMtDQLSUREOpP\VLPLJUDQW\
1ČNWHUp]DSURKĜHãN\YUDFHMtGRPĤ
DOHQLNGRQHYtNXG\VHYUiWt]SČW$
0HUNHORYiNUR]XPXQHSĜLãODWDNåH
VL(YURSDVWDYtSORW\WRĢMHGLQiPRå
Qi RFKUDQD SĜHG QiMH]GQtN\ 9 (Y
URSČ MLFK MH MLå QD NP VSROHþ
QČVSĜtVQêPLSRKUDQLþQtPLKOtGNDPL
-HGQRKR åHOH]QpKR SORWX ]D NRPX
QLVWĤMVPHVH]EDYLOLDPQRKHPYtFH
MLFK URVWH ]D GHPRNUDFLH« UR]XPt
WH WRPX" 0R]HN PL WR QHEHUH 6WD
UêNRQWLQHQWVHEXGH]DFKYtOLLGHQWL¿
NRYDWMDNR~]HPt]D3UYQtP]D'UX
KêPþL]D7ĜHWtPDWGSORWHP3ORW\VL
VWDYtLQD~]HPtVFKHQJHQVNpKRSUR
VWRUX NGH VH PRKOR SRK\ERYDW YRO
QČ 9êVWDYED REUDQQpKR V\VWpPX
MHOHJiOQt6WiW\(YURSVNpXQLHPDMt
SUiYR VL UR]KRGRYDW NGR QD MHMLFK
~]HPt YVWXSXMH ěHFNR ]DþDOR VWD
YČW SORW SURWL PLJUDQWĤP SRGpO KUD
QLFHV7XUHFNHPXåYUNL
ORPHWURYê SORW ] EHWRQX D RVWQDWp
KR GUiWX VWĜHåLO\ NURPČ PRQLWRURYD
FtKRV\VWpPXLWLVtFHSROLFLVWĤSRGpO
ĜHN\0DULFDQHERWDNp(YURVQDYtF
ěHNRYpY\NRSDOLKOXERNêSĜtNRS6H
]DþiWNHPPLJUDþQtNUL]HVHYORQLY\
VWDYČOR Y (YURSČ QČNROLN SORWĤ QHM
GHOãtPMH]DWtPNLORPHWURYi]Hć
QDPDćDUVNRVUEVNpKUDQLFL1DNRQ
FL ORĖVNpKR URNX SDN ]DþDOL 0DćDĜL
RSORFRYDW L KUDQLFL V &KRUYDWVNHP
DWG+UDQLFHVH6ORYLQVNHPX]DYĜH
OR L 5DNRXVNR 1ČPHFNR )UDQFLH D
1RUVNR ]SĜtVQLO\ KUDQLþQt NRQWURO\
)UDQFRX]LVHVRXVWĜHGLOLQD&DODLVD
SRWHQFLiOQtSĜHVXQPLJUDQWĤGR9HO
Np%ULWiQLH.DåGêSORWVLFHVQtåLOSR
þHWLOHJiOQtFKPLJUDQWĤDOHXSUFKOLF
NiYOQDVHSĜHVXQXODMLQDP1HMþHU
VWYČMãtPVWDYLWHOHPMH5DNRXVNRLQ
IRUPXMHZHEL'QHVF]%DULpUDY]QLN
QH Y %UHQQHUVNpP SUĤVP\NX NWHUê
MHGRSUDYQtPX]OHPQDDOSVNêFKKUD
QLFtFKV,WiOLL.G\E\WRQHE\ORWDNWUD
JLFNp]D]StYDOLE\FKRPVLV:DOGH
PDUHP 0DWXãNRX D (YRX 3LODURYRX
MDNR RQL Y 7DP ]D YRGRX SOR
WHPYUiNRVt«9]SRPtQiPQDVYp
KRY]GČODQpKRNROHJXNWHUêSĜHGSR
YtGDO åH SĜLMGH þDV NG\ VH EXGRX
WLKRGQtVFKRYiYDWYHYČ]HQtFKSĜHG
GDUHEiN\MDNMiWRYLGtP]ĤVWDQH
WDPKRGQČLWDNYROQêFKFLPHU
1HQHFKHMWHVHRWUiYLWXGČODWVLNDå
GêGHQMHGQXUDGRVWMHMHQYQDãLFK
UXNiFK«YãHGREUpYãHP9DãHYN
1RYêGRPRYþ
632/(ý(16.é.$/(1'Èě ž
TORONTO
Ź1(YH±MDUQtIHVWLYDO6RNRO7RURQWRXNi]N\FYLþHQtGČWtSĜH
GiQtPHGDLOtGČWHP]DYêVOHGN\]J\PQDVWLFNpVRXWČåHSĜLYtWiQtQRYêFKþOHQĤ
GRVRNROVNpRUJDQL]DFHLQIRUPDFHRSĜtVWtFKDNFtFK6RNRODREČGVHSRGiYi
SĜHG]DKiMHQtPSURJUDPXGRVSČOtGČWLKDODNRVWHODVY9iFODYD
*ODGVWRQH$Y7RURQWRUH]HUYDFH+DQD-XUiVHNHPDLO
KDQDMXUDVHN#\DKRRFD
Ź1(Y±1RNWXUQDYHPČVWČVY\KOiãHQêPWRURQWVNêPMD]]PD
QHP'UHZ-XUHFNRXNWHUêQiVQDYãWtYtXåSRQČNROLNiWp9å\G\FN\VHVHWNDO
V~åDVQêPREHFHQVWYHPDRSDþQČ]DVHVY\QLNDMtFtPSURJUDPHPWĜtPX]L
NDQWĤ,QIRUH]HUYDFHUHVWDXUDFH3UDKD6H
MGHPHVHQD0DVDU\NWRZQXV~åDVQêPMD]]RYêPWULHP
Źý7Y±VHPLQiĜQDWpPD.DUHO,9VSURPtWiQtP¿OPXXVNXWHþ
Qt-9LODYUHVWDXUDQWX3UDKDQD0DVDU\NWRZQX6FDUERURXJK*ROI&OXE
5G7RURQWR9VWXSYROQê,QIRSDQt,YD
Ź1(Y1RNWXUQDYHPČVWČV.DUROtQRX.XEiONRYRX]QiPRX
SLDQLVWNRXGFHURXYČKODVQpKR$QWRQtQD.XEiOND8VO\ãtPH5DFKPDQLQRYD
0R]DUWDD&KRSLQD1iGKHUQpVNODGE\YSRGiQtWDOHQWRYDQpSLDQLVWN\5H]HU
YDFHDLQIR9H]PČWHVVHERXWDNpVYRMHGČWLSRNXGVH]DMt
PDMtRYiåQRXKXGEXYVWXSSURQČMH]GDUPD+DODNRVWHODVY9iFODYD
*ODGVWRQH$Y7RURQWR3ĜLMćWHVHSRWČãLWKXGERXSVDQRXWDOHQWHPDSUH]HQ
WRYDQRXVUGFHP
Ź62D1(RG±'RRUV2SHQMHYČQRYDQê]DMtPDYêP
VWDYEiPY7RURQWXWHQWRNUiWVHXVNXWHþQtYDUHiOX0DVDU\NWRZQX1H]DSR
PHĖWH VL UH]HUYRYDW þDV VWDĖWH VH WDNp KRVWLWHOL QiYãWČYQtNĤ Y DUHiOX NWH
UêMHQHGtOQRXVRXþiVWtQDãLFKNRPXQLWQtFKåLYRWĤSRYtFHQHåOHW=iMHPFL
RGREURYROQRXDNWLYLWXDWYRĜLYtMHGLQFLVRULJLQiOQtPLQiSDG\MVRXYtWiQLLQIR
9tWiQMHNDåGêEH]RKOHGXQDQH]QDORVWþHVNpKRþLVORYHQ
VNpKRMD]\ND
Ź1(DWSP7KH6XQ$OVR5LVHV7RURQWR&KDPEHU&KRLUµVFRQFHUW
DWWKH&KXUFKRIWKH5HGHHPHU%ORRU6WUHHW:HVWDW$YHQXH5RDG%ORRU
8QLYHUVLW\7KHIUHHSUHFRQFHUWWDONEHJLQVDWSP7LFNHWSULFHVDUH
UHJXODUVHQLRUXQGHU0RUHWRURQWRFKDPEHUFKRLUFD
Ź1(3RXĢGR0LGODQGXSRXĢNHNDQDGVNêPPXþHGQtNĤPGR0LGODQ
GX.GRE\FKWČOSXWRYDWþiVWFHVW\SČVN\R]YČWHVH3HWĜH'ODEDORYpSHWUD
GODEDORYD#JPDLOFRP9\MGHPHYVRERWXþHUYQDUiQR]&ROGZDWHUSRWX
ULVWLFNpVWH]FHGR0LGODQGXFHONRYiGpONDNP90LGODQGXEXGH]DMLVWČQ
QRFOHKYXE\WRYQČSURSRXWQtN\9GHQSRXWLGR0LGODQGXQHEXGHY7RURQWX
SUDYLGHOQiQHGČOQtPãHVYDWi
Ź62RGýHVNêDVORYHQVNêGHQWUDGLþQČVERKDWêP]iEDY
QtPSURJUDPHPVKRMQRVWtWUDGLþQtFKSRNUPĤDWHNXWLQ0tVWDMHYSDUNXGRVW
SURNDåGpKRNRKRVLVVHERXSĜLYHGHWHQH]iOHåLQDUR]GtOQRVWLMD]\NDYãLFK
QLMVRXYtWiQLSREêWQD0DVDU\NWRZQXMDNRGRPDDSRWČãLWVHNXOWXURXþHV
NpKRDVORYHQVNpKRIRONORUXDåGRSR]GQtQRFLSĜLWDQFLD]SČYX,QIR00,
7ČãtPHVHQDVHWNiQtVYiPLYãHPLQD6FDUERURXJK*ROI
&OXE5RDGY7RURQWX
ý(6.Èâ.2/$7252172
Ź62NDåGi±ýHVNiGRSOĖRYDFtãNROD00,SURGČWLOHW
XþHEQDQD%DWKXUVW6W7RURQWR9tFHZZZEDWKXUVWFRP3ĜLYHćWH
VYRMHGČWLVMDNRXNROLY~URYQt]QDORVWLþHãWLQ\9ãHFKQ\MVRXVUGHþQČYtWiQ\
9tFHLQIRUPDFtSDQt,YD
ý(6.ÈD6/29(16.Èâ.2/$.,7&+(1(5
62NDåGi±SURGČWLYHYČNXOHW6W)UDQFLV6FKRROZLQJ
$*DWHZRRG5G.LWFKHQHU=iMHPFLNRQWDNWXMWHVHYSĜtSDGČ]iMPXR
þHVNRXãNROXV0LUNRX3LURYRXPLUNDSLURYD#ZFGVEFDYSĜtSDGČYêXN\VOR
YHQãWLQ\V9DQGRX*DEDMRYRXYDQGDJDEDMRYDZFGFEFD,QIRWDNpQDZZZ
NZF]HFKVDQGVORYDNVFRP
JUDP\
&9,ý(1Ë SOKOL TORONTO
Ź32NDåGpYROHMEDO*+DUYH\&,.HHOH6WLQIRKHU
PDQHNV#\DKRRFD
Ź&YLþHQtGRVSČOtNDåGRX67*+DUYH\&,.HHOH6W
LQIRKHUPDQHNV#\DKRRFD
Ź&YLþHQtVGČWPLNDåGRX620DJQHWLF'U8QLW7RURQ
WRLQIR,YDQFXULOOD#JPDLOFRP
6/29(16.È796/29(16.é69(7
62NDåGiYDÒ7NDåGpYRSDNRYiQt3URGXFHQWND.DWD
ULQD+RPRORYi7HOHPDLOVORYHQVN\VYHW#JPDLOFRPZZZ
WYVHGQDFRP
&$/*$5<
Ź62YNDåGiNURPČGORXKêFKYtNHQGĤþHVNêDVORYHQVNê
MD]\NY\XþRYiQtVHNRQiQDQRYpDGUHVH7KH9LOODJH%UHQWZRRG5G
1:Y&DOJDU\9DãHåiGRVWLDGRWD]\RFKRWQČY\ĜtGt$QGUHD/RHZHQ±PD
PLQND.iML7RELiãHD$QLþN\QDWHOQHERHPDLOHPDQGUHDOR
HZHQ#\KRRFD
Ź62NDåGRXYêXNDþHãWLQ\GRVORYHQãWLQ\YGR
K 8NUDLQLDQ<RXWK$VVRFLDWLRQ &HQWUH $YH 1( ýHVNi ãNROD MH WDN
]QRYXRWHYĜHQDSRWpPČĜOHWpSĜHVWiYFH
Ź62NDåGRXVORYHQVNiãNRODMHRWHYĜHQDSRSUYpYKLVWRULL&DOJDU\
åiNĤYHYODVWQtWĜtGČ0DUFHOD7XFNHUPDUFHODWXFNHU#JPDLOFRP,QIRR
VORYHQVNpGU(YD+DG]LPDKDG]LPND#\DKRRFRP:HED)%6ORYDN6FKR
ROLQ&DOJDU\ZZZVNVFKRROFD)%VNVFKRROFD
('021721
Ź:HEý66.5LVNXMNUDMDQHKUDQDRQOLQHMHXUþHQDSURNDåGpKRSURYČĜ
WHVL]QDORVWLRVYpYODVWL7DWRVSROHþHQVNiKUDMHVHVWDYHQDQD]iNODGČSR
SXOiUQtWHOHYL]QtKU\]QDORVWt-(23$5'<ý66.(GPRQWRQ'DOãtSRNUDþRYi
QtMHQDWpPDþHVNiDVORYHQVNiNXFK\QČKWWSZZZFVVNFDULVNXMBNUDMDQH
3ĜHMHPHGUDPDWLFNpKHUQtQDSČWt
Ź67NDåGiY&]HFKDQG6ORYDNFKRLURI(GPRQWRQSĜLMtPiQRYpþOH
Q\=NRXãN\VHNRQDMtY'D\VSULQJ3UHVE\WDULDQ&KXUFKD$YH(G
PRQWRQ,QIR.DPLOD0RTXLQNDPLODPRTXLQ#JPDLOFRP
Ź9êXNDþHVNpKRMD]\NDVQRYêPLQVWUXNWRUHPâWČSiQHP3HOODUHPNWHUêY\
XþRYDOþHãWLQČWDNpY3RUWXJDOVNX:LUWK,QVWLWXWH8QLYHUVLW\RI$OEHUWD6OH
GXMWHWLVNSURYtFHLQIRUPDFt
ŹÒ7NDåGpSUYQtYPČVtFLSUDYLGHOQpSĜHGQiãN\698]DþDO\YĜtMQX3R
GUREQRVWLMVRXR]QiPHQ\/RFDWLRQ±,G\OZ\OGH&RPPXQLW\OHDJXH9VWXSMH
YROQêPDOpREþHUVWYHQt
.,7&+(1(5:$7(5/22*8(/3+
Źý7Y±þHVNêEDYLþ=GHQČN,]HUY\VWRXSt&ROGZHOO%DQNHU3H
WHU%HQQLQJHU5HDOW\7KHDWHUURRP5LYHUEHQG'U.LWFKHQHU]YH.:
&]HFK DQG 6ORYDNV REþHUVWYHQt ]D KRWRYp ,QIR %ODQND 0LFKDOH HPDLOHP
NZF]HFKVDQGVORYDNV#\DKRRFRP
Ź62RGGR&]HFKDQG6ORYDNSLFQLF&URDWLD&OXE
6KDQW]6WDWLRQ5G55%UHVODXSRĜiGi.:&]HFKVDQG6ORYDNV,I\RX
ZRXOGOLNHWRYROXQWHHURUVSRQVRURXUHYHQWSOHDVHFRQWDFWXVDWNZF]HFK
VDQGVORYDNV#\DKRRFRP7KLVLVD)81'5$,6,1*HYHQWDQGPRQH\ZLOOEH
XVHGWRVXSSRUWRXUFRPPXQLW\$GXOWVDQGFKLOGUHQDQGRYHU±FKLO
GUHQXQGHU±)5((
ŹÒ7NDåGpRG6RNROVNiSRERþNDY.:*(OL]DEHWK=LHJOHU6FKR
RO0RRUH$YH6:DWHUORR,QIR-DQD.DUJHUWHO7Čãt
PHVHQDYiV
ý(6.È79129È9,=(
62NDåGiYDÒ7NDåGpYRSDNRYiQtY\VtOi1RYi9L]H
YGRVDKX2QWDULDQDVWDQLFL201,Y7RURQWXNDQiONDEHODSUR
GXFHQWND0DUNpWD6OHSþtNRYiWHO1RYD9L]H$XEXUQ$Y
7RURQWR21QRYDYL]HFD#JPDLOFRPZZZQRYDYL]HFRPQČNWHUp79SUR
)LOPRYpSRQGČON\
Ź±/iVNDVRXGUXKXNRPHGLH)LQVNRýHVNR1RUVNR
Ź,QQRPLQH3DWULVUHåLH-DURPtU3ROLãHQVNê¿OPRYêSRKOHGQDXGi
ORVWLNROHPþLKRãĢVNpKR]i]UDNX
Ź'REUêGHQþURþQtN;;;,,,±SUiYČY\ãHOY\GiYiMH.:*SRERþ
NDýHVNpKRDVORYHQVNpKRVGUXåHQtY.DQDGČYHGH(YD.UDWRFKYtORYi
âHN\ODVNDYČ]DãOHWHQD&]HFKDQG6ORYDN$VVRFLDWLRQRI&DQDGD.:*
%UDQFK.LQJ6W1(32:DWHUORR211/.&DQDGD
02175($/
,10(025,$0
9HYČNXOHW]HPĜHODGXEQDYH9DOOH\¿HOGXY4XHEHNXSDQt(PL
O\%5ģ&+29ÈUR]HQi+HLGHURYiYGRYDSRGORXKR]HVQXOpP-LĜtP%UĤFKR
YLNWHUêSDWĜLOGRVNXSLQ\NRPXQLVW\SURQiVOHGRYDQêFKW]YÄVRFL
iOQČGHPRNUDWLFNêFKSUDYLþiNĤ³3RVSROHþQpPSRE\WXYQČPHF
NpPXSUFKOLFNpPWiERĜH-DHJHUKRIIY/XGZLJVEXUJXYOpWČURNX
]DNRWYLODMHMLFKORćY+DOLID[XSURVLQFH90RQWUH
:HDFNQRZOHGJHWKH¿QDQFLDOVXSSRUWRIWKH*RYHUQPHQWRI
&DQDGD WKURXJK WKH &DQDGD 3HULRGLFDO )XQG &3) RI WKH
'HSDUWPHQWRIWKH&DQDGLDQ+HULWDJH
ýtVORY\ãORþY\MGHX]iYČUNDMH
5<&+/é.217$.7
YHUDWRURQWR#JPDLOFRP
ý(6.Èâ.2/$2$.9,//(
62 NDåGi ± ýHVNi GRSOĖRYDFt ãNROD SUR GČWL YH YČNX OHW NWHURX SURYR]XMH +RO\ )DPLO\ &DWKROLF 6FKRRO *URVYHQRU 6WUHHW
2DNYLOOH21/+/+&'6%,QWHUQDWLRQDO/DQJXDJHV,QIRXþLWHON\5HQD
WD)UHLEHUJRYiWHOHPDLOUHQDWDBIUHLEHUJ#\DKRRFRPQHER
0DULDQQD9LHZHJKRYiWHOHPDLOPYLHZHJKRYD#JPDLOFRP
6/29(16.Èâ.2/$0,66,66$8*$
62NDåGi±%OHVVHG7HUHVDRI&DOOFXWD(OHPHQWDU\6FKRRO
5XQQLQJEURRN 'U 0LVVLVVDXJD Y\XþXMH 'DQLHOD .UDPiULNRYi HPDLOGDQLHOD#JPDLOFRP
1RYêGRPRYþ
DOXMVPHSDNSUDFRYDOLSURVWHMQRX¿UPX3DQt(PLO\E\ODYHOPLSLOQiDLQ
WHOLJHQWQtGiPD3RGORXKiOpWDE\ODþOHQNRXýVQiURGQtKRVGUXåHQtDSR
PiKDODSĜLQDãLFKED]DUHFK.GRMVWHML]QDOLYČQXMWHMtPLORXY]SRPtQNX
$ORLV)RJO
Ź([KLELWLRQÄ&RXSOHV³DWWKH(PEDVV\RIWKH&5
7KH$PEDVVDGRURIWKH&]HFK5HSXEOLF0U3DYHO+UQþtĜDQG0UV9HURQLND
+ROFRYi UHTXHVW WKH SOHDVXUH RI \RXU FRPSDQ\ DW WKH H[KLELWLRQ Ä&RXSOHV³
2SHQLQJRQ)ULGD\0D\DWSP&RRSHU6WUHHWLQ2WWDZD7KH
H[KLELWLRQLVDÄSLORW³HYHQWRIWKHSURMHFWRI*DOOHU\7KH(PEDVV\RI
WKH&]HFK5HSXEOLFLVSDUWQHULQJZLWKWKHQRQSUR¿WLQLWLDWLYH*DOOHU\WR
KRVWDUWH[KLELWLRQVLQWKH(PEDVV\EXLOGLQJZKLFKKDVEHHQUHFHQWO\DGDSWHG
IRUWKHSUHVHQWDWLRQRIDUWLVWLFZRUNV*DOOHU\ZLOOSURYLGHDYHQXHIRU
FRQWHPSRUDU\&]HFKDQG&DQDGLDQDUWLVWVWRVKRZFDVHWKHLUZRUNVRYHU
DQG 7KHVH DUH WKH \HDUV LQ ZKLFK &DQDGD DQG WKH &]HFK 5HSXEOLF
ZLOOFRPPHPRUDWHLPSRUWDQWDQQLYHUVDULHVQDPHO\\HDUVVLQFH&DQDGLDQ
&RQIHGHUDWLRQDQG\HDUVVLQFHWKHFUHDWLRQRIWKHLQGHSHQGHQWVWDWHRI
&]HFKRVORYDNLD'XULQJWKHVH\HDUVZHZLOORUJDQL]HDVHULHVRIH[KLELWLRQV
IHDWXULQJ DUWLVWV IURP ERWK RXU FRXQWULHV :H KRSH WKDW ZH ZLOO EH DEOH WR
DWWUDFWHQWHUWDLQDQGPD\EHHYHQVXUSULVH\RXZLWKLQVSLULQJDQGDUWLVWLFDOO\
YDOXDEOHZRUNVRIDUW)RUPRUHLQIRUPDWLRQFDOO0LORVODYD0LQQHVDW
H[W
Ź67DYHVFKĤ]ND.OXEXVHQLRUĤýVGĤP0F/\QQ
LQIRSDQt2OJD1RYiNRYiWHO
1(YPLVH6Y9iFODYDDERKRVOXåE\UĤåHQHFVHPRGOtPHRG
KRGLQ3ĜLFKi]HMWHYþDVSURWRåHEXGRYDVHYKRGLQ]DP\Ni.DSOH
/R\ROD+LJK6FKRRO6KHUEURRNH:
Ź62Y%%46WHDNSDUW\1'*%OYGGH0DLVRQQHXYH:LQ
0RQWUHDOEDQG6SULQJGLQQHUYHJJLHVVDODGFRIIHHGHVVHUWVLQFOXGHGLQ
WKHSULFHRIRQO\SHUVRQ'ULQNVRIDOONLQGDYDLODEOHDWWKHEDU,QIR3DW
RU-DQ(YHU\ERG\LVZHOFRPH
Ź67NDåGiYHGRVRNROVNêYROHMEDOWHQWRNUiWHRVWĜHGiFK
]DSRQČNXG]YêãHQêQiMHPKUiWVHEXGHDåGRNRQFHGXEQDWČORFYLþQDãNR
O\&RURQDWLRQPHWUR3ODPRQGRQ8YtWiPHPH]LVHERXGDOãt]iMHPFH",QIR
PDQåHOp+ĜLERYLPK
Ź0RQWUHDOVNêYČVWQtNMH]DVtOiQ]GDUPD¿QDQþQtSĜtVSČYN\MVRXYtWiQ\]D
ãOHWHQDDGUHVX(PD.RãDFNi0F/\QQ0RQWUHDO4&+;5&]HFK
DQG6ORYDN9HVWQLN1RYpþtVOR9ČVWQtNXMHXåYREČKXQDSLãWHVLRQČ,QIRU
PDFHPRQWUHDOYHVWQLN#JPDLOFRPQHERDPDUWLQX#\DKRRFRP3UiYČY\ãHO
QRYê=DMtPHMWHVHþWČWH
9$1&289(5
Ź1RYêYêERUý66.SURWHQWRURNSUDFXMHSRGYHGHQtPSĜHGVHGN\QČ
=GHQN\%HUDQRYp.ĜtåRYp
Ź62D1((XURIHVW6ZDQJDUG6WDGLXQ
Ź1(3UHFKULVWPDVED]DU6ORYHQLDQ+DOO%XUQDE\
Ź1(0LNXOiãVNiQDGtONDSURGČWL6ORYHQLDQ+DOO%XUQDE\
:,11,3(*
Źý7D3ÈYMHSUDYLGHOQČRWHYĜHQ&&%$&OXE
Ź0DJD]tQětþNDULHFND#F]HFKRVORYDNDVVRFFDGČNXMHGiUFĤP]DMHMLFK
¿QDQþQtSRGSRUXNWHUiVORXåtN~GUåEČEXGRY\LY\GiYiQtPDJD]tQXâHN\
ODVNDYČSRVtOHMWHSRãWRX0F.HQ]LH6W:LQQLSHJ0%5:$
.RUHVSRQGHQþQtYROE\723
0DUHNäHQtãHNPtVWRSĜHGVHGD723QDYUKO]DYHGHQtNRUHVSRQGHQþQt
YROE\WHG\KODVRYiQtGRSLVHPNWHUpPi]DYHGHQRYČWãLQDHYURSVNêFK]HPt
1iYUKĜHãtYROE\]H]DKUDQLþtDQDSĜtNODGRWHYtUiPRåQRVWMtWNYROEiPVWX
GHQWĤPNWHĜtMVRXPLPRGRPRYYUiPFLSURJUDPX(UDVPXV3UREOHPDWLND]D
VDKXMHPLQLPiOQČýHFKĤNWHĜtMVRXY]DKUDQLþtDSURNWHUpMHGQHã
QtV\VWpPYROE\NRPSOLNRYDQêLYãHFKQ\NWHĜtMVRXYGREČYROHEQDSĜtNODG
QDGRYROHQp=DYHGHQtSULQFLSXGLVWDQþQtYROE\]iURYHĖRWHYtUiFHVWXNYRO
EiPQDLQWHUQHWX9HãNHUpLQIRUPDFHRQiYUKXQDMGHWHQDWpWRVWUiQFHZZZ
WRSF]NRUHVSRQGHQFQLYROED1iYUKPĤåHWHSRGSRĜLWLGtN\SHWLFLQDDGUH
VHKWWSVP\WRSF]SRGSLVRYHDNFHGHWDLO$QDOê]\DY\KRGQRFHQtSĜL
SRPtQHNDOHLNOtþRYpþOiQN\QHERSĜtEČK\OLGtNWHĜtPDMtSUREOpPVYROERXY
]DKUDQLþtQDMGHWHQDKWWSZZZWRSF]NRUHVSRQGHQFQLYROED0LULDP)DO
WRYi]DKUDQLþQtWDMHPQLFH723ž
ý(6.È.1,+291$
0$6$5<.29$,167,7878
67K,QIR
2I¿FHRI00,
6FDUERURXJK*ROI&OXE5G7RURQWR21
A5&+,9129e+2'2029$
KWWSEORJQRY\GRPRYFDDUFKLYQRYHKRGRPRYD
9]SRPtQND
3DYHO:LPS\1HEHVNê
9Èä(1È5('$.&(
GRYROWHPLXYČGRPLWþWHQiĜHQDãLFKHWQLFNêFKQRYLQ1RYêGRPRYåHEĜH]
QDWUWRPXE\OROHWNG\QiVRSXVWLO3DYHO:LPS\1HEHVNê]DNODGDWHOýHV
NpWUDPSVNpNDSHO\Y7RURQWXYOHWHFK
%\OWRPXåNWHUê]SĜtMHPĖRYDOQiODGXQRYČSĜtFKR]tHPLJUDFL]ýHVNRVORYHQ
VNDYQRYpGRPRYLQČY.DQDGČ9ãHFKQ\MHKR]iEDY\þLY\VWRXSHQtMDNRWĜH
ED =ODWRNRSHFNê EiO 1iPRĜQLFNê EiO 0LNXOiãVNp WDQþQt ]iEDY\ 1RYRURþ
Qt6LOYHVWURYVNp«LYHVWiWHFK2KLR&OHYHODQG«E\O\QDWROLNREOtEHQpåH
VH OLGHP QHFKWČOR PQRKG\ DQL NRQþLW« 6WHMQČ WDN L Y NDQDGVNêFK PČVWHFK
±YHGOH7RURQWD2WWDZD6W-DFREV]QDOLKRWDNpQDRVWURYHFK/DNH1LSLV
VLQJ ± 3DUU\ 6RXQG NGH VH SĜL YHONpP RKQL ]StYDOR Då GR UDQQtKR VOXQHþ
QtKR~VYLWX9ãHFKQDWDWRVHWNiQtE\ODQDYãWtYHQDDREVD]HQDGRSRVOHGQt
KRPtVWHþND3RWRPYãHPQiPMHGQRKRGQHQH]ĤVWDORQHåRWi]NDSURþMH
QRPOHWåLYRWDMVLPČONWRPXDE\VQiVYHGOYGXFKXUR]HVPiWpWYiĜH«"
3RNUiWNpPþDVHVHNDSHODUR]SDGODLNG\åVHMLVQDåLO3HSR)DELDQSRGMPpQHP
&7.XGUåHW7pPČĜSROHWHFK]ĤVWDOLQDåLYX]HþOHQQpNDSHO\SRX]HþW\ĜLMHMt
EêYDOtþOHQRYp$SĜHG]KUXEDOHW\RGHãHOL3DYHO.UiOKUiþQDDNXVWLFNRXEDVX«
1D]iYČU:LPS\MDNVLVSĜiO7KH2OG$PQHULFDQ3UH\HUMHVWOLVHPRKXY\
MiGĜLW ± V ~FWRX SRVtOiP V\PSDWLH PDQåHOFH 9LHUFH D MHMtP GČWHP åH MVPH
QH]DSRPQČOLVLXFKRYDWYSDPČWLSRYtFHQHåOHWHFKMPpQRþORYČND3D
YHO :LPS\ 1HEHVNê 1HSODþWH QDG PêP KUREHP 1' GXEQD 32='5$9=725217$
3ĜHVWRåH WUDPSVNi PX]LND D StVQLþN\ MVRX VSHFL¿FN\ þHVNRVORYHQVNêP KX
GHEQtPåiQUHPH[LVWXMHYNDQDGVNpP7RURQWXWUDPSVNiNDSHODNWHUiMH]Qi
PiQHMHQRPYHVYpPGRPRYVNpPSĤVRELãWLDOHLQDPQRKêFKGDOãtFKPtV
WHFK.DQDG\D86$$SURWRåHWDKOHNDSHODQiPSRVODODGR5RGRNDSVXVYRML
QDYãWtYHQNXPĤåHPHYiPMLSĜHGVWDYLW
ýHVNiWUDPSVNiNDSHODDQJOLFN\2ULJLQDO7UDPS%DQGVHYHĜHMQRVWLSRSUYp
SĜHGVWDYLODQD0DVDU\NWRZQXQDþHVNpH[SR]LFL&DUDYDQX&DUDYDQE\FKRP
PRKOLFKDUDNWHUL]RYDWMDNRSĜHKOtGNXQDNWHUpYUiPFLPLOWLNXOWXUDOLVPXMHGQRW
OLYpHWQLFNpVNXSLQ\SĜHGVWDYXMt.DQDćDQĤPVYRMLNXOWXUX
,QLFLiWRUHPY]QLNXNDSHO\]DNOiGDMtFtPþOHQHPDNDSHOQtNHPVHVWDODWRGR
GQHãQtFKGQĤVWiOHMHWUDPSWČOHPLGXãt3DYHO:LPS\1HEHVNê7HćE\E\OR
QDPtVWČY\VYČWOLWFRIXQNFHNDSHOQtNDYýHVNpWUDPSVNpNDSHOHREQiãt9SĜt
SDGČåHE\E\O\Y\GiQ\þOHQVNpOHJLWLPDFHFRåQHMVRXREGUåHOE\þtVOR
7tPMVRXY\þHUSiQDSUiYDDQDĜDGXSĜtFKi]tQHSĜHEHUQiĜDGDSRYLQQRVWtDWR
]HMPpQDMH]RGSRYČGQê]DSUĤãYLK\NDSHO\MHSRYLQHQY\VWDYRYDWRPOX
YHQN\SURPDQåHON\YãHPRVWDWQtPþOHQĤPNDSHO\MH]RGSRYČGQê]DUH
SHUWRiURSUDYXMHYHãNHUpHOHNWURQLFNp]DĜt]HQtGRMHGQiYiY\VWRXSHQt
NDSHO\XNOt]tSUD]GQpÀDãN\UR]YiåtRVWDWQtþOHQ\NDSHO\QHVFKRSQpSR
K\EXSRY\VWRXSHQt9SĜtSDGČMHKRYODVWQtQHVFKRSQRVWLWDNþLQtMHKRYODVWQt
PDQåHONDDYSĜtSDGČMHMtQHVFKRSQRVWLWDWRSRYLQQRVWSĜHFKi]tQDGDOãtþOHQ\
URGLQ\.G\åWpWRSRYLQQRVWLQHGRVWRMtSODWtERGD
&RVHWêþHXPČOHFNpþLQQRVWLYNDSHOHKUDMH:LPS\QDDNXVWLFNRX h
DOORS OPEN at MASARYKTOWN
62D1(DNYČWQDRGK
8GČOHMWHVLþDVVFHORXURGLQRXD
SĜiWHOLþHNiYiV]DMtPDYêSURJUDP
0DVDU\N0HPRULDO,QVWLWXWH
6FDUERURXJK*ROI&OXE5G7RURQWR
LQIR
3
$'5(6<
9(/9<6/$1(&79Ëý5Y.$1$'ċ
9HOY\VODQHF3$9(/+51ýËě
&RRSHU6W2WWDZD
21.3*Ŷ
7HO
)D[
(PDLORWWDZD#HPEDVV\P]YF]
ZZZP]YF]RWWDZD
9(/9<6/$1(&79Ë65Y.$1$'ċ
VHOY\VODQHF$1'5(-'52%$
5LGHDX7HUUDFH2WWDZD
21.0$Ŷ
3RâWK3LDK
7HONO
(PDLODQGUHDGDQNDQLQRYD#P]YVN
*(1.21=8/È7ý5Y7252178
*HQNRQ]XO9/$',0Ë5580/
%ORRU6W:VXLWH7RURQWR
210:(Ŷ
3RÒWýW3i
7HO
)D[
(PDLOWRURQWR#HPEDVV\P]YF]
ZZZP]YF]WRURQWR
1RX]RYpOLQN\
+2125*.ý5&$/*$5<
+RQNRQ]XO-(55<-(/Ë1(.
6XLWH(OERZ'ULYH6:
79(&DOJDU\
67
7HO
)D[
(PDLO&DOJDU\#KRQRUDU\P]YF]
MHOLQHN#WHUUDPDQDJHPHQWFRP
.RQ]XOiUQtSĤVREQRVWREYRGSURY$%
ýDVRYêSRVXQKRG
+2125È51Ë*.ý502175($/
+RQNRQ]XO+<1(.ä,.296.é
%OG5REHUW%RXUDVVD
6XLWH+$$0RQWUpDO4XpEHF
3ÈSĜHGHPGRKRGQRXW
7HO
(PDLOPRQWUHDO#KRQRUDU\P]YF]
.RQ]XOiUQtSĤVREQRVWSURY4XpEHF
ýDVRYêSRVXQKRG
9(/9<6/.$1$'<935$=(
9HVWUXQiFK3UDKD
7HO
)D[
(PDLOFDQDGD#FDQDGDF]
ZZZFDQDGDF]
ý66.Y.$1$'ċ
32%R[%ORRU6W:
7RURQWR210;<
7HO)D[
3RUDG\DRYČĜRYiQtGRNODGĤ
(PDLOXVWUHGL#FVVNFDQHERWRURQWR#
FVVNFDZZZFVVNFD
7RURQWVNiSRERþND
ěË06.2.$72/,&.é.267(/
699È&/$9$
37K/LF720Èâ.Èĕ$7K'
(PDLOWNDQD#VH]QDPF]
5HY/,%25â925ýË.
*ODGVWRQH$Y7RURQWR21
0++
7HO)D[
ZZZNDWROLNFD
6/29(9.2672/693$9/$
5HY/$',6/$9.2=È.
.RQIHUHQFH.UDMDQpDSUREOpPLGHQWLW\
1iURGQtPX]HXP3UDKD]iĜt
.RQIHUHQFH]DKUDQLþQtFKýHFKĤVHEXGHYČQRYDWLGHQWLWČDWRPXFRSRG
LGHQWLWRXUR]XPtPHDMDNMLXGUåRYDW5HJLVWUDFHGRNRQFHVUSQDQDLQIR#
]DKUDQLFLFHVLFRP QHER QD DGUHVH 0.9=ý . =DKUiGNiP 3UDKDýHVNiUHSXEOLND7ČãtPHVHQDVHWNiQtVYiPLY3UD]H
3ě('%ċä1é352*5$0
6WĜHGD]iĜt]DKiMHQtSĜHGiQtFHQ]DGORXKROHWRXþLQQRVWSUR
NUDMDQVNpNRPXQLW\SĜHVWiYNDRGSROHGQtSURJUDP¿O
PRYiSURMHNFH]iYČU
ýWYUWHN]iĜt]DKiMHQtSĜHVWiYNDRGSROHGQtSUR
JUDP]iYČUHþQiGLVNXVHY\VWRXSHQtäHQVNpKRVERUXýHV
NpKRVSRONXY.RãLFtFKVSROHþHQVNpVHWNiQt
3iWHN]iĜtQiYãWČYD1iURGQtKRWHFKQLFNpKRPX]HD1iURGQtKR
DUFKLYXDWG]iYČUVRERWDĜtMQDPãHYNDWHGUiOH6YDWpKR
9tWDVORXåtELVNXS9iFODY0DOê
'DYHQSRUW5G7RURQWR21
0++7HO
5Ë0.$7.2672/69&<5,/$
$0(72'$IDUiU-2=()9$ĕ2
7KRUQZRRG'U0LVVLVVDXJD
21/=-
7HO
)D[
'(372)6/$9,&/$1*8$*(6
81,9(56,7<2)7252172
$OXPQL+DOO6W-RVHSK6W
5RRP7RURQWR2106-
$VVRFLDWHSURI9HURQLND$PEURV
7HOH[W
YHURQLNDDPEURV#XWRURQWRFD
1RYêGRPRYþ
4
=DWtPFR YH VWDUp YODVWt ]XĜt PHGLiOQt ERM R MHGQRVORYQê Qi]HY
UHSXEOLN\ ý(6.2 ± DQJOLFN\ &=(&+,$ SĜLMDOD RUJDQL]DFH
81(6&2 Y SRORYLQČ GXEQD EH] YČWãtKR ]iMPX þHVNêFK PDLQVWUHDPRYêFK VGČORYDFtFK SURVWĜHGNĤ
VNDQGiOQt UH]ROXFL NWHURX VH SRNRXãt
SĜHSVDWGČMLQ\OLGVNpKRVSROHþHQVWYt
-GHRGDOãt]NDVNiG\SURWLL]UDHOVNêFK
UH]ROXFt LQLFLRYDQêFK $UDE\ 7DWR MH R
WRREOXGQČMãtåHVHGRWêNiPtVWDNWHUp MH SUR NDåGpKR äLGD YČGRPpKR VL
VYêFK NRĜHQĤ QHMSRVYiWQČMãt MHUX]DOpPVNp&KUiPRYpKRU\
3URYRNDWLYQt MH Qi]YRVORYt D WDG\ QDFKi]tPH RQRKR Y GHWDLOX VNU\WpKR ćiEOD $þNROL ORNDOLWD MH ]QiPi MDNR &+5È029È
+25$QHEWDPVHQDFKi]HO\REDVWDURL]UDHOVNp&KUiP\GĤND]HPH[LVWHQFHWRKRGUXKpKRMH=iSDGQt]HćQČNG\QD]êYDQi
=HćQiĜNĤUH]ROXFH81(6&2WRWRR]QDþHQtLJQRUXMHDVWULNWQČ
VH GUåt LVOiPVNp WHUPLQRORJLH 0tVWR SRMPX 7(03/( 02817
SRXåtYiR]QDþHQt$/$.6$02648(D$/+$5$0$/6+$5,)
WRGUXKpSUR9]QHãHQRXVYDW\QLQHEROL6NDOQtGyPVGRPLQDQWQt]ODWRXNXSROt
ĆiEHOMHXNU\WYGHWDLOX
/XERPtU6WHMVNDO
2YãHP QHMHQ WR äLGRYVNê SRVYiWQê SURVWRU X =iSDGQt ]GL MH
VQHEHW\þQRXDURJDQFtDLJQRUDQFtVRXþDVQČQD]êYiQ$/%85$43/$=$SĜLþHPåWHUPtQ:(67(51:$//3/$=$MHGiQ
GR]iYRUN\3URPpQČ]DVYČFHQpMHWRWRWpåMDNRNG\E\QČMDNi
PH]LQiURGQt UH]ROXFH SVDOD R GQHãQtP 0DVDU\NRYČ QiEĜHåt Y
3UD]HMDNRRÄ5HLQKDUG+H\GULFK8IHU³MDNVHMPHQRYDOR]DSURWHNWRUiWXDGR]iYRUN\E\XYHGODÄ0DVDU\NRYRQiEĜHåt³1HYČĜtPWRPXåHE\ýHVNiUHSXEOLNDQHSURWHVWRYDODDQHKOHGČODE\
SĜLWRPQDWRMDNYHONRXYČWãLQRXE\E\ODWDNRYiGU]RVWVFKYiOHQD,]UDHOFLMVRXQDWRPSRGREQČ
3R]RUXKRGQpMHåHPH]L]HPČPLNWHUpKODVRYDO\SURSĜLMHWtUH]ROXFHMVRXMPHQRYiQ\)UDQFLH5XVNRâSDQČOVNRDâYpGVNR
6YêP]SĤVREHPMGHRVWiW\NWHUpUHSUH]HQWXMtWĜLWUDGLþQtSURXG\ Y NĜHVĢDQVWYt NDWROLFLVPXV âSDQČOVNR )UDQFLH SUDYRVODYt5XVNRDSURWHVWDQWLVPXVâYpGVNR)UDQFLH=WRKRWRKOHGLVNDMHMHMLFKSRVWRMãRNXMtFt9ãHFKQDWĜLQiERåHQVWYtY\FKi]HMt]%LEOHMHMtåVRXþiVWtMHL6WDUê]iNRQ3RGVWDWQiþiVWREVDKX6WDUpKR]iNRQDVHWRþtNROHP3UYQtKRD'UXKpKRFKUiPX
NWHUpMVRXVWĜHGRERGHPQiERåHQVWYtL]UDHOVNpKRQiURGDMXGDLVPX.URPČWRKRLSRþiWN\NĜHVĢDQVWYtSRSVDQpY1RYpP]iNRQČMVRXVSRMHQ\V'UXKêPFKUiPHP1DSURWLWRPXVLVOiPHP
QHVSRMXMHNĜHVĢDQVWYtåiGQêVSROHþQêMPHQRYDWHO
-HVWOLåH QČNWHUp VWiW\ SDWĜtFt KLVWRULFN\ GR NĜHVĢDQVNp (YURS\
RGPtWDMt SUR PtVWR NGH VWiO\ RED L]UDHOVNp &KUiP\ R]QDþHQt Ä&KUiPRYi KRUD³ D GiYDMt SĜHGQRVW LVOiPVNêP Qi]YĤP Ä$O
$NVD0RVTXH³DÄ$O+DUDPDO6KDULI³GRSRXãWČMtVHQHSRFKRSLWHOQpKR]QHXFWČQtWUDGLFH]QtåGXFKRYQČY\URVWO\DYQtåMHMHMLFKQiERåHQVWYt]DNRWYHQR/LGRYČĜHþHQRNiOHMtQDVYpYODVWQtNRĜHQ\
$QRQD&KUiPRYpKRĜHVWRMtREČPXVOLPVNpVWDYE\PHãLWD$O
$NVDD6NDOQtGyP±$O+DUDPDO6KDULIWRQLNGRQHSRStUi1DRSDN WL NGR KODVRYDOL SUR ]PtQČQRX UH]ROXFL SRStUDMt WĜL WLVtFH
OHWWUYDMtFtGXFKRYQtVSRMHQtOLGX,]UDHOHV&KUiPRYRXKRURX$
MDNRVSROHNSRãHWLOFĤNWHĜtWDQþtWDNMDNPXVOLPRYpStVNDMtVH
GRPQtYDMtåHÄY\JXPRYiQtP³Qi]YX&KUiPRYiKRUDY\JXPXMt
LSRXWR]QHMSHYQČMãtFKPH]LäLG\NWHUêPQHQtOKRVWHMQiMHMLFK
LQGHQWLWDD&KUiPRYRXKRURX-HUX]DOpPHPD=HPtL]UDHOVNRX
ýORYČNQHVWDþtåDVQRXWMDNKOXERNRPRKRXNOHVQRXWPRFQtQČNWHUêFKVWiWĤ(YURS\VWDNERKDWRXKLVWRULtRUJDQLFN\VSRMHQRX
VNĜHVĢDQVNêPQiERåHQVWYtP/KRVWHMQR]GDNDWROLFNêPSUDYRVODYQêPþLSR]GČMLYGČMLQiFKSURWHVWDQWVNêP'QHVXGČODOLSRGUD]QD,]UDHO'ČVPHVHWRKRFRYHSURVSČFKPXVOLPĤXGČODMt]tWUDž
='2029,1<ž='2029,1<ž='2029,1<ž
Ɣ.RSĜLYQLFNi7DWUDEXGHGRGiYDWVSHFLiOQtSRGYR]N\SUR
YRMHQVNiYR]LGODHJ\SWVNpDMRUGiQVNpDUPiG\+RGQRWD
YãHFK NRQWUDNWĤ QD VWRYN\ SRGYR]NĤ VH SRK\EXMH RNROR
PLOLRQĤNRUXQÄ-LåQ\Qt]DKDMXMHPHGRGiYN\DVL
SRGYR]NĤ GR(J\SWDDMHGQiPHRGRGiYFHGDOãtFK NXVĤ-VPHYtFHPpQČGRPOXYHQtMHQYãHPXVtPHGRVWDW
MHãWČGRNRQWUDNWX³ĜHNOVHUYHUXãpISĜHGVWDYHQVWYD7DWU\
3HWU5XVHN
VYĤMSĜLPČĜHQê]LVN=E\WHNWHG\NRUXQQHPRFQLFH
Y\þtVOLOD MDNR QiKUDGX ]D MHGQRUi]RYê REOHN D SĜH]XWt D
FHQXLQVWUXNWiåHRVRE\GRSURYi]HMtFtURGLþNX
Ɣ ýHVNR VH UR]KRGOR SĜLMPRXW SUYQtFK VHGP V\UVNêFK
XSUFKOtNĤ QD ]iNODGČ SĜHUR]GČORYDFtFK NYyW NWHUp Y
ORĖVNpPURFHVFKYiOLOD(YURSVNiXQLH3URãOLEH]SHþQRVWQt
SURYČUNRX 7ĜL ] QLFK YãDN RSXVWLOL ĜHFNi ]DĜt]HQt NGH
þHNDOLQDSĜHPtVWČQtDE\VHSĜHVtGOHQtGRýHVNDY\KQXOL
8YiGtWRSUDYLGHOQi]SUiYDPLQLVWHUVWYDYQLWUDRPLJUDFL
Ɣ &HQX SUH]LGHQWD 0)) .DUORY\ 9DU\ SĜHYH]PH QD NWHURXPiý7.NGLVSR]LFLýHVNRE\PČORGRNRQFHURNX
URþQtNX WpWR SĜHKOtGN\ NWHUi VH EXGH NRQDW RG GR SĜLMPRXW OLGt ]H VWĜHGRPRĜVNêFK ]HPt NWHUp
þHUYHQFH-LĜLQD%RKGDORYiPMWDNpKRVWRYDODQDVFpQČ QHMYtF]DViKODPLJUDþQtNUL]H
1RYpKR GLYDGOD D WR RVODYRYDOD +HUHþND RVODYt
]DþiWNHP NYČWQD SČWDRVPGHViWLQ\ 3ĜL WpWR SĜtOHåLWRVWL
Ɣ93UD]HPiPHPHãLWX0tVWRNGHVHPXVOLPRYpVFKi
EXGH XYHGHQ MHGHQ ]H ]iVDGQtFK VQtPNĤ þHVNp
]HMtNPRGOLWEiPDOHLPtVWRNGHUDGLNiOQtLPiPRYpY]i
NLQHPDWRJUD¿H GUDPD 8FKR UHåLVpUD .DUOD .DFK\QL
SDGQt(YURSČKRUXMtSURSRWtUiQtDWRMHMHãWČVODEpVORYR
%RKGDORYiQDWRþLODFHORYHþHUQtFK¿OPĤ
YãHKRQHPXVOLPVNpKRDRGNXGY\UiåHMtQDVYRXSRXĢVH
EHYUDåHGQtDWHQWiWQtFL-HãWČSĜHGGYČPDWĜHPLOHW\E\OD
Ɣ1DVWiYDMtFtPDWN\PDMtSRGOHÒVWDYQtKRVRXGXÒ6]H QDPtVWČÄMD]\NRYiãNROD³7HćVHXND]XMHåHWRE\ODSRX
]iNRQDSUiYRQDEOt]NpKRþORYČNDSĜLSRURGX1HPRFQLFH KiNDPXÀiå2EČGYQHGČOLGXEQDVSROXSRĜiGDODLQL
PRKRXåiGDWQiKUDGXSĜLPČĜHQêFKDGRORåHQêFKQiNODGĤ FLDWLYD +DWH)UHH &XOWXUH 7HQWR SURMHNW Pi ÄQD VWDURVWL³
QD QDGVWDQGDUGQt VOXåE\ VSRMHQp V SĜtWRPQRVWt RWFH $JHQWXUDSURVRFLiOQt]DþOHĖRYiQtMHGHQ]RGERUĤÒĜD
MLQpKR SĜtEX]QpKR QHER GXO\ Y SRURGQtP ViOH 1DRSDN GXYOiG\ý57RMHVNYČOpQH"0tVWRWRKRDE\QiVYOiGD
VL QHPDMt ~þWRYDW ]LVN RGPČQX DQL ~KUDGX ]iNODGQtFK FKUiQLOD SĜHG UDGLNiOQtPL LVODPLVW\ ERMRYDOD SURWL SĜLVWČ
]GUDYRWQLFNêFK SRWĜHE WĜHED URXãN\ GH]LQIHNFH QHER KRYDOHFNêPNYyWiPDKiMLOD]iMP\þHVNêFKREþDQĤYW]Y
QiYOHNĤQDERW\3ĜtWRPQRVWRWFHXSRURGXVDPDRVREČ (YURSVNpXQLLSRĜiGiREČG\YPHãLWiFK9êUD]QiYČWãLQD
QHPĤåHEêW]DWtåHQDÄSRSODWNRYRXSRYLQQRVWt³]GĤUD]QLO GDĖRYêFKSRSODWQtNĤQHQtLVOiPXQDNORQČQD7RYãDNYOi
GČYþHOHVý66'D$12QLMDNQHYDGtDSURMHNWNWHUêLV
VRXG
OiPODNXMHQDUĤåRYRGRWXMHSRGGRKOHGHPÄSRSXOiUQtKR³
Ɣ6RXGVHNRQNUpWQČ]DEêYDOVSRUHPPH]LPXåHPNWHUêY -LĜtKR'LHQVWELHUDPLOLRQ\NRUXQ+ODYQtPPHGLiOQtPSDUW
ĜtMQXY1HPRFQLFL&KRPXWRY]DSODWLO]DSĜtWRPQRVWX QHUHPSURMHNWXMHýHVNiWHOHYL]H2QGUHM*URV
SRURGXNRUXQ3R]GČMLSRGDOåDOREXQDSURYR]RYDWHOH
QHPRFQLFH WHG\ VSROHþQRVW .UDMVNi ]GUDYRWQt 2NUHVQt 9Ë&(20(â,7È&+$086/,0(&+9ý51$-'(7(1$+773:::
VRXG Y ÒVWt QDG /DEHP XORåLO SURYR]RYDWHOL DE\ PXåL 35$+$086/,0&=02648(6+70
YUiWLO NRUXQ FRå QHPRFQLFH SĜHGWtP R]QDþLOD MDNR ='52-:::52=+/$6&=:::9$6(35$+$&=5$'1,&(
&DQDGLDQ7RXULVW-RKQ5LGVGHO%(+($'('
LQ3KLOLSSLQHVE\,6,67LHG0XVOLP*URXS %\3DPHOD*HOOHU
3ULPH 3ULPH 0LQLVWHU -XVWLQ
7UXGHDXFDOOHGWKHEHKHDGLQJ³DQ
DFWRIFROGEORRGHGPXUGHU´<HV
DQG WKH VN\ LV EOXH %XW ZKDW LV
KHJRLQJWRGRDERXWLW"1RWKLQJ
,6,6DQGWKLV,VODPLFJURXS$EX
6D\\DI ZKLFK SOHGJHG LWV DOOHJLDQFH WR ,6,6 KDYH QRWKLQJ WR
IHDUIURPWKLVGDQG\+HKDVVDLG
UHSHDWHGO\ WKDW &DQDGD ZDV QRW
DWZDUZLWK,6,6:HOO,6,6LVDW
ZDUZLWK\RXGDPQ«
2EDPD¶V «« 30 7UXGHDX
ZRXOGQRWFRPPHQWRQWKHIDWHRI
WKHRWKHUKRVWDJHV²IHOORZ&DQDGLDQ5REHUW+DOO+DOO¶V)LOLSLQRJLUOIULHQG0DULWHV)ORUDQGD
1RUZHJLDQ.MDUWDQ6HNNLQJVWDG
2IFRXUVHKHZRXOGQ¶W
-RKQ 5LGVGHO &DQDGLDQ +RVWDJH
+HOG E\$EX 6D\\DI )RXQG %HKHDGHG LQ 3KLOLSSLQHVE\ &RUN\
6LHPDV]NR1%&1HZV$SULO
,VODPLF PLOLWDQWV LQ WKH 3KLOLSSLQHV RQ 0RQGD\ FDUULHG RXW
D WKUHDW WR EHKHDG D &DQDGLDQ
WRXULVWWKH\KDGEHHQKROGLQJIRU
PRQWKV
7KH H[HFXWLRQ RI \HDUROG
-RKQ 5LGVGHO ZDV FRQ¿UPHG E\
&DQDGLDQ 3ULPH 0LQLVWHU -XVWLQ
7UXGHDXZKRFDOOHGLW³DQDFWRI
FROGEORRGHGPXUGHU´
³, DP RXWUDJHG E\ WKH QHZV WKDW
D&DQDGLDQFLWL]HQ-RKQ5LGVGHO
KHOG KRVWDJH LQ WKH 3KLOLSSLQHV
VLQFH 6HSWHPEHU KDV
EHHQ NLOOHG DW WKH KDQGV RI KLV
FDSWRUV´ 7UXGHDX VDLG ³&DQDGD
FRQGHPQVZLWKRXWUHVHUYDWLRQWKH
EUXWDOLW\RIWKHKRVWDJHWDNHUV´
5LGVGHO¶VERG\ZDVIRXQGLQ-ROR
&,W\²PLOHVQRUWKRI6DPDO
,VODQG ZKHUH KH DQG WKUHH RWKHUV KDG EHHQ NLGQDSSHG E\ $EX
6D\\DI PLOLWDQWV ODVW \HDU &DQDGLDQPHGLDUHSRUWHG
+LV KHDG ZDV IRXQG PLOHV
ZHVW RI 6DPD, ,VODQG QHDU =DPERDQJD &LW\ DFFRUGLQJ WR WKH
SXEOLVKHGUHSRUWV
7UXGHDX ZRXOG QRW FRPPHQW RQ
WKH IDWH RI WKH RWKHU KRVWDJHV ²
IHOORZ &DQDGLDQ 5REHUW +DOO
+DOO¶V)LOLSLQRJLUOIULHQG0DULWHV
)ORU DQG D 1RUZHJLDQ .MDUWDQ
6HNNLQJVWDG
$EX6D\\DIZKLFKKDVVZRUQDOOHJLDQFH WR ,6,6 KDG YRZHG WR
EHKHDGRQHRIWKHFDSWLYHVLIWKHLU
GHPDQGIRUPLOOLRQVRIGROODUVLQ
UDQVRP PRQH\ ZDV QRW PHW E\
0RQGD\ ,W UHOHDVHG D YLGHR HDUOLHU WKLV PRQWK LQ ZKLFK 5LGVGHO
ZDUQHG KH ZDV GHDG LI D UDQVRP
ZDVQRWSDLG
³:H¶UH WROG WKDW WKLV LV WKH DEVROXWH ¿QDO ZDUQLQJ VR WKLV LV
D ¿QDO XUJHQW DSSHDO WR JRYHUQPHQWV3KLOLSSLQH&DQDGLDQDQG
IDPLOLHV LI PLOOLRQ 3KLOOLSLQHSHVRVDERXWPLOOLRQ
LV QRW SDLG IRU PH E\ SP RQ
$SULOWKWKH\ZLOOEHKHDGPH´
VDLG5LGVGHO7KHIRXUZHUHFDSWXUHGZKHQWKHPLOLWDQWVVWRUPHG
WKH +ROLGD\ 2FHDQ 9LHZ 6DPDO
5HVZKLFK6HNNLQJVWDGPDQDJHG
-RKQ5LGVGHO&DQDGLDQ+RVWDJH
+HOGE\$EX6D\\DI)RXQG%HKHDGHGLQ3KLOLSSLQHVž
6RXUFHKWWSSDPHODJHOOHUFRP
FDQDGLDQKRVWDJHWRXULVWEHKHDGHG
KWPO$SUL
1RYêGRPRYþ
=YêURþQtKRMHGQiQt00,
GRFXPHQWV DUH XQGHU
h]HVWU ZD\ , ZRXOG OLNH WR
JLYH VSHFLDO WKDQNV WR
*HRUJLQD6WHLQVN\ZKRKDVEHHQ
YROXQWHHULQJKHUWLPHDQGH[SHUWLVH LQ JXLGLQJ XV LQ WKLV OHQJWK\
SURFHVV³-DNRSURMHYGtNĤSĜHGDO
SDQt6WHLQVN\ERKDRWXQiUXþþHUVWYêFKNYČWĤ
9 GDOãt þiVWL SURMHYX VH YČQRYDO
FKDUHNWHULVWLFH DNFt NWHUp 00,
]RUJDQL]RYDO9iåtVLYãHFKNWHĜt
SUR00,FRNROLYXGČODOL]HMPpQDYãDNDNWLYLW\PODGêFKOLGtNWHĜtSRGYHGHQtPVHVWHU6LPRQH'DYLGHN D %DUEU\ 0DFGRQDOG ]RUJDQL]RYDOLSUYQt&]HFKWREHUIHVW
9]KOHGHPNWRPXåHVHVHWNDOV
YHONêP RKODVHP Y\MHYLO SUH]LGHQW SĜiQt XVNXWHþQLW OHWRV URþQtN GUXKê 3RGČNRYDO GREURYROQtNĤPNXSĜ9ODGLPtUX&DUGRYL
&ODLUH3HLFKORYp-RVHIX5RXãDORYLDGDOãtP]DMHMLFKSĜtQRVYRþHNiYiQtDNWLYLWGDOãtFK
3RNODGQLFH RUJDQL]DFH 0LOO\ 6\SWiNRYi VH YQČRYDOD URþQt ]SUiYČKRVSRGDĜHQt0MXYHGOD³7KH
IRFXV RI 00, WKLV \HDU ZDV WR PRYH RXU RUJDQL]DWLRQ
IRUZDUG WR RSHUDWH OHJDOO\ DV DQ
132 1RQ3UR¿W 2UJDQL]DWLRQ
7KHZD\00,LVDOORZHGWRJHQHUDWHDQGVSHQGIXQGVDVDQ132
LV GLIIHUHQW IURP ZKDW LW ZDV DOORZHGZKHQLWZDVDFKDULW\)RU
WKLV SXUSRVH 00, HQJDJHG SURIHVVLRQDOV &DUWHU¶V &KDULW\ /DZ
)LUP DQG :LOOLDP +DUSHU$VVRFLDWHV FKDULW\132 DFFRXQWLQJ
¿UPWRJLYH00,GLUHFWLRQDQG
VHWXSV\VWHPVIRURSHUDWLRQVVXLWDEOHWRDQ132PRYLQJIRUZDUG
LQWRWKHVWFHQWXU\ 3DXO+DUWO
RXU DXGLWRU LGHQWL¿HG DQG UHSRUWHGWRXVDQXPEHURIVLJQL¿FDQW
GH¿FLHQFLHVLQRXUUHFRUGNHHSLQJ
WKDWZLOODVVLVWWKHERDUGZLWKJRYHUQDQFH LQ IXO¿OOLQJ WKHLU RYHUVLJKW UHVSRQVLELOLWLHV 7KH FRPPHQWVZHUHQRWLQWHQGHGWRUHÀHFW
XSRQ WKH KRQHVW\ RU FRPSHWHQFH
RI WKH RUJDQL]DWLRQV HPSOR\HHV
RU PHPEHUV RI WKH %RDUG :LWK
WKLV LQFHQWLYH 00, LV ORRNLQJ
IRUZDUG WR ZRUNLQJ ZLWK ³:LOOLDP +DUSHU $VVRFLDWHV´ WR VHW
00, XS IRU IXWXUH RSHUDWLRQV RI
RXUQHZ1RWIRU3UR¿W2UJDQL]DWLRQ132³
ěHGLWHOp ERDUGX 00, SRNUDþXMt YH VYêFK IXQNFtFK GYD SUiFL YH YêERUX ]DQHFKDOL ] URGLQQêFK GĤYRGĤ D þOHQVNi VFKĤ]H GiOH VFKYiOLOD GDOãt GYČ QRYp
þOHQN\YêERUX±6LPRQH'DYLGHN
D*LQX+DOHQFDN=iYČUHPURNRYiQtVHNRQDO\YROE\QDSRVWSUH]LGHQWD 9ãDN Y]KOHGHP N WRPX
åHGRVDYDGQtQHPČOSURWLNDQGLGDWXUX E\O MHGQRP\VOQČ ]YROHQ GR
IXQNFH )UDQWLãHN -HþPHQ 1XWQR
XSĜHVQLWåHSRSUYpQDSUH]LGHQWVNRX åLGOL XVHGO Y GXEQX D
RG Wp GRE\ E\O ]YROHQ SRNDåGp
MHGQRP\VOQČ . QČNWHUêP SUREOpPĤPVHVFKĤ]HVHMGHMHãWČMHGQRXYNYČWQX,QIR,YD-HþPHQRYiž
5
$PHULFNi YROHEQt NDPSDĖ ]DRVWĜXMH FHORVYČWRYê ]iMHP QD WR
MDNGHPRNUDFLHYQHM~VSČãQČMãt]HPLVYČWDIXQJXMHDQHERNUDFKXMHSRGOHDODUPLVWĤY(YURSČNWHĜtQD86$QHYLGtGREUêFKOXS
&HORVYČWRYpVOHGRYiQtDPHULFNpKR79VHULiOX+RXVHRI&DUGV
]DSRþDWpKRYURFHDGDERYDQpKRGRVYČWRYêFKMD]\NĤYþHWQČþHãWLQ\SRGQi]YHP'RPHN
]NDUHWSRMHGQiYiXåURN\RSR]DGtLSRGKRXEtYUFKRORYpSROLWLN\DSUR
REURYVNê]iMHPVHGRNRQþXMHVH]yQD
SiWiFHONHPWHOHYL]QtFKYHþHUĤV
SROLWLFNRXURGLQRX8QGHUZRRGRYêFK
1i]RU\QDSROLWLFNpPDFKLQDFH)UDQNDD&ODLUHVHXGLYiNĤOLãtDOHSURVWêIDNWåHPLOLDUGDGLYiNĤVWUiYLOD
YHþHUĤ SĜHG REUD]RYNRX D QDKOtåHOD
GR :DVKLQJWRQX MH SR]RUXKRGQi$þ
DODUPLVWpNYtOHMtåHSROLWLND86$MHY~SDGNXPXVtVHMLPUR]VYtWLWMDNHQHUJLFNiMHVYRERGDDPHULFNêFKSURGXFHQWĤåHWDNRYêGHWDLOQtSRĜDGRSUĤVYLWQRVWLSROLWLN\E\OQDWRþHQDV~VSČFKHPSĜHGYHGHQFHOpPXVYČWX
$åHWDWRWHOHYL]QtLQVWUXNWiåGRYQLWĜQĤVWHNZDVKLQJWRQVNpSROLWLN\PiSUYRWĜtGQtDWUDNWLYQRVWGRND]XMHåHURGLQD2EDPRYDL
&OLQWRQRYDVOHGXMH'RPHN]NDUHWQHPpQČEHGOLYČMDNGČOQtFLY
'HWURLWXþLIDUPiĜLY1HEUDVFH
3ĜHGYROHEQtMDUPDUN\
NGRY\KUDMHSULPiUN\
5RVĢD)LUOD
2EDPDMHQDRGFKRGX]%tOpKRGRPXD&OLQWRQRYiVHSDFKWtGRYQLWĜýWYHĜLFHSĜHGQtFKNDQGLGiWĤ6DQGHUV&OLQWRQRYi&UX]D
7UXPSE\OLSURSDVtURYiQL]GHVtWHN]iMHPFĤRSR]LFLDPHULFNpKR SUH]LGHQWD D QD NRQFL GXEQD KRXåHYQDWČ XVLOXMt R QRPLQDFLYSULPiUNiFKDMHVQDGQpVHWČPþW\ĜHPSRGtYDWQD]RXEN\
%HUQLH6DQGHUVVHMHYtFRPtURWYĤUFHNWHUêVHFKOXEtåHKODVRYDOSURWLYiOFHY,UiNXDOHYHVNXWHþQRVWLMHL]RODFLRQLVWDVSĜLEDUYHQtPVRFLDOLVW\NWHUpPXEODKRSUDFXMtFtFKMHVQDGQRGRVDåLWHOQp FHVWRX Y\åGtPiQt KUVN\ PLOLDUGiĜĤ 6DQGHUVRYD ]DKUDQLþQtSROLWLNDVSRþtYiYRFKOD]HQtJOREiOQtKRRWHSORYiQtD
Y\PêFHQtNDSLWDOLVPXMDNRGĤYRG]PČQ\NOLPDWX
1HEXGHPH SĜHNYDSHQL NG\å SUH]LGHQW 6DQGHUV Y\Gi *XDQWDQDPRGRUXNRXEUDWUĤP&DVWURYêP6DQGHUV]DWtPQHXYDåXMH
RQDYUiFHQt$OMDãN\5XVĤP
+LOODU\ &OLQWRQRYi Xå PČOD VYRML ãDQFL Y ]DKUDQLþQt SROLWLFH RG
RUDQåiG\QD8NUDMLQČ¿DVNDQXNOHiUQtKRPRUDWRULDVHYHUQt.RUHMHDËUiQXDQLþHPXQHSURVSČOD&RE\&OLQWRQRYiMDNRSUH]LGHQWNDSURYHGODVH]GDEêWDJUHVLYQČMãtQHå2EDPDYNRQÀLNWHFKY6êULL]YOiãWČWHG\Y\]EURMHQtUHEHOĤSURWL$VDGRYL
QDY]GRU\3XWLQRYL=DMLVWpE\VL]DYOiGOL%LOO&OLQWRQSURVWĜHGQLFWYtPSUH]LGHQWN\PDQåHON\
7HG&UX]VOLEXMHUR]WUKDWSRWXSQRXVPORXYXVËUiQHPDERPEDUGRYDW,6,6DMHYtVHMDNRUi]QêSUH]LGHQWNWHUêQHPtQtþHNDWQD
VWDQRYLVNR2617DNþLRQDN&UX]RYDSUH]LGHQWVNiSROLWLNDSĜLSRPtQi 5HDJDQD NWHUê Y\KUiO VWXGHQRX YiONX 'RQDOG7UXPS
VOLEXMHYROLþĤPåHMDNRSUH]LGHQWXGČOi]86$]DVHYHOPRF
QHMVLOQČMãtDQHMERKDWãtVYêP]SĤVREHP±EXGHĜtGLW]HPLMDNR
NRUSRUDFL 7UXPSRYD LGHD YOiGQXWt MH SURVWĜHGQLFWYtP SHQČ] D
VOLEXMH]DSRPHQRXWHPRFH7UXPSWYUGtåH-DSRQVNRLMLåQt.RUHDE\PČO\SODWLW]DRFKUDQXNWHURXGRVWiYDMtRGDPHULFNêFK
YRMiNĤ FRå YtWi ýtQD DVSLUXMtFt QD ~ORKX KHJHPRQD Y MLKRYêFKRGQt$VLL-HKRLGHDUR]GUWLW,6,6ERPEDPLSĜLWDKXMHĜDGXYROLþĤSURWRåHVWHURULVW\QHQtåiGQiGRKRGD
=DSiUPČVtFĤVHUR]KRGQHNWHĜtGYD]WČFKþW\ĜEXGRXNDQGLGiW\QDWRNGRSRYHGH6SRMHQpVWiW\SRGDOãtURN\$SDNDĢ
QLNGRQHĜtNiåHQHYČGČONRKRYROLW,QIRUPDFHMVRXYãXGHVWDþtVHVKêEQRXWQHERVStãHRWHYĜtWLQWHUQHW
2 YêVOHGNX DPHULFNêFK YROHE PĤåHPH MHãWČ FHOê SĤOURN VSHNXORYDWDOHRYê]QDPXGHPRNUDFLHVSHNXORYDWQHVPtPHSURWRåHWRMH]DWtPQHMOHSãt]SĤVREMDNVHGiĜtGLWOLGVNiVSROHþQRVWFRåXåQDSVDO+HURGRWRVSĜHGSĤOWĜHWtPWLVtFLOHWtPNG\å
GHPRNUDWLFNp$WpQ\YKRXIXĜHFNêFKVWiWĤDVWiWHþNĤSURVSHURYDO\QHMOpSH
3URWRåHQHåPČO\$WpQ\GHPRNUDFLLWDNVHQLMDNQHOLãLO\RGVYêFK
VRXVHGĤDOHSRSĜLMHWtGHPRNUDFLHVHVWDO\VYČWOHPěHFNDž
9]SRPtQND
1RYêGRPRYþ
3DYHO:LPS\1HEHVNê
N\WDUXD]StYi'DOãtP]DNOiGDMtFtFPþOHQHPNDSHO\MH5RVĢD6H
KQDOVXPČOHFNêPSVHXGRQ\PHPGU'RNOiWLO-HWRQHMY\ããtþOHQ
NDSHO\ KDUG PDQ KUDMH QD EDQMR N\WDUX IRXNDFt KDUPRQLNX D
]StYi3URVNXSLQXMHQHVSRUQêPSĜtQRVHPQHERĢMHKRSĜtWRPQRVW]Y\ãXMHQi
YãWČYQRVWGiPVNpþiVWLSXEOLNDRSURF
7ĜHWtP]DNOiGDMtFtPþOHQHPMHY\QLNDMtFtPX]LNDQW-R]HI)DELDQ+UDMHQDKRXVOH
PDQGROtQXIRXNDFtKDUPRQLNXD]StYi-HWRSURVWČ3HStþHN1\QtMHXåYGĤFKR
GXDOHMHKRNRQ]XPDFHDONRKROXVQLåXMHSĜtMP\NDSHO\LMHKRYODVWQtGĤFKRGR
SURF.URPČPX]LNDQWVNpKRXPXVHSURVODYLOWtPåHMHKRMPpQHPE\ODY6HYHUQt
$PHULFHSRMPHQRYiQDMHGQRWNDRSLORVWL±SHSD3URQi]RUQRVWDYDãLSĜHGVWDYX
MHWĜHEDXYpVWåHVWDYMHGLQFHWČVQČSĜHGGHOLULHPGRVDKXMHKRGQRW\SČWLRVPLQ
SHS\-LQDNMH3HStþHNSURNDSHOXSUDYêPSRNODGHPQHERĢNRKRE\MLQDNRVWDWQt
þOHQRYpVNXSLQ\GUEDOL]DGORXKêFK]LPQtFKYHþHUĤ
9UVHNHNDSHOHSĜLSRMLO,YDQ3UHLVROKUiþQDELFtNODSDFtKYt]GDFtDMQi
VWURMH9SRVOHGQtGREČSĜLGDONHVYêPELFtPYêNRQQêLVyORYê]SČY0H]LþOHQ\
VNXSLQ\YQiãtSĜHGNRQFHUW\QH]GUDYRXQHUYR]LWX5R]þLOXMHMHSURWRåHSURVYĤM
ÄVSURVWêEXERQ³Y\åDGXMHQDSyGLXYåG\QHMYtFHPtVWD-LQDNMHYHYãHREHFQpP
RSRYUåHQtQHERĢVNRURQHSLMHKUDMHWHQLVMHãWtKOêDPiKXVWpNXGUQDWpYODV\
'YDURN\SR,YDQRYLSĜLãHOGRNDSHO\.DURO5HSSHU.DURONRKUDMHQDNODVLFNRXKD
YDMVNRXN\WDUXSČNQČ]StYiDQiGKHUQČMyGOXMH-HKRDNXVWLFNpHIHNW\ãRNXMtQH
MHQRPSRVOXFKDþHDOHþDVWRLVSROXKUiþH-HQHSĜtMHPQČSUDFRYLWêVWiOHE\MHQRP
]NRXãHO0iDOHVPĤOXSURWRåHOHQRãLPDMtYHVNXSLQČYČWãLQX6SROXV,YDQHP]D
VWXSXMHYýHVNpWUDPSVNpNDSHOHVORYHQVNRXNRPXQLWX
1RDNRQHþQHMDNRSRVOHGQtGRNDSHO\SĜLãHOYUNRQWUDEDVLVWD3DYHO.UiO
9SRGVWDWČE\OSĜLMDWSURWRåHEDVDQDSyGLXGREĜHY\SDGi2QXåPpQČ7DNåH
SĜHGVWtUiåHKUDMHQDNRQWUDEDVDVQDåtVHL]StYDW-HOLNRåDOH]UHSUREHGHQQHQt
QLFVO\ãHWVYiGtWRVY\FK\WUDORVWtVREČYODVWQtQDQHVFKRSQRVW]YXNDĜH$SURWRåH
MHKHUFHPDUHåLVpUHP1RYpKRGLYDGODY7RURQWXQXWtVYpNDPDUiG\]NDSHO\DE\
QDYãWČYRYDOLMHKRGLYDGHOQtSĜHGVWDYHQtD]Y\ãXMHWDNMHMLFKQHFKXĢNHNXOWXĜH
9UHSHUWRiUXPiþHVNiNDSHODSRFKRSLWHOQČWUDPSVNpStVQLþN\GiOHKXGEXFRXQWU\
DZHVWHUQDSURWRåHKUDMLLQD]iEDYiFKWDNWDNpSRON\YDOþtN\WDQJDDGRNRQFH
LVZLQJRYpãOiJU\OHW.URPČY\VWRXSHQtYGRPRYVNpP7RURQWX]DMtåGtKUiWL
GR&KLFDJD2WWDZ\.LWFKHQHUXD&OHYHODQGX1DVLOYHVWUDSUDYLGHOQČKUDMLQD
0DVDU\NWRZQXD]ODWêPKĜHEHPVH]yQ\MHSURQL=ODWRNRSHFNêEiO$SRFKRSLWHOQČ
Y\VWXSMH L QD UĤ]QêFK ÄGRQDWLRQV SDUW\³ QHEROL VGREURþLQQêFK YHþtUFtFK MHMLFKå
YêWČåHNMHYČQRYiQQDSRGSRUXþHVNRVORYHQVNpGHPRNUDFLH,NG\åVNXSLQDQHVH
Qi]HYýHVNDWUDPSVNiNDSHODDSĜLWRPSURF]QLFKMVRXURGXYČUQt6ORYiFL
QHKiGDMt VH DQL R SRPOþNX DQL R ]QDN 0D[LPiOQČ WDN R SRþHW Y\SLWêFK SLY$
SĜLVORYHQVNpSROFH]StYDMtYãLFKQLVFKXWt0\MVPHFKODSFLRG=YROHQD«3URVWČ
NDSHODMHGREUiSDUWDNWHUiRGVYpKRY]QLNXKUDMHNUDGRVWLVYpLUDGRVWLVYpKR
SXEOLNDDYãLFKQLGRXIDMtåHMHãWČKRGQČGDOãtFKOHWKUiWEXGH$VNXWHþQRVWåH
YãLFKQLþOHQRYpNDSHO\MVRX]DPČVWQDQLDPX]LNXGČODMtYHVYpP YROQpPþDVH
DYSĜtSDGČGHOãtFK]iMH]GĤVLY\EtUDMtGRYROHQRXVQDGQHQtWĜHED]GĤUD]ĖRYDW
2QRWRQD=iSDGČMLQDNQHFKRGt1RDQD]iYČUVYpQDYãWtYHQN\ýHVNiWUDPSVNi
NDSHOD ] 7RURQWD SR]GUDYXMH YãHFKQ\ þWHQiĜH 5RGRNDSVX =D Y\GDWQp SRPRFL
3DYOD.UiOHVHSVDOGLSURSUDåVNê5RGRNDSV
3R]QUHGDNFHMHNUiVQpåHVLQDVYRMHNROHJ\Y]SRPQČOMHMLFKþOHQLSRWROLND
OHWHFK$QRE\O\WRKH]NpþDV\DSDQt-DQD)DELiQRYi]SČYDþNDWHKGHMãtNDSHO\
MHQRP SRWYU]XMH åH Y NROHNWLYX YOiGOD NUiVQi DWPRVIpUD SČNQp JHQWOPDQVNp
Y]WDK\ D åH V SDUWRX PX]LNDQWĤ ]StYDOD YHOLFH UiGD $ QD DGUHVX DXWRUD
Y]SRPtQN\ QD :LPS\KR åLYRW GRGDOD åH .DURONR MH RSUDYGX GREUê þORYČN«
h]HVWU
02'/,7%$=$3$9/$³:,03<+2´1(%(6.e+2
,QWHUSUHW*UHHQKRUQV=HOHQiþL
.G\åMVHPVHSĜHGKRONDPDQRVLW
EUHMOHVW\GČ
WDNMVHPMHQHQRVLODKROWMVHP
KRYĖDMVYLGČO
DWHQNUiWþDV]DYHGµPêWUDPSVNê
VWH]N\
NHNOXNRYLFRPČOWHQVDPHMSUREOpP
MH]GLOVSDUWRXÄ6RY\³
7DNMVPHVHSRWNiYDOLSDUW\UĤ]QêFK
OLGt
DPČOLSĜH]GtYN\Ä:LPS\³Ä6DQWHU³
Ä3LGL³
RVRERWiFKMVPHEUDOLÄOHSãtP
]tWĜNĤP³URKD
DMHOLQDþXQGUNWHUHMEHMYDOMDN
QRKD
8åWHQNUiWNG\åVHGRWP\UR]OpKDOR
SROHVH
åHLQiVWĜHEDRVXGGR$IULN\]DQHVH
PČOMVHPSĜLWRP]StYiQtWURFKX
SRFLWYLQ\
ĜtNDOMVHPVLFRåHWR]StYiP]D
NUDYLQ\"
7ČåNRVHSĜHOp]DORKOHGDWQČNGH
D]\O
DMiSRVHUDE\FKVHXåRG&KXFKOH
SOD]LO
SDNþDVWUKµRSRQRXMDNGČOiYiWR
]HãSiVX
QČNGRSVDO]7RURQWD]'HQZHUX
QHER]7H[DVX
5$WDNWHćSR]YHGiPQDYDãL
SRþHVWVNOHQNX
WČFKFRMVHPRGQiV]QDODSDN
]ĤVWDOLYHQNX
DSĜL]QiPåHVH]DWXPDORYČUQRVW
VW\GtP
P\VOHOMVHPåHYiVQLNG\YtFXå
QHXYLGtP
-HGREĜHåHVLþORYČNQHY\NOiGi
NDUW\
WHQ:LPS\E\OGXãtWêKOHVRYiFNê
SDUW\
DUiGKUiOVRVXGHP]DQRFtYDEDQN
SDUWLL
NG\åFKRGLOVN\WDURXSĜHVREORXN
PRVWXX6NU\Mt
1iãRVXGPOKDYêMHMDNY]GiOHQp
SRKRĜt
MHGQRXVSDGµVWURPWČVQČ]DQČKR
FHVWRXY2XSRĜL
WHQNUiWPXRVXGDOHMHãWČGiYDO
ãDQFL
MHQXUYDOSRSUXK\QDMHKR
WUDPSVNêPUDQFL
&(/È3Ë6(ĕ1$+773:::=3(91,.
:=&=",' 3ě,35$9,/,0$1ä(/e
.D+5(33(529,D93ž
9RGERUQHMOLWHUDW~UHV~7DWU\XYiG]D
Qp DNR JHRPRUIRORJLFNê FHORN )DW
UDQVNRWDWUDQVNHMREODVWLDWYRULDQDM
Y\ããLX þDVĢ .DUSiW 1DFKiG]DM~ VD
Y VHYHUQHM þDVWL 6ORYHQVND D þOHQLD
VDQD9êFKRGQp9\VRNp7DWU\=i
SDGQp±1t]NH7DWU\NWRUpRENORSXM~
/LSWRYD%HOLDQVNH±RNROLHäGLDUXQD
KUDQLFLDFKV3RĐVNRP5R]SUHVWLHUDM~
VD QD SORFKH KD D Y U EROL Y\KOiVHQp ]D7DWUDQV
NêQiURGQêSDUN7$1$3
3{YRG D Yê]QDP Qi]YX
7$75< QLH MH VSRĐDKOLYR
Y\ULHãHQê +LVWRULFL KR SUL
SLVXM~ RE\YDWHĐRP NWRUt
VtGOLOL QD ~]HPt HãWH SUHG
SUtFKRGRP 6ORYDQRY 2G
YRG]XM~ KR RG i]LMVNpKR
VORYDWDPWUDVYê]QDPRP
ÄWHPQê³ DOHER ÄWPDYê³
RGYRGHQê RG ĐXGRYpKR VORYD WDW
UD Y ]P\VOH NDPHQLVWHM QH~URGQHM
S{G\ 1DMSUDYGHSRGREQHMãLH PRåQR
DNFHSWRYDĢ åH 7DWU\ SRFKiG]DM~ ]R
VORYDQVNpKRVORYDWULWULþR]QDPHQi
EUDOi3UYi]PLHQNDWRKWRQi]YXMH]
UNHG\þHVNpNQLHåD%ROHVODY,,
QD VYRMHM VPUWHĐQHM SRVWHOL VSRPtQD
QDGREXNHćýHVNpNQLHåDWVWYRVLD
KDORDåSR7ULWULPRQWHV9UVD
Y.RVPRYHMNURQLNHVSRPtQDXåQi
]RY7DWULSUDYRSLVQHVN{UXSUDYHQê
FKDWD 6OLH]N\ GRP &KRGQtN\ V~ DM
QD QDMY\ããt ERG P QD 5\V\
MXåQH RG =DNRSDQpKR DOH QDMĢDå
ãLD FHVWD MH QD 2UOLX SUĢ 7XULVWLND Y
7DWUiFK VD Y VW UR]PiKDOD D WDN
Y 7DWUDQVNHM /RPQLFL Y U EROL
Y\EXGRYDQp SUYp WXULVWLFNp D UHNUH
DþQpREMHNW\9UERODVSRMHQi
VHOHNWULFNRXåHOH]QLFRX]3RSUDGX9
V~YLVORVWL]UDVWRPXE\WRYDFtFK]DULD
GHQWD 6SRMHQêFK ãWiWRY 5 1L[RQD
,QIRUPRYDOLRWRPKQHć/%UHåQHYD
VSURVERXDE\DMRQSRVODOWHOHJUDP
D SUHGQRVWQH E\ KR ]YHUHMQLOL SUHG
1L[RQRYêP = 0RVNY\ RGSRYHć QH
SULãOD D WêP SiGRP VD YHUHMQRVĢ R
WHOHJUDPH51L[RQDQHGR]YHGHOD
,VWHPQRKêPV~]QiPHVWDUpNODVLF
NpKRWHO\Y7DWUDQVNHM/RPQLFL*UDQG
KRWHO3UDKD*UDQG+RWHO
Y6WDURP6PRNRYFLDNRL
%HOOHYXH þL QD âWUEVNRP
3OHVHKRWHO\-iQRãtN.UL
YiĖ+YLH]GRVODY±GQHV
VSRMHQpSRGQi]YRP+R
WHO .HPSLQVNL YR YODVW
QtFWYH]QiPHMVORYHQVNHM
¿QDQþQHM VNXSLQ\ -7
5XãLYR YãDN WX S{VRELD
WULQRYpY\VRNpVNOHQHQp
XE\WRYDFLHEXGRY\NWRUp
GR WRKWR SURVWHGLD QH]DSDGDM~ 6~
Y\VWDYDQp VNXSLQRX -7 9 7DWUiFK
Y\UiVWORYV~þDVQRVWLPQRåVYRDSDUW
PiQRYêFKVWDYLHENWRUpVDSRGREQH
GR WRKR NUiVQHKR KRUVNpKR SURVWUH
GLDQHKRGLD
Tatry – Tritri
9lþãLQD ~]HPLD 7$1$3X MH SRNU\Wi
LKOLþQDWêPL OHVPL YR Y\VRNêFK SROR
KiFKNRVRGUHYLQRXDYQDMY\ããtFKVD
XååLDGQHOHV\QHY\VN\WXM~6QHKRYi
SRNUêYND SUHWUYiYD GQt Y
QDMY\ããtFKREODVWLDFK1DQLHNWRUêFK
VYDKRFK SR FHOê URN 9 7DWUiFK åLMH
PQRåVWYR åLYRþLãQêFK GUXKRY OtãN\
U\V\ VUQN\ QDMYLDF UR]ãtUHQp V~ Y
V~þDVQRVWLKQHGpPHGYHGHNWRUpV~
DJUHVtYQH9ONDVWUHWQ~ĢYWDWUDQVNHM
SUtURGHMHYêQLPRþQpäLMHLFKWXOHQ
QLHNRĐNRGHVLDWRN.DP]tNYUFKRYVNê
WDWUDQVNê MH V\PERORP 7$1$3X D
SDWUtNFKUiQHQêPGUXKRP=YWiNRY
MH WR RURO VNDOQê VYLãĢ KRUVNê (YL
GRYDQêFKMHWXGUXKRYUDVWOtQ
PHG]L Y]iFQH SDWULD ]YRQþHN DOStQ
VN\ D SOHVQLYHF DOStQVN\ QDMVWDUãLD
FKUiQHQiUDVWOLQD$VLGUXKRYMH
]iNRQRP FKUiQHQêFK SUL LFK RGWU
KQXWtMHGRVĢY\VRNi¿QDQþQiSRNXWD
9HĐNRXREĐXERXMHY7DWUiFKWXULVWLND
DNR GRPiFLFK RE\YDWHĐRY WDN L FX
G]LQFRY 1HKRYRULDF R YHĐNHM REĐX
EHýHFKRY3RGĐD]i]QDPRYXåYU
Y\NRQDOD%HDWD/DVNDNHåPDU
VNi KUDGQi SDQL S{YRGRP 3RĐND D
QHPDQåHOVNiGFpUDNUiĐDäLJPXQGD
SUYê]QiP\YêOHWGR9\VRNêFK7DWLHU
YVSULHYRGHNHåPDUVNêFKPHãĢDQRY
SUDYGHSRGREQHN=HOHQpPXSOHVX
Mária Chrappa
GHQtQiYãWHYQRVĢRX9\VRNêFK7DWLHU
Y U VD 7DWUDQVNi HOHN
WULFNi åHOH]QLFD UR]ãtULOD GR 6WDUpKR
6PRNRYFD7DWUDQVNHM3ROLDQN\DQD
âWUEVNp3OHVR=R6WDUpKR6PRNRYFD
QD+UHELHQRNERODGDQiGRSUHPiYN\
YUSR]HPQiODQRYNRYiGUiKD
=XEDþND±]XEQLFRYiåHOH]QLFDMD]Gt
]RâWUEVNpKR3OHVDQDâWUEX7DNWLHå
SULEXGOL NDEtQRYp ODQRYN\ 9 U QD6NDOQDWp3OHVRYUQD/RP
QLFNêãWtWRGNLDĐMHQiGKHUQêYêKĐDG
QDNRQþLDUH7DWLHU
1DM]QiPHMãtPL FHQWUDPL ]LPQêFK
ãSRUWRY V~ âWUEVNp SOHVR ± 6ROLVNR
6WDUê6PRNRYHF±+UHELHQRN7DWUDQ
VNi/RPQLFD±6NDOQDWpSOHVRäGLDU
%HOLDQVNH7DWU\91t]N\FK7DWUiFK
MH WR &KRSRN P9ćDND Y\
VRNR SRORåHQêP VWUHGLVNRP DNR MH
-DVQi V~ WX YêKRGQp SRGPLHQN\
QD O\åRYDQLH /LSWRY MH ERKDWê QD
EHåNiUVNH WUDV\ 0LORYQtNRP VNLDOSL
QL]PX V~ ]QiPH GROLQ\ ± äLDUVND
D'HPlQRYVNi9OHWQêFKPHVLDFRFK
QiGKHUQ~ KRUVN~ WXULVWLNX SRQ~NDM~
5RKiþH /LSWRY RENORSXMH DM 9HĐNi
)DWUDDFKRþRYVNpYUFK\DMDY\ããtP
3UYê WDWUDQVNê YêVWXS Y\NRQDOL Y U YUFKRP 1t]N\FK 7DWLHU MH ĆXPELHU
NHåPDUVNt ãWXGHQWL QD þHOH V P
' )UROLFKRP SUDYGHSRGREQH QD
.HåPDUVNê ãWtW 9êVWXSRY Y 7DWUiFK 9R IHEUXiUL VD NRQDOL QD âWUE
]DþDORSULE~GDĢ1D.ULYiĖYU VNRP 3OHVH 0DMVWURYVWYi VYHWD Y
Y\VW~SLOVDVNêNUiĐ)ULGULFK$XJXVW,, NODVLFNêFK O\åLDUVN\FK GLVFLSOtQDFK
.ULYiĖ VD VWDO V\PERORP 6ORYiNRY 'YDVNRNDQVNpPRVWtN\NWRUpVDQD
SUHWRåHEROGOKRSRYDåRYDQê]DQDM W~WRSUtOHåLWRVĢY\VWDYDOLEROLSêFKRX
Y\ããt YUFKRO 7DWLHU 1DMY\ããt MH YãDN 7DWLHUâSRUWRYêDUHiOVDVWDOQDVYR
*HUODFKRYVNê ãWtW PHWURY QDG MX GREX QDMPRGHUQHMãtP O\åLDUVN\P
PRURP NGH MH $VWURQRPLFNê ~VWDY VWUHGLVNRP Y VWUHGQHM (XUySH äLDĐ
GQHV MH Y FKiWUDM~FRP VWDYH QHNR
6$9DVtGOR0~]HD7$1$3X
QDM~ VD WX åLDGQH SRGXMDWLD DNR VD
7DWU\ V~ SRSUHWNiYDQp PQRåVWYRP R WRP ]PLHĖXMH VWDURVWD âWUE\ 0
FKRGQtNRY .Y{OL Y\VRNRKRUVNêP W~ 6êNRUD7LHåSULSRPtQDNRĐNRX]QDQt
UDP SRVWXSRP þDVX Y]QLNDOL KRUVNp DSRćDNRYDQtSULãOR]DWRWRãSRUWRYp
FKDW\ ] NWRUêFK QDM]QiPHMãLH V~ SRGXMDWLH =DXMtPDYi MH VNXWRþQRVĢ
&KDW\SRG5\VPLP7pU\KR åH ERO ]DVODQê L WHOHJUDP RG SUH]L
7DWU\V~]QiPHLOLHþHEQêPL~VWDYPL
QD SĐ~FQH RFKRUHQLD WXEHUNXOy]\
UHVSLUþQêFKFKRU{EYR9\ãQêFK+i
JRFKY1RYHM3ROLDQNH9RMHQVNêOLH
þHEQê~VWDYNWRUêWXERO]DORåHQêYU
SR]UXãHQtVWDUpKR]QiPHKRY
7DWUDQVNêFK0DWOLDURFK
7DWU\V~]QiPHLYHĐNêPSRþWRPMD
]LHUSOLHV -H LFK YLDF DNR 6~
ĐDGRYFRYpKR S{YRGX D PDM~ VYRMH
YODVWQpSRPHQRYDQLHDNRQDSU6NDO
QDWp SOHVR 9HĐNp +LQFRYR SOHVR Y
0HQJXVRYHM GROLQH 1LåQp D 9\ãQp
7HPQRVPUHþLQVNp SOHVR QR QDM]Qi
PHMãLH V~ DVL âWUEVNp SOHVR 3RS
UDGVNp =HOHQp 6NDOQDWp 1DMYlþãLH
MH YãDN Y 3RĐVNX ± 0RUVNp RNR 9
1t]N\FK 7DWUiFK MH QDMYlþãLH 9UELF
Np =QiPH V~ L WDWUDQVNp YRGRSiG\
± 6WXGHQpKR SRWRND 2EURYVNê YR
GRSiG Y ~VWL 6WXGHQpKR SRWRND YR
GRSiG6NRND5RKiþVN\9âWUEVNRP
SOHVHåLODXQLNiWQDU\ED±VLKPDUpQD
NWRUi SDWUt PHG]L ORVRVRYp U\E\ DOH
Y\K\QXOD=LVWLOLWRYV~þDVQRVWL3ULã
ORVDRXQLNiWQHKRåLYRþtFKDNWRUêåLO
OHQ YR 9\VRêFK 7DWUiFK 3RGStVDOD
VD]KRUãHQiNYDOLWDYRG\þRKRSUtþL
QRXV~ĐXGLDNWRUtMD]HUR]QHþLVĢXM~
7DWUDQVNê QiURGQê SDUN MH RG URNX
]DStVDQêGR81(6&$äLDĐSR
VOHGQêFK GHVDĢ URNRY VD SRKĐDG QD
QH WURFKX ]PHQLO -XåQ~ þDVĢ 9\VR
NêFK7DWLHUYQRYHPEUL]DVLDKOD
YtFKULFD NWRUHM QiVOHGNRP EROR ]QL
þHQêFK PLOLyQD NXELFNêFK PHWURY
VPUHNRYêFKVWURPRY1RVWiOHV~SUH
QiYãWHYQtNRY YHĐNêP ]iåLWNRP ž
'2.21ý(1Ë3ěËâ7ċ
1RYêGRPRYþ
-DNMHWRVSĜtURGQtPL]iNRQ\
NWHUpSRQČNXGREFKi]tPH"GRNRQþHQt
5XGROI-LĜtþHN
6 QtP VH ]DþDO\ RWYtUDW NOLPDWLFNp
]yQ\ /HGRYFH XVWRXSLO\ Då GR DUN
WLFNp REODVWL NROHP SyOĤ =D QLPL VH
SĜHVXQXO\GRSROiUQtFKNRQþLQWXQG
U\DFKODGQpSRXãWČGRERUHiOQtSDN
KXVWpERURYLFRYpOHV\WDMJ\YVLELĜVNp
L VHYHURDPHULFNp REODVWL 9H VWĜHGQt
(YURSČVHXVWiOLORVHYHUQtPtUQpNOL
PD V RSDGDYêPL D VPtãHQêPL OHV\
YH VWĜHGR]HPt WHSOp PtUQp SiVPR V
OLVWQDWêPLVWURP\QDMLKRGWXGY]QLNO\
YVHYHUQt$IULFHVXEWURS\VOHVRVWHS
PLDSRXãWtYWURSHFK]DYOiGORSiV
PRGHãWQêFKSUDOHVĤ3RUXFK\NOLPD
WX VH SDN SURMHYLO\ Y MHMLFK UHODWLYQt
QHVWDELOLWČ
9SUHERUHiOXSĜQOVH
OHGRYHF SĜHVXQXO GR 1RUVND FRå
E\OR SURYi]HQR YêUD]QêP RWHSOH
QtPDY]HVWXSHPRFHiQVNêFKYRG9
QČPVHXNRQþLOROHWGORXKp
~GREt%DOWVNpKRVODGNRYRGQtKROHGR
YpKRMH]HUDNWHUpUR]WiORVSRMLORVH
QD]iSDGČSĜHV'iQVNRVH6HYHUQtP
DQD69SĜHVILQVNRX.DUpOLLDSRORR
VWURY.RODV%tOêPPRĜHPDSĜHPČQL
ORQD<ROGLRYpPRĜHSRGOHPOåH<RO
GLDDUFWLFD-HKRQHMYČWãtUR]VDKE\O
NROHPUSĜQONG\KORXENDX
-9 ãYpGVNêFK EĜHKĤ GRVDKRYDOD Då
P V SRVWXSQêP ]PČOþRYiQtP N
SREĜHåt1ČPHFNDD3ROVND6NDQGL
QiYLHVHVWDODYUSĜQORVWUR
YHPDKĜEHWNWHUêMLVSRMRYDOV$QJOLt
VHSRQRĜLO%ULWVNpRVWURY\VHRGGČOL
O\RGHYURSVNpSHYQLQ\2WpWRGREČ
VH KRYRĜt MDNR R MHGQp ]H WĜt ÄSRWRS
VYČWD³ SĜL Qtå PČOD SRGOH +RPpUD
]PL]HW $WODQWLGD 'R Qt VSDGi L SR
þiWHNVWĜHGQtGRE\NDPHQQpPH]R
OLWYQtåYOQ\ORYFĤSR]iQLNXPDPX
WĤSRVWXSRYDO\]DVWiG\VREĤNVHYH
UXNGHVHXVDGLOLX%DOWVNpKRPRĜH
1DVWRXSLOYãDNERUHiONWHUêYOHWHFK
SĜQO SĜLQHVO MHãWČ YČWãt
RWHSOHQtNG\åOHGRYHFXVWRXSLOGiOHN
VHYHUX'RWpWR]PČQ\E\FKRPPRKOL
]DĜDGLWGYČGRVXGQHVSRMRYDQpXGi
ORVWL6NDQGLQiYLHRGWtåHQiRGOHGRY
FĤ]DþDODVWRXSDWD]SĤVRELODQRYRX
L]RODFL %DOWX NWHUê VH U SĜQO
VWDO VODGNRYRGQtP $QF\ORYêP MH]H
UHPSRGOHSOåH$QF\OXVOHåtFtPDå
RPYêãHQDGKODGLQRX6HYHUQtKR
PRĜH 0 6DXUDP HW DO . SR
GREQp XGiORVWL DOH GRãOR L Y REODV
WLGQHãQtKRýHUQpKRPRĜHNWHUpVH
]PČQLOR QD VODGNRYRGQt MH]HUR (X
[LQXV NWHUp H[LVWRYDOR MHãWČ SĜHG U
SĜQO%\ORSRQRĜHQRDåP
SRG KODGLQRX 6WĜHGR]HPQtKR PRĜH
RG NWHUpKR E\OR RGGČOHQR %RVSRU
VNêPKĜEHWHP:5\DQ:3LWPDQ
9(XUi]LL]PL]HODWXQGUDDQDNRQWL
QHQWHFKVH]DþDORUR]YtMHW]HPČGČO
VWYtYGREČQHROLWX
9DWODQWLNXSĜQOVHNOL
PD]PČQLORQDYOKNpRWHSOHQtHQHR
OLWX'RãORNGUXKpÄSRWRSČVYČWD³Y
QtåSĜHGSĜQOVHKODGLQDPRĜt
]YHGOD D %DOW VH VSRMLO VH 6HYHUQtP
PRĜHP 9]QLNOR /LWWRULQRYp PRĜH
SRGOH PRĜVNpKR SOåH /LWWRULQD OLWWR
UHD NWHUp SRKOWLOR þiVW +RODQGVND
D 6= 6NDQGLQiYLL 9H VWHMQp GREČ
VH]YHGODLKODGLQD6WĜHGR]HPtMHMtå
YRG\SURQLNO\SĜHV(JHMVNRXREODVWD
'DUGDQHO\]DQLPLåVHREQRYLORýHU
Qp PRĜH 9H YêFKRGQt $IULFH NWHUi
E\ODRGSRþiWNXKRORFpQXSRGYOLYHP
GHãĢRYpKRSOXYLiOXVHVDYDQDPLDMH
]HU\ VH ]DþDOD REMHYRYDW 6DKDUVNi
SRXãĢ NWHUi SĜHG SĜQO
SRKOWLODREURYVNRXþiVWWRKRWR~]HPt
*%RQGHWDO
9HSLDWODQWLNXSĜQOVH
NOLPDYUiWLORNVXFKpPXRWHSOHQtNWH
UpE\ORVWiOHRƒ&Y\ããtQHåGQHV
9%DOWXSRNUDþRYDOR/LWWRULQRYpPRĜH
Då GR U SĜQO SR QČPå SĜH
ãORDåGRUSĜQOGR/LPQDHRYp
KREUDNLFNpKRPRĜHSRGOHSOåH/LP
QDHDEDOWLFDNWHUpVHYãDNVPČUHP
N]iSDGXVSRMLORSĜHVSUĤOLY\6NDJHU
UDND.DWWHJDWVH6HYHUQtPPRĜHP
]DWtPFR QD 69 VH X]DYĜHOR Y %RW
QLFNpP ]iOLYX 9 REGREt SĜQOE\ODGREDEURQ]RYi
9 QiVOHGXMtFtP VXEERUHiOX SĜQOVHRSČWYUiWLORYOKNpRWHS
OHQt DOH R QČFR FKODGQČMãt 9 VXE
DWODQWLNX SĜQO Då QO VH
MHãWČYtFHRFKODGLOR]KUXEDQDGQHã
QtKRGQRWXPtUQpKRNOLPDWX%DOWSĜH
ãHO GR NRQHþQpKR VWDGLD 0\RYpKR
PRĜHVPOåHP0\DDUHQDULDDOHVH
VQtåHQRXVODQRVWtYRGDY%RW
QLFNpP]iOLYXSURWL6HYHUQtPX
PRĜLV9WpWRGREČ]DþDODRG
SĜOåHOH]QiGRED
9 GREČ VWĜHGRYČNX QDVWDOR YHONp
RWHSOHQt NWHUp Y\YUFKROLOR Y OHWHFK
QO 9 QČP VH SRVXQXOR
Y\VD]RYiQt ROLYRYQtNĤ Då GR VHYHU
Qt,WiOLHNĜHFH3iGDYMLåQt$QJOLLVH
UR]YLQXOR YLQDĜVWYt 1HMYČWãt SĜHNYD
SHQt YãDN þHNDOR QiPRĜQtN\ NG\å
GRWpGRE\]DOHGQČQêRVWURYQDGDOH
NpPVHYHUXVHQDFHOp]iSDGQtVWUD
QČ REDOLO EXMQRX YHJHWDFt SRGOH Qtå
PX GDOL MPpQR Ä*UHHQ /DQG³ *UyQ
VNR9GDOãtPREGREtQO
XåSĜHYOiGDORPtUQpNOLPDSRQČPå
YOHWHFKQDVWRXSLOD0DOi
GREDOHGRYiVHNWHURXSĜLãHOGR(Y
URS\ KODGRPRU D PRU 3R WRPWR RE
GREtVHQDVWROLORPtUQpNOLPDYQČPå
VH SUĤPČUQp WHSORW\ YUiWLO\ RG U
GRGQHV]SČWNPtUQpPXNOLPD
WXLNG\åPUD]LYêFKUNG\SRG
PUD]HP SUDVNDOD NĤUD VWURPĤ $OH
XåQDãHVWDUãtJHQHUDFHSR]RURYDOD
åH Y OHWHFK SR VY YiOFH QDSDGOR
KRGQČVQČKXXåRGOLVWRSDGXGRSUR
VLQFH 9 OHWHFK VH SRVXQX
ODVQČKRYi]LPDGRSURVLQFHDåOHG
QDSDNGROHGQD~QRUDDYU
XåWpPČĜåiGQi]LPDQHE\ODMHQYHO
NpORNiOQtYêN\Y\WHSORWGRVDKXMtFtFK
Dåƒ&YOHGQX$OHNRQFHP~QRUD
DSRþiWNHPEĜH]QDMHãWČVHVQČKHP
'RYãHFKWČFKWR~GREt]DViKODLOLG
VNi þLQQRVW 2G QHROLWX VH ]DPČĜLOD
QHMSUYHQD]HPČGČOVWYtNG\E\O\SR
NiFHQ\REURYVNpOHVQtSRURVW\DSĜH
PČQČQ\ QD QHNRQHþQp OiQ\ SROt =
QLFK Y SRVOHGQtFK GHVHWLOHWt XQLNi ]
GXVtNDWêFKKQRMLY12SĤVREtFtGH
VWUXNWLYQČQDR]RQRYRXYUVWYXFKUi
QtFt QiV SĜHG 89 ]iĜHQtP 2G SUY
QtFK ]DORåHQêFK REFt D PČVW MDNR
E\OR-HULFKRQHER&DWDO+\NVHGR
ĜHNGRVWiYiYHãNHUêRGSDG]GRPiF
QRVWt
2G GRE\ SUĤP\VORYp UHYROXFH MVPH
]DVDåHQtHPLVHPL&2D&2]NR
PtQĤWRYiUHQDGRPiFQRVWtDXWRPR
ELORYpDOHWHFNpGRSUDY\NWHUpVSR
OXVIUHRQ\DPHWDQHP]Y\ãXMtVNOH
QtNRYê HIHNW D WtP RWHSORYiQt DWPR
VIpU\'RQtVHXYROĖXMHSĜLVSDORYiQt
LR[LG\GXVtNXDVtU\=HYãHFKSURGX
FHQWĤVHRGSDG\ãtĜtĜHNDPLGRMH]HU
D PRĜt NWHUi MVRX Xå URYQČå ]DPR
ĜHQD-HWHG\QDPtVWČåHMHVSUiYQp
XþLQLWQČNWHUiRSDWĜHQtDE\FKRPQH
VNRQþLOL Y EXGRXFQX YH VSODãNiFK D
RGSDGHFK2YãHPMHRWi]NRX]GDVH
WtP VQtåt HIHNW RWHSORYiQt SRGOH SĜt
URGQtFK]iNRQĤ
-HVWOL MVPH Y ~YRGX ]DþDOL V WtP åH
GHQDQRFVHVWĜtGDMtY]KOHGHPNUR
WDFL =HPČ D EČKHP URNX QDãH SOD
QHWDSURFKi]tþW\ĜPLVH]yQDPLSDN
V MHãWČ YČWãtP þDVRYêP LQWHUYDOHP
MVPH GRãOL N WRPX åH L URþQt VH]y
Q\ VH PČQt .RQHF SRVOHGQt OHGRYp
GRE\ MDNRE\ ]REUD]RYDO ]LPQt VH]y
QX GU\DVRYp REGREt MHKR SĜHFKRGX
LPLWXMHMDUQtREGREtSRþiWHNKRORFp
QXRGSUHERUHiOXDåVXEERUHiOXOHW
QtVH]yQXSRNWHUpPYVXEDWODQWLNX
GRFKi]t N RFKOD]HQt GR SRG]LPX Då
]LP\
3DN Y VXEUHFHQWX V QiVWXSHP PtU
QpKR NOLPDWX SĜLFKi]t MDUR YH VWĜH
GRYČNX OpWR SĜL SĜHFKRGX GR QRYR
YČNXVPtUQêPNOLPDWHPSRG]LPXY
REGREtVH]LPQtPNOLPD
WHP ÄPDOp GRE\ OHGRYp³ SDN Y PLQ
VWRO V MDUQt PtUQRX VH]yQRX D Q\Qt
]DþtQiPH HSRFKX OHWQtKR RWHSORYi
Qt 6 QtP E\ ]DþDOD VWRXSDW KODGLQD
VYČWRYêFKRFHiQĤFRåE\]QDPHQD
ORRKURåHQtYtFHQHåPLORE\YD
WHOVWYD]SREĜHåQtFKDRVWURYQtFKRE
ODVWtNWHĜtE\SDNXWtNDOLGRYQLWUR]H
PtMDNRXSUFKOtFLSĜHGÄWĜHWtVYČWRYRX
SRWRSRX³ž
7
6QDGVHQDWR79QiGREtþNR
VNêP QHåOL ]DOiVNRYDQêP VUGFHP« þtP GpOH KR ]QiP
h]HVWU WtPUDGČMLKRSRVORXFKiP9OHGQXE\OQD0DVDU\NWRZQX
DUHVWDXUDFHE\ODMHKRSĜt]QLYFLQDSURVWRY\SURGiQD-HPX
Y]iYČVXSĜLFKi]tVNURPQČY\KOtåHMtFtWUXPSHWLVWDDVD[RIRQLVWDURYQČåWDOHQWRYDQêDGRKXGE\]DPLORYDQê,DQ0DF*LOOLYUD\NWHUêQDYtF
X]HPQtVYêPNOLGQêPDĜHNODE\FKLVH[\]SČYHP9ĤEHFVHQDSUYQt
SRKOHGQH]GiåHE\RSOêYDOKXPRUHPNWHUêPYLGtGČQtYStVQLþFHQČMDN]QDGKOHGX«6SRQWiQQČXYtWDORREHFHQVWYR-LUNX+iMNDPXåHQiSDGQpKRSĜHGHYãtPMHPXVOXãtFtPNQtUHP$SRWRPQHMVHPVDPDNGR
PiVODERVWQDVD[RIRQ\VMHMLFK]DVWĜHQêPKODVHPSRGOHWRKRRMDNê
MGHSĜLSRPtQDMtFtSRKRGRYpSR]SČYRYiQt
2VNODGEiFKNWHUpVNXSLQD-LĜtKRXYHGODViPNDSHOQtNGRGDOÄ%\OD
WRVPČVQDãLFKHYHUJUHHQĤMDNR6W/RXLV%OXHVD'RQµW*HW$URXQG
0XFK $Q\PRUH D $LQµW 6KH 6ZHHW D 0DUNpWX MVPH GRSURYi]HOL
Y QČNROLND VWDUãtFK þV SRSXOiUQtFK StVQtFK NWHUp ]StYDOD +DQD
+HJHURYiäHOH]QLþQtPRVWDýHUQiNiYD
3ĜHNYDSHQtPYHþHUDE\OSURPQHQDSURVWR~åDVQêYêNRQ-LUN\+iMND
VHNWHUêPMVHPQHKUiOXåQČNROLNOHWDVNRURMVHP]DSRPQČOMDNêMH
QDVD[RIRQXDWHćLNODULQHWXERUHFY\VHNOSRNORQX-LUND*URVPDQ
1ČNG\YURFHMVPHVSROX]DORåLOLNDSHOX7KH%DFKHORUVDRGWp
GRE\VQtPVSROXSUDFXMLVQDGãHQtPSURWRåH-LUNDMH3DQ0X]LNDQW
+UDMH SUHFL]QČ D SURFtWČQČ SUiYČ WDWR GYČ SĜtVORYFH VH QH YåG\
VHMGRX+RGQČPX]LNDQWĤKUDMHVLFHSUHFL]QČDOHEH]SURFtWČQtDQHER
QDRSDN³
. FHOp Wp VNXSLQČ EH] GHEDW\ SDWĜt 3HSD 0XVLO -HKR VRXVWĜHGČQt ]D
6iOE\OSOQČREVD]HQê)RWRDXWRUND
SLiQHP MH SRYČVWQp %êYi GR KXGE\ GRVORYD SRQRĜHQê D MHQ E\VWĜH
VOHGXMHNWHUê]HVSROXKUiþĤQDVWXSXMHMDNGORXKRMHãWČKUDMHNROLNUiW
VLWXþLRQXYHU]L]RSDNXMH«YãLFKQLVHY]iMHPQČ]QDMtQDWROLNåHYČGt
FRRGVHEHPRKRXRþHNiYDWDWDNVWDþtMHQRPPUNQXWtþLOHKNpJHVWR«
1X D QDQRYR VH VH VYêPL KRXVOLþNDPL ]DVNYČO (G9RNXUND9ODVWQČ
]DKDMRYDO FHORX WX EHQH¿FL VYêP QHVNURWQêP GRYiGČQtP QD VFpQČ
1HYtP MDN WR GČOi DOH MH SRĜiG PODGê D ãWtKOê YHVHOê V ~VPČYHP
RGXFKDNXFKXSRK\EOLYêFKYtOLNOLGQČQHSRVWRMtSURVWČKXGEDMtP
GRVORYDãLMH9\KRXSiVYêPLERN\NDåGêWDNWSĜLY\VWRXSHQtQDFKRGt
DQDWDQþtVQDGNLORPHWU\VHPDWDP
Ä3UR(GDMHSĜt]QDþQêMD]]DNODVLNDNWHURXVLVW\OL]XMHGRYODVWQtKR
FtWČQt %HL 0LU %LVW 'X 6KRQ 6RQJ RI ,QGLD 5LPVN\ .RUVDNRY
+DOOHOXMDK &RKHQ GDOH 6XPPHUWLPH *HUVKZLQ þLOL YtFH VKRZ
VNODGE\³SRWYU]XMHMHKRVSROXKUiþSLDQLVWD3HSDÄ-LUND]DXMDOVYêPL
µVWDQGDUG\¶'RQ¶WJHW$URXQG$Q\PRUH'R<RX.QRZ:KDW,0HDQ
DPQRKDNUiVQêPLEOXHV«³
6 EHQH¿þQtPL NRQFHUW\ VH VHWNiYiPH Y NRPXQLWČ PiOR 9ODVWQČ MH
Y SRVOHGQt GHNiGČ SRĜiGDOD MHQ SURGXFHQWND 0DUNpWD 6OHSþtNRYi Y]SRPHĖWH WĜHED YêOHWQt ORGČ SR 2QWiULX þL NRQFHUW NWHUê SRĜiGDOD
SĜHG GYDQiFWL OHW\« V\PSDWLFNp MH åH VH VDPD QD DNFL SRGtOt åH
SĜtWRPQêPQDEt]tNYDOLWQtSURJUDP
$ MHVWOL Pi VP\VO WDNRYp DNFH SRĜiGDW" Ä3UR þHVNRX WHOHYL]L D SUR
NUDMDQVNp SRGQLNiQt YĤEHF KUDMX UiG D EXGX MH QDGiOH SRGSRURYDW
MDN PRKX D MDN XPtP 0DUNpWD MH PRMH YHOLFH EOt]Ni D GORXKRGREi
SĜtWHON\QČ ]DþDOL MVPH WHOHYL]L GČODW YODVWQČ VSROX ± E\O MVHP
VSROXPRGHUiWRUHP QČNG\ Y URFH MHVWOL VH QHSOHWX 0DUNpWD
Y\EXGRYDOD QDSURVWR VNYČOê E\]Q\V D YtP åH WR QHPi OHKNp -i ML
SRYDåXML]DLGHiOQtKRLPLJUDQWDSĜLMHWGR]HPČVMHGQtPNXIUHPSĜLMtW
VQiSDGHPDSRVWDYLW]JUXQWXSRGQLNWRQHGRNiåHMHQWDNNGRNROLY³
3HSD NDSHOQtNRYL SĜL]YXNXMH Ä3ĜL]QiP VH åH MVHP E\O WDN WURFKX
LQVWLJiWRUHP WRKRWR Y\VWRXSHQt POXYLOL MVPH R WRP V 0DUNpWRX MLå
GORXKR1RYi9L]H0DUNpWDD7\P\VOHPQHDXWRUNXþOiQNXDOHSUR
XSĜHVQČQtVSROXSUDFXMLV0DUNpWRXRG]DþiWNXDQDSURVWRQH]LãWQČVL
WR]DVORXåt9åG\ĢPiWH]DVHERXSĜHVSURJUDPĤ$MHVWOLPiVP\VO
WDNRYp DNFH SRĜiGDW" 6P\VO DQR MH WĜHED GČODW SRGREQp DNFH SUR
þHVNRX D VORYHQVNRX NRPXQLWX QDNRQHF Y\SURGDQi UHVWDXUDFH D WR
MDNVHGLYiFLEDYLOLMDNUHDJRYDOLWRPXMHQQDVYČGþXMH³7DNåHGtN\
]DNUiVQêYHþHUSĜiWHOp«O]HYČĜLWWRPXåHVHQDQRYp79QDGREtþNR
QDVEtUiž
3ě,35$9,/$9ċ5$.2+28729È
8
1RYêGRPRYþ
6(65'&(0+2.(-,67<
Ä%UiFKD ]DþDO WRå MVHP VD SĜLGDOD³
RGSRYtGi R PDOLQNR VWDUãt D XURVW
Oi 5HQDWD 0RGUiNRYi Ä+UiW KRNHM
MHIDMQNG\åVL]HPČQHGČODMtVUDQ
GX+UDMXVPODGãtPDWDNåHQDI\]Lþ
NX WR QHQt DQL WDN QiURþQp³ RGSR
YtGiDVO\ãtPVQDGKDQiFNêSĜt]YXN
0DUHN 5RþiN VL SRFKYDOXMH YêVOHG
N\ ]iSDVX QD OHGQt SORãH MH Xå SČW
OHWYHGHVLVXYHUpQQČ+RNHMMHGĜL
QDQH"±7RMHDOHEDYtPČWRNDå
GpUiQRPiPHKRGLQXRGUiQRWUp
QLQN±0iãMHGQLþNX]WČOiNX"-R
PiPQiVOHGXMHVUGHþQêVPtFK.D
SLWiQPXåVWYDMHYiåQêEORQćiN-LQ
GĜLFK )RMWtN -DN VH FtWtã MDNR NDSL
WiQ"±.G\åY\KUDMHPHWDNIDMQNG\å
SURKUDMHPHWDNEOEČ0iPHSĜHGVH
ERXMHãWČSĜiWHOiN\DOHXåMHSUDNWLF
N\NRQHF±&RMVWHYLGČOLY7RURQWX"
± =DãOL MVPH QD ]iSDV 1+/ VHWNDOL
VHV-iJUHPE\OLMVPHQDYêOHWČXMH
]HUDQDYČåL«FKWČOE\VYLGČW.D
QDGXMHãWČMHGQRX"±8UþLWČ«RGSR
YtPČNNRXVORYHQãWLQRX-DNXE&KUR
PLDN=SRþiWNXKRKRNHMPRFQHEUDO
DOHKUiOKREUiFKDSĜLGDOVHDGQHV
Yt åH X QČKR ]ĤVWDQH %\O\ ]iSDV\
WČåNp"±-DNNWHUêMDNVNêP.DQD
ćDQpMVRXOHSãtKRUãt"±-VRXMLQt
9þHP"±5\FKOHMLEUXVOtWRMHMHMLFK
YêKRGD³
3R]iSDVHMHãDWQDSOQiWHQWRNUiWMLå
SRVOHGQtFK GRMPĤ ]tWUD PDOp KUiþH
þHNiMHãWČMHGHQ]iSDVDSDNRGMH]G
GRPĤ &HONHP MLFK SĜLFHVWRYDOR
SRSDVRYDWVHVKRNHMLVW\]HPČNWH
UiVOLQHSRYČVWtNROpEN\WYUGpFKODS
VNpKU\QDOHGČ
&KODSFL D GtYND WDG\ SRE\OL GH
VHW GQĤ D SURJUDP PČOL SRĜiGQČ
QDSČFKRYDQê QHMHQ PH]LQiURGQt
PL XWNiQtPL DOH WDNp SURKOtGNDPL
]DMtPDYêFK REMHNWĤ D PtVW YL] GR
SLV 9tFH VGČOLO SUH]LGHQW +RNH
MRYpKR NOXEX %UXPRY%\OQLFH -D
URVODY 9DQČN HQHUJLFNê FKODStN
Ä&KWČOLMVPHSR]QDWMDNWRWDG\YNR
OpEFH KRNHMH IXQJXMH =DĜtGLW SRE\W
QHQtMHGQRGXFKiYČF9SOiQXPiPH
NDåGpGYDURN\VFKODSFLQČNDPY\
UD]LWPLQXOHWRE\OR5XVNROHWRV.D
QDGDD86$]tWUDPiPH%XIIDORD
]DGYDURN\SRMHGHPHQDVHYHU(Y
URS\ ± )LQVNR âYpGVNR 1RUVNR
9ãHFKQD XWNiQt NWHUi MVPH DEVRO
YRYDOL PČOD QČFR GR VHEH QHMNYD
OLWQČMãtE\OR¿QiOHWRKRWRWXUQDMHNWH
Up MVPH KUiOL V$YDOODQJH D SURKUiOL
MVPHWČVQČERMRYDOLMVPHGRSR
VOHGQtNDSN\NUYHPiP]QDãLFKKUi
þĤUDGRVW³
âpI WêPX VL SRFKYDORYDO ~åDVQRX
VSROXSUiFL Ä'tN\ QDãHPX SDUWQHUR
ýHVNêWêPSRYêKĜHQDGNDQDGVNêPLKUiþLVSROHþQêSR]GUDY
-DURVODY9DQČN6YiĢD0LOLWNê0LUR7XUHN5HQDWD0RGUiNRYi-LQGĜLFK)RMWtN
SĜLYHGO QD WêPĤ« Ä D SURWRåH MH
-DUGDPĤMNDPDUiGUR]KRGOMVHPVH
PXSRPRFLLNG\åWRQHQtR]iEDYČ³
'tN\ YVWĜtFQRVWL D SRFKRSHQt GRE
URYROQtNĤ D SRGQLNDWHOĤ VH YČFL Kê
EDO\ YH SURVSČFK SRE\WX FKODS
FĤ 8E\WRYiQt Y *UHHQ$FUHV 0RWH
OX SHUVRQiO SRFKYDORYDO FKRYiQt
NOXNĤ VWUDYRYiQt YH =ODWpP EDåDQ
WX X 3DWULND Y 0LVVLVVDX]H ¿QDQþ
Qt SRGSRUD $NXQ\ =GHQLþND )RUV
WRYi PDQåHOĤ 6\SWiNRYêFK 'D
Q\KR 6XGND 0LUR7XUND SDQD7XOt
NDSĜtVSČYHN3HWUD.RKRXWD]DSĤM
þHQtYR]LGOD7UDYHOLQJ&KLFNHQ/HQ
N\ 0DFDMRYp ]D SRPRFL 3HWUD .Oi
WLOD 3DYOD âYiVWDOD -LQGĜLFKD 9HM
UDåN\ 9OiGL 'XåND %UDĖD 0ROQiUD
9iFODYD 7UþN\ .HQD 7LOGHQD D GDO
ãtFK±SURVWČE\ODWRMHGQDYHONiRU
JDQL]DþQt SUiFH VH VUGFHP KRNHMLV
W\ QD GODQL$ KRVWXMtFt WêP WR YUiWLO
Y\QLNDMtFtUHSUH]HQWDFtVYpKRNOXEX
'UåHOLMVWHVHNOXFLEiMHþQČSĜHMH
PHGDOãt~VSČFK\ž
YL 6YiĢRYL 0LOLWNpPX 'DQX 6XGNRYL .OXE VL YHGH YHOLFH GREĜH &R VH
D GDOãtFK REČWDYFĤ MVPH PČOL PRå WêNi YêVOHGNĤ GQHV KUDMt GYD NUD
QRVW SR]QDW PQRKp NROHP ]GHMãtKR MH ± =OtQVNê D %UQČQVNê D FKODS
KRNHMH .DQDGVNp GČWL PDMt REURY FLVHXPtVWLWLOL]WêPĤQDGUXKpP
VNp PRåQRVWL KUiW KRNHM WDG\ Pi PtVWČ9WRPWRNXEXY\FKRYiYDMtGČWL
PRåQRVWNDåGêDMVRXMLFKWHG\VWD RG GR OHW Y SĜtãWtP URFH KRG
WLVtFHNWHĜtVHGRVWDQRXGRWU\FKWêĜH ODMtRWHYĜtWKRNHMRYpJ\PQi]LXPNGH
D]WČFKVHY\EHUHRQČFKQHM EXGH WDNp VHNFH IRWEDORYi SODYiQt
OHSãtFK9HGOHWČFKPRåQRVWtPČSĜH WHQLVX NUDVREUXVOHQt Mt]G\ QD NROH
NYDSLOIDNWåHMVRXQDOHGČMHQGYD PRåQRVW XGČODW VL ĜLGLþiN ± SURVWČ
NUiWYWêGQXQDGYČKU\P\MVPHQD POiGHå FKWČMt SĜLSUDYLW GR åLYRWD«
OHGČ NUiW Y WêGQX 3UDYGČSRGREQČ 9H VWHMQpP WUHQGX YHGRX L WUHQpU\
WR SDN Y\URYQDMt YH Y\ããtFK URþQt VHUYLV UR]KRGþt D YHGRXFt PDQãDI
WĤ±O]HYČĜLWWRPXåHMVRXMHGQČPL
FtFKNG\WUpQXMtPRåQiLQWHQ]LYQČML
1DãH þOHQQi VNXSLQD ]DKUQRYD ]PiODYý5D65
ODKUiþĤDGYDEUDQNiĜHYHYČNX 6YiĢD0LOLWNêVHYČQXMHKRNHMLGORX
OHW=DFHORXGREXSRE\WXMVPH Ki OpWD Yt FR SRWĜHEXMH ViP WDNWR
[SURKUiOL[Y\KUiOLGQHãQtXWNiQt Y\FKRYiYDOVYpKRV\QD'R.DQDG\
E\OR GHViWp 3RNXG MGH
R ~URYHĖ NDQDGVNêFK
KUiþĤ WČåNR VH WR KRG
QRWt Gi VH ĜtFL MDN NWH
Uê DOH FR MH VSRMRYDOR
E\OR RQR ERMRYQp KRNH
MRYp VUGFH³ RKRGQRWLO
GRMHP -DURVODY 9DQČN
± 3ĜHNYDSXMH PČ SĜt
WRPQRVWGtYN\YWêPXWR
NDQDGVNpQHPDMtÄ'tYN\
PiPHYNDåGpNDWHJRULL
NOXEXYWRPQDãHPMVPH
RWHYĜHOL ãNROLþNX EUXVOH
Qt D NUDVREUXVOHQt NDP
VH QiP SĜLKOiVLOR Gt
YHN D QČNWHUp YêKUDG
QČQDKRNHM8QiVMHRE
Y\NOpPtWGČYþDWDGR
OHWSR]GČMLVHSUR¿OXMtGR
åHQVNpKRKRNHMH³
+RNHM MH GUDKê NRQtþHN
MDNWR]YOiGiWH¿QDQþQČ"
±1iãNOXEMHYHOLFHPOD
GêOHWMVPHWUpQRYD
OLQDSĜtURGQtPNOX]LãWLD
DUpQXMVPHRWHYĜHOLSĜHG
VHGPLOHW\5RGLþHXQiV
Y\EDYt GČWL MHQRP EUXV
OHPL D KRNHMNRX NOXER
Yp SĜtVSČYN\ MVRX V\P
EROLFNp6QDåtPHVHY\
WYRĜLW RSWLPiOQt SRGPtQ
N\ SUiFL NOXEX ĜtGtPH
SRGOH YODVWQtFK ]NXãH
QRVWt 8 QiV PXVt KUiW
YãHFKQ\ GČWL QHGČOi
PHåiGQpUR]GtO\QHKUD
MHPHQDYêNRQDOHFKFH
PH GČWHP Y\SOQLW YROQê
þDV SĜtKRGQêPL DNWLYLWD
675È1.86(6325729&,$25*$1,=È725<3ě,35$9,/$9ċ5$.2+28729È
PL VSROHþQČ V URGLþL«³
1RYêGRPRYþ
1(=È9,6/È129,1Èě.$0$57,1$),$/.29È=35$+<3ě('67$98-(2-(',1ċ/é352-(.7
ý(6.e.2ě(1<32ý7957e$9.$1$'ċ
1iã GRNXPHQWiUQt SURMHNW Y]QLNO
Y URFH 7HKG\ DOH MHãWČ QHE\
ORMDVQpåHSĤMGHRVpULL0ODGêND
PHUDPDQDUHåLVpU]MLKRPRUDYVNpKR
.\MRYD7RPiã.XEiNKOHGDOVSRMHQ
FH SUR QDWRþHQt GRNXPHQWiUQtKR ¿O
PX R ýHãtFK Y ]DKUDQLþt 7pPD PX
SĜLSDGDOR ]DMtPDYp SURWRåH GRVXG
QDVYêFKFHVWiFKVNDPHURXSRVYČ
WČ QDWiþHO FHVWRYDWHOVNp GRNXPHQ
W\$SĜLWRPSRWNiYDO±LYSĜHNYDSLYČ
Y]GiOHQêFKNRQþLQiFK±þHVNpNUDMD
Q\'tN\LQWHUQHWXQDãHOY3UD]HQČ
NROLNLQVWLWXFtNWHUpGLVSRQXMtNRQWDN
W\ QD ýHFK\ Y ]DKUDQLþt D RVORYLO MH
VHVYêPQiSDGHP-HGLQêNGRRGSR
YČGČONODGQČE\OVSROHNNWHUêNURP
ĜDG\NXOWXUQtFKDNFtY3UD]HWDNpY\
GiYiþDVRSLVýHVNêGLDORJ=QDMtMHML
PQR]tþWHQiĜLY.DQDGČGtN\MHKR]D
NODGDWHOFH(YČ6WĜtåRYVNpDMiMVHP
V Qt OHW VSROXSUDFRYDOD 1iSDGX
MVHPVHLKQHGFKRSLOD
9â7Ë9,/,"
-DNMVHPXå]PLĖRYDODQDWiþHOLMVPH
Xå YH þW\ĜHFK ]HPtFK L NG\å MVHP
SĜLUR]HQČQDYãWtYLODLMLQp]HPČMDNR
QRYLQiĜNDEH]NDPHUDPDQD8SUY
QtKR¿OPXE\ODGĤOHåLWi~YDKDRWRP
åHâYpGVNRQHE\ORXQiVSĜtOLã]Qi
PpSRNXGMGHRþHVNRXHPLJUDFL-H
WR]HPČVHYHUVNiWHG\QLNROLGRVORY
Qê Ä=iSDG³ NWHUê EêYiYDO SUR HPL
JUDFLV\QRQ\PHP$QDYtFLSURGR
PiFt GLYiN\ ]HPČ YL]XiOQČ DWUDNWLY
Qt1DRSDN¿OPGUXKêýHVNpNRĜHQ\
YH âYêFDUVNX SĜLQHVO QČNROLN SĜtEČ
KĤþHVNêFKURGLQ]H]HPČNWHUiSĜL
MDODSRURFHMHGQX]QHMYČWãtFK
YOQ þHVNp HPLJUDFH 3RGREQČ SDN L
UDNRXVNi 9tGHĖ NWHUi MH ]DMtPDYi L
WtPåHýHãLYQtWYRĜLOLVLOQRXPHQãLQX
XåYGREiFKPRQDUFKLHQDãHNXOWXU\
MVRXVLKRGQČEOt]NpQDUR]GtOQDSĜt
NODGRGãYpGVNpDãYêFDUVNp2YãHP
QDãH OHWRãQt QDWiþHQt D GRMP\ ]H
Y]GiOHQpKR 9DQFRXYHUX D 9LFWRULH
=iMHP E\O VSROHþQê ± VSRMRYDW QiV MVRXWRKRSUDYêPRSDNHP
GRPD V NUDMDQ\ YH VYČWČ $ WDN Xå
WHKG\ Y]QLNO SURMHNW ýHVNp NRĜHQ\ -(9Ë 6( 9È0 .$ä'È 2%/$67 -,1È"
3RGREQČ MDNR þDVRSLV ýHVNê GLD &2 32'0,ĕ8-( 32'/( 9È6 &+$
ORJMVRX]DPČĜHQpLQDãH¿OP\NWH 5$.7(5<.2081,7"
UpMVPHV7RPiãHP.XEiNHPDGDO 0\VOtPåHýHFK\YNDåGp]HPLIRU
ãtPLSRPRFQtN\]DþDOLWHKG\QDWiþHW PXMHMDNSĜtURGQtFKDUDNWHUWDNLMHMt
-DNRSUYQtY]QLNO\YURFHýHVNp SROLWLFNp D HNRQRPLFNp VPČĜRYiQt
NRĜHQ\YHâYpGVNX3RMHMLFK±DåQH =NUiWNDNDåGi]HPČVLVYpýHFK\SĜL
þHNDQpP~VSČFKX±Y]QLNO¿OPGUXKê ]SĤVREtREUD]XVYpPXLNG\åQČNWH
ýHVNp NRĜHQ\ YH âYêFDUVNX ĜtMVRXSRGGDMQtYtFMLQtPpQČ&KD
3RGYRXOHWpRGPOFHSDNýHVNpNRĜH UDNWHU þHVNp NRPXQLW\ RYOLYQLO\ MLV
Q\YH9tGQLDORQLMVPHVNROH WČLRNROQRVWL]DNWHUêFKVHXWYiĜHOD
JRX7RPiãHPDGREURYROQLFt+DQNRX -LQpMHWRYHVSROFtFKVSĜHYDKRXþOH
QDWiþHOL YH 9DQFRXYHUX D 9LFWRULL GtO QĤ ÄRVPDãHGHViWQtNĤ³ MLQp Y 6RNR
þWYUWê NDQDGVNê 2G OHWRãQtKR URNX
MH SURMHNW ýHVNp NRĜHQ\ VDPRVWDWQê
D Y]QLNO L VWHMQRMPHQQê VSROHN NWH
Uê MH Q\Qt SURGXFHQWHP ¿OPĤ$ Qiã
þWYUWê ¿OP ] 9DQFRXYHUX D 9LFWRULH
þHNiMLåþHUYQDSUDåVNiSUHPLpUD
0iPHYHONRXUDGRVWåHVHXVNXWHþ
QtVRVREQt~þDVWtD]DSRGSRU\SDQD
YHOY\VODQFH2WWR-HOLQNDNWHUêQDãH
PXSURMHNWXYHOLFHIDQGt
JHQHUDFH GR ýHVNp UHSXEOLN\ MH]Gt
UiG\ D QDOp]DMt WX SUR VHEH OHGDFRV
]DMtPDYpKRDMHMLPEOt]Ni$þDVWRWL
NGRYGČWVWYtþHãWLQXWDNWURFKXRGPt
WDOLQHERNGHURGLþHQDþHãWLQČQHWU
YDOLWRKRGQHVOLWXMtDVQDåtVHWRGR
KiQČW$ WDN L NG\å YH GYRX QDãLFK
¿OPHFK]StYDOLWLQHMPHQãtQDXNi]NX
VYp þHãWLQ\ VWHMQRX StVQLþNX ± 6Ni
NDOSHV±ĜtNDOLMVPHVLQHYDGtKODY
QČNG\å]QDMtDVSRĖWX«$EH]YDGQp
MHMDNVHWHćY]DKUDQLþtPQRåtQRYp
þHVNp ãNRO\ D ãNROLþN\ PRWLYRYDQp
SURMHNWHPýHVNiãNRODEH]KUDQLF
.$ä'È.5$-$16.È6.83,1$0È%(
=(6325869e262%1267,±6(.7(
5é0,=1,&+-67(6(6(7.$/,"
7DG\ MH WČåNp RGSRYČGČW« PiPH
]DVHERXQDWiþHQtþW\Ĝ¿OPĤDYQLFK
SĜHVURGLQQHFKFLQLNRKRY\]GYL
KRYDWDQČNRKRQDRSDNQHMPHQRYDW
3RGOH PČ MVRX RVREQRVWPL YãLFKQL
VQLPLåMVPHQDWiþHOL.DåGêþORYČN
NWHUêVHUR]KRGORGHMtW]URGQp]HPČ
GRQH]QiPDNGRPČOWXRGYDKX]D
þtW]QLþHKR]QRYXNGRVLGĤYČĜRYDO
åHWR]YOiGQHEH]]i]HPtNWHUpPX
VHORSXVWLWMHYODVWQČVLOQiRVREQRVW
3UiYČWDNRYtRGFKi]HOL$YQDãLFK¿O
PHFK VH FtOHQČ QH]DPČĜXMHPH QD
YHOPLVODYQpRVREQRVWLNWHUpMVRXX
QiVGRPDYãHP]QiPpDOHQDW\R
NWHUêFKVH]DVHWDNPRFQHYtDSĜH
VWRMVRXVYêPSĜtEČKHPDWtPFRGR
Ni]DOL]DMtPDYt1HFKWHVHWHG\SĜH
NYDSLW Då EXGH GtO ] 9DQFRXYHUX D
9LFWRULH KRWRY DQHER QDYãWLYWH ZHE
ZZZFHVNHNRUHQ\F]
&2 352-(.7 ý(6.e .2ě(1< ',9È
.ģ0=2%5$=8-("
)LOP\ Y\WYiĜHMt MDNRXVL PR]DLNX SĜt
EČKĤ ]DMtPDYêFK RVREQRVWt åLMtFtFK
Y]DKUDQLþtNDP]DSRKQXWêFKRNRO
QRVWt Y QRYRGREp KLVWRULL KURPDG
QČ RGFKi]HO\ GHVHWLWLVtFH ]SUDYLGOD
Y]GČODQêFK D VFKRSQêFK OLGt ] ýHV
NRVORYHQVND 3WDMt VH MDN SR OHWHFK
KRGQRWt VYRMH QČNGHMãt UR]KRGQX
Wt ]DþtW QRYê åLYRW Y FL]t ]HPL ýtP
åLMtMDNVHFtWtMHMLFKSRWRPFLVMDNêPL
~VNDOtPLVHURGLQ\YEČKXþDVXSRWê
NDO\MDNpPRåQRVWLMLPQRYiYODVWQH
MHQ GDOD DOH WDNp FR MLP HPLJUDFH
Y]DOD1DãtPFtOHPMHLOXVWURYDWYGR
NXPHQWHFK UĤ]QRVW SĜtVWXSĤ L Y\URY
QiQtVHVWtPåHNUDMDQpPDMtþDVWR
GYDGRPRY\±MHGHQUHiOQêDOHGUXKê
YGXãLDYVUGFL$XNi]DWQDKRGQRW\
NWHUpY\WYiĜHMtMDNSUR]HPLYQtååLMt
WDNLSURSĤYRGQtYODVW)LOP\PDMtVYp
PRWWR3ROLWLFNêV\VWpPXQiVSĜHGUR
NHPEUiQLOREþDQĤPVYRERGQČ
XSODWQLWVYRMHWDOHQW\DVFKRSQRVWL
&\NOXVýHVNpNRĜHQ\XND]XMHSĜtEČ
K\ OLGt NWHĜt WXWR ãDQFL RGFKRGHP ]
WRWDOLWQtKR ýHVNRVORYHQVND ]tVNDOL D
GRNi]DOLMLY\XåtWYHVYRERGQpPVYČ
WČ
.2/,. .2081,7$ .'( -67( -,ä 1$
=OHYD'U-RVHI6NiOD7RPiã.XEiN+DQD7RXSDORYi=DUFKLYXQRYLQiĜN\
OHNGHEêYiSHVWUiVPČVLFHGDQi]i
MPHPRVSRUWMLQpMVRXGQHãQtÄPOD
Gp³VSRON\$OHQHPOXYPHMHQRVSRO
FtFK QDãH GRNXPHQW\ MVRX D SULR
ULRMHGQRWOLYFtFKDMHMLFKURGLQiFK$
PQR]tQLNG\YåiGQpPVSRONXQHE\
OL±]UĤ]QêFKGĤYRGĤ±DSĜHVWRMVRX
Y\QLNDMtFtPLUHSUH]HQWDQW\þHVNpNXO
WXU\DPH]LâYpG\âYêFDU\5DNXãD
Q\ þL .DQDćDQ\ QHSĜHWUåLWČ ]D ýHV
NRXUHSXEOLNXOREEXMt
6(7.È9$/, -67( 6( 7$.e 6 'ċ70,
1ċ.'(-âË&+,0,*5$17ģ"
-LVWČPQRKRNUiW$QHMHQVGČWPLDOH
L V YQRXþDW\ 1HMYČWãt UDGRVW PiPH
]H VHWNiQt V URGLQDPL NGH SRWRPFL
Xå WĜHED QDUR]HQt MLQGH WHć VWXGXMt
QHER SUDFXMt Y ýHVNX 0QR]t WX GR
NRQFHQDãOLLVYpåLYRWQtSDUWQHU\MDN
]DFK\WLO L Qiã ¿OP ]H âYpGVND $OH
L NG\å WRPX WDN QHQt YČWãLQRX QRYp
.$0 6( 2%5È7Ë 9$â( 32=25
12679%/Ë=.e%8'28&1267,"
7XRWi]NXGRVWiYiPþDVWRDOHQHUD
GDQDQLRGSRYtGiP1iãSURMHNWPČO
DåGRWHćSĜLUR]HQêYêYRMSRGOHWRKR
FRXND]RYDO\PRåQRVWLDFRSĜLQHVO\
QHMUĤ]QČMãtNRQWDNW\SČVWRYDQpYPL
QXOêFKOHWHFKLNG\åWHKG\WĜHEDMHã
WČEH]]iPČUXQDWRþLW¿OP$QČNROL
NUiWWRY\SDGDORåH]DPtĜtPHGR~SO
QČMLQp]HPČQHåVHQDNRQHFVWDOR
NG\å VH XNi]DOR åH RGH]YD Y GDQp
]HPLQHERNRQWDNW\MVRXQHGRVWDþXMt
Ft3ĜtSUDYDQDSĜtNODGGHQQtKRQD
WiþHQt QD GiONX E\ VH QHGDOD XVNX
WHþQLWEH]DNWLYQtSRPRFLQČNRKRQD
GUXKpVWUDQČDSURWRSDWĜtREURYVNê
GtNYãHPNUDMDQĤPNWHĜtQiPMDNNR
OLVSOiQRYiQtPDSĜtSUDYRXSRPiKD
OLLQIRUPDFHPLSĜtPOXYDPLDY\VYČW
ORYiQtPQDãHKR]iPČUXYHVSROFtFK
NWHUpQiPYQČNWHUêFKSĜtSDGHFKSR
PRKO\ L ¿QDQþQČ D WDNp SUDNWLFN\
QHERLXVSRĜiGiQtPSUHPLpU\SRGR
NRQþHQt¿OPX
7RYHOPLSRGVWDWQpMVRX¿QDQFH1Č
NROLNDPČVtþQt SĜtSUDYX SDN QDWiþH
QtDGDOãtFKQČNROLNPČVtFĤSUiFHQD
VWĜLKX D QiVOHGQpP XYHGHQt ¿OPX
NWHUêPiYtFHQHåPLQXWQHO]HGČ
ODWMHQWDNSURUDGRVWLNG\åLWDKUDMH
0DUWLQD)LDONRYi
YHOLFHSRGVWDWQRXUROLYQDãHPNRQi
Qt7DNåHSRNXGEXGHPHVGRNXPHQ
W\ SRNUDþRYDW EXGH WR QHMVStã WDP
NGHVHREMHYtL]iMHPSRGSRĜLWY]QLN
¿OPX DOHVSRĖ þiVWHþQČ WDNp SR WpWR
VWUiQFH $å GRSRVXG VH SURVWĜHGN\
QDWXWRSUiFLVEtKDO\MDN]GRPiFtFK
WDNL]DKUDQLþQtFK]GURMĤRGVRXNUR
PêFK VSRQ]RUĤ QDGDFt L VSRONĤ 8
VWiWQtFKLQVWLWXFtYýHVNXVHQiPER
KXåHO±DåQDMHGQXYêMLPNX±]DWtP
SRGSRUX]tVNDWQHGDĜt
&2 6( 9/$671ċ 'ċ-( 6 +2729é0
),/0(0"
8åRG]DþiWNXMVPHY\P\VOHOLV\VWpP
WĜtSUHPLpU3UYQtDVLQHMVODYQRVWQČM
ãtMHY3UD]HSUR]DWtPYåG\Y0ČVW
VNpNQLKRYQČ$]D~þDVWLGĤOHåLWêFK
KRVWĤ±YHOY\VODQFHþLMHKR]iVWXSFH
]GDQp]HPČSĜtSDGQČMHMtKRNXOWXU
QtKRLQVWLWXWX9åG\]YHPHL]iVWXSFH
]þHVNpKR6HQiWXDGDOãtNGRPDMtX
QiV QČFR GR þLQČQt VH ]DKUDQLþQtPL
ýHFK\ QRYLQiĜH SUDåVNp SXEOLNXP
DOHVDPR]ĜHMPČLSĜtEX]QpD]QiPp
¿OPRYDQêFK RVREQRVWt 'RSRVXG VH
WDNp YåG\ SRGDĜLOR åH VH SUHPLpU\
~þDVWQLOLMDNRQHMPLOHMãtKRVWpQČNWH
Ĝt]WČFKVQLPLåMVPHQDWiþHOL,OH
WRVMLåYtPHåHKRVWKRVWp].DQDG\
Y3UD]HEXGRX
'UXKi SUHPLpURYi SURMHNFH MH SDN
YåG\ Y .\MRYČ QD -LåQt 0RUDYČ NGH
åLMH7RPiãL9HURQLND=GHQiPSDQ
VWDURVWD D SĜHGVWDYLWHOp PČVWD GORX
KRGREČGUåtSDOFHDSURMHNWSRGSRUX
MtQDSĜtNODGXE\WXMt]DKUDQLþQtKRVW\
$ Y .\MRYČ VH GRSRVXG YãHP YHOLFH
OtELOR7ĜHWtSUHPLpUDVHNRQiY]HPL
NGHVHQDWiþHORYVRXþLQQRVWLVWDP
QtPL ýHFK\ 7R ]QDPHQi åH VH QD
GUXKpVWUDQČQČNGRXMPHMHMtRUJDQL
]DFHYSĜtSDGČ9tGQČWRE\ORSĜtPR
YHOY\VODQHFWYt ý5 VSROX V ýHVNêP
FHQWUHP MLQGH ]DVH NUDMDQVNp VSRO
N\7DPSDNYåG\QDSMDWČþHNiPQD
RGH]YXSURWRåHPtVWQtSXEOLNXPYLGt
¿OPSĜHFHMHQMLQêPDRþLPDDY\FKi
]tSĜLMHKRKRGQRFHQt]YODVWQt]NXãH
QRVWLNWHURXGRPiFtSXEOLNXPQHPi
$Y]KOHGHPNWRPXåHVP\VOHPQD
ãHKR VQDåHQt MH DE\ GRNXPHQW\ YL
GČORSĜHGHYãtPFRQHMYtFHGRPiFtFK
GLYiNĤWDNMVPHMHSRVWXSQČQDEtGOL
L YHĜHMQRSUiYQt ýHVNp WHOHYL]L NWHUi
NDåGê ] QDãLFK GRNXPHQWĤ SĜLMDOD D
RGY\VtODODLYHWĜHFKUHSUt]iFK
)LOP\ SURPtWiPH L SĜL YKRGQêFK SĜt
OHåLWRVWHFK MDNêPL E\O QDSĜtNODG
9
ORQL 0H]LQiURGQt YHOHWUK 6YČW NQLK\
Y3UD]H]DPČĜHQêQDH[LORYRXOLWHUD
WXUX1HERQDUĤ]QêFKNRQIHUHQFtFK
V WpPDWHP ýHãL Y ]DKUDQLþt WĜHED
698WDNpYVtWLýHVNêFKFHQWHUNWH
UiSURSDJXMtý5YHVYČWČQDDPED
ViGiFKNXOWXUQtFKIHVWLYDOHFKDSRG
.$ä'e 6(7.È1Ë 02+/2 %é7 7$.e
,163,5$7,91Ë 9é=928 ± $ 32.8'
$127$..ý(08"
1DSĜtNODGHFKRVREQRVWtVQLPLåQD
WiþtPHMVHP]MLVWLODåHY\WUYDORVWD
YtUD YH YODVWQt VtO\ D VFKRSQRVWL VH
YåG\ Y\SOiFHMt $ åH L VHEHNUXãQČM
ãt REGREt VH QDNRQHF GDMt SĜHNR
QDW=MLVWLODMVHPMDNMHGĤOHåLWiRWH
YĜHQRVWMLQpPXSURVWĜHGtD]PČQiP
'tN\QDWiþHQtýHVNêFKNRĜHQĤPiP
Q\Qt YH VYČWČ ĜDGX SĜiWHO VH NWHUê
PLMVHPVWiOHYNRQWDNWX6SRMXMtQiV
QHMHQ LQWHQ]LYQČ VWUiYHQp GQ\ NG\
GDOLYãDQFVYpVRXNURPtQDãtNDPH
ĜHDPLNURIRQXDOHLLQWHQ]LYQtNRPX
QLNDFHSĜHGQDWiþHQtPDĜDGDVHWNi
Qt SR GRNRQþHQt ¿OPX ± D WR Xå VH
OLGp RSUDYGX SR]QDMt )XQJXMH WX L
YHONi]SČWQiYD]EDMDNRXMVPH]SR
þiWNXDQLQHþHNDOL=GiVHåHQDãH
SUiFH VSRXãWt WDP D QHMHQ NGH
MVPHQDWiþHOLÄODYLQX³]iMPXLXGDO
ãtFK9êVOHGNHPMHåHWĜHEDSRQi
YUDWX].DQDG\VHQDEHVHGXRQD
WiþHQtY3UD]HGRVWDYLORYHOPLSRþHW
QpDGRVORYDPH]LQiURGQtþHVNpSX
EOLNXPVQDG]]HPt
$MH~åDVQpåHVH]URGLQYMHGQRWOL
YêFKGtOHFKVWiYiYODVWQČMHGQDYHO
Ni URGLQD ýHVNêFK NRĜHQĤ NWHURX
QDãH¿OP\VSRMXMt$WRYĜDGČSĜtSD
GĤ L GRRSUDYG\ SURWRåH VH QiP Xå
SRGDĜLOR åH VH QČNWHĜt DNWpĜL ] UĤ]
QêFKGtOĤD]HPtGtN\¿OPĤPSR]QD
OLRVREQȱWĜHEDWDNpQDSURMHNFtFK
Y3UD]HDVSĜiWHOLOLVH,SURWRVHWČ
ãtPåHVHWRVQDGSRYHGHLVGtOHP
RGYiV].DQDG\
0<6/Ë7( 6, ä( ä,9271Ë 3ěË%ċ+<
9È0'$/<02ä12673ě(+2'127,7
9/$671Ë 32672- . ,0,*5$17ģ0
.7(5é , 32 72/,.$ /(7(&+ '(02
.5$&,( 9 ý5 32ěÈ' -(â7ċ 1(1Ë
9-('12=1$ý1e03252=80ċ1Ë"
'RPQtYiPVHåHMVPHXQiVGRVSČ
OL GR YêUD]QČ OHSãtKR VWDYX QHå VH
PRKORWĜHEDMHãWČSĜHGOHW\]GiW
0ODGãtJHQHUDFHPDMtNYiPY]DKUD
QLþtYHONêUHVSHNWSURWRåHVLXåVDP\
PRKRX]NRXãHWMDNpWRMHXSODWQLWVH
Y]DKUDQLþt±LNG\å]DMLQêFKSRGPt
QHN$]GDMVPHP\NGR¿OP\QDWi
þtPHQČMDNSĜHKRGQRWLOLVYĤMQi]RU"
1HQt FR SĜHKRGQRFRYDW 1iã Qi]RU
E\O RG ]DþiWNX MDVQê D NYĤOL QČPX
SĜHFH W\ ¿OP\ GČOiPH 1DãtP FtOHP
MH SĜLVSČW N OHSãtPX SRFKRSHQt FHO
NRYpKRUR]PČUXHPLJUDFHþLLPLJUD
FHDåLYRWDPLPRYODVW$WDNpNSR
FKRSHQtWRKRåHLY\Y]DKUDQLþtMVWH
VRXþiVWtQDãHKRQiURGDDåHPQR]t
]YiVSĜLVStYDMtWDNpNOHSãtPXREUD
]XýHVNDQHåE\PČOREH]YiV0\
VDPLMVPHSDNSUDFtQD¿OPHFK]tV
NDOLMHãWČYČWãtUHVSHNWNWpPDWXž
'ċ.8-,=$52=+29259.
9Ë&(:::&(6.(.25(1<&=
90ČVWVNpNQLKRYQČY3UD]HEXGH
PtW]D~þDVWLNDQDGVNpKRYHOY\V
ODQFHY3UD]H-(2WWR-HOLQND
SUHPLpUXWHQWRGtO3ĜtMćWH
WDNpEXGHWHOL]URYQDYGRPRYLQČ
1RYêGRPRYþ
'QHV VH WURFKX RGFKêOtP RG REY\NOp SUD[H SViW SRX]H R WČFK NUDMD
QHFK NWHUêP WR Y åLYRWČ Y\ãOR D ]PtQtP VH R GYRX NWHUêP WR ] UR]GtO
QêFK GĤYRGĤ QHY\ãOR -HMLFK MPpQD MVRX -RKQ 6LNXUD D 3DYHO -DQiþHN
:H XVXDOO\ ZULWH DERXW SHRSOH ZKR GLG LQ &DQDGD
YHU\ZHOOLQGHHG7KLVWLPHZHFRQFHQWUDWHRQWZR
RIRXUSHRSOHZKRGLGQ
WGRWRRZHOO7KHLUQDPHV
-RKQ6LNXUDDQG3DYHO-DQiþHN
-2+1 6,.85$
6 OLIH UDQNV ZLWK WKH PRVW
SX]]OLQJOLYHVLQWKHGLFWLRQDU\RI&DQDGLDQEXVL
QHVV7KHVRQRID6ORYDNODZ\HUDQGSDWULRW-RKQ
PDGHKLVIRUWXQHDVRQHRIWKHFRXQWU\
VWRSKRUVHEUHHGHUV:KDWEURXJKW
KLPWRSXEOLFDWWHQWLRQZDVQRWVRPXFKKRZKHOLYHGEXWKHGLHG2Q1RYHP
EHUKHPDGHWKHORQJGULYHLQKLV&DGLOODFIURP1HZ<RUNDQGKDGD
IHZGULQNVDWDUHVWDXUDQWZLWKKLVHVWUDQJHGZLIH7KHQKHGURYHKRPHVWRS
SHGKLVFDUDQGDSSDUHQWO\IHOODVOHHS$WWKLVSRLQWD¿UHVWDUWHGLQKLVHQJL
QH6LNXUDZRNHXSDQGWULHGWRRSHQWKHGRRU+HGLGQRWVXFFHHGEHFDXVH
YêURþt(LQVWHLQRY\YãHREHFQpWHRULH
UHODWLYLW\NþOiQNĤPGU5XGROID-LĜtþND9LOpP.XQ
-H SRNDåGp YKRGQp VL Y]SRPHQRXW
QDQČNWHUpKRYHOLNiQDRGNWHUpKRVH
OLGVWYRQČFRGĤOHåLWpKRSRXþLORDĢXå
MH]MDNpKRNROLYRERUX~QRUDY\
ãODGRVYČWD]SUiYDNWHURXPQR]t]D
MLVWpþHWOLåHÄ(LQVWHLQVHVYRXWHRULt
PČOSUDYGX³$þNROLYYêURNMDNêSUR
QHVONWpWRXGiORVWLI\]LN$$VKWHNDU]
7KHVWRU\RI&]HFKVDQG
6ORYDNVLQ&DQDGD
=SĜLSUDYRYDQpNQLK\-RVHIDýHUPiND
WKHHOHFWULFGRRUORFNV\VWHPZDVQRWZRUNLQJ+HWULHGWRNLFNRXWDZLQGRZ
EXWZDVRYHUFRPHE\VPRNH7KHTXHVWLRQZDVDQGSUREDEO\VWLOOLVZKHWKHU
6LNXUD
VGHDWKZDVDPREKLWRUDQDFFLGHQW7KHUHZHUHVHYHUDOLQYHVWLJDWL
RQVZKLFKHQGHGZLWKWKH¿QGLQJWKDW6LNXUD
VGHDWKZDVWKHUHVXOWRIHOHF
WULFDODQGPHFKDQLFDOSUREOHPVZLWKKLV&DGLOODF6HYLOOH7KDWZDVDOVRWKH
FRQFOXVLRQUHDFKHGE\WKH2QDULR
VFKLHIFRURQHU6WLOOUXPRUVSHUVLVWPDLQ
O\EHFDXVHD6LNXUD
VEXVLQHVVUHODWLRQVZLWKSHRSOHZKRKDYHEHHQFKDUJHG
RUFRQYLFWHGRIYDULRXVFULPHV1RHYLGHQFHRIZURQJGRLQJRQ6LNXUD
VSDUW
ZDVHYHUIRXQG
3KRWR7HG%XUQHWWFHQ
WHU PDNHV WKH ULQJ SUH
VHQWDWLRQ WR WKH IDPL
O\RIWKHODWH-RKQ6LNX
UD-UOWRUVRQ-RKQ*
6LNXUDVLVWHU0DUXVD6L
NXUD GDXJKWHU &DURO\Q
*LDQRSRORXVDQGVRQ5
*OHQQ6LNXUD
3$9(/-$1Èý(.
ORRNVTXLWHKDSS\RQWKH¿UVWSDJHRIWKH/LIHVHFWLRQRIWKH7RURQWR6WDU7KH
KHDGLQJRWKHDUWLFOH7KH$UWRI6XUYLYDOE\&KULVWRSKHU+XWVXODQGHVSHFLDOO\
WKHVXEKHDGLQJ7RURQWR$UWLVW5HGLVFRYHUV+LV/RYHRI3DLQWLQJ:KLOH6WUXJ
JOLQJ:LWK+RPHOHVVQHVVDQG$OFRKROLVPGRHVQRWVXJJHVWPXFKUHDVRQIRU
KDSSLQHVV-DQiþHNZDVERUQLQ&]HFKRVORYDNLD
+LVFKLOGKRRGZDVQRWKDSS\$QDEXVHGFKLOGKHOHIWKLVIDWKHU
VKRXVHDWWKH
DJHRIWZHOYHDQGVRPHKRZPDQDJHGWRVXUYLYH,QKHOHIW&]HFKRVOR
YDNLDDQGFDPHWR&DQDGD+HWRRNFRXUVHVLQ(QJOLVKDQGHOHFWULFDOZRUNDW
WKH*HRUJH%URZQ&ROOHJHWKHQKHZRUNHGDVDODERXUHUDQGGLGPDLQWHQDQ
FHZRUNDWWKH5R\DO<RUN+RWHOLQ7RURQWR+HZHQWRQDFDPSLQJWULSWURXJK
%ULWLVK &ROXPELD DQG
WKHPDMHVW\RIWKHFRXQW
U\DQGWKHVHQVHRIIUHH
GRPDZDNHQHGKLVDUWLV
WLFLQVWLQFWV%DFNLQ7R
URQWRKHVSHQWWKUHH\H
DUVDWDUWVFKRRODQGEH
FDPH D SDLQWHU GRLQJ
PDLQO\ODQGVFDSHV
+HPDUULHGEXWWKHPDU
ULDJHIHOODSDUW-DQiþHN
ZHQWWRUXUDO0LQQHVRWD
ZKHUHKHSDLQWHGKDGD
IHZ VKRZV DQG PDGH VRPH PRQH\ +H UHWXUQHG WR7RURQWR EXW QR JDOOHU\
ZRXOGVKRZKLVZRUN2YHUWKHQH[WWKUHH\HDUV-DQiþHNVWD\HGDOLYHE\GR
LQJKDQG\PDQZRUNIRUDODQGORUG
7KHQKHZDVPDLQO\KRPHOHVVZKLOHSD\LQJIRUVWRUDJHRIKLVSDLQWLQJV
+HORVWIDLWKLQ&DQDGDDQGUHWXUQHGWRWKH&]HFK5HSXEOLFZLWKFUDWHVRIKLV
DUWZKLFKLQWKHHQGKHJDYHWRVFKRROVDQGPRYHGEDFNWR&DQDGD+HVWDU
WHGWRGULQNZLWK³RWKHUDOFRKROLF&]HFKJX\V´+HKDGDIHZUXQVZLWKWKHODZ
DQGVWRSSHGSDLQWLQJ7KHQDEUHDNFDPH7KH:RUNPDQ7KHDWUH3URMHFWDW
WKH&HQWHUIRU$GGLFWLRQDQG0HQWDO+HDOWKRUJDQL]HGLPDJLQHVDQGDV
NHGKLPWRGRDPXUDO$QGLQKHSDUWLFLSDWHGLQ%HLQJ6HHQDW
WKH2QWDULR/LHXWHQDQW*RYHUQRUVVXLWH+HKDGDQRWKHUH[KLELWLRQDQGPDGH
VRPHPRQH\+HIRXQGDKRPHLQDEDVHPHQWRIDELNHVKRSDQGKRSHVIRUD
QHZDUWLVWLFEHJLQQLQJž
2EMHGQiYNDHQF\NORSHGLHHPDLO9HUD7RURQWR#JPDLOFRP
3HQQ6WDWH8QLYHUVLW\åHQDãHFKi
SiQt QHEHV VH GUDPDWLFN\ ]PČQLOR
QLFPRFQHĜtNi6QDGQiPODLNĤPQČ
NGRMLQêOpSHY\VYČWOtYþHPVH]PČ
QLODQHEHVDWtPåHVHNQiPGRVWDO
UR]KRXSDQê ÄþDVRSURVWRU³ -DN VH
OLGpPRKOLGRþtVWÄGYČþHUQpGtU\³VH
VUD]LO\SĜHGPLOLDUGRXOHWD]WRKR
PiPH GQHV UR]UXFK 7ĜHED N WRPX
GRGDW åH REMHYLWHO þHUQêFK GČU SDQ
6WHSKHQ+DZNLQJVHQHFKDOQHGiY
QR VO\ãHW åH ÄþHUQp GtU\ QHMVRX DQL
WDNþHUQpVStãHKQČGp³
6WHRULtUHODWLYLW\YãDNSRVWUiGiPRG
SDQD-LĜtþND]PtQNXRIUDQFRX]VNpP
PDWHPDWLNRYL D I\]LNRYL +HQUL 3RLQ
FDUpNWHUêSĜHG(LQVWHLQHPYþHUYQX
SĜHGORåLOSRGVWDWQpDSRGUREQp
SRMHGQiQtYW]Y3DOHUPVNpPGRNOD
GX YH NWHUpP + 3RLQFDUp GRVORYD
SRMHGQiYDORSRVWXOiWXUHODWLYLW\1D
MHKR REMHYHFK PRKO$ (LQVWHLQ VWD
YČWVYRMLWHRULLDþNROLYWRQLNGRQHWYU
Gt 1LFPpQČ IUDQFRX]VNê PDWHPDWLN
DI\]LNE\VLWDNp]DVORXåLOX]QiQtD
þiVWVOiY\.GRVHYãDNGRPQtYiåH
YUFKROQtYČGFLMVRXQHRP\OQtViPVH
YHOLFHPêOt-DNWRY\VORYLO+HQUL3RLQ
FDUpÄ8YČĜLWYãHPXQHERQHYČĜLWQL
þHPX MVRX GYČ VWHMQČ SRKRGOQi ĜH
ãHQt³
9 VRXYLVORVWL V þOiQN\ R (LQVWHLQRYL
XYHGX Qi]RU SURIHVRUD ]H åHQHYVNp
XQLYHU]LW\ 'U 1LFRODVH *LVLQD NWHUê
VHVYêPLNROHJ\UHDOL]RYDOSRNXV\]H
NWHUêFK Y\SOêYi åH Ä$OEHUW (LQVWHLQ
VH PêOLO´ SRWYU]HQp ] SURYHGHQêFK
H[SHULPHQWĤ
3RNXV\ QD åHQHYVNp XQLYHU]LWČ Y
þHUYQX E\O\ XYHGHQ\ Y PQR
KDVYČWRYêFKYČGHFNêFKþDVRSLVHFK
QDGSLVHP³'DOHNRRGVHEHGYČþiV
WLFH UHDJRYDO\ U\FKOHML QHå VYČWOR´
1HåVYČWOR"
äHQHYVNê H[SHULPHQW SRSVDQê 0
:%URZQHPSUREČKOWDNWR³%\ORWR
MDNR NG\E\ QČMDNê VWUDãLGHOQê PRVW
SĜHNOHQXO FHORX ãYêFDUVNRX äHQHYX
'YD IRWRQ\ VYČWOD WpPČĜ NP RG
VHEH Y]GiOHQp UHDJRYDO\ VRXþDVQČ
QDSRGQČWDSOLNRYDQêMHQQDMHGHQ]
QLFK9HVYpSRGVWDWČGU1*LVLQSR
VODO SiUHN IRWRQĤ SR RSWLFNêFK YOiN
QHFK SRXåtYDQêFK SUR SĜHQRV WHOH
IRQQtFK KRYRUĤ GR RSDþQêFK VPČUĤ
VHYHUQČ D MLåQČ RG äHQHY\ . GRVD
åHQtNRQFHWČFKWRYOiNHQE\O\IRWRQ\
QXFHQ\SURYpVWQiKRGQpYROE\PH]L
VWHMQêPL PRåQRVWPL VYêFK FHVW ([
SHULPHQW³GYRMþDWIRWRQĤ´SURYHGHQê
QDXQLYHU]LWČYäHQHYČE\OQHMSR]R
UXKRGQČMãtPSĜHGYHGHQtPÄWDMHPQp
KR SĜLSRMHQt GORXKpKR GROHWX³ NWHUê
H[LVWXMH PH]L NYDQWRYêPL XGiORVWPL
9êVOHGN\ FHVW RERX IRWRQĤ E\O\ SR
URYQiQ\DMHMLFKDQH]iYLVOpUR]KRG
QXWt VSiURYDQêFK IRWRQĤ E\OR YåG\
WRWRåQpSĜHVWRåHSURIRWRQ\QHH[LV
WRYDOÄåiGQê³]SĤVREDE\Y]iMHPQČ
PRKO\NRPXQLNRYDW
7HQWRNUiW Xå WR QHE\O MHQ SRXKê SD
UDGR[GYRMþDWYUDNHWČDOHYHOLFHQH
]Y\NOêSRWYU]HQêGĤND]
2 SURNi]DQpP SĤVREHQt QD GiONX
YČGFL GRGQHV POXYt MDNR R NRX]OX
D
NYDQWRYpSRGLYQRVWL'U*LVLQY
MHGQRPUR]KRYRUXĜHNOåHÄ1HPČOE\
EêWåiGQêUR]GtO]GDNRUHODFHNMD
NêPGRFKi]tPH]LRGGČOHQêPLþiVWL
FHPLMVRXRGGČOHQ\RGVHEHQČNROLN
PHWUĤQHERPLOLDUG\NPýDVRYpUR]
SČWtXGiYDQpYČGFLMHDEVROXWQČQH
SRGVWDWQpYODVWQČÄåiGQp´9\WYRĜH
Qp³VSRMHQt]QLþHKR´PĤåHWHRUHWLF
N\QDVWDWRNDPåLWČ]MHGQRKRNRQFH
YHVPtUXQDGUXKê,QW
1DGWRXWRWHRUHWLFNRXPRåQRVWtIRWR
QĤ VH$ (LQVWHLQ XãNOtEO D YêVOHGHN
QČþHKR WDNRYpKR QD]YDO VWUDãLGHO
QêPSĤVREHQtPQDGiONX-DNMLQDN
QD]YDWQČFRFRVH]FHODY\P\NiQD
ãtPI\]LNiOQtPSĜHGVWDYiPNG\ÄþDV
MH RNDPåLWê D Y]GiOHQRVW MH YODVWQČ
)HUPLPQDEHUOtQVNpPQiGUDåtQČNG\
YURFH)HUPLQDQČKRþHNDOV
GĤOHåLWêP VGČOHQtP åH ÄDWRP VH Gi
UR]EtW³(LQVWHLQPXYãDNQDWRRGSR
YČGČOÄ7RMHQHPRåQp³
7HSUYHDåYþHUYHQFLY1HZ<RU
NXQDYHUDQGČX(LQVWHLQDPXI\]LN
/HR6]LOiUGY\VYČWOLOMDNE\PRKORGR
MtWNYêEXãQpĜHWČ]RYpUHDNFLY\UREH
Qp ] XUDQX QDYUVWYHQpKR JUD¿WHP
7tPWR]SĤVREHPVXYROQČQêPLQHXW
URQ\GRMGHNMDGHUQpPXãWČSHQtÄ1H
XWURQ\E\VHãWČSLO\QDGDOãtDGDOãt
QHXWURQ\DSRNUDþRYDORE\WRGiO³Y\
VYČWORYDO6]LOiUG(LQVWHLQKRSĜHUXãLO
YêURNHP 7R PČ QLNG\ QHQDSDGOR
=HSWDO VH KR DOH QD QČNROLN GDOãtFK
GHWDLOĤ SĜLþHPå U\FKOH SRFKRSLO QH
VPtUQêGĤVOHGHNWDNRYpKRSURFHVXV
QHVWDELOQtPXUDQHP
2GSRYČć(LQVWHLQDåHKRWRSĜHGWtP
QLNG\QHQDSDGORQXNOHiUQtYêEXFK
SRWYU]XMH åH R WDNRYp PRåQRVWL QH
PČO WXãHQt 1LFPpQČ SR XYČGRPČQt
UR]VDKXVFKRSQRVWL~åDVQpGHVWUXN
FH VSROX V )HUPLP VHSVDOL GQHV Xå
YHOLFH]QiPêGRSLVSUH]LGHQWRYL)'
5RRVZHOWRYLNWHUêGDOSĜtND]N]DSR
þHWtSUDFtQDYêYRMLQXNOHiUQtERPE\
9]QLNO ÄPDQKDWWDQVNê SURMHNW³ 9H
GHQtP SUDFt E\O SRYČĜHQ $PHULþDQ
5REHUW 2SSHQKHLPHU D GDOãt I\]LNR
Yp,WDO()HUPLGYD0DćDĜL(GZDUG
EH]SĜHGPČWQi³"
(LQVWHLQĤY YêURN R VWUDãLGHOQRVWL E\
VH GDO QD]YDW VWUDãLGHOQêP Wpå SUR
YČGX]MHKRSĜHVYČGþHQtåHQLFU\FK
OHMãtKR QHå MtP VWDQRYHQi U\FKORVW
VYČWOD ³F´ QHPĤåH H[LVWRYDW þHKRå
VHVWiOHGUåtPH
'DOãtRSRPtMHQi]DMtPDYRVW(LQVWHL
QHPVWDQRYHQRXU\FKORVWtÄF³MHVNX
WHþQRVW åH KYČ]GiĜL Y\SRþtWDOL VWi
Ĝt 9HVPtUX ]KUXED QD PLOLDUG OHW
$YãDNSUĤPČUSR]RURYDWHOQpKR9HV
PtUXMHPLQLPiOQČÄPLOLDUGVYČWHO
QêFKOHW³-HãHVWNUiWYČWãtQHåE\PČO
EêWSRGOHREHFQpWHRULHUHODWLYLW\åH
SURVWRUVHÄPĤåH³UR]ãLĜRYDWMHQU\FK
ORVWtÄF³&RVHWHGDVWDORåHYHVPtU
VHUR]HSQXOU\FKOHMLQHåE\VHSRGOH
ÄREHFQpWHRULHUHODWLYLW\³VOXãHOR"/]H
] WRKR XVX]RYDW åH U\FKORVW VYČWOD
ÄF³ VWDQRYHQD (LQVWHLQHP QHQt WD
QHMYČWãtPRåQiU\FKORVW
3DQ -LĜtþHN VH GiOH YH VYpP DUWLN
OX ]PLĖXMH R VODYHQpP Y]RUFL$OEHU
WD (LQVWHLQD ( PF VH VSRMLWRVWt
V DWRPRYRX ERPERX = GRVWXSQêFK
LQIRUPDFt YãDN Y\]QtYi åH (LQVWHLQ
ViPQH]QDOGRVDKVYpKRY]RUFH'R
ND]XMHWRVHWNiQt(LQVWHLQDV(QULFR
7HOOHUD/HR6]LOiUG(LQVWHLQVHSUD
FtQH]~þDVWQLO
þHUYHQFHY1RYpP0H[LNXY
86$SURYHGOLSUYQtMDGHUQêWHVWDFR
VH]DQHFHOêPČVtFSRWpVWDORY-D
SRQVNXWRXåNDåGê]Qi
2'329ċĆ
51'r58'2/)$-,ěËý.$
3RNXVtP VH RGSRYČGČW QD Qi]RU
SDQD .XQD ] :LQQLSHJX 9 þOiQ
NX 1' MVHP SĜLSRPQČO SĜHGHYãtP
OHWp YêURþt YãHREHFQp WHRULH UH
ODWLYLW\ $OEHUWD (LQVWHLQD ] SĜHOR
PX OHW NWHUi SĜLQHVOD ]FH
OD SĜHORP Y SRMHWt JUDYLWDþQt VtO\ SĜL
QDKUD]HQt]D]DNĜLYHQêSURVWRU%\OD
RYHĜHQD L H[SHGLFt ]NRXPDMtFt RG
NORQVYČWHOQêFKSDSUVNĤSĜL]DWPČQt
6OXQFHYMHKRJUDYLWDþQtPSROLDQHER
NG\å ĜHãLOD W]Y 0HUNXURYX UR]HWX Y
QtåVHPČQtMHKRHNOLSWLFNêREČK1H
ãORYĤEHFR(LQVWHLQRYXVSHFLiOQtWH
RULLUHODWLYLW\]UNWHUiVHGRWê
Ni U\FKORVWL VYČWOD7D VRXYLVt V WtP
åH GR NRQFH VWRO I\]L
NRYp YČĜLOL Y H[LVWHQFL pWH
h
UX WMYHVPtUQp VXEVWDQFH
1RYêGRPRYþ
SRNWHUpVHãtĜtVYČWORVWHM
h QČMDNR]YXNYH]YXNRYêFK
YOQiFK7HKG\ VH VWDOR åH
$OEHUW 0LFKHOVRQ FKWČO Vþt
WDW U\FKORVW SRK\EX =HPČ SR HNOLS
WLFHWM]KUXEDNPVHFVU\FKORVWt
VYČWODNPVHFDOHYêVOHGHN
E\OD MHQ VWHMQi U\FKORVW VYČWOD 3UR
WRGRãOLKRODQGVNêI\]LN+HQGULN/R
UHQW] D LUVNê *HRUJH )LW] *HUDOG N
]iYČUX åH WČOHVD YH VPČUX SRK\EX
pWHUHPVH]NUDFXMtD]H]PHQãHQêFK
Y]GiOHQRVWtPČĜtFtFKUDPHQY\SOêYi
LVWHMQêþDVSURVYČWOR%\OWRDOH$O
EHUW(LQVWHLQNWHUê]FHODRG
YUKO H[LVWHQFL pWHUX V WtP åH VYČWOR
VH EXGH ãtĜLW VWiOH VWHMQRX U\FKORVWt
EH]RKOHGXQDYHOLNRVWSRK\EXWČOHV
.WRPXWR]iYČUXVHGRSUDFRYDODåSĜL
VH]QiPHQtVHV0D[ZHOORYêPLURYQL
FHPL]NRXPDMtFtPLHOHNWULFNpDPDJ
QHWLFNpYOQ\ãtĜtFtVHU\FKORVWtVYČW
OD3UiYČW\WRþiVWLFHNWHUpPDMtQX
ORYRX KPRWQRVW VH ãtĜt SURVWRUHP
VWiORX U\FKORVWt NWHURX QHO]H VQtåLW
]DVWDYLWDQLVþtWDWVSRK\EHPQČMD
NpKRWČOHVD=iNRQ\VþtWiQtSODWtSUR
KPRWQp þiVWLFH NWHUp VH Y\]QDþXMt
MLQêPL ]iNRQ\ 'QHV E\ VH MLVWČ QD
ãODĜDGDDXWRUĤNWHĜtE\SRXNi]DOLQD
WRåHWRE\O+RODQćDQ+/RUHQW]MH
KRåPDWHPDWLFNêPY]RUFĤPGDO(LQ
VWHLQMLQêYê]QDPMHQåE\OQČNGHMãt
PLI\]LN\QHSĜLMDWHOQê3RGREQČ+HQ
UL 3RLQFDUp ] )UDQFRX]VNp DNDGH
PLHYČGPČOREMHYVSHFLiOQtUHODWLYLW\
QDGRVDKUXN\DOHEUiQLORWRPXQH
MHQMHKRY\VRFHPDWHPDWLFNp]DPČ
ĜHQtNWHUpKUR]LORUR]GtOQRXLQWHUSUH
WDFt MHMt UR]ãtĜHQtP R DOJHEUDLFNRX
WRSRORJLL DOH L VNXWHþQRVW åH ]DVD
KRYDOGRQHMUĤ]QČMãtFKRERUĤSĜtURG
QtFKYČGRGĜHãHQtPHFKDQLN\NDSD
OLQ SĜHV QČ VH YČQRYDO VStãH UR]YL
QXWtPUĤ]QêFKRERUĤDOJHEUDLFNpWR
SRORJLHPHFKDQLN\NDSDOLQHOHNWULF
NêPL]iNRQ\RSWLNRXDVWURQRPLtDå
VNRQþLOX¿OR]R¿H
7HSUYH SR ]DYHGHQt NYDQWRYp PH
FKDQLN\VH]MLVWLORåH]iNRQ\PDNUR
VYČWDVHVQtUR]FKi]HMtDWRGRNRQ
FHLYSRMHWtU\FKORVWLVYČWOD9\FKi
]HO\]SRNXVXNG\DWRPY\]iĜLOGYD
VYČWHOQp IRWRQ\ NWHUp VH UR]OpWQRX
Y RSDþQêFK VPČUHFK Då GR Y]GiOH
QRVWL QČNROLND VYČWHOQêFK VHNXQG
7DPMVRXSĜLSUDYHQ\GHWHNWRU\NWHUp
]PČĜtMHMLFKSRODUL]DþQtVWDY.HVYp
PXSĜHNYDSHQt]MLVWLOLåHMHGHQUHD
JXMHQDGUXKpKRRNDPåLWČLSĜHVRE
URYVNRXY]GiOHQRVWNWHUpVYČWORQH
PĤåH GRViKQRXW 5DNRXVNê I\]LN
6FKU|GLQJHUWRQD]YDOÄSURYi]DQRVWt
QDGiONX³DOH(LQVWHLQÄVWUDãLGHOQêP
SĤVREHQtPQDGiONX³3URWRYU
QDYUKO SRNXV (35 (LQVWHLQ 3RGRO
VNL5RVHQNWHUêPČO]PČĜLWSRORKX
QHER K\EQRVW EH] RYOLYQČQt ]YQČMã
ND7HQVHXVNXWHþQLOSR]GČMLDSRWYU
GLOMHQWRåHYNYDQWRYpI\]LFHXåQH
SUDFXMHPH V SĜtþLQRX D QiVOHGNHP
DOH MLQêPL ]iNRQ\ 3DWĜt N QLP L WR
åHSRVYtWtPHOLSDSUVNHPQDWČOHVR
]MLVWtPHMHKRSRORKXLK\EQRVWDOHY
NYDQWRYpPHFKDQLFHSDSUVHNY\KRGt
]GUiK\HOHNWURQWDNåH]MLVWtPHNGH
E\O DOH QHYtPH QLF R MHKR K\EQRV
WL3ĜLSRXåLWtVYČWODVYHONRXGpONRX
YOQ\QDRSDN]D]QDPHQiPHK\EQRVW
DOH QH]MLVWtPH NGH WHQ QHĜiG YODVW
QČ MH 7ROLN WHG\ N SR]QiPFH SDQD
.XQDNWHUpKRVLYiåtPSURMHKR]QD
ORVWL]RERUXI\]LN\DOH]GĤUD]ĖXMLåH
PĤMþOiQHNE\O]DPČĜHQQDJUDYLWDFL
MDNR]DNĜLYHQêSURVWRUSRGOH(LQVWHL
QRY\YãHREHFQpWHRULHUHODWLYLW\NWH
UêVODYLOOHWpYêURþtž
.5È/29679Ë.$5/$,9-DQD)DIHMWRYi
=D GHYDWHUR KRUDPL E\OR MHGQR NUi
ORYVWYt« $ QHE\OR WR YĤEHF RE\þHM
Qp NUiORYVWYt DOH VLOQp D SURVSHUXMt
FtNUiORYVWYtþHVNpKRNUiOH.DUOD,9$
WDNpWRQHE\ODMHQSRKiGNDDOHVNX
WHþQRVWYSĜLEOLåQpSĤOFHVWĜHGRYČNX
.UiOVtGOLOY3UD]HDGRNi]DOWRWRPČV
WRSRY]QpVWWDNY\VRNRåH3UD]HQH
PRKORDQLåiGQpGDOãtYWHKGHMãt(Y
URSČNRQNXURYDW%XGRYDOMLSURP\ã
OHQČ MDN VWDYLWHOVN\ WDN L MDNR Y]RU
Y]GČODQRVWL7RKOHYãHDMHãWČNRXVHN
QDYtFMVHPYSUYQtPQRYLQRYpPSRYt
GiQtXYHGOD7HćVHSRNXVtPMHKRSD
QRYiQtMHãWČYtFHSUREDUYLWGDOãtPLLQ
IRUPDFHPL
ětNi VH åH .$5(/ ,9 SRORYLQX VYp
KRåLYRWDSURFHVWRYDOSĜLþHPåVLPX
VtPH XYČGRPLW åH FHVWRYiQt QHSDW
ĜLORPH]LåiGQRXSRKRGOQRVW1DþLV
WČ VRXNURPp Mt]G\ MDNR QDSĜ KRQ\
E\O MHKR GRSURYRG Y NRPRUQtP SR
þWX -LQDN QD QiYãWČY\ SROLWLFNp SD
QRYQLFNpQHERURGLQQpMDNRVYDWE\
DNĜWLQ\FHVWRYDOVSDQRYQtNHPYČW
ãLQRX FHOê GYĤU Y FHOp VYp QiGKHĜH
1HQtåiGQêPWDMHPVWYtPåHVHQLNR
PXRGGYRUDGRREWtåQpKRDPQRKG\
L QHEH]SHþQpKR FHVWRYiQt QHFKWČOR
7RSRGOpKDORWRWLåXUþLWêPSUDYLGOĤP
&HVWXMtFtGYĤUSRVN\WRYDOQHRE\þHMQČ
~FKYDWQêSRKOHGDOLGpQDWXKOHSRGt
YDQRXSRFHOêVYĤMåLYRWY]SRPtQDOL
9SĜHGX MHOL WUXEDþL D KHUROGL SDN VH
YH]OLNUiORYVNpDFtVDĜVNp]QDN\Qi
VOHGRYDO\ VERU\ NRSLQtNĤ SDN MH]G
FL V SUDSRUFL Yê]QDPQêFK ãOHFKWLFĤ
QiVOHGRYDOL GYRĜDQp GYRUQt GiP\ D
RVWDWQt VOXåHEQtFL 3DN SDQRYQLFNê
SiUNWHUêYåG\FHVWRYDOYFHVWRYQtFK
SOiãWtFK3UĤYRGGRSOĖRYDO\SRYR]\D
RSČWNRSLQtFL3tãHVHåHWĜHEDSUĤ
YRG GR$YLJQRQX Y URFH WYRĜL
OR WĜL WLVtFH RVRE =DMtPDYêP ]FHOD
RSDþQêP PRPHQWHP YãDN E\OR åH
SRþW\VOXåHEQLFWYDGYRĜDQĤDY\FKR
YDWHOĤNUiORYVNêFKGČWtSĜtPRQD.DU
ORYČGYRĜHE\ORQDVYRXGREXVNURP
Qp SĜHVWR WDP YãH GREĜH IXQJRYD
OR3UĤYRG\SĜHGVWDYRYDO\QČFRMLQp
KRQHERĢNUiOPČOLSRYLQQRVWXUþLWp
UHSUH]HQWDFH FRå KRQRVQp SUĤYRG\
EH]FK\EQČSOQLO\
.UiO PČO GYDQiFW GČWt ] QLFKå þW\ĜL
KLVWRULH R]QDþXMH ]D QHMYê]QDPQČM
ãtDWR9iFODYD,9GFHUX$QQX/X
FHPEXUVNRXSR]GČMãtDQJOLFNRXNUi
ORYQX-DQD]H=KRĜHOFHDVDPR]ĜHM
PČ=LNPXQGD.GHVLMVHPVHGRþHWOD
åHSĜLVYêFKFHVWiFKGR,WiOLHVHWDP
VFKi]tYDO V PODGêP XUR]HQêP PX
åHP MPpQHP 9LOpP ± D þWLYp D DVL L
WURFKX SRPORXYDþQp SUDPHQ\ XYHG
O\åHE\WRNOLGQČPRKOEêWMHKRLWDO
VNêOHYRERþHN7DNpSĜLQRYRGREêFK
Yê]NXPHFKE\OR]MLãWČQRåHYNUiORY
VNp KUREFH MH YHGOH MHKR SĜHGþDVQČ
]HPĜHOêFK GČWt L PDOi NRVWĜLþND DVL
PČVtþQtKR GtWČWH NWHUi åiGQpPX ]
YČGFĤQLNDPQHMGH]DĜDGLWDWDNVHR
WRPKOHQiOH]XSUêPOþt9iFODY,9E\O
MHGQR]QDþQČQHMREOtEHQČMãtPV\QHP
D.DUHO,9MHKREXGRXFtSDQRYQLFNRX
FHVWXSHþOLYČKOtGDODV\VWHPDWLFN\ML
SĜLSUDYRYDO PQRKG\ L ]D FHQX LQWULN
DQHPDOêFK¿QDQFt3ĜHGþDVQČV\QR
YL XGČORYDO Y\VRNp VWiWQt KRGQRVWL D
SRFW\EH]RKOHGXQDMHKRYČNDYODVW
QtSĜLþLQČQt7R]ĜHMPČPČOR]DQiVOH
GHNLMHKRSR]GČMãtVHOKiQtYUROLYOD
GDĜH 9iFODYRYD QHFKXĢ N SDQRYi
QtPRKODSUDPHQLWL]IDNWXåHXå]D
QtPQHVWiOMHKRGRVDYDGQtRFKUiQFH
RWHF.DUHO,96DPR]ĜHMPČåHVHGR
FKRYDORLPQRKpRWRPåHE\O9iFODY
,9Y]GČODQêDNXOWLYRYDQêþORYČNMHQ
MDNVLPRFVSROpKDOQDWRåHYãHSR
EČåtMDNR]DåLYRWD.DUOD,9$RQRVH
WDNXåQHGČOR
=,.081'VHVYêPLYODVWQRVWPLPH]L
NWHUêPL QHFK\EČO\ Y\VRNê LQWHOHNW
Y]GČODQRVW WHPSHUDPHQW RGYDKD
KRXåHYQDWRVWY\WUYDORVWGLSORPDFLH
]QDORVWVHGPLMD]\NĤDVLQHMYtFHSĜL
SRPtQDOVYpKRRWFH3RGREXO]HQD
MtWLYRKURPQpPSRþWXRFHQČQtNWH
UêFKVHPX]DMHKRåLYRWDNWHUêWUYDO
SOQêFKURNĤGRVWDORD]NWHUêFKVH
SRYČWãLQRX Xå QHPRKO UDGRYDW MHKR
RWHFNWHUêYURFH]HPĜHO
6YRMH SDQRYQLFNp SRVWDYHQt ]DKiMLO
XåYHVYêFKRVPLOHWHFKNG\VHVWDO
EUDQLERUVNêPPDUNUDEČWHPYHVYêFK
OHWHFKNUiOHPXKHUVNêPYHOH
WHFKĜtPVNêPNUiOHPDRGHVHWURNĤ
SR]GČMLNUiOHPþHVNêPDYHVYêFK
OHWHFK ĜtPVNêP FtVDĜHP 0H]L KRG
QRVWL MH WĜHED MHãWČ SĜLGDW VOH]VNpKR
YpYRGXOXåLFNpKRPDUNUDEČWHDORP
EDUGVNpKRNUiOH$VLQHMYtFHKR]IRU
PRYDOR MHKR PQRKDOHWp SĤVREHQt
YGUVQêFK8KUiFKNGHE\ORSURVWĜHGt
]FHODRGOLãQpRGþHVNpKRD=LNPXQG
Y QČP GRNi]DO åtW 3ĜH]GtYND Ä/LãND
]U]DYi³ SUê QHY]QLNOD MDNR XUiåHMtFt
DOH GČNXMt ]D QL MHKR ERKDWp ]U]DYp
YODV\DYRXV\-HKRKODYQtP]iMPHP
E\ODUHIRUPDFtUNYH+LVWRULHPXNODG
QČ SĜLSLVXMH GH¿QLWLYQt XNRQþHQt FtU
NHYQt VFKL]PDWX WM UR]SROFHQt FtUN
YH PH]L QČNROLND SDSHåL FRå ]QD
PHQDOR QHMYČWãt RWĜHV YČĜtFtFK Y FH
OpPVWĜHGRYČNX=GH=LNPXQGSURNi
]DOVYĤMYUFKROQêSROLWLFNêDGLSORPD
WLFNê]iVDK1DMHKRNRQWRVHRYãHP
SĜLSLVRYDOLSRGtOQDVPUWL-DQD+XVL
±GQHVMHFHOiYČFKLVWRULFN\SĜHKRG
QRFHQi D YĤþL =LNPXQGRYL ]UHKDELOL
WRYiQD%\OWYUGêP]DVWiQFHPSRGĜt
]HQRVWLFtUNYHVYČWVNpPRFL±]GDE\
V WtP VRXKODVLO MHKR RWHF QHO]H MHG
QR]QDþQČXYpVW9ROLOQHYåG\Y\Et
UDYi DOH SUDYGLYi VORYD SUR FtUNHY
&LWXML þiVW ] MHKR UR]POXY\ V SDSH
åHP(YåHQHP,9Ä7ĜLMVRXSĜHVYDWê
RWþHYČFLYHNWHUêFKVHOLãtPHDWĜL
YQLFKåVHVKRGXMHPH7\UiQRVStãD
MiSĜHG~VYLWHPYVWiYiPW\YRGXSL
MHãMiYtQRW\SĜHGåHQDPLSUFKiãMi
MHSURQiVOHGXML$OHVKRGXMHPHVHåH
W\ UR]KD]XMHã ] FtUNHYQt SRNODGQLFH
PQH VH SHQt]H QHGUåt W\ Piã ãSDW
QpUXFHMiQRK\W\QLþtãFtUNHYDMi
ětãL³%\ODWRRGQČKRYtFMDNWURXID
ORVWRYãHPSUDYGRXE\ORåHSDSHåR
YpåLOLKRQRVQêP]SĤVREHPDQDYČ
ĜtFt PRF RKOHGX QHEUDOL .DåGRSiG
QČE\PČO.DUHO,9UDGRVW]Y\WYRĜH
QtSRGXQDMVNpKRVRXVWiWt]XKHUVNp
KR D þHVNpKR NUiORYVWYt MDNR REUD
QX SURWL GUDYêP 7XUNĤP 6WHMQČ WDN
E\PXVHO.DUHOVRXKODVLWVSROLWLFNêP
=LNPXQGRYêPNDONXOHPSURYGDWMHGL
QRXVYRXGFHUX$OåEČWX]DUDNRXVNp
KR DUFLYpYRGX $OEUHFKWD 9 7DN MDN
EH]YêKUDGQČ PLORYDO .DUHO ,9 V\QD
9iFODYDWDNVWHMQRXPČURXSĤVRELOD
QD=LNPXQGDMHKRPDWND$OåEČWD3R
PRĜDQVNi 7D ]DFKi]HOD MHãWČ PQR
KHPGiODUR]GPêFKiYDODQHSRKRGX
DVSRU\PH]L=LNPXQGHPDMHKRQH
YODVWQtPEUDWUHP9iFODYHPNWHUpPX
ÄPDFHFKD³QLNG\QHRGSXVWLODåHPX
E\ODGiQDSDQRYQLFNiSĜHGQRVW
$ SURWRåH Xå E\OD QD ]DþiWNX ]PtQ
ND R SULQFH]QČ $11ċ /8&(0%85
6.e ±SRYtPHNQtMHãWČQČFRGDOãt
KR3URYGDOLML]DDQJOLFNpKRNUiOH5L
FKDUGD,,VYDWEXGRPOXYLORWHF.DUHO
,9DOHXåVHMtQHGRþNDODGR$QJOLH
MLY\SURYRGLOMHMtQHYODVWQtEUDWU9iFODY
,99URFHGRUD]LODSDWQiFWLOHWi
$QQD VH VYêP GRSURYRGHP GR $Q
JOLHRURNSR]GČMLVHNRQDODVYDWEDD
NRUXQRYDFH DQJOLFNRX NUiORYQRX =D
$QQX]DSODWLO5LFKDUG,,MHMtPXEUDW
URYLWLVÀRULQĤFRåGQHV]QDþtDVL
PLO OLEHU DQLå E\ SĜLQHVOD MDNpNR
OL YČQR %\OD ]SRþiWNX YHOPL QHREOt
EHQiSRVWXSQČVHYãDNQDQLQi]RU
]FHOD]PČQLODE\OD]QiPiMDNRODV
NDYiåHQDNWHURX$QJOLþDQpPLORYDOL
1HSRXåtYDOLSURQLR]QDþHQt$QQD/X
FHPEXUVNiDOHÄ*RRG4XHHQ$QQH³
D QHER WDNp $QQD ýHVNi 9\EUDQp
FKRYiQtþHVNêFKGYRUQtFKGDPQDSR
GRERYDO\ WHKG\ YãHFKQ\ GiP\ DQJ
OLFNp65LFKDUGHPåLODGYDQiFWURNĤ
NWHUpVHERKXåHOQHQDSOQLO\åiGQêPL
SRWRPN\DOHLWRMtY$QJOLLSURPLQX
OLSĜHVWRåHWRE\OMHYYHVWĜHGRYČNX
]FHODQHRGSXVWLWHOQê=HPĜHODYPR
URYp HSLGHPLL YH YČNX GYDFHWL RVPL
URNĤ.UiO5LFKDUGSRMHMtVPUWLYHOLFH
WUSČO QHFKDO GRNRQFH ]ERĜLW ]iPHN
YH NWHUpP $QQD ]HPĜHOD 3RFKRYi
QLMVRXVSROXDPtVWRKUREXYORQGêQ
VNpP:HVWPLQVWHUXVHVWDORSRXWQtP
PtVWHP
1D]iYČUVHMHãWČYUDFtPNQHXYČĜLWHO
QpPDMHVWiWQRVWLDNUiVHNRUXQRYDþ
QtFKNUiORYVNêFKNOHQRWĤPH]LNWHUp
SDWĜt NRUXQD NRUXQRYDþQt NĜtå MDEO
NRåH]ORNRUXQRYDþQtURXFKRDVYD
WRYiFODYVNê PHþ 1HMFHQQČMãt MH XU
þLWČNRUXQD]URNXRVWDWQtNOH
QRW\ MVRX PODGãt .UiORYVNi NRUXQD
Yiåt J YêãND L MHMt SUĤPČU
MVRXFP-HR]GREHQDVDItU\
DNYDPDULQHP VSLQHO\ UXEtQ\
UXEHOLWHP VPDUDJG\ D SHU
ODPL6iP.DUHO,9XUþLOMDNêVLNRUX
QRYDþQtĜiGSURMHMtSRXåtYiQtDWDNp
SURXVFKRYiQt3RGOHĜiGXVPČODEêW
SRX]H ]DSĤMþHQD D SR DNWX NRUXQR
YDFH RSČW YUiFHQD QD PtVWR Y NDSL
WXOH VY9tWD .DUHO VWiO L SĜL QiYU]tFK
NRUXQ\ D MHMt NRQHþQp SRGRE\ 2SČW
]GH VHKUiOD UROL .DUORYD P\VWLND D
WDN L ]GREQp NDPHQ\ SUê PDMt VYĤM
ĜiG VP\VO D OpþHEQê ~þHO 3R .DU
ORYČ VPUWL VH NRUXQD QČNROLNUiW RFLW
ODLPLPRýHFK\Y8KUiFK9tGQLDOH
YåG\VHRSČWYUiWLOD7DNp]DQČPHF
NpRNXSDFHQDVWDO\QHXYČĜLWHOQpSUR
EOpP\9URFHE\OD]3UDK\RG
YH]HQDQDEH]SHþQČMãtPtVWRDOHQD
NRQHFVHYUiWLOD9URFHĜtãVNê
SURWHNWRU1HXUDWKR]QiPLOSUH]LGHQWX
+iFKRYL ]PČQX Y GRVDYDGQtP VHG
PLNOtþRYpPUHåLPXSURVWĜHåHQtNRUX
Q\DUR]KRGOåHNOtþHRGNRUXQ\EXGH
PtWSRX]HSUH]LGHQW3UDåVNêDUFLELV
NXS D RQ 2 URN SR]GČML UR]KRGO åH
GUåLWHOHP NOtþĤ EXGH SRX]H RQ ViP
.ROHPNRUXQ\VHY\SUiYtOHJHQGDåH
PiYVREČNOHWEXNGRVLMLQHSUiYHP
QDVDGt GR URND ]HPĜH 3Uê VL ML SĤO
URNX SĜHG DWHQWiWHP QDVDGLO +H\G
ULFK±GĤND]\SURWRVLFHQHMVRXDOHY
GREČYiON\VHWRYýHFKiFKY\SUiYČ
OR'QHVRSČWUHåLPVHGPLNOtþĤIXQ
JXMHDNOHQRW\RGSRþtYDMtYHVSHFLiO
Qt PtVWQRVWL NDWHGUiO\ VY 9tWD 6Wi
OH MVRX REHVWĜHQ\ QHXYČĜLWHOQêP WD
MHPQHP NWHUp MH DVL GiQR L VNXWHþ
QRVWtåHMVRXY\VWDYRYiQ\MHQ]FHOD
PLPRĜiGQČ DQHER WDMHPQR GR QLFK
YORåLOViP.DUHO,9.GRYt"
OLVWRSDGE\OKRGQČV\FKUDYê
GHQ9HWĜLKRGLQ\SR]iSDGXVOXQFH
VHUR]H]QČO\YãHFKQ\SUDåVNp]YRQ\
DE\R]QiPLO\åHMHNUiORYVNpSRKiG
FH RSUDYGX NRQHF SURWRåH ]HPĜHO
WHQNWHUêDQLVQHMVODYQČMãtNRUXQRX
QD KODYČ QHSĜHVWDO PtW þHVNp VUGFH
2SUDYGXMVPHDVLQLNG\QHPČOLOHSãt
KRSDQRYQtNDž.21(&
3UDPHQ\ ± ýHFKXUD Ä.DUHO ,9³ ýH
FKXUD+ODYDþND0LNXOHF Ä0XåL D PL
OHQFLþHVNêFKNUiORYHQ.RåtNÄäLYRWR
SLV.DUOD,9+:KLWWRQÄ-PpQHPNR
UXQ\MPpQHPOiVN\³:KLWWRQÄ'FHUD
.DUOD,9QDDQJOLFNpPWUĤQX³VWXGRY
QD0ČVWVNpNQLKRYQ\3UDKDLQWHUQHW
)272:,.,3(',$
1RYêGRPRYþ
0XVtPYãDNREUiWLWSR]RUQRVWNHVYpSRVOHGQtP~]HWpQHMNUiVQČMãt]HYãHFK
%\ODWR/RX$QGUHiV6DORPp1DURGLODVHY3HWURKUDGČMDNRQHM
PODGãtGFHUDUXVNpKRJHQHUiODQČPHFNpKRSĤYRGX*XVWZD/XGZLJDYRQ6D
ORPp9URGLQČVHPOXYLORIUDQFRX]VN\DQČPHFN\5XãWLQXUiGDQHPČOD
3ĜHVWRåHE\ODYHOPLLQWHOLJHQWQt]YtGDYiDY]GČODQiYH
¿OR]R¿LYMD]\FtFKDQiERåHQVWYtMHMtSRYČVWYKLVWRULL
]ĤVWDODåHWRE\ODåHQDP~]DPQRKDPXåĤSRFHOê]D
MtPDYêåLYRW3UYQtNGRVHGRQt]DPLORYDOE\OSURWHV
WDQWVNêNQČ]NWHUêMtGiYDOLQVWUXNWiå]HYãHFKRERUĤ
MHQåMLSĜLWDKRYDO\.G\åWHQWRY]WDKVPLORYDQêPXþLWH
OHP E\O SĜHUXãHQ SURWRåH VH PČQLO Y OiVNX /RX RQH
PRFQČODD]DþDODNDãODWNUHY2GMHODVPDWNRXGR=XULFKXDMDNPLOHVH]RWDYL
ODQDXQLYHU]LWČY=XULFKXSRNUDþRYDODYHVWXGLX6WXGRYDODGČMLQ\XPČQtDOH
MHMtFKRUREDVHYUiWLOD7HKG\MLPDWNDRGYH]ODGRětPDNGHE\ORSOQRXPČOFĤ
D¿OR]RIĤ'YD]QLFK3DXO5pHD)ULHGULFK1LHW]VFKHVHGRQt]DPLORYDOLD
SĤYRGQČFKČOLåtWYãLFKQLWĜLSRKURPDGČ-HQåH1LHW]VFKHVHFKWČOV/RXRåH
QLW2QDKRYãDNRGPtWODDGDOãtPXSĜiWHOVWYtVSĜt]QČQêFKGXãt]DEUiQLOD)UL
?âLK
Hanka Smithinová(4)
HGULFKRYDVHVWUD1LHW]VFKH/RXSRNOiGDO]DVYRMLVWXGHQWNXLXþLWHONXDQD
SVDOåHLQVSLURYDODMHKR=DUDWKXãWUXYHNWHUpPRVORYLOMDNVSRMHQtV/RXWDN
LUR]ORXþHQtVQt/RXåLODQČMDNRXGREXV5pHPD]DþDODVDPDSViW9URFH
VHSURYGDOD]DOLQJXLVWX)ULHGULFKD$QGUHDVD=ĤVWDOLYPDQåHOVWYtDåGR
URNXDOHWpPČĜVSROXQHåLOL-HMtPDQåHOE\OVDQJXLQLNDåiUOLO/RXRGH
ãODåtWVYtGHĖVNêPGRNWRUHPSR]GČMLLGUDPDWLNHP:LGHNLQGHP
%ČKHPOHWPČODPQRKRHURWLFNêFKHSL]RGVUĤ]QêPLPXåLDåVHYURFH
VHWNDODVJHQLiOQtPEiVQtNHP5LONHP-tE\ORMHPX&HVWRYDOLVSROXGR
5XVNDNGHQDYãWtYLOL3DVWHUQDND5LONHVHQDURGLOY3UD]HU7DPWDNp
SURåLOQHSĜtOLããĢDVWQpGČWVWYt0DWNDE\ODGHSUHVLYQtSURWRåHMt]HPĜHODGFH
UXãNDGĜtYHQHåVHQDURGLO5LONHNWHUpKRREOpNDODMDNRKROþLþNX-HKRGtORNUR
PČEiVQtREVDKXMHWDNpURPiQD]ĤVWDODSRQČPLUR]ViKOiD]DMtPDYiNRUH
VSRQGHQFH%êYiR]QDþRYiQ]DP\VWLFNpKREiVQtND+RGQČVHKRGRWêNDOQL
KLOL]PXVGRE\NG\VHHYURSVNiFLYLOL]DFH]DþDODUR]SDGDW3ĤYRGQČVLĜtNDO
5HQpDOHSRGYOLYHP/RX]PČQLOMPpQRQD5HLQHU5LONHYHOPLFHVWRYDOSR(Y
URSČDSVDOQHMHQQČPHFN\DOHLIUDQFRX]VN\'QHVMHMHKRGtORPH]LVSLVRYD
WHOL1HZ$JHDSĜtURGQtPLOpþLWHOLYHOPLSRSXOiUQt5LONH]ERåĖRYDO/RXSĜtOLã
DRQDWRXåLODSURVHEHSRDOWHUQDWLYQtNDULpĜH=DþDODVWXGRYDWSV\FKRDQDOê]X
DYHOPLVHVEOtåLODV)UHXGHP%\OMHGQtP]PiODVNêPVHSĜiWHOLODGRVPUWL
DQLåE\VQtPPČODURPDQWLFNêY]WDK3VDODKU\SV\FKRDQDO\WLFNpSUiFHLåLYR
WRSLV\XPČOFĤVHNWHUêPL
VHEOt]FH]QDOD3ĜHVWRåH
GQHVYČWãLQDMHMtFKGČOXå
QHQt]QiPiYHVYpGREČ
E\OD YHOPL SRSXOiUQt $å
NROHP URNX VH ]i
MHP R MHMt GtOR ]QRYX RE
QRYLO 3URIHVRU :KLWLQJHU
QD 8QLYHUVLW\ RI $OEHUWD
YLGt Y MHMtFK SUDFtFK FKD
UDNWHULVWLNX WRKR MDNêPL
FHVWDPL VH XEtUDOR KQXWt
SURHPDQFLSDFLåHQ=iMHPRSV\FKRDQDOê]XVGtOHOD/RXLV5LONHPYEOt]NpP
Y]WDKXDåGRVPUWL25LONRYLVHĜtNiåHýHãLD5XVRYpRYOLYQLOLMHKRPHQWDOLWX
%ČKHP,VYČWRYpYiON\E\OYãHFKHQPDMHWHNLSRH]LHNWHUp5LONHMDNR1ČPHF
QHFKDOY3DĜtåL]DEDYHQDSURGiQYDXNFL1D]DþiWNXYiON\5LONHE\O]URYQD
Y1ČPHFNXE\OSRYROiQGRDUPiG\DWUpQRYiQYH9tGQL3DNE\OQDSĜtPOXYX
SĜiWHOQDVD]HQYHYiOHþQpNDQFHOiĜL=NXãHQRVWL]YiON\YãHFKQXMHKRSRH
]LLVNRURXELO\9URFH]DþDO\YiåQp]GUDYRWQtSUREOpP\5LONHPČOOHXNp
PLLD]HPĜHOURNXYHãYêFDUVNpPVDQDWRULX-HãWČSĜHGWtPVWDþLOVFKYiOLW
0XVVROLQLKRDIDãL]PXVMDNRR]GUDYHQtVSROHþQRVWL65LONHPMHVSMDWDOHJHQ
GDåH]HPĜHOQDRWUDYXSRWpFRVHStFKORUĤåRYêWUQVQDGSURWRåHVLQD
SVDOYODVWQtHSLWDI5ĤåHMDNêWRSURWLNODGSRWČãHQtE\WtQLNGRQHVStSRGWR
OLNDYUVWYDPL
0H]LWtP/RXSĜHNOiGDODL5LONHKR2QHPRFQČODVLFHUDNRYLQRXDOHSRGURELOD
VHRSHUDFLDåLODMHãWČOHW1DSVDODåLYRWQtY]SRPtQN\NWHUpY\ãO\DåSRMHMt
VPUWL=DFKRYDODVLNOLGQRXP\VODUDGRVW]WRKRFRYåLYRWČSURåLOD
/RX$QGUHDV6DORPp X]DYtUi QDãH PDGDLOyQN\ P~] NWHUp YãHFKQ\ SĜLãO\ ]
(YURS\SURåLO\WDPVWROHWtGHYDWHQiFWpDKODYQČGYDFiWpMHåVHSRGtOHORQH
MHQQDMHMLFKRVXGXDOHKODYQČQDRVXGXMHMLFKVODYQêFKPLOHQFĤž
ýWHQiĜLPRKRXQDMtW,þiVWYþþiVWYþþiVWYþ
)272:,.,3(',$32.5$ý29È1,Ë
0DJLFNê]iPHN&DVD/RPD
.YČWD9HVHOi
9 GXEQX QD NRSFL QDG 7RURQ
WHPE\O]PtVWQtKRORPXSRORåHQSUY
Qt ]iNODGQt NiPHQ &UHGLW 9DOOH\ SUR
QHMYČWãt SULYiWQt UH]LGHQFL Y .DQDGČ
6LUD +HQU\KR 3HOODWWD 8SO\QXOR OHWD]iPHNVHVWDOYHONRXFKORXERX
PČVWD1HE\ORWRPXYãDNYåG\DPi
OHP E\O VURYQiQ VH ]HPt7DG\ MH Y
NUiWNRVWLMHKRSĜtEČKLSĜtEČKPDMLWH
OH D MHKR VSOQČQpKR ± E\Ģ NUiWFH WU
YDMtFtKRVQX
+HQU\ 0LOO 3HOODWW VH QDURGLO OHG
QDY.LQJVWRQXMDNRSUYQtV\Q
D WĜHWt ]H ãHVWL VRXUR]HQFĤ 5RGLQD
VH SR GYRX OHWHFK SĜHVWČKRYDOD GR
7RURQWD NGH VL RWHF EXU]RYQt PDN
OpĜRWHYĜHOYODVWQt¿UPX.G\å+HQU\
Y OHWHFK DEVROYRYDO ãNROX GRVWDO
MDNR RGPČQX 9HONRX FHVWX SR (YUR
SČ%\OQDGãHQê]DPLORYDOVLSRKiG
NRYp]iPN\MHMLFKLQWHULpU\]DĜt]HQt
D]GHWDNp]DþDOVQtWRWRPåHVLMHG
QRXY\EXGXMH]iPHNYODVWQt
3R QiYUDWX SUDFXMH UiG Y RWFRYČ ¿U
PČ YH OHWHFK VH åHQt V 0DU\
'RJVRQ D SR WĜHFK OHWHFK SĜLFKi]t
QD VYČW MHMLFK MHGLQQê V\Q 5HJLQDOG
+HQU\V~åDVHPVOHGXMHQRYRXWHFK
QRORJLLDSĜHVRWFĤYSHVLPLVPXV]tV
NiYiVPORXYXQDLQVWDODFLSRXOLþQtKR
HOHNWULFNpKRRVYČWOHQtSURFHOpPČV
WR7RURQWR-HKRVSUiYQêSRGQLNDWHO
VNêFLWN]tVNiQtSHQČ]DVSUiYQpLQ
YHVWLFHGRNDQDGVNp3DFL¿FNpGUiK\
D GDOãtFK SURMHNWĤ MHM Y\Qiãt GR SR
SĜHGt PH]L QHMERKDWãt PXåH 6WiYi
VHX]QiYDQêP¿QDQþQtNHPYRMiNHP
DWDNpPHFHQiãHP
1\Qt SĜLãHO WDNp þDV DE\ Y\EXGRYDO
YHONROHSp VtGOR QHMHQ SUR VYRML URGL
QX DOH WDNp MDNR VWĜHGLVNR NXOWXUQt
6 /DG\ 0DU\ KOHGDMt Y RNROt 7RURQ
WD YKRGQê SR]HPHN D XåDVOt YHONR
OHSêP YêKOHGHP QD PČVWR V NRSFH
]H VHYHUQČ NRQþtFt XOLFH 'DYHQSRUW
+LOOVHUR]KRGXMtåHVYĤMQiSDGQêD
HIHNWQt GĤP SRVWDYt WDG\ 6LU +HQU\
QDSVDOSR]HPHNQDMPpQRVYpåHQ\
DWDVL]YROLODãSDQČOVNpMPpQR&DVD
/RPD ± 'ĤP QD NRSFL 7DN MHM WDNp
QRYtPDMLWHOpKQHGYãXGHXYiGČOL9\
SUDFRYiQtPSOiQĤE\OSRYČĜHQDUFKL
WHNW(-/HQR[VWtPåHEXGHY\SUD
FRYiQYHYURSVNpPVW\OX5R]MHOLVH
VSROX GR (YURS\ RGNXG VL DUFKLWHNW
SĜLYH]OVWRYN\NUHVHED6LU+HQU\SOi
Q\SURY\EDYHQtLQWHULpUĤYþHWQČQi
E\WNĤ]DĜt]HQtNXFK\QČDSRG
0DQåHOp 3HOODWWRYL VH QDVWČKRYD
OLWČVQČSĜHGY\SXNQXWtP,VYYiON\
URNXMHãWČGRQH]FHODY\EDYH
QêFKPtVWQRVWt9ãHFKQRDOHEU]\GR
NRQþLOLDSRE\WY&DVD/RPDVLXåtYD
OL SOQêPL GRXãN\ SRKRVWLQQRVW RFH
QLOD VSRXVWD NXOWXUQtFK L SROLWLFNêFK
RVREQRVWt 6LU +HQU\ E\O QD YUFKROX
VYpVOiY\9URFHE\OMPHQRYiQ
JHQHUiOPDMRUHP -HQåH NRQHF YiO
N\ PČO GRSDG L QD QČM ãWČVWt VH RG
QČMRGYUDFt]WUiFtNRQWUROXQDGSRG
QLNHPDQHGRVWiYiVHPXSHQČ]QD
KRQRVQêåLYRWDQLSUR]DPČVWQDQFH
6PLQLPHPRVREQtFKYČFtVHYURFH
VWČKXMH QD VYRX IDUPX /DNH
0DULH 'R URNX MHKR SRGQLN\
NRODEXMt D RQ ViP NRQþt QHMHQ MDNR
SRGQLNDWHODOHLMDNRPHFHQiã/DG\
0DU\VXåWDNSRGORPHQêP ]GUDYtP
QH]YOiGi~SDGHNDXPt
Ui 0H]L D þHUYQHP WpKRå
URNXVHNRQiXU\FKOHQiDXNFHVWROH
Wt]DVPČãQpFHQ\OLFLWiWRUUR]SURGi
Yi]DĜt]HQtGRPXYþHWQČXPČOHFNêFK
GČOREUD]ĤDVWDURåLWQRVWt'ĤPRVL
ĜHORMHKRNRXSLQHPiQLNGR]iMHP
-HãWČMHGQRXVHDOHQD6LUD+HQU\KR
XVPČMHNUiWFHãWČVWtYSRGREČURGLQ
QpSĜtWHON\QČ&DWKHULQH:HOODQG0HU
ULWWDåHQtVH$OHWČVQČSĜHGYiQRFL
XPtUiQDUDNRYLQXD6LU+HQU\
]ĤVWiYiRSČWViP
'YČ]LP\EH]WRSHQtNUXWČQLþtNG\VL
RVOQLYê]iPHNYURFHVLMHMQD
NRQHF SURQDMtPi ) 6SDUOLQJ ]ĜL]XMH
Y QČP KRWHO V WDQHþQtP SDUNHWHP D
SOiQXMH MHãWČ SĜLVWDYČW GYČ GDOãt NĜt
GOD2YãHPYURFHY]KOHGHPN
GHSUHVL]GHNRQþtD6LU+HQU\MHM]QR
YXQDEt]tNSURGHML1LNGRVLYãDNQD
0DU\ =D GYD
PČVtFH XPt
Ui FKXGê D
] D G O X å H Q ê -HKR SRKĜHE VH NRQDO VH YãHPL YR
MHQVNêPLSRFWDPLYHVWXGHQRXEĜH]
QRYRXVRERWX3ĜLãO\VHVQtPUR]ORX
þLWWLVtFHOLGtSĜLQiãHOLPQRåVWYtNYČWLQ
OHPRYDOLFHORXFHVWXNXG\UDNHYV
GRSURYRGHP SURMtåGČOD 3RKĜHE 6LUD
+HQU\KR 3HOODWWD VH VWDO QHMYČWãtP
MDNê7RURQWRQDNRQFLGHSUHVH]DåLOR
-HKRåLYRWE\OMDNRSRKiGNDDQHEêW
YiOHþQêFK]PČQNWHUpSRVWLKO\PQR
KR SRGQLNDWHOĤ D URGLQ VQDG L MDNR
SRKiGNDVNRQþLO
äLYRWQt VW\O VH ]PČQLO PQRKR ] SĤ
YRGQtFK YČFt VH QD &DVD /RPD QH
YUiWLORXUþLWČKRGQČ]QLFKVHXFKR
YiYi Y NDQDGVNêFK URGLQiFK QČNWH
UpREUD]\VHQDFKi]tYJDOHULtFK6H
YHUQt $PHULN\ QHER SULYiWQtFK VEtU
WDNRYRX LQYHVWLFL QHWURXIi V\Q 5HJL
QHPi QD URGLQQp VtGOR GRVW SHQČ]
GRNRQFH]WUiFtLURGLQQêSRGQLN3HO
ODWD3HOODWW9URFH]tVNiYiFHOê
PDMHWHNPČVWR7RURQWR%XGRY\MVRX
Y GH]ROiWQtP VWDYX 0ČVWR ]YDåXMH
YãHFKQR ]ERXUDW -HQåH L SĜHV WHQ
WREH]~WČãQêVWDYMH&DVD/RPDVWi
OH]DMtPDYiSURVSRXVWXYOLYQêFKOLGt
NWHĜt QHFKWČMt WXWR Yê]QDPQRX þiVW
KLVWRULH PČVWD ]OLNYLGRYDW 1DSĜtNODG
0DU\3LFNIRUGQDYUKXMHY\EXGRYDW¿O
PRYpVWXGLRGDOãtFKWČMtJDOHULLY\VR
NRXãNROXPX]HXPPLOLRQiĜVNêNOXE
GĤP SUR YHWHUiQ\ D QHER GRþDVQê
GRPRYSURVODYQiSDWHUþDWD'LRQQĤ
$åYURFHPČVWRVRXKODVtVQi
YUKHP%LOOD%RWKZHOOD]:HVW7RURQ
WR.LZDQLV&OXEDE\&DVD/RPDE\OD
WXULVWLFNRXDWUDNFt%XGRYDMHYQHX
YČĜLWHOQČãSDWQpPVWDYXDOHQDNRQHF
SR QHVPtUQpP ~VLOt VH Y URFH ]D YVWXSQp FHQWĤ RWHYtUi SUR WX
ULVW\ 1D VODYQRVWQt ]DKiMHQt MH SR
]YiQL6LU+HQU\NWHUêVPXWQČGRåt
YiYGRPNXVYpKREêYDOpKRĜLGLþHQD
RNUDMLPČVWD9\SDGiYHOPLNĜHKFHMH
SRKXEOê WpPČĜ QHYLGt FKRGt V KĤO
NRXDOHVJUiFLtMHPXYODVWQtYHVYp
ĜHþLSĜHVVO]\ĜtNi³&DVD/RPXMVHP
EXGRYDOSURWRDE\VH]GHOLGpWČãL
OL ]H VHWNiQt D GREĜH VH EDYLOL .OXE
.LZDQLVNWHUêGĤPXåtYi]QRYXWXWR
UDGRVWDãWČVWtSUREH]SRþHWQiYãWČY
QtNĤSĜLQiãt-HKRY\XåLWtQHPĤåHEêW
OHSãtDMiMVHPQDGHYãHVSRNRMHQê´
1D VYp QDUR]HQLQ\ VH Y OHGQX MHãWČ~þDVWQtQDMHKRSRþHVWSRĜiGD
QpKREDQNHWXY5R\DO<RUN'RVWi
Yi EODKRSĜiQt L RG VDPRWQp 4XHHQ
NiFK 1ČNWHUi RULJLQiOQt ]DĜt]HQt
YþHWQČQiE\WNXDGRSOĖNĤVH]DFKUi
QLW DOH SRGDĜLOR D PĤåHPH MH ]QRYX
REGLYRYDW SĜL SURKOtGFH %XGRY\ ]D
]QDPHQDO\ EČKHP ,, VYČWRYp YiON\
%ULWVNRX DGPLUDOLWX PH]L URN\ Då ]GH E\O YHOPL REOtEHQê WD
QHþQtSDUNHW=QRYXVH]GHSRĜiGDMt
VYDWE\NRQFHUW\]DKUDGQtUHFHSFHD
GDOãtNXOWXUQtDNFHQDWiþHMt¿OP\2G
URNXVHR]DKUDGXVWDUi*DUGHQ
&OXE 7RURQWR D .LZDQLV &OXE QDGi
OHSHþXMHR&DVD/RPXVQHXWXFKD
MtFtPQDGãHQtP1iYãWČYDMHQH]DSR
PHQXWHOQi VWHMQČ MDNR REGLYXKRGQê
SĜtEČK MHGQRKR VSOQČQpKR VQX 3Ui
YHP SDWĜt NDQDGVNp KLVWRULL VWHMQČ
MDNRRVREQRVWPDMLWHOHž
8Ni]ND SRKOHGQLF GRNOiGi Y]KOHG
]iPNX D ]DKUDG\ VH VWiMHPL Y URFH
9 Pp VEtUFH VH WDNp QDFKi]t
SRKOHGQLFHSUĤYRGN\QČ0$6WHELUJ
ERKXåHO]DWtPMHGLQi]HVpULHNWHURX
VLNOXE.LZDQLVDVLYHOHWHFKPLQ
VWROHWt Y\GDO MDNR GiUHN QD SDPiWNX
SUR QiYãWČYQtN\ &DVD /RP\ 0RåQi
VH MHãWČ QDMGH QČNGR NGR V IRWNDPL
GDOãtFKGtYHNSRPĤåH
9tFH YH :LNLSHGLL D Y NQLKiFK %LOO
)UHHPDQ ³&DVD /RPD´ D -RKQ 'H
QLVRQ´&DVD/RPDDQGWKHPDQZKR
EXLOW´RGNXGMVHPSURGQHãQtXNi]NX
þHUSDOD .9 0X]HXP SRKOHGQLF 2U
ELVSLFWXV
0RWWR ³1HY\KD]XMWH SRKOHGQLFHGR
NXPHQW GRE\ PRKRX VORXåLW GDOãtP
JHQHUDFtPSURUDGRVWLSRXþHQt³
1RYêGRPRYþ
8ä,7(ý1267=$+5$1,ý1Ë
=.8â(1267,2WD8Oþ
3UiYČ VH GRþtWiP R FHORVYČWRYpP
RGKDGX NROLN åH POiGHåH VWXGXMH
QD ]DKUDQLþQtFK XQLYHU]LWiFK Y\VR
NêFKãNROiFKYãHPRåQpKRGUXKXMLå
YURFHE\ORGRViKQXWRPRKXW
QpKRPQRåVWYtPLOLRQX]iMHPFĤY
SĜHPQRKêFKNRQþLQiFKVYČWDDRG
KDGSURURNGREXMHGQpJHQH
UDFHVHSRK\EXMHYHYêãtPLOLR
QĤ'RVXGQHMYtFSĜLWDåOLYRX]ĤVWiYD
Mt$PHULNDD9HONi%ULWiQLHDGUHV\V
Y\XþRYDFtP MD]\NHP DQJOLFNêP 'R
86$URþQČSĜLMHGHPLOLRQ]iMHPFĤR
VWXGLDFRåVHDOHURYQiSRXKêPSČWL
SURFHQWĤP FHONRYpKR VWXGHQWVNpKR
SRþWX 7DP DOH SR ~WRNX QD PUDNR
GUDS\Y1HZ<RUNXY]iĜtSRG
PtQN\VSRMHQpVH]tVNiQtPYL]RYpKR
YVWXSX ]QDþQČ ]SĜtVQLO\ 1HGiYQR
NQiPQDXQLYHU]LWXNGHPiPVYRX
MLå GORXKROHWRX Ei]L SĜLE\OD GtYþLQD
].LUJLVWiQXQHMHQMD]\NRYČSHUIHNW
QČ]GDWQiDVLPLORYDQiRGPtVWQtFK
VSROXåiNĤNQHUR]H]QiQt
$PHULFNê SULPiW SĜLWDåOLYRVWL MDNRE\
VHDOH]WUiFHOYHSURVSČFK$XVWUiOLH
7DPYSUĤPČUXDVSRĖMHGQDþWYUWLQD
WDPČMãtKRVWXGHQWVWYDMH]H]iPRĜtD
QD QČNWHUêFK XþLOLãWtFK åDFWYR ] GR
PiFtFK]GURMĤVHMLåVWDORPHQãLQRX
9]GČOiYiQt MH MLå GUXKêP QHMYČWãtP
H[SRUWHP SULPiW VL RYãHP GUåt PL
QLQJNXWiQtSRGSRYUFKHPDXVWUDO
VNpSRXãWČH[SRUWSĜtURGQtFK]GURMĤ
RGEDX[LWXåHOH]QRXUXGXDåSRGL
DPDQW\
7på .DQDGD PpQČ QiNODGQi QHå
86$]tVNiYiQDSRSXODULWČ-HVWOLåH
VLFL]LQHF~VSČãQČ]YOiGQRXFtWDPČM
ãt VWXGLD SRVOp]H QDMGH OHJiOQt ND
QDGVNp]DPČVWQiQtWtPDXWRPDWLFN\
]tVNiYiSUiYRQHPpQČOHJiOQtKRSR
E\WX Då SR GREX WĜt URNĤ $ þWYUWLQD
JUDGXDQWĤ ]HMPpQD ] ,QGLH D ýtQ\
SRVOp]H REGUåt SUiYR N SRE\WX ]FH
ODWUYDOpPX
=HMPpQD DPHULFNp XQLYHU]LW\ PH]L
VHERX VRXWČåt VYRX UHSXWDFt MD
NRåLYQČMãtPLSOXV\QDSĜtNODG)OR
ULGD0LDPLWDPČMãtSĜLWDåOLYRVWODWLQ
VNRDPHULFNi
)UDQFRX]Np LQVWLWXFH ]HMPpQD Y\ã
ãtKR Y]GČOiQt SĜLWDKXMt ]iMHPFH ]H
VYêFK EêYDOêFK NRORQLt D 1ČPHFNR
]QDþQČ]tVNDORQDVYpSRSXODULWČ]UX
ãHQtP YãXGH MLQGH ]SUDYLGOD QHY\
KQXWHOQp SRYLQQRVWL ]QDþQêFK ãNRO
QtFKSRSODWNĤWXLWLRQIHHV
=PtQtPVHRVYp]NXãHQRVWULVSRG
PtQNDPLVQLPLåMVHPMHOGRýtQ\Y
VRXYLVORVWL V Y\MHGQiYiQtP SRGPt
QHNYtFQHåVHPHVWUiOQtKRSRE\WXQD
XQLYHU]LWČ YH VWiWČ 1HZ <RUNX NGH
MVHPGORXKRGREČSĤVRELO-HVWOLåHQD
NDSLWDOLVWLFNpP =iSDGČ SHQt]H MVRX
WRXUR]KRGXMtFtKRGQRWRXYýtQČWDN
GRPLQRYDORY]GČOiQtXåRGGRE.RQ
IXFLRYêFK-HQUêåHE\ODRNUDSHWGĤ
OHåLWČMãt 0QRKR SĜHPQRKR POiGHåH
E\FKWČOR]tVNDWY]GČOiQtY]DKUDQLþt
3DWUQČ YãHFKQ\ YČWãt DPHULFNp XQL
YHU]LW\GRVWiYDMt]ýtQ\åiGRVWLRSĜL
MHWt D ILQDQþQt SRGSRUX 3ĜLMPRXW NH
VWXGLX MH MHGQD YČF SRVN\WQRXW VWL
SHQGLXP MH MLQi ]iOHåLWRVW 3HQČ]
MH YåG\ PtĖ QHå NYDOLILNRYDQêFK åD
GDWHOĤ 1D RGGČOHQt SROLWLFNêFK YČG
þL SDYČG MVPH SURGXPDOL WXFHW SĜL
KOiãHN QD SDStĜH ]iMHPFL Y\SDGDOL
GREĜH Då YêWHþQČ SRORYLQČ E\FKRP
UiGLY\KRYČOLDOHSRVN\WQRXWSHQt]H
E\ORPRåQpMHQGYČPD3RNXGWL]E\
Ot QHPDMt Y $PHULFH VWUêFH D WHWLþN\
RFKRWQpMHILQDQFRYDWMHMLFKVQ\WtP
NRQþt,NG\E\VHNDQGLGiWQDDPHULF
NpP NRQ]XOiWČ RKiQČO GRNXPHQWHP
RSĜLMHWtDVWRNUiWVH]DSĜtVDKDOåHVL
QDåLYRE\WtY\GČOiåHEXGHRFKRWHQ
FtGLWYHĜHMQp]iFKRGN\Yt]XPQHGR
VWDQHLNG\E\VHUR]NUiMHO
6DNUDPHQWVNiVLWXDFHMiWHćDE\FK
VNDQGLGiW\XVSRĜiGDOGĤNODGQpSR
KRYRU\ D GRSRUXþLO YtWČ]H 1D UWHFK
PL EXGRX YLVHW UROL ERåVWYD PL SĜL
VX]RYDW1DãWČVWtUR]KRGQXWtWRSDN
E\OR NROHNWLYQt QHE\OR MHQ QD PQČ
]GDWHQWRWYRUSRMHGHDåLYRWVHPX
UDGLNiOQČ ]PČQt N QHSRFK\EQČ OHS
ãtPXNGHåWRMHKRNRQNXUHQWRYLWĜH
EDVFKRSQČMãtPXKRGQRWQČMãtPXVH
WDNãDQFHGRåLYRWQČ]KDWt1HYHVH
OiQHSRY]EX]XMtFt]iOHåLWRVW
9]SRPtQiP QD VYRX YODVWQt ]NXãH
QRVWSĜHGPQRKêPLOHW\WHKGHMãtSĜL
VWiQtY1HZ<RUNX9êVWXSQDY]GXFK
± PLPRĜiGQČ YOKNê YãXGHSĜtWRP
Qi KXPLGLW\
Y (YURSČ Y WDNRYp LQ
WHQ]LWČ QH]QiPi ]GH YãDN QRUPiO
QtNDåGRGHQQt]NXãHQRVW3UYQtDQL
NROLY MHGLQp QHSĜtMHPQp SĜHNYDSHQt
7DPQDPČþHNDODRVREQRVWQREOHV
Qt ± /\GLD 7ROVWD\D YQXþND /YD 1L
NRODMHYLþH 7ROVNpKR 9tWDOD PČ MPp
QHPPpKRVSRQ]RUDMtPåE\ODRUJD
QL]DFH$PHULFDQ)ULHQGVRI5XVVLDQ
)UHHGRP-DNNWRPXWL5XVRYpSĜLãOL
MDNMiMVHPSĜLãHO"=DVHVHPLYP\V
OLPLKORRQRMLåGiYQpSRGH]ĜHQtåH
2VXGMHGUXKþDURGČMHVSRWXWHOQêP
VP\VOHP SUR KXPRU 7D[tN QiV YH]O
3UiYQLFNiNDQFHOiĜ
MARTIN ZATOVKANUK
<RQJH6W7RURQWR
Ŷ
ŶPDUWLQ#]OHJDOFD
/RQJ ,VODQGHP GĤNODGQČ QDSČFKR
YDQRXGRSUDYRXYNDåGRXWDPKRGL
QXGHQQtLQRþQtWDNMVHPXMLãĢRYiQ
2GSXGLYiLQGXVWULiOQtNRQþLQD2FLWi
PHVHQD0DQKDWWDQXVPČUXSWRZQ
YêVWXSXXOLFHYQHYiEQpPKR
WêONXNWHUêVHVSHFLDOL]RYDOQDWXKOH
QDãLEČåHQHFNRXNOLHQWHOX
Ä.DP PČ SRãOHWH VWXGRYDW"³ ]PR
KOMVHPVHQDRWi]NXÄ1LNDP³Y\
KRYČOD D GDOD PL N GLVSR]LFL IDVFL
NO VH VWRYNDPL þL VStã WLVtFL DGUHVD
PLSĜtVOXãQêFKLQVWLWXFt$QRQHYH
VHOpVH]QDPRYiQtVUHDOLWRXVYRERG\
± MHMtP GRSDGHP %ĜHPHQR YODVWQt
KR UR]KRGRYiQt SRWĜHED GRVStYiQt
2XYHM WR ]DþDOR EROHW 0iOHP MVHP
VHUR]EUHþHO9GHPRNUDFLLVHVRE
þDQHP]DFKi]tMDNRVGRVSČORXRVR
ERXNGHåWRYWRWDOLWQtPV\VWpPXMDNR
V GtWČWHP 6WiW VL SRþtQi MDNR SĜtV
Qê URGLþ GRKOtåHMtFt SHVNXMtFt SĜLND
]XMtFt]DND]XMtFtDOHRVYiUREiWND
VH SRVWDUi 3ĜLGČOt MLP E\W ]DPČVW
QiQtQDOLQNXMHMLPåLYRW'RW\þQtSDN
Y VRXNURPt QD UR]KRGQXWt QDGiYDMt
DQLåE\MLP]FHODGRãORåHWtPWRSR
]E\WtP VYRERG\ YODVWQtKR UR]KRGR
YiQtVH]EDYLOLSRĜiGQpKREĜHPHQD
%êWWURVHþQtNHPQDDWROXVHVDPR
WRXE\VHPXVHORSRþtWDWMHQåHMiVH
VQtSDNSRWêNDOQDRVWURYČ0DQKDW
WDQX PQRKDPLOLRQRYpP PUDYHQLã
WL 3RVOp]H QD WĜLQiFWpP SRVFKRGt Y
SUi]GQpPE\WČVMHGQRXPDWUDFtQD
SRGOD]H MVHP VDPRWLQNê RGWUXFK
OLO VYp SUYQt DPHULFNp YiQRFH WUiYLO
SVDQtP QRVWDOJLFNêFK GRSLVĤ DGUH
ViWĤP Y (YURSČ GR Qtå MVHP SRGOH
VYêFKSĜHGVWDYSĜHFHMHQVStãSDWĜLO
9\ãHOMVHPYHQVHSRWêNDWVKRUNêP
YOKNêP RY]GXãtP 3ĜLYH]HQê WH[WLO
VHQDPČQHSĜtMHPQČOHSLO9ãDNPČ
YH )UDQNIXUWX YOtGQê DJHQW NU\FtP
MPpQHP 6WHUOLQJ SRXþRYDO åH QHM
OtS EXGH NG\å VYp HYURSVNp MDNNR
OLYHOHJDQWQtREOHþN\QDKi]tPGR3R
WRPDFXFRåRYãHPMHĜHNDYHY]Gi
OHQpP:DVKLQJWRQX=GHY1HZ<RU
NXMVHPPČONGLVSR]LFLPRKXWQêWRN
+XGVRQ 2WRþLO MVHP VH YSUDYR SiU
NURNĤNHYFKRGXQDFDPSXV.ROXP
ELMVNp XQLYHU]LW\ MHGQp ] QHMSUHVWLå
QČMãtFKMHåVHPLSRVOp]HVWDODPRX
GUXKRXURYQČåPiORPLORYDQRXDOPD
PDWHU$]DXQLYHU]LWRXVHUR]SURVWt
UDOþHUQRãVNê+DUOHPRSĜHGHQêQHOL
FKRWLYRXDYãDNDNXUiWQtSRYČVWt
&HVWDNY\ããtPXY]GČOiYiQtYDPH
ULFNpP]iPRĜt]DSRþDODXåYH)UDQN
IXUWX2DPHULFNpPV\VWpPXMVHPYČ
GČOSUDPiORYODVWQČQLF=DþDOMVHP
SViWLQTXLULHVGRWD]\7ROLNMVHPVL
PRKOEêWMLVWêåHYãHFKQRWDPEXGH
KRGQČMLQDþtåHWDPČMãtV\VWpP\VH
KRGQČOLãtRG$GR=FRåE\ORXVNX
WHþQLWHOQpRGSURVWRUQpIULJLGQt$OMDã
N\DåSRNRYERMVNêVWiW:\RPLQJ
7YU]HQt åH NDåGê MH VWUĤMFHP VYp
KR ãWČVWt O]H Y 86$ GRSOQLW VORY\
åHNDåGêVWXGHQWMHGR]QDþQpPtU\
VWUĤMFHP VYpKR VWXGLMQtKR SURJUD
PX 9ČWãLQD NXU]Ĥ MH QHSRYLQQi QL
NGR QHQt SĜLYi]iQ N SĜHGHSVDQpPX
SRþWXDGUXKXSĜHGPČWĤPĤåHVLY\
EtUDW3UHVWLåUHSXWDFHXþLOLãWČDMHKR
REVDKVHKRGQČOLãtž
32.5$ý29È1Ë
Ŷ$GRFWRUDODZ\HUDQGDQ
DFWLYLVWWDONDERXWWKHIXWXUHRI
DVVLVWHGGHDWKLQ&DQDGDŶ
%\6WHYH.XSIHUPDQ7RURQWR/LIHFRP
Q: 1RZ WKDW ZH¶YH WDONHG D OLWWOH ELW DERXW WKH OHJDO VLWXDWLRQ
OHW¶VWDONDERXWWKHLOOHJDOVLWXDWLRQ7KLVZHHN 7RURQWR/LIHSXEOLVKHGDPHPRLUE\-RKQ+RIVHVV
²DPDQZKRVHFUHWO\DQGLOOHJDOO\DVVLVWHGLQHLJKWGHDWKVEHIRUHWDNLQJKLVRZQOLIH:HZLOO
SXEOLVK H[FHUSWV IURP WKH ERRN
QH[WWLPH:KDWDUH\RXURSLQLRQVRQWKDWVRUWRISUDFWLFH"+DVLW
EHHQDJRRGWKLQJRULVLWMXVWWRR
SUREOHPDWLF"
*RGGDUG :KHQ , UHDG WKH DUWLFOH,IHOWYHU\
VDGWKDWSHRSOH KDG WR
UHVRUW WR LOOHJDOPHDQV
7KDW¶V QRW D
FULWLFLVP RI
0U +RIVHVV,WIHOWWRPHOLNHLWZRXOGKDYH
EHHQVRPXFKEHWWHULIKHDQGKLV
SDWLHQWVGLGQ¶WKDYHWRWDNHRQDOO
WKDWULVNDQGIHDU
7D\ORU 2WKHUSHRSOHPD\UHDGWKH
DUWLFOHDQGEHVRPHZKDWKRUUL¿HG
E\ WKH OHQJWKV SHRSOH KDG WR JR
WKURXJK SULRU WR QRZ EXW HYHU\WKLQJ+RIVHVVGHVFULEHVZDVYHU\
UHDO WR PH DQG WR P\ KXVEDQG
<RX ZRXOGQ¶W HYHQ EH WDONLQJ WR
PHWRGD\LI,KDGIRXQGDZD\WR
KHOS'RQKDYHDQDVVLVWHGGHDWK
,ZRXOGKDYHGRQHLWDQG,ZRXOGQ¶WKDYHWROGDQ\ERG\
$W RQH SRLQW , ZDV JRLQJ WR À\
WR0H[LFR&LW\DQGWU\WRJHWP\
KDQGVRQEDUELWXUDWHVDQGVPXJJOHWKHPEDFNDFURVVWKHERUGHU
EXW 'RQ IHOW WKDW ZDV WRR ULVN\
+HWKRXJKWWKHLGHDRIWKHKHOLXP
EDJ OLNH 0U +RIVHVV XVHG ZDV
JRRG6R,ZHQWRXWWRDSDUW\VWRUHDQG,WULHGWRUHQWWDQNVRIKHOLXP%XWWKHQZHVWDUWHGWRWKLQN
DERXW KRZ XVLQJ P\ FUHGLW FDUG
ZRXOG FUHDWH D UHFRUG WKDW ,¶G
GRQH WKLV ,W GLGQ¶W PDWWHU LQ WKH
HQGDQ\ZD\EHFDXVHWKHUHZDVD
VKRUWDJHRIKHOLXPDWWKHWLPHDQG
QRERG\FRXOGUHQWPHWKHWDQNV
, DOVR WKRXJKW FDQ , UHDOO\ GR
WKLV"&DQ,UHDOO\SXWDEDJRYHU
KLVKHDGDQGWXUQWKHWDQNRQP\VHOIDQGWKHQJHWULGRIDOOWKHHYLGHQFH" ,W PDNHV PH VDG WR UHDG
WKDWDUWLFOHDQGWKLQNWKDWPD\EH
LI,¶GIRXQG0U+RIVHVVKHFRXOG
KDYHKHOSHGPHDQG'RQ
'RZQDU ,WKLQNLW¶VDOZD\VKDUG
WRFRQGRQHVRPHERG\WDNLQJWKH
OLYHVRIRWKHUVZKDWHYHUWKHPRWLYDWLRQ 7KDW¶V D WRXJK RQH WR
FDOO , ZRQ¶W MXGJH KLP EXW DW
WKHVDPHWLPHLW¶VQRWWKHNLQGRI
WKLQJ,ZRXOGHQFRXUDJH
Q: :HOO ZK\ H[DFWO\ GRQ¶W ZH
ZDQWWRHQFRXUDJHURJXHDVVLVWHG
GHDWKSUDFWLWLRQHUV"
'RZQDU :HOO ZK\ KDYH GRFWRUV" :K\ QRW MXVW JR GRZQ WR
WKH EDUEHU" +H¶V SUREDEO\ SUHWW\
JRRGDQGKHKDVVKDUSVWXIIDQG
,¶P VXUH KH NQRZV KRZ WR WDNH
RXW\RXUDSSHQGL[:KHQ\RX¶UH
ZRUGRIPRXWK DQG KXVKKXVK
\RXKDYHDEVROXWHO\QRDELOLW\WR
DVVHVV ZKDW \RX¶UH GRLQJ 'ULYLQJ WKLV VWXII XQGHUJURXQG RQO\
HQFRXUDJHVXQVDIHSUDFWLFHV
7D\ORU (YHQWKRXJK,DSSHDUTXLWHOLEHUDO,DOVRZDQWDYHU\VWULFW
RYHUVLJKW UHJLPHQ ERWK VR ZH
FDQJDWKHUEHVWSUDFWLFHVDQGHQVXUHWKDWHYHU\RQHLVIROORZLQJWKH
ODZ
Q::KDWVDIHJXDUGVZRXOGDOORI
\RXOLNHWRVHHEXLOWLQWRWKHODZ"
* R G GDUG 7KH
WKLQJ ,¶P
UHDOO\VWUXJJOLQJZLWKLV
WKH SURSRVDO WR DOORZ
SDWLHQWV WR
JLYH SULRU FRQVHQW WR SK\VLFLDQ
DVVLVWHGGHDWK,W¶VQRWOLNH,ZLOO
UHIXVHWRDVVLVWDFOLHQWGRLQJWKDW
EXW , WKLQN WKLV KDV FRPH RXW RI
OHIW¿HOG,W¶VDYHU\FRPSOLFDWHG
WKLQJWRDFWXSRQVRPHRQH¶VSULRU
FRQVHQWRUWRPDNHDGHFLVLRQIRU
DQRWKHUSHUVRQ,WKLQNWKDWQHHGV
D ORW PRUH H[SORUDWLRQ , ZRXOG
KRSH WKDW ODZPDNHUV DUH QRW JRLQJWRUHDFKWRRIDU
7D\ORU , XQGHUVWDQG -DQ¶V FRQFHUQEXW,FDQWHOO\RX&DQDGLDQVZDQWWRNQRZWKDWVKRXOGWKH\
JHWVRPHWKLQJOLNHGHPHQWLDWKH\
ZLOOEHDEOHWRVD\LQDGYDQFHWKDW
WKH\ZDQWWKHLUSK\VLFLDQWRFDUU\
RXW D SK\VLFLDQDVVLVWHG GHDWK ,
DJUHHLWKDVWREHFDUHIXOO\WKRXJKWRXW%XW,GRQ¶WWKLQNLWVKRXOG
EHGLVPLVVHGRXWRIKDQG
Q: $OORI\RXKDYHNQRZQRUORYHG SHRSOH ZKR ZHUH JUDYHO\ LOO
DQG FRQVLGHULQJ D SK\VLFLDQDVVLVWHGGHDWK$VVXPLQJLWZHUHOHJDODQGDFFHVVLEOHLVWKDWDQRSWLRQWKDWDQ\RI\RXZRXOGFRQVLGHUIRU\RXUVHOYHV"
'RZQDU 2QH KXQGUHG SHUFHQW
\HDK
7D\ORU <HDK
*RGGDUG ,WKLQNVREXW,¶PXQGHFLGHG , WKLQN LW¶V TXLWH SRVVLEOHLIWKHWLPHDQGFLUFXPVWDQFHV
ZHUH ULJKW WKDW , ZRXOG ZDQW LW
EXW,GRQ¶WNQRZ
7D\ORU :H¶UH DOO KHDOWK\ SHRSOH DW WKH PRPHQW EXW KDYLQJZDWFKHGWKLVQRWRQO\ZLWK
P\ KXVEDQG EXW ZLWK SDWLHQWV ,
FDUHIRUHYHU\GD\,FDQVHHFLUFXPVWDQFHVZKHUH,ZRXOGGH¿QLWHO\ZDQWLW,ZDQWLWWREHDQRSWLRQ
*RGGDUG ,WKLQNKDYLQJWKHRSWLRQLVZKDWPDWWHUVYHU\PXFKWR
PH , ZDQW DXWRQRPRXV SHUVRQV
WREHDEOHWRPDNHWKLVFKRLFH
'RZQDU , GRQ¶W NQRZ KRZ ,¶P
JRLQJWRGLHEXW,ZDQWWREHWKH
RQHWRGHFLGHž7+((1'
6285&(
+7737252172/,)(&20
&,7</,)(-2+1+2)6(66$66,67('
68,&,'(0$5&+
-HGXEHQDQDVWDOþDVYêOHWĤPHGYČ
GĤGRPČVWD3ĜLFKi]HMt]DOHKþtPåL
YRE\WtPQHåMHþHNiYOHVH$GRVWD
WHNSRWUDY\YHPČVWČ]SĤVRELOåHVH
MDNR]HPČGČOFLYVWROHWtUR]KRGX
MtPH]LGĜLQRXYSĜtURGČDOHKþtPSĜH
åLWtPYHPČVWČ9VXGEXUVNpPČVWVNp
UDGČ VH WHG\ RG PLQXOpKR SRG]LPX
MHGQDOR R PHGYČGHFK QHE SĜHGHãOi
VH]yQDMLFKSĜLYHGODGRPČVWDGDOHNR
YtFH QHå MHQ SĜHKUãHO 3R GORXKêFK
GHEDWiFKDPQRKDQi]RUHFKREþDQĤ
PH]LQLPLåVHY\VN\WRYDODNXORYQLFH
MDNR KODYQt ĜHãHQt GRãOD QDãH VODY
QiUDGDNWRPXåH]DYãHPĤåRXRE
þDQpDåHWHG\REþDQpVLWRWDN\VOt]
QRX
1RYêGRPRYþ
QêåHNG\åVH&pVDUVWDOGLNWiWRUHP
WDNSURVWČYMH]GQiNODGQtFKYR]ĤGR
ětPD]DNi]DOSURSUYQtFKGHVHWKR
GLQGQH7êNDORVHWRWDNpRVREQtFK
YR]ĤSURVWČYãHKRFRE\ORWDåHQR
QD)yUX5RPDQXEČåHWMDNEČåHOD
äHWHG\QHFKi~ĜHGQtN\DĢ~ĜDGXMtD
RQåHWDPREþDVQDKOpGQH$OHWR
QH]QDOL PODGpKR &DWRQD 9 Wp GREČ
PČO DVL OHW /Hþ YHOPL VH VSOHW
%<52.5$&,(9ä'<
9Ë7ċ=Ë (YD)LUORYi
]YtĜDW\7DNåHQČMDNpSRSRMtåGČQtSR
XOLFtFK V YODVWQtP ]iYRGQtP YR]HP
2GGXEQDVHVPtY\QiãHWRGSDGR QČFR MDNR VSRUWRYQt DXWR QHER PR
Yp S\WOH Då ãHVW UiQR Y GHQ VYiåN\ WRUNDGQHVE\ORWDNp]DNi]iQR
RGSDGNĤ äiGQp YHþHU QHER Y QRFL
SĜHGHP 7XWR GLUHNWLYX EXGH KOtGDW
KHMQRVWUiåFĤNWHUpVLWDNpVDPL]D
SODWtPH%\URNUDWLFNiOLQLHMHY\W\þH
QDDPČVWRVHMtEXGHGUåHW]XE\QHK
W\1iPLWN\åHQČNGRRGMtåGt]GRPX
SĜHGãHVWRXQDSĜtNODGQHMVRXEUiQ\
Y~YDKX9ãHMHMDVQpSURWLPHGYČ
GĤP VH EXGH ERMRYDW VSUiYQêP QD
þDVRYiQtPY\QiãN\RGSDGRYêFKS\W
OĤ 0HGYČGL VH QH]~þDVWQLOL VFKĤ]t
PČVWVNpUDG\DWHG\WRQHYČGtWDNåH
GRPČVWDEXGRXSĜLFKi]HWGiOH
%\URNUDFLHNUiþtYtWČ]QČYČN\0ČVWR -HQ YHVWiOVNp SDQQ\ PRKO\ XåtYDW
ětPQHE\ORSRVWDYHQR]DGHQEDDQL VYĤM SRYR] WDåHQê PXODPL $ WDNp
QDSOiQRYiQR ]D VWDOHWt QD UR]GtO RG WDG\SĜLFKi]tVNXOLQDVWDYHEQt¿UP\
PČVWětPDQ\]DORåHQêFK0ČVWRětP NWHUp SUDFRYDO\ QD VWiWQtFK ]DNi]
URVWORMDNĜtNDOMHGHQSURIHVRUKLVWR NiFKMDNRQDVWDYEiFKDUHQRYDFtFK
ULFNpXUEDQLVWLN\RUJDQLFN\7HG\MDN FKUiPĤGLYDGHODFHVWPČO\YêMLPNX
OLGLQDSDGORXGČODWSRGpOVWH]N\XOLFL DPRKO\MH]GLWFHOêGHQ-HQVRXNURPt
DY\KQRXWVHEDåLQČXSURVWĜHGPČV VWDYLWHOpE\OLRGNi]iQLQDQRF$WDN
WD9URFHSĜQOE\OětPY\Si OLGpSĜHåLOLYEH]SHþtGHQDE\HYHQ
OHQ.HOW\DNURPČWRKRåHVLětPDQp WXiOQČSRGOHKOLQHPRFHP]QHGRVWDW
]UHIRUPRYDOL DUPiGX ± DE\ VH WR Xå NXVSiQNX/]HVLSĜHGVWDYLWMDNêUD
QLNG\QHVWDORWDNWRPČORGRSDGQD FKRWSĤVRELODRNRYDQiNRODQDGOiå
VWDYHEQtSUiFHYHPČVWČ/LGpVHWR GČQt XOLF" 6DWLULN -XYHQDOLV SRSLVXMH
WLåFKWČOL]H]QLþHQpKRPČVWDRGVWČ R VWR SDGHViW OHW SR]GČML QRþQt SUR
KRYDW MLQDP 6HQiW WHG\ Y\KOiVLO åH YR]DVWUDãOLYêKOXNYHOPLYHKHPHQW
NGRSRVWDYtVYĤMGĤPGRURNDGRVWD QČ D ]RXIDOH 3UDYGČSRGREQČ SVDO
QH ]GDUPD NiPHQ ]H VWiWQtFK ORPĤ VYpMHGRYDWpVDWLU\YRQČFKQRþQtFK
D åH VH QLNGR QHEXGH ]GUåRYDW LQ KRGLQiFKNG\PXSRGRNQHPKOXþH
VSHNFHPL VWDYHE 7DNåH VL OLGp VWD ODNRODQDGOiåGČQtYR]NRYpKXOiND
YČOL GRP\ WĜHED WDN DE\ MHMLFK GĤP OLMHGHQQDGUXKpKRNGRPiSĜHGQRVW
E\OQDGYČWYt9HONpVWRN\DQHPXVH QDNĜLåRYDWFHQHE\ORY\ĜHãHQRDRE
OLQHFKDWNRSDWSĜtSRMNXQHEREOt]NR þDV QČFR ] QiNODGĤ VSDGOR QD ]HP
VWXGQ\9êVOHGHNE\OFKDRWLFNêDětP =DWUSNOêFK VWČåXMtFtFK DVL E\OR PQR
YVWSĜQOE\OPČVWHP~]NêFKNOL KRDOH]iNRQNUiþHOGiO
NDWêFKXOLþHN
ětP E\O DOH WDNp PČVWHP RNi]DOêFK 9URFHSĜQOVHTXDHVWRUHPVWiW
VWDYHEYWpGREČDPDWHULiOQDVWDY Qt SRNODGQ\ WHG\ PLQLVWUHP VWiWQt
E\VHPXVHOGRPČVWDGRYp]W3RYR SRNODGQ\ VWDO 0DUFXV 3RUFLXV &DWR
]\QDSOQČQpWUDYHUWLQHPStVNRYFHP PODGãt NWHUê VH Y\]QDþRYDO QHMHQ
D PUDPRUHP E\O\ VWHMQČ QHEH]SHþ YHONRX XPtQČQRVWt DOH WDNp YHONRX
Qp MDNR GQHãQt QiNODGQt DXWD QDSO GĤNODGQRVWt1HåVYĤM~ĜDGQDVWRXSLO
QČQD WtPWpå , NG\å GQHãQt QiNODGQt SURVWXGRYDOVLYãHFKQ\]iNRQ\RGD
DXWDMVRXYĤþLYR]RYFHãHWUQČMãtQHå QtFKDVWiWQtSRNODGQČ%\URNUDWLVWiW
E\OD RNRYDQi WČåNi NROD QD GOiåGČ QtSRNODGQ\SĜHGSRNOiGDOLåHGRW\þ
QtXOLF6DPR]ĜHMPČåHY~]NêFKXOL QêQRYêTXDHVWRUEXGHMHGQDWYHVWHM
FtFK GRFKi]HOR N QHKRGiP ]DELWtP QpPGXFKXMDNRMHKRSĜHGFKĤGFLDåH
D SR QLFK N VRXGQtP GRKUiP 1i QHFKi VWiWQt SRNODGQX XPtVWČQRX Y
NODGQt SURYR] VH VWDO WDN QHEH]SHþ QČNROLND SDWUHFK 6DWXUQRYD FKUiPX
OL &DWR VL QHFKDO SĜHGORåLW YãHFKQ\
~þHWQtNQLK\D~ĜHGQtFL]MLVWLOLåHMLP
UR]XPt&DWR]MLVWLOåHOLGpþHNDMtQD
SODWE\ ]H VWiWQt SRNODGQ\ D QDRSDN
åHOLGpNWHĜtQHPDMtQiURNQDåiGQp
SODWE\MHGRVWiYDMt1DNRQHFREåDOR
YDO~ĜHGQtKRãpIDVWiWQtSRNODGQ\9L
ELD]NRUXSFH
=H VWDUãtFK ~þHWQtFK NQLK &DWR WDNp
]MLVWLONGRåHE\OLGRQDãHþLDXGDYDþL
MLå]DGLNWiWRUVWYt/XFLD&RUQHOLD6XO
O\RGYDFHWOHWGĜtYHDNGRåH]SĤVR
ELOL VPUW PQRKD OLGt 7L GRVWiYDOL ]D
XGiQtGYDWDOHQW\VWĜtEUD&DWRMHRE
åDORYDO]H]DELWtREČWtMHMLFKXGDYDþ
VWYtPDSĜLQXWLOMHQHERMHMLFKGČGLFH
NQDYUiFHQtSHQČ]ÒĜHGQtFLPXGČOD
OLVFKYiOQRVWLERMRYDOLVQtPDOH&DWR
Y\KUiO.G\åVHSUDFKXVDGLO&DWRE\O
YtWČ]HPDVODYQêSRFHOpPětPČ-DN
StãH3OXWDUFK³OLGpNWHĜtXåQHGRXID
OLåHXYLGtVYpSHQt]HGRVWDOL]DSOD
FHQRDOLGpNWHĜtVLP\VOHOLåHQLNG\
QHEXGRXPXVHWVYpGOXK\VWiWQtSR
NODGQČSODWLWPXVHOL]DSODWLW´1ČNGR
E\ VL PRKO ĜtFL åH TXDHVWXUD WHG\
~ĜDG NWHUê &DWR ]DVWiYDO WUYDO MHQ
URNDSDNVHYãHQDYUiWLORGRVWDUêFK
NROHMt $OH &DWR QHOHQLO D REČWRYDO
L VYp YODVWQt SHQt]H MHQ DE\ QHFKDO
RSVDW ~ĜHGQt NQLK\ VWiWQt SRNODGQ\ L
SRWpFRXNRQþLOVYĤMURNY6DWXUQR
YČFKUiPXNGHVHUR]ORXþLOVSRNR
ĜHQêPLE\URNUDW\VHVORY\åHMHEXGH
SHþOLYČ VOHGRYDW$ SRNXG åLO WDN WR
GRGUåRYDO
([LVWRYDORPQRKR]iNRQĤRYRGČ'R
ětPDSĜLYiGČO\YRGXDNYDGXNW\SUR
WRåH VWXGQ\ QHVWDþLO\ SUR NRXSiQt
FKWLYpRE\YDWHOVWYRDYVWROSĜQO
E\OD Y\WYRĜHQD $XJXVWHP YRGQt NR
PLVH NWHUi GRKOtåHOD QD DNYDGXNW\
MHMLFK VSUiYX RSUDY\ D VWDYEX GDO
ãtFK âpIHP YRGQt NRPLVH E\O YåG\
MPHQRYDQêQČNWHUêVHQiWRUNWHUêVH
RYãHP Y NDQFHOiĜL NRPLVH PRF QH
Y\VN\WRYDO QD GRKOHG PČO ~ĜHGQtN\
3UYQtPNRPLVDĜHPSĜHVYRGXVHVWDO
0DUFXV$JULSSD$XJXVWRYDSUDYi
UXND 7HQ E\O WDNp MHGLQêP NGR VH
VYpPX~ĜDGXSOQČYČQRYDO
'DOãtPYRGQtPNRPLVDĜHPNWHUêNR
QHþQČYQHVOSRĜiGHNGRGČQtDNDQ
FHOiĜtYRGQtNRPLVHYětPČE\O6H[
WXV-XOLXV)URQWLQXVRYtFHQHåVWROHW
SR]GČML -DNR JHQHUiO YH YêVOXåEČ
YQHVO Y]UXFK D ]GČãHQt GR E\URNUD
WLFNêFK NDQiOĤ YRGQt NRPLVH NWHUi
IXQJRYDODWLãHDEH]GRKOHGXYHVWt
QXMLQêFKGDOHNRRNi]DOHMãtFK~ĜDGĤ
9]UXFKQHQHSRGREQêUR]þLOHQtMDNp
YQHVHNRþNDGRKHMQDYUDEFĤ
3URKOpGO YãHFK NP DNYDGXN
WĤDQHFKDOXGČODWMHMLFKPDS\3RG
OH ]i]QDPĤ ]MLVWLO åH Y URFH QO
NG\ E\O MPHQRYiQ SĜLFKi]t GR PČV
WD ětPD DVL MHQ SRORYLQD PQRåVWYt
YRG\ QHå E\ PČOD )URQWLQXV VL SR
Y]GHFKO Y SĜHGPOXYČ NH VYp NQL]H
2 DNYDGXNWHFK PČVWD ětPD ³1HQt
QLF VNDQGiOQČMãtKR QHå NG\å VOXãQê
þORYČN NWHUê MH MPHQRYiQ GR IXQN
FH SURYiGt VYĤM ~ĜDG SRGOH SRN\QĤ
VYêFK SRGĜt]HQêFK $OH WR MH QHY\
KQXWHOQpSRNXGMHQH]NXãHQêYRER
UXDPXVtVHVSROpKDWQDSRPRFQtN\´
3URWRVLVHGODQDSVDO2DNYDGXNWHFK
PČVWD ětPD SUDNWLFNRX SĜtUXþNX SUR
VYp QiVOHGRYQtN\ 7DP WDN\ Y\SRþt
WDOFRYãHQDãHOPH]L~ĜHGQtN\DGČO
QtN\ WpWR LQVWLWXFH 3URGiYiQt SĜtSR
MHN SRG UXNRX GČOQtFL PtVWR RSUDY\
DNYDGXNWĤRSUDYRYDOLGRP\DVWDYČOL
SHUJRO\]QiPêPVYêFKãpIĤ]DKUiG
NiĜL SĜHV MHMLFKå SR]HPN\ DNYDGXN
W\YHGO\VLMHQDSLFKRYDOLD]DYRGX
QHSODWLOL D GDOãt D GDOãt WULN\ 6 GČO
QtN\WRY\ĜHãLOMHGQRGXãHQDNDåGê
GHQ VH PXVHO Y\VWDYLW SUDFRYQt SĜt
ND]FRPiWDNWHUiSUDFRYQtþHWDGČ
ODWDNDåGêYHþHUWRPXVHOPLVWU]NRQ
WURORYDW'DOãtPWULNĤPE\OR]DPH]H
QRSRKUĤåNRXYãHPGRKOtåLWHOĤPNWH
ĜtQHGRKOtåHOLLQåHQêUĤPNWHĜtVHQH
VWDUDOLDPLVWUĤPNWHĜtKODYQČSRVH
GiYDOLYFDXSRQiFKEDUHFKU\FKOpKR
REþHUVWYHQtY\KD]RYHP
3R QČNROLND OHWHFK SLOQp SUiFH PČO
ětPYRG\]GHYtWLDNYDGXNWĤSOQRXOL
FH VH þLVWLO\ SĜHSDGiYDMtFt YRGRX D
XVWDO\VWtåQRVWLQDQHIXQJXMtFtNDãQ\
$OHW\WRSĜtNODG\MVRXYHOPLĜtGNp'D
OHNREČåQČMãtMHWRWR3VDODPL]QiPi
] +RXVWRQX MDN Y WRPWR VXEWURSLF
NpPPČVWČMHODSRKODYQtWĜtGČDSUR
YR]VHSUDNWLFN\]DVWDYLO3RXOLFLMHOD
REURYVNiFLVWHUQDNURNHPD]DVWDYR
YDODVHXNDåGpKRPČVWVNpKR]iKRQ
NXDNDåGpKRRNUDVQpKRNHĜHDYãX
GHW\WRPČVWVNpURVWOLQ\]DPČVWQDQ
FLPČVWD]DOpYDOL+RXVWRQMHPČVWR
NWHUpQHWUStQHGRVWDWNHPYOiK\URþ
QČVSDGQHYSUĤPČUXFPGHãWČ
$OH E\URNUDWLFNp QDĜt]HQt MH QDĜt]H
Qt D WDN VH FLVWHUQD SRK\ERYDOD SR
KODYQtWĜtGČYGREČQHMYČWãtKRSURYR
]XXFSiYDODFHVWXDNURSLODNYČWLQN\
.G\åVHNURStWDNVHNURStDþNROLY
WRE\ODFKYtOHNG\Y+RXVWRQXSUãHOR
MHQVHOLORDGRW\þQtPČVWãWt]DPČVW
QDQFLPČOLQDVREČHUiUQtQHSURPR
NDYpSOiãWČ«ž
'2%5È5$'$
.21,(&/,(.201$&+2
/(67(52/-(',1È'È9.$
7é&+7225(&+29+2=1Ë
ä,1$'1Ë
7RWRMH]UHMPHQDMãLDOHQHMãLDãW~GLD
DN~VRPWHQWRURNYLGHO-HMG{VOHG
N\P{åXE\ĢćDOHNRVLDKOHMãLHQHåVL
GRNiåHPHSUHGVWDYLĢ
9V~þDVQRVWLĐXGLDVY\VRNRXKODGL
QRXFKROHVWHUROXXåtYDM~NDåGêGHĖ
OLHN\ QD MHKR ]QtåHQLH NWRUp YãDN
VDPLRVHEHSUHGVWDYXM~YHĐNp]GUD
YRWQpUL]LNR
1DMþDVWHMãLH LGH R OLHN\ ]R VNXSLQ\
VWDWtQRY 7LH PDM~ PQRKp ]iYDåQp
YHGĐDMãLH ~þLQN\ QDSUtNODG VS{VR
EXM~ VYDORY~ VODERVĢ EROHVWL D WLHå
P{åXYiåQHSRãNRGLĢPR]RJ
1HGiYQR YHGFL XVNXWRþQLOL REMDY
NWRUê P{åH ~SOQH Y\ULHãLĢ SUREOpP
VY\VRNêPFKROHVWHURORPDGRVORYD
]PLDVĢ ] SRYUFKX ]HPH REURYVNê
EL]QLVVOLHNPLQDMHKR]QLåRYDQLH
7HVWRYDQêP GREURYRĐQtNRP SRGDOL
GiYN\ D JUDPRY EUD]tO
VN\FKRUHFKRYSULEOLåQHD
RUHFKRY D SRWRP Y U{]Q\FK þDVR
YêFK LQWHUYDORFK PHUDOL LFK KODGLQ\
]OpKR /'/ D GREUpKR +'/ FKROHV
WHUROX
9êVOHGN\LFKSULDPãRNRYDOL
+ODGLQ\]OpKRFKROHVWHUROXVD]DþDOL
]QLåRYDĢDGREUpKR]Y\ãRYDĢXåSR
KRGLQiFK RG NRQ]XPiFLH $ QD
M~åDVQHMãLHQDWRPERORåHNWRPX
VWDþLODMHGLQiGiYNDEUD]tOVN\FKRUH
FKRY
3UHSRURYQDQLHOLHNRPWUYiSULEOLåQH
GQLNêPVDSRQLFK]DþQ~KêEDĢ
KRGQRW\FKROHVWHUROXYNUYLDPXVLD
XåtYDĢNDåGêGHĖ
.YêUD]QHMãHM~SUDYHKODGtQGRFKi
G]DORXåSULGiYNHJUDPRYþLåH
SULEOLåQHDåEUD]tOVN\FKRUHFKRY
3RGUREQHMãLHXYHGHQêYêYRMXND]X
M~ QDVOHGRYQp JUDI\ ] SUHGPHWQHM
ãW~GLH
$N VD QD VSRPtQDQp JUDI\ SRGURE
QHMãLH]DKĐDGtWHY\SOêYD]QLFKHãWH
MHGQR YHĐPL G{OHåLWp ]LVWHQLH $ WR
åHKODGLQ\FKROHVWHUROXVDQLHOHQåH
XSUDYLOLXåSRDåKRGLQiFKDOH
Y\GUåDOLFHOêFKGQt
,QêPLVORYDPL1DPLHVWRNDåGRGHQ
QpKR XåtYDQLD OLHNRY V SRWHQFLiOQH
QHEH]SHþQêPL YHGĐDMãtPL ~þLQNDPL
VWDþtUD]]DPHVLDFVNRQ]XPRYDĢ
Då JUDPRY EUD]tOVN\FK RUHFKRY
DPiWHSRVWDURVWLDFK
=DþRYćDþLDEUD]tOVNHRUHFK\VYRM
PX~þLQNXQDFKROHVWHURO
9HGFL SUHGSRNODGDM~ åH ]D VYRM
~þLQRNQD]QLåRYDQLH]OpKRD]Y\ãR
YDQLH GREUpKR FKROHVWHUROX YćDþLD
EUD]tOVNH RUHFK\ SUHGRYãHWNêP Y\
VRNpPXREVDKXVHOpQX
6HOpQMHYWHOHV~þDVĢRX
h
SULEOLåQHHQ]êPRY
1(:+20(/$1'±&=(&+$1'6/29$.(9(5<7+,5':((.
9\GiYi0DVDU\N0HPRULDO,QVWLWXWH,QF6FDUERURXJK*ROI&OXE5G7RURQWR210*+ětGtWLVNRYêYêERU00,
5HGDNFHVLY\KUD]XMHSUiYRSĜtVSČYHN]NUiWLWUHGDNþQČXSUDYLWDUR]KRGQRXWRMHKRHYHQW]DĜD]HQt=SĜHGSODWQpKRQHY\SOêYiSĜHGSODWLWHOLQiURNQDXPtVWČQtMHKRþOiQNXYQRYLQiFK
$QRQ\P\QHRWLVNXMHPH
1i]RU\SUH]HQWRYDQpYXYHĜHMQČQêFKSĜtVSČYFtFKQHPXVtY\MDGĜRYDWVWDQRYLVNRUHGDNFHDQL00,1HY\åiGDQpUXNRSLV\DIRWRJUD¿HUHGDNFHQHYUDFt5HGDNFHQHSRVN\WXMHåiGQpLQIRUPDFHRDXWRUHFK
5HGDNþQtUDGD%DUEDUD6KHUULIIRYiNRQ]XOWDQWNDMD]\NDDQJOLFNpKR-LĜt*URVPDQD0LORã.UDMQê7RURQWR-RVHI6NiODD-LĜt$GOHU9DQFRXYHU$OHQD0DUWLQĤ0RQWUHDO
(YD)LUORYiNRQ]XOWDQWNDMD]\NDþHVNpKR6XGEXU\$UFKLYQDZHEXZZZPDVDU\NWRZQFD
0DVDU\NĤY~VWDY00,MHQHYêGČOHþQiQRWSUR¿WRUJDQL]DFH-HMtPSRVOiQtPMHXGUåRYDWþHVNpDVORYHQVNpNXOWXUQtWUDGLFHDRERKDFRYDWWDNåLYRWNDQDGVNpYHĜHMQRVWL
.DQFHOiĜ,YD-HþPHQWHOÒ767ý7RI¿FH#PDVDU\NWRZQFD
5RþQtSĜHGSODWQp.DQDGD&$'86$86'RVWDWQt86âHN\]DVtOHMWHODVNDYČQDDGUHVX1'QHER00,&HQ\LQ]HUiWĤVGČOtPHQDSRåiGiQt
7\WRQRYLQ\E\O\Y\EUiQ\1iURGQtNQLKRYQRXý5MDNRNYDOLWQt]GURMNWHUêE\PČOEêWXFKRYiQGREXGRXFQDDVWiWVHVRXþiVWtþHVNpKRNXOWXUQtKRGČGLFWYt6WUiQN\MVRXDUFKLYRYiQ\QČNROLNUiWURþQČDMHMLFK]i]QDPMH
VRXþiVWtýHVNpQiURGQtELEOLRJUD¿HDNDWDORJX1.ý5âpIUHGDNWRUNDDJUD¿FNi~SUDYD9ČUD.RKRXWRYi&HOO3LãWHYHUDWRURQWR#JPDLOFRP
00,JE NOSITEL(00$6$5<.29<&(1<8'ċ/(1eý66.9.$1$'ċ952&(D/$85(È7(0 &(1<0=9ý5*5$7,$6$*,7=52.8
1RYêGRPRYþ
NWRUpPDM~VLOQpDQWLR[LGDþQp~þLQN\'RNiåHFKUiQLĢWHORSUHGGHJH
h QHUDWtYQ\PLRFKRUHQLDPLDNRV~FXNURYNDþLODWHUiOQDVNOHUy]D
-HYHĐPLG{OHåLWêDMSUHVSUiYQXIXQNFLXLPXQLWQpKRV\VWpPXNDUGL
RYDVNXOiUQHKRV\VWpPXKODYQHRFKUDQDSUHGNRURQiUQ\PRFKRUHQtPVUGFD
DEUiQLWLHåR[LGiFLLOLSLGRY9WHMWRãW~GLLVDXNi]DORåHćDOãRXYODVWQRVĢRXVHOp
QXMHRFKUDQQê~þLQRNQDFKROHVWHURO9HĐNRXSUHGQRVĢRXEUD]tOVN\FKRUHFKRYMH
åHREVDKXM~Y\VRNpPQRåVWYRDMLQêFKG{OHåLWêFKåLYtQDNRQDSUtNODG
QHQDVêWHQpPDVWQpN\VHOLQ\ELHONRYLQ\YOiNQLQDPLQHUiO\KRUþtNIRVIRUYiSQLN
]LQRNåHOH]RGUDVOtNDPHćYLWDPtQ\(D%$NRVPHXåXYLHGOLY~YRGHLGH
]UHMPHRQDMG{OHåLWHMãtREMDYURNDNWRUêYiVP{åHXãHWULĢRGXåtYDQLDQHEH]SHþ
QêFKOLHNRYQD]QLåRYDQLHFKROHVWHUROXž
ž.ěËä29.$35292/128&+9Ë/,
-('=7(7,(725$ĕ$-.<$8ä6$1,.'<1(75È37(
1$'%58â1é078.20
$NSDWUtWHPHG]LĐXGtNWRUtVDYHĐPLVQDåLD]KRGLĢWXNQDEUXFKXþLLQêFKSUREOp
PRYêFKSDUWLiFKWHODSRWRPXUþLWHY\VN~ãDMWHWLHWRUDĖDMN\
6~QLHOHQFKXWQpDOH]iURYHĖSDWULDPHG]LMHGQ\]QDM]GUDYãtFKUDĖDMRNDNpVL
P{åHWHGRSULDĢ2EVDKXM~WRWLåPQRåVWYRYLWDPtQRYPLQHUiORYDćDOãtFKSURVSHã
QêFKOiWRNNWRUpYiPSRP{åX]OHSãLĢYê]RUYDãHMSRNRåN\]QRUPDOL]RYDĢPHWD
EROL]PXVDSRVLOQLĢFHOpWHOR
2NUHPWRKRYiP]RUJDQL]PXY\SODYLDPQRåVWYRãNRGOLYêFKWR[tQRYDWDNWLHåGR
NRQDOHSUHþLVWLDKUXEpWHOR,FKY\VRNêREVDKYOiNQLQ\WLHåSULVSHMHNY\ULHãHQLX
SUREOpPX VR ]iSFKRX DWDN]YDQêPV\QGUyPRPÄOHQLYpKRþUHYD³$YãDN]UHMPH
QDMG{OHåLWHMãtP SUtQRVRP WêFKWR UDĖDMRN MH WR åH YiP SRP{åX VR VSDĐRYDQtP
WXNRYD]QRUPDOL]RYDQtPYDãHMWHOHVQHMYiK\9SULHPHUHE\PDOLYLHVĢN]KRGH
QLXDåNtO]DPHVLDFKODYQHYRNROtEUXFKD=ćDOãtFKSUtQRVRYVSRPHĖPH
HãWH]OHSãHQLHNYDOLW\SRNRåN\YODVRYDQHFKWRYNWRUpEXG~]GUDYãLHDNUDMãLH
1DYêUREXWêFKWRUDĖDMRNEXGHWHSRWUHERYDĢ
DåVXãHQêFKVOLYLHNPONHItUXDOHERELHOHKRMRJXUWXSROLHYNRY~O\åLFX
SRPOHWêFKĐDQRYêFKVHPLHQRNSROLHYNRYpO\åLFHRYVHQêFKYORþLHNþDMRY~O\
åLþNXNDNDRYpKRSUiãNX='52-%$'$7(/1(7
6SUtSUDYRXUDĖDMRNMHSRWUHEQp]DþDĢXåSUHGRãOêYHþHU3RVWXSXMWHQDVOHGRYQH
9ORåWHVOLYN\GRPLVN\DOHERVNOtþNDD]DOHMWHLFKYULDFRXYRGRX3UHNU\WHPLV
NXSULNUêYNRXDQHFKDMWHO~KRYDĢDåPLQ~W0HG]LWêPYH]PLWHGUXK~PLVNX
DYORåWHGRQHMNDNDRYêSUiãRNĐDQRYpVHPLHQNDDRYVHQpYORþN\=DOHMWHLFK
NHItURPMRJXUWRPDFHOêREVDKGREUHSUHPLHãDMWH
9H]PLWHPLVNXVRVOLYNDPLYRGXY\OHMWHDVOLYN\SRSXþWHSUtSDGQHUR]PL[XMWH
YPL[pULDåNêP]QLFKQHEXGHS\Up1iVOHGQHVOLYN\SULGDMWHNRVWDWQêPVX
URYLQiP]QRYDYãHWNRGREUH]DPLHãDMWHDQDQRFXVNODGQLWHYFKODGQLþNH5iQR
Y\EHUWHPLVNX]FKODGQLþN\DY\FKXWQDMWHVLYDãHVXSHU]GUDYpUDĖDMN\1HSRWUYi
GOKRD]DþQHWHQDVHEHSRFLĢRYDĢLFKSURVSHãQp~þLQN\SUHYDãH]GUDYLHDMSR
VWDYX
3UYêGHĖP{åHWHSRFLĢRYDĢYåDO~GNXÄ]YOiãWQ\³SRFLWQRWHQVNRURSRPLQLHDYiã
WUiYLDFLV\VWpP]DþQHSUDFRYDĢDNRãYDMþLDUVNHKRGLQN\ž
=GURM%iGDWHOQHW
9</8â7ċ1Ë.ěËä29.<972072ýË6/(
"CO NECHUTNÁ... (TAJENKA)"
7DMHQND
MD]\NXDQLVUGFLQHSURVStYi
:HERYiVWUiQND00,
ZZZ
PDVDU\NWRZQFD
3ĜHGSODWQpQRYLQQDDGUHVH
00,129<'2029
6FDUERURXJK*ROI&OXE
5G7RURQWR21
0*+&$1$'$
5RþQtSĜHGSODWQp
.DQDGD&$'
86$86'
RVWDWQt86'
9ý(6.e5(38%/,&(
.RPHUþQtEDQNDDV
6SiOHQi3UDKD
ÒþHW0DVDU\N0,&DQDGD
ýtVOR~þWX
âHN]DãOHWHODVNDYČQDDGUHVX
00,1RY\GRPRY6FDUERURXJK*ROI&OXE5RDG7RURQWR21
0*+
5RþQtSĜHGSODWQp.DQDGD&$'86$86RVWDWQt86
.DQDGD&$'86$86RVWDWQt86
=DODVNDYpGDU\GiUFĤPSĜHGHPXSĜtPQČGČNXMHPH
UHFHLSW
,QIRUHGDNFHYHUDWRURQWR#JPDLOFRPWHO
RI¿FH00,
,17(51$7,21$/75$9(/
7UDYHOZLWKFRQ¿GHQFH
7UDYHOZLWKXV
<RXUQH[WYDFDWLRQLVZDLWLQJIRU\RX%XLOGLQJPHPRULHV
RQHYDFDWLRQDWWKHWLPH
&DOOXVWRGD\DQGOHWXVKHOS\RXZLWK\RXUQH[WYDFDWLRQ
SODQQLQJ:HZLOOKHOS\RXEXLOGWKRVHPHPRULHVZLWKOX[XU\DQGDGYHQWXUH
FUXLVHVURPDQWLFKRQH\PRRQVSDFNDJHVVDIDULVH[RWLFLVODQGJHWDZD\VDQG
WRXUV)XO¿OO\RXUWUDYHOGUHDPVZLWK\RXUQH[WWULS
&RQWDFWXVWRGD\IRURXUFRPSUHKHQVLYHDQGXSWRGDWHVSHFLDOVVRZHFDQ
QDUURZ\RXUFKRLFHVIRU\RXUSHUIHFWYDFDWLRQ
:HDUHORRNLQJIRUZDUGWRPDNLQJ\RXUQH[WWULSDPHPRUDEOHRQHVR
&217$&78672'$<DQG\RXFDQJHWSDFNLQJ
$LU&DQDGD5RXJHKDVLQWURGXFHGÀLJKWVWR3UDJXH%XGDSHVW.RVLFHHWF
5HPLQGHU$VRI0DUFKWKHH7$(OHFWURQLF7UDYHO$XWKRUL]DWLRQLVLQ
HIIHFWIRUYLVLWRUVWR&DQDGD3OHDVHYLVLWZZZFDQDGDFDHWD
2XUDGGUHVV6KHUERXUQH6W6XLWH7RURQWR2QWDULR
DFURVVWKHVWUHHWRI6KHUERXUQH6XEZD\6WDWLRQ
9HU\FRQYHQLHQWORFDWLRQZLWKVXEZD\DFFHVVRUSDUNLQJEHKLQGWKHEXLOGLQJ
3OHDVHFDOOXVRU
FHOO
(PDLOWRDJDWKD#LQWHUWUDYHOFDRULQWHUWUDYHO#URJHUVFRP
)ROORZXVRI)DFHERRNZZZIDFHERRNFRPLQWOWUDYHO
:HEVLWHZZZLQWHUWUDYHOFD
75$9(/:,7+&21),'(1&(
75$9(/:,7+86
7,&25HJLVWUDWLRQ
Restaurant Praha na Masaryktownu
6FDUERURXJK*ROI&OXE5G7RURQWR
rezervace 416.289 0283
BrouCzech Golden
Lager Beer
(QMR\WKLVKDQGPDGH&]HFKSUHPLXP
%URX&]HFK/DJHU%HHU
3UDJXH0DVDU\NWRZQ5HVWDXUDQW6FDUERURXJK*ROI&OXE5G
7252172
7KH*ROGHQ3KHDVDQW/DNHVKRUH5G(0LVVLVVDXJD
7KH)LGGOHU
V'HOO%DU*ULOO$QQHWWH6W7RURQWR
$YDLODEOHLQIRUW\2QWDULR%HHU6WRUHVIURP7RURQWRWR6W&DWKDULQHV$OVRLQ
2WWDZD3HWHUERURXJK6XGEXU\%DUULH&ROOLQJZRRG.LWFKHQHU:DWHUORR
%UDQWIRUG/RQGRQ:LQGVRUDQGVXUURXQGLQJDUHDV
)LQG\RXUEHHUVWRUHDWZZZWKHEHHUVWRUHFDEHHUVEURXF]HFK
SUHPLXPODJHUDQGFOLFN
³9LHZ/RFDWLRQV´ZZZQRYRSDFNHSLYRF]
$QLQFUHGLEO\ORZSULFHYROXPHWDVWH
RID&]HFK/DJHUEHHUƔ
$QLQFUHGLEO\ORZSULFHYROXPH