Stáhnout aktuální číslo Valašského chemika.

Stáhnout aktuální číslo Valašského chemika.

1 2 9 , 1 < = $ 0 ą 6 7 1 $ 1 & Đ 6 3 2 / ( ÿ 1 2 6 7 , 52ÿ1Ì.;/9,,,čÌ-(1
9$/$â6.é&+(0,.
&+(0,&.È
7(&+12/2*,($/,'6.e
632/(ý(1679Ë
3UYQtþiVW]DP\ãOHQtSURIHVRUD
+DQLN\
VWUDQD .2/2352ä,927
83/$7ĕ8-Ë6(9/e&Ë&+
,9.260(7,&(
'H]iFLQDVRXWČåL
/iWN\Y\UiEČQpYH¿UPiFK
NRQFHUQX$*52)(57
VWUDQD +ODYQtWpPD'(=$
$1.(7$
ĜtMHQ±VYČWRYêGHQGXãHYQt
KR]GUDYt-DNUHOD[XMHWH"
,QJ-DQD
0HUYDUWRYi
RGERUä3
DĜt]HQt
V\VWpPĤ,62
1HMOHSãtUHOD[YOpWČMHSURPČWXULVWLND
QDSRG]LPVEČUKĜLEĤDY]LPČO\åRYiQt
,QJ3HWU
0HQF
YHGRXFt
RGERUX
GRSUDYD
8QLNiWQtWHFKQRORJLHYêVWDYE\QRYpKRNRPtQXGHKWRYpGHVWLODFH
6SROHþQRVW'(=$YHOPLGEiQDGREURXNRQGLFLYãHFKYêUREQtFKLQHYêUREQtFK]DĜt]HQt3UDYLGHOQČNRQWUROXMH
VWDYWČFKWR]DĜt]HQt9SĜtSDGČ]MLãWČQêFKQHGRVWDWNĤLKQHG]DMLãĢXMHQiSUDYX9QČNWHUêFKSĜtSDGHFKVH]DĜt
]HQtÄMHQ³RSUDYtMLQG\MHYãDNSRWĜHEDQDKUDGLWVWiYDMtFt]DĜt]HQt]DĜt]HQtPQRYêP'RWpWRGUXKpNDWHJRULH
SDWĜtQHGiYQRGRNRQþHQêNRPtQQDSURYR]HGHKWRYi
3URYR]GHKWRYiMHMHGHQ]QHMVWDUãtFKYêUREQtFKVRXERUĤYH
YDODãVNRPH]LĜtþVNpP]iYRGČ3ĤYRGQtåHOH]REHWRQRYêP
Y\VRNêNRPtQMLåQHRGSRYtGDOVRXþDVQêPWHFKQLFNêPSRåD
GDYNĤP 3URWR E\OR UR]KRGQXWR R MHKR GHPROLFLD QiVOHGQp
YêVWDYEČNRPtQXQRYpKR
9UiPFLUHDOL]DFHLQYHVWLþQtDNFHÄ1iKUDGDNRPtQXGHK
WRYp GHVWLODFH³ GRãOR QHMSUYH N LQVWDODFL SURYL]RUQtKR GR
þDVQpKRRFHORYpKRNRPtQXGRNWHUpKRE\O\SRGREXRSUDY\
SĜHSRMHQ\VSDOLQ\]WUXENRYpSHFHGHKWRYpGHVWLODFHWDNDE\
PRKO SURYR] EH] RPH]HQt Y\UiEČW 3RWp E\OR SĜLVWRXSHQR
NGHPROLFLVWiYDMtFtKRSRãNR]HQpKRåHOH]REHWRQRYpKRNRPt
QXYêãN\P7DWRQiURþQiSUiFHE\ODSURYHGHQDSRPRFt
VSHFLiOQtGHPROLþQtWHFKQLN\VY\XåLWtPMHĜiEĤDVPD[LPiO
QtPGĤUD]HPQDEH]SHþQRVWSURYiGČQêFKSUDFt1iVOHGQČE\O
QD PtVWČ SĤYRGQtKR ]iNODGX ]ERXUDQpKR NRPtQX SRVWDYHQ
NRPtQQRYê
VWUDQD $.78$/,7 <
$NWXDOLW\ QD ~VHNX RFKUDQ\ åL
YRWQtKR SURVWĜHGt D Ĝt]HQt NYDOLW\
±]iĜt
'QH ]iĜt SUREČKOD Y '(=$
DV NRQWUROD SUHYHQFH ]iYDåQêFK
KDYiULt ]SĤVREHQêFK Y\EUDQêPL QH
EH]SHþQêPL OiWNDPL D FKHPLFNêPL
SĜtSUDYN\ .RQWURO\ VH ]~þDVWQLOL
]iVWXSFL ý,ä3 %UQR .UDMVNpKR ~ĜD
GX =OtQVNpKR NUDMH 2GGČOHQt LQWH
JURYDQp SUHYHQFH SUR -LKRPRUDYVNê
D=OtQVNêNUDM+=6=OtQVNpKRNUDMH
NUDMVNpK\JLHQLFNpVWDQLFHDQiVOHGQČ
L ]iVWXSFL 6WiWQtKR RGERUQpKR GR]R
UXQDGEH]SHþQRVWtSUiFH=NRQWURO\
Y\SO\QXOD SRYLQQRVW GRORåHQt QČNWH
UêFKGtOþtFK]i]QDPĤYHVWDQRYHQpP
WHUPtQX=MLãWČQpVNXWHþQRVWLQHSRYD
åXMHý,ä3]DSRUXãHQt]iNRQDRSUH
YHQFL]iYDåQêFKKDYiULt
YêVWDYE\ L RUJDQL]DFH GRSUDY\ PDWHULiOĤ NRRUGLQDFH YãHFK
þLQQRVWtPLPRĜiGQêFKVLWXDFtDNOLPDWLFNêFKSRGPtQHN
-DNRQHMOHSãtUHOD[VHPLRVYČGþLO\þDV
WpSURFKi]N\YSĜtURGČ-HWRQDYtFQiã
SĜtMHPQêSDUWQHUVNêDURGLQQêULWXiO
5DGDQD
*YR]GNRYi
RGERUYêYRMH
DWHFKQLFNp
NRQWURO\
6SRUWHP GREURX NQtåNRX KXGERX
þL ¿OPHP SURFKi]NRX Y SĜtURGČ DOH
KODYQČ Y SĜtWRPQRVWL OLGt NWHUp PiP
UiGD
,QJ%RKXPtU
6RWRUQtN
YHGRXFt
2UJDQLNX
2WURNRYLFH
3URYêVWDYEXQRYpKRNRPtQXE\ODSRXåLWDXQLNiWQtWHFK
QRORJLHK\GUDXOLFNpKRSRVXYQpKREHGQČQt
3ULQFLS YêVWDYE\ åHOH]REHWRQRYêFK NRQVWUXNFt PHWRGRX
K\GUDXOLFNpKR SRVXYQpKR EHGQČQt VSRþtYi Y SO\QXOpP ]YH
GiQt VSHFLiOQtKR SRVXYQpKR EHGQČQt SRPRFt K\GUDXOLFNêFK
]YHGiNĤ ]D SRVWXSQpKRXNOiGiQtEHWRQXDYNOiGiQtRFHORYp
Yê]WXåH3RVXYQpEHGQČQtMHQDW]YÄãSOKDFtFK³W\þtFK]YHGi
QRVRXVWDYRXK\GUDXOLFNêFK]YHGiNĤXPtVWČQêFKSRREYRGX
EHGQČQtXFK\FHQêFKQDUiPHFK]YHGiNĤ3RK\EMHUHODWLYQČ
SO\QXOêDMHKRU\FKORVWO]HUHJXORYDWSRGOHSRWĜHE\EHWRQiåH
5\FKORVWSRVXYXEHGQČQtVPČUHPY]KĤUXMHFFDDåP]D
KRGLQ9SUĤEČKXEHWRQiåHMHXNOiGDQêEHWRQYKRUQtþHUVWYČ
XORåHQpYUVWYČ]DYLEURYiQSRPRFtSQHXPDWLFNêFKYLEUiWRUĤ
1tåHYEHGQČQtVHQDFKi]tSĜHFKRGRYiYUVWYDNWHUiSRVWXSQČ
WXKQHNþHPXåYê]QDPQČSĜLVStYDMtW]YXU\FKORYDþHWXKQXWt
SĜLGiYDQpGREHWRQX1HMQtåHMHMLå]WXKOiYUVWYDEHWRQXNWHUi
SO\QXOH Y\MtåGt ] EHGQČQt MDNR ¿QiOQt NRQVWUXNFH -HGQi VH
RQHSĜHWUåLWêSURFHVRG]DKiMHQtWDåHQtGRNRQFHYêVWDYE\SR
GREXKRGLQGHQQČ
9êVOHGNHPMHGRNRQDOiNRQVWUXNFHNRPtQXNWHUêRSČWVORX
åtVYpPX~þHOXDEXGHSRGREXPQRKDOHW]DMLãĢRYDWVSROHK
OLYê RGWDK VSDOLQ ] YêURE\ NOtþRYêFK SURGXNWĤ VSROHþQRVWL
'(=$DV
-DNUHOD[XML"7RMHRWi]NDQDNWHURX
QHO]H MHGQRGXãH RGSRYČGČW QHERĢ
UHOD[DFHMHVXEMHNWLYQtSRMHPDNDå
Gê ] QiV MHM FtWt MLQDN &R VH WêNi
PRMtRVRE\WDNMHUHOD[DFHGRVWãLUR
Ni2GSUiFHYNOLGXDWLFKXNDQFHOi
ĜHYSUiFLYGREČSUDFRYQtKRYROQD
þLVYiWFtFKSĜHVSRVOHFKYiåQpKXG
E\YHOLNiQĤMDNRMHQDSĜ-6%DFK
þL*)+lQGHODþHWEXNQLKUĤ]QêFK
åiQUĤDåSRFHVWRYiQt]DSR]QiQtP
SĜL NWHUpP VL SOQtP GH IDFWR VYRMH
GČWVNp VQ\ ]tVNDQp SĜL þHWEČ NQLK
VRXYLVHMtFtFK V KLVWRULt SDPiWNDPL
D XPČQtP GiYQêFK FLYLOL]DFt RE
GREt JRWLN\ UHQHVDQFH D EDURND WM
YČFPLNWHUpQiPSĜLGQHãQtPYêYRML
VSROHþQRVWL D VPČĜRYiQt OLGVNp UDV\
QHQiYUDWQČ PL]t GR ]DWUDFHQD D QL
FRW\ 7DNåH MHGLQp FR SDN þORYČNX
]ĤVWDQH MVRX Y]SRPtQN\ D ]iåLWN\
]WRKRFRYLGČOQDYODVWQtRþLERKX
åHOYãDNSRX]HGRRNDPåLNXVPUWL
4XRYDGLV&KHPLFNiWHFKQRORJLH
DOLGVNpVSROHþHQVWYt"
9OHWRãQtPURFHY\GDOR6WĜHGLVNRVSROH
þHQVNêFKþLQQRVWt$NDGHPLHYČGýHVNp
UHSXEOLN\YHGLFL9ČGDNROHPQiV9ê]Y\
DRWi]N\~WORXSXEOLNDFLSURIHVRUD-LĜtKR
+DQLN\ &KHPLFNi WHFKQRORJLH D OLGVNp
VSROHþHQVWYt6ODVNDYêPVYROHQtPSDQD
SURIHVRUDEXGHPHSRVWXSQČVH]QDPRYDW
þWHQiĜH9DODãVNpKRFKHPLNDVREVDKHP
WpWR]DMtPDYpSĜtUXþN\3UYQtþiVWQDMGH
WHQDVWUDQČGQHãQtKRY\GiQt
9H9DODãVNpP0H]LĜtþtPČĜtNYDOLWX
RY]GXãtQRYiPRQLWRURYDFtVWDQLFH
ýHVNê K\GURPHWHRURORJLFNê ~VWDY
ý+0Ò ]DKiMLO NRQFHP ]iĜt PRQLWR
ULQJ RY]GXãt QD QRYp VWDQLFL YH 9DODã
VNpP0H]LĜtþt9DUHiOX=â.ĜLåQiE\OD
LQVWDORYiQD QRYi DXWRPDWLFNi VWDQLFH
VWiWQt VtWČ LPLVQtKR PRQLWRULQJX 'RSR
VXG ]GH SUREtKDOR SRX]H PDQXiOQt PČ
ĜHQtSRO\DURPDWLFNêFKXKORYRGtNĤQ\Qt
VH SĜLGi DXWRPDWLFNp PČĜHQt SUDãQRVWL
IUDNFH30D30.RPHQWiĜNPČ
ĜHQtRY]GXãtMHKRNYDOLW\DSRVWXSMDN
QDKOtåHW QD DNWXiOQt QDPČĜHQi GDWD QD
OH]QHWHQDVWUiQNiFKPČVWDYHVORåFH2G
ERUåLYRWQtKRSURVWĜHGt0ČĜHQtNYDOLW\
RY]GXãt KWWSZZZYDODVVNHPH]LULFLF]
GRF
.21(&/(71Ë+2ý$68
/HWQtþDVVNRQþtYQHGČOLĜtMQDNG\
VHYHKRGLQ\6(/ýVWĜHGRHYURSVNpKR
OHWQtKRþDVXSRVXQRXKRGLQ\QDKRGL
Q\6(ýVWĜHGRHYURSVNpKRþDVXWHG\RMHG
QXKRGLQX]SČW1RFWDNEXGHSUiYČRMHGQX
KRGLQXGHOãt
9êVOHGNHP MH NRPSDNWQt åHOH]REHWRQRYi NRQVWUXNFH GR
NRQDOH ]KXWQČQpKR åHOH]REHWRQX GRVDKXMtFt Y\VRNp NYDOLW\
YQČMãtKRSRYUFKX
=GiQOLYČMHGQRGXFKêSURFHVMHPLPRĜiGQČQiURþQêQDNR
RUGLQDFL WHFKQRORJLH XNOiGiQt EHWRQX YNOiGiQt RFHORYp Yê
]WXåH QHER ]DEXGRYDQêFK SUYNĤ GR NRQVWUXNFH MDNR QDSĜ
UiPXNRXĜRYRGXSURVWXSGYHĜtDSRG9HONRXUROLSUR~VSČã
QRX UHDOL]DFL GtOD KUDMt NURPČ ]YOiGQXWt YODVWQt WHFKQRORJLH
3RGČNRYiQt]D~VSČãQRXDNFLSDWĜtL¿UPiPNWHUpVHQDUHD
OL]DFHLQYHVWLþQtDNFHÄ1iKUDGDNRPtQXGHKWRYpGHVWLODFH³
SRGtOHO\-HGQiVH]HMPpQDRVSROHþQRVW7HSORWHFKQD2VWUDYD
DV NWHUi E\OD JHQHUiOQtP GRGDYDWHOHP FHOp DNFH 'DOãtPL
Yê]QDPQêPL VXEGRGDYDWHOL E\O\ VSROHþQRVWL %(72&+(0
VUR$5&2)363H[LGUVUR052=(.DVDGDOãtUHJLR
QiOQt¿UP\9QHSRVOHGQtĜDGČSDWĜtX]QiQtDXWRURYLSURMHNWX
QRYpKRNRPtQXNWHUêPE\ODVSROHþQRVW*(0$VUR
,QJ'LWD9iYURYi
8'È/267,
VWUDQD
&KHPLFNiWHFKQRORJLHDOLGVNpVSROHþHQVWYt
-LĜt+DQLNDÒVWDYFKHPLFNêFKSURFHVĤ$9ý5YYL
ÒYRG
9 QDãLFK NDåGRGHQQtFK DNWLYLWiFK
MVPH RENORSHQL XåLWHþQêPL FKHPLF
NêPLOiWNDPLDQLåVLWRPRåQiYSOQp
ãtĜL XYČGRPXMHPH . FKHPLFNêP SĜH
PČQiP OiWHN GRFKi]t QHMHQ Y QDãHP
EH]SURVWĜHGQtP RNROt FKHPLFNp UH
DNFH UR]OLþQêFK PROHNXO VH RGHKUiYD
Mt Y DWPRVIpĜH Y SĜtURGČ Y URVWOLQiFK
DYãHFKåLYêFKRUJDQLVPHFKYþHWQČQiV
VDPRWQêFK
3RNXG QHFKFHPH RSXVWLW SRKRGOt
GQHãQtKR åLYRWD D YUiWLW VH ]SČW QČNG\
GR SRORYLQ\ SĜHGPLQXOpKR VWROHWt NG\
VHOLGpSRGtYDOLMHQWDPNDPGRãOLSČã
N\ WL PDMHWQČMãt GRMHOL QČNDP R WURFKX
GiOHQDNRQLDNG\SUĤPČUQêYČNRE\
YDWHOVWYDE\ORQČNROLNGHVtWHNOHWNUDW
ãtQHåMHWRPXGQHVQH]EêYiQiPQHå
VROLGQČ SRFKRSLW VRXYLVORVWL VYČWD YH
NWHUpPåLMHPHDSRGOHWRKRSĜL]SĤVRELW
QDãHSRåDGDYN\QDåLYRWQtSRWĜHE\7RWR
SODWtEH]MDNpNROLYYêMLPN\LSURFKHPLL
2EDYD ] WpWR GLVFLSOtQ\ Y ODLFNp YHĜHM
QRVWL XVWRXSt GR SR]DGt WHKG\ NG\å Mt
GREĜHSRUR]XPtPHNG\åVLXYČGRPtPH
MDNVSUiYQČDEH]SHþQČ]DFKi]HWVFKH
PLFNêPLYêUREN\MDNMHSRXåtYDWNQD
ãHPXSURVSČFKXDWDNpMDNMHUHF\NORYDW
VR¿VWLNRYDQêPL FKHPLFNêPL SURFHV\
NG\åXåMHWĜHEDQHSRWĜHEXMHPH
=DþQHPHOL QDãL ~YDKX RG SUYRSR
þiWNXQHO]HQH]PtQLWVQDK\DOFK\PLVWĤ
R SRFKRSHQt SRGVWDW\ WUDQVIRUPDþQtFK
SURFHVĤ NWHUp VH Y SĜtURGČ RGHKUiYD
Mt 7HKG\ MHãWČ SĜHG 0HQGČOHMHYHP
DMHKRSHULRGLFNêP]iNRQHPSUYNĤVL
DOFK\PLVWp Y\VWDþLOL V SRXKêPL þW\ĜPL
HOHPHQW\±SĤGDYRGDY]GXFKDRKHĖ
-HMLFKÄGtOQD³]GREDOFK\PLVW\(GZDU
GD .HOOH\KR 'HQFHVWHU 0RVWPRKODY\SDGDWWĜHEDMDNRKLVWR
ULFNiH[SR]LFHY1iURGQtPWHFKQLFNpP
PX]HX Y 3UD]H MHMtå IRWRJUD¿H MH QD
REUi]NX
SĜtURGQt HOHPHQW\ 3URWR VWHMQČ MDNR
Y PLQXORVWL L GQHV PDMt DUPiG\ YãHFK
PRFLFKWLYêFKPRFQRVWtNRYOiGiQtXYH
GHQêFK þW\Ĝ åLYOĤ SR]HPQt QiPRĜQt
D Y]GXãQp VtO\ D N WRPX MHãWČ HQHUJH
WLFNpPDWHULiO\MDNVHGQHVYêEXãQLQ\
DWĜDVNDYLQ\HXIHPLVWLFN\QD]êYDMt«
9UDĢPHVHDOH]SČWNSRVWDYHQtFKH
PLHDFKHPLFNpWHFKQRORJLHYVRXþDVQp
GREČ D SRMćPH VL NUiWFH SĜLSRPHQRXW
W\ VIpU\ QDãt H[LVWHQFH NWHUp E\FKRP
EH] FKHPLH FKHPLFNêFK SURFHVĤ
DYêURENĤPXVHOLRåHOHWDVRXþDVQČVH
]DP\VOHPHQDGWtP]GDVFKHPLFNêPL
OiWNDPL ]DFKi]tPH WDN DE\FKRP VDPL
QH]SĤVRERYDOL QČMDNRX YiåQRX ãNRGX
QDåLYRWQtPSURVWĜHGtþLQDQDãHPYODVW
QtP]GUDYtDDE\FKRPYãHFKQ\VORåN\
åLYRWQtKRSURVWĜHGtQDãtSODQHW\SĜHGDOL
EXGRXFtPJHQHUDFtPYVROLGQtPVWDYX
&KHPLHSURåLYRW
&KHPLHMDNRRERUEêYiþDVWRSUDQê
ĜRYiQD VGČORYDFtPL SURVWĜHGN\ HNROR
JLFNêPL DNWLYLVW\ D SRWDåPR ODLFNRX
YHĜHMQRVWt ]D WR åH ãNRGt ]GUDYt OLGt
D GDOãtFK åLYRþLFKĤ SRãNR]XMH åLYRWQt
SURVWĜHGt«DQDYtFMHWRPiORREOtEHQê
SĜHGPČWQD]iNODGQtFKãNROiFK9WpWR
VRXYLVORVWLMHWĜHEDSĜLSRPHQRXWåHEH]
WRKRWR RERUX E\ VRXþDVQê SRKRGOQê
åLYRWQt VWDQGDUG QD NWHUê MVPH VL UiGL
]Y\NOLYĤEHFQHPRKOH[LVWRYDW
&KHPLFNê SUĤP\VO MH VH VYêPL Yê
UREN\ QHRGP\VOLWHOQRX ]iNODGQRX SUR
YãHFKQ\ UH]RUW\ QiURGQtKR KRVSRGiĜ
VWYt DOH SĜLWRP Y\FKi]t Y GUWLYp PtĜH
]IRVLOQtFKVXURYLQDĢMVRXWRPLQHUiO\
D UXG\ SUR DQRUJDQLFNp YêUREN\ QD
SĜtNODGKQRMLYDSLJPHQW\SURQiWČURYp
KPRW\ PHWDOXUJLL SURVWĜHGN\ SUR Yê
UREXVNODNHUDPLN\DSRGQHERXKOt
URSDDSO\QSURFHORXSOHMiGXRUJDQLF
NêFK YêURENĤ SRO\PHUQt PDWHULiO\
OpþLYD SRWUDYLQRYp GRSOĖN\ EDUYLYD
QiWČURYp KPRW\ ]HPČGČOVNp RFKUDQQp
2EU6WDURþHVNiODERUDWRĜDOFK\PLVWĤ1703UDKD
9GQHãQtWHUPLQRORJLLE\FKRPPRKOL
ĜtFLåHVH]DEêYDOLþW\ĜPLVWDY\KPRW\
WHG\ Ii]t SHYQRX NDSDOQRX SO\QQRX
D SOD]PRX þL ]MHGQRGXãHQČ KPRWRX
DHQHUJLt-LåWHKG\VLDOFK\PLVWpSDWUQČ
XYČGRPRYDOL åH WHFKQRORJLH SĜHPČQ\
VXURYLQQHQtEH]HQHUJLHPRåQi3URWR
VHWDNpKLVWRULtFHOpKROLGVWYDSUROtQDMt
YãHOLMDNp VSRU\ YêERMH D YiON\ R W\WR
7,5Éæ
9$/$ä6.ë&+(0,.
Y\FKi]tMHGQRX
PęVtĀQę
2GSRYęGQiUHGDNWRUND
,QJ0LULDP.$//(529É
WHOĀ
HPDLOPNDOOHURYD#GH]DF]
5HGDNWRUND
5(63216,%/(&$5(
-DQD%$0%8&+29É
WHOĀ
HPDLOMEDPEXFKRYD#GH]DF]
)RWRJUDILH
UHGDNFHDUFKLY
$GUHVDUHGDNFH
9DODåVNìFKHPLN'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
9DODåVNp0H]LĨtĀt
9\GDYDWHO
YHGHQt'(=$DV
0DVDU\NRYD.UiVQRQDG%HĀYRX
9DODåVNp0H]LĨtĀt
ZZZGH]DF]
,ÿ2
*UDILFNp]SUDFRYiQtDWLVN
&2/25$3ULQW+RXVH
0.ÿ5(
3ĨtåWtĀtVOR9$/$ä6.e+2&+(0,.$
Y\MGHYHVWĨHGXOLVWRSDGX
X]iYęUNDEXGHOLVWRSDGX
SURVWĜHGN\ GURJLVWLFNp D SDUIXPpUVNp
]ERåt DSRG =DMLãĢXMH YVWXS\ YODVWQČ
GR YãHFK YêUREQtFK SRVWXSĤ RVWDWQtFK
UH]RUWĤ &KHPLFNêPL SURFHV\ VH þLV
Wt NRPXQiOQt D SUĤP\VORYp RGSDGQt
YRG\ RGVWUDĖXMt ãNRGOLYLQ\ ]H VSDOLQ
WHSHOQêFKHOHNWUiUHQLGRSUDYQtFKSUR
VWĜHGNĤSURGXNXMtVHYHãNHUpVWDYHEQt
KPRW\ NURPČ GĜHYČQpKR ĜH]LYD ]H
PČGČOVNpRFKUDQQpSURVWĜHGN\KQRMLYD
DOHWDNpPQRKRUĤ]QRURGêFKPDWHULiOĤ
SUR YHOPL XåLWHþQp YČFL NDåGRGHQQt
SRWĜHE\ DĢ MVRX WR WĜHED RGČY\ REXY
VSRWĜHEQtHOHNWURQLNDPRELOQtWHOHIRQ\
þLVSRUWRYQtSRWĜHE\
6DPRVWDWQRX NDSLWRORX MH FKHPLFNi
SRGSRUD ]HPČGČOVNp YêURE\ L SURGXN
FHSRWUDYLQ=iNODGQtSRWUDYLQRXMHVD
PR]ĜHMPČ SLWQi YRGD -HMt YêURERX VH
]DEêYiĜDGDYHONêFKLPDOêFKYRGiUHQ
NGH VH FLWOLYêPL FKHPLFNêPL D ELROR
JLFNêPLUR]ERU\NRQWUROXMHMHMtNYDOLWD
/LNYLGDFHQHþLVWRWDFL]RURGêFKOiWHNVH
SURYiGt~þLQQRX¿OWUDFtNRGVWUDĖRYiQt
FKRURERSORGQêFK ]iURGNĤ VH YČWãLQRX
SRXåtYi FKORU QČNG\ URYQČå R]RQ -H
MDVQpåHLNWRPXWR~þHOXMHQH]E\WQp
MHGRYDWêFKORUþLR]RQY\UiEČW
.]DEH]SHþHQtGRVWDWNXSRWUDYLQSUR
RE\YDWHOVWYRMHQXWQiLQWHQ]LYQt]HPČ
GČOVNi YêURED NWHUi VH QHREHMGH EH]
PDVLYQt SURGXNFH DQRUJDQLFNêFK SUĤ
P\VORYêFKKQRMLYNWHUêPLVHGRSĤG\
YUDFtPLPRELRJHQQtFKLVWRSRYpSUYN\
%H]QLFKDWDNpEH]YãHOLMDNêFKRFKUDQ
QêFKSURVWĜHGNĤURVWOLQDSORGLQ±SHVW
LFLGĤDUĤ]QêFKVWLPXOiWRUĤUĤVWXQHQt
PRåQp]DMLVWLWGRVWDWHNSRWUDYLQSURQD
UĤVWDMtFtSRSXODFLRE\YDWHOVWYDQD=HPL
DVRXþDVQČXGUåHWNYDOLWXQDãHKRåLYRWD
QD~URYQLQDNWHURXMVPHVLEČKHPYê
YRMH]Y\NOL-HQDGPtUXMDVQpåHQDSĜt
NODG EH] RFKUDQQêFK FKHPLFNêFK SR
VWĜLNĤDSURVWĜHGNĤSURWLSOHYHOĤPE\Y
]HPČGČOVNpYêUREČPXVHOREêW]DPČVW
QiYiQR PQRKHP YtFH SUDFRYQtNĤ QHå
MHWRPXYVRXþDVQRVWL9åG\ĢQDSĜtNODG
Yý5MHY]HPČGČOVWYt]DPČVWQiQRSRX
]HQČNROLNPiORSURFHQWSUiFHVFKRSQp
KRRE\YDWHOVWYDQDUR]GtORGPLQXOêFK
VWDOHWtSĜLþHPåWX]HPVNi]HPČGČOVNi
YêURED ]DMLãĢXMH UR]KRGXMtFt þiVW QDãt
VSRWĜHE\SRWUDYLQ
&KHPLHQDNRQFLVYČWD
9êYRM VRXþDVQpKR VYČWD MH GHWHUPL
QRYiQ PDVLYQt JOREDOL]DFt FHORVYČWR
YêP QiUĤVWHP SRSXODFH D MHMtP VWiU
QXWtPGRSURYi]HQêFKQDGUXKpVWUDQČ
SRNURNHP Y LQIRUPDþQtFK WHFKQROR
JLtFK WHOHNRPXQLNDFtFK SĜHQRVHFK
GDW YãHKR GUXKX Y ELRWHFKQRORJLtFK
Y JHQRYêFK PDQLSXODFtFK D WHFKQLF
NêP SRNURNHP YH YãHFK VIpUiFK OLG
VNpKR åLYRWD 3ĜHGSRNODG\ N ]DMLãWČQt
SURVSHULW\DPtURYpKRYêYRMHOLGVNpKR
SRNROHQtMVRXYãHREHFQČ]QiP\DVSR
þtYDMt Y SUHYHQFL YiOHþQêFK NRQÀLNWĤ
Y VREČVWDþQRVWL ]iVRERYiQt SRWUDYLQD
PLSLWQRXYRGRXOpN\DYWDN]YDQêFK
REQRYLWHOQêFK ]GURMtFK HQHUJLH 7\WR
FtOHQHO]HQDSOĖRYDWEH]PQRKRVWUDQQp
KRY\YiåHQpKR~VLOtYWDNY]GiOHQêFK
REODVWHFK MDNR MH SUĤP\VORYi YêURED
HNRQRPLNDRFKUDQDåLYRWQtKRSURVWĜH
GtDSRNURNPHGLFtQ\SUR]DMLãWČQtVR
OLGQtNYDOLW\åLYRWD%XGRXFtYêYRMFHOp
OLGVNpSRSXODFHEXGHSDWUQČYGRKOHGQp
GREČ SR]QDPHQiQ MHMtP GRVXG QH]Ĝt
]HQêP H[SRQHQFLiOQtP UĤVWHP RPH
]HQêPL ]GURML VXURYLQ Y ]HPVNp NĤĜH
NRQWDPLQDFt VORåHN åLYRWQtKR SURVWĜH
Gt PHWDEROLW\ ] åLYRWQtFK SURFHVĤ OLGt
L RVWDWQtFK åLYRþLFKĤ WHG\ SUYQtFK
WĜt HOHPHQWĤ GH¿QRYDQêFK QDãLPL
SĜHGFKĤGFL DOFK\PLVW\ ± SĤG\ YRG\
DRY]GXãt7DNRYêYêYRMEXGHQHSRFK\E
QČGRSURYi]HQVRFLRHNRQRPLFNêPLSUR
EOpP\]DORåHQêPLQDQHGRVWDWNX~URGQp
SĤG\ SUR YêUREX SRWUDYLQ RPH]HQêFK
]GURMtFKSLWQpYRG\QHGRVWDWNXOpNĤDWG
%XGRXSĜHGHYãtPGĤVOHGNHPHNRQRPLF
NêFKQHURYQRYiKPH]LNRQWLQHQW\VWiW\
DQiURG\QDãtSODQHW\=HPČ«
3RKOHGQDEXGRXFtYêYRMNYDOLW\QD
ãHKR åLYRWD QD ]iNODGČ ]PtQČQêFK DV
SHNWĤ SRVN\WO DXWRUVNê WêP SRG YHGH
QtP9iFODYD&tONDYNQL]H7ĜLVYtFH]D
EXGRXFQRVW 1RYHOD %RKHPLFD ± MGH
RMDNpVLQiYRG\DQiSDG\MDNVHY\URY
QDW V FKPXUQRX SĜHGVWDYRX EXGRXFtKR
SHVLPLVWLFNpKRYêYRMHQDãHKRåLYRWDQD
=HPL9WRPWRÄDOPDQDFKX³MHXYHGH
QDPLPRMLQp~YDKDDXWRUDWRKRWRWH[WX
]DPČĜHQiQDKOHGiQtEXGRXFtKRREUD]X
FKHPLHDFKHPLFNpWHFKQRORJLHYSR]
GČMãt GREČ Då EXGRX Y\þHUSiQ\ YHã
NHUp IRVLOQt ]GURMH XKOtNDWêFK VXURYLQ
DSĜtSDGQČGDOãtFKSUYNĤMHMLFKå]iVR
E\YKRUQLQiFK]HPVNpNĤU\VHVUR]YR
MHPSRSXODFHQD=HPLURYQČåSURND]D
WHOQČWHQþt
3RNUDþRYiQtSĜtãWČ
6SRUWRYQtVH]RQD-RVHID3DOiWD
/HWRãQt VSRUWRYQt VH]RQX Y GLVFLSOt
QČ7)$±QHMWYUGãtKDVLþSĜHåLMHKRG
QRWtP ]D YHOPL ~VSČãQRX , NG\å VH
PL Y þHVNpP SRKiUX PpQČ GDĜLOR WDN
YPRUDYVNRVOH]VNpPSRKiUXVHPLGD
ĜLORKRGQČ%\OR]GH]DĜD]HQR]iYRGĤ
D]WRKRVHSRþtWDODMHQWĜLQHMOHSãtXPtV
WČQt-iMVHPVH]~þDVWQLOMHQ]iYRGĤ
DWRY+RUQt6XFKp±PtVWR6OH]VNp
+DUWČ ± PtVWR D YH âWUDPEHUNX ±
PtVWR&HONRYČMVHPE\OY\KRGQRFH
Qê QD NUiVQpP PtVWČ Y NDWHJRULL %
QDG OHW -HãWČ PČ þHNDMt ]iYRG\
DOHWRXåPiPMHQWDNQDYtFSURUDGRVW
± SUR VHEH NGH VH VHMGX V YêERUQêPL
NDPDUiG\
7tPWRE\FKFKWČOSRGČNRYDWVYpSĜt
WHON\QL]DSRGSRUXDSĜtSUDYXQD]iYR
G\ WDNp FHOp URGLQČ VYêP VSRQ]RUĤP
D Y QHSRVOHGQt ĜDGČ L SDQX 5DPtNRYL
NWHUê PL XPRåQLO MHW QD ]iYRG\ 0p
GtN\ SDWĜt WDNp PêP NROHJĤP D YãHP
NDPDUiGĤPNWHĜtPLIDQGt
-RVHI3DOiW
9$/$â6.é&+(0,.
&HORVWiWQt¿QiOHGRSUDYQtVRXWČåHQHVO\ãtFtFKGČWt
9DODãVNp0H]LĜtþtE\ORYHGQHFK
ĜtMQD FHQWUHP PDOêFK
RGERUQtNĤ QD GRSUDYX 3RG ]iãWL
WRX %(6,3X VH ]GH VHWNDOR QH
VO\ãtFt GČWt QD &HORVWiWQtP ¿QiOH
GRSUDYQtVRXWČåH
3RĜDGDWHOHP E\OD ]GHMãt ãNROD
SUR VOXFKRYČ SRVWLåHQp GČWL NWHUi
KRVWLOD GUXåVWYD ] ãNRO SUR QH
VO\ãtFt]ýHVNpUHSXEOLN\DãNRO\
SĜLMHO\]H6ORYHQVND.DåGRXãNROX
]DVWXSRYDOD GYČ GUXåVWYD PODGãt
DVWDUãtåiFLSRþW\ĜHFKGČWHFK
)RWRDUFKLYãNRO\
3UYQtGHQGČWLY\XåLO\SURVWĜHGtPtVWQtKRGRSUDYQtKRKĜLãWČ9NOXERYQČSUDFRYDO\
VPDSRXKOHGDO\QHMEH]SHþQČMãtFHVWXQDPDSČGRãNRO\3RGGRKOHGHP3ROLFLHý5
D0ČVWVNpSROLFLH]9DODãVNpKR0H]LĜtþtMH]GLO\SRGOHSUDYLGHOVLOQLþQtKRSURYR]X
DVRXWČåLO\YMt]GČ]UXþQRVWLQDNROH
'UXKêGHQVHVRXWČåRGHKUiYDODYEXGRYČãNRO\6RXWČåtFtQD¿JXUDQWHFKSĜHGYi
GČOLSRVN\WRYiQtSUYQtSRPRFLDSVDOLWHVW\]SUDYLGHOVLOQLþQtKRSURYR]X
&HONRYêPL YtWČ]L Y NDWHJRULL PODGãtFK åiNĤ VH VWDOL åiFL ] ýHVNêFK %XGČMRYLF
DYNDWHJRULLVWDUãtFKåiNĤE\OL~VSČãQtåiFL]HâNRO\SURVOXFKRYČSRVWLåHQp]9D
ODãVNpKR0H]LĜtþtQLNGRDOHQHRGHãHOEH]RGPČQ\GtN\VSRQ]RUĤP]H=OtQVNpKR
NUDMHPČVWD9DODãVNpKR0H]LĜtþtD¿UPČ'(=$DV&6&DERWVUR+DPpDV
D&RQWLQHQWDODV=GHQČN3HWURãâNRODSURVOXFKRYČSRVWLåHQp
.RORSURåLYRW2GHUVNi0OêQLFH
8UþLWČ QČNWHĜt ] 9iV ]DUHJLVWUR
YDOLåHSUREtKDOMLåURþQtNVpULH
]iYRGĤ.RORSURåLYRW
3ĜHGSRVOHGQtKR ]iYRGX NWHUê VH
NRQDO Y .ORNRþĤYNX
X2GHUMVPHVH]~þDVWQLOLLP\VNX
SLQDSUDFRYQtNĤEHQ]RON\YHVOR
åHQt'DYLG-XĜLFD%RKXPtU.XSND
0LODQ6PHMNDO7RPiã9DOXFKD3HWU
9DãXOtQ
1DWUDĢGORXKRXNPMVPHY\
MHOL Y FKODGQpP D GHãWLYpP SRþDVt
,WRYãDNQHRGUDGLORVSRXVW\GLYiNĤDIDQRXãNĤDE\QiVSRGSRĜLOLSĜLQDãHPYêNRQX
=iYRGMVPHYH]GUDYtGRNRQþLOLFRåE\OQiãSUYRWQtFtOD]iURYHĖVLLY\]NRXãHOL
MDNWRQDWDNRYêFKDNFtFKSUREtKi
-LåWHćSOiQXMHPHåHVHQČNWHUpKR]H]iYRGĤSĜtãWtKRURþQtNX]~þDVWQtPH%\OD
WRSURQiVRSUDYGXSĜtMHPQi]NXãHQRVWDWtPWRE\FKRPLFKWČOLSRGČNRYDW$JURIHUW
F\NORWêPX]DSĜLFK\VWDQp]i]HPtD=226(&+2SĜL'(=$DV]DSRGSRUX
3HWU90LODQ6
=ODWi1DWiOLH3DĢDYRYiÄ(.$*MHQČFRYtF«³
-LåGHViWêMXELOHMQtURþQtN(XRURSHDQ
NLGV DWKOHWLFV JDPHV MH MLå PLQXORVWt
DSRG3DODFNpKRYUFKHPY%UQČVHUR]
SRXWDO\RGNUiVQpVRX
ERMHNWHUpSĜLQHVO\PQRKRY\QLNDMtFtFK
YêNRQĤDNUiVQRXDWPRVIpUXNWHUiKQDOD
UHNRUGQtFK~þDVWQtNĤ]H]HPt
NPQRKDRVREQtPUHNRUGĤPDUHNRUGĤP
KHU 1DSURVWR SUiYHP MH WHQWR ]iYRG
R]QDþRYiQ ]D QHR¿FLiOQt PLVWURYVWYt
(YURS\åDFWYDDUR]KRGQČMHMHGHQ]QHM
YČWãtFK]iYRGĤSURåDFWYRY(YURSČ
9 SRQGČOt YH KRGLQ SUREČKOR
VODYQRVWQt]DKiMHQtDL]DFKODGQČMãtKR
SRþDVtVHE\ORQDFRGtYDW+QHGGUXKê
GHQUiQRVHUR]SRXWDO\SUYQtYHONpVRX
ERMHRRULJLQiOQtVDG\PHGDLOtDYêNRQ\
DQDVD]HQtE\O\REGLYXKRGQp=HVSRU
WRYQtKRNOXEX6.09DODãVNp0H]LĜtþt
VHVSRUWRYQtKRNOiQt]~þDVWQLORDWOHWĤ
] QLFKå 1DWiOLH 3DĢDYRYi Y\ERMRYDOD
]ODWRXPHGDLOLD1LNRO+\MiQNRYiGYČ
VWĜtEUQpPHGDLOH
VQDKRXMHSĜLYp]WQČNWHURX]PHGDLOt³
2 WR YČWãt UDGRVW SURåtYDOD SĜL SĜHEt
UiQt ]ODWp PHGDLOH YH VNRNX Y\VRNpP
] UXNRX GRURVWHQHFNp PLVWU\QČ VYČWD
]NROXPELMVNpKR&DOLURYQČåYHVNRNX
Y\VRNpP0tãL+UXEp
7UDGLþQČ QD ]iYČU ]iYRGX E\O\ Y\
KOiãHQ\YMHGQRWOLYêFKNDWHJRULtFKQHM
OHSãtYêNRQ\9URþQtNXGtYN\VL
FHQX ]D QHMOHSãt YêNRQ RGQHVOD SUiYČ
1DWiOLH3DĢDYRYi]DYêãNXFP1D
OHWRãQtP URþQtNX E\OR SĜHNRQiQR QHX
YČĜLWHOQêFKUHNRUGĤKHU
-Lå WĜL GQ\ SR (.$* SUREČKOR YH
=QRMPČ 0LVWURYVWYt 0RUDY\ D 6OH]
VND Y DWOHWLFH PODGãtKR åDFWYD 1DWiOLH
3DĢDYRYi]tVNDODEURQ]RYRXPHGDLOLYH
VNRNXY\VRNpPDVYRXPHGDLORYRXVpULL
]DYUãLODVWĜtEUQRXPHGDLOt]iĜtQDDW
OHWLFNpPSČWLERMLY0RUDYVNp7ĜHERYp
,QD]DWtPSRVOHGQtPOHWRãQtP]iYR
GČ E\OL VRXUR]HQFL 3DĢDYRYL ~VSČãQt
VRERWD±7(69DODFKLDUXQ
9VHWtQ 1DWiOLH 3DĢDYRYi ± PtVWR
$OH[ 3DĢDYD ± PtVWR 'R VNRQþHQt
OHWRãQt VH]yQ\ ]EêYi MHãWČ QČNROLN ]i
YRGĤNWHUpE\FKWČOD1DWiONDGRNRQþLW
YGRVDYDGQt~VSČãQpIRUPČ
)UDQWLãHN3DĢDYD
'YRMQiVREQi YtWČ]ND POiGHåQLF
NpKR GHVHWLERMH 2929 2G]QDN YãH
VWUDQQRVWLRO\PSLMVNêFKYtWČ]Ĥ]URNX
D OHWRV Y\SXVWLOD SĜtSUDYX
QD2929DSOQČVHYČQRYDODWUp
QLQNX QD ãDPSLRQiW Y %UQČ -DN VDPD
SURKOiVLOD Ä(.$* MH QČFR YtF D PRMt
-DNMVHPNXSRYDODQRYpERW\DQHESRG]LPQtERW\GRQHSRKRG\"
$þNROLYVHSRG]LPRGČOGRPČNNêFK
ODVNDYêFK WyQĤ D SĜHGYiGČO VH Y SOQp
VYp NUiVH QČNGH Y]DGX Y KODYČ EOLND
OD åiURYLþND åH SĜLMGRX L GQ\ VWXGHQp
DPpQČYOtGQpDMHWĜHEDQDQČEêWSĜL
SUDYHQD7HG\SRĜtGLWVLQRYpERW\SUR
WRåHW\VWiYDMtFtGRVORXåLO\5R]KRGQXWt
X]UiORSĜLWHOHYL]QtSĜHGSRYČGLSRþDVt
NG\ SDQt KODVDWHOND YDURYDOD SĜHG UD
]DQWQt]PČQRXWHSORWWODNXYOKNRVWL«
SURVWČåHVHRFKODGtDEXGHSUãHWMDNXå
WRQDSRG]LPEêYi
1iNXSVHQHGDORGNOiGDWLNG\åWHS
Op VOXQHþQt SDSUVN\ ]UD]RYDO\ 7DNåH
Y]KĤUXGRREFKRGĤVREXYt9MHGQRP
] QLFK PL SDGO\ GR RND .RWQtþNRYp
ERWN\ 1DKRĜH PČNNi YRĖDYi NĤåH
XYQLWĜ KĜHMLYê ÀDQHO SHYQi SRGHãHY
3ULPD6HGO\MDNRE\MHãYHFãLOSĜtPR
SURPČ8åMHQ]DSODWLWDPiPMH
3UYQtSĜHNYDSHQtþHNDORXSRNODGQ\
+RGQiSDQtSURGDYDþNDPČXSR]RUQLOD
åHSĜHGSUYQtPSRXåLWtPMHWĜHEDERW\
GĤNODGQČQDLPSUHJQRYDWSURWLYOKNRVWL
QHERĢYWRYiUQČVHWDNQHGČMH,]DNRX
SLODMVHPSRWĜHEQpSĜtSUDYN\NRãHWĜHQt
REXYLRGKRGODQiĜtGLWVHMHMtPLUDGDPL
'UXKp SĜHNYDSHQt PČ þHNDOR GRPD
3R RWHYĜHQt NUDELFH V ERWDPL VH ] Qt
Y\NXWiOHO\ PDOp NRYRYp NURXåN\ &R
WXDVLFKWČMt".ERWiPSĜHFHQHPĤåRX
SDWĜLW1HERDQR"7DNGĤNODGQČKOHGiP
DSURKOtåtP$FRQHYLGtP3DWĜtMHGQp
]WČFKERWHN9ãHFKQ\YQLWĜQtNURXåN\
X GtUHN QD WNDQLþN\ MVRX SU\þ $OH WR
MH SĜHFH ãSDWQČ EH] QLFK E\ VH PRKO\
GtUN\EU]\WUKDW&RVWtP"5HNODPDFH
7ĜHWt SĜHNYDSHQt þHNDOR Y NUDELFL
YSRGREČSRN\QĤSURSRXåLWt1HVWDþLOD
MVHPVHGLYLW1HMHQåHE\VHPČODREXY
SRXåtWMHQREþDVYåiGQpPSĜtSDGČQH
GHQQČDOHQHVPtVHYQtFKRGLWYHYOK
NXQHWDNYGHãWLDUR]KRGQČQHSĜtOLã
GORXKR -LQDN ]D QL YêUREFH QHUXþt
.RPXPDMtW\ERW\YODVWQČVORXåLW"
3ĜHNYDSHQt þWYUWp þHNDOR RSČW X SR
NODGQ\ Y REFKRGČ 3DQt SURGDYDþND
ERW\RFKRWQČY\PČQLODLVRPOXYRX]D
YêUREFH SRG]LPQtFK ERW GR VXFKêFK
WHSOêFKVDOyQĤ
-iWHćYãDNVWRMtPSĜHGUR]KRGQXWtP
9HQNXSUãt
PDN
'(=$$0<
VWUDQD
1$ä,-8%,/$17,
9ĜtMQXVODYtåLYRWQtMXELOHXP
OHW
0HLVVHO-DURVODY WHSOiUQD
-XELODQWRYLEODKRSĜHMHPH
32'ą.29É1Ì
9]iĜtRGHãHOGRGĤFKRGX
+UDERYVNê2OGĜLFK QDIWDOHQ
9HGHQtDNFLRYpVSROHþQRVWL9iPGČNXMH
]DFHORåLYRWQtSUiFLDGRGDOãtFKOHWSĜHMH
KRGQČ]GUDYtDRVREQtVSRNRMHQRVWL
-$.-62878'/28+2
ětMHQOHW
.RODĜtNRYi,YD
¿QDQþQtRGGČOHQt
=JDUED,YR
GHKHW
ětMHQOHW
.DPLQVNiâiUNDSURYR]QtODERUDWRĜYRGD
9Ì7É0(9É6
9]iĜtQDVWRXSLOL
3HUXWND9LNWRU HQHUJHWLND
3ĜtYUDWVNi(YD]iYRGQtVWUDYRYiQt
6WDãD3HWU
IWDODQK\GULG
ýHUYHQND3DYHODQWKUDFKLQRQ
2UJDQLN
9tWiPHYiVYQDãHPNROHNWLYX
DSĜHMHPHYiPKRGQČSUDFRYQtFK~VSČFKĤ
1$ä,1(-0(1äÌ
'QH ]iĜt VH 3HWURYL +XĖNRYL
D5DGFH*UHãORYpQDURGLOV\Q5DGHN
'QH ĜtMQD VH -DQRYL D -~OLL .XQ
GUiWNRYêPQDURGLOV\Q9RMWČFK
5RGLþĤPEODKRSĜHMHPHDGČWHP
SĜHMHPH~VSČãQêVWDUWGRåLYRWD
2.e1.23521$ä('Đ&+2'&(
%/$+23ě(-(0(
9ĜtMQXVODYtåLYRWQtMXELOHXP
WLWRGĤFKRGFL
ětKRYi$QQD
2QXIUiNRYi$QQD
.XQRYVNê)UDQWLãHN
+DPPHUORYi0LURVODYD
*ROiĖ-DURVODY
=DODED9LNWRU
0DOpĜ3DYHO
%DOiåčXERPtU
$GiPHN-DURPtU
OHW
OHW
OHW
OHW
OHW
OHW
OHW
OHW
OHW
3DQt5ĤåHQD'XGLDNRYi
]2VWUDY\
RVODYLOD
ĜtMQD
QDUR]HQLQ\
%ODKRSĜHMHPH
3DQ9iFODY)XUPiQHN
RVODYt
ĜtMQD
QDUR]HQLQ\
%ODKRSĜHMHPH
%2:/,1*
3R GHOãt GREČ MVPH VH RSČW VHãOL
Y SRþWX RVPQiFWL KUiþĤ QD ERZOLQJX
8 GČYþDW VH QHMOpSH GDĜLOR = 6HKQD
ORYp NWHUi QDKUiOD NRONĤ SĜHG
= 3RUXERYRX V NRON\ D $ -X
JRYRX V NRON\ 8 PXåĤ ]YtWČ]LO
/0DUWLQNDVHNRON\SĜHG%.UD
PHUHPVHNRON\D3-XĜLþNRXVH
NRON\'DOãtVHWNiQtQDERZOLQJXEXGH
8NORNDQDYSiWHNĜtMQDRGGR
KRGLQ
6UGHþQČ]YH*ROiĖ-
9È12ý1Ë.21&(57
9êERU .' QDEt]t YVWXSHQN\ QD 9i
QRþQtNRQFHUW9iFODYD+\EãHNWHUêVH
EXGHNRQDWYHVWĜHGXSURVLQFHY.=
9DODãVNp 0H]LĜtþt -DNR KRVW Y\VWRXSt
-LWND=HOHQNRYi
=iMHPFLKODVWHVHXSDQt3RNRUQpWHO
QHMSR]GČML GR )L
QDQþQt~KUDGDDYêGHMYVWXSHQHNVHXVNX
WHþQtQDVHWNiQtY.HOþL
9=320Ë1.$
'QH]iĜt]HPĜHOSDQ9iFODY9OþHN
YHYČNXOHW
'QH]iĜt]HPĜHOSDQ9ODVWLPLO)RU
PiQHN]2UJDQLNXYHYČNXOHW
'QH ]iĜt ]HPĜHO SDQ -RVHI %XþHN
YHYČNXOHW
'QHĜtMQD]HPĜHOSDQ-RVHI)RUHM
WDUYHYČNXOHW
ýHVWMHMLFKSDPiWFH
08=(-1Ë$*$/(5,-1Ë&(17580
=iPHNäHURWtQĤ
ýWYUWHNĜtMQDRGGRKR
GLQ SDWUR 9(/.e +(51Ë 2'
32/('1(
+HUQtRGSROHGQHSURPDOpLYHONpYSUR
VWRUiFKYêVWDY\+5<$./$0<GRSOQČ
QpRKODYRODP\DKU\]FHQWUD9UWXOH6YČW
KHUDSR]QiQt'RQHVWHVLLVYRXYODVWQtKUX
D]DKUDMWHVLVRVWDWQtPL9VWXS]GDUPD
'RQHGČOHĜtMQD±+5<$./$0<
,QWHUDNWLYQt SXWRYQt YêVWDYD SUR GČWL
LGRVSČOp
9VWXSQp .þ .þ VHQLRĜL VWXGHQWL
DGČWLSDWUR.RPHQVNpKR
0ċ676.È.1,+291$
'R þWYUWNX ĜtMQD 0È 9/$67
&(67$0,3520ċ1
1iURGQt SXWRYQt YêVWDYD YH YHVWLEXOX
NQLKRYQ\SĜLQiãtVYČGHFWYtR]YHOHERYi
QtRSRPtMHQêFKPtVWDREMHNWĤYVtGOHFK
DNUDMLQČ0RUDYVNRVOH]VNpKRD=OtQVNpKR
NUDMHZZZPHNYDOPH]F]
*$/(5,(6é3.$
'RSiWNXOLVWRSDGX±0$*'$/e
1$9Èĕ29ȱ.$/(,'26.23
9êVWDYD
758%,6.$,785186632/(ý1È9Ë.(1'29.$
ýDVWRNUiWVLY]SRPHQXQD,WXUQXV1DW\QDãH758%,6.$-DNiE\ODOHWRVQDWiERĜH
VUDQGD1HMUDGČMLVLSURKOtåtPIRWN\DWDVNYČOi
YLGHtþND 3DUiGQt Y]SRPtQN\ ětNiP VL NGR
WDPQHE\OQHSRFKRStDKODYQČRKRGQČSĜLãHO
.DPDUiGLPČFK\EtLWLQDãL~åDVQtYHGRX
FtDOHFRåH"""äHE\,WXUQXVQČFRFK\V
WDO"6SROHþQiDNFH"-yyyyyy
3RG]LPQtWiERURYêVUD]YDUHiOX758%,6(.
1DYtNHQGOLVWRSDGXVLXåQLF
QHSOiQXML-HGXWRWLåQD758%,6.$9Si
WHNYKRGLQEXGXVWiWYHYHVWLEXOXQD
QiGUDåtYH9DODãVNpP0H]LĜtþt'REĜHREOH
þHQêEXGHXåWURFKX]LPDYOHVHDXSRWR
ND 3HYQRX REXY QD QRKRX VSDFiN Y UXFH
DEDWĤåHNQD]iGHFK0RFWRKRQDMHGHQYt
NHQGSRWĜHERYDWQHEXGXDOHWHSOpREOHþHQt
SĜH]ĤYN\SOiãWČQNXNDUWiþHNQD]XE\QČMD
NpMtGORQDSiWHNDSHQt]N\QHVPtFK\EČW
36
‡‡‡_‡‡_‡‡_‡__‡_‡‡‡‡__‡___‡_‡‡‡_‡‡___‡‡‡_‡__‡_‡___‡_‡‡‡_‡__
9iã7UXELViN]7UXELVHN,
*DEULHOD0HQFRYi*DEþDKODYQtYHGRXFt,WXUQXVX
ϲ͘Ͳϴ͘ϭϭ͘ϮϬϭϱ
>ĞƚŽƓŶşƚĄďŽƌƐĞŶĄŵŽƉƌĂǀĚƵǀLJĚĂƎŝůĂŵLJƵǎƐĞƉƌŽƚŽŶĞŵƽǎĞŵĞĚŽēŬĂƚ
ƉŽĚnjŝŵŶşŚŽƐƌĂnjƵ͊ſWŽŬƵĚƵǎŝƚLJǀLJŚůşǎşƓǀşŬĞŶĚƉůŶljnjĄďĂǀLJ͕ŬĂŵĂƌĄĚƽĂƐƵƉĞƌ
njĄǎŝƚŬƽ͕ŶĞǀĄŚĞũĂĚŽƌĂnjǀϭϲ͘ϬϬŚŽĚŝŶŶĂǀůĂŬŽǀĠŶĄĚƌĂǎşǀĞsĂůĂƓƐŬĠŵDĞnjŝƎşēş͊
^ƐĞďŽƵ͗ƉĞǀŶŽƵŽďƵǀ͕ƚĞƉůĠŽďůĞēĞŶşĚŽǀŶŝƚƎŝǀĞŶ͕ƉƎĞnjƽǀŬLJ͕ƐƉĂĐĄŬ͕ũşĚůŽŶĂƉĄͲ
ƚĞŬ͕ϭϱϬ<ēŶĂũşĚůŽ͕ϱϬ<ēŶĂũşnjĚŶĠ;ďƵĚĞͲůŝƐƉŽůĞēŶĠͿĂŚůĂǀŶĢĚŽďƌŽƵŶĄůĂĚƵ͊
EĄǀƌĂƚĚŽsĂůĂƓƐŬĠŚŽDĞnjŝƎşēşďƵĚĞǀŶĞĚĢůŝǀĞϭϰ͘ϭϭŚŽĚŝŶ͘
6RFLiOQtRGERU,QIR
92/1ëÿ$6
08=(805(*,2189$/$â6.2
=iPHN.LQVNêFK
ýWYUWHN OLVWRSDGX RG KRGLQ
'RF 51'U 3DYHO 1RYiþHN &6F 2' 8'5ä,7(/1e+2 52=92-(
.8'5ä,7(/1e08Ò67838"
2 EXGRXFQRVWL VRXþDVQp VSROHþQRVWL
NRQFHSWX XGUåLWHOQpKR UR]YRMH D MHKR
VRXYLVORVWHFK V SULQFLS\ YČG\ D QiER
åHQVWYt
'RQHGČOHOLVWRSDGX6%ċ5$7(/
6.é69ċ7)(5',1$1'$+5$',/$
9êVWDYDNSĜLSRPHQXWtåLYRWDDGtODYê
]QDPQpKR UHJLRQiOQtKR VEČUDWHOH D SUH
SDUiWRUDSWiNĤKP\]XDURVWOLQ
'RQHGČOHOHGQD
ä,9273/1é1È0$+<
9êVWDYD ]DFK\FXMtFt YDODãVNê YHQNRY
MDNRPtVWRWYUGpSUiFHDNDåGRGHQQtGĜL
Q\9\]NRXãHWVLPĤåHWHPOHWtPRXN\Yê
UREXãLQGHOĤ]SUDFRYiQtRYþtYOQ\DĜDGX
GDOãtFKþLQQRVWt
2WHYĜHQR GHQQČ PLPR SRQGČOt RG GRKRGLQZZZPX]HXPYDODVVNRF]
9$/$â6.é&+(0,.
.RPHQWRYDQi SURKOtGND V 0DJGDOpQRX
9iĖRYRXYSiWHNOLVWRSDGX
*$/(5,(.$3/(
'RSiWNXOLVWRSDGX
±'8â$19Èĕ$±6./,=(ĕ
'tOR 'XãDQD 9iQL Y\WYiĜt QHMHQ K\SHU
UHDOLVWLFN\ SRMDWp DQWURSRPRUIQt REMHNW\
]H VLOLNRQX DOH WDNp NLQHWLFNp REMHNW\
D ]iURYHĖ LQNOLQXMH N DNWXiOQtPX WUHQGX
SURJUHVLYQtKRGLJLWiOQtKRVRFKDĜVWYt
.RPHQWRYDQi SURKOtGND YH þWYUWHN
OLVWRSDGXYKRGLQ
=È0(./(â1È
'RVRERW\ĜtMQD
±+Èý.29$1e3$1(1.<
3RVWDYLþN\]¿OPĤDSRKiGHN
'R VRERW\ ĜtMQD 9é67$9$ 67$
5é&+ $ .5$-29é&+ 2'5ģ'
-$%/(.
3ĜHGVWDYHQ\EXGRXQHMHQMDGHUQLþN\DOH
LãPXUDQČNRåXFK\NRþLþtKODY\'RSO
QČQR]DMtPDYRVWPLRRYRFQiĜVWYtYê]QD
PXVWURPĤ]iFKUDQČJHQRIRQGX
ZZZPX]HXPYDODVVNRF]
*$/(5,($32/Ë9.È51$-$.2'20$
'R VWĜHG\ OLVWRSDGX ± -26() ',
9Ë1±.5(6%<6./2
9êVWDYD
.=9$/$â6.e0(=,ěËýË
6./8%
ýWYUWHNĜtMQDYKRGLQYHO
NêViO.21&(57
-XOLH 6YČFHQi ± KRXVOH -DURVODY
6YČFHQê ± KRXVOH 9iFODY 0iFKD ±
NODYtU
1DNRQFHUWČ]D]QtVNODGE\:$0R]DU
WD%6PHWDQ\-6XND'âRVWDNRYLþH
DGDOãt9VWXSQp.þ
3RQGČOt ĜtMQD Y KRGLQ YHONê ViO -HDQ %DULHU 9 3$ěËä,
%<&+7ċ1(ý(.$/$7$7Ë1.8
$JHQWXUD+DUOHNêQ3UDKD
3HWU 1iURåQê Y KODYQt UROL NRPHGLH
RSDĜtåVNpPGREURGUXåVWYtV\PSDWLFNp
KRYHQNRYDQD
1iKUDGQt WHUPtQ SĜHGVWDYHQt 'LYDGOR
PLPRSĜHGSODWQp9VWXSQp.þ
ýWYUWHNĜtMQDYHKRGLQYHONê
ViO'(602'
.RQFHUW VORYHQVNp URFNRYp VNXSLQ\
9VWXSQp.þ
ýWYUWHN OLV
WRSDGX Y KRGLQ ± 7+(
&=(&+
(1
6(0%/( %$
5248(92&$/
48,17(7
3ČWLþOHQQêYRNiOQt
DQViPEO MH WYRĜHQ
PODGêPL VyOLVW\
NWHĜtVHVSHFLDOL]X
Mt QD DXWHQWLFNRX
LQWHUSUHWDFL VWDUp
KXGE\
.RQFHUWQt SĜHG
SODWQp
6RERWD OLVWRSDGX Y KRGLQ ±
0È5,2 .8%(& ± ='(ĕ.$ .$)
.29È9Ë.(1'6%2+(0
8QLWHG$UW3UDKD
$XWRUVNi KUD MH ]DP\ãOHQtP QDG YČFPL
YiåQêPL L QHYiåQêPL 2EVD]HQt 0DULR
.XEHF 0DWRXã 5XPO2QGĜHM 1RYiN
3DYHO1HãNXGOD)UDQWLãHN.XEHF9iFODY
.XEHF 'LYDGHOQt SĜHGSODWQp 'RSURGHM
.þ
3RQGČOtOLVWRSDGXYKRGLQYHONê
ViO.(,7++85''(â7,9e'1<
'LYDGOR8QJHOW3UDKD
5LFKDUG .UDMþR D 'DYLG âYHKOtN Y DPH
ULFNpPNULPLQiOQtPSĜtEČKXRVtOHSĜiWHO
VWYt9VWXSQp.þ
6RERWD OLVWRSDGX Y KRGLQ
± %2ä(1$ â,0.29È ± 6ģ/ 1$'
=/$72
'LYDGHOQtDJHQWXUD'$33UDKD3ĜHGSODW
Qp6HGPLNUiVND
3RGOH VWHMQRMPHQQp SRKiGN\ %RåHQ\
1ČPFRYpLQVFHQDFLQDSVDOD%RåHQDâLP
NRYi
0./8%
ýWYUWHN ĜtMQD Y KRGLQ 612:),/0)(67
&HORYHþHUQt SiVPR ãSLþNRYêFK ¿OPĤ
RH[WUpPQtPO\åRYiQt]LPQtPOH]HQt
VQRZERDUGLQJX VQRZNLWLQJX D GDOãtFK
]LPQtFKUDGRYiQNiFK9VWXSQp.þ
3iWHNĜtMQDYHKRGLQ
021,.,12.,12
7DQHþQt HOHNWURSRSRYê YHþHU ]QiPp
GYRMLFHQRPLQRYDQpQD$QGČO\
9VWXSQp Y SĜHGSURGHML .þ QD PtVWČ
.þ
ÒWHUêĜtMQDYKRGLQ
23(10,&
0RåQRVWKXGHEQtNĤY\VWRXSLWSĜHGSXEOL
NHP9HþHUHPSURYi]t%HDWD%RFHN
9VWXSQp.þ
3iWHNĜtMQDYHKRGLQ
+<312635,0$5<5(6,67$1
&($:5,=,6
'HDWK PHWDORYê YHþHU SĜHGQtFK þHVNêFK
XVNXSHQt9VWXSQpYSĜHGSURGHML.þ
QDPtVWČ.þ
6RERWDĜtMQDYHKRGLQ
92;(/ 6(%$67,$1 /29(
/,*+7
9HþHU~VSČãQêFKSRSRYêFKVHVNXSHQt
9VWXSQp Y SĜHGSURGHML .þ QD PtVWČ
.þ
1$%Ì'.$352=$0ą671$1&(
&\NOXVUHKDELOLWDFtY7HSOLFtFKQDG%HþYRX
2EOtEHQiIRUPDUHKDELOLWDFtEXGH]DKiMHQDY~WHUêOLVWRSDGXDXNRQþHQDY~WHUê
SURVLQFHÒþDVWQtFLEXGRXUR]GČOHQLQDOi]HĖVNêGĤP0RUDYDQD-DQiþHN
1DNDåGRXQiYãWČYXMHVHVWDYHQMHGHQEDOtþHN±YL]6(,'
7HUPtQ\~WHUN\
DþWYUWN\
'RSUDYDMH]DMLãWČQDDXWREXVHPGR7HSOLFD]SČW
2GMH]GGR7HSOLFKRGLQRGý6$'SRGKRGLQDPLYHKRGLQRGKODYQt
YUiWQLFH'(=$DV
2GMH]G]7HSOLFKRGLQGOHGRPOXY\
=iMHPFLKODVWHVHQDVRFLiOQtPRGGČOHQtGRWHOSDQt6NêSDORYi
ÒþDVWQtFL SDN QD VRFLiOQtP RG
GČOHQt XKUDGt QHMSR]GČML GR
YKRWRYRVWLSRSODWHN
.þ
3URFHGXU\
%LRUHJHQHUDþQtN~UD
QRåQtYtĜLYiNRXSHO
.RXSHOXKOLþLWi[
.RXSHOPD[L
$URPD
%UXVLQNRYiN~UD
.RXSHOVSHFLiO
$URPDPDViåþiVWHþQiYtĜLYiOi]HĖSĜtVDGRYiKRGLQRYêYVWXSGRED]pQX
YSURYR]QtGREX
3iWHNOLVWRSDGXYKRGLQ
,052/,*$
'DOãt]REOtEHQêFKLPSURYL]RYDQêFK
YHþHUĤ9VWXSQpYSĜHGSURGHML.þ
QDPtVWČ.þ
6RERWDOLVWRSDGXYHKRGLQ
.9ċ7<
=QiPiDOWHUQDWLYQtVNXSLQD]%UQD
9VWXSQp Y SĜHGSURGHML .þ QD
PtVWČ.þ
3iWHNOLVWRSDGXYHKRGLQ
&2&277(0,187(+&
âSLþNDþHVNpFURVVRYHURYpVFpQ\
9VWXSQp Y SĜHGSURGHML .þ QD
PtVWČ.þ
6RERWD OLVWRSDGX YH KR
GLQ92,/$
+XGHEQt NRNWHMO V SĜtFKXWČPL ãDQ
VRQX VZLQJX UHJJDH MD]]X WZLVWX
SRSX L KLSKRSX 9VWXSQp Y SĜHGSURGHML
.þQDPtVWČ.þ
3RQGČOt OLVWRSDGX Y KRGLQ /8&5(=,$%25*,$+267e
3DWQiFWOHWYêURþt]DORåHQtVNXSLQ\VSRMH
QpVNĜHVWHP&'9VWXSQp.þ.HYVWX
SHQFHY]SRPtQNRYp&']GDUPD
3iWHN OLVWRSDGX YH KRGLQ 7$7$%2-6
=QiPiNDSHODRYČãHQiĜDGRX$QGČOĤ
9VWXSQp Y SĜHGSURGHML .þ QD PtVWČ
.þ
ÒWHUê OLVWRSDGX YH KRGLQ +8*25$&(7+(758(63,5,7
/HJHQGiUQtDXVWUDOVNêEOXHVPDQ]SČYiN
D N\WDULVWD VH VYRX NDSHORX 9VWXSQp Y
SĜHGSURGHML.þQDPtVWČ.þ
6RERWD OLVWRSDGX YH KRGLQ +(17$,&25325$7,21
-HJ5 7KUDVKURFNQUROO D DOWHUQDWLYH
KDUGFRUH
9VWXSQp Y SĜHGSURGHML .þ QD PtVWČ
.þ
0$/È6&e1$=$232128
6WĜHGD ĜtMQD Y KRGLQ -,ěË
ý(51é-2+1/(1121±%28ě
/,9È.$+80$1,67$
1HGRåLWp SČWDVHGPGHViWLQ\ D SČWDWĜLFiWp
YêURþtWUDJLFNpKRRGFKRGXURFNRYpLNRQ\
Y QDKUiYNiFK D NRPHQWiĜtFK SXEOLFLVW\
åHOH]QpKRPXåHþHVNpKXGHEQtNULWLN\
9VWXSQpYSĜHGSURGHML.þQDPtVWČ.þ
6WĜHGDĜtMQDYKRGLQ
63(&,$/ )2/. -$== %/8(6
.21&(57
3HWUD %|UQHURYi 7RPiã %REURZQLF]
Nê&=6.%HVHQ\HL&VXED+81
KRVW0LORãäHOH]ĖiN6..RQFHUWVWĜH
GRHYURSVNpIRUPDFHVYČWRYpKRIRUPiWX
9VWXSQp Y SĜHGSURGHML .þ QD PtVWČ
.þ
'RSiWNXOLVWRSDGX±SĜt]HPt
$/(1$32'=(01Èä(1$1ģâ(
3Ë6(ĕ.267
3UĤĜH]RYiYêVWDYDNXQVWKLVWRULþN\SHGD
JRåN\PDOtĜN\LSHUIRUPHUN\åLMtFtDWYR
ĜtFtYVUGFL9DODãVNpKR0H]LĜtþt
'RQHGČOHOLVWRSDGXNDSOH0DJF
1(&+È0(727$."
9êVWDYD SURMHNWX RV =DFKUDĖPH GRPL
QDQW\ NWHUê Y]QLNO V FtOHP XSR]RUĖRYDW
QDQHXWČãHQêVWDYVDNUiOQtFKDMLQêFKSD
PiWNRYêFKVWDYHEYýHVNpUHSXEOLFH
9VWXS]GDUPD
1È0ċ67Ë9$/$â6.e0(=,ěËýË
3iWHN ĜtMQD RG KRGLQ ± Qi
PČVWt5(-0(=,ěËý6.é&+675$
â,'(/
=iEDYQêSURJUDPQHMHQSURGČWLODPSLR
QRYêSUĤYRGYPDVNiFKRKĖRVWURM
9VWXS]GDUPD
$*52)(57
VWUDQD
8SODWĖXMtVHYOpFtFKLNRVPHWLFH
0LWR[DQWURQ YLWDPLQ ' R[\FHOXOy]D NU\VWDOLFNi PRþRYLQD 3UHWLR[ $93K* 1HMVRX UHNRUGPDQ\ Y REMHPX SURGXNFH
DOHYHVYêFK¿UPiFKPDMtGĤOHåLWp]DVWRXSHQt-HGQiVHWRWLåRSURGXNW\Y\UiEČQpYQHMSĜtVQČMãtFKK\JLHQLFNêFKSRGPtQNiFK
DVSOĖXMtFtSĜtVQiNULWpULDSURMHMLFKGDOãtY\XåLWtYFKLUXUJLLIDUPDFLLQHERNRVPHWLFNpPSUĤP\VOX9ČGČOLMVWHåH6\QWKHVLDMH
MHGLQêPYêUREFHPYLWDPLQX'Y(YURSČD$PHULFH"äHNU\VWDOLFNRXPRþRYLQRX]6.:3LHVWHULW]PĤåHWHY\OpþLWOXSpQNXDQH
ERåH3UHFKH]DGRGiYiYê]QDPQêPIDUPDFHXWLFNêP¿UPiPQHMHQY(YURSČþLVWêSLJPHQWNWHUêVHSRXåtYiNEDUYHQtWDEOHW"
9LWDPLQ'PtĜt]H6\QWKHVLHGR
]HPt
9LWDPLQ ' YH VNXWHþQRVWL QHQt YL
WDPLQ DOH VWHURLGQt KRUPRQ NWHUê VH
]tVNiYi]NYDVQLF-HGĤOHåLWêSURVSUiY
QRXVWDYEXDUĤVWNRVWtD]XEĤSR]LWLYQČ
RYOLYĖXMHPHWDEROLVPXVYiSQtNXOHGYLQ
MDWHUDVWĜHY.URPČWRKRYãHREHFQČWOXPt
PQRåHQtEXQČNDOHSRGSRUXMHMHMLFK]Ui
Qt3RXåtYiVHQDSĜtNODGSĜLOpþEČNORXE
QtFK ]iQČWĤ D EROHVWt SiWHĜH QHER MDNR
SUHYHQFH D ]PtUĖRYiQt SUĤEČKX RVWHR
SRUy]\9LWDPLQ'VLRUJDQLVPXVGRYHGH
ViPY\WYRĜLW]HMPpQDYOHWQtFKPČVtFtFK
QHER QD MDĜH -DNPLOH ]DþQH FKODGQČMãt
NOLPDWLFNpREGREtDOLGpVH]DþQRXKDOLW
SRG YUVWY\ REOHþHQt MH QXWQp MHM GRSO
ĖRYDW GR RUJDQLVPX SRWUDYRX QHER SR
WUDYLQRYêPLGRSOĖN\3ĜHVWRåHMVRXMHKR
EODKRGiUQp ~þLQN\ QD ]GUDYt þORYČND
QHSRSLUDWHOQpQDOH]QHPHYFHOp(YURSČ
D$PHULFHSRX]HMHGLQpKRYêUREFHYLWD
PtQX'±VSROHþQRVW6\QWKHVLD
6 YêURERX YLWDPLQX ' NWHUi MH
WHFKQRORJLFN\YHOPLQiURþQiPiSUiYČ
6\QWKHVLDERKDWp]NXãHQRVWLMLåRGURNX
NG\E\ODWHFKQRORJLHXYHGHQDGR
SURYR]X1DYêYRMLYLWDPLQX'QHER
OL HUJRNDOFLIHUROX ]DþDOD DOH U\ELWHYVNi
IDUPDFHXWLFNi ODERUDWRĜ SUDFRYDW R QČ
NROLNOHWGĜtYHMLåRGSRþiWNXþW\ĜLFi
WêFKOHW3RPČUQČYHONRX¿QDQþQt]iWČå
SUR]DþtQDMtFtYêUREFHSĜHGVWDYXMHWDNp
Y\EXGRYiQt QRYp YêUREQt OLQN\ MHMtå
FHQD GRVDKXMH QČNROLN VWRYHN PLOLRQĤ
NRUXQ
6\QWKHVLDGQHVY\YiåtYLWDPtQ'GR
]HPtYãHFKVYČWDGtOĤDMHMt]iND]QtFL
VH SRGOH +DQ\ %XULDQRYp YHGRXFt RG
GČOHQtSURGHMH)DUPDFLHGDMtUR]GČOLWGR
GYRX NDWHJRULt Ä7D SUYQt Qiã YLWDPLQ
GiOH]SUDFRYiYiDSURGXNXMH]QČMGDOãt
IDUPDFHXWLFNp GHULYiW\ QDSĜtNODG OpN\
QD OpþEX OXSpQN\ 'UXKi VNXSLQD ] QČM
WYRĜt¿QiORYpDSOLNDFHMDNRMVRXQDSĜt
NODG PXOWLYLWDPLQRYp GRSOĖN\³ XSĜHV
ĖXMH%XULDQRYi
3ĜHVSRþiWHþQtFKSiUVHWNLOURþQČVH
VSROHþQRVW Q\Qt PĤåH SRFKOXELW REMH
PHP YêYR]X GRVDKXMtFtP WpPČĜ MHGQp
WXQ\=KOHGLVNDSĜLGDQpKRGQRW\D]LV
NXMHWDNYLWDPLQ'JLJDQWHPDMHGQtP
] NOtþRYêFK D QHMGĤOHåLWČMãtFK YêURENĤ
VHJPHQWX6%82UJDQLFNiFKHPLH'tN\
WpWR YêUREČ VL VSROHþQRVW WDNp RYČĜL
OD åH SDWĜt PH]L VYČWRYČ Y\KOHGiYDQp
D VSROHKOLYp REFKRGQt SDUWQHU\ $PH
ULFNi VSROHþQRVW %DQQHU 3KDUPDFDSV Mt
YURFHXGČOLODRFHQČQtÄ7RS6XS
SOLHU IRU 3HUIRUPDQFH ([FHOOHQFH³ MHå
GRVWiYDMt ãSLþNRYt GRGDYDWHOp V H[FH
OHQWQt YêNRQQRVWt ]D Y\VRNê VWDQGDUG
NYDOLW\GRGiYHNSĜHVQRXORJLVWLNXGLV
WULEXFL MXVWLQWLPH Y\VRNRX ÀH[LELOLWX
DNRPSOHWQtWHFKQLFNêVHUYLV
9þHPMHYêUREDYLWDPLQX'VORåLWi"
1iURþQRVW YêURE\ MH GiQD SĜHGHYãtP
YHONêPPQRåVWYtPVWXSĖĤYêURE\7ČFK
MHFHONHPRVPPLPRMLQpVHPSDWĜtLR]D
ĜRYiQt89]iĜHQtP-HGQiVHRUĤ]QRURGp
FKHPLFNpUHDNFHNWHUpMVRXQiURþQpMDN
QDWHFKQRORJLLWDNQDY\EDYHQt
0LWR[DQWURQDWUDNWLYQtDY\KOHGi
YDQêSURGXNW
'DOãtP IDUPDFHXWLFNêP YêURENHP
VSROHþQRVWL 6\QWKHVLD MH 0LWR[DQWURQ
-HGQiVHROiWNXNWHUiVHSRXåtYiNOpþEČ
QČNWHUêFK W\SĤ UDNRYLQ\ 0LWR[DQWURQ
VH YH VSROHþQRVWL 9826 9ê]NXPQê
~VWDY RUJDQLFNêFK V\QWp] GFHĜLQi VSR
OHþQRVW6\QWKHVLHSR]QUHGDNFHY\Yt
MHORGURNX9ê]NXPQêWêPGRNi
]DO EČKHP SiU OHW Y\EXGRYDW VSHFLiOQt
ODERUDWRĜVSOĖXMtFtPH]LQiURGQtSUDYLGOD
YêURE\ IDUPDFHXWLFNêFK OiWHN D Y URFH
SUREČKO\~VSČãQČNOLQLFNp]NRXã
N\QDGHYtWLRGERUQêFKSUDFRYLãWtFKQD
SĜtþFHOêPýHVNRVORYHQVNHP
9VRXþDVQpGREČVHQDYêYRMLYWRP
WR VHJPHQWX QHSUDFXMH 7UK F\WRVWDWLN
OiWHN NWHUp VH SRXåtYDMt N OpþEČ Qi
GRURYêFK RQHPRFQČQt D KHPREODVWy]
DMHMLFKå~þLQNHPMH]DVWDYHQtUĤVWXQi
GRURYêFKEXQČNVHYSRVOHGQtGREČRUL
HQWXMHQDPRGHUQČMãtW\S~þLQQêFKOiWHN
NWHUp YãDN GRSURYi]HMt YêUD]QČ Y\ããt
FHQ\7DWRFHQRYiVLWXDFHDVWiOHGREUp
D VWDELOQt YODVWQRVWL þLQt ] 0LWR[DQWUR
QX L QDGiOH DWUDNWLYQt D Y\KOHGiYDQê
SURGXNW .URPČ WRKR ]D]QDPHQiYi
Y SRVOHGQt GREČ ~VSČFK\ L QD SROL Opþ
E\ UR]WURXãHQp VNOHUy]\ 9 SRVOHGQtFK
OHWHFKVHMHKRSURGHMXGUåXMHQDY\VRNp
~URYQL Ä2EHFQČ O]H ĜtFL åH YêURED QD
SRþiWNXQRYpKRPLOpQLDGRVDKRYDODSiU
GHVtWHNJUDPĤDQ\QtVHMLåSRK\EXMHPH
Y ĜiGHFK NLORJUDPĤ 5HNRUGQtP URNHP
E\OURNNG\MVPHGRViKOLKUDQLFH
WpPČĜWĜtNLORJUDPĤ³GRGiYi+DQD%X
ULDQRYi
1D UR]GtO RG YLWDPtQX ' Pi 0LWR
[DQWURQMHQQČNROLNRGEČUDWHOĤDYãLFKQL
MVRX ] (YURSVNp 8QLH -HGQi VH R VSH
FL¿FNp YêUREFH ¿QiORYêFK DSOLNDFt GR
QHPRFQLþQtFK]DĜt]HQtNWHĜt]0LWR[DQ
WURQXSĜLSUDYXMtLQIX]QtNRQFHQWUiW\SUR
LQIX]QtUR]WRN\
2[\FHOXOy]D KRMt UiQ\ D ]DVWDYXMH
NUYiFHQt
9ê]QDPQêP SĜtQRVHP GR UĤ]QêFK
REODVWt OpNDĜVWYt MH WDNp R[\FHOXOy]D GDOãt SURGXNW SDWĜtFt N YêURENĤP 6\Q
WKHVLHNWHUpQDFKi]HMtVYpXSODWQČQtYH
]GUDYRWQLFWYt 'tN\ DQWLPLNURELiOQtPX
SĤVREHQtSURWLãLURNpãNiOHSDWRJHQQtFK
PLNURRUJDQLVPĤ D ~þLQNĤP SRGSRUX
MtFtP KRMHQt VH SURGXNW\ R[LGRYDQp
FHOXOy]\ SRXåtYDMt QDSĜtNODG MDNR KH
PRVWDWLND SURVWĜHGN\ QD KRMHQt UDQ
YVWĜHEDWHOQp PDWHULiO\ SUR FKLUXUJLFNp
VXWXU\ QHER PHGLFtQVNp OXEULNDQW\ SUR
FKLUXUJLFNp UXNDYLFH 9\XåLWt PDMt DOH
LYNRVPHWLFNpPDSRWUDYLQiĜVNpPSUĤ
P\VOX
6SROHþQRVW 6\QWKHVLD Y VRXþDVQRVWL
Y\UiEt QČNROLN GUXKĤ R[LGRYDQp FHOX
Oy]\NWHUpGLVWULEXXMHVYêPREFKRGQtP
SDUWQHUĤP MDN Y UHåLPX 2(0 2ULJL
QDO (TXLSPHQW 0DQXIDFWXUHU WDN SRG
YODVWQtP Qi]YHP 2NFHO 6\QWKHVLD MH
QDYtF VFKRSQD XSUDYLW YODVWQRVWL WpWR
R[LGRYDQp FHOXOy]\ MHQå MH SRXåtYiQD
MDNR KHPRVWDWLNXP SURVWĜHGHN RPH]X
MtFt þL ]DVWDYXMtFt NUYiFHQt GOH LQGLYL
GXiOQtFK SRåDGDYNĤ ]iND]QtND 9 VRX
þDVQpGREČMHQDEt]HQDYSORãQpIRUPČ
NWHUiQDFKi]tXSODWQČQtYFKLUXUJLLMDNR
YVWĜHEDWHOQê PDWHULiO Y WNDQp L QHWNDQp
YDWRYpSRGREČ93DUGXELFtFKVHDOH
PLPR MLå YêãH XYHGHQp Y\UiEt QDSĜt
NODG YiSHQDWi VĤO R[LGRYDQp FHOXOy]\
,QRYDFHPLVH]DEêYiPHQHXVWiOH
.G\åSURMtåGtWHPDOHEQRXNUDMLQRX9\VRþLQ\DSĜLMHGHWHGRQHQiSDGQpKRPČVWHþND+OLQVNRPiORNGRE\PH]LOHV\RþHNiYDO
WDNp POpNiUQX .H YãHPX V Qi]YHP 7DWUD 7D ]GH YãDN VWRMt Xå YtFH QHå VHGPGHViW OHW 2G URNX MH VRXþiVWt NRQFHUQX
$JURIHUWDSDWĜtPH]L723QHMYČWãtFKþHVNêFKSURGXFHQWĤPOpþQêFKYêURENĤ5RþQČVHPFLVWHUQ\SĜLYH]RXNH]SUDFRYiQt
PLOLRQĤOLWUĤPOpND3UiYČ]GHVHPLPRMLQpY\UiEtGČWPLWROLNREOtEHQpVOD]HQpNRQGHQ]RYDQpPOpNRYWXEiFK-HVHQND
3LNQLND3LNDR0OpNiUQČXåþWYUWêPURNHPãpIXMHJHQHUiOQtĜHGLWHO-LĜt7YUGtN
-,ěË795'Ë.OHW
‡äLMHY3DUGXELFtFK
‡'R0OpNiUQ\+OLQVNRQDVWRXSLOEĜH]QD
3ĜHGWtPSĤVRELOMDNRĜHGLWHOVSROHþQRVWL
$&&20&]HFK
‡-HåHQDWêDPiMHGQXGFHUX
‡0H]LMHKR]iOLE\SDWĜtNLQRDGLYDGORSUDYLGHOQČ
KUDMHEDGPLQWRQDMH]GtQDLQOLQHEUXVOtFK
3ĜHGVWDYWHSURVtP0OpNiUQX+OLQ
VNR-DNêMHKODYQtYêUREQtSURJUDP"
9 0OpNiUQČ +OLQVNR Y\UiEtPH 8+7
POpNRYNUDELFLVXãHQiPOpNDNRQGHQ
]RYDQiPOpNDVPHWDQ\PiVODRFKXFH
QiPOpND]PU]OLQ\DOHGRYpWĜtãWČDORQL
MVPH]DþDOLY\UiEČWWDNpWYDURK\
9 SRVOHGQt GREČ 7DWUD XYHGOD QD
WUKQČNROLNQRYLQHN2FRãORDMDNVH
MLPGDĜt]KOHGLVNDSURGHMH"
'DĜt VH MLP GREĜH ]D FRå MVPH UiGL
7UDGLþQČ QD QRYRX VH]RQX XYiGtPH
QRYpSĜtFKXWČ]PU]OLQOHWRVWRE\ODYL
ãHĖ PDFFKLDWR D PDQGDULQND XYHGOL
MVPH QRYRX SĜtFKXĢ .UDYtND D WR PD
OLQX9 WXWR FKYtOL SĜLFKi]t QD WUK QRYČ
8+7]PU]OLQ\D)DUPiĜVNêWYDURK
&K\VWiWHQČMDNpGDOãtQRYLQN\"
6DPR]ĜHMPČ ,QRYDFtP VH YČQXMHPH
YSRGVWDWČQHXVWiOHDLQDSĜtãWtURNMLFK
QČNROLN FK\VWiPH 1HPRKX DOH SUR]UD
]RYDWRFRVHMHGQi.RQNXUHQFHQHVSt
9 +OLQVNX VH Y\UiEt OHJHQGiU
Qt 3LNDR 3LNQLN -HVHQND -GH VWiOH
R Y\KOHGiYDQê YêUREHN" 'ČWL QD H[
NXU]tFKXUþLWČPDMtWXWRYêUREQtOLQNX
YREOLEČ«
1HMHQRPGČWLſ3LNQLN3LNDRD-H
VHQNDWRMHQDãHNODVLND9êUREN\NWHUp
GČOiPHGHVtWN\OHWDVWiOHVWHMQRXUHFHS
WXURX.G\åVLGQHVNDGiWHWĜHED3LNDR
WDN FKXWQi ~SOQČ VWHMQČ MDNR FKXWQDOR
SUYQt GHQ YêURE\ Y URFH .XSX
MHPH GR QČKR L VWiOH VWHMQp KRODQGVNp
NDNDR 2ãLGLW UHFHSWXUX WR MH FHVWD GR
SHNOD =iND]QtN WR SR]Qi D YêUREHN VL
SURVWČSĜHVWDQHNXSRYDW0RåQiQČNWHĜt
]D]QDPHQDOLQDãLUHNODPXQDW\WRYêURE
N\ NWHUi EČåt QD LQWHUQHWX QD 6WUHDPX
)DFHERRNXD<RX7XEHVHVORJDQHPÄ3R
NDåGpMDNRSRSUYp³%XGHPHUiGLNG\å
VHGRVRXWČåH]DSRMtYãLFKQL]DPČVWQDQ
FLNRQFHUQX
7DWUDMH~VSČãQiWDNpVH=PU]NRX
.ROLNSRUFtVHMtSĜHVOHWQtVH]RQXSUR
Gi" .ROLN MH SĜtFKXWt" -DNp MVRX RE
OtEHQp"
7XKOHRWi]NXGRVWiYiPGRFHODþDVWR
DOH QHPĤåX QD QL RGSRYČGČW .RQNX
UHQFLE\WRXUþLWČWDN\KUR]QČ]DMtPDOR
1HQt DOH WDMHPVWYtP åH Y ýHFKiFK MH
GORXKRGREČ GDOHNR QHMREOtEHQČMãt YD
QLONDQiVOHGRYDQiþRNROiGRXDDQLXQiV
QHMVPH YêMLPND 9 OHWRãQtP URFH RþH
NiYiPHUĤVWSURGHMĤRDåSURWL
ORĖVNpPXURNX
3Uê PiWH Y POpNiUQČ VSHFLDOLVWNX
QDY\PêãOHQtDWHVWRYiQtSĜtFKXWt&R
WDWRXUþLWČ]DMtPDYiSUiFHREQiãt"
=QDPHQiWRKRGQČNRPXQLNDFHVQD
ãLPL]iND]QtN\D]MLãĢRYiQtQHMHQMHMLFK
Qi]RUĤDOHLQi]RUĤOLGtNWHĜtVLQDMHMLFK
SURGHMQt PtVWD FKRGt =PU]NX NXSRYDW
3RWĜHEXMHPH]QiWMHMLFKQi]RUQDSĜtFKX
WČNWHUpMLåPiPHQDWUKX=iURYHĖQiV
]DMtPi Qi]RU QD SĜtFKXWČ NRQNXUHQFH
&RNRPXY\KRYXMHFRQHDKODYQČSURþ
1iVOHGQČXQiVY\EtUiPHNWHUpSĜtFKXWČ
EXGHPHY\YtMHWSURGDOãtVH]yQX0XVt
VHSĜLSUDYLWY]RUN\SURWHVWRYiQtD]DþtW
SĜtFKXĢODGLW.G\åY\KRYXMHQiPGiPH
ML RFKXWQDW QDãLP ]iND]QtNĤP D SRGOH
MHMLFKSĜLSRPtQHNMLMHãWČGRODćXMHPH
0OpNiUQD+OLQVNRMHWDNpYê]QDP
QêPH[SRUWpUHP&RDNDPY\Yiåt"
0\H[SRUWXMHPHSRORYLQXQDãtYêUR
E\FRåGČOiFFDPOG.þGR]HPt
1ČNDP KRGQČ D SUDYLGHOQČ QČNDP
PpQČ D WĜHED MHQ SiUNUiW GR URND 3R
(YURSČYR]tPHVNRURGRYãHFK]HPtDOH
H[SRUWXMHPH L GR DIULFNêFK ]HPt MDNR
QDSĜ 0DXUHWiQLH 1RYČ MVPH ]DKiMLOL
SURGHMHGR/LE\HD0DURND
9\YiåtWHWDNpGRQČMDNêFKY\ORåHQČ
H[RWLFNêFK]HPt"
.DåGêPĤåHYQtPDWH[RWLNXWURFKXML
QDNDOHWĜHED0DXUHWiQLLýtQX/LEDQRQ
E\FKRPWDP]DĜDGLWPRKOL
1HPĤåHPHQHFKDWVWUDQRXNUL]LQD
POpþQpPWUKX&RVHQDWUKXYODVWQČ
GČMH"
.UL]H MH Y WXWR FKYtOL RSUDYGX KOX
ERNi D ]GDOHND QHNRQþt =SĤVRELOR ML
QČNROLN IDNWRUĤ NWHUp VH VHãO\ YãHFKQ\
GRKURPDG\-HWRY\VRNiYêUREDPOpND
MHOLNRå VH ]HPČGČOFĤP GDĜLOR ]Y\ãRYDW
QHMHQSURGXNFLDOHLXåLWNRYRVWGRWRKR
]DYHGOR 5XVNR VDQNFH QD GRYR] POpþ
QêFK YêURENĤ ] (8 D WXGtå SĜHVWDOR
QDãH POpNR VSRWĜHERYiYDW D GR WRKR
MHãWČVNRQþLO\POpþQpNYyW\9êVOHGNHP
MHVRXþDVQêVWDY
-DNWXWRNUL]LSRFLĢXMHWHY+OLQVNX"
6WHMQČMDNRRVWDWQt1HQtWRMHGQRGXFKi
VLWXDFH1DQiVMDNRNRPRGLWQtPOpNiUQX
WRGROpKiYHOPL&HQ\POpþQêFKNRPRGLW
VHSURSDGO\DåQD~SOQpGQR
-VWHQXFHQLRPH]RYDWYêUREX"3UD
FXMHWHQDWĜLVPČQ\"
.UL]HQHGROpKiQDYêãLYêURE\DOHQD
UHDOL]RYDQp FHQ\ 9êUREX QHRPH]XMH
PH.DåGêGHQ]SUDFXMHPHXQiVYPOp
NiUQČSĜHVWLVtFOLWUĤPOpND.UDYiP
QHMGH ĜtFW MHVWOL E\ WĜHED WHć QHPRKO\
SĜHVWDWGRMLWDSRþNDWDåVHFHQ\XVWi
Ot6YR]POpND]IDUHPPiPHQDVWDYHQê
9$/$â6.é&+(0,.
DMLQpSRGRE\SURGXNWXYSUiãNRYpIRU
PČ2[LGRYDQiFHOXOy]D]H6\QWKHVLHVH
WDNGiOHXSODWĖXMHMDNRYVWXSQtPDWHULiO
QDSĜtNODG SUR UĤ]Qp VSUHMH QiSODVWL þL
]iV\S\ 1HMYČWãtPL RGEČUDWHOL R[\FH
OXOy]\ MVRX VWiW\ (YURSVNp XQLH Ä.UR
PČQLFKMLGRGiYiPHLQDGDOãtVYČWRYp
NRQWLQHQW\ FRå SRYDåXMHPH Y]KOHGHP
NQiURþQpUHJLVWUDFL]GUDYRWQLFNêFKSUR
VWĜHGNĤ Y NDåGp ]HPL ]D YHONê ~VSČFK
D]iYD]HNGREXGRXFQD³SRGRWêNi-LĜt
'HPHOHYHGRXFtRGERUX2[\FHOXOy]D
3UHWLR[ ] 3UHFKH]\ MH GRGiYiQ IDU
PDFHXWLFNêP NRQFHUQĤP QHMHQ Y (Y
URSČ
=NXãHQRVWL V SUR
GXNW\ SUR IDUPDFHX
WLFNp Y\XåLWt PDMt
L YH VSROHþQRVWL 3UH
FKH]D NWHUi MH SĜH
GHYãtP Yê]QDPQêP
HYURSVNêPYêUREFHP
WLWDQRYp EČORE\ 3UH
WLR[ D GDOãtFK DQRU
JDQLFNêFK SLJPHQWĤ
6SHFLiOQtW\SWLWDQRYp
EČORE\ 35(7,2;$93K* SDWĜtFt GR
VNXSLQ\ IDUPDFHXWLFNêFK SRPRFQêFK
OiWHNVHY3UHFKH]HY\UiEtRGURNX
DSRGOHVORY0LURVODYDâPtGDVSHFLDOLV
W\ WHFKQLFNpKR VHUYLVX MH GRGiYiQ Yê
]QDPQêP IDUPDFHX
WLFNêP NRQFHUQĤP
QHMHQY(YURSČDSR
SWiYNDSRWRPWRSUR
GXNWX VH NDåGRURþQČ
]Y\ãXMH 8SODWQČQt
QDFKi]t SĜL SUREDU
YRYiQtNDSVXOtDNU\
FtFK¿OPĤDSRYODNĤ
QD WDEOHW\ QHER GR
]XEQtFK SDVW 35(
7,2; $93K* MH
Y\UiEČQ ]D SĜtVQêFK
K\JLHQLFNêFK SRG
PtQHN VSUiYQp Yê
UREQtSUD[HDVSOĖXMH
WDN åH POpNR SUĤEČåQČ SĜLYiåtPH SR
FHOêFKKRGLQDURYQRXVH]SUDFRYiYi
.ROLN PiWH ]DPČVWQDQFĤ" -VWH QH
SRFK\EQČYê]QDPQêP]DPČVWQDYDWH
OHPYUHJLRQX
9 +OLQVNX MVPH MHGQtP ] QHMYČWãtFK
]DPČVWQDYDWHOĤ $NWXiOQČ PiPH SUDFRYQtNĤ
3ĜHG URNHP E\OD RWHYĜHQD POpþQi
IDUPD8KHOQi3ĜtEUDP-DNEČåtY]i
MHPQiVSROXSUiFH"
6SROXSUiFH MH EH]SUREOpPRYi .ROH
JRYp]8KHOQp3ĜtEUDPLQiPDYL]RYDOL
MDNEXGHUĤVWSURGXNFHPOpNDDE\FKRP
VWtPPRKOLSRþtWDWDMHMLFKSĜHGSRNOD
G\ VH QDSOĖRYDO\ $NWXiOQČ VYiåtPH
]WpWRIDUP\YtFHQHåWLVtFOLWUĤPOpND
GHQQČ
2GERþPH 9\ MVWH WDNp SĜHGVHGRX
SĜHGVWDYHQVWYD VSROHþQRVWL 3URFKi]
ND=GHGRãORN]iVDGQtUHVWUXNWXUD
OL]DFLDREPČQČYêUREQtKRSURJUDPX
0ĤåHWHVGČOLWSRGUREQRVWL"
6SROHþQRVW 3URFKi]ND VL SURãOD NOL
QLFNRXVPUWt9UiPFLGLYL]HþHUYHQpKR
PDVD GRãOR N UHVWUXNWXUDOL]DFL YêURE
MHGQRWOLYêFK ¿UHP D 3URFKi]ND NWHUê
VH GR Wp GRE\ ]DEêYDO YêURERX PDVD
DX]HQLQSĜLãHORVYĤMNRPSOHWQtYêURE
QtSURJUDPNWHUêVHSĜHVXQXOGRMLQêFK
]iYRGĤ /LGp VL WDP XåLOL KRGQČ QHSĜt
MHPQp FKYtOH 7XGtå VH PXVHO KOHGDW
QRYê SURJUDP D Y SRGVWDWČ ]DþtW ~SOQČ
]QRYX RG QXO\ 6SROHþQRVW VH QHMSUYH
Y\GDOD FHVWRX YêURE\ NODVLFNêFK ODKĤ
GHNMDNRMVRXPDMRQp]RYpVDOiW\FKOH
EtþN\DSRG3RVWXSQČVH]DþDO\SĜLGiYDW
GDOãt VHJPHQW\ YêURE\ 1HMSUYH SĜLãO\
X]HQp U\E\ FRå QD ]DþiWNX Y\SDGDOR
MDNROHKFHEOi]QLYêQiSDGDOHSURGXNFH
QHXVWiOHURVWHDSRG]QDþNRX5\E\MRVH
OHWRVSURGiVNRURWLVtFWXQU\EDU\EtFK
YêURENĤ =DþDOL MVPH VH WDNp RULHQWR
YDWQD]SUDFRYiQtYDMHF1HMSUYHVHYH
VSROHþQRVWL LQVWDORYDOD WHFKQRORJLH QD
YêUREXGORXKêFKDYDĜHQêFKYDMHFNWH
Ui MLå GQHV MHGH QD KUDQČ VYp NDSDFLW\
DNWXiOQČ SUREtKi LQYHVWLFH GR OLQN\ QD
YêUREX WHNXWêFK YDMHþQêFK VPČVt 9ê
UREX E\FKRP FKWČOL ]DKiMLW SRþiWNHP
SĜtãWtKRURNXDFK\VWiPHYêUREN\QHMHQ
SUR SUĤP\VORYp ]SUDFRYiQt DOH L SUR
VSRWĜHELWHOH1DSĜtãWtURNSĜLSUDYXMHPH
MHãWČ GDOãt LQYHVWLFH DOH SUR]DWtP VL MH
QHFKiPSURVHEH
.XULR]LWRXMVRXSUiYČGORXKiYDĜH
QiYHMFH-GRXX]iND]QtNĤQDRGE\W"
7R MH YêUREHN NWHUê VH QHSURGiYi
SĜtVQp SRåDGDYN\ QD FKHPLFNRX þLVWRWX
GOH(YURSVNpKR3K(XUDOHL$PHULFNp
KR863QHER-DSRQVNpKR-3OpNRSLVX
0RþRYLQRXSURWLOXSpQFH
'DOãtP YêUREFHP NWHUê GRGiYi VYp
YêUREN\ N GDOãtPX IDUPDFHXWLFNpPX
]SUDFRYiQtMHQČPHF
Ni VSROHþQRVW 6.:
3LHVWHULW]
QHMYČWãt
YêUREFH DPRQLDNX
D PRþRYLQ\ $ SUiYČ
PRþRYLQD VH SRXåtYi
QHMHQ MDNR KQRMLYR
DOH QDOH]QHPH ML WDNp
Y]XEQtSDVWČNRVPH
WLFNêFK SĜtSUDYFtFK
åYêNDþNiFK
QHER
YH IDUPDFLL = PHGLFtQVNpKR KOHGLVND
IXQJXMH MDNR GLXUHWLNXP ORNiOQt DQ
WLVHSWLNXP SUR UHGXNFL REMHPX YRG\
YWČOH.UpP\VY\VRNêPSRGtOHPPR
þRYLQ\SRPiKDMtSĜLOpþEČNRåQtFKRQH
PRFQČQt±HN]pPĤOXSpQN\QHERQHX
URGHUPLWLG\
6.: 3LHVWHULW] Y\UREt URþQČ ]KUXED
PLOLRQ\WXQPRþRYLQ\D]KUXED
WRKRWRPQRåVWYtMHY\UREHQRMDNRNU\V
WDOLFNi PRþRYLQD D GiOH ]SUDFRYiYiQR
Y NRVPHWLFNpP D SRWUDYLQiĜVNpP SUĤ
P\VOX D WDNp YH IDUPDFLL Ä1D WHQWR
SURGXNWMVRXNODGHQ\]YOiãWQtSRåDGDY
N\WêNDMtFtVHNYDOLW\DþLVWRW\=DFHOê
YêUREQt SURFHV GOH SUDYLGHO VSUiYQp
YêUREQt SUD[H ]RGSRYtGi Yê]NXPQp
D YêYRMRYp RGGČOHQt 6.: 6WLFNVWRI
IZHUNH3LHVWHULW]NWHUpPiYtFHQHå
]DPČVWQDQFĤ³ ]GĤUD]ĖXMH SĜtVQp SRG
PtQN\ YêURE\ NU\VWDOLFNp PRþRYLQ\
&DULQD 0OOHU3ÀXJ 35 VSHFLDOLVWND
VSROHþQRVWL6.:3LHVWHULW]
5HGDNFH$*)0DJD]tQX
NRQHþQpPX VSRWĜHELWHOL DOH SĜHYiåQČ
ODKĤGNiĜĤPQDYêUREXREORåHQêFKFKOH
EtþNĤ7ĜLFHWFHQWLPHWUĤGORXKpYHMFHVH
DVLYiåQČGiQD]YDWNXULR]LWRX
-DNVH¿UPČ3URFKi]NDSRUHVWUXN
WXUDOL]DFLGDĜt"
7HćMHWRMLåOHSãt3UYQtURNE\OYHOPL
ãSDWQê 3R ]WUiWČ YêUREQtKR SURJUDPX
VNRQþLO URN ]WUiWRX VNRUR PLO .þ
'UXKêURNE\OD]WUiWDSRORYLþQtDOHWRV
MLåEXGH]LVN'ĤOHåLWpMHåHVHVSROHþ
QRVWPĤåHRStUDWRVYRMLYODVWQtURVWRXFt
YêUREX
=PtQLOMVWHVHRREFKRGXVU\EDPL
&RYãHFKQRSURGiYiWH"
-DN MVHP MLå ĜtNDO OHWRV EXGH SURGHM
QDKUDQLFLWLVtFWXQDUi]HPMVPHMHGHQ
] QHMYČWãtFK SURGXFHQWĤ Y UHSXEOL
FH 5\E\ MVRX YČWãLQRX ] ORYĤ Y ,UVNX
D6NRWVNXQHMYtFHVH]SUDFRYiYDMtPDN
UHO\QDGUXKpPPtVWČMVRXVOHGČ9êURE
N\PĤåHWHQDSXOWHFKREFKRGĤQDMtWQH
MHQMDNRNODVLFNRXX]HQRXPDNUHOXDOH
L MDNR U\Et VDOiW\ ]DYLQiþH QHER WĜHED
X]HQiORVRVRYiEĜtãND
%HUHWH YHMFH D POpNR RG IDUHP
]NRQFHUQX"
$QRVDPR]ĜHMPČLNG\åMHQ]QDãLFK
IDUHP E\FKRP REMHP\ NWHUp SRWĜHEX
MHPH QHGRNi]DOL SRNUêW 6YiåtPH MDN
POpNRGR+OLQVNDWDNYHMFHGR3URFKi]
N\]QDãLFKSUYRYêURELRGH[WHUQtFKGR
GDYDWHOĤ6SROXSUiFHMHEH]SUREOpPRYi
DQDãLPNROHJĤP]DWRSDWĜtSRGČNRYiQt
.DUHO+DQ]HOND$*52)(57DV
)RWR/XNiã3URFKi]ND