Hydrologické vyhodnocení povodně v povodí Labe v červnu

Transkript

Hydrologické vyhodnocení povodně v povodí Labe v červnu
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH
+\GURORJLFNpY\KRGQRFHQt
SRYRGQČYSRYRGt/DEHYþHUYQX
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH
+\GURORJLFNpY\KRGQRFHQt
SRYRGQČYSRYRGt/DEH
YþHUYQX
0DJGHEXUN
7LWXOQtIRWRJUD¿H&KULVWLDQ-XQJ/+:6DFKVHQ$QKDOW
=iSODYRYp~]HPtQDVRXWRNX/DEHD6iO\GQHXREFH%UHLWHQKDJHQGHQSRSURWUåHQtSUD
YRVWUDQQpRFKUDQQpKUi]HQD6iOHPH]LREFHPL.OHLQ5RVHQEXUJD%UHLWHQKDJHQ
9OHYRRGOHYRVWUDQQpRFKUDQQpKUi]H/DEHMHYLGČWþiVWNPYHONpKR~]HPt]DSODYHQpKRSRSURWUåHQtRFKUDQQpKUi]HNROHP]FHOD]D
SODYHQpREFH%UHLWHQKDJHQ9SUDYRRGRFKUDQQpKUi]H/DEHVHQDFKi]tSĜLUR]HQp]iSODYRYp~]HPt/DEHNGHMHWDNpGREĜHUR]SR]QDWHOQi
WUDVDWRNX/DEH
9\GDYDWHO
0H]LQiURGQtNRPLVHSURRFKUDQX/DEH0.2/
,QWHUQDWLRQDOH.RPPLVVLRQ]XP6FKXW]GHU(OEH,.6(
3RVWIDFK
0DJGHEXUJ
7LVN
+DU]GUXFNHUHL*PE+
0D[3ODQFN6WUD‰H
:HUQLJHURGH
1iNODGYêWLVNĤ
2%6$+
3ĜHGPOXYD ÒYRG 0HWHRURORJLFNpSĜtþLQ\SRYRGQČ 6UiåNRYpREGREtRGNYČWQDGRþHUYQD 6UiåNRYpREGREtRGGRþHUYQD 3UĤEČKSRYRGQČ 3RYRGt/DEHQDGVRXWRNHPV9OWDYRX 3RYRGt9OWDY\ 3RYRGt/DEHSRGVRXWRNHPV9OWDYRXSRVWiWQtKUDQLFL 3RYRGt/DEHRGVWiWQtKUDQLFHSRVRXWRNVýHUQêP+DOãWURYHP 3RYRGtýHUQpKR+DOãWURYX 3RYRGt0XOGH 3RYRGt6iO\ 3RYRGt/DEHRGVRXWRNXVýHUQêP+DOãWURYHPSRVRXWRNVH6iORX 3RYRGt/DEHRGVRXWRNXVH6iORXSRVRXWRNV+DYRORX 3RYRGt+DYRO\ 3RYRGt/DEHRGVRXWRNXV+DYRORXSRMH]*HHVWKDFKW +\GURORJLFNp]KRGQRFHQtSRYRGQČ 3RYRGt/DEHQDGVRXWRNHPV9OWDYRX 3RYRGt9OWDY\ 3RYRGt/DEHSRGVRXWRNHPV9OWDYRXSRVWiWQtKUDQLFL 3RYRGt/DEHRGVWiWQtKUDQLFHSRVRXWRNVýHUQêP+DOãWURYHP 3RYRGtýHUQpKR+DOãWURYX 3RYRGt0XOGH 3RYRGt6iO\ 3RYRGt/DEHRGVRXWRNXVýHUQêP+DOãWURYHPSRVRXWRNVH6iORX 3RYRGt/DEHRGVRXWRNXVH6iORXSRVRXWRNV+DYRORX 3RYRGt+DYRO\ 3RYRGt/DEHRGVRXWRNXV+DYRORXSRMH]*HHVWKDFKW 3RURYQiQtVSRYRGQtYURFH 9êVOHGN\GDOãtKR]KRGQRFHQt 6KUQXWt 3ě('0/89$
9 PČVtFtFK NYČWQX D þHUYQX QDVWDOD YH
VWĜHGQt (YURSČ SRYRGĖRYi VLWXDFH NWHUi VYêP
UR]VDKHP D SUĤEČKHP Y QČNWHUêFK SRYRGtFK
SĜHNRQDOD H[WUpPQt SRYRGHĖ ] URNX 7DNp
SĜL WpWR SRYRGQL E\OD ]YOiãWČ SRVWLåHQD PH]LQi
URGQtREODVWSRYRGt/DEH2SURWLSRYRGQtPYURFH
DE\OWHQWRNUiWVLOQČ]DVDåHQ]H
MPpQDGROQt~VHNYQLWUR]HPVNpKR/DEH([WUpP
Qt YRGQt VWDY\ E\O\ SR]RURYiQ\ QD SĜtWRFtFK
/DEH Y VHYHURYêFKRGQtFK D VWĜHGQtFK ýHFKiFK
Y SRYRGt VWĜHGQt D GROQt 9OWDY\ 6iO\ D 0XOGH
DYãDN ]HMPpQD QD /DEL Y 6DVNX$QKDOWVNX NGH
GRãOR Y GĤVOHGNX SRYRGQČ N ]DSODYHQt YHONêFK
SORFKSURWUåHQtRFKUDQQêFKKUi]tDNGHE\ORQXW
QpSURYiGČWUR]ViKOpHYDNXDFH]D~þHOHPRFKUD
Q\ĜDG\SRVWLåHQêFKRE\YDWHO
7DNpSĜLWpWRSRYRGQLVHXNi]DODSUDYGLYRVWWYU]H
Qt Ä.DåGi SRYRGHĖ MH MLQi³ 7HQWRNUiW E\O Y]QLN
SRYRGQČ XPRFQČQ KODYQČ SĜHGFKR]tP QDV\
FHQtP SĤG\ Y FHOpP SRYRGt +RGQRW\ YOKNRVWL
SĤG\E\O\QDSĜY1ČPHFNXNRQFHPNYČWQD
QHMY\ããt RG ]DþiWNX SR]RURYiQt Y URFH 3URWR VH VUiåNRYi YRGD MLå QHPRKOD YVDNRYDW D
RGWpNDODSĜtPRSRSRYUFKX3ĜHGSRYRGQtEČKHP
MHMtKRSUĤEČKXLSRSRYRGQLE\O\SĜtVOXãQpRUJiQ\
YýHVNpUHSXEOLFHDY1ČPHFNXY~]NpPNRQWDN
WXDE\VLWDNPRKO\NG\NROLYQDY]iMHPSRVN\WRYDW
NRQ]LVWHQWQtLQIRUPDFHRYêYRMLVLWXDFH2SČWRYQČ
VHSĜLWRPRVYČGþLO\NRPXQLNDþQtFHVW\DSRVWXS\
]DYHGHQp0H]LQiURGQtNRPLVtSURRFKUDQX/DEH
6YĤM Yê]QDP SUR RSHUDWLYQt ]YOiGiQt NULWLFNêFK
VLWXDFt MHGQR]QDþQČ SURNi]DO\ WDNp LQWHUQHWRYp
LQIRUPDþQtSODWIRUP\RSRYRGQtFK
$QDOê]D SRYRGĖRYêFK HSL]RG N QLPå GRãOR RG
NRQFH NYČWQD GR NRQFH þHUYQD Y PH]LQi
URGQt REODVWL SRYRGt /DEH WYRĜt GĤOHåLWê ]iNODG
SUR GDOãt ]NYDOLWĖRYiQt SĜHVKUDQLþQtKR PDQDJH
PHQWX SRYRGĖRYêFK UL]LN 6 RKOHGHP QD VSROX
SUiFL D VSROHþQp Y\KRGQRFHQt Y]QLNX D YêYRMH
WpWR SRYRGĖRYp VLWXDFH ]DĜD]HQt SDUDPHWUĤ
SRYRGQČ GOH GRE RSDNRYiQt D ~þLQNĤ SUĤEČKX
SRYRGQČ MH XPRåQČQR VSUiYQtP RUJiQĤP D
SRVWLåHQêPVXEMHNWĤPRGYRGLWQH]E\WQiEXGRXFt
RSDWĜHQtRFKUDQ\SĜHGSRYRGQČPL]YOiGiQtNUL]R
YêFKVLWXDFtDSUHYHQFH
9\SUDFRYiQtWpWR]SUiY\QHE\OR]GDOHNDUXWLQQtP
~NROHPVNXSLQ\H[SHUWĤÄ+\GURORJLH³0H]LQiURGQt
NRPLVH SUR RFKUDQX /DEH E\OR SHUVRQiOQČ D
þDVRYČYHOPLQiURþQpDWRLVRKOHGHPQDY\SUD
FRYiQt QiURGQtFK ]SUiY Y ýHVNp UHSXEOLFH D
Y 1ČPHFNX ýOHQĤP VNXSLQ\ H[SHUWĤ SURWR WHG\
QiOHåtXSĜtPQpSRGČNRYiQt0H]LQiURGQtNRPLVH
SURRFKUDQX/DEH]DWXWR]SUiYXNWHUiMH]iURYHĖ
GRNODGHP~VSČãQpDFtOHQpVSROXSUiFHYREODVWL
SRYRGt
,QJ%RKXVODYD.XODVRYi
3URI'U0DUWLQ6RFKHU
'U+HOJH:HQGHQEXUJ
SĜHGVHGN\QČVNXSLQ\H[SHUWĤ
Ä+\GURORJLH³
SĜHGVHGDSUDFRYQtVNXSLQ\
Ä3RYRGĖRYiRFKUDQD³
SUH]LGHQW0.2/
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
Ò92'
3RYRGt /DEH E\OR QD SĜHORPX NYČWQD D þHUYQD
]DVDåHQR Y\GDWQêPL VUiåNDPL 9]KOHGHP
N YHOPL FKODGQpPX ]DþiWNX MDUD D VUiåNRYČ
QDGSUĤPČUQpPX NYČWQX E\OD SĤGD Y SRYRGt MLå
YHOPL VLOQČ QDV\FHQi YRGRX SURWR W\WR VUiåN\
Y\YRODO\ UR]ViKOp SRYRGQČ =DVDåHQ QHE\O MHQ
WRN/DEHDOHLYČWãLQDMHKRYê]QDPQêFKSĜtWRNĤ
7DWR VNXWHþQRVW YHGOD N Y\WYRĜHQt SRYRGĖRYp
YOQ\QD/DELMHMtåNXOPLQDþQtSUĤWRN\YHVWDQLFtFK
SRGVRXWRNHPV9OWDYRXGRVDKRYDO\GRE\RSDNR
YiQt Då OHW 1D 6WĜHGQtP /DEL WDE GRãORWpPČĜNHVWĜHWXNXOPLQDFt/DEHD6iO\FRå
]SĤVRELOR Y RNROt 0DJGHEXUNX GRVDåHQt KLVWR
ULFN\ QHMY\ããtFK SR]RURYDQêFK YRGQtFK VWDYĤ
D SUĤWRNĤ RG ]DþiWNX SUDYLGHOQêFK ]i]QDPĤ
.XOPLQDþQtSUĤWRN\VH]GHSRK\ERYDO\QD~URYQL
GRE\ RSDNRYiQt YêUD]QČ QDG OHW 0DWHULiOQt
ãNRG\ E\O\ RGKDGQXW\ QD POG .þ Y ýHVNp
UHSXEOLFHDQDPOG(85Y1ČPHFNX
-HWRMLåWĜHWtYê]QDPQiSRYRGHĖQD/DELRGNDWD
VWURIiOQtSRYRGQČYURFH=DWtPFRSRYRGQČ
YURFHDE\O\W\SLFNêPLSRYRGQČPL]LP
QtKR UHåLPX ]SĤVREHQp U\FKOêP WiQtP VQČKRYp
SRNUêYN\SRGSRĜHQêPGHãĢRYêPLVUiåNDPLE\O\
OHWQt SRYRGQČ D Y\YROiQ\ Y\GDWQêPL
UHJLRQiOQtPLVUiåNDPL
9SRYRGt/DEHNWHUpVH]YtFHQHåQDFKi]t
QD ~]HPt ýHVNp UHSXEOLN\ D 6SRONRYp UHSXEOLN\
1ČPHFNR WDE REU XPRåĖXMH VSROX
SUiFH ]iVWXSFĤ þHVNêFK D QČPHFNêFK LQVWLWXFt
Y UiPFL 0.2/ ]SUDFRYiQt VSROHþQpKR SRSLVX D
DQDOê]\ K\GURORJLFNêFK XGiORVWt SĜHNUDþXMtFtFK
KUDQLFH VWiWĤ 9 UiPFL WpWR VSROXSUiFH 0.2/
]SUDFRYDOD SĜHGNOiGDQp VRXKUQQp K\GURORJLFNp
Y\KRGQRFHQtSRYRGQČNWHUpNURPČSRSLVX
SUĤEČKX D RGYR]HQt GĤOHåLWêFK K\GURORJLFNêFK
~GDMĤQDEt]tWDNp]iNODGQtSRURYQiQtVNDWDVWUR
IiOQtSRYRGQt]URNX
3UĤWRNRYê UHåLP D YRGQt VWDY\ QD 'ROQtP /DEL
WDESRGMH]HP*HHVWKDFKWMVRXRYOLYĖRYiQ\
SĜtOLYHPDRGOLYHP3URWRQHE\ORSRYRGt'ROQtKR
/DEH GR K\GURORJLFNpKR Y\KRGQRFHQt SRYRGQČ
]DKUQXWR SRGREQČ MDNR X ]SUiY N SRYRG
QtPDNWHUpE\O\MLåGĜtYH]SUDFRYiQ\
YUiPFL0.2/
7DWR]SUiYDREVDKXMHVORYQtSRSLVPDSRYp]SUD
FRYiQt VUiåNRYêFK ~KUQĤ WDEHOiUQt ]SUDFRYiQt
DJUD¿FNp]Qi]RUQČQtSUĤEČKĤSRYRGĖRYêFKYOQ
YHY\EUDQêFKYRGRPČUQêFKVWDQLFtFK&tOHPE\OR
NRPSOH[QČ D SRNXG PRåQR MHGQRWQČ VKUQRXW D
Y\KRGQRWLWQHMGĤOHåLWČMãtK\GURORJLFNp~GDMHRWpWR
XGiORVWL]SRKOHGXFHOpKRSRYRGt/DEH9HOLNRVWD
UR]GtOQpJHRPRUIRORJLFNpSRPČU\YSRYRGt/DEH
QHXPRåĖXMtX]SUiYWRKRWRFKDUDNWHUXGHWDLOQtSR
SLVUHJLRQiOQtFKVSHFL¿N3RGUREQpLQIRUPDFHNH
NRQNUpWQtPREODVWHPMHWĜHEDþHUSDW]SĜtVOXãQêFK
QiURGQtFKSĜtS]HPVNêFK]SUiY
7DE 3RYRGt/DEH
3ORFKDNP ]WRKR
ýHVNiUHSXEOLND
NP 1ČPHFNR
NP 5DNRXVNR
NP 3ROVNR
NP 'pONDWRNXĜHN\/DEHNP
]WRKR
ýHVNiUHSXEOLND
NP
1ČPHFNR
NP
3RþHWRE\YDWHOPLO
]WRKR
ýHVNiUHSXEOLND
PLO
1ČPHFNR
PLO
5DNRXVNR
PLO
3ROVNR
PLO
RGOHYpKREĜHKXX6FK|Q\
7DE 5R]GČOHQt/DEH
5R]GČOHQt/DEH
ÒVHN\/DEH
'pOND/DEH
3ORFKDSRYRGt
>NP@
>NP @
+RUQt/DEH
SUDPHQ/DEHSR]iPHN+LUVFKVWHLQ
6WĜHGQt/DEH
]iPHN+LUVFKVWHLQSRMH]*HHVWKDFKW
'ROQt/DEH
MH]*HHVWKDFKWSR~VWtGR6HYHUQtKRPRĜHKUDQLFHVPRĜHP
/DEHFHONHP
SUDPHQ/DEHSR~VWtGR6HYHUQtKRPRĜH
'OHSĜHGEČåQpKRRGKDGX3UDFRYQtKRVSROHþHQVWYtVSRONRYp
YOiG\DVSRONRYêFK]HPt9RGD/$:$
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU 3ĜHKOHGQiWRSRJUD¿FNiPDSDSRYRGt/DEH±]GURM%I*ý+0Ò0.2/
0(7(252/2*,&.e3ěËý,1<3292'1ċ
-HGQRX]SĜtþLQSRYRGĖRYpVLWXDFHYþHUYQX
E\OYHOPLYOKNêNYČWHQNG\QDSRYRGt/DEHVSDG
ORYSUĤPČUXPPVUiåHNREU
9þHVNpþiVWLSRYRGt/DEHRGSRYtGDO\VUiåNRYp
~KUQ\GORXKRGREpKRNYČWQRYpKRQRUPiOX
REGREt ± 1HMY\ããt VUiåNRYp ~KUQ\
]D]QDPHQDO\]iSDGQtýHFK\QRUPiOXD
VHYHUQtýHFK\QRUPiOXFRåMVRXKRGQR
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
W\VLOQČQDGQRUPiOQt7\WRVUiåN\]DSĜtþLQLO\YHO
PL VLOQp QDV\FHQt ~]HPt 8ND]DWHO QDV\FHQt VH
RGYR]XMHELODQþQtP]SĤVREHP]GHQQtFKKRGQRW
VUiåHN DNWXiOQt HYDSRWUDQVSLUDFH D RGKDGQXWp
YêãN\RGWRNXPHWRGRX&1NĜLYHN6HY]UĤVWDMtFt
KRGQRWRX XND]DWHOH QDV\FHQt NOHVi VFKRSQRVW
SĤG\ DEVRUERYDW GORXKRGREČML VUiåNRYRX YRGX
D VWiOH YtFH YRG\ SĜtPR RGWpNi 5R]ORåHQt XND
]DWHOH QDV\FHQt N NYČWQX MH ]Qi]RUQČQR QD
NXWRKRGRViKODSĤGQtYOKNRVWQDSĜHORPXPČVtFH
H[WUpPQČY\VRNêFKKRGQRWNWHUpVHYUR]ViKOêFK
þiVWHFK SRK\ERYDO\ QD KUDQLFL QDV\FHQt 1D
REU MH MDNR SĜtNODG XYHGHQD SĤGQt YOKNRVW
Y Y\XåLWHOQp YRGQt NDSDFLW\ GQH NYČWQD
QD~]HPt1ČPHFND=REUi]NXMH]ĜHMPpåH
2EU
0DSD VUiåNRYêFK ~KUQĤ Y SRYRGt /DEH
YNYČWQX±]GURMý+0Ò%I*':'
REU]HNWHUpKRMH]ĜHMPpåHQHMYtFHQDV\
FHQpE\OR~]HPtYSĜtKUDQLþQtFKREODVWHFKFHOpKR
þHVNpKRSRYRGt/DEH
7DNp QD UR]ViKORX þiVW QČPHFNpKR SRYRGt
/DEHVSDGOYNYČWQXGYRMQiVREHNGORXKRGREpKR
PČVtþQtKRQRUPiOXVUiåHNREGREt±
DYãLURNpPSUXKXRGMLåQtKRâOHVYLFND+ROãWêQVND
DåSRVHYHUQt%DYRUVNRE\ORGRVDåHQROR
NiOQČGRNRQFHYtFHQHåQRUPiOX9GĤVOHG
2EU
2EU
3ĤGQtYOKNRVWYY\XåLWHOQpYRGQtNDSDFLW\
GQHY1ČPHFNX±]GURM':'
8ND]DWHOQDV\FHQtYýHVNpUHSXEOLFHNYKRG6(/ý±]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
SĤGDE\ODQDV\FHQiSĜHGHYãtPYSRYRGtFK6iO\D
0XOGH=GHVHKRGQRW\SĤGQtYOKNRVWLSRK\ERYD
O\PH]LDåY\XåLWHOQpYRGQtNDSDFLW\D
SĜHYêãLO\GORXKRGRERXSUĤPČUQRXGHQQtKRGQRWX
]DREGREt±RDåY\XåLWHOQp
YRGQtNDSDFLW\
7\WRVNXWHþQRVWLE\O\GĤYRGHPYHONêFKNRH¿FLHQ
WĤRGWRNXDVWtPVRXYLVHMtFtYHOPLU\FKOpRGWRNRYp
RGH]Y\SĜLGDOãtFKY\GDWQêFKVUiåNiFKNWHUpVH
Y\VN\WRYDO\]HMPpQDRGNYČWQDGRþHUYQD
DþDVWRYHGO\NYHONêPSRGtOĤPSĜtPpKRRGWRNXD
]DSĜtþLQLO\WYRUEX]þiVWLH[WUpPQtFKSRYRGĖRYêFK
YOQ
6UiåNRYRX þLQQRVW D QiVOHGQRX K\GURORJLFNRX
RGH]YX ]DSĜtþLQLOD GYČ Yê]QDPQi V\QRSWLFNi RE
GREtDWRRGNYČWQDGRþHUYQDDRG
GRþHUYQDýHUYQRYpVUiåNRYp~KUQ\
YSRYRGt/DEHMVRX]Qi]RUQČQ\QDREU
2EU
0DSD VUiåNRYêFK ~KUQĤ Y SRYRGt /DEH
YþHUYQX±]GURMý+0Ò%I*':'
6UiåNRYpREGREtRGNYČWQDGRþHUYQD
3RSLVV\QRSWLFNpVLWXDFH
'HãWLYê SUĤEČK MDUD SRNUDþRYDO L Y NYČWQX NG\
]iSDGQtþiVWSRYRGt/DEHDKRUVNpREODVWL'XU\Q
VNpKR OHVD D .UXãQêFK KRU ]DViKO\ Y QČNROLND
HWDSiFK YHOPL Y\GDWQp VUiåN\ 2G NYČWQD VH
SĜLEOLåQČ QD WêGHQ Y\WYRĜLO W\S PDNURV\QRSWLFNp
VLWXDFH V EUi]GRX Qt]NpKR WODNX Y]GXFKX QDG
VWĜHGQt (YURSRX GRSURYi]HQRX VWXGHQêP SROiU
QtP Y]GXFKHP GRVDKXMtFtP GR Y\ããtFK YUVWHY
DWPRVIpU\ NWHUi E\OD ]RGSRYČGQi ]D UHJLRQiOQČ
2EU
YHOPL LQWHQ]LYQt VUiåN\ 9êVOHGNHP E\OD Y\VRNi
QDV\FHQRVW ~]HPt 9]KOHGHP N WČPWR RNROQR
VWHP E\OD SĜtþLQRX SRYRGQČ NYD]LVWDFLRQiUQt RE
ODVW Qt]NpKR WODNX Y]GXFKX W\S PDNURV\QRSWLFNp
VLWXDFHÄQtåHQDGVWĜHGQt(YURSRX³NWHUiY]iYČUX
NYČWQDVHWUYiYDODQDGYČWãtþiVWtHYURSVNpKRNRQ
WLQHQWXDNROHPNWHUpVHRSDNRYDQČY\WYiĜHODMHG
QRWOLYi MiGUD Qt]NpKR WODNX Y]GXFKX7DWR VLWXDFH
]HVLORYDODDåGR]DþiWNXþHUYQD
6\QRSWLFNiVLWXDFHYþHWQČIURQWiOQtDQDOê]\YREODVWL
(YURSD±$WODQWLNGQHYHKRG6(/ý
]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
6WĜHG PRKXWQp WODNRYp QtåH YH Y\ããtFK KODGL
QiFK DWPRVIpU\ SRVWXSRYDO ] MLKR]iSDGQt
(YURS\ N VHYHURYêFKRGX D SĜL VYpP SRVWX
SX E\O EORNRYiQ UR]ViKORX WODNRYRX Yêãt QDG
VHYHURYêFKRGQt (YURSRX 5R]KRGXMtFt SUR
YêUD]QRX VUiåNRYRX HSL]RGX D þHUYQD
E\ODWODNRYiQtåHNWHUiVHY\WYRĜLODQDIURQWiOQt
YOQČ YêFKRGQČ RG ýHVNp UHSXEOLN\ D ]YRO
QDSRVWXSRYDODQDG~]HPtýHVNpUHSXEOLN\D
YêFKRGQt 1ČPHFNR 1DG VHYHUQt (YURSRX VH
XGUåRYDODWODNRYiYêãHD]iURYHĖQDG]iSDG
Qt(YURSRXPRKXWQČOYêEČåHND]RUVNpWODNRYp
YêãHREU2ED~WYDU\SRVWXSQČ]DEOR
NRYDO\SRVWXSQtåHGiOHQDVHYHUD]iSDGFRå
]SĤVRELOR MHMt VHWUYiQt QDG FHQWUiOQt þiVWt HY
URSVNpSHYQLQ\1DG~]HPtPýHVNpUHSXEOLN\
VHYOQLORIURQWiOQtUR]KUDQtDE\ORWpPČĜKRGLQ
EH]YêUD]QČMãtKRSRK\EX
7DWRV\QRSWLFNiVLWXDFH]SĤVRELODåHVHEČKHP
þHUYQDY\WYRĜLORQDG~]HPtPýHVNpUHSXEOLN\
YêUD]QpNRQYHUJHQWQtSURXGČQtYSĜt]HPQtYUVWYČ
7DWR þiUD NRQYHUJHQFH MHQ ]YROQD SRVWXSRYDOD
NYêFKRGXDþHUYQDOHåHODYSURVWRUXRGVHYHU
QtFKSĜHVVWĜHGQtDåGRMLåQtFKýHFK9WêOXWOD
NRYpQtåHSURXGLORGVHYHUR]iSDGXSĜHVYêFKRG
Qt1ČPHFNRGRýHFKVWXGHQêY]GXFKD]iURYHĖ
H[LVWRYDOYêUD]QêVWĜLKYČWUXSĜHVPV'DOãtP
SUYNHP NWHUê SĜLVSČO N YêUD]QêP VUiåNiP E\OR
LQVWDELOQt ]YUVWYHQt 3RVWLåHQ\ E\O\ MDN UR]ViKOp
þiVWL6DVNDWDNLVHYHUýHFK7YRUEDREODþQRVWL
D QiVOHGQêFK VUiåHN E\OD YOLYHP RURJUD¿H GiOH
XPRFQČQD 6 YêMLPNRX MLåQtFK ýHFK VH Y REOD
VWL NRQYHUJHQFH Y\VN\WRYDO\ NURPČ YêUD]QpKR
GHãWČ L REþDVQp ERXĜN\ 9 .UNRQRãtFK GRFKi
]HOR N Yê]QDPQp ERXĜNRYp þLQQRVWL NWHUi E\OD
SRGSRĜHQDWtPåHVHERXĜN\ĜHWČ]LO\WUDLQHIIHFW
WpPČĜQDMHGQRPPtVWČ.RPELQDFHYãHFKIDNWRUĤ
]SĤVRELOD YêUD]Qp VUiåNRYp ~KUQ\ Y UHODWLYQČ
~]NpPSiVPXDYNUiWNpPþDVRYpPREGREt
D
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
E
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
F
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
2EU
G
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
0DS\VUiåNRYêFK~KUQĤYSRYRGt/DEHDå±]GURMý+0Ò%I*':'
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3R]RURYDQpVUiåNRYp~KUQ\
9 SRYRGt /DEH VH RG NYČWQD GR þHUYQD
Y\VN\WRYDO\ Y\GDWQp WUYDOp VUiåN\ ]þiVWL
LSĜtYDORYpVUiåN\RLQWHQ]LWČDåPP]DKRGLQX
=DViKO\SĜHGHYãtPSiVWiKQRXFtVHRG.UNRQRã
MLKR]iSDGQtPVPČUHPDåN1RYRKUDGVNêPKRUiP
D N YêFKRGQt þiVWL âXPDY\ DOH L .UXãQp KRU\
'XU\QVNê OHV D 9RJWODQG =DWtPFR WUYDOp VUiåN\
]iSDGQČRG6iO\RGþHUYQDVOiEO\YL]VWDQLFH
/XLVHQWKDOD6FKPFNHQDYêFKRGRG6iO\QD
GiOHLQWHQ]LYQČSUãHORGRþHUYQD
6RXKUQ KRGLQRYêFK D KRGLQRYêFK VUiåNR
YêFK~KUQĤ]DREGREtRGKRGLQNYČWQDGR
KRGLQ þHUYQD 6(ý QD Y\EUDQêFK
VUiåNRPČUQêFKVWDQLFtFKMHXYHGHQYWDE
7DE
1HMY\ããtKRGLQRYpVUiåNRYp~KUQ\E\O\QDPČĜH
Q\ GQH þHUYQD Y SRYRGt ÒS\ SĜtWRN /DEH YH
VWDQLFL+RUQt0DUãRYPPYSRYRGt0DVWQtNX
SĜtWRN 9OWDY\ YH VWDQLFL 6WĜH]LPtĜ PP D
YSRYRGt0XOGHYHVWDQLFL6WW]HQJUQ+XQGVKEHO
PP
1HMY\ããtVUiåNRYp~KUQ\]DKRGLQE\O\]D]QD
PHQiQ\QDâXPDYČYSRYRGtÒKODY\9OWDYDYH
VWDQLFLäHOH]Qi5XGDâSLþiNPPYSRYR
Gt 0XOGH YH VWDQLFL 6WW]HQJUQ+XQGVKEHO
PPDYSRYRGt%tOpKR+DOãWURYXQDYRGQtP
GtOH:HUGDPP
KRGLQRYêDKRGLQRYêVUiåNRYê~KUQYPP]DREGREtRGNYČWQDGRþHUYQD
6WDQLFH
KRGLQRYê
VUiåNRYê~KUQ
3RYRGt
+RUQt0DUãRY
ÒSD/DEH
'ROQt&KYDWOLQ\
KRGLQRYê
VUiåNRYê~KUQ
RGKRG
GRKRG
9êURYND/DEH
3RGČEUDG\
/DEH
ýHVNp%XGČMRYLFH
9OWDYD
-LVWHEQLFH
/XåQLFH9OWDYD
&KXUiĖRY
2WDYD9OWDYD
6WĜH]LPtĜ
0DVWQtN9OWDYD
äHOH]Qi5XGDâSLþiN
ÒKODYD9OWDYD
3UDKD/LEXã
9OWDYD
ýHVNê-LĜHWtQ
)OiMVNêSRWRN/DEH
=LQQZDOG*HRUJHQIHOG
:HL‰HULW]/DEH
'UiåćDQ\.ORW]VFKH
/DEH
3XOVQLW]
ýHUQê+DOãWURY
6WW]HQJUQ+XQGVKEHO =ZLFNDXHU0XOGH
)LFKWHOEHUJ
0ROGDYVNêSRWRN
9':HUGD
%tOê+DOãWURY
9')DONHQVWHLQ
%tOê+DOãWURY
7UHXHQ
%tOê+DOãWURY
2EHUZHL‰EDFK
6iOD
1HXVWDGW2UOD
6iOD
'URJQLW]
6iOD
/XLVHQWKDO
8QVWUXW
6FKPFNH
8QVWUXW
5HLFKHQEDFK2/
6SUpYD
9'4XLW]GRUI
6SUpYD
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
6UiåNRYpREGREtRGGRþHUYQD
3RSLVV\QRSWLFNpVLWXDFH
7ĜtGHQQt REGREt Y SRVOHGQt þHUYQRYp GHNiGČ
SĜLQHVOR PLPRĜiGQp VUiåN\ QD ~]HPt ýHVNp
UHSXEOLN\ L ] KOHGLVND GORXKRGREêFK PČĜHQt
([WUpPQt E\O ]HMPpQD MHGQRGHQQt VUiåNRYê
~KUQ þHUYQD NG\ QD ~]HPt ýHVNp UHSXEOLN\
Y SUĤPČUX VSDGOR NROHP PP VUiåHN .ROHP
WODNRYp QtåH QDG %ULWVNêPL RVWURY\ SRVWXSRYDOD
þHUYQD]H]iSDGQtGRVWĜHGQt(YURS\VWXGHQi
IURQWDNWHUiVHQDGDOSVNRXREODVWt]DþDODYOQLW
'QHþHUYQDVH~]HPtýHVNpUHSXEOLN\QDFKi
]HOR QD IURQWiOQtP UR]KUDQt D SR MHKR SĜHFKRGX
]DþDO SURXGLW FKODGQČMãt Y]GXFK RG VHYHUR]iSD
GX D SĜHFKRGQČ VH UR]ãtĜLO QHYêUD]Qê YêEČåHN
Y\ããtKR WODNX RG ]iSDGX 'QH þHUYQD VH
YH YHþHUQtFK D QRþQtFK KRGLQiFK QD SRPD
OX SRVWXSXMtFt ]YOQČQp VWXGHQp IURQWČ Y\WYRĜLOD
MLKRYêFKRGQČ RG ýHVNp UHSXEOLN\ VDPRVWDWQi
WODNRYiQtåHDYMHMtPWêOX]HVtOLOSĜtOLYVWXGHQpKR
Y]GXFKXRGVHYHUR]iSDGXDåVHYHUXREU
3ĜL VYpP UHWURJUiGQtP SRVWXSX N VHYHUR]iSDGX
MHMt VWĜHG WČVQČ PtMHO VHYHURYêFKRG ýHVNp UHSX
EOLN\DQtåHVH]DþDODSURKOXERYDWFRå]SĤVRELOR
]HVtOHQpSURXGČQt]HVHYHUQtFKVPČUĤYQLåãtFK
YUVWYiFK DWPRVIpU\ 9 QRFL ] QD þHUYQD
SRVWLKOD VUiåNRYi REODVW NWHUi SDWĜLOD N WpWR WOD
NRYp QtåL VSRONRYp ]HPČ 6DVNR D %UDQLERUVNR
7ODNRYiQtåHSRVWXSRYDODYSUĤEČKXGQHVHYHUQtP
2EU
VPČUHPSĜLþHPåVHVUiåNRYiREODVWUR]ãLĜRYDOD
QDG FHORX YêFKRGQt SRORYLQX 1ČPHFND 'QH
þHUYQD VH VWĜHG WODNRYp QtåH GRVWDO Då QDG
MLåQt6NDQGLQiYLLNGHVH]YROQD]DþDOY\SOĖRYDW
9]iYČUXREGREtVHRG]iSDGXGRVWĜHGQt(YURS\
]DþDOUR]ãLĜRYDWYêEČåHNY\ããtKRWODNXY]GXFKXD
VUiåN\QDSRYRGt/DEHWXGtåSRVWXSQČRG]iSDGX
XVWDO\
= PDNURV\QRSWLFNpKR KOHGLVND E\OD WDWR QHRE
Y\NOHVLOQiVUiåNRYiþLQQRVWQDGVWĜHGQt(YURSRX
]SĤVREHQD MLå ]PtQČQRX DWPRVIpULFNRX FLUNXODFt
DUR]ORåHQtPWODNRYêFK~WYDUĤQDG(YURSRXYFHOp
YUVWYČDWPRVIpU\
=PH]RV\QRSWLFNpKRKOHGLVNDE\O\W\WRLQWHQ]LYQt
DWUYDOpVUiåN\QDGFHQWUiOQtþiVWtýHVNpUHSXEOLN\
]SĤVREHQ\VLOQRXNRQYHUJHQFtY]GXFKXYQLåãtFK
KODGLQiFK NWHUi ]ĤVWiYDOD SR ĜDGX KRGLQ WpPČĜ
EH]SRK\EX.RQYHUJHQFHY\YROiYDODVLOQiG\QD
PLFNi Y]HVWXSQi SURXGČQt . WRPX VH Y LQNULPL
QRYDQp REODVWL Y\VN\WRYDO L YêUD]Qê VWĜLK YČWUX
D VSROX V NRQYHUJHQFt SĜLVStYDO N WYRUEČ LQWHQ
]LYQtFKDGORXKRWUYDMtFtFKVUiåHN,QWHQ]LWDVUiåHN
E\ODQDQiYČWUQêFKVWUDQiFKSRKRĜtDKRUýHVNR
PRUDYVNiYUFKRYLQDD.UNRQRãHXPRFQČQDLVLO
QêPVHYHUQtPSURXGČQtPYQLåãtFKKODGLQiFK
6\QRSWLFNiVLWXDFHYþHWQČIURQWiOQtDQDOê]\YREODVWL(YURSD±$WODQWLNGQHYHKRG6(/ý
]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3R]RURYDQpVUiåNRYp~KUQ\
9 SUĤEČKX GQH þHUYQD RSČW QDVWDO\ WUYDOp
VUiåN\NWHUpVHWUYDO\YýHVNpUHSXEOLFHDYQČPHF
Np þiVWL SRYRGt /DEH SĜHGHYãtP YH YêFKRG
QtP 6DVNX YH YêFKRGQtFK .UXãQêFK KRUiFK D
Y 6DVNpP âYêFDUVNX GR þHUYQD REU 6RXKUQKRGLQRYêFKDKRGLQRYêFKVUiåNRYêFK
~KUQĤ ]D REGREt RG KRGLQ GR KR
GLQ þHUYQD 6(ý YH Y\EUDQêFK VUiå
NRPČUQêFKVWDQLFtFKMHXYHGHQYWDE
1HMY\ããt KRGLQRYp VUiåNRYp ~KUQ\ NWHUp SĜH
NURþLO\ L PP E\O\ ]D]QDPHQiQ\ QD YêFKRG
RG3UDK\YSRYRGt&KUXGLPN\/DEHD'RXEUDY\
/DEH1DSĜYHVWDQLFL.UXFHPEXUNE\O]DKR
GLQ]D]QDPHQiQVUiåNRYê~KUQPP
D
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
E
F
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
$7.,65'/0&RS\ULJKW‹%XQGHVDPWIU.DUWRJUDSKLHXQG*HRGlVLH
2EU
0DS\VUiåNRYêFK~KUQĤYSRYRGt/DEHDå±]GURMý+0Ò%I*':'
7DE
KRGLQRYêDKRGLQRYêVUiåNRYê~KUQYPP]DREGREtRGGRþHUYQD
6WDQLFH
KRGLQRYê
VUiåNRYê~KUQ
3RYRGt
KRGLQRYê
VUiåNRYê~KUQ
RGKRG
GRKRG
+DPU\
&KUXGLPND/DEH
.ĜtåDQRYLFH
&KUXGLPND/DEH
.UXFHPEXUN
'RXEUDYD/DEH
%ČVWYLQD3DĜtåRY
'RXEUDYD/DEH
5HLFKHQEDFK2/
6SUpYD
9'4XLW]GRUI
6SUpYD
9'*RWWOHXED
*RWWOHXED/DEH
=LQQZDOG*HRUJHQIHOG
:HL‰HULW]/DEH
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
35ģ%ċ+3292'1ċ
-DNMLåE\OR]PtQČQRSĜHGFKi]HOþHUYQRYêPSR
YRGQtP Y SRYRGt /DEH VUiåNRYČ YêUD]QČ QDG
QRUPiOQt NYČWHQ 6UiåN\ ]DSĜtþLQLO\ YHOPL VLOQRX
QDV\FHQRVWSRYRGtFRå]QDþQČRYOLYQLORRGWRNR
YRXRGH]YXSĜLSRYRGĖRYêFKVLWXDFtFKYSUĤEČKX
þHUYQD91ČPHFNXE\ORGRVDåHQRQHMY\ããtSĤGQt
YOKNRVWLRG]DþiWNXPČĜHQtYURFHGOH~GDMĤ
1ČPHFNpPHWHRURORJLFNpVOXåE\':'
1D REU MH ]Qi]RUQČQR SRURYQiQt SUĤEČKX
SUĤWRNĤ QD /DEL Y ~VHNX %UDQGêV QDG /DEHP
.RVWHOHFQDG/DEHPDåSRVWDQLFL1HX'DUFKDX
]D SRYRGQČ Y þHUYQX D Y VUSQX =REUi]NXMHSDWUQêYOLY0XOGHDSĜHGHYãtP6iO\
QDSUĤEČKSUĤWRNĤQD/DELYþHUYQX
2EU
3UĤEČK SUĤWRNĤ QD /DEL Y ~VHNX %UDQGêV Q / .RVWHOHF Q / ± 1HX 'DUFKDX ]D SRYRGQČ
YþHUYQXDYVUSQX±]GURM%I*GDWDý+0Ò:69
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RGREQČ MH QD REU ]Qi]RUQČQ SUĤEČK YRG
QtFKVWDYĤYHY\EUDQêFKYRGRPČUQêFKVWDQLFtFK
QD /DEL D MHKR SĜtWRFtFK ]D SRYRGQČ Y þHUYQX
7HQWR REUi]HN XND]XMH åH WpPČĜ GRãOR
NVRXEČKXSRYRGĖRYêFKYOQQD/DELDQD9OWDYČ
L QD /DEL D QD 6iOH .XOPLQDFH 0XOGH SĜHGFKi
]HOD NXOPLQDFL /DEH R Då GQ\ 1D SUĤEČKX
YRGQtFKVWDYĤSRGVRXWRNHP/DEHV+DYRORXYH
VWDQLFtFK :LWWHQEHUJH D 1HX 'DUFKDX MH SDWUQê
YOLY QDSRXãWČQt +DYROVNp QtåLQ\ D QiVOHGQpKR
]PHQãHQt NXOPLQDþQtKR SUĤWRNX WUDQVIRUPDþQtP
~þLQNHP
ýtVHOQp~GDMH
QHMY\ããtYRGQtVWDYYHVWDQLFL
YFP QDGQXORXYRGRþWX
=ROOHQVSLHNHU
*HHVWKDFKW
1HX'DUFKDX
:LWWHQEHUJH
7DQJHUPQGH
YRGQtVWDY>UR]HVWXSUDVWURYêF
FKOLQLtFP@
0DJGHEXUJ
%DUE\
&DOEH*UL]HKQH6iOD
%DG'EHQ 9HUHLQLJWH0XOGH
$NHQ
:LWWHQEHUJ
/|EHQýHUQê+DOãWURY
7RUJDX
'UiåćDQ\
3UDKD9OWDYD
6FK|QD
ÒVWtQ/
.RVWHOHF Q/
2EU
3UĤEČKYRGQtFKVWDYĤYHY\EUDQêFKYRGRPČUQêFKVWDQLFtFKQD/DELDMHKRSĜtWRFtFK]DSRYRGQČYþHUYQX
]GURM%I*GDWDý+0Ò:69
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGt/DEHQDGVRXWRNHPV9OWDYRX
VWDQLFL.UiORYVWYtQD/DELSRG9'/HV.UiORYVWYt
WUYDO63$RGGRþHUYQD
2GWRNRYRXVLWXDFLYSUĤEČKXþHUYQDO]HFKD
UDNWHUL]RYDWGYČPDHSL]RGDPLYê]QDPQêFKVUiåHN
= KOHGLVND SORãQpKR UR]VDKX L H[WUHPLW\ E\OD
QHMYê]QDPQČMãtVUiåNRYiþLQQRVWSUYQtHSL]RG\YH
GQHFKDþHUYQD9HGQHFK±þHUYQDVH
Y\VN\WRYDO\VUiåN\SĜHYiåQČORNiOQtKRSĜtYDORYpKR
FKDUDNWHUX NWHUp YãDN QH]SĤVRELO\ Yê]QDPQČMãt
SRYRGĖRYp SUĤWRN\ 'UXKi VUiåNRYi HSL]RGD
YH GQHFK D þHUYQD E\OD FKDUDNWHULVWLFNi
SRPČUQČ Y\GDWQêPL UHJLRQiOQtPL VUiåNDPL NWHUp
]DViKO\]HMPpQDYêFKRGQtþiVWSRYRGt/DEH
1HSĜt]QLYê YêYRM SRYRGĖRYp VLWXDFH E\O ]D]QD
PHQiQ Wpå Y SRYRGtFK RG VWDQLFH 3ĜHORXþ QD
/DEL SR VWDQLFL .RVWHOHF Q / NXOPLQDþQt SUĤWRN
PV D WR QD 9UFKOLFL Y SRYRGt &LGOLQ\ D
]YOiãWČ QD SĜtWRFtFK %\VWĜLFH D -DYRUND 'UDPD
WLFNiVLWXDFHY]QLNODYSRYRGt0UOLQ\NGHY\GDWQp
VUiåN\ ]SĤVRELO\ SURWUåHQt KUi]H .RPiURYVNpKR
U\EQtND QD âWtWDUVNpP SRWRFH 9H VWDQLFL 9HVWHF
QD0UOLQČNXOPLQDþQtSUĤWRNPVVH63$
Y\VN\WO RG GR þHUYQD . Yê]QDPQp SRYRG
ĖRYp VLWXDFL GRãOR WDNp QD 9êURYFH 3ĜL SUYQt
SRYRGĖRYpYOQČE\OQD9êURYFHYHVWDQLFL3ODĖDQ\
PVGRVDåHQ63$GQHþHUYQDDWUYDO
GR þHUYQD 3ĜL GUXKp SRYRGĖRYp YOQČ 63$
WUYDORGGRþHUYQD1DRSDNYSRYRGt-L]HU\
VH QHY\VN\WO\ Yê]QDPQČMãt SUĤWRN\ 3UĤEČK YRG
QtFK VWDYĤ D SUĤWRNĤ QD /DEL YH VWDQLFL .RVWHOHF
QDG/DEHPMH]Qi]RUQČQQDREU/LPLW\SUR
VWXSQČSRYRGĖRYpDNWLYLW\63$YWpWRVWDQLFLQHM
VRX]DWtPVWDQRYHQ\
9 GĤVOHGNX NRPELQDFH UHJLRQiOQtFK D ORNiO
QtFK SĜtYDORYêFK VUiåHN D þHUYQD NWHUp VH
Y\VN\WO\ SĜHGHYãtP YH YêFKRGQt þiVWL .UNRQRã D
Y SiVX WiKQRXFtP VH MLKR]iSDGQtP VPČUHP RG
.UNRQRãDåNSRYRGt9êURYN\E\O\]D]QDPHQiQ\
Yê]QDPQpSUĤWRN\QHMHQQDYČWãtFKWRFtFKDOHLQD
PHQãtFKWRFtFKVSORFKRXSRYRGtYĜiGXGHVtWHNDå
VWRYHNNP3RYRGĖRYiVLWXDFHQD]DþiWNXþHUYQD
]DViKOD QHMYtFH SRYRGt KRUQtKR /DEH QDG VRXWR
NHP V 0HWXMt SRYRGt 9UFKOLFH &LGOLQ\ D 0UOLQ\
PpQČSRYRGt0HWXMH0LPRĜiGQČLQWHQ]LYQtVUiåN\
YH YêFKRGQtFK .UNRQRãtFK ]SĤVRELO\ EOHVNRYê
Y]HVWXS YRGQRVWL PHQãtFK WRNĤ NWHUp ]tVNDO\ QD
VYDåLWêFK WHUpQHFK YHONRX QLþLYRX VtOX 'RãOR Wpå
NYHOPLYêUD]QêPHUR]QtPMHYĤPSORãQpKRLORNiO
QtKR FKDUDNWHUX D VYDKRYêP VHVXYĤP 1HMYtFH
E\OR ]DVDåHQR SRYRGt ýLVWp 0DOpKR /DEH D SR
YRGt KRUQt ÒS\ SĜHGHYãtP SUDYRVWUDQQp SĜtWRN\
9HVWDQLFL9HVWĜHYQD/DELE\OSĜLSUYQtSRYRGĖRYp
YOQČ NXOPLQDþQt SUĤWRN PV GRVDåHQ
VWXSHĖSRYRGĖRYpDNWLYLW\63$GQHþHUYQD
DSĜLGUXKpYOQČE\O63$GRVDåHQþHUYQD9H
6LWXDFH QD WRFtFK VH YH GUXKp SRORYLQČ þHUYQD
SRVWXSQČXNOLGĖRYDODDMHMLFKYRGQRVWLSRVWXSQČ
NOHVDO\ 3RYRGt YãDN E\OD VWiOH QDV\FHQD D WDN
SR LQWHQ]LYQtFK UHJLRQiOQtFK VUiåNiFK D
þHUYQDKODGLQ\QČNWHUêFKWRNĤRSČWRYQČVWRX
SDO\QDSRYRGĖRYpVWDY\NWHUpDOHE\O\SĜHYiåQČ
QLåãt QHå ]DþiWNHP þHUYQD 1HMYtFH SRVWLåHQRX
REODVWt E\OR SRYRGt 1RYRKUDGN\ &KUXGLPN\
'RXEUDY\REUD9UFKOLFH
/DEH± .RVWHOHFQDG/DEHP
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
3UĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OX.RVWHOHFQDG/DEHP±]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU
9'3DĜtåRYQD'RXEUDYČGQH±]GURM3RYRGt/DEHVWiWQtSRGQLN
3RYRGt9OWDY\
3RYRGt 9OWDY\ ]HMPpQD GtOþt SRYRGt %HURXQN\
E\OR VUiåNDPL ]DVDåHQR MLå D NYČWQD
QD FRå UHDJRYDO\ Y]HVWXSHP KODGLQ .ODEDYD D
ÒVODYD'DOãtVUiåN\]DþDO\Y\SDGiYDWþHUYQD
Y UDQQtFK D GRSROHGQtFK KRGLQiFK E\O\ UHJLR
QiOQtKR FKDUDNWHUX D YČWãLQRX VODEãt LQWHQ]LW\
9 RGSROHGQtFK D YHþHUQtFK KRGLQiFK ]HVLORYDO\
DWRSĜHGHYãtPYHVWĜHGQtFKMLåQtFKDMLKR]iSDG
QtFKýHFKiFKDORNiOQČVHMLå]DþDO\Y\VN\WRYDW
L VUiåN\ NRQYHNWLYQtKR FKDUDNWHUX 1HMYtFH E\OR
]DVDåHQR SRYRGt %HURXQN\ ÒVODYD .ODEDYD
2WDY\ %ODQLFH /XåQLFH D SRYRGt PHQãtFK
SĜtWRNĤ9OWDY\NWHUp~VWtSĜtPRGRQiGUåt9OWDYVNp
NDVNiG\%U]LQD0DVWQtN.RFiED
5HWHQþQt SURVWRU\ YãHFK QiGUåt E\O\ SĜHG
]DþiWNHP SRYRGĖRYp XGiORVWL SUi]GQp 1DYtF
Y]KOHGHPNH]QDþQêPVUiåNiPYNYČWQXSĜHGQi
VWXSHP SRYRGĖRYp XGiORVWL SUREtKDO\ QD YãHFK
YRGQtFKGtOHFK9OWDYVNpNDVNiG\PDQLSXODFHWDN
DE\ E\O Y\WYRĜHQ FR QHMYČWãt YROQê REMHP Y ]i
VREQtFK SURVWRUHFK QiGUåt 9 SUĤEČKX SRYRGQČ
VHPDQLSXORYDORVFtOHPPD[LPiOQtKRY\XåLWtYRO
QêFK REMHPĤ N WUDQVIRUPDFL SĜtWRNX GR QiGUåH
D WtP NH ]PHQãHQt NXOPLQDþQtKR SUĤWRNX D NH
]OHSãHQtþDVRYpKRSUĤEČKXSRYRGQČ
3RYRGĖRYi YOQD QD KRUQt 9OWDYČ E\OD ]PtUQČQD
UHWHQþQtP~þLQNHP9'/LSQR,NWHUp]DFK\WLORRE
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
MHPSRYRGĖRYpYOQ\]SUDPHQQêFKSDUWLt9OWDY\
1iGUå ětPRY WUDQVIRUPRYDOD SRYRGĖRYRX YOQX
]0DOãHDRGGiOLODMHMtQiVWXSWDNåHQHGRãORNH
VWĜHWXNXOPLQDFt]0DOãHD]H6WURSQLFH9HVWDQLFL
ýHVNp %XGČMRYLFH QD 9OWDYČ NXOPLQDþQt SUĤWRN
PVE\OGRVDåHQ63$GQHþHUYQDD
WUYDOGRþHUYQD
=iVDGQt YOLY QD SUĤEČK SRYRGQČ Y þHUYQX PČO\QiGUåH/LSQR,D2UOtNYQLFKåE\OSĜHGQi
VWXSHP SRYRGQČ Y\WYRĜHQ YROQê REMHP R YHOLNR
VWLPLOP1iGUåH9OWDYVNpNDVNiG\E\O\QD
]iNODGČ Y\KRGQRFHQt MHMLFK IXQNFH SURYHGHQpKR
YUiPFLQiURGQtKRSURMHNWXÄ9\KRGQRFHQtSRYRG
QtYþHUYQX³Y\XåLW\RSWLPiOQtP]SĤVREHP
6RKOHGHPQDFKDUDNWHUY]QLNXSRYRGQČNG\E\OD
]DVDåHQD SĜHGHYãtP VWĜHGQt D GROQt þiVW SRYRGt
9OWDY\QDG3UDKRXE\OYROQêSURVWRUYQiGUåL2UOtN
Y\XåLW SĜHGHYãtP N RGGiOHQt QiVWXSX SRYRGQČ
RGGiOHQtNXOPLQDFHRKRGLQDWtPE\OSRVN\W
QXW þDV QD SĜtSUDYX SURWLSRYRGĖRYêFK RSDWĜHQt
Y 3UD]H D QD GROQtP WRNX 9OWDY\ D /DEH REU
7RWRPČORYêUD]QČSR]LWLYQtYOLYQDSUĤEČK
SRYRGQČSĜHGHYãtPVRKOHGHPQDMHMtU\FKOêQi
VWXS Y ]DVDåHQpP ~]HPt 9ROQê REMHP Y QiGUåL
2UOtN E\O Y\XåLW QD PD[LPXP .XOPLQDþQt SĜtWRN
GR9'2UOtNþLQLOPVPD[LPiOQtRGWRNE\O
PV KRGQRWD NXOPLQDþQtKR SĜtWRNX E\OD
WHG\]PHQãHQDRPV
YþDVQêFKUDQQtFKKRGLQiFK]DViKO\SĜtWRN\GROQt
6i]DY\ D GiOH ]QRYX QČNWHUi SRYRGt MLå QDV\
FHQi VUiåNDPL ] SĜHGFKR]tKR GQH MDNR SĜtWRN\
GR 9OWDYVNp NDVNiG\ %U]LQD 0DVWQtN SĜtWRN\
GROQt /XåQLFH D GROQt 2WDY\ %ODQLFH 1HMYČWãt
H[WUHPLW\SRYRGQČE\ORMLåSRQČNROLNDKRGLQiFK
GHãWČ GRVDåHQR QD SĜtWRFtFK GROQt /XåQLFH
3UĤWRN QD /XåQLFL Y ]iYČURYp VWDQLFL %HFK\QČ
VH]YČWãLORGþHUYQDGRKRGLQQi
VOHGXMtFtKRGQHRPVSĜLþHPåNXOPLQRYDO
QDKRGQRWČPVREU9%HFK\QLVH
63$Y\VN\WOYHGYRXWHUPtQHFKDVLFHRGGR
9UiPFLQiURGQtKRSURMHNWXE\OVLPXORYiQSUĤEČK
SRYRGQČYþHUYQXEH]YOLYXQiGUåt9êVOHGN\
WČFKWR VLPXODFt XND]XMt åH EH] YOLYX 9OWDYVNp
NDVNiG\DGDOãtFKQiGUåtYSRYRGt9OWDY\6i]DY\
D%HURXQN\E\PD[LPiOQtSUĤWRN9OWDY\Y3UD]H
E\O FFD R PV YČWãt D QD /DEL Y ÒVWt QDG
/DEHP QDYtF EH] YOLYX QiGUåH 1HFKUDQLFH QD
2KĜLE\E\OFFDRPVYČWãt
3R SĤOQRFL ] QD þHUYQD VUiåN\ ] YêFKRG
QtFK.UNRQRãSRVWXSRYDO\MLKR]iSDGQtPVPČUHP
SĜLþHPå VH QDYtF XSODWQLO W]Y WUDLQ HIHFW D
4PD[ PV
+PD[ PQP
4PD[
PQPPD[KODGLQDUHWHQþQtKRSURVWRUX
PV
PQPPD[KODGLQD]iVREQtKRSURVWRUX
SĜtWRN
RGWRN
KODGLQD>PQP@
SUĤWRN>PV@
2EU
KODGLQD
7UDQVIRUPDFHSRYRGĖRYpYOQ\QiGUåt9'2UOtNQD9OWDYȱ]GURM3RYRGt9OWDY\VWiWQtSRGQLN
/XåQLFH± %HFK\QČ
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQt VWXSĖĤ SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD /XåQLFL Y SUR¿OX
%HFK\Qȱ]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
þHUYQDDGiOHþHUYQD9]KOHGHPNWRPXåH
VUiåN\]DViKO\SĜtWRN\/XåQLFHSĜHGHYãtPQDMH
MtPGROQtPWRNXQHPRKOVHWUDQVIRUPDþQt~þLQHN
YêãHSRORåHQpU\EQLþQtVRXVWDY\SURMHYLWDSURWR
/XåQLFHNXOPLQRYDODRSURWLVUSQXGĜtYHQHå
9OWDYDYýHVNêFK%XGČMRYLFtFKD2WDYDY3tVNX
93tVNXE\O63$GRVDåHQþHUYQDDXNRQþHQ
þHUYQD.XOPLQDþQtSUĤWRNVHY\VN\WOþHUYQD
QD KRGQRWČ PV 3UĤEČK YRGQtFK VWDYĤ
SUĤWRNĤ D VWXSĖĤ SRYRGĖRYp DNWLYLW\ QD 2WDYČ
Y3tVNXMH]Qi]RUQČQQDREU
1D %U]LQČ YH VWDQLFL +UDFKRY NXOPLQDþQt
SUĤWRN PV QD 0DVWQtNX YH VWDQLFL
5DGtþ PV QD .RFiEČ YH âWČFKRYLFtFK
PVDQDQČNWHUêFKSĜtWRFtFKGROQt6i]DY\
E\O\GRVDåHQ\QHMYČWãtNXOPLQDþQtSUĤWRN\YKLV
WRULLSR]RURYiQt9]iYČURYpVWDQLFL1HVSHN\QD
6i]DYČE\O63$SĜHNURþHQGQHþHUYQDDWUYDO
GRþHUYQD.XOPLQDþQtSUĤWRNGRViKOKRGQRW\
PV1DREUMVRX]Qi]RUQČQ\VWXSQČ
SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D
SUĤWRNĤYHVWDQLFL1HVSHN\
2WDYD± 3tVHN
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD2WDYČYSUR¿OX3tVHN
]GURMý+0Ò
6i]DYD± 1HVSHN\
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD6i]DYČYSUR¿OX1H
VSHN\±]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
PV REU 63$ E\O GRVDåHQ
GQHþHUYQDDWUYDODåGRþHUYQD3UDNWLFN\
WDN GRãOR NH VWĜHWX NXOPLQDFH SRYRGĖRYp YOQ\
] %HURXQN\ D 9OWDY\ REU 9HONp SUREOp
P\]SĤVRELORUR]YRGQČQtSUDYRVWUDQQêFKSĜtWRNĤ
9OWDY\Y3UD]H%RWLþHD5RN\WN\
'pOHWUYDMtFt VUiåN\ QD MLKR]iSDGČ ýHFK Y\YROD
O\ ] QD þHUYQD QRYê Y]HVWXS KODGLQ QD
SĜtWRFtFK %HURXQN\ ÒKODYD ÒVODYD .ODEDYD
FRå ]SĤVRELOR RSRåGČQt NXOPLQDFH %HURXQN\
Y %HURXQČ NWHUi NXOPLQRYDOD SĜL SUĤWRNX
PVDåþHUYQDSĜHGSĤOQRFtREU
9%HURXQČVH63$Y\VN\WORGGRþHUYQD
9SRYRGt9OWDY\E\O\WHG\63$GRVDåHQ\SRX]H
SĜLSUYQtSRYRGĖRYpYOQČ
9OWDYD YH VWDQLFL 3UDKD&KXFKOH NXOPLQRYD
OD þHUYQD Y UDQQtFK KRGLQiFK QD KRGQRWČ
%HURXQND± %HURXQ
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQt VWXSĖĤ SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD %HURXQFH Y SUR¿OX
%HURXQ±]GURMý+0Ò
9OWDYD± 3UDKD&KXFKOH
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQt VWXSĖĤ SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD 9OWDYČ Y SUR¿OX
3UDKD&KXFKOH±]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU
6RXWRN%HURXQN\V9OWDYRXY3UD]HGQH±]GURMý+0Ò
3RYRGt/DEHSRGVRXWRNHPV9OWDYRXSRVWiWQtKUDQLFL
3RYRGĖRYp SUĤWRN\ QD /DEL E\O\ ]SĤVREHQ\ GR
WRNHPYRG\]KRUQtFKþiVWtSRYRGt9OWDY\D/DEH
1D VRXWRNX 9OWDY\ D /DEH GRãOR REGREQČ MDNR
SĜLSRYRGQLYVUSQXNUR]OLYĤPD]SČWQpPX
Y]GXWt KODGLQ\ /DEH YRGRX SĜLWpNDMtFt ] 9OWDY\
9]iMHPQêSRPČUSĜtWRNX]9OWDY\D]/DEHE\OYãDN
MLQêQHåYURFHYL]NDS-H]ĜHMPpåH
QD VRXWRNX 9OWDY\ D /DEH E\OD SRYRGĖRYi YOQD
YêUD]QČ WUDQVIRUPRYiQD (IHNW UR]OLYX Y SRGREČ
]PHQãHQtNXOPLQDþQtKRSUĤWRNXO]HMHQSĜLEOLåQČ
RGKDGQRXWYUR]PH]tDåPV/DEHNXO
PLQRYDORYHVWDQLFL0ČOQtNþHUYQDSĜLSUĤWRNX
PVVWXSHĖSRYRGĖRYpDNWLYLW\WUYDORG
GRþHUYQD
6UiåN\NWHUpVHY\VN\WO\YSRYRGt/DEHSRGVRXWR
NHPV9OWDYRXYČWãLQRXQH]SĤVRELO\Yê]QDPQČMãt
SRYRGĖRYp SUĤWRN\ 1HMYČWãt SUĤWRN\ GOH GRE\
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
RSDNRYiQtE\O\]D]QDPHQiQ\YSRYRGt6YDWDY\
D 5RODY\ OHYRVWUDQQp SĜtWRN\ 2KĜH QDG VWDQLFt
.DUORY\ 9DU\ D %OãDQN\ SUDYRVWUDQQê SĜtWRN
2KĜHSRGVWDQLFtäDWHFVWXSHĖSRYRGĖRYpDN
WLYLW\Y/RXQHFKQD2KĜLE\OGRVDåHQþHUYQDD
XNRQþHQþHUYQD
1D VRXWRNX /DEH D 2KĜH GRãOR YOLYHP UR]OL
YX N GDOãt WUDQVIRUPDFL SRYRGQČ =PHQãHQt
NXOPLQDþQtKR SUĤWRNX WUDQVIRUPDþQtP ~þLQNHP
O]H RGKDGRYDW Y UR]PH]t Då PV
/DEH Y ÒVWt QDG /DEHP NXOPLQRYDOR SĜL SUĤWRNX
PV GQH þHUYQD YHþHU REU 'QH þHUYQD Y þDVQêFK UDQQtFK KRGLQiFK NXO
PLQRYDOR/DEHY'ČþtQČSĜLSUĤWRNXPV
DYH+ĜHQVNXSĜLSUĤWRNXPV9ÒVWtQDG
/DEHPREUE\O63$GRVDåHQþHUYQD
DWUYDOGRþHUYQDDY'ČþtQČWUYDORGDåGR
þHUYQD
/DEH ± ÒVWtQDG/DEHP
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQtVWDY>FP@
SUĤWRN>PV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OXÒVWtQDG
/DEHP±]GURMý+0Ò
2EU
=G\PDGOR6WĜHNRYQD/DELYÒVWtQDG/DEHPGQH±]GURM3RYRGt/DEHVWiWQtSRGQLN
3RYRGt/DEHRGVWiWQtKUDQLFHSRVRXWRNVýHUQêP+DOãWURYHP
9HVWDQLFL6FK|QDWMYSUYQtQČPHFNpVWDQLFLQD
/DELY6DVNXSRGVWiWQtKUDQLFtVýHVNRXUHSXE
OLNRX E\O MLå NYČWQD SĜHNURþHQ OLPLW 63$
FP$åGRþDVQêFKUDQQtFKKRGLQþHUYQD
VWRXSODKODGLQDRGDOãtFKPHWUĤDGRViKODNXO
PLQDþQtKR VWDYX FP 4 PñV
.XOPLQDFH SRYRGĖRYp YOQ\ VH Y\VN\WOD YH VWD
QLFL 'UiåćDQ\ GQH þHUYQD YRGQt VWDY þLQLO
FP D SĜtVOXãQê SUĤWRN PV 'QH
þHUYQD E\O WDNp YH VWDQLFL 0tãHĖ 0HL‰HQ
GRVDåHQ NXOPLQDþQt YRGQt VWDY FP -Lå
R KRGLQ\ GĜtYH QHå Y 0tãQL E\O SR]RURYiQ
NXOPLQDþQt YRGQt VWDY FP YH VWDQLFL 5LHVD
2G KRGQRW\ FP D SUĤWRNX FFD PV
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
GRãOR MLå þHUYQD N SĜHOLWt RFKUDQQp KUi]H RG
REFH 1QFKULW] Då SR PRVW VLOQLFH % 'QH
þHUYQD VH SURWUKOD RFKUDQQi KUi] SURFKi]H
MtFt VWDUêP UDPHQHP /DEH PH]L REFHPL 0RULW]
D 3URPQLW] 'QH þHUYQD E\O YH VWDQLFL 5LHVD
SĜL YRGQtP VWDYX FP EH] REWRNX ]D KUi]t
SĜtPR QDPČĜHQ SUĤWRN PV 9þHWQČ RE
WRNX]DKUi]tE\OY\KRGQRFHQNXOPLQDþQtSUĤWRN
PV 2 GHQ SR]GČML GQH þHUYQD NXO
PLQRYDOD SRYRGĖRYi YOQD YH VWDQLFL 7RUJDX QD
KRGQRWČ FP .XOPLQDþQt SUĤWRN O]H XYpVW
KRGQRWRXPV
1iGUåH /HKQPKOH D .OLQJHQEHUJ 'LYRNi
%\VWĜLFH MDNRå L QiGUå 0DOWHU 5RWH :HL‰HULW]
YêUD]QČ ]PtUQLO\ NXOPLQDþQt SUĤWRN\ Y SRYR
Gt %\VWĜLFH 1D ]DþiWNX SRYRGQČ E\O\ RFKUDQQp
REMHP\ NRPSOHWQČ YROQp 9 GĤVOHGNX YHONpKR
SĜtWRNX GR QiGUåH 0DOWHU GRãOR SĜHVWR N RGWRNX
SĜHVEH]SHþQRVWQtSĜHOLY9HVWDQLFL+DLQVEHUJ
5RWH :HL‰HULW] E\O GQH þHUYQD GRVDåHQ NXO
PLQDþQt YRGQt VWDY FP QD ~URYQL 63$
0DQLSXODFt QD YRGQtP GtOH VH DOH GiOH QD WRNX
SRG QtP WpPČĜ ]DPH]LOR GRVDåHQt ãNRGQêFK
SRYRGĖRYêFK SUĤWRNĤ 7UDQVIRUPDþQtP ~þLQNHP
YRGQtFK GČO E\OR PRåQp ]DEUiQLW YČWãt SRYRGQL
LQD'LYRNp%\VWĜLFLDQDWRNX9HUHLQLJWH:HL‰HULW]
&HONHPVHRFKUDQQpKUi]HYVDVNpP~VHNX/DEH
SURWUKO\ ] GĤYRGX MHMLFK SĜHOLWt QD PtVWHFK D
NYĤOLVHOKiQtX]DYtUDFtSURSXVWLQDMHGQRPPtVWČ
FRå ]þiVWL YêUD]QČ RYOLYQLOR RGWRNRYê UHåLP 3R
GREXYtFHQHåGQtVHYRGQtVWDY\YVDVNêFKVWD
QLFtFK QD /DEL XGUåRYDO\ QDG ~URYQt 63$$å
þHUYQDE\ORPRåQpSURWRN/DEH]UXãLWYDUR
YiQtSĜHGSRYRGQtREU
9HVWDQLFL0XQ]LJ7ULHELVFKY\VWRXSDODKODGLQD
GQHþHUYQDQDPD[LPiOQtYRGQtVWDYFP
DWtPQHSDWUQČQDGOLPLW63$9WpWRVRXYLVOR
VWLMHWĜHED]RKOHGQLWåHQDWRNX7ULHELVFKGRFKi
]HORNXQiãHQtDQiVOHGQpPXXNOiGiQt]QDþQpKR
PQRåVWYtGQRYêFKVSODYHQLQDVSOiYt1DGDOãtFK
SĜtWRFtFK +RUQtKR /DEH QHE\OR GRVDåHQR YČWãt
SRYRGQČ
9\GDWQp VUiåN\ QD ]DþiWNX þHUYQD ]SĤVRELO\
L QD SĜtWRFtFK /DEH RG VWiWQt KUDQLFH SR VRX
WRN V ýHUQêP +DOãWURYHP Y 6DVNX SĜHGHYãtP
QD OHYRVWUDQQêFK SĜtWRFtFK +RUQtKR /DEH YČWãt
SRYRGQČ =GH E\OD ]DVDåHQD SĜHGHYãtP ĜHND
%\VWĜLFH :HL‰HULW] YþHWQČ MHMtFK ]GURMQLF 5RWH
:HL‰HULW]D'LYRNi%\VWĜLFH:LOGH:HL‰HULW]D
GiOH7ULHELVFK
/RNiOQtVLOQpGHãWČYHGQHFKDþHUYQDDOH
LDþHUYQDYHGO\SRX]HNORNiOQtPDNUiW
NRGREêPSRYRGĖRYêPVLWXDFtPQDSĜQDWRFtFK
-DKQD D 9LOpPRYVNê SRWRN 6HEQLW] D GQH
þHUYQDQDSRWRFH.HW]HUEDFK
/DEH± 'UiåćDQ\
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OX'UiåćDQ\
]GURM:6$0DJGHEXUJ/I8/*61
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGtýHUQpKR+DOãWURYX
GRViKOD YRGQtKR VWDYX FP D SĜtVOXãQpKR
SUĤWRNXQHFHOêFKPñV
9H VWDQLFL 1HXZLHVH QD KRUQtP WRNX ýHUQpKR
+DOãWURYX6FKZDU]H(OVWHUY6DVNXVHþHUYQD
Y\WYRĜLO SUYQt D QHMYČWãt YUFKRO SRYRGĖRYp YOQ\
Y þHUYQX SĜL YRGQtP VWDYX FP 63$
3RG VWDQLFt 1HXZLHVH E\OR PRåQp RGYpVW þiVW
SRYRGĖRYpKRSUĤWRNXGRGĤOQtKRMH]HUD%OXQRD
GRYRGQtQiGUåH1LHPWVFKMH]HUR6HQIWHQEHUJHU
6HHFRåYê]QDPQČ]PtUQLORSUĤEČKSRYRGĖRYp
YOQ\Y~VHNXSRGVWDQLFt%LHKOHQ=GHE\ODGQH
þHUYQD SR]RURYiQD NXOPLQDFH YRGQt VWDY
GRViKOFPDSUĤWRNPñV
.XOPLQDFHSRYRGĖRYpYOQ\QDýHUQpP+DOãWURYX
VH þDVRYČ WpPČĜ VWĜHWOD V NXOPLQDFt /DEH D RG
WpNDOD MHQ YHOPL SRPDOX 'QH þHUYQD YHGOR SURWUåHQt RFKUDQQp KUi]H QD ~]HPt
%UDQLERUVND Y EH]SURVWĜHGQt KUDQLþQt REODVWL VH
6DVNHP$QKDOWVNHP N SĜHFKRGQpPX SRNOHVX
YRGQtFKVWDYĤREU
1D VWĜHGQtP WRNX E\OD SRYRGĖRYi VLWXDFH
]QDþQRX PČURX RYOLYĖRYiQD WRN\ 3XOVQLW] D
*UR‰H 5|GHU NWHUp ]H 6DVND SĜLWpNDMt ]OHYD GR
ýHUQpKR +DOãWURYX 1D ĜHFH 3XOVQLW] QHE\OD
SR]RURYiQD YČWãt SRYRGHĖ QDRSDN YH VWDQLFtFK
QDWRNX*UR‰H5|GHUE\O\]þiVWLSĜHNURþHQ\OLPL
W\63$9HVWDQLFL.OHLQUDVFKW]E\ODþHUYQD
SR]RURYiQD NXOPLQDFH SRYRGĖRYp YOQ\ YRGQt
VWDYGRViKOFP63$DSUĤWRNPñV
3RG VRXWRNHP ĜHN\ *UR‰H 5|GHU V ýHUQêP
+DOãWURYHP YH VWDQLFL %DG /LHEHQZHUGD VH GQH
þHUYQDY\WYRĜLONXOPLQDþQtYRGQtVWDYFP
63$NWHUêRGSRYtGiSUĤWRNXFFDPñV
'iOH SR WRNX YH VWDQLFL /|EHQ SĜHVDKRYDO YRG
Qt VWDY RG GR þHUYQD 63$ REU =GHGQHþHUYQDNXOPLQRYDODSRYRGĖRYiYOQD
2EU
3URWUåHQiRFKUDQQiKUi]XREFH.ORVVDQD
ýHUQpP+DOãWURYXGQH
]GURM/+:67
. Yê]QDPQpPX ]YČWãHQt SUĤWRNX QD /DEL ýHUQê
+DOãWURYQHSĜLVSČO
ýHUQê+DOãWURY± /|EHQ
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRGQ
QtVWDY >FP@
SUĤWR
RN >PñV@
SUĤWRN
'RVDåHQt VWXSĖĤ SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD ýHUQpP +DOãWURYX
YSUR¿OX/|EHQ±]GURM/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGt0XOGH
3ĜtYDORYp VUiåN\ NWHUp VSDGO\ SĜHGHYãtP D
þHUYQD]SĤVRELO\QHMGĜtYHYSRYRGt=ZLFNDXHU
0XOGHD0ROGDYVNpKRSRWRND)UHLEHUJHU0XOGH
D MHMLFK SĜtWRNĤ D QiVOHGQČ L Y SRYRGt WRNX
9HUHLQLJWH0XOGHH[WUpPQtSRYRGHĖ
9 ] KOiVQêFK SUR¿OĤ Y SRYRGt 0XOGH E\O\
SĜHNURþHQ\QHMY\ããt63$7DWRVNXWHþQRVWSODWLOD
YVWDQLFtFKQDWRNX=ZLFNDXHU0XOGHDYVWD
QLFtFK QD 0ROGDYVNpP SRWRFH 9 GtOþtP SRYR
Gt WRNX 9HUHLQLJWH 0XOGH E\O YH GYRX VWDQLFtFK
GRVDåHQQHMY\ããt63$DFHOpPČVWVNpþiVWLSRGpO
0XOGH E\O\ ]DSODYHQ\ QDSĜ YH PČVWČ *ULPPD
REU
=þDVRYpKRKOHGLVNDVHSRYRGĖRYpYOQ\=ZLFNDXHU
0XOGH D 0ROGDYVNpKR SRWRND WpPČĜ VWĜHWO\ 1D
WRNX 9HUHLQLJWH 0XOGH YH VWDQLFL *RO]HUQ E\O
þHUYQD SR]RURYiQ QHMY\ããt VWDY QD KRGQRWČ
FP REU NWHUê RGSRYtGDO NXOPLQDþ
QtPXSUĤWRNXPñV9HVWDQLFL%DG'EHQ
GiOHSRWRNXE\OþHUYQDGRVDåHQQRYêQHMY\ããt
YRGQt VWDY FP PñV REU 9 REODVWL VRXWRNX 0XOGH V /DEHP Y 6DVNX
$QKDOWVNXGRViKONXOPLQDþQtSUĤWRNPñV
3ĜtVOXãQêSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤMHXYH
GHQQDREU
2FKUDQQp KUi]H VH QD VDVNpP ~]HPt SURWUKO\
YGĤVOHGNXMHMLFKSĜHOLWtFHONHPNUiW]WRKRMHG
QRX QD =ZLFNDXHU 0XOGH NUiW QD 0ROGDYVNpP
SRWRFHDNUiWQDWRNX9HUHLQLJWH0XOGH
2EU
=DSODYHQp VWDUp PČVWR Y *ULPPČ GQH
±]GURM608/
=DSRYRGQČYþHUYQXVHKUiORYREODVWL]HP
VNpKUDQLFHPH]L6DVNHPD6DVNHP$QKDOWVNHP
UR]KRGXMtFt UROL VHOKiQt RFKUDQQp KUi]H QD WRNX
0XOGH GQH þHUYQD D V WtP VSRMHQp SURWUåHQt
VWiWQtVLOQLFH6DQDSRXãWČQtYRG\]0XOGHGR
MH]HUD 6HHOKDXVHQHU 6HH NWHUp GRViKOR PD[L
PiOQČPñVREU
'R þHUYQD GRViKOD KODGLQD Y MH]HĜH 6HHOKDX
VHQHU6HHKRGQRW\WpPČĜPHWUĤQDGGĤOQtPMH
]HUHP *RLW]VFKH 9 SĜtSDGČ QHNRQWURORYDQpKR
SĜHOLWt MH]HUD 6HHOKDXVHQHU 6HH GR *RLW]VFKH E\
KUR]LOR DNXWQt QHEH]SHþt UR]ViKOêFK ]iSODY YH
PČVWČ%LWWHUIHOGDRNROQtFKSUĤP\VORYêFKDUHiOHFK
3UiFH QD X]DYĜHQt RFKUDQQp KUi]H VH SRGDĜLOR
~VSČãQpGRNRQþLWDåGQHþHUYQDþtPåE\OR]D
åHKQiQRQHEH]SHþt]iSODYYLQWUDYLOiQX
9HUHLQLJWH0XOGH ± *RO]HUQ
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP
P@
SUĤWRN
SUĤWWRN >PñV@
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQDWRNX9HUHLQLJWH0XOGH
YSUR¿OX*RO]HUQ±]GURM/I8/*61
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
9HUHLQLJWH0XOGH ± %DG'EHQ
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP
P@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQDWRNX9HUHLQLJWH0XOGH
YSUR¿OX%DG'EHQ±]GURM/I8/*61
0XOGH ± 3ULRUDX
YRGQt VWDY
YRGQtVWDY
2EU
YRG
GQtVWDY>FP@@
SUĤWR
RN >PñV@
SUĤWRN
3UĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD0XOGHYSUR¿OX3ULRUDXOLPLW\SURVWXSQČSRYRGĖRYpDNWLYLW\
YWpWRVWDQLFLQHMVRX]DWtPVWDQRYHQ\±]GURM/+:67
2EU
3URWUåHQiKUi]DQDSRXãWČQtMH]HUD6HHOKDXVHQHU6HHYRGRX]0XOGHGQH
]GURM*QWKHU%DXHU
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGt6iO\
7DWRVNXWHþQRVWYãDNQHPRKOD]DEUiQLWGRVDåHQt
NXOPLQDþQtKR YRGQtKR VWDYX FP YH VWDQLFL
&DPEXUJ6W|EHQQD6iOHYQRFL]QDþHUYQD
NWHUêGRNRQFHSĜHY\ãRYDOQHMY\ããtGRVXG]D]QD
PHQDQê NXOPLQDþQt YRGQt VWDY ] URNX ]DþiWHNSR]RURYiQtYURFHREU
3ĜLYêYRMLSRYRGQČQD/DELVHKUiOD6iODVHVYê
PLSĜtWRN\,OP8QVWUXWD%tOê+DOãWURYKODYQtUROL
=GH E\O\ NYĤOL SORãQpPX GORXKRWUYDMtFtPX GHãWL
]D]QDPHQiQ\NXOPLQDþQtYRGQtVWDY\DSUĤWRN\
NWHUp QČNGH QHE\O\ GRVXG SR]RURYiQ\ 9 KOiV
QêFK SUR¿OHFK WČFKWR WRNĤ E\O\ WpPČĜ YãXGH
GRVDåHQ\QHMY\ããt63$
7ČVQČ SRG VWDQLFt &DPEXUJ6W|EHQ SĜLWpNi GR
6iO\]OHYpVWUDQ\,OP,]GH]SĤVRELO\SĜtYDORYp
VUiåN\ D SĜHGFKR]t Y\VRNi QDV\FHQRVW ~]HPt
H[WUpPQt SRYRGHĖ 9 ]iYČURYp VWDQLFL 1LHGHU
WUHED SĜHNURþLO NXOPLQDþQt SUĤWRN PñV
GQH þHUYQD GRVXG QHMYČWãt ]D]QDPHQDQê
NXOPLQDþQt SUĤWRN ]DþiWHN SR]RURYiQt Y URFH
REU
.DVNiGDYRGQtFKGČOQDKRUQtPWRNX6iO\VRX
VWDYDQiGUåt]DGUåHODYGREČRGGRþHUYQD
SĜLPD[LPiOQtPSĜtWRNXQDGPñVDSRVWXS
QpP]YČWãRYiQtRGWRNX]QiGUåt]QDPñV
]QDþQpREMHP\YRG\]YêãHSRORåHQpKRSRYRGt
DWtPYêUD]QČ]UHGXNRYDODNXOPLQDþQtYRGQtVWD
Y\DSUĤWRN\QDGROQtPWRNX6iO\
6iOD ± &DPEXUJ6W|EHQ
]DþiWHN KOiãHQt
]DþiWHNKOiãHQt
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
2EU
YRGQt VWDY
YRGQtVWDY
YRGQ
QtVWDY >FP@
SUĤWR
RN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD6iOHYSUR¿OX&DPEXUJ
6W|EHQ±]GURM7/8*
,OP ± 1LHGHUWUHED
]DþiWHN KOiãHQt
]DþiWHNKOiãHQt
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
2EU
YRGQt VWDY
YRGQtVWDY
YRGQtVWDY >>FP@
SUĤWRN
S
SUĤWRN >PñV@
'RVDåHQt VWXSĖĤ SRYRGĖRYp DNWLYLW\ D SUĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD ĜHFH ,OP Y SUR¿OX
1LHGHUWUHED±]GURM7/8*
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
'DOãtPFHQWUHPSRYRGQČYSRYRGt6iO\E\ORSR
YRGt SĜtWRNX 8QVWUXW SRYRGHĖ E\OD ]SĤVREHQD
KODYQČSĜtWRNHP*HUDÒþLQNHPUHWHQþQtQiGUåH
6WUDX‰IXUWVHSRGDĜLORYê]QDPQČ]PtUQLWD]WOXPLW
SUĤWRNRYRXVLWXDFLQDĜHFH8QVWUXWSRGMHMtPVRX
WRNHPV*HURXREU9HVWDQLFL2OGLVOHEHQ
E\OD GQH þHUYQD ]D]QDPHQiQD SRYRGHĖ
R SUĤWRNX PñV 0DQLSXODFt QD UHWHQþQtFK
QiGUåtFK6WUDX‰IXUWD.HOEUDQDKRUQtPWRNXĜHN\
8QVWUXWUHVSQDWRNX+HOPHVHSRGDĜLORYêUD]QČ
WUDQVIRUPRYDW SRYRGĖRYRX YOQX QD GROQtP WRNX
ĜHN\ 8QVWUXW Då SR 6DVNR$QKDOWVNR 'tN\ WRPX
QHSĜHNRQDODGORXKRWUYDMtFtNXOPLQDFHSRYRGĖRYp
YOQ\ĜHN\8QVWUXWYREODVWLMHMtKRVRXWRNXVH6iORX
YHVWDQLFL/DXFKDPH]LDþHUYQHPNG\E\O
GRVDåHQNXOPLQDþQtYRGQtVWDYFPDSUĤWRN
PñVQHMY\ããt]GHGRVXGSR]RURYDQpKRG
QRW\
2EU
5HWHQþQt QiGUå 6WUDX‰IXUW QD ĜHFH 8QVWUXW
]GURM7/8*
QLFtFK Y\VN\WO\ YRGQt VWDY\ NWHUp SĜHNURþLO\ UR]
VDKPČĜHQt3URWRQHE\ORPRåQpMH]D]QDPHQDW
QDSĜ VWDQLFH *UHL] D E\OR ]DSRWĜHEt MH UHNRQ
VWUXRYDW 0H]L D þHUYQHP E\O\ QD KRUQtP
WRNX%tOpKR+DOãWURYXDåSRMHKRVRXWRNVH6iORX
YČWãLQRXUHJLVWURYiQ\QRYpPD[LPiOQtYRGQtVWD
Y\DSUĤWRN\
1D6iOHSRGVRXWRNHPVĜHNRX8QVWUXWYHVWDQLFL
1DXPEXUJ*URFKOLW]NXOPLQRYDODSRYRGĖRYiYOQD
GQH þHUYQD YRGQt VWDY þLQLO FP 63$
DSUĤWRNPñVREU
9HVWDQLFtFK0DJZLW]D6WUD‰EHUJQDKRUQtPWRNX
%tOpKR +DOãWURYX NXOPLQRYDOD SRYRGĖRYi YOQD
GQH þHUYQD RGSROHGQH YH VWDQLFL (OVWHUEHUJ
Y QRFL ] QD þHUYQD 9 SUYQtFK GYRX XYH
GHQêFK VWDQLFtFK E\O\ SĜHNURþHQ\ QHMY\ããt 63$
RFP]DWtPFRYRGQtVWDYYHVWDQLFL(OVWHUEHUJ
E\ORFFDFPQLåãtFP
9HVWHMQpGREČVHY\VN\WODYFHOpPSRYRGt%tOpKR
+DOãWURYX GDOãt H[WUpPQt SRYRGĖRYi VLWXDFH
NWHUiEČKHPSR]RURYiQtRGþHUYQDQHE\OD
]D]QDPHQiQD9GĤVOHGNXY\VRNpYOKNRVWLSĤG\
QD NRQFL NYČWQD E\OD L ]GH RGWRNRYi VFKRSQRVW
REURYVNi'QHNYČWQD]DþDO\Y\GDWQpGHãWČ
DSURWRVHYHOPLU\FKOHSĜLRVWĜLODRGWRNRYiVLWXD
FH Y FHOpP SRYRGt =GH VH Y MHGQRWOLYêFK VWD
9H VWDQLFL *HUD/DQJHQEHUJ QD VWĜHGQtP WRNX
%tOpKR+DOãWURYXE\OGQHþHUYQDSR]RURYiQNXO
PLQDþQt YRGQt VWDY FP D SUĤWRN PñV
6iOD± 1DXPEXUJ*URFKOLW]
63$ > @
63$>FP@
63$ > @
63$>FP@
63$ > @
63$>FP@
63$ > @
63$>FP@
2EU
YRGQtVWDY
G t W
YRG
GQtVWDY >FP
P@
SUĤWWRN >PñV@
SUĤWRN
ĤW N
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD6iOHYSUR¿OX1DXP
EXUJ*URFKOLW]±]GURM/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
-HGQDORVHRGUXKêQHMYČWãtNXOPLQDþQtSUĤWRNRG
]DþiWNX SR]RURYiQt Y URFH REU D
GRãORNUR]ViKOêPUR]OLYĤPREU9HVWD
QLFL=HLW]NXOPLQRYDODSRYRGĖRYiYOQDþHUYQD
SĜLYRGQtPVWDYXFPNWHUêSĜHNURþLOKRGQRWX
SRYRGQČYURFHRFPD~GDM]þHUYQD
RFP.XOPLQDþQtSUĤWRNPñVQHGR
ViKO PD[LPiOQt KRGQRW\ PñV ] URNX REU
'QH þHUYQD GRUD]LOD SRYRGĖRYi YOQD %tOpKR
+DOãWURYXGRVWDQLFH.OHLQGDO]LJQDGROQtPWRNX
NGHE\OR]D]QDPHQiQRFP.XOPLQDþQtYRG
Qt VWDY ]DþiWHN SR]RURYiQt Y URFH E\O
2EU
5R]ViKOp UR]OLY\ QD %tOpP +DOãWURYX GQH
YHPČVWČ%HUJD(OVWHU±]GURM7/8*
%tOê+DOãWURY ± *HUD/DQJHQEHUJ
]DþiWHN KOiãHQt
]DþiWHNKOiãHQt
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
63$ >FP@
63$>FP@
2EU
YRGQt VWDY
YRGQtVWDY
YRGQtVWDY >>FP@
S
SUĤWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD%tOpP+DOãWURYXYSUR
¿OX*HUD/DQJHQEHUJ±]GURM7/8*
%tOê+DOãWURY± =HLW]
YRGQtVWDY
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRG
GQtVWDY>FP
P@
SUĤ
ĤWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD%tOpP+DOãWURYXYSUR
¿OX=HLW]±]GURM/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
/LSVNDSRX]HãHVWLQDFHOpKRSĜtWRNXYRG\]ĜHN\
3OHL‰HFFDPñV5HWHQþQtRSDWĜHQtQD%tOpP
+DOãWURYX QDG /LSVNHP =ZHQNDXHU 6HH D SRG
YRGQtQiGUåt(OVWHUEHFNHQY/LSVNXSROGU\YĜtþQt
QLYČ%XUJDXHMDNRåLYSRYRGt3OHL‰HYê]QDPQČ
]PtUQLOD NXOPLQDþQt SUĤWRN %tOpKR +DOãWURYX
3ĜHVWR E\O YH VWDQLFL 2EHUWKDX ]D]QDPHQiQ
QHMYČWãt NXOPLQDþQt SUĤWRN QD ~URYQL PñV
RG]DþiWNXSR]RURYiQtYURFHREU
R FP Y\ããt QHå EČKHP SRYRGQČ Y OHGQX
.XOPLQDþQtSUĤWRNVHSRK\ERYDORNRORFFD
PñVREU
3ĜLEOLåQČ P SRG VWDQLFt .OHLQGDO]LJ VH QD
SUDYpPEĜHKX%tOpKR+DOãWURYXQDFKi]tYWRNRYê
REMHNWGRMH]HUD=ZHQNDXHU6HH'RMH]HUDE\OR
RGþHUYQDKRGLQGRþHUYQDKR
GLQQDSRXãWČQRDåPñV]%tOpKR+DOãWURYX
3RGOHSĜHGEČåQêFKYêSRþWĤWDNSĜLWpNDOR]%tOpKR
+DOãWURYX GR /LSVND PD[LPiOQČ PñV
9 SRYRGt WRNX 3OHL‰H E\OR FFD PLO Pñ YRG\
]DGUåHQR Y MHKR UHWHQþQt VRXVWDYČ 9 GREČ RG
NYČWQD GR þHUYQD VH RGYiGČOD GR REODVWL
1iVOHGQČE\OSRGVRXWRNHP%tOpKR+DOãWURYXVH
6iORX YH VWDQLFL +DOOH7URWKD GROQt SUR¿O G S
GQH þHUYQD URYQČå GRVDåHQ QHMY\ããt NXOPL
QDþQtVWDYFPNWHUêSĜHNURþLOGRVXGSODWQRX
%tOê+DOãWURY ± .OHLQGDO]LJ
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP
P@
SUĤWWRN >PñV@
SUĤWRN
Ĥ
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD%tOpP+DOãWURYXYSUR
¿OX.OHLQGDO]LJ±]GURM/I8/*61
%tOê+DOãWURY± 2EHUWKDX
YRGQtVWDY
G t W
63$ > @
63$>FP@
63$ > @
63$>FP@
2EU
YR
RGQtVWDY >FP
P@
SUĤ
ĤWRN >PñV@
SUĤWRN
ĤW N
3UĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD%tOpP+DOãWURYXYSUR¿OX2EHUWKDXOLPLW\SURDVWXSHĖ
SRYRGĖRYpDNWLYLW\YWpWRVWDQLFLQHMVRX]DWtPVWDQRYHQ\±]GURM/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
KRGQRWX ] OHW D FP R FP
DOLPLW63$RFPREU3ĜLWRPWR
YRGQtPVWDYXE\OQDPČĜHQNXOPLQDþQtSUĤWRNQDG
PñV 9 LQWUDYLOiQX PČVWD +DOOH E\ PRKOD
Y]QLNQRXWGRNRQFHRPQRKRQHEH]SHþQČMãtVLWXD
FHVYČWãtPLSUĤWRN\DSĜtPêPLGRSDG\QD~]HPt
PČVWD SRNXG E\ QHE\OD Y REODVWL NROHP /LSVND
XþLQČQDPLPRĜiGQiRSDWĜHQtNH]PtUQČQtSUĤWRNĤ
QDSRXãWČQtSROGUĤYĜtþQtQLYČ%XUJDXH
%HUQEXUJYOpYiGR6iO\SĜLVSČODKRGQRWRXPñV
NSUĤWRNX6iO\MHQQHSDWUQČ3RYRGĖRYiYOQD6iO\
NXOPLQRYDODYHVWDQLFL&DOEHGSNWHUiVHQDFKi]t
QHGDOHNRRGVRXWRNX6iO\V/DEHPþHUYQDSĜL
YRGQtPVWDYXFP3ĜtVOXãQêSUĤWRNE\ORGYR
]HQQDKRGQRWČPñVREU
%H]SURVWĜHGQČ SR SUĤFKRGX NXOPLQDFH SRYRG
ĖRYp YOQ\ /DEH REODVWt MHKR VRXWRNX VH 6iORX
GRãORGQHþHUYQDNYê]QDPQpPXVHOKiQtRFK
UDQQpKUi]HYEOt]NRVWLREFH%UHLWHQKDJHQ.OHLQ
5RVHQEXUJFRåYãDNQHYHGORNHVQtåHQtNXOPL
QDFHSRYRGĖRYpYOQ\GiOHSRWRNX/DEH1DVRX
WRNX/DEHD6iO\E\OR]DSODYHQRFFDNP
1D GROQtP WRNX 6iO\ GRUD]LOD SRYRGĖRYi YOQD
þHUYQDGRVWDQLFH%HUQEXUJGS=GHE\OSR]R
URYiQ YRGQt VWDY FP NWHUê RGSRYtGi SUĤ
WRNXPñVěHND%RGHNWHUiVHSRGVWDQLFt
6iOD± +DOOH7URWKDGROQtSURILO
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN>PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD6iOHYSUR¿OX+DOOH
7URWKDGS±]GURM/+:67
6iOD± &DOEH GROQtSURILO
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD6iOHYSUR¿OX&DOEHGS
]GURM/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU
=DEH]SHþRYDFt SUiFH QD RFKUDQQp KUi]L
2EU
/HWHFNê VQtPHN ]H GQH XND]X
*LPULW]HU 'DPP QD 6iOH YH PČVWČ +DOOH
MH PtVWR SURWUåHQp SUDYRVWUDQQp RFKUDQQp
]GURM/+:67
KUi]HQD6iOHXREFH%UHLWHQKDJHQ9SUDYR
GROH MH YLGČW þHUSDFt VWDQLFL %UHLWHQKDJHQ
]GURM/+:67
3RYRGt/DEHRGVRXWRNXVýHUQêP+DOãWURYHPSRVRXWRNVH6iORX
.XOPLQDFHSRYRGĖRYpYOQ\QDýHUQpP+DOãWURYX
VH þDVRYČ WpPČĜ VWĜHWOD V NXOPLQDFt /DEH D RG
WpNDOD MHQ YHOPL SRPDOX ýHUQê +DOãWURY SĜLVSČO
NH]YČWãHQtSUĤWRNXQD/DELSRX]HQHSDWUQČ
2G YRGRPČUQp VWDQLFH &RVZLJ E\O\ QD SĜL
EOLåQČ NP GORXKpP ~VHNX /DEH RG GR
þHUYQD SRVWXSQČ SĜHNURþHQ\ QHMY\ããt GRVXG
SR]RURYDQpYRGQtVWDY\
.XOPLQDFH QD WRNX 0XOGH SĜHGVWLKOD NXOPLQDFL
SRYRGĖRYpYOQ\QD/DELQDMHMLFKVRXWRNXYHVWD
QLFL'HVVDXFFDRWĜLDåþW\ĜLGQ\3ĜHVWR]SĤVRELOD
SRYRGĖRYi YOQD QD WRNX 0XOGH ]YêãHQt NXOPL
QDFH QD /DEL R FFD PñV 3RG VRXWRNHP
V ĜHNRX 0XOGH SURãOD GORXKRWUYDMtFt NXOPLQDFH
/DEHþHUYQDVWDQLFt'HVVDX/HRSROGVKDIHQSĜL
YRGQtPVWDYXFPDGRUD]LODGRVWDQLFH$NHQ
MHãWČYQRFLQDþHUYQDSĜLPD[LPiOQtPYRGQtP
VWDYXFP
3RYRGt/DEHRGVRXWRNXVH6iORXSRVRXWRNV+DYRORX
6iODNWHUiSĜLWpNiGR/DEHY\ND]RYDODYGREČVYp
NXOPLQDFHGQHþHUYQDYHþHUYHVWDQLFL&DOEH
GSSUĤWRNPñVDSĜLSUĤFKRGXNXOPLQDFH
SRYRGĖRYpYOQ\QD/DELYQRFL]QDþHUYQD
VWiOHMHãWČNROHP±PñV=WRKRY\SOêYD
MtFt]YČWãHQtREMHPXRGWRNX/DEH]SĤVRELORåHYH
VWDQLFL%DUE\E\OþHUYQDNXOPLQDþQtYRGQtVWDY
FPNWHUpPXMHSĜLĜD]HQSUĤWRNPñV
REU
1D ]iNODGČ SRYRGĖRYp SĜHGSRYČGL SUR VWDQLFL
%DUE\E\ORSĜLSUDYHQRY\KUD]HQtMH]XY3UHW]LHQX
NþHPXGRãORGQHþHUYQDRGKRG1iVOHGQČ
E\ORDåGR]DKUD]HQtMH]XGQHþHUYQDUiQRSR
GREXYtFHQHåGQtRGGČORYiQRFFD±
FHONRYpKR SUĤWRNX /DEH RG KODYQtKR WRNX D
RGYiGČQR REWRNRYêP NDQiOHP NROHP PČVW
0DJGHEXUND6FK|QHEHFN9OLYWRKRWRRSDWĜHQtQD
VQtåHQt YRGQtKR VWDYX EXGH SĜHGPČWHP K\GUDX
OLFNêFKSUĤ]NXPĤNWHUpMHWĜHEDMHãWČSURYpVW
3ĜHVWR /DEH GRViKOR Y GĤVOHGNX SRSVDQp FHONR
YpVLWXDFHYSRYRGt/DEH±VKODYQtPLH[WUpPQtPL
VLWXDFHPLQD0XOGH6iOHD%tOpP+DOãWURYX±YH
VWDQLFL 0DJGHEXUN6WURPEUFNH GQH þHUYQD
QRYpKRGRVXGQHMY\ããtKR]D]QDPHQDQpKRYRGQt
KRVWDYXFP
3RYRGĖRYi YOQD YH VWDQLFL 0DJGHEXUN6WURP
EUFNH REU NXOPLQRYDOD SRGOH DNWXDOL
]RYDQpPČUQpNĜLYN\SĜLSUĤWRNXPñVREU
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
/DEH± %DUE\
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OX%DUE\
]GURM%I*:69/+:67
2EU
9RGRPČUQi VWDQLFH 0DJGHEXUN6WURPEUFNH EČKHP NXOPLQDFH GQH D ]D PDOêFK SUĤWRNĤ GQH
±]GURM0DQIUHG6LPRQ
/DEH± 0DJGHEXUN6WURPEUFNH
2EU
YRGQtVWDY
YRGQ
QtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
3UĤEČK YRGQtFK VWDYĤ D SUĤWRNĤ QD /DEL Y SUR¿OX 0DJGHEXUN6WURPEUFNH OLPLW\ SUR VWXSQČ
SRYRGĖRYpDNWLYLW\YWpWRVWDQLFLQHMVRXVWDQRYHQ\±]GURM%I*:69/+:67
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
9 GREČ SUĤFKRGX NXOPLQDFH SRYRGĖRYp YOQ\
VH GQH þHUYQD NROHP KRG SUR
WUKOD RFKUDQQi KUi] SRG 0DJGHEXUNHP Y EOt]
NRVWL PČVWD 7DQJHUPQGH QD YêFKRGQtP EĜHKX
/DEH X REFH )LVFKEHFN Ĝ NP REU 6SRONRYê~VWDYK\GURORJLFNê%I*SURYHGOKUXEp
YêSRþW\ QD ]iNODGČ VXURYêFK GDW D ]MLVWLO åH VH
]GH YOLYHP GORXKR H[LVWXMtFt WUKOLQ\ NWHUi E\OD
WpPČĜ X]DYĜHQD Då þHUYQD D V WtP VRXYLVH
MtFtQHĜt]HQpUHWHQFHXEUDORSRYRGĖRYpYOQČ]FHO
2EU
NRYpKR REMHPX YtFH QHå PLO P 3RGREQČ
MDNR Y SĜtSDGČ SURWUåHQt RFKUDQQp KUi]H QD
VRXWRNX 6iO\ V /DEHP X REFH .OHLQ 5RVHQEXUJ
%UHLWHQKDJHQ GQH þHUYQD ]SĤVRELO\ L W\WR
UR]OLY\MHQQHSDWUQp]PtUQČQtNXOPLQDþQtFKYRG
QtFKVWDYĤQD/DELD]NUiFHQtGRE\WUYiQtYUFKR
OXSRYRGĖRYpYOQ\RDåGQ\SURWRåHRFKUDQ
Qp KUi]H VH SURWUKO\ Y GREČ NXOPLQDFH UHVS
EH]SURVWĜHGQČSRMHMtPSUĤFKRGX
0ČĜHQtSUĤWRNX]YUWXOQtNXYORNDOLWČSURWUåHQpRFKUDQQpKUi]HXREFH)LVFKEHFN±]GURM/+:67
3RYRGt+DYRO\
1DGROQtPWRNX+DYRO\E\OQHMY\ããt63$GRVDåHQ
YQRFL]QDþHUYQD1DKRUQtPDVWĜHGQtP
WRNX +DYRO\ SRYRGHĖ åiGQRX YHONRX UROL QHVH
KUiOD
3RX]HQD6SUpYČ6SUHHNWHUiMHOHYRVWUDQQêP
SĜtWRNHP +DYRO\ E\OD SRYRGHĖ Yê]QDPQČMãt
SĜLþHPå 63$ E\O QD 6SUpYČ SĜHNURþHQ SRX]H
YH VWDQLFL 6SUHPEHUJ SĜL KRGQRWČ FP GQH
þHUYQD 3RG YRGQtP GtOHP 6SUHPEHUJ
E\OD SRYRGĖRYi YOQD YOLYHP UHWHQFH Yê]QDPQČ
WUDQVIRUPRYiQD 8GiORVW ] þHUYQD ]ĤVWDOD
YFHOpPSRYRGt6SUpY\YêUD]QČSRGNXOPLQDþQtPL
SUĤWRN\ OHWQt SRYRGQČ Y URFH 9 SRYR
Gt KRUQtKR WRNX 6SUpY\ E\O\ NXOPLQDþQt SUĤWRN\
YURFHPHQãtQHå]DSRYRGQČYURFH
9êMLPNX SĜHGVWDYXMH SUDPHQQi REODVW 6SUpY\
VHVWDQLFt(EHUVEDFKYRGQtVWDYFP]HGQH
þHUYQD SĜHNURþLO VWDY ]H VUSQD R FP 3RG YRGQtP GtOHP 6SUHPEHUJ Då SR
VWDQLFL/HLEVFKE\O\SUĤWRN\YČWãtDYSRYRGtGRO
QtKRWRNX6SUpY\QHSDWUQČPHQãtQHå]DSRYRGQČ
YURFH
1DSRXãWČQtP +DYROVNp QtåLQ\ QD GROQtP WRNX
+DYRO\ ]DþDOR GQH þHUYQD VH EČKHP
SRYRGQČVWDORVWĜHGHPSR]RUQRVWLSRYRGt+DYRO\
9H VWDQLFL +DYHOEHUJ NWHUi VH QDFKi]t QD VRX
WRNX+DYRO\V/DEHPE\OGQHþHUYQDWMGHQ
SR ]DþiWNX Ĝt]HQpKR QDSRXãWČQt YRG\ ] /DEH
GR +DYRO\ SR]RURYiQ YRGQt VWDY FP 3UR
SRURYQiQt 'RVXG QHMY\ããt YRGQt VWDY FP
]GH E\O ]D]QDPHQiQ GQH GXEQD 9WRNRYê MH] 1HXZHUEHQ E\O X]DYĜHQ RYãHP MLå
Y QRFL ] QD þHUYQD V WtP DE\ VH GDOãt
YRGD ] /DEH QHGRVWDOD GR SROGUĤ %\OR Y\XåLWR
SORFK\ FFD KD +DYROVNi QtåLQD FHONHP
]DGUåHODYtFHQHåPLOPYRG\SĜLþHPåE\OD
QDSOQČQDYtFHQHåWĜHWLQDPD[LPiOQČGRVWXSQpKR
UHWHQþQtKRREMHPXVRXVWDY\SROGUĤ
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU
5R]ViKOpUR]OLY\NROHPMH]RYpVRXVWDY\4XLW]|EHO=HPVNêSRGQLNSRYRGĖRYpRFKUDQ\DYRGQtKRKRVSRGiĜVWYt
/+:6DVND$QKDOWVNDĜtGtYWRNRYêPMH]HP1HXZHUEHQQDSRXãWČQt+DYROVNpQtåLQ\+DYROVNiQtåLQD]DKUQXMH
NRU\WR+DYRO\DSROGUĤQD+DYROH±]GURM/+:67
3RYRGt/DEHRGVRXWRNXV+DYRORXSRMH]*HHVWKDFKW
1DGROQtP~VHNX6WĜHGQtKR/DEHSRGVRXWRNHP
V +DYRORX SĜHGVWDYRYDO\ NRPELQRYDQp ~þLQN\
UR]ViKOpKR SURWUåHQt RERX RFKUDQQêFK KUi]t D
QDSRXãWČQt +DYROVNp QtåLQ\ YêUD]Qp RGOHKþHQt
3RGOHYêSRþWĤ6SRONRYpKR~VWDYXK\GURORJLFNpKR
%I*E\E\OMLQDNYHVWDQLFL:LWWHQEHUJHRþHNiYiQ
NXOPLQDþQtYRGQtVWDYRFPY\ããtGiOHSRWRNX
GRNRQFHRFP3URWRNXOPLQRYDODSRYRGĖRYi
YOQDQD/DELYHVWDQLFL:LWWHQEHUJHMLåþHUYQD
REUQDKRGQRWČFPPñV
NWHUi DOH SĜHV YêãH XYHGHQp ]PtUQČQt SĜHViKOD
OLPLW63$RFPDGRWpGRE\QHMY\ããtVWDY
YKLVWRULLSR]RURYiQt]URNXRFP
+ODGLQDQDGROQtP~VHNX6WĜHGQtKR/DEHEČKHP
KRGLQU\FKOHVWRXSDOD9HVWDQLFL+LW]DFNHUE\O
GQHþHUYQDSR]RURYiQNXOPLQDþQtYRGQtVWDY
FP &KDUDNWHULVWLFNê U\V QHREY\NOH GORXKR
WUYDMtFt NXOPLQDFH SRYRGĖRYp YOQ\ /DEH VH SUR
MHYLO URYQČå QD MHKR GROQtP WRNX =þiVWL VH ]GH
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
XGUåHO NXOPLQDþQt YRGQt VWDY YtFH QHå KRGLQ
DSRWpNOHVDOMHQYHOPLSRPDOXREU'QH
þHUYQDE\OSR]RURYiQNXOPLQDþQtYRGQtVWDY
FP YH VWDQLFL +RKQVWRUI NWHUi E\OD VWHMQČ
MDNR L GDOãt VWDQLFH SRG SUR¿OHP :LWWHQEHUJH
VWiOH MHãWČ RYOLYQČQD Ĝt]HQRX D QHĜt]HQRX UHWHQ
Ft+DYROVNRXQtåLQRXUHVSSURWUåHQtPRFKUDQQp
KUi]HYEOt]NRVWLREFt)LVFKEHFND%UHLWHQKDJHQ
6ODSRYê ~VHN /DEH E\O Y SRURYQiQt V þiVWt QDG
QtPSRVWLåHQSRYRGQtYURFHMHQQHSDWUQČ
9LQWUDYLOiQXDYSĜtVWDYX+DPEXUNXGRãORNQHYê
]QDPQpPX]YêãHQtYRGQtFKVWDYĤSURWRåHYSR
URYQiQtVH6WĜHGQtPD+RUQtP/DEHPMVRXSĜtþQp
SUR¿O\ /DEH SUR QiPRĜQt SODYLGOD QČNROLNDQi
VREQČYČWãt.XOPLQDFHSRYRGĖRYpYOQ\]H6WĜHG
QtKR/DEH]SĤVRELODYHVWDQLFL+DPEXUN6W3DXOL
]YêãHQtPD[LPiOQtKODGLQ\]DSĜtOLYXRPpQČQHå
SĤOPHWUX
/DEH± :LWWHQEHUJH
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OX:LWWHQ
EHUJH±]GURM%I*:69/+:67
/DEH± 1HX'DUFKDX
63$>FP@
63$>FP@
63$>FP@
63$>FP@
2EU
YRGQtVWDY
YRG
GQtVWDY >FP@
SUĤWWRN >PñV@
SUĤWRN
'RVDåHQtVWXSĖĤSRYRGĖRYpDNWLYLW\DSUĤEČKYRGQtFKVWDYĤDSUĤWRNĤQD/DELYSUR¿OX1HX'DU
FKDX±]GURM%I*:69/+:67
9H VODSRYpP ~VHNX E\OR ]D]QDPHQiQR YHONp
]YêãHQt YRGQtFK VWDYĤ PH]L ORNDOLWRX %XQWKlXVHU
6SLW]HDMH]HP*HHVWKDFKW=GHVHKODGLQDXGUåH
OD EČKHP NXOPLQDFH SRYRGĖRYp YOQ\ SR GORXKRX
GREX QDG SUĤPČUQêPL KRGQRWDPL SĜLþHPå QHM
Y\ããt YRGQt VWDY\ E\O\ SR]RURYiQ\ þHUYQD
YH VWDQLFL $OWHQJDPPH KRGQRWRX P Q P
D YH VWDQLFL MH]X *HHVWKDFKW G S KRGQRWRX
PQP'RPLQDQWQtSĜtWRNYRG\]H6WĜHGQtKR
/DEH VRXþDVQČ ]QDþQČ ]PtUQLO YOLY VODSRYêFK
MHYĤ %ČKHP SRYRGQČ E\O YH VWDQLFL %XQWKDXV
]D]QDPHQiQ UR]GtO P PH]L PD[LPiOQt KOD
GLQRX ]D SĜtOLYX D PLQLPiOQt KODGLQRX ]D RGOL
YX SUĤPČUQê UR]GtO ]GH þLQt FFD P Y GRO
QtPSUR¿OX*HHVWKDFKWWRE\ORSRX]H±FP
SUĤPČUQêUR]GtOP9RGQtVWDY\NWHUpE\O\
EČKHP SRYRGQČ GRVDåHQ\ YH VODSRYpP ~VHNX
/DEH ]ĤVWDO\ SRG ~URYQt GRVXG ]D]QDPHQDQêFK
QHMY\ããtFK YRGQtFK VWDYĤ EČKHP ERXĜOLYpKR
SĜtOLYX 1DSĜtNODG YH VWDQLFL =ROOHQVSLHNHU E\O
EČKHP SRYRGQČ Y þHUYQX SR]RURYiQ NXOPLQDþQt
YRGQt VWDY QD KRGQRWČ P Q P NWHUi E\OD
WpPČĜ R P QLåãt QHå GRVXG ]D]QDPHQDQê QHM
Y\ããtYRGQtVWDYPEČKHPERXĜOLYpKRSĜtOLYX
YOHGQX2YãHPQHMY\ããtYRGQtVWDY\YHVWD
QLFL*HHVWKDFKWGSVHYþHUYQXSRK\ERYDO\
MHQQHSDWUQČSRGQHMY\ããtGRVXGGRVDåHQRXKRG
QRWRXEČKHPERXĜOLYpKRSĜtOLYX
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
+<'52/2*,&.e=+2'12&(1Ë3292'1ċ
9SUĤEČKXSRYRGQČYþHUYQXE\ODSURYHGH
QDĜDGDK\GURPHWULFNêFKPČĜHQtMHMLFKåYêEČUMH
REVDåHQ Y WDEXOFH 7DEXOND REVDKXMH L RG
FK\ON\ PČĜHQêFK SUĤWRNĤ RG EČKHP SRYRGQČ
SODWQpPČUQpNĜLYN\
QHåYVUSQX1DUR]GtORGSRYRGQČYURFH
NXOPLQDþQt SUĤWRN\ SR WRNX /DEH GiOH
QDUĤVWDO\DMLåSRGVWDQLFt:LWWHQEHUJVHSRK\ER
YDO\QDG~URYQtKRGQRWGRVDåHQêFKYURFH
REU
.XOPLQDþQtSUĤWRN\QD/DEL]DSRYRGQČYþHUYQX
E\O\ SRG VRXWRNHP /DEH V 9OWDYRX PHQãt
3ĜHKOHGGRVDåHQêFKNXOPLQDþQtFKYRGQtFKVWDYĤ
DSUĤWRNĤYHY\EUDQêFKVWDQLFtFKQD/DELDMHKR
7DE 9\EUDQiYê]QDPQiPČĜHQtSUĤWRNĤSURYHGHQiEČKHPSRYRGQČYþHUYQX
7RN
6WDQLFH
'DWXP
9RGQt
VWDY
3UĤWRN
>FP@
>P V @
=SĤVRE
PČĜHQt
6WĜHGQt
SURILORYi
U\FKORVW
>PV @
2GFK\ONDRGSODWQp
PČUQpNĜLYN\ >P V @
>@
/DEH
1\PEXUN
$'&3
9OWDYD
ýHVNp%XGČMRYLFH
$'&3
/XåQLFH
%HFK\QČ
$'&3
/DEH
.RVWHOHFQ/
$'&3
2WDYD
3tVHN
$'&3
%HURXQND
%HURXQ
$'&3
%HURXQND
%HURXQ
$'&3
9OWDYD
3UDKD&KXFKOH
$'&3
9OWDYD
3UDKD&KXFKOH
$'&3
9OWDYD
3UDKD&KXFKOH
$'&3
9OWDYD
3UDKD&KXFKOH
$'&3
/DEH
ÒVWtQ/
$'&3
/DEH
ÒVWtQ/
$'&3
/DEH
'ČþtQ
$'&3
/DEH
'ČþtQ
$'&3
/DEH
'ČþtQ
$'&3
/DEH
'UiåćDQ\
$'&3
/DEH
5LHVD
$'&3
Q] /DEH
7RUJDX
$'&3
/DEH
5RWKHQVHH
$'&3
/DEH
:LWWHQEHUJ
3 3 $'&3
3 /DEH
9RFNHURGH
$'&3
Q] 3 /DEH
0DJGHEXUN
$'&3
3 3 /DEH
:LWWHQEHUJH
$'&3
3 3 3 3 3 /DEH
1HX'DUFKDX
$'&3
3 0XOGH
3ULRUDX
$'&3
3 6iOD
%HUQEXUJGS
$'&3
3 6iOD
+DOOH7URWKDGS
$'&3
3 6iOD
&DOEH*UL]HKQH
$'&3
3 3R]QiPND=GHXYHGHQpQDPČĜHQpKRGQRW\SĜHGVWDYXMtSRX]HYêEČUK\GURPHWULFNêFKPČĜHQt9HVNXWHþQRVWLE\ORYåG\SURYHGHQRYtFHPČĜHQt
MHMLFKåYêVOHGN\VHQHSDWUQČOLãLO\1D]iNODGČYãHFKGRVWXSQêFKDNYDOLWQtFKPČĜHQtVHREY\NOHNRQVWUXXMHPČUQiNĜLYNDSURSRSLVY]WDKX
PH]LYRGQtPVWDYHPDSUĤWRNHP+RGQRW\PČUQpNĜLYN\MVRXWHG\Y\KOD]HQêPLKRGQRWDPL7RXWRVNXWHþQRVWtO]HY\VYČWOLWUR]GtO\YXYHGHQêFK
SUĤWRFtFKNWHUpVHSĜtSY\VN\WXMtYWDEXONiFKDSĜLþHPåYGUXKpWDEXOFHMVRXREVDåHQ\R¿FLiOQČSODWQpKRGQRW\
0ČUQpNĜLYN\SODWQpEČKHPSRYRGQČSRSRYRGQLGRãORNDNWXDOL]DFLQČNWHUêFKPČUQêFKNĜLYHN
SUĤPČUKODYQtKRWRNXDRGOHKþRYDFtFKUDPHQ
Q] QHQt]QiPR
3 ]DWtPQHQtRGYRGLWHOQpQDPČĜHQpKRGQRW\SĜHNUDþXMtUR]VDKPČUQpNĜLYN\SODWQpYGREČXGiORVWL
PČUQêSUR¿O&DOEHGS
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
SĜtWRFtFK REVDKXMH WDE YH NWHUp MVRX XYH
GHQ\ L GRE\ RSDNRYiQt NXOPLQDþQtFK SUĤWRNĤ
SRYRGQČ
7DE .XOPLQDþQtVWDY\DSUĤWRN\YHY\EUDQêFKYRGRPČUQêFKVWDQLFtFKEČKHPSRYRGQČSRURYQiQtVSRYRGQt
7RN
9RGRPČUQi
VWDQLFH
3ORFKD
SRYRGt
>NP@
3RYRGHĖ
3RYRGHĖ
VWDY
SUĤWRN
GRED
RSDNRYiQt
>FP@
>PV@
>URN\@
±
±
±
GDWXP
GRED
RSDNRYiQt
KRG
VWDY
SUĤWRN
6(/ý
>FP@
>PV@
>URN\@
±
±
/DEH
9HVWĜHY
/DEH
-DURPČĜ
2UOLFH
7êQLãWČQ2
/DEH
1ČPþLFH
/DEH
3ĜHORXþ
/DEH
1\PEXUN
±
-L]HUD
7XĜLFH3ĜHGPČĜLFH
/DEH
.RVWHOHFQ/
9OWDYD
±
ýHVNp%XGČMRYLFH
!
±
/XåQLFH
%HFK\QČ
!
2WDYD
3tVHN
!
±
6i]DYD
1HVSHN\
±
±
%HURXQND
%HURXQ
!
9OWDYD
3UDKD&KXFKOH
/DEH
0ČOQtN
±
2KĜH
.DUORY\9DU\
±
±
2KĜH
/RXQ\
/DEH
ÒVWtQ/
3ORXþQLFH
%HQHãRYQ3
/DEH
'ČþtQ
/DEH
+ĜHQVNR
±
6FK|QD
±
'UiåćDQ\
±
7RUJDX
±
ýHUQê+DOãWURY
/|EHQ
±
/DEH
:LWWHQEHUJ
±
*RO]HUQ
±
%DG'EHQ
±
±
åiGQê~GDM
åiGQê~GDM
±
±
/DEH
0XOGH
3ULRUDX
±
±
±
±
±
±
±
±
±
/DEH
$NHQ
6iOD
&DOEH*UL]HKQH
±
!
%DUE\
±
0DJGHEXUN
6WURPEUFNH
±
±
7DQJHUPQGH
±
5DWKHQRZGS
/DEH
+DYROD
/DEH
±
̱
:LWWHQEHUJH
±
±
1HX'DUFKDX
±
±
+DYHOEHUJ6WDGW
±
3ORFKDSRYRGtYRGRPČUQêFKVWDQLFMHXUþHQD]GDWRYpKRPRGHOXUR]YRGQLFYPČĜtWNX
3ĜHY]DWR ] SXEOLNDFH 0.2/ ] URNX 'RNXPHQWDFH SRYRGQČ Y VUSQX Y SRYRGt /DEH VWU D Y FK\EČMtFtFK VWDQLFtFK QRYČ
GRSOQČQR
9VRXODGXV1OHWêPSUĤWRNHPSUR]DWtPQČVWDQRYHQêP6YRERGQêPVWiWHP6DVNRMHUHOHYDQWQtQLåãtKRGQRWD
9þHWQČREWRNX]DKUi]tQHQtSRGFK\FHQYHYRGQtPVWDYX
2YOLYQČQRPDQLSXODFt2GWRNE\O]GUåHQ9]WDKPH]LYRGQtPVWDYHPDSUĤWRNHPQHVRXKODVtSURWRQHO]HXYpVWGREXRSDNRYiQt
KRGQRWD]PHQãHQpKRNXOPLQDþQtKRSUĤWRNXYOLYHPSURWUåHQêFKKUi]tDQDSRXãWČQt+DYROVNpQtåLQ\
SRWUDQVIRUPDFLNXOPLQDFHSRYRGQČQD/DELDQDSRXãWČQt+DYROVNpQtåLQ\
+RGQRFHQt1OHWRVWLQHQtY]WDåHQRQDSR]RURYDQRXKRGQRWXSUĤWRNXNWHUiMH]NUHVOHQiUHWHQþQtP~þLQNHPDOHQDKRPRJHQL]RYDQRXKRGQRWX
4PD[EH]YOLYXUHWHQFHKRPRJHQL]RYDQpKRGQRW\4PD[SRYRGQČþLQtYHVWDQLFL:LWWHQEHUJHPVDYHVWDQLFL1HX'DUFKDX
PV
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
9 ýHVNp UHSXEOLFH VH 1OHWp SUĤWRN\ YH YRGR
PČUQêFK VWDQLFtFK VWDQRYXMt ] IXQNFH SĜHNURþHQt
URþQtFK NXOPLQDþQtFK SUĤWRNĤ 'R ]SUDFR
YiQt YVWXSXMt SUĤWRNRYp ĜDG\ ]D QHMGHOãt REGREt
SR]RURYiQt SRNXG PRåQR L V Y\XåLWtP LQIRUPDFt
R KLVWRULFNêFK SRYRGQtFK 1OHWp SUĤWRN\ MVRX
]SUDFRYiQ\ QD SRGNODGČ GDW ]H NWHUêFK MH SR
NXG PRåQR HOLPLQRYiQR YêUD]Qp D SURND]DWHOQp
RYOLYQČQtSURYR]HPYRGQtFKGČO7R]QDPHQiåH
RGYR]HQp 1OHWp SUĤWRN\ YtFH PpQČ RGSRYtGDMt
ÄSĜLUR]HQpPX³K\GURORJLFNpPXUHåLPX9]KOHGHP
NQHMLVWRWiPY\SOêYDMtFtP]HVWDWLVWLFNpKR]SUDFR
YiQt 1OHWêFK SUĤWRNĤ YH YRGRPČUQêFK VWDQLFtFK
QDSĜUĤ]QČGORXKpYVWXSQtĜDG\YêVN\WKLVWRULFNp
SRYRGQČ E\O\ Y\YLQXW\ PHWRG\ UHJLRQiOQt DQDOê
]\ NWHUp XPRåĖXMt Y\URYQiQt VWDWLVWLFNêFK FKD
UDNWHULVWLN Y UiPFL XFHOHQpKR SRYRGt 6WDQRYHQt
GRE RSDNRYiQt NXOPLQDþQtFK SUĤWRNĤ SRYRGQČ
YþHUYQXMHSURYHGHQRQD]iNODGČVRXþDVQČ
SODWQêFK1OHWêFKSUĤWRNĤ
9 1ČPHFNX MH SUR VWDWLVWLFNp ]DĜD]HQt SRYRGQČ
QD WRNX /DEH XUþXMtFt SRVWXS VHVWDYHQê 6SR
OHþHQVWYtP REODVWL SRYRGt /DEH )** (OEH D
6SRONRYêP ~VWDYHP K\GURORJLFNêP %I* NWHUê
E\O Q\Qt ]DNWXDOL]RYiQ ]iVDGQt SRGUREQRVWL YL]
]SUiY\%I*þD8YHGHQêSRVWXSVH
Y]WDKXMHNVWDQLFtP'UiåćDQ\7RUJDX%DUE\
:LWWHQEHUJH D 1HX 'DUFKDX ěDG\ PD[LPiO
QtFKSUĤWRNĤ]DREGREt±NWHUpE\O\
Y QČNWHUêFK SĜtSDGHFK SURGORXåHQ\ QD ]iNODGČ
YêSRþWĤ E\O\ KRPRJHQL]RYiQ\ SUR URN SRPRFt PRGHOX SUR SĜHGFKR]t URN\ ]D Y\XåLWt
]MHGQRGXãHQpKR Y]RUFH NWHUê E\O SĜLSUDYHQ SUR
~VHNSRGVWDQLFt%DUE\
.G\åSODWt4PD[%DUE\4PD[:LWWHQEHUJH!PVSDNMH
¾ 4PD[:LWWHQEHUJH
4PD[%DUE\PV
¾ 4PD[1HX'DUFKDX
4PD[%DUE\PV
ěDG\PD[LPiOQtFKSUĤWRNĤYXYHGHQêFKVWDQL
FtFKE\O\]NRPSOHWRYiQ\YþHWQČURNXURYQČå
]D Y\XåLWt YêãH XYHGHQpKR ]MHGQRGXãHQpKR
Y]RUFH9êVOHGN\VWDWLVWLFNpDQDOê]\YþHWQČSRX
åLWpNRPELQDFHPHWRG\RGKDGXSDUDPHWUĤDWHR
UHWLFNpKRUR]GČOHQtMVRXSDWUQp]WDEXON\
%I*)**$5*( (OEH $EVWLPPXQJVJUXSSH +RFK
ZDVVHUVWDWLVWLNIUDXVJHZlKOWH(OEHSHJHO.REOHQ]
%I*)**$5*( (OEH%I* 3URMHNWJUXSSH (LQKHLW
OLFKH *UXQGODJH IU GLH )HVWOHJXQJ GHU %HPHVVXQJV
ZDVVHUVSLHJHOODJHQ GHU (OEH DXI GHU IUHLÀLH‰HQGHQ
6WUHFNHLQ'HXWVFKODQG.REOHQ]
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
7DE /DEH1OHWpSUĤWRN\YHY\EUDQêFKVWDQLFtFKUHIH
UHQþQtREGREt±
6WDQLFH
'UiåćDQ\
7RUJDX
%DUE\
:LWWHQEHUJH
1HX'DUFKDX
4
4
4
>PV@
4
4
SUĤPČUQiKRGQRWDPH]LVWĜHGQtKRGQRWRXWHRUHWLFNpKR
UR]GČOHQtDKRGQRWRXKRUQtREDORYpNĜLYN\NRQ¿GHQþQtKRLQWHU
YDOXQD~URYQLYê]QDPQRVWL
7\WR 1OHWp SUĤWRN\ Y\SRþWHQp ]D Y\XåLWt YêãH
XYHGHQpKR ]MHGQRGXãHQpKR Y]RUFH SUR KRPR
JHQL]DFLQHO]HXSODWQLWQDSR]RURYDQpPD[LPiOQt
SUĤWRN\ 9 SĜtSDGHFK NG\ MH VSOQČQ SĜHGSRNODG
4%DUE\4:LWWHQEHUJH!PVMHWĜHEDYHVWDQLFtFK
:LWWHQEHUJHD1HX'DUFKDXQDKUDGLWNXOPLQDþQt
SUĤWRNSR]RURYDQêSUĤWRNHPKRPRJHQL]RYDQêP
3ĜL KRGQRFHQt SRGOH WDEXON\ VH QHMHGQi
R QiYUKRYp FKDUDNWHULVWLN\ MHMLFK VWDQRYHQt PXVt
Y\KRYRYDWGDOãtPSRåDGDYNĤPQDYtFVKRGQRFH
QtPQHMVRXVSRMHQ\LQIRUPDFHRYRGQtFKVWDYHFK
9H VWDQLFtFK :LWWHQEHUJ/ $NHQ 0DJGHEXUN
6WURPEUFNH D 7DQJHUPQGH QD /DEL QHMVRX
YVRXþDVQRVWLNGLVSR]LFLGDWRYpSRGNODG\YKRG
Qp N DQDOê]H SUDYGČSRGREQRVWt 1DPtVWR WRKR
VH SURYiGt KRGQRFHQt ] KOHGLVND YČURKRGQRVWL
YSRGpOQpPSUR¿OX]DY\XåLWtYêVOHGNĤYêãHXYH
GHQêFKW]YVW\þQêFKVWDQLFNWHUpGH¿QXMtÄSiV
1OHWêFKSUĤWRNĤ³YL]REU6SHFL¿FNêSĜtSDG
VWDQLFH7DQJHUPQGHYHNWHUpWHRUHWLFN\Y\FKi]t
SURNXOPLQDþQtSUĤWRNSRYRGQČYURFHGRED
RSDNRYiQt 1 ! OHW VH LQWHUSUHWXMH WDN åH
Y]KOHGHPNFK\EČMtFtPPČĜHQtP]GHH[LVWXMtQHML
VWRW\YHY]WDKXPH]LYRGQtPVWDYHPDSUĤWRNHP
SURWRVHKRGQRWČ4PD[7DQJHUPQGH PVSĜL
ĜD]XMHYVRXODGXVSUĤEČKHPYSRGpOQpPSUR¿OX
GREDRSDNRYiQt±OHW
9HVWDQLFtFKQDSĜtWRFtFK/DEHVHVWDWLVWLFNpKRG
QRFHQt SURYiGt YåG\ SRPRFt QHMYKRGQČMãtKR WHR
UHWLFNpKRUR]GČOHQtDPHWRG\RGKDGXSDUDPHWUĤ
SRXåLWp NRPELQDFH PHWRG\ RGKDGX SDUDPHWUĤ D WHRUHWLFNpKR
UR]GČOHQt
'UiåćDQ\ YãHREHFQp UR]GČOHQt H[WUpPQtFK KRGQRW PHWRGD YiåH
QêFKSUDYGČSRGREQRVWt
7RUJDXWĜtSDUDPHWULFNpORJDULWPLFNRQRUPiOQtUR]GČOHQtPHWRGDYi
åHQêFKSUDYGČSRGREQRVWt
%DUE\:LWWHQEHUJH1HX'DUFKDX:HLEXOORYRUR]GČOHQtPHWRGD
PRPHQWĤ
:LWWHQEHUJH1HX'DUFKDX:HLEXOORYRUR]GČOHQtPHWRGDPRPHQWĤ
DOHRG4SUĤPČUQiKRGQRWDPH]LVWĜHGQtKRGQRWRXWHRUHWLFNpKR
UR]GČOHQtDKRGQRWRXKRUQtREDORYpNĜLYN\NRQ¿GHQþQtKRLQWHUYDOX
QD~URYQLYê]QDPQRVWL
NXOPLQDþQtS
SUĤWRN>PñV@
'UiåćDQ\
7RUJDX
:LWWHQEHUJ/
SRYRGHĖ
$NHQ
4
%DUE\
0DJGHEXUN
7DQJHUPQGH :LWWHQEHUJH 1HX'DUFKDX
4
4
ΎŚŽŵŽŐĞŶŝnjŽǀĂŶĠŚŽĚŶŽƚLJ
2EU
6WDWLVWLFNp]DĜD]HQtSRYRGQČQD/DELYURFHYSRGpOQpPSUR¿OX.XOPLQDþQtSUĤWRN\SRYRGQČ
YHYRGRPČUQêFKVWDQLFtFKDGH¿QRYDQpGRE\RSDNRYiQt±]GURM%I*
3RYRGt/DEHQDGVRXWRNHPV9OWDYRX
([WUpPQt SRYRGQČ V GRERX RSDNRYiQt YtFH QHå
OHWVHY\VN\WO\Y3RGNUNRQRãtQDĜtþFHýLVWp
YSRYRGt&LGOLQ\QD%\VWĜLFLYSRYRGt0UOLQ\DQD
9êURYFH
3ĜtWRN GR 9' /DEVNi QD /DEL NWHUê RGSRYtGDO
KRGQRWČSUĤWRNX4E\OWUDQVIRUPRYiQQDKRG
QRWX49PH]LSRYRGtRG9'/DEVNiN9'/HV
.UiORYVWYt E\OR QHMYtFH ]DVDåHQR SRYRGt ýLVWp
NGH NXOPLQDþQt SUĤWRN SRYRGĖRYp YOQ\ YêUD]QČ
SĜHNURþLOGREXRSDNRYiQtOHWQD0DOpP/DEL
GRViKO ± OHW 9H VWDQLFL 9HVWĜHY QD /DEL
QDG QiGUåt /HV .UiORYVWYt RGSRYtGDO NXOPLQDþQt
SUĤWRNGREČRSDNRYiQt±OHWELODQþQČRG
YR]HQê SĜtWRN GR QiGUåH RGSRYtGDO SUĤWRNX 4
9'/HV.UiORYVWYtSĜtWRNRYRXYOQXWUDQVIRUPRYDOR
QDSUĤWRNVGRERXRSDNRYiQtMHQ±OHW
.XOPLQDþQtSUĤWRNQDÒSČYHVWDQLFL+RUQt6WDUp
0ČVWR RGSRYtGDO GREČ RSDNRYiQt OHW VWHM
QiGREDRSDNRYiQtE\ODLYHVWDQLFL-DURPČĜQD
/DEL . YêUD]QpPX Y]HVWXSX KODGLQ GRãOR QD
9UFKOLFL NGH SĜtWRN GR 9' 9UFKOLFH GRVDKRYDO
QDKRGQRWX4DRGWRNQDKRGQRWX4DYFH
OpP SRYRGt &LGOLQ\ NGH QD SĜtWRNX %\VWĜLFH E\OD
GRED RSDNRYiQt GHOãt QHå OHW D QD -DYRUFH
RGSRYtGDOD ± OHWĤP 1D VWĜHGQtP D GRO
QtPWRNX&LGOLQ\E\ODVWDQRYHQDGREDRSDNRYiQt
±OHW1D0UOLQČDQDSĜtWRNXâWtWDUVNêSRWRN
PČO\ NXOPLQDþQt SUĤWRN\ GREX RSDNRYiQt GHOãt
QHåOHW
1D /DEL YH VWDQLFL 1\PEXUN RGSRYtGDOD GRED
RSDNRYiQtNXOPLQDþQtKRSUĤWRNX±OHWĤP1D
SĜtWRNX9êURYNDGREDRSDNRYiQtSĜHViKODOHW
DQD/DELYHVWDQLFL.RVWHOHFQ/GRViKODOHW
3ĜLGUXKpSRYRGĖRYpHSL]RGČE\ORQHMYtFHSRVWL
åHQRX REODVWt SRYRGt 1RYRKUDGN\ NGH E\O QD
KRUQtP ~VHNX D QD SĜtWRNX äHMEUR Y\KRGQRFHQ
PD[LPiOQtSUĤWRNVGRERXRSDNRYiQt±OHW
QD GROQtP WRNX SDN OHW 1D &KUXGLPFH SRG
1RYRKUDGNRX E\OD VWDQRYHQD GRED RSDNRYiQt
NXOPLQDþQtKR SUĤWRNX QD OHW .XOPLQDþQt
SUĤWRN\ QD 'RXEUDYČ GRViKO\ ~URYQČ 4 9H
9'3DĜtåRYVHYRGDSĜHOpYDODSĜHVEH]SHþQRVWQt
SĜHOLY PD[LPiOQt SUĤWRN SRG SĜHKUDGRX RGSRYt
GDO KRGQRWČ 4 D QD GROQt 'RXEUDYČ 4 1D
9UFKOLFLSRG9'9UFKOLFHNXOPLQDþQtSUĤWRNGRViKO
~URYQČ 4 1D /DEL YH VWDQLFtFK 1\PEXUN
D .RVWHOHF Q / GRED RSDNRYiQt RGSRYtGDOD
±OHWĤP
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGt9OWDY\
=KODYQtFKSĜtWRNĤ9OWDY\E\ODQHMYtFHUR]YRGQČ
QD /XåQLFH NGH GRED RSDNRYiQt NXOPLQDþQtKR
SUĤWRNX YH VWDQLFL %HFK\QČ GRViKOD OHW
QD 2WDYČ Y 3tVNX D QD 6i]DYČ Y 1HVSHNiFK
±OHWDQD%HURXQFHY%HURXQČOHW
1D YODVWQtP WRNX 9OWDY\ Y ýHVNêFK %XGČMRYLFtFK
RGSRYtGDOD GRED RSDNRYiQt ± OHW 3ĜtWRN
GR9'2UOtNE\OVRKOHGHPQDQHSR]RURYDQpPH
]LSRYRGt ]DVDåHQp YêUD]QêPL VUiåNDPL VWDQR
YHQQD]iNODGČELODQþQtKRYêSRþWX'REDRSDNR
YiQtSĜtWRNXE\ODRGKDGQXWDQDOHW([WUHPLWD
NXOPLQDþQtKRSUĤWRNXRGSRYtGDODRGVWDQLFH3UDKD
=EUDVODY Då SR VRXWRN V /DEHP Y 0ČOQtNX GREČ
RSDNRYiQt±OHW
([WUpPQt SRYRGQČ V GRERX RSDNRYiQt OHW
QHER YtFH QHå OHW VH Y\VN\WO\ QD %U]LQČ
0DVWQtNX .RFiEČ D QD QČNWHUêFK SĜtWRFtFK
GROQt6i]DY\%ODQLFHDQD%RWLþLSĜtWRN9OWDY\
Y3UD]H/]HVHRSUiYQČQČGRPQtYDWåHSUĤWRN\
VWRXWRH[WUHPLWRXE\O\LQDPQRKêFKQHSR]RUR
YDQêFKPHQãtFKYRGRWHþtFKYQHMYtFH]DVDåHQêFK
REODVWHFK
3RYRGt/DEHSRGVRXWRNHPV9OWDYRXSRVWiWQtKUDQLFL
9SRYRGt2KĜHQDSĜtWRFtFK6YDWDYDD5RODYDPČO
NXOPLQDþQt SUĤWRN GREX RSDNRYiQt ± OHW
QD2KĜLY.DGDQLOHW9]iYČURYpVWDQLFL/RXQ\
NWHUi VH QDFKi]t SRG 9' 1HFKUDQLFH QHGRViKO
NXOPLQDþQt SUĤWRN DQL KRGQRW\ 4 'RED RSDNR
YiQt QD 3ORXþQLFL Y %HQHãRYČ Q 3 RGSRYtGDOD
OHWĤP QD .DPHQLFL Y +ĜHQVNX ± OHWĤP
NXOPLQDFH QD RERX WRFtFK SUREČKO\ þHUYQD D
SĜHGFKi]HO\SRYRGĖRYpYOQČQD/DEL
1D /DEL Y 0ČOQtNX REU H[WUHPLWD NXOPL
QDþQtKR SUĤWRNX RGSRYtGDOD GREČ RSDNRYiQt
OHW Y QtåH SRORåHQêFK VWDQLFtFK ÒVWt Q /
'ČþtQ D +ĜHQVNR RGSRYtGDOD GREČ RSDNRYiQt
±OHW
0ČOQtN ± /DEH SRG VRXWRNHP V 9OWDYRX ]D
SRYRGQČYþHUYQX±]GURMý+0Ò
3RYRGt/DEHRGVWiWQtKUDQLFHSRVRXWRNVýHUQêP+DOãWURYHP
9 SUYQt QČPHFNp VWDQLFL 6FK|QD Y 6DVNX VH
Y\VN\WO NXOPLQDþQt SUĤWRN NWHUê RGSRYtGi GREČ
RSDNRYiQt±OHW.XOPLQDþQtSUĤWRN\YHVWD
QLFtFK'UiåćDQ\D7RUJDXGRViKO\~URYQČ4
2EU
1DSĜtWRFtFK/DEHGRãORNSRYRGQtPVGRERXRSD
NRYiQt±OHWGHOãtGRE\RSDNRYiQtE\O\]D
]QDPHQiQ\QDOHYRVWUDQQêFKSĜtWRFtFKMDNRMVRX
9HUHLQLJWH:HL‰HULW]D7ULHELVFK
3RYRGtýHUQpKR+DOãWURYX
1D KRUQtP WRNX ýHUQpKR +DOãWURYX YH VWDQLFL
1HXZLHVHO]HNXOPLQDþQtSUĤWRNSRYRGQČYþHUYQX
SĜLĜDGLWKRGQRWČ49~VHNXýHUQpKR+DOãWURYX
Y %UDQLERUVNX E\OR PRåQp QDSRXãWČW þiVW
SRYRGĖRYpKR RGWRNX GR VRXVWDY\ Y\WČåHQêFK
ORPĤDGRQiGUåH1LHPWVFKMH]HUR6HQIWHQEHUJHU
6HH þtPå VH SRGDĜLOR YêUD]QČ WUDQVIRUPRYDW
SRYRGĖRYRX YOQX D SURWR PČOD SRYRGHĖ GREX
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
RSDNRYiQtXåMHQ±OHW1DWRNX*UR‰H5|GHU
VHNXOPLQDþQtSUĤWRN\SRK\ERYDO\QD~URYQL4
.XOPLQDþQtPX SUĤWRNX QD ýHUQpP +DOãWURYX
SRG MHKR VRXWRNHP V ĜHNRX *UR‰H 5|GHU O]H
SĜLĜDGLW GREX RSDNRYiQt ± OHW 1D GROQtP
WRNX ýHUQpKR +DOãWURYX Y 6DVNX$QKDOWVNX E\O
NXOPLQDþQtSUĤWRNQHSDWUQČPHQãtQHå4
3RYRGt0XOGH
3RYRGHĖ QD 0ROGDYVNpP SRWRFH GRViKOD GRE\
RSDNRYiQt ± OHW .XOPLQDþQtP SUĤWRNĤP
QD ĜHFH =VFKRSDX D QD )OiMVNpP SRWRFH DOH
L QD KRUQtP D VWĜHGQtP WRNX =ZLFNDXHU 0XOGH
O]HSĜLĜDGLWGREXRSDNRYiQtDåOHW1DGROQtP
WRNX=ZLFNDXHU0XOGHGRãORNH[WUpPQtSRYRGQL
VGRERXRSDNRYiQtQDGOHW5RYQČåQDWRNX
9HUHLQLJWH0XOGHE\ODSRYRGHĖH[WUpPQt7ČVQČ
SRGVRXWRNHP=ZLFNDXHU0XOGHD0ROGDYVNpKR
SRWRNDVHNXOPLQDþQtSUĤWRNSRK\ERYDOQD~URY
QL4GiOHSRSURXGXQDGROQtPWRNXYHVWDQLFL
%DG'EHQQD~URYQLLQWHUYDOX4
3RYRGt6iO\
9RGQt QiGUåH Y 'XU\QVNX ]DGUåHO\ ]QDþQp RE
MHP\ YRG\ ] KRUQtKR WRNX 6iO\ 3ĜHVWR GRãOR QD
6iOH SRG MHMtP VRXWRNHP V ĜHNRX ,OP N SRYRGQL
QD ~URYQL GRE\ RSDNRYiQt ± OHW 9OLYHP
PDQLSXODFHQDYRGQtFKGtOHFKQDWRFtFK8QVWUXW
D +HOPH E\OR GRVDåHQR QD GROQtP WRNX ĜHN\
8QVWUXWSRX]HSUĤWRNX41D6iOHVHSRGMHMtP
VRXWRNHPVĜHNRX8QVWUXWQHSĜHNURþLONXOPLQDþQt
SUĤWRN 4 %tOê +DOãWURY GUDPDWLFN\ ]KRUãLO SR
YRGĖRYRX VLWXDFL QD 6iOH SRG MHMLFK VRXWRNHP
E\O\SR]RURYiQ\NXOPLQDþQtSUĤWRN\VGRERXRSD
NRYiQt ± OHW 'iOH SR SURXGX YH VWDQL
FL &DOEH*UL]HKQH QHGDOHNR RG VRXWRNX 6iO\
V /DEHP E\OD GRED RSDNRYiQt NXOPLQDþQtKR
SUĤWRNXFFDOHW
([WUpPQt SRYRGĖRYi VLWXDFH Y FHOpP SRYRGt
%tOpKR+DOãWURYXNWHUiVHGRVXGQLNG\QHY\VN\W
OD YHGOD QD MHKR KRUQtP WRNX Då SR VRXWRN VH
6iORX ] YHONp þiVWL N PD[LPiOQtP KRGQRWiP
YH YRGRPČUQêFK VWDQLFtFK V GRERX RSDNRYiQt
FFDOHWYĜtþQtP~VHNXSĜHG/LSVNHPGRNRQ
FHGHOãtQHåOHW9GDOãtPSUĤEČKXE\ORVLFH
PRåQp QDSRXãWČQtP MH]HUD =ZHQNDXHU 6HH D
SROGUX$XHQZDOGSROGHUX/LSVNDYêUD]QČ]PtUQLW
NXOPLQDþQtSUĤWRNQD%tOpP+DOãWURYXSĜHVWRVH
QD GROQtP WRNX %tOpKR +DOãWURYX Y\VN\WOD SRYR
GHĖVGRERXRSDNRYiQt±OHW5RYQČåQD
KRUQtPWRNX3OHL‰HE\ODSR]RURYiQDSRYRGHĖQD
~URYQL4
3RYRGt/DEHRGVRXWRNXVýHUQêP+DOãWURYHPSRVRXWRNVH6iORX
ýHUQê +DOãWURY SĜLVSČO SĜL SRYRGQL QD /DEL NH
]YČWãHQtSUĤWRNXSRX]HQHSDWUQČ3RGVRXWRNHP
ýHUQpKR +DOãWURYX V /DEHP SURãOD GORXKRWUYD
MtFt SRYRGĖRYi YOQD QD /DEL VWDQLFt :LWWHQEHUJ
NXOPLQDþQtP SUĤWRNHP QD ~URYQL GRE\ RSDNR
YiQt±OHW3ĜHVWRåHNXOPLQDFHSRYRGĖRYp
YOQ\ QD WRNX 0XOGH QHQDUD]LOD SĜtPR QD NXOPL
QDFL/DEHSĜLVSČOWRN0XOGH]QDþQRXPČURXNH
]YČWãHQt SUĤWRNĤ YOQ\ QD /DEL .XOPLQDþQtPX
SUĤWRNXGORXKRWUYDMtFtKRYUFKROXSRYRGĖRYpYOQ\
QD/DELYHVWDQLFL$NHQO]HSĜLĜDGLWGREXRSDNR
YiQt±OHW
3RYRGt/DEHRGVRXWRNXVH6iORXSRVRXWRNV+DYRORX
'DOãt SUĤEČK SRYRGQČ QD /DEL E\O SR ]D~VWČQt
6iO\NDWDVWURIiOQČMãt6PDOêPþDVRYêPSRVXQHP
GYRXDåþW\ĜGQĤVHVWĜHWO\SRYRGĖRYpYOQ\6iO\D
/DEHFRå]SĤVRELORPLPRĜiGQpSUĤWRN\3UĤWRNX
PñVNWHUêE\OGRVDåHQSĜLSUĤFKRGXNXO
PLQDFHSRYRGĖRYpYOQ\VWDQLFt%DUE\O]HSĜLĜDGLW
GREX RSDNRYiQt ± OHW &HONRYê SUĤWRN
/DEHGRViKOYGREČNXOPLQDFHSRYRGĖRYpYOQ\YH
VWDQLFL0DJGHEXUN6WURPEUFNHFFDPñV
FRåRGSRYtGiGREČRSDNRYiQt±OHW
3RYRGt+DYRO\
+RUQt D VWĜHGQt WRN +DYRO\ QHE\O WRXWR SRYRGQt
SĜtOLã]DVDåHQ3URWRE\ORPRåQpFtOHQČQDSRXãWČW
YRGX ] /DEH GR +DYROVNp QtåLQ\ NWHUi ]DKUQXMH
NRU\WR +DYRO\ D SROGUĤ QD +DYROH 3RX]H QD
6SUpYČE\ODSR]RURYiQDSRYRGHĖQDKRUQtPWRNX
QD~URYQL4QDVWĜHGQtPWRNXQD~URYQL4
DQDGROQtPWRNXQD~URYQL4
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
3RYRGt/DEHRGVRXWRNXV+DYRORXSRMH]*HHVWKDFKW
9H VWDQLFL :LWWHQEHUJH NWHUi VH QDFKi]t SRG
VRXWRNHP +DYRO\ V /DEHP E\O NXOPLQDþQt SUĤ
WRNYêUD]QČ]PHQãHQSURWUåHQtPRFKUDQQpKUi]H
XREFH)LVFKEHFN/DEHDSĜHGHYãtPQDSRXãWČ
QtP +DYROVNp QtåLQ\ 3UR VWDWLVWLFNp KRGQRFH
Qt PĤåH EêW XUþXMtFt SRX]H RGRYOLYQČQê SUĤWRN
NWHUê SUH]HQWXMH FHONRYRX SRYRGĖRYRX YOQX EH]
WUDQVIRUPDþQtFK ~þLQNĤ 1D ]iNODGČ YêSRþWĤ
E\O RGYR]HQ XUþXMtFt SUĤWRN PV SUR VWD
QLFL :LWWHQEHUJH D PñV SUR VWDQLFL 1HX
'DUFKDX NWHUp RGSRYtGDMt GREiP RSDNRYiQt
±OHWYL]WDEDSĜtVOXãQpY\VYČWOLYN\
3RURYQiQtVSRYRGQtYURFH
3RYRGHĖYSRYRGtþHVNpKR/DEHYþHUYQX
E\ODYSRURYQiQtVSRYRGQtYVUSQXFRGR
H[WUHPLW\ PpQČ Yê]QDPQi DOH MHMt QiVWXS E\O
GĤVOHGNHPRGOLãQpKRUR]ORåHQtSĜtþLQQêFKVUiåHN
D MHMLFK YêUD]QČMãt LQWHQ]LW\ Y PQRKêFK SUR¿OHFK
YêUD]QČU\FKOHMãt
9H VWDQLFtFK QD /DEL QDG VRXWRNHP V 9OWDYRX
E\O\NXOPLQDþQtSUĤWRN\SRYRGQČYČWãtQHå
SĜLSRYRGQLYURFHQDSĜY]iYČURYpVWDQLFL
.RVWHOHFQ/RPV
.XOPLQDþQtSUĤWRN\YþHUYQXE\O\QD9OWDYČ
Y 3UD]H R PV PHQãt QHå SĜL SRYRGQL
YVUSQX1DMHMtFKSĜtWRFtFKE\O\NXOPLQDþQt
SUĤWRN\ Wpå PHQãt QDSĜ Y %HFK\QL QD /XåQLFL
R PV Y 3tVNX QD 2WDYČ R PV
Y%HURXQČQD%HURXQFHRPV3RX]HQD
6i]DYČ E\O\ YČWãt Y ]iYČURYp VWDQLFL 1HVSHN\
2EU
R PV 2EGREQČ MDNR Y URFH GRãOR
Y3UD]HREULSĜLSRYRGQLNHVWĜHWX
YUFKROX SRYRGĖRYp YOQ\ ] %HURXQN\ D 9OWDY\
NXOPLQDFH 6i]DY\ WHQWRNUiWH YOQX ] 9OWDY\ D
%HURXQN\SĜHGEČKOD
1DVRXWRNX/DEHV9OWDYRXGRãORSRGREQČMDNR
SĜLSRYRGQLYVUSQXNUR]OLYĤPD]SČWQpPX
Y]GXWtKODGLQ\/DEH3ĜtWRN]/DEHE\OQDVRXWR
NXV9OWDYRXRSURWLSRYRGQLYVUSQX]KUXED
RPVYČWãtDYãDNPD[LPiOQtSĜtWRN]9OWDY\
E\O FFD R PV PHQãt 3RPČU NXOPLQDFt
9OWDY\D/DEHQDGVRXWRNHPV9OWDYRXE\OWDN
]DWtPFRYURFHWRE\ORWpPČĜ
9SRYRGt/DEHSRGVRXWRNHPV9OWDYRXSRVWiW
Qt KUDQLFL E\O\ NXOPLQDþQt SUĤWRN\ SĜL SRYRGQL
PHQãtQHåYURFHYêMLPNXWYRĜt2KĜH
NGH QDSĜ Y ]iYČURYp VWDQLFL /RXQ\ E\O SUĤWRN
9OWDYDY3UD]H7URMLGQH±]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
RPVYČWãt9HVWDQLFL0ČOQtNE\ONXOPLQDþQt
SUĤWRNRPVPHQãtQHåSĜLSRYRGQLYURFH
Y 'ČþtQČ D Y KUDQLþQtP SUR¿OX +ĜHQVNR 6FK|QDE\OPHQãtRPV
3UĤEČK SRYRGQČ D WtP L YêãNX YRGQt KODGLQ\ QD
GROQtPWRNX9OWDY\DQD/DELRYOLYQLO\SURYHGHQp
PDQLSXODFH QD YRGQtFK GtOHFK D WUDQVIRUPDþQt
~þLQHNUR]OLYĤGRLQXQGDFt
9RGQt VWDY\ YH VWDQLFtFK QD /DEL Då SRG MHKR
VRXWRNVýHUQêP+DOãWURYHPE\O\]þiVWLYêUD]QČ
QLåãt QHå NXOPLQDþQt YRGQt VWDY\ ]D]QDPHQDQp
YURFH9SRURYQiQtE\OYRGQtVWDYYHVWD
QLFL6FK|QDQLåãtRFPYHVWDQLFL'UiåćDQ\
R FP D YH VWDQLFL 0tãHĖ R FP 9H VWDQL
FL 5LHVD E\O SR]RURYiQ NXOPLQDþQt YRGQt VWDY
FPDE\OWHG\SRX]HRFPQLåãtQHåYURFH
3RYRGĖRYiYOQDGRViKODYHVWDQLFL7RUJDX
NXOPLQDþQtKR YRGQtKR VWDYX NWHUê E\O R FP
QLåãt QHå Y URFH YH VWDQLFL :LWWHQEHUJ
E\O NXOPLQDþQt YRGQt VWDY R FP QLåãt QHå
YURFH5RYQČåSUĤWRN\QD/DELDåSRVWD
QLFL :LWWHQEHUJ E\O\ YêUD]QČ PHQãt QHå Y VUSQX
WDE $å YH PČVWČ &RVZLJ ]DþtQi
ĜtþQt ~VHN /DEH R GpOFH FFD NP YH NWHUpP
E\O\ EH] SĜHUXãHQt ]D]QDPHQiQ\ QRYp QHMY\ããt
NXOPLQDþQt YRGQt VWDY\ FRå ]QDPHQi åH E\O\
SĜHNURþHQ\LPD[LPiOQtVWDY\]URNX
=DWtPFR ýHUQê +DOãWURY Yê]QDPQČ QHSĜLVSČO NH
]YČWãHQtRGWRNXQD0XOGHD6iOHWRPXE\ORQD
RSDN
$å QD PiOR YêMLPHN VH NXOPLQDþQt YRGQt VWD
Y\ YH VWDQLFtFK QD 0XOGH SRK\ERYDO\ Y SRYR
Gt WRNĤ =ZLFNDXHU 0XOGH D 9HUHLQLJWH 0XOGH QD
~URYQL SRYRGQČ .XOPLQDþQt YRGQt VWDY YH
VWDQLFL :RONHQEXUJ QD WRNX =ZLFNDXHU 0XOGH
þLQLO FP D SĜHNURþLO KRGQRWX ] URNX RFPYHVWDQLFL:HFKVHOEXUJE\ORGRVDåHQR
FP WXGtå R FP YtFH 1DRSDN Y SRYRGt
0ROGDYVNpKRSRWRNDE\O\SR]RURYiQ\Yê]QDPQČ
QLåãt NXOPLQDþQt YRGQt VWDY\ QHå Y VUSQX 1DWRNX9HUHLQLJWH0XOGHYHVWDQLFL*RO]HUQE\O
SR]RURYiQNXOPLQDþQtYRGQtVWDYRFPQLåãt
DOH YH VWDQLFL %DG 'EHQ E\O R FP Y\ããt
FRå MH SRGPtQČQR WtP åH VH Y URFH QH
SURWUKODOHYRVWUDQQiRFKUDQQiKUi]PH]LREFHPL
*ODXFKD D :HOODXQH EH]SURVWĜHGQČ QDG VWDQLFt
+Ui]E\ODMHQPtUQČSĜHOLWDDQHGRãORNYê]QDP
QpPXRGWRNX]DKUi]tSĜHVVLOQLFL%PH]LREFHPL
:HOODXQHD%DG'EHQREWRNYRGRPČUQpVWDQL
FH .XOPLQDþQt SUĤWRN YH VWDQLFL %DG 'EHQ E\O DOH R PV PHQãt QHå GRVXG QHMYČWãt
]D]QDPHQDQê SUĤWRN PV 1D
VRXWRNX /DEH V ĜHNRX 0XOGH þLQLO NXOPLQDþQt
SUĤWRNPVþtPåYêUD]QČSĜHNURþLOKRG
QRWX]URNX1DUR]GtORGURNX]GHQH
VHKUiOYþHUYQXUR]KRGXMtFtUROLYHONêSRþHW
SURWUåHQêFK RFKUDQQêFK KUi]t DOH VStã VHOKiQt
RFKUDQQp KUi]H Y REODVWL ]HPVNp KUDQLFH PH]L
6DVNHP D 6DVNHP$QKDOWVNHP D V WtP VSRMHQp
QXWQp QDSRXãWČQt YRG\ GR MH]HUD 6HHOKDXVHQHU
6HHNWHUpGRViKORPD[LPiOQČPV
3RGpO0XOGHVH]DWpWRSRYRGQČSURWUKO\RFKUDQ
QpKUi]HY6DVNXQDPtVWHFK]DWtPFRYURFH
E\ORSURWUåHQtKUi]t]D]QDPHQiQRQD0XOGH
SRX]H QDG VWDQLFt %DG 'EHQ YH YtFH QHå ORNDOLWiFK 3URWR E\O SĜtWRN YRG\ ] 0XOGH Y URFH
PpQČ]PtUQČQQHåYURFH
1DUR]GtORGSRYRGQČYURFHE\ORSRYRGQt
Y þHUYQX H[WUpPQČ SRVWLåHQR SRYRGt 6iO\
9GĤVOHGNXWRKRNXOPLQDþQtYRGQtVWDYYHVWDQLFL
%DUE\ QD /DEL FP SĜHNURþLO KRGQRWX ] URNX
R FP 8YHGHQê YRGQt VWDY RGSRYtGi
SUĤWRNXPVFRåMHRPVYtFHQHå
NXOPLQDþQtSUĤWRNYURFH
=GĤYRGXMLåSRSVDQpFHONRYpVLWXDFHSĜHGHYãtP
V RKOHGHP QD H[WUpPQt VLWXDFL QD WRFtFK 0XOGH
6iO\ YþHWQČ %tOpKR +DOãWURYX GRViKOR /DEH YH
VWDQLFL 0DJGHEXUN6WURPEUFNH QRYpKR QHM
Y\ããtKR NXOPLQDþQtKR YRGQtKR VWDYX FP
NWHUêSĜHNURþLOGRWpGRE\]D]QDPHQDQêQHMY\ããt
YRGQt VWDY ] ~QRUD OHGRYi SRYRGHĖ
RFPDNXOPLQDþQtYRGQtVWDY]VUSQD
R FP 9ãHFKQ\ ~GDMH R SĜHGFKR]tFK SRYRG
QtFKDåGRURNX]ĤVWDO\YåG\SRGKRGQRWD
PL NWHUp E\O\ SR]RURYiQ\ Y URFH 5RYQČå
YH VWDQLFL 7DQJHUPQGH E\O NXOPLQDþQt YRGQt
VWDYRFPY\ããtQHåGRWpGRE\]D]QDPHQDQp
PD[LPXP]URNX
6WHMQČ MDNR Y URFH E\O\ SUĤWRNRYp SRPČU\
SRGVRXWRNHP/DEHV+DYRORXRYOLYQČQ\Ĝt]HQêP
QDSRXãWČQtP GROQt +DYRO\ D SĜLOHKOêFK SROGUĤ
,VYOLYHPQDSRXãWČQt+DYROVNpQtåLQ\DSURWUåH
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
2EU
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
1HX'DUFKDX
:LWWHQEHUJH
+DYROD+DYHOEHUJ6WDGW
+DYROD5DWKHQRZGS
7DQJHUPQGH
0DJGHEXUJ6WURPEUFNH
%DUE\
6iOD&DOEH*UL]HKQH
$NHQ
0XOGH3ULRUDX
0XOGH%DG'EHQ
0XOGH*RO]HUQ
:LWWHQEHUJ
ýHUQê+DOãWURY/|EHQ
7RUJDX
'UiåćDQ\
+ĜHQVNR
'ČþtQ
3ORXþQLFH%HQHãRYQ3
ÒVWtQ/
2KĜH/RXQ\
2KĜH.DUORY\9DU\
0ČOQtN
9OWDYD3UDKD&KXFKOH
%HURXQND%HURXQ
6i]DYD1HVSHN\
2WDYD3tVHN
/XåQLFH%HFK\QČ
.RVWHOHFQ /
1HX'DUFKDX
:LWWHQEHUJH
+DYROD+DYHOEHUJ6WDGW
+DYROD5DWKHQRZGS
7DQJHUPQGH
0DJGHEXUJ6WURPEUFNH
%DUE\
6iOD&DOEH*UL]HKQH
$NHQ
0XOGH3ULRUDX
0XOGH%DG'EHQ
0XOGH*RO]HUQ
:LWWHQEHUJ
ýHUQê+DOãWURY/|EHQ
7RUJDX
'UiåćDQ\
+ĜHQVNR
'ČþtQ
3ORXþQLFH%HQHãRYQ3
ÒVWtQ/
2KĜH/RXQ\
2KĜH.DUORY\9DU\
0ČOQtN
9OWDYD3UDKD&KXFKOH
%HURXQND%HURXQ
6i]DYD1HVSHN\
2WDYD3tVHN
/XåQLFH%HFK\QČ
9OWDYDýHVNp%XGČMRYLFH
9OWDYDýHVNp%XGČMRYLFH
-L]HUD7XĜLFH3ĜHGPČĜLFH
1\PEXUN
3ĜHORXþ
1ČPþLFH
2UOLFH7êQLãWČQ2
NXOPLQDþQtSUĤWRN >PV@
.RVWHOHFQ /
-L]HUD7XĜLFH3ĜHGPČĜLFH
1\PEXUN
3ĜHORXþ
1ČPþLFH
2UOLFH7êQLãWČQ2
UR]GtO\NXOPLQDþQtFKYRGQtFKVWDYĤ
SRYRGQt D>FP@
QêFKRFKUDQQêFKKUi]tXREFt%UHLWHQKDJHQ6iOD
D )LVFKEHFN /DEH E\O YH VWDQLFL :LWWHQEHUJH
SĜHNURþHQGRWpGRE\QHMY\ããt]D]QDPHQDQêYRG
QtVWDY]URNXRFP5RYQČåYHVWDQLFtFK
'|PLW] 1HX 'DUFKDX +LW]DFNHU D %RL]HQEXUJ
E\O\YêUD]QČSĜHNURþHQ\NXOPLQDþQtYRGQtVWDY\
]URNXWDEDOHLGRVXG]D]QDPHQDQp
QHMY\ããtYRGQtVWDY\]URNX
1D REU MVRX YH YRGRPČUQêFK VWDQLFtFK
QD /DEL D MHKR Y\EUDQêFK SĜtWRFtFK SRURYQiQ\
NXOPLQDþQt VWDY\ D SUĤWRN\ þHUYQRYp SRYRGQČ
DOHWQtSRYRGQČ
!
3RURYQiQtNXOPLQDþQtFKSUĤWRNĤDYRGQtFKVWDYĤSRYRGQtD±]GURM%I*ý+0Ò/+:67/I8/*61
9é6/('.<'$/âË+2=+2'12&(1Ë
9 UiPFL WRKRWR ]SUDFRYiQt SRYRGQČ E\OR SURYH
GHQR Wpå VWDWLVWLFNp KRGQRFHQt REMHPĤ . RGYR
]HQtGRERSDNRYiQtREMHPĤE\O\Y\EUiQ\]þHVNp
þiVWLSRYRGt/DEHVWDQLFH.RVWHOHFQ/3UDKDD
'ČþtQ Y QČPHFNp þiVWL SRYRGt VWDQLFH %DUE\ D
1HX'DUFKDX
3UR YêSRþHW E\OD SRXåLWD PHWRGLND NWHUi
XPRåĖXMH SRPČUQČ VQDGQRX SRURYQDWHOQRVW
REMHPĤ SRYRGĖRYêFK YOQ ]D FHOp ]SUDFRYiYDQp
REGREt 3UR NDåGê URN E\OD ] SR]RURYDQp ĜDG\
REGREt±Y\EUiQDREMHPRYČQHMYČWãt
SRYRGĖRYiYOQDY\SRþtWDQi]SUĤPČUQêFKGHQQtFK
SUĤWRNĤSURMHGQRWQpWUYiQtGQtSĜHGNXOPLQDFt
GHQNXOPLQDFHDGQtSRNXOPLQDFL'REDWUYiQt
GQt E\OD ]YROHQD WDN DE\ SRNU\OD REGREt UH
SUH]HQWDWLYQt D SRURYQDWHOQp SUR YãHFKQ\ SRVX
]RYDQpVWDQLFHQDKRUQtPDVWĜHGQtPWRNX/DEH
1D]iNODGČWDNWRY\SRþtWDQêFKĜDGREMHPĤ:G
SURWUYiQtGQtE\O\RGYR]HQ\þiU\RSDNRYiQt
REMHPĤ1OHWpREMHP\1iVOHGQČE\O\VWDQRYHQ\
GRE\RSDNRYiQtREMHPĤSRYRGQt]þHUYQDD
SURSRURYQiQt]HVUSQDD]SĜHORPXEĜH]QD
DGXEQD9êVOHGN\]SUDFRYiQtREMHPĤMVRX
XYHGHQ\YWDEXOFH
=SRURYQiQtREMHPĤGYRXOHWQtFKDD
MHGQpMDUQtSRYRGQČY\SOêYiåHY.RVWHOFL
QDG/DEHPQDGVRXWRNHPV9OWDYRXPDMtKRG
QRFHQp OHWQt SRYRGQČ PQRKHP PHQãt REMHP D
NUDWãt GREX RSDNRYiQt QHå MDUQt SRYRGHĖ /DEH QDG VRXWRNHP V 9OWDYRX SĜLVSČOR GR RE
MHPX SRYRGQČ SRG VRXWRNHP SRGVWDWQČ YtFH
X MDUQt SRYRGQČ PpQČ X SRURYQiYDQêFK
OHWQtFKSRYRGQt93UD]HPDMtREČOHWQtSRYRGQČ
YČWãtREMHPLGREXRSDNRYiQtQHåMDUQtSRYRGHĖ
LNG\åREMHP\MVRXRYOLYQČQ\PDQLSXODFHPL
QD QiGUåtFK 9OWDYVNp NDVNiG\ 9H VWDQLFL 'ČþtQ
MVRXXYãHFKWĜtSRYRGQtVURYQDWHOQpMDNYHOLNRVWL
REMHPĤWDNLGRE\RSDNRYiQt'iOHSRWRNXSRG
VRXWRNHP VH 6iORX MVRX DOH REMHP\ WČFKWR YOQ
QD/DELUR]GtOQp1HMPHQãtREMHPPČODSRYRGHĖ
Y URFH QiVOHGRYDQi MDUQt SRYRGQt D
QHMYČWãtKRREMHPXLSĜtVOXãQêFKGRERSDNRYiQt
GRViKODSRYRGHĖYURFH
]LFLSRYRGQČYþHUYQXNWHUiVHY\]QDþXMH
YêUD]QČ YČWãtPL REMHP\ D GHOãtPL GREDPL RSD
NRYiQt 9 WpWR VRXYLVORVWL MH RYãHP Y SRURYQiQt
V GREDPL RSDNRYiQt NXOPLQDþQtFK SUĤWRNĤ YL]
WDE QiSDGQp åH L YHONi KRGQRWD REMHPX
:G MH SR VWDWLVWLFNp VWUiQFH PpQČ H[WUpP
Qt QHå MVRX SUĤWRN\ QDSĜtNODG %DUE\ 1:G
±OHW14±OHW9WpWRVRXYLVORVWL
MHRYãHPWĜHEDXSR]RUQLWåHQDUR]GtORGDQDOê]\
NXOPLQDþQtFKSUĤWRNĤQHE\ODSĜLDQDOê]HREMHPĤ
XSODWQČQD KRPRJHQL]RYDQi GDWD =QDPHQi WR
åHGRãORNH]PHQãHQtREMHPĤYOLYHPSURWUåHQêFK
RFKUDQQêFK KUi]t D QDSRXãWČQtP SROGUĤ QD
+DYROH NWHUp Y VRXþDVQRVWL QHQt SĜHVQČ Y\
KRGQRFHQR D SURWR YHGH NH ]NUHVOHQt YêVOHGNĤ
VWDWLVWLN\ 2EMHP\ SĜLQHMPHQãtP Y QČPHFNpP
~VHNX/DEHE\MDNYURFHWDNLYURFH
PČO\EêWYHVNXWHþQRVWLY\ããtQHåKRGQRW\XYHGH
QpYWDEXOFH
1D REUi]FtFK Då MVRX SUR Y\EUDQp
YRGRPČUQpVWDQLFHY\NUHVOHQ\SUĤEČK\REMH
PRYČ QHMYČWãtFK SRYRGĖRYêFK YOQ D SRYRGQČ
YHIRUPČSUĤPČUQêFKGHQQtFKSUĤWRNĤ3UR
U\FKORXRULHQWDFLYREUi]FtFKE\ODSRYRGHĖ
YåG\]Qi]RUQČQDVLOQRXþHUYHQRXþDURX
ěDG\ URþQtFK NXOPLQDþQtFK SUĤWRNĤ Y\EUDQêFK
VWDQLF QD 9OWDYČ D /DEL E\O\ SRGUREHQ\ DQDOê]H
]KOHGLVNDWUHQGX%\ODSRXåLWDÄPHWRGDQHMPHQ
ãtFK þWYHUFĤ³ )46 Y NRPELQDFL V 0DQQ.HQ
GDOORYêP WHVWHP QD KODGLQČ Yê]QDPQRVWL 2EUi]HNXND]XMHYêVOHGN\WUHQGĤ%\O]MLãWČQ
VWDWLVWLFN\ Yê]QDPQê URVWRXFt WUHQG QD +RUQtP
/DEL YH VWDQLFL %UDQGêV Q / .RVWHOHF Q /
1DRSDNQD9OWDYČYHVWDQLFL3UDKDO]HSURNi]DW
NOHVDMtFtWUHQGMDNRMHGQX]SĜtþLQO]HSĜHGSRNOiGDW
PDQLSXODFHQDYRGQtFKGtOHFK9OWDYVNpNDVNiG\
3RGVRXWRNHP9OWDY\V/DEHPYHVWDQLFL'ČþtQ
VHREDWUHQG\QDY]iMHPY\URYQiYDMtDåQDVODEp
WHQGHQFH QHO]H Yê]QDPQê WUHQG SURNi]DW Då SR
VWDQLFL1HX'DUFKDX/DEH
1D6WĜHGQtP/DELVWDQLFH%DUE\DMHKRGROQtP
~VHNXVWDQLFH1HX'DUFKDXXND]XMHMDNWDEXO
NDWDNLREUi]N\DPLPRĜiGQRXSR
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
7DE 'REDRSDNRYiQtREMHPĤSRYRGQČDYHY\EUDQêFKYRGRPČUQêFKVWDQLFtFKQD]iNODGČ
SR]RURYDQêFKGDW
7RN
3ORFKDSRYRGt
9RGRPČUQiVWDQLFH
:G
1
>NP @
>PLOP @
±
:G
1
>URN\@
>PLOP @
:G
1
>URN\@
>PLOP @
>URN\@
±
/DEH
.RVWHOHFQ/
9OWDYD
3UDKD
±
/DEH
'ČþtQ
±
±
/DEH
%DUE\
±
±
±
/DEH
1HX'DUFKDX
±
±
±
/DEH± %UDQGêVQ /.RVWHOHFQ / ± 4G
G>PV@
GQ\
2EU
3UĤEČKGHVHWLREMHPRYČQHMYČWãtFKSRYRGĖRYêFKYOQDYOQ\QD/DELYSUR¿OX%UDQGêVQ/
.RVWHOHFQ/±]GURMý+0Ò
9OWDYD± 3UDKD ± 4G
G>PV@
GQ\
2EU
3UĤEČKGHVHWLREMHPRYČQHMYČWãtFKSRYRGĖRYêFKYOQDYOQ\QD9OWDYČYSUR¿OX3UDKD
]GURMý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
/DEH± 'ČþtQ ± 4G
G>PV@
GQ\
2EU
3UĤEČKGHVHWLREMHPRYČQHMYČWãtFKSRYRGĖRYêFKYOQDYOQ\QD/DELYSUR¿OX'ČþtQ
]GURMý+0Ò
/DEH± %DUE\± 4G>PñV@
GQ\
2EU
3UĤEČKGHVHWLREMHPRYČQHMYČWãtFKSRYRGĖRYêFKYOQDYOQ\QD/DELYSUR¿OX%DUE\
]GURM%I*GDWD:69
/DEH± 1HX'DUFKDX± 4G>PñV@
GQ\
2EU
3UĤEČK GHVHWL REMHPRYČ QHMYČWãtFK SRYRGĖRYêFK YOQ D YOQ\ QD /DEL Y SUR¿OX 1HX 'DU
FKDX±]GURM%I*GDWD:69
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
%UDQGêVQ/RGURNX .RVWHOHFQ//DEH
6WRXSDMtFtWUHQGNXOPLQDþQtFKSUĤWRNĤURþQtKRGQRW\YOHWHFK VWDWLVWLFN\Yê]QDPQêWUHQG 0DQQ.HQGDOOSĜL D SUĤWRN >PV@
S
3UDKD 9OWDYD
.OHVDMtFtWUHQGNXOPLQDþQtFKSUĤWRNĤ URþQtKRGQRW\YOHWHFK VWDWLVWLFN\Yê]QDPQêWUHQG0DQQ.HQGDOOSĜL D SUUĤWRN >PV@
'ČþtQ /DEH
.OHVDMtFtWHQGHQFHNXOPLQDþQtFKSUĤWRNĤURþQtKRGQRW\YOHWHFK VWDWLVWLFN\QHYê]QDPQêWUHQG 0DQQ.HQGDOOSĜL D SUUĤWRN >PV@
2EU
$QDOê]DWUHQGĤNXOPLQDþQtFKSUĤWRNĤ]DREGREt±YHY\EUDQêFKYRGRPČUQêFKVWDQLFtFK
]GURM%I*GDWD:69ý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
'UiåćDQ\ /DEH
.OHVDMtFtWHQGHQFHNXOPLQDþQtFKSUĤWRNĤURþQtKRGQRW\YOHWHFK VWDWLVWLFN\QHYê]QDPQêWUHQG0DQQ.HQGDOOSĜL D SUUĤWRN >PV@
%DUE\/DEH
.OHVDMtFtWHQGHQFHNXOPLQDþQtFKSUĤWRNĤURþQtKRGQRW\YOHWHFK VWDWLVWLFN\QHYê]QDPQêWUHQG0DQQ.HQGDOOSĜL D SUĤWRN >PV@
S
1HX'DUFKDX/DEH
6WRXSDMtFtWHQGHQFHNXOPLQDþQtFKSUĤWRNĤURþQtKRGQRW\YOHWHFK VWDWLVWLFN\QHYê]QDPQêWUHQG 0DQQ.HQGDOOSĜL D SUĤWRN >PV@
S
2EUSRNUDþRYiQt $QDOê]D WUHQGĤ NXOPLQDþQtFK SUĤWRNĤ ]D REGREt ± YH Y\EUDQêFK YRGRPČUQêFK
VWDQLFtFK±]GURM%I*GDWD:69ý+0Ò
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
6+5187Ë
%ČKHPþHUYQDE\O\YSRYRGt/DEHSR]RUR
YiQ\GYČHSL]RG\LQWHQ]LYQtFKVUiåHNRGNYČW
QDGRþHUYQDDRGGRþHUYQD
DQiVOHGQČGYČSRYRGQČ3RYRGQČE\O\W\
SLFNêPLOHWQtPLSRYRGQČPL]UHJLRQiOQtFKDPtVW\
LORNiOQtFKSĜtYDORYêFKVUiåHN
&KDUDNWHULVWLFNêP U\VHP RERX VUiåNRYêFK HSL
]RGNWHUp]DViKO\~]HPtýHVNpUHSXEOLN\DUR]
ViKOpþiVWLSRYRGt/DEHY1ČPHFNXQD]DþiWNXD
YSRVOHGQtPWêGQXþHUYQDE\ODSĜtWRPQRVW
REODVWt Qt]NpKR WODNX Y]GXFKX QDG VWĜHGQt
(YURSRX MDN Y QLåãtFK WDN L YH Y\ããtFK YUVWYiFK
DWPRVIpU\
7ODNRYp QtåH E\O\ EORNRYDQp WODNRYêPL YêãHPL
QDGVHYHUQtDVHYHURYêFKRGQt(YURSRXDQDMLKR
]iSDGČ D GiOH L EUi]GRX Qt]NpKR WODNX Y]GXFKX
QDG YêFKRGQt (YURSRX 9 GĤVOHGNX WRKR VHWUYi
YDO\W\WRWODNRYpQtåHQDGFHQWUiOQtþiVWt(YURS\
SRQČNROLNGQt
3ĜL SUYQt SRYRGĖRYp YOQČ VUiåNRYp REGREt
RG NYČWQD GR þHUYQD E\OR FHONR
Yp PQRåVWYt VSDGOêFK VUiåHN YêUD]QČ RYOLYQČQR
NRQYHNWLYQtPL SURFHV\ Y DWPRVIpĜH = KOHGLVND
SORãQpKR UR]VDKX D H[WUHPLW\ E\OD SUYQt SRYRG
ĖRYi YOQD YêUD]QČ YČWãt 3RYRGHĖ O]H FKDUDNWH
UL]RYDWWDNWR
9HOLNRVW RGWRNX ]D SRYRGQČ E\OD ]QDþQČ
RYOLYQČQD YHOPL VLOQêP QDV\FHQtP ~]HPt
VUiåNDPLNWHUpVSDGO\YSRVOHGQtGHNiGČNYČWQD
9 GĤVOHGNX ]DVDåHQt Y\GDWQêPL LQWHQ]LYQt
PL D WpPČĜ FHORSORãQêPL VUiåNDPL D YHONp QD
V\FHQRVWL ~]HPt E\O QiVWXS SRYRGQČ QD PQRKD
YČWãtFKWRFtFKDW\SLFNêDYHOPLU\FKOê
QtFKWRFtFKNGHGRãORNHNRPELQDFLSĜtYDORYêFK
D UHJLRQiOQtFK VUiåHN FRå Y QČNWHUêFK REODV
WHFK.UNRQRãYHGORNHUR]QtþLQQRVWLDVHVXYĤP
SĤG\ 1D QČNWHUêFK WRFtFK Y SRYRGt 9OWDY\ VH
Y\VN\WO QHMYČWãt NXOPLQDþQt SUĤWRN Y KLVWRULL SR
]RURYiQt D GRED RSDNRYiQt SĜHNURþLOD OHW
9 SRYRGt 6WĜHGQtKR /DEH E\OD ]DVDåHQD ]HMPp
QD6iODYþHWQČ%tOpKR+DOãWURYX1DGROQtPWRNX
6iO\ E\OR GRVDåHQR GYČVWČOHWpKR SUĤWRNX 'iOH
SR WRNX /DEH SRG MHKR VRXWRNHP VH 6iORX E\O\
SR]RURYiQ\ H[WUpPQt NXOPLQDþQt SUĤWRN\ þDVWR
H[WUHPLWDNWHUiGRVXGQLNG\QHE\OD]D]QDPHQi
QDVGRERXRSDNRYiQt±OHW
9ê]QDPQRX WUDQVIRUPDþQt UROL SUR SUĤEČK
SRYRGQtQD/DELVHKUiO\UR]OLY\QDSĜQDVRXWRNX
/DEHV9OWDYRXD/DEHV2KĜtSURWUåHQpRFKUDQ
QpKUi]HQDSĜXREFt%UHLWHQKDJHQD)LVFKEHFN
DĜt]HQiUHWHQFH+DYROVNiQtåLQD
'UXKRXSRYRGĖRYRXHSL]RGXVUiåNRYpREGREt
RGGRþHUYQDMHPRåQpVWUXþQČFKD
UDNWHUL]RYDWWDNWR
7HSORW\ SĜHG GUXKRX HSL]RGRX GRVDKRYD
O\ QČNROLN GQt WURSLFNêFK KRGQRW FRå YHGOR NH
]QDþQpPXSRNOHVXQDV\FHQRVWL~]HPtD]YêãHQt
MHKRUHWHQþQtVFKRSQRVWL
3ĜtþLQQpVUiåN\E\O\UHJLRQiOQtKRFKDUDNWHUX
SORãQČUR]ViKOpDSRPČUQČY\GDWQpDOHMHMLFKLQ
WHQ]LWDE\ODQLåãtQHåXSUYQtYOQ\SRYRGQt
2GWRNRYi RGH]YD NOHVDOD SR SURXGX /DEH D
FHONRYČ E\OD Yê]QDPQČ PHQãt QHå X SUYQt HSL
]RG\ 3URWR NXOPLQDþQt SUĤWRN\ DQL Y QHMYtFH
]DVDåHQêFKGtOþtFKSRYRGtFKDåQDYêMLPN\QH
GRViKO\H[WUHPLW\SUĤWRNĤSUYQtYOQ\SRYRGQt
ět]HQi UHWHQFH SRPRFt VWiYDMtFtFK VRXVWDY
YRGQtFKQiGUåtQDSĜ9OWDYVNiNDVNiGDSĜHKUDG\
QD 6iOH %tOê +DOãWURY3OHL‰H SĜLVSČOD N HIHNWLY
QtPX ]PHQãHQt SUĤWRNĤ QD WRNX SRG QiGUåHPL
3ĜLH[WUpPQtFKSRYRGQtFKVWDNWRYHONêPLREMHP\
QHPĤåH EêW Y]KOHGHP N Y\PH]HQêP UHWHQþQtP
REMHPĤP QiGUåt GRVDåHQR GRVWDWHþQpKR ]PHQ
ãHQtSRYRGQtQtåHSRWRNXDQD/DEL
1HMYČWãtFKH[WUHPLWYKRUQtþiVWLSRYRGt/DEH
GRViKO\ NXOPLQDþQt SUĤWRN\ QD PHQãtFK YRG
+<'52/2*,&.e9<+2'12&(1Ë3292'1ċ93292'Ë/$%(9ý(5918
,.6(0.2/
6HNUHWDULiW
)UVWHQZDOOVWUD‰H
0DJGHEXUJ
3RãWRYQtDGUHVD
3RVWIDFK
0DJGHEXUJ
7HO
)D[
(0DLOVHNUHWDULDW#LNVHPNRORUJ
,QWHUQHWZZZLNVHPNRORUJ
/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH(OEH/DEH

Podobné dokumenty

„Akčního plánu povodňové ochrany v povodí Labe“ v letech

„Akčního plánu povodňové ochrany v povodí Labe“ v letech Q\ D SUHYHQFH SĜHG SRYRGQČPL .DWDVWURI\ VH PRKRX REMHYLW NG\NROLY D WDNp ]HMPpQD V RKOHGHP QD GRSDG\ NOLPDWLFNêFK ]PČQ EXGRX YH VYpP UR]VDKX SĜLEêYDW 3URWR SDWĜt L QD ...

Více

MKOL v letech 2008

MKOL v letech 2008 3UHVVHNRQIHUHQ]$XJXVWLQ'UHVGHQ(UJHEQLVVHGHU8PVHW]XQJGHVÄ$NWLRQVSODQV+RFKZDVVHUVFKXW](OEH³LP=HLWUDXPELV 7LVNRYiNRQIHUHQFHVUSQDY'UiåćDQHFK9êVOHGN...

Více