ročenka / yearbook
Transkript
ročenka / yearbook
R OČENKA / Y EARBOOK 3 PAMÁTKY ZAPSANÉ V KULTURNÍM DĚDICTVÍ UNESCO 201 ASOCIACE ČESKÝCH CESTOVNÍCH KANCELÁŘÍ A AGENTUR ASOCIACE ČESKÝCH CESTOVNÍCH KANCELÁŘÍ A AGENTUR LETENSKÁ 119/3, 118 00 PRAHA 1 TEL.: +420 224 86 2551, FAX: +420 224 86 2553 EMAIL: [email protected], WEB: HTTP://WWW.ACCKA.CZ THE ASSOCIATION OF TOUR OPERATORS AND TRAVEL AGENTS OF THE CZECH REPUBLIC 24. mezinárodní veletrh průmyslu cestovního ruchu 23. mezinárodní veletrh turistických možností v regionech (62WUDYHO ¶ØæçèÝçØíÔãâíáWákàÜâ×ãâ`ÜáÞØà Æ Ã Å Â ¹ ¸ Æ ¼  Á ¿Ì ·  ¤ ¦ ¥ Í ¸ À . ú¿ÁºÅI0 ÉÄÊÇÄźÇÉÄÇ Ã¶¶È¾¾§¥¦§ (62WUDYHODV .RUXQRYDĆQt 3UDKD WHO ID[ LQIR#HVRWUDYHOF] .OLHQWVNiFHQWUD 5HYROXĆQt 3UDKD WHO UHYROXFQL#HVRWUDYHOF] -RVHIVNi %UQR WHO EUQR#HVRWUDYHOF] 0DVDU\NRYRQiP 2VWUDYD WHO RVWUDYD#HVRWUDYHOF] 16.–19. 1. 2014 Brno – Výstaviště Veletrhy Brno, a.s. Výstaviště 1 647 00 Brno Czech Republic Tel.: +420 541 152 984 Fax: +420 541 153 062 [email protected] [email protected] 52þ(1.$<($5%22. 3 201 $62&,$&(þ(6.ì&+&(67291Ì&+ .$1&(/ÉĔÌ$$*(1785 7+($662&,$7,212)728523(5$7256$1' 75$9(/$*(1762)7+(&=(&+5(38%/,& ČLENEM / MEMBER OF: GROUP OF NATIONAL TRAVEL AGENTS´ AND TOUR OPERATORS´ ASSOCIATIONS WITHIN THE EU KONTAKT: Asociace českých cestovních kanceláří a agentur Letenská 119/3, 118 00 Praha 1 www.accka.cz [email protected] 2%%666$+ $+ $ + &2 217(176 21 17( 7(17 176 Kongresový komplex v sousedství brněnského veletržního areálu. 368 pokojů a apartmánů ve střídě standard a superior a 110 pokojů v ekonomické třídě Široká nabídka konferenčních prostor zahrnujících kongresovou halu až pro 700 osob a výběr salonků pro jednání, semináře a prezentace firem. OREA HOTEL VORONĚŽ Křížkovského 47 CZ - 603 73 BRNO tel.: +420 543141111 fax: +420 543212002 e-mail: [email protected] obchodní oddělení tel.: +420 543141270 fax: +420 543141900 e-mail: [email protected] www.orea.cz Špičková gastronomie v hotelových restauracích nebo kdekoliv dle Vašeho přání. www.voronez.cz $62&,$&(6(3Ĕ('67$98-( 3ĕHGVWDYHQt$VRFLDFH$QLQWURGXFWLRQWR$ÿ&.$ 5RN]SRKOHGXSUH]LGHQWD$þ&.$ ,QJ5RPDQãNUDEiQHN /(70ì32+/(''2+,6725,( 51'U0LURVODY+UGOLĀNDVSRXæLWtPSRGNODGĞ-LQGĖLäN\6PLĀNRYpEíYDVLVWHQWN\$ÿ&.$ 3UH]LGHQWLSUH]LGLDUHYL]QtNRPLVH 7DMHPQtFLDDVLVWHQWN\)DPWULS\SRGJHVFt$þ&.$ 'Q\NRQWDNWĝ$þ&.$ =DMtPDYRVWL'ĝOHæLWpPLOQtN\YKLVWRULL$VRFLDFH 52.9$þ&.$ 'Q\NRQWDNWĝ$þ&.$YFKRUYDWVNp0DNDUVNp ,QJ.DWHĖLQD3HWĖtĀNRYi/XFLH+DQ\NRYi 'Q\NRQWDNWĝ$þ&.$3UDKDKRWHO3UHVLGHQW ,QJ.DWHĖLQD3HWĖtĀNRYi 6HNFH$þ&.$DNWXiOQtVWDYN 7UDGLÿQtVHWNiQt$þ&.$D6$&.$WHQWRNUiWY3UD]H ,QJ5RPDQãNUDEiQHN $þ&.$SDUWQHUHPSURMHNWX(YURSVNpNRPLVH7285,60OLQN ,QJ.DWHĖLQD3HWĖtĀNRYi $.78É/1Ì9ì92-75+8&(67291Ì+258&+8 ,QJ/LEĈQD-DUROtPNRYi3K' /(*,6/$7,9$(95236.e81,( ,QJ5RPDQãNUDEiQHNĀOHQ6WUDWHJLF&RPPLWWHH(&7$$D,QJ.DWHĖLQD3HWĖtĀNRYiWDMHPQLFH$ÿ&.$ 3RVWRMH(YURSDQĝNFHVWRYQtPXUXFKX²YíVOHGN\ (XUREDURPHWUX]DURN $þ&.$SURVD]XMH]iVDGQt]PćQ\IRUHPDYíäH ]DMLäWćQt]iUXN\SURWL~SDGNX (YURSVNiNRPLVH]YHĕHMQLODQiYUKVPćUQLFHRNRQ]XOiUQtRFKUDQć -HGQiQtSUDFRYQtVNXSLQ\81:72QDRFKUDQX WXULVWĝDSRVN\WRYDWHOĝVOXæHE 2FKUDQDRVREQtFK~GDMĝFHVWXMtFtFKKUR]tQiPGDOätDGPLQLVWUDWLYD" 3UREOHPDWLNDæiGRVWtR6KHQJHQVNpYt]XP 1RYiJOREiOQtÀQDQÿQtNULWpULDSUR,$7$DDJHQWXU\ (GLWRU51'U0LURVODY+UGOLĀND $ÿ&.$OHGHQ 3Ĕ( Ĕ('67$9(1Ì Ĕ Ĕ('6 ('6 '67$ '67$ 7$9( 9(1Ì 9(1Ì 1Ì $62 62&,$&( 6 2& &,,$& $&( $1 ,,1 ,1752'8&7,21 175 52 2' '8 '8& 8& &7, 7,21 21 72 72$ÿ $ÿ&.$ .$ 52. 2. = 332 2 2+/('8 +/( +/ (' ' '8 8 35(= (=,'(17$ ( =,' ,'(1 ,'( (17$ 7$ $þ& þ&.$ .$ $62 &, $&( 6 ( 3 Ĕ( '67$9 8 - ( ,QJ520$1ã.5$%É1(. $VRFLDFHĀHVNíFKFHVWRYQtFKNDQFHOiĖtDDJHQWXU GiOH MHQ$ÿ&.$ MH ĀHVNp SURIHVQt VGUXæHQt VXE MHNWĞFHVWRYQtKRUXFKX]DORæHQpYURFHNWH UpPiYVRXĀDVQpGREĈĀOHQĞ]ĖDGVXEMHNWĞ FHVWRYQtKR UXFKX ĕiGQíP ĀOHQHP VH PRKRX VWiW FHVWRYQt NDQFHOiĖH D DJHQWXU\ ]DEíYDMtFt VH SĖtMH] GRYíPLYíMH]GRYíPFHVWRYQtPUXFKHP3ĖLGUXæHQí PLĀOHQ\$ÿ&.$VHPRKRXVWiW]DKUDQLĀQtFHVWRYQt NDQFHOiĖHKRWHO\FHQWUiO\FHVWRYQtKRUXFKXäNRO\D NRPHUĀQtÀUP\NWHUpQDEt]HMtVOXæE\FHVWRYQtPNDQ FHOiĖtPQDSĖSRMLäĜRYQ\ ÓĀHOHPVGUXæHQt$ÿ&.$MH]DVWXSRYiQtDRFKUD QDKRVSRGiĖVNíFK]iMPĞVYíFKĀOHQĞSRGSRUDMHMLFK LQIRUPRYDQRVWL UR]YtMHQt MHMLFK ĀLQQRVWL D SURIHVQt SUHVWLæH $ÿ&.$ QDYD]XMH NRQWDNW\ D WUYDOH VSR OXSUDFXMH V REGREQíPL RUJDQL]DFHPL FHVWRYQtKR UXFKXY]DKUDQLĀtVQiURGQtPLFHQWUiODPLFHVWRYQtKR UXFKXVSRĖDGDWHOLYH OHWUKĞ D GDOätPL VXEMH NW\ =iVWXSFL $ÿ&.$ MVRXĀOHQ\FHORVWiWQtFK D UHJLRQiOQtFK RUJi QĞ ~ĀDVWQt VH MHGQi Qt R YíYRML OHJLVODWLY\ SRGtOt VH QD WYRUEĈ RGERUQíFK ]iNRQĞ D SĖLSRPtQNXMt ]iNRQ\ VRXYLVHMtFt $ÿ&.$ GYDNUiW URĀQĈ SRĖiGi VHWNi Qt ĀOHQĞ QD]YDQp 'Q\ NRQWDNWĞ D SUR VYp ĀOHQ\ Y\GiYi PĈVtĀ QtN$NWXDOLW\VLQIRUPDFHPLRKODYQtPGĈQtQDWUKX FHVWRYQtKRUXFKX'iOHSURVYpĀOHQ\SĖLSUDYXMHIDP WULS\ D VWXGLMQt FHVW\ SRVN\WXMH SRUDGHQVNp VOXæE\ RUJDQL]XMHVSROHĀQRX~ĀDVWĀOHQĞQDYíVWDYiFKDYH OHWU]tFK FHVWRYQtKR UXFKX SRĖiGi Y]GĈOiYDFt NXU]\ DVHPLQiĖHVORXætMDNRSULPiUQtNRQWDNWSUR]DKUD QLĀQtVXEMHNW\DPQRKRGDOätKR$VRFLDFHWDNpNODGH GĞUD]QDHWLNXSRGQLNiQtDĀOHQ\$ÿ&.$SĖLYVWXSX ]DYD]XMHNGRGUæRYiQtHWLFNpKRNRGH[X $ÿ&.$ MH ĖiGQíP ĀOHQHP (&7$$ DVRFLDFH VGUXæXMtFt QiURGQt DVRFLDFH FHVWRYQtFK NDQFHOiĖt DFHVWRYQtFKDJHQWXU]HPt(YURSVNpXQLH~ĀDVWQtVH ]DVHGiQtDVYpĀOHQ\SUDYLGHOQĈLQIRUPXMHDDNWXiO QtPGĈQt]HYURSVNpOHJLVODWLY\ 7KH$VVRFLDWLRQRI7RXU2SHUDWRUVDQG7UDYHO$JHQWV RI WKH &]HFK 5HSXEOLF $ÿ&.$ LV QDWLRQDO QRQSUR ÀW DVVRFLDWLRQ WKDW ZDV IRXQG LQ DQG QRZDGD\V UHSUHVHQWV PRUH WKDQ FRPSDQLHV IURP WKH WUDYHO PDUNHW2XUIXOOPHPEHUVDUHWRXURSHUDWRUVDQGWUDYHO DJHQWV HQJDJHGLQERWKLQERXQGDQGRXWERXQGWRXULVP EXVLQHVV)RUHLJQWUDYHODJHQWVKRWHOV7RXULVWERDUGVDQG FRPPHUFLDO FRPSDQLHV WKDW SURYLGH VHUYLFHV IRU RXU PHPEHUVFDQEHFRPHDIÀOLDWHGPHPEHUV 7KHSULQFLSDOREMHFWLYHRI$ÿ&.$LVWRUHSUHVHQWDQG SURPRWHWKHLQWHUHVWVRIWKHWRXULVPLQGXVWU\DQGPRUH SDUWLFXODUO\ WKH LQWHUHVWV RI WKH WUDYHO DJHQWV DQG WRXU RSHUDWRUV7KLV PHDQV FRQFUHWHO\ WKDW$ÿ&.$PRQLWRUV DQGIROORZVXSDQ\LVVXHRIDOHJDO HFRQRPLFRUWHFKQL FDOQDWXUHUHODWLQJWRWKHWRXULVPLQGXVWU\LQWKH&]HFK 5HSXEOLF 5HSUHVHQWDWLYHVRI$ÿ&.$DUHLQYLWHGWRFRQ VXOWWKHSUHSDUDWLRQRIWKHODZVUHODWHGWRWRXULVP 'iP\DSiQRYpPLOpNROHJ\QĈYiæHQtNROHJRYp SR H[NOX]LYQtP$GUHViĖL ĀOHQĞ$ÿ&.$ SUR URN NWHUí E\O Y\GiQ D GLVWULEXRYiQ Y GREĈ NRQiQt YHOHWUKX 0$', Y OLVWRSDGX VH9iP GRVWiYi GR UXNRX L 5R ĀHQNDNWHUiMHMLæWUDGLĀQtVRXĀiVWtSXEOLNDĀQtĀLQQRV WL$ÿ&.$ 5RĀHQND SĖLQiät SUĞĖH] ĀLQQRVWt QDät DVRFLDFH DQHMYí]QDPQĈMätPLXGiORVWPLYXSO\QXOpPURFHD]DKUQXMH LNRQNUpWQt]DMtPDYpLQIRUPDFH]REODVWLHYURSVNpOHJLVODWLY\ VGRSDGHPQDFHVWRYQtUXFKQDMHMtPæYíYRMLVH$ÿ&.$MLæ SRQĈNROLNOHWDNWLYQĈSRGtOt 5RN QHE\O RSĈW URNHP MHGQRGXFKíP RERU FHV WRYQtKRUXFKXQHSDWĖtPH]LOXNUDWLYQtRERU\DVHEHPHQät ÀQDQĀQtSĖtQRVMHSRGPtQĈQREURYVNíP~VLOtPQDVD]HQtPD SUDFQRVWt6WiYDMtFtQiURGQtDHYURSVNiOHJLVODWLYDQDYtFQH Y\WYiĖtSRGPtQN\NWHUpE\SRGQLNiQtYREODVWLFHVWRYQtKR UXFKXXVQDGĐRYDO\DĀLQQRVWFHVWRYQtFKNDQFHOiĖtDDJHQWXU MHWDNQDGiOHMHGQtP]QHMYtFHUHJXORYDQíFKRERUĞSRGQLND WHOVNpĀLQQRVWLYĞEHF9URFHVHNYäHREHFQpPXSR WĈäHQtVSUiYQíPVPĈUHPY\YtMHOSĖtMH]GRYíFHVWRYQtUXFK NWHUí]D]QDPHQDOYíUD]QíQiUĞVWYSRURYQiQtVSĖHGFKi]H MtFtPLOHW\9íMH]GRYíFHVWRYQtUXFKSDNGOHQDäLFKRGKDGĞ Y\Ni]DOSĖLEOLæQĈVWHMQpYíVOHGN\MDNRYSĖHGFKi]HMtFtPURFH D SUR QiVOHGXMtFt REGREt O]H RĀHNiYDW PtUQí QiUĞVW E\Ĝ LREODVWFHVWRYiQtEXGHGRWĀHQD]YíäHQtPGDQt 9URFHE\O]D]QDPHQiQYHONí]iMHPRQiNXS]i MH]GĞQDÅSUYQtPRPHQW´SĖHVWRQH]DQHGEDWHOQpPQRæ VWYtNOLHQWĞĀHNDORVQiNXSHP]iMH]GXDæGRSRVOHGQtFKYt OHFRæQDGiOHY\WYiĖHORQDFHVWRYQtNDQFHOiĖHQHSĖtMHPQí WODNYHGRXFtNHVQLæRYiQtFHQOHFNG\SRG~QRVQRXKUDQLFL UHQWDELOLW\ 1HO]H QH]PtQLW QH MHGQRGXFKRX VLWXDFL V SUR GHMHP]iMH]GĞGRĕHFNDSĖHG]DĀiWNHPWXULVWLFNpVH]RQ\ Y VRXYLVORVWL V WDPQt HNRQRPLFNRX VLWXDFt NWHUi E\OD SĖt OLäQHJDWLYQĈPHGLDOL]RYiQDYNUiWNpGREĈVHYäDNSURGHM VWDELOL]RYDO D ĖHFNp GHVWLQDFH SDWĖLO\ RSĈW PH]L W\ QHMY\ KOHGiYDQĈMätDYHOPLGREĖHSURGiYDQpDæGRNRQFHVH]RQ\ 9URFHE\OR]D]QDPHQiQRFHONHP~SDGNĞFHVWRY QtFKNDQFHOiĖtDæQDGYĈYíMLPN\VHMHGQDORRVXEMHNW\EH] GHOät SRGQLNDWHOVNp KLVWRULH ~SDGHN FHVWRYQt NDQFHOiĖH 3UDGRNYäDNDVL]DVNRĀLOYĈWäLQX]QiV $ÿ&.$RUJDQL]HVWZLFHD\HDUDJHQHUDODVVHPEO\RI WKHPHPEHUVFDOOHG&RQWDFW'D\VDQGLVVXHV$NWXDOLW\ D QHZVOHWWHU ZLWK DFWXDO LQIRUPDWLRQ DERXW WKH WUDYHO DQGWRXULVPPDUNHW )XUWKHUPRUH$ÿ&.$RUJDQL]HVIDPWULSVDQGHGXFD WLRQDOWRXUVIRUWRXURSHUDWRUVSURYLGHVFRQVXOWDQWVHUYL FHRUJDQL]HVSDUWLFLSDWLRQLQH[KLELWLRQVDQGIDLUVVHPL QDUVODQJXDJHDQGHGXFDWLRQDOFRXUVHVDQGDFWVDOVRDV D SULPDU\ FRQWDFW IRU IRUHLJQ FRPSDQLHV LQ WKH &]HFK 5HSXEOLF$ÿ&.$OD\VVWUHVVRQEXVLQHVVHWKLFVRXUPHP EHUVKDYHWRIROORZRXUFRGHRIFRQGXFW $ÿ&.$LVDPHPEHURI(&7$$*URXSRI1DWLRQDO 7UDYHO$JHQWV¶ DQG7RXU 2SHUDWRUV¶$VVRFLDWLRQV ZLWKLQ WKH (8 WDNHV SDUW RQ DOO WKH PHHWLQJV DQG LQIRUPV UHJXODUO\WKHPHPEHUVDERXWDFWXDOHYHQWVLQHXURSHDQ OHJLVODWLYH ODOD QĈNROLN MHGQiQt V PLQLVWUHP .DPLOHP -DQNRYVNíP 0LQLVWURYL E\O\ QD MHGQiQtFK SĖHGORæHQ\ ]i VDGQtDUJXPHQW\$ÿ&.$NWHUpY\SO\QXO\]XVNXWHĀQĈQpKR HYURSVNpKR SUĞ]NXPX D E\OD SURMHGQiQD YL]H EXGRXFtKR YíYRMHWpWR]iVDGQtSUiYQtQRUP\(YURSVNíSUĞ]NXPXNi ]DO æH SRGPtQN\ SUR SRGQLNiQt FHVWRYQtFK NDQFHOiĖt MVRX YÿHVNpUHSXEOLFHQHMSĖtVQĈMätY(8=DWtPFRYMLQíFK]H PtFK(8EĈæQĈH[LVWXMHYtFHIRUHP]DMLäWĈQtSURWL~SDGNX SRMLäWĈQtEDQNRYQtJDUDQFHJDUDQĀQtIRQGYNODG\YÿHVNp UHSXEOLFHMH]iNRQHPXPRæQĈQDSRX]HMHGQDMHGLQiIRUPD ]DMLäWĈQtDWRSRYLQQpSRMLäWĈQtSURWL~SDGNX9íVOHGNHPMH QHSĖLMDWHOQpPRQRSROQtSRVWDYHQtSRMLäĜRYHQDQHSĖLPĈĖH QpÀQDQĀQt]DWtæHQtFHVWRYQtFKNDQFHOiĖt'DOätP]iVDGQtP ]MLäWĈQtP MH VNXWHĀQRVW æH SUĞPĈUQi YíäH ]DMLäWĈQt WUæHE ]D]iMH]G\VHY]HPtFK(8SRK\EXMHPH]L]DWtPFR Yÿ5]DMLäĜXMtFHVWRYQtNDQFHOiĖHÿHVNiUHSXEOLNDMH QDYtFMHGLQRX]HPt(8NWHUi]DYHGOD]iNRQQRXVSROX~ĀDVW NWHUiYíUD]QĈQDUXäXMHFDVKÁRZFHVWRYQtNDQFHOiĖH 1D]iNODGĈDUJXPHQWĞ$ÿ&.$VHMLæYQiYUKXGtOĀtQRYH O\ XVWDQRYHQt R SRYLQQp VSROX~ĀDVWL QHREMHYXMH QLFPpQĈ QĈNWHUp QiYUK\ PLQLVWHUVWYD YHGRXFt NH ]YíäHQp RFKUDQĈ VSRWĖHELWHOH ² ]HMPpQD ]DYHGHQt SĖtVQpKR VWiWQtKR GR]R UXQDGSRMLVWQíPLVPORXYDPL²MVRXSRQĈNXGGLVNXWDELOQt 1D ]iNODGĈ QiYUKĞ$ÿ&.$ VH GR EXGRXFQD EXGH 005 ]DEíYDWPRæQRVWt]DYHGHQtGDOätFKIRUHP]DMLäWĈQtDWR]H MPpQDJDUDQĀQtKRIRQGXSRSĖEDQNRYQtFKJDUDQFt 1DHYURSVNp~URYQLMVPHE\OLDNWLYQtPĀOHQHP(&7$$ D SRGtOHOL MVPH VH SĖLSRPtQNRYiQt FHOp ĖDG\ HYURSVNíFK SUiYQtFKQRUHPVGRSDGHPQDFHVWRYQtUXFK=iVDGQtPWp PDWHPMHUHYL]HVPĈUQLFHR]iMH]GHFK37'NWHUiEXGH PtW EH]SURVWĖHGQt GRSDG QD ĀLQQRVW FHVWRYQtFK NDQFHOiĖt D DJHQWXU Y ĀOHQVNíFK ]HPtFK (8 QiYUK SDUDJUDIRYDQpKR ]QĈQt E\ PĈO EíW SĖHGORæHQ (YURSVNRX NRPLVt Y EĖH]QX $ÿ&.$PiVYp]DVWRXSHQtYGĞOHæLWíFKSUDFRYQtFK NRPLVtFK (&7$$ +\QHN ãSLQDU (62 WUDYHO MH ĀOHQHP 'HVWLQDWLRQ6XVWDLQDELOLW\ &RPPLWWHH RVREQĈ MVHP SDN ĀOHQHP)LVFDO&RPPLWWHH 9SUĞEĈKXURNX9iPE\O\]DVtOiQ\SUDYLGHOQpLQIRUPDFH ]REODVWLHYURSVNpOHJLVODWLY\DQiURGQtOHJLVODWLY\VWHMQĈWDN DNWXiOQt]DMtPDYRVWL]REODVWLFHVWRYQtKRUXFKX,QWHUQHWRYp 5RNE\OSUR$ÿ&.$RSĈWYHOPLLQWHQ]LYQt$ÿ& $NWXDOLW\ SRG WDNWRYNRX ĀOHQD SUH]LGLD 'U +UGOLĀN\ QiP .$Y\YtMHODDNWLYQtĀLQQRVWMDNQDSROLGRPiFtPWDNQDSROL YäHP SĖLQiäHO\ NDæGí PĈVtF ]DMtPDYp D SĖtQRVQp SRĀWHQt HYURSVNpP7UDGLĀQtVSROXSUiFHSUREtKDODV0LQLVWHUVWYHP 9URFHMVPHQDGiOH~VSĈäQĈSRNUDĀRYDOLYDNWLYQtPH SURPtVWQtUR]YRM0LQLVWHUVWYHPÀQDQFt0LQLVWHUVWYHP]D GLiOQtSROLWLFHE\ĜMLæEH]7RPLD2NDPXU\YSR]LFLWLVNRYp KUDQLĀQtFK YĈFt D ÿ2, SĖHVKUDQLĀQt VSROXSUiFH SRNUDĀR KRPOXYĀtKR YDODLVSDUWQHUVNRXVORYHQVNRXDVRFLDFt6$&.$NWHUiMH , Y OHWRäQtP URFH PRKX V SRWĈäHQtP NRQVWDWRYDW VWHMQĈMDNR$ÿ&.$ĀOHQHPHYURSVNpDVRFLDFH(&7$$9HO æHĀOHQVNi]iNODGQD$ÿ&.$MHVWDELOL]RYiQDDSURURN NíPSĖtQRVHPDSRPRFQtNHPSĖLSURMHGQiYiQtGĞOHæLWíFK SĖHGVWDYXMHUHSUH]HQWDWLYQtY]RUHNFHVWRYQtFKNDQFHOiĖtD WpPDWVHVWiWQtPLRUJiQ\E\ODSRVODQN\QĈ,QJ-DQD)LVFKH DJHQWXUSĞVREtFtFKYÿHVNpUHSXEOLFH=iYĈUHPE\FKFKWĈO URYi&6FĀOHQNDSRGYíERUXSURFHVWRYQtUXFK3RVODQHF SRGĈNRYDW ĀOHQĞP SUH]LGLD D QDäHPX VHNUHWDULiWX Y ĀHOH Np VQĈPRYQ\ 3DUODPHQWX ÿ5 GORXKROHWi ĀOHQND$ÿ&.$ VWDMHPQLFt.DWHĖLQRX3HWĖtĀNRYRX]DYíERUQRXVSROXSUiFL 9HONíPSĖtVOLEHPSUROHJLVODWLYQt~VLOt$ÿ&.$MHL]YROHQt Y URFH D9iP ĀOHQĞP ]D GĞYĈUX D SRGSRUX NWHURX 7RPLD2NDPXU\VHQiWRUHPNWHUíWDNEXGHPRFL]SR]LFH QDätĀLQQRVWLGORXKRGREĈSURMHYXMHWH ]iNRQRGiUFHEH]SURVWĖHGQĈÅGRKOtæHW´QDYíYRMOHJLVODWLY\ VGRSDGHPQDFHVWRYQtUXFK =iVDGQtPWpPDWHPURNXE\ORSURMHGQiYiQtQiYU KXGtOĀtQRYHO\SURIHVQtKR]iNRQDĀ6ENWHUiEXGH PtWGRSDGQDĀLQQRVWFHVWRYQtFKNDQFHOiĖtDDJHQWXU$ÿ& .$VHLQWHQ]LYQĈ~ĀDVWQLODSĖLSRPtQNRYíFKĖt]HQtDY\YR 6~FWRX ,QJ5RPDQãNUDEiQHN / ( 7 0 ì 3 2 + / ( ' ' 2 + , 6 72 5 , ( 35( 5(=,'(17, 5 ( (=, =,'( =, ,'( '(17 17, 35( 5( (=,',$ (=, =,', =, ',$ ',$ 5( 5(9,=1Ì 5 5(9, (9, 9,=1 1Ì .2 .20,6( . 20, 0,6( 6( YROE\3DUGXELFHNYćWHQ YROE\=QRMPROLVWRSDG -8'U-LĖt-RVtINR 6WDQLVODYãYDUF ,QJ-LĖt.iä 3K'U/DGLVODYÿXKDM -8'U3DYHO'RVRXGLO ,QJ/DGLVODY'RMĀDU 'UDKRPtUD(LVHOWRYi /XGPLOD-HĖiENRYi 6YĈWOXäH.XEDäNRYi ,QJ-LWND.UĞĀNRYi&6F 3DYHO0DUHN ,QJ-DURVODY3XFKHUQD 9ODGLPtU6iEO 9ODGLPtU6iEO ,YR9RGVHĂiOHN 9ODVWLPLO6YĈWOtN -8'U-LĖt-RVtINR -8'U3DYHO'RVRXGLO ,QJ0LOHQD9DQĀXURYi 6RĐD%UDQGHLVRYi ,QJ3HWU3LO] 9iFODY6UE ,QJ-RVHI.UDPROLä 0JU-DQ=HPDQ -DQ=HPHN 3K'U/DGLVODYÿXKDM 5HYL]QtNRPLVH ,QJ3HWU6XFKiQHN 9DOSXUJD+HUJHVHOORYi $QQD2WUDGRYFRYi 5HYL]QtNRPLVH ,QJ3HWU6XFKiQHN 9DOSXUJD+R]iNRYi 08'U(OLäND0DMHURYi +(/,269,$SUH]LGHQW )/25$7285YtFHSUH]LGHQW /81$YtFHSUH]LGHQW 129$ 6UGFH(YURS\ $.78(/ 35$*$0$*,&$ -2.5$7285 &$03$1$7285 5(/$;72856 ÿ87285 3(*$6 +(9$ 0$<(5&52&86 ,QJ-LĖt.iä 6WDQLVODYãYDUF ,QJ-LWNDÿHVNi 6YĈWOXäH.XEDäNRYi /XGPLOD-HĖiENRYi 'UDKRPtUD(LVHOWRYi 3K'U/DGLVODYÿXKDM -8'U3DYHO'RVRXGLO ,QJ-DURVODY3XFKHUQD 3K'U0DULiQ.RQHĀQí ,YR.XEtQ 3K'U=GHQND3RGYHVNi -DURVODY(QGU\FK 6RĐD%UDQGHLVRYi 5HYL]QtNRPLVH ,QJ3HWU6XFKiQHN 9DOSXUJD+R]iNRYi -LWND%UDQæRYVNi 35$'2.YtFHSUH]LGHQW 6.,785YtFHSUH]LGHQW ',6&29(5< 5$<$ $*1(6 (,6%(= ÿ87285 /81$ %72%(7$ 1(&+/(%$ &$5$9$1$ %5127285 -$5(17285 6UGFH(YURS\ 3(*$621 +(9$ %72%(7$ 9ODVWLPLO6YĈWOtN -8'U3DYHO'RVRXGLO 6RĐD%UDQGHLVRYi -8'U-LĖt-RVtINR 0JU-DQ=HPDQ -DQ=HPHN 9iFODY6UE ,QJ0LOHQD9DQĀXURYi 3DYHO$GDPĀtN 0JU.DPLO.UXSND 3K'U/DGLVODYÿXKDM 5HYL]QtNRPLVH ,QJ-RVHI.UDPROLä 08'U(OLäND0DMHURYi =GHĐND%ODæNRYi +(/,269,$SUH]LGHQW /81$YtFHSUH]LGHQW 65'&((9523<YtFHSUH]LGHQWND )/25$7285 &$03$1$7285 5(/$;72856 35$*$0$*,&$ 129$ '(55< 48,&.7285 ÿ87285 -2.5$7285 0$<(5&52&86 6(=21$ YROE\5RæQRYSRG5DGKRäWćP OLVWRSDG YROE\3UDKD723+27(/ OLVWRSDG ,QJ-LĖt.iä -8'U3DYHO'RVRXGLO ,QJ-DURVODY3XFKHUQD -8'U-LĖt-RVtINR ,QJ0LOHQD9DQĀXURYi 3K'U/DGLVODYÿXKDM ,QJ3HWU3LO] 6RĐD%UDQGHLVRYi 0DULH.UĀPiĖRYi ,YDQ.XEtQ -DURVODY(QGU\FK 51'U/DGLVODY+DYHO 6RĐD%UDQGHLVRYi -DQ=HPHN 08'U(OLäND0DMHURYi 9iFODY6UE 0LFKDO9HEHU 3DYHO+DGDPĀtN 51'U/DGLVODY3HäND -XUDM5iF] ,QJ-LĖt'UERKODY =E\äHN6HGOiĀHN ,QJ3HWU6XFKiQHN 9DOSXUJD+R]iNRYi 08'U(OLäND0DMHURYi 35$'2.SUH]LGHQW /81$YLFHSUH]LGHQW %72%(7$YLFHSUH]LGHQW )/25$7285 129$ ÿ87285 $.78(/ 65'&((9523< &$77285 &$5$9$1$ -$5(17285 3(*$6 +(9$ 0$<(5&52&86 YROE\3UDKDKRWHO%RVFROR &DUOR,9 51'U/DGLVODY+DYHO 6RĐD%UDQGHLVRYi ,QJ)UDQWLäHN+iMHN ,QJ3HWU=HPHN 0JU-DQ=HPDQ =E\äHN6HGOiĀHN ,QJ5RPDQãNUDEiQHN 7RPLR2NDPXUD 'DQLHO+DJHQ 'RF'U3HWU&KUGOH&6F 08'U(OLäND0DMHURYi ,QJ5RPDQãNUDEiQHN 6RĐD%UDQGHLVRYi 7RPLR2NDPXUD 3DHG'U5HQDWD3HWĖtĀNRYi 5DGHNãDIDĖtN 51'U0LURVODY+UGOLĀND 5DGLP+DQXä 9ĈUD0DOXURYi -LĖt.DORXVHN &,$2«SUH]LGHQW 65'&((9523< YtFHSUH]LGHQWND 1$78575$9(/ YtFHSUH]LGHQW &.=(0(. &$03$1$7285 +&=75$9(/ 021$7285 0,.,75$9(/ '87&+0$67(56 .$9$3(&+ 0$<(5&52&86 5HYL]QtNRPLVH 5HYL]QtNRPLVH -8'U-LĖt-RVtINR ,QJ0LOHQD9DQĀXURYi 9ĈUD$QGĈORYi 021$7285DV²SUH]LGHQW 65'&((9523<YtFHSUH]LGHQWND 0,.,75$9(/35$*8(VSROVUR YtFHSUH]LGHQW 6.$//$&=VUR ,19,$&=DV 728/.<(952328&= /$7,17285VUR 0707285 .$/286(.-,ĕÌ )/25$7285VUR²SĖHGVHGD &HVWRYQtNDQFHOiĖ129$VUR 1($17285VUR ,QJ0LOHQD9DQĀXURYi 129$ ,QJ-RVHI.UDPROLä -2.5$7285 0JU'DJPDU7ĖHäĐiNRYi 3,12&&+,2 3(*$621 +(9$ 526 YROE\7UXEtQX%HURXQDEĕH]HQ YROE\3UDKDKRWHO3DQRUDPD OLVWRSDG -8'U-LĖt-RVtINR )/25$7285SUH]LGHQW 5HYL]QtNRPLVH )/25$7285SĖHGVHGD 6.,785PtVWRSĖHGVHGD 35$'2.PtVWRSĖHGVHGD ÿ8785 /81$ /$97285 (,6%(= $*1(6 5$<$ &</,1'57285 0$5(.75$9(/6(59,&( %75$9(/ 6,7 632576 $'<721 YROE\3UDKDKRWHO67(3 OLVWRSDG 5HYL]QtNRPLVH ,QJ-RVHI.UDPROLä ,QJ0LOHQD9DQĀXURYi =GHĐND%ODæNRYi &,$2«SUH]LGHQW 65'&((9523<YtFHSUH]LGHQWND 5(/$;72856YtFHSUH]LGHQW 0$<(5&52&86 35$*$0$*,&$ 75$9(/*2 '(55< 6/$17285 5$(/ $9(DV +&=75$9(/ -2.5$7285 129$ 6(=21$ YROE\3UDKDKRWHO2/<03,. 7ULVWDUOLVWRSDG YROE\3UDKDKRWHO&RULQWKLD7RZHUV 51'U/DGLVODY+DYHO 6RĐD%UDQGHLVRYi ,QJ5RPDQãNUDEiQHN ,QJ)UDQWLäHN+iMHN 7RPLR2NDPXUD ,QJ3HWU=HPHN 51'U0LURVODY+UGOLĀND 51'U-DQ%tP =E\äHN6HGOiĀHN &,$2«SUH]LGHQW 65'&((9523< YtFHSUH]LGHQWND 021$7285 YtFHSUH]LGHQW 1$78575$9(/ 0,.,75$9(/ &.=(0(. *(236 $'9(1785$ +&=75$9(/ ,QJ5RPDQãNUDEiQHN 6RĐD%UDQGHLVRYi 7RPLR2NDPXUD 3DHG'U5HQDWD3HWĖtĀNRYi 5DGHNãDIDĖtN 51'U0LURVODY+UGOLĀND ,YDQDÿHĐNRYi 5REHUW'YRUQLFNí 0JU=GHQĈNåiUVNí )/25$7285 ²SĖHGVHGD 129$ 1($1 ,QJ0LOHQD9DQĀXURYi -8'U-LĖt-RVtINR 9ĈUD$QGĈORYi 5HYL]QtNRPLVH -8'U-LĖt-RVtINR ,QJ0LOHQD9DQĀXURYi 9ĈUD$QGĈORYi 5HYL]QtNRPLVH 021$7285DV²SUH]LGHQW 65'&((9523< YtFHSUH]LGHQWND 0,.,75$9(/35$*8(VSROVUR YtFHSUH]LGHQW 6.$//$&=VUR ,19,$&=DV 728/.<(952328&= 8/<66(67586735$*8(VSROVUR &21'25&6VUR ,7$/,(21/,1(VUR &HVWRYQtNDQFHOiĖ129$VUR ²SĖHGVHGN\QĈ )/25$7285VUR 1($17285VUR YROE\3UDKDKRWHO3UHVLGHQW ,QJ5RPDQãNUDEiQHN 6RĐD%UDQGHLVRYi 7RPLR2NDPXUD 3DHG'U5HQDWD3HWĖtĀNRYi 5DGHNãDIDĖtN ,QJ7RPiä&LNiQ 0JU-DQ=HPDQ 51'U0LURVODY+UGOLĀND 0JU0DWĈM&KiE 5HYL]QtNRPLVH ,QJ0LOHQD9DQĀXURYi 9ĈUD$QGĈORYi 08'U(OLäND0DMHURYi 021$7285DV²SUH]LGHQW 65'&((9523< YtFHSUH]LGHQWND 0,.,75$9(/35$*8(VSROVUR YtFHSUH]LGHQW 6.$//$&=VUR ,19,$&=DV (6275$9(/DV &$03$1$7285VUR 728/.<(952328&= ,'($/²728535$+$VUR &HVWRYQtNDQFHOiĖ129$VUR ²SĖHGVHGN\QĈ 1($17285VUR 0$<(5&52&86VUR '1< 1< . .2 217$.7Ĝ 2 17 1 7$. $.7Ĝ 7Ĝ $þ& þ&.$ .$ / ( 7 0 ì 3 2 + / ( ' ' 2 + , 6 72 5 , ( 35( 5(=,'(17, 5 ( (=, =,'( =, ,'( '(17 17, 35( 5(=,',$ 5 ( (=, =,', =, ',$ ',$ 5( 5(9,=1Ì 5 5(9, (9, 9,=1 1Ì .2 .2 20,6( 0,6( 0, 6( 7$-(01Ì&, 'U-DURVODYãPtG ,QJ-RVHI.OLĀND ,QJ,YDQD)HJODURYi 3K'U1RUD'RODQVNi ,QJ0LURVODY(KO ,QJ/XERVODY0D]XUHN 9ODVWLPLO6YĈWOtN 0LFKDO9HEHU 3DYHO3RVStäLO ,QJ)UDQWLäHN+iMHN ,QJ=X]DQD/HFKQíĖRYi .DPLOD&KRXURYi'L6 ,QJ.DWHĖLQD3HWĖtĀNRYi $6,67(17.< -LQGĖLäND6PLĀNRYi /XFLH+DQ\NRYi (YD5HLQEHUNRYi RG]DĀiWNX GRSRVXG )$0 0 75,3< 75 5,3 3< 32' 3 ' *(6&Ì 32 *( (6& 6 Ì $þ&.$ ² ² ² ² ² ² ² 1ĈPHFNR*|UOLW] WXULVWLFNiEXU]D 1ĈPHFNR/LSVNR YHOHWUKYODVWQtVWiQHN $OEiQLH QiYäWĈYDVWXGHQWĞ]9ã%UHGD GYĈSĖHGQiäN\-8'U-RVtINR ,WiOLH7UHQWLQR 5DNRXVNR ĕHFNR 0DĂDUVNRWXULVWLFNíYHOHWUK Å6HUYXV%DODWRQ´ ,WiOLH.DOiEULH &KRUYDWVNR 5DNRXVNR9RUDUOEHUJ ,WiOLH7UHQWLQR ² ² ² ² ² ,WiOLH6DUGtQLH ² ,WiOLH6LFtOLH ² ,]UDHO ² GRSRVXG 6ORYHQVNR ² ² ² ² ² ² ² ² ² ² ² ,]UDHO 5DNRXVNR ,QGRQpVLH%DOL 0DOWD -RUGiQVNR )UDQFLH ,WiOLH7UHQWLQR %HOJLH 3RUWXJDOVNR 3HUX 1ĈPHFNR%HUOtQ ² ² ² ² ,WiOLH7UHQWLQR 3HUX /XFHPEXUVNR 1ĈPHFNR:ROIVEXUJ ² ,QGRQpVLH ² %RVQDD+HUFHJRYLQD 3UDKD 3DUGXELFH 6WUiæQLFH -tORYLäWĈX3UDK\ &KXGREtQX2ORPRXFH 7UXEtQX%HURXQD 1RYp0ĈVWRQD0RUDYĈ 2ORPRXF 3UDKDKRWHO2OäDQND .UDOXS\Q9OW 5RæQRYS5DGKRäWĈP 0RVW 3HOKĖLPRY .ODWRY\ =QRMPR 6WUDNRQLFH 0DOHQRYLFH 7ĖHEtĀ 3UDKDKRWHO3DQRUDPD 3DUGXELFHKRWHO/DEH 3UDKDKRWHO3\UDPLGD %UQRKRWHO6DQWRQ 3UDKD7RS+RWHO /LEHUHF 3ĖtEUDP 3UDFKDWLFHKRWHO3DUN 3UDKDKRWHO6WHS %UQRKRWHO6DQWRQ 3UDKD+RPROND /LWRP\äO]iPHN 3UDKDKRWHO2O\PSLN %XGDSHäĜ .XWQi+RUD9ODäVNí'YĞU ãSDQĈOVNR&iGL] 3UDKDKRWHO%RVFROR&DUOR,9 .\SU/LPDVVRO 3UDKDKRWHO0LFKDHO 6ORYHQVNR9\VRNp7DWU\ 3UDKDKRWHO&RULQWKLD7RZHUV 'DURYDQVNíGYĞU 3UDKDKRWHO3UHVLGHQW &KRUYDWVNR0DNDUVNi 3UDKDKRWHO3UHVLGHQW SĖHGVHGQLFWYRPiĀOHQĞ YROE\SĖHGVHGRX-8'U--RVtINR YROE\SUH]LGHQWHP-8'U--RVtINR YROE\SUH]LGHQWHP,QJ.iä VQtæHQtSRĀWXĀOHQĞSUH]tGLD]QD YROE\SUH]LGHQWHP96YĈWOtN YROE\SUH]LGHQWHP96YĈWOtN YROE\SUH]LGHQWHP51'U/+DYHO YROE\SUH]LGHQWHP51'U/+DYHO YROE\SUH]LGHQWHP51'U/+DYHO VQtæHQtSRĀWXĀOHQĞSUH]tGLD]QD YROE\SUH]LGHQWHP,QJ5ãNUDEiQHN YROE\SUH]LGHQWHP,QJ5ãNUDEiQHN YROE\SUH]LGHQWHP,QJ5ãNUDEiQHN ² ² ² ²GRSRVXG •1XOWpĀtVOR=SUDYRGDMHSĖHGFKĞGFH$NWXDOLWY\äORYYHIRUPiWX$ •9UY\GiYiVHNUHWDULiWSURVYpĀOHQ\6ERUQtNGRNXPHQWĞNWHUíPMREVDKRYDO)UDQNIXUWVNpWDEXON\Y]RUSURYL]Qt VPORXY\VPORXYXQDDORNDFLKRWHORYíFKSRNRMĞDWG •2GMLæ=SUDYRGDMY\FKi]tSRGQi]YHP$.78$/,7<YHIRUPiWX$YHæOXWpPREDOX •9EĖH]QXMVPHSRæiGDOL0LQLVWHUVWYRNXOWXU\RUHJLVWUDFLQDäHKRLQWHUQtKRĀDVRSLVX$NWXDOLW\3ĖLGĈOHQRHYLGHQĀQt ĀtVOR0.ÿ5(.Y\GiYiQt$NWXDOLW]DVWDYHQR •9SURVLQFLMVPHSRæiGDOL0LQLVWHUVWYRNXOWXU\]QRYXRUHJLVWUDFLQDäHKRLQWHUQtKRĀDVRSLVX$NWXDOLW\2G E\O]DSViQSRGHYLGHQĀQtPĀtVOHP0.ÿ5( •9VUSQXMVPHSRæiGDOLRXNRQĀHQtHYLGHQFHSHULRGLFNpKRWLVNXDR]QiPLOLWRYäHPSĖtVOXäQíPNQLKRYQiP 1DĀOHQVNpNRQIHUHQFLY%UQĈRGVRXKODVHQRY\GiYiQt$NWXDOLWMHQYHOHNWURQLFNpSRGREĈ •2GY\FKi]tPĈVtĀQĈ,QWHUQHWRYpDNWXDOLW\$ÿ&.$ ŘECKÝ OSTROV KORFU ODLET Z PRAHY, POBYTY NA 10/11 NOCÍ, PŘÍP. INDIVIDUÁLNÍ DÉLKA POBYTU AVBY LO PL NÍ RAKO IM KO US V ADVENTNÍ P ů nabídky adventních zájezd Vyberte si z naší bohaté vánoční atmosférou a pojeďte s námi za před klobásek a cukroví ... s vůní svařáku, punče, em! do Rakouska s Datour Na 3 dny i na týden i n do Rakou ska den tý s a 2013 N ZDY ZA VÝHO ÁJE DN ÉZ NY CE Y END ÍK 2013 É YTY PRO S OB IORY 55 + EN tGND 7UDGLĀQĒSHVWUiQDE tPDSRKRGRX ]iMH]GŁ]DSR]QiQ Wt FKX HV &HVWXMW DOT OV A ZIMA 2012 - 2013 6(=Ð1$ ODOVÁ DOVO LE OH N ?P + SENIOŘI 55 RAKOUSKO ZÁJEZDY U KO RF ADVENT20N12Í Á! •9URFHVLDVRFLDFHSURVYpĀOHQ\SRSUYpSURQDMDODVSROHĀQíVWiQHNQDYHOHWU]tFK*2D+: •%ĈKHPURNXVH]DWDMHPQLFH'U'RODQVNpSRĖiGDO\MRXUÀ[\ •5HJLVWUDFHRFKUDQQp]QiPN\$ÿ&.$Y •5R]ViKOiPHGLiOQtNDPSDĐ$ÿ&.$YWLVNRYíFKSHULRGLNiFKRGĀHUYQDGR]iĖt.ÿ •YURFHRGVRXKODVHQREH]SODWQpGRæLYRWQtĀOHQVWYt&.)ORUDWRXU-8'U-LĖt-RVtINR]DNODGDWHODVRFLDFH •RGVWRXSLOSUH]LGHQW9ODVWLPLO6YĈWOtNSURWRæHVHPXQHSRGDĖLORVORXĀLWREĈDVRFLDFHĀOHQĞE\ORSUR WpPĈĖGYRMQiVREHNSURWLYtFHQHæWĖHWLQDĀOHQĞVH]GUæHODKODVRYiQtSRYĈĖHQĖt]HQtPDVRFLDFHE\OGRVDYDGQtYLFHSUH ]LGHQW-8'U3DYHO'RVRXGLO •ÿOHQVNiNRQIHUHQFHYGXEQXVFKYiOLODSRXæLWtÀQDQĀQtUH]HUY\QDSUiYQt~NRQ\YHSURVSĈFK&.9OQDYVRXYLVORVWL VRGYROiQtPYSĖtSDGX1DæLGOD •9URFHE\ODX]DYĖHQDVPORXYDRGtORV*UDÀFNíPVWXGLHP9/$'2QDY\WYRĖHQtJUDÀFNpKRPDQXiOXSUR$ÿ&.$ YĀÀUHPQtFKWLVNRYLQKODYLĀNRYpKRSDStUXYL]LWHNID[XIDNWXUREiOHNSUH]HQWDĀQtFKGHVHNUD]tWNDVDPROHSHNäDEORQX SURHPDLORYp]SUiY\WLWXOQtVWUDQ\SUR$NWXDOLW\SUR$GUHViĖDWG •$ÿ&.$SRPĈUQĈUD]DQWQĈYVWRXSLODGRY\MHGQiYiQtOHSätFKSRGPtQHNSURUXVNpWXULVW\æiGDMtFtYt]DGRÿHVNpUHSXE OLN\YíVOHGNHPE\OR]NYDOLWQĈQtDUR]ätĖHQtVOXæHESURæDGDWHOHRYt]D •VHY1iURGQtPGRPĈQD9LQRKUDGHFKNRQDOSOHVFHVWRYQtKRUXFKX •1DMDĖHE\OVFKYiOHQ(WLFNíNRGH[ •2GĀHUYHQFHMVPHVHVWDOLĖiGQíPLĀOHQ\(&7$$,QJ5RPDQãNUDEiQHN]YROHQYLFHSUH]LGHQWHP(&7$$ •1DSRG]LPURNXE\OVFKYiOHQGLVFLSOLQiUQtĖiGVSODWQRVWtRGE\OVFKYiOHQSURMHNWMD]\NRYpKRY]GĈ OiYiQtNXU]\]DĀDO\YOHGQXUR]EĈKODVHLQFRPLQJRYiVHNFHSRGYHGHQtPS7RPLR2NDPXU\ •$VRFLDFHY\GDODY]RUFHVWRYQtVPORXY\DGDOätVPOXYQtXMHGQiQt •=YOiäWĈSRURFHVHDVRFLDFHGtN\VYpPXPOXYĀtPXSDQX7RPLX2NDPXURYLVWiOHYtFH]YLGLWHOĐRYDODYGRPiFtFK PpGLtFKDGtN\WRPXPiRWHYĖHQpGYHĖHSURMHGQiQtVQHMYíäHSRVWDYHQíPL]iVWXSFLVWiWQtVSUiY\DDNWtYQĈVH]DSRMXMH GRSĖLSRPtQNRYiQtQRYíFK]iNRQĞĀLMHMLFKQRYHOL]DFt •9URFHVHXVNXWHĀQLO\SUYQt]DKUDQLĀQt'Q\NRQWDNWĞGR%XGDSHäWLSRĖiGiQtMDUQtFKVHWNiQtĀOHQĞVHSRVOp]HVWDOR WpPĈĖSUDYLGOHPäSDQĈOVNí&iGL]N\SHUVNí/LPDVVRO9\VRNp7DWU\DFKRUYDWVNi0DNDUVNi •9NYĈWQXKRVWLOD$ÿ&.$]DVHGiQtHYURSVNpDVRFLDFH(&7$$Y3UD]H]D~ĀDVWL]iVWXSFĞQiURGDVRFLDFt(YURS\ •9URFHĀOHQVNiNRQIHUHQFHRGVRXKODVLODĀHVWQpĀOHQVWYtSDQt6RQĈ%UDQGHLVRYp]DGORXKROHWRXĀLQQRVWSUR$VRFLDFL •9URFHMVPHVHDNWLYQĈ]~ĀDVWQLOLVRXWĈæH-DNFKXWQi3UDKD korfu POBYTY PRO SENIORY 55+ 1Ć.7(5e0,/1Ì.<9+,6725,,$62&,$&( ŘECKÝ OSTROV $.78$/,7< PO CELÝ ROK POBYTY S VLASTNÍ DOPRAVOU, LYŽAŘSKÉ ZÁJEZDY S DOPRAVOU AUTOKAREM, POZNÁVACÍ ZÁJEZDY BEZ NOČNÍCH PŘEJEZDŮ, ADVENTNÍ ZÁJEZDY. dn y $VRFLDFHĀHVNíFKVRXNURPíFKFHVWRYQtFKNDQFHOiĖt$ÿ6&. ² $VRFLDFHĀHVNíFKFHVWRYQtFKNDQFHOiĖtDDJHQWXU$ÿ&.$ ²GRSRVXG ]PĈQDQi]YX]GĞYRGX]iNRQDĀ6EVFKYiOHQDĀOHQVNRXNRQIHUHQFtYĖtMQXY0DOHQRYLFtFK Na 3 1É=9< RAKOUSKO RAKOUSKO Z 6WDURPĈVWVNpQiP3UDKDEXGRYD005ÿ5 .RGDĐVNi3UDKDEXGRYD0å3ÿ5 9LQRKUDGVNi3UDKDEXGRYDÿ&&5&]HFK7RXULVP /HWHQVNi3UDKDEXGRYD005ÿ5 m! u re to da 6Ì'/$$62&,$&( DÍ / ( 7 0 ì 3 2 + / ( ' ' 2 + , 6 72 5 , ( =$-Ì0$9267, 'Ĝ/ =$-Ì0$9267,' Ĝ/(å Ĝ /(å (å,7 å,7 ,7e 0, 0,/1 0,/1 /1Ì.< .< 9 +,6 ,672 672 725,, ,,$ $62 62&,$ ,$&( &( 2013 F] ZUDNRXVNRGRYROHQD ] ZZZGDWRXUF]ZZ RULF QDF]ZZZVHQLRULNP ZZZNRUIXGRYROH PROVIZE 9 – 12%, PŘI VĚTŠÍ SPOLUPRÁCI BONUSY Praha 222 310 529, Pardubice 466 612 191, Hradec Králové 495 523 100, Hořice 493 623 738 www.datour.cz, www. rakousko-dovolena.cz www.korfu-dovolena.cz, www.seniorikmori.cz ' ' '1< 1< . .217$.7Ĝ .2 217 17$. .7Ĝ 7Ĝ $þ& þ&.$ .$ 9 &+2 +259$76.e + 259 59$7 $76. .e0 0$. $.$56.e $ .$ $5 56. 6.e 52 . 9$þ & . $ ,1*.$7(ĕ,1$3(7ĕÌÿ.29É/8&,(+$1<.29É 9H GQHFK ² GXEQD SUREĈKOR MDUQt YíMH]GQt ]DVHGiQt$VRFLDFHĀHVNíFKFHVWRYQtFKNDQFHOiĖtDDJHQWXUW]Y 'Q\NRQWDNWĞYSRĖDGtMLæ0tVWHPNRQiQtE\OR&KRUYDW VNRQiGKHUQpSURVWĖHGt0DNDUVNpULYLpU\DĀW\ĖKYĈ]GLĀNRYp KRKRWHOX0HWHRU =DKiMHQtKRVWp 3UYQtGHQE\O]DKiMHQZHOFRPHGULQNHPYKRWHOX0HWHRU DSĖLYtWiQtPYäHFK~ĀDVWQtNĞĖHGLWHOHPWXULVWLFNpKRVGUXæHQt PĈVWD 0DNDUVND SDQHP 'DYRUHP *ODYLQRX ĖHGLWHOHP ]D VWRXSHQt&KRUYDWVNpKRWXULVWLFNpKRVGUXæHQtY3UD]HSDQHP .ODXGLHP6WRMQLþHPDVOHĀQRX.DULQ*ROXELþNWHUiPĈODQD VWDURVWLRUJDQL]DFLFHOpKR]DVHGiQt6ORYDVHXMDOLSUH]LGHQW $ÿ&.$,QJ5RPDQãNUDEiQHNNWHUíSĖHGHYätPSRGĈNRYDO FKRUYDWVNp VWUDQĈ ]D XVNXWHĀQĈQt YíMH]GQtKR ]DVHGiQt 1i VOHGRYDO SĖHVXQ GR QHGDOHNp UHVWDXUDFH 5LYD NGH E\O GHQ ]DNRQĀHQYíWHĀQíPVWĖHGRPRĖVNíPMtGOHPSLWtPDKXGERX 1iVOHGRYDOD YHĀHĖH R SĈWL FKRGHFK GRSURYi]HQi WUDGLĀQt NODSRXDNDSHORXSĖLNWHUpQHVPĈORFK\EĈWY\KOiäHQtYtWĈ]Ğ VRXWĈæH.DWDORJURNXVSROHĀQĈVSĖHGiQtPGLSORPĞ3R GHOLNiWQtYHĀHĖLDGLYRNpPWDQFLVHYäLFKQLUR]ORXĀLOLDQiVOH GXMtFtGHQUR]MHOL]SĈWGRÿHVNpUHSXEOLN\ ,SĖHVGHäWLYpDFKODGQpSRĀDVtNWHUp]DVHGiQtSRFHORX GREX SRE\WX Y &KRUYDWVNX SURYi]HOR VWUiYLOL ĀOHQVNp FHV WRYQt NDQFHOiĖH D DJHQWXU\ SĖtMHPQp GQ\ Y SRKRVWLQQpP SURVWĖHGt0DNDUVNpULYLpU\DKRWHOX0HWHRU9ĈĖtPHæHVH YäHPSĖtWRPQíP'Q\NRQWDNWĞ$ÿ&.$OtELO\DMLæQ\QtVH WĈätPHQDGDOätVHWNiQt 9íOHWGR7URJLUXD6SOLWXVODYQRVWQt]DNRQÿHQt 2ÀFLiOQtÿiVW]DVHGiQtRGERUQíSURJUDP ZRUNVKRSFKRUYDWVNíFKSDUWQHUĝÿOHQVNiVFKĝ]H 9 UiPFL YíMH]GQtKR ]DVHGiQt$ÿ&.$ Y &KRUYDWVNX E\O SUR ĀOHQVNp FHVWRYQt NDQFHOiĖH D DJHQWXU\ SĖLSUDYHQ WDNp RGERUQíSURJUDP9SiWHNGRSROHGQHVHYSURVWRUiFKNRQ JUHVRYpKR ViOX$VSKDODWRV KRWHOX VHäOR YtFH QHæ RVRE FHVWRYQtKRUXFKXQDNWHUpĀHNDOSURJUDPSOQí]DMtPDYíFKD YFHVWRYQtPUXFKXVWĈæHMQtFKWpPDWÓYRGQtKRVORYDVHXMDOL JHQHUiOQtĖHGLWHO+ODYQtKR~ĖDGX&KRUYDWVNpKRWXULVWLFNpKR VGUXæHQt SDQ 1LNR %XOLþ VSROHĀQĈ V SUH]LGHQWHP$ÿ&.$ ,QJ 5RPDQHP ãNUDEiQNHP NWHĖt SĖtWRPQp XYtWDOL V SĖiQtP LQWHQ]LYQt~VSĈäQpVSROXSUiFHĀHVNíFKDFKRUYDWVNíFKVXE MHNWĞYFHVWRYQtPUXFKX 3RWpQiVOHGRYDOVDPRWQíRGERUQíSURJUDP,QJãNUDEi QHNSĖHGQHVOSĖtWRPQíPDNWLYLW\$VRFLDFHYSĖLSRPtQNRYpP Ėt]HQtNQiYUKXQRYpKR2EĀDQVNpKR]iNRQtNXNWHUíE\OMLæ SĖLMDWDYVWRXStYSODWQRVWRG'tO=iMH]GREĀDQ VNpKR]iNRQtNXVHEH]SURVWĖHGQĈGRWíNiĀLQQRVWLFHVWRYQtFK NDQFHOiĖt $ÿ&.$ VH LQWHQ]LYQĈ ~ĀDVWQLOD SĖLSRPtQNRYíFK Ėt]HQtDPMLQLFLRYDODĖDGXMHGQiQtVHĀOHQ\ÓVWDYQĈSUiYQt KR YíERUX 36 3ÿ5 D DNWLYQĈ SURVD]RYDOD ]iMP\ ĀOHQVNíFK FHVWRYQtFKNDQFHOiĖtDDJHQWXU9HONíP~VSĈFKHPYSĖLMDWpP XVWDQRYHQt]iNRQtNXE\ORRGERXUiQtRGSRYĈGQRVWLFHVWRYQt NDQFHOiĖH]DW]Y]WUiWXUDGRVWL]H]iMH]GX VFKRSQRVWL QHER ~SDGNX RUJDQL]iWRUD ]iMH]GX 1DYD]XMtFtP WpPDWHP E\OD QRYHOD SURIHVQtKR ]iNRQD Ā 6E D QDYUKRYDQp]PĈQ\$ÿ&.$NWHUpEXGRXGLVNXWRYiQ\QDSĖt VOXäQíFKMHGQiQtVYOiGQtPLLQVWLWXFHPL 1HFK\EĈODQLGĞOHæLWíERGRKOHGQĈSRMLVWQpKRSOQĈQtYSĖt SDGĈ~SDGNXFHVWRYQtNDQFHOiĖHNGHQiVVHVKRGQíPVWDQR YLVNHP005ÿ5D$ÿ&.$VH]QiPLODYtFHSUH]LGHQWND6RĐD %UDQGHLVRYi 3RVOHGQt QHPpQĈ GĞOHæLWRX QRYLQNRX R NWHUp E\O\ ĀOHQRYp$ÿ&.$ LQIRUPRYiQL E\O\ ]PĈQ\ Y REUDWRYp GDQLY5DNRXVNX 1iVOHGQĈVHVWUKODæLYiGLVNX]HDWRSĖHGHYätPQDWpPD SRGPtQN\ ]iUXN\ RUJDQL]iWRUD D SURGHMFH ]iMH]GĞ SURWL ~SDGNX 1iVOHGRYDO FRIIHH EUHDN Y MHKRæ SUĞEĈKX GRäOR N KODVRYiQtRQHMOHSätNDWDORJURNXYHNDWHJRULtFKSRE\WRYp ]iMH]G\PXOWLGHVWLQDĀQtSRE\WRYp]iMH]G\PRQRWpPDWLFNp DSR]QiYDFt]iMH]G\.RQJUHVSRNUDĀRYDOĀOHQVNRXNRQIHUHQFt NWHUiSiWHĀQtRGERUQíSURJUDP]DNRQĀLOD 3RREĈGĈE\OSUR~ĀDVWQtN\SĖLSUDYHQZRUNVKRSFKRUYDW VNíFKSDUWQHUĞYSURVWRUiFKNDYiUQ\0HPRU\KRWHOX0HWH RU'HQE\O]DNRQĀHQYHĀHĖtNWHUiSUREĈKODYH]KUXED NP Y]GiOHQpP YQLWUR]HPt &HVWD E\OD ]SHVWĖHQD QiYäWĈYRX 0RGUpKRDÿHUYHQpKRMH]HUD3RWpMLæQiVOHGRYDODQiYäWĈYD W\SLFNpFKRUYDWVNpYHVQLĀN\NGHSUR~ĀDVWQtN\E\ODSĖLSUD YHQD RFKXWQiYND PtVWQtFK VSHFLDOLW Y SRGREĈ VíUĞ VDOiPĞ NUHYHW FKRERWQLF D PQRKD GDOätKR . MtGOX QHVPĈOD FK\EĈW FKRUYDWVNi ĀHUYHQi D EtOi YtQD UDNLMH D KXGED 3R YHĀHĖL VH YäLFKQL ]~ĀDVWQĈQt SĖHVXQXOL ]SĈW GR KRWHOX D RĀHNiYDOL SĖtFKRGGDOätKRGQHNG\QDQĈĀHNDODQiYäWĈYDPĈVW7URJLU D6SOLW 'iOH,QJãNUDEiQHNSĖtWRPQpVH]QiPLOVSĖHGEĈæQíPLYí VOHGN\SUĞ]NXPX$ÿ&.$D(&7$$SRĀOHQVNíFKDVRFLDFtFK Y ]HPtFK (8 3UĞ]NXP SĖLQiät ]DMtPDYp ]iYĈU\ Y DSOLNDFtFK XVWDQRYHQtVPĈUQLFHR]iMH]GHFKRSRYLQQRVWLRUJDQL]iWRUD SĖHGORæLWGRVWDWHĀQp]iUXN\SUR]DMLäWĈQtYUiFHQtYORæHQíFK SURVWĖHGNĞDSURQiYUDWVSRWĖHELWHOHYSĖtSDGĈSODWHEQtQH 6RERWQt VQtGDQĈ SĖLSUDYLOD SĖtWRPQp QD VOLERYDQí YíOHW SĖLSUDYHQpDXWREXV\YH]O\~ĀDVWQtN\FHVWRXSRSREĖHætVPĈ UHPNPĈVWX7URJLU3ĖtMHPQiSURFKi]ND~]NíPLXOLĀNDPL7UR JLUXYäHFKQ\QDODGLODQDREĈGNWHUíE\OSĖLSUDYHQRQĈNROLN NLORPHWUĞGiOSREOtæ'LRNOHFLiQRYDSDOiFHYH6SOLWX3RREĈGĈ VHNRQDODNUiWNiSURKOtGNDSDOiFHDSĖHVXQ]SĈWGRDXWREXVX 3RVOHGQtYHĀHU'QĞNRQWDNWĞE\O]DNRQĀHQVODYQRVWQt YHĀHĖtYUHVWDXUDFLKRWHOX0HWHRUWDE\OD]DKiMHQDRKQLYRX VKRZ YH IR\HU UHVWDXUDFH =iYĈUHĀQpKR VORYD VH XMDO SDQ .ODXGLR6WRMQLþNWHUí]DVHGiQt]KRGQRWLOMDNRYHOPLY\GDĖH QpDSURREĈVWUDQ\SĖtQRVQp3UH]LGHQW$ÿ&.$,QJ5RPDQ ãNUDEiQHNSRGĈNRYDOVOHĀQĈ.DULQ*ROXELþDFHOpFKRUYDWVNp VWUDQĈ ]D VNYĈORX RUJDQL]DFL YíMH]GQtKR ]DVHGiQt$ÿ&.$ %</,-60(3Ĕ,720 9VRXYLVORVWLVHY]UĞVWDMtFtPSRĀWHPGRWD]ĞLQIRUPR YDOVHNUHWDULiW$ÿ&.$ĀOHQ\DYHĖHMQRVWRSRGPtQNiFK Y\FHVWRYiQtREĀDQĞÿ5GR&KRUYDWVND3DVRYpDYt]RYp RGGĈOHQt QD OHWLäWL 5X]\QĈ MDVQĈ VGĈOLOR æH SĖL OHWHFNp GRSUDYĈMHMDNRFHVWRYQtGRNODGDNFHSWRYiQQDOHWLäWtFK Yÿ5328=(FHVWRYQtSDV'OHVGĈOHQt0=92EĀDQVNí SUĞND] REHFQĈ QHQt SRGOH ĀHVNíFK ]iNRQĞ FHVWRYQtP GRNODGHPXPRæĐXMtFtPFHVWRYiQtGR]HPtPLPR(81Ĉ NWHUpVWiW\$OEiQLH%RVQDD+HUFHJRYLQDÿHUQi+RUD &KRUYDWVNR 0DNHGRQLH D 6UEVNR XPRæĐXMt REĀDQĞP ÿ5YVWXSDSRE\WLVSODWQíPREĀDQVNíPSUĞND]HP&HV W\GRWĈFKWR]HPtSĖHVYQLWĖQtKUDQLFL6FKHQJHQXSRX]H VREĀDQVNíPSUĞND]HPMVRXPRæQpDOHQDYODVWQtUL]LNR '1< ' 1< . .217$.7Ĝ .2 217 17$. .7Ĝ 7Ĝ $þ& þ&.$ .$3 3 35$ 5$+$ $+$ $ + +27(/ +2 27( 7(/3 35( 5(6, 5(6, 6,'(1 6,' (17 (17 17 52 . 9$þ & . $ ,1*.$7(ĕ,1$3(7ĕÌÿ.29É 'QHVHXVNXWHĀQLORSRG]LPQtSROROHWQtVHWNi QtĀOHQĞ$ÿ&.$W]Y'Q\NRQWDNWĞ2GY]QLNX$VRFLDFHE\O WHQWRNRQJUHVYSRĖDGtMLæ3RYíMH]GQtPMDUQtP]DVHGiQt Y &KRUYDWVNX D ORĐVNp YíERUQp ]NXäHQRVWL ]YROLOD$ÿ&.$ SUR MHGQRGHQQt NRQJUHV KRWHO 3UHVLGHQW Y FHQWUX 3UDK\ QD EĖHKXĖHN\9OWDY\.RQJUHVXVH]~ĀDVWQLORYtFHQHæ]iVWXS FĞ FHVWRYQtFK NDQFHOiĖt FHVWRYQtFK DJHQWXU D GDOätFK ĀOHQ VNíFKVXEMHNWĞ$ÿ&.$ =DKiMHQtKRVWp 'Q\NRQWDNWĞ$ÿ&.$E\O\]DKiMHQ\SĖLYtWiQtPYäHFKQi YäWĈYQtNĞSUH]LGHQWHP$VRFLDFH,QJ5RPDQHPãNUDEiQNHP &HOíPSURJUDPHPSURYi]HOSDQ7RPLR2NDPXUDYLFHSUH]L GHQW$ÿ&.$+ODYQtPKRVWHP]DVHGiQtE\ODSRVODQN\QĈ,QJ -DQD)LVFKHURYi&6FDĀOHQND3RGYíERUXSURFHVWRYQtUXFK 363ÿ5MHæVHYHOPLNODGQĈY\MiGĖLODNGORXKRGREpVSROXSUi FLV$ÿ&.$DVH]QiPLODSĖtWRPQpVĀLQQRVWt3RGYíERUXSUR FHVWRYQtUXFK1DQĈNWHUíFKWpPDWHFKMDNRĀLQQRVWWXULVWLF NíFKSUĞYRGFĞYÿ5Yt]RYiSRYLQQRVWREĀDQĞWĖHWtFK]HPtD QRYHODSURIHVQtKR]iNRQDVSROXSUDFXMH3RGYíERUWDNpVSUR IHVQtPL VGUXæHQtPL YĀHWQĈ$ÿ&.$ ,QJ )LVFKHURYi Y\]YDOD ĀOHQ\NGLVNX]LD]SĈWQpYD]EĈQDĀLQQRVW3RGYíERUXDSRæi GDODMHRY]iMHPQRXNRPXQLNDFLDVGĈOHQtKODYQtFKSUREOpPĞ NWHUpSRGQLNDWHOHYFHVWRYQtPUXFKXWUiSt 1iVOHGQpKRVORYDVHXMDO7RPLR2NDPXUDNWHUíE\O]YR OHQVHQiWRUHPYGUXKpPNROHVHQiWQtFKYROHEMHæSUREĈKOR D ĖtMQD 9LFHSUH]LGHQW$ÿ&.$ NDQGLGRYDO MDNR QH]iYLVOíNDQGLGiW]DYROHEQtREYRG=OtQ3DQ2NDPXUDXMLVWLO SĖtWRPQpĀOHQ\æHY\YLQHPD[LPiOQtSROLWLFNp~VLOtNH]PtUQĈ QtSRGPtQHNSRGQLNiQtYFHVWRYQtPUXFKX EĖH]QDDæĀHUYQD3UĞ]NXPSUREtKDOYNRRSHUDFLVQi URGQtPLDVRFLDFHPLFHVWRYQtFKNDQFHOiĖtDDJHQWXUĀOHQVNíFK ]HPt(8VFtOHP]MLVWLWMDNíPNRQNUpWQtP]SĞVREHPMHYMHG QRWOLYíFK ]HPtFK (8 LPSOHPHQWRYiQD SRYLQQRVW Y\SOíYDMtFt ]HÅVPĈUQLFHR]iMH]GHFK´37'3RGOHVPĈUQLFHPiSRYLQ QRVWRUJDQL]iWRUQHERSURGHMFHSĖHGORæLWGRVWDWHĀQp]iUX N\SUR]DMLäWĈQtYUiFHQtYORæHQíFKSURVWĖHGNĞDSURQiYUDW VSRWĖHELWHOH Y SĖtSDGĈ SODWHEQt QHVFKRSQRVWL QHER ~SDGNX 6PĈUQLFHQHVSHFLÀNXMHNRQNUpWQtIRUPXDSRGPtQN\WpWR]i UXN\NDæGiĀOHQVNi]HPĈMHVWDQRYXMHVDPRVWDWQĈYQiURGQt OHJLVODWLYĈ = YíVOHGNĞ SUĞ]NXPX Y\SOíYi æH LPSOHPHQWDFH WpWRSRYLQQRVWLDYíVOHGQpSRGPtQN\SURFHVWRYQtNDQFHOiĖH 1RYLQN\YHVYćWćFHVWRYQtKRUXFKX FK\VWDQp]PćQ\YOHJLVODWLYćSRMLäWćQt Y\VWRXSHQt]iVWXSFĝ005þ2,(&7$$ 2GERUQí SURJUDP ]DĀDO WpPDWHP SRGPtQHN ]DMLäWĈQt ]iUXN\ SUR SĖtSDG ~SDGNX &. Y MHGQRWOLYíFK HYURSVNíFK ]HPtFK ,QJ 5RPDQ ãNUDEiQHN SĖHGQHVO ĀOHQĞP YíVOHGN\ SUĞ]NXPX NWHUí XVNXWHĀQLOD$ÿ&.$ D (&7$$ Y SUĞEĈKX YÿHVNpUHSXEOLFHMVRXYĞEHFQHMSĖtVQĈMätYFHOp(8Dÿ5MH MHGQRX]PiOD]HPtNWHUp]iNRQHPVWDQRYXMtMHQMHGQXIRUPX ]iUXN\DWRSRYLQQpSRMLäWĈQtSURWL~SDGNX 3ĖHVWRæHMVRXSRGPtQN\SUR]DMLäWĈQt]iUXN\FHVWRYQtFK NDQFHOiĖtYÿ5QHMSĖtVQĈMätY(8XGiORVWLSRVOHGQtFKPĈVtFĞ XND]XMtæHQĈNWHUpSRMLäĜRYQ\QHMVRXVFKRSQ\DSĖLSUDYHQ\ SOQLW]iNRQHPVYĈĖHQRXUROLRGERUQpKRJDUDQWDSRYLQQpKR SRMLäWĈQt$ÿ&.$VKOHGiYiMDNRFHVWX]DUXĀHQtY\VRNpRFKUD Q\NOLHQWĞY]DYHGHQtYtFHIRUHP]DMLäWĈQtFHVWRYQtNDQFHOiĖH D Y\WYRĖHQt FK\EĈMtFtKR NRQNXUHQĀQtKR SURVWĖHGt 3ĖtWRPQp ĀOHQ\ V GRSRUXĀHQíPL ]PĈQDPL Y UiPFL QRYHO\ ]iNRQD Ā 6EDVQHVRXKODVQíPVWDQRYLVNHP$VRFLDFHNQiYU KX,QJ=+RQNDVH]QiPLODQDNRQJUHVXYLFHSUH]LGHQWND$VR FLDFHSDQt6RĐD%UDQGHLVRYiMHMtæSUH]HQWDFHE\ODQiVOHGRYi QDSUH]HQWDFt,QJãNUDEiQNDRQiYUKXGtOĀtQRYHO\SĖHGORæHQp 0LQLVWHUVWYHPSURPtVWQtUR]YRMGRYQĈMätKRSĖLSRPtQNRYpKR Ėt]HQt,QJãNUDEiQHNSĖLSRPHQXOMHGQiQtVÓVWDYQĈSUiYQtP YíERUHP363ÿ5RKOHGQĈQRYpKR2EĀDQVNpKR]iNRQtNXSĖL NWHUpPE\O$VRFLDFLVOtEHQSURVWRUSUR]DSUDFRYiQtMHMtFKSĖL SRPtQHNYUiPFLQRYHO\SURIHVQtKR]iNRQD7tPWRSUH]LGHQW $VRFLDFHY\]YDO3RGYíERUSURFHVWRYQtUXFKNDNWLYQtPXĖH äHQtQiYUKXGtOĀtQRYHO\005NWHUíMHYSĖHGORæHQpSRGREĈ YHYQĈMätPSĖLSRPtQNRYpPĖt]HQtQHSĖtSXVWQí)LQiOQtYHU]H SĖHGORæHQpQRYHO\005QHE\ODNRQ]XOWRYiQDDQLVSRMLäĜRY QDPLDQLVDVRFLDFHPL$ÿ&.$WHQWRQiYUKRGPtWODQHERĜ PĈOD ]DYpVW SRYLQQRVW EH]OLPLWQtKR SRMLäWĈQt SURWL ~SDGNX FRæE\YSUD[L]QDPHQDORQHSĖLMDWHOQpQDYíäHQtSRMLVWQpKRD GDOätQH~PĈUQp]DWtæHQtFHVWRYQtFKNDQFHOiĖt 1iYUK\$ÿ&.$ĀiVWHĀQĈY\VO\äHOR005NWHUpGtOĀtQR YHOX]SUDFRYiYi$NWXiOQtYHU]L]PĈQSĖtVOXäQíFKXVWDQRYHQt ]iNRQDSĖHGVWDYLOD,QJ'DQLHOD7UQNRYi]2GERUXFHVWRYQtKR UXFKX005MHæKRYRĖLODPLPRMLQpRSRWĖHEĈUHDOL]DFHGtO ĀtQRYHO\QXWQRVWL]NUiFHQtYQĈMätKRSĖLSRPtQNRYpKRĖt]HQt QDGQtDVRXĀDVQpDEVHQFLÀQiOQtKRGRNXPHQWXNWHUíE\ E\OSĖHGORæHQ/HJLVODWLYQtUDGĈYOiG\ÿ5.WRPXWRERGXQi VOHGRYDODYHOPLæLYiGLVNX]HSĖLNWHUpĀOHQRYpNODGOL]iVDGQt RWi]N\H[LVWHQFHSRGQLNDWHOĞYFHVWRYQtPUXFKXDMHMLFKSOi QRYDQp]SĖtVQĈQtĀLQQRVWL 3R]YiQt QD NRQJUHV ODVNDYĈ SĖLMDOL WDNp ]iVWXSFL SRMLä ĜRYHQ ,QJ ãWĈSiQ /DQGtN ] (YURSVNp SRMLäĜRYQ\ D 0JU ,YR 3ĈNQtN])LGXFLDNWHĖtE\OLSĖtWRPQLSUH]HQWDFL,QJ7UQNRYpD QDQĈNWHUpERG\SUH]HQWDFHUHDJRYDOL'OHMHMLFKVGĈOHQtE\ LQĈNWHUpQHMYĈWätFHVWRYQtNDQFHOiĖHE\O\SRGOHSĞYRGQtKR QiYUKXQRYHO\SUDNWLFN\QHSRMLVWLWHOQp 'DOätP KRVWHP Y QDELWpP GRSROHGQtP SURJUDPX E\OL ]iVWXSFL ÿHVNp REFKRGQt LQVSHNFH 0JU 0LORVODYD )OpJORYi WLVNRYi POXYĀt ÿ2, D 0JU 0LFKDHO 0D[D YHGRXFt RGGĈOH QtRFKUDQ\VSRWĖHELWHOHÿ2,NWHĖtSĖHGQHVOLYíVOHGN\FHOR VWiWQtFK NRQWURO ÿ2, X FHVWRYQtFK NDQFHOiĖt D DJHQWXU ]D WĖLĀWYUWOHWtWRKRWRURNXD~ĀDVWQLOLVHGLVNX]HVSĖtWRPQíPL ĀOHQ\ NH ]MLäWĈQíP QHMĀDVWĈMätP SRFK\EHQtP SĖHGHYätP SĖL REGUæHQtUHNODPDFH]iMH]GX 2GSROHGQt RGERUQí SURJUDP ]DKiMLO ,QJ +\QHN ãSLQDU ]DVWXSXMtFt$ÿ&.$Y'HVWLQDWLRQ6XVWDLQDELOLW\&RPPLWWHH RI(&7$$VSUH]HQWDFtRDNWXiOQtFKSUREOpPHFKYWXULVWLFNíFK GHVWLQDFtFK D ]iYĈUHFK SRVOHGQtKR VHWNiQt NRPLVH (&7$$ Y %UXVHOX 1iVOHGQĈ E\OL ĀOHQRYp VH]QiPHQL V QRYíP SUR MHNWHP(YURSVNpNRPLVH7RXULVPOLQNHXDQHGiYQíPUR]KRG QXWtP(YURSVNpKRVRXGQtKRGYRUDRRGäNRGQĈQtFHVWXMtFtFK YSĖtSDGĈGORXKíFK]SRæGĈQtYOHWHFNpGRSUDYĈ,QJ5RPDQ ãNUDEiQHNWUDGLĀQĈVKUQXODNWXiOQtYíYRMHYURSVNpOHJLVODWLY\ NRQNUpWQĈ UHYL]H 6PĈUQLFH R ]iMH]GHFK D R X]QiYiQt NYD OLÀNDĀQtFK SĖHGSRNODGĞ RKOHGQĈ ]DYHGHQt HYURSVNpKR SUR IHVQtKR SUĞND]X .RPHUĀQt SUH]HQWDFL WHQWRNUiW SĖHGQHVOD 0DUWLQD 3DYOiVNRYi ] SRMLäĜRYQ\$,* N QRYíP PRæQRVWHP VSROXSUiFHVFHVWRYQtPLNDQFHOiĖHPLDDJHQWXUDPLYÿ5 9ROEDQRYpKRSUH]tGLD 3RG]LPQt 'Q\ NRQWDNWĞ E\O\ WDNp YROHEQtPL ĀOHQ VNi NRQIHUHQFH ]YROLOD GHYtWLĀOHQQp SUH]LGLXP D WĖtĀOHQQRX UHYL]Qt NRPLVL $VRFLDFH QD GDOät GYRXOHWp IXQNĀQt REGREt 2G SURVLQFH ]DVHGQH SUH]LGLXP YH VORæHQt 5RPDQ ãNUDEiQHN 6RĐD %UDQGHLVRYi 7RPLR 2NDPXUD 5HQDWD 3HWĖtĀNRYi 0LURVODY +UGOLĀND 5DGHN ãDIDĖtN 0DWĈM &KiE 7RPiä &LNiQ D -DQ =HPDQ 'R UHYL]Qt NRPLVH E\O\ ]YROHQ\ 0LOHQD9DQĀXURYi9ĈUD$QGĈORYiD(OLäND0DMHURYi3UH]LGHQ WHP$VRFLDFHE\O]QRYX]YROHQ,QJ5RPDQãNUDEiQHN /HWRäQtNRQJUHVE\OĀOHQVNíPLVXEMHNW\SRYDæRYiQ]DYHO PLSĖtQRVQíDKRGQRFHQ]KOHGLVNDRGERUQpKRSURJUDPXQD QHMY\äät~URYQL$ÿ&.$VLYHOPLYiæt~ĀDVWLY]iFQíFKKRVWĞ DVYíFKĀOHQĞ9íVOHGN\GDOätFKMHGQiQtNQiYUKXGtOĀtQRYHO\ SURIHVQtKR]iNRQDV005EXGRXSĖHGPĈWHPMDUQtKRVHWNiQt ĀOHQĞ$VRFLDFH %</,-60(3Ĕ,720 3UH]LGLXPXYtWDOR]YROHQtSDQD7RPLD2NDPXU\VHQi WRUHPYGUXKpPNROHVHQiWQtFKYROHEVH]LVNHP KODVĞNWHUpSUREĈKORDĖtMQD9LFHSUH]LGHQW $ÿ&.$7RPLR2NDPXUDNDQGLGRYDOMDNRQH]iYLVOíNDQ GLGiW]DYROHEQtREYRG=OtQ (.SR]YDODYHGRXFtSUDFRYQtN\]FHVWRYQtFKNDQFHOiĖt DWRXURSHUiWRUĞN~ĀDVWLQDIyUXREFKRGXDFHVWRYQtKR UXFKXRUJDQL]RYDQpPYHGQHFK²OLVWRSDGX Y.iKLĖHMHKRæFtOHPMHGRSRUXĀLWSROLWLFNíPUR]KRGR YDFtP RUJiQĞP Y (8 D HJ\SWVNíP RUJiQĞP MDN SRVtOLW LQYHVWLFHD]QRYXQDVWDUWRYDWWXULVWLNXY]HPLÿOHQRYp $ÿ&.$ E\OL Y\]YiQL N ~ĀDVWL QD IyUX D REGUæHOL QiYUK SURJUDPXMHGQiQt 755$ 5$',þ1Ì $ $', ',,þ1 ' þ1Ì 6( (7.É .É É1Ì 1ÌÌ $þ 1 $þ&.$ .$ $ 6$ 6$&.$ .$ 6(. (.&( (.&( &($þ $þ&. &.$ $ 67$9 . 52 . 9$þ & . $ ,QJ520$1ã.5$%É1(. 6(.&(352(95236.e=É/(å,7267, 6HNFH ]DMLäĜXMH ĀOHQVWYt $ÿ&.$ Y HYURSVNp DVRFLDFL (&7$$]SUDFRYiYiDSĖHGNOiGiSUH]LGLXDĀOHQĞPQRYpLQ IRUPDFH](8WíNDMtFtVHREODVWLFHVWRYQtKRUXFKX]HMPpQD QRYpĀLSĖLSUDYRYDQpOHJLVODWLY\SRGtOtVHQDSĖLSRPtQNRYiQt SĖLSUDYRYDQíFKOHJLVODWLYQtFKQRUHP(8]DMLäĜXMHNRPXQLNDFL VMLQíPLĀOHQVNíPLDVRFLDFHPL(&7$$]DVWXSXMH$ÿ&.$QD HYURSVNíFKMHGQiQtFKDSĖHGNOiGiLQIRUPDFH]SUDYLGHOQíFK ]DVHGiQt(&7$$Ó]FHVSROXSUDFXMHVHVHNFtOHJLVODWLYQt SĖHGVHGD5RPDQãNUDEiQHN ĀOHQRYpVHNFH6%UDQGHLVRYi72NDPXUD+ãSLQDU 6(.&(/(*,6/$7,91Ì$(7,&.É /HJLVODWLYQtVHNFH]DMLäĜXMHMHGQiQtVPLQLVWHUVWY\YOiGQtPL RUJDQL]DFHPL D ~ĖDG\ 'Ei DE\ SĖHGNOiGDQp QiYUK\ ]iNRQĞ DGDOätFKQDĖt]HQtNWHUpVHWíNDMtFHVWRYQtKRUXFKXE\O\SUR SRGQLNDWHOHSURVSĈäQp9\YROiYiMHGQiQtNH]OHSäHQtNRQNX UHQĀQtVLWXDFHQDWUKXVQDætVHDE\E\OLYVRXODGXSRGQLNDWHOp LVSRWĖHELWHOpDDE\QHGRFKi]HORNQHNDOpPXSRGQLNiQt6SR OXSUDFXMHQDSĖLSRPtQNiFKDQiYU]tFKSURHYURSVNRXDVRFLDFL (&7$$DMHMtQDĖt]HQtY\VYĈWOXMHĀOHQĞP (WLFNi VHNFH ĖHät VSRU\ PH]L ĀOHQVNíPL VXEMHNW\ D GEi QDGRGUæRYiQtQDGRGUæRYiQtHWLFNpKRNRGH[X$ÿ&.$3UR VD]XMHHWLNXYFHVWRYQtPUXFKXDVQDætVHDE\QHRSUiYQĈQp SRGQLNiQtE\ORĖiGQĈSRVWLKRYiQR SĖHGVHGN\QĈ6RĐD%UDQGHLVRYi ĀOHQRYpVHNFH-=HPDQ5ãDIDĖtN7&LNiQ0&KiE72NDPXUD ,ÿHĐNRYi 6(.&(728523(5É725Ĝ$352'(-&Ĝ =DEíYiVHSUREOHPDWLNRXSUiFHWRXURSHUiWRUĞYHY]WDKX NSDUWQHUĞP]HMPpQDUHWDLOHUĞPOHWHFNíPDDXWRNDURYíP GRSUDYFĞPSRVN\WRYDWHOĞPÀQDQĀQtFKVOXæHE3RVN\WXMHLQ IRUPDFHDGRSRUXĀHQtNHVPOXYQtPXY]WDKX]DORæHQpPXQD FHVWRYQtVPORXYĈ=DEíYiVHURYQĈæLQWHUQHWRYíPSURGHMHP ]iMH]GĞ SĖHGVHGD7RPiä&LNiQ ĀOHQRYpVHNFH 5 ãDIDĖtN - =HPDQ 0 &KiE 5 0RQtN3HWĖtĀNRYi ,ÿHĐNRYi ,1&20,1*29É6(.&( 6HNFHPi]D~NROSRGiYDWĀOHQĞP$ÿ&.$LQIRUPDFH] REODVWLLQFRPLQJXGRÿHVNpUHSXEOLN\6HNFHSUDYLGHOQĈRUJD QL]XMHVHWNiQtLQFRPLQJRYpVHNFHNGHMHSĖLSUDYHQRGERUQí SURJUDPVH]DPĈĖHQtPQDQRYLQN\YOHJLVODWLYĈDNWXiOQtLQ IRUPDFH](8VHWNiQtDSUH]HQWDFHPĈVWDNUDMĞDSĖHGVWDYH QtGDOätFK]DMtPDYíFKQRYLQHN]SUD[H SĖHGVHGD7RPLR2NDPXUD 6(.&(9ì67$91Ì$9(/(75å1Ì SĖHGVHGN\QĈ5HQDWD0RQtN3HWĖtĀNRYi ĀOHQRYpVHNFH0+UGOLĀND5ãDIDĖtN 9EXGRYĈ0LQLVWHUVWYDSURPtVWQtUR]YRMQD0DOp6WUDQĈ Y3UD]HQRYpPVtGOH$ÿ&.$VHVHäO\SDUWQHUVNpDVRFLDFH ĀHVNíFKDVORYHQVNíFKFHVWRYQtFKNDQFHOiĖtDDJHQWXUQDWUD GLĀQtPVHWNiQt]D~ĀHOHPYíPĈQ\LQIRUPDFt]REODVWLFHVWRY QtKR UXFKX$ÿ&.$ ]DVWXSRYDOL SUH]LGHQW DVRFLDFH 5RPDQ ãNUDEiQHN YLFHSUH]LGHQWND 6RĐD %UDQGHLVRYi D WDMHPQLFH .DWHĖLQD3HWĖtĀNRYi=DVORYHQVNRX6$&.$VHVHWNiQt~ĀDVW QLOLSUH]LGHQW7RPiä+DVDODDYLFHSUH]LGHQW6WDQLVODY0DFNR 2EĈSDUWQHUVNpRUJDQL]DFHNWHUpMVRXĀOHQ\HYURSVNpDVRFL DFH(&7$$SURGLVNXWRYDO\ĖDGXDNWXiOQtFKWpPDW .RQWURO\6ORYHQVNpDþHVNpREFKRGQtLQVSHNFH 9íVWDYQt VHNFH ]DEH]SHĀXMH ~ĀDVW QD YHOHWU]tFK 0$', *2 D 5HJLRQWRXU %UQR +ROLGD\:RUOG Y 3UD]H 6HNFH GR MHGQiYi VPOXYQt SRGPtQN\ ~ĀDVWL $ÿ&.$ QD YHOHWU]tFK D SRGtOt VH SĖL WYRUEĈ GRSURYRGQíFK SURJUDPĞ 'iOH ]D MLäĜXMH RUJDQL]DFL DNFt $ÿ&.$ MDNR MVRX 'Q\ NRQWDNWĞ IDPWULS\DMLQpVSROHĀHQVNpDNFH NQHYROLVDPRWQpKRDXWRUDREĀDQVNpKR]iNRQtNXSURI(OLiäH ]FHODQHSĖLMDWHOQpXVWDQRYHQtRRGSRYĈGQRVWLFHVWRYQtNDQ FHOiĖH]DÅ]WUiWXUDGRVWL]GRYROHQp´QDSĖLMDWHOQĈMätRGSR YĈGQRVW]DÅQDUXäHQtGRYROHQp´3ĖHVWHQWRPtUQĈMätSRMHP YäDNREĀDQVNí]iNRQtNSĖLQiät]FHODQRYRXRGSRYĈGQRVWSUR FHVWRYQtNDQFHOiĖHDWRRGSRYĈGQRVW]DQHPDMHWNRYRX~MPX SĖL SRUXäHQt VYíFK VPOXYQtFK SRYLQQRVWt 1D 6ORYHQVNX ]D WtPQHQtQRYíREĀDQVNí]iNRQtNSURMHGQiYiQQLFPpQĈYíYRM Yÿ5EXGHSUR6ORYHQVNRPRæQRXLQVSLUDFt (YURSVNiOHJLVODWLYD 6(.&(38%/,&5(/$7,216 6HNFHPi]D~NROY\WYiĖHWSR]LWLYQtSRYĈGRPtRFHVWRY QtP UXFKX Y\WYiĖt SUDYLGHOQp DQDOí]\ D NRPHQWiĖH N DNWX iOQtPWpPDWĞPQDYD]XMHDXGUæXMHSR]LWLYQtY]WDK\VPpGLL Y\WYiĖt35VWUDWHJLHQDSRGSRUXFHVWRYQtKRUXFKXMDNRMHG QRKR]NOtĀRYíFKSUĞP\VORYíFKRGYĈWYtYÿ59HOLFHGĞOHæL WRXVRXĀiVWtSUiFHMHLNUL]RYp356HNFH35~]FHVSROXSUD FXMHLVHVHNFtSURHYURSVNp]iOHæLWRVWL]SUDFRYiYiLQIRUPDFH ](&7$$GRWLVNRYíFK]SUiYDSĖHGNOiGiMHQRYLQiĖĞP SĖHGVHGD7RPLR2NDPXUD ĀOHQRYpVHNFH5ãNUDEiQHN6%UDQGHLVRYi7&LNiQ5ãDIDĖtN (',725$þ&.$ (GLWRUY\GiYiSURĀOHQ\SUDYLGHOQĈLQWHUQHWRYRXSRGREX $NWXDOLW YH NWHUíFK VH REMHYXMt SR]YiQN\ QD DNWXiOQt DNFH DQDOí]\WX]HPVNpKRL]DKUDQLĀQtKRFHVWRYQtKRUXFKXUHäHUäH XGiORVWt ]H æLYRWD$VRFLDFH DSRG 6RXĀiVWt MHKR ĀLQQRVWL MH LDNWXDOL]DFHIRWRDUFKLYXDY\WYRĖHQt5RĀHQN\ 0LURVODY+UGOLĀND =iVWXSFL 6$&.$ XSR]RUQLOL QD DNWXiOQĈ QHJDWLYQt SR VWRM 62, N ĀLQQRVWL FHVWRYQtFK NDQFHOiĖt QD 6ORYHQVNX 62, SĖLVWRXSLODNYHONpPHGLDOL]DFLQHJDWLYQtFKYíVOHGNĞNRQWURO NWHUp E\O\ Y URFH ]DPĈĖHQ\ SĖHGHYätP QD XVWDQRYH QtÅYäHREHFQíFKVPOXYQtFKSRGPtQHN´FHVWRYQtFKNDQFHOiĖt DMHMLFKSRURYQiQtVSODWQRXSUiYQt~SUDYRX62,SUH]HQWDFt YíVOHGNĞNRQWUROY\WYRĖLODYäHREHFQĈQHJDWLYQtREUD]DSR äNRGLODĀLQQRVWFHVWRYQtFKNDQFHOiĖt6$&.$VHSURWLSORäQp QHJDWLYQt PHGLDOL]DFL RKUDGLOD QHERĜ NRQWURO\ SUREĈKO\ MHQ X YHOPL PDOpKR SRĀWX FHVWRYQtFK NDQFHOiĖt D QHO]H ] QLFK Y\YR]RYDWWDNSORäQí]iYĈU $ÿ&.$ LQIRUPRYDOD R VWiYDMtFt YHOPL GREUp VSROXSUiFL DVRFLDFHVÿ2,QD]iNODGĈNWHUpE\O\VGRVWDWHĀQíPSĖHG VWLKHPDYL]RYiQ\]DPíäOHQpNRQWURO\ÿ2,DMHMLFK]DPĈĖHQt =iVWXSFLÿ2,VHQDWpPDEXGRXFtFKNRQWURO~ĀDVWQLOLMDUQt KR]DVHGiQt$ÿ&.$DĀOHQVNpFHVWRYQtNDQFHOiĖHWDNPĈO\ PRæQRVWVHQDNRQWURO\VGRVWDWHĀQíPSĖHGVWLKHPSĖLSUDYLW $ÿ&.$NODGQĈ]KRGQRWLODYVWĖtFQíSĖtVWXSÿ2,DVQDKX]D XMPRXWQLNROLYVDQNĀQtSRVWRMNĀLQQRVWLFHVWRYQtFKNDQFHOiĖt DDJHQWXUDOHSRVWRMSUHYHQĀQtVFtOHP]DMLVWLWQiSUDYXDQHR SDNRYDWHOQRVWSRUXäHQt $SOLNDFHNRQHÿQpFHQ\YSUD[L 2EĈ VWUDQ\ VHY]iMHPQĈLQIRUPRYDO\RDSOLNDFL ÅNRQHĀ QpFHQ\´YSUD[LFHVWRYQtFKNDQFHOiĖtYÿ5D659ÿ5Y\ SOíYi SRYLQQRVW XYiGĈQt ÅNRQHĀQíFK FHQ´ ] QRYHO\ ]iNRQD RFHQiFKSĖLMDWpQDSRG]LPWDWRSRYLQQRVWMHFHVWRY QtPLNDQFHOiĖHPLGRGUæRYiQD1D6ORYHQVNXQHQtSRYLQQRVW ÅNRQHĀQpFHQ\´]iNRQHPXVWDQRYHQDFHVWRYQtNDQFHOiĖHWDN QDGiOH UR]GĈOXMt FHQX ]iMH]GX 3RYLQQp SĖtSODWN\ ]D WD[\ D SDOLYRYí SĖtSODWHN YäDN RGSRYtGDMt VNXWHĀQp YíäL VWDQRYHQp OHWHFNíPL VSROHĀQRVWPL EH] MDNpKRNROL QDYíäHQt .RQHĀQRX FHQX]iMH]GXXSODWĐXMtMHQQĈNWHUpFHVWRYQtNDQFHOiĖHYUiPFL VYpKRPDUNHWLQJX 1RYíREÿDQVNí]iNRQtN $ÿ&.$LQIRUPRYDODRSĖLMHWtQRYpKRREĀDQVNpKR]iNR QtNX Y ÿ5 D SĖHGVWDYLOD ]PĈQ\ NWHUp SĖLQiät Y ĀiVWL Å'tO =iMH]G´$ÿ&.$ VH YHOPL LQWHQ]LYQĈ ~ĀDVWQLOD SĖLSRPtQ NRYíFK Ėt]HQt D Y NRQHĀQp Ii]L SĖtSUDY\ QiYUKX DEVROYRYDOD ĖDGXMHGQiQtVHĀOHQ\ÓVWDYQĈSUiYQtKRYíERUX363DUODPHQ WXÿ59íVOHGNHPYHONpDNWLYLW\MHVNXWHĀQRVWæHYHÀQiOQtP ]QĈQtSĖLMDWpKRQiYUKXREĀDQVNpKR]iNRQtNXE\ORXSUDYHQR =iVWXSFL RERX DVRFLDFt ]NRQ]XOWRYDOL DNWXiOQt WpPDWD ] REODVWL HYURSVNp OHJLVODWLY\ WíNDMtFt VH ĀLQQRVWL FHVWRYQtFK NDQFHOiĖtDDJHQWXU2EĈDVRFLDFHSRGSRUXMtYUiPFLDNWXiOQt GLVNX]HQDWpPDUHYL]HVPĈUQLFHR]iMH]GHFK37']DFKR YiQtWpWRSURIHVQtOHJLVODWLY\DMHMtUR]ätĖHQtQDG\QDPLFNp]i MH]G\ SURGLVNXWRYiQD E\OD RWi]ND RGSRYĈGQRVWL FHVWRYQtFK NDQFHOiĖt D SUiY FHVWXMtFtFK Y MHGQRWOLYíFK GUX]tFK GRSUDY\ ]HMPpQDYOHWHFNpSĖHSUDYĈDDXWREXVRYpGRSUDYĈ6$&.$ RFHQLODDNWLYQt~ĀDVW$ÿ&.$D(&7$$SĖLSURMHGQiYiQtQD Ėt]HQtRSUiYHFKFHVWXMtFtFKYDXWREXVRYpSĖHSUDYĈGRNWH UpKR QDE\OD QDNRQHF ]DĀOHQĈQD SĞYRGQĈ (YURSVNRX NRPLVt QDYUKRYDQi RGSRYĈGQRVW ]D ÅSV\FKLFNRX ~MPX´ FHVWXMtFtKR 2EĈ$VRFLDFH VH VKRGO\ æH EXGRX Y\YtMHW PD[LPiOQt VQDKX NSĖLMHWtWDNRYíFKOHJLVODWLYQtFK]PĈQNWHUpEXGRXFRQHMSĖL MDWHOQĈMätSURĀHVNpLVORYHQVNpFHVWRYQtNDQFHOiĖHDDJHQWXU\ 6HWNiQtRERXSDUWQHUVNíFKDVRFLDFtE\ORYHOPLSĖtQRVQp Y]iMHPQiYíPĈQDLQIRUPDFtDNRRUGLQDFHSRVWXSĞ]iVDGQtP ]SĞVREHPQDSRPiKiĀLQQRVWLRERXDVRFLDFtQD~URYQLQiURG QtLHYURSVNp %</,-60(3Ĕ,720 9WíGQX²SUREĈKORSĖHVWĈKRYiQtVtGOD $VRFLDFH GR EXGRY\ Y /HWHQVNp QD 0DOp 6WUDQĈ $ÿ&.$VHSROHWHFKVWĈKRYDOD]EXGRY\&]HFK7RX ULVPQD9LQRKUDGHFKGRQRYíFKSURVWRUYEXGRYĈ0LQLV WHUVWYDSURPtVWQtUR]YRMSDOiF:LQGLVFKJUlW]Ğ 'QHVHXVNXWHĀQLODVFKĞ]ND$ÿ&.$VÿHV NRXDVRFLDFtSRMLäĜRYHQÿ$3$ÿ&.$SURMHGQDODDN WXiOQtNDX]XQt]NpKRSRMLVWQpKRSOQĈQtSRMLäĜRYQ\*HQH UDOLYVRXYLVORVWLV~SDGNHP&.,3DUNDP+ROLGD\Vÿ$3 Y WpWR YĈFL ]DXMDOD MDVQp VWDQRYLVNR æH ĀHVNi OHJLVODWLYD XPRæĐXMH GYRMt YíNODG SUiYD D ] WRKRWR GĞYRGX SRMLä ĜRYQD *HQHUDOL DV SRVWXSRYDOD Y VRXODGX VH ]iNRQHP RSRMLäWĈQt'OHQi]RUX$ÿ&.$E\SRMLäĜRYQDPĈODY\ SODWLWSRMLVWQpSOQĈQtYHYíäLRSUiYQĈQíFKQiURNĞ ÿ$3NRQVWDWRYDODæHSĖLVRXĀDVQpP]QĈQt]iNRQD]iOHæt SRX]H QD UR]KRGQXWt VRXGX Y WpWR ]iOHæLWRVWL$ÿ&.$ LQLFLRYDOD VFKĞ]NX V 005 D$&. ÿ5 QD WRWR WpPD D SRæDGXMH DE\ VH WDWR NDX]D GiOH ĖHäLOD QD PLQLVWHUVNp ~URYQLQHERĜVHGRPQtYiæHMGHQHMHQRRFKUDQXVSR WĖHELWHOHDOHLGĞYĈU\KRGQRVWFHVWRYQtFKNDQFHOiĖt $.7 .78É/1Ì . 78É É/1 /1Ì 9ì 9ì ì9292- 75 92 75+8 7 5+ +8 8 &( &( (67291Ì+2 6729 67 291Ì 1Ì+2 +2 5 58 8&+8 8 &+8 &+ $þ&.$ 3$57 $þ&.$ 571(5(0 5 71( 1(5( 5(0 (0 35 352-( 3 522-(.78 78 (95 95236 9 523 236.e . .20,6( 20,6 20 ,6(² ,6( ² 7285,60 7285,60/,1 /,1. /, 52 . 9$þ & . $ ,1*.$7(ĕ,1$3(7ĕÌÿ.29É ,QIRUPDĀQtV\VWpP\DWHFKQRORJLHKUDMtYFHVWRYQtPUXFKX VWiOHYĈWätUROL6WDWLVWLN\DQHMDNWXiOQĈMätSUĞ]NXP\SRWYU]X MtæHLQWHUQHWMHSUYQtPDQHMGĞOHæLWĈMätP]GURMHPLQIRUPDFt Y SĖtSDGĈ SOiQRYiQt GRYROHQíFK D GORXKRGREĈ SĖHGVWDYXMH QHMSRSXOiUQĈMät]SĞVRESURRUJDQL]RYiQtGRYROHQp7RPXVH URYQĈæ SĖL]SĞVREXMH L WUK D Y VRXĀDVQp GREĈ WYRĖt RQOLQH DJHQWXU\DFHVWRYQtNDQFHOiĖHFHONHP]FHOpKRWUKXFHV WRYQtKRUXFKX,QWHUQHWRYiQDEtGND]iMH]GĞYHY]WDKX%& SRGQLNDWHOVNpVXEMHNW\NRQHĀQíPVSRWĖHELWHOĞPMLæGQHVMDN SURIHVLRQiORYpYRERUX]MLäĜXMtQHVWDĀt 6HY]UĞVWDMtFtPVWXSQĈPSRNURĀLOíFKLQIRUPDĀQtFKWHFK QRORJLtURVWHWDNpQiURĀQRVWDSRæDGDYN\NODGHQpQDPDOpD VWĖHGQtSRGQLN\NWHUpVHVQDKRXXVSRNRMLWFtORYíWUKPXVHMt NRQNXURYDWYHONíPKUiĀĞPQDWUKX3URWR]GHYHVQD]HLQWH JURYDWPHQätVXEMHNW\QDWUKFHVWRYQtKRUXFKXY]QLNiSURMHNW (YURSVNp NRPLVH ²7285,60OLQN XUĀHQí NH ]MHGQRGXäHQt NRQWDNWXWRNXLQIRUPDFtLQWHUDNFHDREFKRGRYiQtPH]LSRG QLN\SRVN\WXMtFtPLVOXæE\FHVWRYQtKRUXFKXY(YURSĈ &tOHPSURMHNWXMHY\WYRĖLWNRPSOH[QtUH]HUYDĀQtV\VWpP GRNWHUpKREXGRXYVWXSRYDWGRGDYDWHOpWXULVWLFNíFKVOXæHE PH]L QLPL L FHVWRYQt NDQFHOiĖH DQLæ E\ PXVHO\ VHVWDYRYDW NRPELQDFHVOXæHE]iMH]G\VSĖHGVWLKHP0DOpDVWĖHGQtSRG QLN\ QHMVRX LQWHJURYiQ\ Y GLJLWiOQtP GRGDYDWHOVNpP ĖHWĈ]FL D MHMLFK SĖtWRPQRVW QD LQWHUQHWX QHQt QLMDN VWUXNWXURYiQD 9í]YRX N UHDOL]DFL SURMHNWX MH SĖHGHYätP UR]WĖtäWĈQRVW GLV WULEXĀQtFKNDQiOĞDREWtæQRVW]DNOiGDWSDUWQHUVNpREFKRGQt Y]WDK\5RYQĈæVSRWĖHELWHOpMVRXYHOPLUĞ]QRURGtDSĖLYí EĈUXGRYROHQpVHVHWNiYDMtVUR]PDQLWíPLWXULVWLFNíPLLQIRU PDĀQtPLV\VWpP\ 7DWR LQLFLDWLYD (YURSVNp NRPLVH MH XUĀHQD SĖHGHYätP SUR PDOp D VWĖHGQt SRGQLN\ FHVWRYQtKR UXFKX 6QDKRX (Y URSVNp NRPLVH MH QDVWDYLW VWDQGDUG\ SUR LQWHURSHUDELOLWX PH]L ]~ĀDVWQĈQíPL VXEMHNW\ 3URMHNWX VH PRKRX ]~ĀDVWQLW YHGOHVWiYDMtFtFKSĈWLSDUWQHUĞ8QLYHUVLWj%RFFRQL,QVWLWXWR 7HFQRORJLFR +RWHOHUR (&7$$ +275(& =1 L MHGQRWOLYp SRGQLNDWHOVNpVXEMHNW\FHVWRYQtNDQFHOiĖHKRWHO\GRSUDYFL RVWDWQt GRGDYDWHOp VOXæHE FHVWRYQtKR UXFKX 6\VWpP EXGH UHDJRYDWQDSRWĖHE\YäHFKVXEMHNWĞFHVWRYQtKRUXFKXWHG\ WDNpWRXURSHUiWRUĞDFHVWRYQtFKDJHQWXU5HDOL]DFHSURMHNWX QHEXGHYUR]SRUXVX]DYĖHQíPLREFKRGQtPLVPORXYDPLPH]L UĞ]QíPLSDUWQHU\DOHEXGHXVQDGĐRYDWNRQWDNWPH]LQLPLD ,QJ/,%ć1$-$52/Ì0.29É3K' ]Y\äRYDWMHMLFKNRQNXUHQFHVFKRSQRVW5RYQĈæ~ĀDVWSĖLKOiäH QíFKVXEMHNWĞQHEXGHÀQDQĀQĈQiURĀQiQHERĜFHOíSURMHNW MHÀQDQFRYiQ]HYURSVNíFKIRQGĞ 6\VWpPEXGHIXQJRYDWQDEi]L%%NRQHNWRUXDEXGHSR NUíYDWYäHFKQ\VHNWRU\FHVWRYQtKRUXFKX)XQNĀQRVWDY\XæLWt WDNRYpSODWIRUP\EXGHWHVWRYiQRYHWĖHFKSLORWQtFKSURMHN WHFK NWHUp EXGRX ]DKUQRYDW SRGQLN\ FHVWRYQtKR UXFKX ]H WĖHFK]HPtDGHYtWL]GURMRYíFKWUKĞNWHUpEXGRXSRVWXSQĈ Y\EUiQ\YUiPFLMHGQRWOLYíFKIi]t.GRVDæHQtFtORYpSRGRE\ V\VWpPX EXGH Y\XæLWR VOXæHE WHFKQRORJLFNíFK ÀUHP D SRG QLNĞFHVWRYQtKRUXFKXRSHUXMtFtFKY(YURSĈ3URMHNWRYíWíP VHWDNEXGHVNOiGDW]H[SHUWQtVNXSLQ\WHFKQRORJLFNíFKSUD FRYQtNĞDSRGQLNDWHOVNíFKVXEMHNWĞFHVWRYQtKRUXFKXMHMLFKæ SĖHGSRNODGHPN~ĀDVWLMHGRVWDWHĀQiMD]\NRYiY\EDYHQRVWD ĀDVRYiÁH[LELOLWD 9VRXĀDVQpGREĈE\OD]DKiMHQDSĖtSUDYDSUYQtIi]HSLORW QtKRSURMHNWX3RĀiWHĀQtVFKĞ]HSUDFRYQtVNXSLQ\NSURMHNWX 7285,60OLQN VH NRQDOD Y %UXVHOX Y ĀHUYHQFL 1D ]i NODGĈ WRKRWR VHWNiQt E\O RGVWDUWRYiQ SURFHV YíYRMH WHFK QLFNíFK SRæDGDYNĞ QD GLJLWiOQt UiPHF (&7$$ GiOH Y\]YDOD ĀOHQVNp DVRFLDFH N ~ĀDVWL Y SUYQt Ii]L SURMHNWX MHæ ]DĀQH YGXEQX.RQHĀQiSRGREDFHOpKRSURMHNWXPiEíW]Qi PDYĀHUYHQFLURNX .YíVOHGQp~ĀDVWLYSURMHNWXE\OR]DSRWĖHEtĀOHQVNíFK VXEMHNWĞ VH ]iMPHP R ~ĀDVW WRXU RSHUiWRUĞ FHVWRYQtFK DJHQWXU RQOLQH DJHQWXU7HQWR SRæDGDYHN$ÿ&.$ VSOQLOD D Y ]iĖt E\OD Y\EUiQD ÿHVNi UHSXEOLND MDNR MHGHQ ]H ]GURMRYíFK WUKĞ (&7$$ SRYDæXMH ]DĀOHQĈQt $ÿ&.$ YMHGQp]Ii]tMDNRYHOPLGĞOHæLWpQHERĜÿHVNiUHSXEOLNDMHYí ]QDPQíP]GURMHPWUKXFHVWRYQtKRUXFKXYHVWĖHGQt(YURSĈ 6FtOHPSRVN\WQRXW~ĀDVWQtNĞP~SOQpLQIRUPDFHNSURMHNWX $ÿ&.$]RUJDQL]RYDODVHWNiQtVH]iVWXSFL(&7$$NWHĖtSĖHG QHVOLSRGUREQRXSUH]HQWDFLRSURMHNWXVQiVOHGQRXGLVNXVt $ÿ&.$SOQĈSRGSRUXMHY]QLNWDNRYpSODWIRUP\0RGHUQt GLJLWiOQtV\VWpPNWHUí]MHGQRGXätREFKRGQtY]WDK\PH]LGR GDYDWHOL WXULVWLFNíFK VOXæHE XE\WRYDFtPL ]DĖt]HQtPL UHVWDX UDFHPLGRSUDYFLJROIRYíPLUH]RUW\DMDSRSWiYDMtFtPLFHV WRYQtPL DJHQWXUDPL D WRXURSHUiWRU\ EXGH MLVWĈ SĖtQRVHP YRERUXFHVWRYQtKRUXFKX ÿHVNiUHSXEOLNDVODYtKRGQĈWLäHDQHQiSDGQĈYíURĀt VYpKR Y]QLNX WR ]QDPHQi NURPĈ MLQpKR MLæ YtFH QHæ OHW YROQpKRWUKXFHVWRYQtKRUXFKXYÿHVNpUHSXEOLFH.DPWHQ WRWUKGRVSĈO"8PtPHVHQDQĈPRULHQWRYDWDFKRYDWVHWUæ QĈ"9VRXWĈæLQDEtGNDYHUVXVSRSWiYNDYHGHMHGQR]QDĀQĈSR SWiYND1DEtGNDVLFHURVWHU\FKOHMLDMHFHONRYĈYíUD]QĈYĈWät 3RSWiYNDPiYäDNQDVRXĀDVQpPWUKXUR]KRGXMtFtSRVWDYHQt Y\XætYiYíKRGXY\äätÁH[LELOLW\YUR]KRGRYiQtDLQVWLQNWLYQĈ VHFKRYiHIHNWLYQĈMLQHæQDEtGND 6RXÿDVQpSUREOpP\WUKXFHVWRYQtKRUXFKX 1DEtGNDVHVQDætSURGDWQĈNG\]DNDæGRXFHQXDSRSWiY FHVHGR]QDĀQpPtU\SRGEt]tSRPRFtQHMUĞ]QĈMätFKPDUNH WLQJRYíFKDNWLYLW9GĞVOHGNXWRKRGRäORNQDUXäHQtIXQJRYiQt PHFKDQLVPXWUKX&HQDSĖHVWDODY\MDGĖRYDWKRGQRWX6RXĀDV QiDSOLNDFHPDUNHWLQJRYíFKQiVWURMĞEíYiSURWUKFHVWRYQtKR UXFKXĀDVWRNRQWUDSURGXNWLYQt]YOiäWĈYGORXKRGREpPKRUL ]RQWX3iUSĖtNODGĞ SĖtPiOHWHQND]$GR%MHQĈNROLNDQiVREQĈGUDæätQHæ OHWFFD[GHOätVPH]LSĖLVWiQtP]$SĖHV&GR%PDUNHWLQJR YiKRGQRWDSURGXNWXQHUHVSHNWXMHĀDVNOLHQWD]iWĈæOHWHFNp GRSUDY\SURæLYRWQtSURVWĖHGtDQL]GUDYíUR]XP VWiWÀQDQĀQĈSĖLVStYiVHQLRUĞPPĞæHEíWY\EUiQLMDNí NROLY MLQí ]GURMRYí VHJPHQW DE\ Y QĈP VWUiYLOL GRYROHQRX ]DĀQRXUHVWDXUDFHFHVWRYQtNDQFHOiĖHSODWLWVYíPKRVWĞP" QD NRQIHUHQFL DNWLYQĈ SĖHGQiäHMtFt RGERUQtN SODWt Y\äät YORæQpQHæ~ĀDVWQtFLSDVLYQtNGRPiKRGQRWXDNGR]DQLPi SODWLW Y\VRFH]LVNRYpPXVHNWRUXNRQJUHVRYpKRWXULVPXVOLEXMH PĈVWR3UDKDEHQHÀW\YHIRUPĈGRWDFtQDSURQiMHPMHGQDFtFK ViOĞFDWHULQJXMt]GQp0+' ĖDGD FHVWRYQtFK NDQFHOiĖt DYL]RYDOD D WDNp XVNXWHĀQLOD ]GUDæHQt]iMH]GĞYHVURYQiQtVORĐVNíPURNHPORJLFN\URV WRXYVWXSQtQiNODG\DE\Y]iSĈWtY\KOiVLODVOHY\SURÀUVW PRPHQW &R WDNRYpKR VOHY\ Y\SRYtGDMt R FHQĈ SURGXNWX" %XGH QĈNGR NXSRYDW SURGXNW ]D SOQRX NDWDORJRYRX FHQX" 1HEREXGHGRVDæHQRSRX]HUR]GĈOHQtSURGHMHQDGYĈVOHYR YiREGREtÀUVWPRPHQWDODVWPLQXWH" 3RSWiYND MH QDWROLN SĖHV\FHQi LQIRUPDFHPL D UR]VDKHP QDEtGN\æHĀDVWRUH]LJQXMHVSRXVWXYĈFtDVOXæHEXæOLGpQH FKWĈMtDQL]DGDUPRVYpRWRPYĈGtQDSĖRUJDQL]iWRĖLIDPWUL SĞ'ORXKRGREĈVHVQLæXMHRFKRWDNXSXMtFtFKUR]KRGRYDWVH VSĖHGVWLKHPDNFHSWRYDWSOQRXFHQXĀHNiQtQDVOHY\SODWLW SĖHGĀHUSiQtPVOXæHE9]iMPXR]GUDYHQtWUKXE\E\ORUR]XP QpSĖHKRGQRWLWPDUNHWLQJ 9VRXYLVORVWLVGDĐRYRXDSHQ]LMQtSROLWLNRXÿ5DSRNOH VHPUHiOQíFKPH]GO]HRĀHNiYDWYSĖtäWtPURFHVODEätSRSWiY NXVNORQN~VSRUiPQD~NRUYíGDMĞDSURKORXEHQt]iNODGQt GLVSURSRUFHWUKX²MHäWĈYtFHVHUR]HYĖRXQĞæN\PH]LU\FK OHML URVWRXFt QDEtGNRX D SRPDOHML URVWRXFt SRSWiYNRX 3UR MHGQRWOLYp SRGQLN\ FHVWRYQtKR UXFKX WR ]QDPHQi Y\RVWĖHQt NRQNXUHQĀQtKRSURVWĖHGtY\äätQiURN\QDSURVD]HQtSURGXN WXDIDNWæHVY\äätP~VLOtPDY\äätPLQiURN\QD]GURMHUĞVW YVWXSQtFKQiNODGĞEXGRXGRVDKRYDWQLæätFK]LVNĞ 6KUQXWtYíYRMHFHVWRYQtKRUXFKXYHVYćWćY(YURSVNp XQLLDYþHVNpUHSXEOLFH 3ĖHGEĈæQp Y\KRGQRFHQt WUKX FHVWRYQtKR UXFKX ]D URN MH RSWLPLVWLFNp 1iUĞVW Y\ND]XMt YäHFKQ\ VOHGRYDQp JOREiOQtXND]DWHOH0H]LURĀQtUĞVWVYĈWRYpKRWUKXFHVWRYQt KR UXFKX Y\MiGĖHQí SRĀWHP PH]LQiURGQtFK SĖtMH]GĞ VWRXSO R3UDYGĈSRGREQĈGRäORNSĖHNURĀHQtKUDQLFHPLOLDU G\WXULVWLFNíFKSĖtMH]GĞ6\PEROLFN\E\ODPLOLDUGWíPWXULVWRX SURKOiäHQDSDQt'DOH6KHSSDUG)OR\G]9HONp%ULWiQLHNWHUi SĖLFHVWRYDODGR0DGULGXSURVLQFH ,VRXKUQQpXND]DWHOHFHVWRYQtKRUXFKXYÿHVNpUHSXEOLFH GRNOiGDMtUĞVW]DSUYQtĀWYUWOHWtURNXMHQiUĞVWSRĀWX KRVWĞYKURPDGQíFKXE\WRYDFtFK]DĖt]HQtFKRSRĀWX QRFt R . GLVSR]LFL MVRX GORXKRGREĈ SRX]H JOREiOQt GDWDY\SRYtGDMtFtRYíäLQDEtGN\DSRSWiYN\FK\EtVRXKUQQp ~GDMHRSURVWĖHGFtFKY\QDNOiGDQíFKQDGRVDæHQtYíNRQĞ%R KXæHO QHQt SURWR PRæQpKRGQRWLW HIHNWLYLWX FHVWRYQtKR UX FKX-DNiMHFHQDGRVDKRYDQíFKYíNRQĞ"-DNiMHFHONRYiHIHN WLYLWD Y\QDNOiGDQíFK ]GURMĞ"$ MDNi MH HIHNWLYLWD YORæHQíFK ]GURMĞYHY]WDKXNGRVDæHQpPXSĖtUĞVWNXYíNRQĞ" 9íYRMWUKXVHRGHKUiYiYVRXODGXVGORXKRGREíPLWUHQG\ UĞVWWUKXMHQHURYQRPĈUQíDWRMDN]KOHGLVNDJHRJUDÀFNp KR UR]GtOQp SĖtUĞVWN\ Y MHGQRWOLYíFK VYĈWRYíFK UHJLRQHFK VWiWHFKWDNLQDGtOĀtFKWU]tFKSRGOHNRPRGLWUR]GtO\YUĞV WX UĞ]QíFK W\SĞ FHVWRYQtKR UXFKX 1HMSRPDOHMät MH WHPSR UĞVWX GORXKRGREĈ Y (YURSĈ U\FKOHMät UĞVW Y\ND]XMt VWiW\ VUR]YtMHMtFtVHHNRQRPLNRXSĖHGVWiW\HNRQRPLFN\Y\VSĈOíPL 3URJQy]DDRÿHNiYiQt 'ORXKRGREiSURJQy]DUR]YRMHFHVWRYQtKRUXFKX]SUDFR YDQi81:72GRUSĖHGSRNOiGiSUĞPĈUQíURĀQtUĞVW 1HURYQRPĈUQRVWUĞVWXVHEXGHSURKOXERYDW9EOt]Np EXGRXFQRVWLVHRĀHNiYiSĖHYDKDURVWRXFtFKHNRQRPLNSĖHG HNRQRPLNDPLY\VSĈOíPL 1DGSĞPĈUQíUĞVWSRSWiYN\MHRĀHNiYiQYPHGLFtQVNpP FHVWRYQtPUXFKXDYUĞVWXQiNXSQtKRFHVWRYQtKRUXFKXUHD OL]RYDQpP]YOiäWĈ]GURMRYíPLWUK\]HPt%5,& 0H]LQiURGQt RUJDQL]DFH SURVD]XMt YL]L Å*UHHQ *URZWK IRU´MDNRSULQFLSQRYpKRSĖtVWXSXNEXGRXFtPXUR]YRML FHVWRYQtKR UXFKX ² LQYHVWLF GHVWLQDFt D SURGXNWĞ L VSRWĖH E\7HQWRSĖtVWXS]QDPHQi]RKOHGQĈQtGRSDGĞĀLQQRVWLQHMHQ ]KOHGLVNDHNRQRPLFNpKRDOHWDNp]KOHGLVNDFHORVSROHĀHQ VNíFK]iMPĞDSULQFLSĞXGUæLWHOQpKRUR]YRMHVSROHĀQRVWL 3RORRSWLPLVWLFNp]DNRQÿHQt 3UR LQFRPLQJ MH DJHQWXURX &]HFK7RXULVP SĖLSUDYHQi QRYi SURSDJDĀQt NDPSDĐ ÿHVNp UHSXEOLN\ V QRYíP ORJHP GHVWLQDFH2Wi]NRX]ĞVWiYi]GDMHNDPSDĐ]DORæHQDQDRGSR YtGDMtFtFKNRQNXUHQFHVFKRSQíFKSURGXNWHFKSĖLSUDYHQíFKQD WUKXNSURGHMLSURSRWHQFLiOQtQiYäWĈYQtN\ÿ5 .DæGRSiGQĈLQVSLUDWLYQtMHVORJDQ81:72 Å3ĖHPĈQLWPLOLDUGXWXULVWĞQDPLOLDUGXSĖtOHæLWRVWt´ ALPY za lepší ceny 3K' než-li v Česku ,QJ/,%ć1$-$52/Ì0.29É děti do 6 let ubytované s rodiči mají ubytování s polopenzí a skipas ZDARMA 23. sezona Lyžování a snowboarding ve Francii, Itálii, Rakousku, Slovinsku, Švýcarsku Lyžařské běžecké maratony 2013 v Evropě • Cyklozájezdy v Česku a 10 evropských zemích Cyklomaraton na Mallorce 27. 4. 2013 Zájezdy na Giro Italia a Tour de France Zájezdy na atletické maratony Firemní akce, celoročně zájezdy na přání pro skupiny od 7 osob v Itálii, Švýcarsku a Kanadě SKITUR s.r.o., Matěchova 18, 14000 Praha 4 Tel./fax: +420 222 948 581 | mobil 724 102 501 e-mail: [email protected] | www.skitur.cz | skype: skitur1 326 26 672-( 72-( 72 -( (95 952 9 523$1 $1 1Ĝ Ĝ . &( &(67291Ì08 & (67 6729 291Ì 1Ì0 08 8 58 58&+8 5 8&+ &+8 9ì 9ì ì6/('.< 6/ 6 /('. ('.< (' .< (85 85 52%$520(758 2% %$5 $520 20(7 (758 58 =$ =$ 52 52. 5 2. (YURSVNiNRPLVHYURFHMLæSRĀWYUWpYKLVWRULL]YH ĖHMQLODQRYíSUĞ]NXP(XUREDURPHWUXRSRVWRMtFK(YURSDQĞ NFHVWRYQtPXUXFKX&tOHPSUĞ]NXPXNWHUpKRVH]~ĀDVWQLOR SĖHVWLVtFQiKRGQĈY\EUDQíFKREĀDQĞ(8E\OR]MLVWLWPR WLYDFLUHVSRQGHQWĞFHVWRYDW]D~ĀHOHPGRYROHQpDWRYURFH 9í]NXPUR]OLäXMHGYDW\S\GRYROHQpNWHUpUHVSRQGHQWL ]YROLOL²]iMH]GSĖHVFHVWRYQtNDQFHOiĖĀLLQGLYLGXiOQĈSOiQRYD QRXGRYROHQRX'iOHSUĞ]NXPKRGQRWtSRVWRMH(YURSDQĞN FHVWRYQtPXUXFKXQDSĖSUHIHURYDQpSUi]GQLQRYpGHVWLQDFH W\S GRYROHQp D SĖLQiät VHJPHQW\ FHVWRYDWHOĞ ]D URN 3UĞ]NXPURYQĈæVKUQXMHGĞYRG\SURĀ(YURSDQpQHMHOLYURFH QD GRYROHQRX YĀHWQĈ PRæQpKR GRSDGX KRVSRGiĖVNp VLWXDFHQDGRYROHQNRYpSOiQ\SURURN 3RGOH (XURVWDWX GRViKOR RGYĈWYt WXULVWLFNpKR XE\WRYiQt Y URFH UHNRUGQtFK ĀtVHO Y ]HPtFK (8 D UR]KRGQĈ SĖHNRQDOR SĖHGNUL]RYp YíVOHGN\ 3RĀHW QRFt VWUiYHQíFK QH UH]LGHQW\ Y KRWHOtFK D MLQíFK SRGREQíFK ]DĖt]HQtFK Y]URVWO RYtFHQHæQHMYtFHWRPXE\ORYHãSDQĈOVNX D,WiOLL1DRSDNQHMYĈWätQiUĞVWSRĀWXQRFtVWUiYH QíFKYKRWHOHFKUH]LGHQW\E\O]D]QDPHQiQY/LWYĈ %XOKDUVNXD5XPXQVNX&HONRYíQiUĞVW XUH]LGHQWĞĀLQLOSRX]H 9íVOHGN\SUĝ]NXPX3RGOHWpWRVWXGLH(8RE ĀDQĞ (8 MHOR Y URFH QD GRYROHQRX D YtFH QHæ UHVSRQGHQWĞ XYHGOR æH XVNXWHĀQt VYRX GRYROHQRX L Y URFH 9ĈWäLQD REĀDQĞ (8 VH Y URFH UR]KRGOD VWUiYLW GRYROHQRX Y (YURSĈ FRæ SOiQRYDOL XĀLQLW WDNp Y URFH 9íVOHGN\HXUREDURPHWUXMVRXGREUíPVLJQiOHPSURUĞVWHY URSVNpKRFHVWRYQtKRUXFKXMDNRRGYĈWYt(YURSVNiNRPLVHMH WRKRQi]RUXæHSUiYĈREODVWWXULVWLN\EXGHKODYQtPKQDFtP PRWRUHPSURREQRYXHYURSVNpKRKRVSRGiĖVWYt 1DYUFKROXSUHIHURYDQíFKGHVWLQDFtYURFHE\O\ãSD QĈOVNR,WiOLH)UDQFLH1ĈPHFNR5DNRXVNRDĕHFNR9OHWRä QtPURFHEXGRX(YURSDQpSRGOHSUĞ]NXPXWUiYLWVYRXGRYR OHQRXQHMĀDVWĈMLYHãSDQĈOVNX,WiOLL)UDQFLLĕHFNX5DNRXVNX D9HONp%ULWiQLL 6HGPWUHQGĝYFHVWRYiQt(YURSDQĝ (YURSäWtFHVWRYDWHOpKOHGDMtQDVYpGRYROHQpKODYQĈNOLGD RGSRĀLQHN9URFHSUHIHURYDORUHOD[DĀQt]DPĈ ĖHQtGRYROHQpSRX]H (YURSDQp RFHĐXMt QD WXULVWLFNp GHVWLQDFL NUiVX SĖtURG\ SRĀDVtDNYDOLWQtVOXæE\YtFHQHæRE\YDWHO(8E\VHYUiWL ORQDVWHMQpPtVWRNYĞOLMHKRSĖtURGQtPFKDUDNWHULVWLNiP1H FHOi WĖHWLQD (YURSDQĞ SUHIHUXMH QD GRYROHQp NYDOLWX VOXæHE 9ĈWäLQD RE\YDWHO (8 GiYi SĖHGQRVW UH]HUYRYiQt GR YROHQpSĖHVLQWHUQHWQHMĀDVWĈMLYHYĈNX²OHW RE\YDWHO (8 UH]HUYXMt ]iMH]G SĖHV FHVWRYQt NDQFHOiĖ QHERFHVWRYQtDJHQWXUX (YURSDQpSĖLYíEĈUXGRYROHQpVWiOHVSROpKDMtQDGRSRUX ĀHQtURGLQ\DSĖiWHO7DN]YDQíPÅ:RUGRIPRXWK´VHĖtGLOD YtFHQHæSRORYLQDFHVWXMtFtFKY(8 (YURSDQpFHVWXMtQDGRYROHQRXYUiPFL(YURS\YĈWäLQRX DXWHPQHERQDPRWRUFHFRæSĖHGVWDYXMHRSURWLURNX QiUĞVWRSURFHQWQtFKERGĞ1LFPpQĈYURFH GRäORWDNpNQiUĞVWXYHY\XætYiQtOHWHFNpGRSUDY\ 'RYROHQRX GHOät QHæ ĀW\ĖL GQ\ WUiYt (YURSDQp YĈWäLQRX YKRWHOHFK (YURSDQpSOiQRYDOLFHVWRYDWLYURFH5HVSRQGHQWL XYHGOLæHVHQHY]GDMtVYpGRYROHQpQDY]GRU\HNRQRPLFNpVL WXDFLY(YURSĈ1HMYtFHRE\YDWHOSOiQRYDORMHWQDGRYROHQRX Y'iQVNXD)LQVNXGRWi]DQíFK(YURSDQpNWHĖtQDGR YROHQRXYURFHQHMHOLXĀLQLOLWDNSĖHYiæQĈ]ÀQDQĀQtFK GĞYRGĞ %</,-60(3Ĕ,720 'QHSUREĈKODSRUDGDQDSR]YiQtYUFKQtĖHGL WHON\ VHNFH SUiYQt D NRQ]XOiUQt 0=9 0JU 5HLQLäRYp D ĖHGLWHOH-8'U6YRERG\VREĈPDDVRFLDFHPLD0057p PDWHPVFKĞ]N\E\O\DNWXiOQtRWi]N\VSRMHQpVY\GiYiQtP GRSRUXĀHQtDYDURYiQt0=9SURREĀDQ\ÿ5SĖLFHVWiFK GR]DKUDQLĀtDHYHQWXiOQtGRSDG\YHY]WDKXPH]LNOLHQW\ FHVWRYQtPL NDQFHOiĖHPL D SRMLäĜRYQDPL 1D MHGQiQt VH ]~ĀDVWQĈQtGRKRGOLæHVSRMLäĜRYQDPLSUREĈKQHMHGQiQt RKOHGQĈ VKRG\ SĖL MDNpP VWXSQL YDURYiQt 0=9 EXGRX SRMLäĜRYQ\SOQLWYSĖtSDGHFKVWRUQD]iMH]GĞUL]LNRY\ä ät PRFL WHURULVWLFNíFK ~WRNĞ 0=9 URYQĈæ XSR]RUQLOR ]iVWXSFH &. D &$ æH E\ GRSRUXĀHQt D YDURYiQt 0=9 QHPĈOREíW]QHKRGQRFRYiQRDY]iYDæQíFKGĞUD]QíFKD QH]E\WQíFKSĖtSDGHFKE\PĈO\FHVWRYQtNDQFHOiĖHRPH ]LWFHVWRYQtUXFKGRWĈFKWR]HPt$ÿ&.$VHYWpWRYĈFL EXGHVQDæLWSRVN\WRYDWĀOHQĞPPD[LPiOQtPRæQpLQIRU PDFHNWHUpREGUætRG0=9 (XURVWDW ]YHĖHMQLO VWDWLVWLFNp YíVOHGN\ Y FHVWRYQtP UXFKX]DURNSRĀHWSUi]GQLQRYíFKFHVWNWHUpUHD OL]RYDOLRE\YDWHOp(8MHVWDELOQtPH]LOHW\D DOHSRĀHWVOXæHEQtFKFHVWVHVQtæLORGURNXR =SUiYDSURĀOHQ\E\ODUR]HVOiQDGQH $þ&.$ 35 $þ&.$ 3526 3 526 26$=8 =8-( = 8-( ( =É =É6 = É6$'1 '1 1ÌÌ = =0Ć1< =0 0Ć1 0Ć1 Ć1< )2 Ć1< )25(0 ) 25( 5(0 $ 9ì 5(0 9ì ìã( ã( ( =$-, -,ã7Ć1Ì ,ã7 ã7Ć1 Ć1Ì =É =É É58 58.< 58 (95 95236.É 9 52 23 36. 6.É .2 .2 20,6 0,6( =9 0, =9(Ĕ(-1 -1,/$ 1,/ ,/$ 1É 1É95+ 1 É95 95+ 60 60Ć51,& 6 60Ć5 0Ć5 Ć51, 1,&( 1,& /( *, 6/ $7, 9$ ( 9 523 6 . e 8 1 , ( 3527, 3 35 527 27, Ó3 Ó3$'.8 Ó3$ 9 SUĞEĈKX EĖH]QD Dæ ĀHUYQD XVNXWHĀQLOD$ÿ&.$ YH VSROXSUiFL V QiURGQtPL DVRFLDFHPL FHVWRYQtFK NDQFHOi Ėt D DJHQWXU ĀOHQVNíFK ]HPt (8 HYURSVNí SUĞ]NXP V FtOHP ]MLVWLW MDNíP NRQNUpWQtP ]SĞVREHP MH Y MHGQRWOLYíFK ]H PtFK(8LPSOHPHQWRYiQDSRYLQQRVWY\SOíYDMtFt]HVPĈUQLFH R VRXERUQíFK VOXæEiFK SUR FHVW\ SRE\W\ D ]iMH]G\ 37' DWRSRYLQQRVWRUJDQL]iWRUDQHERSURGHMFHNWHUíMHVWUDQRX VPORXY\ SĖHGORæLW ÅGRVWDWHĀQp ]iUXN\ SUR ]DMLäWĈQt YUiFHQt YORæHQíFK SURVWĖHGNĞ D SUR QiYUDW VSRWĖHELWHOH Y SĖtSDGĈ SODWHEQtQHVFKRSQRVWLQHER~SDGNX´6PĈUQLFHQHVSHFLÀNXMH NRQNUpWQtIRUPXDSRGPtQN\WpWR]iUXN\NDæGiĀOHQVNi]HPĈ MHVWDQRYXMHVDPRVWDWQĈYQiURGQtOHJLVODWLYĈ=HYURSVNpKR SUĞ]NXPXY\SOíYiæHLPSOHPHQWDFHWpWRSRYLQQRVWLDYíVOHG QpSRGPtQN\SURFHVWRYQtNDQFHOiĖHYÿHVNpUHSXEOLFHMVRX YĞEHFQHMSĖtVQĈMätYFHOp(8 9íVOHGN\HYURSVNpKRSUĝ]NXPXXNi]DO\æH ÿ5 MH MHGQRX ] PiOD ]HPt NWHUp ]iNRQHP VWDQRYXMt MHQMHGQXIRUPX]iUXN\DWRSRYLQQpSRMLäWĈQtSURWL~SDGNX 9ĀOHQVNíFK]HPtFK(8MHEĈæQpY\XæLWtYtFH]iNRQQíFKIR UHP ]DMLäWĈQt EĈæQĈ MVRX VRXEĈæQĈ V SRMLäWĈQtP XPRæQĈQ\ EDQNRYQtJDUDQFHYNODG\ĀLSURIHVQtJDUDQĀQtIRQG\%DQNRY QtJDUDQFHMVRXEĈæQĈY\XætYiQ\QDSĖY5DNRXVNX]iNRQHP MVRX XPRæQĈQ\ VRXEĈæQĈ V SRMLäWĈQtP L QD 6ORYHQVNX -DNR DOWHUQDWLYQtIRUPD]DMLäWĈQtMVRXEDQNRYQtJDUDQFHY\XætYiQ\ QDSĖYH)UDQFLL0DĂDUVNX3ROVNX1ĈPHFNX(VWRQVNXĕHF NXãSDQĈOVNXãYpGVNXDPQRKDGDOätFK9QĈNWHUíFK]HPtFK MH]iNRQHP]DYHGHQSRX]HJDUDQĀQtIRQG1L]R]HPVNR,WiOLH D'iQVNR 3RGtO]DMLäWĈQtURĀQtFKWUæHEY]iNRQHPVWDQRYHQpYíäL PLQMHYĞEHFQHMY\äätY(83RGtOURĀQtFKWUæHENWHUí MH REY\NOH ]DMLäĜRYiQ VH SRK\EXMH Y UR]SĈWt 7RPX WR SUĞPĈUX VH Y\P\Ni SRX]H .\SU 6ORYHQVNR DQHMYtFHSDNÿ59QĈNWHUíFK]HPtFKMVRXEĈæQi SURFHQWQtUR]SĈWtNWHUi]RKOHGĐXMt]GDQDEtGND&.]DKUQXMH OHWHFNRXFKDUWHURYRXSĖHSUDYXNWHUiMHSRYDæRYiQD]DUL]L NRYĈMät3RGtO]DMLäWĈQtURĀQtFKWUæHEĀLQtQDSĖYH)UDQFLL 2 .2 .21=8/É51Ì . 21= 1=8/ 8/É É5 51Ì 1Ì 2& 2& &+5$1Ć +5$1 +5 $1Ć $1Ć Y(VWRQVNXY5DNRXVNXY3ROVNXY0D ĂDUVNXYH9HONp%ULWiQLLY,UVNXYQĈ NWHUíFK]HPtFKMH]DMLäĜRYiQDÀ[QtĀiVWNDQDSĖYHãSDQĈOVNX VHMHGQiRĀiVWNX(XUYH6ORYLQVNXSDN(XU ÿ5 MH DEVROXWQt UDULWRX Y (8 MH MHGLQRX ]HPt NWHUi VWDQRYXMH ]iNRQQRX SRYLQQRVW FHVWRYQt NDQFHOiĖH VORæLW YH SURVSĈFK SRVN\WRYDWHOH ]iUXN\ Y SRGPtQNiFK ÿ5 VPOXYQt SRMLäĜRYQ\ ĀiVWNX YH YíäL ] URĀQtFK WUæHE ]D ]iMH]G\ MDNRSRYLQQRXVSROX~ĀDVW=iNRQQpGHSR]LW\QHH[LVWXMtYæiG Qp MLQp ]HPL (8 SĖtSDGQi ÅVSROX~ĀDVW´ FHVWRYQt NDQFHOiĖH MHSĖHGPĈWHPYíKUDGQĈVPOXYQtKRREFKRGQtKRY]WDKXPH]L SRMLäĜRYQRXDFHVWRYQtNDQFHOiĖt 3ĖHVWRæHMVRXSRGPtQN\SUR]DMLäWĈQt]iUXN\FHVWRYQtFK NDQFHOiĖtYÿ5YĞEHFQHMSĖtVQĈMätY(8XGiORVWLSRVOHGQtFK PĈVtFĞXND]XMtæHQĈNWHUpSRMLäĜRYQ\QHMVRXVFKRSQ\DSĖL SUDYHQ\SOQLW]iNRQHPVYĈĖHQRXUROLRGERUQpKRJDUDQWDSR YLQQpKR SRMLäWĈQt D WR SĖHVWR æH PDMt ]H ]iNRQD ]DMLäWĈQR PRQRSROQt SRVWDYHQt D YíQRVQí REFKRG$ÿ&.$ VKOHGiYi MDNR FHVWX ]DMLäWĈQt Y\VRNp RFKUDQ\ NOLHQWĞ Y ]DYHGHQt YtFH IRUHP ]DMLäWĈQt FHVWRYQt NDQFHOiĖH D Y\WYRĖHQt FK\EĈMtFtKR NRQNXUHQĀQtKRSURVWĖHGt$ÿ&.$SURWRSURVD]XMH]DYHGHQt YtFH IRUHP ]DMLäWĈQt EDQNRYQt JDUDQFH ĀL SURIHVQt JDUDQĀQt IRQG VQtæHQt ]DMLäWĈQt URĀQtFK WUæHE Y ]iNRQHP VWDQRYHQp YíäL]QDD]UXäHQtSRYLQQRVWLFHVWRYQtNDQFHOiĖH VORæLWYHSURVSĈFKSRVN\WRYDWHOH]iUXN\ĀiVWNXYHYíäL] URĀQtFKWUæHE]D]iMH]G\NWHUiQHPiREGREXY(8 &tOHP$ÿ&.$MHVQtæLWY\VRNpÀQDQĀQt]DWtæHQtFHVWRY QtFKNDQFHOiĖtY\WYRĖLWNRQNXUHQĀQtSURVWĖHGtSĖLSRVN\WRYi Qt]iUXND]DMLVWLWWDNYNRQHĀQpPHIHNWX]YíäHQRXRFKUDQX VSRWĖHELWHOH6YpQiYUK\$ÿ&.$MLæSĖHGORæLODSĖLMHGQiQtV PLQLVWUHPSURPtVWQtUR]YRMDQDGiOHEXGHY\YtMHWPD[LPiOQt ~VLOtSĖLMHMLFKSURVD]RYiQt (YURSVNi NRPLVH QHGiYQR ]YHĖHMQLOD QiYUK VPĈUQLFH 5DG\ R NRQ]XOiUQt RFKUDQĈ MHMtPæ FtOHP MH XVQDGQLW VSROX SUiFLPH]LNRQ]XOiUQtPL~ĖDG\DSRVtOLWSUiYRREĀDQĞ(8QD NRQ]XOiUQt RFKUDQX YH WĖHWtFK ]HPtFK 3UiYR QD NRQ]XOiUQt RFKUDQX REĀDQĞ (8 NWHĖt QHPDMt Y WĖHWt ]HPL ]DVWRXSHQt PXVtSODWLW]DVWHMQíFKSRGPtQHNMDNRSURREĀDQ\(8VH]D VWXSLWHOVNíP~ĖDGHPYWĖHWt]HPL7RWRSUiYRMH]DNRWYHQRY ĀOiQNX6PORXY\RIXQJRYiQt(YURSVNpXQLH 1DYUæHQi VPĈUQLFH R NRQ]XOiUQt RFKUDQĈ MH QiVOHGQíP NURNHP(YURSVNpNRPLVHQDMHMtVGĈOHQt]EĖH]QDURNX RNWHUpPMLæ$ÿ&.$LQIRUPRYDODYHĖHMQRVW9HVYpPVGĈOHQt (. ]KRGQRWLOD VWDY GLSORPDWLFNp D NRQ]XOiUQt RFKUDQ\ MDNR QHGRVWDWHĀQí 3ĖHGHYätP REĀDQp (8 QHE\OL D VWiOH QHMVRX GRVWDWHĀQĈLQIRUPRYiQLRVYíFKSUiYHFKQDURYQp]DFKi]HQt SĖLSRVN\WRYiQtNRQ]XOiUQtRFKUDQ\YHWĖHWtFK]HPtFK9Qi YD]QRVWLQDWRWRVGĈOHQt]DKiMLOD(.FtOHQRXNRPXQLNDFLSUiY REĀDQĞ(8QDNRQ]XOiUQtRFKUDQXWtPæH]ĖtGLODLQWHUQHWRYp VWUiQN\ KWWSHFHXURSDHXFRQVXODUSURWHFWLRQLQGH[DFWLRQ SRVN\WXMtFtYHäNHUpSRWĖHEQpLQIRUPDFH 6PĈUQLFH R NRQ]XOiUQt RFKUDQĈ REMDVĐXMH NG\ MH REĀDQ SRYDæRYiQ ]D GLSORPDWLFN\ QH]DVWRXSHQpKR 2EĀDQ (8 MH EH] ]DVWRXSHQt Y WĖHWt ]HPL Y SĖtSDGĈ æH MHKR GRPRYVNí ĀOHQVNíVWiWQHPiYHOY\VODQHFWYtQHERNRQ]XOiWYGDQpWĖHWt ]HPLDWDNpSRNXGWHQWR]DVWXSLWHOVNí~ĖDGQHQtSĖtVWXSQí 3ĖtVWXSQRVW]DVWXSLWHOVNpKR~ĖDGXMHKRGQRFHQDSRGOHWRKR ]GDMVRXREĀDQpVFKRSQLGRVWDYLWVHQDYHOY\VODQHFWYtQHER NRQ]XOiWDYUiWLWVH]SĈWGRPtVWDSRE\WXYMHGHQGHQ 1iYUKGiOHXYiGtæHNRQ]XOiUQtRFKUDQDVHY]WDKXMHLQD ĀOHQ\URGLQREĀDQĞ(8NWHĖtSRFKi]HMt]HWĖHWtFK]HPtDVSH FLÀNXMHGUXKSRPRFLĀOHQVNíFKVWiWĞSRVN\WRYDQpYREY\N OíFK SĖtSDGHFK MDNR QDSĖtNODG SĖL ]DWíNiQt YiæQpP ]UDQĈQt QHER]WUiWĈGRNODGĞ9UiPFLNUL]RYíFKVLWXDFtQiYUKVWDQR YXMHDE\PtVWQtSRKRWRYRVWQtSOiQ\V\VWHPDWLFN\]DKUQRYDO\ SRPRFURYQĈæLREĀDQĞP(8EH]GLSORPDWLFNpKR]DVWRXSHQt 2GSRYĈGQRVW]DNRRUGLQDFLDĖt]HQtSRPRFLWĈPWRREĀDQĞP (8QHVHGDQíWĖHWtVWiW 0H]LQiURGQt DVRFLDFH (&7$$ YH VSROXSUiFL V$ÿ&.$ EXGHSRVWXS(YURSVNpNRPLVHQDGiOHVOHGRYDW %</,-60(3Ĕ,720 %</,-60(3Ĕ,720 9 SiWHN ~QRUD VH Y 5HVRUWX 6YDWi .DWHĖLQD VHäOL YtWĈ]RYp77*7UDYHO$ZDUGV DE\ SĖHY]DOL RFHQĈ Qt9HĀHUHP SURYi]HO 2QGĖHM +HMPD YtWĈ]RYp SĖHY]DOL MLæ WUDGLĀQt S\UDPLG\ YH GYDQiFWL NDWHJRULtFK KODVRYiQt SURIHVLRQiOĞ L YtWĈ]Ğ SĈWL NDWHJRULt YH NWHUíFK KODVRYD ODYHĖHMQRVW=ĀOHQVNíFKFHVWRYQtFKNDQFHOiĖtVHXPtV WLO\ &. (62 WUDYHO &. ([LP7RXUV 1HY'DPD D 6WX GHQW $JHQF\ 1HMREOtEHQĈMät ]DKUDQLĀQt GHVWLQDFt URNX ]YROLODYHĖHMQRVW&KRUYDWVNR=D$ÿ&.$E\OSR ]YiQ,QJ5RPDQãNUDEiQHNNWHUíSĖHGiYDOWĖLRFHQĈQt $ÿ&.$LQIRUPRYDODRVHWNiQtNRPLVH(&7$$SURGH VWLQDFHDXGUæLWHOQRVWFHVWRYQtKRUXFKXGQHEĖH]QD Y%UXVHOX6HWNiQtVH]~ĀDVWQLODWDNp$ÿ&.$]DVWX SRYDQiSDQHP,QJ+\QNHPãSLQDUHP]ĀOHQVNpFHVWRYQt NDQFHOiĖH (62 WUDYHO 1D MHGQiQt E\O\ SURGLVNXWRYiQ\ PLPRMLQpWUHQG\SURGHMĞ]iMH]GĞYHYURSVNíFK]HPtFK DNWXiOQtVLWXDFHY7XQLVNX(J\SWĈĕHFNX0H[LNX0DOH GLYiFKDãSDQĈOVNXYt]RYiSRYLQQRVWSURREĀDQ\WĖHWtFK ]HPtĀLVWDYUH]HUYDFtRNUXæQtFKSODYHE $ÿ&.$VHSUDYLGHOQĈ~ĀDVWQLODMHGQiQtSUDFRYQtVNX SLQ\ SUR ]SUDFRYiQt .RQFHSFH VWiWQt SROLWLN\ FHVWRYQt KRUXFKXQDREGREtQD~URYQLVDPRVSUiY\ SURIHVQtDRGERUQpYHĖHMQRVWL$VRFLDFL]DVWXSRYDODSDQt 6RĐD %UDQGHLVRYi$ÿ&.$ XYtWDOD DNWLYLWX 0DVDU\NRY\ XQLYHU]LW\ MHæ ]SUDFRYDOD UR]ViKORX D NULWLFNRX DQDOí]X NRQFHSFH&5SURREGREt²D]DVODODStVHP QĈQĈNROLN]iVDGQtFKSĖLSRPtQHNNHNRQFHSFLNWHUpYäDN QHE\O\]DSUDFRYiQ\ %</,-60(3Ĕ,720 'QHVHNRQDODVFKĞ]ND$ÿ&.$VH]iVWXSFL,QGR QpVNpDPEDViG\RKOHGQĈFHVWRYiQtÿHFKĞGR,QGRQpVLH DPRæQpGDOätVSROXSUiFLQDSRĖiGiQtIDPWULSXGR,QGR QpVLHSURĀOHQVNp&. =iVWXSFL$ÿ&.$ VH VHäOL V YHOY\VODQFHP (J\SWVNp DUDEVNp UHSXEOLN\ SDQHP 0RKDPHG $EGHO +DNDPHPRKOHGQĈPRæQRVWLSRGSRU\FHVWRYQtKRUXFKX Y(J\SWĈ1DMHGQiQtE\O\GLVNXWRYiQ\PRæQRVWLWpWRYí ]QDPQpGHVWLQDFH 6HNUHWDULiWLQIRUPRYDOĀOHQ\RUR]KRGQXWt(YURSVNp KR VRXGQtKR GYRUD R RGäNRGQĈQt FHVWXMtFtFK Y SĖtSDGĈ GORXKíFK]SRæGĈQt(6'SRWYUGLOVYpSĖHGFKR]tUR]KRG QXWtæHFHVWXMtFtNWHĖtGRViKQRXVYpKRFtOHWĖLDYtFHKR GLQSRSOiQRYDQpPSĖtOHWXPDMtQiURNQDQiKUDGXäNRG\ SRNXG QHQt ]SRæGĈQt ]SĞVREHQR PLPRĖiGQíPL RNRO QRVWPL9UR]VXGFtFKWRKRWRSĖtSDGXYäDN(6'RGND]XMH QDPLPRĖiGQpRNROQRVWLNWHUíPVHQHO]HY\KQRXWDQLæ E\ORY\QDORæHQRYHäNHUpSĖLPĈĖHQp~VLOtDWRRNROQRVWL PLPR~ĀLQQRXNRQWUROXOHWHFNpKRGRSUDYFH -(' ('1É1Ì ( '1É 1É1Ì 1É1Ì 1Ì 35 35 5$&291Ì $&2 $& 29 91Ì 1Ì 6. 6.83,1< 6 .8 83 3,1 1< 81 81:7 :72 1$ 1$ 2& 2&+5$18 2 2&+5 &+5 +5$18 $18 $1 2&+ &+ +5$1$ 5$1$ 5$ 1$ 262% %1 1 1Ì&+ Ì&+ Ó' Ì& Ó' '$-Ĝ $--Ĝ &( $ &(678-Ì&Ì&+ (67 6788-Ì& Ì&ÌÌ& & &+ + +52=Ì +5 =Ì 1É 1É É0 0' '$/ãÌ '$ $/ã /ãÌ $ $' '0,1,675$7,9$ '0, 0,1, 0,1, 1,67 675$ 5$7, 7,9$ 9$" /( *, 6/ $7, 9$ ( 9 523 6 . e 8 1 , ( 785 85,6 5,6 ,67 67Ĝ $ 32 326.< 3 2 26. 6. .<729 29$ 9$7(/ (/Ĝ ( /Ĝ 6/ 6/8å(% 6 /8å 8å(% (% 9 QiYD]QRVWL QD WĖHWt RÀFLiOQt VHWNiQt SUDFRYQt VNXSLQ\ SRG ]iäWLWRX 6YĈWRYp RUJDQL]DFH FHVWRYQtKR UXFKX 81: 72 NWHUp SUREĈKOR ² ~QRUD Y\SUDFRYDOD RU JDQL]DFHMLæGUXKRXSUDFRYQtYHU]LQiYUKX~POXY\81:72 VH]DSUDFRYiQtPSĖLSRPtQHN~ĀDVWQtNĞVHWNiQt6RXĀiVWtRG ERUQpSUDFRYQtVNXSLQ\81:72MHWDNpHYURSVNiDVRFLDFH (&7$$MHMtPæGORXKROHWíPĀOHQHPMH$ÿ&.$ &tOHP~POXY\MHY\YLQRXWMHGQRWQpQRUP\DGRSRUXĀHQp SRVWXS\QDRFKUDQXWXULVWĞDSRVN\WRYDWHOĞVOXæHEYFHVWRY QtPUXFKXD]YíäHQtGĞYĈU\WXULVWĞYSRVN\WRYDWHOHVOXæHEV RKOHGHPQDXVWDQRYHQt6YĈWRYpKRHWLFNpKRNRGH[XFHVWRY QtKRUXFKXÓPOXYDE\PĈOD]DKUQRYDWQH]E\WQpSRæDGDYN\ NWHUpSĖLMPRX6POXYQtVWiW\81:72GRVYíFKYQLWURVWiW QtFKSUiYQtFKSĖHGSLVĞ6POXYQtVWiW\NWHUpE\QHE\O\YVRX ODGXVQRUPDPLYäDNPDMtSRX]HSRYLQQRVWR]QiPLW6YĈWRYp RUJDQL]DFLUR]GtO\PH]LMHMLFKSUD[tDXVWDQRYHQtPL~POXY\ +ODYQtPLSUYN\QiYUKX~POXY\RRFKUDQĈWXULVWĞDSRVN\WR YDWHOĞVOXæHEYFHVWRYQtPUXFKXYUiPFLSUYQtNDSLWRO\MVRX GHÀQLFHNWHUpWpPĈĖNRUHVSRQGXMtVGHÀQLFHPLXYHGHQíPLY XVWDQRYHQtFKVPĈUQLFHRVRXERUQíFKVOXæEiFKSURFHVW\SR E\W\D]iMH]G\'DOätPSUYNHP~POXY\MHDVLVWHQĀQtSRYLQQRVW MDNKRVWLWHOVNp]HPĈWDNL]HPĈSĞYRGXYSĖtSDGHFKW]YY\äät PRFLDPLPRĖiGQíFKRNROQRVWt'HÀQLFH]GHXYHGHQpREVD KXMtURYQĈæGHPRQVWUDWLYQtYíĀHWRNROQRVWtNWHUpE\PRKO\ EíWSRYDæRYiQ\]DVLWXDFHY\äätPRFL9HGOHLQIRUPDĀQtSRYLQ QRVWLSRĖDGDWHOH]iMH]GXLQIRUPDFHNWHUpPDMtEíWSRVN\W QXW\SĖHGX]DYĖHQtPFHVWRYQtVPORXY\DYFHVWRYQtVPORXYĈ KRYRĖt~POXYDWDNpRQHVSUiYQpPSOQĈQtVOXæHEY\SOíYDMtFtFK ]FHVWRYQtVPORXY\7RWRXVWDQRYHQtSĖLSRPtQNRYDOD(&7$$ QDWĖHWtPVHWNiQtSUDFRYQtVNXSLQ\QHERĜSĖHVDKXMHSĞYRGQĈ GHÀQRYDQíUR]VDK~POXY\SUDFRYQtVNXSLQRX 1iVOHGQi NDSLWROD SRMHGQiYi R SRYLQQRVWL RUJDQL]iWRUD SRVN\WQRXW RNDPæLWRX SRPRF SĖL ]iVDKX Y\äät PRFL NWHUi E\ SRGOH 81:72 PĈOD ]DKUQRYDW ]HMPpQD LQIRUPDĀQt D NRPXQLNDĀQt VOXæE\ ]DMLäWĈQt VWUDYRYiQt XE\WRYiQt GRSUDY\ YĀHWQĈ UHSDWULDFH DOWHUQDWLYQt UH]HUYDFH D GDOätFK FHVWRY QtFKVOXæHEQDæiGRVWWXULVW\3RGOHVGĈOHQt]iVWXSFĞVYĈWRYp RUJDQL]DFH &5 E\ PĈO\ PtW 6POXYQt VWiW\ PRæQRVW UR]ätĖLW WXWRSRYLQQRVWLQDSURGHMFHYUiPFLYQLWURVWiWQtFKSUiYQtFK SĖHGSLVĞ1DSĖHGFKR]tPVHWNiQt]iVWXSFL(&7$$RSRQRYDOL SURWLWRPXWRXVWDQRYHQtQHERĜQHQtYVRXODGXVHVPĈUQLFtR VRXERUQíFKVOXæEiFKSURFHVW\.URPĈWRKRQiYUK81:72 SRXND]XMHQDWRæHSRĖDGDWHOE\PĈOKUDGLWQiNODG\QDSR VN\WQXWRXSRPRF(&7$$EXGHLQDGiOHMHGQDWRIRUPXODFL WpWRNDSLWRO\Y~POXYĈ 'UXKiYHU]HGRNXPHQWXE\ODSURMHGQiYiQDEĈKHPĀWYU WpKR VHWNiQt VNXSLQ\ D WR YH GQHFK D ĀHUYQD 9H VURYQiQt V SĞYRGQt YHU]t QiYUKX ~POXY\ RGUiæt GR ]QDĀQp PtU\ XVWDQRYHQt VPĈUQLFH R VRXERUQíFK VOXæEiFK SUR FHV W\ 1LFPpQĈ L Y GUXKpP QiYUKX VH VWiOH QDFKi]HMt NDSLWRO\ VMHMLFKæIRUPXODFtQHVRXKODVt(&7$$DMHæEXGHYSUĞEĈKX QDGFKi]HMtFtFKMHGQiQtSUDFRYQtVNXSLQ\SĖLSRPtQNRYDW %</,-60(3Ĕ,720 'QHVHXVNXWHĀQLORVHWNiQtÅ.XODWíVWĞO´QD9\VR NpäNROH3RO\WHFKQLFNpY-LKODYĈĖHäLO\VHDNWXiOQtSUREOp P\SUĞYRGFRYVNpĀLQQRVWLYFHVWRYQtPUXFKXÓĀDVWQtN\ MHGQiQt E\O\ Y\VRNp äNRO\ DVRFLDFH SUĞYRGFĞ$ÿ&.$ $&. 032 005 D SRVODQFL ] SRGYíERUX SUR &5 ,QJ ãNUDEiQHN RGSUH]HQWRYDO QHVRXKODVQp VWDQRYLVNR VH ]DĀOHQĈQtP ĀLQQRVWL WXULVWLFNpKR SUĞYRGFH GR æLYQRVWt Yi]DQíFKVWHMQíQi]RU]DVWiYiWDNp005D032DYäDN KOHGDMtFHVWXXUĀLWpVNU\WpUHJXODFH$ÿ&.$QHVRXKODVt VUHJXODFtWpWRĀLQQRVWLQHERĜSĖLUR]HQíPUHJXOiWRUHP ]ĞVWiYDMtFHVWRYQtNDQFHOiĖHRGSRYĈGQp]DYíNRQVOXæE\ WXULVWLFNpKRSUĞYRGFH,QJãNUDEiQHNGiOHY\MiGĖLOSRG SRUXGĞVOHGQpNRQWUROHQHOHJiOQtFKSUĞYRGFĞ]HVWUDQ\ VWiWQtFKRUJiQĞDSRGSRUX]DYHGHQtHYURSVNpKRSUĞND]X WXULVWLFNpKRSUĞYRGFH1D]iNODGĈMHGQiQtE\ODQiVOHGQĈ SRGYíERUHPSURFHVWRYQtUXFK363DUODPHQWXÿ5XVWD QRYHQDSUDFRYQtVNXSLQD 'QH VH XVNXWHĀQLOD VFKĞ]ND V REFKRGQtP ĖHGL WHOHP ÿ7. 3ĖHP\VOHP &HQNOHP R PRæQp VSROXSUiFL IRUPRXY]iMHPQpKRSRVN\WRYiQtLQ]HUWQtFKVOXæHE 9UiPFLSRVX]RYiQtGRSDGĞUHYL]HQDĖt]HQtĀR SUiYHFKFHVWXMtFtFKYOHWHFNpSĖHSUDYĈ(YURSVNiNRPLVH]YD æXMH PRæQRVW Y\æDGRYDW SR FHVWRYQtFK NDQFHOiĖtFK SRVN\W QXWt NRQWDNWQtFK ~GDMĞ R VYíFK NOLHQWHFK OHWHFNíP VSROHĀ QRVWHP7HQWRQiYUKVHWíNiSRVN\WRYiQtHPDLORYíFKDGUHVD WHOHIRQQtFKĀtVHO]iND]QtNĞFHVWRYQtFKNDQFHOiĖtNWHĖtFHVWXMt QD GRYROHQRX OHWHFN\ 'ĞYRGHP MH DE\ OHWHFNi VSROHĀQRVW PRKOD YĀDV LQIRUPRYDW FHVWXMtFt R FHVWRYQtFK QDUXäHQtFK 6 QRYRXSRYLQQRVWtYäDNQHVRXKODVtFHVWRYQtNDQFHOiĖHQHERĜ SĖLQiätPQRKR~VNDOtDQHY\ĖHäHQíFKRWi]HN (&7$$ D$ÿ&.$ VH VWULNWQĈ RKUDGLO\ SURWL SRæDGDYNX SRVN\WRYDW NRQWDNWQt ~GDMH ]iND]QtNĞ FHVWRYQtFK NDQFHOiĖt &HVWRYQtNDQFHOiĖHWDNMHGQDMt]REDY\æHOHWHFNpVSROHĀQRVWL E\PRKO\SRXætW]tVNDQiGDWDNSURSDJDFLVYíFKVOXæHEDWR IRUPRXQDEtGN\SĖtPpKRREMHGQiQtFHVWRYQtFKVOXæHE1DYtF QHMHQYSĖtSDGHFKPLPRĖiGQíFKRNROQRVWtE\OHWHFNpVSROHĀ QRVWLGiYDO\FHVWXMtFtPPRæQRVWYíEĈUXDOWHUQDWLYQtKRĖHäHQt GRSUDY\ FRæ MH SUR ĀLQQRVW &.&$ QHSĖtSXVWQp &HVWRYQt NDQFHOiĖ MH ]RGSRYĈGQi ]D VNXSLQ\ FHVWXMtFtFK D ]DMLäĜXMH NRPSOH[QtVOXæE\SURVYp]iND]QtN\QDSĖSĖLSĖtMH]GXGRFt ORYpGHVWLQDFHWUDQVIHUGRKRWHOXDWG 'DOätP ]H ]iVDGQtFK DUJXPHQWĞ MH æH ]D ~ĀHOHP GRVDæHQt VRXODGX V SUiYQtPL SĖHGSLV\ R RFKUDQĈ RVREQtFK ~GDMĞ E\ E\ORSUDYGĈSRGREQĈ]DSRWĖHEtREGUæHWVRXKODVFHVWXMtFtFKN SĖHQHVHQtMHMLFKNRQWDNWĞOHWHFNíPVSROHĀQRVWHP7HQWRSR æDGDYHNMHXSUDYHQYH6PĈUQLFL(8]URNXRRFKUDQĈ I\]LFNíFKRVREYVRXYLVORVWLVH]SUDFRYiQtPRVREQtFK~GDMĞ D R YROQpP SRK\EX WĈFKWR ~GDMĞ 2VREQt ~GDMH FHVWXMtFtFK PRKRXEíWVKURPDæĂRYiQ\SRX]H]D~ĀHOHPX]DYtUiQtDSO QĈQt VPORXY\ R OHWHFNp GRSUDYĈ 3RNXG YäDN SRGQLN FKFH W\WR~GDMHSRXætWNMLQíP~ĀHOĞPQDSĖSUR~ĀHO\PDUNHWLQJX VPĈUQLFHĖtNiæHNWRPXPXVtGRW\ĀQíVXEMHNW]tVNDWMHGQR ]QDĀQíVRXKODVFHVWXMtFtKR 9QLWURVWiWQt SUiYQt SĖHGSLV\ ĀOHQVNíFK ]HPt (8 SURYi GĈMtFt VPĈUQLFL VH OLät SRNXG MGH R SRæDGDYN\ QD SURNi]iQt MHGQR]QDĀQpKR VRXKODVX FHVWXMtFtKR V SĖHGiQtP MHKR ~GDMĞ GDOätPVXEMHNWĞP(&7$$MLæĖHäLODWXWRSUREOHPDWLNXYPL QXORVWLDGRVSĈODN]iYĈUXæHMHYHOPLNRPSOLNRYDQp]tVNDW RGNOLHQWDVRXKODVVH]SUDFRYiQtPMHKR~GDMĞDMHPQRKHP YKRGQĈMät ]tVNDW MHM StVHPQĈ (YURSVNi OHJLVODWLYD YH YĈFL RFKUDQ\ RVREQtFK ~GDMĞ SRVLOXMH SRæDGDYHN VRXKODVX MHäWĈ WtPæHVRXKODVPXVtEíWYíVORYQíQDSĖ]DäNUWQXWtPSROtĀND 3UR RQOLQH SURGHM ]iMH]GĞ D FHVWRYQtFK VOXæHE MH PRæQRVW ]DäNUWQXWtSROtĀNDVHVRXKODVHPUHDOL]RYDWHOQi1LFPpQĈSUR SURGHMSĖHV]SURVWĖHGNRYDWHOHE\WRWRÅ]DäNUWQXWt´QHGiYD OR VP\VO QHERĜ QHH[LVWXMH ]iUXND æH FHVWXMtFt GDO VNXWHĀQĈ VYĞMVRXKODV7RE\]QDPHQDORæHFHVWRYQtNDQFHOiĖE\YæG\ PXVHOD]tVNDWStVHPQíVRXKODVFHVWXMtFtKRFRæE\SĖLQiäHOR PQRKHPYtFHSUiFHDĀLQLORUH]HUYDĀQtSRVWXSYHOPLVORæLWí 1DYUæHQiSRYLQQRVWSRVN\WRYiQtNRQWDNWQtFK~GDMĞRNOL HQWHFKE\]SĞVRELODURYQĈæGRGDWHĀQpQiNODG\SURFHVWRYQt NDQFHOiĖHQDSĖYSRGREĈ]WUiW\SRWHQFLiOQtFK]DNi]HNSRNXG E\OHWHFNpVSROHĀQRVWL]QHXæLO\GDWDDSĖHVPĈURYDO\NOLHQW\ QDVYpYODVWQtSURGHMQtNDQiO\&.QHPDMtPRæQRVWRYĈĖLWVL VSUiYQRVW~GDMĞVYíFKNOLHQWĞXYHGHQíFKYFHVWRYQtVPORXYĈ UH]HUYDFHSURYHGHQDMPpQHP]iVWXSFHFHVWXMtFtKR (&7$$D$ÿ&.$QDYUKO\DE\WDWRSUREOHPDWLNDQHE\OD ĖHäHQDMDNRSRYLQQRVWFHVWRYQtNDQFHOiĖHSRVN\WQRXW~GDMHR ]iND]QtNRYLDOHMDNRSUiYRFHVWXMtFtKREíWĖiGQĈLQIRUPRYiQ 9NDæGpPSĖtSDGĈQHO]HVRXKODVLWVWtPæHE\OHWHFNpVSROHĀ QRVWLSRXætYDO\W\WRNRQWDNWQt~GDMHSURNRPHUĀQt~ĀHO\ %</,-60(3Ĕ,720 9 VRXYLVORVWL VH ]PĈQDPL Y ]iNRQX R ]DPĈVWQDQRV WL SODWQíPL RG D V SUREtKDMtFtPL NRQWURODPL QHOHJiOQtKR]DPĈVWQiYiQtLQVSHNWRUiWHPSUiFH$ÿ&.$ LQIRUPRYDOD R SRYLQQRVWL ]DPĈVWQDQFĞ SURNi]DW VH SĖL NRQWUROHRVYĈGĀHQtPWRWRæQRVWLDGRORæLWSUDFRYQĈSUiY QtY]WDKVH]DPĈVWQDYDWHOHP=DPĈVWQDYDWHOMHSRYLQHQ ĖiGQĈLQIRUPRYDWVYp]DPĈVWQDQFHRMHMLFKSRYLQQRVWHFK DSĖtSDGQíFKVDQNFtFKSĖLQHVSOQĈQt (YURSVNiNRPLVH]DKiMLODSURFHVKRGQRFHQtXSODWĐRYi QtYt]RYpKRNRGH[XYSUD[LNWHUíMHVWDQRYHQY1DĖt]HQt (YURSVNpKRSDUODPHQWXD5DG\(6Ā(YURS VNiNRPLVHE\FKWĈOD]QiWNRQNUpWQtSĖtNODG\SUREOpPĞ NWHUíP ĀHOt VWiWQt SĖtVOXäQtFL WĖHWtFK ]HPt SĖL SRGiYiQt æiGRVWL R XGĈOHQt VFKHQJHQVNpKR Yt]D $ÿ&.$ Y WpWR YĈFL MLæ QĈNROLNUiW XSR]RUĐRYDOD QD QHSUXæQí D SRPD Oí V\VWpP Y\GiYiQt Yt] SUR WXULVW\ ]H WĖHWtFK ]HPt FRæ SĖHGVWDYXMH MHGQX ] KODYQtFK SĖHNiæHN UR]YRMH FHVWRY QtKRUXFKXYÿHVNpUHSXEOLFH$VRFLDFH]DVODODSRGQĈW\ QDYí]YX(&7$$NHNRPSOLNDFtPVHNWHUíPLVHVHWNiYDMt SĖtVOXäQtFLWĖHWtFK]HPtSĖLæiGRVWLR6FKHQJHQVNiYt]D /( *, 6/ $7, 9$ ( 9 523 6 . e 8 1 , ( 352 52%/(0$7,.$ 5 2%/ %/(0 (0 0$7 $7 $ 7,. ,.$ åÉ åÉ É'267Ì '267 '2 67Ì 2 6+( +(1*(16.e (1 1* *(1 (16. 6.e 9Ì 9Ì=80 9 Ì=80 =80 =8 (YURSVNi NRPLVH ]DKiMLOD SURFHV KRGQRFHQt XSODWĐRYi Qt Yt]RYpKR NRGH[X Y SUD[L NWHUí MH VWDQRYHQ Y 1DĖt]HQt (YURSVNpKRSDUODPHQWXD5DG\(6Ā9t]RYíNR GH[XUĀXMHSRGPtQN\DSRVWXS\SURY\GiYiQtYt]SURNUiWNR GREpSRE\W\PD[LPiOQĈGRWĖtPĈVtFĞEĈKHPäHVWLPĈVtĀQt KRREGREtDSURWUDQ]LWSĖHVĀOHQVNpVWiW\(YURSVNpXQLHD SĖLGUXæHQpVWiW\NWHUpVSDGDMtGR6FKHQJHQVNpKRSURVWRUX 8VWDQRYHQtWRKRWRQDĖt]HQtVHSRXæLMHQDNDæGpKRVWiWQtKR SĖtVOXäQtNDWĖHWt]HPĈNWHUíPXVtPtWSĖLSĖHNUDĀRYiQtYQĈM ätFKKUDQLFĀOHQVNpKRVWiWXYt]XPSRGOHQDĖt]HQt5DG\(6 Ā]HGQHEĖH]QDDQLæMVRXGRWĀHQDSUiYD YROQpKRSRK\EXDURYQRFHQQiSUiYD 3RGOH Qi]RUX (YURSVNp NRPLVH WXULVWp SĖLMtæGĈMtFt GR (YURS\]D~ĀHOHPFHVWRYiQtNWHĖtQHSĖHGVWDYXMtUL]LNRLOHJiO QtLPLJUDFHDQLQHEH]SHĀtSURYHĖHMQRXEH]SHĀQRVWE\PĈOL ]tVNDWVYiYt]DEH]NRPSOLNDFtDYFRPRæQiQHMNUDWätOKĞWĈ 9GĞVOHGNXWRKR.RPLVHSRæiGDODHYURSVNRXDVRFLDFL(&7$$ D MHMt ĀOHQVNp DVRFLDFH PH]L NWHUp SDWĖt URYQĈæ $ÿ&.$ RSRVN\WQXWt]SĈWQpYD]E\QDSĖtSDGQpSUREOpP\NWHUpVWiW QtP SĖtVOXäQtNĞP WĖHWtFK ]HPt NRPSOLNXMt FHVWX GR (YURS\ YMDNpPNROLYSURFHVXæiGRVWLRYt]XPDæGR]iYĈUHĀQpIi]H SĖHNUDĀRYiQt KUDQLF (YURSVNi NRPLVH E\ FKWĈOD ]QiW NRQ NUpWQtSĖtNODG\SUREOpPĞNWHUíPĀHOtVWiWQtSĖtVOXäQtFLWĖHWtFK ]HPtSĖLSRGiYiQtæiGRVWLRXGĈOHQtVFKHQJHQVNpKRYt]DMDNR QDSĖSĖtOLäGORXKiOKĞWDSURY\Ėt]HQtYt]DYGĞVOHGNXĀHKRæ WXULVWpUXätFHVWXGR(YURS\SĖtOLäPQRKRSRæDGRYDQíFKGR NODGĞVORæLWíRQOLQHIRUPXOiĖY\æDGRYDQíY\SOQLWSURNDæGp KRĀOHQDURGLQ\DWG 9HGOHYt]RYpKRNRGH[X.RPLVHY\SUDFRYDODURYQĈæ3Ėt UXĀNXSUR]SUDFRYiQtæiGRVWtRYt]DDSUR]PĈQXY\GDQíFK Yt]3ĖtUXĀNDSRVN\WXMHSURYR]QtLQVWUXNFHRVYĈGĀHQpSRVWX S\DGRSRUXĀHQtQDSOQĈQt~NROĞSUDFRYQtNĞĀOHQVNíFKVWiWĞ SĖLSURMHGQiYiQtDUR]KRGRYiQtRæiGRVWHFKRYt]DDSĖLSUR YiGĈQt~SUDYY\GDQíFKYt] $ÿ&.$ Y WpWR YĈFL MLæ QĈNROLNUiW XSR]RUĐRYDOD QD QH SUXæQíDSRPDOíV\VWpPY\GiYiQtYt]SURWXULVW\]HWĖHWtFK ]HPt FRæ SĖHGVWDYXMH MHGQX ] KODYQtFK SĖHNiæHN UR]YRMH FHVWRYQtKRUXFKXYÿHVNpUHSXEOLFH8GĈORYiQtĀHVNíFKYt] QD ĀHVNíFK ]DVWXSLWHOVNíFK ~ĖDGHFK SUR NOLHQW\ FHVWRYQtFK NDQFHOiĖtY]HPtFKEíYDOpKR6RYĈWVNpKRVYD]XÿtQĈDMLKR YíFKRGQt$VLLĀLQt]QDĀQpSUREOpP\D]HVWUDQ\SRGQLNDWHOĞ Y FHVWRYQtP UXFKX VH REMHYXMt ĀDVWp VWtæQRVWL QD ]GORXKDYí SURFHVXGĈORYiQtYt]9ÿHVNpUHSXEOLFHSUĞPĈUQiGREDY\ Ėt]HQtYt]DSURQiYäWĈYQtN\]5XVNDĀLQtRNRORGQtQĈNG\ LYtFH1DRSDNYRVWDWQtFK]HPtFK(8DQDSĖtNODGY5DNRXVNX VHWDWRGREDSRK\EXMHRNRORGQĞ7XULVWp]UXVN\KRYRĖt FtFK]HPtVHYtFHDYtFHRULHQWXMtQDREMHGQiYiQtSRE\WĞSRX ]HQĈNROLNGQtSĖHGSOiQRYDQíPRGMH]GHP=GĞYRGXGORX KpKRSURFHVXSĖLXGĈORYiQtĀHVNíFKYt]VLSDNY\EHURXUDGĈML MLQRXHYURSVNRXGHVWLQDFLVRSHUDWLYQĈMätPSĖtVWXSHPQHERĜ QHPRKRXQDSĖ]SUDFRYQtFKGĞYRGĞMLæPĈQLWWHUPtQSRE\WX $ÿ&.$ Y\YtMt PD[LPiOQt ~VLOt SUR XVQDGQĈQt SURFHVX XGĈORYiQt WXULVWLFNíFK Yt] REĀDQĞP WĖHWtFK ]HPt MDN QD Qi URGQtWDNLYHVSROXSUiFLV(&7$$QDHYURSVNp~URYQL %</,-60(3Ĕ,720 'QH]DVODOD$VRFLDFHĀOHQĞPLQIRUPDFHNSRE\ WRYíPWD[iPY,WiOLLGOHVGĈOHQt,WDOVNpWXULVWLFNpFHQW UiO\(1,7Y\KOiVLODLWDOVNiYOiGDYEĖH]QXPRæQRVW DE\KODYQtSURYLQĀQtPĈVWDVYD]\REFtĀLREFH]DKUQXWp YUHJLRQiOQtFKVH]QDPHFKWXULVWLFNíFKORNDOLWĀLXPĈOHF NíFKKLVWRULFNíFK PĈVW PRKOD ]DYpVW QD ]iNODGĈ XVQH VHQtSĖHGVWDYHQVWYDSRE\WRYRXWD[X7DVHY]WDKXMHQD RVRE\XE\WRYDQpYXE\WRYDFtP]DĖt]HQtNWHUpVHQDFKi]t Y GDQp ORNDOLWĈ9íäH SRE\WRYp WD[\ ]iYLVt QD XVQHVHQt SĖHGVWDYHQVWYDGDQíFKREODVWtY]iYLVORVWLQDW\SXDND WHJRULLXE\WRYDFtKR]DĖt]HQtPD[LPiOQĈYäDN(85]D QRF/LPLWQĈMVRXVWDQRYHQ\WDNpSODWE\SRE\WRYíFKWD[ GOH YĈNX WXULVWĞ D PD[LPiOQtKR SRĀWX GQt SR NWHUp VH SODWtSRE\WRYiWD[D 6HNUHWDULiW$VRFLDFHQĈNROLNUiWLQIRUPRYDOROHJLVODWLY QtPSUĞEĈKXQDYíäHQtSRSODWNĞQDOHWLäWtFKYHãSDQĈOVNX ãSDQĈOVNí ]iNRQ R UR]SRĀWX NWHUí XVWDQRYXMH ]YíäHQt OHWLäWQtFKSRSODWNĞYHãSDQĈOVNXE\O]YHĖHMQĈQYVRERWX ĀHUYQDYÓĖHGQtPYĈVWQtNXDYVWRXSLOYSODWQRVW YQHGĈOLĀHUYHQFH=YíäHQpSRSODWN\VHY]WDKXMtL QDOHWHQN\MLæY\GDQpVRGOHWHPYGHQQHERSR 3UH]LGLXP VH VKRGOR æH QDYíäHQt SRSODWNĞ QHE\OR VWD QRYHQRY]iVDGQtFKYíätFKNWHUpE\PRKO\RYOLYQLWFHV WRYQt UXFK GR ãSDQĈOVND 2YäHP GRäOR ]GH N SRUXäHQt VPĈUQLFHROHWLäWQtFKWD[iFKQDFRæ(&7$$MLæUHDJRYDOD äSDQĈOVNpYOiGĈ /( *, 6/ $7, 9$ ( 9 523 6 . e 8 1 , ( 129 29É */2% 29É */ * /2%É/ / 2%É/ 2% É/1 /1Ì ), ),1$1þ1Ì .5 ),1 .5,7e5,$ . 5,7 ,7e5 5,$ ,$ 35 352 3 52 ,$7$ ,$7$ $ $* $*( $ *(178 785< 85< 5< 1D VYĈWRYp NRQIHUHQFL 3$&RQI NWHUi VH NRQDOD Y ĖtMQX Y 6LQJDSXUX ,$7$ SĖHGVWDYLOD SUDFRYQt QiYUK QRYíFK JOREiOQtFKÀQDQĀQtFKNULWHULtSURDNUHGLWRYDQpDJHQWXU\,$7$ 1RYiÀQDQĀQtNULWHULDE\PĈODEíWSRVWDQGDUGQtPSĖLSRPtQ NRYpPĖt]HQt]~ĀDVWQĈQíFKVWUDQDSOLNRYiQDYHYäHFK]HPtFK EH]UR]GtOXDWRYĀHWQĈWĈFKNGHMLæH[LVWXMtORNiOQtÀQDQĀQt NULWHULD3ĖLMHWtPQRYíFKJOREiOQtFKNULWHULtE\GRäORNRGVWUD QĈQt ORNiOQtFK RGOLäQRVWt ]RKOHGĐXMtFtFK PtVWQt VLWXDFL E\OD E\]iVDGQĈRPH]HQDUROHUHJLRQiOQtFK$3-&DWtPLPRæQRVW DNUHGLWRYDQíFKDJHQWXU,$7$SURVD]RYDWVYp]iMP\DQi]RU\ $ÿ&.$YHVSROXSUiFLV6$$,VWHMQĈMDNRGDOätĀOHQVNpDVR FLDFH(&7$$VQiYUKHPQRYíFKJOREiOQtFKNULWHULt]iVDGQĈ QHVRXKODVtQHERĜSĖLMHWtQRYíFKNULWHULtE\PĈORYíUD]QĈQH JDWLYQtGRSDGQDĀLQQRVWDNUHGLWRYDQíFK,$7$DJHQWXU *OREiOQt ÀQDQĀQt NULWHULD SĖHGVWDYXMt SUDYLGOD NWHUi E\ PĈOD MHGQRWQĈ XSUDYRYDW SRGPtQN\ SUR Y\KRGQRFRYiQt À QDQĀQtVLWXDFHMHGQRWOLYíFKDNUHGLWRYDQíFKDJHQWXU,$7$1D ]iNODGĈYíVOHGNĞWRKRWRY\KRGQRFHQtE\SDNOHWHFNpVSROHĀ QRVWLSRæDGRYDO\RGDJHQWXUÀQDQĀQt]iUXN\]DREMHPSUR GDQíFKOHWHQHN0H]LJOREiOQtPLÀQDQĀQtPLNULWHULLPMÀJXUXMt QiVOHGXMtFtQiYUK\,$7$ $NUHGLWRYDQp DJHQWXU\ NWHUp ]D URN UHDOL]XMt SURGHM OH WHQHN SĖHY\äXMtFt KRGQRWX PLO E\ PĈO\ PtW SRYLQQRVW RYĈĖRYDWVYRX~ĀHWQt]iYĈUNXDXGLWRUHPDJHQWXU\VQLæätP REMHPHPSURGHMHE\SDNPĈO\PtW~ĀHWQt]iYĈUNXRYĈĖHQRX H[WHUQtP~ĀHWQtPVX]QDQRX~ĀHWQtNYDOLÀNDFtÓĀHWQt]iYĈU NDE\PĈODEíWSĖHGORæHQDQD,$7$GRPĈVtFĞSRVNRQĀHQt ÀQDQĀQtKRURNX $NUHGLWRYDQp DJHQWXU\ E\ PĈO\ PtW SRYLQQRVW SURMtW W]Y ÀQDQĀQtPWHVWHPDPMSURNi]DWæHĀLVWiKRGQRWDMHMLFKPD MHWNXSRRGHĀWHQtGORXKRGREíFKGOXKĞD]iYD]NĞMHNODGQi WM Y\äät QHæ QXOD SURNi]DW æH MHMLFK YíQRV\ SĖHG ]GDQĈQtP ~URN\RGSLV\DSRGMVRXWDNWpæNODGQpDSURNi]DWæHXSUD YHQi REĈæQi DNWLYD SĖHY\äXMt NUiWNRGREp ]iYD]N\$JHQWXUD PXVt]iURYHĐYSUĞEĈKXSĖHGFKR]tFKPĈVtFĞĖiGQĈSOQLW VYp]iYD]N\WíNDMtFtVHYĀDVQíFKDĖiGQíFKSODWHEGR%63 $NUHGLWRYDQt SURGHMFL E\ PĈO\ PtW SRYLQQRVW SĖHGORæLW ÀQDQĀQt ]iUXNX NWHUi EXGH VMHGQiQD QD GREX QHXUĀLWRX V YíSRYĈGQtGRERXPLQLPiOQĈGQtDWRYHYíäLNWHUiRGSR YtGiW]YÅUL]LNRYpKRGQRWĈ$PRXQWDW5LVN´7DWRÅUL]LNRYi KRGQRWD´VHY\SRĀtWiMDNRKRGQRWDW]YÅGHQQtFKUL]LNRYíFK SURGHMĞ´WMSRĀHWGQĞRG]DĀiWNX]~ĀWRYDFtKRREGREt%63 GRGDWDVSODWQRVWLGQtQDYtFGĈOHQiKRGQRWRXDY\Qi VREHQiREUDWHP%63]DREGREtPĈVtFĞ ,$7$EXGHRSUiYQĈQDNG\NROLYSURYpVWKORXENRYpÀQDQĀQt NRQWURO\DNUHGLWRYDQíFKDJHQWXU,$7$ 3RNXGDNUHGLWRYDQíSURGHMFHVSOĐXMHSRGREXSĖHGFKR ]tFKGYRXOHWSRæDGDYN\ÀQDQĀQtKRWHVWXĖiGQĈSOQtVYp]i YD]N\ D QHGRFKi]t NH ]PĈQĈ MHKR YODVWQLFNp VWUXNWXU\ DQL N SRGVWDWQp ]PĈQĈ Y REMHPX SURGHMH OHWHQHN QHEXGH SR QĈPÀQDQĀQt]iUXND]HVWUDQ\,$7$GiOHSRæDGRYiQD $NUHGLWRYDQiDJHQWXUDPXVtRNDPæLWĈSR]MLäWĈQtXYĈGR PLW ,$7$ R Yí]QDPQp ]PĈQĈ Y REMHPX SURGHMH ]D NWHURX MHSRYDæRYiQR]YíäHQtQHERVQtæHQtSURGHMHOHWHQHNR YSRURYQiQtVSĖHGFKi]HMtFtPLPĈVtFL 3ĖLMHWtP QRYíFK JOREiOQtFK ÀQDQĀQtFK NULWpULt E\ GRäOR N SRGVWDWQpPX ]KRUäHQt SRGPtQHN SUR DNUHGLWRYDQp ,$7$ DJHQWXU\$ÿ&.$D6$$,SURWRNQiYUKXJOREiOQtFKÀQDQĀ QtFK NULWpULt Y\SUDFRYDO\ VSROHĀQp SĖLSRPtQN\ NWHUp E\O\ SRVWRXSHQ\(&7$$NGDOätPMHGQiQtPV,$7$QDHYURSVNp L VYĈWRYp ~URYQL 1HJDWLYQt VWDQRYLVNR N QiYUKX JOREiOQtFK NULWHULt]DXMDO\LRVWDWQtĀOHQVNpDVRFLDFH(&7$$YĀHOHVDVR FLDFt QĈPHFNRX D EULWVNRX (&7$$ MDNR HYURSVNí ]iVWXSFH DNUHGLWRYDQíFK SURGHMFĞ ,$7$ SRGDOD SRGQĈW N (YURSVNp NRPLVL QD SĖHäHWĖHQt QiYUKX JOREiOQtFK ÀQDQĀQtFK NULWHULt DEXGHQDGiOHY\YtMHWPD[LPiOQt~VLOtVFtOHP]DEUiQLWSĖLMH Wt QiYUKX JOREiOQtFK NULWHULt NWHUí E\ GOH ~YDK ,$7$ PRKO EíW SĖHGORæHQ NH VFKYiOHQt MLæ QD QiVOHGXMtFt 3$&RQI QD SRG]LP %</,-60(3Ĕ,720 $ÿ&.$REGUæHODSRGQĈWRGĀOHQVNp&.WíNDMtFtVH GLVSURSRUFH Y WHUPtQHFK ]UXäHQt ]iMH]GX D ]UXäHQt OH WHFNpGRSUDY\3UR&.NWHUpREMHGQDMtOHWHQN\QD]iMH]G SĖHVUH]HUYDĀQtV\VWpPOHWHFNpVSROHĀQRVWLSĖLQiätWDWR GLVSURSRUFHNRPSOLNDFHQHERĜRFKUDQDVSRWĖHELWHOHMH Y\äätSĖL]DNRXSHQt]iMH]GXXFHVWRYQtFKNDQFHOiĖt=UX äHQt OHWX MH XSUDYHQR QDĖt]HQtP Ā D OHWHFNi VSROHĀQRVW PĞæH ]UXäLW OHW EH] SRYLQQRVWL KUDGLW RG äNRGQĈQtYHOKĞWĈGQtGRSOiQRYDQpKRRGOHWX1DRSDN FHVWRYQtNDQFHOiĖMHYi]iQD]iNRQHPĀ6EGOH NWHUpKRPĞæHEH]SRYLQQRVWLKUDGLWSRNXWX]UXäLW]iMH]G QHMSR]GĈMLGHQGRSOiQRYDQpKRRGMH]GX $ÿ&.$ GQH LQIRUPRYDOD ĀOHQ\ R QRYLQNiFK Y REUDWRYpGDQLY5DNRXVNX²]PĈQDOLPLWĞSURSRGiYiQt SĖHGEĈæQíFK GDĐRYíFK KOiäHQt D PRæQRVWL SRGDW URĀQt GDĐRYpSĖL]QiQtRQOLQH 'QH UR]HVODO VHNUHWDULiW DNWXiOQt LQIRUPDFH N ]HPĈWĖHVHQt Y ,WiOLL QD ]iNODGĈ WLVNRYpKR SURKOiäHQt LWDOVNpYOiG\=D~ĀHOHPXNOLGQĈQtVLWXDFHDREDYWXULVWĞ ]FHVWGR,WiOLHURYQĈæ$ÿ&.$GQHUR]HVODOD GRPpGLtWLVNRYRX]SUiYX$ÿ&.$NWHUiE\ODQĈNWHUíPL PpGLLRFLWRYiQD
Podobné dokumenty
ročenka / yearbook - Asociace českých cestovních kanceláří a agentur
Ó92'1Ì6/29235(=,'(17$$þ&.$ ,QJ520$1ã.5$%É1(. 'iP\DSiQRYpPLOpNROHJ\QĈYiæHQtNROHJRYp SR H[NOX]LYQtP$GUHViĖL ĀOHQĞ$ÿ&.$ VH9iP GR UXNRXGRVWiYi5RĀHQNDNWHUiMHMLæWUDG...
Víceročenka / yearbook ročenka / yearbook
WUKXFHVWRYQtKRUXFKX'iOHSURVYpĀOHQ\SĖLSUDYXMH IDPWULS\DVWXGLMQtFHVW\SRVN\WXMHSRUDGHQVNpVOXæ E\RUJDQL]XMHVSROHĀQRX~ĀDVWĀOHQĞQDYíVWDYiFKD YHOHWU]tFKFHVWRYQtKRUXFKXSRĖiGi...
Více