zrcadlo 30.06.2016

Transkript

zrcadlo 30.06.2016
.6¢0'<
9é52%$'2'92835$&291Ë&+'1ģ
2'2'628+/$6(1Ë1È95+8
3257/
=5&$'/2
.QtåHFtGĤPSDWUR5ĤåRYi0.UXPORY
,1)2
,1)250$&(2.8/7851Ë&+
$63257291Ë&+$.7,9,7È&+
ZZZIDFHERRNFRPSRUWDO]UFDGOR
1H]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN
&
(
1
(
9
5
ý(
=5&$'/2
$.&(ý(59(1(&
5RþQtN;9‡ýtVORþHUYQD
'LVWULEXþQtVtĢFtOHQêUR]QRVGRVFKUiQHN,YDQþLFHNV0LURVODYNV0RUDYVNê.UXPORYNV
2VODYDQ\NVDGDOãtNVQDPtVWHFKYSĜLOHKOêFKPČVWHFKDREFtFKNYROQpPXRGEČUX]GDUPD
ýtĖDQpSRWYUGLOLLQYHVWLFL
LOXVWUDþQtIRWRZHE
7ĜL Yê]QDPQp GRNXPHQW\ SUR
-LKRPRUDYVNê NUDM MVRX SRGH
SViQ\ =D ~þDVWL SĜHGVHG\ YOiG\
%RKXVODYD 6RERWN\ D KHMWPDQD
0LFKDOD+DãNDGRãORYýtQVNpOL
GRYpUHSXEOLFHNSRGSLVĤPVPOXY
R SDUWQHUVWYt PH]L -0 NUDMHP
DSURYLQFLt+HEHLDPČVWHP&DQ
J]KRXDSĜHGHYãtPSDNNVPORXYČ
RLQYHVWLFLþtQVNpILUP\]SURYLQ
FLH+HEHLGRSURMHNWXOi]HĖVNpKR
SDUNX7KHUPDO3DVRKOiYN\
Ä3URYLQFLH +HEHL OHåt Y VRX
VHGVWYt 3HNLQJX Pi PLOLRQĤ
RE\YDWHO D ]iMHP MH SĜHGHYãtP
R VSROXSUiFL YH YČGČ Yê]NXPX
D LQRYDFtFK D WDNp Y SUĤP\VOX
0ČVWR&DQJ]KRXMHVtGOHP)DUP\
þHVNRþtQVNpKRSĜiWHOVWYtD]iMHP
PiPHRVSROXSUiFLY]HPČGČOVWYt
]YOiãWČYHYLQDĜVWYtDYLQRKUDGQLF
WYtDWDNpRVSROXSUiFLVH=HWRUHP
%UQR³XYHGONSUYQtPGYČPDGR
KRGiPKHMWPDQ0LFKDO+DãHN
3tVHPQi GRKRGD R þtQVNp LQ
YHVWLFL GR Oi]HĖVNpKR VWĜHGLVND
3DVRKOiYN\ KRYRĜt R PLOLR
QHFKHXUR6PORXYXSRGHSVDOL]i
VWXSFH þHVNpKR LQYHVWRUD 7KHU
PDO3DVRKOiYN\DVWHG\ILUPD
]DORåHQi -LKRPRUDYVNêP NUDMHP
D REFt 3DVRKOiYN\ D QD þtQVNp
VWUDQČ GHYHORSHUVNi VSROHþQRVW
5LVHVXQ SRYČĜHQi UHDOL]DFt SUR
MHNWX YOiGRX SURYLQFLH +HEHL
3ĜtSUDYD D ]tVNiQt SĜtVOXãQêFK
SRYROHQtE\PČO\SRGOHKHMWPDQD
+DãNDWUYDWGR]DþiWNXURNX
DVYODVWQtYêVWDYERXVHSRþtWiY
OHWHFK 'R OHW WDN
QD MLåQt 0RUDYČ Y]QLNQRX VWĜH
GRHYURSVN\ XQLNiWQt QRYp Oi]QČ
D UHNUHDþQt VWĜHGLVNR QD ]HOHQp
ORXFH QD SORãH SĜLEOLåQČ KD
VRXþiVWt EXGH L SDYLORQ WUDGLþQt
þtQVNpPHGLFtQ\
Ä-VHP UiG åH VH GQHãNHP ]D
YUãLO PQRKDOHWê SURFHV KOHGiQt
(.2/,.9,'$&(92=,'(/
2GWDKGRNODGROLNYLGDFL]GDUPDLKQHG
9é.831Ë&(1$'/(+0271267,92=,'/$
3URYR]0RU.UXPORY
,YDQþLFNi
QDSURWLVROiUQtHOHNWUiUQČ
WHO
ZZZLEPHWF]
LQYHVWRUDGROi]HĖVNp]yQ\Y3D
VRKOiYNiFK ,QYHVWLFH EXGRX
YêUD]QêP LPSXOVHP SUR ]YêãHQt
QiYãWČYQRVWL MLåQt 0RUDY\ QHM
YČWãt ]DKUDQLþQt LQYHVWLFt VYpKR
GUXKX QHMHQ Y -LKRPRUDYVNpP
NUDML DOH L Y ýHVNp UHSXEOLFH
D WDNp SĜLQHVRX MLåQt 0RUDYČ
NRQNUpWQČ 3DVRKOiYNiP D RNROt
]KUXED QRYêFK SUDFRYQtFK
PtVW &HONRYi YêãH LQYHVWLF Y
Oi]HĖVNpORNDOLWČGRViKQHFFD
PLOLRQĤ HXUR -LKRPRUDYVNê NUDM
Xå LQYHVWRYDO VSROHþQČ V REFt
SURVWĜHGQLFWYtP VSROHþQp ILUP\
7KHUPDO 3DVRKOiYN\ GHVtWN\ PL
OLRQĤ GR SĜtSUDY\ FHOpKR ~]HPt
]HMPpQDLQIUDVWUXNWXU\'QHãHNMH
SUR PQH Yê]QDPQêP PH]QtNHP
Y QDSOQČQt VQX V Qi]YHP Oi]QČ
Y3DVRKOiYNiFK³GRSOQLOKHMWPDQ
5H]HUYDFH
0RUDYVNê.UXPORYQDSURWL3HQQ\
ZZZZHOOQHVVERQLWDF]
=5&$'/2QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN
2SUDY\ %HVHGQtKR GRPX 3iOHQtWUiY\SRYROHQRMHQ
Y~WHUêDYVRERWX
XU\FKOt1DãHOVHQiMHPFH
^ůŽǀŽƷǀŽĚĞŵ
WZE/Ez:^Khdz͊
dĂƚŽƵĚĄůŽƐƚƐĞŽƉĂŬƵũĞƉĞƌŝŽĚŝĐŬLJŬĂǎĚljƌŽŬĂƉƎŝƚŽŵŶŝŬŽŵƵŶŝŬĚLJ
ŶĞnjĞǀƓĞĚŶş͘WŽƌƽnjŶŽƌŽĚljĐŚĚŽďƎĞŵşŶĢŶljĐŚƉĞĚĂŐŽŐŝĐŬljĐŚĚŽŵůƵǀĄĐŚ
Ă ĚĞůƓşŵ ƉƌŽƐůŽǀƵ Ž Ɖşůŝ Ă ƐŶĂǎĞŶş ũƐŽƵ ŶĂƓĞ ŵŝůŽǀĂŶĠ ĚĢƟ ǀLJƉƵƓƚĢŶLJ
ũĂŬŽƚŽƌŶĄĚŽƐǀljŵŝƵēŝƚĞůŝĚŽƵůŝĐ͕ĂďLJƐŝƵǎŝůLJƉĂƚƎŝēŶĢƐůƵŶşēŬĂĂůĞƚŶşĐŚ
ƌĂĚŽǀĄŶĞŬ͘ dŽƚŽ ĚǀŽƵŵĢƐşēŶş ŽďĚŽďş͕ ŬƚĞƌĠ ũĞ ŶĄŵŝ ƌŽĚŝēŝ ŽēĞŬĄǀĄŶŽ
ƐŽďĂǀĂŵŝ͕ƐĞũŝǎƉŽĚĞƐĞƟůĞơŚŽŶŽƐşŶĄnjǀĞŵͣƉƌĄnjĚŶŝŶLJ͘͞ŶĂǀĞŶşƵēŝƚĞͲ
ůĠƐĞŬŽŶĞēŶĢƉŽĚĞƐĞƟŵĢƐşēŶşŵŵĂƌƚljƌŝƵnjďĂǀşƐǀljĐŚŵŝůŽǀĂŶljĐŚǎĄŬƽ
ĂƉŽǀĢƐşũĞ͕ĂůĞƐƉŽŸŶĂĐŚǀŝůŬƵ͕ŶĂŬƌŬũĞũŝĐŚĚƌĂŚljŵƌŽĚŝēƽŵ͘
WƌŽŶĄƐŽǀƓĞŵnjĂēşŶĄŵşƌŶljŚŽƌŽƌ͕ŬƚĞƌljďLJĂŶŝƐǀĢƚŽnjŶĄŵljƌĞǎŝƐĠƌ
ůĨƌĞĚ ,ŝƚĐŚĐŽĐŬ ŶĞǀLJŵLJƐůĞů ǀ ƚŽŵ ŶĞũēĞƌŶĢũƓşŵ ĚĞůŝƌŝƵ͘ :ĂŬ ŽĚǀƌĄƟƚ
ƉŽǎĄƌLJĚŽŵƽ͕ŶĞƉŽǀŽůĞŶĠŵĞũĚĂŶLJēŝũŝŶĠŬĂƚĂƐƚƌŽĨLJ͍KĚǀĠnjƚĚĢƟēŬLJ
ŶĂ ǀĞŶŬŽǀ Ŭ ũĞũŝĐŚ ƉƌĂƌŽĚŝēƽŵ ŶĞƉƎŝĐŚĄnjş ŵŽĐ ĚŽ ƷǀĂŚLJ͘ ĢĚĞēŬŽǀĠ
ŝďĂďŝēŬLJũƐŽƵǀĚŶĞƓŶşĚŽďĢƉƌĂĐŽǀŶĢĂŬƟǀŶşĂŶĂŚůşĚĄŶşŶĞnjǀĞĚĞŶljĐŚ
ĚşƚĞŬ ũĞ ƉƎşůŝƓ ŶĞƵǎŝũĞ͘ WŽƐůĂƚ ŶĂƓŝ ŽŵůĂĚŝŶƵ ŶĂ ƚĄďŽƌ͍ ůĞ ŬĚĞƉĂŬ͘ dŽ
ŵŽŚůŝŶĂƓŝƌŽĚŝēĞƉŽƵnjĞŶĄƐ͘WƎŝnjŶĞũŵĞƐŝƉƌĂǀĚƵ͘EĂƓŝŵŝůĄŶŬŽǀĠďLJŶĞͲ
ƉƎĞǎŝůŝďĞnjŶĂƓşƐƚĂƌŽƐƚůŝǀĠƉĠēĞĂŶŝŵŝŶƵƚŬƵ͘<ĚŽƉĂŬďLJũŝŵƐƚůĂů͕ŶĞĚĞũ
ďŽǎĞƵŬůşnjĞůĂƉůŶŝůůĞĚŶŝēŬƵĚŽďƌƽƚŬĂŵŝ͍ĐŽƚĞƉƌǀĞŵŽďŝůLJĂƉŽēşƚĂēĞ͕
ũĂŬďLJƚŽďĞnjŶŝĐŚƉƌŽďŽŚĂƉƎĞǎŝůŝ͘sǎĚLJƛďLJƚĢŵƚŽĚŽŵĄĐşŵŵĂnjůşēŬƽ
ďLJůŽďĞnjĚĢơƐŵƵƚŶŽ͘EĞŶşǀĄŵũŝĐŚůşƚŽ͍
ŶŽ͕ŽƉĢƚƉƎĞŚĄŶşŵĂƐƚƎşůşŵƐŝũĞŶnjēĄƐƟŶĂƓŝĐŚƉŽƚŽŵŬƽ͘sşŵ͕ǎĞ
ĞdžŝƐƚƵũşƉŽēĞƐƚŶşƐŬĂƵƟ͕ŵůĂĚşŚĂƐŝēŝ͕ƌLJďĄƎŝēŝũŝŶşŽďĢƚĂǀĐŝ͕ŬƚĞƎşƐĚĢƚŵŝ
ĐĞůljƌŽŬƉƌĂĐƵũşĂƉŽƎĄĚĂũşƉƌŽŶĢƉƌĄnjĚŶŝŶŽǀĠƚĄďŽƌLJ͘:ƐĞŵƉŽƵnjĞũĂŬŽ
ŬĂǎĚljƌŽĚŝēŶĞƌǀſnjŶş͕ǎĞŵŶĢĚĢƟnjŵŝnjşnjĚŽŵƵ͘<ƌŽŵĢũŝŶĠŚŽ͕njƚƌĂơŵ
ŶĂēƚƌŶĄĐƚĚŶşƐǀĄnjǀLJƓŽǀĂĚůĂŶşnjŬĠŚŽŬƌĞǀŶşŚŽƚůĂŬƵ͘
WƎĞƐ ŶĂƓĞ ǀĞůŬĠ ƐơǎŶŽƐƟ ƐĞ ŶĂ ƉƌĄnjĚŶŝŶLJ Ă ŚůĂǀŶĢ ůĞƚŶş ĚŽǀŽůĞŶŽƵ
ǀƓŝĐŚŶŝƚĢƓşŵĞ͘WůĄŶƵũĞŵĞũĞĚĂůĞŬŽĚŽƉƎĞĚƵ͕ƐŶşŵĞŽŶŝĐŚĂĐŚLJƐƚĄŵĞ
ƐĞŶĂŶĢďĞnjŵĄůĂƉƽůƌŽŬƵ͘WĂŬƚŽnjŶĞŶĂĚĄŶşƉƎŝũĚĞ͘dĂŬŶĞēĞŬĂŶĢ͕ǎĞ
ƐĞŶĞƐƚĂēşŵĞĂŶŝŶĂĚĞĐŚŶŽƵƚ͘ĂƐƉƌĄnjĚŶŝŶũĞŝĚŽďŽƵůĞƚŶşĐŚĚŽǀŽůĞͲ
ŶljĐŚ͘dLJnjĂēşŶĂũşēƚƌŶĄĐƟĚĞŶŶşŵďĂůĞŶşŵ͕ƉƎŝŬƚĞƌĠŵƐĞ͕ƉƎĞƐǀĞƓŬĞƌŽƵ
ĚƽŬůĂĚŶŽƐƚŶĂƓŝĐŚŶĢǎŶĢũƓşĐŚƉŽůŽǀŝēĞŬ͕ǀǎĚLJĐŬLJŶĢĐŽnjĂƉŽŵĞŶĞ͘<ĚLJǎ
ƚŽ ŶĞŶş ƉĂƐ ŶĞďŽ ƉĞŶşnjĞ͕ ƉƎşƉĂĚŶĢ ĚĢƟ͕ Ž ŶŝĐ ǀ ƉŽĚƐƚĂƚĢ ŶĞũĚĞ͘ :ĞͲůŝ
ŬŽŶĞēŶĢƐďĂůĞŶŽ͕ƵƐĞĚŶĞŵĞĚŽŶĂƓĞŚŽƉůĞĐŚŽǀĠŚŽŵŝůĄēŬĂĂǀLJƌĂnjşͲ
ŵĞ͘/ƐĂŵŽƚŶĄĐĞƐƚĂŶĂĐŚĂůƵƉƵēŝƉƌĄnjĚŶŝŶŽǀĠĚĞƐƟŶĂĐĞďljǀĄǀĞůŵŝ
ĚŽďƌŽĚƌƵǎŶĄ͘sĢnjƚĞ͕ǎĞŽŶĞŶŐĞŶŝĄůŶşŶĄƉĂĚǀLJũĞƚnjƌŽǀŶĂǀƚĞŶƚŽĚĞŶ
ĂŚŽĚŝŶƵŶĞŵĄƚĞƉŽƵnjĞsLJ͘WƎŝƓůLJŶĂŶĢũŝƟƐşĐĞũŝŶljĐŚůŝĚş͘dĂŬĐĞƐƚƵũĞƚĞ
ǀƓŝĐŚŶŝŬŽůĞŬƟǀŶĢ͘sĞǀĞĚƌƵ͕ǀŬŽůŽŶĢ͕ƐůŝŵĄēşŵƚĞŵƉĞŵ͘
:ĄŽƐŽďŶĢƐĞŵƵƐşŵƉƎŝĚĂƚ͕ǎĞƉĂƚƎşŵŬŽĚƌƽĚĢƉĞĐŝǀĄůƽĚŽŵĄĐşĐŚ͘
:ĞŶǀĞůŵŝŶĞƌĂĚŽƉŽƵƓơŵŽĚŽǀŽůĞŶĠƐǀĠƌŽĚŶĠŵĢƐƚŽ͕ŶĄĚŚĞƌŶĠƎĞŬLJ
ĂƐƚĂƎŝēŬĠŚŽƌƐŬĠŬŽůŽ͘^ŝĐĞĐŚĄƉƵ͕ǎĞƉƎŝĐŚĄnjşŵŽƉLJƌĂŵŝĚLJǀ'şnjĞ͕ƉŽͲ
ďLJƚǀĞǀĢēŶĠŵŵĢƐƚĢēŝŚŽƌƐŬĠƚƷƌLJ͘dŽƌĄĚƉƎĞŶĞĐŚĄŵǀƓĞŵŽƐƚĂƚŶşŵ͘
sŐLJƉƚĢũĞŚŽƌŬŽ͕ǀĞůŬŽŵĢƐƚƐŝƵǎŝũƵnjĂĐĞůljƌŽŬĂƷĚŽůşKƐůĂǀLJƉŽĚŚƌĂͲ
ĚĞŵ>ĞǀŶŽǀĞŵŵĄƚĂŬLJƐǀƽũŶĞŽƉĂŬŽǀĂƚĞůŶljƉƽǀĂď͘<ƌŽŵĢƚŽŚŽ͕ƉŽƐƚƵͲ
ƉĞŵĚŽďLJũƐĞŵƉƎŝƓĞůŶĂƚŽ͕ǎĞŬƌŽŵĢƷĚƌǎďĄƎƐŬljĐŚƉƌĂĐşĂƚƌŚĄŶşŽŬƵƌĞŬ
ŵĄŵŽůĞƚŶşĚŽǀŽůĞŶĠēĂƐnjŶŽǀƵǀĞƐǀĠŵŽŬŽůşŽďũĞǀŝƚĚĂůƓşŵşƐƚĂŶĞďŽ
njĂũşƚƚĂŵ͕ŬĚĞũƐĞŵũŝǎĚůŽƵŚŽŶĞďLJů͘ůĞƉƌŽƟŐƵƐƚƵǎĄĚŶljĚŝƓƉƵƚĄƚ͕ũĂŬ
ďLJƎĞŬůŵƽũƉƌĂĚĢĚĞēĞŬ͘>ĠƚŽĂĚŽǀŽůĞŶĄďljǀĂũşǀĞůŵŝŬƌĄƚŬĠĂŶĄŵǀƓĞŵ
ŶĞnjďljǀĄŶĞǎƐŝũŝƉĂƚƎŝēŶĢĂŚůĂǀŶĢƉŽĚůĞƐǀĠŚŽĐŽŶĞũůĠƉĞƵǎşƚ͘
<ƌĄƐŶĠƐůƵŶĞēŶĠůĠƚŽǀĄŵnjĂĐĞůŽƵƌĞĚĂŬĐŝƉƎĞũĞWĞƚƌ^ůĄŵĂ͘
,YDQþLFH6WDYLYDQþLFNpKR%H
VHGQtKRGRPXMHKRUãtQHåVHSĜH
SRNOiGDOR 7XWR LQIRUPDFL SĜHGDO
QD SRVOHGQtP YHĜHMQpP ]DVHGiQt
]DVWXSLWHOVWYD YãHP SĜtWRPQêP
PtVWRVWDURVWD ,YDQþLF SDQ -DUR
VODY 6RMND 9 QiYD]QRVWL QD WXWR
VNXWHþQRVW SĜHGORåLO ]DVWXSLWHOĤP
KDUPRQRJUDPRSUDYREMHNWX
5DGQLFHQDSOiQRYDODåHRGþHUY
QD EXGH SUREtKDW RSUDYD VWĜHFK\
YêPČQD VWĜHãQt NU\WLQ\ RSUDYD
NURNYtSĜHODĢRYiQtNRQWURODVWURS
QtFKWUiPĤDMHMLFKIL[DFH9VUSQX
E\ PČOD QiVOHGRYDW YêPČQD RNHQ
UHSDVHGRSOQČQtRVWČQt9HãSDWQpP
VWDYXMHLY\EDYHQtYHONpKRViOX
9VRXþDVQpGREČPiLYDQþLFNi
UDGQLFH YiåQpKR ]iMHPFH NWHUê
E\ VL FKWČO SURQDMPRXW FHOp SĜt
]HPtREČUHVWDXUDFHNXFK\ĖLYL
QiUQX6WtPåHE\VLViP]DSODWLO
RSUDY\LQWHULpUXUHVWDXUDFH
9QiYD]QRVWLQDWXWRLQIRUPDFL
QDYUKO LYDQþLFNê ]DVWXSLWHO SDQ
5DGHN 6NiOD LQYHVWRYDW GR UH
NRQVWUXNFHYČWãtREMHPSURVWĜHG
NĤ D ]NUiWLW WDN WHUPtQ RSUDY
. WRPXWR Qi]RUX VH SĜLNORQLO
LGUXKê]DVWXSLWHO08'U9RMWČFK
$GDP 0tVWRVWDURVWD -DURVODY
6RMND RGSRYČGČO Ä3RNXG EXGH
YĤOH]DVWXSLWHOĤXYROQLWQDRSUDYX
%HVHGQtKRGRPXYtFHILQDQþQtFK
SURVWĜHGNĤ EXGH PRåQp WHUPtQ
RSUDY]NUiWLW³3H6O
'HVHWPLOLRQĤ]DFKRGQtN\
DVLOQLFLEH]KOXNX
,YDQþLFH9XOLFL1D%UQČQFH
Y ,YDQþLFtFK QDWiKQRX VLOQLþiĜL
QRYêSURWLKOXNRYêNREHUHF.G\å
WXG\ SRMHGRX DXWD PH]L NĜLåR
YDWNDPL V XOLFHPL 3DGRFKRYVNi
D98OLþFHQDMHGQRX]WLFKQRX
Ä-LKRPRUDYãWtVLOQLþiĜLPH
WUĤGORXKê~VHNYR]RYN\RSUDYtD
QDWiKQRXQRYêDVIDOWRYêNREHUHF
VSURWLKOXNRYêPL~þLQN\6WDYHE
QtSUiFH]DþQRXOHWRVYVUSQXDGR
NRQþHQtSĜHGSRNOiGiPHYĜtMQX³
XYHGOQiPČVWHNKHMWPDQD-0NUD
MHSURGRSUDYXDPDMHWHN5RPDQ
+DQiNVWtPåHLQYHVWLþQt]iPČU
QD VYpP ]DVHGiQt þHUYQD
VFKYiOLOLNUDMãWtUDGQt
5HNRQVWUXNFH VLOQLFH VL Y\
åiGi NRPSOH[Qt ~SUDY\ Ä3RGOH
GLDJQRVWLN\ YR]RYN\ VH PXVt
]YêãLW~QRVQRVWSRGORåt6WiYDMtFt
]HPLQX Y\PČQt GČOQtFL ]D QRYê
PDWHULiO 6RXþiVWt SURMHNWX MVRX
.2ä1Ë25',1$&(
08'U-,1'5$=,3)(/29È
WDNpFKRGQtN\]EHWRQRYpGODåE\
D YMH]G\ QHER SRGpOQi RGVWDY
Qi VWiQt ]H ]iPNRYp EHWRQRYp
GODåE\ 7DP NGH MH WR PRåQp
MVRX QDYUåHQD SRGpOQi VWiQt SUR
DXWD3RSUDYpVWUDQČVPČUHPQD
1HVORYLFHY]QLNQHQRYêGOiåGČQê
FKRGQtN6WiYDMtFtFKRGQtNYOHYR
GČOQtFL RSUDYt D WR YþHWQČ YMH]
GĤ³SRSVDOUHNRQVWUXNFL+DQiN
1DDNFLNWHUiY\MGHQDEH]Pi
ODPLOLRQĤNRUXQEH]'3+
VSROXSUDFXMH 6SUiYD D ~GUå
ED VLOQLF -0 NUDMH V PČVWHP
,YDQþLFH 7R ]DMLVWLOR SURMHN
WRYRX GRNXPHQWDFL L Y\GiQt
VWDYHEQtFK SRYROHQt 6SROHþQČ
EXGRX SRVWXSRYDW L SĜL YêEČUX
]KRWRYLWHOHD,YDQþLFHQDVWDYEX
WDNpSĜLVSČMtþiVWNRXSĜHVDKXMtFt
þW\ĜLPLOLRQ\NRUXQ=UR]SRþWX
6Ò6 -0. QD QL SRSXWXMH PLOLRQĤNRUXQDEp
,YDQþLFH ,YDQþLþWt ]DVWXSLWHOp VFKYiOLOL QiYUK PČVWVNp Y\KOiãN\
NWHUiXSUDYXMHSRGPtQN\SURVSDORYiQtVXFKêFKURVWOLQQêFKPDWHULiOĤ
7HQWRSĜHGSLVY]QLNOMDNRUHDNFHQDPQRåtFtVHVWtåQRVWLLYDQþLFNêFK
REþDQĤDLQVSLURYDODVH]SRGREQêFKRSDWĜHQtYMLQêFKREFtFK
3RGOH QRYêFK XVWDQRYHQt VH EXGRX PRFL W\WR URVWOLQQp PDWHULiO\
VSDORYDWY~WHUêDYVRERWXYåG\RGKGRK9SĜtSDGČåH
QDW\WRGQ\EXGHVWiWQtVYiWHNVSDORYDWVH]DND]XMH9UiPFLGLVNX]H
QDG QiYUKHP VH ]HSWDO ]DVWXSLWHO 09'U âODSDQVNê SRVODQFH SDUOD
PHQWXý508'U$GDPDYMDNpIi]LMHYHVQČPRYQČSĜtSUDYD]iND]X
VSDORYiQtURVWOLQQêFKPDWHULiOĤ08'U$GDPQDGRWD]RGSRYČGČOåH
Y]KOHGHPNRFKUDQČRY]GXãtVWiWSRþtWiVYãHREHFQêP]iND]HPVSD
ORYiQt9VRXþDVQpGREČPRKRXLYDQþLþWtREþDQpY\XåtWLMLQRXDOWHU
QDWLYX%LRQiGRE\9\KOiãNDEXGHSODWLWQDFHOpP~]HPt,YDQþLFRG
þHUYHQFH&HOpMHMt]QČQtMHY\YČãHQRQD~ĜHGQtGHVFH3H6O
=GRWDFHY\EXGXMtFKRGQtN
0RUDYVNp %UiQLFH 1D ]iNODGČ VYp åiGRVWL REGUåt 0RUDYVNp
%UiQLFHNUDMVNRXGRWDFL]SURJUDPXÄ=YêãHQtEH]SHþQRVWLRE\YDWHOY
GRSUDYČ³QDSURMHNWÄ%H]SHþQČNROHPNUDMVNpNRPXQLNDFH³YHYêãL
.þ'RWDFHMHXUþHQDQDY\EXGRYiQtFKRGQtNXRGKDVLþVNp
]EURMQLFHVPČUHPNGRPXþS3ĜHGSRNOiGDQiKRGQRWD]DNi]N\
MH.þEH]'3+9êãHGRWDFHEXGHXSUDYHQDSRGOHVNXWHþQČ
Y\QDORåHQêFKQiNODGĤ3H6O
5($.&(‡1È=25<‡32/(0,.<
2FKUiQFHSĜtURG\"-DNNWHUp
&HONHP PČ ]DXMDOD PRKXWQi NDPSDĖ RVODYDQVNpKR SDQD VWDURVW\
SURWL SOiQRYDQp SĜHKUDGČ D MHKR DUJXPHQW\ R ]QLþHQt SĜtURG\ $QR
RSUDYGXQD&KYRMQLFLMHNUiVQČDOH]HãLUãtKRSRKOHGXMHMDVQpåHYRGD
MHåLYRWQČGĤOHåLWiSURYãHFKQ\6DPR]ĜHMPČFKiSXåHWLNWHĜt]GHPDMt
FKDW\]WRKRQDGãHQLQHMVRX
-HLURQLtåHP\WXMLå[OHWERMXMHPHSURWLQHSRYROHQpPRWRNURVRYp
WUDWL Y SĜtURGQtP NRULGRUX7DWR SĜtURGD SĜHGVWDYLWHOH REFH DEVROXWQČ
QH]DMtPi'ĜtYWXE\O\YLGČWVUQN\NĜHSHON\]DMtFLEDåDQWL7HćDQL
QRKD-HQSUDFKDUDFKRW]PRWRUHNDþW\ĜNROHN-HSR]RUXKRGQpåHþiVW
SR]HPNĤQDWXWRQHSRYROHQRXþLQQRVWSURQDMtPi]DVWXSLWHOPČVWDýiVW
SR]HPNĤMHPČVWVNêFKDRVWDWQtVLSURVWČWDWRVNXSLQD]DEUDOD
0ČVWRWXWRVNXWHþQRVWLJQRUXMHDYĤEHFQHUHVSHNWXMH]iNRQRREFtFK
†NGHPLPRMLQpMHYRGVWDYFLMHGQR]QDþQČXYHGHQRåHREHFMH
SRYLQQDFKUiQLWVYĤMPDMHWHNSĜHGQHRSUiYQČQêPL]iVDK\1RPiPH
VPĤOXåH]GHQLNGR]SĜHGVWDYLWHOĤREFHQHE\GOtDQLQHPiFKDWX7RE\
SĜHGVWDYLWHOpREFHXUþLWČXPČOLU\FKOH]MHGQDWQiSUDYX
1RQHQtSĜtURGDMDNRSĜtURGD-DNUiGLE\FKRPSRGHSVDOLSHWLFLSURWL
PRWRNURVX'DQD+RãNRYi
-('127$VSRWĜHEQtGUXåVWYR0RUDYVNê.UXPORY
6SUiYFHSRþtWDþRYpVtWČ,7
0RUDYVNê.UXPORY‡=QRMHPVNi
WHO‡PRELO
+OHGiPHYKRGQp
NDQGLGiW\QDSR]LFH
1DEt]tPH
ªSOD]PDWHUDSLH7UD\/,)(YODVWQtNUYt
ªPH]RWHUDSLHIRWRUHMXYHQDFHSOHWL,3/
ªDSOLNDFHERWXORWR[LQXYêSOQČYUiVHN
ªODVHURYpRGVWUDQČQtYêUĤVWNĤQDNĤåL
ªWUYDOpRGVWUDQČQtQHåiGRXFtKRRFKOXSHQt
ªOpNDĜVNêFKHPLFNêSHHOLQJ
9HGRXFtKRRGGČOHQtILQDQþQt~þWiUQ\
1iSOĖSUiFH
YHGHQtPHQãtKRNROHNWLYXOLGt‡]DMLãWČQtNRPSOHWQtKR
]SUDFRYiQt ~þHWQLFWYt ILUP\ ‡ ]SUDFRYiQt SĜL]QiQt
N'3+‡]SUDFRYiQtURþQt~þHWQt]iYČUN\
6'58ä(1Ë$/0$+/('È
SURVYpDNWLYLW\NSURQiMPX
QHY\XåtYDQRXDOH]DFKRYDORX
1(029,7267632=(0.(0
QHMOpSHQDRNUDML
0RUDYVNpKR.UXPORYD
1DEtGQČWHQD
3RåDGXMHPH
Y]GČOiQt 9â HNRQRPLFNpKR VPČUX EDNDOiĜVNp
QHERPDJLVWHUVNp‡SUDNWLFNi]QDORVWSRGYRMQpKR
~þHWQLFWYt‡]QDORVWGDĖRYpSUREOHPDWLN\‡RULHQWDFH
Y ]iNRQHFK R ~þHWQLFWYt R '3+ R GDQL ] SĜtMPX
SUiYQLFNêFKRVREDYGDOãtVRXYLVHMtFtOHJLVODWLYČ
1DEt]tPH
SUiFLQD+33‡VDPRVWDWQRXD]RGSRYČGQRXSUiFL
YG\QDPLFNpPSURVWĜHGt‡RGSRYtGDMtFtRKRGQRFHQt
‡]i]HPtYHONpVSROHþQRVWL‡ILUHPQtEHQHILW\
1DEtGN\D&9]DVtOHMWHQDHPDLO
OHQNDGUHYRYD#MHGQRWDPNF]
WHO
1DEtGN\D&9]DVtOHMWHQDHPDLO
WRPDVVRERO#MHGQRWDPNF]
WHO
0HWDOG\QH2VODYDQ\VSROVUR
VWURMtUHQVNiILUPD]DEêYDMtFtVHOLVRYiQtP
DREUiEČQtPNRYĤSĜLMPHGR2VODYDQD=EêãRYD
YKRGQpNDQGLGiW\QDXYHGHQpSUDFRYQtSR]LFH
-2.$0RUDYVNê.UXPORYVUR
6NDOLFH6NDOLFH
UR]ãLĜXMHVYĤMWêPDQDEt]t
SUiFLYKRGQRXSURåHQ\
3202&1È'ċ/1,&(
9758+/Èě6.e'Ë/1ċ
ZZZ]DOX]LHNREOL]HNF]
3RåDGXMHPH
Y]GČOiQt 6â9⠇ ]QDORVW SUREOHPDWLN\ VtĢRYêFK
SUYNĤ +: ‡ VSUiYD 26 06 :LQGRZV D EČåQpKR
DSOLNDþQtKR6:062IILFH2SHQRIILFH‡]QDORVW
VSUiY\06:LQGRZVVHUYHUVSUiYD$'‡]iNODGQt
]QDORVWL /LQX[ 2SHQ6XVH 8EXQWX ‡ ]QDORVW $-
PLQQD~URYQLþWHQtWHFKGRNXPHQWDFH‡NRPX
QLNDþQt GRYHGQRVWL D SURDNWLYQt SĜtVWXS N ĜHãHQt
~NROĤ‡ĜLGLþVNpRSUiYQČQtVNXSLQ\%‡SUD[HYêKR
GRXYKRGQpLSURDEVROYHQW\
1DEt]tPH
SUiFLQD+33‡RGSRYtGDMtFtRKRGQRFHQt‡]i]HPt
YHONpVSROHþQRVWL‡ILUHPQtEHQHILW\
äDOX]LH.REOtåHN
9HQNRYQLUROHW\VKOLQLNRYRX
WHSHOQRXODPHORXYGHNRUX
]ODWpKRGXEX5'9HGURYLFH
1iSOĖSUiFH
NRQILJXUDFH D QDVWDYRYiQt 3& ‡ VSUiYD VtWt :LQ
GRZV 6HUYHU /LQX[ ‡ WYRUED ZHERYêFK D LQWUDQH
WRYêFK VWUiQHN ‡ SRVN\WRYiQt WHFKQLFNp SRGSRU\
XåLYDWHOĤP‡VSROXSUiFHQDVSUiYČILUHPQtVtWČ
&KFHãVLY\GČODW.þ]DGHQ"
3ĜLMćNQiPQD%5,*È'8
9tFHQDZZZPHWDOG\QHF]
ª2EVOXKDOLVĤ
ª6HĜL]RYDþOLVĤ
ª6HĜL]RYDþREVOXKDOLQN\0DJQHWLF&RUH
ª2EVOXKDOLQN\SRYUFKRYêFK~SUDYWU\VNDþH
ª0HFKDQLNDXWRPDWL]DFH
ª1iVWURMDĜ
1iSOĖSUiFHEURXãHQtWPHOHQtQiWČU
DSRGREQpSUiFHYWUXKOiĜVNpGtOQČ
1DEt]tPHVWDELOQtSUiFLYWUDGLþQt
URGLQQpVSROHþQRVWL3UiFHQDKODYQt
SUDFRYQtSRPČU1iVWXSPRåQêLKQHG
0tVWRYêNRQXSUiFH6NDOLFHX=QRMPD
âDQFHSURQHY\XþHQpYRERUXDOHWHFKQLFN\
]GDWQp'RREUREQ\YH=EêãRYČSĜLMPHPH
LQHNYDOLILNRYDQpXFKD]HþHNWHUp]DXþtPH
SURSR]LFL2EVOXKD&1&VRXVWUXKĤ
SRGPtQNRXMHYêXþQtOLVW
9SĜtSDGČ]iMPXYROHMWHWHO
QHERHPDLORNQD#MRNDPNF]
%OLåãtLQIRUPDFHQDZZZPHWDOG\QHF]
WHOHPDLOKU#PHWDOG\QHF]
QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN=5&$'/2 2%.SĜL-('XNRYDQ\LQIRUPXMH .DSOHVY0DUNpW\EXGH L
2EþDQVNiEH]SHþQRVWQtNRPLVH]DVHGDODYSiWHNþHUYQDQD-DGHUQp
HOHNWUiUQČY'XNRYDQHFK9HGHQtHOHNWUiUQ\VH]QiPLOR2%.VDNWXiOQtP
VWDYHP HOHNWUiUQ\ D SRUXFKDPL Y SRVOHGQtP REGREt =HMPpQD YêSDGHN
EORNĤ SR SRUXãH QD UR]YRGQČ 6ODYČWLFH D QHWČVQRVW QD WHFKQLFNp YRGČ
QHGĤOHåLWp 791 QD WĜHWtP EORNX YHGO\ N GORXKp D SRGUREQp GLVNXVL
2%. SĜLSRPtQDOD QXWQRVW SRURYQiYDW WHFKQLFNp LQRYDFH V W]Y SURMHN
WRYêPLYêFKRGLVN\SURMHNWX-(9OLYPDQLSXODFtQDUR]YRGQČ6ODYČWLFH
QDSURYR]('8VHSURMHYLOYPLQXORVWLMLåQČNROLNUiWDQDQXWQRVWNRRU
GLQDFH þLQQRVWt PH]L UR]YRGQRX 6ODYČWLFH D ('8 E\OR WDNp QČNROLNUiW
YPLQXORVWLSRXND]RYiQR2EČ]iYDG\MVRXMHãWČYãHWĜHQtD2%.EXGH
VYêVOHGN\ãHWĜHQtSRUXFKRYpNRPLVHDSĜLMDWêPLRSDWĜHQtPLVH]QiPHQD
9REODVWLUDGLDþQtEH]SHþQRVWLVHSĜLSUDYXMH]SĜtVQČQtUHåLPXSUDFt
Y NRQWURORYDQpP SiVPX 1RYi RSDWĜHQt MVRX Y VRXODGX V SRVOHGQtPL
GRSRUXþHQtPL,&53D:$12
'UXKpþWYUWOHWtSUREČKOREH]PLPRĜiGQêFKXGiORVWtVMHGQtPSRUX
ãHQtP/LPLWDSRGPtQHNQHSUĤFKRGQRVWSRWUXEtYX]OXSRMLãĢRYDFtFK
YHQWLOĤ SDURJHQHUiWRUX %H] SUDFRYQtFK ~UD]Ĥ D EH] HNRORJLFNêFK
D UDGLDþQtFK XGiORVWt 1D -( 'XNRYDQ\ SUDFXMH Y VRXþDVQRVWL SUDFRYQtNĤý(=]WRKRMH]DPČVWQDQFĤHOHNWUiUQ\
2%.E\ODLQIRUPRYiQDR]iPČUXSĜLSUDYRYDQêFKRSDWĜHQtY\SOêYDMt
FtFK]SUREOpPĤQDVYDURYêFKVSRMtFK3ĜLSUDYXMHVHSHUVRQiOQtSRVtOHQt
Y\EUDQêFK~WYDUĤSRþHWSUDFRYQtNĤ('8PiEêW]YêãHQFFDRRVRE
3UREOHPDWLND NRQWURO\ VYDURYêFK VSRMĤ VH ĜHãt VWDQGDUGQtP ]SĤ
VREHP SRGOH SOiQX NRQWURO\ Y\EUDQêFK VYDUĤ %\O\ GRKRGQXW\ QRYp
SĜtVWXS\ NWHUp RSRXãWt YH Y\EUDQêFK SĜtSDGHFK SRVWRM W]Y 1XORYp
WROHUDQFH SUR LQGLNDFL QXWQRVWL RSUDY\ VYDUĤ 1D WĜHWtP EORNX ('8
SUREtKDMt NRQWURO\ VYDUĤ SRGOH KDUPRQRJUDPX D Y OHWRãQtP URFH Pi
EêWSĜHNRQWURORYiQRQDVYDUĤ6YDU\MVRXSĜHYiåQČQDLPSXOVQtFK
SRWUXEtFKPČĜLFtFKV\VWpPĤ3UREOpP\MVRXRYãHPYQHGRVWDWNXSUD
FRYQtNĤQDW\WRNRQWURO\YGĤVOHGNXVRXEČKXRGVWiYN\EORNXY-(
7HPHOtQ$OHã-RKQSĜHGVHGD2%.SĜL-('XNRYDQ\
360560RUDYVNê.UXPORYSRĜiGiYVRERWXþHUYHQFH
YDUHiOX9UDEþtKiMHNY0RUDYVNpP.UXPORYČ
75$',ý1Ë5<%Èě6.é.$51(9$/
RGKRGSURGHMU\EtFKVSHFLDOLW
RGKRGGČWVNiGLVNRWpND
RGKRG]iEDYDVHVNXSLQRX5()/(;<YVWXSQp.þ
+RVSĤGNDQDKĜLãWLY5DNãLFtFK9iV]YHQD
.,663È57<
9SiWHNþHUYHQFHRGVHNRQiGLVNRWpND
NGHQiP]DKUDMH'XãDQ%LQNDPRGHUiWRUUiGLD.LVV+iG\
3ĜLMćWH]DQiPLVWUiYLWYHþHUVUiGLHP.LVV+iG\
7ČãtPHVHQD9iV
'QHþHUYHQFHVHYREFL7UVWČQLFHXVNXWHþQt
RGGRKRGLQQDSURVWUDQVWYt]DKRVSRGRX
ě(0(6/1é-$50$5.
=GHEXGRXĜHPHVOQtFL]RNROtSURGiYDWDSĜHGYiGČWVYpYêUREN\PHG
NHUDPLNDGHNRUDþQtDXåLWNRYpSĜHGPČW\ELåXWHULHSRVWDY\]HVOiP\
2GKRGLQEXGHSRWRPKUiWNWDQFLDSRVOHFKX
'(&+29È.$3(/$'8%ĕ$1.$
2EþHUVWYHQt]DMLãWČQRJULORYDQiPDNUHODPDVR]NRWOtNXX]HQiFLJiUD
RSČWRWHYĜHQD
9 OHWQtFK PČVtFtFK EXGH GtN\
VSROXSUiFL2EFH5\EQtN\DVSRO
NX 5\0D RSČW ]SĜtVWXSQČQD YH
Y\EUDQêFK WHUPtQHFK NDSOH VY
0DUNpW\ VLWXRYDQi QD GQHãQtP
U\EQLFNpP KĜELWRYČ .DSOH GĜt
YH URPiQVNê NRVWHO Pi YHOPL
]DMtPDYRX D SRKQXWRX KLVWRULL D
MH ]GREHQD MHGLQHþQêPL SR]GQČ
JRWLFNêPL IUHVNDPL 'RFKRYDO\
VHIUDJPHQW\Yê]GRE\VILJXUDPL
VYČWFĤ D RUQDPHQW\ YLQQp UpY\
.DSOH EXGH ]iMHPFĤP RWHYĜHQD
Y OHWQtFK PČVtFtFK Y WHUPtQHFK
DYåG\RG
GR
1D QHGČOL Y SĜLSUDYXMHPH Y NDSOL WDNp DNXV
WLFNê N\WDURYê UHFLWiO 9 PDJLF
NpPSURVWĜHGtNDSOHQD7RSDQRYČ
RGHKUDMH U\EQLFNê URGiN -DQ )LF
DEVROXWQt SĜHGSUHPLpUX VYpKR
DNXVWLFNpKR VyORYpKR DOED V Qi
]YHPÄ3ODQRWiQt³9ĤEHFSRSUYp
SĜHKUDMH WRWR NRPRUQt DOEXP
NWHUp MH SĜtEČKHP R GXFKRYQt
FHVWČ 9 SĜtSDGČ ]iMPX R UHFLWiO
GRSRUXþXMHPH UH]HUYDFL PtVW QD
WHOþ
7ČãtPH VH QD 9DãL QiYãWČYX
D YČĜtPH åH NDSOLþND EXGH SUR
PQRKp]DMtPDYêPWLSHPQDYêOHW
=È0(.0,526/$9RWHYtUDFtGRED
3URKOtGN\MVRXSRX]HVSUĤYRGFHPRWHYĜHQRGHQQČPLPR
SRQGČOt3URKOtGN\]DþtQDMtYåG\YHDKRGLQ
3URKOtGNDMHYWUYiQtSĜLEOLåQČPLQXW6NXSLQDPĤåHPtW
PD[QiYãWČYQtNĤ9tFHQDZZZPLURVODYVN\]DPHNF]
)LQDQþQtSRUDGQD
1D YDãH GRWD]\ RGSRYtGi ,QJ 9LNWRU .OtPD ĜHGLWHO SRERþN\ 3DUWQHUV
PDUNHWY,YDQþLFtFK3DODFNpKRQiPWHOHIRQHPDLO
PDUNHWLYDQFLFH#SDUWQHUVF]KWWSPDUNHWSDUWQHUVF]LYDQFLFH
0iPSRMLãWČQt]DPČVWQDQHFNpRGSRYČGQRVWLDFK\VWiPVHILUHPQtP
YR]HPQDGRYROHQRX.U\MHPČSRMLãWČQtSURSĜtSDGSRãNR]HQtYR]X"
=DPČVWQDYDWHOp SRYROXMt Y\XåtYDW DXWR N VRXNURPêP ~þHOĤP SR
PČUQČþDVWR-GHRILUHPQtEHQHILWQDNWHUêGRViKQRXYČWãLQRXPDQD
åHĜL3RNXGGRMGHNSRãNR]HQtYR]XQDSĜtNODGSĜLFHVWČQDGRYROHQRX
SRMLãWČQt]DPČVWQDQHFNpRGSRYČGQRVWLYiPDOHQHSRPĤåH3URþ"3UR
WRåHRGSRYČGQRVW]DPČVWQDQFHGHILQXMH]iNRQMDNRãNRGXNWHUiE\OD
]DPČVWQDYDWHOL ]SĤVREHQD SĜL SOQČQt SUDFRYQtFK ~NROĤ QHER Y SĜtPp
YVRXYLVORVWLVQLPL=WRKRY\SOêYiåHFHVWDQDGRYROHQRXþLGR]H
]DPČVWQiQt QHQt FHVWRX SUDFRYQt D SRMLãĢRYQD WDN QHPXVt SRMLVWQp
SOQČQtY\SODWLW9WRPWRSĜtSDGČVHEXGRXQiNODG\KUDGLW]KDYDULMQtKR
SRMLãWČQtDVSROX~þDVWL
7(6&26287ċä'Ë.<=$ä(721.<
'ČNXMHPH9iPYČUQêPSRGSRURYDWHOĤPYVRXWČåLV7(6&2
'R YiOFĤ X SRNODGHQ Y K\SHUPDUNHWX Y ,YDQþLFtFK PRKOL VRXWČåtFt
KODYQČYREGREtNYČWQDKi]HWåHWRQN\GRMHGQRKR]HWĜtYiOFĤ7HQSUR
VWĜHGQtE\OQDSURMHNW-HGQRW\EUDWUVNpY,YDQþLFtFKUHDOL]DFHStVNRYLãWČ
D VNOX]DYN\ YH Y]QLNDMtFt SDUNRYp ]yQČ X =8â ,YDQþLFH 'ČWVNê VYČW
(GHQDSURVWĜHGQtSURMHNWY\KUiO%U]\GRVWDQHPHRGPČQXDSĜLVWRXSt
PHNUHDOL]DFL,GtN\9iP0ĤåHWHVHWČãLWVSROXVQiPL=GHQČN&KRWDã
0ODGãtGRURVWHQN\MVRXYLFHPLVWU\QČý5YKi]HQp
'DOãt VNYČORX VH]yQX ]D VHERX
PDMtKi]HQNiĜN\],YDQþLF0ODGãt
GRURVWHQN\ VLFH GRViKO\ ÄMHQ³ QD
UHSXEOLNRYpVWĜtEURDOHYSĜtãWtVH
]yQČFKWČMtXUþLWČRVWXStQHNYêã
1D SUHVWLåQtP PH]LQiURGQtP
ýHVNRVORYHQVNpP SRKiUX Y 0L
FKDORYFtFK 6. MVPH Y\ERMRYDOL
SRKiU ]D WĜHWt PtVWR PH]L HOLWQtPL
WêP\ ] ýHFK D 6ORYHQVND =DQH
FKDOL MVPH YHOLFH GREUê GRMHP
7RNPODGãtPGRURVWHQNiP-HMLFK
PODGãt NDPDUiGN\ ]H VWDUãtFK åD
þHNVHSURELO\GRUHSXEOLNRYpKRIL
QiOHNGHDOHVPROQČVNRQþLO\QD
PtVWČ 9HGOH WČFKWR HOLWQtFK GUXå
VWHY VH SRG YHGHQtP RVWĜtOHQêFK
YHWHUiQĤ 3HWUD 6YRERG\ D -DUND
/XNHãH ãLNXMt SRþHWQČ L YêNRQ
QRVWQČ VLOQi GUXåVWYD PLQLKROHN
7D Xå RFKXWQDOD SUYQt VSRUWRYQt
ELWY\ QHMHQ Y NDWHJRULL PLQL DOH L PLQL KUiþHN Y SROL EUDQNiĜ9\]NRXãHODVLÄYHONRX³
Ki]HQRX D Y QDGFKi]HMtFt VH]yQČ
]DViKQRXSOQČGRERMĤYNDWHJRULL
PODGãtFKåDþHN1RYiVNYČOiJHQH
UDFHMHQDVWDUWRYQtþiĜH
9 QDGFKi]HMtFt VH]yQČ þHNi
LYDQþLFNp Ki]HQNiĜN\ KRGQČ Qi
0LNURUHJLRQ0RUDYVNRNUXPORYVNRKOHGiWYĤUþtDVDPRVWDWQpRVRE\
URþQêFK FtOĤ 0ODGãt GRURVWHQN\
MHGLQi PHWD WLWXO 0ý5 7êP
QHPiMLQêFtO1DWHQPXVtYHOLFH
SLOQČ D VYČGRPLWČ WUpQRYDW 9HGOH
WRKRMHGĤOHåLWêP~NROHP]DSUDFR
YDWGRGRURVWHQHFNpKRWêPXVWDUãt
åDþN\DWtP]NYDOLWQLWFHOêNiGU
7êP VWDUãtFK åDþHN MH SRþHWQČ
PHQãt DOH Y NYDOLWQtP REVD]HQt
KUiþHNNWHUpLYSUREČKOpVH]yQČER
MRYDO\YWêPXPODGãtFKGRURVWHQHN
9ČĜtPH åH QDVD]HQt VWDUãtFK åDþHN
GRäiNRYVNpOLJ\EXGH~VSČãQp
7êP PODGãtFK åDþHN Y]QLNi
QRYêDEXGHVHSUREtMHWNUDMVNRX
VRXWČåt 9ČĜtPH åH ]DERMXMH R
ILQiOHGHVHWLERMH0ý5
0DQDåHU&HQWUDVSROHþQêFKVOXåHE
.YDOLILNDþQtSĜHGSRNODG\9âEH]SUD[HQHER6âDPLQOHWSUD[H3UD[HQDYHGRXFtSR]LFLPLQURN\
3UD[HYHYHĜHMQpVSUiYČ=QDORVWIXQJRYiQtYHĜHMQpVSUiY\=iNODGQt]QDORVW]iNRQDRREFtFK=NXãHQRVWL
VSURMHNWRYêPĜt]HQtP
2VWDWQt SĜHGSRNODG\ 6FKRSQRVW NULWLFN\ Y\KRGQRFRYDW LQIRUPDFH R IXQJRYiQt &66 6LOQi RULHQWDFH
QDFtO6FKRSQRVWSĜHVYČGþLW]iVWXSFHREFtRSĜtQRVHFKSURMHNWX=QDORVWSUiFHV06([FHOD3RZHUSRLQW
.RPXQLNDþQtGRYHGQRVWL3ĜtMHPQpY\VWXSRYiQt$NWLYQtĜLGLþDXWRPRELOXýDVRYiIOH[LELOLWDDRUJDQL]DþQt
VFKRSQRVWL6FKRSQRVWWêPRYpSUiFH
3UDFRYQtQiSOĖ3RUDGHQVWYtSĜLYêNRQXYHĜHMQpVSUiY\ět]HQt]DPČVWQDQFĤ3UDYLGHOQiNRPXQLNDFHVH
VWDURVW\3URSDJDFHþLQQRVWL&662UJDQL]DFHSUDYLGHOQêFKVHWNiQtVHVWDURVW\,QIRUPRYiQtREFtRDNWXiOQtFK
QRYLQNiFK Y REODVWL YHĜHMQp VSUiY\ 3ĜtSUDYD LQIRUPDþQtKR ]SUDYRGDMH D MHKR ]YHĜHMĖRYiQt =SUDFRYiQt
VHEHKRGQRWtFt]SUiY\9\WYiĜHQtYD]HEPH]LREFHPL3RPRFYLGHQWLILNDFLVSROHþQêFK]iMPĤ.RPSOH[Qt
Ĝt]HQtSURMHNWX.RRUGLQDFHSRVN\WRYiQtSUiYQtFKVOXåHEDGDOãt~NRO\VSRMHQpVUHDOL]DFtSURMHNWX
SUiFL V POiGHåt 9ČĜtPH åH MDN
]H VWUDQ\ URGLþĤ KUiþHN WDN ]H
VWUDQ\ EêYDOêFK KUiþĤ þL KUiþHN
QDMGHPH SRPRFQRX UXNX SUR
SUiFL V POiGHåQLFNêP VSRUWHP
Ki]HQRXY,YDQþLFtFK
9 ]iYČUX E\FK FKWČO KRONiP
SRGČNRYDW ]D Y]RUQRX UHSUH]HQ
WDFL NOXEX ãNRO\ PČVWD D L QDãt
]HPČ SURWRåH ĜDGD KUiþHN E\OD
QRPLQRYDQi GR UHSUH]HQWDþQtKR
WêPXýHVNpUHSXEOLN\$QDNRQHF
VH VOXãt SRGČNRYDW ]D VSROXSUiFL
DSRSĜiWKRONiPNUiVQpDSĜHGORX
Kp SUi]GQLQ\ 9 QRYp VH]yQČ QD
YLGČQRX 9DYURXãHN 3DYHO
YHGRXFtWêPXGRURVWHQHN
'ČWVNêNOXE6RYLþNDQH]LVNRYiRUJDQL]DFHSĜLSUDYXMHUHDOL]DFLSURMHNWXÄ2YDãHGČWL
SRVWDUiQR³3URMHNWMHXUþHQURGLþĤPGČWtVWXSQČ=âNWHUêPEH]SODWQČQDEt]t
SURGORXåHQpKOtGiQtGČWtSRGUXåLQČYNOXEX6RYD±KRGLQVHVtGOHP
Y =â D 0â ěH]QRYLFH 6RYt SĜtPČVWVNp WiERU\ D 6RYt GRSURYRG\ GČWt QD NURXåN\
.OXE6RYDEXGHRWHYĜHQRG]iĜt%OLåãtLQIRUPDFHRSURMHNWXDSRåDGDYFtFK
QDSR]LFHQDOH]QHWHQDZZZNOXEVRYLFNDF]
3527(172352-(.7+/('È0(
+ODYQtY\FKRYDWHOND]DVWXSXMtFtY\FKRYDWHONDNOXEX6RYD
'RSURYRGYNOXEX6RYDSURYHQNRYQtSRE\WO]HVORXþLWVH]DVWXSXMtFtPY\FKRY
'RSURYRG\GČWtVWXSQČ]NOXEX6RYDQDNURXåN\9+2'1e352678'(17<
+ODYQtY\FKRYDWHOSURSĜtPČVWVNpWiERU\
Y\FKRYDWHOHQDSĜtPČVWVNpWiERU\
GRSURYRGQDYêOHW[WêGQČQDKRGLQQDYêOHW\YGREČOHWQtFKSUi]GQLQ
=DMtPi9iVSUiFHYREODVWLYHĜHMQpVSUiY\"
/iNi9iVSUiFHYRUJDQL]DFL]DEêYDMtFtVHUR]YRMHPREFtDYHĜHMQpVSUiY\"0iWHY]WDKNREFtPWUDGLFtP
DNXOWXĜHUHJLRQX0RUDYVNpKR.UXPORYD"-VWHVDPRVWDWQtDNWLYQtSUDFRYLWtDNRPXQLNDWLYQt"-HQD9iV
VSROHKQXWtDUiGLSUiFLGRWDKXMHWHGRNRQFH"&KFHWHVHSRGtOHWQDUR]YRMLVGUXåHQtDSRGSRĜLWSRWHQFLiO
REFtYUHJLRQX"3RNXGMH9DãHRGSRYČGtQDW\WRRWi]N\$12SDNKOHGiPHSUiYČ9iV
8 PLQLKROHN FKFHPH XGUåHW
Y\VRNp SRþHWQt VWDY\ KUiþHN
Y]DþtQDMtFtKi]HQNiĜVNpNDWHJR
ULL9HOHGĤOHåLWêP~NROHPYWpWR
VWČåHMQt NDWHJRULL SUR Qiã NOXE
MH UDGRVW ] SRK\EX Y\WYRĜHQt
GREĜH NRPXQLNXMtFtKR D SUD
FXMtFtKR WêPX D WDNp ]DSiOLW
VSRUWRYQt MLVNUX Y GXãL PDOp
Ki]HQNiĜN\ 7R MH SUR XUþHQt
VPČUXXUþLWČGĤOHåLWp
-LåGQHVNG\GR]QtYDMtRVODY\
Y OHWRãQt VH]yQČ Y\GRE\WêFK
~VSČFKĤ SUDFXMHPH QD ]DKi
MHQt SĜtãWt VH]yQ\ )RUPXMHPH
UHDOL]DþQt WêP GR MHKRå VWĜHGX
KOHGiPH WUHQpU\ D DVLVWHQW\ SUR
0tVWR.OXERYQD6RYDSĜL=âěH]QRYLFH
3UDFRYQtSRPČU
9SĜtSDGČ]iMPX]DVtOHMWHåLYRWRSLVVPRWLYDþQtPGRSLVHPQDNOXEVRYLFND#VH]QDPF]
2KOHGQČYêEČURYpKRĜt]HQtEXGHWHLQIRUPRYiQLSURVWĜHGQLFWYtPHPDLOX
9êEČURYpĜt]HQtSUREČKQHDþHUYHQFH
3URMHNWÄ2YDãHGČWLSRVWDUiQR³
&=B
MHILQDQFRYiQ]SURVWĜHGNĤ(YURSVNpKR
VRFLiOQtKRIRQGXDSURVWĜHGQLFWYtP
2SHUDþQtKRSURJUDPX=DPČVWQDQRVW
DVWiWQtKRUR]SRþWXý5
9â(
2'ý(
6.e
),50<
6SHFLDOLVWDSURUR]YRMPLNURUHJLRQX
.YDOLILNDþQtSĜHGSRNODG\9âEH]SUD[HQHER6âDPLQURN\SUD[H3UD[HYHYHĜHMQpVSUiYČ=QDORVW
IXQJRYiQtYHĜHMQpVSUiY\=iNODGQt]QDORVW]iNRQDRREFtFK=NXãHQRVWLVWYRUERXVWUDWHJLFNêFKGRNXPHQWĤ
=QDORVWGRWDþQtSROLWLN\ý5D(8
2VWDWQtSĜHGSRNODG\6DPRVWDWQRVWSĜLSOQČQt~NROĤ=QDORVWSUiFHV06([FHOD3RZHUSRLQW.RPXQL
NDþQtGRYHGQRVWL3ĜtMHPQpY\VWXSRYiQt$NWLYQtĜLGLþDXWRPRELOXýDVRYiIOH[LELOLWDDRUJDQL]DþQtVFKRS
QRVWL6FKRSQRVWWêPRYpSUiFH
3UDFRYQt QiSOĖ 1DSOĖRYiQt FtOĤ SODWQp VWUDWHJLH UR]YRMH ~]HPt '62 =SUDFRYiQt ]iVREQtNX SURMHNWĤ
DDNþQtKRSOiQX3ĜtSUDYDĜt]HQtDDGPLQLVWUDFHSURMHNWĤ3ĜtSUDYDSUDYLGHOQêFKVHWNiQt]iVWXSFĤREFt
3RGtOHQt VH QD ]SUDFRYiQt VHEHKRGQRWtFt ]SUiY\ 3RPRF V SĜtSUDYRX YêEČURYêFK Ĝt]HQt 3RGtOHQt VH
QDSĜtSUDYČVWUDWHJLFNêFKSOiQĤREFt2UJDQL]DFHY]GČOiYDFtFKDNWLYLWSURSRWĜHE\REFt3RGtOHQtVHQDDNWL
YLWiFKVPČĜXMtFtFKNSURSDJDFLþLQQRVWL&66D'629\KOHGiYiQtSĜtOHåLWRVWtSURVSROHþQpSRVWXS\YHGRXFt
N~VSRĜHILQDQþQtFKSURVWĜHGNĤ3ĜtSUDYDLQIRUPDþQtKR]SUDYRGDMHRþLQQRVWL&66D'623ĜtSUDYDY]RUR
YêFKGRNXPHQWĤSURREFH=DMLãWČQtVGtOHQtGREUpSUD[H=SUDFRYiQtDQDOê]\SĜtQRVXXY\EUDQpDJHQG\
.RPSOHWQtYê]YDVGDOãtPLLQIRUPDFHPLRSR]LFtFKMHNGLVSR]LFLQDZHERYêFK
VWUiQNiFK0LNURUHJLRQX0RUDYVNRNUXPORYVNRZZZPRUDYVNRNUXPORYVNRF]
9SĜtSDGČ]iMPX]DãOHWHSUĤYRGQtGRSLVD9iãåLYRWRSLVVIRWRJUDILt
GRQDHPDLOVWDURVWD#YHGURYLFHF]
2YêVOHGNXYêEČURYpKRĜt]HQtEXGHWHLQIRUPRYiQLGR
.20Ì129e
6<67e0<
.þ
(71
ċ'3+
9ý
P
P
PHWUĤ HSLGOD
O
YþHWQČ YtĜHN
G
D
OX
H
WP
1DEt]tPHFHUWLILNRYDQpNRPtQRYpV\VWpP\NWHUpVH
VNOiGDMt]EHWRQRYêFKWYiUQLFãDPRWRYêFKYORåHNDWHSHOQp
L]RODFH.RPtQ\MVRXYKRGQpSURYãHFKQ\GUXK\SDOLY
3URYR]RYQD0RUDYVNê.UXPORYåHOVWDQLFH5DNãLFH3RG/HVNRXQHP
3UDFRYQtGREDKRGYSiWHNGRKRGQHERGOHGRKRG\
=5&$'/2QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN
9'XNRYDQHFKSUREČKO\-DGHUQpPDWXULW\
'XNRYDQ\ 6HGPGHViW VWX
GHQWĤ VH PĤåH OHWRV SRFKOXELW
]tVNiQtPGLSORPX]DDEVROYRYiQt
-DGHUQp PDWXULW\ Y 'XNRYDQHFK
/HWRV VH DNFH XVNXWHþQLOD Xå RV
PêPURNHPDVWHMQČMDNRYSĜHG
FKR]tFKURþQtFtFK]iMHPVWXGHQWĤ
SĜHVDKXMH NDSDFLWX WĜtGHQQtKR
VRXVWĜHGČQt3URWRVHYSRVOHGQtFK
OHWHFKXVNXWHþĖXMtKQHGGYDEČK\
PDWXULW /HWRV Y NYČWQX MH DEVRO
YRYDOL VWXGHQWL WHFKQLFNêFK ãNRO
Y þHUYQX SDN WYRĜLOL ]iNODG VWX
GHQWL J\PQi]Lt 0H]L QLPL E\OL L
0DUHN.RSHþHN'DQLHO.RQHþQê
0DUWLQ %ODKHWHN D -DQ .RãtþHN
]0RUDYVNpKR.UXPORYDQDVQtP
NXNWHĜtVLVSROXVGDOãtPL~þDVW
QtN\ Y\]NRXãHOL QD WUHQDåHUX MDN
VHRYOiGiYHOtQMDGHUQpHOHNWUiUQ\
6WXGHQWL VL WDNp SURãOL VWURMRY
QX YêUREQtKR EORNX QDKOpGOL GR
VNODGX SRXåLWpKR SDOLYD QHER VL
SURKOpGOL SUDFRYLãWČ KDYDULMQtKR
ãWiEXDMHGHQ]NU\WĤ1D]iYČUFHOp
VWiåH VL SĜLSUDYLOD RGERUQRX SUH
]HQWDFLSĜHGVHGN\QČ6WiWQtKR~ĜDGX
SUR -DGHUQRX EH]SHþQRVW 'DQD
'UiERYi 7D MH MLå WpPČĜ QHGtOQRX
VRXþiVWt FHOpKR SURJUDPX -HMt
SĜHGQiãN\MVRXYHOPLREOtEHQpQH
MHQXVWXGHQWĤDOHUiGLVHMLFK~þDVW
QtWDNp]DPČVWQDQFLHOHNWUiUQ\
-DGHUQi PDWXULWD MH XNRQþHQD
]iYČUHþQêPWHVWHPDY\KOiãHQtP
.UiOH -DGHUQp PDWXULW\ /HWRV
VL WHQWR WLWXO RGYH]OL -DQ +RUW
VWXGHQW6WĜHGQtSUĤP\VORYpãNRO\
D 9\ããt RGERUQp ãNRO\ ] %UQD
D $QWRQtQ %DćXUD ] *\PQi]LD
WĜ.SW-DURãHY%UQČYH
QDYãWLYWHSRUWiOZZZ]UFDGORLQIR
QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN=5&$'/2 =YHPH9iVGR+RWHOX5\ãDYêYH9pP\VOLFtFKRGGRþHUYHQFHQD
67($.<9(9â(&+32'2%È&+
67($.< J+RYČ]t5XPSVWHDNKUXER]UQQiKRĜþLFH.þ
J+RYČ]t5LEH\HVWHDNNRXĜRYiVĤO.þ
NJ7RPDKDZNVWHDN.þ
J.XĜHFtSUVRVXSUHPHFLWUyQRYRSRPHUDQþRYiRPiþND.þ
NV+RYČ]t&$(6$5%85*(5KRYČ]tVODQLQDSDUPH]iQUDMþDWD
ĜtPVNêVDOiWFDHVDUGUHVLQN.þVWHDNRYpKUDQRON\.þ
3ěË/2+<6WHDNRYpKUDQRON\.þ
3HþHQpEUDPERU\YDOREDOXVODQLQDFLEXOHþHVQHNRYêGUHVLQN.þ
*ULORYDQi]HOHQLQD.þ*ULORYDQiNXNXĜLFH.þ
6$/È7< J0tFKDQêVDOiW]ORXSDQêFKSRPHUDQþĤRNXUHNUDMþDWSDSULN
þHUYHQpFLEXON\DED]DON\.þ
J5XNRORYêVDOiWVPR]]DUHOORXFLWUyQRYRXãĢiYRX
DItN\PiþHQêPLYPHGX.þ
J&XNHWRYêVDOiWVPiWRXSUDåHQêPLPDQGOHPL
ROLYRYêPROHMHPDSDUPD]iQHP.þ
.RPSOHWQtQDEtGNXQDOH]QHWHQDZZZKRWHOU\VDY\F]
6287ċä+27(/85<â$9éRþW\ĜLYVWXSHQN\QDNRQFHUWOHJHQGiUQt6.83,1<
+(//2:((1QDURFNRYpPIHVWLYDOX52&.+HDUWY0RUDYVNpP.UXPORYČ
9tWČ]RYp]tVNDMtYVWXSHQN\QDIHVWLYDODSURNDåGpKRSRGHSVDQpWULNRVNXSLQ\
+(//2:((1)HVWLYDOVHNRQiVUSQDYDUHiOX]iPHFNpKRSDUNX
Y0RUDYVNpP.UXPORYČ6WDþtMHQGRVUSQDXWUDWLWY+RWHOX5\ãDYê
MHGQRUi]RYČ.þDEXGHWH]DĜD]HQLGRVORVRYiQt1D~þHWSĜLSLãWHMPpQR
WHOHIRQLFNêNRQWDNWDSĜHGHMWHSHUVRQiOX3RY\ORVRYiQtNWHUpSUREČKQH
VUSQD9iVEXGHPHWHOHIRQLFN\NRQWDNWRYDW9tFHLQIRUPDFtRIHVWLYDOX
DNRQFHUWXQDKWWSVZZZIDFHERRNFRP5RFN+HDUW
+RWHO5\ãDYê9pP\VOLFH+RWHOUHVWDXUDFHYLQRWpND
WHO6SRUWDZHOOQHVVWHO
HPDLOUH]HUYDFH#KRWHOU\VDY\F]ZZZKRWHOU\VDY\F]
3/È19,âĕ296.é&+75+ģ
3URURNSUR9iVEXGHRSČW~ĜDGPČVW\VHSĜLSUDYRYDW
9LãĖRYNpWUK\7\VHXVNXWHþQtYWHUPtQXRGEĜH]QDGRSURVLQFH
935267258'925$9ä'<9'2%ċ2''2+2',1
þHUYHQFHVUSQD
]iĜtĜtMQDOLVWRSDGXSURVLQFH
H[SHGLFHVSHFXOXP
3XWRYiQt]D]iKDGDPLD]DMtPDYRVWPLUHJLRQXÅ=UFDGOD´
=LYDQþLFNpKi]HQp,,
äHQVNi Ki]HQi MH Y ,YDQþLFtFK
PODGãt QHåOL PXåVNi $å Y URFH
Y]QLNORGUXåVWYRåHQ]HFYL
þHQHN6RNROD3RGQČWNY\WYRĜHQt
PXåVWYD GDO )UDQWLãHN 9HWHþQtN
NWHUê E\O SDN GORXKROHWêP WUH
QpUHP 2G URNX þLQQRVW
6RNROD ]DNi]DOL D VSRUWRYQt þLQ
QRVW E\OD SURYR]RYiQD SRG 6.
,YDQþLFH 3URWRåH QD VRNRORYQČ
E\OR VSRUWRYiQt ]DNi]iQR KUiOR
VH QD KĜLãWL SUR NRSDQRX QD 0D
ORYDQVNX E\OR PH]L GQHãQtP
VWDGLRQHPDĜHNRX-LKODYRX
3UDYLGHOQi VRXWČå SUR åHQ\ QD
QLåãt ~URYQt Y Wp GREČ QHE\OD
KUiOR VH WXUQDMRYêP ]SĤVREHP
3R YtWČ]VWYt QD WXUQDML Y7LãQRYČ
Y URFH SRVWRXSLOR GUXåVWYR
åHQ GR 0RUDYVNp OLJ\ V FHOR
PRUDYVNRX SĤVREQRVWt NWHUi
VH KUiOD MDNR SUDYLGHOQi VRXWČå
6RXSHĜNDPLLYDQþLFNêFKåHQE\OD
GUXåVWYD åHQ .UiORYpKR 3ROH
$6$ 2ORPRXF -LKODY\ 2VWUDY\
+UDQLF%UQDäDERYĜHVNDGDOãt
'ĤOHåLWRX RVREQRVWt E\O SDQ
=QRMHPVNêWHKGHMãtQiMHPFHKR
WHOX ýHUQê OHY NWHUê KUDGLO SRG
VWDWQRX þiVW QiNODGĤ QD SURYR]
RGGtOX3URWRåHPČOLYOLYQDWHK
GHMãtPSUDFRYQtP~ĜDGXSRGDĜLOR
VHPXXFKUiQLWPODGpKi]HQNiĜN\
SĜHG QDVD]HQtP YH ]EURMRYNiFK
QHER GRNRQFH Y 1ČPHFNX . Y\
EDYHQtKUiþHNSRPRKOSDQ=H]XOD
YHGRXFt SURGHMQ\ %DĢD NWHUê åH
QiPYČQRYDOVSRUWRYQtREXYRSUD
Y\REXYLSURYiGČOSDQ'RVWiO
1D]iSDV\YNUDWãtY]GiOHQRVWL
DOH L GR -LKODY\ VH MH]GLOR QD
NROHFK GR Y]GiOHQČMãtFK PtVW
QHMþDVWČML DXWHP S +DYHON\ GR
NWHUpKRVHYHãORKUiþHN
1HO]H]DSRPHQRXWQDSURSDJDþ
Qt ]iSDV\ SR RNROQtFK YHVQLFtFK
QDSĜY2VODYDQHFK'XNRYDQHFK
DSRGNWHUpSĜLVStYDO\NUR]ãtĜHQt
VSRUWRYQt þLQQRVWL Y WČFKWR PtV
WHFK1HMþDVWČMLVHYWêPXVWĜtGDO\
KUiþN\ 2OJD .YtWNRYi 1RYRW
Qi 6LOYD .pGRYi +RUiNRYi
=RUD =YČĜLQRYi 8UEDQRYVNi
9ČUD 9tWRYi 0RUDYFRYi .YČ
WD &KPHOtþNRYi 6WDUi 'UDKD
-DQGHUNRYi +êEDORYi .YČWD
1DYUiWLORYi .URXSRYi -DUND
3URNHãRYi &KRERORYi -DURVOD
YD)UDĖNRYi3RWĤþNRYi
0RUDYVNi OLJD VH KUiOD VH]yQ\3RRVYRER]HQtVHKi]HQi
YUiWLODQDKĜLãWČVRNRORYQ\DKUiOD
VH QLåãt VRXWČå 9 URFH E\O
]QiPê]iMH]GGR.UQRYD3ĜHVWR
åH VH SRGDĜLOR SR RVYRER]HQt
VHVWDYLW L % PXåVWYR R QČNROLN
OHW SR]GČML VH SĜLKOiVLO JHQHUDþQt
SUREOpP 9 URFH ýHVNi
Ki]HQi Y ,YDQþLFtFK NRQþt D ]D
þtQiVHKUiWPH]LQiURGQtRVHGPL
KUiþNiFK-HãWČQDSUYQtPWXUQDML
JHQHUDFt VH GUXåVWYR VHãOR D Y\
PtQLOR VL åH VH EXGH KUiW SRGOH
SUDYLGHOýHVNpKi]HQp
0H]LWtP Y\URVWO FHOHN NWHUê
E\OVFKRSHQKUiWWHKGHMãtOLJX
6RXSHĜHP E\O\ RGGtO\ ] %UQD
DOH L ]H Y]GiOHQČMãtFK PtVW
QDSĜ ]7UHQþtQD %\WþH 1RYpKR
0ČVWD 7ĜHãWČ DSRG 1DPiWNRX
SĜLSRPHQHPH MPpQD$QQD 'XE
ãtNRYi -LĜLQD 1ČPHþNRYi /XG
PLOD0XFKRYi0DULH5ĤåLþNRYi
/XGPLOD-RXURYi2OJD/XNãRYi
9ČUD (QGU\VRYi 7DWR JHQHUDFH
KUiþHNKUiODDåGRURNX
NG\ĜDGDKUiþHNRGHãOD
3URWRåH Xå QHE\O SĜHGSRNODG
GDOãtKR YêYRMH E\OR UR]KRGQXWR
]DORåLW GUXåVWYR PODGãtFK GRURV
WHQHN 7HKGHMãt FYLþLWHOND =79
/XGPLOD 5RERWNRYi SURYHGOD
QiERU QD SUYQt VFKĤ]NX SĜLãOR
GtYHNDGDOãtVHSĜLGiYDO\âOR
SĜHGHYãtPRåiþN\MHGHQiFWLOHWN\
DGDOãtFKãNRO1DMDĜHKUiOR
GUXåVWYR SUYQt ]iSDV QD KĜLãWL
.UiORYRSROVNp D SĜHV QH]NXãH
QRVW D PDORX ]QDORVW SUDYLGHO
D WDNWLN\ KQHG Y SUYQtP ]iSDVH
]YtWČ]LOR9 URFH ]DþDO\
GRURVWHQN\KUiWSUDYLGHOQRXVRX
WČå NWHURX Y\KUiO\ D ]~þDVWQLO\
VH NYDOLILNDFH R SRVWXS SĜHERUX
YNDWHJRULLPODGãtFKGRURVWHQHN
=iYČUHþQê WXUQDM VH KUiO YH
6WDUp 7XUp YH GQHFK þHUYQD ]D ~þDVWL QHMOHS
ãtFK GUXåVWHY ýHVNRVORYHQVNp
UHSXEOLN\9WRPWRWXUQDML]YtWČ]LO
WêPPODGãtFKGRURVWHQHN6ORYDQX
,YDQþLFH EH] ]WUiW\ ERGX D VWDO
VH WDN SĜHERUQtNHP UHSXEOLN\
SUR URN 3ĜL WRPWR WXUQDML
]tVNDO\ LYDQþLFNp GRURVWHQN\
SĜt]HĖREHFHQVWYDDY]iYČUXE\O\
Y\KRGQRFHQ\MDNRQHMWHFKQLþWČMãt
DQHMY\URYQDQČMãtGUXåVWYRWXUQD
MH2WêGHQSR]GČMLSRUD]LO\GRURV
WHQN\VSRMHQpPXåVWYR3UDK\ 3ĜHERUQLFNêRG]QDO
DGRNi]DO\åHPLVWURYVNêWLWXOMH QpKR GUXåVWYD åHQ NWHUpPX VH
YHVSUiYQêFKUXNRX
SRGDĜLORGRVWDWGRGUXKpOLJ\DOH
9 QiVOHGXMtFtP URFH VH GRURV SRGYRXOHWHFKVHVWRXSLO\GRNUDM
WHQN\ 6ORYDQX ,YDQþLFH ]QRYX VNpKR SĜHERUX 9 URFH VH
SURERMRYDO\ GR ILQiOH SĜHERUX GUXåVWYR åHQ UR]SDGOR D QD GDOãt
ý65NWHUpVHKUiORRSČWQD6OR ~VSČFK\ GtYþt Ki]HQp VH PXVHOR
YHQVNXWHQWRNUiWY0DUWLQČ6RX Y,YDQþLFtFKSRþNDWFFDOHW
SHĜNDPLE\O\GRURVWHQN\'\QDPD
ÒVSČãQi Y\VWRXSHQt LYDQþLF
%UDWLVODYD/RNRPRWLY\&KêQRUD NêFK GRURVWHQHN E\OD GĤVOHGNHP
Q\6OiYLH1LWUD6SDUWDNX3UDKDD SUiFH .DUOD 1RYRWQpKR NWHUê
6SDUWDNX3UDKD6RNRORYR.URPČ YČQRYDO GtYþtPX FHONX YãHFKHQ
UHPt]\VSRVOHGQtPMPHQRYDQêP YROQê þDV ]QDORVWL L ]NXãHQRVWL
PXåVWYHP GRNi]DOD LYDQþLFNi ] Ki]HQp 8PČO YêERUQČ VWPHOLW
GČYþDWD YãHFKQD ]EêYDMtFt PXå NROHNWLY PXåVWYR PČOR YHOPL
VWYDSRUD]LWD]DVORXåHQČREKiMLOD GREURXPRUiONX9ãHFKQ\WUpQLQ
WLWXO ÄSĜHERUQtN UHSXEOLN\³ -DNR N\ E\O\ I\]LFN\ QiURþQp D PČO\
QHMOHSãt KUiþND WXUQDMH E\OD Y\ Y\VRNRX ~URYHĖ 0LPR WUpQLQN\
KRGQRFHQD LYDQþLFNi /XGPLOD VL GČYþDWD RVYRMRYDOD ]iNODG\
-HVWOLåH Y PXåVNp Ki]HQp GR
FKi]tNYHONpPX~E\WNXKUiþĤRG
åiNRYVNêFKPXåVWHYDåSRGRVSČ
OpXGtYþtFKåHQVNêFKPXåVWHY
MHWHQWRSUREOpPMHãWČYêUD]QČMãt
0iOR NWHUi SDUWD GtYHN Y\GUåt
SRKURPDGČURNĤSDNGRFKi]t
NREPČQČPXåVWYDDMHQPiORåHQ
VHYUiWtNKi]HQpQDSĜSRPDWHĜ
VNêFK SRYLQQRVWHFK 9 PHQãtFK
PČVWHFKE\ODPRåQRVWGRSOĖRYi
QtPDOiWDNåH~URYHĖGUXåVWYDMH
NROtVDYi QHER GUXåVWYR ]DQLNQH
7RE\OSUiYČSĜtSDGY,YDQþLFtFK
-H QHVSRUQp åH GtYþt åHQVNi
Ki]HQi VH ~VSČãQČ ]DSVDOD GR
KLVWRULH LYDQþLFNp Ki]HQp Y RE
GREt = PDOp KUiþVNp
,YDQþLFNpGRURVWHQN\PtVWR'RURVWHQHFNêSĜHERUý650DUWLQ
.UiORYi NWHUi VRXþDVQČ ]tVNDOD
QRPLQDFL GR UHSUH]HQWDþQtKR
PXåVWYD MXQLRUHN ý65 =D RG
PČQX SĜLMHOR GR ,YDQþLF VHKUiW
SĜiWHOVNê ]iSDG UHSUH]HQWDþQt
GUXåVWYRåHQý65
9 VH]yQČ ]YtWČ]LO\
GRURVWHQN\ RSČW Y NYDOLILNDFL GR
SĜHERUX ý665 )LQiOH VH KUiOR
Y .RãLFtFK D QDãH GRURVWHQN\
VNRQþLO\QDWĜHWtPPtVWČSĜLþHPå
RG SUYQtKR PtVWD MH GČOLOR MHQ
KRUãtVNyUH
6H]yQDPČODREGRE
Qê SUĤEČK 2SČW YtWČ]VWYt Y NYD
OLILNDFLGRSĜHERUXý6657XUQDM
VH RGHKUiO YH =QRMPČ 6 GRURV
WHQHFNRX NDWHJRULt VH LYDQþLFNi
GČYþDWDUR]ORXþLODPtVWHP
9ČWãLQD GĜtYČMãtFK GRURVWHQHN
E\OD SĜHĜD]HQD GR QRYČ ]DORåH
GDOãtFK VSRUWĤ 9 OpWČ SODYiQt
VSROHþQp YêOHW\ VRXVWĜHGČQt SRG
VWDQ\X9UDQRYVNpSĜHKUDG\Mt]GD
QD SUDPLFtFK YHþHU X WiERUiNX
9 ]LPČ O\åRYiQt EUXVOHQt KD
ORYp WXUQDMH Y 3UD]H D %UQČ 7R
YãH YHGOR N XWXåHQt SDUW\ NWHUi
SDN QD Ki]HQNiĜVNêFK WXUQDMtFK
GUåHODSĜLVREČDYtWČ]LOD
]iNODGQ\ VH SRGDĜLOR VHVWDYLW
GUXåVWYD NWHUi UHSUH]HQWRYDOD
,YDQþLFH Y\QLNDMtFtP ]SĤVREHP
D QČNWHUp KUiþN\ VH XSODWQLO\ L
YHY\ããtFKVRXWČåtFK3RGČNRYiQt
SDWĜtKUiþNiP.DUOX1RYRWQpPX
L YãHP RVWDWQtP NWHĜt Ki]HQRX
SRGSRURYDOL QHER VH QD MHMt þLQ
QRVWL SRGtOHOL -LĜt âLURNê
9iåHQtSRXWQtFLOHWRVMLåSRVHGPpSĤMGHPHYVRERWXSČãt
328ġ'2+/8%2.é&+0$âģ9(.
3ČãtSRXWQtFLY\FKi]t]5HãLFYKRGLQ'DOãtSRXWQtFLVHPRKRX
SĜLSRMLWSRWHOHIRQLFNpGRPOXYČ3URW\NWHĜtQHSĤMGRXSHãN\DFKWČMt
VHSRXWL]~þDVWQLWMH]DMLãWČQDXWREXVVWČPLWR]DVWiYNDPLDþDV\
RGMH]GĤ+RUQt'XEĖDQ\5HãLFH5RXFKRYDQ\
=0DãĤYHNEXGHRGMH]GSRXNRQþHQtPãHVYDWpDVLYHKRGLQ
SĜHVQêRGMH]GEXGHXSĜHVQČQDXWREXVSURSRXWQtN\MH]GDUPD
=iMHPFLVHPRKRXQDKOiVLWXS=GHĖN\6OiPRYp5HãLFHþ
WHODS$QQ\+XViNRYp5HãLFHþWHO
=5&$'/2QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN
.8/7851Ë$632/(ý(16.é352*5$0ý(59(1(&
0ČVWVNpNXOWXUQtVWĜHGLVNR0RUDYVNê.UXPORY
.XOWXUQtLQIRUPDþQtFHQWUXP5RVLFH
0X]HXPDLQIRUPDþQtFHQWUXP9HGURYLFH
QiP7*0DVDU\ND0RUDYVNê.UXPORY
WHOID[HPDLOPHNV#PHNVPNF]
‡þHUYHQHF9é67$9$/(767È71Ë'5È+<=%51$3ě(602
5$96.é .580/29 '2 9Ë'1ċ $ =12-0$ Y *DOHULL .QtåHFt GĤP
2WHYĜHQRSRDåSiDVRQHD
KRGLQ9VWXSQp.þVQtåHQp.þGČWLDãNROQtVNXSLQ\]GDUPD
‡ þHUYHQ 9é67$9$ 9é=1$ý1È 'Ë/$ =( 6%Ë5.< -$1$$ 0('<
0/È'.29é&+ =iPHN 0 .UXPORY ([SR]LFH MH SUR YHĜHMQRVW RWHYĜHQD
VRERWDQHGČOHKRGLQ9VWXSQp.þVQtåHQp
.þGČWLVWXGHQWLGĤFKRGFL=73]GDUPD
‡þHUYHQ3$5$)5È=(2%5$=83UiFHYêWYDUQpKRRERUX=8â0.SRGYHGH
QtP0JU+9DQþXURYp'RQD0ČÒ0.,SSRGREXRWHYĜHQt0ČÒ
‡ YåG\ RG KRG ),/029e /e72 .,1(0$72*5$)
%5$7ěËý$'Ë.ģ1DQiGYRĜt]iPNX0.UXPORY)LOP\6HGPHUR
NUNDYFĤäLYRWMHåLYRW*DQJVWHU.$SRNUDþRYiQt*DQJVWHU
.$$IULþDQ9VWXSQpGREURYROQpREþHUVWYHQt]DMLãWČQR
‡YHKRG9(51,6Èä9é67$9<0,&+$/*$%5,(/0,
/291Ë&,80ċ1Ë=HVEtUHN0XVHD.DPSD1DGDFH-DQDD0HG\0OiGNR
YêFK9SURVWRUiFK]iPNX
‡RGKRG.21&(5795È0&,+8'(%1Ë+2)(67,9$/8
=12-029\VWRXSt&]HFK(QVHPEOH%DURTXHDODXUHiWL/HWQtãNRO\EDURNQt
KXGE\9VWXSQpYSĜHGSURGHMLQD,&.þQDPtVWČ.þ=iPHFNiNDSOH
‡RGGRKRG352'(-1Ë75+<QDQiP7*0
‡RGKRG$1(7$/$1*(529È1$5$'267,.21&(57
1Ë7851e6.$3(/28$60<ý&29é075,(01iGYRĜt]iPNX0.UXP
ORYYVWXSQD]iPHFNpQiGYRĜtRGKRGLQYVWXSQp.þSURGHMQD,&
‡3ĜLSUDYXMHPH9,'-(0%(0$5$7+21:25/'086,&
'$1&()(67,9$/=DþiWHNKXGHEQtSURGXNFHYSiWHNYKRGLQYVR
ERWXYHKRGLQ9VRERWXRGKRGLQZRUNVKRS\KU\QDGMHPEHGLGJH
ULGRRDDIULFNpKRWDQFH9VWXSQpMHGQRGHQQtYVWXSHQND.þYSĜHGSURGHML
.þQDPtVWČGYRXGHQQt.þ'ČWLGRFP]GDUPDQXWQêGR]RU
3DODFNpKRQiP5RVLFH
WHOHPDLOLQIR#NLFURVLFHF]
‡RGKRG6(7.È1Ë0$/é&+3,929$5ģ7UDGLþQtDNFHNGH
VYĤMPRNQDEtGQRXW\WRSLYRYDU\3LYRYDU.RFRXU9DUQVGRUI3LYRYDU&KRPRXW
2ORPRXF3LYRYDU3RGOHVt)UêGODQWVNê=iPHFNêSLYRYDU$OEUHFKW6ODYNRYVNê
SLYRYDU +UDGQt SLYRYDU +XVWRSHþH 3LYRYDUVNê GĤP 2VWUDYD V SLYHP 4iVHN
1DSyGLXVHSDNY\VWĜtGDMtNDSHO\$VV\5RFN+DZDLLVZLQJVRFLHW\/HWµV3OD\
6WtQ\0DFKX3LFKX)UDQWD-HWHO7UHPROR2GFFDQD,,QiGYRĜt1RþQt3URXG
1DQiGYRĜt]iPNX9VWXSQp.þGČWLGR]GDUPDGČWLVHQLRĜL.þ
‡RGKRG92=$7$-6.e=È92'<;,,URþQtNDNFHQDQtåVH
SUDYLGHOQČVHWNiYDMtNRĖiFL]FHOpUHSXEOLN\=iYRGLWVHEXGHYWUDGLþQtFKGLVFL
SOtQiFKURVLFNpGHUE\IRUPDQVNiMt]GDRYODGDWHOQRVWNOiG\WČåNêWDK0H]L
DKRGLQRXSUREČKQHVHVNRNSDUDNOXEX%UQR.RQiVHQD]iYRGLãWL]D0R
UDYVNêP3O\QRVWDYHP9VWXSQpGČWLGROHW.þGRVSČOt.þ3RĜiGDMt
)UDQWLãHNâPHUGDD6YD]FKRYDWHOĤNRQtYHVSROXSUiFLV.,&5RVLFH
‡YKRG6%ċ5$7(/6.È%85=$%XU]DVEČUDWHOVNêFKSĜHGPČWĤ
DVWDURåLWQRVWtQDQiGYRĜt]iPNX9VWXSYROQê3RĜiGi6SUiYD]iPNX5RVLFH
9HGURYLFH/RGČQLFHWHO
HPDLOLQIR#PX]HXPYHGURYLFHF]ZZZPX]HXPYHGURYLFHF]
‡RGKRG=È92'<932äÈ51Ë0Ò72.808äģ$ä(1
1DIRWEDORYpPKĜLãWL]QRMHPVNiOLJD
‡RGKRGâË3.29È5ģä(1.$'LYDGOR+QHGOHYHGOHSRĜiGi
SĜHGVWDYHQtSURGČWLYHGYRĜHPX]HD8YiGt7RPiã%DUWiN
‡YHKRG/(71Ë.$51(9$/29È12&1DQiYVLYH9HGURYL
FtFK.WDQFLDSRVOHFKXKUDMHVNXSLQD+XULNiQ9VWXSQp.þ2EþHUVWYHQt
]YČĜLQRYêJXOiãPDNUHODQDURåQL3RĜiGi0\VOLYHFNêVSROHN/HVNRXQ
.XOWXUQtDLQIRUPDþQtFHQWUXP,YDQþLFH
35$9,'(/1é352*5$0‡SRQGČOtKRGVWĜHGDKRGþWYUWHN
KRG)$0,/<32,17]i]HPtSURPDPLQN\VPDOêPLGČWPL
‡SRQGČOtRGGRKRG+5$9È$1*/,ý7,1$3520$0,1.<
6'ċ70,52.<=StYiQtĜtNDQN\FYLþHQtSURPDOpGČWLVDQJOLþWLQRX
'ČWLMVRXMDNRKRXE\QDViYDMtPHORGLLMD]\NDFK\WDMtStVQLþN\DĜtNDQN\DDQLVL
QHYãLPQRXåHMHWRYDQJOLþWLQČ0DPLQN\NWHUpDQJOLFN\QHXPtWXWRLQWXLWLYQt
KUDYRXPHWRGXVDP\YHOPLRFHQt&HQDLVKHUQRX.þ3RVNRQþHQtSURJUD
PX]ĤVWiYiPHYKHUQČDåGRKRGLQ.RQWDNW
‡VWĜHGDRGGRKRG2'32/('1Ë792ě,9é./8%3520$0,1
.<6'ċ70,+(51$GtOQD.þURGLQD
‡þWYUWHNRGGRKRG7ěË*(1(5$ý1Ë.$9È51$+(51$.þURG
‡SiWHNRGGRKRG'Ë/1$352./8.<$+2/.<URGLþH
YtWiQL.þ]DSROROHWtSRSĜMHGQRUi]RYpYVWXSQp.þ
‡QHGČOHRGGRKRG6(7.È1Ë-('127<%5$756.e
''0DãNROQtGUXåLQD2VODYDQ\
'ĤPGČWtDPOiGHåH2VODYDQ\+\EHãRYD
WHOZZZGGPRVODYDQ\F]
‡/(71Ë7È%25<YtFHLQIRUPDFtQDZHEXDYNDQFHOiĜL''0Dâ'
3ĜtPČVWVNêWiERU,+5<%(=+5$1,&GQ\.þ
3ĜtPČVWVNêWiERU,,+5$9e/e72GQĤSRSi.þ
/73R]ćDWtQ6752-(0ý$68GRQH]QiPDGQĤ.þ
3ĜtPČVWVNêWiERU,,,0$/Ë'(7(.7,929eGQĤSRSi.þ
.XOWXUQtDLQIRUPDþQtVWĜHGLVNR2VODYDQ\
/73UXGNi9=+ģ581$0,1(&5$)7GQĤ.þ
'ČOQLFNêGĤPâLURNi2VODYDQ\
3ĜtPČVWVNêWiERU,90$6+GQĤSRSi.þ
WHOHPDLONLVRVODYDQ\#SRVWF]
7DQHþQtVRXVWĜHGČQt,7È/,(5RVROLQD0DUHGQĤ.þ
‡.$50(/6.È328ġ3iWHNGLVNRWpNDQD]DKUiGFH 3ĜtPČVWVNêWiERU9/e72â.2/281(.21ýËGQĤ.þ
'ČOQLFNpKRGRPX/HWQtNLQR-DNEiVQtFLþHNDMtQD]i]UDNQDQiGYRĜt
.OXEþHVNêFKWXULVWĤ,YDQþLFH
]iPNX6RERWDQiGYRĜt]iPNX3XPSDĜL=iPHFNêSDUNFRXQ
,QJ$0RUDYHFSĜHGVHGDRGERUX.ý7WHO
WU\VNXSLQD'ULQNFRXQWU\VNXSLQD3DQWRIOiþLWUDGLþQtSRXĢRYê
HPDLOWXULVWL#VH]QDPF]
NDUQHYDOVHVNXSLQRX5HOD[=iPHFNiNDSOHYêVWDYDYêWYDUQpKRRERUX
=8â2VODYDQ\=DKUiGND'ČOQLFNpKRGRPXOHWQtQRFVHVNXSLQRX+2% ‡ 728/È1Ë &(6728 1(&(6728 +58%é0 -(6(1Ë.(0
%< PXVLF 1HGČOH ]iPHFNê SDUN GHFKRYi NDSHOD 3ROXåDQND 8E\WRYiQtQDFKDWČ6WURMtUQ\2VODYDQ\Y.DUORYČSRG3UDGČGHP0DOi0R
3ODYFLV-DQHP9DQþXURXWULR,QIODJUDQWLKLW\]NODVLN\URFNXLSRSX UiYND.þQRFVWUDYDLQGLYLGXiOQtY\FKi]N\NROHP3UDGČGXDKĜHEHQ\QHER
Y RULJLQiOQtFK PRGHUQtFK ~SUDYiFK SUR HOHNWULFNp VP\þFH =iPHFNp QiGYRĜt ~GROtPNROHP0UDYHQFRYN\0RåQRVWQDYãWtYLW.DUORYX6WXGiQNX5êPDĜRYþL
3RXOLþQtPX]LNDQWLNSRVOHFKXKUDMH0HORG\0XVLF=iPHFNi %UXQWiONGHMHNRXSDOLãWČ9HGRXFtKR]iNODGQ\0.UHMþt
DOHMWUåLãWČOLGRYêFKĜHPHVHO=iPHFNiYLQiUQD 3ĜLSUDYXMHPH‡(8525$1'29(=1$0(1Ë(1(5*,(
SRVH]HQtXFLPEiOXVS.OREiVNRX]0XWČQLF=iPHFNiNDSOHYêVWDYD $XWREXVRYê]iMH]GQD.RXW\-HVHQtN\1iYãWČYDSĜHþHUSiYDFtHOHNWUiUQ\'ORXKp
0ČVWVNiNQLKRYQD0RUDYVNê.UXPORY
YêWYDUQpKRRERUX=8â2VODYDQ\=iPHFNi]DKUDGDYêVWDYDGUREQpKR 6WUiQČXE\WRYiQtY/XGYtNRYČ[SRORSHQ]H]DFHQX.þDXWREXV.þ
QiP7*00RUDYVNê.UXPORYZZZNQLKRYQDPNF]
]YtĜHFWYD3RFHORXVRERWXDQHGČOLEXGRXRWHYĜHQDYãHFKQDPX]HDQD]iPNX 9FHQČMHYêMH]GDXWREXVHPNHOHNWUiUQČ/DQRYNDWDPD]SČWGRVSČOt.þ
WHOHPDLONQLKRYQDPN#TXLFNF]
0X]HXPKRUQLFWYtDHQHUJHWLN\+DVLþVNpPX]HXP0X]HXPNUiWNêFKSDOQêFK POiGHå.þ=GĤYRGXUH]HUYDFHPtVWMHSRWĜHEDVHQDKOiVLWGRþHUYQD
‡ 2=1È0(1Ë 0ČVWVNi NQLKRYQD R]QDPXMH VYêP þWHQiĜĤP åH Y REGREt ]EUDQt0ČVWVNê]iPHFNêSLYRYDU2VODYDQ\SĜHGVWDYtVYĤM2VODYDQVNêVSHFLiO
XSDQt+DQ\9DORYpQDPREWHO
OHWQtFKSUi]GQLQEXGHPtWSROHGQtSDX]XRGGRKRGLQ'iOHXSR]RU
'ĤPGČWtDPOiGHåH0RUDYVNê.UXPORY
7XULVWLFNpLQIRUPDþQtFHQWUXP'ROQt.RXQLFH
ĖXMHåHRGþHUYHQFHGRVUSQDYþHWQČEXGHNQLKRYQDX]DYĜHQD
QiPČVWt7*00RUDYVNê.UXPORYWHO
0DVDU\NRYRQiP'ROQt.RXQLFHWHOID[
‡ý7(1Ë1$.283$/,â7,QiYãWČYQtFLVLSRGREXSUi]GQLQPRKRX]GDUPD
HPDLOLQIR#GRPHFHNPNF]ZZZGRPHFHNPNF]
WHOHPDLOWLF#GROQLNRXQLFHF]ZZZGROQLNRXQLFHF]
Y\SĤMþLW]UHJiOXþWHQtD]SĜtMHPQLWVLWDNFKYtOHQDNRXSDOLãWL
‡þHUYHQHF9é67$9$)272*5$),Ë7Ï1<$(02&(37YUGêV\QDJRJD 3ĜLSUDYXMHPH‡3ěË0ċ676.é7È%251$'20(ý.8.$
.XOWXUQtDLQIRUPDþQtFHQWUXP0LURVODY
%$5(73URGČWLRGGROHW.DåGêGHQSHVWUêSURJUDPRGGRKRGLQ
‡þHUYHQHF9é67$9$2%5$=ģ32OãDQRYiNOiãWHU5RVDFRHOL
QiP6YRERG\0LURVODYWHO
YêOHW\ KU\ NRXSiQt YêWYDUQp WYRĜHQt &HQD .þ VWUDYD D SLWQê UHåLP
‡6/$/20<1$',92.e92'ċ3RĜiGi7-9RGQtVSRUW\'.
ID[HPDLOPNLFPLURVODY#YROQ\F]
‡YHKRGä$/0$1632/-$53ĜHGVWDYHQtNQLK\MDU YFHQČ3ĜLKOiãN\DLQIRUPDFHYNDQFHOiĜL''0
‡5<%Èě6.é7È%255e1<3ĜtPČVWVNêWiERUSURU\EiĜH StVQtDSRYtGiQtNGHY\SUiYtSĜtEČK\StVQt]HVYpKRåLYRWD.OiãWHU5RVDFRHOL
9êOHWQtFL0RUDYVNê.UXPORY
RGGROHW3RĜiGi6WĜHGLVNRYROQpKRþDVX0LURVODY
‡RGKRG,1',È16.é3ěË0ċ676.é7È%25.yQXVNOXE
.OiãWHUQtQiP0RUDYVNê.UXPORYWHO
‡YHKRG=È0(&.È3È57<6'825(1(*$'(6YSDUNX ‡YHKRG12ý1Ë352+/Ë'.$./Èâ7(5$526$&2(/,
HPDLOWXULVWLPN#VH]QDPF]ZZZY\OHWQLFLPNHVWUDQN\F]
SĜHG]iPNHP%RKDWpREþHUVWYHQtDPtFKDQpQiSRMH
3ě(+/('$.&Ë1$,,32/2/(7Ë,QIRRYROQêFKPtVWHFKQDGRWD]
6WĜHGLVNRYROQpKRþDVX,YDQþLFH
‡RGKRG0(58ĕ.2%5$1Ë6-$50$5.(08)/25,È1$ =HPČGČOVNi,YDQþLFHWHOID[
‡9Ë.(1'29é32%<79-(6(1Ë.È&+/i]QČ.DUORYD6WX
7UDGLþQtWUKXNi]N\OLGRYêFKĜHPHVHOSUĤYRGYGRERYêFKNRVWêPHFKVWDQRYp
GiQNDVNDQ]HQ=ODWRUXGQpPOêQ\UHSOLN\]ODWRUXGQêFKPOêQĤWXULVWLNDNROHP
HPDLOLQIR#VYFLYDQFLFHF]ZZZVYFLYDQFLFHF]
OHåHQtVOHWXOWUDOHKNêFKOHWDGHOQDOHWLãWL$LU&RQ0LURVODYWUDGLþQtVOHWOHWDGHO ‡7È%25<3529â(&+1<92/1È0Ë67$
YRGRSiGĤ%tOp2SDY\NPUDãHOLQLãWČ5HYt]
]FHOpý5)272/(7<6RXWČåHYSRåiUQtPVSRUWXYêVWDYDDXWRPRELOĤSĜHG ‡63257291Ë7È%252WURNRYLFH.þOHW
‡ 352'/28ä(1é 9Ë.(1' 1$ â80$9ċ .DãSHUVNp +RU\
YiGČFtMt]G\WXULVWLFNêYOiþHNY\VWRXSHQtKXGHEQtVNXSLQ\*$/(5,(PyGQt ‡7È%253521È&7,/(7e2WURNRYLFH.þOHW
SURKOtGNDPČVWDKUDG.DãSHUN3RY\GĜtUR]KOHGQD3ROHGQtN3UiãLOVNpMH]HUR
SĜHKOtGNDDWUDNFHSURGČWLVNiNDFtKUDGPDORYiQtQDREOLþHM«DSURMtåćN\ ‡ 7È%25 352 0$7.< 6 'ċ70, V FHORWiERURYRX KURX äLYRW Y SUDYČNX ‡/('1,&.29$/7,&.é$5(È/&\NORQHERSČãtYêOHWSR/HGQLF
WXULVWLFNêPYOiþNHP2GSROHGQtSURJUDPRGGRKRGLQXNi]N\VRNROQLFWYt &URRGVRYL³2WURNRYLFHGROHW.þGROHW.þ NRYDOWLFNpPDUHiOX9DOWLFH/HGQLFH0LNXORYDVLNP
YêFYLNXPXãNHWêUĤDSLNHQêUĤX]iPNXKUiWEXGHKLVWRULFNiKXGED9KRGLQ RVWDWQt.þPDWN\LEDELþN\VGČWPL
‡352&+È=.$32'<-Ë0.ROHPYLQLFHâREHV+DYUDQLFNpKRYĜH
Ä%,79$ = 2%'2%Ë7ě,&(7,/(7e9È/.<³ SRG ]iPNHP 2G KRGLQ ‡7È%25 8 02ě( &KRUYDWVNR 2UHELþ GR OHW .þ VRYLãWČYHVQLF3RSLFH.RQLFHDSĜHV.UDYt+RUXGR=QRMPD
QDSyGLXX.'VRXWČåHYSRMtGiQtPHUXĖNRYêFKNQHGOtNĤÄ0HUXĖNRYêNUiO³ RVWDWQt.þVDPRWQpGČWLRGOHWPOiGHåURGLQ\VGČWPLGRVSČOt
‡9$/$â6.È*$6752785,67,.$9êãODSQDUR]KOHGQX0LORĖRYi
RQHMKH]þtPHUXĖNXÄ0HUXĖNDURNX³QHMOHSãtPHUXĖNRYRXSiOHQNXÄ0HUXĖNR ‡3ěË0ċ676.e7È%25<,9$1ý,&(‡7DMXSOQiSODQHWD
PRåQRVWGDOãtFKWXULVWLFNêFKWUDVJDVWURIHVWLYDOYH9HONêFK.DUORYLFtFK
YLFHURNX³RFKXWQiYiQtPHUXĖNRYLFHY\VWRXSHQt]SČYiND3HUD.ROiĜHNRQFHUW ‡9é79$51e7È%25<OHW.þ‡9êWYDUQpĜiGČQt ‡7(50È/1Ë/È=1ċ6È59È5+83RGUREQRVWLEXGRXXSĜHVQČQ\
EDURNQtKXGE\RGKRGLQ9HþHUSDNRKĖRVWURMD9HONiOHWQtQRFYOHWQtPNLQČ ‡7$1(ý1Ë7È%25<OHW.þ‡=DWDQFXMVLYPX]LNiOX ‡$'9(171$9(6(/e0.23&,6NDQ]HQ9HVHOê.RSHFYiQRþQt
VHVNXSLQDPL)(5580D$.&(179$1$'3RĜiGDMtPČVWR0LURVODY6SROH ‡9KODYȇ&KLSPXQNRYp
MDUPDUNYHVNDQ]HQXNXOWXUQtSURJUDP%HWOpP+OLQVNRURXEHQpGRPN\],,
þHQVWYR/LEHUWDV6+â0%30RUDYVNê3RGKRUiFNêSOXN6'+0LURVODYýHVNê ‡3ěË0ċ676.e7È%25<129e%5È1,&(‡OHW9ê SROVWROHWtSURKOtGNDREFKĤGN\
]DKUiGNiĜVNê VYD]$LU&RQ)O\ )& 0LURVODY 0DUHN ]V 600 69ý D 0.,& FYLNWDMQêFKDJHQWĤ‡OHW=iFKUDQDSODQHW\=HPČ.þ
‡3/$7%<$3ě,+/Èâ.<XSDQt-HOtQNRYpYSURGHMQČ.9ċ7,1.$QD.Oiã
0LURVODY+ODYQtSDUWQHĜLDNFH1DGDFHý(=6NXSLQDý(=D-LKRPRUDYVNêNUDM ‡ 3ěË0ċ676.e 7È%25< '2/1Ë .281,&( ‡ OHW WHUQtPQiPY0.UXPORYČWHOY\OHWQLFLPN#VH]QDPF]
‡RG&238/,/$3,'80KUDG\SRYRGt6YUDWN\D-HYLãRYN\D6%Ë5.$ ,QGLiQVNêWiERU‡OHW7iERUVXSHUKUGLQĤ.þ
=+,6725,(9é52%<&,+(/90,526/$9,1RYpYêVWDY\QD]iPNX
3ĜLKOiVLWVHPĤåHWHRVREQČWHOHIRQLFN\QHER21/,1(
9,âĕ296.e.8/7851Ë/e72
‡RGKRG7851$-912+(-%$/8QDKĜLãWL)&0LURVODY2FHQ\
129È=$+5$'$-HGQRWDEUDWUVNi,YDQþLFH
EXGRXVRXWČåLWWĜtþOHQQiGUXåVWYD2EþHUVWYHQt]DMLãWČQR
7851$-;9,âĕ29e
.RPHQVNpKRYHGOH=8âSUĤFKRGHP]QiP,YDQþLFH
IRWEDORYêWXUQDMÄ6WDUêFKSiQĤ³
‡52&.29È=È%$9$9.$â(1&,
ZZZMELYDQFLFHF]NRQWDNW=GHQČN&KRWDãWHO
3DODFNpKRQiP,YDQþLFH
WHOID[HPDLONLFLYDQFLFH#VH]QDPF]
‡GR(1(5*,(=3ěË52'<0DULH'RþNDORYi3URGHMQtYêVWDYDREUi]
NĤPDORYDQêFKKRUNêPYRVNHP&KRGED3DPiWQtNX$0XFK\YVWXS]GDUPD
‡=(0ċ327ě(%8-(792-,0(',&Ë18ä(129êVWDYDREUi]NĤ
0DUWLQ\/XSHâYDUFRYp*DOHULH3DPiWQtNX$0XFK\YVWXSQp.þ
‡RGKRG&28175<9(ý(5.WDQFLLSRVOHFKXKUDMHLYDQþLFNi
FRXQWU\VNXSLQD3DQWRIOiþL3DUNQD5pQČYVWXSQp.þ
‡,9$1ý,&.È328ġ6WiQNRYêSURGHM]iEDYQpDWUDNFHSURGČWL
+XGHEQtSURJUDP6RERWD<$17$5IRONURFNRYiNDSHOD'5,1.
FRXQWU\NDSHOD$66<52&.URFNRYiNDSHOD52&.675,1*
URFNRYi NDSHOD 1HGČOH 95$&29-È&, GHFKRYi KXGED .RQi VH
QD3DODFNpKRQiPČVWt,YDQþLFHYVWXS]GDUPD
DYHþHU]iEDYD±'XR$UWH[KĜLãWČ7-9LãĖRYp
/,6729È1Ë&=
=SiWN\YHKĜH0LFKDO9LHZHJKQDQiGYRĜt]iPNX
.,1(0$72*5$)%5$7ěËý$'Ë.ģ
YåG\RGY]iPHFNpPSDUNX
6HGPHURNUNDYFĤ‡äLYRWMHåLYRW
*DQJVWHUND‡*DQJVWHUND$IULþDQ
$5&86]iEDYDSRGãLUêPQHEHPY]iPSDUNXRG
+25$1eNRQFHUWGHFKRYpKXGE\Y]iPSDUNXRG
'REURYROQpYVWXSQpEXGHSUYRWQtLQYHVWLFtQDQRYpGČWVNpKĜLãWČ
NWHUpY\URVWHYORNDOLWČ3RG6WDURXKRURX
2EþHUVWYHQt]DMLãWČQR
3RGSRUXMH1DGDFHý(=-LKRPRUDYVNêNUDM
-DGHUQiHOHNWUiUQD'XNRYDQ\VNXSLQDý(=
3RNXGPiWH]iMHP9DãHDNWLYLW\]YHĜHMĖRYDWWDNpQDZHERYêFKVWUiQNiFK
ZZZ]UFDGORLQIRUHJLVWUXMWHVHD]DORåWHSURILOYDãtRUJDQL]DFH1DVWDYtPH9iP]iNODGQt
WDULINWHUêMHWUYDOH]GDUPD3DNEXGHWHPRFLYNOiGDW9DãHDNFHGRUXEULN\.$09<5$=,7
9\GDYDWHO$/0$]V$GUHVDUHGDNFH5ĤåRYi.QtåHFtGĤPSDWUR0RUDYVNê.UXPORYNRQWDNWQtWHOHIRQHPDLOQRYLQ\#]UFDGORLQIR.RPHUþQtLQ]HUFHVD]EDDGLVWULEXFH0DUHN3HþHU
WHOHIRQHPDLOQRYLQ\#]UFDGORLQIR2VYLWDWLVN6DPDE*URXS%UQRDV&\ULOLFNi%UQRWHOID[1iNODGYêWLVNĤ5HJLVWUDFHSHULRGLFNpKRWLVNX0.ý5(9êWLVN]GDUPD
9\GDYDWHOQHRGSRYtGi]DSUDYGLYRVWDREVDKXYHĜHMQČQêFKLQ]HUiWĤDGRGDQêFKþOiQNĤ1HY\åiGDQpSRGNODG\SURWLVNVHQHYUDFHMtDQHDUFKLYXMt5HGDNFHVLY\KUD]XMHSUiYRUR]KRGQRXW]GDEXGHGRGDQêSĜtVSČYHNRWLãWČQ
$QRQ\PQtSĜtVSČYN\RWLãWČQ\QHEXGRXýtVORY\MGHþHUYHQFHX]iYČUNDþHUYHQFH9tFHLQIRUPDFtDDUFKLYY\GDQêFKYêWLVNĤYHIRUPiWX3')QDUHJLRQiOQtPSRUWiOXZZZ]UFDGORLQIR
QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN=5&$'/2 628.520È$.20(5ý1ËěÈ'.29È,1=(5&(
628.520éěÈ'.29é,1=(5È7O]H]DGDW328=(SODFHQRX606,Q]HUiWYGpOFHPD[LPiOQČ]QDNĤ]DãOHWHMDNR606EH]GLDNULWLN\
WHG\þiUHNDKiþNĤYHWYDUX=5PH]HUDWH[W9DãHKRLQ]HUiWXQDWHOHIRQQtþtVOD.þ606328=(7(;7QHER
.þ6067(;795È0(ý.83ĜtNODGVWDQGDUGQtKRLQ]HUiWX606YHWYDUX=53URGDPWULVXG\OLWUXDPRWRURYRXVHNDFNXQDWUDYX
=QOHYQH]DãOHWHQD&HQDWpWR606MH.þ3RRGHVOiQt6069iPEXGHGRUXþHQD606VSRWYU]HQtPRSĜLMHWtLQ]HUiWX&HQDMH
YþHWQČ'3+DMHNRQHþQi6OXåEXWHFKQLFN\]DMLãĢXMH723,&35(66VURHPDLOLQIR#WRSLFSUHVVF]1HXYiGČMWHVYpWHOHIRQQtþtVOR
EXGHGRSOQČQRDXWRPDWLFN\=HVRXNURPpLQ]HUFHEXGRXY\ĜD]HQ\LQ]HUiW\VNRPHUþQtPREVDKHP0QRåVWYtXYHĜHMQČQêFKVRXNURPêFKLQ]HUiWĤ
MHOLPLWRYiQRPtVWHPDMHXUþHQRGDWHPSĜLMHWt,Q]HUiW\NWHUpQHE\O\XYHĜHMQČQ\YDNWXiOQtPY\GiQtEXGRXRWLãWČQ\YHY\GiQtQiVOHGXMtFtP
.20(5ý1ËěÈ'.29é,1=(5È7O]H]DGDWWHOHIRQHPQDþtVOHQHERHPDLOHPLQ]HUFH#]UFDGORLQIR6WDQGDUGQtNRPHUþQt
LQ]HUiWY\WLãWČQWXþQČ.þWXþQČYUiPHþNX.þLQYHU]QČ.þ&HQ\EH]'3+5R]VDKĜiGNRYpKRLQ]HUiWXPD[LPiOQČ
]QDNĤYþHWQČPH]HU3URY\~þWRYiQtXYiGČMWH~þHWQtDGUHVXYþHWQČ,ýSĜtSDGQČ',ý=DSUDYGLYRVWDREVDKLQ]HUiWĤQHUXþtPH
352*5$0.,1
.,125e1$,9$1ý,&(
‡ZZZNLQRUHQDF]
QHY
+/('È6('25<
$QLPNRPHGLH86$GDELQJ
QHY
:$5&5$)73591Ë67ě(7
)DQWDV\86$GDELQJ
QHY /(*(1'$27$5=$129,
QHYH 'REURGUXåQêILOP86$
QHY
QHY
QHY
QHY
'2%$/('29È
0$087Ë'5&187Ë
$QLPNRPHGLH86$GDEQLJ
1('ċ/(
.,121$,9$1ý,&.e3287,
3ě('È9È1Ë&(10ċ67$
'2%$/('29È0$087Ë'5&187Ë
+/('È6('25<
:$5&5$)73591Ë67ě(7
ZZZUHKDELOLWDFHLYDQFLFHF]
ª$8720272
NRXStP
‡‡ 9: 7UDQVSRUWHU 7 QHER 7
GRURNXYêUYMDNpPNROLVWDYX
=DQDEtGNXGČNXML7HO
5È0(ý(.
‡‡MDNpNROLSRMt]GQpDXWRVSODWQRX
WHFKQLFNRXNRQWURORXGR.þ
6SČFKi7HO
ª%<7<1(029,7267,
KOHGiPSURQiMHP
‡‡ E\WX QHER GRPNX NN L
YČWãt Y 2VODYDQHFK QHER Y ,YDQþL
FtFK9RODWNDåG\GHQSRKRGLQČ
7HO
SURQDMPX
‡‡E\WY,YDQþLFtFKQRYpVtGOLã
WČ7HO
‡‡ JDUiå Y ,YDQþLFtFK QD 0DORYDQ
VNX]DKĜLãWČP7HO
ª9â(352'ċ7,
SURGiP
‡‡GČWVNRXSRVWêONXEH]PDWUDFHFHQD
.þ7HO
ª5ģ=1e
‡‡KOHGiPVSROXFHVWXMtFtGRWHUPiOX
DPRåQRLNPRĜLĜLGLþiNVN%PiP
OHW7HOUiQRY
NRXStP
‡‡HOHNWULFNêPRWRU±N:
RWiþHNPLQ7HO
‡‡ VWDUp REUD]\ QiE\WHN SRUFHOiQ
LFHORXSR]ĤVWDORVW3URVtPQDEtGQČWH
7HO
SURGiP
‡‡ QDãWtSDQp PČNNp OLSRYp GĜHYR PFHQDW7HO
‡‡VWDQVSĜHGVtĖNRX-HGQRXSRXåL
Wê7HO
ª=9Ëě$7$
SURGiP
‡‡FKRYQpDMDWHþQtNUiOtN\7HO
GDUXML
‡‡NRWČGORXKRVUVWêEtORUH]DWêNR
FRXUHNQDUR]HQ7HO
‡‡NRĢiWNDãHGiNRþLþNDDEtORãHGê
NRFRXUHN2GEČUDVL]DGQL7HO
352*5$0.,1
'8.29$16.é),/029é
)(67,9$/.,123$125$0$
VWY
52%,1621&5862(
1$267529ċ=9ËěÈ7(.
$QLPNRPHGLH%)5GDELQJ
VWYH
*$167(5.$$)5,ý$1
.ULPLQiOQtWKULOOHUý5
VWY
=2275232/,60ċ672=9Ëě$7
$QLPNRPHGLH86$GDELQJ
VWYH
/Ë'$%$$529È
äLYRWRSLVQpGUDPDý5
9VWXSQpGREURYROQpREþHUVWYHQt]DMLãWČQR
/(71Ë.,121$=È0.8
.,1(0$72*5$)%5$7ěËý$'Ë.ģ
RG
6('0(52.5.$9&ģ
)DQWDV\ý5
RG
ä,927-(ä,927
.RPHGLHý5
RG
*$1*67(5.$
.ULPLGUDPDý5
RG
*$1*67(5.$$)5,ý$1
.ULPLGUDPDý5
9VWXSQpGREURYROQpREþHUVWYHQt]DMLãWČQR
/(71Ë.,120,526/$9
ZZZPHVWRPLURVODYF]
SiYH
52%,1621&5862(
1$267529ċ=9ËěÈ7(.
$QLPNRPHGLH%)5GDELQJ
VRYH
ě$&+$1'$
3RKiGNRYiNRPHGLHý5
SiYH
3$7$0$79(),/08
$QLPRYDQiNRPHGLHý5
VRYH
3$'(6È7.$
.RPHGLHý5
QHYH /Ë'$%$$529È
äLYRWRSLVQpGUDPDý5
SiYH '92-1Ë&,
.RPHGLHý5
ª=$0ċ671È1Ë%5,*È'<
QDEt]tPNRPHUþQtLQ]HUFH
‡‡6WDYHEQtILUPD263VSROVUR
SĜLMPH GR +33 ~GUåEiĜH DUHiOX
263 0tVWR YêNRQX SUiFH 0RUDY
VNê .UXPORY 1DEt]tPH =i]HPt
VWDELOQt ILUP\ V PODGêP NROHNWL
YHP D RGSRYtGDMtFt SODWRYp RKRG
QRFHQt 7HO HPDLO
LQIR#RVSPNF]
‡‡3ĜLMPHPHě,',ý(QiNODXWRPREL
OĤSURUR]YR]VXURYLQ-HGQRVPČQQê
SURYR]YROQpVRERW\QHGČOHDVYiWN\
ýLVWi P]GD .þ ě3 VN &
SRGPtQNRXNDUWDĜLGLþHDSURISUĤ
ND] SUD[H PLQ URN Y Ĝt]HQt QiNO
YR]LGOD0RåQRLEULJiGQČQDGQ\
Y WêGQX ,QIR QD WHO QHERPDLOUR]PDKHOMDQ#WLVFDOLF]
‡‡+OHGiPHWHFKQLNDVH]DPČĜHQtP
QD SUiFL V SRþtWDþHP NUHVOHQt
Y$XWRFDGXDSRG''þiVWHþQČ
L REFKRGQtND ]QDORVW $- 1- SĜt
QRVHP 9ČN QHUR]KRGXMH 9â QHQt
SRGPtQNRX PRåQRVW GiON VWXGLD
SĜL ]DPČVWQiQt ]GDUPD 8SĜHG
QRVWĖXMHPH ]iMHPFH ] %UQD D
RNROt,YDQþLF5RVLF0.UXPORYD
1iVWXS LKQHG QiVWXSQt SODW Då
WLVtF.þKUXEpKRGOHVFKRSQRVWt
DY]GČOiQt2EODVWYêURE\XåLWNRYêFK
QiVWDYHE YR]LGHO ]HMPpQD VDQLWHN
Y$OH[RYLFtFK=DMtPDYiDUĤ]QRUR
GiSUiFHXQHMYČWãtKRYêUREFHVDQL
WHNYý53LãWHQDIRVDQ#IRVDQF]
YROHMWH
ª),1$1ý1Ë6/8ä%<
NRPHUþQtLQ]HUFH
‡‡ 6RXNURPi RVRED ]DSĤMþt ] YODVW
QtFK SURVWĜHGNĤ MHGQRWOLYFĤP PD[
þiVWNX.þQDGQĤ3RGPtQ
NRX VHULy]Qt MHGQiQt %OLåãt LQIRU
PDFHQDWHO
‡‡ 1DEt]tP VSRWĜHELWHOVNp ~YČU\ RG
WLVSHQt]HGRSUDFGQĤ~YČU\
QD E\GOHQt K\SRWHþQt ~YČU\ 5Ĥ]Qp
VSRĜtFt SURGXNW\ NUiWNR L GORX
KRGREp SRMLãWČQt ~UD]RYp åLYRWQt
L QHåLYRWQt PRYLWê QHPRYLWê PD
MHWHN ěHãHQt URGLQQpKR UR]SRþWX
SRGQLNDWHOSOiQXRGGOXåHQtVQtåHQt
VSOiWHN =SURVWĜHGNRYiQt SURGHMH
SURQiMPX 5' E\WĤ SR]HPNĤ ]tV
NiWH þiVW SURYL]H UHDOLWQt D SUiYQt
VHUYLV ILQDQFRYiQt SRMLãWČQt YêNXS
D RGGOXåHQt QHPRYLWRVWL 9tFH LQIR
QDWHO/XNiã-HĜiEHN
ª6/8ä%<NRPHUþQtLQ]HUFH
‡‡,QJ3DYHO3H[DJHRGHWLFNpSUi
FH QDEt]t ]DPČĜHQt 5' SR]HPNĤ
Y\W\þHQt YODVWQt KUDQLFH 7HO (PDLOSH[D#SH[DF]6tGORILUP\
=DKUDGQt0RUDYVNê.UXPORY
‡‡ 3RWĜHEXMHWH SRUDGLW SĜL QiNXSX
RMHWpKR DXWD" )LUPD $7(023,$
VUR QDEt]t Y\ãNROHQp PHFKDQLN\
NWHĜt NRPSOHWQČ SURYČĜt D RVREQČ
SURKOpGQRX 9iPL NXSRYDQp YR]L
GOR =MLVWtPH VNXWHþQČ QDMHWp NLOR
PHWU\RGKDOtPHYR]LGODSRKDYiULL
QD PtVWČ SURYHGHPH RVREQt WHFK
NRQWUROX ]MLVWtPH FK\E\ Y ĜtGLFtFK
MHGQRWNiFKY\þWHPH5HDGLQHVVNyG\
YSĜtSDGČFK\ERYêFKNyGĤYR]LGOR
QHSURMGH HPLVHPL D 7. =iNODGQt
FHQD]DNRPSOHWQtSURYČUNXDSUR
KOtGNX MH .þ 9tFH LQIRUPDFt
QDWHO
‡‡6tWČDGYHĜHSURWLKP\]XYHãNHUp
RSUDY\ 2NHQQt VtWČ L GR KRGLQ
9êPČQD JXPRYpKR WČVQČQt Y SODVWR
YêFK RNQHFK ]D VLOLNRQRYp äDOX]LH
YHUWLNiOQt KRUL]RQWiOQt ĜHWt]NRYp
VLOLNRQRYpWČVQČQtRNHQDGYHĜtUROHW\
SĜHGRNHQQt L OiWNRYp GR VWĜHãQtFK
RNHQ9tFHLQIR,YR3DYOtN'XNRYDQ\
7HOID[
HPDLOLYRNDUSDYOLN#VH]QDPF]
‡‡3URGHM+871Ë+20$7(5,È/8
+<35 0LURVODY ěH]QRYLFH PRELO ZZZK\SUF]
HPDLOK\SU#VH]QDPF]3RQGČOt
DåSiWHNVRERWD
3RWHOGRPOXYČNG\NROLY
‡‡5(./$01Ë3/$&+7<=39&
89RFKUDQD]SHYQČQpRNUDMHRFHO
RND3HYQpFHGXOHSOHFKRYpLSODVWRYp
7,6. /(7È.ģ $ -(-,&+ ',6
75,%8&(,QIRQD
ª32'ċ.29È1Ë
‡‡ 'ČNXMHPH YãHP SĜiWHOĤP D ]Qi
PêP]DSURMHY\VRXVWUDVWLNYČWLQRYp
GDU\ D UR]ORXþHQt V QDãtP GUDKêP
PDQåHOHP D WDWtQNHP )UDQWLãNHP
+ROiWNHP0DQåHONDDGČWLVURGLQDPL
5iPRYiQtVNOHQiĜVWYtJDOHULH=GHQČN3ODFKê
6RXNURPiJDOHULHY0.UXPORYČ7LVNiUHQVNi9iV]YHQD
9é67$98)272*5$),Ë$%È61Ë
0$57,1<35,029e
9êVWDYDSRWUYiRGþHUYHQFHGRVUSQD
=PČQDSUDFRYQtGRE\SRGREXSUi]GQLQ
323È62KRGLQ
2EHF6XFKRKUGO\X0LURVODYL9iVþHUYHQFH]YHQDRVODYX
VRYH -$.%È61Ë&,ý(.$-Ë
1$=È=5$.
.RPHGLHý5
/(7=$/2ä(1Ë2%&(/(76'+
$/(77-68&+2+5'/<80,526/$9,
SiYH 5(9(1$17=0579é&+967È1Ë
'REURGUXåQêZHVWHUQ86$
-HSĜLSUDYHQSHVWUêSURJUDPSURGČWLLGRVSČOp2GXNi]ND
GUDYêFKSWiNĤDVRYMt]GDQDSRQtNRYLYêVWDYDYHWHUiQĤVNiNDFtKUDG
2GVODYQRVWQt]DKiMHQtY\VWRXSHQtGČWt=âD0â0XåiFL
]3RKRĜHOLFH[KLELþQtIRWEDORYpXWNiQt$//67$557($0
YV6XFKRKUGHOVNiVWDUiJDUGDFLPEiOND3RFHOpRGSROHGQH
]iEDYQêSURJUDPSURGČWL%RKDWpREþHUVWYHQtSRFHOêGHQ
VRYH =2275232/,60ċ672=9Ëě$7
$QLPNRPHGLH86$GDELQJ
/(71Ë.,121È'92ěË5$'1,&(
SiYH
/Ë'$%$$529È
äLYRWRSLVQpGUDPDý5
VRYH
'($'322/
$NþQtNRPHGLH86$.DQDGD
SiYH
-856.é69ċ7
'REURGUXåQêILOP86$GDELQJ
VRYH
5(9(1$17=0579é&+967È1Ë
'REURGUXåQêZHVWHUQ86$
SiYH 0$5ġ$1
6FLIL86$
VRYH (9(5(67
'REURGUXåQêILOP9%86$
SiYH 'È16.È'Ë9.$
äLYRWRSLVQêILOP9%%86$
VRYH 3$'(6È7.$
.RPHGLHý5
SiYH 8ý,7(/.$
'UDPD65ý5
VRYH ě$&+$1'$
3RKiGNDý5
=DQHSĜt]QLYpKRSRþDVtMHILOPRYiSURGXNFH]UXãHQD
.,1226/$9$1<
YVWXSHQN\KRGSĜHGSURPtWiQtP
SiYH -$.%È61Ë&,ý(.$-Ë
1$=È=5$..RPHGLHý5
3URPtWiVH]GDUPDY2VODYDQHFK
VRYH
=/2%$.5È/291$
ý(51e0$*,(
)DQWDV\9%86$GDELQJ
3URPtWiVH]GDUPDY3DGRFKRYČ
.,123$125$0$526,&(
SiYH
635È91Ë&+/$3,
$NþQtNRPHGLH86$
VRYH
2ý,67$92/(%1Ë52.
+RURURYêWKULOOHU86$
QHYH 1(ä-6(07ċ32=1$/$
5RPDQWLFNêILOP86$
SiYH 0,.(,'$9(6+È1ċ-Ë+2/.8
.RPHGLH86$
VRY
QHY
'2%$/('29È
0$087Ë'5&187Ë
$QLPNRPHGLH86$GDELQJ
YVRERWXYH'YQHGČOLYH'
VRYH /(*(1'$27$5=$129,
QHYH 'REURGUXåQêILOP86$
YVRERWXYH'YQHGČOLYH'
SiYH 3$1'2.21$/é
$NþQtNRPHGLH86$
VRY
+/('È6('25<'
$QLPNRPHGLH86$GDELQJ
QHY
'2%$/('29È
0$087Ë'5&187Ë
$QLPNRPHGLH86$GDELQJ
QHYH +5$3(1ċ=
'UDPD86$
SiYH 6(=1#0.$
VRY .RPHGLHý5
VRYH -$621%2851(
QHYH 7KULOOHU86$
QHY
$1*5<%,5'69(),/08
$QLPNRPHGLH86$GDELQJ
'EUêOHVHSURGiYDMt]D.þQHERVLPĤåHWH
SĜLQpVWYODVWQtSDVLYQtEUêOHQDEi]LSRODUL]DFH
=5&$'/2QH]iYLVOêUHJLRQiOQtþWUQiFWLGHQtN

Podobné dokumenty

REALISMUS

REALISMUS 8GiORVWtRYOLYXMtFtFHOêþHVNêNXOWXUQtåLYRWE\ORSRVWDYHQt1iURGQtKRGLYDGOD=iNODGQtNiPHQ E\OSRORåHQY URFHKRWRYpGLYDGORE\ORRWHYHQRY þHUYQX-Lå]DGYDP VtFHGLYDGORY\ ...

Více

Strategický plán rozvoje města

Strategický plán rozvoje města WWW.ZPRAVODAJMIKULOV.CZ Strategický plán rozvoje města mohou ovlivnit i názory a přání občanů V roce 2010 byl zahájen tříletý projekt „Zefektivnění činnosti městského úřadu Mikulov“. Ten je financo...

Více

Představení kandidátů - leták

Představení kandidátů - leták .ĜLYRNOiWVNRNGHVH]DEêYDOUHDOL]DFtHNRYêFKRYQêFKSURJUDPĤDVSR OXSUDFt V REFHPL RG URNX  E\O PDQDåHUHP SURMHNWĤ D QiVOHGQČ ĜHGLWHOHP þHVNp SRERþN\ PH]LQiURGQt RUJDQL]DFH ...

Více