:<0$56= = 323,2â8

151LHG]LHOD:LHONLHJR3RVWXOXWHJRURNX
2),$5$'2%52:2/1$
*D]HWND3DUDILLSZZL
WHJR$QWRQLHJRZ*GDVNX%U]H(QLH
:<0$56==323,2â8
URGD3RSLHOFRZD²RGVWXOHFLZ\UXV]DMOX
G]LHWHJRGQLDDE\VL
XGDüZGURJ
NX:LHOND
QRF\ 7R G]LH ZLHONLHM SRZDJL DOH WH* MHV]F]H
ZL
NV]HM RELHWQLF\ &]DV NWyU\ UR]SRF]\QDP\
W\PGQLHPRGFLQL
W\MHVWQLHW\ONRSU]H]SURVWR
W
LVNURPQRüDOHUyZQLH*SU]H]Já
ERNRGRW\
NDMFRGQRZ
LRGZLH*HQLH*\FLRZ\FKVLá
6áRFHFRUD]EDUG]LHMZQDGFKRG]FHW\JRGQLH
SU]HS
G]Dü E
G]LH VZRLP FLHSáHP ]LP
/yG L
QLHJ WDP JG]LH V E
G MHV]F]H V]\EFLHM WRSQLHü
%
G SRMDZLDü VL
SLHUZV]H SNL 3U]\URGD EXG]L
VL
GRQRZHJR*\FLD-DNQLJG\ZFLJXURNXPR*
QD WHUD] SU]H*\ü MDN FLOH PLHUü L *\FLH V ]H
VRE]áF]RQHLMDNEDUG]R*\FLHMHVWSURFHVHPQLH
XVWDQQHM SU]HPLDQ\ 'RZLDGF]HQLH *H WDP NZLW
QLH QRZH *\FLH JG]LH Z ]LPLH ZV]\VWNR ]GDZDáR
VL
E\ü PDUWZH L SRMDZLHQLH VL
QRZ\FK VLá *\FLR
Z\FK SR]ZDOD QDP QDPDFDOQLH RGF]XZDü FR ]QD
F]\SU]\JRWRZDüVL
GR:LHONDQRF\
'URJDRGURG\3RSLHOFRZHMGR:LHONDQRF\MHVW
GURJ GR *\FLD 2EU]
G SRV\SDQLD JáyZ SRSLRáHP
MDNLPDPLHMVFHZW\PGQLXZQDV]\FKZLW\QLDFK
SU]\SRPLQDQDPRW\P3RSLyáMHVWZUyZQHMPLH
U]H REUD]HP SU]HPLMDOQRFL MDN L SU]HPLDQ\
3U]\SRPLQDRW\P*HQLFQLHPR*HSR]RVWDüWDNLP
MDNLP MHVW WHUD] :V]\VWNR WDN*H PRMD ZáDVQD HJ
]\VWHQFMD
2GRNRáR,9ZLHNXMHVW]Z\F]DMDE\SU]H]SRVW
SU]\JRWRZDü VL
GR :LHONDQRF\ 6WG WH* WHQ F]DV
RWU]\PDáWDNQD]Z
:]DFKRZDQLXWHJR]Z\F]DMX
]DZDUWDMHVWWH*ZLHONDPGURü*HVNXSLHQLHVL
QD
EDUG]LHMSURVW\PVW\OX*\FLDSURZDG]LGRSRSUDZ\
*\FLDDWDN*HMHJROHSV]HMMDNRFLRUD]GRVWU]HJDQLD
MHJRZL
NV]HMJá
EL7DMHPQLFDGURJLRGURG\3R
SLHOFRZHM GR :LHONDQRF\ PR*H VL
VWDü GOD QDV
F]\PZ\MWNRZ\P0XVLP\VL
ZQLHMMHGQDN]D
QXU]\ü FDá\P VRE 7\ONR ZWHG\ PR*H REMü L
SU]HPLHQLü QDV]H FLDáR GXFKD L GXV]
7D GURJD
PR*H QDV ]DSURZDG]Lü GR MHV]F]H OHSV]HJR VSR
VWU]HJDQLDZLDWDZáDVQHJR*\FLDLRVWDWHF]QLHGR
RGNU\FLD QD QRZR %RJD NWyU\ QLF WDN QLH FKFH
MDN V]F]
OLZHJR L UR]ZLQL
WHJR *\FLD FDáHJR
ZLDWDLZV]\VWNLFKOXG]L
3KLO %RVPDQV QDSLVDá NLHG\ *H SRVW MHVW SUR
FHVHP Z\]ZROHQLD GR UDGRFL *\FLD L SURZDG]L
OXG]L GR QRZHJR VSRVREX *\FLD 6]F]
ü %R*H
ZV]\VWNLPQDW
GURJ
NV.U]\V]WRI
35$&2:,7<3217<),.$7
-$1$3$:â$,,
WHP 2 'XFKX ZL
W\P Z *\FLX .RFLRáD L
ZLDWD
9,, ;;; SRGUy* .ROXPELD L :\
VS\ZL
WHMàXFML
'RNXPHQW .RQJUHJDFML 1DXNL :LD
U\ 2 GXV]SDVWHUVWZLH RVyE KRPRVHNVXDO
Q\FK
;;;,
SRGUy*)UDQFMD
ZLDWR
Z\ ']LH 0R
GOLWZ R 3RNyM Z
$V\*X=XG]LD
áHP SU]HGVWDZL
FLHO ZVSyOQRW
FKU]HFLMDVNLFK
LUHOLJLLZLD
WD
-DQ 3DZHá ,, WR
Z KLVWRULL .R
FLRáD QDMEDU
G]LHM RWZDUW\ QD
LQQH UHOLJLH 3D
SLH* :FLHOD Z
*\FLH SRVWDQR
ZLHQLD 6RERUX
:DW\NDVNLHJR
,,
Z PLHFLH Z )UDQFLV]ND ]JURPD
G]LáUHSUH]HQWDQWyZZLHOXZ\]QDFKU]HFLMD
VNLFK L LQQ\FK UHOLJLL QD ZVSyOQHM PRGOLWZLH
3DSLH*MHVWJRUOLZ\PXF]HVWQLNLHPUXFKXHNX
PHQLF]QHJR D -HGQRü .RFLRáD WR MHGHQ ]
QDMZD*QLHMV]\FKWHPDWyZSDSLHVNLHJRQDXF]D
QLD
;;;,, SRGUy* 'R $]ML L
$XVWUDOLL ] 2FHDQL %DQJODGHV] 6LQJDSXU
)LG*L1RZD=HODQGLD$XVWUDOLD6]HV]HOH
5R]HMU]\MFLHVL
ZRNyáGURG]\PLHV]ND
F\$XVWUDOLLSU]\MU]\MFLHVL
ZDV]HPXZLHONLH
PX NRQW\QHQWRZL 7R MHVW ZDV]H PLHV]NDQLH
QD]LHPL0LHMVFHZDV]\FKUDGRFLLFLHUSLH
WURVNLLQDG]LHL7
G\SURZDG]LWH*ZDV]D$X
VWUDOLMF]\F\GURJDGRGRPX2MFD-H]XV&KU\
VWXVMHVWWGURJ2QMHVWSUDZGL*\FLHP
&DQEHUUDU
,QIRUPDFMH]HEUDáD(O*ELHWD
5RN
2U
G]LH QD ;,; ZLDWRZ\ ']LH
3RNRMX 3RNyM MHVW ZDUWRFL NWyUD QLH ]QD
SRG]LDáyZ
1D]DNRF]HQLH7\JRGQLD0RGOLWZ
R -HGQRü &KU]HFLMDQ SRGF]DV QDER*HVWZD
HNXPHQLF]QHJRZED]\OLFHZL
WHJR3DZáD]D
0XUDPL -DQ 3DZHá ,, ]DSURVLá Z\]QDZFyZ
ZV]\VWNLFK UHOLJLL GR XG]LDáX ZH ZVSyOQ\FK
PRGOLWZDFKRSRNyMGR$V\*X
;;,;SRGUy*,QGLH2GZLH
G]HQLHPLHMVFSDPL
FL0DKDWP\*DQGKLHJR
%\áDWRSLHUZV]DWDNGáXJDSLHOJU]\PND3D
SLH*D GR NUDMX JG]LH FKU]HFLMDQLH VWDQRZL
]QLNRP\SURFHQWRJyáXOXGQRFL0LPREDUG]R
WUXGQHMZW\PF]DVLHV\WXDFMLVSRáHF]QHMZ,Q
GLDFK SU]HGVWDZLFLHOH ZáDG] SU]\MPRZDá\ -D
QD 3DZáD ,, EDUG]R VHUGHF]QLH 2MFLHF ZL
W\
RGSUDZLá 0V]\ Z SU]HZRGQLF]\á ZLHO
NLP VSRWNDQLRP PRGOLWHZQ\P Z\JáRVLá SR
QDGKRPLOLLLSU]HPyZLH0\OSU]HZRG
QL SLHOJU]\PNL E\á\ VSRWNDQLD ] SU]HGVWDZL
FLHODPL UHOLJLL QLHFKU]HFLMDVNLFK 3DSLH* RG
ZLHG]Lá PLHMVFH VSDOHQLD ]ZáRN 0DKDWP\
*DQGKLHJR VSRWNDá VL
] GDODMODP GXFKR
Z\P SU]\ZyGF 7\EHWX Z .DONXFLH VSRWNDá
VL
]0DWN7HUHV2VWDWQLG]LHSLHOJU]\PNL
SRZL
FRQ\ E\á PáRG]LH*\ ] NWyU 2MFLHF
ZL
W\VSRWNDáVL
Z3XQLHL%RPEDMX
'RNXPHQW.RQJUHJDFML1DXNL:LD
U\,QVWUXNFMDRFKU]HFLMDVNLHMZROQRFLLZ\
]ZROHQLX
, ZLDWRZ\ ']LH 0áRG]LH*\
XVWDQRZLRQ\ Z XELHJá\P URNX SU]H] -DQD
3DZáD,,
:L]\WD Z V\QDJRG]H U]\PVNLHM SLHUZV]DZKLVWRULLSDSLHVWZDLDXGLHQFMDGOD
JáyZQHJRUDELQD5]\PX
:L]\WDWDXURVáDGRUDQJLQLH]Z\NáHJRV\P
EROX 2G WDPWHJR F]DVX -DQ 3DZHá ,, QD]\ZD
)\GyZ EUDüPL L SL
WQXMH ZV]HONLH REMDZ\ DQ
W\VHPLW\]PX :L]\W\ Z ZLW\QLDFK LQQ\FK
UHOLJLLLZ\]QDZHV]á\QDVWDáHGRSURJUDPyZ
SDSLHVNLHJRSLHOJU]\PRZDQLD
(QF\NOLND'RPLQXPHW9LYLILFDQ
52.(8&+$5<67,,
áRP2EDWHZ\GDU]HQLDPDMFLVá\]ZL]HN]
XZROQLHQLHP F]áRZLHND RG JU]HFKX 6áRZD
SU]HLVWRF]HQLD PyZL *H (XFKDU\VWLD XVWDQR
ZLRQD]RVWDáDQDRGSXV]F]HQLHJU]HFKyZ
ZL
WRü(XFKDU\VWLLMHVWGODQDVQDMZ\*V]
QRUP *\FLD GODWHJR SRVWDQyZP\ *H Z URNX
(XFKDU\VWLLE
G]LHP\QDFRG]LH*\üZVWDQLH
áDVNL XZL
FDMFHM E\P\ ]DZV]H ]H VSRNRM
Q\PVXPLHQLHPPRJOLZSHáQLXF]HVWQLF]\üZ
(XFKDU\VWLL3RVWDUDMP\VL
E\QDV]D.RPXQLD
ZL
WD SU]\MPRZDQD ] ZLDU L SRER*QRFL
E\áD ZLDGHFWZHP QLH]Já
ELRQHJR 0LáRVLHU
G]LD %R*HJR NWyUH SU]HPLH
QLDVHUFDZLHUQ\FKZZLW\
QLH'XFKDZL
WHJR
3U]\JRWXMP\ VL
QD Já
ER
NLH SU]H*\FLH :LHONLHJR 7\
JRGQLD QD P
N
*ROJRW\ L
PLHUü 6\QD %R*HJR DOH WH*
QD UDGRü :LHONDQRFQHJR
SRUDQND JG\ UR]G]ZRQL VL
G]ZRQ\ L SRSá\QLH QDV]D
SLH GR WURQX %RJD
:HVRá\ QDP G]LH G]L QD
VWDá$OOHOXMD
+HOHQD
3DQQR1LHSRNDODQD
7ZRMD 1LHWNQL
WD GXFKRZD
XURGD MHVW GOD QDV (UyGáHP
XIQRFLLQDG]LHL)DNW*HMHVWHQDV]0DWN
3DQQRZL
WDMHVWGODQDVQDGURG]H*\FLD]D
GDWNLHP ZLHF]QHJR ]EDZLHQLD 'ODWHJR GR
&LHELH 0DU\MR ] XIQRFL VL
XFLHNDP\ 3R
Py* QDP ]EXGRZDü ZLDW QD NWyU\P *\FLH
F]áRZLHND E\áRE\ ]DZV]H PLáRZDQH L EURQLR
QHZV]HONDIRUPDSU]HPRF\RGU]XFRQDDSR
NyMGODZV]\VWNLFKSRV]XNLZDQ\]XSRUHP
3DQQR1LHSRNDODQD:W\PURNX(XFKDU\
VWLLGDMQDPFHOHEURZDüLDGRURZDü ZL
WWD
MHPQLF
&LDáD L .UZL &KU\VWXVD ] RGQRZLRQ
ZLDU L *DUOLZ PLáRFL : 7ZHM V]NROH R
1LHZLDVWR (XFKDU\VW\F]QD QDXF] QDV SDPL
WDü R FXGRZQ\FK G]LHáDFK MDNLFK %yJ QLH
SU]HVWDMH F]\QLü Z VHUFDFK OXG]L = PDWF]\Q
WURVN3DQQR0DU\MRNLHUXM]DZV]HQDV]HNUR
NLQDGURJLGREUD
5]\P 3ODF +LV]SDVNL ;,,U
:\V]XNDáDZPLHVL
F]QLNX5y*DQLHF
)UDQFLV]ND
5R]SRF]áVL
RNUHVERJDW\ZáDVNLRNUHV
:LHONLHJR3RVWXF]DVUR]ZD*DQLD'URJL.U]\
*RZHML*RU]NLFK)DOLF]DVUHNROHNFMLVSRZLH
G]L ZLHONDQRFQHM F]DV SRNXW\ L QDZUyFHQLD
3U]HG QDPL V]F]HJyOQ\ URN URN (XFKDU\VWLL
0DP\ SU]H*\ZDü JR SRSU]H] SU]HPLDQ
QD
V]HMGXV]\SRSU]H]XZUD*OLZLHQLHQDV]HJRVX
PLHQLD : W\P ]DGDQLX SRWU]HED QDP %R*HM
SRPRF\ L SRFLHFK\ %R*HM UDGRFL E\ Z W\P
VPXWNX ELHG]LH QLHGRVWDWNX L SU]\JQ
ELHQLX
GQLD FRG]LHQQHJR WRZD
U]\V]\áD QDP QDG]LHMD
Sá\QFD]ZLDU\ZGREURü
%RJD3DPL
WDMP\ *H
&KU\VWXV 6\Q %R*\ SU]H
V]HGá SU]H] P
N
NRQD
QLH PLHUü L JUyE DOH
ZV]\VWNR SRNRQDá SU]H]
FKZDOHEQH =PDUWZ\FK
ZVWDQLH 0LHMP\ QDG]LHM
Z %R*\P 0LáRVLHUG]LX
-H]XVD*HQDVQLH]RVWDZL
Z VDPRWQ\P ]PDJDQLX
VL
] ORVHP *H SRPR*H
SRNRQDüZV]\VWNLHWUXG\L
SR]ZROL GRF]HNDü OHSV]HM
SU]\V]áRFL
1LHFK WHQ SRVW Z 5RNX (XFKDU\VWLL L GR
ZLDGF]HQLH SRNXW\ SRFLHV] QDV ]DUyZQR
ZWHG\ JG\ SáDF]HP\ SR QDV]\FK ]PDUá\FK
MDNLZWHG\JG\O
NDP\VL
ZáDVQHJRRGHMFLD
]WHM]LHPL3DPL
WDMP\*HG]L
NL=PDUWZ\FK
ZVWDáHPX &KU\VWXVRZL F]HND QDV ZVSDQLDáH
ZLHF]QH *\FLH Z .UyOHVWZLH %R*\P .D*G\
PR*H VNRU]\VWDü ]H VWUXPLHQLD áDVNL Z WU\EX
QDOH SRNXW\ ]QDMZL
WV]HM RILDU\ 0V]\ ZL
WHM ] SRPR\ 0DWNL 0LáRVLHUG]LD NWyUD QLJG\
QLH RGPDZLD SURV]F\P L ZVSDUFLD Z GURG]H
GR GRPX XPLáRZDQHJR V\QD -H]XVD 0LáRVLHU
QHJR
2MFLHF ZL
W\ -DQ 3DZHá ,, SRXF]D QDV R
FLVá\P ]ZL]NX VDNUDPHQWX SRNXW\ L (XFKD
U\VWLLZLDGF]\RW\PEOLVNRüZF]DVLHXVWD
QRZLHQLD W\FK VDNUDPHQWyZ (XFKDU\VWLD ]R
VWDáDXVWDQRZLRQDZ:LHONL&]ZDUWHNSRGF]DV
2VWDWQLHM:LHF]HU]\6DNUDPHQWSRNXW\]DZ
QLHG]LHO
=PDUWZ\FKZVWDQLD 3DVNLHJR SRG
F]DV SLHUZV]HJR XND]DQLD VL
-H]XVD $SRVWR
352(&&/(6,$(73238/2
6327.$1,(:':25=($5786$
3U]HGVWDZLFLHOH Uy*Q\FK UXFKyZ L VWRZD
3DQL (ZD .DPLVND DEVROZHQWND SV\FKR
ORJLL.8/SUDFXMHZSRUDGQLFWZLHURG]LQQ\P
L ]DMPXMH VL
G]LHüPL QLHSHáQRVSUDZQ\PL
']L
NL MHM SRPRF\ ZLHOH RVyE RGNU\áR SUDZ
G]LZ\FKDUDNWHUZL
]LPDá*HVNLHM
3DQ /HFK .XMDZVNL UHDOL]XMH Z WHOHZL]ML
PDJD]\Q\ NDWROLFNLH PL
G]\ LQQ\PL (WRV
3RND]XMH Z W\FK PDJD]\QDFK *H V VSUDZ\
NWyUHPRW\ZXMGRSyMFLD]D&KU\VWXVHP
6áXFKDMF R G]LDáDQLX W\FK ZVSDQLDá\FK OX
G]LQDELHUDP\FK
FLGRSUDF\QDQDV]\FKPD
OXWNLFK SROHWNDFK 3RáDPDOLP\ VL
WH* RSáDW
NLHP L ]áR*\OLP\ VRELH Z]DMHPQLH *\F]HQLD
1D ]DNRF]HQLH NV DUF\ELVNXS 7DGHXV] *R
FáRZVNLSRZLHG]LDá(QHUJLDGXFKRZDG]L
NL
NWyUHM PR*HP\ ]ZDOF]Dü ]áR Z\]ZDOD ZLHON
QDG]LHM
FR GR SU]\V]áRFL OXG]L PLHV]NDM
F\FKQD]LHPLSROVNLHM
8URF]\VWRFLWRZDU]\V]\á\SL
NQHNRO
G\Z
Z\NRQDQLX&KyUX$UFKLNDWHGUDOQHJR]2OLZ\
NWyU\ REFKRG]Lá VZRMH OHFLH &KyU WDN*H
RWU]\PDá2G]QDN
*ZLD]G\:LJLOLMQHM
3R SL
NQHM XURF]\VWRFL SRGEXGRZDQL GX
FKRZRUR]HV]OLP\VL
GRGRPyZ
)UDQFLV]ND
U]\V]H NDWROLFNLFK VSRWNDOL VL
ZH 'ZRU]H
$UWXVDQDUR]GDQLX2G]QDNL*ZLD]G\:LJLOLM
QHM3UR(FFOHVLDHW3RSXOR.RPXZU
F]DQD
MHVWWDRG]QDND"2Wy*RWU]\PXMMRVRE\NWy
UH ]DVáX*\á\ VL
Z Z\MWNRZ\ VSRVyE GOD .R
FLRáDLRMF]\]Q\G]LDáDMFSU]H]ZLHOHODW
: 'ZRU]H $UWXVD ]HEUDáR VL
QDV VSRUD
JURPDGD ] Uy*Q\FK SDUDILL SUH]HQWXMHP\ Uy*
QHUXFK\NDWROLFNLH=QDV]HMSDUDILLE\áD.U\
VW\QD0XFKD5y*D3LyUNRZVND]P
*HPE\
áDPMDE\OLSDVWZRZLWDáRZLHLMHV]F]HNLOND
RVyE = *\F]OLZRFL SU]\VáXFKXMHP\ VL
Z\
PLHQLDQ\P]DVáXJRPRVyERG]QDF]RQ\FK
3DQL -DQLQD %HMQDURZLF] ] *DXGLXP 9LWDH
XUDWRZDáD ZLHOH G]LHFL ]DJUR*RQ\FK DERUFM
RSLHNXMF VL
PáRG\PL PDWNDPL *G\ QLH PD
LQQHM PR*OLZRFL SU]\MPXMH MH GR VZRMHJR
PLHV]NDQLD 3RPDJD WDN*H URG]LQRP ZLHOR
G]LHWQ\P
3DQL *UD*\QD 6LGRURZLF] ]DMPXMH VL
VWDU
V]\PLG]LHüPLSRWU]HEXMF\PLRSLHNL
3DQL *UD*\QD ZLWHFND MHVW OHNDU]HP Z\
MWNRZR RGGDQ\P OXG]LRP L OHNDUVNLHPX SR
ZRáDQLX
'=,.8-(&,3$1,(
=$/$7/<&,$
']L
NXMH&L3DQLH]DPHGáXJLHODWD
Z]GURZLXLZZLHU]HV]F]
OLZLHSU]H*\WH
]DZV]HONLHGREURZW\PF]DVLH]GRE\WH
]D*\FLHSHáQHZLDWáDZNU
JXWHJRZLDWD
7\PQLHPyM%R*HEH]SLHF]QLHSURZDG]LV]
SRW\FKFLHUQLVW\FKQLHUD]]LHPVNLFKGURJDFK
7\ZPRLP*\FLXNRQIOLNW\áDJRG]LV]
SU]\MPXMHV] ] UDGRFL Z VZRLFK ZL
W\FK
SURJDFK
7\PQLHFRG]LHQQLHQDGXFKXSRGQRVLV]
MDNWyU\JU]HFKHPMHVWHPMX*VND*RQ\
7\PRMHQLHSUDZRFLZVZRLPVHUFXQRVLV]
E\PE\áZFDáRFL]7RE]MHGQRF]RQ\
-HVWHPZLDGRP\*HG]L
NL7ZHMáDVFH
PyM-H]X&KU\VWHZ\]QDM
&L
V]F]HU]H
WDNQDWXUDOQLHDQLHZ]áXGQHMPDVFH
MHVWHPV]F]
OLZ\*HMDZ&LHELHZLHU]
%áRJRVáDZ&KU\VWHPRMHGDOV]HODWD
PQLHQLHJRGQHJRVáXJLQLHRSXV]F]DM
ZLHG]*HMDPDUQRüF]áRZLHNWHJRZLDWD
SURV]
VZHMNDU\MX*QDPQLHQLHVSXV]F]DM
7\MHVWHGODPQLH*\FLHPLZLDWáRFL
7\MHVWPQDG]LHMLPRMPLáRFL
6WDQLVáDZ&]RS
$SRVWRá0LáRVLHUG]LD%R*HJRQU
02-(6327.$1,(=3$3,(/(0
3$38$12:$*:,1($
: ODWDFK RVLHPG]LHVLW\FK SUDFRZDáHP ODWZ3DSXL1RZHM*ZLQHLRGURNX2UJD
QL]RZDáHPZVWDFMDFKPLV\MQ\FKEXGRZ
HOHN
WURZQLZRGQ\FKLVWDFMLSRPSGRSRERUXZRG\
] U]HN L SRPSRZDQLH MHM QD Z\VRNLH EU]HJL
3U]HGWHP SUDFRZDáHP ODW Z $IU\FH MDNR Z\
NáGRZFD XQLZHUV\WHFNL L XZD*DáHP *H ]UR]X
PLDáHPF]DUQHJRF]áRZLHNDWURSLNX
7HUD]ZLHP*HWRE\áR]áXG]HQLH*G\]QDOD
]áHP VL
Z SDVWZLH 3DSXD 1RZD *ZLQHD WR
QDZHWSRW\FKNLONXODWDFKDIU\NDVNLFKSRF]X
áHP VL
MDN Z RNUHVLH NDPLHQLD áXSDQHJR%UDN
V]SLWDOLV]NyáGUyJWRMHVWV]HUHJZ\VSQDO
G]LH GR NWyU\FK PR*QD GROHFLHü W\ONR VDPROR
WHP0DáHSU\ZDWQHVDPRORW\XWU]\PXMWNR
QLHF]Q áF]QRü ] Z\EU]H*HP JG]LH GRFLHUD
MDND QDPLDVWND F\ZLOL]DFML 6WDFMH PLV\MQH
SURZDG]RQH SU]H] Uy*QH ]DNRQ\ FKU]HFLMD
VNLH V W NURSHON SU]\V]áRFL GOD WHJR VSRáH
F]HVWZD , ZáDQLH Z 3DSXL ]RVWDáHP ]DDQJD
*RZDQ\GREXGRZDQLDPDá\FKHOHNWURZQLZRG
Q\FK7RE\áREDUG]RWUXGQH]DGDQLHEUDNPD
WHULDáyZ EUDN FKRFLD*E\ PLQLPDOQLH SU]HV]NR
ORQ\FK URERWQLNyZ EUDN NRJR ] NLP PR*QD
E\VL
QDUDG]LüZVSUDZDFKWHFKQLF]Q\FK&]
FLGRPRLFKNRQVWUXNFMLWU]HEDE\áRSU]\ZR]Lü
WUDQVSRUWHP ORWQLF]\P L RVRELVFLH GR]RURZDü
ND*GF]\QQRü
3LV]
WRE\SRND]DüJG]LHE\áHPJG\GRWDU
áDGRPQLHZLDGRPRü*HQDWHQNRQLHFZLDWD
SU]\OHFL2MFLHFZL
W\0RLFKOHERGDZF\]D
F]
OL SODQRZDü Z\SUDZ
QD VSRWNDQLH ] 3DSLH
*HP 3RVWDQRZLáHP SU]\áF]\ü VL
GR JUXS\
SROVNLFK ]DNRQQLNyZ %\á URN OHFLH
HZDQJHOL]DFML WHM Z\VS\ OGX :\EUDOLP\
0RXQW +DJHQ WR ]QDF]\ EUDFLD Z\EUDOL ER
ZLHPE\áRQDMEOL*HMLPLDáRE\üNLONDVSRWND]
3DSLH*HP LQWHUHVXMF\FK RVRE\ GXFKRZQH 0V]D Z Z LQWHQFML HZDQJHOL]DFML VSRWNDQLH
3DSLH*D ] HSLVNRSDWHP L ]DNRQDPL 0LDáR WH*
E\ü VSRWNDQLH ] PáRG]LH* L MD PLPR PRLFK
GRMU]Dá\FKODWSRVWDQRZLáHPQDQLHVL
Z\EUDü
= PRLPL EUDFLV]NDPL XF]HVWQLF]\áHP ZH
0V]\ Z D SRWHP MX* EH] QLFK SRV]HGáHP QD
FRZURG]DMXVWDGLRQXJG]LH]HEUDOLVL
PáRG]L
PLHV]NDF\ 3DSXL 3U]\V]OL Z JUXSDFK NODQR
Z\FK ND*GD ] LQQHM ZLRVNL 6]OL F]
VWR NLOND
GQLQDERVDNDXEUDQLZVSyGQLF]NL]WUDZ\SH
OHU\Q\ ] Z\SUDZLRQHM NRU\ SRPDORZDQL ]
R]GREDPL ] F]HJR VL
WDP GDáR $QL NDZDáND
WNDQLQ\.D*GDZLRVNDPyZLRGPLHQQ\PQDU]H
F]HPFLHNDZ\E\áHPMDNVRELH2MFLHFZL
W\]
W\P SRUDG]L -D PLDáHP ZLHON IODJ
ELDáR
F]HUZRQNWyUDZ]EXG]DáD]DFKZ\WXWXE\OFyZ
1D]EXGRZDQ\PSRPRFLHSRMDZLáDVL
ELDáD
SRVWDüWDNGREU]HPL]QDQD]3ROVNL
, ZV]\VF\ ]JURPDG]HQL ]DF]
OL JUDü L WD
F]\ü.D*GDJUXSDJUDáDFRLQQHJRDOHU\WPE\á
SRGREQ\ZL
FWRQLNRPXQLHSU]HV]NDG]DáR :
RJyOH QLF LP QLH SU]HV]NDG]DáR EDZLOL VL
GR
VNRQDOH 3DWU]\áHP ] SRG]LZHP QD 3DSLH*D MDN
]HZL
WFLHUSOLZRFLF]HNDáSHZQLH]JRG]LQ
D*WURFK
SU]\FLFKQLH3RWHPPyZLáGRQLFKVáR
ZD GREUH NUyWNLPL ]GDQLDPL D WáXPDF] PLHM
VFRZ\ NDSáDQ WáXPDF]\á D ZáDFLZLH RGJU\
ZDá FDáH SDQWRPLQ\ SU]HG ]JURPDG]HQLHP :L
GDü E\áR *H ]JURPDG]HQL GRVNRQDOH UR]XPLHM
WHQM
]\NEDUG]LHMJHVWyZQL*VáyZ
3DSLH*ZWHMV\WXDFMLPLDáWURFK
F]DVX]UR]
EDZLHQLHP L UDGRFL SDWU]\á QD WHQ NRORURZ\
UR]EDZLRQ\ WáXP D *H MD ] ]DSDáHP PDFKDáHP
IODJZL
FPQLH]DXZD*\á3R]GURZLá PQLH JH
VWHP L Z W\P ]XSHáQLH REF\P WáXPLH SRF]XáHP
QLHVá\FKDQZL
(]W\P3DSLH*HP3RODNLHP%\á
PL EOLVNL MDN RMFLHF GURJL MDN QDMEOL*V]\ NUHZ
QLDN &R FKZLOD MHJRZ]URN OHFLDá Z PRLP NLH
UXQNX L VHUGHF]Q\P XPLHFKHP RGSRZLDGDá QD
PRMHSUDZLHPDRU\VNLHZ\F]\Q\
.LHG\ SR ]DNRF]HQLX VSRWNDQLD V]HGá
Z]GáX*SLHUZV]HJRV]HUHJXXF]HVWQLNyZFLVNDá
LP U
FH JáDG]Lá F]DUQH áHENL G]LHFL WDN MDN WR
MHVWQDZV]\VWNLFKVSRWNDQLDFK3U]HSFKDáHPVL
GR SU]RGX L 2MFLHF ZL
W\ XFLVQá WDN*H PRM
SUDZLF
LPLPRWHJRKDáDVXMDNLSDQRZDáXVá\
V]DáHP 6]F]
ü %R*H 2GNU]\NQáHP W\ONR
%yJ]DSáDüPLPR*HZF]HQLHMPLDáHPSU]\JR
WRZDQHFDáHSL
NQH]GDQLHDOHZ]UXV]HQLHRGH
EUDáR PL PRZ
D SR FKZLOL MX* 3DSLH*D SU]\
PQLHQLHE\áR
:UDFDáHPGRPRMHMVWDFMLPLV\MQHMGRPRMHM
SUDF\DOHQD]DZV]HZSDPL
FL]RVWDáPLREUD]
2MFD ZL
WHJR L MHJR XFLVN GáRQL 1LHFK %yJ
PD &L
Z VZRMHM RSLHFH QDV] NRFKDQ\ -DQLH
3DZOH ,, ZVSDQLDá\ 3RODNX FXGRZQ\ F]áRZLH
NXPGU\3DSLH*X
6áDZHN
#:,7$$*1,(6=.$
67<&=1,$
G\SDGáPDUWZ\/HJHQGDPyZL*H$JQLHV]ND
PRGOF VL
SU]\ZUyFLáD PX *\FLH :WHG\ SR
VáXV]Q\ 6HPSURQLXV]RZL V
G]LD VND]Dá
$JQLHV]N
QDVSDOHQLQDVWRVLH:WHG\VWDáVL
FXG SáRPLHQLH QLH GRW\NDá\ FLDáD $JQLHV]NL
6
G]LD SROHFLá *RáQLHU]RZL ]DELü $JQLHV]N
PLHF]HP$JQLHV]N
SRFKRZDQRSU]\9LD1R
PHQWDQD JG]LH REHFQLH Z]QRVL VL
ED]\OLND
Z$JQLHV]NL]D0XUDPL
-X* Z URNX Z\PLHQLD VL
VW\F]QLD
MDNR G]LH RGGDZDQLD F]FL $JQLHV]FH : W\P
GQLX Z NRFLHOH MHM JUREX SDSLH* EáRJRVáDZL
GZD EDUDQNL ] NWyU\FK ZHáQ
X*\ZD VL
GR
Z\NRQDQLD SDOLXV]yZ GOD DUF\ELVNXSyZ
PHWURSROLWyZ $JQLHV]N
QD REUD]DFK SU]HG
VWDZLD VL
]DZV]H ] EDUDQNDPL &]
VWR SU]HG
VWDZLDQD MHVW ] GáXJLPL ZáRVDPL RNU\ZDMF\
PLFDáHMHMFLDáR-HVWWR]ZL]DQH]OHJHQG*H
JG\ SR]EDZLRQR M V]DW RNU\áD VL
SáDV]F]HP
VZRLFK ZáRVyZ 1DMVWDUV]H U\VXQNL SU]HGVWD
ZLDMFH$JQLHV]N
SRFKRG]],9ZLHNX
0
F]HQQLFD XURG]RQD Z ,,, Z Z 5]\
PLH]PDUáDSUDZGRSRGREQLHZU3DWURQ
NDF]\VWRFLG]LHZLFRJURGQLNyZLG]LHFL
)\ZRW Z $JQLHV]NL XFKRG]L ]D MHGHQ ]
QDMVWDUV]\FK WHNVWyZ R *\FLX L P
F]HVWZLH
ZL
W\FK )\ZRWWHQ VSLVDOL ZL
FL $PEUR*\ L
'DPD]\SRZRáXMFVL
QDSU]HND]\XVWQH:H
GáXJ QLFK $JQLHV]ND E\áD FyUN ]DPR*Q\FK
FKU]HFLMDQU]\PVNLFK%\áDQLH]Z\NOHSL
NQD
.LHG\PLDáDODWSRSURVLáMRU
N
V\Q6HP
SURQLXV]DSHUIHNWDPLDVWD$JQLHV]NDRGU]XFL
áD SURSR]\FM
D WDN*HRGU]XFDáD LQQ\FK VWDUD
MF\FKVL
RMHMU
N
2GSRZLDGDáD*HMHVWMX*
SROXELRQDLQQHPX.LHG\V\QSUHIHNWDZGDO
V]\PFLJXSRQDZLDáVZRMHPDá*HVNLHSURSR
]\FMH RSRZLHG]LDáD PX R -H]XVLH &KU\VWXVLH
'R VSUDZ\ ZáF]\á VL
VDP 6HPSURQLXV] D
JG\WH*QLFQLHRVLJQáND]DáG]LHZF]\Q
SRM
PDü L VSURZDG]Lü GR GRPX SXEOLF]QHJR WDP
MHJRV\QSUyERZDá$JQLHV]N
]JZDáFLü,ZWH
#:,(7<.$=,0,(5=
0$5&$
.UyOHZLF] XU SD(G]LHUQLND URNX
.D]LPLHU] OXERZDá GR]JRQQ F]\VWRü ]
XSRGREDQLHPRGGDZDáVL
JRUF\PPRGOLWZRP
Z F]DVLH NWyU\FK FDáNRZLFLH áF]\á VL
] %R
JLHP
: F]DVLH SRGUy*\ QD /LWZ
FL
*NR ]DFKRUR
ZDá L ]PDUá PDUFD URNX =RVWDá SRFKR
ZDQ\ Z NU\SFLH SRG RáWDU]HP 1DMZL
WV]HM
0DULL3DQQ\ZNDWHGU]HZ:LOQLH*G\ZáDG]H
UDG]LHFNLH]DPNQ
á\NRFLyáDQDVW
SQLH]DPLH
QLá\JRZJDOHUL
REUD]yZV]F]WNL.D]LPLHU]D
SU]HQLHVLRQRGRNRFLRáDZL
W\FK3LRWUDL3DZ
áD Z :LOQLH *G\ ZUHV]FLH Z URNX NDWH
GU]H SU]\ZUyFRQR IXQNFMH VDNUDOQH ZUyFLá\ GR
QLHM UHOLNZLH Z .D]LPLHU]D DOH ]RVWDá\
XPLHV]F]RQHQDRáWDU]XZNDSOLF\MHJRLPLHQLD
.DQRQL]DFMD .D]LPLHU]D RGE\áD VL
Z URNX 1D REUD]DFK SU]HGVWDZLDQ\ MHVW Z VWURMX
SROVNLPF]
VWRZNRURQLHQDJáRZLHLEHUáHPZ
U
NX
:\QRWRZDQR]NVL
JLZLHFLQDND*G\G]LH
Z .UDNRZLH ]PDUá PDUFD URNX Z
*URGQLH3DWURQ3ROVNLL/LWZ\PáRG]LH*\]D
NRQXPDOWDVNLHJR
5RG]LFDPL .D]LPLHU]D E\OL .D]LPLHU] -D
JLHORF]\NNUyO3ROVNLLNUyORZD(O*ELHWD5D
NXV]DQND FyUND NUyOD :
JLHU L &]HFK %\á
WU]HFLP V\QHP NUyOHZVNLHM SDU\ .LHG\ PLDá
ODWV]ODFKWDZ
JLHUVNDZ\EUDáDJRQDVZR
MHJR NUyOD :\SUDZDQD :
JU\ VNRF]\áD VL
QLHSRZRG]HQLHPGRNRURQDFMLPáRGHJR.D]L
PLHU]DQLHGRSXFLá0DFLHM.RUZLQNWyU\VDP
FKFLDá E\ü NUyOHP .D]LPLHU] ] WHJR SRZRGX
E\á EDUG]R UDG ERZLHP FKFLDá VL
SRZL
FLü
PRGOLWZLH L VSUDZRP GXFKRZ\P .D]LPLHU]
RG G]LHFND Z\Uy*QLDá VL
Já
ERN SRER*QR
FLZLHONVNURPQRFLLEDUG]RSURVW\PVW\
OHP*\FLD1LH]JRG]LáVL
WH*QDEDUG]RSR*
GDQH SU]H] URG]LFyZ PDá*HVWZR ] FyUN FH
VDU]D)U\GHU\ND,,,
%2/(#:,$7(â.$
&RG]LHQQRüND*GHJR]QDVSU]HSODWDVL
]
RERN QDV 3\WDM GODF]HJR MHVWHP\ VPXWQL
SRFLHV]DMGREU\PVáRZHP0LPRZLHOXVZR
LFK NáRSRWyZ ]QDMGXM F]DV E\ XZD*QLH Z\
VáXFKDüGUXJLHJRF]áRZLHND3RG]LHOVL
ZLH
ORPDGREUDPLZLG]FELHG
LQQ\FK0RGOVL
]D QDV FKRü SHZQLH R W\P QLH ZLHP\ 0DM
F]DVE\]DG]ZRQLüL]DS\WDüR]GURZLHLWDNZ
RJyOHFRVá\FKDü1RV]ZVRELHEH]PLDUFK
FL SRZL
FDQLD VL
LQQ\P 7DN ]Z\F]DMQLH
EH]LQWHUHVRZQLH 6
RERN QDV %yJ VWDZLD
LFKQDQDV]HMGURG]H
&]\ QLH SRZLQQLP\
RGQDOH(ü LFK Z QDV
VDP\FK".D*G\ZVR
ELH"
3RHWND QDSLVDáD NLH
G\
´*UDMP\ 3DQX Z
QLHELRVDFK JUDMP\
3DQXZGROLQDFK
= -HJR ZLDWáHP ZH
ZáRVDFK ND*G\ *\FLH
]DF]\QD´
=RVWDOLP\ QD]QDF]H
QL %R*\P ZLDWáHP
SRZRáDQL GR F]\QLH
QLD GREUD QLHVLHQLD
PLáRFL 0R*H SRJX
ELOLP\SRGURG]HNLO
ND ZD*Q\FK SURPLHQL
WHJR ZLDWáD $OH RQR
MHVWZQDVZLHFLVLO
QLHM OXE VáDELHM DOH
MHVW 'EDMP\ E\ QLH
]JDVáR &]DVDPL F]\
MH GREUH VáRZR
XPLHFK EOLVNRü
GUXJLHJR F]áRZLHND
UR]SDODSáRPLHPR*HOHGZRWOF\VL
&]DVD
PLEáDKHQDSR]yU]GDU]HQLHQLHSU]HZLG]LDQD
RNROLF]QRü SU]\SDGNRZH VSRWNDQLH VHUFH
RND]DQHZQLHV]F]
FLX]DSDODMZQDVQDQR
ZR%R*HZLDWáR
: F]DVLH :LHONLHJR 3RVWX GEDMP\ V]F]H
JyOQLHRND*G\SURP\NWHJRZLDWáDE\ZQLH
G]LHOQ\SRUDQHN]PDUWZ\FKZVWDáRZQDVZLHO
NLPSáRPLHQLHPUD]HP]&KU\VWXVHP
7HUHVD
FRG]LHQQRFL OXG]L NWyU\FK VSRW\NDP\ QD
VZRMHM GURG]H ND*GHJR GQLD )\MHP\ Z RNUH
ORQHM VSRáHF]QRFL SHáQLP\ Uy*QH IXQNFMH
SUDFXMHP\XF]\P\VL
EXGXMHP\QDV]HURG]L
Q\
%yJSRZRáDáND*GHJR]QDVGRZ\SHáQLHQLD
RNUHORQHMPLVML-HVWHP\GOD1LHJRMHGQDNR
ZR ZD*QL
FKRü F]DVDPL
]Z\F]DMQLH SR
OXG]NX ZWSL
P\ Z WR
= Z á D V ] F ] D JG\ GRW\NDM
QDV Uy*QH QLH
V]F]
FLD =D
P\NDP\ VL
ZWHG\ ZH ZáD
VQ\P ZLHFLH
FLHUSLP\ SR
VZRMHPX SU]H
*\ZDP\ EyO
EH]VLOQRFL
1LH ]DXZD
*DP\ *H 2QL
V WDN EOLVNR
WX* RERN &L
NWyU\FK ]V\áD
QDP %yJ FL
NWyU]\QRV]Z
VRELH %R*H
ZLDWáR GREUR
FL *\F]OLZRFL
LPLáRFL
%R*H ZLD
WHáND 6 MDN
SRZLHWU]H SR
WU]HEQH GR *\FLD MDN RGGHFK ]áDSDQ\ SR GáX
JLP F]DVLH EH]GHFKX 5R]ZLHWODM QDP
PURF]Q GURJ
]DJXELHQLD QLF]\P ZLDWHáNR
URUDWQLHJR ODPSLRQX :VND]XM UR]ZL]DQLH
WUXGQ\FK VSUDZ VSRVyE Z\MFLD ] EH]QDG]LHM
QRFL RJU]HZDM VZRLPL XF]XFLDPL QLF]\P
SáRPLH 3DVFKDáX -DN ZLDWáR JZLD]G\ EHWOH
MHPVNLHM SU]\EOL*DM QDV GR %RJD ZVND]XM
GURJ
NX1LHPX
.LP V " 7R ]Z\NOH GREU]\ OXG]LH *\MF\
672/,&$0'52#&,
2':,('=,â$75Ð-0,$672
2G GR VW\F]QLD Z
GURZDáD SR DND
MF\0V]
ZPLHV]F]VL
ZMHMZQ
WU]X'R
GDWNRZR FDá\ NRFLyá PD HOHPHQW\ GHNRUDFML
NWyUH XSRGDEQLDM JR GR ZQ
WU]D XERJLHM VWD
MHQNL
2 JRG] UR]SRF]
áD VL
(XFKDU\VWLD
.RFLyáZPL
G]\F]DVLHZ\SHáQLáVL
PáRG]LH
* DNDGHPLFN 7R RQL DNW\ZQLH XF]HVWQLF]
ZH 0V]\ Z 2QL PyZL 6áRZD PRGOLWZ RQL
QLRV GDU\ RILDUQH -HVW WH* UHNWRU $NDGHPLL
0HG\F]QHM L LQQL QDXF]\FLHOH DNDGHPLFF\
7U]HFK NDSáDQyZ NRQFHOHEUXMH (XFKDU\VWL
:LHORNURWQLH Z W\P NRFLHOH PRGOLáDP VL
Z
WUXGQ\FKGODPQLHFKZLODFK,WHUD]MHVWPLáD
WZRSRJU*\üVL
ZPRGOLWZLH3URV]
6WROLFR
0GURFL PyGO VL
]D QDPL :VWDZLDM VL
]D
PRLPL G]LHüPL RWRF] RSLHN PRMH NRFKDQH
ZQXNLEG(.UyORZ1DURGX3ROVNLHJR
'UXJL UD] Z\EUDáDP VL
QD XURF]\VW 0V]
ZZQLHG]LHO
VW\F]QLDRJRG]GR
.ROHJLDW\ 1DMZL
WV]HJR 6HUFD -H]XVRZHJR
ZH :U]HV]F]X : F]DVLH VWXGLyZ E\áR WX
'XV]SDVWHUVWZR $NDGHPLFNLH L WHUD] WH* MHVW
:VSRPLQDP QDV]HJR ZVSDQLDáHJR GXV]SDVWH
U]DNV0RNU]\FNLHJRGRG]LSDPL
WDPMHJR
SRU\ZDMFH KRPLOLH WX NV]WDáWRZDáD VL
PRMD
RVRERZRüWXGRUDVWDáDPUHOLJLMQLH
.RFLyáMHVWZ\SHáQLRQ\SREU]HJL2JRG]
ZNUDF]DM GHOHJDFMH ZV]\VWNLFK XF]HOQL
*GDVND]HV]WDQGDUDPLF]áRQNRZLHVHQDWyZ
XF]HOQLZXURF]\VW\FKWRJDFKVWH*SU]HGVWD
ZLFLHOH ZáDG] PLDVWD 3R SRFKRG]LH RILFMDO
Q\FKJRFLZNUDF]DSURFHVMDHXFKDU\VW\F]QD]
NV DUF\ELVNXSHP 7DGHXV]HP *RFáRZVNLP
:VSDQLDá\FKyU3ROLWHFKQLNL*GDVNLHMVZRLP
SLHZHPWRZDU]\V]\XURF]\VWRFL-HVWEDUG]R
XURF]\FLHEDUG]RSRGQLROHSHáQDJDOD
1DMZD*QLHMV]D MHVW (XFKDU\VWLD 3R ZVW
S
Q\FK GRGDWNRZ\FK PRGOLWZDFK UR]SRF]\QD
VL
0V]D ZL
WD 3REáRJRVáDZLRQD SU]H] 3D
SLH*DLNRQD0DWNL%R*HM6WROLF\0GURFLMHVW
] QDPL =DPRFRZDQD Z SU]HGQLHM F]
FL SUH
]ELWHULXP MHVW GRVW
SQD GOD ZLHUQ\FK L SU]HG
0V] ZLHOH OXG]L SRGFKRG]LáR L NO
NDáR E\
SU]H] FKZLO
SRPRGOLü VL
GR -H]XVD SU]H]
0DU\M
(ZDQJHOLDR]QDOH]LHQLXOHWQLHJR-H]XVD
GHPLFNLFK NRFLRáDFK WUyMPLDVWD LNRQD 0DWNL
%R*HM6WROLF\0GURFL7HQZL]HUXQHN0DWNL
%R*HMSRZVWDáSU]HGF]WHUHPDODW\Z5]\PLH
-HJRWZyUFMHVWFKRUZDFNLMH]XLWD0DUNR,YDQ
5XSQLN Z\NáDGRZFD WHRORJLL GXFKRZRFL QD
3DSLHVNLP,QVW\WXFLH:VFKRGQLP,NRQD6HGHV
6DSLHQWLDH WDN SR áDFLQLH EU]PL MHM W\WXá ]R
VWDáDXURF]\FLHSRZL
FRQDSU]H]-DQD3DZáD
,,LSRGDURZDQDZLDWX2GWHMSRU\RGZLHG]D
Uy*QH FHQWUD XQLZHUV\WHFNLH ERZLHP GR VWX
GHQWyZ L SUDFRZQLNyZ QDXNRZ\FK XF]HOQL
SU]HGHZV]\VWNLP]RVWDáDZ\VáDQD%\áDMX*Z
5RVML+LV]SDQLL,UODQGLL6]NRFML$QJOLL&KL
OHL*UHFML7HUD]Z
GUXMHSR3ROVFH
'DZQH WR F]DV\ JG\ E\áDP VWXGHQWN DOH
*HPGURFLQDVWDURüEDUG]RSRWU]HEDSRVWD
QRZLáDP Z PLDU
PR*OLZRFL XF]HVWQLF]\ü Z
PRGOLWZDFKSU]HG0DU\M6WROLF0GURFL
VW\F]QLD XGDáDP VL
GR .RFLRáD 0DWNL
%RVNLHM &]
VWRFKRZVNLHM ZH :U]HV]F]X :
NRFLHOH SDQRZDáD FLV]D LQG\ZLGXDOQ\FK PR
GOLWZ ,NRQD E\áD Z\VWDZLRQD SU]HG SUH]ELWH
ULXP WDN *H ND*G\ XF]HVWQLF]F\ Z DGRUDFML
PyJá]EOL*\üVL
GRQLHM-HVWWRPR]DLNDED
MHF]QLH NRORURZD SHáQD EODVNyZ L ]áRFH
&KDUDNWHU\VW\F]QH MHVW FHQWUDOQH XV\WXRZDQLH
SRVWDFL-H]XVDWR2QMHVWZFLHORQ0GURFL
%R* 0DU\MD MHVW MHJR WURQHP 3UDZD GáR
&KU\VWXVD XQLHVLRQD MHVW NX JyU]H JHVWHP QD
XF]DQLD=ZyMWU]\PDQ\ZOHZHMU
FHV\PEROL
]XMH3UDZR1RZHJR3U]\PLHU]DSUDZRPLáR
FL 0DU\MD XND]XMH -H]XVD OXGRZL E
GF W
NWyUD MHVW 0X QDMEOL*V]D MHVW RVRE NWyUD Z
GRVNRQDá\VSRVyE]Já
ELáDRGF]\WDáDLZ\SHá
QLáD1RZH3U]\ND]DQLH
7DNLHUR]ZD*DQLHQDWHPDWLNRQ\SURZDG]L
NDSáDQNWyU\ZPL
G]\F]DVLHGRáF]\áGRPR
GOF\FKVL
7HUR]ZD*DQLDZ]PDFQLDER*RQD
URG]HQLRZ\ Z\VWUyM NRFLRáD &DáD SU]HVWU]H
]DPLHQLRQD MHVW Z VWDMHQN
MDNE\ SRWUyMQLH
3U]HG RáWDU]HP MHVW PLHMVFH XURG]HQLD &KU\
VWXVD ]H *áRENLHP ILJXUDPL ZL
WHM 5RG]LQ\
SDVWHU]\ NUyOyZ LWG $OH VDP RáWDU] MHVW REX
GRZDQ\ L ]QDMGXMH VL
ZHZQWU] GX*HM V]RS\
]DMPXMFHMFDáHSUH]ELWHULXPLNDSáDQLVSUDZX
&LJGDOV]\QDVWURQLH
-HGQR]DZ*G\QLHFKE
G]LHPSRGVNU]\GáD
PL7ZHPL
3LHSU]HEU]PLDáDD0V]DZELHJQLHGD
OHM 3U]H*\ZDP\ M MDN NWR SRWUDIL .RPXQLD
Z SURZDG]L QDV GR RáWDU]D 7HUD] QDSUDZG
MHVWHP\SRGVNU]\GáDPL7ZHPL
3R]DNRF]HQLX(XFKDU\VWLL.V$UF\ELVNXS
PRGOLVL
]ZLHUQ\PLSU]HG0DWN%R*6WROL
F0GURFL2GPDZLDP\/LWDQL
/RUHWDVN
DQD]DNRF]HQLHXURF]\VWRFL
$NW=DZLHU]HQLD
URGRZLVN$NDGHPLFNLFK7UyMPLDVWD
0DU\L6WROLF\0GURFL
0DWNR%R*D6WROLFR0GURFL
0LáRü L PGURü 7ZRMHJR 6HUFD UDGRVQD
KRMQDLSHáQD*\FLDVNáDQLDMQDVGRFDáNR
ZLWHJR SRZLHU]HQLD VL
7RELH 7\ E\áD L
MHVWH ] QDV QDMEOL*HM -H]XVD 2EUD]X %RJD
QLHZLG]LDOQHJR %RVNLHM 0GURFL 'DZF\
PLáRFLZV]HONLHJRGREUDRUD]SL
NQD
3DWU]F QD 7ZyM :L]HUXQHN SRZLHU]DP\
&L URGRZLVNR $NDGHPLFNLH QDV]HM $UFKL
GLHFH]ML ZV]\VWNLFK W\FK NWyU]\ G* GR
SR]QDQLDSUDZG\RZLHFLHLF]áRZLHNX
:VSLHUDM Z\VLáNL OXG]NLHJR XP\VáX GRGD
ZDM]DSDáXLRWZLHUDMQDSUDZG
XF]RQ\FKL
SURIHVRUyZ
1LHFK E
G FKOXE QDV]HM RMF]\]Q\ RUD]
SUDZG]LZ\PL PLVWU]DPL GOD VZRLFK
XF]QLyZ
7RELH SRZLHU]DP\ PáRG]LH* DNDGHPLFN
MHM Z\VLáNL L SUDF
MHM PáRG]LHF]H VHUFD
XP\Vá\ RUD] GRUDVWDQLH L Z]URVW Z ZLHU]H
.RFLRáD
1LHFKZLHUQDLGHDáRZL(ZDQJHOLLF]\VWDZ
XF]XFLDFKáDJRGQDLGREUDRGZD*QDLP
GUD ]DZV]H E
G]LH JRGQD SU]\MD(QL 7ZRMHJR
6\QD
6WROLFR0GURFL
6SUDZDE\ZV]\VF\NRFKDOL7ZRMHJR6\QD
E\VáX*\OL-HPXLEOL(QLP
$E\SDPL
WDOLRPGURFLSá\QFHM].U]\
*DE\ZLG]FSRNRU
-H]XVDXNU]\*RZDQHJRL
]PDUWZ\FKZVWDáHJR SDPL
WDOL R FLHUSLF\FK L
SRWU]HEXMF\FK
1DXF]QDVZV]\VWNLFK *\ü PLáRFL7ZRMH
JR6\QDDE\P\PRFMHMSRW
JLSRWUDILOLEX
GRZDü ZLDW ZROQ\ RG SU]HPRF\ L ]áD ZLDW
OXG]LV]DQXMF\FKND*GHJRF]áRZLHND
6SUDZ 0DWNR DE\P\ ]DZV]H SR]RVWDOL
G]LHüPL%RJDSUDZG]LZHM0GURFL
$PHQ
&LJGDOV]\]HVWURQ\
Z ZLW\QL MHVW WDN Z\PRZQD D -H]XV QD LNR
QLHWRWDNLZáDQLHNLONXQDVWROHWQLFKáRSLHF
+RPLOL
JáRVLá .V $UF\ELVNXS UR]ZLMDMF
W\WXá LNRQ\ L SRGNUHODMF ZLHORZLHF]Q\ NXOW
0DU\L Z QDV]\P QDURG]LH : F]DVLH RILDURZD
QLD &KyU 3ROLWHFKQLNL ]DSLHZDá MHGQ ] QD
V]\FK SL
NQLHMV]\FK PRGOLWZ NWyU ]RVWDZLá
QDP-DQ.RFKDQRZVNL
&]HJR FKFHV] RG QDV 3DQLH ]D 7ZH KRMQH
GDU\"
&]HJR ]D GREURG]LHMVWZD NWyU\FK QLH PDV]
PLDU\"
.RFLyá &L
QLH RJDUQLH ZV]
G\ SHáQR &LH
ELH
,ZRWFKáDQLDFKLZPRU]XQD]LHPLLZQLH
ELH
0\OLQDV]HELHJQ]DSL
NQ\PLVáRZDPLSR
HW\ &]XMHP\ W ZLHONRü 0GURFL %R*HM MHG
QRF]\P\VL
ZPRGOLWZLHSURZDG]HQLSLHQL
%G(QDZLHNLSRFKZDORQQLHPLHUWHOQ\3D
QLH
7ZRMDáDVND7ZDGREURüQLJG\QLHXVWDQLH
&KRZDMQDVSyNLUDF]\V]QDWHMQLVNLHM]LH
PL
'52*$.5=</2:$
6WDFMD,
3DQ-H]XVQDPLHUüVND]DQ\
6WDFMD,,
3DQ-H]XVELHU]HNU]\*QDVZHUDPLRQD
6WDFMD,,,
3DQ-H]XVXSDGDSRUD]SLHUZV]\
6WDFMD,9
3DQ-H]XVVSRW\NDVL
]1DMZL
WV]0DWN
VZRM
6WDFMD9
6]\PRQ &\UHQHMF]\N SRPDJD QLHü NU]\*
3DQX-H]XVRZL
6WDFMD9,
ZL
WD :HURQLND WZDU] 3DQD -H]XVD NUZL
]EURF]RQRFLHUD
6WDFMD9,,
3DQ-H]XVXSDGDSRUD]GUXJL
6WDFMD9,,,
3DQ-H]XVSRFLHV]DSáDF]FHQLHZLDVW\
6WDFMD,;
3DQ-H]XVXSDGDSRUD]WU]HFL
6WDFMD;
3DQ-H]XV]V]DWREQD*RQ\L*yáFLQDSRMRQ\
6WDFMD;,
3DQ-H]XVGRNU]\*DSU]\ELW\
6WDFMD;,,
3DQ-H]XVXPLHUDQDNU]\*X
6WDFMD;,,,
3DQ-H]XV]GM
W\]NU]\*D
6WDFMD;,9
3DQ-H]XVGRJUREX]áR*RQ\
32%â2*26â$:,21(=:,=.,0$â/(6.,(
*58'=,(67<&=(
: URNX Z SDUDILL ]DZDUáR VDNUDPHQW
PDá*HVWZDSDU
6W\F]H
*OHQQ:DOGRFNL$OHNVDQGUD&KPLHOHZVND
0LFKDá6\NXFNLL0DáJRU]DWD3DV]NR
*UXG]LH
0DUFLQ,OF]XNL'RURWD%UyVNRZVND
0DUFLQ'UHZHNL6DELQD.OLVND
àXNDV]0XODUF]\NL6\OZLD0DUFLQLDN
35=<-&, '2 :63Ð/127< 3$5$),$/1(- 35=(= &+5=(67 #:
*58'=,(67<&=(
*UXG]LH
.DFSHU-DQ,OF]XN
.U]\V]WRI5RPDQ)ELNRZVNL
3LRWU%ROHVáDZ3RSáDZVNL
$GDP3U]HP\VáDZ5RJDF]HZVNL
$JDWD.DWDU]\QD'HWWODII
0DUW\QD*UD*\QD%ODMGD
5R]DOLD0DUWD'EURZVND
.DURO.XOLNRZVNL
$PHOLD'RPLQLND=DUHPEVND
-DNXE*UDEDUF]\N
-DNXE.XOL]LDN
2ODI6HEDVWLDQ2EROHZLF]
.DPLO-DNXE7XURZLHFNL
0DOLQD.U]\ZR
:URNXZSDUDILLE\áRFKU]WyZ
G]LHZF]\QHNLFKáRSFyZ
6W\F]H
'RPLQLN'DQLHO:LHU]ELFNL
0DWHXV]-DQ3DZáRZVNL
0LFKDá'RPLQLN.UDXVH
$OLFMD*XPNRZVND
0DWHXV]0DULXV].DV]XERZVNL
=$61/,:3$18
*58'=,(67<&=(
*UXG]LH
=RILD6LHOHZLF]O
$QGU]HM&LVHOVNLO
=\JPXQW.LHáSLVNLO
.U]\V]WRI)HOLFKRZVNLO
(GZDUG.XEDVLVNLO
+HQU\N5\QNRZVNLO
$QLHOD3LOFKO
$QGU]HM%XJDOVNLO
-HU]\*LáRZLFNLO
)ORULDQ.U\]DO
-DGZLJD:\VRFNDO
3LRWU:RMG\UO
6WDQLVáDZ+HMPDQO
: URNX Z SDUDILL E\áR SRJU]HEyZ P
*F]\]QNRELHW
6W\F]H
+HOHQD.R]LVNDO
=RILD'HPLDQLXNO
2WWRQ)HLVWQHUO
5RPDQD'DQLOXNO
0DULD2UOLWDO
0DULD5XWNRZVNDO
$QGU]HM2ZVLDQLNO
-DQ.OHLQVFKPLGWO
/8'80Ð-/8'8
&Ð/(0&,8&=<1,â
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFL
Z\]ZROLá]PRF\)DUDRQD
$W\PLZáR*\áNU]\*QDPHUDPLRQD
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFL
ZSURZDG]LáZNUDMPLRGHPSá\QF\
7\PL]JRWRZDáPLHUFL]QDNKDELF\
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFLHELHV]F]HSLáZLQQLFRZ\EUDQD
$W\PQLHRFWHPSRLáVZHJR3DQD
06=(#:,7(
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DP GOD FL
VSXV]F]Dá QD (JLSW NDUDQLH D W\
PQLHZ\GDáQDXELF]RZDQLH
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFLHELHNDUPLáPDQQ\UR]NRV]DPL
7\PLRGSáDFLáSROLF]NRZDQLDPL
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFLGDáEHUáR-XG]LHSRZLHU]RQH
$W\PLZWáRF]\áFLHUQLRZDNRURQ
/XGXPyMOXGXFy*HPFLXF]\QLá
:F]\PHP]DVPXFLáDOERZF]\P]DZLQLá
-DPFL
Z\Z\*V]\áPL
G]\QDURGDPL
7\PQLHQDNU]\*XSRGZ\*V]\á]áRWUDPL
%,8523$5$),$/1(
3RQLHG]LDáHNSLWHN
*RG]L
ZWRUHNJRG]
1LHG]LHOD
SLWHNJRG]
VRERWDJRG]
:\GDZFD
3DUDILD5]\PVNR.DWROLFND
SZZ$QWRQLHJR
Z*GDVNX%U]H(QLH
XO'ZRUVND*GDVN
WHO
*D]HWN
UHGDJXMH ]HVSyá SRG SU]HZRGQLFWZHP NV
.U]\V]WRID 2VRE\ SUDJQFH ] QDPL
ZVSyáSUDFRZDü SURVLP\ R NRQWDNW SRG QU WHO (O*ELHWD OXE OLVW\ QD DGUHV SDUDILL ] GRSLVNLHP Å'R
UHGDNFML´
5HGDNFMD ]DVWU]HJD VRELH SUDZR GR VNUDFDQLD L
DGMXVWDFML WHNVWyZ RUD] ]PLDQ\ W\WXáyZ 0DWHULDáyZ QLH
]DPyZLRQ\FKQLH]ZUDFDP\
6NáDGLáDPDQLH
-XVW\QNDMPLOXVLD#RSOL:RMWHNZNRQNHO#ZSSO