ukázka - Rubico

6WUDVWLRWFHYODVWL
1HPRFLDVPUW.DUOD,9
.UiO D FtVDĜ .DUHO ,9 SDWĜt QHVSRUQČ N QHMYČWãtP RVREQRVWHP þHVNêFK GČMLQ 7DNWR MH ]DSViQ L Y
REHFQpPSRYČGRPt2WFHPYODVWLMHMSRSUYpQD]YDOYSRKĜHEQtĜHþL9RMWČFK5DĖNĤY]-HåRYDSURIHVRU
D UHNWRU SDĜtåVNp 6RUERQQ\ NDQRYQtN D VFKRODVWLN SUDåVNp NDSLWXO\ VY 9tWD 7LWXO ĜtPVNêFK FtVDĜĤ
ÄSDWHUSDWULDH³VHRYãHPYWpWREČSRXåtYDOEČåQČDYê]QDPNWHUêPiSURQiVGQHVGRVWDODåYREGREt
URPDQWLFNpKRGČMHSLVHFWYtVWROHWt=iVOXK\.DUOD,9R]YHOHEHQtýHVNpKRNUiORYVWYtYãDNX]QiYDOL
XåMHKRVRXþDVQtFLDRGND]YHONpKRSDQRYQtNDMHQHRGP\VOLWHOQRXVRXþiVWtQDãtQiURGQtLGHQWLW\7ČåNR
VLSĜHGVWDYLW3UDKXEH].DUORYDPRVWX.DUORY\XQLYHU]LW\QHER1RYpKR0ČVWD'RViKQRXWWDNRYpKR
YêVOHGNXE\ORRWRWČåãtåH.DUHO]GČGLOýHVNpNUiORYVWYtYHãSDWQpPVWDYXSR]QDPHQDQpGORXKRGRERX
QHSĜtWRPQRVWtDQH]iMPHPNUiOH-DQD0pQČVHXåPOXYtRWRPåH-DQ/XFHPEXUVNêSĜLSUDYLOVYpPX
V\QRYL YHOPL GREURX SR]LFL QD NROELãWL PH]LQiURGQtP D Y\WYRĜLO PX WDN YODVWQČ SRGPtQN\ N MHKR
SR]GČMãtPXYHOH~VSČãQpPXSDQRYiQt.G\E\.DUHOQHE\OĜtPVNêPFtVDĜHP3UDKDE\QHE\ODPHWURSROt
ĜtãHDYãHE\E\ORMLQDN
9ãHVWUDQQêUR]YRM3UDK\GRE\.DUORY\VtODMHKRRVREQRVWLDNRVPRSROLWQtYHONRU\VRVWFtVDĜVNpKR
GYRUDWRYãHWYRĜLORDWPRVIpUXNWHUiSĜLWDKRYDODGDOãtY\QLNDMtFtRVREQRVWL3ĜLSRPHĖPHWĜHED3HWUD
3DUOpĜHNWHUêGtN\FtVDĜRYXMDVQR]ĜLYpPXUR]KRGQXWtPRKOMDNRGYDFHWLOHWêPODGtNVWDQRXWYþHOHSUDåVNp
NDWHGUiOQtKXWLDVYêPJHQLiOQtPGtOHPXUþLWVPČUYêYRMHJRWLFNpKRVORKXYHYHONpþiVWL(YURS\1HER
0LVWUD7KHRGRULNDNWHUêVYêPLSV\FKRORJL]XMtFtPLSRUWUpW\UR]ELOVHYĜHQtJRWLFNpKRNiQRQXRWHYĜHO
FHVWXNPDOEČQRYpHSRFK\DMHKRåGtORSURWRSDWĜtNYUFKROĤPJRWLFNpGHVNRYpPDOE\YĤEHF.DUHO
,9WHG\PXVHOPtWYHGOHVYêFKþDVWRGLVNXWRYDQêFKYODGDĜVNêFKDSROLWLFNêFKVFKRSQRVWtLVFKRSQRVW
UR]SR]QDWPLPRĜiGQêWDOHQWDWHG\LNYDOLW\XPČOHFNpKRGtODFRåY\åDGXMHVWHMQRXYQtPDYRVWDKOXERNê
YKOHGMDNêPGLVSRQXMHViPXPČOHF0XVHOEêWVNYČOêSV\FKRORJVFKRSQêY\EUDWVLÄVYpOLGL³GiWMLP
QDMHYRGĤYČUXDVYČĜLWMLP]RGSRYČGQRVW
'LNWDWXUDPyG\E\ODYREGREtYUFKROQpJRWLN\WDN
PRFQi åH Mt SRGOHKO\ L VLOQp RVREQRVWL MDNR E\O FtVDĜ
.DUHO,97XWRVODERVWSRQČP]GČGLOLMHKRV\Q9iFODY
,93iQVNpNDOKRW\þLVStãSXQþRFK\E\O\VWiOHSĜLOpKD
YČMãtþDVWRVNDåGRXQRKDYLFtMLQpEDUY\VXNQLFHDND
EiWFHVWiOHNUDWãtWČVQČSRGSDVDãSLFHERWWDNGORXKp
åHWpPČĜ]QHPRåĖRYDO\FKĤ]L1DNRQHFPXVHOQHMYČW
ãtPYêVWĜHGQRVWHPYREOpNiQt]DPH]LW]YOiãWQt]iNRQ
5\WtĜVNp WXUQDMH NOiQt E\O\ QHMREOtEHQČMãt ]iEDYRX VWĜHGR
YČNpãOHFKW\=iEDYRXQDWROLNQHEH]SHþQRXåH]WUiW\QDåLYRWHFK
E\O\SĜLWXUQDMtFKQDVNORQNXVWROHWtYČWãtQHåYELWYiFK1H
~QRVQêVWDY]PČQLODDåSĜtVQiSUDYLGODDRPH]HQtRWČåNp~UD]\
YãDNSĜLWpWRWYUGp]iEDYČQHE\ODDQLSRWRPQRX]H.UiORYpDYp
YRGRYpPČOLWXUQDMHSRĜiGDWQHYQLFKERMRYDW3URWRE\ORFKRYiQt
NUiOHDFtVDĜH.DUOD,9WDNVNDQGiOQt9HONêSDQRYQtN]NURWLOVYRX
ÄVSRUWRYQt³YiãHĖDåNG\åKRNWRPXGRQXWLO\QiVOHGN\MHGQRKR
]PQRKD]UDQČQt
,ÄQHMYČWãtýHFK³YãDNPČOVYpVWLQQpVWUiQN\-HG
QRX]QLFKE\OY]WDKNäLGĤP9]KOHGHPNGRERYêP
VRXYLVORVWHPDSR]LFLÄQHMNĜHVĢDQãWČMãtKRSDQRYQtND³
VLFH QHPĤåHPH SRVX]RYDW .DUORYR MHGQiQt NULWpULL
GQHãND SĜHVWR YãDN Y\SRYtGi R WRP åH RWHF YODVWL
E\OVFKRSHQMHGQDWWYUGČDEH]RKOHGQČDWRGRNRQFH
VH]LãWQêPFtOHP5RNXQDSĜtNODGYČQRYDOPDU
NUDEČWL/XGYtNX%UDQLERUVNpPXÄWĜLGRP\QHMOHSãtFK
äLGĤ«EU]\SRWRPFREXGRXSRELWL³'RYROLOWHG\
]DEDYHQt PDMHWNX QRULPEHUVNêFK äLGĤ L MHMLFK EH]
WUHVWQpSRYUDåGČQtEDSĜtPRNQČPXY\]YDO3RGRE
QČVLSRþtQDOLYH)UDQNIXUWX.UiWFHQDWRSDNSRYROLO
VURYQDWVH]HPtFHORXQRULPEHUVNRXåLGRYVNRXþWYUĢ
D SĜHGHP DPQHVWRYDO QiVOHGXMtFt SRJURP SĜL QČPå
E\OR]DYUDåGČQRäLGĤ3RNXGE\QČNGRFKWČOLQ
WHUSUHWRYDWW\WRVNXWN\MDNRGRERYČVXURYRXDOHSĜHFH
MHQYtURXPRWLYRYDQRXVQDKXRÄRþLãWČQt³NĜHVĢDQVWYt
SDNMHWĜHEDSĜLSRPHQRXWåHþHVNpäLG\FtVDĜWROHUR
YDODXþLQLOVL]QLFKY\GDWQêDQHY\V\FKDMtFt]GURMSĜt
MPĤ-HKRFKRYiQtNäLGĤPWHG\QHE\ORPRWLYRYiQR
QiERåHQVN\QêEUåMHQDSRX]HFKODGQRXNDONXODFt
*UD¿N 2OGĜLFK .XOKiQHN SĜL Y\WYiĜHQt SRUWUpWX
.DUOD,9SURVWRNRUXQRYRXEDQNRYNXXåEUDOY~YDKX
PRGHUQtDQWURSRORJLFNpUHNRQVWUXNFHFtVDĜRY\SRGRE\
D]DFK\WLOLGHIRUPDFLNRĜHQHQRVX
/iVNDYGRPČKDEVEXUVNpP
)HUGLQDQG7\UROVNêD)LOLSLQD:HOVHURYi
%\OR ~GČOHP KODY SRPD]DQêFK åH SĜHG OiVNRX PČO\ YåG\ SĜHGQRVW G\QDVWLFNp D SROLWLFNp ]iMP\
2VWDWQČSDQRYQtFLPČOLLYMLQêFKVPČUHFKPiORVYRERG\3ĜHVWRVHQDMGRXYKLVWRULLSĜtEČK\NWHUpMVRX
WČPLSĜtVORYHþQêPLYêMLPNDPLSRWYU]XMtFtPLSUDYLGOR7DNRYêPWpPČĜSRKiGNRYêPSĜtEČKHPMHKLVWR
ULHOiVN\DUFLNQtåHWH)HUGLQDQGD,,]URGXUDNRXVNêFK+DEVEXUNĤDNXSHFNpGFHU\)LOLSLQ\:HOVHURYp
0ODGêDUFLNQtåHE\OY]GČODQêDNXOWLYRYDQêVãLURNêPLNXOWXUQtPL]iMP\6EtUDOXPČOHFNiGtODR
XPČQtVHYãDN]DMtPDOLDNWLYQČMDNMHYLGČW]SR]GČMãtKRQiYUKXOHWRKUiGNX+YČ]GD3OiQ\SR]RUXKRGQp
VWDYE\WRWLåY\SUDFRYDORQViPDGRKOtåHOSDNLQDUHDOL]DFLâORSĜLWRPQHMHQRDUFKLWHNWXUXQêEUåY
VRXODGXVGRERYêPLWUHQG\RW]Y¿ORVR¿FNRXVWDYEXMHMtåSĤGRU\VIRUP\LGHWDLO\Y\MDGĜRYDO\V\P
EROLFNRXIRUPRX¿ORVR¿FNpQi]RU\äHQVNpSĤYDE\QHPRKO\VDP\RVREČWRKRWRKORXEDYpKRPODGpKR
PXåHWUYDOHML]DXMPRXW
)LOLSLQD:HOVHURYi E\OD YãDN YêMLPHþQi åHQD9]GČODQi PRXGUi D ODVNDYi YQtPDYi QiERåHQVN\
WROHUDQWQt D WDNp YHOPL NUiVQi 9H VYêFK WpPČĜ WĜLFHWL OHWHFK E\OD VWiOH VYRERGQi 2 QiSDGQtN\ VLFH
QHPČODQRX]LåiGQê]QLFKMLYãDNQH]DXMDO.G\åVHWLWRGYDYêMLPHþQtOLGpURNXQD]iPNXY
%ĜH]QLFLVH]QiPLOLREDSR]QDOLåHMHWRRVXGRYpVHWNiQt.RQHþQČQDãOLVSĜt]QČQRXGXãL$UFLNQtåHVH
]DPLORYDODE\ORFKRWHQSRGVWRXSLWMDNRXNROLREČĢDE\PRKOV)LOLSLQRXVGtOHWVSROHþQêåLYRW$REČWL
E\OR]DSRWĜHEt%\ODWXSĜHNiåNDWpPČĜQHSĜHNRQDWHOQi)LOLSLQDSRFKi]HOD]URGLQ\VLFHERKDWpSĜHFH
MHQYãDNPČãĢDQVNpNXSHFNp7DNQHURYQêVĖDWHNE\OYMHGQRP]QHMYê]QDPQČMãtFKSDQRYQLFNêFKURGĤ
NĜHVĢDQVNpKRVYČWDQHP\VOLWHOQê
$XJãSXUãWt:HOVHURYp]ERKDWOLQD]iPRĜVNpPREFKRGXKODYQČVNRĜHQtPDSDWĜLOLNQHMPDMHWQČMãtP
URGLQiP(YURS\3ĜHGVWDYXRMHMLFKSRKiGNRYpPERKDWVWYtQiPGiYiWĜHED]i]QDPRWRPåH)LOLSLQLQ
VWUêF%DUWRORPČM:HOVHUMDNRKODYDURGXSĤMþLOFtVDĜL.DUOX9GYDQiFWWXQ]ODWD5RNXY\SUDYLOL
)LOLSLQLQDWHWD.DWHĜLQD]/RNãDQXPRåQLODPLOHQFNpPXDSR]
GČMLPDQåHOVNpPXSiUXWDMQpVFKĤ]N\QDVYpP]iPNXY%ĜH]QLFLD
SHþRYDODRMHMLFKSUYQtGtWČ3R]GČMLMHSURYi]HODGR7\URO7DNpWDP
E\ODVYpQHWHĜLYČUQRXSĜtWHON\QtSRPRFQLFtDVFKRSQRXKRIPLVWU\
QtURGLQ\.G\å]HPĜHOD)HUGLQDQGMLQHFKDO]YGČþQRVWLY\VWDYČW
NUiVQêSRPQtN8þLQLOWDNRYãHPYKOXERNpPVPXWNXSURWRåHMHKR
PLORYDQiåHQDSĜHåLODVYRXWHWXRSRXKêFKGHVHWGQt
:HOVHURYpRVPORGtVQLPLåGRE\OL9HQH]XHOXDGUåHOL
MLSDNQČMDNêþDVMDNRÄVRXNURPRXNRORQLL³3DQRYQtFL
VLVLFHRGPČãĢDQVNêFKEDQNpĜĤSĤMþRYDOLPH]LREČ
PDVWDY\YãDN]HODQHSĜHNURþLWHOQiSURSDVW
)HUGLQDQG VL E\O YČGRP PRåQêFK QiVOHGNĤ 3ĜHV
WR XSRVOHFKO KODVX VYpKR VUGFH D SR URFH REþDVQêFK
VFKĤ]HNYVRXNURPtEĜH]QLFNpKR]iPNX]GHX]DYĜHOV
)LOLSLQRXWDMQêVĖDWHN6YČGN\E\OLKRVWLWHONDD)LOLSL
QLQDWHWD.DWHĜLQD]/RNãDQMHMtV\Q)HUGLQDQGDKUDEČ
)UDQWLãHN7KXUQRGGiYDMtFtP]SRYČGQtN-DQGH&DYD
OHULL %\OR YãDN GRKRGQXWR åH VNDQGiOQt PDQåHOVWYt
]ĤVWDQHXWDMHQRGRNXGQHQDVWDQHYKRGQiFKYtOHDE\VL
)HUGLQDQGY\PRKORWFRYRRGSXãWČQt0ODGê/DGLVODY
]HâWHUQEHUNDSĜHY]DO~ORKXSRVODPDQåHOVNpKRSiUX
-DNR]iPLQNDNHVFKĤ]NiPE\O\QD%ĜH]QLFLSRĜiGiQ\
þDVWpKRQ\QDNWHUpE\ODUFLNQtåH]YiQ
+RVWLWHONRX WDMQêFK VFKĤ]HN PDQåHOVNpKR SiUX D
)LOLSLQLQRX FHORåLYRWQt RFKUiQN\Qt SĜtWHON\Qt D SR
PRFQLFtE\ODSDQt.DWHĜLQD]/RNãDQ7DNpRQDSRFKi
]HOD]DXJãSXUVNpNXSHFNpURGLQ\%\ODPODGãtVHVWURX
)LOLSLQLQ\ PDWN\ 7DNp RQD X]DYĜHOD NG\VL QHURYQê
VĖDWHN -HMt PDQåHO VOH]VNê ãOHFKWLF -LĜt ] /RNãDQ
9GREČNG\E\OQDPDORYiQWHQWRSRUWUpWPODGpKR
)HUGLQDQGD,,MHãWČQLNGRQHWXãLOåHVHWHQWRY]GČODQê
DNXOWLYRYDQêDUFLYpYRGDY\Gi]DKODVHPVYpKRVUGFH
DX]DYĜHQHURYQêVĖDWHNNWHUêRKUR]t]iMP\SDQRYQLF
NpKRURGX
6NYRVWQêQiKUREHN)LOLSSLQ\:HOVHURYpY,QQVEUXFNX
(OHNWULFNêSĜHYRU
3URNRS'LYLãDMHKRHÀXYLD
ýHVNêIDUiĜNWHUêY\QDOH]OEHOVNRVYRG.GRE\WHQSĜtEČKQH]QDO"$OHRQRMHWRV3URNRSHP'LYLãHP
MHãWČPQRKHP]DMtPDYČMãt0HWHRURORJLFNêVWURMQHQtMHKRMHGLQêY\QiOH]'RNWRUWHRORJLHE\OHOHNWĜL
QRXSĜtPRSRVHGOê([SHULPHQWRYDOVQtSRFHOiOpWD=DMtPDODKRMDNRSR]RURYDWHOQêSURMHYHOHPHQWiU
QtFKSURFHVĤYåLYpLQHåLYpSĜtURGČSRNOiGDOML]DHPDQDFLERåt]DVYČWORSUYQtKRGQHVWYRĜHQt3RVWDYLO
SUYQt ]QiPê HOHNWULFNê KXGHEQt QiVWURM WDNp YãDN SRPRFt HOHNWUROpþE\ X]GUDYRYDO VYp IDUQtN\ -HKR
VWČåHMQtVSLVRHOHNWĜLQČYãDNUDNRXVNiFHQ]XUDQHGRYROLODY\GDW
=DþiWHNSĜtEČKXMHSUR]DLFNêVQDGDåWURFKXNêþRYLWêEĜH]QDVHQDURGLOPDQåHOĤP$QQČ
D-DQX'LYtãNRYêPV\Q9iFODY9FKXGpFKDORXSFHSRGKRUDPLMDNVHSViYDORYREUR]HQHFNêFKSR
YtGNiFKYPDOpREFL+HOYtNRYLFHXäDPEHUNDäLO]GHVHVRXUR]HQFLDåGRVYêFKãHVWQiFWLOHW7HKG\
SĜHY]DOKRVSRGiĜVWYtSRRWFRYČVPUWLVWDUãtEUDWU-DQD9iFODYVLPXVHOKOHGDWMLQpåLYRE\Wt8åYQLåãtFK
ãNROiFKSURMHYLOPLPRĜiGQpQDGiQtL]iMHPRVWXGLXP%\OSURWRSĜLMDWQDMH]XLWVNpODWLQVNpJ\PQi]LXP
YH=QRMPČ&KXGêVWXGHQWVHRYãHPQHREHãHOEH]VWLSHQGLD7RPXSRVN\WOLSUHPRQVWUiWL]ORXFNpKR
NOiãWHUD3UiYČQDJ\PQi]LX]DSVDOLMHKRSĜtMPHQt'LYtãHNMDNR'LYLVFK
9URFHYVWRXSLOþHUVWYêDEVROYHQWMDNRQRYLFGRSUHPRQVWUiWVNpKRNOiãWHUDY/RXFHX=QRMPD
2ãHVWOHWSR]GČML]tVNDONQČåVNpVYČFHQtDVWDOVHXþLWHOHPSĜtURGQtFKYČG5RNXE\OMPHQRYiQ
SURIHVRUHP¿ORVR¿HDWHRORJLH=DGDOãtþW\ĜLURN\REKiMLOGLVHUWDFLD]tVNDOGRNWRUiWWHRORJLHY6DO]EXU
JX D ¿ORVR¿H Y 2ORPRXFL .UiWFH SĤVRELO MDNR SRGSĜHYRU
ORXFNpKRNOiãWHUD8åWHKG\YãDNMHKR]iMHPRSĜtURGQtYČG\
]FHOD SĜHYiåLO QDG YêKRGDPL NQČåVNp NDULpU\ 3RWĜHERYDO
NOLGDGRVWDWHNþDVXNEDGDWHOVNpSUiFL9URFHVHWHG\
VWDOIDUiĜHPYQHYHONpREFL3ĜtPČWLFHQHGDOHNR=QRMPD1D
SRNOLGQpIDĜHPČOGRVWDWHNþDVXLSURVWRUXDE\VHPRKOSOQČ
YČQRYDWVYêPH[SHULPHQWĤP
9WpGREČRYãHPPRKOSUDFRYDWSRX]HVHVWDWLFNRXHOHN
WĜLQRXäiGQê]GURMHOHNWULFNpKRSURXGXMHãWČQHE\O]QiPD
WDNp OH\GHQVNi OiKHY WHG\ SUYQt NRQGHQ]iWRU XFKRYiYDMtFt
3UHPRQVWUiWVNêNOiãWHU/RXND
.OiãWHU]DORåLOURNXNQtåH.RQUiG2WD=SR]GQČURPiQVNpIi]HVHYãDN]DFKRYDODSRX]HNU\SWD]UDQČJRWLFNp]HMPpQD
þiVWNĜtåRYpFKRGE\SĤYRGQtPX~þHOXSDNREMHNWVORXåLODåWpPČĜGRNRQFHVWROHWt3RY\SiOHQtKXVLW\URNXE\OVLFHNOiãWHU
REQRYHQMHKRGQHãQtSRGREDYãDNSRFKi]tSĜHYiåQČ]EDURNQtSĜHVWDYE\DGRVWDYE\SRGOHSOiQĤYtGHĖVNêFKDUFKLWHNWĤ)$3LOJUDPD
D-/+LOGHEUDQGWD]HþW\ĜLFiWêFKOHWVWROHWtGRE\SRURFH=PRQXPHQWiOQtþW\ĜNĜtGOpEXGRY\QRYpKRNRQYHQWXYãDNE\OR
GRNRQþHQRMHQSUĤþHOQtNĜtGOR5RNXWRWLåFtVDĜ-RVHI,,NOiãWHU]UXãLO%XGRY\SDNE\O\Y\XåtYiQ\MDNRWRYiUQDQDWDEiNDND
ViUQD$UPiGČREMHNWVORXåLODåGRU
.DFtĜ5RåPEHUN
3HWU9RND-HGQRWDEUDWUVNi
3HWU9RNOHJHQGiUQtSRVOHGQt5RåPEHUNPODGãtEUDWUåLMtFtYHONRXþiVWåLYRWDYHVWtQXVWDUãtKR9L
OpPD±URåPEHUVNpKRYODGDĜH+RGQČVHWRKRRQČPY\SUiYt3R]RUQRVWLYãDNSRQČNXGXQLNiåHWHQWR
ãOHFKWLFGUXKê]QHMYê]QDPQČMãtKRSDQVNpKRURGXYýHFKiFKVHPDQLIHVWDþQČSĜLKOiVLON-HGQRWČEUD
WUVNp$WRURNXWHG\YGREČNG\EUDWĜLE\OLQDSĜtND]+DEVEXUNĤSURQiVOHGRYiQLDMHMLFKELVNXS
-DQ$XJXVWDSRGREXãHVWQiFWLOHWYČ]QČQQD.ĜLYRNOiWČ3HWU9RNXþLQLOWHQWRNURN]SĜHVYČGþHQtDWUYDO
QDQČPL]DFHQXUR]WUåN\VEUDWUHPDULVNDQWQtKRKDEVEXUVNpKRQHSĜiWHOVWYt8þLQLOWDNYê]QDPQêNURN
QDFHVWČYHGRXFtNSĜLMHWtþHVNpNRQIHVHDSR]GČMLNHVWDYRYVNpPXSRYVWiQt7RKRVHYãDNSRVOHGQtUR
åPEHUVNêYODGDĜXåQHGRåLO
3HWU9RN]5RåPEHUNDVHQDURGLOĜtMQDYýHVNpP.UXPORYČMDNRGUXKêV\Q-RãWD]5RåPEHU
NDDMHKRPDQåHON\$QQ\]5RJHQGRUIX3R]LFHGUXKRUR]HQpKRV\QDSR]QDPHQDODYČWãLQXMHKRåLYRWD
2GþDVĤ2OGĜLFKD,,SODWLODWRWLå]iVDGDåHURåPEHUVNpSDQVWYtMHQHGČOLWHOQpDSDQXMHPXYåG\QHMVWDUãt
PXåVNêSĜtVOXãQtNURGXYHIXQNFLYODGDĜHGRPXURåPEHUVNpKR7tPE\ORSRXKpþW\ĜLURN\VWDUãtEUDWU
9LOpP3HWU9RNWHG\VWUiYLOYtFHQHåSĤOVWROHWtYSRVWDYHQtGUXKpKR]5RåPEHUNĤEH]UHiOQpPRFL6iP
SĜL]QDOåHWXWRSR]LFLWČåFHQHVO0RåQiLWRE\OMHGHQ]GĤYRGĤSURþVHSR]GČMLWDNGĤUD]QČHPDQFLSR
YDODOHVSRĖYHYČFHFKYtU\
2PH]HQp PRåQRVWL XSODWQČQt Y SROLWLFH VL 3HWU9RN QDKUD]RYDO Y POiGt UR]PDĜLOêP åLYRWHP 5iG
XWUiFHODWRLQDGOXKUiGGREĜHMHGODXåtYDOVLLPLORVWQêFKUDGRVWt-HKRNRPRUQLFHþLNOtþQLFHPX
Y\QHVO\SRKRUãHQtXGYRUDEUDWUD9LOpPDLSRYČVWSURVWRSiãQtNDNWHUiSĜHåLODDåGRGQHãNDÄ1HåY]DO
SĜHGVHEHWRåHDE\MPČOQD]iPNXGHVHWQHEGYDQiFWGČYHþHNDGČYþDWW\PDMtNOtþHRGMHKRSRNRMĤ
DGQHPLQRFtQHYČUQČMHKRRSDWUXMtLNHVWROXPXVORXåt³QDSVDOYODGDĜ9LOpPNG\åRGPtWOEUDWURYL
OX[XVQtUDGRYiQN\¿QDQFRYDW
-DQ=ULQVNê]H
6HU\QX
3RþtWiPHOL L SRWRPN\ VSĜt]
QČQp Y åHQVNp OLQLL SDN SHWU 9RN
QHE\OYODVWQČSRVOHGQtP5RåPEHU
NHP7tP E\O V\Q MHKR VHVWU\ (Y\
] 5RåPEHUND -DQ -HKR RWFHP E\O
]QiPêFKRUYDWVNêDXKHUVNêYRMH
YĤGFH 0LNXOiã =ULQVNê QČNROLND
QiVREQê YtWČ] QDG 7XUN\ 0LNXOiã
RYãHP URNX SDGO SĜL REUDQČ
SHYQRVWL6]LJHWYiUDGHVHWLOHWê-DQ
VH V PDWNRX XFKêOLO ]SČW QD URåP
EHUVNpVWDWN\NGH]ĤVWDOLSRPDW
þLQČQRYpPVĖDWNXDMHMtPRGFKRGX
GR ,WiOLH 2ED EH]GČWQt VWUêFRYp
3HWUD9RND9LOpPVHRQČMY]RUQČ
VWDUDOLD3HWU9RNVQtPYSRNURþL
OpPYČNXSRþtWDOMDNRVHVYêPQi
VWXSFHP -DQ =ULQVNê YãDN ]HPĜHO
URYQČå EH] SRWRPNĤ SRXKêFK QČ
NROLNPČVtFĤSR3HWUX9RNRYL-HKRQiKUREHNYH9\ãHEURGVNpPNOiãWHĜHVHGRFKRYDO
GRGQHV
3HWU9RNYãDNQHE\OMHQSRYUFKQtUHQHVDQþQtNDYDOtUDERQYLYiQ
1DNRQHFVHXVDGLODSURMHYLOVStã]iMHPRYČGXOLWHUDWXUXDXPČQt
9\EXGRYDO SRVWXSQČ MHGQX ] QHMUR]ViKOHMãtFK NQLKRYHQ YH VWĜHGQt
(YURSČ -HKR VEtUND XPČOHFNêFK SĜHGPČWĤ I\]LNiOQtFK SĜtVWURMĤ D
SĜtURGQLQ E\OD VURYQDWHOQi VH VEtUNDPL 5XGROID ,, %RKXåHO PČOD L
SRGREQêRVXG=DWĜLFHWLOHWpYiON\E\ODYHONiþiVWNQLKRYQ\LVEtUHN
XORXSHQDâYpG\DGQHVQDMGHPHMHMLFKVRXþiVWLYH6WRFNKROPXLMLQ
GHSRVYČWČ
6EČUDWHOVWYtE\ORRYãHPPyGQt]iOLERXDQHY\SRYtGiQLFRSRYD
]H3HWU9RNYãDNWDNpSRGSRURYDOþHVNRXOLWHUDWXUXGLYDGORYêWYDU
QpXPČQtDãNROVWYt5RåPEHUVNiãNRODY6REČVODYL6iPKUiOGREĜH
QD ORXWQX D ]StYDO %\O SĜHPêãOLYê D YQtPDYê 2 VRXFLWQp SRYD]H
Y\SRYtGiåHSĜHV]QDþQp]DGOXåHQtSDQVWYtVHQLNG\QHSRNRXãHOĜHãLW
VYRXVLWXDFLQD~NRUSRGGDQêFK]Y\ãRYiQtPGDQt'RNRQFHVHVWDUDO
RFKXGpDQHPRFQpDQD]iPFtFKY%HFK\QLLY7ĜHERQLSURQČQHFKDO
GYDNUiWGHQQČSRGiYDWMtGOR1DNRQHFSURMHYLOLSUDNWLFNpVFKRSQRV
WL 6WDO VH GREUêP KRVSRGiĜHP ] QHMKRUãt NUL]H Y\YHGO VYp VWDWN\
YODVWQtPSĜLþLQČQtPGYDNUiW]DEUiQLOKUR]tFtPX~SDGNX$E\ODWR
NUL]HRSUDYGXGUDPDWLFNi3R]DNRXSHQt]iPNXY%HFK\QLE\OGUXKê
5RåPEHUNWDN]DGOXåHQêåHVHPXVHOY\KêEDW3UD]HDE\WXQHE\OQD
åiGRVWYČĜLWHOĤ]DWþHQDXYČ]QČQ=DW\NDþXåE\OY\GiQQDQČMLQD
MHKRãOHFKWLFNpUXþLWHOH
9UVHMHGHQDþW\ĜLFHWLOHWê3HWU9RNRåHQLOVPODGLþNRXWHK
G\SDWQiFWLOHWRX.DWHĜLQRX]/XGDQLF3ĜHGWtPRYãHPUR]SXVWLOVYRX
GUXåLQXNOtþQLFNWHUpYČWãLQRXWDNpSURYGDO.DWHĜLQDE\ODSRKOHGQi
GtYND]ERKDWpPRUDYVNpSURWHVWDQWVNpURGLQ\9ČQHPVLPČODSĜL
QpVW]QDþQêPDMHWHNQD0RUDYČSĜHGHYãtPSDQVWYt+HOIãWêQVPČV
WHP/LSQtNHPQDG%HþYRX8Ni]DORVHYãDNåHSRUXþQtFLQH]OHWLOp
.DWHĜLQ\VOHGRYDOLSĜLVSUiYČMHMtKRGČGLFWYtVStãYODVWQt]iMP\0D
MHWHNJURãĤE\O]DGOXåHQêDNMHKR]tVNiQtPXVHO3HWU9RN
Y\QDORåLW]QDþQp~VLOt5RåPEHUVNêNURQLNiĜ9iFODY%ĜH]DQVLWXDFL
%HFK\QČ
%HFK\ĖVNêKUDG]DORåLOQDPtV
WČ VORYDQVNpKR KUDGLãWČ SR URFH
3ĜHP\VO2WDNDUOO-DNRRSRUX
NUiORYVNp PRFL SURWL 9tWNRYFĤP
3UiYČ MHMLFK GČGLF 3HWU 9RN ] 5R
åPEHUNDYãDNYURFH%HFK\QL
NRXSLODURåPEHUVNêGYRUQtVWDYLWHO
%DOGDVVDUH0DJJL]$URJQDSURYHGO
SDN Y OHWHFK SĜHVWDYEX QD
UHQHVDQþQt]iPHN=DFKRYDODVHUH
QHVDQþQtVtĖVSĤYRGQtãWXNRYRXYê
]GRERX9QČMãtSUĤþHOtMVRX]GREHQD
VJUD¿WRYRX UXVWLNRX D DUFKLWHNWR
QLFNêPLOX]LYQtPUiPRYiQtPRNHQ
'YRUQt SUĤþHOt Pi ERKDWČ PDORYD
QRXYê]GREXNWHUiXQiVQHPiRE
GREX =EêYDMtFt þiVWL VHYHURMLåQtFK
NĜtGHOKUDGXDSĜtþQpVHYHUQtNĜtGOR
þiVWHþQČ]DFKRYDQpYSR]GQČJRWLF
Np SRGREČ E\O\ SĜHVWDYČQ\ Y VRX
YLVORVWL V YêVWDYERX UHQHVDQþQtKR
]iPNX9\QLNi]GHXQLNiWQtSR]GQČ
JRWLFNêViO]OHWNOHQX
Wê QD VWĜHGQt VORXS Y SRGREČ NPH
QH VWURPX V åHEU\ QDSRGREXMtFtPL
YČWYH 9H YêFKRGQtP NĜtGOH VH SR
UHQHVDQþQtSĜHVWDYEČ]DFKRYDODW]Y
-HOHQLFHDQDGQtXPtVWČQiPtVWQRVW
QD]êYDQi6YDWHEQtVtĖ3HWUD9RNDV
PDORYDQRXQiVWČQQRXYê]GRERX
1DWHEHYODVWLPLOi
]DSRPHQRXWLQHPRKX«
3REČORKRUãWtH[XODQWL
'YDFiWiDWĜLFiWiOpWDVWROHWt«6WDYRYVNpDSURWHVWDQWVNpýHVNp]HPČMVRXRFKURPHQ\WUDXPDWHP
]EČORKRUVNpSRUiåN\GČVLYpH[HNXFHQDVWDURPČVWVNpPQiPČVWt]WUiW\QiERåHQVNpVYRERG\DWYUGpKR
SURQiVOHGRYiQtQHNDWROtNĤ1DYtFMVRXSXVWRãHQ\SRU\Y\YiON\WDNGORXKpDQLþLYpMDNRX(YURSDMHãWČ
QHSR]QDOD3RUiåNDVWDYRYVNpKRSRYVWiQtQHE\ODDOHVSRĖYýHFKiFKYtWČ]VWYtPYtU\YČWãLQ\MDNEêYDOD
SR]GČML QČNG\ SUH]HQWRYiQD 9åG\Ģ N QČNWHUpPX HYDQJHOLFNpPX Y\]QiQt VH ]GH WHKG\ KOiVLOR GHYČW
RE\YDWHO]GHVHWLQD0RUDYČDVLSRORYLQD
ýHãWtEUDWĜLRGFKi]HOLGRH[LOXXåSRYiOFHãPDONDOGVNpYOHWHFK±NG\å]iVWXSFLVWDYĤRG
PtWOLSRGSRURYDW)HUGLQDQGD,YERMLSURWLQČPHFNêPSURWHVWDQWĤPDY\YRODOLWtPMHKRKQČY3UYQtY\
KQDQFLRGFKi]HOLGR3ROVNDD3UXVND97RUXQL3R]QDQL/HãQČDQDPQRKDMLQêFKPtVWHFKYãDNY]QLNO\
LVERU\-HGQRW\EUDWUVNp]PtVWQtKRRE\YDWHOVWYD
'UXKiPRKXWQiH[LORYiYOQDNWHUp]GHEXGHPHYČQRYDWSR]RUQRVWQiVOHGRYDODSRELWYČQD%tOpKRĜH
D SR Y\GiQt 2EQRYHQpKR ]Ĝt]HQt ]HPVNpKR -HGQRWD EUDWUVNi E\OD ]DNi]iQD VERU\ ]UXãHQ\ EXGRY\
]DEUiQ\QHER]ERĜHQ\EUDWUVNpNQLK\KURPDGQČSiOHQ\'R1ČPHFND3ROVNDD3REDOWtRGHãORQDWĜLFHW
ãHVWWLVtFHYDQJHOLFNêFKURGLQ
2GDOãtVWROHWtSR]GČMLSĜLFKi]tWĜHWtYOQD2GFKi]HMtSĜHGHYãtPSRGGDQtDWRKODYQČGR6DVND=D
NOiGDMtREFH+XVLQHF7iERU3RGČEUDG\ýHUPtQDGDOãtMHMLFKSRWRPFLSDN=HORY.XþRY)DXVW\QRYD
MLQiPtVWDY3ROVNXSR]GČMLLYHVQLFHQD9RO\QL=DSREČORKRUVNêH[LOWHG\PĤåHPHSRNOiGDWYãHFKQ\
QiERåHQVN\PRWLYRYDQpHPLJUDQW\DåGRY\GiQt7ROHUDQþQtKRSDWHQWXURNX
9UDĢPHVHYãDNGRGRE\EH]SURVWĜHGQČQiVOHGXMtFtSRRVXGQpEČORKRUVNpSRUiåFH1HMYê]QDPQČMãt
RVREQRVWLSURWLKDEVEXUVNpKRRGERMHSRNXGQHSĜLãO\RåLYRWQDSRSUDYLãWLRGFKi]HMtGRH[LOX%H]PD
MHWNXNWHUêE\ONRQ¿VNRYiQDSR]
GČML UR]GČORYiQ PH]L YČUQp VOXåHE
QtN\ KDEVEXUVNpKR GRPX 3ĜLWRP
NRQ¿VNDFHVHWêNDO\LPDMHWNXRVRE
QDNWHUpVHY]WDKRYDOJHQHUiOQtSDU
GRQWHG\þiVWHþQiDPQHVWLH]URNX
8å EĜH]QD E\OR Y\SRYČ]HQR
WĜLFHWHYDQJHOLFNêFKNQČåt9HWĜHFK
GQHFKPXVHOLRSXVWLW3UDKXDYRVPL
GQHFKýHVNpNUiORYVWYt9ĜtMQXVH]
3UDK\Y\VWČKRYDOLLQČPHþWtHYDQJH
OLþWtND]DWHOp
&tVDĜ VLFH Y\GDO Y ~QRUX JHQHUiOQt SDUGRQ NWHUêP RGSRXã
WČO ]EêYDMtFtP REYLQČQêP VWDYRY
VNêP SRYVWDOFĤP KUGHOQt WUHVW\ QH
YãDN WUHVW\ PDMHWNRYp .RQ¿VNDþQt
NRPLVH ]DEDYLOD RVREiP VWDWNĤ Y KRGQRWČ ]OD
WêFKUêQVNêFK3ĜHGVWDYXRPČĜtWNX
NRQ¿VNDFtQiPGiYi3DODFNêNWHUê
StãHåHE\O\NRQ¿VNRYiQ\VNRURWĜL
þWYUWLQ\ýHVNpKRNUiORYVWYt9URFH
SDN YUFKQt UHIRUPDþQt NRPL
VH Y\GDOD PDQGiW NWHUê QDĜL]RYDO
YãHP SiQĤP D U\WtĜĤP NWHĜt QH
FKWČMtSĜLVWRXSLWQDNDWROLFNRXYtUX
DE\ GR ãHVWL PČVtFĤ RSXVWLOL þHVNp
NUiORYVWYt 3RGGDQpPX OLGX QHE\
ORGRYROHQRRGHMtW]H]HPČD]ĤVWDO
Y\VWDYHQ QXFHQp UHNDWROL]DFL YãHP
SURVWĜHGN\ FRå ] SRþiWNX Y\YRODOR
QD QČNROLND PtVWHFK QDSĜtNODG QD
ýiVODYVNX ORNiOQt SRYVWiQt 7DNR
YpY]SRXU\YãDNXåQHPČO\ãDQFLQD
~VSČFK
'RH[LOX
9SUYQtPREGREtGRURNX
RGFKi]HOLSĜHGHYãtPSĜtPt~þDVWQtFL
VWDYRYVNpKR SRYVWiQt WHG\ RGSĤU
FL SROLWLþWt 3R WRPWR GDWX NG\ RE
QRYHQp ]Ĝt]HQt ]HPVNp X]iNRQLOR
NDWROLFNRXYtUXMDNRMHGLQpSRYROH
Qp QiERåHQVNp Y\]QiQt RGFKi]HMt
H[XODQWL UĤ]QêFK SURWHVWDQWVNêFK
Y\]QiQt ] GĤYRGĤ QiERåHQVNêFK
7HQWR HYDQJHOLFNê H[RGXV Xå E\O
RSUDYGX PDVRYê .URPČ ãOHFKW\ D
GXFKRYQtFK WHG\ SROLWLFNp D LQWH
OHNWXiOQt HOLW\ ]DVDKXMH Xå L SURVWp
YČĜtFt]ĜDGPČãĢDQVNpKRDVHOVNpKR
)HUGLQDQG,,âWêUVNê
&tVDĜ ĜtPVNê NUiO þHVNê XKHUVNê D FKRUYDWVNê DUFLYpYRGD UDNRXVNê«
3UiYČWHQWRELJRWQtNDWROtNVWiO]DSRSUDYDPLQD6WDURPČVWVNpPQiPČVWtQiVLO
QRXSREČORKRUVNRXUHNDWROL]DFtDPRKXWQRXH[LORYRXYOQRXNWHUiQiVOHGRYDOD
-H]XLWãWtXþLWHOpPXYãWtSLOLSĜHVYČGþHQtåHYOiGFHMH]RGSRYČGQê]DGXFKRY
QtVSiVXVYêFKSRGGDQêFKDPXVtMHRFKUiQLWSĜHGNDFtĜVNRXYtURX)HUGLQDQG
XåMDNRPODGêYpYRGDâWêUVNêY\SRYČGČOQHNDWROLFNpGXFKRYQt]HâWêUVNpKR
+UDGFH
9]KOHGHP N WRPX åH FtVDĜ 0DW\iã ]HPĜHO EH] SRWRPNĤ E\O )HUGLQDQG
âWêUVNê]YROHQURNXVWDYRYVNêPVQČPHP]DþHVNpKRNUiOH=DYi]DOVH
VLFH]HEXGHUHVSHNWRYDW5XGROIĤY0DMHVWiW]DUXþXMtFtQiERåHQVNRXVYRERGX
ãOHFKW\DPČãĢDQĤVOLEYãDNQHPČOQLNG\Y~P\VOXGRGUåHW%\OWRDEVROXWLV
WLFNêYOiGFHNWHUêQHKRGODOVQiãHWDQLSRGtOãOHFKW\QHERVWDYĤQDYOiGČ7HQWR
WYUGêSRVWRMYHGOURNXNGHIHQHVWUDFLNUiORYVNêFKPtVWRGUåtFtFKDSURSXN
QXWtVWDYRYVNpKRSRYVWiQtNWHUêP]DþDODWĜLFHWLOHWiYiOND
3R YtWČ]VWYt QD %tOp KRĜH VH )HUGLQDQG UD]DQWQČ FKRSLO YOiG\ Y ýHVNpP
NUiORYVWYt5XGROIĤY0DMHVWiW]UXãLOWDNåHOLVWLQXMHGQRGXãHSĜHVWĜLKOQĤåNDPL
1iVOHGRYDODYOQD]DWêNiQtNRQ¿VNDFtPDMHWNXSRSUDYDMLQêFKWYUGêFKWUHVWĤ
9URFHY\GDOVLFHW]YJHQHUiOQtSDUGRQMtPåRPLORVWQLOGDOãt~þDVWQtN\
SRYVWiQtWRVHYãDNWêNDORMHQ]DFKRYiQtRVREQtFKSUiYãOHFKWLFĤQLNROLYãDN
PDMHWNX.RQ¿VNDFHSRNUDþRYDO\DPDMHWHNSURWHVWDQWĤYêKRGQČ]tVNiYDODOR
DMiOQtYČWãLQRXFL]tãOHFKWD
2PH]RYiQt PRFL VWDYĤ V QiVLOQRX UHNDWROL]DFt Y\YUFKROLOR Y URFH Y\GiQtP W]Y 2EQRYHQpKR ]Ĝt]HQt ]HPVNpKR SUR ýHFK\7HQWR ~VWDYQt ]iNRQ
SURKOiVLO ýHVNp NUiORYVWYt ]D GČGLþQp Y +DEVEXUVNp OLQLL PtVWR GRVDYDGQtKR
VWDYRYVNpKR]Ĝt]HQt]DYiGČODEVROXWLVPXV]HPVNpVQČP\]WUDWLO\SUiYRYROE\
þHVNpKRNUiOH]URYQRSUiYQLOQČPþLQXVþHãWLQRXY~ĜHGQtPVW\NXD]DYHGOND
WROLFNpQiERåHQVWYtMDNRVWiWQtWHG\MHGLQpSRYROHQp2URNSR]GČMLE\OY\GiP
VWHMQê]iNRQtNLSUR0RUDYX2EQRYHQp]Ĝt]HQt]HPVNpSODWLORDåGRURNX
3ĜHVWRåHE\O)HUGLQDQG,,QČNG\QD]êYiQNUYDYêE\OWRVODEêSDQRYQtN
5DGČMLQHåYOiGČVHYČQRYDOURGLQČORYXLMLQêP]iEDYiP-HKRMPpQHPYOiGOL
UiGFRYp MDNR E\O -DQ 2OGĜLFK ] (JJHQEHUNX QHER FtVDĜĤY ]SRYČGQtN MH]XLWD
/DPRUPDLQ6SRWYU]HQtPUR]VXGNXVPUWLSURþHVNêFKSiQĤSUêFHORXQRF
YiKDODSRH[HNXFLY\NRQDONDMtFQRXSRXĢGR0DULD]HOOX3ĜHVWRQHERSUiYČ
SURWRYãDN]DQtP]ĤVWDODGČVLYiVSRXãĢDQiERåHQVNiYiONDNWHURXVYêPQH
VPLĜLWHOQêPSRVWRMHPY\YRODO]XĜLODMHãWČMHGHQiFWOHWSRMHKRVPUWL
2VYtFHQHFQDWUĤQČ
.G\åFtVDĜPH]LOLGFKRGLO«
=DþWHWHOLVHGRVWUiQHNUHJLRQiOQtKLVWRULHQDNWHUpPNROLYPtVWČýHFKL0RUDY\MLVWRMLVWČQDUD]tWH
QDMPpQRFtVDĜH-RVHID,,QHER]PtQNXRMRVHItQVNêFKUHIRUPiFK9NDåGpYHVQLFLVHRQČPY\SUiYČO\
VND]N\.YĤOLQČPXPiPHGRGQHVWROLN-RVHIĤ7HQþORYČNE\O~SOQČMLQêQHåMHKRNRQ]HUYDWLYQtPDWND
0DULH7HUH]LHVHNWHURXVHPXVHOãHVWQiFWOHWGČOLWRYOiGX$QLMDNVYpRGOLãQpQi]RU\QHVNUêYDOýDVWR
VHSĜHOL]ĜtGNDYãDNSĜLWRPMHGHQQHERGUXKê]PČQLOQi]RU0DWNDFHOêåLYRWYOiGODSHYQRXUXNRXDEVR
OXWLVWLFNpSDQRYQLFHDV\QVHWHG\SUR]DWtPVSRNRMLOVH]DKUDQLþQtSROLWLNRXDYRMHQVNêPL]iOHåLWRVWPL
3ĜLWRPþHWOHQF\NORSHGLVW\5RXVVHDXDD9ROWDLUDDVQLORQRYpPVWiWX$OHRQSDQRYQtNSĜHFHQHPXVt
MHQVQtW«
.RQÀLNW V PDWNRX Y\YUFKROLO NG\å -RVHI QD VNORQNX MHMtKR åLYRWD QDãHO VSĜt]QČQRX GXãL Y MHMtP
~KODYQtPQHSĜtWHOLSUXVNpPNUiOL)ULGULFKRYL,,VHNWHUêPSRFHORXGREXVYpYOiG\PDUQČYiOþLODR
6OH]VNR2EDSDQRYQtN\VSRMRYDO\QHMHQRPV\PSDWLHNRVYtFHQVWYtDOHLY]SRPtQN\QDURGLþRYVNRX
GHVSRFLL -RVHI VH V PDWNRX MHQ KiGDO D FtWLO VH RPH]RYiQ MHMt QH~VWXSQRVWt ]DWR )ULGULFKD MHKR RWHF
VNXWHþQČWêUDO6iPKRI\]LFN\WUHVWDONG\åKRSĜLVWLKOSĜLKĜHQDÀpWQXQHERþHWEČQHFKDOSRSUDYLW
MHKRQHMOHSãtKRSĜtWHOHWêUDWDXYČ]QLWMHKRPLOHQNXDQDNRQHFLVDPRWQpKR)ULGULFKD«$OHWRXåMHMLQê
SĜtEČK.DåGRSiGQČVLREDRVYtFHQFLQDWUĤQHFKGREĜHUR]XPČOL
$OH YUDĢPH VH QD SR
þiWHN-RVHIVHQDURGLO
EĜH]QD MDNR SUY
Qt V\Q UDNRXVNp þHVNp D
XKHUVNp SDQRYQLFH 0DULH
7HUH]LHDFtVDĜH6YDWpĜtãH
ĜtPVNp QiURGD QČPHFNp
KR )UDQWLãND , 0H]L SR
þHWQp VRXUR]HQFH SDWĜLO
L MHKR PODGãt EUDWU D EX
GRXFt QiVWXSFH /HRSROG
,, SURWR VH 0DULL 7HUH]LL
ĜtNDOR PDWND GYRX FtVDĜĤ
D 0DULH$QWRQLH PDQåHO
ND EXGRXFtKR NUiOH /XG
YtND ;9, ]QiPČMãt SRG
MPpQHP 0DULH $QWRLQHW
WD 0QRåVWYt GFHU ÄSRXåL
WêFK³ N UHDOL]DFL VĖDWNRYp
SROLWLN\Y\QHVOR0DULL7H
UH]LL]DVHSĜt]YLVNRWFK\QČ
(YURS\
-RVHIHP ]DþtQi KLVWR
ULH +DEVEXUVNR/RWULQVNp
G\QDVWLH %\O GYDNUiW åH
QDWê 3RSUYp V ,VDEHOORX
3DUPVNRX NWHURX KOXER
FH PLORYDO DOH NWHUi E\OD
QiERåHQVN\ ]DORåHQi Y
PDQåHOVWYt FKODGQi D QH
SĜtVWXSQi -HMLFK PODGãt
GFHUD ]HPĜHOD Y SUYQtP
7HUH]LiQVNêD-RVH¿QVNê
NDWDVWU
5RNX YVWRXSLO Y SODWQRVW W]Y WHUH]LiQVNê NDWDVWU
%\OD WR YODVWQČ V\VWHPDWLFNi HYLGHQFH SĤG\ D QHPRYLWpKR
PDMHWNXVORXåtFtMDNRSRGNODGNY\PČĜHQtGDQČ7HUH]LiQVNê
NDWDVWURYãHPMHãWČY\FKi]HO]HVWDUãtFK]i]QDPĤDQHSURYi
GČOåiGQpWHUpQQt]DPČĜHQtDHYLGHQFLVNXWHþQpKRVWDYX'DĖ
E\ODVWDQRYHQDSURSĤGXSRGGDQVNRXUXVWLNiOYHYêãL
SUR SĤGX SDQVNRX GRPLQLNiO QD ]YêKRGĖRYDOD WHG\
ãOHFKWX
3DWHQW-RVHID,,RUHIRUPČSR]HPNRYpGDQČDY\PČĜHQt
SĤG\ E\O Y\GiQ URNX 1DĜL]RYDO DE\ YãHFKQ\ ~URGQp
SR]HPN\GRPLQLNiOQtLUXVWLNiOQtE\O\]DPČĜHQ\]REUD]HQ\
E\ODXUþHQDD]D]QDPHQiQDMHMLFK~URGQRVWDSČVWRYDQiNXOWX
UD7RE\ORQHSRFK\EQČREMHNWLYQČMãtQHåWHUH]LiQVNiHYLGHQFH
RVHGORVWt9êVOHGNHPE\OMRVH¿QVNêþLMR]HIVNêNDWDVWU1D
MHKR]iNODGČPČODEêWY\PČĜHQDURYQiGDĖ6D]EDE\ODRYãHP
SĜL]SĤVREHQDQiNODGQRVWLSpþHRMHGQRWOLYpNXOWXU\WDNåHWĜH
ED]SUDFQČREKRVSRGDĜRYDQpYLQLFHVHSODWLORPpQČ=iNODGQt
VD]ED GDQČ E\OD MHGQRWQČ -R]H¿QVNê NDWDVWU SURWR RG
PtWDOD ãOHFKWD MHMtå ]YêKRGQČQt UXãLO DOH L þiVW SRGGDQêFK
NWHĜt SĜLãOL R UĤ]Qi SULYLOHJLD D ~OHY\ ] PLQXORVWL 3URWR KR
/HRSROG ,, SR VPUWL VYpKR SĜHGFKĤGFH ]UXãLO D ]DYHGO RSČW
NDWDVWUWHUH]LiQVNê8Ni]DORVHYãDNåH~SOQêQiYUDWXåQHQt
PRåQê3URWRE\OQDNRQHFSĜLMDWNDWDVWUWHUH]LiQVNRMRVHIVNê
NWHUê]DFKRYiYDOWHUH]LiQVNpGDĖRYp]YêKRGQČQtSDQVNpSĤG\
DNRPELQRYDOMHVREMHNWLYQtHYLGHQFtMRVHItQVNRX
-RVHIVNêSOXK
'RSRYČVWtRFtVDĜL±RWFLVYêFKSRGGDQêFKGREĜH]DSDGiKLVWURUND
R FtVDĜVNp EUi]GČ 3RGOH SRYČVWt FtVDĜ MDNR RFKUiQFH VHOVNpKR VWDYX
RUDOVREOLERXDQDPQRKDPtVWHFK9HVNXWHþQRVWLWRXGČODOSDWUQČMHQ
MHGQRX NG\å VL URNX X WHUH]LiQVNp VLOQLFH QHGDOHNR 5RXVtQRYD
SRWĜHERYDO]NUiWLWGORXKRXFKYtOLEČKHPRSUDY\SRURXFKDQpKRNRþiUX
3ĤMþLO VL RG RUDMtFtKR VHGOiND SOXK D Y\RUDO QČNROLN EUi]G QD SROL X
6ODYtNRYLFÄ-RVHIVNêSOXK³E\OXåNUiWFHQDWRXND]RYiQMDNRY]iFQi
SDPiWNDDRGURNXE\OQHSĜHWUåLWČY\VWDYRYiQQHMSUYH]HPVNêPL
VWDY\ Y EXGRYČ PtVWRGUåLWHOVWYt Y %UQČ SR]GČML Y 0RUDYVNpP ]HP
VNpPPX]HX1DPtVWČWpWRSĜtKRG\MHGQHVSRPQtNÄMRVHIVNpEUi]G\³
5ĤåHDSODPHQQiRUOLFH
9tWNRYFL3ĜHP\VORYFLDNUiORYVNiNRUXQD
3ĜHP\VORYFLVLNQtåHFtVWROHFLNUiORYVNêWUĤQY\ERMRYDOLWYUGČDEH]RKOHGQČMDNE\ORRVWDWQČYUD
QpPLYUFKROQpPVWĜHGRYČNXREY\NOp3ĜtVOXãQtFLMHGLQpþHVNpSDQRYQLFNpG\QDVWLHERMRYDOLRPRFY
ELWYiFKDOHQHYiKDOLDQLYUDåGLWDWRLYHYODVWQtURGLQČ7RYãDNWHQWRNUiWSRQHFKPHVWUDQRX9ČQXMPH
SR]RUQRVWNRQNXUHQWĤP3ĜHP\VORYFĤWČPNWHĜtSRVWDOHWtGRNi]DOLþHVNêPNQtåDWĤPDNUiOĤPY]GRUR
YDWDVDPLþW\ĜLNUiWViKOLSRNRUXQČ
1D MLQpP PtVWČ MVPH VOHGRYDOL RVXG\ 6ODYQtNRYFĤ D 9UãRYFĤ URGĤ NWHUp ]NĜtåLO\ 3ĜHP\VORYFĤP
SOiQ\DE\O\]DWRQHPLORVUGQČY\KOD]HQ\-HWXYãDNMHãWČMHGHQURGPRFQêDUR]YČWYHQêNWHUêGRNi]DO
þHVNêPSDQRYQtNĤPSRVWDOHWtY]GRURYDWDGUåHWVLGUXKRXSR]LFLY]HPtFK.RUXQ\þHVNp$QRNGRMLQê
QHå9tWNRYFLSiQL]5ĤåHYOiGFLMLåQtFKýHFKWRKRWRVWiWXYHVWiWČNGHYåG\FN\YãHFKQRE\ORWURFKX
MLQDN$QHMYê]QDPQČMãtGČGLFRYpURGRYpVOiY\±5RåPEHUNRYp
-PpQR9tWNRYFĤMHRGYR]HQRRGSUYQtKR]QiPpKRSĜtVOXãQtNDURGXþHVNpKRãOHFKWLFH9tWND]3UþLFH
7HQWRYê]QDPQêþOHQNQtåHFtGUXåLQ\]DVWiYDOPH]LOHW\DIXQNFLWUXNVDVDVWROQtNDNUiOH
9ODGLVODYD,,=DViKOWDNpGRG\QDVWLFNêFKVSRUĤ3ĜHP\VORYFĤ9ODGLVODYRYDV\QD%HGĜLFKD6REČVODYD
,,D2OGĜLFKDDWRLMDNRYHOLWHOYRMVND=DVWiYDOLMLQpYê]QDPQpIXQNFHQDSĜtNODGNDVWHOiQDY.ODGVNX
DSĜHGHYãtPQDKUDGČ3UiFKHĖ3UiYČWHQE\OWRWLåPRFHQVNêPFHQWUHPMLKRþHVNpKRNUDMHQD]êYDQpKR
SDNSRVWDOHWt3UiFKHĖVNR1ČNGHWDG\YGREČ9tWNRYDNDVWHOiQVNpKRSĤVREHQtQD3UiFKHĖVNpPKUDGČ
QDMGHPH DVL ]iNODG\ SR]GČMãtKR PRKXWQpKR MLKRþHVNpKR GRPLQLD 5RåPEHUNĤ -Lå WHKG\ XåtYDO WHQWR
SDWULDUFKDYHONpKRURGXWLWXOXFRPPHVKUDEČ
'ČOHQtUĤåt
9UDĢPHVHYãDNQD]DþiWHN9tWHN]3UþLFHPČOSRNXGMH]QiPRþW\ĜLPDQåHOVNpV\Q\]QLFKWĜLVH
NXSRGLYXMPHQRYDOL9tWNRYpDSRGOHQČNWHUêFKSUDPHQĤLMHGQRKRQHPDQåHOVNpKR6ODYQiURGRYiSR
YČVWY\SUiYtåHQDVNORQNXåLYRWDMHVYRODODUR]GČOLOPH]LQČUR]ViKOpGUåDY\SĤYRGQtLW\NWHUp]tVNDO
]DVYpKR~VSČãQpKRSĤVREHQtSRERNXSĜHP\VORYVNêFKSDQRYQtNĤ&RMHQDWRPSUDYG\SĜtSDGQČNG\D
MDNVHWRXGiORQHYtPH.DåGRSiGQČYãDNWtPWRÄGČOHQtPUĤåt³PL]t]KLVWRULHURG9tWNRYFĤDQDVFpQX
YVWXSXMHSČWQRYêFKURGĤMHMLFKå]DNODGDWHOLMVRX9tWNRYLV\QRYp-LQGĜLFK]+UDGFHVHWDNVWiYiRWFHP
URGXSiQĤ]+UDGFH9tWHNVWDUãtSiQĤ].UXPORYD9tWHN].ORNRWSiQĤ]/DQGãWHMQDDRQHQQHPDQåHO
VNêV\QþLV\QRYHF"6H]HPD]DNOiGiURGSiQĤ]ÒVWt9tWHNPODGãt]3UþLFHGČGLFRWFRYVNpKRVtGODMH
SDN]DNODGDWHOHPQHMYê]QDPQČMãtYČWYH9tWNRYFĤVODYQpKRURGXSiQĤ]5RåPEHUND
9ãHFKQ\W\WRURG\PČO\YH]QDNXSČWLOLVWRXUĤåLMHGHQ]QHMVWDUãtFKGRFKRYDQêFKãOHFKWLFNêFK]QDNĤ
XQiVNDåGêYãDNYMLQpEDUHYQpNRPELQDFL3iQL]+UDGFHQDSĜtNODG]ODWRXUĤåLQDPRGUpPSROL5R
åPEHUNRYpþHUYHQRXUĤåLQDVWĜtEUQpPSROL
'ČOHQtUĤåt
5R]GČOHQt PDMHWNX URGX 9tWNRYFĤ XND]X
MH VODYQê UHQHVDQþQt REUD] 'ČOHQt UĤåt NWHUê MH
XPtVWČQ QD ]iPNX Y ýHVNpP .UXPORYČ 3RVWXS
QČ Y]QLNO\ NRSLH NWHUp MVRX QD GDOãtFK ]iPFtFK
SiQĤ]5ĤåHY-LQGĜLFKRYČ+UDGFLD7HOþL1DPČW
SRFKi]t ] GtOD URåPEHUVNpKR DUFKLYiĜH 9iFODYD
%ĜH]DQD5RåPEHUVNpNURQLN\NUiWNêDVXPPRYQt
YêWDK]URNXNGHVHY\SUiYtåHMDNVWDUãt9t
WHN]3UþLFHSRGNUXPORYVNêPKUDGHPUR]GČOXMH
]QDN\DVWDWN\VYêPSČWLV\QĤP-LQGĜLFKGRVWiYi
]ODWRX UĤåL Y PRGUpP SROL D -LQGĜLFKĤY +UDGHF
9LOpP EtORX Y þHUYHQpP SROL /DQGãWHMQ D 7ĜH
ERĖ6PLOPRGURXYH]ODWpPSROL6WUiåD%\VWĜLFL
9RNþHUYHQRXYEtOpPSROL5RåPEHUND.UXPORY
3iWêSUêQHPDQåHOVNêV\Q6H]HPDVWRMtFtRSRGiO
þHUQRXDÒVWtX7iERUD
-HGQRWOLYp URG\ SRFKi]HMtFt ]
9tWNRYFĤ GRViKO\ UĤ]QpKR PDMHW
NX Yê]QDPX D PRFL 5Ĥ]Qi E\OD
L GRED MHMLFK WUYiQt 5RG SiQĤ ]
.UXPORYD Y\PĜHO Xå URNX 6H]LPRYp]ÒVWtDåYSRORYLQČ
VWROHWt
3ĤYRGQt GUåDY\ 9tWNRYFĤ QD
MLKX VWĜHGQtFK ýHFK VH Y NUiORY
VNêFK VOXåEiFK SRVWXSQČ UR]ãL
ĜRYDO\ D WR SĜHGHYãtP GiOH QD MLK
NRORQL]DFt GRVXG QHRVtGOHQpKR
MLåQtKR SRPH]QtKR KYR]GX -HMLFK
YHONp FHOLVWYp ~]HPt ]DVDKRYDOR
L GR +RUQtFK 5DNRXV D %DYRUVND
9tWNRYFLMHPČOLQDWROLNSRGVYRX
NRQWURORX åH E\OR QD NUiORYVWYt
WpPČĜQH]iYLVOp$MHãWČMHGQDGĤ
OHåLWiYČF3iQL]UĤåHWiKOL]DMH
GHQSURYD]%\OLVLFHUR]GČOHQtGR
VDPRVWDWQêFKURGĤVYODVWQtPPD
MHWNHPL~]HPtPVFKi]HOLVHYãDN
YåG\QDQČNWHUpP]HVtGHODYČWãL
QRX VH GRKRGOL QD Y]iMHPQp SRG
SRĜH D VSROHþQpP SRVWXSX 3UiYČ
WDWR VRXGUåQRVW SRWRPNĤ UR]URGX
9tWNRYFĤMLPGDODVtOXDPRFMDNi
QHPČOD PH]L þHVNêPL SiQ\ REGR
E\
.RQÀLNW V åHOH]QêP D ]ODWêP
NUiOHP
3ĜHP\VORYFL YåG\ ERMRYDOL R
QHRPH]HQRXPRFþDVWRLPH]LVH
ERX.WRPXE\OR]DSRWĜHEtPtWQD
VYp VWUDQČ ãOHFKWX -DN MLQDN QHå
9tWHN]3UþLFH
2EiMQpP]DNODGDWHOLURGX9tWNRYFĤWRKRPRFQHYtPH-HKRH[LVWHQFHMHSR
SUYpGRORåHQDNURNXNG\MDNRYê]QDPQêþOHQGUXåLQ\NUiOH9ODGLVODYD,,
]DVWiYDOIXQNFLNUiORYVNpKRVWROQtND9HVOXåEiFK3ĜHP\VORYFĤ]tVNDO]QDþQêPD
MHWHNQDMLKXýHFKNWHUêSDNUR]GČOLOVYêPSČWLV\QĤP=HPĜHOURNX,OXVWUD
FHSRFKi]t]KLVWRULFNpKRURPiQX$GDOEHUWD6WLIWHUD
NDPHQ\ QD QČ PDVR YãH VH ]DOLOR YRGRX D ]DNU\OR KOLQČQRX
ÄSRNOLFt³7tPWR]SĤVREHPVHGDODXYDĜLWLSROpYNDYNRåHQpP
YDNX1DãODVHLYHOPLGRNRQDOiRKQLãWČVNDPHQQRXSORWQRXQD
QtåVHGDORPDVRSpFW
3ĜHGPRVWVNêþORYČNSDWĜtNDUFKDLFNpPXW\SXGUXKX+RPR
VDSLHQV VDSLHQV 1ČNWHUp NRVWU\ PXåĤ PDMt MHãWČ QHDQGUWiOVNp
U\V\]þHKRåVHY\YR]XMHåHPRKORMtWRSRSXODFLY]QLNORXPt
ãHQtP RERX OLGVNêFK W\SĤ =iKDGRX ]ĤVWiYi SURþ MH WDN PiOR
SR]ĤVWDWNĤ OLGt YH VURYQiQt V PQRåVWYtP QiVWURMĤ D ]YtĜHFtFK
NRVWtäHPČOLORYFLPDPXWĤXåUR]YLQXWpGXFKRYQtDHVWHWLF
NpSĜHGVWDY\GRNOiGDMtþHWQpQiOH]\R]GREDGČOSDOHROLWLFNpKR
XPČQt
9SRVOHGQtGREČE\O\DUFKHRORJLFNpYê]NXP\RERXVODYQêFK
ORNDOLWREQRYHQ\DY]KOHGHPNPRåQRVWLY\XåLWtQRYêFKYČGHF
NêFKPHWRGO]HSĜHGSRNOiGDWåHPQRKRQRYêFKSR]QDWNĤRåL
YRWČPODGRSDOHROLWLFNêFK(YURSDQĤ]0RUDY\QiVMHãWČþHNi8å
GQHVMHYãDNMDVQpåHVYp(YURSDQVWYtPĤåHPHRStUDWQHMHQR
VODYQRXKLVWRULLDOHLRQHPpQČSR]RUXKRGQRXSUHKLVWRULL
3RUWUpWGROQRYČVWRQLFNpåHQ\
äHWYDU\SDOHROLWLFNêFKYHQXãtMVRXYêVOHGNHPXPČOHFNpVW\OL]DFHQLNROLQČMDNpQHXPČORVWLRWRPVYČGþtMLQiGtOD]WpåHGRE\
QDNWHUêFKPĤåHPHSR]RURYDWDåSĜHNYDSLYRXPtUXUHDOLVPX=QiOH]ĤQDQDãHP~]HPtPĤåHQêWSĜtNODGHPSRUWUpWåHQ\]QDOH]LãWČY
'ROQtFK9ČVWRQLFtFK7DWRPDOiVRãND]PDPXWRYLQ\YêãNDFPMHQDWROLNUHDOLVWLFNêP]WYiUQČQtPåHQVNpWYiĜHåHPĤåHPHPOXYLW
R]DFK\FHQtSRGRE\NRQNUpWQtRVREQRVWL
0DãRYLFNi
+HGYLND
3DYLORQ$QWKURSRV
7UDGLFH EUQČQVNpKR 3DYLORQX $QWKURSRV VDKi Då GR URNX NG\ QD
YêVWDYČVRXGREpNXOWXU\E\O]SRGQČWXSURI.DUOD$EVRORQDRWHYĜHQSDYLORQ
VWpPDWHPÄýORYČNDMHKRURG³9êVWDYDDUFKHRORJLFNêFKQiOH]ĤQHVODQi]HY
$QWKURSRV6RXþDVQêVDPRVWDWQêSDYLORQ]DEUQČQVNêPYêVWDYLãWČPE\OGR
NRQþHQYURFHDþW\ĜLFHWOHWVORXåLOYêVWDYQtP~þHOĤP5RNXDSUR
EČKODMHKRJHQHUiOQtUHNRQVWUXNFHSĜLQtåE\OPRGHUQL]RYiQUR]ãtĜHQDVQRYČ
LQVWDORYDQêPLYêVWDYDPLSDNSRWĜHFKOHWHFK]QRYXRWHYĜHQSURYHĜHMQRVW6WiOi
H[SR]LFHRQHMVWDUãtFKGČMLQiFKRVtGOHQt0RUDY\LFHOpKRHYURSVNpKRNRQWLQHQ
WXMHWYRĜHQDWĜHPL]iNODGQtPLFHON\0RUDYDORYFĤDVEČUDþĤ1HMVWDUãtXPČQt
(YURS\D3DOHROLWLFNpWHFKQRORJLH
äHQVNp VRãN\ SURYi]HMt OLGVWYR RG
PODGãtKR SDOHROLWX L SR FHOê QHROLW =ĜHM
PČMVRXGRNODGHPWLVtFLOHWpKRNXOWXåHQ\
PDWN\7DNpXQiVMHQDMGHPHLYREGREtFK
PODGãtFK 3ĜtNODGHP PĤåH EêW GQHV Xå
VODYQê QiOH] 0DãRYLFNp +HGYLN\ Y URFH
7XWRPLPRĜiGQČYHONRXNHUDPLFNi
VRãNXPČĜtFtSĤYRGQČSĤOPHWUXY\WYRĜLOL
SĜHGOHW\QHROLWLþWt]HPČGČOFLNXOWXU\
VPRUDYVNRXPDORYDQRXNHUDPLNRX,GHiO
åHQVNpNUiV\E\ORYãHPYWpGREČXå]FH
ODMLQêQHå]DORYFĤPDPXWĤROHW
GĜtYH([LVWXMHĜDGDGDOãtFKSRGREQêFKVR
ãHN SRþtQDMH +OXERNRPDãĤYVNRX YHQXãt
NWHUiE\ODQHOH]HQDURNX1DORNDOLWČ
0DãRYLFHX=QRMPDREMHYLOLDUFKHRORJRYp
LWDN]YDQêPDãRYLFNêURQGHOULWXiOQtPtV
WR]HNWHUpKRVH]DFKRYDOGYRMLWêNUXKRYê
SĜtNRSVYQLWĜQtPSUĤPČUHPDYHQNRY
QtPPHWUĤ
6YDWtPXåLYSXVWLQČ
+LVWRULHSRXVWHYQtNĤYýHFKiFK
.RĜHQ\GXFKRYQČPRWLYRYDQpKRDVNHWLFNpKRRGFKRGXGRVDPRW\MVRXSUDGiYQp9HVWDUp,QGLLRG
FKi]HOLGR~VWUDQtYSĜtURGČVWiUQRXFtEUiKPDQLYýtQČPDQGDUtQL3RXVWHYQtN\QHEROLDQDFKRUHW\]
ĜHFNpKRDQDFKyUHLQ±Y]GiOLWVHþLHUHPLW\]ĜHFNpKRHUHPRV±SRXãĢQDMGHPHXåYUDQpPNĜHVĢDQVWYt
REGREXYãDN]QiPHL]KLQGXLVPXMXGDLVPXDLVOiPX=DNRĜHQ\NĜHVĢDQVNpKRSRXVWHYQLFWYtPĤåHPH
SRNOiGDWVNURPQêåLYRWY~VWUDQtXĜHFNêFKS\WKDJRUHMFĤDVWRLNĤ'LRJHQHVQHERELEOLFNêFKSURURNĤ
(OLiã-DQ.ĜWLWHO9SRGPtQNiFK]DDOSVNp(YURS\QDKUDGLOSRXãĢOHV9åG\YãDNãORRNRQþLQ\SXVWp
QHRE\GOHQp
9]RUHP NĜHVĢDQVNpKR SRXVWHYQLFWYt MVRX VYDWê 3DYHO 7KpEVNê D VYDWê$QWRQtQ 9HOLNê RED åLMtFt
YH±VWROHWt3RXVWHYQtFLåLOLRVDPČOHYMHVN\QtFKQHERYHYODVWQRUXþQČSRVWDYHQêFKFKDWUþtFK=
SRþiWNXVHåLYLOLOHVQtPLSORG\DUĤ]QêPLÄGRSOĖN\³MDNRE\ORWĜHEDPOpNRRFKRþHQpODQČYSĜtSDGČVY
,YDQD3R]GČMLVLQČNWHĜtSĜLOHSãRYDOLDOPXåQDPLþLGDU\QDSĜtNODG]DOpNDĜVNRXQHERGXFKRYQtSRPRF
SRVN\WRYDQRXQDSRåiGiQtSĜtFKR]tP1DNRQHFYEDURNQtPREGREtWYRĜLOLQČNG\SRXVWHYQtFLFHOpNR
PXQLW\±MDNpVLPDOpSĜtURGQtNOiãWHU\SHþRYDOL]D~SODWXRRGOHKOpNRVWHOtN\DNDSOHþLGRNRQFHSĤVRELOL
MDNRVWDIiåYSRXVWHYQiFK]iPHFNêFKSDUNĤSR]GQtKREDURNDþLUDQpKRURPDQWLVPX'ĤYRGHPRGFKRGX
GRDVNHWLFNpVDPRW\QHE\ORYåG\MHQGXFKRYQtKOHGiQt0RKORWREêWLXORåHQpSRNiQt]DWČåNêKĜtFK
SĜtSDGQČ~WČNSĜHGWUHVWHPEtGRXDQHãWČVWtP
6YDWê,YDQ
SRXVWHYQtN
3UYQt þHVNê SRXVWHYQtN QHNDQRQL]RYDQê
VYČWHF ,YDQ E\O SUê V\QHP MDNpKRVL VORYDQ
VNpKR NQtåHWH *RVWLPLOD 2SXVWLO YãDN UXFK
VYČWVNpKRåLYRWDRGHãHOGRDVNHWLFNpVDPRW\
QDãHO VL MHVN\QL SRG PRKXWQRX VNDOQt VWČQRX
Y PDOHEQpP ~GROt QHGDOHNR %HURXQN\ D åLO
SDN åLYRWHP VYČWFH ± SRXVWHYQtND GORXKêFK
GYDDþW\ĜLFHWOHW1HE\O\WROHKNpURN\3RXV
WHYQtNYHVYpMHVN\QL]iSROLOVćiEOHPSRGOp
KDODQDNRQHFFKWČOSĜHGGpPRQHPSUFKQRXW
1DQiYUãtSRGVNiORXVHPXYãDN]MHYLOVY-DQ
.ĜWLWHODGDURYDOPXGĜHYČQêNĜtåMHKRåVtOD
ćiEHOVNi]MHYHQt]MHVN\QČQDGREURY\SXGLOD
1DPtVWČWRKRWRVHWNiQtYHVYDKXSRGVWRãH
GHViWLPHWURYRXVNDOQtVWČQRXVWRMtGQHVNDSOH
3RYêãHQtVYDWpKR.ĜtåH
3RGOHOHJHQG\VHSUYQtKLVWRULFNêSĜHP\V
ORYVNê NQtåH %RĜLYRM MHGQRX Y\SUDYLO QD ORY
SUiYČVHP3ĜLãWYDQLFLQDPHGYČGDQDUD]LOQD
ODĖ NWHUi VYêP POpNHP åLYLOD SRXVWHYQtND
,YDQD 3RUDQČQi ODĖ MHãWČ GRYHGOD NQtåHWH Då
SĜHGMHVN\QL.QtåHOLWRYDOåHSĜLSUDYLOVYDWp
KRPXåHRREåLYX1DEtGOPXWHG\DĢVHSĜH
VWČKXMH QD QHGDOHNê KUDG 7HWtQ 6YČWHF YãDN
RGPtWO 1D VNORQNX åLYRWD SUê ĜHNO NQtåHWL
Ä7REČ SRUXþLO %ĤK SR VY -DQX .ĜWLWHOL DE\V
SRPpVPUWLWRWRPtVWRY\VYČWLOQDNRVWHONHFWL
3DQQ\0DULHDVY.ĜtåHDOHVY-DQD.ĜWLWHOH
PiãQD]YDWLSDWURQHP³
-DN Y\SUiYt OHJHQGD NQtåH %RĜLYRM ]GH
VNXWHþQČ QHFKDO SRVWDYLW NDSOL 3RWYU]XMH WR
OLVWLQD 3ĜHP\VOD 2WDNDUD , SRGOH Qtå ]tVNDO
,YDQRYXMHVN\QLVSRXVWHYQXKUREHPDNDSOt
URNXRGþHVNpKRNQtåHWH%ĜHWLVODYD,RV
WURYVNêEHQHGLNWLQVNêNOiãWHU7HQYãDNURNX
]QLþLOLKXVLWpDPQLãLNWHĜtMHMLFKĜiGČQt
SĜHåLOLRGHãOLSUiYČVHPGRNOiãWHUDQD]êYD
QpKRWHKG\6YDWê,YDQYHVNDOiFK
1DOH]HQtPDY\]YHGQXWtPRVWDWNĤVY,YD
QDURNXSDN]DSRþDOD]GHMãtSRXWQtWUD
GLFH9RGČ]SUDPHQHY,YDQRYČMHVN\QLE\OD
SĜLþtWiQD]i]UDþQiOpþLYiPRF5RNXE\O
SRVWDYHQYHONêEDURNQtNRVWHOVY-DQD.ĜWLWHOH
SRGOHSURMHNWX&DUOD/XUDJD6WDWLFNpSRUXFK\
]SĤVREHQp SRG]HPQt YRGRX VL YãDN Y\åiGD
O\ Xå SR SDGHViWL OHWHFK SĜHVWDYEX NWHUp VH
XMDO .ULãWRI 'LHQ]HQKRIHU 2VWDWN\ VY ,YDQD
VHP E\O\ XPtVWČQ\ Y SRVWĜtEĜHQp D SR]ODFH
Qp VFKUiQFH SRG ERKDWČ ]GREHQê QiKUREHN
=NRVWHODO]HYVWRXSLWGRVWDUpVYDW\QČVMHV
N\QtVY,YDQD
3RXVWHYQtN ,YDQ QHE\O R¿FLiOQČ ]DĜD]HQ
PH]L NDWROLFNp VYČWFH 1ČNWHĜt KLVWRULNRYp
GRNRQFH ]SRFK\EQLOL DXWHQWLþQRVW OHJHQG\ L
VDPX H[LVWHQFL SUYpKR þHVNpKR SRXVWHYQtND
3ĜHNYDSLYpKR SRWYU]HQt VH YãDN VYDWRLYDQ
VNp OHJHQGČ GRVWDOR SUiYČ RG NULWLFNp YČG\
$QWURSRORJLFNêSUĤ]NXPRVWDWNĤ]NRVWHODYH
6YDWpPX-DQXSRG6NDORXWRWLåNRQVWDWXMHåH
MGHVNXWHþQČRSR]ĤVWDWN\þORYČND]GRE\SĜHG
YtFHQHåWLVtFLOHW\NWHUêåLOGHOãtGREXYHYOK
NpPSURVWĜHGtDåLYLOVHSĜHYiåQČYHJHWDULiQ
VNRXQHGRVWDWHþQČYêåLYQRXVWUDYRX