8++ t 8+++

8++t8+++
5XGUGNÚOKMNCWP[RąGLGOGF÷VGOMT¾UPÆRT¾\FPKP[RNPÆ\¾åKVMč
CXwGOFQUR÷NGLwÊOCFQUR÷NÚONÆVQRNPÆUNWPEGCRQJQF[
2ąÊNQJQWVQJQVQéÊUNCLGCWVQDWUQXÚLÊ\FPÊą¾FRNCVPÚQFFQ
#*1,
X¾åGPÊéVGP¾ąK-WeJQ2QMW
MISTR JAN HUS
RT¾X÷XNGVQwPÊOTQEGVQOWDWFGNGVMF[
0ž41&0ª5*41/žä&ö0ª218Č.+8ö40¦*1.+&7è'5-15.18'05-¦*1#8&7%*7,'*1
&ö,+0241*.ž5+.1è'48'0'%2#/ž60º/&0'/è'5-15.18'05-¦4'27$.+-;
,G UMWVGéPQUVÊ JNWDQMÆJQ XÚ\PCOW åG RT¾X÷ X RąGFXGéGT R÷VKUVÆJQ XÚTQéÊ *WUQXC RCO¾V
PÆJQ FPG C XG LOÆPW *WUQX÷ D[N XčFEGO PCwÊ \CJTCPKéPÊ TGXQNWEG 6 ) /CUCT[MGO \CJ¾LGP XGąGLPÚ
QRQX÷FPÚQFDQLRTQVK4CMQWUMW
-F[å UG RCM XÊV÷\UVXÊO FGOQMTCEKG RQ + UX÷VQXÆ X¾NEG XT¾VKNC QR÷V XN¾FC X÷EÊ PCwKEJ X PCwG
TWEG D[NQ LCUPQ åG FGP *WUQX[ OWéGFPKEMÆ UOTVK UVCPG UG \CUX÷EGPÚO FPGO XwGJQ NKFW éGUMQUNQ
XGPUMÆJQ 8 VGP FGP WUV¾XCNC RT¾EG X QDEJQFGEJ åKXPQUVGEJ PC RQNÊEJ K X VQX¾TP¾EJ XwKEJPK QRTCX
FQXÊRąÊUNWwPÊEKPCwGJQP¾TQFCRQX\P¾wGNKO[UNPCFXwGFPQUVKåKXQVCX\RQOÊPCNK*WUQX[QRTCXFQXQUVK
CPGQJTQåGPQUVKCPCDÚXCNKVCMPQXÆPCF÷LGCUÊN[MWRT¾EK\CNGRwÊåKXQVUXčLCUXÚEJRąÊwVÊEJ6CMUVCNUG
XNÆVGEJCFGPéGTXGPEGWå\XčNGNKFWUX¾VMGO×RNPÚO.GVQwPÊJQTQMWK0¾TQFPÊUJTQO¾å
F÷PÊPCwÊTGRWDNKM[\¾MQPGOW\PCNQVQVQ\CUX÷EGPÊ\TQ\JQFPWVÊNKFW
*WUčXFGPLGVGF[LKåUX¾VMGOC\čUVCPGLÊOFQMWFX\GOÊEJPCwKEJDWFGåÊVKéGUMQUNQXGPUMÚNKFMVGTÚ
PGX[JNCFKVGNPQW×EVQWMRCO¾VEG*WUQX÷VCMXÚTC\P÷RTQLGXKNåGEJ¾RGUO[UNF÷LKPUXÚEJXVQOFWEJW
LCMLGLPCRNÿWLÊXGFQWEÊLGJQOWåQXÆåKXQVGOCFÊNGOe
2QTVTÆV/,*WUCPCMC\CVGNP÷CMCRNG$GVNÆOUM¾LGwV÷XRčXQFPÊOUVCXWRąGFOQFGTPK\CEÊ
QDC\WXGFGPÆRWDNKMCEG
2T¾X÷LUVGUKX¾åGPÊéVGP¾ąKRąGéGVNK×T[XGM\×VNÆRWDNKMCEGX[FCPÆXTQEGMWEV÷PÊRCO¾VM[
/KUVTC ,CPC *WUC CD[ éGUMQUNQXGPwVÊ NKFÆ NÆRG RQEJQRKNK RąÊMNCF MVGTÚ QP FCN UX÷VW UXÚO WwNGEJVK
NÚO åKXQVGO FÊNGO C JTFKPQW UOTVÊ ,CM LG RU¾PQ PC \¾X÷TGéPÆO NKUVW VQJQVQ FÊNMC MVGTÆ P¾O LCUP÷
C UTQ\WOKVGNP÷ X P÷MQNKMC X÷V¾EJ X[UX÷VNKNQ X\PKM VQJQVQ UX¾VGéPÊJQ FPG &PGU Q P÷O OPQ\Ê \ P¾U
CPK PGXÊ RTQé LG FPGO UX¾VGéPÊO LCMQ CPK OPQ\Ê PGXÊOG C PGO¾OG PCRTQUVQ å¾FPQW ×EVW MG FPK
ąÊLPC MF[ D[NQ WMQPéGPQ éV[ąNGVÆ QDFQDÊ PGUO[UNPÆJQ XTCåF÷PÊ QUXQDQ\GPÊO OPQJC P¾TQFč
C X\PKMGO LGLKEJ UCOQUVCVPQUVK # PGPÊ VQ å¾FP¾ UVCąGEM¾ PQUVCNIKG MVGT¾ XG OP÷ RTQDQW\Ê QDCX[
XPCRNP÷PÊQPQJQ\P¾OÆJQq-&10'<0ž&ö,+0;58¦*10ž41&#$7&'5+,'/75'6<12#-18#6q
&QOPÊX¾OUGXwCMåGVGPVQMT¾VD[D[NVGPTGRCT¾VOPQJGOOPQJGOJQTwÊPGåLCMÚOLUOGOWUGNKRTQLÊVO[
0QUVCNIKGOPGRąGRCF¾XGEJXÊNKMF[XG\OWFQTWM[OCNKPMÚMCNÊwGM\NKRQXÆJQFąGXCX[UQWUVTWåGPÚ
RT¾X÷\MQWUMWQFNQOGPÆQJTQOPÆX÷VXG$TCVTUMÆNÊR[RąKXGNKMÆDQWąKMVGT¾UGRTQJPCNC-WPXCNFGOXTQEG
LGPR¾TFPčRąGFXGNMQWQUNCXQW*WUQXQW<EGNÆVÆUN¾X[UKRCOCVWLKLGPLCMLUGOUKVGPMCNÊwGMOQJN
X[DTCVCOWUGNąÊEKRTQF¾XCLÊEÊOWUXÆLOÆPQCD[OQJNPCP÷LX[R¾NKVOčLOQPQITCOCPCLGJQFPQdTq
#NGVQD[NQRąGEGRąGFNGV["
0GDWFGVGUG\NQDKVMF[å\CMQPéÊOOÆRQXÊF¾PÊQR÷V*WUGO"
*.'&',24#8&;5.;i24#8&77è5'24#8&ö/+.7,24#8&7
24#824#8&7&4ä24#8&7$4#þ24#8&;#ä&15/46+
X[RQXÊFCLÊEÊPGRą¾VGNUVXÊ
d*WUčXRCO¾VPÊMqMVGTQWKNWUVTQXCN-CTGNiVTQH\MPKJQXP[CWVQTC
2
/KNCPiGDGM8CTPUFQTH
ID?HIP¼BI[
!"
-TQPKMCO÷UV[UGt\¾\PCO[\CTQM
2CPÊ MTQPKM¾ąMC O÷UV[UG RCPÊ /KNGPC $ÊN
MQX¾RąGFUVCXKNCRąÊVQOPÚO\¾\PCO[XMTQPKEG
O÷UV[UG\CTQM2ąGFNQåKNCTQXP÷åQDTC\Q
XQWRąÊNQJW
<CUVWRKVGNUVXQX\CNQ\¾RKU[XMTQPKEGXéGVP÷
RąGFNQåGPÆQDTC\QXÆRąÊNQJ[PCX÷FQOÊ
4GMQPUVTWMEGMQVGNP[\¾MNCFPÊwMQN[
<CUGF¾PÊ \CUVWRKVGNUVXC O÷UV[UG UG \×éCUVPKNK
RCP$E2GVT5WEJ¾TCRCP+PI-TCVQEJXÊN\CUFTW
åGPÊ'MQ,QWNGMVGTÆWéKPKNQO÷UV[UKPCDÊFMWPCRTQ
XQ\QX¾PÊMQVGNP[
5VCTQUVCO÷UV[UGWXGFNåGRTQLGMVQXQWFQMW
OGPVCEKQDFTåGNQFRQNGFPGRąGF\CUGF¾PÊO\CUVW
RKVGNUVXCCCPKQPCPKéNGPQXÆUVCXGDPÊJQXÚDQTW
PGO÷NKFQUVCVGMéCUWUGUPÊUG\P¾OKV
<CUVWRKVGNUVXQPCUXÆORąGFEJQ\ÊO\CUGF¾PÊ
RTQLGFP¾XCNQ P¾XTJ UONWX PC RTQP¾LGO MQVGNP[
C PC FQF¾XM[ VGRNC MVGTÆ \CUNCN RCP $E 5WEJ¾T
8\JNGFGOMP÷MVGTÚOPGLCUPQUVGOCRQåCFCXMčO
\CUVWRKVGNUVXCUGFQUVCXKNKPC\CUGF¾PÊCD[OQJNK
QFRQX÷F÷VPCRąÊRCFPÆFQVC\[éKX[UX÷VNKVRąÊRCFPÆ
PGLCUPQUVK
2CP$E5WEJ¾T\CUVWRKVGNUVXWRąGFUVCXKNRTQ
ITCOCéKPPQUVUFTWåGPÊ'MQ,QWNGXéGVP÷RTQXQ\W
RGNGV¾TP[PC1TNKEMÆO<¾JQąÊ5FTWåGPÊ'MQ,QWNG
LGXQNPÆUFTWåGPÊH[\KEMÚEJQUQDMVGTÆ\CUVąGwWLG
RCP$E5WEJ¾TCXDWFQWEPWUGRQéÊV¾UVTCPU
HQTOCEÊVQJQVQUFTWåGPÊPCRT¾XPKEMQWQUQDW
+PI -TCVQEJXÊN F¾NG WXGFN RTQLGMV PC RąG
UVCXDWMQVGNP[CX[UX÷VNKNP÷MVGTÆCURGMV[VQJQVQ
RTQLGMVW8MQVGNP÷DWFQW\CDWFQX¾P[VąKNKVKPQXÆ
MQVNGwXÆFUMÆHKTO['MQUETQNNLGLKEJåMCRCEKVCD[
O÷NCRNP÷FQUVCéQXCVRTQX[V¾R÷PÊwMQN[CUQMQ
NQXP[
<CUVWRKVGNUVXQX\CNQXGwMGTÆKPHQTOCEGMVGTÆ
\C\P÷N[XVQOVQDQF÷PCX÷FQOÊ
<RTCEQX¾PÊ2TčMC\čGPGTIGVKEMÆP¾TQéPQUVK
5VCTQUVCO÷UV[UGKPHQTOQXCNRąÊVQOPÆQPQXGNG
\¾MQPC é 5D Q JQURQFCąGPÊ U GPGT
IKÊCWXGFNåGFNGVÆVQPQXGN[LGPWVPÆCD[O÷UV[U
PGEJCN \RTCEQXCV dRTčMC\ GPGTIGVKEMÆ P¾TQéPQUVKq
RTQP÷MVGTÆDWFQX[XGXNCUVPKEVXÊO÷UV[UGCVQMQP
MTÆVP÷RTQDWFQXWwMQN[CJCUKéUMÆ\DTQLPKEG5QW
éCUP÷DWFG\ąGLO÷PWVPÆ\RTCEQXCVVGPVQRTčMC\
KRTQDWFQXWUQMQNQXP[
5VCTQUVC RąGFNQåKN \CUVWRKVGNUVXW PCDÊFMW
+PI-COGPKEMÆJQPCX[RTCEQX¾PÊ2TčMC\čGPGT
IGVKEMÆ P¾TQéPQUVK DWFQX %GNMQX¾ EGPC XéGVP÷
\RTCEQX¾PÊ RTčMC\W RTQ DWFQXW UQMQNQXP[ FNG
PCDÊFM[éKPÊ-éXéGVP÷&2*
<CUVWRKVGNUVXQ RQ RTQLGFP¾PÊ QFUQWJNCUKNQ
PCDÊFMW+PI-COGPKEMÆJQCRQX÷ąKNQUVCTQUVW
QDLGFP¾PÊO X[RTCEQX¾PÊ 2TčMC\č GPGTIGVKEMÆ
P¾TQéPQUVKDWFQX
ä¾FQUV 5VąGFKUMC RTQ PGFQUNÚEJCXÆ X ·UVÊ
PCF1TNKEÊ
<CUVWRKVGNUVXQUGQRCMQXCP÷XT¾VKNQMå¾FQUVK
èGUMÆJQMNWDWPGFQUNÚEJCXÚEJ*'.2QHKPCPéPÊ
RąÊUR÷XGM PC UNWåD[ RQUM[VQXCPÆ XG UVąGFKUMW
·UVÊPCF1TNKEÊCäCODGTMW
5VCTQUVC O÷UV[UG WXGFN FQRNÿWLÊEÊ KPHQT
OCEG MVGTÆ UG RQFCąKNQ \ÊUMCV QF RCPC 8NC
FKOÊTC -T¾NG XGFQWEÊJQ UVąGFKUMC X ·UVÊ PCF
1TNKEÊ5VąGFKUMQRQO¾J¾UGUGTXKUGORQOčEGM
RTQ PGFQUNÚEJCXÆ \RTQUVąGFMQX¾X¾ MQPVCMV[
PGFQUNÚEJCXÚO C TCFÊ LCM C MCO UG QDT¾VKV UG
UXÚOK RTQDNÆO[ 5NWåGD UVąGFKUMC X[WåÊXCLÊ CUK
QDéCPÆ-WPXCNFW
<CUVWRKVGNUVXQRQMT¾VMÆORTQLGFP¾PÊQFUQW
JNCUKNQ RQUM[VPWVÊ LGFPQT¾\QXÆJQ RąÊUR÷XMW
XG XÚwK -é PC \¾MNCF÷ W\CXąGPÆ FCTQXCEÊ
UONQWX[
ä¾FQUVQMQWRKRQ\GOMW
<CUVWRKVGNUVXQ UG XT¾VKNQ M å¾FQUVK /KNQ
UNCX[C8¾ENCXC-CNQWUMQXÚEJ-WPXCNFéR
Q QFRTQFGL RQ\GOMW Ré MVGTÚ LG XG
XNCUVPKEVXÊ/÷UV[UG-WPXCNFCMVGTÚFNQWJQFQD÷
WFTåWLÊ
<¾O÷TRTQFGLGD[NX[X÷wGPRQ\¾MQPGOUVC
PQXGPQWFQDWPC׹GFPÊFGUEGM\¾O÷TWPGRąK
wN[å¾FPÆRąKRQOÊPM[
<CUVWRKVGNUVXQRQRTQLGFP¾PÊå¾FQUVQFUQW
JNCUKNQ\CQDX[MNÚEJRQFOÊPGMtVGF[\C×JTCFW
P¾MNCFč URQLGPÚEJ U RTQFGLGO C F¾NG \C RQF
OÊPM[ \ąÊ\GPÊ X÷EPÆJQ DąGOGPG RT¾XC XUVWRW
RTQè'<C/÷UV[U-WPXCNF
3
ä¾FQUVQQRTCXWMQOWPKMCEG
<CUVWRKVGNUVXQ UG UG\P¾OKNQ UG å¾FQUVÊ RCPÊ
#NåD÷V[ 5MCNMQXÆ Q QRTCXW MQOWPKMCEG XG XNCUV
PKEVXÊO÷UV[UGMLGLÊPGOQXKVQUVK<¾JQT[éR
MVGT¾ FNG LGLÊJQ X[L¾FąGPÊ LG X P÷MVGTÚEJ ×UGEÊEJ
RTCMVKEM[PGULÊ\FP¾
5VCTQUVC M VQOWVQ RTQDNÆOW WXGFN åG EGNÚ
×UGMEGUV[LGFNQWJÚXÊEGPGåMOCLKåXOKPW
NQUVKD[N[FQEGUV[KPXGUVQX¾P[PGOCNÆRTQUVąGFM[
%GNMQX÷D[NQRTCXGP×UGMQFMąKåQXCVM[XGX\F¾
NGPQUVK EEC O è¾UV EGUV[ XGFQWEÊ RąGU NGU
LG PÊåG PGå QMQNPÊ VGTÆP EGUVC VCM PGO¾ QFXQF
P÷PÊCLGRąÊNKw\CMT[VCRQTQUVGOVCMåGPGX[U[EJ¾
&¾NGUVCTQUVCO÷UV[UGWXGFNåGLKåRTQD÷JNCLGF
P¾PÊ U RCPGO )CLFQwGO C RCPGO -T¾NGO OCLK
VGNK TGMTGCéPÊEJ PGOQXKVQUVÊ MVGąÊ UCOK PCDÊFNK
RQOQEXGX÷EKQRTCX[MQOWPKMCEG&¾NGUVCTQUVC
O÷UV[UGLGFPCNUG\¾UVWREGOHKTO[5RT¾XC2CTKU
JQXÚEJNGUčRCPGO+PI(KwGTQWQRTQXGFGPÊX[V[
éGPÊ EGUV[ X ×UGMW RąGU NGU RąÊRCFPÆO QFV÷åGPÊ
LGFPÆąCF[UVTQOčVCMCD[EGUVCOQJNCDÚVGHGM
VKXP÷ QRTCXGPC C D[NQ FQUCåGPQ NGRwÊEJ RQFOÊ
PGMRTQ×FTåDWEGUV[EGUVCFNGMCVCUVTWPGOQXK
VQUVÊLG\ąGLO÷wKTwÊPGåLGUMWVGéPQUV%GUVCDWFG
X[V[éGPC\RTQUVąGFMč52·XT¾OEKQRCVąGPÊMQO
RNGZPÊEJRQ\GOMQXÚEJ×RTCX2QRTQXGFGPÊX[V[
éGPÊDWFGLGFP¾PQQFCNwÊEJQRCVąGPÊEJCFCNwÊO
RQUVWRWQRTCX[MQOWPKMCEG
/÷UV[U -WPXCNF O¾ XG XNCUVPKEVXÊ XÊEG PGå
MO EGUV C ×éGNQXÚEJ MQOWPKMCEÊ C PC ׹CF÷
LUQWGXKFQX¾P[å¾FQUVKQQRTCXWEGUVLKåRQOPQJQ
NGVCV[VQEGUV[PGD[N[PKMF[QRTCXQX¾P[t\VQJQVQ
FčXQFWOCLÊV[VQEGUV[XUQWéCUPÆFQD÷RąGFPQUV
<CUVWRKVGNUVXQ X\CNQ RQ FCNwÊO MT¾VMÆO RTQ
LGFP¾PÊå¾FQUVPCX÷FQOÊtEGUVCDWFGXNGUPÊO
×UGMWX[V[éGPCCRQVÆDWFG\CUVWRKVGNUVXQLGFPCV
QFCNwÊORQUVWRW
ä¾FQUVQRąÊUR÷XGMPCCMEKRTQF÷VK
<CUVWRKVGNUVXQ UG UG\P¾OKNQ UG å¾FQUVÊ 5DQTW
FQDTQXQNPÚEJ JCUKéč -WPXCNF Q RąÊUR÷XGM PC
QFO÷P[RTQF÷VKPCCMEK5NCXPQUVPÊJQM¾EGPÊO¾LM[
FPG
<CUVWRKVGNUVXQRQRTQLGFP¾PÊQFUQWJNCUKNQRQUM[V
PWVÊRąÊUR÷XMWXGXÚwK-éPCQFO÷P[RTQF÷VK
PC XÚwG WXGFGPQW CMEK 2ąÊUR÷XGM DWFG RQUM[VPWV
PC\¾MNCF÷RąGFNQåGPÚEJFCÿQXÚEJFQMNCFčX\VCJW
LÊEÊEJUGMRQą¾FCPÆCMEK
5ONQWXCQDG\×RNCVPÆORąGXQFWPGOQXKVQUVK
5VCTQUVC O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ
UG 5ONQWXQW Q DG\×RNCVPÆO RąGXQFW PGOQXK
VQUVK MVGTQW \CUNCN ·ąCF RTQ \CUVWRQX¾PÊ UV¾VW
XG X÷EGEJ OCLGVMQXÚEJ QFNQWéGPÆ RTCEQXKwV÷
4[EJPQX PCF -P÷åPQW ,GFP¾ UG Q DG\×RNCVPÚ
4
RąGXQF RQ\GOMW Ré t QUVCVPÊ RNQEJC
QUVCVPÊMQOWPKMCEGQXÚO÷ąGOPCMCVCUV
T¾NPÊO×\GOÊ&QNPÊ4QM[VPKEGVGF[×UGMRąÊUVW
RQXÆ MQOWPKMCEG QF UV UKNPKEG M OQUVMW RąGU
ąÊéMW *X÷\FPQW MVGT¾ F¾NG RQMTCéWLG PC MCVC
UVT¾NPÊO ×\GOÊ -WPXCNFW $G\ \ÊUM¾PÊ VQJQVQ
RQ\GOMWPGPÊOQåPÆF¾NGRQMTCéQXCVXRąÊRTC
X¾EJPCQRTCXWOQUVMW
<CUVWRKVGNUVXQ RQ RTQLGFP¾PÊ QFUQWJNC
UKNQ W\CXąGPÊ 5ONQWX[ Q DG\×RNCVPÆO RąG
XQFWPGOQXKVQUVKUQOG\WLÊEÊOKRQFOÊPMCOK
éL7<58/*4-t*4-/
4č\PÆ
KPHQTOCEGQPQXÆOWOÊUV÷PÊ׹GFPÊFGUM[
PCDWFQX÷-QP\WOWUVCTQUVCO÷UV[UGKPHQTOQ
XCN\CUVWRKVGNUVXQQLGFP¾PÊUG\¾UVWREK-QP\WOW
8JQTPÊRTQFGLP÷-QP\WOWRTQDÊJ¾EGNMQX¾TGMQP
UVTWMEGC-QP\WORQåCFWLGWOÊUV÷PÊ׹GFPÊFGUM[
PCLKPÆOÊUVQCUQWéCUP÷KQDPQXW׹GFPÊFGUM[PC
UVCPFCTFK\QXCPÚ X\JNGF 5VCTQUVC O÷UV[UG WXGFN
åGPQXÆ׹GFPÊFGUM[D[N[LKåFNGRQåCFCXMč-QP
\WOWQDLGFP¾P[CDWFQWWOÊUV÷P[XUQWXKUNQUVK
UTGMQPUVTWMEÊPCRQåCFQXCPÆOOÊUV÷
KPHQTOCEGQFQRTCXPÊQDUNWåPQUVKUVCTQUVC
O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ U RTčD÷JGO LGF
P¾PÊQFQRTCXPÊQDUNWåPQUVKPCQDXQFW2+++XäCO
DGTMW MVGTÆ RTQD÷JNQ FPG 6QJQVQ LGF
P¾PÊUG\×éCUVPKNéNGP4CF[2CTFWDKEMÆJQMTCLGQFRQ
X÷FPÚ \C FQRTCXW RCP &WwGM C F¾NG PQXÚ LGFPCVGN
URQNGéPQUVK 14'&1 ,GFP¾PÊ RTQD÷JNQ PC \¾MNCF÷
KPKEKCVKX[ UVCTQUV[ O÷UV[UG C UVCTQUV[ O÷UVC äCO
DGTM8PQXÚEJLÊ\FPÊEJą¾FGEJD[N[\¾UCFPÊO\RčUQ
DGOQOG\GP[URQLGXRTčD÷JWNGVPÊEJRT¾\FPKP
5VCTQUVC WXGFN åG LKå XÊEG PGå RąGF O÷UÊEGO
\CUNCNRÊUGOPQWå¾FQUVPC14'&1Q×RTCXWV÷EJVQ
LÊ\FPÊEJą¾FčVCMCD[D[NRąKF¾PCNGURQÿLGFGPURQL
XRTčD÷JWFQRQNGFPGCD[UGQDéCPÆCEGUVWLÊEÊO÷NK
OQåPQUV PCXT¾VKV \G äCODGTMC D÷JGO FQRQNGFPG
&NG UQWéCUPÆJQ P¾XTJW LÊ\FPÊJQ ą¾FW D[ O÷N LGV
QFT¾PCRTXPÊURQL\R÷VFQ-WPXCNFWXGJQF
0C LGFP¾PÊ PGD[NQ FQUCåGPQ RTCMVKEM[ å¾FPÆJQ
XÚUNGFMW4CFPÊRCP&WwGMWXGFNåG2-PGO¾FQUVC
VGM HKPCPéPÊEJ RTQUVąGFMč C åG QF TC\CPVPÊJQ UPÊ
åGPÊURQLčPGWUVQWRÊXGURQNGéPQUVK14'&1UGQR÷V
X[O÷PKNOCPCIGOGPV5VCTQUVCO÷UV[UGVGF[RQå¾
FCN\FCD[D[NQOQåPQCNGURQÿQFRQX÷F÷VPC\CUNC
PQWRÊUGOPQWå¾FQUVCD[O÷UV[UOQJN\X¾åKVFCNwÊ
RQUVWRXVÆVQ\¾NGåKVQUVK
<CUVWRKVGNUVXQX\CNQKPHQTOCEGXDQF÷4č\PÆPC
X÷FQOÊ
2Q\P TGF P÷LCMÚ RQ\KVKXPÊ XÚUNGFGM LGFP¾PÊ
RąGEG LGPQO O÷NQ RQFCąKNQ UG \CEJQXCV CNGURQÿ
LGFGPFQRQNGFPÊURQL
&KUMWUG
R'FWCTFiVWORHUGFQV¾\CNPCXÚXQLUKVW
CEG UG UVCXGDPÊOK RCTEGNCOK X EGPVTW O÷UV[UG
tUVCTQUVCO÷UV[UGQFRQX÷F÷NåGFNGLGJQKPHQT
OCEÊ DWFG X PGLDNKåwÊ FQD÷ X[F¾PQ UVCXGDPÊ
RQXQNGPÊ PC X[DWFQX¾PÊ RąÊUVWRQXÆ MQOWPKMCEG
CXQFQXQFPÊRąÊRQLM[&¾NGRiVWORHPCXTJN\FC
D[PGD[NQXJQFPÆWOÊUVKVPCNQMCNKVWKPHQTOCéPÊ
VCDWNKUWXGFGPÊOPCDÊFM[RTQFGLGV÷EJVQRCTEGN
R2CXGN$ÊNGMX\PGUNFQVC\PCUNWåD[èGUMÆ
RQwV[UR\CLKwċQXCPÆP[PÊRTQUVąGFPKEVXÊO-QP
\WOW 7XGFN åG PC \CUGF¾PÊ \CUVWRKVGNUVXC PC
MVGTÆO D[NK RąÊVQOPK \¾UVWREK èGUMÆ RQwV[ UR
D[NQ RąKUNÊDGPQ åG DWFQW \CEJQX¾P[ XGwMGTÆ
UNWåD[CXwCMP[PÊPGPÊOQåPQX-QP\WOWRQF¾
XCV U¾\GPM[ 5RQTVM[ 2QXCåWLG VQVQ LGFP¾PÊ \C
PGUGTKÐ\PÊ 5VCTQUVC O÷UV[UG WXGFN åG èGUM¾
RQwVCURO÷NC\XN¾wVPÊUONQWXWUGU¾\MQXÚOK
URQNGéPQUVOKMVGTQW-QP\WOXUQWéCUPÆFQD÷
PGO¾2ąKUNÊDKNåG\LKUVÊ\FCD[D[NQOQåPQVWVQ
UNWåDW\CDG\RGéKVKX-QP\WOW
R ,QUGH 8¾IPGT RQF÷MQXCN LOÆPGO RCPÊ
4QNNGTQXÆUVCTQUVQXKC\CUVWRKVGNUVXW\CRQUM[V
PWVQWRQOQE
UVCTQUVCO÷UV[UGF¾NGKPHQTOQXCNåGXUQW
NCFWUTQ\JQFPWVÊO\CUVWRKVGNUVXCD[N\TWwGP×éGV
W2QwVQXPÊURQąKVGNP[RTQUVąGFM[D[N[RąGXGFGP[
PC URQąKEÊ ×éGV W -QOGTéPÊ DCPM[ MVGT¾ PCDÊ\Ê
XÚJQFP÷LwÊRQFOÊPM[
R 'FWCTF iVWORH WRQ\QTPKN PC PGDG\
RGéPÚTQ\MNCFRQFNQåÊPCé¾UVKEGUV[RQF-QRGE
MÚOK 5VCTQUVC O÷UV[UG WXGFN åG X VÆVQ X÷EK
LKå RQFPKMN PWVPÆ MTQM[ LGFPCN UG \¾UVWREGO
HKTO[/CFQU/6UTQMVGTÚRąGFNQåÊEGPQXQW
PCDÊFMW PC QRTCXW JCX¾TKG 6WVQ UKVWCEK DWFG
PWVPQąGwKVPGLURÊwG\TG\GTXPÊEJ\FTQLč<CUVW
RKVGNUVXWDWFGPCDÊFMCCP¾XTJąGwGPÊRąGFNQåGP
PCRąÊwVÊO\CUGF¾PÊ
R,QUGH6TGLVPCTWRQ\QTPKNPCXGNOKPGW
M¾\P÷PÆ RCTMWLÊEÊ ąKFKéG PC RCTMQXKwVK W RQwV[
2CTMWLÊ K OKOQ X[JTC\GP¾ OÊUVC VCM åG CWVQ
DWUPGO¾OQåPQUVXLGVPCRCTMQXKwV÷2QåCFWLG
ąGwGPÊ PCRąÊMNCF HQTOQW WOÊUV÷PÊ KPHQTOCéPÊ
VCDWNGCURQNWRTCEÊU2QNKEKÊè4
<CUVWRKVGNUVXQX\CNQKPHQTOCEGMVGTÆ\C\P÷N[
XDQF÷&KUMWUGPCX÷FQOÊ
!!#!"
4GMQPUVTWMEGMQVGNP[\¾MNCFPÊwMQN[
0C\CUGF¾PÊ\CUVWRKVGNUVXCD[NKRąÊVQOPK\¾UVWREK
UFTWåGPÊ 'MQ,QWNG +PI -TCVQEJXÊN C $E 5WEJ¾T
<CUVWRKVGNUVXQ UG QTKGPVCéP÷ UG\P¾OKNQ U QDUC
JGO RąKRQOÊPMQXCPÚEJ UONWX C \¾UVWREK 5FTW
åGPÊQFRQXÊFCNKPCQV¾\M[CLGFPQVNKXÆRąKRQOÊPM[
M RTQLGMVQXÆ FQMWOGPVCEK 2Q P¾UNGFPÆ FKU
MWUK D[N[ UONQWX[ \CUN¾P[ \¾UVWREčO 5FTWåGPÊ
M QFUQWJNCUGPÊ C RąÊRCFPÆOW FQRNP÷PÊ RTQP¾
LGO PGD[VQXÚEJ RTQUVQT UONQWXC Q FQF¾XM¾EJ
VGRNC
2Q FCNwÊ FKUMWUK X\CNQ \CUVWRKVGNUVXQ KPHQT
OCEG PC X÷FQOÊ C QFUQWJNCUKNQ P¾UNGFWLÊEÊ
RQUVWRXwKEJPK\CUVWRKVGNÆQDFTåÊRąKRQOÊPMQXCPÆ
UONQWX[GNGMVTQPKEMQWRQwVQWPGLFÆNG
&Q \CwNQW OÊUVQUVCTQUVEG QR÷V GNGM
VTQPKEMQWRQwVQWUXÆRąKRQOÊPM[8GwMGTÆRąKRQ
OÊPM[ DWFQW \CUN¾P[ \¾UVWREčO 5FTWåGPÊ 'MQ
,QWNG PGLFÆNG FPG &PG RTQD÷JPG PC ׹CF÷ O÷UV[UG LGFP¾PÊ MG MQPGé
PÆOW \P÷PÊ UONWX MVGTÆ DWFQW OQEK DÚV QR÷V
\CUN¾P[\CUVWRKVGNčOVCMCD[X\JNGFGOMéCUQXÚO
OQåPQUVGOOQJN[DÚVQFUQWJNCUGP[éK\COÊVPWV[
PCOKOQą¾FPÆO\CUGF¾PÊ\CUVWRKVGNUVXC
+PHQTOCEGQ×RTCX÷\GNGP÷XEGPVTW
5VCTQUVC O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ
UXÚXQLGOUKVWCEGMQNGORTQLGMVWd0¾XTJąGwGPÊ
×RTCX EGPVTC /÷UV[UG -WPXCNFq MVGTÚ D[N PC
\¾MNCF÷ TQ\JQFPWVÊ 5(ä2 è4 FQRQTWéGP M RQF
RQąG
&QRQUWF O÷UV[U PGQDFTåGN å¾FPÆ X[L¾F
ąGPÊM\CF¾XCEÊFQMWOGPVCEKVCMCD[D[NQOQåPQ
X[RUCVXÚD÷TQXÆąÊ\GPÊPCFQFCXCVGNG0C\¾MNCF÷
MQP\WNVCEGURTQLGMVQXÚOOCPCåGTGOLUOGRQå¾
FCNKQRTQFNQWåGPÊ4GIKUVTCéPÊJQNKUVW
,CPC 6TGLVPCTQX¾ F¾NG WXGFNC åG LG OQåPÆ
X[RUCV XÚD÷TQXÆ ąÊ\GPÊ DG\ UQWJNCUPÆJQ UVCPQ
XKUMC 5(ä2 CNG O÷UV[U UG VÊO X[UVCXWLG TK\KMW
åGRQMWFXRąÊRCF÷TGCNK\CEGCP¾UNGFPÚEJMQP
VTQN \G UVTCP[ 5(ä2 DWFQW UJNGF¾P[ PGUTQXPC
NQUVK éK DWFQW X[UNQXGP[ RąKRQOÊPM[ OčåG DÚV
O÷UV[U MT¾EGP PC RąKUNÊDGPÆ FQVCEK 2TQVQ FQRQ
TWéKNCX[éMCVUQWJNCUPÆJQUVCPQXKUMC5(ä26CVQ
RTQFNGXC QXwGO \PCOGP¾ åG TGCNK\CEG RTQLGMVW
UG U PGLX÷VwÊ RTCXF÷RQFQDPQUVÊ RTQV¾JPG Cå FQ
TQMWRTQVQåGP÷MVGTÆRTXM[RTQLGMVWPGDWFG
OQåPÆXNGVQwPÊOTQEGTGCNK\QXCV
8ÚD÷TQXÆąÊ\GPÊtEJQFPÊMXEGPVTW
5VCTQUVC O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ
URTčD÷JGOCXÚUNGFM[XÚD÷TQXÆJQąÊ\GPÊPCCMEK
d<ąÊ\GPÊEJQFPÊMWXO÷UV[UW-WPXCNFq-QOKUG
LGLÊå UNQåGPÊ D[NQ QFUQWJNCUGPQ \CUVWRKVGNUVXGO
RTQXGFNCXGUVCPQXGPÆOVGTOÊPWQVGXąGPÊQD¾NGM
C PCDÊFMCOK C LGLKEJ JQFPQEGPÊ 8 VGTOÊPW D[N[
FQTWéGP[PC׹CFO÷UV[UGPCDÊFM[CVQHKTGO
5
5C/ UKNPKEG C OQUV[ .KVQO[wN CU /CFQU /6
UTQ.WRGPKEGCF¾NG%JN¾FGMC6KPV÷TCCU2CT
FWDKEG 0GLPKåwÊ EGPW C VQ -é RQFCNC
HKTOC%JN¾FGMC6KPV÷TCCU2CTFWDKEG-QOKUG
FQRQTWéKNC \CUVWRKVGNUVXW QFUQWJNCUKV PCDÊFMW
VÆVQHKTO[
2QMT¾VMÆORTQLGFP¾PÊQFUQWJNCUKNQ\CUVWRK
VGNUVXQPCDÊFMWHKTO[%JN¾FGMC6KPV÷TCCU2CT
FWDKEG C RQX÷ąKNQ UVCTQUVW W\CXąGPÊO UONQWX[
UVQWVQHKTOQWPCTGCNK\CEKEJQFPÊMW
+PHQTOCEG(KPCPéPÊJQ׹CFWäCODGTM
5VCTQUVC O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ
UVGZVGOFQRKUWMVGTÚPC/÷UV[U-WPXCNF\CUNCN
(KPCPéPÊ׹CFRTQ2CTFWDKEMÚMTCL·\GOPÊRTCEQ
XKwV÷XäCODGTMWCMVGTÚUGVÚM¾ULGFPQEGPÊMQG
HKEKGPVWRTQXÚRQéGVFCP÷\PGOQXKVQUVÊRTQEGNÆ
MCVCUVT¾NPÊ×\GOÊO÷UV[UG
8UQWéCUPÆFQD÷LGXRNCVPQUVKQDGEP÷\¾XC\P¾
X[JN¾wMC /÷UV[UG -WPXCNF é d1 RQWåKVÊ
MQGHKEKGPVWRTQXÚRQéGVFCP÷\PGOQXKVQUVKq6CVQ
X[JN¾wMCUVCPQXÊP¾UNGFWLÊEÊMQGHKEKGPV[CVQ
MQGHKEKGPVRTQé¾UVQDEG-WPXCNF
MQGHKEKGPVRTQé¾UVKQDEG-QPéKP[-WPC
éKEG<CLGéKP[$WDPQX<CFPÊFčN<¾JQT[
MQGHKEKGPV RTQ EGNÆ MCVCUVT¾NPÊ ×\GOÊ
-WPXCNF RTQ UVCXD[ C FQO[ UNQWåÊEÊ M KPFKXKFW
¾NPÊTGMTGCEK
(KPCPéPÊ ×ąCF å¾F¾ \CUVWRKVGNUVXQ Q ULGF
PQEGPÊ XÚwG WXGFGPÚEJ MQGHKEKGPVč RTQ QD[VPÆ
FQO[ RTQ EGNÆ MCVCUVT¾NPÊ ×\GOÊ ,CMQ FčXQF
WX¾FÊ\O÷PWQTICPK\CEGURT¾X[FCP÷\PGOQXK
VQUVÊQFCUNQåKVQUV\RTCEQX¾PÊRTQ(·
<CUVWRKVGNUVXQX\CNQKPHQTOCEGKå¾FQUVRTQ
\CVÊOPCX÷FQOÊCM\¾NGåKVQUVKUGXT¾VÊPCUXÆO
FCNwÊOą¾FPÆO\CUGF¾PÊ
ä¾FQUV/CUCT[MQX[<iC/i-WPXCNF
<CUVWRKVGNUVXQUGUG\P¾OKNQUGå¾FQUVÊ/CUC
T[MQX[\¾MNCFPÊwMQN[COCVGąUMÆwMQN[QWF÷NGPÊ
XÚLKOM[\GUVCPQXGPÆJQRQéVWå¾Mč5VCTQUVCF¾NG
WXGFNåGUEJX¾NGPÊOXÚLKOM[UG\ąK\QXCVGN\CXC
\WLGM×JTCF÷P¾MNCFWUVÊOURQLGPÚEJ
ĄGFKVGNMCwMQN[/IT,WTéCPQX¾UF÷NKNCåGUEJX¾
NGPÊXÚLKOM[ PGDWFG RTQ O÷UV[U\PCOGPCV \XÚwGPÊ
XÚFCLčPCwMQNWCFGOQITCHKEMÚXÚXQLLGRTQRąÊwVÊ
TQM[RąÊ\PKX÷LwÊPGåVQOWD[NQFQRQUWF
<CUVWRKVGNUVXQRQMT¾VMÆORTQLGFP¾PÊQFUQW
JNCUKNQ WF÷NGPÊ XÚLKOM[ \G UVCPQXGPÆJQ RQéVW
å¾MčRTQwMQNPÊTQMRTQ/CUCT[MQXW
\¾MNCFPÊwMQNWCOCVGąUMQWwMQNW-WPXCNF
ä¾FQUVQ×FTåDWMQOWPKMCEGPC-QPéKP¾EJ
5VCTQUVCO÷UV[UGUG\P¾OKN\CUVWRKVGNUVXQUG
å¾FQUVÊRCPC,KąÊJQ*čNM[-QPéKP[Q×FTåDW
MQOWPKMCEGMLGJQPGOQXKVQUVKCVQHQTOQWMCå
FQTQéPÊJQ FQF¾PÊ WTéKVÆJQ OPQåUVXÊ OCVGTK¾NW
6
F¾NGQKPUVCNCEKURN¾XMčCąGwGPÊ\KOPÊ×FTåD[
MQOWPKMCEGX\JNGFGOM\CLKwV÷PÊPWVPÆNÆMCąUMÆ
RÆéG Q UGPKQTC RCPC ,QUGHC *čNMW U QFXQN¾PÊO
PCFąÊX÷LwÊQUQDPÊLGFP¾PK
5VCTQUVCWXGFNåGURCPGO*čNMQWD[NQLGF
P¾PQ X WRN[PWNÆO TQEG OCVGTK¾N D[N PC EGUVW
FQF¾P C URN¾XM[ PC PGLMTKVKéV÷LwÊ OÊUVC D[N[
QDLGFP¾P[ LUQW RąGF FQMQPéGPÊO C FQF¾PÊO
PCEGUVW2CP*čNMCOCVGTK¾NFQFCPÚXNQÿUMÆO
TQEG UXÆRQOQEÊ TQ\RTQUVąGN FQ EGUV[ C URN¾XM[
UK\CDWFWLGTQXP÷åPCUXÆP¾MNCF[
5VCTQUVCF¾NGWXGFNåGRąKLGFP¾PÊPGD[NRąK
UNÊDGPå¾FPÚVTXCNÚMCåFQTQéPÊRąÊUWPOCVGTK¾NW
CNGD[NCUPCJCX[JQX÷VLCMQXFCNwÊEJVCMQXÚEJVQ
QDFQDPÚEJRąÊRCFGEJ1JNGFP÷\KOPÊ×FTåD[D[NC
TQXP÷å U RCPGO *čNMQW WéKP÷PC FQJQFC RCP
*čNMCO¾QRT¾XP÷PÊM\CDG\RGéGPÊVÆVQéKPPQUVK
C X P÷MQNKMC PCNÆJCXÚEJ C FQJQFPWVÚEJ RąÊRC
FGEJXWRN[PWNÆO\KOPÊOQDFQDÊOWD[NC×FTåDC
MQOWPKMCEGWJTC\GPC
<CUVWRKVGNUVXQ RQ MT¾VMÆO RTQLGFP¾PÊ X\CNQ
å¾FQUVRCPC*čNM[PCX÷FQOÊCFQRQTWéKNQRQUVW
RQXCVUVGLPÚO\RčUQDGOLCMQWQUVCVPÊEJMQOWPK
MCEÊCRQMWFUGVÚéG\KOPÊ×FTåD[DWFGVCVQRąGF
O÷VGOLGFP¾PÊ\CUVWRKVGNUVXCX\¾ąÊCXąÊLPW
ä¾FQUVMNWDW4#&156
<CUVWRKVGNUVXQ UG UG\P¾OKNQ UG å¾FQUVÊ
#UQEKCEGTQFKéčCRą¾VGN\FTCXQVP÷RQUVKåGPÚEJ
F÷VÊ X è4 -NWDW 4#&156 \ 2TQUV÷LQXC Q RąÊ
UR÷XGM PC RQD[V \FTCXQVP÷ RQUVKåGPÚEJ F÷VÊ
UFQRTQXQFGOXNGVPÊwMQNGXRąÊTQF÷
<CUVWRKVGNUVXQ UG XåF[ X QDFQDPÚEJ RąÊ
RCFGEJ UPCåÊ RQUM[VPQWV RąÊUR÷XM[ VCO MFG
UNWåD[ X[WåÊXCLÊ PCwK QDéCPÆ 0GO¾OG å¾FPÆ
KPHQTOCEG Q VQO åG D[ UNWåGD VÆVQ CUQEKCEG
X[WåÊXCNKPCwKQDéCPÆ
<CUVWRKVGNUVXQRQRTQLGFP¾PÊ\COÊVNQRQUM[V
PWVÊRąÊUR÷XMW-NWDW4#&156
4Q\RQéVQX¾\O÷PCé
5VCTQUVCO÷UV[UGWXGFNåGX\JNGFGOMP÷MVG
TÚO PWVPÚO RąGUWPčO HKPCPéPÊEJ RTQUVąGFMč
CNG RąGFGXwÊO X\JNGFGO M RąÊLOčO \ FQVCEÊ LG
PWVPÆRTQXÆUVTQ\RQéVQXQW\O÷PW54Q\RQéVQ
XQW \O÷PQW é UG\P¾OKN \CUVWRKVGNUVXQ RąGF
UGFCHKPCPéPÊJQXÚDQTWRCP,QUGH8¾IPGT
<CUVWRKVGNUVXQRQMT¾VMÆORTQLGFP¾PÊQFUQW
JNCUKNQ4Q\RQéVQXQW\O÷PWé
5ONQWXCQ\ąÊ\GPÊX÷EPÆJQDąGOGPG
5VCTQUVC O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ
UP¾XTJGOVGZVW5ONQWX[Q\ąÊ\GPÊX÷EPÆJQDąG
OGPGRTQURQNGéPQUVè'<&KUVTKDWEGCUtLGFP¾
UGQRąÊRQLMW00MQDLGMVWUMNCFWXEGPVTWRQ\GO
MQX¾RCTEGNCéC8÷EPÆDąGOGPQUG
ULGFP¾X¾\CLGFPQT¾\QXQWP¾JTCFW-é
<CUVWRKVGNUVXQRQMT¾VMÆORTQLGFP¾PÊQFUQW
JNCUKNQ P¾XTJ VGZVW UONQWX[ C RQX÷ąKNQ UVCTQUVW
LGLÊOW\CXąGPÊO
5ONQWXCQXÚRčLéEG
<CUVWRKVGNUVXQ UG UG\P¾OKNQ U P¾XTJGO URQ
NGéPQUVK'-1-1/MVGT¾PC\¾MNCF÷PQXÆCWVQTK
\CEGQF/ä2è4RąKUVQWRKNCMXÚO÷P÷XwGEJUONWX
QXÚRčLéEG,GFP¾UGQDG\RNCVPQWXÚRčLéMWUD÷T
PÚEJP¾FQDPCVąÊF÷PÆQFRCF[UMNQRCRÊTRNCUV
<CUVWRKVGNUVXQ RQ RTQLGFP¾PÊ QFUQWJNCUKNQ
W\CXąGPÊPQXÆ5ONQWX[QXÚRčLéEGUGURQNGéPQUVÊ
'-1-1/CU
&GNGIQX¾PÊ \¾UVWREG PC 8CNPQW JTQOCFW
8C-CU,CDNQPPÆPCF1TNKEÊ
5VCTQUVCO÷UV[UGUG\P¾OKN\CUVWRKVGNUVXQUG
UMWVGéPQUVÊ åG CMEKQX¾ URQNGéPQUV 8QFQXQF[
CMCPCNK\CEG,CDNQPPÆPCF1TNKEÊUXQN¾X¾ą¾FPQW
8CNPQW JTQOCFW PC <CUVWRKVGNUVXQ
XåF[FGNGIWLGUXÆ\¾UVWREGPCLGFP¾PÊXCNPÆJTQ
OCF[
<CUVWRKVGNUVXQ RQ RTQLGFP¾PÊ QFUQWJNCUKNQ
FGNGIQX¾PÊUVCTQUV[O÷UV[UG+PI,QUGHC2CòQWTC
PC 8CNPQW JTQOCFW 8C- CU MVGT¾ UG DWFG
MQPCVFPGCRQX÷ąKNQLGL\CUVWRQX¾PÊO
/÷UV[UG-WPXCNFPCVÆVQXCNPÆJTQOCF÷
ä¾FQUVTQFKéčF÷VÊ/i
<CUVWRKVGNUVXQ UG UG\P¾OKNQ UG å¾FQUVÊ RCPÊ
.GPM[8¾IPGTQXÆLCMQ\¾UVWREGTQFKéčQHKPCPéPÊ
RąÊUR÷XGM PC WURQą¾F¾PÊ XGąGLPÆ CMEG &÷VUMÚ
FGPMVGTÚUGDWFGMQPCVFPGä¾FQUV
D[NCFQTWéGPCPC׹CFO÷UV[UGFPG
CXwCMFQFQD[MQP¾PÊCMEGUGPGMQPCNQ\CUGF¾PÊ
\CUVWRKVGNUVXCRTQVQD[NCVCVQå¾FQUV\CąC\GPCPC
RTQITCOLGFP¾PÊP[PÊ
<CUVWRKVGNUVXQ RQ RTQLGFP¾PÊ QFUQWJNCUKNQ
RQUM[VPWVÊRąÊUR÷XMWXGXÚwK-éPCQTIC
PK\CEKCOCVGTK¾NQXÆ\CDG\RGéGPÊCMEG&GPF÷VÊ
PC \¾MNCF÷ RąGFNQåGPÚEJ FCÿQXÚEJ
FQMNCFčX\VCJWLÊEÊEJUGMCMEK
ä¾FQUVQQRTCXWMQOWPKMCEG
<CUVWRKVGNUVXQUGUG\P¾OKNQUGå¾FQUVÊRCPC
+PI 2GVTC #NKIGTC XNCUVPÊMC TGMTGCéPÊ PGOQXK
VQUVKX-WPXCNF÷éR-VÆVQPGOQXKVQUVKXGFG
RQW\GO÷MM¾VTCXPCV¾EGUVCMVGT¾OLUNQWåÊLCMQ
RąÊUVWRQX¾MQMQNPÊO\GO÷F÷NUMÚORQ\GOMčO
5VCTQUVCO÷UV[UGWXGFNåGUGLGFP¾QXGąGL
PQW ×éGNQXQW MQOWPKMCEK LCM LKå D[NQ WXGFGPQ
UNQWåÊEÊLCMQRąÊUVWRQX¾MLGFPÆTGMTGCéPÊPGOQ
XKVQUVKCLCMQRąÊUVWRQX¾MQMQNPÊO\GO÷F÷NUMÚO
RQ\GOMčO %GUVC D[NC RTCXF÷RQFQDP÷ X PGRąÊ
\PKXÚEJ MNKOCVKEMÚEJ RQFOÊPM¾EJ RQwMQ\GPC
OLV÷åMQW\GO÷F÷NUMQWVGEJPKMQW
<CUVWRKVGNUVXQRQRTQLGFP¾PÊX\CNQå¾FQUVPC
X÷FQOÊUVÊOåGLGPWVPÆåCFCVGNKUF÷NKVåGXUQW
éCUPÆ FQD÷ PGPÊ X TQ\RQéVW O÷UV[UG FQUVCVGM
HKPCPéPÊEJRTQUVąGFMčCF¾NGXQDFQDPÚEJRąÊRC
FGEJLGå¾FQWEÊCNGURQÿP÷LCM¾HQTOCURQNW×éCUVK
XNCUVPÊMCPGOQXKVQUVK
<CLKwV÷PÊMQOWPKMCEGWéR
<CUVWRKVGNUVXQ F¾NG RTQLGFP¾XCNQ UVCX UXCJW
RQFOÊUVPÊCUHCNVQXQWMQOWPKMCEÊ/G\KMQOWPK
MCEÊ W éR C PQX÷ X[DWFQXCPÚO EJQFPÊMGO
WUVUKNPKEGFQEJ¾\ÊMRQJ[DWCGTQ\KUXCJW5VC
TQUVC WXGFN åG UKVWCEK RTQLGFP¾XCN UG \¾UVWREK
HKTO[/CFQU/6UTQ.WRGPKEG(KTOC\RTCEQ
XCNCEGPQXÚP¾XTJ\CLKwV÷PÊUXCJW%GNMQX¾PCDÊF
PWV¾EGPC\C\CLKwV÷PÊUXCJWX[DWFQX¾PÊOQR÷TPÆ
\FKéKPÊVKU-éDG\&2*
<CUVWRKVGNUVXQX\CNQPCDÊFMWPCX÷FQOÊUVÊO
åGUG\CUVWRKVGNÆFQRąÊwVÊJQ\CUGF¾PÊOCLÊOQåPQUV
FGVCKNP÷UG\P¾OKVUGUVCXGOX÷EKCM\¾NGåKVQUVKUG
XT¾VÊPCRąÊwVÊOą¾FPÆO\CUGF¾PÊ\CUVWRKVGNUVXC
4č\PÆ
KPHQTOCEG M RTčMC\W GPGTIGVKEMÆ P¾TQéPQUVK
DWFQX UVCTQUVC O÷UV[UG UG\P¾OKN RąÊVQOPÆ
UG UVCPQXKUMGO M RTčMC\W GPGTIGVKEMÆ P¾TQé
PQUVK DWFQX C VQ MQPMTÆVP÷ RTQ RąÊRCF DWFQX[
UQMQNQXP[ LGå LG XG XNCUVPKEVXÊ 5QMQNC -WPXCNF
O÷UV[ULG\FGXP¾LOW5VCPQXKUMQX[FCNC'PGT
IGVKEM¾ CIGPVWTC 2TCJC &NG VQJQVQ UVCPQXKUMC
OWUÊ DÚV 2'0$ \RTCEQX¾P K RTQ VWVQ DWFQXW
RąGUVQåG QTI¾P XGąGLPÆ OQEK PGPÊ LGLÊO XNCUV
PÊMGO CNG RQW\G LK WåÊX¾ 6CVQ RQXKPPQUV CNG
KUCPMEG\CRąÊRCFPÆPGFQFTåGPÊLGPCXNCUVPÊMQXK
DWFQX[
PCDÊFMCURQNGéPQUVK4'8'0)'CUUVCTQUVC
O÷UV[UG UG\P¾OKN \CUVWRKVGNUVXQ U PCDÊFMQW
XÚwG WXGFGPÆ URQNGéPQUVK 5RQNGéPQUV PCDÊ\Ê
WOÊUV÷PÊMQPVGLPGTWPCUD÷TRQWåKVÆJQCUVCTÆJQ
wCVUVXC U P¾UNGFPÚO UGTXKUGO 2TQ O÷UV[U D[
VCVQUNWåDCPG\PCOGPCNCå¾FPÆP¾MNCF[PCQRCM
D[O÷UV[UOQJN\ÊUMCVRąÊUR÷XGM
<CUVWRKVGNUVXQX\CNQPCDÊFMWPCX÷FQOÊRQ
\ÊUM¾PÊFCNwÊOWRąGUÿWLÊEÊEJKPHQTOCEÊUGM\¾NG
åKVQUVKXT¾VÊPCUXÆOFCNwÊO\CUGF¾P
KPHQTOCEGQUQwG5X,CPC0GRQOWEMÆJQ
W éR UVCTQUVCO÷UV[UGKPHQTOQXCN\CUVW
RKVGNUVXQQRTčD÷JWLGFP¾PÊMVGTÆJQUG\×éCUV
PKN QP C OÊUVQUVCTQUVC O÷UV[UG U XNCUVPÊMGO
PGOQXKVQUVKRCPGO5VGLUMCNGOQOQåPQUVKRąG
UWPW UQEJ[ PC RQ\GOGM XNCUVP÷PÚO O÷UV[
UGOCVÊOKUOQåPQUVÊTGUVCWTQX¾PÊVÆVQUQEJ[
MVGT¾LGRQUNGFPÊPGQRTCXGPQWFTQDPQWRCO¾V
MQWPC×\GOÊO÷UV[UG8NCUVPÊMRąKRWUVKNRQW\G
OQåPQUV RąGUWPW X T¾OEK XNCUVPÊJQ RQ\GOMW
-FQJQF÷RąKLGFP¾PÊPGFQwNQ
7
<CUVWRKVGNUVXQX\CNQKPHQTOCEGPCX÷FQOÊ
RQXQFP÷UVCTQUVCO÷UV[UGX[\XCN\CUVWRKVGNG
MG \X¾åGPÊ OQåPQUVK HKPCPéPÊ RQOQEK P÷MVGTÆ
\RQwMQ\GPÚEJQDEÊtPCRąÊMNCFX2QFMTMQPQwÊ
0C RąÊwVÊ \CUGF¾PÊ \CUVWRKVGNUVXC OčåG MCåFÚ
\G \CUVWRKVGNč RąGFPÆUV UXÆ P¾XTJ[ FNG \LKwV÷
PÚEJCFQUVWRPÚEJKPHQTOCEÊC\X¾åKVVCMÆXÚwK
RQOQEK
&KUMWUG
2CPÊ/IT<FGPC,WTéCPQX¾UGFQV¾\CNCPCUVCX
JT¾\G T[DPÊMC PC JQTPÊO -WPXCNF÷ 5VCTQUVC
O÷UV[UG QFRQX÷F÷N åG T[DPÊM UG X UQWéCUPÆ
FQD÷ RQOCNW WRQWwVÊ VCM CD[ OQJN[ DÚV RTQXG
FGP[ UQPF[ C \MQWwM[ RTQ RąKRTCXQXCPÚ RTQLGMV
RQNFTW#MEGUGRąKRTCXWLGXGURQNWRT¾EKU1DNCUVPÊ
URT¾XQWVQMčRQXQFÊ.CDG.è4UR
2'FWCTFiVWORHWXGFNåGPCEGUV÷QF-QRGE
MÚEJéRM2CòQWTQXÚOLG\PCéP÷RQwMQ\GP¾
UXQFPKEG PC LGFPÆ UVTCP÷ D[NC D[ PWVP¾ QRTCXC
UVCTQUVC \¾NGåKVQUV RTQX÷ąÊ C RąÊRCFP÷ UG \CLKUVÊ
QRTCXC
<CUVWRKVGNUVXQX\CNQKPHQTOCEGCRąKRQOÊPM[
MVGTÆ\C\P÷N[XFKUMWUKPCX÷FQOÊ
&CNwÊ\CUGF¾PÊ\CUVWRKVGNUVXC/÷UV[UG-WPXCNFRTQD÷JPGXGéVXTVGMéGTXGPEGCUTRPC
8åF[QFJQFKPX\CUGFCEÊOÊUVPQUVK·ąCFW/÷UV[UG-WPXCNF
+PHQTOCEG׹CFWO÷UV[UG
,CMLUVGUGOQJNKFQéÊUVXÚwG\CUVWRKVGNUVXQO÷UV[UGQFUQWJNCUKNQRQUM[VPWVÊHKPCPéPÊJQRąÊUR÷XMW
2QTCFGPUMÆOWUVąGFKUMWRTQPGFQUNÚEJCXÆX·UVÊPCF1TNKEÊ2TQV[\8¾UMVGąÊD[EJV÷NKPGDQRQVąG
DQXCNKUNWåDWUVąGFKUMCX[WåÊXCVWX¾FÊOGMQPVCMVPÊ×FCLG
2QTCFGPUMÆUVąGFKUMQUÊFNÊPCCFTGUG
&÷VUM¾RQNKMNKPKMCWNèU#TO¾F[·UVÊPCF1TNKEÊ
-QPVCMVPÊVGNGHQPPCRTCEQXPÊMCUVąGFKUMCRCPC8NCFKOÊTC-T¾NG
#OKPKO¾NP÷ZXO÷UÊEK\CLÊåFÊLGJQRTCEQXPÊEKPC2QNKMNKPKMWXäCODGTMW
8
/ö56;5-708#.&8;*.#i7,'
XGąGLPQWHKPCPéPÊUDÊTMW
0#21/1%41&+0ö41..'418º%*t-708#.&-10è+0;
(KPCPéPÊRąÊUR÷XM[OčåGVGRQWMC\QXCVPCDCPMQXPÊ×éGVéÊUNQ
W-$äCODGTM
5DÊTMCLGX[RU¾PCPCFQDWVTX¾PÊNGV×éGVLGXGFGP-QOGTéPÊDCPMQW
LCMQDG\RQRNCVMQXÚURT¾XEGO×éVWLG/÷UV[U-WPXCNF
8÷ąÊOGåGKOCNQWé¾UVMQWRQOčåGVGTQFKP÷MVGT¾UGQEKVNCXVÊåKXÆåKXQVPÊUKVWCEK
CV÷åEGDQLWLGQ\CEJQX¾PÊUXÆJQFQOQXC
0CRT¾\FPKP[
2TQ MCåFÆJQ wMQN¾MC LG éGTXGP PGLNGRwÊO
O÷UÊEGO TQMW EGNÆ FXQWO÷UÊéPÊ RT¾\FPKP[ O¾
RąGFUGDQWeCVQV÷wGPÊPCFP[XQNPCPKEPGF÷
N¾PÊ å¾FPÆ WéGPÊ å¾FPÆ RQXKPPQUVKeèGM¾PÊ PC
RT¾\FPKP[ RQP÷MWF dPCTWwKNQq EGNQRNQwPÆ VGU
VQX¾PÊ å¾Mč C TQéPÊMW 2TQDÊJCNQ XG XwGEJ
\¾MNCFPÊEJ wMQN¾EJ X èGUMW C VQ XG \PCNQUVGEJ
C FQXGFPQUVGEJ \ éGUMÆJQ LC\[MC OCVGOCVKM[
CCPINKEMÆJQLC\[MC
7å QF RQF\KOW P¾U èGUM¾ wMQNPÊ KPURGMEG
VCVGUVQX¾PÊQTICPK\WLGPGWUV¾NGDQODCTFQXCNC
KPHQTOCEGOK RQM[P[ C TCFCOK LCM XwG ×UR÷wP÷
RTQXÆUViMQNCUKOQJNCUVCPQXKVUXčLéCUQXÚRN¾P
VGUVQX¾PÊXFQD÷QFFQ
8 PCwÊ wMQNG LUOG OCVGOCVKMW C éGUMÚ
LC\[MVGUVQXCNKXGéVXTVGMCCPINKEMÚLC\[M
XR¾VGM8wGOWUGNQRTQDÊJCVGNGMVTQPKEM[
RTQVQ LUOG UG TQ\JQFNK RQWåÊV PQVGDQQM[ RQąÊ
\GPÆXVQOVQwMQNPÊOTQEGRTQP¾wRTQLGMV·RNP¾
XGPMQXUM¾wMQNCUO÷ąWLÊEÊMGMXCNKV÷X\F÷N¾X¾PÊ
# VCM OQJNK R¾ċ¾EK U FGX¾ċ¾M[ URQNGéP÷ \CUGF
PQWVUPQVGDQQM[FQPGLX÷VwÊWéGDP[CRTCEQXCV
PC VGUVGEJ PCLGFPQW -CåFÆOW RąGFGO RąKJN¾
wGPÆOWå¾MQXKD[NQRąKF÷NGPQRąÊUVWRQXÆJGUNQ
RQOQEÊ MVGTÆJQ UK QVGXąGN VGUV C X[RTCEQXCN JQ
XFCPÆOéCUQXÆONKOKVW2QFUVGLPÚOJGUNGOUK
RCMVÆO÷ąKJPGFOQJNXÚUNGFGMUXÆJQVGUVQX¾PÊ
PCLÊVCRTQJNÆFPQWV
8ÚUNGFM[ wMQN[ EQå LG RTčO÷TP¾ ×UR÷wPQUV
å¾MčCTQéPÊMWXGVąGEJVGUVGEJ\RTCEQXCNC
èi+RQWRN[PWVÊVGUVQXCEÊJQQDFQDÊCwMQNCUKRCM
OQJNCXÚUNGFM[X[JNGFCVRQFXNCUVPÊORąÊUVWRQ
XÚOJGUNGO6CF[LUQW
2TčO÷TP¾ ×UR÷wPQUV TQéPÊMW X OCVGOC
VKEGLGXéGUMÆOLC\[MWXCPINKEMÆO
LC\[MW
2TčO÷TP¾ ×UR÷wPQUV TQéPÊMW X OCVGOC
VKEGLGXéGUMÆOLC\[MWXCPINKEMÆO
LC\[MW
8ÚUNGFGMTQéPÊMWXVGUVW\CPINKéVKP[CTQé
PÊMWXVGUVW\éGwVKP[LGQRTCXFWd\ąÊwGUPčqKXQUVCV
PÊEJVGUVGEJLUOGFQRCFNKFQUVFQDąG
%QFQFCVRT¾\FPKP[UKå¾EKCLGLKEJWéKVGNÆWTéKV÷
\CUNQWåÊ
ĄGFKVGNMCwMQN[
0CwGwMQNC
9
$%&
&%'&(!
.GFGP0CFRTčO÷TP÷VGRNÆRQéCUÊCåQ%
RTWFMÆRQT[X[X÷VTW-GMQPEKNGFPCRąKwN[OTC\[
5T¾åGMD[NQOO
·PQT2QéCUÊD[NQQXNKXÿQX¾PQXÚTC\PQWVNC
MQXQWXÚwÊ6GRNQVCMNGUNCCåPCQ%5P÷JWD[NQ
CåEO/TC\[RQNGXKN[XGFTWJÆRQNQXKP÷×PQTC
5T¾åM[OO
$ąG\GP6GRNQV[FQUCJQXCN[CåQ%
5T¾åM[OO
&WDGP 8N¾FNQ VGRNGLwÊ C UWwwÊ RQéCUÊ VGR
NQV[PCFQ%0CMQPEKFWDPCUGXÚTC\P÷QVGR
NKNQRCPQXCNQVGRNÆCDG\GUT¾åMQXÆRQéCUÊ5VT¾åGM
D[NQOO
-X÷VGP 2Q OÊTPÆO QEJNC\GPÊ RąKwN[ RTXPÊ
UKNP÷LwÊDQWąM[2CMRąKwN[OTC\KXÆFP[\OT\NÚEJ
OWåč2QwMQFKN[MX÷V[C×TQFWJNCXP÷XUCFGEJ
5T¾åM[OO
èGTXGP2QéCUÊD[NQRąGX¾åP÷LCTPÊCRTQO÷P
NKXÆ$[NQJQFP÷UWEJQCNGUT¾åGMD[NQOO
5T¾åM[D[N[RąGX¾åP÷RTWFMÆCVCMUKVWCEKUXN¾JQW
XRčF÷PGąGwKN[
èGTXGPGE 0GLJQLP÷LwÊ DQWąMQX¾ éKPPQUV
8 FTWJÆ RQNQXKP÷ DQWąM[ WUVWRQXCN[ 5T¾åM[
OO
5TRGP6QJQéCUWUGVGRNQVP÷NGEMQOW\F¾NQ
åGNÆVQWUVWRWLGCXwCMXTEJQNNÆVCRąKwGNCåUTRPC
MF[VGRNQV[FQUCJQXCN[CåMQ%5T¾åM[OO
<¾ąÊ &QUVCXKN[ UG UT¾åM[ 6GRNQVP÷ PQTO¾N
5T¾åGMOO
ĄÊLGP $[NQ UMQTQ dNÆVQq 2TXPÊ UPÊJ RąKwGN
5T¾åGMOO
.KUVQRCF2ąGXN¾FCNQVGRNGLwÊRQéCUÊUXGNMQW
QDNCéPQUVÊCUNCDÚOKUT¾åMCOK5T¾åM[OO
2TQUKPGE 2ąKwNQ \KOPÊ RQéCUÊ UG UNCDQW
RQMTÚXMQWUP÷JW$[NCNGFQXMCCP¾NGFÊRąKQDNG
X¾EJUT¾åM[OO
4QéPÊRTčO÷T[CUWO[VGRNQV
/KPKO¾NPÊVGRNQVCQ%
/CZKO¾NPÊVGRNQVCQ%
2TčO÷TP¾VGRNQVCQ%
0QTO¾NPÊVGRNQVCQ%
2QéGVFPÊUGUT¾åMCOKOO
OÆP÷PGåFPÊ
FPÊ XÊEGPGåFPÊ 5T¾åM[XTQEG
%GNMGOD[NQUT¾åGMOOPQTO¾NP÷OO
0GLUWwwÊO÷UÊEDąG\GPFWDGPNKUVQRCF
0GLUT¾åMQX÷LwÊO÷UÊENGFGP×PQTéGTXGPGE
0GLEJNCFP÷LwÊO÷UÊE×PQT
0GLVGRNGLwÊO÷UÊEéGTXGPGE
0GLPKåwÊVGRNQVCXTQEG×PQT
0GLX[wwÊVGRNQVCXTQEGUTRGP
/÷UÊEUPGLXÊEGUNWPGéPÊOUXKVGOMX÷VGP
/CZKO¾NPÊFGPPÊUT¾åMCéGTXGPEGOO
*QHOCP<FGP÷M
+E¼HEI@;LHIMNC
$)
)
&XC FP[ RQ UX¾VMW 5X ,KąÊ MVGTÚ LG RCVTQ
PGOXwGEJUMCWVčUGMQPCNCX-WPXCNF÷UMCWV
UM¾ OwG 2TQé RT¾X÷ X MWPXCNFUMÆO MQUVGNG"
10
,G \CUX÷EGP 5X ,KąÊ C UMCWVUMÆ OwG UG X P÷O
MQPCLÊLKåVÆO÷ąNGV#PKNGVQwPÊTQMVGF[PGPÊ
XÚLKOMQW
8G UNWPPÆO R¾VGéPÊO QFRQNGFPK UG ULGN[
UMCWVUMÆQFFÊN[\GäCODGTMC-N¾wVGTEGC.GVQ
JTCFW PC RQWVPÊ OwK MVGTQW EGNGDTQXCN åCO
DGTGEMÚ MP÷\ C Q JWFGDPÊ FQRTQXQF UG RQUVC
TCNC,KP¾FQDC/wGUG\×éCUVPKNVCMÆ5VąÊDTÿ¾M
R÷XGEMÚMTQWåGMMNKGPVč&QOQXCPC5VąÊDTPÆO
·éCUVPÊEKUMCWVUMÆOwG
XTEJW \ 4QM[VPKEG MVGTÚ \CLKUVKN K éVGPÊ RąÊONWX
CURQNWUGUMCWV[QD÷VPÊRTčXQF
1FRQNGFPÊUGVM¾PÊUGRTQV¾JNQCåFQRQFXG
éGTPÊEJJQFKPCXwKEJPKUGNQWéKNKUGUNQX[VCM
\CUG\CTQM
<CUMCWV[.&NCDMC
(QVQRQąÊFKNDTCVT$KO
*&+
,-#".!"/
+))
.GVQwPÊ \Cé¾VGM RT¾\FPKP UG PGUG XG \PC
OGPÊQUNCXNGVQFRąÊEJQFWX÷TQ\X÷UVč%[TKNC
C/GVQF÷LGPC8GNMQW/QTCXW
0CV[VQFP[UGEÊTMGXRąKRTCXWLGKPVGP\KXP÷EGNÚ
TQMCX[\XCNCMGURQNWRT¾EKKF÷VKCON¾FGå8[JN¾
wGPCD[NCUQWV÷åQX[QDTC\GPÊRQUVCXX÷TQ\X÷UVč
MVGTÆUG\×éCUVPKNKKP÷MVGąÊå¾EKPCwÊ<i,GLKEJFÊNC
RWVQXCNCFQ·UVÊPCF1TNKEÊMFGUGMPKORąKFCNC
FCNwÊ C URQNGéP÷ D[NQ XwG QFGUN¾PQ PC 8GNGJTCF
6COUGUVCPQWX[DTCPÆXÚMTGU[UQWé¾UVÊXÚUVCX[
%[TKNCC/GVQF÷LG
<·UVÊPCF1TNKEÊUGPC8GNGJTCFEJ[UV¾UMW
RKPMC ON¾FGåG MVGT¾ P¾U DWFG Q CMVW¾NPÊO F÷PÊ
KPHQTOQXCVRQFTQDPQUVKRąKPGUGOGXRQF\KOPÊO
éÊUNG2QNGFPÊMW
/[X-WPXCNF÷RTQåKLGOGUNCXPQUVPÊFP[XMQU
VGNGMFGUKRąKOwKRąKRQOGPGOGåKXQVCFÊNQV÷EJVQ
UXCVÚEJ<¾TQXGÿQFJQFRTQD÷JPGOwG
F÷VÊCON¾FGåGPC\CMQPéGPÊNGVQwPÊJQwMQNPÊJQTQMW
C\CJ¾LGPÊRT¾\FPKP
-T¾UPÆNÆVQ
2QLCTPÊEJX[UVQWRGPÊEJF÷VÊXPCwGOMQUVGNG
MVGT¾UG\CO÷ąQXCNCRąGX¾åP÷PCJWFGDPÊCFTCOC
VKEMQWéKPPQUVLUOGQR÷VX[T¾D÷NK
0Cå¾FQUV/IT$TQPKUNCX[*CNDTwV¾VQXÆąGFK
VGNM[2/&X*TCFEK-T¾NQXÆF÷VKX[T¾D÷N[XÚTQDM[
RTQ EGNQTGRWDNKMQXÆ OKUKLPÊ LCTOCTM[ MVGTÆ UG
MQPCN[XéGTXPWX2TC\GC*TCFEK-T¾NQXÆ
2QV÷wKNQ P¾U åG OG\K XGNMÚO OPQåUVXÊO PGL
Tč\P÷LwÊEJXÚTQDMčD[N[PCwGLGFPQT¾\QXÆ×MNKFQXÆ
TWMCXKEG Q\PCéGP[ \C PGLRTCMVKéV÷LwÊ C PGLXVKRP÷LwÊ
XÚTQDGM $WFGOG RTQVQ PC RQF\KO FCNwÊ TWMCXKEG
XÚVXCTP÷ \FQDKV C RQUÊNCV FQ *TCFEG -T¾NQXÆ CD[
RQO¾JCN[F¾NCF¾NFQDTÆX÷EK
8ÚV÷åGM LCTOCTMW RWVWLG PC RQOQE F÷VGO
X<CODKK
$E/CTVC)TGIWwQX¾&K5
$E/CTVC)TGIWwQX¾&K5
11
/JIF?ß?HME´ELIHCE;
0%1'2
)
13
4
5
8NCFKOÊT$ÊNGM
-WPXCNF
/KNCP$QNGéGM
/KTQUNCX-GRTVC
-WPXCNF
-WPXCNF
/KTQUNCX-GRTVC
1NFąKEJ6TGLVPCT
'XC/ÙNNGTQX¾
-WPXCNF
-WPXCNF
-WPXCNF
-5
8CNGTKG6TGLVPCTQX¾ -WPXCNF
/CTKGiTGHNQX¾
-#
-WPXCNF
-6
,CTQUNCXC2Gw¾MQX¾ -WPXCNF
-
-CTGN<CUVQWRKN
-WPXCNF
#NGPC,WPMQX¾
-WPCéKEG
-
5
.KDWwG&QNGéMQX¾ -WPXCNF
8¾ENCX$ÊNGM
-WPXCNF
7
&8')4
8GTQPKMC.GJM¾
-WPXCNF
/CTEWU&GRTGUDKVGTKU-WPXCNF
/CVQWwiTGHN
-WPXCNF
7'2)
1
4
'XC.GKUMGQX¾
,QUGHèÊRC
-WPXCNF
-WPXCNF
/N´F?M?Hí=I>íD?
91&(
(%
,G VW MT¾UPÆ T¾PQ RTQ NGVQwPÊ XTVQwKXÆ
RQéCUÊ RąÊOQ XÚJTC X NQVGTKK C O[ FčEJQFEK
\ -WPXCNFW U P÷MQNKMC RąGURQNPÊOK RąÊ\PKXEK
X[T¾åÊOGPCXÚNGVRGéNKX÷UGUVCXGPÚCRąKRTC
XGPÚPCwÊ/CTWwMQW
2QéVXTVJQFKPEGLÊ\F[LGXCWVQDWUGTWwPQ
LCMQ X ×NW F÷XéCVčO UG TQ\ONWXKNC ONWXKFNC
CP¾wRQJQFNPÚCWVQDWURąGLÊåFÊRQO[UNPÆJTC
PKEGU2QNUMGO
0CwÊO RTXPÊO EÊNGO LG PGFCNGMQ NGåÊEÊ
O÷UVQ$[UVąKEG-NCFUM¾/÷UVQUGąCFÊMPGL
\CLÊOCX÷LwÊOOÊUVčOXQDNCUVK-NCFUMCX\JNG
FGO MG UVąGFQX÷MÆ CTEJKVGMVWąG MVGT¾ LG \FG
12
XKF÷V PC MCåFÆO MTQMW -NCFUM¾ DCwVC 8QFPÊ
DT¾PC 4[VÊąUM¾ DCwVC CVF LG VQJQ QRTCXFW
OQE C X $[UVąKEK D[ D[NQ RQVąGDC RQDÚV 2ąÊ
MNCFtRTCPÚąPC/CNÆO4[PMW2ąKRQJNGFWPC
P÷LO÷PCRCFNQåGD[UGWP¾UXèGUMWPCRTC
PÚąGFCNC\CNQåKVRTQURGTWLÊEÊåKXPQUV
2Q R÷VKOKPWVQXÆ RTQEJ¾\EG O÷UVGO UVQ
LÊOGRąGFHKNWOGPKUVKEMÚOOW\GGO,GVQUX÷
VQXÚWPKM¾VOW\GWOX÷PQXCPÆJKUVQTKKTQ\F÷
N¾X¾PÊ QJP÷ 8 LGJQ LGFKPGéPÚEJ UDÊTM¾EJ LG
UMWVGéP÷PCEQUGFÊXCV&PGUUKLGPwMTVPGOG
\¾RCNMQW \CR¾NÊOG RąKR¾NÊOG RQFR¾NÊOG
XOW\GWUKCNGRąKRQJNGFWPCGZRQP¾V[éNQX÷M
WX÷FQOÊ åG D[EJQO UK dCPK PGwMTVNKq PGDÚV
WOW C X[VTXCNQUVK V÷EJ PCFwGPEč RąGF P¾OK
,GPVTQEJW\COT\ÊOCNÚTQ\UCJPCwÊGZRQ\KEG
XG\OGOGNKX×XCJWX÷JNCUéGUMÆ\¾RCNM[
.QWéÊOGUGUOW\GGOO¾OGRąGFUGDQW
RN¾P XÚNGVW C VGP LG VąGDC RNPKV 2TQLÊåFÊOG
JG\MQW MTCLKPQW UNGFWLGOG \C QMP[ CWVQ
DWUWR÷UVKVGNUMÆ×UR÷EJ[dUQWUGFčqXGUPKéM[
CO÷UVGéMCFPGULCMQD[X[MXGVNC\FąÊX÷LwÊPKE
PGąÊMCLÊEÊ wGFK 0÷MFQ UXCéÊ X RQMNKFW RąGLÊå
FÊOG QR÷V JTCPKEK C VQ PGFCNGMQ $TQWOQXC
MVGTÚLGFCNwÊPCwÊ\CUV¾XMQW
2QQD÷FX¾OG X TGUVCWTCEK 7 -QUVGNC
iMQFC åG PG\DÚX¾ éCU M RTQJNÊFEG MQUVGNÊMW
,GPGLUVCTwÊFąGX÷PQWMQUVGNPÊDWFQXQWFQEJQ
XCPQWPC×\GOÊèGUMÆTGRWDNKM[
0¾U CNG éGM¾ RTQJNÊFMC $TQWOQXUMÆJQ
DGPGFKMVKPUMÆJQ MN¾wVGTC 1JTQOPÚO QDLGM
VGOMN¾wVGTCP¾U\XGMP¾XwV÷X÷RąÊLGOP¾RTč
XQFM[P÷5COQVPÚMN¾wVGTLGXGUVCXWMF[D[
D[NQRQVąGDCPGO¾NQHKPCPEÊCD[D[NQXwGLCM
O¾ DÚV 2TQJNÆFNK LUOG UK XwGEJP[ RąÊUVWRPÆ
RTQUVQT[ RQEJOWTPÆ O[wNGPM[ X P¾U \CPG
EJCNQNÊéGPÊQUWFčOPKEJčCLGRVKwGMRQUNGF
PÊEJ QD[XCVGN MN¾wVGTC -¾XC X OÊUVPÊ MCX¾T
PKéEGUGUNGXQWRąKwNCXJQF
# LKå P¾U éGM¾ RQUNGFPÊ EÊN 1NKX÷VÊPUMÚ
UVCTÚ DGPGFKMVKPUMÚ RKXQXCT MFG UG FQDąG
FCąÊ RTQVQåG UG \FG RKXQ XCąÊ 1R÷V RąÊLGOP¾
RTčXQFM[P÷ C \CO÷UVPCPM[P÷ RKXQXCTW
X LGFPÆ QUQD÷ P¾U UG\P¾OKNC U XÚTQDQW RKXC
QFq#qFQq<q<CLÊOCX¾D[NCJKUVQTKGQDLGMVW
LGJQå LGFPC é¾UV UV¾NG RCVąÊ ą¾FW DGPGFKMVKPč
1XNCUVPÊEJQFRKXQXCTWUGUVCT¾LGJQ\CO÷UV
PCPEč XéGVP÷ ąKFKéč EQå P¾U RąGMXCRKNQ
-CåFÚ\PKEJOWUÊDÚVUEJQRGP\CUMQéKVXMVG
TÆMQNKXé¾UVKXÚTQDPÊJQRTQEGUW2QQEJWVP¾XEG
RKXCMVGT¾TQ\X¾\CNCLC\[M[OPQJC\P¾UP¾O\DÚ
XCNQ LGwV÷ URQNGéPÆ HQVQ
\ XÚNGVW C RCM Wå EGUVC
M&QDTWwEG(.8÷MQXQ
O÷UVQOÊLÊOGC\CUVCXW
LGOG W RąÊLGOPÆ TGUVCW
TCEG5MCNMCMFGXRQFQD÷
XGéGąG FÊNQ FQMQP¾PQ
LGUV0CU[EGPKRQV÷NGKRQ
FWwKX[F¾X¾OGUGFQOč
$[N VQ JG\MÚ FGP
LKUV÷JQFPÚQRCMQX¾PÊ
6CMåGRą¾VGNÆ\FTCXÊ
URQMQLGPQUV GN¾P FQ
åKXQVC éGM¾ P¾U RąÊwVÊ
TQM QR÷V FGP UVT¾XGPÚ
RQURQNWCXRQJQF÷&ÊM[
/CTWwEG FÊM[ PCwGOW
O÷UV[UW
6CM#Ċ,5/'
-WPXCNFwVÊFčEJQFEKPC\¾LG\FW
2GRCQF8NCUV[
:%)%)
0CUVąGFWMX÷VPCLUOGPCEJ[UVCNKTQéPÊM
FPGU LKå VTCFKéPÊJQ RQEJQFW RTQ OCNÆ K XGNMÆ
/¾LQXÆRQéCUÊP¾OOQEPGRą¾NQ\¾XQFKNUP¾OK
XGNMÚXÊVTVCMåGLUOGX[V¾JNK\KOPÊDWPF[CX[TC
\KNK PC UVCTV &÷VÊ K FQUR÷NÚEJ UG UGwNQ RąGF
wMQNQWPC8wKEJPK\F¾TP÷\FQNCNKR÷VKMKNQ
OGVTQXQWVTCċUFXCP¾EVK\P¾OÚOKRQJ¾FMCOK
RQVMCNK UG PCRąÊMNCF U 4WOECL\GO /CPMQW
K %KRÊUMGO MQW\NKNK U *CTT[ 2QVVGTGO \RÊXCNK
U/CMQXQWRCPGPMQWRQOQJNK2QRGNEGRąGDÊ
TCV JT¾EJ RTQDWFKNK iÊRMQXQW 4čåGPMW C NQW
RKNKRGTPÊéM[LGåKDCD÷\EJCNQWRM[<CVQéGMCNC
PCV[PGLOGPwÊURQWUVCQFO÷PKFQDTQVCXEÊNK
XGUGNÚFKRNQO
<RQJ¾FM[FQRQJ¾FM[
13
<RQJ¾FM[FQRQJ¾FM[
%JV÷NCD[EJRQF÷MQXCVXwGOF÷VUMÚOKFQUR÷
NÚO QTICPK\¾VQTčO \C RQOQE C JTCPÆ RQJ¾FM[
8wKEJPKUGXTCEGNK\GUVCPQXKwċFQEÊNGRTQOT\NÊCNG
UXÆTQNGRąGFXGFNKPCLGFPKéMW
2QF÷MQX¾PÊ RCVąÊ VCMÆ ×ąCFW O÷UV[UG \C
HKPCPéPÊRQFRQTW6CM\CUG\CTQMURQNGéP÷X[TC
\ÊOG\CRQJ¾FMQW
25-WPXCNF/KTMC%GNGTQX¾
(QVQt/ÊNC-CNQWUMQX¾
KLAUNSKÝ DÌTSKÝ DEN
/KNÚDTCVąGi¾wQ
RąGFGO OÆJQ FQRKUW 6÷ OQE \FTCXÊO
C X\RQOÊP¾O PC UQDQVW éGTXPC MF[ LUOG
URQNW U F÷VOK RTQåKNK PG\CRQOGPWVGNPÆ QFRQ
NGFPG,KUV÷OKF¾w\CRTCXFWåGVQD[NX[FCąGPÚ
F÷VUMÚFGPRNPÚUQWV÷åÊJGTCRÊUPKéGM0GL
NGRwÊD[NQLCMOKF÷VKRQOCNQXCN[MTCċCU[DCT
XKéMCOK QF 6GDG RTQVQåG X DÊNÚEJ MCNJQV¾EJ
LUGOX[RCFCNLCMQPGOQEPKéPÊMNCWP&÷VKP¾U
PC\Cé¾VMW\DCTXKN[CD[EJQOUGRCMXRTčD÷JW
QFRQNGFPGR÷MP÷X[DCTXKNKåG"&÷N¾PÊNGITCEG
C MNCWPUMÆ UMQRKéKP[ O¾OG X MTXK O[ K F÷VK
VCMåGQ\¾DCXWPGD[NCPQW\G
-TQOP¾UFXQWQTICPK\QXCNQUQWV÷åGOPQJQ
PCwKEJ wKMQXPÚEJ MNCWPUMÚEJ DTCVTCPEč C K F÷VK
OQJN[X[WåÊVLGFPQJQ\GUVCPQXKwċMFGUGRTQ
X¾F÷NQ MNCWPUMÆ NÊéGPÊ 8wKEJPK LUOG VGF[ D[NK
LGFPC XGNM¾ TQFKPC C PGD[NC JQFKPC MF[ D[ UG
P÷MFQ PWFKN &÷VK VQVKå UQWV÷åKN[ LCMQ Q \¾XQF
1 LCMÚ \¾XQF DT¾wMQ /¾wQ" 0Æ Q \¾XQF CNG
QEGP[#RCOCVWLGwi¾wQLCMLUOGD[NK\RQEGPÊ
MF[åFQOCPÆåGXVTJNNGXCJQPKNF÷VK"%QRCMF÷VK
V[OWWVGMN[OCLÊT[EJNÆPQåKéM[CNGPCwGMNCWP
UMÆDQVKéM[PGLUQWVCMT[EJNÆCO¾NGOVQwRCVP÷
FQRCFNQ0CwV÷UVÊFCNwÊEKTMWUQX¾\XÊąCVCWåD[NC
JQFP¾CURQą¾FCP÷XQ\KNCF÷VKPCXQ\GMQNGOwMQN[
MQUVGNCD[VQXGMVQUGF÷VGOOQENÊDKNQ
2CM RąKwGN K MQW\GNPÊM X éGTPÆO RN¾wVK
CMNQDQWMWX[RCFCNVTQEJWLCMQJTCD÷&T¾MWNC
,Q LQ CNG PGO÷N VCMQXÚ \WD[ /¾wQ 8[éCTQ
XCNF÷VGOPCPWM[CLG\FKNUPKOKXN¾éMGOKPC
MQNQD÷åEG#MFQX[éCTQXCNV[PCRGéGPÆUNCFMÆ
FQDTQV[CNCPIQwGJTCPQNM[R¾TM[XTQJNÊMW"
6QPGD[NMQW\GNPÊMVGPVQURÊwWLÊFCNCNGMNCWPK
MWEJVÊEK X[wMQNGPÊ QF RCPC < 2QJNTCKEJC 1F
MQJQ"6QPGąGwCNGO÷NKVQFQDTÚ
,¾ Wå O¾O \CU JNCF ,ÆÆÆÆÆÆÆ 6[ O[UNÊw
LGP PC LÊFNQ 6Q 6÷ CPK PG\CLÊO¾ EQ UG F÷LG
XOÊUVPÊ/iMF[å\TQXPCPGPÊF÷VUMÚFGP"
&÷VKOKX[RT¾X÷N[åGMPKOEJQFÊRTCXKFGNP÷
-TCMQPQw6QLCMQCå\-TMQPQw"<VCMQXÆF¾NM[
CUKPGEJQFÊVQVKåP÷MQNKMT¾VFQTQMCCXåF[RąK
PGUGF÷VGOPQXQWRQJ¾FMW-TQO÷UVT¾åEGJQT
PCXwVÊXKNK/iKUVT¾åEKRQą¾FMW2QNKEKGè46K
PGRąKPGUNKF÷VGORQJ¾FMWCNGPCWM¾\MWRQWVC
CFCNwÊRQNKEGLPÊTGMXK\KV[,ÐRQą¾FGMOWUÊDÚV
#EQJCUKéUM¾\DTQLPKEG"<PÊD[NKMNWEKPCFwGPÊ
XGNKEGCEQRCVÆJQNéKéM[
UVQWRCN[ UK PC wRKéM[
CEJV÷N[UGCWVGOUXÆ\V
*QąÊ
,¾ Wå JQąÊO PGFQ
éMCXQUVÊ MF[ UG \CUG
WXKFÊOGUF÷VOK"0GDQL
TQ\JQFP÷ UXÆ MNCWPUMÆ
WO÷PÊ XG wMQNEG LGwV÷
RąGFXGFGOGC\CąCFÊOG
UG FQ DQJCVÆJQ RTQ
ITCOW MVGTÚ PC FCNwÊ
wMQNPÊ TQM QR÷V EJ[UV¾
/i 6CM RQLò DT¾wMQ
CċUVKJPGOGRąGURT¾\F
PKP[ RTQ F÷VK P÷EQ \CLÊ
OCXÆJQX[O[UNGV
-NCWPUMÚF÷VUMÚFGP
14
<CTQFKéGRTCTQFKéG
CRą¾VGNG/iwCwGM/¾wC
/CTVC)TGIWwQX¾CwCwGM
i¾wC$¾TC0QX¾MQX¾
/JILN
$);."+<
8GUVąGFWMX÷VPC\CMT¾UPÆJQRQéCUÊWURQ
ą¾FCN5QMQN-WPXCNFLKåTQéPÊMRQEJQFW/WH
NQPÊUVQRQW5O÷TGOPC1TNKEMQWEJCVWC-N¾wVG
TGEPCF1TNKEÊX[TC\KNQR÷wÊEJXGX÷MWQFRQW
JÚEJVąÊVÚFPčCåRQ×EV[JQFPÚX÷MNGV
PK\CEK HNQTDCNQXÚ QFFÊN ä¾EK UG UEJ¾\GLÊ RTCXK
FGNP÷MCåFQWUVąGFWD÷JGOwMQNPÊJQTQMWCUPCåÊ
UGRQEJQRKVCJT¾VVGPVQURQTV5EJ¾\ÊUGP¾URTC
XKFGNP÷MQNGOFGUGVKCXÊEGJT¾éč,GPwMQFCåG
XGNMÆ X÷MQXÆ TQ\R÷VÊ F÷VÊ QF FQ VK NGV PGW
OQåPÊ UGUVCXKV VCMÆ P÷LCMÆ UQWV÷åPÊ FTWåUVXQ
MVGTÆD[UGOQJNQ\×éCUVPKVP÷LCMÚEJVWTPCLč
#RTQVQåGRQFQDPÚRTQDNÆOOCLÊKX-N¾w
VGTEKPCF1TNKEÊVCMUNQXQFCNQUNQXQCPCLGFGP
VTÆPKPM LUOG \CXÊVCNK M PKO C QPK P¾O VQ QRNC
VKNK Q FXC VÚFP[ RQ\F÷LK 5GUVCXKNC UG FTWåUVXC
C UGJT¾N[ UG FXC VWTPCLG MFG LUOG U MN¾wVG
T¾M[RQO÷ąKNKUÊN[*T¾N[UGX÷VwKPQWX[TQXPCPÆ
\¾RCU[ 8 QDQW RąÊRCFGEJ UKEG UQWUGFÆ VWTPCL
X[JT¾NKCNGPCwGFTWåUVXCUGWOÊUVKNCPCFTWJÆO
CVąGVÊOOÊUV÷/[UNÊOUKåGUGVQPCwKOF÷VGO
NÊDKNQCPCRQF\KO\PQXW\QRCMWLGOG
6ÊOVQD[EJEJV÷NRQ\XCVOG\KP¾UMNWM[KJQNM[
QFNGVX÷MWCD[TQ\wÊąKNKPCwGąCF[CRąKFCNKUG
RQ NGVPÊEJ RT¾\FPKP¾EJ DWFGOG QR÷V RQMTCéQXCV
XGUVąGFGéPÊEJVTÆPKPEÊEJCMCåFÚLGXÊV¾P
8UQWéCUPÆFQD÷\CNQåKNKQFEJQXCPEKPCwGJQ
QFFÊNW RQF XGFGPÊO /CTVKPC -CXM[ FTWåUVXQ
OWåč 6Q UKEG RTQ\CVÊO RąGX¾åP÷ LGP VTÆPWLG
RTQVQåG X÷VwKPC VWTPCLč UG MQP¾ X \KO÷ + VCM
UVKJNK QFGJT¾V LGFGP VWTPCL X .KDEJCX¾EJ C LCMQ
PQX¾éEKUGWOÊUVKNKPCOÊUV÷\×éCUVPÊMč6CM
LGP FQWH¾O åG LKO PCFwGPÊ X[FTåÊ C PC RQF\KO
CX\KO÷P¾OWM¾åQWEQXPKEJLG
<CHNQTDCNQXÚQFFÊN'i
!&');)8%8%
<GUVCTVWCEÊNGRQEJQFW/WHNQPÊUVQRQW
0C E[MNQVTCUW RąGU -CéGTQX C .KDGTM X[LGNQ
E[MNKUVč,CMR÷UÊVCME[MNKUVÆUGOQJNKMQEJCV
MT¾UPÚOK FCNGMÚOK XÚJNGF[ C ×åCUPQW LCTPÊ RąÊ
TQFQW%GNMQXÚRQéGVVWTKUVčLGFTWJQWPGL
X÷VwÊ×éCUVÊCMRąGMQP¾PÊTGMQTFWEJ[D÷NQFXCEGV
×éCUVPÊMč
2ąÊwVÊ TQM MF[ X[TC\ÊOG LKPÚO UO÷TGO UG
V÷wÊOGPCUJNGFCPQW
6ÚO5QMQNC-WPXCNF
=
<&8%$)
;
,GVQOWWåTQM[QFFQD[EQD[NRTQMWP
XCNFUMQWKRąGURQNPÊON¾FGå\CNQåGPXPCwÊQTIC
6ÊOVQD[8¾UXwGEJP[EJV÷N5QMQN-WPXCNF
RQ\XCVPCP¾wVTCFKéPÊVTKCVNQPQXÚ\¾XQF.GVQU
VQ DWFG Wå RQ FXCP¾EVÆ MF[ UG TQ\R¾NGP¾ V÷NC
\¾XQFPÊMčC\¾XQFPKEPGLRTXG\EJNCFÊXOÊUVPÊO
MQWRCNKwVK RCM X[TC\Ê PC RTQLÊåòMW RQ QMQNPÊEJ
XGUPKEÊEJCPC\¾X÷TRTQD÷JPQWCRQMQEJCLÊMT¾
UCOK-WPXCNFW
<¾XQF UG DWFG MQPCV éGTXGPEG 6GP
VQMT¾VG DWFG RTG\GPVCEG X UQMQNQXP÷ C MCåFÚ
\¾XQFPÊM QDFTåÊ PGVTCFKéPÊ CNG RTCMVKEMÚ WRQ
OÊPMQXÚ RąGFO÷V C P÷LCMÆ VQ QDéGTUVXGPÊ UG
VCMÆ PCLFG 1R÷V LUQW X[JN¾wGP[ MCVGIQTKG LGF
PQVNKXEčCwVCHGVC
#MFQUGPGQFX¾åÊ\¾XQFKVVCMCċRąKLFGRQF
RQąKV\¾XQFPÊM[PCMQWRCNKwV÷CRQFÆNVTCVK
0CXwGEJP[UGV÷wÊVÚO5QMQNC-WPXCNF
15
5D÷TUVCTÆJQRCRÊTWRTQwMQNW
UGDWFGQR÷VMQPCVXąÊLPW
2QOQ\VGwMQN¾MčOPCUDÊTCVEQPGLXÊEGRCRÊTW
0GLNGRwÊVąÊFCCPGLNGRwÊLGFPQVNKXGEDWFGQFO÷P÷P
2ąGUP÷LwÊKPHQTOCEG\XGąGLPÊOGRQ\F÷LKPCRNCM¾VGEJ
&÷MWLGOGwMQN¾EK
5&*-WPXCNF8¾U\XGPC
-WPXCNFUMQWN¾XMW
XUQDQVWéGTXGPEG
QFJQFKPPCMQWRCNKwVKX-WPXCNF÷
QDéGTUVXGPÊUQWV÷åGCJT[RTQF÷VKKFQUR÷NÆ
6,5QMQN-WPXCNF8¾U\XGPCVTKCVNQP
:++TQéPÊM-WPXCNFUMÆJQåGNG\PÆJQOWåG
XUQDQVWéGTXGPEG
2TG\GPVCEG\¾XQFPÊMčQFJQFKP
WUQMQNQXP[X-WPXCNF÷
5VCTVXJQFKP
5VCTVWLÊLGFPQVNKXEKCéNGPP¾FTWåUVXC
-CVGIQTKG
/WåKFQNGV/WåKPCFNGVäGP[CiVCHGV[
5VCTVQXPÆ-éMCåFÚQDFTåÊWRQOÊPMQXÚ
RąGFO÷VCQDéGTUVXGPÊXEÊNK
5DQT1EJTCPQXUMÆJQUGPKQT¾VWRąKè%'2QVwVGLP
8¾UUTFGéP÷\XG
PCDQJQUNWåD[X&QOMW0CUDQTWX-WPXCNF÷
XPGF÷NKéGTXGPEGXGJQF
/[UNKXGEMÆUFTWåGPÊ-WPXCNF
RQą¾F¾
::+8TQéPÊMd.17è'0ª5.¦6'/q
XUQDQVWFPGUTRPC
PCO[UNKXGEMÆEJCV÷X-WPXCNFW
RTQFGLITKNQXCPÚEJMWąCVQFJ
RTQFGL\X÷ąKPQXÚEJURGEKCNKVQFJ
MVCPEKCRQUNGEJWJTCLGQFJUMWRKPCd(TGG‘Uq
8UVWRPÆFQDTQXQNPÆ
6÷wÊOGUGPC8CwKP¾XwV÷XW
-WPXCNFUMÚ2QNGFPÊMééGTXGPGEtUTRGP
8[F¾X¾·ąCFO÷UV[UG-WPXCNFąÊFÊTGFCMéPÊTCFCVGN
'OCKNQDGE@MWPXCNFKPHQ
èÊUNQTGIKUVTCEG/-è4'P¾MNCFXÚVKUMč
#WVQTGOXÚVXCTPÆJQRTQXGFGPÊ\PCMWQDEGPCVKVWNPÊUVTCP÷LGCMOCN8$GTIGT
/QVKX\XQPWPCVKVWNPÊUVTCP÷PCMTGUNKN,6UEJÓRC
6KUM5GVUGTXKU*GNXÊMQXKEG
7\¾X÷TMCVQJQVQéÊUNCFPG7\¾X÷TMCRąÊwVÊJQéÊUNC
%GPCLGFPQJQXÚVKUMW-é
2ąÊUR÷XM[LGFPQVNKXÚEJCWVQTčLUQWRQPGEJ¾X¾P[XRčXQFPÊO\P÷PÊCPGLUQWTGFCMéPÊTCFQW
LC\[MQX÷CPKHCMVKEM[WRTCXQX¾P[
16