Miroslavský zpravodaj 4/2015
Transkript
2015 4 URĀQtN =SUiY\]UDGQLFH ,QIRUPDFH $NWXiOQČ 3R]YiQND Humor =NXOWXU\ =iPHNDSRG]iPþt 6HQLRĜL ÒYDKD 3ĜtURGDD]HPČGČOVWYt 3 22 23 5R]KRYRU =HåLGRYVNpKRKĜELWRYD 'ČWLDPOiGHå -D]\NRYp]DMtPDYRVWL 'ČMLQ\RþLPD)HOL[H:LQNOHUD =FtUNYt 3RGČNRYiQt Sport 2þHPMVPHSVDOLSĜHGOHW\ ,Q]HUFH 29 29 )RWRQDWLWXOQtVWUDQČ0HUXĖNREUDQtIRWR0.OHMGXV )RWRQD]DGQtFKVWUiQNiFK0HUXĖNREUDQtIRWR0.OHMGXV +XVĤYURN 9OHWRãQtPURFHVLSĜLSRPtQiNXOWXUQtYHĜHMQRVWQHMHQXQiVDOHLY(YURSČYêURþtXSiOHQt0LVWUD-DQD+XVDþHVNpKRUHIRUPiWRUDDSĜHGFKĤGFHVYČWRYpUHIRUPDFH90LURVODYVNpP]SUDYRGDML VL+XVDSĜLEOtåtPHYãHVWL]DVWDYHQtFK±SĜLSRPHQHPHVLMHKRåLYRWDEČKDYNUDWLþNêFKFLWiWHFK NWHUpY\EtUiPH]SĜtUXþN\1DNDåGêGHQ1.'Y\GDO.DOLFK3UDKDVHSRNXVtPH QDKOpGQRXWWDNpGRMHKRUR]ViKOpKRGtOD =DWtPFR+XVY3UD]HDSR]GČMLQDYHQNRYČNi]DODEURMLOSURWLQHãYDUĤPGXFKRYHQVWYDFtUNHYĜHãLOD FHORXĜDGXVORåLWêFKDWČåFHSĜHGVWDYLWHOQêFKSUREOpPĤãORSĜHGHYãtPRSDSHåVNpVFKL]PDYFtUNYL ]DYOiGORWURMSDSHåVWYtDYãLFKQLWĜLSDSHåRYpVHSRNOiGDOL]DOHJLWLPQtWHG\SUiYRSODWQČXVD]HQp QD 3HWURYČ VWROFL 1H]GUDYRX QH~QRVQRX D WUDSQRX VLWXDFL ĜHãLO =LNPXQG /XFHPEXUVNê ĜtPVNê FtVDĜVYROiQtPNRQFLOXGR.RVWQLFHNRQFLOQtMHGQiQtE\OD]DKiMHQDDXNRQþHQDYURFH .URPČ SDSHåVNpKR VFKL]PDWX ĜHãLO NRQFLO L GDOãt QHPpQČ SDOþLYp SUREOpP\ FtUNYH QH~VSČãQČVH]DEêYDOUHIRUPDPL]DPtWOXþHQt-RKQD:LFOHIIDDRGVRXGLOQDKUDQLFL0LVWUD-DQD+XVD +XVRY\QDGČMHåHEXGHFtUNHYQtPLRWFLQDNRQFLOXY\VOHFKQXWDEXGHPtWPRåQRVWREKiMLWVYpXþHQtY]DO\U\FKOH]DVYp+XVSREêYDOY.RVWQLFLRGSRG]LPXSRYČWãLQRXE\OYČ]QČQVWUiGDO I\]LFN\LSV\FKLFN\SĜHVWRVWiOHGRXIDOYHVO\ãHQtQHXVWiYDOYSVDQtDSREêYDOQDPRGOLWEiFK5iQR þHUYHQFHE\O]DKUDGEDPLPČVWDXSiOHQ Ä1DWpSUDYGČ(YDQJHOLDNWHURXMVHPSVDOXþLODNi]DO]HVORYDYêNODGĤVYDWêFKGRNWRUĤFKFL GQHVUDGRVWQČ]HPĜtW³1iSLVNWHUêSĜLSRPtQiSRVOHGQtVORYD0-+XVDSĜHGXSiOHQtP 9\EtUi/LD5\ãDYi =SUiY\]UDGQLFH 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50SURMHGQDODSĜHGORåHQpQiYUK\QD]PČQX~]HPQtKRSOiQXPČVWDSURMHGQiQtP]PČQVSRĜL]RYDWHOHP~]HPQtKRSOiQXSRYČĜXMH,QJ)RUPDQD 50EHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL 50EHUHQDYČGRPtSRYČĜXMHVWDURVWXMHGQiQtPVH]iVWXSFHP7-0LURVODYSDQHP3RþDURYVNêPYHYČFL¿QDQFRYiQt7-DSURSDJDFHPČVWD 50VFKYDOXMHX]DYĜHQtVPORXY\þRVPORXYČEXGRXFtR]Ĝt]HQtYČFQpKREĜHPHQHVWDYEDÄ0LURVODYSĜHORåND9176=DKUiGN\D11³ 50EHUHQDYČGRPtLQIRUPDFHRSRWĜHEČGRGDWHþQêFKVWDYHEQtFKSUDFtD~SUDYYþHWQČQXWQRVWL SURGORXåHQtWHUPtQXGRNRQþHQtGtOD3RVWXSRYDWYVRXODGXVH]iNRQHPDSUDYLGO\6)ä3SĜHGORåLWSĜtãWtUDGČ 50EHUHQDYČGRPtXþLQČQpSRGiQt3RMHKRSURMHGQiQtUDGDPČVWDQHVKOHGDODGĤYRGNH]PČQČ VYpKRUR]KRGQXWtWêNDMtFtKRVHMPHQRYiQtYHGRXFtKRRUJDQL]DþQtVORåN\=iPHN0LURVODY 50VFKYDOXMHSODWRYêYêPČUDSUDFRYQtQiSOĖYHGRXFtKRRUJDQL]DþQtVORåN\=iPHN0LURVODY SDQD0JU,YR'UDKRNRXSLODGOHSĜHGORåHQpKRQiYUKX 50 SRYČĜXMH SDQD 0LNXONX MHGQiQtP QD 6)', YH YČFL GRWDþQtFK SURJUDPĤ QD ¿QDQFRYiQt DUHNRQVWUXNFLFKRGQtNĤSRGpONRPXQLNDFtYHPČVWČ0LURVODYL 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHQDYČGRPtYêVOHGN\SUĤ]NXPXWUKX±SĜtSDGQiYêVWDYEDE\WRYêFKMHGQRWHNYHPČVWČ 0LURVODYLMHGQDWYVRXODGXVSĜHGFKR]tPXVQHVHQtPUDG\PČVWDVH]iMHPFHPRYêVWDYEXE\WRYêFKGRPĤDVRXþDVQČVSURMHNWDQWHP 50EHUHQDYČGRPtLQIRUPDFH]NRQWURO\SOQČQtXVQHVHQt]PLQXOpVFKĤ]HUDG\PČVWD 50 EHUH QD YČGRPt SRWYU]HQt ]iMPX 0LURVODYVNêFK VWURMtUHQ VUR R NRXSL SR]HPNX ]SĤVRE~KUDG\NXSQtFHQ\GRSRUXþXMH=0SURGHMSR]HPNXSþYN~0LURVODYYVRXODGX VSĜHGFKR]tPXVQHVHQtPUDG\PČVWDþ]VFKĤ]HUDG\PČVWDSODWEDYSOQpYêãLSĜLSRGSLVXVPORXY\X]DYĜHQtNXSQtVPORXY\QHMSR]GČMLGR 50EHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL 50EHUHQDYČGRPtLQIRUPDFLRSOQČQtUR]SRþWX±SURSDGXQDGDQtFK 50UR]KRGODMHGQDWV3UHIRX%UQRDVVH]QiPLWMHVYêVOHGN\SUĤ]NXPX]iMPXRYêVWDYEX E\WRYêFKMHGQRWHNY0LURVODYL0ČVWRPi]iMHPSURGDWSRX]HSR]HPN\SRGYODVWQtVWDYERX ]DMLVWLW JHRPHWULFNp UR]GČOHQt SR]HPNĤ GOH ]SUDFRYDQp VWXGLH SĜHGDW VSROHþQRVWL NRQWDNW QD ,QJ3DSDQt,3RGDW]SUiYXQDSĜtãWtUDGČ 50GRSRUXþXMH=0NHVFKYiOHQtLQYHVWLþQt]iPČUPČVWDUHDOL]RYDWDNFH5HNRQVWUXNFHþiVWL REMHNWXKDVLþVNp]EURMQLFHQDãDWQ\DWR]DSRGPtQN\REGUåHQtGRWDFH]-LKRPRUDYVNpKRNUDMH D]DWHSOHQtREMHNWXKDVLþVNp]EURMQLFHDWR]DSRGPtQN\REGUåHQtGRWDFH 50EHUHQDYČGRPtGRSRUXþHQtE\WRYpNRPLVHSURPDOê]iMHPDQH~SOQpåiGRVWLUR]KRGODE\W QHSĜLGČOLWDRSČWRYQČ]YHĜHMQLWPRåQRVWSURQiMPXE\WX 50UR]KRGOD]YHĜHMQLW]iPČUSURGHMHþiVWtSR]HPNXSþYN~0LURVODY 50VFKYDOXMHYêSĤMþNX.XOWXUQtKRGRPX0LURVODYGQHDVUSQDětPVNRNDWROLFNp IDUQRVWLXNRVWHODVY0LNXOiãHYH=QRMPČSČãtSRXĢ]9UDQRYDQDG'\MtQD9HOHKUDG 3 50VFKYDOXMHYêSĤMþNX.XOWXUQtKRGRPX0LURVODYGQH$JHQWXĜH3HWU%HQGH]D ~þHOHPNRQiQtYiQRþQtKRNRQFHUWX 50 VFKYDOXMH SĜHYRG þiVWN\ .þ ] UH]HUYQtKR IRQGX 600 0LURVODYL GR IRQGX LQYHVWLFQD~KUDGXMLVWLQ\~YČUX 50VFKYDOXMHSURGORXåHQtPDQGiWQtVPORXY\QD]DMLãWČQtSUDFtYOHVtFKDWRVSDQHP.5 ,ýGR 50UR]KRGOD]YHĜHMQLW]iPČUSURGHMHSR]HPNXSþYN~0LURVODYRFHQLWDRSČWRYQČ SĜHGORåLWUDGČPČVWD 50VFKYDOXMH]DSĤMþHQtVHWĤVWROĤDODYLFDFLVWHUQ\VYRGRXQDDNFL3Ui]GQLQ\XåNRQHþQČ ]DþtQDMtNRQDQRXGQHY.DãHQFL1HVFKYDOXMH]DSĤMþHQtFKHPLFNpKR]iFKRGXD SyGLD9ê]GREDDRGPČQ\SURGČWLYHYêãL.þEXGRXKUD]HQ\]UR]SRþWX 50VFKYDOXMHSĜHVXQþiVWHNPH]L~þHWQtPLSRORåNDPLGOHSĜHGORåHQpKRUR]SRþWRYpKRRSDWĜHQt6000LURVODYLþD]PČQX]iYD]QêFKXND]DWHOĤGOHSĜHGORåHQpKRQiYUKX 50VFKYDOXMHQDYêãHQtSĜtVSČYNXQDSURYR]R.þSUR0â6OXQtþNR 50GRSRUXþXMH=0UHYRNDFL±]UXãHQtVWiYDMtFtKRXVQHVHQt=0WêNDMtFtKRVHVDQNþQtFHQ\ ]DQHRSUiYQČQČ]DVWDYČQpSR]HPN\YHYODVWQLFWYtPČVWD]GĤYRGXWYUGRVWLDSĜLMHWtQRYpKR XVQHVHQtYQČPåMH]RKOHGQČQDGREDNG\NQHRSUiYQČQpPX]DVWDYČQtSR]HPNXYHYODVWQLFWYt PČVWDGRãOR'RURNXFHQDGOHRFHQČQtGRURNXFHQD.þP2GRURNX FHQD.þP2RGURNXGRVXG]DFKRYDW.þP2 50GRSRUXþXMH=0SURGHMSR]HPNXSþYN~0LURVODY]DFHQXGOH]QDOHFNpKRSRVXGNXSDQX)âQDU[[[E\WHP-XUNRYLþRYD[[[/HVQi%UQRQiNODG\VSRMHQp VSURGHMHPYNODGYODVWQLFNpKRSUiYDGR.1 50VFKYDOXMHX]DYĜHQtVPORXY\REXGRXFtVPORXYČR]Ĝt]HQtYČFQpKREĜHPHQHV-LKRPRUDYVNêPNUDMHP 50VFKYDOXMHUR]SRþWRYpRSDWĜHQtPČVWD0LURVODYLþ 50GRSRUXþXMH=0NHVFKYiOHQtUR]SRþWRYpRSDWĜHQtPČVWD0LURVODYLþ 50EHUHQDYČGRPtR]QiPHQtRLQVSHNþQtþLQQRVWLY0â6OXQtþNR 50EHUHQDYČGRPtY]GiQtVHIXQNFHSĜHGVHG\DþOHQDE\WRYpNRPLVHXþLQČQpSDQHP0JU 5REHUWHP6DOiWHPMPHQXMHSĜHGVHGRXE\WRYpNRPLVH0JU-DURVODYDěHĜXFKXDWRRGHGQH 50VFKYDOXMHX]DYĜHQtGRKRG\RSURYHGHQtSUiFHDGRKRG\RSUDFRYQtþLQQRVWLVSDQt03 GOHSĜHGORåHQpKRQiYUKX 50EHUHQDYČGRPtLQIRUPDFLRSĜtSUDYČ]DVHGiQt]DVWXSLWHOVWYDPČVWDDQDYUåHQpPSURJUDPX9HYČFLSĜtSDGQpKRNRQiQtUHIHUHQGDYHYČFL]iND]XKD]DUGXUDGDPČVWDGRSRUXþXMHSĜHGORåLW=0SĜLSUDYHQpSRGNODG\YODVWQtXVQHVHQtYãDNSĜLMPRXWQD]iĜLMRYpP]DVHGiQt]DVWXSLWHOVWYDPČVWDVWtPåHUHIHUHQGXPE\VHNRQDORYSRG]LPQtFKPČVtFtFKOHWRãQtKRURNX9HYČFL QDYUKRYDQp ]PČQ\ RGPČĖRYiQt ]DVWXSLWHOĤ PČVWD D WR ]RKOHGQČQt VRXEČKĤ UDGD PČVWD WXWR ]PČQXRGPČĖRYiQtGRSRUXþXMH]DVWXSLWHOVWYXPČVWDSĜLMPRXWSURURNQHSUROHWRãQtURN 50EHUHQDYČGRPtSRGDQpLQIRUPDFHVFKYDOXMHX]DYĜHQtGRGDWNXþNHVPORXYČRGtOR]H GQHX]DYĜHQpVHVSROHþQRVWt9$â67$9VUR%UQR6WDĖNRYD36ý ,ý 50VFKYDOXMHSRGiQtåiGRVWLRSRVXQWHUPtQXXNRQþHQtI\]LFNpUHDOL]DFHSURMHNWXGR QD6)ä3ý5 50EHUHQDYČGRPtåiGiRSĜHGORåHQtQRYpKRKDUPRQRJUDPXSUDFt3ĜHVWXSQtX]HO,'60LURVODYDXWREXVRYêWHUPLQiO 50EHUHQDYČGRPtSRGDQpLQIRUPDFH]DMLVWLWRFHQČQtGRGDWHþQêFKVWDYHEQtFKSUDFt±SRVWXSRYDWGOH]iNRQDSĜLSUDYLWGRGDWHNVPORXY\RGtOR 50VFKYDOXMHWHUPtQNRQiQtGDOãtVFKĤ]HUDG\PČVWDGQHYKRGLQ 4 50EHUHQDYČGRPtXNOiGiRYČĜLWSRGPtQN\SURQiMPXDUHiOXNRXSDOLãWČYHY]WDKXNSURQiMPX NLRVNXVREþHUVWYHQtPYNODGQpPSĜtSDGČSRYČĜXMHPtVWRVWDURVWXY\SViQtPSRSWiYN\]YHĜHMQČQtP]iPČUXSURQiMPXNLRVNX]DGDQêFKSRGPtQHN 50EHUHQDYČGRPt]SUiYXVWDURVW\ 50EHUHQDYČGRPt]SUiYXPtVWRVWDURVW\ 50VFKYDOXMHMDNRQHMYKRGQČMãtKRGRGDYDWHOHYHĜHMQp]DNi]N\PDOpKRUR]VDKXÄ3URMHNWRYi GRNXPHQWDFHDNFHFKRGQtN\1iGUDåQt±6WUDEDJ³DWRVSROHþQRVW6LOQLþQtDPRVWQtLQåHQêUVWYtVUR5XGROHFNpKR=QRMPR,ýVQDEtGNRYRXFHQRX.þEH] DPH 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHQDYČGRPtSRGDQpLQIRUPDFHDVFKYDOXMHX]DYĜHQtGRGDWNXþNHVPORXYČRGtOR]H GQHQDDNFLVQi]YHPÄÒSUDYDEêYDOpKRNRXSDOLãWČQDYtFH~þHORYRXYRGQtQiGUå³ VHVSROHþQRVWt.6+JURXSVUR+RVWČUDGLFH+RVWČUDGLFH,ýMHKRå SĜHGPČWHPMHSURYHGHQtYtFHSUDFt±GRGDWHþQêFKVWDYHEQtFKSUDFtYKRGQRWČ.þEH] '3+ D WR ]D SRGPtQN\ VFKYiOHQt SĜtVOXãQpKR UR]SRþWRYpKR RSDWĜHQt ]DVWXSLWHOVWYHP PČVWD 6RXþDVQČUDGDPČVWDXNOiGi]DKUQRXWYêãLVWDYHEQtFKSUDFtQDGUiPHFSĤYRGQtKRUR]SRþWXDNFH GRUR]SRþWRYpKRRSDWĜHQtPČVWDþSĜHGORåLWKR]DVWXSLWHOVWYXPČVWD 50 GRSRUXþXMH SRXåtW N ¿QDQFRYiQt VWDYHEQtFK SUDFt QDG UiPHF SĤYRGQtKR UR]SRþWX DNFH ÄÒSUDYDEêYDOpKRNRXSDOLãWČQDYtFH~þHORYRXYRGQtQiGUå³Q\Qt]PČQRXVWDYE\SĜHGGRNRQþHQtPÄ=PČQDYtFH~þHORYpYRGQtQiGUåHQDNRXSDOLãWČ³¿QDQþQtSURVWĜHGN\XUþHQpYUR]SRþWX QDNDQDOL]DFLXOLFH1D.RSFL 50 VFKYDOXMH SĜLMHWt GRWDFH ] UR]SRþWX -LKRPRUDYVNpKR NUDMH YH YêãL .þ QD DNFL Ä0HUXĖNREUDQt V -DUPDUNHP X )ORULiQD³ ]D SRGPtQHN QiYUKX VPORXY\ R SRVN\WQXWt GRWDFH ]UR]SRþWX-LKRPRUDYVNpKRNUDMH 50EHUHQDYČGRPtLQIRUPDFLRSĜHGiQtSRGQČWĤSUR]PČQX~]HPQtKRSOiQXQD0ČVWVNê~ĜDG 0RUDYVNê.UXPORY 50VFKYDOXMHWHUPtQ\NRQiQtGDOãtFKVFKĤ]tUDG\PČVWDWDNWRYKRGLQ YKRGLQYHKRGLQYKRGLQD±KRGLQD EXGHXSĜHVQČQD 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHQDYČGRPtLQIRUPDFHRNRQWUROHSOQČQtXVQHVHQtUDG\PČVWD 50EHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL 50EHUHQDYČGRPtLQIRUPDFLRQXWQRVWLY\WYRĜHQtUH]HUY\SUR¿QDQFRYiQtSĜHORPXURNX 50UR]KRGODSR]YDWNMHGQiQtSDQt,+YHYČFLREVD]HQtE\WXþYGRPČQDXO7ĜLQiFWN\ 50VFKYDOXMHSĜLGČOHQtE\WXþ$Y'36Y0LURVODYLSDQt%+GRVXGE\WHPQiP6YRERG\ [[[0LURVODY5DGDPČVWDVFKYDOXMHX]DYĜHQtVPORXY\VWtPWRQiMHPFHP 50UR]KRGODYHYČFLSĜHGORåHQêFK=iVDGSURSĜLGČORYiQtE\WĤGRQiMPXY'36SURVWXGRYDW EXGHSĜHGPČWHPMHGQiQtQDSĜtãWtFKVFKĤ]tFKUDG\ 50VFKYDOXMHSĜLMHWtGRWDFH]'620LNURUHJLRQ0LURVODYVNRYHYêãL.þQDSRĜiGiQt DNFHSĜHKOtGNDGHFKRYêFKKXGHE0LURVODYVNêNOtþ5DGDPČVWDVFKYDOXMHX]DYĜHQtVPORXY\R SRVN\WQXWtLQGLYLGXiOQtGRWDFH 5 50VRXKODVtVSĜHY]HWtP]iãWLW\QDVRXWČåÄ2SRKiUUDG\PČVWD³DNFHNRQDQiGQH SURYpVWRSDWĜHQtY\SOêYDMtFt]åiGRVWL 50VFKYDOXMHSRVN\WQXWtUHNODPQtKRSURVWRUXY0=GOHSĜHGORåHQpKRQiYUKX 50VRXKODVtVY\NiFHQtPRYRFQpKRVWURPX±PHUXĖN\URVWRXFtQDþiVWLSR]HPNXSþ YN~0LURVODYNiFHQt]DMLVWtPČVWRMDNRYODVWQtNSR]HPNX 50VRXKODVtVSĜLMHWtPGDUX0DWHĜVNRXãNRORX3DVWHONDRGPDQåHOĤ)'%0D+SDQt- DVSROHþQRVWL7DPR7UDQVSRUWYFHONRYpYêãL.þ 50QHVFKYDOXMHYêPČQXVWiYDMtFtFKUDGLiWRUĤY0â3DVWHONDMHQXWQpSRåiGDWR]SUDFRYiQt 3'QDYêPČQXRWRSQpVRXVWDY\ 50EHUHQDYČGRPtåiGRVWRNRQFHSþQtĜHãHQtSUREOpPXVNDQDOL]DþQtãDFKWRXQDVRFLiOQtP ]DĜt]HQt]DPČVWQDQFĤ=60LURVODYGQHãQtKRGQHY\ĜHãHQR6000LURVODY 50YHYČFLåiGRVWLRSRYROHQtLQVWDODFHRGNODGQpVFKUiQN\SUROLVWRYQtGRUXþRYDWHOHSRåDGXMHXSĜHVQLWXPtVWČQtDUR]PČU\ 50VFKYDOXMH]iERUYHĜHMQpKRSURVWUDQVWYtWMþiVWLSR]HPNXSþYN~0LURVODY±GOH SĜHGORåHQpåiGRVWL 50QHGRSRUXþXMH=0RGNRXSHQtSR]HPNXSþVREMHNWHPEDURNQtVêSN\YN~0LURVODY 50EHUHQDYČGRPtYêSRYČć]QiMPXJDUiåHþQDXO=iPHFNiY0LURVODYL]YHĜHMQLW]iPČU SURQiMPXNGDWX 50 VFKYDOXMH SRVN\WQXWt GDUX YH YêãL .þ 'LHFp]Qt FKDULWČ %UQR 2EODVWQt FKDULWČ =QRMPR 50UR]KRGOD]YHĜHMQLW]iPČUSURGHMHSR]HPNXSþYN~0LURVODY 50VFKYDOXMHSURQiMHP.'GQH]D~þHOHPSRĜiGiQtDNFH6LOYHVWU]DVQtåHQRXVD]EX.þYþHWQČ'3+VD]EDYþHWQČUHåLt 50QHVFKYDOXMHXPtVWČQt]DĜt]HQtSURSRVN\WRYiQtNRPXQLNDþQtFKVOXåHEQDREMHNWHFK0â 3DVWHONDD=â0LURVODY 50VRXKODVtVUHDOL]DFtVWDYE\5HYLWDOL]DFHIDUP\SURFKRYGUĤEHåHGOHSĜHGORåHQpSURMHNWRYpGRNXPHQWDFH 50 VFKYDOXMH X]DYĜHQt VPORXY\ R SUiYX SURYpVW VWDYEX NDQDOL]DþQt D YRGRYRGQt SĜtSRMN\ SĜLSRMHQt11D]SHYQČQpSORFK\VSURSXVWNHPQDSR]HPNXSþD YN~0LURVODYDWRNQDYUåHQpPXURGLQQpPXGRPXQDSR]HPNXSþYN~0LURVODY± GOHSURMHNWRYpGRNXPHQWDFH 50VFKYDOXMHYêSĤMþNXVHWĤODYLþHNDVWROĤQDDNFL5RFNRYiEHVHGDNRQDQRXGQH SRVHNiQtWUiY\]DMLVWt6000LURVODY 50UR]KRGODYHYČFLSĜHGSRNOiGDQpYêVWDYE\E\WRYpKRGRPX]DMLVWLWJHRPHWULFNpRGGČOHQt SRåDGRYDQpYêPČU\DRFHQČQtSĜHGORåLWUDGČPČVWD 50 SURMHGQDOD åiGRVW R QRYp XPtVWČQt RGSDGQtFK NRQWHMQHUĤ QD XO 5\EQLþQt EXGH KOHGDW ĜHãHQtYVRXþDVQpGREČGOHSODWQp2=9QHO]HNRQWHMQHU\SĜHPtVWLW6RXþDVQČEXGHSURYHGHQD RVYČWD]DPČĜHQiQDGĤVOHGQpWĜtGČQtRGSDGX 50EHUHQDYČGRPtY\KRGQRFHQt]DVHGiQt]DVWXSLWHOVWYDPČVWD 50UR]KRGODRYČĜLWPRåQRVWXPtVWČQtGRSUDYQtKR]QDþHQt]iND]YMH]GXVGRGDWNRYRXWDEXONRX GRSUDYQtREVOX]HYMH]GSRYROHQ±SĜHGGRPHPSDQD0DSDQD$ 50EHUHQDYČGRPt]SUiYXRSUĤEČKXDNFH3ĜHVWXSQtX]HO,'60LURVODY±DXWREXVRYêWHUPLQiO 50EHUHQDYČGRPt]SUiYXRSUĤEČKXDNFH5HNRQVWUXNFHNRXSDOLãWČ 50 VFKYDOXMH ]iPČU SURQiMPX DUHiOX NRXSDOLãWČ 0LURVODY 6SUiYČ PDMHWNX PČVWD 0LURVODYL SĜRUJDWRRGHGQHQDE\WtSUiYQtPRFLUR]KRGQXWtRSRYROHQt]NXãHEQtKRSURYR]XQDGREX QHXUþLWRX 50VFKYDOXMHYêãLYVWXSQpKRQDNRXSDOLãWČ0LURVODYDWR.þSURGRVSČOpKR.þSUR VWXGHQW\GROHWDGČWLRGOHW'ČWLGROHWVHQLRĜLQDGOHWDRVRE\=73D=733YVWXS 6 ]GDUPD5RGLQQpYVWXSQpGRVSČOtDGČWL.þ±YãHSURFHORGHQQtYVWXSQpWMRG KRGGRKRGLQ3URRGSROHGQtYVWXSQpWMYVWXSQDNRXSDOLãWČRGKRGVFKYDOXMH YVWXSQpSRORYLþQtWM.þSURGRVSČOpKR.þSURVWXGHQW\GROHWDGČWLRGOHW'ČWL GROHWVHQLRĜLQDGOHWDRVRE\=73D=733YVWXS]GDUPD 6RXþDVQČ50VFKYDOXMHSURYR]QtGREXNRXSDOLãWČ0LURVODYDWRRGKRGGRKRG GHQQČYVH]yQČWMSURURNRGXYHGHQtGR]NXãHEQtKRSURYR]XGR]iĜtSRSĜGOH DNWXiOQtKRSRþDVt 50VFKYDOXMHWHUPtQNRQiQtVFKĤ]HUDG\PČVWDDWRYSiWHNYKRGLQ 50]YHQDMHGQiQtVFKĤ]H,QJ0DUWLQD3OHFKDWpKRDWRYHYČFLSĜtSUDY\QiMPXNRXSDOLãWČ 0LURVODY 50 EHUH QD YČGRPt SRGDQp LQIRUPDFH 50 VFKYDOXMH ĜHãHQt ]DMLãWČQt SURYR]X =iPNX 0LURVODYYHGQHFKDX]DYĜHQtPGRKRGRSUDFRYQtþLQQRVWLDSURYHGHQt SUiFH±GOHSĜHGORåHQpKRQiYUKX 5DGDPČVWDVFKYDOXMH0JU,YR'UDKRNRXSLORYLYHGRXFtPX=iPNX0LURVODYRGHGQH SĜtSODWHN]DYHGHQtYHYêãL[[[.þRVREQtRKRGQRFHQtSRQHFKDW[[[.þ 50VFKYDOXMHX]DYĜHQtVPOXYRYêSĤMþFH±GOHSĜHGORåHQpKRQiYUKXDXNOiGiRGERUX¿QDQþQtPXDPDMHWNRYpPX0ČVWVNpKR~ĜDGX0LURVODY]DMLVWLWSRMLãWČQtH[SRQiWĤGOHVWDQRYHQêFK SRMLVWQêFKFHQDSRMLãWČQtSRNODGQtKRWRYRVWL5DGDPČVWDVRXþDVQČVWDQRYtSRNODGQtOLPLWYH YêãL.þ7HQWROLPLWMHSODWQêRGHGQH]DKiMHQtĜiGQpKRSURYR]X 50 VFKYDOXMH ]DKiMHQt ĜiGQpKR SURYR]X =iPNX 0LURVODY RG GQH D VFKYDOXMH YVWXSQpWDNWR.þ]iNODGQtYVWXSQpVQtåHQpYVWXSQpSURGČWLDPOiGHåRGGROHW VWXGHQW\GROHWLQYDOLG\=73D=733VHQLRU\VWDUãtOHW.þ6QtåHQpYVWXSQpSODWt LSURGUåLWHOHVHQLRUSDVĤDURGLQQêFKSDVĤ5RGLQQpYVWXSQp.þ 50VFKYDOXMHVODYQRVWQtRWHYĜHQt=iPNX0LURVODYGQHRGKRGGR KRG]DKDMRYDFtVQtåHQpYVWXSQpSURWHQWRGHQþLQt.þ]iNODGQtYVWXSQpVQtåHQpYVWXSQp SURGČWLDPOiGHåRGGROHWVWXGHQW\GROHWLQYDOLG\=73D=733VHQLRU\VWDUãtOHW .þ5RGLQQpYVWXSQp.þ 50VFKYDOXMHSĜHGORåHQêQiYãWČYQtĜiG=iPNX0LURVODYVSODWQRVWtRG 50VFKYDOXMH~KUDGXSRKRãWČQtYUHVWDXUDFL6OiYLHY0LURVODYLSĜLSĜtOHåLWRVWLVODYQRVWQtKR RWHYĜHQt=iPNX0LURVODYGQH 50]YHQDMHGQiQtVFKĤ]H0JU'UDKRNRXSLODYHYČFLSĜtSUDY\RWHYĜHQt]iPNX0LURVODY 50VFKYDOXMHY\SViQtYêEČURYêFKĜt]HQtQDGRGiYNXSDUNRYDFtFKDXWRPDWĤRSUDYXþiVWLVWĜHFK\0ČVWVNpKR~ĜDGX0LURVODYDQiNXSSRåiUQtVWĜtNDþN\36±GOHVWDQRYHQêFKSRGPtQHN 50VFKYDOXMHX]DYĜHQtGRKRGGOHSĜHGORåHQpKRQiYUKX]DMLãWČQt0HUXĖNREUDQt 50EHUHQDYČGRPtLQIRUPDFHVWDURVW\ 50XNOiGiSĜtVSČYNRYêPRUJDQL]DFtPPČVWDSĜHGORåLWYWHUPtQXGRUR]ERU\KRVSRGDĜHQt]DGUXKpþWYUWOHWtURNX 50EHUHQDYČGRPtLQIRUPDFHPtVWRVWDURVW\ 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYQD 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50UR]KRGODQHUHDOL]RYDW]GĤYRGXQHHIHNWLYQRVWLLQYHVWLFHRSUDYXE\WXþQDQiP6YRERG\ Y0LURVODYLYHYêãL.þ7\WRSURVWĜHGN\EXGRXSRXåLW\]HVWUDQ\6000LURVODYLQD~KUDGXSURYR]QtFKQiNODGĤVSRMHQêFKVSURYR]HPNRXSDOLãWČ0LURVODY6RXþDVQČUDGD PČVWDVRXKODVtVH]PČQRX]iYD]QpKRXND]DWHOHVWDQRYHQpKR6000LURVODYLYUiPFLE\WRYpKR DQHE\WRYpKRIRQGX 50VWDQRYtSRĜDGtGRãOêFKåiGRVWtRSURQiMHPNLRVNXVREþHUVWYHQtPQDNRXSDOLãWL0LURVODY 7 WDNWRXFKD]HþþWMVSROHþQRVW-$%%$&DWHULQJVURXFKD]HþþSDQ63DXFKD]HþþVSROHþQRVW))VUR6RXþDVQČUDGDPČVWDUR]KRGODMHGQDWYHYČFLVXFKD]HþHPNWHUêVHXPtVWLO QDSUYQtPPtVWČKRGQRFHQtSR]YDWKRNMHGQiQt 50VFKYDOXMHQiNXSSX]]OHVPRWLYHP=iPNX0LURVODYDSURGHMQtFHQRX.þYþHWQČ'3+ NV5DGDPČVWDVRXKODVtVSURGHMHPGUREQêFKXSRPtQNRYêFKSĜHGPČWĤWMSRKOHGQLF]DFHQXYH YêãL.þYþHWQČ'3+NVDWXULVWLFNp]QiPN\]DFHQX.þYþHWQČ'3+NV 5DGDPČVWDVFKYDOXMHX]DYĜHQtGRKRG\RSURYHGHQtSUiFHQD]DMLãWČQtPLPRĜiGQpKR~NOLGX =iPNX0LURVODYYVRXYLVORVWLVDNFHPLSRĜiGDQêPLQD=iPNX0LURVODYYPČVtFLþHUYHQFL 50 VFKYDOXMH ]PČQX QiMHPFH ± SĜHFKRG ] I\]LFNêFK RVRE QD QRYČ ]ĜL]RYDQRX VSROHþQRVW 08'U6YRERGRYLSUDNWLFLVURDWRSRMHMtPY]QLNX 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYHQFH 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHLQIRUPDFHQDYČGRPtNRXSDOLãWČ0LURVODYRGVWUDQLW]MLãWČQpQHGRVWDWN\SĜLSUDYLWFR QHMGĜtYHRWHYĜHQtDUHiOXNRXSDOLãWČ 50EHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL 50VFKYDOXMHX]DYĜHQtVPORXY\RGtORVHVSROHþHQVWYtP/LEHUWDVREþDQVNpVGUXåHQt7UQDYD ±7ĜHEtþ 50VFKYDOXMHX]DYĜHQtGRKRGRSURYHGHQtSUiFHGOHSĜHGORåHQpKRQiYUKX0HUXĖNREUDQt 50VWDQRYtSRNODGQtOLPLWSURYHGOHMãtSĜtMPRYRXSRNODGQXX=iPNX0LURVODYYHYêãL.þ 50VFKYDOXMHSURYHGHQtRSUDY\þiVWLNDEHORYpKRYHGHQtY0â3DVWHONDYþHWQČLQWHUQHWXDWHOHIRQXGOHSĜHGORåHQpKRQiYUKXSĜLSUDYLWUR]SRþWRYpRSDWĜHQtPČVWD 50VRXKODVtVXPtVWČQtPNVEDQQHUĤGOHSRN\QĤPČVWD5HDOLW\,UPDQQRYiVUR 50EHUHQDYČGRPtSURGORXåHQtWHUPtQXSURSRGiQtQDEtGN\QDGRGiYNXSDUNRYDFtFKDXWRPDWĤ 6RXKUQXVQHVHQt]VFKĤ]HUDG\þHUYHQFH 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHQDYČGRPtLQIRUPDFHRNRQWUROHSOQČQtXVQHVHQt]PLQXOpVFKĤ]HUDG\PČVWD 50EHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL 50UR]KRGODQHSĜLGČOLWE\WþQDXOLFL7ĜLQiFWN\Y0LURVODYLE\WRYRXNRPLVtQDYUåHQpPX]iMHPFLDGiOHUR]KRGODY\SVDWQRYpĜt]HQt±RSČWRYQČ]YHĜHMQLW]iPČUSURQiMPXE\WX 50VRXKODVtVXNRQþHQtPQiMPXE\WXþYE\WRYpPGRPČQDQiP6YRERG\Y0LURVODYL VSDQt%+GRKRGRXNGDWX 50EHUHQDYČGRPtVGČOHQtĜHGLWHON\0â6OXQtþNRRYêVOHGNXNRQWURO\ýâ,7HUPtQUHDOL]DFH NU\WĤQDRWRSQiWČOHVDEXGHXSĜHVQČQSRGRKRGČVSDQHP9 50 VFKYDOXMH X]DYĜHQt SĜHGORåHQp VPORXY\ R YêSĤMþFH RULJLQiOQtFK XPČOHFNêFK GČO YþHWQČ SRMLãWČQtH[SRQiWĤSRMLãWČQtH[SRQiWĤRGHGQH 50VFKYDOXMHX]DYĜHQtSĜHGORåHQpVPORXY\RSRVN\WQXWtGRWDFH]UR]SRþWX-P.DWRQDPRWRURYRXMHGQRWNX36DPDMiN\QDYR]LGOR)RUG7UDQVLWDWRYHYêãL.þ 50VFKYDOXMHX]DYĜHQtSĜHGORåHQpVPORXY\RSRVN\WQXWtGRWDFH]UR]SRþWX-P.DWRQDUHNRQVWUXNFLþiVWLREMHNWXKDVLþVNp]EURMQLFHQDãDWQ\DWRYHYêãL.þ 50EHUHQDYČGRPtLQIRUPDFHNRPLVHYêVWDYE\DGRSUDY\50QDYUKXMH$+PRåQRVWSDUNRYDWQDYODVWQtPSR]HPNX50GiOHXNOiGiRGERUXYêVWDYE\DåLYRWQtKRSURVWĜHGt]YiåLWPRåQRVW MHGQRVPČUQp XOLFH 50 XNOiGi RYČĜLW ]GD MH KRWRYiSDVSRUWL]DFHPtVWQtFKNRPXQLNDFt SĜLSUDYLWPDWHULiO\GRQČNWHUp]SĜtãWtFKVFKĤ]t50 50VRXKODVtVSĜLSRMHQtPQDYUKRYDQpQRYRVWDYE\URGLQQpKRGRPXQDSR]HPNXSDUFþ 8 N~0LURVODYVMH]GHPQDPtVWQtNRPXQLNDFL±XO5\EQLþQtQDSR]HPNXSDUFþ N~0LURVODY 50VFKYDOXMHQDYêãHQtUR]SRþWX0â6OXQtþNRRþiVWNX.þQDRSUDYXYVWXSQtKRDXGLRV\VWpPXEXGRY\EXGHKUD]HQR]QHLQYHVWLþQtUH]HUY\=DKUQRXWGRUR]SRþWRYpKRRSDWĜHQt PČVWD0LURVODYLþ'iOHSRYČĜXMH,QJ)RUPDQDSURYČĜHQtPUR]SRþWRYêFKPRåQRVWt WêNDMtFtFKVH]DNRXSHQtPNREHUFĤGRWĜtG 50VRXKODVtVHVWDYERXRNUDVQpKRRSORFHQtQDSR]HPNXSDUFþYN~0LURVODY 50VFKYDOXMHX]DYĜHQtVPORXY\RSUiYXSURYpVWVWDYEXNDQDOL]DþQtSĜtSRMN\DãDFKW\SO\QRYRGQtSĜtSRMN\QDSR]HPNXSDUFþYRGRYRGQtSĜtSRMN\QDSR]HPNXSDUFþ DYãHYN~0LURVODYDWRQDSR]HPHNSDUFþYN~0LURVODYDQHVFKYDOXMH SĜHVDKVWĜHFK\QDSR]HPHNSDUFþ 50 VFKYDOXMH XPtVWČQt RGNODGQp VFKUiQN\ SUR OLVWRYQt GRUXþRYDWHOH QD SR]HPNX SDUFþ ý3YãHSURYHGHQDYODVWQtQiNODG\ 50GRSRUXþXMH=0RGNRXSHQtþiVWLSR]HPNXSDUFþYN~0LURVODYPDQåHOĤP(D -+DWR]DFHQX.þP2 50VRXKODVtVSURYHGHQtPNDPHURYêFK]NRXãHNYNDQDOL]DFLXGRPXQDXOLFL0OêQVNi Y0LURVODYLRYêVOHGNXLQIRUPRYDWUDGX 50XNOiGi¿QDQþQtPXDPDMHWNRYpPXRGERUX0ČVWVNpKR~ĜDGX0LURVODYSURYČĜLWVPORXYXD SRGPtQN\RFKUDQQpKRSiVPDDSĜHGORåLWYãHGRGDOãtKRMHGQiQt50]Ĝt]HQtYČFQpKREĜHPHQH ÄQDG]HPQtYHGHQt11SĜLSRMHQtFKDW\³ 50EHUHåiGRVWR~SUDYXSROQtFHVW\].DãHQFHGR0LURVODYLQDYČGRPtÒSUDYDWpWRFHVW\ SUREtKiHWDSRYČEXGHVHYWRPQDGiOHSRNUDþRYDWDGRNRQþHQREXGHSRGRNRQþHQtSĜLYDGČþH SLWQpYRG\ 50 VRXKODVt V SRVN\WQXWtP WUDYQtKR VHPHQH QD ]DWUDYQČQt þiVWL SR]HPNĤ SDUFþ D YN~0LURVODY 50VRXKODVtVSĜHYRGHP¿QDQþQtþiVWN\.þ]SRORåN\QDSRORåNXYUR]SRþWX0â6OXQtþNR 50VFKYDOXMH]YHĜHMQČQt]iPČUXSURGHMHGRWþHQêFKþiVWtSR]HPNĤYN~0LURVODY±GOHJHRPHWULFNpKRSOiQXDWR]D~þHOHPYêVWDYE\E\WRYpKRGRPXQDXO0OêQVNiDWRþiVWLRGSRYtGDMtFtSĤGRU\VXEXGRXFtKRE\WRYpKRGRPX]YČWãHQpKRRPSRREYRGXEH]XO0OêQVNp YþHOQtþiVWL]XOLFH0OêQVNpSRQHFKDWPYHGOHNRPXQLNDFHãtĜLSURY\EXGRYiQtFKRGQtNX ]EêYDMtFtþiVWSĜLþOHQLWNSDUFHOHXUþHQpSURYêVWDYEX 50XNOiGi¿QDQþQtPXDPDMHWNRYpPXRGERUX0ČVWVNpKR~ĜDGX0LURVODYSURYČĜLWPRåQRVW ]DSViQt673YHVSRONRYpPUHMVWĜtNXDWRVHVtGOHPQDDGUHVH.RVWHOQt0LURVODY XĜHGLWHOH'36Y0LURVODYL9êVOHGHNSĜHGORåLWQDSĜtãWtVFKĤ]L50 50VFKYDOXMHX]DYĜHQtVPORXY\RQiMPXDUHiOXNRXSDOLãWČ0LURVODYYþHWQČQHE\WRYêFKSURstor 50VFKYDOXMH1iYãWČYQtĜiGXPČOpKRNRXSDOLãWČ0LURVODY 50VFKYDOXMHSĜHVXQSRORåHND]iYD]QêFKXND]DWHOĤGOHSĜHGORåHQpKRUR]SRþWRYpKRRSDWĜHQt 6000LURVODYLþ6RXþDVQČUDGDPČVWDVFKYDOXMHQDYêãHQtUR]SRþWX6000LURVODYL RþiVWNX.þQDSURYR]NRXSDOLãWČ]DKUQRXWGRUR]SRþWRYpKRRSDWĜHQtPČVWD0LURVODYLþ%XGHKUD]HQR]QHXVNXWHþQČQpDNFH.DQDOL]DFHXO1D.RSFL 50VFKYDOXMHUR]SRþWRYpRSDWĜHQtPČVWD0LURVODYþ 50EHUHQDYČGRPtLQIRUPDFHRSUDFtFKSUREtKDMtFtFKYRERX0âY0LURVODYL 50EHUHQDYČGRPtLQIRUPDFHVWDURVW\PČVWDRSUĤEČKXDNFH3ĜHVWXSQtX]HO,'60LURVODY± DXWREXVRYêWHUPLQiO 50EHUHQDYČGRPtLQIRUPDFHPtVWRVWDURVW\]MHGQiQtV-P.RKOHGQČVLOQLFH, 50EHUHQDYČGRPtLQIRUPDFHPtVWRVWDURVW\WêNDMtFtVHSRVWXSXSUDFtQD]DMLãWČQtSLWQpYRG\ 9 ] SUDPHQLãWČ 2OHNVRYLFH SUR ~þHO\ VQtåHQt KRGQRW\ XUDQX SLWQp YRG\ SUR PČVWR 0LURVODY 6FKYDOXMHSRGiQtåiGRVWLQD.+6-0.YWpWRYČFL 50SRYČĜXMH,QJ$XJXVWLQD)RUPDQDNMHGQiQtYHYČFL]PČQD~]HPQtKRSOiQXPČVWD0LURVODYL 50XNOiGi]DKiMLWMHGQiQtVPRåQêP]SUDFRYDWHOHPWČFKWR]PČQ 50XNOiGi]DĜDGLWGOHGRSRUXþHQtSRĜL]RYDWHOHQDMHGQiQt]DVWXSLWHOVWYDPČVWD]PČQ\~]HPQtKRSOiQXNWHUpMVRXYNRPSHWHQFL=0 50XNOiGiSURYČĜLW]DGiYDFtSRGPtQN\SURYêEČUDGRGiYNXSDUNRYDFtFKDXWRPDWĤ9SĜtSDGČ ]MLãWČQtOHSãtFKSRGPtQHNSĜLSURQiMPXSDUNRYDFtFKDXWRPDWĤ]UXãLWWRWRYêEČURYpĜt]HQt 50UR]KRGODDY\EUDODMDNRQHMYKRGQČMãtKRYHYêEČURYpPĜt]HQtQD1iNXSQRYpVWĜtNDþN\ 36XFKD]HþHVQLåãtQDEtGQXWRXFHQRXWM,3+ROHãRY,ýDWR]DSRGPtQN\ GRSOQČQtLQIRUPDFtRVHUYLVX7\WRLQIRUPDFHGRSOQLWWpåXGUXKpKRXFKD]HþH 50GRSRUXþXMH]DVWXSLWHOVWYXPČVWDVFKYiOHQtSĜHGORåHQêFK=iVDGSURSĜLGČORYiQtE\WĤGR QiMPXY'36Y0LURVODYL 50EHUHQDYČGRPtLQIRUPDFHRDNFL0HUXĖNREUDQt 50EHUHQDYČGRPt]SUiYXPtVWRVWDURVW\R]DVHGiQt2+. 50EHUHQDYČGRPtLQIRUPDFLPtVWRVWDURVW\E\WRYêGĤPQDXO0OêQVNi 50VWDQRYtVQtåHQpYVWXSQpYGHQRWHYĜHQtDUHiOXNRXSDOLãWČ0LURVODYGRVSČOê.þGtWČ RGOHWDVWXGHQWGROHW.þGČWLGROHWVHQLRĜLQDGOHWDRVRE\=73D=733YVWXS zdarma 50EHUHQDYČGRPtSĜtSUDYDFKRGQtNĤ 50UR]KRGODRY\SViQtYêEČURYpKRĜt]HQtQDRSUDYX.'±WHUDV\ 6RXKUQXVQHVHQt]VFKĤ]HUDG\PČVWDþHUYHQFH 50VFKYDOXMHQDYUåHQêSURJUDPMHGQiQt 50EHUHQDYČGRPtLQIRUPDFHWêNDMtFtVHQXWQRVWLSRĜt]HQtYRGQtKRY\VDYDþHNSURYR]XNRXSDOLãWČ0LURVODY6FKYDOXMHQDYêãHQtUR]SRþWX6000LURVODYLQDLQYHVWLFHRþiVWNX.þ ]DKUQRXWGRUR]SRþWRYpKRRSDWĜHQtPČVWD0LURVODYLþ%XGHKUD]HQR]QHXVNXWHþQČQp DNFH.DQDOL]DFHXO1D.RSFL 50VFKYDOXMHUR]SRþWRYpRSDWĜHQtPČVWD0LURVODYLþ 50VFKYDOXMHX]DYĜHQtGRGDWNXþNHVPORXYČþRSRVN\WQXWtSRGSRU\]H6WiWQtKR IRQGXåLYRWQtKRSURVWĜHGtý5 50VFKYDOXMH]PČQXQiYãWČYQtKRĜiGX=iPNX0LURVODYGOHSĜHGORåHQpKRQiYUKX 6RXKUQXVQHVHQtþ=0 ]H]DVHGiQt=DVWXSLWHOVWYDPČVWD0LURVODYLNRQDQpKRGQHþHUYQD =DVWXSLWHOVWYRPČVWDXUþXMHRYČĜRYDWHOHP]iSLVXSDQD-LĜtKR3LYRGX +ODVRYiQt3UR±$PEURå+UXEêěHĜXFKD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH±3LYRGD =DVWXSLWHOVWYRPČVWDXUþXMHRYČĜRYDWHOHP]iSLVXSDQD6YDWRVODYD5\ãDYpKR +ODVRYiQt 3UR±$PEURå +UXEê ěHĜXFKD 3LYRGD 0iFD 6DOiW 0LNXOND )RUPDQ 9ROI 3OHFKDWê$XJXVWD.RSHþNRYi.RSHþHN 3URWL =GUåHOVH±5\ãDYê 10 =DVWXSLWHOVWYRPČVWDVFKYDOXMHGRSOQČQêSURJUDPMHGQiQt]DVHGiQt]DVWXSLWHOVWYDPČVWD +ODVRYiQt 3UR±$PEURå +UXEê ěHĜXFKD 3LYRGD 0iFD 6DOiW 0LNXOND )RUPDQ 9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi 3URWL =GUåHOVH±.RSHþHN =DVWXSLWHOVWYRPČVWDEHUHQDYČGRPtþLQQRVWUDG\]DREGREtRG]DVHGiQt]DVWXSLWHOVWYDPČVWD +ODVRYiQt 3UR± $PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3URWL±.RSHþHN =GUåHOVH±3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi =DVWXSLWHOVWYR PČVWD UXãt VWiYDMtFt XVQHVHQt ]DVWXSLWHOVWYD PČVWD WêNDMtFt VH SURGHMQt VDQNþQt FHQ\]DQHRSUiYQČQČ]DVWDYČQpSR]HPN\YHYODVWQLFWYtPČVWD]GĤYRGXMHKRWYUGRVWL=DVWXSLWHOVWYRPČVWDVWDQRYtRGHGQHSURGHMQtFHQXQHRSUiYQČQČ]DVWDYČQêFKSR]HPNĤYH YODVWQLFWYtPČVWDY]iYLVORVWLQDWRNG\NQHRSUiYQČQpPX]DVWDYČQtSR]HPNXGRãOR 3URGHMQtFHQDMHVWDQRYHQDWDNWR SĜLQHRSUiYQČQpP]DVWDYČQtSR]HPNXGRURNXMHSURGHMQtFHQRXFHQDGOHSODWQpKRRFHQČQt SĜLQHRSUiYQČQpP]DVWDYČQtSR]HPNXRGURNXGRURNXMHSURGHMQtFHQDVWDQRYHQDQD .þP2 SĜLQHRSUiYQČQpP]DVWDYČQtSR]HPNXRGURNXGRURNXMHSURGHMQtFHQDVWDQRYHQDQD .þP2 SĜLQHRSUiYQČQpP]DVWDYČQtSR]HPNXRGURNXMHSURGHMQtFHQDVWDQRYHQDQD.þP2 +ODVRYiQt 3UR±$PEURå +UXEê ěHĜXFKD 3LYRGD 0iFD 6DOiW 0LNXOND )RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMH'RGDWHNþNH]ĜL]RYDFtOLVWLQČþM-D6SUiY\PDMHWNXPČVWD0LURVODYLSĜtVSČYNRYpRUJDQL]DFH±GOHSĜHGORåHQpKRQiYUKX +ODVRYiQt 3UR±$PEURå +UXEê ěHĜXFKD 3LYRGD 0iFD 6DOiW 0LNXOND )RUPDQ 9ROI 3OHFKDWê 3URWL =GUåHOVH±$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN =DVWXSLWHOVWYRPČVWDEHUHQDYČGRPtVWDY¿QDQþQtFKSURVWĜHGNĤQD~þWHFKPČVWDNHGQL +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDEHUHQDYČGRPt]SUiYX¿QDQþQtKRYêERUX]DVWXSLWHOVWYDPČVWD +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHFHORURþQtKRVSRGDĜHQtPČVWDD]iYČUHþQê~þHWPČVWD0LURVODYL]D URNYþHWQČ]SUiY\QH]iYLVOpKRDXGLWRUDRYêVOHGNXSĜH]NRXPiQtKRVSRGDĜHQtPČVWD]DURN VYêKUDGRXNKRVSRGDĜHQt6SUiY\PDMHWNXPČVWD0LURVODYLSĜtVSČYNRYpRUJDQL]DFHDWR VWtPåHSĜtVSČYNRYiRUJDQL]DFHPXVt]PČQLWV\VWpPY\~þWRYiQtYRGQpKRDVWRþQpKR +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH 11 =DVWXSLWHOVWYRPČVWDVFKYDOXMH~þHWQt]iYČUNXPČVWD0LURVODY]D~þHWQtREGREtVHVWDYHQRX NHGQLYSĜHGORåHQpP]QČQt +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYR PČVWD EHUH QD YČGRPt UR]SRþHW 'REURYROQpKR VYD]NX REFt 0LNURUHJLRQ 0LURVODYVNRQDURN +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHSRVN\WQXWtLQGLYLGXiOQtGRWDFH7-0LURVODYVHVtGOHP0OêQVNi 0LURVODY,ýYHYêãL.þQDVWUDYXXE\WRYiQtDGRSUDYXQDWXUQDM0LVWURYVWYtý5D3RKiUý5PODGãtFKDVWDUãtFKåDþHNYQiURGQtKi]HQp +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHX]DYĜHQtVPORXY\þM7URSRVN\WQXWtLQGLYLGXiOQt GRWDFH V 7- 0LURVODY YH YêãL .þ VH VtGOHP 0OêQVNi 0LURVODY ,ý YSĜHGORåHQpP]QČQt +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHUR]SRþWRYpRSDWĜHQtPČVWD0LURVODYLþ +ODVRYiQt 3UR± $PEURå+UXEêěHĜXFKD3LYRGD0iFD0LNXOND)RUPDQ9ROI3OHFKDWê 3URWL±$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN =GUåHOVH 3ĜLKODVRYiQtRWRPWRXVQHVHQtE\ORSĜtWRPQRþOHQĤ=0Y]GiOLOVHSDQ6DOiW =DVWXSLWHOVWYRPČVWDVFKYDOXMHUHDOL]DFLDNFH5HNRQVWUXNFHþiVWLREMHNWXKDVLþVNp]EURMQLFHQD ãDWQ\DWR]DSRGPtQN\REGUåHQtGRWDFH]-LKRPRUDYVNpKRNUDMH +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYR PČVWD VFKYDOXMH UHDOL]DFL DNFH =DWHSOHQt REMHNWX KDVLþVNp ]EURMQLFH D WR ]D SRGPtQN\REGUåHQtGRWDFH +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDYVRXODGXVXVWRGVWStVPE]iNRQDþ6ERREFtFK REHFQt ]Ĝt]HQt YH ]QČQt SR]GČMãtFK SĜHGSLVĤ VWDQRYt åH SĜL VRXEČKX YêNRQX IXQNFt þOHQD ]DVWXSLWHOVWYDPČVWDDSĜHGVHG\YêERUX]DVWXSLWHOVWYDPČVWDQHERNRPLVHUDG\PČVWDVRXEČKX YêNRQX IXQNFt þOHQD ]DVWXSLWHOVWYD PČVWD D þOHQD YêERUX ]DVWXSLWHOVWYD PČVWD NRPLVH UDG\ PČVWD QHER ]YOiãWQtKR RUJiQX VRXEČKX YêNRQX IXQNFt þOHQD UDG\ PČVWD D SĜHGVHG\ YêERUX 12 ]DVWXSLWHOVWYDPČVWDQHERNRPLVHUDG\PČVWDVRXEČKXYêNRQXIXQNFtþOHQDUDG\PČVWDDþOHQD YêERUX]DVWXSLWHOVWYDPČVWDNRPLVHUDG\PČVWDQHER]YOiãWQtKRRUJiQXVHPČVtþQtRGPČQDQHXYROQČQpPXþOHQRYL]DVWXSLWHOVWYDPČVWDSRVN\WQHYHYêãLVRXKUQXRGPČQ]DMHGQRWOLYpIXQNFHDWRYPD[LPiOQtYêãLGOHSODWQpKRSUiYQtKRSĜHGSLVXRGHGQH +ODVRYiQt 3UR± $PEURå+UXEê0LNXOND)RUPDQ3OHFKDWê$XJXVWD5\ãDYê.RSHþHN 3URWL±ěHĜXFKD9ROI =GUåHOVH±3LYRGD0iFD6DOiW.RSHþNRYi =DVWXSLWHOVWYRPČVWDEHUHQDYČGRPtSĜHGORåHQpLQIRUPDFHWêNDMtFtVHSĜtSUDY\UHIHUHQGDYH YČFL]iND]XKD]DUGX +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê 3URWL =GUåHOVH±.RSHþNRYi.RSHþHN =DVWXSLWHOVWYRPČVWDEHUHQDYČGRPt]SUiYXNRQWUROQtKRYêERUX]DVWXSLWHOVWYDPČVWD =DVWXSLWHOVWYRPČVWDSRYČĜXMHNRQWUROQtYêERU SURYHGHQtPNRQWURO\0ČVWVNpNQLKRYQ\0LURVODYD SURYHGHQtPNRQWURO\YQLWĜQtFKHNRQRPLFNRRUJDQL]DþQtFKVPČUQLF6SUiY\PDMHWNXPČVWD0LURVODYLSĜRUJDQL]DFHYHYD]EČQD]iNRQQRXOHJLVODWLYX .RQWURO\EXGRXSURYHGHQ\YSROROHWtURNX +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHSURGHMSR]HPNXSDUFþYN~0LURVODYRYêPČĜH m2VSROHþQRVWL0LURVODYVNpVWURMtUQ\VUR,ýVHVtGOHP.RVWHOQt0LURVODY]DFHQX.þ~KUDGDNXSQtFHQ\YSOQpYêãLSĜLSRGSLVXVPORXY\X]DYĜHQt NXSQtVPORXY\QHMSR]GČMLGR1iNODG\VSRMHQpVYNODGHPYODVWQLFNêFKSUiYGR NDWDVWUXQHPRYLWRVWtDRFHQČQtKUDGtNXSXMtFtDGDĖ]SĜHYRGXQHPRYLWRVWtXKUDGtSURGiYDMtFt +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDVFKYDOXMHSURGHMSR]HPNXSDUFþYN~0LURVODYRYêPČĜH m2SDQX)âQDU[[[E\WHP-XUNRYLþRYD[[[%UQR]DFHQX.þ1iNODG\ VSRMHQpVYNODGHPYODVWQLFNêFKSUiYGRNDWDVWUXQHPRYLWRVWtKUDGtNXSXMtFtDGDĖ]SĜHYRGX QHPRYLWRVWtXKUDGtSURGiYDMtFt +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH±$XJXVWD =DVWXSLWHOVWYRPČVWDUXãtVYpXVQHVHQt]]DVHGiQt]DVWXSLWHOVWYDPČVWD]HGQH SRGERGHPYHYČFLSURGHMHSR]HPNXSDUFþYN~0LURVODY +ODVRYiQt 3UR±$PEURå+UXEêěHĜXFKD3LYRGD0iFD6DOiW0LNXOND)RUPDQ9ROI 3OHFKDWê$XJXVWD5\ãDYê.RSHþNRYi.RSHþHN 3URWL =GUåHOVH =DVWXSLWHOVWYRPČVWDXNOiGi]YHĜHMQLWQDEtGNXSURGHMHSR]HPNXSDUþYN~0LURVODY]D PLQLPiOQtNXSQtFHQX.þ 13 +ODVRYiQt 3UR± $PEURå+UXEêěHĜXFKD0iFD6DOiW0LNXOND)RUPDQ9ROI3OHFKDWê 3URWL±3LYRGD$XJXVWD =GUåHOVH±5\ãDYê.RSHþNRYi.RSHþHN 90LURVODYLGQHþHUYQD 9\YČãHQRQD~ĜHGQtGHVFHGQHþHUYQD 3R]QiPND 1D]DVHGiQtE\ORSĜtWRPQR]þOHQĤ=0SĜLKODVRYiQtXERGXE\ORSĜtWRPQRþOHQĤ=0 =NUDWN\MPHQI\]LFNêFKRVREMVRXXYHGHQ\]GĤYRGXRFKUDQ\RVREQtFK~GDMĤ 8VQHVHQt50D=0E\OD]YHĜHMQČQDYOLVWLQQpLHOHNWURQLFNpSRGREČQD~ĜHGQtGHVFHDMVRX]YHĜHMQČQDQDZHERYêFKVWUiQNiFKPČVWD ,QIRUPDFH 0ČVWR0LURVODYREGUåHOR1iYUKMt]GQtKRĜiGX1DSRUDGČVWDURVWĤD]DVHGiQt0L NURUHJLRQX 0LURVODYVNR E\OR GRKRGQXWR åH ]~þDVWQČQp REFH ]DãORX QD -LKRPRUDYVNê NUDM NQDYUåHQpUHGXNFLVSRMĤQHVRXKODVQpVWDQRYLVNR 1HVRXKODVQpVWDQRYLVNRN1iYUKXMt]GQtKRĜiGX]DVODORPČVWR0LURVODYGiOHREFH'DPQLFH/HVRQLFH0LURVODYVNp.QtQLFH6NDOLFHD6XFKRKUGO\X0LURVODYL 9\MiGĜHQt .UDMVNpKR ~ĜDGX -LKRPRUDYVNpKR NUDMH RGERUX UR]YRMH GRSUDY\ N ]DVODQpPX ÄQHVRXKODVXVUHGXNFtVSRMHQtY~VHNX5DNãLFH±0LURVODYSRåDGDYHNQD]DFKRYiQtGRSUDYQt REVOXåQRVWLYUR]VDKXVWiYDMtFtKRMt]GQtKRĜiGX³ 3RYêVWDYEČWHUPLQiOX0LURVODYGRMGHNþDVRYêPSRVXQĤPQiYD]QpDXWREXVRYpOLQN\DGRMGH WDNNH]NYDOLWQČQtSĜtSRMĤPH]LOLQNDPLDFRåYVRXþDVQRVWLEH]WHUPLQiOXQHQtWHFKQLFN\ PRåQp1DRSDNGRMGHNH]KRUãHQtSĜtSRMĤPH]LOLQNDPL6DYHGHQtOLQN\6WHG\YSUDFRYQtGQ\VKXVWêPDXWREXVRYêPSURYR]HP]WUiFtYê]QDP%XGHXSUDYHQRRPH]HQtXYODNĤ DNWHUpEXGRXYHGHQ\YFHORURþQČQHMHQYOHWQtPREGREtMDNMHXYHGHQRYSĜLSRPtQNRYDQpP1iYUKX-ě -HQWDNQDRNUDM 0LURVODYPiRSČWSRPQRKDOHWHFKNRXSDOLãWČ+RGQČVHRQČPPOXYtStãHGHEDWXMHQDGãHQt VWĜtGDMtNULWLFNpSĜLSRPtQN\«'RYROWHPLDE\FKRFLWRYDOD]NQLK\'U5XGROID-HOtQND0LURVODY 6HGPVHWSDGHViWOHWStVHPQêFKSDPiWHN0LURVODY]HVWU Ä0QRKR GREUpKR SUR 0LURVODY Y\NRQDO PtVWQt 2NUDãORYDFt VSROHN 9HUVFK|QHUXQJVYHUHLQ NWHUêE\OQDRERXMD]\þQêY]NĜtãHQ]SĜHGYiOHþQpKRSRX]HQČPHFNpKR6WDUDOVHR]Ĝt]HQtSRPQtNĤ QDSĜ-$.RPHQVNpKRNWHUêE\OVODYQRVWQČRGKDOHQYEĜH]QXR~SUDYXFHVWLþHNQDPtVWD Y\FKi]HNQD9ČWUQtNGR5DPRãVNpKROHVtNDDGR*URVVZDOGX±OHVDXNRXSDOLãWČNGH]ĜL]RYDO SHYQpODYLþN\NRGSRþLQNX1HE\OROHKNp]tVNDWRGEDURQN\SRYROHQtY\FKi]HNGR*URVVZDOGXL NG\åMHQQDOHWQtPČVtFH2EWtåQpE\ORWDNp]tVNDWSR]HPN\QD&KPHOHQFLNY\EXGRYiQtNRXSDOLãWČ .MHKRVWDYEČGRãORYþHUYQXDåVUSQXNG\åREHFYČQRYDODNWRPXWR~þHOX.þ³ =GRERYêFKIRWRJUD¿tMH]ĜHMPpåHNRXSDOLãWČY0LURVODYLW]YNySHOĖDE\ORKRMQČQDYãWČYRYiQR2NUDãORYDFtVSROHN]YROLOYHOPLSČNQêVW\OGĜHYČQêFKEXGRY&HOHNRENORSHQê]HOHQtQDEt]HO QHMHQRVYČåHQt]NOLGQČQtDOHWDNpDåWURFKXURPDQWLFNpSURVWĜHGtNWHUpQiPSDPČWQtNĤPSRVOHG14 QtKRREGREtSĜHGGHYDVWDFtD]Ni]RXWDNWURFKXSĜLSRPtQDOR9DQþXURYR5R]PDUQpOpWR1H]EêYi QHåVLSĜiWDE\UHQRYRYDQpNRXSDOLãWČKRVWLORMHQVOXãQpDRKOHGXSOQpKRVW\DE\E\ORPtVWHPNDP UiGL]DMGHPH]DSODYDWVL]DVSRUWRYDWLSRVHGČWVSĜiWHOLDE\åLYRWQDãHKRPČVWDRERKDWLOR -HGQRXVHPRåQiGRþNiPHLFKRGQtNXþLF\NORVWH]N\DE\XåVDPRWQiFHVWDQDNRXSDOLãWČE\OD SĜtMHPQRXSURFKi]NRXQLNROLYKRURUHPQDRNUDMLVLOQLFHDDE\FKRP]NRXSDOLãWČPRKOL]DMtWLGR OHVD*URVVZDOGXSRVHGČWQDODYLþNiFKYHVWtQXVWURPĤDSRWČãLWVHNUiVDPLSĜtURG\ /LD5\ãDYi $NWXiOQČ 'RSLV3DYOD.UEiONDNWHUêE\OþWHQQDVODYQRVWQtPRWHYĜHQtMLKRYêFKRGQtKRNĜtGOD]iPNX YVRERWXþHUYHQFHYOHWQtPNLQČ 9iåHQtDPLOtURGiFL Y åLYRWČ MVHP VH VWDO VRFKDĜHP PDOtĜHP L ãSHUNDĜHP DOH QLNG\ MVHP QHSĜHVWDO EêW WtP þtP MVHPE\O]HYãHKRQHMGĜtYSRGNRYiĜHPURGQpKRPČVWD0LURVODY9êYRMFLYLOL]DFHDMHMtWHFKQLN\ ]SĤVRELOåHVHPQRXVHX]DYtUi~FW\KRGQiĜDGDVHGPLJHQHUDFt]GHMãtFKNRYiĜĤ&RDOH]ĤVWiYi MVRXXPČOHFNpSUiFHMHMLFKSRVOHGQtKRSRWRPNDRGIRFKXNWHUpRGQČKRSĜLMDOGRYČþQpKRRSDWURYiQtPLURVODYVNê]iPHN3URWRåHPêPRVPGHViWLVHGPLNĜtåNĤPFHVWRYiQtQHVYČGþtSRYČĜLOMVHP ]DVWXSRYiQtPVYRXGFHUXYNWHUpWHćQiãURGSRNUDþXMHYHâYêFDUVNXNGH=LWDQDPtVWRåHOH]DWHSH ]ODWR$WRWRMHPĤMY]ND] =DYãHFRMVHPGČNXMXãWČVWtåHMVHPVHQDURGLOYPtVWČNWHUpE\ORNG\VLGRPRYHPWĜHPYtUiPDGYČPDQiURGQRVWHP%\ODWR]PHQãHQLQDFHOpKRVYČWDVHYãHPLMHKRUDGRVWPLLWUDJpGLHPL DSURWRPČQDXþLODSRNRĜHNWHUiPLSRPRKODSĜHNRQiYDW]NRXãN\YODVWQtKRåLYRWDMHåGRNRQFH Y\~VWLO\YHPLJUDFL 1DMHKRVNORQNXPČSRWNDORãWČVWtYUiWLWVHGRYODVWLDWDNpVHP'ČNXMLYãHPNWHĜtPLWXSR QiYUDWXSRPiKDOLVORYHPDþLQHPEH]QLFKE\FKVHWXQHGRNi]DOWDNU\FKOHYåtWDGiOSUDFRYDW$ EH]QLFKE\QHE\ORPRåQpDE\]PêFKPRGHOĤSRYVWDO\åLYpVRFK\XFHOXMtFtWYiĜPČVWDäH]iPHN VHWHćVWiYiGRPRYHPYHONpþiVWLPpKRFHORåLYRWQtKRGtODFKiSXMDNRYHONêGDUNG\åWXWDNEXGH GREXGRXFQD]DFKRYiQDVWRSDYãHFKVHGPLJHQHUDFtPêFKSĜHGNĤ 0tGUD]tSĜiWHOpDW\Pi0LURVODYLORXþtVHVYiPL]GHMãtURGiNSRVOHGQtSRGNRYiĜ± .UEiONĤ3DYHO 0$/e=$0<â/(1˱ .283$/,â7ċ$-(+29é=1$0352632/(ý1267« .G\VL GiYQR NRX]HOQp PtVWR PtVWR VHWNiYiQt VEOLåRYiQt SR]GUDYHQt VH PtVWR Y]iMHPQpKR UHVSHNWXDWROHUDQFH0tVWRNGHMHQXWQpDE\VSROXOLGpNRPXQLNRYDOLYED]pQXQDWUiYQtNXQD KĜLãWLXNLRVNX«« äLMHPHYHVORåLWpDXVSČFKDQpGREČ8PtPHVL]iYLGČWQHSĜiWVL~VSČFKãNRGLWVLGČODWVLQDVFKYiO\$OHSURþ"""3URþVLY]iMHPQČQHSRPRFLSURþVHY]iMHPQČQHWROHURYDWDQHUHVSHNWRYDW" äLMHPHWDNNUiWFHWDNVWUDãQČNUiWFH« 3ĜLMGXQDNRXSDOLãWČDSR]GUDYtP-HWRVOXãQRVWDRGPDOLþNDQiVWDNXþLOL3RSURVtPRSiUHNþL NiYXDSRGČNXML3RNXGYED]pQXGRQČNRKRQHFKWČQČVWUþtPXVPČMLVHDRPOXYtPVH7RVDPpSĜL YROHMEDOXþLPtþRYêFKKUiFK .283$/,â7ċ«1HMHQED]pQYRG\D]HOHQêWUiYQtN0tVWROHWQtNRPXQLNDFHOLGt0tVWRNGH VSROXPOXYtU\EiĜVP\VOLYFHPIRWEDOLVWDVKDVLþHPKi]HQNiĜNDVHVNDXWNRXOHWHFVH]DKUiGNiĜHP 0tVWRNRPXQLNDFHOLGtNWHĜtE\VHYOpWČMLQGHQHSRWNDOL 15 .283$/,â7ċ«=DĜt]HQtQXWQpSURVEOLåRYiQtOLGtSURMHMLFKUDGRVWDVSRNRMHQRVW 7DNSURWRVLP\VOtPåHMHGREUpPtWLYQDãHPPČVWČNRXSDOLãWČ =D]DP\ãOHQtPQDGWČPLWRĜiGN\GČNXMH 'UDKRVODY0LNXONDPtVWRVWDURVWDPČVWD IRWR0.XĜLWND2+UE .DPYWRPYHGUXDQHEQiYUDW]WUDFHQpKRV\QD 90LURVODYLMVHPSURåLOPQRKRNUiVQêFKOHWGRGQHVVHVHPþDVWRYUDFtPDWRQHMHQSURWR åH ]GH VWiOH åLMt PRML URGLþH 2 OHWRãQtP -DUPDUNX X )ORULiQD MVPH V URGLQRX QDYãWtYLOL þHUVWYČ RSUDYHQê]iPHNDE\OLMVPHQDGãHQLUHQRYRYDQêPLSURVWRU\LLQVWDORYDQêPLH[SR]LFHPL9WURSLFNpPSRþDVtSRVOHGQtFKGQĤMVPHVHUR]KRGOLY\]NRXãHWLQHGiYQRUHNRQVWUXRYDQpPLURVODYVNp NRXSDOLãWČ .G\å MVHP VH SR PQRKD OHWHFK RFLWO QD RNUDML ]DOHVQČQpKR ~GROt NGH QDãL SĜHGNRYp NG\VLY\EXGRYDOLYHQNRYQtED]pQE\OMVHPQDGãHQ0pREDY\]GDSURYHGHQiSĜHVWDYEDQHQDUXãLOD ]GHMãt³JHQLXVORFL´VH]FHODUR]SWêOLO\1DEXGRYČãDWQ\DEXIHWXED]pQXGOiåGČQêFKLWUDYQDWêFK SORFKiFKLWHFKQLFNpP]i]HPtMHYLGČWYHONpPQRåVWYtSRFWLYČRGYHGHQpSUiFHYêVOHGHN]DFKRYiYi NRX]ORWRKRWRPtVWDDOiNiQiYãWČYQtNDNDNWLYQtPXRGSRþLQNX1HGDOHNRPpKRVRXþDVQpKRE\GOLãWČE\ORSĜHGSiUOHW\Y\EXGRYiQR]FHODQRYpYHQNRYQtNRXSDOLãWČSURWRVLPRKXGRYROLWLSiUVURYQiQtPLURVODYVNpNRXSDOLãWČQDEt]tPQRKHPSĜtMHPQČMãtSURVWĜHGtYþHWQČSĜLUR]HQpKRVWtQXVWURPĤ REþHUVWYHQt]DSĜt]QLYČMãtFHQ\DDEVHQFH]iåLWNRYpKRED]pQXVWRERJiQHPMH]GHNRPSHQ]RYiQD SRORYLþQtYêãtYVWXSQpKR1DNRXSDOLãWLY0LURVODYLVHOtELORQHMHQPpPDQåHOFHNWHUiVLSDPDWXMH MHKRGĜtYČMãtSURYR]DOHLQDãtGHYtWLOHWpGFHĜLNWHUi]DVYĤMåLYRWSURSODYDODPQRKRDNYDSDUNĤL SODYHFNêFKED]pQĤ9ãLFKQLNWHĜtVHSRGtOHOLQDUHYLWDOL]DFLNRXSDOLãWČPDMtQiãXSĜtPQêREGLY 3RNXGQiPWRþDVRYpPRåQRVWLGRYROtEXGHPHVHVHPUiGLYUDFHW ,QJ0DUWLQ%8%(1Ë.03$ 3R]YiQND 3R]YiQND 1DSRVOHGQtSUi]GQLQRYRXVRERWXVUSQDSĜLSUDYXMHPHSRKiGNXÄ-DNQDREUD³3ĜHGVWDYHQt ]DþtQiYKRGLQD]DKUDMHMHÄ'LYDGOR]S\WOtþNX³$NFHMHSRĜiGiQDYUiPFLDNFHÄ0DOêIHVWLYDOORXWN\³8SĜtPQČ]YHPHQHMHQGČWL 16 0$/é)(67,9$//287.< 9é79$51È6287ċä 2%/Ë%(1È3267$9$=32+È'.< 35232=,&( -HGQiVHRVRXWČåSRKiGNRYêFKSRVWDYY\UREHQêFK GČWPL3RVWDYDPXVtEêW]SĜHGYHGHQêFKKHU.DåGê ~þDVWQtNVRXWČåHPĤåHGRGDWPD[LPiOQČSRVWDY\ 3RVWDYDPXVtEêWY\UREHQDQiVOHGXMtFtP]SĤVREHP QDNUHVOHQDQDPDORYiQDQDWYUGêSDStUNDUWRQMDNRXNROLWHFKQLNRXDY\VWĜLåHQD0ĤåHEêWGRSOQČQDSROHSHQDOLERYROQêPPDWHULiOHPGOHIDQWD]LHGČWt 7HUPtQGRGiQtSRVWDYGR]iĜt .DåGiSRVWDYDPXVtREVDKRYDWSUĤYRGQtLQIRUPDFHQD]DGQtVWUDQČSRVWDY\MPpQRDXWRUDYČN REHFDNRQWDNWQHMOpSHGYD~GDMHPRELOQtþtVORHPDLO 3RVWDYX MH QXWQp SĜHGDW SRĜDGDWHOL MHGQRWOLYpKR SĜHGVWDYHQt QHER SĜtPR QD 0Č.6 0RUDYVNê .UXPORY 3RURWDYHVORåHQt-HVVLFD+RUYiWKRYi-DQDâWHIiQNRYiD%RĜLYRMâYpGDY\KRGQRWtGHVHWYtWČ]QêFKSRVWDYMHMLFKåDXWRĜLEXGRXRGPČQČQLSĜLVODYQRVWQtPY\KOiãHQtVRXWČåHQDSRG]LPURNX Y,&-DGHUQpHOHNWUiUQ\'XNRYDQ\ 0ČVWVNp NXOWXUQt VWĜHGLVNR 0RUDYVNê .UXPORY QiPČVWt 7*0 0RUDYVNê .UXPORY ZZZPHNVPNF]PHNV#PHNVPNF] $GYHQWQtNRQFHUW 9VRERWXSURVLQFHVHRGKRGLQXVNXWHþQtYNRVWHOHVY3HWUDD3DYODY0LURVODYLDGYHQWQt NRQFHUWRSHUQtSČYN\QČ7iQL-DQRãRYp1DYDUKDQ\EXGHGRSURYi]HWGRFHQW.UiO]-$08 +XPRU 3URþE\FKRPVHQH]DVPiOL DQHEÄNGRVHVPČMHQDSRVOHGWHQPiGORXKpYHGHQt³ 3ĜLEOtåLOVHNRQHFOpWDDVQtPQHMHQNRQHFãNROQtFKSUi]GQLQDOHWDNpYČWãLQ\QDãtGRYROHQp 6QDGVHQiPW\GRYROHQpOHWRVY\GDĜLO\3RNXGWRPXWDNQHE\ORDSĜLWRPMVPH]DMLãWČQtGRYROHQp VYČĜLOLFHVWRYQtNDQFHOiĜLPRKOLMVPHVLSRGDWVWtåQRVW3RNXGVHMHGQDORRVWtåQRVWRSUiYQČQRX PiPHGRNRQFHQDGČMLQD¿QDQþQtRGãNRGQČQt1ČNWHUpVWtåQRVWLDSRåDGDYN\YãDNEêYDMtQHRSUiYQČQpDåDEVXUGQtWDNåHPDMtSRGREXSĜtPRDQHNGRWLFNRX Ä%\OLMVPHQDSURVWRãRNRYiQLWtPNROLNMHYKRWHOXNURPČýHFKĤLGDOãtFKFL]LQFĤDåHQDSOiåL E\ORGRNRQFHLPQRKR%XOKDUĤ³ 6WtåQRVWQDGRYROHQRXYěHFNXÄ-tGORYKRWHOXE\ORPRFĜHFNpFRåQiPQHFKXWQDOR2GSRORYLQ\]iMH]GXMVPHWHG\SĜHVWDOLY\XåtYDWSRORSHQ]LDFKRGLOLGRPtVWQtKRIDVWIRRGX 9SĜtOR]HSRVtOiPH~þWHQN\DåiGiPHMHMLFKSURSODFHQt³ .OLHQW Ä'REUê GHQ UiGL E\FKRP Y\XåLOL VOHYX QD GtWČ 6ORåHQt RVRE EXGH GYD GRVSČOt D MHGQR GtWČ³2SHUiWRUÄ6DPR]ĜHMPČDMDNVWDUpMHYDãHGtWČ"³.OLHQWÄ-HPXOHW³ 17 Ä3URVtPPĤåHWHQiPSRVODWHPDLOVSRN\Q\NRGOHWX]QRYX"0DQåHONDWRWLåE\ODPLQXOêWêGHQ Y]DKUDQLþtSURWRMtHPDLOQHPRKOSĜLMtW³ Ä3RåDGXMLQiKUDGX]DXNUDGHQpEUêOH-DNRGĤND]NUiGHåHYiP]DVtOiPVYpIRWRJUD¿H]SRE\WX 1DSUYQtIRWRJUD¿LMVHPMHãWČVEUêOHPLQDGUXKpIRWFHPLMLåFK\Et³ Ä'REUêGHQUiGE\FKREMHGQDOSRE\WY7KDMVNXSURGYČRVRE\3URPDQåHONXUH]HUYXMWHSURVtPMHQMHGQRVPČUQRXOHWHQNX'ČNXML³ Ä0ĤåHWHPLSURVtPVGČOLWNROLNSOHFKRYHNSLYDVLPĤåXY]tWVVHERXGRSĜtUXþQtKR]DYD]DGODQD SDOXEX"³ Ä%\OLMVPHQDGRYROHQpQD]DþiWNXVH]yQ\9OHWRYLVNXE\OSUD]YOiãWQtNOLGUHVWDXUDFHEDU\L DWUDNFHVLFHRWHYĜHQpDOHYQLFKPiOROLGt6WHMQČWDNQDSOiåL3URVWČWRQHPČORWXVSUiYQRXDWPRVIpUXUXãQpGRYROHQp³ Ä9NDWDORJXQHXYiGtWHQDNWHUpVYČWRYpVWUDQČEXGHYěHFNXYêFKRGVOXQFH³ 'DOãtNOLHQWQDSVDOåHNG\åSĜLãHOQDREČGYSODYNiFKSHUVRQiOPXĜHNOåHWDPYSODYNiFKEêW QHVPtDWDNVLMHVXQGDO Ä/HGYVNOHQLFLY\GUåHOSRX]HNUiWNRXFKYtOLSRWpE\ORQXWQpMtW]SČWQDEDUDOHGGRSOQLW³ Ä8S\UDPLGPQČREWČåRYDOLPtVWQtRE\YDWHOpVSURGHMHPUĤ]QêFKYČFtD]ND]LOLQiPFHOêYêOHW äiGiPRYUiFHQtFHQ\³ Ä&HVWDNSOiåLVHVWiYDOD]PHWUĤGORXKpKRFKRGQtNXDSDNXåMVPHVHPXVHOLEURGLWStVNHP DåNSOiåLäiGiPHNRPSHQ]DFLåHFKRGQtNQHE\ODåNPRĜL3tVHNE\OQDWROLNUR]SiOHQêåHVH QHGDORNPRĜLGRMtWERVRXQRKRX1LNGRQiVQDWXWR]iYDåQRVWQHXSR]RUQLO³ %RKXPLO%XEHQtN =NXOWXU\ =iPHN 0LURVODYVNêPREþDQĤPSĜiWHOĤPPČVWDLQiKRGQêPSURMtåGČMtFtPVDPR]ĜHMPČQHXãORåHVH VH]iPNHPQČFRGČMHåHSROHWHFKFKiWUiQtQDVWDO\PČVtFHRSUDY6OHGRYDOLMVPHMHVH]iMPHP ]YČGDYRVWtUDGRVWt=iPHNYFHQWUXPČVWDYê]QDPQiGRPLQDQWDNQtåMHQVWČåtO]HEêWOKRVWHMQê 3HVWUiDUR]PDQLWiQiURåQtVJUD¿WDY]EX]RYDODSR]RUQRVWMHãWČSRGOHãHQtPDNG\åWR]PL]HORE\OR ]ĜHMPpåHXYQLWĜVHQH~QDYQČSUDFXMH=YČGDYRVWDOHVQDGYtFHRSUDYGRYê]iMHPDUDGRVW]XNRQþHQtSUYQtHWDS\RSUDYSĜLYHGODGRSDUNXDQiVOHGQČGR]iPNX~FW\KRGQpPQRåVWYt]iMHPFĤNWHUp QHRGUDGLORDQL~PRUQpYHGUR -LåQtNĜtGORMHNUiVQČRSUDYHQRY\QLNiNUiVDDUFKLWHNWXU\MtåYpYRGtVNOtSNRYiQHEROLGLDPDQWRYiNOHQED=DFKRYDOiUHQHVDQþQtDUFKLWHNWXUDUHQRYRYDQpKRNĜtGODWRMHWRFRMHQDWpWRþiVWL QDãHKR]iPNXQHMFHQQČMãt-LVWČåHOiNDMtLQVWDORYDQpYêVWDY\RGERUQtN\D]iMHPFHRDUFKLWHNWXUX þLKLVWRULLYãDNNQiPSĜLYHGH]iPHNMDNRWDNRYê-HY PQRKpPPLPRĜiGQêPRåQiLSURWRåH MHKRKLVWRULHYREGREtRG%tOpKRU\DåGRFKYtOH]DKiMHQtVRXþDVQpRSUDY\QHE\ODSĜtOLããĢDVWQi± VWĜtGiQtPDMLWHOĤFKiWUiQtGHYDVWDFHQHGĤVWRMQpY\XåLWtVWĜtGDO\GtOþtRSUDY\NWHUpVLFHSRPiKDO\ ]DFKUDĖRYDWSĜHGQHMKRUãtPDOHQHYUDFHO\DQLNUiVXDQLGĤVWRMQRVW -VPHUiGLåH]iPHNRSČWåLMH-VPHYGČþQLåHLGR0LURVODYLGRSXWRYDO\SHQt]HQDMHKR]iFKUDQX $PRFVLSĜHMHPHDE\VHþDVHPGRVWDORLQDGDOãtþiVWLPRKXWQpKRNRPSOH[XětNiVHåHãWČVWt SĜHMHSĜLSUDYHQêP±GREUêNRQHFPĤåHEêWVRXþDVQČLGREUêP]DþiWNHP7DNMHQQHXVQRXWQDYDYĜtQHFK /LD5\ãDYi 18 3$571(50ċ67$ 0HUXĖNREUDQtV-DUPDUNHPX)ORULiQD 9VRERWXþHUYHQFHVHXVNXWHþQLOMLåURþQtNVODYQRVWL0HUXĖNREUDQtV-DUPDUNHPX)ORULiQD.~VSČFKXDNFHSĜLVSČORQČNROLN]DMtPDYRVWtKDVLþVNpVRXWČåHNXFKDĜVNiVKRZ+RWHOX5\ãDYêSRMt]GQiNDYiUQD-LKODYDQNDSURMtåćN\WXULVWLFNêPYOiþNHPQHERRWHYĜHQtMLKRYêFKRGQtKR NĜtGOD]iPNXNRQFHUWKXGHEQtFKVNXSLQ]69ýRFKXWQiYN\YtQDPHUXĖNRYêFKVSHFLDOLW±UHVWDXUDFH6OiYLH%LVWURUHVWDXUDFH9LQDĜVWYt+DQ]HO6SROHN0LURVODYVNêFKYLQDĜĤREþHUVWYHQt6DORĖ3L]]HULH%DU0LURVODYDWG0HUXĖNREUDQtQDYãWtYLORQČNROLNY]iFQêFKKRVWĤQDSĜGHOHJDFH ]SDUWQHUVNpKRPČVWD6Y-XUQD6ORYHQVNXSULPiWRU,QJâLPRQ*DEXUDVFKRWtYLFHSULPiWRU,QJ 3HWHU'RþRORPDQVNêVFKRWtDWDãp5XVNpIHGHUDFHY%UQČ0DULMD6HPHQRYDD.DULQD6XOWDQRYD DPQRKRGDOãtFKäiGQRXDNFLQHO]HXVSRĜiGDWEH]ODVNDYêFKDãWČGUêFKVSRQ]RUĤNWHUêPSDWĜt QiãGtN IRWR0.OHMGXV 19 6ODYQRVWSRGSRĜLO\ 1DGDFHý(=D-DGHUQiHOHNWUiUQD'XNRYDQ\ 3$571(50ċ67$ -LKRPRUDYVNêNUDM $OOULVN %UQR 6WDYHEQt D REFKRGQt ¿UPD 5\ãDYê +RWHO 5\ãDYê 263 0RUDYVNê .UXPORY .6+ *URXS )&& (QYLURQPHQW GĜtYH $6$ 3URPW 0RGĜLFH 9LQQp VNOHS\ /HFKRYLFH .LQGHU:HOW([FDOLEXU&LW\D$JURGUXåVWYR0LURVODY .QHGOtN\]RGSDORYDQpKRWČVWDSĜLSUDYLONROHNWLYNXFKDĜHNãNROQtMtGHOQ\NUiVQpVNOHQČQpSODNHW\Y\URELOYêWYDUQtN3HWU6OiPDEDWRKYHWYDUXRSLFHYČQRYDODSDQt$QQD3RþDURYVNi]¿UP\ 9\UWH[SĜtSUDYQpSUiFH]DMLVWLOD6000LURVODYL +ODYQt]iYRGÄ2NQHGOtNRYpKRNUiOH³]DþDOYKRGLQ.QHGOtN\SRMtGDOLWLWRERUFL-DURPtU 5DIDM0LURVODY5DIDM/DGLVODY-DQtþHN0LURVODY6WRSD0LURVODY$QWRã-DURVODY.RXWQtN3HWU .UHEV'DYLG)RUPiQHN0DUWLQ.DPDUiG-DQD9DUJRYi$QWRQtQ.UHMþtPO-DURVODY1ČPHF3R GYDFHWLPLQXWiFK]iYRGVNRQþLODE\O\Y\KOiãHQ\YêVOHGN\ 0HUXĖNREUDQtYHYêVOHGFtFK .QHGOtNRYêNUiO ,,,PtVWR ,,PtVWR ,PtVWR ,,,PtVWR ,,PtVWR ,PtVWR ,,,PtVWR ,,PtVWR ,PtVWR -DURPtU5DIDM±=OtQ /DGLVODY-DQtþHN±.RPiURYLFH 0LURVODY$QWRã±%UQR NQHGOtNĤ NQHGOtNĤ NQHGOtNĤ 0HUXĖNDURNX±KRGQRFHQRY]RUNĤ 0DUWLQ6WUQDG±9LãĖRYp $QWRQtQ)RUPDQQ0LURVODY 3DYHO:ROOQHU0LURVODY Y]RUHNþtVOR Y]RUHNþtVOR Y]RUHNþtVOR 0HUXĖNRYLFHURNX±KRGQRFHQRY]RUNĤ 0JU5REHUW6DOiW0LURVODY (GXDUG-DQtþHN0LURVODY /DGLVODY0LþND0LURVODY Y]RUHNþtVOR Y]RUHNþtVOR Y]RUHNþtVOR ýHVWQpX]QiQt]D~þDVWYH¿QiOHREGUåHOL-RVHI+DQ]HO±0LURVODY5DGHNýHUQê±0LURVODYD0LURVODY=DWNDO]%ĜHåDQ 3RSĜHGiQtFHQPČOQiVOHGRYDWNRQFHUW9ČU\âSLQDURYpNWHUêSRQČNROLNDPLQXWiFKSĜHUXãLO SĜtYDORYêGpãĢDVLOQêYtWU3URWRåHVHYRGDGRVWDODGRDSDUDWXU\Y\VWRXSHQtE\ORXNRQþHQR'DOãt SURJUDPMDNRNRQFHUWEDURNQtKXGE\D/HWQtQRFYNLQČMLåSUREČKO\EH]SUREOpPĤ]DKRMQp~þDVWL VSRNRMHQêFKQiYãWČYQtNĤ=SUiY\DIRWRJUD¿H]0HUXĖNREUDQtSĜLQHVORPQRKRVGČORYDFtFKSURVWĜHGNĤ]FHOpýHVNpUHSXEOLN\9ČĜtPHåHLSĜHVQHGRNRQþHQêNRQFHUWMVPHYiP0HUXĖNREUDQtP 20 V-DUPDUNHPX)ORULiQDXGČODOLUDGRVWDGRXIiPHåHQiP]DFKRYiWHSĜt]HĖDãWČGURVWLYSĜtãWtFK URþQtFtFK9ãHPMHãWČMHGQRXXSĜtPQČGČNXMHPH 5RPDQ9ROIVWDURVWD 0LFKDO.OHMGXVYHGRXFt0.,& 0LURVODYVNêNOtþ 9QHGČOLþHUYHQFHVHXVNXWHþQLOMLåMHGHQiFWêURþQtNIHVWLYDOXGHFKRYêFKKXGHEÄ0LURVODYVNêNOtþ³3URJUDPE\O]DKiMHQYHKRGLQ0LOpPXSXEOLNXVHSĜHGVWDYLO\VRXERU\3RODQND 6NDOiFLD.DPHQtNRYLPX]LNDQWL1iVOHGRYDORVORVRYiQtYVWXSHQHN9êKHUFHSRWČãLODKXGHEQt&' NQLåQt SXEOLNDFH QHER GiUNRYi EDOHQt YtQ +ODYQt FHQX X]HQRX NêWX NWHURX YČQRYDOR$*52'58ä67920LURVODYVLRGQHVOD-LWND1HMHGOi]0LURVODYL&HOêPSURJUDPHPYWLSQČSURYi]HO PRGHUiWRU3DYHO-HFK$NFLSRGSRĜLO\¿UP\1DGDFHý(=-DGHUQiHOHNWUiUQD'XNRYDQ\6WDYHEQt DREFKRGQt¿UPD0LORã5\ãDYê$OOULVN%UQR)&&(QYLURQPHQWGĜtYH$6$0HGLiOQtSRGSRUD ±ýHVNêUR]KODV%UQR5iGLR%ODQtN=QRMHPVNêGHQtN5RYQRVWDþWUQiFWLGHQtN=UFDGOR&HQ\GR VORVRYiQtYČQRYDO\$JURGUXåVWYR0LURVODYýHVNêUR]KODV%UQRDPČVWR0LURVODY 'ČNXMHPHYãHPNWHĜtVHSRGtOHOLQDSĜtSUDYČSĜHKOtGN\ 5RPDQ9ROI0LFKDO.OHMGXV IRWR0.OHMGXV 0ČVWVNiNQLKRYQD 1RYpNQLK\ /lFNEHUJ$QGČOtþNiĜND 3HURXWNRYi$QLþNDDGLYDGOR .HOHRYi9DVLONRYi'XKRYêPRVW +RZDUG.OLGSĜHGERXĜt 0RUNHV.RPLVDĜ9UĢDSND .HOHRYi9DVLONRYi0iPDSUR9HURQLNX -DQRXFKRYi0DWþLQRVUGFH 6PROtNRYi1DKUDGČ%UDGČ -DQRXFKRYi1DOH]HQHF 5REE2þLVWtPWČRGKĜtFKX +ĤORYi3DPČĢPRMtEDELþFH :KLWWRQ3RVOHGQt/XFHPEXUN 1HVYDGERYi3ĜtWHON\QČ -DNRXENRYi3URGiPPDQåHOD 9RQGUXãND=ORþLQQD%H]GČ]X 7RPãtþHN1DMDFKWČGRVYČWD 9RVNRYHF:HULFK%DODGD]KDGUĤ âSDþHN'ČGHþNXMHãWČY\SUiYČM .UDWRFKYtO+ORXSHåQtFL -DQRXFKRYi+RUNiVWRSD :KLWWRQ-DNVHSRDQJOLFNXY\WUDWLW /RXNRWNRYi.ĜLNQHYLGLWHOQêFKSiYĤ 1DWKDQ/HGRYpNUiORYVWYt 0QLV]NyZQD0DORPRFQi 9RQGUXãND2OGĜLFK]&KOXPX .XEiWRYi6DPRWDSURGYD /DUVVRQRYi6OXQHþQtERXĜH 5REE6PUWtFtVWYRĜHQt 5REE6PUWtFt]UR]HQt $UQROG7DMXSOQpOLGVNpWČOR /DĖND9tWHMWHYSHNOH 9LHZHJK=SiWN\YHKĜH 21 7RPãtþHN9-LKRDIULFNpUHSXEOLFHQDNROH 7RPãtþHN'R9ODGLYRVWRNXQDNROH -DFNVRQ3URNOHWt 1HVERýHUYHQND +UERYi0LOXãH =iPHNDSRG]iPþt =SUiY\]H]iPNX 0LURVODYVNê]iPHNVHRWHYĜHOQiYãWČYQtNĤP1DMHKRUHNRQVWUXNFLKOHGDORPČVWRSHQt]HWpPČĜ OHW=DMHGLQêURNVHSRGDĜLORRSUDYLWD]SĜtVWXSQLWMLKRYêFKRGQtNĜtGORSDPiWN\MHGQXWĜHWLQX FHOpKR]iPNX ,QYHVWLFL]DPLO.þPČVWR]DSODWLORSĜHGHYãtPGtN\HYURSVNêPGRWDFtPGRWDFH](8YH YêãLPLO.þDPLO.þ]HVYpKRUR]SRþWX *RWLNDUHQHVDQFHEDURNR±]iPHNY0LURVODYLVLGRGQHV]DFKRYDOSUYN\YãHFKDUFKLWHNWRQLFNêFKVW\OĤNWHUêPLSURãHO1iYãWČYQtFLQRYČRSUDYHQpKRMLKRYêFKRGQtKRNĜtGODVLWHćNRQHþQČPRKRXSURKOpGQRXWRSUDYGRYêDUFKLWHNWRQLFNêVNYRVWPLURVODYVNpKR]iPNX-HMtPJRWLFNiVNOtSNRYi NOHQEDNWHURXQD]êYiPHWpåKUiĖRYRXþLGLDPDQWRYRX9þHVNpUHSXEOLFHMHWDWRY]iFQiNOHQED ]DFKRYiQDSRX]HYVHGPLPČVWHFK'DOãtPLOiNDGO\MVRXSURQiYãWČYQtN\]iPNXW\WRH[SR]LFH YêVWDYDDUFKLWHNWRQLFNêFKPRGHOĤSURI,QJDUFK=GHĖND)UiQND YêVWDYDSODVWLNDREUD]ĤDNDGHPLFNpKRVRFKDĜH3DYOD.UEiOND 6ORYDQVNiHSRSHMFRE\YHONRIRUPiWRYpSX]]OHVYtFHQHåGtON\ YêVWDYXPRGHOĤ/HJR IRWR0.OHMGXV 3URKOtGN\]iPNX0LURVODYSUREtKDMtGQtYWêGQXDWRRG~WHUNDGRQHGČOH=DYĜHQRMHSRX]HY SRQGČOt SRQGČOt]DYĜHQR VWĜHGD þWYUWHN SiWHN QHGČOH VRERWD ~WHUê 3URKOtGNDMHYWUYiQtSĜLEOLåQČPLQXW 6NXSLQDPĤåHPtWPD[QiYãWČYQtNĤ 22 9PČVtFLþHUYHQFLQDYãWtYLORPLURVODYVNê]iPHNQiYãWČYQtNĤ5HNRUGQtFKVHMLFKSĜLãOR SRGtYDWR0HUXĖNREUDQt 1DVUSQDSĜLSUDYXMHPH=È0(&.e6(7.È1Ë35,1&(=(1$5<7Ëěģ6.1ċä128 0,526/$928 1DãHR¿FLiOQtZHERYpVWUiQN\ZZZPLURVODYVN\]DPHNF] HPDLOPLURVODYVN\]DPHN#PHVWRPLURVODYF] PRELO 7ČãtPHVHQDYDãLQiYãWČYX 0JU,YR'UDKRNRXSLO =È0(.0,526/$99('28&Ë =SUiY\]SRG]iPþt 6RWHYĜHQtP]iPNXLQDQiVþHNDODVSRXVWDSUiFH1HMGĜtYHE\ORSRWĜHEDQDãL6ORYDQVNRXHSRSHMĜiGQČQDFK\VWDWDUR]YUKQRXWXPtVWČQtYSĜLGČOHQpPSURVWRUX2ĜtãNHPE\ORQHMHQFRQHMOpSH Y\XåtWGDQêSURVWRUDOHWDNpY\P\VOHWMDNREUD]\FRQHMOpSHSUH]HQWRYDWSURWRåHREUD]\QHVPČO\ EêW]GĤYRGXSDPiWNRYpRFKUDQ\SRYČãHQ\QD]Hć1LFPpQČSRYHGORVHD6ORYDQVNiHSRSHMWDN PRKODEU]\YtWDWSUYQtQiYãWČYQtN\3URW\E\ORSĜLSUDYHQpWDNpPLQLSX]]OHPLURVODYVNpKR]iPNX NWHUpVLYãLFKQLPRKRX]DNRXSLWMDNRVXYHQêU 3R RWHYĜHQt ]iPNX MVPH ]DþDO\ WDNp SUDFRYDWQDSURSDJDFL]iPNXQDVRFLiOQtFKVtWtFK %U]\VHNQiPQDIDFHERRNRYpVWUiQFHIDQRXãNĤ ]iPNX 0LURVODY SĜLGDOR YtFH QHå SĜt]QLYFĤ=WRKRWRGĤYRGXMVPHY\WYRĜLO\SURSDJDþQt SODNiWHNNWHUêMHQQDIDFHERRNXYLGČORYtFHQHå OLGt D NWHUê E\O URYQČå Y\WLãWČQ D UR]PtVWČQQDUĤ]QêFKPtVWHFKY0LURVODYLDRNROt $QL SURSDJDFH Y PpGLtFK QH]DKiOHOD ]SUiY\ R (SRSHMLVHREMHYLO\MDNYWLVNXWDNRSČWWDNpYH ]SUDYRGDMVWYt791RYD$MDNRWĜHãLQNXQDGRUWX ]tVNDOD(SRSHM]iSLVGR.QLK\UHNRUGĤ 1D]iNODGČåiGRVWt]iPHFNêFKQiYãWČYQtNĤMVPHWDNpY\WYRĜLOLSUH]HQWDþQtNRPHQWRYDQpYLGHRNWHUpVKUQXMHKLVWRULL]iPNXLSUĤEČKUHNRQVWUXNFH , Y QiVOHGXMtFtFK PČVtFtFK QiV þHNi VSRXVWD SUiFH R NWHUp VH EXGHWH PRFW SUDYLGHOQČ GRþtVW QDVWUiQNiFK0LURVODYVNpKR]SUDYRGDMH1HMEOLåãtDNFtQDNWHURXE\FKRPYiVUiG\WRXWRFHVWRX SR]YDOLMH6HWNiQtSULQFH]HQDU\WtĜĤVNQČåQRX0LURVODYRXNWHUiVHEXGHNRQDWYVRERWXVUSQD RGYPLURVODYVNpP]iPNX%XGHPHVHQDYiVWČãLW WH[WDIRWR$QQD3RþDURYVNi(OLãND1RKDYLFRYi 6HQLRĜL 9êOHWWXULVWĤGR'ROQtFK.RXQLF -HãWČSĜHGSUi]GQLQDPLVHSRGDĜLORÄ7XULVWLFNpPXNURXåNX1(-(1SURVHQLRU\³XVNXWHþQLWGDOãtYêOHWGREOt]NpKRRNROt0LURVODYL7HQWRNUiWVL]DFtOYêSUDY\EČKHPNWHUpE\ODGRSUDYDĜHãHQD RSČWYHĜHMQRXGRSUDYRX±NRPELQDFtYODNXDDXWREXVXY\EUDOL]KLVWRULFNpKRKOHGLVNDYHOPL]DMtPDYpPČVWR'ROQt.RXQLFH1D]DþiWNXYêOHWXWRVGRSUDYRXSRQČNXG]DVNĜtSDORSURWRåHDXWREXV Y0RUDYVNêFK%UiQLFtFKQD]SRåGČQêYODNQHSRþNDO$WDNVHPXVHORãODSDWGR.RXQLFSČãN\SR 23 VLOQLFL,NG\åWRQHE\ORYĤEHFYSOiQXDFHVWDSRVLOQLFLE\ODSRQČNXGIiGQtQDGREUpQiODGČWR QLNRPXQHXEUDOR 3RSĜtFKRGXGRPČVWDXåãORYãHFKQRÄMDNRQDGUiWNiFK³1HMSUYHE\ORQDSURJUDPX]DVWDYHQt X ]ĜtFHQLQ\ NOiãWHUD 5RVD FRHOL NWHUê E\O ]DORåHQ Xå Y URFH 9LOpPHP ] 3XOtQD SUR VHVWU\ SUHPRQVWUiWVNpKRĜiGX9LOpP]3XOtQDPXVHOSRVWDYLWWHQWRNOiãWHUSURWRåHGRVWDORGSDSHåHWUHVW ]DSXVWRãHQtNOiãWHUĤDNRVWHOĤY5DNRXVNX9VRXþDVQpGREČMHPDMLWHOHPNOiãWHUD%LVNXSVWYtEUQČQVNpPČVWR'ROQt.RXQLFHMHQiMHPFHPNOiãWHUD]DMLãĢXMHRWHYĜHQtNOiãWHUDSURWXULVW\DSRĜiGi ]GHUĤ]QpNXOWXUQtDNFH 1HMYtFH SDPiWHN MH VRXVWĜHGČQR QD 0DVDU\NRYČ QiPČVWt D Y SĜLOHKOpP RNROt 1D YêFKRGQt VWUDQČQiPČVWtVHQDFKi]tNRVWHOVY3HWUDD3DYOD%\OY\EXGRYiQYQHRUHQHVDQþQtPVW\OXYOHWHFK ±=DNRVWHOHPQDNRSFLVWRMtGDOãtFtUNHYQtSDPiWND±NRVWHOVY)DELiQDâHEHVWLiQDD VY%DUERU\7DWRSĤYRGQČHYDQJHOLFNiSDPiWNDE\ODY\EXGRYiQDYVWROHWt1\QtSDWĜtSUDYRVODYQpFtUNYL'RYQLWĜGR]PtQČQêFKREMHNWĤMVPHYãDNWHQWRNUiWQHQDKOpGOL.WRPXGRMGH]DMLVWp SĜLQČNWHUpP]SĜtãWtFKYêOHWĤGRWRKRWR]DMtPDYpKRPČVWDSRSĜHGEČåQpPWHOHIRQLFNpPREMHGQiQt 3ĜtPRQDQiPČVWtE\ORWDNpNYLGČQtVSRXVWXFHQQêFKUHQHVDQþQtFKDEDURNQtFKGRPĤ 'HãĢRYiSĜHKiĖNDE\ODQDNRQHFWDNp]SHVWĜHQtPYêOHWXSURWRåHMLE\ORPRåQRSĜHþNDWYSĜtMHPQpPSURVWĜHGtQiGYRĜtFXNUiUQ\QDQiPČVWt 'iOHYHGODFHVWDYêOHWQtNĤNåLGRYVNpPXKĜELWRYX]URNXNGHVHQDFKi]tDVLQiKURENĤ-HGHQ]QHMYê]QDPQČMãtFKQiKURENĤSDWĜtURGLQČ.UHLVN\SĜtEX]QêPEêYDOpKRUDNRXVNpKR NDQFOpĜH%UXQD.UHLVNpKRNWHUê'ROQt.RXQLFHWDNpQDYãWtYLO 'DOãtSĜLSĜtFKRGXGRPČVWDRG%UiQLFMLå]GiON\YLGČQêREMHNWNWHUêVHQDFKi]tQDNRSFLQDG PČVWHPQHPRKOEêWWDNpQHSRYãLPQXW-HGQiVHRNDSOLVY$QWRQtQDNWHUiE\ODY\EXGRYiQDURNX )UDQWLãNHP$QWRQtQHP*ULPHP.HNDSOLYHGHNĜtåRYiFHVWDVH]DVWDYHQtPL9VRXþDVQp GREČSUREtKDMtYWpWRNDSOLUHVWDXUiWRUVNpSUiFH=NRSFHQDNWHUpPNDSOHVWRMtMHQiGKHUQêYêKOHG QHMHQQDPČVWRDOHWDNpGRMHKRãLURNpKRRNROt 3RQiYUDWXGRPČVWDSĜLãODQDĜDGXSURKOtGNDSRVOHGQtYHOPLFHQQpSDPiWN\%\ODWRåLGRYVNi V\QDJRJDVWRMtFtQD]iSDGQtPRNUDML0DVDU\NRYDQiPČVWtYVRXVHGVWYtDXWREXVRYpKRQiGUDåt %\ODSRVWDYHQDYURFHYPDXUVNRUHQHVDQþQtPVORKXDMHMHGQRX]QHMVWDUãtFKV\QDJRJQD 0RUDYČ2NROtV\QDJRJ\VQČNWHUêPLGRGQHV]DFKRYDOêPLGRPN\WYRĜLORGĜtYHåLGRYVNpJKHWWR 7HQWRNUiWVHSRGDĜLORGRMHGQDWLYVWXSGRLQWHULpUXV\QDJRJ\MHMtåSURKOtGNDGRSURYi]HQiYêNODGHPSUĤYRGN\QČE\ODÄ]ODWêPKĜHEHP³QiYãWČY\'ROQtFK.RXQLFNDPVHMLVWČþOHQRYpWXULVWLFNpKRNURXåNXYSĜtãWtPURFHUiGL]QRYXSRGtYDMt 3RSUi]GQLQiFKYHNWHUêFKMVRXþOHQN\NURXåNXYČWãLQRX]DPČVWQiQ\MDNREDELþN\QDSOQê ~YD]HNDSUREtKDMtWDNpURGLQQpGRYROHQpEXGHSRGQLNQXWMHãWČQHMPpQČMHGHQGDOãtYêOHW 3RMHćWHVQiPLLY\,QIRUPDFHVHREMHYtYþDVQDYVWXSQtFKGYHĜtFKGRGRPXþQDQiPČVWt6YRERG\KQHGYHGOHEXIHWX %RKXPLO%XEHQtN ÒYDKD 352ý7('< 1HPRKX VHDOHVSRĖWURãNXQH]PtQLWDQHFKDWVLWRMHQRPSURVHEH%ČKHPWRKROHWRãQtKRþDVWR DåWURSLFNpKROpWDMVHPPČOQHMHGQRXYQDãHPPČVWČGĤYRGNUDGRVWL=DVORXåLORVHRWRRWHYĜHQtD ]SĜtVWXSQČQtþiVWL0LURVODYVNpKR]iPNXVHVYêPLH[SR]LFHPLSUĤEČKOHWQtVODYQRVWLÄ-DUPDUN³D Ä0HUXĖNREUDQt³DRWHYĜHQtD]SURYR]QČQtPLURVODYVNpKRNRXSDOLãWČ .G\åNWRPXSĜLþWXMHãWČ]UHNRQVWUXRYiQtEXGRY\QD.RVWHOQtXOLFLNWHUiWDNPĤåHVORXåLW6WĜHGLVNXYROQpKRþDVXDMHKRERKDWêPDSHVWUêPDNWLYLWiPQHERWDNp~SUDYXSURVWUDQVWYtXKDVLþVNp 24 ]EURMQLFHYURFHPLQXOpPSRP\VOQČVPHNiPSĜHGHYãHPLNGRVHRW\WRDåGRNRQFHGRYHGHQp SURMHNW\]DVORXåLOL$MHPLSĜLWRP~SOQČMHGQRQDNWHUpVWUDQČWČFKSRP\VOQêFKÄSĜtNRSĤ³NWHUp VHPH]LQČNWHUêPLREþDQ\QDãHKRPČVWDYSRVOHGQtFKGHVHWLOHWtFKY\KORXELO\VHDNWpĜLWRKRFRVH RSUDYGXSRGDĜLORDPĤåHVORXåLWQiPYãHPSUiYČQDFKi]HMt -HPLWRMHGQRDOHQHPRKXVHVPtĜLWVWtPåHW\SĜtNRS\H[LVWXMt&RSDNE\WREH]QLFKQHãOR" .þHPXQiPMVRX"2QRE\VHEH]QLFKQHGDORSUDFRYDWDåtW"0XVHOLMVPHVLMHPH]LVHERXY\WYRĜLW" 6OtWRVWtPXVtPNRQVWDWRYDWåHREGREQpÄSĜtNRS\³H[LVWXMtLYMLQêFKPČVWHFKDREFtFKNGHWR WDNWURFKX]QiPDNGHWR]E\WHþQČRWUDYXMHåLYRWWČPNWHĜtMHYHGRXLWČPNWHĜtE\MHFKWČOLYpVWSRQČNXGMLQDN.RPXYãDNWHQWRVWDYVORXåt"-LVWČVLYČWãLQD]QiVY]SRPHQHQDODWLQVNpKHVOR]QiPp ]GČMHSLVX±Ä'LYLGHHWLPSHUD³Ä5R]GČODSDQXM³ .RPXVHQiVSRGDĜLORUR]GČOLW".GRPi]WRKRWRUR]GČOHQtXåLWHN"1HPiPUiGVSRXVWXWČFK ÄVSLNOHQHFNêFKWHRULt³NWHUêFKMHYãXGHSOQR9WRPWRSĜtSDGČYãDNPDUQČKOHGiPRGSRYČć 'RYHGODQiVNWRPXSRX]HRQDSDWRORJLFNiWRXKDSRPRFLNWHUpSRGOHKOLQHMHQOLGpYHYUFKQtFK SDWUHFKSROLWLN\DOHWDNpQČNWHĜtOLGpYÄSRG]iPþt³" 0RMHUDGRVWRNWHUpMVHPVH]PtQLOQD]DþiWNXWpWR~YDK\E\E\ODPQRKHPYČWãtNG\E\åiGQp ÄSĜtNRS\³QHH[LVWRYDO\QHERNG\E\VHSĜHVQČSRGDĜLORY\WYRĜLWĜDGXVSRMXMtFtFKPĤVWNĤ.påE\ VHMLPLVWDO\RQ\NUiVQpSURMHNW\NWHUpVHSRGDĜLORYSRVOHGQtFKOHWHFKXVNXWHþQLW.påE\FKRP SĜHVWDOLKOHGDWQDWČFKGUXKêFKMHQRPFK\E\.påE\FKRPSĜHVWDOLSRGH]ĜtYDWW\GUXKp]QHNDOêFKD ]LãWQêFK~P\VOĤ&RSDNMHWRRSUDYGXWDNåHÄSRGOHVHEHVRXGtPWHEH³" 1HFKFHVHPLWRPXYČĜLW7DNãSDWQtSĜHFHQHMVPH,WRY\WYRĜHQpGtORPOXYt]DQiV $Mi]DYãHFKQ\NWHĜtUXNXNGtOXQHGRNi]DOLQHERQHPRKOLSĜLORåLW]HVUGFHGČNXML %RKXPLO%XEHQtN .$8=$.283$/,â7ċYHUVXV$/758,67e Ä$&7$1219(5%$³ĜtNDOLODWLQtFL6P\VODKORXENDWČFKWRVORYMHVWÄþLQ\QLNROLVORYD³ 3ROHWRYDODPH]LQiPLDSêãLODVHVYêPYê]QDPHPQDYROHEQtFKSURJUDPHFKQČNROLNDSROLWLFNêFKXVNXSHQtSHYQČDQHVPD]DWHOQČÄXFK\FHQD³QDSDStUFRåVDPR]ĜHMPČDVSUiYQČSĜHGSRNOiGDOR]YêãHQêSRþHWYROLþĤWRKRþLRQRKRSROLWLFNpKRVXEMHNWX 6WiYDORVHOHþ±QHSOQLORVH$åORĖVNpKRSRG]LPXþHUVWYêPtVWRVWDURVWD]tVNDOSRVWXSQČWĜLFtWNXGREURYROQtNĤNWHĜtFKRGLOLQDNRXSDOLãWČSUDFRYDWYHVYpPYROQpPþDVHYþHWQČVRERWDQHGČOt %\ORLQČNROLNWČFKMHMLFKåRGSUDFRYDQpKRGLQ\VHWRþLO\NROHPWLVtFRYN\ 6DPR]ĜHMPȱSRNXGWRE\ORPRåQpY\FKi]HODYVWĜtFLUDGQLFHD600&KWČQHFKWČPXVtP SRGRWNQRXW åH ] SROLWLFNêFK XVNXSHQt Y]HãOêFK ] SRVOHGQtFK YROHE Då QD QČNROLN YêMLPHN VH QH]~þDVWQLOQLNGR&KFLOLEêWREMHNWLYQtPXVtPEêWLGĤVOHGQê3DQPtVWRVWDURVWD0LNXONDVLSUê NRXSDOLãWČVWDYtSURVOiYX'RW\þQêPiWĜL¿UP\RVOiYXPXWHG\QHãOR1RWDEHQHLNG\E\.RXSDOLãWČVWRMtIXQJXMHFRåPQHYHOPLWČãtDĢMVRXRNROQRVWLUHODWLYQČMDNpNROL 5HiOQêUR]SRþHWQDWRWRGtORE\E\OYtFHMDNPLOLRQĤ.þ0ČVWRYãDNY\GDORQHFHOêFK PLOLyQXEH]'3+=E\WHNE\OQDSĜLþLQOLYRVWLEULJiGQtNĤDVSRQ]RUĤ %\OMVHPMHGQtP]WČFKMHMLFKåUXNRXE\OR]DSRWĜHEtXPQHGtN\ĜHPHVOXRG]DþiWNXVHVWRYNDPLEULJiGQLFNêFKKRGLQ3HUOLþND"SURVtP±E\OLMVPHGYDVWpPČĜQHMY\ããtPSRþWHPKRGLQ NWHĜtQHSRFKi]t]0LURVODYL&RQiVYãHFKQ\NWRPXYHGOR"3RGtOHWVHQD]QRYXY]NĜtãHQtWRKRWR Y0LURVODYLWROLNSRWĜHEQpKRNXOWXUQtKRVWiQNX±NRXSDOLãWČE\ĢMHQQDPČVtFHYURFH 'RFHODMLVWČE\FKFKRGLOQDEULJiG\LNG\E\SUiFHQDNRXSDOLãWLĜtGLO,QJ3OHFKDWê 0QHQH]DMtPDOSROLWLFNêDVSHNWQêEUåIDNWåHVH]DþDORNRQHþQČQČFRNRQDWVWUDQNRXSDOLãWČ Ä$'$8*867$3(5$1*867$³±ÄNY\VRNpPXFtOLSĜHNRQiQtPQHVQi]t³ 2WHYĜHQtVH]~þDVWQLORYHGHQtPČVWD600DSDQIDUiĜ0HUWD -LĜt5RþHN 25 ,QIRUPDFHLQIRUPDFHD]DVHLQIRUPDFH« 1RYêP WUHQGHP YH ]MLãĢRYiQt LQIRUPDFt MH LQWHUQHW /]H QD QČP QDMtW UĤ]Qp LQIRUPDFH RG SUDYGLYêFKDåSRQHSUDYGLYpDOHKODYQČ]iPČUQČ]NUHVOHQpþLSRGDQp]MHGQRKR~KOXSRKOHGX-DN VHPiRYãHPþORYČNYWpWRVSOHWLY\]QDW"ýHPXPiYČĜLW"-DNRQHMMHGQRGXããt]SĤVREMHR]YROHQpP WpPDWXVLSĜHþtVWYtFHLQIRUPDFtDWR]UĤ]QêFK]GURMĤþL~KOĤSRKOHGX5R]KRGQČQHO]HEUiW]D SUDYGLYRXQHSRWYU]HQRXLQIRUPDFLNWHUiY]HãOD]MHGQRKR]GURMHDĢXåþOiQNXQHERþORYČND 3URWRSUDFRYDWVLQIRUPDFtVHXþtåiFLMLåQD]iNODGQtãNROH=UĤ]QêFK]GURMĤE\PČOLXUþLW]GD MGHRLQIRUPDFLSUDYGLYRXþLQHSUDYGLYRX.WUDGLþQtPX]SĤVREX]GURMĤLQIRUPDFtXþLWHOXþHEQLFHSĜLE\OLMLå]PLĖRYDQêLQWHUQHW9EXGRXFQXMHMEXGRXåiFLSRXåtYDWMDNRKODYQt]GURMLQIRUPDFt ]SUiY\SRþDVtGČQtYHPČVWČDNFHYHVSROHþQRVWLDSRG3URWRMHWĜHEDDE\åiFLE\OL]Y\NOtD SĜLSUDYHQtW\WR]GURMH]KRGQRWLW 0JU.DPLO.RSHþHN 3ĜtURGDD]HPČGČOVWYt /HWQtþDVYSĜtURGČ PODGiSRãWRONDREHFQi YOK\SHVWUp POiGČNDORXVHXãDWpKR VWHKOtNREHFQê 26 YOK\SHVWUpXKQt]GLãWČ SRãWRONDREHFQiXKQt]GQtGXWLQ\ IRWR09'U-.OHMGXV 5R]KRYRU 5R]KRYRUV3HWUHP)LOLSHP 3URUR]KRYRUV3HWUHP)LOLSHPMVHPVHUR]KRGOD]QČNROLNDGĤYRGĤDOHWtPKODYQtPE\OWHQåH MHQPiORNGRYtåH3HWUXåMDNRMHGHQiFWLOHWêNOXNRGHãHO]0LURVODYLGR-LKODY\DE\VH]GHQDSOQR YČQRYDOVYpPXNRQtþNX±IRWEDOX=GHWUpQRYDODVEtUDO]NXãHQRVWLNWHUpWHćSRVYpPQiYUDWXGR URGQpKRPČVWDSĜHGiYiGiOXåMDNRWUHQpUQDãLFKQHMPHQãtFKIRWEDOLVWĤ8åSĜHVURN\KRVOHGXMLD QHMHQMiVMDNêPQDVD]HQtPUHVSHNWHPDVUGFHPVSROHþQČV0DUNHP'RVWiOHPW\WRNOXN\PRWLYXMt DYČQXMtVHMLPWDNåHVHQDãLPODGtIRWEDOLVWpWČãtQDNDåGêWUpQLQNDQHXPtVLSĜHGVWDYLWåHE\ QČMDNêY\QHFKDOL«$SURWRåHVHLQDPQHVDPRWQRXREUiWLORQDWUpQLQNXMLåQČNROLNURGLþĤQHER SUDURGLþĤVRWi]NRXNGRåHMHWHQãLNRYQêPODGtNSRåiGDODMVHP3HWUDRUR]KRYRUDWtPKRYtFH SĜLEOtåLODPLURVODYVNpYHĜHMQRVWL 3HWĜHNG\MVLYĤEHF]DþDOKUiWIRWEDODNGH" 8åMDNRPDOêNOXNMVHPVL]DþDONRSDWQDKĜLãWL Y0LURVODYLVEDOyQHPD]WRKRY\SO\QXORåH MVHPVHYOHWHFKSRSUYpSĜLKOiVLOGR)&0LURVODYGRPODGãtFKåiNĤ .GR7ČNIRWEDOXSĜLYHGO" 8UþLWČURGLþHDOHXåRGPDOLþNDMVHPFKRGLOQD KĜLãWČ GtYDW VH QD WUpQLQN\ D ]iSDV\ PLURVODYVNpKR$PXåVWYD $ MDN VHV GRVWDO Xå MDNR MHGHQiFWLOHWê NOXN ]0LURVODYLDåGR-LKODY\" 3R MHGQRP RGHKUDQpP ]iSDVH ]D PODGãt åiN\ YH äćiĜH QDG 6i]DYRX QiV NRQWDNWRYDO VSRUWRYQtPDQDåHU)&9\VRþLQD-LKODYDVQDEtGNRX SĤVREHQtYGDQpPNOXEX 27 $RGVWHMQpVH]yQ\WUpQXMHãVSROHþQČV0DU NHP'RVWiOHPSĜtSUDYNXY0LURVODYLþtWR E\OQiSDG" 2VORYLOPQHSDQ3HWULNSUH]LGHQWNOXEXDSR NUiWNpP ]YiåHQt MVHP QDEtGNX SĜLMDO SURWRåH PQH IRWEDO EDYt D WUpQRYiQt MDN MVHP ]MLVWLO MHãWČ YtF %\OD WR SUR PQH Yê]YD QDXþLW KUiW IRWEDO NOXN\ Y 0LURVODYL NGH WR XþLOL SĜHG URN\ PQH 0\VOtP VL åH ]D W\ GYD URN\ MVPH XGČODOL NXV SUiFH , NG\å ]DþiWN\ QHE\O\ YĤEHFMHGQRGXFKp.OXFLQHPČOLåiGQRXNi]HĖD IRWEDORYRX SUĤSUDYX -i GRXIiP åH VSROHþQČ VYêERUHP)&0LURVODYQDMGHPHVSROHþQpVORYR RKOHGQČ YêFKRY\ PtVWQtFK WDOHQWĤ =DWtP MVPH WHSUYH QD ]DþiWNX DOH GRXIiP åH QDãH VLWXDFHSRVWXSHPþDVXEXGHOHSãtDOHSãt7tPWR E\FKRPFKWČOLV0DUNHP'RVWiOHPSRGČNRYDW 3DYOX .RXWQtNRYL D 0LODQX 9\åUiONRYL NWHĜt QiP VYRMt NYDOLWRX D QDVD]HQtP SRPiKDMt Y\FKRYiYDWGDOãtWDOHQW\ &RREQiãHORSĤVREHQtY)&9\VRþLQD-LKODYD" 9SUYQt ĜDGČ MHGQD YHONi ]iVDGQt ]PČQD D WRXE\ODãNROD0XVHOMVHPSĜHMtWQDVSRUWRYQt ãNROXGR-LKODY\FRåSURPČE\OQHMWČåãt~NRO VWtPVDPR]ĜHMPČVRXYLVHOLRGFKRG]GRPRYD RGURGLþĤDRGNDPDUiGĤNDPMVHPVHYUDFHO MHQMHGQRX]DWêGHQ -DNY\SDGDO7YĤMGHQQtUHåLPY-LKODYČ" 0ĤMUHåLPY\SDGDOSRGREQČMDNRQD=âY0LURVODYLVWtPUR]GtOHPåHMVPHPČOLNDåGêGHQ KRGLQ\ IRWEDORYpKR WUpQLQNX Y UiPFL Y\XþRYiQt3RSROHGQtSĜHVWiYFHMVPHPČOLNDåGê GHQ WUpQLQN NWHUê WUYDO KRGLQ\ 3R WUpQLQNX MVPHRGFKi]HOLQDLQWHUQiW)&9\VRþLQD9ROQpKRþDVXPRFQHE\ORDOHNG\åMVPHKRPČOL ãOLMVPHGRNLQDQHERVHGtYDWQDKRNHMQDVWDGLRQPtVWQt'XNO\-LKODYD .ROLN]iSDVĤMVLRGHKUiO]D)&9\VRþLQD" 9POiGHåQLFNêFK NDWHJRULtFK MVHP RGHKUiO VSRXVWXDYČWãLQRXLVRURNVWDUãtPL=DMXQLRUNXMVHPRGHKUiOYHWĜHWtOL]HFFD]iSDVĤ=D $PXåVWYRMVHPRGHKUiOSRX]H]iSDV\WXGtå MVHP]YROLOQDEtGNXKRVWRYiQtY).9DUQVGRUI NWHUê KUiO VWHMQRX VRXWČå MDNR -LKODYD =). 9DUQVGRUI MVHP ãHO ]SČW GR -LKODY\ DOH PRF ãDQFtMVHPQHGRVWDODSURWRMVHPPXVHOYROLW KRVWRYiQtY%ĜHFODYLDQiVOHGQČY=iEĜHKXNGH PQHWDWRDQJDåPiPRFQHQDGFKOD$WDNMVHP VHYUiWLOGRPĤDE\FKE\OEOtåHVYpPXVRXþDVQpPXSĤVRELãWLNWHUêPMHUDNRXVNê8)&2EULW]NGHRGVH]RQ\SĤVREtPVHVYêP NDPDUiGHP3DYOHP.RXWQtNHP &RSOiQXMHãGREXGRXFQDY)&0LURVODY" 0RMHSOiQ\PXVtEêWYåG\W\QHMY\ããt0ĤMFtO MH Y\FKRYDW KUiþH QHMHQ SUR PLURVODYVNp Ä$³ PXåVWYRDOHFKWČOE\FKVHPPLQLPiOQČYUiWLW VRXWČåH NWHUp GR 0LURVODYL SDWĜt D NWHUp VH WX NRSDO\ ]D PQH 3iU OHW VH WDG\ ]DVSDOR D WDN XGČOiPYãHSURWRDE\VH]GHXåWDWRFK\EDQHRSDNRYDOD 3HWĜH GČNXML 7L ]D UR]KRYRU D SĜHML 7L KRGQČ ~VSČFKĤDDĢVH7LGDĜt WH[WDIRWR*DEULHOD)RUPDQQRYi 28 =HåLGRYVNpKRKĜELWRYD =Hć 1ČNWHĜt]YiVVLVREDYRXYãLPOLåHVHVH]GtåLGRYVNpKRKĜELWRYDQČFRGČMHDVREDYRXMVWH VHSWDOL]GDQHMGHRQČFRQHNDOpKR1DãWČVWtQH=HćSRGpO5\EQLþQtXOLFHMHYKDYDULMQtPVWDYX D R MHMt RSUDYČ VH POXYLOR Xå GĜtYH äLGRYVNi REHF %UQR Mtå KĜELWRY QiOHåt VMHGQDOD SDQD 3HWUD 1RYRWQpKR]HGQLFNpKRPLVWUDDE\QHMSUREOHPDWLþWČMãtPtVWRRSUDYLO-DNXåWRWDNEêYi]GUREQp RSUDY\VHVWDODRSUDYD]iVDGQtE\ĢE\MHQQDQHSDWUQpþiVWL]GL=XOLFHMH]HćFLKORYiWDYãDNVWRMt QDNDPHQQpPYHOPLVWDUpP]GLYX2SUDYRYDQê~VHNE\ORQXWQRXWYRĜLWQRYČVSRGQtþiVW]SĤYRGQtFKNDPHQĤNWHUpMVRXYãDNQRYČXVD]HQ\GREHWRQXDFLKORYpKRVYUãNX2SUDYRYDQpPtVWRQHQt MHGLQpNWHUpE\VLUHNRQVWUXNFL]DVORXåLOR 3RNXGYiV]DMtPiFRMHSĜtþLQRXKDYDULMQtKRVWDYXRGSRYČćMHVQDGQiMHWRQHMHQ~FW\KRGQp VWiĜtDOHWDNpPRåQi]HMPpQDGRSUDYDQD5\EQLþQtXOLFLDSDUNRYiQtQDRNUDMLYR]RYN\WČVQČX ]GL8GLYXMHPČåHSDUNXMtFtQHPDMtREDYXåHVHNUDMQLFHMHGQRXXWUKQHDGRKĜELWRYDVHSURSDGQH LVDXWHP$MHãWČYtFPČSĜHNYDSXMHåHSR5\EQLþQtVHSURKiQČMtWČåNiYR]LGODNWHUiWDPQHPDMt FRGČODW0RåQiRERMtVWRMt]D]DP\ãOHQt /LD5\ãDYi 'ČWLDPOiGHå 3Ui]GQLQRYpU\EDĜHQt 8å WR EXGRX ]KUXED GYD URN\ FR MVHP SURSDGOD U\EDĜHQt 'QHV VL Xå QHGRNiåXSĜHGVWDYLWOHSãt]SĤVREUHOD[DFH QHå VL QDKRGLW XGLFL D VOHGRYDW KODGLQX U\EQtNDýORYČNMHQDþHUVWYpPY]GXFKX YSĜtURGČXYROQtVHDYãHFKQ\MHKRSUREOpP\MDNRE\ãO\PLPRQČM 9 SURVLQFL MVHP ]DKOpGOD Y\YČãHQê SODNiW69ý0LURVODYVQDEtGNRXOHWQtFK WiERUĤ 0QH VDPR]ĜHMPČ KQHG ]DXMDO SUiYČWHQU\EiĜVNê%\ODMVHPFHOiQHGRþNDYiDKQHGQiVOHGXMtFtGHQMVHPVHãOD SĜLKOiVLW7iERU VH NRQDO SUYQt WêGHQ SUi]GQLQ SĜHVQČML RG GR þHUYHQFHSRG YHGHQtP0JU 0LURVODYD5ĤåLþN\.DåGpUiQRMVPHVHMiDPQRKRGDOãtFK~þDVWQtNĤWiERUDVHãOLQDU\EQtNX5pQD D]DKiMLOLMVPHQiãU\ERORY1HMSUYHMVPHVLY\ORVRYDOLPtVWRQDNWHUpPMVPHWHQGHQU\EDĜLOL3DN XåMVPH]NRXãHOLNDåGêVYpãWČVWt.URPČVDPRWQpKRU\EDĜHQtVHSUR]SHVWĜHQtNRQDO\SURMtåćN\ ORćNRXSRU\EQtFH7RRFHQLOLKODYQČQHMPODGãt~þDVWQtFLSURNWHUpE\DVLVDPRWQpFHORGHQQtU\EDĜHQtE\ORSĜHFHMHQSĜtOLãGORXKp 9\]NRXãHOLMVPHVL]GHPQRKRWHFKQLNU\ERORYXGRNRQFHLYHþHUQtU\ERORYNWHUêVHQiPPRF OtELO9ČWãLQD]QiVVLQDQDãHPYêERUQČ]DU\EQČQpPU\EQtNXFK\WLODQHMYČWãtU\EXVYpKRåLYRWD 6DPR]ĜHMPČåHMVPHVLREþDVRQČMDNRXNDSLWiOQtU\EX]QLþLOLSUXWQHERMVPHWRKRPDFNDXWUKOL NRXVHNRGEĜHKX7RMVPHþDVWRPČOLVO]\QDNUDMtþNX1ČNWHUpU\E\E\O\WDNYHONpDVLOQpåHQiV PiOHPVWiKO\]EĜHKXGRYRG\ 'ĤOHåLWiE\ODKODYQČWUSČOLYRVW$WDVHWDNpY\SOiFHOD=DFHOêWiERUMVPHXORYLOLSĜHVQČ 29 NXVĤU\E\]WRKRE\ORNXVĤMHOFĤMHVHQĤNXVĤNDSUĤREHFQêFKDGRNRQFHNXVĤDPXUĤ EtOêFK6HPWDPSĜLãHOLQČMDNêWHQFHMQ1HMYČWãtU\EDWiERUDE\ODPXUEtOêDPČĜLOFP3RVOHGQt GHQ VH NRQDOR Y\KOiãHQt FHORWiERURYp VRXWČåH D UR]GiYiQt RGPČQ -DNR ]DþtQDMtFt U\EiĜND MVHP ]tVNDODPQRKRFHQQêFKUDGDXåLWHþQêFKGRYHGQRVWt0\VOtPåHMVPHVLYãLFKQLWiERUPRFXåLOL SRþDVtQiPSĜiORLNG\åPRKOREêWRSiUVWXSĖĤPpQČ3RNXGVHWHQWRWiERUEXGHNRQDWLSĜtãWtURN XUþLWČVHGRQČM]QRYXSĜLKOiVtP WH[WDIRWR9DOHQWêQD/LSRYVNi %\ORQHE\OR 1DSĜtPČVWVNpPWiERĜH%\ORQHE\ORMVPHVHNDåGêGHQRFLWOLYQČMDNpSRKiGFH7DNWRSRKiGNRYêWêGHQQD69ý0LURVODYRGGRþHUYHQFHQiPPĤåHWHMHQ]iYLGČW1DVNDNRYDOLMVPH GRMHGQpSRKiGN\]DGUXKRXDSOQLOLUĤ]Qp~NRO\Y\UiEČOLMVPHNRUXQN\QDNWHUpMVPHFHOêWêGHQ VEtUDOLGUDKRNDP\KOHGDOLSRNODGYOHVHDMHGHQGHQMVPHVHGRNRQFHVWDOLVNĜtWN\ 9SRKiGFHRVPDåHQpPVêUXMVPHVHY\GDOLQDYêOHW1HMGĜtYHMVPHVHVPDåLOLMDNRVPDåHQp VêU\ FHVWRX GR =QRMPD NGH MVPH XWHNOLKODGRYêP]YtĜDWĤP1DNRQHF MVPHVHVQČGOLVDPL3RREČGČMVPH QDãOL ]DNOHWRX SULQFH]QX NWHURX MVPHPXVHOLSUREXGLW]HVSiQNXMDN MLQDNQHåSXVRXQDþHOR 3RQiYUDWX]YêOHWXMVPHVLGDOL YHþHĜLDSXVWLOLMVPHVLSRKiGNX1ČNWHĜt DQL QHGRNRXNDOL SURWRåH ĜtãH VQĤE\ODOiNDYČMãt5iQRMVPHSRVQtGDOL EXFKW\ RG KRGQêFK PDPLQHN D ]KRGQRWLOLQDãHSRKiGNRYpSXWRYiQt WH[WDIRWR0JU(YD0LNHãRYi KODYQtYHGRXFtWiERUD 2)/25%$/&$03%</,/(7269(/.é=È-(0 9SRORYLQČOHWQtFKSUi]GQLQVHNRQDORYUHåLL6WĜHGLVNDYROQpKRþDVX0LURVODYÀRUEDORYpVRXVWĜHGČQtVQi]YHP)ORUEDOFDPS7HQE\OWUDGLþQČUR]GČOHQGRGYRXYČNRYêFKNDWHJRULt3UYQtFDPS E\OSRĜiGiQSURåiN\0âDåiN\GRWĜtG\=âRGGRþHUYHQFHGUXKêVHSRVOp]HNRQDO YWHUPtQXRGþHUYHQFHGRVUSQD +ODYQtP FtOHP RERX VRXVWĜHGČQt E\OR ]GRNRQDOLW VH SR ÀRUEDORYp VWUiQFHD]iURYHĖSURåtWWêGHQSOQê ]DMtPDYêFK]iåLWNĤ0ODGtÀRUEDOLVWp WUpQRYDOL WpPČĜ NDåGê GHQ GYRXIi]RYČ 9êMLPNRX RERX FDPSĤ E\O þWYUWHN 9 SĜtSDGČ PODGãtFK ÀRUEDOLVWĤVHNRQDOYêMH]GGR%RåLFMHQå E\O VSRMHQ V SĜtSUDYQêP ÀRUEDORYêP]iSDVHPSURWLPtVWQtPXWêPX SR QČPå SĜLãOD ]DVORXåHQi UHJHQH30 UDFH Y ED]pQX VH VODQRX YRGRX 1XWQR GRGDW åH SĜiWHOVNi XWNiQt L SiWHþQt RGYHWX Y 0LURVODYL ]YOiGOL OpSH QDãL ERUFL 7R þWYUWHþQtSURJUDPQDGUXKpP)ORUEDOFDPSXE\O]FHODRGOLãQê+UiþLVH SRGtYDOLGR=QRMPDNGHE\OLSURYHGHQL=LPQtPVWDGLRQHPãDWQRX $±WêPX2UOĤDFHOêPMHMLFK]i]HPtP %ČKHP WRKRWR GRSROHGQH PRKOL WDNp ]KOpGQRXW WUpQLQN ]QRMHPVNêFK KRNHMLVWĤ D WDNp VH VQLPLY\IRWLWDSURKRGLWSiUYČW 3RWpWRH[NXU]LVHRGHEUDOLGR*UiQLFNpKR~GROtNGHPČOL]DMLãWČQREČGLWXUQDMYSOiåRYpPIRWEDOH=iYČUWČFKWRVSRUWRYQtFKVRXVWĜHGČQtJUDGRYDOSiWHþQtPSURJUDPHP3RVSOQČQtÀRUEDORYêFK SRYLQQRVWtE\O\SUR~þDVWQtN\SĜLSUDYHQ\RGSRþLQNRYpKU\DQD]iYČUGQHE\ODYSĜtSDGČPODGãtFK SĜLSUDYHQDGLVNRWpNDVSRMHQiVSDUDOHOQČSUREtKDMtFtPSĜtPČVWVNêPWiERUHP/HWV'DQFHDSĜHVSiQtPYEXGRYČ69ý0LURVODY6RXVWĜHGČQtYUFKROLODYVRERWXGRSROHGQHNGHE\O\QDVWĜtOHQ\ SRVOHGQtEUDQN\UR]GiQ\RGPČQ\DXGČOHQ\FHQ\SURYtWČ]HFHORWiERURYêFKVRXWČåt&HONRYČVH OHWRãQtFKPLURVODYVNêFKFDPSĤ]~þDVWQLORRVPDWĜLFHWGČWtYHYČNXRGGROHW WH[WDIRWR%F-DNXE0DUWLQHN SHGDJRJYROQpKRþDVX6WĜHGLVNRYROQpKRþDVX0LURVODY +(-EQLNRVWURX 6SRUWRYQČ ]DPČĜHQê SĜtPČVWVNê WiERU +(-EQL NRVWURX SUREtKDO RG GR þHUYHQFH D RSUDYGXMVPHVLKRYãLFKQLXåLOL 'ČWL KUiO\ UĤ]Qp KU\ D Y\]NRXãHO\ VL UĤ]Qp VSRUW\ D WR YHQNX L YHYQLWĜ QDXþLO\ VH WDNp RGSRþtYDW $ ]D WR YãHFKQR MVPH VL ]DVORXåLOL RGPČQX (QHUJLL MVPH GRSOĖRYDOLUĤ]QêPLGREURWDPL = WUDGLþQtFK VSRUWĤ MVPH VH YČQRYDOL QDSĜtNODG SĜHKD]RYDQp EDVHEDOOX IRWEDOX þL Y\EtMHQp +UiOLMVPHVLQDSULQFH]Q\DGUDN\DEOEOLMVPHQDRSLþtGUi]H= QHWUDGLþQtFKVSRUWĤMVPH]NRXãHOL QČMDNpSUYN\]ODNURVXDULQJDKUiOLMVPHP|ONN\DKi]HOLQDEDVNHWEDORYêNRã$WRUR]KRGQČQHQt YãHFKQR %ČKHP RGSRþLQNX MVPH NRXNDOL QD ¿OP\ PDORYDOL D KUiOL UĤ]Qp VSROHþHQVNp KU\ 0RF QiV ]DXMDO\QČNWHUpVSROHþHQVNpKU\QDSĜtNODGGREEOHDVWRU\FXEHVWYRĜHQtSĜtEČKĤ]REUi]NRYêFK NRVWHN9QHMYČWãtFKYHGUHFKMVPHY\XåLOLKDGLFHVYRGRX±WRE\OD]iEDYD 1D ]iYČU WêGQH MVPH XVSRĜiGDOL VSRUWO\PSLiGX NGH MVPH Y\]NRXãHOL Y þHP YãHP MVPH VH ]OHSãLOL9HþHUMVPHVLRSHNOLãSHNiþN\DYČWãLQD]QiVSĜHVSDODY69ý0LURVODY3RVOHGQtGHQMVPH 31 GRVWDOL SDPČWQt OLVW\ D RGPČQ\ 3HVWUREDUHYQi ãYLKDGODNWHUiPLPRMLQpGČWLGRVWDO\MVPHPXVHOLKQHGY\]NRXãHW =D ~þDVWQtN\ SĜtPČVWVNpKR WiERUD +(-EQL NRVWURX WH[WDIRWR%FHW%F0LORVODYD5ĤåLþNRYi KODYQtYHGRXFtWiERUD 3ĜtPČVWVNêWiERU/HW¶V'DQFH 9GREȱþHUYHQFHSUREČKOSĜtPČVWVNêWiERU/HWVGDQFHMHKRåVH]~þDVWQLOR GtYHN QHMUĤ]QČMãtKR YČNX 3R GREX FHOpKR WiERUD E\OR QDãtP ~WRþLãWČP 69ý 0LURVODY %ČKHP WêGQHVH~þDVWQtFHVH]QiPLO\VQHMUĤ]QČMãtPLWDQHþQtPLVW\O\MDNRMVRXNLFNER[DHURELFPRGHUQt WDQHFWDQHFVYHONêPLPtþLOLGRYêWDQHFUR]WOHVNiYDþN\DM 1D~SOQpP]DþiWNXVHGtYN\QDXþLO\WiERURYêWDQHFNWHUêMHSURYi]HOFHOêPWêGQHP9SUĤEČ- KXVHQHMHQQDSOQRWDQFRYDORVSRUWRYDORSRVLORYDORD]OHSãRYDORNRQGLFLDOHLVRXWČåLORYSRGREČ UĤ]QêFKKHU6WUDYRYiQtE\ORSRFHOêWêGHQ]DMLãWČQR3L]]HULDEDUHPY0LURVODYLMHQåQiPREČG GRYiåHOSĜtPRDåGR69ý2GSROHGQtNOLGMVPHWUiYLO\VOHGRYiQtP¿OPĤDþHUSiQtPVLOQDGDOãt VSRUWRYQtDNWLYLW\ 9HþWYUWHNGQHMVPHSRGQLNO\YêOHWGR5HOD[DþQtKRDVSRUWRYQtKRFHQWUDY%RåLFtFKNGHMVPHVWUiYLO\SĜtMHPQpRGSROHGQHYRGQtPLUDGRYiQNDPL9SiWHþQtGHQMVPHMDNRY ORĖVNpPURFHSĜHVSiYDO\Y69ý0LURVODY.YHþHĜLMVPHVLXGČODO\WRXVW\DþHNDOQiVVSROHþQê SURJUDPVÀRUEDORYêPWiERUHP'tYN\VLSURÀRUEDOLVW\SĜLSUDYLO\Y\VWRXSHQtDY]iYČUXYHþHUDVH NRQDODVSROHþQiGLVNRWpNDVWDQHþQtPLVRXWČåHPL 9VRERWXGRSROHGQHMVPHSĜLSUDYHQpY\VWRXSHQtSĜHGYHGO\WDNpURGLþĤPDE\FKRPVHSRFKOXELO\FRYãHMVPHVH]DFHOêWêGHQQDXþLO\.DåGi~þDVWQLFHE\OD]DVYRMLVQDKXDDNWLYLWXRGPČQČQD SDPČWQtPOLVWHPSODFNRXDEDWĤåNHP9ČĜtPåHVLYãHFKQ\RGQHVO\PLPRMLQpQRYp]NXãHQRVWL ]iåLWN\D]tVNDO\QRYpNDPDUiGN\ ÒþDVWQLFtP GČNXMHPH ]D VNYČOê WêGHQ SOQê QDGãHQt D GREUp QiODG\ 'RXIiPH åH VH VSROX VHWNiPH]DURN]QRYX7ČãtVHQD9iV3DYOD6YRERGRYiD=X]DQD5\ãDYi WH[WDIRWR0JU3DYOD6YRERGRYi KODYQtYHGRXFtSĜtPČVWVNpKRWiERUD 32 5\EiĜVNêWiERU5e1< 7UDGLþQtP OHWQtP WiERUHP Y 69ý 0LURVODY EêYi MLå RG QHSDPČWL U\EiĜVNê WiERU 3R PQRKR OHW MVPH MH]GLOL GR 3RGKUDGtQDG'\MtQDQiGKHUQRXĜHNX'\MLSRVOHGQtFKSČW OHWMVPHWUiYLOLY2VODYDQHFKQDSHVWĜH]DU\EQČQp2VODYČ /HWRV SRSUYp MVPH Y\]NRXãHOL WXWR OHWQt DNWLYLWX IRUPRX SĜtPČVWVNpKRWiERUDQDPLURVODYVNpPU\EQtNX5pQ\0ODGt U\EiĜLVHQHPXVHOLWČãLWQDWiERUGORXKRSURWRåHKQHGSUYQt GHQSUi]GQLQMVPHYãLFKQLSOQLRþHNiYiQtVSČFKDOLQD5pQ\ 7iERUDVH]~þDVWQLORFHONHPU\EiĜĤ]WRKRU\EiĜN\ &K\WiQtE\ORQiURþQp±MDNSURU\E\WDNSURU\EiĜHDSĜHGHYãtPSURYHGRXFt9HGUDLVWXSĖĤ&HOVLDREWtåQêKP\] þDVWRVRXERMVYODVWQtQHãLNRYQRVWt$OHY\GUåHOLMVPHDY\SODWLORVH =DGQ\ORYXMVPHFHONHPQDFK\WDOLNXVĤU\E1HMþDVWČMãt~ORYHNE\OMHOHFMHVHQNXVĤDOHLNDSUĤREHFQêFK MVPHFK\WLOLPQRKRNXVĤD]WRKRQČNWHUpRSUDYGXNDSLWiOQt $PXUĤ EtOêFK MVPH FK\WOL VLFH Ä MHQ³ NXVĤ DOH ]DVHYãHFKQ\RNRORFP9GUXKRYpP]DVWRXSHQt~ORYNĤ E\OL MHãWČ FHMQ YHONê FHMQHN PDOê SORWLFH REHFQi SHUOtQ RVWUREĜLFKêDOtQREHFQê1ČNWHUpNRXVN\QiVPiOHPVWiKO\ SRGYRGX9LGHRMHGQRKRWDNRYpKRVRXERMHPĤåHWH]KOpGQRXWQDQDãHPNDQiOHQD\RXWXEH7DNpIRWDU\EiĜĤDU\EiĜHNVHVYêPL~ORYN\VLPĤåHWHSURKOpGQRXWQDQDãHPEORJX QHERQD)% 5\E\MVPHFK\WDOLNDåGêGHQDOHQHMYtFHMVPHMLFKXORYLOL SRVOHGQtGHQORYXYVRERWXDWRNXVĤ1HMPHQãtFK\FHQRXU\ERXE\OSHUOtQRVWUREĜLFKêNWHUêPČĜLOFPFHONRYČQHMYČWãtE\OQDRSDNDPXUEtOêFK\FHQê9DOHQWêQRX/LSRYVNRXNWHUêPČĜLOFP=QHMGHOãtKRNDSUDFPVH UDGRYDO5RPDQ.ULãWRIQHMWČåãtU\EXWiERUD±NLORYpKR NDSUD±FK\WLO5RPDQäXIIDDQHMYtFHNXVĤU\EFK\WLO'DQLHO +OiYNDWČVQČSĜHG2QGURX.DGOHFHP 3RVOHGQtQRFMVPHVWUiYLOLVSROHþQČSĜHVSDOLMVPHQDQiGYRĜt69ý0LURVODYMHQWDNSRGãLUiNHP FRåE\OSURYãHFKQ\]~þDVWQČQpMHGLQHþQê ]iåLWHN =iYČUHP FKFL SRGČNRYDW SiQĤP 5DGLPX -HOtQNRYL5RVĢRYL9HVHOpPX-LĜtPX3UHLVLQJHURYL-LĜtPX3UHLVLQJHURYLPO'DQLHOX0iONRYLDVOHþQČ.DWHĜLQČ5ĤåLþNRYp ]D QHQDKUDGLWHOQRX SRPRF SĜL UHDOL]DFL WRKRWRWiERUDNWHUêLGtN\MLPSUREČKONH VSRNRMHQRVWLYãHFK]~þDVWQČQêFK WH[WDIRWR0JU0LURVODY5ĤåLþND ĜHGLWHO69ý0LURVODYD+9U\EiĜVNpKRWiERUD 33 2VODYDOHWRG]DORåHQt5RGLQQpKRFHQWUD0HGYtGHN 5RGLQQpFHQWUXP0HGYtGHNSĤVREtYQDãHPPČVWČMLåOHW$WRXåMHGĤYRGNSRĜiGQpRVODYČ 2VODYRXMVPHFKWČOLXGČODWUDGRVWPDOêPLRGURVWOHMãtPQiYãWČYQtNĤP5&LMHMLFKURGLþĤP$WDN MVPHVHUR]KRGOLGR0LURVODYLSR]YDWGLYDGOR3RYHGORVHQiP]tVNDWKHUFH]SURMHNWX/LVWRYiQt NWHĜtNQiPSĜLMHOLVSRKiGNRX.RPLVDĜ9UĢDSND0RKOLMVPHVLWRGRYROLWLGtN\SĜtVSČYNXRGPČVWD 0LURVODYNWHUêMVPHSUiYČQDWXWRDNWLYLWX]tVNDOL/LVWRYiQtMHSURMHNWNWHUêVHVQDåtSĜLEOLåRYDW GČWHP L GRVSČOêP ]DMtPDYp NQLK\ SURVWĜHGQLFWYtP VFpQLFNêFK þWHQt +HUFL /XNiã +HMOtN D9ČUD +ROOiQiPNUiVQČVYČåHDYWLSQČþHWOLDKUiOL]iEDYQRXNQLKXRSVtPGHWHNWLYRYL9UĢDSNRYL2VODYD VHNRQDODYPtVWČSĤVREHQt5&DWRYSURVWRUiFKVERUXHYDQJHOLFNpFtUNYHQD+XVRYČXOLFL 5& GORXKRGREČ SRGSRUXMH þWHQt GČWHP ýWHQt SRKiGN\ MH VWiORX VRXþiVWt SUDYLGHOQêFK VHMtWt 5&9OHWRãQtPURFHMVPHVHWDNp]DSRMLOLGRSURMHNWX&HOpýHVNRþWHGČWHPYUiPFLQČKRåMVPH XåQDMDĜHXVSRĜiGDOLGHQYČQRYDQêþWHQtNQLK$E\FKRPþWHQtNQLKGČWHPLþWHQtVDPRWQêFKGČWt MHãWČYtFHSRGSRĜLOLXVSRĜiGDOLMVPHYUiPFLRVODY\DQNHWXRQHMREOtEHQČMãtNQLKX5&'RDQNHW\ VHEČKHPRVODY\]DSRMLORGČWt6RXWČåLORVHYWĜHFKYČNRYêFKNDWHJRULtFKRGQHMPHQãtFKSRãNROiN\3URYãHFKQ\WĜLNDWHJRULHMVPHPČOLSĜLSUDYHQXNQLKXMDNRKODYQtFHQXDGDOãtGUREQpGiUN\ 2VORVRYiQtMVPHSRSURVLOLQDãHPLOpKRVW\KHUFH.GRQHPČOãWČVWtSĜLORVRYiQtPRKOGRVWDWDVSRĖ GUREQpGiUHþN\DNUiVQpPHGDLOH-HãWČ]EêYiGRGDWMDNiMHWHG\QHMREOtEHQČMãtNQLKDQiYãWČYQtNĤ 5&3RYtGiQtRSHMVNRYLDNRþLþFHRG-RVHIDýDSND7DWRNQLKDGRNRQFHSĜHGEČKODREOtEHQRXVWiOLFL GČWVNêFKNQLKRYQLþHN.UWHþND .RVODYČSDWĜtLGRUWDGDOãtREþHUVWYHQt$QLWRGtN\YHONpPX]DSRMHQtPQRKDGREURYROQLFD GREURYROQtNĤQHFK\EČOR'ČWLVHNURPČWRKRPRKO\]DEDYLWQDIDUQt]DKUDGČQDRSLþtGUi]HQHER Y\UiEČQtPSDStURYpKRVORQD0DUORQDSRVWDYD]NQLK\.RPLVDĜ9UĢDSND 1DUR]HQLQRYiRVODYDVHSRYHGOD%\ORSČNQpYLGČWSUDYLGHOQpQiYãWČYQtN\5&LMHMLFKURGLQQp SĜtVOXãQtN\$E\ORPRFIDMQVHMtWVHLVWČPLNGRXåDNWLYLWiP5&RGURVWOLQHERNGRVHSURYHONp SUDFRYQtY\WtåHQtQHPRKRXþDVWČML]~þDVWĖRYDW 1DUR]HQLQRYtKRVWpVH]RVODY\UR]FKi]HOLGREĜHQDODGČQLDWRE\ORQHMYČWãtRGPČQRXSURWêP GREURYROQtNĤNWHĜtRVODYXXVSRĜiGDOL 3RSUi]GQLQRYpPSURYR]XVHQDYiV5&WČãtRSČWY]iĜLYSOQpPSURYR]X3UDYLGHOQêSURJUDP MHNDåGRXVWĜHGXGRSROHGQHVHMLWt5&RGKRGLQYViOHXNRVWHODQD+XVRYČXOLFL3iWHþQt SURJUDPVHNRQi]DGREUpKRSRþDVtQD]DKUDGČYDUHiOXEêYDOêFKVNOiUHQRGKRGLQ 0JU'DQLHOD%HGQDĜtNRYi 5&0HGYtGHNVUGHþQČ]YHQD'ČWVNêED]DU± YSURVWRUiFK5&0HGYtGHNQD+XVRYČXOLFL 3ĜLMtPiPHSRG]LPQtD]LPQtGČWVNpREOHþHQtY\EDYHQtVSRUWRYQtSRWĜHE\KUDþN\DSRG 9ãHþLVWpDIXQNþQt 3ĜtMHP]ERåtVWĜHGDKRGLQ 3URGHM]ERåtþWYUWHNKRGLQ 7ČãtPHVHQDYDãLQiYãWČYX 34 67ě(',6.292/1e+2ý$680,526/$9 nabízí åiNĤPDåiN\QtP– WĜtG SURãNROQtURN W\WR]iMPRYpNURXåN\: ¾ 32+<%29e x x x x x x x x x x x x Basketbal – SĜtSUDYNDNOVINKA! 6WROQtWHQLVSUR]DþiWHþQtN\LSRNURþLOp±]DSRMVHGRFHORURþQtKRWXUQDMH 1HWUDGLþQtVSRUW\RGNDåGpKRQČFR±EDVHEDOOIUHHVEHHSpWDQTXHDM« 0ODGêDWOHWUR]YtMHQtSRK\ERYêFKGRYHGQRVWtKU\ +DORYêIRWEDOKUDMHPHSRFHOêURNDQHQtQiP]LPD FlorbalSĜtSUDYNDHOpYRYpPODGãtåiFL±)ORUEDORYiOLJDQDGČMtWXUQDMHVRXVWĜHGČQt«300,-/pol. Florbal ExtraNOVINKA!SURþOHQ\=.IORUEDOQD]GRNRQDOHQtWHFKQLN\DKHUQtFKQiY\NĤRGWĜtG\ Badminton WUpQXMSRVWĜHKDNRQGLFLVMHGQtP]QHMU\FKOHMãtFKUDNHWRYêFKVSRUWĤ âSUWHFNOVINKA! VWROQtKRNHM300,-/pol. Stars MXQLRUDHURELF =iNODG\ERMRYêFKXPČQtNRPELQDFHUĤ]QêFKERMRYêFKXPČQt320,-/pol. Cheerleaders – rR]WOHVNiYDþN\ QiFYLNLYODVWQtY\VWXSRYiQtSĜLUĤ]QêFKSĜtOHåLWRVWHFK x x x x %DUHYQtþHN NOVINKA!]iNODGQtLQHWUDGLþQtYêWYDUQpWHFKQLN\YêWYDUQpKU\300,-/pol 'iUNRVWURMYêUREDGiUHþNĤ]WUDGLþQtFKLQHWUDGLþQtFKPDWHULiOĤ350,-/pol. âSDFKWOLþNDNHUDPLND 1. – WĜtGD 450,-/pol. Keramika I. PRGHORYiQt]GREHQtNHUDPLN\JOD]RYiQt450,-/pol. ¾ 792ě,9e ¾ +8'(%1Ë x âNRODQHMHQURFNX– LQGLYLGXiOQtYêXNDYêXNDKU\QDIOpWQXN\WDUXHON\WDUXEDVN\WDUXNRQWUDEDVELFtNODYtUNH\ERDUG PDQGROtQXEDQMRSĜtSDGQČGDOãtNDSDFLWDYHOPLRPH]HQi±SRX]HQD]iNODGČRVREQtGRPOXY\750,-/pol. x âNRODQHMHQURFNX– VNXSLQRYiYêXNDELFtEDVN\WDUDHON\WDUDNH\ERDUG«« x âNRODQHMHQURFNX– URFNRYê]SČY x 9HVHOpStVNiQt+UDSURUDGRVWVNXSLQRYiKUDQDIOpWQXSUR]DþiWHþQtN\LSRNURþLOp x Na kytaru bez not VNXSLQRYiKUDQDN\WDUX±DNRUG\StVQLþN\« x +XGHEQtVNXSLQ\VWiYDMtFtLQRYČY]QLNOp ¾ 3ěË52'29ċ'1e $7(&+1,&.e x x x x x x x x x 0DOtGHEUXMiĜLNOVINKA!od 3. tĜtG\ M\VOLYHFNêNOVINKA!SURYãHFKQ\]iMHPFHRP\VOLYRVWDSĜtURGXREHFQČ DiviznaQČFRYtFHRSĜtURGČY\UiEČQt]NRXPiQtREMHYRYiQt« 0ODGêNDNWXViĜNOVINKA!YãHRNDNWXVHFKRG]iNODGĤod 3. WĜtGy 7ĜHWtGLPHQ]HNOVINKA!REMHYtWHVYČWPRGHUQtWHFKQRORJLH'WLVNXod 10 let RobomasterNOVINKA!SRVWDYtWHVLYODVWQtKRURERWD]DSRPRFLVDG\/HJR0LQGVWRUPod 10 let Galaxie NGC 404 SURPODGpDVWURQRP\LRVWDWQt]iMHPFHRSR]RURYiQtDVH]QiPHQtVKYČ]GQRXREORKRX«RGWĜtG\ 5\EiĜVNêNURXåHN]iNODG\U\EiĜVNêFKYČGRPRVWtDGRYHGQRVWtSĜtSUDYDQDU\EiĜVNp]NRXãN\ 0RGHOiĜVNêNOVINKA! VWDYEDPRGHOĤOpWiQtVRXWČåHD]iYRG\«««RGWĜtG\ x x x x x x x /HWHPQHMHQEORJRVYČWHPNOVINKA!EORJRYiQt~SUDYDIRWHNSVDQtþOiQNĤGREURGUXåVWYtX3&LYHQNX RGWĜtG\ 3RþtWDþRYpKU\DNþQt'KU\]iYRGQtKU\VWUDWHJLFNp±PRåQRVW]~þDVWQLWVHOLJ\Y3&KUiFK 0DOê6KHUORFNNOVINKA! KiGDQN\WDMHQN\GHWHNWLYN\««««« 'LYDGHOQtNURXåHNNOVINKA! +HUQtNOXE6WDWLFXOXPWUDGLþQtLPRGHUQtVWROQtKU\±%DQJ-HQJD'L[LWDWG Magic the GatheringNDUHWQtVEČUDWHOVNiKUDSURSĜt]QLYFHIDQWDV\od 3WĜtGy Draci v hrnciYDĜHQtSURPDOpNXFKDĜH ¾ 267$71Ë .RPSOHWQtQDEtGNX]iMPRYpþLQQRVWL69ý0LURVODYPĤåHWHQDMtWQD 9 9 9 www.svcmiroslav.blogspot.cz www.facebook.com/svcmiroslav svcmiroslav.cz 3ROROHWQt]iSLVQp þLQt0,- .þSRNXGQHQtXNURXåNXXYHGHQRMLQDN]iMHPFLPRKRX]DSODWLWQDREČSROROHWtQDMHGQRX POZOR! I LETOS LZE 1$.$ä'éý7957é$'$/âË.528ä.<83/$71,7 BONUS! %OLåãtLQIRUPDFHDSĜLKOiãN\REGUåtWHYH6WĜHGLVNXYROQpKRþDVX0LURVODY.RVWHOQtWHO 35 67ě(',6.292/1e+2ý$680,526/$9 QDEt]tåiNĤPDåiN\QtP– 9WĜtG SURãNROQtURN W\WR]iMPRYpNURXåN\: ¾ 32+<%29e x x x x x x x x x x x x x FlorbalPODGãtåiFLVWDUãtåiFL–)ORUEDORYiOLJDQDGČMtWXUQDMHVRXVWĜHGČQt«300,-/pol. Florbal ExtraNOVINKA!SURþOHQ\=.IORUEDOQD]GRNRQDOHQtWHFKQLN\DKHUQtFKQiY\NĤ 1HWUDGLþQtVSRUW\RGNDåGpKRQČFR–EDVHEDOOIUHHVEHHSpWDQTXHDM« âSUWHFNOVINKA! VWROQtKRNHM300,-/pol. +DORYêIRWEDOKUDMHPHSRFHOêURNDQHQtQiP]LPD 6WROQtWHQLVSUR]DþiWHþQtN\LSRNURþLOp–]DSRMVHGRFHORURþQtKRWXUQDMH Basketbal NOVINKA!QRYiWUHQpUND Volejbal NOVINKA!QRYiWUHQpUND Badminton WUpQXMSRVWĜHKDNRQGLFLVMHGQtP]QHMU\FKOHMãtFKUDNHWRYêFKVSRUWĤ Cheerleaders – UR]WOHVNiYDþN\QiFYLNLYODVWQtY\VWXSRYiQtSĜLUĤ]QêFKSĜtOHåLWRVWHFK /HW¶V'DQFHNRPELQRYiQtUĤ]QêFKWDQHþQtFKVW\OĤ :RUNRXWV/ĤFRXod 13 let =iNODG\ERMRYêFKXPČQt NRPELQDFHUĤ]QêFKERMRYêFKXPČQt320,-/pol. x x x Keramika II. PRGHORYiQt]GREHQtNHUDPLN\JOD]RYiQt450,-/pol. Klub CreativãSHUN\PyGQtGRSOĖN\DPQRKRGDOãtKR«350,-/pol. %DUHYQtþHNNOVINKA!]iNODGQtLQHWUDGLþQtYêWYDUQpWHFKQLN\YêWYDUQpKU\300,-/pol x âNRODQHMHQURFNX– LQGLYLGXiOQtYêXNDYêXNDKU\QDIOpWQXN\WDUXHON\WDUXEDVN\WDUXNRQWUDEDVELFtNODYtUNH\ERDUG PDQGROtQXEDQMRSĜtSDGQČGDOãtNDSDFLWDYHOPLRPH]HQi–SRX]HQD]iNODGČRVREQtGRPOXY\750,-/pol. âNRODQHMHQURFNX– VNXSLQRYiYêXNDELFtEDVN\WDUDHON\WDUDNH\ERDUG« âNRODQHMHQURFNX– URFNRYê]SČY Hra pro radost VNXSLQRYiKUDQDIOpWQXSUR]DþiWHþQtN\LSRNURþLOp Na kytaru bez not VNXSLQRYiKUDQDN\WDUX–DNRUG\StVQLþN\« +XGHEQtVNXSLQ\VWiYDMtFtLQRYČY]QLNOp ¾ 792ě,9e ¾ +8'(%1Ë x x x x x ¾ 3ěË52'29ċ'1e $7(&+1,&.e x x x x x x x x x 0DOtGHEUXMiĜLNOVINKA! 0ROHNXOiUQtGRW\N\ NOVINKA! FKHPLFNpSRNXV\QHWUDGLþQČD]iEDYQČ Galaxie NGC 404 SURPODGpDVWURQRP\LRVWDWQt]iMHPFHRSR]RURYiQtDVH]QiPHQtVKYČ]GQRXREORKRXDSRG«« 5\EiĜVNêNURXåHN]iNODG\U\EiĜVNêFKYČGRPRVWtDGRYHGQRVWtSĜtSUDYDQDU\EiĜVNp]NRXãN\ 0\VOLYHFNêNOVINKA! SURYãHFKQ\]iMHPFHRP\VOLYRVWDSĜtURGXYãHREHFQČ DiviznaQČFRYtFHRSĜtURGČY\UiEČQt]NRXPiQtREMHYRYiQt« 0ODGêNDNWXViĜNOVINKA!YãHRNDNWXVHFKRG]iNODGĤ 7ĜHWtGLPHQ]HNOVINKA!REMHYtWHVYČWPRGHUQtWHFKQRORJLH'WLVNX RobomasterNOVINKA!SRVWDYtWHVLYODVWQtKRURERWD]DSRPRFLVDG\/HJR0LQGVWRUP 0RGHOiĜVNêNOVINKA!VWDYEDPRGHOĤOpWiQtVRXWČåHD]iYRG\«« x x x x x x x x x 'LYDGHOQtNURXåHNNOVINKA! +HUQtNOXE6WDWLFXOXPWUDGLþQtLPRGHUQtVWROQtKU\–%DQJ-HQJD'L[LWDWG Magic the GatheringNDUHWQtVEČUDWHOVNiKUDSURSĜt]QLYFHIDQWDV\ 6WUDWHJLFNpGHVNRYpKU\&LYLOL]DFHDMLQp /HWHPQHMHQEORJRVYČWHPEORJRYiQt~SUDYDIRWHNSVDQtþOiQNĤGREURGUXåVWYtX3&LYHQNX 3RþtWDþRYpKU\DNþQt'KU\]iYRGQtKU\VWUDWHJLFNp–PRåQRVW]~þDVWQLWVHOLJ\Y3&KUiFK 3RGSRNOLþNRXYDĜHQtSĜtSUDYDSRNUPĤLQiSRMĤVWRORYiQt $QJOLþWLQDKURX– NRQYHU]DþQtNOXENOVINKA! Free ClubSRPRFQtFLSĜLSRĜiGiQtDRUJDQL]RYiQtDNFt69ý RGWĜtG\ x ¾ 267$71Ë ¾ .RPSOHWQtQDEtGNX]iMPRYpþLQQRVWL69ý0LURVODYPĤåHWHQDMtWQD 9 9 9 www.svcmiroslav.blogspot.cz www.facebook.com/svcmiroslav svcmiroslav.cz 3ROROHWQt]iSLVQpþLQt0,- .þSRNXGQHQtXNURXåNXXYHGHQRMLQDN]iMHPFLPRKRX]DSODWLWQDREČSROROHWtQDMHGQRX POZOR! I LETOS LZE 1$.$ä'éý7957é$'$/âË.528ä.<UPLATNIT BONUS! %OLåãtLQIRUPDFHDSĜLKOiãN\REGUåtWHYH6WĜHGLVNXYROQpKRþDVX0LURVODY.RVWHOQtWHO 36 -D]\NRYp]DMtPDYRVWL 'iONRYêNXUVRVWUDYãWLQ\ 3ĜLEOtåLOVHNRQHFSUi]GQLQNG\QČNWHĜt]QiV]DMLVWpY\XåLOL]QDORVWtNWHUpQDþHUSDOLYQDãLFKMD]\NRYêFKNXU]HFKKDQiþWLQ\VORYiþWLQ\DRVWUDYãWLQ\6RVWUDYãWLQRXYãDNMHãWČQHMVPH]GDOHNDX NRQFHDSURWRYQtSRNUDþXMHPHLYWRPWRVUSQRYpP]SUDYRGDML =DMLPDYiMH]PČQDNHNWHUpGRFKi]tSĜLWYRUEČSĜtGDYQêFKMPHQVORYHVQêFK7ĜHEDVORYHVRÄSXVWLW³ PDVWHMQ\WYDUMDNRYHVSLVRYQHþHãWLQČDOHÄSXãWČQê³MHQD2VWUDYVNXÄSXVFHQ\³7RKOHVORYHVRMH YĤEHFLQWHUHVDQWQLERVHQHĜLNDÄ]DSQRXWWHOHYL]L³DOHÄSXVWLWWHOHYL]X SXVWLWUDG\MRSXVWLWYRGX³ 2VWUDYDFLVHRVORYXML]DVDGQČSUYQLPSDGHPMHGQRWQHKRþLVODÄ7\-DUHN³9\SO\YD]WRKRåH RVWUDYãWLQDVLY\VWDþLVSRXK\PLãHVWLSDG\ 3ĜLNURþPHYãDNRSČWNGDOãtPVORYtþNĤP NOHSDþ NRE]RO NRORWRþ NR]LGHFK NRåXFK NUDEDW\ NUXWLS\VN NU\ND NXSDN ODMVQXWVH ODNDWRã ODXE\ OHR OXFKDW OXUD PDUDV QDELW\ 2GUD NRQVWUXNFHQDNOHSiQtNREHUFĤQDVtGOtãWtFKREOtEHQpPtVWRGČWVNêFKKHUDVFKĤ]HN Ä%\OãHIHPQDNOHSDþX³MHHNYLYDOHQWþHVNpKR³MHãWČWDKDOGĜHYČQpKRNDþHUD³ EUDPERU V\VWpPVPČQYQHSĜHWUåLWêFKSURYR]HFKYåG\SRGYRXGQHFK±GQ\UDQQt GQ\RGSROHGQtGQ\QRþQtGQ\YROQR8EtMHMtFtNROREČK PRSHG±Qi]HY]ĜHMPČY]QLNO]GêFKDYLþQpSUiFHPRWRUX ãNUDORXSYPOpFH VYUDãWČOêÄ0ČOS\VNNUDEDW\MDNSRVOHGQLNRE]RO]HVNOHSD³Ä0ČOYUiVþLWRXWYiĜ³ QHGREUiOLKRYLQDþLMtGORNWHUpNURXWLOR~VW\VYRXQHFKXWQRVWt KĤOþDNDQ]QČPþLQ\Ä%\OMDNNU\ND³±E\OKRGQČRSLOê ED]pQNRXSDOLãWČ GRYROLWVL OHVQtNRORYêWUDNWRU±Qi]HYY]QLNO]H]NUDWN\/.7 ORXEtSRGORXEt8OLFHÄ3RG/DXEDPL³YHGODGRURNXNG\E\O\PČãĢDQVNp GRP\VSRGORXEtPL]ERĜHQ\RGRVWUDYVNpKRPX]HDN'RPXSRWUDYLQ 3RGODXEDPLE\ORYHONpPQRåVWYtKRVSRGKDUHQGYSUDYpPVORYDVP\VOXWRKRVORYD DWDNpYHĜHMQêFKGRPĤ SRGtYHMÄ/HRNXUD³Ä3RGtYHMVOHSLFH³ SUãHWOtW$OHWpåÄ/XFKORPČWDPDML]UXNDPL³±E\ORWDPWROLNYRG\åHNG\åMVHP VWRXSQXOQDGQRGRVDKRYDODQDGY]SDåHQpUXFH þHUQiNiYDEH]POpNDREHFQČQHFKXWQêQiSRM EDKQRNDODOHWpåQHSRĜiGHNYREHFQpPVP\VOXÄ1DREFLMHPDUDV³ ±QDPDJLVWUiWČMHFKDRVERUGHO RåUDOê MHGHQ]HYURSVNêFKYHOHWRNĤSURWpNDMtFtPČVWHP2VWUDYRX %RKXPLO%XEHQtN 'ČMLQ\RþLPD)HOL[H:LQNOHUD 0LURVODYVNêURGiNåLMtFtQ\QtYH9HONp%ULWiQLLMHGHQ]PiODåLGRYVNêFKREþDQĤ0LURVODYLSDQ )HOL[:LQNOHUQDSVDOYĜtMQXY]SRPtQN\YQLFKåVHYUDFtQHMHQGRVYpKRGČWVWYtDOHSĜLSRPtQi WDNp WUDJLFNp GČMLQ\ äLGĤ QD MLåQt 0RUDYČ 9 RGERUQp OLWHUDWXĜH VH SRGREQêP Y]SRPtQNiP ĜtNi ÄRUDOKLVWRULH³WHG\GČMLQ\Y\SUiYČQpSĜHGiYDQpRG~VWN~VWĤPSĜtEČK\YQLFKåJHQHUDFHJHQHUD37 FLVYČĜXMHVYRX]NXãHQRVWDVSROHþQČWDNXFKRYiYDMtSDPČĢURGLQ\DPtVWD)HOL[:LQNOHUVYĤMSĜtEČK ]DSVDOSURVYRMHGČWLDGČWLVYêFKGČWt$SURWRåHMHKRY]WDKNURGQpPXPČVWXN0LURVODYL]DOpWD RGORXþHQtQHY\EOHGODQHY\FKODGOSRVN\WOVYpY\SUiYČQtLQiP 1DãHURGLQD 'QHGXEQDVHQiPQDURGLO(UDQSUYQtV\Q%\GOHOLMVPHWHKG\Y]DĜt]HQpPE\WČDQDUR]HQtGtWČWHGDORSRGQČWDE\FKRPNRXSLOLPDOêGRPHNþHUYQDVHQiPQDURGLODGYRMþDWD FKODSFL9ãLFKQLWĜLQDãLV\QRYpMVRXQ\QtPLOtD~VSČãQtPXåL (UDQGRViKO%6FYREODVWLVRFLiOQtFKVWXGLt-HKRåHQDVHMPHQXMH5RVDOLQGPDMtGYČGFHU\ $QQDEHOVHQDURGLOD~QRUDMHXþLWHONRXQD]GHMãtãNROH&RULQQHQDUR]HQiĜtMQD SUiYČXNRQþLODVWXGLXPQDXQLYHU]LWČ 6\Q-RDEGRViKOWLWXOX3K'SĜHGQiãtQDXQLYHU]LWČY6KHI¿HOGX6\Q$WDLNWHUêQDYãWtYLOVH VYRXURGLQRXYURFH0LURVODYMHWDNp3K'YREODVWLPDWHPDWLN\-HKRåHQDVHMPHQXMH%HYHUOH\0DMtGYDV\Q\$OH[DQGUDDPODGãtKR-RO\RQD .G\åE\O\QDãHGČWLPDOpþDVWRMVPHRSUi]GQLQiFKNHPSRYDOL%DYLORQiVWRGRNXGVHQHUR]SUãHOR7ĜLNUiWMVPHE\OLDXWHPXURGLþĤ%\ODWRGORXKiFHVWDGRNRQFHVHQiPSRND]LORDXWRD QXWQiRSUDYDE\ODQiURþQi6HWNiQtVURGLþLE\ORYHOPLVUGHþQp%\OMVHPãĢDVWQêåHMVHPPRKOVYp åHQČ1DRPLDGČWHPXNi]DWQiãGĤP2WHFQiVY]DOQDKĜELWRYNKUREĤPQDãLFKSĜHGNĤ 0iPHGREUpSĜiWHOHFRåMHSURQiVYHOPLGĤOHåLWp-VPHãĢDVWQLYURGLQČLVSĜiWHOLDGRXIiPH åHWRWDNEXGHMHãWČGORXKRXĜDGXOHW )HOL[:LQNOHUĜtMHQ 9]SRPtQN\)HOL[H:LQNOHUDSĜHORåLOD/LD5\ãDYi =FtUNYt =YHPHYiVQDNRQFHUW )DUQtVERUýHVNREUDWUVNpFtUNYHHYDQJHOLFNpYiV]YHQDNRQFHUWFLPEiORYpPX]LN\,YR)DUNDãH SRGMHKRåYHGHQtP]DKUDMtD]D]StYDMt0XåiFLDMHMLFKKRVWp.RQFHUWVHXVNXWHþQtYQHGČOL]iĜt YKRGLQYHYDQJHOLFNpPNRVWHOHY0LURVODYLQD+XVRYČXOLFLYVWXSQpMHGREURYROQp /LD5\ãDYi 3RGČNRYiQt 'ČNXMHPHWRXWRFHVWRXYãHPNGRVHSĜLãOLQDSRVOHG\UR]ORXþLWVQDãtPDPLQNRXSDQt$QQRX 'XINRYRX -PpQHPURGLQ\ $OHQD3LODĜRYiD5XGROI'XIHN 0LOtSĜiWHOpXSĜtPQČGČNXMLYãHPNWHĜtMVWHSRPRKOLVRUJDQL]DFtRVODY%RåtKR7ČOD'ČNXML]D ~NOLGDYê]GREXNRVWHODNYČWLQRYpGDU\SĜtSUDYXSROQtFKROWiĜĤDVDPR]ĜHMPČ]DYDãLKRMQRX~þDVW QD VODYQRVWL =D YVWĜtFQRVW D SRFKRSHQt GČNXML WDNp UDGČ PČVWD D SUDFRYQtNĤP 600 0LURVODYL 'RYROXMLVLYiVWDNpSR]YDWQDKRGRYRXPãLVYDWRXNWHUiVHXVNXWHþQtXSĜtOHåLWRVWLNRQiQtNURMRYDQêFKKRGĤYQHGČOL]iĜtRGKRGLQYNRVWHOHVY3HWUDD3DYODY0LURVODYL 9ãHFKQRGREUpSURPČVWR0LURVODYY\SURãXMH 2WHF3DYHO 38 9HGQHFK±þHUYQDVHXVNXWHþQLOR0LVWURYVWYtýHVNpUHSXEOLN\YQiURGQtKi]HQpQD NWHUpPGUXåVWYRåiN\Ė7-0LURVODYY\ERMRYDORGUXKpPtVWRD]tVNDORVWĜtEUQpPHGDLOH-DNRQHMOHSãtREUiQN\QČE\ODY\KOiãHQDVOHþQD1DWiOLH+DQ]HORYiQHMOHSãtVWĜHON\QtVHVWDODVOHþQD6LPRQD -DURãRYiDWĜHWtQHMOHSãtEUDQNiĜNRXVOHþQD$GpOD-DNXENRYi 'UXåVWYRåHQ6ERUXGREURYROQêFKKDVLþĤ0LURVODYY\ERMRYDORQDPLVWURYVWYtUHSXEOLN\YSR åiUQtPVSRUWXVHGPpPtVWRYGLVFLSOtQČSRåiUQt~WRNDFHONRYČVHXPtVWLORQDMHGHQiFWpPPtVWČ %ODKRSĜHMHPHNHNUiVQêPYêVOHGNĤPDGČNXMHPHKi]HQNiĜNiPLKDVLþNiP]DY]RUQRXUHSUH]HQWDFLPČVWD 9VRERWXþHUYHQFHVHXVNXWHþQLOQDKĜLãWLY.DãHQFLGČWVNêGHQ$NFHVH]~þDVWQLORYHONp PQRåVWYtGČWtLGRVSČOêFK8SĜtPQČGČNXMHPHYãHPSRĜDGDWHOĤPNWHĜtSĜLVSČOLNXVSRĜiGiQtNUiVQpDNFH 9 SRQGČOt þHUYHQFH GRãOR N ~E\WNX N\VOtNX QD U\EQtþNX Y .DãHQFL9HOLWHO 6'+9iFODY .RQGOHU-LĜt.R]LQD3HWU.R]LQDD.DUHO0DOêþHĜHQtPYRG\]DEUiQLOLYČWãtPX~K\QXU\E'ČNXMHPH]DSRPRF 5DGDPČVWD 60(.È0./2%28.$02&.5È79È0'ċ.8-,««« 'RYROWHPLSURVtPMPpQHPFHOpKRYHGHQtQDãHKRPČVWDWČPLWRĜiGN\SRGČNRYDWYãHPGREURYROQtNĤPIDQGĤPQDGãHQFĤPNWHĜtSRPiKDOLSĜLSĜtSUDYČDUHNRQVWUXNFLDUHiOXQDãHKRNRXSDOLãWČ-VRXWRWLYãLFKQLNWHĜtREČWRYDOLþiVWVYpKRYROQpKRþDVXYHSURVSČFKGREUpYČFLQHKOHGČOL MHQQDVYpSRWĜHE\DNRQtþN\DQD~NRUVYpKRYROQpKRþDVXFKRGLOLSUDYLGHOQČNDåGRXVRERWXD QHGČOLFHOêFKPČVtFĤQiã]SXVWRãHQêDUHiONOHVWLWþLVWLWERXUDWVWDYČWQRYpVWČQ\KODYQtEXGRY\ UR]SURVWtUDWRUQLFL]DVpYDWWUiYQtNQDWtUDWEURXVLW]DOpYDWDMLQDNSRPiKDW 'RPQtYiPVHåHWRQHQtRVWXGD~þDVWQLWVHEULJiG\]GDUPDDåHWRQHQtåiGQêQiYUDWGRGRE PLQXOêFKMHQWR]QDPHQiWRåHVSRXVWČOLGHPDVSROXREþDQĤPQDãHKRPČVWDQHQtRVXGSRGREQêFK ]DĜt]HQtMDNRMHNRXSDOLãWČOKRVWHMQê9iåtPVLYãHFKNWHĜtFKRGLOLSRPiKDWSRGDĜLORVHLYGQHãQt GREČQČNRKRSUREXGLWD]DNWLYRYDWFRå]QDPHQiPLQLPiOQČWRåHVLRSUDYHQêDUHiOEXGHKOtGDW GDOHNRYtFOLGtQHEXGRXOKRVWHMQtNYDQGDOLVPXSURWRåHE\VLQHFKDOLQLþLWLVYRMLSUiFL 7tPWR]SĤVREHPE\ORRGSUDFRYiQRRGOLVWRSDGXDåGRVXGYtFHQHåEULJiGQLFNêFKKRGLQ FRåSURPČVWVNRXSRNODGQX]QDPHQi~VSRUXWpPČĜPLOLRQNRUXQ 9HONêGtNSDWĜtWDNp¿UPiPNWHUpVHVSRQ]RUVN\~þDVWQLO\YêVWDYE\YČQRYDO\]GDUPDQHERMHQ ]DQiNODG\SUiFLVWURMĤOLGtPDWHULiO%H]WČFKWRSRPRFtE\QHE\ORPRåQpDUHiOYWDNUHNRUGQtP þDVH]SURYR]QLWDXåYĤEHFQH]DþiVWNXPLOEH]'3+ -HãWČMHGQRXPRFGČNXMLVNOiQtPVHSĜHGREČWDYRVWtDVPHNiP«« 'UDKRVODY0LNXOND PtVWRVWDURVWDPČVWD 3RGČNRYiQtSDWĜtWČPWRMHGQRWOLYFĤP 3HWU.RPRVQê -DURVODYěHĜXFKD 0LURVODY.XĜLWND 'UDKRVODY0LNXOND -LĜt0LNXOND 3HWU'HPXWK -LĜt5RþHN 0LODQ.XĜLWND 0RQLND.XĜLWNRYi 9iFODY.UHMþt -LĜt%DU\FKDU 5DGHN0LNXOND $QWRQtQ%H]GČN 9RMWČFK.XEtþHN 'DQD0DW\ãNRYi 3DYHO.XEtþHN 5DGHNýHUQê 1DWiOLH6ODGNi 1LNROD6ODGNi /DXUD&HMSNRYi /HQND3UDYGtNRYi 39 3DYHO3UDYGtN 0LFKDHOD3UDYGtNRYi 3DYHO-XUHN 'DQLHO:HLV 0DW\iã.OLP 0DUWLQâPtG -DQâLPãD +DQD1RYRWQi -DQ0LNXOND 3HWU+DPãtN 0DUWLQD+RUQiþNRYi 9iFODY.RQGOHU .DWHĜLQD3RUXERYi 3HWU3RUXED 3DYOtQD.ĜHSHORYi 6LPRQD-DURãRYi -DURVODY,QJHUOH 5DGHN/HKNê =GHQČN%DUWĤQČN -DURPtUâLPãD -DURVODY(OLV 3DYHO.RQHþQê /XGYtN9OþHN ,YDQ5RXV .DWND5RXVRYi -DURVODYD5RXVRYi 0LORãâXKDM +DQD1RYRWQi +DQD1RYRWQiPO 0DULH+XWiUNRYi /LERU5R]PDKHO =GHQHN5R]PDKHO 3DYHO5R]PDKHO =GHQHN5ĤVHN /DGLVODY9RGiN /XFLH+DM]QHURYi /DGLVODYâPtG 0LODQ+HU]RJ 2QGĜHM-DKQ -LĜt.R]LQD =GHQČN6YRERGD ¿UPiPDVSRONĤP 6WUDEDJ%07, 0LURVODY -DURVSROVUR %HQDPLSOXVVUR 6'+0LURVODY $60LURVODYVUR 6SRUW ÒVSČãQiVH]yQDVWDUãtFKåiN\Ė1+ 6H]yQDE\ODSURGUXåVWYRVWDUãtFKåiN\Ė1+MHGQRX]QHM~VSČãQČMãtFKSURWRYiV FKFHPHVMHMLFK~VSČFK\YHVWUXþQRVWLVH]QiPLW 'UXåVWYRVWDUãtFKåiN\Ė0LURVODYÄ$³RGHKUiORQDSRG]LPXWNiQtDYãHFKQDGUXåVWYDSĜHKUiYDODVSĜHKOHGHPQHMWČåãtKRVRXSHĜH]9UDFRYDGRNRQFH3RSRG]LPQtþiVWLMLPSUiYHPQiOHåHORPtVWR'UXåVWYR0LURVODYÄ%³VHWDNpPRKORSRFKOXELWSČNQêPLYêVOHGN\DYQHR¿FLiOQt WDEXOFHREVDGLORPtVWR 40 'iOHVHGČYþDWDYOHGQX]~þDVWQLODGYRX=LPQtFKKDORYêFKSRKiUĤYH9UDFRYČDY%UQČ%RKXQLFtFK6RXþWHPERGĤ]RERXWXUQDMĤVLY\ERMRYDODSUiYRUHSUH]HQWRYDW-LKRPRUDYVNêNUDM QD=LPQtPKDORYpPPLVWURYVWYtý5Y/LWYtQRYČNWHUpVHXVNXWHþQLOR1DWČFKWRWXUQDMtFK E\OD6LPRQD.UiWNiY\KOiãHQDQHMOHSãtVWĜHON\QtL~WRþQLFt1DWiOLH+DQ]HORYi]tVNDODPtVWRY KRGQRFHQtREUiQN\ĖD.DUROtQD+DQ]HORYiPtVWRYKRGQRFHQtEUDQNDĜHN 1D=LPQtKDORYpPLVWURYVWYtý5MVPHRGMtåGČO\VGHVHWLKUiþNDPL'ČYþDWĤPVHYHYHONpNRQNXUHQFLQHMOHSãtFKGUXåVWHY]FHOpý5SRGDĜLORY\ERMRYDWNUiVQpPtVWR6LPRQD.UiWNiE\ODRSČW Y\KOiãHQDQHMOHSãt~WRþQLFtWXUQDMH 7DNpãHVWGČYþDW]QDãHKRGUXåVWYD6LPRQD.UiWNi'DULQD9UERYi1LNROD$QGUpRYi1DWiOLH 6ODGNi.DUROtQD+DQ]HORYiD1DWiOLH+DQ]HORYiUHSUH]HQWRYDORVSROHþQČVYUDFRYVNêPLKUiþNDPL-LKRPRUDYVNêNUDMQD6XSHUSRKiUXý5Y&KRPXWRYČ7HQWRWXUQDMVHNRQDOYNYČWQXXSĜtOHåLWRVWLYêURþt]DORåHQt1+9HONêP~VSČFKHPE\ORY\ERMRYiQtPtVWDD.DUROtQD+DQ]HORYi E\ODY\KRGQRFHQDQHMOHSãtEUDQNDĜNRXý5 -DUQt VH]yQX MVPH ]DNRQþLO\ URYQČå ~VSČãQČ ]LVNHP ERGĤ VNyUHP D WtP MVPH VNRQþLO\QDNUiVQpPPtVWČYNUDML6LPRQD.UiWNiVHVWDODQHMOHSãtVWĜHON\QtEUDQHNSĜHG 1DWiOLt3RODQVNRX]9UDFRYDEUDQHN'DULQD9UERYiVHXPtVWLODQDPtVWČEUDQHN 3RVOHGQtP~VSČFKHPWRKRWRGUXåVWYDE\OD~þDVWQD0LVWURYVWYtý5Y.UþtQČRGNXGMVPHVL RGYH]O\PtVWRDQČNROLNRVREQtFKRFHQČQt6LPRQD.UiWNi±QHMOHSãt~WRþQLFHWXUQDMHD.DUROtQD +DQ]HORYi±QHMOHSãtEUDQNDĜND0ý5 =DFHORXVH]yQXE\FKRPFKWČO\GČYþDWĤPPRFSRGČNRYDW3RGČNRYiQtSDWĜtWDNpQDãLPVSRQ]RUĤPKODYQČPČVWX0LURVODYS-XUDþNRYLS1HMHGOpPXDXWREXVRYpGRSUDYČS9\åUiOND7- 0LURVODYDURGLþĤPKUiþHNEH]NWHUêFKE\FKRPVHWČFKWRVRXWČåtQHPRKO\]~þDVWQLW =DVWDUãtåiN\QČWUHQpUN\+DQ]HORYi.DPLODD-HĜiENRYi0LFKDHOD IRWR6RIND-LĜt +DVLþN\0LURVODY±VH]yQD 'UXåVWYRåHQVERUXGREURYROQêFKKDVLþĤY0LURVODYLPi]DVHERXSRPČUQČGORXKRXKLVWRULL OHWRVMVPH]DKiMLO\MLåVHGPQiFWRXVH]yQX6ORåHQtGUXåVWYDLY\EDYHQtVH]DWXWRGREXVDPR]ĜHMPČ ]PČQLORDOHERMRYQRVWDWRXKDY\KUiYDW]ĤVWiYi'ĤND]HPWRKRMVRXQČNROLNDQiVREQiYtWČ]VWYt YH]QRMHPVNpOL]HSUDYLGHOQi~þDVWQDNUDMVNpPNROHDMHGHQiFWLQiVREQi~þDVWQDPLVWURYVWYtý5 YSRåiUQtPVSRUWX1HMYČWãt~VSČFKE\OSURQiVYURFHNGHMVPHQDPLVWURYVWYtý5Y2VWUDYČ REVDGLO\YSRåiUQtP~WRNXPtVWRD]iURYHĖPtVWRYFHONRYpPSRĜDGt 41 $MDNVHQiPGDĜtYOHWRãQtVH]yQČ"=~þDVWQLO\MVPHVHSUR]DWtP]iYRGĤ]QRMHPVNpOLJ\NGH MVPHYSUĤEČåQpPSRĜDGtGUXKp-HGHQ]WČFKWR]iYRGĤVHNRQDOLY0LURVODYLXSĜtOHåLWRVWLRVODY Ä0HUXĖNREUDQt³1DGRPiFtSĤGČMVPHQH]NODPDO\DNYHONpUDGRVWLQiVYãHFKMVPHY\KUiO\6WČåHMQt]iOHåLWRVWtMHSURQiVDOH~þDVWQDSRVWXSRYêFKVRXWČåtFK±QDRNUVNRYpPNROHNRQDQpP Y6XFKRKUGOHFKX0LURVODYLRNUHVQtPNROHNRQDQpPYH=QRMPČQDIRWEDORYpP VWDGLRQXDQDNUDMVNpPNROHNRQDQpPYDUHiOX987Y%UQČ3URWRåHMVPHYãHFKQDWDWR 42 SRVWXSRYiNRODY\KUiO\SURERMRYDO\MVPHVHWDNQDPLVWURYVWYtý5NRQDQpPOHWRVY7UXWQRYČ =GHMVPHYNRQNXUHQFLQHMOHSãtFKGUXåVWHYUHSXEOLN\VNRQþLO\YSRåiUQtP~WRNXQD PtVWČDFHONRYČMVPHREVDGLO\MHGHQiFWRXSR]LFL]FHONRYpKRSRþWXVHGPQiFWL]~þDVWQČQêFKVERUĤ &KWČO\E\FKRPWRXWRFHVWRXSRGČNRYDWYãHPNWHĜtQiVSRGSRUXMtDIDQGtQiP=YOiãWQtSRGČNRYiQt SDN SDWĜt QDãLP URGLQiP D YHGHQt PČVWD 0LURVODYL NWHĜt QiP WRWR YãHFKQR XPRåĖXMt DEVROYRYDWDSRGSRUXMtQiVQHMHQ¿QDQþQČDOHLPRUiOQČ'ČNXMHPHYãHPDWČãtPHVHQDVHWNiQt QD]iYRGHFK 6ORåHQtGUXåVWYD'DĖKHORYi/LQGD'RþHNDORYi5DGND%LQG]DURYi/XFLH)UDQFRYi$QHWD +RUĖiþNRYi0DUWLQD.UFKĖDYi$OHQD.ĜHSHORYi3DYOD3RVStãLORYi0LFKDHOD3RUXERYi.DWHĜLQD0DW\ãNRYi'DQD0DW\ãNRYi+DQD9\URXEDORYi-DQD=DKHU-DQD=iPRVWQi6\OYD WH[WDIRWR+DQD0DW\ãNRYi+DVLþN\0LURVODY -$50$5.8)/25,È1$$1(%%85È&(1Ë32äÈ51Ë&+67ěË.$ý(. 7ĜHWtþHUYHQFRYRXVRERWXVHSĜHGKDVLþVNRX]EURMQLFt]QRYXUR]H]QČO]YXNSRåiUQtFKVWĜtNDþHN DFLQNRWKDGLFRYêFKNRQFRYHN1D-DUPDUNX)ORULiQDVHYUiWLODSRSČWLOHWpSDX]HVRXWČåYSRåiUQtP~WRNX =iYRGXVH]~þDVWQLORGYDQiFWWêPĤPXåĤDGHYČWWêPĤåHQ$QHE\ODWRMHQGUXåVWYD]DSVDQi GR]QRMHPVNpOLJ\DOHWDNpSĜiWHOpKDVLþL]EOt]NpKRRNROtQHER]Y\ãNRYVNpKRRNUHVX'RPiFt KDVLþLSĜLSVDOLQDVWDUWRYQtOLVWLQXYåHQVNpNDWHJRULLKQHGGYČGUXåVWYD2EDWêP\KQDQpKODVLWêP SRY]EX]RYiQtPGLYiNĤVHSRSUDO\VPtVWQtWUDWtSHUIHNWQČ7êPÄ%³]YOiGO~WRNYHþWYUWpPQHMOHSãtPþDVHWêPÄ$³VHVWĜtNOWHUþHYþDVHQHU\FKOHMãtPDPRKOWDNQDGRPiFtSĤGČVODYLWYtWČ]VWYt 3RSUREČKQXWtYãHFKSRNXVĤGRVSČOêFK]iYRGQtNĤVHNHVORYXGRVWDO\PODGpQDGČMHPLURVODYVNpKR SRåiUQtKRVSRUWX3ĜHGVWDYLODVHWĜLGUXåVWYD8Ni]NX]DKiMLORGUXåVWYRVWDUãtFKåiN\ĖSRNWHUêFK VHQD]iNODGQČY\VWĜtGDODGYČGUXåVWYDPODGãtFKåiNĤ0ODGtKDVLþLPČOLQD-DUPDUNXVYRXVRXWČåQt SUHPLpUX.RQHþQČPRKOL]~URþLWKRGLQ\SLOQpKRWUpQLQNX=DRKOXãXMtFtKRIDQGČQtSĜLKOtåHMtFtFK XNi]DOLåHLRQLVHMLåGRNiåtY\SRĜiGDWVNRQFRYNDPLKDGLFHPLDYRGRXDPRKRXVHWDNVPČOHSRVWDYLWQD]iYRGQtWUDĢ9SUĤEČKX]iYRGXVHPRKOLYãLFKQLSĜtWRPQtRVYČåLWDSRVLOQLWREþHUVWYHQtP NWHUpSURQČKDVLþLSĜLSUDYLOL0LPRMLQpQDQČþHNDO\Y\KOiãHQpÄĜt]N\]KDVLþiUQ\³SRNWHUêFK VHMHQ]DSUiãLORDVDPR]ĜHMPČYWHQWRPHUXĖNRYêVYiWHNQHPRKO\FK\EČWDQLYGRON\VPHUXĖNRYRXPDUPHOiGRX=iYRGQtGHQXNRQþLORVODYQRVWtSĜHGiQtFHQ7RKRWR~NROXVHVYHONRXRFKRWRX ]KRVWLOLSDQVWDURVWD5RPDQ9ROIVSROHþQČVPtVWRVWDURVWRXSDQHP,QJ$XJXVWêQHP)RUPDQHP SULPiWRUHPSDUWQHUVNpKRPČVWD6YlWê-XUSDQHP,QJâLPRQHP*DEXURXDMHKR]iVWXSFHPSDQHP ,QJ3HWHUHP'RþRORPDQVNêP&6FNWHĜtRGPČQLOLYãHFKQ\SĜtWRPQp]iYRGQtN\QHMHQFHQRXDOH WDNpPLOêPVORYHP=DFRåMLPSDWĜtYHONpSRGČNRYiQt =iURYHĖFKFHPHWRXWRFHVWRXSRGČNRYDWPČVWX0LURVODYDMHKRYHGHQt]DFHORURþQtSRGSRUX 'ČNXMHPH WDNp YãHP VSRQ]RUĤP ¿UPiP D VERUĤP 6'+ NWHUp QiP SRVN\WOL D ]DSĤMþLOL WR FR QiPFK\EČORDE\PRKOWHQWRVRXWČåQtGHQKODGFHSUREČKQRXW9QHSRVOHGQtĜDGČGČNXMHPHYãHP þOHQĤP6'+DMHMLFKURGLQQêPSĜtVOXãQtNĤPNWHĜtVHSRGtOHOLQDUHDOL]DFL;;,,URþQtNXVRXWČåH Ä2SRKiUUDG\PČVWD³D]DMLVWLOLNRQiQtWpWRDNFH %XGHPHVHWČãLWQiVOHGXMtFtURN]DVHRSČWQD-DUPDUNXX)ORULiQDSĜHGSRåiUQt]EURMQLFt 6'+0LURVODY0DUWLQD+RUĖiþNRYi 43 7XUQDMYQRKHMEDOH 9VRERWXSUREČKOURþQtNWXUQDMHYQRKHMEDOHWURMLF7XWRDNFLSRĜiGiPČVWR0LURVODYD)&0LURVODYDMH]DMtPDYiWtPåHVHKUDMHQDGYRXWUDYQDWêFKKĜLãWtFKYDUHiOX)&NWHUp YêERUQČSĜLSUDYLOVSUiYFHDUHiOXSDQ/XERPtUâHYþtN /HWRãQtKR URþQtNX VH ]~þDVWQLOR SĜLKOiãHQêFK GUXåVWHY WUDGLþQČ QHFK\EČOL QDãL NDPDUiGL ] GDOHNpKR &KRPXWRYD 'REURX DWPRVIpUX D QRKHMEDORYp ]iåLWN\ QHSRND]LO DQL SROHGQt GpãĢ D YČĜtPåHNYHþHUXRGFKi]HOLVSRNRMHQLQHMHQKUiþLDOHWDNpSRþHWQtGLYiFL 9tWČ]HPWXUQDMHVHVWDORGUXåVWYRÄ=22³YHVORåHQt)LOLS8UEiQHN0DUWLQ1RYiN7RPiã1RYiNNWHUpYH¿QiOHSRUD]LORÄ-RNHUV³/DGLVODY0DW~ã0DUWLQ=iOHãiN$OHã%DUWiN 7XUQDMVSRQ]RURYDOLPČVWR0LURVODY-$52632/7HFKQRORJ\VUR=GHQČNâYHKOtN3DYHO &RXIDO-DQ6FKOHVLQJHU5DGHN/HKNê3HWU6LJPXQG'UDKRVODY0LNXOND0LURVODY'UOtN5DGHN .DGOHF/XERPtUâHYþtN 'ČNXMLVSRQ]RUĤPLYãHPRVWDWQtPNWHĜtVHQDRUJDQL]DFLWXUQDMHSRGtOHOLDVHYãHPLNWHĜtPDMt UiGLQRKHMEDOVHWČãtPSĜtãWtURNQDVKOHGDQRX 0iFD-DURVODY 2þHPMVPHSVDOLSĜHGOHW\ 0HUXĖNREUDQt 9SiWHNþHUYHQFHSUREČKOYNXOWXUQtPGRPČURþQtNVODYQRVWLÄ0HUXĖNREUDQt³ 3RMHKRVNRQþHQtSRĜDGDWHOpSRGČNRYDOLGiUFĤPPHUXĖNRYLFHPHUXQČNGHJXVWiWRUĤPþOHQĤP RGERUQpNRPLVHDYãHPGDOãtPNWHĜtSRPRKOLDNFL]RUJDQL]RYDW-PHQRYLWČWRE\OL/XGYtN9OþHN ]D Y\ERMRYDQp WĜHWt PtVWR Y VRXWČåL Ä.QHGOtNRYê NUiO³ L 7RPiãL 3RþDURYVNpPX ]D VWDWHþQê ERM YWpWRVRXWČåL3RGČNRYiQtVHGRVWDORWDNpSDQtP-DQČ9\YOHþNRYp%RåHQČ.XERYp9ČĜH)LOLSRYp D0LFKDOX.OHMGXVRYL $NFHE\ODRERKDFHQDRYêVWDYXSUDFtPODGpYêWYDUQLFH+DQ\+HJHGãRYp 1HMY]GiOHQČMãtPDQHMH[RWLþWČMãtPQiYãWČYQtNHPE\O6LUL-RGKD.KDOVDNWHUêVHVYRXPDQåHONRXåLMHYDPHULFNpP&RORUDGX2SRĜiGiQtDNFHVHGR]YČGČOLQDLQWHUQHWX0HUXĖNREUDQtVHXVNXWHþQLOR]DYHONpKR]iMPXYHĜHMQRSUiYQtFKLVRXNURPêFKPpGLtYþHWQČWHOHYL]QtFKDUR]KODVRYêFK VWDQLF1DDNFLWDNp]DYtWDOLSRVODQHF(YURSVNpKRSDUODPHQWX'U9ODGLPtUäHOH]QêSRVODQN\QČ 3DUODPHQWXý5'U0DUWD%D\HURYiSULPiWRUSDUWQHUVNpKRPČVWD6YlWê-XU,QJ$OH[DQGHU$UFKEHUJHUGHOHJDFH]UDNRXVNpKRPČVWD5HW]±VWDURVWD.DUO1HXOLQJHULEêYDOêVWDURVWD.DUO)HQWK DPQRKRGDOãtFK *DVWURQRPLFNêVHUYLV]DMLVWLODSt+HOHQD.RQGOHURYiVNROHNWLYHPPHUXĖNRYêFKNQHGOtNĤSURVRXWČåtFtLGLYiN\SĜLSUDYLO\NXFKDĜN\ãNROQtNXFK\QČSRGYHGHQtPSDQt$QQ\+XUDMRYp EDWRKSURYtWČ]HYČQRYDOD¿UPD9\UWH[SDQt$QQ\3RþDURYVNp 9êVOHGN\ .QHGOtNRYêNUiOPtVWR.DPLO+DPHUVNê9tU NQHGOtNĤ PtVWR-DURPtU5DIDM=OtQ NQHGOtNĤ PtVWR/XGYtN9OþHN0LURVODY NQHGOtNĤ 0HUXĖNRYLFHURNXPtVWR9HURQLND7XUNRYi0LURVODY Y]þ PtVWR-DURVODYD.DFHWORYi.DãHQHF Y]þ PtVWR-DURVODY.DãSiUHN0LURVODY Y]þ 0LURVODYQDKLVWRULFNêFKSRKOHGQLFtFK 8SĜtOHåLWRVWL-DUPDUNXX)ORULiQDSUREČKODYVRERWXþHUYHQFHYêVWDYD0LURVODYQDKLVWRULFNêFKSRKOHGQLFtFK2UJDQL]iWRĜLY\EUDOLFHONHPQiPČWĤNWHUpE\O\SUHVHQWRYiQ\MDNQD KLVWRULFNêFKSRKOHGQLFtFKWDNLQDIRWRJUD¿tFKSRĜt]HQêFKYDNWXiOQtPURFH9\EUDQpQiPČW\]D44 KUQRYDO\UDGQLFL]iPHNãNROQtEXGRY\SORYiUQXåLGRYVNRXXOLFLFHONRYpSRKOHG\NDWROLFNê NRVWHOHYDQJHOLFNêNRVWHOQiPČVWtQiGUDåtD3HPGRUI 9êVWDYD E\OD RWHYĜHQD GRSROHGQH L RGSROHGQH YH VSROHþHQVNp PtVWQRVWL SĜLOpKDMtFt N KODYQt EXGRYČHYDQJHOLFNpKRNRVWHODĜHþHQp.UXK1D]DMLãWČQtYêVWDY\VHSRGtOHORDVLOLGt +LVWRULFNpSRKOHGQLFHSRFKi]HO\]HVRXNURPêFKVEtUHN3HWUD)UDQND]H6WXWWJDUWXSĤYRGHP ]0XãRYDD$OHãH%HGQDĜtND]0LURVODYL9êVWDYXQDYãWtYLORYtFHQHåOLGtNWHĜtRFHQLOLPRåQRVWVURYQiQtPLQXORVWLVHVRXþDVQRVWt=HMPpQDGĜtYHQDUR]HQtVWUiYLOLQDYêVWDYČGORXKêþDVQDG REUi]N\YåLYpGHEDWČVGDOãtPLQiYãWČYQtN\SĜLYêPČQČUR]OLþQêFKSRVWĜHKĤ 1DYêVWDYXYROQČQDYD]RYDORSURPtWiQtDEHVHGD7RWRVHWNiQtVHXVNXWHþQLORYQHGČOL WDNpY.UXKX9SURJUDPXY\VWRXSLOLDXWRĜLIRWRJUD¿t]HVRXþDVQRVWL%ČKHPSURPtWiQtE\O\SĜLEOtåHQ\LGDOãtQiPČW\MDNRQDSĜYČWUQêPOêQQD9ČWUĖiNXOpNiUQDQD.RVWHOQtXOLFLQHERHYDQJHOLFNi IDUD3URJUDPXVH]~þDVWQLORSĜLEOLåQČOLGt ]þOiQNX$OHãH%HGQDĜtND 2VODY\OHWQiURGQtKi]HQpY0LURVODYL 9VRERWX]iĜtVHNRQDO\RVODY\OHWQiURGQtKi]HQpY0LURVODYLVSURJUDPHP OKRGLQ 6ODYQRVWQt]DKiMHQtRVODYQDKi]HQNiĜVNpPKĜLãWLX=âQDNWHUêQDYi]DOWXUQDM VWDUêFKJDUGPXåĤDåHQ%UQČQVNR-LKODYVNR9HVHOVNR =QRMHPVNR OKRGLQ H[KLELþQtXWNiQtGRURVWHQFĤ9HVHOVNR±%UQČQVNRDåHQ=QRMHPVNR±]E\WHN EUQČQVNpREODVWL OKRGLQ 3ĜHGiQtQRYêFKGUHVĤPLURVODYVNêPKi]HQNiĜĤPGUHV\SĜHGiYDODSDQt.RQ VWDQFLHäHOH]Qi OKRGLQ 6ODYQRVWQtYHþHĜHYNXOWXUQtPGRPČ OKRGLQ 7DQHþQt ]iEDYD Y NXOWXUQtP GRPČ ± KUiOD VNXSLQD 0,1(7 D Y ÄSHNOH³ GXR Ä'QČSU³ &RFD±&RODâNROVNêSRKiU 9URFHVHKUiOÄ&RFD±&RODâNROVNêSRKiU³SRSiWp=DWČFKURþQtNĤVHVWDOQHMYČWãt IRWEDORYRXXGiORVWtVYpYČNRYpNDWHJRULHYý5'UXåVWYR=â0LURVODYVHSĜLKOiVLORGRWpWRVRXWČåH VSROHþQČ V ãNRODPL .YDOL¿NDþQt WXUQDM Y %RåLFtFK SUREČKO ]D ~þDVWL =â %RåLFH %ĜHåDQ\ 3URVLPČĜLFHD0LURVODY0LURVODYãWtåiFLMHOLNWRPXWRWXUQDMLVYHONêPRSWLPLVPHP 3R~VSČFKXY3UD]HYURFHVLP\VOHOLåHMLPYtWČ]VWYtDSRVWXSVSDGQHGRNOtQD3R~YRGQtPMDVQpPYtWČ]VWYtQDG%RåLFHPLYSRPČUXYãDNSĜLãODQHþHNDQiSURKUDV3URVLPČĜLFHPL YSRPČUXNG\åMHGLQRXEUDQNRXE\ODYODVWQtWUHID0DUWLQD9RMNĤYN\YSRVOHGQtFKPLQXWiFK KU\9VDPRWQpP]iYČUX0-DQtþHNQHSURPČQLOSRNXWRYêNRSDSURWêPWRYSRGVWDWČ]QDPHQDOR Y\ĜD]HQt]HVRXWČåH.SRVWXSXMLPYãDNSRPRKORYtWČ]VWYt%ĜHåDQQDG3URVLPČĜLFHPLYSRPČUX DYtWČ]VWYt0LURVODYLYSRPČUXQDG%ĜHåDQ\ 1iVOHGRYDO\Y\ĜD]RYDFt]iSDV\=â0LURVODY±=â0RU.UXPORY,YDQþLFNi =â0LURVODY±=â9LãĖRYpDRNUHVQt¿QiOH=â0LURVODY±=â+HYOtQ 3RVOHGQtNYDOL¿NDþQt]iSDVSRNWHUpPPČOYtWČ]]DMLãWČQêSRVWXSGR]iYČUHþQpKRWXUQDMHE\O VHKUiQY'XEĖDQHFKX+RGRQtQD6DNWpU\XWNiQtVHNWRPXWR]iSDVXY\GDODLKUVWNDSĜt]QLYFĤ VH=â8WNiQtVHSURPLURVODYVNpY\YtMHORSĜt]QLYČ3RDVLPLQXWiFKKU\YVtWLO7RPiã2ERĜLO SUYQtEUDQNX9HGUXKpPSRORþDVHGRPiFtSRYHONpPWODNXY\URYQDOL]SRNXWRYpKRNRSX]DIDXO 7RPiãH$PEUR]H.G\åSDNGHYČWPLQXWSĜHGNRQFHPE\OSRGUXKpåOXWpNDUWČY\ORXþHQ7RPiã 2ERĜLOQHY\SDGDORWRQLMDNUĤåRYČ9SRVOHGQtPLQXWČYãDNY\XåLO]DYiKiQtGRPiFtKREUDQNiĜH 7RPiãýLKiþHNDSRRGHKUDQpPQDVWDYHQtKUDFtGRE\VHKUiþL=â0LURVODYDMHMLFKSĜt]QLYFLPRKOL UDGRYDW]MLåGUXKpKRSRVWXSXGR]iYČUHþQpKRWXUQDMHY3UD]H+RUãtE\ORWRFRQiVOHGRYDORSR 45 XWNiQt 'RPiFt IDQRXãFL þDVWRYDOL PLURVODYVNp KUiþH YXOJiUQtPL YêUD]\ SOLYDOL SR QLFK Ki]HOL NODFN\DMLQêPLSĜHGPČW\'RNRQFHSĜLRGMH]GXSĜLVWiOQDDXWREXVHQHMHGHQNiPHQ+UiþLDIDQRXãFL=â0LURVODYVHYãDNNMHMLFKFWLQHVQtåLOLNHVWHMQêPSURMHYĤP 6HVWDYD PLURVODYVNêFK åiNĤ 3HWU 6PHMNDO ± 0LURVODY .ORXGD -LĜt $QWRã 7RPiã 8KHUND 0DUWLQ-DQtþHN0DUWLQ9RMNĤYND7RPiã$PEUR]2OGĜLFK+UE-DQ3ULPO5DGHN6NOHQVNê 7RPiã 2ERĜLO 0LODQ 9\åUiOHN $GULDQ 2ODK 0DUWLQ .DGOHF7RPiã ýLKiþHN 5DGLP ,UDQ 7RPiã1iKOtN7UHQpĜL9ODVWLPLO+UXEêD-DURVODY0iFD ]SUDFRYiQRVY\XåLWtPþOiQNXNWHUêSUR0=QDSVDO9ODVWLPLO+UXEê 2WRPMDNVLYHGORIRWEDORYpGUXåVWYR=â0LURVODYYURFHY3UD]HYãDNYHãNHUpLQIRUPDFH Y0LURVODYVNpP]SUDYRGDML]URNXERKXåHOFK\Et ]0=DY\EUDO%RKXPLO%XEHQtN ,Q]HUFH OZNÁMENÍ O ZRUŠENÍ GKsÝCH POKLADEN < ϭ͘ njĄƎş ϮϬϭϱ ĚŽĐŚĄnjş ŶĂ ŶşǎĞ ƵǀĞĚĞŶljĐŚ ƷnjĞŵŶşĐŚ ƉƌĂĐŽǀŝƓƚşĐŚ &ŝŶĂŶēŶşŚŽ ƷƎĂĚƵ ƉƌŽ :ŝŚŽŵŽƌĂǀƐŬlj ŬƌĂũ ŬĞ njƌƵƓĞŶş ĚĂŸŽǀĠ ƉŽŬůĂĚŶLJ ƉƌŽ ƉƎşũĞŵ ƉůĂƚĞď ǀŚŽƚŽǀŽƐƚŝ͘ Boskovice, ƵēŽǀŝĐĞ, ,ƵƐƚŽƉĞēĞ, /ǀĂŶēŝĐĞ, DŽƌĂǀƐŬlj<ƌƵŵůŽǀ, Mikulov, dŝƓŶŽǀ, Slavkov u Brna, sĞƐĞůşŶad Moravou EĂƚĢĐŚƚŽƉƌĂĐŽǀŝƓƚşĐŚůnjĞƵŚƌĂĚŝƚǀŚŽƚŽǀŽƐƚŝŶĂĚĄůĞƉŽƵnjĞƉƎşƐůƵƓŶĠƐƉƌĄǀŶş poplatky͘ sĞƓŬĞƌĠƉůĂƚďLJĚĂŶşůnjĞƉƌŽǀĠƐƚ ďĂŶŬŽǀŶşŵƉƎĞǀŽĚĞŵēŝƉŽƓƚŽǀŶşƉŽƵŬĄnjŬŽƵ͘ 46 ,dWZKsdWZKs><Kh^d/>E1^WK>EK^d͍ WK:dK,>sWK,K\>/1,͊ ǀĞdsZd<ϯ͘ϵ͘ϮϬϭϱǀϭϬ͗ϬϬƐĞǀD/ZK^>s/ ǀƉƌŽƐƚŽƌĄĐŚDĢƐƚƐŬĠŚŽƷƎĂĚƵ͕ŶĄŵ͘^ǀŽďŽĚLJϭƵƐŬƵƚĞēŶşǀljďĢƌŽǀĠƎşnjĞŶşƐŬƌĄƚŬŽƵƉƌĞnjĞŶƚĂĐşƐƉŽůĞēŶŽƐƚŝ ŶĂƉŽnjŝĐŝ^<>Ks|KWZdKZ EĄƉůŸƉƌĄĐĞ͗ 9 ƉƎşƉƌĂǀĂŽďũĞĚŶĄǀĞŬĚůĞƉŽǎĂĚĂǀŬƽnjĄŬĂnjŶşŬĂ 9 ďĂůĞŶşͬĞƚŝŬĞƚŽǀĄŶşͬŬŽŵƉůĞŵĞŶƚĂĐĞnjďŽǎş 9 ŬŽŶƚƌŽůĂnjďŽǎşƐĐĂŶŶĞƌĞŵ 9 ƉŽƵǎşǀĄŶşŵĂŶŝƉƵůĂēŶşƚĞĐŚŶŝŬLJ;ƉĂůĞƚŽǀĠǀŽnjşŬLJ͕ ƉƎşƉ͘ssͿ EĂďşnjşŵĞ͗ 9 ^ǀŽnjĨŝƌĞŵŶşŵĂƵƚŽďƵƐĞŵnjĞŶŽũĞŵƐŬĂ;njĂƐƚĄǀŬLJ ĂƵƚŽďƵƐƵ͗ŶŽũŵŽ͕WƌĄēĞ͕>ĞĐŚŽǀŝĐĞ͕KůĞŬƐŽǀŝĐĞ͕ DĂĐŬŽǀŝĐĞ͕,ŽƐƚĢƌĂĚŝĐĞ͕DŝƌŽƐůĂǀ͕EĂƓŝŵĢƎŝĐĞ͕ KůďƌĂŵŽǀŝĐĞƌĂŶŝƓŽǀŝĐĞ͕WŽŚŽƎĞůŝĐĞͿ 9 ϮϱĚŶƽĚŽǀŽůĞŶĠ 9 WůŶĢŚƌĂnjĞŶĠƐƚƌĂǀĞŶŬLJǀŚŽĚŶŽƚĢϳϬ<ē 9 ĂůşēĞŬnjĂũşŵĂǀljĐŚĨŝƌĞŵŶşĐŚďĞŶĞĨŝƚƽ;njǀljŚŽĚŶĢŶĠ ŵŽďŝůŶşƚĂƌŝĨLJ͕ƉŽũŝƓƚĢŶşŽĚƉŽǀĢĚŶŽƐƚŝ͕ƉĞŶnjŝũŶş ƉƎŝƉŽũŝƓƚĢŶş͕ƐůĞǀLJŶĂǀŝƚĂŵşŶLJĂĚĂůƓşͿ EĂǀljďĢƌŽǀĠƎşnjĞŶşƐŝƐƐĞďŽƵƉƎŝŶĞƐƚĞǎŝǀŽƚŽƉŝƐ͘ dĢƓşŵĞƐĞŶĂsĄƐ͊ <ŽŶƚĂŬƚLJŶĂƉĞƌƐŽŶĄůŶşŽĚĚĢůĞŶş͗ ϳϯϯϱϵϰϬϭϴ ŬĂƌŝĞƌĂΛĚŚů͘ĐŽŵ ,QJ9HURQLND%ĢH]LQRYi PORADENSTVÍ 0$6Éå( Klasická homeopatie Kineziologie %DFKRY\NYĒWRYpHVHQFH 7NiĜRYpVROL .ODVLFNiPDViæ 6SRUWRYQtPDViæ /iYRYpNDPHQ\ O O O O O O O KONTAKT Tel.: 724 515 072 %UQĒQVNi0LURVODY (areál bývalých Skláren) 47 Město Miroslav, miroslavská chasa, SDH a ŘK farní úřad Miroslav pořádají ve dnech 4. - 6. září 2015 v Miroslavi tradiční krojované hody PROGRAM: 3iWHN]iĜt KRG 7DQHþQt]iEDYD- hraje skupina MinetSĜHG.' 6RERWD]iĜt KRG 6UD]]DYiGČMtFtFKYNXOWXUQtPGRPČ KRG 3ĜHGiQtKRGRYpKRSUiYDFKDVHYREĜDGQtVtQL0ČÒ KRG 9\KUiYiQtSRPČVWČD]YDQtQDKRG\KUDMH 6ORYiFNiNDSHOD5RPDQD+RUĖiþND KRG =DYiGČQtNURMRYDQpFKDV\SRGPiMtSĜHGNXOWXUQtPGRPHP KRG +RGRYi]iEDYDSĜHGNXOWXUQtPGRPHP 1HGČOH]iĜt KRG 3UĤYRGNURMRYDQpFKDV\GRNRVWHOD KRG 6ODYQRVWQtKRGRYiPãHYFKUiPXVY3HWUDD3DYOD VORXåt0RQV'U.DUHO6LPDQGO SRVNRQþHQtPãHNODGHQtYČQFĤQDKĜELWRYČ KRG 9\KUiYiQtSRPČVWČD]YDQtQDKRG\KUDMH 6ORYiFNiNDSHOD5RPDQD+RUĖiþND KRG =DYiGČQtNURMRYDQpFKDV\SRGPiMtSĜHGNXOWXUQtPGRPHP KRG =DYiGČQtåHQiþĤ V kostele sv. Petra a Pavla bude připravena výstava z plodů polí a zahrad „Poděkování za úrodu“. Po dobu konání hodů je připraveno bohaté občerstvení. V případě nepříznivého počasí se hodové zábavy přesouvají do KD. Srdečně zvou pořadatelé 48 61Ëä(1Ë(1(5*(7,&.e1È52ý1267,0â0,526/$9 7HUPtQUHDOL]DFH± ,QYHVWRU0ČVWR0LURVODY =KRWRYLWHO9$â67$9VUR 3URMHNWDQW$UFKVW\OVUR,QJDUFK'DYLG3tVDĜtN 5\EiĜVNêWiERU5e1< 49 0LURVODYVNê]SUDYRGDMþHUYHQHFVUSHQY\FKi]t[URþQČ 9\GiYiPČVWR0LURVODYQiP6YRERG\0LURVODY,ý2 (YLGHQþQtþtVORSHULRGLFNpKRWLVNX( 8]iYČUNDVUSQDâpIUHGDNWRU0LFKDO.OHMGXVýY\ãORGQHVUSQD 5HGDNþQtUDGD%RKXPLO%XEHQtN3K'U/LD5\ãDYi0JU-DQD7HSOtNRYi0JU.DPLO.RSHþHN*DEULHOD )RUPDQQRYi0LURVODY.XĜLWND,QJ'DYLG/LSRYVNê )RWRJUD¿HIRWRDUFKLY0=DDXWRĜLþOiQNĤ 3ĜLSRPtQN\SĜtVSČYN\LQ]HUFLGRSLV\SĜLMtPiSRGDWHOQD0ČÒD0.,&0LURVODY 7LVNiUQD6OiGHN=QRMPR5XGROHFNpKRWHO &HQDLQ]HUFHY0LURVODYVNpP]SUDYRGDML&HOiVWUDQD.þòVWUDQ\.þóVWUDQ\.þ LQ]HUiWPD[ĜiGN\WH[WX.þ±NHYãHPFHQiPQXWQRSĜLSRþtWDW'3+ 7HO HPDLOPNLFPLURVODY#YROQ\F]XUDG#PHVWRPLURVODYF] 3RþHWYêWLVNĤNVFHQD.þ 7LVNiUQD6OiGHN=QRMPR5XGROHFNpKRWHO HPDLOVWXGLR#WLVNDUQDVODGHNF] 8]iYČUNDSĜtãWtKRþtVODĜtMQD 50 51 52
Podobné dokumenty
2009 únor
6UD]E\OYSĜHGKODYQtEUiQRXNGHSUREČKODSUH]HQWDFHDSRN\
Q\SURSUĤEČKH[NXU]HVSĜLSRPHQXWtPSRĜt]HQtSURVSHNWĤDY\SUDFR
YiQtPNUiWNp]SUiY\%H]SUREOpPĤMVPHSURãOLSRSĜHGORåHQtVH...
Noviny Niva č. 2 z roku 2012
REþDQp SREDYLW Y QDãHP DUHiOX QD KĜLãWL NWHUê REGLYXMH
QHMHGHQQiYãWČYQtNQDãtREFH
odůvodnění - Územní plánování
SRVRX]HQê QiYUK Ò3 ]YHĜHMQČQ QD ZHERYêFK VWUiQNiFK REFH .QČåQLFH YHĜHMQp SURMHGQiQt E\OR
svoláno na 7. 5. 2014 v 17.00 hodin. V SUĤEČKXYHĜHMQpKRSURMHGQiQtUHVSY]iNRQQpOKĤWČGQ...
Hlavní město Praha - Městská část Praha
7DWRREODVWMHY UiPFLJUDQWRYpKRVFKpPDWXYHOPLYê]QDPQi(NRORJLFNiYêFKRYDMHGĤOHåLWêP]iNODGHP
SUR EXGRXFt XGUåLWHOQê UR]YRM KO P 3UDK\ DNWLYLW\HNRORJLFNpYêFKRY\O]HMHQYHOPLREW...
Naše Praha 9
k oslavě, takže Praha 14 pořádá hned několik akcí, sportovní či kulturní povahy. Neza-