Podzim

2FKR]X%UQD
&RVLSHþWHWH
i
i
i
i
i
i
2&+2=6.æ
=35$92'$-
6HQLRUNOXESRSU¿]GQLQ¿FK
0DOÛSU¿YQËU¿GFH
9]SRPËQNDQD
32=9Ÿ1.<
2êLPDY]SRPËQHN
2FKRWQLFNÇGLYDGOR
5R QtN9
i
i
i
i
i
!tMHQ
'RSLVRFKR]DQPSRNUDêRY¿QË
3RSODWN\]D]YHHMQøQË
6WROHWÇYÛURêËREMHYX1RYÇRFKR]VNÇ
MHVN\Qø
&RMHSULPDDQHE
2EHFQËNURQLND
9¿æHQËREêDQÇ
Y OHWRxQËPURFHVHY¿PGRVW¿Y¿GRUXNRX
MLæêWYUWÇêËVOR2FKR]VNÇKR]SUDYRGDMHFRæ
VYøGêËRWRPæHMVPHMLæYHGUXKÇSRORYLQø
-XELOHMQËKRURNXDêHN¿Q¿V SRG]LPQË
D]LPQËREGREËSLQ¿xHMËFËVYRMHNODG\L]¿
SRU\
,QYHVWLêQË DNFH REFH +ODYQË LQYHVWLêQË
DNFË VW¿OH ]VW¿Y¿ GRNRQêHQË VSODxNRYÇ ND
QDOL]DFHY ,HWDSøYHVPøUXRG%UQDSRKUD
QLFH REFH V .DQLFHPL .H GQL GRNRQêLO\,QæHQÛUVNÇVWDYE\%UQRNDQDOL]D
FL QD NLæRYDWFH e3DVWÛN\r D SUREËKDMË
]NRXxN\ YRGRWøVQRVWL VEøUDêH D YÛWODêQÇKR
SRWUXEË
'RNRQêHQDMHYÛVWDYEDGHxRYÇNDQDOL]D
FHYHGOHêHUSDFËVWDQLFH)LUPD.XQVWD5HM
QRNSURYHGRXGRNRQFH]¿ËPRQW¿æVWURMQË
KR Y\EDYHQË D HOHNWURWHFKQRORJLH êHUSDFË
VWDQLFH 3R WÇWR PRQW¿æL D SHGHSVDQÛFK
WHFKQLFNÛFK]NRXxN¿FKEXGHFHO¿ VSODxNRY¿
NDQDOL]DFHSHG¿QDGR]NXxHEQËKRSURYR]X
-DN MLæ E\OR GËYH ]PL RY¿QR SRGPËQ
NRX ]NXxHEQËKR SURYR]X MH GRNRQêHQË êLV
WËUQ\RGSDGQËFKYRGY %ËORYLFËFKQDG6YLWD
Y
R
X
D GRNRQêHQË NDQDOL]DêQËKR VEøUDêH
Y RVWDWQËFK REFËFK =NXxHEQË SURYR] MH
SHGSRNO¿G¿QY PøVËFLOLVWRSDGX
2EêDQÇNWHËEXGRX PËW ]SUDFRY¿Q SUR
MHNWDVWDYHEQËSRYROHQËQDYODVWQËSËSRMNX
VHEXGRXPRFLMLæQDNDQDOL]DêQËVEøUDêSL
SRMLW .DæG¿ NDQDOL]DêQË SËSRMND SRGOÇK¿
NRODXGDFL2EHFQË]DVWXSLWHOVWYRVLGRYROXMH
XSR]RUQLW REêDQ\ SRNXG VH QD VSODxNRYRX
NDQDOL]DFL QHSLSRMË EXGRX PXVHW PËW Y\
EXGRYDQRXMËPNXQDY\Y¿æHQËDGRORæLWGR
NODGRSUDYLGHOQÇPMHMËPêHUS¿QË2EHFY\
QDORæLODYHONÇILQDQêQËSURVWHGN\QDY\EX
GRY¿QËVSODxNRYÇNDQDOL]DFHD PøOR E\ EÛW
Y ]¿MPXYxHFKREêDQNWHUÛPQHQËOKRVWHM
QÛ VWDY æLYRWQËKR SURVWHGË DE\ VH QHRG
NODGQøSLSRMLOLQDNDQDOL]DFL'RSRVXG P¿
]DSODFHQÛSURMHNWQDVSODxNRYRXNDQDOL]DFL
Y,HWDSøMHQREêDQ
9\SRXxWøQË VSODxNRYÛFK YRG GR GHxRYÇ
NDQDOL]DFHQHERQDSR]HPN\VH VW¿Y¿ êDVR
YDQRX SXPRX NWHUÇ VH GR EXGRXFQD ]FHOD
MLVWøSURMHYËQD]GUDYËREêDQ NWHË SRXæË
YDMËYRGXQDSLWË]HVYÛFKVWXGQË
3RNUDêRY¿QË YÛVWDYE\ GDOxËFK NDQDOL]Dê
QËFK VWRN MH ]¿YLVOÇ QD VK¿QøQË ILQDQêQËFK
SURVWHGN ] U]QÛFK GRWDêQËFK IRQG
2EHFQË]DVWXSLWHOVWYRLQWHQ]ËYQø Y WÇWR RE
ODVWL NRQ¿ D MH SËVWXSQR VH ]¿MHPFL R WÇWR
SUREOHPDWLFH QD YHHMQÛFK ]DVHG¿QËFK GLV
NXWRYDW
'DOxËLQYHVWLêQËDNFËEXGHJHQHU¿OQËRSUD
YDNDSOLêN\VY1RUEHUWDe1D3ËKRQørNWH
U¿ Y QHMEOLæxË GREø ]DêQH 3R WÇWR RSUDYø
EXGH WHQWR REMHNW GVWRMQø UHSUH]HQWRYDW
QDxLREHFMDNRNXOWXUQËSDP¿WND] PLQXOÛFK
OHW
9 OHWRxQËPURFH GËN\ GRWDFËP ] 3URJUD
PXREQRY\YHVQLFHVHSRGDLORSURYÇVWFHO
NRYRX UHNRQVWUXNFL FHOÇ WËG\ QD ]¿NODGQË
xNROHSRORæLWQRYRXSRGODKRYRXNU\WLQXQD
PDWHVNÇ xNROH D GRNRQêLW GVWRMQø FHORX
EXGRYXREHFQËKRØDGX
'ËN\ILUPø8QLVWDYDVNWHU¿Y\xODREFL
YVWËFE\ORSRORæHQRYËFHMDN P ]¿P
NRYÇGODæE\QDFKRGQËNSHGREHFQËP ØD
GHP2EHFVHILQDQêQøSRGËOHODMHQQD PD
WHUL¿OX
9H VSROXSU¿FL V éHVNÛP ]DKU¿GN¿VNÛP
VYD]HP Y\WLSXMH REHF YHHMQÇ SORFK\ NGH
VHXYDæXMHVYÛVDGERXGHYLQDVMHMLFK Q¿
VOHGQRXØGUæERX
6Y¿WHN VY 9¿FODYD /HWRxQË URN MH
Y\KO¿xHQ]D-XELOHMQËURN 2EHFQË ]DVWXSL
WHOVWYRUR]KRGORRVODYLW WRWR YÛURêË GVWRM
QÛP DNWHP 9]QLNOD P\xOHQND Y\VDGLW ]D
ØêDVWLYxHFKRUJDQL]DFËYQDxËREFLSDP¿WHê
QË VWURP OËSX Y SDUNX e1D =DN¿]DQFLr
$NFHEXGH VSRMHQD V SURJUDPHP SLSUDYH
QÛPæ¿N\=¿NODGQËxNRO\uLQVFHQDFËVWDUR
E\OÛFK GRæËQHN %XGH VH NRQDW YH éWYUWHN
2EUi]HN QDWLWXOQtVWUDQ QDN UHVOLOD$QGUHD*LULþRYiURþQtN =âY2FKR]LX%UQD
]¿Ë Y KRGLQ YH VY¿WHN
VY 9¿FODYD MDNR QRYø VWDQRYHQÛ D X]QDQÛ
VW¿WQËVY¿WHNYËFHSRGUREQRVWËYêO¿QNXSD
QËjHGÇ
(NRORJLH9WÇWRREODVWLMHVW¿OHFR]OHS
xRYDW 6SDORY¿QË U]QÛFK RGSDG MH VW¿OH
SUREOÇPHP REêDQ , NG\æ VH SRGDLOR
RPH]LW VSDORY¿QË QHEH]SHêQÛFK RGSDG MH
MLFK Ë]HQÛP VEøUHP MH Y QDxË REFL MHxWø
VW¿OHPQRKRREêDQNWHËVHGRPQËYDMË æH
VLPRKRXGøODWFRFKWøMË6SDOXMËQHEH]SHê
QÇ RGSDG\ QD VYÛFK ]DKUDG¿FK D Y NRWOËFK
QDSHYQ¿SDOLYD, VSDORY¿QË UHODWLYQø HNR
ORJLFNÇKRPDWHUL¿OX GHYD OLVWË WU¿Y\ VO¿
P\DSRG MH WHED SURY¿GøW WDN DE\ QHE\O
SRUXxRY¿Q REêDQVNÛ ]¿NRQËN D QHGRxOR GR
]¿VDKX GR SRNRMQÇKR VWDYX REêDQ YL]
êO¿QHN Y PLQXOÇP êËVOH 2= 0DOÛ SU¿YQË
U¿GFHNDSLWROD,PLVH
2EHFQË]DVWXSLWHOVWYR YøË YH ]GUDYÛ UR
]XPREêDQQDxËREFHæHVHPH]LVHERXGR
POXYËDQHEXGRXSHQ¿xHWEDQ¿OQË]¿OHæLWRV
WLQDREHFDQXWLWMLIRUPRXY\KO¿xN\ RPH
]RYDW REêDQ\ WDN MDN VH WR GøMH Y MLQÛFK
REFËFKNGHQDSËNODG VWDQRYË GRE\ VSDOR
Y¿QËHNRORJLFNÛFKRGSDG
(NRORJLFN¿ NRPLVH SLSUDYXMH Y PøVËFL
ËMQX VEøU QHEH]SHêQÛFK RGSDG D VEøU
GRYHONRNDSDFLWQËFKNRQWHMQHUQDPDWUDFH
NREHUFHDYøWxËSHGPøW\2DNFLEXGRXRE
êDQÇ LQIRUPRY¿QL Y NDEHORYÇ WHOHYL]L QD
ØHGQË GHVFH D Y\KO¿xHQËP Y PËVWQËP UR]
KODVH
6HQLRU
NOXE2
EHFQË]DVWXSLWHOVWYRVL
YHOPLY¿æËêLQQRVWL6HQLRU NOXEX NGH MHKR
YHGHQË VH YHOPL GREH VWDU¿ R ]¿MPRYRX
êLQQRVWMHKRêOHQDGDMHMLFKêOHQSRP¿
K¿ XGUæRYDW PDMHWHN REFH Y GREUÇP WHFK
QLFNÇPVWDYX'ËNSDWË]HMPÇQDSDQX-DUR
PËUXjNURERYLNWHUÛQHMHQREøWDYø]DMLxX
MHØGUæEXQDPËVWQËPKELWRYøSRP¿K¿]D
MLxRYDWSURYR]REFHDOHPRWLYXMHMHGQRWOL
YÇêOHQ\ NRPLVË REHFQËKR ]DVWXSLWHOVWYD NH
NYDOLWQøMxË SU¿FL 'øNXML G¿OH YxHP VHQLR
UP NWHË SRP¿KDMË XGUæRYDW REHF
YSøNQÇPVWDYX
9]KOHG REFH 2EHFQË ]DVWXSLWHOVWYR G¿OH
GøNXMH YxHP REêDQP REFH NWHË VH G¿OH
SHêOLYøVWDUDMËRVYMPDMHWHNDWDNÇRPDMH
WHN REHFQË 'ËN SDWË SDQX -RVHIX =ËWNRYL
NWHUÛ SUR REHF SURY¿GË ]¿PHêQLFNÇ SU¿FH
DYxHPNWHUÛPREHFQHQËOKRVWHMQ¿
%RKXæHOVHVW¿OH]HMPÇQD X PODGÛFK RE
êDQY\VN\WXMHYDQGDOVWYË %øKHP xNROQËFK
SU¿]GQLQGRxORNQLêHQËGRSUDYQËFK]QDêHN
SRxNR]RY¿QË êHN¿UHQ QD ]DVW¿YN¿FK
é6$'DVX2EHFQËKRØDGXDQD=DN¿]DQ
FLDNGDOxËPYDQGDOVNÛPêLQP SHVDKXMË
FËPEøæQÛVWDQGDUG8YHGHQË GR SYRGQË
KRVWDYXVLY\æ¿GDORYøWxËFKILQDQêQËFKSUR
VWHGNNWHUÇEXGRXFK\EøWMLQGH
-HSRWøxLWHOQÇæHP\xOHQËREêDQVH Pø
QË 5R]XPQË SRFKRSLOL æH ]DMLxRYDW SR¿
GHN Y REFH QHQË MHQ ]¿OHæLWRVWË VWDURVW\ D
êOHQREHFQËKR]DVWXSLWHOVWYD6DPLMLæSRX
ND]XMËQDSRUXxRY¿QË]¿NRQDPËVWQËFKY\
KO¿xHN3DWËMLP]DWRGËN
6HQ LRU
UNNOX E
Y2
Y
2F K R]LLX
X%
%U Q D 3RSU¿]GQLQ¿FK
%øKHP SU¿]GQLQRYÛFK PøVËF VLFH Q¿x
6HQLRU NOXE RGSRêËYDO DOH SHVWR MVPH
XVSR¿GDOLYQHGøOLSøxË Y\FK¿]NX GR
0RNUÇ X SËOHæLWRVWL YÛURêË ]DORæHQË
WÇWRREFHØêDVWQËNE\ORSRVËOHQRGYøPD
YQXêNDPLMHGQÇEDELêN\1DSR]Y¿QË6HQLRU
NOXEXY0RNUÇMVPHVLSURKOÇGOLYHOPLGRE
H ]DË]HQÇ PËVWQRVWL SUR MHMLFK VHWN¿Y¿QË
%\OLMVPHVUGHêQøSLYËW¿QLDSRKRxWøQL3DN
MVPHVHY\GDOLGR]¿NODGQËxNRO\QDYÛVWDYX
] KLVWRULH REFH SRVOHFKOL VL ê¿VW SURJUDPX
GHFKRYN\SHGxNRORXY\KU¿YDMËFËDSRPD
OÇPREêHUVWYHQËQDËêN¿FKPËUQøXQDYHQL
DOHVSRNRMHQL MVPH GRSXWRYDOL GRP WøVQø
SHGERXË
'UXKÛ URN VYÇKR WUY¿QË ]DK¿MLO 6HQLRU
NOXE ]¿MH]GHP GR KRVSGN\ 8 6XUIX
Y .RWYUGRYLFËFK QD YHêHU NWHUÛ E\O Y\SO
QøQ RSøW ]SøYHP WDQFHP D REêHUVWYHQËP
+ODYQË YÛKUX ] WRPERO\ u GHQQË SRE\W
SURRVRE\X6XUIX]ËVNDOLPDQæHOÇ.QHFK
WRYL-HMLFKUDGRVW E\OD YHOLN¿ 9HêHUQË SR
E\WVHQHêHNDQøSURGORXæLO R KRGLQX SR
UXFKRXDXWREXVXFRæNFHVWRY¿QËSDWË3R
UXFKXRGVWUDQLOLGLêSDQ.QHFKW]DSRPRFË
PËVWQËDXWRxNRO\SDQD3HUQLFL2EøPDPQR
KRGËN3RWRPQ¿VOHGRYDOKODGNÛOHWDæGR
2FKR]H
9SRGYHêHUYÛURêËØPUWË7*0DVD
U\NDYH VWHGX ]¿Ë MVPH WLFKRX Y]SR
PËQNRX XFWLOL SDP¿WNX WDN YÛUD]QÇ RVRE
QRVWLQDxLFKGøMLQXPËVWQËKRSRPQËNX'ø
NXMHPH VUGHêQø YxHP ]ØêDVWQøQÛP D WDNÇ
WøPNWHËYøQRYDOLVYËêN\DNYøWLQ\
2 GDOxËP SURJUDPX EXGRX YxLFKQL YêDV
LQIRUPRY¿QLDXæREHFQËPUR]KODVHPWHOH
YL]ËQHERSODN¿W\
=QRYX ]YHPH YxHFKQ\ VHQLRU\
NVHWN¿Y¿QËQDVSROHêQÛFKDNFËFK.DæGÛMH
YËW¿QLRêHN¿Y¿Q9 NOXEX QHMVRX Y\EËU¿Q\
æ¿GQÇêOHQVNÇSËVSøYN\
9ÛERU6HQLRUNOXEX
5 X EU LND NX OW X U Q V R F Li OQ t
NR P LV H 1DQRYøVFKY¿OHQÛVW¿WQËVYDWHN]¿Ë
GHQ êHVNÇ VW¿WQRVWL VY¿WHN VY 9¿FODYD
RVODYËPH ]DVD]HQËP SDPøWQËKR VWURPX
=DK¿MHQË MH 1D =¿ND]DQFL SRVOÇ]H
YÛVDGED SDP¿WHêQË OËS\ 3R VODYQRVWQËP
SRGSLVX GR NURQLN\ EXGH SURVWRU SUR
GøWVNRX LQVFHQDFL VWDURG¿YQÛFK GRæËQHN
%XGRXLQWHUSUHWRY¿Q\WDNMDNVLMH]REGREË
SUYQË UHSXEOLN\ SDPDWXMH SDQË 5æHQD
jNURERY¿ 1HQË WR DOH MHQ Y]SRPËQND SUR
GQHxQË RVPGHV¿WQËN\ QD GREX MHMLFK
PODGRVWL 'RæËQN\ EXGRX SURY¿]HQ\
SURJUDPHP =¿NODGQË xNRO\ NWHUÛ VH ]GH
S HG VW DYË ]SËY¿QËP UHFLWRY¿QËP
D SURGHMHP YÛUREN æ¿N D ]¿URYH VXYHQÛU]WÇWRDNFH
9øËPH æH VH VH YxHPL ] Y¿V VHWN¿PH
XSDPøWQËOËS\
+DQDjHG¿
0$/ ë
ë3
3 5 É91 Ì
Ì5
5 É'&( .RHQ\DYøWYH
'DOxËP WLSHP ]¿VDKX GR VRXVHGVNÛFK
SU¿YMHRGVWUD RY¿QËSRGURVWNRHQ\VWUR
P NH D MLQÛFK URVWOLQ NWHUÇ SRGUVWDMË
QD VRXVHGËFË SR]HPHN D SHYLV YøWYH
VWURPNHDMLQÛFKURVWOLQNWHUÇSHUVWD
MËQDVRXVHGQËSR]HPHN 9ODVWQËN QHPRYL
WRVWLQHVPËQHxHWUQøSRSYQHYKRGQÇURê
QË GREø RGVWUD RYDW ]H VYÇ SG\ NRHQ\
VWURPXQHERRGVWUD RYDWYøWYHVWURPX SH
VDKXMËFË QD MHKR SR]HPHN -LQÛPL VORY\
YODVWQËNP¿SU¿YRRGVWUD RYDW ]H VYÇ SG\
NRHQ\SRGUVWDMËFË]HVRXVHGQËKRSR]HPNX
QHERYøWYHSHVDKXMËFË]WRKRWRSR]HPNXQD
MHKRSR]HPHNSRNXGWDNRYxHPêLQËxHWUQø
D]URVWOLQ¿VNÇKRKOHGLVNDYHYKRGQÇURêQË
GREø 9 RSDêQÇP SËSDGø VH GRSRXxWË QH
SËSXVWQÇKR]¿VDKXGRSU¿YYODVWQËNDVRXVH
GËFËKRSR]HPNX=D xHWUQÇ QDS QHO]H SR
YDæRYDW SËSDG NG\ Y GVOHGNX RGVWUDQøQË
YøWxË ê¿VWL NRHQ GRMGH N QDUXxHQË URYQR
Y¿K\PH]LSRG]HPQËDQDG]HPQËê¿VWËVWUR
PX
9 WÇWR VRXYLVORVWL MH WHED VH ]PËQLW
R RW¿]FH YODVWQLFWYË SORG VWURPX MHKRæ
YøWYHSHVDKXMËQDGSR]HPHNVRXVHGD3RG
OH REHFQÇ ØSUDY\ QDEÛY¿QË YODVWQLFWYË SË
UVWNYøFL…DREê]¿NSËUVWN\ Q¿
OHæHMË YODVWQËNX YøFL L WHKG\ NG\ E\O\ RG
YøFL RGGøOHQ\ 7R ]QDPHQ¿ æH SORG\ QD
YøWYËFKSHVDKXMËFËFKQDVRXVHGËFËSR]HPHN
QHERMLæRGGøOHQÇSORG\NWHUÇQDWHQWRSR
]HPHNVSDGO\SDWËYODVWQËNXYøFL KODYQË u
V
W
U
R
P
X
DSR]HPNXQDQøPæURVWHQLNROLYVRXVHGR
YL3URWRVLWHQNGRRGVWUD XMHSHYLVOÇYøW
YHQHPæHSLYODVWQLWRYRFHQDWøFKWRYøW
YËFKDQLRYRFHSHSDGOÇQDMHKRSR]HPHN
=H VP\VOX SHGPøWQÇ ê¿VWL XVW …
RGVWYxDNY\SOÛY¿æHRGVWUD RY¿QËYøWYË
QDQLFKæMHRYRFHMHQXWQRSRYDæRYDW]DQH
SËSXVWQÇYæG\QHERQHMGHRxHWUQÇRGVWUD
RY¿QË D QHGøMH VH YH YKRGQÇ URêQË GREø
WMPLPRYHJHWDêQËREGREË
2SORFHQË
=¿NRQ QHXNO¿G¿ YODVWQËNX REHFQRX SR
YLQQRVWVYMSR]HPHNRSORWLW$YxDNYNRQ
NUÇWQËP SËSDGø SRGOH XVW … RGVW PæH VRXVHG VYÛP UR]KRGQXWËP XORæLW
YODVWQËNRYL SR]HPNX SRYLQQRVW SR]HPHN
RSORWLW0XVËEÛWRYxHPVSOQøQSHGSRNODG
æHRSORFHQËMHSRWHEQÇDQHEU¿QËØêHOQÇPX
Y\XæËY¿QËVRXVHGËFËFKSR]HPN=DSRWHE
QÇ EXGH SRYDæRY¿QR RSORFHQË ]HMPÇQD Y
SËSDGøNG\SRVN\WQHRFKUDQXSURWL QHSË
SXVWQÛP ]¿VDKP NWHUÛP QHO]H QLMDN ]D
EU¿QLWYQLN¿QËFKRYQÇKR]YËHFWYD
.URPøWRKR]¿NRQSRæDGXMHDE\VL VRX
VHGSHGY\G¿QËPWDNRYÇKRUR]KRGQXWË Y\
æ¿GDO VWDQRYLVNR SËVOXxQÇKR VWDYHEQËKR
ØDGX7ËPWRVWDQRYLVNHPQHQËVRXGY¿]¿Q
1DGUXKÇVWUDQøSRVWDYHQËSORWXMH]¿URYH L
]¿OHæLWRVWDGPLQLVWUDWLYQøSU¿YQËuPXVËEÛW
]¿URYH GRGUæHQ\VWDYHEQøSU¿YQËSHGSLV\
6RXGE\SURWRPøOSHGY\QHVHQËPUR]VXG
NX NWHUÛ XNO¿G¿ SRYLQQRVW RSORWLW SR]H
PHNGNODGQø]Y¿æLWVWDQRYLVNRVWDYHEQËKR
ØDGX
9 GDQÇ VRXYLVORVWL Y]QLN¿ QH]ËGND VSRU
YRW¿]FHNWHUÛ ] YODVWQËN VRXVHGËFËFK SR
]HPN MH SRYLQHQ VYM SR]HPHN RSORWLW
=¿NRQ REHFQÇ SUDYLGOR QHREVDKXMH 3RX]H
MDNRRE\êHMMHQøNG\UHVSHNWRY¿QRW]YSUD
YLGORSUDYÇUXN\SRGOH NWHUÇKR MH YODVWQËN
SRYLQHQRSORWLWVYMSR]HPHNSRSUDYÇVWUD
QøSLêHOQÇP SRKOHGX RG YVWXSX QD SR]H
PHN
UHGDNFH
9]SRP tQ ND
DQ
Q D
DLLQ çHQ ì U D
$OHåH
H0
0.
. D SU i OD 9 ØQRUX MVPH GRVWDOL VPXWQRX ]SU¿YX
]86$æH]HPHOØVSøxQÛêHVNÛ Y\Q¿OH]FH
DFKHPLNNWHUÛYHOHWHFK]DFKU¿QLOêHV
NÛ FXNURYDUQLFNÛ SUP\VO NG\æ SUR MHKR
SURGXNW\QDxHO SRXæLWË Y æLYRêLxQÇ YÛUREø
,QæHQÛU.DSU¿OPDMLWHO POÛQD QD ËêN¿FK
Y\EXGRYDOFKHPLFNÛ]¿YRGY/HWRYLFËFKY
0RGLFËFK %LRFKHPX GQHxQË )UXWX D ]H
P
H
O
YSRæHKQDQÇPYøNXOHW
3RGUXKÇVYøWRYÇY¿OFHRGFHVWRYDOVURGL
QRXGR,QGLH7DP]DNO¿GDOGDOxË FKHPLFNÇ
WRY¿UQ\3R VWUDVWLSOQÇP SXWRY¿QË SR VYøWø
VH QDNRQHF XVDGLO V URGLQRX Y 7XVFRQX
YH VW¿Wø $UL]RQD NGH æLO GR NRQFH æLYRWD
-HKRS¿QËE\ORDE\MHKRWøORE\ORXORæHQR
Y URGQÇP 6WUPLORYø GR URGLQQÇ KUREN\
YHGOHURGLêDEUDWË
0ËVWQËPXNRVWHOX GDURYDO VH VYRX æHQRX
=GHQRX]YRQ\DQHFKDOQDPËVWQËPKELWRYø
RSUDYLWNDSOL=ØêDVWQLODMVHPVHSRVOHGQËKR
UR]ORXêHQËVSROHêQøVHVWDURVWRX2FKR]HSD
QHP-LËP /KRWHFNÛP D SDQHP -DURPËUHP
jNUREHP6HWNDODMVHPVHWDPV MHKR PDQ
æHONRX SDQË =GHQRX .DSU¿ORYRX 0QR]Ë
]Y¿VMLVWøêHWOLMHMËNQLKX=ËWUD EXGH OËS
3RSLVXMHYQËMHMLFKæLYRWQDËêN¿FKLGDOxË
RVXG\
3DQË=GHQDP¿S¿QËMHxWøSLMHWQDËêN\
DSLWÇSËOHæLWRVWLQDYxWËYLW L 0RNURX 6U
GHêQÇVHWN¿QËE\ORLVGFHUDPL(YRX-DQRX
L YQXêNRX &DULË 3HNYDSLOR Pø MDN MHxWø
SR WROLND OHWHFK POXYLOL GREH êHVN\ =D
Y]SRPËQDO\MVPHVLQDËêN\
-HMLFKQ¿YxWøYDE\ODNU¿WN¿Y86$PøO\
PHPRULDOQDNWHUÇPE\OD MHMLFK ØêDVW QXW
Q¿3RS¿ODMVHPMLPxDVWQRXFHVWX]DPRH
DEXGXVHWøxLWæHVHMHxWøVHWN¿PH
.DUODLê¿QNRY¿0RNU¿
352+/Ë'.$2&+2=6.e-(6.<1
éHVN¿VSHOHRORJLFN¿VSROHêQRVWSR¿G¿SLSËOHæLWRVWLYÛURêËREMHYHQË1RYÇRFKR]
VNÇ FKRGE\ '(1 27(9(1»&+ '9(« Y 2FKR]VNÇ MHVN\QL D WR Y VRERWX ]¿Ë
DËMQDYæG\RGGRKRGLQ9VWXSYRGSRYËGDMËFËPREOHêHQËDREXWËJXPRYÇ
KROËQN\6VHERXEDWHUNX
6HQLRUNOXE
]YHYãHFKQ\RE þDQ\QD
.21&(579Èä1e+8'%<
8VNXWHþQtVHYH þWYUWHN]itYNRVWHOHVY9iFODYDYHGYRXWHUPtQHFK .RQFHUWYMHXU þHQSURG WLRGGROHWVRGERUQêPY êNODGHPMHPR åQêGRSURYRG
URGLþ$.RQFHUWYMHXU þHQGRVS OêP
3URGHMYVWXSHQHN]E\GRX OLSRS HGSURGHML]D þtQiS$OKRGLQ\SHGSHGVWDYHQtP )RWRJUDILH]HKU\ Ä3\WOiNRYDVFKRYDQND³NWHUiE\ODKUiQDYS
tURG 3RG3 tPW\
2 LP D
DYY ]SRP tQ HN
'¿YQR SU\ê MVRX W\ GRE\ NG\ MVPH YH
Y¿OHêQÛFK OHWHFK FKRGLOL SøxN\ GR
PøxDQN\ Y %ËORYLFËFK 7HQNU¿W WR E\O\
êW\LWËG\SOXVMHGQRURêQË XêHEQË NXUV =D
NDæGÇKRSRêDVËQøNWHUÛURêQËNE\ORY\XêR
Y ¿ Q Ë R G S R O H G Q H
D WDN MVPH FKRGLOL L V NDUELGNDPL Y ]LPø
Y%ËORYLFËFK
9OÇWøMVPHVEËUDOLERUYN\SRQLFKMHXæ
YHWD D QRVLOL KËEN\ XêLWHOP 1D YHONÇP
NRSFL MVPH Y\OH]OL QD UR]KOHGQX D NRFKDOL
VHUR]KOHGHP.G\æ SUxHOR WDN QDxËP ØWR
êLxWøPE\OYHONÛVHQËNWHQWDPVWRMËGRGQHV
DKU¿YDOVHQDSGøéHUQÛ3HWU'RxNRO\Xæ
MVPHQHGRxOLDWRSURWRæHYWDNRYÇPSRêD
VË2EHêWËGRY\XêRY¿QË SLxOL D LFPD ¿FL
FRWRPøOL]SHVSROQËFKQHMEOËæHQHXêLWHOÇ
Q¿P WR WROHURYDOL 9 ]LPø VH êDVWR MH]GLOR
QD O\æËFK MDVDQN¿FK FR Q¿P ]KRWRYLO SDQ
5RXFKDO].DQLF9OÇWøMVPHVHQøNG\YUD
FËYDOLGRPQDG3DUNHW¿UQRXDNRXS¿YDOLVH
U¿GLYËFPDQLFËFKD.DQLFËFK1HMYËFMHOË
WRFKDWDPæHWRYxHFKQRNRXS¿QËY.DQL
FËFKRGQHVêDV
5¿GVHNDæGÛPURNHPSURMGXWøPLWRFHV
WDPL L Xx¿NRYHP SR]GUDYËP OLxNX %\V
WURXxNX D RêLPD Y]SRPËQHN MVHP ]DVH WËP
PDOÛP xNRO¿NHP FR VH WX XêLO PRXGUÛP
EÛWL
-DQ1HMH]FKOHE
6EU
åHOH]QpKRãURWX
-DQ1HMH]FKOHEVPDPLQNRXYURFH
)RWRJUDIRYiQRYGQHãQt ÄMHGQRVP UFH³Y
REFtFK DVWËGDOLVHYSURxODSRY¿QËFHVW\ YH VQøKX
1øMDNQ¿PWDKRGLQRY¿WUDQHSLSDGOD
7HQNU¿WPøxDQNDPøOD Q¿]HY 9ÛEøURY¿
xNRODDWDNQ¿VGRQË]2EFFKRGLOR]URê
QËNXMHQSøW2VWDWQËVSROXæ¿FL]REHF
QË xNRO\ ]VWDOL X ËGËFËKR SDQD 6WURXKDOD
DWHSUYHSRY¿OFHSRVOHGQËURN NRQêLOL WDNÇ
VHXVNXWH þQtYSiWHNDYVRERWX
D
6EUQHEH]SH þQpKRRGSDGX SUREKQHYSiWHN YKRGLQ 2F K RWQ LF Np
pG
GLY D GOR Y2
Y
2F K R]LLS
SR
RUU RF H
H =PøQ\NWHUÇ SLQHVOD WHKGHMxË GRED ]D
V¿KO\QHSË]QLYø GR DG VW¿YDMËFËFK RUJDQL
]¿WRU D GLYDGHOQËFK RFKRWQËN Y 2FKR]L
'LYDGHOQËSHGVWDYHQËVHKU¿ODSRGU]QÛPL
RUJDQL]DFHPLRGERU\DSRG 7DN QDS SRG
0ËVWQË MHGQRWRX KDVLêVNRX E\OD SURYHGHQD
GLYDGHOQËKUD-DQ9ÛUDYD YËFH LQIRUPDFË
MVRX XYHGHQ\ Y SXEOLNDFL OHW 2FKR]
X%UQD
2G URNX ]DêDOR GDOxË REGREË VMHG
QRFHQÇRFKRWQLFNÇGLYDGHOQËêLQQRVWL=DOR
æHQË RFKRWQLFNÇKR VERUX D SUYQË XYHGHQ¿
KUD 7XO¿N MH UHSURGXNRY¿QD GLYDGHOQËP
SURJUDPHP]WÇGRE\
/LGRY¿ VFÇQD E\OD ]DORæHQD NYøWQD
YU¿PFL0ËVWQËRVYøWRYÇEHVHG\
SRNUDêRY¿QËSËxWø
jHEHVWL¿Q3RO¿N
1DIRWRJUDILL]7XO¿ND]OHYD/ËGD+ORXx
NRY¿ 3RNRUQ¿ 6WDQLVODY +ODYLêND +HOHQD
+UD]GËURY¿
'23 , 6
62
2 &+2 = $ 1 b 0
DQHE
9]SRPËQNDQDe&DSUDPHQWDr
SRNUDþRYiQt]PLQXOpKRþtVOD '¿ VH SHGSRNO¿GDW æH GR U NG\
Y\xHO Y 0RUDYLL êO¿QHN SRSLVXMËFË 2FKR]
VNRXMHVN\QL KUDEø 'LHWULFKVWHLQ R MHVN\QL
QDVYÇPSDQVWYËQHYøGøO 1DMHGQRX ML FKFH
]SËVWXSQLW 3URê" -DNÛ P¿ PRWLY" åH E\
VSHOHRORJLFN¿ ILODQWURSLH" 7HKG\" $ X Qø
KR"8VWUR]HNDONXOXMËFËKRSRGQLNDWHOH"1H
VP\VO7RPøORVYMYÛ]QDPDFËOQHERE\O
MHQ]YøGDYÛDSRS¿OVL]D]ODWÛFKVH
SRGËYDW GR YODVWQË MHVN\Qø" 7R VQDG WDN\
QH %ÛW WR QD 5¿MHFNÇP SDQVWYË WDN WDP
NQËæH+XJR6DOPYOH]H SR ELFKX D ]DGDU
PR7RE\OQDGxHQHFSURMHVN\Qø$OH'LHW
ULFKVWHLQ"3ËêLQDMHSRGOHPÇKRY WRP FR
MVHPXæQDSVDO0ËWWDN\WRFRP¿VRXVHG
HNO E\FK æH OLGÇ Y SUEøKX VWDOHWË P\VOË
SR¿GVWHMQø
$ WHó SR]RU 3RGOH QøNWHUÛFK SUDPHQ
]HMPÇQD SDQD +RUQLVFKH D MHKR êO¿QNX
Y 0RUDYLL E\OD MHVN\Qø ]Q¿P¿ MLæ Y U
3DQ)SWYU GREX QHXY¿GË
SR]GøML DXWRL WYUGË æH WR E\OR Y U 3URê DVL" HNO E\FK æH QHMVSËx SURWR æH
KUDEø 'LHWULFKVWHLQ NRXSLO SDQVWYË Dæ
Y S U R V L Q F L
UDQHMVSËxVHNROHPREMHYHQËMHVN\Qø
QøFR VWDOR FR KUDEø QHPRKO SRWHERYDW
3RGOHQøM]DêËQDODKLVWRULHMHKR SDQVWYË UR
NHPSURWR WHQ SRVXQ 1HYøËWH" 7DN
SRMóWH VOHGRYDW XG¿ORVW G¿OH RQR Q¿P WR
XN¿æH
9OÇWøURNXE\O\GRNRQêHQ\ØSUDY\
YVWXSQËFK SDUWLË MHVN\Qø D VUSQD SDQKUDEøYGRSURYRGXVYÛFKØHGQËNFËU
NHYQËFK KRGQRVW¿ IDU¿ D NQøæË D GDOxË
SR]YDQÇVSROHêQRVWL2FKR]VNRXMHVN\QL QD
YxWËYLO $E\ E\OD VO¿YD ØSOQ¿ E\O SR]Y¿Q
WDNÇ]SUDYRGDMe0RUDYLHrNWHUÛVYMêO¿QHN
e'LH 7URSIVWHLQKÔKOH ]X 2FKR]r VLJQRYDO
SU¿Yø]QDêNRX)3W
.URPøWRKRæHQ¿VWHQWRDXWRULQIRUPXMH
R UR]KRGQXWË KUDEøWH MHVN\QL ]SËVWXSQLW
R SRPSÇ]QËP RVYøWOHQË MHVN\Qø YËFH MDN
êW\PLVW\SHWUROHMRYÛPLODPSDPLDEHQJ¿O
VNÛPLRKQLSËxH]GHDXWRURMHMËPREMHYLWH
OL 1D]ÛY¿ MHM -RKDQQ 0DW¿xHN SUÛ WR E\O
FKXGÛxYHF]2FKR]HNWHUÛMHVN\QLeDOV/D
JHUVWHOOH ]X EHQÚW]HQ SIOHJWHr FRæ GRQH
G¿YQD YxLFKQL SHNO¿GDOL eSRXæËYDO MDNR
RE\GOËr0MQøPHFN\GREHPOXYËFËSËWHO
-RVHI 8KHU PQH SR SHêWHQË WRKRWR êO¿QNX
XSR]RUQLOæHWHQWRYÛUD]O]HWDNÇFK¿SDWMD
NRW¿ERHQË6YøGêLOE\RWRPYÛ]QDPFHOÇ
YøW\NWHU¿E\SRWRP]QøOD e1D OHVHP SR
NU\WÇP VYDKX NRSFH REMHYLO QHMSUYH VNDOQË
UR]VHGOLQX NWHURX RQ ]FHOD FKXGÛ D EH]
SËVWHxË SRXæËYDO MDNR RE\GOË W¿ERLxWø
=WÇWRUR]VHGOLQ\SRVOÇ]HSURQLNOGRFKRGE\
+DGLFHDWDNREMHYLORQXMHVN\QLr
9HVYÇPêO¿QNXe.GHE\OSYRGQËREMH
YLWHOVNÛYFKRGGR 2FKR]VNÇ MHVN\Qø NWHUÛ
Y\xHOYURêHQFHe6SHOHRIRUXPrVWU Y\VYøWOXMLæHREMHYLWHOSDWUQø E\GOHO YH
VNDOQËP SHYLVX êL UR]VHGOLQø Y\WYRHQÇ
SURXGËFËYRGRX9êO¿QNXWDNÇ SRSLVXML æH
WHQWRSHYLVêLUR]VHGOLQDMHYVRXêDVQÇGR
Eø]D]GøQSRGYFKRGRYÛPREMHNWHPGRMHV
N\Qø1DSRG]LPURNXSURY¿GøO6SU¿
YD &+.2 0RUDYVNÛ NUDV UHNRQVWUXNFL
YFKRGRYÇKRREMHNWXGRMHVN\Qø3RRGERX
U¿QË SYRGQËKR ]GLYD VH XN¿]DOR æH MVHP
PøOSUDYGX
$æSRWXGMHYxH REMHNWLYQË D YøURKRGQÇ
$æQDSDQD0DW¿xND0H]LUDU
E\OR Y 2FKR]L GRP IDUD KRVSRGD D
SDVWRXxND 9 VRXSLVX MPHQ WøFK NWHË ]GH
E\GOHOLVHMPÇQR 0DW¿xHN DQL MPÇQR MHPX
SRGREQÇ QHY\VN\WXMH 1HYËP SURê 0RæQ¿
P¿P QHØSOQÛ VH]QDP DQHER ]GH WDNRYÇ
MPÇQRQLNG\QHE\OR3URê"'RêNHMWHêDVX
'DOxË]DXWRUNWHËSËxËRREMHYLWHOLE\O
YUSDQS¿WHU-RKDQQ 1HSRPXN 6RX
NXSNDSODQYH6ORXSX7HQMHMSREH]P¿OD
WLFHWL OHWHFK RG REMHYHQË MHVN\Qø SRSLVXMH
WDNWR e9\SUDYXMH VH æH URNX æLO
3RNUDêRY¿QËQDVWU¿QFH
63 2/ ( ÿ( 1 6. É
É5
5 8%5 , . $
é(59(1(&
+RU¿êNRY¿0DULH
$QWRQLFN¿$QQD
ê
ê
OHW
OHW
.LYRQRæNRY¿+HOHQD
.LYRQRæND)UDQWLxHN
ê
ê
OHW
OHW
+ORXxHN-DQ
9RM¿êNRY¿$QQD
%UDGD/XERPËU
9DxËêNRY¿0LORVODYD
3HUQLFRY¿'UDKRPËUD
+XGFRY¿$QQD
9DxËêNRY¿$QQD
653(1
+ORXxHN-DQ
3HxRY¿.YøWRVODYD
7U¿YQËêNRY¿0DULH
6PËOHN-DURVODY
9DxËêNRY¿0LODGD
9DxNRY¿0DULH
=DMËêHN9DYLQHF
+DO¿PNRY¿0DULH
=DMËêNRY¿9øUD
ê
ê
ê
ê
ê
ê
OHW
OHW
OHW
OHW
OHW
ê
OHW
OHW
ê
OHW
ê
ê
ê
ê
OHW
OHW
OHW
ê
ê
OHW
OHW
OHW
ê
OHW
ê
OHW
3526,1(&
+UD]GËUD.DUHO
6O¿PD-DURPËU
3Hx+XEHUW
+URPNRY¿0DULH
+XGFRY¿0LODGD
%UDGRY¿-LWND
%ODWQ¿jWøS¿QND
.DO¿EHN5REHUW
6DS¿N.DUHO
3HUQLFRY¿9ODVWD
ê
ê
ê
ê
ê
ê
ê
ê
ê
ê
OHW
OHW
OHW
OHW
OHW
OHW
OHW
OHW
OHW
OHW
9ãHPMXELODQW$PSHMHPHKRGQ
]GUDYtDVSRNRMHQRVWL
32'=,0
,SRG]LPPiNRX]ORVYRMH SHVWURXY åG\PiSDOHWX
YStURGWDNYåG\FN\WRMH
QDVWXSXMHSROpWX äHVHNRX t]NRPtQ$
DåHOLVWt VSDGQH"
7RPXNOLGQSURPLQHP
MHWRSURVW GDQp
ýWYHURURþQtSRþDVt
WRMHQDãHNOLPD SURWRS LMGH]Y\NiãVL
SRSRG]LPX]LPD )RXNiWRXå]KROêFKVWUiQt ]DVWPDGtYHQDVWDQH
QDOpWRGQ\Y]SRPtQiQt MHQRPVQiPL] $VWDQH -DQ1HMH]FKOHE 3 U i Y ] D tQ i P H
DQHEUXEULND
GLYDGHOQËKRVSRONX
=D&\ULOHP7LKHONRX9,,
9 QDxHP Y\SU¿YøQË MVPH VH RFLWOL Y
U D SDQ ËGËFË 7LKHOND SRNUDêXMH
6RNRORYQD E\OD RWHYHQD D Q¿P QDVWDOD
QRY¿ UDGRVWQ¿ SU¿FH éLQQRVW MHGQRW\ VH
UR]HEøKOD WDNRYÛP ]SVREHP æH E\OD
NODGHQDYæXSøMLQÛPMHGQRW¿P]DY]RUHP
7\WRMHGQRW\WDNÇSRVWDYLO\VYÇ6RNRORYQ\
DOHPQRKG\WDNILQDQêQø]DRVW¿YDO\æHMLP
KUR]LONRQNXUV
+ODYQËQDxËêLQQRVWËE\ORRYxHP FYLêHQË
NGH SLE\OR YH YxHFK VORæN¿FK PQRKR
QRYÛFK êOHQ SRWRP U]QÇ SRGQLN\ D
]¿EDY\7\E\O\YæG\FN\VW\ORYø Y\EDYHQ\
VY\]GREHQÛPV¿OHPDEÛYDO\WDNVOXxQÇæH
U]QË WDN\ PODGËFL ] RNROË ËNDOL 'R
2FKR]H QHSMGHP WDP MH WR PRF
xNUREHQÛ 9ÛWUæQËFL NWHË ØP\VOQø FKWøOL
SURYÇVWQøMDNRXRVWXGXE\OLY\VWUêHQL YHQ
QD GYU D WDP GRVWDOL WDNRYÛ Q¿H] æH
MLPSHxODFKXSLMËWSRGUXKÇGR6RNRORYQ\
QD]¿EDYX
2YxHP QHMYøWxË SRGËO QD XPRRY¿QË
GOXKX QD VWDYEX GLYDGOD PøOD GLYDGOD
+U¿YDOLMVPHLYHYxHFKRNROQËFKYHVQLFËFK
1HMYøWxË ØVSøFK PøOD RSHUHWD 1D VYDWÇP
NRSHêNX7XMVPHKU¿OLWDNÇY3R]RLFËFKV
WDNRYÛPØVSøFKHPæHE\VPHMLPRKOLKQHG
SR VNRQêHQË RSDNRYDW ]QRYX WR RYxHP MLæ
QHE\OR SUR SRNURêLORX GREX PRæQÇ 3UR
WXWR KUX MVPH ]KRWRYLOL QDPDORYDOL
RULJLQ¿OQË NXOLV\ FHO¿ ]DGQË VWøQD QD
6 Y DWÇP .RSHêNX D OXKDêRYLFNÇ
LQKDODWRULXP =DEUDOR Q¿P WR FHOÇ
SU¿]GQLQ\WRWLæPQøDV\QX9O¿óRYL
=GHVLGRYROËPY]SRPËQN\SDQDËGËFËKR
SHUXxLW3DPøWQËFLY]SRPËQDMËGRGQHVQD
W\ NXOLV\ MDNR QD QøFR Y\MËPHêQÇKR
&HO¿VFÇQDE\ODQDWROLNSODVWLFN¿æHY]QLNDO
GRMHP RSUDYGRYÇKR YVWXSX KHUF GR
NUDMLQ\1DNDæGÇPMHMLFKWHKGHMxËPGLYDGOH
MHYLxWQË ØSUDYD MHMËP DXWRUHP E\O YæG\
LQJ 9ODGLPËU 7LKHOND Y VRXODGX V
SURYHGHQËP GR WÇ PËU\ æH QD GLYDGOD
SLFK¿]HOR FHOÇ RNROË , DXWREXVRYÇ
YÛSUDY\ $QR WR WHKG\ Y]QLNOR R]QDêHQË
RFKR]VNÇ 6RNRORYQ\ SUYQË SRKRUVN¿
VFÇQD
3RQøYDGæYVRXVHGVWYË6RNRORYQ\E\ODR
QøMDNÛURNGËYHSRVWDYHQD2UORYQDQDVWDOR
WHSUYHWHóWRSUDYÇVRXWøæHQËYêLQQRVWLMDN
WøORYÛFKRYQÇWDNNXOWXUQË5R]PDFKDUVW
SR YxHFK VWU¿Q¿FK 6RNRORYÇ PøOL Y V¿OH
SDUNHW\WËP SLWDKRYDOL PO¿GHæ QD ]¿EDY\
2UORYÇ ]DV PøOL MLQÇ WUXPI\ XUêLWø VWHMQø
GREUÇ%\ODWRLG\ODLNG\æWRPRæQ¿]WHK
GHMxËKR SRKOHGX QHY\SDGDOR %\OD WR LG\OD
XæSURWRæH]DURKHP Y 1øPHFNX VH GR
VWDO N PRFL MLVWÛ YHJHWDUL¿Q D SËWHO GøWË
RYxHP MHQ QøNWHUÛFK W\ RVWDWQË MH QXWQR
RGVWUDQLWŸóD+LWOHU+QøGÛPRUNWHUÛVH
]MHKRRNROËxËLO]DFKY¿WLOL QøNWHUÇ OLGL Y
QDxHP VW¿Wø 5R]OÇ]DO VH , GR VRNROVNÛFK
æXS D MHGQRW 1HXxHWLO DQL MHGQRWX RFKR]
VNRX'YDêOHQRYÇE\OLLQILNRY¿QLXæS¿UOHW
SRGRVWDYøQË6RNRORYQ\ 3UYQË ERM V WËPWR
æLYOHP&\ULO7LKHONDY\KU¿O D WDNWR QD QøM
Y]SRPËQDOMHMLFK VQHP E\OR XFKY¿WLW
YHGHQËYxXGH=DêDOLSV¿WNULWLN\GREUQøQ
VNÇKR6RNRODQDQDxHSRGQLN\1DSVDOLMVPH
WHG\æXSøRêEøæËDE\ æ¿GQRX ]SU¿YX EH]
SRGSLVX VWDURVW\ D MHGQDWHOH QHXYHHMQLOD
%UDWL IDxLVWÇ SHxOL ]QRYX GR ØWRNX D SR
]YDOL SR MHGQRP SRGQLNX NGH MVHP PøO
GHOxËSURVORY æXSQËKR Y]GøODYDWHOH EU =D
KUDGQËND WDNÇ IDxLVWX QD VFKØ]L MHGQRW\
7HQSLxHOD]DêDOEËWGRVRFLDOLVWMDNRQø
MDNÛDJLW¿WRUQDSHGYROHEQËVFK]L7LNGR
MHMSR]YDOLPXWRWLæQHHNOLæHYQDxË MHG
QRWøMVRXNURPøGYRXIDxLVWYxLFKQLêOHQR
YÇ Q¿URGQË VRFLDOLVWÇ D VRFL¿OQË GHPRNUDWÇ
$WRPX]O¿PDORYD]1DSVDOLMVPHWDNR
YÛSËSLVRMHKRY\VWRXSHQËX Q¿V æH MHæWR
VH WR VWDOR MLæ Y QøNROLND MHGQRW¿FK E\O
IXQNFHæXSQËKRY]GøODYDWHOH
3RWRPDOHSLxODGREDNG\]DêDO\PUDN\
LG ]¿SDGX KRXVWQRXW 3R YËFH PDOÛFK xDU
Y¿WN¿FKQDEÛYDODPRF IDxLVW QD YÛ]QDPX
DæSLxORNUR]KRGXMËFËVFK]L
3ËxWøQDKOÇGQHPHXæQDSRVOHG\GRY]SR
. Q LK R Y Q L ND 'WLFKRGtXåYtFMDNP VtFGRãNRO\1D
SUi]GQLQ\]$VWDO\ MHQ Y]SRPtQN\ D SiU I R
WHN 3LSRPtQNRX OpWD MH NQLKD /DGLVODYD
.RYiH 7RXON\ 0RUDYRX -H WR SU $YRGFH
SR ]QiPêFK L QH]QiPêFK PtVWHFK NUDMLQ\
YHNWHUp åLMHPH $XWRU GDOãtKR GtOD 7KRU +H\HUGDKO VH
SODYLOQDYRUXVHãHVWL RGYiåQêPL 6HYH DQ\
QD9HOLNRQRþQtRVWURY=GH]DåLOPQRKR ] i
KDGQêFK StKRG D VYp ]iåLWN\ Y\OtþLO
YFHVWRSLVQpPURPiQX $NX±DNX
-DQ :HO]OMHVQDGQHMY WãtþHVNê GREU R
GUXK 1DURGLO VH Y PRUDYVNpP =iEHKX D
YHONRXþiVWVYpKRåLYRWDSURåLO]DVHYHUQtP
SROiUQtPNUXKHPMDNRORYHF]Y HDYHOU\E
FHVWRYDWHO D ]iPHþQtN HVN\PiFNê QiþH O
QtN]ODWRNRSD VRXGFH 2 WRP VH ]Y GDYê
þWHQiGR]YtYGtONXV Qi]YHP 7LFHWOHWQD
]ODWpPVHYHUX
3DWQiFWNQLK]HåLYRWDHJ\SWVNpKRRWYtU D
þH OHEHN Pi SRGWLWXO GYRXGtOQê KLVWRULFNê
URPiQ0LND9DOWDUL± (J\S"DQ6LQXKHW
1DStQDYê StEK V URPDQWLFNêP QiGH
FKHP±WDNE\VHGDODFKDUDNWHUL]RYDWNQLKD
DPHULFNpDXWRUN\ ,ULV -RKDQVHQV Qi]YHP
'ORXKRSRS$OQRFL
3UR]DþtQDMtFtþWHQi H]SUDFRYDOL =GHQN
$GOD-LtýHUQêD-Lt .DORXVHN 2EUi]N\
] þHVNêFK GMLQ D SRYVWt 9HONp PQRåVWYt
REUi]N$ V MHGQRGXFKêP WH[WHP SLEOLåXMH
QHMPHQãtPYê]QDPQpXGiORVWL] GiYQpLQH
GiYQpKLVWRULH 3UR SRG]LPQt YHþHU\ G WHP QD SRVOR X
FKiQt D URGLþ $P QD þWHQt MH MDNR VWYR HQp
Y\SUiYQN\)UDQWLãND1HSLOD 0DNRYêPX
åtþHN
3RVOHGQtNQLKD] GQHãQtQDEtGN\MHXU
þHQDVWDUãtPG WHP 5RQMDGFHUDORXSHåQt
ND]QiPpãYpGVNpDXWRUN\ $VWULG /LQGJUH
QRYpMH~VPYQpSRYtGiQt SOQp GREURGUX å
VWYtDODVNDYpKRKXPRUX 8YHGHQp WLWXO\ L GDOãt NQLKX ] IRQGX
PtVWQtNQLKRYQ\VLP $åHWHS LMtWY\EUDWNDå
3RSODWHN]D]YHHMQQtY2FKR]VNpP
]SUDYRGDML
9êVOHGQêIRUPiWYþDVRSLVX±
SRGNODG\GRGDQpREMHGQDYDWHOHP
$FHOiVWUDQD.þ
$SRORYLQDVWUDQ\.þ
$þWYUWLQDVWUDQ\DPpQ.þ
=DGQtVWUDQDREiON\.þ
SRX]HFHOiVWUDQDPtQXVSORFKDWLUiåH
7LWXOQtVWUDQD.þ
SRX]HFHOiVWUDQDPtQXVSORFKD
]iKODYt
*UDILFNp]SUDFRYiQtUHGDNFt±
SLUiåND]YêVOHGQpSORFK\
)\]LFNpDSUiYQLFNpRVRE\VHVtGOHP
Y2FKR]LVOHYD]FHQ\
-(6.<ÿ.<
3 29 67 ,
,== 025 $96. e +2
2.
. 5 $ 68 9 DGYHQWQËP êDVH VH Y RNROË 6ORXSX D
jRxYN\DY ØGROË 3XQNY\ REMHYRYDO\ MHV
N\ N\%\O\WR]DNOHWÇGXxH NUNDYêËFK PD
WHNNWHUÇVH]H]OÇYOHQHER]SRKRGOQRVWL
]EDYLO\ VYÛFK GøWË =D WR MH VWLKO NUXWÛ
WUHVWuVWDO\VH] QLFK GLYÇ æHQ\ D SURWRæH
VH ]GUæRYDO\ YH VNODQËFK VOXMËFK ËNDOR VH
MLP MHVN\ N\ %\O\ Y\VRNÇ SRVWDY\ FHOÇ
Y EËOÇP UR]HYO¿WÇ YODV\ MLP ]DNUÛYDO EËOÛ
x¿WHN
9HGQHVHxLURNRGRNUDMH UR]OÇKDO MHMLFK
æDORVWQÛ Q¿HN QDG ]WU¿WRX VYÛFK GøWË D
]MHMLFK VO] Y\UVWDO\ NLx¿ORYÇ VWHFKÛON\
]DWRNYHêHUXY\EËKDO\GROHV D GR SROË D
]D WP\ VH RGY¿æLO\ GRNRQFH Dæ GR GøGLQ\
%øGD]DWRXODQÇPXGËWøWLNWHUÇVHYWÇGREø
]GUæRYDOR MHxWø YHQNX -HVN\ N\ MH KRGLO\
GRS\WOH]DW¿KO\GRVYÛFKGøUWDPXWDQFR
YDO\NVPUWLD R EDOHQÇ Y¿SHQFHP ]DYøVLO\
NHVWURSXMHVN\Qø
-LQG\]DVHMHVN\ N\VEDUHYQÛPLVYËWLOQD
PLSRGREQøMDNRYRNROË6ORXSXVHY\VN\
WXMËFËVYøWÛONDSRVW¿YDO\ X FHVW\ D VY¿GøO\
QHSR]RUQÇPDWN\GRPRê¿OQHERSURSDVWË
9WDNRYÇPSËSDGøPRKORQHxDVWQRXQ¿KR
GRX æHQX ]DFKU¿QLW SRX]H KODVLWÇ ]YRO¿QË
MPHQ MHMËFK GøWË MLQDN NG\æ Xæ VHxOD
]SUDYÇFHVW\E\OD]WUDFHQDD QH]Q¿P¿ VËOD
MLSXGLOD]DVYøWÛONHPDæNHNUXWÇPXNRQFL
9êDVHFKS¿VWHNFKRGLO\MHVN\ N\Dæ GR
FKDOXSDOHQLNRPXQLF]OÇKRQHXGøODO\%H]
HêL]DVHGO\NHNRORYUDWPMLæ SUR Qø SL
SUDYHQÛP D SHGO\ V RVWDWQËPL æHQDPL
3¿GORYxHFKSLWRP SR]RUXKRGQø SLEÛYD
OR SURWR E\OD SËWRPQRVW MHVN\QøN YËW¿QD
-DNPLOH VH MLFK YxDN ]DêDO QøNGR QD QøFR
Y\SW¿YDWYWXFKYËOLVHxNDUHGø]DxNOHELO\D
]PL]HO\MDNRE\GRQLFKKURPXKRGLO
0QRKG\ WDNÇ EÛYDOR RWHYHQÛPL RNQ\
VO\xHW XxWYDQÇ VWÇQ¿QË WøFKWR GLYÛFK æHQ
-HVWOLæH QøNWHU¿ ]DYRODOD e+Xx KXxr
YOHWøOD GR VYøWQLFH ]NUYDYHQ¿ KODYD
QHER QRKD VH VWUDxOLYRX RGSRYøGË e
3RP¿KDOL MVWH xWY¿W 3RPR]WH WDNÇ KRGR
YDWr7RV¿P]OÛGXFKYW\GQ\SURQ¿VOHGR
YDO XERKÇ MHVN\ N\ 5ROQËFL SDN SL RU¿QË
QDFK¿]HOL NUYDYÇ WøOR NWHUÇ MLP YxDN SRG
UXNRXYæG\]PL]HOR
1HMKRUxËGRERXE\O SUR MHVN\ N\ jWøGUÛ
YHêHUGHQ-HæËxNRYDQDUR]HQËNG\MVRXGøWL
RE]YO¿xWøEOË]NÇOLGVNÛPVUGFËP3LFK¿]HO\
GR YVË D FHOÇ ]NHKOÇ D FKYøMËFË VH ]LPRX
VPXWQø QDKOËæHO\ RNQ\ GR FKDOXS DE\ VH
DOHVSR WDNWøxLO\]NRX]OD URGLQQÇKR xWøVWË
DGøWVNÇUDGRVWLRQøæ VH VDP\ NG\VL VYRX
OHKNRP\VOQRVWËSLSUDYLO\
67 2/ ( 7 e
e9
9ë5 2ÿÌ
Ì2
2%- ( 98
1 29e
e2
2&+2= 6. e
e&
&+2 '%<
-HGQRX ]H VNXWHêQÛFK SHUHO 0RUDYVNÇKR
NUDVX MH 2FKRVN¿ MHVN\Qø OHæËFË Y ØGROË
ËêN\ 7DWR SUR YHHMQRVW QHSËVWXSQ¿ MHV
N\QøRVODYËOHWRVNRQFHP]¿ËVWÇYÛURêËRE
MHYX 1RYÇ RFKR]VNÇ FKRGE\ OÇSH HêHQR
MHMËFRGRNU¿SQËNRYÇ YÛ]GRE\ QHMNU¿VQøMxË
ê¿VWLQD]YDQÇ3URFK¿]NRYDFKRGED
1RY¿RFKR]VN¿FKRGEDRGERêXMHWÇPøY
SUDYÇPØKOXYSRVOHGQËP]9HONÛFKGÑP
] .ËæRYD GÑPX VPøUHP QD YÛFKRG SRG
+RVWøQLFNÇSURSDG¿QË
'RUSNXE\OR]WÇWRFKRGE\]Q¿PR
DVL MHQ PHWU 7R MHxWø QHPøOD Q¿]HY
1RY¿RFKR]VN¿FKRGED7XWRVWRGYDFHWLPH
WURYRX ê¿VW SUR]NRXPDO MDNR SUYQË Y URFH
08'U-LQGLFK :DQNHO V LQJ $QWR
QËQHP0O¿GNHP3U]NXP2FKR]VNÇMHVN\
Qø YêHWQø WRKRWR ØVHNX FKRGE\ SRSVDO
:DQNHO Y êDVRSLVH /HLS]LJHU ,OOXVWUHLHUWH
=HLWXQJURêYêO¿QNX'LH+R
KOHYRQ2FKR]
3UYQËFK DVL PHWU FKRGE\ WYRË GQHV
W]Y6SRMRYDFËVË =DQË]DêËQ¿FKRGED]YD
Q¿:DQNHORYDPËVW\MH Dæ PHWU xLURN¿
]SRê¿WNXP¿VWURSYHYÛxLDVLPHWUXSR
VOÇ]HVHVWURSVQLæXMHDæQDFFD FP -HMË
GQRMHSRYRG RYÛPHêLxWøP +RVWøQLFNÇKR
SRWRNDNWHUÛVHSURSDG¿YH9LOÇPRYøØGR
OËêNXSRG+RVWøQLFHPL3RGOH SRSLVX :DQ
NHOD , GDOxËFK %DXHU .RXGHOND 7UDPSOHU
DM NRQêLOD WDWR FKRGED MH]ËUNHP KOXER
NÛPDVLFP
9URFHVHYøQRYDOWLxQRYVNÛURG¿N
SURIHVRUGU9ODGLPËU-RVHI3URFK¿]NDDVLV
WHQWJHRORJLHQDéHVNÇSRO\WHFKQLFH Y 3UD
]HYÛ]NXPXMLæQË ê¿VWL 0RUDYVNÇKR NUDVX
%\ORGKRGO¿QSRNXVLWVHRSUQLNDSURORQ
JDFL Y WÇWR FKRGEø MDNPLOH QDVWDQRX MHQ
WURFKXYKRGQÇSRGPËQN\6USHQD]¿ËE\O\
WRKRURNXWDNVXFKÇæHYRGQËWRN\Y RNROË
WÇPø Y\VFKO\ 9 WÇ GREø SUÛ VYHGOD 3UR
FK¿]NXxDVWQ¿Q¿KRGDVHGYøPDVWDWHêQÛPL
PXæL-0X]LN¿HPD+3RKOHP7\WRPX
æHMPHQXMËWDNÇ.ËæD.RXGHONDYHVYÇNQL
]H -HVN\Qø 0RUDYVNÇKR NUDVX VHVNXSHQË
GUXKÇDWHWË]URNX
1HQË]Q¿PRSHVQÇGDWXP SUQLNX 1LF
PÇQø3URFK¿]NDYHVYÇPêO¿QNX1RYÇMHV
N\QQËFKRGE\2FKR]VNÇNWHUÛY\xHOYêD
VRSLVH=ODW¿3UDKD 6YøWR]RU GQH OLVWR
SDGX XY¿GË æH VH NRQFHP ]¿Ë YRG\
SRWRN]WU¿FHO\XæGDOHNRSHGSURSDG¿QËP
] êHKRæ PæHPH GHGXNRYDW æH N SUQLNX
GRxORQøNG\NRQFHP]¿ËQHMSR]GøML]Dê¿W
NHPËMQD
=êO¿QNXY\VYËW¿æH3URFK¿]NRYD VNXSL
QDQHMSUYHSURYHGOD]DPøHQË6SRMRYDFËVË
QøD:DQNHORY\FKRGE\WHG\SURVWRUGRWÇ
GRE\]Q¿PÛFK3URFK¿]NDSËxHæHWRWRPø
HQËSURYHGOLKUDYø=GËYøMxËFKSRSLVD]
GQHxQËVLWXDFHY\SOÛY¿ æH NRQFRYÇ MH]ËUNR
êLW NDOHæHO\SLSRVWXSXFKRGERXYSHG
YÛFKRGQËPVPøUHPSURWLSURXGXSRYRG R
YÇKRWRNX VSËxH QD SUDYÇ VWUDQø FKRGE\ D
3URFK¿]NRYD VNXSLQD MH REFK¿]HOD ]OHYD
1¿SODYDMHY WøFJWR PËVWHFK VSËxH SËVêLW¿ D
SRNXGMH]GHE\ODYRGRXY\WYRHQ¿SURKOX
EH E\OR NDP XNO¿GDW PDWHUL¿O 3URGUDOL
MVPHVHDæWDPNDPVHQDxLSHGFKGFLQH
GRVWDOL SËxH 3URFK¿]ND 3HVWR E\OR ]MHY
QÇ æH SURQLNQHPH G¿O $ WDN SUÛ DVL SR
êWYUWKRGLQø]MLVWLOLæHVHVWURS]YHG¿DSHG
QLPLMHYROQ¿SURVWRUD
-DNSRVWXSRYDOLG¿OH FKRGERX ]MLxRYDOL
æH FKRGED YHGH VPøUHP N +RVWøQLFNÇPX
SURSDG¿QË 3URFK¿]ND , MHKR S¿WHOÇ E\OL
QDGxHQL NU¿VRX NU¿SQËNRYÇ YÛ]GRE\ 3UR
FK¿]NDYêO¿QNXG¿OHSËxH3HVWR æH SUR
VWRUQRVW QRYø REMHYHQÛFK FKRGHE QHQË WDN
YHON¿ MDNR SURVWRUQRVW KODYQËFK VËQË
RFKR]VNÇKR EOXGLxWø WRæ SHFH MHQ MHMLFK
WYDU D MPHQRYLWø NU¿SQËNRY¿ YÛ]GRED MVRX
QHRE\êHMQø ERKDW\ D UR]PDQLW\ 3R WÇWR
VWU¿QFH MH DGËP Y êHOR NU¿SQËNRYÛFK MHV
N\QQËFK EOXGLx 0RUDYVNÇKR NUDVX 5R]
KRGQøYxDNSRNXGVHWÛN¿êLVWRW\NU¿SQËN
MHPQRVWLMHMLFKQHY\URYQ¿VHMLPQLFYMHV
N\QËFKPRUDYVNÛFK
9GDOxËPWH[WX 3URFK¿]ND QDGxHQø SRSL
VXMHSRGRE\NU¿SQËNRYÇYÛ]GRE\ 3UR VRX
êDVQËND MH QDSËNODG ]DMËPDYÇ æH ØWYDU
GQHVQD]ÛYDQÛ +UR]HQ QD]YDOL REMHYLWHOÇ
=YRQ GQHxQË 2EË WODPX QD]YDOL
.DSOHDSRG
=¿YøUHP êO¿QNX VH 3URFK¿]ND ]DEÛY¿
WËP]GDEXGHWDWR NU¿VD QøNG\ ]SËVWXSQø
QD-HDOHRSWLPLVWRXDYøËæHWRMHGQRXWR
PRæQÇ EXGH 0\ DOH GQHV YËPH æH NDæGÛ
]E\WHêQÛ SURVWXS Y\WY¿Ë SRGPËQN\ N GH
YDVWDFL NU¿SQËNRYÇ YÛ]GRE\ 1DxWøVWË MH
SURVWXS :DQNHORYRX FKRGERX D SUNRSHP
YQ¿SODYøQD]YDQÛP:DQNHOYVLIRQPRæ
QÛ MHQ VSHOHRORJP V SLPøHQRX YÛVWURMË
WDNæH VH WDWR NU¿VD XFKU¿QLOD GRGQHV Y SO
QÇPUR]VDKX
3URFK¿]NRYD PDSD SRNXG YËP QLNGH
SXEOLNRY¿QD QHE\OD $OH NU¿WFH SR ]YHHM
QøQË REMHYX YQLNO GR WÇWR FKRGE\ )ORULDQ
.RXGHONDNWHUÛML]QRYX]DPøLOD]HYUXE
QøSRSVDO3RSLVYêHWQøPDSN\Y\xHOYNQL
]H 0DUWLQD .ËæH D )ORULDQD .RXGHON\ QD
]YDQÇ-HVN\Qø0RUDYVNÇKR NUDVX VNXSHQË
GUXKÇ D WHWË NWHU¿ Y\xOD YODVWQËP Q¿NOD
GHPDXWRUYURFHYHåG¿QLFËFK3UR
FK¿]NY REMHY E\O SR]GøML QD]Y¿Q
3URFK¿]NRYDFKRGED.RQHFREMHYXWHKG\
OHæHOYWQËFKSRG]HPQËKRWRNX+RVWøQLFNÇ
KR SRWRND NWHUÛ Y WÇ GREø ]D ]YÛxHQÛFK
YRGQËFKVWDYPHDQGUXMHSHGPËVWHPNWH
UÇVHQD]ÛY¿.ËæYVLIRQ
7RWRPËVWR GOH EUDWË +LPPHO -HVN\Qø
YSRYRGËËêN\]URNXSHNRQDOYUR
FH LQJ *XQWHU 1RXDFNK ]Q¿PÛ WR
êOHQ9HUUHLQ'HXWVFKH 7RXULVWHQ *UXSSH
IXU +RKOHQIRUVFKXQJ %UQR 6SROHN
QøPHFNÛFK WXULVW VNXSLQD SUR MHVN\QQË
YÛ]NXPY%UQø
1RXDFNKWHKG\SRVWRXSLODVLRPHWU
SHV SRORVLIRQ GQHV QD]ÛYDQÛ .ËæY
VLIRQQ¿VOHGQøSHV]DGQËNDSOLD]DVWDYLOD
MHMDæxLNP¿SXNOLQDQDMHMËPæGQøMHGDOxË
VLIRQ 7HQWR PHWUX GORXKÛ VLIRQ
Y\HURGRYDODYRGDYWÇPøYRGRURYQÇVNDOQË
SXNOLQø PD[ ØNORQ FFD VWXS -HKR SUH] VH SRGRE¿ êRêFH xËN\ NROHP
PHWUXDYÛxN\RG GR PHWUX D
RSøW
VH ]Y\xXMH Dæ GR SËêQÇ NDYHUQ\ QD
NRNQFLVLIRQXNWHU¿MHY\VRN¿FFDPHWU\
7HQWR SUYQË VNXWHêQÛ VLIRQ MH ]DSODYHQ
Y R G R X N W HU¿ Y\V\FK¿ MHQ ]D
GORXKRWUYDMËFËKRVXFKDDSDNO]HWHQWRVLIRQ
SURVWRXSLW
3RSUYÇ E\O WHQWR VLIRQ GOH EUDWË
+LPPHO SHNRQ¿Q QøNG\ Y URFH êOHQ\ 9'7*I+ YL] YÛxH MHMLFK MPÇQD
]DWËP QH]Q¿PH 6LIRQ VH GQHV QD]ÛY¿
1RXDFNKYVLIRQD WYRË VNXWHêQÛ SHGøO
æLYRWD D VPUWL %øGD WRPX NGR E\ E\O ]D
WËPWR VLIRQHP Y GREø NG\ WXG\ ]DêQH
SURWÇNDWSRYRG RY¿ YOQD SRG]HPQËKR WRNX
+RVWøQLFNÇKR SRWRND =Q¿P QøNROLN
SËSDG NG\ RGWXG XQLNOL MHVN\ ¿L Y
SRVOHGQËFKYËOL
1HM]D]xËKR ]Q¿PÇKR ERGX WÇWR FKRGE\
NRPRU\ QDG 7HWËP VLIRQHP GRV¿KOD
WËêOHQQ¿ VNXSLQD QøPHFNÛFK MHVN\ ¿
9'7*I+GQHSURVLQFHYHVORæHQË
0HW]NHU=ODPDO5HLQGHOD]QRYXOHGQD
0HW]NHU D %RKP 7HWË VLIRQ OHæË QD
NRQFL6LIRQRYÇFKRGE\]DGYøPD PHQxËPL
VLIRQ\NWHUÇVHGDMËVQDGQRY\êHUSDW
éDV RG êDVX MHVN\ ¿L QD 7HWË VLIRQ
]DØWRêË D VQDæË VH MHM SHNRQDW $OH WHQ MH
Ø]NÛ KOXERNÛ D NLYRODNÛ Y¿æH SRPøUQø
YHONÛREMHPYRG\D]QøMDNÛFKQH]Q¿PÛFK
GYRG ]D QËP D YH VSRGQËFK SDUWLËFK MH
]DSOQøQ ËGNÛP EDKQHP 'RVXG VH WR DOH
QLNRPXQHSRGDLOR
-RVHI3RNRUQÛ
éHVN¿VSHOHRORJLFN¿VSROHêQRVW
=¿NODGQËRUJDQL]DFH
3RNUDêRY¿QË]HVWU¿QN\
Y2FKR]LêORYøNQD P\VOL SRPDWHQÛ NWHUÛ
VL]DPDQXOKOHGDWLEU¿QXGR VYøWD SRG]HP
QËKRGRSHNOD6RXNXSMHSUYQËNGRXY¿GË
MDNR URN REMHYX MHVN\Qø URN $ SDN
MDNMHY QDxHP NUDML ]Y\NHP YxLFKQL GDOxË
DXWRLWXWRLQIRUPDFLQHER SRPOXYX" SR
FWLYøDRWURFN\RSLVXMË
9]KOHGHP N ØFWø NWHURX FKRY¿P
NOLWHU¿UQËSU¿FLS¿WHUD6RXNXSDD NWHU¿ VH
]YHONÇê¿VWLWÛN¿SU¿YøNUDVXPQHWHQWRMH
KR SRSLV REMHYLWHOH ]DU¿æË -VRX SUDPHQHP
MHKRLQIRUPDFËEDEVNÇWODFK\MVRXWRLQIRU
PDFH SRFK¿]HMËFË SËSDGQø ] NRPSORWX
SDQVWYD D FËUNHYQËFK KRGQRVW¿ QHER Q¿
ERæHQVNÛIDQDWLVPXVDXWRUD" VSËx P¿P SR
FLWæH6RXNXSE\OêORYøNêLVWÇKRVUGFHDMH
KRYËUD]GHE\OD]QHXæLWD$OHVNXWHêQRVWVH
XæGQHVQHGRYËPH
SRNUDêRY¿QËSËxWø
-RVHI3RNRUQÛGFKRGFH
&R
RMMH
HS
SU LP D CPGD
GREU p
p]]SU iY \
\]]2F K R]H
GRVWLGREUÛFKDNFËVHNRQ¿NROHP.OX
EX GFKRGF DOH WL R QLFK SRG¿YDMË VDPL
]SU¿Y\QHERSR]Y¿QN\
SULPDMH æH Q¿P Y 2FKR]L Y SRVOHGQË
GREø OHFFRV KRGQø URVWH NYHWH D EXMË
9VNXWNX Y]NYÇWDMË QDSËNODG SHG]DKU¿GN\
XjNUREQHER.DOËxN7\MVRXMDNRY\VWL
æHQÇ]UDNRXVNÇKRWHOHYL]QËKRVHUL¿OXDPRF
SøNQÇ
URVWH NYHWH D EXMË Q¿P WDNÇ RFKR]VNÛ
VNDXWDWRMHQYWRPQHMOHSxËPYÛ]QDPX
WøFKWRVORY&KODSFL]WÇWRRUJDQL]DFH
NRQDMËNURPøYODVWQËFKêLQQRVWËU]QÇSU¿FH
SURVSøxQÇSURYHHMQRVW1DSYVRERWX
]¿ËêLVWLOLSRêP¿UDQRXêHN¿UQXQDDXWREXV
1LNGR] QLFK ML MLVWø WDNKOH QHSRQLêLO D SR
YODVWRUXêQËPØNOLGXRFKR]xWËVNDXWLMLVWøQLF
SRGREQÇKR SURY¿GøW QHEXGRX =EÛY¿ WHG\
MHQSRGøNRYDW YxHP YHGRXFËP RGGËOX 1H
YGøêQ¿IXQNFHHNQHWHVL-LVWøMDNRNDæG¿
SU¿FH GRRSUDYG\ MHQRP SUR OLGL D SUR
RVREQËGREUÛSRFLW$OHRQL]DWRSHFH MH
QRP GRVW¿YDMË O¿VNX WøFK PDOÛFK D QHEH
W\êQÛ REGLY -H S¿U VNDXWËN NWHË VL SUR
VYRX RUJDQL]DFL QHFKDMË QDSDLW YH xNROH
SøWNXDGRPDWHED GRP¿FË Yø]HQË YËP WR
XUêLWøMHGQRKR]QLFKP¿PGRPD
+DQDjHG¿
2%( &1 Ì
Ì.
. 5 21, . $
DQHERNÇQNRGRKLVWRULHQDxËREFH
8VQHVHQËREHFQËFK]DVWXSLWHOVWHY
SRNUDêRY¿QË]PLQXOÇKRêËVOD
'QH Y\MHGQ¿Q RGSURGHM REHFQËKR
PDMHWNX YH VOHSÇ XOLêFH PH]L 6XFK¿UNRX
D GRPHP %HUQ .QHFKWD ê QD UR]xËHQË
GYRUX]DPK=DSR]HPN\RGSURGDQÇ
QD =¿ND]DQFL D YH VOHSÇ XOLêFH VWUæHQR
.ê=DW\WRSHQË]HNRXSHQR NXV
NRPXQ¿OQËFK GOXêQËFK ØSLV QRPLQ¿OQË
KRGQRW\ .ê ]D .ê ]E\WHN .
ê
KE\OXORæHQ QD NQËæNX Y &\U0HW =¿
ORæQø Y %UQø MDNRNNPHQRYÇ MPøQË 3R]H
PHNORXND SRG +¿GNHP Sê ? RGSUR
G¿QSRVFKY¿OHQË]HPYÛERUXMHKRGORXKR
OHWËPXXÛLYDWHOLOHW]D.ê.QHFKWRYL
)
U
D
Q
W
]2EF2EQRVWHQWR XORæHQ MDNR NPHQRYÇ
MPøQËQDKRHXYHGHQRXNQËæNX
'QHSRYROLOREHFQËYÛERU]Ë
]HQËU\EQËNX-RV+XGFRYLQDMHKRSR]HPNX
Y/XKX=D XæËY¿QË ê¿VWL REHFQËKR SR]HP
NXNWHUÛEÛY¿]DSODYHQ P¿ SODWLWL PDMLWHO
X]Q¿YDFËSRSODWHN.êURêQø
5RNX]Ë]HQREHFQËFKXGLQVNÛ
IRQG D SUR ]¿NODG GDOD REHF .ê 'QH
SRYROHQD VWDYED VSRMRYDFË RNU
VLOQLFH 2FKR]2EFH D ]DD]HQ GR UR]SRêWX
.êFHOÛWHQWRREQRVE\OMHGQËPUR
NHP VSODFHQ D SLU¿æND WRKR URNX E\OD
'OH XVQHVHQË REHF ]DVWXSLWHOVWYD
SRYROHQR]DV\SDWLREHFQËVWXGQX
QD Q¿YVL SURWL GRPX ê ]D WR PDMLWHO
GRPX ê -RVHI +XGHF GDO QD QRYRX
V
W
X
G
Q
X
V G R Y R ]HP 6 W X G QD SRVWDYHQD
QD=¿ND]DQFLDXæLYDWHOÇ VWXGQ\ GRSODWLOL
SR .ê 6WXGQD VORXæLWL PË RFKR]VNÛP
L REHFNÛP VRXVHGQËP REêDQP 2SUDYX
VWXGQ\ SHY]DO\ REø REFH QD SRORYLF 'QH
]DSVDOR REHFQË ]DVWXSLWHOVWYR
.ê QD VW¿WQË SMêNX D V SRGNOD
GHP Y¿OHêQÛFK SMêHN Y]URVWO\ VW¿WQË
S
M
ê
N
\
QD .ê 'QH SRYROHQR
UR]xËLWL]DKU¿GN\SHG GRP\ ê D X
U\EQËêNDQD Q¿YVL PDMLWHOÇ XæËYDMËFË UR]xË
HQÇ ê¿VWL REHFQËKR SR]HPNX ]D X]Q¿YDFË
SRSODWHNSR.êRGUURêQø
'QH SLVWRXSLOD REHF ]D êOHQD
SRGQLNX=¿SDGRPRUDYVNÇHOHNWU¿UQ\DNRX
SLODDNFLËYREQRVX.êGOHXVQH
VHQË] RSøWQø ]D .ê FHO
NHP ]D .ê D ]Ë]HQR HOHNWULFNÇ
RVYøWOHQË SR REFL SLVWRXSLOD
REHF]DêOHQDGRVSRONXHOHNWULFNÇKRVYR]X
V URêQËP SËVSøYNHP .ê QD URN
8VQHVHQR WÇæ Y\V¿]HWL X VLOQLFH QD Q¿YVL
VWURP\RYRFQÇ6WURPN\Y\V¿]HO\]DYHGHQË
XêLWHO xNROQË GËWN\ 5RNX XVQHVHQR
SRVWDYLWLVLOQLFLN2ERHYGËOFHPHWU
7ÇKRæ URNX ]Ë]HQ\ SRxWRYQD Y 2FKR]L D
QDYUæHQ N XYHGHQË SHQVLRQ IDU¿ ,JQ¿F
*LEDOD NWHUÛ VH EU]\ WRKRWR ]DPøVWQËQË
Y]GDOD RG QøM SHY]DO YHGHQË $QWRQËQ jË
PDWêWDMHPQËNY2EFËFK7RKRURNX]Ë
]HQWHOHIRQSHV.WLQ\YPËVWQRVWL REHFQË
KRNDQFOÇH
2&+2=6.æ
=35$92'$-
9\GiYi2EHFQt~DGY2FKR]LX%UQD
WHOID[
2GSRYGQêUHGDNWRU0 LORã+UD]GtUDWHO
7HFKQLFNiUHDOL]DFH-DURPtU&K\EDPO
LQIRUPDFHREþDQ
$PREFH
LQIRUPDFHREqDQPREFH
7LVN%DUERUD-DYRURYi%UQR
2FKR]X%UQD
=DYFQRXVSUiYQRVWS tVSYN$RGSRYtGDMtDXWRL5HGDNFHVLY\KUD
2FKR]X%UQD
]XMHSUiYRStVSYN\VW\OLVWLFN\XSUDYRYDW]HVWUXþRYDWStSDGQ
9\FKi]tqWYUWOHWQu
9\FKi]tþWYUWOHWQ
LQHXYHHMQLW1HY\åiGDQpUXNRSLV\DMLQpStVSYN\VHQHYUDFHMt
±ÊHUYHQHF 7RWRþtVORY\ãORQiNODGYêWLVN$='$50$
5RqQtN9qtVOR