Almanach k 220. výročí školy v Hrotovicích

Transkript

A/0$1$&+.9é52ýËâ.2/<
9+52729,&Ë&+
AOPDQDFKNYêURþtãNRO\
Y+URWRYLFtFK
Hrotovice 2009
6/29267$5267<
0otto
ÄýHPXNROLYVHXþtã
XþtãVHSURVHEH³
Petronius
3URNDåGpKR]QiVVHãNRODVWDODQHGtOQRXVRXþiVWtQDãHKRåLYRWDåLYRWDQDãLFK
URGLþĤDEXGHLþiVWtåLYRWDQDãLFKGČWt3ĜLSRPHQXWtYêURþtOHWRG]DORåHQtãNRO\
Y+URWRYLFtFKSDWĜtNYê]QDPQpXGiORVWLNWHUiVL]DVORXåtQDãLSR]RUQRVWOHW
]SRKOHGXGČMLQOLGVWYDMHSRXKê]ORPHNþDVXDYãDN]SRKOHGXMHGQRWOLYFH]DKUQXMH
MLåQČNROLNJHQHUDFt+LVWRULHãNRO\YVREČREVDKXMHPQRKR]PČQMDNYH]SĤVREX
Y]GČOiYiQt WDN L Y QHXVWiOpP ]OHSãRYiQt SRGPtQHN SUR YODVWQt YêXNX 2VYtFHQt
SDQRYQtFLãNROX]DNOiGDOLDPRXGĜtSĜHGNRYpMLWUYDOHSRGSRURYDOL=DORåHQtãNRO\
D UR]KRGQXWt R SRYLQQp ãNROQt GRFKi]FH SĜLQHVOR ]iVDGQt ]YUDW YH YêYRML FHOp
VSROHþQRVWL
.DåGê]QiVGRVWiYiSURVYĤMåLYRWGYD]iNODG\MHGHQYURGLQČDGUXKêYHãNROH
âNROD D MHMt GREUi ~URYHĖ SĜLQiãt QHMHQ EXGRXFt ~VSČFK MHGQRWOLYFH DOH L FHOpKR
QiURGD9GQHãQtXVSČFKDQpGREČNWHUiMH]DKOFHQDPQRåVWYtPLQIRUPDFtSĜLEêYi
L GDOãt QHOHKNi ~ORKD ãNRO\ XþLW åiN\ UR]SR]QiYDW ]iNODGQt LQIRUPDFH RG WČFK
QHSRGVWDWQêFK
9êURþt ãNRO\ E\ QHE\OR PRåQp VL SĜLSRPHQRXW EH] MHMtFK XþLWHOĤ 3URWR SĜL
Y]SRPtQiQtQDYêURþt]DORåHQtãNRO\MHGREUpVLXYČGRPLWSĜHGHYãtPYê]QDP
GREUpKRXþLWHOHDMHKRYHĜHMQpX]QiQtNWHUpMHREUD]HPY]GČODQRVWLDY\VSČORVWLFHOp
VSROHþQRVWL
$QWRQtQ0O\QiĜVWDURVWDPČVWD
5
6/292ě(',7(/(
0otto
ýtQVNpSĜtVORYt
ěHNQLPLDMi]DSRPHQX
8NDåPLDMiVL]DSDPDWXML
1HFKPQHWRXGČODW
DMiSRFKRStP
3ĜHVQpGDWRYiQt]DORåHQt+URWRYLFQHQt]QiPR3UYQtStVHPQi]PtQNDQDOLVWLQČ
NUiOH3ĜHP\VOD2WDNDUD,MHVLFHMLå]URNXQD]DORåHQtãNRO\VLPXVHO\+URWRYLFH
SRþNDWQHERVStãHLYtFHOHW9NURQLNiFKPČVWDQDMGHPHGĜtYHQHåãNROXWYU]
NRVWHOKĜELWRY]iPHN]iPHFNêSDUNSLYRYDUKRVWLQHF7HSUYHSR]DORåHQtãNRO\
YURFHVH+URWRYLFHGRþNDO\SUYQtKRYHĜHMQpKRREFKRGXþHWQLFNpVWDQLFHSRãW\
SRYêãHQtQDPČVW\VYHĜHMQpKRSHWUROHMRYpKRRVYČWOHQtOpNDĜHOpNiUQ\VSRĜLWHOQ\
WHOHJUDIQtVWDQLFHHOHNWUL¿NDFHDGDOãtFKY\PRåHQRVWtþLLQVWLWXFt-VPHUiGLåHWRVH
ãNRORXQHGRSDGORYPLQXORVWLMDNRVHåHOH]QLFtNWHUiE\ODGR+URWRYLFQČNROLNUiW
Y\SURMHNWRYiQDQLNG\VHYãDNVWDYEXQHSRGDĜLORXVNXWHþQLW
3ĜHGNOiGiPH9iPNMXELOHXOHWãNRO\YêURþQtþWHQtRãNROHNWHUpQHPĤåH
]GDOHNDY\þHUSiYDMtFtP]SĤVREHPSRVWLKQRXWFHORXKLVWRULLQDãtãNRO\3ĜLOLVWRYiQt
Y NURQLNiFK ãNRO\ D PČVWD MVPH VH VQDåLOL Y\EUDW WR QHM]DMtPDYČMãt D SRGVWDWQp
DSRGUREQČML]PDSRYDWSRX]HSRVOHGQtFKOHW9ČĜtPHåHVHYiPWRWRþWHQtEXGH
OtELW2GSRVOHGQtFKRVODYOHWãNRO\YURFHMLåXEČKORSUiYČOHW
=D OHW QDãH ãNROD Y\FKRYDOD D Y]GČODOD DVL åiNĤ NWHĜt VH XSODWQLOL
Y PQRKD SURIHVtFK ĜDGD ] QLFK Y\VWXGRYDOD Y\VRNp ãNRO\ D VWDOL VH YH VYêFK
RERUHFK X]QiYDQêPL RGERUQtN\ 'ČNXMHPH ]D WR YãHP REČWDYêP XþLWHOĤP NWHĜt
Y SUĤEČKX OHW QD ãNROH SĤVRELOL D WUSČOLYČ SĜHGiYDOL PODGp JHQHUDFL VYRMH
YČGRPRVWL D GRYHGQRVWL -VHP KUGê QD WR åH MVHP OHW PRKO EêW X WRKR 1DãH
ãNRODVLY\EXGRYDODQD7ĜHEtþVNXYêERUQê]YXNDE\OE\FKUiGNG\E\WRPXE\OR
WDNLYEXGRXFQX3URWRSĜHMLQDãtãNROHGRSĜtãWtFKOHWYQtPDYpSLOQpDVHEHYČGRPp
åiN\SURIHVLRQiOQtD]DSiOHQpXþLWHOH
3DHG'U)UDQWLãHN.DãSiUHNĜHGLWHOãNRO\
6
=È./$'1ËÒ'$-(2â.2/(
=iNODGQtãNROD+URWRYLFH)%=YČĜLQ\+URWRYLFH
,ý2',ý&=,=2=ââ'
Dâ.
3UiYQtIRUPDSĜtVSČYNRYiRUJDQL]DFHRG
=ĜL]RYDWHOãNRO\0ČVWR+URWRYLFH
ěHGLWHOãNRO\3DHG'U)UDQWLãHN.DãSiUHNVWDWXWiUQtRUJiQ
=iVWXSFHĜHGLWHOH0JUâWČSiQ)ORULiQ]iVWXSFHVWDWXWiUQtKRRUJiQX
WHOHIRQHPDLOUHGLWHO#]VKURWRYLFHF]
ZHEZZZ]VKURWRYLFHF]
âNROVNiUDGDPiþOHQĤDE\ODGOH]iNRQD6E]Ĝt]HQDN
3UYQtSĜHGVHGN\QtVHVWDOD0JU+DQDâNRGRYi
&+$5$.7(5,67,.$628ý$61eâ.2/<
$UHiO ãNRO\ E\O GRNRQþHQ VWDYERX VSRUWRYQt KDO\ D ãDWQDPL SUR VWXSHĖ
YURFH-HWYRĜHQEXGRYDPL
%%XGRYD]URNXSURVWXSHĖWĜtGRGERUQiXþHEQD)&KVNDELQHW\
9YFYLþQiNXFK\ĖWČORFYLþQD[PãNROQtGtOQ\MD]\NRYiXþHEQD-HMtVRXþiV
Wt MH SO\QRYi NRWHOQD ] URNX ]D .þ D WRSQê NDQiO ]D .þ
]URNXNWHUêPY\WiStPHPDWHĜVNRXãNROXVHãNROQtMtGHOQRX'DOãtVRXþiVWtEX
GRY\MVRXãDWQ\]D.þ]URNXNWHUpVORXåtVRXþDVQČMDNRVSRMRYDFt
FKRGED7RXWR FKRGERX MVRX MLå SURSRMHQ\ YãHFKQ\ EXGRY\ ãNRO\9 URFH E\ODSURYHGHQDUHNRQVWUXNFHþW\Ĝ:&YKRGQRWČ.þ1\QtMVRXQDãSLþNR
Yp~URYQLDXWRPDWLFNpRVRXãHþHUXNRXSLVRiU\QDIRWREXĖNXYHONi]UFDGODQRYp
SRGKOHG\DRVYČWOHQt
%3DYLORQ]URNXSURVWXSHĖ]D.þWĜtG\NDELQHWåiNRYVNp
NQLKRYQ\ D YêFKRYQpKR SRUDGFH XþHEQ\ SRþtWDþĤ ãNROQt NOXE V NOXERYQRX
NDELQHW\MD]\NRYiXþHEQDYHGHQtãNRO\
% 3DYLORQ ] URNX SUR VWXSHĖ ]D .þ WĜtG\ XþHEQD +Y
ãNROQtGUXåLQ\KHUQDQDVWROQtWHQLVVRXþDVQČVSRMRYDFtFKRGEDPH]L%%%
SRVLORYQD]URNX]D.þ
%6SRUWRYQtKDOD]URNX]D.þãDWQ\VSUFK\NDELQHW7YKDOD
[PQiĜDćRYQD:&
âNROQt MtGHOQD E\OD Y\ĜHãHQD Y URFH Y XYROQČQp WĜtGČ 0â QiNODGHP
.þQDFKi]tVHPRGãNRO\9URFHE\ODGRNRQþHQDHWDSDNWHUi
E\OD]DKiMHQDYURFHDVOHGRYDODY\EXGRYiQtYãHFKDNWLYLWãNRO\SĜtPRYDUHiOX
ãNRO\'RWpGRE\E\O\WĜtG\VWXSQČãNROQtGtOQ\ãNROQtSR]HPHNãNROQtMtGHOQD
DYêXND7YUR]WURXãHQ\SRFHOpPPČVWČ
9URFHGRSOQČQDXþHEQDSRþtWDþĤQDFHONRYêSRþHWNV]D.þYURFH
E\OD]UHNRQVWUXRYiQDVWĜHFKDQD%]D.þLQVWDORYiQRDXWRPDWLFNp
RGY]GXãĖRYiQt WRSQpKR V\VWpPX ]D .þ REQRYHQR O\åDĜVNp Y\EDYHQt ]D
.þ]D.þLQVWDORYiQSURåiN\WHOHIRQQtPLQFRYêDXWRPDWQDYãHFKQ\
FKRGE\E\ORLQVWDORYiQRNVåHEĜLQ]D.þ9URFHE\ODSRĜt]HQDQRYi
WHOHIRQQt~VWĜHGQDVHSRERþNDPL]D.þY\EDYHQNDELQHW7YQiE\WNHP
]D.þSURYHGHQDPRQWiåNVY\VRXãHþĤ]GLYDQD%D%]D.þ
QDPRQWRYiQD KRUL]RQWiOQt KRUROH]HFNi VWČQD ]D .þ QD % 9 URFH 2000
E\O\SRĜt]HQ\SRþtWDþRYpVHVWDY\VSĜLSRMHQtPQDLQWHUQHWVODVHURYRXWLVNiUQRXD
VNHQHUHPSUR=ěDěâDSRVtOHQ\SDPČWLXSRþtWDþĤYXþHEQČ]D.þ9URFH
E\OD SURYHGHQD UHNRQVWUXNFH UR]YRGĤ YRG\ D RGSDGĤ QD % ]D .þ
QRYiXP\YDGODDRVRXãHþHSiWêY\VRXãHþ]GLYDQD%]D.þ9URFH2002
E\OD]JUDQWX0â07]UHNRQVWUXRYiQDSRþtWDþRYiXþHEQD]D.þDQiVOHGQČ
]DVtĢRYiQRSRþtWDþĤ
9URFHVHSRGDĜLORXVSČWYHJUDQWX]0LQLVWHUVWYDåLYRWQtKRSURVWĜHGt
6OXQFH GR ãNRO YH YêãL .þ NWHUê XPRåQLO UHDOL]RYDW YêUREX HO HQHUJLH
DRKĜHYYRG\VQDSRMHQtPQDSRþtWDþSRGDĜLORVHUHDOL]RYDWQRYRXIDViGXQD%]D
FHQX.þ]WRKR0ČVWR+URWRYLFH.þ(QHUJRUHJLRQYČQRYDO
.þ=â.þGiOH]UR]SRþWXãNRO\QDSURYR]E\OR]UHNRQVWUXRYiQR
RVYČWOHQtYWČORFYLþQČ]D.þ
9URFHVHSRGDĜLORUHDOL]RYDWUR]ViKORXUHNRQVWUXNFLãNRO\NWHUiYêUD]QČ
]PČQLOD FKDUDNWHU ãNRO\ D YQLWĜQt WHSHOQp SRGPtQN\ ]DWHSOHQt REYRGRYpKR SOiãWČ
DVWURSĤQD%]DVWĜHãHQt%DQDSRMHQtQDNDQDOL]DFLYêPČQDRNHQQD
%SRVtOHQtUDGLiWRUĤ%FKRGQtNSĜHG%5HNRQVWUXNFHVWiOD.þ
.þ VWiWQt GRWDFH D .þ YODVWQt SRGtO 0ČVWD +URWRYLFH 'tN\
VWiWQtGRWDFLD0ČVWX+URWRYLFHE\O\SRVWDYHQ\NDELQ\QDPČVWVNpPVWDGLRQXNWHUp
ãNROD Y\XåtYi SUR YêXNX 7Y QHSRYLQQêFK D YROLWHOQêFK SĜHGPČWĤ 9 URFH MVPHSRĜtGLOLþDVRPtUXGRVSRUWRYQtKDO\]D.þ]WRKR.þ]tVNiQR
RGVSRQ]RUĤ
=$/2ä(1Ëâ.2/<
-H GRNi]iQR åH REHF +URWRYLFH Y SUYQt SRORYLFL VWROHWt D QD]SČW åiGQp
YODVWQtãNRO\QHPČODQêEUåMDNDåSRGQHVGR.UKRYDSĜLIDĜHQD.ROHPURNX
NG\å VQDKD D ]DOtEHQt SUR Y\ããt Y]GČOiQt ]QDORVWL D XþHQRVW QHMHQ Y SDOiFtFK
D RE\GOtFK ERKiþĤ QêEUå L Y QHMEtGQČMãtFK FKDWUþtFK Xå YtFHUR RE\YDWHOVWYD
QiSDGQČUR]ãtĜRYDWLVH]DSRþDODSRåiGDODREHF+URWRYLFNiRãNROXD]YOiãWQtKR
XþLWHOH NWHUiåWR åiGRVW FR SRFKYDO\ KRGQD X]QiQD E\OD $E\ VH SĜiQt REFH FR
QHMGĜtYHY\KRYČWLPRKORXVWDQRYLODVHWHKGHMãtYUFKQRVWSDQ)UDQWLãHNVYRERGQê
SiQ]5RGHQXQDWRPåHN~þHOXWRPXYČQRYDODQDYåG\FN\MtSDWĜtFtYGREUpP
VWDYXVHQDFKi]HMtFtRG]QDOFĤQD]ODWêFKFHQČQpVWDYHQtNWHUpåWRGĜtYHFR
RE\GOtQDGOHVQtKRVORXåLORLVH]DKUDGRXNVWDYHQtWRPXWRSĜLQiOHåtFt0LPRWR
SĜLVOtELODWXWRãNROXODYLFHPLWDEXOHPLDYĤEHFYãHPSRWĜHEQêPãNROQtPQiĜDGtP
QDVYp~WUDW\]DRSDWĜLWL1DSURWLWRPXY\PtQLODVREČYUFKQRVWRGREFHFRQiKUDGX
REQRVRG]ODWêFKEXćYKRWRYRVWLQHESURWLREGČOiQtDE\SDNREHFGDOãtREQRV
RG ]ODWêFK ]GHMãtPX FKUiPX 3iQČ YČQRYDOD -HOLNRå YãDN QHYGČþQt SRGGDQt
EH]HYãHKRSĜHGORåHQtMDNRWFRYVN\FWČQiYUFKQRVWREODKRMHMtFKLSRWRPNĤVH
VWDUiDY]KOHGHPNMHMLFKQHPDMHWQRVWLåiGDQêREQRVRG]ODWêFKYKRWRYRVWL
QDKUDGLWLWDNWpåLNDåGpREGČOiQt]DPtWOLE\O\YãHFKQ\GRW\þQpVSLV\DOLVWLQ\GQH
EĜH]QDY\VRNpPX]HPVNpPXYêERUXNGDOãtPXUR]KRGQXWtSĜHGORåHQ\
7HQ GHNUHWHP ]H GQH þHUYQD QDĜtGLO DE\ VH ]Ĝt]HQtP ]GHMãt ãNRO\
SRVHþNiQRE\ORDåQRYêãNROQt]iNRQYSUiYDPRFYHMGH.G\åSDNWHQWRQRYê
]iNRQQHMY\ããtPUR]KRGQXWtPVFKYiOHQE\OE\ODQDĜt]HQtP]HPVNRNQtåHFtPRG
=QRMHPVNpKRNUDMVNpKR~ĜDGX]YOiãWQtNRPLVHGR+URWRYLFY\VOiQDNWHUi]D~þHO
PČODVWUDQ]Ĝt]HQtãNRO\VGRUR]XPČQtPYUFKQRVWLDREHFQtKRSĜHGVWDYHQVWYDGDOãt
NURN\]DĜtGLWL3RGHOãtGHEDWČDNRQIHUHQFtFKE\ORNRQHþQČXVQHVHQRåHQD~WUDW\
YUFKQRVWLQRYiãNROQtEXGRYDSRVWDYHQDEêWLPXVtNþHPXåPXVt SĜLVSČWNRVWHO
]ODWêFKNUHMFDUĤNDåGêUROQtN]ODWêNUHMFDUĤPDORGRPNiĜLGRKURPDG\
]ODWêFKNUHMFDUĤNWRPXSRWĜHEQpSRYR]\DUXþQtSUiFHSĜLVSČWLPDMt3HQČåQt
REQRV\ E\O\ LKQHG Y\GRE\W\ VWDYHEQt PDWHULiO MHãWČ QD SRG]LP QDYH]HQ
VHVWDYERXKQHG]DþiWNHPMDUD]DSRþDWRþHUVWYČSRNUDþRYiQRDMHãWČWRKR
VDPpKRURNXXNRQþHQR
7DWRãNROQtEXGRYDMHVWY\VWDYHQDQDRNUHVQtVLOQLFLWDNĜNDYSURVWĜHGNXREFHWYRĜt
SRGORXKOê þWYHUKUDQ MHVW YHVPČV ] GREUpKR PDWHULiOX Y\VWDYHQD D NĜLGOLFt NU\WD
+UDQLþtQDSĤOQRþQtVWUDQXVHVLOQLFtQD]iSDGQtVSDOLUQtQDSROHGQtDYêFKRGQtMHVW
RGYUFKQRVWHQVNp]DKUDG\RENOtþHQD2GWpWR]DKUDG\RGVWRXSLODDSUNHQQêPSORWHP
RGORXþLWLGDODPLORVWLYiYUFKQRVWQDYåG\FN\NXVSR]HPNXNXåtYiQtSURXþLWHOH
9FKRG GR ãNRO\ MHVW ]H VLOQLFH EOt]NR YFKRGX YSUDYR RE\GOt XþLWHOH V GYČPD
RNQ\QDSĤOQRþQtVWUDQXKQHG]RE\GOtQDOp]DMtVHGYHĜHGRSRWUDYQtNRPRU\NWHUi
MLKR]iSDGQt þiVW VWDYHQt WYRĜt D MHGQtP RNQHP QD SROHGQt VWUDQX RSDWĜHQD MHVW
3ROHYpVWUDQČYFKRGXMHVWXþHEQtVYČWQLFHVHWĜHPLRNQ\WpåQDSĤOQRFQDVLOQLFL
DYHGOHWpWRYHYêFKRGSROHGQtþiVWLVWDYHQtPDOiVYČWQLFHNXXVFKRYiQtSRWĜHEQpKR
ãNROQtKRQiĜDGtVGYČPDRNQ\QDSROHGQtVWUDQX.RQHþQČSURWLYêFKRGXGRGYRUDSR
OHYpVWUDQČQDOp]iVHNXFK\QČSRSUDYpSDNVWUDQČVFKRG\QDSĤGX
'ĤPURGLQ\9LWiPYiVĤ±SĤYRGQtãNROQtEXGRYD
9ČĜWHQHYČĜWHWDWREXGRYDMHãWČVWRMtMGHRþtVORSRSLVQpQDXOLFL)%=YČĜLQ\
QDSURWL'RPXVSHþRYDWHOVNRXVOXåERX7DWREXGRYDVORXåLODãNROHGRURNX
QHåE\ODSRVWDYHQDQRYiEXGRYDYČWãtYWČVQpEOt]NRVWL9URFHQHPRYLWRVW
NRXSLOLRGREFHPDQåHOp-DQD0DULH9LWiPYiVRYL-HãWČVLSDPDWXMHPHMDNVH]GH
SHNORGREUpSHþLYR
6O\ãWH MDNê E\O QiVWXSQt SODW SUYQtKR XþLWHOH QDãt ãNRO\ .DUOD 'HDELVH Y URFH
1HMY\ããtP'YRUQtPGHNUHWHP]HGQHE\OSDQXXþLWHOL]GHMãtãNRO\
]H ãNROQtKR IRQGX SRYROHQ URþQt SĜtVSČYHN RG ]ODWêFK 0LPR WR Pi WHQ VDPê
NXåtYiQt
=HPVNRNQtåHFtP]iNRQHP¿[LURYDQêãNROQtSODWNWHUêRGURGLþĤãNROXQDYãWČYX
MtFtFKGtWHNN]DSUDYHQtMHVW
1DPtVWČNROHG\NWHUi'YRUQtPXVQHVHQtPXþLWHOĤPLQDGiOHNRGYiGČQtMHVWRG
NDåGpKRSĤODþWYUWOiQtNDPDORXSĜLPČĜHQRXþiVWKUDFKX
%H]SODWQê E\W D SDOLYR GOH GLUHNWLYQtFK VWDQRY D REGUåt WHQ VDPê FR VH WêþH
SRVOHGQČMãtKRRGYUFKQRVWLYFHVWČPLORVWLNDåGRURþQČViKĤPČNNpKRDViK\
WYUGpKRGĜtYt
-HOLNRåXþLWHOY]GHMãtP¿OLiOQtPFKUiPX3iQČVOXåEXNRVWHOQtKRVOXK\]DVWiYi
WDNREGUåtWpåNXåtYiQtGYDNXV\NRVWHOQtKRSR]HPNXPDORXORXþNXDYãHFKQ\
RVWDWQtGĤFKRG\NWHUpPXFRNRVWHOQtPXVOXKRYLSĜLQiOHåt
+,6725,(+52729,&.eâ.2/<
.G\åE\OQHMY\ããtPGYRUQtPGHNUHWHP]URNXXþLWHOL]GHMãtQRYČ]DĜt]HQp
ãNRO\ SRYROHQ SĜtVSČYHN E\OR LKQHG PtVWQt YUFKQRVWL FR SDWURQX R]QiPHQR E\
EH]SURGOHQČ MHGQRKR GOH JHQHUiOLt ĜiGQČ ]NRXãHQpKR XþLWHOH YROLOD 9ROED WDWR
Y\SDGODSURMLVWpKR.DUOD'HDELVH7HQWRXþLWHOE\OSUYQtNWHUêNXY]GČOiQt]GHMãt
POiGHåHSUDFRYDO3RSČWLOHWpPSĤVREHQtYãDNQiKOH]PL]HODQLåE\VHXGDWLPRKOR
]GDOLå]HPĜHOãNROHVHY]GDOQHEQDMLQRXSĜHVD]HQE\O7DNE\ODY\QXFHQDSUYQt
YêPČQDVSUiYFHãNRO\Y+URWRYLFtFK
3ĤYRGQČMHGQRWĜtGNDVE\WHPSURXþLWHOHE\ODYURFHUR]ãtĜHQDQDGYRMWĜtGNX
] GĤYRGX YHONpKR SRþWX GČWt 3ĜHGVWDYD YHONpKR SRþWX GČWt YH WĜtGČ VH Y\P\Ni
GQHãQtPPČĜtWNĤP5RNXQDYãWČYRYDORãNROXåiNĤDVLYMHGQpWĜtGČ
3HGDJRJLFNê VERU WYRĜLO QDGXþLWHO SRGXþLWHO D QD KRGLQ\ QiERåHQVWYt NDWHFKHWD
5RNXE\OD]Ĝt]HQDWĜtGDDOHWQtWČORFYLþQD2EHFQtUDGQtDSDQVWDURVWD-DQ
9RWDYDUR]KRGOLRSRVWDYHQtQRYpEXGRY\-HGQiQtE\ODGORXKiDVORåLWi]Ĝt]HQtQRYp
EXGRY\QHE\ORSĜLMtPiQRVQDGãHQtPDQLYFHOpREHFQtUDGČSURWRåHãORRYHONRX
LQYHVWLFL3ĜHVWRURNX]DþDODVWDYEDLERMHV~ĜDG\RSRYROHQt]Ĝt]HQtFKODSHFNp
ãNRO\PČãĢDQVNpXþLWVHYQt]DþDORRGURNX9VUSQXGRãORSRYROHQtNH
]Ĝt]HQtFKODSHFNpãNRO\PČãĢDQVNpĜHGLWHO$ORLVýHUQêE\OY\EUiQ]NDQGLGiWĤ
3UYQtURNQDVWRXSLORåiNĤQDPČãĢDQNXDGiOSRNUDþRYDODREHFQiãNROD
GRãORNHVSRMHQtREHFQpDPČãĢDQVNpãNRO\
'RERYiSRKOHGQLFH]OHWPH]L±±Qt]NiEXGRYDYSUDYRMHVWDUiãNROQtEXGRYDGQHVþS
SRGQtQRYiãNROQtEXGRYDSRVWDYHQiYURFH
=D GRE\ SURWHNWRUiWX SURåtYDOD ãNROD MDNR FHOi ]HPČ WČåNp þDV\ 9êXND E\OD
SR]QDPHQDQiRNXSDFtE\O]DWþHQXþLWHO-DQäDOXGFHORXYiONXVWUiYLO
Y NRQFHQWUDþQtFK WiERUHFK ]D LOHJiOQt þLQQRVW Y 2EUDQČ QiURGD 0ODGê XþLWHO
6WDQLVODY6LJPXQGE\OWRWiOQČQDVD]HQ]HPĜHOQDDNXWQt]iSDO
VOHSpKR VWĜHYD9 ~QRUX Då GXEQX E\OL Y EXGRYČ ãNRO\ XE\WRYiQL QČPHþWt YRMiFL
XVWXSXMtFtSĜHG5XGRXDUPiGRX,QYHQWiĜãNRO\E\OþiVWHþQČUR]NUDGHQSVDFtVWURM
WUDQVIRUPiWRUGDOHNRKOHGþiVWHþQČSRQLþHQYêEXFKHPWĜDVNDYLQ\YHVERURYQČ9H
ãNROQtPURFHVHþW\ĜLDSĤOPČVtFHQHY\XþRYDOR3ĜLWUDJpGLL]DK\QXOR
QDQiPČVWtLQČNROLNåiNĤKURWRYLFNpãNRO\
/pWD ± MVRX SR]QDPHQDQi YiONRX VQDKRX R REQRYX ]HPČ 0RåQi MHãWČ
QČNWHĜt SDPČWQtFL Y]SRPHQRX QD U\Et WXN D NDNDR RG 815< 9H ãNROQtP URFH
WĜLXþLWHOpRQHPRFQČOL]iãNUWHPSURWRåHQDUR]GtORGGČWtQHE\OLRþNRYiQL
3DQt XþLWHOND 0 -DQHORYi XWUSČOD RFKUQXWt SDWUD FRå SĜHGþDVQČ XNRQþLOR MHMt
SHGDJRJLFNRXþLQQRVW'RY\XþRYiQtMH]DYiGČQ5MYSRþWXKRGLQ\WêGQČVODYt
VH YêURþt 9ě65 /HQLQD 6WDOLQD« 1iVWXS NRPXQLVWLFNp SURSDJDQG\ QHSĜLãHO Då
SR ~QRUX YHONê Yê]QDP PČO YGČN 6RYČWVNpPX VYD]X ]D RVYRER]HQt 2G
URNXQDVWXSXMHVLOQiEROãHYL]DFHãNROVWYtVRYČWVNpãNROVWYtMHQDãtPY]RUHP
9OHWHFKQiVOHGXMtFtFKMVRXXþLWHOpQXFHQLDEVROYRYDWQHNRQHþQiSROLWLFNiãNROHQt
VWXGRYDWVRYČWVNRXSHGDJRJLFNRXOLWHUDWXUXYãHVWUDQQČVHDQJDåRYDWSĜLEXGRYiQt
VRFLDOLVPX$JLWRYDW FKRGLW QD EULJiG\ Y ]HPČGČOVWYt L Y OHVQLFWYt ]tVNiYDW åiN\
SUR SUiFL Y KRUQLFWYt L Y WČåNpP SUĤP\VOX7ČåNR SRVRXGLW MDN NGR ] QLFK WČPWR
LGHiOĤPYČĜLOþLGČODOWRFRVHRGQČMRþHNiYDOR=iSLV]HãNROQtNURQLN\]URNX
POXYt]DPQRKpÄ.ODG\]NRXãHNVSRþtYDO\WHQWRNUiWYWRPåH]NRXãHMtFt
YROLO RWi]N\ WDN DE\ PRKO SĜLKOtåHWL N YČGRPRVWHP VODEãtFK åiNĤ D XPRåQLO UĤVW
NiGUĤ]GČOQLFNêFKURGLQ«³=iSLV]HãNROQtNURQLN\URNXÄ'RKRUQLFWYt
VH OHWRV QHSRGDĜLOR ]tVNDW MHGLQpKR åiND D WR SURWR åH Y +URWRYLFtFK VH VGUXåXMH
QČNROLNFKODSFĤNWHĜt]XþLOLãWČXWHNOLDWLQHVSUiYQČLQIRUPXMtRSRPČUHFKYXþLOLãWL
FRåPiQHEODKêYOLYQDåiN\³
9URFHSUREČKODRSUDYDHOHNWULFNpKRYHGHQtNWHUpRGURNXE\ORYHGHQR
SR]GHFKE\O]DYHGHQYRGRYRGGRWĜtGE\O\Y\EXGRYiQ\VSODFKRYDFt
]iFKRG\ NDQDOL]DFH MH YHGHQi GR U\EQtND 'QHãQt HNRORJ E\ ]DSODNDO DOH WHKG\
WRE\OSRNURN5RNXE\ODSURãNROX]tVNiQD,,EXGRYDGQHãQt=8â)%
=YČĜLQ\5RNXE\OXSUDYHQSDUNSĜHGãNRORXYWRPWRURFHåiFLSRSUYp
GRVWiYDMt]GDUPDXþHEQLFH5RNXRSUDYHQDIDViGDRNDS\DFKODSHFNp]iFKRG\
GtYþt]iFKRG\
=DþiWHNãNROQtKRURNXE\ORYOLYQČQRNXSDFtDUPiGDPLVRFLDOLVWLFNêFK
VWiWĤ =DKiMHQt ãNROQtKR URNX GR Wp GRE\ WUDGLþQČ NRQDQp Y NLQRViOH KRWHOX
-RQiã E\OR SĜHVXQXWR GR WĜtG SURWRåH GČWL QHPRKO\ ] EH]SHþQRVWQtFK GĤYRGĤ
SĜHFKi]HW SĜHV VLOQLFL SR NWHUp SURMtåGČO\ NRORQ\ YRMiNĤ D WČåNp WHFKQLN\
=DþtQiSČWLGHQQtSUDFRYQtWêGHQGČWLVL]Y\NDMtQDGQ\YROQD1DVWiYiREGREt
WDN]YDQpQRUPDOL]DFHNWHUiVHXSODWĖRYDODLYHãNROVWYt9URFHSUREtKDMt
SRKRYRU\VXþLWHOLNWHĜtVHPXVtY\MiGĜLWNSROLWLFHQRYpKRYHGHQt.6ýSURWRNRO
MH XORåHQ Y RVREQtFK VSLVHFK XþLWHOĤ 2Y PRKRX XþLW MHQ XþLWHOp NRPXQLVWp
5RGLþHNRPXQLVWpMHMLFKåGČWLQDYãWČYXMtQiERåHQVWYtVHNWRPXPXVtMtWY\MiGĜLW
GRãNRO\
MH ] IXQNFH ĜHGLWHOH ãNRO\ RGYROiQ )HUGLQDQG )LDOD NWHUê YH IXQNFL
SĤVRELOOHW
XþLWHOp PXVt ÄGREURYROQČ³ SRGHSVDW VODYQRVWQt VOLE XVNXWHþĖRYiQt
SROLWLN\.6ý
9 OHWHFK SRNUDþRYDOD UHNRQVWUXNFH ãNRO\ GRãOR N Y\EXGRYiQt ~VWĜHGQtKR
WRSHQtQDRERXEXGRYiFKSURYHGHQDQRYiIDViGDVWDUpEXGRY\YãHFKQ\SUiFHE\O\
SURYiGČQ\YDNFL=9URFHE\OXYHGHQGRSURYR]XSDYLORQDYURFH
SDYLORQ
6RXVWDYQČDåGROHWMHVOHGRYiQRSURFHQWRåiNĤQDYãWČYXMtFtFKQiERåHQVWYt
DVQDKDRMHKR]PHQãHQt
åiNĤ
«ÄSRGDĜLORVH]tVNDWþW\ĜLRGKOiãN\]QiERåHQVWYt³
3R VDPHWRYp UHYROXFL VH SRGVWDWQČ ]PČQLO ]SĤVRE YêXN\ ]YOiãWČ
YSĜHGPČWHFKSURYi]DQêFKRVQRYDPLVSROLWLNRX.6ý8þLWHOpPRKRXSRGORXKêFK
OHWHFK XþLW SUDYGLYČ GČWL VH PRKRX VYRERGQČ XþLW D EH]H VWUDFKX Y\MiGĜLW YODVWQt
Qi]RU7RPXWRREGREtSRVOHGQtFKOHWVHYČQXMHPHQDMLQpPPtVWČ
&RGRGDWQD]iYČU"äHãNRODQHQtMHQYêFKRYDDY]GČOiQtDOHVRXVWDYQiþDVWR
Y\þHUSiYDMtFt SUiFH NWHUi MH PQRKG\ QHSĜHGVWDYLWHOQČ WČåNi 0\VOtP åH PiPH
ãWČVWtQDSURIHVLRQiOQtDREČWDYêSHGDJRJLFNêVERUGtN\NWHUpPXVHGDĜtUHDOL]RYDW
PQRKG\YHOPLWČåNpSURMHNW\3ĜHMPHVLDĢVHXþLWHOĤPLGČWHPGDĜtDVSRĖWDNGREĜH
MDNRGRVXGDãNRODGRNWHUpFKRGLO\JHQHUDFHQDãLFKVSROXREþDQĤGiOY]NYpWi
0JU3DYHO9LWiPYiVXþLWHO
267$9%ċ%8'29<â.2/<=52.8
%XGRYDPČãĢDQVNpãNRO\QDSRKOHGQLFL]OHW
2EHFQtYêERUYGRUR]XPČQtVPtVWQtãNROQtUDGRXUR]KRGOVHMDNMLåYSĜHGHãOpP
URþQtNXVH]PtQNDVWDODYVH]HQtGQHNRQDQpPSURVWDYEXãHVWLWĜtGQt
FKODSHFNpãNRO\PČãĢDQVNpQDWRE\O\QiNUHV\DUR]SRþHWY\KRWRYHQ\DFNRNUHVQt
ãNROQt UDGČ NX VFKYiOHQt SĜHGORåHQ\ 7DWR VFKYiOLOD Y\VODW NRPLVL DE\ RKOHGDOD
VWDYHEQt PtVWR ]GDOL SUR VWDYEX WX YKRGQêP MHVW 3RQČYDGå WRWR FR GR SORFK\
QHGRVWDþRYDORXGČOLODNRPLVHSĜHGVWDYHQVWYXSRWĜHEQpSRN\Q\NXMHKRUR]ãtĜHQtQD
FRåSDNREHFQtSĜHGVWDYHQVWYRSRWĜHEQpMHãWČPtVWRSURVWDYEXXPDMLWHOHYHONRVWDWNX
SDQD$QWRQtQD'UHKHUD]tVNDOR1DWRSDNE\O\SOiQ\VFKYiOHQ\DPRKORVH]DGiQt
WpWR VWDYE\ Y\SVDWL 3R XSO\QXWt þDVX Y NWHUpP VH PRKOL SRGQLNDWHORYp R VWDYEX
XFKi]HWLE\OD]GHMãtPXVWDYLWHOL)UDQWLãNRYL-XVRYLPODGãtPX]DFHQXDVLQČFRSĜHV
]ODWêFK ]DGiQD 2EHFQt ]DVWXSLWHOVWYR UR]KRGOR VH SDN Y VH]HQt GQH SURWR DE\ WDWR ãNROQt EXGRYD QHVOD Qi]HY -XELOHMQt PČãĢDQVNi ãNROD FtVDĜH
)UDQWLãND-RVHID,DFRåVHPČORQDSDWĜLþQpPPtVWČ]UDþLWLDSURWRDE\VH]iNODGQt
NiPHQQDVWDYEČWpWREXGRY\SRORåLOYGHQMDNRåWRYGHQMPHQRYLQ-HKR
9HOLþHQVWYD9ĜHþHQêGHQ]~þDVWQLORVHFHOpREHFQt]DVWXSLWHOVWYRþOHQRYpPtVWQt
ãNROQtUDG\ãNROQtGtWN\VHVERUHPXþLWHOVWYD~ĜHGQtFLMDNVWiWQtWDNSDQãWtVODYQêFK
VOXåHE%RåtFKYH]GHMãtPFKUiPX3iQČNRQDQêFKSRNWHUêFKVHYãLFKQLRGHEUDOLNX
VWDYHEQtPXPtVWXNGHPČOYHOHGĤVWRMQêSDQDUFLNQČ]3-DQ/DYLþNDIDUiĜ.UKRYVNê
Ni]iQtYHNWHUpPOtþLO~þHOãNRO\DMHMtSRPČUNFtUNYLNDWROLFNpQDFRåSDNGUåHO
SDQ ãNROQt GR]RUFH &KDUYiW ĜHþ Y NWHUp Y\WNQXO ~þHO ãNRO PČãĢDQVNêFK$ NG\å
E\ORPtVWRVWDYHEQtMDNRåL]iNODGQtNiPHQSRVYČFHQNDåGê]GXFKRYHQVWYDNDåGê
þOHQREHFQtKRYêERUXPtVWQtãNROQtUDG\XþLWHORYp]iVWXSFLYHONRVWDWNXDRVWDWQt
~þDVWQtFL NOHSOL NODGLYHP NUiW QD NiPHQ SURQiãHMtFH YKRGQi KHVOD D SURSRYČGL
7tPVNRQþLORVODYQRVWQtSRORåHQt]iNODGQtKRNDPHQH3RQČYDGåWRKRWRURNXE\OR
SĜt]QLYpSRþDVtPRKORVHVHVWDYERXMLåQDSRG]LP]DþtWL
%XGRYDQRYp]GHMãtãNRO\E\ODYURFHXNRQþHQDSRNRODXGDFLGQH
Y\NRQDQpQiVOHGRYDORVYČFHQtãNRO\'tWN\VHVKURPiåGLO\RKRGLQČ
RGSROHGQtYHVWDUpEXGRYČãNROQt2GWXGYHGHQ\YSUĤYRGXGRNRVWHOD7DP]DSČQR
9HQLVDQFWH6SLULWXVQDþHåVODYQRVWQtSUĤYRGKQXOVHNQRYpEXGRYČãNROQtYKRGQČ
GHNRURYDQp$NW SRVYČFHQt EXGRY\ Y\NRQDO GĤVWRMQê SDQ GČNDQ :ROI ] 'DOHãLF
3RY\VYČFHQtSURPOXYLOSDQGČNDQRYê]QDPXWpWRVODYQRVWL3DNRGHY]GDOVWDYLWHO
ãNRO\SDQ)UDQWLãHN-XVDNOtþHEXGRY\SDQXVWDURVWRYLWêåRGHY]GDOMHSDQXSĜHGVHGRYL
PtVWQtãNROQtUDG\DWHQWRRSČW]GHMãtPXSDQXQDGXþLWHOLNWHUêVHSURPOXYRXVYRMt
YHVSUiYXQRYpEXGRY\ãNROQtXYi]DO3RRVYČGþHQtOR\DOLW\NQHMY\ããtPX]HPČSiQX
QDãHPX XEtUDO VH SUĤYRG ]D ]SČYX %RåH FKYiOtPH7HEH GR NRVWHOD NGHå VYDWêP
SRåHKQiQtPVODYQRVWVHVNRQþLOD3RWRPNRQiQYViOHUDGQLFHEDQNHW
9WpWREXGRYČGQHVR]QDþHQpMDNRþtVORVHXþtåiFLVWXSQČ
%XGRYDPČãĢDQVNpãNRO\QDIRWRJUD¿L2.QROOD]URNX
1$+/e'187Ë'267$5é&+â.2/1Ë&+=35È9
3DQtXþLWHOND0DULH%RUNRYiUR]HQiýHFKRYiKURWRYLFNiURGDþND
.G\åMVHPVHGR]YČGČODRFK\VWDQpRVODYČYêURþt]DORåHQtãNRO\Y+URWRYLFtFK
UR]KRGODMVHPVHSĜLVSČWSĜHKOHGHPãNROQtFK]SUiYDY\VYČGþHQt9]KOHGHPNWRPX
åHMVHPEêYDOiXþLWHONDYHOLFHPČWRLQVSLURYDORD]DXMDOR9\KOHGDODMVHPGRPD
VWDUiY\VYČGþHQtSURKOpGODDVHSVDODSĜHKOHG1HM]DMtPDYČMãtMVRX]PČQ\Y]iKODYt
±RNUHVNUDM]HPČQi]Y\ãNRO\UD]tWND&HQQiEXGRXMLVWČ]KLVWRULFNpKRKOHGLVND
LY\VYČGþHQtGYRMMD]\þQi]GRE\SURWHNWRUiWX7DNpVWRMt]DSRYãLPQXWtKRGQRFHQt
QHMHQ MHGQRWOLYêFK Y\XþRYDFtFK SĜHGPČWĤ D FKRYiQt PUDY\ DOH WDNp KRGQRFHQt
SLOQRVWL D YQČMãt ~SUDY\ StVHPQêFK SUDFt 2VORYLO\ PČ L SRGSLV\ XþLWHOĤ YH WĜtGČ
Y\XþXMtFtFK VSUiYFĤ D ĜHGLWHOĤ ãNRO .DåGê ] QLFK SĜLVSČO VYêP GtOHP N UR]YRML
ãNROVWYtY+URWRYLFtFK
1HMþDVWČML GRFKi]HOR NH ]PČQČ Qi]YX ãNRO\ 3ĤYRGQČ 1È52'1Ë â.2/$
2%(&1È â.2/$ ý7<ě7ěË'1Ë 2%ý$16.È â.2/$ 60Ëâ(
1ÈSĜHV2%(&128â.2/82%(&128$0ċâġ$1
6.28 â.2/8 N 0ċâġ$16.e â.2/( ) % =9ċě,1< -PpQR WRKRWR QDãHKR Yê]QDPQpKR URGiND PDOtĜH QHVOD ãNROD SR GREX OHW9URFHVHãNRODMPHQRYDOD67ě('1Ëâ.2/$9+52729,&Ë&+
Y OHWHFK =È./$'1Ë '(9Ë7,/(7È â.2/$ 2G URNX =È./$'1Ë
â.2/$ 9 +52729,&Ë&+ SURWRåH VH SĜHãOR QD RVPLOHWRX ãNROQt GRFKi]NX
RGURNX=È./$'1Ëâ.2/$9URFHãNROH~ĜDG\RP\OHPSĜLGČOLO\
NUNRORPQêQi]HY=È./$'1Ëâ.2/$)%=9ċě,1<+52729,&(2.5(6
7ě(%Ëý.ĜHGLWHOVWYtãNRO\RSUDYLORQi]HYQD=È./$'1Ëâ.2/$
+52729,&(
-$.â(/ý$6$1(%N,&129e+232'6/81&(0
9HOPL PQRKp GČWL PDMt VWiOH X VHEH SHQt]H NWHUp GRVWiYDMt RG URGLþĤ D V QLPLå
YROQČQDNOiGDMtQČNG\LNHVYpãNRGČ7RGČWLPUDYQČND]tSURWRåHQH]QDMtSUDYRX
FHQXSHQČ]DSUiFH
%ČåQpMHåHGČWLQH]GUDYtFKRYDMtVHNODFNRYLWČQHFKWČMt]QiWRGSRYČGQRVW9LQD
EêYi KRGQČ þDVWR Y URGLQiFK ]DPČVWQDQRVW RERX URGLþĤ XSUDFRYDQRVW GXãHYQt
QHSRKRGDDGČWLY\FKRYiYiXOLFH7tPVStãHåHY+URWRYLFtFKQHQtåiGQpGUXåLQ\þL
MLQpKRPLPRãNROQtKR~WXONX
5R]KRGQXWtP VWUDQ\ D YOiG\ GRVWiYDMt YãHFKQ\ GČWL YãHFKQ\ ãNROQt SRWĜHE\
DXþHEQLFH]GDUPD7tPWRRSDWĜHQtPQiãVWiWSĜHGEČKOGREXDQDãHGČWLSUDNWLFN\
åLMtYNRPXQLVPX9HãNROHY]QLNO\YêFKRYQpSUREOpP\QČNWHUpGČWLVLQHGRYHGRX
YãHKRYiåLWQHXãHWĜtDQLSRWĜHEDQLXþHEQLFH
9\VYČGþHQt]URNX
.]iSLVĤP]QDãLFKNURQLNSĜLSRMXMHPHNUiVQêDYãDNSHVLPLVWLFNêFLWiW]GRSLVX
2WRNDUD%ĜH]LQ\]URNXÄ8þLWHOVWYtMHVWWČåNêURERWQê~ĜDGY\VLOXMtFtGXãL
RFKURPXMtFt IDQWD]LL SLMtFt VtOX ] RUJDQLVPX 'ČWL SĜLFKi]HMtFt GR ãNRO\ MVRX ]Op
VYpKODYp EOXGQČ Y\FKRYDQp E\WRVWL UD¿QRYDQp ]ORP\VOQp ]KêþNDQp ]EORXGLOp
LQVWLQNWLYQČQHSĜiWHOVNpDYHYHOLNpPSURFHQWX~åDVQČQHVFKRSQp9UDFtPVHSR
KI\]LFN\LGXãHYQČY\VtOHQGLVJXVWRYiQXPUWYHQ]DWHPQČQWXSêPGOêDVHãOê
3RX]H QRF MHVW Y\KUD]HQD Pp GXãHQt SUiFL D L WX QHGRVWDYXMH VH YåG\ GLVSR]LFH
YVWĜHEDQi FHORGHQQtP UR]HFKYtYiQtP QHUYRYpKR V\VWpPX D VWiOêP NUYiFHQtP
LQWHOHNWXiOQtP³
3DNåHVHþDV\PČQt«
67ěË3.<=(â.2/1Ë&+.521,.
RGURNXE\ODYHãNROHSRãWDSUYQtPSRãWPLVWUHPE\OWHKGHMãtXþLWHO0LNXOiã
6WHMVNDO
Y URFH ] SĜLþLQČQt XþLWHOĤ SUYQt YiQRþQt VWURPHN SUR ãNROQt POiGHå ]H
VEtUN\ VH MHãWČ SRĜtGLOR SUR FKXGp GČWL ãDWVWYR REXY MDEOND RĜHFK\ SHUQtN D MLQp
SDPOVN\
YOpWHFKVWROHWtVHNRQDO\ãNROQtYêOHW\GČWtGR2ERU\NGHåSRGNRãDWêPL
GXE\YHVHOpUDGRYiQN\ãNROQtPOiGHåLSĜLFK\VWiQ\E\O\0H]LPtVWQtPLREþDQ\E\O\
NRQiQ\ VEtUN\ ] MHMLFKå YêWČåNX VH SODWLOR REþHUVWYHQt QD YêOHWČ QDSĜ åHPOLþN\
X]HQN\DWDNpNXSRGLYXSLYR
%XGRYDãNRO\QDSRKOHGQLFL]HOHW
XSUDYLOVSUiYFHãNRO\$ORLV/HKNêSĜHGEXGRYRXãNRO\XåLWNRYRXDRNUDVQRX
]DKUDGX
VH GR NRQNXU]X QD PtVWR ĜHGLWHOH PČãĢDQVNp ãNRO\ KOiVLOR XFKD]HþĤ
XVWDQRYHQE\O$ORLVýHUQê]1RYpKR0ČVWDQD0RUDYČ
]D SUYQt VYČWRYp YiON\ E\OL Y +URWRYLFtFK XE\WRYiQL HYDNXRYDQt ,WDORYp
]W\UROVNêFKREODVWt-HMLFKGČWLãNRORXSRYLQQpQDYãWČYRYDO\REHFQRXãNROXDQDXþLO\
VHþHVN\POXYLWSViWD]StYDW
E\OD]Ĝt]HQDY+URWRYLFtFKMHGQRWĜtGQtQČPHFNiãNRODMHåE\ODXPtVWČQD
YSĜt]HPt]iPNXQDSUDYRRGYFKRGX&KRGLORGRQtåiNĤ
YGREČYiON\NDåGRURþQČGXEQDYGHQRVODY\QDUR]HQLQ$GROID+LWOHUDPČOL
åiFLYROQRDSĜHGQiãHORVHEČKHPãNROQtVODYQRVWLRYĤGFLDQDFLVPX
E\O\ YiQRþQt SUi]GQLQ\ SURGORXåHQ\ GR OHGQD DQL SRWp VH
QHY\XþRYDORGČWLVLFKRGLO\GYDNUiWWêGQČSUR~NRO\9~QRUXDåGXEQXE\OLYHãNROH
XE\WRYiQLQČPHþWtYRMiFL0H]LREČĢPLWUDJpGLHE\OLLåiFLãNRO\DURGLQDSDQD
XþLWHOHäDOXGDNWHUêVHNYČWQDYUiWLO]NRQFHQWUDþQtKRWiERUD
Y GREČ YiON\ ]HPĜHO Y NRQFHQWUDþQtP WiERĜH EêYDOê XþLWHO ãNRO\ %RKXVODY
+UXGLþND
YURFHSĜHGNOiGDMtXþLWHOpQDGĜt]HQpPX~ĜDGXSRGREQČMDNRRVWDWQtVWiWQt
DYHĜHMQt]DPČVWQDQFLSURKOiãHQtRQiURGQtFWLDFKRYiQtYGREČRNXSDFH
RG]DþiWNXOHWPXVHOLåiFLXNRQþLWGRFKi]NX]iYČUHþQRX]NRXãNRX
E\O\Y\KOiãHQ\WêGHQQtXKHOQpSUi]GQLQ\NWHUpWUYDO\RGGROHGQD
3RVOHGQt SUYRPiMRYê SUĤYRG NROHP ãNRO\ Y URFH Y SRSĜHGt SĤYRGQt ãNROD ] URNX SRG
QtEXGRYD]URNX
/,6729È1Ë9.521,&(326/('1Ë&+/(7
9]KOHGHPNQHGRVWDWNXPtVWD]PtQtPHSRX]H~VSČFK\GRPtVWDYNUDMVNêFK
NROHFKDQDUHSXEOLNRYp~URYQL1ČNROLNVWRYHN~VSČFKĤYRNUHVQtFKVRXWČåtFK
QHXYiGtPH
âNROQtURNE\O]DKiMHQRVODYRXYêURþtOHW]DORåHQtãNRO\DRWHYĜHQtPEX
GRY\3ROLVWRSDGXXþLODYČWãLQDXþLWHOĤVWULNROyURXDE\GDODQDMHYRVYĤMSR
VWRMNSRWODþHQtVWXGHQWVNpGHPRQVWUDFH3RVDPHWRYpUHYROXFLQDãNROH]UXãHQD=2
.6ý32660SĜLãNROHNGHSUDFRYDORSLRQêUĤSĜHãODQDEi]LGREURYROQRVWL
E\ORXNRQþHQRLGHRYČSROLWLFNpY]GČOiYiQtXþLWHOĤRVORYHQtVRXGUXKXXþLWHOLE\OR
RSČWQDKUD]HQRRVORYHQtPSDQHXþLWHOLâNRODYHVSROXSUiFLVH653âD/â8XVSRĜi
GDOD UHSUH]HQWDþQt SOHV Y VRNRORYQČ 2G GRãOR SR NRQNXU]X NH
]PČQČĜHGLWHOHãNRO\
9êXNDVHMLåREHãODEH]W]YLVPĤLGHRORJLHQHE\ODYNOiGiQDGRXþLYDRG]i
NODGĤVH]PČQLODYêXND2YD'=DKiMLOLMVPHYêXNX$MD1MGR5MVHSĜLKOiVLOL
SRX]HåiFL]FHOpãNRO\]DYHGOLMVPHYêXNXKRGLQ\7YSRGDĜLORVH]DKiMLW
þLQQRVWãNROQtKRNOXEX]DORåHQpKRQDGREURYROQRVWL
=OLNYLGRYiQDNRWHOQDDXKHOQDYHVNOHSHQtQDEXGRYČDQDMHMLFKPtVWČY\
EXGRYiQ\ãNROQtGtOQ\9XþHEQČI\]LN\LQVWDORYiQ\SUYQtEDUHYQpWHOHYL]RU\
QDãNROHåiNĤGČOiQDNRQFLURNXRSUDYQp]NRXãN\âNROQtURNE\OVODYQRVWQČ
]DNRQþHQYVRNRORYQČ
âNROQt]DKUDGXSURVWXSHĖVPČUHPQD2GXQHFYUHVWLWXFL]tVNDOSDQ-RVHI
1HWRXãHN.]tVNDODãNRODSUiYQtVXEMHNWLYLWXDY\VWXSXMHMDNRVDPR
VWDWQêSUiYQtVXEMHNW7ĜLåiFLVWXSQČQHSURVSČOLDPXVHOLRSDNRYDWURþQtN3UR
åiN\VYDGRXĜHþLE\ODRWHYĜHQDORJRSHGLFNiSRUDGQD
-LWND 6DOiNRYi Y\KUiOD NUDMVNp NROR Y UHFLWDFL D SRVWRXSLOD QD UHSXEOLNRYp
NROR JUD¿N\ .DWHĜLQ\ 1RYiNRYp D -LWN\ 9HþHĜRYp E\O\ Y\EUiQ\ SUR YêVWDYX
/LGLFHVPH]LQiURGQt~þDVWtDGRPH]LQiURGQtVRXWČåH(YURSDYHãNROH
1DãNROH]DþDODSUDFRYDWKRVSRGiĜNDNWHUiGČOiYãHNROHP~þHWQLFWYt3UYQt
SRþtWDþQD]SUDFRYiQtPH]GSĜtPRQDãNROHVWiO.þ'RXþHEQ\)SRXåL
WDSUYQtEtOiWDEXOHQDVXFKp¿[\6RXþHWXPtVWČQtYVRXWČåtFKYtWČ]VWYtQD
RNUHVHQDUHJLRQX
1D ãNROH E\OR SRSUYp QDLQVWDORYiQR ]DEH]SHþRYDFt ]DĜt]HQt RGVWXSXMtFtP ]DVWXSLWHOVWYHP YãHPL KODV\ VFKYiOHQD VWDYED VSRUWRYQt KDO\
8þLWHOpYåHEĜtþNXSUHVWLåHSRYROiQtQDPtVWČYHYêãLSODWĤYãDNQDPtVWČ
8þLWHOpãNRO\SRGHSVDOL=OtQVNRXSHWLFL]D]YêãHQtSODWĤ=Y\FKi]HMtFtFKåiNĤ
WĜtGVHGRVWDORQDVWĜHGQtãNRO\QHER628VPDWXULWRX7RMH
9HYêWYDUQpVYČWRYpVRXWČåL5RGLQDGČWVNêPDRþLPDE\OLRFHQČQL/HQND.RYi
þLNRYi$QWRQtQ8UEiQHN-RVHI+RQV=GHQČN3ĜLE\OD-LĜt.UDXV-HMLFKSUiFHE\O\
Y\VWDYHQ\Y/LGLFtFK/LQRU\W/HQN\.RYiþtNRYpE\OY\EUiQNRWLãWČQtQDFHORVWiWQt
OHWiNÒPOXYDRSUiYHFKGtWČWHRUJDQL]DFH81,&())RONOyUQtVRXERU+URWRYþiQHN
E\O ] UHJLRQiOQtKR NROD Y\EUiQ QD +RUiFNp WHOþVNp VODYQRVWL 2G OHGQD SĜH
VWRXSLOGRIRWEDORYpKRNOXEX%RE\6SRUW%UQR-DQ9RWDYDNGHVH]DMDURVWDOV
EUDQNDPLQHMOHSãtPVWĜHOFHPYåiNRYVNpOL]HQDSĜHERUXUHSXEOLN\VHVWDOQHMOHS
ãtPVWĜHOFHPDE\OQRPLQRYiQGRUHSUH]HQWDFHý5þWUQiFWLOHWêFK6WDUãtåiFLRGGt
OXNRSDQpY\KUiOLKQHGURþQtN3RKiUXSĜHGVHG\ý0)6YUiPFL-LKRPRUDYVNpKR
NUDMHNG\åYH¿QiOHGRPDUHPL]RYDOLVH6ODYNRYHPDQDSHQDOW\]YtWČ]LOL
7tPWRYtWČ]VWYtPVHSURERMRYDOLGRUHSXEOLNRYpKR¿QiOHNGHYýHVNêFK%XGČMRYL
FtFKREVDGLOLPtVWR0DUWLQ3DOiW9tWČ]VODY9UEND0LORVODY6DOiN/XNiã%tQHN
-RVHI7URMDQ0LURVODY3RWĤþHN/XNiã-HGOLþND-LĜt%XUãtN0DUHN+UĤ]D0LFKDO
.DOHQGD9tWČ]VODY6YRERGD3HWU1RYiN3DYHO.UDWRFKYtOD-DQ9RWDYD
6RXþHWXPtVWČQtYVRXWČåtFKXPtVWČQtYUiPFLý5YtWČ]VWYtDGDOãtXPtVWČQt
GR PtVWD Y UHJLRQiOQtP NROH YtWČ]VWYt D GDOãtFK XPtVWČQt GR PtVWD
YRNUHVQtFKVRXWČåtFK
0LODQ8KGHSĜLRWHYĜHQtVSRUWRYQtKDO\YOLVWRSDGX
6WDUãtåiFLRGGNRSDQpYþHVNpPSRKiUXYUHSXEOLFH
Yê]QDPQêURNSURãNROX
ýHVNiãNROQtLQVSHNFHQiPGDOD]D~NROSĜHSUDFRYDWãNROQtĜiGNGHMVPHPXVHOL
Y\SXVWLWKRGQRFHQtFKRYiQtåiNĤPLPRãNROX9UiPFLX]iNRQČQtGHYtWLOHWpGRFKi]
N\åiFLURþQtNXQHRGFKi]t]HãNRO\E\O\]DKiMHQ\]HPQtSUiFHQDVWDY
EČVSRUWRYQtKDO\E\OD]D~þDVWLSĜHGVHG\3DUODPHQWXý53K'U0LODQD
8KGHKRVODYQRVWQČRWHYĜHQD3ĜLWpWRSĜtOHåLWRVWLDSRVFKYiOHQt]DVWXSLWHOVWYHPPČV
WDSDQ8KGHSĜHY]DORGVWDURVWN\PČVWD3DHG'U-LĜLQ\6XFKDUGRYpWLWXOþHVWQêREþDQ
PČVWD+URWRYLFH+DODE\ODY\EDYHQDQiĜDGtP]D.þSURWRWDNpVHVRXKOD
VHPPČVWDYURFHPČODãNRODKLVWRULFN\QHMYČWãt]iSRUQêKRVSRGiĜVNêYêVOHGHN
.þ9URFHE\OD]WUiWD0ČVWHP+URWRYLFHXKUD]HQD2GWRKRWRURNXSR
]tVNiQtJUDQWX.þDSRĜt]HQtHOHNWULFNêFKSVDFtFKVWURMĤY\XþXMHPHYROLWHOQê
SĜHGPČWSVDQtQDVWURML
9 FHORVWiWQt YêWYDUQp VRXWČåL -DN VH VWURP\ SURERX]HMt 0DUWLQD +RQVRYi
VOLQRU\WHPVPRWLYHPVWURPXY\KUiODD-LĜt'ROHåDOREVDGLOPtVWR]DSDStURU\W
9êWYDUQi SUiFH$OHãH 'YRĜiND .UDMLQDIDQWD]LH GČODQi NRPELQRYDQRX WHFKQLNRX
GR VRXWČåH $OãRYD ]HPČ E\OD Y\EUiQD QD YêVWDYX GR 3UDK\ YêWYDUQi SUiFH
0LOHQ\9HVHOpE\ODY\EUiQDQDSRWLVNSĜLYêUREČViþNĤ6WDUãtåiFLRGGtOXNRSDQp
MDNRMHGLQtYUHSXEOLFHGRNi]DOLREKiMLWYtWČ]VWYtY-LKRPRUDYVNpPNUDMLY3RKiUX
SĜHGVHG\ ý0)6 QD UHSXEOLNRYpP ¿QiOH Y 7ĜHEtþL Y NRQNXUHQFL SURIHVLRQiOQtFK
NOXEĤREVDGLOLYêERUQpPtVWR2QGĜHM6êV0LFKDO%DFND9ODGLVODY)LDOD3HWU
1RYiN0DUWLQâNRGD-LĜt%XUãtN0DUHN+UĤ]D-LĜt3HOiQ/LERU+UĤ]D9tWČ]VODY
6YRERGD/XNiã-HGOLþND0LFKDO%XOD/XNiã3LWRU0LFKDO.ĜHQHND-RVHI'XIHN
1DNRQFLURNXXGČOHQ\SRX]HGYRMN\]FKRYiQt9]iYČUHFKNRQWURO\ýHVNp
ãNROQtLQVSHNFHYêVOHGN\YêFKRYQČY]GČOiYDFtþLQQRVWLãNRO\MVRXQDYHOPLGREUp
~URYQLãNRODYãHVWUDQQČSĜLVStYiNUR]YRMLRVREQRVWLåiND
9 FHORVWiWQt YêWYDUQp VRXWČåL .GH NRQþt (YURSD REVDGLOD 0RQLND 6WXSNRYi
PtVWR0DUWLQD+RQVRYiYFHORVWiWQtYêWYDUQpVRXWČåL$KRM]SUi]GQLQ]tVNDOD
þHVWQpX]QiQtYFHORVWiWQtYêWYDUQpVRXWČåL(852$576$)(E\OLRFHQČQL.DWND
1RYiNRYi3HWUD3DOiWRYi-RVHI0DFHN3HWUâNRGD$OHã'YRĜiND-LĜt'ROHåDO
3RGKRUiþHNSRSiWp]DVHERXY\KUiORNUHVQtNRORGČWVNêFKSČYHFNêFKVERUĤDY\
KUiO SRSUYp UHJLRQiOQt NROR Y -LKODYČ 1HMOHSãt UHSUH]HQWDQW ãNRO\ 0DUHN +UĤ]D
RGHãHOGRIRWEDORYpKRNOXEX%RE\6SRUW%UQRDE\OY\EUiQGRUHSUH]HQWDFHý5
SDWQiFWLOHWêFK
=HåiNĤWĜtGVHGRVWDORWRMHQDVWĜHGQtãNRO\QHERVWĜHGQtRG
ERUQiXþLOLãWČVPDWXULWRXâNROQtGUXåLQDUR]ãtĜHQDQDRGGČOHQtVHåiN\0L
FKDO0OHMQHND5REHUW0DUHãE\OLRFHQČQLFHQRX)DLUSOD\NWHURXMLPXGČOLOPLQLVWU
ãNROVWYtYNDWHJRULL]iFKUDQDåLYRWD2EDLVURGLþLE\OLSR]YiQLGR3UDK\DFHQ\MLP
SĜHGDORVREQČPLQLVWUãNROVWYtâNROQtURNE\OYêFKRYQČ]DPČĜHQQDRVODY\OHW
SUYQt]PtQN\R+URWRYLFtFK&HORURþQČSUREtKDO\DNFHPČVWDNWRPXWRYêURþtDYê
]QDPQRXPČURXVHQDQLFKSRGtOHODQDãHãNROD
9UHJLRQiOQtPNROHYêWYDUQpVRXWČåHHYURSVNêFKãNRO(YURSDYHãNROH]tVNDO\
&HQXSRURW\0DUWLQD+RQVRYi]DSUiFL/DE\ULQWVYČWDD2NQRGR(YURS\.DWHĜLQD
+RUNi]DSUiFL1DãHMDUQtSURFKi]NDD0DUNpWD3ĜHSHFKDORYi]DWpPD5iGLFKR
GtPH]DNRQtþN\'iãD%XUãtNRYi]DSUiFL/pWRSRYRGHĖY\ERMRYDODYWpWR
VRXWČåLSRVWXSGRFHORVWiWQtKRNROD9UHJLRQiOQtPNROHYêWYDUQpVRXWČåH2O\PSL
iGDIDQWD]LH9,6$]YtWČ]LODDSRVWRXSLODGRFHORVWiWQtKRNROD$QHWD'RXEtQNRYi
3RGKRUiþHNSRGUXKp]DVHERXY\KUiOUHJLRQiOQtNRORGČWVNêFKSČYHFNêFKVERUĤYH
=QRMPČY\VWXSRYDOLY3UD]HYSČYHFNpVyORYpVRXWČåL.DUORYDUVNêVNĜLYiQHNVH
%DUERUD&DIRXUNRYiD.OiUD7DQFRãRYiSURERMRYDO\GRFHORVWiWQtKRNROD9OpWČ
RGHãHOMLåQiãIRWEDOLVWDVWDUãtåiN/LERU+UĤ]DGR%RE\6SRUW%UQR
1DãNROHSUREČKODNRQWURODýHVNpãNROQtLQVSHNFHNWHUiGRSRUXþLOD]YêãHQtDSUR
ERYDQRVWLYêXN\FL]tFKMD]\NĤ]HPČSLVXDWČOHVQpYêFKRY\
9UHJLRQiOQtPNROHYêWYDUQpVRXWČåHHYURSVNêFKãNRO(YURSDYHãNROHE\OD
RFHQČQD SUiFH (Y\ /RUHQFRYp ,YD +HMWPiQNRYi Y UHFLWDFL Y\ERMRYDOD SRVWXS
GR UHJLRQiOQtKR L UHSXEOLNRYpKR NROD Y OLWHUiUQt VRXWČåL (YURSD YH ãNROH E\OD
YUHJLRQiOQtPNROHRFHQČQDSUiFH0DULH+DYOtNRYpDSRVWRXSLODGRUHSXEOLNRYp
KRNROD/HRã3ĜHSHFKDOVHVWDO~VSČãQêPĜHãLWHOHPUHJLRQiOQtKRNRODI\]LNiOQt
RO\PSLiG\9F\NOLVWLFNpVRXWČåLãNRO=iYRGPtUXQDGČMtREVDGLORQDãHGUXåVWYR
YHVORåHQt=E\ãHN0LW\VND-LĜt.RORXFK0DUWLQâNRGDD7RPiã.DLQPtVWR
YUHSXEOLFH-DURVODY3HOiQY\KUiOåXSQtSĜHERUYHVWROQtPWHQLVX3RSUYpYKLV
WRULLãNRO\QiãEêYDOêåiN7RPiã$EUDKiPQDVWRXSLOYOL]HNRSDQp]D%RE\
6SRUW%UQR
/RJRãNRO\
1RYpORJRãNRO\YHWYDUXWURM~KHOQtNXY\MDGĜXMtFt+527FRåSURQiV]QDPHQi
EêWQDãSLFL.UL]RYê¿QDQþQtURNVWiWQtSURVWĜHGN\QDSRPĤFN\VQtåHQ\QD
SRORYLQX QHGRVWiYi VH QD P]G\ ]DPČVWQDQFĤ SUDFRYDOR QD ]NUiFHQê ~YD]HN
SURVWĜHGN\QDSURYR]VQtåHQ\RWRMH.þ+RVSRGDĜHQtãNRO\VNRQþLOR
]WUiWRX.þ1iVOHGQiLQVSHNFHKRGQRWtSHUVRQiOQtSRGPtQN\YêXN\MDNR
YHOPLGREUp
.OXE639=âYKDORYpNRSDQpQDUHSXEOLFHGUXKê&KODSFLURþQtNXY\KUiOL
YH Y\EtMHQp RNUHV L NUDM D ]~þDVWQLOL VH WĜtGHQQtKR QHVRXWČåQtKR SĜHERUX ý5 -LĜt
&DIRXUHN 0DUWLQ 'DYLG 7RPiã +HMGD 9RMWČFK 1RYiþHN 3DYHO 5ĤåLþND -RVHI
9LUJO$OHã =HOQtþHN -DQ 'REURYROQê 'DYLG %Ui]GD 9iFODY .RVWHOHFNê /XERã
âNRGDD,YDQ3ĜHSHFKDO=E\ãHN0LW\VNDYF\NOLVWLFNpP=iYRGXPtUX]iNODGQtFK
ãNROYHVWDUãtFKåiFtFKQDSĜHERUXý5REVDGLOPtVWR
9WRPWRãNROQtPURFHVHSRGDĜLORUHDOL]RYDWQiVOHGXMtFtDNFHODNRYiQtDSĜHODMQRYi
QtVSRUWRYQtKDO\]D.þDPDOpWČORFYLþQ\]D.þY\PDORYiQtQČNWHUêFK
XþHEHQ]D.þYLGHDGRâ']D.þSRþtWDþRYpVHVWDY\VLQWHUQHWHP
ODVHURYRXWLVNiUQRXDVNHQHUHP]D.þSRVtOHQtSDPČWtXSRþtWDþĤYXþHEQČ3&
]D.þUR]ãtĜHQ\PtVWQtWHOHIRQQtOLQN\GRNRWHOQ\DGtOQ\]D.þQDNRXSHQ\
YtFH~þHORYpåHEĜtN\]D.þGRSOQČQDO\åDĜVNiYêVWURM]D.þGRGDOãtFK
WĜtGQD%VYLVOpåDOX]LH]D.þRSUDYDOLQD]D.þQRYpXþHEQLFH]D
.þQRYČSĜLMDWêãNROQtNE\OY\EDYHQSĜtVWURML]D.þ
=iNODGQDRGGtOXNRSDQpURþQtNGRNi]DODSRGUXKp]DVHERXY\KUiWRNUHVQt
NRORYPLQLIRWEDOX0F'RQDOGV&XSQDUHJLRQiOQtPNROHY%UQČSĜHNYDSLODYãHFK
Q\IRWEDORYpãNRO\YNUDMLDL]GHGRNi]DODY\KUiWYVHPL¿QiOHQDG)&6WDYR$UWLNHO
%UQRYH¿QiOHVH=QRMPHPDQDSHQDOW\Y\KUiODLFHORUHSXEOLNRYRX
VRXWČåYHIRWEDORYêFKGRYHGQRVWHFKD)RWEDORYêSČWLERM-DQ'REURYROQê9iFODY
.RVWHOHFNê/XERã0OHMQHN,YDQD%RKXPLO3ĜHSHFKDORYL/XERãâNRGD3HWU)XNDO
/XNiã .RFDQ 0DUHN 3HNiUHN 0DUWLQ9LUJO 5DGRVODY .XQFH -DNXE .Rþt 'DYLG
'RþHNDO D 0DUHN .RQYDOLQD .OXE 639 =â +URWRYLFH VORåHQê ] EêYDOêFK åiNĤ
ãNRO\VH]~þDVWQLOMLåSRWĜHWtUHSXEOLNRYpKR¿QiOHYKDORYpNRSDQpDREVDGLOPtVWR
PtVWRYNUDMLY0F'RQDOGV&XSXY%UQČ
SRX]HRVNyUH]D8KHUVNêP%URGHP9=iYRGXPtUXQDGČMtYF\NOLVWLFHYNDWHJRULL
$E\O3HWU)XNDOQDUHSXEOLNRYpPNROHNWHUpVHMHORYUiPFLMHGQp]HWDS=iYRGX
PtUXYHäćiUXQDG6i]DYRXWĜHWt
1DãNROQtPGYRĜHE\OSR]tVNiQtSRYROHQtVNiFHQRĜHFKDE\WDPPRKOEêWSĜHVXQXW
ãNROQtSR]HPHN3RSUYpMVPHWLVNOLY\VYČGþHQtQDSRþtWDþL%\OR]PČQČQRNRQWRãNRO\
RG.%7ĜHEtþVHSĜHãORNý6+URWRYLFHYêSODW\VH]DþDO\Y\SOiFHWEH]KRWRYRVWQČ
9 NUDMVNp YêWYDUQp VRXWČåL 1DNUHVOL VYp REOtEHQp ]YtĜH E\OD RFHQČQD SUiFH 2UHO
'DYLGD'RþHNDOD&KODSFL]iNODGQ\RGGtOXNRSDQpYUiPFLý5YH)RWEDORYpPãHVWL
ERMLREVDGLOLPtVWR7RPiã+RORXEHN3HWU)XNDO0DUWLQ9LUJO2QGĜHM.RQYDOLQD
2QGĜHM'REURYROQêD-DNXE3HWĜHN.OXE639=â+URWRYLFHVORåHQê]EêYDOêFKåiNĤ
ãNRO\VH]~þDVWQLOSRþWYUWp]DVHERXUHSXEOLNRYpKR¿QiOHYKDORYpNRSDQpDREKiMLO
PtVWR3RUDåHQLE\OLSRX]HRGâXPSHUNX
3ČYHFNêVERUQDãtãNRO\3RGKRUiþHNQHPRKOSRGHViWpY\KUiWRNUHVQtNRORSURWRåH
E\ODY\SViQDSĜtPRNRODNUDMVNi=~þDVWQLOVHNUDMVNpKRNRODY%UQČNGHE\OY\KRG
QRFHQ YH VWĜtEUQpP SiVPX D NUDMVNpKR NROD 9\VRþLQ\ Y 7ĜHEtþL NGH E\O Y\KRGQR
FHQYH]ODWpPSiVPXýOHQN\VERUXVHYêERUQČXSODWQLO\YSČYHFNêFKVRXWČåtFK9H
URþQtNXVRXWČåHSURPODGp]SČYiN\Ä=ODWêNRV³YVyORYpP]SČYX%DUERUD&DIRXUNR
YiY\KUiODREODVWQtLNUDMVNpNROR%DUERUD&DIRXUNRYiD3HWUDýDĖNRYiVSROXY\KUiO\
GXRQDNUDMVNpPNROHDYêERUQČUHSUH]HQWRYDO\ãNROXQDFHORVWiWQtP¿QiOHY%UQČNGH
QDWiþHODýHVNiWHOHYL]H=GHE\O\RFHQČQ\þHVWQêPX]QiQtP9êWYDUQpSUiFH$GpO\
9HOHERYpÄ9]NĜtãHQt³D+DQ\.RYiĜRYpÄ'HVDWHUR³Y\EUDOD0H]LQiURGQtELEOLFNiVSR
OHþQRVW,%6&=NRWLãWČQtGRNQtåN\0DQD%LEOH
9FHORUHSXEOLNRYpVRXWČåL)RWEDORYêãHVWLERMFKODSFL]H]iNODGQ\REVDGLOLPtV
WR-DNXE3HWĜHN'DYLG)ORULiQ)LOLS3HNiUHND7RPiã+iMHN9URþQtNX%ČKX
0DW\iãH äćiUVNpKR 0DUWLQ 3DOiW Y\KUiO 0DUWLQ 3DOiW Y\KUiO WDNp SĜHVSROQt EČK
RSĜHERUQtNDäXS\SONâYHFH&KODSFLURþQtNĤVLYêERUQČYHGOLYSĜHKD]RYDQp
'RNi]DOLY\KUiWRNUVNRYpRNUHVQtLNUDMVNpNRORY-LKODYČ2QGĜHM'REURYROQê'D
YLG)ORULiQ7RPiã+iMHN2QGĜHM.RQYDOLQD-DNXE3HWĜHN5RELQ3ĜHSHFKDO/LERU
)LDOD7RPiã+RORXEHND6WDQLVODY0DUHN
3RGDĜLORVHXVSČWYJUDQWHFKNWHUpSĜLVSČO\NOHSãtY\EDYHQRVWLãNRO\þiVWNRX
.þ 6OXQFH GR ãNRO VWRON\ SUR UR]KRGþt QRWHERRN Y\ãNROHQt XþLWHOĤ QD
3&LQWHUQHWYêXNRYpSURJUDP\QD3&PtþH-HGHQåiNURþQtNXQHSURVSČOVSČWL
QHGRVWDWHþQêPLQDNRQFLURNXXGČOHQRGYRMHNDWURMN\]FKRYiQt
(YD.XFKDĜtNRYiREVDGLODPtVWRYRNUHVQtPNROHI\]LNiOQtRO\PSLiG\YNUDM
VNpPNROHVHVWDOD~VSČãQRXĜHãLWHONRX9URþQtNX0F'RQDOGV&XSXVHSĜtSUDY
FHRGGtOXNRSDQp]DWĜtG\RSČWGDĜLOR3RSiWp]H~þDVWtVHSRGDĜLOR]YtWČ]LW
YRNUHVQtP¿QiOHSRSUYpYKLVWRULLYãDNFKODSFLY\KUiOLNUDMVNp¿QiOHY-LKODYČNG\å
YH¿QiOHUHPL]RYDOLV3HOKĜLPRYHPRYtWČ]VWYtUR]KRGO\DåSRNXWRYpNRS\
-DNXE&DEHMãHN9RMWČFK3DOiW-LĜt/RXFNê-DNXE2QGUiþHN0LFKDO6DOiN3DYHO
+DYOHQD/LERU-HĜiEHND6WDQLVODY+XWDĜ=iNODGQDRGGtOXNRSDQpYH)RWEDORYpP
ãHVWLERMLYUiPFLý5REVDGLODPtVWR0DUWLQ9ČåQtN5RELQ+UREDĜ5RVWLVODY9ON
D,YR0DFKDþ1iãXþLWHO7Y0JU-LĜt6ODWLQVNêVHVWDOSURURNDNDGHPLFNêP
PLVWUHP UHSXEOLN\ YH YROHMEDOX 3R SiWpP þWYUWpP D WĜHFK GUXKêFK PtVWHFK OHWRV
PXåVWYRIXWVDOXEêYDOêFKåiNĤGRViKORKLVWRULFNpKR~VSČFKXDVWDORVHYSURVLQFL
Y+OXNXD8KHUVNpP%URGČPLVWUHPUHSXEOLN\YKDORYpNRSDQpPXåĤ1HMYČWãt
RSRURXPXåVWYDE\OKUiþ)&%UQR7RPiã$EUDKiPNWHUêE\OY\KOiãHQLQHMOHS
ãtPVWĜHOFHP¿QiORYpKRWXUQDMHVHEUDQNDPL3RSUYpYKLVWRULLVHWDNpQDãtãNROH
SRGDĜLOR Y\KUiW RNUHVQt SĜHERU ]DPČVWQDQFĤ ãNRO YH YROHMEDOX NWHUê VH NRQDO YH
6SRUW9KRWHOXY+URWRYLFtFK1DNUDMVNpPNROH.LQGHULiG\FRåMHDWOHWLFNiVRXWČå
SURåiN\VWXSQČ$QGUHD6LPRQRYiY\KUiODKRGSOQêPPtþHPDYEČKXQDP
E\OD9RMWČFK3DOiWREČW\WRGLVFLSOtQ\Y\KUiO
9OLYHP QHGRVWDWNX P]GRYêFK SURVWĜHGNĤ QD QiURNRYp VORåN\ SODWX YH YêãL
.þRGGXEQDE\OR]UXãHQRKQHSRYLQQêFKSĜHGPČWĤRG
]UXãHQ\WĜHWtKRGLQ\7YRGVHQHY\SOiFtSUDYLGHOQpRVREQtRKRGQRFHQt
±SUREČKODNRQWURODýHVNpãNROQtLQVSHNFH-LKODYDSUDFRYLãWČ
7ĜHEtþSHUVRQiOQtSRGPtQN\Y]GČOiYiQtYHOPLGREUpPDWHULiOQČWHFKQLFNpSRGPtQN\
YHOPLGREUpþHVNêMD]\NQDVWXSQLYHOPLGREUêQDVWXSQLGREUêDQJOLFNê
DQČPHFNêMD]\NGREUêGČMHSLVYHOPLGREUêPDWHPDWLNDDI\]LNDYHOPLGREUê
&HONRYČKRGQRFHQSUĤEČKYêXN\DYêVOHGN\Y]GČOiYiQtQDãNROHMDNRYHOPLGREUp9H
VOHGRYDQêFKREODVWHFKSRVWXSRYDODãNRODYVRXODGXVSUiYQtPLSĜHGSLV\
9 FHORVWiWQt VRXWČåL9LGHRSRKOHGQLFH ] PpKR PČVWD Y DQJOLþWLQČ REVDGLOD -DQD
$EUDKiPRYiPtVWR9UiPFL$VWURQRPLFNpRO\PSLiG\E\OY\EUiQQi]HY25,21
SURGHWHNWRUQDREVHUYDWRĜL3LHUUH$XJHUY$UJHQWLQČRG+DQ\3DOiWRYp9UHJLRQiOQt
SČYHFNp VRXWČåL &DQWR DOHJUH ,YD .DãSiUNRYi Y\KUiOD9 FHORUHSXEOLNRYp VRXWČåL
þW\ĜþOHQQêFK GUXåVWHY YH )RWEDORYpP ãHVWLERML REVDGLOL 0DUWLQ 9ČåQtN 'DQLHO
.XQþtN 9RMWČFK 3DOiW D 'DYLG âLPHþHN PtVWR 639 =â +URWRYLFH VORåHQê
]EêYDOêFKåiNĤãNRO\VH]~þDVWQLOSRVHGPp]DVHERXUHSXEOLNRYpKR¿QiOHYKDORYp
NRSDQp , NG\å WLWXO PLVWUD ý5 QHREKiMLO PtVWR MH WDNp Y\QLNDMtFtP ~VSČFKHP
3RSUYp Y KLVWRULL VH WDNp QDãt ãNROH SRGDĜLOR Y\KUiW -DQ $PRV &XS SĜHERU
]DPČVWQDQFĤãNROYHYROHMEDOX1DUHSXEOLNRYpPNROH.LQGHULiG\Y3UD]HREVDGLOD
1LNROD2QGUiþNRYiYKRGXNULNHWRYêPPtþNHPPtVWR=X]DQD6WDĖNRYiYEČKX
QDPPtVWR3RSUYpMVPHVHWDNpSURVDGLOLQDSĜHERUXåXS\YREĜtPVODORPX
NGH]YtWČ]LOL9HURQLNDâSDþNRYiD9tWČ]VODYâNRGD
9ãLFKQLXþLWHOpMLåPH]LVHERXNRPXQLNXMtHOHNWURQLFNRXSRãWRX6HåiN\EHVHGRYDO
5DGHN+DQ\NRYLF]SĤYRGQČY7KDMVNXRGVRX]HQ]DSDãRYiQtGURJNWUHVWXVPUWL
SRSĜHYR]XGRý5GRþDVQČSURSXãWČQ]YČ]HQt]H]GUDYRWQtFKGĤYRGĤ]DURN]HPĜHO
QDUDNRYLQX
9UiPFLý5YH)RWEDORYpPãHVWLERML]tVNDOLPtVWRPODGãtåiFL9RMWČFK3DOiW
0DUHN +RORXEHN 0LURVODY 0LNXGD -DNXE &DEHMãHN D PtVWR ]iNODGQD 5RPDQ
1RYiN -DNXE 2QGUiþHN -LĜt /RXFNê -DNXE 6PtãHN .OXE 639 =â +URWRYLFH
VORåHQê]EêYDOêFKåiNĤãNRO\VH]~þDVWQLOSRRVPp]DVHERXUHSXEOLNRYpKR¿QiOH
%XGRYDSR]DWHSOHQt
%XGRYDSR]DWHSOHQt
%XGRYDSR]DWHSOHQt
YKDORYpNRSDQpY2ORPRXFLDREVDGLOPtVWR1DåXSQtPSĜHERUXYSĜHVSROQtP
EČKXYHVWDUãtFKåiFtFK6WDQLVODY0DUHNY\KUiO9DWOHWLFNpPþW\ĜERMLREVDGLO9RMWČFK
3DOiWYUHSXEOLNRYpPNROHPtVWR
=HGYRXGHYiWêFKWĜtGY\ãORåiNĤE\ORSĜLMDWRQD6âQHER628VPDWXULWRX
WM7RMHQHMOHSãtYêVOHGHN]DSRVOHGQtFKURNĤ=QLFKE\ORSĜLMDWRåiNĤQD
J\PQi]LD
8åiNĤE\ORĜHãHQRFHONHPQHRPOXYHQêFKKRGLQ
9H)RWEDORYpPãHVWLERMLREVDGLOLYUiPFLý5PtVWRPODGãtDVWDUãtåiFL5RELQ
+UREDĜ0LURVODY0LNXGD'DYLGâLPHþHND0DUWLQ9ČåQtNPtVWRGRURVW7RPiã
+RORXEHN=GHQČN+RORXEHN2QGĜHM.RQYDOLQDD6WDQLVODY0DUHNPtVWR]iNODGQD
5RPDQ1RYiN(PLO3RNRUQê/XNiã3ROLGDD0DUWLQ'LYLã9HVWROQtPWHQLVX PODGãt
åiN\QČ,YD.DãSiUNRYiäDQHWD6YRERGRYiD=X]DQD6WDĖNRYiYGUXåVWYHFKRNUHVQt
SĜHERUãNROY\KUiO\Y\KUiO\GRNRQFHLNUDMVNêSĜHERUãNRO,YD.DãSiUNRYiREVDGLOD
QD NUDMVNpP åHEĜtþNX PODGãtFK åiN\Ė PtVWR D GtN\ WRPX E\OD QRPLQRYiQD QD
UHSXEOLNRYRX/HWQtRO\PSLiGXPOiGHåHNWHUiVHNRQDODYþHUYQXYÒVWtQDG/DEHP
YHþW\ĜKĜHV1LNRORX&KiERYRX]-LKODY\YHþWYUW¿QiOH9DWOHWLFNpPþW\ĜERML639
REVDGLO 6WDQLVODY 0DUHN Y RNUHVQtP L NUDMVNpP NROH PtVWR QD UHSXEOLNRYpP
NROHYH6WDUp%ROHVODYLPtVWR9]KOHGHPN~VSČFKĤPYVRXWČåtFKE\OWHQWRURN
KLVWRULFN\QHM~VSČãQČMãtPURNHP]DSRVOHGQtFKOHW
3RX]HWHQWRãNROQtURNY]KOHGHPNQHGRVWDWNXPtVWD]NXVtPHSRSVDWSRGUREQČMLDE\
þWHQiĜ]tVNDOSĜHGVWDYXRWRPFRVHGiQDQDãtãNROH]DMHGHQãNROQtURN]YOiGQRXW
-HWRKRGQČQHERPiOR"
0DWHULiOQtY\EDYHQt%\OD]EXGRYiQDOHWQtWĜtGDDOWiQ]D.þ]1DGDFH
9HURQLFD.þ0ČVWR+URWRYLFH.þYGtOQiFKE\O\SURYHGHQ\VDQDþQt
RPtWN\ ]D .þ 0ČVWR +URWRYLFH .þ SURYHGHQD REQRYD ODNRYiQt
KDO\]D.þSRĜt]HQRYêãNRYČVWDYLWHOQêFKVWROĤDåLGOLþHNGRQRYp
MD]\NRYpXþHEQ\]D.þQRYpOLQRQDVFKRGLãWČQD%]D.þQRYp
åDOX]LH%WĜtG\%XNOt]HþN\DMD]\NRYiXþHEQD%ORJRSHGLH]D.þ
]DNRXSHQDQRYi~NOLGRYiWHFKQLNDSURXNOt]HþN\]D.þSRĜt]HQR]DYODåRYDFt
þHUSDGORQDSR]HPHN]D.þSR]LQNRYiQ\W\þHQDãSOKYKDOHDWČORFYLþQČ]D
.þ = JUDQWX NUDMH 9\VRþLQD ]D .þ D ] JUDQWX 639 ]D .þ
SRĜt]HQ\PtþH1HMYtFHSURVWĜHGNĤE\ORLQYHVWRYiQRGRUR]YRMHYêSRþHWQtWHFKQLN\
2G )LUP\ ý(= 'DWD ]tVNiQR 3& D Y\EDYHQD GUXKi SRþtWDþRYi XþHEQD %\OD
UR]ãtĜHQDSRþtWDþRYiVtĢQD%VERURYQDDXþHEQD)&K%SRþtWDþRYiXþHEQDä.
DMD]\NRYiXþHEQDQD%GRãNROQtGUXåLQ\,D,,3RĜt]HQ\QRYpSRþtWDþHGRRERX
ãNROQtFKGUXåLQSRVtOHQ\SDPČWL5$0YXþHEQČ3&QDSRþtWDþtFK9ãHYKRGQRWČ
.þ.þ0ČVWR+URWRYLFH.þ]3URJUDPXQDSRGSRUXSRNU\Wt
NRQHNWLYLW\ ãNRO Y UiPFL 6,39= Y URFH 1D ãNROH PiPH Q\Qt Y SURYR]X
SRþtWDþĤ]WRKRSURåiN\YVtWL]WRKRSURåiN\2G0ČVWD+URWRYLFHQD
SRGSRUXVSRUWRYQtFKDNWLYLW]tVNiQR.þDQDSRGSRUXKDQGLFDSRYDQêFKåiNĤ
.þ9þHUYQX]DKiMHQ\SUiFHQDLQVWDODFLWHSOpYRG\QDYãHFK:&QD%D
3URYêXNXQDãNROQt]DKUDGČ]EXGRYiQPRNĜDY
9êXND%\OD]DKiMHQDYê]QDPQiUHIRUPD1DãNROHVHXþLORSRGOHXþHEQtFKSOiQĤ
VFKYiOHQêFK0â07DURþQtNþM=iNODGQtãNROD'YDURN\
SHGDJRJLFNêVERUSUDFRYDOQDYODVWQtPãNROQtPY]GČOiYDFtPSURJUDPXâ93'QH
E\ODVâ93VH]QiPHQDâNROVNiUDGDDQHPČODSĜLSRPtQHNGQH
E\Oâ93VFKYiOHQSHGDJRJLFNRXUDGRX3RGOHWRKRWRYODVWQtKRâ93MVPH]DþDOLRG
XþLWYDYURþQtNX3ĜLGČOHQpKRGLQ\GRMHGQRWOLYêFKURþQtNĤK
KKKKKKKK9VtWLãNROMH]DĜD]HQ
MHãWČãNROQtNOXEDãNROQtGUXåLQDVHRGGČOHQtPL
1DãNROHSUDFRYDOR]DPČVWQDQFĤ]WRKRXþLWHOĤY\FKRYDWHON\â'Y\
FKRYDWHONDâ.DVSUiYQtFK]DPČVWQDQFĤãNROQtNDWRSLþYMHGQpRVREČKRVSRGiĜND
D XNOt]HþN\ 3UĤPČUQê YČN SHGDJRJLFNpKR VERUX MH OHW MGH R ]NXãHQê VERU
=HKRGLQRGXþHQêFKWêGQČQDãNROHE\ORKRGLQRGXþHQRDSURERYDQČWM
7RMHQHMY\ããtDSURERYDQRVWQDãNROHRGURNXVWHMQČMDNRYHãNROQtPURFH
9HãNROQtPURFHVHSHGDJRJLþWtSUDFRYQtFLSĜLSRMLOLGYDNUiWDNMHGQR
GHQQtVWiYFHNWHURXY\MiGĜLOLQHVRXKODVVH]iPČUHPYOiG\VQLåRYDWYêGDMHQDãNROVWYt
$QJOLþWLQXVHQDãNROHXþLORåiNĤQČPþLQXåiNĤYROLWHOQpSĜHGPČW\QD
YãWČYRYDOR åiNĤ D QHSRYLQQp SĜHGPČW\ åiNĤ -HGHQiFWêP URNHP SUDFR
YDO\QDãNROHRGGČOHQtâ'NWHUpQDYãWČYRYDOSOQêSRþHWåiNĤ~SODWD.þ
PČVtFUDQQtâ'QDYãWČYRYDORåiNĤNURXåNĤSĜLâ.QDYãWČYRYDORåiNĤ
WM åiNĤ ãNRO\ 7R MH Y\VRNp þtVOR L NG\å MVPH WĜHWtP URNHP Y\EtUDOL
~SODWX.þ]DNURXåN\
1DNRQFLURNXE\ORNODVL¿NRYiQRåiNĤ6SRNRMHQLMVPHVSUĤPČUQêPSUR
VSČFKHPLNG\åMHRKRUãtQHåYORĖVNpPURFH1DVWXSQLDQD
VWXSQLåiNĤREGUåHORSRFKYDOXěâQDY\VYČGþHQt]DYêERUQpSUDFRYQtYê
VOHGN\WMSUĤPČUQêSURVSČFKGRåiNĤREGUåHORSRFKYDOXěâQDY\VYČGþHQt
]D YêUD]Qp ]OHSãHQt SURVSČFKX WM PLQLPiOQČ R åiNĤ REGUåHOR QD Y\VYČG
þHQtSRFKYDOXĜHGLWHOHãNRO\]DY]RUQRXUHSUH]HQWDFLãNRO\3RþHWY\]QDPHQDQêFK
åiNĤWMRKRUãtQHåORQL&KRYiQtåiNĤãNRO\PiYêN\Y\XGČOHQR
GYRMHN]FKRYiQt3UREOpP\VFKRYiQtPVHQiPSĜHVRXYDMtMLåQDVWXSHĖNGH
E\ORXGČOHQRGYRMHN]FKRYiQt7HG\YtFHQHåQDVWXSQL7RYPLQXORVWLQHE\OR
9 SUĤEČKX FHOpKR ãNROQtKR URNX VH ĜHãLO\ YêFKRYQp SUREOpP\ åiNĤ
YH VSROXSUiFL V WĜtGQtPL XþLWHOL 78 DNWXDOL]RYDO\ VH VH]QDP\ åiNĤ Y\ãHWĜHQêFK
YPHGDJRJLFNRSV\FKRORJLFNpSRUDGQČY7ĜHEtþL333%ČKHPURNXE\ORRGHVOiQR
åiGRVWtRY\ãHWĜHQtY333.MHYHYLGHQFL93åiNĤVH638]WRKR
åiFLYHGHQLMDNRLQWHJURYDQtVLQGLYLGXiOQtPLSOiQ\,QIRUPDFH]HYãHFKãNROHQt
DVHPLQiĜĤNWHUp93EČKHPURNXDEVROYRYDODSĜHGiYDODXþLWHOĤPY\FKRYDWHOĤP
D Y\XåtYDOD MH Y KRGLQiFK 5Y D 2Y %ČKHP URNX QHE\O\ ĜHãHQ\ åiGQp SUREOpP\
VQiY\NRYêPLOiWNDPLDQLQHRPOXYHQêPLKRGLQDPL
2G]DþiWNXãNROQtKRURNXQRYČMPHQRYiQDãNROQtPPHWRGLNHPSURWLGUR
JRYpSUHYHQFH033QDãNROH0JU,YDQD0DãRYi1DYi]DODVSROXSUiFLVRVWDWQtPL
SUDFRYQtN\ QD ãNROH Y WpWR REODVWL %\OD Y\WYRĜHQD ãNROQt NQLKRYQD V SURSDJDþQtPL
PDWHULiO\YLGHRND]HW\ GRWD]QtN\ EURåXU\ OHWiN\ NQLK\ E\O\ VKURPiåGČQ\ YãHFKQ\
LQIRUPDFHRLQVWLWXFtFKDRGERUQtFtFKSĤVREtFtFKQDRNUHVH7ĜHEtþ%\O\YSRVOHGQtFK
OHWHFKNWRPXWRWpPDWXY\WYRĜHQ\VWiOpQiVWČQN\QDãNROHYDUHiOXãNRO\Y\WYRĜHQR
QČNROLNUHOD[DþQtFKFHQWHUSURåiN\VWRO\QDVWROQtWHQLVYHĜHMQiNQLKRYQDSRVH]HQt
X SRVLORYQ\ KRUROH]HFNi VWČQD åHEĜLQ\ QD YãHFK FKRGEiFK XþHEQ\ Y SĜtURGČ
SRVH]HQtYDUHiOXãNRO\NYêXFHMHSRXåtYiQLQWHUQHW3URYiGtPHYWpWRREODVWLVWiOê
PRQLWRULQJ9HGHPHåiN\NGRGUåRYiQt]GUDYpKRåLYRWQtKRVW\OX7pPDWD]DĜD]HQDGR
YêXN\5Y3Ĝ2Y&K3þ7YD9Y
.RRUGLQiWRUHP(9E\ODMPHQRYiQDXþLWHONDVWXSQČ0JU0DULH
+ODYQLþNRYiNRPELQDFH03Ĝ3UDFXMHGOHY\SUDFRYDQpKRSOiQXþLQQRVWLDSUDFRYQt
QiSOQČ SUR NRRUGLQiWRUD (9 E\OR ]DĜD]HQR GR WHPDWLFNêFK SOiQĤ MHGQRWOLYêFK
SĜHGPČWĤ 9 KRGLQiFK E\O\ SĜLSRPtQiQ\ Yê]QDPQp GQ\ N åLYRWQtPX SURVWĜHGt
-HGQRXE\OSURYHGHQVEČUVWDUpKRSDStUXýWYUWêPURNHPMVPHSRNUDþRYDOLYWĜtGČQt
RGSDGXYHWĜtGiFKNGHMVRXNUDELFHQDVWDUêSDStU9NYČWQXMVPHSURYHGOLSĜHQiãHQt
åDE SĜHV VLOQLFL äiFL ãNRO\ SHþXMt R NYČWLQ\ R ãNROQt SR]HPHN ]HOHQp SORFK\
YRNROtãNRO\DRãNROQtKĜLãWČ9SUĤEČKXURNXUHDOL]RYiQ\HNRORJLFNpY\FKi]N\
V QiVOHGQêP ]SUDFRYiQtP SR]RURYiQt 1D MDĜH VH ]DþDOD SRXåtYDW YHQNRYQt
XþHEQDDOWiQSURYêXNX3Ĝ3þ9Y2Y9O
1DGDOãtY]GČOiYiQtSHGDJRJLFNêFKSUDFRYQtNĤ'933QDURNREGUåHODQDãH
ãNROD]EČåQpKRVWiWQtKRUR]SRþWX.þY\þHUSiQRE\OR.þ3ĜHþHUSDQp
SURVWĜHGN\ XKUD]HQ\ ] XãHWĜHQêFK VWiWQtFK SURVWĜHGNĤ QD XþHEQLFH D ] RGYRGĤ QD
P]G\3UREČKO\LGDOãtY]GČOiYDFtDNFHNWHUpE\O\KUD]HQ\]MLQêFK]GURMĤYþHWQČ
VRXNURPêFK 3OiQ '933 QD URN E\O VSOQČQ E\O ]DPČĜHQ VWHMQČ MDNR Y URFH
QD MD]\NRYp Y]GČOiYiQt 3HGDJRJLþWt SUDFRYQtFL VH ]~þDVWQLOL FHONHP Y]GČOiYDFtFK DNFt FRå SĜHGVWDYXMH QHXYČĜLWHOQêFK KRGLQ 3URVWĜHGN\ E\O\
Y\XåLW\HIHNWLYQČ]tVNDQpSR]QDWN\E\O\XSODWQČQ\SĜLYêXFHDE\OLVQLPLVH]QiPHQL
RVWDWQtSHGDJRJLþWtSUDFRYQtFLYSĜHGPČWRYêFKNRPLVtFKDQDSRUDGiFK
9URþQtNXSUREtKDODYêXNDVNXSLQDYROLWHOQpKRSĜHGPČWX36$SRK\ERYp
DVSRUWRYQtDNWLYLW\DVNXSLQ\LQIRUPDWLN\YDåURþQtNXVNXSLQMDNRYROLWHO
QpSĜHGPČW\36$KWDVNXSLQ\SVDQtQDHOHNWURQLFNêFKSVDFtFKVWURMtFKKWRG
SROROHWtSVDQtQDSRþtWDþtFK=QHSRYLQQêFKSĜHGPČWĤQDãNROHE\O\Y\XþRYiQ\
VERURYê]SČYQDVWXSQLKQDVWXSQLKVNXSLQ\]iMPRYp7YQDVWXSQL
DVNXSLQDQDVWXSQLVH]DPČĜHQtPQDNRSDQRXVNXSLQ\]iMPRYp7YVH]DPČ
ĜHQtPQDYROHMEDOKORJRSHGLHãNROQtORJRSHGNRXVNXSLQ\ĜtPVNRNDWROLFNpKR
QiERåHQVWYtSRKW
1DãNROHSUDFRYDORSRGãNROQtPNOXEHPNURXåNĤNURXåN\NRSDQpSĜtSUDY
NDURþQtN]iNODGQDURþQtNPODGãtåiFLURþQtNVWDUãtåiFLURþQtN
YROHMEDOVWDUãtGtYN\DFKODSFLVWROQtWHQLVPRGHOiĜVNêSČYHFNê=StYiQtþNRD3RGKR
UiþHN[DHURELFãNROQtNOXENRSĜtURGRYČGQê[SRþtWDþHVWĜHOHFNê[FRXQWU\VWHS
VSRUWRYQtKU\GtYN\þHVNêMD]\NPDWHPDWLNDDQJOLFNêMD]\N5&DXWtþND
3URåiN\XVSRĜiGDOãNROQtNOXEGLVNRWpNXGUDNXOiGXVRXWČåHYHVWROQtFKDGHV
NRYêFKKUiFKVWĜHOHFNp]iYRG\PLNXOiãVNRXQDGtONXKU\QDVQČKXVRXWČåHYEUXV
OHQt WDQHþQt VRXWČå VRXWČåH Y SLãNYRUNiFK F\NOLVWLFNp ]iYRG\ SĜHERU\ Y ãDFKX
YSĜHVNRNXSĜHVãYLKDGORH[NXU]LGR=22NRXWNXY7ĜHEtþLäiFLãNRO\QDVEtUDOL
NJþHUQpKREH]XNJSRPHUDQþRYpNĤU\NJNDãWDQĤDWVWDUpKRSDSt
UX'DOãtXVSRĜiGDQpDNFHãNRO\%HVLSSURURþQtNQDGRSUDYQtPKĜLãWLY7ĜHEtþL
SURMHNW=GUDYp]XE\SURURþQtNSURMHNWSURURþQtN'ČWVWYtYH]GUDYtDEH]
âNROQtEXGRYDYURFHYêURþt]DORåHQtãNRO\Y+URWRYLFtFK
~UD]ĤWêGHQQt/9=URþQtNĤSRãHVWpMVPHXVNXWHþQLOLWêGHQQt/9=SURURþQtN\
YêXNXSODYiQtURþQtNĤY7ĜHEtþLYêOHW\YHYãHFKWĜtGiFKYtWiQtWĜtGDUR]
ORXþHQtVåiN\URþQtNXYREĜDGQtVtQL0ČÒY\GiYiQtãNROQtKRþDVRSLVX+URãtN
[6GUXåHQtURGLþĤ[5DGD6GUXåHQtURGLþĤ[âNROVNiUDGDNRQFHUWĤSČYHF
NêFKVERUĤ3RGKRUiþHNQHER=StYiQtþNRSURYHĜHMQRVWVRXVWĜHGČQtRERXSČYHFNêFK
VERUĤY5RXFKRYDQHFKH[NXU]HURþQtNXQD-('8D9RGQtPGtOH'DOHãLFHSUR
YêXNX7Y YH â' D â. MVPH Y\XåtYDOL KRWHORYê ED]pQ % XVSRĜiGDOD EHVtGN\
SURYHĜHMQRVWDSURVWXSHĖY\GDĜLOVHãNROQtSOHVQDWpPDYþHOND0iMD]LVN
.þ9SURYR]XE\O\URNHPZHERYpVWUiQN\ãNRO\
1DãH ãNROD XVSRĜiGDOD QiVOHGXMtFt VRXWČåH RNUVNRYp NROR VWDUãtFK åiNĤ Y NRSDQp
RNUVNRYpNRORYKDORYpNRSDQpPODGãtFKåiNĤRNUHVQtDNUDMVNiNRODYHVWROQtPWHQLVX
RNUHVQtWXUQDMPODGãtFKSĜtSUDYHND]iNODGHQYKDORYpNRSDQpRNUVNRYpNRORYHYROHMEDOX
GtYHNDRNUVNRYpNRORYPDOpNRSDQp0F'RQDOGV&XSSURREČNDWHJRULH
3UiFHãNRO\E\ODSUDYLGHOQČþWYUWOHWQČSUH]HQWRYiQDYPČVWVNpP=SUDYRGDMLYRNUHV
QtPWLVNXDQDZHERYêFKVWUiQNiFKãNRO\9ODVWQtþLQQRVWtãNRO\]5&639]2$â6.
RGURGLþĤDRGVSRQ]RUĤVHSRGDĜLOR]tVNDW]DãNROQtURNPLPRUR]SRþWRYp]GURMHþiVWNX
.þNWHUiE\ODþHUSiQDQDãNROQtDNWLYLW\9\þHUSiQRE\OR.þ
$VSRĖYWRPWRãNROQtPURFHXYHGHPH~SOQêSĜHKOHGSRX]HYtWČ]ĤYRNUHVQtFK
NROHFK D ~VSČFK\ Y NUDML D QD UHSXEOLFH %\O WR QHM~VSČãQČMãt YêVOHGHN ãNRO\
YVRXWČåtFKYSRVOHGQtFKOHWHFK
2GERUQpVRXWČåH9RNUHVQtPNROHPDWHPDWLFNpVRXWČåH.ORNDQYNDWHJRULL.DGHW
SURDURþQtN\NGHVRXWČåLORĜHãLWHOĤQDPtVWHFKVNRQþLOL6LPRQD+iMNRYi
D3DYHOýDQČNYFHORVWiWQtOLWHUiUQtDYêWYDUQpRO\PSLiGČ&HQWURSHQNGHE\OR
KRGQRFHQR QHXYČĜLWHOQêFK SUDFt REVDGLOD $GpOD 6FKPLGORYi ]H % VH VYRX
3ĜHGiQtFHQ\$GpOH6FKPLGORYp]H%]DPtVWRYý5]DSRYtGNX2O\PSLiGDFHQWURSHQ
SRYtGNRX.QtåNDQDWpPD)LQWLONDNĜtGODWiDQHEKGRVHVNUêYiYHY\VRNpWUiYČPtVWR
'DQD'YRUVNi]%WĜtG\VHVYêPPRQRORJHP.DP]tFLREVDGLODPtVWRYUHJLRQiO
QtPNROHVRXWČåH0ODGê'pPRVWKHQHV-HWRVRXWČåYHVFKRSQRVWLNRPXQLNRYDW
9RNUHVQtVRXWČåL0ČVWDEXGRXFQRVWLVHVYRXSRYtGNRX&R3DStUHþHN]DåLMHYPČVWČEX
GRXFQRVWL]YtWČ]LODD]tVNDODFHQXSRURW\'DJPDU1DYUiWLORYi]$9HVWHMQpYêWYDUQp
VRXWČåL]YtWČ]LOLDFHQXSRURW\]DPRGHO0ČVWDEXGRXFQRVWL]tVNDOLåiFL%9HURQLND
3ĜHSHFKDORYi$QQD&KURPi3DYHO'REURYROQêD-DNXE6PtãHNÒVSČãQêPĜHãLWHOHP
RNUHVQtKRNRODI\]LNiOQtRO\PSLiG\VHVWDO.DUHO.UiO]$9RNUHVQtVRXWČåL1HMOHSãt
SURMHNWY$MQDWpPD0ĤMREOtEHQêSĜtEČKYNDWHJRULLURþQtNFHONHPSURMHNWĤ
PtVWRREVDGLODSUiFH+DQ\'RNXOLORYp0RQLN\%RXGRYp$GpO\3RSHONRYpD-DQ\
3HOiQRYp9SČYHFNpVRXWČåLýHVNR]StYi-HåtãNRYLVH)LOLS$OEHUW]HWĜtG\XPtVWLO
PH]LGHVHWLYNUDMLDSRVWRXSLOQDUHSXEOLNRYpNROR3ČYHFNêVERUQDãtãNRO\3RGKRUiþHN
QHY\KUiOSRWĜLQiFWp]DSRVOHGQtFKOHWRNUHVQtSĜHKOtGNXGČWVNêFKSČYHFNêFKVERUĤ
SURWRåHRNUHVQtNRORQHE\ORSRWĜHWtY\SViQR3RþHWYtWČ]VWYtYRNUHVQtFKNROHFKVH]DVWD
YLOSĜHGORQLQDGYDQiFWL9\KUiOURYQRXNUDMVNpNRORNGHE\OY\KRGQRFHQYH]ODWpPSiV
PXÒVSČãQČVLYHGODLþOHQQiVNXSLQDFRXQWU\WDQFHNWHUiQDNUDMVNpPNROHREVDGLOD
PtVWRQDUHSXEOLFHPtVWRYVHPL¿QiOH
6SRUWRYQtVRXWČåH0ODGãtSĜtSUDYNDRGGtOXNRSDQpY\KUiODKLVWRULFN\SUYQtSUDYL
GHOQRXVRXWČåQDRNUHVH7ĜHEtþVWDUãtåiFLRGGtOXNRSDQpYHâNROVNpPSRKiUX&RFD
&RODVHYNUDMLGRVWDOLGRVHPL¿QiOH9FHORVWiWQtVRXWČåLYHIRWEDORYêFKGRYHGQRVWHFK
)RWEDORYêãHVWLERMYNDWHJRULLWĜtGFKODSFL]H]iNODGQ\REVDGLOLPtVWRDPODGãtåiFL
PtVWREêYDOtåiFLãNRO\VHYHIXWVDOXSRGUXKpYKLVWRULLVWDOLPLVWU\ý59SĜHKD]RYDQp
]tVNDOLVWDUãtåiFLLåiN\QČPtVWDQDRNUHVHQDNUDMVNpPNROH]tVNDOLPtVWDPODGãtåiFL
LåiN\QČVWDUãtåiFLLåiN\QČ9SĜHKD]RYDQpQDVWXSQLFKODSFLYRNUHVH=QRMPRE\OL
DGtYN\'HViWRXVSRUWRYQtKYČ]GRXRNUHVX7ĜHEtþ]DURNVHVWDOQiãEêYDOê
åiNYROHMEDOLVWD9tWČ]VODY6YRERGD1DRNUHVQtPSĜHERUXãNROYHVWROQtPWHQLVXPODGãt
åiN\QČ,YD.DãSiUNRYiD$QGUHD6LPRQRYiY\KUiO\Y\KUiO\GRNRQFHLNUDMVNêSĜHERU
ãNRO1DRNUHVQtFKSĜHERUHFKUHJLVWURYDQêFKPH]LGRURVWHQNDPLY\KUiOD,YD.DãSiUNR
Yi5RELQ+UREDĜY\KUiOåiN\QDNUDMVNêFKSĜHERUHFKQDURNY+DYOtþNRYČ%URGČ
VHVWDODNUDMVNRXSĜHERUQLFtYHGYRXKĜHLYHþW\ĜKĜH,YD.DãSiUNRYiYHVPtãHQpþW\ĜKĜH
REVDGLODPtVWR7tPVHQRPLQRYDODQDPLVWURYVWYtý5GR0RVWX9DWOHWLFNpPþW\ĜERML
REVDGLOD.ODXGLH0HM]OtNRYiYNUDMLPtVWR9RMWČFK9HVHOêYNUDMLPtVWR9\EtMHQRX
VPtãHQêFKGUXåVWHYGRWĜtG\QDãHãNRODQDRNUHVHY\KUiODYåXSQtPSĜHERUXYSODYiQt
REVDGLO$GDP9RWDYDPtVWRYRNUHVQtVRXWČåLOHWHFNêFKPRGHOiĜĤYNDWHJRULLPODGãtFK
åiNĤ5RPDQ1RYiNY\KUiODREVDGLOPtVWRWDNpQDNUDMVNpPNROH
9\EXGRYiQD QiNODGHP .þ QRYi MD]\NRYi XþHEQD ]H VERURYQ\ QD %
Y Qt SUYQt LQWHUDNWLYQt WDEXOH QD ãNROH XþLWHOp Y\VWČKRYiQL QD SĜHEXGRYDQp GtY
þt :& 'YČ GDOãt LQWHUDNWLYQt WDEXOH ]SURYR]QČQ\ YH ãNROQtFK GUXåLQiFK 1D
GUXKê VWXSHĖ GR WĜtG SUYQtFK SOD]PRYêFK WHOHYL]t D '9' -DQ 1HMHGOê REVDGLO
PtVWRYRNUHVQtPNROHRO\PSLiG\Y$M6WDUãtåiFLRGGtOXNRSDQpY\KUiOLRNUHVQt
NRORYPDOpNRSDQpDQDNUDMVNpPNROHY-LKODYČREVDGLOLPtVWRNG\åNYtWČ]VWYt
FK\EČOMHGLQêJyO2NUHVQtSĜHERUãNROYHVWROQtPWHQLVXVWDUãtGtYN\,YD.DãSiU
NRYiD$QGUHD6LPRQRYiY\KUiO\QDNUDMVNpPNROHREVDGLO\PtVWR
1RYiPXOWLPHGLiOQtMD]\NRYiXþHEQD
8ý,7(/6.é6%25
)XQNFH
ěHGLWHOãNRO\
=iVWXSFHĜHGLWHOH
9êFKRYQêSRUDGFH
8þLWHOpQDVWXSQL
8þLWHOpQDVWXSQL
9\FKRYDWHON\
6SUiYQt]DPČVWQDQFL
-PpQRDSĜtMPHQt
3DHG'U)UDQWLãHN.DãSiUHN
0JUâWČSiQ)ORULiQ
0JU+DQD.DãSDURYi
0JU/HQND%XORYi
0JU9ČUD3DOiWRYi
0JU3HWU3RSHOND
0JU,YRQD3RSHONRYi
0JU-DQD9RGLQVNi
0JU0LOXãH9RGLQVNi
0JU0DULH+ODYQLþNRYi
0JU=GHQČN,OOHN
0JU.DWHĜLQD.RVRYi
0JU.DWHĜLQD/RKQLVNi
0JU.DUHO0DNRYLþND
0JU,YDQD0DãRYi
-LWND0DWČMNRYi
0JU-LĜt6LJPXQG
0JU5ĤåHQD6ODWLQVNi
0JU-LĜt6ODWLQVNê
0JU3DYHO9LWiPYiV
7K'U-RVHI%HQHã
0DUFHOD6HLWORYi
=GHĖND.DãSiUNRYi
5RPDQD.XEtþNRYi
0LOXãH+UĤ]RYi
-DURVODY+DPEiOHN
/HQND+iMNRYi
-DURVODYD+iMNRYi
,YD.D]DWHORYi
'UDKRPtUD3DOiWRYi
$SUREDFH
0)
VW
ý-2Y
VW
VW
VW
VW
VW
VW
03Ĝ
0)
6ERURYê]SČY
3Ĝ7Y
VW7Y
=3Ĝ
$M
9Y'
&K3Ĝ
VW7Y7HY
ýM2Y
1iERåHQVWYt
ãNROQtGUXåLQD,
ãNROQtGUXåLQD,,
ãNROQtNOXE
KRVSRGiĜNDãNRO\
ãNROQtNWRSLþ
XNOt]HþND
XNOt]HþND
XNOt]HþND
XNOt]HþND
6SUiYQt]DPČVWQDQFL
-DURVODY+DPEiOHN,YD.D]DWHORYi'UDKRPtUD3DOiWRYi/HQND+iMNRYi-DURVODYD+iMNRYi
0LOXãH+UĤ]RYi
9\FKRYDWHON\DXþLWHOpVWXSQČ
=GHĖND.DãSiUNRYi5RPDQD.XEtþNRYi0DUFHOD6HLWORYi9ČUD3DOiWRYi0LOXãH9RGLQVNi
3HWU3RSHOND,YRQD3RSHONRYi-DQD9RGLQVNi/HQND%XORYi
8þLWHOpVWXSQČ
GROQtĜDGD-LWND0DWČMNRYi0DULH+ODYQLþNRYi)UDQWLãHN.DãSiUHNâWČSiQ)ORULiQ5ĤåHQD6ODWLQVNi
,YDQD0DãRYi
KRUQtĜDGD-LĜt6LJPXQG=GHQČN,OOHN.DWHĜLQD/RKQLVNi3DYHO9LWiPYiV+DQD.DãSDURYi
.DUHO0DNRYLþND-LĜt6ODWLQVNê
+,6725,($628ý$61267â.2/1Ë'58ä,1<
'ČMLQ\ãNROQtGUXåLQ\VH]DþDO\SViWURNXNG\YOLVWRSDGXE\OD]DKiMHQDþLQ
QRVW3UYQtY\FKRYDWHONRXE\ODSDQt5ĤåHQD)RLWRYiSR]GČMãtĜHGLWHOND0DWHĜVNpãNRO\
Y+URWRYLFtFK
9SURVWRUiFKWHKGHMãtEXGRY\=âGQHãQt=8âVtGOLODGUXåLQDDåGRURNX3RWpVH
GUXåLQDSĜHVWČKRYDODGRQRYpKRSDYLORQXãNRO\.RQHþQČPČODYODVWQtXþHEQ\
2GURNXE\ORRWHYĜHQRGUXKpRGGČOHQtGUXåLQ\=DOHWVHY\VWĜtGDORYHIXQNFL
Y\FKRYDWHON\åHQ1HMGpOHQDãNROHSĤVRELODSDQt=GHĖND3DOiWRYi
9êFKRYQpFtOHVHYHGUXåLQČEČKHPWČFKPQRKDOHWDVLQH]PČQLO\1DãtPKODYQtP
~NROHPE\ORDMHDE\VLGČWLSRY\XþRYiQtRGSRþLQXO\DVP\VOXSOQČY\SOQLO\þDVYê
WYDUQRXKXGHEQtDVSRUWRYQtþLQQRVWt5R]GtOQêMH]SĤVREDQiSOĖSUiFH0iPHWĜtG\
VROLGQČY\EDYHQpKUDþNDPLKUDPLYêWYDUQêPLSRWĜHEDPLDMLQêPLSRPĤFNDPL9XþHE
QiFKMVRXSRþtWDþHVSĜLSRMHQtPQDLQWHUQHW9RERXMHLLQWHUDNWLYQtWDEXOHNWHUiVORXåt
NYêXFH9\XåtYiPHVSRUWRYQtKDOXWČORFYLþQXKRUROH]HFNRXVWČQX&KRGtPHVLKUiWQD
KĜLãWČ6SROHþQČPDOXMHPHY\UiEtPHGiUN\DGHNRUDFHN9iQRFĤP9HOLNRQRFĤP6YiW
NXPDWHN3RPiKiPHVYê]GRERXQDãNROQtSOHVY\UiEtPHGiUN\EXGRXFtPãNROiNĤP
N]iSLVX1ČNG\MHYãDNGĤOHåLWČMãtQDXþLWGČWLVSRQWiQQČVLKUiWDVSRUWRYDW
=D WD OpWD VH ]PČQLOR PQRKR GČWL MVRX YãDN VWiOH GČWL ]ORELYp L KRGQp SRKRGO
Qp L WHPSHUDPHQWQt ]DNĜLNQXWp L VHEHYČGRPp -VRX SURVWČ MHQ NRSLt QiV GRVSČOêFK
DRGUD]HPGRE\DVSROHþQRVWLYHNWHUpåLMt =GHĖND.DãSiUNRYiY\FKRYDWHONDâ'
âNROQtGUXåLQDVLQWHUDNWLYQtWDEXOt
3ě(+/('9<&+29$7(/(.â.2/1Ë'58ä,1<
âNROQtURN\
GRVXG
GRVXG
9\FKRYDWHOND
5ĤåHQD)RLWRYi
'DQLHOD'LYLãRYi
-LWND6RERWNRYi
0LODGD)ĖXNDORYi
9ČUD6RERWNRYi
'DQD=HLEHUWRYi
0LODGD6NOHQiĜRYi
/XGPLOD3RNRUQi
$OHQD'ROiNRYi
-DURVODYD1RYiNRYi
,YHWD9UERYi
=GHĖND3DOiWRYi
0DUFHOD6HLWORYi
=GHĖND.DãSiUNRYi
3RþHWRGXþHQêFKOHW
3,21é56.È25*$1,=$&($â.2/1Ë./8%
9URFHE\OD]DORåHQDY+URWRYLFtFK3LRQêUVNiVNXSLQD0ODGiJDUGDNWHUi
E\OD Y URFH SĜHMPHQRYiQD QD 3LRQêUVNRX VNXSLQX SON * , 6DFKDURYD 32
660 SUDFRYDOD SĜL ãNROH V XYROQČQêPL SLRQêUVNêPL YHGRXFtPL Y OHWHFK Då
$þNROLY]QDþQČSRPRKODPLPRãNROQtþLQQRVWLGČWtYWpWRGREČE\ODSRSODWQi
NRPXQLVWLFNpPXUHåLPXQHE\OD]DORåHQDQDGREURYROQRVWL3ĜLSRPHĖPHVLQi]Y\
QČNWHUêFKFKDUDNWHULVWLFNêFKþLQQRVWtWpGRE\KOXEPH]LQiURGQtKRSĜiWHOVWYtQHER
FHORVWiWQt KUD 9åG\ SĜLSUDYHQ 2 ]HPL NGH ]tWUD MLå ]QDPHQi YþHUD 2 GXKRYRX
NXOLþNX VRXWČå 5XGp ãiWN\ QHER 2 SUDSRU YRURQČåVNêFK SLRQêUĤ &tOHP E\OR
Y\FKRYDWXYČGRPČOpDSUDFRYLWpþOHQ\VRFLDOLVWLFNpVSROHþQRVWL
2GURNX]DþDOQDãNROHSUDFRYDWãNROQtNOXEMHKRåþLQQRVWMH]DORåHQDQDGRE
URYROQRVWLDSĜLUR]HQpP]iMPXGČWtRSRK\EDRGERUQpþLQQRVWL6ORXåtKODYQČGČWHP
]VWXSQČ.URXåN\VHRWYtUDMtQD]iNODGČ]iMPXGČWtYHGHMHY\FKRYDWHONDãNROQtKR
NOXEXDRGERUQtFL]ĜDGXþLWHOĤQHERH[WHUQtSUDFRYQtFLDWUHQpĜL3RVWXSQČVHQD]DþiW
NXOHW]DPČĜLODQDãHãNRODQDVERURYê]SČYIRWEDOYROHMEDODVWROQtWHQLV9WČFKWR
þLQQRVWHFKQDãHãNRODWDNp]DSRVOHGQtFKOHW]tVNDODGtN\YêERUQpPXYHGHQtWČFKWR
NURXåNĤQHMYtFH~VSČFKĤ9SRVOHGQtFKGYRXOHWHFKVHYêUD]QČSURVDGLOLWDQHþQtNURX
åHN.DåGRURþQČRWHYtUiPHNROHPNURXåNĤNWHUpQDYãWČYXMHåiNĤãNRO\
=þLQQRVWLãNROQtKRNOXEX0LNXOiãYHãNROH
3ě(+/('9('28&Ë&+3,21é56.e25*$1,=$&(
âNROQtURN\
9HGRXFt32660
0DULH9tWiPYiVRYi
+HGYLND.RYDFVRYi
-LWND3LFPDXVRYi
=GHQD)RLWRYi
5ĤåHQD)RLWRYi
%RåHQD9ONRYi
9iFODY9ON
0LOXãH0LN\VNRYi
-DURVODY3RXU
0DUWD6YRERGRYi
3RþHWURNĤ
3ě(+/('9<&+29$7(/(.â.2/1Ë+2./8%8
âNROQtURN\
GRVXG
9\FKRYDWHONDâ.
/LED3HODQRYi
$QGUHD+ODYiþRYi
5HQiWD+ROtNRYi
%ODQND3ROHKORYi
5HQiWD+ROtNRYi
5RPDQD.XEtþNRYi
3RþHWURNĤ
6%2529é=3ċ9
6QDGQLFQHPiQDQDãtãNROHWDNGORXKRXWUDGLFLMDNRSČYHFNêVERU3RGKRUiþHNQD
VWXSQLDMHKRSĜtSUDYND=StYiQtþNRSURåiN\VWXSQČ-HKRĜDGDPLMLåSURãORQČNROLN
JHQHUDFt]SČYiNĤD]SČYDþHNDGRMHKRNURQLNGQHVPRKRXQDKOtåHWGČWLVHVYêPL
URGLþLLSUDURGLþLDVSROHþQČ]DY]SRPtQDWQDKURPDGXStVQLþHNVSROHþQêFK]iåLWNĤ
]Y\VWRXSHQtYêPČQQêFKSRE\WĤQHERVRXVWĜHGČQt8UþLWČMHQWDNQH]DSRPHQRXQD
WDNWRYNX SDQD XþLWHOH -RVHID .XOKiQND SDQt XþLWHON\ 3DHG'U -LĜLQ\ 6XFKDUGRYp
DYQHSRVOHGQtĜDGČSDQDXþLWHOH0JU0LORVODYD-RQiãH.GRPČOWRãWČVWtDSiUQiV
PRåQiMHåH]StYDOSRGYHGHQtPYãHFKWČFKWRVERUPLVWUĤXUþLWČVRGVWXSHPþDVX
RFHQtWXSUiFLY\WUYDORVWOiVNXDWDN\SĜtVQRVWDRGSRYČGQRVWNWHURXYVREČPČOL
DNWHUpQiVXþLOL7DNåH]DYãHFKQ\]SČYiN\Ä.ORERXNGROĤSiQRYpDGiPR³
2GVYêFKSRþiWNĤE\O3RGKRUiþHNQDY\VRNp~URYQLDVNOt]HOX]QiQtDRFHQČQt
L QD SČYHFNêFK VRXWČåtFK 3R FHORX GREX VYp H[LVWHQFH SĜHVDKRYDO KUDQLFH VERUX
]iNODGQtãNRO\DYHVYpPRNROtWČåNRKOHGDONRQNXUHQFL7DNWRPXE\ORLYSRVOHGQtFK
OHWHFK1D]iNODGQtFKãNROiFKSČYHFNêFKVERUĤXEêYiDQiãVERUWDN]ĤVWiYiMDNRXVL
UDULWRXNWHURXQiPPĤåHOHFNGR]iYLGČW1DãL]SČYiFLNDåGRURþQČ]YOiGOLQČNROLN
NRQFHUWĤDY\VWRXSHQt±YiQRþQtWXUQpSRRNROQtFKãNROiFKDREFtFKYtWiQtREþiQNĤ
YêURþtRVYRER]HQt«DSURQiVPRåQiXåWUDGLþQtÄ9iQRþQtNRQFHUW³D Ä3RVH]HQt
6RXERU3RGKRUiþHNYHãNROQtPURFH
VStVQLþNRX³YH6SRUW9KRWHOXY+URWRYLFtFK-HMLFKSRVOHGQtPYHONêP~VSČFKHP
QD VRXWČåQtP SROL GČWVNêFK SČYHFNêFK VERUĤ '36 MH Ä=ODWp SiVPR³ Y VRXWČåL
GČWVNêFKSČYHFNêFKVERUĤNUDMH9\VRþLQD]URNX
$FRåHMVPHVHWRYODVWQČY3RGKRUiþNXQDXþLOL".URPČStVQLþHNWDNpY\VWXSRYiQt
QD YHĜHMQRVWL Y\WUYDORVWL GLVFLSOtQČ D WêPRYp VSROXSUiFL 7DNp YtPH åH YãXGH
VH Pi FKRGLW YþDV$ åH VL PiPH YČĜLW SURWRåH SRWRP GRViKQHPH YãHKR 3URVWČ
3RGKRUiþHNLNG\åMHKODYQČR]StYiQtQHQtMHQRPR]StYiQt$RWRPWRMH
0JU.DWHĜLQD.RVRYi
=DNRQþHQtãNROQtKRURNXYHVSRUWRYQtKDOH
5RN
GRVXG
9HGRXFtVERUX
-RVHI.XOKiQHN
3DHG'U-LĜLQD6XFKDUGRYi
0JU0LORVODY-RQiã
0JU.DWHĜLQD.RVRYi
0JU.DUHO0DNRYLþND
+XGHEQtGRSURYRG
9ODGLPtUD.DWROLFNi
+HOHQD.UDXVRYi
0DUFHOD6HLWORYi0JU..RVRYiRG
2NUHVQtNROR
VRXWČåH'36
±PH]LQHMOHSãtPLWĜHPL
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±VWĜtEUQpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±QHY\KOiãHQR
±]ODWpSiVPR
±]ODWpSiVPR
±]ODWpSiVPR
±QHY\KOiãHQR
±QHY\KOiãHQR
.UDMVNpNROR
VRXWČåH'36
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
]ODWpSiVPR
]ODWpSiVPR
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR9\VRþLQDD-LKRPRUDYVNêNUDM
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
VWĜtEUQpSiVPR
]ODWpSiVPR
7RWRYêURþQtþWHQtRãNROHYČQXMHPHSDQXXþLWHOLVERUPLVWURYL
0JU0LORVODYX-RQiãRYL
NWHUêRSXVWLOQDãHĜDG\SUiYČYURFHYêURþt]DORåHQtãNRO\
Y+URWRYLFtFK6MHKRMPpQHPMHVSRMHQRQHXYČĜLWHOQêFKYtWČ]VWYt
YRNUHVQtFKNROHFKGČWVNêFKSČYHFNêFKVERUĤYtWČ]VWYtDGUXKêFKPtVW
YNUDMVNêFKNROHFK
3ĜLSRPHĖPHVLQH]DSRPHQXWHOQiNUpGDSDQDXþLWHOH-RQiãH
3UDYLGORþtVOR1HWUDSVHPDOLþNRVWPL
3UDYLGORþtVOR9ãHFKQRMVRXMHQPDOLþNRVWL
9ČĜViPVREČDGRViKQHãYãHKR
7\6NXQNX2KDYR7FKRĜL3OD]H=ODWtþNRPRMHSRMćVHP
6WiOHVHXVPtYHM
8QDYHQt"«5R]PD]OHQRVW
0iãQČMDNêSUREOpP"6YČĜVHPLKQHGMHMY\ĜHãtP
8åQHPĤåHã"7DNMH]
,NG\åEXGHãYWpQHMKH]þt]DKUDGČDRKQHãVHSURWXVHEHNUiVQČMãtN\WLþNX
YåG\VHQDMGHQČNGRNGRWČSĜLWRPNRSQHGR]DGNX
,NG\åSUãtMHNUiVQČ
-DNVHPiP"9êERUQČVNYČOHOHSãtXåWREêWQHPĤåH
/<ä$ě6.e9é&9,.29e=È-(='<52ý1Ë.<
ŠNROQtURN
0tVWRDGDWXP
PRþåiNĤ
PĜHERUQtNãNRO\
0DNRY
0DNRY
0DNRY
0DNRY
0DNRY
-3DYOtN=+DUDQWRYi
0DNRY
'âNiUND0+iMNRYi
0DNRY
03RWĤþHN60DNHãRYi
âYêFiUQD
98UEiQHN+7URMDQRYi
âYêFiUQD
31RYiN90LW\VNRYi
âYêFiUQD
0+RKEHUJHU
(9RGLQVNi
âYêFiUQD
50DUHã+9RGLQVNi
âYêFiUQD
0âNRGD-3LOtNRYi
âYêFiUQD
0)ORULiQ
,3URFKi]NRYi
$OIUpGND
2ýHFK+âNRGRYi
$OIUpGND
35ĤåLþND
09U]DORYi
3DSUVHN
%3HOiQ
/1RYiNRYi
3DSUVHN
3)XNDO+.RQHþQi
3DSUVHN
')ORULiQ9âNRGD
9âSDþNRYi
6QČåQtN
,0DFKDþ
03HOiQRYi
6QČåQtN
'.XQþtN
6+XĖiþNRYi
6QČåQtN
99HVHOê
,3HOiQRYi
566NDOND
3'REURYROQê
'0DOHQRYi
=DMtPDYRVWL
%HVN\G\SUYQtURþQtNNRWYRYêYOHN
YêERUQpVQČKRYpSRGPtQN\
Y0DNRYČEH]VQČKXQDYêFYLNVHFKRGLOR
NPSČãN\GR.RSDQLF
]HOHQpVWUiQČWXULVWLND
GREUpVQČKRYpSRGPtQN\NRWYRYêYOHN
Y\QLNDMtFtVQČKRYpSRGPtQN\
VOXQtþNRNHNRQFLNXU]XY\GĜHQpSORFK\
VOXQtþNRPUi]Y\QLNDMtFtVQtKQRSURVWČVXSHU
-HVHQtN\YOHN3RPD
LGHiOQtVQČKRYpSRGPtQN\
NUXWi]LPDPOKDYtWU
åLYiKXGED±.D]DWHO9LGOiN
SURQHSĜt]QLYpSRGPtQN\YêFYLNRGHQ]NUiFHQ
YêERUQpVQČKRYpSRGPtQN\
PUi]PUDN\VQČKX
-HVHQtN\YOHNGYRXNRWYD/HLWQHUQRþQtO\åRYiQt
Y\QLNDMtFtVQČKRYpSRGPtQN\
YGXEQXFKDWDY\KRĜHOD
-HVHQtN\YOHNNRWYRYêP
SUĤEČKYêFYLNXQDYLGHX
WHSORYHOPLPRNUêVQtK
FHOêNXU]NUXWpSRGPtQN\±PUi]
VQČåHQtYtWUPOKD
-HVHQtN\YOHNU\FKORSRPD
VXSHUSRþDVt±PUDN\VQČKXVOXQtþNR
PiORVQČKX
QDYêFYLNVHGRMtåGČORDXWREXVHPQD3DSUVHN
ãSDWQpVQČKRYpSRGPtQN\
YODVWQtDXWREXV±GRMtåGČQtQD3DSUVHN
%HVN\G\YêERUQpVQČKRYpSRGPtQN\
SUYQtVQRZERDUGRYêYêFYLN
/<ä$ě6.e9é&9,.29e=È-(='<52ý1Ë.<
ŠNROQtURN
0tVWRDGDWXP
FKDWD9DOPRQW9\ãNRYHF
FKDWD9DOPRQW9\ãNRYHF
FKDWD3RG7HViNHP%\VWĜLFHS+RVW
±
±
±
±
FKDWD1D7URMiNX%\VWĜLFHS+RVW
±
PRþåiNĤ
=DMtPDYRVWL
%tOp.DUSDW\PiORVQČKX±PtVW\KROpÀHN\
REWtåQêQiVWXSQDYOHN3RPD
%tOp.DUSDW\VQČKXGRVWDOHQHXSUDYHQêVYDK
WČåNp]DþiWN\QDYOHNX3RPD
+RVWêQVNpYUFK\
PUi]PUDN\VQČKXGRFKi]HQtQDVYDK±P
+RVWêQVNpYUFK\PRNUêWČåNêVQtK
SĜHVWRYãLFKQLVMtåGtVHVYDKXDSRXåtYDMtYOHN
+RVWêQVNpYUFK\ãSDWQpVQČKRYpSRGPtQN\
±O\åYêFYLNVHQHNRQDO
+RVWêQVNpYUFK\ãSDWQpVQČKRYpSRGPtQN\
±GRMtåGČQtQD7URMiNO\åRYiQtYGHãWL
+RVWêQVNpYUFK\YêERUQpVQČKRYpSRGPtQN\
±O\åRYiQtQDXPČOpPVQČKX
9 URFH QD O\åDĜVNpP YêFYLNX Y -HVHQtNiFK QD 3DSUVNX KRFK NWHUê SRSUYp
YåLYRWČREXOO\åHREUiWLOVHVGĤYČURXQDXþLWHONXDSRåiGDOÄ3DQtXþLWHONRWHćPL
SURVtPYiVSUR]UDćWHWHQItJOMDNVH]DWiþtDEU]GtDMiMHGX³1ČNG\QiVSURVWČRGYDKD
DåãRNXMH
9ãHFKQ\O\åDĜVNpNXU]\QDãNROHYHGO]iVWXSFHĜHGLWHOH0JUâWČSiQ)ORULiQIRWR
â.2/1Ë3/(6<
3OHV\SRĜiGDQp=â+URWRYLFHXåPDMtXUþLWRXWUDGLFLSUYQtE\OSRĜiGiQMLåYURFH
-DNRYãHFKQRLWDWRDNFHPiVYRXKLVWRULLDYêYRM9]DþiWFtFKVHSOHVSĜtOLãQH
OLãLORGSOHVĤSRĜiGDQêFKMLQêPLRUJDQL]DFHPLþLVSRON\+XGEDWDQHFWRPERODWUD
GLþQtYê]GRED3RVWXSQČMVPHDOH]YHGDOLSRP\VOQRXODĢNXYêãDYêã'RSOHVĤMVRX
]DNRPSRQRYiQDY\VWRXSHQtåiNĤDĢXåWUDGLþQtSĜHGWDQþHQtY\VWRXSHQtDHURELNX
QHERWDQHþQtKRNURXåNX2KODV\~þDVWQtNĤMVRXYHVNU]HSR]LWLYQtýtPVHDOHQiã
SOHVRGRVWDWQtFKOLãtQHMYtFMHMHKRRULJLQiOQtYê]GRED9WRPWRVPČUXPiPHãWČVWt
åHEêYiSRĜiGiQYVRNRORYQČNGHMHPRåQRYê]GREXXPtVWLW.URPČGUREQêFKGH
NRUDFtVHVQDåtPHYSRVOHGQtFKOHWHFKSOHVXYWLVNQRXWWHPDWLFNêUi]=PtQtPHQDSĜ
SHUQtNRYRXFKDORXSNX$IULNX3HSND1iPRĜQtNDYþHONX0iMXDYOHWRãQtPURFHMLå
SOHVQDWpPDIRWEDOWRMHKUD
$VLGREUiYROEDMDNXND]XMHY]UĤVWDMtFt]iMHPRSĜHGSURGHMYVWXSHQHNNWHUpEê
YDMt GORXKR SĜHG NRQiQtP SOHVX EH]QDGČMQČ Y\SURGDQp =iMHP REþDQĤ MH SUR QiV
PRWLYDFtDOHWDNpKR]HQRXUXNDYLFt=YČGDYRVW]GDSĜtãWtSOHVEXGHKH]þtQHåWHQ
SĜHGHãOê D WRXKD DE\ WR WDN E\OR QiV QXWt Y\PêãOHW QRYp QiPČW\ QRYi WpPDWD
PDORYDWQRYpGHNRUDFH
ãNROQtSOHV
1LF VH DOH QHXGČOi VDPR MH ]D WtP VSRXVWD KRGLQ SUiFH 3ĜtSUDYD QRYpKR SOHVX
]DþtQi SUDNWLFN\ KQHG SR VNRQþHQt SĜHGHãOpKR $ SĜtPR YH ¿QiOH SĜtSUDYD ViOX
Yê]GREDSĜtSUDYDREþHUVWYHQt]DMLãWČQtSURJUDPXKXGE\WRPERO\QDWRPYãHPVH
SRGtOtFHOêSHGDJRJLFNêVERUþDVWRLVURGLQQêPLSĜtVOXãQtN\$OHQDNRQHFWRVWRMt]D
WR1HMYČWãtRGPČQRXMHVSRNRMHQRVWDY]UĤVWDMtFt]iMHPREþDQĤ
0DUFHOD6HLWORYiY\FKRYDWHONDâ'
ãNROQtSOHV
1(-/(3âË5(35(=(17$17,â.2/<
âNROQtURN
-PpQR
7RPiã$%5$+È0
'DQLHOâ.È5.$
-DQ927$9$
0DUHN+5ģ=$
0DUHN+5ģ=$
/LERU+5ģ=$
=E\ãHN0,7<6.$
0LFKDHODâ803(/29È
0LFKDO0/(-1(.
-DQ'2%5292/1é
$QWRQtQ+259È7+
-DNXE3(7ě(.
(YD.8&+$ěË.29È
9RMWČFK3$/È7
9RMWČFK3$/È7
,YD.$â3È5.29È
6WDQLVODY0$5(.
,YD.$â3È5.29È
7ĜtGD
$
$
$
$
$
%
$
%
1(-9ċ7âËÒ63ċ&+<1$â,&+äÈ.ģ
1$5(38%/,.29e0$0(=,1È52'1Ë032/,
7RPiã$EUDKiPREGUåHOSUYQt&HQXĜHGLWHOHãNRO\SURQHMOHSãtKRUHSUH]HQWDQWD
ãNRO\YURFHD]tVNDOYNRSDQpQDSRVWXGHIHQ]LYQtKR]iORåQtNDPH]LQiURGQt
X]QiQt 9 VH]yQČ YVWĜHOLO Y WĜtGČ NUDMH ]D +URWRYLFH EUDQHN D WR
QDVWDUWRYDORMHKRNDULpUX3RWpURN\KRVWRYDOYGLYL]LPODGãtKRGRURVWX)&6ODYLH
7ĜHEtþ 9 URFH Y OHWHFK SĜHVWRXSLO GR )& %RE\ %UQR NGH VL Y\]NRXãHO
SRVWXSQČOLJXVWDUãtKRGRURVWXSDNMXQLRUNXYHOL]HDSRVWXSQp]DSUDFRYiQtGR
SUYROLJRYpKR PXåVWYD &HVWD GR SUYQt OLJ\ YãDN E\OD GORXKi D VORåLWi 'HEXWRYDO
VLFHYVH]yQČYOL]HSURVDGLWVHGR]iNODGQtVHVWDY\QHE\ORMHGQRGXFKp
3URWR SĜLãOR KRVWRYiQt YH OL]H Y 7DWUDQX 3RãWRUQi NGH YH ]iSDVHFK YVWĜHOLO
EUDQN\9VH]yQČVHYUiWLOGR%UQDQHSURVDGLOVHYãDNGR]iNODGQtVHVWDY\
1iVOHGRYDOR QHSRYHGHQp SĤOURþQt KRVWRYiQt V YiåQêP ]UDQČQtP YH VORYHQVNpP
).$67UHQþtQ=GH7RPiãRGHKUiOSRXKp]iSDV\7HSUYHSĜLGDOãtPQiYUDWXGR
SUYROLJRYpKR%UQDYSRORYLQČURNXVL7RPiãY\ERMRYDOWUYDOpPtVWRY]iNODGQt
VHVWDYČD]DGYDURN\YSUYQtOL]HFK\EČOSRX]HYMHGLQpPXWNiQt9%UQČRGHKUiO
OLJRYêFK XWNiQt D WDNp YVWĜHOLO VYRMH SUYQt OLJRYp EUDQN\ 9 URFH VL
7RPiãHY\KOpGOWXUHFNêNOXE'HQL]OLVSRU=GHVHVWDORSRURXPXåVWYDDSUDYLGHOQČ
QDVWXSRYDONXWNiQtPþW\ĜLDSĤOVH]yQ\97XUHFNXYVWĜHOLOURYQČåOLJRYpEUDQN\
RGHKUiOXWNiQt9\QHFKDOSRX]HXWNiQt%ČKHPWXUHFNpKRDQJDåPiWDNpGRVWDO
QDEtGNXGRWXUHFNpUHSUH]HQWDFH3URWRåHRGPtWOY~QRUXSURGORXåLWVPORXYX
Y'HQL]OLVSRUXE\OQXFHQRGHMtWQDSĤOURþQtSĜHVWXSVRSFtGRĜHFNpKRSUYROLJRYpKR
NOXEX âNRGD ;DQWKL )& $ WR L SĜHVWR åH E\O Y SRVOHGQtP XWNiQt V %HVLNWDVHP
Y\KOiãHQ QHMOHSãtP KUiþHP VYpKR PXåVWYD +QHG Y SUYQtP XWNiQt YH þWYUW¿QiOH
ěHFNpKRSRKiUXVHSRGtOHOSDUiGQtEUDQNRXQDYtWČ]VWYtV$(.$WKpQ\
3UYQtJyOYHâNRGČ;DQWKL
7RPiã$EUDKiPYGUHVX'HQL]OL
-DQ 9RWDYD REGUåHO WĜHWt &HQX ĜHGLWHOH ãNRO\ SUR
QHMOHSãtKR UHSUH]HQWDQWD ãNRO\ Y URFH 7DNp RQ
VH SURVDGLO Y NRSDQp D SĜHGHYãtP MDNR VWĜHOHF =D
SRG]LPYVWĜHOLOYNUDMVNpVRXWČåLQHXYČĜLWHOQêFK
EUDQHN QD UHNRUGQtP YtWČ]VWYt QDG 9HONRX %tWH
ãt VH SRGtOHO EUDQNDPL7R QHXãOR SR]RUQRVWL
)&%RE\%UQRDQDMDĜHVHVWDOYåiNRYVNpOL]H
QHMOHSãtP VWĜHOFHP %UQD V EUDQNDPL -Lå Y NYČWQX
E\OQRPLQRYiQGRUHSUH]HQWDFHý5OHWêFKD]D
KUiOVLSRSUYpYPH]LVWiWQtPXWNiQtý5VH6ORYHQ
VNHP+UiO~VSČãQČGRURVWHQHFNRXOLJXY%UQČDXGU
-DQ9RWDYDY5DNRXVNX
åHOVHYUHSUH]HQWDþQtFKYêEČUHFKý5DOHWêFK
9OHWHFKMLåSUDYLGHOQČQDVWXSRYDO]DMXQLRUNX%RE\
%YHOL]HNDPVLMHMY\WiKOWUHQpU2OGĜLFK-DQXVLF]D2GPtWQXWtSRGSLVXVPORXY\
VNOXEHP]QDPHQDORYURFHNRQHFVOLEQpNDULpU\DRGFKRGGR5DNRXVNDNGH
SRVWXSQČKUiO]D69.RUQHXEXUJ696WRFNHUDX869*HUDVURN\Y+).7ĜHEtþ
DRGURNX]QRYXY5DNRXVNXYNOXEX7696W0DULHQNLUFKHQ
,QJ0DUHN+UĤ]D
,QJ0DUHN+UĤ]DMHQDãtPSUYQtPåiNHPNWH
UpPX VH SRGDĜLOR GYDNUiW ]tVNDW &HQX ĜHGLWHOH ãNR
O\SURQHMOHSãtKRUHSUH]HQWDQWDãNRO\YOHWHFK
Då 9 VH]yQČ YVWĜHOLO ]D VWDUãt åiN\
+URWRYLF Y åXSQtP SĜHERUX EUDQHN QiVOHGRYDO
SĜHVWXSGR+).7ĜHEtþDRGURNXDåKRV
WRYiQtY)&%RE\%UQRNGHKUiO~VSČãQČGRURV
WHQHFNRX OLJX 9 URFH E\O QRPLQRYiQ GR
UHSUH]HQWDþQtKR YêEČUX ý5 OHWêFK 1HRFKRWD
+). 7ĜHEtþ RKOHGQČ SĜHVWXSX GR )& %RE\ %UQR
]QDPHQDODQiYUDWGR7ĜHEtþHNGHKUiO0DUHNRGURNX
OHW GLYL]L 3DN NUiWFH Y -HYLãRYLFtFK D URN
DSĤOY+URWRYLFtFK2GURNXVHYČQXMHIXWVDOX
DKUDMHOLJXYPXåVWYX7RPVRQ67ä%UQR
0JU9tWČ]VODY6YRERGD
0JU 9tWČ]VODY 6YRERGD VH SURVDGLO MDNR VPH
þDĜ YH YROHMEDOX 'YČ VH]yQ\ D KUiO ~VSČãQČ OLJX ]D (*( ýHVNp %XGČMRYLFH NGH
VWXGRYDOY\VRNRXãNROX3RVNRQþHQtVWXGLtVHYUiWLO
GR +URWRYLF D VWiO ]D KLVWRULFNêP ~VSČFKHP YROHM
EDOLVWĤ 6RNROD +URWRYLFH NG\å VH MLP SRGDĜLOR SUR
VH]yQXY\ERMRYDWSRVWXSGRQiURGQtOLJ\
9 DQNHWČ R 6SRUWRYQt KYČ]GX RNUHVX7ĜHEtþ REVDGLO
]DURNDYåG\PtVWRD]DURNDQNHWX
Y\KUiO 7R VH MHãWČ åiGQpPX VSRUWRYFL ] +URWRYLF
QHSRGDĜLOR,YWRPWRSĜtSGČVHWHG\MHGQiRKLVWRULF
Nê~VSČFK
,QJ /LERU +UĤ]D Y\VWĜtGDO QD SRVWX QHM
OHSãtKRUHSUH]HQWDQWDãNRO\YURFHVYpKR
EUDWUD 0DUND 7DNp /LERU VH SURVDGLO QHMGĜtYH
Y NRSDQp 'RPLQRYDO KODYQČ Y REUDQČ SĜHVWR
YURþQtNXQDVWĜtOHO]D+URWRYLFHYNUDM
VNpVRXWČåLVWDUãtFKåiNĤEUDQHN3URWRYOpWČ
RQČMSURMHYLOR]iMHP)&%RE\%UQRD/L
ERU SĜHVWXSRYDO 1D PtVWČ VWRSHUD KUiO OLJX
PODGãtKRLVWDUãtKRGRURVWX]NXVLOLOLJXYMX
QLRUFH9URFHSRSUREOpPHFKVGêFKiQtP
PXVHOIRWEDORYRXNDULpUXY%RE\XNRQþLWDGDO
,QJ/LERU+UĤ]D
VHQDDWOHWLNX,NG\å]DþDOVDWOHWLNRXSR]GČRG
URNXYNOXEX$&0RUDYVNi6OiYLD%UQR
~VSČFK\YDWOHWLFNpOL]HVHWDNpSROHWHFKWUpQLQNXGRVWDYLO\9URFH]tVNDO
Y3UD]HEURQ]RYRXPHGDLOLQD$NDGHPLFNpPPLVWURYVWYtý5QDPSĜHNiåHNþD
VHPVDY%UDWLVODYČVHVWDOGYRMQiVREQêPPLVWUHP0RUDY\D6OH]VNDQDP
SĜHNiåHNþDVHPVDYHYêãFHYêNRQHPFP9URFHREVDGLOY%UDWLVODYČ
QDPLVWURYVWYt0RUDY\D6OH]VNDQDPSĜHNiåHNþDVHPVPtVWRDQDPLV
WURYVWYtý5Y3UD]HPtVWRþDVHPV1DMDĜHSĜLãODQDEtGNDDSĜHVWXSGR
H[WUDOLJRYpKRNOXEX$..URPČĜtå
=E\ãHN 0LW\VND ]tVNDO &HQX ĜHGLWHOH ãNRO\ SUR
QHMOHSãtKRUHSUH]HQWDQWDãNRO\YURFHKODYQČ]D
~VSČFK\YF\NOLVWLFHâNROXYãDNUHSUH]HQWRYDOYêERU
QČLYDWOHWLFHDYNRSDQp.F\NOLVWLFHMHMYOHWHFK
SĜLYHGOWiWDQDãHãNROD]tVNDODGtN\QČPXĜDGX~VSČ
FKĤ GR Wp GRE\ SUR QiV YH ]FHOD QH]Y\NOp GLVFLSOtQČ
ÒVSČãQČUHSUH]HQWRYDOãNROXQD=iYRGČPtUXQDGČMtQD
NUDMVNêFK L UHSXEOLNRYêFK NROHFK %U]\ VH GRVWDO GR
F\NOLVWLFNpKRRGGtOX$-(727ĜHEtþ=PQRKD~VSČ
FKĤ SĜLSRPHĖPH 0LVWURYVWYt ý5 Y URFH NG\
]tVNDOEURQ]YþDVRYFHY2ORPRXFLDEURQ]QDP
=E\ãHN0LW\VNDQD06MXQLRUĤ
Y
%UQČ 1iVOHGRYDO SĜHFKRG GR RGGtOX 'XNO\ %UQR
Y0RVNYČ
DGDOãt~VSČFK\1DSĜtNODGYURFHPLVWUUHSXEOLN\
YERGRYDFtP]iYRGČY3URVWČMRYČGYČEURQ]RYpPHGDLOHQDPLVWURYVWYtUHSXEOLN\YH
VSULQWXGUXåVWHYDQDNPURYQČåY3URVWČMRYČ3URWRSĜLãODYWpPåHURFHQRPLQDFH
GRGUXåVWYDQDPLVWURYVWYtVYČWDMXQLRUĤQDGUi]HY0RVNYČNGHREVDGLOYHVWtKDFtP
]iYRGČQDNPY\QLNDMtFtPtVWR9URFHGRNi]DO]tVNDWQDPLVWURYVWYtý5
RSČWQČNROLNXPtVWČQtGRPtVWDMDNQDGUi]HWDNQDVLOQLFLDSĜLãODRSČWQRPLQDFH
QD PLVWURYVWYt VYČWD MXQLRUĤ QD GUi]H GR /RV$QJHOHV =GH GRNi]DO ]RSDNRYDW YH
VWtKDFtP]iYRGČPtVWR9URFHE\O=E\ãHNSRVWDYHQSĜHGWČåNpUR]KRGQXWt
FRGiO9F\NOLVWLFHPRFSHQČ]QHQtDWDNGDOSĜHGQRVWYRMHQVNpPXSRYROiQtSĜHG
QHMLVWêPSĜtMPHP]F\NOLVWLN\6ORXåtXGČORVWĜHOHFNpKRRGGtOXY3DUGXELFtFK
7DNWRSĜLãODþHVNiF\NOLVWLNDRMHGHQYHONêWDOHQW=DVYRMLNDULpUX]tVNDOPHGDLOt
]UHSXEOLNRYêFK]iYRGĤ
-DQ'REURYROQê
-DQ 'REURYROQê PODGãt MH SRVOHGQtP
UHSUH]HQWDQWHP ãNRO\ NWHUê VH GRNi]DO SURVDGLW
Y NRSDQp =iMHP Y )& 9\VRþLQD -LKODYD E\O Xå
RMHKRRWFHWHKG\VHYãDNSĜHVWXSQHXVNXWHþQLO-DQ
PODGãt Y VH]yQČ YVWĜHOLO Y OL]H ]iNODGHQ
EUDQHNDMLåYWĜtGČYURFHSRQČPViKOD
)&9\VRþLQD-LKODYD
9 VH]yQČ KUiO 0RUDYVNRVOH]VNRX GLYL]L
PODGãtFKåiNĤGDOãtVH]yQ\MLåSRVWXSQČQDVWXSRYDO
SUDYLGHOQČ Y OL]H PODGãtFK åiNĤ VWDUãtFK åiNĤ
PODGãtKR GRURVWX D Y VH]yQiFK D Y OL]H VWDUãtKR GRURVWX =D URN D SĤO YH VWDUãtP
GRURVWXFK\EČOSRX]HY]HPLVWURYVNêFKXWNiQt
DYVWĜHOLO]SRVWXOHYpKR]iORåQtNDEUDQN\.OtþRYp
SUR +RQ]RYX NDULpUX EXGH ]GD GRNiåH ]YOiGQRXW
SĜHFKRGGRNDWHJRULHGRVSČOêFK
âDQFLXVSČWPČOLLGDOãtUHSUH]HQWDQWLãNRO\0LFKDO0OHMQHNKUiOIRWEDOY)&
%UQROLJXPODGãtKRDVWDUãtKRGRURVWX$QWRQtQ+RUYiWKSĤVRELOURNYPODGãtP
GRURVWX)&9\VRþLQD-LKODYD2EDYãDNVYRMHDQJDåPiYSURIHVLRQiOQtFKNOXEHFK
SĜHGþDVQČY]GDOL
0JU-LĜt6ODWLQVNêVHSURVDGLOYH
YROHMEDOX =D 0DVDU\NRYX XQLYHU]L
WX%UQR]tVNDOGYDNUiWYOHWHFK
Y %UQČ D Y 3UD]H WLWXO DNDGH
PLFNpKR PLVWUD UHSXEOLN\ Y URFH
Y 2VWUDYČ Y WpåH VRXWČåL VWĜt
EUQRXPHGDLOL9URFHDå
~VSČãQČ KiMLO GUHV 7DWUDQX 3RãWRUQi
Y OL]H D OHWHFK Då KUiO
OLJX ]D 6RNRO 0RUDYVNp %XGČMR
YLFH
0JU-LĜt6ODWLQVNê
%F ,ORQD 6WDĖNRYi VH SURVDGLOD YH ]FHOD MLQpP
RERUX 9\VWXGRYDOD RERU WH[WLOQt RGČYQt QiYUKiĜVWYt
QD)DNXOWČWH[WLOQt7HFKQLFNpXQLYHU]LW\Y/LEHUFLSRG
YHGHQtP DNDGHPLFNpKR PDOtĜH 6YDWRVODYD .URWNpKR
YHGRXFtKR NDWHGU\ 9 URFH VH ]~þDVWQLOD MDNR
VWXGHQWND ,,, URþQtNX PH]LQiURGQt VRXWČåH .REHUFH
WURFKX MLQDN MHMtPå SRĜDGDWHOHP E\OD DNFLRYi
VSROHþQRVW'RZR1iPČãĢD'HVLJQFHQWUXPý5=
QiYUKĤY\KUiOQiYUK,ORQ\NWHUêE\OY'RZR1iPČãĢ
%F,ORQD6WDĖNRYi
UHDOL]RYiQ 3RURWD RFHQLOD RVRELWê SĜtVWXS DXWRUN\
NWHUê UHVSHNWXMH ]iNRQLWRVWL NREHUFRYp WYRUE\ D XSODWQČQt NXOWLYRYDQp EDUHYQRVWL
9URFH]tVNDODYHVWHMQpVRXWČåL]DQiYUKNREHUFHPtVWR3RURWDRFHQLODåH
QiYUK SUDFXMH Y\]UiORX D FLWOLYRX PDOtĜVNRX WHFKQLNRX Y\WYiĜt VNODGEX U\WPLFN\
þOHQČQêFK EDUHYQêFK NUXKRYêFK PRWLYĤ Y UĤ]QêFK SURPČQiFK D YêVOHGNHP MH
KDUPRQLFNpĜHãHQtSORFK\
'UXKpPtVWRYUHSXEOLFH
55
9tWČ]QêNREHUHF,ORQ\6WDĖNRYp
56
'92-1È62%1Ë0,67ě,5(38%/,.<
.KLVWRULLãNRO\RGY\EXGRYiQtVSRUWRYQtKDO\YURFHQHRGP\VOLWHOQČSDWĜt
LâNROQtVSRUWRYQtNOXE=â+URWRYLFHVORåHQê]ĜDGEêYDOêFKåiNĤNWHĜtVHYČQXMt
YHONpPXIRWEDOX3ĜHV]LPXYKDOHSUDYLGHOQČWUpQXMtDRGURNXVHSUDYLGHOQČ
]~þDVWĖXMtVRXWČåtýHVNpDVRFLDFH6SRUWXSURYãHFKQ\1HMSUYHVHKUiORSRGOHSUDYLGHO
ViORYp NRSDQp Y SRVOHGQtFK OHWHFK GOH SUDYLGHO IXWVDOX 9 URFH VH SRSUYp
SURERMRYDOLSĜHVRNUHVQtDNUDMVNiNRODQDUHSXEOLNRYp¿QiOHQHMOHSãtFKPXåVWHY
ÒþDVWQDPLVWURYVWYtUHSXEOLN\VLGRNi]DOLY\ERMRYDW[YĜDGČ7RMHQHVNXWHþQê
YêNRQ=QDPHQiY\KUiWRNUHVQtDSRWpLNUDMVNpNROR=iVOXKXQDWČFKWR~VSČãtFKPi
YHGRXFtPXåVWYDSDQ)UDQWLãHN)XNDOVRXþDVQêWUHQpUPXåVWYDPXåĤ'RNiåHGiW
GRKURPDG\KUiþHKUDMtFtYUĤ]QêFKNOXEHFK'YDNUiWYOHWHFKDVHVWDOL
PLVWU\ UHSXEOLN\ 9 URFH D E\O Y\KOiãHQ QHMOHSãtP KUiþHP ¿QiORYpKR
WXUQDMH /LERU 9RWDYD Y URFH E\O Y\KOiãHQ QHMOHSãtP VWĜHOFHP ¿QiORYpKR
WXUQDMH7RPiã$EUDKiPVHEUDQNDPLDYURFHE\OY\KOiãHQQHMOHSãtPKUiþHP
¿QiORYpKRWXUQDMH-DQ9RWDYD
0LVWĜLUHSXEOLN\YHIXWVDOX
3ě(+/('9é6/('.ģ1$0,67529679Ëý5
3RĜDGt
~þDVWL
5RN
0tVWRNRQiQtPLVWURYVWYtý5
8PtVWČQt]HPXåVWHY
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
2ORPRXF
+OXND8KHUVNê%URG
+OXND8KHUVNê%URG
2ORPRXF
Y]GiQtVH~þDVWL
$7/(7,&.e5(.25'<â.2/<
äiN\QČ
+RGQRWD
YêNRQX
5RN
äiFL
+RGQRWD
YêNRQX
5RN
%ČKQDP
0DUFHOD
0LW\VNRYi
V
6WDQLVODY
0DUHN
V
%ČKQDP
0DUFHOD
0LW\VNRYi
PLQ
0DUHN
5ĤåLþND
PLQ
%ČKP
+DQD
9OþNRYi
PLQ
-RVHI
.UDMþR
PLQ
6NRNY\VRNê
/HQND
%tQNRYi
FP
'DQLHO
âNiUND
FP
6NRNGDOHNê
0DUFHOD
0LW\VNRYi
FP
6WDQLVODY
0DUHN
FP
+RGNULNHW
PtþNHP
/HQND
%tQNRYi
P
0DUWLQ
'ROHåDO
P
9HQGXOD
%XFKWHORYi
P
2QGĜHM
'REURYROQê
P
9UKNRXOt
5HQDWD
0DFNRYi
P
-RVHI
7URMDQ
P
âSOKPW\þ
-DURPtUD
âODSiNRYi
V
-DQ
9HþHĜD
V
6SRUWGLVFLSOtQD
+RGJUDQiWHP
8ý,7(/e9=320Ë1$-Ë
9=320Ë1È3$18ý,7(/-26().8/+È1(.
9iåHQtSĜiWHOpVUGHþQČ]GUDYtPDSĜHGNOiGiPĜHWČ]HFY]SRPtQHN'RPČãĢDQVNp
ãNRO\MVHPQDVWRXSLOYURFHGR+URWRYLFâNROQtREYRGE\OUR]ViKOêQHE\OD
WHKG\PČãĢDQVNiãNRODYH9DOþLDQLY0\VOLERĜLFtFK'RãNRO\VHFKRGLORYČWãLQRX
SČãN\PiORåiNĤGRMtåGČORQDNROH0RMHVSROXåDþND9ODVWD6YRERGRYiE\GOHOD
Y=DUiåNRYČPOêQČQD-LKODYFHDGHQQČSXWRYDODKUERODWRXOHVQtFHVWRXSRWUDVH
&KURXVWRY 9DOHþ +URWRYLFH 9\XþRYiQt WUYDOR FHOê WêGHQ NURPČ SRYLQQêFK
SĜHGPČWĤ E\O\ L QHSRYLQQp VERURYê ]SČY YH Y\ããtFK WĜtGiFK SVDQt QD VWURML
WČVQRSLVDQČPþLQD6ERURYê]SČYYHGOSDQXþLWHOäDOXG3R]GUDYQRXStVQtMVPH
YtWDOL QDãHKR GUXKpKR SUH]LGHQWD 'U (GYDUGD %HQHãH %\OR WR Y -DURPČĜLFtFK
QDG 5RN\WQRX .\WLþNX OLGRYêFK StVQt MVPH SĜHGQHVOL Y EUQČQVNpP UR]KODVH
]GUDPDWL]RYDQRXEiVHĖ=ERURYSURYHGOLDåY0RUDYVNpP.UXPORYČ3RG'ROQtP
U\EQtNHPE\ORY\EXGRYiQRMHGLQHþQpDOSLQXPERKDWiYêVDGEDNHĜĤYVWXSQt]Hć
SRVWDYHQD]NDPHQĤKURWRYLFNpKRRNROt=DþDOREXGRYiQtSDPiWQtNX)%=YČĜLQ\
'HQPDWHNE\OVODYHQRSUDYGXERKDWêPSURJUDPHP9]LPQtFKPČVtFtFKE\ODSUR
SĜHVSROQtåiN\]DMLãĢRYiQDSROpYNRYiDNFH9DĜLORVHVWĜtGDYČX-RQiãĤDSDQD6HLWOD
DX$QGHUOĤ9NDåGpWĜtGČE\OYHGHQVHãLWSR]RURYiQtäiFL]DSLVRYDOL]DMtPDYp
~ND]\ QDSĜ SUYQt UR]NYHWOp VQČåHQN\ SĜtOHW YODãWRYHN ]DNXNDOD SUYQt NXNDþND
DSRG9]SRPHQRXWPXVtPY\QLNDMtFt~URYHĖþOHQĤXþLWHOVNpKRVERUXREČWDYRX
DQiURþQRXSUiFLYHãNROHLPLPRãNROX1H~VSČãQêSRNXVYURFHRSĜLMHWt
GRXþLWHOVNpKR~VWDYX7HSUYHYQiVOHGXMtFtPURFHSĜLMHWtDQiVWXS]iĜtGR
NRHGXNDþQtKR XþLWHOVNpKR ~VWDYX YH =QRMPČ =iYČUHP ]iĜt 0QLFKRYVNê GLNWiW
NRQHF VWXGLt 0ČO MVHP WX ÄþHVW³ EêW GLYiNHP D SR]RURYDWHOHP ]IDQDWL]RYDQêFK
1ČPFĤ QDPDþNDQp FHOp REURYVNp 'ROQt QiPČVWt QHNRQHþQp SURYROiYiQt GtNĤ
$GROIX +LWOHURYL 0\VOtP åH Y SUĤEČKX YiON\ QDVWDOR YHONp Y\VWĜt]OLYČQt L WČFK
QHMYČUQČMãtFK
3R PQRKD MHGQiQtFK MVHP NRQHþQČ GRVWDO SRWĜHEQp SRYROHQt D SXWRYDO VH
VYRX VWXGHQWVNRX YêEDYRX SČãN\ ]H =QRMPD Då GR *UHãORYD 0êWD RGWXG YODNHP
GRPĤ8þLWHOVNê~VWDYE\ORWHYĜHQY0RUDYVNêFK%XGČMRYLFtFKNDåGiWĜtGDYMLQp
þiVWL PČVWD 9 URFH ]UXãHQ D SĜHĜD]HQt GR PXåVNpKR XþLWHOVNpKR ~VWDYX GR
%UQD 0DWXULWX MVHP Y\NRQDO NYČWQD QČNROLN GQt SĜHG KH\GULFKLiGRX
9]SRPtQiPQDVHWNiQtYEXGRYČXþLWHOVNpKR~VWDYXVSDQHPXþLWHOHP+UXGLþNRX
0LOp SR]GUDYHQt QČNROLN SČNQêFK VORY .G\å MVHP SĜLMHO SR QČNROLND WêGQHFK
GRPĤSRSĜLYtWiQtPDPLQNDĜtNiÄ9tãFRMHQRYpKR"1ČPFLSRSUDYLOLSDQDXþLWHOH
+UXGLþNX³9]SRPtQiPQDY\QLNDMtFtKRXþLWHOHDYČGFHýHVWMHKRSDPiWFH0tVWR
XþLWHORYiQtWRWiOQtQDVD]HQtGRětãHWYUGpSUDFRYQtSRGPtQN\GYDQiFWKRGLQSUiFH
MHGHQWêGHQGHQQtGUXKêQRþQtVPČQD9GDOãtPURFHMVHP]ĤVWDOGRPDSRPiKDO
EUDWURYL D QHPRFQp PDPLQFH =D VYpYROQp RSXãWČQt QiVOHGRYDOD WYUGi RGSODWD
1ČNROLNDGHQQt SRE\W Y WĜHEtþVNpP NULPLQiOH WUDQVSRUW GR NiUQpKR SUDFRYQtKR
WiERUDY3ODQpQDG/XåQLFt3RSURSXãWČQtSĜHĜD]HQtGRMLQpIDEULN\6iPýHFKQD
EDUiNXViPýHFKYWRYiUQČ=iYČUYiON\MVHPMLåWUiYLOGRPD
3UYQt XþLWHOVNp PtVWR Y 5DGNRYLFtFK 3RVWXSQp RVYRMRYiQt SUREOpPĤ XþHEQt
D YêFKRYQp SUiFH 2 9iQRFtFK GHNUHW QRYp PtVWR QD PČãĢDQVNp ãNROH YH
9DOþL3RVWXSQpYQLNiQtGRWDMĤYêFKRY\DYêXN\'iONRYpVWXGLXPþWYUWpKRRERUX
MD]\NþHVNêMD]\NUXVNêDWČOHVQiYêFKRYD$EVROYRYiQtPQRKDNXU]ĤãNROHQt
SUDNWLFNêFKVUD]Ĥ'LVHUWDþQtSUiFHQDWpPD%UDQQiFYLþHQtQDãNROH'RNRQþHQt
VWXGLD SĜLQHVOR WLWXO RGERUQê XþLWHO %XGRYiQt SĜtVWDYE\ ãNRO\ YH 9DOþL Y DNFL =
-HGQiQt QD PLQLVWHUVWYX ãNROVWYt PLQLVWUHP )UDQWLãHN .DKXGD 6FKYiOHQt GDOãt
SĜtVWDYE\'RNRQþHQtYURFH0tVWRSRGČNRYiQtQRYêGHNUHW.RQHFSĤVREHQt
YH9DOþLQRYpPtVWRY0\VOLERĜLFtFK=GH]OHSãRYiQtSURVWĜHGtEXGRYiQtQRYpKR
ãNROQtKRSR]HPNXKĜLãWČDMLQp5RNQHVRXKODVVRNXSDFtSĜLFKi]tSRVWXSQi
QRUPDOL]DFH D SURWR RGSODWD 1iVWXS GR -DURPČĜLF QDG 5RN\WQRX D Y URFH SRVOHGQtXþLWHOVNpPtVWRY+URWRYLFtFK=GHXNRQþHQtXþLWHOVNpVOXåE\GĤFKRG-HãWČ
QČNROLN URNĤ REþDVQp ]DVWXSRYiQt YêXND QD =8â 'RNRQþHQt VWDYE\ URGLQQpKR
GRPNXD]DVORXåHQpSURåtYiQtGĤFKRGRYpKRYČNX
-H WĜHED L Y]SRPHQRXW QHRPH]HQpKR UR]KRGRYiQt WHKGHMãtFK PRFLSiQĤ WYUGp
GRSDG\ QHMHQ QD PRX RVREX DOH L QD V\QD D REČ GFHU\ 1LNG\ MVHP L Y WČåNêFK
åLYRWQtFKFKYtOtFKQH]DWUSNOSOQLOGiOHSRWĜHEQpDYČQRYDOVHFHOHXþLWHOVNpPXSRVOiQt
0QRKROHWpXþLWHORYiQtQHE\ODMHQSURFKi]NDUR]NYHWOêPVDGHPDOHLVSRXVWDUĤ]QêFK
SĜHNiåHNSRQLåRYiQt~VWUNĤ3URWRXSĜtPQêGtN]DSRGSRUXSRPRFSĜLSĜHNRQiYiQt
WYUGêFK~VNDOtåLYRWD%\OMVHPåiNHPDNRQHþQČLXþLWHOHPKURWRYLFNpãNRO\SURWRQD
]iYČUQČNROLNY]SRPtQHN8þLOMVHPW\WRSĜHGPČW\MD]\NþHVNêMD]\NUXVNêKXGHEQt
YêFKRYXDVERURYê]SČY9þHãWLQČRVYRMRYiQtVORåLWpKRSUDYRSLVXPLPRþtWDQNRYi
þHWED YêSLV QHM]DMtPDYČMãtKR FLWiWX UHFLWDþQt VRXWČåH 'RXþRYiQt åiNĤ SRVOHGQt
WĜtG\DSĜtSUDYDQDSĜLMtPDFt]NRXãN\QDUĤ]QpVWĜHGQtãNRO\9]SRPtQiPMDNPQR]t
SR ~VSČãQpP ]YOiGQXWt ]NRXãHN V UDGRVWt GČNRYDOL 9 MD]\FH UXVNpP RVYRMRYiQt
]iNODGĤUXãWLQ\GRSLVRYiQtQDYD]RYiQtSĜiWHOVWYtNUiVDDKORXENDSURVWêFKUXVNêFK
StVQt9KXGHEQtYêFKRYČ]QDORVWNUiVQêFKDPHORGLFNêFKQDãLFKStVQt9HVERURYpP
]SČYXQiFYLNGYRXDWĜtKODVêFKStVQt9ãHFKQDYêURþtVFKĤ]H-='DVSROHþHQVNêFK
RUJDQL]DFtE\ODGRSOQČQDSURJUDPHP3RGKRUiþNXÒþDVWQDNDåGRURþQtFKVRXWČåtFK
Y7ĜHEtþLþDVWiYtWČ]VWYt~þDVWYNUDMVNpPNROHDYURFHSRVWXSGR~VWĜHGQtKR
NROD QD .ODGQČ $ MHGQD ]DMtPDYi Y]SRPtQND PČOD SĜLMHW PDćDUVNi GHOHJDFH
QiVOHGRYDOVNRURUR]ND]Ä3DQHNROHJRSĜLSUDYWHYKRGQêSURJUDP³1H]QDOMVHP
DQL MHGQR PDćDUVNp VORYR$OH GtN\ SDQt .RYiFVRYp MHå ]QDOD GREĜH PDćDUVN\
E\O SĜLSUDYHQ SURJUDP9ãHFKQR GREĜH GRSDGOR D þOHQRYp GHOHJDFH E\OL SĜtMHPQČ
SĜHNYDSHQL1iVOHGRYDORSR]YiQtQDPDćDUVNpYHOY\VODQHFWYt]GHERKDWpSRKRãWČQt
DSRGČNRYiQt9SUDFRYQtPY\XþRYiQtMVPHEXGRYDOLQRYêãNROQtSR]HPHNýHNDOD
QiVVSRXVWDSUiFH~SUDYDUR]GČOHQtYêVDGEDRNUDVQêFKDRYRFQêFKVWURPĤ]DYHGHQt
HOHNWĜLQ\DYRG\]iYČUHPE\OSRVWDYHQGĜHYČQêGRPHNNGHE\ORXORåHQRSRWĜHEQp
QiþLQtâNROQtGtOQDE\ODXPtVWČQDY]iPNX,]GHE\ORY\NRQiQRPQRKRSURGREUê
FKRGYêXN\1iYãWČYDSDPiWQêFKPtVWRGERMH5DþLFH0\VOLERĜLFH%RĖRYSROHVt
2VWUê'ROQt9LOpPRYLFH
âNROQt YêOHW\ E\O\ SOiQRYiQ\ SRGOH MHGQRWOLYêFK WĜtG ãHVWi WĜtGD MLåQt
0RUDYD 3ĜHP\VORYVNp KUDG\ 6HGPi WĜtGD MLåQt ýHFK\ NUDM KXVLWVNpKR KQXWt
ýHVNê .UXPORY +OXERNi 2VPi WĜtGD NUDM %RåHQ\ 1ČPFRYp D$ORLVH -LUiVND
.UNRQRãH'HYiWiWĜtGD9\VRNp7DWU\0\VOtPåHWHKGHMãtUR]XPQpWČOHVQpWUHVW\
SĤVRELO\RNDPåLWČQHE\ORWĜHEDåiGQêFKGRSLVRYiQtSR]QiPHNDQiSUDYDE\OD
~þLQQi0tYDOMVHPYHWĜtGiFKåiN\QDGSUĤPČUQpYČWãLQXWYRĜLOLSUĤPČUQtVODEãt
E\OLYåG\WČOHVQČY\VSČOtDþDVWRDGREĜHSRPiKDOLSĜLUĤ]QêFKEULJiGiFK5iG
QDQČY]SRPtQiPýDVWiVHWNiQtVEêYDOêPLNROHJ\DåiN\PDMtMHGQRVSROHþQp
YåG\SČNQpY]SRPtQN\QDEêYDOiãNROQtOpWD
6WDYEDEXGRY\YURFH
6WDYEDEXGRY\YURFH
6WDYEDVSRUWRYQtKDO\YURFH
6WDYEDãDWHQSUREXGRYXYURFH
52=+292563$1(08ý,7(/(0-,ěË03$9/Ëý.(0
.7(5é8ý,/1$=â+52729,&(9/(7(&+±
3DQH XþLWHOL YtP åH MVWH XþLO QD QDãt ãNROH WČOHVQRX YêFKRYX DOH QHMVWH
DSURERYDQêWČORFYLNiĜ0RKOE\VWHĜtFLMDNMVWHVHNYêXFH7YGRVWDO"
3RVWXGLXQDSHGDJRJLFNpIDNXOWČY%UQČNGHMVHPVWXGRYDORERUGČMHSLV]HPČSLV
REþDQVNiQDXNDMVHPXþLOQD=âY7ĜHEtþLYH9êþDSHFKDYURFHSĜHãHOGR
+URWRYLF9åG\MVHPPČOEOt]NRNHVSRUWXDSURWRMVHPVUDGRVWtXYtWDONG\åPL]GH
MDNRPODGpPXXþLWHOLQDEtGOL]GDE\FKQHFKWČOY\XþRYDWL7Y
-DNYDãH]DþiWN\Y\SDGDO\"
3URWRåHãNROQtWČORFYLþQDE\ODPDOi]DþDORVHFYLþLWWDNpYVRNRORYQČNWHUiE\OD
SRVWDYHQD ] Y\ĜD]HQpKR OHWHFNpKR KDQJiUX7HQ VHKQDO WHKGHMãt OpNDĜ 08'U 2WD
.RSO7tPE\ORXPRåQČQRVRXEČåQpFYLþHQtFKODSFĤDGČYþDWDUR]ãtĜHQDYêXND7Y
RGDOãtKRGLQ\FYLþHQtY6RNROH
.G\å VH ĜHNQH 6RNRO YČWãLQD OLGt Pi DVL SĜHGVWDYX FYLþHQt QD QiĜDGt
J\PQDVWLN\PODGãtJHQHUDFHPRåQiXåQHYtYĤEHFRþHPMHĜHþ-DNiWHG\E\OD
KODYQtQiSOĖKRGLQ7YYGREČRNWHUpPOXYtPH"
9OpWČSĜHYDåRYDODOHKNiDWOHWLND±EČK\VNRNGRGiON\LGRYêãN\YUKNRXOtKRG
PtþNHP6DPR]ĜHMPČVNRNGRYêãN\VHOLãLORGWRKRMDNMHM]QiPHGQHVVNiNDORVH
GRStVNXW]YYDOLYêP]SĤVREHP&KRGLOLMVPHSODYDWN1RYêPU\EQtNĤP9]LPČ
VHFYLþLORYVRNRORYQČVSRUWRYQtJ\PQDVWLND±NODGLQDNUXK\KUD]GDDNUREDFLH
EUDGODãSOK+RGQČVHKUiOKRNHM9WČFKWRVSRUWHFKMVPHVHSUDYLGHOQČ]~þDVWĖRYDOL
VRXWČåtQDNWHUpVHMH]GLORYMHGLQêYROQêGHQYWêGQXYQHGČOL
7RSURYiVPXVHOREêWQČNG\RSUDYGXþDVRYČQiURþQp
%H] SRGSRU\ Y URGLQČ D SRPRFL GDOãtFK VSRUWRYQtFK QDGãHQFĤ E\ WR MLVWČ QHãOR
6 PDQåHONRX MVHP VH VH]QiPLO Y 6RNROH RQD D MHMt RWHF DEVROYRYDOL WČORFYLþQê NXU]
Y7\UãRYČGRPČY3UD]HWDNåHMVHPPČORGERUQRXSRPRFYåG\SRUXFH6H6RNROHPKODYQČ
PDQåHOFHKRGQČSRPiKDODSDQtXþLWHOND%RåHQD+RUiNRYiYêERUQiWČORFYLNiĜND
5iGD E\FK VH MHãWČ YUiWLOD NH VSRUWRYQtP KUiP POXYLO MVWH ]DWtP SRX]H
RKRNHMLFRWĜHEDIRWEDOYROHMEDO"
+U\VPtþHPVHKUiO\SRX]HRNUDMRYČQDNRQFLY\XþRYDFtKRGLQ\YOpWČYHQNX
QČNG\IRWEDOQHERYROHMEDOYĤEHFQHEDVNHWEDOKi]HQi+ĜLãWČQDW\WRVSRUW\QHE\OD
$å SR]GČML SĜLE\O\ NH KRGLQiP 7Y MHãWČ KRGLQ\ VSRUWRYQtFK KHU WêGQČ MDNR
YROLWHOQêSĜHGPČW
9HãNHUi þLQQRVW VH WHG\ ]DPČĜRYDOD QD GRVDåHQt FR QHMOHSãtFK YêVOHGNĤ
YDWOHWLFHDJ\PQDVWLFH9]SRPQČOE\VWHVLQDQČNWHUpYêMLPHþQpVSRUWRYFHQHER
YêNRQ\NWHUêFKGRViKOLåiFLQDãtãNRO\"
.DåGêURNMVPHVH~þDVWQLOLRNUHVQtKRSĜHERUXYHVSRUWRYQtJ\PQDVWLFHY7ĜHEtþL
~VSČãQtE\OLKODYQČ-RVHI&KYiWDO3HWU6NRWQLFD-LĜt3DYOtþHND9ODGLPtU%ODWQê'iOH
NUDMVNpKRSĜHERUXMLKRPRUDYVNpåXS\YOHKNpDWOHWLFHNG\MVPHQDVRXWČåHMH]GLOLDå
GR%UQD8KHUVNpKR+UDGLãWČ=QRMPD9OHGQtPKRNHMLMVPHE\OLQČNROLNUiWSUYQt
QDRNUHVH9HOPLSČNQpKRXPtVWČQtGRViKORGUXåVWYRåiNĤWĜtG\YHVORåHQt-RVHI
'XIHN9ODGLPtU+RUNê0LFKDO/DNDWRãD0LURVODY3DGČOHNYURFHYH=QRMPČ
6RXWČåLORVHYVHGPLERMLEČKPDPGiONDYêãNDKRGNULNHWPtþNHPãSOK
DPSODYiQtVRXWČåWUYDODGQ\DQDãLåiFLREVDGLOLGUXKpPtVWR
1D]iYČUE\FKYiVFKWČODSRSURVLWRQČMDNRX]DMtPDYRXSĜtKRGXNWHUêFKMLVWČ
]DGREXYDãHKRSĤVREHQtQDãNROHQHE\ORPiOR
6 åiNHP -DURVODYHP =DGUDåLOHP MVHP MHGQRX ]DåLO GRFHOD GUDPDWLFNRX DOH
QDNRQHF ~VPČYQRX VLWXDFL -HOL MVPH QD OHKNRDWOHWLFNp ]iYRG\ GR %UQD D -DUGD
QHSĜLãHONDXWREXVX±E\OSRQHPRFLD]DVSDO3URWRåHE\O]'DOHãLFPXVHOMtWGR
+URWRYLF SČãN\ NGH ]MLVWLO åH GR %UQD MHGRX KURWRYLþWt ]DKUiGNiĜL NWHĜt KR Y]DOL
GRDXWD9%UQČPXXNi]DOLVPČUQDVWDGLRQYäDERYĜHVNiFK7DPSUiYČSUREtKDOD
SĜtSUDYDEČKXQDPHWUĤ5\FKOHVHSĜHYOpNO]DNOHNOQDVWDUWXDGREČKOQDYêERUQpP
GUXKpPPtVWČ
3WDODVH0JU.DWHĜLQD/RKQLVNi
'UDNLiGD
1ċ.2/,.9=320Ë1(.1$8ý,7(/6.È/e7$
9+52729,&Ë&+
8åMDNRPDOiãNRODþNDMVHPUiGDFKRGLODGRãNRO\6H]iMPHPMVHPSR]RURYDODMDN
PRMLXþLWHOpXþt9]SRPtQiPQDKRU\VHãLWĤNWHUpQDãHSDQtXþLWHONDPtYDODQDVWRONX
3ĜtPRMVHPMt]iYLGČODåHMHPĤåHSURKOtåHWRSUDYRYDWFK\E\-HMtNDODPiĜVþHUYHQêP
LQNRXVWHP PČ SĜtPR IDVFLQRYDO &HORX GREX ãNROQt GRFKi]N\ PČ QHRSXVWLOD WRXKD
VWiWVHWDNpXþLWHONRX3ROHWHFKVWXGLtQDJ\PQi]LXDSHGDJRJLFNpIDNXOWČY%UQČVH
PLWHQWRVHQVSOQLODWDNMVHPPRKOD]iĜtSRSUYpSĜHGVWRXSLWSĜHGVYpåiN\
7R E\OR Y 1RYpP %RKXPtQČ 3DN MVHP XþLOD MHãWČ Y 5RXFKRYDQHFK 0\VOLERĜLFtFK
DQDNRQHFY+URWRYLFtFK0RXDSUREDFtE\OGČMHSLVD]HPČSLV+ODYQČGČMHSLVE\OD
PRMHYHONiOiVND.WRPXPČSĜLYHGOPĤMGČGHþHNYêERUQêY\SUDYČþ]QDOHFKLVWRULH
åLYiNURQLNDREFH+RGQČ]MHKRY\SUiYČQtMVHPPRKODXSODWQLWYKRGLQiFKGČMHSLVX
'R +URWRYLF MVHP QDVWRXSLOD Y ]iĜt 7HKG\ E\O ĜHGLWHOHP 9ODGLVODY
9RGLQVNê D MHKR ]iVWXSFHP E\O -LĜt 3DYOtþHN 6HWNDOD MVHP VH WDG\ L VH VYêP
EêYDOêPĜHGLWHOHP]P\VOLERĜLFNpãNRO\-RVHIHP.XOKiQNHP7RMHRVREQRVWQD
NWHURXVHSURVWČ]DSRPHQRXWQHGi-DNRĜHGLWHOHMVPHVLKRYãLFKQLYHOLFHYiåLOL
%\O WR YêERUQê SHGDJRJ RUJDQL]iWRU YODVWHQHF D SĜHGHYãtP þORYČN 3UiYČ W\WR
MHKR NYDOLW\ E\O\ SĜtþLQRX SURþ SR URFH PXVHO RSXVWLW ĜHGLWHOVNp PtVWR
DVWiWVHĜDGRYêPXþLWHOHP7DNVHGRVWDOLGR+URWRYLF%\OL]GHYHOLFHREOtEHQê
MDN PH]L VYêPL NROHJ\ WDN L åiN\ D URGLþL D MH WRPX WDN VWiOH 2VWDWQt XþLWHOH
MVHPYWXGREX]QDODMHQRGYLGČQtSRGREQČMDNRRQLQH]QDOLPČ$OHEU]\MVPH
VH YãLFKQL QDY]iMHP VåLOL D GREĜH UR]XPČOL 3UiYČ NROHJRYp WR E\OL NWHĜt PQČ
SĜHGiYDOLSR]QDWN\RåiFtFKNWHUpMVHPQH]QDODDVH]QDPRYDOLPČVH]iNXOLVtP
MHMLFKURGLQQpKRSURVWĜHGt
+ODYQtSĜHGPČWNWHUêMVHP+URWRYLFtFKXþLODE\OGČMHSLV0êPREOtEHQêPXþLYHP
E\O\ VWDURYČNp VWiW\ KODYQČ (J\SW ěHFNR D ětP =H ]iOLE\ MVHP SĜHþHWOD R WČFKWR
]HPtFK KRGQČ ]DMtPDYRVWt NWHUp GČWL UiG\ SRVORXFKDO\ 3RNXG WLWR EêYDOt åiFL WHć
YGREČYHONpKRFHVWRYQtKRUXFKXQDYãWtYtW\WR]HPČVQDGVLWDPQČNGHXS\UDPLG
XDWKpQVNp$NURSROHQHERĜtPVNpKR.RORVVHD]DY]SRPtQDMtMDNVHRWRPYHãNROHXþLOL
'DOãtPRMHREOtEHQpXþLYRE\ODSUYQtDOHKODYQČGUXKiVYČWRYiYiONDDSURWLIDãLVWLFNê
RGERMYQDãHPUHJLRQX$WDNQDãLåiFL]QDOLMPpQDDåLYRWQtRVXG\WČFKWR~þDVWQtNĤ
RGERMHMDN]+URWRYLFWDNL]RNROtXåLSURWRåHMVPHWDWRSDPiWQiPtVWDQDYãWČYRYDOL
-H]GtYDOL MVPH GR 5DþLF 0\VOLERĜLF %RĖRYD 9LOpPRYLF +UR]QDWtQD D WDP YãXGH
QD PtVWČ VL SĜLSRPtQDOL MHMLFK ]iVOXK\ 1HFK\EČO\ DQL N\WLþN\ NWHUp MVPH SRNOiGDOL
NMHMLFKSRPQtþNĤP$MHVWOLVHWLWRQDãLKUGLQRYpWDPRGQČNXGVKRUDQDQiVGtYDOL
MLVWČPČOLUDGRVWåHQHE\OL]DSRPHQXWL.DåGRURþQČSDNSĜLSĜtOHåLWRVWLRVODYNYČWQD
MVPHY]SRPtQDOLPtVWQtXGiORVWL7\WRDNFHPČO\YHONêYOLYQDFLWRYRXDYODVWHQHFNRX
YêFKRYX SRGREQČ MDNR YODVWLYČGQp ]iMH]G\ MHMLFKå VRXþiVWt E\OD QiYãWČYD /LGLF
/HåiNĤDY3UD]HFKUiPXVY&\ULODD0HWRGČMHNG\VL.DUOD%RURPHMVNpKRNGHVH
RGHKUiOSRVOHGQtERM~þDVWQtNĤDWHQWiWXQD5HLQKDUGD+H\GULFKD
6RFLDOLVWLFNiKLVWRULRJUD¿HSRXåtYDODGČMHSLVMDNRQiVWURMNXSHYĖRYiQtSROLWLN\
.6ý 8GiORVWL PČO\ EêW SĜHGNOiGiQ\ WDN MDN WR VWUDQD D YOiGD SRWĜHERYDO\
=iPČUQČ E\O\ RSRPtMHQ\ ]iVOXK\ YãHFK ~þDVWQtNĤ RGERMH RULHQWRYDQêFK QD
65
)RONOyUQtVRXERU+URWRYþiQHN
)RONOyUQtVRXERU+URWRYþiQHNQD%UDPERUREUDQtY7ĜHEtþL
66
=iSDG]HMPpQD~þDVWþVOHWFĤYHVYČWRYpYiOFHNWHĜtERMRYDOL]DQDãLYODVWYH
)UDQFLLY$QJOLLDX7REUXNX&HOêVYČWWHKG\RFHĖRYDOMHMLFK]iVOXK\YFL]LQČVH
MLPGRVWDORY\VRNêFKY\]QDPHQiQtMHQQDãHYODVWSR~QRUXRGPČQLODW\WR
KUGLQ\SURQiVOHGRYiQtPLYČ]HQtPýHWOLMVPHVLWHKG\~U\YN\]NQLK\=ORPHQi
NĜtGODE\O\WRQHYãHGQtDGRMHPQpSĜtEČK\QČNROLNDþVOHWFĤMHMLFKåNĜtGODVH
]ORPLODGĜtYHQHåE\O]iSDVVYČWRYpYiON\YtWČ]QČGRERMRYiQ1H]DSRPHQX
MDNYHONêGRMHPWDWRNQLKDXåiNĤY\YRODOD1DWRPWRSĜtNODGXE\ORQXWQpGČWHP
Y\VYČWOLW åH VL PXVtPH YiåLW YãHFK NWHĜt VH URYQêP GtOHP ]DVORXåLOL R QDãH
RVYRER]HQt EH] RKOHGX ]GD ERMRYDOL QD =iSDGČ QHER QD 9êFKRGČ ]GD MHMLFK
RGERMĜtGLOD0RVNYDQHER/RQGêQ3UiYČQDPQRKDDPQRKDSĜtNODGQêFKþLQHFK
KUGLQĤ VH åiFL SĜHVYČGþRYDOL MDN Y\SDGi WR RSUDYGRYp QH]LãWQp YODVWHQHFWYt
NDPDUiGVWYt QD åLYRW D QD VPUW VWDWHþQRVW D REČWDYRVW 2VXG\ QiURGĤ DOH
KODYQČ QDãHKR QiURGD QHE\O\ GČWHP OKRVWHMQp 6SROHþQČ MVPH SURåtYDOL KUGRVW
QDGVODYQêPLHSRFKDPLGČMLQQiURGDKUGRVWQDGMHKRYê]QDPQêPLRVREQRVWPL
D]URYQDWDNVPXWHNQDGGREDPL~WODNXXWUSHQtDSRQtåHQt
0QRKRKLVWRULFNêFKXGiORVWtE\ORYGČMHSLVQêFKXþHEQLFtFK]NUHVOHQRWêNDOR
VH WR QDSĜ RVREQRVWL QDãHKR SUH]LGHQWD7 * 0DVDU\ND MHKR ]iVOXK\ R Y]QLN
ý65Yê]QDPXþVOHJLtYVYČWRYpYiOFHDM0QRKR~GDMĤE\OR]DWDMHQRäiFL
VH QHPČOL GR]YČGČW SUDYGX R ]ORþLQHFK NRPXQLVPX QDSĜ R ]LQVFHQRYDQêFK
VRXGQtFK SURFHVHFK QHOLGVNpP WêUiQt SROLWLFNêFK YČ]ĖĤ MXVWLþQtFK YUDåGiFK
WUDJpGLtFK VWRYHN YHQNRYVNêFK URGLQ Y GREČ QiVLOQp NROHNWLYL]DFH YHVQLFH
SURQiVOHGRYiQt SĜtVOXãQtNĤ NDWROLFNp FtUNYH DM =NUHVOHQ\ E\O\ XGiORVWL
R RNXSDFL QDãt UHSXEOLN\ VUSQD R VWXGHQWX -DQX 3DODFKRYL D GDOãtFK
åLYêFK SRFKRGQtFK 1D GUXKp VWUDQČ E\O\ ]YHOLþRYiQ\ ]iVOXK\ NRPXQLVWĤ
NRPXQLVWLFNpKR RGERMH Y\]GYLKRYiQ\ RVREQRVWL MDNR .OHPHQW *RWWZDOG
SROLWLND.6ýMDNRMHGLQiVSUiYQiD6665QiãY]RU$OHSĜLGREUpYĤOLE\ORPRåQR
YGČMHSLVQêFKKRGLQiFKSĜHGNOiGDWWDNMDNNi]DOFLWD]GUDYêUR]XPÄ+LVWRULD
PDJLVWUDYLWDH³GČMHSLVMHXþLWHONRXåLYRWDPLQXORVWE\ORPRåQRSRXåtWSUR
VURYQiQt VH VRXþDVQRVWt 1DSĜ ]iQLN PRFQêFK Ĝtãt RG VWDURYČNX SRþtQDMH SiG
GLNWDWXU GLNWiWRUĤ SURQiVOHGRYiQt SUR YtUX YH VWDUpP ětPČ QHNDWROtNĤ SR
OHWpYiOFHLEČKHPQtSURQiVOHGRYiQtRGSĤUFĤUHåLPĤDMHMLFKWDMQêRGFKRGGR
FL]LQ\RNXSDFHQDãtYODVWLEĜH]QDERMHVWXGHQWĤ]DVYRERGXDMäiFL
E\OL YQtPDYt SRFKRSLOL WDWR VURYQiQt PLQXORVWL VH VRXþDVQRVWt WDWR RþLYLGQi
SRGREHQVWYt
$åSROLVWRSDGXE\ORPRåQRYãHFKQ\VNXWHþQRVWLXYpVWQDVSUiYQRXPtUX
$OHWRXåMVHPYURFHSĜHGDODåH]ORSDQtXþLWHOFH+DQČ9OþNRYpDSROHWpP
SĤVREHQtQD]GHMãtãNROHRGHãODGRGĤFKRGX3UDYRXQRKRXMVHPSĜHNURþLODSUiK
ãNRO\DYGXFKXSRGČNRYDODYWXWRFKYtOLKODYQČVYêPURGLþĤPMHMLFKå]iVOXKRX
MVHPPRKODGRViKQRXWWRXåHQpSRYROiQt
5iGDY]SRPtQiPQDSĤVREHQtYKURWRYLFNpãNROHNGHWHćXþtSČWPêFKEêYDOêFK
åiNĤ-VRXWRĜHGLWHOãNRO\)UDQWLãHN.DãSiUHNXþLWHOp0DULH+ODYQLþNRYi3DYHO
9LWiPYiV-LĜt6ODWLQVNêD.DWND.RVRYi5iGDY]SRPtQiPQDQiãEêYDOêXþLWHOVNê
NROHNWLY QD VYp EêYDOp åiN\ MHMLFKå ]iMHP D StOH EêYDO\ SUR PČ WRX QHMOHSãt
RGPČQRX3ĜHMLYãHPKRGQČãWČVWtYSUiFLLYRVREQtPåLYRWČ
0DULH8UEiQNRYiXþLWHOND
+LVWRULFN\SUYQtYtWČ]PODGãtFKSĜtSUDYHNY237ĜHEtþ
9iQRþQtEHVtGND%
7ě,32+/('<1$+52729,&.28â.2/8
0*5+$1<9/ý.29e52=(1e6(,7/29e
äÈ.<1ċ8ý,7(/.$'ģ&+2'.<1ċ
7DNQD]YDODVYĤMþOiQHNGRþDVRSLVXY\GDQpKRYURFHXSĜtOHåLWRVWLRVODY
YêURþtKURWRYLFNpãNRO\SDQtXþLWHOND'UDKRPtUD3DStUQtNRYi-iMVHPVLGRYROLODWHQ
QDGSLVRGQtY\SĤMþLW9ČĜtPåHE\VRXKODVLOD'QHVMDNRRQDWHKG\MVHPXåWDNp
GĤFKRGN\QČD]DVHRVODYXMHPH7HQWRNUiWMLåYêURþtãNRO\-DNWHQþDVOHWt$QR
L PQČ VH SRãWČVWLOR EêW åiN\Qt XþLWHONRX L GĤFKRGN\Qt QD QDãt KURWRYLFNp ãNROH
0RKX WHG\ WDNp ]DY]SRPtQDW 'REĜH VL SDPDWXML QD WHQ QiGKHUQê GHQ NG\ MVHP
MDNRPDOpGČYþiWNRGRSURYi]HQpREČPDURGLþLVODYQRVWQČYVWRXSLODGRWĜtG\%\OR
WRYURFH9tWDOQiVWHKG\SDQXþLWHO9LOpP0DUHN+RGQČQiVQDXþLO1HMHQ
þtVWSViWDSRþtWDWVSUiYQČY\VORYRYDWYãHFKQ\REWtåQpKOiVN\DOHWDNpPtWãNROX
DãNROQtSRYLQQRVWLUiGDVYČGRPLWČMHSOQLW-DNWRWHKG\YHWĜtGČY\SDGDOR"3RGREQČ
MDNR SRSLVRYDOD SDQt XþLWHOND 3DStUQtNRYi ÒSOQČ MLQDN QHå GQHV 7RSLOR VH VWiOH
YRE\þHMQêFKNDPQHFKXKOtPDGĜHYHP7RE\ORY]RUQČSĜLSUDYHQRNDåGpUiQRYH
YãHFKWĜtGiFK.ROLNSUiFHPČOWHKG\SDQãNROQtN-RVHI5RERWNDWRGRYHGXRFHQLW
DåGQHV$MDNQiVGRYHGOXVPČUQLWQDFKRGEČRSĜHVWiYNiFK'QHãQtãNRODVHVYêP
NUiVQêPDPRGHUQtPY\EDYHQtPE\VHPXMLVWČOtELOD-HNUiVQiMHMLQiMHOHSãt$FR
åiFL"7L]ĤVWDOLVWHMQt"8UþLWČQH-VRXGQHVWDNpMLQt
âNROXMVHPPČODUiGD3RFHORXGREXãNROQtGRFKi]N\LGDOãtKRVWXGLDMVHPPČOD
ãWČVWt QD PRXGUp SĜtVQp DOH L VSUDYHGOLYp D FKiSDMtFt XþLWHOH9LGČOD MVHP Y QLFK
VYĤMY]RUE\OLPLSĜtNODGHP6WDODMVHPVHWDNpXþLWHONRX9]SRPtQiPQDVYpSUYQt
åiþN\ YH WĜtGČ . QLP MVHP QDVWRXSLOD SR XNRQþHQt 3HGDJRJLFNp IDNXOW\ 8-(3
Y%UQČ7RE\ORYURFH9UiWLODMVHPVHWHG\ÄGRPĤ³GRQDãtãNRO\7DVHYGREČ
PêFK XþLWHOVNêFK ]DþiWNĤ SRVWXSQČ PČQLOD 0tVWR VWDUêFK NDPHQ XKOt D GĜHYD
VH Y\EXGRYDOR ~VWĜHGQt WRSHQt ãNROD VH UR]UĤVWDOD Y\EDYRYDOD QRYêPL XþHEQtPL
SRPĤFNDPLNUiVQČOD-DNãNRODWDNLMHMtEOt]NpRNROt3ČNQiE\ODLSUiFHYHãNROH
SUiFHVGČWPL1HYåG\ãORYãHOHKFHDVQDGQREH]SUREOpPĤ$OHWDNXåWREêYi
LYRVWDWQtFKSURIHVtFK7DNRYêMHåLYRW'QHVNG\SRWNiYiPVYpåiN\XåMDNRGRVSČOp
MVHPQDQČVSROXVMHMLFKURGLþLS\ãQi-VRX~VSČãQtYHVYpPRVREQtPåLYRWČYHVYp
SURIHVLY]DPČVWQiQt.DåGêVYêP]SĤVREHPQDWLWXOHFKWDG\QH]iOHåt5iGDVQLPL
SRKRYRĜtPPiPUDGRVWMVRXOLVSRNRMHQt0RKXVLWHG\GQHVXåMDNRGĤFKRGN\QČ
YGXFKXĜtFLåHPRMHSUiFHQHE\ODPDUQi7HSUYHWHćYLGtPW\SUDYpYêVOHGN\VYp
SUiFH$WRMHSĜHFLWRQHMNUiVQČMãtFRVLNDåGê]QiVQDNRQFLVYpSURIHVQtGUiK\
PĤåHSRP\VOHW
,NG\åGQHVXåQHXþtPNRQWDNWVHãNRORXXGUåXMLPiPMLVWiOHUiGD=DMtPiPČ
SUREOHPDWLNDãNROVWYt'RQDãtãNRO\VHUiGDYUDFtP1HQtOHKNpRSXVWLWSURVWĜHGt
NGHþORYČNVWUiYLOOHW0iPUDGRVWåHãNRODVWiOHURVWHGRNUiV\DMHMtY\EDYHQtMH
SRVWXSQČOHSãtDPRGHUQČMãt=NUiWND±EêWXþLWHONRXDSUDFRYDWVGČWPL±WRE\OPĤM
VHQ$WHQVHPLVSOQLO-iWRWLååLODVYĤMVHQ9ãHPåiNĤPXþLWHOĤPDFHOpãNROHSĜHML
GRGDOãtFKOHWMHQWRQHMOHSãt
9tWiQtSUYQtFKWĜtGYREĜDGQtVtQL
=DNRQþHQtãNROQtKRURNXQD]iPNX
8.È=.<=(â.2/1Ë&+35$&ËäÈ.ģ
&20,'$/$â.2/$,920$&+$ý$
-HQHXYČĜLWHOQpMDNWHQþDVOHWt'RFHODGREĜHVLSDPDWXMLGHQNG\MVHPSRSUYp
SĜHNURþLOSUiKãNRO\$QHåMVHPVHQDGiOEOtåtVHGHQNG\KRSĜHNURþtPQDSRVOHG\
'HYČWOHWMHGORXKiGRED3ĜLQHMPHQãtPGRVWGORXKiQDWRDE\VWHOLGLVHNWHUêPL
VH GHQQČ VWêNiWH YHOPL GREĜH SR]QDOL9tWH FR VH NRPX OtEt D FR QHVQiãt FR Pi
UiG MDN VH REOpNi 7RWR QHMVRX LQIRUPDFH QDXþHQp ] XþHEQLF W\WR MVRX PQRKHP
FHQQČMãt'ČVtPČSĜHGVWDYDåHWLWROLGpMHGQRX]PL]t]PpKRNDåGRGHQQtKRåLYRWD
9tPDOHåHVLMHEXGXQDUR]GtOWĜHEDRGY]RUHþNĤ]I\]LN\SDPDWRYDW=DWXWRGREX
SURãORPêPåLYRWHPPQRKRXþLWHOĤYČWãLQRXGREUêFK3RVX]XMLMHSRGOHWRKRFR
PČQDXþLOLMDNVHNHPQČFKRYDOLåHGRNi]DOLY\MtWVPRXREþDVSĜLGU]ORXSRYDKRX
DWDNpåHPČGRNi]DOLDVSRĖþiVWHþQČSRFKRSLW=DWRVLMLFKYiåtP9åG\NG\åQČFR
NRQþtQČFRQRYpKR]DþtQi8PČQtMHXåtYDWVLDQDSOQRY\FKXWQiYDWNDåGRXPLQXWX
âNRODPLGDODNURPČ]iNODGQtFKYČGRPRVWtLVSRXVWXSĜiWHODåLYRWQtFK]NXãHQRVWt
$]DWRMVHPMtYGČþQê$åHMVHPWRMiQHPĤåXVLRGSXVWLWSR]QiPNXåHSRFHORX
WXWRGREXE\OPêPQHMOHSãtPSĜtWHOHP]YRQHNNWHUêR]QDPRYDONRQHFKRGLQ\
&20,'$/$â.2/$0$5.e7$3(/È129È$
'RPQtYiPVHåHNDåGê]QiVVHWČãLOQDSUYQtãNROQtGHQ,MiMVHPVHWČãLOD
'RVWDOLMVPHWXQHMOHSãtXþLWHONXDVQtMVPHSURåLOLPQRKRQH]DSRPHQXWHOQêFK
]iåLWNĤ 0\VOtP VL åH RQD SUiYČ QiP GDOD GREUp ]iNODG\ Y XþHQt YH VOXãQpP
FKRYiQt1DXþLODQiVMDNVHFKRYDWNRVWDWQtPMDNVQLPLY\FKi]HWQLNG\QLNRPX
QHQDGUåRYDOD$NG\E\PLXåQLFYtFãNRODQHGDODWDNVLP\VOtPåHPLGDODDVSRĖ
YHONê Y]RU 1D GUXKpP VWXSQL MVHP GRVWDOD PQRKR QRYêFK LQIRUPDFt ]tVNDOD
MVHPVSRXVWXNDPDUiGĤQRYpQi]RU\LQVSLUDFLDOHWDNpMVHP]WUDWLODQČNWHUpVQ\
QHERĢWHSUYHGUXKêVWXSHĖPLXNi]DOWYUGRXUHDOLWXåLYRWD=MLVWLODMVHPåHåLYRW
QHQtMHQRWRPFRYtWHDOHWDNpRWRPMDNVHMPHQXMHWHMDNVHREOpNiWHâNROD
PLXNi]DODåHNDåGêPiMLQRXSRYDKXLNG\åMVRXYHWĜtGČRVREQRVWLSĜLEOLåQpKR
YČNX SĜHVWR VL QHUR]XPt 'RNRQFH MVHP VL ]DþDOD XYČGRPRYDW åH V QČNWHUêPL
PêPLVSROXåiN\E\VLQHSRUR]XPČODQLVYDWêD]DþDODMVHPSUiFLVYêFKXþLWHOĤ
YtFHREGLYRYDW
9/$67,9ċ'$
1$â(â.2/$
0LFKDO3RSHOND$
,YDýDĖNRYi$
9ODVWLYČGDWRMHYČGD
WDPČEDYtQHMYtFH
KOHGDWYPDSČĜHN\PČVWD
SDPiWN\DKUDQLFH
0iPHãNROXEDUHYQRX
SČNQRXKH]NRXPDOHEQRX
NDåGêGRQtFKRGtUiG
NDåGêVQtMHNDPDUiG
2%/Ë%(1e0Ë672720Èâ6&+0,'/$
9 KURWRYLFNpP OHVH E\OR ~SOQp WLFKR 6OXQFH ]DSDGDOR D ]DþDOR VH VWPtYDW
2EORKD VH ]DWiKOD 9ãHFKQD ]YČĜ ]WLFKOD QHSRKQXOD VH YČWYLþND DQL VWpEOR WUiY\
7LFKRSĜHGERXĜt
0DOpNDSN\VHSRPDOX]DþDO\VQiãHWN]HPLDSDGDWQDMHKOLþtDOLVWtVWURPĤ
=HP]DþDODYOKQRXWY]GXFKVHSOQLOYRGQtPLSDUDPL'pãĢE\OYãXG\SĜtWRPQê
.DSN\VH]DþDO\]YČWãRYDWYtWU]HVLORYDO2]êYDO\VH]YXN\NWHUpSĜLSRPtQDO\
WDMHPQpSRKiGNRYpSRVWDY\9ãXGHE\ODWPDDOHVHPWDPVFHQpULLR]iĜLORMDVQp
PČVtþQtVYČWORSRNXGVHPČVtFLSRGDĜLORY\NRXNQRXW]PUDNĤ'pãĢMHãWČFKYtOL
VtOLO QRþQt OHV GiYDO SURVWRU YãHP PDJLFNêP VLOiP$VL SR KRGLQČ VH SRPDOX
YãH XNOLGQLOR PUDN\ VH SURWUKiYDO\ NDSN\ ]DþDO\ ĜtGQRXW PČVtþQt SDSUVN\
GRSDGDO\ QD YOKNRX ]HPL D PRNUp OLVWt D Y\WYiĜHO\ IDQWDVWLFNp REUD]FH 9ãH
]WLFKOR D XORåLOR VH N QRþQtPX VSiQNX 0RMH REOtEHQi þiVW OHVD VSDOD NOLGQêP
VSiQNHPEH]HVQĤ
3(51é'(1
â.2/$
2QGĜHM-DQGD$
0DUNpWD%RXGRYi$
9]Ni]DOQiPĜHGLWHOVFKRWt
åHSUêQiVĜiGQČ]NURWt
8þLWHOKRUãtQHåELVNXS
SĜtVQČPLĜtNiSĜLVWXS
1HYtP]þHKRWRSUDPHQt
DOHSČWN\SDGDMtMDNNDPHQt
äHPiPYKODYČSUi]GQR
MHPLGiYQRMDVQR
5iQRYVWiYiPGRãNRO\
SĜLQHVXVL~NRO\
SHþOLYČVHQDXþtP
DMHGQLþNXREGUåtP
9é52ýË
'DQLHOD$QGUpRYi$
âNRODOHWVODYt
Yê]GREDVHNROHPQtXåVWDYt
'ČWLGRQtVWiOHFKRGt
URGLþHVHVQLPLQDG~NRO\]OREt
8þtVHWDPSRþtWDWSViWDþtVW
DE\PRKO\IUDMHĜLW
5iQRGRYQLWĜRGSROHGQHYHQ
VWUiYLO\WDPVNRURFHOêGHQ
0DMtGREUp~P\VO\
DOHWČåNRWRMGHGRP\VOL
8þHQtMHYHONiGĜLQD
REþDVXWRKRMHLSVLQD
.G\åVHQiPWRSRGDĜt
PDMt]WRKRUDGRVWLNDQWRĜL
$NG\åYþHUYQXNRQþtPH
QDSUi]GQLQ\VHPRFWČãtPH
&26(8ýË0
-RVHI'YRUVNê$
9HãNROHVHXþtPH
8þtPHVHSViWþtVWDSRþtWDW
PDOXMHPHDFYLþtPH
.GRQiVXþt"8þLWHOpDXþLWHON\
-iVHXþtPLGRPDýWXDþWX
ýtPVHþWH"2þLPD
$OHRþLQHVWDþt
0XVtVHþtVWRþLPDLUR]XPHP
-DQNHMHGOêD'DYLGâLPHþHN%
'tYNDVNDOLFKHP
2QGĜHMýDQČNDMDUWLQ.UDWRFKYtO%
3RKOHGQD3UDKX
2QGĜHM3êFKDXPČOHFNêNRYiĜ%
/LVWGRNDOHQGiĜH
3DYHO5R]PDKHOSURSDJDþQtYêWYDUQLFWYt
$7êQVNêFKUiPY3UD]H
3DYHO7UiYQtþHN$9\FKi]NDGROHVD
3DYOD9\PD]DORYi$+RUVNiSĜHKUDGD
-DQ/LGPLODXPČOHFNRSUĤP\VORYi9â%âXPDYD
-DQD9DORYi%6OXQLþNR
0DORYiQtQDMLåQtIDViGXKHUQ\$
9êWYDUQiVRXWČå0ČVWDEXGRXFQRVWL
3'REURYROQê93ĜHSHFKDORYi$&KURPi-6PtãHN%
0$1$%,%/(
+DQD.RYiĜRYiOHW
$GpOD9HOHERYiOHW
0DUWLQ.UDWRFKYtOOHW
)LOLSýDQČNOHW
â.2/1Ë3(5/,ý.<$1(%
6.87(ý1ċ6(3ě,+2',/29(â.2/(
&K\ERYDWMHOLGVNpDOHFRMHPRF«SĜHY]DWR]HVORKRYêFKSUDFtåiNĤ
]P\Č]PLMH
\JGLãLNG\å
VĖtFKVQtK
JĜêåNĜtå
]7HVFDVHY\QXODVWH]NDVHYLQXOD
3ĜtNODGVSRþtWiãRNDPåLWČLNG\E\VWDG\PČOVHGČWGRYHþHUD
&RMHWRYČþQRVW"8YiVDVLMHGQRWNDþDVX
*UDYLWDFHMHWRFRNG\E\QHE\ORWDNOHWtPH
3RNXVSUYQtĜDG\YLGtRVWDWQtPXYČĜt
)UDQFLHSLãYHONp)MHWROHSãt
3URþRSLVXMHãNG\åWRQHXPtã"7RVHPXVtGČODWFK\WĜH
ýWHãW\QRYLQ\FRQDQLFKVHGtã"
7\WDNRSLVXMHãåHMVLRSVDOLMHKRYODVWQtåLYRWRSLV
.G\E\WRQHE\ODWĜtGDDOHFKOpYPČOLE\VWHWXSRPČUQČþLVWR
'REĜHQHQtSUDYGDåHFKRGtãSR]GČGRãNRO\DOHSĜL]QHMVLåHY\XþRYiQt]DþtQi
GĜtYQHåSĜLMGHãW\
0OþWHYãHFKQRYtP7DNMDNWRE\OR"
-HãWČQLNG\MVHPWDNWČåFHQHSUDFRYDODMDNRYWpWRWĜtGČ
-HQDVWDUWXQČNGRNGRFK\Et"
1HERMVHQLNDPQHVSDGQHãXåMVLVYČGRPRVWPLQDGQČ
1H]QiãþtVORWHOHIRQX"$QLSĜLEOLåQČ"
-iYiVSRWRPEOiWČSURåHQXDåVH]DYiPLEXGHSUiãLW
9ãLFKQLGRVWDQHWHSR]QiPNX]DY\UXãRYiQt$åQD%RKRXãHWHQVSt
=DVHQLFQHYtWH&RFKFHWHMHGQRX]DSRPtQDW
=iVWXSFHĜHGLWHOHVGČOXMHYHVERURYQČÄ-D]\NiĜLQDSLãWHVLQDMD]\N\NDPEXGHWH
FKRGLW³
3URþVODYtPHĜtMHQ"3URWRåHVHQDURGLO-HåtãHN
5RVWOLQ\MVRXMHGQROHWpGYRXOHWpDSOQROHWp
-DNVWDUiMHELEOH"=iOHåtNG\VLMLNRXStWH
3DQHXþLWHOLGQHVNDYWHOHYL]LKOiVLOLåHVHNQiPEOtåtFKĜLSNRYiDNDGHPLH
'ČWL YČGČO\ E\VWH NGH VtGOt SDSHå"$ 5RVWtN EH]HOVWQČ RGSRYt åH E\ Y 5RXFKR
YDQHFK"
1DG%UQHPVHY\StQDMtGYČGRPLQDQW\PČVWDMVRXWRSURSDVW0DFRFKDD3HWĜtQ
3O]HĖVNRMHRNROtNROHPPČVWD3UDK\
5DGHJDVWE\OVYČWR]QiPêKXGHEQtVNODGDWHO
.GR MH GLYRåHQND" 7R MH SDQt NWHUi VH YãHPX GLYt 3DYHO + &RMHWRWĜtGČQêRGSDG"7RMHRGSDG]QDãtWĜtG\-DNXE&
-DNêMH]iNODGQt]QDNURPDQWLVPX"0ČOLWRGRNXODWD
äiFLSVDOLGLNWiWDYãLFKQLPČOLFK\EXYHVORYČLGHD±YãLFKQLQDSVDOLLGHMD-HGHQ
MHGLQêNWHUêVNRURSURSDGDO]WRKRWRSĜHGPČWXPČOVORYRLGHDVSUiYQČ3DQXþLWHOVH
KRSWDOMDNVLWR]GĤYRGQLODåiNPXRGSRYČGČOÄ1RSĜHFHSRGOHY]RUX,NHD³
-DNXEÄ3DQtXþLWHONR/LERUMHGRYiV]DPLORYDQHM9]DODE\VWHVLKR"³8þLWHOND
RSDWUQČÄ1RNG\E\E\OVWDUãt³-DNXEÄ-HQRPåHDåRQEXGHVWDUãtY\XåEXGHWH
PUWYi³
9 KRGLQČ SVDQt E\O MHGHQ åiþHN QHXVWiOH VNORQČQê SRG ODYLFt 1D GRWD] SURþ
QHStãHRGSRYČGČOåHQHPĤåHSURWRåHPXSUiYČY\WHNORSpUR'DYLG3
0\VOtPVLåHE\VHXþLWHOpPČOL]DPČĜLWQDWRFRQHXPtPHDQČMDNêP]SĤVREHP
QiVWRQDXþLW6DELQD/
9tWHåHP\VHYODVWQČãSDWQČXþtPH"'HQQČQiPRGXPtUDMtPR]NRYpEXĖN\DOH
P\VHXþtPHVWiOHWČåãtXþLYR2QGĜHM-
'QHVXåEêYDOtåiFLGRVWDOL]D~NROQDSVDWQČFRROtSČPLOpQLDNWHUiE\ODYWpGREČ
Y\VD]HQDSĜHGãNRORX-HGHQ]QLFKQDSVDONUiWNRXEiVHĖÄ/tSROtSRKURWRYLFNi
EU]\EXGHãGDOHãLFNi³-HKRYČãWEDVHQDãWČVWtQHVSOQLOD0LODQ+
9SUYQtWĜtGČSDQtXþLWHONDUR]GiYDODSUDFRYQtVHãLW\ětNDODMPpQDGČWtDW\VLSUR
VHãLW\FKRGLO\.G\åĜHNODMPpQRKROþLþN\NWHUiVHGČODYSRVOHGQtODYLFLR]YDORVH
Ä7HćQHPĤåXRĜH]iYiPWXåN\³,QXLSDQtXþLWHONDQČNG\PXVt]NUiWNDSRþNDWDå
EXGHPtWåiþHNþDV.DWHĜLQD3
9]iĜtKRGLQXSUYRXN\Y\ãODSDQtXþLWHONDVHVYêPLSUYĖiþN\QDY\FKi]NXSR
+URWRYLFtFK8Ni]DODMLPNGHE\GOtDĜHNODåHNG\åEXGRXQČFRSRWĜHERYDWPRKRX
NG\NROLSĜLMtW'UXKêGHQRGSROHGQHMHGHQSUYĖiþHN]D]YRQLOXMHMtFKGYHĜtD]HSWDO
VH Ä3DQt XþLWHONR QHYtWH MHVWOL PiPH GQHV QČMDNRX ~ORKX"³ 0iWH RGSRYČGČOD
Ä$ QHYtWH FR"³ 6DPR]ĜHMPČ åH YČGČOD D SRUDGLOD 'DOãt GHQ RGSROHGQH ]D]YRQLO
åiþHN ]QRYX Ä'REUê GHQ³ SR]GUDYLO 3DQt XþLWHOND VH ]HSWDOD7\ ]DVH QHYtã FR
PiWH]D~NRO"Ä7RQH³RGSRYČGČOMiMVHPãHONROHPDĜtNDOMVHPVLåHVHVWDYtP
]HSWDWMDNVHPiWH³0DUWLQ3
.G\å QDSDGO Y ]LPČ VQtK E\OL åiFL SRXþHQL åH Y DUHiOX ãNRO\ QHVPt VQtK
UR]KD]RYDW SR FKRGQtNX 9 SUYQt WĜtGČ ĜHNOD SDQt XþLWHOND GČWHP åH E\ VH SDQ
ĜHGLWHO XUþLWČ ]ORELO NG\E\ QČNRKR YLGČO 'UXKê GHQ VH R]YDOR ]DNOHSiQt QD
ĜHGLWHOQXSRY\]YiQtYVWRXSLOSUYĖiþHN3R]GUDYLOSDQDĜHGLWHOHDSDNPXR]QiPLO
åH VL MGH SUR GYRMNX ] FKRYiQt 3DQ ĜHGLWHO VH ]HSWDO QD GĤYRG äiþHN VH SĜL]QDO
åH UR]KD]RYDO VQtK$ QD GRWD] NGR KR SRVODO SUR GYRMNX ] FKRYiQt ĜHNO MPpQR
VYpKRVSROXåiNDPLPRFKRGHPQHMYČWãtKRURãĢiNDWĜtG\0DUWLQ3D3HWUý
8ý,7(/e±635È9&,â.2/<
âNROQtURN\
6SUiYFH
.DUHO'HDELV
)UDQWLãHN)ORULQHN
9iFODYýHFK
9iFODY.UDWRFKZLOOH
)UDQWLãHN6HUVDYê
%DUWRORPČM.RSXOHWê
0LNXOiã6WHMVNDO
-LQGĜLFKýHUPiN
9iFODY9ãHWHþND
$ORLV/HKNê
3RþHWURNĤ
ě(',7(/eâ.2/<
âNROQtURN\
GRVXG
ěHGLWHO
$ORLVýHUQê
6WDQLVODY1HPHãNDO
)UDQWLãHNâWDMJO
$QWRQtQ)LOND
-RVHI.DUStãHN
$GROI=XNDO
)UDQWLãHN'XQGD
-DQäDOXG
%RKXPtU6YRERGD
)HUGLQDQG)LDOD
-DURVODY'RþHNDO
0JU9ODGLVODY9RGLQVNê
-DURVODY'RþHNDO
0JU0LORVODY-RQiã
0JU-XOLXV1RYiN
3DHG'U)UDQWLãHN.DãSiUHN
3RþHWURNĤ
=È6783&,ě(',7(/(â.2/<
âNROQtURN\
GRVXG
=iVWXSFHĜHGLWHOH
0LORVODY6ODWLQVNê
%RåHQD6HLWORYi
-LĜt3DYOtþHN
0JUâWČSiQ)ORULiQ
3RþHWURNĤ
8ý,7(/e1$â.2/(2'52.8
âNROQtURN\
8þLWHO
%RKXPtU6YRERGD
-DQäDOXG
0LORVODY6ODWLQVNê
)HUGLQDQG)LDOD
%RKXVODYäćiUVNê
%RåHQD+RUiNRYi
-RVHID0DUNRYi
-RVHI6êNRUD
6WDQLVODY+ODYDWê
$QHåND1HWHUGRYi
0DULH3DOiWRYiýDQþLNRYi
-DURVODY'RþHNDO
-LĜt3DYOtþHN
9LOpP0DUHN
2WLOLH0DUNRYi
-LĜLQD-tURYi
5XGROID%tOi
(PLOLH.D]DWHORYi
0DULH/LãNRYi
0LURVODYD.XWWHOYDVFKHURYi
=GHQČN)LDOD
0DUWD2QGUiþNRYi.XFKDUVNi
/LEXãH3URWLYtQVNiâLPNRYi
0LORVODY3LVN
0DULH9tWiPYiVRYi
0DULH9HVHOi
-DQ.RYDFV
%RåHQD6HLWORYi
0DULH6HGOiNRYi
0DULHýHUQi
.DUHO.DSLþND
-RVHI=iYRGVNê
0DULH3HWUiĖRYi
0DULH)UDQNRYi
(YåHQLH.DĖNRYVNi
/XGPLOD+UXEHãRYi
(YD7LFKi&KPHORYi
-DQ'XQGD
/LEXãH5DPERXVNRYi
+HGYLND.RYDFVRYi9ONRYi
3RþHWURNĤ
âNROQtURN\
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
8þLWHO
/XGPLODâYDĜtþNRYi
0DUWD3ROiþNRYi
/LEXãHâSOtFKDORYi1HXPDQQRYi
1DGČåGD1RYiNRYi
9ODVWD9RGLQVNi
9ODGLVODY9RGLQVNê
9ODGLVODY+DYHO
'DQLHOD/DQJRYi
+DQD9OþNRYi
-DURVODY9LQDĜ
3RþHWURNĤ
5ĤåHQD6ODWLQVNi
-RVHI.XOKiQHN
9ODVWD+RORXENRYi
-DQâLQGHOiĜ
0DULH*UX]RYi
0DULH8UEiQNRYi
/HRSROG3XFKQHU
/HRSROG/RKQLVNê
0LORVODY-RQiã
-XOLXV1RYiN
0DULH-LþtQVNi
+DQD.RPHQGRYi
)UDQWLãHN.DãSiUHN
+DQD.DãSDURYi
0LORãâĢDVWQê
0DULH3ODFKi
-LĜLQD6XFKDUGRYi
6WDQLVODY9HVHOê
,YRQD/DPDþRYi
(YD0LNXORYi
0DULH+ODYQLþNRYi
'UDKRPtUD3DStUQtNRYi
)UDQWLãHN'RþHNDO
-DURPtU&KDOXSVNê
$QHåND9DORYi
'UDKRPtUD%U]RERKDWi
âWČSiQ)ORULiQ
$OHQD6WXSNRYi
-RVHIâPDKHO
3HWU)ORULiQ
-RVHIâWČUED
âNROQtURN\
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
GRVXG
8þLWHO
/HQND%XORYi
-DQD'RVWiORYi
0DUWLQDâYHMGRYi
5RPDQD.XGUQRYi
2OGĜLFK0DOHQD
-DQ9iFODYHN
0DULH9iFODYNRYi
3DYHO1RYiþHN
0DUWD6YRERGRYi
-LĜt.UDXV
-LĜt3URFKi]ND
5D\PRQGH'ROHåDORYi
5XGROI.RQHþQê
9ČUD3DOiWRYi
-DURVODYD1RYiNRYi
3DYHO9LWiPYiV
3HWU.ĜLYiQHN
0LOXãH9RGLQVNi
(YD+DPEiONRYi
0LURVODY%ROI
-DQD9RGLQVNi
3HWU3RSHOND
+DQD0LFKiONRYi
=GHQČN,OOHN
,YRQD3RSHONRYi
0DUFHOD3DGČONRYi
-LĜt6LJPXQG
.DWHĜLQD/RKQLVNi
-LĜt6ODWLQVNê
-RVHI%HQHã
/XGPLOD0UQXãWtNRYi
,YDQD0DãRYi
-LWND0DWČMNRYi
.DUHO0DNRYLþND
3RþHWURNĤ
â.2/1Ë&,
âNROQtURN\
GRVXG
âNROQtN
-RVHI5RERWND
-DURVODY$QGUp
0LFKDO+DOiV]
/XGPLOD'UH[OHURYi
-DURVODY+DPEiOHN
3RþHWURNĤ
$'0,1,675$7,9$
âNROQtURN\
GRVXG
+RVSRGiĜND
0LOXãH+UĤ]RYi
3RþHWURNĤ
32ý7<äÈ.ģ
1$.21&,â.2/1Ë+252.8
âNROQtURN
3RþHWWĜtG
PD[LPXP
3RþHWåiNĤ
PD[LPXP
3UĤPČUQDWĜtGX
2VODY\YêURþtãNRO\Y+URWRYLFtFKVHXVNXWHþQLO\
þHUYQDDOHNWRPXWRVYiWNXQDãtãNRO\SUREtKDOD
EČKHPãNROQtKRURNXFHOiĜDGDGDOãtFKDNFt
]QLFKåWXSĜLSRPtQiPHDOHVSRĖGYČ
([KLELFHYHVWROQtPWHQLVXNYêURþt]DORåHQtãNRO\0LODQ2UORZVNL-LQGĜLFK3DQVNê
=DKiMHQtRVODYOHWãNRO\ãNROQtSOHV
32'ċ.29È1Ë
'ČNXMHPHYãHPNWHĜtSĜLVSČOLVYêPLþOiQN\Y]SRPtQNDPLIRWRJUD¿HPLDGDOãtPL
PDWHULiO\NHY]QLNXWRKRWRYêURþQtKRþWHQtRãNROH
'ČNXMHPHYãHPQDãLPVSRQ]RUĤPNWHĜtSĜLVSČOL¿QDQþQtþiVWNRXQDY\GiQtWRKRWR
$OPDQDFKX
1$â,3$571(ě,
6.83,1$ý(=ZZZFH]F]
0ČVWR+URWRYLFHQiPČVWtNYČWQD+URWRYLFHZZZKURWRYLFHF]
,QJ%URQLVODY9DOD967$9VUR'UDåND+URWRYLFHZZZYVWDYF]
632579+27(/QiPČVWtNYČWQD+URWRYLFHZZZKRWHOKURWRYLFHF]
776HQHUJRVURYêUREDHQHUJLH]ELRPDV\LQJ5LFKDUG+RUNê
3UĤP\VORYi7ĜHEtþZZZWWVF]
0,&RVSROVUR6XFKHQLRYD7ĜHEtþZZZPLFRF]
%DX6WDYVSROVURLQJ0LURVODY%DãWD0tURYi+URWRYLFHZZZEDXVWDYFRP
$07+URWRYLFHVSROVURLQJ0LURVODY%DãWD0LODþNDZZZDPWKURWRYLFHF]
(*(0VURLQJ-LĜt6WUQDG1RYRKUDGVNiýHVNp%XGČMRYLFHZZZHJHPF]
6920$VUR.DUHO6YRERGD=iNRVWHOQt+URWRYLFH
=HPČGČOVNpGUXåVWYR+URWRYLFHGUXåVWYRQiPČVWtNYČWQD+URWRYLFH
$.&,29é3,929$5'$/(â,&(DV'DOHãLFHZZZSLYRYDUGDOHVLFHF]
6NOHQiĜVWYt0LURVODYD)UDQWLãHN9LWDPYiVRYL'ROQt+URWRYLFH
Òý(71Ë.$1&(/Èě,QJ+XWDĜVURQiPČVWtNYČWQD+URWRYLFH
ZZZKXWDUF]
6RXNURPê]HPČGČOHFLQJ9tWČ]VODYâNRGD6DGRYi+URWRYLFH
,QJ3DYHO3HOiQ3RGORXþN\+URWRYLFH
.RYRYêURED0H]QtNVUR=QRMHPVNi+URWRYLFHZZZNRYRY\UREDPH]QLNF]
'39VURYêUREDPDWUDFt0\VOLERĜLFHZZZGSYPDWUDFHF]
0LURVODY.XEiWVURĜH]QLFWYtDX]HQiĜVWYt)%=YČĜLQ\+URWRYLFH
,QJ)UDQWLãHN.D]GDLQIRUPDþQtWHFKQRORJLH3RFRXFRY7ĜHEtþZZZND]GDLQIR
=DKUDGQLFWYt3DYHOâNRGDPiMH+URWRYLFH
-DURVODY.DãSDU±3,/$.8526/(3<'XNRYDQ\ZZZSLODNXURVOHS\FRP
7UXKOiĜVWYt7RPiãD/XNiã.ĜtVWNRYL%Ĝt/RKQLVNêFK+URWRYLFH
ZZZWUXKODUVWYLNULVWHNY\UREFHF]
3K'U-DQ6XFKDUGD-$6+URWRYLFHY\GDYDWHOVWYtDIRWRVWXGLRZZZMDVKURWRYLFHFRP
7ČORFYLþQiMHGQRWD6RNRO6RNROVNi+URWRYLFHZZZKURWRYLFHIRWEDOZ]F]
OBSAH
6ORYRVWDURVW\ 5
6ORYRĜHGLWHOH 6
=iNODGQt~GDMHRãNROH
=DORåHQtãNRO\
+LVWRULHKURWRYLFNpãNRO\
2VWDYEČEXGRY\ãNRO\]URNX
1DKOpGQXWtGRVWDUêFKãNROQtFK]SUiY
/LVWRYiQtYNURQLFHSRVOHGQtFKOHW
8þLWHOVNêVERU
+LVWRULHDVRXþDVQRVWãNROQtGUXåLQ\
3LRQêUVNiRUJDQL]DFHDãNROQtNOXE
6ERURYê]SČY
9]SRPtQNDQDXþLWHOH0JU0LORVODYD-RQiãH
/\åDĜVNpYêFYLNRYp]iMH]G\URþQtN\
/\åDĜVNpYêFYLNRYp]iMH]G\URþQtN\
âNROQtSOHV\
1HMOHSãtUHSUH]HQWDQWLãNRO\
1HMYČWãt~VSČFK\QDãLFKåiNĤQDUHSXEOLNRYpPDPH]LQiURGQtPSROL
8þLWHOpY]SRPtQDMt
9]SRPtQiSDQXþLWHO-RVHI.XOKiQHN
5R]KRYRUVSDQHPXþLWHOHP-LĜtP3DYOtþNHP
1ČNROLNY]SRPtQHNQDXþLWHOVNiOpWDY+URWRYLFtFK
SDQtXþLWHON\0DULH8UEiQNRYp 65
7ĜLSRKOHG\QDKURWRYLFNRXãNROX0JU+DQ\9OþNRYp
8Ni]N\]HãNROQtFKSUDFt
âNROQtSHUOLþN\DQHE6NXWHþQČVHSĜLKRGLORYHãNROH
8þLWHOpVSUiYFLãNRO\ĜHGLWHOpãNRO\]iVWXSFLĜHGLWHOHãNRO\
8þLWHOpQDãNROHRGURNX
âNROQtFLDGPLQLVWUDWLYDSRþW\åiNĤ
3RGČNRYiQtQDãLSDUWQHĜL
ALMANACH
.9é52ýËâ.2/<9+52729,&Ë&+
.ROHNWLYXþLWHOĤ=iNODGQtãNRO\+URWRYLFH
5HGDNþQtUDGD
3DHG'U)UDQWLãHN.DãSiUHN0JU+DQD.DãSDURYi
0JU3DYHO9LWiPYiV=GHĖND.DãSiUNRYi
3UDPHQ\DOLWHUDWXUD
âNROQtNURQLN\
.URQLN\PČVWD+URWRYLFH
.ROOHWãNRO\Y+URWRYLFtFK=âD019Y+URWRYLFtFK
3K'U-DQ6XFKDUGD6WUXþQpGČMLQ\+URWRYLF+URWRYLFH
3RXåLWpIRWRJUD¿H
0X]HXP9\VRþLQ\7ĜHEtþDUFKLY=â+URWRYLFH
DUFKLY0ČÒ+URWRYLFHVRXNURPpVEtUN\-DQ6XFKDUGD
7LVN7LVNiUQ\+DYOtþNĤY%URGDV
5HDOL]DFH3K'U-DQ6XFKDUGD-$6+URWRYLFH
ZZZMDVKURWRYLFHFRP

Almanach k 220. výročí školy v Hrotovicích

Transkript

Podobné dokumenty

Slavkovský zpravodaj - Město Horní Slavkov

Rekonstrukce zdravotního střediska v Novém Malín

Zpravodaj 1-2016+.indd