.$52/.$876.<

= '=,(-Ï:

.2 &,2à$

.$72/,&.,(*2

.6,).$,:,('=$

:$56=$:$

.VL * ND L :LHG]D:DUV]DZD

3ULQWHG LQ 3RLDQG

:U]HVLH URN

2NáDGN SURMHNWRZDá-HU]\&KHUND

1LQLHMV]DEURV]XUD]DZLHUDGZD

UR]G]LDOH]SUDF\..DXWVNLHJR

SW7RPDV]0RUHLMHJRXWRSLD

7áRF]RQR HJ]HPSODU]\

=DNáDG\ *UDILF]QH .VL*ND L :LHG]D Z àRG]L

2EMDUN3DSLHUGUXNVDWNO9,,J [FP

=DPQU' ,; ² ,;

.2&,Ïà

O1,(2'=2:12û,327*$.2&,2à$::,(.$&+5('1,&+

-DNNROZLHN SRZLNáDQD PR*H VL QDP Z\GDZDü KLVWRULD ;9 L ;9, ZLHNX

FLJQLHVL SU]H]WHQRNUHVMDNMDVNUDZRZLGRF]QDQLüF]HUZRQDLSLWQRVZRMHQD
QDNáDGD ZDOND] NRFLRáHP SDSLHVNLP1LH QDOH*\ PLHV]Dü NRFLRáD ] UHOLJL 2
UHOLJLLPyZLüEG]LHP\Sy(QLHM

.RFLyáE\áGRPLQXMF VLá ZF]DVDFKIHXGDOQ\FKWRWH* PXVLDáRQXSDüZUD]]

IHXGDOL]PHP

*G\ *HUPDQLH ZWDUJQOL GRZLDWRZHJRSDVWZD 5]\PLDQZ\VWSLáZyZF]DV

SU]HFLZNR QLP NRFLyá MDNR QDVWSFD FH]DUyZ MDNR RUJDQL]DFMD NWyUD VSDMDáD
SDVWZR Z FDáRü MDNR SU]HGVWDZLFLHO VSRVREX SURGXNFML VFK\áNRZHM HSRNL
FHVDUVWZD-DNNROZLHNWRSDVWZRyZF]HVQHEDUG]RPL]HUQHE\áRMDNNROZLHNQLVNR
XSDGáDZQLPSURGXNFMDZV]HODNRLSDVWZRWRLMHJRZ\WZyUF]RüVWDá\RZLHOH
Z\*HMRGSROLW\F]Q\FKLJRVSRGDUF]\FKVWRVXQNyZXJHUPDVNLFKEDUEDU]\FyZ
&L JyURZDOL PRUDOQLH L IL]\F]QLH QDG ]PXUV]Dá\P L VWUXSLHV]Dá\P ZLDWHP
U]\PVNLPDOHZLDWWHQROQLáLSRGELáLFKVZRLPGREURE\WHPLVZ\PLVNDUEDPL

5DEXQHNWRQLH*DGHQVSRVyEZ\WZyUF]RFLFKRüWHQLyZHNRQRPLVWD]GDMHVL

ZWRZLHU]\ü=Z\F]DMQDJUDELH* PLHQLD5]\PLDQQLHPRJáD]DVSRNRLü*HUPDQyZ
QDVWDáH]DF]OLRQL

&H]DUDPLQD]\ZDQRSDQXMF\FKZVWDUR*\WQ\P5]\PLH² 5HG

ZNUyWFH VDPL SURGXNRZDü QD VSRVyE U]\PVNL ,P ZLFHM WR URELOL W\P EDUG]LHM
SRSDGDOLZ]DOH*QRüRGNRFLRáDQDZHWQLHZLHG]FRW\PNRFLyáERZLHPE\áLFK
PLVWU]HPW\PNRQLHF]QLHMV]DSU]HWRVWDZDáDVL GODQLFKZyZF]DVRGSRZLDGDMFD

WHPX V\VWHPRZL SURGXNFML RUJDQL]DFMD SDVWZRZD NWyUHM ]QRZX QLNW LQQ\
VWZRU]\üLPQLHSRWUDILáW\ONRZáDQLHNRFLyá

.RFLyáXF]\á*HUPDQyZZ\*V]\FKIRUPXSUDZ\UROL² NODV]WRU\SR]RVWDá\D*

GR Sy(QHJR UHGQLRZLHF]D Z]RURZ\PL JRVSRGDUVWZDPL UROQ\PL 'XFKRZQL WH*
UR]ZLQOL ZUyG *HUPDQyZ V]WXN L NXQV]W U]HPLRVá SRG RSLHNXF]\PL
VNU]\GáDPL NRFLRáD SURVSHURZDá QLH W\ONR FKáRS ² NRFLyá RSLHNRZDá VL WH*
ZLNV]RFL PLDVWDQLPQLHRNU]HSá\RQHWDNL*E\PRJá\GDOHMEURQLüVL MX* VDPH
6]F]HJyOQLH]D IDZRU\]RZDQ\E\áSU]H]NRFLyáKDQGHO

:LHONLHMDUPDUNLRGE\ZDá\VL QDMF]FLHMZNRFLRáDFKOXENRáRQLFK.RFLyá

GRNáDGDáZV]HONLFKVWDUDDE\FLJDüQDQLHNXSXMF\FK2QWH* E\áMHG\QDVLO
NWyUD Z ZLHNDFK UHGQLFK WURV]F]\áD VL R XWU]\P\ZDQLH Z QDOH*\W\P SRU]GNX
ZLHONLFK GUyJ KDQGORZ\FK L XáDWZLDá SRGUy*H XG]LHODMF EGF\P Z GURG]H
JRFLQ\ Z NODV]WRUDFK 1LHNWyUH ] W\FK NODV]WRUyZ MDN QS VFKURQLVND QD
SU]HáF]DFK DOSHMVNLFK VáX*\á\ SUDZLH Z\áF]QLH SRWU]HERP UXFKX KDQGORZHJR
7HQ Z SRMFLX NRFLRáD E\á U]HF] WDN ZD*Q *H DE\ R*\ZLü JR NRFLyá
VSU]\PLHU]DáVL ]GUXJLPF]\QQLNLHPNWyU\UyZQLH* UHSUH]HQWRZDáZSDVWZDFK
JHUPDVNLFK NXOWXU XSDGáHJR 5]\PX *\GRVWZHP 3DSLH*H EURQLOL L SRSLHUDOL
)\GyZSU]H]F]DVGáXJL:RJyOH]D ZRZ\FKF]DVDFKJG\1LHPF\E\OLMHV]F]H
QLH]DIDáV]RZDQ\PL *HUPDQDPL SU]\MPRZDQR SU]\MD(QLH )\GyZ MDNR QRVLFLHOL
Z\*V]HM NXOWXU\ , VWDUDQR VL JRUFR GR VLHELH LFK FLJDü 'RSLHUR JG\ NXSF\
FKU]HFLMDVNRJHUPDVF\ QDXF]\OL VL MX* UyZQLH GREU]H V]DFKURZDü MDN )\G]L
]DF]OLRQL)\GyZSU]HODGRZDü

-HVW U]HF] SRZV]HFKQLH ]QDQ *H SUDZLH FDá ZLHG] UHGQLRZLHF]Q PR*QD

E\áR ]QDOH(ü MHG\QLH Z NRFLHOH L *H WR RQ GRVWDUF]Dá ZyZF]DV EXGRZQLF]\FK
LQ*\QLHUyZOHNDU]\KLVWRU\NyZLG\SORPDWyZ

&DOH*\FLHPDWHULDOQH OXG]LDZUD]]QLPLFDáHLFK*\FLHGXFKRZHPLDáRVZH

(UyGáRZNRFLHOHDSU]HWRQLFG]LZQHJR*HNRFLyáWU]\PDáZVZHMZáDG]\FDáHJR

F]áRZLHND*HQLHW\ONRRNUHODáMHJRVSRVyEP\OHQLDLRGF]XZDQLDDOHLZV]\VWNLH
F]\Q\ MHJR 1DURG]LQ\ OXEPLHUü GDZDá\ NRFLRáRZLSRZyGGR ZNUDF]DQLD Z
*\FLHLRE\F]DMHDFRZLFHMNRFLyáUHJXORZDáWH* ZyZF]DVLNRQWURORZDáSUDF
RGSRF]\QHNLZLWD

5R]ZyMHNRQRPLF]Q\XF]\QLáWH* NRFLyáQLHRG]RZQLHSRWU]HEQ\PQLHW\ONRGOD

MHGQRVWHNLURG]LQDOHLGODSDVWZD

0yZLOLP\MX* RW\P*HSU]HMFLH*HUPDQyZGRZ\*V]HJRQL* LFKSLHUZRWQ\

VSRVREX SURGXNFML GR UR]ZLQLWHJR UROQLFWZD L U]HPLRVáD PLHMVNLHJR XF]\QLáR
NRQLHF]Q\PUR]ZyMRGSRZLDGDMFHJRWHMSURGXNFMLXVWURMXSDVWZRZHJR$OHRZR
SU]HMFLHGRNRQ\ZDáRVL ]DV]\ENR]ZáDV]F]DZNUDMDFKURPDVNLFKMDN:áRFK\
+LV]SDQLD L *DOLD JG]LH *HUPDQRZLH ]DVWDOL SURGXNFM W MX* JRWRZ L PRFQR
]DNRU]HQLRQ X OXGQRFL WXE\OF]HM WDN *H QLHSRGRELHVWZHP E\áR GOD QLFK
UR]ZLQü QRZH RUJDQ\ SDVWZRZH ] VDPRURGQHM JHUPDVNLHM IRUP\ XVWURMX
)XQNFMHSDVWZRZHSU]\SDGDá\WHUD]ZXG]LDOHSUDZLHZ\áF]QLHNRFLRáRZLNWyU\
MX* Z UR]SDGDMF\P VL FHVDUVWZLH Z\URELá VL QD RUJDQL]DFM SROLW\F]Q
MHGQRF]F XVWUyM SDVWZRZ\ .RFLyá XF]\QLá SU]\ZyGF *HUPDQyZ
GHPRNUDW\F]QHJR SU]HáR*RQHJR OXGX ZRG]D ZRMVN ² PRQDUFK DOH ZUD] ]
ZáDG] SDQXMFHJRQDGOXGHPZ]URVáDLZáDG]DNRFLRáDQDGSDQXMF\P6WDáVL
RQZUNXNRFLRáDNXNáDNRFLyá]QDXF]\FLHOD² SDQHP

UHGQLRZLHF]Q\NRFLyáE\áZVDPHMVZHMLVWRFLHRUJDQL]DFM SROLW\F]Q'RNG

RQ VLJDá GRWG VLJDáD ZáDG]D SDVWZD =DáR*HQLH ELVNXSVWZD Z MDNLP NUDMX
SRJDVNLP SU]H] MHJR SDQXMFHJR R]QDF]DáR QLH W\ONR WR *H Z]PDJDQR Z WHQ
VSRVyE URGNL QDXF]DQLD SRJDQ ZV]HODNLFK DUW\NXáyZ ZLDU\ RUD] PRGOLWZ GOD
RVLJQLFLD W\ONR WHJR FHOX DQL .DURO :LHONL QLH E\áE\ UXMQRZDá IUDQNRVNLFK
FKáRSyZLZ\PRUGRZ\ZDáW\VLF\6DVyZDQLWH* FL

.DURO :LHONL²² NUyO)UDQNyZZUXNRURQRZDQ\SU]H]SDSLH*DQDFHVDU]DU]\PVNLHJR5]G\

MHJR E\á\ V]F]\WRZ\P SXQNWHP UR]ZRMX SDVWZD IUDQNRVNLHJR L ]DUD]HP GRQLRVá\P HWDSHP Z KLVWRULL
IHXGDOL]PX]DFKRGQLRHXURSHMVNLHJR² 5HG

RVWDWQLWROHUDQF\MQLZU]HF]DFKZLDU\MDNSU]HZD*QLHSRJDQLHQLHE\OLE\VWDZLDOL
XSRUF]\ZHJR RSRUX FKU]HFLMDVWZX SU]H] ODW G]LHVLWNL D* GR RVWDWHF]QHJR
Z\F]HUSDQLD $OH ]DáR*HQLH ELVNXSVWZD Z MDNLP NUDMX SRJDVNLP R]QDF]DáR
UR]FLJQLFLHQDWHQNUDMU]\PVNLHJRVSRVREXSURGXNFMLLZFLHOHQLHNUDMXGRWHJR
SDVWZDNWyUHELVNXSVWZRWR]DNáDGDáR

,P EDUG]LHM JHUPDVNL VSRVyE SURGXNFML Z]QRVLá VL QD WHQ VWRSLH QD NWyU\

Z\WZyUF]RüVSDGáDE\áDZJLQF\PSDVWZLHU]\PVNLPW\PQLHRG]RZQLHMV]\GOD
SDVWZD L OXGX VWDZDá VL ZáDQLH NRFLyá $ WR *H E\á GOD SDVWZD L OXGX
SR*\WHF]Q\ QLH R]QDF]D E\QDMPQLHM L* NRU]\VWDá RQ ]H VZHJR VWDQRZLVND
Z\áF]QLHZLQWHUHVLH*\ZLRáyZRGQLHJR]DOH*Q\FKQLH]D ZLQWHUHVLHZáDVQ\P
.D]DáRQVRELHGURJRSáDFLü]DVZRMHXVáXJLMHG\Q SRZV]HFKQ GDQLQNWyU ]QDá\
ZLHNL UHGQLH L NWyUD VNáDGDQD E\áD Z\áF]QLH NRFLRáRZL VWDQRZLáD G]LHVLFLQD
$OHQDMZD*QLHMV]\P(UyGáHPZáDG]\LGRFKRGyZE\áDZUHGQLRZLHF]XMDNHP\
MX* PyZLOL ZáDVQRü ]LHPVND .RFLyá ]GUDG]Dá WHQ VDP JáyG ]LHPL L OXG]L FR
V]ODFKWDLSRGREQLHMDNRQDVWDUDáVL ZFKRG]LüZSRVLDGDQLH]LHPLL]\VNLZDüVRELH
SRGGDQ\FK :LNV]Rü ZáRFL NWyUH NRFLyá SRVLDGDá Z SDVWZLH U]\PVNLP
SU]\E\V]HJHUPDVF\SR]RVWDZLOLZMHJRUNDFKJG\]D WXLyZG]LHQLHXF]\QLOL
WHJRWRNRFLyáXPLDáWDPMHGQDNRG]\VNDüZQLHGáXJLPF]DVLHVZRM ZáDVQRüL
MHV]F]HWRLRZRQDGRGDWHNGRQLHM=DSHZQLDáRQW VDPDQDMF]FLHMERGDM*H
QDZHWVNXWHF]QLHMV] REURQ QL* V]ODFKWDGODWHJRWH* ZLHOXFKáRSyZRGGDZDáRPX
VL QD ZáDVQRü .RFLyá ]DU]G]Dá SDVWZHPGXFKRZQL E\OL GRUDGFDPLNUyOyZ
1LF G]LZQHJR L* QLHU]DGNR SR]ZDODOL VRELH GRUDG]Lü DE\ ] GyEU NRURQQ\FK
XF]\QLü ZáDVQRü NRFLHOQ : ]GRE\ZDQ\FK NUDMDFK SRJDVNLFK ERJDWH
Z\SRVD*HQLH NODV]WRUyZ LELVNXSVWZ Z]LHPL E\áRQDND]HPZUF] NRQLHF]Q\P

1DGRPLDUWHJRNRFLyáE\áMHG\Q VLáNWyU NUyORZLHPRJOLE\OLSU]HFLZVWDZLDü
V]ODFKFLHLJG\WD]DQDGWRRNRQLHPLPVWDZDáDNUyOQLHXPLDá]QDOH(üQDWRLQQHM
UDG\QL* WR*HM RVáDELDáRGELHUDMFMHMF]üSRVLDGDQ\FKSU]H]QL ZáRFLLGDMF
MHNRFLRáRZLQDZáDVQRüOXEZOHQQR$JG]LHW\ONRNRFLyáPyJáWDPQLHF]HNDá
QDWRD* FKáRSLNUyOOXEV]ODFKWDUDF] SRPQR*\üMHJRSRVLDGáRFLOHF]]DELHUDá
VDP FR VL GDáR L XVSUDZLHGOLZLDá VZyM UDEXQHN JG\ JR SRFLJDQR GR
RGSRZLHG]LDOQRFL VIDáV]RZDQ\PL GRNXPHQWDPL GDURZL]Q\ :V]DN VDPR MHGQR
GXFKRZLHVWZR W\ONR Z RZ\FK F]DVDFK F]\WDü L SLVDü XPLDáR )DáV]RZDQLH
GRNXPHQWyZ E\áR Z ZLHNDFK UHGQLFK UyZQLH SRVSROLW\P URGNLHP
Z\OHJLW\PRZDQLDVL ]ZHMFLDZSRVLDGDQLHMDNLFK GyEUMDNG]LVLDMOLFKZLDUVNLH
SR*\F]NLILNF\MQHSURFHV\VGRZHLW\PSRGREQHV]WXF]NL0QLFKEHQHG\NW\VNL
'RP 9H\VVLqUH XWU]\P\ZDá Z ;9,,, ZLHNX *H ] GRZRGyZQDGDQLDNWyUH
]EDGDáE\áZRSDFWZLH/DQGHYHQHFTZ%UHWDQLLE\áRVWDQRZF]RIDáV]\Z\FK
,OH]SR]RVWDá\FKE\áRDXWHQW\F]Q\FKWHJRU]HFVL QLHRGZD*\á

6SUDZLDáR WR WDNLH ZUD*HQLH MDN JG\E\ NRFLyá PLDá ]DPLDU ]RVWDü MHG\Q\P

SRVLDGDF]HP]LHPVNLPZFDá\PZLHFLHFKU]HFLMDVNLP

=QDOH(OLVL MHGQDNWDF\FRWHPX]DSRELHJOL6]ODFKWD E\áD ]DZV]H NRFLRáRZL

ZURJDDNLHG\MHJRZáRFL]E\WVL SRZLNV]Dá\WRLNUyOWDN*HONDüVL ]DF]\QDá
]E\WQLHM SU]HZDJL GXFKRZLHVWZD L VWDUDá VL XNUyFLü MH ] SRPRF V]ODFKW\
5yZQLH* QDMD]G\ SRJDQ L PX]XáPDQyZ ² L RQH QDZHW SU]HGH ZV]\VWNLP ²
RVáDELDá\ NRFLyá 'UDVW\F]QLH RSLVDá WR IDORZDQLH SRWJL NRFLRáD WR ]PLHQQH
UR]V]HU]DQLH VL L NXUF]HQLH GyEU NRFLHOQ\FK ZH )UDQFML 0RQWHVNLXV]
'XFKRZLHVWZR RWU]\P\ZDáR WDN ZLHOH GDURZL]Q *H PXVLDQR PX FK\ED
RILDURZDü ]D U]GyZ WU]HFK G\QDVWLL IUDQFXVNLFK 0HURZLQJyZ .DUROLQJyZ L
.DSHW\QJyZNLONDNURWQ LORüZV]\VWNLFKGyEUWHJRNUyOHVWZD$OHMHOLNUyORZLH
V]ODFKWD L OXG SRWUDILOL VL WDN XU]G]Lü *HE\ GDURZDü GXFKRZLHVWZX ZV]\VWNLH
VZRMH]LHPLHWRQLHPQLHMVSRVREyZ]QDOH(OLLQDWRDE\PXMHRGHEUDü3RER*QRü

]D F]DVyZ 0HURZLQJyZ VSUDZLáD*HXIXQGRZDQRPQyVWZRNRFLRáyZZV]HODNR
GXFKZRMHQQ\]HVZHMVWURQ\E\áVSUDZF WHJR*HSU]HV]á\RQH]SRZURWHPZUFH
ZRMRZQLNyZNWyU]\ ]QyZSRG]LHOLOLMHPLG]\VZHG]LHFL-DN ZLHOHWRJUXQWyZ
XWUDFLáR ZWHQVSRVyEGXFKRZLHVWZR 3RGREQLH* .DUROLQJRZLHV]HURNR UR]ZDUOL
GáRQLHLV]F]RGUREOLZRüLFKQLH ]QDáDJUDQLF$OH RWRSU]\FKRG] 1RUPDQRZLHL
JUDELLUDEXMDSU]HODGXM SU]HGHZV]\VWNLPNVL*\RUD]PQLFKyZZ\V]XNXM
RSDFWZD L EDF]QLH UR]JOGDM VL ZV]G]LH JG]LHE\ PRJOL ]QDOH(ü MHV]F]H MDNLH
SRZLFRQHPLHMVFH,OH* GyEUGXFKRZLHVWZRPXVLDáRSU]H]WRVWUDFLü$QLHPDO
*H QLH E\áR ZyZF]DV WDNRGZD*Q\FK GXFKRZQ\FK NWyU]\E\ VL RPLHODOL*GDü
]ZURWXVZHMZáDVQRFL:LF]QyZSRWHPSRER*QRü.DSHW\QJyZPLDáDD* QDGWR
RND]ML DE\ WZRU]\ü IXQGDFMH L UR]GDZDü GREUD 'XFKRZLHVWZR ZFL* FR
]\VNLZDáRLZFL* FR WUDFLáRL]\VNXMHLG]L MHV]F]H0RQWHVTXLHX'XFKSUDZ
NVLJDUR]G]LDá

2EV]DU WDN ]PLHQQ\FK ZáRFL RNUHOLü GRNáDGQLH Z HSRFH NWyUD QLH PLDáD

Z\REUD*HQLD R VWDW\VW\FH QLH MHVW U]HF] áDWZ 2JyOQLNRZR MHGQDN SRZLHG]LHü
PR*QD*HZUHGQLRZLHF]XMHGQDWU]HFLDZV]\VWNLFKSRVLDGáRFL]LHPVNLFKE\áDZ
UNDFKNOHUX

:H )UDQFML Z F]DVLH ZLHONLHM UHZROXFML URELRQR REOLF]HQLD MDN ZLHONLH E\á\

GREUD NRFLHOQH :HGáXJ W\FK REOLF]H NRFLyá V]F]HJyOQLH ERJDW\ E\á Z
SURZLQFMDFK NWyUH ]DDQHNWRZDQR SR URNX : &DPEUHVLV NRFLyá SRVLDGDá
FDáHM ZáDVQRFL ]LHPVNLHM Z +HQQHJDXL $UWRLV WU]\ üZLHUFL ZH )UDQFKH
&RPWq5RXVVLOORQLHL$O]DFMLSRáRZZLQQ\FKSURZLQFMDFKMHGQ WU]HFLDMX* FR
QDMPQLHM MHGQ F]ZDUW /RXLV %ODQF +LVWRLUH GH OD 5qYROXWLRQ )UDQoDLVH
%UXNVHOD WRP , VWU 2G F]DVyZ UHIRUPDFMLVWDQGyEU NRFLHOQ\FK ZH
)UDQFML]DSHZQHQLHZLHOHVL ]PLHQLá

)H GREUD GXFKRZLHVWZD Z 1LHPF]HFK E\á\ EDUG]R GX*H PR*QD

Z\ZQLRVNRZDü WR FKRüE\ VWG *H MHV]F]H Z URNX WHU\WRULD NRFLHOQH

SRáR*RQHZVDP\PW\ONRFHVDUVWZLH]DMPRZDá\PLOH NZDGUDWRZH5R]OHJáH
SRVLDGáRFLNRFLHOQHZZLHFNLFKSDVWZDFKNDWROLFNLFKMDNZ$XVWULLL%DZDULL
QLH V Z WR ZOLF]RQH DQL WH* WH NWyUH ]RVWDá\ VHNXODU\]RZDQH Z NUDMDFK
SURWHVWDQFNLFK

3RVLDGáRFLNRFLRáDE\á\Z\QLNLHPMHJRSRW*QHJRVWDQRZLVNDHNRQRPLF]QHJR

LSROLW\F]QHJR$]HVZHMVWURQ\SRVLDGáRFLWHSU]\F]\QLDá\VL ]QRZXGRZ]URVWX
-HJRVLá\

6HNXODU\]DFMD]HZLHFF]HQLHSU]HMFLHGyEUNRFLHOQ\FKSU]H]SDVWZR ² 5HG

:VND]\ZDOLP\ MX* QD WR MDN VLO GDZDáR Z ZLHNDFK UHGQLFK SRVLDGDQLH

]LHPL7RZV]\VWNRFRP\ZWHG\ RW\PSRZLHG]LHOLRGQRVLVL WH*LZMHV]F]H
ZLNV]HMPLHU]HGRNRFLRáD'REUD NRFLHOQHE\á\QDMOHSLHMXSUDZQHQDMJFLHM
]DPLHV]NDáH PLDVWD NRFLHOQH QDMEDUG]LHM NZLWQFH D ZLF GRFKyG L VLáD NWyU
NRFLyá]QLFKF]HUSDáE\á\ ZLNV]H RGW\FKNWyUHGDZDáD V]ODFKFLHOXENRURQLH
ZáDVQRü ]LHPVND W\FK VDP\FK UR]PLDUyZ 'RFKyG WHQ MHGQDN E\á JáyZQLH Z
QDWXU]HDFRNRFLyáPLDá]W\PERJDFWZHPURELü"-DNNROZLHNZLHWQLH*\OLPQLVLL
LQQLSDQRZLHGXFKRZQLWHJRZV]\VWNLHJRFRGRQLFKQDSá\ZDáRQLHE\OLZVWDQLH
VSR*\ü:SUDZG]LHRSDFLLELVNXSLUHGQLRZLHF]QLSRGREQLH-DNSDQRZLHZLHFF\
ZRZ\PF]DVLHPLHZDOLWH* ]DWDUJLZSUDZG]LHLRQLPXVLHOLSRWHPXXWU]\P\ZDü
ZLW\LGUX*\Q\NRQQHZSUDZG]LHPXVLHOLLRQLWDN*HXLV]F]DüZLDGF]HQLDOHQQH
² DOH MHGQDN*H NRFLyá QLHF]VWR ]QRZX E\ZDá D* WDN ZRMRZQLF]\ DE\
XWU]\P\ZDQD SU]H]H VLáD ]EURMQD SRFKáDQLDáD ZLNV]Rü MHJR GRFKRGyZ
=Z\FLVWZD RGQRVLá NRFLyá QLH W\OH G]LNL SU]HZDG]H IL]\F]QHM FR XP\VáRZHM
WXG]LH* G]LNLVZHMHNRQRPLF]QHMLSROLW\F]QHMQLHRG]RZQRFL:\GDWNRZDáRQQD
FHOHZRMHQQHPQLHMQL* V]ODFKWDRVLJDMFMHGQDNZLFHMRGQLHM1LHW\ONRGREUD
MHJR E\á\ EDUG]LHM GRFKRGRZH DOH NRFLyá RWU]\P\ZDá UyZQLH* L G]LHVLFLQ ]

]LHPLNWyUDQLHGRQLHJRQDOH*DáD0LDáRQPQLHMV]\RGV]ODFKW\LQWHUHVZW\PDE\
Z\UXERZ\ZDü Z\]\VN VZ\FK SRGGDQ\FK SRQDG PLDU E\á ZLF ZVWRVXQNXGR
QLFK QD RJyá áDJRGQ\ SRG SDVWRUDáHP ELVNXSLP *\áR VL QDSUDZG GREU]H D
SU]\QDMPQLHM OHSLHM QL* SRG ZáDG] PLHF]D UR]PLáRZDQHJR Z áRZDFK L ZRMQLH
V]ODFKFLFD0LPRWHMVWRVXQNRZHMáDJRGQRFLLQVW\WXFMRPNRFLHOQ\PSR]RVWDZDáD
MHGQDNSHZQDQDGZ\*NDURGNyZ*\ZQRFLL]W QLHPDMFFRSRF]üGXFKRZQL
REUDFDOLM QDSRPRFGODXERJLFK

.RFLyáSRWU]HERZDáWXWDMMDNLZZLHOXLQQ\FKSXQNWDFKQDZL]DüMHG\QLHGR

VZRLFKWUDG\FML]HSRNLFH]DUyZ3DXSHU\]DFMDZFK\OF\PVL GRXSDGNXSDVWZLH
U]\PVNLP ZFL* Z]UDVWDáD L ZVSLHUDQLH XERJLFK VWDZDáR VL ]DGDQLHP FRUD] WR
EDUG]LHMSDOF\PGODSDVWZD$OHGDZQHSDVWZRSRJDVNLHQLHE\áR

7XLMHV]F]HNLONDNURWQLHZQLQEURV]XU]HDXWRUSRZRáXMHVL QDLQQHUR]G]LDá\SUDF\7RPDV]0RU LMHJRXWRSLD

² 5HG

SU]\JRWRZDQHGRUR]ZL]DQLDWHJR]DJDGQLHQLDSU]\SDGáRWRZXG]LDOHRUJDQL]DFML
QRZHM SRZRáDQHM GR *\FLD SU]H] QRZH VWRVXQNL L SU]\VWRVRZDQHM GR QLFK
NRFLRáRZL2SLHNDQDGXERJLPLGRNWyUHM]PXV]DáVWDQJRVSRGDUF]\NUDMXVWDáD
VL MHGQ ]QDMZD*QLHMV]\FKF]\QQRFLNRFLRáDLE\QDMPQLHMQLHZQDMPQLHMV]\P
VWRSQLXMHMZáDQLHPLDáRQGR]DZG]LF]HQLDV]\ENLZ]URVWVZRMHMVLá\LERJDFWZD
&RUD] WR JZDáWRZQLHM SRWU]HEQH L FRUD] OLF]QLHMV]H IXQGDFMH GREURF]\QQH RVyE
SU\ZDWQ\FK JPLQ L VDPHJR SDVWZD SU]HND]\ZDQR SRG ]DU]G GXFKRZLHVWZD
DOER SR SURVWX GDURZ\ZDáR NRFLRáRZL ,P EDUG]LHM Z]UDVWDáD OLF]ED QLF QLH
SRVLDGDMF\FKW\PEDUG]LHMZ]UDVWDáVWDQSRVLDGDQLDNRFLRáDW\PEDUG]LHMXERG]\
RGQLHJR]DOH*HOLDSRQLHZD* VWDQRZLOLRQLFRUD]WRZLNV]\RGVHWHNOXGQRFLZLHF
WH* ]DUD]HPFRUD]WRZLNV]\ VWDZDáVL ZSá\ZNRFLRáDQDFDáHVSRáHF]HVWZR

3RGREQLHMDNGDURZL]Q\WDNWH* LUHJXODUQHGDQLQ\QDU]HF]NRFLRáDSU]HZD*QLH

WHQ FHO PLDá\ *H VáX*\á\ZVSLHUDQLX XERJLFK3U]\ G]LHVLFLQLH E\áR WR Z\UD(QLH
RNUHORQH SU]HSLVDPL *H QD F]WHU\ F]FL G]LHOLü M QDOH*DáR MHGQD F]ü
SU]\SDGDáD ELVNXSRZL MHGQD QL*V]HPX GXFKRZLHVWZX MHGQ REUDFDü PLDQR QD
QDER*HVWZDSXEOLF]QHDMHGQ QDZVSDUFLDGODXERJLFK

:PLDU MDN*HUPDQRZLHSU]\MPRZDOLU]\PVNLVSRVyEZ\WZDU]DQLDZ\QLNDá\

VWG GOD QLFK QLHRGáF]QH RG QLHJR QDVWSVWZD ZáDVQRü SU\ZDWQD L XEyVWZR
:VSyOQD ZáDVQRü ODVyZ SDVWZLVN L QLHXSUDZQHM ]LHPL XWU]\PXMFD VL MHV]F]H
RERN SU\ZDWQHM ZáDVQRFL ]LHPL XSUDZQHM QLH GDZDáD XER*Hü FKáRSRP $OH
ZáDQLHQDSRF]WNXUHGQLRZLHF]D]DFKRG]Lá\F]VWRNURüZ\SDGNLNWyUHZWUFDá\
Z QG] FDáH SRáDFLH NUDMX 'R ZLHF]Q\FK ZRMHQ L FLJá\FK ]DWDUJyZ PLG]\
IHXGDáDPL D NVL*WDPL GRáF]\á\ VL MHV]F]H QD GRGDWHN QDSDG\ KRUG
NRF]RZQLF]\FKWDN]JXEQHGODRVLDGáHMQDUROLOXGQRFL² QDMFLDQRPDGyZOXE
SLUDWyZ1RUPDQyZ:JUyZ6DUDFHQyZ:UHV]FLHQLHXURG]DMHE\ZDá\WH* F]VWR
SU]\F]\Q QLHGRVWDWNX

*G\ QLHV]F]FLH QLH E\áR WDN ZLHONLH DE\ GRVLJáR D* VDPHJR NRFLRáD

ZyZF]DVVWDZDáVL RQDQLRáHPUDWXQNXRWZLHUDáVZHVSLFKOHU]HJG]LHJURPDG]Lá
QDGPLDUERJDFWZLXG]LHODáSRPRF\SRWU]HEXMF\P.ODV]WRU\]D E\á\ZLHONLPL
]DNáDGDPL ]DRSDWU\ZDQLD JG]LH ]QDMGRZDá SU]\WXáHN QLHMHGHQ SRGXSDGá\ L
]XER*Dá\Z\]XW\]PLHQLDDOERSR]EDZLRQ\VFKHG\V]ODFKFLF3U]H]ZVWSRZDQLH
ZV]HUHJLNRFLRáDZUDFDáRQ]QRZXGR]QDF]HQLDVLá\LGRVWDWNX

1LH E\áR DQL MHGQHJR VWDQX Z VSRáHF]HVWZLH IHXGDOQ\P NWyU\ E\ QLH E\á

]DLQWHUHVRZDQ\ Z ]DFKRZDQLX NRFLRáD FKRü QLH ND*G\ Z MHGQDNLHM PLHU]H
3RGDZDüZZWSOLZRüNRFLyá]QDF]\áRZUHGQLRZLHF]XWRVDPRFRSRGDZDüZ
ZWSOLZRü SRGVWDZ\ VSRáHF]HVWZD L FDáHJR *\FLD :SUDZG]LH NRFLyá PLDá
MHV]F]HGRSU]HE\FLDJZDáWRZQH ZDONL]LQQ\PLVWDQDPLDOHZW\FKZDONDFKQLH
FKRG]LáRMX* RMHJRLVWQLHQLHOHF]Z\áF]QLHRPQLHMV] OXEZLNV] SRWJ DOER

Z\]\VN ] MHJR VWURQ\ .RFLyá ]DZáDGQá FDá\P *\FLHP PDWHULDOQ\P D ZLF
RF]\ZLFLHLGXFKRZ\P]UyVáVL ]LVWQLHQLHPOXGXD* NRFLHOQ\VSRVyEP\OHQLD
SU]HV]HGáZUHV]FLH]ELHJLHPVWXOHFLZSHZLHQURG]DMLQVW\QNWXNWyUHJRVáXFKDáR
VL OHSRMDNSUDZDQDWXU\DSU]HFLZVWDZLDQLHPX VL XFKRG]LáR]DU]HF]QDWXU]H
VDPHM SU]HFLZQ ² ZV]\VWNLH SU]HMDZ\ *\FLD SDVWZRZHJR VSRáHF]QHJR L
URG]LQQHJRSU]\EUDá\SU]H]NRFLyáXVWDORQHNV]WDáW\7HIRUP\NRFLHOQHMP\OLL
G]LDáDQLD NRFLHOQHJR XWU]\P\ZDá\ VL SU]\ *\FLX QDZHW R ZLHOH GáX*HM QL*
SU]\F]\Q\PDWHULDOQHNWyUHMHZ\ZRáDá\

3RWJDNRFLRáDUHGQLRZLHF]QHJRUR]ZLQáDVL ]QDWXU\U]HF]\QDMZF]HQLHMZ

W\FKNUDMDFKNWyUHQDOH*Dá\QLHJG\ GRSDVWZDU]\PVNLHJRDZLFZH:áRV]HFK
)UDQFML +LV]SDQLL $QJOLL Sy(QLHM Z 1LHPF]HFK QDMSy(QLHM QD SyáQRF\ L ZH
ZVFKRGQLHMF]FLHXURSHMVNLHJRZLDWD]DFKRGQLHJR

7H]SOHPLRQJHUPDVNLFKNWyUHSRGF]DVZGUyZNLOXGyZSUyERZDá\]DNáDGDü

SDVWZDVZRMHQDJUX]DFKLPSHULXPU]\PVNLHJRSU]HFLZVWDZLDMFVL NRFLRáRZL
U]\PVNLHPX FR Z\UD*DáR VL Z W\P *H SU]\áF]\á\ VL RQH GR ZURJLHM
NDWROLF\]PRZLVHNW\DULDQyZ ² WHSOHPLRQDEG( WRZ\JLQá\MDN2VWURJRFLOXE
:DQ

$ULDQLH²VHNWDFKU]HFLMDVND]DáR*RQDZ,9ZLHNXSU]H]GXFKRZQHJRDOHNVDQGU\MVNLHJR$ULXV]DQLHX]QDZDáD

ERVNRFL&KU\VWXVDLGRJPDWXR7UyMF\ZLWHM² 5HG

GDORZLH EG( XUDWRZDá\ VL RG JUR*FHM LP ]DJáDG\ W\ONR SU]H] SRGGDQLH VL
NRFLRáRZLU]\PVNLHPXLSU]HMFLHQDNDWROLF\]P

3U]HZRG]Lü]D ZLDWX]DFKRGQLHPXSU]\SDGáRZXG]LDOHWHPXSOHPLHQLXNWyUH

RGVDPHJRSRF]WNX]DáR*\áRSDVWZRVZRMHZSU]\PLHU]X]NRFLRáHP5]\PLDQ
DZLFSOHPLHQLX)UDQNyZ.UyO)UDQNyZZVRMXV]X]JáRZ NRFLRáDU]\PVNLHJR
SRáR*\á SRGZDOLQ\ SRG ]MHGQRF]HQLH FKU]HFLMDVWZD ]DFKRGQLHJR Z MHGQR
SRZV]HFKQHFLDáRRGZyFKJáRZDFK ZLHFNLHMLGXFKRZQHM² SRG]MHGQRF]HQLH

EGFH SDOFR SLOQ\P QDND]HP FKZLOL MHOL VL FKFLDáR GDü VNXWHF]Q\ RGSyU
QDFLVNDMFHPX ]HZV]G QLHSU]\MDFLHORZL $OH DQL NUyORP )UDQNyZ DQL LFK
QDVWSFRP ] SOHPLHQLD 6DVyZ QLH XGDáR VL ]MHGQRF]HQLD WHJR GRNRQDüQD VWDáH
3DSLH*H U]\PVF\ SU]HSURZDG]LOL WR FR E\áR GDUHPQ\P XVLáRZDQLHP U]\PVNLFK
FHVDU]\QDURGXQLHPLHFNLHJR² ]HVSROHQLH FKU]HFLMDVNLHJRZLDWD SRGMHGQ\P
PRQDUFK)DGHQNUyOIHXGDOQ\]WHJRF]\LQQHJRSOHPLHQLDSRFKRG]F\QLHGRUyVá
GR]DGDQLDNWyUHPXSRGRáDü]GROQDE\áDW\ONRRUJDQL]DFMDSRW*QLHMV]DRGZáDG]\
NUyOHZVNLHMVFHQWUDOL]RZDQ\NRFLyá

32'67$:<327*,3$3,(67:$

%LVNXSU]\PVNL]RVWDáJáRZ NRFLRáD]DFKRGQLHJRMX* SU]HGZGUyZN OXGyZ

E\á RQ VSDGNRELHUF FHVDU]yZ U]\PVNLFK MDNR SU]HGVWDZLFLHO WHJR PLDVWD NWyUH
ZFL*MHV]F]HE\áRIDNW\F]Q VWROLF SDVWZD]DFKRGQLHJRFKRüMX* SU]HVWDáRE\ü
VLHG]LE FH]DUyZ

:UD] ] SDVWZHP U]\PVNLP XSDGáD QD F]DV SHZLHQ L SRWJD U]\PVNLHJR

SDSLH*DDRUJDQL]DFMHNRFLHOQH Uy*Q\FKSDVWZJHUPDVNLFKSU]HMFLRZRVL RG
QLHMXQLH]DOH*QLá\$OHSDSLH*HRG]\VNDOLU\FKáRGDZQHVZHVWDQRZLVNRLQDZHWMH
Z]PRFQLOL-DNNROZLHNJáERNR:áRFK\E\á\SRGyZF]DVXSDGá\SR]RVWDZDá\

2VWURJRFLL:DQGDORZLH² SOHPLRQDJHUPDVNLHNWyUHZF]DVLHZLHONLHMZGUyZNLOXGyZSLHUZV]HZLHNLHU\

FKU]HFLMDVNLHMRGHJUDá\Z(XURSLHSRZD*Q URO:UNUyO:DQGDOyZ*HQ]HU\NVSOGURZDá5]\PSU]\
F]\P]EXU]RQRZLHOHSRPQLNyZ6WGVáRZRZDQGDOL]PVWDáRVL V\QRQLPHPEDUEDU]\VWZD² 5HG

ZFL* MHV]F]H QDMNXOWXUDOQLHMV]\P NUDMHP Z (XURSLH ]DFKRGQLHM5ROQLFWZRVWDáR
WDPZ\*HMQL* ZLQQ\FKNUDMDFKDU]HPLRVáDQLHFDáNLHP]DPDUá\E\áRWH* MHV]F]H
ZH:áRV]HFK*\FLHPLHMVNLHLKDQGHO-DNNROZLHNPL]HUQ\]H:VFKRGHP6NDUE\
DOH L VSRVyE Z\WZyUF]RFL :áRFK PDU]\á\ VL SyáEDUEDU]\FRP ] WDPWHM VWURQ\

$OS7HNUDMHQDSRá\ MHV]F]HEDUEDU]\VNLHERJDFLá\VL LRVLJDá\ W\P ZLNV]\
GRVWDWHNLPFLOHMáF]\á\VL ]:áRFKDPL6Lá\QDMEDUG]LHMZW\PUR]ZRMXVSUDZ
]DLQWHUHVRZDQH ² ER LP QD GREUH Z\FKRG]LáR NUyOHVWZRL NRFLyá Z ND*G\P ]
NUDMyZ FKU]HFLMDVNLFK QD =DFKRG]LH ² PXVLDá\ PR*OLZLH JRUFR SRSLHUDü W
áF]QRü]:áRFKDPL$OHRURGNLHP:áRFKE\á5]\P,PEDUG]LHMNUDMH=DFKRGX
X]DOH*QLDá\VL RG:áRFKSRGZ]JOGHPJRVSRGDUF]\PW\PEDUG]LHMNUyORZLHLFK
LELVNXSLSRSDGDOLZ]DOH*QRüRG5]\PXLW\PEDUG]LHMRURGHN:áRFKVWDZDáVL
SXQNWHPFHQWUDOQ\PFDáHJRFKU]HFLMDVWZD]DFKRGQLHJR

(NRQRPLF]QD ]DOH*QRü RG :áRFK RUD] ZSá\Z 5]\PX QD :áRFK\ R LOH WH

:áRFK\ZRJyOHOH*Dá\Z]DVLJXNDWROLF\]PXQLH]D NRFLRáDJUHFNLHJRLLVODPX
QLJG\MHGQDN*HQLHE\á\D* WDNSU]HPR*QHE\PRJá\Z\WáXPDF]\üWR*HSDSLHVWZR
GRV]áR ZyZF]DV GR WDN QLH]PLHUQHM SRWJL 7áXPDF] RQH W\ONR WR GODF]HJR
NLHURZQLFWZRLSU]HZRGQLFWZRZFKU]HFLMDVWZLHSU]HV]áRGRUNSDSLH*\/HF]Z
ZDOFH SU]HZRGQLFWZR VWDMH VL UR]ND]RGDZVWZHP GRUDGFD SU]HG ELWZ VWDMH VL
G\NWDWRUHP Z F]DVLH ELWZ\ *G\ UR]JRU]Dá\ ZDONL JUR(QH GOD FDáHJR ZLDWD
FKU]HFLMDVNLHJRSDSLHVWZRMDNRMHG\Q\F]\QQLNX]QDZDQ\]DSU]HZRGQLNDSU]H]
ZV]\VWNLHFKU]HFLMDVNLHQDURG\PXVLDáR REMüNLHURZQLFWZRLRUJDQL]DFM RSRUX
DLPGáX*HMZDONLWUZDá\LLPVL VWDZDá\JZDáWRZQLHMV]HW\PEDUG]LHMSU]HZRGQLN
PXVLDáVL ]PLHQLDüZQLHRJUDQLF]RQHJRSDQDW\PEDUG]LHMPXVLDá\PXVáX*\üVLá\
Z\VWDZLRQHSU]HFLZNRZVSyOQHPXZURJRZL

$WDNLHZDONLSU]\V]á\8SDGHNSDVWZDU]\PVNLHJRZSUDZLáZUXFKQLHW\ONR

*HUPDQyZDOHLZV]\VWNLHOLF]QHQDSR]yUQLHGRZ\F]HUSDQLDEGFHSOHPLRQD
EDUEDU]\FyZ SyáRVLDGá\FK DOER NRF]RZQLF]\FK NWyUH VVLDGRZDá\ ] SDVWZHP
U]\PVNLPL*HUPDQDPL:PLDU ZG]LHUDQLDVL *HUPDQyZQD]DFKyGLSRáXGQLH

LQQH OXG\ SDUá\ Z ODG]D QLPL 6áRZLDQLH SU]HNURF]\OLàDE VWHS\ SRáXGQLRZHM
5RVML Z\V\áDá\ MHGHQ ]D GUXJLP QDUyG G]LNLFK MH(G(FyZ +XQyZ $ZDUyZ

:JUyZ RVWDWQLFK SRG NRQLHF ,; ZLHNX NWyU]\ SRVXZDMF VL Z]GáX*
QLHEURQLRQHJR'XQDMXLSU]HNUDF]DMFJR]DSXV]F]DOLVZHáXSLHVNLH]DJRQ\D* QD
GUXJ VWURQ 6]ZDUFZDOGX ED SR]D 5HQ L $OS\ GR :áRFK SyáQRFQ\FK =H
6NDQG\QDZLLWHMYDJLQDJHQWLXPFLJQáMHGHQ]DGUXJLPSRFKyG]XFKZDá\FK
NRUVDU]\ ² 1RUPDQyZ GOD NWyU\FK *DGQH PRU]H QLH E\áR ]D V]HURNLH DE\ MH
SU]HSá\Qü D *DGQH SDVWZR ]D ZLHONLH DE\ MH ]DDWDNRZDü 2SDQRZDOL %DáW\N
RZáDGQOL 5RVM ]DGRPRZLOL VL QD ,VODQGLL RGNU\OL $PHU\N QD GáXJR SU]HG
.ROXPEHP DOH FR GOD QDV QDMZD*QLHMV]D RG NRFD 9,,, D* GR ;, ZLHNX JUR]LOL
]DJáDG FDáHM PR]ROQLH RVLJQLWHM NXOWXU\ RVLDGá\FK SOHPLRQ QLHPLHFNLFK 1LH
W\ONR QDGEU]H*QH NUDMH 0RU]D 3yáQRFQHJR RSXVWRV]Dá\ FDáNRZLFLH ZVNXWHN LFK
]EyMHFNLFKQDSDGyZDOHQDVZ\FKVWDWHF]NDFKZSá\ZDOLRQL]ELHJLHPU]HNGDOHNR
Z JáE OGX ] GUXJLHM ]D VWURQ\ QLH REDZLDOL VL UyZQLH* QLHEH]SLHF]HVWZ
GáXJLFKSRGUy*\PRUVNLFKUR]SRF]OLU\FKáRSU]HGVLEUDüQDSDG\QD+LV]SDQL LZ
NRFX UR]FLJQOL VZH áXSLH*F]H QDMFLD D* KHQ QD SRáXGQLRZ )UDQFM L QD
:áRFK\

/HF] QDMQLHEH]SLHF]QLHMV]\P ZURJLHP RVLDGá\FK SOHPLRQ QLHPLHFNLFK E\OL

MHGQDN*H $UDERZLH DOER ZáDFLZLH PyZLF 6DUDFHQL ER WDN QD]\ZDOL SLVDU]H
UHGQLRZLHF]QL ZV]\VWNLH ZVFKRGQLH OXG\ NWyUH ZVNXWHN SU]HZURWX GRNRQDQHJR
SU]H] $UDEyZ ] LFK SRGQLHW\ UXV]\á\ ]H VZ\FK VLHG]LE DE\ VLJQü SR áXS\ L
]GRE\üGODVLHELHQRZHVLHG]LE\ZNUDMDFKRZ\*V]HMNXOWXU]H

.XOWXU W RF]\ZLFLH6DUDFHQLEH]SU]HV]NyG]ELHJLHPF]DVXSU]\MOLLGDOHMM

V]HU]\OLWDN*HFLZSRUyZQDQLXGR(JLSFMDQ

+XQRZLH $ZDURZLH² SOHPLRQD D]MDW\FNLH : 9 ZLHNX SRG ZRG] Vá\QQHJR $WW\OL +XQRZLH ZWDUJQOL GR

]DFKRGQLHM(XURS\LGRSLHURNOVNDSRQLHVLRQDQDSRODFKNDWDORVNLFK]PXVLáDLFKGRZ\FRIDQLDVL QDZVFKyG
$ZDURZLH ZWDUJQOL Z 9, ZLHNX ] $]ML GR (XURS\ GRWDUOL GR :JLHU L WX ]DáR*\OL SRW*QH SDVWZR NWyUH
SU]HWUZDáRGR,;Z² 5HG

0DWNLQDURGyZ² 5HG

DUDEVF\ EDUEDU]\F\ GOD 1LHPFyZ VL VWDOL .XOWXUWUlJHUDPL WR ]QDF]\
SURSDJDWRUDPL Z\*V]HJR VSRVREX SURGXNFML SRGREQLH MDN 1LHPF\ FR GOD
PLHV]NDFyZ :áRFK EDUEDU]\FDPL E\OL VWDOL VL MHGQDN .XOWXUWUlJHUDPL GOD
6áRZLDQL:JUyZ

: URNX $UDERZLH ZWDUJQOL GR(JLSWX L V]\ENRRSDQRZDOLFDáHSyáQRFQH

Z\EU]H*H $IU\NL Z]GáX* 0RU]DUyG]LHPQHJRZSRF]WNDFK9,,, ZLHNX ]MDZLOL
VL Z+LV]SDQLLLZQLHVSHáQDVWR ODWSR]DDWDNRZDQLX(JLSWXJUR(QLVWDOLVL GOD
SDVWZD )UDQNyZ =Z\FLVWZR .DUROD 0DUWHOD RFDOLáR MH RG ORVX SDVWZD
:L]\JRWyZ DOH E\QDMPQLHM QLH XF]\QLáR 6DUDFHQyZ QLHV]NRGOLZ\PL QD
SU]\V]áRü3R]RVWDOLRQLSDQDPL+LV]SDQLLPRFQ VWRS RVLHGOLZSRáXGQLRZ\FK
:áRV]HFK L Z Uy*Q\FK SXQNWDFK :áRFK SyáQRFQ\FK L SRáXGQLRZHM )UDQFML
REVDG]LOL QDMZD*QLHMV]H SU]HMFLD Z $OSDFK L QDMH*G*DOL NUDMH D* GR UyZQLQ QD
SyáQRFQ\FKVWRNDFK$OS

2QJL Z F]DVLH ZGUyZNL OXGyZ RVLDGáH SOHPLRQD QLHPLHFNLH ]DMá\ E\á\

ZLNV] F]ü (XURS\ L F]ü $IU\NL SyáQRFQHM WHUD] ]RVWDá\ RQH ]HSFKQLWH L
FLHQLRQH QD V]F]XSáHM SU]HVWU]HQL L OHGZLH E\á\ Z VWDQLH L WDP VL XWU]\PDü
%XUJXQGLD WHQ Z SU]\EOL*HQLX URGHN JHRJUDILF]Q\ NDWROLFNLHJR ZLDWD
]DFKRGQLHJR Z ; VWXOHFLX Z\VWDZLRQD E\áD QD QDMD]G\ 1RUPDQyZ :JUyZ L
6DUDFHQyZ MHGQDNRZR =GDZDáR VL *H MX* SU]\FKRG]L NRQLHF QD OXG\ (XURS\
]DFKRGQLHM

, ZáDQLH Z W\P F]DVLH JG\ QDFLVN ]H VWURQ\ ZURJD ]HZQWU]QHJR E\á

QDMVLOQLHMV]\ ZáDG]D SDVWZRZD Z NUDMX QDMVáDEV]D E\áD DQDUFKLD IHXGDOQD SR
SURVWX QLH ]QDáD JUDQLF L W\ONR VDP MHGHQ NRFLyá SDSLHVNL VWDQRZLá VSyMQL L
SRGWU]\P\ZDáMDNMHGQRü

.XOWXUWUlJHU² Z\UD]QLHPLHFNLR]QDF]DMF\GRVáRZQLHQRVLFLHONXOWXU\² 5HG

.DURO 0DUWHO ² ² U]G]Lá SDVWZHP IUDQNRVNLP Z LPLHQLX QLHXGROQ\FK NUyOyZ ] G\QDVWLL

0HURZLQJyZ L FLHV]\á VL GX*\PL Z]JOGDPL SDSLH*D 6\QMHJR ]DáR*\á G\QDVWL .DUROLQJyZ ²²
5HG

:L]\JRFL ² SOHPL JHUPDVNLH VWDQRZLFH ]DFKRGQL JDá( *RWyZ : F]DVLH ZLHONLHM ZGUyZNL OXGyZ

VWZRU]\OL QD JUX]DFK LPSHULXP U]\PVNLHJR SLHUZV]H NUyOHVWZR EDUEDU]\FyZ ]H VWROLF Z 7XOX]LH SR F]\P
]DMOL+LV]SDQLJG]LHVL XWU]\PDOLGRFKZLOLQDMD]GX$UDEyZZSRF]WNX9,,,ZLHNX² 5HG

-DNQLHUD]ZáDG]DUy*Q\FKSDQXMF\FKWDNLZáDG]D SDSLH*\GRV]áDZZDOFH ]

ZURJLHP]HZQWU]Q\PGR WDNLHMSRWJL*H VWDáD VL GRü VLOQDDE\ VWDZLü F]RáR
UyZQLH* LZHZQWU]Q\PVZRLPSU]HFLZQLNRP

6DUDFHQyZNWyU]\ZSHZQHMVZHMF]FLSRGZ]JOGHPNXOWXU\RZLHOHZ\*HM

VWDOL PR*QD E\áR W\ONR RU*HP RGHSU]Hü ZLF GR SRNRQDQLD LVODPX SDSLHVWZR
SFKQáR L ]RUJDQL]RZDáR FDá\ ZLDW FKU]HFLMDVNL 5XFKOLZ\FK L ]PLHQQ\FK
ZURJyZ ] SyáQRF\ L ZVFKRGX GDáR VL RGSG]Lü QD MDNL F]DV PLHF]HP OHF] QLH
SRGREQD E\áR SRVNURPLü LFK QD VWDáH =RVWDOL ZLF RQL XMDU]PLHQL Z WHQ VDP
VSRVyE MDN NRFLyá U]\PVNL RQJL ]PyJá V]F]HS\ JHUPDVNLH ZV]\VF\ PXVLHOL
XNRU]\üVL ZNRFXSU]HGGRVNRQDOV]\PLVSRVREDPLSURGXNFML]RVWDOLSR]\VNDQL
GODFKU]HFLMDVWZDVWDOLVL RVLHGOLLSU]H]WRQLHV]NRGOLZL

1DMZLHWQLHMV]\WU\XPIZLFLáRSDSLHVWZRQDG1R UPDQD P L]SyáQRFQ\FK

W\FK ZURJyZ FKU]HFLMDVWZD XF]\QLáR QDMELWQLHMV]\FK L QDMF]\QQLHMV]\FK
F]RáRZ\FKERMRZQLNyZGR]ZDOF]DQLDSRáXGQLRZHJRZURJD3DSLHVWZR]DZDUáR]
1RUPDQDPO VRMXV] QD SRGRELHVWZR WHJR Z NWyU\ QLHJG\ ] )UDQNDPL ZHV]áR
=DVDG]DáVL RQQDW\P*H1RUPDQRZLHZFDOHVL MHV]F]HQLHE\OLXVSRNRLOLDWX
MX* LFKZFLHORQRGRIHXGDOQHJRVSRVREXSURGXNFML3R]RVWDOLZLFZGDOV]\PFLJX
OXGHPQLHVSRNRMQ\PLUR]EyMQLF]\PW\ONR]PLHQLáVL WHUD]RELHNWLFKQDMD]GyZ
3U]H] WR *H XF]\QLRQR ] QLFK SDQyZ IHXGDOQ\FK ]EXG]LáD VL Z QLFK ZáDFLZD
IHXGDOL]PRZL*G]D]LHPLL]áXSLH*FyZVWDOLVL ]GRE\ZFDPL

3DSLHVWZR ]QDNRPLFLH XPLDáR Z\]\VNLZDü Z VZRLP LQWHUHVLH W LFK *G]

SRGERMyZLREUyFLáRM SU]HFLZQDMVWUDV]OLZV]HPXVZRMHPXZURJRZL6DUDFHQRP
0LDáR RQR ERZLHP W\OH* GR ]\VNDQLD QD ]Z\FLVWZDFK 1RUPDQyZ FR L RQL QD
]Z\FLVWZLH SDSLHVWZD 1RUPDQRZLH VWDOL VL ZDVDODPL SDSLH*\ NWyU]\ LP
RGGDZDOL LFK ]GRE\F]H Z OHQQR 3DSLH*H XG]LHODOL EáRJRVáDZLHVWZD VZHJR LFK
RU*RZL D EáRJRVáDZLHVWZR SDSLHVNLH PLDáR ZLHONLH ]QDF]HQLH Z ;, ZLHNX ER
SREáRJRVáDZLRQHPXSU]H]SDSLH*DRGGDZDáR GRUR]SRU]G]HQLD FDáWDNSRW*Q
RUJDQL]DFM NRFLRáD = SRPRF SDSLHVN 1RUPDQRZLH ]GRE\OL $QJOL L
SRáXGQLRZH:áRFK\

8F]\QLZV]\ ] 1RUPDQyZ VáXJL VZRMH ² FR SUDZGD GRü QLHVIRUQH² D

MHGQRF]HQLH SRVNURPLZV]\ 6áRZLDQ L :JUyZ ² NWyU]\ ]RVWDOL UyZQLH*
OHQQLNDPLSDSLH*\² GRV]áRSDSLHVWZRGRV]F]\WXSRWJL1LHW\ONR]DWU\XPIRZDáR
QDG VZ\PL ZURJDPL ZHZQWU]Q\PL QLH W\ONR ]PXVLáR FHVDU]D QLHPLHFNLHJR GR
XNRU]HQLD VL Z &DQRVVLH OHF] SRF]XáR VL QDZHW QD VLáDFK SRGMü RIHQV\Z
SU]HFLZNR 6DUDFHQRP UR]SRF]áD VL HUD SRFKRGyZ NU]\*RZ\FK 1LH RERMWQH
EG WXWDM QDVWSXMFH GDQH QDZUyFHQLH :JUyZ QDVWSLáR QD ZLNV] VNDO ]D
6WHIDQD , ² 1RUPDQRZLH RVLHGOL Z SRáXGQLRZ\FK :áRV]HFK Z URNX
RWU]\PDOLOHQQRSDSLHVNLHZ]GRE\OL$QJOL ZZMHGHQDFLHODW
SRWHP +HQU\N ,9 SRV]HGá GR &DQRVV\ D Z U UR]SRF]áD VL SLHUZV]D
Z\SUDZDNU]\*RZD

3DSLH*H E\OL RUJDQL]DWRUDPL NUXFMDW 1RUPDQRZLH ² LFK F]RáRZ\PL

V]HUPLHU]DPL *QDáD LFKQD :VFKyG *G]D ]GRE\ZDQLD NUDMyZ ]DáR*\OL SDVWZD
IHXGDOQHZ3DOHVW\QLH6\ULL $]ML 0QLHMV]HMQD&\SU]HZNRFXLZFHVDUVWZLH
JUHFNLP:W\PRVWDWQLPZ\SDGNXEUDNáRQDZHWSR]RUyZZDONL]QLHZLHUQ\PL

2ERN1RUPDQyZJáyZQHVLá\NU]\*RZFyZVNáDGDá\VL ]OXG]LNWyU\PREU]\Gá

XFLVN VSRáHF]Q\ Z RMF]\(QLH ] SRGGDQ\FK ]E\W áXSLRQ\FK SU]H] VZ\FK SDQyZ

IHXGDOQ\FK]QL*V]HMV]ODFKW\NWyUDXOHJáDSU]HPRF\]HVWURQ\ZLHONLFKIHXGDáyZ
L]LQQ\FKW\PSRGREQ\FK*\ZLRáyZ

: ZRMVNX U\FHUVNLP Z SLHUZV]\P SRFKRG]LH NU]\*RZ\P JyURZDOL QDG

ZV]\VWNLPL

1RUPDQRZLH

:RMVNLHP

FKáRSVNLP

GRZRG]LáR

U]HF]

FKDUDNWHU\VW\F]QD NLONX SRGXSDGá\FK U\FHU]\ ] NWyU\FK MHGHQ QRVLá ]QDPLHQQH
QD]ZLVNR :DOWHU YRQ +DEHQLFKWV SR SROVNX YRQ *ROHF ² 5 H G : NUDMDFK
NZLWQFHJR:VFKRGXVSRG]LHZDOLVL RQL]QDOH(üGODVLHELHWRZV]\VWNRF]HJRLP
RMF]\]QD RGPyZLáD GRVWDWHN L *\FLH Z\JRGQH -HGQL Z\UXV]DOL ] ]DPLDUHP
SR]RVWDQLDQDVWDáHZNUDMDFK]GRE\W\FKZFKDUDNWHU]HSDQyZLQQLPLHOL]DPLDU
SRZUyFLü]ROEU]\PL ]GRE\F]

'RZRG]LWRZLHONLHMVLá\SDSLHVWZD*HSRWUDILáRQDNáRQLüDOERQDZHWL]PXVLüGR

Z]LFLDXG]LDáXZZ\SUDZLHNU]\*RZHLWDNLH*\ZLRá\NWyUHQLFGR]\VNDQLDQD
:VFKRG]LHQLFPLDá\1DZHWWHQLyZFHVDU]QLHPLHFNLZEUHZVZHMZROLPXVLDáVL
GDü]ZHUERZDüGRDUPLLSDSLHVNLHMLSU]\ZG]LDüNU]\*ERMRZ RG]QDN SDSLHVN

83$'(.327*,3$3,(6.,(-

3RFKRG\NU]\*RZHV V]F]\WRZ\PSXQNWHPSRWJLSDSLH*\/HF]]HVZHMVWURQ\

RQHZáDQLHQDMEDUG]LHMSU]\VSLHV]\á\UR]ZyMWHJRF]\QQLNDNWyU\PLDá]DFKZLDü
ZLDWHP IHXGDOQ\P L MHJR PRQDUFK SDSLH*HP L ZUHV]FLH JR REDOLü UR]ZyM
NDSLWDáX

3U]H]Z\SUDZ\NU]\*RZH:VFKyG]EOL*\áVL ]=DFKRGHPSURGXNFMDWRZDURZD

LKDQGHORJURPQLHVL Z]PRJá\ .RFLyá]DF]áQDELHUDüSU]H]WRLQQHJRREOLF]D
2SLVDQ\ SRZ\*HM UR]ZyM ZáDVQRFL ]LHPVNLHM ZVNXWHN SRZVWDQLD ZLHMVNLHM
SURGXNFML WRZDURZHM RF]\ZLFLH PLDá EDUG]R F]VWR PLHMVFH L Z GREUDFK
NRFLHOQ\FK , WXWDM WH* ZLG]LP\ SRF]\QDMF RG ;,9 ZLHNX Z]URVW REFL*HQLD
FKáRSyZSU]\ZáDV]F]DQLHVRELHPLHQLDJPLQQHJRLJRVSRGDUF]\XSDGHNFKáRSyZ

$EXG]FDVL FKFLZRüND]DáDLNRFLRáRZLFRUD]EDUG]LHMRJUDQLF]DüZVSLHUDQLH
XERJLFK7RFRVL SU]HGWHPFKWQLHRGGDZDáREOL(QLPERQLHZLHG]LDáRVLFR]
W\PSRF]üWR]DWU]\P\ZDQRREHFQLHGODVLHELHVNRURE\áRWRWHUD]WRZDUHPQD
VSU]HGD* L VNRUR VL ]D WR SLHQLG]H GRVWDZDáR ]D NWyUH PR*QD E\áR QDE\ZDü
SU]HGPLRW\ ]E\WNX DOER ] QLFK F]\QLü (UyGáD ZáDVQHM VLá\ -X* VDP WHQ IDNW *H
]DF]á\ Z\FKRG]Lü XVWDZ\ SDVWZRZH PDMFH QD FHOX ]PXV]DQLH NRFLRáD GR
ZVSLHUDQLDXERJLFKGRZRG]LZ\UD(QLH*HNRFLyáQLHVSHáQLDáZQDOH*\WHMPLHU]H
WHJRVZRMHJRRERZL]NX-X* ]D5\V]DUGD,,DQJLHOVNLHJRZ\V]áRSUDZRU
QDND]XMFH NODV]WRURP DE\ F]ü G]LHVLFLQ\ REUDFDá\ QD SRPRF GOD XERJLFK L
GXFKRZLHVWZDSDUDILDOQHJR

,ZW\PVDP\PF]DVLHJG\NRFLyáFLJDáQDVLHELHUR]JRU\F]HQLHXER*V]HJR

OXGX*HJRQLHGRVWDWHF]QLHEURQLRGSDXSHU\]DFMLL*HF]VWRQDZHWSU]\F]\QLDVL
GR QLHM WHQ*H NRFLyá Z\ZRá\ZDá Z PLHV]F]DVWZLH QLHSU]\MD]QH GOD VLHELH
XF]XFLD ER MHGQDN ZFL* VWDQRZLá SHZLHQ ZDá RFKURQQ\ SU]HFLZ V]\ENLHPX
XER*HQLX PDV OXGRZ\FK NWyU\FK SUROHWDU\]DFML QLH GDZDá VL SRVXZDü GRü
HQHUJLF]QLHQDSU]yG:DUVWZ\QLHSRVLDGDMFHQLHE\á\Z\GDQHQDODVN LQLHáDVN
NDSLWDáXGRSyNLRWU]\P\ZDá\MHV]F]HMDNNROZLHNFKRFLD*E\VNS MDáPX*Q RG
NRFLRáD )H WHQ NRFLyá SR]ZDODá W\VLFRP PQLFKyZ ZLHü *\ZRW SUy*QLDF]\
]DPLDVWLFKZ\U]XFLüQDEUXNLZ\GDüNDSLWDOLVWRPDE\]QLFKXF]\QLOLQDMHPQ\FK
QLHZROQLNyZ VWDQRZLáR WR Z RF]DFK GRUDELDMFHJR VL PLHV]F]DVWZD JU]HFK
SU]HFLZNRGREURE\WRZLQDURGX$WR*HNRFLyáWU]\PDáVL XSDUFLHOLF]Q\FKZLW
] HSRNL IHXGDOQHM FKRFLD* ZHGáXJ PDNV\P\ EXU*XD]\MQ\FK GRURENLHZLF]yZ
URERWQLN QLH SUDFXMH DE\ *\ü OHF] *\MH E\ SUDFRZDü ² WR E\áR ZUF]
SU]HVWSVWZHP

:FL* Z]UDVWDMFH ERJDFWZR NRFLRáD EXG]LáR ]DZLü L Z]PDJDáR FKFLZRü

ZV]\VWNLFK ZDUVWZ SRVLDGDMF\FK SU]HGH ZV]\VWNLP ]D ZLHONLFK SRVLDGDF]\

]LHPVNLFKLVSHNXODQWyZ]LHPL&KUDSN QDVNDUE\NRFLHOQHPLHOLWH* LNUyORZLH
FKFFQDSHáQLüVZHVNDUEFHLPyFVRELH]DVNDUELDüSU]\MDFLyá

$ NLHG\ ZVNXWHN UR]SRZV]HFKQLDQLD VL SURGXNFML WRZDURZHM Z]UDVWDá\

]DFKáDQQRüLERJDFWZDNRFLRáDWRNRFLyáVWDZDáVL FRUD]EDUG]LHM]EGQ\SRG
Z]JOGHP L JRVSRGDUF]\P L SROLW\F]Q\P 1RZ\ VSRVyE SURGXNFML Z\*V]\ RG
IHXGDOQHM UR]ZLQá VL SR PLDVWDFK NWyUH GRVWDUF]Dá\ WHUD] Z]RUyZ RUJDQL]DFML
RUD]OXG]LNWyU\FKSRWU]HE RGF]XZDáRQRZHVSRáHF]HVWZRLQRZHSDVWZR.OHU
SU]HVWDZDá VWRSQLRZR E\ü QDXF]\FLHOHP OXGX ZLHG]D OXGQRFL ]ZáDV]F]D
PLHMVNLHM Z\UDVWDáD SRQDG JáRZ\ NOHUX NWyU\ ]DF]á VL VWDZDü QDMEDUG]LHM
LJQRUDQFN F]FL QDURGX -DN ]D QLHSRWU]HEQ\ E\á MX* WHUD] NRFLyá MDNR
SRVLDGDF] ]LHPVNL Z\QLND WR ] ZV]\VWNLHJR FRP\ SRZ\*HM SRZLHG]LHOL R
ZáDVQRFL]LHPVNLHMZRJyOH

/HF] L GR DGPLQLVWURZDQLD SDVWZHP NRFLyá E\á FRUD] PQLHM SRWU]HEQ\

2F]\ZLFLHSDVWZRQRZRF]HVQHSRWU]HERZDáRMHV]F]HSRZVLDFKGXFKRZLHVWZD
SDUDILDOQHJR L REHMPXMFHM MH RUJDQL]DFML ZV]DN*H L G]L MHV]F]H Z NUDMDFK
]DFRIDQ\FKGXFKRZLHVWZRVSHáQLD]DGDQLDDGPLQLVWUDF\MQHFKRFLD* PQLHMZD*QHM
QDWXU\ MDN QS SURZDG]HQLH NVLJ VWDQX F\ZLOQHJR , GRSLHUR JG\ ELXURNUDFMD
QRZRF]HVQD QDOH*\FLH VL UR]ZLQáD PR*QD E\áR SRP\OHü R FDáNRZLW\P
]QLHVLHQLX NOHUX SDUDILDOQHJR MDNR LQVW\WXFML SDVWZRZHM DOER SU]\QDMPQLHM R
RGHEUDQLXPXZV]HONLFKVSUDZ]DU]GXZLHFNLHJR

'XFKRZLHVWZRSDUDILDOQHE\áRMHV]F]HQLH]EGQHZ;9,VWXOHFLXRXVXQLFLX

JR QLNW ZWHG\ DQL P\ODá DOH NáDQLDü PX VL L MHJR SU]\ZyGFRP ELVNXSRP
QRZR*\WQDZáDG]DNUyOHZVND RSDUWD RVLá SLHQLG]DMX* GáX*HMQLH PRJáD L QLH
FKFLDáD 'XFKRZQL Z WHM PLHU]H Z MDNLHM E\OL MHV]F]H SRWU]HEQL DGPLQLVWUDFML
SDVWZRZHMPXVLHOL]RVWDüXU]GQLNDPLSDVWZD

$OHGZDF]\QQLNLVWDZDá\VL ZNRFLHOHFRUD]WR]EGQLHMV]HEDF]VWRZSURVW

KDPXOFHPSRGZ]JOGHPLHNRQRPLF]Q\PLSROLW\F]Q\P² WHZáDQLHNWyUHZ
ZLHNDFKUHGQLFKVWDQRZLá\F]RáRZ SR]\FM NRFLRáDNODV]WRU\LSDSLHVWZR

-DN L GODF]HJR SLHUZV]H VWDá\ VL ]E\WHF]QH MHVW WR ZLGRF]QH ] WHJR FR MX*

SRZLHG]LDQRNODV]WRU\E\á\WHUD]QLHSRWU]HEQHGODFKáRSyZWDNVDPRMDNZV]HOF\
ZRJyOHSDQRZLHIHXGDOQLE\á\]EGQHGODOXGXMDNRQDXF]\FLHOH]EGQH² MDNR
ZVSLHUDMFH ELHGQ\FK NWyU\P VDPH MX* ]UHV]W SU]HVWDZDá\ XG]LHODü MDáPX*Q\
]EGQH² Z FKDUDNWHU]HSU]HFKRZXMF\FK WUDG\FMH QDXNL L V]WXNL NWyUH ZáDQLH
ZVSDQLDOHUR]NZLWá\SRPLDVWDFK]EGQH² GRXWU]\P\ZDQLDVSyMQLZSDVWZLHL
]DU]G]DQLD QLP ]EGQH ZUHV]FLH ZVNXWHN ]EGQRFL SDSLHVWZD NWyUHJR
QDMVLOQLHMV] SRGSRU VWDQRZLá\0QLVL² QLHPDMF\*DGQHMIXQNFMLGRVSHáQLHQLD
Z *\FLX VSRáHF]QRSROLW\F]Q\P FLHPQL OHQLZL JPLQQL L RUG\QDUQL D SU]\ W\P
QLH]PLHUQLHERJDFL² VSDGDOLQDFRUD]QL*V]\SR]LRPNXOWXU\LRJáDG\JU](OLZ
UR]ZL]áRFL L VWDZDOL VL SU]HGPLRWHP SRZV]HFKQHM SRJDUG\ 'HNDPHURQ
%RFFDFFLD SRND]XMH QDP OHSLHM QL*E\ WR PRJáD XF]\QLü QDMEDUG]LHM XF]RQD
UR]SUDZD XSDGHN PRUDOQ\ PQLFKyZ Z ;,9 ZLHNX ZH :áRV]HFK : ZLHNX
QDVWSQ\P V\WXDFMD SRSUDZLH QLH XOHJáD 5R]SRZV]HFKQLHQLH VL SURGXNFML
WRZDURZHMSU]HQLRVáRPRUDOQ ]DUD] NODV]WRUyZGR1LHPLHFL$QJOLL

3LVDQHSU]HGODW\V]HüG]LHVLFLXZ3ROVFHGRSLHURU]G'HPRNUDFML/XGRZHMRVWDWHF]QLH]QLyVá]DFRIDQLHZ

WHMG]LHG]LQLH² 5HG

$UyZQLH]EGQ MDNNODV]WRU\VWDáDVL LZáDG]DSDSLHVND*áyZQDMHMIXQNFMD

MHGQRF]HQLH ZLDWD FKU]HFLMDVNLHJR SU]HFLZNR QLHZLHUQ\P ]QLNQáD Z Z\QLNX
SRFKRGyZ NU]\*RZ\FK :SUDZG]LH DZDQWXUQLNRP ]H ZLDWD ]DFKRGQLHJR QLH
XGDáR VL XWU]\PDü VZ\FK SRGERMyZ Z NUDMDFK PX]XáPDVNLFK DQL Z NUDMDFK
SRGOHJá\FKNRFLRáRZLJUHFNLHPXOHF]NUXFMDW\]áDPDá\MHGQDNVLá 6DUDFHQyZ=

+LV]SDQLLL:áRFKPDKRPHWDQZ\SG]RQRSU]HVWDOLRQLE\üQLHEH]SLHF]HVWZHP
GODZLDWD]DFKRGQLHJR

:SUDZG]LH QD PLHMVFX $UDEyZ L 6HOG*XNyZ SRMDZLáD VL QRZD SRWJD

ZVFKRGQLD2VPDQL7XUF\NWyU]\]QLV]F]\OLFHVDUVWZRJUHFNLHLVWDOLVL QRZ
JUR(E GOD (XURS\$OH W\P UD]HP DWDN QD (XURS V]HGáRGLQQHM VWURQ\ QLH RG
SRáXGQLD OHF] RG ZVFKRGX MHJR RVWU]H NLHURZDáR VL QLH SU]HFLZ :áRFKRP DOH
SU]HFLZNUDMRPQDGGXQDMVNLP

1DSDG\6DUDFHQyZVWDZLDá\SRG]QDNLHP]DS\WDQLDVDPRLVWQLHQLHSDSLHVWZD :

LQWHUHVLH ]DJUR*RQHM HJ]\VWHQFML ZáDVQHM PXVLDáR RQR NLHURZDü VLá\ FDáHJR
FKU]HFLMDVWZD SU]HFLZNR QLHZLHUQ\P 7XUF\ QDWRPLDVW QLHZLHOH ]DJUD*DOL
GRPLQLRP SDSLHVNLP GRSyNL ZHQHFMDQLH L MRDQQLFL GDZDOL LP RGSyU ZH
ZVFKRGQLHM F]FL 0RU]D UyG]LHPQHJR =DJUR*HQL SU]H] 7XUNyZ ² VNRUR FL
SRGELOLSRáXGQLRZ\FK6áRZLDQ² E\OLZSLHUZV]\PU]G]LH:JU]\QDVWSQLH]D
1LHPF\SRáXGQLRZHWXG]LH* 3ROVND:DOND]7XUNDPLQLHE\áDMX* VSUDZ FDáHJR
FKU]HFLMDVWZD OHF] ]DJDGQLHQLHP PLHMVFRZ\P W\FK SDVWZ NWyUH MHJR
ZVFKRGQLHSU]HGPXU]HVWDQRZLá\,WDNMDNZDOND]SRJDQDPLL6DUDFHQDPLVSRLáD
FDá\ZLDWFKU]HFLMDVNLZMHGQ PRQDUFKL SDSLHVNWDNWHUD]GRZDONL]7XUNDPL
SRáF]\OLVL ZMHGHQRUJDQL]PSDVWZRZ\:JU]\&]HVLLSRáXGQLRZL1LHPF\
VWZRU]\ZV]\ PRQDUFKL KDEVEXUVN , WD RNROLF]QRü *H ZáDGF\ WHM PRQDUFKLL
SRZRáDQLE\OLGRRVáDQLDQLDFHVDUVWZDQLH

-RDQQLFL² ]DNRQU\FHUVNLZ 3DOHVW\QLHZF]DVDFKZ\SUDZNU]\*RZ\FK;²;,,,Z² 5HG

PLHFNLHJRRG7XUNyZVSUDZLáDZáDQLHL* NRURQDFHVDUVNDQDVWDOHLPSU]\SDGáD

-X* SRGNRQLHF;,9ZLHNX]DF]á\VL QDMFLD7XUNyZQD:JU\LVSRZRGRZDá\

*HNUyOWHJRNUDMX=\JPXQWZ\UXV]\áQDZDON ]SyáNVL*\FHP3RQLyVáRQMHGQDN
GUX]JRFF NOVN SRG 1LNRSROLVHP Z URNX 'UXJ QLHPQLHMV] NOVN

SRQLHOL ]MHGQRF]HQL 3RODF\ L :JU]\ SRG GRZyG]WZHP NUyOD :áDG\VáDZD SRG
:DUQ Z URNX : .RQVWDQW\QRSRO ZSDGá Z UFH WXUHFNLH
1LHEH]SLHF]HVWZR]HVWURQ\7XUNyZVWDáRVL WHUD]EOL*V]H2GURNXJRGQRü
FHVDUVND SU]\SDGDáD Z XG]LDOH QD VWDOH +DEVEXUJRP D* GRSyNL Z RJyOH QLH
SU]HVWDáDLVWQLHüW]QD* GRURNX1LHEH]SLHF]HVWZRWXUHFNLHSU]\F]\QLáRVL
WH* ]DSHZQHGRWHJR*HZF]DVLHUHIRUPDFML%DZDULDL3ROVNDSR]RVWDá\FHVDUVNLHL
SDSLHVNLH² NDWROLFNLH

3U]H]MDNL F]DV SDSLHVWZRREVWDZDáRSU]\VZRMHMWUDG\F\MQHUROL-DNNROZLHNWD

VWDZDáD VL FRUD]EDUG]LHM EH]SU]HGPLRWRZDLWDNMDNJG\E\FKFLDáR Z]LüQDVL
]DGDQLH RUJDQL]RZDQLD RSRUX SU]HFLZ 7XUNRP /HF] U]HF] W WUDNWRZDáR VDPR
FRUD]PQLHMSRZD*QLHLFRUD]WRF]FLHMURGNL]ELHUDQHSU]H]SDSLH*\RGOXGyZ
(XURS\ QD ZDON ] 7XUNDPL REUDFDQH E\á\ QD SU\ZDWQ\ X*\WHN SDSLH*\ 3RWJD
SDSLHVWZD L ZLDUD Z MHJR PLVM NWyUH D* GR ;,, ZLHNX E\á\ UDWXQNLHP OXGyZ
FKU]HFLMDVNLFKRG;,9ZLHNXVWDá\VL URGNLHPLFKZ\]\VNX

&HQWUDOL]DFMDNRFLRáDRGGDáDZV]\VWNLHMHJRURGNLLFDá SRWJ GRXVáXJLZH

ZáDGDQLHSDSLH*D-HJRSRWJDSU]H]WRQLHSRPLHUQLHZ]URVáDOHF]MHJRERJDFWZR
QLHZLHOHVL SRZLNV]\áRGRSyNLSURGXNFMDWRZDURZDE\áD VáDEDLQLHUR]ZLQLWD
3yNL SU]HZD*DMF F]ü GRFKRGyZ NRFLRáD VWDQRZLá\ QDWXUDOLD SDSLHVWZR QLH
PRJáRPLHü]QLFKZLNV]HJRSR*\WNX=ER*DPLVDPOHNDQLHPRJáRRQRSROHFDü
NVL*WRP L ELVNXSRP VáDü VRELH SU]H] $OS\ $ SLHQLG] D* GR F]DVXSRFKRGyZ
NU]\*RZ\FKLSRGF]DVQLFKMHV]F]HE\áGáXJRU]HF] U]DGN3DSLH*HJG\ZáDG]D
LFK RNU]HSáD RWU]\PDOL SUDZR REVDG]DQLD XU]GyZ NRFLHOQ\FK SR]D JUDQLFDPL
:áRFKLWRRGGDáRNOHUZLFKUFH$OHGRSyNL]XU]GDPLNRFLHOQ\PLáF]\á\VL
IXQNFMH VSRáHF]QH OXESROLW\F]QHDZLNV]D F]üGRFKRGyZE\áDZ QDWXUDOLDFK
PXVLDQRREVDG]DüMHOXG(PLFKFF\PLSUDFRZDü]QDMF\PLGDQ\NUDMLFKFF\PL
SR]RVWDüZQLP3DSLH* DQLQLHPyJáQDJUDG]DüXU]GDPLW\PLVZ\FKIDZRU\WyZ
DQLWH* QLHPyJáXU]GyZW\FKVSU]HGDZDü

:V]\VWNR WR VL ]PLHQLáR JG\ UR]ZLQáD VL SURGXNFMD WRZDUyZ /XG MHJR

SDQXMF\RUD]NRFLyáVWDM VL WHUD]SRVLDGDF]DPLSLHQLG]\3U]HQRVLüLSU]HZR]Lü
SLHQLG]H MHVW áDWZR QLH WUDF RQH Z GURG]H QD ZDUWRFL L PR*QD URELü ] QLFK
X*\WHNUyZQLHGREU]HZH:áRV]HFKMDNGDMP\QDWR Z1LHPF]HFK2EHFQLHSU]HWR
Z]PRJáDVL ZSDSLH*DFKFKüZ\]\VNLZDQLDZLDWDFKU]HFLMDVNLHJR6WDUDOLVL
RQLRF]\ZLFLH]DZV]HVZRM X*\WHF]QRüZ\]\VNLZDüGODVLHELHWDNVDPRMDNZ
RJyOHF]\QLWRND*GDNODVD² DSDSLHVWZRE\áRNODV REHMPXMF QLHW\ONRVDPHJR
SDSLH*D DOH L ]QDF]Q F]ü ]ZáDV]F]D U]\PVNLHJR GXFKRZLHVWZD PRJFHJR
ZV]G]LH VSRG]LHZDü VL RG SDSLH*D XU]GyZ L JRGQRFL D GRFKRG\ WHJR
GXFKRZLHVWZDE\á\W\PZLNV]HLPZLNV]HGRFKRG\PLDáSDSLH*:]UDVWDMFZ
SRWJ SDSLHVWZR VWDUDáR VL SU]HWR Z\GRE\ZDü ] RUJDQL]DFML NRFLHOQHM L ]H
ZLHFNLHJRVSRáHF]HVWZDGRFKRG\ZSLHQLG]DFKNWyU\FKSRWU]HERZDáRZáDQLH
MH*HOL PLDáR IXQNFMH VZRMH VSHáQLDü $OH MDN SRZLHG]LDQR RSáDW\ SLHQL*QH E\á\
SLHUZRWQLHQLHZLHONLH:V]HODNRZUD]] UR]ZRMHPSURGXNFMLWRZDURZHMZ]UDVWDL
ZSDSLH*DFK*G]DSLHQLG]\LG*QRüGRZ\]\VNXJG\W\PF]DVHP LFKIXQNFMH
VWDM VL FRUD]SRGU]GQLHMV]H

3DSLH*H ;,9 ;9 L ;9, ZLHNX E\OL UyZQLH SRP\VáRZL MDN L QRZR*\WQL

V]WXNPLVWU]HRGILQDQVyZ%H]SRUHGQLHRSRGDWNRZDQLH E\áR QD RJyá QLH]QDF]QH
1DU]XFRQ\ 3ROVFH Z U JURV] 3LRWURZ\ QLH PyJá FK\ED GDZDü *DGQ\FK
SRZD*QLHMV]\FK GRFKRGyZ %DUG]LHM GRFKRGRZ\ E\á WDNL VDP JURV] DQJLHOVNL
Z\V\áDQ\MX* RG9,,,VWXOHFLDGR5]\PX=UD]XQLHZLHONLV]HGáRQSRF]WNRZRQD
XWU]\PDQLH V]NRá\GODGXFKRZLHVWZDDQJLHOVNLHJR Z5]\PLHDOH Z;,9 ZLHNX
XUyVáGRWHJRVWRSQLD*HSU]HZ\*V]\áGRFKRG\NUyODDQJLHOVNLHJR

2G SRGDWNyZ EH]SRUHGQLFK SDSLHVF\ JHQLXV]H ILQDQVRZL SRGREQLH MDN L

ZV]\VF\ LQQL ZROHOL SRGDWNL SRUHGQLH SU]\ NWyU\FK Z\]\VN QLH U]XFDá VL WDN
MDZQLH Z RF]\MDNSU]\ WDPW\FK *áyZQ\ VSRVyE Z\FLJDQLD SLHQLG]\ ] OXGX L
SUGNLHJRERJDFHQLDVL VWDQRZLáZRZHF]DV\KDQGHO&]HPXE\ZLFSDSLH*HQLH

PLHOL UyZQLH* XSUDZLDü KDQGOX L WR W\P WRZDUHP NWyU\ LFK VDP\FK QDMWDQLHM
NRV]WRZDá"=DF]áVL WHG\KDQGHOXU]GDPLNRFLHOQ\PLLRGSXVWDPL

6WDQRZLVND NRFLHOQH Z WUDNFLH UR]ZRMX SURGXNFML WRZDURZH VWDá\ VL LVWRWQLH

WRZDUHP QDGHU FHQQ\P :LHOH F]\QQRFL SU]H] NRFLyá RQJL VSUDZRZDQ\FK MX*
ZyZF]DV XQLNQáR DOER VL VWDáR EH]SU]HGPLRWRZ\PL SU]HV]áR Z ]Z\F]DMQ
IRUPDOQRü $OH XU]G\ SRWZRU]RQH GR LFK VSUDZRZDQLD SR]RVWDá\ L QDZHW
SRZRáDQRLFKGR*\FLDMHV]F]HZLFHM'RFKRG\]QLFKZ]UDVWDá\ZUD]]HZ]URVWHP
SRWJLLFKFLZRFLNRFLRáDDFRUD]ZLNV]DF]üLFK]PLHQLDáDVL QDGRFKyGZ
SLHQLG]DFK WH ]D PR*QD E\áR NRQVXPRZDü L JG]LH LQG]LHM QL* Z
PLHMVFRZRFLDFK GR NWyU\FK XU]G\ E\á\ SU]\ZL]DQH : WHQ VSRVyE ZLHOH
XU]GyZ NRFLHOQ\FK VWDáR VL W\ONR L Z\áF]QLH (UyGáHP SLHQLG]\ L Z W\P
FKDUDNWHU]H ]\VNDáR RGSRZLHGQL ZDUWRü 3DSLH*H REGDU]DOL WDNLPL XU]GDPL
VZRLFKXOXELHFyZDOERMHVSU]HGDZDOLQDMF]FLHMRF]\ZLFLHOXG]LRP]HVZHJR
RWRF]HQLD :áRFKRP L )UDQFX]RP NWyU]\ DQL P\OHOL LFK REHMPRZDü D MX*
QDMPQLHMZWHG\JG\VL WHXU]G\]QDMGRZDá\Z1LHPF]HFKDSU]\ZL]DQHGRQLFK
Z\QDJURG]HQLHPR*QDE\áRSU]HV\áDüSU]H]$OS\

3DSLHVWZR ]QDáR ]UHV]W MHV]F]H L LQQH URGNL Z\FLJDQLD ]\VNyZ ] XU]GyZ

NRFLHOQ\FKQDSU]\NáDGW]ZDQQ DW\F]\OLVXP\NWyUHSU]\REVDG]DQLXVWROFD
ELVNXSLHJR QRZRPLDQRZDQL ELVNXSL ]D ND*G\P UD]HP XLV]F]Dü PXVLHOL VWROLF\
DSRVWROVNLHM

'RFKRG]Lá GR WHJR GRFKyG ] KDQGOX RGSXV]F]DQLHP JU]HFKyZ +DQGHO

RGSXVWDPL URELá VL FRUD] WR EH]ZVW\GQLHMV]\ 2GSXVW\ V]á\ ]D RGSXVWDPL QD
NUyWNRSU]HGUHIRUPDFM E\áRLFKSLü ZODWDFKL
VSU]HGD* RGSXVWyZZNRFXQDZHWSXV]F]DQRZG]LHU*DZ

7UDIQH ]HVWDZLHQLH PHWRG Z\]\VNX ]H VWURQ\ SDSLH*\ ]QDMGXMH VL Z

=D*DOHQLDFK QDURGX QLHPLHFNLHJR *UDYDPLQD QDWLRQLV JHUPDQLFDH NWyUH
GRUF]RQH ]RVWDá\ VRERURZL Z %D]\OHL ² PDMFHPX ]UHIRUPRZDü

NRFLyá &]\WDP\ Z QLFK 3DSLH*H QLH F]XM VL DQL WURFK ]ZL]DQL EXOODPL
XPRZDPL SU]\ZLOHMDPL L GRNXPHQWDPL Z\VWDZLRQ\PL SU]H] LFK SRSU]HGQLNyZ
EH] *DGQ\FK ]DVWU]H*H L QD SURE SLHUZV]HJR OHSV]HJR QG]QLND XG]LHODM
QDW\FKPLDVW RGZRáD L ]DZLHV]H)DGQH Z\ERU\ QD XU]G\NRFLHOQH QLH V
V]DQRZDQHSDSLH* UR]GDMHELVNXSVWZDG]LHNDQLHSURERVWZDLRSDFWZDMDNPXVL
SRGREDQDZHWJG\WHVWDQRZLVNDMX* VL SU]HGWHP]DGURJLHSLHQLG]HQDE\áRFR
]DVURJDREUD]DXVWDZRKDQGOXWRZDUDPL1DMOHSV]HSUHEHQG\QLHPLHFNLHVWDOH
V QDGDZDQH NDUG\QDáRP L SURWRQRWDULXV]RP U]\PVNLP .DQFHODULD SDSLHVND
Z\VWDZLDQDSU]\V]áRüW\OHHNVSHNWDW\ZLXSUDZQLH GRSUHEHQGLVWDQRZLVN*H]
NRQLHF]QRFLWUDFLVL QDSUy*QRSLHQLG]HQDQLHLQLHVSRVyEXQLNQüQLH]OLF]RQ\FK
]WHMUDFMLSURFHVyZ$QQDá\REZ\*HMLG ZFL* ZJRUHZ0RJXQFMLFHQDLFK
Z\QRVLáD]UD]XSRWHPLZUHV]FLHW\VLF\GXNDWyZ$FRWREG]LHMHOLZ
FLJXMHGQHJRURNXXPU]HGZyFKELVNXSyZ"2EVDG]DVL VWDQRZLVNDGXFKRZQH
:áRFKDPLNWyU]\DQLQLH]QDM M]\NDDQLQLHRG]QDF]DM VL GREU\PLRE\F]DMDPL
2GZRáXMH VL VWDUH GDZQR ]DSáDFRQH RGSXVW\ DE\ PyF VSU]HGDü QRZH
3RGQRVLVL G]LHVLFLQ\SU]HFLZWXUHFNLHDMHGQDNSLHQLG]H]QLFKREUDFDVL QLHQD
SRFKyGSU]HFLZ7XUNRPDQLQLHQD]DSRPRJLGOD*UHNyZ3U]HQRVLVL ZV]HONLH
PR*OLZHVSUDZ\GR5]\PXJG]LHPR*QDZV]\VWNRNXSLü]DSLHQLG]H

0QLHM G\SORPDW\F]QLH QL* WR ]D*DOHQLH RILFMDOQH EU]PLDáR RVNDU*HQLH NWyUH

+XWWHQU]XFLáZWZDU]SDSLH*RZLZVZ\P

8OU\N YRQ+XWWHQ ²² QLHPLHFNLKXPDQLVWDLG]LDáDF] SROLW\F]Q\3RSHZQ\FKZDKDQLDFKSRSDUá

UXFKUHIRUPDF\MQ\ /XWUD D QDVWSQLH Z\VXQá SURJUDP]áDPDQLD ZáDG]\ NVL*WVLáDPL U\FHUVWZDL SRG ZRG]
FHVDU]D&HVDU]RGPyZLáVZHJRSRSDUFLDOHF]PLPRWR+XWWHQQLHSRU]XFLáVZHJRSODQXLZODWDFK

²

Z]LáXG]LDáZVá\QQ\PSRZVWDQLXU\FHU]\QLHPLHFNLFKNLHURZDQ\PSU]H]6LFNLQJHQD3RZVWDQLHXSDGáRJG\*
E\áREXQWHPJLQFHMNODV\VSRáHF]QHMLQLHV]XNDáRRSDUFLDZUyGPDVFKáRSVNLFK² 5HG

GLDORJX]USW9DGLVFXVGLDORJWHQQDOH*\GRQDMZLHWQLHMV]\FKXWZRUyZ
OLWHUDWXU\ DJLWDF\MQHM F]DVyZ QRZR*\WQ\FK &]\ MHVWFR EDUG]LHM SRGQLHFDMFHJR
QDPLWQRFL RG MHJR]DNRF]HQLD ] NWyUHJR Z\UD(QLH PR*HP\VL SU]HNRQDü Z
MDNLP ZLHWOH XND]\ZDáR VL RF]RP QLHPLHFNLP SDSLHVWZR F]DVX UHIRUPDFML
=DNRF]HQLHWREU]PL

3DWU]FLH QR QD W ZLHON VWRGRá FDáHJR ZLDWD 5]\P GR NWyUHM VL ]ZáyF]\ ZV]\VWNR

UDERZDQH L ]DELHUDQH ] ZV]\VWNLFK NUDMyZ Z NWyUHM URGNX VLHG]L WHQ QLHQDV\FRQ\ F]HUZ
]ER*RZ\SRFKáDQLDMF\QLHVá\FKDQHVWRV\SáRGyZRWRF]RQ\OLF]Q\PLVZ\PLZVSyá*DUáRNDPLFR
]UD]XZ\VVDá\]QDVNUHZSRWHPREJU\]á\QDPNRFLDWHUD]ZUHV]FLHGRV]á\MX* GRV]SLNXDE\
SRJUXFKRWDü QDP NRFL GR VDPHJR ZQWU]D L ]PLD*G*\ü ZV]\VWNR FR MHV]F]H ]RVWDáR &]\*
1LHPF\QLHZH]P VL GREURQLLQLHXGHU] QDQLFKRJQLHPLPLHF]HP"7R* WRV JUDELH*F\FR
áXSL QDP RMF]\]QFR QLHJG\ *DUáRF]QLH D G]L ZFLHNOH LEH]F]HOQLH REUDERZXM WHQQDUyG
SU]HZRG]F\ZLDWXFRSáDZL VL ZNUZLLSRFLHOXGXQLHPLHFNLHJRQDSHáQLDM VRELHNDáGXQ\L
*\ZL FKXFLHVZRMH]XERJLFKWU]HZLMHJR0\LPRGGDMHP\]áRWRDRQLXWU]\PXM QDQDV]NRV]W
NRQLHPXá\SV\G]LHZNLLFKáRSDF]NyZ1DV]\PLSLHQLG]PL]áROLZRüVZ NDUPLGQLVRELH
XPLODMRG]LHZDM VL ZV]DW\SXUSXURZH]áRWRJáRZLHPSU]\VWUDMDM NRQLHVZHLPXá\Z]QRV]
VRELHSDáDFH]VDPHJRPDUPXUX$OHMDNRSLDVWXQLSRER*QRFLQLHW\ONRM ]DQLHGEXMOHF]QDZHW
QL JDUG]SODPL M LKDEL$JG\GDZQLHMPXVLHOLZ\áXG]Dü]QDVSLHQLG]HSU]\PLODMFVL
GRQDVLZDELFQDVNáDPVWZHP]P\OHQLHPLRV]XVWZHPWRWHUD]XFLHNDM VL GR]DVWUDV]DQLD
QDVSRJUy*HNL JZDáWXDE\ QDVRQLMDNJáRGQH ZLONL]áXSLOL$P\PXVLP\ MHV]F]HVL ]QLPL
FDFNDüQLHZROQRQDPLFKXNáXüDQLVNXEQüEDDQLQDZHWGRWNQüOXESRPDFDü.LHG\* P\
]PGU]HMHP\LSRPVW ZH(PLHP\"-H*HOLQDVRGWHJRSRZVWU]\P\ZDáDU]HNRPDUHOLJLMQRüWR
WHUD]SREXG]DQDVNXWHPXLSU]\PXV]DNRQLHF]QDSRWU]HED

2EX W\P ZLDGHFWZRP F]DVyZ L VWRVXQNyZ SRZLFLOLP\ WXWDM W\OH PLHMVFD

DE\SRND]DüZ\UD(QLHERWRMHVWQLHRG]RZQHGR]UR]XPLHQLDUHIRUPDFML*HEGFD
EXQWHP SU]HFLZNR SDSLHVWZX UHIRUPDFMD WD E\áD Z VZHM LVWRFLH ZDON
Z\]\VNLZDQ\FK ] Z\]\VNLZDF]DPL QLH ]D ZDON R MDNLH SRVSROLWH GRJPDW\
PQLV]H OXE R MDNLH QLHRNUHORQH KDVáD MDN QS MDNLP ]PDJDQLHP VL ]DVDG\
DXWRU\WHWX]LQG\ZLGXDOL]PHP

=DUyZQR X IHXGDOQHM ZáDVQRFL ]LHPVNLHM MDN L X SDSLHVWZD W\ONR X QLHJR

ZF]HQLHM QL* X WDPWHM ]QDMGXMHP\ WR VDPR Z\UXERZ\ZDQLH Z JyU Z\]\VNX
PDVZPLDU WHJRMDNSDSLHVWZRVWDZDáRVL PQLHMSRWU]HEQHDQDZHWV]NRGOLZH
5]HF] RF]\ZLVWD *H PXVLDáD QDVWSLü Z NRFX WDND FKZLOD NLHG\ OXGRP MX*
ZUHV]FLH]DEUDNáRFLHUSOLZRFLLNLHG\SRND]DQRGU]ZLZ\]\VNLZDF]RP

3DSLH*H SU]\SLHV]\OL ]JXE VZRM SU]H] WR *H VWDZDOL VL FRUD] WR EDUG]LHM

SRJDUG\JRGQL-HVWWRORVND*GHMNODV\SDQXMFHMNWyUDVL SU]H*\áDLGRMU]DáDGR
XSDGNX*G\MHMERJDFWZRURQLHZyZF]DVMHMIXQNFMH]DQLNDM LQLHSR]RVWDMHMHM
QLF LQQHJR MDN W\ONR WUZRQLü QD KXODQNL WR FR Z\FLVND ] NODV Z\]\VNLZDQ\FK
3RJU*D VL RQD Z QLFRü LQWHOHNWXDOQ L PRUDOQ D F]VWR XOHJD IL]\F]QHM
]DJáDG]LH$JG\MHMQLHGRU]HF]QHPDUQRWUDZVWZRREXU]DELHGXMFHPDV\WUDFLRQD
ZW\PVDP\PF]DVLHLZWHMVDPHMPLHU]H VLá\GRXWU]\P\ZDQLDVZHJRSDQXMFHJR
VWDQRZLVND , Z WHQ WR VSRVyE ]RVWDMH XVXQLWD SUG]HM F]\ Sy(QLHM ND*GD NODVD
NWyUDVL VWDáDGODVSRáHF]HVWZDV]NRGOLZD

3DSLHVWZR RG F]DVX NUXFMDW E\áR GOD ZLHU]F\FK SRZRGHP V]F]HJyOQHJR

]JRUV]HQLDPRUDOQHJRLXP\VáRZHJR

:áRFK\MDNWRMX* ZLHP\E\á\ZUHGQLRZLHF]XQDMERJDWV]\PNUDMHP(XURS\

]DFKRGQLHM]DFKRZDá\RQHZLNV]RüWUDG\FMLU]\PVNLHJRVSRVREXZ\WZDU]DQLD
E\á\ SRUHGQLNLHP KDQGOX PLG]\ :VFKRGHP D =DFKRGHP ZH :áRV]HFK
UR]ZLQáD VL QDMSLHUZ SURGXNFMD WRZDURZD L QDMSLHUZ SRZVWDá NDSLWDOL]P 7DP
SU]HWR SU]HGH ZV]\VWNLP ]URG]Lá\ VL WH* QRZH SRJOG\ SU]HFLZVWDZLDMFH VL
IHXGDOQ\P L NRFLHOQ\P : PáRG]LHF]\P V]DORQ\P VZ\P ]XFKZDOVWZLH
EXU*XD]MD Z\áDP\ZDáD VL ] ZV]\VWNLFK WUDG\F\MQ\FK V]UDQNyZ SRER*QRü
NDUQRüGDZQ\RE\F]DMPRUDOQ\² ZV]\VWNRWR]HPLHFKHPRGU]XFDQRQDERN
3DSLH*HQLHPRJOLRSU]HüVL WHPXZSá\ZRZLRWRF]HQLD%DMDNRNVL*WDZLHFF\
NURF]\OL QD F]HOH QRZHJR UHZROXF\MQHJR NLHUXQNX XP\VáRZHJR : W\P
FKDUDNWHU]HXSUDZLDOLRQLW VDPSRZ\*HMSU]H]QDVVFKDUDNWHU\]RZDQ SROLW\N

FR L ZV]\VF\ LQQL PRQDUFKRZLH RZHM HSRNL SRSLHUDOL EXU*XD]M SURGXNFM
WRZDURZ KDQGHO L ZLHONRü QDURGRZ -DNR QDMZ\*VL ]ZLHU]FKQLF\ NRFLRáD
SRZLQQL E\OL SU]HFLZQLH E\ü PLG]\QDURGRZL L WUZDü ZLHUQLH SU]\ W\P FR
SRGVWDZ SRWJL NRFLHOQHM VWDQRZLáR SU]\ IHXGDOQ\P VSRVRELH SURGXNFML -DNR
NVL*WD ZLHFF\ E\OL F]\QQLNLHP UHZROXF\MQ\P MDNR NVL*WD NRFLRáD ²
UHDNF\MQ\P : SDSLH*DFK ;9 L SRF]WNX ;9, ZLHNX ]QDMGXMHP\ G]LZQ
PLHV]DQLQ W\FKGZyFKWDNRGPLHQQ\FK*\ZLRáyZPáRG]LHF]HJR]XFKZDOVWZDL
VWDUF]HM OXELH*QRFL 5HZROXF\MQD SRJDUGD GOD WUDG\FML ZáDFLZD Z\ELMDMFHM VL
NODVLHPLHV]DáDVL XQLFK]QLHQDWXUDOQ *G] XFLHFK]PLHU]DMFHMGR]JXE\NODV\
Z\]\VNLZDF]\ 7HQ RVREOLZ\ ELJRV NWyU\ EG]LHP\ PXVLHOL UR]SDWU]\ü EOL*HM Z
UR]G]LDOHQDVWSQ\P]QDMGXMHGODVL Z\UD]ZFDá\P*\FLXXP\VáRZ\PZáRVNLHJR
RGURG]HQLD 0LHV]DQLQD*\ZLRáyZUHZROXF\MQ\FKLUHDNF\MQ\FKE\áDRVREOLZRFL
KXPDQL]PXDSRPLG]\LQQ\PLLKXPDQLVW\7RPDV]D0RUHD

&]\ RVWDWHF]Q\ Z\QLN WHQ E\á UHDNF\MQ\ F]\ UHZROXF\MQ\ GDZDáR WR Z

UH]XOWDFLH]DZV]H*\FLHELHJXQRZRVSU]HF]QH]ZV]\VWNLPLIHXGDOQ\PLSRJOGDPL
QDWRFRSU]\VWRLLFRMHVWRE\F]DMQH$WDNLH*\FLHUR]ZL]áHZQDMOHSV]HUR]NZLWáR
ZáDQLH ZWHG\ JG\ 1LHPF\ SR]RVWDZDá\ ZFL* MHV]F]H SRG ZáDG] IHXGDOL]PX
5]\P RGJU\ZDáSRGyZF]DV W URONWyUDZQDVWSVWZLH LD* GRRVWDWQLFKQLHPDO
F]DVyZ SU]\SDGDáD Z XG]LDOH 3DU\*RZL -DN FDá\ ZLDW MH(G]Lá SRWHP Z
SLHOJU]\PFHGR3DU\*DWDND* GRF]DVyZUHIRUPDFMLND*G\NWRPLDáQDWRRGE\ZDá
SLHOJU]\PN GR5]\PXLQLHMHGQHJRGREUHJR1LHPFDVSRWNDáWDPZyZF]DVWHQVDP
ORV NWyU\ SR WU]HFK F]\ F]WHUHFK VWXOHFLDFK VSRW\NDá ZLHOX MHJR SRWRPNyZ Z
3DU\*XGREU\1LHPLHFSUyERZDáZ]LüXG]LDáZQLHPRUDOQRFLFXG]R]LHPVNLHM
DOHQLHZ\V]áDPXRQDQD]GURZLHLSHáHQNRFLRNZLNXRUD]REXU]HQLDPRUDOQHJRQD
ZLH*%DEHOQDG7\EUHPSRZUDFDáRQGRVLHELH]D$OS\-DNSRZLDGDá+XWWHQWU]\
U]HF]\SU]\ZR]LOL

7RPDV] 0RU ² MHGHQ ] WZyUFyZ XWRSLMQHJR VRFMDOL]PX QDSLVDá ]QDQ NVL*N SW 8WRSLD Z

NWyUHM Z\áR*\á VZH SRJOG\ NRPXQLVW\F]QH =RVWDá VWUDFRQ\ Z U ] UR]ND]X NUyOD DQJLHOVNLHJR +HQ

U\ND

9,,,² 5HG

] VRE OXG]LH ] 5]\PX QLHF]\VWH VXPLHQLH SRSVXW\ *RáGHN L SXVW VDNLHZN
*G\E\QLHFKRG]LáRWXVSHFMDOQLHRW OLF]E WU]\WRMDNRF]ZDUW U]HF]PyJáE\á
+XWWHQGRU]XFLüMHV]F]HNLá

àDWZRVL GRP\OLü*HREUD]RMFDZLWHJRNWyU\WDF\SLHOJU]\PLGRGRPX

ZGXV]\]VRE SU]\ZR]LOLEDUG]RVáDERVL JRG]Lá]HUHGQLRZLHF]Q\PSRMFLHPR
ZLWREOLZRFL 1DMEDUG]LHM ]D REXU]DMF U]HF] E\áD GOD GXV] SRER*Q\FK
QLHZLDUDNWyUDZyZF]DV SDQRZDáDZ5]\PLHL]NWyU SDSLH*HQLHPDO*HVL QLH
XNU\ZDOL

2 /HRQLH ; ² SDSLH*X ]D NWyUHJR ]DF]áD VL UHIRUPDFMD RSRZLDGDQR *H

R]QDMPLáL* WROHUXMHEDMN R&KU\VWXVLHERZLHOHZ\FLJQá]QLHMNRU]\FL$OHWR
VDPR SRZLHG]HQLH ZNáDGDQR MX* Z XVWD %RQLIDFHPX 9,,, NWyU\ *\á R FDáHGZD
ZLHNL SU]HG /HRQHP %\á WR ZLF DOER VWDá\ GRZFLS QD GZRU]H SDSLHVNLP DOER
SRFKRG]Lá]MDNLHM ]P\ORQHMDQHJGRW\NWyU EUDQRSRZV]HFKQLH]DGREU PRQHW
ERVQDG( GRVNRQDOHFKDUDNWHU\]RZDáDSDSLH*\-HVWZND*G\PUD]LHU]HF] SHZQ
*HEáRJRVáDZLHVWZD/HRQ;XG]LHODáOXGRZL]HPLHFKHPNDSáDQRP]D VXURZR
]DEUDQLDáPLHüZMHJRREHFQRFLND]DQLHGáX*HMQL* SU]H]NZDGUDQV$*HSDSLH*H
QLH EUDOL ]E\W VHULR VZ\FK OXEyZ F]\VWRFL QLH WUXGQR WR ]JDGQü 6DQQD]DUR
² PyZL GUZLFR R SDSLH*X ,QQRFHQW\P 9,,, L* WHQ RSXVWRV]\ZV]\
5]\PVZRLPXFLVNLHP]DOXGQLDJR]SRZURWHPVZ\PLG]LHüPL /XGZLN *HLJHU
5HQDLVVDQFH XQG +XPDQLVPXV LQ ,WDOLHQ XQG 'HXWVFKODQG ² 2GURG]HQLH L
KXPDQL]PZH:áRV]HFKL1LHPF]HFK² %HUOLQVWU

-DNNROZLHNQLHZLHU]F\PRJOLE\üSDSLH*HLLFKGZRUDF\XZD*DOLRQLZLDU ]D

SRGVWDZ VZHMZáDG]\LRQDE\áDQL LVWRWQLH.LHG\]QLNQá\VWRVXQNLPDWHULDOQH
NWyUH XF]\QLá\ ] SDSLH*D SDQD L ZáDGF ZLDWD FKU]HFLMDVNLHJR SR]RVWDá\ PX

ZyZF]DV MMHG\QD SRGSRUD RGSRZLDGDMFH RZ\P VWRVXQNRP SRJOG\ NWyUH ]
ND*G\PGQLHPVWDZDá\ZFRUD]ZLNV]HMVSU]HF]QRFL]IDNWDPLQDWXU\VSRáHF]QHM
:áDG] NRFLRáDGDáRVL XWU]\PDüW\ONRSRGZDUXQNLHP*HXWU]\P\ZDáRVL OXGZ
QLHZLDGRPRFL RZ\FK IDNWyZ *H VL JR RV]XNLZDáR RJáXSLDáR L ZV]HONLPL
VSRVREDPLQLHGRSXV]F]DáRGRMHJRUR]ZRMX0R*HWHQPRW\ZSRVWSRZDQLDVZHJR
XZLDGDPLDOL VRELH Z FDáHM UR]FLJáRFL W\ONR QLHOLF]QL Z NRFLHOH OXG]LH
GDOHNRZ]URF]QLZV]G]LHZV]HODNRNVL*DDSU]HGHZV]\VWNLPU]\PVF\JG\W\ONR
WUDFLOLZLDU]DELHUDOLVL ]DUD]GRNXOW\ZRZDQLDZOXG]LDFKJáXSRW\DE\ELü]QLHM
GOD VLHELH PRQHW =DF]\QDá\ VL RV]XNDF]H SUDNW\NL ] FXGRZQ\PL REUD]DPL
UHOLNZLDPL LWS 5\ZDOL]DFMD UR]PDLW\FK NRFLRáyZ L NODV]WRUyZ Z NáDPOLZ\P
SU]\SLV\ZDQLX VZ\P UHOLNZLRP LWG QDMZLNV]HM FXGRZQHM PRF\ E\áD MHGQ\P ]
QDMSLHUZV]\FKSU]HMDZyZZROQHMNRQNXUHQFMLNWyUDVL UR]ZLMDáDZUD]]SURGXNFMD
WRZDURZ

$]NRQNXUHQFM W SRMDZLáDVL WH* LUR]ZLQáDZáDG]D]PLHQQHMPRG\.VL*D

PXVLHOL Z\QDMG\ZDü UD] SR UD] MDNLFK QRZ\FK ZLW\FK NWyU\FK UR]JáRV QLH
SU]HEU]PLDáMHV]F]HLNWyU]\SU]\FLJDOLPDV\OXGRZHXURNLHPQRZRFL=DXZD*\ü
QDOH*\L* JáXSF\NWyU]\ZRZHF]DV\V]OLQDOHSUHOLNZLLQLFE\OLZFDOHJáXSVLRG
QLH]OLF]RQ\FK G]LVLDM NOLHQWyZ ]QDFKRUyZ ] LFK OHNDPL XQLZHUVDOQ\PL $ MDN WR
VWDU]\ ZLFL QLH PRJOLSRGRáDü NRQNXUHQFML QRZRSRZVWDMF\FK GRZRGHPPRJ
VáX*\ü QDVWSXMFHOLF]E\

:&DQWHUEXU\ZNDWHGU]HE\á\WU]\NDSOLFHGRNWyU\FKRGE\ZDQRSLHOJU]\PNL

]FDáHM$QJOLLMHGQDLPLHQLD&KU\VWXVRZHJRGUXJD0DULL3DQQ\WU]HFLDZLWHJR
7RPDV]D %HFNHWD 7HQ E\á NDQRQL]RZDQ\ GRSLHUR Z URNX D MHJR V]F]WNL
VSURZDG]RQRGRRZHMNDSOLF\ZU2LOH]\VNRZQLHMV]\E\áGODNRFLRáDWHQ
QRZ\ ZLW\ ZLDGF]\ QDVWSXMF\ UDFKXQHN NWyU\ SU]HSLVXMHP\ WX ] %XUQHWD
+LVWRU\RIWKHUHIRUPDWLRQ']LHMHUHIRUPDFML%XUQHWQLHSRGDMHQLHVWHW\MHJR
GDW\SLV]FW\ONR*HSHZQHJRURNX]áR*RQRQDRILDU ZNDSOLF\&KU\VWXVRZHMI

VWV]SZNDSOLF\0DULL3DQQ\IVWV]SDZNDSOLF\Z7RPDV]D
IVWV]SZURNXQDVWSQ\P&KU\VWXVRZLQLH]áR*RQRQLF0DULL3DQQLH
I VW L V] S D Z 7RPDV]RZL I VW V] S :LG]LP\ VWG L*
QRZR]DDQJD*RZDQ\ZLW\RND]DáVL ZLHWQ VLá SU]\FLJDMF

=GRFKRGyZZ7RPDV]DLSDSLH* RWU]\PDáUyZQLH* QDOH*Q PXF]VWNPLHUü

PF]HVNDWHJRZLWHJR]GDU]\áDVL ]LPZQDMQLHRGSRZLHGQLHMV]\PF]DVLHGR
SLHOJU]\PHN ZLF PQLVL ] &DQWHUEXU\ SURVLOL SDSLH*D R SU]HQLHVLHQLH URF]QLF\
PF]HVWZDQDODWRÏZF]HVQ\RMFLHFZLW\+RQRULXV],,,]JDG]DVL WRXF]\QLü
W\ONR SRG ZDUXQNLHP *HEG]LHPLDá ]DSHZQLRQ\RGSRZLHGQLXG]LDáZ]\VNDFK
NWyUHSLHOJU]\PNLOHWQLHEG NDWHGU]HSU]\QRVLá\ =DF]á\VL WHUD]GáX*V]HWDUJL
3DSLH* ]D*GDáGOD VLHELH SRáRZ\]\VNyZ EUXWWR PQLVL RZLDGF]\OL ]H Z WDNLFK
ZDUXQNDFKQLHPRJ SURZDG]LüZLWREOLZHJRLQWHUHVXERQLHEG Z\FKRG]LüQD
VZRMH3DSLH* XVWSLáZUHV]FLHL]DGRZROLáVL SRáRZ ]\VNXQHWWR6(7KRUROG
5RJHUV'LH*HVFKLFKWHGHUHQJOLVFKHQ$UEHLW² ']LHMHSUDF\Z$QJOLL² VWU

,P EDUG]LHM V]HU]\áD VL L SRJáELDáD Z SDSLHVWZLH QLHZLDUD W\P JRUOLZLHM

SRSLHUDáR RQR SU]HVG\ :LF JG\ QLHZLDUD WD QDSHáQLDáD JRU\F] SRER*Q\FK
SU]HVG\REXU]Dá\ZROQRP\OQ\FK

:V]HODNR REXU]HQLH PRUDOQH QD QLHZLDU SU]HVG\ L UR]ZL]áRü QLH E\áRE\

RGQLRVáR GHF\GXMFHJR VNXWNX JG\E\ SDSLHVWZR QLH E\áR VL VWDáR MDN MX*
U]HNOLP\]Z\Ná ² LWRQDGRPLDU]JRáDQLHSRWU]HEQ VNGLQG² PDV]\Q GR
Z\]\VNX : GUD*OLZ\P VWDGLXP PRUDOQ\P ]QDMGRZDáR VL RQR MHV]F]H ZWHG\
]DQLPGRV]F]\WXZáDG]\GRV]áR*HSU]\SRPQLP\WXU]G\ODGDF]QLF0DURFMLL
MHM FyUNL Z ; ZLHNX NWyUH REVDG]Dá\ VWROLF DSRVWROVN VZ\PL NRFKDQNDPL L
V\QDPL'HF\GXMF SREXGN GODQDURGyZE\VL SR]E\á\SDSLHVWZDVWDá\VL QLH
]PLDQ\PRUDOQHOHF]HNRQRPLF]QHLSROLW\F]QHNWyUH]ELHJLHPF]DVX]DV]á\

:QLHNWyU\FKNUDMDFKPLDQRZLFLH WH* Z1LHPF]HFKZV]\VWNLH NODV\PLDá\Z

W\PVZyMLQWHUHVDE\]HUZDü]SDSLHVWZHPQLHW\ONRZ\]\VNLZDQ\OXGDOHLVDPL
Z\]\VNLZDF]H QDURGRZL W]Q EGF\ QD PLHMVFX Z NUDMX NWyU\FK VURG]H WR
JQLHZDáR *H W\OH ] 1LHPLHF Z\ZR]L VL SLHQLG]\ NWyUH E\ RQL FKWQLH E\OL
LQNDVRZDOL QD ZáDVQ\ UDFKXQHN $ L NOHU QDURGRZ\ ]DLQWHUHVRZDQ\ E\á Z
UR]G]LHOHQLXRGVLHELHNRFLRáyZ5]HF]\ZLFLHERZLHPE\áRQZNRFXMX* W\ONR
SRERUF SRGDWNRZ\PVWROLF\SDSLHVNLHMD]ZV]\VWNLHJRFRFLJDáRGOXGXOZL
F]HüPXVLDáRGGDZDü5]\PRZLQDMWáXVWV]HWH* SUHEHQG\VSU]WDOLPXVSU]HGQRVD
U]\PVF\ IDZRU\FL JG\ MHPX VDPHPX SU]\SDGDá\ Z XG]LDOH (OH SáDWQH L
Z\PDJDMFH SUDF\ QL*V]H VWDQRZLVND SDUDILDOQH , SU]\ W\P ZáDQLH WD F]ü
GXFKRZLHVWZD NWyUD PLDáD MHV]F]H GR VSHáQLDQLD Z *\FLX SDVWZRZ\P SHZQH
IXQNFMHGXFKRZLHVWZRZLHFNLHFLHV]FHVL MHV]F]HMDNLP V]DFXQNLHPXOXGX
² ZáDQLH RQR PLDáR LQWHUHV L SRZRG\ GR RVWUHM RSR]\FML Z]JOGHP VWROLF\
SDSLHVNLHM

6FHQWUDOL]RZDü NRFLyá QLH E\áR GOD SDSLHVWZD U]HF] E\QDMPQLHM áDWZ

FHQWUDOL]DFM WU]HED E\áR ZUyG FL*NLFK ZDON QDU]XFLü GRSLHUR RUJDQL]DFMRP
NRFLHOQ\P Z SRV]F]HJyOQ\FK NUDMDFK 1DU]G]LHP QDMVNXWHF]QLHMV]\P GR
XMDU]PLHQLD GXFKRZLHVWZD FDáHJR ZLDWD FKU]HFLMDVNLHJR RND]Dá\ VL Uy*QH
]DNRQ\GXFKRZQH-HV]F]HZ;,ZLHNXSDSLH* LELVNXSLQLHPLHFF\]DFKRZ\ZDOLVL
Z]JOGHPVLHELH]GHF\GRZDQLHZURJR%LVNXSLQLHPLHFF\E\OLSRVWURQLH+HQU\ND
,9 SRGF]DV JG\ Z\*V]D V]ODFKWD WU]\PDáD ] SDSLH*HP $ SRGREQLH* L NRFLyá
IUDQFXVNL L DQJLHOVNL XGDáR VL SDSLH*RP ]PXVLü GR X]QDQLD QDMZ\*V]HJR
]ZLHU]FKQLFWZD 5]\PX GRSLHUR SR FL*NLFK ZDONDFK , ZáDFLZLH WD ZDOND
SRPLG]\ 5]\PHP D UR]PDLW\PL NRFLRáDPL QDURGRZ\PL QLJG\ FDáNRZLFLH QLH
XVWDODDSRZ\SUDZDFKNU]\*RZ\FKSU]\EUDáDW\PRVWU]HMV]HIRUP\*HZ\]\VN]H
VWURQ\ SDSLHVWZD Z]UDVWDá D* GRSURZDG]Lá Z NRFX UR]OLF]QH QDURG\ GR
FDáNRZLWHJR]HUZDQLD]SDSLH*HPLVWROLF U]\PVN.LHURZQLFWZRZWHMZDOFH]

5]\PHPREMáRGXFKRZLHVWZRVDPRPLDQRZLFLHNOHUQL*V]\² UHIRUPDWRU]\E\OL
GXFKRZQ\PL MDN /XWHU =ZLQJOL .DOZLQ LWG WR NOHU VWZRU]\á IRUP\ P\OL Z
NWyU\FKWRF]\üVL PLDá\ZDONLR]PLDQ\ZNRFLHOH

.RFLyáE\áZF]DVDFKUHIRUPDFMLLQQ\QL* ZRNUHVLHZF]HVQHJRUHGQLRZLHF]D

: UHGQLRZLHF]X E\á RQ RUJDQL]DFM VSDMDMF Z MHGQ FDáRü SDVWZR L
VSRáHF]HVWZR Z HSRFH UHIRUPDFML E\W ]Z\Ná\P QDU]G]LHP DGPLQLVWUDFML
SDVWZRZHMSRGVWDZ\SDVWZDXOHJá\MX* ZyZF]DV]PLDQLH=RGG]LHOHQLHPWHG\
NRFLRáDRG5]\PX]QLNQáRVWDWQLF]\QQLNNWyU\SR]ZDODáMHV]F]HDE\ZSDVWZLH
Z GDOV]\P FLJX WUZDáR GR SHZQHJR VWRSQLD SDQRZDQLH NRFLRáD ² ]áXG]HQLH
WUDG\F\MQH GXFKRZQL NRFLRáyZ UHIRUPRZDQ\FK VWDOL VL MX* WHUD] ZV]G]LH
VáXJDPL ZáDG] SDVWZRZ\FK WDP ]D JG]LH ZáDG] G]LHU*\OL PRQDUFKRZLH ²
XU]GQLNDPLLFKDEVROXW\]PX1LHNRFLyáMX* RNUHODáZFROXG]LHPDM ZLHU]\üL
MDNSRVWSRZDüZáDG]DSDVWZRZDRNUHODáDF]HJRPLDáQDXF]DüNRFLyá

1LH ZV]\VWNLH QDURG\ L QLH ZV]\VWNLH NODV\ Z W\FK QDURGDFK PLDá\ LQWHUHV Z

]HUZDQLX ] SDSLHVWZHP :LF SU]HGH ZV]\VWNLP QLNW ZH :áRV]HFK ,P ZLFHM
UR]ZLMDáD VL SURGXNFMD WRZDURZD LP P\O QDURGRZD VWDZDáD VL JáEV]D W\P
EDUG]LHM:áRVLURELOLVL SDSLHVF\SDQRZDQLHSDSLH*\QDGZLDWHPFKU]HFLMDVNLP
R]QDF]DáRSDQRZDQLHQDGQLP:áRFKR]QDF]DáRMHJRZ\]\VNSU]H]:áRFK\

3DQNUDMyZKDEVEXUVNLFKFHVDU]WH* QLHE\á]DLQWHUHVRZDQ\ZUHIRUPDFML,MHJR

ZáDG]D Z 1LHPF]HFK E\áD QLHZLHOH ZLFHM UHDOQD QL* ZáDG]D SDSLH*D L MHGQD L
GUXJD SROHJDá\ F]FLRZR QD W\FK VDP\FK ]áXG]HQLDFK L PXVLDá\ ZUD] ] QLPL
]QLNQü)GDüZLF RG FHVDU]DE\ VL SDSLH*DZ\U]HNáE\áR WR *GDü RGQLHJR
VDPREyMVWZD $ UyZQLH PDá\ LQWHUHV PLDá RQ Z UHIRUPDFML MDNR SDQ SVWUHM
PLHV]DQLQ\NUDMyZKDEVEXUVNLFK

0LG]\NUDMDPLW\PLNDWROLF\]PVWDQRZLáSRW*Q\F]\QQLNáF]QRFLLW\ONRWH*

SRG ZRG] NDWROLF\]PX PR*QD E\áR VSRG]LHZDü VL NUXFMDW\ FDáHJR
FKU]HFLMDVWZD SU]HFLZ 7XUNRP WDND ]D NUXFMDWD PXVLDáDE\ SU]HGH ZV]\VWNLP

Z]PRFQLü GRP KDEVEXUVNL 5HIRUPDFMD R]QDF]DáD Z\U]HF]HQLH VL ZV]HONLHM
QDG]LHLWHMNUXFMDW\

5yZQLH PDáR SU]\F]\Q GR ]U\ZDQLD ] SDSLHVWZHP PLHOL ZáDGF\ )UDQFML L

+LV]SDQLDZW\FKNUDMDFKGHF\GRZDáDZyZF]DVZáDG]DLZRODNUyOHZVND+DQGHO
L SURGXNFMD WRZDURZD Z REX W\FK NUDMDFK ZF]HQLH VL UR]ZLQá\ 1DMZF]HQLHM
QDVWSLáR WR ZH )UDQFML SRáXGQLRZHM JG]LH ]HUZDá VL WH* SLHUZV]\ Z\EXFK
REXU]HQLDSU]HFLZSU]HPRF\SDSLHVNLHM² NDFHUVWZRDOELJHQVyZ

$OELJHQVL² VHNWDNWyUDZ;,,L;,,,ZPLDáDZLHONLHZSá\Z\ZSRáXGQLRZHM)UDQFML:\VW

SRZDáDJZDáWRZQLH

SU]HFLZNR SDQRZDQLX NRFLRáD U]\PVNLHJR RVNDU*DMF JR R VNDODQLH SLHUZRWQHJR FKU]HFLMDVWZD L ]HSVXFLH
Z\ZRáDQHSRVLDGDQLHPPDMWNyZ² 5HG

NWyU\FKZ\WSLRQRZNUZDZHMUR]SUDZLHQDSRF]WNX;,,,ZLHNX/HF]FRVL QLH
SRZLRGáR UHSXEOLNRP PLHMVNLP QD SRáXGQLX )UDQFML WR XGDáR VL Z QDVWSVWZLH
NUyORP IUDQFXVNLP /XGZLN ZLW\ MX* Z URNX Z\GDO VDQNFM
SUDJPDW\F]Q NWyU Z URNX RGQRZLá L UR]V]HU]\á .DURO 9, 6DQNFMD WD Z
]QDF]Q\PVWRSQLXXQLH]DOH*QLDáDGXFKRZLHVWZRIUDQFXVNLHRG5]\PXLSRGGDáDMH
ZáDG]\ NUyOD F]\OL GDáD RQD Z ]DVDG]LH WR VDPR FR SUDZLH Z VWR ODW Sy(QLHM
NVL*WDQLHPLHFF\RVLJQOLZF]DVLHUHIRUPDFML.UyOIUDQFXVNLPLDáGHF\GXMF\
JáRVSU]\REVDG]DQLXZ\*V]\FKVWDQRZLVNNRFLHOQ\FKRSáDW\QDU]HF]SDSLH*\EH]
SR]ZROHQLDNUyOHZVNLHJRE\á\ZH)UDQFML]DND]DQH

3RGREQLHVSUDZ\PLDá\VL Z+LV]SDQLL2GURNXLVWQLDáDWDPLQNZL]\FMD

-DNRQDU]G]LHSROLF\MQHZáDG]\NUyODNWyU\PLDQRZDá,QNZL]\WRUyZLSRVáXJLZDá
VL LFKLQVW\WXFM GRVZ\FKSROLW\F]Q\FKFHOyZ,]+LV]SDQLLWDNVDPRMDN])UDQFML
SDSLH* QLHPyJáRWU]\P\ZDüSLHQLG]\EH]]H]ZROHQLDNUyOHZVNLHJR

=D ]JRG QD VSU]HGD* RGSXVWyZ Z NUDMX ² NWyUD WR VSU]HGD* GDáD LPSXOV GR

UHIRUPDFML² /HRQ;PXVLDáGURJR]DSáDFLü)UDQFMLL+LV]SDQLL.DURO9RWU]\PDá
RGH SR*\F]N W\VLF\ GXNDWyZ )UDQFLV]HN , ]DWU]\PDá VRELH áDGQ F]VWN

GRFKRGX ] RGSXVWX = NVL*W QLHPLHFNLFK W\ONR MHGHQ SU\PDV PRJXQFNL MDNR
NVL* NRFLRáDRUD]ZáDGFDZLHFNLE\áGRüSRW*Q\DE\]D*GDü² LRWU]\PDü
² XG]LDáZRZ\PáXSLH,QQLNVL*WDQLHPLHFF\QLHGRVWDOLQLFFRLFKRJURPQLH
REXU]\áRLZ]PRJáR*\F]OLZRüLFKGODUHIRUPDFML

.UyORZLH L NOHU ZH )UDQFML L +LV]SDQLL ZVNXWHN Z\*V]HJR UR]ZRMX

HNRQRPLF]QHJRW\FKNUDMyZMX* SU]HGUHIRUPDFM QLHW\ONRRWU]\PDOLZRJyOQ\FK
]DU\VDFKWRZV]\VWNRFRNVL*WDLNOHUZ1LHPF]HFKPXVLHOLGRSLHUR]GRE\ZDüZ
FL*NLHMZDOFHOHF]E\OLMX* WDNVLOQLL* PRJOLZRZ\FKNUDMDFKP\OHüRW\PDE\
] SDSLH*D XF]\QLü VZH QDU]G]LHDE\ Z\]\VNDüGOD VDP\FK VLHELH MHJR ZSá\Z\
RUD] ZáDG] 1LH W\ONR ZLF QLH PLHOL QDMPQLHMV]HJR LQWHUHVX Z\U]HNDü VL
SDSLHVWZDDOHUDF]HMSU]HFLZQLHE\OLPRFQR]DLQWHUHVRZDQLZW\PDE\XWU]\PDü
MHJRZáDG] QDGZLDWHP FKU]HFLMDVNLPERWDZáDG]DE\áDZLVWRFLHLFKZáDG]

-X* Z SRF]WNDFK ;,9 ZLHNX NUyORZLH IUDQFXVF\ Z]PRJOL VL GRü QD VLáDFK

DE\X]DOH*QLüRGVLHELHSDSLH*\U]\PVNLFKNWyU]\WH* ZODWDFK²REUDOL
VRELH]DVLHG]LE $YLJQRQOH*F\QD]LHPLIUDQFXVNLHM,QLHZSá\ZNRFLRáDW\ONR
Z]PRFQLHQLHVL :áRFKLZ]URVWZQLFKP\OLQDURGRZHMLPRQDUFKLVW\F]QHMNWyUH
LFK UR]ZyM HNRQRPLF]Q\ ]D VRE SRFLJQá XPR*OLZLáR Z NRFX SDSLH*RZL
Z\GRVWDQLHVL VSRGZSá\ZyZ)UDQFMLLSRZUyWGR5]\PX$OHZyZF]DV )UDQFX]L
UR]SRF]OL SUyE\ SRGGDQLD VRELH :áRFK UD]HP ] SDSLH*HP 7 VDP SUyE
UR]SRF]áDWH* +LV]SDQLDNWyUDZSRF]WNDFKUHIRUPDFMLZQDMSRP\OQLHMV]\PGOD
VLHELH E\áD SRáR*HQLX JG\ .DURO 9 RELH SLDVWRZDá NRURQ\ FHVDUVNRQLHPLHFN L
KLV]SDVN

*G\NVL*WDQLHPLHFF\]DOHGZLHRVWUR*QLHLRPDFNLHPSUyERZDOLRWU]VQüVL

] MDU]PDSDSLHVNLHJR ZáDQLH ZWHG\ RELH SRWJL NDWROLFNLH)UDQFMD L +LV]SDQLD
]DZ]LFLH ZDOF]\á\ ]VRE RZáDG] QDGSDSLH*HP:URNXSDSLH* /HRQ;
SRGGDáVL FHVDU]RZL.DURORZLLWHQZW\PVDP\PURNXVND]Dá/XWUDQDZ\JQDQLH]
JUDQLFFHVDUVWZDQLHPLHFNLHJR

1DVWSFD /HRQD +DGULDQ 9, E\á NUHDWXU MHJR FHVDUVNLHM PRFL $ JG\

.OHPHQV9,,NWyU\SU]\V]HGáSR+DGULDQLHXVLáRZDáZ\]ZROLüVL VSRGZSá\ZyZ
FHVDU]D ZWHG\ WHQ REURFD ZLDU\ NDWROLFNLHM Z\VáDá SU]HFLZ RMFX ZLWHPX
VZ\FKODQGVNQHFKWyZND]DáZ]Lü5]\P]áXSLüJRL]QLV]F]\ü

-H*HOL:LRFK\)UDQFMDL+LV]SDQLD]RVWDá\NDWROLFNLHWRQLHQDOH*\WHJRMDNVL

]D]Z\F]DM F]\QL SU]\SLV\ZDü LFK XP\VáRZHPX ]DFRIDQLX DOH UDF]HM LFK
Z\*V]HPX UR]ZRMRZL HNRQRPLF]QHPX %\á\ RQH SDQDPL SDSLH*D L ]D MHJR
SRUHGQLFWZHP Z\]\VNLZDá\ JHUPDVNL ZLDW FKU]HFLMDVNL 7HQ ]D E\á
]PXV]RQ\Z\]ZROLüVL ]SWSDSLHVWZDDE\XMüZ\]\VNRZLDOHPyJáWRXF]\QLü
W\ONR

7DNVDPRMDN QLHNWyU]\KLVWRU\F\PLVW\ILNXM QDVSU]HGVWDZLHQLHPZDONLSURWHVWDQW\]PX
] NDWROLF\]PHP MDNR ]PDJDQLD VL SRPLG]\MDNLPL GZLHPD]DVDGDPL² DXWRU\WHWX L
LQG\ZLGXDOL]PX ² WDN VDPR 1LHPF\ SU]HGVWDZLDQL V MDNR MDNL RG %RJD
XSU]\ZLOHMRZDQ\ QDUyGLQG\ZLGXDOLVWyZ OXG\ ]D URPDVNLH MDNR QLHZROQLF\ DXWRU\WHWX
1LHPF\ PDM PLHü ZURG]RQ VNáRQQRü GR SURWHVWDQW\]PX D OXG\ URPDVNLH GR
NDWROLF\]PX%DUG]RWRZ\JRGQ\VSRVyEREMDQLDQLD]MDZLVNKLVWRU\F]Q\FK

XU\ZDMFáF]QRü]QDMERJDWV]\PLLQDMZ\*HMUR]ZLQLW\PLNUDMDPLZ(XURSLH$
SU]HWR Z W\P VHQVLH UHIRUPDFMD E\áD LVWRWQLH ZDON EDUEDU]\VWZD SU]HFLZ
NXOWXU]H 1LH MHVW WR SU]\SDGHN *H F]RáRZ\PL V]HUPLHU]DPL UHIRUPDFML VWDá\ VL
GZDQDMEDUG]LHM]DFRIDQHQDURG\Z(XURSLH6]ZHFMDRUD]6]NRFMD

3U]H]WRRF]\ZLFLHQLHFKFHP\DQLWURFK SRWSLDüUHIRUPDFML6WZLHUG]LOLP\

IDNWSRZ\*V]\ERRQQDPWáXPDF]\GODF]HJRWRZ$QJOLLL1LHPF]HFKQDMEDUG]LHM
Z\NV]WDáFHQL OXG]LH R UHIRUPDFML ZyZF]DV QLH FKFLHOL QDZHW VáXFKDü ² U]HF]
QLH]UR]XPLDáDJG\VL MDNGRW\FKF]DV]D]Z\F]DMSU]\MPXMH*HUHIRUPDFMDMHVWZ
LVWRFLH VZHM ]MDZLVNLHP QDWXU\ XP\VáRZHM ZDON Z\*V]HM XP\VáRZRFL
SURWHVWDQFNLHMSU]HFLZNRQL*V]HMNDWROLFNLHM

5]HF]PLDáDVL ZSURVWRGZURWQLH+XPDQL]PE\áFDáNRZLW\PSU]HFLZLHVWZHP

UHIRUPDFML

+80$1,=0

O32*$67:2,.$72/,&<=0

1RZ\ VSRVyE SURGXNFML Z\PDJDá QRZ\FK IRUP P\OHQLD L GRVWDUF]Dá P\ORP

QRZHM WUHFL 7UHü *\FLD XP\VáRZHJR ]PLHQLDáD VL V]\EFLHM QL* MHJR IRUP\ WH
SR]RVWDZDá\ MHV]F]H GáXJR WDNLH MDNLH RGSRZLDGDá\ IHXGDOQHPX VSRVRERZL
Z\WZDU]DQLD ZLF NRFLHOQH JG\ W\PF]DVHP P\OHQLH XOHJDáR MX* GDZQR FRUD]
EDUG]LHMZSá\ZRPSURGXNFMLWRZDURZHMSU]\ELHUDáRZLFFKDUDNWHUZLHFNL

-HGQDN*H WUDG\F\MQH IRUP\ NRFLHOQH QLHGáXJR PRJá\ Z\VWDUF]\ü QRZHPX

VSRVRERZL P\OHQLD W\P EDUG]LHM *H WD QRZD P\O FKFF VWDUH IRUP\ RGU]XFLü
]QDMGRZDáD GOD VLHELH MX* JRWRZ IRUP NWyUD VáX*\áD RQJL ]D Z\UD] GOD WUHFL
P\ORZHMSRGZLHOXZ]JOGDPLFDáNLHP]JRGQHM]QRZ\PVSRVREHPP\OHQLD7D
IRUPDP\OLQDOH*DáDSU]HGZLHNDPLGRVWDUR*\WQHMSRJDVNLHMQDXNLLV]WXNL

3URGXNFMD WRZDURZD NWyUD Z\SDUáD IHXGDOQ\ VSRVyE Z\WZDU]DQLD MDN WR MX*

QLHMHGQRNURWQLH]D]QDF]DOLP\UR]ZLQáDVL E\áDSU]HGHZV]\VWNLPZH:áRV]HFK
² W\PNUDMXJG]LH]DFKRZDá\VL MHV]F]HQLH]OLF]RQHZVSDQLDáH SR]RVWDáRFLSR
U]\PVNLP SRJDVWZLH L JG]LH WUDG\FMH WHJR SRJDVWZD VWDUR*\WQHJR QLJG\
FDáNRZLFLH QLH Z\PDUá\ 5R]ZLMDMFH VL VWRVXQNL KDQGORZH ] *UHFM GDá\
:áRFKRPVSRVREQRü]D]QDMRPLHQLDVL WH* ]SLPLHQQLFWZHPVWDUR*\WQHM+HOODG\
NWyUH MHV]F]H OHSHM RGSRZLDGDáR QRZHPX VSRVRERZL P\OHQLD QL* OLWHUDWXUD
U]\PVND :áRVNLH UHSXEOLNL KDQGORZH NWyUH GXFKRZR L PDWHULDOQLH XVLáRZDá\
RWU]VQü VL ] IHXGDOL]PX E\á\ ]DFKZ\FRQH ]QDOD]áV]\ Z OLWHUDWXU]H VWDUHM
KDQGORZHM UHSXEOLNL DWHVNLHM VSRVyE P\OHQLD NWyU\ LP Z W\OX SXQNWDFK
RGSRZLDGDá² SRGREQLH MDN *\FLHPDWHULDOQH ]DUyZQRWX MDN L WDP Z\ND]\ZDáR
ZLHOH SRGRELHVWZD QD GRPLDU WHQ VSRVyE P\OHQLD E\á MX* WDP ZV]HFKVWURQQLH
UR]ZLQLW\LZ\UD*RQ\ZQDMZVSDQLDOV]HMIRUPLH7RFRQRZRSRZVWDMF\V\VWHP
SURGXNFMLPXVLNLHG\LQG]LHM]WUXGHPGRSLHURVRELHWZRU]\ü² QRZ\SRJOGQD

ZLDW QRZ QDXN QRZ V]WXN ² WR SU]HGVWDZLFLHOH GXFKRZL V]\ENR
UR]ZLMDMFHJRVL ZH:áRV]HFKRG;,9ZLHNXVSRVREXZ\WZDU]DQLDSRWU]HERZDOL
W\ONRRGJU]HEDüVSRGJUX]XNWyU\PUHGQLRZLHF]HSU]\V\SDáRZLDWDQW\F]Q\

=DF]áR VL VWXGLRZDQLH VWDUR*\WQRFL MDNR URGHN GR ]UR]XPLHQLD

WHUD(QLHMV]RFLZáDVQHMDE\]DGDüFLRVPLHUWHOQ\REXPLHUDMF\PUHV]WNRPJLQFHM
DWDNQLHGDZQHMSU]HV]áRFL.LHUXQHNXP\VáRZ\NWyU\UR]ZLQáVL SRGZSá\ZHP
W\FK EDGD QRVL PLDQR UHQHVDQVX F]\OL RGURG]HQLD PLDQRZLFLH VWDUR*\WQRFL L
KXPDQL]PX G*HQLD GR F]\VWR OXG]NLHJR Z\NV]WDáFHQLD Z SU]HFLZLHVWZLH GR
VFKRODVW\F]QHMWHRORJLLNWyUD]DMPRZDáDVL RSUDZDPLERVNLPL3LHUZV]D]W\FK
QD]ZMHVWPLDQHPQRZHJRNLHUXQNXZV]WXFHGUXJD² ZOLWHUDWXU]H

*G\E\ WR QDSUDZG LGHH Z\WZDU]Dá\ VWRVXQNL PDWHULDOQH D QLH QD RGZUyW

ZyZF]DV WR *H RG*\á\ LGHH VWDUR*\WQH PXVLDáRE\ VSUDZLü *H RG*\áRE\ ]QRZX
VWDUR*\WQH VSRáHF]HVWZR )DGHQ VSRVyE P\OHQLD QLH ]RVWDá QLJG\ ]DSHZQH
SU]\MW\]WDNLPHQWX]MD]PHP]MDNLPP\VOVWDUR*\WQ SU]\MOLKXPDQLFL0LPR
WRSU]\VZDMDOLRQLM VRELHW\ONRRW\OHRLOHRGSRZLDGDáDVWRVXQNRPU]HF]\ZLVW\P
:FKRG]LOL JG\ VL WHJR QLH GDáR XQLNQü Z VSU]HF]QRü UDF]HM ] ORJLN QL* ]
IDNWDPL ² QLH]GDMFVRELH ]UHV]W VSUDZ\]WHJRERRGSRZLDGDMF\VWRVXQNRP
VSRVyE P\OHQLD ] áDWZRFL SU]\MPXMH VL ]D VáXV]Q\ FLVá\FK GRZRGyZ QLH
*GDMF,WDNRWRSRJOGQDZLDWKXPDQL]PXVWDáVL SRGQLHNWyU\PLZ]JOGDPL
]JRáDRVREOLZ\

: VWDUR*\WQRFL -DN L Z ZLHNDFK UHGQLFK SURGXNFMD WRZDURZD L KDQGHO

]URG]Lá\VL ZáRQLHUHSXEOLNPLHMVNLFK$OHWRFRZVWDUR*\WQRVFLE\áRSXQNWHP
QDMZ\*V]\PUR]ZRMXVSRáHF]QHJRWRVWDáRVL SRGNRQLHFUHGQLRZLHF]DSXQNWHP
Z\MFLD QRZHJR VSRáHF]HVWZD :LG]LHOLP\ MX* SRZ\*HM MDN SRF]WNL
NDSLWDOLVW\F]QHJR V\VWHPX SURGXNFML Z\WZRU]\á\ PRQDUFKL DEVROXWQ RUD] LGH
QDURGRZ 7RWH* KXPDQLFL VWDOL VL QDMJRUWV]\PL ]ZROHQQLNDPL áF]HQLD VL
QDURGX SRG MHGQ\P EHUáHP MDNNROZLHN UR]PLáRZDQL E\OL Z &\FHURQLH L

'HPRVWHQHVLH L MDNNROZLHN ZLHOX ] QLFK E\áR URGHP ] UHSXEOLN PLHMVNLFK -X*
RMFLHF KXPDQL]PX IORUHQW\F]\N 'DQWH ² JáRVLá VL PRQDUFKLVW L
SáRPLHQQ\P Z\]QDZF ]MHGQRF]HQLD :áRFK FKRFLD* PXVLDá VL Z W\P FHOX
XFLHNDüGRFHVDU]DERSDSLH*HE\OLZMHJRF]DVDFKQDU]G]LHPZUNDFK)UDQFML
/HF] SR SRZURFLH ] $YLJQRQX RQL WR VWDOL VL W VLO RNRáR NWyUHM VNXSLDáD VL
ZLNV]Rü KXPDQLVWyZ ZáRVNLFK L SR NWyUHM VSRG]LHZDQR VL *H ]MHGQRF]\
:áRFK\

+XPDQLFL E\OL Z ZLNV]RFL VZHM ]GDQLD L* UR]ZLMDMFH VL SDVWZR

QRZRF]HVQH Z\PDJD SRVLDGDQLD MHGQRRVRERZHJR ZLHU]FKRáND /HF] ZáDQLH
GODWHJR L* ZHGáXJ QLFK ORV\ SDVWZD L Z GREUHP L Z ]áHP ]DZLVá\ RG RVRE\
SDQXMFHJR ² D WHQ SRJOG ]D LFK F]DVyZ ]QDMGRZDá XVSUDZLHGOLZLHQLH Z
VWRVXQNDFK U]HF]\ZLVW\FK ² QLH E\áR WR E\QDMPQLHM VSUDZ RERMWQ MDNLHJR
URG]DMX F]áRZLHNLHP EG]LH SDQXMF\ $OH FR ZLFHM ZHGáXJ ]DSDWU\ZD
KXPDQLVWyZ]XSHáQLHWDNVDPRMDNE\áRQLHRG]RZQHDE\SDQXMF\U]G]LOLNUDMHP
WDNE\áRWH* NRQLHF]QHDE\RQLKXPDQLFLU]G]LOLSDQXMF\PLZ\FKRZ\ZDOLLFKL
NLHURZDOL QLPL =DOH*DáR WR W\ONR RG RVRELVWHJR FKDUDNWHUX SRV]F]HJyOQ\FK
KXPDQLVWyZ MDN GDOHNR VLJDMFH Z\FLJDOL RQL NRQVHNZHQFMH ] W\FK VZRLFK
]DSDWU\ZD3DQXMF\E\OLNRQLHF]QLGODGREUDOXGyZOHF]W\ONRSDQXMF\GREU]H
P\OF\W]QP\OF\KXPDQLVW\F]QLH2SLHUDüVL ]áHPXSDQXMFHPX]U]XFLüJR]
WURQX ED QDZHW ]DPRUGRZDü DE\ ]URELü PLHMVFH GOD OHSV]HJR QLH VWDáR WR
E\QDMPQLHM Z VSU]HF]QRFL ] ]DVDGDPL KXPDQL]PX DF]NROZLHN W\ONR QLHOLF]QL
KXPDQLFL GRü PLHOL RGZDJL DE\ WH QDXNL VZRMH Z F]\Q ZSURZDG]Dü %\áR
SRPLG]\ QLPL L GX*R ]Z\Ná\FK SRFKOHEFyZ EH] FKDUDNWHUX 1D RJyá MHGQDN
ZV]\VF\ SRGWU]\P\ZDOLVZH URV]F]HQLD GR VSUDZRZDQLDGXFKRZ\FK U]GyZ QDG
SDQXMF\PL ,GHRORG]\ NLHáNXMFHM EXU*XD]ML E\OL Z W\P Z]JOG]LH W\ONR
SU]HGVWDZLFLHODPLMHMNODVRZHJRVWDQRZLVNDNWyUHP\MX* SR]QDOL

=QDPLHQQ\P UH]XOWDWHP WHJR VWDQRZLVND MHVW QLH]OLF]RQD PRF SXEOLNDFML

KXPDQLVW\F]Q\FKPDMF\FK]D]DGDQLHSRXF]DüSDQXMF\FKMDNPDM RQLXU]G]Dü
SDVWZDLMDNQLPLU]G]Lü1DMEDUG]LHM]QDQ NVL*N WHJRURG]DMX MHVW.VL*
0DFKLDYHOOHJR

/HF] QLH E\áR WR ZFDOH ]H VWURQ\ KXPDQLVWyZ W\ONR SUy*QH ] SDOFD Z\VVDQH

XURV]F]HQLH +XPDQLFL VWDQRZLOL U]HF]\ZLVW VLá NWyUHM yZF]HQL SDQXMF\
LVWRWQLH SRWU]HERZDOL L R NWyU PXVLHOL VWDUDü VL E\ PLHü M SR VZRMHM VWURQLH
3DQXMF\PSRWU]HEQHE\á\SRGyZF]DVQLHW\ONRPDWHULDOQHURGNLEXU*XD]MLOHF]L
]DVRE\ XP\VáRZH MHM LGHRORJyZ 2SLQLD SXEOLF]QD W]Q SRJOG\ PLHMVNLHM
PLHV]F]DVNLHMOXGQRFLVWDQRZLá\U]HF]\ZLVW VLODW VLá ZF]DVDFKLNUDMDFK
JG]LH NZLWá KXPDQL]P RQ WR ZáDQLH NLHURZDá L U]G]Lá $ L GR VZRLFK VSUDZ
DGPLQLVWUDF\MQ\FK SDQXMF\ SRWU]HERZDOL XF]RQ\FK QRZHJR NLHUXQNX %R QLH
SRZVWDáDMHV]F]HZyZF]DVELXURNUDFMDLKXPDQLFLE\OLMHG\Q\PLOXG(PLNWyU]\²
RERNSUDZQLNyZRUD]Z\*V]HJRGXFKRZLHVWZDDQDZHWOHSLHMRGWHJRRVWDWQLHJR
² SRWUDILOL ]DU]G]Dü VSUDZDPL SDVWZD L VSHáQLDü SU]\ SDQXMF\FK IXQNFMH
GRUDGFyZLSRVáyZ]DJUDQLF]Q\FK1LHE\áWRE\QDMPQLHMF]F]\IUD]HVJG\FHVDU]
0DNV\PLOLDQ Z\NU]\NQá 8F]HQL SRZLQQL U]G]Lü QLH ]D E\ü SRGZáDGQ\PL
QDOH*\LPVL F]HüQDMSLHUZV]DER%yJLQDWXUDSRVWDZLáDLFKZ\*HMRGLQQ\FK=
Z\MWNLHP NVL*W QLHPLHFNLFK V]F]HJyOQLH SyáQRFQ\FK NWyU]\ ]JRGQLH ]
HNRQRPLF]Q\P ]DFRIDQLHP 1LHPLHF PDáR WURV]F]\OL VL R KXPDQLVWyZ L EDUG]R
VNSRLFKWUDNWRZDOLND*G\NVL*VWDUDáVL FLJQüQDVZyMGZyUMDNQDMZLNV]
OLF]E KXPDQLVWyZ Z\ELWQL ]D XF]HQL RGELHUDOL KRáG\ QLHRPDO NVL*FH8F]HQL
RGJU\ZDOLZRZ\FKF]DVDFKLQQ QDGZRUDFKURO QL* REHFQLHWUDNWRZDQLE\OLQLH
MDNXF]HQLVáX*HEQLF\NWyU\FKVL WROHUXMHOHF]MDNZLHOFHSRV]XNLZDQLSU]\MDFLHOH
SDQXMF\FK 7 RNROLF]QRFL GD VL SRQLHNG Z\WáXPDF]\ü ]DFKRZDQLH VL
+HQU\ND9,,,ZREHF0RUHD

3RGREQLH QLHNRQVHNZHQWQL MDN Z VZ\FK SRJOGDFK SROLW\F]Q\FK E\OL WH*

KXPDQLFLLZSU]HNRQDQLDFKUHOLJLMQ\FK-DNWDP]MHGQHMVWURQ\XQRVLOLVL QDG
VWDUR*\WQ\PLUHSXEOLNDQDPLDMHGQRF]HQLHE\OL]DPRQDUFKLWDNWXWDMVWDZDOLVL
] MHGQHM VWURQ\ FRUD] EDUG]LHM SRJDVF\ ] GUXJLHM ² E\OL SU]\ W\P ZV]\VWNLP
]GHF\GRZDQ\PLNDWROLNDPL-DNQRZ\VSRVyESURGXNFMLVWDáZSU]HFLZLHVWZLHGR
IHXGDOQHJRWDNWH* LQRZ\SRJOGQDZLDWIHXGDOQHPXVL VSU]HFLZLDá,PEDUG]LHM
VWDU\VSRVyEZ\WZDU]DQLDSRGXSDGDáW\P]XFKZDáHMOHNFHZD*\OLVRELHKXPDQLFL
ZV]\VWNLH]DND]\WUDG\F\MQHGUZLOL]IRUPUHGQLRZLHF]Q\FK*\FLDPDá*HVNLHJRL
URG]LQQHJRL]ZLHU]H UHOLJLMQ\FKUHGQLRZLHF]D

(PDQF\SDFMDNRELHWR]QDF]DLFKHPDQF\SDFM RGLQG\ZLGXDOQHJRJRVSRGDUVWZD

GRPRZHJRSU]\QDMPQLHMZSHZQ\PVWRSQLX'DVL WRRVLJQü ZWHQVSRVyE*H
QDMXFL*OLZV]HURERW\GRPRZHVWDQ VL ]QRZXURERWDPLSXEOLF]Q\PL$OHNRELHW\
PRJ Z\]ZROLüVL RGUREyWSU]\JRVSRGDUVWZLHGRPRZ\PLLQDF]HMSU]HU]XFDMF
LFK FL*DU Z GRPX QD NRJR LQQHJR 2F]\ZLFLH *H WHQ GUXJL VSRVyE PR*H GDü
ZROQRüRGJRVSRGDUVWZDGRPRZHJRW\ONRSHZQHMOLF]ELHNRELHWLQQHQDWRPLDVW
REUDFDZQLHZROQLFH

:\PLHQLRQ\ SRZ\*HM QD SLHUZV]\P PLHMVFX URG]DM HPDQF\SDFML ² SU]H]

]PLHQLHQLHSUDF\GRPRZHMNRELHWZSXEOLF]Q SUDF ]DZRGRZ ² QDUD]LHMHV]F]H
MHVWVSUDZ SU]\V]áRFL3U]HFLZQLH]DGUXJLVSRVyEMX* NLONDNURWQLHVWDZDáVL Z
G]LHMDFKIDNWHPDG]LDáRVL WRZWHG\NLHG\MDND NODVDSDQXMFDSRVXZDáDVL Z
Z\]\VNXNODVSUDFXMF\FKGRWHJR*HQLHW\ONRP*F]\(QLWHMNODV\DOHLNRELHW\
PRJá\SR]ZROLüVRELHQDQLHSUDFRZDQLH

3U]\NáDGXWDNLHMHPDQF\SDFMLNRELHWGRVWDUF]DM QDPF]DV\FH]DUyZU]\PVNLFK

G]LVLHMV]DEXU*XD]\MQDHPDQF\SD

0DFKLDYHOOL²² ZLRVNLSLVDU]LG]LDáDF]SROLW\F]Q\LGHRORJURG] FHMVL ZyZF]DVEXU*XD]ML:

G]LHOH VZRLP SW .VL * Z\áR*\á ]DVDG\ U]G]HQLD SDVWZHP L PHWRG\ ZDONL R VLOQ L RVRELVW ZáDG]D
G\NWDWRUVN² 5HG

+HQU\N9,,,²² NUyODQJLHOVNL]G\QDVWLL7XGRUyZ=QLyVáZáDG] SDSLH*DZ$QJOLLRJáDV]DMF

VL JáRZ QRZHJRNRFLRáDDQJLHOVNLHJRNRFLyáDQJOLNDVNL² 5HG

FMD NRELHW QDOH*\ GR WHJR VDPHJR W\SX SRGREQLH MDN L HPDQF\SDFMD Z RNUHVLH
KXPDQL]PX

3URZDG]HQLH SRV]F]HJyOQ\FK JRVSRGDUVWZ GRPRZ\FK D ZUD] ] W\P

ZVWSRZDQLHZSRMHG\QF]H]ZL]NLPDá*HVNLHE\áRHNRQRPLF]Q NRQLHF]QRFL
GODFKáRSyZLGODU]HPLHOQLNyZ%\áRQLHRPDOU]HF] QLHPR*OLZ JRVSRGDURZDü
QD ]DJURG]LH DOER PLHü ZDUV]WDW U]HPLHOQLF]\ EH] GREU]H SURZDG]RQHJR
JRVSRGDUVWZDGRPRZHJRDWDNLHJRVSRGDUVWZRWDNVDPRQLHPRJáRREHMüVL EH]
]ZLHU]FKQLF]NL JRVSRG\QL MDN JRVSRGDUVWZR UROQH F]\ ZDUV]WDW ]DURENRZ\ EH]
PDMVWUDJRVSRGDU]D

&KáRSQLHPyJáWU]\PDüSDURENyZDQLG]LHZHNDPDMVWHU² F]HODGQLNyZQLH

PDMF JRVSRGDUVWZD L JRVSRG\QL Z GRPX ER F]HODGQLF\ L SDUREF\ QDOH*HOL GR
URG]LQ\MDGDOLSRVSRáX]RMFHPURG]LQ\ SU]\ W\P VDP\P VWROHLV\SLDOLSRGW\P
VDP\PGDFKHP

,QDF]HM XNáDGDá\ VL VSUDZ\ WH X NXSFD -HJR ]DNáDG E\á QLH]DOH*Q\ RG

JRVSRGDUVWZDGRPRZHJRF]\ZLFNXSLHFPLDáZGRPXJRVSRG\QLF]\QLHPLDá
MHMQLHZLHOHWRZSá\ZDáRQDELHJMHJRLQWHUHVyZ0Dá*HVWZRLGRPSU]HVWDZDá\
E\üF]\P JRVSRGDUF]RNRQLHF]Q\PDVWDZDá\VL GODQLHJRSU]HGPLRWHP]E\WNX
-H*HOLE\áRV]F]GQ\WRZRJyOHQLHPLDáVL SRFR*HQLüFK\ED*HEUDáVRELH*RQ
QLHZFKDUDNWHU]HJRVSRG\QLDOHMDNRERJDW G]LHG]LF]N*G\]D JRVSRGDUVWZR
GRPRZH E\áR GOD U]HF] ]E\WNX JG\ OHSV]H F]\ JRUV]H MHJR SURZDG]HQLH
ZSá\ZDáRW\ONRQDVXP UR]FKRGyZOHF]QLHQDGRFKRG\ZWHG\NXSLHFPyJáVRELH
SR]ZROLüLQDWRMHOLPLDáGX*H]\VNL]KDQGOXDE\SU]HND]DüVZRMHJRVSRGDUVWZR
GRPRZHRVRERPZ\QDMW\P:UD]LH]D MHOL*RQ EUDáVRELHGRGRPXQLHMDNR
JRVSRG\QLOHF]MDNRG]LHG]LF]NUR]XPLDáRVL WRZáDFLZLHVDPRSU]H]VL

:WHQVSRVyEZ;9L;9,ZLHNXG]LNLQLH]PLHUQ\P]\VNRPNXSFyZLFK*RQ\

² WDNVDPRMDN*RQ\SUDZQLNyZOHNDU]\XU]GQLNyZ LWGJG\FLSLHQLG]HPLHOL
² Z\HPDQF\SRZDá\VL RGSUDF\ZJRVSRGDUVWZLHGRPRZ\PLRGZV]HONLHJRZ
RJyOH ]DWUXGQLHQLD 0LDá\ ZLF GRü F]DVX L ]DLQWHUHVRZD DE\ ]DMPRZDü VL
NZHVWLDPL NWyUH OH*Dá\ ] GDOD RG LFK SRSU]HGQLHM SUDF\ L E\á\ QLHNRELHFH
5yZQRF]HQLH -HGQDN ] W HPDQF\SDFM UyZQLH* L GRW\FKF]DVRZD IRUPD
PDá*HVWZD VWDZDáD VL GOD VIHU\ NXSFyZ L KXPDQLVWyZ FRUD] ZLFHM W\ONR
]E\WNLHP SRMDZLá VL QDWRPLDVW Z W\FK ZDUXQNDFK VZRERGQLHMV]\ VWRVXQHN GR
VLHELHSáFL]ZáDV]F]DZH:áRV]HFKWHMRMF]\(QLHKXPDQL]PXUHZROXF\MQHZ\*V]H
PLHV]F]DVWZR ] PáRG]LHF] ]XFKZDáRFL ]U\ZDáR ] WUDG\F\MQ\P
SDWULDUFKDOQ\P FKDUDNWHUHPURG]LQ\LPDá*HVWZD*HMHGQDNSRGREQLH MDNZ
5]\PLH ]D FH]DUyZ HPDQF\SDFMD QD W\P SROHJDáD L* NRELHWD ] NRQLHF]QHM Z
GRPXSUDFRZQLF\VWDO VL ]EGQ Z\]\VNLZDF]N SUDF\ LQQ\FK SU]HWR QRZHWR
*\FLH L VWRVXQNL SáFL SU]\ELHUDá\ ]DUD]HP RGFLH F]HJR PDUQHJR L UR]ZL]áHJR
ZáDFLZHJRNODVLHXSDGDMFHM

,WHRWRSLHUZLDVWNLQDGDá\HPDQF\SDFMLNRELHWZRNUHVLHKXPDQL]PXVZRLVW\MHM

FKDUDNWHU (PDQF\SDFMD RJUDQLF]DáD VL WX ]UHV]W GR ]QDF]QLH Z*V]HJR Z
VSRáHF]HVWZLHNRáDQL*GDMP\QDWRZVSyáF]HVQDHPDQF\SDFMDNRELHW

3RGREQLH MDNQRZRF]HQLREURF\EXU*XD]\MQHM HPDQF\SDFMLNRELHWVWDUDM VL

GRZRG]Lü QLHRG]RZQRFL WDNLHM SU]HPLDQ\ VSRáHF]QHM UDFMDPL IL]MRORJLF]Q\PL L
SUDZQ\PLMDNRF]HJRFRQDND]XMHOXG]LRPQDWXUDLVSUDZLHGOLZRüQLH]D MDNLH
V]F]HJyOQH VWRVXQNL SRZVWDáH Z FLJX G]LHMyZ WDN VDPR KXPDQLFL SRZRá\ZDOL
VL SRF]WNRZR QD UHLJL -DNNROZLHN WUDG\F\MQD QDXND NRFLRáD E\áD
]GHF\GRZDQLH SU]HFLZQD UyZQRXSUDZQLHQLX NRELHW , WDN QD SU]\NáDG &KDULWDV
VLRVWUD QRU\PEHUF]\ND 3LUFNKHLPHUD RSDWND Z .ODU\ Z 1RU\PEHUG]H *DUOLZD
KXPDQLVWND SRZRá\ZDáD VL QD WR *H GUXJD SOHü WHJR VDPHJR PD VWZyUF
]EDZLFLHOD L XZLFLFLHOD L *H UND QDMZ\*V]HJR :HUNPLVWU]D E\QDMPQLHM VL QLH

VNXUF]\áD 2Q G]LHU*\ NOXF] RG áDVNL L RQ XG]LHOD MHM ND*GHPX ZHGáXJ X]QDQLD
VZHJREH]Z]JOGXQDRVRE

&KDUDNWHU\VW\F]QHGODWHMPLHV]DQLQ\QRZHMSRJDVNLHMWUHFL]HVWDU NRFLHOQ

IRUP MHVW SRPLG]\ LQQ\PL SRVWSRZDQLH DWHXV]D =\JPXQWD 0DODWHVW\ ZáDGF\
5LPLQL NWyU\ Z ODWDFK GR Z\EXGRZDá ZLWHM )UDQFLV]FH ZVSDQLDá\
NRFLyá Z QLP ]D SRVWDZLá SRPQLN SHZQHM RVREOLZHM ZLWHM NRFKDQNL VZHM
,VRWW\NWyU

3DWULDUUKDOQY² RSDUW\QDZáDG]\QDMVWDUV]HJRP*F]\]Q\ZURG]LHSDWULDUFK\²5HG

*\F]\áVRELHE\MDNRZLW F]F]RQR$GRW\FKNWyU]\QDMJRUOLZLHMNRU]\VWDOL]
ZROQRFL SáFLRZHM RZHM UHZROXF\MQHM HU\ QDOH*Dá )UDQFLV]HN 3RJJLR ²
NDSáDQ VHNUHWDU] SDSLHVNL NWyU\ ]RVWDZLá QLH PQLHM QL* RVLHPQDFLRUR
X]QDQ\FK]DVZRMHG]LHFLZW\PQLHOXEQ\FKF]WHUQDFLRUR

PLDáRFL KXPDQL]PX Z G]LHG]LQLH SáFLRZHM RGSRZLDGDáD MHJR PLDáRü

UHOLJLMQD 3RF]WNRZR QLHZLDUD SRJDVND Z\VWSRZDáD MHV]F]H SU]\EUDQD Z
NRFLHOQH V]DW\ DOH ] ELHJLHP F]DVX ZV]HONLH REVáRQNL RGU]XFLáD L E\áDE\
GRSURZDG]LáD KXPDQLVWyZQLH PDV\ OXGRZHGRFDáNRZLWHJR LZV]HFKVWURQQHJR
DWHL]PXJG\E\UR]ZyMZ\SDGNyZQLH]RVWDáWXSU]HUZDQ\SU]H]UHIRUPDFMH

6SRUyG KXPDQLVWyZ MHGQ\P ] QDM]XFKZDOV]\FK ZROQRP\OLFLHOD E\á

IORUHQW\F]\N /XGZLN 3XOFL ² : VZ\P *DUWREOLZ\P SRHW\FNLP
XWZRU]H R ERKDWHUDFK SW 0RUJDQWH Z\V]\G]DMF\P FKU]HFLMDVNLH U\FHUVWZR
GDMHRQWH* NLHG\ SDURGLHNDWROLFNLHJRZ\]QDQLDZLDU\

ZLHU] Z F]DUQ EDUZ QLH ZLFHM MDN Z QLHELHVN DOH ]D WR Z NDSáRQ\ Z SLHF]H L Z

V]WXNDPLVQLHNLHG\WH* LZPDVáRZSLZROXEJG\JRQLHPDPWRZPRV]F]DOHUDF]HMFLHUSNL
QL(OL VáRGNL ]ZáDV]F]D ]D Z GREUH ZLQR ED*\ZL SU]HNRQDQLH L GOD QLHJR*\M L* WHQ NWR

ZLHU]\ Z ZLQR GRVWSL ]EDZLHQLD :LHU] Z WRUW\ L FLDVWND WRUW\ WR URG]LFLHOH D FLDVWND WR
G]LHFLOHF]SUDZG]LZ\RMF]HQDV]WRVPD*RQDZWUyENDLWDPRJáDE\E\üWU]\GZDLMHGHQ

7HQ NWR WR QDSLVDá E\á Z\VRNLP XU]GQLNLHP L SU]\MDFLHOHP :DZU]\FD
0HG\FHXV]D QLH QDUD]Lá VL RQ SURNXUDWRURZL DQL QLH ]RVWDá Z\NOW\ SU]H]
NRFLyá

32*$67:2,3527(67$17<=0

àDJRGQL F]\ ]XFKZDOL KXPDQLFL ZV]\VF\ ]ZDOF]DOL QDMJRUFHM QDGX*\FLD Z

NRFLHOH D MX* WH* ]ZáDV]F]D PQLVL VWDQRZLOL Z\EUDQ\ FHO LFK VWU]Dá ]DWUXW\FK
GUZLQ LV]\GHUVWZHP

:DZU]\QLHF0HG\FHXV]² ZáDGFD)ORUHQFMLZNRFX ;9ZRSLHNXQZVSyáF]HVQ\FKPXSRHWyZLKXPDQLVWyZ

² 5HG

/HF] MDNNROZLHN DWDNL WH LFK E\á\ RVWUH WR MHGQDN KXPDQLFL GRFKRG]F GR

SHZQHJRSXQNWX]DZV]HVL ]DWU]\P\ZDOL/RJLNDIDNWyZ ]PXV]DáDLFKGREUDNX
ORJLNLZP\OHQLX

:LG]LHOLP\ Z SRSU]HGQLP UR]G]LDOH *H NODV\ SDQXMFH L Z\]\VNXMFH Z

NUDMDFK URPDVNLFK ]ZáDV]F]D ]D ZH :áRV]HFK EDUG]R Z W\P E\á\
]DLQWHUHVRZDQHD*HE\SDSLH*H]DFKRZDOLZáDG],GHRORG]\QRZRSRZVWDMF\FKVLá
VSRáHF]Q\FK PXVLHOL WH* GDZDü Z\UD] WHM LFK *\F]OLZRFL GOD SDSLH*\ F]\ LP WR
]JDG]DáRVLF]\QLH]JDG]DáR]LFKRJyOQ\PVSRVREHPP\OHQLD:U]HF]\VDPHM
SUDZLH*DGHQKXPDQLVWD² D]Z\ELWQLHMV]\FKQDZHW*DGHQEH]Z\MWNX² QLJG\
QLH DWDNRZDá LQVW\WXFML NRFLHOQ\FK OHF] ]DZV]H W\ONR RVRE\ SU]HGVWDZLFLHOL
NRFLRáD L GXFKD NWyU\ Z QLFK SDQRZDá 'RW\FKF]DVRZH IRUP\ NRFLHOQH PRJá\
E\á\LFK ]GDQLHP SR]RVWDü W\ONRZ\SHáQLü MHQDOH*DáR LQQ WUHFL .RFLyá PLDá
E\üZGDOV]\PFLJXZV]HFKRJDUQLDMF LZV]HFKPR*Q LQVW\WXFMQDWRPLDVWPLDá

RQVWDüVL LQVW\WXFM KXPDQLVW\F]QDKXPDQLFL² MHJRNDSáDQDPLLSDQDPLQD
WáXVW\FK SUHEHQGDFK SDSLH* ]D PLDá E\ü QDMZ\*V]\P PLG]\ KXPDQLVWDPL :
W\P FKDUDNWHU]H ]D SRUHGQLFWZHP KXPDQLVWyZ SRZLQLHQ RQ E\á SDQRZDü QDG
OXGDPLLSDQXMF\PLLSRVáXJLZDüVL QLPLGODFHOyZKXPDQL]PX

'REU LOXVWUDFM WHJR VWDQX U]HF]\ MHVW QDV]\P ]GDQLHP UDEHODLVRZVNL LGHDOQ\

NODV]WRUWHOHPLWyZ:VZ\P*DUJDQWXDZUR]G]LDOHGR5DEHODLVRSLVXMH
IDQWDVW\F]QH RSDFWZR 7HOHPD XU]G]RQH FDáNRZLFLH Z P\O SRJOGyZ
KXPDQLVWyZ6G]LP\*HWHQRSLVNODV]WRUXPDZJUXQFLHU]HF]\UyZQLHSRZD*QH
]DPLHU]HQLDMDN8WRSLD0RUHD:VND]XMHQDPZMDNLVSRVyELZMDNLPNLHUXQNX
KXPDQLFL FKFLHOL UHIRUPRZDü NRFLyá :\]\VN PDV OXGRZ\FKQD U]HF] NRFLRáD
PLDáWUZDüSRVWDUHPX² EH]Z\]\VNXRSDFWZR7HOHPDMHVWQLHGRSRP\OHQLD²
W\ONRQDPLHMVFHPQLFKyZSU]\MüPLHOLKXPDQLFLQDPLHMVFHDVFHW\F]QHMUHJXá\
]DNRQQHM² VZRERGDX*\ZDQLDLQDXNL2GQRQ\XVWS]*DUJDQWXD]QDPLHQQ\
MHVWGODKXPDQL]PXLVSRVREXZMDNL]DF]DVyZ0RUHDJáRV]RQRLGHHUHIRUP
7R V]F]HJyOQHVWDQRZLVNR :áRFK ]NWyUHJRZ\ZRG]Lá VL KXPDQL]PSRS\FKDáR
JR GR *\F]OLZRFL GOD SDSLH*D MDNNROZLHN WD QLH W\ONR VWDáD Z VSU]HF]QRFL ]
WHRUHW\F]Q\PLSRGVWDZDPLKXPDQL]PXDOHL]SRWU]HEDPLVLáVSRáHF]Q\FKNWyU\FK
WRSRWU]HEPLDáRQE\üZ\UD]HP,WDZáDQLHVSU]HF]QRü]JXELáDKXPDQL]PJG\
W\ONRVNRF]\áDVL SU]HZDJDZáRVND

:H:áRV]HFKKXPDQL]PRGSRZLDGDáLQWHUHVRPUHDOQ\P,QDF]HME\áRZNUDMDFK

JHUPDVNLFK7XWDME\áRQLSR]RVWDá]DZV]HUROLQ HJ]RW\F]QNWyUDQLHE\áDZ
VWDQLH]DSXFLüZJUXQWNRU]HQL7\PSLOQLHMV] SRWU]HE QLHPLHFNLHJRKXPDQL]PX
VWDQRZLáDMDNQDMFLOHMV]DMHJRáF]QRü]:áRFKDPL VNGSU]\FKRG]LáDZV]HOND
QDXNDLV]WXND7\ONRGRSyNLRZDáF]QRüWUZDáDKXPDQLFLPRJOLPLHüQDG]LHM
L* ]GRáDM RSDQRZDüSyáQRFQHEDUEDU]\VWZRSDQXMFH]ZáDV]F]DZ1LHPF]HFKL
*H]GRáDM SR]\VNDüGODVLHELHNODV\U]G]FH=HUZDQLH]5]\PHPR]QDF]DáRGOD
QLFKNDWDVWURI LFK]DPLHU]H]Z\FLVWZREDUEDU]\VWZDQDGF\ZLOL]DFM=WHJR

SRZRGX VWDQOL RNRQLHP SU]HFLZ UHIRUPDFML L Z\WUZDOL SU]\ NDWROLF\]PLH D
XF]\QLOL WR ZáDQLH GODWHJR SRQLHZD* VWDOL QD Z\*V]\P VWRSQLX UR]ZRMX
XP\VáRZHJRQL* SURWHVWDQFL]DZ]LFLSU]HFLZQLF\QRZHMQDXNLLV]WXNL

-HVWWRSUDZG QLHW\ONRZVWRVXQNXGRUHIRUPDWRUyZSyáQRFQ\FKSUyE\UHIRUP\

ZH :áRV]HFK Z\FKRG]Lá\ UyZQLH* RG QD SRá\ VFKáRSLDáHJR QL*V]HJR NOHUX
:H(PLHP\ QD SU]\NáDG 6DYRQDURO : MHGQ\P ]H VZ\P ND]D SRZLDGD RQ
-HG\QD GREUD U]HF] Z FDá\P 3ODWRQLH L $U\VWRWHOHVLH WR WR *H GRVWDUF]\OL QDP
ZLHOX DUJXPHQWyZ SU]HFLZNR NDFHU]RP $OH L RQL L LQQL ILOR]RIRZLH VLHG] Z
SLHNOH 3LHUZV]D OHSV]D VWDUD EDED ZLFHMZLH R ZLHU]H ZLWHMRG 3ODWRQD, GOD
ZLDU\ WHM E\áRE\ OHSLHM JG\E\ ]QLV]F]RQR GX*R ] RZ\FK NVL*HN FR WR QDP VL
Z\GDM VNGLQG SR*\WHF]QH .LHG\ QLH E\áR MHV]F]H W\OX NVL*HN L W\OX
UR]XPRZ\FKDUJXPHQWyZLW\OXG\VNXVMLZLDUDZ]UDVWDáDV]\EFLHMQL* WRVL G]L
G]LHMH .RPX( WH VáRZD QLH SU]\SRPLQDM Z\FLHF]HN /XWUD SU]HFLZNR WHM
ODGDF]QLF\ UR]XPRZL" 1DER*Q\ 6DYRQDUROD ND]Dá VSDOLü VHWNL HJ]HPSODU]\
'HNDPHURQD%RFFDFFLD]DQLPZUHV]FLHNRFLyáSRáR*\áNUHVMHJRG]LDáDOQRFLL
SROHFLáJRVWUDFLüMDNRKHUHW\ND3DOHQLE\OLQDVWRVDFKQLHFLFRQLHZLHU]\OLQLH
SU]HPDZLDMF\GROXG]LZ\NV]WDáFRQ\FKOHF]FLOXG]LHSRER*QLNWyU]\]ZUDFDOLVL
GR PDV L E\OL QLHEH]SLHF]QL GOD Z\]\VNX SDSLHVNLHJR 1DWRPLDVW WDNLFK
QLHGRZLDUNyZMDN5DEHODLVW\FKNWyU]\QDNRFLyáLZLDU Z\OHZDOLNXEá\SRP\ML
V]\GHUVWZD W\FK ELVNXSL L SDSLH*H RV]F]G]DOL D QLHU]DGNR QDZHW SRSLHUDOL %R
NDWROLFNL IDQDW\]P SDSLHVWZD E\á QLH IDQDW\]PHP ZLDU\ OHF] FKFLZRFL NWyUD
VWURLáDVL ZNRFLHOQHIRUP\

8F]HQL LGHRORJRZLH QLHPLHFF\ L DQJLHOVF\ ]DSRPLQDOL ZV]HODNR R MHGQ\P

SU]HU]XFDMF VL QD VWURQ NDWROLFN DE\ UDWRZDü ]DJUR*RQ F\ZLOL]DFM
]DSRPLQDOL*HWDNXOWXUDNDWROLFNDWHQZ\VRNLSR]LRPQDXNLLV]WXNLZH:áRV]HFK
LWDZLHONRüSDSLHVWZDRSLHUDá\VL ZJUXQFLHU]HF]\QDLJQRUDQFMLLZ\]\VNXPDV
OXGRZ\FK QD LJQRUDQFML L Z\]\VNX FDá\FK 1LHPLHF *H SDSLHVWZR DE\ SRSLHUDü

QDXNLL V]WXNLZH :áRV]HFK PXVLDáR WU]\PDü1LHPF\Z ELHG]LH L QLHZLHG]\*H
SRGWU]\P\ZDQH V]WXF]QLH SU]H] SDSLH*\ R LOH WR RG QLFK ]DOH*DáR QLHPLHFNLH
EDUEDU]\VWZRREDOLáRZUHIRUPDFMLNXOWXU NDWROLFN L*HV\WXDFMDG]LHMRZDWDNVL
XNV]WDáWRZDáDL* MHG\QLH]Z\FLVWZRWHJREDUEDU]\VWZDQLHPLHFNLHJRQDGNXOWXU
URPDVN PRJáR XWRURZDü GURJ GR XZROQLHQLD 1LHPLHF RG EDUEDU]\VWZD L
XPR*OLZLüLPGDOV]\HNRQRPLF]Q\LXP\VáRZ\UR]ZyM

+XPDQLFL]D ZLG]LHOLW\ONRNU]\ZG QDXNLLV]WXNLNWyU LVWRWQLHUHIRUPDFMDZ

NUDMDFKSyáQRFQ\FKF]DVRZRZ\U]G]LüLPPXVLDáD 'RWHJRSRZRGXGODNWyUHJR
KXPDQLFL RSRZLHG]LHOL VL ]D NDWROLF\]PHP GRáF]\á VL MHV]F]H MHGHQ
UHIRUPDWRU]\RGZRá\ZDOLVL GRPDVOXGRZ\FKGRFDáHJROXGX:Uy*Q\FKNUDMDFK
UHIRUPDFML FDá\ OXG WZRU]\á Z VWRVXQNX GR SDSLH*D MHGQ MHG\Q NODV ² NODV
Z\]\VNLZDQ\FK$NUDMHUHIRUPDFML]MHGQ\PZ\MWNLHP$QJOLLJG]LHUHIRUPDFMD
E\áD Z RJyOH ]XSHáQLH VZRLVWD SRG Z]JOGHP JRVSRGDUF]\P ZáDQLH E\á\
]DFRIDQH JG\* DEVROXW\]P QLH E\á VL Z QLFK MHV]F]H WDN VLOQLH UR]ZLQá MDN Z
NUDMDFKURPDVNLFK]ZáDV]F]DWH* FKáRSLLU\FHUVWZRVWDQRZLOLWDPMHV]F]H]QDF]Q
VLá L PLHOL GX*H SRF]XFLH ZDUWRFL ZáDVQHM $F]NROZLHN QDMZLNV] NRU]\ü ]
UHIRUPDFMLRGQLHOLNRQLHFNRFyZNVL*WDRUD]ILQDQVLFLWRMHGQDNUR]SRF]áDVL
RQD RG UXFKX OXGRZHJR RG ZVSyOQHJR EXQWX ZV]\VWNLFK SU]HFLZ Z\]\VNRZL ]H
VWURQ\ SDSLH*\ D EXQW WHQ U]HF] SURVWD QLH SRSU]HVWDá QD REDOHQLX ZáDG]\
SDSLHVNLHMDOHGRSURZDG]LáGRNUZDZ\FKZDONUy*Q\FKNODVOXGQRFLPLG]\VRE
NWyUH WR ZDONL Z\F]HUSDá\ VLá\ QDURGX L SU]\JRWRZDá\ ]Z\FLVWZR DEVROXW\]PX
NUyOyZ

5XFKOXGRZ\E\áGODKXPDQLVWyZF]\P SU]HUD*DMF\P,QQHU]G\ZSDVWZLH

QL* U]G\SDQXMFHJRLQQ\ZSá\ZQDVSUDZ\SDVWZRZHQL* W\ONR]MHJRVWURQ\
Z\GDZDá\LPVL U]HF] ]JRáDQLHZáDFLZ'ODSRWU]HELG*H OXGXPLHOLRQLQD
RJyá PDáR ]UR]XPLHQLD D ZLNV]Rü ] QLFK ZFDOH VL WH* W\PL VSUDZDPL QLF

LQWHUHVRZDáD=RGUD] VSRJOGDOLRQLQDUXFKNWyU\UR]SWDüZRMQ GRPRZ ]FDá
MHMSRWZRUQRFL

6DPR VL SU]H] VL UR]XPLH *H Z W\FK ZDUXQNDFK KXPDQLFL VWDQZV]\ SR

VWURQLHNDWROLF\]PX]QDOH(OLVL ZZLNV]RFLNUDMyZJHUPDVNLFKZVSU]HF]QRFL
] FDá\P OXGHP *H UHIRUPDWRU]\ Z]JDUG]LOL QLPL Z NRFX MDNR UHQHJDWDPL *H
KXPDQLFL ZV]HONLH ZSá\Z\ XWUDFLü PXVLHOL L *H ]QLNQOL ZUHV]FLH QLH
SR]RVWDZLZV]\ SR VRELH QDMPQLHMV]HJR ODGX VZHM G]LDáDOQRFL ZUyG RJyáX
QDURGX $OH L KXPDQL]PRZL ZH :áRV]HFK UHIRUPDFMD ]DGDáD UyZQLH* FLRV
PLHUWHOQ\ 2GNU\WRMX* ZyZF]DVGURJ PRUVN GR,QGLLQDRNRáR$IU\NLMH*G*RQR
MX* QRZ\PL GURJDPL KDQGORZ\PL NWyUH QD SU]\V]áRü PLDá\ áF]\ü (XURS ]
,QGLDPLD* GRF]DVXRWZDUFLD.DQDáX6XHVNLHJRKDQGHOZ\FRI\ZDáVL ]Z\EU]H*\
0RU]DUyG]LHPQHJRLSU]HQRVLáQD2FHDQ$WODQW\FNL-HGQRF]HQLH]D REXU]HQLH
QD SDSLHVWZR RJDUQáR NUDMH JHUPDVNLH EDMRVNLH VXP\ NWyUH URNURF]QLH
ZGURZDá\ SU]H] $OS\ GR 5]\PX VNRF]\á\ VZH ZGUyZNL 'UyGáD ERJDFWZD
:áRFKZ\VFKá\LZUD]]W\PXSDGáDLFKXP\VáRZDZLHONRü+DQGHOLZ\]\VNE\á\
SRGáR*HPPDWHULDOQ\PKXPDQL]PX:UD]]QLPLLRQWH* ]QLNQá

/HF]]QLNQáQLHEH]ODGX-HJRWHQGHQFMHERZLHPZLFLá\RGURG]HQLHVZH²

Z MH]XLW\]PLH -H]XLW\]P MHVW WR QLHFR SRGXSDGá\ LQWHOHNWXDOQLH L XP\VáRZHM
VDPRG]LHOQRFLSR]EDZLRQ\ ZHSFKQLW\GRVáX*E\NRFLRáDNDWROLFNLHJRLNDUQLH
]RUJDQL]RZDQ\KXPDQL]P-H]XLW\]PWDNPQLHMZLFHMPDVL GRKXPDQL]PXMDN
FKU\VWLDQL]P]HSRNLFH]DUyZU]\PVNLFKGRQHRSODWRPL]X-HVWRQIRUPZMDNLHM
NRFLyáNDWROLFNLRZáDGQáKXPDQL]PHPXQRZRF]HQLáVL LZSU]HFLZLHVWZLHGR
GRW\FKF]DVRZHJR VZHJR SRGáR*D IHXGDOQHJR RSDUá VL QD SRGVWDZDFK NWyUH
U]G]Lá\VSRáHF]HVWZHPRG;9,D* GR;9,,,ZLHNXZáF]QLH-H]XLW\]PVWDáVL
QDMVWUDV]OLZV] VLá ]UHIRUPRZDQHJR NRFLRáD NDWROLFNLHJR DOERZLHP E\á RQ
QDMEDUG]LHMSU]\VWRVRZDQ\GRQRZ\FKVWRVXQNyZSROLW\F]Q\FKLHNRQRPLF]Q\FK

3RVáXJLZDáVL W\PLVDP\PLURGNDPLNWyU\PLRGG]LDá\ZDáLKXPDQL]PSU]HZDJ
Z\NV]WDáFHQLD NODV\F]QHJR ZSá\ZDQLHP QD SDQXMF\FK XZ]JOGQLDQLHP SRWJ
ILQDQVRZ\FK 3RGREQLHMDNKXPDQLFLMH]XLFLSRSLHUDOLZáDG] DEVROXWQDOHW\ONR
ZáDG] W\FK SDQXMF\FK NWyU]\ QD QLFK SUDFRZDOL , WDN VDPR MDN KXPDQLFL
MH]XLFLQLHXZD*DOL]DVSU]HF]QH]PRQDUFKLVW\F]Q\PLSU]HNRQDQLDPLVZ\PLG*\ü
GRXVXQLFLDRVRE\SDQXMFHJRJG\WHQLPQLHGRJDG]Dá

:VWRVXQNX]D GRSLHQLG]D-H]XLFLSRVXZDOLVL GDOHMRGKXPDQLVWyZ2QLQLH

W\ONRUHSUH]HQWRZDOLLQWHUHV\QRZHJRVSRVREXSURGXNFMLOHF]SRVáXJLZDOLVL VDPL
W\P QRZ\P V\VWHPHP -H]XLFL VWDOL VL U\FKáR QDMZLNV]\P VWRZDU]\V]HQLHP
KDQGORZ\P Z(XURSLH PDMF\PVZRMH ILOLH ZHZV]\VWNLFKF]FLDFKZLDWDRQL
SLHUZVLSR]QDOLVL QDW\PMDNGRVNRQDá\PNRPLZRMD*HUHPKDQGORZ\PPR*HE\ü
PLVMRQDU] RQL WH* SLHUZVL SR]DNáDGDOL Z ]DPRUVNLFK ]DRFHDQLF]Q\FK NUDMDFK
NDSLWDOLVW\F]QHSU]HGVLELRUVWZDSU]HP\VáRZHQSFXNURZQLH $SU]\VSRVREQRFL
ZVSRPQLP\WXWDMUyZQLH* RSDVWZLH-H]XLFNLPZ3DUDJZDMXNWyUHJRVSU\FLDU]H
DQW\VRFMDOLVW\F]QL ] SUHG\OHNFM X*\ZDM MDNR VWUDV]DND QD VRFMDOLVW\F]Q
SURSDJDQG3DUDJZDMMH]XLFNLPDVáX*\ü]DGRZyGLZLDGHFWZRGRNGSURZDG]L
VRFMDOL]PZU]HF]\ZLVWRFLMHGQDNZVND]XMHRQW\ONRGRMDNLHJRWRVWDQXZLDWE\
]PLHU]Dá JG\E\ NDSLWDOLVW\F]Q\ V\VWHP SURGXNFML PLDá GDOHM UR]ZLMDü VL EH]
SU]HV]NyG 3DVWZR JG]LH URGNL SURGXNFML RUD] SURGXNW\ QDOH* QLH GR NODV\
SUDFXMFHMOHF]GRQLH SUDFXMFHM² LWRZGRGDWNXGRNDSLWDOLVWyZ]DJUDQLF]Q\FK
² LJG]LHSUDF RUJDQL]XM QLHURERWQLF\OHF]QLHURERWQLF\² WDNLHSDVWZRWR
MHGQDNV]F]HJyOQLHMV]\URG]DMVRFMDOL]PX

1,(:,$5$,35=(6'<

'*HQLDKXPDQL]PXE\á\FDáNRZLW\P]DSU]HF]HQLHPUHGQLRZLHF]QHJRSRJOGX

QDZLDWE\á\QLHGRZLDUVWZHPZQDMF]\VWV]HSRVWDFL=DPLDVWWHJRMHGQDNZ\UDVWD

]H SRG NRQLHF MHJR NDULHU\ MDNR VSDGNRELHUFD MHJR ZáDQLH IDQDW\]P ZLDU\ R
WDNLHM VLOH MDNLHM QLH ]QDá\ QLJG\ ZLHNL UHGQLH L WR QLH W\ONR Z NUDMDFK JG]LH
KXPDQL]PQLJG\QDGREUHVL QLHSU]\MáDOHQDZHWZHZáDVQHMMHJRRMF]\(QLHZH
:áRV]HFK

=DZLQLáWXWDMHNRQRPLF]Q\XSDGHNWHJRNUDMX]DZLQLáD]DFLWRüZDONLPLG]\

Z\]\VNLZDF]DPL :áRFKDPL D QDURGDPL SU]H] QLFK Z\]\VNLZDQ\PL ² RZD
]DFLWRüNWyUDVSRZRGRZDáD*HIDQDW\]PFKFLZRFLSU]HV]HGáZIDQDW\]PZLDU\
ER ZLDUD VWDQRZLáD W\WXá GR Z\]\VNX /HF] ]DZLQLáR MHV]F]H L FR LQQH WDN*H
6SRWJRZDQLH *\FLD UHOLJLMQHJR SRG NRQLHF RNUHVX KXPDQL]PX Z\QLNDáR FRUD]
ZLFHM]RJyOQ\FKVWRVXQNyZHSRNL-HGHQ]NRU]HQLUHOLJLLZRNUHVLHKXPDQL]PX
OHGZLHFRNROZLHNQDGJQLáDOH]DWRMHMGUXJLNRU]H SXFLáZWHG\EXMQHRGUROD

,QWHOHNWXDOQH NRU]HQLH UHOLJLL (UyGáD UHOLJLMQ\FK XF]Xü L P\OL ² ER ]

UHOLJLMQ\PLRUJDQL]DFMDPLQLFWXZGDQHMFKZLOLQLHPDP\GRF]\QLHQLD² WNZL Z
W\PIDNFLH*HV QDGOXG]NLHQLHSRMWHGODF]áRZLHNDPRFHZREHFNWyU\FKVWRLRQ
EH]VLOQ\NWyU\FKG]LDáDQLHPNLHURZDüQLHSRWUDILQLHMHVW]GROQ\]UR]XPLHüLFKDQL
REOLF]\üDNWyUHWDNGHF\GXMF\PDM ZSá\ZQDMHJRGRO LQLHGRO*HRGF]XZDRQ
SRWU]HE MDNLHJR SRUR]XPLHQLD]QLPL

7HPRFHV DOERVLáDPLSU]\URG\DOERVSRáHF]Q\PL
: NRPXQL]PLH SLHUZRWQ\P WH RVWDWQLH *DGQHM UROL QLH RGJU\ZDM 6WRVXQNL

HNRQRPLF]QH R LOH ]DOH* RQH RG ZVSyáSUDF\ VSRáHF]QHM Z\]QDF]D WX VDP
F]áRZLHN : W\P ZLNV]HM ]DOH*QRFL RG QDWXU\ ]QDMGXMH VL F]áRZLHN QD RZ\P
SLHUZRWQ\P VWRSQLX UR]ZRMX $OH MDN ]ZLHU] F]XMH RQ VL WX MHV]F]HF]VWN WHM
QDWXU\MHV]F]HQLH]HUZDá*HWDNSRZLHP\áF]FHMJR]QL SSRZLQ\*\MHEH]
P\OL]GQLDQDG]LH2UHOLJLLSRGyZF]DVQLHZLHOHMHVWPRZ\

'RSLHUR SRZROL ZUD] ] SRVWSHP WHFKQLF]Q\P URQLH Z F]áRZLHNX SRWU]HED

SRGGDQLDQDWXU\ZROLZáDVQHMF]áRZLHNRGU\ZDVL RGQDWXU\VWDMHVL RQDUy*Q\P
RGQLHJRSU]HGPLRWHPDMHMEDGDQLH]DF]\QD VL URELüGODQLHJR]DGDQLHP/HF]

SLHUZV]\P GRZLDGF]HQLHP F]áRZLHND Z WHM G]LHG]LQLH MHVW SRF]XFLH QLHPRF\
VZRMHM Z REOLF]X QDWXU\ PXVL GRSLHUR SU]HMü F]DV QLH]PLHUQLH GáXJL PXVL
GRNRQDüVL EDUG]RZLHONL UR]ZyMKLVWRU\F]Q\]DQLP F]áRZLHN]DF]QLHUR]XPLHü
QDWXUSR]QDZDüU]G]FHQL SUDZDLSRVáXJLZDüVL QLPLZLDGRPLH GRVZ\FK
ZáDVQ\FKFHOyZ

5HOLJLDVWDMHVL ZF]áRZLHNXSRWU]HE RGWHMFKZLOLNLHG\]DF]\QDRQUR]P\ODü

RSU]\URG]LHLMHVWQL GRWHMFKZLOLJG\SRZVWDQ QDXNLSU]\URGQLF]H

5HOLJLHNWyUH]URG]LáDWDSRWU]HEDUHOLJLHSU]\URG\V SRJRGQHSHáQHUDGRFL

*\FLD L WROHUDQF\MQH MDN L OXG]LH Z NWyU\FK XP\VáDFK SRZVWDá\ UHOLJLH WH
GRVWU]HJDM Z]MDZLVNDFKSU]\URG\UDF]HMVWURQ ZVSDQLDáERVN QL* VWURQ JUR]
EXG]FGLDEHOVN

$OH JG\ VL ]DF]QLH SURGXNFMD WRZDURZD SRZVWDM ZyZF]DV VLá\ QDWXU\

VSRáHF]QHMQDGNWyU\PLF]áRZLHN*DGQHMZáDG]\QLHPDDZUD]]W\PGUXJLNRU]H
UHOLJLL Z\UDVWD : QLHZLHONLFK UR]PLDUDPL VSRáHF]QRFLDFK VWDUR*\WQ\FK L
UHGQLRZLHF]Q\FK MHVW RQ ]UD]X VáDE\ ZJOG Z FDáRNV]WDáW VWRVXQNyZ
HNRQRPLF]Q\FKMHVWWXQLHWUXGQ\DV]F]FLHLQLHV]F]FLHZ\GDMHVL QDMF]FLHM
QDVWSVWZHP RVRELVW\FK F]\QyZ L ]DQLHGED áDWZ\P GR Z\WáXPDF]HQLD EH]
SRWU]HE\ XFLHNDQLD VL GR PRF\ SR]DOXG]NLFK =MDZLVND VSRáHF]QH PXVLDá\
SU]\EUDüFKDUDNWHUPDVRZ\DE\F]áRZLHNPyJáSR]QDüLVWQLHQLHVLOVSRáHF]Q\FKL
XZLDGRPLü VRELH VZ ZREHF QLFK EH]UDGQRü GRSLHUR WH* ZyZF]DV WH VLá\
VSRáHF]QH PRJá\ RZáDGQü Z\REUD(QL L UR]XPHP OXG]NLP L RGG]LDáDü QD
FKDUDNWHUUHOLJLMQRFLOXG]L

5HOLJLH SU]\URG\ V Z ]DVDG]LH QDWXU\ ORNDOQHM UHOLJLH VSRáHF]QH NWyUH

SU]\FKRG] SRQLFKV RGUD]XUHOLJLDPLPDVRZ\PLZLDWRZ\PL

ZLDWRZH SDVWZR U]\PVNLH VWZRU]\áR SRGáR*H GOD MHGQHM ] WDNLFK ZáDQLH

UHOLJLL=MDZLVNDVSRáHF]QHNWyU\PRQD]DZG]LF]DVZH LVWQLHQLHE\QDMPQLHMQLH
E\á\ ZHVRáH 1G]D PDV FKDUáDFWZR SRZV]HFKQH D RERN WHJR FKFLZRü L

EH]F]HOQRü QLHOLF]Q\FK VIHU OXG]L QDG PLDU ERJDW\FK Z\OXGQLHQLH L
XZVWHF]QLHQLH VL FDáHJR SDVWZD ² Z WDNLFK RWR RNROLF]QRFLDFK SRZVWDáR
FKU]HFLMDVWZR /N L UR]SDF] QLHQDZLü GR EOL(QLFK L *G]D NUZL RZáDGQá\
OXG(PL SRJRGQH ERJL SRJDVNLH SU]HWZRU]\á\ VL Z SRWZRUQ\FK GHPRQyZ
VWZyUFDLVG]LDZLDWDVWDáVL SRQXU\LQLHXEáDJDQ\QDMPQLHMV]\Z\VWSHNNDUDá
ZLHF]Q\P RJQLHP SLHNLHá FDá\ ZLDW VWDá VL SU]HGVLRQNLHP WHJR SLHNáD
Z\SHáQLRQ\PV]DWDQDPLFRFKFLZLHV]XNDá\NRJRE\WXSR*UHü

/HF] RWR ZWDUJQOL SLHUZRWQL *HUPDQLH L Z\SHáQLOL FKU]HFLMDVWZR ZáDFLZ

VRELH FKFL L UDGRFL *\FLD :SUDZG]LH LFK ERJyZ SU]HURELRQR QD GLDEáyZ L
GHPRQyZDOH GLDEHáZyZF]DV VWUDFLáMX* VZ JUR]GLDEHáZLHNyZ UHGQLFKE\á
GREURGXV]Q\KXPRU\VW\F]Q\LQLHZLQQ\² LJUDáRVL ]QLP]XFKZDOHGUZLáR]H
EH]NDUQLH² GREU\JáXSLGLDEHá8NU]\*RZDQ\]FLHUQLRZ NRURQ ]HV]HGáQDSODQ
GDOV]\ EáRJRVáDZLRQ\ ]EDZLFLHO GREU\ SDVWHU] VWDá VL Z NRFLHOH L Z V]WXFH
SRVWDFL XOXELRQ RERN QLHJR]D 3DQQD ZLWD LGHDáNRELHFRFL]GREQD Z WHQ
FDá\ZG]LNLXURNNWyUHZNRELHFLHVZHMF]FLá1LHPLHFLNWyU\FKE\áVSUDJQLRQ\

: W\P U]HNRPR PURF]Q\P RNUHVLH SUDFD QDG UR]ZRMHP GRJPDWyZ

NRFLHOQ\FK XWNQáD SUDFD QDG ZLWDPL NRFLHOQ\PL E\áD ]D WR W\P JRUOLZV]D
&KU]HFLMDQLH SLHUZV]\FK ZLHNyZ ]H V]F]HJyOQ\P XSRGREDQLHP SDOL VZ
Z\REUD(QL NWyUD NUZL ]DFKRG]LáD ZLGRNDPL Uy*Q\FK RNUXWQ\FK URG]DMyZ
PLHUFLVZ\FKPF]HQQLNyZWHUD]ND*GDURF]QLFDWDNLHJRPF]HVWZDVWDZDáDVL
GQLHPUDGRFLZLZDWyZLGDZDáDQRZ\SUHWHNVWGRSLMDW\NL

=GDQLHP QDV]\FK OLEHUDOQ\FK KLVWRU\NyZ ² JG\ V ZROQRP\OLFLHODPL ²

UHOLJLDMHVWW\ONRVNXWNLHPEUDNXRZLHFHQLD2MHMSRGáR*XVSRáHF]Q\PQLFRQL
ZLHG]LHü QLH FKF *G\E\WHQ LFK SRJOGE\áSUDZG]LZ\WRKXPDQL]P PXVLDáE\
E\á ]QDOH(ü QLH]Z\NOH VSU]\MDMF\ GOD VLHELH JUXQW X OXGX L ]ZáDV]F]D WH* X
1LHPFyZDZW\PVDP\PVWRSQLXZMDNLPZ]UDVWDáRRZLHFHQLHKXPDQL]PX
E\áRE\PXVLDáR Z]UDVWDü RZLHFHQLH ZPDVDFK=DPLDVWWHJRMHGQDN]QDMGXMHP\

WDNLHV]F]HJyOQH]MDZLVNR*HLPEDUG]LHMZROQRP\OQ\VWDZDáVL KXPDQL]PW\P
EDUG]LHM UHOLJLMQRü OXGX ]DWUDFDáD SRSU]HGQL VZyM FKDUDNWHU L SU]\ELHUDáD SLWQR
FKU]HFLMDVWZD ] RNUHVX FHVDU]\ U]\PVNLFK 'D VL WR Z\WáXPDF]\ü W\ONR
XZ]JOGQLDMFyZF]HVQ\SU]HZUyWHNRQRPLF]Q\

:SUDZG]LH SURGXNFMD WRZDURZD L KDQGHO VSU]\MDá\ UR]ZRMRZL QDXN

SU]\URGQLF]\FK WDN MDN SU]\URGR]QDZVWZR Z]DMHP GRSRPDJDáR GR UR]ZRMX
SURGXNFMLLKDQGOX:SUDZG]LHNRPXQLNRZDQLHVL ]H:VFKRGHPVSURZDG]DáRQD
=DFKyG QLH W\ONR WRZDU\ DOH L ZLHG] WHJR SUDVWDUHJR ZLDWD NXOWXU\ /HF] QD
UHOLJL PLDáRWRW\PF]DVHPZSá\ZEDUG]RQLHZLHONL

+XPDQL]P UR]ZLQá VL JáyZQLH Z RSDUFLX R NODV\F]Q OLWHUDWXU DWW\FN GOD

SU]\URGR]QDZVWZD QLHZLHOH GDáR VL ] QLHM Z\FLJQü =DOHGZLH QLHOLF]QL
KXPDQLVW\F]QLHZ\NV]WDáFHQLXF]HQL]ZUyFLOLQDWHQDXNLXZDJ]NWyU\PLSU]HGH
ZV]\VWNLP]DSR]QDOLQDV$UDERZLH² QDDQDWRPLFKHPL LDVWURQRPL]DF]OL
EDGDüSUDZDSU]\URG\PHWRG\F]QLHL SU]\JRWRZDOLZWHQVSRVyEJUXQWSRGZLHONLH
RGNU\FLD QDXNRZH ;9, L ;9,, ZLHNX :LNV]Rü QDWRPLDVW W\FK ZV]\VWNLFK
NWyU]\ VL QDXNDPL SU]\URGQLF]\PL ]DMPRZDOL ]JRGQLH ] FKDUDNWHUHP QRZHJR
VSRVREX SURGXNFML F]\QLáD WR Z W\P FHOX DE\ FLJQü VWG EH]SRUHGQLH
SUDNW\F]QH NRU]\FL RVRELVWH $ JG]LH QLH Z\VWDUF]Dá\ SR WHPX ZLDGRPRFL
WUDG\F\MQH WDP UDG]RQR VRELH ]D SRPRF VSHNXODFML L KLSRWH] NWyU\FK
X]DVDGQLHQLH RSLHUDQR QLH QD IDNWDFK OHF] W\ONR QD JDUFL F\WDW ] SLVDU]\
VWDUR*\WQ\FK

1LH RGGDZDQR VL EDGDQLRP FLDáD OXG]NLHJR L ]ZLHU]FHJR DQL LFK F]\QQRFL

G*RQRMHG\QLH GR WHJRDE\ SRVLü SHZQH IRUPXáNL L URGNL X]GUDZLDQLD OXG]L
$QDWRPLD F]\QLáD SRVWS\ SRZROQH D RV]XNDVWZD OHF]QLF]H ]QDFKRUVWZR
SU]HFLZQLHUR]ZLMDáRVL ]]DZURWQ V]\ENRFL 6NXSLHQLHPDVOXGRZ\FK

6SHNXODFMD² R]QDF]DWXWDMQLHQDXNRZ\VSRVyEILOR]RIRZDQLDSROHJDMF\QDVQXFLXUR]P\OD ZRGHUZDQLXRG

GRZLDGF]HQLDLSUDNW\NL6SHNXODFM ZW\P]QDF]HQLXSRVáXJXM VL LGHDOLVW\F]QHNLHUXQNLZILOR]RILL² 5HG

+LSRWH]D² SU]\SXV]F]HQLHQDXNRZH² 5HG

SRZLHONLFK PLDVWDFK]E\WHN ]MHGQHMVWURQ\D]GUXJLHM² Z]URVW SUROHWDULDWX
KDQGHO ]H :VFKRGHP ZV]\VWNLH WH RNROLF]QRFL SU]\JRWRZ\ZDá\ JUXQW SRG
FKRURE\ HSLGHPLF]QH L LQQH :UD] ] NDSLWDOLVW\F]Q\P VSRVREHP SURGXNFML
UR]SRZV]HFKQLáDVL Z(XURSLHPRURZD]DUD]DZVFKRGQLDRG;,9ZLHNXNLáDRG
NRFD ;9 ZLHNX L WD WUXFL]QD MDN VWDQRZL ZyGND :yGND MX* ZF]HQLH E\áD
]QDQD $UDERP ZH )UDQFML X*\ZDQR MHM RG ;,, ZLHNX MDNR OHNDUVWZD DOH MX* Z
UMDNL XWZyUSRHW\FNL*DOLVL QDQLHV]F]FLDNWyUHVSURZDG]DQDZLDWF]RUW
ZyGF]DQ\ :DFKVPXWK(XURSlLVFKH6LWWHQJHVFKLFKWH² +LVWRULDRE\F]DMyZZ
(XURSLH² /LSVNW,9VWU

&KHPLD]QDMGRZDáDGOD VL UyZQLHZLHOHSUDF\MDNLPHG\F\QD:V]DNSRVLDGD

RQD V]WXN UR]NáDGDQLD FLDá QD SLHUZLDVWNL L VNáDGDQLD LFK ] SLHUZLDVWNyZ &y*
PRJáR WX E\ü EOL*V]HJR QL* VNRU]\VWDü ] WHM XPLHMWQRFL Z FHOX IDEU\NRZDQLD
PHWDOX NWyUHJR ZV]\VF\ SRGyZF]DV áDNQOL ]áRWD" = FKHPLL Z\V]ZLQGORZDQR
]áRWRUyEVWZR

:LDGRPRFL ] DVWURQRPLL V]\ENR VL UR]SRZV]HFKQLDá\ PLG]\ OXG(PL

Z\NV]WDáFRQ\PL RNUHVX KXPDQL]PX L UHIRUPDFML $VWURQRPLD ]QDOD]áD
]DVWRVRZDQLH SUDNW\F]QH Z QDXFH R *HJOXG]H +DQGHO ]DPRUVNL E\á EH] QLHM
QLHPR*OLZ\ 6WG WH* XSUDZLDQR M JRUOLZLH 3UDZD DVWURQRPLF]QH Z]LWH RG
VWDUR*\WQ\FK E\á\ SUDZLH *H MHG\Q\PL SUDZDPL SU]\URG\ NWyUH E\á\ ZyZF]DV
]QDQHV]HUV]HPXRJyáRZLDOHLRQHPLDá\ZNUyWFH]DF]üVáX*\üQLHRZLDFLHOHF]
Z\]\VNRZL L SU]HVGRP 3RQLHZD* XPLDQR REOLF]Dü GURJL JZLD]G L ]DF]WR
SRGHMU]HZDüL* ZSá\ZDM RQHQDJORE]LHPVNLVSUyERZDQRSU]HSRZLDGDüQDLFK
SRGVWDZLH ORV\ OXG]NLH ,P PQLHM SHZQD VWDZDáD VL SU]\V]áRü F]áRZLHND W\P
VNZDSOLZLHM XVLáRZDOL M OXG]LH ]EDGDü *ZLD]G\ E\á\ LP SRFLHFK Z RZ\P

UHZROXF\MQ\P F]DVLH JG\ QLF QLH ]GDZDáR VL VWDü SHZQLH Z PLHLVFX SUyF]
VNOHSLHQLDQLHELRV$OHLQLHERZNRFXUyZQLH* ]UHZROXFMRQL]RZDQR

$VWURORJLD DOFKHPLD ]QDFKRUVWZR RWR E\á\ IRUP\ Z NWyU\FK PDV\ OXGRZH

RUD]ZLNV]RüOXG]LZ\NV]WDáFRQ\FK Z(XURSLH]DSR]QDá\VL SRUD]SLHUZV]\ RG
F]DVyZ ZLHNyZ UHGQLFK ] QDXNDPL SU]\URGQLF]\PL 7HQ URG]DM
SU]\URGR]QDZVWZDQLHE\á ]GROQ\]DVSRNRLüSRWU]HEUHOLJLMQ\FK1LHGRZLDUVWZR
KXPDQL]PX Z U]HF]\ VDPHM Z\QLNDáR JáyZQLH ]H VSU]HFLZLDQLD VL LVWQLHMFHM
ZLHU]H OXE WH* ] RERMWQRFL QLH ]D ] QDXNRZHJR ZJOGX Z ]ZL]NL SRPLG]\
IDNWDPL Z SU]\URG]LH 1D PLHMVFH ZLHU]H WUDG\F\MQ\FK ZLNV]Rü KXPDQLVWyZ
SRGVWDZLáD LQQ ZLDU D EDUG]R F]VWR QLF LQQHJR MDN DVWURORJL L PLVW\N
NDEDOLVW\F]Q

-HOL WHG\ QDXNL SU]\URGQLF]H ]DOHGZLH QDGJU\]á\ MHGHQ ] NRU]HQL UHOLJLL WR

UR]ZyMHNRQRPLF]Q\W\PEDUG]LHMZ]PRFQLáMHMGUXJLNRU]H

5y*QHJR URG]DMX SRGSRU\ NWyUH UHOLJLD ]QDMGRZDáD ZUyG QL*V]\FK NODV

]QLNQO\ SU]HGH ZV]\VWNLP ]D ]JLQáD ZVSyOQRWD ZLHMVND G]LNL NWyUHM UHOLJLD
SU]HWUZDáD ZV]\VWNLHEXU]HUHGQLRZLHF]D=DF]á\VL WHUD]QRZHZDONLNODVRZHR
ZLHOH VWUDV]QLHMV]H QL* Z RNUHVLH IHXGDOL]PX :WHG\ ERZLHP FKRG]LáR W\ONR R
ZLNV]H F]\ PQLHMV]H SUDZD L RERZL]NL REHFQLH ]D Z\ZL]DáD VL ZDOND QD
PLHUüL *\FLHSRPLG]\Z\ELMDMF VL DJLQF NODV8FLVNLSURFHVSUROHWDU\]DFML
FKáRSVWZD QG]D L ZáyF]JRVWZR Z]URVá\ &RUD] WR NUZDZV]H L RNUXWQLHMV]H
VWDZDá\ VL SUyE\ XVSRNRMHQLD NODV PDOWUHWRZDQ\FK L XF]\QLHQLD LFK QLH
QLHEH]SLHF]Q\PL FRUD] WR NUZDZV]H L RNUXWQLHMV]H E\á\ NRQZXOV\MQH GUJDZNL
GUF]RQ\FK DE\ ]U]XFLü MDU]PR 1LHSRNyM QLHQDZLü L UR]SDF] E\á\ WHUD]
FRG]LHQQ\P JRFLHP SR FKDWDFK L SDáDFDFK ND*G\ GU*Dá SU]HG MXWUHP ND*G\
VNDU*\á VL QD ZF]RUDM L ]PDJDá VL ] GQLHP G]LVLHMV]\P :RMQD Z IDFK VL
]PLHQLáD MDWNL OXG]NLH VWDá\ VL U]HPLRVáHP ]ZROQLRQ\ ] V]HUHJyZ *RáQLHU]
]PXV]DQ\E\áSU]H]QG] GRVWRVRZDQLDZF]DVLHSRNRMRZ\P]Z\F]DMyZ]F]DVX

ZRMQ\ FL ]D NWyU\P RQ ]DJUD*Dá GR FLJDQLD JR MDN G]LNLHJR ]ZLHU]D $
UyZQRF]HQLH]DUD]D

$VWURORJLD ² IDáV]\ZD QDXND RSDUWD QD ZLHU]H*H QD SRGVWDZLH SRáR*HQLD JZLD]G PR*QD SU]HSRZLDGDü

SU]\V]áRü1DXNDWDE\áDQDGHUUR]SRZV]HFKQLRQDZVWDUR*\WQRFLLUHGQLRZLHF]X%DGDQLHUXFKyZFLDáQLHELHVNLFK
SU]H]DVWURORJyZRGHJUDáRMHGQDNSHZQ URO ZSU]\JRWRZDQLXJUXQWXGODUR]ZRMXDVWURQRPLL² 5HG

0LVW\ND NDEDOLVW\F]QD² WDMHPQLF]D QDXND RSDUWD QD ZLHU]H Z PR*OLZRü EH]SRUHGQLHJR REFRZDQLD

F]áRZLHND]EyVWZHP² 5HG

PRURZDLNLáDVUR*\á\VL SRFDáHM(XURSLH1LHSHZQRüMXWUDQG]DEROHüLFLJá\
ON SDQRZDá\ ZV]G]LH ² ON SU]HG QLHRGSDUW\PL VLáDPL VSRáHF]Q\PL NWyUH
G]LDáDá\ MX* QLH Z ZVNLFK UDPDFK ZVSyOQRW\ ZLHMVNLHM DOH Z\VWSRZDá\ ] FDá
QLV]F]\FLHOVN SRWJ ELF]yZSODJQDURGRZ\FKLPLG]\QDURGRZ\FK

3RG ZSá\ZHP WHM V\WXDFML URVáD SRWU]HED UHOLJLL WVNQRWD GR OHSV]HJR ZLDWD

SR]DJURERZHJRSGGRX]QDZDQLDZV]HFKPRF\WHJR%RJDNWyU\VDPMHGHQ]GDá
VL PyFNUHVSRáR*\üSRZV]HFKQHMQLHGROL$ZUD]]W\P]QLNDáD]UHOLJLLSRJRGDL
WH PLáH U\V\ FR M SU]HGWHP FHFKRZDá\ D QDWRPLDVW UR]ZLMDá\ VL Z QLHM MHM
QDMFLHPQLHMV]H L QDMRNUXWQLHMV]H VWURQ\ 'LDEHá ]QRZX ZV]G]LH SRMDZLDá VL
OXG]LRPDLFKZ\REUD(QLD]DMPRZDáDVL WHUD]W\PDE\JRPDORZDüZPR*OLZLH
QDMRNURSQLHMV]\ VSRVyE = UR]NRV] Z\P\ODQR QDMVUR*V]H PNL SLHNLHOQH DE\
GLDEHOVNLHRNUXFLHVWZDZF]\QZSURZDG]DüQD]LHPLSU]HFLZNR*\MF\P:UD]]
NUZDZ\P XVWDZRGDZVWZHP SU]HFLZ *HEUDNRP L ZáyF]JRP Z PRG ZHV]áR
ZV]HQLHZV]G]LHF]DURZQLFLSDOHQLHLFKQDVWRVLH

7D]PLDQDZQDVWURMXPDVSU]\FKRG]LáDSRZROLGRSLHURUHIRUPDFMDFDáNRZLFLH

Z F]\Q M SU]\REOHNáD 5HIRUPDFMD ERZLHP QLH W\ONR ]HUZDáD ] WUDG\FM VWDUHM
UHOLJLL OXGRZHM NWyUD ZFL* MHV]F]H E\áD *\ZD DOH VSUDZLáD RQD *H QDJOH
Z\EXFKQá\SáRPLHQLHPNODVRZHSU]HFLZLHVWZDNWyU\FK*DUGRWGWOLáVL OHGZLH
UHIRUPDFMD UR]SWDáD ZV]\VWNLH SRZ\*HM Z\PLHQLRQH G*QRFL RNUHVX SLHUZRWQHM

DNXPXODFMLNDSLWDáX =DERERQLIDQDW\]PRNUXFLHVWZRL*G]DNUZLGRV]á\GR
REáGQ\FKV]F]\WyZ2G

3LHUZRWQD DNXPXODFMD QDJURPDG]HQLHNDSLWDáX² ZRGUy*QLHQLXRGQRUPDOQHMNDSLWDOLVW\F]QHMDNXPXODFML
NWyUHMSRGVWDZ MHVWZDUWRüGRGDWNRZDF]\OLQLHRSáDFRQDSUDFDURERWQLNDW]ZDNXPXODFMDSLHUZRWQDGRNRQ\ZDáD
VL LQDF]HM %\áWR GRü GáXJRWUZDá\ SURFHV KLVWRU\F]Q\ NWyU\ Z QLHNWyU\FK NUDMDFK QS :áRFK\ UR]SRF]á VL
ZF]HQLHMDOHZáDFLZHJRUR]PDFKXQDEUDáZ;9,L;9,,Z D ZLFMHV]F]HZáRQLHVSRáHF]HVWZD IHXGDOQHJR
VWDQRZLFSXQNWZ\MFLDGODSRZVWDQLDNDSLWDOLVW\F]QHJRVSRVREXSURGXNFMLZQDMEDUG]LHMMDVNUDZ\FKNOD

V\F]Q\FK

IRUPDFK GRNRQDá VL WHQ SURFHV Z $QJOLL 3ROHJDá RQ QD RGU\ZDQLX SU]HPRF URERWQLND RGURGNyZ SURGXNFML
UXJRZDQLXFKáRSyZ]]LHPL]DJUDELDQLX]LHPJPLQQ\FKSRGERMXLSOGURZDQLXNUDMyZNRORQLDOQ\FK:UH]XOWDFLH
QLHZLHOND JUXSD OXG]LQDJURPDG]LáD Z VZ\FK UNDFK GX*H LORFLURGNyZ SURGXNFML L SLHQLG]\5yZQRF]HQLH L
ZVNXWHNWHJRSRZVWDáDNODVDOXG]LQLHSRVLDGDMF\FK*DGQ\FKURGNyZSURGXNFML)DGQHJRWRZDUXSUyF]ZáDVQHMVLá\
URERF]HMNWyU ]PXV]HQLE\OLVSU]HGDZDüMDNRWRZDUSRVLDGDF]RPSLHQLG]\LURGNyZSURGXNFML² NDSLWDOLVWRP
:WHQVSRVyESRZVWDá ZVSyáF]HVQ\ SUROHWDULDW 0HWRG\ SLHUZRWQHM DNXPXODFML W]Q EH]SRUHGQLJZDáW L SU]HPRF
ZLG]LP\XNROHENLUR]ZRMXNODV\NDSLWDOLVWyZZHZV]\VWNLFKNUDMDFK

² 5HG

ZRMHQFKáRSVNLFKD* GRSRNRMXZHVWIDOVNLHJRGR(XURSDSU]\SRPLQDáD
GRPGODREáNDQ\FKNWyUHJRPLHV]NDF\Z\áDPDOLVL ]ZV]HONLFKV]UDQNyZ

:W\PZáDQLHVWXOHFLXZ\WZRU]\áRVL WRFRG]L ]QDP\SRGPLDQHPUHOLJLL

Z\WZRU]\á\ VL ]DUyZQR UR]PDLWH Z\]QDQLD SURWHVWDQFNLH MDN L NDWROLF\]P
MH]XLFNLWU\GHQFNL 6WDU\NDWROLF\]PF]DVyZIHXGDOQ\FK² D PDP\ WX QD P\OL
NDWROLF\]P PDV OXGRZ\FK QLH ]D GZRUX SDSLHVNLHJR ² ]QLNQá ]DOHGZLH WX L
yZG]LH Z MDNLP ]DNWNX GDOHNLHM NDWROLFNLHM ZVL JyUVNLHM QDWUDILDP\ MHV]F]H QD
VáDEH SU]\SRPQLHQLH MRZLDOQRFL FKFL L UDGRFL *\FLD ]JHUPDQL]RZDQHJR
FKU]HFLMDVWZD

/XG]LH RZLHFHQLD Z ;9,,, ZLHNX ]DVWDOL MDNR QDMQLHEH]SLHF]QLHMV]HJR GOD

VLHELHZURJDLQDMZLNV] ]DZDG W ZáDQLHQRZ UHOLJLNWyUDVWDQáDSRPLG]\
QLPLDOXGHP]MHGQHMVWURQ\LGZRUHPNUyOHZVNLP² ]GUXJLHM :ZDOFH]QL
Z\URVáR2ZLHFHQLH,QDZ]yUWHMUHOLJLLKLVWRU\F\EDGDMF\GURJLILOR]RILLZLHNX
2ZLHFHQLD RGPDORZDOL ZV]\VWNLH LQQH UHOLJLH L FKU]HFLMDVWZR ZV]\VWNLFK

ZLHNyZ $ ]DSR]QDü LVWRW JHUPDVNRNDWROLFNLHM OXGRZHM UHOLJLL UHGQLRZLHF]D
SU]\V]áR LP W\P áDWZLHM *H FKDUDNWHU SRF]WNyZ FKU]HFLMDVWZD XGHU]DMFH
SRVLDGD SRGRELHVWZR GR FKU]HFLMDVWZD ] F]DVyZ UHIRUPDFML ]D R OH*FHM
SRPLG]\ W\PL GZRPD W\SDPL FKU\VWLDQL]PX OXGRZHM UHOLJLL UHGQLRZLHF]D D
PLDQRZLFLH]RNUHVXMHMQDMEXMQLHMV]HJRUR]NZLWX GRV]á\GRQDV]\FKF]DVyZOHGZR
VNSHZLHFL

63,675(&,

.2&,Ïà

VWU

1LHRG]RZQRüLSRWJDNRFLRáDZZLHNDFKUHGQLFK

3RGVWDZ\SRWJLSDSLHVWZD

8SDGHNSRWJLSDSLHVNLHM

+80$1,=0

3RJDVWZRLNDWROLF\]P

3RJDVWZRLSURWHVWDQW\]P

1LHZLDUDLSU]HVG\

FHQD]á

GLJLWDOL]DFMD
OHJDEDVW\F]H U