.5$-,128 0ë78 $ %$52.1Ì =%2æ1267,
6WDQLVODY %RORěVNì =GHQďN .XFK\ěND
.5$-,128 0ë78 $ %$52.1Ì =%2æ1267, 6WDQLVODY %RORěVNì IRWRJUDÀ H =GHQďN .XFK\ěND WH[W
7DWR SXEOLNDFH MH À QDQFRYiQD ] 3URJUDPX /HDGHU 9\GiYi ] V S R 3ĢHP\VORYVNp VWĢHGQt ÿHFK\ 6WDQLVODY %RORěVNì =GHQďN .XFK\ěND *UDÀ FNi ~SUDYD MDQ]XUD F] 7LVN .RĀND 6ODQì 3ĢHEDO SĢHGQt VWUDQD 6D]HQi PRVW SĢHV %DNRYVNì SRWRN ]DGQt VWUDQD 9HOYDU\ RVDGD 5DGRYLĀ NDSOH X SUDPHQH 6YďFHQND 7LWXO /LEXåtQ SODQRXFt VUGFH QD NĢtçL QDG EUiQRX QD KĢELWRY VWU 0LFKDO -DQVD )LNWLYQt SRUWUpW . + 0iFK\ NUHVED WXçNRX
(YURSVNì ]HPďGďOVNì IRQG SUR UR]YRM YHQNRYD (YURSD LQYHVWXMH GR YHQNRYVNìFK REODVWt
9LGtรฅ OL SRXWQtND DQ GORXKRX OXฤ LQRX VSฤ FKi NX FtOL QHรง ฤ HUYiQN\ SRK\QRX" .DUHO +\QHN 0iFKD
3ฤขtEฤ K\ QHPiPH KOHGDW Y OLWHUDWXฤขH DOH Y NUDMLQฤ GRSRUXฤ XMH SUฤชYRGFH PL]HMtFtPL PtVW\ QDรฅt ]HPฤ 9iFODY &tOHN $ GRGiYi รงH W\WR SฤขtEฤ K\ QHO]H Y\SUiYฤ W D QDVORXFKDW MLP Y U\FKOH MHGRXFtP DXWฤ DOH MH QXWQR VWHMQฤ MDNR QDรฅL SฤขHGNRYp SURFKi]HW NUDMLQRX Sฤ รฅ N\ $ SURWRรงH OHWRV XSO\QXOR OHW RG QDUR ]HQt DVL QHM]QiPฤ MรฅtKR SRXWQtND ฤ HVNRX NUDML QRX .DUOD +\QND 0iFK\ Y\GHMPH VH Y MHKR VWRSiFK FHVWRX NWHURX ] 3UDK\ Y\UiรงHO GR /LWRPฤ ฤขLF 1HMSUYH EXGHPH SURFKi]HW NUD MLQRX Y Qtรง VH PtVt PรฌW\ OHJHQG\ L VNXWHฤ Qi KLVWRULH VDKDMtFt NH NRฤขHQฤชP ฤ HVNpKR VWiWX 1D RE]RUX SฤขHG QiPL VH EXGH Y\StQDW ] ODE VNรฌFK URYLQ EiMQi KRUD ฤกtS N Qtรง SRGOH SRYฤ V WL ]D]QDPHQDQp NURQLNiฤขHP .RVPRX SฤขLYHGO SUDRWHF รฟHFK QDรฅH SฤขHGN\ NWHฤขt WX SRVWDYL OL QD ]HP VYp EฤชรงN\ D ]DORรงLOL VYi SUYQt VtGOD 9 Wฤ FKWR GiYQรฌFK GREiFK QDรฅL SฤขHG NRYp QHXFWtYDOL MHGLQpKR NฤขHVฤจDQVNpKR %RKD DOH NODQฤ OL VH PQRKD ERKฤชP Y SRVYiWQรฌFK KiMtFK XFWtYDOL SUDPHQ\ D VWXGiQN\ D R UDGX รงiGDOL Yฤ รฅWN\Qฤ NWHUp Y RSRMHQt NRX ฤขHP SiOHQรฌFK RPDPQรฌFK E\OLQ SRGREQฤ MDNR DQWLFNp VLE\O\ RGKDORYDO\ SฤขHG OLGPL URXรฅNX EXGRXFtFK Gฤ Mฤช 3URWR QiV SXWRYi Qt ]DYHGH QHMSUYH QD UDQฤ VWฤขHGRYฤ Np KUD GLรฅWฤ /,%8รคร 1 QD QiYUรฅt QDG VWHMQRMPHQQRX REFt QHGDOHNR .ODGQD 3UiYฤ QD WRWR KUDGLรฅ Wฤ EรฌYi NODGHQR VtGOR EiMQp NQฤ รงQ\ /LEXรฅH QHMPODGรฅt ] GFHU VRXGFH .URND NWHUi SRGOH .RVPRYD Y\MiGฤขHQt E\OD VLFH QHMPHQรฅt Yฤ NHP DOH PRXGURVWt ]H YรฅHFK Wฤขt VHVWHU QHMYฤ Wรฅt
7UQฤ Qรฌ ร MH]G WRU]R ERรงtFK PXN X FHVW\
2GWXG Pฤ OD /LEXรฅH XNi]DW N KRUiP QD VHYHUR]iSDGฤ ]D QLPLรง OHรงt YHV 6WDGLFH NGH QD SROL RฤขH EXGRXFt NQtรงH รฟHFKฤช 3ฤขHP\VO $ RGWXG Y\VODOD L VYฤชM OLG N 9OWDYฤ NGH Pฤ OL QD Op]W PXรงH RWHViYDMtFtKR SUiK D WDP ]DORรงLW Pฤ VWR ร MHKRรง VOiYD KYฤ ]G VH EXGH GRWรฌNDW ยด -DNNROL VH GQHV QDG Wฤ PLWR EiMHPL NWHUp .RVPRYL Y\SUDYRYDOL MDFtVL VWDUFL SRXVPฤ MHPH SUR DUFKHRORJ\ Y SUYQt SRORYLQฤ VWROHWt E\O\ Yรฌ]YRX N KOHGiQt PtVW R QLFKรง VH X .RVP\ DOH L X NURQLNiฤขH 'DOLPLOD D SฤขHGH YรฅtP 9iFODYD +iMND ] /LERฤ DQ GRฤ HWOL $ WDN VH VWDOR รงH QD OLEXรฅtQVNpP KUDGLรฅWL NWHUpPX VH SRGOH WDPQtKR NRVWHOD ฤขtNi 8 VY -Lฤขt E\OD ร REMHYHQDยด /LEXรฅLQD PRK\OD YH VNXWHฤ QRV WL DOH SR]ฤชVWDWN\ VPHWLรฅWฤ ] D VWROHWt =WRWRรงQฤ Qt KUDGLรฅWฤ X VY -Lฤขt VH VtGOHP NQฤ รงQ\ /LEXรฅH YรฅDN ]QRYX RรงLOR YH GUXKp SROR YLQฤ PLQXOpKR VWROHWt GtN\ DUFKHRORJRYL =GHฤ NX 9iฤ RYL NWHUรฌ KUDGLรฅWฤ QD SฤขHORPX D OHW ]NRXPDO = REGREt QHMVWDUรฅtKR VORYDQVNp KR RVtGOHQt Y VWROHWt SฤขL WRP PLPR MLQp REMHYLO L ]ORPHN PDVLYQtKR KOLQฤ QpKR NRWRX ฤ H ]GREHQรฌ SR RERX VWUDQiFK Y\StFKDQรฌP PRWLYHP NWHUรฌ Y\VYฤ WOLO MDNR VROiUQt V\PERO D WHG\ L GRNODG NXOWRYQtKR Yรฌ]QDPX WRKRWR PtVWD $ SRGOH WRKRWR QiOH]X WRPX V /LEXรฅt ]ฤขHMPฤ E\OR ~SOQฤ RSDฤ Qฤ 1HMPODGรฅt .URNR YD GFHUD QHGDOD KUDGLรฅWL MPpQR DOH QDRSDN SRGOH KUDGLรฅWฤ ร WHKG\ SฤขHPRFQpKRยด QHGD OHNR 3UDK\ NWHUp E\OR VSRMHQp V SRKDQVNรฌP NXOWHP D MPHQRYDOR VH /LEXรฅtQ ODWLQVN\ /X ERVVLQ Y\WYRฤขLO .RVPDV MPpQR EiMQp NQฤ รงQ\
/LEXรฅtQ KUDGLรฅWฤ
/LEXรฅtQ KUDGLรฅWฤ /LEXรฅtQ NRVWHO VY -Lฤขt V KฤขELWRYHP D ]YRQLFt OHWHFNรฌ SRKOHG IRWR 0LODQ 3DWULรฅฤ iN
/LEXåtQ KUDGLåWď ]YRQLFH
&R E\OR GฤขtY ]GD KUDGLรฅWฤ QHER NQฤ รงQD QHQt RYรฅHP MHGLQRX GRVXG QHUR] ฤขHรฅHQRX ]iKDGRX VSRMHQRX V OLEXรฅtQVNรฌP KUDGLรฅWฤ P 1DY]GRU\ GORXKROHWรฌP DUFKHR ORJLFNรฌP Yรฌ]NXPฤชP VH ]DWtP QiVWURMH DUFKH RORJฤช MHGQRKR PtVWD QHGRWNO\ ยฒ NRVWHOD VY -Lฤขt -HKR GQHรฅQt SRGRED MH YรฌVOHGNHP ED URNQt SฤขHVWDYE\ SR Qtรง ]ฤชVWDO ]DFKRYiQ MHQRP JRWLFNรฌ SUHVE\Wiฤข ]H VWROHWt $UFKHRORJ -Lฤขt 6OiPD MH DOH SHYQฤ SฤขHVYฤ Gฤ HQ รงH NRVWHO MH PQRKHP VWDUรฅt D รงH VWiO QD KUDGLรฅWL Xรง R ฤ W\ฤขL VWR OHWt GฤขtY 9\FKi]t SฤขLWRP ]H VYDWRYiFODYVNรฌFK OHJHQG SRGOH QLFKรง NQtรงH SUDYLGHOQฤ Y GREฤ SRVYtFHQt REMtรงGฤ O YรฅHFKQ\ KUDG\ QD QLFKรง E\O\ NRVWHO\ $ SRGOH - 6OiP\ WR Y Wp GREฤ E\OD YรฅHFKQD KUDGLรฅWฤ NWHUi SDWฤขLOD GR VWฤขHGR ฤ HVNp SฤขHP\VORYVNp GRPpQ\ ยฒ WHG\ L /LEXรฅtQ 'iOH DUJXPHQWXMH WtP รงH VY -Lฤขt MH SD WURQHP YRMiNฤช D RSHYQฤ QรฌFK PtVW WDN SURฤ E\ PX E\O YH VWROHWt VWDYฤ Q NRVWHO QD PtVWฤ NWHUp Xรง รงiGQRX YRMHQVNRX IXQNFL QHPฤ OR D MHKRรง KUDGE\ VH Xรง GiYQR UR]SDGO\ 1DYtF VH Y Wp GREฤ YHรฅNHUรฌ รงLYRW SฤขHVXQXO GR GQHรฅQt REFH Y ~GROt WDNรงH QRYรฌ NRVWHO E\ VH XUฤ LWฤ VWDYฤ O SUiYฤ WDP D QH WDN GDOHNR ]D YVt 3RNXG VH DOH QD KUDGLรฅWฤ X VY -Lฤขt QHYUiWt DUFKHRORJR Yp D QHREMHYt SRG SRGODKRX GQHรฅQtKR NRVWHOD ]iNODG\ VWDUรฅt VWDYE\ ]ฤชVWDQH VSRU QHY\ฤขHรฅHQ
/LEXรฅtQ NRVWHO VY -Lฤขt JRWLFNรฌ SUHVE\Wiฤข
/LEXรฅtQ KฤขELWRY QiKUREHN -LฤขtKR รคPHMNDOD
7XUVNR SDKRUHN .UOLÃ¥
3XWRYiQt SR VWRSiFK GiYQรฌFK SRYฤ VWt QiV Q\Qt ]DYHGH R Qฤ NROLN GHVtWHN NLORPHWUฤช QD YรฌFKRG N REFL 7XUVNR .URQLNiฤข .RVPDV ]DSVDO รงH SR 3ฤขHP\VOX 2Uiฤ RYL QDVWRXSLO QD NQtรงHFt VWROHF MHKR V\Q 1H]DP\VO D SR Qฤ P 0QDWD 9RMHQ 9QLVODY .ฤขHVRP\VO 1HNODQ D +RVWLYtW .RVPDV SฤขLWRP V GHVSHNWHP SURKOiVLO รงH WDWR NQtรงDWD VL KOHGฤ OD YtFH VYpKR EฤขLFKX QHรง ฤ H KRNROL MLQpKR FR E\ VWiOR ]D ]D]QDPHQiQt 3R WDNWR UD]DQWQtP RGVXGNX VH DOH SฤขHFH MHQ N MHGQRPX NQtรงHWL YUiWLO ยฒ N 1HNODQRYL -HKR MPpQR RGYRGLO RG Ei]OLYRVWL D SฤขLSRMLO SฤขtEฤ K R YiOFH รฟHFKฤช VH VHYHURฤ HVNรฌPL /Xฤ DQ\ Y MH MLFKรง ฤ HOH VWiO YรฌERMQรฌ NQtรงH 9ODVWLVODY 9 UR]KR GXMtFtP VWฤขHWQXWt DOH Y ฤ HOH รฟHFKฤช QHVWiO NQtรงH 1HNODQ QรฌEUรง MHKR VWDWHฤ Qรฌ GUXรงLQtN 7\U 3RG MHKR YHGHQtP รฟHFKRYp ]YtWฤ ]LOL RQ ViP DOH Y ERML SDGO D QDG MHKR Wฤ OHP E\OD QDYUรฅHQD PRK\OD $ SROH NGH VH ELWYD RGHKUiOD E\OR SRGOH KUGLQ\ QD]YiQR 7XUVNรฌP SROHP 2GWXG VH SDN MPpQR SฤขHQHVOR L QD GQHรฅQt REHF 7XUVNR
7XUVNR Yฤ รง NRVWHOD VY 0DUWLQD
-DN Xรง MVHP XYHGO DUFKHRORJRYp Y VWROHWt VH SฤขL VYpP EiGiQt ฤ DVWR QHFKiYDOL YpVW WDNRYรฌPLWR SRYฤ VWPL 0ฤ OL RVWDWQฤ Y]RU Y +HLQULFKX 6FKOLHPDQQRYL NWHUรฌ SRGOH +RPp URYD HSRVX ร OLDV REMHYLO Pฤ VWR 7UyMX 1D 7XUVNp SROH VH WDN Y\GDO MHGHQ ] SUYQtFK WHUpQQtFK EDGDWHOฤช 9iFODY .UROPXV $ SRGOH ]iSLVNฤช ] URNX R WRPWR PtVWฤ SURKOiVLO ร 7XรฅtP รงH WR EXGH PtVWR NGH VH รคWXU V 9ODVODYHP UYDO ]D SD QRYiQt NQtรงHWH 1HNODQD 9\รฅHKUDGVNpKR ยด 6DPR ]ฤขHMPฤ KR ]DXMDO NRSHF V SRGLYQรฌP MPpQHP .UOLรฅ N Qฤ PXรง VH SR WฤขHFK OHWHFK Y\GDO ]QRYX SURWRรงH SฤขL KORXEHQt MiP\ SUR SRVWDYHQt NฤขtรงH QD YUFKROX NRSFH E\O\ REMHYHQ\ OLGVNp NRVWL ร 1HSRFK\EQฤ WDWR PRK\OD VNUรฌYi Y VREฤ RVWDWN\
7XUVNR .UOLรฅ Nฤขtรง QD YUFKROX SDKRUNX
9ODVWLVODYD XGDWQpKR NQtรงHWH OXFNpKR ]GH QD =DELWรฌP SDGOpKR ยด ]D]QDPHQDO VL .URO PXV GR VYpKR ]iSLVQtNX $ KQHG VL WDNp SR VWHVNO รงH QHPRKO WXWR ร PRK\OXยด SUR]NRXPDW SURWRรงH MH ]H V\SNpKR PDWHULiOX WDNรงH E\ E\OR QXWQR Y\KORXELW N MHMtPX VWฤขHGX Y\GฤขH YHQRX รฅWROX D QD WR MHKR VNURYQp ILQDQฤ Qt SURVWฤขHGN\ QHVWDฤ LO\ 9H VNXWHฤ QRVWL MGH DOH R PRK\OX ] SฤขHORPX REGREt KDOรฅWDWVNpKR D ODWpQVNpKR D V PรฌWLFNรฌPL Gฤ MLQDPL NWH Up Otฤ t .RVPDV WXGtรง QHPi QLF VSROHฤ QpKR = 7XUVND QHQt GDOHNR QD /(9รซ +5$'(& NGH Pฤ O VtGOLW RQHQ Ei]OLYรฌ NQtรงH 1HNODQ 8YD รงRYDW R WRP ]GD PH]L OHYRKUDGHFNรฌPL KUDG EDPL Qฤ MDNรฌ WDNRYรฌ NQtรงH Qฤ NG\ VNXWHฤ Qฤ รงLO DVL QHPi VP\VO +LVWRULH WRKRWR UDQฤ VWฤขHGRYฤ NpKR KUDGLรฅWฤ MH DOH VSRMHQD V MLQรฌP WHQWRNUiW Xรง VNXWHฤ Qฤ KLVWRULFN\ GRORรงHQรฌP SฤขHP\VORY VNรฌP NQtรงHWHP 7tP MH %RฤขLYRM SRGOH NURQL NiฤขH .RVP\ V\Q SRVOHGQtKR EiMQpKR NQtรงHWH +RVWLYtWD %RฤขLYRM SฤขLMDO ]ฤขHMPฤ QD SRฤ iWNX RVPGHViWรฌFK OHW VWROHWt QD GYRฤขH YHONR PRUDYVNpKR NUiOH 6YDWRSOXND NฤขHVW ] UXNRX DU FLELVNXSD 0HWRGฤ MH D GR รฟHFK VH YUDFHO MDNR NฤขHVฤจDQ VSROX V PLVLRQiฤขL 1HWURXIO VL RYรฅHP Y\MiGฤขLW VYRX QRYRX YtUX VWDYERX NRVWHOD QD QHMSRVYiWQฤ MรฅtP PtVWฤ NGH VWiO VWROHF QD Qฤ Mรง E\OD GRVD]RYiQD NQtรงDWD D NGH E\OR SRKDQ VNp REฤ WQt PtVWR ]YDQp รฆLรงL WHG\ QD RVWURรงQฤ GQHรฅQtKR 3UDรงVNpKR KUDGX 3UYQt NฤขHVฤจDQVNรฌ NRVWHO WDN E\O SRVWDYHQ QD /HYpP +UDGFL
/HYรฌ +UDGHF SRXWQt PรฅH VY SฤขHG NRVWHOHP VY .OLPHQWD
/HYรฌ +UDGHF NRVWHO VY .OLPHQWD ]iNODG\ SฤขHGURPiQVNp URWXQG\ SRG SRGODKRX GQHรฅQtKR NRVWHOD
/HYรฌ +UDGHF NRVWHO VY .OLPHQWD IUHVND VY 9RMWฤ FKD " Y VHGLOOH SUHVE\WiฤขH
6 YHONRX SUDYGฤ SRGREQRVWt WR E\O NRVWHO GฤขH Yฤ Qรฌ MDN EรฌYDOR SฤขL PLVLtFK ]Y\NHP 6Yฤ Gฤ LO E\ SUR WR SUi]GQรฌ SURVWRU XSURVWฤขHG QHMVWDU รฅtKR SRKฤขHELรฅWฤ NWHUp DUFKHRORJRYp QD KUD GLรฅWL REMHYLOL 7HSUYH ]D %RฤขLYRMRYรฌFK QiVWXS Fฤช QHMVStรฅH ]D MHKR YQXND %ROHVODYD , E\O QD KUDGLรฅWL SRVWDYHQ NDPHQQรฌ NRVWHO ยฒ URWXQ GD ]DVYฤ FHQi VY .OLPHQWX MHMtรง ]iNODG\ MVRX GQHV VNU\W\ SRG SRGODKRX VRXฤ DVQpKR NRV WHOD 'DWRYiQt NDPHQQp VWDYE\ QHQt RSฤขH QR R Qฤ MDNp StVHPQp ]SUiY\ DOH Y\SOรฌYi ] NRQWH[WX XGiORVWt 9 URFH E\O QD /HYpP +UDGFL ]YROHQ GUXKรฌP SUDรงVNรฌP ELVNXSHP 9RMWฤ FK ] URGX 6ODYQtNRYFฤช $ MH QHSUDYGฤ SR GREQp รงH E\ VH WDN Yรฌ]QDPQi XGiORVW RGH KUiYDOD QD PtVWฤ NGH E\ Y Wp GREฤ QHVWiOD NDPHQQi FtUNHYQt VWDYED NRVWHO Pi JRWLFNรฌ SUHVE\Wiฤข V QiVWฤ QQรฌPL PDOEDPL ]H รงLYRWD .ULV WD D 3DQQ\ 0DULH 1D NRQFL PLQXOpKR VWROHWt E\O\ FLWOLYฤ UHVWDXURYiQ\ D SฤขLWRP E\O\ RGNU\W\ L GRVXG QH]QiPp IUHVN\ ] QLFKรง MHGQD YH Yรฌ NOHQNX SฤขHGVWDYXMH ELVNXSD VQDG SUiYฤ ]GH ]YROHQpKR VY 9RMWฤ FKD =PtQLO MVHP VH R VYDWRYiFODYVNรฌFK OH JHQGiFK D Y Wฤ FK Y\VWXSXMH GDOรฅt KUDGLรฅWฤ VSRMHQp V รงLYRWHP QDรฅHKR QiURGQtKR SDWURQD VY 9iFODYD ยฒ %8'(รฟ OHรงtFt QD QiYUรฅt QDG GQHรฅ Qt REFt =iNRODQ\ = OHJHQG VH GR]YtGiPH รงH QD KUDGLรฅWฤ V NRVWHOHP SRVWDYHQรฌP NQtรงHWHP 6S\WLKQฤ YHP , E\O SRVOiQ PODGLฤ Nรฌ 9iFODY DE\ VH WDP Xฤ LO ฤ WHQt SVDQt D ]Sฤ YX รงDOPฤช /H JHQG\ QiP MHรฅWฤ ฤขtNDMt รงH NQฤ ] NWHUรฌ 9iFODYD Y\Xฤ RYDO VH MPHQRYDO QHER Pฤ O SฤขH]GtYNX 8ฤ HQ 7XWR VWUXฤ QRX ]PtQNX OHJHQG UR]YHGOL SR]Gฤ Mรฅt NURQLNiฤขL GR REUD]X QHMYรฌ]QDPQฤ Mรฅt
%XGHฤ NRVWHO VY 3HWUD D 3DYOD
%XGHฤ NRVWHO VY 3HWUD D 3DYOD LQWHULpU VWDY Y URFH
%XGHฤ NRVWHO VY 3HWUD D 3DYOD LQWHULpU VRXฤ DVQรฌ VWDY IRWR -DURVODY 9\รฅtQ
%XGHÄ€ NRVWHO VY 3HWUD D 3DYOD LQWHULpU GQHÃ¥Qt VWDY
UDQฤ VWฤขHGRYฤ Np รฅNRO\ Y รฟHFKiFK MHMtรง SRฤ iW N\ VDKDMt Dรง GR GRE\ VRXGFH .URND NWHUรฌ GR Qt SRVODO VYp WฤขL GFHU\ D /LEXรฅH VH WDP VH]QiPL OD VH VYรฌP EXGRXFtP PDQรงHOHP 3ฤขHP\VOHP 9H VNXWHฤ QRVWL DOH QD %XGฤ L Y GREฤ 9iFODYR YD Gฤ WVWYt รงiGQi VNXWHฤ Qi UDQฤ VWฤขHGRYฤ Ni รฅNROD QHE\OD 9iFODY WDP MHQ VSROX V GDOรฅtPL FKODSFL ]YOiGO ]iNODG\ ฤ WHQt D SVDQt DE\ VH PRKO DNWLYQฤ ~ฤ DVWQLW PรฅH 7tP KODYQtP FR VH Pฤ O QD %XGฤ L QDXฤ LW E\O\ GRYHGQRVWL SR WฤขHEQp N YOiGQXWt SฤขHGHYรฅtP ERMRYรฌ YรฌFYLN 6Yฤ GNHP 9iFODYRYD SRE\WX QD %XG ฤ L MH GRGQHV VWRMtFt URWXQGD VY 3HWUD D 3DY OD SฤชYRGQฤ ]DVYฤ FHQi MHQ SUYQtPX ] RERX DSRรฅWROฤช . KODYQt KRPRORYLWp ORGL SฤขLOpKDOD SRGNRYRYLWi DSVLGD NWHUi DOH E\OD QD VNORQ NX VWROHWt QDKUD]HQD REGpOQรฌP SUHVE\ WiฤขHP 'QHรฅQt VWURKรฌ LQWHULpU MH YรฌVOHGNHP ~SUDY ] GHYDGHViWรฌFK OHW PLQXOpKR VWROHWt NG\ VH QHSRGDฤขLOR ]DFKUiQLW YรฌPDOEX VWฤ Q QD QLFKรง E\O\ RG URNX FLWiW\ ]H VYDWR YiFODYVNรฌFK OHJHQG D ] ELEOH D QDG YUFKR OHP YtWฤ ]QpKR REORXNX SRVWDYD VY 9iFOD YD RENORSHQpKR DQGฤ O\ 1RYฤ Mรฅt QHรง KODYQt ORฤ MH L ฤ W\ฤขERNi URPiQVNi Yฤ รง ] VWROHWt V GYฤ PD ]YRQ\ EDURNQtP RG =DFKDULiรฅH 'L HWULFKD ] URNX V UHOLpI\ SDWURQฤช NRVWHOD VY 3HWUD D 3DYOD D V QRYRGREรฌP ] URNX ] GtOQ\ 3HWUD 5XGROID 0DQRXรฅND QD Qฤ Pรง QD MGHPH UHOLpI\ VY 9iFODYD D VY $QHรงN\ รฟHVNp 6 9iFODYRYรฌP SRE\WHP QD %XGฤ L MH VSRMRYiQ L SORFKรฌ NiPHQ Y OHVH QDG ]iNRODQ VNRX NDSOLฤ NRX QD]รฌYDQรฌ /RรงH VY 9iFODYD 1D WRPWR NDPHQL ~GDMQฤ RGSRฤ tYDO XQDYHQรฌ Yรฌ XNRX Y EXGHฤ VNpP NRVWHOH $ SRG KUDGLรฅWฤ P X RVDG\ 7รฌQHF QDMGHPH NDPHQ\ REH]Gฤ Qรฌ SUDPHQ QD]รฌYDQรฌ 6YDWRYiFODYVNi VWXGiQND
7รฌQHF 6YDWRYiFODYVNi VWXGiQND
=iNRODQ\ VNDOQt ~WYDU W]Y ORรงH VY 9iFODYD
0DOp รฟtฤ RYLFH Nฤขtรง X FHVW\ N EรฌYDOp WXFKRPฤ ฤขLFNp MH]XLWVNp UH]LGHQFL
=DWtP MVPH SURFKi]HOL PtVW\ GR QLFKรง GiYQt NURQLNiฤขL SRORรงLOL PรฌWLFNp SRฤ iWN\ Gฤ MLQ NPHQH รฟHFKฤช Q\Qt VH DOH SฤขHQHVHPH R VWRY N\ OHW EOtรงH N QDรฅt GREฤ = %XGฤ H VH Y\GiPH QD SRXฤจ NUDMLQRX R Qtรง VOiQVNรฌ URGiN SURIHVRU 9LOpP 9iFODY รคWHFK V REOLERX ฤขtNiYDO รงH DQL YH VWROHWt QH]WUDWLOD VYฤชM EDURNQt Ui] 9\MDG ฤขRYDO WtP IDNW รงH Dรง GR SDGHViWรฌFK OHW PLQXOp KR VWROHWt QHรง NROHNWLYL]DFH ]HPฤ Gฤ OVWYt ]UXรฅLOD PH]H UHPt]N\ D FHVW\ PH]L SROL WR E\OD NUDMLQD NWHURX EDURNR RG ]iNODGX ]Pฤ QLOR PQRรงVWYtP VWDYHE RG PRKXWQรฌFK EDURNQtFK FKUiPฤช Dรง SR GUREQRX DUFKLWHNWXUX MDNR MVRX NDSOLฤ N\ ERรงt PXND D NฤขtรงN\ . Wฤ P QD SRฤ iWNX VWROH Wt Y PQRKD REFtFK SฤขLE\O\ SRPQtฤ N\ REฤ Wt SUY Qt VYฤ WRYp YiON\ 1DรฅL SR]RUQRVW VL VDPR]ฤขHM Pฤ ]DVORXรงt L KฤขELWRY\ NWHUp PQRKG\ VNUรฌYDMt FHQQp SDPiWN\ VRFKDฤขVNpKR D NDPHQLFNpKR XPฤ Qt D WDNp GRNOiGDMt VSROHฤ HQVNp SRVWDYHQt Wฤ FK NGR MVRX QD Wฤ FKWR KฤขELWRYHFK SRKฤขEH QL =DWtPFR Y REGREt JRWLN\ E\O\ KRQRVQp Qi KUREN\ Y\KUD]HQ\ SDQRYQtNRYL D รฅOHFKWฤ RG UHQHVDQFH QDMGHPH QD KฤขELWRYHFK L GRNODG\ Y]UฤชVWDMtFt KRVSRGiฤขVNp PRFL Pฤ รฅฤจDQฤช MDNR E\OL WฤขHED YH 6ODQpP URGLQ\ %DOiVฤช D 0Dฤ DVฤช
9HONi 'REUi SDPฤ WQt GHVND EUDWฤขt 9RWDYฤช Y NDSOLฤ FH X VLOQLFH N 5R]Gฤ ORYX
$OH Y\GHMPH VH Xรง QD FHVWX = EXGHฤ VNpKR QiYUรฅt SฤชMGHPH FHVWRX GR =iNRODQ NGH Y ]DWiฤ FH QDG REFt XYLGtPH QDG VFKRGLรฅWฤ P Y\VNOiGDQรฌP ] FLKHO NDPHQQรฌ NฤขtรงHN V XNฤขLรงRYD QรฌP .ULVWHP RSUDYHQรฌ Y URFH .ฤขtรง QHFKDO Y URFH SRVWDYLW )UDQWLรฅHN +DYOtN MDNR SR Gฤ NRYiQt ]D ]iFKUDQX รงLYRWD NG\รง VH ]ORPLOD RM YR]X QD Qฤ Pรง VMtรงGฤ O ] %XGฤ H GR =ร .2/$1 DOH MDNRE\ ]i]UDNHP VH MHPX DQL NRQtP QLF QHVWDOR
=iNRODQ\ SDPiWQรฌ Nฤขtรง X FHVW\ QD %XGHฤ ] U
7รฌQHF ERรงt PXND
=H ]iNRODQVNp QiYVL VH QHMSUYH Y\GiPH GR 7รซ1&( NGH MH ]PtQฤ Qi 6YDWRYiFODYVNi VWX GiQND D WDNp ]Gฤ Qi ERรงt PXND V MHGHQiFWL REUi]N\ PDORYDQรฌPL QD SOHFKX NWHUp SRGOH ~VWQtKR SRGiQt Y\WYRฤขLO ]QiPรฌ PDOtฤข D LOXVWUi WRU GUXKp SRORYLQ\ VWROHWt $QWRQtQ *DUHLV 7DWR ERรงt PXND QHFKDOD Y URFH QD PtVWฤ VWDUรฅtFK ]QDฤ Qฤ SRERฤขHQรฌFK SRVWDYLW $OรงEฤ WD 5LFKWHURYi D PH]L Y\REUD]HQรฌPL VYฤ WFL VD PR]ฤขHMPฤ QHFK\Eฤ Mt VY 9iFODY D VY /XGPLOD 'DOรฅt FHVWD QiV ]DYHGH GR %/(9,& NGH QDMGH PH QHMVWDUรฅt รงLGRYVNรฌ KฤขELWRY QD ~]HPt NODGHQ VNpKR RNUHVX , NG\รง WDP QLNG\ QHE\OD VDPRVWDW Qi รงLGRYVNi REHF D Yฤ WรฅLQRX Y %OHYLFtFK รงLOD MHQ MHGQD รงLGRYVNi URGLQD QHMVWDUรฅt KURE\ SRFKi ]HMt ~GDMQฤ Xรง ]H VWROHWt $ VQDG SUiYฤ SURWR ]DORรงHQt KฤขELWRYD Y\VYฤ WOXMH WDWR PtVWQt SRYฤ VW 9 %OHYLFtFK รงLO ]H VWUDFKX SฤขHG Y\ SRYฤ ]HQtP QHER SURQiVOHGRYiQtP MHGHQ ERKDWรฌ รฆLG .G\รง ]HPฤขHO QHE\OR KR PRรงQp QLNGH SRKฤขEtW SURWRรงH รงiGQรฌ KRVSRGiฤข QH FKWฤ O N WRPXWR ~ฤ HOX SRVN\WQRXW SR]HPHN $รง WHSUYH YUFKQRVWHQVNรฌ ~ฤขDG Y\ฤ OHQLO PtVWR Y OHVH NGH E\OL SR]Gฤ ML SRKฤขEtYiQL L GDOรฅt รฆLGp 2GWXG VH Y\GiPH GR Qฤ NGHMรฅtKR NUi ORYVNpKR Pฤ VWD 9HOYDU &HVWRX E\FKRP QH Pฤ OL PLQRXW QHGDOHNรฌ YUFK 5$'29,รฟ 8 9(/.e %8รฟ,1< NGH MH PH]L VWURP\ SDPiWQi VWXGiQ ND V NDSOt 1HMVYฤ Wฤ Mรฅt 7URMLFH SRVWDYHQi QD SR ฤ iWNX VWROHWt 6WXGiQFH VH ฤขtNDOR 6Yฤ FHQ ND D SRGOH VWDUรฌFK ]i]QDPฤช VH WDP ร PQR]t ]EDYLOL SHYQRX Yฤ URX Y SRPRF %Rรงt D XรงtYiQtP YRG\ QHPRFt Rฤ QtFK SDNRVWQLFH D ]LPQLFH ยด
%OHYLFH รงLGRYVNรฌ KฤขELWRY
9HOYDU\ 5DGRYLฤ NDSOH 1HMVYฤ Wฤ Mรฅt 7URMLFH X VWXGiQN\ 6Yฤ FHQND
9HOYDU\ PDULiQVNì VORXS QD 1iPďVWt NUiOH 9ODGLVODYD
1D 9(/9$56.e0 1iPďVWt .UiOH 9OD GLVODYD VL X 0DULiQVNpKR VRXVRåt ] OHW ² PĪçHPH Y]SRPHQRXW QD .DUOD +\QND 0iFKX NWHUì WX ĢtMQD RG MHGHQiFWL GR ĀW\Ģ RGSROHGQH ĀHNDO QD MXVWLFLiUD 'XUDVH V QtPç SDN MHO NRĀiUHP GR /LWRPďĢLF 9ì]GRED WRKRWR VRXVRåt MH YìUD]HP EDURNQt ]ERçQRVWL NG\ VL YďĢtFt Y\SURåRYDOL X 3DQQ\ 0DULH RFKUD QX SĢHG SRKURPDPL MDNìPL E\OD QDSĢtNODG PRURYi HSLGHPLH 3URWR PH]L VYďWFL QHFK\ EďMt RFKUiQFL SĢHG PRUHP VY 5R]iOLH D VY äHEHVWLiQ 1DSURWL KĢELWRYQtPX NRVWHOX VY -LĢt VWRMt MHGQD ] PQRKD VRFK VY -DQD 1HSRPXF NpKR V QtPç VH VHWNiPH MHåWď QďNROLNUiW SĢL ĀHPç REOLED WRKRWR VYďWFH VH ] ÿHFK UR]åtĢLOD L GR %DYRUVND 5DNRXVND D /DWLQVNp $PHULN\ 'DOåt VYDWRMiQVNi VRFKD QD QiYVL Y 8+É&+ E\Ĩ MHQ Y SRGREď QRYRGREp UH SOLN\ QD SĪYRGQtP VRNOX MH SĢtNODGHP ]GDĢL Op REQRY\ PtVWQt SDPiWN\ 6QDG Y WpWR REFL ]ĪVWDOR MHåWď QďFR ] GXFKD VWDWNiĢH 2OGĢLFKD %UWQtND PHFHQiåH XPďQt MHKRç VEtUND RE UD]Ī ]H ² VWROHWt VH RGND]HP GRVWDOD GR VEtUHN 0ďVWVNpKR PX]HD YH 9HOYDUHFK
&KUçtQ NRVWHO VY .OLPHQWD
9HOYDU\ PDULiQVNì VORXS VRFKD VY äHEHVWLiQD
&KUรงtQ QiKUREHN DVWURQRPD $QWRQtQD 6WUQDGD
8รง RG 9HOYDU QiV QD QDรฅHP SXWRYiQt MDNR PDMiN PฤชรงH YpVW ฤ HUYHQi รฅSLฤ ND NRVWHOD VY .OLPHQWD Y &KUรงtQฤ $ SUiYฤ NYฤชOL WRPXWR PD OHEQpPX SRKOHGX QD NRVWHO D YHV SRG QtP VH &KUรงtQX Qฤ NG\ ฤขtNi ฤ HVNรฌ %HWOpP 3ฤชYRGQฤ UDQฤ JRWLFNi VWDYED E\OD SฤขHVWDYฤ QD Y REGR Et EDURND D QDNRQHF Y URFH QRYRJRWLF N\ XSUDYHQD 1D KฤขELWRYฤ MH SRKฤขEHQ $QWRQtQ 6WUQDG ยฒ DVWURQRP D ฤขHGLWHO KYฤ ] GiUQ\ Y SUDรงVNpP .OHPHQWLQX ]D Qฤ Mรง E\OD ]DKiMHQD SUDYLGHOQi PHWHRURORJLFNi Pฤ ฤขHQt =HPฤขHO WRWLรง QD ]iPNX Y 6$=(1e NDP KR SR ]YDO QD ยฒ ERKXรงHO QH~VSฤ รฅQp ยฒ Opฤ HQt KUDEฤ )HUGLQDQG .LQVNรฌ 1D PRVWฤ Y WpWR PDOHEQp REFL VH VHWNiPH V GDOรฅt VYDWRMiQVNRX VRFKRX 7D E\OD NROHP URNX Y\WYRฤขHQD Y GtOQฤ Yรฌ]QDPQpKR VRFKDฤขH SR]GQtKR EDURND )UDQ WLรฅND ,JQiFH 3ODW]HUD = SฤชYRGQtFK รฅHVWL VRFK QD PRVWฤ GYฤ SR URFH ]DQLNO\ D GQHV MH QD Qฤ P NURPฤ VY -DQD 1HSRPXFNpKR MHรฅWฤ VRXVRรฅt .DOYiULH V 0Dฤขt 0DJGDOpQRX D DQGฤ OHP 1D SRฤ iWNX GHYDGHViWรฌFK OHW PLQXOpKR VWROHWt RYรฅHP E\O\ VRFK\ NYฤชOL รฅSDWQpPX VWDYX QDKUD]HQ\ NRSLHPL D ]UHVWDXURYDQp RULJLQiO\ MVRX XPtVWฤ Q\ Y SUฤชMH]GX YHOYDUVNpKR PX]HD 8รง QD SUYQt SRKOHG MH Y REFL SDWUQp รงH VL PtVW Qt RE\YDWHOp Yiรงt KLVWRULFNpKR RGND]X SฤขHGNฤช R ฤ HPรง VYฤ Gฤ t NRSLH VORXSX V 3DQQRX 0DULt RSUDYHQรฌ EDURNQt POรฌQ VWXGiQND X VY $QWR Qtฤ ND SRPQtN REฤ Wt SUYQt VYฤ WRYp YiON\ L 3HY QRVWQt PX]HXP SฤขLSRPtQDMtFt EXGRYiQt RSHY Qฤ Qt W]Y 3UDรงVNp ฤ iU\ Y OHWHFK ยฒ
6D]HQi VRFKD VY -DQD 1HSRPXFNpKR QD PRVWฤ SฤขHV %DNRYVNรฌ SRWRN GHWDLO
6D]HQi NDSOLฤ ND V SUDPHQHP VY $QWRQtฤ ND
+ROXELFH NRVWHO 1DUR]HQt 3 0DULH
= QHMVHYHUQฤ MรฅtKR ERGX QDรฅHKR SXWR YiQt VH REUiWtPH N MLKX &HVWRX GR +ROXELF SURMGHPH NROHP RVDPฤ OH VWRMtFt .$3/,รฟ.< 69 *27+$5'$ SRVWDYHQp Y URFH 'QHV Xรง Y Qt ERKXรงHO QHQDMGHPH DQL VRFKX MHMtKR SDWURQD FRE\ RFKUiQFH RVHQt SฤขHG ERXฤขNRX D NUXSRELWtP DQL PDORYDQp REUD]\ VY )ORULi QD VY /LQKDUWD D VY -XG\ 7DGHiรฅH NWHUp E\O\ YH YรฌNOHQFtFK NDSOH 0LPRฤขiGQรฌ ]iรงLWHN QiP RYรฅHP QDEtGQH URWXQGD 1DUR]HQt 3DQQ\ 0D ULH Y +ROXELFtFK 3RFKi]t ] SRฤ iWNX VWROH Wt D N SฤชYRGQt YiOFRYp ORGL V MHGQRX DSVLGRX E\OD SR]Gฤ ML SฤขLSRMHQD MHรฅWฤ MHGQD DSVLGD Yฤ รง D QDNRQHF L EDURNQt VDNULVWLH 6SRGQt ฤ iVW Yฤ รงH MH ]DNOHQXWD NฤขtรงRYRX NOHQERX QD MHMtPรง VYRUQtNX MVRX StVPHQD 01 0DULDH QDWLYLWD WLV 1DUR]HQt 0DULH MHรง ]SRFK\Eฤ XMt WUDGR YDQRX GRPQฤ QNX รงH URWXQGD E\OD SฤชYRGQฤ ]DVYฤ FHQD VY .DWHฤขLQฤ NWHURX YLGtPH QD Qi VWฤ QQp PDOEฤ Y SRGYฤ รงt VSROX V IUHVNDPL GDO รฅtFK VYฤ WLF D VYฤ WFฤช &HVWRX SฤขHV PtVWQt ฤ iVW .R]LQHF PLQHPH QD QiYVL NDSOL RSฤ W ]DVYฤ FHQRX VY *RWKDUGX D X VLOQLFH N 7XUVNX ERรงt PXND V NฤขtรงHP VH VNXSLQRX SDPiWQรฌFK VWURPฤช &HVWRX G R ร KROLฤ HN V L X N DSOLฤ N\ Q D U R]FHV Wt ]QRYX SฤขLSRPHQHPH EiMQRX ELWYX QD 7XU VNpP SROL NWHUi ]ฤขHMPฤ GDOD Y]QLNQRXW SRPtVW QtPX MPpQX 1D ]DELWpP 'DOรฅt ]DVWiYND QD QDรฅt FHVWฤ REHF 9HONp 3ฤขtOHS\ MH QD KLVWRULFNp VWDYHEQt SDPiWN\ SRPฤ UQฤ FKXGi 3ฤชYRGQt OLGRYi DUFKLWHNWXUD VH SUDNWLFN\ QHGRFKRYDOD SURWRรงH GtN\ ~URGQp SฤชGฤ D ] WRKR SO\QRXFtPX ]QDฤ QpPX ERKDWVWYt VHGOiNฤช E\OD VWDUi VWDYH Qt ]iK\ QDKUD]HQD PRGHUQฤ MรฅtPL VWDYEDPL 1H QDMGHPH WX DOH DQL NRVWHO SURWRรงH REHF SDWฤขL OD N ~Qฤ WLFNp IDUQRVWL WDNรงH WX QD QiYVL Y\URVWOD MHQ EDURNQt NDSOLฤ ND GDWRYDQi GR URNX
ร KROLฤ N\ ERรงt PXND QD UR]FHVWt FHVW N 7XUVNX D /LEฤ LFtP Q 9OW
.R]LQHF ERรงt PXND V NฤขtรงHP X VLOQLFH N 7XUVNX
0DOp รฟtฤ RYLFH RVPLERNi NDSOH VY .ฤขtรงH
.DSOH ]DVYฤ FHQi VY *RWKDUGRYL E\OD Y URFH SRVWDYHQD L Y .DPรฌNX GQHรฅQt PtVWQt ฤ iVWL 9HONรฌFK 3ฤขtOHS -DN VH GRฤ WHPH Y NQL]H $QWRQtQD 3RGODK\ R SRVYiWQรฌFK PtV WHFK .UiORYVWYt ฤ HVNpKR WDWR QRYi NDSOH QD KUDGLOD SฤชYRGQt SR]GQฤ EDURNQt NDSOL ] URNX MHMtรง VYฤ FHQt VH RGHKUiYDOR ]FHOD Y GX FKX EDURNQtFK VODYQRVWt NWHUp VH VYรฌP DUDQรง Pi EOtรงLO\ GLYDGHOQtPX SฤขHGVWDYHQt 9 QHGDOHNรฌFK 128721,&ร &+ GR MH MLFKรง IDUQRVWL .DPรฌN SDWฤขLO VWRMt Y SROR]H OLGRYฤ SRMPHQRYDQp ร QD +ฤชUNiFKยด NRVWHO VY -DQD .ฤขWLWHOH SฤขHVWDYฤ Qรฌ GR EDURNQt SRGRE\ Y URFH ,QLFLiWRUNRX WpWR SฤขHVWDYE\ E\OD DED W\รฅH $QQD 0HFKWLOGD 6FKHQZHLVRYi SURWRรงH NRVWHO VWHMQฤ MDNR FHOi YHV QiOHรงHO\ Xรง RG VWROHWt VYDWRMLฤขVNpPX NOiรฅWHUX QD 3UDรงVNpP KUD Gฤ 6WHMQฤ MDNR Y 1RXWRQLFtFK WDN L Y 0$/รซ&+ รฟร รฟ29,&ร &+ VWRMt WDPQt DUFKLWHNWRQLFN\ YHOPL ]DMtPDYi RVPLERNi NDSOH VY .ฤขtรงH ] OHW ยฒ QD QiYUรฅt D MH QDY]GRU\ UR]UฤชVWDMtFt VH ]iVWDYEฤ L GQHV Xรง ]GiON\ GREฤขH SDWUQi -HMtP VWDYHEQtNHP E\OD URYQฤ รง FtUNHYQt YUFKQRVW WHQWRNUiW RYรฅHP MH]XLWp ] SUDรงVNp NOLPHQW VNp NROHMH MLPรง รฟtฤ RYLFH VSROX V QHGDOHNรฌPL 7XFKRPฤ ฤขLFHPL SDWฤขLO\ $ L NG\รง WX QHY\URVW O\ MDNR QD FHVWฤ ] 3UDK\ GR 0ODGp %ROHVODYL QHER GR NOiรฅWHUD Y +iMNX X 8QKRรฅWฤ EDURN Qt NDSOLฤ N\ Y\]QDฤ LOL MH]XLWp FHVWX PH]L VYRX WXFKRPฤ ฤขLFNRX UH]LGHQFt D NDSOt Y 0DOรฌFK รฟtฤ RYLFtFK MDNรฌPLVL ร PH]QtN\ยด NWHUp QDY]GR U\ รฅNRGiP NWHUp Y PLQXOรฌFK OHWHFK XWUSฤ O\ QDEiGDMt N ]DVWDYHQt ยฒ EDURNQt VORXS SฤชYRG Qฤ VH VRFKRX 3DQQ\ 0DULH 1HSRVNYUQฤ QpKR SRฤ HWt MHVN\ฤ ND VY )UDQWLรฅND ;DYHUVNpKR ] Qtรง RYรฅHP VRFKD OHรงtFtKR VYฤ WFH GiYQR ]PL]HOD QHER 2%129(1รซ .ฤกร รฆ 8 52=&(67ร . 6$/9ร 7258
9HONp 3ฤขtOHS\ PtVWQt ฤ iVW .DPรฌN NDSOLฤ ND ] URNX
9HONp 3ฤขtOHS\ NDSOLฤ ND ]YRQLฤ ND GDWRYDQi
2NRฤข KUDG WRU]R NDSOH YH Yฤ รงL
= 0DOìFK ÿtĀRYLF MH WR Xç VNXWHĀQď MHQ ÅFR E\ NDPHQHP GRKRGLO´ NH ]ĢtFHQLQď KUD GX 2.2ġ( NWHUì E\O SRGOH DUFKHRORJLFNìFK Yì]NXPĪ ]DORçHQ Xç YH GUXKp SRORYLQď VWR OHWt 2 QHFHOìFK VWR OHW SR]GďML QHFKDO KUDG UR]ViKOH SĢHEXGRYDW ERKDWì SUDçVNì PďåĨDQ )UDQWLåHN 5RN\FDQVNì KUDG SRWp SDWĢLO %RĢLWĪP ] 0DUWLQLF D SR URFH SĢHåHO GR PDMHWNX MH]XLWĪ =UXåHQt WRKRWR ĢiGX Y URFH RYåHP ]QDPHQDOR L ]iQLN KUDGX .YĪOL KDYDULMQtPX VWD YX VH URNX SĢHVWDO\ Y KUDGQt NDSOL NRQDW ERKRVOXçE\ D URNX VH GRNRQFH ]ĢtWLOD MHMt NOHQED 3XVWì KUDG SDN VORXçLO RNROQtPX RE\ YDWHOVWYX MDNR Y\GDWQì ]GURM VWDYHEQtKR PD WHULiOX , WDN E\OD ]ĢtFHQLQD REOtEHQìP PtVWHP YìOHWĪ 3UDçDQĪ D QDMGHPH ML L PH]L ÅKUDG\ VSDW ĢHQìPL´ NWHUp VL GR VYpKR ]iSLVQtNX NUHVOLO .DUHO +\QHN 0iFKD -HGQD ] MHKR QiYåWďY Y EĢH]QX E\OD DVL GRVW ERXĢOLYi SURWRçH åHVWQiFW VWXGHQWĪ V 0iFKRX Y ĀHOH QHMSUYH Y SLYRYDĢH Y 7XFKRPďĢLFtFK Y\SLOR ÅQD SRVQtGDQRX´ GYď YHONp VODGRYQLFNp NRQYH SLYD D QD VDPRWQpP KUDGď VL 0iFKD SURVWĢHOLO YODVWQt ĀHSLFL NWH URX MHGHQ ] MHKR NROHJĪ Y\KRGLO GR Y]GXFKX
2NRĢ ]ĢtFHQLQD KUDGX
2NRĢVNìP ~GROtP VH SDN Y\GiPH QD ]iYďUHĀQRX HWDSX QDåHKR SXWRYiQt GR .2 9É5 SRG %XGĀt 3URWL QďNGHMåt IDĢH E\OD Y URFH ] SRGQďWX IDUiĢH 'RPLQLND 3XEFH SRVWD YHQD NDSOH ]DVYďFHQi SDWURQX UROQtNĪ VY ,VL GRUX 0DGULGVNpPX GQHV RYåHP SUDNWLFN\ EH] LQWHULpURYp Yì]GRE\ 3RGpO SRWRND SRG EX GHĀVNìP QiYUåtP QHER SR VLOQLFL GRMGHPH GR
.RYiU\ NDSOH VY ,VLGRUD LQWHULpU VRXĀDVQì VWDY
7UQฤ Qรฌ ร MH]G VNXSLQD VWURPฤช QD PtVWฤ NฤขtรงH ] U Y SROtFK
=ร .2/$1 NGH VWRMt ]D รงHOH]QLฤ QtP YLDGXN WHP QDSURWL EรฌYDOp WRYiUQฤ QD SLDQD ]QDฤ N\ 'DOLERU NDSOLฤ ND ] URNX Y Qtรง E\O Dรง GR QHGiYQpKR ]FL]HQt ]DYฤ รฅHQ ]YRQHN MtPรง VH SRGOH SRYฤ VWL ]YRQLOR SฤขL SRSUDYฤ SฤขH GiNฤช VWDYRYVNpKR RGERMH QD 6WDURPฤ VWVNpP QiPฤ VWt Y 3UD]H Y ฤ HUYQX .ROHP NDSOLฤ N\ VH Y\GiPH GR NRSFH N GฤขtYH ]PtQฤ QpPX ORรงL VY 9iFODYD D GiOH GR 7UQฤ QpKR ร MH]GD 3ฤขL UR]FHVWt VLOQLF QDG 751ฤ 1รซ0 ร -(='(0 VWRMt NDPHQQรฌ VRNO NฤขtรงNX NWHUรฌ QHGiYQR ] UR]YD OHQรฌFK ]E\WNฤช ]QRYX VHVWDYLOL PtVWQt REฤ DQp 'DOรฅt NฤขtรงHN NWHUรฌ VWiYDO X OtS\ XSURVWฤขHG SROH MH Xรง QD PDSiFK ] OHW ยฒ 3ฤช YRGQt GฤขHYฤ Qรฌ Nฤขtรง E\O DOH SRรฅNR]HQ EOHVNHP WDNรงH QD MHKR PtVWฤ QHFKDO VWDWNiฤข /DGLVODY รคRXรฅD SRVWDYLW NDPHQQรฌ Nฤขtรง NWHUรฌ E\O Y\VYฤ FHQ GXEQD 6HOVNp VWDWN\ Y 7UQฤ QpP ร MH]Gฤ SฤขLSRPtQDMt RVXG ]GHMรฅtFK VHGOiNฤช MH MLFKรง KRVSRGDฤขHQt ]OLNYLGRYDOD QiVLOQi NROHNWL YL]DFH Y SDGHViWรฌFK OHWHFK VWROHWt $ SURWL QHMYฤ WรฅtPX VWDWNX NWHUรฌ SDWฤขLO /DGLVODYX รคRXรฅR YL QDMGHPH NDSOLฤ NX VWRMtFt WX Xรง SฤขHG URNHP 9 SDUฤ tNX X Qt E\O\ NYฤ WQD ]D VD]HQ\ WฤขL OtS\ 0DVDU\NRYD %HQHรฅRYD D OtSD 6YRERG\ $ Y SURWฤ MรฅtP SDUฤ tNX RUJDQL]DFH ฤขHSDฤขฤช Y\VDGLOD WpKRรง GQH รคYHKORYX OtSX NWH Ui VWRMt GRGQHV DOH NDPHQQรฌ SRPQtฤ HN V Qi SLVHP รคYHKORYD OtSD E\O DVL SR GYDFHWL OHWHFK RGVWUDQฤ Q D SฤขHYH]HQ NH VNOiGFH QD %XGฤ L RGNXG MHM ]DFKUiQLO KLVWRULN 9iFODY 'DYtGHN $ QD ]iNRODQVNpP QiGUDรงt RGNXG VH GRVWDQH PH GR .UDOXS QDG 9OWDYRX QHER GR .ODGQD QDรฅH SXWRYiQt NUDMHP PรฌWฤช D EDURNQt ]ERรง QRVWL NRQฤ t 3R]QDOL MVPH SฤขL Qฤ P รงH Y PQR KD REFtFK VL Yiรงt YODVWQt PLQXORVWL D SHฤ OLYฤ VH VWDUDMt DE\ SDPiWN\ QD QL ]ฤชVWDO\ XFKRYiQ\ L SUR EXGRXFt JHQHUDFH $ SRPRFQRX UXNX MLP SฤขLWRP SRGiYi ]iMPRYp VGUXรงHQt SUiY QLFNรฌFK RVRE 3ฤขHP\VORYVNp VWฤขHGQt รฟHFK\
=iNRODQ\ NDSOLฤ ND ] URNX
7UQฤ Qรฌ ร MH]G WRU]R VRNOX NฤขtรงH Y SROtFK
+ROH NDSOLÄ&#x20AC;ND ]YRQLÄ&#x20AC;ND QD QiYVL
5HNRQVWUXNFH D REQRY\ SDPiWHN SRGSRĢHQp ] 3URJUDPX UR]YRMH YHQNRYD RVD ,9 /($'(5 5HVWDXURYiQt Å+XVRYD´ SRPQtNX Y =iNRODQHFK 5HVWDXURYiQt NDPHQQpKR NĢtçH V XNĢLçRYDQìP .ULVWHP Y =iNRODQHFK 2EQRYD NDSOLĀN\ YH 6ODQpP .YtFL 5HNRQVWUXNFH YUDW VWRGRO\ ² VGUXçHQt $UDQND =ORQLFH *DOHULH PďVWVNpKR PX]HD 9HOYDU\ UHNRQVWUXNFH EDURNQtKR SURVWRUX 5HVWDXURYiQt UiPX ROWiĢQtKR REUD]X NDSOH VY *RWWKDUGD YH 9 3ĢtOHSHFK 2EQRYD NRUXQ\ KUDGHEQt ]GL QD ]ORQLFNpP KĢELWRYď 5HNRQVWUXNFH EXGRY\ ĀS SDPiWQtN PďVW\VH 9UDQì 2SUDYD ]Gt NROHP NRVWHOD VY /XNiåH D ]HOHQď X NDSOH VY 9RMWďFKD Y 'ĢtQRYď 2EQRYD NDSOLĀN\ YH 6ODQpP =UHVWDXURYiQt VRFK\ VY -DQD 1HSRPXFNpKR YH 9HOWUXVtFK 2EQRYD VWĢHFK\ REMHNWX 3RXVWND ĀS Y DUHiOX .ĢLçRYQLFNp UH]LGHQFH Y 7XUVNX 6WDYHEQt REQRYD NRVWHOD VY 3HWUD D 3DYOD Y +RĢHåRYLFtFK 2EQRYD NRVWHOD VY %DUWRORPďMH Y /LEĀLFtFK ² RSUDYD VWĢHFK\ ORGL NRVWHOD 5HDOL]DFH QRYp YìVWDYQt H[SR]LFH 6WXGLR 0HQKLU =UHVWDXURYiQt SRPQtNX SDGOìFK Y REFL ġLVXW\ 3RPQtN DNDGHPLFNpKR PDOtĢH -DURVODYD 9ďåtQD URGiND ] 9UDQpKR .ROHĀ ² ]iPHN SUR YåHFKQ\ RSUDYD ]iPHFNp ]GL D WHUpQQt ~SUDY\ Y ]DKUDGď 2EQRYD ĀiVWL VWĢHFK\ REMHNWX 3RXVWND ĀS Y DUHiOX .ĢLçRYQLFNp UH]LGHQFH Y 7XUVNX
2WYRYLFH NRVWHO VY 3URNRSD
8K\ VRFKD VY -DQD 1HSRPXFNpKR QD QiYVL
%XGHÄ&#x20AC; PDNHWD ]iNODGĪ URPiQVNpKR NRVWHOD 3 0DULH
9รฌEฤ U OLWHUDWXU\ &ร /(. 9iFODY 0DNRP .QLKD PtVW 3UDKD '92ฤกร . 2WRPDU 3ROH VOXQHฤ QtKR EรฌND %HURXQ .2/(.7,9 $8725ฤฉ %XGHฤ OHW , $UFKHRORJLH D KLVWRULH .ODGQR .26029$ .521,.$ รฟ(6.ร 3UDKD D /LWRP\รฅO 32'/$+$ $QWRQtQ 3RVYiWQi PtVWD .UiORYVWYt ฤ HV NpKR $UFLGLHFpVH SUDรงVNi 'tO 9 9LNDULiW /LERFNรฌ 3UDKD 32'/$+$ $QWRQtQ 3RVYiWQi PtVWD .UiORYVWYt ฤ HV NpKR $UFLGLHFpVH SUDรงVNi 'tO 9,, 9LNDULiW 6ODQVNรฌ 3UDKD 6200(5 3HWU =Dฤ iWN\ NฤขHVฤจDQVWYt Y รฟHFKiFK 3UDKD 9(/& )HUGLQDQG 6RXSLV SDPiWHN KLVWRULFNรฌFK D XPฤ OHFNรฌFK Y .UiORYVWYt ฤ HVNpP 'tO ;; 3ROLWLFNรฌ RNUHV 6ODQVNรฌ 3UDKD
1RXWRQLFH Nฤขtรง X VLOQLFH N 9HONรฌP 3ฤขtOHSฤชP