konsekwencje wyborow prezydenck praca magisterska KN2QJQB6CM354

background image









81,:(56<7(7,0$'$0$0,&.,(:,&=$

:32=1$1,8







:<'=,$à1$8.632à(&=1<&+

,167<7871$8.32/,7<&=1<&+

,'=,(11,.$567:$

















0DFLHM ODFKFLDN



.216(.:(1&-(:<%25Ï:35(=<'(1&.,&+52.8























3UDFDPDJLVWHUVNDQDSLVDQDSRGNLHUXQNLHP

3URIGUKDE.5REDNRZVNLHJR

Z=DNáDG]LH+LVWRULL3ROLW\F]QHM

L5XFKyZ6SRáHF]Q\FK;;ZLHNX





3R]QD 

background image







3ODQ


.RQVHNZHQFMHZ\ERUyZSUH]\GHQFNLFKZURNX


:VW S
5R]G]LDá,3U]\JRWRZDQLHZ\ERUyZ
6WDWXV3UH]\GHQWD53
5HJXODFMDSUDZQDZ\ERUX3UH]\GHQWD53LMHJRNRPSHWHQFMH
-DNL3UH]\GHQW"

5R]G]LDá,,.WR3UH]\GHQWHP"
7H]\SURJUDPRZHNDQG\GDWyZQD3UH]\GHQWD
3RSLHUZV]HMWXU]H

5R]G]LDá,,,5H]XOWDW\Z\ERUyZ
$OHNVDQGHU.ZD QLHZVNL3UH]\GHQWHP53
:VSyOQD3ROVND$OHNVDQGUD.ZD QLHZVNLHJR
2U]HF]HQLH6 GX1DMZ\ V]HJR
=DSU]VL HQLH3UH]\GHQWD53

5R]G]LDá,96\WXDFMDZ3ROVFHSRZ\ERUDFK
6\WXDFMDVSRáHF]QRSROLW\F]QDZ3ROVFHSRZ\ERUDFK
2FHQDUHDOL]DFMLRELHWQLFLSURJUDPXZ\ERUF]HJR$OHNVDQGUD

.ZD QLHZVNLHJR

=DNR F]HQLH
%LEOLRJUDILD
3XEOLNDFMHSUDVRZHLWHOHZL]\MQH





background image







:VW S






2EVHUZDWRU]\SROVNLHMVFHQ\SROLW\F]QHMV ]JRGQL HQLHSRGOHJáDLGHPR

NUDW\F]QD 3ROVND QDURG]LáD VL  Z WUDNFLH REUDG 2NU JáHJR 6WRáX .RQWURZHUVMH
PXVLQDWRPLDVWZ\ZRáDüRGSRZLHG QDS\WDQLHNLHG\ZáD FLZLHVNR F]\áVL WHQ
V]F]HJyOQ\RNUHV]DSRF] WNRZDQ\ZLRVQ URNX-HGQLE G ZVND]\ZDüWX
QDSRZVWDQLHU] GX7DGHXV]D0D]RZLHFNLHJRLQQLQDXSDGHNPXUXEHUOL VNLH
JRL-HVLH /XGyZ0R QDWH SU]\ZRáDüSLHUZV]HZ\ERU\SUH]\GHQFNLHSLHUZ
V]HZROQHZ\ERU\SDUODPHQWDUQHF]\ZUHV]FLHSRUD N SDUWLLVROLGDUQR FLRZ\FK
Z Z\ERUDFK  URNX L Z\EyU Z URNX  $OHNVDQGUD .ZD QLHZVNLHJR QD
3UH]\GHQWD53
:\EyU WHQ QDVW SXM F SR XSá\ZLH SHáQHM NDGHQFML /HFKD :Dá V\ ]UXW\QL]RZDá
VDP DNW Z\ERUX JáRZ\ SD VWZD Z ZLHOX DVSHNWDFK -HGQDN H GOD ZL NV]R FL
XJUXSRZD  FKRüQLHNRQLHF]QLHGODLFKOLGHUyZ E\áSLHUZV]\PWHJRW\SXWHVWHP
ZLFKQLHGáXJLHMKLVWRULL3DUWLHQLHG\VSRQRZDá\XWUZDORQ\PLZ]RUFDPL]DFKR
ZD QDSRV]F]HJyOQ\FKHWDSDFKNDPSDQLL VHOHNFMHNDQG\GDWyZVSRVyE]DSHZ
QLHQLD LP SRSDUFLD ]DZLHUDQLH VRMXV]\ Z\ERUF]\FK LWS  'OD ZLHOX SDUW\MQ\FK
DNWRUyZ NDPSDQLD SUH]\GHQFND QLH E\áD SURVW  JU  R Z\QLN F]\OL REM FLH QDM
Z\ V]HJRXU] GXZSD VWZLH1DMF] FLHMREFL RQDE\áDGRGDWNRZ PLVM Uy 
Q GODUy Q\FKVHJPHQWyZVFHQ\SROLW\F]QHMDQDZHWIUDNFMLMHGQHMSDUWLL-HG
Q\P]DOH DáRRSRZUyWQDVFHQ SROLW\F]Q LQQ\PRQRZHPLHMVFHZáDVQHMSDUWLL
QDWHMVFHQLHMHV]F]HLQQ\PRZ\EyUSUH]\GHQWDRV]F]HJyOQ\FKFHFKDFK DQW\WH
]D:Dá V\ 1LHNWyU]\OLGHU]\Z\NRU]\VW\ZDOLW JU E\REURQLüVZ SU]\ZyGF] 
URO  QD F]HOH ZáDVQHM SDUWLL LOXE SRSUDZLü VZRM  SR]\FM  ZREHF SRNUHZQ\FK
XJUXSRZD -HV]F]HLQQLSUDJQ OLZ\NRU]\VWDüMHG\QLHXZDJ PHGLyZE\Z\GR
VWDüVL ]QLHE\WXSROLW\F]QHJROXEZ\NUHRZDüQRZHXJUXSRZDQLH:V]\VWNLHWH
JU\F] VWRVL QDVLHELHQDNáDGDá\SURZDG] FGRZLHONLHJR]DP WXZNU\WHULDFK
GRERUXNDQG\GDWyZ&RUD]ZL NV] URO ZHZV]\VWNLFKXJUXSRZDQLDFK]DF] WR
SU]\SLV\ZDüUDQNLQJRPSRSXODUQR FLSROLW\NyZ6WDá\VL RQHQLHW\ONRSRPRFQL

background image







F]\PQDU] G]LHPVHOHNFMLDOHX]\VNDá\VWDWXVRVWDWHF]QHJRDUELWUD6SHNXODFMHFR
GRV]DQVSRV]F]HJyOQ\FKRVyEVWDá\VL V\EVW\WXWHPVDPHMSROLW\NL5RODR URG
NyZEDGDQLDRSLQLLSXEOLF]QHMLVSRQVRUXM F\FKMHPHGLyZE\áDZWHMNDPSDQLL
QLHSRUyZQ\ZDOQD GR DGQ\FK SRSU]HGQLFK Z\ERUyZ 7R RQH Z U]HF]\ VDPHM
UR]SRF] á\PDUDWRQSUH]\GHQFNL2GVW\F]QLDURNXV\VWHPDW\F]QLHRJáDV]D
QR Z\QLNL SRPLDUX V]DQV SRWHQFMDOQ\FK NDQG\GDWyZ =QDMGXM F\ VL  SRG VLOQ 
SUHVM SROLW\F\RFL JDOLVL ]SRGM FLHPGHF\]MLRSU]\VW SLHQLXGRUR]JU\ZNLOXE
Z\FRIDQLXVL ]QLHM2JURPQDF] FEDWDOLL]DSR UHGQLFWZHPVRQGD \UR]HJUDáD
VL MHV]F]H]DQLPRILFMDOQLHRJáRV]RQRVDPWHUPLQHOHNFMLFRVWDáRVL GRSLHUR
ZU]H QLDURNX7HUPLQUHMHVWUDFMLNDQG\GDWyZXSá\Q áZU]H QLDZWHG\
WRQDVW SLáQDMEDUG]LHMHPRFMRQXM F\HWDSUR]JU\ZNLQDSURFHQW\LZ\NUHV\


&HOHPQLQLHMV]HMSUDF\PDJLVWHUVNLHMMHVWSU]HGVWDZLHQLHV\WXDFMLVSRáHF]

QRSROLW\F]QHMZ3ROVFHSRZ\ERUDFKRUD]RFHQDUHDOL]DFMLRELHWQLFLSURJUDPX
Z\ERUF]HJR $OHNVDQGUD .ZD QLHZVNLHJR MDN UyZQLH  XND]DQLH ]PLDQ NWyUH
PLDá\PLHMVFHZ3ROVFHSRURNX=PLDQZNWyU\FKHOHNFMDSUH]\GHQFND
URNXE\áD]ELRURZ\PSURFHVHPXF]HQLDVL UHJXáJU\Z\ERUF]HMUHJXáGH
PRNUDFMLLRND]M GRXF]\WHOQLHQLDSROVNLHMVFHQ\SROLW\F]QHM


&KF F Z\ND]Dü SRZ\ V]H ]DáR HQLD VNRU]\VWDáHP ]DUyZQR ] RSUDFRZD 

NVL NRZ\FKSUDV\FRG]LHQQHMLW\JRGQLNyZRUD]DXG\FMLWHOHZL]\MQHM2SLVXM F
DVSHNW\]ZL ]DQH]HVWDWXVHPUHJXODFM SUDZQ LNRPSHWHQFMDPL3UH]\GHQWD53
VNRU]\VWDáHP ] RSUDFRZD  GRW\F] F\FK SUDZD NRQVW\WXF\MQHJR LQVW\WXFML SROL
W\F]Q\FKZ3ROVFHLV\VWHPyZSROLW\F]Q\FKNUDMyZNDSLWDOLVW\F]Q\FK3R]RVWDáH
UR]G]LDá\SUDF\RSUDFRZDáHPZRSDUFLXRDXG\FMHWHOHZL]\MQ G]LHQQLNLLW\JR
GQLNL

background image







5R]G]LDá,3U]\JRWRZDQLHZ\ERUyZ

6WDWXVSUH]\GHQWD53



-HGQ ]QDF]HOQ\FK]DVDG]DGHNODURZDQ\FKZ0DáHM.RQVW\WXFMLMHVW]DVD

GDWUyMSRG]LDáXZáDG]-HVWWR]DVDGDRNUH ODM FDPLHMVFHSUH]\GHQWDZV\VWHPLH
RUJDQyZ SD VWZRZ\FK RUD] ]DVDGQLF]H UHODFMH Z\VW SXM FH SRPL G]\ WU]HPD
ILODUDPLSD VWZD6 QLPL6HMPL6HQDWZ]DNUHVLHZáDG]\XVWDZRGDZF]HMQLH
]DZLVáH V G\ Z ]DNUHVLH ZáDG]\ V GRZQLF]HM RUD] 3UH]\GHQW 53 L 5DGD 0LQL
VWUyZZ]DNUHVLHZáDG]\Z\NRQDZF]HM



5HODFMHPL G]\QDF]HOQ\PLRUJDQDPL

SD VWZD VWDQRZL  QDMLVWRWQLHMV]\ HOHPHQW XVWDZ\ NRQVW\WXF\MQHM R Z]DMHPQ\FK
VWRVXQNDFKPL G]\ZáDG] XVWDZRGDZF] LZ\NRQDZF] RUD]RVDPRU] G]LHWH
U\WRULDOQ\P6DPD]DVDGDSRG]LDáXZáDG]Z\]QDF]DSRGVWDZRZ\NLHUXQHNZMD
NLPSRZLQQDSyM üUHJXODFMDSUDZQDW\FKVWRVXQNyZ







:HM FLH Z \FLH XVWDZ\NRQVW\WXF\MQHM]GQLDSD G]LHUQLNDUR

Z]DMHPQ\FKVWRVXQNDFKPL G]\ZáDG] XVWDZRGDZF] LZ\NRQDZF] 5]HF]\SR
VSROLWHM3ROVNLHMRUD]RVDPRU] G]LHWHU\WRULDOQ\P]DVDGQLF]R]PLHQLáRSR]\FM 
XVWURMRZ 3UH]\GHQWD53D]ZáDV]F]D5DG\0LQLVWUyZLSRGOHJáHMMHMDGPLQLVWUD
FMLSD VWZRZHM2UJDQ\WH]RVWDá\]DOLF]RQHGRZáDG]\Z\NRQDZF]HMFRZ ZLH
WOH ]DáR H  SU]\M WHM WHRULL WUyMSRG]LDáX ZáDG]\ SD VWZRZHM ZLQQR GDZDü LP
Z]JO GQ  VDPRG]LHOQR ü L QLH]DOH QR ü RG RUJDQyZ XVWDZRGDZF]\FK :VSR
PQLDQDVDPRG]LHOQR üLQLH]DOH QR üV]F]HJyOQLH5DG\0LQLVWUyZLDGPLQLVWUD
FMLSD VWZRZHME\áDQLHPR OLZDSRGU] GDPLXSU]HGQLRRERZL ]XM F\FKSU]HSL
VyZ.RQVW\WXFML35/]GQLDOLSFDU

 





:]DMHPQHZVSyáG]LDáDQLHZáDG]PR HE\üRVL JQL WH]DSRPRF Uy Q\FK

PHFKDQL]PyZRNUH ODM F\FKZ]DMHPQHVWRVXQNLPL G]\RUJDQDPLOHJLVODW\Z\L
HJ]HNXW\Z\
7UDG\F\MQHV ZW\P]DNUHVLHGZDV\VWHP\SDUODPHQWDUQ\ LQDF]HM]ZDQ\SDU
ODPHQWDUQRJDELQHWRZ\P NWyUHJRNODV\F]Q\PSU]\NáDGHPMHVWXVWUyM:LHONLHM
%U\WDQLL OXE )UDQFML ,,, 5HSXEOLNL RUD] SUH]\GHQFNL ] PRGHORZ\P SU]\NáDGHP
XVWURMX6WDQyZ=MHGQRF]RQ\FK:SD VWZDFKHXURSHMVNLFKSUDNW\NXMHVL QDRJyá

background image







V\VWHP SDUODPHQWDUQ\ FKRFLD  Z\VW SXMH RQ Z EDUG]R Uy Q\FK ZDULDQWDFK L ]
ZLHORPDPRG\ILNDFMDPLX]DVDGQLDM F\PLQDZHWRGU EQHQD]Z\MDNQSV\VWHP
NDQFOHUVNLZ1LHPF]HFK


1DMGDOV]\RGPRGHORZHJRNV]WDáWXMHVWV\VWHP95HSXEOLNL)UDQFMLJG]LH

ZSURZDG]RQRWDNVLOQHHOHPHQW\SUH]\GHQFMDOL]PXL WUXGQRMHVWJRMHGQR]QDF]
QLH]DNZDOLILNRZDüLQDMF] FLHMPyZLVL  HMHVWWRV\VWHPPLHV]DQ\RLOHZU F]
QLHSUH]\GHQFNL3ROVNDWNZLZWUDG\FMLSDUODPHQWDUQHM7DNLE\áPRGHOZSURZD
G]RQ\SU]H].RQVW\WXFM 0DUFRZ Z]RURZDQ QD,,,5HSXEOLFH)UDQFXVNLHMGR
WDNLHJRPRGHOXQDZL ]\ZDáD0DáD.RQVW\WXFMD]UDQDZHWQLHNWyUHLQVW\
WXFMHSUDZQH].RQVW\WXFMLUFKRüRF]\ZL FLHLVWRWDXVWURMXSROLW\F]QHJR
E\áD]XSHáQLHLQQD3RZUyWGR]DVDG\SRG]LDáXZáDG]QDND]XMHGRNRQDüZ\ERUX
WDN HLZW\P]DNUHVLH2EVHUZXM FSROVN VFHQ SROLW\F]Q GRVWU]HJDVL Uy QH
UHSUH]HQWRZDQHRSFMH1DMF] FLHMV WRSURSR]\FMHSU]\M FLDV\VWHPXSDUODPHQ
WDUQHJR]SHZQ GR] PRG\ILNDFMLW]ZUDFMRQDOL]DFM V\VWHPXDOERFRZLHOR
NURWQLHVXJHURZDáE\á\3UH]\GHQW53/HFK:Dá VDV\VWHPXIUDQFXVNLHJR95H
SXEOLNL

 

6\VWHPRUJDQyZSD VWZRZ\FKZVSyáF]HVQHM)UDQFMLPR QDQDMRJyO

QLHMNODV\ILNRZDü]HZ]JO GXQDIRUP\XVWURMRZHMDNRV\VWHPPLHV]DQ\SDU
ODPHQWDUQRSUH]\GHQFNLZNWyU\PXWU]\PDQD]RVWDMH]DVDGDRGSRZLHG]LDOQR FL
SROLW\F]QHMU] GXSU]HGSDUODPHQWHPDOHJG]LHZ\VW SXMHUyZQLH QLH]DOH Q\RG
SDUODPHQWX3UH]\GHQW5HSXEOLNLSRVLDGDM F\F] üZáDG]\Z\NRQDZF]HM]DNWy
UHMUHDOL]RZDQLHQLHMHVWRGSRZLHG]LDOQ\SROLW\F]QLHSU]HGSDUODPHQWHP







=JRGQLH]NRQFHSFM WUyMSRG]LDáXZáDG]\Z3ROVFHVDPRG]LHOQR üHJ]H

NXW\Z\PXVLPLHüSHZQHJUDQLFH*áyZQ\PLFKZ\]QDF]QLNLHPV XSUDZQLHQLD
OHJLVODW\Z\DZV]F]HJyOQR FLSUDZRVWDQRZLRQHSU]H]6HMPL6HQDW2JUDQLF]
QLNLHP ZáDG]\ Z\NRQDZF]HM MHVW UyZQLH  RGSRZLHG]LDOQR ü SROLW\F]QD U] GX
SU]HG 6HMPHP RUD] RGSRZLHG]LDOQR ü NRQVW\WXF\MQD 3UH]\GHQWD L 5DG\ 0LQL
VWUyZ SU]HG 7U\EXQDáHP 6WDQX ] RVNDU HQLD ZQLHVLRQHJR SU]H] =JURPDG]HQLD
1DURGRZHZSU]\SDGNX3UH]\GHQWDL6HMPZSU]\SDGNX5] GX







2EHFQLH 0DáD .RQVW\WXFMD QLH GRNRQXMH MHGQR]QDF]QHJR Z\ERUX FR GR

URG]DMX V\VWHPX SUH]\GHQFNLHJR Z3ROVFH3U]\MPXMHERZLHPV]HUHJLQVW\WXFML

background image







ZáD FLZ\FKGODV\VWHPXSDUODPHQWDUQHJR]W]ZUDFMRQDOL]DFM V\VWHPXMDNLV\V
WHPXRSDUWHJRQD]DáR HQLDFKV\VWHPXIUDQFXVNLHJR95HSXEOLNL

background image







5HJXODFMDSUDZQDZ\ERUX3UH]\GHQWD53LMHJRNRPSHWHQFMH



,QVW\WXFMD3UH]\GHQWDPDQDJUXQFLHQDV]HJRNRQVW\WXFMRQDOL]PXGR üGáXJ 

WUDG\FM =QDQDE\áDERZLHPNRQVW\WXFMRPSROVNLPRGULIXQNFMRQRZDáDGR
 U D QDVW SQLH WDN H Z VWUXNWXU]H ZáDG] QDXFKRG VWZLHGRFKZLOLREM FLD
XU] GX3UH]\GHQWD53SU]H]/HFKD:Dá V JUXGQLDU,QF\GHQWDOQLHLQVW\
WXFMDWD]RVWDáDQDNUyWNLRNUHV  Zá F]RQDGRJURQDRUJDQyZQDF]HO
Q\FK3ROVNLSRGUXJLHMZRMQLH ZLDWRZHMSU]H]W]Z0Dá .RQVW\WXFM F]\OLXVWD
Z NRQVW\WXF\MQ ]OXWHJRURXVWURMXL]DNUHVLHG]LDáDQLDQDMZ\ V]\FK
RUJDQyZ5]HF]\SRVSROLWHM3ROVNLHM3RZUyWGRWUDG\FMLMHGQRRVRERZHMJáRZ\SD 
VWZD Z 35/ QDVW SLá Z QDVW SVWZLH SRUR]XPLH  Ä2NU JáHJR VWRáX´ ] NZLHWQLD
 U 1RZHOL]DFMD .RQVW\WXFML ]  NZLHWQLD  U E G FDIRUPDOQRSUDZQ\P
RZRFHPÄ2NU JáHJRVWRáX´SU]HZLG\ZDáDERZLHPLQVW\WXFM 3UH]\GHQWD35/NWy
UDWRQD]ZDXWU]\P\ZDáDVL GRNROHMQHMQRZHOLNRQVW\WXF\MQHM]JUXGQLD
USU]\ZUDFDM FHM3ROVFHQD]Z Ä5]HF]SRVSROLWD3ROVND´LW\PVDP\PRNUH ODM FHM
JáRZ SD VWZD3UH]\GHQWHP5]HF]\SRVSROLWHM3ROVNLHM5HDNW\ZRZDQ\XU] G3UH
]\GHQWDVWDáVL EH]Z WSLHQLDMHGQ\P]V\PEROLSRGM W\FKZW\PF]DVLHUHIRUP
XVWURMRZ\FKZ3ROVFH
1LF WH  G]LZQHJR H LQVW\WXFM  MHGQRRVRERZHM SUH]\GHQWXU\ XWU]\PXMH WDN H
REHFQLH RERZL ]XM FD W]Z 0DáD .RQVW\WXFMD F]\OL XVWDZD NRQVW\WXF\MQD ] 
SD G]LHUQLND  U R Z]DMHPQ\FK VWRVXQNDFK PL G]\ ZáDG]  XVWDZRGDZF]  L
Z\NRQDZF] 53RUD]RVDPRU] G]LHWHU\WRULDOQ\P

 





=DVDG\LWU\EZ\ERUX3UH]\GHQWDXOHJá\ZSROVNLFKZDUXQNDFKRGU

SHZQHMRGSRF] WNX]DPLHU]RQHMHZROXFML=DPLHU]RQHMERZLHPZSUDZG]LHSU]\
Ä2NU Já\PVWROH´X]JRGQLRQR HZ\EyU3UH]\GHQWD35/]RVWDQLHGRNRQDQ\SU]H]
6HMPL6HQDWSRá F]RQHZ=JURPDG]HQLH1DURGRZHWRMHGQDNWHMIRUPLHZSLVDQHM
]UHV]W  GR NRQVW\WXFML WRZDU]\V]\áR LVWQLHQLH LQQHM QLHSLVDQHM DOH SRZV]HFKQLH
]DDSURERZDQHM IRUPXá\ SROLW\F]QHM Z P\ O NWyUHM NROHMQH Z\ERU\ SUH]\GHQFNLH
E G PLDá\MX FKDUDNWHUSRZV]HFKQ\3LHUZV]HZ\ERU\SUH]\GHQFNLHRGE\á\VL 
OLSFDU1DZV]\VWNLFKF]áRQNyZ=JURPDG]HQLD1DURGRZHJRZJáRVRZD
QLXXF]HVWQLF]\áRF]áRQNyZ=JURPDG]HQLD]F]HJR]DZD QHX]QDQRJáR

background image







V\1DMHG\QHJRNDQG\GDWD:RMFLHFKD-DUX]HOVNLHJRSDGáRJáRVyZSRVáyZL
VHQDWRUyZFRVSUDZLáR H:RMFLHFK-DUX]HOVNLPyJá]RVWDü]DSU]\VL RQ\8F]\
QLRQRWRSU]H]RGHEUDQLHRGQLHJRZREHF=JURPDG]HQLD1DURGRZHJRSU]HGREM 
FLHPXU] GX OXERZDQLDNWyUHJRURW RNUH OLáDQRZHODNRQVW\WXF\MQD]NZLHWQLD
U


'UXJLHZ\ERU\SUH]\GHQFNLHRGE\á\VL MX MDNRZ\ERU\SRZV]HFKQHLEH]

SR UHGQLHZGZyFKWXUDFKZNR FXU
3LHUZV]DWXUDRGE\áDVL OLVWRSDGDGUXJDJUXGQLD:QDVW SVWZLHW\FKZ\ER
UyZXU] G3UH]\GHQWD53]RVWDá]áR RQ\ZU FH/HFKD:Dá V\3RGVWDZ SUDZQ 
W\FKZ\ERUyZVWDQRZLáDXVWDZDR]PLDQLH.RQVW\WXFML53LXVWDZDRZ\ERU]H3UH
]\GHQWD53RE\GZLH]ZU]H QLDU







0DáD.RQVW\WXFMDRNUH ODSHZQHSRGVWDZRZHLRJyOQHZ\PRJLSUDZQHZ

NZHVWLLNZDOLILNDFMLRVyEXELHJDM F\FKVL RZ\EyUQDXU] G3UH]\GHQWD533UH
]\GHQWHPPR H]RVWDüZ\EUDQDMHG\QLHRVREDSRVLDGDM FDRE\ZDWHOVWZRSROVNLH
NRU]\VWDM FD]SHáQLSUDZZ\ERUF]\FKLPDM FDXNR F]RQHODW \FLD
3RQLHZD .RQVW\WXFMDX]DOH QLDZ\EyURGNRU]\VWDQLD]SHáQLSUDZZ\ERUF]\FK
MHVWRF]\ZLVWH HNDQG\GDFLGRWHJRXU] GXPXV] NRU]\VWDü]SHáQLSUDZF\ZLO
Q\FKSROLW\F]Q\FKLRE\ZDWHOVNLFKDSRQDGWRPXV] VWDOH]DPLHV]NLZDüQDWHU\WR
ULXP53FRQDMPQLHMRGODW0DáD.RQVW\WXFMDQLHZSURZDG]D DGQ\FKLQQ\FK
ZDUXQNyZGRW\F] F\FKZ\ERUyZSUH]\GHQFNLFK1LHRNUH ODJyUQHMOLF]E\NDQG\
GDWyZ Z SLHUZV]HM WXU]H SU]HZLGXM F MHG\QLH H GR GUXJLHM WXU\ SU]HFKRG]  FL
GZDM NDQG\GDFL NWyU]\ RWU]\PDOL NROHMQR QDMZL NV]  OLF]E  JáRVyZ 3UH]\GHQWD
Z\ELHUDQDUyGZZ\ERUDFKSRZV]HFKQ\FKUyZQ\FKEH]SR UHGQLFKZJáRVRZDQLX
WDMQ\PLEH]Z]JO GQ ZL NV]R FL ZD QLHRGGDQ\FKJáRVyZ1LHX]\VNDQLHSU]H]

DGQHJR]NDQG\GDWyZEH]Z]JO GQHMZL NV]R FLSRZRGXMHNRQLHF]QR üSU]HSUR

ZDG]HQLD GUXJLHM WXU\  GQLD SR SLHUZV]\P JáRVRZDQLX 'RSXV]F]HQL GR QLHM
]RVWDM  W\ONR FL GZDM NDQG\GDFL NWyU]\ Z SLHUZV]HM WXU]H X]\VNDOL NROHMQR QDM
ZL NV]  OLF]E  JáRVyZ L QLH ]UH]\JQRZDOL ] GDOV]HJR NDQG\GRZDQLD : GUXJLHM
WXU]H]DZ\EUDQ XZD DVL RVRE NWyUDX]\VNDáDZL NV] OLF]E ZD QLHRGGDQ\FK
JáRVyZ 7ZyUF\ XVWDZ\ NRQVW\WXF\MQHM]UQLH]DSRPQLHOLWDN HRZáD FL
Z\P XUHJXORZDQLX VSUDZ ]ZL ]DQ\FK ] ]DU] G]HQLHP Z\ERUyZ SUH]\GHQFNLFK

background image







=RVWDáR RQR ]áR RQH Z U FH PDUV]DáND 6HMPX 3URFHGXUD Z\ERUyZ XZ]JO GQLD
ZV]HONLHPR OLZHV\WXDFMH]ZL ]DQH]REVDG]HQLHPXU] GX3UH]\GHQWD


7\P VDP\P 0DáD .RQVW\WXFMD SU]HZLGXMH Z\EyU Z QRUPDOQ\FK ZDUXQ

NDFK JG\ XSá\ZD NRQVW\WXF\MQH RNUH ORQ\ RNUHV XU] GRZDQLD GRW\FKF]DVRZHM
JáRZ\SD VWZDDWDN HZV]F]HJyOQ\FKRNROLF]QR FLDFKJG\RSUy QLHQLHXU] GX
SUH]\GHQFNLHJRQDVW SXMHSU]HGNR FHPNDGHQFMLXU] GXM FHJR3UH]\GHQWD53


:SLHUZV]\PSU]\SDGNXZ\ERU\]DU] G]DPDUV]DáHN6HMPXQLHZF]H QLHM

QL QDPLHVL FHLQLHSy QLHMQL QDPLHVL FHSU]HGXSá\ZHPNDGHQFMLXU] GX
M FHJR 3UH]\GHQWD : GUXJLP SU]\SDGNX QDWRPLDVW F]\OL Z UD]LH RSUy QLHQLD
XU] GXQLHSy QLHMQL GQLSRRSUy QLHQLXXU] GXZ\]QDF]DM FGDW Z\ERUyZ
SU]\SDGDM F ZFL JXPLHVL F\RGGQLD]DU] G]HQLDZ\ERUyZ


:\ERU\ZLQQ\RGE\üVL ZGQLXZROQ\PRGSUDF\8SUDZQLHQLDGRVWZLHU

G]HQLDZD QR FLZ\ERUyZRUD]GRSU]\M FLDSU]\VL JLRGQRZRZ\EUDQHMJáRZ\
SD VWZD D WDN H GR X]QDQLD WUZDáHM QLH]GROQR FL SUH]\GHQWD GR VSUDZRZDQLD
XU] GXRUD]UR]SDWU]HQLDVSUDZ\SRVWDZLHQLDJRZVWDQRVNDU HQLDSU]HG7U\EXQD
áHP6WDQX]RVWDá\QDWRPLDVWSRZLHU]RQH=JURPDG]HQLX1DURGRZHPX

 





'OD]DJDGQLHQLDNDGHQFMLGHF\GXM FHV GZLHGDW\3LHUZV]DNWyUDRNUH OD

SRF] WHNMHMELHJXGUXJDPRPHQWMHM]DNR F]HQLD0DáD.RQVW\WXFMDGRNRQXMHWX
SUHF\]\MQHJRXVWDOHQLDSU]H]VWZLHUG]HQLH HNDGHQFMD3UH]\GHQWD53OLF]\VL RG
GQLDREM FLDSU]H]QLHJRXU] GX DUWXVW 

 

=NROHLREM FLHXU] GXQDVW 

SXMHSR]áR HQLXZREHF=JURPDG]HQLD1DURGRZHJRSU]\SLVDQHMSU]H].RQVW\WXFM 
SU]\VL JLDQDZHW]FKZLO MHMVNáDGDQLDFRZ\QLND]WUH FLSU]\VL JL0RPHQWWHQ
NRQVW\WXW\ZQLH SU]HV G]D R PR QR FL SUDZQHJR UR]SRF] FLD XU] GRZDQLD SU]H]
JáRZ SD VWZD2GWHJRPRPHQWXOLF]\VL RZHSL üODWWUZDQLDSHáQRPRFQLFWZD
3UH]\GHQWD 53 1DWRPLDVW REM FLH XU] GX SU]H] 3UH]\GHQWD Z\EUDQHJR SU]H] X
Sá\ZHPNDGHQFMLGRW\FKF]DVRZHJRSUH]\GHQWDGRNRQXMHVL ZHGáXJ0DáHM.RQVW\
WXFMLQDVW SQHJRGQLDSRXSá\ZLHNDGHQFMLXU] GXM FHJRSUH]\GHQWD DUWXVW
 







7UDG\F\MQ\P ]DSLVHP NWyU\ ]DZLHUD ZL NV]R ü NRQVW\WXFML UHJXOXM F\FK

VSUDZ\ SUH]\GHQWXU\ MHVW ]DSLV GRW\F] F\ UHJXá\ LQFRPSDWLELOLWDVF]\OLQLHSRá 
F]DOQR FLVWDQRZLVNDJáRZ\SD VWZD]LQQ\PLVWDQRZLVNDPLZSD VWZLH,VWRWQ\P

background image







SRZRGHPLVWQLHQLDWHM HUHJXá\MHVWQLHSRNyM HJáRZDSD VWZDSU]H]LVWQLHM F\
UyZQROHJOH ] IXQNFM  SUH]\GHQFN  VWRVXQHN ]DOH QR FL F]\ SRGSRU] GNRZDQLD ]
W\WXáX]DMPRZDQLDVL LQQ G]LDáDOQR FL SXEOLF]Q DOERSU\ZDWQ PRJáRE\WUDFLü
SUHVWL E\üIDNW\F]QLHOXEF]XüVL VXELHNW\ZQLHQLHGR üQLH]DOH QDEH]VWURQQDL
VDPRG]LHOQD0RJáRE\WRURG]Lü]NROHLSRGHMU]HQLD HIXQNFMDQRZHJRU] GXQLH
Z\NRQXMHZVSRVyEFDáNRZLFLHZROQ\LEH]LQWHUHVRZQ\


-HGQDN HUHJXáDWDQDEUDáDZáD FLZHJR]QDF]HQLDGRSLHURZV\VWHPLHSDU

ODPHQWDUQRJDELQHWRZ\PZNWyU\PSU]HGHZV]\VWNLPRGPyZLRQRSUH]\GHQWRZL
SUDZDGRUyZQRF]HVQHJR]DVLDGDQLDZSDUODPHQFLH]JRGQLH]]DVDG  HPDQGDW
SDUODPHQWDUQ\ZLQLHQSR]RVWDüZPXUDFKSDUODPHQWX5HJXá W PR QDVW GRGQD
OH üZHZV]\VWNLFKEH]PDáDGHPRNUDW\F]Q\FKNRQVW\WXFMDFK ZLDWD



1DOH \

SU]\W\PGODZ\MD QLHQLDGRNR FDVSUDZ\GRGDü HWDNUR]XPLDQDUHJXáDLQFRP
SDWLELOLWDVQLH]DEUDQLDNDQG\GRZDQLDGRXU] GXSUH]\GHQFNLHJRSU]H]SRVáDOXE
VHQDWRUDDQLQLHXQLHPR OLZLDXU] GXM FHPXSUH]\GHQWRZLXELHJDQLDVL RPDQGDW
SDUODPHQWDUQ\ERZLHPZRGQLHVLHQLXGRGUXJLHM]HVSUDZDQLNRQVW\WXFMDDQLRU
G\QDFMD VHMPRZD L VHQDFND QLH ]DZLHUDM  DGQ\FK RJUDQLF]H  Z NRU]\VWDQLX ]
SUDZ Z\ERUF]\FK RVRE\ SLDVWXM FHM XU] G SUH]\GHQWD D QDGWR QLHSRá F]DOQR ü
IXQNFML3UH]\GHQWD53QLHMHVWSRMPRZDQDMDNRQLHZ\ELHUDOQR ü'RSLHURZ\EyU
XU] GXM FHM JáRZ\ SD VWZD GRSDUODPHQWXVSRZRGRZDáRE\NRQLHF]QR üRSRZLH
G]HQLDVL ]DX]\VNDQ\PPDQGDWHPDOER]DGRW\FKF]DVRZ\PXU] GHP


1DNRQLHFWHMF] FLGRW\F] FHMSUDZQ\FKDVSHNWyZZ\ERUX3UH]\GHQWD53

QDOH \NLOND]GD SR ZL FLüGRGDWNRZRNDPSDQLLZ\ERUF]HMQDXU] G3UH]\GHQWD
536]F]HJyáRZRVSUDZ\]W\P]ZL ]DQHUHJXOXMHXVWDZD]ZU]H QLDUR
Z\ERU]H3UH]\GHQWD53:V]F]HJyOQR FLXVWDZDWDVNáDGDSUDZR]JáDV]DQLDNDQ
G\GDWyZ QD 3UH]\GHQWD 53 Z U FH RUJDQL]DFML SROLW\F]Q\FK L VSRáHF]Q\FK RUD]
Z\ERUFyZ.D GH]JáRV]HQLHNDQG\GDWDZLQQRE\üSRSDUWHRVRELVW\PLSRGSLVDPL
FR QDMPQLHM  W\VL F\ Z\ERUFyZ SU]\ F]\P NDQG\GDFL GR XU] GX SUH]\GHQWD
ZLQQLE\ü]JáRV]HQLZFL JXGQLRGRJáRV]HQLD]DU] G]HQLDPDUV]DáND6HMPXZ
VSUDZLHZ\ERUXSUH]\GHQWD'UXJLPZD Q\PLEXG] F\PF] VWRNRQWURZHUVMH]D
JDGQLHQLHP]ZL ]DQ\P]Z\ERUHPSUH]\GHQWDV ILQDQVHNDPSDQLLZ\ERUF]HM2
LOHNRV]W\]ZL ]DQH]Z\ERUDPLSRNU\ZDQHV ]EXG HWXSD VWZDRW\OHNRV]W\

background image







]ZL ]DQH]H]JáRV]HQLHPNDQG\GDWDLSURZDG]RQ QDLFKU]HF]NDPSDQL Z\ERU
F] SRNU\ZDQHV ]H URGNyZILQDQVRZ\FKSRGPLRWyZ]JáDV]DM F\FKSRV]F]HJyO
Q\FKNDQG\GDWyZ


8VWDZDRNUH ODMDNLHLF]\MH URGNLILQDQVRZHPRJ E\üSU]HND]\ZDQHQD

ILQDQVRZDQLH NDPSDQLL Z\ERUF]HM ]DUHMHVWURZDQHJR NDQG\GDWD RUD] SUHF\]XMH ]
MDNLFK URGNyZ NDPSDQLD WD QLH PR H E\ü ILQDQVRZDQD : UyG W\FK RVWDWQLFK
XVWDZDZ\PLHQLDPL G]\LQQ\PL URGNLILQDQVRZHSRFKRG] FH]EXG HWXSD VWZD
EXG HWyZ WHU\WRULDOQ\FK RUJDQyZ DGPLQLVWUDFML U] GRZHM L LQQ\FK SD VWZRZ\FK
MHGQRVWHN RUJDQL]DF\MQ\FK ] EXG HWX JPLQ L VHMPLNyZ VDPRU] GRZ\FK RUD]
]ZL ]NyZ NRPXQDOQ\FK ] IXQGXV]\ SD VWZRZ\FK SRGPLRWyZ JRVSRGDUF]\FK L
LQQ\FKRVyESUDZQ\FK]SU]HZDJ XG]LDáX6NDUEX3D VWZDRUD]]H UyGHá]DJUD
QLF]Q\FK )LQDQVRZDQLH NDPSDQLL Z\ERUF]HM Z 3ROVFH MHVW MDZQH

 

:SURZD

G]HQLHZ3ROVFHSRZV]HFKQ\FKLEH]SR UHGQLFKZ\ERUyZ3UH]\GHQWD53VNáRQLáR
XVWURMRGDZF  GR UR]ZD HQLD VSUDZ\ ]DVW SVWZD JáRZ\ SD VWZD Z VSUDZRZDQLX
XU] GX0DáD.RQVW\WXFMDSU]\M áDZDULDQWNWyU\XVWDOD HZV\WXDFMLJG\XU] G
SUH]\GHQWDMHVWRSUy QLRQ\GRF]DVXREM FLDXU] GXSU]H]QRZHJRSUH]\GHQWDD
WDN HJG\SUH]\GHQWW\PF]DVRZRQLHPR HVSUDZRZDüXU] GX]DVW SXMHJRPDU
V]DáHN6HMPXJG\E\]D WHQQLHPyJáW\FKIXQNFMLZ\NRQ\ZDüPDUV]DáHN6HQDWX
2VRED]DVW SXM FDSUH]\GHQWDZFKRG]LZFDáRNV]WDáWMHJRNRQVW\WXF\MQ\FKNRPSH
WHQFML SR]D MHGQ\P SU]HZLG]LDQ\P Z NRQVW\WXFML RJUDQLF]HQLHP RVRED WDND QLH
PDSUDZDUR]ZL ]Dü6HMPX

 





3R]\FM SUDZQRXVWURMRZ 3UH]\GHQWD53ZSRZD Q\PVWRSQLXGHWHUPL

QXM MHJRNRPSHWHQFMH,FK]DNUHVZSRZD Q\PVWRSQLXZ\]QDF]DG]L Z0DáHM
.RQVW\WXFMLSU]\M WDSU]H]QL ]DVDGDSRG]LDáXZáDG]ERZLHPRNUH ODRQDZMDNLP
NLHUXQNXSRZLQQ\SyM üV]F]HJyáRZHXUHJXORZDQLDVWRVXQNyZ]DFKRG] F\FKSR
PL G]\SUH]\GHQWHPMDNRHOHPHQWHPZáDG]\Z\NRQDZF]HMLSR]RVWDá\PLZáDG]D
PL$QDOL]DVWRVXQNyZSR]ZDODXV\VWHPDW\]RZDüXSUDZQLHQLD3UH]\GHQWD53Z
V]HUHJJUXSPDM F\FK]QDF] F\ZSá\ZQDMHJRSR]\FM XVWURMRZ 

 





3LHUZV] JUXS VWDQRZL XSUDZQLHQLDWUDG\F\MQHSU]\VáXJXM FHJáRZLHSD 

VWZD1DOH GRQLFK



QDGDZDQLHRE\ZDWHOVWZDL]ZDOQLDQLH]QLHJR

background image









QDGDZDQLHRUGHUyZRG]QDF]H LW\WXáyZKRQRURZ\FK



NRU]\VWDQLH]SUDZDáDVNL



SRZRá\ZDQLHV G]LyZQDZQLRVHN.UDMRZHM5DG\6 GRZQLFWZD



SRZRá\ZDQLHLRGZRá\ZDQLH3UH]HVD1DF]HOQHJR6 GX$GPLQLVWUDF\MQHJR



Z\VW SRZDQLH ] ZQLRVNLHP GR 6HMPX R SRZRá\ZDQLH L RGZRá\ZDQLH 3UH]HVD
QDURGRZHJR%DQNX3ROVNLHJR



'UXJDJUXSDXSUDZQLH ZL HVL ]G]LDáDOQR FL 6HMPXL6HQDWX:WHMPD

WHULL3UH]\GHQWPDSUDZRGR



]DU] G]DQLDZ\ERUyZGR6HMPXL6HQDWX



]ZRá\ZDQLD6HMPXL6HQDWXQDSLHUZV]HSRZ\ERUDFKSRVLHG]HQLH



UR]ZL ]\ZDQLH6HMPXZSU]\SDGNDFKRNUH ORQ\FKZXVWDZLHNRQVW\WXF\MQHM



LQLFMDW\Z\XVWDZRGDZF]HM



SURPXOJDFMLXVWDZ



YHWDZREHFXFKZDORQ\FKXVWDZ3ROHJDRQRQD]ZUyFHQLX6HMPRZLXFKZDORQH
JRSURMHNWXZUD]] GDQLHPZQLHVLHQLDRNUH ORQ\FK]PLDQL]LFKX]DVDGQLH
QLHP9HWR3UH]\GHQWDSRGOHJDXFKZDOHQLXW\ONRZL NV]R FL FRQDMPQLHM
SRVáyZSU]\TXRUXP

 





]ZUDFDQLDVL GR6HMPXL6HQDWX]RU G]LHP



]ZUDFDQLD VL GR7U\EXQDáX.RQVW\WXF\MQHJRR]EDGDQLHNRQVW\WXF\MQR FLDN
WyZXVWDZRGDZF]\FKSU]HGLFKSURPXOJDFM 



RJáRV]HQLHVWDQXZRMQ\ZWHG\JG\6HMPQLHREUDGXMH



7U]HFLDJUXSDNRPSHWHQFML3UH]\GHQWDZL HVL ]SRZLHU]HQLHPPXÄRJyO

QHJRNLHURZQLFWZDZG]LHG]LQLHVWRVXQNyZ]DJUDQLF]Q\FK´.LHURZQLFWZRWR3UH
]\GHQWZ\SHáQLDSU]H]



PLDQRZDQLHLRGZRá\ZDQLHSHáQRPRFQ\FKSU]HGVWDZLFLHOL53ZLQQ\FKSD 
VWZDFK



SU]\MPRZDQLHOLVWyZXZLHU]\WHOQLDM F\FKLRGZRáXM F\FKSU]HGVWDZLFLHOLLQQ\FK
SD VWZZ3ROVFH



UDW\ILNRZDQLHLZ\SRZLDGDQLHXPyZPL G]\QDURGRZ\FK

background image







3RVW SRZDQLH]XPRZDPLGRW\F] F\PLJUDQLFSD VWZDVRMXV]yZREURQQ\FKRUD]
SRFL JDM F\FK]DVRE Z\GDWNLEXG HWRZHOXENRQLHF]QR ü]PLDQ\ZRERZL ]XM 
F\PXVWDZRGDZVWZLHZ\PDJDMHGQDN]JRG\SDUODPHQWXZ\UD RQHMZIRUPLHXVWD
Z\

 





&]ZDUWDJUXSDXSUDZQLH 3UH]\GHQWDZ\QLND]MHJRÄRJyOQHJRNLHURZQLF

WZDZG]LHG]LQLH]HZQ WU]QHJRLZHZQ WU]QHJREH]SLHF]H VWZDSD VWZD´
:V]F]HJyOQR FL3UH]\GHQW



MHVW]ZLHU]FKQLNLHPVLá]EURMQ\FK



SRZRáXMHLRGZRáXMHQDMZ\ V]\FKGRZyGFyZZRMVNRZ\FK



SRZRáXMHLRGZRáXMHQDF]DVZRMQ\1DF]HOQHJR:RG]D



ZSURZDG]DVWDQZRMHQQ\



RJáDV]DPRELOL]DFMH



ZSURZDG]DVWDQZ\M WNRZ\



2VWDWQL  SL W  JUXS  SUHURJDW\Z 3UH]\GHQWD VWDQRZL  MHJR XSUDZQLHQLD

]ZL ]DQH]G]LDáDOQR FL 5DG\0LQLVWUyZ: UyGW\FKXSUDZQLH PR QDZ\Uy QLü
SUDZR3UH]\GHQWDGR



X]\VNDQLDLQIRUPDFMLRG3UH]HVD5DG\0LQLVWUyZRG]LDáDOQR FLU] GX



]ZRá\ZDQLDZV]F]HJyOQ\FKSU]\SDGNDFKSRVLHG]H 5DG\0LQLVWUyZLLPSU]H
ZRGQLF]HQLD



SRZRá\ZDQLD5DG\0LQLVWUyZ



GHV\JQRZDQLD 3UH]HVD 5DG\ 0LQLVWUyZ Z WU\ELH DUW\NXáyZ L0DáHM
.RQVW\WXFML







RSLQLRZDQLHNDQG\GDWyZQDPLQLVWUyZ6SUDZ=DJUDQLF]Q\FK2EURQ\1DURGR
ZHML6SUDZ:HZQ WU]Q\FK



GRNRQ\ZDQLD]PLDQZVNáDG]LH5DG\0LQLVWUyZDOHZ\á F]QLHQDZQLRVHNMHM
3UH]HVD



XG]LHOHQLDG\PLVML5DG]LH0LQLVWUyZ



SRGSLV\ZDQLDLRJáDV]DQLDUR]SRU] G]H ]PRF XVWDZ



,VWQLHM WDN HLQQHXSUDZQLHQLD3UH]\GHQWD53QLHZ\QLNDM FH]0DáHM.RQ

VW\WXFML6 WRXSUDZQLHQLDQRZHZSURZDG]RQHSRSD G]LHUQLNDU

background image







-HVWWDNWRQSXVWDZDNRQVW\WXF\MQD]NZLHWQLDURWU\ELHSU]\JRWRZDQLD
LXFKZDOHQLD.RQVW\WXFML53SU]HZLGXMHSUDZR3UH]\GHQWD53Z]DNUHVLHSU]HG
VWDZLHQLD =JURPDG]HQLX 1DURGRZHPX SURMHNWX QRZHM NRQVW\WXFML ] NWyUHJR WR
SUH]\GHQWVNRU]\VWDáZNZLHWQLXUSUDZRSU]HGVWDZLHQLDSURSR]\FML]PLDQ
GRXFKZDORQHJRSU]H]=JURPDG]HQLH1DURGRZHZGUXJLPF]\WDQLXWHNVWXNRQVW\
WXFMLRUD]SUDZR]DU] G]HQLDUHIHUHQGXPZVSUDZLHNRQVW\WXFMLXFKZDORQHMSU]H]
WR=JURPDG]HQLH5yZQLHLVWRWQH]QDF]HQLHPDM XSUDZQLHQLDSUH]\GHQWDZ\QLND
M FH]XVWDZ\]JUXGQLDURUDGLRIRQLLLWHOHZL]MLNWyUHWRSU]HZLGXM  H
SUH]\GHQWSRZRáXMHWU]HFKVSR UyGG]LHZL FLXF]áRQNyZ.UDMRZHM5DG\5DGLRIR
QLL L 7HOHZL]ML RUD] SRZRáXMH SU]HZRGQLF] FHJR WHM 5DG\ ] JURQD MHM F]áRQNyZ

 

 $NW\ Z W\P ]DNUHVLH SRZLQQ\ SRGOHJDü NRQWUDV\JQDFLH SUHPLHUD SRQLHZD 

QLHSU]HZLGXMHMHMXFK\OHQLD0DáD.RQVW\WXFMDZDUW\NXOH

 





0DáD.RQVW\WXFMDZDUW\NXOHXVWSRGREQLHMDNQRZHODNRQVW\WXF\MQD]

USU]HZLGXMHPR OLZR üSRZRá\ZDQLDSU]H]SUH]\GHQWDW]ZPLQLVWUyZVWD
QXNWyU\FK]DGDQLHPMHVWUHSUH]HQWRZDQLHJáRZ\SD VWZDZVSUDZDFK]ZL ]DQ\FK
]Z\NRQ\ZDQLHPMHJRXSUDZQLH 

 





7U]HEDWH NRQLHF]QLHGRGDü HQLHQDOH RQLGRVNáDGX5DG\0LQLVWUyZ

7DNLHVIRUPXáRZDQLHNRQVW\WXFMLVWZDU]DFDáNRZLW VZRERG SUH]\GHQWRZLZ]D
NUHVLHSRWU]HE\SRZRáDQLDPLQLVWUyZVWDQXOLF]E\LFKVWDQRZLVNRUD]]DNUHVXLFK
NRPSHWHQFML2UJDQHPZ\NRQDZF]\P3UH]\GHQWD53MHVW.DQFHODULD3UH]\GHQWD
NWyUHMVWDWXWQDGDMHVDP3UH]\GHQWLWRMHJRXSUDZQLHQLHVWDQRZLSUHURJDW\Z 3UH
]\GHQWRZLVáX \WH ZROQHRGF]\MHJRNROZLHNZSá\ZXSUDZRGRERUXLQQHJRQDM
EOL V]HJRLQDMZD QLHMV]HJRZVSyáSUDFRZQLNDZRVRELHV]HID.DQFHODULL6W GWDN

HSUDZRSRZRá\ZDQLDLRGZRá\ZDQLDV]HID.DQFHODULL3UH]\GHQWDMHVWSUHURJDW\

Z SUH]\GHQFN 







:\OLF]RQHXSUDZQLHQLD ZLDGF] RLVWRWQHMUROLMDN RGJU\ZD3UH]\GHQWZ

V\VWHPLH RUJDQyZ SD VWZRZ\FK L Z \FLX SROVNLHJR VSRáHF]H VWZD 5RO  WDN 
RJUDQLF]D MHGQDN LQVW\WXFMD NRQWUDV\JQDW\ NWyUD ZL H VL  ] EUDNLHP RGSRZLH
G]LDOQR FLSROLW\F]QHM3UH]\GHQWD532ERZL ]HNX]\VNLZDQLDQDSUH]\GHQFNLFK
DNWDFK SUDZQ\FK GOD LFK ZD QR FL  SRGSLVX 3UH]HVD 5DG\ 0LQLVWUyZOXEZáD

FLZHJRPLQLVWUDQLHGRW\F]\MHGQDNV]HUHJXVSUDZEDUG]RZD Q\FKGODIXQNFMR

background image







QRZDQLDSD VWZD/LF]QHLZD QHZ\á F]HQLD]RERZL ]NXX]\VNLZDQLDNRQWUDV\
JQDW\ ZLDGF] R]QDF] F\PPLHMVFX3UH]\GHQWDZXVWURMXSD VWZRZ\P530LHM
VFHWRQLHSU]\SRPLQDSR]\FMLJáRZ\SD VWZDZNODV\F]Q\PXVWURMXSDUODPHQWDUQR
 JDELQHWRZ\P QS  :LHOND %U\WDQLD 1LHPF\ :áRFK\  Z NWyU\P IDNW\F]QD
URODNUyODOXESUH]\GHQWDVSURZDG]DVL QDMF] FLHMGRIXQNFMLUHSUH]HQWDF\MQ\FKL
LQWHJUXM F\FKVSRáHF]H VWZR


'X \]DNUHVVDPRG]LHOQR FLSROLW\F]QHMLVSRVyEREVDG\XU] GX3UH]\GHQWD

53RUD]XWU]\PDQLHLQVW\WXFML5DG\0LQLVWUyZSRWZLHUG]DM ZRO XVWURMRGDZF\GR
SU]HQRV]HQLD QD JUXQW SROVNL QLHNWyU\FK UR]ZL ]D  ZáD FLZ\FK GOD U] GyZ W]Z
PLHV]DQ\FKF]\OLSUH]\GHQFNRSDUODPHQWDUQRJDELQHWRZ\FK

 



background image







-DNL3UH]\GHQW"



:\EyU SUH]\GHQWD Z JáRVRZDQLX SRZV]HFKQ\P QLHVLH ZLHONLH U\]\NR

:\ELHUDVL MHGQ RVRE RGNWyUHMSRWHPQLHVá\FKDQLHZLHOH]DOH \:QDV]\P
VSRáHF]H VWZLH]SHZQR FL ]QDOD]áE\VL F]áRZLHNNWyU\E\áE\ZVWDQLHVSURVWDü
QDZHWQDMEDUG]LHMZ\JyURZDQ\PNU\WHULRPREM FLD8U] GX3LHUZV]HJR2E\ZDWH
OD5]HF]\SRVSROLWHM


*G\E\Z3ROVFHE\áG]LVLDMP RSDWU]QR FLRZ\SROLW\NZLHONLHJRIRUPD

WXWRQDS\WDQLHMDNLHJRSRWU]HEDQDPSUH]\GHQWDE\áRE\GR üáDWZRRGSRZLH
G]LHüWDNLHJRMDN$GHQDXHUF]\GH*DXOOHDZL FWDNLHJRNWyU\SRWUDILSRVWDZLü
QDUyGQDQRJLZSURZDG]LüQLH]E GQHSU]HPLDQ\SUDZQHHNRQRPLF]QHDSU]HGH
ZV]\VWNLP ]PLDQ\ Z PHQWDOQR FL VSRáHF]QHM -HGQDN WDNLHM RVRE\ SR UyG SRO
VNLFKSROLW\NyZQLHPD

 

:REHFWHJRQDOH \QLHW\OHVL ]DVWDQRZLüQDGF]áR

ZLHNLHPLOHQDG]DGDQLDPLMDNLHSUH]\GHQWZ3ROVFHSRZLQLHQVSHáQLDü7U]HED
ERZLHPOLF]\üQDWR HSU]\V]á\SUH]\GHQWE G]LHVRELH]GDZDáVSUDZ L SRZL
QLHQE\üU]HF]\ZL FLHDQLHW\ONRZHIUD]HVLH3UH]\GHQWHPZV]\VWNLFK3RODNyZ
=DWHP Z\NOXF]RQH MHVW ]DMPRZDQLH SU]H]H  Z\UD QHJR VWDQRZLVND SDUW\MQHJR
OXE LGHRORJLF]QHJR 6]HI SD VWZD PXVL VL  F]Xü SUH]\GHQWHPZV]\VWNLFK3ROD
NyZEH]Z]JO GXQDLFKSU]HNRQDQLDSU]\QDOH QR üSDUW\MQ LNODVRZ 0XVLWR
E\üF]áRZLHNNWyU\QLHG]LHOLOHF]MHGQRF]\1LHEH]SLHF]H VWZHPV HNVWUHPL FL
]SUDZDLOHZD'RQLHV]F] FLDZRMQ\UHOLJLMQHMPRJ GRSURZDG]Lü3ROVN ]D
UyZQRIXQGDPHQWDOL FLMDNLZRMXM F\DWHL FL2GNDQG\GDWDQDOH \]DWHPRF]H
NLZDüWROHUDQFMLLV]DFXQNXGODOXG]LPDM F\FKRGPLHQQHSU]HNRQDQLD

 

'REU\

SUH]\GHQW SRZLQLHQ á F]\ü QLH G]LHOLü 2G SROLW\F]QHM DUW\NXODFML SRG]LDáyZ V 
SU]HGVWDZLFLHOVNLH LQVW\WXFMH GHPRNUDFML DSU]HGH ZV]\VWNLP SDUODPHQW 8U] G
SUH]\GHQWD PXVL E\ü VSRLZHP SD VWZD ]DUyZQR Z Z\PLDU]H LQVW\WXFMRQDOQ\P
MDNLF]\VWRSROLW\F]Q\P3UH]\GHQWSRZLQLHQPLHüQLHW\ONRZRO SROLW\F]Q DOH
LGRVWDWHF]Q\DXWRU\WHWVSRáHF]Q\DE\PyFSRGHMPRZDüUHDOLVW\F]QHSUyE\LQWH
JURZDQLD3RODNyZZRNyáSROVNLHMUDFMLVWDQXNRQVW\WXFMLRUD]]DVDGQLF]\FKZ\
]ZD  SROLW\F]Q\FK L F\ZLOL]DF\MQ\FK VWRM F\FK SU]HG QDV]\P VSRáHF]H VWZHP
:DUWR X ZLDGRPLü VRELH H E G]LHP\ Z\ELHUDü SUH]\GHQWD NWyUHJR NDGHQFMD

background image







VNR F]\VL MX Z;;,ZLHNX-H OLQLHE G]LHRQZVWDQLHVSURVWDü]DGDQLXMHG
QRF]HQLDQDURGXZRNyáRF]HNXM F\FKQDVZ\]ZD QLH]DSLV]HVL GREU]HQDNDU
WDFK QDV]HM KLVWRULL

 

 3UH]\GHQWHP SRZLQQD E\ü RVRED NWyUD Z F]DVLH VZHM

NDGHQFML]DSHZQLVWDELOL]DFM SROLW\F]Q QDV]F]\WDFKZáDG]\3UHF\]\MQLH]GHIL
QLXMHSROVN UDFM VWDQXWDNDE\FHOHZFKRG] FHZ]DNUHVWHJRSRM FLDE\á\Z\
á F]RQH]REV]DUXQLHXQLNQLRQ\FKLQDWXUDOQ\FKNRQIOLNWyZSROLW\F]Q\FK3UH]\
GHQWG]L NLVZRMHPXDXWRU\WHWRZLSRZLQLHQE\üJZDUDQWHPRFKURQ\SROVNLHMUD
FMLVWDQXDVWU]H HQLHWHJRGHSR]\WXPXVLE\üSULRU\WHWHPZVSUDZRZDQLXGR
VWRMQHJR XU] GX :D Q  U]HF]  MHVW WDN H XV\WXRZDQLH XU] GX SUH]\GHQWD E\
PR OLZ\E\áVNXWHF]Q\DUELWUD SROLW\F]Q\G\NWRZDQ\SROVN UDFM VWDQXLSU]HSL
VDPLNRQVW\WXFMLRUD]DXWRU\WHWHPNWyU\Z\QLND]G]LDáD LELRJUDILLSROLW\F]QHM
NDQG\GDWD3UH]\GHQWMDNRQDMZD QLHMV]\UHSUH]HQWDQWQDV]HJRNUDMXZREHFVSR
áHF]QR FLPL G]\QDURGRZHMSRZLQLHQGDZDüU NRMPL L ]\VNDVRELHZ ZLHFLH
QDOH Q\DXWRU\WHWLUHVSHNW HQLHE G]LHR PLHV]Dá3ROVNLQLHUR]ZD Q\PLZ\SR
ZLHG]LDPL]DFKRZDQLHPOXEG]LDáDQLDPLSROLW\F]Q\PL0XVLE\üZUHV]FLHRVR
E NWyUD]\VND3ROVFHSU]\MDFLyáUR]XPLHM F\FKQDV]HUDFMHD]PQLHMV]\OLF]E 
SU]HFLZQLNyZF]\ZU F]ZURJyZ*áRZDSD VWZDPXVLE\üJRGQD]DXIDQLDLWR
QLH W\ONR Z VHQVLH FL OH SROLW\F]Q\P OHF] WDN H VSRáHF]Q\P 3RODF\ SRZLQQL
PLHüSU]H ZLDGF]HQLH HSUH]\GHQWRZLZDUWRXG]LHOLüNUHG\WX]DXIDQLDSRQLH
ZD NLHUXMHVL ZVZ\PG]LDáDQLXGREUHPRJyáXDQLHZáDVQ\P0R QDLZDUWR
XG]LHOLü SRSDUFLD MHJR Z\VLáNRP ER Z V\WXDFML NU\]\VRZHM QLH ]DZLHG]LH ]D

ZLDGF]DM F VZRM  ELRJUDIL  L G]LDáDOQR FL  H MHVW VNXWHF]Q\ UR]ZD Q\SU]\

ZL ]DQ\GRZDUWR FLSDWULRW\F]Q\FKL]DVDGGHPRNUDW\F]Q\FK

 



3RGNRQLHFNDPSDQLLZ\ERUF]HMSU]HFL WQ\RGELRUFDMHVW]DV\S\ZDQ\ED

GDQLDPL RSLQLL SXEOLF]QHM L SURJQR]DPL SU]HELHJX JáRVRZDQLD &] ü VRQGD \
SUyEXMHRGSRZLHG]LHüQDS\WDQLDMDN3RODF\Z\REUD DM VRELHVZRMHJRSUH]\GHQ
WDRUD]MDNWHQZ\LGHDOL]RZDQ\REUD]PDVL GRU]HF]\ZLVWR FL=SU]HSURZDG]R
QHJRVRQGD X2 URGND%DGDQLD2SLQLL3XEOLF]QHMZ\QLND HSUDZLHSRáRZD3R
ODNyZ FKFLDáDE\ HE\ SUH]\GHQW 3ROVNL E\á SU]HGH ZV]\VWNLP F]áRZLHNLHP X
F]FLZ\P GR ZLDGF]RQ\P NRPSHWHQWQ\P L RGSRZLHG]LDOQ\P = NROHL MHGQD
F]ZDUWDEDGDQ\FKSUDJQLHJáRZ\SD VWZDVWDQRZF]HMLQLHXVW SOLZHM&RV]yVW\

background image







3RODNVSRG]LHZDVL  HE G]LHWRRVREDZ]EXG]DM FD]DXIDQLHLV]F]HUD1DSUH
]\GHQWDU]XWNLHJRLHQHUJLF]QHJRF]HNDFRG]LHVL W\RE\ZDWHONUDMX:HGáXJED
GD  2%23 QDMPQLHM RF]HNLZDQ  FHFK  RVRE\ NWyUD ]DVL G]LH QD IRWHOX SUH]\
GHQFNLP MHVW \F]OLZR ü )DFKRZR ü L NRPSHWHQFM  MDNR QDMZD QLHMV]  FHFK 
SU]\V]áHJRSUH]\GHQWDZVND]XM RVRE\QDOH FHGRNDGU\NLHURZQLF]HMLVSHFMDOL

FLRVRE\]Z\NV]WDáFHQLHPZ\ V]\PLSUDFRZQLF\XP\VáRZLSU\ZDWQLSU]HG

VL ELRUF\RVRE\]DPR QHGHNODUXM F\SRJO G\FHQWUROHZLFRZHOXEFHQWURSUDZL
FRZH 8F]FLZR ü MHVW ZD QD GOD OXG]L SRZ\ HMODWLUROQLNyZ QDW FHFK 
QDMU]DG]LHM ZVND]\ZDOL SU\ZDWQL SU]HGVL ELRUF\ RVRE\ ] Z\ V]\P Z\NV]WDáFH
QLHPRUD]NDGUDNLHURZQLF]DLVSHFMDOL FL 'R ZLDGF]HQLHMHVWQDMZD QLHMV]HGOD
RVyE ]H UHGQLFK PLDVW URERWQLNyZ UHQFLVWyZ L HPHU\WyZ 2GSRZLHG]LDOQR FL
SUDJQ  PáRG]L L EH]URERWQL



 -HGQ\P ]H VSRVREyZ SURJQR]RZDQLD Z\QLNX

Z\ERUyZMHVWXNáDGDQLHSDUNWR]NLPPDQDMZL NV]HV]DQVHZGUXJLHMWXU]H
2VWDWQLHEDGDQLDSRND]XM  HZF]RáyZFHUy QLFHPL G]\NDQG\GDWDPLRVF\OXM 
Z JUDQLFDFK Eá GX VWDW\VW\F]QHJR 2G IUHNZHQFML RG NR FyZNL NDPSDQLL L RG
WHJRF]\XWU]\PDVL RQDQDREHFQ\PGR üVSRNRMQ\PSR]LRPLH]OH HüE G]LH
NWR]QDMG]LHVL ZILQDOHLNWRRVWDWHF]QLHZ\JUD

 



background image







3U]\SLV\GRUR]G]LDáXSLHUZV]HJR



 -DQ *DOVWHU :DFáDZ 6]\V]NRZVNL =ELJQLHZ :LWNRZVNL 3UDZR .RQVW\WXF\MQH

7RUX U

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 $QGU]HM6WHOPDFK6WDQLVáDZ=\ERURZLF]:VSyáF]HVQHLQVW\WXFMHSROLW\F]QH3RO

VNL3R]QD UV

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 $GDP -DPUR] 6\VWHP\ SROLW\F]QH UR]ZLQL W\FK NUDMyZ NDSLWDOLVW\F]Q\FK :DU

V]DZDU

 $QGU]HM6WHOPDFK6WDQLVáDZ=\ERURZLF]:VSyáF]HVQHLQVW\WXFMHSROLW\F]QH3RO

VNL3R]QD UV

 -DQ *DOVWHU :DFáDZ 6]\V]NRZVNL =ELJQLHZ :LWNRZVNL 3UDZR .RQVW\WXF\MQH

7RUX U

 7DP HV

 7DP HV

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 7DP HV

 7DP HV

 -DQ *DOVWHU :DFáDZ 6]\V]NRZVNL =ELJQLHZ :LWNRZVNL 3UDZR .RQVW\WXF\MQH

7RUX UV

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 $QGU]HM6WHOPDFK6WDQLVáDZ=\ERURZLF]:VSyáF]HVQHLQVW\WXFMHSROLW\F]QH3RO

VNL3R]QD UV

 7DP HV

 7DP HV

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 -DQ *DOVWHU :DFáDZ 6]\V]NRZVNL =ELJQLHZ :LWNRZVNL 3UDZR .RQVW\WXF\MQH

7RUX UV

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 7DP HV

 -DQ *DOVWHU :DFáDZ 6]\V]NRZVNL =ELJQLHZ :LWNRZVNL 3UDZR .RQVW\WXF\MQH

7RUX UV

 $QGU]HM6WHOPDFK6WDQLVáDZ=\ERURZLF]:VSyáF]HVQHLQVW\WXFMHSROLW\F]QH3RO

VNL3R]QD UV

 Ä:SURVW´]NZLHWQLDUQUV

 Ä:SURVW´]NZLHWQLDUQUV

 Ä:SURVW´]PDMDUQUV

 7DP HV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 Ä3ROLW\ND´]OLVWRSDGDUQUV

background image







5R]G]LDá,,.WR3UH]\GHQWHP"

7H]\SURJUDPRZHNDQG\GDWyZQDSUH]\GHQWD



3D VWZRZD.RPLVMD:\ERUF]DRILFMDOQLH]DUHMHVWURZDáDVLHGHPQDVWXNDQ

G\GDWyZQDSUH]\GHQWD5R]SRF] áDVL NDPSDQLDZ\ERUF]DNWyUDVWDáDVL ZLHON 
GHEDW SURJUDPRZ RSROVNLFKVSUDZDFK&KRFLD EDGDQLDRSLQLLSXEOLF]QHMPy
ZLá\RW\P HZ\ERUF\VNáRQQLV RFHQLDüNDQG\GDWyZJáyZQLHSRSURJUDPDFK
QDGUXJLPPLHMVFXVWDZLDM FGRW\FKF]DVRZHRVL JQL FLDNDQG\GDWDDZGDOV]HM
NROHMQR FL MHJR VW\O L SU]\QDOH QR ü GR RNUH ORQ\FK XJUXSRZD  SROLW\F]Q\FK
3UH]\GHQFNLH SURJUDP\ Z ZLDGRPR FL Z\ERUFyZ ZL ]Dü VL  PRJá\ UDF]HM ]
RVRERZR FLDPLSUHWHQGHQWyZLLFKGRW\FKF]DVRZ\PGRURENLHPQL ]SURJUDPR
Z\PLWH]DPLSUDFRZLFLHVSLV\ZDQ\PLZV]WDEDFKZ\ERUF]\FK







3R]\W\ZQ\PRVL JQL FLHPSUH]\GHQFNLHMNDPSDQLLZ\ERUF]HME\áRWR H

Z NOXF]RZ\FK VSUDZDFK NDQG\GDFL PDM F\ UHDOQH V]DQVH QD Z\EyU SUH]HQWXM 
EDUG]RSRGREQHMH OLQLHLGHQW\F]QHSRJO G\1LNW]NDQG\GDWyZQLH]DNZHVWLR
QRZDáNLHUXQNyZSROVNLHMSROLW\NL]DJUDQLF]QHMNRQLHF]QR FLGDOV]HMGHFHQWUDOL
]DFMLSD VWZDUHIRUP\FHQWUXPJRVSRGDUF]HJRLDGPLQLVWUDF\MQHJRNRQLHF]QR FL
RJUDQLF]HQLD LQIODFML QLH]E GQR FL ]PLDQ\ V\VWHPX XEH]SLHF]H  VSRáHF]Q\FK
5R]ELH QR FLZSURJUDPDFKGRW\F]\á\JáRZQLHWDNLFKWHPDWyZMDNXZáDV]F]HQLH
SU\ZDW\]DFMDVWRVXQHNGRSU]HV]áR FLNDUD PLHUFLNRQNRUGDWDERUFMD







6SHFMDOL FLRGUHNODP\LPDUNHWLQJXWZLHUG]  HQLHPDUy QLF\PL G]\

UHNODPRZDQLHP WRZDUyZ D SURPRFM  SROLW\ND : MHGQ\P L GUXJLP SU]\SDGNX
WU]HEDQDMSLHUZXVWDOLüMDNSUH]HQWXMHVL UHNODPRZDQ\WRZDU NDQG\GDWQDSUH
]\GHQWD QDWOHLQQ\FKRUD]Z\EUDüLXZ\SXNOLüWHFHFK\WRZDUX SURJUDPXZ\
ERUF]HJR NWyUHSR]ZRO PXZ\JUDü]NRQNXUHQFM 


&KFLDáE\P SU]HGVWDZLü FKDUDNWHU\VW\F]QH FHFK\ SURJUDPyZ SRV]F]HJyO

Q\FK NDQG\GDWyZ Z NROHMQR FL UHMHVWUDFML Z 3D VWZRZHM .RPLVML :\ERUF]HM
&HFK\NWyUHSR]ZRO XZ\SXNOLüLQG\ZLGXDOQHVSRMU]HQLHND GHJR]SUHWHQGHQ
WyZQDSUREOHP\VSRáHF]QRSROLW\F]QHLVSUDZ\JRVSRGDUF]H

 



background image









/HFK:Dá VDRSRZLDGDVL ]DVLOQ\PV\VWHPHPSUH]\GHQFNLP-HVW]DMDN

QDMV]\EV]\PSU]\VW SLHQLHP3ROVNLGR8QLL(XURSHMVNLHML1$723RVWXOXMHQD
W\FKPLDVWRZ UDW\ILNDFM NRQNRUGDWX=DSRZLDGD HMH OL]Z\FL \E G]LHG \á
GRUR]ZL ]DQLDREHFQHJRSDUODPHQWX*ZDUDQWXMHNRQW\QXDFM UHIRUPJRVSRGDU
F]\FK DOH WH  RSRZLDGD VL  ]D SRZV]HFKQ\P XZáDV]F]HQLHP ZHGáXJ SURMHNWX
Ä6ROLGDUQR FL´ 3URSRQXMH VW\PXORZDQLH UR]ZRMX SU]HGVL ELRUF]R FL SRSU]H]
PHFKDQL]P\HNRQRPLF]QH

 





-DQXV] .RUZLQ0LNNH XZD D H QDOH \ SRGSRU] GNRZDü SUH]\GHQWRZL

UHVRUW\REURQ\VSUDZZHZQ WU]Q\FKLVSUDZ]DJUDQLF]Q\FK-HVWJRWRZ\]DDN
FHSWRZDüLQWHJUDFM ]1$72DOHZá F]HQLH3ROVNLZVWUXNWXU\8QLL(XURSHMVNLHM
RNUH OD MDNR ÄRGGDQLH NUDMX VRFMDOLVWRP ] %UXNVHOL´ : G]LHG]LQLH JRVSRGDUNL
RSRZLDGD VL  ]D SU\ZDW\]DFM  ZV]\VWNLHJR ] Z\M WNLHP DGPLQLVWUDFML SD VWZR
ZHMSROLFMLLDUPLL3RVWXOXMHUDG\NDOQHREQL HQLHSRGDWNyZNWyUHSRZLQQHE\ü
UyZQHGODZV]\VWNLFK3UDJQLH]QLHVLHQLDLQWHUZHQFMRQL]PXSD VWZD







.D]LPLHU]3LRWURZLF]FKFHZSURZDG]LüZáDVQ\V\VWHPSROLW\F]Q\SRQLH

ZD V\VWHPSDUW\MQ\VL QLHVSUDZG]D:HGáXJ3LRWURZLF]DHNVSHUFLPLHOLE\Z\
EUDüQDMOHSV]\FKRE\ZDWHOLNWyU\FKQDUyG]DDNFHSWRZDáE\ZUHIHUHQGXP2SR
ZLDGD VL  ]D LQWHJUDFM  ] 8QL  (XURSHMVN  L 1$72 =DSRZLDGD XZáDV]F]HQLH
RE\ZDWHOLSRSU]H]RE\ZDWHOVNLIXQGXV]LQZHVW\F\MQ\ND G\RWU]\PDSRW\
VL F\86'ZERQDFK5yZQRF]H QLHMHVW]ZROHQQLNLHPZVWU]\PDQLDGRW\FKF]D
VRZHMSU\ZDW\]DFMLNWyUDMHJR]GDQLHPMHVWJUDELH F]D







$OHNVDQGHU.ZD QLHZVNLSURSRQXMHXWU]\PDQLH]PRG\ILNDFMDPLREHF

QHJR V\VWHPX VSUDZRZDQLD ZáDG]\ &KFH SU]\M FLD NRQNRUGDWX SR XFKZDOHQLX
NRQVW\WXFMLL]áDJRG]HQLXXVWDZ\DQW\DERUF\MQHM2SRZLDGDVL ]DSU]\M FLHPGR
8QLL(XURSHMVNLHML1$72DMHGQRF]H QLH]D]DNW\ZL]RZDQLHPSROLW\NLZVFKRG
QLHMÄEH]VHUZLOL]PXLNRPSOHNVXZ\ V]R FL´=DSRZLDGDXWU]\PDQLHUHIRUPJR
VSRGDUF]\FK3URSRQXMHZSURZDG]HQLHXOJLQZHVW\F\MQ\FKGODSUDFRGDZFyZ]D
WUXGQLDM F\FKPáRG\FKOXG]LRUD]NUHG\WyZKLSRWHF]Q\FKGODPáRG\FKURG]LQ

 





:DOGHPDU3DZODNSURSRQXMHZSURZDG]HQLHV\VWHPXSDUODPHQWDUQRJD

ELQHWRZHJR8QLD(XURSHMVNDL1$72ÄWRSULRU\WHW\DOHQDMSLHUZQDOH \]GHIL
QLRZDü QDV]H NUDMRZH LQWHUHV\ E\ SURFHV LQWHJUDFML E\á NRU]\VWQ\ GOD 3ROVNL´

background image







6SU]\MDUDW\ILNDFMLNRQNRUGDWXSU]HGXFKZDOHQLHPNRQVW\WXFML'HNODUXMHREURQ 
SROVNLHJR SU]HP\VáX L UROQLFWZD ÄZá F]HQLH UROQLNyZ Z SURFHV SU]HNV]WDáFH 
ZáDVQR FLRZ\FK´3U]HVWU]HJDSU]HGÄ]E\WSR SLHV]Q ´SU\ZDW\]DFM =DSRZLDGD
]ZL NV]HQLHOLF]E\SURJyZSRGDWNRZ\FK







-DQ2OV]HZVNLFKFHDE\SU]\V]áDNRQVW\WXDQWDXFKZDOLáDVROLGDUQR FLRZ\

SURMHNWNRQVW\WXFML'R8QLL(XURSHMVNLHM3ROVNDSRZLQQDSU]\VW SLüW\ONRMDNR
GRÄXQLLRMF]\]Q´QDWRPLDVWGR1$72SRSU]HSURZDG]HQLXOXVWUDFMLLGHNRPX
QL]DFML 2SRZLDGD VL  ]D QLH]ZáRF]Q  UDW\ILNDFM  NRQNRUGDWX % G]LH G \á GR
SU]HSURZDG]HQLDSU]HGWHUPLQRZ\FKZ\ERUyZSDUODPHQWDUQ\FK3RVWXOXMHUR]EX
GRZ SROVNLHJRSU]HP\VáX]EURMHQLRZHJR]GHZDOXRZDQLH]áRWHJR]PQLHMV]HQLH
SRGDWNyZ 8ZáDV]F]HQLH QDURGX PD ]RVWDü SU]HSURZDG]RQH ZHGáXJ VROLGDUQR

FLRZHJRSURMHNWXDNFMRQDULDWXQDURGRZHJR

 





/HV]HN0RF]XOVNL]DSRZLDGDZHM FLHGR1$72DMHGQRF]H QLHXWZRU]H

QLHNRDOLFMLPL G]\PRU]D ]HZVFKRGQLPLLSRáXGQLRZ\PLV VLDGDPL3ROVNLEH]
5RVML  :HM FLH GR8QLL(XURSHMVNLHMWDNDOH]V VLDGDPL8VWDZ DERUF\MQ 
SURSRQXMHÄ]UDFMRQDOL]RZDü´DOHQLH]OLEHUDOL]RZDü2SRZLDGDVL ]DUR]ZL ]D
QLHPREHFQHJRSDUODPHQWX6SU]\MDZSURZDG]HQLXSRZV]HFKQHJRXZáDV]F]HQLD
-HVWSU]HFLZQLNLHPÄGRJPDW\F]QHJRPRQHWDU\]PX´JG\ XZD D HGRR \ZLHQLD
JRVSRGDUNLNRQLHF]QHMHVW]ZL NV]HQLHHPLVMLSLHQL G]D

 





+DQQD*URQNLHZLF]:DOW]GHNODUXMHXWU]\PDQLHV\VWHPXSDUODPHQWDUQR

JDELQHWRZHJR FK ü EXGRZ\ VLOQHJR RER]X VROLGDUQR FLRZR  QLHSRGOHJáR FLR
ZHJRNWyU\E\áE\REHFQ\ZSDUODPHQFLHUR]ZL ]DQLH6HMPXSRZ\JUDQLXZ\ER
UyZUDW\ILNRZDQLHNRQNRUGDWXSU]HGXFKZDOHQLHPNRQVW\WXFML-HVW]DSU]\VW 
SLHQLHP GR8QLL(XURSHMVNLHML1$72=DPLHU]DNRQW\QXáRZDüUHIRUP\LÄ]D
GEDü R ]GURZH ILQDQVH SD VWZD´ 2SRZLDGD VL  ]D VW\PXORZDQLHP UR]ZRMX
SU]HGVL ELRUF]R FLRUD]REQL HQLHPSRGDWNyZ-HGQRF]H QLHVSU]\MDZSURZDG]H
QLXPHFKDQL]PyZSRSUDZLDM F\FKNRQG\FM QDMXER V]\FKURG]LQRUD]MHVW]ZR
OHQQLNLHPSRZV]HFKQHJRXZáDV]F]HQLD







-DFHN.XUR RSRZLDGDVL ]DXVWURMHPSDUODPHQWDUQRJDELQHWRZ\P3UD

JQLHDE\VSUDZQHSD VWZRE\áREOLVNLHRE\ZDWHORP&KFHDE\3ROVNDVWDáDVL 
ZD Q\P RJQLZHP ZVSyáSUDF\ SROLW\F]QHM L JRVSRGDUF]HM PL G]\ =DFKRGHP L

background image







:VFKRGHP=DSRZLDGDZSURZDG]HQLHQRZHJRV\VWHPXHPHU\WDOQRUHQWRZQHJR
L RSLHNL ]GURZRWQHM 'HNODUXMH FK ü SU]\VSLHV]HQLD L UR]V]HU]HQLD SU\ZDW\]DFML
JRVSRGDUNL3U]HNRQXMH HGODUROQLNyZNRU]\VWQHE G]LHSU]\VW SLHQLH3ROVNLGR
8QLL(XURSHMVNLHM8ZD D HQLH]E GQ\MHVWÄPRFQ\JáR Q\Z\UD Q\L]UR]X
PLDá\JáRVSU]HGVL ELRUFyZ´







7DGHXV].R OXNFKFHÄXPRFQLHQLDXU] GXLDXWRU\WHWXSUH]\GHQWD´D]D

UD]HP XWU]\PDQLD V\VWHPX SDUODPHQWDUQR  JDELQHWRZHJR 8ZD D H Ä(XURSD
SRF]HNDLVDPDSU]\MPLHQDVDOHMDNRSDUWQHUD´=DSRZLDGDSRZRáDQLHPLQLVWHU
VWZD JRVSRGDUNL =DPLHU]D SU]\JRWRZDü SURJUDP QDXF]DQLD RGSRZLDGDM F\
SU]HPLDQRPU\QNRZ\PLZ\]ZDQLRPURNX

 





%RJGDQ3DZáRZVNLSURSRQXMHSRG]LDá3ROVNLQDG]LHZL üPDNURUHJLRQyZ

]QLNá LQJHUHQFM JRVSRGDUF] VWROLF\6DPRU] GRPFKFHRGGDüGRG\VSR]\FMLRG
 GR   ILQDQVyZ SXEOLF]Q\FK 'HNODUXMH RJUDQLF]HQLH ÄELXURNUDFML NWyUHM
]DZL üXWUXGQLDUR]ZyMSU]HGVL ELRUF]R FL´-HVW]ZROHQQLNLHPUR]V]HU]HQLDXOJ
LQZHVW\F\MQ\FK

 





-DQ3LHWU]DNSUDJQLHDE\3ROVNDÄUR]V GQLHNRU]\VWQLHGODQDVGRá F]\áD

GR ]DFKRGQLFK VWUXNWXU JRVSRGDUF]\FK SROLW\F]Q\FK L ZRMVNRZ\FK =DSRZLDGD
SUDZQH XUHJXORZDQLH G]LDáDOQR FL JRVSRGDUF]HM NVL \ &KFH UR]ZLMDü ÄQDMEDU
G]LHM SRWU]HEQ  PDá  SU]HGVL ELRUF]R ü´ OLNZLGRZDü PRORFK\ VRFMDOL]PX
XVSUDZQLDü EDQNL WZRU]\ü ÄJUXQW SRG QDSá\Z REFHJR NDSLWDáX´ .X UHQFLVWRP
NLHUXMH]DSRZLHG ]ZURWXNRV]WyZOHF]HQLD

 





0DUHN 0DUNLHZLF] JG\ ]RVWDQLH SUH]\GHQWHP E G]LH ÄGEDü R DXWRU\WHW

XU] GX´QLH]DPLHU]DQDWRPLDVWE\üÄZL]MRQHUHPLILOR]RIHP´2SRZLDGDVL ]D
SU]\VW SLHQLHP3ROVNLGR8QLL(XURSHMVNLHML1$723UDJQLHV]\ENLHMUDW\ILNDFML
NRQNRUGDWX *ZDUDQWXMH SRV]DQRZDQLH ZáDVQR FL SU\ZDWQHM 2SRZLDGD VL  ]D
ZSURZDG]HQLHPLQVW\WXFMLVNDUEXSD VWZDLZ]PRFQLHQLHPVDPRU] GyZ8QLND
RGSRZLHG]L QD S\WDQLD R SRGDWNL XEH]SLHF]HQLD V]NROQLFWZR OHF]QLFWZR URO 
DUPLL

 





7DGHXV]=LHOL VNLGHNODUXMHVWZRU]HQLHÄVWDELOQHJRSD VWZD´EH]ZRMHQQD

JyU]HLUHODW\ZL]DFMLSUDZD-HVW]ZROHQQLNLHPXVWURMXSDUODPHQWDUQRJDELQHWR
ZHJR&KFHSU]\VW SLHQLD3ROVNLGR8QLL(XURSHMVNLHML1$72]D UDW\ILNRZDQLD

background image







NRQNRUGDWXGRSLHURSRXFKZDOHQLXNRQVW\WXFMLLSU]\JRWRZDQLXXVWDZZRNyáNRQ
NRUGDWRZ\FK 2SRZLDGD VL  ]D REQL HQLHP SRGDWNyZ FR SRZLQQRVSU]\MDüQR
Z\PLQZHVW\FMRPDW\PVDP\PSU]\F]\QLDüVL GROLNZLGDFMLEH]URERFLD2ELH
FXMH]DGEDüRSRSUDZ V\WXDFMLUHQFLVWyZLHPHU\WyZRUD]RFKURQ NRQVXPHQ
WyZ

 





/HV]HN%XEHOP\ OLRXWZRU]HQLX5DG\6WDQXMDNRFLDáDQDGU] GQHJRNRQ

WUROXM FHJRZ\PLDUVSUDZLHGOLZR FLLRUJDQDDGPLQLVWUDFMLSD VWZRZHMLVDPR
U] GRZHM &KFH UR]G]LHOHQLD VWDQRZLVN PLQLVWUD VSUDZLHGOLZR FL L SURNXUDWRUD
JHQHUDOQHJR:\PLDUSRGDWNyZSRZLQLHQE\üWDNLDE\QLHRSáDFDáRVL GRNRQ\
ZDüRV]XVWZ6\VWHPSRGDWNRZ\PXVLE\üMHGQROLW\L]UR]XPLDá\RUD]QLHPR H
G\VNUHG\WRZDüXF]FLZLH]DUDELDM F\FK-HJR]GDQLHPSU\ZDW\]DFMDZG]LVLHMV]HM
SRVWDFLVáX \SRN WQHMZ\SU]HGD \PDM WNXQDURGRZHJR







/HFK.DF]\ VNLMHVW]ZROHQQLNLHPXWU]\PDQLDGRW\FKF]DVRZ\FKSUHURJD

W\Z SUH]\GHQWD ] Z\M WNLHP ]ZLHU]FKQLFWZD QDG 0LQLVWHUVWZHP 2EURQ\ 1DUR
GRZHML0LQLVWHUVWZHP6SUDZ=DJUDQLF]Q\FK3URSRQXMHRERZL ]NRZ G\PLVM 
U] GXSRZ\ERU]HQRZHJRSUH]\GHQWD6SU]\MDGHNRPXQL]DFMLLOXVWUDFML=DSR
ZLDGDVWZRU]HQLHSRZLDWyZVDPRU] GRZ\FK% G]LHG \üGRXWZRU]HQLDPLQL
VWHUVWZDJRVSRGDUNLLZ\RGU EQLHQLDPLQLVWHUVWZDEXG HWX=GHF\GRZDQLHRSR
ZLDGDVL ]DSURNDSLWDOLVW\F]Q\PSURJUDPHPJRVSRGDUF]\P

 





$QGU]HM/HSSHU]DPLHU]DE\üÄSUH]\GHQWHPOXGX´SURSRQXMHXVWUyMÄOX

GRZRQDURGRZ\´1LHMHVWSU]HFLZQ\ZHM FLX3ROVNLGR1$72DOHXZD D HÄ
3ROVND QLH PD V]DQV E\ü SHáQRSUDZQ\P SDUWQHUHP´ -HVW ]ZROHQQLNLHP SR
ZV]HFKQHJRXZáDV]F]HQLDLWDQLFKNUHG\WyZGODUROQLNyZEH]Z]JO GXQDNRQ
G\FM LFKJRVSRGDUVWZ

 



background image







3RSLHUZV]HMWXU]H



7DNMDNSU]HSRZLDGDá\VRQGD HSLHUZV] UXQG Z\ERUyZSUH]\GHQFNLFK

]Z\FL VNRSU]HV]OLGZDMIDZRU\FL$OHNVDQGHU.ZD QLHZVNL  L/HFK
:Dá VD  'ZDMJáyZQLNRQNXUHQFLVNXSLOLSRQDG







Z\ERUF]\FKJáR

VyZLWRZPQLHMZL FHMUyZQHMOLF]ELH.U\WHULDWHJR]DQWDJRQL]DZDQLDQLHQDOH

Dá\ MHGQDN GR W\SRZ\FK GODGHPRNUDW\F]QHJRVSRáHF]H VWZDDQLQLHRG]ZLHU

FLHGODá\IDNW\F]Q\FKSUREOHPyZZ\QLNDM F\FK]GRNRQXM FHMVL Z3ROVFHWUDQV
IRUPDFMLXVWURMRZHM5H]XOWDWZ\ERUyZQLHRG]ZLHUFLHGODáSRG]LDáXOHZLFDSUD
ZLFD

 

.DPSDQLD Z\ERUF]D QLHXFKURQQLH ]PLHU]DáD GRWHJRILQDáX1DSU]H

FLZNRVLHELHVWDQ OLGZDMSUHWHQGHQFLNWyU]\SHUVRQLILNXM GZDRGU EQH ZLDW\L
GZDSU]HFLZVWDZQHVRELHRER]\GZLH3ROVNL7DNSU]\QDMPQLHMSU]HGVWDZLDOLVL 
LE\OLSU]HGVWDZLDQL$OHNVDQGHU.ZD QLHZVNLL/HFK:Dá VD2ND]DáRVL  HSL ü
ODW ZVSyáF]HVQ\FK GR ZLDGF]H  ] GHPRNUDFM  QLH ]DV\SDáR SU]HSD FL OHF] M 
MHV]F]H SRV]HU]\áR L SRJá ELáR



 3U]\ XWU]\PDQLX VL  \ZHJR DQWDJRQL]PX

PL G]\RELHPDWUDG\FMDPLKLVWRU\F]Q\PLUHSUH]HQWRZDQ\PLSU]H]]Z\FL ]FyZ,
WXU\ RND]DáR VL  H Z ,,, 53 LVWQLDá\ W\ONR GZLH UHDOQH VLá\ SROLW\F]QH 6/' L
/HFK:Dá VD:\ERU\SUH]\GHQFNLHRGNU\á\]XSHáQ VáDER üZV]\VWNLFKLQQ\FK
VWUXNWXUSROLW\F]Q\FK]ZáDV]F]DSDUW\MQ\FK%\áDRQDMX ZLGRF]QDSU]HGUR]SR
F] FLHPNDPSDQLLJG\SDUWLHV]\NRZDá\VL GRZ\NRU]\VWDQLDMHMMDNRVZRLVWHJR
SURORJXGRSU]\V]á\FKZ\ERUyZSDUODPHQWDUQ\FKWUDNWXM FSRSLHUDQ\FKNDQG\
GDWyZMDNRSURPRWRUyZSDUW\MQHJRVXNFHVXZU\FKáHMEDWDOLLRPLHMVFDZ6HMPLH
3RV]F]HJyOQHSDUWLHZHV]á\ZZ\ERU\VNáyFRQHLSRG]LHORQHDQLHNWyUHZ\V]á\]
QLFKQDGRGDWHNVNRPSURPLWRZDQH8JUXSRZDQLDQLHSU]HWU]\PDá\WHMNDPSDQLL
EH] V]ZDQNX ER RND]DáR VL  H SROLW\F]QD VDPRLGHQW\ILNDFMD L WR VDPR ü LFK
F]áRQNyZDQDZHWOLGHUyZV ]E\WVáDEHE\SU]HVWU]HJDüFKRüE\G\VF\SOLQ\ZR
EHFZáDVQ\FKGHF\]MLQLHPyZL FRGRWU]\PDQLXXPyZ]SROLW\F]Q\PLVRMXV]QL
NDPL:L ]LSDUW\MQHXMDZQLá\VZ VáDER üDF] VWRSU]\SDGNRZR ü:\ERU\QLH
W\ONRQLHXSRU] GNRZDá\SROVNLHJR \FLDSROLW\F]QHJRDOHZQLRVá\GRQLHJRGR
GDWNRZ\FKDRVLQRZHSRG]LDá\=DZRGQHRND]Dá\VL WDN HUDFKXE\ZLHOXNDQ
G\GDWyZLLFK]DXV]QLNyZQDXPRFQLHQLHVZHMSR]\FMLSROLW\F]QHMG]L NLSRSDU

background image







FLX ]RUJDQL]RZDQ\FK VWUXNWXU SR]DSROLW\F]Q\FK WDNLFK MDN .R FLyá F]\ Ä6ROL
GDUQR ü´+LHUDUFKRZLHQLHZ\SRZLHG]LHOLVL RVZRLFKSUHIHUHQFMDFKLQLHXG]LH
OLOLQLNRPXSRSDUFLDDOHEDGDQLDDQNLHWRZHVWDOHZ\ND]\ZDá\ HW\ONRNLONDSUR
FHQWZ\ERUFyZJRWRZ\FKMHVWEUDüHZHQWXDOQHZVND]DQLDGXV]SDVWHU]\SRGXZD
J SU]\SRGHMPRZDQLXZáDVQHMGHF\]MLZ\ERUF]HM3RGREQLHLOX]RU\F]QHRND]Dá\
VL UDFKXE\QDVLá ZSá\ZyZÄ6ROLGDUQR FL´3UDZLHFDáDNDPSDQLDUR]HJUDáDVL 
SUDNW\F]QLHEH]MHMXG]LDáXDSRSDUFLHGOD:Dá V\QDVW SLáRJG\MX V]\ENRURVáD
MHJR SR]\FMD VRQGD RZD 7R UDF]HM ]ZL ]HN SU]\á F]\á VL  GR ]Z\FL ]F\ QL 
]Z\FL VWZRPX]DSHZQLá*áRV\RGGDZDQHQD:Dá V QLHE\á\Z\UD]HPSRSDUFLD
GODÄ6ROLGDUQR FL´WHUD QLHMV]HMLU]HF]\ZLVWHMOHF]VHQW\PHQWXGRPLQLRQHMLOH
JHQGDUQHM

 





.RQIOLNWGZyFK3ROVNRGG]LHORQ\FKQLH]DV\SDQ SU]HSD FL E\áW\PJZDá

WRZQLHMV]\ HHOHNWRUDW\:Dá V\L.ZD QLHZVNLHJRZ\GDZDá\VL WUDNWRZDüVZR
LFKIDZRU\WyZUyZQLH MDNR]QDNLV\PEROHZáDVQ\FKSU]HP\ OH ZáDVQ\FKPH
DQGUyZLGHRZ\FKDWDN HSV\FKRORJLF]Q\FK:\GDMHVL  H/HFK:Dá VDRGQLyVá
VXNFHVZ\ERUF\ZLG]LHOLJRWDNLPMDNLPRQVDPFKFLDáE\E\üZLG]LDQ\MDNR

\Z KLVWRUL .ZD QLHZVNLE\áSRGW\PZ]JO GHPQLHFRSDUDGRNVDOQLHEDUG]LHM

ÄZVSyáF]HVQ\´EH]ZLHONLFK]DVáXJLEH]SRPLMDM FSU]\QDOH QR üGRNRPXQL
VW\F]Q\FKVWUXNWXURVRELVW\FKZLHONLFKSU]HZLQLH 0R HGODWHJRDNFHSWRZDQ\
E\áSU]H]ZSHZQHMPLHU]HVRELHSRGREQ\FKW\FKNWyU]\ZUHDOQ\PVRFMDOL]PLH
JU]HV]\OL]XPLDUHPEDUG]LHMIRUPDOQLH]SRZRGXSU]\QDOH QR FLLREHFQR FLZ
QLPQL UHDOQLHSU]H]OXG]LNWyU]\SU]HV]áR FLRSR]\F\MQHMQLHPLHOLDWHUD]]
UyZQ\PXPLDUHPXF]HVWQLF] Z \FLXSXEOLF]Q\PGHPRNUDW\F]QHM3ROVNL5]HF]
ZW\P HHOHNWRUDW:Dá V\E\áSRGW\PZ]JO GHPSRGREQ\FKRü]DZLHUDáSR]D
W\PQDWXUDOQHJUXS\E\á\FKRSR]\FMRQLVWyZLNRQWHVWDWRUyZ35/XDWDN HOX
G]LJá ELHM]ZL ]DQ\FK]ZLDU NDWROLFN :VSyOQ\PLFHFKDPLRE\GZXHOHNWRUD
WyZE\áRE\üPR HWR HREDHOHNWRUDW\LQDF]HMZDUWR FLRZDá\VZRM 35/RZVN 
SU]HV]áR ü'OD]ZROHQQLNyZ.ZD QLHZVNLHJRMHMLGHRZHQLHMDNRDSULRULSU]H
NUH OHQLHZ\GDZDáRVL QLHVSUDZLHGOLZH'ODWHJRZRVRELHVZHJROLGHUDW SU]H
V]áR ü D FR ]D W\P LG]LH MHGQDN MDNL  ODG GDZQHJR V\VWHPX E\OL RQL JRWRZL
SRGWU]\PDü6\PSDW\F\:Dá V\XZLHU]\OLMDNPR QDV G]Lü HRNUHV35/XE\á

background image







W\ONRGáXJLPRF]HNLZDQLHPQDQRUPDOQ\NUDMZNWyUHJRSRZVWDQLHQLJG\SU]\
QDMPQLHM]G]LVLHMV]HMSHUVSHNW\Z\QLH]Z WSLOL.ZD QLHZVNLL:Dá VDIXQNFMR
QRZDOLZSHZQ\PVHQVLHWDN HMDNRSV\FKRVSRáHF]QHNRG\UDFMRQDOL]PZ\ERUX
F] VWR PXVL ]HM ü QD GDOV]\ SODQ XVW SXM F ELH FHPX RVRELVWHPX UDFKXQNRZL
]\VNyZLVWUDWZ\ERUF\=ZROHQQLF\REXNDQG\GDWyZEURQLOLLFKGRRVWDWNDRG
U]XFDM FQDZHWQDMEDUG]LHMX]DVDGQLRQHDUJXPHQW\SU]HFLZND GHPX]QLFK1D
WHQSV\FKRORJLF]QRSROLW\F]Q\SRG]LDáQDNáDGDá\VL RF]\ZL FLHDUJXPHQW\QD
VW SQHZSRSU]HGQLPV\VWHPLHQLHHNVSRQRZDQH1DSU]\NáDGPL G]\UHJLRQDPL
NUDMX]NWyU\FKMHGQHV EDUG]LHMUHOLJLMQHLQQHPQLHMMHGQH]DVLHG]LDáHLWUDG\
F\MQHLQQH]SU]HVLHGOHQLDL]]DFKZLDQ WR VDPR FL 0LPRZV]\VWNRQDMLVWRW
QLHMV]\SRG]LDáGRNRQDáVL ZXP\VáDFKOXG]LLZW\FKWDMHPQLF]\FKQDZHWGOD
VSHFMDOLVWyZ ]DNDPDUNDFK GXV]\ RGSRUQ\FK QD ]PLDQ\ ZDUXQNyZ HNRQRPLF]
Q\FK E\WX VWDWXVX VSRáHF]QHJR PLHMVFD ]DPLHV]NDQLD F]\ VWDWXVX URG]LQQHJR

 





:\ERU\LGHF\]MHZ\ERUF]H3RODNyZV RF]\ZL FLHSDVMRQXM FHLZD QH

SRQLHZD V]F]HJyOQLHWHUD]PRJ UR]VWU]\JQ üRNLHUXQNXUR]ZRMX3ROVNLQLHQD
ODWQLHQDQDVW SQ NDGHQFMHDOHQDG]LHVL FLROHFLD2NUHVSU]HPLDQZ3ROVFH
SU]\SDGDQDF]DVRJURPQ\FKSU]HPLDQJOREDOQ\FKZHZV]\VWNLFKG]LHG]LQDFK
SU]HGHZV]\VWNLPZJRVSRGDUFH2GGHF\]MLSROLW\F]Q\FKSRGM W\FKG]L ]DOH \
SRSURVWXSRNWyUHMVWURQLH ZLDWD]QDMG]LHVL 3ROVNDMXWURLZRGOHJáHMSU]\V]áR

FL:\ERU\WHQLHV Z\L]RORZDQHRGSRVWDZ\ \FLRZHMSRJO GyZSU]HNRQD L

SU]HGHZV]\VWNLPKLHUDUFKLLZDUWR FLMDN 3RODF\G]LVLHMVLZ\]QDM 3ROVNDMDNR
VSRáHF]QR üMHVWZGUDPDW\F]Q\PPRPHQFLHFL JOHEDUG]RG\QDPLF]QHJRSURFH
VX WUDQVIRUPDFML 3U]HPLDQ\ SRZRGXM  SRZVWDZDQLH QRZ\FK PRGHOL ]DFKRZD 
VSRáHF]Q\FKNWyUHE G RERZL ]XM FHZSU]\V]áR FL]NWyU\PLE G VL PXVLHOL
OLF]\üSROLW\F\LZEUHZNWyU\PQLF]HJRZVSRáHF]H VWZLHGHPRNUDW\F]Q\P]UR
ELüQLHE G]LHPR QD

 





2EDZLDQRVL  HNDPSDQLDZ\ERUF]DE G]LHEUXWDOQD2ND]DáRVL MHGQDN

HZSU]HFLZLH VWZLHGRZ\ERUyZVSU]HGSL FLXODWWHJRURF]Q\Z\ FLJGR3DáDFX

3UH]\GHQFNLHJRSR]DNLONRPDZ\SDGNDPLE\áGRRVWDWQLHMSUDZLHFKZLOLF]\
OLGRNR FD,WXU\VWRVXQNRZRVSRNRMQ\1LHZ WSOLZLHVWDáRVL WDN]NLONXSR

background image







ZRGyZ 3U]HGH ZV]\VWNLP OLF]ED SUHWHQGHQWyZ VSRZRGRZDáD L  REVHUZDWRU]\
QLH]E\WXZD QLH OHG]LOLSRF]\QDQLDW]ZQLHSRZD Q\FKNDQG\GDWyZDLFKZ\
F]\Q\VWDUDQRVL ]UHJXá\EDJDWHOL]RZDü8ZDJDZL NV]R FLE\áDVNXSLRQDFR
]UHV]W SRND]Dá\Z\QLNL,WXU\QDQDMSRZD QLHMV]\FKSUHWHQGHQWDFK

 

3RODF\

Z\EUDOLZ,WXU]HNDPSDQLLSUH]\GHQFNLHM]JRGQLH]W\PFRSU]HZLG]LDá\VRQGD

H:\QLNSLHUZV]HJR]ZDUFLDPR QDE\áR]JyU\SU]HZLG]LHüLQLHMHVWWR DGHQ

]DVNDNXM F\UH]XOWDW0LHOL P\GRZ\ERUXLZGUXJLHMWXU]HWH E G]LHP\PLHOL
GR ZLDGF]HQLH /HFKD :Dá V\ L G\QDPL]P $OHNVDQGUD .ZD QLHZVNLHJR 0LHOL

P\GRZ\ERUXSRVWSHHUHORZVN OHZLF RUD]UyZQLHVLOQ\REy]VNXSLRQ\ZRNyá

Ä6ROLGDUQR FL´2W\PNWyU\]QLFK]Z\FL \]DGHF\GXMHWRQDNRJRSU]HQLRV VL 
JáRV\RGGDQHQDLQQ\FKNDQG\GDWyZQL /HFK:Dá VDL$OHNVDQGHU.ZD QLHZVNL
% G]LHWR]DUD]HPGRZyGQDWRMDNNDQG\GDFLNWyU]\RGSDGOLZSLHUZV]HMWXU]H
JáRVRZDQLD SDQXM  QDGVZRLPHOHNWRUDWHPF]\ZVND]DQLHQDNRJRJáRVRZDü
OXEQDNRJRQLHRGGDZDüJáRVXE G]LHGODZ\ERUFyZZL FH:EUHZ]DSRZLH
G]LRPNDPSDQLDZ\ERUF]DQLHE\áDDQL]E\WRVWUDDQLZ\QLV]F]DM FD%\üPR H
MHVWWRZáD QLH]GRE\F]GHPRNUDFMLGR ZLDGF]HQLHNWyUHUy QLW NDPSDQL RG
SRSU]HGQLHMZDONLRIRWHOSUH]\GHQFNL(OHNWRUDWRND]DáVL QDSUyE\GHPDJRJLL
RGSRUQ\2ND]DáVL EDUG]LHMQL ZSRSU]HGQLFKZ\ERUDFKGRMU]Dá\:VSDQLDá\
ILQLV] /HFKD :Dá V\ NRQVHNZHQWQLH XWU]\PXM FH VL  SRSDUFLH GOD $OHNVDQGUD
.ZD QLHZVNLHJRWRQDMFLHNDZV]H]MDZLVNDQLHGRNR F]RQHMUR]JU\ZNL

 



background image







3U]\SLV\GRUR]G]LDáXGUXJLHJR







Ä

3ROLW\ND´]OLVWRSDGDUQUV

 7DP HV

 Ä:SURVW´]SD G]LHUQLNDUQUV

 /HFK:Dá VDODW]Z\NV]WDáFHQLDHOHNWU\N3UH]\GHQW53ZODWDFK

 -DQXV].RUZLQ0LNNHODWILOR]RISUH]HV8QLL3ROLW\NL5HDOQHM

 .D]LPLHU]3LRWURZLF]ODWPHFKDQLNSU]HGVL ELRUFDEH]SDUW\MQ\

 $OHNVDQGHU.ZD QLHZVNLODWHNRQRPLVWDE\á\SU]HZRGQLF] F\6RMXV]X/HZL

F\'HPRNUDW\F]QHMRGURNX3UH]\GHQW53

 :DOGHPDU3DZODNODWLQ \QLHUUROQLNSUH]HV3ROVNLHJR6WURQQLFWZD/XGRZH

JR

 -DQ2OV]HZVNLODWSUDZQLNKRQRURZ\SU]HZRGQLF] F\5XFKXGOD5]HF]\SR

VSROLWHMREHFQLHSU]HZRGQLF] F\5XFKX2GEXGRZ\3ROVNL

 /HV]HN0RF]XOVNLODWKLVWRU\NSU]HZRGQLF] F\.RQIHGHUDFML3ROVNL1LHSRG

OHJáHM

 +DQQD*URQNLHZLF]:DOW]ODWSUDZQLN3UH]HV1DURGRZHJR%DQNX3ROVNLHJR

 -DFHN.XUR ODWKLVWRU\NSRVHá8QLL:ROQR FL

 7DGHXV].R OXNODWSUDZQLNUHNWRU3U\ZDWQHM:\ V]HM6]NRá\%L]QHVXL$G

PLQLVWUDFML

 %RKGDQ3DZáRZVNLODW]Z\NV]WDáFHQLDQDXF]\FLHOSU]HGVL ELRUFDUROQ\ZL

FHSUH]\GHQW8QLL:LHONRSRODQ

 -DQ3LHWU]DNODWE\á\RILFHUZRMVNVDW\U\NEH]SDUW\MQ\

 0DUHN0DUNLHZLF]ODWSUDZQLNEH]SDUW\MQ\

 7DGHXV]=LHOL VNLODWSUDZQLNE\á\5]HF]QLN3UDZ2E\ZDWHOVNLFKREHFQLH

PLQLVWHU3UDF\L3ROLW\NL6RFMDOQHM

 /HV]HN%XEHOODW]áRWQLNOLGHU)RUXP:DONL]%H]SUDZLHPL3ROVNLHM3DUWLL

3U]\MDFLyá3LZD

 /HFK.DF]\ VNLODWSUDZQLNSRSLHUDQ\SU]H]3RUR]XPLHQLH&HQWUXP

 $QGU]HM/HSSHUODWUROQLNSU]HZRGQLF] F\Ä6DPRREURQ\´

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 Ä3ROLW\ND´]OLVWRSDGDUQUV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUV

 Ä3ROLW\ND´]OLVWRSDGDUQUV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV



background image







5R]G]LDá,,,5H]XOWDW\Z\ERUyZ


$OHNVDQGHU.ZD QLHZVNL3UH]\GHQWHP53




OLVWRSDGD3ROVNDZ\EUDáDQRZHJR3UH]\GHQWD$OHNVDQGHU.ZD QLHZVNL

RWU]\PDáSURFHQWJáRVyZD/HFK:Dá VDSURFHQW)UHNZHQFMDZ\
QLRVáDSURFHQW5y QLFDPL G]\NDQG\GDWDPLZ\QRVLáDZL FPQLHMQL 
SURFHQWEOLVNRW\VL F\JáRVyZ
*HRJUDILDSRSDUFLDGODREXNDQG\GDWyZZGUXJLHMWXU]HE\áDQLHPDOWDNDVDPD
MDNZSLHUZV]HM$OHNVDQGHU.ZD QLHZVNLZ\SU]HG]Lá/HFK:Dá V ZVSR UyG
 ZRMHZyG]WZ'RJUXS\ZRMHZyG]WZZNWyU\FKZ\ERUF\MX ]DSLHUZV]\P
UD]HP ZL NV]  V\PSDWL  GDU]\OL NDQG\GDWD OHZLF\ GRá F]\áR VLHGOHFNLH JG]LH
GZD W\JRGQLH ZF]H QLHM QLH]QDF]QLH ]Z\FL \á :Dá VD 1DMZL NV]  SU]HZDJ 
X]\VNDá$OHNVDQGHU.ZD QLHZVNLZZRMHZyG]WZLHZáRFáDZVNLP=GRE\áWDP
SURFHQW JáRVyZ ,QQ\PL ZRMHZyG]WZDPL R QDMZL NV]HM GRPLQDFML .ZD QLHZ
VNLHJR E\á\ NRV]DOL VNLH SáRFNLH L OHV]F]\ VNLH =GRE\á WDP SRQDG  SURFHQW
JáRVyZ/HFK:Dá VD]Z\FL \áZZRMHZyG]WZDFK7DNMDNZSLHUZV]HMWX
U]H GRW\FKF]DVRZ\ SUH]\GHQWUR]JURPLáU\ZDODZ1RZRV GHFNLP]GRE\ZDM F
SRQDGWU]\F]ZDUWHJáRVyZ%OLVNRJáRVyZ:Dá VDRWU]\PDáZZRMHZyG]
WZDFKNUDNRZVNLPU]HV]RZVNLPLWDUQRZVNLP:\QLNQDMEOL V]\UHPLVXSDGáZ
ZRMHZyG]WZDFKNDWRZLFNLPLRVWURá FNLP:ZRMHZyG]WZDFKOXEHOVNLPLZUR
FáDZVNLP Z\QLNL Uy QLá\ VL  RG RJyOQRSROVNLFK R  SURFHQW



 =DUyZQR Z

FDá\PNUDMXMDNLZND G\P]ZRMHZyG]WZIUHNZHQFMDE\áDZ\ V]DQL OLVWR
SDGD*áRVRZDáRSURFHQWXSUDZQLRQ\FKGRJáRVRZDQLDPLHV]ND FyZ3RO
VNLSRGF]DVJG\ZSLHUZV]HMWXU]HIUHNZHQFMDZ\QLRVáDSURFHQW1DMZL FHM
Z\ERUFyZ VNRU]\VWDáR ]H VZRLFK SUDZ Z ZRMHZyG]WZDFK SR]QD VNLP 
SURFHQW LOHV]F]\ VNLP SURFHQW 3RQDGSURFHQWXSUDZQLRQ\FKJáRVR
ZDáRWDN HZZRMHZyG]WZDFKELHOVNLPE\GJRVNLPJGD VNLPNDOLVNLPáyG]
NLP QRZRV GHFNLPSLOVNLPU]HV]RZVNLPLZDUV]DZVNLP1LJG]LHIUHNZHQFMD
QLHE\áDQL V]DQL SURFHQW1DMPQLHMJáRVXM F\FKWDNMDNZSLHUZV]HMWXU]H

background image







E\áRZZRMHZyG]WZLHRSROVNLP SURFHQW &RSL üG]LHVL W\JáRVZU]XFRQ\
OLVWRSDGDGRXUQZ\ERUF]\FKRND]DáVL JáRVHPQLHZD Q\P





2UG\QDFMDSU]HZLGXMHWU]\GQLRGSRGDQLDZ\QLNXZ\ERUyZGRSXEOLF]QHM

ZLDGRPR FL QD ]JáDV]DQLH SURWHVWyZ Z\ERUF]\FK .ROHMQH WU]\ GQL V  SU]H]QD
F]RQHQDHZHQWXDOQHX]XSHáQLHQLHSURWHVWyZMH OLV GX]QDWR]DNRQLHF]QH3UR
WHVW\PR HVNáDGDüZ\ERUFDNWyU\]QDMGRZDáVL ZGQLXZ\ERUyZZVSLVLHMHG
QHJR]REZRGyZJáRVRZDQLD3UDZRWRSU]\VáXJXMHWDN HNRPLWHWRP]JáDV]DM 
F\PNDQG\GDWyZRUD]NRPLVMRPZ\ERUF]\P3URWHVW\ZQRVLVL QDSL PLHEH]SR

UHGQLRGR6 GX1DMZ\ V]HJR3U]HFLZNRZ\ERURZL3UH]\GHQWDPR HE\üZQLH

VLRQ\SURWHVW]SRZRGXQDUXV]HQLDRUG\QDFMLZ\ERUF]HMDOER]SRZRGXGRSXV]
F]HQLDVL SU]HVW SVWZSU]HFLZNRZ\ERURPMH HOLWRQDUXV]HQLHOXESU]HVW SVWZR
PRJáR Z\ZU]Hü ZSá\ZQDZ\QLNZ\ERUyZ6 G1DMZ\ V]\PD]DOHGZLHNLOND
GQLQDUR]SDWU]HQLHSURWHVWyZSRQLHZD ZFL JXGZXG]LHVWXGQLSRJáRVRZDQLX
SRZLQLHQSRGM üXFKZDá ZVSUDZLHZD QR FLZ\ERUyZ6 GF]\QLWRQDSRGVWD
ZLH VSUDZR]GDQLD 3D VWZRZHM .RPLVML :\ERUF]HM L GRSLHUR  JUXGQLD E G]LH
RILFMDOQLHZLDGRPRNWR]RVWDáQRZ\PSUH]\GHQWHP







1RZ\ SUH]\GHQW UR]SRF]QLH XU] GRZDQLH GRSLHUR SR ]áR HQLX SU]\VL JL

1DVW SLWRQDSRVLHG]HQLX=JURPDG]HQLD1DURGRZHJR]ZRáDQHJRSU]H]0DUV]Dá
ND6HMPXQDG]LH JUXGQLD8U] GXM F\SUH]\GHQWNR F]\VZRM NDGHQFM ]
XSá\ZHPODWRGGQLDREM FLDXU] GX/HFK:Dá VDVNáDGDáVZRM SU]\VL J 
JUXGQLD  URNX .R F]\ ZL F XU] GRZDQLH  JUXGQLD  URNX 'R WHJR
F]DVX/HFK:Dá VDPR HSRGHMPRZDüZV]\VWNLHGHF\]MHOH FHZMHJRNRPSH
WHQFML0L G]\DJUXGQLD$OHNVDQGHU.ZD QLHZVNLE G]LHPyJáVL XZD Dü
]JRGQLH]H]Z\F]DMHP]DSUH]\GHQWDHOHNWD3R]RVWDQLHQDGDOSRVáHPLSU]HZRG
QLF] F\P.RPLVML.RQVW\WXF\MQHM=JURPDG]HQLD1DURGRZHJR0DQGDWSRVHOVNL
XWUDFL]GQLHPREM FLDXU] GX6WDQLHVL WR]PRF\SUDZDQLHPR QDERZLHP
á F]\üXU] GXSUH]\GHQWD]PDQGDWHPSRVHOVNLP

background image







:VSyOQD3ROVND$OHNVDQGUD.ZD QLHZVNLHJR




$OHNVDQGHU.ZD QLHZVNLNDQG\GDW6RMXV]X/HZLF\'HPRNUDW\F]QHMSR

]\VNDáJáRV\EOLVNRG]LHVL FLXPLOLRQyZ3RODNyZ7\OHZ\VWDUF]\áRE\]RVWDáSUH
]\GHQWHP3ROVNLQDQDMEOL V]HSL FODW:Z\ERUF]HMU\ZDOL]DFMLSRNRQDáOHJHQG 
VROLGDUQR FLRZHJRSU]HáRPXLXU] GXM FHJRSUH]\GHQWD/HFKD:Dá V 
1DSURJXNDPSDQLSUH]\GHQFNLHMZLHOXNRPHQWDWRUyZ \FLDSROLW\F]QHJRRFH
QLDáR HSU]HZRGQLF] F\6/'QLHSU]HNURF]\EDULHU\WU]\G]LHVWRSURFHQWRZHJR
SRSDUFLD1DW\OHFRQDMZ\ HMV]DFRZDOL]GHNODURZDQ\FK]ZROHQQLNyZSRVW
NRPXQLVW\F]QHMOHZLF\LW\PVDP\P.ZD QLHZVNLHJR/HFK:Dá VDMHV]F]HNLO
NDPLHVL F\SU]HGZ\ERUDPLXZD Dá HOHZLFDPDEDULHU VSRáHF]QHJRSRSDUFLD
NWyUHMQLHMHVWZVWDQLHSRNRQDü5DFKXE\:Dá V\RND]Dá\VL MHGQDNFK\ELRQH
:\QLNZ\ERUyZSUH]\GHQFNLFKQLHPXVLZFDOHR]QDF]Dü HXJUXSRZDQLH.ZD

QLHZVNLHJRZQDMEOL V]\FKZ\ERUDFKSDUODPHQWDUQ\FK]GRE G]LHSRQDGSUR

FHQWJáRVyZ5\ZDOL]DFMDZZ\ERUDFKSUH]\GHQFNLFKSRGOHJDLQQ\PUHJXáRPQL 
Z\ERU\SDUODPHQWDUQHFKRüE\GODWHJR HPD]GHF\GRZDQLHSHUVRQDOQ\FKDUDN
WHUF]\OLRVRERZR FLNDQG\GDWyZRGJU\ZDM ZQLHMLVWRWQ URO *áyZQ\PPR
W\ZHP JáRVRZDQLD QD .ZD QLHZVNLHJR  SRGDZDQ\P SU]H] SRQDG SRáRZ  UH
VSRQGHQWyZ 2%23  E\áR WR H PD RQ RGSRZLHGQLH FHFK\ FKDUDNWHUX RVRER
ZR ü W\ONR H QD SRGVWDZLH Z\ERUF]\FK ZLGHRNOLSyZ L UHODFML ]H VSRWND  Z
WHUHQLH QLHZLHOH PR QD E\áR Z\ZQLRVNRZDü R RVRERZR FL NDQG\GDWD 2GSR
ZLHGQLH FHFK\ FKDUDNWHUX NWyUH WDN GRFHQLOL X .ZD QLHZVNLHJR JáRVXM F\ WR
SU]HGHZV]\VWNLPDWUDNF\MQ\LPDJHDPyZL FM ]\NLHPKDQGORZ\PGREUHRSD
NRZDQLH



1LHFKRG]LJáyZQLHRWR H$OHNVDQGHU.ZD QLHZVNLVWZDU]DáZUD

HQLHSU]\VWRMQHJR:D QLHMV]HMHVWWRMDNPyZLáDPyZLááDGQLHSRWRF]\ FLH

QLHPDO OLWHUDFN  SROV]F]\]Q  3R SURVWX JáDGNR D MHJR VáRZD QLH Z]EXG]Dá\ X
VáXFKDM F\FKQLHSRNRMX7UXGQRE\áR]WHJRFRPyZLá]DSDPL WDüMDNL NRQNUHW
Q\IUDJPHQWDOHWH QLF]WHJRFRPyZLáQLHZ\ZRá\ZDáRXVáXFKDM F\FKVSU]H
FLZX7RFRLMDNPyZLáE\áRQLHNRQWURZHUV\MQHDEU]PLDáRV\PSDW\F]QLHEH]
VWUHVRZR8PLHVL Z\VáRZLüQLNRJRQLHREUD DSU]\SDGáPLGRJXVWXP GU]H

background image







JDGDWRFKDUDNWHU\VW\F]QHZ\SRZLHG]LMHJR]ZROHQQLNyZSRWZLHUG]DM FHWH] 
RJáDGNR FLZ\PRZ\,VWRWQHMHVWWDN HWR HWDJáDGNR üGRW\F]\áDWDN HWUH

FL .DQG\GDW $OHNVDQGHU .ZD QLHZVNL SU]HGVWDZLDá  ZLDW EH]SUREOHPRZ\

JáDGNLEH]NDQWyZLFKURSRZDW\FKSRZLHU]FKQL ZLDWSU]\MD]Q\FR]GDMHVL 
E\üZDUWR FL QLHPDOEH]FHQQ ZWUXGQ\PRNUHVLHJá ERNLFKUHIRUPVSRáHF]Q\FK
LJRVSRGDUF]\FK


'OD ZLHOX Z\ERUFyZ $OHNVDQGHU .ZD QLHZVNL XRVDELDá PDU]HQLH R HOH

JDQFNLPLEH]EROHVQ\PZ\M FLX]35/X:áD QLHZW\P]GDQLHPZLHOXVRFMR
ORJyZWNZLáDZ\ERUF]DVLáDNDQG\GDWDQDSUH]\GHQWD3U]\W\PZFDOHQLHFKRG]L
áRRáDWZHRELHWQLFHMDNLH]D]Z\F]DMVNáDGDVL ZNDPSDQLLZ\ERUF]HM5DF]HMR
Z\ZRáDQLH SR]\W\ZQHJR QDVWURMX SU]HGVWDZLHQLH RJyOQHM SR]\W\ZQHM ZL]ML

 



1LHSU]\SDGNRZR KDVáR .ZD QLHZVNLHJR Z , WXU]H Z\ERUyZ EU]PLDáR :\
ELHU]P\ SU]\V]áR ü 8Z]JO GQLZV]\ MHJR ELRJUDIL  L SROLW\F]QH XV\WXRZDQLH
MDNR SU]HZRGQLF] FHJR XJUXSRZDQLD E G FHJR VSDGNRELHUF  3=35KDVáR GR ü
SU]HZURWQH-DNMHGQDNSRND]Dá\Z\QLNLZ\ERUyZSUDJPDW\F]QDSUyEDSU]HM FLD
SRQDGKLVWRUL ZZ\GDQLXSU]HZRGQLF] FHJR6/'XGDáDVL QDW\OH HGODSRQDG
SRáRZ\ JáRVXM F\FK URGRZyG LFK NDQG\GDWD QLH E\á SUREOHPHP +DVáR :\
ELHU]P\ SU]\V]áR ü VSRZRGRZDáR SDUDGRNV SRQLHZD  GOD ZLHOX 3RODNyZ WR
$OHNVDQGHU.ZD QLHZVNLVWDáVL NDQG\GDWHPSU]\V]áR FLVS\FKDM F/HFKD:D
á V  QD SR]\FMH SU]HV]áR FL 7R XU] GXM F\ MHV]F]H  SUH]\GHQW E\á W\P NWyU\
RJO GDáVL ZVWHF]L]QLHGDZQHMKLVWRULLFKFLDáXF]\QLüVZRM VLá 6XNFHV.ZD

QLHZVNLHJRSROHJDáQDW\P HZ\ND]DáVSUDZQR üZ]MHGQ\ZDQLXQLHVSyMQHM

F] FLHOHNWRUDWXWDN HSRGZ]JO GHPSR]\FMLHNRQRPLF]QHM-HGQLZLG]LHOLZ
QLPJZDUDQWDVRFMDOQHJREH]SLHF]H VWZDLQQLGRVWU]HJDOLSROLW\NDSUDJPDW\ND
NWyU\ZLHFRR]QDF]DZSROLW\FHJUXSRZ\LQWHUHV UyGHá]Z\FL VWZDSU]HZRGQL
F] FHJR6/'QDOH DáRE\V]XNDüZZ\ERUDFKSDUODPHQWDUQ\FKZURNX$
GRNáDGQLHMZW\P HZVSyáWZRU]RQDSU]H]6/'NRDOLFMDSU]HM áDZyZF]DVU] G\
6WDáR VL  WR Z RNUHVLH JG\ WHUDSLDV]RNRZDU] GyZVROLGDUQR FLRZ\FK]DF] áD
SU]\QRVLüSLHUZV]HSR]\W\ZQHHIHNW\RGF]XZDOQHSU]H]OXG]L7RZWHG\QDV]D
JRVSRGDUND]DF] áDZ\FKRG]Lü]GRáNDMHGQRF]H QLHNRDOLFMD6/'36/QLHVSLH
V]\áDVL ]UHIRUPDPL

background image









$OHNVDQGHU .ZD QLHZVNL PD ]D VRE  EDUG]R ]Uy QLFRZDQH SRSDUFLH RG

PLáR FL L VWDQLD PXUHP SR QDGHU VNURPQ  FK ü Ä]DEORNRZDQLD SU]HFLZQLND
:\NRU]\VWDá QDMOHSLHM MDN PyJá VZyM G\QDPL]P VZRM  PáRGR ü HORNZHQFM 
EUDN NRPSOHNVyZ ZREHF VZHM SU]HV]áR FL WDN Uy QL FHM VL  RG RSR]\F\MQ\FK
ELRJUDILL.ZD QLHZVNLMDNPyZLZ\JUDá]HOLWDPLZLHONLFKPLDVWZ\JUDá]PH
GLDPL]6ROLGDUQR FL Z\JUDáZUHV]FLH]KLHUDUFKL NR FLHOQ L]ZLHORPDLQQ\
PLSU]HFLZQLNDPLNWyU]\MHGQDN]PRPHQWHP]Z\FL VWZDOLGHUD6/'QLH]QLNQ 
]HVFHQ\WHMSXEOLF]QHMLSU\ZDWQHM0LHV]F] VL RQLZWHMSRáRZLHNUDMXNWyUHM
.ZD QLHZVNL E G]LH PXVLDá E\ü SUH]\GHQWHP :VSyOQD 3ROVNDKDVáR GUXJLHM
WXU\ Z\ERUyZ MHVW GOD ZV]\VWNLFK ]DUyZQR SU]HFLZQLNyZ MDN L ]ZROHQQLNyZ
&KFHE\üU]HF]QLNLHP]DVDG\VSUDZLHGOLZR FLVSRáHF]QHMUR]XPLDQHMMDNRUyZ
QR üV]DQVUyZQR üSUDZLUyZQR üPLDUF]áRZLHND

 



.ZD QLHZVNLPXVLXGRZRGQLü HMHVWNLP ZL FHMQL SHáQ\PRJáDG\RSRUWXQL
VW NRPXQLVW\F]Q\PG]LDáDF]HPPáRG]LH RZ\P-HVWIDNWHP H]RVWDáZ\EUDQ\
EDUG]R PDá  SU]HZDJ  JáRVyZ SU]H] Z\ERUFyZ NWyU]\ Z SU]HZD DM FHM ZL N
V]R FLRSRZLDGDM VL ]DNRQW\QXDFM JáyZQ\FK]GRE\F]\Z\ZDOF]RQ\FKGOD3RO
VNLSU]H]6ROLGDUQR ü:Dá V\.WyU]\DSUREXM NRQLHFNRPXQLVW\F]QHMG\NWDWX
U\QDURGRZ QLHSRGOHJáR üGHPRNUDFM ZROQ\U\QHNLZL]M 3ROVNLEH]SLHF]QLH
]DNRWZLF]RQHMZSRQDGQDURGRZ\FKVWUXNWXUDFK8QLL(XURSHMVNLHML1$727\O
NREDUG]RQLHZLHONLSURFHQWZ\ERUFyZ.ZD QLHZVNLHJR \ZLSUDZG]LZHSU]\
ZL ]DQLHGRNRPXQL]PXOXESUDJQLHSRZURWXVWDUHMNRPXQLVW\F]QHMQRPHQNODWX
U\ 3U]HGH ZV]\VWNLP .ZD QLHZVNL PXVL XGRZRGQLü H :VSyOQD 3ROVND QLH
MHVWPLWHP HPR HE\üSUH]\GHQWHPZV]\VWNLFK3RODNyZ'DZQLDSDUDWF]\F\
E G  RG QLHJR GDü ]DVDGQLF]\FK ]PLDQ SHUVRQDOQ\FK Z V]F]HJyOQR FL REVD
G]HQLD NOXF]RZ\FK PLQLVWHUVWZ 8OHJDQLH LP PR H RND]Dü VL  GOD .ZD QLHZ
VNLHJRNDWDVWURIDOQHZVNXWNDFK3RáRZDHOHNWRUDWXNWyUDQDQLHJRQLHJáRVRZD
áD D WDN H OLF]QL ] MHJR Z\ERUFyZ XMU]  Z WDNLFK SRVXQL FLDFK SRWZLHUG]HQLH
VZRLFKQDMJRUV]\FKREDZ1DVLOLVL SRODU\]DFMD \FLDSROLW\F]QHJRLQDSL FLH]
NRQVHNZHQFMDPLWUXGQ\PLGRSU]HZLG]HQLD3R]DW\PZV]HONLHUR]V]HU]HQLHSROL
W\F]QHJRPRQRSROXGDZQ\FKNRPXQLVWyZ]DRVWU]\]DFKRGQLHZ WSOLZR FLFRGR
NRQHNVML L SU]HNRQD  .ZD QLHZVNLHJR 8FLHUSL  QD W\P QLHXFKURQQLH SROVNLH

background image







V]DQVH ZHM FLD GR 1$72 1LH ZV]\VF\ SU]HFLZQLF\ UR]V]HU]HQLD 1$72 V 
ÄPL NNRJáRZ\PL´OLEHUDáDPLURPDQW\F]QLHXVSRVRELRQ\PLZREHF5RVML1LHNWy
U]\]QLFKV ]ZROHQQLNDPLSRJO GyZ5HDJDQDLSDQL7KDWFKHULEH]ZDKDQLDZ\
NRU]\VWDM ND G\SU]HMDZSROLW\F]Q\FKXFK\ELH .ZD QLHZVNLHJRMDNRDUJXPHQW
SU]HFLZNR SU]\M FLX 3ROVNL GR 3DNWX 3UH]\GHQW .ZD QLHZVNL ]QDMG]LH VZRMH
PLHMVFH Z KLVWRULL MH OL ]MHGQRF]\ SROVNLH VSRáHF]H VWZR L GRSURZDG]L 3ROVN 
]DUyZQRGR1$72MDNLGR8QLL(XURSHMVNLHM3LHUZV]\PSRZD Q\PNURNLHP
GRWHJRFHOXE\áRE\Z\FL JQL FLHU NLGRW\FKNWyU]\ZSU]HFLZLH VWZLHGRQLH
JRVDPHJRU]HF]\ZL FLHSR ZL FLOL \FLHZDOFHSU]HFLZVRZLHFNLHPXSDQRZDQLX
LPRQRSDUW\MQHMG\NWDWXU]H







:\ELHU]P\SU]\V]áR üL:VSyOQD3ROVNDSRGW\PLKDVáDPL$OHNVDQGHU

.ZD QLHZVNLZ\JUDáZ\ERU\SUH]\GHQFNLH=DGHNODURZDá]DUD]HP HFKFHE\ü
SUH]\GHQWHP ZV]\VWNLFK 3RODNyZ -HVW WR G HQLH MDN QDMEDUG]LHM SR]\W\ZQH
FKRü]DSHZQLHQLHáDWZHGRRVL JQL FLDZZ\UD QLHVSRODU\]RZDQ\PVSRáHF]H 
VWZLH.LHUXQHNUR]ZRMX3ROVNL]RVWDáZ\W\F]RQ\NLONDODWWHPX3U]\V]áR üQD
V]HJR3D VWZDWRSU]\QDOH QR üGR1$72L8QLL(XURSHMVNLHMV]\ENLHL]GHF\
GRZDQHUHIRUP\XVWURMRZH]ZL NV]DM FHNRPSHWHQFMHVDPRU] GXWHU\WRULDOQHJR
SU\ZDW\]DFMDPRFQ\SLHQL G]LQLH]DOH QR üEDQNXFHQWUDOQHJROLNZLGDFMDSD 
VWZRZ\FK PRORFKyZ QLH]DOH QR ü PHGLyZ SXEOLF]Q\FK UHIRUPD V\VWHPX R
FKURQ\]GURZLDLXEH]SLHF]H VSRáHF]Q\FKQRZDP GUDNRQVW\WXFMD=GHWHUPL
QRZDQHG HQLHGRW\FKFHOyZPXVLG\NWRZDüSRF]\QDQLDQRZHJRSUH]\GHQWD
1LH]E GQH MHVW V]XNDQLH SU]H] QRZHJR SUH]\GHQWD SRUR]XPLHQLD ] RSR]\FM 
SU]HU]XFHQLHPRVWyZSRPL G]\RGPLHQQ\PLHOHNWRUDWDPLOXG PLJRU]NRZVSR
PLQDM F\PL35/LPáRG\PLGODNWyU\FKQDMQRZV]DEROHVQDKLVWRULDQLHMHVWDU
JXPHQWHP Z\ERUF]\P 6]XNDQLH SRUR]XPLHQLD PL G]\ PLHV]ND FDPL GX \FK
PLDVWNWyU]\OHSLHMMDNVL Z\GDMHGRVWU]HJDM ]DOHW\JRVSRGDUNLZROQRU\QNR
ZHMLRE\ZDWHODPLPDá\FKPLDVWHF]HNJG]LHQLHSHZQR üMXWUDRZRFXMHIUXVWUD
FM 1LH]E GQHMHVWV]XNDQLHSRUR]XPLHQLDPL G]\LQWHOLJHQFM JáRVXM F ZZL N
V]R FLQD:Dá V DPáRG]LH NWyUDMHGQDNZ]QDF]QHMPLHU]HRSRZLHG]LDáDVL 
]D .ZD QLHZVNLP 7DNLH SRUR]XPLHQLH PR H QDVW SLü W\ONR ZyZF]DV JG\ R
F]\V]F]RQH]RVWDQLHSU]HGSROHJG\Z\MD QLRQHE G ZV]\VWNLHZ WSOLZR FLMD

background image







NLH SRMDZLá\ VL  ZRNyá NDQG\GDWyZ Z WUDNFLH NDPSDQLL Z\ERUF]HM 0R QD ER
ZLHP EXGRZDü SU]\V]áR ü ZH ZVSyOQHM 3ROVFH MH OL QLH E G]LH QLHGRPyZLH 
]ZL ]DQ\FK]SU]HV]áR FL W GDOV] LW FDáNLHPQLHRGOHJá 1LHPR QDRF]\ZL

FLHSRVWXORZDüDE\SRUR]XPLHQLHWRREM áRVSUDZ\ZV]\VWNLHJG\ E\áRE\WR

]DSU]HF]HQLHPLGHLGHPRNUDFMLLSOXUDOL]PX3RZLQQRMHGQDNGRW\F]\üVSUDZGOD
SD VWZDIXQGDPHQWDOQ\FKQLHSRGOHJDM F\FK]PLHQQ\PNRQLXQNWXURPSDUW\MQR
SDUODPHQWDUQ\P



 

background image







2U]HF]HQLH6 GX1DMZ\ V]HJR




$OHNVDQGHU.ZD QLHZVNLZURNX]RVWDáVNUH ORQ\]OLVW\VWXGHQWyZ

8QLZHUV\WHWX*GD VNLHJR]SRZRGXQLH]DOLF]HQLD9URNXVWXGLyZ2]QDF]DWR H
NDQG\GDWQDSUH]\GHQWDPyZLáQLHSUDZG XWU]\PXM F HMHVWDEVROZHQWHP8QL
ZHUV\WHWX*GD VNLHJR


$OHNVDQGHU.ZD QLHZVNLE\áVWXGHQWHP:\G]LDáX(NRQRPLNL7UDQVSRUWX

8*ZODWDFK'HF\]M G]LHNDQDWHJRZ\G]LDáX]RVWDáOLVWRSDGD
VNUH ORQ\]OLVW\VWXGHQWyZSRQLHZD QLHSU]HGVWDZLá]DOLF]H Z\PDJDQ\FKSUR
JUDPHPQDXF]DQLD9URNXVWXGLyZ7\PVDP\PQLHPyJáX]\VNDüDEVROXWRULXPL
SU]HGVWDZLüSUDF\PDJLVWHUVNLHM.DQG\GXM F\QDXU] GSUH]\GHQWD53OLGHU6/'
SRGDá3D VWZRZHM.RPLVML:\ERUF]HM HPDZ\NV]WDáFHQLHZ\ V]H7DNDLQIRU
PDFMD]RVWDáDXZLGRF]QLRQDQDOLVWDFKZ\ERUF]\FK







6WUXNWXU\UHJLRQDOQH16==6ROLGDUQR üUR]SRF] á\DNFM ]ELHUDQLDSRG

SLVyZSRGSURWHVWDPLZ\ERUF]\PLSU]HFLZNRZ\ERURZL$OHNVDQGUD.ZD QLHZ
VNLHJRQDXU] GSUH]\GHQWDZ]ZL ]NX]SR ZLDGF]HQLHPQLHSUDZG\:VLHG]L
EDFK UHJLRQyZ UR]GDZDQH E\á\ RGSRZLHGQLH GUXNL SRG NWyU\PL PR QD ]áR \ü
SRGSLV :V]\VWNLH GUXNL ]RVWDá\ SU]HND]DQH GR 6 GX 1DMZ\ V]HJR =DU]XW\
REHMPRZDá\QDUXV]HQLHXVWDZ\RZ\ERU]HSUH]\GHQWDSU]H]SRGDQLHQLHSUDZG]L
Z\FKGDQ\FKZ]JáRV]HQLXNDQG\GDWDQDSUH]\GHQWD$OHNVDQGUD.ZD QLHZVNLH
JR.DWROLFNDUR]JáR QLDÄ5DGLR0DU\MD´SU]\á F]\áDVL GRDSHOX6ROLGDUQR FL
ZVSUDZLHXQLHZD QLHQLDZ\ERUyZ6áXFKDF]RPSRGDZDQRDGUHV\ORNDOQ\FKELXU
UDGLD]DU] GyZUHJLRQyZ6ROLGDUQR FLLV]WDEyZZ\ERUF]\FK/HFKD:Dá V\
JG]LHPR QDE\áRRWU]\PDüGUXNLSURWHVWyZLVNáDGDüMHSRZ\SHáQLHQLX3URWHVW
Z\ERUF]\ZVSUDZLH.ZD QLHZVNLHJR]áR \ODWH .RQIHGHUDFMD0áRG\FKNWyUD
MHGQRF]H QLH]DSRZLHG]LDáD HE G]LHXMDZQLDüLGHPDVNRZDüZV]\VWNLHQLHGR
FL JQL FLDMHJRSUH]\GHQWXU\



%H]SR UHGQLR GR 6 GX 1DMZ\ V]HJR ZSá\Q áR SRQDG  W\VL F\ SURWHVWyZ ]
F]HJRSUDZLHZV]\VWNLHGRW\F]\á\SRGDQLDSU]H]V]WDENDQG\GDWD6/'LZRE
ZLHV]F]HQLDFK 3D VWZRZHM .RPLVML :\ERUF]HM IDáV]\ZHM LQIRUPDFML H PD RQ

background image







Z\ V]HZ\NV]WDáFHQLH.UDMRZ\V]WDEZ\ERUF]\/HFKD:Dá V\RVNDU \áWH RVR
E\NWyUH]JáRVLá\NDQG\GDWXU .ZD QLHZVNLHJRRSU]HVW SVWZDNDUQHSR ZLDG
F]HQLHQLHSUDZG\Z\áXG]HQLHSR ZLDGF]HQLDQLHSUDZG\RG3D VWZRZHM.RPLVML
:\ERUF]HM L SU]HV]NDG]DQLH SRGVW SHP Z Z\NRQ\ZDQLX SUDZ Z\ERUF]\FK





5R]SDWUXM F\SURWHVW\Z\ERUF]H6 G1DMZ\ V]\SRSURVLáG\UHNFM 2 URGND%D
GDQLD2SLQLL3XEOLF]QHMR]áR HQLHZ\MD QLH LHNVSHUW\] SRQLHZD F] üSURWH
VWXM F\FKSRZRá\ZDáDVL QDZ\QLNLVRQGD \ZNWyU\FKZ\NV]WDáFHQLHE\áRMHGQ 
]QDMF] FLHMZ\PLHQLDQ\FKFHFKLGHDOQHJRSUH]\GHQWD:SURWHVWDFKF\WRZDQ\
E\áSU]HGHZV]\VWNLPVRQGD 2%23]OLSFDURNXZNWyU\PSURFHQWUH
VSRQGHQWyZX]QDáR HGREU\SUH]\GHQWSRZLQLHQPLHüRGSRZLHGQLHZ\NV]WDáFH
QLH .ROHMQD FHFKDSUDZGRPyZQR ü L XF]FLZR ü ]RVWDáD Z\PLHQLRQD SU]H] 
SURFHQW EDGDQ\FK : VRQGD DFK SU]HSURZDG]RQ\FK QDWRPLDVW SU]H] &HQWUXP
%DGDQLD2SLQLL6SRáHF]QHMZ\ V]HZ\NV]WDáFHQLH]QDOD]áRVL QDGUXJLPPLHMVFX
Z UyGSU]\PLRWyZLGHDOQHJRSUH]\GHQWD.RPSHWHQFMDIDFKRZR üLZ\NV]WDáFH
QLHE\á\WH QDMF] VWV]\PLSU]HVáDQNDPLMDNLPLNLHURZDá\VL RVRE\JáRVXM FHQD
.ZD QLHZVNLHJR



3UH]\GHQWHOHNW$OHNVDQGHU.ZD QLHZVNLSU]\]QDáVL  H

QLH PD W\WXáX PDJLVWUD .ZD QLHZVNL S\WDQ\ GODF]HJR RG UD]X QLH SRZLHG]LDá
SUDZG\RGSDUá:V]\VWNLHHJ]DPLQ\MDNLHPLDáHP]GDüQDZ\G]LDOHKDQGOX]D
JUDQLF]QHJR8QLZHUV\WHWX*GD VNLHJR]GDáHP]EDUG]RGREU\PLZ\QLNDPL%\
áHPMHGQ\P]QDMOHSV]\FKVWXGHQWyZ0DPSRF]XFLHSHZQHJRJU]HFKX DáXM 

HWRNXVWXGLyZQLH]DPNQ áHPIRUPDOQLHPDJLVWHULXP3U]H]FDáH \FLHRGF]X

ZDáHP VWUDV]OLZ  SRWU]HE  ZROQR FL Z NWyUHM PLH FLáR VL  PDFKQL FLH U N  QD
G\SORP



6WZLHUG]LáWH  HQLHE G]LHZ\SRZLDGDáVL ZVSUDZLHSURWHVWyZ

Z\ERUF]\FKLVWDZLDQ\FKPXRVNDU H GRW\F] F\FKMHJRZ\NV]WDáFHQLDGRF]DVX
RJáRV]HQLDSU]H]6 G1DMZ\ V]\ZHUG\NWXZVSUDZLHZD QR FLZ\ERUyZ
6 G1DMZ\ V]\SRVWDQRZLáX]QDü H]DU]XWSRGDQLDQLHSUDZG]LZHMLQIRUPDFMLR
Z\NV]WDáFHQLXNDQG\GDWDQDSUH]\GHQWD5]HF]SRVSROLWHM3ROVNLHM]DPLHV]F]RQHM
QDOL FLHZ\ERUF]HMVSRU] G]RQHMSU]H]3D VWZRZ .RPLVM :\ERUF] MHVW]D
VDGQ\LVWDQRZLQDUXV]HQLHDUWXVWDZ\]ZU]H QLDURNXRZ\ERU]H
SUH]\GHQWD5]HF]SRVSROLWHM3ROVNLHMNWyUHPRJáRZ\ZU]HüZSá\ZQDZ\QLNZ\
ERUyZ3URWHVW\GRW\F] FHZ\NV]WDáFHQLD$OHNVDQGUD.ZD QLHZVNLHJRNWyUHVWD

background image







QRZLá\SU]\WáDF]DM F ZL NV]R üZV]\VWNLFKMDNLHGR6 GX1DMZ\ V]HJRZSá\Q 
á\SRZ\ERUDFKSUH]\GHQFNLFKUR]SDWU\ZDá\WU]\RVRERZHVNáDG\V G]LRZVNLHQD
SRVLHG]HQLDFK QLHMDZQ\FK 6 G 1DMZ\ V]\ SRVWDQRZLá H SLHUZV]D Z KLVWRULL
MDZQD UR]SUDZD 6 GX Z VSUDZLH ZD QR FL OXE XQLHZD QLHQLD Z\ERUyZ SUH]\
GHQFNLFKRGE G]LHVL JUXGQLDURNX2SUyF]FDáHM,]E\$GPLQLVWUDF\MQHM
6 GX 1DMZ\ V]HJR Z UR]SUDZLH XF]HVWQLF]\ü E G  SU]HGVWDZLFLHO 3D VWZRZHM
.RPLVML:\ERUF]HMLSURNXUDWRUJHQHUDOQ\-HU]\-DVNLHUQLD6 GZ\M WNRZR]JR
G]LáVL WH QDXG]LDáZUROLREVHUZDWRUyZSRG]LHVL FLXF]áRQNyZV]WDEyZZ\
ERUF]\FK/HFKD:Dá V\L$OHNVDQGUD.ZD QLHZVNLHJR'RZRGDPLSRPRFQLF]\
PLNWyUHPDM E\üSU]HGVWDZLRQHQDUR]SUDZLHJáyZQHMV GZLHRSLQLHHNVSHUWyZ
VRFMRORJyZVSRU] G]RQHMX QDZQLRVHN6 GX1DMZ\ V]HJR-HGQ SU]HGVWDZLáR
V]H FLX SURIHVRUyZ ,QVW\WXWX )LOR]RILL L 6RFMRORJLL 3ROVNLHM $NDGHPLL 1DXN D
GUXJ SURIHVRU $QWRQL 6XáHN SUH]HV 3ROVNLHJR 7RZDU]\VWZD 6RFMRORJLF]QHJR
2ELHRSLQLHV REV]HUQHLRFHQLDQHMDNREDUG]RU]HWHOQHDOH DGQDQLH]DZLHUD
RVWDWHF]QHJRUR]VWU]\JQL FLDF]\LQIRUPDFMHRZ\NV]WDáFHQLXNDQG\GDWDQDSUH
]\GHQWDPLDá\ZSá\ZQDVSRVyEJáRVRZDQLDZ\ERUFyZ

 



:\EyU SUH]\GHQWD 5]HF]SRVSROLWHM 3ROVNLHM GRNRQDQ\  OLVWRSDGD 

URNXMHVWZD Q\RU]HNáJUXGQLDSRVLHGPLRJRG]LQQHMQDUDG]LH6 G1DMZ\ V]\
ZVNáDG]LHFDáHM,]E\$GPLQLVWUDF\MQHM3UDF\L8EH]SLHF]H 6SRáHF]Q\FK
SU]HZRGQLF] F\SUH]HV6 GX1DMZ\ V]HJR-DQ:DVLOHZVNL
V G]LRZLH6 GX1DMZ\ V]HJR7HUHVD)OHPPLQJ.XOHV]D-y]HI,ZXOVNL.D]L
PLHU] -D NRZVNL $GDP -y]HIRZLF] $QGU]HM .LMRZVNL -HU]\ .X QLDU -HU]\
.ZD QLHZVNL -DQXV] à WRZVNL 0DULD 0D NRZVND :DOHU\ 0DVHZLF] 7HUHVD
5RPHU:DOHULDQ6DQHWUD-DGZLJD6NLEL VND$GDPRZLF]6WHIDQLD6]\PD VND
0DULD7\V]HO$QGU]HM:UyEHO
SURWRNRODQW.DWDU]\QD:UyEOHZVND
G]LDáDM F QD SRGVWDZLH XVWDZ\ ]  ZU]H QLDURNXRZ\ERU]HSUH]\GHQWD
5]HF]\SRVSROLWHM3ROVNLHM:SRVLHG]HQLXXG]LDáZ]L OLWDN H]DVW SFD3URNXUDWR
UD*HQHUDOQHJR5]HF]\SRVSROLWHM3ROVNLHM6WHIDQ QLH NRLSU]HZRGQLF] F\3D 
VWZRZHM.RPLVML:\ERUF]HM:RMFLHFKà F]NRZVNL6 GVWZLHUG]Lá HQLHGDVL 
XVWDOLü DQL RV]DFRZDü ZSá\ZX SRGDQLD SU]H] $OHNVDQGUD.ZD QLHZVNLHJRQLH

background image







SUDZG]LZHMLQIRUPDFMLRZ\NV]WDáFHQLXQDZ\QLNZ\ERUyZ8FKZDáD6 GXMHVW
RVWDWHF]QD L QLH PD RG QLHM RGZRáDQLD

 

 8]DVDGQLDM F XFKZDá  SUH]HV ,]E\

$GPLQLVWUDF\MQHM3UDF\L8EH]SLHF]H 6SRáHF]Q\FK6 GX1DMZ\ V]HJR-DQ:D
VLOHZVNLSU]\SRPQLDá HZV]\VF\V G]LRZLHX]QDOLSRGDQLHIDáV]\ZHMLQIRUPDFML
RSRVLDGDQLXZ\ V]HJRZ\NV]WDáFHQLDSU]H]$OHNVDQGUD.ZD QLHZVNLHJR]DQD
UXV]HQLH SU]HSLVyZ RUG\QDFML =GDQLHP 6 GX 1DMZ\ V]HJR W\ONR PR OLZR ü
VSUDZG]HQLD Z MDNLP VWRSQLX QDUXV]HQLD SUDZD ZSá\Q á\ QD Z\QLN Z\ERUyZ
GDáDE\ SRGVWDZ  GR LFK XQLHZD QLHQLD 7\PF]DVHP WHJR QLH GD VL  XVWDOLü DQL
RV]DFRZDüX]DVDGQLDáSUH]HV6 GSRGNUH OLá HRFHQDPRUDOQR FLNDQG\GDWDQD
SUH]\GHQWDMHVWSR]DMHJRNRPSHWHQFM 
:HUG\NW 6 GX ]RVWDá RJáRV]RQ\ R JRG]LQLH RVLHPQDVWHM 5R]SUDZD ]DF] áD VL 
RVLHPJRG]LQZF]H QLHMJG\V G]LD7HUHVD5RPHUSU]HGVWDZLáDZ\QLNLGRW\FK
F]DVRZ\FKSUDF,]E\6 G]LRZLHSRG]LHOHQLQDSL üVNáDGyZZF]DVLHQLHMDZ
Q\FKSRVLHG]H UR]SDWU]\OLSURWHVWyZZ\ERUF]\FK:V]\VWNLH]HVSRá\
X]QDá\ H SUH]\GHQW HOHNW QLH MHVW DEVROZHQWHP 8QLZHUV\WHWX *GD VNLHJR 
VWZLHUG]LáDV G]LD5RPHU5y QLFHSRMDZLá\VL ZRFHQLHF]\WRQDUXV]HQLHPR
JáRZSá\Q üQDZ\QLNZ\ERUyZ6WZLHUG]RQHZ\SDGNLQDUXV]HQLDXVWDZ\Z\ERU
F]HMLLFKRJUDQLF]RQ\ZSá\ZQDZ\QLNJáRVRZDQLDZSRV]F]HJyOQ\FKREZRGDFK
QLH GDMH SRGVWDZ GR NZHVWLRQRZDQLD Z\QLNX Z\ERUyZVWZLHUG]LOLV G]LRZLH
'RNRQNOX]MLWDNLHM6 G1DMZ\ V]\GRV]HGáSRZ]L FLXSRGUR]ZDJ FDáHMGRNX
PHQWDFMLVSUDZR]GDQLD3D VWZRZHM.RPLVML:\ERUF]HMLSRVWDQRZLH Z\GDQ\FK
SU]\ UR]SR]QDZDQLX SRV]F]HJyOQ\FK SURWHVWyZ 3R Z\VáXFKDQLX SU]HZRGQLF] 
FHJR3D VWZRZHM.RPLVML:\ERUF]HM:RMFLHFKDà F]NRZVNLHJRL]DVW SF\SUR
NXUDWRUD JHQHUDOQHJR 6WHIDQD QLH NL NLOND PLQXW SR JRG]LQLH GZXQDVWHM 6 G
]DU] G]LáSU]HUZ GRJRG]LQ\VLHGHPQDVWHM2JRG]LQLHVLHGHPQDVWHMSUH]HV:D
VLOHZVNLSU]HáR \áRJáRV]HQLHZHUG\NWXMHV]F]HRJRG]LQ 6SR UyGVLHGHPQDVWX
V G]LyZ,]E\$GPLQLVWUDF\MQHM6 GX1DMZ\ V]HJRSL FLX -HU]\.X PLDU-HU]\
.ZD QLHZVNL0DULD0D NRZVND7HUHVD5RPHUL0DULD7\V]HO ]JáRVLáRYRWXP
VHSDUDWXPZREHFWHMGHF\]ML

 



2U]HNDM F Z VSUDZLH X]QDQLD ZD QR FL Z\ERUyZ SL FLX V G]LyZ 6 GX

1DMZ\ V]HJR PLDáR ]GDQLH RGU EQH RG ZL NV]R FL 1DVXZD VL  S\WDQLH  F]\

background image







ZL NV]R FGODWHJR HMHVWZL NV]R FL MHVW]GHILQLFMLP GU]HMV]DLVSUDZLHGOLZ
V]D"5DFMHE\á\UR]áR RQHSRSRREXVWURQDFKLSUDZGRSRGREQLHND G\]V G]LyZ
WH GRVWU]HJDáLMHGQHLGUXJLHDUJXPHQW\5y QLHMHGQDNZ\SDGDáLFKELODQV3R
GáXJLHM ]DSHZQLHWUXGQHMG\VNXVMLSR]RVWDáDUy QLFD]GD L]JRGQLH]SUDZHP
PXVLDáDUR]VWU]\JQ üZL NV]R ü1DWHMVDPHM]DVDG]LH]JRGQLH]SUDZHPZL N
V]R ü Z\ERUFyZ ]GHF\GRZDáD H 3UH]\GHQWHP 53 E G]LH $OHNVDQGHU .ZD

QLHZVNL6 G1DMZ\ V]\SRWZLHUG]Lá HZ\ERUF\ZLHG]LHOLL NDQG\GDWQLHPy

ZLá SUDZG\ SRGDM F Z REZLHV]F]HQLX 3D VWZRZHM .RPLVML :\ERUF]HM H PD
Z\NV]WDáFHQLHZ\ V]HDMHGQDNWHQIDNWQLHSU]HV]NRG]LáZL NV]R FL3RODNyZZ
GRNRQDQLXWDNLHJRZáD QLHZ\ERUX



1LHZLDGRPRGODF]HJR6 G1DMZ\ V]\

QLHZ]L áSRGXZDJ IDNWX HZRVWDWQLPGQLXNDPSDQLLSU]HGGUXJ WXU DQD
ZHWSy QLHMLQIRUPDFMHRZ\ V]\PZ\NV]WDáFHQLXSUH]\GHQWDHOHNWDSRGWU]\P\
ZDá XSDUFLH MHJR V]WDE Z\ERUF]\ *G\E\ ]DVWRVRZDü WRN UR]XPRZDQLD 6 GX
SRGDQ\ZX]DVDGQLHQLXXFKZDá\WU]HEDE\]DS\WDüZMDNLVSRVyEZ\ERUF\PLHOL
VSUDZG]LüNWyUHRSLQLHV ]JRGQH]HVWDQHPIDNW\F]Q\P%H]SRGDQLDGRZRGXZ
SRVWDFLG\SORPXOXESU]\]QDQLDVL  HVL JRQLHSRVLDGDE\áRWRZyZF]DVQLH
PR OLZH

 



$OHNVDQGHU .ZD QLHZVNL Z\JUDá Z\ERU\ L 6 G 1DMZ\ V]\ WHQ IDNW SR

WZLHUG]Lá 7U]HED SRZLHG]LHü MHGQDN MDVQR  3UH]\GHQW QD VWDUFLH VSUDZRZDQLD
QDMZ\ V]HJRXU] GXZSD VWZLHPLDáNRQWRPRFQRREFL RQH7RQLHW\ONRVSUD
ZD RZHJR Z\NV]WDáFHQLD WR WDN H R ZLDGF]HQLH Z VSUDZLH DNFML 3ROLV\ SR
NU WQHRGSRZLHG]LZVSUDZLHZD Q\FKJáRVRZD 
3R RU]HF]HQLX 6 GX E\á\ VWDZLDQH S\WDQLD MDN ]DFKRZD VL  QRZ\SUH]\GHQWZ
V\WXDFMDFKZ\PDJDM F\FKV]\ENLFKLMHGQR]QDF]Q\FKGHF\]MLZV\WXDFMDFKNU\
]\VRZ\FK&]\RZDQLHFK ü.ZD QLHZVNLHJRGR]DMPRZDQLDZ\UD QHJRVWDQR
ZLVNDZVSUDZDFKNRQWURZHUV\MQ\FKWRW\ONRQLHV]F] OLZHZ\SDGNLSU]\SUDF\
F]\WH SRSURVWXFHFKDRVRERZR FLQRZHJRSUH]\GHQWD"&]\$OHNVDQGHU.ZD

QLHZVNLMHVWW\ONRSROLW\NLHPNRPSURPLVX]DMDNLHJRXFKRG]LáGRW\FKF]DVF]\

SU]HGHZV]\VWNLPVSHFMDOLVW RGXQLNyZ"1LHPD]QDF]HQLDF]\RZHS\WDQLDE\á\
LE G VWDZLDQHW\ONRSU]H]RSR]\FM ZUDPDFKZDONLSROLW\F]QHM% G RQHVL 
SRMDZLDüSU]\SRGHMPRZDQLXND GHMGHF\]ML2GSUHF\]\MQR FLRGSRZLHG]L]DOH

background image







HüE G]LHSRZRG]HQLHQRZHMSUH]\GHQWXU\$OHNVDQGHU.ZD QLHZVNLUR]SRF] á

VZH XU] GRZDQLH Z 3ROVFH SRG]LHORQHM SUDZLH QD Syá 0R QD VL  VSLHUDü F]\
SRODU\]DFMD SRJO GyZ NWyUD QDVW SLáD Z WUDNFLH NDPSDQLL SUH]\GHQFNLHM E\áD
]MDZLVNLHP WUZDá\P F]\ WH  W\ONR VWDQHP SU]HM FLRZ\P ]ZL ]DQ\P ] VDP\P
IDNWHPZ\ERUXPL G]\GZRPDEDUG]RUy Q\PLNDQG\GDWDPL





0R QD VRELH Z\REUD]Lü H 6 G 1DMZ\ V]\ XQLHZD QLáE\ Z\ERU\ 1LH

VSRVyEMHGQDNVRELHZ\REUD]LüFRE\VL ZyZF]DVG]LDáR=DFKRGQLHPHGLDRG
QRWRZDá\E\üPR H H6 G1DMZ\ V]\]DWZLHUG]LáZ\EyUSUH]\GHQWD53FR]R
VWDáRRGF]\WDQHMDNRLQIRUPDFMDL VSHáQLRQ\]RVWDáZ\PyJSURFHGXUDOQ\8QLH
ZD QLHQLHZ\ERUyZE\áRE\QDWRPLDVWVHQVDFM QDVNDO  ZLDWRZ 6\JQDáHP H
Z3ROVFHPR QDXQLHZD QLüZ\EyUGRNRQDQ\SU]H]VXZHUHQQ\QDUyGFRVWDZLD
áRE\SRG]QDNLHP]DS\WDQLDLVWQLHQLHGHPRNUDW\F]QHJRáDGX3RGREQLHSRWUDNWR
ZDáRE\yZZHUG\NWZLHOX3RODNyZQLH]DOH QLHRGUDFMLMDNDE\VWDáD]DWDNLP
ZáD QLHRU]HF]HQLHP6 GX1DMZ\ V]HJR:HUG\NW6 GXVDQNFMRQXMHFR EDUG]R
QLHGREUHJR'HF\]MDRGZURWQDPLDáDE\MHV]F]HJRUV]HVNXWNL3RQLHZD MHGQDN
QLFQLHMHVWFDáNRZLFLHLZ\á F]QLHGREUHDQLFDáNRZLFLHLZ\á F]QLH]áHPR QD
VRELHZ\REUD]Lü HUyZQLH GHF\]MDXQLHZD QLDM FDZ\ERU\PLDáDE\MDNLH GR
EUHVNXWNL%\áDE\QDXN LSU]HVWURJ  HQLHZROQRE\üQLHXF]FLZ\PZSROLW\FH
3RWZLHUG]DVL SUDZGD H]H]áHMV\WXDFMLQLHPDGREUHJRZ\M FLD7\OHPyZLRQR
R Z\ERU]H PLHMV]HJR ]áD 3R]RVWDMH ZLHU]\ü H 6 G 1DMZ\ V]\ SRVWDZLRQ\
SU]HGZ\ERUHPZ\EUDáPQLHMV]H]áR



6 GVWZLHUG]Lá HQLHXGDáRVL XVWDOLü

ZSá\ZXLQIRUPDFMLREUDNXZ\NV]WDáFHQLDZ\ V]HJRNDQG\GDWDQDZ\QLNZ\ER
UyZ -H HOL 6 G VWZLHUG]Lá H QLH XGDáR VL  XVWDOLü U]HWHOQLH F]\ LQIRUPDFMD WD
Z\ZDUáDZSá\ZQDZ\QLNZ\ERUyZWRUyZQLH QLHPR QDVWZLHUG]Lü HWDNLHJR
ZSá\ZX QLH PLDáD ERZLHP G]LDáD WR Z RELH VWURQ\ =QDQH E\á\ Z\QLNL EDGD 
2%23F]\&%26LLQQ\FKR URGNyZQDWHPDWSUHIHUHQFMLZ\ERUF]\FKHOHNWRUDWX
7\ONR QD QLFK 6 G 1DMZ\ V]\PyJáE\VL RSU]HüGRNRQXM FQLH]E GQHJRXVWD
ZRZHJRXVWDOHQLD1LHPDLQQHJRVSRVREXE\RFHQLüF]\FR PRJáRF]\WH QLH
PRJáRZ\ZU]HüZSá\ZXQDZ\QLNZ\ERUyZ0R QDVWZLHUG]Lü HEDGDQLDRSLQLL
SXEOLF]QHM E\á\ U]HWHOQH 'RZRG]  WHJR SR UHGQLR Z\QLNL SU]HZLG\ZDQH SU]HG
SLHUZV] LGUXJ WXU Z\ERUyZSUH]\GHQFNLFK1LHPDOEH]Eá GQLHSRNU\ZDá\VL 

background image







RQH]Z\QLNDPLRILFMDOQ\PLUy QLFHPLH FLá\VL ZJUDQLFDFKEá GXVWDW\VW\F]QH
JR:\QLNLEDGD RSLQLLSXEOLF]QHMVSU]HGZ\ERUyZRNUH ODá\]JRGQLHSUHIHUHQ
FMHZ\ERUFyZFRGRWDNLFKFHFKNDQG\GDWDMDNZ\NV]WDáFHQLHSURFHQWF]\
XF]FLZR üSURFHQW2ELHWHFHFK\NDQG\GDWD.ZD QLHZVNLHJROHJá\ZJUX
]DFKJG\RND]DáRVL  HPLMDáVL ]SUDZG LWRQLHMHGQRNURWQLH0R QD PLDáR
]DáR \üWDNLHVDPRSUDZRPLDá6 G1DMZ\ V]\ HJG\E\W\ONRSURFHQWRVyE
]PLHQLáR SUHIHUHQFM  OXEQLHSRV]áRGRZ\ERUyZSRXMDZQLHQLXNRPSURPLWXM 
F\FK LQIRUPDFML PLDáRE\ WR SRZD Q\ ZSá\Z QD Z\QLN ]ZáDV]F]D SU]\ WDNLHM
QLHZLHONLHMUy QLF\ZOLF]ELHJáRVyZRGGDQ\FKQDNDQG\GDWyZ


0R QD ZL F SRZLHG]LHü H MH OL LG]LH R WDNLH FHFK\ NDQG\GDWD MDN Z\

NV]WDáFHQLHLXF]FLZR üHOHNWRUDW$OHNVDQGUD.ZD QLHZVNLHJRG]LDáDáSRGZSá\
ZHPEá GXVSRZRGRZDQHJR ZLDGRPLHSU]H]NDQG\GDWDLMHJRV]WDEZ\ERUF]\
FRPLDáRZSá\ZQDZ\QLNZ\ERUyZ3RGQRV]RQRDUJXPHQW HIDNWSRGDQLDSU]H]
NDQG\GDWDL PDXNR F]RQHVWXGLDZ\ V]HLX]\VNDQ\QD8QLZHUV\WHFLH*GD 
VNLPW\WXáPDJLVWUDRUD]RSXEOLNRZDQLHZREZLHV]F]HQLX3D VWZRZHM.RPLVML
:\ERUF]HMWDNLHMZáD QLHLQIRUPDFMLQLHPLDá\ZSá\ZXQDZ\QLNZ\ERUyZER
ZLHPQDNLONDGQLSU]HGGUXJ WXU Z\ERUF\]RVWDOLSRLQIRUPRZDQLRQLHSUDZ
G]LZR FLSRZ\ V]\FKGDQ\FKSU]H] URGNLPDVRZHJRSU]HND]XLPRJOLXZ]JO G
QLüWRSRGF]DVJáRVRZDQLD=DUJXPHQWDFM WDN QLHPR QDVL ]JRG]Lü-HG\Q 
ERZLHPXU] GRZ LQIRUPDFM QDNWyUHMRSLHUDM VL Z\ERUF\GRNRQXM FDNWXJáR
VRZDQLD MHVW REZLHV]F]HQLH 3D VWZRZHM .RPLVML :\ERUF]HM UR]SODNDWRZDQH Z
ORNDODFK ZV]\VWNLFK REZRGRZ\FK NRPLVML Z\ERUF]\FK : REZLHV]F]HQLX W\P
]DPLHV]F]RQR]D Eá GQ LQIRUPDFM RZ\ V]\PZ\NV]WDáFHQLX.ZD QLHZVNLHJR
:\ERUFDQLHPDRERZL ]NX OHG]HQLDLQIRUPDFMLZ URGNDFKPDVRZHJRSU]HND
]XPDQDWRPLDVWRERZL ]HN]DSR]QDQLDVL ]WUH FL REZLHV]F]HQLD3D VWZRZHM
.RPLVML:\ERUF]HM7HNVWSUDVRZ\ZV\WXDFMLZDONLSROLW\F]QHMPR HE\üSU]H]
F]\WHOQLND WUDNWRZDQ\ MDNR SUyED ]G\VNUHG\WRZDQLD NDQG\GDWD ,QIRUPDFMH WH
PRJá\ X V\PSDW\NyZ .ZD QLHZVNLHJR VWZDU]Dü ZUD HQLH SR FLJX ]D VHQVDFM 
2VRE\ ]DPLHU]DM FH JáRVRZDü QD .ZD QLHZVNLHJR RGELHUDá\ ]DU]XW R QLHXNR 
F]HQLXSU]H]QLHJRVWXGLyZZ\ V]\FKMDNREH]SRGVWDZQ\DWDNSU]HFLZQLNyZSR
OLW\F]Q\FKMDNRURG]DMQDJRQNL

 

background image









'RNRQXM FRFHQ\F]\VWZLHUG]RQHSU]H]6 G1DMZ\ V]\QDUXV]HQLHXVWD

Z\PRJáRPLHüOXEF]\PLDáRZSá\ZQDZ\QLNLZ\ERUyZWU]HED]DáR \ü HZ
VSRáHF]H VWZLH SROVNLP SHZQH ZDUWR FL PDM  V]F]HJyOQH ]QDF]HQLH 3U]\M FLH
]DáR HQLD SU]HFLZQHJR SURZDG]LáRE\ GR REUD OLZHJR L ]DUD]HP DEVXUGDOQHJR
VWZLHUG]HQLD H]QDF]QDF] üZ\ERUFyZ$OHNVDQGUD.ZD QLHZVNLHJRGRZDU
WR FLW\FKQLHSU]\ZL ]XMH]QDF]HQLD:KLHUDUFKLLW\FKZDUWR FLU]HWHOQR üLX
F]FLZR ü MHVW QD QDMZD QLHMV]\P PLHMVFX ]D  Z UyG SUHIHUHQFML Z\ERUF]\FK
Z\ V]HZ\NV]WDáFHQLHORNRZDáRVL QDSLHUZV]HMSR]\FML3U]\MPXM F]DáR HQLH

HV\VWHPZDUWR FLLSUHIHUHQFMHZ\ERUF]HV FHFKDPLU]HF]\ZLVW\PLDQLHZ\

á F]QLHGHNODURZDQ\PLVSRáHF]H VWZXWU]HEDVWZLHUG]LüL ]QDF]QDF] üJáRVX
M F\FKQD.ZD QLHZVNLHJR]QDM FMHJRSUDZG]LZHSU]\PLRW\QLHJáRVRZDáDE\QD
QLHJR6 GSRZLQLHQE\áZ]L üWRSRGXZDJ MDNLWR H.ZD QLHZVNLXMDZQLá
SUDZG ZZ\ZLDG]LHGODW\JRGQLND3ROLW\NDZGZDW\JRGQLHSRZ\ERUDFKNLH
G\3URNXUDWXUD:RMHZyG]NDZ:DUV]DZLHUR]SRF] áD OHG]WZRZVSUDZLHSRGD
QLDSU]H]H IDáV]\Z\FKGDQ\FK ZLDGF]\WRRW\P HVDP.ZD QLHZVNLPXVLDá
]DNáDGDüL XMDZQLHQLHSUDZG\SU]HGZ\ERUDPLE G]LHPLDáRZSá\ZQDLFKZ\
QLN,QQ\PLVáRZ\JG\E\Z\ERUF\ZLHG]LHOL H.ZD QLHZVNLRV]XNDá]DUyZQR
ZáDVQ\NRPLWHWZ\ERUF]\MDNL3D VWZRZ .RPLVM :\ERUF] D]ZáDV]F]DZ\
ERUFyZZGX HMOLF]ELHQLHJáRVRZDOLE\QDQLHJRMDNRQDF]áRZLHNDQLHXF]FLZH
JR





7UH ü DUW\NXáX  RUG\QDFML Z\ERUF]HM ]  URNX NWyU\ E\á SRGVWDZ 

SUDZQ SURWHVWyZSU]HFLZNRZ\ERURZLSUH]\GHQWDURG]LSRZD QHWUXGQR FLLQ
WHUSUHWDF\MQH3U]HVáDQN SURWHVWyZPR HE\üERZLHP]DU]XWL QDUXV]RQH]RVWD
á\ SU]HSLV\ RUG\QDFML DOER GRSXV]F]RQR VL  SU]HVW SVWZD SU]HFLZNR Z\ERURP
MH OLQDUXV]HQLH WR OXESU]HVW SVWZRPRJáRZ\ZU]HüZSá\ZQDZ\QLNZ\ER
UyZ 7DN ZL F QLH Z\VWDUF]\ E\ Z WRNX SRVW SRZDQLDSU]HG6 GHP1DMZ\ 
V]\P ]RVWDáR XGRZRGQLRQH SRJZDáFHQLH SUDZD 1DOH \ XGRZRGQLü PR OLZR ü
ZSá\ZXWDNLHJRF]\QXQDZ\QLNZ\ERUyZ2LOHSLHUZV]DRNROLF]QR ü QDUXV]H
QLHSUDZD MHVWVWRVXQNRZRáDWZDGRXGRZRGQLHQLDDMHMWáRQRUPDW\ZQH]DU\VR
ZDQH]RVWDáRZRUG\QDFMLLZNRGHNVLHNDUQ\PVWRVXQNRZRMDVQRRW\OHRNROLF]
QR üGUXJD PR OLZR üZSá\ZXQDZ\QLNZ\ERUyZ SRGOHJDüPXVLVZRERGQHM

background image







RFHQLH EDGDM F\FK SU]HELHJ Z\GDU]H  Z\ERUF]\FK 1LH MHVW WX SRWU]HEQH XGR
ZRGQLHQLHL QDUXV]HQLHSUDZDZ\ZDUáRU]HF]\ZLVW\ZSá\ZQDZ\QLNZ\ERUyZ
OHF]Z\ND]DQLHWHJRL ZSá\ZWHQE\áMHG\QLHSRWHQFMDOQ\SUDZGRSRGREQ\:\
ND]DQLHUHDOQHJR]ZL ]NXSU]\F]\QRZHJRPL G]\QDUXV]HQLHPSUDZDDZ\QLND
PLZ\ERUyZPR HE\üWUXGQH1LHPQLHMWUXGQHDPR HMHV]F]HWUXGQLHMV]HMHVW
XGRZRGQLHQLHSRWHQFMDOQHJRRGG]LDá\ZDQLD]DV]áR FLZ\ERUF]\FKQDRVWDWHF]Q\
UH]XOWDWJáRVRZDQLD:V\WXDFMLZNWyUHMQLHG\VSRQXMHP\]ZHU\ILNRZDQ\PLQD
XNRZR GDQ\PL SR]ZDODM F\PL QD XVWDOHQLH ]ZL ]NX SU]\F]\QRZRVNXWNRZHJR
PL G]\Z\GDU]HQLDPLWRZDU]\V] F\PLGDQ\PZ\ERURPDLFKUH]XOWDWDPLWU]HED
SRSU]HVWDüQDGRPQLHPDQLDFKRSDUW\FKJáyZQLHQDZLHG]\SRWRF]QHM3UDZGRSR
GREQ\ZSá\ZQDUXV]HQLDSUDZDQDUH]XOWDWZ\ERUyZPR HE\üSU]\W\PPQLHMV]\
OXEZL NV]\SRZD QLHMV]\LPQLHMSRZD Q\0R HFDáNRZLFLHSRGZD \üUH]XOWD
W\ Z\ERUyZ D PR H RGG]LDá\ZDü QD QLH Z RJUDQLF]RQ\PW\ONRVWRSQLX0R H
E\üWRWDN HZSá\ZNWyU\]DUyZQRVSU]\MDMDNLV]NRG]L]Z\FL VNLHPXNDQG\GD
WRZLOXENDQG\GDWRP=DNáDGDM F HZSá\ZWHQPyJáLVWRWQLHPLHüPLHMVFHOHF]
G]LDáDáQDNRU]\ üWHJRNWRZ\ERU\SU]HJUDáSRZVWDMHS\WDQLHF]\QDOH \MHJR
PR OLZR FLX]QDZDü]DMHGQ ]SU]HVáDQHNQLHZD QR FLZ\ERUyZ"2EHFQ\SU]H
SLVRUG\QDFMLZ\ERUF]HMQLHVWDáE\WHPXQDSU]HV]NRG]LH%\üPR H]DWHPQDOH D
áRE\VL ]DVWDQRZLüQDG]DVDGQLF]\PSU]HIRUPXáRZDQLHPRGSRZLHGQLHJRSU]HSL
VXRUG\QDFMLLSU]\M ü HNRQLHF]Q SU]HVáDQN VNXWHF]QR FLSURWHVWXZ\ERUF]HJR
MHVW WDNLH W\ONR QDUXV]HQLH SUDZD NWyUH VWDáR VL  U]HF]\ZLVW  SU]\F]\Q  ]QLH
NV]WDáFHQLDZ\QLNyZZ\ERUyZZVWRSQLXRGZUDFDM F\PLFKRVWDWHF]Q\UH]XOWDW
0R QDWDN HSU]\M üL Z\á F]Q SRGVWDZ RU]HF]HQLDRQLHZD QR FLZ\ERUyZ
MHVWVWZLHUG]HQLH HQDVW SLá\OLF]QHLSRZD QHQDUXV]HQLDRUG\QDFMLDOERPLDá\
PLHMVFHOLF]QHSU]HVW SVWZDSU]HFLZZ\ERURPEH]Z]JO GXQDWRMDNLPLDá\OXE
PRJá\RQHPLHüZSá\ZQDUH]XOWDWW\FKZ\ERUyZ


7DNF]\LQDF]HMSUREOHPSRGVWDZSUDZQ\FKLIDNW\F]Q\FKXQLHZD QLDQLD

Z\ERUyZ SUH]\GHQFNLFK SDUODPHQWDUQ\FK VDPRU] GRZ\FK  L UHIHUHQGyZ Z\
PDJDG\VNXVMLLSRGM FLDUR]VWU]\JQL üNWyUHQLHEXG]Lá\E\ DGQ\FKZ WSOLZR FL
3U]HELHJZ\GDU]H WRZDU]\V] F\FKZ\ERURZL$OHNVDQGUD.ZD QLHZVNLHJRLGH
F\]MD6 GX1DMZ\ V]HJRSRZLQQ\VSU]\MDüWDNLPSU]HP\ OHQLRP





background image







background image







=DSU]\VL HQLHQD3UH]\GHQWD53




3UH]\GHQW $OHNVDQGHU .ZD QLHZVNL ]áR \á  JUXGQLD  URNX SU]HG

=JURPDG]HQLHP1DURGRZ\PSU]\VL J LW\PVDP\PUR]SRF] áPDM F WUZDüSL ü
ODWNDGHQFM 3R]DNR F]HQLXSRVLHG]HQLD=JURPDG]HQLD1DURGRZHJRQRZ\SUH
]\GHQWZ\JáRVLáRU G]LHSU]HGSRá F]RQ\PLL]EDPL6HMPXL6HQDWX


3UH]\GHQWZSU]HPyZLHQLXDSHORZDáR]JRG QDURGRZ =DVZHRJURPQH

]DGDQLHX]QDáG HQLHGRWHJRDE\E\áRPQLHMHPRFMLDZL FHMUR]XPXPQLHM
NRQIOLNWyZDZL FHMSRUR]XPLHQLDPQLHMSRG]LDáyZDZL FHMZVSyOQRW\&] ü
SRVáyZLVHQDWRUyZRSR]\FML]ERMNRWRZDáDDNWSU]\VL JL3U]HGJPDFKHPSDUOD
PHQWXGHPRQVWURZDOLSU]HFLZQLF\QRZHJRSUH]\GHQWD


&HUHPRQLD]DSU]\VL HQLDWUZDáD]DOHGZLHNLONDPLQXW3XQNWXDOQLHRJR

G]LQLHWU]\QDVWHM$OHNVDQGHU.ZD QLHZVNLZV]HGáQDVDO REUDGZWRZDU]\VWZLH

RQ\ -RODQW\ :LWDQ\ E\á U] VLVW\PL RNODVNDPL SDUODPHQWDU]\VWyZ JáyZQLH ]

6/'


6áRZDURW\SU]\VL JL]DSLVDQHZ0DáHM.RQVW\WXFML.ZD QLHZVNLSRZWD

U]Dá ]D PDUV]DáNLHP -y]HIHP =\FKHP SRGF]DV JG\ ]HEUDQL SRZVWDOL ] PLHMVF
2EHMPXM F]ZROL1DURGXXU] G3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHMXURF]\

FLH SU]\VL JDP H GRFKRZDP ZLHUQR FL SRVWDQRZLHQLRP .RQVW\WXFML E G 

VWU]HJáQLH]áRPQLHJRGQR FLQDURGXQLHSRGOHJáR FLLEH]SLHF]H VWZDSD VWZDD
WDN H HGREUR2MF]\]Q\RUD]SRP\ OQR üRE\ZDWHOLE G GODPQLH]DZV]HQDM
Z\ V]\PQDND]HP

 



background image







3U]\SLV\GR5R]G]LDáXWU]HFLHJR



 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 7DP HV

 7DP HV

 Ä5]HF]SRVSROLWD´]OLVWRSDGDUQUV

 7DP HV

 Ä3ROLW\ND´]OLVWRSDGDUQUV

 *D]HWD:\ERUF]D]OLVWRSDGDUQUV

 5]HF]SRVSROLWD]OLVWRSDGDUQUV

 5]HF]SRVSROLWD]OLVWRSDGDUQUV

 5]HF]SRVSROLWD]OLVWRSDGDUQUV

 *D]HWD:\ERUF]D]OLVWRSDGDUQUV

 5]HF]SRVSROLWD]OLVWRSDGDUQUV

 *D]HWD:\ERUF]D]OLVWRSDGDUQUV

 *D]HWD:\ERUF]D]JUXGQLDUQUV

 5]HF]SRVSROLWD]JUXGQLDUQUV

 *D]HWD:\ERUF]D]JUXGQLDUQUV

 7DP HV

 :SURVW]JUXGQLDUQUV

 3ROLW\ND]JUXGQLDUQUV

 *D]HWD:\ERUF]D]JUXGQLDUQUV

 *D]HWD:\ERUF]D]JUXGQLDUQUV

 7DP HV

 5]HF]SRVSROLWD]JUXGQLDUQUV

 5]HF]SRVSROLWD]JUXGQLDUQUV

background image







5R]G]LDá,96\WXDFMDZ3ROVFHSRZ\ERUDFK


6\WXDFMDVSRáHF]QRSROLW\F]QDZ3ROVFHSRZ\ERUDFK




JUXGQLDURNXZ6HMPLHPLQLVWHU6SUDZ:HZQ WU]Q\FK$QGU]HM

0LOF]DQRZVNLSXEOLF]QLHSRVWDZLáSUHPLHURZL-y]HIRZL2OHNVHPX]DU]XWZLHOR
OHWQLHMZVSyáSUDF\]REF\PZ\ZLDGHP


0LQLVWHUSRLQIRUPRZDá6HMP HVSUDZDNWyU SU]HND]DáGR3URNXUDWXU\

:RMVNRZHMJUXGQLDURNXGRW\F]\SUHPLHUD-y]HID2OHNVHJRNWyU\PLDá
SU]HND]\ZDü WDMQH LQIRUPDFMH REFHPX Z\ZLDGRZL 0LQLVWHU 0LOF]DQRZVNL SR
ZLHG]LDá HVSUDZD-y]HID2OHNVHJRSURZDG]RQDE\áDSU]H]VáX E\VSHFMDOQHRG
NLONXODW8U] G2FKURQ\3D VWZDPLDáLQIRUPDFMH]]DJUDQLF\L]NUDMX HMHGQD
]]DJUDQLF]Q\FKVáX EPDVWDáHJRLQIRUPDWRUDZNU JDFKZáDG]\SRFKRG] FHJR]
E\áHM3=35:URNXQDVW SLáPRPHQWSU]HáRPRZ\LQIRUPDFMHZVND]\ZD
á\ HW\PLQIRUPDWRUHPMHVW-y]HI2OHNV\%\áRWRMX SRSRZVWDQLXMHJRU] GX
:HGáXJ 0LOF]DQRZVNLHJR 2OHNV\ SU]HND]\ZDá LQIRUPDFMH L GRNXPHQW\ WDN H
WDMQH RGURNXOXEGRURNX0LQLVWHUSRZLHG]LDá HREHFQ\SUH
PLHU E\á ]DUHMHVWURZDQ\ SU]H] REF\ Z\ZLDG MDNRNZDOLILNRZDQH UyGáRLQIRU
PDFML]NU\SWRQLPHP$QGU]HM0LOF]DQRZVNL]DSHZQLá HVSUDZ\E\QLHE\áR
JG\E\NRQWDNW\2OHNVHJRPLDá\FKDUDNWHUZ\á F]QLHWRZDU]\VNL3RZ\VW SLHQLX
PLQLVWUD0LOF]DQRZVNLHJRJáRV]DEUDáSUHPLHU-y]HI2OHNV\NWyU\SRZLHG]LDá H
QLJG\QLHE\áQLF]\LPDJHQWHP6WZLHUG]LáFR]RVWDáRQDJURG]RQHRNODVNDPLSR
VáyZ6/' HQLHG]LZLVL L V]HI06:F]HNDá]XMDZQLHQLHPVSUDZ\GR
JUXGQLD JG\  GOD 0LOF]DQRZVNLHJR F]DV VáX E\ SD VWZX NR F]\ VL  ZUD] ]
RGHM FLHP/HFKD:Dá V\LMHJRHNLS\-HJR]GDQLHPPDWHULDá\SU]HND]DQHSU]H]
PLQLVWUD GR 3URNXUDWXU\ :RMVNRZHM ]RVWDá\ Z GX HM PLHU]H VIDEU\NRZDQH
3UHPLHUSU]\]QDá HVSRW\NDáVL ]ZLHORPDG\SORPDWDPLWDN HURV\MVNLPL,FR
ZW\P]áHJR"S\WDá2OHNV\'RGDá HNLHG\GRZLHG]LDáVL RG0LOF]DQRZVNLH
JRL MHGHQ]QLFKMHVWDJHQWHP]DSU]HVWDá]QLPVSRWND 2OHNV\]DU]XW\X]QDá]D
SROLW\F]Q SURZRNDFM QD]ZDáVL SDWULRW RUD]F]áRZLHNLHPNWyU\RGZLHOXODW

background image







FL NRSUDFXXMHGOD3ROVNL3RZLHG]LDá HZSURFHVLHV GRZ\PSU]HGVWDZLGR
NXPHQW\MDNZLHONLHSD VWZRZHSLHQL G]HZ\GDQRQD]GRE\FLH]DSRWU]HERZD
Q\FK PDWHULDáyZ Z WHM VSUDZLH WDN H RG REF\FK VáX E



 6]HI DQDOLW\F]QHJR

FHQWUXP URV\MVNLHJR Z\ZLDGX *ULJRULM 5DSRWD XZD D H SRSU]H] SXEOLNDFMH R
U]HNRPHM ZVSyáSUDF\ SUHPLHUD 3ROVNL ] .*% SROVNLH PHGLD SUyEXM  ZFL JQ ü
URV\MVNL Z\ZLDG Z UR]ZL ]\ZDQLH ZHZQ WU]Q\FK NRQIOLNWyZ 3ROVNL 5DSRWD
XZD D HSRSU]HGQLRX \ZDQRUDG]LHFNLFKLURV\MVNLFKVáX EVSHFMDOQ\FKZSR
GREQ\FK FHODFK WDN HZ$QJOLLF]\1LHPF]HFK5DSRWDQDZHWQLHZVSRPLQDR

OHG]WZLHSROVNLFKVáX EVSHFMDOQ\FKOHF]MHG\QLHRSXEOLNDFMDFKZSUDVLH5R

V\MVNL06=VWZLHUG]Lá H5RVMDMHVW]DQLHSRNRMRQD HVSUDZDSRZRGXMHUR]G 
ZL NLPL G]\REDQDV]\PLNUDMDPLMHVWX \ZDQDGRSRGJU]HZDQLDDWPRVIHU\SR
OLW\F]QHMZ3ROVFHLVWDQRZLUHDOQ JUR E GODUR]ZRMXGHPRNUDFMLXQDV]HJREOL
VNLHJRV VLDGD3U]HJUDQDQDZ\ERUDFKLNRPXQRIRELD]DüPLá\XP\Vá:Dá V\
MHGQR]QDF]QLHVWZLHUG]LáD1LH]DZLVLPDMD*D]LHWD1LH]DZLVLPDMDXZD D H
:Dá VD RVNDU DM F E\áHJR NRPXQLVW  2OHNVHJR R ]DJUD DQLH EH]SLHF]H VWZD
SD VWZDFKFHSRVWDZLüSU]HGV GZV]\VWNLFKNRPXQLVWyZ*D]HWDNáDG]LHWRQD
NDUEKLVWHU\F]Q\FK]DFKRZD :Dá V\RGF]DVXSU]HJUDQ\FKZ\ERUyZ0DáRWR
UD]\NWR ]NLP NLHG\ ]QDMGRZDáVL QDSU]HFLZRELHNW\ZXNDPHU\"NRPHQWX
MH]NROHLNRUHVSRQGHQW,]ZLHVWLLGRQLHVLHQLDRW\P HZGRVVLHUSUHPLHUD]QDM
GXM  VL  IRWRJUDILH ] GZLHPD RVREDPL SRGHMU]DQ\PL R ZVSyáSUDF  ] URV\MVNLP
Z\ZLDGHP 1DMEDUG]LHM ODNRQLF]QD MHVW QDMZL NV]D QLH]DOH QD JD]HWD 6LHZRG
QLD:HGáXJWHM HJD]HW\6\WXDFMDZ3ROVFHQDG]LH G]LVLHMV]\MHVWWDNDRG
FKRG] F\ SUH]\GHQW RVNDU RQ\ MHVW R QLHSáDFHQLH SRGDWNyZ SU]\FKRG] F\  R
XNU\ZDQLHGRFKRGyZDSUHPLHURZVSyáSUDF ].*%







VW\F]QLDURNXRGE\á\VL UR]PRZ\SU]HGVWDZLFLHOLNRDOLFML]SUH

]\GHQWHPRUD]VDPHMNRDOLFML7HPDWHPUR]PyZE\áDUHNRQVWUXNFMDU] GXSR]áR

HQLXG\PLVMLSU]H]-y]HID2OHNVHJRZGQLXVW\F]QLD3RVSRWNDQLX]SUHPLH

UHP -y]HIHP 2OHNV\P L OLGHUDPL 6/' $OHNVDQGHU .ZD QLHZVNL SRZLHG]LDá
:\UD]LáHP VZyM V]DFXQHN GOD SUHPLHUD 2OHNVHJR ]D W  WUXGQ  GHF\]M  NWyU 
SRGM á3UHPLHUMHVWSROLW\NLHPGODNWyUHJRGREURSD VWZDLVSRNyMZSD VWZLH
OLF] VL QDMEDUG]LHMSUH]\GHQWSRG]L NRZDá2OHNVHPX]DURNSUDF\LGRGDáL 

background image







ZLHU]\  H -y]HI 2OHNV\ E G]LH ZFL  REHFQ\ QD VFHQLH SROLW\F]QHM L H MHJR
VáRZD XVW SXM  ER MHVWHP QLHZLQQ\ ]QDMG  SRWZLHUG]HQLH =GDQLHP .ZD

QLHZVNLHJR 3ROVND QLH MHVW Z VWDQLH NU\]\VX SD VWZD -y]HI 2OHNV\ QDWRPLDVW

SRZLHG]LDá HVSRNRMQLHSDWU]\QDELODQVVZRLFKGRNRQD 0RJ W\ONRSUDJQ ü
E\E\á\RQHNRQW\QXRZDQHVWZLHUG]LáSUHPLHU





: SLHUZV]\FK GQLDFK SR G\PLVML 2OHNVHJR Z UR]FKZLDQ\P \FLX SROL

W\F]Q\PXGDZDáRVL GRVWU]HJDüSHZQHHOHPHQW\VWDáH3LHUZV]\PLQLHZ WSOLZLH
QDMZD QLHMV]\PHOHPHQWHPE\áDWUZDáR üNRDOLFML6/'36/7 WUZDáR üVRFMDO
GHPRNUDFLSRGGDZDOLZSUDZG]LHZLHOXSUyERPWDNLPMDNGHPRQVWUDF\MQ\Z\EyU
-y]HID 2OHNVHJR QD V]HID SDUWLL UyZQLH GHPRQVWUDF\MQH ZRWXP ]DXIDQLD6G53
GODPLQLVWUD-HU]HJR-DVNLHUQLF]\WZDUGHVWDQRZLVNRZNZHVWLLUDW\ILNDFMLNRQ
NRUGDWX= DGQHJR]V\JQDáyZMDNLHSRG\PLVMLSUHPLHUD2OHNVHJRGRWDUá\GR
RSLQLL SXEOLF]QHM QLH Z\QLNDáR E\ ]DQRVLáR VL  QD MDN NROZLHN UHNRQVWUXFM  D
ZL FSU]HEXGRZ SRá F]RQ ]RFHQ PLQLVWUyZLLFKGRNRQD ]NRUHNWDPLSROL
W\NLZW\PSROLW\NLJRVSRGDUF]HM]HZHQWXDOQ\PSRV]HU]HQLHPED]\SROLW\F]QHM
U] GX=DQRVLáRVL QDWDUJRVWDQRZLVNRSUHPLHUDZUDPDFKWHMVDPHMNRDOLFMLD
SU]\RND]MLR]GRE\FLHE\üPR HNLONXGRGDWNRZ\FKVWDQRZLVNSU]H]OXGRZFyZ



*G\ZáDG]H36/RSRZLHG]LDá\VL ]DUHNRQVWUXNFM U] GXOLGHU]\6/'SRVWD

ZLOLVSUDZ MDVQRDOERNRDOLFMDSU]HWUZDDOER]EXU] FDá VFHQ SROLW\F]Q 1D
W\PWOHRGE\ZDáDVL ZDONDR]UHDOL]RZDQLHMHGQHJR]WU]HFKPR OLZ\FKLX]DOH 
QLRQ\FKRGSRVWDZ\36/ZDULDQWyZXWU]\PDQLDREHFQHMNRDOLFML]HZHQWXDOQR

FL ]UHNRQVWUXRZDQLDU] GXSU]HJáRVRZDQLDQLHNRQVWUXNW\ZQHJRZRWXPQLHXI

QR FLGODJDELQHWX2OHNVHJRDOERXWZRU]HQLDQRZHMNRDOLFML,VWQLDáMHV]F]HZD
ULDQW]DFKRZDQLDVWDWXVTXRMHGQDNZVHMPRZ\FKNXOXDUDFKZLGDüE\áR HSR
F] WNRZRMHGQR]QDF]QHSRSDUFLHVRFMDOGHPRNUDWyZGODSUHPLHUD]DF]\QDáRVáDE
Q ü:REHF]EOL DQLDVL GHF\]MLRZV]F] FLXSU]H]1DF]HOQ 3URNXUDWXU :RM
VNRZ SRVW SRZDQLDSRMDZLá\VL Z6/'LGHHZ\]QDF]HQLDQDVW SF\2OHNVHJR
0DUHN%RURZVNLV]HI8U] GX5DG\0LQLVWUyZPLDáE\VWDQRZLüJZDUDQFM NRQ
W\QXRZDQLDOLQLL2OHNVHJR0yZLáRVL WH R:áRG]LPLHU]X&LPRV]HZLF]XZL
FHPDUV]DáNX6HMPXRGGDORQ\PRGVSUDZ\2OHNVHJRZHZV]\VWNLFKMHMZ\PLD
UDFK3RMDZLáVL UyZQLH ]DP\Vá-y]HID=\FKDPDUV]DáND6HMPXIRUVRZDQLDQD

background image







VWDQRZLVNRV]HIDU] GXZLFHSUHPLHUD*U]HJRU]D.RáRGNL3RP\VáWHQQLH]\VNDá
DSUREDW\QLHW\ONRZ UyGZL NV]R FLOXGRZFyZDOHQDZHWZ UyGVRFMDOGHPRNUD
WyZ

 

$OHNVDQGHU%HQWNRZVNLSRVHá36/SRGNUH ODá HQDOH \]DSRELHFQR

ZHPXPRQRSRORZLZáDG]\SUH]\GHQWSRFKRG]L]6/'SUHPLHUSRZLQLHQZL F
]RVWDüZVND]DQ\SU]H]36/:HGáXJ:DOGHPDUD3DZODND2OHNVHJRPLDáE\]D
VW SLü0LURVáDZ3LHWUHZLF]V]HI&HQWUDOQHJR8U] GX3ODQRZDQLDNWyUHJR]DOHW 
MDNPyZLá3DZODNMHVWZ]JO GQDQHXWUDOQR üOXEWH $GDP6WUX]LNNWyU\SRG
F]DVGZyFKODWNLHURZDQLD6HQDWHPQLH]GRE\áZL NV]HMSRSXODUQR FL]DWREOL
VNRZVSyáSUDFRZDá]3DZODNLHPNWyU\E\áQLHFK WQ\XWU]\PDQLXNRDOLFML]6/'
:F]H QLHM OXGRZF\ UR]SDWU\ZDOL UyZQLH  NDQG\GDWXU\ 5RPDQD -DJLHOL VNLHJR
ZLFHSUHPLHUDLPLQLVWUDUROQLFWZD]ZROHQQLND]DFKRZDQLDNRDOLFMLDWDN HZLFH
SUHPLHUD$OHNVDQGUDàXF]DND

 



1DSU]HáRPLHVW\F]QLDLOXWHJRURNX$OHNVDQGHU.ZD QLHZVNLSRZLH

U]\á PLVM  WZRU]HQLD QRZHJR U] GX :áRG]LPLHU]RZL &LPRV]HZLF]RZL 5] G
:áRG]LPLHU]D &LPRV]HZLF]D áDWZR X]\VNDá RG 6HMPX ZRWXP ]DXIDQLD([SRVH
SUHPLHUDVSRWNDáRVL ]RVWU NU\W\N RSR]\FML*HQHUDOQLHRSR]\FMDSU]\M áDQD
VW SXM F  RFHQ  QRZHJR U] GX ]GHF\GRZDQLH QDMOHSV]\ MHVW SUHPLHU R ZLHOH
VáDEV]HE\áRH[SRVHQDMVáDEV] VWURQ QRZHMNRQVWUXNFMLMHVWVDPU] G



7\ONR

6RMXV] /HZLF\ 'HPRNUDW\F]QHM EH]ZDUXQNRZR L EH]NU\W\F]QLH SRSLHUDá QRZ 
5DG 0LQLVWUyZ3ROVNLH6WURQQLFWZR/XGRZH]DFKRZ\ZDáRZL FHMSRZ FL JOL
ZR FL ,QDXJXUDF\MQH Z\VW SLHQLH SUHPLHUD ]RERZL ]\ZDáR ZU F] GR X \ZDQLD
VIRUPXáRZD  RJyOQ\FK 3UHPLHU QLH XWNQ á Z 3ROVFH EUDQ RZHM FR ]D]Z\F]DM
SU]HMDZLDáRVL SR ZL FHQLHPND GHPX]UHVRUWyZNLONX]GDZNRZ\FKXZDJ-D
VQR]DNUH OLáQDWRPLDVWFRE G]LHNRQW\QXRZDQHFRPD]RVWDü]UHIRUPRZDQHL
MDNLH]JUXEV]DE G SULRU\WHW\MHJRJDELQHWX3RVWDZLHQLHSUREOHPXEH]SLHF]H 
VWZD RE\ZDWHOL QD MHGQ\P ] F]RáRZ\FK PLHMVF PLDáR WX ]QDF]HQLH ]DVDGQLF]H
SRGZDUXQNLHP HSULRU\WHWWHQQLHE G]LHR]QDF]Dá]DMPRZDQLDVL Z\á F]QLH
VáX EDPLVSHFMDOQ\PL:DOGHPDU3DZODNWUDG\F\MQLHMX SRH[SRVHSUHPLHUDZ\
JáRVLáSU]HPyZLHQLHJRGQHSROLW\NDRSR]\F\MQHJR:U] G]LH:áRG]LPLHU]D&L
PRV]HZLF]DOXGRZF\REM OLZL FHMWHNPLQLVWHULDOQ\FKQL VRFMDOGHPRNUDFLDOH
U] GPLDáFKDUDNWHUZ\UD QLHEDUG]LHMVRFMDOGHPRNUDW\F]Q\:\QLNDáRWR]IDNWX

background image







HV]HIHPU] GX]RVWDáSROLW\NRSRJO GDFK]GHF\GRZDQLHOHZLFRZ\FKDOHUyZ

QLH GODWHJR HF]RáRZLSROLW\F\6/'REM OLNLONDNOXF]RZ\FKVWDQRZLVN:áR
G]LPLHU]&LPRV]HZLF]REM áXU] GSUHPLHUDZV\WXDFMLQLHZ WSOLZLHWUXGQLHMV]HM
QL MHJRSRSU]HGQLF\REM áJRZ3ROVFHSRG]LHORQHMF] VWREDUG]RHPRFMRQDO
QLHSRG]LHORQHMZ\ERUDPLSUH]\GHQFNLPLLVSUDZ 2OHNVHJR

! 





OXWHJRURNXRGE\áRVL UHIHUHQGXPZVSUDZLHSRZV]HFKQHJRX

ZáDV]F]HQLD FL OHMELRU FE\á\WRGZDUHIHUHQGDMHGQR]DU] G]RQHSU]H]SUH
]\GHQWD/HFKD:Dá V ]D]JRG 6HQDWXLGUXJLH]DU] G]RQHSU]H]6HMP]DZLH
UDM FHGRGDWNRZHF]WHU\S\WDQLDQDWHPDWXZáDV]F]HQLD0DUV]DáHN6HMPX]ZUy
FLáVL GRSUH]\GHQWD.ZD QLHZVNLHJRDE\WHQSU]HVXQ áWHUPLQUHIHUHQGXP]
OXWHJRQDPDUFD:W\PQRZ\PWHUPLQLHPLDáRE\VL RGE\üMHV]F]HWU]HFLH
UHIHUHQGXP]ZDQHNRQVW\WXF\MQ\PZNWyU\PRE\ZDWHOHPLHOLE\RGSRZLHG]LHü
QDNLONDS\WD GRW\F] F\FKSU]\V]áHMQLHPDOMX JRWRZHMNRQVW\WXFML3UH]\GHQW
.ZD QLHZVNLQLHSU]\FK\OLáVL MHGQDNGRSUR E\PDUV]DáND6HMPX





2JáRV]HQLHUHIHUHQGXPFRQDSHZQRXPNQ áRXZDG]HZLHOXRVyEZVNX

WHNWXPXOWXSUH]\GHQFNLHMNDPSDQLLZ\ERUF]HMR]QDF]DáR HRWZRU]\áDVL QRZD
NDPSDQLDSRGF]DVNWyUHMGZDSU]HFLZVWDZQHR URGNLU] GL6ROLGDUQR üDJL
WRZDá\QDU]HF]VZRLFKUDFML=HVWURQ\6ROLGDUQR FLWH]\GRXVWDZ\RXZáDV]
F]HQLXRE\ZDWHOLPDM WNLHPQDURGRZ\PSRZVWDá\ZRSDUFLXRG\VNVMHHNVSHUWyZ
SRGNLHURZQLFWZHPSURIGUKDE$GDPD%LHOLG]LHNDQD:\G]LDáX1DXN6SR
áHF]Q\FK .DWROLFNLHJR 8QLZHUV\WHWX /XEHOVNLHJR '\VNXVMH WH PLDá\ FKDUDNWHU
SOHQDUQ\LZDUV]WDWRZ\DRGE\ZDá\VL ZUDPDFK)RUXP,QWHJUDFML6SRáHF]QHML
*RVSRGDUF]HM Z .DWROLFNLP 8QLZHUV\WHFLH /XEHOVNLP ] XG]LDáHP VWXGHQWyZ ,
URNXVSHFMDOL]DFMLPHQDG HUVNR]ZL ]NRZHMF]áRQNyZ16==6ROLGDUQR üRUD]
HNVSHUWyZ 0DWHULDáHP GR GHEDW\ E\á SORQ NRQNXUVX MDNL ]ZL ]HN UR]SLVDá QD
SURMHNWXVWDZ\RSRZV]HFKQ\PXZáDV]F]HQLX=GDQLHPU] GXXZáDV]F]HQLHSROH
JDüPLDáRE\QDLQQ\PSRGHM FLXGRSU\ZDW\]DFML1LHNRPXLLOHPDM WNXVL 
QDOH \OHF]MDNLHFHOHVSRáHF]QHLJRVSRGDUF]HSRZLQQRVL ]DáDWZLü]DSRPRF 
SU\ZDW\]DFML3U]HSURZDG]HQLHSRZV]HFKQHJRXZáDV]F]HQLDRE\ZDWHOLQDPDM W
NXSURGXNF\MQ\PPR OLZHE\áRE\W\ONRNRV]WHPFDáNRZLWHJR]DQLHFKDQLDSU\ZD
W\]DFMLNDSLWDáRZHM



,VWQLDáDSRZV]HFKQDRSLQLD HMH OLZRJyOHZ\ERUF\]H

background image







FKF SRIDW\JRZDüVL GRXUQE G ]DSHZQHJáRVRZDüZHGáXJG\UHNW\ZSROLW\
NyZ 6DPL SROLW\F\ ]GDZDOL VL  E\ü VNRQVWHUQRZDQL NRQLHF]QR FL  XG]LHODQLD
]DOHFH VZRLPZ\ERUFRPLV\PSDW\NRP3U\ZDWQLHZLHOX]QLFKPyZLáR HUR]
SLVDQLHWDNLHJRUHIHUHQGXPWRLGLRW\]PDOHSXEOLF]QLHV]\NRZDáRVL GRNROHM
QHJRERMX







OXWHJR3RODF\QLHXGDOLVL JUHPLDOQLHGRXUQSU]H]FRQDPRF\XVWDZ\

RUHIHUHQGXPMHJRZ\QLNQLHVWDáVL ZL F\JG\ QLHZ]L áDZQLPXG]LDáXSR
QDG SRáRZD XSUDZQLRQ\FK GR JáRVRZDQLD /DQVRZDQ\ SU]H] 6ROLGDUQR ü X
ZáDV]F]HQLRZ\ SURMHNW SURIHVRUD $GDPD %LHOL QLH ]RVWDá SU]H] V]HURNLH NU JL
VSRáHF]QLH]UR]XPLDQ\LPR HGODWHJRWUXGQRJRE\áR]DDNFHSWRZDü%\üPR H
QD VFHSW\F\ PLH F] FL VSRáHF]H VWZD ]DZD \á\ NU\W\F]QH RFHQ\ VSHFMDOLVWyZ



%\üPR HSRGáR HUHIHUHQGXPE\áRSROLW\F]QHJáRVRZDQLHZVSUDZLHSR

ZV]HFKQHJR XZáDV]F]HQLD PLDáR E\ü  SR SU]HJUDQ\FK Z  URNX Z\ERUDFK
SDUODPHQWDUQ\FKLZURNXZ\ERUDFKSUH]\GHQFNLFKNROHMQ SáDV]F]\]Q 
NRQIURQWDFMLSRVWVROLGDUQR FL]SRVWNRPXQ :\VRNDIUHNZHQFMDLSR]\W\ZQD
RGSRZLHG QDS\WDQLHSUH]\GHQWDZVSUDZLHSRZV]HFKQHJRXZáDV]F]HQLDE\áDE\
GRZRGHPGODRSR]\FML HFKRFLD SROLW\NDQDOH \GRWDPW\FKWRJRVSRGDUND
MHVWQDV]D



background image







2FHQDUHDOL]DFMLRELHWQLFLSURJUDPXZ\ERUF]HJR$OHNVDQGUD
.ZD QLHZVNLHJR




: FL JX SLHUZV]\FK GQL VZRMHM SUH]\GHQWXU\ $OHNVDQGHU .ZD QLHZVNL

V\WHPDW\F]QLHXPDFQLDáVZRM SRSXODUQR üXMDZQLá\WREDGDQLDRSLQLLSXEOLF]
QHMSU]HSURZDG]RQHQD]OHFHQLHW\JRGQLNDÄ:35267´SU]H],QVW\WXW3HQWRU
SURFHQWVSRáHF]H VWZDLD SURFHQWHOLWXZD DáR H$OHNVDQGHU.ZD QLHZVNL
SRWUDIL GREU]H SRNLHURZDü VSUDZDPL NUDMX

 

 1D SLHUZV]H GQL SUH]\GHQWXU\

.ZD QLHZVNLHJR FLH  U]XFLá\ VSUDZD 2OHNVHJR VSUDZD 3ROLV\ L NáDPVWZR Z
VSUDZLHZ\NV]WDáFHQLD.ZD QLHZVNLHPXXGDáRVL MHGQDN]DDEVRUERZDüXZDJ 
RSLQLLSXEOLF]QHMVHUL ]DJUDQLF]Q\FKZL]\W7HOHZLG]RZLHV\VWHPDW\F]QLHPRJOL
RJO GDüSROVNLHJRSUH]\GHQWD]DJUDQLF FRSRRNUHVLHVLHUPL QR FL/HFKD:D
á V\PXVLDáRVL SRGREDü ZLDGF]\áRRW\PUyZQLH SU]HNRQDQLHUHVSRQGHQWyZ
L ]DGHNODURZDQ SRGF]DVNDPSDQLLZ\ERUF]HMRELHWQLF JRGQHJRUHSUH]HQWRZD
QLD3ROVNL$OHNVDQGHU.ZD QLHZVNLZ\SHáQLDGREU]H


3RGF]DVVWXSLHUZV]\FKGQLVZHMSUH]\GHQWXU\.ZD QLHZVNLSRGHMPRZDá

G]LDáDQLDQDF]WHUHFKZ]DMHPQLHVL SU]HFLQDM F\FKIURQWDFK]DMPRZDáVL VSUD
Z 2OHNVHJRZDOF]\áR]DFKRZDQLHSR]\FMLQLHIRUPDOQHJROLGHUD6/'SURZD
G]LáJU ]RSR]\FM L].R FLRáHP3U]\NáDGHPWHMWDNW\NLPR HE\üZ\JáRV]RQD
SU]HG RGORWHP ] %UXNVHOL GR :DUV]DZ\VW\F]QLDURNX]DSRZLHG SU]
VSLHV]RQ\FKZ\ERUyZ]PLDQZ823LOXVWUDFMD:V]\VWNRWR]ZL ]DQHE\áR]H
VSUDZ  2OHNVHJR DOH WH  F]\QLáR M  ]DOHGZLH MHGQ  ] NLONX QRZ\FK ZD Q\FK
NZHVWLL :DON  R RGZUyFHQLH XZDJL SXEOLF]QHM RG VSUDZ\ 2OHNVHJR SU]\SáDFLá
MHGQDN.ZD QLHZVNLRVáDELHQLHPZáDVQHMSRSXODUQR FL


3UH]\GHQW]GRáDáXWU]\PDüVLOQ SR]\FM QLHIRUPDOQHJROLGHUD6/'1DM

SLHUZ RGV]HGá ]H VWDQRZLVND SUHPLHUD -y]HI 2OHNV\ ]DSRZLDGDM F\ OLNZLGDFM 
QLHIRUPDOQHJR VWDWXVX ÄUHVRUWyZ SUH]\GHQFNLFK´ :Sá\Z\ .ZD QLHZVNLHJR
Z]URVá\ZUD]]SRZVWDQLHPJDELQHWX&LPRV]HZLF]D'ODSUHPLHUDMHG\Q\PRSDU
FLHPZUD]LHMDNLHJRNROZLHNNRQIOLNWXPLDáDE\E\üMDNVL Z\GDZDáRZáD QLH
JáRZD SD VWZD .ZD QLHZVNL FKFLDá XFKRG]Lü ]D SUH]\GHQWDSRQDGSDUW\MQHJR

background image







Z\VW SLá ] 6G53 :\EyU 2OHNVHJR QD V]HID VRFMDOGHPRNUDFML RFHQLá MDNR ZH
ZQ WU]Q VSUDZ SDUWLLNZHVWL RGSLVyZSRGDWNRZ\FKZ\NRU]\VWDá]D GRZ\VX
QL FLDJUR E\]DZHWRZDQLDSRF]\QD NRDOLF\MQHJRU] GX5yZQRF]H QLHSUH]\
GHQWZ\FRIDáZHWRVZHJRSRSU]HGQLNDZREHFQRZHOL]DFMLXVWDZ\RPDM WNXE\áHM
3=35FRR]QDF]DáRZ]ERJDFHQLHNRQW6G53:WHQVSRVyE]MHGQHMVWURQ\
XND]Dá VL  VSRáHF]H VWZX MDNR SUH]\GHQW ÄSRQDG SRG]LDáDPL´ ] GUXJLHM ]D  
XGRZRGQLáVZRMHPXRER]RZLNWRPDUHDOQ ZáDG] 


&HQD]DVXNFHVZXPDFQLDQLX6/'E\áDZLGRF]QDZEDGDQLDFKQLH]DGR

ZRORQHJR VSRáHF]H VWZD ] SRVW SRZDQLD .ZD QLHZVNLHJR Z VSUDZLH PDM WNX
E\áHM3=353U]HNRQDQLHRW\P HSUH]\GHQW]DFKRZXMHVL QLHZáD FLZLHZNZH
VWLDFKSROLW\NLZHZQ WU]QHMZSá\Q áRWH ]DSHZQLHQDGR üXPLDUNRZDQ RFHQ 
VSHáQLDQLDSU]H]QLHJRRELHWQLF\]DFKRZDQLDQHXWUDOQR FLZVSUDZDFKSROLW\F]
Q\FK3UH]\GHQWZ\JU\ZDáZDON ]RSR]\FM Z\NRU]\VWXM FKDVáDSRUR]XPLHQLD
:EUHZ QDLZQ\P L G]LZDF]Q\P SURSR]\FMRP F] FL RSR]\FML 6/' QLH RGGDáR
PLQLVWHULDOQ\FKVWDQRZLVNRSR]\F\MQ\PSDUWLRP]DWRFK WQLHHNVSRQRZDáRW\FK
E\á\FKRSR]\FMRQLVWyZNWyU]\REM OLVWDQRZLVNDZ.DQFHODULL3UH]\GHQWD %DU
EDUD/DEXGD:RMFLHFK/DPHQWRZLF]-HU]\0LOHZVNL E G WH VWDOLVL EDUG]LHM
6/'RZVF\QL VDPR6/' $QGU]HM'UDZLF] 

 





: URF]QLF  Z\JUDQLD SU]H] .ZD QLHZVNLHJR Z\ERUyZ SU]HWRF]\áD VL 

SU]H]SUDV IDODNRPHQWDU]\LZ\SRZLHG]LUy Q\FKSROLW\NyZSRGVXPRZXM F\FK
SLHUZV]\ URN SUH]\GHQWXU\ -DN QD HPRFMH NWyUH WRZDU]\V]\á\ ]DSU]\VL HQLX
XGHU]DáEUDNHPRFMLDQDZHWSHZLHQVFKHPDW\]P

 

/HFKRZL:Dá VLHMDNVDP

SRZLHG]LDá  WUXGQR RFHQLDü SUH]\GHQWXU  .ZD QLHZVNLHJR JG\  E\á SU]HFLH 
MHJRU\ZDOHPLQLHFKFHJRNU\W\NRZDüDE\QLHPyZLRQR HURELWRGODWHJR H
SU]HJUDá'OD:Dá V\URNSUH]\GHQWXU\.ZD QLHZVNLHJRWRURNVWUDFRQ\URNQLH
Z\NRU]\VWDQ\FKV]DQVJG]LHSROVNLHVSUDZ\QLHSRVXQ á\VL GRSU]RGX
'OD/HFKD.DF]\ VNLHJRSRVWURQLHSOXVyZ.ZD QLHZVNLHPXQDOH \]DSLVDüF]\
WHOQ SROLW\N ]DJUDQLF]Q V]F]HJyOQLHZREHF5RVML'UXJLPSOXVHPGOD.DF]\ 
VNLHJRMHVWQLHDJUHV\ZQR üWHMSUH]\GHQWXU\MHGQDN.ZD QLHZVNLMHVWGODQLHJR
]DPDáRÄSUH]\GHQFNL´1LHZ\ND]XMH DGQHMDNW\ZQR FLSROLW\F]QHMMHVWSUDZLH
QLHZLGRF]Q\3R]DW\PFL JQLHVL ]DQLPQLH]DáDWZLRQDVSUDZDQLHSUDZG]LZ\FK

background image







Z\SRZLHG]LQDWHPDWZ\NV]WDáFHQLD.DF]\ VNLXZD D H.ZD QLHZVNLHPXQLH
SRZLyGáVL ]DPLDUE\FLDÄSUH]\GHQWHPZV]\VWNLFK3RODNyZ´ HMHVWUDF]HMSUH
]\GHQWHPSROVNLHMOHZLF\
:HGáXJ7DGHXV]D=LHOL VNLHJR$OHNVDQGHU.ZD QLHZVNLVWDUDVL VWRVRZDü]DVD
G +LSRNUDWHVDSU]HGHZV]\VWNLPQLNRPXQLHV]NRG]Lü1LHSURZDG]LZRMHQQD
JyU]HF]\PZ\UD QLHUy QLVL RG:Dá V\-HGQRF]H QLHSU]H]W RVWUR QR üMHVW
]E\W ÄJáDGNL´ E\ ]MHGQDü VRELH ZV]\VWNLFK =LHOL VNL XZD D H .ZD QLHZVNL
SURZDG]LGREU SROLW\N ]DJUDQLF]Q GREU]HSUH]HQWXMHVL SRGZ]JO GHPIRU
PDOQ\PPDMHGQDN]á\FKGRUDGFyZHNRQRPLF]Q\FK
5RN SUH]\GHQWXU\ $OHNVDQGUD .ZD QLHZVNLHJR GOD /HV]ND 0RF]XOVNLHJR QLH
]DSLVDáVL LVWRWQ\PLRVL JQL FLDPL:VIHU]HSROLW\NL]DJUDQLF]QHM]RVWDá\XáR R
QHVWRVXQNL]1LHPFDPL:W\PVDP\PURNXPLPRWUXGQHMV\WXDFMLQDZVFKR
G]LHXGDáRVL RGUD]XQDZL ]DüEDUG]RGREUHNRQWDNW\]8NUDLQ D]DUD]HP
XQRUPRZDüVWRVXQNL]0RVNZ 3UH]\GHQWXUD.ZD QLHZVNLHJRREILWXMHZSUDZ
G]LHZ]DJUDQLF]QHZL]\W\LUHZL]\W\MHVWWRMHGQDNDNW\ZQR üSR]RURZDQDJG\ 
QLHSU]\QRVLHIHNWyZ
'OD-DFND.XURQLD.ZD QLHZVNLZ\UD QLHVNRQFHQWURZDáVL QDSROLW\FH]DJUD
QLF]QHM-HVWRQDMHGQR]QDF]QLHSUR]DFKRGQLDDOHSUH]\GHQWVWDUDVL ]DFKRZDü
MDNQDMOHSV]HVWRVXQNLQD:VFKRG]LH:HGáXJ.XURQLD.ZD QLHZVNLZ3ROLW\FH
ZVFKRGQLHMG]LDáDZVSRVyEPR OLZLHQDMOHSV]\QDMEDUG]LHM]JRGQ\]LQWHUHVHP
3ROVNL1LHXOHJDGODQLHJRZ WSOLZR FL HZFL JXQDMEOL V]\FKWU]HFKF]WHUHFK
ODWUR]VWU]\JQLHVL NZHVWLDQDV]HMSU]\QDOH QR FLGR8QLL(XURSHMVNLHMRUD]1$
72-HVWWRSULRU\WHWSROVNLHMSROLW\NLL]WHJRSXQNWXZLG]HQLDMHVWWREDUG]RGR
EUDSUH]\GHQWXUD
0DUHN0DUNLHZLF]XZD D H.ZD QLHZVNLXQLNDPRGHOXSUH]\GHQWXU\F]\QQHM

H]EXGRZDáXU] GFHUHPRQLDOQ\7ZLHUG]L H.ZD QLHZVNLSRG]LHOLáVL ZáDG] 

]U] GHPRQL]DMPXM VL VSUDZDPLNUDMXRQ]DJUDQLF 0DUNLHZLF]WZLHUG]L

H SUH]\GHQW PD Z WHM FKZLOL QDMNRU]\VWQLHMV]\ ] PR OLZ\FK XNáDGyZ ZáDG]\

*G\E\PyJáQDPDZLDáE\SUH]\GHQWDGR]DáDWZLHQLDSLHUZV]RSODQRZ\FKMHJR
]GDQLHPVSUDZUHIRUP\XEH]SLHF]H VSRáHF]Q\FK]PLDQZZ\PLDU]HVSUDZLH
GOLZR FLXGUR QLHQLDDGPLQLVWUDFMLSD VWZRZHM

background image







'OD/HV]ND%XEODURNSUH]\GHQWXU\$OHNVDQGUD.ZD QLHZVNLHJRWRURNVWUDFRQ\
7ZLHUG]L HZSLHUZV]\PURNXVZRMHMSUH]\GHQWXU\.ZD QLHZVNLQLH]UHDOL]R
ZDáZLHOXVNáDGDQ\FKZF]DVLHNDPSDQLLRELHWQLFZ\ERUF]\FK3R]DW\P%XEHO
XZD D HSRSXODUQR ü.ZD QLHZVNLHJRZ\QLND]EUDNXU\ZDODNWyU\XMDZQLáE\
VL  MX  WHUD] L VWDZLáE\ PX F]RáR 1D SR]\FM  SUH]\GHQWD PD WH  RF]\ZL FLH
ZSá\ZZL]HUXQHNQDV]HJRNUDMX]DJUDQLF 7R HSUH]\GHQWD.ZD QLHZVNLHJR
V]DQXM ZHGáXJ%XEODZ\QLND]Z\VRNLHMNXOWXU\SROLW\NyZHXURSHMVNLFK
-DQXV].RUZLQ0LNNHZLG]LZ$OHNVDQGU]H.ZD QLHZVNLPSUH]\GHQWDNWyU\QLH
]URELá QLF]HJR NRPSURPLWXM FHJR-HG\Q\PF]\QHPQLHGRSXV]F]DOQ\PZHGáXJ
.RUZLQ0LNNHE\áRZ\FRIDQLH]7U\EXQDáX.RQVW\WXF\MQHJRVSUDZ\RPDM WNX
E\áHM3=35]DVNDU RQHMSU]H]SRSU]HGQLHJRSUH]\GHQWD3UH]\GHQW.ZD QLHZ
VNLMDNRE\á\F]áRQHN3=35L6G53DZL FRVREL FLH]DLQWHUHVRZDQ\VSUDZ QLH
PLDáSUDZDMHMZ\FRI\ZDü3RZLQLHQE\áSR]ZROLüVSUDZRPELHFZáDVQ\PWRUHP
3RGF]DVNDPSQLLSUH]\GHQFNLHM$OHNVDQGHU.ZD QLHZVNL]áR \áZLHOHRELHWQLF
NWyU\FK WHUD] QLH GRWU]\PXMH  XZD D %RJGDQ 3DZáRZVNL 3UH]\GHQW SRZLQLHQ
SRZD QLHMWUDNWRZDüVZRLFKZ\ERUFyZ7\ONRSROLW\ND]DJUDQLF]QD.ZD QLHZ
VNLHJR LG]LH Z GREU\P NLHUXQNX FKRFLD  DNXUDW WR QLH E\áRSU]HGPLRWHPMHJR
NDPSDQLLSU]HGZ\ERUF]HMWDN HMHJRG]LDáDQLDZNZHVWLLUHIRUP\DGPLQLVWUDFML
SD VWZRZHM]PLHU]DM ZGREU\PNLHUXQNX3DZáRZVNLQLHZLG]LNRQVWUXNW\ZQH
JRG]LDáDQLDSUH]\GHQWDZNZHVWLLSURSRQRZDQLDQRZ\FKXVWDZ-HJRSR]\W\ZQ\
RGELyUZVSRáHF]H VWZLHZ\QLND]WHJR HPDGREU SUH]HQFM SRWUDILGREU]H
PyZLü Z\SDGD SR]\W\ZQLH Z Z\ZLDGDFK L R ZLDGF]HQLDFK /XG]LH ZHGáXJ
3DZáRZVNLHJRQLHVáXFKDM WHJRFRPyZLDOHMDNPyZL%\áRE\LGHDOQLHJG\E\
SUH]\GHQWQLHPLDáMHGQR]QDF]Q\FKV\PSDWLLSROLW\F]Q\FKDOH$OHNVDQGHU.ZD

QLHZVNLWDNLHV\PSDWLHMHGQR]QDF]QLHGHPRQVWUXMHGODOHZHMVWURQ\VFHQ\SROL

W\F]QHM


'OD $OHNVDQGUD .ZD QLHZVNLHJR SLHUZV]\ URN SUH]\GHQWXU\ E\á URNLHP

NWyU\PLPRZV]HONLFKWUXGQR FLSRND]Dá H3RODF\GODWDNLFKVSUDZMDNUR]ZyM
JRVSRGDUF]\LDPELFMHHXURSHMVNLHSRWUDIL ]HVRE ZVSyáG]LDáDü'ODSUH]\GHQWD
Ä:VSyOQ 3ROVN ´WU]HEDEXGRZDüFLHUSOLZLHUDF]HMSRSU]H]DUJXPHQW\DQL HOL
GHNODUDFMHSRSU]H]IDNW\DQLH]DSRZLHG]L.ZD QLHZVNLWZLHUG]L HURN

background image







NWyU\]DF]\QDáMDNRZ\EUDQ\SUH]\GHQWNR F]\SU]\ZL NV]\PSRSDUFLXVSRáHF]
Q\PQL Z\QLNZ\ERUF]\FRMHVWGRZRGHP HSRZROLFLHUSOLZLHPR QDRUJDQL
]RZDü3RODNyZGODWDNLFKLVWRWQ\FKKLVWRU\F]Q\FKFHOyZMDNUR]ZyM3ROVNL]D
SHZQLHQLH EH]SLHF]H VWZD OXG]LRP NUDMRZL .ZD QLHZVNL MHVW SU]HNRQDQ\ H
MHVWWRQLH]E GQHZW\PPRPHQFLHKLVWRU\F]Q\P







3LHUZV]\URNSUH]\GHQWXU\$OHNVDQGUD.ZD QLHZVNLHJRZVSUDZDFKNUD

MRZ\FK ]GRPLQRZDQ\ E\á SU]H] QRZHOL]DFM  XVWDZ\ DQW\DERUF\MQHM NRQNRUGDW
VSUDZ SRZLDWyZLQRZ NRQVW\WXFM 
3RGSLVDQLH]QRZHOL]RZDQHMXVWDZ\DQW\DERUF\MQHMSU]H]$OHNVDQGUD.ZD QLHZ
VNLHJRE\áRSLHUZV]\PDNWHPVSHáQLHQLDRELHWQLF\SU]HGZ\ERUF]HM.ZD QLHZVNL
XZD D HSRGSLVDQLHWHM HXVWDZ\E\áRNURNLHPZHZáD FLZ VWURQ GODWHJR H
]OLNZLGRZDáD RQD VWDQ GZX]QDF]QR FL L REáXG\ MDNL Z 3ROVFH SDQRZDá .ZD

QLHZVNLSRGSLVDáW XVWDZ SREDUG]RGáXJLHMG\VNXVMLSXEOLF]QHMJG]LHNLOND

NURWQLH VHMP M  SU]\MPRZDá L JG]LH ZHGáXJ EDGD  RSLQLLSXEOLF]QHMSURFHQW
E\áR]DW OLEHUDOL]DFM 3UH]\GHQW]GDMHVRELHVSUDZ  HXVWDZDWDG]LHOLVSRáH
F]H VWZR DOH MHGQDN UDFMD Z\GDMH VL  E\ü SR VWURQLH W\FKNWyU]\FKFLHOLE\ZL
G]LHüZL FHMSRGPLRWRZR FLXNRELHWZL FHMGHF\GRZDQLD]HVWURQ\VDP\FKPDá

RQNyZDQL HOL]DND]yZDGPLQLVWUDF\MQ\FK'ODSUH]\GHQWDG]LVLDMPQLHMVHQVX

PDFL JáDG\VNXVMDMDNL]DNUHVPDPLHüWDOLEHUDOL]DFMDDZL FHMVHQVXPDSUDFD
3D VWZD .R FLRáD RUJDQL]DFML VSRáHF]Q\FK 1DOH \ ]MDZLVNR DERUFML Z\HOLPL
QRZDü]QDV]HJR \FLDDE\ DGQDNRELHWD DGQDURG]LQDQLHE\áDZV\WXDFMLZ
NWyUHMDERUFMDE G]LHNRQLHF]QD1DOH \VWZRU]\üWDNLVWDQSROVNLFKURG]LQRSLH
NLHGXNDFML HE\WRQLHE\áRNRQLHF]QHXZD DSUH]\GHQW

 

.RQNRUGDWMHVWWX

WDMLQQ NZHVWL -HVWWRXPRZDPL G]\3ROVN L:DW\NDQHP3RG]LDáJáRVyZZ
SROVNLPVSRáHF]H VWZLHMHVWWH SyáQDSyá7RFRURELáZNZHVWLLNRQNRUGDWXU] G
SUHPLHUD3DZODNDSUHPLHUD2OHNVHJRG]LVLDMF]\QLWRU] GSUHPLHUD&LPRV]HZL
F]D]GDQLHP.ZD QLHZVNLHJRMHVWVáXV]QH7U]HED]SDUWQHUHPF]\OL6WROLF $SR
VWROVN V]XNDüUR]ZL ]D NWyUHZ\MD QL Z WSOLZR FLSRGQRV]RQHZ]ZL ]NX]
SRGSLVDQ\PZURNXNRQNRUGDWHP7DNLHUR]PRZ\WUDZM LMHVWQDG]LHMD H
SU]\JRWRZR FLQDV]HJRSDUWQHUD:DW\NDQXE G]LHPR QDZ\MD QLüWHSUREOHP\
NWyU\FKOXG]LHVL REDZLDM .ZHVWLDNRQNRUGDWXQLHMHVWNZHVWL XNáDGX]MDNL P

background image







SD VWZHPW\ONR]EDUG]RV]F]HJyOQ\PSDUWQHUHP:DW\NDQHP-HVWWRQLHZ W
SOLZLHSDUWQHUV]F]HJyOQ\]HZ]JO GXQDVDP:DW\NDQL.R FLyá3RZV]HFKQ\]H
Z]JO GXQDSR]\FM .R FLRáD.DWROLFNLHJRZ3ROVFHL]HZ]JO GXQDRVRE 3D
SLH D3RODND1LHPDZ3ROVFHZ\á F]QLHVSRUX/HZLFD.R FLyá7RQLHMHVWWDN

HVSyUWRF]\VL PL G]\MHGQ\PLSDUWLDPLDGUXJLPL']LVLDMSUREOHPUHODFML.R

FLyO3D VWZR.R FLyá3D VWZR'HPRNUDFMD.R FLyá3D VWZR'HPRNUD

FMD2E\ZDWHOMHVWEDUG]R]áR RQ\LG]LHMHVL QDUy Q\FKSáDV]F]\]QDFK



,QQ  ZD Q  NZHVWL  SRUXV]DQ  SU]H] SUH]\GHQWD Z VSUDZDFK NUDMRZ\FK E\áD
NZHVWLDSRZLDWyZLNZHVWLDUHIHUHQGXPNRQVW\WXF\MQHJR$OHNVDQGHU.ZD QLHZ
VNLSR]DSR]QDQLXVL ]ZLHORPDHNVSHUW\]DPLMDNVDPPyZLMHVW]ZROHQQLNLHP
SRZLDWyZ8ZD D HPDP\GRF]\QLHQLDZ3ROVFH]V\WXDFM SDWDNWyU\QLHW\O
NR HWUZDFDá REHFQ NDGHQFM 6HMPXWRPR HVL SU]HGáX \üMHV]F]HQDSU]\
V]á  :HGáXJ SUH]\GHQWD SDW Z\QLND ] WHJR H Z VSUDZLH SRZLDWyZ MDVQH MHVW
VWDQRZLVNR6/'L8:LDEVROXWQLHQHJDW\ZQHVWDQRZLVNR36/NWyUHZWHMVSUD
ZLHRGSRF] WNXU]HF]WUDNWXMHQDRVWU]XQR DLPyZL HMH HOLE G]LHWRSU]HJáR
VRZDQH WR UR]SDGQLH VL  NRDOLFMD 3UH]\GHQW XZD D H UHIHUHQGXP Z VSUDZLH
SRZLDWyZPR HE\üUyZQRZW\PVDP\PF]DVLHFRUHIHUHQGXPNRQVW\WXF\MQHL

HWU]HEDSRSURVWXSRZLHG]LHü HVSUDZDSRZLDWyZ]RVWDQLHWDN]DSLVDQDZQR

ZHMNRQVW\WXFMLMDNE G]LHWRSRZLHG]LDQHZUHIHUHQGXP$OHNVDQGHU.ZD QLHZ
VNLMHVW]GDQLD HNRQVW\WXFM WHQSDUODPHQWSRZLQLHQSU]\M üLSU]HGáR \üRSLQLL
SXEOLF]QHMLQLHE G]LHWRSU]\ZLOHMHPWHJRSDUODPHQWXDOHMHJRRERZL ]NLHP





'RW\FKF]DVRZDSROLW\ND]DJUDQLF]QD$OHNVDQGUD.ZD QLHZVNLHJR]RULHQ

WRZDQDE\áDQDVSUDZ\GRW\F] FHLQWHJUDFML]8QL (XURSHMVN SU]\M FLDGR1$
72LSROLW\N ZVFKRGQL 3UH]\GHQWMHVW]GDQLD HOHZLFDNWyU NLHURZDáRG
URNXMHVWE\áDLE G]LH]RULHQWRZDQDSURHXURSHMVNR0DP\F]\WH PLHOL P\WR
V]F] FLH HE\(XURS SR]QDüQDZL ]DüWDPZLHOHNRQWDNWyZLSU]\MD QL HE\
GREU]HQDSUDZG ]UR]XPLHüJG]LHJRVSRGDUNDMHVWOHSV]DLJG]LHMHVWZL FHMGH
PRNUDFMLQD]DFKRG]LH(XURS\F]\QDZVFKRG]LH-DNLHNROZLHNSRGHMU]HQLDF]\
V]F]HJyOQLHWDNLHVWHUHRW\S\ZREHFOHZLF\ HMHVWRQD]DNRGRZDQDÄUXVRILOVNR´
V SRSURVWXQLHSUDZG]LZHWZLHUG]L.ZD QLHZVNL-HVWRQSU]HNRQDQ\ HZZ\

background image







ERUDFKURNX

 

E G]LHEDUG]RZD QDOLQLDSRG]LDáXQDW\FKNWyU]\FKF ]D

SHZQLü3ROVFHREHFQR üZVWUXNWXUDFKHXURSHMVNLFKZW\FKWHUPLQDFKNWyUHV 
MX G]LVLDMZ\UD QHDNWRQLH/HZLFDE G]LHQDSHZQRSRVWURQLH3ROVNLZ8QLL
(XURSHMVNLHM QD SRF] WNX SU]\V]áHJR ZLHNX L 3ROVNL Z 1$72 Z URNX 
VWZLHUG]LáSUH]\GHQW3ROLW\NDZVFKRGQLDZHGáXJSUH]\GHQWDE\áDZRVWDWQLPUR
NXZ\UD QLHDNW\ZQLHMV]D%\áRZLHOHZL]\WZLHOHNRQWUDNWyZZLHOHQLHRILFMDO
Q\FKVSRWND 3ROLW\NDWDNDSR]ZDODáDQDPVLHELHSRND]\ZDüLOHSLHMUR]XPLHü
QDVLSDUWQHUyZD ZLDWLQIRUPRZDü HRWR]3ROVNLSá\Q GREUHV\JQDá\ H3RO
VNDGREU]HZVSyáSUDFXMH]HVZRLPLV VLDGDPLLVN GE\QDQL QLHSDWU]HüMHVWWR
PQLHMNáRSRWyZGOD ZLDWDXZD D.ZD QLHZVNL







3R URNX SUH]\GHQWXU\ $OHNVDQGHU .ZD QLHZVNL QLH PR H ]DU]XFLü VRELH

EUDNXZ\VLáNXNWyU\E\áVNLHURZRQ\GRUy Q\FKJUXSVSRáHF]Q\FKLSDUWLLSROL
W\F]Q\FK:HGáXJSUH]\GHQWDSROVNDNODVDSROLW\F]QDOXELGHNODURZDü]JRG DOH
QLHOXELSUDFRZDüQDU]HF]]JRG\:3ROVFHSROLW\F\F] VWRPyZL RNRQVHQVXVLH
ZZD Q\FKVSUDZDFKDOHQLH]DEDUG]RFKF ]DU\]\NRZDüVZRM RVRE F]\VZR
LPQD]ZLVNLHPNLHG\WDNLNRQVHQVXVZSUDNW\FHWU]HEDUHDOL]RZDü


'UXJL URN SUH]\GHQWXU\ ZHGáXJ $OHNVDQGUD .ZD QLHZVNLHJR E G]LH

VSUDZG]LDQHPQDLOHVNXWHF]QLHXGDZ\HOLPLQRZDüPXVL ]DJUR HQLDF]\U\]\NR
NWyUH MHVW ]ZL ]DQH ] Uy Q\PL QLHRGSRZLHG]LDOQ\PL NRQFHSFMDPL HNVSHU\PHQ
WDPLF]\U]XFDQLHP3ROVNLQDMDNLH WU]HFLHF]ZDUWHF]\SL WHGURJL'ODSUH]\
GHQWD GURJD NWyU  REHFQLH ]PLHU]D 3ROVND MHVW GURJ  GREU  L ZáD FLZ 





:VSyáSUDFRZQLF\SUH]\GHQWDRSLHUZV]\PURNXPyZL ÄUR]ELHJyZND´LXZD D
M  HZ\SDGáDRQDEDUG]RGREU]H%OLVNRSURFHQW3RODNyZXZD D H$OHN
VDQGHU.ZD QLHZVNLGREU]HSHáQLVZyMXU] G1LNWMHGQDNQLHXNU\ZD HWDNQD
SUDZG ZD Q\E G]LHGRSLHURGUXJLURNURNZ\ERUyZSDUODPHQWDUQ\FKURNE\ü
PR H EDUG]R WUXGQ\FK RSR]\F\MQ\FK NRDOLFML L QDSUDZG  WUXGQ\FK NRPSURPL
VyZ

 



background image







3U]\SLV\GRUR]G]LDáXF]ZDUWHJR


 5]HF]SRVSROLWD]JUXGQLDUQUV

 *D]HWD:\ERUF]D]JUXGQLDUQUV

 5]HF]SRVSROLWD]VW\F]QLDUQUV

 3ROLW\ND]OXWHJRUQUV

 :SURVWQUV

 7DP HV

 3ROLW\ND]OXWHJRUQUV

 7DP HV

 3ROLW\ND]VW\F]QLDUQUV

 3ROLW\ND]JUXGQLDUQUV

 3ROLW\ND]VW\F]QLDUQUV

 :SURVWQUV

 3ROLW\ND]OXWHJRUQUV

 Ä:SURVW´QUV

 7DP HV

 Ä:SURVW´QUV

 793URNXJ 5R]PRZD3UH]\GHQWD$OHNVDQGUD.ZD QLHZ

VNLHJR]7DGHXV]HP=ZLHZN L-HU]\P0DUNLHP1RZDNRZVNLP 

 7DP H

 7DP H

 2EHFQ\SDUODPHQWSU]\M áNRQVW\WXFM ZNZLHWQLXURNXNWyUD]RVWDáD]DWZLHU

G]RQDPLHVL FSy QLHMZUHIHUHQGXPSRZV]HFKQ\P

 F]HUZFDURNXSUH]\GHQW$OHNVDQGHU.ZD QLHZVNLRJáRVLáZWHOHZL]MLGDW 

Z\ERUyZSDUODPHQWDUQ\FKZ\]QDF]RQ\FKQDZU]H QLDURNX

 793URNXJ

 7DP H

 Ä3ROLW\ND´]JUXGQLDUQUV

background image







=DNR F]HQLH




5RN  MHVW URNLHP SU]HáRPRZ\P (ZHQWXDOQD SRUD ND L HZHQWXDOQH

]Z\FL VWZRVSUDZ\SROVNLHME G Z\QLNLHPZLHOXGHF\]MLSROLW\F]Q\FKLJRVSR
GDUF]\FKZLHOXUR]PDLW\FK]DFKRZD SROLW\NyZLZ\ERUFyZNWyU\FKVNXWNLQLH
PXV] E\üRGUD]XX ZLDGDPLDQH


:W\PURNXRNUH ORQH]RVWDá\WU\EL]DVDG\UR]V]HU]DQLD1$72L8QLL(X

URSHMVNLHM D 3ROVND RWU]\PDáD ]DSURV]HQLH GR URNRZD  6DPH QHJRFMDFMH E G 
MX  SURZDG]RQH SU]H] QRZ  HNLS  U] GRZ  Z\áRQLRQ  SU]H] QRZ\ SDUODPHQW
:LHOH]DOH HüE G]LHWH RGZVSyáSUDF\3UH]\GHQWD]QRZ\PSDUODPHQWHP,VW
QLHMH GX H SUDZGRSRGRELH VWZR H 3UH]\GHQW L 3DUODPHQW UHSUH]HQWRZDü E G 
SU]HFLZVWDZQH ELHJXQ\ VFHQ\ SROLW\F]QHM 7HRUHW\F]QLH WHQ QRZ\ 6HMP E G]LH
U] G]LüD GRSRF] WNXQRZHJRW\VL FOHFLDL]DGHF\GXMHF]\LQDMDNLFKV]F]HJyO
Q\FKZDUXQNDFKSU]\á F]\P\VL GR=DFKRGX2VWDWHF]QHSRá F]HQLH]8QL (X
URSHMVN L1$72RUD]GRSURZDG]HQLHGRáDGXSROVNLHMVFHQ\SROLW\F]QHMPR H
E\üX]QDQH]DNRQVHNZHQFM Z\ERUX$OHNVDQGUD.ZD QLHZVNLHJRQD3UH]\GHQWD
530R H]DLVWQLHüWH RGZURWQDV\WXDFMDZNWyUHM$OHNVDQGHU.ZD QLHZVNLQLH
SRUDG]LVRELH]SROVN VFHQ SROLW\F]Q F]HJRNRQVHNZHQFM E G]LHL]RODFMD3UH
]\GHQWDLUR]PLQL FLHVL ZVZRLFKG]LDáDQLDFKSRV]F]HJyOQ\FKDNWRUyZSROVNLHM
JU\SROLW\F]QHM

background image







%LEOLRJUDILD

 -DQ*DOVWHU:DFáDZ6]\V]NRZVNL=ELJQLHZ:LWNRZVNL3UDZR.RQVW\WXF\MQH7R

UX U

 0DULD.UXN0DáD.RQVW\WXFMD]NRPHQWDU]HP:DUV]DZDUV

 $QGU]HM6WHOPDFK6WDQLVáDZ=\ERURZLF]:VSyáF]HVQHLQVW\WXFMHSROLW\F]QH3ROVNL

3R]QD UV

 $GDP-DPUR]6\VWHP\SROLW\F]QHUR]ZLQL W\FKNUDMyZNDSLWDOLVW\F]Q\FK:DUV]DZD

U



3XEOLNDFMHSUDVRZHLWHOHZL]\MQH





 793URNXJ 5R]PRZD3UH]\GHQWD$OHNVDQGUD.ZD QLHZ

VNLHJR]7DGHXV]HP=ZLHZN L-HU]\P0DUNLHP1RZDNRZVNLP 

 Ä:SURVW´QU

 Ä3ROLW\ND´QU

 Ä5]HF]SRVSROLWD´ QU       



 Ä*D]HWD:\ERUF]D´QU





















Wyszukiwarka

Podobne podstrony:
Praca Magisterska Uwarunkowania i konsekwencje psychospołeczne?orcji oraz zapotrzebowanie na wsparci
praca magisterska Akty kończące ogólne postępowanie administracyjne
praca-magisterska-a11406, Dokumenty(2)
praca-magisterska-a11222, Dokumenty(2)
praca-magisterska-6811, Dokumenty(8)
praca-magisterska-a11186, Dokumenty(2)
praca-magisterska-7383, Dokumenty(2)
Metody treningowe, Mikołaj praca magisterska
praca-magisterska-a11473, Dokumenty(2)
praca-magisterska-6699, Dokumenty(8)
praca-magisterska-7444, Dokumenty(2)
praca-magisterska-6435, Dokumenty(8)
praca-magisterska-wa-c-7459, Dokumenty(2)
praca-magisterska-wa-c-7525, Dokumenty(2)
praca-magisterska-7412, Dokumenty(2)
praca-magisterska-wa-c-7468, Dokumenty(2)
praca-magisterska-7092, 1a, prace magisterskie Politechnika Krakowska im. Tadeusza Kościuszki

więcej podobnych podstron