komentarz ustawa opp

+8%(57,='(%6.,

8VWDZDRG]LDáDOQRFLSR*\WNXSXEOLF]QHJRLRZRORQWDULDFLH

.RPHQWDU]

:DUV]DZD

:SURZDG]HQLH

: GQLX NZLHWQLD U 6HMP XFKZDOLá SR XVWRVXQNRZDQLX VL GR

SRSUDZHN 6HQDWX GZLH XVWDZ\ R V\VWHPRZ\P ]QDF]HQLX GOD IXQNFMRQRZDQLD

VSRáHF]HVWZD RE\ZDWHOVNLHJR L Z RJyOH IXQNFMRQRZDQLD GHPRNUDFML

Z 5]HF]\SRVSROLWHM 3ROVNLHM XVWDZ R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR

L R ZRORQWDULDFLH RUD] XVWDZ ± 3U]HSLV\ ZSURZDG]DMFH XVWDZ R G]LDáDOQRFL

SR*\WNX SXEOLF]QHJR L R ZRORQWDULDFLH ]DZLHUDMF UyZQLH* SU]HSLV\ ]PLHQLDMFH

ZFHOXGRVWRVRZDQLDGRWUHFLSLHUZV]HM]W\FKXVWDZDNWyZXVWDZRZ\FK

8VWDZ\RJáRV]RQHZQXPHU]HÄ']LHQQLND8VWDZ´]GQLDPDMDU±

SRG SR]\FMDPL RGSRZLHGQLR L ZHV]á\ Z *\FLH ]DVDGQLF]R F]HUZFD

U :LHOH LFK LVWRWQ\FK SU]HSLVyZ Z\PLHQLRQ\FK Z DUW XVWDZ\ ± 3U]HSLV\

ZSURZDG]DMFHZHMG]LHMHGQDNZ*\FLHGRSLHURZGQLXVW\F]QLDU

3U]\JRWRZ\ZDQLHSURMHNWXXVWDZ\

3UDFH QDG XQRUPRZDQLHP PDWHULL XM WHM Z RE\GZyFK XVWDZDFK WRF]\á\ VL

Z\MWNRZR GáXJR =RVWDá\ RQH SRGM WH ] LQLFMDW\Z\ SURI -HU]HJR +DXVQHUD

yZF]HVQHJRSRGVHNUHWDU]DVWDQXZ8U] G]LH5DG\0LQLVWUyZZULWRF]\á\VL

ZUDPDFKRWZDUWHJRVHPLQDULXP]RUJDQL]RZDQHJRZUDPDFK,QVW\WXWX3UDF\L6SUDZ

6RFMDOQ\FKNWyU\PNLHURZDáDSURI6WDQLVáDZD*ROLQRZVND,FKSLHUZV]\PHIHNWHP

E\á\]DáR*HQLDSURMHNWXXVWDZ\RG]LDáDOQRFLSR*\WNXSXEOLF]QHJR]OXWHJRU

1DVW SQLH SU]\JRWRZ\ZDQH E\á\ NROHMQH ZHUVMH SURMHNWX XVWDZ\ ± MHGQHJR

DOER

SRG]LHORQHJR MDN WH* WR RVWDWHF]QLH SU]\M WR QD XVWDZ SRGVWDZRZ L SU]HSLV\

ZSURZDG]DMFH :HUVMH WH E\á\ SU]\JRWRZ\ZDQH Z Uy*Q\FK UDPDFK

LQVW\WXFMRQDOQ\FK±]DUyZQRZUDPDFKRILFMDOQ\FKSUDFU]GXMDNLJG\WDNLFKSUDF

QDGSURMHNWHPQLHE\áRZUDPDFKSUDFRUJDQL]DFMLSR]DU]GRZ\FK:HZV]\VWNLFK

SUDFDFK EUDá XG]LDá SURI +XEHUW ,]GHEVNL D ]H VWURQ\ ÄWU]HFLHJR VHNWRUD´ WM

RUJDQL]DFML SR]DU]GRZ\FK SU]HGH ZV]\VWNLP SDQ -DNXE :\JQDVNL : ND*G\P

UD]LH NROHMQH ZHUVMH SURMHNWX E\á\ SU]HGPLRWHP LQWHQV\ZQ\FK NRQVXOWDFML

] RUJDQL]DFMDPL SR]DU]GRZ\PL R LOH QLH E\á\ IRUPDOQLH SUH]HQWRZDQH SU]H] WH

RUJDQL]DFMH

:U]G]LHSRZRáDQ\PZZ\QLNXZ\ERUyZ]USURMHNWHP]DMPRZDáVL

SURI =ELJQLHZ :R(QLDN SHáQRPRFQLN 3UH]HVD 5DG\ 0LQLVWUyZ GR VSUDZ

ZVSyáSUDF\]RUJDQL]DFMDPLSR]DU]GRZ\PL3URMHNWSU]\EUDáZyZF]DVZ]ZL]NX

] SU]HSURZDG]DQ UHIRUP XVWURMX WHU\WRULDOQHJR L VIRUPXáRZDQLDPL X*\W\PL

Z XVWDZDFK R VDPRU]G]LH SRZLDWRZ\P L R VDPRU]G]LH ZRMHZyG]WZD IRUPXá

SURMHNWX XVWDZ\ R ZVSyáSUDF\ RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM ] RUJDQL]DFMDPL

3URMHNW]GQLDJUXGQLDUXVWDZ\RG]LDáDOQR FLSR*\WNXSXEOLF]QHJRRUD]R]PLDQLHQLHNWyU\FKXVWDZ]RVWD á

SU]HGUXNRZDQ\ZPRMHMNVL*FH)XQGDFMHLVWRZDU]\V]HQLDZ\G:DUV]DZDVLQDVW

SR]DU]GRZ\PL

3RQLHZD* G]LDáDQLD UHIRUPDWRUVNLH SRGHMPRZDQR ZyZF]DV SRG

KDVáHPF]WHUHFKUHIRUPVDPRU]GRZDXEH]SLHF]HVSRáHF]Q\FKRFKURQ\]GURZLD

LHGXNDF\MQDSU]HGVWDZLFLHOHRUJDQL]DFMLSR]DU]GRZ\FKRNUHODOLSU]HPLDQ\MDNLH

SRZLQQR SRFLJDü ]D VRE ZSURZDG]HQLH Z *\FLH SURMHNWX MDNR SLW UHIRUP ±

XVSRáHF]QLHQLH3DVWZD

3UDFH QDG SURMHNWHP QD SHZLHQ F]DV ]DZLHV]RQR Z ]ZL]NX ] W\P L*

SRGVWDZRZH NZHVWLH PLDá\ ]RVWDü UR]VWU]\JQL WH Z SU]\JRWRZ\ZDQHM XVWDZLH

R ILQDQVDFK SXEOLF]Q\FK -DN VL RND]DáR XVWDZD ] GQLD OLVWRSDGD U

R ILQDQVDFK SXEOLF]Q\FK

QLH W\ONR QLH GRWNQ áD ZLHOX LVWRWQ\FK PDWHULL Z W\P

NZHVWLL VWRVRZDQLD GR ]OHFDQLD UHDOL]DFML ]DGD SXEOLF]Q\FK RUJDQL]DFMRP

SR]DU]GRZ\P SU]HSLVyZ R ]DPyZLHQLDFK SXEOLF]Q\FK

OHF] Z XQRUPRZDQLDFK

] ]DNUHVX RPDZLDQHJR SURMHNWX XVWDZ\ ]DM áD VWDQRZLVNR VNUDMQLH SU]HFLZQH

SDUWQHUVWZX]RUJDQL]DFMDPLSR]DU]GRZ\PL

'RELWQ\P WHJR GRZRGHP E\á MHM DUW Z SLHUZRWQ\P EU]PLHQLX

SU]HNUHODMF\ Z RJyOH PR*OLZRü ]OHFDQLD RUJDQL]DFMRP SR]DU]GRZ\P

Z\NRQ\ZDQLD]DGDSXEOLF]Q\FKSU]H]MHGQRVWNLVDPRU]GXWHU\WRULDOQHJR:DG\WH

RJUDQLF]\áD OHF] QLH PRJáD LFK Z\HOLPLQRZDü GRSLHUR SRSLHV]QD QRZHOL]DFMD

XVWDZ\GRNRQDQDZPDMXUZWRNXNWyUHMZSURZDG]RQRPLQ]XSHáQLHQRZH

EU]PLHQLH DUW

3R]RVWDZLDMF UR]VWU]\JQL FLH Z LVWRFLH SUDZLH ZV]\VWNLFK

NZHVWLLGRW\F]F\FK]OHFDQLD]DGDSXEOLF]Q\FKMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

RUJDQL]DFMRP SR]DU]GRZ\P XFKZDáRP SRV]F]HJyOQ\FK RUJDQyZ VWDQRZLF\FK

MHGQRVWHN VDPRU]GX UDG JPLQ L SRZLDWyZ VHMPLNyZ ZRMHZyG]WZ QRZHOL]DFMD

VSRZRGRZDáD QLHX]DVDGQLRQ PR]DLN SUDZQ\FK SRGVWDZ ]OHFDQLD SRGVWDZRZ\FK

]DGD SXEOLF]Q\FK ± R LOH Z RJyOH SRGVWDZ\ WDNLH ]RVWDá\ SU]H] GDQ\ RUJDQ

VWDQRZLF\QDOH*\FLHXFKZDORQH

3RG\PLVMLSURI:R(QLDNDZSRF]WNXURILFMDOQHSUDFHQDGSURMHNWHP

Z RJyOH ]RVWDá\ QD SHZLHQ F]DV SU]HUZDQH SRGM WR MH MHGQDN QD QRZR Z UDPDFK

G]LDáDOQRFL0LQLVWHUVWZD3UDF\L3ROLW\NL6SRáHF]QHM3URMHNWXVWDZ\RZVSyáSUDF\

RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM ] RUJDQL]DFMDPL SR]DU]GRZ\PL RUD] R ]PLDQLH

QLHNWyU\FK XVWDZ ± SU]HGVWDZLRQ\ MDNR Z\QLN SUDF =HVSRáX GV UR]ZL]D

V\VWHPRZ\FK Z ]DNUHVLH ZVSyáSUDF\ DGPLQLVWUDFML SXEOLF]QHM ] RUJDQL]DFMDPL

SR]DU]GRZ\PL RUD] SR]\FML XVWURMRZHM VHNWRUD SR]DU]GRZHJR Z 3ROVFH VDP

=HVSyá QLH SU]HMDZLá Z W\P ]DNUHVLH V]F]HJyOQHM DNW\ZQRFL ± ]RVWDá Z JUXGQLX

U SU]HGVWDZLRQ\ GR G\VNXVML SXEOLF]QHM -HGQRF]HQLH Z ODWDFK

WRF]\á\ VL X]JRGQLHQLD UHVRUWRZH QDG MHGQ ] ZHUVML SURMHNWX 8]JRGQLHQLD QLH

GRSURZDG]Lá\ GR SU]HGáR*HQLD SU]H] 0LQLVWUD 3UDF\ L 3ROLW\NL 6SRáHF]QHM SURMHNWX

5DG]LH 0LQLVWUyZ SU]HGH ZV]\VWNLP ZREHF RGPLHQQHJR Z ZLHOX LVWRWQ\FK

=DáR*HQLDWHJRSURMHNWX]RVWDá\SU]HGUXNRZDQHZZ\GDQLDFKLNVL*NLRNWyUHMPRZDZSU]\SLVLH:DUV]DZD

VLQDVWàRPLDQNLVLQ DVW

']81USR]QDVW SQLH]OLF]Q\PLSy(Q]PREHFQLH']8]U1USR]]Sy (Q]P

.ZHVWLDWDZ\VWSLáDSU]HGHZV]\VWNLPQDWOHZ\MWNRZRQLHMDVQ\FKSU]HSLVyZXVWDZ\]GQLDJUXGQLDUR

JRVSRGDUFHNRPXQDOQHM']8]U1USR]]Sy(Q]PGRW\F]FHMMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

']81USR]

PDWHULDFK SXQNWX ZLG]HQLD SU]HGVWDZLFLHOL 0LQLVWHUVWZD )LQDQVyZ 8U] GX

=DPyZLH3XEOLF]Q\FKRUD]3HáQRPRFQLND5]GXGV5RG]LQ\

3URMHNW Z QRZHM ZHUVML XZ]JO GQLDMFHM VLOQLHM QL* GRWG ]DJDGQLHQLD

ZRORQWDULDWX URN ]RVWDá RJáRV]RQ\ SU]H] 21= ZLDWRZ\P 5RNLHP

:RORQWDULDWX ± VWDá VL ]QRZX SU]HGPLRWHP LQLFMDW\Z ÄWU]HFLHJR VHNWRUD´

ZV]F]HJyOQRFL6WRZDU]\V]HQLDQDU]HF])RUXP,QLFMDW\Z3R]DU]GRZ\FK

3RQLHZD* SRGVWDZRZH NZHVWLH VWDQRZLFH SU]HGPLRW RPDZLDQ\FK SUDF QLH

]RVWDá\ QDOH*\FLH XM WH Z XVWDZLH R ILQDQVDFK SXEOLF]Q\FK D MHGQRF]HQLH QLH

U\VRZDá\VL V]DQVHV]\ENLHJRSU]HGáR*HQLDSURMHNWXXVWDZ\RZVSyáSUDF\6HMPRZL

SRGM WRSUyE\UR]ZL]DVHNWRURZ\FK1DZ]yUEDUG]RRJyOQ\FKSU]HSLVyZDUW

XVWDZ\ ] GQLD VLHUSQLD U R UHKDELOLWDFML ]DZRGRZHM L VSRáHF]QHM RUD]

]DWUXGQLDQLX RVyE QLHSHáQRVSUDZQ\FK SU]HZLGXMF\FK PR*OLZRü ]OHFDQLD

RUJDQL]DFMRP SR]DU]GRZ\P E\á WR ]UHV]W SLHUZV]\ SU]\SDGHN XVWDZRZHJR

]DVWRVRZDQLD WHJR WHUPLQX ]DGD Z ]DNUHVLH UHKDELOLWDFML ]DZRGRZHM VSRáHF]QHM

L OHF]QLF]HM SU]H] 3DVWZRZ\ )XQGXV] 5HKDELOLWDFML 2VyE 1LHSHáQRVSUDZQ\FK

ZUZSURZDG]RQRGRXVWDZ\]GQLDOLVWRSDGDURSRPRF\VSRáHF]QHM

DUWD WUDNWXMF\ R ZVSyáG]LDáDQLX RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM ZáDFLZ\FK

Z VSUDZDFK SRPRF\ VSRáHF]QHM ] LQQ\PL SRGPLRWDPL WDN*H SRSU]H] ]OHFDQLH

UHDOL]DFML]DGD]WHJR]DNUHVX:UDUWD]RVWDáX]XSHáQLRQ\RZVND]DQLH

]DVDG ZVSyáG]LDáDQLD SRF]\QDMF RG SDUWQHUVWZD L SRPRFQLF]RFL

MDN UyZQLH*

Z\GDQH]RVWDáREDUG]RLVWRWQHUR]SRU]G]HQLH0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHM

Z VSUDZLH ZVSyáG]LDáDQLD DGPLQLVWUDFML SXEOLF]QHM ] LQQ\PL SRGPLRWDPL RUD]

Z]RUyZRIHUWXPyZLVSUDZR]GD]UHDOL]DFML]DGDSRPRF\VSRáHF]QHM

3RZ\*V]H

SU]HSLV\ ] G]LHG]LQ\ SRPRF\ VSRáHF]QHM XZ]JO GQLDMFH UR]ZL]DQLD

GRW\FKF]DVRZ\FK SURMHNWyZ RJyOQ\FK SRVáX*\á\ QDVW SQLH MDNR ZD*Q\ PDWHULDá

ZGDOV]\FKSUDFDFKOHJLVODF\MQ\FK

'RSUDFU]GRZ\FKQDGSURMHNWHPRJyOQHMXVWDZ\GRW\F]FHMUROLRUJDQL]DFML

SR]DU]GRZ\FK SRZUyFRQR ZUD] ] REM FLHP ± SR QRZ\FK Z\ERUDFK U ±

VWDQRZLVND0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHMSU]H]SURI-HU]HJR+DXVQHUD']L NL

MHJR ]DDQJD*RZDQLX QRZD ZHUVMD ± SRZUDFDMFD GR SLHUZRWQHM IRUPXá\ XVWDZ\

R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR OHF] XZ]JO GQLDMFD ZLHOH Sy(QLHM

Z\SUDFRZDQ\FK UR]ZL]D ]DUyZQR W\ONR SURMHNWRZDQ\FK Z W\P GRW\F]F\FK

ZRORQWDULDWX MDN L ZSURZDG]RQ\FK GR RELHJX SUDZQHJR WM SU]HGH ZV]\VWNLP

SRZRáDQ\FK SU]HSLVyZ ] ]DNUHVX SRPRF\ VSRáHF]QHM ]RVWDáD Z OXW\P U

XFKZDORQDSU]H]5DG 0LQLVWUyZLZQLHVLRQDGR6HMPX:F]HUZFXU5]G

ZQLyVá GR 6HMPX SURMHNW XVWDZ\ ± 3U]HSLV\ ZSURZDG]DMFH MDN WH* SU]HGVWDZLá

DXWRSRSUDZNLGRSURMHNWXXVWDZ\SRGVWDZRZHMZ\QLNDMFH]X]JRGQLHGRNRQDQ\FK

Z UDPDFK .RPLVML :VSyOQHM 5]GX L (SLVNRSDWX GRW\F]FH VWDWXVX RUJDQL]DFML

']81USR]]OLF]Q\PLSy(Q]P

2EHFQ\WHNVWMHGQROLW\WHMXVWDZ\']8]U1USR]]Sy (Q]P±ZVSRPQLDQDQRZHOL]DFMDZ']8]

U1USR]

']81USR]

5R]SRU]G]HQLH]GQLDF]HUZFDU±']81USR]

NRFLHOQ\FK Z UDPDFK SURSRQRZDQ\FK UR]ZL]D

3UDFH VHMPRZH QDG RERPD

SURMHNWDPL WRF]\á\ VL VWRVXQNRZR GáXJR MHGQDN*H QLH SU]\QLRVá\ RQH ZL NV]\FK

]PLDQ Z SURMHNFLH U]GRZ\P NWyUHJR UR]ZL]DQLD Z ]QDF]QHM PLHU]H VWDá\ VL

]DWHPSUDZHP

3U]\M WH Z RE\GZyFK XVWDZDFK UR]ZL]DQLD QDOH*\ WUDNWRZDü MDNR HIHNW

ZLHOROHWQLFK SUDF ± NWyUH FR LVWRWQH WRF]\á\ VL ] Z\MWNRZR V]HURNLP XG]LDáHP

SU]HGVWDZLFLHOL ÄWU]HFLHJR VHNWRUD´ ] QDWXU\ U]HF]\ QDMEDUG]LHM QLPL

]DLQWHUHVRZDQHJR 1LH R]QDF]D WR RF]\ZLFLH DQL *H Z SUDFDFK EUDá XG]LDá FDá\

ÄWU]HFL VHNWRU´ DQL *H SR]DU]GRZL XF]HVWQLF\ SUDF UHSUH]HQWRZDOL MHGQROLWH

VWDQRZLVNR -HGQ ] FHFK ÄWU]HFLHJR VHNWRUD´ MHVW MHJR SOXUDOL]P Z ZDUXQNDFK

SROVNLFKSRJá ELRQ\SU]H]Uy*Q\URGRZyGRUJDQL]DFMLSR]DU]GRZ\FKF] ü]QLFK

VWDQRZLÄRUJDQL]DFMHVSRáHF]QH´]F]DVyZÄUHDOQHJRVRFMDOL]PX´]NWyU\FKF] ü

] NROHL E\áD NLHG\ ÄSDVDPL WUDQVPLV\MQ\PL RG 3DUWLL GR PDV´ L FLHV]\áD VL

]QDF]Q\PL SU]\ZLOHMDPL LQQH SRZVWDá\ Z ODWDFK RVLHPG]LHVLW\FK Z RNUHVLH

]DáDP\ZDQLDVL ÄUHDOQHJRVRFMDOL]PX´GRSLHURSRUZRJyOHPR*QDE\áRQD

QRZR WZRU]\ü IXQGDFMH ± L WR GR U QD ]DVDG]LH FLVáHJR NRQFHVMRQRZDQLD

DLQQHZUHV]FLHVRZRFHP,,,5]HF]\SRVSROLWHMNWyUOLF]\P\RGU

3RZRG\ZSURZDG]HQLDQRZ\FKXQRUPRZD

-DNRW\PE\áDPRZDXQRUPRZDQLDRE\GZyFKXVWDZ]GQLDNZLHWQLD

U PDM V\VWHPRZH ]QDF]HQLH GOD IXQNFMRQRZDQLD VSRáHF]HVWZD RE\ZDWHOVNLHJR

LZRJyOHIXQNFMRQRZDQLDGHPRNUDFMLZ5]HF]\SRVSROLWHM3ROVNLHM

8VWDZ\ GRW\F] ERZLHP ÄWU]HFLHJR VHNWRUD´ XNáDGX VSRáHF]QHJR

Z\VW SXMFHJR RERN VHNWRUD ZáDG] SXEOLF]Q\FK SDVWZRZ\FK Z W\P ]ZáDV]F]D

U]GRZ\FK L VDPRU]GRZ\FK Z V]F]HJyOQRFL VDPRU]GX WHU\WRULDOQHJR RUD]

VHNWRUDSU]HGVL ELRUFyZ1DÄWU]HFLVHNWRU´VNáDGDMVL Uy*QHJRURG]DMXUy*QHJR

SRG Z]JO GHP SUDZQ\P FKRü GRPLQXM Z QLP GZLH IRUP\ VWRZDU]\V]HQLD

LIXQGDFMHLUy*QHJRSRGZ]JO GHPIDNW\F]Q\PGREURZROQHRUJDQL]DFMHNWyUHV

FRUD]F] FLHMRNUHODQHZODG]DWHUPLQRORJLPL G]\QDURGRZMDNRÄRUJDQL]DFMH

SR]DU]GRZH´6WDQRZLRQHIRUP\VDPRRUJDQL]DFMLVSRáHF]HVWZDRE\ZDWHOVNLHJR

ZVSUDZDFKZNWyU\FK]DLQWHUHVRZDQLQLHNLHUXMVL SU]HVáDQNDPLHNRQRPLF]Q\PL

MDN F]\QL WR SU]HGVL ELRUF\ ] LVWRW\ VZRMHM G]LDáDMF\ IRU SURILW OHF] FK FL

]DVSRNDMDQLD LQWHUHVyZ R FKDUDNWHU]H QLHHNRQRPLF]Q\P QLH Z FHOX RVLJQL FLD

]\VNX E\ SRG]LHOLü JR PL G]\ LQZHVWRUyZ F]\OL QRWIRUSURILW FR PQLHM FLOH

RNUHODVL WHUPLQHPQRQSURILW

1LHU]DGNR ]DVSRNDMDQLH WR QDVW SXMH SRSU]H] G]LDáDQLD QD U]HF] GREUD

]ELRURZHJRDWR]EOL*DÄWU]HFLVHNWRU´GRVHNWRUDZáDG]SXEOLF]Q\FKNWyUHJRUDFM

E\WXMHVWG]LDáDQLHQDU]HF]GREUDZVSyOQHJRVWDQRZLFH]DUD]HPG]LDáDQLHQRWIRU

SURILW5y*QLFDPL G]\W\PLRE\GZRPDVHNWRUDPLSROHJDSU]HGHZV]\VWNLPQDW\P

*HRUJDQL]DFMHÄWU]HFLHJRVHNWRUD´SRZVWDMLG]LDáDMQD]DVDG]LHGREURZROQRFLF]\

3URMHNW\]RVWDá\SU]HGUXNRZDQHZZ\GNVL*NLRNWyUHMPRZDZSU]\SLVDFKLàRPLDQNLVLQDVW

WH* VSRQWDQLF]QRFL SRVLáNXMF VL Z VWRVXQNRZR GX*\P VWRSQLX QLHRGSáDWQ\PL

ZLDGF]HQLDPL ÄOXG]L GREUHM ZROL´ ZRORQWDULXV]\ 6HNWRU ZáDG] SXEOLF]Q\FK

]QDWXU\U]HF]\QLHPR*HRSLHUDüVL QDGREURZROQRFLF]\VSRQWDQLF]QRFLDSR]D

RUJDQDPL SRFKRG]F\PL ] Z\ERUX PXVL NLHURZDü VL UyZQLH* VWDáRFL

LSURIHVMRQDOL]PHP=JRGQLH]NRQVW\WXF\MQ\PL]DVDGDPLGHPRNUDW\F]QHJRSDVWZD

SUDZQHJR L OHJDOL]PX ZáDG]H SXEOLF]QH PRJ G]LDáDü MHG\QLH WDP JG]LH SUDZR

Z\UD(QLH MH GR WHJR XSRZD*QLD SRGF]DV JG\ GZD SR]RVWDáH VHNWRU\ G]LDáDM

GRZROQLHWDPJG]LHSUDZRQLHVWDQRZLGODQLFKQDND]yZOXE]DND]yZ

:VSyáF]HVQH SDVWZD GHPRNUDW\F]QH R JRVSRGDUFH U\QNRZHM FHFKXMH FRUD]

EDUG]LHMUHJXODUQHVW\NDQLHVL ]HVREG]LDáDOQRFLRUJDQyZZáDG]SXEOLF]Q\FKGR

NWyU\FK QDOH*\ Z\NRQ\ZDQLH ]DGD SXEOLF]Q\FK Z QDMV]HU]HM UR]XPLDQHM VIHU]H

VSRáHF]QHM ] G]LDáDOQRFL ÄWU]HFLHJR VHNWRUD´ SRGHMPXMFHJR QD ]DVDG]LH

GREURZROQRFLUy*QRUDNLHG]LDáDQLDZWHMVDPHMVIHU]HNWyUDQDOH*\GRSU]HGPLRWX

]DGDSXEOLF]Q\FK

.LHG\ ]ZáDV]F]D Z UHGQLRZLHF]X SRGHMPRZDQLH G]LDáD Z VIHU]H

VSRáHF]QHM Z V]F]HJyOQRFL Z ]DNUHVLH ± X*\ZDMF ZVSyáF]HVQHM WHUPLQRORJLL

XG]LHODQLDZLDGF]H]]DNUHVXSRPRF\VSRáHF]QHM]GURZLDF]\HGXNDFMLQDOH*DáRZ

GX*HM PLHU]H GR LQVW\WXFML NRFLHOQ\FK D ZáDG]D SXEOLF]QD GRSLHUR VWRSQLRZR

VWDZDáD VL Z QLFK NRPSHWHQWQD 3y(QLHM FR ]DF] áR NV]WDáWRZDü VL Z GRELH

PRQDUFKLL DEVROXWQHM D FR Z\VWSLáR Z\UD(QLH Z FLJX ;,; L ;; Z RVLJDMF

DSRJHXP Z ÄUHDOQ\P VRFMDOL]PLH´ ZáDG]D SXEOLF]QD QD NRQW\QHQFLH HXURSHMVNLP

X]\VNDáD PRQRSRO Z WHM VIHU]H %\á WR HWDW\]P Z RGQLHVLHQLX GR VIHU\ XVáXJ

VSRáHF]Q\FK 3U]\SLVDQH VRELH ]DGDQLD RUJDQ\ ZáDG] SXEOLF]Q\FK Z\NRQ\ZDá\ ]D

SRPRF WZRU]RQ\FK SU]H] VLHELH Z W\P FHOX LQVW\WXFML SXEOLF]Q\FK D W\ONR QD

]DVDG]LH RNUHORQHJR SUDZHP Z\MWNX NRQFHVMRQRZDá\ EG( OLFHQFMRQRZDá\

ZLDGF]HQLH RGSRZLHGQLFK XVáXJ SU]H] LQQH SRGPLRW\ NRPHUF\MQH L SU]HGH

ZV]\VWNLPQLHNRPHUF\MQH

2EHFQLH PDP\ GR F]\QLHQLD ] QRZ V\WXDFM RG GDZQD Z\VW SXMH RQD Z

SDVWZDFKDQJORVDVNLFKNWyUHQLHSU]HV]á\SU]H]HWDSPRQDUFKLLDEVROXWQHMDQLQLH

]D]QDá\ ÄUHDOQHJR VRFMDOL]PX´ 2UJDQL]DFMH SR]DU]GRZH UR]XPLDQH Z W\P

SU]\SDGNXV]HURNRREHMPXMFWDN*HRGSRZLHGQLHLQVW\WXFMHNRFLRáyZL]ZL]NyZ

Z\]QDQLRZ\FK SU]HVWDM E\ü XFL*OLZ\P QLHU]DGNR GRGDWNLHP GR LQVW\WXFML

SXEOLF]Q\FKDVWDMVL SDUWQHUHPZáDG]SXEOLF]Q\FKZZ\ZL]\ZDQLXVL SU]H]QLH

]QDáR*RQ\FKQDQLHRERZL]NyZ

,GHRORJLF]Q\P D FRUD] F] FLHM WDN*H SUDZQ\P X]DVDGQLHQLHP WHM QRZHM

V\WXDFML MHVW ]DVDGD SRPRFQLF]RFL MDN RNUHOD M SUHDPEXáD GR .RQVW\WXFML 53

F]\OL±RNUHOHQLHWRMHVWVWDUV]H±]DVDGDVXEV\GLDUQRFL

=DVDGDVXEV\GLDUQRFL]RVWDáDVIRUPXáRZDQDV\VWHPDW\F]QLHSRUD]SLHUZV]\

SU]H] SDSLH*D 3LXVD ;, Z U Z HQF\NOLFH 4XDGUDJHVLPR DQQR VWDQRZLFHM

MHGHQ ] SRGVWDZRZ\FK GRNXPHQWyZ VSRáHF]QHJR QDXF]DQLD .RFLRáD

U]\PVNRNDWROLFNLHJR 2G GDZQD SU]HVWDáD MX* MHGQDN VWDQRZLü LVWRWQ\ HOHPHQW

Z\áF]QLH NDWROLFNLHM QDXNL VSRáHF]QHM F]\ ± ZREHF Z\VWSLHQLD MHM ZWNyZ Z

QDXF]DQLX.RFLRáDDQJOLNDVNLHJRLNRQW\QHQWDOQ\FKNRFLRáyZUHIRUPRZDQ\FK±Z

RJyOH QDXF]DQLD VSRáHF]QHJR MDNLHJRNROZLHN NRFLRáD 3U]\MPRZDQD Z GRNWU\QLH

SUDZD SXEOLF]QHJR ± QDMZF]HQLHM Z ODWDFK VLHGHPG]LHVLW\FK ;; Z Z

RU]HF]QLFWZLH QLHPLHFNLHJR 7U\EXQDáX .RQVW\WXF\MQHJR Z RGQLHVLHQLX GR VIHU\

SRPRF\VSRáHF]QHM±Z\VW SXMHREHFQLHMDNR]DVDGDSUDZQD]DUyZQRZQLHNWyU\FK

NRQVW\WXFMDFK SR]D ]GDQLHP 7U\EXQDáX .RQVW\WXF\MQHJR NRQVW\WXFM 5)1 RUD]

SR]D .RQVW\WXFM 53 MDN UyZQLH* ZVSRPQLDQ\P DUWD QDV]HM XVWDZ\ R SRPRF\

VSRáHF]QHM D WDN*H DUW XVW XVWDZ\ R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L R

ZRORQWDULDFLH QDOH*\ ZVND]Dü MHM ]DGHNODURZDQLH Z QLHGDZQHM QRZHOL]DFML

NRQVW\WXFML :áRFK ] U

MDN L Z SRGVWDZRZ\FK DNWDFK 8QLL (XURSHMVNLHM

SRF]\QDMFRG7UDNWDWX]0DDVWULFKW]U

1DOH*\MHGQDN]DXZD*\ü*HZSURMHNFLHWUDNWDWXXVWDQDZLDMFHJR.RQVW\WXFM

GOD(XURS\]F]HUZFDOLSFDUSRWRF]QLH]ZDQ\PSURMHNWHPNRQVW\WXFML8QLL

(XURSHMVNLHM SRPRFQLF]Rü VSURZDG]RQR GR ]DVDG\ RNUHODMFHM VSRVyE

Z\NRQ\ZDQLDSU]H]8QL MHM]DGDQLHZ\áF]Q\FKD]DWHP]DGDNRQNXUHQF\MQ\FK

]SDVWZDPLF]áRQNRZVNLPL±QLHSU]\MPXMFSURSR]\FMLRGSRZLDGDMF\FKQRZ\P

VIRUPXáRZDQLRP .RQVW\WXFML 5HSXEOLNL :áRVNLHM DE\ ZUyG SUDZ RE\ZDWHOL 8QLL

Z\PLHQLüÄSUDZRGRSURZDG]HQLDVDPRG]LHOQHMG]LDáDOQRFLPDMFHMQDZ]JO G]LH

LQWHUHVRJyOQ\ZHZVSyáSUDF\]8QLLSDVWZDPLF]áRQNRZVNLPL]JRGQLH]]DVDG

SRPRFQLF]RFL´ EH] X*\ZDQLD WHJR WHUPLQX Z SURMHNFLH MHVW ZV]DN*H PRZD R

PDMF\FK ZLHOH ZVSyOQHJR ] SRPRFQLF]RFL ÄGHPRNUDFML XF]HVWQLF]FHM´ L

ÄGLDORJXVSRáHF]Q\P´

3RF]WNRZR]DVDG SRPRFQLF]RFLUR]XPLDQRMDNRRJyOQG\UHNW\Z VáX*F

RNUHOHQLX VIHU\ ]DGD SXEOLF]Q\FK RUD] UR]G]LDáX ]DGD SXEOLF]Q\FK SRPL G]\

SRV]F]HJyOQHV]F]HEOHVWUXNWXU\ZáDG]SXEOLF]Q\FK

3XQNWHPZ\MFLDE\áDZáDFLZDVSRáHF]QHPXQDXF]DQLX.RFLRáDNRQFHSFMD

F]áRZLHND MDNR RVRE\ OXG]NLHM VDPRG]LHOQHM L RGSRZLHG]LDOQHM ]D UR]ZL]\ZDQLH

NZHVWLL VZRMHJR *\FLD FR SU]\ LQQ\FK ]DáR*HQLDFK RJyOQ\FK ]EOL*D WHQ DVSHNW

]DVDG\SRPRFQLF]RFLGRVW\OXP\OHQLDOLEHUDáyZDRGELHJDLVWRWQLHRGP\OHQLD

NROHNW\ZLVW\F]QHJR F]\ WUDG\F\MQLH VRFMDOLVW\F]QHJR ZHGOH NWyUHJR RNUHORQD

RGSRZLHG]LDOQRü ]D ]DVSRNDMDQLH SRWU]HE *\FLRZ\FK MHGQRVWNL FL*\ QD

VSRáHF]HVWZLH

'DOV]H ZQLRVNL V MHGQDN LQQH QL* Z NODV\F]Q\P OLEHUDOL]PLH F]\ Z

VWDUDMF\PVL GRUDG\NDOQLHQDZL]\ZDüZVSyáF]HVQ\POLEHUWDULDQL]PLH/LEHUDOQ\

VW\OP\OHQLDáF]\VL ]DZV]H]SU]HNRQDQLHPRLVWQLHQLXWDNLHMVIHU\]DGDZáDG]

SXEOLF]Q\FK±VIHU\]DGDSXEOLF]Q\FK±SR]DNWyUQLHZROQRZ\NUDF]DüD]DWHP

SRGVWDZRZ\ Z\VLáHN LQWHOHNWXDOQ\ VNXSLD VL QD FLVá\P RNUHOHQLX WHM VIHU\

Ä3DVWZR UHJLRQ\ PLDVWD SURZLQFMH L JPLQ\ SRSLHUDM VDPRG]LHOQH LQLFMDW\Z\ RE\ZDWHOL G]LDáDMF\FK

LQG\ZLGXDOQLH L Z UDPDFK ]U]HV]H Z Z\NRQ\ZDQLX G]LDáDOQRFL R ]QDF]HQLX RJyOQ\P ]JRGQLH ] ]DVDG

SRPRFQLF]RFL´GRGDQ\RVWDWQLXVW SGRDUWGRW\F]FHJR]DGDUHJLRQyZLMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

2PyZLHQLH ]DVDG\ SRPRFQLF]RFL Z MHM DVSHNFLH RJyOQ\P RUD] Z DVSHNFLH NRQVWUXNFML IHGHUDOQHM L HXURSHMVNLHM

]DZDUWH MHVW Z NVL*FH &KDQWDO 0LOORQ'HOVRO =DVDGD SRPRFQLF]RFL .UDNyZ SUDZQLF]H XM FLH ]DVDG\ ]H

V]F]HJyOQ\PRGQLHVLHQLHPGRPDWHULLVDPRU]GXWHU\WRULDOQHJRRUD]UROLRUJDQL]DFMLSR]DU] GRZ\FKZ\VW SXMHPLQ

Z SRGU F]QLNX DXWRUD QLQLHMV]HJR NRPHQWDU]D 6DPRU]G WHU\WRULDOQ\ 3RGVWDZ\ XVWURMX L G]LDáDOQRFL Z\G

:DUV]DZDVVLQDVWVLQDVW

SRPL G]\ Uy*Q\PL SUGDPL L DXWRUDPL Z\VW SXM ]UHV]W QLHPDáH Uy*QLFH FR GR

Z\QLNyZWDNLHJRRNUHOHQLD

0\OHQLH Z NDWHJRULDFK SRPRFQLF]RFL QLH SURZDG]L GR SRV]XNLZDQLD

SU]HGPLRWRZR]DPNQL WHMVIHU\]DGDSXEOLF]Q\FK8]QDMFRFRWUXGQROLEHUDáRP

L* PLPR SRGHMPRZDQLD ZV]HONLFK VWDUD ZLHOX RVRERP PR*H QLH XGDü VL ]H

Z]JO GX QD QLHVSU]\MDMFH RNROLF]QRFL UR]ZL]Dü ZD*Q\FK NZHVWLL *\FLRZ\FK

GRFKRG]LVL GRZQLRVNX*HLVWQLHMHVSRáHF]Q\RERZL]HNXG]LHOHQLDSRPRF\WDNLHM

RVRELH 3RPRF\ SRZLQQD XG]LHOLü WD NRPyUND F]\ LQVW\WXFMD VSRáHF]HVWZD NWyUD

]QDMGXMH VL QDMEOL*HM SRWU]HEXMFHJR D ]DUD]HP MHVW ]GROQD GR UR]ZL]DQLD

RNUHORQ\FKSUREOHPyZ:SLHUZV]HMNROHMQRFLMHVWWR]DWHPVSUDZDURG]LQ\MDNR

SRGVWDZRZHM NRPyUNL VSRáHF]QHM 'RSLHUR JG\ HIHNW\ZQH XG]LHOHQLH SRPRF\ ±

RVRELH RUD] JUXSRP RVyE SU]HNUDF]D PR*OLZRFL URG]LQ\ ZáDFLZH VWDM VL

RGSRZLHGQLHLQQHV]F]HEOHRUJDQL]DFMLVSRáHF]QHM±V]F]HEOHSR]DU]GRZHFK\ED*H

L RQH QLH V ]GROQH GR UR]ZL]\ZDQLD SUREOHPyZ NWyUH PDM MX* FKDUDNWHU

VSRáHF]Q\ 'RSLHUR ZyZF]DV ± D QLH FR MHVW FKDUDNWHU\VW\F]QH GOD P\OHQLD

NROHNW\ZLVW\F]QHJR RG UD]X ± SRMDZLD VL RERZL]HN RGSRZLHGQLHM LQWHUZHQFML

ZáDG]SXEOLF]Q\FKZ\VW SXMH]DGDQLHSXEOLF]QH

2]QDF]D WR *H VIHUD ]DGD SXEOLF]Q\FK QLH MHVW RNUHORQD UD] QD ]DZV]H L

MHGQDNRZDEH]Z]JO GXQDPLHMVFH3U]HFLZQLHMHVWRQDVWRVXQNRZR]PLHQQD±LZ

F]DVLHFRFRE\áR]DGDQLHPSXEOLF]Q\PPR*HSU]HVWDüQLPE\üJG\GDQHNZHVWLH

PR*QD UR]ZL]Dü VLáDPL VDPHJR VSRáHF]HVWZD RE\ZDWHOVNLHJR L RGZURWQLH

SRMDZLDMVL QRZH]DGDQLDSXEOLF]QHMH*HOL]GDQ\PLNZHVWLDPLQLHUDG]LVL EH]

SRPRF\ SXEOLF]QHM L Z SU]HVWU]HQL WDN*H Z W\P VDP\P SDVWZLH Z MHGQ\P

UHJLRQLH ]D ]DGDQLH SXEOLF]QH WU]HED X]QDü WR FR JG]LH LQG]LHM QLH PD WDNLHJR

FKDUDNWHUX -HVW RF]\ZLVWH *H ÄSU]HSLVDQLH´ WDNLHM G\UHNW\Z\ QD M ]\N SU]HSLVyZ

SUDZDSUDZDXVWURMRZHJRZUD]]W]ZSU]HSLVDPLNRPSHWHQF\MQ\PLRNUHODMFHJR

SRGVWDZ\ RUJDQL]DFML L G]LDáDQLD MHGQRVWHN RUJDQL]DF\MQ\FK ND*GHJR ] VHNWRUyZ L

SUDZD PDWHULDOQHJR RNUHODMFHJR XSUDZQLHQLD L RERZL]NL ]DLQWHUHVRZDQ\FK

SRGPLRWyZQLHMHVWáDWZH3RGVWDZUHDOQHMLQWHUZHQFMLZáDG]\SXEOLF]QHMQLHPR*H

E\ü SU]HFLH* X]QDQLH SU]H] QL SR SURVWX SRWU]HE\ XG]LHOHQLD SRPRF\ OHF] ]H

Z]JO GX QD ]DVDG OHJDOL]PX Z\PDJDQH MHVW RGSRZLHGQLR VROLGQH L NRQNUHWQH

XSRZD*QLHQLH XVWDZRZH 5R]ZL]DQLX WHM NZHVWLL VáX* MHGQDN Uy*QH WHFKQLNL

SUDZRGDZVWZDMDNNRQVWUXNFMD]DGDSXEOLF]Q\FKRFKDUDNWHU]HREOLJDWRU\MQ\PL]

GUXJLHMVWURQ\IDNXOWDW\ZQ\P

=DVDGDSRPRFQLF]RFLSRZLQQDSU]\W\PáF]\üVL ZRPDZLDQ\P]DNUHVLH]

LQQ ]DVDG NWyUHM L X QDV SU]\SLVXMH VL ± Z RU]HF]QLFWZLH 7U\EXQDáX

.RQVW\WXF\MQHJR ]QDF]HQLH NRQVW\WXF\MQH PLDQRZLFLH ]DVDG SURSRUFMRQDOQRFL

]ZL]HN RE\GZyFK ]DVDG MHVW V]F]HJyOQLH VLOQLH SRGNUHODQ\ Z SUDZLH 8QLL

(XURSHMVNLHMZRGQLHVLHQLXVWRVXQNyZSRPL G]\SDVWZDPLF]áRQNRZVNLPLD8QL

=DVDGD SURSRUFMRQDOQRFL QDND]XMH VWRVRZDü LQVWUXPHQW\ SUDZQH W\ONR Z WDNLP

]DNUHVLH L LQWHQV\ZQRFL Z WDNLHM SURSRUFML MDND MHVW QLH]E GQD GR RVLJQL FLD

]DPLHU]RQHJRRF]\ZLFLH]JRGQHJR]SUDZHPFHOX

*G\ UR]ZL]\ZDQLH GDQHM NZHVWLL X]QDZDQR ]D SU]HGPLRW ]DGDQLD

SXEOLF]QHJR ]DVDGD SRPRFQLF]RFL RG SRF]WNX VáX*\áD WDN*H MDNR G\UHNW\ZD

UR]G]LDáX ]DGD L NRPSHWHQFML SRPL G]\ SRV]F]HJyOQH V]F]HEOH V\VWHPX ZáDG]

SXEOLF]Q\FK-H*HOL]DWHP]DGDQLHPR*HHIHNW\ZQLHZ\NRQ\ZDüV]F]HEHOQDMQL*V]\

NWyU\ Z ZL NV]RFL SDVWZ VWDQRZL JPLQD QLH PD SRZRGX E\ SRZLHU]Dü MH

Z\*V]\PV]F]HEORPVDPRU]GXWHU\WRULDOQHJRDW\PEDUG]LHMRUJDQRPDGPLQLVWUDFML

U]GRZHM =DGDQLH SRZLQQR E\ü ERZLHP SRZLHU]RQH QDMQL*V]HPX ] PR*OLZ\FK

V]F]HEOL

7HQ DVSHNW ]DVDG\ SRPRFQLF]RFL MHVW ± Z RGUy*QLHQLX RG SLHUZV]HJR

VWRVXQNRZR áDWZ\ GR SUDZQHJR RG]ZLHUFLHGOHQLD FR QLH R]QDF]D *H IDNW\F]QLH

]QDMGXMHRQSHáQHRG]ZLHUFLHGOHQLHZXVWDZRGDZVWZLH2G]ZLHUFLHGOHQLHPW\PVX

QDVSU]HSLV\DUWLDUWXVW.RQVW\WXFML53Z\UD*DMFH]DVDG SRGZyMQHJR

GRPQLHPDQLD]DGDZRGQLHVLHQLXGRVDPRU]GXWHU\WRULDOQHJRGRPQLHPDQLD]DGD

VDPRU]GX WHU\WRULDOQHJR Z RJyOH WM SU]\SLVDQLD VDPRU]GRZL ]DGD SXEOLF]Q\FK

QLH ]DVWU]H*RQ\FK SU]H] .RQVW\WXFM OXE XVWDZ\ GOD RUJDQyZ LQQ\FK ZáDG]

SXEOLF]Q\FK±LGRPQLHPDQLDZREU ELHVDPRU]GX]DGDJPLQ\MDNRSRGVWDZRZHM

MHGQRVWNL VDPRU]GX WHU\WRULDOQHJR ,QQ\ W\S RG]ZLHUFLHGOHQLD ]DVDG\ RGQDOH(ü

PR*QD Z (XURSHMVNLHM .DUFLH 6DPRU]GX 7HU\WRULDOQHJR SUDZLGáRZD QD]ZD

SRZLQQDEU]PLHü(XURSHMVND.DUWD6DPRU]GX/RNDOQHJRUDW\ILNRZDQHMSU]H]53

L RJáRV]RQHM Z Ä']LHQQLNX 8VWDZ´

D ]DWHP VWDQRZLFHM (UyGáR SUDZD R PRF\

SRZV]HFKQLH X QDV RERZL]XMFHM D GR WHJR Z\*V]HM RG XVWDZ :HGOH DUW XVW

.DUW\ÄJHQHUDOQLHRGSRZLHG]LDOQRü]DVSUDZ\SXEOLF]QHSRZLQQ\SRQRVLüSU]HGH

ZV]\VWNLPWHRUJDQ\ZáDG]\NWyUH]QDMGXMVL QDMEOL*HMRE\ZDWHOL3RZLHU]DMFWH

IXQNFMHLQQHPXRUJDQRZLZáDG]\QDOH*\XZ]JO GQLü]DNUHVLFKDUDNWHU]DGDQLDRUD]

Z\PRJLHIHNW\ZQRFLLJRVSRGDUQRFL´

2G ODW VLHGHPG]LHVLW\FK ;; Z ]ZáDV]F]D Z ]ZL]NX ] SRZRáDQ\PL

RU]HF]HQLDPL QLHPLHFNLHJR 7U\EXQDáX .RQVW\WXF\MQHJR GRW\F]F\PL SRPRF\

VSRáHF]QHM FRUD] VLOQLHM GRVWU]HJD VL LQQ\ ± ZF]HQLHM QLHZ\RGU EQLDQ\ DVSHNW

]DVDG\SRPRFQLF]RFL7RZW\PQRZ\P]QDF]HQLX]DVDG W Z\PLHQLáZU

XVWDZRGDZFDSROVNLZHZVSRPQLDQ\PDUWDXVWDZ\RSRPRF\VSRáHF]QHMLZ

U Z XVWDZLH R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L R ZRORQWDULDFLH 3U]\MPXMF *H

ZLDGRPRFRMHVW]DGDQLHPSXEOLF]Q\PLMDNLV]F]HEHOV\VWHPXZáDG]SXEOLF]Q\FK

MHVW ZáDFLZ\ GOD GDQHJR ]DGDQLD Z ]DVDG]LH SRPRFQLF]RFL RGF]\WXMH VL ]DWHP

WDN*HG\UHNW\Z FRGRVSRVREXZ\NRQ\ZDQLD]DGDQLD

0LDQRZLFLHMH*HOL]DGDQLHSXEOLF]QH]]DNUHVXEDUG]LHMZVNRMDNZ5)1

F]\ V]HU]HM UR]XPLDQ\FK XVáXJ R FKDUDNWHU]H VSRáHF]Q\P PR*H E\ü HIHNW\ZQLH

Z\NRQDQH ± QD ]DVDG]LH ]OHFHQLD SU]H] ZáDFLZ\ RUJDQ ZáDG]\ SXEOLF]QHM ]

GRILQDQVRZDQLHP DOER VILQDQVRZDQLHP NRV]WyZ MHJR UHDOL]DFML ± SU]H] SRGPLRW

QLHSXEOLF]Q\ZV]F]HJyOQRFLRUJDQL]DFM SR]DU]GRZSRZLQQRGRMüGR]OHFHQLD

UHDOL]DFMLWDNLHJR]DGDQLDDQLHGRMHJRSRZLHU]DQLDWZRU]RQHMZW\PFHOXF]\MX*

LVWQLHMFHM DJHQG]LH SXEOLF]QHM D QDZHW WH* QLH GR ]DNXSX RGSRZLHGQLHJR

']8]U1USR]

ZLDGF]HQLDXSU]HGVL ELRUF\:5)1RNUHODVL WRMDNRZ]JO GQHSLHUZV]HVWZR

RUJDQL]DFML SR]DU]GRZHM Z Z\NRQ\ZDQLX ]DGD SXEOLF]Q\FK ] ]DNUHVX SRPRF\

VSRáHF]QHM

3UyEDVIRUPXáRZDQLDWHJRDVSHNWX]DVDG\SRPRFQLF]RFL±RNWyUHME\áDMX*

PRZDSU]\RND]MLRGQRV]HQLDWHM]DVDG\GRSUDZDHXURSHMVNLHJR±SRZLRGáDVL SU]\

RND]MLZVSRPQLDQHMQRZHOL]DFMLNRQVW\WXFML:áRFK]UOHF]QLHXGDáDVL JG\

LG]LHRSURMHNWWUDNWDWXXVWDQDZLDMFHJR.RQVW\WXFM GOD(XURS\

:ND*G\PUD]LHZGRNWU\QLHSUDZDZáRVNLHJRLSUDZDHXURSHMVNLHJRSRMDZLáR

VL MX* QRZH LVWRWQH RNUHOHQLH WHJR DVSHNWX SRPRFQLF]RFL ± PLDQRZLFLH

SRPRFQLF]Rü SR]LRPD KRU\]RQWDOQD RGUy*QLDQD W\P VDP\P RG WUDG\F\MQHM

SRPRFQLF]RFL SLRQRZHM ZHUW\NDOQHM REHMPXMFHM GZD SLHUZV]H RPDZLDQH

DVSHNW\]DVDG\:UDSRUFLHSRG]QDPLHQQ\PW\WXáHPÄ3U]HP\OHüQDQRZR]DVDG

SRPRFQLF]RFL´ VWDQRZLF\P HIHNW VHPLQDULXP Z %UXNVHOL Z JUXGQLX U Z

NWyU\P Z]L OL XG]LDá F]áRQNRZLH .RQZHQFML (XURSHMVNLHM .RPLVML (XURSHMVNLHM

QDXNRZF\ RUD] SU]HGVWDZLFLHOH RUJDQL]DFML SR]DU]GRZ\FK VWZLHUG]D VL L*

ÄSRPRFQLF]Rü KRU\]RQWDOQD RSLHUD VL QD ZVSyáG]LDáDQLX L NRPSOHPHQWDUQRFL

RE\ZDWHOL L LQVW\WXFML SXEOLF]Q\FK MHM FHOHP MHVW XVSUDZQLHQLH L XOHSV]HQLH GREUD

SXEOLF]QHJR D QLH SU]HQLHVLHQLH G]LDáDOQRFL ] VHNWRUD SXEOLF]QHJR GR VHNWRUD

SU\ZDWQHJR´ ÄRUJDQL]DFMH RE\ZDWHOL L MHGQRVWNL PDM SUDZR GR SURZDG]HQLD

G]LDáDOQRFLXNLHUXQNRZDQHMQDLQWHUHVRJyOQ\EH]XELHJDQLDVL RXSRZD*QLHQLHOXE

]H]ZROHQLHZáDG]SXEOLF]Q\FK´DWDÄVDPRG]LHOQDG]LDáDOQRüRE\ZDWHOLPXVLE\ü

SRSLHUDQDSU]H]ZáDG]HSXEOLF]QH´]Z\NRU]\VWDQLHPUy*Q\FKIRUPZVSDUFLDZW\P

ZVSDUFLDILQDQVRZHJR

2ELH XVWDZ\ ] GQLD NZLHWQLD U GRW\F] ZáDQLH QDMLVWRWQLHMV]\FK

NZHVWLL ]ZL]DQ\FK ] WDN UR]XPLDQ SRPRFQLF]RFL KRU\]RQWDOQ Z GZyFK

SRGVWDZRZ\FK]DNUHVDFK

VW\NDQLD VL ]H VRE G]LDáDOQRFL RUJDQyZ ZáDG] SXEOLF]Q\FK GR NWyU\FK QDOH*\

Z\NRQ\ZDQLH]DGDSXEOLF]Q\FKZQDMV]HU]HMUR]XPLDQHMVIHU]HVSRáHF]QHM]JRGQLH

] ]DVDG SRPRFQLF]RFL ZHUW\NDOQHM V WR QDMF] FLHM RUJDQ\ VDPRU]GX

WHU\WRULDOQHJRRUD]G]LDáDOQRFLÄWU]HFLHJRVHNWRUD´PDWHUL WHJRVW\NXRNUHORQR

MDNRVIHU SR*\WNXSXEOLF]QHJR

ZRORQWDULDWX QDMEDUG]LHM W\SRZHJR ZáDQLH GOD ÄWU]HFLHJR VHNWRUD´ FKRü FR

SU]HZLGXMH XVWDZD Z SHáQL GRSXV]F]DOQHJR WDN*H Z VHNWRU]H SXEOLF]Q\P SR]D

SURZDG]RQZQLPG]LDáDOQRFLJRVSRGDUF]LQVW\WXFMDZRORQWDULDWXQLHE\áDGRWG

Z 3ROVFH SU]HGPLRWHP RJyOQLHMV]HM UHJXODFML SUDZQHM Z\VW SRZDá\ ERZLHP W\ONR

Z\FLQNRZHXQRUPRZDQLD]MHJRG]LHG]LQ\

:REV]HUQ\PX]DVDGQLHQLXSURMHNWXXVWDZ\RG]LDáDOQRFLSR*\WNXSXEOLF]QHJRL

RZRORQWDULDFLH]QDOD]á\VL PLQQDVW SXMFHRJyOQHDUJXPHQW\SU]HPDZLDMFH]D

SRWU]HEMHJRXFKZDOHQLD

Ä:3ROVFHG]LDáDFRQDMPQLHMW\VRUJDQL]DFMLSR]DU]GRZ\FK]DWUXGQLDMF\FK

áF]QLH RNRáR W\V SUDFRZQLNyZ 2UJDQL]DFMH WH NRU]\VWDM ]H ZLDGF]H

&K5RIILDHQ5HWKLQNLQJWKHSULQFLSOHRIVXEVLGLDULW\%UXVVHOVUHSRUW0DUFK$FWLYH&LWL]HQVKLS1HWZRUNV

Z\NRQ\ZDQ\FKSU]H]RNPOQZRORQWDULXV]\:LHOHG]LHG]LQ*\FLDQLHPRJáRE\MX*

G]L IXQNFMRQRZDü EH] DNW\ZQRFL RUJDQL]DFML SR]DU]GRZ\FK : FLJX RVWDWQLHJR

URNX3RODNyZSU]HND]DáRGDURZL]Q\QDU]HF]RUJDQL]DFMLSR]DU]GRZ\FKOXE

NRFLRáyZ 1DWRPLDVW SRQDG RVyE E\áRE\ VNáRQQ\FK SU]HND]Dü SáDFRQ\FK

SU]H] QLH SRGDWNyZ QD RUJDQL]DFMH SR]DU]GRZH FR E\áRE\ PR*OLZH G]L NL

SURMHNWRZDQ\P SU]HSLVRP = Uy*Q\FK SRZRGyZ EUDN URGNyZ QD ILQDQVRZDQLH

G]LDáDOQRFL MHVW JáyZQ\P SUREOHPHP WU]HFLHJR VHNWRUD %OLVNR RUJDQL]DFML

SRVWU]HJD EUDN URGNyZ MDNR SUREOHP Z G]LDáDQLDFK SRV]F]HJyOQ\FK RUJDQL]DFML

QDWRPLDVW XZD*D WR ]D SUREOHP FDáHJR VHNWRUD SR]DU]GRZHJR 3RODF\

QDMFK WQLHMERZSU]\SDGNyZFKFLHOLE\VL DQJD*RZDüMDNRZRORQWDULXV]HZ

G]LDáDQLD RUJDQL]DFML FKDU\WDW\ZQ\FK SRPDJDMF\FK QDMXER*V]\P D MHOL

E G]LH Z VWDQLH SRZL FDü Z SU]\V]áRFL F]DV FKFLDáRE\ DQJD*RZDü VL Z

G]LDáDOQRü LQVW\WXFML L RUJDQL]DFML ]ZL]DQ\FK ] RFKURQ ]GURZLD L UHKDELOLWDFM

QLHSHáQRVSUDZQ\FK ]D FKFLDáRE\ SU]HND]\ZDü QD U]HF] WDNLFK RUJDQL]DFML

GDURZL]Q\ILQDQVRZHOXEU]HF]RZHQDSRGVWDZLHEDGD6WRZDU]\V]HQLD.ORQ-DZRU

] JUXGQLD U 3RZ\*V]H GDQH REUD]XM Z\VRNL SR]LRP VSRáHF]QHJR

]DLQWHUHVRZDQLD WDNLPL IRUPDPL G]LDáDQLD QD U]HF] LQQ\FK SRWU]HEXMF\FK

Uy*QRURGQHMSRPRF\RE\ZDWHOL

7HQ RJURPQ\ SRWHQFMDá DNW\ZQRFL RE\ZDWHOVNLHM F]HND FLJOH QD KDUPRQLMQH

ZNRPSRQRZDQLHZV\VWHPSUDZQ\2EHFQLHQLHPR*QDMX*ERZLHPRJUDQLF]\üVL GR

]QLHVLHQLD SDVWZRZHM UHJODPHQWDFML L ]DJZDUDQWRZDQLD ZROQRFL ]U]HV]DQLD VL

7U]HEDZQRZ\V\VWHPRZ\VSRVyEXáR*\üUHODFMHPL G]\SDVWZHPLRUJDQL]DFMDPL

SR]DU]GRZ\PLRUD]SRPL G]\ZRORQWDULXV]DPLLLQVW\WXFMDPLNRU]\VWDMF\PL]LFK

ZLDGF]H

3URMHNW XVWDZ\ R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L R ZRORQWDULDFLH VWDQRZL

SLHUZV]\NURNGRNRPSOHNVRZHJRXUHJXORZDQLDSU]HGPLRWRZ\FKNZHVWLL

:NUDMDFK(XURS\URGNRZR:VFKRGQLHMZ]UDVWD]DLQWHUHVRZDQLHSUREOHPDW\N

VSRáHF]HVWZD RE\ZDWHOVNLHJR ]ZáDV]F]D URO RUJDQL]DFML W\SX QRQSURILW 7R

]DLQWHUHVRZDQLH Z\QLND ] Já ERNR ]DNRU]HQLRQ\FK WUDG\FML GREURF]\QQRFL L

VSRáHF]HVWZD RE\ZDWHOVNLHJR Z W\FK NUDMDFK : QLHNWyU\FK NUDMDFK XFKZDORQR

XVWDZ\ ZSURZDG]DMFH UHJXODFM VWDWXVX RUJDQL]DFML SR*\WNX SXEOLF]QHJR -H*HOL

FKRG]L R UR]ZLQL WH NUDMH GHPRNUDW\F]QH WR VHNWRU SR]DU]GRZ\ PD ZLHORZLHNRZH

WUDG\FMH6WDQ\=MHGQRF]RQH:LHOND%U\WDQLD1LHPF\1SZ:LHONLHM%U\WDQLLMX*

Z U RERZL]\ZDá\ SU]HSLV\ E GFH SUyE XQRUPRZDQLD G]LDáD

FKDU\WDW\ZQ\FK SRGHMPRZDQ\FK GOD ]DVSRNDMDQLD SRWU]HE VSRáHF]Q\FK Z Uy*Q\FK

G]LHG]LQDFK *\FLD :H ZV]\VWNLFK SDVWZDFK (XURS\ =DFKRGQLHM RERZL]XMH

XVWDZRGDZVWZR UHJXOXMFH VIHU G]LDáDOQRFL RUJDQL]DFML SR]DU]GRZ\FK L

VWRVXQNyZW\FKRUJDQL]DFML]SDVWZHP>@

3RWU]HED Z\GDQLD XVWDZ\ R G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L R ZRORQWDULDFLH

Z\QLND]

NRQVW\WXF\MQHM]DVDG\SRPRFQLF]RFLVXEV\GLDUQRFLLEUDNXXVWDZRZHJRMHM

UR]ZLQL FLDZRGQLHVLHQLXGRVSRVREyZUHDOL]DFML]DGDSXEOLF]Q\FKGRW\FKF]DVRZH

XVWDZRGDZVWZR]]DNUHVXVDPRU]GXWHU\WRULDOQHJRUR]ZLQ áR]DVDG SRPRFQLF]RFL

Z RGQLHVLHQLX GR SRG]LDáX ]DGD PL G]\ SRV]F]HJyOQH V]F]HEOH ZáDG]\ SXEOLF]QHM

OHF] ]DVDGQLF]R QLH XZ]JO GQLáR LQQHJR ZVSyáF]HQLH X]QDZDQHJR DVSHNWX WHM

]DVDG\PLDQRZLFLHWUDNWRZDQLDMHMMDNRSRGVWDZ\RNUHODQLDVSRVREXZ\NRQ\ZDQLD

]DGDSXEOLF]Q\FK

EUDNXZ\VWDUF]DMFHJRXZ]JO GQLHQLDZRERZL]XMF\PXVWDZRGDZVWZLHUROL

MDN RGJU\ZDM RUJDQL]DFMH SR]DU]GRZH Z UHDOL]DFML Z UDPDFK G]LDáDOQRFL

VWDWXWRZHMZLHOXMHGQRVWHNWHMNDWHJRULL]DGD]HVIHU\]DGDSXEOLF]Q\FKPDMF\FK

ZUH]XOWDFLHFKDUDNWHUG]LDáDOQRFLSR*\WNXSXEOLF]QHJR

EUDNX Z\VWDUF]DMFHJR XZ]JO GQLDQLD Z SUDZLH SROVNLP VSHF\ILNL WU]HFLHJR

VHNWRUDZHZV]\VWNLFKNUDMDFK8QLL(XURSHMVNLHML2(&'G]LDáDOQRüSRGPLRWyZ

QLHSXEOLF]Q\FK MHVW ]UyZQ\ZDQD Z ZLHOX G]LHG]LQDFK SUDZD ] SRGPLRWDPL W]Z

GUXJLHJRVHNWRUDF]\OLVHNWRUDSU]HGVL ELRUFyZ

ZSURZDG]HQLDGRXVWDZRGDZVWZDSU]H]QRZHXVWDZ\VDPRU]GRZH]U

DRVWDWQLRSU]H]QRZHOL]DFM XVWDZ\RVDPRU]G]LHJPLQQ\P]GQLDNZLHWQLD

UWHUPLQXRUJDQL]DFMHSR]DU]GRZHEH]Z\VWDUF]DMFHJRVSUHF\]RZDQLD]DNUHVX

WHJR WHUPLQX MDN UyZQLH* SRGVWDZ VWRVXQNyZ W\FK RUJDQL]DFML ] RUJDQDPL

DGPLQLVWUDFML SXEOLF]QHM SDVWZRZHM Z V]F]HJyOQRFL U]GRZHM L VDPRU]GX

WHU\WRULDOQHJR

ZSURZDG]HQLD]GQLHPVW\F]QLDUZXVWDZLHRILQDQVDFKSXEOLF]Q\FK

]E\W RJyOQ\FK SU]HSLVyZ SRZRGXMF\FK QDGPLHUQH UR]SURV]HQLH ]DVDG

ILQDQVRZDQLDZVSyáSUDF\ZUDPDFKG]LDáDOQRFLRUJDQyZDGPLQLVWUDFMLSXEOLF]QHML

RUJDQL]DFMLSR]DU]GRZ\FK

EUDNX XQRUPRZDQLD LVWRWQHM GOD G]LDáDOQRFL SR*\WNX SXEOLF]QHJR D ZD*QHM

WDN*HRJyOQLHGODRUJDQL]DFMLSR]DU]GRZ\FKRUD]QLHNWyU\FKLQVW\WXFMLSXEOLF]Q\FK

LQVW\WXFMLZRORQWDULDWXZW\PZRGQLHVLHQLXGRZRORQWDULXV]\PL G]\QDURGRZ\FK

LQVW\WXFML NWyUHM URO SRGNUHOD X]QDQLH URNX U ]D ZLDWRZ\ 5RN

:RORQWDULXV]D

3UDZQH XUHJXORZDQLH SRZ\*V]\FK NZHVWLL RGSRZLDGDMFH NRQVW\WXF\MQHM

]DVDG]LHSRPRFQLF]RFLRUD]GRZLDGF]HQLRPUR]ZLQL W\FKSDVWZGHPRNUDW\F]Q\FK

R JRVSRGDUFH U\QNRZHM Z W\P VWDQGDUGRP PL G]\QDURGRZ\P SRZLQQR VSU]\MDü

GDOV]HMNRQLHF]QHMGHFHQWUDOL]DFML]DGDSXEOLF]Q\FKSUDZLGáRZHPXZ\NRQ\ZDQLX

]DGD SU]H] SRGPLRW\ SXEOLF]QH RUD] UR]ZRMRZL G]LDáDOQRFL RUJDQL]DFML

SR]DU]GRZ\FKMDNRSRGVWDZRZ\FKNRPSRQHQWyZVSRáHF]HVWZDRE\ZDWHOVNLHJR´

1DOH*\]ZUyFLüXZDJ QDSRWUDNWRZDQLHSURMHNWXXVWDZ\MDNRSLHUZV]HJRNURNX

GR UR]ZL]DQLD REM W\FK QLP NZHVWLL 7DNLH SRGHMFLH QDOH*\ X]QDü ]D Z SHáQL

VáXV]QH 'DOV]\PL NURNDPL E G]LH QLH W\ONR SU]\JRWRZDQLH L XFKZDOHQLH

XVWDZRGDZVWZD EH]SRUHGQLR GRW\NDMFHJR VIHU\ WHM XVWDZ\ SRF]\QDMF RG

RGSRZLHGQLFK DNWyZ Z\NRQDZF]\FK DOH UyZQLH* JHQHUDOQH QDVWDZLHQLH

XVWDZRGDZF\ GR ÄWU]HFLHJR VHNWRUD´ SU]HGH ZV]\VWNLP Z ]DNUHVLH SUDZD

SRGDWNRZHJR RUD] SUDNW\ND VWRVRZDQLD QRZHJR SUDZD 2EHFQLH ]ZáDV]F]D SU]\

SUyEDFK Z\NRU]\VWDQLD XVWDZ\ GOD RJUDQLF]HQLD GRW\FKF]DVRZ\FK SU]\ZLOHMyZ

SRGDWNRZ\FKRUJDQL]DFMLSR]DU]GRZ\FKWUXGQRMHV]F]HSRZLHG]LHüQDLOHXVWDZD

VWDQRZL QLH W\ONR SLHUZV]\ DOH L SRZD*Q\ NURN GR UR]ZL]DQLD NZHVWLL UROL

G]LDáDOQRFLSR*\WNXSXEOLF]QHJRZ3ROVFH;;,ZLHNX

:SRZRáDQ\PX]DVDGQLHQLX]QDOD]á\VL UyZQLH*ZD*QHVWZLHUG]HQLDGRW\F]FH

]ZL]NXPDWHULLXVWDZ\]SUDZHP8QLL(XURSHMVNLHMDFLOHMGRF]DVXZHMFLDZ

*\FLH 7UDNWDWX XVWDQDZLDMFHJR .RQVW\WXFM GOD (XURS\ NWyUHJR SURMHNW ]RVWDá

SU]HGVWDZLRQ\ Z F]HUZFXOLSFX U SUDZD :VSyOQRW (XURSHMVNLFK L 8QLL

(XURSHMVNLHM

2GQRV]RQHSUH]HQWRZDQHXVWDZ\MX*QLHGRRJyOQHM]DVDG\SRPRFQLF]RFL

OHF] GR NRQNUHWQ\FK DNWyZ SUDZD 8QLL ± LQQD VSUDZD *H V WR DNW\ ÄSUDZD

PL NNLHJR´VRIWODZXVWDODMFHVWDQGDUG\]DOHFDQHOHF]QLH]DRSDWU]RQHVDQNFMDPL

W\SX SUDZQHJR Z UD]LH LFK QLHSU]HVWU]HJDQLD 6WZLHUG]Lü QDOH*\ *H XVWDZ\

VWDQGDUGRP W\P RGSRZLDGDM Ä>@ 8QLD (XURSHMVND QLH ZSURZDG]LáD

XMHGQROLFRQ\FK SU]HSLVyZ SUDZQ\FK GRW\F]F\FK IXQNFMRQRZDQLD RUJDQL]DFML

SR]DU]GRZ\FK,FKG]LDáDQLDVUHJXORZDQHSUDZHPSRV]F]HJyOQ\FKSDVWZMHGQDN

QDOH*\ZVND]DüL*8QLDSU]\MPXMHV]HUHJUR]ZL]DSUDZQ\FKNWyUHPDMJá ERNL

ZSá\ZQDG]LDáDQLDRUJDQL]DFMLWU]HFLHJRVHNWRUD'R7UDNWDWX]0DDVWULFKW

GRáF]RQD ]RVWDáD 'HNODUDFMD SRGNUHODMFD ]QDF]HQLH VWRZDU]\V]H L IXQGDFML

GREURF]\QQ\FK RNUHODMF MH MDNR µLQVW\WXFMH RGSRZLHG]LDOQH ]D ]DNáDG\ L VáX*E\

RSLHNL VSRáHF]QHM =DSLV WHQ ]RVWDá UR]ZLQL W\ Z GRáF]RQHM GR 7UDNWDWX

$PVWHUGDPVNLHJR 'HNODUDFML NWyUD VWDQRZL L* X]QDMH VL LVWRWQ\ ZNáDG SUDF\

RFKRWQLF]HM Z UR]ZyM VROLGDUQRFL VSRáHF]QHM :VSyOQRWD SURPRZDáD E G]LH

]DFKRZDQLH Z\PLDUX HXURSHMVNLHJR Z RUJDQL]DFMDFK RFKRWQLF]\FK NáDGF

V]F]HJyOQ\ QDFLVN QD Z\PLDQ LQIRUPDFML L GRZLDGF]H RUD] QD XG]LDá PáRGHJR

SRNROHQLD L OXG]L VWDUV]\FK Z SUDF\ RFKRWQLF]HM 2PDZLDMF SUDZQH SRGVWDZ\

G]LDáDQLD RUJDQL]DFML SR]DU]GRZ\FK Z 8QLL (XURSHMVNLHM QLH VSRVyE Z\PLHQLü

(XURSHMVNLHM .RQZHQFML 3UDZ &]áRZLHND JZDUDQWXMFHM ZROQRü ]DNáDGDQLD

SU]\VW SRZDQLD OXE Z\VW SRZDQLD ] RUJDQL]DFML VSRáHF]Q\FK 1DWRPLDVW SRF]WHN

V]HUV]HM GHEDFLH R UROL RUJDQL]DFML SR]DU]GRZ\FK RUD] ZáF]DQLX LFK Z

SURMHNWRZDQLH SROLW\NL SXEOLF]QHM GDá SU]\M W\ Z U SU]H] .RPLVM :VSyOQRW

(XURSHMVNLFK GRNXPHQW NRQVXOWDF\MQ\ GRW\F]F\ HXURSHMVNLHM SROLW\NL VSRáHF]QHM

=LHORQD.VL JD3ROLW\NL6SRáHF]QHM

1D ]DNRF]HQLH QLQLHMV]\FK XZDJ RJyOQ\FK ZDUWR ]DF\WRZDü LQQ\ IUDJPHQW

X]DVDGQLHQLD NWyU\ EH]SRUHGQLR GRW\F]\ UROL ÄWU]HFLHJR VHNWRUD´ MDNR LVWRWQHJR

SUDFRGDZF\ZNUDMDFKZ\VRNRUR]ZLQL W\FKSRUHGQLRMHGQDNZVND]XMHUyZQLH*QD

URO RUJDQL]DFML SR]DU]GRZ\FK Z VIHU]H ]DGD R ]QDF]HQLX VSRáHF]Q\P

0LDQRZLFLH ÄZ 1LHPF]HFK Z VHNWRU]H RUJDQL]DFML SR]DU]GRZ\FK ]DWUXGQLRQ\FK

MHVW RJyáX ]DWUXGQLRQ\FK FR VWDQRZL RVyE ]DWUXGQLRQ\FK Z VHNWRU]H

XVáXJ:H)UDQFMLRGVHWHNWHQVWDQRZLRGSRZLHGQLRRNRVyEL

ZH :áRV]HFK RGSRZLHGQLR RN RVyE L Z :LHONLHM %U\WDQLL

QDWRPLDVW RN RVyE L &R ZL FHM GDQH WH Z\GDM VL V]F]HJyOQLH

ZD*QH Z NRQWHNFLH G\QDPLNL Z]URVWX ]DWUXGQLHQLD : GHNDG]LH ZH

)UDQFMLQDND*GHV]HüQRZ\FKPLHMVFSUDF\MHGQRSRZVWDáRZWU]HFLPVHNWRU]H]DZ

1LHPF]HFKMHGQRQDVLHGHPOXERVLHP´

,VWRWQH MHVW MHGQDN WDN*H NROHMQH ]GDQLH Ä2F]\ZLFLH DNW\ZQRü ]DZRGRZD

SUDFRZQLNyZ RUJDQL]DFML VSRáHF]Q\FK PXVL E\ü MDN FDáD G]LDáDOQRü QRQSURILW

SRGGDQD V]F]HJyOQHPX UH*LPRZL SUDZQHPX Z W\P WH* VNXWHF]QHPX QDG]RURZL ]H

VWURQ\RUJDQyZSXEOLF]Q\FKWDNDE\XQLNQü]MDZLVNSDWRORJLF]Q\FK´

867$:$

]GQLDNZLHWQLDU

RG]LDáDOQRFLSR*\WNXSXEOLF]QHJRLRZRORQWDULDFLH

']81USR]]GQLDPDMDU

']LDá,

3U]HSLV\RJyOQH

$UW

8VWDZDUHJXOXMH]DVDG\

SURZDG]HQLD G]LDáDOQRFL SR*\WNX SXEOLF]QHJR SU]H] RUJDQL]DFMH

SR]DU]GRZH L NRU]\VWDQLD ] WHM G]LDáDOQRFL SU]H] RUJDQ\ DGPLQLVWUDFML

SXEOLF]QHMZFHOXZ\NRQ\ZDQLD]DGDSXEOLF]Q\FK

X]\VNLZDQLD SU]H] RUJDQL]DFMH SR]DU]GRZH VWDWXVX RUJDQL]DFML SR*\WNX

SXEOLF]QHJRRUD]IXQNFMRQRZDQLDRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

VSUDZRZDQLD QDG]RUX QDG SURZDG]HQLHP G]LDáDOQRFL SR*\WNX

SXEOLF]QHJR

8VWDZDUHJXOXMHUyZQLH*ZDUXQNLZ\NRQ\ZDQLDZLDGF]HSU]H]

ZRORQWDULXV]\RUD]NRU]\VWDQLD]W\FKZLDGF]H

$UWXVWDZ\ZVND]XMH±]JRGQLH]XVWDORQ\PLUHJXáDPLOHJLVODFMLZ\UD*RQ\PLZ

XVW SNW =DVDG WHFKQLNL SUDZRGDZF]HM ]DáF]QLN GR UR]SRU]G]HQLD

3UH]HVD 5DG\ 0LQLVWUyZ ] GQLD F]HUZFD U

]DNUHV SU]HGPLRWRZ\

XVWDZ\

3RGVWDZRZHWHUPLQ\X*\WHZDUW]RVWDá\]GHILQLRZDQHZGDOV]\FKSU]HSLVDFK

XVWDZ\

G]LDáDOQRü SR*\WNX SXEOLF]QHJR Z DUW XVW ZUD] ]H VSUHF\]RZDQLHP

]DNUHVXZDUW

RUJDQL]DFMHSR]DU]GRZHZDUWXVW]W\P*HZZLHWOHXVWDZ\SRF]\QDMF

RGDUWXVWRNUHORQHZQLHMXSUDZQLHQLDRUJDQL]DFMLSR]DU]GRZ\FKRGQRV]

VL Z]QDF]QHMPLHU]HGRQLHREM W\FKGHILQLFMW\FKRUJDQL]DFMLRGSRZLHGQLFK

SRGPLRWyZ NRFLRáyZ L ]ZL]NyZ Z\]QDQLRZ\FK RUD] VWRZDU]\V]H MHGQRVWHN

VDPRU]GXWHU\WRULDOQHJRNWyUHGDOHME G]LHVL ZUH]XOWDFLHRNUHODüWDN*HMDNR

ÄRUJDQL]DFMH]UyZQDQH]RUJDQL]DFMDPLSR]DU]GRZ\PL´

RUJDQL]DFMHSR*\WNXSXEOLF]QHJRZDUWL

ZRORQWDULXV]HZDUWSNW

8VWDZD QLH ]DZLHUD QDWRPLDVW GHILQLFML GZyFK LQQ\FK SRGVWDZRZ\FK WHUPLQyZ

X*\W\FKZDUWDPLDQRZLFLH

']81USR]

RUJDQyZDGPLQLVWUDFMLSXEOLF]QHM

]DGDSXEOLF]Q\FK

3U]\M WR ERZLHP *H SRM FLD WH V QD W\OH V]HURNR VWRVRZDQH L Z UH]XOWDFLH

XWUZDORQHZQDV]\PSUDZLHSRF]\QDMFRG.RQVW\WXFML53L*±ZV\WXDFMLZ

NWyUHMQLHQDGDMHVL LPV]F]HJyOQHJR]QDF]HQLD±QLHPDSRWU]HE\LFKRGU EQHJR

GHILQLRZDQLD:VSUDZLHW\FKSRM ü±SRURGSRZLHGQLRXZDJ GRDUWXVW

RUD]XZDJ GRDUWXVW

$UW

,OHNURüZXVWDZLHMHVWPRZDR

ÄGRWDFML´UR]XPLHVL SU]H]WRGRWDFM ZUR]XPLHQLXDUWXVWSNW

OLWGXVWDZ\]GQLDOLVWRSDGDURILQDQVDFKSXEOLF]Q\FK']

8]U1USR]1USR]L1USR]]ZDQHM

GDOHMXVWDZRILQDQVDFKSXEOLF]Q\FK

URGNDFK SXEOLF]Q\FK UR]XPLH VL SU]H] WR URGNL SXEOLF]QH R

NWyU\FK PRZD Z XVWDZLH R ILQDQVDFK SXEOLF]Q\FK SU]H]QDF]RQH QD

Z\GDWNLSXEOLF]QHZUR]XPLHQLXWHMXVWDZ\

ZRORQWDULXV]X UR]XPLH VL SU]H] WR RVRE NWyUD RFKRWQLF]R L EH]

Z\QDJURG]HQLD Z\NRQXMH ZLDGF]HQLD QD ]DVDGDFK RNUHORQ\FK Z

XVWDZLH

8VWDZD ± GRW\F]FD Z DUW XVW L RUD] DUW SU]HND]\ZDQLD Z IRUPLH

GRWDFMLURGNyZSXEOLF]Q\FKRUJDQL]DFMRPSR]DU]GRZ\PLRUJDQL]DFMRP]QLPL

]UyZQDQ\PQDUHDOL]DFM ]OHFDQ\FKW\PVDP\P]DGDSXEOLF]Q\FK±SRVáXJXMH

VL ZW\P]DNUHVLHDOHUyZQLH*ZDUWXVWWHUPLQRORJLSRGVWDZRZHMXVWDZ\]

WHJR ]DNUHVX WM XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK 7HUPLQRORJL W MHGQDN

UR]EXGRZXMH Z V]F]HJyOQRFL Z\Uy*QLDMF Z UDPDFK MHGQROLWHM Z XVWDZLH R

ILQDQVDFK SXEOLF]Q\FK LQVW\WXFML ]OHFHQLD UHDOL]DFML ]DGD SXEOLF]Q\FK GZD MHM

URG]DMHPLDQRZLFLHSRZLHU]DQLH]DGDSXEOLF]Q\FKLZVSLHUDQLHZ\NRQ\ZDQLD

]DGDSXEOLF]Q\FKDUWXVWLNRPHQWDU]GRWHJRSU]HSLVX

3RZRáDQ\ZSNWSU]HSLVDUWXVWPDQDVW SXMFHEU]PLHQLH

Ä'RWDFMDPLVSRGOHJDMFHV]F]HJyOQ\P]DVDGRPUR]OLF]DQLDZ\GDWNLEXG*HWX

SDVWZDSU]H]QDF]RQHQD

ILQDQVRZDQLHOXEGRILQDQVRZDQLH

D]DGD]]DNUHVXDGPLQLVWUDFMLU]GRZHMRUD]LQQ\FK]DGD]OHFRQ\FK

MHGQRVWNRPVDPRU]GXWHU\WRULDOQHJRXVWDZDPL

EXVWDZRZRRNUHORQ\FK]DGDUHDOL]RZDQ\FKSU]H]MHGQRVWNLLQQHQL*

MHGQRVWNLVDPRU]GXWHU\WRULDOQHJR

FELH*F\FK]DGDZáDVQ\FKMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

G ]DGD ]OHFRQ\FK GR UHDOL]DFML MHGQRVWNRP QLH]DOLF]RQ\P GR VHNWRUD

ILQDQVyZSXEOLF]Q\FKZW\PIXQGDFMRPLVWRZDU]\V]HQLRP

HNRV]WyZUHDOL]DFMLLQZHVW\FMLRNWyU\FKPRZDZDUWXVW

]ZDQHGDOHMGRWDFMDPLFHORZ\PL

GRILQDQVRZDQLHG]LDáDOQRFLELH*FHMXVWDZRZRZVND]DQHJRSRGPLRWX

]ZDQHGDOHMGRWDFMDPLSRGPLRWRZ\PL

GRSáDW\ GR RNUHORQ\FK URG]DMyZ Z\UREyZ OXE XVáXJ NDONXORZDQ\FK

ZHGáXJVWDZHNMHGQRVWNRZ\FK]ZDQHGDOHMGRWDFMDPLSU]HGPLRWRZ\PL

GRSáDW\GRRSURFHQWRZDQLDNUHG\WyZEDQNRZ\FKZ]DNUHVLHRNUHORQ\P

ZRGU EQHMXVWDZLH

SLHUZV]H Z\SRVD*HQLH Z URGNL REURWRZH QRZR WZRU]RQ\FK ]DNáDGyZ

EXG*HWRZ\FK L JRVSRGDUVWZ SRPRFQLF]\FK MHGQRVWHN EXG*HWRZ\FK ]ZDQH GDOHM

GRWDFMDPLQDSLHUZV]HZ\SRVD*HQLHZURGNLREURWRZH´

=RGHVáDQLDZSNWGRGRWDFMLZUR]XPLHQLXDUWXVWSNWOLWGXVWDZ\R

ILQDQVDFK SXEOLF]Q\FK PRJáRE\ OLWHUDOQLH Z\QLNDü L* JG\ Z XVWDZLH R

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L ZRORQWDULDFLH MHVW PRZD R GRWDFMDFK

RGSRZLHGQLHSU]HSLV\PRJGRW\F]\üW\ONRMHGQRVWHNQLH]DOLF]RQ\FKGRVHNWRUD

ILQDQVyZ SXEOLF]Q\FK ± D ]DWHP Z\áF]D VL LFK VWRVRZDQLH GR MDNLFKNROZLHN

MHGQRVWHNGRWHJRVHNWRUD]DOLF]RQ\FK

:QLRVHN WDNL QDOH*\ MHGQDN X]QDü ]D QLHX]DVDGQLRQ\ Z ZLHWOH Z\UD(Q\FK

VWZLHUG]HXVWDZRGDZF\L*

G]LDáDOQRü SR*\WNX SXEOLF]QHJR PR*H E\ü SURZDG]RQD WDN*H SU]H]

VWRZDU]\V]HQLD MHGQRVWHN VDPRU]GX WHU\WRULDOQHJR DUW XVW SNW ±

RF]\ZLFLHMH*HOLSU]HGPLRWLFKG]LDáDOQRFLVWDWXWRZHMRGSRZLDGD]GHILQLRZDQHM

ZDUWXVWRUD]ZDUWG]LDODOQRFLSR*\WNXSXEOLF]QHJRSU]\F]\PRUJDQ\

DGPLQLVWUDFMLSXEOLF]QHMPRJ]OHFDüWDN*HW\PVWRZDU]\V]HQLRPUHDOL]DFM ]DGD

SXEOLF]Q\FKQD]DVDGDFKRNUHORQ\FKZXVWDZLHDUWXVWSNWDUWXVW

Z RWZDUW\P NRQNXUVLH RIHUW NWyUHJR SU]HSURZDG]HQLH MHVW XVWDZRZ\P

ZDUXQNLHP ] ]DVWU]H*HQLHP SU]HSLVyZ RGU EQ\FK ]OHFDQLD UHDOL]DFML ]DGD

SXEOLF]Q\FKQD]DVDGDFKRNUHORQ\FKZXVWDZLHRERNSRGPLRWyZSURZDG]F\FK

G]LDáDOQRü SR*\WNX SXEOLF]QHJR Z UR]XPLHQLX XVWDZ\ WM RUJDQL]DFML

SR]DU]GRZ\FK L SRGPLRWyZ ] QLPL ]UyZQDQ\FK D ]DWHP WDN*H VWRZDU]\V]H

MHGQRVWHN VDPRU]GX WHU\WRULDOQHJR PRJ XF]HVWQLF]\ü ± RF]\ZLFLH MH*HOL

UHDOL]DFMD GDQHJR ]DGDQLD QDOH*\ GR ZáDFLZ\FK LP ]DGD MHGQRVWNL

RUJDQL]DF\MQH SRGOHJáH RUJDQRP DGPLQLVWUDFML SXEOLF]QHM OXE SU]H] QLH

QDG]RURZDQHDUWXVWLFKRIHUW\VRFHQLDQHQDUyZQL]RIHUWDPLRUJDQL]DFML

SR]DU]GRZ\FKLSRGPLRWyZ]QLPL]UyZQDQ\FKDUWXVWSNWLPR*QDLP

ZUH]XOWDFLH]OHFLüUHDOL]DFM ]DGDQLDXG]LHODMFGRWDFMLDUWXVWLXVW

:\QLND]WHJRL*ZVWRVXQNXGRSHZQ\FKNDWHJRULLMHGQRVWHN]DOLF]RQ\FKGR

VHNWRUD ILQDQVyZ SXEOLF]Q\FK PLDQRZLFLH VWRZDU]\V]H MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJRRUD]MHGQRVWHNRUJDQL]DF\MQ\FKSRGOHJá\FKRUJDQRPDGPLQLVWUDFML

SXEOLF]QHM OXE SU]H] QLH QDG]RURZDQ\FK SU]HGH ZV]\VWNLP MHGQRVWHN

EXG*HWRZ\FK L ]DNáDGyZ EXG*HWRZ\FK XVWDZD ]DZLHUD SU]HSLV\ V]F]HJyOQH

X]XSHáQLDMFH Z W\P ]DNUHVLH SRZRáDQ\ Z QLHM SU]HSLV XVWDZ\ R ILQDQVDFK

SXEOLF]Q\FK

'HILQLFMDZRORQWDULXV]D]RVWDáDVNRQVWUXRZDQDSU]\X*\FLXWHUPLQyZLQQ\FKQL*

VWRVRZDQHZSUDZLHSUDF\ZV]F]HJyOQRFLSU]\X*\FLXWHUPLQXÄZ\NRQ\ZDQLH

ZLDGF]HQLD´ ± SR WR E\ Z\UD(QLH RGUy*QLü VWRVXQHN ZRORQWDULDWX NWyUHJR

SRGVWDZRZFHFKMHVWEUDNZ\QDJURG]HQLDRGVWRVXQNXSUDF\

1LH R]QDF]D WR L* ZRORQWDULDW QLH PR*H Z RNUHORQ\FK SU]\SDGNDFK E\ü

V]F]HJyOQ IRUP SU]\JRWRZDQLD GR SUDF\ 3RGNUHORQH WR ]RVWDáR Z

X]DVDGQLHQLXSURMHNWXXVWDZ\Ä:RORQWDULDWWRWDN*HIRUPDHGXNDFMLLNV]WDáFHQLD

,VWRW ZRORQWDULDWX MHVW ERZLHP DNW\ZQ\ XG]LDá Z *\FLX VSRáHF]Q\P SRSU]H]

XF]HVWQLFWZR Z RUJDQL]DFMDFK L LQVW\WXFMDFK W\SX QRQSURILW NWyU\ UR]ZLMD

VDPRG]LHOQRü L NUHDW\ZQRü % GF ZRORQWDULXV]HP PR*QD ]GRE\ü

GRZLDGF]HQLHSU]\GDWQHZNDULHU]H]DZRGRZHM&] VWRSRGNUHODVL *HMHGQ\P

] SUREOHPyZ EH]URERFLD MHVW ELHUQRü D FR VL ] W\P ZL*H XWUDWD DNW\ZQRFL

]DZRGRZHM L VSRáHF]QHM :RORQWDULDW PR*H SRPyF M ]DFKRZDü GR F]DVX

]QDOH]LHQLD SUDF\ D WDN*H Z]ERJDFLü XPLHM WQRFL L ZLHG] GDQHM RVRE\ F]\OL

HOHPHQW\LVWRWQHGODMHMSR]\FMLQDU\QNXSUDF\´:DUWXVWXVWDZ\ZVND]DQR

SU]\ W\P Z\UD(QLH L* ZLDGF]HQLD ZRORQWDULXV]\ SU]HGPLRWRZR RGSRZLDGDM

ZLDGF]HQLXSUDF\

6IRUPXáRZDQD Z SNW GHILQLFMD ZRORQWDULXV]D ± UR]SDWU\ZDQD Z NRQWHNFLH

SU]HSLVyZDUWLQDVWXVWDZ\Z\ND]XMHL*ZRORQWDULXV]HPPR*HE\üND*GD

RVREDIL]\F]QDSRVLDGDMFD]GROQRüGRF]\QQRFLSUDZQ\FKSU]\F]\PZREHF

VIRUPXáRZDQLD Z DUW XVW L* ZLDGF]HQLH ZRORQWDULXV]D RGSRZLDGD

ZLDGF]HQLX SUDF\ V SRGVWDZ\ E\ SU]\Mü L* LG]LH R ]GROQRü GR F]\QQRFL

SUDZQ\FK ] ]DNUHVX SUDZD SUDF\ Z\QLNDMF ] SU]HSLVyZ .RGHNVX SUDF\

3RVLDGDMMRVRE\NWyUHXNRF]\á\ODWDPáRGRFLDQLWMRVRE\PL G]\D

URNLHP *\FLD PRJ ZLDGF]\ü SUDF ] RJUDQLF]HQLDPL Z\QLNDMF\PL ]

SU]HSLVyZDUWLQDVW.RGHNVXSUDF\=WHJRSRZRGXPR*QDVG]Lü*HQLH

PDMVWDWXVXZRORQWDULXV]DZUR]XPLHQLXXVWDZ\PDáROHWQLSRQL*HMURNX*\FLD

SU]HSURZDG]DMF\ ]ELyUN SXEOLF]Q QD ]DVDGDFK RNUHORQ\FK Z DUW XVWD

XVWDZ\]GQLDPDUFDUR]ELyUNDFKSXEOLF]Q\FKZSURZDG]RQ\PSU]H]

DUW SNW 3U]HSLVyZ ZSURZDG]DMF\FK W\P QLHPQLHM GR WDNLFK PDáROHWQLFK

SRZLQQ\ VL VWRVRZDü WH SU]HSLV\ R ZRORQWDULXV]DFK NWyUH PRJ ]QDOH(ü Z

VWRVXQNXGRQLFK]DVWRVRZDQLHDUWXVWSNWLDUWXVWLDUWXVWDZ\

3RQLHZD* Z\NRQ\ZDQLH ZLDGF]H SU]H] ZRORQWDULXV]D QD U]HF]

XSUDZQLRQHJR SRGPLRWX RNUHORQHJR Z DUW QLH R]QDF]D ]DWUXGQLHQLD

ZRORQWDULXV]D Z UR]XPLHQLX SU]HSLVyZ XVWDZ\ ] GQLD JUXGQLD U R

]DWUXGQLHQLXLSU]HFLZG]LDáDQLXEH]URERFLX

ZRORQWDULXV]HP PR*H E\ü EH] SRWU]HE\ X]\VNLZDQLD ]H]ZROHQLD QD

]DWUXGQLHQLHFXG]R]LHPLHF

EH]URERWQ\ ]GHILQLRZDQ\ Z DUW XVW SNW SRZRáDQHM XVWDZ\ PR*H E\ü

ZRORQWDULXV]HPEH]XWUDW\VWDWXVXEH]URERWQHJR

']8]U1USR]]Sy(Q]P

= GUXJLHM VWURQ\ QDOH*\ PLHü QD XZDG]H WUHü DUW XVW 3UDZD R

VWRZDU]\V]HQLDFK]JRGQLH]NWyU\PVWRZDU]\V]HQLHRSLHUDVZRMG]LDáDOQRüQD

SUDF\ VSRáHF]QHM F]áRQNyZ OHF] GR SURZDG]HQLD VZ\FK VSUDZ PR*H RQR

]DWUXGQLDü SUDFRZQLNyZ =JRGQLH ] SRVWDQRZLHQLHP 6GX $SHODF\MQHJR Z

:DUV]DZLH]GQLDNZLHWQLDU

SRZRáDQ\SU]HSLVQLHZ\NOXF]DáF]HQLD

F]áRQNRVWZD VWRZDU]\V]HQLD ]H VWRVXQNLHP SUDF\ Z VWRZDU]\V]HQLX ± Z

RGQLHVLHQLXQDZHWFKRüZRJUDQLF]RQ\P]DNUHVLHGRF]áRQNyZ]DU]GX:\GDMH

VL MHGQDN L* SRZ\*V]D LQWHUSUHWDFMD DUW XVW GRW\F]FD ]UHV]W SU]HGH

ZV]\VWNLP ZLDGF]HQLD SUDF\ Z UDPDFK G]LDáDOQRFL JRVSRGDUF]HM

VWRZDU]\V]HQLD QLH PR*H E\ü RGSRZLHGQLR VWRVRZDQD GR áF]HQLD F]áRQNRVWZD

VWRZDU]\V]HQLD]ZRORQWDULDWHPQDU]HF]VWRZDU]\V]HQLD1LH]DOH*QLHRGWHJRL*

ZRORQWDULDW Z RJyOH QLH PR*H ]QDMGRZDü ]DVWRVRZDQLD Z G]LDáDOQRFL

JRVSRGDUF]HMDUWXVWXVWDZ\LQVW\WXFMDZRORQWDULDWXZ\GDMHVL FDáNRZLFLH

RGU EQDRGF]áRQNRVWZDVWRZDU]\V]HQLD:UH]XOWDFLHQDOH*\SU]\MüL*F]áRQHN

VWRZDU]\V]HQLD QLH PR*H E\ü ZRORQWDULXV]HP VZRMHJR VWRZDU]\V]HQLD ± L

NRU]\VWDü]XVWDZRZ\FKXSUDZQLHZRORQWDULXV]D

$UW

']LDáDOQRFL SR*\WNX SXEOLF]QHJR MHVW G]LDáDOQRü VSRáHF]QLH X*\WHF]QD

SURZDG]RQDSU]H]RUJDQL]DFMHSR]DU]GRZHZVIHU]H]DGDSXEOLF]Q\FK

RNUHORQ\FKZXVWDZLH

: GHILQLFML G]LDáDOQRFL SR*\WNX SXEOLF]QHJR VIRUPXáRZDQHM Z XVW

Z\VW SXMF]WHU\HOHPHQW\

G]LDáDOQRüVSRáHF]QLHX*\WHF]QD±NWyU\WRWHUPLQQDZL]XMHGRSRGVWDZRZHJR

XVWDZRZHJRRNUHOHQLDFHOXZMDNLPPR*QDXWZRU]\üIXQGDFM Ä)XQGDFMDPR*H

E\ü XVWDQRZLRQD GOD UHDOL]DFML >@ FHOyZ VSRáHF]QLH OXE JRVSRGDUF]R

X*\WHF]Q\FK´ ± DUW XVWDZ\ ] GQLD NZLHWQLD U R IXQGDFMDFK

L Z

UH]XOWDFLH GR NWyUHJR VWRVXMH VL SRJOG\ Z\UD*RQH Z GRNWU\QLH

L Z

RU]HF]QLFWZLH

Z RGQLHVLHQLX GR WHJR RNUHOHQLD SU]H] G]LDáDOQRü VSRáHF]QLH

X*\WHF]Q PR*QD UR]XPLHü G]LDáDOQRü NWyUHM QLH E G]LH PR*QD X]QDü MDNR

Z\áF]QLH JRVSRGDUF]R X*\WHF]QHM SU]\GDWQ ] SXQNWX ZLG]HQLD LQWHUHVX

RJyOQLHMV]HJRQL*SDUW\NXODUQ\LQWHUHV]DáR*\FLHOLGDQHMRUJDQL]DFMLOXEF]áRQNyZ

,$&USRU+,]GHEVNL)XQGDFMHLVWRZDU]\V]HQLDZ\GV

']8]U1USR]]Sy(Q]P

1SQDVW SXMFHVWZLHUG]HQLD%1LHPLUNLÄ6WDWXWIXQGDFML´F] 0\O3UDZQLF]DQU8*\WHF]QRü!

]DZLHUDZVRELHHOHPHQWSU]\GDWQRFL&HOIXQGDFMLZLQLHQE\üSU]\GDWQ\]SXQNWXZLG]HQLDLQWHUHVyZRJyáX,QWHUHV

SXEOLF]Q\VSRáHF]Q\!LSU\ZDWQ\SR]RVWDMZVWRVXQNXG\FKRWRPLF]Q\PW\ONRUHDOL]DFMDFHOXRZ\PLDU]HRJyOQ\P

RGSRZLDGDXVWDZRZHMGHILQLFMLFHOXIXQGDFML>@.U\WHULXPX*\WHF]QRFLSU]\GDWQRFLVSRáHF]QHMZ\áF]DFHOHGOD

GREUD RJyOQHJR QLH W\ONR V]NRGOLZH DOH L RERM WQH´ 3RU UyZQLH* QS + ,]GHEVNL )XQGDFMH L VWRZDU]\V]HQLD

Z\GV

6]F]HJyOQLH JRGQ\ XZDJL MHVW Z\URN 1DF]HOQ HJR 6GX $GPLQLVWUDF\MQHJR ] GQLD NZLHWQLD U 6$3R

± 0LHV 3RGDWN QU Z NWyU\P Z\UD*RQ\ ]RVWDá SRJOG L* QLH ND*GD IXQGDFMD UHDOL]XMH FHOH

VSRáHF]QLH X*\WHF]QH ERZLHP IXQGDFMD XWZRU]RQD Z FHOX ZVSLHUDQLD SURFHVX SU\ZDW\]DF ML SU]HGVL ELRUVWZ

SDVWZRZ\FKUHDOL]XMHZ\áF]QLHFHOJRVSRGDUF]RX*\WHF]Q\FRMHVWZSHáQLGRSXV]F]DOQHZ ZLHWOHDUWXVWDZ\R

IXQGDFMDFK

MHMRUJDQyZDZSU]\SDGNXRUJDQL]DFMLRFKDUDNWHU]HNRUSRUDF\MQ\P]U]HV]HQLD

WDN*HMHJRF]áRQNyZZDUWSNWZVND]DQD]RVWDáDNZDOLILNRZDQDIRUPXáD

G]LDáDOQRFLSR*\WNXSXEOLF]QHJRNWyUHMSURZDG]HQLHZUD]LHVSHáQLHQLDLQQ\FK

Z\PRJyZXVWDZ\XPR*OLZLDX]\VNDQLHVWDWXVXRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

RUJDQL]DFMDSR]DU]GRZD±SRM FLHWR]GHILQLRZDQHMHVWZXVWSRUNRPHQWDU]

GRWHJRSU]HSLVX

]DGDQLD SXEOLF]QH ± NWyU\ WR WHUPLQ Z\VW SXMH Z DUW XVW DUW XVW

DUWRUD]DUWXVWL.RQVW\WXFMLDZFLVá\P]ZL]NX]QLPSR]RVWDM

WDN*H WHUPLQ\ ]DGDQLD ZáDG]\ SXEOLF]QHM Z DUW XVW L ]DGDQLD ]OHFRQH ]

]DNUHVX DGPLQLVWUDFML SXEOLF]QHM Z DUW .RQVW\WXFML SU]HGH ZV]\VWNLP GOD

RNUHODQLD SR]\FML VDPRU]GX WHU\WRULDOQHJR QDOH*\ JR UR]XPLHü MDNR ]DGDQLD

NWyUH ]JRGQLH ] ]DVDG SRPRFQLF]RFL ]RE SNW ZSURZDG]HQLD RUD] ]DVDG

OHJDOL]PX DUW .RQVW\WXFML ]RVWDá\ XVWDZRZR RNUHORQH MDNR ]DGDQLD ZáDG]

SXEOLF]Q\FK OXE WZRU]RQ\FK SU]H] QLH MHGQRVWHN RUJDQL]DF\MQ\FK Z

XVWDZRGDZVWZLHRUD]ZGRNWU\QLHSUDZDDGPLQLVWUDF\MQHJRRGUy*QLDVL RGVLHELH

]DGDQLD WM PDWHUL G]LDáDOQRFL L RGSRZLHG]LDOQRFL ZáDG] SXEOLF]Q\FK RG

NRPSHWHQFML WM PLHV]F]FHJR VL Z UDPDFK ]DGD L Z\QLNDMFHJR ] XVWDZ\

XSUDZQLHQLDRUJDQXZáDG]\SXEOLF]QHMGRRNUHORQHJRZáDGF]HJRZNUDF]DQLDZ

VSUDZ\SRGPLRWyZSUDZDSU]\]DVWRVRZDQLXRGSRZLHGQLHMSURFHGXU\SU]\F]\P

]UHJXá\RUJDQMHVWMHGQRF]HQLH]RERZL]DQ\GRNRU]\VWDQLD]WHJRXSUDZQLHQLD

RGSRZLHGQLNLHP ]DGD SXEOLF]Q\FK Z XVWDZLH R ILQDQVDFK SXEOLF]Q\FK SRU

DUW V ]DGDQLD ILQDQVRZDQH ]H URGNyZ SXEOLF]Q\FK DUW XVW XVWDZ\ R

ILQDQVDFKSXEOLF]Q\FK

VIHUD ]DGD SXEOLF]Q\FK RNUHORQ\FK Z XVWDZLH ± WM VIHUD NWyUHM ]DNUHV

RNUHORQ\MHVWZDUW

2UJDQL]DFMDPLSR]DU]GRZ\PLVQLHE GFHMHGQRVWNDPLVHNWRUDILQDQVyZ

SXEOLF]Q\FK Z UR]XPLHQLX SU]HSLVyZ R ILQDQVDFK SXEOLF]Q\FK L

QLHG]LDáDMFH Z FHOX RVLJQL FLD ]\VNX RVRE\ SUDZQH OXE MHGQRVWNL

QLHSRVLDGDMFH RVRERZRFL SUDZQHM XWZRU]RQH QD SRGVWDZLH SU]HSLVyZ

XVWDZZW\PIXQGDFMHLVWRZDU]\V]HQLD]]DVWU]H*HQLHPXVW

1DMZD*QLHMV]H HOHPHQW\ GHILQLFML RUJDQL]DFML SR]DU]GRZHM QDZL]XM GR

WHUPLQRORJLLXVWDZ\RILQDQVDFKSXEOLF]Q\FKSRUDUW

GR MHGQRVWHN VHNWRUD ILQDQVyZ SXEOLF]Q\FK Z UR]XPLHQLX DUW WHM XVWDZ\

]DOLF]DVL

RUJDQ\ ZáDG]\ SXEOLF]QHM RUJDQ\ DGPLQLVWUDFML U]GRZHM RUJDQ\

NRQWUROLSDVWZRZHMLRFKURQ\SUDZDVG\LWU\EXQDá\DWDN*HMHGQRVWNL

VDPRU]GXWHU\WRULDOQHJRLLFKRUJDQ\RUD]]ZL]NL

MHGQRVWNLEXG*HWRZH]DNáDG\EXG*HWRZHLJRVSRGDUVWZDSRPRFQLF]H

MHGQRVWHNEXG*HWRZ\FK

IXQGXV]HFHORZH

SDVWZRZHV]NRá\Z\*V]H

MHGQRVWNLEDGDZF]RUR]ZRMRZH

VDPRG]LHOQHSXEOLF]QH]DNáDG\RSLHNL]GURZRWQHM

SDVWZRZHOXEVDPRU]GRZHLQVW\WXFMHNXOWXU\

=DNáDG 8EH]SLHF]H 6SRáHF]Q\FK .DV 5ROQLF]HJR 8EH]SLHF]HQLD

6SRáHF]QHJRL]DU]G]DQHSU]H]QLHIXQGXV]H

1DURGRZ\)XQGXV]=GURZLD

3ROVN$NDGHPL 1DXNLWZRU]RQHSU]H]QLMHGQRVWNLRUJDQL]DF\MQH

SDVWZRZHOXEVDPRU]GRZHRVRE\SUDZQHXWZRU]RQHQDSRGVWDZLH

RGU EQ\FK XVWDZ Z FHOX Z\NRQ\ZDQLD ]DGD SXEOLF]Q\FK ]

Z\áF]HQLHPSU]HGVL ELRUVWZEDQNyZLVSyáHNSUDZDKDQGORZHJR

RMHGQRVWNDFKQLHG]LDáDMF\FKZFHOXRVLJQL FLD]\VNXMHVWPRZDZDUW

XVW XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK NWyUHJR QLH GRWNQ áD QRZHOL]DFMD

GRNRQDQDZDUWSNWXVWDZ\±3U]HSLV\ZSURZDG]DMFH

SU]\F]\PV

SRGVWDZ\ E\ ]DNáDGDü *H ÄQLHG]LDáDQLH Z FHOX RVLJQL FLD ]\VNX´ R]QDF]D

QLHSURZDG]HQLH G]LDáDOQRFL JRVSRGDUF]HM NWyU PR*QD GHILQLRZDü Z

VNUyWRZ\VSRVyEMDNRG]LDáDOQRüPDMFQDFHOXZáDQLHRVLJQL FLH]\VNX

ZWHMVSUDZLH±SRUXZDJLLGRDUW

8VWSU]\MPXMHMDNR]DVDG *HRUJDQL]DFMDPLSR]DU]GRZ\PLV

MHGQRVWNL]FDáHJRNRQWHNVWXXVWDZ\ZW\P]WHUPLQXÄRUJDQL]DFMH´Z\QLND

*H LG]LH R MHGQRVWNL RUJDQL]DF\MQH FR Z\NOXF]D UR]ZD*DQLH NRU]\VWDQLD ]H

VWDWXVX RUJDQL]DFML SR]DU]GRZ\FK SU]H] RVRE\ IL]\F]QH RUD] VSyáNL F\ZLOQH

NWyUHQLHVREHFQLHWUDNWRZDQHMDNRMHGQRVWNLRUJDQL]DF\MQH

QLHQDOH*FHGRNDWHJRULLSRGPLRWyZZ\PLHQLRQ\FKZDUWXVWDZ\RILQDQVDFK

SXEOLF]Q\FKD]DUD]HP

QLHE GFHFRGRVZRMHMLVWRW\MDNRQLHG]LDáDMFHZFHOXRVLJQL FLD]\VNX

SU]HGVL ELRUFDPL SU]HGVL ELRUF MHVW ]JRGQLH ] DUW XVW XVWDZ\ ] GQLD

OLVWRSDGD U R G]LDáDOQRFL JRVSRGDUF]HM

RVRED IL]\F]QD RVRED SUDZQD

RUD]QLHPDMFDRVRERZRFLSUDZQHMVSyáNDSUDZDKDQGORZHJRNWyUD]DZRGRZR

L ZH ZáDVQ\P LPLHQLX SRGHMPXMH L Z\NRQXMH G]LDáDOQRü JRVSRGDUF] SUDZLH

ZV]\VWNLHNDWHJRULHSU]HGVL ELRUFyZ±SR]DRVREDPLIL]\F]Q\PLLZVSyOQLNDPL

VSyáHN F\ZLOQ\FK ± VWDM VL SU]HGVL ELRUFDPL Z QDVW SVWZLH RERZL]NRZHJR

GOD QLFK ]DUHMHVWURZDQLD Z UHMHVWU]H SU]HGVL ELRUFyZ .UDMRZHJR 5HMHVWUX

6GRZHJR DUW XVWDZ\ ] GQLD VLHUSQLD U R .UDMRZ\P 5HMHVWU]H

6GRZ\P

Z\PLHQLDWHNDWHJRULHZVSRVyEQDVW SXMF\

VSyáNLMDZQH

VSyáNLSDUWQHUVNLH

VSyáNLNRPDQG\WRZH

VSyáNLNRPDQG\WRZRDNF\MQH

3RGPLRW\QLH]DOLF]RQHGRVHNWRUDILQDQVyZSXEOLF]Q\FKLQLHG]LDáDMFHZFHOXRVLJQL FLD]\VNXPRJRWU]\P\ZDü

]EXG*HWXMHGQRVWNLVDPRU]GXWHU\WRULDOQHJRGRWDFMHQDFHOHSXEOLF]QH]ZL]DQH]UHDOL]DFM]DGDWHMMHGQRVWNL

']81USR]]Sy(Q]P

']8]U1USR]]Sy(Q]P

VSyáNL]RJUDQLF]RQRGSRZLHG]LDOQRFL

VSyáNLDNF\MQH

VSyáG]LHOQLH

SU]HGVL ELRUVWZDSDVWZRZH

MHGQRVWNLEDGDZF]RUR]ZRMRZH

SU]HGVL ELRUF\ RNUHOHQL Z SU]HSLVDFK R ]DVDGDFK SURZDG]HQLD QD

WHU\WRULXP 5]HF]\SRVSROLWHM 3ROVNLHM G]LDáDOQRFL JRVSRGDUF]HM Z

]DNUHVLH GUREQHM Z\WZyUF]RFL SU]H] ]DJUDQLF]QH RVRE\ SUDZQH L

IL]\F]QHW]ZSU]HGVL ELRUVWZD]DJUDQLF]QH

WRZDU]\VWZDXEH]SLHF]HZ]DMHPQ\FK

RGG]LDá\SU]HGVL ELRUFyZ]DJUDQLF]Q\FKG]LDáDMF\FKQDWHU\WRULXP

5]HF]\SRVSROLWHM3ROVNLHM

JáyZQHRGG]LDá\]DJUDQLF]Q\FK]DNáDGyZXEH]SLHF]H

3U]HGVL ELRUF\Z\PLHQLHQLZSR]RUD]LQLHPDMRVRERZRFL

SUDZQHM 3R]RVWDOL X]\VNXM RVRERZRü SUDZQ SU]H] ZSLV GR UHMHVWUX

SU]HGVL ELRUFyZ

1DOH*\ SU]\ W\P QDGPLHQLü L* LVWQLHMH SHZLHQ UR]]LHZ SRPL G]\ SRM FLHP

SU]HGVL ELRUF\ Z UR]XPLHQLX 3UDZD G]LDáDOQRFL JRVSRGDUF]HM L Z UR]XPLHQLX

SU]HSLVyZR.UDMRZ\P5HMHVWU]H6GRZ\P]NWyU\FKZ\QLNDL*SU]HGVL ELRUF

VWDMHVL ZUD]]ZSLVHPGRUHMHVWUXSU]HGVL ELRUFyZWHJR5HMHVWUX

0LDQRZLFLHQLHNWyUHSU]HSLV\XVWURMRZHSRGPLRWyZX]QDQ\FKSU]H]SU]HSLV\

R .UDMRZ\P 5HMHVWU]H ]D ]RERZL]DQH GR ZSLVX Z UHMHVWU]H SU]HGVL ELRUFyZ

GRSXV]F]DMPR*OLZRüLFKWZRU]HQLDZFHOXLQQ\PQL*SURZDG]HQLHG]LDáDOQRFL

JRVSRGDUF]HM&]\QLWDNDUWRUD]SRUHGQLRDUW.RGHNVXVSyáHN

KDQGORZ\FK Z RGQLHVLHQLX ]DUyZQR GR VSyáHN ] RJUDQLF]RQ

RGSRZLHG]LDOQRFL MDN L VSyáHN DNF\MQ\FK FR R]QDF]D L* VSyáND NDSLWDáRZD

PR*H PLHü ]DSLVDQH Z XPRZLH F]\ Z VWDWXFLH L* QLH SURZDG]L G]LDáDOQRFL

JRVSRGDUF]HMOXEG]LDáDOQRFL]DURENRZHMDOERL*QLHG]LDáDZFHOXRVLJQL FLD

]\VNX RUD] EDUG]LHM SRUHGQLR ± DUW XVW XVWDZ\ ] GQLD SD(G]LHUQLND

U R QLHNWyU\FK IRUPDFK SRSLHUDQLD EXGRZQLFWZD PLHV]NDQLRZHJR

]JRGQLH]NWyU\PWRZDU]\VWZDEXGRZQLFWZDVSRáHF]QHJRNWyUHPRJSU]\EUDü

IRUP VSyáNL NDSLWDáRZHM DOER VSyáG]LHOQL RVyE SUDZQ\FK SU]H]QDF]DM FDáRü

GRFKRGyZQDG]LDáDOQRüVWDWXWRZ$UWXVWLDUWXVWXVWDZ\]GQLD

JUXGQLD U R VSyáG]LHOF]\FK NDVDFK RV]F] GQRFLRZRNUHG\WRZ\FK

RGQLHVLHQLX GR W\FK NDV E GF\FK V]F]HJyOQ NDWHJRUL VSyáG]LHOQL RUD]

.UDMRZHM6SyáG]LHOF]HM.DV\2V]F] GQRFLRZR.UHG\WRZHME GFHMV]F]HJyOQ

VSyáG]LHOQL RVyE SUDZQ\FK VWZLHUG]D QDZHW L* SURZDG] RQH G]LDáDOQRü

QLH]DURENRZ&RGRLQQ\FKVSyáG]LHOQLQLHSRZLQQRXOHJDüZWSOLZRFLL*V

RQH SRZRáDQH Z FHOX SURZDG]HQLD G]LDáDOQRFL JRVSRGDUF]HM FKRü PRJ RQH

UyZQRF]HQLH SURZDG]Lü G]LDáDOQRü VSRáHF]Q L RZLDWRZRNXOWXUDOQ DUW

']8]U1USR]]Sy(Q]P

XVWDZ\]GQLDZU]HQLDU±3UDZRVSyáG]LHOF]H

RUD]DUWXVWLDUW

XVWXVWDZ\]GQLDJUXGQLDURVSyáG]LHOQLDFKPLHV]NDQLRZ\FK

1LH

PDM UyZQLH* X]DVDGQLHQLD Z\VXZDQH F]DVHP WH]\ L* SR]RVWDM SR]D VIHU

]Z\NáHM SU]HGVL ELRUF]RFL SRGPLRW\ SXEOLF]QH UHDOL]XMFH ]DGDQLD ] ]DNUHVX

JRVSRGDUNLNRPXQDOQHMZW\PRGSRZLHGQLHVSyáNLNDSLWDáRZHERZLHPXVWDZD]

GQLD JUXGQLD U R JRVSRGDUFH NRPXQDOQHM

QLH IRUPXáXMH *DGQHJR

Z\áF]HQLDZW\PSU]HGPLRFLHWDNMDNQLHPDWDNLHJRZ\áF]HQLDZRGQLHVLHQLX

GRSDVWZRZ\FKSU]HGVL ELRUVWZX*\WHF]QRFLSXEOLF]QHMDUWXVWDZ\]GQLD

ZU]HQLDURSU]HGVL ELRUVWZDFKSDVWZRZ\FK

3RQLHZD* ZV]\VWNLH VSyáNL NDSLWDáRZH RUD] ZV]\VWNLH VSyáG]LHOQLH PRJ

X]\VNDü RVRERZRü SUDZQ MHG\QLH Z Z\QLNX ZSLVX GR UHMHVWUX

SU]HGVL ELRUFyZ ZVNXWHN F]HJR WDN*H Z LQQ\FK ]DNUHVDFK Z V]F]HJyOQRFL

UDFKXQNRZRFL L SRGDWNyZ SRGPLRW\ WH E G MHGQDN WUDNWRZDQH MDNR

SU]HGVL ELRUF\ FK\ED *H XVWDZRGDZFD ZSURZDG]L RNUHORQH Z\MWNL RG WHM

]DVDG\ ZVND]DQH Z\*HM SRGPLRW\ ZLQQ\ E\ü X]QDQH ZáDQLH MDNR

SU]HGVL ELRUF\ ]D G]LDáDMFH Z FHOX RVLJQL FLD ]\VNX D ]DWHP Z\áF]RQH ]

]DNUHVXGHILQLFMLSNW3HZLHQZ\MWHNPR*QDE\XF]\QLüZREHFSRZRáDQ\FK

Z\UD(Q\FK VWZLHUG]H XVWDZ\ GOD VSyáG]LHOF]\FK NDV RV]F] GQRFLRZR

NUHG\WRZ\FK0DMFMHGQDNQDXZDG]HWRL*NDV\PRJSURZDG]LüRNUHORQZ

XVWDZLH G]LDáDOQRü ILQDQVRZ Z\áF]QLH QD U]HF] VZRLFK F]áRQNyZ ZREHF

F]HJR QDZHW MH*HOL G]LDáDOQRü WD PR*H ]DZV]H MHGQDN W\ONR SR F] FL PLHü

SRGVWDZ\ GR ]DOLF]HQLD GR VIHU\ SR*\WNX SXEOLF]QHJR ]JRGQLH ] DUW XVW

XVWDZ\VSyáG]LHOF]HNDV\RV]F] GQRFLRZRNUHG\WRZHQLHVSHáQLDMZ\PRJyZ

RNUHORQ\FK Z DUW SNW XVWDZ\ L QLH PRJ X]\VNDü VWDWXVX RUJDQL]DFML

SR*\WNXSXEOLF]QHJR

= DUW XVW SNW Z\QLND QDWRPLDVW L* XVWDZD QLH WUDNWXMH V]F]HJyOQ\FK

VSyáHN DNF\MQ\FK PLDQRZLFLH DNF\MQ\FK VSyáHN VSRUWRZ\FK MDNR

SU]HGVL ELRUFyZ VNRUR SRUHGQLR X]QDMH MH ]D RUJDQL]DFMH SR]DU]GRZH

RJUDQLF]DMF MHG\QLH ]DNUHV ]DVWRVRZDQLD GR QLFK SU]HSLVyZ XVWDZ\ SRU

NRPHQWDU]GRWHJRSU]HSLVX

1LH MHVW ] NROHL MDVQH F]\ VIRUPXáRZDQHM Z XVW GHILQLFML RUJDQL]DFML

SR]DU]GRZHMRGSRZLDGDMX]\VNXMFHRVRERZRüSUDZQZZ\QLNXZSLVXGR

UHMHVWUXSURZDG]RQHJRSU]H]ZáDFLZHJRPLQLVWUDQLHSDVWZRZHV]NRá\Z\*V]H

DUW L QDVW XVWDZ\ ] GQLD ZU]HQLD U R V]NROQLFWZLH Z\*V]\P

QLHSDVWZRZHZ\*V]HV]NRá\]DZRGRZHDUWLQDVWXVWDZ\]GQLDF]HUZFD

U R Z\*V]\FK V]NRáDFK ]DZRGRZ\FK

= MHGQHM VWURQ\ V]NRá\ WH V

IRUPDOQLH Z SHáQL Z\RGU EQLRQH RG SRGPLRWyZ NWyUH MH XWZRU]\á\ ] GUXJLHM

MHGQDN VWURQ\ R Z\VW SRZDQLX FHFK\ LVWRWQHM ] SXQNWX ZLG]HQLD NZDOLILNDFML

']8]U1USR]]Sy(Q]P

']8]U1USR]

']8]U1USR]]Sy(Q]P

']81USR]]OLF]Q\PLSy(Q]P

']81USR]]Sy(Q]P

XVWDZRZHMEUDNQDVWDZLHQLDQDX]\VNDQLH]\VNXGHF\GXMHZLVWRFLHFKDUDNWHU

SRGPLRWX NWyU\ V]NRá XWZRU]\á ± DOER MHVW WR SU]HGVL ELRUFD DOER SRGPLRW

QLHNRPHUF\MQ\7\ONRZW\PGUXJLPSU]\SDGNXQLHPR*QDPLHüZWSOLZRFLFR

GRWHJR*HLRGSRZLHGQLDV]NRáDRGSRZLDGDGHILQLFMLXVW

2VREQ\ SUREOHP VWDQRZL QLH QDOH*FH GR VHNWRUD ILQDQVyZ SXEOLF]Q\FK

MHGQRVWNL RUJDQL]DF\MQH QLHSRVLDGDMFH RVRERZRFL SUDZQHM G]LDáDMFH QD

SRGVWDZLHSU]HSLVyZGRW\F]F\FKRZLDW\LRFKURQ\]GURZLD0RZDRV]NRáDFKL

SODFyZNDFKQLHSXEOLF]Q\FKWZRU]RQ\FKQDSRGVWDZLHSU]HSLVyZXVWDZ\]GQLD

ZU]HQLD U R V\VWHPLH RZLDW\

RUD] R QLHSXEOLF]Q\FK ]DNáDGDFK RSLHNL

]GURZRWQHMWZRU]RQ\FKQDSRGVWDZLHSU]HSLVyZXVWDZ\]GQLDVLHUSQLD

U R ]DNáDGDFK RSLHNL ]GURZRWQHM

3HZQH VIRUPXáRZDQLD W\FK XVWDZ PRJ

VXJHURZDü L* MHGQRVWNL WH QLH SURZDG] G]LDáDOQRFL JRVSRGDUF]HM L QLH V Z

UH]XOWDFLHVDPH]VLHELHFRLQQHJRMHVWJG\LG]LHRSRGPLRW\MHSURZDG]FHOXE

WZRU]FH QDVWDZLRQH QD RVLJQL FLH ]\VNX :\GDMH VL MHGQDN L* ± WDN MDN WR

]RVWDáR SU]HGVWDZLRQH Z RGQLHVLHQLX GR QLHSDVWZRZ\FK V]Nyá Z\*V]\FK L

Z\*V]\FKV]Nyá]DZRGRZ\FK±RNZDOLILNDFMLGDQHMMHGQRVWNL]SXQNWXZLG]HQLD

GHILQLFMLXVWGHF\GXMHNZDOLILNDFMDSRGPLRWXNWyU\MHGQRVWN W SURZDG]LOXE

XWZRU]\á1DOH*\SRGNUHOLü*HWDNDZáDQLH]DVDGDE G]LHZSURVWZSLVDQDGR

XVWDZ\R]DNáDGDFKRSLHNL]GURZRWQHMERZLHPSU]\M WRMZ]QDMGXMF\PVL Z

SD(G]LHUQLNX U QD HWDSLH SU]HGNáDGDQLD 5DG]LH 0LQLVWUyZ SURMHNFLH

SRZD*QHMQRZHOL]DFMLWHMXVWDZ\

:]DáF]QLNXQUGRUR]SRU]G]HQLD0LQLVWUD6SUDZLHGOLZRFL]GQLDJUXGQLD

UZVSUDZLHV]F]HJyáRZHJRVSRVREXSURZDG]HQLDUHMHVWUyZZFKRG]F\FK

ZVNáDG.UDMRZHJR5HMHVWUX6GRZHJRRUD]V]F]HJyáRZHMWUHFLZSLVyZZW\FK

UHMHVWUDFK

NWyUHWRUR]SRU]G]HQLHZ\PDJD]PLDQZ\QLNDMF\FK]NRQLHF]QRFL

XZ]JO GQLHQLD NDWHJRULL RUJDQL]DFML SR*\WNX SXEOLF]QHJR Z\PLHQLRQH ]RVWDá\

NDWHJRULH RVyE SUDZQ\FK ZSLV\ZDQ\FK GR UHMHVWUX VWRZDU]\V]H LQQ\FK

RUJDQL]DFMLVSRáHF]Q\FKL]DZRGRZ\FKIXQGDFMLLSXEOLF]Q\FK]DNáDGyZRSLHNL

]GURZRWQHM

2VRE\WH±SR]DQDOH*F\PLGRVHNWRUDILQDQVyZSXEOLF]Q\FK±QDOH*\X]QDü

]DRUJDQL]DFMHSR]DU]GRZHDVQLPL

VWRZDU]\V]HQLD FR REHMPXMH WDN*H LFK MHGQRVWNL WHUHQRZH

SRVLDGDMFHRVRERZRüSUDZQ

]ZL]NLVWRZDU]\V]H

IXQGDFMH

NyáNDUROQLF]H

UROQLF]H]U]HV]HQLDEUDQ*RZH

]ZL]NLUROQLNyZNyáHNLRUJDQL]DFMLUROQLF]\FK

]ZL]NLUROQLF]\FK]U]HV]HEUDQ*RZ\FK

']8]U1USR]]OLF]Q\PLSy (Q]P

']81USR]]OLF]Q\PLSy(Q]P

']81USR]]Sy(Q]P

]ZL]NL]DZRGRZHUROQLNyZLQG\ZLGXDOQ\FK

FHFK\U]HPLHOQLF]H

L]E\U]HPLHOQLF]H

=ZL]HN5]HPLRVáD3ROVNLHJR

]U]HV]HQLDKDQGOXLXVáXJ

]U]HV]HQLDWUDQVSRUWX

RJyOQRNUDMRZHUHSUH]HQWDFMH]U]HV]HKDQGOXLXVáXJ

RJyOQRNUDMRZHUHSUH]HQWDFMH]U]HV]HWUDQVSRUWX

LQQHRUJDQL]DFMHSU]HGVL ELRUFyZFRREHMPXMHRUJDQL]DFMH

R NWyU\FK PRZD Z XVWDZLH ] GQLD PDMD U R

VDPRU]G]LH]DZRGRZ\PQLHNWyU\FKSU]HGVL ELRUFyZ

L]E\ JRVSRGDUF]H FR REHMPXMH WDN*H .UDMRZ ,]E

*RVSRGDUF]

]ZL]NL ]DZRGRZH FR REHMPXMH WDN*H LFK MHGQRVWNL

RUJDQL]DF\MQHSRVLDGDMFHRVRERZRüSUDZQ

RJyOQRNUDMRZH]ZL]NLPL G]\EUDQ*RZH

RJyOQRNUDMRZH]U]HV]HQLDPL G]\EUDQ*RZH

]ZL]NLSUDFRGDZFyZ

IHGHUDFMHLNRQIHGHUDFMH]ZL]NyZSUDFRGDZFyZ

VWRZDU]\V]HQLDNXOWXU\IL]\F]QHM

]ZL]NLVSRUWRZH

SROVNLH]ZL]NLVSRUWRZH

VWRZDU]\V]HQLD

NXOWXU\

IL]\F]QHM

]DVL JX

RJyOQRNUDMRZ\P

:VND]DQH Z XVW MDNR W\SRZH SU]\NáDG\ RUJDQL]DFML SR]DU]GRZ\FK

VWRZDU]\V]HQLD L IXQGDFMH WDN*H Z SRZ\*V]\P Z\OLF]HQLX ]QDOD]á\ VL QD

SLHUZV]\FKPLHMVFDFK

1DOH*\]D]QDF]\üL*RERNVWRZDU]\V]HG]LDáDMF\FKQDSRGVWDZLHRJyOQ\FK

SU]HSLVyZ XVWDZ\ ] GQLD NZLHWQLD U ± 3UDZR R VWRZDU]\V]HQLDFK

Z\VW SXM V]F]HJyOQH URG]DMH VWRZDU]\V]H VWRZDU]\V]HQLD NXOWXU\ IL]\F]QHM

RFKRWQLF]H VWUD*H SR*DUQH UHJLRQDOQH L ORNDOQH RUJDQL]DFMH WXU\VW\F]QH DOER

V]F]HJyOQHVWRZDU]\V]HQLD3ROVNL&]HUZRQ\.U]\*3ROVNL=ZL]HNàRZLHFNL

GRNWyU\FKVWRVXMHVL RGSRZLHGQLHSU]HSLV\V]F]HJyOQHRGSRZLHGQLRXVWDZD]

GQLDVW\F]QLDURNXOWXU]HIL]\F]QHM

XVWDZD]GQLDVLHUSQLDU

R RFKURQLH SU]HFLZSR*DURZHM

XVWDZD ] GQLD F]HUZFD U R 3ROVNLHM

2UJDQL]DFML 7XU\VW\F]QHM

XVWDZD ] GQLD OLVWRSDGD U R 3ROVNLP

&]HUZRQ\P .U]\*X

ZUD] ]H VWDWXWHP XVWDORQ\P UR]SRU]G]HQLHP 5DG\

']81USR]]Sy(Q]P

']8]U1USR]]Sy(Q]P

']81USR]]Sy(Q]P

']81USR]

0LQLVWUyZ]GQLDNZLHWQLDU

XVWDZD]GQLDSD(G]LHUQLNDU±

3UDZRáRZLHFNLH

D3UDZRRVWRZDU]\V]HQLDFKVWRVXMHVL MHG\QLHZ]DNUHVLH

QLHXUHJXORZDQ\PZW\FKSU]HSLVDFK

2GU EQ\P V]F]HJyOQ\P URG]DMHP VWRZDU]\V]H V VWRZDU]\V]HQLD MHGQRVWHN

VDPRU]GXWHU\WRULDOQHJRDUWXVWSNWNWyUHFRZ\QLNDSRUHGQLRWDN*H]

WHJR SU]HSLVX QLH V RUJDQL]DFMDPL SR]DU]GRZ\PL ER QDOH* GR VHNWRUD

ILQDQVyZSXEOLF]Q\FKMHGQDN*HVWRVXMHVL GRQLFKSU]HSLV\XVWDZ\

$UW XVW QDND]XMH WUDNWRZDü Z VSRVyE V]F]HJyOQ\ SR]\FMH L

SRZ\*V]HJR Z\OLF]HQLD D ] IXQGDFML SR] ± IXQGDFMH NWyU\FK MHG\Q\P

IXQGDWRUHPMHVW6NDUE3DVWZDOXEMHGQRVWNDVDPRU]GXWHU\WRULDOQHJR

8VWDZ\ RNUHODMFH XVWUyM ZVND]DQ\FK Z\*HM RVyE SUDZQ\FK RNUHODQH F] VWR

MDNRXVWDZ\XVWURMRZHQS3UDZRRVWRZDU]\V]HQLDFKXVWDZD]GQLDNZLHWQLD

F]\ XVWDZD R IXQGDFMDFK

Z\SRZLDGDM VL R PR*OLZRFL

SURZDG]HQLD SU]H] WH RUJDQL]DFMH G]LDáDOQRFL JRVSRGDUF]HM -H*HOL RUJDQL]DFMD

]DPLHU]DSRGMüG]LDáDOQRüJRVSRGDUF]±FRZRGQLHVLHQLXGRIXQGDFMLZ\PDJD

RGSRZLHGQLFK SRVWDQRZLH VWDWXWX QDWRPLDVW Z RGQLHVLHQLX GR VWRZDU]\V]H

Z\VWDUF]DMFD MHVW XFKZDáD ZáDFLZHJR RUJDQX ZáDG]\ VWRZDU]\V]HQLD MH*HOL

VWDWXWQLHZVND]XMHMDNLRUJDQMHVWZáDFLZ\ZW\PSU]HGPLRFLH]JRGQLH]DUW

XVW]G3UDZDRVWRZDU]\V]HQLDFKPDWHULDWDQDOH*\GRZáDFLZRFLZDOQHJR

]HEUDQLDF]áRQNyZ±]JRGQLH]DUWXVWDZ\R.UDMRZ\P5HMHVWU]H6GRZ\P

SRZRáDQHMZXZDG]HPDRQDRERZL]HN]áR*HQLDZQLRVNXRZSLVWDN*HGR

UHMHVWUXSU]HGVL ELRUFyZ.UDMRZHJR5HMHVWUX6GRZHJR:SLVWHQQLHSR]EDZLD

MHGQDN RUJDQL]DFML FHFK RUJDQL]DFML SR]DU]GRZHM SRQLHZD* G]LDáDOQRü

JRVSRGDUF]D MHVW G]LDáDOQRFL GRGDWNRZ ± RERN SRGVWDZRZHM G]LDáDOQRFL

VWDWXWRZHMZWHMVSUDZLH±SRUXZDJDGRDUWZSHZQ\PMHGQDN]DNUHVLH±

SU]HGHZV]\VWNLPZRGQLHVLHQLXGRXSDGáRFL±ZSLVRUJDQL]DFMLSR]DU]GRZHM

GRUHMHVWUXSU]HGVL ELRUFyZR]QDF]DL*FDáDRUJDQL]DFMDVWDMHVL SU]HGVL ELRUFL

SRGOHJDSU]HSLVRPGRW\F]F\PSU]HGVL ELRUFyZ

:\OLF]HQLH Z XZDG]H QLH Z\F]HUSXMH ZV]\VWNLFK NDWHJRULL RVyE SUDZQ\FK

NWyUHPRJE\üX]QDQH]DRUJDQL]DFMHSR]DU]GRZH3HZQHV]F]HJyOQHNDWHJRULH

Z\OLF]D VDPD XVWDZD Z DUW XVW SNW SDUWLH SROLW\F]QH SNW VDPRU]G\

]DZRGRZHLVSyáNLG]LDáDMFHQDSRGVWDZLHSU]HSLVyZRNXOWXU]HIL]\F]QHM±SRU

XZDJLGRWHJRSU]HSLVX,QQ\PSU]\NáDGHPPRJE\ü

XF]QLRZVNLH NOXE\ VSRUWRZH G]LDáDMFH QD SRGVWDZLH SU]HSLVyZ SRZRáDQHM

XVWDZ\RNXOWXU]HIL]\F]QHMX]\VNXMFHRVRERZRüSUDZQZZ\QLNXZSLVXGR

HZLGHQFMLSURZDG]RQHMSU]H]VWDURVWyZ

']81USR]

']8]U1USR]]Sy(Q]P

VSyáNL ZRGQH L ]ZL]NL VSyáHN ZRGQ\FK WZRU]RQH QD SRGVWDZLH SU]HSLVyZ

XVWDZ\]GQLDOLSFDU±3UDZRZRGQH

RNUHORQHZDUWWHMXVWDZ\

MDNR

IRUP\RUJDQL]DF\MQHNWyUHQLHG]LDáDMZFHOXRVLJQL FLD]\VNX]U]HV]DM

RVRE\ IL]\F]QH OXE SUDZQH L PDM QD FHOX ]DVSRNDMDQLH ZVND]DQ\FK XVWDZ

SRWU]HEZG]LHG]LQLHJRVSRGDURZDQLDZRGDPLX]\VNXMFHRVRERZRüSUDZQ]

FKZLO XSUDZRPRFQLHQLD VL GHF\]ML RGSRZLHGQLR VWDURVW\ L PDUV]DáND

ZRMHZyG]WZDR]DWZLHUG]HQLXVWDWXWX

3R]D RVREDPL SUDZQ\PL XVW SU]\]QDMH VWDWXV RUJDQL]DFML SR]DU]GRZHM

MHGQRVWNRPRUJDQL]DF\MQ\PQLHSRVLDGDMF\PRVRERZRFLSUDZQHMMH*HOLQLHV

MHGQRVWNDPL VHNWRUD ILQDQVyZ SXEOLF]Q\FK L QLH G]LDáDM Z FHOX RVLJQL FLD

]\VNX

'RWDNLFKMHGQRVWHNRUJDQL]DF\MQ\FKQLHZWSOLZLHPR*QD]DOLF]\ü

VWRZDU]\V]HQLD]Z\NáHDUWLQDVW3UDZDRVWRZDU]\V]HQLDFK

XF]HOQLDQH RUJDQL]DFMH VWXGHQFNLH DUW L XVWDZ\ ] GQLD ZU]HQLD

URV]NROQLFWZLHZ\*V]\P

NRáD JRVSRG\ ZLHMVNLFK G]LDáDMFH ]DVDGQLF]R Z REU ELH NyáHN UROQLF]\FK

OHF]PRJFHWDN*HIXQNFMRQRZDüRGU EQLHDUWXVWDZ\]GQLDSD(G]LHUQLND

URVSRáHF]QR]DZRGRZ\FKRUJDQL]DFMDFKUROQLNyZ

']LDáDOQRüSR*\WNXSXEOLF]QHJRPR*HE\üSURZDG]RQDWDN*HSU]H]

RVRE\ SUDZQH L MHGQRVWNL RUJDQL]DF\MQH G]LDáDMFH QD SRGVWDZLH

SU]HSLVyZ R VWRVXQNX 3DVWZD GR .RFLRáD .DWROLFNLHJR Z

5]HF]\SRVSROLWHM 3ROVNLHM R VWRVXQNX 3DVWZD GR LQQ\FK NRFLRáyZ L

]ZL]NyZ Z\]QDQLRZ\FK RUD] R JZDUDQFMDFK ZROQRFL VXPLHQLD L

Z\]QDQLDMH*HOLLFKFHOHVWDWXWRZHREHMPXMSURZDG]HQLHG]LDáDOQRFL

SR*\WNXSXEOLF]QHJR

VWRZDU]\V]HQLDMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

-HGQRVWNL RUJDQL]DF\MQH R NWyU\FK PRZD Z QLQLHMV]\P XVW SLH QLH V MDN

Z\QLND ] MHJR ]HVWDZLHQLD ] XVW SHP SRSU]HG]DMF\P RUJDQL]DFMDPL

SR]DU]GRZ\PLZUR]XPLHQLXXVWDZ\8VWDZDQLHW\ONRVWZLHUG]DL*PRJRQH

SURZDG]Lü G]LDáDOQRü SR*\WNX SXEOLF]QHJR DOH L ZVND]XMH Z RNUHORQ\FK

SU]HSLVDFK Z MDNL VSRVyE MHM SU]HSLV\ GRW\F]FH RUJDQL]DFML SR]DU]GRZ\FK

VWRVXM VL GR W\FKMHGQRVWHNRNUHODQ\FKGDOHMMDNRÄSRGPLRW\Z\PLHQLRQHZ

DUWXVW´OXEÄSRGPLRW\RNWyU\FKPRZDZDUWXVW´DUWXVWDUWLWG

7R ] WHJR SRZRGX SRGPLRW\ WH V Z QLQLHMV]\P NRPHQWDU]X RNUHODQH MDNR

SRGPLRW\]UyZQDQH]RUJDQL]DFMDPLSR]DU]GRZ\PL

3U]HSLV\Z\PLHQLRQHZSNW±WRSU]HSLV\

']81USR]]Sy(Q]P

XVWDZ\]GQLDPDMDURVWRVXQNX3DVWZDGR.RFLRáD.DWROLFNLHJRZ

5]HF]\SRVSROLWHM3ROVNLHM

XVWDZ QRUPXMF\FK VWRVXQHN SDVWZD GR RNUHORQ\FK LQQ\FK NRFLRáyZ L

]ZL]NyZZ\]QDQLRZ\FKMDNXVWDZ\]GQLDOLSFDURVWRVXQNX3DVWZD

GR 3ROVNLHJR $XWRNHIDOLF]QHJR .RFLRáD 3UDZRVáDZQHJR

XVWDZ\ ] GQLD

NZLHWQLDURVWRVXQNX3DVWZDGR.RFLRáD(ZDQJHOLFNR$XJVEXUVNLHJRZ

5]HF]\SRVSROLWHM 3ROVNLHM

F]\ XVWDZ\ ] GQLD PDMD U R VWRVXQNX

3DVWZD GR .RFLRáD (ZDQJHOLFNR5HIRUPRZDQHJR Z 5]HF]\SRVSROLWHM

3ROVNLHM

áF]QLHMHVWWDNLFKXVWDZ

XVWDZ\]GQLDPDMDURJZDUDQFMDFKZROQRFLVXPLHQLDLZ\]QDQLD

GRW\F]FHMSR]RVWDá\FKNRFLRáyZL]ZL]NyZZ\]QDQLRZ\FK

7DRVWDWQLDXVWDZDSR]DVIRUPXáRZDQLHPSUDZDRE\ZDWHOLGR]U]HV]DQLDVL Z

RUJDQL]DFMDFK ZLHFNLFK Z FHOX UHDOL]DFML ]DGD Z\QLNDMF\FK ] Z\]QDZDQHM

UHOLJLL EG( SU]HNRQD Z VSUDZDFK UHOLJLL FR R]QDF]D RGHVáDQLH GR RJyOQ\FK

SU]HSLVyZ Z WHM PDWHULL WM SU]HGH ZV]\VWNLP SU]HSLVyZ 3UDZD R

VWRZDU]\V]HQLDFK RUD] ZVND]XMF L* NRFLRá\ L ]ZL]NL Z\]QDQLRZH PRJ

SURZDG]Lü G]LDáDOQRü FKDU\WDW\ZQRRSLHNXF] L RZLDWRZRZ\FKRZDZF]

SU]\]QDMH DUW XVW SNW NRFLRáRP L ]ZL]NRP Z\]QDQLRZ\P SUDZR

WZRU]HQLDRUJDQL]DFMLPDMF\FKQDFHOXG]LDáDOQRüQDU]HF]IRUPDFMLUHOLJLMQHM

NXOWX UHOLJLMQHJR RUD] SU]HFLZG]LDáDQLD SDWRORJLRP VSRáHF]Q\P L LFK VNXWNRP

7HQ RVWDWQL FHO WDN*H RGSRZLDGD VIHU]H G]LDáDOQRFL SR*\WNX SXEOLF]QHJR

3RGREQ\ SU]HGPLRW G]LDáDQLD NRFLRáyZ L ]ZL]NyZ Z\]QDQLRZ\FK RUD]

WZRU]RQ\FKSU]H]QLHRUJDQL]DFMHSU]HZLGXMLQQHZ\*HMSRZRáDQHMXVWDZ\

3RZRáDQDXVWDZDRVWRVXQNX3DVWZDGR.RFLRáD.DWROLFNLHJRRGUy*QLDRG

VLHELHRUJDQL]DFMHNRFLHOQHQLHSRGGDQHSU]HSLVRP3UDZDRVWRZDU]\V]HQLDFK

HU\JRZDQH SU]H] ZáDFLZH ZáDG]H NRFLHOQH DOER ]DáR*RQH SU]H] ZLHUQ\FK ]

XG]LDáHP SURERV]F]D UHNWRUD NRFLRáD OXE SU]HáR*RQHJR ]DNRQQHJR ]D

]H]ZROHQLHPZáDFLZHMZáDG]\NRFLHOQHMG]LDáDMFHZUDPDFKW\FKNRFLHOQ\FK

RVyESUDZQ\FKSU]\NWyU\FK]RVWDá\SRZRáDQHPDMFHQDFHOXSU]HGHZV]\VWNLP

G]LDáDOQRüQDU]HF]IRUPDFMLUHOLJLMQHMNXOWXSXEOLF]QHJRLQDXNLNDWROLFNLHMOHF]

PRJFHUyZQLH*PLHüQDFHOXFRPR*QD]DOLF]\üGRVIHU\SR*\WNXSXEOLF]QHJR

NU]HZLHQLH WU]H(ZRFL RGG]LDá\ZDQLH QD RVRE\ QDGX*\ZDMFH DONRKROX OXE

X*\ZDMFH QDUNRW\NyZ RUD] XG]LHODQLH SRPRF\ LFK URG]LQRP RUD] RUJDQL]DFMH

NDWROLFNLH ]DáR*RQH ]D DSUREDW ZáDG]\ NRFLHOQHM PDMFH QD FHOX SU]HGH

']81USR]]Sy(Q]P

']8]U1USR]]Sy(Q]P

=áR*RQD ]H Z]JO GX QD SRZ\*V]H ]Uy*QLFRZDQLH SRGVWDZ SUDZQ\FK PDWHULD VWDWXVX NR FLRáyZ L ]ZL]NyZ

Z\]QDQLRZ\FKRUD]LFKXVWURMX]SXQNWXZLG]HQLDSUDZD53VWDQRZLSU]HGPLRWRGU EQHMG\VF\SOLQ\RNUHODQHMMDNR

SUDZR Z\]QDQLRZH OXE SDVWZRZH SUDZR Z\]QDQLRZH ± L MHVW SU]HGPLRWHP OLF]Q\FK RSUDFRZD ] NWyU\FK PR*QD

Z\PLHQLüQDVW SXMFHRSUDFRZDQLDRFKDUDNWHU]HSRGU F]QLNRZ\P03LHWU]DN3UDZRZ\]QDQLRZH:DUV]DZD

03LHWU]DNL::\VRF]DVNL3UDZRNRFLRáyZL]ZL]NyZZ\]QDQLRZ\FKQLHNDWROLFNLFKZ3ROVFH:DUV]DZD

0:LQLDUF]\N.RVVDNRZVND3DVWZRZHSUDZRZ\]QDQLRZHZSUDNW\FHDGPLQLVWUDF\MQHM:DUV]DZD

ZV]\VWNLP ]JRGQ ] QDXN .RFLRáD G]LDáDOQRü VSRáHF]QRNXOWXUDOQ

RZLDWRZRZ\FKRZDZF]LFKDU\WDW\ZQRRSLHNXF]SRGGDQHSU]HSLVRP3UDZD

R VWRZDU]\V]HQLDFK ] XZ]JO GQLHQLHP V]F]HJyOQ\FK XSUDZQLH ZáDG]\

NRFLHOQHM : .RFLHOH 3UDZRVáDZQ\P RGSRZLHGQLR Z\VW SXM RUJDQL]DFMH

NRFLHOQHLEUDFWZDSUDZRVáDZQH

3R]D RUJDQL]DFMDPL R NWyU\FK PRZD Z XZDG]H XVW GRW\F]\ MDN PR*QD

VG]LüJHQHUDOQLHW]ZNRFLHOQ\FKRVyESUDZQ\FK$UWSRZRáDQHMXVWDZ\R

JZDUDQFMDFK ZROQRFL VXPLHQLD L Z\]QDQLD VWZLHUG]D L* Z VSUDZDFK

PDMWNRZ\FKNRFLRá\LLQQH]ZL]NLZ\]QDQLRZHG]LDáDMSRSU]H]VZRMHRVRE\

SUDZQH D RVRE\ SUDZQH NRFLRáyZ L LQQ\FK ]ZL]NyZ Z\]QDQLRZ\FK LFK

RUJDQ\ ]DNUHV NRPSHWHQFML L VSRVyE SRZRá\ZDQLD RUD] UHSUH]HQWDFML RNUHOD

SUDZRZHZQ WU]QHGDQHJRNRFLRáDDOER]ZL]NXRNUHODQHWDN*HMDNRVWDWXW:

NRFLRáDFK FKU]HFLMDVNLFK SRGVWDZ WDN UR]XPLDQHJR VWDWXWX MHVW SUDZR

NDQRQLF]QH

2NRFLHOQ\FKRVREDFKSUDZQ\FKMHVWPRZDZXVWDZDFKGRW\F]F\FKVWRVXQNX

3DVWZDGRGDQHJR.RFLRáD3RZRáDQDXVWDZDGRW\F]FDVWRVXQNX3DVWZDGR

.RFLRáDNDWROLFNLHJRZ\PLHQLDV]HUHJNRFLHOQ\FKRVyESUDZQ\FK.RQIHUHQFMD

(SLVNRSDWX 3ROVNL PHWURSROLH DUFKLGLHFH]MH GLHFH]MH SDUDILH NRFLRá\

UHNWRUDOQH&DULWDV3ROVND&DULWDVGLHFH]ML3DSLHVNLH']LHáD0LV\MQH2UG\QDULDW

3RORZ\NDSLWXá\GZLHNRQIHUHQFMHZ\*V]\FKSU]HáR*RQ\FK]DNRQQ\FKP VNLFK

L *HVNLFK ]DNRQ\ SURZLQFMH ]DNRQQH RSDFWZD GRP\ ]DNRQQH VHPLQDULD

GXFKRZQH L XF]HOQLH NRFLHOQH D WDN*H SU]HZLGXMH *H NRFLHOQ\PL RVREDPL

SUDZQ\PLVLQQHNRFLHOQHMHGQRVWNLRUJDQL]DF\MQHNWyUHX]\VNXMRVRERZRü

SUDZQZGURG]HUR]SRU]G]HQLDZ\GDQHJRSU]H]PLQLVWUDZáDFLZHJRGRVSUDZ

Z\]QDWMREHFQLH0LQLVWUD6SUDZ:HZQ WU]Q\FKL$GPLQLVWUDFMLMHGQRVWNLWH

PRJPLHüWDN*HFKDUDNWHU]U]HV]H

: RGQLHVLHQLX GR LQQ\FK NRFLRáyZ L ]ZL]NyZ Z\]QDQLRZ\FK RVRERZRü

SUDZQD RNUHORQ\FK RVyE SUDZQ\FK QD RJyá UyZQLH* Z\QLND ZSURVW ]

RGSRZLHGQLHM XVWDZ\ D QLH]DOH*QLH RG WHJR SU]HZLG]LDQ\ MHVW WU\E QDGDQLD

RVRERZRFL SUDZQHM Z GURG]H UR]SRU]G]HQLD PLQLVWUD ZáDFLZHJR GR VSUDZ

Z\]QD UHOLJLMQ\FK D Z SHZQ\FK SU]\SDGNDFK WDN*H Z QDVW SVWZLH

SRLQIRUPRZDQLDZáDFLZHJRRUJDQXSDVWZRZHJR

.RFLHOQH MHGQRVWNL RUJDQL]DF\MQH QLH SRVLDGDMFH RVRERZRFL SUDZQHM

Z\GDZQLFWZD]DNáDG\FKDU\WDW\ZQRRSLHNXF]HV]NRá\LSODFyZNLRZLDWRZR

Z\FKRZDZF]H G]LDáDM Z UDPDFK NRFLHOQ\FK RVyE SUDZQ\FK NWyUH MH

XWZRU]\á\

3U]HSLV\XVWDZ\VWRVXMHVL GRSRGPLRWyZZ\PLHQLRQ\FKZSNWW\ONRZyZF]DV

JG\LFKFHOHVWDWXWRZHREHMPXMQLHNRQLHF]QLHZ\áF]QLHZL NV]RüNRFLHOQ\FK

RVyESUDZQ\FKPDSU]HGHZV]\VWNLPFHOHRFKDUDNWHU]HUHOLJLMQ\PSURZDG]HQLH

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR Z UR]XPLHQLX XVWDZ\ SU]H] ÄFHOH VWDWXWRZH´

QDOH*\UR]XPLHüQLHRJyOQHFHOHNRFLRáDOXE]ZL]NXZ\]QDQLRZHJRZ\QLNDMFH

]MHJRÄVWDWXWX´XZDJDOHF]FHOHGDQHMNRFLHOQHMRVRE\SUDZQHMRNUHORQHZ

DNFLH R MHM XWZRU]HQLX OXE Z LQQ\FK DNWDFK RNUHODMF\FK MHM RUJDQL]DFM L

]DGDQLD

6WRZDU]\V]HQLD MHGQRVWHN VDPRU]GX WHU\WRULDOQHJR G]LDáDM ± QD SRGVWDZLH

SU]HSLVyZ SRGVWDZRZ\FK XVWURMRZ\FK XVWDZ VDPRU]GRZ\FK ] GQLD PDUFD

U R VDPRU]G]LH JPLQQ\P

] GQLD F]HUZFD U R VDPRU]G]LH

SRZLDWRZ\P

L ] WHJR VDPHJR GQLD R VDPRU]G]LH ZRMHZyG]WZD

Z FHOX

ZVSLHUDQLD LGHL VDPRU]GX WHU\WRULDOQHJR RUD] REURQ\ ZVSyOQ\FK LQWHUHVyZ

MHGQRVWHN VDPRU]GX : UDPDFK W\FK FHOyZ PR*H E\ü SURZDG]RQD G]LDáDOQRü

SR*\WNXSXEOLF]QHJR±FRQDMPQLHMZSU]HGPLRWDFKRNUHORQ\FKZDUWXVWSNW

3U]HSLVyZG]LDáX,,QLHVWRVXMHVL GR

SDUWLLSROLW\F]Q\FK

]ZL]NyZ]DZRGRZ\FKLRUJDQL]DFMLSUDFRGDZFyZ

VDPRU]GyZ]DZRGRZ\FK

IXQGDFMLNWyU\FKMHG\Q\PIXQGDWRUHPMHVW6NDUE3DVWZDOXEMHGQRVWND

VDPRU]GXWHU\WRULDOQHJRFK\ED*H

D SU]HSLV\RGU EQHVWDQRZLLQDF]HM

E PDMWHN WHM IXQGDFML QLH MHVW Z FDáRFL PLHQLHP SDVWZRZ\P

PLHQLHPNRPXQDOQ\POXEPLHQLHPSRFKRG]F\P]ILQDQVRZDQLD

URGNDPL SXEOLF]Q\PL Z UR]XPLHQLX XVWDZ\ R ILQDQVDFK

SXEOLF]Q\FKOXE

F IXQGDFMD SURZDG]L G]LDáDOQRü VWDWXWRZ Z ]DNUHVLH QDXNL Z

V]F]HJyOQRFLQDU]HF]QDXNL

IXQGDFMLXWZRU]RQ\FKSU]H]SDUWLHSROLW\F]QH

VSyáHNG]LDáDMF\FKQDSRGVWDZLHSU]HSLVyZRNXOWXU]HIL]\F]QHM

=HVIRUPXáRZDQLDXVWZ\QLNDL*Z\PLHQLRQHZQLPSRGPLRW\VRUJDQL]DFMDPL

SR]DU]GRZ\PLZUR]XPLHQLXXVWOHF]QLHVWRVXMHVL GRQLFKSU]HSLVyZG]LDáX

,,GRW\F]F\FKG]LDáDOQRFLSR*\WNXSXEOLF]QHJR]HZ]JO GXQDLFKV]F]HJyOQH

FHFK\

SNW L ]H Z]JO GX QD V]F]HJyOQH ]DGDQLD SRGNUHORQH UyZQLH*

RGSRZLHGQLR Z DUW DUW L DUW XVW .RQVW\WXFML 53 SU]\ F]\P

VDPRU]G\]DZRGRZH]DZRGyZ]DXIDQLDSXEOLF]QHJRQLHQDOH*FGRVHNWRUD

ILQDQVyZ SXEOLF]Q\FK Z\NRQXM RNUHORQH XVWDZRZR ]DGDQLD SXEOLF]QH ]

G]LHG]LQ\ SLHF]\ QDG QDOH*\W\P Z\NRQ\ZDQLHP RGSRZLHGQLFK ]DZRGyZ D

]DWHP VWDQRZL V]F]HJyOQHJR URG]DMX ZáDG]H SXEOLF]QH FR W\P EDUG]LHM

']8]U1USR]]Sy(Q]P

QDND]XMH ]DFKRZ\ZDü GDOHNR LGF UH]HUZ FR GR X]QDZDQLD LFK ]D

RUJDQL]DFMHSR]DU]GRZH

SNW L ]H Z]JO GX QD V]F]HJyOQ\ FKDUDNWHU SRGPLRWyZ WZRU]F\FK WH

IXQGDFMH ] LVWRWQ\PL Z\MWNDPL Z SNW SU]\ F]\P OLWF GRW\F]\ Z

V]F]HJyOQRFL)XQGDFMLQD5]HF]1DXNL3ROVNLHM

SNW]HZ]JO GXQD]MHGQHMVWURQ\SRWUDNWRZDQLHSU]H]XVWDZ RNXOWXU]H

IL]\F]QHMVSRUWRZ\FKVSyáHNDNF\MQ\FKQDUyZQL]HVWRZDU]\V]HQLDPLNXOWXU\

IL]\F]QHM ± MDNR IRUP NOXEX VSRUWRZHJR XF]HVWQLF]FHJR ZH

ZVSyá]DZRGQLFWZLHVSRUWRZ\PSU]\F]\PNOXEVSRUWRZ\MHVWRNUHORQ\MDNR

SRGVWDZRZD MHGQRVWND RUJDQL]DF\MQD UHDOL]XMFD FHOH L ]DGDQLD Z ]DNUHVLH

NXOWXU\ IL]\F]QHM D XSRZV]HFKQLDQLH NXOWXU\ IL]\F]QHM L VSRUWX ]RVWDáR

]DOLF]RQH GR VIHU\ SR*\WNX SXEOLF]QHJR ] GUXJLHM MHGQDN VWURQ\ FKRü

VSRUWRZDVSyáNDDNF\MQDPDUyZQLH*]DMPRZDüVL SURPRFMVSRUWXMHVWRQD

SRGVWDZRZ IRUPXá VSRUWX SURIHVMRQDOQHJR L ZREHF ZSLVDQLD GR UHMHVWUX

SU]HGVL ELRUFyZ.UDMRZHJR5HMHVWUX6GRZHJRPDRQDVWDWXVSU]HGVL ELRUF\

SU]HGVL ELRUF\ MDN E\áD R W\P PRZD XZDJD GR DUW XVW SR]D W\P

Z\MWNLHPQLHPRJE\ü]DOLF]HQLGRNDWHJRULLRUJDQL]DFMLSR]DU]GRZ\FK

$FRQWUDULRGRSRGPLRWyZZ\PLHQLRQ\FKZXVWVWRVXMHVL SU]HSLV\G]LDáX,

XVWDZ\ D ]DWHP WDN*H RJyOQH SU]HSLV\ GRW\F]FH ZVSyáSUDF\ ] RUJDQDPL

DGPLQLVWUDFML SXEOLF]QHM RUD] SU]HSLV\ G]LDáX ,,, R ZRORQWDULDFLH ] Z\MWNLHP

SURZDG]RQHM SU]H] WH SRGPLRW\ MH*HOL MHVW WR Z RJyOH GRSXV]F]RQH SU]H] SUDZR

G]LDáDOQRFLJRVSRGDUF]HM

3U]HSLVyZUR]G]LDáXG]LDáX,,QLHVWRVXMHVL GR]OHFDQLDUHDOL]DFML]DGDZ

]DNUHVLHRSLHNLQDG3RORQLL3RODNDPL]DJUDQLFILQDQVRZDQ\FK]HURGNyZ

EXG*HWXSDVWZDZF] FLNWyUHMG\VSRQHQWHPMHVW6]HI.DQFHODULL6HQDWX

$FRQWUDULRGR]OHFDQLD]DGDZVND]DQ\FKZW\PSU]HSLVLHILQDQVRZDQ\FK]

LQQ\FK URGNyZ SXEOLF]Q\FK Z SUDNW\FH PR*H Lü R URGNL ] EXG*HWX SDVWZD

NWyU\FK G\VSRQHQWDPL V LQQH SRGPLRW\ VWRVXMH VL WDN*H UR]G]LDá G]LDáX ,,

XVWDZ\ :\áF]HQLH VIRUPXáRZDQH Z XVW Z\QLNáR ] LQLFMDW\Z\ 6HQDWX NWyU\

JHQHUDOQLH ]DLQWHUHVRZDQ\ VSUDZDPL 3RORQLL L 3RODNyZ ]D JUDQLF Z\NRQXMH

RNUHORQH ]DGDQLD Z VWRVXQNX GR ]DMPXMFHJR VL W PDWHUL VWRZDU]\V]HQLD

:VSyOQRWD3ROVND

$UW

6IHUD ]DGD SXEOLF]Q\FK R NWyUHM PRZD Z XVWDZLH REHMPXMH ]DGDQLD Z

]DNUHVLH

SRPRF\VSRáHF]QHMZW\PSRPRF\URG]LQRPLRVRERPZWUXGQHMV\WXDFML

*\FLRZHMRUD]Z\UyZQ\ZDQLDV]DQVW\FKURG]LQLRVyE

G]LDáDOQRFLFKDU\WDW\ZQHM

SRGWU]\P\ZDQLD WUDG\FML QDURGRZHM SLHO JQRZDQLD SROVNRFL RUD]

UR]ZRMXZLDGRPRFLQDURGRZHMRE\ZDWHOVNLHMLNXOWXURZHM

G]LDáDOQRFLQDU]HF]PQLHMV]RFLQDURGRZ\FK

RFKURQ\LSURPRFML]GURZLD

G]LDáDQLDQDU]HF]RVyEQLHSHáQRVSUDZQ\FK

SURPRFML ]DWUXGQLHQLD L DNW\ZL]DFML ]DZRGRZHM RVyE SR]RVWDMF\FK EH]

SUDF\L]DJUR*RQ\FK]ZROQLHQLHP]SUDF\

XSRZV]HFKQLDQLD L RFKURQ\ SUDZ NRELHW RUD] G]LDáDOQRü QD U]HF]

UyZQ\FKSUDZNRELHWLP *F]\]Q

G]LDáDOQRFL ZVSRPDJDMFHM UR]ZyM JRVSRGDUF]\ Z W\P UR]ZyM

SU]HGVL ELRUF]RFL

G]LDáDOQRFLZVSRPDJDMFHMUR]ZyMZVSyOQRWLVSRáHF]QRFLORNDOQ\FK

QDXNLHGXNDFMLRZLDW\LZ\FKRZDQLD

NUDMR]QDZVWZDRUD]Z\SRF]\QNXG]LHFLLPáRG]LH*\

NXOWXU\V]WXNLRFKURQ\GyEUNXOWXU\LWUDG\FML

XSRZV]HFKQLDQLDNXOWXU\IL]\F]QHMLVSRUWX

HNRORJLLLRFKURQ\]ZLHU]WRUD]RFKURQ\G]LHG]LFWZDSU]\URGQLF]HJR

SRU]GNXLEH]SLHF]HVWZDSXEOLF]QHJRRUD]SU]HFLZG]LDáDQLDSDWRORJLRP

VSRáHF]Q\P

XSRZV]HFKQLDQLDZLHG]\LXPLHM WQRFLQDU]HF]REURQQRFLSDVWZD

XSRZV]HFKQLDQLD L RFKURQ\ ZROQRFL L SUDZ F]áRZLHND RUD] VZREyG

RE\ZDWHOVNLFKDWDN*HG]LDáDZVSRPDJDMF\FKUR]ZyMGHPRNUDFML

UDWRZQLFWZDLRFKURQ\OXGQRFL

SRPRF\RILDURPNDWDVWURINO VN*\ZLRáRZ\FKNRQIOLNWyZ]EURMQ\FKL

ZRMHQZNUDMXL]DJUDQLF

XSRZV]HFKQLDQLDLRFKURQ\SUDZNRQVXPHQWyZ

G]LDáDQDU]HF]LQWHJUDFMLHXURSHMVNLHMRUD]UR]ZLMDQLDNRQWDNWyZL

ZVSyáSUDF\PL G]\VSRáHF]HVWZDPL

SURPRFMLLRUJDQL]DFMLZRORQWDULDWX

G]LDáDOQRFLZVSRPDJDMFHMWHFKQLF]QLHV]NROHQLRZRLQIRUPDF\MQLHOXE

ILQDQVRZRRUJDQL]DFMHSR]DU]GRZHRUD]SRGPLRW\RNWyU\FKPRZDZ

DUWXVWZ]DNUHVLHRNUHORQ\PZSNW

$UWXVWZ\]QDF]DXVWDZRZ\]DNUHVVIHU\SR*\WNXSXEOLF]QHJRWMVIHU\

]DGDSXEOLF]Q\FKZRGQLHVLHQLXGRNWyUHMMH*HOLRGSRZLHGQLG]LDáDOQRü

SURZDG]RUJDQL]DFMHSR]DU]GRZHRUD]SRGPLRW\ZVND]DQHZDUWXVW

VWRVXMH VL SU]HSLV\ XVWDZ\ Z V]F]HJyOQRFL SU]HSLV\ G]LDáX ,, ]

Z\áF]HQLHPZ\QLNDMF\P]DUWXVW

:\OLF]HQLH ]DNUHVX ]DGD ]DOLF]RQ\FK GR VIHU\ SR*\WNX SXEOLF]QHJR PD

FKDUDNWHUZ\F]HUSXMF\HQXPHUDW\ZQ\

3LHUZRWQLH SODQRZDQR DE\ ]DNUHV WHQ E\á VWRVXQNRZR ZVNL ± WDN DE\

XVWDZD REM áD PDWHULH V]F]HJyOQLH ZD*QH GOD SU]HGPLRWX ZVSyOQHJR

]DLQWHUHVRZDQLDRUJDQyZDGPLQLVWUDFMLSXEOLF]QHMERZLHPLG]LHR]DGDQLD

SXEOLF]QH L RUJDQL]DFML SR]DU]GRZ\FK MH*HOL SURZDG] G]LDáDOQRü

VWDWXWRZ Z W\P ]DNUHVLH D Z UD]LH Z\VWSLHQLD SLOQHM SRWU]HE\

UR]V]HU]HQLD]DNUHVXSU]HZLG]LDQRPR*OLZRüUR]V]HU]HQLDWDN*HZGURG]H

UR]SRU]G]HQLD5DG\0LQLVWUyZREHFQLHXVW=DNUHVWHQ]RVWDáMHGQDNZ

WRNX SUDF QDG SURMHNWHP XVWDZ\ LVWRWQLH SRV]HU]RQ\ WDN*H Z WRNX SUDF

6HMPX ZVNXWHN F]HJR Z\OLF]HQLH ]DZDUWH Z XVW REHMPXMH SUDNW\F]QLH

ZV]\VWNLH LVWRWQLHMV]H SU]HGPLRW\ UHDOQHJR L SRWHQFMDOQHJR ZVSyOQHJR

]DLQWHUHVRZDQLD RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM L RUJDQL]DFML

SR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZDUWXVW

: UH]XOWDFLH PDáR SUDZGRSRGREQH Z\GDMH VL Z\VWSLHQLH SRWU]HE\

VNRU]\VWDQLDSU]H]5DG 0LQLVWUyZ]XSRZD*QLHQLDXG]LHORQHJRZXVW

2]QDF]DWR]DUD]HPL*]QDMGXMFDVL SR]DVIHUSR*\WNXSXEOLF]QHJR

VIHUD Z NWyUHM R WU\ELH ]OHFDQLD ]DGD SXEOLF]Q\FK QDOH*F\FK GR GDQHM

MHGQRVWNL VDPRU]GX WHU\WRULDOQHJR QDGDO E G]LH GHF\GRZDá RUJDQ

VWDQRZLF\WHMMHGQRVWNLDUW3U]HSLVyZZSURZDG]DMF\FKZ]ZL]NX]

QRZ\PEU]PLHQLHPDUWXVWDZ\RILQDQVDFKSXEOLF]Q\FKRLOHZ\VWSL

E G]LHEDUG]RZVND

=H Z]JO GX QD ZVSRPQLDQH VWRSQLRZH UR]V]HU]DQLH ]DNUHVX VIHU\

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR Z WRNX SUDF QDG SURMHNWHP XVWDZ\

Z\OLF]HQLH]DZDUWHZXVWMHVWRGOHJáHRGZ\PRJyZZ\QLNDMF\FKWDN*H]

ORJLNLIRUPDOQHM

3RV]F]HJyOQH SXQNW\ V VIRUPXáRZDQH QD Uy*Q\P VWRSQLX

V]F]HJyáRZRFLZVNXWHNF]HJRPDMEDUG]RUy*QSRMHPQRü

7\ONR F] ü ] QLFK Z V]F]HJyOQRFL SNW L

SRVáXJXMH VL WHUPLQRORJL ZSURVW RGQRV]F VL GR WUHFL XVWDZ SUDZD

PDWHULDOQHJRGRW\F]F\FK]DGDSXEOLF]Q\FK]GDQHJR]DNUHVXSU]\F]\P

WHUPLQRORJLD WD QLH SRNU\ZD VL SU]\QDMPQLHM GR U ] WHUPLQRORJL

VWRVRZDQ Z SU]HSLVDFK SUDZD SRGDWNRZHJR QS Z DUW XVW SNW

XVWDZ\ ] GQLD OXWHJR U R SRGDWNX GRFKRGRZ\P RG RVyE

SUDZQ\FK

RNUHODMF\P ]DNUHV SU]HGPLRWRZHJR ]ZROQLHQLD ] SRGDWNX

GRFKRGRZHJRSRGDWQLNyZLQQ\FKQL*VSyáNLSU]HGVL ELRUVWZDSDVWZRZHL

VSyáG]LHOQLH 2GU EQ\ SUREOHP VWDQRZL RNUHOHQLH ÄG]LDáDOQRü

FKDU\WDW\ZQD´ NWyUH Z\VW SXMH Z SU]HSLVDFK GRW\F]F\FK VWRVXQNX

3DVWZD GR NRFLRáyZ L ]ZL]NyZ Z\]QDQLRZ\FK MHGQDN*H QLH MHVW

RF]\ZLVWH L* MHVW RQR WR*VDP\ ] ÄGREURF]\QQRFL´ F]\ ÄFHODPL

GREURF]\QQ\PL´ R NWyU\FK PRZD Z SU]HSLVDFK SRGDWNRZ\FK ZREHF

']8]U1USR]]Sy(Q]P

EUDNX Z XVWDZLH RNUHOHQLD ÄG]LDáDOQRü GREURF]\QQD´ Z\NáDGQLD

V\VWHPRZDQDND]\ZDáDE\MHGQDNSU]\MüWR*VDPRüW\FKRNUHOH

=DNUHVQLHNWyU\FKSXQNWyZ]DFKRG]LQDVLHELHFRXQLHPR*OLZLDSURVWH

VWRVRZDQLH Z\NáDGQL OLWHUDOQHM OXE V\VWHPDW\F]QHM : V]F]HJyOQRFL

RFKURQDSUDZNRELHWSNWVWDQRZLF] üPDWHULLRFKURQ\SUDZF]áRZLHND

SNW

:]ZL]NX]W\P]D]DVDG ZRGQLHVLHQLXGRHQXPHUDFMLXVWSRZLQQRVL

SU]\MPRZDü VWRVRZDQLH Z\NáDGQL IXQNFMRQDOQHM FR Z SUDNW\FH PR*H

R]QDF]Dü Z NRQNUHWQ\FK SU]\SDGNDFK WDN*H Z\NáDGQL UR]V]HU]DMF

1DOH*\ MHGQDN PLHü QD XZDG]H ]DVDGQLF]H ]HZQ WU]QH RJUDQLF]HQLH

]DVWRVRZDQLD Z\NáDGQL IXQNFMRQDOQHM OXE UR]V]HU]DMFHM D PLDQRZLFLH

NRQLHF]QRüEDGDQLDF]\GDQ\]DNUHVQDOH*\GR]DNUHVX]DGDSXEOLF]Q\FK

W]Q F]\ RNUHORQ\ SU]HSLV XVWDZ\ SU]HGH ZV]\VWNLP XVWDZ\ ] G]LHG]LQ\

SUDZD PDWHULDOQHJR Z MDNLNROZLHN VSRVyE NZDOLILNXMH JR Z RJyOH GR

PDWHULL ]DGD SXEOLF]Q\FK MDN UyZQLH* MDNL RUJDQ ZáDG]\ SXEOLF]QHM

SU]HGHZV]\VWNLPMDNLRUJDQDGPLQLVWUDFMLSXEOLF]QHMMHVWZRGQLHVLHQLX

GRQLHJRZáDFLZ\3U]HSLV\XVWQLHPRJE\üERZLHPZ*DGHQVSRVyE

UR]XPLDQHMDNRVDPRLVWQLHRNUHODMFHVIHU ]DGDSXEOLF]Q\FK

5DGD0LQLVWUyZPR*HRNUHOLüZGURG]HUR]SRU]G]HQLD]DGDQLDZ]DNUHVLH

LQQ\P QL* Z\PLHQLRQH Z XVW MDNR QDOH*FH GR VIHU\ ]DGD SXEOLF]Q\FK

NLHUXMF VL LFK V]F]HJyOQ VSRáHF]Q X*\WHF]QRFL RUD] PR*OLZRFL LFK

Z\NRQ\ZDQLD SU]H] SRGPLRW\ R NWyU\FK PRZD Z DUW XVW Z VSRVyE

]DSHZQLDMF\Z\VWDUF]DMFH]DVSRNDMDQLHSRWU]HEVSRáHF]Q\FK

3RUXZDJ GRXVW

$UW

2UJDQ\ DGPLQLVWUDFML SXEOLF]QHM SURZDG] G]LDáDOQRü Z VIHU]H ]DGD

SXEOLF]Q\FK R NWyUHM PRZD Z DUW ZH ZVSyáSUDF\ ] RUJDQL]DFMDPL

SR]DU]GRZ\PL RUD] SRGPLRWDPL Z\PLHQLRQ\PL Z DUW XVW

SURZDG]F\PL RGSRZLHGQLR GR WHU\WRULDOQHJR ]DNUHVX G]LDáDQLD RUJDQyZ

DGPLQLVWUDFML SXEOLF]QHM G]LDáDOQRü SR*\WNX SXEOLF]QHJR Z ]DNUHVLH

RGSRZLDGDMF\P]DGDQLRPW\FKRUJDQyZ:VSyáSUDFDWDPR*HRGE\ZDüVL

ZV]F]HJyOQRFLZIRUPDFK

]OHFDQLD RUJDQL]DFMRP SR]DU]GRZ\P RUD]SRGPLRWRP Z\PLHQLRQ\P Z

DUW XVW UHDOL]DFML ]DGD SXEOLF]Q\FK QD ]DVDGDFK RNUHORQ\FK Z

XVWDZLH

Z]DMHPQHJR LQIRUPRZDQLD VL R SODQRZDQ\FK NLHUXQNDFK G]LDáDOQRFL L

ZVSyáG]LDáDQLDZFHOX]KDUPRQL]RZDQLDW\FKNLHUXQNyZ

NRQVXOWRZDQLD ] RUJDQL]DFMDPL SR]DU]GRZ\PL RUD] SRGPLRWDPL

Z\PLHQLRQ\PL Z DUW XVW RGSRZLHGQLR GR ]DNUHVX LFK G]LDáDQLD

SURMHNWyZ DNWyZ QRUPDW\ZQ\FK Z G]LHG]LQDFK GRW\F]F\FK G]LDáDOQRFL

VWDWXWRZHMW\FKRUJDQL]DFML

WZRU]HQLDZVSyOQ\FK]HVSRáyZRFKDUDNWHU]HGRUDGF]\PLLQLFMDW\ZQ\P

]áR*RQ\FK ] SU]HGVWDZLFLHOL RUJDQL]DFML SR]DU]GRZ\FK SRGPLRWyZ

Z\PLHQLRQ\FK Z DUW XVW RUD] SU]HGVWDZLFLHOL ZáDFLZ\FK RUJDQyZ

DGPLQLVWUDFMLSXEOLF]QHM

3U]H] RUJDQ DGPLQLVWUDFML SXEOLF]QHM QDOH*\ UR]XPLHü ± ]JRGQLH ] GHILQLFM

VIRUPXáRZDQ ZH ZF]HQLHMV]\FK ZHUVMDFK SURMHNWyZ XVWDZ\ RUJDQ ZáDG]\

SXEOLF]QHMZ]DNUHVLHZMDNLP]RVWDáSRZRáDQ\]PRF\RGSRZLHGQLFKSU]HSLVyZ

NRPSHWHQF\MQ\FK L SUDZQRPDWHULDOQ\FK GR Z\NRQ\ZDQLD ]DGD DGPLQLVWUDFML

SXEOLF]QHM D Z V]F]HJyOQRFL PLQLVWUD NLHURZQLND XU] GX FHQWUDOQHJR

ZRMHZRG RUJDQJPLQ\SRZLDWXLZRMHZyG]WZDRUD]]ZL]NXJPLQL]ZL]NX

SRZLDWyZ

3RGVWDZRZH ]QDF]HQLH GOD XVWDOHQLD WUHFL XVW SRVLDGDM QDVW SXMFH

VWZLHUG]HQLDX]DVDGQLHQLDSURMHNWXXVWDZ\ZNWyU\PZW\P]DNUHVLHGRNRQDQR

W\ONRQLH]QDF]Q\FK]PLDQ

Ä3URMHNW Z DUW XVW QDND]XMH RUJDQRP DGPLQLVWUDFML SXEOLF]QHM SU]\

UHDOL]DFML ]DGD SXEOLF]Q\FK ZVSyáSUDFRZDü ] RUJDQL]DFMDPL SR]DU]GRZ\PL

SURZDG]F\PL G]LDáDOQRü SR*\WNX SXEOLF]QHJR RUD] RNUHOD IRUP\ WHM

ZVSyáSUDF\ 3RQLHZD* Z UDPDFK GHFHQWUDOL]DFML SDVWZD GRNRQXMH VL

SU]HVXQL FLD ]DGD SXEOLF]Q\FK ] DGPLQLVWUDFML U]GRZHM QD VDPRU]G

WHU\WRULDOQ\W\PEDUG]LHMPXV]LVWQLHüMHGQROLWH]DVDG\ZVSyáSUDF\DGPLQLVWUDFML

SXEOLF]QHM ] RUJDQL]DFMDPL SR]DU]GRZ\PL 3URMHNW XMHGQROLFD ]DNUHV L WU\E

UHDOL]DFMLRERZL]NXLQIRUPDFMLRUD]NRQVXOWRZDQLDSURMHNWyZDNWyZSUDZQ\FK

6]F]HJyOQLH ZD*QH MHVW RNUHOHQLH MDNR MHGQHM ] IRUP ZVSyáSUDF\ PL G]\

RUJDQDPL DGPLQLVWUDFML SXEOLF]QHM D RUJDQL]DFMDPL SR]DU]GRZ\PL

NRQVXOWRZDQLDSROLW\NLSDVWZDU]GXLVDPRU]GXWHU\WRULDOQHJRZREV]DUDFKR

V]F]HJyOQ\PQDVLOHQLXDNW\ZQRFLRUJDQL]DFMLSR]DU]GRZ\FK´

8VWDZDQDNáDGDRERZL]HNZVSyáSUDF\WHU\WRULDOQLHLSU]HGPLRWRZRZáDFLZ\FK

RUJDQyZDGPLQLVWUDFMLSXEOLF]QHM]RUJDQL]DFMDPLSR]DU]GRZ\PLLSRGPLRWDPL]

QLPL]UyZQDQ\PLNWyUHSURZDG]G]LDáDOQRüSR*\WNXSXEOLF]QHJRDQLHW\ONR

]DPLHU]DM G]LDáDOQRü W SURZDG]Lü SU]\ F]\P QDOH*\ X]QDü ]D RF]\ZLVWH L*

FKRG]L R RUJDQL]DFMH L SRGPLRW\ NWyUHZ\UD]Lá\ZRO WDNLHMZVSyáSUDF\IRUPD

Z\UD*HQLD WHM ZROL QLH ]RVWDáD RNUHORQD D ]DWHP MHVW GRZROQD MHGQDN*H MHM

LVWQLHQLHQLHPR*HXOHJDüZWSOLZRFL

8VWDZRZH QDáR*HQLH RERZL]NX ZVSyáSUDF\ QLH R]QDF]D QDáR*HQLD RERZL]NX

ZVSyáSUDFRZDQLD ZH ZV]\VWNLFK IRUPDFK Z\PLHQLRQ\FK Z XVW SU]\ F]\P

Z\OLF]HQLHW\FKIRUPMHVWMHG\QLHSU]\NáDGRZHFRZ\QLND]X*\FLDZ\UD*HQLDÄZ

V]F]HJyOQRFL´ &R ZL FHM QLH PD SRGVWDZ GR SU]\MPRZDQLD L* NROHMQRü Z

MDNLHM ]RVWDá\ Z\PLHQLRQH RNUHORQH IRUP\ ZVND]XMH QD SUHIHUHQFMH

XVWDZRGDZF\±NWyU\JG\E\SU]\MüRGPLHQQHVWDQRZLVNR]DSRGVWDZRZIRUP

ZVSyáSUDF\ XZD*DáE\ ]OHFDQLH UHDOL]DFML ]DGD SXEOLF]Q\FK =OHFDQLH ±

]GHILQLRZDQH Z XVW ± MHVW FR ZL FHM QDMEDUG]LHM LQWHQV\ZQ L Z UH]XOWDFLH

VIRUPDOL]RZDQ IRUP ZVSyáSUDF\ áF]F VL ] ]DDQJD*RZDQLHP URGNyZ

SXEOLF]Q\FK D ]DWHP SRZLQQR RQR E\ü WUDNWRZDQH MDNR IRUPD V]F]HJyOQD GR

NWyUHM PR*QD GRMü ]DVDGQLF]R SR Z\NRU]\VWDQLX IRUP PQLHM LQWHQV\ZQ\FK L

VIRUPDOL]RZDQ\FK : W\P NRQWHNFLH ]D SRGVWDZRZ IRUP PR*QD E\ X]QDü

Z]DMHPQHLQIRUPRZDQLHVL RNWyU\PPRZDZSNWW\PEDUG]LHM*HEH]WDNLHM

LQIRUPDFMLQLHPR*OLZHMHVWXWU]\P\ZDQLHMDNLHMNROZLHNWUZDOV]HMZVSyáSUDF\

2 Z\ERU]H IRUP ZVSyáSUDF\ GHF\GXM ZVSyOQLH SDUWQHU]\ D ]DWHP QLH PD

PR*OLZRFL ]PXV]HQLD MHGQHM ]H VWURQ RUJDQX DGPLQLVWUDFML SXEOLF]QHM F]\

RUJDQL]DFMLGRZVSyáSUDF\ZRNUHORQHMIRUPLHEH]]JRG\WHMVWURQ\

:VSyáSUDFD R NWyUHM PRZD Z XVW RGE\ZD VL QD ]DVDGDFK

SRPRFQLF]RFL VXZHUHQQRFL VWURQ SDUWQHUVWZD HIHNW\ZQRFL XF]FLZHM

NRQNXUHQFMLLMDZQRFL

=DVDG\ Z\PLHQLRQH Z XVW ]RVWDá\ FR GR ]DVDG\ SU]HM WH ] DUWD XVWDZ\ R

SRPRF\ VSRáHF]QHM SRU :SURZDG]HQLH SNW =RVWDá\ RQH Z\MDQLRQH Z

X]DVDGQLHQLXSURMHNWXXVWDZ\ZVSRVyEQDVW SXMF\

Ä:P\O]DVDG\SRPRFQLF]RFLSU]\VXZHUHQQRFLVWURQRUJDQ\DGPLQLVWUDFML

SXEOLF]QHM UHVSHNWXMF RGU EQRü L VXZHUHQQRü ]RUJDQL]RZDQ\FK ZVSyOQRW

RE\ZDWHOL X]QDM LFK SUDZR GR VDPRG]LHOQHJR GHILQLRZDQLD L UR]ZL]\ZDQLD

SUREOHPyZZW\PQDOH*F\FKWDN*HGRVIHU\]DGDSXEOLF]Q\FKLZWDNLP]DNUHVLH

ZVSyáSUDFXM ] W\PL RUJDQL]DFMDPL D WDN*H ZVSLHUDM LFK G]LDáDOQRü RUD]

XPR*OLZLDMUHDOL]DFM ]DGDSXEOLF]Q\FKQD]DVDGDFKLZIRUPLHRNUHORQ\FKZ

SURMHNWRZDQHMXVWDZLH

=JRGQLH ] ]DVDG SDUWQHUVWZD RUJDQL]DFMH SR]DU]GRZH QD ]DVDGDFK L Z

IRUPDFK RNUHORQ\FK Z SURMHNWRZDQHM XVWDZLH RUD] Z WU\ELH RNUHORQ\P Z

SU]HSLVDFKRGU EQ\FKXF]HVWQLF]ZLGHQW\ILNRZDQLXLGHILQLRZDQLXSUREOHPyZ

NWyU\FKUR]ZL]\ZDQLHVWDQRZLSU]HGPLRW]DGDSXEOLF]Q\FKZZ\SUDFRZ\ZDQLX

VSRVREyZ Z\NRQ\ZDQLD ]DGD SXEOLF]Q\FK SU]H] ZáDFLZ\ RUJDQ DGPLQLVWUDFML

SXEOLF]QHMDWDN*HZZ\NRQ\ZDQLXW\FK]DGD

.LHUXMF VL ]DVDG HIHNW\ZQRFL RUJDQ\ DGPLQLVWUDFML SXEOLF]QHM SU]\

]OHFDQLXRUJDQL]DFMRPSR]DU]GRZ\P]DGDSXEOLF]Q\FKGRUHDOL]DFMLGRNRQXM

Z\ERUX QDMHIHNW\ZQLHMV]HJR VSRVREX Z\NRU]\VWDQLD URGNyZ SXEOLF]Q\FK

SU]HVWU]HJDMF ]DVDG XF]FLZHM NRQNXUHQFML RUD] ] ]DFKRZDQLHP Z\PRJyZ

RNUHORQ\FKZDUWLDUWXVWXVWDZ\RILQDQVDFKSXEOLF]Q\FK

0DMF QD Z]JO G]LH ]DVDG MDZQRFL RUJDQ\ DGPLQLVWUDFML SXEOLF]QHM

XGRVW SQLDMZVSyáSUDFXMF\P]QLPLRUJDQL]DFMRPSR]DU]GRZ\PLQIRUPDFMHR

]DPLDUDFKFHODFKLURGNDFKSU]H]QDF]RQ\FKQDUHDOL]DFM ]DGDSXEOLF]Q\FKZ

NWyU\FKPR*OLZDMHVWZVSyáSUDFD]W\PLRUJDQL]DFMDPLRUD]RNRV]WDFKUHDOL]DFML

]DGD SXEOLF]Q\FK MX* SURZDG]RQHM Z W\P ]DNUHVLH SU]H] MHGQRVWNL SRGOHJáH

RUJDQRP DGPLQLVWUDFML SXEOLF]QHM OXE QDG]RURZDQH SU]H] WH RUJDQ\ ZUD] ]

LQIRUPDFM R VSRVRELH REOLF]DQLD W\FK NRV]WyZ WDN DE\ PR*OLZH E\áR LFK

SRUyZQDQLH ] NRV]WDPL UHDOL]DFML DQDORJLF]Q\FK ]DGD SU]H] LQQH LQVW\WXFMH L

RVRE\´

=DVDGDSRPRFQLF]RFL]RVWDáDREV]HUQLHRPyZLRQDZHZSURZDG]HQLX

2UJDQ VWDQRZLF\ MHGQRVWNL VDPRU]GX WHU\WRULDOQHJR XFKZDOD URF]Q\

SURJUDPZVSyáSUDF\]RUJDQL]DFMDPLSR]DU]GRZ\PLRUD]]SRGPLRWDPL

RNWyU\FKPRZDZDUWXVW

8VWDZD QLH ]DZLHUD ZVND]yZHN FR GR VWRSQLD V]F]HJyáRZRFL SURJUDPX R

NWyU\PPRZDZXVWDQLQDZHWFRGRMHJRSRZL]DQLD]EXG*HWHPMHGQRVWNL

VDPRU]GXWHU\WRULDOQHJR7\PQLHPQLHMPR*QDVG]LüL*SURJUDPWHQPR*H

PLHü SUDNW\F]QH ]QDF]HQLH MHG\QLH Z SU]\SDGNX RGSRZLHGQLHJR SRZL]DQLD

JR ] EXG*HWHP SU]HGH ZV]\VWNLP ]H Z]JO GX QD WR L* MHGQ ] IRUP

ZVSyáSUDF\MHVW]OHFDQLHUHDOL]DFML]DGDSXEOLF]Q\FKSRáF]RQH]XG]LHOHQLHP

QD WHQ FHO GRWDFML 2]QDF]D WR NRQLHF]QRü SU]\JRWRZ\ZDQLD SURMHNWX

SURJUDPXFRQDMPQLHMUyZQROHJOH]SU]\JRWRZ\ZDQLHPSURMHNWXEXG*HWXFR

VWDQRZL]DGDQLHZ\áF]QLH]DU]GXMHGQRVWNLVDPRU]GXSU]\F]\PZVND]DQH

E\áRE\ DE\ SU]\JRWRZDQLH SURJUDPX QDVW SRZDáR UyZQROHJOH ]

Z\SUDFRZ\ZDQLHP ÄEXG*HWX ]DGDQLRZHJR´ MDNR PDWHULDáX SRSU]HG]DMFHJR

VSRU]G]HQLH SURMHNWX EXG*HWX ]JRGQLH ] VDPRU]GRZ\PL SU]HSLVDPL

XVWURMRZ\PL RUD] SU]HSLVDPL R ILQDQVDFK SXEOLF]Q\FK Z VSUDZLH ÄEXG*HWX

]DGDQLRZHJR´SRUUyZQLH*XZDJDGRDUWXVW

:REHFIXQNFMRQDOQHJRSRZL]DQLD]XFKZDáEXG*HWRZSURJUDPSRZLQLHQ

E\üXFKZDORQ\QDMSy(QLHMUyZQRF]HQLH]WXFKZDá±WMGRPDUFDGDQHJR

URNX SRU DUW XVW XVWDZ\ ] GQLD PDUFD U R VDPRU]G]LH

JPLQQ\P

: UD]LH QLHXFKZDOHQLD SURJUDPX ND*G\ SRGPLRW NWyU\ PD

LQWHUHV Z XFKZDOHQLX Z W\P RUJDQL]DFMD SR]DU]GRZD G]LDáDMFD QD WHUHQLH

GDQHM MHGQRVWNL VDPRU]GX PR*H ± SR EH]VNXWHF]Q\P ZH]ZDQLX GR

XFKZDOHQLD SURJUDPX ± ]DVNDU*\ü MHJR EUDN GR VGX DGPLQLVWUDF\MQHJR

DUWD XVWDZ\ R VDPRU]G]LH JPLQQ\P DUW XVWDZ\ ] GQLD F]HUZFD

URVDPRU]G]LHSRZLDWRZ\P

DUWXVWDZ\]GQLDF]HUZFDUR

VDPRU]G]LHZRMHZyG]WZD

']8]U1USR]]Sy(Q]P

6]F]HJyOQ\P URG]DMHP XFKZDá RUJDQyZ MHGQRVWHN VDPRU]GX WHU\WRULDOQHJR

VDNW\SUDZDPLHMVFRZHJR6WDQRZLRQH(UyGáDSUDZDRPRF\SRZV]HFKQLH

RERZL]XMFHM QD REV]DU]H GDQHM MHGQRVWNL D ]DWHP PRJ E\ü SRGVWDZ

GHF\]ML DGPLQLVWUDF\MQ\FK MDN UyZQLH* VWZDU]Dü SRGVWDZ GOD SHZQ\FK

URV]F]HF\ZLOQRSUDZQ\FK0LPRLVWQLHQLDVWRVXQNRZRREV]HUQHMOLWHUDWXU\L

ERJDWHJR RU]HF]QLFWZD WUXGQR MHVW Z ZLHOX SU]\SDGNDFK MHGQR]QDF]QLH

RNUHOLü F]\ GDQD XFKZDáD ± ]DZV]H Z\PDJDMFD RGSRZLHGQLHM SRGVWDZ\

XVWDZRZHM±MHVWF]\WH*QLHMHVWDNWHPSUDZDPLHMVFRZHJR1LHUR]ZLMDMF

]DWHP WHM ]áR*RQHM NZHVWLL RJUDQLF]\ü VL PR*QD GR SRZRáDQLD GZyFK

RU]HF]H1DF]HOQHJR6GX$GPLQLVWUDF\MQHJR

Z\URNX]GQLDSD(G]LHUQLNDU

]DZLHUDMFHJR±SU]HM W]GRNWU\Q\

± GHILQLFM DNWX SUDZD PLHMVFRZHJR ÄDNW QRUPDW\ZQ\ VNLHURZDQ\ GR

QLHRNUHORQHJR]JyU\NU JXRVyEEH]Z]JO GXQDWRMDNLHMIDNW\F]QLHOLF]E\

W\FKRVyEE G]LHGRW\F]\áD´

Z\URNX]GQLDVLHUSQLDU

]JRGQLH]NWyU\PQDOH*\RGUy*QLüDNW

QRUPDW\ZQ\ VWDQRZLF\ SU]HSLV\ JPLQQH RG DNWX QRUPDW\ZQHJR

NLHURZQLFWZD ZHZQ WU]QHJR SLHUZV]\ UR]VWU]\JD Z VSRVyE EH]Z]JO GQ\ R

SUDZDFK L RERZL]NDFK SRGPLRWyZ ZFKRG]F\FK Z VNáDG ZVSyOQRW\

VDPRU]GRZHM QDWRPLDVW GUXJL Z SU]\SDGNX WHJR Z\URNX ]DVDG\ XVWDODQLD

F]\QV]XQDMPXPLHQLDNRPXQDOQHJRRNUHODMHG\QLHSUDZDLRERZL]NLRVyE

RUD]MHGQRVWHNRUJDQL]DF\MQ\FKJPLQ\PDMFPRFZL*FMHG\QLHZHZQWU]

RNUHORQHJRXNáDGXRUJDQL]DF\MQHJR

:\URNL WH GDM SRGVWDZ GR SRWUDNWRZDQLD XFKZDá R URF]Q\P SURJUDPLH

ZVSyáSUDF\ MDNR VZRLVW\FK DNWyZ NLHURZQLFWZD ZHZQ WU]QHJR QDOH*F\FK

SU]\ W\P GR G]LHG]LQ\ SURJUDPRZDQLD G]LDáDOQRFL D QLH GR DNWyZ SUDZD

PLHMVFRZHJR

=OHFDQLHUHDOL]DFML]DGDSXEOLF]Q\FKRNWyU\PPRZDZXVWSNWMDNR

]DGD ]OHFRQ\FKZUR]XPLHQLXDUWXVWSNWOLWGRUD]DUWXVW

XVWDZ\RILQDQVDFKSXEOLF]Q\FKPR*HPLHüIRUP\

SRZLHU]DQLD Z\NRQ\ZDQLD ]DGD SXEOLF]Q\FK ZUD] ] XG]LHOHQLHP

GRWDFMLQDILQDQVRZDQLHLFKUHDOL]DFMLOXE

ZVSLHUDQLD WDNLFK ]DGD ZUD] ] XG]LHOHQLHP GRWDFML QD GRILQDQVRZDQLH

LFKUHDOL]DFML

=JRGQLH]DUWXVWSNWOLWGXVWDZ\RILQDQVDFKSXEOLF]Q\FKGRWDFMDPLV

SRGOHJDMFHV]F]HJyOQ\P]DVDGRPUR]OLF]DQLDZ\GDWNLEXG*HWXSU]H]QDF]RQHQD

ILQDQVRZDQLH OXE GRILQDQVRZDQLH ]DGD]OHFRQ\FKGRUHDOL]DFMLMHGQRVWNRPQLH

]DOLF]RQ\P GR VHNWRUD ILQDQVyZ SXEOLF]Q\FK Z W\P IXQGDFMRP L

VWRZDU]\V]HQLRP$UWXVWWHM*HXVWDZ\VWZLHUG]D*HMHGQRVWNLQLH]DOLF]RQH

GR VHNWRUD ILQDQVyZ SXEOLF]Q\FK Z W\P IXQGDFMH L VWRZDU]\V]HQLD PRJ

6$5]±)LQDQVH.RPXQDOQHQU

,6$±/(;QU

RWU]\P\ZDü GRWDFMH FHORZH QD UHDOL]DFM ]DGD ]OHFRQ\FK R NWyU\FK PRZD Z

DUW XVW SNW OLWG QD SRGVWDZLH XPyZ ]DZDUW\FK ] G\VSRQHQWHP F] FL

EXG*HWRZHM

8VWDZDZSURZDG]D±X*\ZDMFSU]\W\PWHUPLQRORJLLRGPLHQQHMQL*SRGREQDGR

QLHM SRG W\P Z]JO GHP XVWDZD R SRPRF\ VSRáHF]QHM ± UR]Uy*QLHQLH GZyFK

IRUPXá ]OHFDQLD UHDOL]DFML ]DGD SXEOLF]Q\FK Z ]DOH*QRFL RG VWRSQLD LFK

ILQDQVRZDQLD SRZLHU]DQLD JG]LH GRWDFML XG]LHOD VL QD VILQDQVRZDQLH WM

SRNU\FLH FDáRFL NRV]WyZ UHDOL]DFML L ZVSLHUDQLD JG]LH Z\VW SXMH

GRILQDQVRZDQLH WM SRNU\FLH ]H URGNyZ SXEOLF]Q\FK W\ONR F] FL NRV]WyZ FR

R]QDF]DL*SR]RVWDáF] üNRV]WyZRUJDQL]DFMDOXESRGPLRWSRNU\ZDM]LQQ\FK

(UyGHá7HUPLQRORJLDWDPDV]F]HJyOQH]QDF]HQLHZUDPDFKUR]G]LDáXG]LDáX,,

3U]HSLV DUW XVW SNW 3UDZD R VWRZDU]\V]HQLDFK Z\áF]D PR*OLZRü

RWU]\P\ZDQLD GRWDFML SU]H] VWRZDU]\V]HQLD ]Z\NáH ± FR R]QDF]D L*

VWRZDU]\V]HQLRP W\P QLH PR*QD SRZLHU]Dü UHDOL]DFML ]DGD SXEOLF]Q\FK DQL

ZVSLHUDü Z\NRQ\ZDQLD SU]H] QLH ]DGD SXEOLF]Q\FK QD ]DVDGDFK L Z WU\ELH

RNUHORQ\FKXVWDZ

']LDá,,

']LDáDOQRüSR*\WNXSXEOLF]QHJR

5R]G]LDá

']LDáDOQRüRGSáDWQDLQLHRGSáDWQDSR*\WNXSXEOLF]QHJR

$UW

6WDWXWRZDG]LDáDOQRüRUJDQL]DFMLSR]DU]GRZHMRUD]SRGPLRWyZZ\PLHQLRQ\FK

ZDUWXVWZF] FLREHMPXMFHMG]LDáDOQRüSR*\WNXSXEOLF]QHJRQLHMHVW]

]DVWU]H*HQLHPDUWXVWG]LDáDOQRFLJRVSRGDUF]ZUR]XPLHQLXSU]HSLVyZ

3UDZD G]LDáDOQRFL JRVSRGDUF]HM L PR*H E\ü SURZDG]RQD MDNR G]LDáDOQRü

QLHRGSáDWQDOXEMDNRG]LDáDOQRüRGSáDWQD

$UW IRUPXáXMH Z RGQLHVLHQLX GR G]LDáDOQRFL SR*\WNX SXEOLF]QHJR ]DVDG

SU]\MPRZDQ JHQHUDOQLH Z SUDNW\FH Z VWRVXQNX GR G]LDáDOQRFL RUJDQL]DFML

SR]DU]GRZ\FK SHáQHJR RGUy*QLHQLD RG VLHELH ZáDFLZHM GOD QLFK G]LDáDOQRFL

VWDWXWRZHM RUD] GRGDWNRZHM SURZDG]RQHM W\ONR QD ]DVDGDFK L Z ]DNUHVLH

RNUHORQ\PZRGSRZLHGQLFKSU]HSLVDFKXVWURMRZ\FKG]LDáDOQRFLJRVSRGDUF]HM

=DUD]HP SU]HSLV WHQ Z\UD(QLH ZVND]XMH ± FR E\áR GRWG ] Uy*Q\FK SRZRGyZ

NZHVWLRQRZDQH±QDWRL*G]LDáDOQRüVWDWXWRZDPR*HPLHüFKDUDNWHUQLHW\ONR

QLHRGSáDWQ\ FR E\áR GRWG F] VWR XZD*DQH ]D MHG\Q IRUPXá G]LDáDOQRFL

VWDWXWRZHMDOHLRGSáDWQ\RLOHVSHáQLDZ\PRJLRNUHORQHZXVWDZLH

:VNXWHN WHJR XVWDZD ]DM áD RNUHORQH VWDQRZLVNR LQWHUSUHWDF\MQH Z

RGQLHVLHQLX GR SRM FLD G]LDáDOQRFL JRVSRGDUF]HM ± SU]\ F]\P SRM FLH WR FR

Z\UD(QLHVL VWZLHUG]D]RVWDáRZSURVWSU]HM WH]XVWDZ\]GQLDOLVWRSDGD

U±3UDZRG]LDáDOQRFLJRVSRGDUF]HM

SODQRZDQH]DVWSLHQLHWHJR3UDZDXVWDZ

R ZROQRFL JRVSRGDUF]HM SU]HMPXMFHM GRW\FKF]DVRZ GHILQLFM G]LDáDOQRFL

JRVSRGDUF]HMQLHSRZLQQRPLHüZSá\ZXQDUR]XPLHQLHG]LDáDOQRFLJRVSRGDUF]HM

Z XVWDZLH Z NRQWHNFLH SU]HSLVyZ R G]LDáDOQRFL JRVSRGDUF]HM ']LDáDOQRFL

JRVSRGDUF] RUJDQL]DFML SR]DU]GRZ\FK SURZDG]F\FK G]LDáDOQRü SR*\WNX

SXEOLF]QHJR MHVW WDND G]LDáDOQRü RGSáDWQD NWyUD QLH MHVW RGSáDWQ VWDWXWRZ

G]LDáDOQRFLSR*\WNXSXEOLF]QHJR

3U]\ WDNLHM NRQVWUXNFML WUyMSRG]LDáX G]LDáDOQRFL RUJDQL]DFML SR]DU]GRZ\FK

VWDWXWRZD QLHRGSáDWQD SR*\WNX SXEOLF]QHJR VWDWXWRZD RGSáDWQD SR*\WNX

SXEOLF]QHJR JRVSRGDUF]D SRGVWDZRZH ]QDF]HQLH PD PDNV\PDOQLH SUHF\]\MQH

RNUHOHQLH JUDQLF PL G]\ RGSáDWQ G]LDáDOQRFL VWDWXWRZ D G]LDáDOQRFL

JRVSRGDUF]

7UXGQRFLZRGUy*QLHQLXRGVLHELHG]LDáDOQRFLRGSáDWQHMSR*\WNXSXEOLF]QHJR

RG G]LDáDOQRFL JRVSRGDUF]HM Z\QLNDM Z GX*HM PLHU]H ] EUDNX MDVQRFL FR GR

WHJR FR VWDQRZL G]LDáDOQRü JRVSRGDUF] Z UR]XPLHQLX 3UDZD G]LDáDOQRFL

JRVSRGDUF]HM )RUPDOQH ZSURZDG]HQLH NDWHJRULL RGSáDWQHM G]LDáDOQRFL SR*\WNX

SXEOLF]QHJR UyZQLH* Z\QLND ] WHJR EUDNX EDUG]R RGF]XZDOQHJR Z

GRW\FKF]DVRZHM G]LDáDOQRFL RUJDQL]DFML SR]DU]GRZ\FK ] UHJXá\ ]PXV]DQ\FK

SU]H] VG UHMHVWURZ\ FR GRW\F]\áR IXQGDFML RUD] RUJDQ\ SRGDWNRZH GR

SURZDG]HQLDG]LDáDOQRFLVWDWXWRZHMMDNRZ\áF]QLHG]LDáDOQRFLQLHRGSáDWQHM

'HILQLFM G]LDáDOQRFL JRVSRGDUF]HM ± VWRVXMF VL WDN*H Z RGQLHVLHQLX GR

RUJDQL]DFMLSR]DU]GRZ\FKLSRGPLRWyZ]QLPL]UyZQDQ\FK]DZLHUDDUWXVW

3UDZD G]LDáDOQRFL JRVSRGDUF]HM G]LDáDOQRFL JRVSRGDUF] MHVW Ä]DURENRZD

G]LDáDOQRü Z\WZyUF]D KDQGORZD EXGRZODQD XVáXJRZD RUD] SRV]XNLZDQLH

UR]SR]QDZDQLH L HNVSORDWDFMD ]DVREyZ QDWXUDOQ\FK Z\NRQ\ZDQD Z VSRVyE

]RUJDQL]RZDQ\LFLJá\´

3R]RUQLHMHVWWRGHILQLFMDNODURZQD-X*MHGQDNZVDPHMWHMGHILQLFML]DZDUW\

MHVWQLHRVWU\WHUPLQÄG]LDáDOQRü]DURENRZD´'RWHJRVIRUPXáRZDQDZDUWXVW

GHILQLFMD SU]HGVL ELRUF\ NWyUHM SRGVWDZRZ\P HOHPHQWHP NRQVWUXNF\MQ\P MHVW

ZáDQLH G]LDáDOQRü JRVSRGDUF]D QLH MHVW VNRUHORZDQD ] RPyZLRQ\P MX*

UR]XPLHQLHP SU]HGVL ELRUF\ Z SU]HSLVDFK R .UDMRZ\P 5HMHVWU]H 6GRZ\P

ZREHFF]HJRZGRNWU\QLHZ\VW SXMGLDPHWUDOQLHUy*QHSRJOG\FRGRWHJRF]\L

ZMDNLP]QDF]HQLXMHVWSU]HGVL ELRUFLSURZDG]LG]LDáDOQRü

JRVSRGDUF]VSyáND

NDSLWDáRZD NWyUD ]JRGQLH ] .RGHNVHP VSyáHN KDQGORZ\FK QLH ]RVWDáD

XWZRU]RQDZFHOX]DURENRZ\PF]\JRVSRGDUF]\POHF]ZLQQ\PÄFHOXSUDZQLH

GRSXV]F]DOQ\P´ DUW Z ]ZL]NX ] DUW SNW .RGHNVX VSyáHN

']81USR]]Sy(Q]P

KDQGORZ\FK RUD] F]\ WDN VSyáN ZSLVXMH VL F]\ WH* QLH ZSLVXMH GR UHMHVWUX

SU]HGVL ELRUFyZ .UDMRZHJR 5HMHVWUX 6GRZHJR

2]QDF]D WR UyZQLH*

SRVWDZLHQLH S\WDQLD F]\ WDND VSyáND QLH SRZLQQD E\ü X]QDQD ]D RUJDQL]DFM

SR]DU]GRZ Z UR]XPLHQLX XVWDZ\ 6 WR MHGQDN UR]ZD*DQLD W\SX

DNDGHPLFNLHJR D QLH SURZDG]RQH QD JUXQFLH RERZL]XMFHJR SUDZD VNRUR

VSyáNDNDSLWDáRZDQLHPR*HX]\VNDüRVRERZRFLSUDZQHMEH]ZSLVXGRUHMHVWUX

SU]HGVL ELRUFyZ QLH PR*H RQD QLH E\ü Z ND*G\P SU]\SDGNX WUDNWRZDQD MDNR

SU]HGVL ELRUFD-HVWWRSRZRGHPGODNWyUHJRSU]\M OLP\*HVSyáNDNDSLWDáRZD

H[GHILQLWLRQHQLHPR*HE\üX]QDQD]DRUJDQL]DFM SR]DU]GRZ]HV]F]HJyOQ\P

MHGQDNSRWUDNWRZDQLHPVSRUWRZ\FKVSyáHNDNF\MQ\FKXZDJLGRDUWXVWL

GRDUWXVW

1LHRVWURüWHUPLQXÄG]LDáDOQRü]DURENRZD´Z\QLND]Uy*QHJRUR]XPLHQLD±LWR

MX* Z RU]HF]QLFWZLH L SUDNW\FH ,, 5]HF]\SRVSROLWHM WHUPLQyZ Ä]DURENRZ\´ L

Ä]DUREHN´3RGVWDZRZH]QDF]HQLHPDXVWDOHQLHF]\]DURENLHPMHVWMDNDNROZLHN

RGSáDWQRüEH]Z]JO GXQDNRV]W\MHMX]\VNDQLDDZL F]DUREHNMHVWV\QRQLPHP

REURWX F]\ SU]\FKRGX F]\ WH* ]DUREHN PXVL SR]RVWDZDü Z RGSRZLHGQLHM

SURSRUFML GR NRV]WyZ FR R]QDF]D ZSURZDG]HQLH NDWHJRULL ]\VNX OXE GOD

SU]HGVWDZLFLHOLG\VF\SOLQ\SUDZDILQDQVRZHJRGRFKRGX

8VWDZDRILQDQVDFKSXEOLF]Q\FKSRVáXJXMHVL WHUPLQHP]X*\FLHPWHMZáDQLH

NDWHJRULLPLDQRZLFLHPyZLRÄSRGPLRWDFKQLH]DOLF]RQ\FKGRVHNWRUDILQDQVyZ

SXEOLF]Q\FK L QLH G]LDáDMF\FK Z FHOX RVLJQL FLD ]\VNX´ SU]\ F]\P QLH PR*H

XOHJDü ZWSOLZRFL *H GR SRGPLRWyZ W\FK QDOH* Z V]F]HJyOQRFL

VWRZDU]\V]HQLD L IXQGDFMH 7HQ VDP WHUPLQ SU]\M áD MDN ZLHP\ XVWDZD GOD

]GHILQLRZDQLD RUJDQL]DFML SR]DU]GRZHM DUW XVW L NRPHQWDU] GR WHJR

SU]HSLVX .OXF]RZH ]QDF]HQLH PD ]DWHP VNRQIURQWRZDQLH ]H VRE SRM ü

G]LDáDOQRFLJRVSRGDUF]HMLG]LDáDOQRFLQLHZFHOXRVLJQL FLD]\VNX

'RW\FKF]DVRZDGRNWU\QDMDNLRU]HF]QLFWZRZ\GDMVL MHGQDNXQLNDüWDNLHM

NRQIURQWDFML *G\ LG]LH R RU]HF]QLFWZR 6G 1DMZ\*V]\ Z XFKZDOH ] GQLD

F]HUZFD U

GR NRQLHF]Q\FK FHFK G]LDáDOQRFL JRVSRGDUF]HM ]DOLF]\á

ÄSRGSRU]GNRZDQLH UHJXáRP RSáDFDOQRFL L ]\VNX´ SRGNUHODMF *H LG]LH R

PRW\Z ]\VNX XWR*VDPLDMF G]LDáDOQRü SURZDG]RQ ] W\P PRW\ZHP ]

G]LDáDOQRFL ]DURENRZ RUD] VWZLHUG]DMF *H ÄG]LDáDOQRü SR]EDZLRQD WHJR

DVSHNWXPR*HE\üQSG]LDáDOQRFLVSRáHF]QDUW\VW\F]QFKDU\WDW\ZQLLQQ

QLJG\QDWRPLDVWQLHE G]LHG]LDáDOQRFLJRVSRGDUF]´OHF]ZXFKZDOHWDNVDPR

V G]LyZ]GQLDJUXGQLDU

]DPLDVWUHJXáRSáDFDOQRFLL]\VNX]DFHFK

G]LDáDOQRFL JRVSRGDUF]HM X]QDá Ä]DVDG UDFMRQDOQHJR JRVSRGDURZDQLD´ OXE

Ä]DVDG JRVSRGDUQRFL´FRSR]ZROLáRPXQDX]QDQLH]DG]LDáDOQRüJRVSRGDUF]

G]LDáDOQRFL]JyU\QDVWDZLRQHMQLHQDRVLJDQLH]\VNXVNGLQGXWR*VDPLRQHZ

WHM XFKZDOH ] FHODPL ]DURENRZ\PL OHF] QD SRNU\ZDQLH NRV]WyZ VZRMHM

3RUQSXZDJL&.RVLNRZVNLHJRZ.RQFHVMHL]H]ZROHQLDQDG]LDáDOQRüJRVSRGDUF]:DUV]DZDVLQDVW

,,,&=3±261&3SR]

G]LDáDOQRFL ZáDVQ\PL GRFKRGDPL &R ZD*QLHMV]H Z SRVWDQRZLHQLX ] GQLD

SD(G]LHUQLND U

6G 1DMZ\*V]\ MHGQDNRZR SRZRáDá VL QD DNWXDOQRü

RE\GZyFK W\FK XFKZDá ] NWyU\FK SLHUZV]D WUDNWXMH UR]áF]QLH G]LDáDOQRü

JRVSRGDUF] L G]LDáDOQRü QLH Z FHOX RVLJQL FLD ]\VNX D GUXJD QLH W\ONR

XPR*OLZLDOHF]QDZHWQDND]XMHX]QDQLHRGSáDWQHMG]LDáDOQRFLSURZDG]RQHMQLH

ZFHOXRVLJQL FLD]\VNX]DG]LDáDOQRüJRVSRGDUF]

:\UD(QHXVWDZRZHGRSXV]F]HQLHLVWQLHQLDRGSáDWQHMG]LDáDOQRFLVWDWXWRZHMZ

VIHU]H V]F]HJyOQHJR SRSDUFLD XVWDZRGDZF\ PLDQRZLFLH Z VIHU]H G]LDáDOQRFL

SR*\WNXSXEOLF]QHJRVWDQRZL]DWHPIRUPXá XVXQL FLDHZLGHQWQ\FKZWSOLZRFL

SUDZQ\FK L IDNW\F]Q\FK FR GR ]QDF]HQLD WHUPLQX ÄG]LDáDOQRü JRVSRGDUF]D´ Z

PDWHULLXVWDZ\

2UJDQL]DFMDSR]DU]GRZDLSRGPLRW]QL]UyZQDQ\PRJ±MH*HOLWDNZ\QLND]

UHGDNFML SU]HSLVyZ VWDWXWX GRW\F]F\FK SU]HGPLRWX G]LDáDOQRFL VWDWXWRZHM Z

V]F]HJyOQRFL FHOyZ RUJDQL]DFML DOER SRGPLRWX L VSRVREyZ LFK UHDOL]DFML

SURZDG]LüG]LDáDOQRüVWDWXWRZZ\áF]QLHQLHRGSáDWQDOERZ\áF]QLHRGSáDWQ

3RG]LDáG]LDáDOQRFLSR*\WNXSXEOLF]QHJRQDRGSáDWQLQLHRGSáDWQPD]QDF]HQLH

] SXQNWX ZLG]HQLD RSRGDWNRZDQLD ± ]H Z]JO GX QD ]ZROQLHQLH ] RNUHORQ\FK

SRGDWNyZ RG F]\QQRFL F\ZLOQRSUDZQ\FK RG QLHUXFKRPRFL L RSáDW RSáDWD

VNDUERZD W\ONR Z ]ZL]NX ] SURZDG]HQLHP G]LDáDOQRFL QLHRGSáDWQHM SRU

NRPHQWDU]GRDUWXVW

3RQLHZD* G]LDáDOQRü JRVSRGDUF] RUJDQL]DFML SR]DU]GRZHM L SRGPLRWX ] QL

]UyZQDQHJR QDOH*\ UR]XPLHü ]JRGQLH ] SU]HSLVDPL 3UDZD G]LDáDOQRFL

JRVSRGDUF]HMRG]LDáDOQRFLJRVSRGDUF]HMRUJDQL]DFMLSR]DU]GRZHMLSRGPLRWX]

QL]UyZQDQHJRPR*QDPyZLüMHG\QLHJG\G]LDáDOQRüW SURZDG]LWDRUJDQL]DFMD

DOERSRGPLRWFRGDZQLHMZODWDFKRVLHPG]LHVLW\FK;;ZE\áRRNUHODQHMDNR

SURZDG]HQLH G]LDáDOQRFL JRVSRGDUF]HM Z IRUPLH EH]SRUHGQLHM 1LH MHVW

SURZDG]HQLHP G]LDáDOQRFL JRVSRGDUF]HM RUJDQL]DFML SR]DU]GRZHM SRVLDGDQLH

QDZHW FDáRFL XG]LDáyZ DOER DNFML Z VSyáFH NDSLWDáRZHM FR GDZQLHM E\áR

RNUHODQH MDNR SURZDG]HQLH G]LDáDOQRFL JRVSRGDUF]HM Z IRUPLH SRUHGQLHM

ERZLHP ± ]JRGQLH ] RERZL]XMF\PL RG U SU]HSLVDPL R G]LDáDOQRFL

JRVSRGDUF]HM ±G]LDáDOQRüJRVSRGDUF]SURZDG]LZWDNLPSU]\SDGNXVSyáNDD

QLHMHMMHG\Q\ZVSyOQLN

6WDWXWRZDG]LDáDOQRüSR*\WNXSXEOLF]QHJRWDN*HG]LDáDOQRüRGSáDWQDQLHPR*H

E\üX]QDQD]DG]LDáDOQRüJRVSRGDUF]WDN*HZUR]XPLHQLXDUWSNWXVWDZ\]

GQLD VLHUSQLD U ± 2UG\QDFMD SRGDWNRZD

ERZLHP Z UD]LH ]DM FLD

&=±261&SR]

']8 1U SR] ] OLF]Q\PL Sy(Q]P SU]HSLV WHQ QD X*\WHN 2UG\QDFML SRGDWNRZHM GHILQLXMH G]LDáDOQRü

JRVSRGDUF] MDNR ÄND*G G]LDáDOQRü ]DURENRZ Z UR]XPLHQLX SU]HSLVyZ SUDZD G]LDáDOQRFL JRVSRGDUF]HM

Z\NRQ\ZDQLH ZROQHJR ]DZRGX D WDN*H ND*G LQQ G]LDáDOQRü ]DURENRZ Z\NRQ\ZDQ ZH ZáDVQ\P LPLHQLX L QD

RGPLHQQHJR VWDQRZLVND QLH PR*QD E\ Z\MDQLü MHGQHM ] SRGVWDZRZ\FK UDFML

ZSURZDG]HQLDSU]H]XVWDZ NDWHJRULLRGSáDWQHMG]LDáDOQRFLSR*\WNXSXEOLF]QHJR

QLHVWDQRZLFHMG]LDáDOQRFLJRVSRGDUF]HM

$UW

']LDáDOQRFL QLHRGSáDWQ SR*\WNX SXEOLF]QHJR MHVW ZLDGF]HQLH QD SRGVWDZLH

VWRVXQNX SUDZQHJR XVáXJ ]D NWyUH RUJDQL]DFMD SR]DU]GRZD RUD] SRGPLRW\

Z\PLHQLRQH Z DUW XVW SURZDG]FH W G]LDáDOQRü QLH SRELHUDM

Z\QDJURG]HQLD

'RWDFMDX]\VNDQD±ZWU\ELHRNUHORQ\PZUR]G]LDOHG]LDáX,,XVWDZ\DOERZ

SU]HSLVDFK RGU EQ\FK SRU XZDJD GR DUW XVW QD VILQDQVRZDQLH OXE

GRILQDQVRZDQLHUHDOL]RZDQLD]DGDSXEOLF]Q\FKSU]H]RUJDQL]DFM SR]DU]GRZ

DOER SRGPLRW R NWyU\P PRZD Z DUW XVW QLH MHVW Z\QDJURG]HQLHP ]D

ZLDGF]HQLH RNUHORQHM XVáXJL OXE XVáXJ ZREHF F]HJR MHVW RQD SRELHUDQD Z

]ZL]NX]SURZDG]HQLHPVWDWXWRZHMG]LDáDOQRFLQLHRGSáDWQHM

: SU]\SDGNX XELHJDQLD VL R VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJR GDQD

RUJDQL]DFMD DOER SRGPLRW SRZLQQ\ PLHü VWDWXWRZR RNUHORQ L Z UH]XOWDFLH

Z\RGU EQLRQ G]LDáDOQRü QLHRGSáDWQ RG G]LDáDOQRFL RGSáDWQHM ERZLHP SU]\

UHMHVWUDFML SRGPLRWX SRVLDGDMFHJR VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJR

ZSLVXMHVL RNUHOHQLHSU]HGPLRWXMHMG]LDáDOQRFLVWDWXWRZHM]Z\RGU EQLHQLHP

G]LDáDOQRFLRGSáDWQHMLQLHRGSáDWQHMDUWXVWXVWDZ\R.UDMRZ\P5HMHVWU]H

6GRZ\P Z EU]PLHQLX ZSURZDG]RQ\P SU]H] DUW SNW 3U]HSLVyZ

ZSURZDG]DMF\FKRUD]F] FL,IRUPXODU]D.56:233]DáF]QLNDGRZQLRVNX

']LDáDOQRü3R*\WNX3XEOLF]QHJRRUHMHVWUDFM OXE]PLDQ GDQ\FKSRGPLRWXZ

.UDMRZ\P5HMHVWU]H6GRZ\PVWDQRZLFHJR]DáF]QLNQUGRUR]SRU]G]HQLD

0LQLVWUD 6SUDZLHGOLZRFL ] GQLD SD(G]LHUQLND U ]PLHQLDMFHJR

UR]SRU]G]HQLHZVSUDZLHRNUHOHQLDZ]RUyZXU] GRZ\FKIRUPXODU]\ZQLRVNyZ

R ZSLV GR .UDMRZHJR 5HMHVWUX 6GRZHJR RUD] VSRVREX L PLHMVFD LFK

XGRVW SQLDQLD

= SRZRáDQHJR UR]SRU]G]HQLD ZSURVW Z\QLND ]DUD]HP RERZL]HN WDNLHJR

VWDWXWRZHJR RNUHOHQLD SU]HGPLRWX G]LDáDOQRFL QLHRGSáDWQHM L RGSáDWQHM E\

PR*QD JR E\áR ÄSU]HáR*\ü´ ZH ZQLRVNX VNáDGDQ\P VGRZL UHMHVWURZHPX QD

RGSRZLHGQLH SR]\FMH 3ROVNLHM .ODV\ILNDFML ']LDáDOQRFL 3.' ]JRGQLH ]

]DáF]QLNLHPGRUR]SRU]G]HQLD5DG\0LQLVWUyZ]GQLDSD(G]LHUQLNDUZ

VSUDZLHWHMG]LDáDOQRFL

ZáDVQ\ OXE FXG]\ UDFKXQHN QDZHW JG\ LQQH XVWDZ\ QLH ]DOLF]DM WHM G]LDáDOQRFL GR G]LDáDOQRFL JRVSRGDUF]HM OXE

RVRE\Z\NRQXMFHMWDNG]LDáDOQRüGRSU]HGVL ELRUFyZ´

']81USR]

']81USR]]Sy(Q]P

: DUW MHVW PRZD Z\áF]QLH R ZLDGF]HQLX XVáXJ SRGF]DV JG\ Z DUW

GRW\F]F\P G]LDáDOQRFL RGSáDWQHM WDNLH RJUDQLF]HQLH ZSURVW QLH Z\VW SXMH

%LRUF MHGQDN SRG XZDJ SRWU]HE V\VWHPDW\F]QHM Z\NáDGQL SU]HSLVyZ DUW

MDNL±RF]\ZLFLHW\ONRSRVLáNRZR±EDUG]RV]HURNGHILQLFM XVáXJZXVWDZLH]

GQLD F]HUZFD U R ]DPyZLHQLDFK SXEOLF]Q\FK

REHMPXMF ZV]\VWNLH

ZLDGF]HQLD NWyU\FK SU]HGPLRWHP QLH V URERW\ EXGRZODQH OXE GRVWDZ\ ±

]GHILQLRZDQH]NROHLMDNRQDE\ZDQLHU]HF]\LSUDZQDSRGVWDZLHRGSRZLHGQLFK

XPyZZV]F]HJyOQRFLXPRZ\VSU]HGD*\QDOH*\SU]\Mü*HWDN*HG]LDáDOQRü

RGSáDWQD REHMPXMH ]DVDGQLF]R W\ONR ZLDGF]HQLH XVáXJ ± FR MHGQDN ]RVWDáR

UR]V]HU]RQH SU]H] XVWDZRGDZF Z ]GDQLX DUW XVW 8VáXJL QDOH*\ MHGQDN

UR]XPLHüRGSRZLHGQLRV]HURNRREHMPXMFQLPL±ZRGQLHVLHQLXGRG]LDáDOQRFL

QLHRGSáDWQHM±WDN*HXG]LHODQLHZVSDUFLDILQDQVRZHJRSRGPLRWRPQDOH*F\PGR

NDWHJRULL RNUHORQ\FK Z VWDWXFLH QS XG]LHODQLH JUDQWyZ LQQ\P RUJDQL]DFMRP

SR]DU]GRZ\P F]\ WH* SU]\]QDZDQLH VW\SHQGLyZ D QDZHW XG]LHODQLH SRPRF\

U]HF]RZHM WDNLP SRGPLRWRP SR XSU]HGQLP Z\WZRU]HQLX RGSRZLHGQLFK

SU]HGPLRWyZ SU]H] RUJDQL]DFM DOER LFK QDE\FLX Z V]F]HJyOQRFL Z GURG]H

NXSQDDOERGDURZL]Q\SU]\F]\PRW\PRVWDWQLPSU]\SDGNXMHVWSRUHGQLRPRZD

ZDUWXVW]G

$UW

']LDáDOQRFL RGSáDWQ SR*\WNX SXEOLF]QHJR MHVW G]LDáDOQRü Z ]DNUHVLH

Z\NRQ\ZDQLD ]DGD QDOH*F\FK GR VIHU\ ]DGD SXEOLF]Q\FK Z UDPDFK

UHDOL]DFMLSU]H]RUJDQL]DFM SR]DU]GRZRUD]SRGPLRW\Z\PLHQLRQHZDUW

XVW FHOyZ VWDWXWRZ\FK ]D NWyU SRELHUD Z\QDJURG]HQLH ']LDáDOQRFL

RGSáDWQ SR*\WNX SXEOLF]QHJR MHVW UyZQLH* VSU]HGD* WRZDUyZ OXE XVáXJ

Z\WZRU]RQ\FK OXE ZLDGF]RQ\FK SU]H] RVRE\ EH]SRUHGQLR NRU]\VWDMFH ]

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR Z V]F]HJyOQRFL Z ]DNUHVLH UHKDELOLWDFML

RUD] SU]\VWRVRZDQLD GRSUDF\]DZRGRZHMRVyEQLHSHáQRVSUDZQ\FKDWDN*H

VSU]HGD*SU]HGPLRWyZGDURZL]Q\QDFHOHSURZDG]HQLDG]LDáDOQRFLSR*\WNX

SXEOLF]QHJR

8VWIRUPXáXMHGHILQLFM RGSáDWQHMG]LDáDOQRFLSR*\WNXSXEOLF]QHJRSU]\F]\P

±SR]DZ\QDJURG]HQLHPRNWyU\PMHVWUyZQLH*DFRQWUDULRPRZDZDUWXVW±

SRGVWDZRZH]QDF]HQLHPDWRL*MHVWWR]DUD]HPG]LDáDOQRüVWDWXWRZDWMPXVL

RQD]QDOH(üRG]ZLHUFLHGOHQLHZVWDWXFLH]HVIHU\SR*\WNXSXEOLF]QHJR

3RUXZDJ GRDUWRUD]XZDJ GRDUWXVW

:\OLF]HQLHURG]DMyZG]LDáDOQRFL]DZDUWHZ]GDQLXPDFKDUDNWHUX]XSHáQLDMF\

ÄMHVW UyZQLH*´ D W\P VDP\P VZRLFLH SU]\NáDGRZ\ ± QLH Z\F]HUSXMF\ Z

*DGQ\P VWRSQLX SU]HGPLRWX G]LDáDOQRFL RGSáDWQHM SR*\WNX SXEOLF]QHJR ± GR

']8]U1USR]]Sy(Q]P

NWyUHJR QDOH*\ SU]HGH ZV]\VWNLP ZLDGF]HQLH XVáXJ SRU XZDJ GR DUW

:REHF EUDNX LQQHJR XQRUPRZDQLD WDN*H GR WHM G]LDáDOQRFL VWRVRZDü QDOH*\

NU\WHULDRNUHORQHZDUWXVW

'RFKyG ] G]LDáDOQRFL RGSáDWQHM SR*\WNX SXEOLF]QHJR VáX*\ Z\áF]QLH

UHDOL]DFML ]DGD QDOH*F\FK GR VIHU\ ]DGD SXEOLF]Q\FK OXE FHOyZ

VWDWXWRZ\FKRNWyU\FKPRZDZXVW

=XVWZ\QLNDRERZL]HNSU]H]QDF]DQLDFDáRFLGRFKRGX]RGSáDWQHMG]LDáDOQRFL

SR*\WNX SXEOLF]QHJR QD VWDWXWRZ G]LDáDOQRü SR*\WNX SXEOLF]QHJR ]DUyZQR

QLHRGSáDWQMDNLRGSáDWQ±DQLHQSQDG]LDáDOQRüJRVSRGDUF]

:RGQLHVLHQLXGRRUJDQL]DFMLSR*\WNXSXEOLF]QHJRDUWSNWXVWDZ\Z\PDJD

E\FDá\GRFKyGW\FKRUJDQL]DFMLEH]Z]JO GXQDMHJR(UyGáRE\áSU]H]QDF]DQ\QD

G]LDáDOQRüVWDWXWRZZáDFLZGODRUJDQL]DFMLSR*\WNXSXEOLF]QHJRDUWSNW

L]W\P]DVWU]H*HQLHPL*GODSRGPLRWyZRNUHORQ\FKZDUWXVWSNWQLH

PXVLWRE\üG]LDáDOQRüZ\áF]QDSRUXZDJ GRDUW

7HUPLQ ÄGRFKyG´ R]QDF]D Z M ]\NX SUDZQLF]\P QDGZ\*N SU]\FKRGX QDG

NRV]WDPL MHJR X]\VNDQLD : RGQLHVLHQLX GR RGSáDWQHM G]LDáDOQRFL SR*\WNX

SXEOLF]QHJR Z NWyUHM XVWDZRGDZFD QDND]XMH SRELHUDQLH SU]\FKRGX ] GDQHJR

URG]DMX G]LDáDOQRFL QD SR]LRPLH QLH Z\*V]\P QL* NDONXODFMD EH]SRUHGQLFK

NRV]WyZ G]LDODOQRFL DUW XVW SNW WDN UR]XPLDQ\ GRFKyG ]DVDGQLF]R QLH

E G]LH Z\VW SRZDá ± SR]D V\WXDFMDPL X]\VNLZDQLD SU]\FKRGX ] LQQ\FK (UyGHá

QS ]H VSU]HGD*\ URGNyZ WUZDá\FK VáX*F\FK GR SURZDG]HQLD RGSáDWQHM

G]LDáDOQRFL VWDWXWRZHM X]\VNDQ\FK QLHRGSáDWQLH FR ]UHV]W ZSURVW Z\QLND ]

XVW]GOXEQDE\W\FKSRRGSRZLHGQLRQL*V]HMFHQLH3U]\MPXMFERZLHPL*

WDN*H RGSáDWQD G]LDáDOQRü SR*\WNX SXEOLF]QHJR RGQRVL VL ]DVDGQLF]R W\ONR GR

ZLDGF]HQLDV]HURNRUR]XPLDQ\FKXVáXJSRUXZDJ GRDUWSU]\FKRGX]WHM

G]LDáDOQRFL D ]DWHP ]DLVWQLHQLD GRFKRGX QLH PR*QD RJUDQLF]Dü W\ONR GR

Z\QDJURG]HQLD]W\WXáXRGSáDWQHJRZLDGF]HQLDXVáXJF]\QDZHWSU]\FKRGyZ]H

VSU]HGD*\RNWyUHMPRZDZXVW]G

$UW

']LDáDOQRü RGSáDWQD SR*\WNX SXEOLF]QHJR RUJDQL]DFML SR]DU]GRZ\FK RUD]

SRGPLRWyZ Z\PLHQLRQ\FK Z DUW XVW VWDQRZL G]LDáDOQRü JRVSRGDUF]

MH*HOL

Z\QDJURG]HQLH R NWyU\P PRZD Z DUW XVW MHVW Z RGQLHVLHQLX GR

G]LDáDOQRFL GDQHJR URG]DMX Z\*V]H RG WHJR MDNLH Z\QLND ] NDONXODFML

EH]SRUHGQLFKNRV]WyZWHMG]LDáDOQRFLOXE

Z\QDJURG]HQLHRVyEIL]\F]Q\FK]W\WXáX]DWUXGQLHQLDSU]\Z\NRQ\ZDQLX

VWDWXWRZHM G]LDáDOQRFL QLHRGSáDWQHM RUD] G]LDáDOQRFL RGSáDWQHM

SU]HNUDF]D NURWQRü SU]HFL WQHJR Z\QDJURG]HQLD PLHVL F]QHJR Z

VHNWRU]H SU]HGVL ELRUVWZ RJáRV]RQHJR SU]H] 3UH]HVD *áyZQHJR 8U] GX

6WDW\VW\F]QHJR]DURNSRSU]HGQL

8VW RGJU\ZD Z UDPDFK NRQLHF]QHJR UR]G]LHODQLD RG VLHELH RGSáDWQHM

G]LDáDOQRFL VWDWXWRZHM L G]LDáDOQRFL JRVSRGDUF]HM SRGZyMQ URO = MHGQHM

VWURQ\ VWDQRZL RQ QD ]DVDG]LH D FRQWUDULR GRGDWNRZ\ HOHPHQW GHILQLF\MQ\

RGSáDWQHM G]LDáDOQRFL SR*\WNX SXEOLF]QHJR ERZLHP VSHáQLDü RQD SRZLQQD

Z\PRJLZVND]DQHZW\PSU]HSLVLHD]DWHPSRZLQQDRQDE\üWDN]RUJDQL]RZDQD

DE\ Z\PRJL WH E\á\ WUZDOH VSHáQLDQH = GUXJLHM VWURQ\ ZVND]XMH RQ Z MDNLP

SU]\SDGNXG]LDáDOQRüRGSáDWQDE G]LHX]QDQD]DG]LDáDOQRüJRVSRGDUF]SU]\

F]\PRGUy*QLüQDOH*\GZLHV\WXDFMH

JG\ QLHVSHáQLDQLH Z\PRJyZ RNUHORQ\FK Z XVW PD FKDUDNWHU MHGQRUD]RZ\

OXE RND]MRQDOQ\ ± ZyZF]DV PR*QD PyZLü R W\P *H Z GDQHM V\WXDFML QLH

Z\VW SXMHRGSáDWQDG]LDáDOQRüSR*\WNXSXEOLF]QHJROHF]ZUR]XPLHQLXXVWDZ\

PD VL GR F]\QLHQLD ] G]LDáDOQRFL JRVSRGDUF] FR URG]Lü PR*H RNUHORQH

VNXWNLSUDZQHZ\QLNDMFH]WHMXVWDZ\QSPR*OLZRüZ\WNQL FLDWHJRZZ\QLNX

NRQWUROL RUJDQL]DFML SR*\WNX SXEOLF]QHJR R NWyU\P PRZD Z DUW D

HZHQWXDOQLH]LQQ\FKXVWDZQSVNXWNLSRGDWNRZH

JG\ QLHVSHáQLDQLH PD FKDUDNWHU SRZWDU]DOQ\ ± ZyZF]DV MHVW WR G]LDáDOQRü

JRVSRGDUF]DUyZQLH*ZUR]XPLHQLX3UDZDG]LDáDOQRFLJRVSRGDUF]HMNWyUHMDN

E\áD R W\P PRZD GR FHFK G]LDáDOQRFL JRVSRGDUF]HM ]DOLF]D MHM FLJáRü FR

R]QDF]D RERZL]HN ]JáRV]HQLD MH*HOL MHVW WR SRGPLRW GR WHJR ]RERZL]DQ\

SRGM FLD G]LDáDOQRFL JRVSRGDUF]HM GR UHMHVWUX SU]HGVL ELRUFyZ .UDMRZHJR

5HMHVWUX 6GRZHJR L VWDQRZL ]DUD]HP WDNLH QDUXV]HQLH SUDZD NWyUH PR*H E\ü

SU]HGPLRWHP LQWHUZHQFML RUJDQyZ QDG]RUX ZáDFLZ\FK GOD GDQHJR W\SX

RUJDQL]DFML

3RM FLHEH]SRUHGQLFKNRV]WyZG]LDáDOQRFLQDOH*\GRG]LHG]LQ\UDFKXQNRZRFL

3HZQZVND]yZN GRMHJRZ\MDQLHQLD]DZLHUDMHGQDNZRGQLHVLHQLXW\ONRGR

SURGXNFML Z\áF]RQHM MHGQDN SRUHGQLR ] ]DNUHVX RGSáDWQHM G]LDáDOQRFL

VWDWXWRZHMSU]H]MHMGHILQLFM ]DZDUWZDUWXVWDUWXVWXVWDZ\]GQLD

ZU]HQLD U R UDFKXQNRZRFL

ÄNRV]W\ EH]SRUHGQLH REHMPXM ZDUWRü

]X*\W\FKPDWHULDáyZEH]SRUHGQLFKNRV]W\SR]\VNDQLDLSU]HWZRU]HQLD]ZL]DQH

EH]SRUHGQLR]SURGXNFMLLQQHNRV]W\SRQLHVLRQHZ]ZL]NX]GRSURZDG]HQLHP

SURGXNWXGRSRVWDFLLPLHMVFDZMDNLFKVL ]QDMGXMHZGQLXZ\FHQ\´±SRGF]DV

JG\ ÄGR X]DVDGQLRQHM RGSRZLHGQLHM GR RNUHVX Z\WZDU]DQLD SURGXNWX F] FL

NRV]WyZSRUHGQLFK]DOLF]DVL ]PLHQQHSRUHGQLHNRV]W\SURGXNFMLRUD]W F] ü

VWDá\FK SRUHGQLFK NRV]WyZ SURGXNFML NWyUH RGSRZLDGDM SR]LRPRZL W\FK

NRV]WyZSU]\QRUPDOQ\PZ\NRU]\VWDQLX]GROQRFLSURGXNF\MQ\FK´

3U]HGH ZV]\VWNLP MHGQDN SRM FLH WR QDOH*\ GR G]LHG]LQ\ UDFKXQNRZRFL

]DU]GF]HMLQDOH*\MHUR]XPLHü]JRGQLH]MHMVWDQGDUGDPL=QDMGXMHRQRZW\P

']8]U1USR]]Sy(Q]P

]DNUHVLH RG]ZLHUFLHGOHQLH Z SU]HSLVDFK SUDZD QLH GRW\F]F\FK MHGQDN ZSURVW

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR SU]\NáDGRZR Z DUW XVW SNW XVWDZ\ ]

GQLDOLSFDU±3UDZRWHOHNRPXQLNDF\MQH

MHVWPRZDRNRV]WDFKNWyUH

PRJE\üEH]SRUHGQLRSU]\SLVDQHGRZLDGF]HQLDGDQHMXVáXJL

3U]HFL WQHZ\QDJURG]HQLHRNWyU\PPRZDZSNWZ\QLRVáRZU

]á

'HILQLFM Z\QDJURG]HQLD Z\SáDFDQHJR SU]H] RUJDQL]DFM IRUPXáXMH XVW

3U]\M W\ZXVWDZLHOLPLWZ\QDJURG]HRVyEIL]\F]Q\FKQL*V]\QL*SURSRQRZDQ\

Z U]GRZ\P SURMHNFLH XVWDZ\ ± SU]H] RGZRáDQLH VL GR SU]HFL WQHJR

Z\QDJURG]HQLDPLHVL F]QHJRQDOH*\X]QDüUyZQLH*]DPLHVL F]Q\

:\PRJLRNUHORQHZXVWVWRVXMVL W\ONRZSU]\SDGNXSURZDG]HQLDVWDWXWRZHM

G]LDáDOQRFL RGSáDWQHM : UH]XOWDFLH QLH PDM RQH ]DVWRVRZDQLD GR RUJDQL]DFML

NWyUH SURZDG] VWDWXWRZ G]LDáDOQRü Z\áF]QLH QLHRGSáDWQ DQL Z RGQLHVLHQLX

GRZ\QDJURG]HZ\SáDFDQ\FKZUDPDFKG]LDáDOQRFLJRVSRGDUF]HM

3U]H] Z\QDJURG]HQLH R NWyU\P PRZD Z XVW SNW UR]XPLH VL

Z\QDJURG]HQLH]W\WXáXZLDGF]HQLDSUDF\OXEXVáXJQLH]DOH*QLHRGVSRVREX

QDZL]DQLD VWRVXQNX SUDF\ OXE URG]DMX L WUHFL XPRZ\ F\ZLOQRSUDZQHM ]

RVREIL]\F]Q

:\QDJURG]HQLH ] W\WXáX ZLDGF]HQLD SUDF\ REHMPXMH ZV]HONLH SáDWQRFL R

FKDUDNWHU]H Z\QDJURG]HQLD D ]DWHP WDN*H QS QDJURG\ UHJXODPLQRZH L

X]QDQLRZH±Z\SáDFDQHZUDPDFKG]LDáDOQRFLVWDWXWRZHM

8PRZ\ F\ZLOQRSUDZQH ± WR QDMF] FLHM XPRZ\ R G]LHáR XPRZ\ R NRQNUHWQ\

UH]XOWDWDOERXPRZ\]OHFHQLDXPRZ\VWDUDQQHJRG]LDáDQLD:REHFZ\UD(QHJR

ZVND]DQLD Z XVW SNW L* LG]LH R Z\QDJURG]HQLH Ä] W\WXáX ]DWUXGQLHQLD SU]\

Z\NRQ\ZDQLX´ G]LDáDOQRFL VWDWXWRZHM D ]DWUXGQLHQLH MHVW VWRVXQNLHP R

FKDUDNWHU]H FLJá\P SU]\Mü QDOH*\ L* MHGQRUD]RZH G]LHáD HNVSHUW\]D

VSRU]G]HQLHDXG\WXLWSVSRU]G]DQHSU]H]VSHFMDOLVWyZÄ]]HZQWU]´QLHQDOH*

GRXPyZRNWyU\FKPRZDZQLQLHMV]\PSU]HSLVLH

:\QDJURG]HQLH]W\WXáXZLDGF]HQLDXVáXJRNWyU\PPRZDZXVWSNWPDE\ü

ZLDGF]RQH Z UDPDFK MHM ]DWUXGQLHQLD RVRELH IL]\F]QHM ± QLH E GFHM Z W\P

SU]\SDGNX SU]HGVL ELRUF D ]DWHP QLH ZLDGF]FHM GDQHM XVáXJL Z UDPDFK

SURZDG]RQHMSU]H]VLHELHG]LDáDOQRFLJRVSRGDUF]HM2JUDQLF]HQLHWRQLHGRW\F]\

]DWHP RVyE IL]\F]Q\FK ZLDGF]F\FK VZRMH XVáXJL RUJDQL]DFML MDNR

SU]HGVL ELRUF\]JáRV]HQLGRHZLGHQFMLG]LDáDOQRFLJRVSRGDUF]HM

']81USR]]Sy(Q]P

2EZLHV]F]HQLH 3UH]HVD *86 ] GQLD VW\F]QLD U Z VSUDZLH SU]HFL WQHJR PLHVL F]QHJR Z\QDJURG]HQLD Z

VHNWRU]HSU]HGVL ELRUVWZZU']8U]*861USR]

2PDZLDQ\ SU]HSLV GRW\F]\ ]DWUXGQLHQLD RVRE\ IL]\F]QHM SU]H] RUJDQL]DFM

SR]DU]GRZ OXE SRGPLRW ] QL ]UyZQDQ\ 2]QDF]D WR L* QLH GRW\F]\ RQ

]DWUXGQLHQLDZRVRELHSUDZQHMNRQWURORZDQHMSU]H]RUJDQL]DFM OXESRGPLRWZ

W\PQDZHWZMHGQRRVRERZHMVSyáFHNDSLWDáRZHMGDQHMRUJDQL]DFMLSR]DU]GRZHM

1LH PR*QD SURZDG]Lü RGSáDWQHM G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L

G]LDáDOQRFL JRVSRGDUF]HM Z RGQLHVLHQLX GR WHJR VDPHJR SU]HGPLRWX

G]LDáDOQRFL

$ FRQWUDULR XVWDZD QLH ]DEUDQLD SURZDG]HQLD Z RGQLHVLHQLX GR WHJR VDPHJR

SU]HGPLRWX G]LDáDOQRFL QLHRGSáDWQHM G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L

G]LDáDOQRFL JRVSRGDUF]HM =DVDGD QLHSRáF]DOQRFL WDNLFK G]LDáDOQRFL E\áD GR

QLHGDZQDSU]\MPRZDQDSU]H]VGUHMHVWURZ\IXQGDFMLPR*QDRF]HNLZDü*HWUHü

XVW SU]\F]\QL VL GR GDOV]HM ]PLDQ\ RU]HF]QLFWZD Z VSUDZDFK UHMHVWURZ\FK

IXQGDFML Z NLHUXQNX SU]\M FLD SRáF]DOQRFL RJyOQLH X]QDZDQHM Z SUDNW\FH Z

RGQLHVLHQLXGRVWRZDU]\V]H

8VWDZDQLH]DEUDQLDUyZQLH*ZSURVWSURZDG]HQLDZRGQLHVLHQLXGRWHJRVDPHJR

SU]HGPLRWX QLHRGSáDWQHM L RGSáDWQHM G]LDáDOQRFL SR*\WNX SXEOLF]QHJR 1DOH*\

MHGQDN PLHü QD XZDG]H SRWU]HE VWDWXWRZHJR RNUHOHQLD D ]DWHP SHZQHJR

RGG]LHOHQLD RG VLHELH SU]HGPLRWX G]LDáDOQRFL QLHRGSáDWQHM L RGSáDWQHM Z UD]LH

XELHJDQLD VL R VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJRLX]\VNDQLDWHJRVWDWXVX

SRUXZDJ GRDUW

$UW

3URZDG]HQLH QLHRGSáDWQHM L RGSáDWQHM G]LDáDOQRFL SR*\WNX SXEOLF]QHJR

Z\PDJD UDFKXQNRZHJR Z\RGU EQLHQLD W\FK IRUP G]LDáDOQRFL Z VWRSQLX

XPR*OLZLDMF\PRNUHOHQLHSU]\FKRGyZNRV]WyZLZ\QLNyZ]]DVWU]H*HQLHP

SU]HSLVyZRUDFKXQNRZRFL

-H*HOL RUJDQL]DFMD SR]DU]GRZD QLH SURZDG]L G]LDáDOQRFL JRVSRGDUF]HM PR*H

RQD QDGDO VWRVRZDü R LOH QDOH*\ GR SRGPLRWyZ GR WHJR XSUDZQLRQ\FK

XSURV]F]RQUDFKXQNRZRüQD]DVDGDFKRNUHORQ\FKZUR]SRU]G]HQLX0LQLVWUD

)LQDQVyZ ] GQLD OLVWRSDGD U Z VSUDZLH V]F]HJyOQ\FK ]DVDG

UDFKXQNRZRFL GOD QLHNWyU\FK MHGQRVWHN QLHE GF\FK VSyáNDPL KDQGORZ\PL

QLHSURZDG]F\FKG]LDáDOQRFLJRVSRGDUF]HM

]XZ]JO GQLHQLHPWUHFLXVW

3RUXZDJ GRDUW

3U]HSLV XVW VWRVXMH VL RGSRZLHGQLR Z SU]\SDGNX RUJDQL]DF\MQHJR

Z\RGU EQLHQLDG]LDáDOQRFLSR*\WNXSXEOLF]QHJR

']81USR]]Sy(Q]P

3U]HSLVXVWGRW\F]\Z\RGU EQLHQLDRUJDQL]DF\MQHJRZUDPDFKGDQHMRUJDQL]DFML

DOERSRGPLRWXWMXWZRU]HQLDRGSRZLHGQLHMMHGQRVWNLRUJDQL]DF\MQHMG]LDáDMFHMZ

UDPDFKRVRERZRFLSUDZQHMRUJDQL]DFMLDOERSRGPLRWX±DQLHXWZRU]HQLDSU]H]

RUJDQL]DFM OXESRGPLRWRGSRZLHGQLHMRVRE\SUDZQHMIXQGDFMLVSyáNLNDSLWDáRZHM

±SU]\F]\PVSyáNDNDSLWDáRZDZRJyOHQLHPR*HE\üSRGPLRWHPSURZDG]F\P

G]LDáDOQRüSR*\WNXSXEOLF]QHJRSRUXZDJLGRDUWXVWGRDUWXVWL

GRDUW

5R]G]LDá

3URZDG]HQLHG]LDáDOQRFLSR*\WNXSXEOLF]QHJRQDSRGVWDZLH]OHFHQLD

UHDOL]DFML]DGDSXEOLF]Q\FK

$UW

2UJDQ\DGPLQLVWUDFMLSXEOLF]QHM

ZVSLHUDMZVIHU]HRNWyUHMPRZDZDUWUHDOL]DFM ]DGDSXEOLF]Q\FK

SU]H]RUJDQL]DFMHSR]DU]GRZHRUD]SRGPLRW\Z\PLHQLRQHZDUWXVW

SURZDG]FHG]LDáDOQRüVWDWXWRZZGDQHMG]LHG]LQLH

SRZLHU]DM Z VIHU]H R NWyUHM PRZD Z DUW RUJDQL]DFMRP RUD]

SRGPLRWRPZ\PLHQLRQ\PZSNWUHDOL]DFM ]DGDSXEOLF]Q\FK

: QLQLHMV]\P UR]G]LDOH SRF]\QDMF RG DUW XVW VWRVXMH VL ZáDFLZH WHM

XVWDZLH UR]Uy*QLHQLH ZVSLHUDQLD L SRZLHU]DQLD UHDOL]DFML ]DGD SXEOLF]Q\FK

]GHILQLRZDQ\FKZDUWXVW

6IHUDRNWyUHMPRZDZDUWMHVWVIHUSR*\WNXSXEOLF]QHJR

0LPRX*\FLDZ\UD*HZWU\ELHR]QDMPXMF\PÄZVSLHUDM´LÄSRZLHU]DM´NWyUH

]JRGQLH ] WUDG\FM SROVNLHJR M ]\ND SUDZQHJR QDOH*DáR E\ UR]XPLHü MDNR

RERZL]HNGRNRQ\ZDQLDWDNLFKF]\QQRFLZZLHWOHDUWXVWSRUNRPHQWDU]

GR WHJR SU]HSLVX MHVW RF]\ZLVWH *H XVW QLH QDNáDGD QD RUJDQ\ DGPLQLVWUDFML

SXEOLF]QHMRERZL]NXZVSLHUDQLDUHDOL]DFML]DGDSXEOLF]Q\FKSU]H]RUJDQL]DFMH

SR]DU]GRZHLSRGPLRW\]QLPL]UyZQDQHDQLW\PEDUG]LHMSRZLHU]DQLDUHDOL]DFML

W\FK ]DGD 3U]HSLV WHQ ± ZUD] ] SU]HSLVDPL SR QLP QDVW SXMF\PL ]QDMGXMH

]DVWRVRZDQLH Z SU]\SDGNX JG\ RUJDQ DGPLQLVWUDFML SXEOLF]QHM ] ZáDVQHM

LQLFMDW\Z\ OXE QD ZQLRVHN RIHUW RUJDQL]DFML DUW XVWDZ\ X]QD FHORZRü

RGSRZLHGQLR XG]LHOHQLD ZVSDUFLD OXE SRZLHU]HQLD MDNR VSRVREX Z\NRQ\ZDQLD

RNUHORQHJR ]DGDQLD SXEOLF]QHJR NWyUH MHGQRF]HQLH QDOH*\ GR VIHU\ SR*\WNX

SXEOLF]QHJR

:VSLHUDQLH RUD] SRZLHU]DQLH R NWyU\FK PRZD Z XVW RGE\ZD VL SR

SU]HSURZDG]HQLX RWZDUWHJR NRQNXUVX RIHUW FK\ED *H SU]HSLV\ RGU EQH

SU]HZLGXMLQQ\WU\E]OHFDQLD

-HGQ\P]]DáR*HXVWDZ\FRZ\UD(QLHZ\QLND]X]DVDGQLHQLDMHMSURMHNWXE\áRWR

L* ÄUHJXODFMD XZ]JO GQLDMF RERZL]XMFH SU]HSLV\ SUDZQH SU]\F]\QL VL GR

XMHGQROLFHQLD SURFHGXU ]DZDUW\FK REHFQLH Z LQQ\FK DNWDFK SUDZQ\FK QS Z

XVWDZLH R ILQDQVDFK SXEOLF]Q\FK 8VWDZD WD Z DUW VWDQRZL L* WU\E

SRVW SRZDQLD R XG]LHOHQLH GRWDFML VSRVyE MHM UR]OLF]DQLD RUD] VSRVyE NRQWUROL

Z\NRQ\ZDQLD ]OHFRQHJR ]DGDQLD RNUHOD Z GURG]H XFKZDá\ RUJDQ VWDQRZLF\

MHGQRVWNL VDPRU]GX WHU\WRULDOQHJR 3UDNW\ND RUJDQyZ MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJR Z W\P ]DNUHVLH GDMH REUD] EUDNX MHGQROLWHJR HIHNW\ZQHJR L

SU]HMU]\VWHJR V\VWHPX Z\GDWNRZDQLD URGNyZ SXEOLF]Q\FK 3RQDGWR QDOH*\

]DXZD*\ü L* XFKZDá\ W\FK RUJDQyZ QLH ]DZV]H UHDOL]XM SRGVWDZRZH Z\W\F]QH

XVWDZRGDZF\ 3URMHNWRZDQD XVWDZD PD GRNRQDü Z WHM PDWHULL XMHGQROLFHQLD

SU]HSLVyZ SUDZQ\FK Z V]F]HJyOQRFL Z RGQLHVLHQLX GR MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJR´ : UH]XOWDFLH QRZD UHGDNFMD DUW XVWDZ\ R ILQDQVDFK

SXEOLF]Q\FK GRNRQDQD SU]H] DUW SNW 3U]HSLVyZ ZSURZDG]DMF\FK

VSRZRGRZDáD XWUDW GRW\FKF]DVRZ\FK NRPSHWHQFML UDG JPLQ UDG SRZLDWyZ L

VHMPLNyZZRMHZyG]WZZRPDZLDQ\P]DNUHVLH±ZRGQLHVLHQLXGRVIHU\SR*\WNX

SXEOLF]QHJR

3U]HSLVDPLRGU EQ\PLRNWyU\FKPRZDZXVWDNWyUHMDNROH[VSHFLDOLVPDM

SLHUZV]HVWZRSU]H]SU]HSLVDPLXVWDZ\VZV]F]HJyOQRFLSU]HSLV\

DUWD XVWDZ\ R SRPRF\ VSRáHF]QHM ZUD] ] SU]HSLVDPL Z\NRQDZF]\PL WM

UR]SRU]G]HQLHP0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHM]GQLDF]HUZFDU

Z VSUDZLH ZVSyáG]LDáDQLD DGPLQLVWUDFML SXEOLF]QHM ] LQQ\PL SRGPLRWDPL RUD]

Z]RUyZRIHUWXPyZLVSUDZR]GD]UHDOL]DFML]DGDSRPRF\VSRáHF]QHM

DUWXVWDZ\]GQLDVLHUSQLDURUHKDELOLWDFML]DZRGRZHMLVSRáHF]QHM

RUD]]DWUXGQLDQLXRVyEQLHSHáQRVSUDZQ\FK

ZUD]]SU]HSLVDPLZ\NRQDZF]\PL

WMUR]SRU]G]HQLHP0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHM]GQLDVW\F]QLD

U Z VSUDZLH ]OHFDQLD SU]H] 3DVWZRZ\ )XQGXV] 5HKDELOLWDFML 2VyE

1LHSHáQRVSUDZQ\FK RUJDQL]DFMRP SR]DU]GRZ\P RUD] MHGQRVWNRP VDPRU]GX

WHU\WRULDOQHJR]DGD]]DNUHVXUHKDELOLWDFML]DZRGRZHMVSRáHF]QHMLOHF]QLF]HM

DUWLDXVWDZ\]GQLDVLHUSQLDUR]DNáDGDFKRSLHNL]GURZRWQHM

ZUD] ] SU]HSLVDPL Z\NRQDZF]\PL Z V]F]HJyOQRFL UR]SRU]G]HQLHP 0LQLVWUD

=GURZLD L 2SLHNL 6SRáHF]QHM ] GQLD OLSFD U Z VSUDZLH XPRZ\ R

XG]LHOHQLH]DPyZLHQLDQDZLDGF]HQLH]GURZRWQH

']81USR]

']81USR]]OLF]Q\PLSy(Q]P

']81USR]

']81USR]]OLF]Q\PLSy(Q]P

']81USR]

DUWXVWDZ\]GQLDVW\F]QLDUR.RPLWHFLH%DGD1DXNRZ\FK

ZUD]

] SU]HSLVDPL Z\NRQDZF]\PL WM UR]SRU]G]HQLHP 3U]HZRGQLF]FHJR .RPLWHWX

%DGD 1DXNRZ\FK ] GQLD PDMD U Z VSUDZLH NU\WHULyZ L WU\EX

SU]\]QDZDQLD L UR]OLF]HQLD URGNyZ ILQDQVRZ\FK QD RUJDQL]RZDQLH L

ILQDQVRZDQLH NRQNXUVyZ R ILQDQVRZDQLH SURMHNWyZ EDGDZF]\FK L NRQNXUVyZ R

GRILQDQVRZDQLH SURMHNWyZ FHORZ\FK RUD] QD UHDOL]DFM RNUHORQ\FK ]DGD ]

]DNUHVXG]LDáDOQRFLZVSRPDJDMFHMEDGDQLD

DZRGQLHVLHQLXGRRFKRWQLF]\FKVWUD*\SR*DUQ\FKLLFK=ZL]NX

DUW DUW XVW DUW XVWD L DUW XVWDZ\ ] GQLD VLHUSQLD U R

RFKURQLHSU]HFLZSR*DURZHM

ZUD]]SU]HSLVDPLZ\NRQDZF]\PLZV]F]HJyOQRFL

UR]SRU]G]HQLHP0LQLVWUD6SUDZ:HZQ WU]Q\FKL$GPLQLVWUDFML]GQLDF]HUZFD

U Z VSUDZLH V]F]HJyáRZ\FK ]DVDG UR]G]LDáX URGNyZ ILQDQVRZ\FK

SU]H]QDF]RQ\FKZ\áF]QLHQDFHOHRFKURQ\SU]HFLZSR*DURZHM

.RQNXUVPR*HXOHFUR]VWU]\JQL FLXWDN*HJG\ZSá\Q áDW\ONRMHGQDRIHUWDDUW

XVW

: RWZDUW\P NRQNXUVLH RIHUW R NWyU\P PRZD Z XVW XF]HVWQLF]

RUJDQL]DFMH SR]DU]GRZH SRGPLRW\ Z\PLHQLRQH Z DUW XVW RUD]

MHGQRVWNLRUJDQL]DF\MQHSRGOHJáHRUJDQRPDGPLQLVWUDFMLSXEOLF]QHMOXESU]H]

QLHQDG]RURZDQH

0LPRX*\FLDZ\UD*HQLDÄXF]HVWQLF]´NWyUH]JRGQLH]WUDG\FMSROVNLHJRM ]\ND

SUDZQHJRQDOH*DáRE\UR]XPLHüMDNRRERZL]HNXF]HVWQLF]HQLDZNRQNXUVLHSRU

XZDJD GR XVW MHVW RF]\ZLVWH *H XVW QLH QDNáDGD WDNLHJR RERZL]NX QD

*DGHQ]SRGPLRWyZZQLPZ\PLHQLRQ\FK±ZVND]XMFMHG\QLHNUJSRGPLRWyZ

XSUDZQLRQ\FK GR XF]HVWQLF]HQLD Z NRQNXUVLH ,VWRWQH MHVW L* NUJ WHQ SR]D

RUJDQL]DFMDPLSR]DU]GRZ\PLLSRGPLRWDPL]QLPL]UyZQDQ\PLREHMPXMHWDN*H

ZáDFLZH ]H Z]JO GX QD SU]HGPLRW NRQNXUVX MHGQRVWNL VHNWRUD SXEOLF]QHJR

RNUHORQH Z W\P SU]HSLVLH MDNR MHGQRVWNL RUJDQL]DF\MQH SRGOHJáH RUJDQRP

DGPLQLVWUDFML SXEOLF]QHM OXE SU]H] QLH QDG]RURZDQH ± WHUPLQ WHQ Z\VW SXMH

UyZQLH*ZDUWXVWSNWDUWXVWLMDNUyZQLH*ZDUWXVWSNW

XSRZD*QLDMF\P WH MHGQRVWNL GR NRU]\VWDQLD ]H ZLDGF]H ZRORQWDULXV]\

MHGQDN*H ] Z\áF]HQLHP SURZDG]RQHM SU]H] QLH G]LDáDOQRFL JRVSRGDUF]HM

:VND]XMHWRQDEUDNZROLSURVWHJR]DVW SRZDQLDW\FKMHGQRVWHNSU]H]RUJDQL]DFMH

SR]DU]GRZH ]DSHZQLHQLD ± L SU]HFLZQLH ZRO ZSURZDG]HQLD SHZQHM

NRQNXUHQFMLPL G]\W\PLGZRPDNDWHJRULDPLZLDGF]HQLRGDZFyZ

']8]U1USR]]Sy(Q]P

']81USR]

']8]U1USR]]Sy(Q]P

']81USR]]Sy(Q]P

3RM FLHMHGQRVWHNRUJDQL]DF\MQ\FKSRGOHJá\FKRUJDQRPDGPLQLVWUDFMLSXEOLF]QHM

OXE SU]H] QLH QDG]RURZDQ\FK MHVW ]DVDGQLF]R WR*VDPH ]DNUHVRZR ] SRM FLHP

MHGQRVWHN VHNWRUD ILQDQVyZ SXEOLF]Q\FK XZDJD GR DUW XVW -HGQRVWNL WH

NWyU\FKVWDWXVSUDZQ\RNUHODMSU]HSLV\XVWDZSUDZDPDWHULDOQHJRPRJPLHü

RVRERZRü SUDZQ OXE QLH SRVLDGDü RVRERZRFL SUDZQHM = SXQNWX ZLG]HQLD

IRUP\JRVSRGDUNLILQDQVRZHMVRQHQDMF] FLHMMHGQRVWNDPLEXG*HWRZ\PLDOER

]DNáDGDPLEXG*HWRZ\PLRVRE\SUDZQHPRJPLHüRGU EQHXVWDZRZRRNUHORQH

IRUPXá\JRVSRGDUNLILQDQVRZHM-HGQRVWNDPLQDMZD*QLHMV]\PL]SXQNWXZLG]HQLD

SU]HGPLRWXXQRUPRZDQLDXVWDZ\±ZREHFXQRUPRZDQLDNZHVWLL]OHFDQLD]DGD]

]DNUHVXSRPRF\VSRáHF]QHMZRGU EQ\FKSU]HSLVDFKRSRPRF\VSRáHF]QHMV

V]NRá\ L SODFyZNL RZLDW\ QLHSRVLDGDMFH RVRERZRFL SUDZQHM WZRU]RQH L

G]LDáDMFHQDSRGVWDZLHXVWDZ\]GQLDZU]HQLDURV\VWHPLHRZLDW\

LQVW\WXFMHNXOWXU\ELEOLRWHNLPX]HDGRP\NXOWXU\LWSSDVWZRZHRVRERZRü

VDPRU]GRZH SRVLDGDMFH RVRERZRü SUDZQ WZRU]RQH L G]LDáDMFH QD

SRGVWDZLHXVWDZ\]GQLDSD(G]LHUQLNDURRUJDQL]RZDQLXLSURZDG]HQLX

G]LDáDOQRFLNXOWXUDOQHM

SXEOLF]QH]DNáDG\RSLHNL]GURZRWQHMWZRU]RQHLG]LDáDMFHQDSRGVWDZLHXVWDZ\

R ]DNáDGDFK RSLHNL ]GURZRWQHM ] UHJXá\ SRVLDGDMFH RVRERZRü SUDZQ MDNR

VDPRG]LHOQH SXEOLF]QH ]DNáDG\ RSLHNL ]GURZRWQHM ] W\P MHGQDN L* SU]HZLGXMH

VL SU]HNV]WDáFHQLH W\FK ]DNáDGyZ Z V]F]HJyOQH VSyáNL NDSLWDáRZH PLDQRZLFLH

VSyáNLX*\WHF]QRFLSXEOLF]QHMGRVW\F]QLDU

3RZLHU]HQLHRNWyU\PPRZDZXVWSNWPR*HQDVWSLüZLQQ\PWU\ELH

QL*RNUHORQ\ZXVWMH*HOLGDQH]DGDQLDPR*QD]UHDOL]RZDüHIHNW\ZQLHMZ

LQQ\ VSRVyE RNUHORQ\ Z RGU EQ\FK SU]HSLVDFK Z V]F]HJyOQRFL SRSU]H]

]DNXS XVáXJ QD ]DVDGDFK L Z WU\ELH RNUHORQ\FK Z SU]HSLVDFK R

]DPyZLHQLDFKSXEOLF]Q\FKSU]\SRUyZQ\ZDOQRFLPHWRGNDONXODFMLNRV]WyZ

RUD]SRUyZQ\ZDOQRFLRSRGDWNRZDQLD

3U]HSLV XVW GRW\F]\ SRZLHU]HQLD D ZL F VILQDQVRZDQLD NRV]WyZ UHDOL]DFML

]DGDQLD D QLH ZVSLHUDQLD WM GRILQDQVRZDQLD W\FK NRV]WyZ ERZLHP SU]\

GRILQDQVRZDQLX QDG]Z\F]DM WUXGQR E\áRE\ PyZLü R SRUyZQ\ZDQLX ]H VRE

NRV]WyZ UHDOL]DFML ]DGD SXEOLF]Q\FK SU]H] SRGPLRW\ Uy*QHJR URG]DMX Z FHOX

XVWDOHQLDHIHNW\ZQLHMV]HJRVSRVREXUHDOL]DFML]DGDQLD

:X]DVDGQLHQLXSURMHNWXXVWDZ\WUDIQLH]DXZD*RQRL*ÄRUJDQL]DFMHRE\ZDWHOVNLH

F] VWRZ\WZDU]DMGREUDLZLDGF]XVáXJLHIHNW\ZQLHMWR]QDF]\OHSV]HMMDNRFLL

SRQL*V]\FKNRV]WDFKQL*PRJWR]URELüRUJDQ\DGPLQLVWUDFMLSDVWZRZHM']L NL

WHPX *H RVRE\ SU\ZDWQH GREURZROQLH L QLHRGSáDWQLH SRZL FDM VZyM F]DV L

HQHUJL QDUR]ZL]\ZDQLHSUREOHPyZSXEOLF]Q\FKQSSRPRFOXG]LRPVWDUV]\PL

QLHSHáQRVSUDZQ\P DGPLQLVWUDFMD SXEOLF]QD PR*H ]PQLHMV]\ü Z\GDWNL QD

']8]U1USR]]OLF]Q\PLSy(Q]P

']8]U1USR]]Sy(Q]P

G]LDáDQLD Z W\P ]DNUHVLH ZLDGF]HQLH XVáXJ SU]H] RUJDQL]DFMH RE\ZDWHOVNLH

VSU]\MD SRZVWDZDQLX RV]F] GQRFL Z\QLNDMF\FK ] ]DVDG\ NRQNXUHQFML &KRü

VHNWRU RUJDQL]DFML SR]DU]GRZ\FK QLH MHVW VHNWRUHP GRFKRGRZ\P WR LVWQLHMH Z

QLPSUDZG]LZDU\ZDOL]DFMDRGDURZL]Q\NRQWUDNW\LGRWDFMH$]DWHPRUJDQL]DFMH

SR]DU]GRZH PRJ GRVWDUF]Dü Z\VRNLHM MDNRFL GREUD L XVáXJL SR QL*V]\FK

NRV]WDFK : UH]XOWDFLH SDVWZR L SU\ZDWQL GDUF]\F\ RF]HNXM *H RUJDQL]DFMH

SR]DU]GRZHE G]ZL NV]Dá\]DNUHVZLDGF]RQ\FKXVáXJZUDPDFKZ\NRQ\ZDQLD

]DGD SXEOLF]Q\FK &]\QQLNNDONXODFMLHNRQRPLF]Q\FKMHVWSU]\RFHQLHVNXWNyZ

SURMHNWRZDQHM XVWDZ\ V]F]HJyOQLH ZD*Q\ 0DáD ORNDOQD RUJDQL]DFMD VSRáHF]QD

PR*H]QDF]QLHOHSLHMUR]SR]QDZDüLUHDOL]RZDüUHDOQHSRWU]HE\OXG]LNWyU\PPD

VáX*\ü QL* RUJDQ DGPLQLVWUDFML SXEOLF]QHM : ZLHOX SU]\SDGNDFK RUJDQL]DFMH

VSRáHF]QH V EDUG]LHM HIHNW\ZQH QL* SU]HGVL ELRUF\ L F] VWR WH* NRU]\VWDM ]

PHFKDQL]PyZU\QNRZ\FKWDNLFKMDNNRQNXUHQF\MQRüHIHNW\ZQRüSDUWQHUVWZR

3UDFRZQLF\ RUJDQL]DFML SR]DU]GRZ\FK RWU]\PXM ]D]Z\F]DM PQLHMV]H

Z\QDJURG]HQLD QL* SUDFRZQLF\ QD SRUyZQ\ZDOQ\FK VWDQRZLVNDFK Z VHNWRU]H

SU]HGVL ELRUFyZWRQDOH*\RFHQLü*HNRV]W\SRQRV]RQHSU]H]WHRUJDQL]DFMHPRJ

E\üQL*V]H´

1LHR]QDF]DWRMHGQDNL*ZND*G\PSU]\SDGNXRIHUWDRUJDQL]DFMLSR]DU]GRZHM

DOER SRGPLRWX ] QLP ]UyZQDQHJR MHVW NRU]\VWQLHMV]D WM XPR*OLZLDMFD

HIHNW\ZQLHMV]H ]UHDOL]RZDQLH GDQHJR ]DGDQLD ± HIHNW\ZQLHMV]H WM ]X*\ZDMFH

PQLHM URGNyZ SXEOLF]Q\FK SU]\ GDQ\P VWDQGDUG]LH ZLDGF]HQLD DOER

]DSHZQLDMFH Z\*V]\ VWDQGDUG SU]\ GDQ\P SR]LRPLH ILQDQVRZDQLD RG RIHUW\

SU]HGVL ELRUF\OXERIHUW\RGSRZLHGQLHMMHGQRVWNLVHNWRUDSXEOLF]QHJR&RZL FHM

FRQDND]XMHSU]HSLVXVWSU]\RFHQLHHIHNW\ZQRFLNRQLHF]QHMHVWXZ]JO GQLHQLH

SRUyZQ\ZDOQRFL PHWRG NDONXODFML NRV]WyZ RUD] SRUyZQ\ZDOQRFL

RSRGDWNRZDQLD &R GR PHWRG NDONXODFML NRV]WyZ PL G]\ MHGQRVWNDPL VHNWRUD

SXEOLF]QHJR RUJDQL]DFMDPL SR]DU]GRZ\PL QLH SURZDG]F\PL G]LDáDOQRFL

JRVSRGDUF]HM RUD] SU]HGVL ELRUFDPL Z\VW SXM PLQ Uy*QLFH Z RGQLHVLHQLX GR

DPRUW\]DFMLDOERWH*XPRU]HQLDURGNyZWUZDá\FKRUD]ZDUWRFLQLHPDWHULDOQ\FK

LSUDZQ\FK=NROHLRUJDQL]DFMHSR]DU]GRZHPRJNRU]\VWDü]SU]HGPLRWRZHJR

]ZROQLHQLD RG SRGDWNX GRFKRGRZHJR RG RVyE IL]\F]Q\FK MDN UyZQLH* R LOH

X]\VNDM VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJR ]H ]ZROQLHQLD SRGPLRWRZHJR

SRUDUWXVWSNWXVWDZ\

3U]HSLV\ R ]DPyZLHQLDFK SXEOLF]Q\FK ± WR SU]HSLV\ XVWDZ\ ] GQLD F]HUZFD

U R ]DPyZLHQLDFK SXEOLF]Q\FK

3U]HSLVyZ W\FK QLH VWRVXMH VL Z

SU]\SDGNDFK RGU EQHJR XQRUPRZDQLD ]DVDG L WU\EX UHDOL]DFML ]DGD

ILQDQVRZDQ\FK]HURGNyZSXEOLF]Q\FK±SR]DSU]HSLVDPLQLQLHMV]HMXVWDZ\WDNLH

RGU EQHXQRUPRZDQLD]DZLHUDMZV]F]HJyOQRFLSU]HSLV\Z\PLHQLRQHZXZDG]H

GR XVW ± D WDN*H Z SU]\SDGNDFK ZVND]DQ\FK Z VDPHM WHM XVWDZLH MDN

']8]U1USR]]Sy(Q]P

]DPyZLHQLDXG]LHORQHJRVSRGDUVWZRPSRPRFQLF]\PSU]H]PDFLHU]\VWHMHGQRVWNL

EXG*HWRZHOXEMHGQRVWNLLPSRGOHJáHZ]DNUHVLHELH*FHMREVáXJL]DPDZLDMFHJR

FR R]QDF]D Z W\P ]DNUHVLH ÄLQQ\ VSRVyE´ R NWyU\P PRZD Z RPDZLDQ\P

SU]HSLVLH 3DUDOHOQRü SU]HSLVyZ R ]DPyZLHQLDFK SXEOLF]Q\FK VWRVXMF\FK VL

GR]DNXSXXVáXJXSU]HGVL ELRUFyZRUD]SU]HSLVyZXVWDZ\VWRVXMF\FKVL GR

]OHFDQLDUHDOL]DFML]DGDQLDSXEOLF]QHJRZUD]]XG]LHOHQLHPGRWDFMLQDUHDOL]DFM

WHJR ]DGDQLD RUJDQL]DFML SR]DU]GRZHM DOER SRGPLRWRZL ] QL ]UyZQDQHPX

]RVWDáDZ\UD(QLHVIRUPXáRZDQDZQRZ\PEU]PLHQLXDUWXVWXVWDZ\]GQLD

JUXGQLD U R JRVSRGDUFH NRPXQDOQHM

GRW\F]FHM Z\NRQ\ZDQLD ]DGD

ZáDVQ\FK SU]H] MHGQRVWNL VDPRU]GX WHU\WRULDOQHJR ± EU]PLHQLH WR ]RVWDáR

XVWDORQH SU]H] DUW 3U]HSLVyZ ZSURZDG]DMF\FK ,QQ\ SU]\NáDG ÄLQQHJR

VSRVREX´ ± WR UHDOL]DFMD ]DGDQLD SU]H] DSDUDW GDQHJR RUJDQX DGPLQLVWUDFML

SXEOLF]QHMSRUDUWXVW

5R]VWU]\JQL FLH R VSRVRELH HIHNW\ZQLHMV]HM UHDOL]DFML ]DGDQLD QDVW SXMH Z WRNX

SURFHVXUHDOL]DFMLEXG*HWXSU]H]GDQ\RUJDQDGPLQLVWUDFMLSXEOLF]QHM±JG\RUJDQ

DGPLQLVWUDFML SXEOLF]QHM SRV]XNXMH VSRVREX QDMHIHNW\ZQLHMV]HJR Z\NRU]\VWDQLD

URGNyZ NWyU\PL G\VSRQXMH QD UHDOL]DFM RNUHORQHJR ]DGDQLD $E\ XVWDOLü

HIHNW\ZQRü Uy*Q\FK VSRVREyZ UHDOL]DFML ]DGDQLD QDOH*\ ± SR]D

GRSURZDG]HQLHP GR SRUyZQ\ZDOQRFL SRWHQFMDOQ\FK RIHUW Uy*Q\FK URG]DMyZ

SRGPLRWyZ±PLHüQDW\OHVNRQNUHW\]RZDQH]DGDQLHWMVSHF\ILNDFM SRWU]HEQ\FK

ZLDGF]H ]H ZVND]DQLHP LFK URG]DMyZ VWDQGDUGyZ L LORFL E\ PR*QD E\áR

G\VSRQRZDüZLHG]RNRV]WDFKMHJRUHDOL]DFML:UH]XOWDFLHRUJDQDGPLQLVWUDFML

SXEOLF]QHM SRZLQLHQ PLHü WDN ZLHG] SU]HG RJáRV]HQLHP NRQNXUVX 6DPR

]OHFHQLH ]DGDQLD UyZQLH* Z\PDJD MHJR RGSRZLHGQLHJR Z\VSHF\ILNRZDQLD Z

XPRZLH]DZLHUDQHMZUD]]XG]LHOHQLHP]OHFHQLDDUWXVWDZ\

1DOH*\ MHGQDN PLHü QD XZDG]H WR L* EXG*HW SDVWZD MHGQRVWNL VDPRU]GX

WHU\WRULDOQHJRDQDVW SQLHXNáDGZ\NRQDZF]\EXG*HWXSRUDUWLXVWDZ\

RILQDQVDFKSXEOLF]Q\FKVNRQVWUXRZDQ\MHVWZRSDUFLXRNODV\ILNDFM EXG*HWRZ

NWyUD ] LVWRW\ VZRMHM QLH PR*H XZ]JO GQLDü MHG\QLH NU\WHULXP ]DGD

UHDOL]RZDQ\FK SU]H] GDQ MHGQRVWN SRU UR]SRU]G]HQLH 0LQLVWUD )LQDQVyZ ]

GQLDPDUFDUZVSUDZLHV]F]HJyáRZHMNODV\ILNDFMLGRFKRGyZLZ\GDWNyZ

RUD]SU]\FKRGyZLUR]FKRGyZ

:UH]XOWDFLHZ\GDWNLQDUHDOL]DFM RNUHORQHJR

]DGDQLD SU]H] Uy*QH NDWHJRULH SRGPLRWyZ MHGQRVWNL EXG*HWRZH SU]HGVL ELRUF\

QD ]DVDG]LH ]DNXSX XVáXJ RUJDQL]DFMH SR]DU]GRZH QD ]DVDG]LH XG]LHOHQLD

GRWDFML ] UHJXá\ V GRNRQ\ZDQH ] Uy*Q\FK SR]\FML NODV\ILNDFML EXG*HWRZHM

2]QDF]D WR L* RJyOQH UR]VWU]\JQL FLD R VSRVRELH UHDOL]DFML SRV]F]HJyOQ\FK

NDWHJRULL ]DGD ]DSDGDM QD HWDSLH SU]\JRWRZDQLD L XFKZDODQLD EXG*HWX D

QDVW SQLH XOHJDM RQH XV]F]HJyáRZLHQLX QD HWDSLH SU]\MPRZDQLD XNáDGX

Z\NRQDZF]HJR EXG*HWX $E\ UR]VWU]\JQL FLD WH PLDá\ FKDUDNWHU UDFMRQDOQ\

ZVND]DQH MHVW E\ SU]\JRWRZDQLH IRUPDOQHJR SURMHNWX EXG*HWX ]JRGQLH ]

']8]U1USR]]Sy(Q]P

']81USR]]Sy(Q]P

SU]HSLVDPL R ILQDQVDFK SXEOLF]Q\FK E\áR SRSU]HG]RQH SU]\JRWRZDQLHP

QLHIRUPDOQHJRÄEXG*HWX]DGDQLRZHJR´VNRQVWUXRZDQHJRZHGáXJSRG]LDáX]DGD

SU]\ RGSRZLHGQLP LFK Z\VSHF\ILNRZDQLX QD NWyUH SU]H]QDF]D VL RNUHORQH

NZRW\ EXG*HW IRUPDOQ\ E\áE\ Z WDNLP SU]\SDGNX SHZQ\P SU]HWáXPDF]HQLHP

ÄEXG*HWX ]DGDQLRZHJR´ QD M ]\N XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK Ä%XG*HW

]DGDQLRZ\´ Z\VW SXMH Z SUDNW\FH QLHNWyU\FK MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJR:VSUDZLHÄEXG*HWX]DGDQLRZHJR´±SRUUyZQLH*XZDJ GRDUW

XVW

$UW

2UJDQL]DFMDSR]DU]GRZDRUD]SRGPLRW\Z\PLHQLRQHZDUWXVWPRJ]

ZáDVQHM LQLFMDW\Z\ ]áR*\ü RIHUW UHDOL]DFML ]DGD SXEOLF]Q\FK WDN*H W\FK

NWyUH V UHDOL]RZDQH GRW\FKF]DV Z LQQ\ VSRVyE Z W\P SU]H] RUJDQ\

DGPLQLVWUDFMLSXEOLF]QHM

2PDZLDQ\SU]HSLVGRW\F]\SU]\SDGNyZJG\RIHUWDUHDOL]DFML]DGDSXEOLF]Q\FK

MHVW VNáDGDQD QLH Z UDPDFK NRQNXUVX SU]HSURZDG]RQHJR SU]H] RUJDQ

DGPLQLVWUDFML SXEOLF]QHM ] MHJR ZáDVQHM LQLFMDW\Z\ DOH ]DSRF]WNRZXMH RQD

SURFHGXU ± RNUHORQ Z XVW ± NWyUHM VNXWNLHP PR*H E\ü SU]HSURZDG]HQLH

NRQNXUVXL]OHFHQLH]DGDQLDQD]DVDG]LHZVSDUFLDDOERSRZLHU]HQLD

2IHUW\ QLH PRJ ]áR*\ü ] ZáDVQHM LQLFMDW\Z\ MHGQRVWNL RUJDQL]DF\MQH SRGOHJáH

RUJDQRP DGPLQLVWUDFML SXEOLF]QHM OXE SU]H] QLH QDG]RURZDQH ± NWyUH PRJ

XF]HVWQLF]\ü Z RWZDUW\P NRQNXUVLH RIHUW SR RJáRV]HQLX Z WU\ELH RNUHORQ\P

ZDUW

2UJDQ DGPLQLVWUDFML SXEOLF]QHM Z SU]\SDGNX R NWyU\P PRZD Z XVW

ZWHUPLQLHQLHSU]HNUDF]DMF\PPLHVL F\

UR]SDWUXMH FHORZRü UHDOL]DFML RNUHORQHJR ]DGDQLD SXEOLF]QHJR SU]H]

RUJDQL]DFMH SR]DU]GRZH RUD] SRGPLRW\ Z\PLHQLRQH Z DUW XVW

ELRUFSRGXZDJ VWRSLHZMDNLPRIHUWDRGSRZLDGDSULRU\WHWRP]DGD

SXEOLF]Q\FK GDMH JZDUDQFM UHDOL]DFML ]DGD ]JRGQLH ]H VWDQGDUGDPL

ZáDFLZ\PL GOD GDQHJR ]DGDQLD URGNL GRVW SQH QD UHDOL]DFM

RNUHORQ\FK ]DGD URG]DMH RNUHORQ\FK ]DGD L NRU]\FL Z\QLNDMFH ]

UHDOL]DFML ]DGDQLD SXEOLF]QHJR SU]H] RUJDQL]DFM SR]DU]GRZ RUD]

SRGPLRW\Z\PLHQLRQHZDUWXVWRUD]

LQIRUPXMH R SRGM WHM GHF\]ML D Z SU]\SDGNX VWZLHUG]HQLD FHORZRFL

UHDOL]DFMLRNUHORQHJR]DGDQLDSXEOLF]QHJRLQIRUPXMHVNáDGDMFHJRRIHUW

RWU\ELH]OHFHQLD]DGDQLDSXEOLF]QHJRRNWyU\PPRZDZDUWXVW

3U]HSLV XVW QDND]XMH Z UD]LH RWU]\PDQLD RIHUW\ R NWyUHM PRZD Z XVW

SU]HSURZDG]HQLHSU]H]RUJDQDGPLQLVWUDFMLSXEOLF]QHMSRVW SRZDQLDPDMFHJRQD

FHOX RFHQ FHORZRFL UHDOL]DFML GDQHJR ]DGDQLD SXEOLF]QHJR ] SXQNWX ZLG]HQLD

SU]HVáDQHNRNUHORQ\FKZSNWMDNUyZQLH*SRLQIRUPRZDQLDRSRGM WHMGHF\]ML±

NWyUDPR*HE\üSNWRGPRZQDDOERSR]\W\ZQDZIRUPLHLQIRUPDFMLRWU\ELH

]OHFHQLDWM]UHJXá\NRQNXUVLHRIHUW]JRGQLH]SU]HSLVDPLXVWDZ\

8*\FLHZSNWWHUPLQXÄGHF\]MD´QLHR]QDF]DL*MHVWWRGHF\]MDZUR]XPLHQLX

SU]HSLVyZ .RGHNVX SRVW SRZDQLD DGPLQLVWUDF\MQHJR *G\E\ ERZLHP WDN E\áR

XVWDZD QLH ]DZLHUDáDE\ VIRUPXáRZD GRW\F]F\FK SRLQIRUPRZDQLD R SRGM WHM

GHF\]ML MDNR *H RERZL]HN GRU F]HQLD VWURQLH GHF\]ML ZUD] X]DVDGQLHQLHP

Z\QLND]SU]HSLVyZ.RGHNVX'RSRVW SRZDQLDRNUHORQHJRZXVWQLHVWRVXMH

VL ]DWHP SU]HSLVyZ .RGHNVX SRVW SRZDQLD DGPLQLVWUDF\MQHJR FKRü SU]\Mü

PR*QD FHORZRü RGSRZLHGQLHJR VWRVRZDQLD QLHNWyU\FK MHJR SU]HSLVyZ Z W\P

WDN*H ± ZREHF SRUHGQLHJR RNUHOHQLD Z SNW SU]HVáDQHN RGPRZ\ ± SU]\M FLD

RERZL]NXSRLQIRUPRZDQLDQLHW\ONRRGHF\]MLRGPRZQHMDOHLRSRZRGDFKMHM

SRGM FLD RUD] RERZL]NX SRGSLVDQLD RGSRZLHGQLHM LQIRUPDFML SU]H] RVRE

SHáQLF IXQNFM RUJDQX OXE SU]H] RVRE\ PDMFH SR WHPX RGSRZLHGQLH

XSRZD*QLHQLH 2GSRZLHGQLH VWRVRZDQLH SU]HSLVyZ .3$ QLH PR*H MHGQDN

GRW\F]\ü SU]HSLVyZ R SRVW SRZDQLX RGZRáDZF]\P NWyUH QDGDM RGZRáDQLX

FKDUDNWHU VIRUPDOL]RZDQHM LQVW\WXFML SURFHVRZHM 3RGPLRW QLH]DGRZRORQ\

] ÄGHF\]ML´ R NWyUHM PRZD Z RPDZLDQ\P SU]HSLVLH SR]D PR*OLZRFL

QLHVIRUPDOL]RZDQHJR ZQLRVNRZDQLD R SRQRZQH UR]SDWU]HQLH VSUDZ\ PR*H

VNRU]\VWDü]SU]HSLVyZ.3$GRW\F]F\FKVNDUJG]LDá9,,,WHJR.RGHNVX

$UW

2UJDQ DGPLQLVWUDFML SXEOLF]QHM RJáDV]D RWZDUW\ NRQNXUV RIHUW FR QDMPQLHM

]WU]\G]LHVWRGQLRZ\PZ\SU]HG]HQLHP

: X]DVDGQLHQLX SURMHNWX XVWDZ\ VWZLHUG]RQR Ä3URMHNWRZDQD UHJXODFMD

SU]HZLGXMHRERZL]HNRJáDV]DQLDSU]H]RUJDQDGPLQLVWUDFMLLQIRUPDFMLRURG]DMX

]DGDQLD SXEOLF]QHJR R Z\VRNRFL URGNyZ ILQDQVRZ\FK SU]H]QDF]RQ\FK QD WR

]DGDQLHDWDN*HRSURFHGXUDFKLFKUR]G\VSRQRZDQLD]DNáDGDMFGQLRZ\

WHUPLQ QD GRNRQDQLH RJáRV]HQLD 2JáDV]DQLH LQIRUPDFML Z RNUHORQ\P WHUPLQLH

PD QD FHOX XPR*OLZLHQLH UyZQHJR GRVW SX RUD] ZáDFLZHJR SU]\JRWRZDQLD

G]LDáDSU]H]RUJDQL]DFMHSR]DU]GRZH]DLQWHUHVRZDQHUHDOL]DFM]DGDQLD´

2JáRV]HQLHRWZDUWHJRNRQNXUVXRIHUWSRZLQQR]DZLHUDüLQIRUPDFMHR

URG]DMX]DGDQLD

Z\VRNRFL URGNyZ SXEOLF]Q\FK SU]H]QDF]RQ\FK QD UHDOL]DFM WHJR

]DGDQLD

]DVDGDFKSU]\]QDZDQLDGRWDFML

WHUPLQDFKLZDUXQNDFKUHDOL]DFML]DGDQLD

WHUPLQLHVNáDGDQLDRIHUW

WHUPLQLH WU\ELH L NU\WHULDFK VWRVRZDQ\FK SU]\ GRNRQ\ZDQLX Z\ERUX

RIHUW\

]UHDOL]RZDQ\FK SU]H] RUJDQ DGPLQLVWUDFML SXEOLF]QHM Z URNX RJáRV]HQLD

RWZDUWHJR NRQNXUVX RIHUW L Z URNX SRSU]HGQLP ]DGDQLDFK SXEOLF]Q\FK

WHJR VDPHJR URG]DMX L ]ZL]DQ\FK ] QLPL NRV]WDPL ]H V]F]HJyOQ\P

XZ]JO GQLHQLHP Z\VRNRFL GRWDFML SU]HND]DQ\FK RUJDQL]DFMRP

SR]DU]GRZ\P SRGPLRWRP R NWyU\FK PRZD Z DUW XVW RUD]

MHGQRVWNRPRUJDQL]DF\MQ\PSRGOHJá\PRUJDQRPDGPLQLVWUDFMLSXEOLF]QHM

OXESU]H]QLHQDG]RURZDQ\P

3U]H] LQIRUPDFM R ÄURG]DMX ]DGDQLD´ SNW QDOH*\ UR]XPLHü RGSRZLHGQLR GR

SRWU]HE SUHF\]\MQH RNUHOHQLH SU]HGPLRWX NRQNXUVX WM URG]DMX VWDQGDUGyZ

LLORFLRF]HNLZDQ\FKZLDGF]HVNáDGDMF\FKQDUHDOL]DFM ]DGDQLD

Ä=DVDG\SU]\]QDZDQLDGRWDFML´SNWVSRF] FLXVWDORQHZXVWDZLH±LZW\P

]DNUHVLH LQIRUPDFMD PR*H W\ONR RJyOQLH DOER Z VSRVyE EDUG]LHM UR]EXGRZDQ\

SRZRáDüVL QD]DVDG\XVWDZRZH

2JáRV]HQLHRNWyU\PPRZDZXVW]DPLHV]F]DVL Z]DOH*QRFLRGURG]DMX

]DGDQLDZG]LHQQLNXR]DVL JXRJyOQRSROVNLPOXEORNDOQ\PRUD]%LXOHW\QLH

,QIRUPDFML 3XEOLF]QHM D WDN*H Z VLHG]LELH RUJDQX DGPLQLVWUDFML SXEOLF]QHM

ZPLHMVFXSU]H]QDF]RQ\PQD]DPLHV]F]DQLHRJáRV]H2JáRV]HQLHPR*HWDN*H

QDVWSLü Z LQQ\ VSRVyE ]DSHZQLDMF\ GRVW S SRGPLRWyZ ]DLQWHUHVRZDQ\FK

LQIRUPDFML

V]F]HJyOQRFL

SRSU]H]

Z\NRU]\VWDQLH

VLHFL

WHOHLQIRUPDW\F]QHM

Ä%LXOHW\Q ,QIRUPDFML 3XEOLF]QHM´ MHVW XU] GRZ\P SXEOLNDWRUHP

WHOHLQIRUPDW\F]Q\P G]LDáDMF\P QD SRGVWDZLH DUW L XVWDZ\ ] GQLD

ZU]HQLDURGRVW SLHGRLQIRUPDFMLSXEOLF]QHM

]JRGQLH]SU]HSLVDPL

UR]SRU]G]HQLD0LQLVWUD6SUDZ:HZQ WU]Q\FKL$GPLQLVWUDFML]GQLDPDMD

UR%LXOHW\QLH,QIRUPDFML3XEOLF]QHM

= XVW Z\QLND L* ]DPLHV]F]HQLH RJáRV]HQLD RWZDUWHJR NRQNXUVX RIHUW QD

RGSRZLHGQLFK VWURQDFK %LXOHW\QX ,QIRUPDFML 3XEOLF]QHM QLH ]DVW SXMH

RJáRV]HQLDZRGSRZLHGQLPG]LHQQLNXDWDN*HQDWDEOLF\RJáRV]HRUJDQX

$UW

2IHUWD R NWyUHM PRZD Z DUW XVW L DUW XVW SRZLQQD ]DZLHUDü

ZV]F]HJyOQRFL

V]F]HJyáRZ\ ]DNUHV U]HF]RZ\]DGDQLDSXEOLF]QHJRSURSRQRZDQHJRGR

UHDOL]DFML

WHUPLQLPLHMVFHUHDOL]DFML]DGDQLDSXEOLF]QHJR

NDONXODFM SU]HZLG\ZDQ\FKNRV]WyZUHDOL]DFML]DGDQLDSXEOLF]QHJR

']81USR]]Sy(Q]P

']81USR]

LQIRUPDFM R ZF]HQLHMV]HM G]LDáDOQRFL SRGPLRWX VNáDGDMFHJR RIHUW

Z]DNUHVLHNWyUHJRGRW\F]\]DGDQLH

LQIRUPDFM R SRVLDGDQ\FK ]DVREDFK U]HF]RZ\FK L NDGURZ\FK

]DSHZQLDMF\FK Z\NRQDQLH ]DGDQLD Z W\P R Z\VRNRFL URGNyZ

ILQDQVRZ\FKX]\VNDQ\FKQDUHDOL]DFM GDQHJR]DGDQLD]LQQ\FK(UyGHá

GHNODUDFM R ]DPLDU]H RGSáDWQHJR OXE QLHRGSáDWQHJR Z\NRQDQLD

]DGDQLD

3RQLHZD* RIHUWD R NWyUHM PRZD Z DUW XVW L DUW XVW GRW\F]\ ZVSDUFLD

DOER SRZLHU]HQLD UHDOL]DFML RNUHORQHJR ]DGDQLD SXEOLF]QHJR GHNODUDFMD

R ]DPLDU]H QLHRGSáDWQHJR Z\NRQDQLD ]DGDQLD SNW PR*H GRW\F]\ü W\ONR

GDMF\FKVL Z\G]LHOLüHOHPHQWyZZ\NRQDQLDWHJR]DGDQLD

:]yU RIHUW\ VWDQRZL ]DáF]QLN QU GR UR]SRU]G]HQLD 0LQLVWUD *RVSRGDUNL

3UDF\ L 3ROLW\NL 6SRáHF]QHM ] GQLD SD(G]LHUQLND U R NWyU\P PRZD

ZXZDG]HGRDUW

:UD]LH]DZDUFLDXPRZ\]GDQ\PRIHUHQWHPMHJRRIHUWDVWDQRZL]DáF]QLNGR

XPRZ\ R Z\NRQDQLH ]DGDQLD SXEOLF]QHJR XVW Z]RUX WHM XPRZ\

VWDQRZLFHJR]DáF]QLNQUGRUR]SRU]G]HQLDSRZRáDQHJRZXZDG]H

$UW

2UJDQDGPLQLVWUDFMLSXEOLF]QHMSU]\UR]SDWU\ZDQLXRIHUW

RFHQLD PR*OLZRü UHDOL]DFML ]DGDQLD SU]H] RUJDQL]DFM SR]DU]GRZ

SRGPLRW\ Z\PLHQLRQH Z DUW XVW RUD] MHGQRVWNL RUJDQL]DF\MQH

SRGOHJáHRUJDQRPDGPLQLVWUDFMLSXEOLF]QHMOXESU]H]QLHQDG]RURZDQH

RFHQLD SU]HGVWDZLRQ NDONXODFM NRV]WyZ UHDOL]DFML ]DGDQLD Z W\P

ZRGQLHVLHQLXGR]DNUHVXU]HF]RZHJR]DGDQLD

XZ]JO GQLDZ\VRNRüURGNyZSXEOLF]Q\FKSU]H]QDF]RQ\FKQDUHDOL]DFM

]DGDQLD

.DONXODFMDSU]HZLG\ZDQ\FKNRV]WyZUHDOL]DFML]DGDQLDRNWyUHMPRZDZSNW

MHVW VSRU]G]DQD ]JRGQLH ] SNW ,,, ]DáF]QLND QU GR UR]SRU]G]HQLD 0LQLVWUD

*RVSRGDUNL3UDF\L3ROLW\NL6SRáHF]QHM]GQLDSD(G]LHUQLNDURNWyU\P

PRZDZXZDG]HGRDUW

-HVW RF]\ZLVWH L* RUJDQ DGPLQLVWUDFML SXEOLF]QHM PR*H RFHQLü SU]HGVWDZLRQ

Z RIHUFLH NDONXODFM NRV]WyZ UHDOL]DFML ]DGDQLD MH*HOL SU]HG RJáRV]HQLHP

NRQNXUVX RIHUW G\VSRQXMH Z\VWDUF]DMF ZLHG] QD WHPDW PR*OLZ\FK NRV]WyZ

SRUXZDJ GRDUWXVW

3U]HSLV XVW PD ]DVWRVRZDQLH WDN*H JG\ Z Z\QLNX RJáRV]HQLD RWZDUWHJR

NRQNXUVXRIHUW]RVWDáD]JáRV]RQDMHGQDRIHUWD

: UD]LH SR]\W\ZQHM RFHQ\ PR*OLZRFL UHDOL]DFML ]DGDQLD SU]H] RIHUHQWD

L SU]HGVWDZLRQHM NDONXODFML NRV]WyZ RUD] SRVLDGDQLD URGNyZ SXEOLF]Q\FK

RGSRZLHGQLFK GR W\FK NRV]WyZ RUJDQ DGPLQLVWUDFML SXEOLF]QHM PR*H ]DZU]Hü

XPRZ ]MHG\Q\PRIHUHQWHPSRUXVW]G

2UJDQ DGPLQLVWUDFML SXEOLF]QHM RERZL]DQ\ MHVW Z X]DVDGQLHQLX Z\ERUX

RIHUW\XVWRVXQNRZDüVL GRVSHáQLDQLDSU]H]RIHUHQWDZ\PRJyZRNUHORQ\FK

ZXVWDZLHRUD]ZRJáRV]HQLXRNWyU\PPRZDZDUW3U]HSLVVWRVXMHVL

RGSRZLHGQLRZSU]\SDGNXRNWyU\PPRZDZXVW

:\EyURIHUW\QLHQDVW SXMHZGURG]HGHF\]MLDGPLQLVWUDF\MQHMZREHFF]HJR

QLH VWRVXM VL Z RGQLHVLHQLX GR QLHJR SU]HSLV\ .RGHNVX SRVW SRZDQLD

DGPLQLVWUDF\MQHJRSR]DSU]HSLVDPLG]LDáX9,,,RVNDUJDFK

$UW

2UJDQL]DFMH SR]DU]GRZH SRGPLRW\ Z\PLHQLRQH Z DUW XVW RUD]

MHGQRVWNLRUJDQL]DF\MQHSRGOHJáHRUJDQRPDGPLQLVWUDFMLSXEOLF]QHMOXESU]H]

QLH QDG]RURZDQH SU]\MPXMF ]OHFHQLH UHDOL]DFML ]DGDQLD SXEOLF]QHJR

ZWU\ELHRNUHORQ\PZDUWXVW]RERZL]XMVL GRZ\NRQDQLD]DGDQLD

Z]DNUHVLHLQD]DVDGDFKRNUHORQ\FKZXPRZLHRGSRZLHGQLRRSRZLHU]HQLH

]DGDQLDOXERZVSDUFLHUHDOL]DFML]DGDQLDVIRUPXáRZDQHM]XZ]JO GQLHQLHP

DUW XVW XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK RUD] SU]HSLVyZ QLQLHMV]HM

XVWDZ\DRUJDQDGPLQLVWUDFMLSXEOLF]QHM]RERZL]XMHVL GRSU]HND]DQLDQD

UHDOL]DFM ]DGDQLDRGSRZLHGQLFKURGNyZSXEOLF]Q\FKZIRUPLHGRWDFML

=JRGQLH ] DUW XVW XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK ÄXPRZD >@ SRZLQQD

RNUHODü

V]F]HJyáRZ\RSLV]DGDQLDLWHUPLQMHJRZ\NRQDQLD

GRWDFM FHORZQDOH*QMHGQRVWFHZ\NRQXMFHM]DGDQLHLWU\ESáDWQRFL

WU\ENRQWUROLZ\NRQ\ZDQLD]DGDQLD

VSRVyEUR]OLF]HQLDXG]LHORQHMGRWDFMLFHORZHML]DVDG\]ZURWX

QLHZ\NRU]\VWDQHMF] FLGRWDFML´

8PRZD R Z\NRQDQLH ]DGDQLD SXEOLF]QHJR PD SHZQH FHFK\ XPRZ\

F\ZLOQRSUDZQHMVWGZZ]RUXXPRZ\RZ\NRQDQLH]DGDQLDSXEOLF]QHJR

VWDQRZLFHJR ]DáF]QLN QU GR UR]SRU]G]HQLD 0LQLVWUD *RVSRGDUNL 3UDF\

L3ROLW\NL6SRáHF]QHM]GQLDSD(G]LHUQLNDURNWyU\PPRZDZXZDG]H

GR DUW ± MHVW PRZD R ]DVWRVRZDQLX Z ]DNUHVLH QLHXUHJXORZDQ\P Z XPRZLH

SU]HSLVyZ .RGHNVX F\ZLOQHJR DOH MHVW RQD QLHUR]HUZDOQLH ]ZL]DQD ± WDN MDN

XPRZ\RNWyU\FKPRZDZDUWXVWXVWDZ\RILQDQVDFKSXEOLF]Q\FK]DNWHP

SUDZD SXEOLF]QHJR Z SRVWDFL XG]LHOHQLD GRWDFML Z W\P*H RERN .RGHNVX

F\ZLOQHJR RGV\áD VL UyZQLH* GR SU]HSLVyZ XVWDZ\ R ILQDQVDFK SXEOLF]Q\FK

= WHJR WH* SRZRGX XPRZD R Z\NRQDQLH ]DGDQLD SXEOLF]QHJR PD V]F]HJyOQ\

FKDUDNWHU QDOH*F GR VIHU\ VW\NX SUDZD F\ZLOQHJR L SUDZD ILQDQVRZHJR

: ND*G\P UD]LH QLH MHVW WR W\SRZD XPRZD Z]DMHPQD Z UR]XPLHQLX SUDZD

F\ZLOQHJR ERZLHP GRWDFMD IRUPDOQLH QLH MHVW Z\QDJURG]HQLHP ] W\WXáX

Z\NRQ\ZDQLDRNUHORQ\FKZXPRZLH]DGDSXEOLF]Q\FK

-H*HOL GRWDFML XG]LHOD VL MHGQRVWFH RUJDQL]DF\MQHM SRGOHJáHM RUJDQRZL

DGPLQLVWUDFMLSXEOLF]QHMOXESU]H]QLHJRQDG]RURZDQHMXPRZ SRGSLVXMHRUJDQ

]DU]G]DMF\ WHM MHGQRVWNL MH*HOL PD RQD RVRERZRü SUDZQ DOER NLHURZQLN

MHGQRVWNL QLHSRVLDGDMFHM RVRERZRFL SUDZQHM G]LDáDMF\ QD SRGVWDZLH

SHáQRPRFQLFWZD XG]LHORQHJR PX Z UDPDFK RGSRZLHGQLFK SU]HSLVyZ

ÄXVWURMRZ\FK´ SU]H] SU]HGVWDZLFLHOD RVRE\ SUDZQHM 6NDUE 3DVWZD MHGQRVWND

VDPRU]GXWHU\WRULDOQHJRNWyUDMHVWZNDWHJRULDFKSUDZDF\ZLOQHJRSRGPLRWHP

SUDZLRERZL]NyZ]ZL]DQ\FK]G]LDáDOQRFLGDQHMMHGQRVWNLRUJDQL]DF\MQHM

5DPRZ\Z]yUXPRZ\RZ\NRQDQLH]DGDQLDSXEOLF]QHJRVWDQRZL]DáF]QLNQU

GR UR]SRU]G]HQLD 0LQLVWUD *RVSRGDUNL 3UDF\ L 3ROLW\NL 6SRáHF]QHM ] GQLD

SD(G]LHUQLNDURNWyU\PPRZDZXZDG]HGRDUW

=DáF]QLNLHPGRXPRZ\MHVWRIHUWDSRGPLRWXNWyUHJRRIHUWD]RVWDáDZ\EUDQD

XVW]DáF]QLNDQURNWyU\PPRZDZXZDG]H

8PRZD R NWyUHM PRZD Z XVW Z\PDJD IRUP\ SLVHPQHM SRG U\JRUHP

QLHZD*QRFL

=DVWU]H*HQLH IRUP\ SLVHPQHM ± VDPR ] VLHELH Z\QLNDMFH ] XVWDOHQLD

SLVHPQHJRZ]RUXWHMXPRZ\QDPRF\DUWSNW±SRGU\JRUHPQLHZD*QRFL

MHVWNRQLHF]QH]HZ]JO GXQDWRL*SROVNLHSUDZRF\ZLOQHSU]HZLGXMHZUD]LH

EUDNX WDNLHJR U\JRUX MHG\QLH VNXWNL ]ZL]DQH ] LQVW\WXFM IRUP\ SLVHPQHM GOD

FHOyZ GRZRGRZ\FK RNUHORQH Z DUW .RGHNVX F\ZLOQHJR Z EU]PLHQLX

RERZL]XMF\PRGZU]HQLDU

6NXWNLWHV]QDF]QLHPQLHMGRWNOLZH

GODVWURQQL*U\JRUQLHZD*QRFL

8PRZD R SRZLHU]HQLH ]DGDQLD SXEOLF]QHJR PR*H E\ü ]DZDUWD QD F]DV

UHDOL]DFML]DGDQLDOXEQDF]DVRNUHORQ\QLHGáX*V]\QL*ODWD

=DVWU]H*HQLH IRUP\ SLVHPQHM EH] U\JRUX QLHZD*QRFL PD WHQ VNXWHN *H Z UD]LH QLH]DFKRZDQLD ]DVWU]H*RQHM

IRUP\ QLH MHVW Z VSRU]H GRSXV]F]DOQ\ GRZyG ]H ZLDGNyZ DQL GRZyG ] SU]HVáXFKDQLD VWURQ QD IDNW GRNRQDQLD

F]\QQRFL 3U]HSLVX WHJR QLH VWRVXMH VL JG\ ]DFKRZDQLH IRUP\ SLVHPQHM MHVW ]DVWU]H*RQH MHG\QLH GOD Z\ZRáDQLD

RNUHORQ\FKVNXWNyZF]\QQRFLSUDZQHM

-HGQDN*H PLPR QLH]DFKRZDQLD IRUP\ SLVHPQHM SU]HZLG]LDQHM GOD FHOyZ GRZRGRZ\FK GRZyG ]H ZLDGNyZ OXE

GRZyG]SU]HVáXFKDQLDVWURQMHVWGRSXV]F]DOQ\MH*HOLRELHVWURQ\Z\UD*QDWR]JRG MH*HOL*GDWHJRNRQVXPHQWZ

VSRU]H]SU]HGVL ELRUFDOERMH*HOLIDNWGRNRQDQLDF]\QQRFLSUDZQHME G]LHXSUDZGRSRGREQLRQ\]DSRPRFSLVPD

3U]HSLVyZ R IRUPLH SLVHPQHM SU]HZLG]LDQHM GOD FHOyZ GRZRGRZ\FK QLH VWRVXMH VL GR F]\QQRFL SUDZQ\FK Z

VWRVXQNDFKPL G]\SU]HGVL ELRUFDPL

= SU]HSLVX XVW Z\QLND D FRQWUDULR L* XPRZD R SRZLHU]HQLH ]DGDQLD

SXEOLF]QHJRQLHPR*HE\ü]DZDUWDQDF]DVQLHRNUHORQ\

3U]HSLV XVW GRW\F]\ Z\áF]QLH XPRZ\ R SRZLHU]HQLH 6G]Lü QDOH*\ L*

XVWDZRGDZFDSU]\MáL*XPRZDRZVSDUFLHUHDOL]DFML]DGDQLDPDFKDUDNWHUZW\P

VHQVLHMHGQRUD]RZ\DQLHFLJá\*HGRW\F]\]DGDQLDUHDOL]RZDQHJRL]DZDUWDMHVW

QDF]DVUHDOL]DFML]DGDQLD

=DGDQLH SXEOLF]QH QLH PR*H E\ü ]UHDOL]RZDQH SU]H] SRGPLRW QLHE GF\

VWURQ XPRZ\ FK\ED *H XPRZD ]H]ZDOD QD Z\NRQDQLH RNUHORQHM F] FL

]DGDQLDSU]H]WDNLSRGPLRW

3RZ\*V]\

SU]HSLV

ZSURZDG]D

EH]Z]JO GQ\

]DND]

SRG]OHFDQLD

VXENRQWUDNWRZDQLD Z RGQLHVLHQLX GR FDáHJR DOER SUDZLH FDáHJR SU]HGPLRWX

XPRZ\ =H]ZDOD QD SRG]OHFDQLH W\ONR Z RGQLHVLHQLX GR RNUHORQ\FK F] FL

SU]HGPLRWXXPRZ\±SRGZDUXQNLHPMHGQDN*H]RVWDáRWRZ\UD(QLHSU]HZLG]LDQH

ZWHNFLHXPRZ\FRSR]ZDODQDRNUHOHQLHZW\P]DNUHVLH]DND]XSRG]OHFDQLD

MDNRZ]JO GQHJR

3RG]OHFDQLH RGQRVL VL GR SRGPLRWyZ NWyUH QLH SRGOHJDM NLHURZQLFWZX

SRZLHU]DMFHJR W]Z Z\NRQDZFD VDPRG]LHOQ\ 1LH REHMPXMH QDWRPLDVW

SU]\SDGNyZ SRVáXJLZDQLD VL SU]H] UHDOL]XMFHJR ]DGDQLH RVREDPL IL]\F]Q\PL

NWyUHSU]\Z\NRQ\ZDQLXRGSRZLHGQLFKF]\QQRFLSRGOHJDMMHJRNLHURZQLFWZXL

PDM RERZL]HN VWRVRZDü VL GR MHJR ZVND]yZHN ± RVREDPL WDNLPL V

SUDFRZQLF\UHDOL]XMFHJRRVRE\]DWUXGQLRQHQDSRGVWDZLHXPRZ\]OHFHQLDQLH

MDNRSU]HGVL ELRUF\LZRORQWDULXV]HZ\NRQXMF\ZLDGF]HQLDQDMHJRU]HF]

2UJDQL]DFMD SR]DU]GRZD SRGPLRW\ Z\PLHQLRQH Z DUW XVW RUD]

MHGQRVWNLRUJDQL]DF\MQHSRGOHJáHRUJDQRPDGPLQLVWUDFMLSXEOLF]QHMOXESU]H]

QLH QDG]RURZDQH V ]RERZL]DQH GR Z\RGU EQLHQLD Z HZLGHQFML NVL JRZHM

URGNyZRWU]\PDQ\FKQDUHDOL]DFM XPRZ\RNWyUHMPRZDZXVW3U]HSLV

DUWXVWVWRVXMHVL RGSRZLHGQLR

=H ]GDQLD Z\QLND RERZL]HN SURZDG]HQLD UDFKXQNRZRFL Z VSRVyE

XPR*OLZLDMF\ RNUHOHQLH SU]\FKRGyZNRV]WyZLZ\QLNyZUHDOL]DFML]DGDQLDZUD]

]Z\NRU]\VW\ZDQLHPGRWDFML

$UW

2UJDQDGPLQLVWUDFMLSXEOLF]QHM]OHFDMF\]DGDQLHSXEOLF]QHGRNRQXMHNRQWUROL

LRFHQ\UHDOL]DFML]DGDQLDDZV]F]HJyOQRFL

VWDQXUHDOL]DFML]DGDQLD

HIHNW\ZQRFLU]HWHOQRFLLMDNRFLZ\NRQDQLD]DGDQLD

SUDZLGáRZRFL Z\NRU]\VWDQLD URGNyZ SXEOLF]Q\FK RWU]\PDQ\FK QD

UHDOL]DFM ]DGDQLD

SURZDG]HQLD

GRNXPHQWDFML

RNUHORQHM

SU]HSLVDFK

SUDZD

LZSRVWDQRZLHQLDFKXPRZ\

.RQLHF]QH ± ]ZáDV]F]D Z ZLHWOH WUHFL DUW XVW XVWDZ\ R ILQDQVDFK

SXEOLF]Q\FK XZDJD GR DUW XVW ± DE\ RGSRZLHGQLH XSUDZQLHQLD RUJDQX

DGPLQLVWUDFML SDVWZRZHM ]RVWDá\ XQRUPRZDQH Z XPRZLH R Z\NRQDQLH ]DGDQLD

SXEOLF]QHJRWDN*HSR]DPDWHULSURZDG]HQLDGRNXPHQWDFMLF]HJRXQRUPRZDQLDZ

XPRZLH Z\PDJD SNW 3RGVWDZRZH SRVWDQRZLHQLD Z WHM PDWHULL ± NWyUH PRJ

]RVWDüZXPRZLHGRSUHF\]RZDQHOXEX]XSHáQLRQH]DZLHUDXVWLUDPRZHJR

Z]RUXXPRZ\XZDJDGRDUWDZRGQLHVLHQLXGRGRNXPHQWDFMLXVWWHJR

Z]RUX

$UW

6SUDZR]GDQLH ] Z\NRQDQLD ]DGDQLD SXEOLF]QHJR RNUHORQHJR Z XPRZLH

QDOH*\ VSRU]G]Lü Z WHUPLQLH GQL SR XSá\ZLH WHUPLQX QD NWyU\ XPRZD

]RVWDáD]DZDUWD]]DVWU]H*HQLHPXVW

:]yU VSUDZR]GDQLD ± ]DUyZQR F] FLRZHJR MDN L NRFRZHJR ± VWDQRZL

]DáF]QLNQUGRUR]SRU]G]HQLD0LQLVWUD*RVSRGDUNL3UDF\L3ROLW\NL6SRáHF]QHM]

GQLDSD(G]LHUQLNDURNWyU\PPRZDZXZDG]HGRDUW:XVWMHVW

PRZDRVSUDZR]GDQLXNRFRZ\P6SUDZR]GDQLHF] FLRZHVNáDGDVL Z]ZL]NX]

Z\NRQ\ZDQLHP XPRZ\ NWyUHM GRW\F]\ XVW MDN UyZQLH* ZH ZV]\VWNLFK LQQ\FK

SU]\SDGNDFKJG\SU]HZLGXMHWRXPRZDRZ\NRQDQLH]DGDQLDSXEOLF]QHJR

2NUHVHPVSUDZR]GDZF]\PMHVWURNEXG*HWRZ\

3U]HSLVXVWGRW\F]\XPyZ]DZDUW\FKQDF]DVUHDOL]DFML]DGDQLDGáX*V]\QL*URN

NDOHQGDU]RZ\ URN EXG*HWRZ\ DOER QD RNUHV GáX*V]\ QL* URN NDOHQGDU]RZ\

SRUDUWXVW=JRGQLH]XVWUDPRZHJRZ]RUXXPRZ\RZ\NRQDQLH]DGDQLD

SXEOLF]QHJRZSU]\SDGNXXPyZ]DZDUW\FKQDRNUHVGáX*V]\QL*URNVSUDZR]GDQLH

F] FLRZH SRZLQQR ]RVWDü VSRU]G]RQH SU]H] ]OHFHQLRELRUF QD IRUPXODU]X

SU]HND]DQ\PSU]H]]OHFHQLRGDZF LGRVWDUF]RQHZWHUPLQLHGQLSRXSá\ZLHURNX

EXG*HWRZHJR

$UW

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR RNUHOL Z GURG]H

UR]SRU]G]HQLD

Z]yURIHUW\RNWyUHMPRZDZDUWXVWLDUWXVW

UDPRZ\Z]yUXPRZ\RNWyUHMPRZDZDUWXVW

Z]yUVSUDZR]GDQLDRNWyU\PPRZDZDUWXVW

XZ]JO GQLDMF SRWU]HE SUHF\]\MQHJR RNUHOHQLD SUDZ L RERZL]NyZ

RUJDQL]DFML SR]DU]GRZ\FK SRGPLRWyZ Z\PLHQLRQ\FK Z DUW XVW

MHGQRVWHNRUJDQL]DF\MQ\FKSRGOHJá\FKRUJDQRPDGPLQLVWUDFMLSXEOLF]QHMOXE

SU]H] QLH QDG]RURZDQ\FK RUD] RGSRZLDGDMF\FK LP RERZL]NyZ L SUDZ

RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM D WDN*H NRQLHF]QRü ]DSHZQLHQLD

NRPSOHWQRFLLQIRUPDFMLGRW\F]F\FKZ\NRQDQLD]DGDQLD

: X]DVDGQLHQLX SURMHNWX XVWDZ\ WUDIQLH ZVND]DQR L* ÄZ\PLDU XVWURMRZ\

SURSRQRZDQHM XVWDZ\ SROHJD UyZQLH* QD ZVND]DQLX PLQLVWUD F]áRQND 5DG\

0LQLVWUyZNWyU\E G]LHRGSRZLDGDá]DVSUDZ\]ZL]DQH]G]LDáDOQRFLSR*\WNX

SXEOLF]QHJR L ZRORQWDULDWHP 'R WHM SRU\ FR MHVW MHGQ\P ]H VNXWNyZ EUDNX

V\VWHPRZHMUHJXODFMLZSU]HGPLRWRZ\P]DNUHVLHQLHPDRUJDQXNWyUHPXVSUDZ\

WHE\á\E\XVWDZRZRSRZLHU]RQH3URMHNW]DNáDGD*HE G]LHWRPLQLVWHUZáDFLZ\

GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR´

= SRZ\*V]HJR Z\QLND XSRZD*QLHQLH GR Z\GDQLD SU]HSLVyZ Z\NRQDZF]\FK

VIRUPXáRZDQH Z QLQLHMV]\P SU]HSLVLH MDN UyZQLH* SU]\]QDQLH PLQLVWURZL

ZáDFLZHPX GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR REHFQLH WHQ G]LDá

DGPLQLVWUDFML U]GRZHM ZFKRG]L Z VNáDG ]DNUHVX ]DGD L NRPSHWHQFML 0LQLVWUD

*RVSRGDUNL 3UDF\ L 3ROLW\NL 6SRáHF]QHM RNUHORQ\FK Z DUW XSUDZQLH

QDG]RUF]\FK L NRQWUROQ\FK Z VWRVXQNX GR RUJDQL]DFML SR*\WNX SXEOLF]QHJR ]

Z\MWNLHP XSUDZQLH PLQLVWUD ZáDFLZHJR GR VSUDZ ZHZQ WU]Q\FK Z

RGQLHVLHQLX GR RUJDQL]DFML G]LDáDMF\FK Z ]DNUHVLH UDWRZQLFWZD L RFKURQ\

OXGQRFL±DUWXVWRUD]NRPSHWHQFMLSRZRá\ZDQLDLRGZRá\ZDQLDF]áRQNyZ

5DG\ 3R*\WNX 3XEOLF]QHJR VWDQRZLFHM RUJDQ RSLQLRGDZF]RGRUDGF]\ RUD]

SRPRFQLF]\WHJRPLQLVWUDDUW

2GSRZLHG]LDOQRüPLQLVWUDZáDFLZHJRGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR]D

VSUDZ\ SR*\WNX SXEOLF]QHJR ]RVWDáD XZ]JO GQLRQD WDN*H SU]H] GRGDQLH SU]H]

DUW 3U]HSLVyZ ZSURZDG]DMF\FK RGSRZLHGQLHJR QRZHJR SXQNWX SNW GR

DUWXVWXVWDZ\]GQLDZU]HQLDURG]LDáDFKDGPLQLVWUDFMLU]GRZHM

RNUHODMFHJR]DNUHV]DGDWHJRPLQLVWUD

1D SRGVWDZLH XSRZD*QLHQLD VIRUPXáRZDQHJR Z DUW 0LQLVWHU *RVSRGDUNL

3UDF\L3ROLW\NL6SRáHF]QHMZ\GDáZGQLXSD(G]LHUQLNDUUR]SRU]G]HQLH

ZVSUDZLHZ]RUXRIHUW\UHDOL]DFML]DGDQLDSXEOLF]QHJRUDPRZHJRZ]RUXXPRZ\

R Z\NRQDQLH ]DGDQLD SXEOLF]QHJR L Z]RUX VSUDZR]GDQLD ] Z\NRQDQLD WHJR

]DGDQLD

5R]SRU]G]HQLHWRRNUHOD

Z]yU RIHUW\ UHDOL]DFML ]DGDQLD SXEOLF]QHJR SU]H] RUJDQL]DFM SR]DU]GRZ

SRGPLRW Z\PLHQLRQ\ Z DUW XVW XVWDZ\ RUD] MHGQRVWN RUJDQL]DF\MQ

Z\PLHQLRQZDUWXVWXVWDZ\]DáF]QLNQU

']8]U1USR]]Sy(Q]P

']81USR]

UDPRZ\ Z]yU XPRZ\ R Z\NRQDQLH ]DGDQLD SXEOLF]QHJR SU]H] WH SRGPLRW\

]DáF]QLNQU

Z]yU VSUDZR]GDQLD ] Z\NRQDQLD ]DGDQLD SXEOLF]QHJR SU]H] WH SRGPLRW\

]DáF]QLNQU

3RQLHZD*UR]SRU]G]HQLHMHVW]JRGQLH]DUWXVW.RQVW\WXFML53(UyGáHP

SUDZD SRZV]HFKQLH RERZL]XMFHJR Z]RU\ VWDQRZLFH ]DáF]QLNL GR

UR]SRU]G]HQLDQDOH*\XZD*Dü]DZL*FHGODVWURQ±RF]\ZLFLHZ]DNUHVLHZ

MDNLPPR*QDMHZSURVW]DVWRVRZDü]JyU\SU]HZLG]LDQRL*PR*HQLHVWRVRZDü

VL ZSURVWZ\PDJDMFRGSRZLHGQLHJRUR]ZLQL FLDZ]yUXPRZ\±RNUHORQ\]

WHJRSRZRGXZXVWDZLHMDNRZ]yUUDPRZ\

5R]G]LDá

2UJDQL]DFMHSR*\WNXSXEOLF]QHJR

$UW

2UJDQL]DFM SR*\WNX SXEOLF]QHJR PR*H E\ü RUJDQL]DFMD SR]DU]GRZD RUD]

SRGPLRW\ R NWyU\FK PRZD Z DUW XVW MH*HOL ] ]DVWU]H*HQLHP DUW

VSHáQLDMáF]QLHQDVW SXMFHZ\PDJDQLD

SURZDG] G]LDáDOQRü VWDWXWRZ QD U]HF] RJyáX VSRáHF]QRFL OXE

RNUHORQHM JUXS\ SRGPLRWyZ SRG ZDUXQNLHP *H JUXSD WD MHVW

Z\RGU EQLRQD]HZ]JO GXQDV]F]HJyOQLHWUXGQV\WXDFM *\FLRZOXE

PDWHULDOQZVWRVXQNXGRVSRáHF]HVWZD

G]LDáDOQRü RNUHORQD Z SNW ] ]DVWU]H*HQLHP SNW MHVW Z\áF]Q

VWDWXWRZ G]LDáDOQRFL RUJDQL]DFML SR]DU]GRZHM L GRW\F]\ UHDOL]DFML

]DGDSXEOLF]Q\FKQDU]HF]RJyáXVSRáHF]QRFLOXEJUXS\SRGPLRWyZR

NWyUHMPRZDZSNWZVIHU]HRNUHORQHMZDUW

Z RGQLHVLHQLX GR VWRZDU]\V]H L VWRZDU]\V]H NXOWXU\ IL]\F]QHM ]D

VSHáQLHQLH Z\PDJDQLD R NWyU\P PRZD Z SNW PR*QD XZD*Dü

SURZDG]HQLHG]LDáDOQRFLRNWyUHMPRZDZSNWLUyZQLH*QDU]HF]

F]áRQNyZVWRZDU]\V]HQLDDOERVWRZDU]\V]HQLDNXOWXU\IL]\F]QHM

QLH SURZDG] G]LDáDOQRFL JRVSRGDUF]HM DOER SURZDG] G]LDáDOQRü

JRVSRGDUF]ZUR]PLDUDFKVáX*F\FKUHDOL]DFMLFHOyZVWDWXWRZ\FK

FDá\GRFKyGSU]H]QDF]DMQDG]LDáDOQRüRNWyUHMPRZDZSNWL

PDM VWDWXWRZ\ NROHJLDOQ\ RUJDQ NRQWUROL OXE QDG]RUX RGU EQ\ RG

RUJDQX ]DU]G]DMFHJR L QLHSRGOHJDMF\ PX Z ]DNUHVLH Z\NRQ\ZDQLD

NRQWUROL ZHZQ WU]QHM OXE QDG]RUX SU]\ F]\P F]áRQNRZLH RUJDQX

NRQWUROLLQDG]RUX

D QLH PRJ E\ü F]áRQNDPL RUJDQX ]DU]G]DMFHJR DQL SR]RVWDZDü ]

QLPL Z VWRVXQNX SRNUHZLHVWZD SRZLQRZDFWZD OXE SRGOHJáRFL ]

W\WXáX]DWUXGQLHQLD

E QLH E\OL VND]DQL SUDZRPRFQ\P Z\URNLHP ]D SU]HVW SVWZR ] ZLQ\

XP\OQHM

F PRJRWU]\P\ZDü]W\WXáXSHáQLHQLDIXQNFMLZWDNLPRUJDQLH]ZURW

X]DVDGQLRQ\FKNRV]WyZOXEZ\QDJURG]HQLHZZ\VRNRFLQLHZ\*V]HM

QL* RNUHORQH Z DUW SNW XVWDZ\ ] GQLD PDUFD U R

Z\QDJUDG]DQLXRVyENLHUXMF\FKQLHNWyU\PLSRGPLRWDPLSUDZQ\PL

']81USR]]U1USR]L1USR]

]U1USR]RUD]]U1USR]L1USR]

VWDWXW OXE LQQH DNW\ ZHZQ WU]QH RUJDQL]DFML SR]DU]GRZ\FK RUD]

SRGPLRWyZRNWyU\FKPRZDZDUWXVW]DEUDQLDM

D XG]LHODQLD SR*\F]HN OXE ]DEH]SLHF]DQLD ]RERZL]D PDMWNLHP

RUJDQL]DFML Z VWRVXQNX GR MHM F]áRQNyZ F]áRQNyZ RUJDQyZ OXE

SUDFRZQLNyZRUD]RVyE]NWyU\PLSUDFRZQLF\SR]RVWDMZ]ZL]NX

PDá*HVNLP DOER Z VWRVXQNX SRNUHZLHVWZD OXE SRZLQRZDFWZD Z

OLQLL SURVWHM SRNUHZLHVWZD OXE SRZLQRZDFWZD Z OLQLL ERF]QHM GR

GUXJLHJR VWRSQLD DOER V ]ZL]DQL ] W\WXáX SU]\VSRVRELHQLD RSLHNL

OXENXUDWHOL]ZDQ\FKGDOHMRVREDPLEOLVNLPL

E SU]HND]\ZDQLD LFK PDMWNX QD U]HF] LFK F]áRQNyZ F]áRQNyZ

RUJDQyZ OXE SUDFRZQLNyZ RUD] LFK RVyE EOLVNLFK QD ]DVDGDFK

LQQ\FK QL* Z VWRVXQNX GR RVyE WU]HFLFK Z V]F]HJyOQRFL MH*HOL

SU]HND]DQLH WR QDVW SXMH EH]SáDWQLH OXE QD SUHIHUHQF\MQ\FK

ZDUXQNDFK

F Z\NRU]\VW\ZDQLD PDMWNX QD U]HF] F]áRQNyZ F]áRQNyZ RUJDQyZ

OXESUDFRZQLNyZRUD]LFKRVyEEOLVNLFKQD]DVDGDFKLQQ\FKQL*Z

VWRVXQNXGRRVyEWU]HFLFKFK\ED*HWRZ\NRU]\VWDQLHEH]SRUHGQLR

Z\QLND ]H VWDWXWRZHJR FHOX RUJDQL]DFML DOER SRGPLRWX R NWyU\P

PRZDZDUWXVW

G ]DNXSXQDV]F]HJyOQ\FK]DVDGDFKWRZDUyZOXEXVáXJRGSRGPLRWyZ

Z NWyU\FK XF]HVWQLF] F]áRQNRZLH RUJDQL]DFML F]áRQNRZLH MHM

RUJDQyZOXESUDFRZQLF\RUD]LFKRVyEEOLVNLFK

$E\RUJDQL]DFMDSR]DU]GRZDDOERSRGPLRW]QL]UyZQDQ\PRJáDX]\VNDüVWDWXV

RUJDQL]DFML SR*\WNX SXEOLF]QHJR PXVL RQD VSHáQLDü áF]QLH ZV]\VWNLH Z\PRJL

RNUHORQHZDUW±]Z\MWNLHPSRGPLRWyZRNWyU\FKPRZDZDUWXVWSNW

FRGRNWyU\FKDUWIRUPXáXMHSHZQHZ\MWNLZV]F]HJyOQRFL]ZDOQLDMFMH]

Z\PRJX Z\áF]QRFL SURZDG]HQLD G]LDáDOQRFL ZáDFLZHM GOD RUJDQL]DFML

SR*\WNXSXEOLF]QHJRRNUHORQHMZSNWLDUWSNW3RQLHZD*DUWXVW

Z\áF]DVWRVRZDQLHGRZ\PLHQLRQ\FKZQLPRUJDQL]DFMLSU]HSLVyZG]LDáX,,Z

NWyU\P]QDMGXMHVL DUWRUJDQL]DFMHWHSDUWLHSROLW\F]QH]ZL]NL]DZRGRZH

RUJDQL]DFMH SUDFRGDZFyZ LWG QLH PRJ X]\VNDü VWDWXVX RUJDQL]DFML SR*\WNX

SXEOLF]QHJR

3RGVWDZRZ\PZDUXQNLHPZ\QLNDMF\P]SNWLMHVWSURZDG]HQLHSU]H]

RUJDQL]DFM OXE SRGPLRW ] QL ]UyZQDQ\ G]LDáDOQRFL SR*\WNX SXEOLF]QHJR Z

GDFLH]áR*HQLDZQLRVNXRX]\VNDQLHVWDWXVXRUJDQL]DFMLSR*\WNXSXEOLF]QHJR±D

]DWHP QDZHW QLH W\ONR VDP IDNW ]DUHMHVWURZDQLD MX* GDQHM RUJDQL]DFML DOER

SRGPLRWX Z V]F]HJyOQRFL Z .UDMRZ\P 5HMHVWU]H 6GRZ\P 'RZRGDPL

SURZDG]HQLD G]LDáDOQRFL SR*\WNX SXEOLF]QHJR PRJ E\ü ]DUyZQR GRNXPHQW\

ILQDQVRZH Z V]F]HJyOQRFL GHNODUDFMH SRGDWNRZH MDN L VSUDZR]GDQLD

VSRU]G]DQHL]DWZLHUG]DQH]JRGQLH]SRVWDQRZLHQLDPLVWDWXWXGDQHMRUJDQL]DFML

DOERSRGPLRWXDZSU]\SDGNXIXQGDFML±WDN*H]JRGQLH]SU]HSLVDPLXVWDZ\R

IXQGDFMDFKLSU]HSLVDPLZ\NRQDZF]\PLSRUXZDJ GRDUWXVW

:SNWMHVWPRZDRVWDWXWRZ\PRUJDQLHNRQWUROLOXEQDG]RUXDZSNWZSURVW

RVWDWXFLHRUJDQL]DFMLOXESRGPLRWX]]DVWU]H*HQLHPDUWSNW1LHR]QDF]DWR

MHGQDNL*RUJDQL]DFMDOXESRGPLRWXELHJDMF\VL RX]\VNDQLHVWDWXVXRUJDQL]DFML

SR*\WNX SXEOLF]QHJR PXVL PLHü SRGVWDZRZ\ DNW RNUHODMF\ MHM XVWUyM L

IXQNFMRQRZDQLH SRG QD]Z VWDWXWX $NW WHQ PR*H QRVLü LQQ QD]Z QS

RUJDQL]DFMD VWXGHQFND ]DUHMHVWURZDQD SU]H] UHNWRUD QD SRGVWDZLH XVWDZ\ R

V]NROQLFWZLHZ\*V]\PPR*HPLHüUHJXODPLQOXEQDZHWGHNODUDFM ]DáR*\FLHOVN

± PXVL MHGQDN WUHFLRZR RGSRZLDGDü RJyOQLH SU]\M WHPX ]DNUHVRZL VWDWXWX

Z\]QDF]RQHPX SU]HGH ZV]\VWNLP SU]H] 3UDZR R VWRZDU]\V]HQLDFK L XVWDZ R

IXQGDFMDFK %UDN WDNLHJR DNWX SR]EDZLD RUJDQL]DFM SRGPLRW PR*OLZRFL

X]\VNDQLDVWDWXVXRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

:\PyJ SRVLDGDQLD FR QDMPQLHM GZyFK VWDWXWRZ\FK RUJDQyZ RUJDQL]DFML OXE

SRGPLRWXRUJDQX]DU]G]DMFHJRLNROHJLDOQHJRRUJDQXNRQWUROLOXEQDG]RUXSNW

D WDN*H SRUHGQLR VIRUPXáRZDQ\ Z DUW XVW L Z\PyJ LVWQLHQLD

ÄNLHURZQLND RUJDQL]DFML SR*\WNX SXEOLF]QHJR´ NWyU\ MDN Z\QLND ] WUHFL W\FK

SU]HSLVyZ MHVW RVRE IL]\F]Q L QLH PR*H E\ü Z UH]XOWDFLH XWR*VDPLDQ\ ]

RUJDQHP]DU]G]DMF\PMH*HOLRUJDQWHQMHVWNROHJLDOQ\SRZRGXMHQLHPR*OLZRü

X]\VNDQLD VWDWXVX RUJDQL]DFML SR*\WNX SXEOLF]QHJR SU]H] WDNLH RUJDQL]DFMH

SRGPLRW\NWyUHZRJyOHQLHPDMRUJDQyZMDNVWRZDU]\V]HQLH]Z\NáH

&KRüRUJDQL]DFMDVWXGHQFNDPR*HVSHáQLDüZ\PRJLRNWyU\FKPRZDZGZyFK

SRSU]HGQLFK XZDJDFK PR*QD PLHü ZWSOLZRFL FR GR WHJR F]\ PR*H RQD

XG]LHODü SR*\F]HN F]\ Z RJyOH SRVLDGDü PDMWHN R F]\P PRZD Z SNW ]

NWyUHJR Z\GDMH VL Z\QLNDü ]DVDGQLF]D PR*OLZRü GRNRQ\ZDQLD F]\QQRFL

SUDZQ\FK R NWyU\FK PRZD Z W\P SU]HSLVLH ± FR QDND]\ZDáRE\ Z\UD*HQLH

ZWSOLZRFLUyZQLH*FRGRWHJRF]\RUJDQL]DFMDVWXGHQFNDPR*HX]\VNDüVWDWXV

RUJDQL]DFMLSR*\WNXSXEOLF]QHJR

3U]HGPLRW G]LDáDQLD Z\PDJDQ\ E\ PR*QD E\áR X]\VNDü VWDWXV RUJDQL]DFML

SR*\WNX SXEOLF]QHJR ]RVWDá RNUHORQ\ Z SNW L ] ]DVWRVRZDQLHP WU]HFK

SRGVWDZRZ\FK SRM ü ÄVSRáHF]HVWZR´ ÄVSRáHF]QRü´ ÄRNUHORQD JUXSD

SRGPLRWyZ´ Ä6SRáHF]HVWZR´ MHVW QLHZWSOLZLH ]ELRUHP QDMV]HUV]\P 1LH

PR*QD JR Z *DGQ\P SU]\SDGNX XWR*VDPLDü ]H ÄVSRáHF]QRFL´ NWyU VWDQRZL

]ELyU MHGQRVWHN LGHQW\ILNXMF\FK VL L LGHQW\ILNRZDQ\FK QD ]DVDG]LH SHZQ\FK

ZL ]L R FKDUDNWHU]H VSRáHF]Q\P OXE NXOWXURZ\P D ]DWHP ZL ]L W\SX

ZVSyOQRWRZHJR VSRáHF]QRü ORNDOQD VSRáHF]QRü 5RPyZ Z 3ROVFH

VSRáHF]QRü PáRG]LH*RZD VSRáHF]QRü DNDGHPLFND :DUV]DZ\ LWS : W\P

VHQVLHÄVSRáHF]QRü´VWDQRZLRNUHORQF] üVSRáHF]HVWZDÄ2NUHORQDJUXSD

VSRáHF]QD´ VWDQRZL LQQ\ URG]DM WDNLHM F] FL WZRU]RQ\ PQLHM QD ]DVDG]LH

ZVSyOQRWRZHM D EDUG]LHM QD ]DVDG]LH RELHNW\ZQHM ]JRGQRFL LQWHUHVyZ

: RGQLHVLHQLX GR W\FK JUXS MDNR SU]HGPLRWX G]LDáDQLD RUJDQL]DFML SR*\WNX

SXEOLF]QHJRXVWDZRGDZFDVIRUPXáRZDáLVWRWQHRJUDQLF]HQLDQLHZ\VW SXMFHZ

RGQLHVLHQLX GR VSRáHF]QRFL ± L* PLDQRZLFLH JUXSD WD SRZLQQD E\ü

Z\RGU EQLRQD]HZ]JO GXQDV]F]HJyOQLHWUXGQV\WXDFM *\FLRZOXEPDWHULDOQ

ZVWRVXQNXGRVSRáHF]HVWZD

2UJDQL]DFMDSR*\WNXSXEOLF]QHJRPXVLG]LDáDüQDU]HF]GREUDZVSyOQHJRFRMHVW

ZSNWLVSUHF\]RZDQHMDNRG]LDáDOQRüVWDWXWRZDZVIHU]HMHGQRF]HQLH]DGD

SXEOLF]Q\FK L SR*\WNX SXEOLF]QHJR QD U]HF] RJyáX GDQHM VSRáHF]QRFL OXE QD

U]HF]RJyáXRNUHORQHMJUXS\SRGPLRWyZ±RLOHWDJUXSDMHVWZ\RGU EQLRQD]H

Z]JO GXQDV]F]HJyOQLHWUXGQV\WXDFM *\FLRZOXEPDWHULDOQZVWRVXQNXGR

VSRáHF]HVWZD JUXSD RVyE FKRU\FK QD RNUHORQ FKRURE JUXSD

QLHSHáQRVSUDZQ\FKJUXSDEH]URERWQ\FKLWS

8VWDZD SRUHGQLR SU]\MPXMH Z SNW L* RUJDQL]DFMH SR*\WNX SXEOLF]QHJR R

FKDUDNWHU]H ]U]HV]HQLRZ\P QLH SRZLQQ\ E\ü WZRU]RQH QD ]DVDG]LH

VDPRRUJDQL]RZDQLD VL VSRáHF]QRFL OXE JUXS Z FHOX ]DVSRNDMDQLD SRWU]HE R

FKDUDNWHU]HQLHHNRQRPLF]Q\PQD]DVDG]LHRJUDQLF]HQLDVL GRF]áRQNyZGDQHJR

]U]HV]HQLD 8F]\QLáD MHGQDN Z\MWHN RG WHM ]DVDG\ Z SNW Z RGQLHVLHQLX GR

VWRZDU]\V]H FR PR*H GRW\F]\ü QS RUJDQL]DFML KDUFHUVNLFK L VWRZDU]\V]H

NXOWXU\ IL]\F]QHM 1DOH*\ MHGQDN SRGNUHOLü L* ]DVWRVRZDQLH Z\UD*HQLD

ÄUyZQLH*´ Ä]D VSHáQLHQLH Z\PDJDQLD >@ PR*QD XZD*Dü SURZDG]HQLH

G]LDáDOQRFL >@ UyZQLH* QD U]HF] F]áRQNyZ´ ]DNUHOD JUDQLFH WHJR Z\MWNX ±

VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJR PR*H X]\VNDü VWRZDU]\V]HQLH DOER

VWRZDU]\V]HQLH NXOWXU\ IL]\F]QHM NWyUH SURZDG]L RGSRZLHGQL G]LDáDOQRü

PL G]\LQQ\PLQDU]HF]VZRLFKF]áRQNyZDOHQLHZ\áF]QLHQDU]HF]F]áRQNyZ

2UJDQL]DFMDSR]DU]GRZDPR*HX]\VNDüLXWU]\P\ZDüVWDWXVRUJDQL]DFMLSR*\WNX

SXEOLF]QHJRMHG\QLHZWHG\JG\G]LDáDOQRüSR*\WNXSXEOLF]QHJRSURZDG]RQDQD

U]HF]RJyáXVSRáHF]QRFLOXEJUXS\SRGPLRWyZZ\RGU EQLRQHM]JRGQLH]SNW]

Z\MWNLHP RNUHORQ\P Z SNW VWDQRZL Z\áF]Q VWDWXWRZ G]LDáDOQRü

RUJDQL]DFML7DNUR]XPLDQDZ\áF]QRüQLHGRW\F]\SRGPLRWyZG]LDáDMF\FKQD

SRGVWDZLHSU]HSLVyZRVWRVXQNX3DVWZDGRRNUHORQ\FKNRFLRáyZL]ZL]NyZ

Z\]QDQLRZ\FK RUD] SU]HSLVyZ R JZDUDQFMDFK ZROQRFL VXPLHQLD L Z\]QDQLD

DUWSNW

6IRUPXáRZDQLH ÄSURZDG] G]LDáDOQRü JRVSRGDUF] Z UR]PLDUDFK VáX*F\FK

UHDOL]DFMLFHOyZVWDWXWRZ\FK´SNW]RVWDáRSU]HM WH]DUWXVW]GXVWDZ\R

IXQGDFMDFK :\QLND ] WHJR SR SLHUZV]H L* Z RGQLHVLHQLX GR IXQGDFML NWyUH

PRJ SURZDG]Lü G]LDáDOQRü JRVSRGDUF] MHG\QLH Z UD]LH XPLHV]F]HQLD

RGSRZLHGQLFKSRVWDQRZLHZVWDWXFLHVGUHMHVWURZ\UHMHVWUXMFVWDWXWPXVLDá

MX*VWZLHUG]LüZ\VW SRZDQLHSU]HVáDQHNXSRZD*QLDMF\FKGRX]QDQLDL*Z\PyJ

WHQ]RVWDáVSHáQLRQ\FRQLHR]QDF]DL*ZSUDNW\FHQLHPR*HQDVW SQLHGRMüGR

Z\MFLD SR]D XVWDZRZH UR]PLDU\ G]LDáDOQRFL JRVSRGDUF]HM 3R ZWyUH Z

RGQLHVLHQLXGRLQQ\FKNDWHJRULLSRGPLRWyZPR*OLZHMHVWZ\NRU]\VWDQLHGRURENX

RU]HF]QLFWZD VGRZHJR RGQRV]FHJR VL GR SRZRáDQHJR SU]HSLVX XVWDZ\ R

IXQGDFMDFK

3U]HGH ZV]\VWNLP Z RU]HF]QLFWZLH SRGNUHOD VL GRGDWNRZ\ DNFHVRU\MQ\

FKDUDNWHUG]LDáDOQRFLJRVSRGDUF]HMZ]JO GHPG]LDáDOQRFLVWDWXWRZHMRNUHODQHM

WDN*H MDNR FHORZD OXE LGHDOQD

,VWRWQH ]QDF]HQLH SUDNW\F]QH PR*H PLHü

QDVW SXMF\Z\ZyG6GX1DMZ\*V]HJRÄ6WRVRZQLHGRDUWXVWXVWDZ\]GQLD

NZLHWQLD U R IXQGDFMDFK >@ IXQGDFMD PR*H SURZDG]Lü G]LDáDOQRü

JRVSRGDUF] Z UR]PLDUDFK VáX*F\FK UHDOL]DFML MHM FHOyZ 2]QDF]D WR *H

G]LDáDOQRü JRVSRGDUF]D IXQGDFML PD ] MHGQHM VWURQ\ SR]RVWDZDü Z FLVá\P

]ZL]NX]SURZDG]RQG]LDáDOQRFLVWDWXWRZ]GUXJLHMMHGQDNVWURQ\QLHPR*H

VWDQRZLü Z\áF]QHJR ]DGDQLD IXQGDFML (IHNW\ G]LDáDOQRFL JRVSRGDUF]HM PDM

]DWHP W\ONR X]XSHáQLDü URGNL SU]H]QDF]RQH QD G]LDáDOQRü VWDWXWRZ >@ 7DN

GX*\ VWRSLH RJyOQRFL Z RNUHOHQLX FHOX VWDWXWRZHJR VSUDZLD *H GRSLHUR Z

WUDNFLH MHJR UHDOL]DFML RUD] SR SRGM FLX SU]H] )XQGDFM IDNW\F]QHM G]LDáDOQRFL

JRVSRGDUF]HMPR*OLZDE G]LHPLDURGDMQDRFHQDF]\Z\]QDF]RQHZDUWXVW

XVWDZ\ R IXQGDFMDFK JUDQLFH G]LDáDOQRFL JRVSRGDUF]HM V SU]HVWU]HJDQH´

'DZQ\ VG UHMHVWURZ\ IXQGDFML SU]\Má WH* SR VWRVXQNRZR NUyWNLP RNUHVLH

GRSXV]F]DQLDRGPLHQQHJRVWDQRZLVNDL*SURZDG]HQLHG]LDáDOQRFLJRVSRGDUF]HM

QLH PR*H E\ü WUDNWRZDQH MDNR VSRVyE UHDOL]DFML FHOX IXQGDFML ERZLHP VSRVyE

UHDOL]DFMLFHOXRNUHODZUD]]FHOHPSU]HGPLRWG]LDáDOQRFLVWDWXWRZHMSRGF]DV

JG\ G]LDáDOQRü JRVSRGDUF]D PD FKDUDNWHU Ä]HZQ WU]Q\´ L RF]\ZLFLH

DNFHVRU\MQ\ ZREHF G]LDáDOQRFL VWDWXWRZHM VWDQRZLF RGU EQ NDWHJRUL D Z

ZLHWOHRU]HF]QLFWZDZLHOXODWWDN*HRGU EQ\SU]HGPLRWG]LDáDOQRFLIXQGDFML

: SNW MHVW PRZD R SURZDG]HQLX G]LDáDOQRFL JRVSRGDUF]HM Z UR]XPLHQLX

RJyOQLHSU]\M W\PZXVWDZLH±WMSU]H]RUJDQL]DFM SR]DU]GRZDOER]UyZQDQ\

] QL SRGPLRW XELHJDMF\ VL R X]\VNDQLH VWDWXVX RUJDQL]DFML SR*\WNX

SXEOLF]QHJR D QLH SU]H] VSyáN XWZRU]RQ SU]H] W RUJDQL]DFM DOER SRGPLRW

SRU XZDJ GR DUW 1DOH*\ MHGQDN PLHü QD XZDG]H WR L* ZQLHVLHQLH GR

VSyáNL ZNáDGX Z V]F]HJyOQRFL ZNáDGX SLHQL *QHJR SU]\ REHFQLH Z\VRNLFK

PLQLPDFK NDSLWDáRZ\FK ± ]á GOD VSyáNL ] RJUDQLF]RQ

RGSRZLHG]LDOQRFL PR*H QLH E\ü X]QDQH ]D SU]H]QDF]HQLH GRFKRGX QD

G]LDáDOQRüRNWyUHMPRZDZSNWLZWHMNZHVWLL±SRUQDVW SQXZDJ

1LH]DOH*QLH RG WHJR L* ND*GD ]DUHMHVWURZDQD IXQGDFMD SRZLQQD VSHáQLDü

Z\PyJ RNUHORQ\ Z SNW D ]DWHP LVWQLHMH GRPQLHPDQLH VSHáQLDQLD WHJR

3RUSRVWDQRZLHQLH6GX1DMZ\*V]HJR]GQLDPDMDU±,&.1±/(;QU

3RVWDQRZLHQLH]GQLDOXWHJRU±,&.1±/(;QU

Z\PRJXSU]H]IXQGDFM XELHJDMFVL RVWDWXVRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

VG]Lü PR*QD L* WDN*H Z RGQLHVLHQLX GR LQQ\FK W\SyZ RUJDQL]DFML

SR]DU]GRZ\FK OXE SRGPLRWyZ ] QLPL ]UyZQDQ\FK VG UHMHVWURZ\ PR*H

SRSU]HVWDüQDRZLDGF]HQLXZQLRVNRGDZF\RVSHáQLDQLXRPDZLDQHJRZ\PRJX

6IRUPXáRZDQ\ZSNWZ\PyJSU]H]QDF]DQLDFDáHJRGRFKRGX±SRFKRG]FHJR

]DUyZQR ] G]LDáDOQRFL VWDWXWRZHM MDN L ] G]LDáDOQRFL JRVSRGDUF]HM QD

G]LDáDOQRüRNWyUHMPRZDZSNWL]RVWDáZLVWRWQHMF] FLSU]HM W\]DUW

3UDZDRVWRZDU]\V]HQLDFKÄ'RFKyG]G]LDáDOQRFLJRVSRGDUF]HMVáX*\UHDOL]DFML

FHOyZ VWDWXWRZ\FK L QLH PR*H E\ü SU]H]QDF]RQ\ GR SRG]LDáX PL G]\ MHJR

F]áRQNyZ´ : ]ZL]NX ] W\P GOD VWRVRZDQLD SNW PR*H E\ü SRPRFQH

RU]HF]QLFWZR GRW\F]FH DUW 3UDZD R VWRZDU]\V]HQLDFK Z V]F]HJyOQRFL

QDVW SXMF\IUDJPHQWX]DVDGQLHQLDXFKZDá\6GX1DMZ\*V]HJR]GQLDOXWHJR

Ä1LH]DOH*QLHRGWHJRUR]ZD*HQLDZ\PDJDSRM FLHGRFKRGXZUR]XPLHQLXDUW

3UDZDRVWRZDU]\V]HQLDFK:\GDMHVL RF]\ZLVWH*HGRFKyG]G]LDáDOQRFL

JRVSRGDUF]HMZUR]XPLHQLXSRZRáDQHJRSU]HSLVXVWDQRZLW]ZF]\VW\GRFKyG

]WHMG]LDáDOQRFLSRXLV]F]HQLXZV]HONLFK]RERZL]DSRGDWNRZ\FKLNRV]WyZ

G]LDáDOQRFLJRVSRGDUF]HMDZUDPDFKW\FKNRV]WyZWDN*HZSáDW\QDWZRU]RQH

IXQGXV]H QS UH]HUZRZ\ QD FHOH VWDWXWRZH ]DFK W PDWHULDOQ\FK

SU]HZLG]LDQH Z SRZV]HFKQLH RERZL]XMF\FK SU]HSLVDFK SáDFRZ\FK L

ILQDQVRZ\FK 7\P VDP\P Z\QDJURG]HQLD SUDFRZQLNyZ ]DWUXGQLRQ\FK Z

VIHU]H G]LDáDOQRFL JRVSRGDUF]HM VWRZDU]\V]HQLD áF]QLH ] LFK XG]LDáHP Z

]\VNX MHOL ]RVWDá SU]HZLG]LDQ\ SU]H] RUJDQ\ VWDWXWRZH QLH SRGOHJDM

ZOLF]HQLX GR GRFKRGX ] G]LDáDOQRFL JRVSRGDUF]HM VWRZDU]\V]HQLD 1D WOH

SRZ\*V]\FKUR]ZD*DPR*QDZ\SURZDG]LüQDVW SXMFHZQLRVNLSUDFRZQLN

VWRZDU]\V]HQLD ]DWUXGQLRQ\ Z VIHU]H G]LDáDOQRFL JRVSRGDUF]HM E GF\

MHGQRF]HQLH F]áRQNLHP VWRZDU]\V]HQLD MHVW Z LGHQW\F]QHM V\WXDFML MDN

SUDFRZQLN QLH E GF\ F]áRQNLHP VWRZDU]\V]HQLD Z DVSHNFLH SUDZ L

RERZL]NyZ SUDFRZQLF]\FK Z\QDJURG]HQLD SUDFRZQLNyZ ]DWUXGQLRQ\FK

Z VIHU]H G]LDáDOQRFL JRVSRGDUF]HM VWRZDU]\V]HQLD QLH VWDQRZL GRFKRGX

VWRZDU]\V]HQLD Z UR]XPLHQLX DUW 3UDZD R VWRZDU]\V]HQLDFK ]DND]

SRG]LDáX GRFKRGX VWRZDU]\V]HQLD PL G]\ F]áRQNyZ SU]HZLG]LDQ\ Z DUW

SUDZD R VWRZDU]\V]HQLDFK GRW\F]\ MDNR SU]HSLV LXULV FRJHQWLV ZV]\VWNLFK

F]áRQNyZ VWRZDU]\V]HQLD QLH]DOH*QLH RG WHJR F]\ V SUDFRZQLNDPL

]DWUXGQLRQ\PL Z VIHU]H G]LDáDOQRFL JRVSRGDUF]HM VWRZDU]\V]HQLD

3U]HGVWDZLRQD ]DWHP DUJXPHQWDFMD XSRZD*QLD GR Z\UD*HQLD SRJOGX *H

GRFKyGVWRZDU]\V]HQLDX]\VNDQ\]G]LDáDOQRFLJRVSRGDUF]HMVáX*\UHDOL]DFML

FHOyZ VWDWXWRZ\FK L QLH PR*H E\ü SU]H]QDF]RQ\ GR SRG]LDáX PL G]\ MHJR

F]áRQNyZWDN*HZyZF]DVJG\VSUDFRZQLNDPLVWRZDU]\V]HQLD´

3=3261&SR]

2GU EQLHQDOH*\]ZUyFLüXZDJ QDGRNRQDQ\SU]H]6G1DMZ\*V]\±QD

JUXQFLHSU]HSLVyZSUDZDSRGDWNRZHJRRUD]SU]HSLVyZXVWDZ\RIXQGDFMDFK±

ZXFKZDOH]GQLDPDUFDU

UR]G]LDáSRM üÄSU]H]QDF]HQLHGRFKRGX´

DW\ONRWRSRM FLHZ\VW SXMHZSNWLÄZ\GDWNRZDQLHGRFKRGX´,QDF]HMQL*

1DF]HOQ\ 6G $GPLQLVWUDF\MQ\ 6G 1DMZ\*V]\ SU]\Má L* PL G]\

SU]H]QDF]HQLHP GRFKRGX L Z\GDWNRZDQLHP GRFKRGX QLH PXVL Z\VW SRZDü

EH]SRUHGQL ]ZL]HN FR R]QDF]D *H FDáNRZLFLH PLHFL VL Z SRM FLX

SU]H]QDF]DQLD GRFKRGX D QDZHW Z RGQLHVLHQLX GR IXQGDFML Z\GDWNRZDQLD

GRFKRGX QLH W\ONR SU]H]QDF]HQLH GRFKRGX SRWZLHUG]RQH MHJR

Z\GDWNRZDQLHPQDQDE\FLHURGNyZWUZDá\FKRUD]URGNyZQLHPDWHULDOQ\FK

L SUDZQ\FK EH]SRUHGQLR VáX*F\FK SURZDG]HQLX G]LDáDOQRFL VWDWXWRZHM DOH

UyZQLH*±SU]\SU]H]QDF]HQLXGRFKRGXQDG]LDáDOQRüVWDWXWRZ±XORNRZDQLH

WHJRGRFKRGXZLQVWUXPHQWDFKILQDQVRZ\FKOXELQQ\FKIRUPDFKLQZHVW\FMLE\

GRW\FKF]DVRZ\GRFKyGLGRFKyG]LQZHVW\FMLVáX*\áZSHUVSHNW\ZLHUHDOL]DFML

FHOyZVWDWXWRZ\FK

2U]HF]HQLH WR QLH GRVWDUF]D SRGVWDZ GR XG]LHOHQLD RGSRZLHG]L QD

S\WDQLHF]\±DMHOLWDNWRZMDNLPSXQNFLH±]QDMGXMHVL JUDQLFDSRPL G]\

WDNLP LQZHVWRZDQLHP D SU]H]QDF]HQLHP URGNyZ QD LQQH FHOH G]LDáDOQRü

JRVSRGDUF]D RUJDQL]DFML ZNáDG GR VSyáNL R]QDF]DMF\P L* RGSRZLHGQLD

F] ü GRFKRGX QLH MHVW SU]H]QDF]DQD QD G]LDáDOQRü VWDWXWRZ Z W\P

SU]\SDGNX G]LDáDOQRü SR*\WNX SXEOLF]QHJR Z ]DNUHVLH Z\PDJDQ\P GOD

RUJDQL]DFMLSR*\WNXSXEOLF]QHJR6G]LüPR*QDL*JUDQLF Z\W\F]D±]MHGQHM

VWURQ\±DNFHVRU\MQRüG]LDáDOQRFLJRVSRGDUF]HMSNWNWyUHMSU]HNURF]HQLH

Z RF]\ZLVW\ VSRVyE R]QDF]D WDN*H SR]D ]DSU]HVWDQLHP VSHáQLDQLD Z\PRJX

RNUHORQHJR Z SNW EUDN SU]H]QDF]DQLD GRFKRGX QD RGSRZLHGQLH FHOH

VWDWXWRZH D ] GUXJLHM VWURQ\ ± ]DNUHV Sá\QQRFL ]DLQZHVWRZDQHJR GRFKRGX

]DVDGQLF]R SHáQ\ SU]\ ORNDWDFK EDQNRZ\FK ]QDF]Q\ SU]\ LQZHVW\FMDFK Z

SDSLHU\ZDUWRFLRZHGRSXV]F]RQHGRSXEOLF]QHJRREURWXQDRJyáQLNá\SU]\

LQQ\FK LQZHVW\FMDFK L SUDZGRSRGRELHVWZR MHJR SRPQR*HQLD ERZLHP

SU]H]QDF]HQLH GRFKRGX SRZLQQR VL áF]\ü ] IDNW\F]Q PR*OLZRFL

Z\GDWNRZDQLD FKRüE\ RGSRZLHGQLR Sy(QLHM WHJR GRFKRGX Z PLDU

PR*OLZRFLSRPQR*RQHJRRMHJRSR*\WNL:W\P]DNUHVLHSHZQZVND]yZN

±QDGDMFVL MHGQDNW\ONRGRSRVLáNRZHJR]DVWRVRZDQLD±PR*HE\üDUW

XVWH XVWDZ\ ] GQLD OXWHJR U R SRGDWNX GRFKRGRZ\P RG RVyE

SUDZQ\FK Z EU]PLHQLX ZSURZDG]RQ\P SU]H] DUW SNW 3U]HSLVyZ

ZSURZDG]DMF\FK

-HGQRF]HQLH PR*QD VG]Lü *H GOD FHOyZ SRVW SRZDQLD R X]\VNDQLH

VWDWXVX RUJDQL]DFML SR*\WNX SXEOLF]QHJR VG UHMHVWURZ\ PR*H SRSU]HVWDü QD

RZLDGF]HQLX ZQLRVNRGDZF\ L* VSHáQLD Z\PyJ RNUHORQ\ Z SNW WM FDá\

GRFKyGSU]H]QDF]DQDRNUHORQG]LDáDOQRüVWDWXWRZNWyUSU]HGVWDZLDMDNR

VSHáQLDMFDZ\PRJLSNWL

,,,=3261$3SR]

3UDZR R VWRZDU]\V]HQLDFK Z\PDJD LVWQLHQLD RUJDQX NRQWUROL ZHZQ WU]QHM QLH

Z\NOXF]DMHGQDNLVWQLHQLDMH*HOLVWDWXWWDNSU]HZLGXMHMHGQRRVRERZHJRRUJDQX

NRQWUROLQLHZ\PDJDMFSU]\W\PDE\F]áRQNRZLHRUJDQXNRQWUROLZHZQ WU]QHM

VSHáQLDOL Z\PRJL RNUHORQH Z SNW : UH]XOWDFLH XVWDZD QDNáDGD Z W\P

]DNUHVLHGRGDWNRZHZ\PDJDQLDQDVWRZDU]\V]HQLDMH*HOLFKFRQHX]\VNDüVWDWXV

RUJDQL]DFML SR*\WNX SXEOLF]QHJR 8VWDZD R IXQGDFMDFK Z RJyOH QLH Z\PDJD

LVWQLHQLD RUJDQX QDG]RUX OXE NRQWUROL L Z ZLHOX IXQGDFMDFK RUJDQ WDNL QLH

Z\VW SXMH

:\PRJLRNUHORQHZSNWSRZLQQ\E\üQLHW\ONRRGSRZLHGQLRVIRUPXáRZDQH

ZVWDWXFLHRUJDQL]DFMLXELHJDMFHMVL RVWDWXVRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

OHF] UyZQLH* E\ü IDNW\F]QLH VSHáQLRQH Z GDFLH ]áR*HQLD ZQLRVNX L Z WRNX

SRVW SRZDQLDUHMHVWURZHJRSU]\F]\PMDNPR*QDVG]LüVGUHMHVWURZ\PR*H

RJUDQLF]\ü VL Z W\P ]DNUHVLH GR SU]\M FLD RZLDGF]HQLD ZQLRVNRGDZF\ R

VSHáQLHQLX W\FK Z\PRJyZ FK\ED *H E G]LH PLDá ZWSOLZRFL FR GR

SUDZLGáRZRFLRZLDGF]HQLDMDNLIDNW\F]QLHVSHáQLDQHSRX]\VNDQLXVWDWXVX

:SNWOLWDQLH]RVWDáZ\UD(QLHVIRUPXáRZDQ\LQDF]HMQL*ZRGQLHVLHQLXGR

LQQ\FK V\WXDFML Z SNW Z\PyJ QLHSR]RVWDZDQLD Z ]ZL]NX PDá*HVNLP

F]áRQNyZRUJDQX]DU]G]DMFHJRLF]áRQNyZRUJDQXNRQWUROLOXEQDG]RUX1DOH*\

MHGQDN SU]\Mü VWRVXMF Z\NáDGQL D IRUWLRUL DG PLQRUL DG PDLXV L* VNRUR

QLHSRáF]DOQRü GRW\F]\ RVyE SR]RVWDMF\FK Z VWRVXQNX SRZLQRZDFWZD W\P

EDUG]LHMGRW\F]\RQDRVyESR]RVWDMF\FKZ]ZL]NXPDá*HVNLP

:\VRNRü GRSXV]F]DOQHJR Z\QDJURG]HQLD R NWyUHM PRZD Z SNW OLWF MHVW

RNUHORQDMDNRZ\VRNRüSU]HFL WQHJRPLHVL F]QHJRZ\QDJURG]HQLDZVHNWRU]H

SU]HGVL ELRUVWZ EH] Z\SáDW QDJUyG ] ]\VNX Z F]ZDUW\P NZDUWDOH URNX

SRSU]HGQLHJR :\QDJURG]HQLH WR Z F]ZDUW\P NZDUWDOH U Z\QRVLáR

]á

3NWZ\PDJDDE\ZVWDWXFLHRUJDQL]DFMLOXEZLQQ\FKDNWDFKZHZQ WU]Q\FKWM

XFKZDáDFK ZáDFLZHJR RUJDQX VWDWXWRZHJR E\á\ Z\UD(QLH VIRUPXáRZDQH

ZVND]DQHZQLP]DND]\±NWyUHVSURZDG]DMVL GR]DND]XXSU]\ZLOHMRZ\ZDQLD

Z VWRVXQNDFK F\ZLOQRSUDZQ\FK F]áRQNyZ RUJDQL]DFML FR Z RF]\ZLVW\ VSRVyE

QLHGRW\F]\IXQGDFMLNWyUDQLHMHVWRVRESUDZQW\SX]U]HV]HQLRZHJRLQLHPD

F]áRQNyZ F]áRQNyZ RUJDQyZ OXE SUDFRZQLNyZ RUD] LFK RVyE EOLVNLFK Z

VWRVXQNX GR RVyE WU]HFLFK =DND] WDNL X]QDü QDOH*\ ]D VWDQGDUG ÄWU]HFLHJR

VHNWRUD´±NWyUHPXPR*QDE\áRQDGDüSRVWDüZ\PDJDQLDSUDZQHJRZVWRVXQNX

GR NZDOLILNRZDQHM IRUPXá\ RUJDQL]DFML WHJR VHNWRUD MDN VWDQRZL RUJDQL]DFMH

SR*\WNXSXEOLF]QHJR

1DOH*\ SU]\ W\P ]ZUyFLü XZDJ QD SHZLHQ Z\MWHN RG RJyOQ\FK ]DVDG

VIRUPXáRZDQ\ Z OLWF ÄFK\ED *H WR Z\NRU]\VW\ZDQLH EH]SRUHGQLR Z\QLND ]H

VWDWXWRZHJR FHOX RUJDQL]DFML´ FR Z RF]\ZLVW\ VSRVyE Z\PDJD VWRVRZQHJR

XQRUPRZDQLDVWDWXWRZHJRNWyU\WRZ\MWHNZSUDNW\FHE G]LHGRW\F]\áSU]HGH

ZV]\VWNLP VWRZDU]\V]H L VWRZDU]\V]H NXOWXU\ IL]\F]QHM Z ]ZL]NX WDN*H ]

WUHFLSNW

8F]HVWQLFWZRF]áRQNyZRUJDQL]DFMLF]áRQNyZMHMRUJDQyZRUD]LFKRVyEEOLVNLFK

ZSRGPLRWDFKRGNWyU\FKRUJDQL]DFMDGRNRQXMH]DNXSXWRZDUyZOXEXVáXJSNW

PR*QD UR]XPLHü MDNR XF]HVWQLFWZR W\SX RVRELVWHJR QS Z VWRZDU]\V]HQLX

MHGQDN*HW\ONRZ]DNUHVLHSURZDG]RQHMSU]H]QLHG]LDáDOQRFLJRVSRGDUF]HM±FR

Z\ZLHü PR*QD ] ]DVWRVRZDQLD WHUPLQX Ä]DNXS WRZDUyZ OXE XVáXJ´ L W\SX

RVRELVWRNDSLWDáRZHJR FR GRW\F]\ VSyáHN RVRERZ\FK F]\ WH* VSyáG]LHOQL MDN

XF]HVWQLFWZR NDSLWDáRZH Z V]F]HJyOQRFL Z VSyáNDFK ] RJUDQLF]RQ

RGSRZLHG]LDOQRFLLZVSyáNDFKDNF\MQ\FK

=DND]\ RNUHORQH Z SNW JG\ LG]LH R F]áRQNyZ RUJDQyZ SUDFRZQLNyZ L LFK

RVyE EOLVNLFK ] LVWRW\ U]HF]\ RGQRV] VL GR RVyE IL]\F]Q\FK &]áRQNDPL

RUJDQL]DFMLPRJE\üMHGQDNWDN*HRVRE\SUDZQH±MDNRF]áRQNRZLHZ\áF]QLHZ

]ZL]NDFK VWRZDU]\V]H L Z VWRZDU]\V]HQLDFK MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJRDOERZ\VW SXMFRERNRVyEIL]\F]Q\FKZVWRZDU]\V]HQLDFKMDNR

F]áRQNRZLH ZVSLHUDMF\ FK\ED *H V]F]HJyOQH SU]HSLV\ XVWDZRZH SU]HZLGXM

LQDF]HM : UH]XOWDFLH Z\VWSLü PR*H NZHVWLD F]\ ]DND]\ GRW\F]FH F]áRQNyZ

RUJDQL]DFML PDM QD Z]JO G]LH MHG\QLH RVRE\ IL]\F]QH ± F]\ WH* REHMPXM

ZV]\VWNLFK F]áRQNyZ D ]DWHP RVRE\ SUDZQH :REHF EUDNX Uy*QLFRZDQLD

RUJDQL]DFML SRG W\P NWHP SU]H] XVWDZ SU]\Mü QDOH*\ L* ]DND]\ REHMPXM

WDN*H RVRE\ SUDZQH 0R*QD MHGQDN ]DFKRZDü ZWSOLZRFL FR GR WDNLFK

RUJDQL]DFML]U]HV]DMF\FKZ\áF]QLHRVRE\SUDZQHMDNVWRZDU]\V]HQLDMHGQRVWHN

VDPRU]GX WHU\WRULDOQHJR RUD] ]ZL]NL VWRZDU]\V]H MH*HOL LFK VWDWXWRZ\P

]DGDQLHPMHVWZVSLHUDQLHVZRLFKF]áRQNyZ6WRZDU]\V]HQLDMHGQRVWHNVDPRU]GX

WHU\WRULDOQHJRPDMQDFHOXQLHW\ONRZVSLHUDQLHLGHLVDPRU]GXWHU\WRULDOQHJR

DOHLREURQ ZVSyOQ\FKLQWHUHVyZF]áRQNyZDUWXVWXVWDZ\]GQLDPDUFD

U R VDPRU]G]LH WHU\WRULDOQ\P

FR PR*H áF]\ü VL ] XG]LHODQLHP

MHGQRVWNRP F]áRQNRZVNLP SRPRF\ WDN*H Z ]DNUHVLH ]ZL]DQ\P ] OLW D E L F

FKRü]DUD]HPVWRZDU]\V]HQLDWDNLH]HZ]JO GXQDXVWDZRZHSRZRáDQLHVZRLFK

F]áRQNyZQLHPRJQLHSURZDG]LüG]LDáDOQRFLQDU]HF]RJyáXVSRáHF]QRFLD

ZL FSRZLQQ\VSHáQLDüZ\PRJLRNUHORQHZSNWLQDZHWEH]NRQLHF]QRFL

NRU]\VWDQLD]SNW3UDZRRVWRZDU]\V]HQLDFKQLHRJUDQLF]DFHOXZMDNLPPR*H

E\üXWZRU]RQ\]ZL]HNVWRZDU]\V]H=DWHPMHVWUyZQLH*PR*OLZHE\]ZL]HN

VWRZDU]\V]HVSHáQLDMF\ZV]\VWNLHSR]RVWDáHZ\PRJLDUWZUDPDFKVZRMHM

G]LDáDOQRFL VWDWXWRZHM ]JRGQHM ] W\PL Z\PRJDPL XG]LHODá WDNLHJR ZVSDUFLD

VZRLP F]áRQNRP VWRZDU]\V]HQLRP L LQQ\P RVRERP SUDZQ\P QLH PDMF\P

FHOyZ]DURENRZ\FKNWyUHQLHRGSRZLDGDáRE\Z\PRJRPRNUHORQ\PZSNW

6G]Lü PR*QD L* Z V]F]HJyOQ\FK NRQNUHWQ\FK V\WXDFMDFK RGQRV]F\FK VL GR

']8]U1USR]]Sy(Q]P

WHJR URG]DMX RUJDQL]DFML X]DVDGQLRQD E G]LH IXQNFMRQDOQD Z\NáDGQLD SNW

Z\NUDF]DMFDSR]DOLWHUDOQHEU]PLHQLHWHJRSU]HSLVX

$UW

:SU]\SDGNXSRGPLRWyZRNWyU\FKPRZDZDUWXVWSNW

G]LDáDOQRü SR*\WNX SXEOLF]QHJR RNUHORQD Z DUW SNW SRGOHJD

Z\RGU EQLHQLX Z VSRVyE ]DSHZQLDMF\ QDOH*\W LGHQW\ILNDFM SRG

Z]JO GHPRUJDQL]DF\MQ\PLUDFKXQNRZ\P

Z\PRJXZ\áF]QRFLRNWyU\PPRZDZDUWSNWQLHVWRVXMHVL

SU]HSLV DUW SNW VWRVXMH VL GR GRFKRGX X]\VNLZDQHJR ZZ\QLNX

SURZDG]HQLDG]LDáDOQRFLSR*\WNXSXEOLF]QHJR

SU]HSLV DUW SNW VWRVXMH VL RGSRZLHGQLR ] XZ]JO GQLHQLHP

V]F]HJyáRZ\FK ]DVDG RUJDQL]DFML L G]LDáDQLD W\FK MHGQRVWHN

XUHJXORZDQ\FKZSU]HSLVDFKGODQLFKZáDFLZ\FKZW\PZVWDWXWDFK

OXELQQ\FKDNWDFKZHZQ WU]Q\FK

= SNW Z\QLND *H SRGPLRW\ NWyU\FK GRW\F]\ DUW MH*HOL FKF X]\VNDü L

XWU]\P\ZDü VWDWXV RUJDQL]DFML SR*\WNX SXEOLF]QHJR ZLQQ\ SURZDG]Lü G]LDáDOQRü

SR*\WNX SXEOLF]QHJR Z IRUPLH RUJDQL]DF\MQLH Z\RGU EQLRQHM ± WM Z UDPDFK

PR*OLZRFLZ\QLNDMF\FK]LFKSU]HSLVyZXVWURMRZ\FKXWZRU]\üZVZRLPREU ELH

RGSRZLHGQLH MHGQRVWNL RUJDQL]DF\MQH NWyUH SURZDG]Lá\E\ G]LDáDOQRü SR*\WNX

SXEOLF]QHJRQDU]HF]RJyáXVSRáHF]QRFLOXERNUHORQ\FKJUXSSRGPLRWyZRNWyU\FK

PRZDZDUWSNW

$UW

2UJDQL]DFMDSR]DU]GRZDRUD]SRGPLRW\RNWyU\FKPRZDZDUWXVWSNW

ZSLVDQH GR .UDMRZHJR 5HMHVWUX 6GRZHJR X]\VNXM VWDWXV RUJDQL]DFML

SR*\WNX SXEOLF]QHJR ] FKZLO ZSLVDQLD GR WHJR 5HMHVWUX LQIRUPDFML R

VSHáQLHQLX Z\PDJD R NWyU\FK PRZD Z DUW QD ]DVDGDFK L Z WU\ELH

RNUHORQ\FK Z XVWDZLH ] GQLD VLHUSQLD U R .UDMRZ\P 5HMHVWU]H

6GRZ\P']8]U1USR]L1USR]]U1U

SR]L1USR]RUD]]U1USR]L1USR]

:VSUDZLHSRGPLRWyZZSLVDQ\FKGR.UDMRZHJR5HMHVWUX6GRZHJR±SRUXZDJL

GRDUWXVWL

.ZHVWLH ]DVDG L WU\EX ZSLVX RGSRZLHGQLHM LQIRUPDFML GR .UDMRZHJR 5HMHVWUX

6GRZHJRQRUPXMSU]HSLV\SRZRáDQHMXVWDZ\R.UDMRZ\P5HMHVWU]H6GRZ\P

ZEU]PLHQLXZSURZDG]RQ\PSU]H]DUWSNW3U]HSLVyZZSURZDG]DMF\FKD

SU]HGHZV]\VWNLPSU]HSLVDUWXVW

3U]\UHMHVWUDFMLSRGPLRWXSRVLDGDMFHJRVWDWXVRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

ZSLVXMH VL Z G]LDOH ]D]QDF]HQLH WHM RNROLF]QRFL D Z G]LDOH RNUHOHQLH

SU]HGPLRWXMHJRG]LDáDOQRFLVWDWXWRZHM]Z\RGU EQLHQLHPG]LDáDOQRFLRGSáDWQHM

LQLHRGSáDWQHMRUD]Z]PLDQN R]áR*HQLXURF]QHJRVSUDZR]GDQLD]G]LDáDOQRFL´

3U]HSLV WHQ QDVW SXMH SR SU]HSLVDFK GRW\F]F\FK UHMHVWUDFML VWRZDU]\V]HQLD

]ZL]NX]DZRGRZHJRRUJDQL]DFMLSUDFRGDZFyZLLQQ\FKRUJDQL]DFMLVSRáHF]Q\FK

L]DZRGRZ\FKRUD]IXQGDFMLSXEOLF]Q\FK]DNáDGyZRSLHNL]GURZRWQHMLNROXPQ

WUDQVSRUWX VDQLWDUQHJR ± Z UHMHVWU]H VWRZDU]\V]H LQQ\FK RUJDQL]DFML

VSRáHF]Q\FK L ]DZRGRZ\FK IXQGDFML RUD] SXEOLF]Q\FK ]DNáDGyZ RSLHNL

]GURZRWQHM

2GSRZLHGQLRGRSRZ\*V]HJRUR]SRU]G]HQLHP0LQLVWUD6SUDZLHGOLZRFL]GQLD

SD(G]LHUQLNDU

]PLHQLRQH]RVWDá\SU]HSLV\Z\NRQDZF]HGRXVWDZ\R

.UDMRZ\P5HMHVWU]H6GRZ\PWMUR]SRU]G]HQLHWHJR0LQLVWUD]GQLDJUXGQLD

UZVSUDZLHRNUHOHQLDZ]RUyZXU] GRZ\FKIRUPXODU]\ZQLRVNyZRZSLV

GR .UDMRZHJR 5HMHVWUX 6GRZHJR RUD] VSRVREX L PLHMVFD LFK XGRVW SQLHQLD Z

V]F]HJyOQRFLSRSU]H]

1RZIRUP IRUPXODU]D.56=:QLRVHNR]PLDQ GDQ\FKSRGPLRWX

)XQGDFMD VWRZDU]\V]HQLH LQQD RUJDQL]DFMD VSRáHF]QD OXE ]DZRGRZD

XZ]JO GQLDMFHJRGRáF]HQLHIRUPXODU]D.56:233DOER.56=233

ZSURZDG]HQLH ]DáF]QLNyZ .56:233 L .56=233 ']LDáDOQRü

SR*\WNXSXEOLF]QHJR

Z\ND]DQLH Z IRUPXODU]X .56= 6SUDZR]GDQLD ILQDQVRZH L LQQH

GRNXPHQW\ SXQNWX & Ä6SUDZR]GDQLH ] G]LDáDOQRFL OXE PHU\WRU\F]QH

VSUDZR]GDQLH]G]LDáDOQRFLRUJDQL]DFMLSR*\WNXSXEOLF]QHJR´

:SLV RPDZLDQHM LQIRUPDFML GR .UDMRZHJR 5HMHVWUX 6GRZHJR SRGOHJD

RERZL]NRZL RJáRV]HQLD Z 0RQLWRU]H 6GRZ\P L *RVSRGDUF]\P FR Z\QLND ]

DUWXVWXVWDZ\R.UDMRZ\P5HMHVWU]H6GRZ\PZEU]PLHQLXXVWDORQ\PZ

DUW3U]HSLVyZZSURZDG]DMF\FK

:SLV RPDZLDQHM LQIRUPDFML GR .UDMRZHJR 5HMHVWUX 6GRZHJR PD FKDUDNWHU

NRQVW\WXW\ZQ\W]QVWDWXVRUJDQL]DFMLSR*\WNXSXEOLF]QHJRRUJDQL]DFMDX]\VNXMH

] FKZLO ]DPLHV]F]HQLD GDQ\FK Z 5HMHVWU]H DUW XVW XVWDZ\ R .UDMRZ\P

5HMHVWU]H6GRZ\PZ]ZL]NX]DUW

.RGHNVXSRVW SRZDQLDF\ZLOQHJR

2UJDQL]DFMD SR]DU]GRZD LQQD QL* Z\PLHQLRQD Z XVW RUD] SRGPLRW\ R

NWyU\FK PRZD Z DUW XVW SNW X]\VNXM VWDWXV RUJDQL]DFML SR*\WNX

SXEOLF]QHJR ] FKZLO ZSLVDQLD GR .UDMRZHJR 5HMHVWUX 6GRZHJR QD

]DVDGDFKLZWU\ELHRNUHORQ\FKZXVWDZLHRNWyUHMPRZDZXVW

']81USR]

-H*HOL GDQD RUJDQL]DFMD OXE SRGPLRW QLH SRVLDGD RVRERZRFL SUDZQHM ZSLV GR

.UDMRZHJR5HMHVWUX6GRZHJRQLHáF]\VL ]SU]\]QDQLHPRVRERZRFLSUDZQHM

WDNWDN*HDUW3U]HSLVyZZSURZDG]DMF\FK

3RUDUWDXVWDZ\R.UDMRZ\P5HMHVWU]H6GRZ\PZEU]PLHQLXGRGDQ\PSU]H]

DUWSNW3U]HSLVyZZSURZDG]DMF\FK

Ä 'R UHMHVWUX VWRZDU]\V]H LQQ\FK RUJDQL]DFML VSRáHF]Q\FK L ]DZRGRZ\FK

IXQGDFML RUD] SXEOLF]Q\FK ]DNáDGyZ RSLHNL ]GURZRWQHM ZSLVXMH VL WDN*H

RUJDQL]DFMH SR*\WNX SXEOLF]QHJR MH*HOL QLH PDM ] LQQHJR W\WXáX RERZL]NX

GRNRQDQLD ZSLVX GR .UDMRZHJR 5HMHVWUX 6GRZHJR SR VSHáQLHQLX Z\PDJD R

NWyU\FKPRZDZDUWOXEXVWDZ\]GQLDNZLHWQLDURG]LDáDOQRFL

SR*\WNXSXEOLF]QHJRLRZRORQWDULDFLH

=ZSLVHPRNWyU\PPRZDZXVWQLHZL*HVL QDE\FLHRVRERZRFLSUDZQHM

SU]H] WDN RUJDQL]DFM D Z G]LDOH UHMHVWUX VWRZDU]\V]H LQQ\FK RUJDQL]DFML

VSRáHF]Q\FKL]DZRGRZ\FKIXQGDFMLRUD]SXEOLF]Q\FK]DNáDGyZRSLHNL]GURZRWQHM

XMDZQLD VL LQIRUPDFM *H RUJDQL]DFMD SR*\WNX SXEOLF]QHJR QLH SRVLDGD

RVRERZRFLSUDZQHM

: SU]\SDGNX JG\ RUJDQL]DFMD SR*\WNX SXEOLF]QHJR SU]HVWDáD VSHáQLDü

Z\PDJDQLD RNUHORQH Z DUW OXE XVWDZ\ ] GQLD NZLHWQLD U R

G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L R ZRORQWDULDFLH VG UHMHVWURZ\ ] XU] GX

Z\NUHODM]UHMHVWUX

2GSRZLHGQLR GR WHJR GRVWRVRZDQH ]RVWDá\ SU]HSLV\ Z\NRQDZF]H :

V]F]HJyOQRFL UR]SRU]G]HQLH 0LQLVWUD 6SUDZLHGOLZRFL ] GQLD SD(G]LHUQLND

USRUXZDJ GRXVWZSURZDG]LáRIRUPXODU]H.56:L.56=±

ZQLRVHNRUHMHVWUDFM L]PLDQ\GRW\F]FHRUJDQL]DFMLSR*\WNXSXEOLF]QHJRNWyUD

QLH PD ] LQQHJR W\WXáX RERZL]NX GRNRQDQLD ZSLVX GR .UDMRZHJR 5HMHVWUX

6GRZHJR

2UJDQL]DFMD SR]DU]GRZD RUD] SRGPLRW\ R NWyU\FK PRZD Z XVW WUDF

VWDWXVRUJDQL]DFMLSR*\WNXSXEOLF]QHJR]FKZLOZ\NUHOHQLD]XU] GXOXEQD

ZQLRVHN].UDMRZHJR5HMHVWUX6GRZHJRLQIRUPDFMLRVSHáQLDQLXZ\PRJyZ

RNUHORQ\FKZDUW

1LQLHMV]\ SU]HSLV GRW\F]\ RUJDQL]DFML SR]DU]GRZ\FK L VWRZDU]\V]H MHGQRVWHN

VDPRU]GX WHU\WRULDOQHJR RGU EQLH L ZF]HQLHM ZSLVDQ\FK GR .UDMRZHJR

5HMHVWUX6GRZHJR:\NUHOHQLHLQIRUPDFMLRVSHáQLHQLXZ\PRJyZRNUHORQ\FK

Z DUW QLH SRZRGXMH Z\NUHOHQLD VDPHM RUJDQL]DFML ] .UDMRZHJR 5HMHVWUX

6GRZHJR

:\NUHOHQLH].UDMRZHJR5HMHVWUX6GRZHJRRUJDQL]DFMLLSRGPLRWyZRNWyU\FK

PRZDZXVWQDVW SXMHZWU\ELHRNUHORQ\PZDUWDXVWXVWDZ\R.UDMRZ\P

5HMHVWU]H 6GRZ\P Z EU]PLHQLX ZSURZDG]RQ\P SU]H] DUW SNW 3U]HSLVyZ

ZSURZDG]DMF\FK ± WM ] XU] GX SU]\ F]\P MHVW WR Z\NUHOHQLH ] 5HMHVWUX Z

RJyOH FR RF]\ZLFLH QLH R]QDF]D SR]EDZLHQLD RUJDQL]DFML OXE SRGPLRWX SUDZD

IXQNFMRQRZDQLDQDZáDFLZ\FKLP]DVDGDFKRGSRZLHGQLRGRSRGVWDZ\SUDZQHM

WHJRIXQNFMRQRZDQLD

$UW

2UJDQL]DFMD SR*\WNX SXEOLF]QHJR VSRU]G]D URF]QH VSUDZR]GDQLH

PHU\WRU\F]QH ]H VZRMHM G]LDáDOQRFL ] ]DVWU]H*HQLHP SU]HSLVyZ RGU EQ\FK

RUD]SRGDMHMHGRSXEOLF]QHMZLDGRPRFLZVSRVyEXPR*OLZLDMF\]DSR]QDQLH

VL ]W\PVSUDZR]GDQLHPSU]H]]DLQWHUHVRZDQHSRGPLRW\

2UJDQL]DFMD SR*\WNX SXEOLF]QHJR MHVW NZDOLILNRZDQ IRUP RUJDQL]DFML

SR]DU]GRZHMLSRGPLRWX]UyZQDQHJR]RUJDQL]DFMSR]DU]GRZPXVLERZLHP

E\X]\VNDüWDNLVWDWXVRGSRZLDGDüQDMZ\*V]\PVWDQGDUGRPÄWU]HFLHJRVHNWRUD´

NWyUH XVWDZRGDZFD VIRUPDOL]RZDá Z DUW ] XZ]JO GQLHQLHP DUW 3R]D

Z\PRJLHP XWU]\P\ZDQLD W\FK VWDQGDUGyZ Z RNUHVLH NRU]\VWDQLD ]H VWDWXVX

RUJDQL]DFML SR*\WNX SXEOLF]QHJR XVWDZRGDZFD QDáR*\á QD RUJDQL]DFMH SR*\WNX

SXEOLF]QHJRLQQHRERZL]NLNWyUHRUJDQL]DFMHWHSRZLQQ\VSHáQLDüZWRNXVZRMHM

G]LDáDOQRFL 2ERZL]NL WH ]RVWDá\ RNUHORQH Z DUW RUD] Z SU]HSLVDFK

QDVW SQHJR UR]G]LDáX GRW\F]F\FK QDG]RUX = GUXJLHM VWURQ\ XVWDZRGDZFD

]DSHZQLDRUJDQL]DFMRPSR*\WNXSXEOLF]QHJRRNUHORQHSU]\ZLOHMHZ\Uy*QLDMFH

MH RG SRGPLRWyZ QLH QDOH*F\FK GR ÄWU]HFLHJR VHNWRUD´ D Z SHZQ\P ]DNUHVLH

Z\Uy*QLDMFHMHRGLQQ\FKRUJDQL]DFMLÄWU]HFLHJRVHNWRUD´3U]\ZLOHMHWH]RVWDá\

ZVND]DQH Z V]F]HJyOQRFL Z DUW L Z SU]HSLVDFK GR NWyU\FK RGV\áDM

SRZRáDQHSU]HSLV\XVWDZ\

3U]HSLVDPLRGU EQ\PLRNWyU\FKPRZDZXVWVSU]HSLV\DUWXVWXVWDZ\

R IXQGDFMDFK ZUD] ] UR]SRU]G]HQLHP 0LQLVWUD 6SUDZLHGOLZRFL ] GQLD PDMD

U Z VSUDZLH UDPRZHJR ]DNUHVX VSUDZR]GDQLD ] G]LDáDOQRFL IXQGDFML

8VWQDND]XMHSU]\W\PWUDNWRZDü]DNUHVZ\QLNDMF\]WHJRUR]SRU]G]HQLDMDNR

Z]yU GOD RUJDQL]DFML SR*\WNX SXEOLF]QHJR LQQ\FK QL* IXQGDFMH 2]QDF]D WR L*

LG]LHRRNUHORQHVSUDZR]GDQLHPHU\WRU\F]QHQLH]DOH*QHRGZ\PDJDQHJRSU]H]

SU]HSLV\RUDFKXQNRZRFLRUD]SU]H]XVWVSUDZR]GDQLDILQDQVRZHJR

$UWXVWXVWDZ\RIXQGDFMDFKQDND]XMHMHG\QLHXGRVW SQLDüVSUDZR]GDQLHGR

SXEOLF]QHM ZLDGRPRFL EH] ZVND]DQLD VSRVREX WHJR XGRVW SQLDQLD )XQGDFMD

E GFD RUJDQL]DFM SR*\WNX SXEOLF]QHJR PD Z W\P ]DNUHVLH RERZL]HN

VWRVRZDQLD VL GR G\VSR]\FML XVW 3RGDQLHP GR SXEOLF]QHM ZLDGRPRFL Z

VSRVyE XPR*OLZLDMF\ ]DSR]QDQLH VL ]H VSUDZR]GDQLHP SU]H] ]DLQWHUHVRZDQH

SRGPLRW\QLHZWSOLZLHE G]LHRSXEOLNRZDQLHVSUDZR]GDQLDZLQWHUQHFLHDWDN*H

']81USR]

MHJRZ\GUXNRZDQLHMHGQDN*HW\ONRSRGZDUXQNLHPGRVW SQRFLGUXNXZ\GUXNX

GOD]DLQWHUHVRZDQ\FKQSSRSU]H]SU]HV\áDQLHZV]\VWNLPNWyU]\RWRZ\VWSL

2UJDQL]DFMDSR*\WNXSXEOLF]QHJR]RERZL]DQDMHVW]áR*\üURF]QHVSUDZR]GDQLH

GRVGXUHMHVWURZHJRSRUXZDJLLGRDUWXVWRUD]XZDJ GRXVW

2UJDQL]DFMD SR*\WNX SXEOLF]QHJR VSRU]G]D L RJáDV]D URF]QH VSUDZR]GDQLH

ILQDQVRZHWDN*HZyZF]DVJG\RERZL]HNMHJRVSRU]G]HQLDRUD]RJáRV]HQLD

QLHZ\QLND]SU]HSLVyZRUDFKXQNRZRFL3U]HSLV\RUDFKXQNRZRFLVWRVXMH

VL RGSRZLHGQLR

3U]HSLV\ R UDFKXQNRZRFL ± WR SU]HSLV\ XVWDZ\ ] GQLD ZU]HQLD U R

UDFKXQNRZRFL

=JRGQLH]DUWXVWSNWLRERZL]HNRJáDV]DQLDVSUDZR]GD

ILQDQVRZ\FKGRW\F]\VSyáHNDNF\MQ\FKDWDN*HMHGQRVWHNNWyUHZSRSU]HG]DMF\P

URNX REURWRZ\P VSHáQLá\ FR QDMPQLHM GZD ] QDVW SXMF\FK ZDUXQNyZ

UHGQLRURF]QLH]DWUXGQLDá\ZSU]HOLF]HQLXQDSHáQHHWDW\FRQDMPQLHMRVyEPLDá\

VXP DNW\ZyZELODQVXRUyZQRZDUWRFLFRQDMPQLHMHXURPLDá\SU]\FKyG

QHWWRRUyZQRZDUWRFLFRQDMPQLHMHXUR

=DVDGQLF]RRERZL]HNWHQQLHE G]LHZL FGRW\F]\áRUJDQL]DFMLSR]DU]GRZ\FK±

D ]DWHP Z XVW NLHUXMF VL SRWU]HE ]DSHZQLHQLD WUDQVSDUHQWQRFL G]LDáDQLD

RUJDQL]DFML SR*\WNX SXEOLF]QHJR QDáR*RQR QD QLH RERZL]HN V]F]HJyOQ\

UHDOL]RZDQ\SU]H]RJáRV]HQLHVSUDZR]GDQLDILQDQVRZHJRZÄ0RQLWRU]H3ROVNLP%´

.RV]W\ RJáRV]HQLD Z\QLNDM ] XVW SNW UR]SRU]G]HQLD 3UH]HVD 5DG\

0LQLVWUyZ]GQLDSD(G]LHUQLNDUZVSUDZLHZ\VRNRFLRSáDW]DRJáDV]DQLH

REZLHV]F]H L RJáRV]H Z ']LHQQLNX 8U] GRZ\P 5]HF]\SRVSROLWHM 3ROVNLHM

Ä0RQLWRU3ROVNL%´

'R ]DNUHVXVSUDZR]GDRNWyU\FKPRZDZXVWVWRVXMHVL RGSRZLHGQLR

SU]HSLV\GRW\F]FH]DNUHVXVSUDZR]GDVNáDGDQ\FKSU]H]IXQGDFMH

3RUXZDJ GRXVW

2UJDQL]DFMDSR*\WNXSXEOLF]QHJRQLH]DOH*QLHRGRERZL]NyZZ\QLNDMF\FK

] SU]HSLVyZ RGU EQ\FK SU]HND]XMH PLQLVWURZL ZáDFLZHPX GR VSUDZ

]DEH]SLHF]HQLDVSRáHF]QHJRVSUDZR]GDQLDRNWyU\FKPRZDZXVWL

3U]HSLVDPL RGU EQ\PL R NWyU\FK PRZD Z XVW V SU]HSLV\ R .UDMRZ\P

5HMHVWU]H 6GRZ\P NWyUH QDND]XM SU]HND]\ZDQLH VSUDZR]GD VGRZL

UHMHVWURZHPX

']8]U1USR]]Sy(Q]P

']81USR]

: RGQLHVLHQLX GR RUJDQL]DFML SR*\WNX SXEOLF]QHJR NWyU\FK VSUDZR]GDQLH

ILQDQVRZH QLH SRGOHJD RERZL]NRZL EDGDQLD ]JRGQLH ] SU]HSLVDPL R

UDFKXQNRZRFL PLQLVWHU ZáDFLZ\ GR VSUDZ ILQDQVyZ SXEOLF]Q\FK Z

SRUR]XPLHQLX]PLQLVWUHPZáDFLZ\PGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

PR*H Z GURG]H UR]SRU]G]HQLD ZSURZDG]Lü WDNL RERZL]HN ELRUF SRG

XZDJ

Z\VRNRüRWU]\PDQ\FKGRWDFML

ZLHONRüRVLJDQ\FKSU]\FKRGyZ

SRWU]HE ]DSHZQLHQLDNRQWUROLSUDZLGáRZRFLSURZDG]RQHMHZLGHQFML

2ERZL]HNEDGDQLDELODQVXSU]H]ELHJáHJRUHZLGHQWD]JRGQLH]DUWXVWDZ\

R UDFKXQNRZRFL FL*\ QD W\FK VDP\FK MHGQRVWNDFK NWyUH V ]RERZL]DQH GR

RJáDV]DQLDVSUDZR]GDILQDQVRZ\FKXZDJDGRXVW

$UW

2UJDQL]DFML SR*\WNX SXEOLF]QHJR SU]\VáXJXMH QD ]DVDGDFK RNUHORQ\FK Z

SU]HSLVDFKRGU EQ\FK]ZROQLHQLHRG

SRGDWNXGRFKRGRZHJRRGRVyESUDZQ\FK

3RUDUWXVWSNWFRUD]XVWHLIXVWDZ\]GQLDOXWHJRURSRGDWNX

GRFKRGRZ\PRGRVyEIL]\F]Q\FK

ZEU]PLHQLXZSURZDG]RQ\PSU]H]DUWSNW

3U]HSLVyZZSURZDG]DMF\FK

SRGDWNXRGQLHUXFKRPRFL

3RUSU]HSLV\XVWDZ\]GQLDVW\F]QLDURSRGDWNDFKLRSáDWDFKORNDOQ\FK

EU]PLHQLXXVWDORQ\PSU]H]DUW3U]HSLVyZZSURZDG]DMF\FK

SRGDWNXRGF]\QQRFLF\ZLOQRSUDZQ\FK

3RU DUW SNW D XVWDZ\ ] GQLD ZU]HQLD U R SRGDWNX RG F]\QQRFL

F\ZLOQRSUDZQ\FK

GRGDQ\SU]H]DUW3U]HSLVyZZSURZDG]DMF\FK

RSáDW\VNDUERZHM

3RUDUWSNWXVWDZ\]GQLDZU]HQLDURRSáDFLHVNDUERZHM

GRGDQ\SU]H]

DUW3U]HSLVyZZSURZDG]DMF\FK

']8]U1USR]]Sy(Q]P

']81USR]]Sy(Q]P

RSáDWVGRZ\FK

3RU DUW XVW SNW XVWDZ\ ] GQLD F]HUZFD U R NRV]WDFK VGRZ\FK Z

VSUDZDFKF\ZLOQ\FK

GRGDQ\SU]H]DUW3U]HSLVyZZSURZDG]DMF\FK

ZRGQLHVLHQLXGRSURZDG]RQHMSU]H]QLG]LDáDOQRFLSR*\WNXSXEOLF]QHJR

2UJDQL]DFMD SR*\WNX SXEOLF]QHJR PR*H QD ]DVDGDFK RNUHORQ\FK Z

RGU EQ\FK SU]HSLVDFK QDE\ZDü QD V]F]HJyOQ\FK ZDUXQNDFK SUDZR

X*\WNRZDQLD QLHUXFKRPRFL E GF\FK ZáDVQRFL 6NDUEX 3DVWZD OXE

MHGQRVWNLVDPRU]GXWHU\WRULDOQHJR

:VND]DQH Z XVW RUD] Z XVW SUDZR X*\WNRZDQLD MHVW RJUDQLF]RQ\P SUDZHP

U]HF]RZ\PRFKDUDNWHU]HRVRELVW\PD]DWHPQLH]E\ZDOQ\PLQLHPRJF\PE\ü

SU]HGPLRWHPREFL*HQLDSUDZQRU]HF]RZHJRQSKLSRWHNL

2GU EQ\PL SU]HSLVDPL R NWyU\FK PRZD Z XVW V SU]HSLV\ XVWDZ\ ] GQLD

VLHUSQLDURJRVSRGDUFHQLHUXFKRPRFLDPL

ZEU]PLHQLXXVWDORQ\PSU]H]

DUW 3U]HSLVyZ ZSURZDG]DMF\FK $UW XVW WHM XVWDZ\ ]DSHZQLD

RUJDQL]DFMRP SR*\WNX SXEOLF]QHJR SLHUZV]HVWZR Z X]\VNDQLX X*\WNRZDQLD

QDMPX L G]LHU*DZ\ QLHUXFKRPRFL SU]H]QDF]RQ\FK GR RGGDQLD Z X*\WNRZDQLH

QDMHP L G]LHU*DZ 8VWDZD R JRVSRGDUFH QLHUXFKRPRFLDPL ZSURZDG]D WDN*H

LQQHSU]\ZLOHMHRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

2UJDQL]DFMD SR]DU]GRZD NWyUD X]\VNDáD VWDWXV RUJDQL]DFML SR*\WNX

SXEOLF]QHJRMHVWRERZL]DQDZ\SHáQLü]RERZL]DQLDZ\QLNDMFH]H]ZROQLH

SRGDWNRZ\FK ] NWyU\FK NRU]\VWDáD SU]HG GQLHP X]\VNDQLD VWDWXVX

RUJDQL]DFML SR*\WNX SXEOLF]QHJR QD ]DVDGDFK RNUHORQ\FK Z RGU EQ\FK

SU]HSLVDFK

: SU]\SDGNX XWUDW\ SU]H] RUJDQL]DFM SR]DU]GRZ VWDWXVX RUJDQL]DFML

SR*\WNX SXEOLF]QHJR WUDFL RQD SUDZR GR NRU]\VWDQLD ]H ]ZROQLH

Z\QLNDMF\FK]SRVLDGDQLDWHJRVWDWXVX

8*\WNRZDQLHRNWyU\PPRZDZXVWZ\JDVD]PRF\SUDZDZSU]\SDGNX

XWUDW\VWDWXVXRUJDQL]DFMLSR*\WNXSXEOLF]QHJR

7DNVDPWUHüPDDUWXVW]GXVWDZ\RJRVSRGDUFHQLHUXFKRPRFLDPL

']8]U1USR]]Sy(Q]P

$UW

: RUJDQL]DFML SR*\WNX SXEOLF]QHJR PRJ Z\NRQ\ZDü SUDF SRERURZL

VNLHURZDQLGRRGE\FLDVáX*E\]DVW SF]HMQD]DVDGDFKLZWU\ELHRNUHORQ\FKZ

RGU EQ\FKSU]HSLVDFK

0RZD R SU]HSLVDFK XVWDZ\ ] GQLD OLVWRSDGD U R SRZV]HFKQ\P

RERZL]NXREURQ\5]HF]\SRVSROLWHM3ROVNLHM

ZEU]PLHQLXXVWDORQ\PSU]H]DUW

3U]HSLVyZ ZSURZDG]DMF\FK

3RERURZL VNLHURZDQL GR VáX*E\ ]DVW SF]HM QLH V

ZRORQWDULXV]DPLZUR]XPLHQLXXVWDZ\

$UW

-HGQRVWNL SXEOLF]QHM UDGLRIRQLL L WHOHZL]ML XPR*OLZLDM RUJDQL]DFMRP SR*\WNX

SXEOLF]QHJR QLHRGSáDWQH LQIRUPRZDQLH R LFK G]LDáDOQRFL QD ]DVDGDFK

RNUHORQ\FKZSU]HSLVDFKRGU EQ\FK

=DVDG\WHVRNUHORQHZDUWDXVWDZ\]GQLDJUXGQLDURUDGLRIRQLL

LWHOHZL]ML

GRGDQ\PSU]H]DUW3U]HSLVyZZSURZDG]DMF\FKRUD]HZHQWXDOQLHZ

SU]HSLVDFKZ\NRQDZF]\FKZ\GDQ\FKQDMHJRSRGVWDZLHGRWGLFKQLHZ\GDQR

$UW

3RGDWQLN SRGDWNX GRFKRGRZHJR RG RVyE IL]\F]Q\FK PR*H QD ]DVDGDFK L Z

WU\ELHRNUHORQ\PZSU]HSLVDFKRGU EQ\FKSU]HND]DüSRGDWNXREOLF]RQHJR

]JRGQLH ] RGU EQ\PL SU]HSLVDPL QD U]HF] Z\EUDQ\FK SU]H] VLHELH RUJDQL]DFML

SR*\WNXSXEOLF]QHJR

=DVDG\LWU\ESU]HND]DQLDVRNUHORQHZ

']8]U1USR]]Sy(Q]P

:REHFWHJRL*DUW3U]HSLVyZZSURZDG]DMF\FKZVND]XMHW\ONRZ\UD]\GRGDQHGRDUWXVWXVWDZ\ZVND]DQH

MHVWSRGDQLHFDáHJRDUWZQRZ\PEU]PLHQLX

Ä$UW3RERURZLSU]H]QDF]HQLGR]DVDGQLF]HMVáX*E\ZRMVNRZHM]DVDGQLF]HMVáX*E\ZREURQLHF\ZLOQHM

OXESU]HV]NROHQLDZRMVNRZHJRNWyU]\QLHNRU]\VWDM ]RGURF]HQLDVáX*E\ZRMVNRZHMPRJ]HZ]JO GXQD

SU]HNRQDQLD UHOLJLMQH DOER Z\]QDZDQH ]DVDG\ PRUDOQH Z\VW SRZDü GR SRZLDWRZHM NRPLVML SRERURZHM ]

SLVHPQ\PLZQLRVNDPLRVNLHURZDQLHLFKGRRGE\FLDVáX *E\]DVW SF]HM

6áX*ED ]DVW SF]D SROHJD QD Z\NRQ\ZDQLX Z F]DVLH SRNRMX SUDF QD U]HF] RFKURQ\ URGRZLVND VáX*E\

]GURZLD RSLHNL VSRáHF]QHM JRVSRGDUNL ZRGQHM RFKURQ\ SU]HFLZSR *DURZHM EXGRZQLFWZD PLHV]NDQLRZHJR

áF]QRFLRUD]LQQ\FK]DNáDGyZX*\WHF]QRFLSXEOLF]QHM

: UDPDFK VáX*E\ ]DVW SF]HM SRERURZL PRJ Z\NRQ\ZDü SUDF QD NRU]\ü SDVWZRZ\FK MHGQRVWHN

RUJDQL]DF\MQ\FKRUD]SU]HGVL ELRUFyZZNWyU\FK6NDUE3DVWZDSRVLDGDFRQDMPQLHMXG]LDáyZ

3RERURZLPRJQDZáDVQSURE Z\NRQ\ZDüSUDF QDU]HF]MHGQRVWHNRUJDQL]DF\MQ\FKNR FLRáyZLLQQ\FK

]ZL]NyZ Z\]QDQLRZ\FK R XUHJXORZDQHM V\WXDFML SUDZQHM VDPRU] GX WHU\WRULDOQHJR L IXQGDFML D WDN*H Z

RUJDQL]DFMDFK SR*\WNX SXEOLF]QHJR Z UR]XPLHQLX SU]HSLVyZ R G]LDáDOQR FL SR*\WNX SXEOLF]QHJR L R

ZRORQWDULDFLH]Z\MWNLHPSUDF\QDU]HF]G]LDáDOQRFLJRVSRGDUF]HMSURZDG]RQHMSU]H]WHRUJDQL]DFMH

0LQLVWHU ZáDFLZ\ GR VSUDZ SUDF\ XVWDOD Z GURG]H GHF\]ML DGPLQLVWUDF\MQ\FK SUDFR GDZFyZ X NWyU\FK

SRERURZLPRJRGE\ZDüVáX*E ]DVW SF]RUD]RNUHODVWDQRZLVNDSUDF\QDNWyU\FKE GRGE\ZDüW VáX*E

&]DVWUZDQLDVáX*E\]DVW SF]HMZ\QRVLGZDG]LHFLDMHGHQPLHVL F\DGODDEVROZHQWyZV]NyáZ\*V]\FK

G]LHZL üPLHVL F\´

']8]U1USR]]Sy(Q]P

DUWG XVWDZ\ ] GQLD OLSFD U R SRGDWNX GRFKRGRZ\P RG RVyE

IL]\F]Q\FK

GRGDQ\PSU]H]DUWSNW3U]HSLVyZZSURZDG]DMF\FK

DUWD XVWDZ\ ] GQLD OLVWRSDGD U R ]U\F]DáWRZDQ\P SRGDWNX

GRFKRGRZ\P RG QLHNWyU\FK SU]\FKRGyZ RVLJDQ\FK SU]H] RVRE\ IL]\F]QH

GRGDQ\PSU]H]DUWSNW3U]HSLVyZZSURZDG]DMF\FK

3U]HND]DQLHSRGDWNX]JRGQLH]]DáR*HQLDPLXVWDZ\ZSUDNW\FHE G]LHPRJáR

ZSHáQLQDVWSLüSRUD]SLHUZV]\GRSLHURSU]\UR]OLF]HQLX]DURNUWMZ

RNUHVLH RG VW\F]QLD GR NZLHWQLD U ERZLHP ZSáDWD QD U]HF] RUJDQL]DFML

SR*\WNX SXEOLF]QHJR PXVL E\ü GRNRQDQD QD UDFKXQHN EDQNRZ\ RUJDQL]DFML

SR*\WNX SXEOLF]QHJR GR GQLD ]áR*HQLD ]H]QDQLD ]D SRSU]HGQL URN SRGDWNRZ\

]H]QDQLH VNáDGD VL GR GQLD NZLHWQLD ± D R VWDWXV RUJDQL]DFML SR*\WNX

SXEOLF]QHJR PR*QD VL XELHJDü GRSLHUR RG VW\F]QLD U ZREHF F]HJR

SUDZGRSRGRELHVWZR SU]HND]DQLD SU]H] SRGDWQLND Z WHQ VSRVyE RGSRZLHGQLHM

NZRW\ QD U]HF] MX* ]DUHMHVWURZDQHM RUJDQL]DFML SR*\WNX SXEOLF]QHJR MHVW

QLHZLHONLH

5R]G]LDá

1DG]yU

$UW

1DG]yU QDG G]LDáDOQRFL RUJDQL]DFML SR*\WNX SXEOLF]QHJR Z ]DNUHVLH

SUDZLGáRZRFL NRU]\VWDQLD ] XSUDZQLH RNUHORQ\FK Z XVWDZLH VSUDZXMH

PLQLVWHUZáDFLZ\GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR]]DVWU]H*HQLHPXVW

3RUXZDJLGRDUWRUD]XZDJ GRDUWXVW

1DG]yU±WRSRM FLHNWyUHR]QDF]DSUDZRGRZ\NRQ\ZDQLDNRQWUROLRUD]SUDZR

GRSRGHMPRZDQLDQD]DVDGDFKLZWU\ELHRNUHORQ\FKZXVWDZLHSHZQ\FKDNWyZ

ZáDGF]\FKPLQLVWUDZáDFLZHJRGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJRREHFQLH

MHVW WR 0LQLVWHU *RVSRGDUNL 3UDF\ L 3ROLW\NL 6SRáHF]QHM QDG G]LDáDOQRFL

RUJDQL]DFML SR*\WNX SXEOLF]QHJR RJUDQLF]D VL GR ]DNUHVX SUDZLGáRZRFL

NRU]\VWDQLD]XSUDZQLHRNUHORQ\FKZXVWDZLH3U]H]SUDZLGáRZRüNRU]\VWDQLD

QDOH*\ UR]XPLHü NRU]\VWDQLH ]JRGQH ] XVWDZ RUD] SU]HSLVDPL SRZRáDQ\PL Z

XVWDZLH MDNR ÄSU]HSLV\ RGU EQH´ SU]\ F]\P SRGVWDZRZH ]QDF]HQLH PD Z W\P

]DNUHVLH ]DFKRZ\ZDQLH XVWDZRZ\FK Z\PRJyZ SU]HSLVDQ\FK GOD RUJDQL]DFML

SR*\WNXSXEOLF]QHJRFRZ\QLNDWDN*H]DUWXVWLMDNUyZQLH*NRU]\VWDQLH

]XSUDZQLHZRGQLHVLHQLXGRSURZDG]RQHMG]LDáDOQRFLSR*\WNXSXEOLF]QHJRZ

']8]U1USR]]Sy(Q]P

']81USR]]Sy(Q]P

QLHNWyU\FK SU]HSLVDFK SRGDWNRZ\FK ]Uy*QLFRZDQ\FK Z ]DOH*QRFL RG WHJR F]\

MHVW WR G]LDáDOQRü RGSáDWQD F]\ QLHRGSáDWQD D QLH LQQHM G]LDáDOQRFL MDN

G]LDáDOQRFLJRVSRGDUF]HM

1DG]yU QDG G]LDáDOQRFL RUJDQL]DFML SR*\WNX SXEOLF]QHJR G]LDáDMF\FK Z

]DNUHVLH UDWRZQLFWZD L RFKURQ\ OXGQRFL GRW\F]F\ UHDOL]DFML ]OHFRQ\FK

]DGDSXEOLF]Q\FKRUD]SUDZLGáRZRFLNRU]\VWDQLD]XSUDZQLHRNUHORQ\FK

Z XVWDZLH VSUDZXMH PLQLVWHU ZáDFLZ\ GR VSUDZ ZHZQ WU]Q\FK 3U]HSLV\

DUWVWRVXMHVL RGSRZLHGQLR

=DNUHV QDG]RUX PLQLVWUD ZáDFLZHJR GR VSUDZ ZHZQ WU]Q\FK MHVW V]HUV]\ QL*

RJyOQ\ ]DNUHVQDG]RUXPLQLVWUDZáDFLZHJRGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

REHMPXMH RQ ERZLHP WDN*H SUDZLGáRZRü UHDOL]DFML ]DGD SXEOLF]Q\FK ]OHFRQ\FK

RUJDQL]DFMRP SU]H] QLHJR QDG]RURZDQ\P D QLH W\ONR SUDZLGáRZRü NRU]\VWDQLD

SU]H]RUJDQL]DFMH]XSUDZQLHRNUHORQ\FKZXVWDZLH

$UW

2UJDQL]DFMD SR*\WNX SXEOLF]QHJR SRGOHJD NRQWUROL PLQLVWUD ZáDFLZHJR GR

VSUDZ]DEH]SLHF]HQLDVSRáHF]QHJRZ]DNUHVLHRNUHORQ\PZDUWXVW

.RQWURO ]DU]G]DPLQLVWHUZáDFLZ\GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR]

XU] GXOXEQDZQLRVHNRUJDQXDGPLQLVWUDFMLSXEOLF]QHM

.RQWURO SU]HSURZDG]DMRVRE\SRVLDGDMFHSLVHPQHXSRZD*QLHQLHPLQLVWUD

ZáDFLZHJRGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

: F]\QQRFLDFK NRQWUROQ\FK PR*H XF]HVWQLF]\ü SU]HGVWDZLFLHO 5DG\

']LDáDOQRFL 3R*\WNX 3XEOLF]QHJR Z SU]\SDGNX ]áR*HQLD WHM 5DG]LH

VWRVRZQHJR ZQLRVNX SU]H] PLQLVWUD ZáDFLZHJR GR VSUDZ ]DEH]SLHF]HQLD

VSRáHF]QHJR RUJDQ DGPLQLVWUDFML SXEOLF]QHM R NWyU\P PRZD Z XVW OXE

RUJDQL]DFM SR]DU]GRZRUD]SRGPLRW\Z\PLHQLRQHZDUWXVW

&]áRQHN 5DG\ PR*H XF]HVWQLF]\ü Z F]\QQRFLDFK NRQWUROQ\FK Z FKDUDNWHU]H

REVHUZDWRUDOHF]QLHPR*HVDPZ\NRQ\ZDüF]\QQRFLNRQWUROQ\FK

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR PR*H SRZLHU]\ü

SU]HSURZDG]HQLHNRQWUROLZRMHZRG]LH

0R*QD SU]\Mü *H WDN*H Z WDNLP SU]\SDGNX VWRVXMH VL RGSRZLHGQLR SU]HSLV\

XVWL

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR PR*H Z\VWSLü

] ZQLRVNLHP R SU]HSURZDG]HQLH NRQWUROL GR RUJDQX Z\VSHFMDOL]RZDQHJR

ZNRQWURORZDQLXGDQHJRURG]DMXG]LDáDOQRFL

2UJDQDPLWDNLPLVQS1DMZ\*V]D,]ED.RQWUROLLRUJDQ\NRQWUROLVNDUERZHM

3RQLHZD*MHVWWRNRQWURODGRNRQ\ZDQDSU]H]GDQ\RUJDQNRQWUROLDQLHNRQWUROD

GRNRQ\ZDQD SU]H] PLQLVWUD OXE SU]H] PLQLVWUD SRZLHU]RQD PR*QD VG]Lü L*

ZW\P]DNUHVLHQLHPDSRGVWDZGRVWRVRZDQLDXVW

$UW

2VRE\XSRZD*QLRQHGRGRNRQ\ZDQLDNRQWUROLVXSUDZQLRQHGRZVW SXQD

WHUHQ QLHUXFKRPRFL OXE MHM F] FL QD NWyU\P MHVW SURZDG]RQD G]LDáDOQRü

RUJDQL]DFML SR*\WNX SXEOLF]QHJR RUD] *GDQLD SLVHPQ\FK OXE XVWQ\FK

Z\MDQLH RND]DQLD GRNXPHQWyZ OXE LQQ\FK QRQLNyZ LQIRUPDFML D WDN*H

XGRVW SQLDQLDGDQ\FKPDMF\FK]ZL]HN]SU]HGPLRWHPNRQWUROL

&]\QQRFLNRQWUROQ\FKRNWyU\FKPRZDZXVWGRNRQXMHVL ZREHFQRFL

F]áRQND RUJDQX ]DU]G]DMFHJR OXE MHJR SU]HGVWDZLFLHOD DOER SUDFRZQLND

NRQWURORZDQHMRUJDQL]DFMLSR*\WNXSXEOLF]QHJRDZUD]LHQLHREHFQRFLW\FK

RVyEZREHFQRFLSU]\ZRáDQHJRZLDGND

$UW

= SU]HSURZDG]RQHM NRQWUROL VSRU]G]D VL SURWRNyá NWyU\ SRGSLVXM RVRE\

SU]HSURZDG]DMFH NRQWURO L NLHURZQLN NRQWURORZDQHM RUJDQL]DFML SR*\WNX

SXEOLF]QHJROXERVREDSU]H]QLHJRXSRZD*QLRQD2GPRZDSRGSLVXSURWRNRáX

SU]H]NLHURZQLNDNRQWURORZDQHMRUJDQL]DFMLSR*\WNXSXEOLF]QHJROXERVRE

SU]H] QLHJR XSRZD*QLRQ Z\PDJD SRGDQLD SU]\F]\Q\ : SU]\SDGNX

RGPRZ\SRGSLVXSURWRNyáX]QDMHVL ]DSRGSLVDQ\ZGQLXRGPRZ\

=H Z]JO GX QD NRQLHF]QRü GRNXPHQWRZDQLD ZV]\VWNLFK LVWRWQ\FK F]\QQRFL

NRQWUROLLRNROLF]QRFL]ZL]DQ\FK]NRQWUROSRGDQLHSU]\F]\Q\RGPRZ\SRGSLVX

SURWRNRáXSRZLQQRQDVWSLüZIRUPLHSLVHPQHMOXESRZLQQRE\ü]DSURWRNRáRZDQH

.LHURZQLNNRQWURORZDQHMRUJDQL]DFMLSR*\WNXSXEOLF]QHJRPR*HZWHUPLQLH

GQL RG GQLD SRGSLVDQLD SURWRNRáX ]áR*\ü QD SLPLH Z\MDQLHQLD EG(

]JáRVLü]DVWU]H*HQLDGRWUHFLSURWRNRáX

2VRE\ SU]HSURZDG]DMFH NRQWURO SR UR]SDWU]HQLX ]DVWU]H*H R NWyU\FK

PRZDZXVWZ\GDMZ\QLNNRQWUROL:UD]LHQLHXZ]JO GQLHQLD]DVWU]H*H

Z FDáRFL OXE Z F] FL SU]HND]XMH VL QD SLPLH VWDQRZLVNR ]JáDV]DMFHPX

]DVWU]H*HQLD

$UW

:\QLNNRQWUROLSRZLQLHQ]DZLHUDüRSLVVWDQXIDNW\F]QHJRVWZLHUG]RQHJRZWRNX

NRQWUROL Z W\P XVWDORQ\FK XFK\ELH ] XZ]JO GQLHQLHP SU]\F]\Q SRZVWDQLD

]DNUHVXLVNXWNyZW\FKXFK\ELHRUD]WHUPLQLFKXVXQL FLDQLHNUyWV]\QL*

GQL

$UW

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR OXE ] MHJR

XSRZD*QLHQLD ZRMHZRGD Z]\ZD RUJDQL]DFM SR*\WNX SXEOLF]QHJR GR

XVXQL FLD Z Z\]QDF]RQ\P WHUPLQLH XFK\ELH VWZLHUG]RQ\FK Z Z\QLNX

NRQWUROL

:SU]\SDGNXQLHXVXQL FLDXFK\ELHSU]H]RUJDQL]DFM SR*\WNXSXEOLF]QHJR

PLQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR PR*H Z\VWSLü GR

VGXUHMHVWURZHJRRZ\NUHOHQLHLQIRUPDFMLRNWyUHMPRZDZDUWXVW

OXERZ\NUHOHQLHWHMRUJDQL]DFML].UDMRZHJR5HMHVWUX6GRZHJR

3RUXZDJ GRDUWXVW

: SU]\SDGNX QLHXVXQL FLD XFK\ELH GRW\F]F\FK VSHáQLDQLD Z\PRJyZ

RNUHORQ\FKRGSRZLHGQLRZDUWRUD]DUWSU]H]RUJDQL]DFM SR*\WNX

SXEOLF]QHJR PLQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR

Z\VW SXMH GR VGX UHMHVWURZHJR R Z\NUHOHQLH WHM RUJDQL]DFML ] .UDMRZHJR

5HMHVWUX6GRZHJR

: SU]\SDGNX Z\NUHOHQLD RUJDQL]DFML SR*\WNX SXEOLF]QHJR OXE LQIRUPDFML

RNWyUHMPRZDZDUWXVW].UDMRZHJR5HMHVWUX6GRZHJRRUJDQL]DFMD

WDMHVWRERZL]DQDZWHUPLQLHPLHVL F\Z\NRU]\VWDüQDZáDVQG]LDáDOQRü

Z ]DNUHVLH R NWyU\P PRZD Z DUW URGNL SRFKRG]FH ]H ]ELyUHN

SXEOLF]Q\FK ]HEUDQH Z RNUHVLH SRVLDGDQLD VWDWXVX RUJDQL]DFML SR*\WNX

SXEOLF]QHJR

URGNL QLHZ\NRU]\VWDQH Z VSRVyE L Z WHUPLQLH RNUHORQ\P Z XVW

RUJDQL]DFMD MHVW RERZL]DQD SU]HND]Dü QLH]ZáRF]QLH QD U]HF] SURZDG]FHM

G]LDáDOQRü VWDWXWRZ Z W\P VDP\P OXE ]EOL*RQ\P ]DNUHVLH RUJDQL]DFML

SR*\WNX SXEOLF]QHJR ZVND]DQHM SU]H] PLQLVWUD ZáDFLZHJR GR VSUDZ

]DEH]SLHF]HQLD VSRáHF]QHJR 3U]HND]DQLH URGNyZ QLH VWDQRZL Z WDNLP

SU]\SDGNXGDURZL]Q\ZUR]XPLHQLXRGU EQ\FKSU]HSLVyZ

1DOH*\ SU]\Mü *H ZVND]DQLH SU]H] PLQLVWUD RGSRZLHGQLHM RUJDQL]DFML SR*\WNX

SXEOLF]QHJR QDVW SXMH Z GURG]H GHF\]ML DGPLQLVWUDF\MQHM FR R]QDF]D L* GR

SRVW SRZDQLD R SU]HND]DQLH VWRVXMH VL SU]HSLV\ .RGHNVX SRVW SRZDQLD

DGPLQLVWUDF\MQHJR

$UW

: ]DNUHVLH QLHXUHJXORZDQ\P QLQLHMV] XVWDZ GR QDG]RUX L NRQWUROL

Z\GDWNRZDQLD URGNyZ SXEOLF]Q\FK VWRVXMH VL RGSRZLHGQLR SU]HSLV\

RILQDQVDFKSXEOLF]Q\FK

3U]HSLV\ DUW QLH Z\áF]DM VWRVRZDQLD RGU EQ\FK SU]HSLVyZ

GRW\F]F\FK NRQWUROL L F]\QQRFL NRQWUROQ\FK D WDN*H XSUDZQLH

QDG]RUF]\FKLQQ\FKRUJDQyZ

5R]G]LDá

5DGD']LDáDOQRFL3R*\WNX3XEOLF]QHJR

5DGD ']LDáDOQRFL 3R*\WNX 3XEOLF]QHJR SU]\ PLQLVWU]H ZáDFLZ\P GR VSUDZ

]DEH]SLHF]HQLD VSRáHF]QHJR REHFQLH MHVW QLP 0LQLVWHU *RVSRGDUNL 3UDF\

L3ROLW\NL6SRáHF]QHM]RVWDáDRNUHORQDZDUWXVWMDNRRUJDQRSLQLRGDZF]R

GRUDGF]\RUD]SRPRFQLF]\WHJRPLQLVWUD

= ]DVDG GRW\F]F\FK VNáDGX 5DG\ RNUHORQ\FK Z DUW XVW Z\QLND

]ZáDV]F]DZNRQWHNFLHDUWXVWSNWLL*5DGDPDMHGQRF]HQLHRGHJUDü

GZLHLQQHZD*QHUROH

URO IRUXPGLDORJXVSRáHF]QHJRRNWyU\PPRZDZSUHDPEXOHGR.RQVW\WXFML

53 RUD] ZVSyáSUDF\ Z VSUDZDFK G]LDáDOQRFL SR*\WNX SXEOLF]QHJR L

ZRORQWDULDWX SRPL G]\ Z\VW SXMF\PL Z WHM VDPHM OLF]ELH SU]HGVWDZLFLHODPL

VHNWRUD SXEOLF]QHJR U]GRZHJR L VDPRU]GRZHJR RUD] RUJDQL]DFML

SR]DU]GRZ\FK ]ZL]NyZ L SRUR]XPLH RUJDQL]DFML SR]DU]GRZ\FK RUD]

SRGPLRWyZ]UyZQDQ\FK]RUJDQL]DFMDPLSR]DU]GRZ\PLZDUWRSDPL WDü*HQD

SHZQ\P HWDSLH SUDF QDG SURMHNWHP XVWDZ\ P\ODQR R XVWDZRZ\P VWZRU]HQLX

.RPLVML :VSyOQHM 5]GX RUD] RUJDQL]DFML SR]DU]GRZ\FK ] XG]LDáHP

SU]HGVWDZLFLHOLVDPRU]GXWHU\WRULDOQHJR

URO IRUXP QLH W\ONR Z RJyOH ZVSyáSUDF\ ZHZQWU] ÄWU]HFLHJR VHNWRUD´ DOH

L ÄVDPRUHJXODFML´ WHJR VHNWRUD SU]HGH ZV]\VWNLP Z ]DNUHVLH VWDQGDUGyZ

SURZDG]HQLD G]LDáDOQRFL SR*\WNX SXEOLF]QHJR FR ]QDOD]áR UyZQLH* Z\UD]

Z VIRUPXáRZDQ\P Z DUW SNW Z\PRJX ]DSHZQLHQLD Z VNáDG]LH 5DG\

UHSUH]HQWDW\ZQRFLRUJDQL]DFMLSR]DU]GRZ\FKLSRGPLRWyZ]QLPL]UyZQDQ\FK

RUD] Uy*QRURGQRFL URG]DMyZ G]LDáDOQRFL SR*\WNX SXEOLF]QHJR FR SRUHGQLR

QDZL]XMHGRZ\OLF]HQLDPDWHULLWHMG]LDáDOQRFLZDUWXVW

: ND*G\P UD]LH 5DGD QLH MHVW Z MDNLNROZLHN VSRVyE RUJDQHP ]ZLHU]FKQLP

QDGÄWU]HFLPVHNWRUHP´SR]EDZLRQDMHVWERZLHPXSUDZQLHZáDGF]\FK

5DGDPR*HE\üQDWRPLDVWLVWRWQ\PF]\QQLNLHPVSRáHF]QHMNRQWUROLQDGSURFHVHP

ZGUD*DQLDXVWDZ\RUD]QDGU]GRZ\PLSURMHNWDPLDNWyZSUDZQ\FKNWyUHPRJ

UR]ZLMDü]DVDG\XVWDZ\DOHWH*LMHSRUHGQLRRJUDQLF]Dü=WHJRSRZRGXZD*QH

E\áRDE\RGSRZLHGQLRV]\ENRXND]Dá\VL SU]HSLV\Z\NRQDZF]HGRW\F]FH5DG\

FRVWDáRVL ZVLHUSQLXU±SRUXZDJ GRDUW0LPRRNUHORQHJRZ

W\FK SU]HSLVDFK ]áR*RQHJR WU\EX Z\VXZDQLD NDQG\GDWyZ L Z UH]XOWDFLH

SRZRá\ZDQLD F]áRQNyZ 5DG\ UHSUH]HQWXMF\FK RUJDQL]DFMH SR]DU]GRZH L

SRGPLRW\ ] QLPL ]UyZQDQH 5DGD ]ELHUD VL QD SLHUZV]\P SRVLHG]HQLX MX*

OLVWRSDGDU

3LHUZV]\VNáDG5DG\]RVWDáSRZRáDQ\]JRGQLH]DUWQDRNUHVGZyFKODW±L

GRSLHUR QDVW SQH VNáDG\ E G SRZRá\ZDQH ]JRGQLH ] DUW XVW QD NDGHQFM

WU]\OHWQL

$UW

7ZRU]\ VL 5DG ']LDáDOQRFL 3R*\WNX 3XEOLF]QHJR ]ZDQ GDOHM 5DG

MDNRRUJDQRSLQLRGDZF]RGRUDGF]\RUD]SRPRFQLF]\PLQLVWUDZáDFLZHJRGR

VSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

'R]DGD5DG\QDOH*\ZV]F]HJyOQRFL

Z\UD*DQLHRSLQLLZVSUDZDFKGRW\F]F\FKVWRVRZDQLDXVWDZ\

Z\UD*DQLH RSLQLL R U]GRZ\FK SURMHNWDFK DNWyZ SUDZQ\FK GRW\F]F\FK

G]LDáDOQRFLSR*\WNXSXEOLF]QHJRRUD]ZRORQWDULDWX

XG]LHODQLH SRPRF\ L Z\UD*DQLH RSLQLL Z SU]\SDGNX VSRUyZ PL G]\

RUJDQDPLDGPLQLVWUDFMLSXEOLF]QHMDRUJDQL]DFMDPLSR*\WNXSXEOLF]QHJR

]ELHUDQLHLGRNRQ\ZDQLHDQDOL]\LQIRUPDFMLRSURZDG]RQ\FKNRQWURODFKL

LFKVNXWNDFK

XF]HVWQLF]HQLHZSRVW SRZDQLXNRQWUROQ\P

Z\UD*DQLHRSLQLLZVSUDZDFK]DGDSXEOLF]Q\FK]OHFDQLDW\FK]DGDGR

UHDOL]DFML SU]H] RUJDQL]DFMH SR]DU]GRZH RUD] SRGPLRW\ Z\PLHQLRQH Z

DUW XVW RUD] UHNRPHQGRZDQ\FK VWDQGDUGyZ UHDOL]DFML ]DGD

SXEOLF]Q\FK

WZRU]HQLH ZH ZVSyáSUDF\ ] RUJDQL]DFMDPL SR]DU]GRZ\PL RUD]

SRGPLRWDPLZ\PLHQLRQ\PLZDUWXVWPHFKDQL]PyZLQIRUPRZDQLDR

VWDQGDUGDFK SURZDG]HQLD G]LDáDOQRFL SR*\WNX SXEOLF]QHJR RUD] R

VWZLHUG]RQ\FKSU]\SDGNDFKQDUXV]HQLDW\FKVWDQGDUGyZ

.DGHQFMD5DG\WUZDODWD

$UW

5DGDVNáDGDVL ]

SL FLXSU]HGVWDZLFLHOLRUJDQyZDGPLQLVWUDFMLU]GRZHMLMHGQRVWHNLP

SRGOHJá\FKOXESU]H]QLHQDG]RURZDQ\FK

SL FLXSU]HGVWDZLFLHOLMHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

G]LHVL FLX SU]HGVWDZLFLHOL RUJDQL]DFML SR]DU]GRZ\FK ]ZL]NyZ L

SRUR]XPLH

RUJDQL]DFML

SR]DU]GRZ\FK

RUD]

SRGPLRWyZ

Z\PLHQLRQ\FKZDUWXVW

&]áRQNyZ 5DG\ SRZRáXMH L RGZRáXMH PLQLVWHU ZáDFLZ\ GR VSUDZ

]DEH]SLHF]HQLD VSRáHF]QHJR ] W\P *H SRZRáDQLH F]áRQNyZ 5DG\

UHSUH]HQWXMF\FK

RUJDQL]DFMH SR]DU]GRZH ]ZL]NL L SRUR]XPLHQLD RUJDQL]DFML

SR]DU]GRZ\FK RUD] SRGPLRW\ Z\PLHQLRQH Z DUW XVW QDVW SXMH

VSRUyGNDQG\GDWyZ]JáRV]RQ\FKSU]H]WHRUJDQL]DFMH

RUJDQ\ DGPLQLVWUDFML U]GRZHM L MHGQRVWNL LP SRGOHJáH OXE SU]H] QLH

QDG]RURZDQH QDVW SXMH VSRUyG RVyE ]JáRV]RQ\FK SU]H] WH RUJDQ\ L

NLHURZQLNyZWDNLFKMHGQRVWHN

MHGQRVWNLVDPRU]GXWHU\WRULDOQHJRQDVW SXMHVSRUyGRVyE]JáRV]RQ\FK

SU]H] VWURQ VDPRU]GRZ Z .RPLVML :VSyOQHM 5]GX L 6DPRU]GX

7HU\WRULDOQHJR

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR RGZRáXMH F]áRQND

5DG\SU]HGXSá\ZHPNDGHQFML

QDMHJRZQLRVHN

QDZQLRVHNSRGPLRWXRNWyU\PPRZDZXVWUHSUH]HQWRZDQHJRSU]H]

WHJRF]áRQND

Z SU]\SDGNX VND]DQLD F]áRQND 5DG\ SUDZRPRFQ\P Z\URNLHP ]D

SU]HVW SVWZRSRSHáQLRQH]ZLQ\XP\OQHM

$UW

3RVLHG]HQLD 5DG\ V ]ZRá\ZDQH SU]H] PLQLVWUD ZáDFLZHJR GR VSUDZ

]DEH]SLHF]HQLD VSRáHF]QHJR OXE QD ZQLRVHN FR QDMPQLHM MHGQHM F]ZDUWHMOLF]E\

F]áRQNyZ5DG\

$UW

5DGDPR*H

SRZRá\ZDüHNVSHUWyZ

]DSUDV]DüGRXF]HVWQLFWZDZMHMSRVLHG]HQLDFKSU]HGVWDZLFLHOLRUJDQyZ

DGPLQLVWUDFMLSXEOLF]QHMLRUJDQL]DFMLSR]DU]GRZ\FKRUD]SRGPLRWyZ

Z\PLHQLRQ\FKZDUWXVWQLHUHSUH]HQWRZDQ\FKZ5DG]LH

]OHFDü SU]HSURZDG]DQLH EDGD L RSUDFRZDQLH HNVSHUW\] ]ZL]DQ\FK ]

UHDOL]DFMMHM]DGD

$UW

.RV]W\IXQNFMRQRZDQLD5DG\]ZL]DQH]REVáXJSU]HSURZDG]DQLHPEDGD

L RSUDFRZ\ZDQLHP HNVSHUW\] D WDN*H ] XF]HVWQLFWZHP Z MHM SRVLHG]HQLDFK

HNVSHUWyZF]áRQNyZ5DG\LRVyEQLHE GF\FKMHMF]áRQNDPLSRNU\ZDVL ]

F] FL EXG*HWX NWyUHM G\VSRQHQWHP MHVW PLQLVWHU ZáDFLZ\ GR VSUDZ

]DEH]SLHF]HQLDVSRáHF]QHJR

=DXG]LDáZSUDFDFK5DG\SU]\VáXJXMGLHW\RUD]]ZURWNRV]WyZSRGUy*\QD

]DVDGDFK RNUHORQ\FK Z SU]HSLVDFK Z\GDQ\FK QD SRGVWDZLH DUW

.RGHNVXSUDF\

3UDFRGDZFD MHVW RERZL]DQ\ ]ZROQLü SUDFRZQLND E GFHJR F]áRQNLHP

5DG\ RG SUDF\ Z FHOX Z]L FLD XG]LDáX Z SRVLHG]HQLDFK 5DG\ =D F]DV

]ZROQLHQLD SUDFRZQLN ]DFKRZXMH SUDZR GR Z\QDJURG]HQLD XVWDORQHJR

ZHGáXJ]DVDGRERZL]XMF\FKSU]\REOLF]DQLXHNZLZDOHQWXSLHQL *QHJR]D

XUORSZ\SRF]\QNRZ\SRNU\ZDQHJR]F] FLEXG*HWXNWyUHMG\VSRQHQWHP

MHVWPLQLVWHUZáDFLZ\GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

$UW

0LQLVWHU ZáDFLZ\ GR VSUDZ ]DEH]SLHF]HQLD VSRáHF]QHJR RNUHOL Z GURG]H

UR]SRU]G]HQLD

WU\E SRZRá\ZDQLD F]áRQNyZ 5DG\ XZ]JO GQLDMF SRWU]HE ]DSHZQLHQLD

UHSUH]HQWDW\ZQRFL

RUJDQL]DFML

SR]DU]GRZ\FK

RUD]

SRGPLRWyZ

Z\PLHQLRQ\FK Z DUW XVW Uy*QRURGQRü URG]DMyZ G]LDáDOQRFL SR*\WNX

SXEOLF]QHJRRUD]WHUPLQ\]JáDV]DQLDNDQG\GDWyZQDF]áRQNyZ5DG\

RUJDQL]DFM L WU\E G]LDáDQLD 5DG\RUD] ]DVDG\ XF]HVWQLFWZD Z MHM SUDFDFK

SU]HGVWDZLFLHOL RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM RUD] RUJDQL]DFML

SR]DU]GRZ\FK RUD] SRGPLRWyZ Z\PLHQLRQ\FK Z DUW XVW

QLHUHSUH]HQWRZDQ\FKZ5DG]LH

0LQLVWHU *RVSRGDUNL 3UDF\ L 3ROLW\NL 6SRáHF]QHM Z\GDá QD SRGVWDZLH WHJR

XSRZD*QLHQLD UR]SRU]G]HQLH ] GQLD VLHUSQLD U Z VSUDZLH 5DG\ 3R*\WNX

3XEOLF]QHJR

5R]SRU]G]HQLHWRPDQDVW SXMFHEU]PLHQLH

Ä5R]SRU]G]HQLHRNUHOD

WU\ESRZRá\ZDQLDF]áRQNyZ5DG\']LDáDOQRFL3R*\WNX3XEOLF]QHJR

]ZDQHMGDOHM5DG

RUJDQL]DFM L WU\E G]LDáDQLD 5DG\ RUD] ]DVDG\ XF]HVWQLFWZD Z MHM

SUDFDFK SU]HGVWDZLFLHOL RUJDQyZ DGPLQLVWUDFML SXEOLF]QHM RUJDQL]DFML

SR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZDUWXVWXVWDZ\]GQLD

NZLHWQLDURG]LDáDOQRFLSR*\WNXSXEOLF]QHJRLRZRORQWDULDFLH]ZDQHM

GDOHMXVWDZQLHUHSUH]HQWRZDQ\FKZ5DG]LH

=JáRV]HQLHNDQG\GDWyZQDF]áRQNyZ5DG\QDVW SXMHFRQDMPQLHMQDF]WHU\

PLHVLFHSU]HGXSá\ZHPNDGHQFML5DG\

.DQG\GDWyZQDF]áRQNyZ5DG\RUJDQ\DGPLQLVWUDFMLU]GRZHM]JáDV]DM

PLQLVWURZLZáDFLZHPXGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR]D]JRGW\FK

RVyE RNUHODMF NZDOLILNDFMH NDQG\GDWD SU]\GDWQH GR Z\NRQ\ZDQLD ]DGD

F]áRQND5DG\

']81USR]

.DQG\GDWyZ QD F]áRQNyZ 5DG\ NLHURZQLF\ MHGQRVWHN SRGOHJá\FK

RUJDQRPDGPLQLVWUDFMLU]GRZHMOXESU]H]QLFKQDG]RURZDQ\FK]JáDV]DM]D

]JRG W\FK RVyE PLQLVWURZL ZáDFLZHPX GR VSUDZ ]DEH]SLHF]HQLD

VSRáHF]QHJR ]D SRUHGQLFWZHP RUJDQyZ DGPLQLVWUDFML U]GRZHM NWyU\P

SRGOHJDMOXESU]H]NWyUHVQDG]RURZDQL

=JáRV]HQLHNDQG\GDWDSU]H]NLHURZQLNyZMHGQRVWHNRNWyU\FKPRZDZXVW

]DZLHUD RNUHOHQLH NZDOLILNDFML NDQG\GDWD SU]\GDWQ\FK GR Z\NRQ\ZDQLD

]DGDF]áRQND5DG\

.DQG\GDWyZ QD F]áRQNyZ 5DG\ E GF\FK SU]HGVWDZLFLHODPL MHGQRVWHN

VDPRU]GX WHU\WRULDOQHJR ]JáDV]D PLQLVWURZL ZáDFLZHPX GR VSUDZ

]DEH]SLHF]HQLDVSRáHF]QHJRVWURQDVDPRU]GRZDZ.RPLVML:VSyOQHM5]GXL

6DPRU]GX 7HU\WRULDOQHJR ]D ]JRG W\FK RVyE RNUHODMF NZDOLILNDFMH

NDQG\GDWDSU]\GDWQHGRZ\NRQ\ZDQLD]DGDF]áRQND5DG\

: FHOX SRZRáDQLD F]áRQNyZ 5DG\ E GF\FK SU]HGVWDZLFLHODPL

RUJDQL]DFML SR]DU]GRZ\FK ]ZL]NyZ L SRUR]XPLH RUJDQL]DFML

SR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZDUWXVWXVWDZ\PLQLVWHU

ZáDFLZ\GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJRRJáDV]DZGZyFKG]LHQQLNDFK

R]DVL JXNUDMRZ\PRUD]XPLHV]F]DQDVWURQDFKLQWHUQHWRZ\FKVZRMHJRXU] GX

LQIRUPDFM RSU]\VWSLHQLXGRSURFHGXU\Z\áDQLDQLDNDQG\GDWyZQDF]áRQNyZ

5DG\

2JáRV]HQLH]DZLHUD

]DSURV]HQLHGR]JáDV]DQLDNDQG\GDWyZ

LQIRUPDFM RWUHFL]JáRV]HQLD

WHUPLQLPLHMVFH]áR*HQLD]JáRV]HQLD

=JáRV]HQLHRNWyU\PPRZDZXVWSNW]DZLHUD

RSLV URG]DMX L ]DNUHVX G]LDáDOQRFL X]DVDGQLDMF\ XG]LDá

SU]HGVWDZLFLHOD GDQHM RUJDQL]DFML SR]DU]GRZHM ]ZL]NX L SRUR]XPLHQLD

RUJDQL]DFML SR]DU]GRZ\FK RUD] SRGPLRWX Z\PLHQLRQHJR Z DUW XVW

XVWDZ\ZVNáDG]LH5DG\

ZQLRVHN SUH]HQWXMF\ NDQG\GDWD RNUHODMF\ MHJR NZDOLILNDFMH

SU]\GDWQHGRZ\NRQ\ZDQLD]DGDF]áRQND5DG\

RZLDGF]HQLHNDQG\GDWDRZ\UD*HQLX]JRG\QDNDQG\GRZDQLH

RZLDGF]HQLHNDQG\GDWDRQLHNDUDOQRFL]DSU]HVW SVWZDXP\OQH

'R]JáRV]HQLDGRáF]DVL Z\SLV].UDMRZHJR5HMHVWUX6GRZHJRRUD]LQQH

GRNXPHQW\SRWZLHUG]DMFHURG]DML]DNUHVSURZDG]RQHMG]LDáDOQRFL

=JáRV]HQLDVVNáDGDQHZXU] G]LHREVáXJXMF\PPLQLVWUDZáDFLZHJR

GRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

=JáRV]HQLD]áR*RQHSRWHUPLQLHSR]RVWDZLDVL EH]UR]SR]QDQLD

:UD]LHPLHUFLOXERGZRáDQLDF]áRQND5DG\PLQLVWHUZáDFLZ\GRVSUDZ

]DEH]SLHF]HQLD VSRáHF]QHJR SRZRáXMH F]áRQND 5DG\ QD RNUHV GR NRFD

NDGHQFML VSRUyG NDQG\GDWyZ ]JáRV]RQ\FK SU]HG MHM UR]SRF] FLHP

RGSRZLHGQLRZWU\ELHRNUHORQ\PZ

5DGDREUDGXMHQDSRVLHG]HQLDFK

8FKZDá\5DG\VSRGHMPRZDQH]Z\NáZL NV]RFLJáRVyZZREHFQRFLFR

QDMPQLHMSRáRZ\F]áRQNyZ5DG\

:SU]\SDGNXQLHSRGM FLDXFKZDá\RNWyUHMPRZDZXVWSU]HGVWDZLFLHOH

RUJDQyZ DGPLQLVWUDFML U]GRZHM L MHGQRVWHN LP SRGOHJá\FK OXE SU]H] QLH

QDG]RURZDQ\FK SU]HGVWDZLFLHOH MHGQRVWHN VDPRU]GX WHU\WRULDOQHJR RUD]

SU]HGVWDZLFLHOHRUJDQL]DFMLSR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZ

DUW XVW XVWDZ\ SUH]HQWXM VWDQRZLVNR UHSUH]HQWRZDQ\FK SU]H] QLFK Z

5DG]LHSRGPLRWyZ

3RVLHG]HQLD5DG\RGE\ZDMVL Z]DOH*QRFLRGSRWU]HEQLHU]DG]LHMMHGQDN

QL*UD]QDGZDPLHVLFH

3UDFDPL 5DG\ NLHUXMH GZyFK ZVSyáSU]HZRGQLF]F\FK NWyU\PL V

Z\EUDQLVSRUyGF]áRQNyZ5DG\

SU]HGVWDZLFLHO RUJDQyZ DGPLQLVWUDFML U]GRZHM L MHGQRVWHN LP

SRGOHJá\FK OXE SU]H] QLH QDG]RURZDQ\FK RUD] MHGQRVWHN VDPRU]GX

WHU\WRULDOQHJR

SU]HGVWDZLFLHO RUJDQL]DFML SR]DU]GRZ\FK ]ZL]NyZ L SRUR]XPLH

RUJDQL]DFML SR]DU]GRZ\FK RUD] SRGPLRWyZ Z\PLHQLRQ\FK Z DUW XVW

XVWDZ\ Z\EUDQ\ SU]H] F]áRQNyZ 5DG\ E GF\FK SU]HGVWDZLFLHODPL W\FK

RUJDQL]DFML]ZL]NyZSRUR]XPLHLSRGPLRWyZ

'R]DGDZVSyáSU]HZRGQLF]F\FK5DG\QDOH*\

SU]HZRGQLF]HQLHSRVLHG]HQLRP5DG\

RUJDQL]RZDQLHSUDF5DG\

XVWDODQLHKDUPRQRJUDPXSUDF5DG\ZV]F]HJyOQRFLSU]H]XVWDOHQLH

WHUPLQyZLSURJUDPyZNROHMQ\FKSRVLHG]H5DG\

5DGDPR*HSRZRá\ZDüVWDáHRUD]GRUD(QH]HVSRá\SUREOHPRZH]ZDQH

GDOHM]HVSRáDPLSUREOHPRZ\PL

8FKZDáDRSRZRáDQLX]HVSRáXSUREOHPRZHJRRNUHOD]DGDQLD]HVSRáXRUD]

MHJRVNáDGRVRERZ\

: VNáDG ]HVSRáyZ SUREOHPRZ\FK ZFKRG] Z UyZQHMOLF]ELHE GF\

F]áRQNDPL5DG\SU]HGVWDZLFLHOH

RUJDQyZDGPLQLVWUDFMLU]GRZHMLMHGQRVWHNLPSRGOHJá\FKOXESU]H]

QLHQDG]RURZDQ\FKRUD]MHGQRVWHNVDPRU]GXWHU\WRULDOQHJR

RUJDQL]DFML SR]DU]GRZ\FK ]ZL]NyZ L SRUR]XPLH RUJDQL]DFML

SR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZDUWXVWXVWDZ\

3RVLHG]HQLX ]HVSRáX SUREOHPRZHJR SU]HZRGQLF]\ MHJR SU]HZRGQLF]F\

NWyU\PMHVWF]áRQHN5DG\Z\EUDQ\SU]H]F]áRQNyZ]HVSRáXSUREOHPRZHJR

3RVLHG]HQLH ]HVSRáX SUREOHPRZHJR ]ZRáXMH MHJR SU]HZRGQLF]F\ ]

ZáDVQHMLQLFMDW\Z\OXEQDZQLRVHNF]áRQND]HVSRáX

3RVLHG]HQLH ]HVSRáX SUREOHPRZHJR PR*H ]RVWDü ]ZRáDQH QD ZVSyOQ\

ZQLRVHN ZVSyáSU]HZRGQLF]F\FK 5DG\ Z SU]\SDGNX NRQLHF]QRFL SLOQHJR

]DM FLDVWDQRZLVND

3U]HZRGQLF]F\ ]HVSRáX SUREOHPRZHJR SR X]JRGQLHQLX ] F]áRQNDPL

]HVSRáX PR*H Z\VWSLü ] ZQLRVNLHP GR 5DG\ R SRZRáDQLH HNVSHUWD OXE

]OHFHQLHSU]HSURZDG]HQLDHNVSHUW\]\

=HVSyá SUREOHPRZ\ ]DMPXMH VWDQRZLVNR ]Z\Ná ZL NV]RFL JáRVyZ Z

REHFQRFLFRQDMPQLHMSRáRZ\F]áRQNyZ]HVSRáXSUREOHPRZHJR

5DGD RUD] ]HVSRá\ SUREOHPRZH PRJ ]DSUDV]Dü GR XG]LDáX Z

SRVLHG]HQLDFK]JáRVHPGRUDGF]\PRVRE\VSR]DVZHJRJURQD

=SRVLHG]H5DG\L]HVSRáyZSUREOHPRZ\FKVSRU]G]DVL SURWRNyá

3URWRNyá SRVLHG]HQLD 5DG\ SRGSLVXM REHFQL QD SRVLHG]HQLX

ZVSyáSU]HZRGQLF]F\RUD]SURWRNRODQW

3URWRNyá SRVLHG]HQLD ]HVSRáX SUREOHPRZHJR SRGSLVXM SU]HZRGQLF]F\

RUD]SURWRNRODQW

5DGDXFKZDOD5HJXODPLQ5DG\RUD]]HVSRáyZSUREOHPRZ\FK

=JáRV]HQLHNDQG\GDWyZQDF]áRQNyZ5DG\SLHUZV]HMNDGHQFMLQDVW SXMH

ZFLJXGQLRGGQLDZHMFLDZ*\FLHUR]SRU]G]HQLD´

$UW

2EVáXJ DGPLQLVWUDF\MQRELXURZ 5DG\ ]DSHZQLD XU]G REVáXJXMF\ PLQLVWUD

ZáDFLZHJRGRVSUDZ]DEH]SLHF]HQLDVSRáHF]QHJR

']LDá,,,

:RORQWDULDW

5R]G]LDá

3U]HSLV\RJyOQH

$UW

:RORQWDULXV]H PRJ Z\NRQ\ZDü QD ]DVDGDFK RNUHORQ\FK Z QLQLHMV]\P

UR]G]LDOHZLDGF]HQLDRGSRZLDGDMFHZLDGF]HQLXSUDF\QDU]HF]

RUJDQL]DFMLSR]DU]GRZ\FKRUD]SRGPLRWyZZ\PLHQLRQ\FKZDUWXVW

Z ]DNUHVLH LFK G]LDáDOQRFL VWDWXWRZHM Z V]F]HJyOQRFL Z ]DNUHVLH

G]LDáDOQRFLSR*\WNXSXEOLF]QHJR

RUJDQyZDGPLQLVWUDFMLSXEOLF]QHM]Z\áF]HQLHPSURZDG]RQHMSU]H]QLH

G]LDáDOQRFLJRVSRGDUF]HM

MHGQRVWHN RUJDQL]DF\MQ\FK SRGOHJá\FK RUJDQRP DGPLQLVWUDFML SXEOLF]QHM

OXEQDG]RURZDQ\FKSU]H]WHRUJDQ\]Z\áF]HQLHPSURZDG]RQHMSU]H]WH

MHGQRVWNLG]LDáDOQRFLJRVSRGDUF]HM

]ZDQ\FKGDOHMNRU]\VWDMF\PL

']LDá ,,, XVWDZ\ ]DZLHUDMF\ SU]HSLV\ R ZRORQWDULDFLH VWRVXMH VL Z SU]\SDGNX

JG\ VSUDZ ZRORQWDULXV]\ QLH QRUPXM SU]HSLV\ RGU EQH 7DNLPL SU]HSLVDPL V

DUW XVW L XVW SNW XVWDZ\ ] GQLD VLHUSQLD U R ]DNáDGDFK RSLHNL

]GURZRWQHM

RUD]DUWNXVWLXVWDZ\]GQLDOLVWRSDGDURSRPRF\

VSRáHF]QHM

ZUD]]SU]HSLVDPLZ\NRQDZF]\PL

3U]HSLV\ R ZRORQWDULDFLH PDM V]HUV]\ ]DNUHV QL* SR]RVWDáH SU]HSLV\ XVWDZ\

ERZLHP Z RGQLHVLHQLX GR RUJDQL]DFML SR]DU]GRZ\FK L SRGPLRWyZ ] QLPL

]UyZQDQ\FK REHMPXM RQH FDáRü LFK G]LDáDOQRFL VWDWXWRZHM D QLH W\ONR

G]LDáDOQRü SR*\WNX SXEOLF]QHJR D WDN*H REHMPXM RQH RUJDQ\ DGPLQLVWUDFML

SXEOLF]QHM RUD] MHGQRVWNL RUJDQL]DF\MQH SRGOHJáH W\P RUJDQRP OXE SU]H] QLH

QDG]RURZDQH±]Z\áF]HQLHPMHGQDNFRQDOH*\SRGNUHOLüSURZDG]RQHMSU]H]

QLHG]LDáDOQRFLJRVSRGDUF]HMNWyUQDOH*\UR]XPLHü]JRGQLH]SU]HSLVDPL3UDZD

G]LDáDOQRFLJRVSRGDUF]HM]XZ]JO GQLHQLHPWUHFLDUWXVWXVWDZ\ERZLHPZ

W\P]DNUHVLHG]LDáDMRQHMDNRSU]HGVL ELRUF\

-DN VWZLHUG]RQR Z X]DVDGQLHQLX SURMHNWX XVWDZ\ ÄZRORQWDULXV]H PRJ

Z\NRQ\ZDü ZLDGF]HQLD QD U]HF] RUJDQL]DFML SR]DU]GRZ\FK Z ]DNUHVLH LFK

G]LDáDOQRFLSR*\WNXSXEOLF]QHJRRUD]QDU]HF]RUJDQyZDGPLQLVWUDFMLSXEOLF]QHM

] Z\áF]HQLHP SURZDG]RQHM SU]H] QLH G]LDáDOQRFL JRVSRGDUF]HM DUW XVW

SURMHNWX :\áF]HQLH WR Z\QLND ] IDNWX L* Z UDPDFK DGPLQLVWUDFML SXEOLF]QHM

LVWQLHMFHJRVSRGDUVWZDSRPRFQLF]HF]\]DNáDG\EXG*HWRZHSURZDG]G]LDáDOQRü

JRVSRGDUF] SROHJDMF QD VSU]HGD*\ GyEU L XVáXJ QD U\QNX NRU]\VWDMF ]H

ZLDGF]H ZRORQWDULXV]\ ]DNáyFDá\E\ UyZQRü ZDUXQNyZ SURZDG]HQLD

G]LDáDOQRFLJRVSRGDUF]HM´

7\P VDP\P SU]HSLV\ R ZRORQWDULDFLH PRJ ]QDOH(ü ]DVWRVRZDQLH Z GZyFK

VSRUyG WU]HFK VHNWRUyZ XNáDGX VSRáHF]QHJR R NWyU\FK E\áD PRZD ZH

ZSURZDG]HQLX Z VHNWRU]H ZáDG] SXEOLF]Q\FK RUD] Z ÄWU]HFLP VHNWRU]H´ SU]\

Z\UD(Q\PZ\áF]HQLXVHNWRUDSU]HGVL ELRUFyZ1DOH*\MHGQDNPLHüQDXZDG]H*H

ZRORQWDULDWMHVWQLHRGáF]QFHFKZáDQLHÄWU]HFLHJRVHNWRUD´SRGF]DVJG\VHNWRU

ZáDG]SXEOLF]Q\FKPR*HDZGX*\PVWRSQLXSRZLQLHQG]LDáDüEH]NRU]\VWDQLD]H

ZLDGF]HZRORQWDULXV]\

3U]HSLV\ QLQLHMV]HJR UR]G]LDáX VWRVXMH VL RGSRZLHGQLR GR ZRORQWDULXV]\

Z\NRQXMF\FK QD REV]DU]H 5]HF]\SRVSROLWHM 3ROVNLHMZLDGF]HQLD QD U]HF]

RUJDQL]DFML

PL G]\QDURGRZ\FK

MH*HOL

SRVWDQRZLHQLD

XPyZ

PL G]\QDURGRZ\FKQLHVWDQRZLLQDF]HM

2GSRZLHGQLH VWRVRZDQLH SU]HSLVyZ ± WR VWRVRZDQLH FR GR ]DVDG\ ZV]\VWNLFK

SU]HSLVyZ]XZ]JO GQLHQLHPMHGQDNVSHF\ILNLGDQHJRSU]HGPLRWXZW\PSU]\SDGNX

']81USR]]OLF]Q\PLSy(Q]P

']8]U1USR]]OLF]Q\PLSy (Q]P

UR]SRU]G]HQLD0LQLVWUD3UDF\L3ROLW\NL6SRáHF]QHM]GQLDZU]H QLDUZVSUDZLHSODFyZHNRSLHNXF]R

Z\FKRZDZF]\FK']81USR]

ZLDGF]HQLDQDU]HF]RUJDQL]DFMLPL G]\QDURGRZ\FK:\MWNLRGWHM]DVDG\PXV]

Z\UD(QLH Z\QLNDü ] XPyZ PL G]\QDURGRZ\FK NWyU\FK VWURQ MHVW 5]HF]SRVSROLWD

3ROVND

$UW

:RORQWDULXV] SRZLQLHQ SRVLDGDü NZDOLILNDFMH L VSHáQLDü Z\PDJDQLD

RGSRZLHGQLHGRURG]DMXL]DNUHVXZ\NRQ\ZDQ\FKZLDGF]HMH*HOLRERZL]HN

SRVLDGDQLD WDNLFK NZDOLILNDFML L VSHáQLDQLD VWRVRZQ\FK Z\PDJD Z\QLND ]

RGU EQ\FKSU]HSLVyZ

2GU EQH SU]HSLV\ R NWyU\FK PRZD Z DUW WR SU]\NáDGRZR SU]HSLV\

GRW\F]FH Z\PDJD ]GURZRWQ\FK D Z RGQLHVLHQLX GR NZDOLILNDFML QS SU]HSLV\

GRW\F]FH NZDOLILNDFML QDXF]\FLHOL MH*HOL LG]LH R ZLDGF]HQLD ZRORQWDULXV]D R

FKDUDNWHU]HHGXNDF\MQ\PRGSRZLDGDMFHZLDGF]HQLXSUDF\SU]H]QDXF]\FLHODSRU

WHUPLQÄRGSRZLDGDMFHZLDGF]HQLXSUDF\´ZDUWXVW

$UW

ZLDGF]HQLDZRORQWDULXV]\VZ\NRQ\ZDQHZ]DNUHVLHZVSRVyELZF]DVLH

RNUHORQ\FK Z SRUR]XPLHQLX ] NRU]\VWDMF\P 3RUR]XPLHQLH SRZLQQR

]DZLHUDüSRVWDQRZLHQLHRPR*OLZRFLMHJRUR]ZL]DQLD

:Z\QLNXGRSXV]F]HQLDZRORQWDULXV]DGRZ\NRQ\ZDQLDZLDGF]HOXEZZ\QLNX

]DZDUFLD SLVHPQHJR SRUR]XPLHQLD F]HJR Z\PDJD VL Z XVW Z RGQLHVLHQLX GR

ZLDGF]H NWyUH PDM E\ü Z\NRQ\ZDQH SU]H] SRQDG GQL SRPL G]\

ZRORQWDULXV]HP D NRU]\VWDMF\P ]DZL]XMH VL XPRZQ\ NRQWUDNWRZ\ VWRVXQHN

F\ZLOQRSUDZQ\

: ]DNUHVLH QLHXQRUPRZDQ\P Z XVWDZLH GR WHJR VWRVXQNX ± D ZL F L GR

SRUR]XPLHQLD SRPL G]\ ZRORQWDULXV]HP D NRU]\VWDMF\P ± VWRVXMH VL SU]HSLV\

.RGHNVX F\ZLOQHJR GRW\F]FH F]\QQRFL SUDZQ\FK RUD] ]RERZL]D XPRZQ\FK

'RW\F]\WRWDN*H]GROQRFLGR]DZL]\ZDQLDWHJRVWRVXQNXSUDZQHJRNWyUPDMZ

SHáQL MHG\QLH RVRE\ SHáQROHWQLH ± SRU XZDJ GR DUW 1DOH*\ ]D]QDF]\ü *H Z

+RODQGLLSU]HSLV\RZRORQWDULDFLHZRJyOH]QDMGXMVL Z.RGHNVLHF\ZLOQ\P

1D *GDQLH ZRORQWDULXV]D NRU]\VWDMF\ MHVW RERZL]DQ\ SRWZLHUG]Lü QD

SLPLHWUHüSRUR]XPLHQLDRNWyU\PPRZDZXVWDWDN*HZ\GDüSLVHPQH

]DZLDGF]HQLHRZ\NRQDQLXZLDGF]HSU]H]ZRORQWDULXV]DZW\PR]DNUHVLH

Z\NRQ\ZDQ\FKZLDGF]H

1D SURE ZRORQWDULXV]D NRU]\VWDMF\ PR*H SU]HGáR*\ü SLVHPQ RSLQL R

Z\NRQDQLXZLDGF]HSU]H]ZRORQWDULXV]D

-H*HOLZLDGF]HQLHZRORQWDULXV]DZ\NRQ\ZDQHMHVWSU]H]RNUHVGáX*V]\QL*

GQLSRUR]XPLHQLHSRZLQQRE\üVSRU]G]RQHQDSLPLH

:\PyJ IRUP\ SLVHPQHM ]RVWDá Z XVW VIRUPXáRZDQ\ MDNR Z\PyJ GOD FHOyZ

GRZRGRZ\FK Z UR]XPLHQLX DUW .RGHNVX F\ZLOQHJR D QLH SRG U\JRUHP

QLHZD*QRFLRIRUPLHSLVHPQHMSRGU\JRUHPQLHZD*QRFLMHVWPRZDZDUWXVW

:VSUDZLHW\FKZ\PRJyZ±SRUXZDJ GRDUWXVW

5R]G]LDá

3U]HSLV\V]F]HJyOQH

$UW

.RU]\VWDMF\PDRERZL]HN

LQIRUPRZDü ZRORQWDULXV]D R U\]\NX GOD ]GURZLD L EH]SLHF]HVWZD

]ZL]DQ\P ] Z\NRQ\ZDQ\PL ZLDGF]HQLDPL RUD] R ]DVDGDFK RFKURQ\

SU]HG]DJUR*HQLDPL

]DSHZQLü ZRORQWDULXV]RZL QD GRW\F]F\FK SUDFRZQLNyZ ]DVDGDFK

RNUHORQ\FK Z RGU EQ\FK SU]HSLVDFK EH]SLHF]QH L KLJLHQLF]QH ZDUXQNL

Z\NRQ\ZDQLD SU]H] QLHJR ZLDGF]H Z W\P Z ]DOH*QRFL RG URG]DMX

ZLDGF]H L ]DJUR*H ]ZL]DQ\FK ] LFK Z\NRQ\ZDQLHP RGSRZLHGQLH

URGNLRFKURQ\LQG\ZLGXDOQHM

SRNU\ZDü QD GRW\F]F\FK SUDFRZQLNyZ ]DVDGDFK RNUHORQ\FK Z

RGU EQ\FKSU]HSLVDFKNRV]W\SRGUy*\VáX*ERZ\FKLGLHW

: XVW RGV\áD VL Z VSRVyE SRUHGQL GR RGSRZLHGQLFK SU]HSLVyZ ] ]DNUHVX

SUDZD SUDF\ ± FR ZL*H VL ] ]DVDG Z\UD*RQ Z DUW XVW L* ZLDGF]HQLD

ZRORQWDULXV]DRGSRZLDGDMZLDGF]HQLXSUDF\FKRüQLHVWRL]DQLPLVWRVXQHNSUDF\

OHF]RGU EQ\VWRVXQHNSUDZQ\

.RU]\VWDMF\ PR*H SRNU\ZDü QD GRW\F]F\FK SUDFRZQLNyZ ]DVDGDFK

RNUHORQ\FKZRGU EQ\FKSU]HSLVDFKWDN*HLQQHQLH]E GQHNRV]W\SRQRV]RQH

SU]H] ZRORQWDULXV]D ]ZL]DQH ] Z\NRQ\ZDQLHP ZLDGF]H QD U]HF]

NRU]\VWDMFHJR

3RUXZDJ GRXVW

.RU]\VWDMF\ PR*H SRNU\ZDü NRV]W\ V]NROH ZRORQWDULXV]\ Z ]DNUHVLH

Z\NRQ\ZDQ\FKSU]H]QLFKZLDGF]HRNUHORQ\FKZSRUR]XPLHQLXRNWyU\P

PRZDZDUWXVW

:RORQWDULXV] PR*H Z IRUPLH SLVHPQHM SRG U\JRUHP QLHZD*QRFL ]ZROQLü

NRU]\VWDMFHJRZFDáRFLOXEZF] FL]RERZL]NyZZ\PLHQLRQ\FKZXVW

SNW

&RGRU\JRUXQLHZD*QRFL±SRUXZDJ GRDUWXVWRUD]XZDJ GRDUWXVW

$UW

:RORQWDULXV]RZL PRJ SU]\VáXJLZDü ZLDGF]HQLD ]GURZRWQH QD ]DVDGDFK

SU]HZLG]LDQ\FKZSU]HSLVDFKRSRZV]HFKQ\PXEH]SLHF]HQLX]GURZRWQ\P

ZLDGF]HQLDWHSU]\VáXJXMQD]DVDGDFKRNUHORQ\FKZXVWDZLH]GQLDVW\F]QLD

U R SRZV]HFKQ\P XEH]SLHF]HQLX Z 1DURGRZ\P )XQGXV]X =GURZLD

EU]PLHQLXXVWDORQ\PSU]H]DUW3U]HSLVyZZSURZDG]DMF\FK

:RORQWDULXV]RZL SU]\VáXJXMH ]DRSDWU]HQLH ] W\WXáX Z\SDGNX SU]\

Z\NRQ\ZDQLXZLDGF]HRNWyU\FKPRZDZDUWQDSRGVWDZLHRGU EQ\FK

SU]HSLVyZ]]DVWU]H*HQLHPXVW

3RGVWDZ W MHVW XVWDZD ] GQLD SD(G]LHUQLND U R ]DRSDWU]HQLX ] W\WXáX

Z\SDGNyZ OXE FKRUyE ]DZRGRZ\FK SRZVWDá\FK Z V]F]HJyOQ\FK

RNROLF]QRFLDFK

Z EU]PLHQLX XVWDORQ\P SU]H] DUW 3U]HSLVyZ

ZSURZDG]DMF\FK

:RORQWDULXV] Z\NRQXMF\ ZLDGF]HQLH QD U]HF] NRU]\VWDMFHJR SU]H] RNUHV

GáX*V]\QL*GQLMHVWRGSRF]WNXREM W\W\P]DRSDWU]HQLHPDZ]ZL]NX]W\P

NRU]\VWDMF\ QLH PD RERZL]NX ]DSHZQLü PX XEH]SLHF]HQLD RG QDVW SVWZ

QLHV]F] OLZ\FKZ\SDGNyZSU]H]RNUHVSLHUZV]\FKGQL

:RORQWDULXV]RZLNWyU\Z\NRQXMHZLDGF]HQLDSU]H]RNUHVQLHGáX*V]\QL*

GQL NRU]\VWDMF\ ]RERZL]DQ\ MHVW ]DSHZQLü XEH]SLHF]HQLH RG QDVW SVWZ

QLHV]F] OLZ\FKZ\SDGNyZ

3RZ\*V]\SU]HSLVGRW\F]\WDN*HSRUR]XPLHQLDRZ\NRQ\ZDQLXZLDGF]HSU]H]

ZRORQWDULXV]DQDF]DVQLHRNUHORQ\

=DSHZQLHQLH XEH]SLHF]HQLD RG QDVW SVWZ QLHV]F] OLZ\FK Z\SDGNyZ QDVW SXMH

SU]H] ]DZDUFLH RGSRZLHGQLHM XPRZ\ XEH]SLHF]HQLD ] WRZDU]\VWZHP

XEH]SLHF]H

$UW

.RU]\VWDMF\ PD RERZL]HN SRLQIRUPRZDü ZRORQWDULXV]D R SU]\VáXJXMF\FK

PX SUDZDFK L FL*F\FK RERZL]NDFK RUD] ]DSHZQLü GRVW SQRü W\FK

LQIRUPDFML

8VWDZDQLHSUHF\]XMHVSRVREXLQIRUPRZDQLDZRORQWDULXV]DRUD]]DSHZQLHQLD

GRVW SQRFLLQIRUPDFMLRNWyU\FKPRZDZDUWSR]RVWDZLDMFWRNRU]\VWDMF\P±

']81USR]]Sy(Q]P

SRG ZDUXQNLHP L* RVLJQL W\ ]RVWDQLH HIHNW Z SRVWDFL ]DUyZQR DNW\ZQHJR

SRLQIRUPRZDQLDMDNL]DSHZQLHQLDGRVW SQRFLGRLQIRUPDFMLZSU]\SDGNXGDOV]HMZ

W\P]DNUHVLHDNW\ZQRFLZRORQWDULXV]D

$UW

-H*HOLSRUR]XPLHQLH]DZDUWHPL G]\NRU]\VWDMF\PRNWyU\PPRZDZDUW

XVWSNWLDZRORQWDULXV]HPGRW\F]\Z\GHOHJRZDQLDZRORQWDULXV]DZFHOX

Z\NRQ\ZDQLD SU]H] QLHJR ZLDGF]H QD WHU\WRULXP LQQHJR SDVWZD QD

SRGVWDZLH XPRZ\ PL G]\QDURGRZHM ZL*FHM 5]HF]SRVSROLW 3ROVN

ZRORQWDULXV]RZL SU]\VáXJXMH SUDZR GRZLDGF]H L SRNU\FLD NRV]WyZ RJyOQLH

SU]\M W\FK Z VWRVXQNDFK GDQHJR URG]DMX FK\ED*H XPRZ\ PL G]\QDURGRZH

VWDQRZLQDF]HM

3RZ\*V]\ SU]HSLV GRW\F]\ W]Z ZRORQWDULDWX PL G]\QDURGRZHJR NWyU\

SRVLDGD Uy*QHJR URG]DMX VWDQGDUG\ Z\SUDFRZDQH PL G]\ LQQ\PL Z UDPDFK

RUJDQL]DFML8QLWHG1DWLRQV9ROXQWHHUV

3R]D GRZLDGF]HQLDPL 8QLWHG 1DWLRQV 9ROXQWHHUV V]F]HJyOQH ]QDF]HQLH

SRVLDGD =DOHFHQLH 5DG\ (:* ] GQLD F]HUZFD U R RFKURQLH VRFMDOQHM

ZRORQWDULXV]\ SUDFXMF\FK GOD UR]ZRMX

: U .RPLVMD :VSyOQRW

(XURSHMVNLFKRJáRVLáDV]F]HJyáRZ\UDSRUWZVSUDZLHZ\NRQ\ZDQLD=DOHFHQLD]

USU]H]SDVWZDF]áRQNRZVNLHVWDQRZLF\ZD*QH(UyGáRLQIRUPDFMLRUR]ZL]DQLDFK

SRV]F]HJyOQ\FKNUDMyZ:RORQWDULXV]HGODUR]ZRMXVRNUHOHQLSU]H]=DOHFHQLHMDNR

ÄRVRE\ Z\VáDQH ]JRGQLH ] SUDZHP NUDMRZ\P GR NUDMyZ UR]ZLMDMF\FK VL ]D

SRUHGQLFWZHP XSRZD*QLRQ\FK RUJDQL]DFML SR]DU]GRZ\FK ] SRPRF SXEOLF]Q

DOER EH] WHM SRPRF\ QD ]DVDGDFK Z\QDJURG]HQLD RGSRZLDGDMFHJR PLHMVFRZ\P

ZDUXQNRP Z FHOX SU]\F]\QLHQLD VL GR UR]ZRMX IL]\F]QHJR JRVSRGDUF]HJR L

VSRáHF]QHJR W\FK NUDMyZ´ =DOHFHQLH VWDQRZLFH V]F]HJyOQH (UyGáR SUDZD

ÄPL NNLHJRSUDZD´±VRIWODZ8QLL(XURSHMVNLHMRNUHODPLQLPDOQHZDUXQNLMDNLH

SRZLQQ\ E\ü ]DSHZQLRQH ZRORQWDULXV]RP SU]H] SDVWZR Z\V\áDMFH RUJDQL]DFM

Z\V\áDMF

$UW

:\GDWNL QD FHOH R NWyU\FK PRZD Z DUW XVW L RUD] DUW XVW

VWDQRZL

NRV]W\SURZDG]HQLDG]LDáDOQRFLVWDWXWRZHMRUJDQL]DFMLSR]DU]GRZ\FKRUD]

SRGPLRWyZZ\PLHQLRQ\FKZDUWXVWMDNRNRU]\VWDMF\FK

NRV]W\NRU]\VWDMF\FKRNWyU\FKPRZDZDUWXVWSNWL

2GSRZLHGQLRGRWHJRDUWLDUW3U]HSLVyZZSURZDG]DMF\FKZSURZDG]Lá\

RGSRZLHGQLH]PLDQ\ZXVWDZDFKRSRGDWNXGRFKRGRZ\P

((&±³2IILFLDO-RXUQDORIWKH(XURSHDQ&RPPXQLWLHV´/YRO

$UW

:DUWRü ZLDGF]HQLD ZRORQWDULXV]D QLH VWDQRZL GDURZL]Q\ QD U]HF]

NRU]\VWDMFHJR Z UR]XPLHQLX SU]HSLVyZ .RGHNVX F\ZLOQHJR RUD] SU]HSLVyZ

SRGDWNRZ\FK

'DURZL]QD Z UR]XPLHQLX .RGHNVX F\ZLOQHJR ± WR XPRZD QD PRF\ NWyUHM

GDUF]\FD ]RERZL]XMH VL GR EH]SáDWQHJR ZLDGF]HQLD QD U]HF] REGDURZDQHJR

NRV]WHP VZHJR PDMWNX DUW 2GSRZLHGQLNLHP WHJR WHUPLQX Z XVWDZDFK R

SRGDWNX GRFKRGRZ\P V ÄRWU]\PDQH QLHRGSáDWQLH ZLDGF]HQLD L SU]\FKRG\ Z

QDWXU]H´ NWyU\FK ZDUWRü ]DOLF]D VL GR SU]\FKRGX SRGDWQLND :REHF EU]PLHQLD

SRZ\*V]HJRSU]HSLVXZDUWRüZLDGF]HQLDZRORQWDULXV]DQLHMHVWDQLMHJRGDURZL]Q

QDU]HF]NRU]\VWDMFHJRDQLQLHPR*HE\üZOLF]DQDGRSU]\FKRGXNRU]\VWDMFHJR

$UW

3LHUZV]DNDGHQFMD5DG\RNWyUHMPRZDZDUWXVWWUZDODWD

=JRGQLH ] DUW XVW Z ]ZL]NX ] DUW QDVW SQH NDGHQFMH 5DG\

']LDáDOQRFL3R*\WNX3XEOLF]QHJRE GWUZDüWU]\ODWD

$UW

5DGD 0LQLVWUyZ SU]HGVWDZL 6HMPRZL L 6HQDWRZL 5]HF]\SRVSROLWHM 3ROVNLHM Z

WHUPLQLHGRGQLDF]HUZFDUVSUDZR]GDQLH]G]LDáDQLDXVWDZ\]DRNUHV

RGGQLDMHMZHMFLDZ*\FLHGRGQLDJUXGQLDU

1LQLHMV]\SU]HSLVZVND]XMH]MHGQHMVWURQ\QD]QDF]HQLHXVWDZ\MDNRSUDZQHM

SRGVWDZ\ ZVSyáSUDF\ VHNWRUD RE\ZDWHOVNLHJR L VHNWRUD ZáDG] SXEOLF]Q\FK ±

ZDUXQNXUHDOL]DFMLNRQVW\WXF\MQHM]DVDG\SRPRFQLF]RFLD]GUXJLHMVWURQ\R]QDF]D

VWZRU]HQLH PHFKDQL]PX RFHQ\ IXQNFMRQRZDQLD SU]HSLVyZ XVWDZ\ Z RNUHVLH MHM

ZGUD*DQLD±ZFHOXGRNRQDQLDZPLDU SRWU]HE\LFKRGSRZLHGQLFK]PLDQ

$UW

8VWDZDZFKRG]LZ*\FLHQD]DVDGDFKRNUHORQ\FKZRGU EQHMXVWDZLH

-HVWWRZLHORNURWQLHSRZRá\ZDQDZQLQLHMV]\PNRPHQWDU]XXVWDZD]GQLD

NZLHWQLD U ± 3U]HSLV\ ZSURZDG]DMFH XVWDZ R G]LDáDOQRFL SR*\WNX

SXEOLF]QHJRLRZRORQWDULDFLH

=JRGQLH ] MHM DUW XVWDZD ZHV]áD Z *\FLH SR XSá\ZLH GQL RG GQLD

RJáRV]HQLDWMF]HUZFDU]Z\MWNLHPDUWXVWSNWLXVWDUWRUD]

DUWXVWSNWNWyUHZFKRG]Z*\FLH]GQLHPVW\F]QLDU=W\PRVWDWQLP

GQLHP ZHMG Z *\FLH ]DVDGQLF]R ZV]\VWNLH QRZH EU]PLHQLD SU]HSLVyZ XVWDZ

]PLHQLRQ\FKSU]H]3U]HSLV\ZSURZDG]DMFHDUWW\FK3U]HSLVyZ

Wyszukiwarka

Podobne podstrony:
komentarz ustawa MZ
Komentarz Ustawa o wychowaniu w trzezwosci
komentarz ustawa MZ
ustawa opp
ustawa o księgach wieczystych i hipotece komentarz
Koszty sądowe w sprawach cywilnych Ustawa i orzekanie Komentarz praktyczny
W5d Ustawa komentarz
Nowa ustawa o prawach konsumenta z komentarzem e 55et
ustawa o księgach wieczystych i hipotece komentarz
Ustawa Prawo zamowien publicznych z komentarzem do zmian obowiazujacych od 19 pazdziernika 2014 r
Ustawa o przeciwdziałaniu przemocy w rodzinie Komentarz

więcej podobnych podstron