Borun Krzysztof Toccata

background image

.U]\V]WRI%RUX

7 2&&$7$

75=(&,$02 /,:2 û

'\NWXM WHVáRZDZSL üG]LHVL W\PWU]HFLPGQLX]LHPVNLPRGFKZLOLSU]\E\FLDQDV]HM

HNVSHG\FMLGR8NáDGX: RZQLND$3L üG]LHVL W WU]\GQLRGSRZLDGDVWXVLHGHPG]LHVL FLX

R PLXREURWRPSODQHW\9LFLQLDZRNyáRVL2LVWQLHQLXWHMSODQHW\P\±PLHV]ND F\8NáDGX

6áRQHF]QHJR±ZLHP\MX RGEOLVNRVWXGZXG]LHVWXODW&\ZLOL]DFMDYLFLQLD VNDMHVWSLHUZV]

F\ZLOL]DFM ]NWyU XGDáRVL QDZL ]DüUDGLRZ á F]QR ü PL G]\JZLH]GQ

: WU]\G]LH FLWU]\ODWDSRQDGDQLXVWDQGDUGRZHMVHULLV\JQDáyZSU]\SRPRF\QDMZL NV]HJR

ZyZF]DVQD=LHPLUDGLRWHOHVNRSXZNLHUXQNXGZXG]LHVWXV]H FLXZ\EUDQ\FKJZLD]G±

QDGHV]áDRGSRZLHG ] 8NáDGX: RZQLND=DZLHUDáDRQDSRZWyU]HQLHQDV]HMVHULLRUD]

]HVWDZ\OLF]ENWyUHEH]WUXGX]RVWDá\]LGHQW\ILNRZDQHMDNRXNáDGSHULRG\F]Q\SLHUZLDVWNyZ

=DUD]SRW\PQDVW SRZDáDÄSUH]HQWDFMD´ZSRVWDFLVNáDGXL]RWRSRZHJRPDWHULL]HZQ WU]Q\FK

ZDUVWZDWPRVIHU\6áR FDLW\FKVDP\FKGDQ\FKRJZLH G]LH$XNáDGXSRGZyMQHJR

: RZQLND

'DOHMMDNPR QDE\áRVL GRP\ OLüV]á\VHULHOLF]EGRW\F] F\FKVNáDGXDWPRVIHU\

SODQHW\]NWyUHMQDGDQRV\JQDá\RUD]VNáDGXPLQHUDOQHJRMHMSRZLHU]FKQLLZQ WU]D

: RGSRZLHG]LQDVLRMFRZLHSU]HND]DOLZNLHUXQNX8NáDGX: RZQLND$SRGREQHGDQH

GRW\F] FH6áR FDL=LHPLRUD]SURSR]\FM SU]HM FLDQDQDGDZDQLHGZXZ\PLDURZ\FKREUD]yZ

PHWRG UR]NáDGXQDSXQNW\MDVQHLFLHPQH'áX V]HVHULHU\VXQNyZL]GM ü PLDá\XPR OLZLü

QDV]\PÄUR]PyZFRPPL G]\JZLH]GQ\P´SR]QDQLHJáyZQ\FKIRUP \FLDLF\ZLOL]DFML

PLHV]ND FyZ=LHPL

3RWU]\G]LHVWXWU]HFKODWDFKQDGHV]áDNROHMQDRGSRZLHG 0LHV]ND F\SODQHW\9LFLQLD±

JG\ WDNM SRF] WRQD]\ZDüZW\FKF]DVDFK±MHV]F]HUD]Z\ND]DOLZ\VRN LQWHOLJHQFM

UR]V]\IURZDOLPHWRG á F]QR FLZL]\MQHMLQDW\FKVDP\FK]DVDGDFKSU]HND]DOLQDPREUD]

VZHJR ZLDWD

.LHG\ZL F QDV]DZ\SUDZDPL G]\JZLH]GQDZ\UXV]DáDZGURJ R9LFLQLLLMHMPLHV]ND FDFK

ZLHG]LHOL P\MX QLHPDáRLZ\GDZDáRVL H MDNLFK ]DVDGQLF]\FKJUXQWRZQLHRGZD DM F\FK

QDV]HZ\REUD HQLDQLHVSRG]LDQHNQLHQDOH \ RF]HNLZDü

1LH]QDF]\WRL REUD]9LFLQLLSU]HND]DQ\QDIDODFKHOHNWURPDJQHW\F]Q\FKSR]EDZLRQ\E\á

SRZD QLHMV]\FKOXNLQLHMDVQR FL.RQWUDVWPL G]\ URGNDPLWHFKQLF]Q\PLLZ\VRNLP

VWRSQLHPUR]ZRMXZ\WZyUF]R FLDUD FRQLVNLPSR]LRPHPPDWHULDOQ\FKZDUXQNyZ \FLD

PLHV]ND FyZSODQHW\±Z\GDZDáVL FRQDMPQLHM]DVWDQDZLDM F\6QXWRQDMSU]HUy QLHMV]H

GRP\Vá\QDWHPDWPR OLZ\FKGUyJUR]ZRMXVSRáHF]QHJRF]\QDZHWZ\QDWXU]H VWUXNWXU\

RUJDQL]DF\MQHMSD VWZZNWyU\FKSRVW S WHFKQRORJLF]Q\VWDMHVL QLH URGNLHPOHF]FHOHP

UR]ZRMXF\ZLOL]DF\MQHJR

OHSHXOLF]NLUR]ZRMX"-DN H RGOHJá RND]DáDVL U]HF]\ZLVWR ü RGSU]HZLG\ZD

-HV]F]HW\ONRSL ü JRG]LQ1LHPRJ OLF]\üQD DGQ SRPRF1LNWPQLHQLHRGQDMG]LHZ

WHMSXáDSFH3RFRVL áXG]Lü"3U]HFLH ZLHP H WRQLHPR OLZH&K\EDW\ONRQLH]PLHUQLH

U]DGNLVSORWRNROLF]QR FLPR H PQLHXUDWRZDü$OHMDN PDPV]DQV "5HJHQHUDWRU\MX

SUDZLHQLHG]LDáDM =X \ZDPRVWDWQL UH]HUZ WOHQX=RVWDáRPL]DOHGZLHSL ü JRG]LQ

3RVWDQRZLáHPSRG\NWRZDüWRFRSU]HP\ ODáHP&]DVXQLHZLHOHDFKFLDáE\PSRVRELH

]RVWDZLü ODG-H OLNLHG\NROZLHNNWR RGQDMG]LHPRMHFLDáR]DPNQL WHZNRNRQLHVNDIDQGUD±

GRZLHVL MDNE\áRQDSUDZG

3L ü JRG]LQ

background image

,PGáX HMP\ O R PRMHMV\WXDFMLW\PPQLHMZ\GDMHPOVL SUDZGRSRGREQHDE\NWRNROZLHN

PyJáRGQDOH ü ]DSLV OHVL Z\UD]LáHPNWRNROZLHN]OXG]L$OHSU]HFLH V 21,NLHG\NROZLHN

PR H 21"7HQNWyU\]QDPLUR]PDZLDáSU]H]:LHON $QWHQ " &]\SRWUDILRGF]\WDü]DSLV"$

MH OLQDZHWRGF]\WD±FR]QLHJR]UR]XPLH"&]\G]L NLQLHPXáDWZLHMSRMPLHUy QLF PL G]\

QDPLD9LFLQLDQDPL"

3U]\E\FLHQDV]HMHNVSHG\FMLQD9LFLQL QLHUR]ZL ]DáR DGQHJR]]DVDGQLF]\FKSUREOHPyZ

VSRUQ\FKMDNLHSRMDZLá\VL Z WRNXá F]QR FLPL G]\JZLH]GQHM3U]HFLZQLH±VWDQ OL P\Z

REOLF]XIDNWyZNWyUH]DPLDVWXJUXQWRZDüQDV]HGRW\FKF]DVRZHZ\REUD HQLDRWHM

F\ZLOL]DFMLSRVWDZLá\MHSRG]QDNLHP]DS\WDQLD

UyGáHPV\JQDáyZQDGDZDQ\FKZNLHUXQNX6áR FDE\áDJLJDQW\F]QDNRQVWUXNFMDWHFKQLF]QD

Z]QLHVLRQDQDELHJXQLHSyáQRFQ\P9LFLQLL=DMHMSR UHGQLFWZHPZRVWDWQLFKPLHVL FDFK

SRGUy \ Z]QRZLOL P\á F]QR ü ]PLHV]ND FDPLSODQHW\SU]\VW SXM F GRRSUDFRZDQLD

VáRZQLNDHOHPHQWDUQ\FKSRM üNWyU\PLDáXáDWZLüQDZL ]\ZDQLHEOL V]\FKVWRVXQNyZ

.U\]\VSRMDZLáVL GR ü QDJOH]XSHáQLHQLHVSRG]LHZDQLHQDQDV]HS\WDQLHZMDNLVSRVyE

PR HP\QDZL ]DüEH]SR UHGQLNRQWDNW]SU]HGVWDZLFLHODPL9LFLQLL±QDHNUDQLHXSDUFLH

XND]\ZDáVL yZV\VWHPDQWHQRZ\VáX F\PLHV]ND FRPSODQHW\GRá F]QR FL

PL G]\JZLH]GQHM

:V]HONLHSUyE\á F]QR FLUDGLRZHM]SRPLQL FLHP:LHONLHM$QWHQ\±MDNQD]\ZDOL P\WR

XU] G]HQLH±QLHSU]\QRVLá\ DGQHJRUH]XOWDWX

/ GRZDQLHJUXS\]ZLDGRZF]HMZFHOXQDZL ]DQLDSRUR]XPLHQLD]PLHV]ND FDPLSODQHW\

SRJá ELáRMHV]F]HQDV] QLHSHZQR ü9LFLQLDQLH±QLHZLHONLH]DOHGZLHVL JDM FHQDPGRNRODQ

VWZRU\±QLHW\ONRZ\JO GHPOHF]L]DFKRZDQLHPFDáNRZLFLHRGELHJDM RGQDV]\FK

Z\REUD H R WZyUFDFKZ\VRNLHMF\ZLOL]DFML,FKLQWHOLJHQFMDQLHSU]HZ\ V]DLQWHOLJHQFMLPDáS

F]áHNRNV]WDáWQ\FKLMDNNROZLHNZ\ND]XM SHZQH]DLQWHUHVRZDQLHQDV] REHFQR FL MHVWRQR

EDUG]RSRZLHU]FKRZQHLNUyWNRWUZDáHSU]\SRPLQDM FH]DLQWHUHVRZDQLHSVDNWyU\SR

REZ FKDQLXQLH]QDQHJRSU]HGPLRWXSRFKZLOL]DSRPLQDRQLPWUDNWXM F JRMDNRQDWXUDOQ\

VNáDGQLNRWRF]HQLD

$ MHGQRF]H QLH±LVWRW\WHSU]HMDZLDM MDNR]ELRURZR üQLH]Z\NOHZ\VRNLVWRSLH

]RUJDQL]RZDQLD

1LHXOHJDZ WSOLZR FL H LFKVSRáHF]H VWZRMHVWVWUXNWXU R RJURPQHMVSUDZQR FL

L FHORZR FLZG]LDáDQLX5XFKOLZR ü 9LFLQLDQQLHPDZVRELHQLF]FKDRVXLSU]\SDGNRZR FL

-H OLQDZHWF]DVHP]ZáDV]F]DSU]\SUyEDFKLQJHUHQFML]QDV]HMVWURQ\SRZVWDZDáRFKZLORZH

]DPLHV]DQLHL]DNáyFHQLHZVSyáG]LDáDQLD±SRNLONXQDVWXVHNXQGDFKZV]\VWNRZUDFDáRGR

QRUP\

0UyZNL±2WRFRQDVXZDáRVL MX SU]\SLHUZV]\PEH]SR UHGQLPVSRWNDQLX=GDZDOL P\

VRELHRF]\ZL FLHVSUDZ H SRGRELH VWZRMHVWW\ONRSR]RUQHZ\QLNDM FH]

SRZLHU]FKRZQR FL

REVHUZDFML=E\WPDáRZLHG]LHOL P\RLVWRWQHMVWUXNWXU]HYLFLQLD VNLHJRVSRáHF]H VWZD

DE\PR QDE\áRPyZLüRMDNLFK Já EV]\FKDQDORJLDFK]HVSRáHF]H VWZHPPUyZHNF]\

SV]F]yá1LHVWZLHUG]LOL P\ DGQ\FKR]QDNIL]MRORJLF]QHJR]Uy QLFRZDQLDRVREQLNyZ

REVáXJXM F\FKRGPLHQQHNRQVWUXNF\MQLHPDV]\Q\F]\G]LHG]LQ\SURGXNFML1DZHWRVREQLNL

NWyUH±MDNVL RND]DáR±SHáQL Z W\PVSRáHF]H VWZLHIXQNFM á F]QLNyZOXEPR H

G\VSR]\WRUyZQLHUy QL VL EXGRZ RG,QQ\FKSUDFRZQLNyZ

&]\]HVSRáRZHNLHURZDQLHVNRPSOLNRZDQ\PLQDU] G]LDPLLSURFHVDPLZ\WZyUF]\PLPR H

PLHüFKDUDNWHULQVW\QNWRZQ\"1LHE\áR DGQ\FKSRGVWDZD HE\WDNV G]Lü3U]HFLZQLH

LVWRW\WHZ\ND]\ZDá\VZRLVW LQWHOLJHQFM ± SRWUDILá\VL XF]\üZ\FL JDüZQLRVNL]

SRSHáQLDQ\FKEá GyZLSU]HND]\ZDüW ZLHG] LQQ\P

'RZRGHPE\áWDNLHNVSHU\PHQWSRGDáHPMHGQHPX]9LFLQLDQODWDUN ]DSDODM F M L JDV] F

Z MHJRREHFQR FL&KZLO REPDF\ZDáM VZ\PLWU]HPDFKZ\WQ\PLRUJDQDPLLSRF] á

PDQLSXORZDüZ\á F]QLNLHPD ZUHV]FLHVSRZRGRZDá]DSDOHQLHODPS\3RNLONXSUyEDFK

RGGDáPLODWDUN ] SRZURWHPLSRZUyFLáGRVZRMHMJUXS\1LHXSá\Q áRSL ü PLQXWJG\

SRGV]HGáGRPQLH9LFLQLDQLQSRGáX V]\FKREVHUZDFMDFKRND]DáRVL H SHáQLáRQIXQNFM

MDNE\NLHURZQLNDWHMJUXS\LZ\FL JQ á áDS SRODWDUN .LHG\PXM SRGDáHP±RGUD]XEH]

background image

DGQ\FKSUyE]DSDOLáM L ]JDVLá3RZWyU]\áW F]\QQR ü SDURNURWQLHSRF]\PQDJOHSU]HVWDá

VL ODWDUN LQWHUHVRZDü

2GGDáM L ZUyFLáGRSUDF\

DGQHIDNW\QLHZVND]\ZDá\QDWRDE\XPLHM WQR FLNLHURZDQLDPDV]\QDPLE\á\ZURG]RQH

G]LHG]LF]QHDQLHQDE\WH±Z\XF]RQH3y QLHMV]HGRNáDGQLHMV]HREVHUZDFMHZ\ND]Dá\

]UHV]W SRQDGZV]HON Z WSOLZR üL ÄV]NROHQLH´PáRG\FKRVREQLNyZRGE\ZDáRVL QLHPDO

Z ND GHMJUXSLHURERF]HM1LHZ\GDZDáRVL WH DE\ZLHG]DE\áDSU]HND]\ZDQD

EH]SR UHGQLRG]LHFLRPSU]H]URG]LFyZ&RFLHNDZV]H±NDUPLHQLHPLZ\FKRZ\ZDQLHP

QDMPáRGV]HJRSRWRPVWZD]DMPRZDá\VL NROHMQRZV]\VWNLHRVREQLNL]DPLHV]NXM FHRNUH ORQ\

]HVSyáEXGRZOLDQLHMDND RGU EQDJUXSD1LHE\áRWXZL F DGQ\FKZ\VSHFMDOL]RZDQ\FK

ÄPDPHN´ÄSLDVWXQHN´F]\ÄQDXF]\FLHOL´

.Wy MHGQDNUR]PDZLDá]QDPLSU]H]JLJDQW\F]Q DQWHQ NLHUXQNRZ " 1LHXOHJDáR

Z WSOLZR FL H JG]LH PXVLDáLVWQLHüR URGHNNLHURZQLF]\WHJRVSRáHF]H VWZDR URGHNZ

SHáQL ZLDGRP\G

F\GRSR]QDQLD ZLDWDOP\ O F\ZW\P]DNUHVLHZSRGREQ\VSRVyEMDN

P\±OXG]LH

0XV] WXZVSRPQLHüFKRüE\EDUG]RNUyWNRRKLSRWH]LH2UWHQD=DU]XW2UWHQD H XZD DP

9LFLQLDQ]DPUyZNLE\áE]GXUQ LQV\QXDFM 7DNLHMKLSRWH]\ DGHQELRORJR]GURZ\P

UR]V GNXQLHPyJáE\SRVWDZLü-H OLPyZLáHPRÄVWUXNWXU]HPURZLVND´WRW\ONRZVHQVLH

SHZQ\FK]HZQ WU]Q\FKDQDORJLLZ]DFKRZDQLXVL W\FKLVWRW:U]HF]\ZLVWR FLZ\UD DáHP

SU]\SXV]F]HQLH H ]HWNQ OL P\VL GRW G W\ONR]F] FL VSRáHF]H VWZDSHáQL F IXQNFMH

Z\NRQDZF]HL H LVWRWDPLW\PLNLHUXMHR URGHN]áR RQ\]LQQ\FKLVWRWE\üPR H QDZHW

RGU EQHJRJDWXQNXREGDU]RQ\FKLQWHOHNWHPSRGREQ\PGRQDV]HJR7DNLHJRR URGND

NLHURZQLF]HJRFRSUDZGDQLJG]LHQLHPRJOL P\GRVWU]HFDOHE\áHPJá ERNRSU]H ZLDGF]RQ\

R W\P H RQLVWQLHüPXVLL H PR QDJRE G]LHRGQDOH ü

2UWHQUyZQLH E\á]GDQLD H R URGHNNLHURZQLF]\,VWQLHMH:\VXQ á MHGQDNKLSRWH] H

QLH9LFLQLDQLHV JRVSRGDU]DPLSODQHW\OHF]ÄV]WXF]Q\FHQWUDOL]DW´RUR]U]XFRQ\FKSR

SRZLHU]FKQLJOREXR URGNDFKF]\QQR FLRZ\FKLQLH]ORNDOL]RZDQHMSDPL FL7HJRÄZLHONLHJR

URERWD´PLHOLU]HNRPRZGDOHNLHMSU]HV]áR FL]EXGRZDüSU]RGNRZLH9LFLQLDQVWDM F VL Z

NR FXMHJRQLHZROQLNDPLLXOHJDM F VWRSQLRZHMGHJHQHUDFMLXP\VáRZHMZZ\QLNXSHZQHJR

URG]DMXV\PELR]\]DXWRPDWDPL

7DKLSRWH]DQLHZ\WU]\P\ZDáDNU\W\NLMX FKRüE\]XZDJLQDREVHUZRZDQHSU]H]QDV

RVWUHNRQWUDVW\ZSR]LRPLHWHFKQRORJLF]Q\P]ZáDV]F]DDXWRPDW\]DFMLRUD]QDNOXF]RZ

URO

\Z\FK9LFLQLDQQLHPDOZHZV]\VWNLFKG]LHG]LQDFKZ\WZyUF]R FLQDZHWHQHUJHW\NL

M GURZHM

&RSUDZGD2UWHQXZD DáWRZáD QLH]DGRZyGUHJUHVX7ZLHUG]Lá H VSHáQLDQLHSU]H]

9LFLQLDQIXQNFMLW\SRZ\FKGODDXWRPDWyZMHVWSU]HMDZHPWHQGHQFMLÄZLHONLHJRURERWD´GR

SU]HU]XFDQLDHOHPHQWDUQ\FK]DGD VSRáHF]Q\FKQDLVWRW\ \ZHREGDU]RQH]GROQR FL

VDPRUHSURGXNFMLLGX

XQLZHUVDOQR FL %RZLHPWZRU]HQLHVDPRUHSURGXNXM F\FKVL

XNáDGyZV]WXF]Q\FKQDZHWVWRVXQNRZRSURVW\FKRZ VNLHMVSHFMDOL]DFMLE\áRE\QDREHFQ\P

SR]LRPLHWHFKQLNLYLFLQLD VNLHMQLHRSáDFDOQH

6Z KLSRWH] XVLáRZDá2UWHQGR ü V]WXF]QLHSRJRG]Lü]Z\QLNDPLEDGD DUFKHRORJLF]Q\FK

MHV]F]HZF]DVLHGRNRQ\ZDQLDZVW SQ\FK]GM ü SODQHWRJUDILF]Q\FKJUXSD.ROFDQDWUDILáD

Z NLONXG]LHVL FLXSXQNWDFKJOREXQD ODG\MDNLFK GDZQ\FKEXGRZOLSU]HZD QLH

UR]U]XFRQ\FKZ UyGUR]EXGRZXM F\FKVL R URGNyZZ\WZyUF]\FK/HSLHM]DFKRZDQHRELHNW\

VSRWNDOL P\QDQLHNWyU\FKREV]DUDFKSXVW\QQ\FKDWDN H ZG XQJODFK9LFLQLL

1LHXOHJDZ WSOLZR FL H VWUXNWXUDVSRáHF]H VWZYLFLQLD VNLFKSU]HGGZXG]LHVWXW\VL FDPL

ODWUy QLáDVL ]DVDGQLF]RRGREHFQHM%XGRZOHNWyU\FKUXLQ\WDNQDV]DLQWHUHVRZDá\E\á\

NLHG\ SUDZGRSRGREQLHF]\P Z URG]DMXSDáDFyZZNWyU\FK]DPLHV]NLZDáDQLHZLHONDOLF]ED

RVREQLNyZ \M F\FKQDQLHZVSyáPLHUQLHZ\ V]HMVWRSLHQL G]LVLHMVLPLHV]ND F\9LFLQLL

.WR Z\VXQ á QDZHWSU]\SXV]F]HQLH H VROLGQR ü PXUyZLXNáDGSRPLHV]F]H ]GDM VL

VXJHURZDüL ÄSDáDFH´VSHáQLDá\ZSHZQ\PVHQVLHURO ZDURZQ\FKNDV]WHOL]NWyU\FK

yZF]HVQDHOLWDYLFLQLD VNDZáDGDáDVSRáHF]H VWZHP]QDMGXM F\PVL Z ]QDF]QLHJRUV]\FK

background image

QL WDHOLWDZDUXQNDFKE\WRZ\FK)DNWHPMHVW H ±MDNGRW G ±QLHXGDáRVL RGQDOH ü ODGyZ

EXGRZOLVáX F\FKMDNRPLHV]NDQLDLQQ\PZDUVWZRPVSRáHF]Q\PyZF]HVQHM9LFLQLL0XVLDá\

WRE\üNRQVWUXNFMHEDUG]RSU\PLW\ZQHLGODWHJRQLHRVWDá\VL SUyELHF]DVX

6]F]HJyOQLHLQWHUHVXM FHE\áRRGNU\FLHZSRG]LHPQHMVDOLMDNLHM VWDUHMEXGRZOLWU]\G]LHVWX

GZyFKEDUG]RGREU]H]DFKRZDQ\FKSRV JyZVWDUR \WQ\FKZáDGFyZ9LFLQLL-DNZ\ND]Dá\

SU]H ZLHWOHQLDE\á\WRZU]HF]\ZLVWR FLQLHSRV JLOHF]VDUNRIDJL3DQRZDáWXZLGRF]QLH

]Z\F]DMSRNU\ZDQLDFLDá]PDUá\FKZDUVWZ VXEVWDQFMLFHUDPLF]QHMQLH]Z\NOHRGSRUQHMQD

NRUR]M =DVWDQDZLDM FHMHVW H SUDZLHZV]\VWNLHV]NLHOHW\V R NLONDQD FLHFHQW\PHWUyZ

GáX V]HRGSU]HFL WQHJRZ]URVWXREHFQ\FKPLHV]ND FyZ9LFLQLLLUy QL VL ] UHJXá\SHZQ\PL

V]F]HJyáDPLEXGRZ\SXV]NLPy]JRZHM3R]LRPWHFKQLNLZRNUHVLHRZHMÄNXOWXU\SDáDFRZHM´

E\áVWRVXQNRZRZ\VRNLGRW\F]\áRWR]ZáDV]F]DFKHPLLSU]HP\VáRZHMLELRFKHPLL1LH

]QDOH OL P\QDWRPLDVWQLJG]LH ODGyZQRZRF]HVQHMDXWRPDW\NLMH OLZL F PR QDPyZLüR

UHJUHVLH±PLDáRQUDF]HMFKDUDNWHUELRORJLF]QRVSRáHF]Q\DQLHWHFKQLF]Q\MDNWRVXJHURZDá

2UWHQ'ODPQLHFDáDMHJRNRQFHSFMDE\áD]E\WZ\VSHNXORZDQDDE\PRJáDE\üVáXV]QD

3U]HGHZV]\VWNLPMHGQDNQLHZLG]LDáHPVHQVXZ]DNáDGDQLXLVWQLHQLDÄZLHONLHJRURERWD´MDNR

XNáDGXUR]SURV]RQHJRSRFDáHMSODQHFLH=UHV]W SR PXGQ\PZLHORW\JRGQLRZ\PEDGDQLX

NDQDáyZá F]QR FLSRPL G]\SRV]F]HJyOQ\PLR URGNDPLZ\WZyUF]\PLLSU]HND]\ZDQLX

DQDOL]DWRURZL]HEUDQ\FKSU]H]DXWRPDW\GDQ\FKRWU]\PDOL P\ZZ\QLNXNU]\Z

.URQHQEHUJD*ULERZD± ZLDGF] F H PDP\WXGRF]\QLHQLD]XNáDGDPLDXWRQRPLF]Q\PL

$QDOL]DWRUQLHPyJáVL P\OLü0LPRWR2UWHQQLHFKFLDáVNDSLWXORZDü

$ MHGQDNSU]HJUDá3U]HJUDá3U]HJUDá"

7OHQX]RVWDáR]DOHGZLHQDF]WHU\JRG]LQ\0XV] VL VWUHV]F]Dü

7DNZL F ]DF] áRVL RGWHMNU]\ZHM.URQHQEHUJD*ULERZD2UWHQE\áXSDUW\DOHGODPQLH

VSUDZDE\áDMDVQD H ]WHJRLWDNQLFQLHZ\MG]LHLW\ONRQLHSRWU]HEQLHPDUQXMHP\F]DV

0RMHSU]HZLG\ZDQLDSRWZLHUG]Lá\VL Z SHáQLLSRV]H FLXW\JRGQLDFKRGSU]\E\FLDQD9LFLQL

]QDOH OL P\VL Z LPSDVLH6WZLHUG]LOL P\W\ONR H DGHQ]R URGNyZZ\WZyUF]\FKQLH

Z\ND]XMHEH]SR UHGQLHJRUDGLRZHJRF]\SU]HZRGRZHJRSRZL ]DQLDLQIRUPDF\MQHJR]LQQ\PL

R URGNDPL0LPRWR2UWHQWU]\PDáVL QDGDONXUF]RZRVZHMSLHUZRWQHMNRQFHSFMLÄZLHONLHJR

URERWD´PRG\ILNXM F M W\ONRZWHQVSRVyE H URO á F]QLNyZQRVLFLHOLLQIRUPDFMLPL G]\

R URGNDPLNLHURZQLF]\PLRZHJRU]HNRPHJRV]WXF]QHJRPy]JXPLHOLSHáQLü9LFLQLDQLH

D ZL F \ZHLVWRW\

+LSRWH]DE\áDWDNV]WXF]QD H XGDáRPLVL GRSURZDG]LüGRXFKZDá\ZVWU]\PXM FHMGDOV]H

SUDFHEDGDZF]H]DSODQRZDQHSU]H]2UWHQD1LHPyJáPLWHJRGDURZDü=DU]XFLáPLRWZDUFLH

H NLHUXM VL WXRVRELVW\PLDPELFMDPL H XSUDZLDPMDáRZ NU\W\N JG\ VDPQLHSRWUDIL

Z\VW SLü]MDN

NRQVWUXNW\ZQ SURSR]\FM

7HJRE\áRPLMX ]DZLHOH2 ZLDGF]\áHPPR H WURFK QLHRSDWU]QLH H MH OLRWU]\PDP

ZROQ U N L QLNWQLHE G]LHVL ZWU FDáGRPRLFKEDGD ± SRGHMP VL Z FL JXF]WHUHFKGQL

VDPRG]LHOQLHUR]ZL ]Dü]DJDGN 9LFLQLL

:\ZRáDáRWREXU] F] ü NROHJyZ]2UWHQHPQDF]HOHSRWUDNWRZDáDPRMHZ\VW SLHQLH

MDNRZ\]ZDQLHU]XFRQHFDáHPXNROHNW\ZRZLHNVSHG\FML,QQLSRGHMU]HZDM F H GRNRQDáHP

MX MDNLFK UHZHODF\MQ\FKRGNU\üLSUDJQ W\ONR]HEUDüEUDNXM FHGDQH±]DRILDURZDOLPLVZ

SRPRF

2VWDWHF]QLHQLHSU]\MHPQDDWPRVIHUDXOHJDáDZSHZQ\PVWRSQLXUR]áDGRZDQLX3U]\M WR

PRM SURSR]\FM ] ]DVWU]H HQLHPL QLHE G VWRVRZDá URGNyZNWyUHPRJá\E\QDUD]LüQDV

QDNRQIOLNW]9LFLQL QDFRRF]\ZL FLH]JRG]LáHPVL EH]ZDKDQLD

6]F]HU]HPyZL FWURFK

DáRZDáHPVZHJRNURNX1LHPLDáHPE\QDMPQLHMMDNLHJR

RSUDFRZDQHJRSODQXG]LDáDQLD1LH]QDF]\WR H SRGM áHPVL ]DGDQLDQLHZLHG] F]NWyUHM

VWURQ\UR]SRF]Q MHJRUR]ZL ]\ZDQLH.OXF]SRGVXQ á PLVDP2UWHQJG\SUyERZDá

]PRG\ILNRZDüVZ KLSRWH] SU]H]SRWUDNWRZDQLH9LFLQLDQMDNRÄQRVLFLHOLLQIRUPDFML´-HJR

Eá G SROHJDáQDW\PL XVLáRZDáRGQDOH ü R URGNLNLHURZQLF]HSRSU]H]DQDOL] XOWUDVWDELOQR FL

VSRáHF]H VWZDYLFLQLD VNLHJR7\PF]DVHP±QDMSURVWV] GURJ SURZDG] F GRR URGND

REGDU]RQHJR ZLDGRPR FL SRZLQQ\E\üSU]HFLH ZHM FLDLZ\M FLD:LHONLHM$QWHQ\

background image

2F]\ZL FLHQLHE\áWRSRP\VáQRZ\-X QDSRF] WNXSUDFEDGDZF]\FKSUyERZDOL P\]EDGDü

WHNDQDá\5\FKáRMHGQDNRND]DáRVL H JLJDQW\F]QHXU] G]HQLHQDELHJXQLHWRW\ONRVWDFMD

UHWUDQVPLV\MQDNWyUHMZHM FLDLZ\M FLDORNDOQHSU]H]QDF]RQHSUDZGRSRGREQLHGRá F]QR FL

] R URGNLHPF]\]R URGNDPLNLHURZQLF]\PLQDGDM L RGELHUDM V\JQDá\QLH]PLHUQLH

VáDEHLWRZSRVWDFLPRGXODFMLEDUG]R6]HURNLHJRZ\FLQNDZLGPDHOHNWURPDJQHW\F]QHJR:

W\FKZDUXQNDFKRORNDOL]DFMLNLHUXQNXPHWRG HNUDQRZDQLDQLHE\áRPRZ\LV]\ENR

]UH]\JQRZDOL P\]WHMGURJLSRV]XNLZD UR]ZL ]DQLD]DJDGNL9LFLQLL

3UyERZDOL P\UyZQLH ]GRE\üEOL V]HLQIRUPDFMHZSURVWRGQLH]QDQ\FKLVWRW]NWyU\PL

XWU]\P\ZDOL P\á F]QR ü SRSU]H]:LHON $QWHQ $OHQDQDV]HS\WDQLD±MDNZ\JO GD

]HZQ WU]QHXU] G]HQLHQDGDZF]RRGELRUF]H]NWyUHJRRQLNLHUXM VWDFM ± ZRGSRZLHG]LQD

HNUDQLHXND]\ZDá\VL XSDUFLHV]HUHJLJáyZ9LFLQLDQ=ZD \ZV]\ H QDS\WDQLDVáRZQHNWR

NLHUXMHVSRáHF]H VWZHP9LFLQLDQ±UyZQLH RWU]\P\ZDOL P\VWDOHRGSRZLHG H

VSRáHF]H VWZR9LFLQLDQ±QLHXOHJDáRGODQDVZ WSOLZR FL H PXVLWX]DFKRG]LüMDNLH

WHUPLQRORJLF]QHQLHSRUR]XPLHQLH

:UDFDPGRZ\GDU]H VSU]HGG]LHVL FLXGQLRZ\VW SLHQLXNU]\ZHM.URQHQEHUJD*ULERZD

L VXJHVWLL2UWHQDL E\üPR H 9LFLQLDQLHV ÄQRVLFLHODPLLQIRUPDFML´ZLHG]LDáHPQD

GZDQD FLHJRG]LQSU]HGQDUDG 1DVXQ áDPLVL ZyZF]DVP\ O H SU]HND]\ZDQLHLQIRUPDFML

QLHNRQLHF]QLHPXVLRGE\ZDüVL SRSU]H]QDU] G\VáXFKXZ]URNXF]\GRW\NX$JG\E\WDN

VSUDZG]LüF]\QLHZ\VW SXMHWX]MDZLVNRSU]HND]\ZDQLDV\JQDáyZHOHNWURPDJQHW\F]Q\FK

EH]SR UHGQLR]Py]JXGRPy]JX"=QDMGRZDáHPVL ZyZF]DVQD9LFLQLLLPRJáHP

SU]HSURZDG]LüQLH]E GQHHNVSHU\PHQW\:\QLNE\áSR]\W\ZQ\7HUD]VWDáRVL GODPQLH

MDVQHFRR]QDF]DM WDMHPQLF]HJáRZ\QDHNUDQLH7RQLHE\áEá GOHF]ZáD FLZDRGSRZLHG

NWyUHMQLHSRWUDILOL P\]UR]XPLHü

&]\QLHPRJáHPVL P\OLü"0RJáHP$OHSRVWDZLáHPZV]\VWNRQDMHGQ NDUW -HV]F]HWHM

VDPHMQRF\SRNLONXJRG]LQDFKÄUR]PRZ\´]9LFLQL ZF]DVLHNWyUHMVWDUDáHPVL MDN

QDMMD QLHMZ\WáXPDF]\ü H FKRG]LPLRWRJG]LHZNWyU\PSXQNFLHSODQHW\]QDMGXM VL RZH

ÄQDGDZF]HJáRZ\´±RWU]\PDáHPRGSRZLHG =GDODRGJáyZQ\FKR URGNyZZ\WZyUF]\FKZ

JyUVNLHMNRWOLQLHNLONDG]LHVL W QLHSR]RUQ\FKSáDVNLFKEXGRZOL±LWRZV]\VWNR

&]\NWRNROZLHNPyJáSU]\SX FLü H WRZáD QLHWX"

0LPRSU]HNRQ\ZDM F\FKIDNWyZZVND]XM F\FK H QLHPRJ VL P\OLüQLH]GHF\GRZDáHP

VL QD]DZLDGRPLHQLHNRJRNROZLHNRZ\QLNDFKEDGD 0RJáR]DM ü MDNLH QLHSRUR]XPLHQLHL

PLDVWWU\XPIXF]HNDáDE\PQLHNRPSURPLWDFMD

3RVWDQRZLáHP H VSUDZG] ZV]\VWNRQDRF]QLH]ELRU QLH]ELWHGRZRG\D]DGZDWU]\GQL

Z\VW SL ] RSUDFRZDQ\PJUXQWRZQLHUHIHUDWHP

3RV]HGáHPVSDüDOHQLHPRJáHP]DVQ ü%\áHPFRUD]EDUG]LHMQLHVSRNRMQ\F]\VL QLH

P\O 3RGZyFKJRG]LQDFKP F] F\FKLGHQHUZXM F\FKUR]P\ OD SRVWDQRZLáHPSROHFLHüQD

9LFLQL MHV]F]HWHMQRF\

3U]HGRGORWHPQDGDáHPMHV]F]HZNLHUXQNX:LHONLHM$QWHQ\U\VXQHNZ\REUD DM F\PyMORW

GRRZHMNRWOLQ\ZUD]]H]ZL ]á\PZ\MD QLHQLHPVáRZQ\PSU]HNRGRZDQ\PSU]H]DXWRPDW\

WáXPDF] FH3RQDGWRZá F]\áHPDXWRPDWQDGDM F\ZRGVW SDFKGZXPLQXWRZ\FKQDVW SXM F

VHUL SURVW\FKV\JQDáyZMHGHQNUyWNLGZDGáXJLHWU]\NUyWNLHMHGHQGáXJLGZDNUyWNLH

WU]\GáXJLHMHGHQNUyWNLLWG0LDáRWRHZHQWXDOQLHXáDWZLüNRQIURQWDFM SU]\QDZL ]DQLX

á F]QR FLEH]SR UHGQLHM

.Wy PyJáSU]HZLG]LHü H V\JQDá\WHVWDQ VL SU]\F]\Q RGNU\FLDWDNQLH]Z\NáHJR H

ÄZLHONLURERW´2UWHQDZ\GDMHVL SU]\QLPQDLZQLHSURVW\PWZRUHP"

3ROHFLDáHP

&RWR"+DORUDGLR±GZDGZDGZD+DOR+DOR:]\ZDPF]WHU\SL ü+DOR&]WHU\

SL ü+DOR&]\MHVWWXNWR"+DOR+DOR

:LGRF]QLHXOHJáHP]áXG]HQLX$OER9LFLQLDQLHJU]HEL F]\P Z NOHLVWHMPD]L0LDáHP

ZUD HQLHMDNE\FR VL SRUXV]\áR:á F]\áHPUDGLRDOHVá\FKDüW\ONRV]XP*G]LH WXPXVL

E\üMDNLH GLDEHOQLHLVNU] FHXU] G]HQLH

background image

:VND]yZNDWOHQRPHWUXPLQ áDMX F\IU Ä´=RVWDáRPLMHV]F]HWU]\LSyáJRG]LQ\0RJ

QLH]G \ü

:\O GRZDáHPQDQLHZLHONLHMSRODQLHZSREOL X SáDVNLFKEXGRZOL=XOLF]NLPL G]\EXG\QNDPL

Z\V]áRNLONX9LFLQLDQSU]\JO GDM F VL ] ]DLQWHUHVRZDQLHPUDNLHFLH6 G]LáHP H WR

GHOHJDFMDNWyUDSU]\E\áDPQLHSRZLWDü$OHRQLW\ONRREHV]OLZRNyáPyMSRMD]GL]DZUyFLOL

'RJRQLáHPLFKSUyEXM F QDZL ]DüNRQWDNWOHF]E\OLWRWDF\VDPL9LFLQLDQLHMDNFLNWyU\FK

VSRW\NDOL P\W\VL FDPLZUy Q\FKSXQNWDFKJOREX2ZV]HP]DWU]\PDOLVL SU]\MU]HOLWHPX

F]\LQQHPXV]F]HJyáRZLPHJRVNDIDQGUDDSRWHPQDJOH]RERM WQLHOLL]DM OLVL VZ\PL

VSUDZDPL

7RQDSHZQRQLHE\OLRZLP\ O F\PLHV]ND F\SODQHW\]NWyU\PLÄUR]PDZLDáHP´SU]H]

UDGLR%\áHPMHGQDNSU]HNRQDQ\ H JG]LH WXLFKVSRWNDP:V]HGáHPZL F ]DMHGQ\P]

9LFLQLDQSU]H]Z VNLRWZyUGRZQ WU]DQDMEOL V]HMEXGRZOL&LDVQ\NRU\WDU]R FLDQDFK

ZLHF F\FK]LHORQ\PEODVNLHPSURZDG]LáGR ü VWURPRZGyá1DMHJRNR FXZREV]HUQ\P

OHF]EDUG]RQLVNLPSRPLHV]F]HQLXNLONXG]LHVL FLX9LFLQLDQZ\NRQ\ZDáRMDNLH ]DJDGNRZH

F]\QQR FLSU]\SRPLQDM FHU F]QHNV]WDáWRZDQLHG]LZQ\FKEU\á]SODVW\F]QHMPDV\7X

]DLQWHUHVRZDQLHPRM RVRE E\áRMHV]F]HPQLHMV]H:V]HONLHSUyE\RGZUyFHQLDXZDJL

9LFLQLDQRGW\FKEU\áPRGHORZDQ\FKZGX \PVNXSLHQLXV]\ENRLVSUDZQLHQDSRW\NDá\QD

]GHF\GRZDQ\RSyU

= SRPLHV]F]HQLDWHJRUR]ELHJDá\VL Z Uy Q\FKNLHUXQNDFKGDOV]HWXQHOHSURZDG] FH]

UHJXá\GRSRGREQ\FKVDOZL NV]\FKLPQLHMV]\FK6FKRG]LáHPW\PODELU\QWHPFRUD]QL HML

QL HMZV] G]LHQDSRW\NDM F 9LFLQLDQ]DM W\FKSRGREQ\PLF]\QQR FLDPL

3RGZyFKJRG]LQDFKWDNLHMZ GUyZNLSRVWDQRZLáHP]DZUyFLü2JDUQLDáPQLHFRUD]ZL NV]\

QLHSRNyM1LHZLHPVN G ]URG]LáDVL REDZD H QLHRGQDMG Z\M FLD2F]\ZL FLHE\áWR

QRQVHQV±EXW\VNDIDQGUDSR]RVWDZLDM ]DND G\PNURNLHP ODGFKHPLF]Q\UHMHVWURZDQ\Z

F]DVLHSRZURWQHMGURJLSU]H]F]XMQLNLXNáDGXRULHQWDFML&K\EDU]HF]\ZLVW SU]\F]\Q E\áRWR

H WDNZVSDQLDOH]DSRZLDGDM FHVL RGNU\FLHVWDZDáRVL FRUD]EDUG]LHMLOX]RU\F]QH=DPLDVW

Z\MD QLHQLDWDMHPQLF\VWDQ áHPZREOLF]XMHV]F]HMHGQHM]DJDGNLSRJá ELDM FHM

GRW\FKF]DVRZ QDV] EH]UDGQR ü

: SRZURWQHMGURG]HSRVWDQRZLáHPXZD QLHMSU]\JO GDüVL WHPXFRUREL 9LFLQLDQLH

6SHáQLDQHSU]H]QLFKF]\QQR FLV Z ]DVDG]LHEDUG]RSRGREQH1LH]Z\NáHSU]\W\PMHVWWR

L SUDFD9LFLQLDQZ\GDMHVL G]LDáDQLHPSR]EDZLRQ\PVHQVX1LHMHVWRQRE\QDMPQLHM

SURGXNFM MDNLFK SU]HGPLRWyZX \WNRZ\FKF]\DUW\VW\F]Q\FKOHF]MDNE\]DEDZ

SROHJDM F QDQLHXVWDQQ\P]PLHQLDQLXNV]WDáWXEU\áSODVW\NXGURJ VWRSQLRZ\FK

QLH]QDF]Q\FKSU]HNV]WDáFH

1LHVSRWNDáHPQLJG]LHWZRUyZÄJRWRZ\FK´SR]RVWDZLRQ\FKEH]ÄREVáXJL´=DXZD \áHP

FRSUDZGD H QLHNWyU]\9LFLQLDQLHSU]HU\ZDOLSUDF L RSXV]F]DOLSRPLHV]F]HQLDG

F Z

QLHZLDGRP\PNLHUXQNXDOHQDVW SRZDáRWR]UHJXá\W\ONRZyZF]DVJG\PyJáLFKF]\QQR FL

SU]HM ü SU]\E\á\ZW\PFHOX]DVW SFD

'RWDUáHPZUHV]FLH]SRZURWHPGRZ\M FLD=DVWDQDZLDáHPVL FKZLO F]\QLHZUyFLüQD

VWDWHNDOHF]XáHP H E\áDE\WRNDSLWXODFMD3RVWDQRZLáHP]EDGDüMHV]F]HFKRü

SRZLHU]FKRZQLHNLONDEXG\QNyZDE\VWZLHUG]LüF]\QLHUy QL VL SU]H]QDF]HQLHP

:V] G]LHMHGQDN]DVWDáHPWHQVDPZLGRN9LFLQLDQLHSU]HNV]WDáFDM F\SODVW\F]QHEU\á\

&]XáHPFRUD]ZL NV]HZ\F]HUSDQLHIL]\F]QHLSV\FKLF]QH8VLDGáHPQDSRVDG]FHZMHGQHM

] VDODE\FKZLO RGSRF] ü3DWU]\áHPQDV]\ENLHUXFK\ÄU N´VWRM FHMWX SU]HGHPQ LVWRW\L

SRF] áDZ]ELHUDüZHPQLHQLHQDZL ü GRW\FKÄPUyZHN´]DM W\FKVZ\PLVSUDZDPLLQLH

ZLG] F\FKSR]DQLPL ZLDWD

, ZWHG\ZáD QLH3RF] WNRZRQLH]GDZDáHPVRELHVSUDZ\$ GRSLHURSy QLHMVDPQLH

ZLHPNLHG\7RE\áRMDNE\QDJáHRO QLHQLH

5XFK\VWRM FHJRRSRGDOPQLH9LFLQLDQLQDE\á\G]LZQLHU\WPLF]QHMHGHQUXFKGUXJLWU]HFL

SRWHPGáX V]DSU]HUZDL]QyZWU]\NURWQHGRWNQL FLHEU\á\W\PUD]HPMDNE\VLOQLHMV]HL

GáX V]H

3RF] áHPSU]\JO GDüVL XZD QLHMLQQ\P9LFLQLDQRP6WRM F\GDOHMUyZQLH SRUXV]DOL

background image

U\WPLF]QLHQDU] GDPLFKZ\WQ\PL1LHNWyU]\GXEORZDOLUXFK\PHJRV VLDGDLQQLGRW\NDOL

EU\áW\ONRGZXNURWQLHOXEMHGQRNURWQLH]GáX V]\PLSU]HUZDPL

1LHPLDáHPZ WSOLZR FLF]\QQR FLZV]\VWNLFKE\á\MDNE\]V\QFKURQL]RZDQHZ]DMHPQLH

VL X]XSHáQLDM FH

&]\ E\PXOHJDá]áXG]HQLX"1LH:\VW SRZDáWXZ\UD QLHF\NOUXFKNUyWNLGZDGáXJLH

WU]\NUyWNLHMHGHQGáXJLGZDNUyWNLHWU]\GáXJLHLWG=PLHU]\áHPF]DVFRGZLHPLQXW\

UR]SRF]\QDáVL QRZ\F\NO

7RE\áRRGELFLHV\JQDáyZQDGDZDQ\FKSU]H]SR]RVWDZLRQ\SU]H]HPQLHDXWRPDW6\JQDáyZ

Sá\Q F\FK]QDV]HJRVWDWNXSRSU]H]SU]HVWU]H NRVPLF]Q ZNLHUXQNXSyáQRFQHJRELHJXQD

9LFLQLL0RLFKV\JQDáyZ

=P F]HQLHLZ\F]HUSDQLHSV\FKLF]QHXVW SLá\QDW\FKPLDVW&]XáHP H ]QDMGXM VL X SURJX

UR]ZL ]DQLD]DJDGNL6NUXSXODWQLH]EDGDáHPQDMEOL V]HSRPLHV]F]HQLDF]\JG]LHLQG]LHM

QLHZ\VW SXMHSRGREQD]DOH QR ü UXFKyZ2ND]DáRVL MHGQDNL W\ONRZWHMMHGQHMVDOL±LWR

ZV]\VF\9LFLQLDQLH±]DM FLV RGELRUHPPRLFKV\JQDáyZ

3RVWDQRZLáHPZREHFWHJRSR]RVWDüWXWDNGáXJRD QDVW SLÄ]PLDQDZDUW\´LPR H ZWHQ

VSRVyEE G PyJáGRNRQDüGDOV]\FKRGNU\ü

'RSLHURMHGQDNSRGZyFKJRG]LQDFK]MDZLáVL Ä]DVW SFD´:VDP\PSU]HM FLXIXQNFMLQLH

GRVWU]HJáHPQLFUHZHODF\MQHJR3RG \áHPZL F ]DW\P9LFLQLDQLQHPNWyU\RSXV]F]DáVDO

,VWRW\WHSRUXV]DM VL EDUG]RV]\ENRWRWH ] WUXGHPGRWU]\P\ZDáHPPXWHPSDELHJX

1DV]F] FLHÄZ\ FLJ´QLHWUZDá]E\WGáXJR3RZ\M FLXQD]HZQ WU]EXGRZOL9LFLQLDQLQ

SRELHJáZNLHUXQNXGX HJRSODFXQDVNUDMXRVLHGODLWDP]QLNáZMHGQ\P]NLONXG]LHVL FLX

RWZRUyZSURZDG] F\FKSRG]LHPL

1LHPLDáHPFKZLOLGRVWUDFHQLDLVNRF]\áHPZJá E VWURPHMSRFK\OQL ZLDWáRE\áRWX

]QDF]QLHVáDEV]HRGWHJRMDNLHUR]MD QLDáRVDO ÄURERF] ´3RFK\OQLDSURZDG]LáDGR

UR]OHJáHJRSRPLHV]F]HQLDREDUG]RQLVNLPSXáDSLHWDNL PRJáHPVL WXSRUXV]DüW\ONRQD

F]ZRUDNDFK

1D URGNXVDOLGRVWU]HJáHPZJá ELHQLHZ\SHáQLRQHSREU]HJLMDN

F]DUQ FLHF] 3U]\

EDVHQLHVLHG]LDáRNLONDG]LHVL W SRFK\ORQ\FKSRVWDFL]U\MNDPLJ ERZ\PL]DSXV]F]RQ\PLZ

RZ FLHF]1LHXOHJDáRZ WSOLZR FL H MHVWWRW\ONRÄMDGDOQLDYLFLQLD VND´1LHE\áRF]HJRWX

V]XNDü

-X PLDáHP]DZUyFLüJG\SU]\V]áRPLGRJáRZ\DE\SREUDüSUyEN RZHMF]DUQHMFLHF]\

7HJRURG]DMXVXEVWDQFMLRG \ZF]HMQLJG]LHMHV]F]HQLHVSRWNDOL P\6L JQ áHPSRSUyEQLNL

RSDUáV]\U N QDNUDZ G]L]ELRUQLNDQDFK\OLáHPVL QDGEDVHQHPLZWHG\ZáD QLH

1DJOHSRF]XáHP H RVXZDPVL SR OLVNLHMSRZLHU]FKQLL]DSDGDPJáRZ Z J VW EáRWQLVW

PD

: MHGQHMFKZLOLVPROLVWDFLHF]SRNU\áDRG]HZQ WU]SU]H]URF]\VW F]DV] KHáPX

8VLáRZDáHPVL FRIQ üDOHE\áRWRQLHPR OLZH.OHLVWDPD REH]ZáDGQLDáDNU SRZDáDMDN

HODVW\F]Q WD P U FHLQRJL1DSUy QRXVLáRZDáHP]DF]HSLüVWRS\REU]HJEDVHQX=D

ND G\PUXFKHPRVXZDáHPVL FRUD]QL HMD ZUHV]FLHFDá\]QDOD]áHPVL Z WHMWRSLHOL%\áR

WRG]LHZL ü GQLWHPX

%DVHQQLHPDGX HMJá ERNR FLFLHF]MHVWMHGQDNWDNOHSNDLJ VWD H QLHPRJ QDZHW

XVL ü=WUXGHPXGDáRPLVL RGZUyFLüQDZ]QDN3UyE\QDZL ]DQLD]ED] á F]QR FL

UDGLRZHMQLHGDM UH]XOWDWX=HVáXFKDZHNGRFKRG] W\ONRQLHSU]HUZDQHWU]DVNLLV]XP\

:LHP H WRMX NRQLHF3á\QRG \ZF]\VNR F]\áVL ZF]RUDM5D]SRUD]RG]\ZDVL EU] F]\N

SU]\SRPLQDM F H UHJHQHUDWRU\SU]HVWDá\G]LDáDüL]X \ZDPRVWDWQL UH]HUZ WOHQX

0LHUQLNZVND]XMH H SR]RVWDáRPLMHV]F]HGZLHLSyáJRG]LQ\

'RNRJRDGUHVXM WHQ]DSLV"6DPMX QLHZLHP-DNGRW G FL JOHPyZL R VRELH$

SU]HFLH QLHRWRFKRG]L:D QHMHVWW\ONRWRFRZFL JXW\FKGáXJLFKJRG]LQRF]HNLZDQLD

NR FD]URG]LáRVL Z PRMHMJáRZLH&K\EDMHGQDNUR]ZL ]DáHP]DJDGN 9LFLQLL0XV] WHUD]

G\NWRZDüZROQRIRUPXáRZDü]GDQLDPR OLZLHMDVQHMH OL21,PDM ]UR]XPLHü&]\

]UR]XPLHM "

background image

5R]ZyMVSRáHF]Q\OXG]NR FLWRSURFHVVDPRRUJDQL]DFMLZ\ V]HJRU] GXQL HZROXFMD

ELRORJLF]QD6DPRRUJDQL]DFMDSU]HELHJDWXQLHW\ONRGURJ ]PLDQGRNRQ\ZDQ\FKQD OHSRL

]DJáDG\XNáDGyZQLHSU]\VWRVRZDQ\FKGRZDUXQNyZ-HGQRVWNL]NWyU\FKVNáDGDVL

VSRáHF]H VWZROXG]NLHRVL JQ á\MX WDNZ\VRNLVWRSLH UR]ZRMXL REGDU]RQHV ]GROQR FL

XF]HQLDVL Z]DMHPQHJRSU]HND]\ZDQLDGR ZLDGF]H L ZSHZQ\PVWRSQLX]GROQR FL

SU]HZLG\ZDQLDSU]\V]áR FLQDSRGVWDZLHGRW\FKF]DVRZHMZLHG]\R ZLHFLH6W G RERN

DXWRPDW\]PyZXNV]WDáWRZDQ\FKJU SU]\SDGNXLNRQLHF]QR FLZ\VW SXM Z XNáDGDFK

VSRáHF]QRHNRQRPLF]Q\FKZPQLHMV]\POXEZL NV]\PVWRSQLXVSU] HQLDVWZRU]RQH

ZLDGRP\PG]LDáDQLHPRUJDQL]XM F\P5RODWHJRF]\QQLND ZLDGRPR FLZ]UDVWDZPLDU

Z]URVWXRUJDQL]DFMLXNáDGXL]DVREXZLHG]\R ZLHFLH:RVWDWQLFKWH GZyFKZLHNDFK

UR]NZLWQDXNLLJá ERNLHSU]HREUD HQLDVWUXNWXU\VSRáHF]QHMRWZRU]\á\SU]HGF]áRZLHNLHP

PR OLZR FLZSHáQL ZLDGRPHJRNV]WDáWRZDQLDVZHJRE\WXLNLHUXQNXUR]ZRMX

F\ZLOL]DF\MQHJR

=QDP\UyZQLH LQQHJRURG]DMXRUJDQL]P\VSRáHF]QHPUyZF]HLSV]F]HOHZNWyU\FKQD

V]F]HEOXMHGQRVWNLQLHPDLQWHOLJHQFMLLLQWHOHNWXDW\ONRLQVW\QNWRGUXFK\ZURG]RQH7DNL

XNáDG]áR RQ\]ZLHOXMHGQRVWHNZ VNRZ\VSHFMDOL]RZDQ\FKPR H HZROXRZDüW\ONR

ELRORJLF]QLH

=GROQR ü XF]HQLDVL MHVWWXWDNPDáD H DXWRPDW\]P\PR QDXZD Dü]DVWDáHQLH]PLHQQH

RGZLHNyZLW\VL FOHFLVáX FHW\ONRXWU]\PDQLXJDWXQNXSU]\ \FLX

1LNW]QDV±OXG]L±QLHVSRG]LHZDáVL MHGQDN H \FLHPR H SU]\EUDüMHV]F]HLQQ IRUP

UR]ZRMRZ )RUP WDNQLH]Z\Ná H QDZHWNRQFHSFMDÄF\ZLOL]DFMLURERWyZ´EOHGQLHSU]\

QLHM

1D9LFLQLLQLHPD DGQHJRÄZLHONLHJRURERWD´VWZRU]RQHJRV]WXF]QLHSU]H]MHM \Z\FK

PLHV]ND FyZ1LHPDWH DGQHJR]HVSRáXNLHURZQLF]HJR±HOLW\XP\VáRZHM±DQDZHWMH OL

V WDNLH]HVSRá\QLH]GDM VRELHZRJyOHVSUDZ\]LVWQLHQLD=LHPL3UDZGRSRGREQLHEDUG]R

PJOL FLHX ZLDGDPLDM VRELH H QDLFKSODQHFLHSRMDZLá\VL MDNLH QLH]QDQHLVWRW\±LWR

ZV]\VWNR

,QWHOLJHQFMD9LFLQLDQMHVWEDUG]RRJUDQLF]RQD2LQWHOHNFLHZQDV]\PUR]XPLHQLXWHJR

VáRZDZRJyOHWUXGQRPyZLü0R QDV G]Lü H ]GROQR FLSR]QDZF]HLWZyUF]H

SRV]F]HJyOQ\FKRVREQLNyZV QLH]PLHUQLHXERJLHZSRUyZQDQLX]OXG]NLPL1LHFKF SU]H]WR

SRZLHG]LHüL 9LFLQLDQLHV Ä \Z\PLVNDPLHQLDáR FLDPL´±LVWRWDPLNWyUH]DWU]\PDá\VL Z

UR]ZRMXELRORJLF]Q\PLXP\VáRZ\P1DWDNLHZQLRVNLMHV]F]H]DZF]H QLH1LHPQLHMQD

V]F]HEOXMHGQRVWNLSU]HMDZLDM RQLZL FHMFHFKPUyZF]\FKQL OXG]NLFK

6SRáHF]H VWZRYLFLQLD VNLHQLHMHVWMHGQDNPURZLVNLHP1LHMHVWRQRUyZQLH

VSRáHF]H VWZHPSU]\SRPLQDM F\PFKRüE\ZQDMRJyOQLHMV]\P]DU\VLHVSRáHF]H VWZR

OXG]NLH1LH]Z\NáR ü MHJRSROHJDQDW\P H MHVWRQRQLHZSU]HQR QLDU]HF]\ZL FLH

RUJDQL]PHP]áR RQ\P]PLOLRQyZNRPyUHNNWyU\PLV

\ZHLVWRW\9LFLQLDQLH&RFLHNDZV]H

Z Z\QLNXVDPRRUJDQL]DFMLZRUJDQL]PLHW\PZ\WZRU]\áRVL FR FRPR QDE\QD]ZDü

P\ O F\PPy]JLHP

7HQÄPy]J´REGDU]RQ\MHVWRGU EQ

ZLDGRPR FL QLH]DOH QLHRGRJUDQLF]RQHM ZLDGRPR FL

MHGQRVWHNNWyUHJRWZRU]

-H OLPyZL R ZLDGRPR FLWRU]HF]MDVQDW\ONRZVHQVLHIXQNFMRQDOQ\PZVHQVLH

SRGRELH VWZVWUXNWXU\VLHFLQHUZRZHMLPy]JXGRXNáDGXVSU] H Z VSRáHF]H VWZLH

YLFLQLD VNLP

:LHG]LHOL P\MX GDZQR H R]DNUHVLHIXQNFMLXNáDGXGHF\GXMHVWUXNWXUDDQLHVNáDG

FKHPLF]Q\PDWHULL]MDNLHMXNáDGMHVW]EXGRZDQ\1DXF]\OL P\VL EXGRZDüPDV]\Q\]GROQH

GRQD ODGRZDQLDZV]HONLFKIXQNFMLPy]JXOXG]NLHJR1LHSU]\SXV]F]DOL P\MHGQDN H PR H

SRZVWDüPy]J]áR RQ\]PLOLRQyZLVWRW \Z\FKZNWyU\PVSU] HQLDE G VSU] HQLDPL

VSRáHF]Q\PL, H WHQPy]JSRWUDILP\ OHüLRGF]XZDüZáDVQHLVWQLHQLHSR]QDZDü ZLDW

JURPDG]LüZLHG] L NRU]\VWDü]QLHMGODGDOV]HJRSU]HREUD DQLD ZLDWD

= =LHPL QDZL ]DáDNRQWDNWQLHÄPUyZND´OHF]ÄLVWRWDVSRáHF]H VWZR´±SU]HGVWDZLFLHO

ZLHOXWDNLFKÄLVWRWVSRáHF]H VWZ´]DPLHV]NXM F\FKW SODQHW 0yZL ± ZLHOXJG\ QLHPDP

background image

E\QDMPQLHM]DPLDUXNZHVWLRQRZDüWH]\ H SRZVWDQLHLVWRW\LQWHOLJHQWQHMLREGDU]RQHM

ZLDGRPR FL MDNRMHG\QHJRPLHV]ND FDMDNLHM SODQHW\±MHVWQLHPR OLZH7RFRQD]\ZDP\

ZLDGRPR FL PR H Z\WZRU]\üVL W\ONRZVSRáHF]H VWZLH]áR RQ\P]ZLHOXMHGQRVWHN7X

]D RZ\PLÄMHGQRVWNDPL´V FDáHRUJDQL]P\VSRáHF]QH

,PGáX HMP\ O W\PVLOQLHMXPDFQLDPVL Z SU]HNRQDQLX H F\ZLOL]DFMD9LFLQLDQMHVW

ZáD QLHWDNLPQLH]Z\Ná\PWZRUHPQDWXU\ZNWyU\PSHáQD ZLDGRPR üZQDV]\P

UR]XPLHQLXSRMDZLáDVL GRSLHURQDV]F]HEOXRUJDQL]PyZVSRáHF]Q\FK

=E\WPDáR]HEUDáHPGDQ\FKDE\PE\áZVWDQLHQDNUH OLüMDN

UR]EXGRZDQ KLSRWH]

GRW\F] F GURJLHZROXF\MQHMW\FKWZRUyZ:LG] MX MHGQDNMHM]DU\V3RF] WHNUR]ZRMX

VSRáHF]H VWZYLFLQLD VNLFKPyJáQDZHWSU]HELHJDüSRGREQLHGRQDV]HJROXG]NLHJR%\ü

PR H UR]ZyMWHQRVL JQ á QDZHWVWRSLH RGSRZLDGDM F\SURGXNFMLZLHONRSU]HP\VáRZHMORWR

QDVW SLáR]DKDPRZDQLHDQDZHWFRIQL FLHUR]ZRMRZH-HJR UyGHáQDOH \ FK\EDV]XNDüZ

VWUXNWXU]HHNRQRPLF]QHMLSROLW\F]QHMVSRáHF]H VWZ]DPLHV]NXM F\FKW SODQHW

3R]LRP \FLD9LFLQLDQMHVW]DVWDQDZLDM FRQLVNL:\GDMHVL H LFKSRWU]HE\RJUDQLF]DM

VL GRQDMEDUG]LHMHOHPHQWDUQ\FKÄ.XOWXUDSDáDFRZD´GRZRG]L H QLH]DZV]HWDNE\áRDOH

ZVND]XMHL FKRG]LáRWXRXSU]\ZLOHMRZDQHJUXS\VSRáHF]QH'ODF]HJRMHGQDNSRLFKXSDGNX

QLHSRG ZLJQL WRZJyU SR]LRPX \FLDFDáHJRVSRáHF]H VWZDMDNWRPLDáRPLHMVFHQD=LHPL"

&]\ E\SU\PDWSRWU]HERJyOQRVSRáHF]Q\FKQDGMHGQRVWNRZ\PLSU]\EUDáWXQD9LFLQLL

Z\QDWXU]RQ SRVWDü"1LHW\ONROHSV]HZDUXQNLPLHV]NDQLRZHF]\NRPXQLNDF\MQHDOHLSURVWH

]Uy QLFRZDQLHSR \ZLHQLDáDWZRX]QDü]DQLHSRWU]HEQ\OXNVXV

$OHF]\WHJRURG]DMXWHQGHQFMHPRJ VSRZRGRZDüWUZDáH]PLDQ\ZVWUXNWXU]HSV\FKLF]QHM

MHGQRVWHN":\GDMHVL WRQLHSUDZGRSRGREQH3U]\F]\Q\PXV] E\üLQQH0R H ]PLDQ\

UHJUHV\ZQHPLDá\SRGáR H ELRORJLF]QH"'DZQHVSRáHF]H VWZRYLFLQLD VNLHPRJáRVL VNáDGDü

SRZLHG]P\]Uy Q\FKUDV3U]HFLH V]NLHOHW\

1LH7RQLF]HJRQLHZ\MD QLD1LH]QDOH OL P\MHV]F]HGRZRGyZQDWR H ZV]\VF\

PLHV]ND F\GDZQHM9LFLQLLQLHE\OLSRGREQHJRZ]URVWXLEXGRZ\5DF]HMUDVL]PDQLH

U]HF]\ZLVWHUy QLFHUDVRZHPyJáE\üSU]\F]\Q UHJUHVXVSRáHF]QHJR

&]\NOXF]HPGRUR]ZL ]DQLD]DJDGNLQLHPR H E\üZ]JO GQLHZ\VRNLSR]LRPELRFKHPLLZ

RNUHVLHÄNXOWXU\SDáDFRZHM´"$PR H RZDÄNXOWXUDSDáDFRZD´E\áDW\ONRVSHF\ILF]Q IRUP

U] GyZW\SXIDV]\VWRZVNLHJR"0R H GDZQLZáDGF\9LFLQLLVSRZRGRZDOLV]WXF]QLHWDNLH

]PLDQ\JHQHW\F]QHZRUJDQL]PDFKVZ\FKZVSyáSOHPLH FyZNWyUHXáDWZLDá\LPSDQRZDQLH

QDGQLPL"0R H ZáD QLHRQLGRSURZDG]LOLGR]DQLNXLQWHOHNWXLRJUDQLF]HQLD ZLDGRPR FL

W\FKLVWRW"3U]\SLHF] WRZDáRWRLFKZáDVQ\ORV7HJRURG]DMXXNáDG\VSRáHF]QHW\ONRQDSR]yU

Z\GDM VL WUZDáH7\UDQLDQLHPR H QDGáXJR]DFKRZDüVWDELOQR FL3RZRGXMHRQD

Z\QDWXU]HQLHRUJDQL]DF\MQHEORNRZDQLHLQIRUPDFMLQLH]E GQ\FKGRVWHURZDQLDXNáDGHPL

Z]UDVWDM FHPDUQRWUDZVWZRVLáVSRáHF]Q\FK±VáRZHPSURZDG]LGRJUR Q\FKGODGDOV]HJR

UR]ZRMXZ\SDF]H VWUXNWXUDOQ\FK5R]SDGV\VWHPXLRVWDWHF]Q NDWDVWURI PRJá\

SU]\VSLHV]\üPRUGHUF]HZRMQ\LNO VNL \ZLRáRZH

$OH]DJáDGDÄUDV\ZáDGFyZ´QLHR]QDF]DáDNR FDF\ZLOL]DFMLYLFLQLD VNLHM6Lá\

VDPRRUJDQL]XM FHZVSRáHF]H VWZDFKV QLHVSR \WH&RSUDZGDMHGQRVWNRZHG]LDáDQLD

RUJDQL]XM FHQLHE\á\MX Z VWDQLH]DSHZQLüUyZQRZDJLZHZQ WU]XVWURMRZHMOHF]SUyE\

UHRUJDQL]DFMLRJDUQLDá\ZFRUD]ZL NV]\PVWRSQLXSRV]F]HJyOQHVSRáHF]H VWZDMDNR

DXWRQRPLF]QHHOHPHQW\XNáDGXZ\ V]HJRU] GXREHMPXM FHJRFDá SODQHW 0L G]\W\PL

RUJDQL]PDPLWZRU]\áVL GURJ VDPRRUJDQL]DFMLXNáDGV\JQDáRZ\VWDQRZL F\SRGVWDZ

LQWHOHNWX0R H ]UHV]W SURFHVWHQXáDWZLDá\SHZQHDXWRPDW\]P\VSRáHF]QLVWZRU]RQH

FHORZRMHV]F]HZRNUHVLH´NXOWXU\SDáDFRZHM´":V]DNPXVLDáRQSU]HELHJDüEDUG]RV]\ENRZ

FL JXNLONXF]\NLONXQDVWXW\VL F\ODW7D]DJDGNDWHMHV]F]HZ\PDJDUR]ZL ]DQLD

7DNRWRSURFHVSU]HREUD H SRJá ELDáVL RUJDQL]P\VSRáHF]QHHZROXRZDá\ZNLHUXQNX

WDNLHMVWUXNWXU\NWyUDSU]\SRPLQDVWUXNWXU Py]JXLVWRW\LQWHOLJHQWQHM:UHV]FLH

QLHGRVWU]HJDOQLHGODVDP\FK9LFLQLDQWHÄRUJDQL]P\VSRáHF]H VWZD´]DF] á\SU]HMDZLDü

G]LDáDQLDRFKDUDNWHU]H ZLDGRP\P7RFRQLHPRJáRE\üMX RVL JQL WHQDV]F]HEOX

VSRáHF]H VWZ]áR RQ\FK]H ZLDGRPLHG]LDáDM F\FKSRMHG\QF]\FKRVREQLNyZZGURG]H

SU]HREUD H ]UHDOL]RZDQH]RVWDáRQDV]F]HEOXFDá\FKVSRáHF]H VWZLZáD QLHRZHÄLVWRW\

background image

VSRáHF]H VWZD´±REGDU]RQHLQG\ZLGXDOQR FL SRGREQ GRLQG\ZLGXDOQR FLMHGQRVWHN

OXG]NLFK±SRVWDQRZLá\]EXGRZDü:LHON $QWHQ DE\SRV]XNDüZHZV]HFK ZLHFLHLQQ\FK

ÄLVWRWVSRáHF]H VWZ´

0R H ]UHV]W P\O VL V G] F H SRZVWDQLHÄLVWRWVSRáHF]H VWZ´MHVWZ\QDWXU]HQLHP0R H

MHVWWR ZLDGRPR ü Z\ V]HJRU] GXDQL HOL ZLDGRPR ü MHGQRVWNRZD"1LHXOHJDFK\ED

Z WSOLZR FL H SRZVWDQLHMHME\áRQLHSRJá ELHQLHPOHF]SRNRQDQLHPUHJUHVX$OHF]\WDND

MHVWQRUPDOQDGURJDUR]ZRMX"

7DNF]\LQDF]HM±QDV]DGURJDMHVWLQQD,FK\EDSL NQLHMV]D1LHZ]DWUDFHQLX

LQG\ZLGXDOQR FLOHF]ZQDMSHáQLHMV]\PUR]ZRMXLQWHOHNWXDOQ\FKZDUWR FLZVSyáG]LDáDM F\FK

]HVRE MHGQRVWHNWNZLVLáDVSRáHF]H VWZDOXG]NLHJR

$ PR H LVWQLHMHMHV]F]HPR OLZR ü F]ZDUWD"0R H UyZQLH Z VSRáHF]H VWZLH]áR RQ\P]

LVWRWRZ\VRNLPSR]LRPLHLQWHOHNWXDOQ\PZ\WZDU]DVL ] F]DVHPWDNLXNáDGVSU] H H

QDELHUDRQRFHFKLVWRW\REGDU]RQHM ZLDGRPR FL " 6N G ]UHV]W ZLHP\F]\P\VDPLMX

G]L

1LH7RE]GXUD3ORW QLHGRU]HF]QR FL&]\ZRJyOHFDáHPRMHUR]XPRZDQLHPDMDNL

VHQV"0R H SRSURVWXPDMDF] "

1LHGRZLHPVL QLJG\F]\PLDáHPUDFM $OHOXG]LHGRZLHG] VL 'RZLHG] VL QDSHZQR

2UWHQE\á]UHV]W MX EOLVNLUR]ZL ]DQLD]DJDGNLMHV]F]HW\G]LH GZDDQDSHZQR

GRV]HGáE\VDPGRWDNLFKZQLRVNyZ2QMX WRSU]HF]XZDáJG\PyZLáRÄQRVLFLHODFK

LQIRUPDFML´2QPLSRGVXQ á SLHUZV] P\ O

&R MDNE\GRWNQ áRPRMHMQRJL=QyZMDNE\NWR SUyERZDá]DPLHV]DüW NOHLVW FLHF]

2F]\ZL FLH9LFLQLDQLH8]XSHáQLDM ]DSDVSR \ZLHQLD$PR H E G F]\ FLü]ELRUQLN",

Z\GRE G PQLH]WHMPD]L"%\OHRG]\VNDüMDN WDN VZRERG UXFKyZ

1LHE G ZL FHMG\NWRZDá±WU]HEDRV]F] G]DüWOHQ

0LQ áRMX SyáWRUHMJRG]LQ\LQLF3HZQRW\ONRX]XSHáQLDOL]DSDVFLHF]\7DNMDNSRSU]HGQLR

&RUD]GXV]QLHM

3RFRMDZRJyOHVL áXG] " 3U]HFLH WRVSUDZDSU]HV G]RQD7HGHELOHQLFPLQLHSRPRJ

D NROHG]\ZED]LHQLHZLHG] QDZHWJG]LHMHVWHP

.ROHG]\&K\EDQLNWQLHSRWUDILáPQLH]UR]XPLHü&]\QDSUDZG ]UREL ZV]\VWNRDE\

PQLHXUDWRZDü"$OHFy PRJ ]URELü"

3U]HFLH RQLPQLHQLHRGQDMG 6N G PRJ SU]\SXV]F]Dü H O GRZDáHPWXZJyUDFK

=UHV]W FK\EDRGQDMG DOHSRZLHORPLHVL F]Q\FKSRV]XNLZDQLDFK:W\PF]DVLHQLHE G

MX \á

2UWHQ2QMHGHQPyJáE\PQLHRGQDOH ü ZF]H QLHM*G\E\FKFLDá$OHSRFRVL áXG]Lü"

0RMD PLHUüUR]ZL ]XMHZLHOHSUREOHPyZ \FLRZ\FK2UWHQD% G]LHPyJá]QyZE\üÄGXV]

HNVSHG\FML´3U]HMG]LHGRKLVWRULLMDNRWHQNWyU\UR]ZL ]Dá]DJDGN 9LFLQLL1DSHZQRM

UR]ZL H1LHXOHJDZ WSOLZR FL2QMHGHQSRWUDILVSRMU]Hü]GRVWDWHF]Q

PLDáR FL QDWHQ

ZLDWQLH]Z\Ná\1LHZLDGRPRF]\MX QLHWUDILáQDZáD FLZ\ ODG=SHZQR FL ]DVWDQRZLáR

JRGODF]HJRZá F]\áHPV\JQDOL]DWRU$OHF]\PR QDSU]\SXV]F]DüDE\SRW\PZV]\VWNLP

FRPL G]\QDPL]DV]áRPyJáMHV]F]HFKFLHüPQLHUDWRZDü"

$OHMDPXQDZHWSR PLHUFLQLHGDPVSRNRMX3U]HFLH MH OLRGNU\MH]DJDGN 9LFLQLDQWRL

PQLHPXVLRGQDOH ü2F]\ZL FLHRGQDMG]LHPQLHZyZF]DVJG\QLHE G

\á7DNE G]LHGOD

QLHJRQDMOHSLHM$OHVL SRP\OL=QDMG]LHZVNDIDQGU]HPyM]DSLV:\VWDUF]\FLH

SRGHMU]HQLDL JUDáQD]ZáRN %RSU]HFLH MHVWWR]XSHáQLHPR OLZH-DWHJRE\QDMPQLHMQLH

PyZL SU]H]]áR OLZR ü-HVWHPSU]HNRQDQ\ H ZyZF]DVJG\Z\VW SLáHP]HVZ

SURSR]\FM ]QDMGRZDáVL ]DOHGZLHRNURNRG]QDOH]LHQLDZáD FLZHJRWURSX

&K\EDMHGQDNEH],&+SRPRF\QLHE G]LHPyJáPQLHRGQDOH ü7DNLFKR URGNyZ

ÄPy]JRZ\FK´PR H E\üW\VL FH$F]\PMDMHVWHPGODÄLVWRWVSRáHF]H VWZ´"&]\RQL

SRWUDIL SRM ü Uy QLF "

=QyZFR VL SRUXV]\áR2&R PQLHWU FLáRZERN7HUD]ZQRJ :\UD QLHF]XM H

background image

FR PQLHFL JQLH]DVWRS 0HWDO"-DNL PHWDO

&RRQLZ\SUDZLDM " 2FKMDNEROL

7RFK\EDNRQLHFZV]\VWNLHJR%\OHV]\EFLHM6NDIDQGHUQDSHZQRQLHZ\WU]\PD

5DWXQNX

&RWR".WR""

2UWHQ":L F WRW\"

$/*,

: SRF] WNDFKPDMDURNXUDGLRORNDWRU\ZLHONLHJRWUDQVSRUWRZFDPL G]\SODQHWDUQHJR

Ä$U´GRVWU]HJá\ZRGOHJáR FLPLOLRQDGZXVWXW\VL F\NLORPHWUyZRG0DUVDVWDWHNRUELWDOQ\

QLHZLDGRPHJRSRFKRG]HQLD

:REHFWHJR H SUyE\QDZL ]DQLDá F]QR FLUDGLRZHMQLHSU]\QLRVá\UH]XOWDWX±Z\VáDQR

UDNLHW ]ZLDGRZF] GODZ\MD QLHQLD]DJDGNL1LH]QDQ\VWDWHNRND]DáVL ZUDNLHPF]áRQX

SRGUy QHJRZLHORVWRSQLRZHMUDNLHW\PL G]\SODQHWDUQHMÄ$PDU\OLV´NWyUD]JLQ áDSyáZLHNX

WHPXQLHGRWDUáV]\GRFHOXVZHMSRGUy \&LDá]DáRJLQLH]QDOH]LRQR1LHVWZLHUG]RQR DGQ\FK

XV]NRG]H ]HVSRáXQDS GRZHJRDQLLQQ\FKXU] G]H ZHZQ WU]Q\FK

&RVL VWDáR]V]H FLXXF]HVWQLNDPLHNVSHG\FMLÄ$PDU\OLV´"

: NDELQLHQDZLJDF\MQHMRGQDOH]LRQRG]LHQQLNSRNáDGRZ\RUD]RVRELVW\SDPL WQLNGRZyGF\

VWDWNX±GUD(UZLQD+ROZLW]D2WRIUDJPHQW\NR FRZHMF] FLWHJRSDPL WQLNDU]XFDM FHJR

ZLHOH ZLDWáDQDWUDJLF]QHORV\Z\SUDZ\

VLHUSQLD±G]LH SRGUy \

&]DVZOHF]HVL QLH]QR QLH-HV]F]HGQLGRZHM FLDQDRUELW SDUNLQJRZ :V]\VF\

F]HNDP\QDW FKZLO LFK\EDQLHW\ONRGODWHJR H R]QDF]DüE G]LHGRWDUFLHGRFHOX

ZLDGRPLHF]\SRG ZLDGRPLHOLF]\P\QDWR H SU]\QLHVLHRQDUR]áDGRZDQLHQDSL üMDNLH

QDURVá\ZRVWDWQLFKPLHVL FDFKZQDV]\PFLDVQ\P ZLDWNX&RSUDZGD]JRGQLH]

SURJUDPHPGRSLHUROLVWRSDGDO GRZDQLHF]áRQXWUDQVSRUWRZHJR$OHSU]H]WHRVLHP

W\JRGQLQDRUELFLHSDUNLQJRZHMQLNWQLHE G]LHPLDáF]DVXQDJáXSVWZD%RWRZV]\VWNRV

JáXSLHEH]VHQVRZQHXWDUF]NL

&KRURED6WHIDQDQLHVWHW\ZGX \PVWRSQLXGH]RUJDQL]XMHQRUPDOQ\WRNSUDF\1LH

WZLHUG] H QDVW SLáRMDNLH UR]SU] HQLH*DEULHOL0LUDZ\NRQXM VZRMHFRG]LHQQH

RERZL ]NL]D (PLOQLHW\ONRPDVSRURNáRSRWyZ]H6WHIDQHPDOHMHV]F]HPXVLDáSU]HM ü

QDMEDUG]LHMF]DVRFKáRQQHMHJRIXQNFMH1LHSU]\SXV]F]DáHP H FKRUREDMHGQHJRF]áRZLHND

PR H D GRWHJRVWRSQLDVNRPSOLNRZDüV\WXDFM

&RUD]EDUG]LHMQLHSRNRM VL R -RDQQ 2EDZLDPVL H GáXJRWDNQLHSRFL JQLH&KRFLD

PXV] SU]\]QDü H G]LVLHMV]\UDQQ\SU]HND]]=LHPLSU]\M áDQDGSRG]LZVSRNRMQLH=

GLDJQR]\,QVW\WXWX)HOGKDXVHQDZ\QLNDQLHGZX]QDF]QLH H Z,VWRFLHSR]RVWDáRQDV

SL FLRUR

2GMXWUDSU]\VW SXMHP\](PLOHPL0LU GRSU]HSURZDG]DQLD]PLDQZSURJUDPLHSUDFQD

SRZLHU]FKQL0DUVD

VLHUSQLD±G]LH SRGUy \

=QyZGRV]áRGRDZDQWXU\0XVLQDVW SLüUR]áDGRZDQLHERLQDF]HM

*DEULHOPDUDFM WZLHUG] F H QLHPR QDWHJRWROHURZDü=H6WHIDQHPSRUR]PDZLDPMHGQDN

GRSLHURMXWURMDNWURFK RFKáRQLH

0R H WRRNUXWQHQLHOXG]NLHDOHFKZLODPLSUDJQ HE\ZUHV]FLHE\áNRQLHF%LHGQD-RDQQD

6WHIDQZLGRF]QLHSRF]XáVL G]L WURFK OHSLHMER]DUD]SRSU]HEXG]HQLXZVWDáRZáDVQ\FK

VLáDFK]NRLLSRV]HGáGRáD]LHQNL-RDQQDL(PLOFKFLHOLJRSU]HSURZDG]LüFKRFLD SU]H]

NRU\WDU]DOHRGPyZLáGR ü RSU\VNOLZLHWZLHUG] F H QLHSRWU]HEXMHQLF]\MHMSRPRF\

*G\6WHIDQZ\V]HGá-RDQQDXVLDGáDQDEU]HJXNRL(PLODL]DF] OLUR]PDZLDüV]HSWHP

5R]PRZDGRW\F]\áD]GDMHVL VWDQX]GURZLD6WHIDQDD]ZáDV]F]DZ\QLNXRVWDWQLFKDQDOL]L

SHV\PLVW\F]QHMGLDJQR]\RWU]\PDQHM]=LHPL1DUD]GU]ZLVL RWZDUá\6WHIDQZV]HGáWDN

QLHVSRG]LHZDQLH H (PLOL-RDQQDRGVNRF]\OLRGUXFKRZRRGVLHELHL]DPLONOLUDSWRZQLH

6WHIDQSRF] WNRZRQLHRGH]ZDáVL DQLVáRZHPDOHJG\(PLOZ\V]HGáQDFKZLO GR

ODERUDWRULXP]DF] á -RDQQ ]DV\S\ZDü]XSHáQLHDEVXUGDOQ\PL]DU]XWDPL7\PF]DVHPZUyFLá

background image

(PLOLQLHZLHG] F SUDZGRSRGREQLHRFRFKRG]LSUyERZDá6WHIDQDXVSRNRLü5H]XOWDWE\á

WDNL H 6WHIDQDRJDUQ áDMDND REá GQDZ FLHNáR ü2VNDU \áZU F](PLODL-RDQQ H

F]HNDM W\ONRQDMHJR PLHUü3RDZDQWXU]H]QyZF]XáVL JRU]HMLZLHF]RUHPQLHPLDáMX

QDZHWVLá\VLHG]LHü

VLHUSQLD±G]LH SRGUy \

']L Z SRáXGQLH6WHIDQGRVWDáNUZRWRNX&K\EDWRMX QDSUDZG NRQLHF-HVWQLHSU]\WRPQ\

0DMDF]\FL JOHRMDNLHM WUXFL QLH

*DEULHODFDá\ZLHF]yUP F]\á\WRUVMH2G6WHIDQDELMHFRUD]Z\UD QLHMRGyUJQLM FHJRFLDáD

7UXSL]DSDFK7RSRWZRUQHJG\F]áRZLHNUR]NáDGDVL MHV]F]H]D \FLD

1LHVWHW\QLHPDJRJG]LHSU]HQLH ü:NDELQLHQDZLJDF\MQHMDW\PEDUG]LHMZODERUDWRULXP

EUDNPLHMVFDQD]DLQVWDORZDQLHNRL0XVLP\ \üUD]HPZV]\VF\V]H FLRURVWáRF]HQLQD

QLHFDá\FKG]LHVL FLXPHWUDFKNZDGUDWRZ\FKSRZLHU]FKQL:W\FKZDUXQNDFKQLHáDWZR

XWU]\PDüG\VF\SOLQ

-RDQQDMHVWMX ]XSHáQLH]DáDPDQD(PLOURELFRPR H ±Z WSL MHGQDNF]\QDZLHOHVL WR

]GD

0XV] VWZLHUG]Lü H QLH]DZLRGáHPVL QD0LU]H&K\EDRQDMHGQDVSR UyGFDáHM]DáRJL

QLHWUDFL]LPQHMNUZL

5HZL]M SURJUDPX]DMPLHP\VL MXWURER(PLOPXVLVWDOHF]XZDüSU]\6WHIDQLH

2SUDFRZDáHPMX ]UHV]W ZVW SQ\]DU\V]PLDQ2F]\ZL FLHRJUDQLF]HQLHSURJUDPX$)QLH

ZFKRG]LZUDFKXE =HVSRá\IRWRV\QWH]\PXV] E\ü]DLQVWDORZDQHL]DGDQLHWRE G]LH

Z\NRQDQHFKRüE\NRV]WHPZV]\VWNLFKSURJUDPyZEDGDZF]\FK:REHFWHJR H QD6WHIDQD

QLHPDFROLF]\üE G PXVLDáVDPSLOQRZDüZV]\VWNLHJR3U]\SHáQ\PLQVWUXNWD X ]=LHPL

QLHSRZLQQRE\ü]UHV]W ZL NV]\FKNáRSRWyZ

0DUVFRUD]EDUG]LHMQDVÄGRJDQLD´&]HUZRQ\*ORE ZLHFLWHUD]EODVNLHPZLHORNURWQLH

VLOQLHMV]\PQL :HQXVZLG]LDQD]=LHPLZQDMGRJRGQLHMV]\PSRáR HQLX

VLHUSQLD±G]LH SRGUy \

6WHIDQMHV]F]H \MH2G]\VNDáQDZHWSU]\WRPQR ü=GDMHVL H ]DF]\QDUR]XPLHüMDN

EDUG]RNU]\ZG]L-RDQQ SRV G]HQLDPL:SRáXGQLHUR]PDZLDáHP

VLHUSQLD±G]LH SRGUy \ 1LHPRJáHPZF]RUDMGRNR F]\üQRWDWHN FL OHM±]DOHGZLH

]DF] áHPSLVDü±ZNDELQLHQDZLJDF\MQHMSRMDZLáVL (PLO]HZVWU] VDM F QRZLQ 2GWHJR

F]\SRWUDILP\VNXWHF]QLHSU]HFLZG]LDáDüQLHEH]SLHF]H VWZX]DOH

QLHW\ONRORV\

HNVSHG\FML

1LHQDOH \ Z\FL JDü]E\WSRFKRSQLHZQLRVNyZ2JUDQLF] VL ZL F W\ONRGRPR OLZLH FLVáHM

UHODFML

VLHUSQLD(PLOSU]HFKRG] F GRáD]LHQNLNRU\WDU]HPRNU Q\PJG]LH]DLQVWDORZDQHV

]HVSRá\DSDUDWXU\$)]DXZD \áZRNLHQNXNRQWUROQ\PMHGQHJR]H]ELRUQLNyZJáyZQ\FK

F]HUZRQDZR yáWDZH ZLDWáR%\áWR]HVSyá,,,-DNZLDGRPRZRGDPD]DEDUZLHQLH

]LHORQNDZHMH OLSURFHVZHJHWDFMLFKORUHOOLSU]HELHJDQRUPDOQLH=DLQWU\JRZDQ\]PLDQ

NRORUXZRG\(PLORWZRU]\áJyUQ NODS ]ELRUQLNDLZyZF]DVSRF]Xá]H]G]LZLHQLHPZR

JQLM F\FKJORQyZ3REUDáZL F SUyEN L QLH]ZáRF]QLHSU]HSURZDG]LáEDGDQLDPLNURVNRSRZH

$OJLE\á\PDUWZH=PLDQDEDUZ\ZVND]\ZDáDQD]DEXU]HQLDZSU]HPLDQLHPDWHULL8

PáRGV]\FKNRPyUHNZ\VW SLá\REMDZ\VNDUáRZDFHQLD

2GWU]HFKPLHVL F\DZL F RGF]DVXSRJRUV]HQLDVL VWDQX]GURZLD6WHIDQDRSLHN QDG

DOJDPLSU]HM á (PLO:FRW\JRGQLRZHMV]F]HJyáRZHMNRQWUROLZV]\VWNLFK]HVSRáyZ

XF]HVWQLF]\áHPUyZQLH MDU]DG]LHM-RDQQD,PXV] WXVWZLHUG]LüNDWHJRU\F]QLH H QLHE\áR

GRW G DGQ\FKQLHSRNRM F\FKR]QDN

6\WXDFMDMHVWQLHáDWZD2]DZLDGRPLHQLX=LHPLQLHPDPRZ\&RQDMZ\ HMXPRZQ\P

]QDNLHPDOHZ WSL DE\FR WRGDáR0XVLP\VDPLVRELHUDG]Lü±LQVWUXNFMD0D\HUOLQFNDE\áD

MHGQR]QDF]QD*G\E\PVL QLH]JRG]LáQDWHQZDUXQHNHNVSHG\FMDZRJyOHQLHGRV]áDE\GR

VNXWNX$ZáD FLZLH±]SHZQR FL E\GRV]áDW\OH H SRSURZDG]LáE\M NWR LQQ\NWRE\QLH

PLDáZ WSOLZR FL

=UHV]W LG]LHWXQLHRZ WSOLZR FLOHF]R ZLDGRPR ü Z\ V]\FKUDFML3URJUDP$)WRFR

ZL FHMQL HNVSHU\PHQWQDXNRZ\1DV]H \FLHMDNRNUyOLNyZGR ZLDGF]DOQ\FKZOLF]RQHMHVW

background image

Z UDFKXQHNVWUDWL]\VNyZOZLVWRFLHMHVWPQLHMZDUWHQL \FLHW\FKFKROHUQ\FKDOJ1LH

PDZW\PVWZLHUG]HQLXZFDOHSU]HVDG\DQLWH JRU\F]\2W\PZLHG]LHOL P\RGVDPHJR

SRF] WNXL]JyU\]JRG]LOL P\VL QDWDN ZáD QLHV\WXDFM :LDGRPRE\áRRGFKZLOLVWDUWX H

]GDQLMHVWH P\W\ONRQDZáDVQHVLá\

1LHFKRG]LWXW\ONRRWR H ZLDGRPR ü RNáRSRWDFK]DOJDPLR]QDF]DáDE\NDWDVWURI GOD

$OJD)RRG&RUSRUDWLRQ-HVWHPSU]HNRQDQ\ H 0H\HUOLQFNPDUDFM ± ZáD QLHRGW\FKDOJRG

QDV]HMV]F]HJyOQHMV\PELR]\]QLPL]DOH \ SU]\V]áR ü Z\ \ZLHQLD ZLDWD%H]WDN

QDPDFDOQHJRGRZRGXMDNVXNFHVQDV]HMHNVSHG\FMLWUXGQRE G]LHSU]HáDPDüQLHXIQR ü

PLOLRQyZJáRGQ\FKOXG]L3RZLHG]LDáHPWRZV]\VWNR(PLORZLLFK\ED]UR]XPLDá

5]HF]MDVQDFKRG]LUyZQLH R QDV]H \FLH1LHZROQRGRSX FLüGRSRZWyU]HQLDVL WHJR

URG]DMXSU]\SDGNyZ3U]HFLH RGSUDZLGáRZHJRSU]HELHJXSURFHVyZIRWRV\QWH]\XW\FK

JORQyZ]DOH \ QLHW\ONRWR±F]\E G]LHP\PLHOLF]\PRGG\FKDüDOHUyZQLH F]\SR \ZLHQLH

QDV]H]DZLHUDüE G]LHZV]\VWNLHQLH]E GQHGR \FLDVNáDGQLNL&KORUHOOHF]HUSL ] ZRG\

UR]SXV]F]RQHZQLHMVROHPLQHUDOQHGZXWOHQHNZ JODLD]RW$]RWVROHPLQHUDOQHLZRG

Z\GRE\ZDP\]IHNDOLyZ'ZXWOHQHNZ JODZ\G\FKDM QLHXVWDQQLHQDV]HSáXFD=WHM

SR \ZNLSRGZSá\ZHP ZLDWáDJORQ\Z\WZDU]DM WOHQDMHGQRF]H QLHJURPDG] Z VZ\FK

NRPyUNDFKWDNFHQQHSURGXNW\RUJDQLF]QHMDNVNUREL WáXV]F]HELDáNDDQDZHWZLWDPLQ\L

KRUPRQ\7HQVWDá\RELHJQLHNWyU\FKSLHUZLDVWNyZZPLNURSU]\URG]LHQDV]HJRVWDWNXPXVL

E\üXWU]\PDQ\]DZV]HON FHQ 1LHPDGODQDVDOWHUQDW\Z\'\VSRQXMHP\W\ONR

QLHZLHONLPLUH]HUZRZ\PL]DSDVDPLWOHQXL \ZQR FLNWyUHZ\VWDUF] ]DOHGZLHQDNLOND

W\JRGQLQLH]E GQ\FKGR]DLQVWDORZDQLDED]\LJORQyZQDSRZLHU]FKQL0DUVD

:áD QLHIDNW H QLH]DEUDOL P\ DGQ\FKZL NV]\FKUH]HUZPDVWDQRZLüRF]\ZLVW\GRZyG

QLH]DZRGQR FLDSDUDWXU\$)FRMHVWSU]HFLH MHGQ\P]NRURQQ\FKV]HURNR

UR]SURSDJRZDQ\FKDUJXPHQWyZQDU]HF]Z\VXQL WHJRLILQDQVRZDQHJRSU]H]$)&SURJUDPX

SRZV]HFKQHMUHZROXFML \ZQR FLRZHM&KRG]LSU]HFLH R XGRZRGQLHQLHRZ\ND]DQLHZ

VSRVyEMDNQDMEDUG]LHM]UR]XPLDá\GODND GHJR H DOJLPRJ Z SHáQL]DVW SLüWUDG\F\MQH

SR \ZLHQLH2GVWDUWXGRSRZURWXQD=LHPL PLQLHSU]HFLH GZDODWDLGZLH FLHF]WHUG]LH FL

GQL

1LFG]LZQHJR H ZW\FKZDUXQNDFKQDMPQLHMV]H]DNáyFHQLHZHJHWDFMLDOJZ\PDJD

QDMEDF]QLHMV]HMXZDJLLPXVLZ]EXG]LüQLHSRNyM&y GRSLHURJG\]QLHZ\MD QLRQ\FK

SU]\F]\QJLQLHFDáDNXOWXUDJORQyZ"7RMX QLHV\JQDáRVWU]HJDZF]\±WRDODUP

(PLO]DNOLQDVL H VLHUSQLDNLHG\VSUDZG]DáG]LDáDQLHSRGDMQLNyZSR \ZNLLUR]S\ODF]\

GZXWOHQNXZ JODZ DGQ\P]H]ELRUQLNyZQLHGRVWU]HJá]PLDQ-DUyZQLH MHVWHPSHZQ\

H SL ü GQLWHPXZV]\VWNRE\áRZSRU] GNX6DP]UHV]W NRQWURORZDáHPZáD QLH]HVSyá

,,,

: UDFKXE PR H ZFKRG]LüW\ONRMHGQR±]DWUXFLHMDNL URGHNG]LDáDM F\]DEyMF]RQD

FKORUHOOHPXVLDáGRVWDüVL GRDSDUDWXU\

(PLO]DUD]SRVWZLHUG]HQLX H JORQ\Z\JLQ á\SU]HSURZDG]LáDQDOL] ZRG\:\QLNE\á

]DVNDNXM F\ DGQ\FK]QDQ\FKUR OLQREyMF]\FK URGNyZFKHPLF]Q\FKQLHVWZLHUG]Lá

=DZLHUDáDRQDMHG\QLHWRQDUJDOZVWDQLH]QDF]QHJRUR]FLH F]HQLD-DNZLDGRPRWRQDUJDO

MHVW URGNLHPSV\FKRWURSRZ\P±XVSRNDMDM F\PNRM F\PEyOHG]LDáDM F\PGRGDWQLRQD

VDPRSRF]XFLH

8 \ZDJRRVWDWQLR6WHIDQZ]QDF]Q\FKLOR FLDFKF]DVDPL*DEULHO1LNWQLHSU]\SXV]F]Dá

DE\VSHF\ILNWHQPyJáG]LDáDüQLV]F] FRQDDOJL

,VWQLHM W\ONRWU]\GURJLNWyU\PLWUXFL]QDPRJáDVL GRVWDüGR]ELRUQLNDDOEREH]SR UHGQLR

SU]H]RWZyUNRQWUROQRURERF]\SU]\VHSDUDWRU]HZLUyZNRZ\PDOERSU]H]SU]HZRG\

SRGDMQLNDZUD]]ZRG L SR \ZN OXEWH SU]HZRGHPJD]RZ\PSU]H]UR]S\ODF]

3U]HZRG\UR]S\ODF]D]EDGDá(PLOZUD]]HPQ 6 ]XSHáQLHVXFKHLF]\VWH-H OLW G\ZODQR

E\WRQDUJDOFKRüE\SU]HGPLHVL FHPQDSHZQR]QDOH OLE\ P\MDNL ODG3RFy E\

]UHV]W JRZOHZDQR"

0R OLZR ü GRVWDQLDVL WUXM FHMGODDOJVXEVWDQFMLZUD]]SR \ZN L ZRG UyZQLH PXVLHOL P\

RGU]XFLü3R \ZN RWU]\PXMHP\]Z\GDOLQSRSU]HM FLXLFKSU]H]V]HUHJSRFKáDQLDF]\L

background image

ILOWUyZZNWyU\FKWRQDUJDOSRZLQLHQE\üUR]áR RQ\LSRFKáRQL W\5yZQLH ZRGD

UHJHQHURZDQDMHVWFKHPLF]QLH&RSUDZGDQDSRF] WNXSRGUy \ PLHOL P\]W F] FL

DSDUDWXU\QLHFRNáRSRWXW\PUD]HPMHGQDNPR OLZR ü ]DQLHF]\V]F]HQLDOXEXV]NRG]HQLD

SRFKáDQLDF]\LILOWUyZPXVLP\Z\NOXF]\ü3UDFXM RQHá F]QLHGODWU]HFK]ELRUQLNyZMH OLE\

ZL F WUXFL]QDSU]HGRVWDáDVL SU]\SDGNRZR]SU]HZRGyZNDQDOL]DF\MQ\FK±]DWUXFLX

PXVLDá\E\XOHFRGUD]XWU]\NXOWXU\DOJ7\PF]DVHPSU]HMU]HOL P\GRNáDGQLHSR]RVWDáH

MHGHQD FLH]ELRUQLNyZJáyZQ\FKLQLJG]LHQLH]QDOH OL P\ DGQ\FK ODGyZREXPLHUDQLD

JORQyZ

: WHMFKZLOL(PLOSU]HSURZDG]DMHV]F]HGODSHZQR FLDQDOL] ZRG\]HZV]\VWNLFK]HVSRáyZ

=GRE G]LHP\ZL F QLH]ELW\GRZyGF]\WUXFL]QDSU]HGRVWDáDVL GR]ELRUQLNDZUD]]SR \ZN

F]\WH LQQ GURJ &KFLHOLE\ P\XQLNQ ü VNRPSOLNRZDQ\FK]DELHJyZSU]\UR]PRQWRZ\ZDQLX

SRFKáDQLDF]\LILOWUyZ

&KRG]LWXRF]\ZL FLHW\ONRR]GRE\FLHSHZQR FLJG\ Z ]DVDG]LHWDGURJDZ\GDMHVL

EDUG]RPDáRSUDZGRSRGREQD

3R]RVWDáDRWZDUWDVSUDZDSU]HQLNQL FLDWRQDUJDOXGURJ ]HZQ WU]Q SU]H]RWZyUNRQWUROQR

URERF]\QLHPDO]DZV]H]DPNQL W\NODS :WDNLPSU]\SDGNXWU]HEDE\FK\ED]DáR \ü H

WUXFL]QDGRVWDáDVL GR]ELRUQLNDQLHSU]\SDGNRZR(PLOMHVW]GDQLD H QDOH \ ]DFKRZDü

FLVá G\VNUHFM FRZ\GDMHVL SU]HVDG 7U]HEDFK\EDSRZLDGRPLü6WHIDQD3U]HFLH RQWX

MHVWIDFKRZFHP±ZVSyáNRQVWUXNWRUHPDSDUDWXU\$)LVSHFMDOLVW RGJORQyZ

2VWDWHF]QLHPR QDMHV]F]HSRF]HNDüGRMXWUDQDZ\QLNLDQDOL]

VLHUSQLD±G]LH SRGUy \

:\QLNLDQDOL]SU]HSURZDG]RQ\FKSU]H](PLODZ\SDGá\XMHPQLH=QDOD]áRQFRSUDZGDZ

WU]HFKF]\F]WHUHFK]ELRUQLNDFK ODG\WRQDUJDOXD FL OHM±QLHNWyU\FKMHJRIUDNFMLDOH ODG\

V WDNQLH]QDF]QH H QLHPRJ POHü DGQHJRZSá\ZXQDZHJHWDFM DOJ3UDZGRSRGREQLH

ILOWU\VWDOHSU]HSXV]F]DM Z QLH]QDF]Q\FKLOR FLDFKQLHNWyUHVNáDGQLNLSá\QyZZ\OHZDQ\FKGR

XU] G]H NDQDOL]DF\MQ\FKQDSU]\NáDG]ODERUDWRULXP

-HGQRF]H QLH(PLOSU]HSURZDG]LáLQQHGHF\GXM FHGR ZLDGF]HQLHZGZyFKLGHQW\F]Q\FK

VáRMDFK]DáR \áPLQLDWXURZHNXOWXU\DOJ-HGHQVáyMZ\SHáQLáSá\QHPSR]RVWDá\PSR]DWUXWHM

KRGRZOLGUXJL±UR]WZRUHPWRQDUJDOXSREUDQHJR]QRZHJRIODNRQX

: SLHUZV]\PVáRMXJORQ\]JLQ á\ZFL JXNLONXJRG]LQ:GUXJLPMX WHUD]ZLGDüZ\UD QLH

H FDáDNXOWXUDGRUDQDE G]LHPDUWZD

0R HP\ZL F ]FDáNRZLW SHZQR FL X]QDü]DXGRZRGQLRQH H WRQDUJDO]DELMDFKORUHOOH

RUD]WR H GRVWDáVL RQGR,,,]ELRUQLNDEH]SR UHGQLR]]HZQ WU]

=DF]\QDPWHUD]UR]XPLHüGODF]HJR(PLOSURVLáPQLHDE\PVWDUDáVL ]DFKRZDüFDá VSUDZ

Z WDMHPQLF\SU]HGLQQ\PLNROHJDPL

$OJL]RVWDá\]DWUXWH.WRWR]URELá",GODF]HJR"1DQDVGZyFKVSDGDRERZL ]HNZ\MD QLHQLD

]DJDGNLLWRMDNQDMSU G]HM0DPMX ]UHV]W SHZQHSRGHMU]HQLD

6WHIDQF]XMHVL WURFK OHSLHM=DF]\QDQDZHWVLDGDü

VLHUSQLD±G]LH SRGUy \

3RGHMU]HQLDPRMH]QDOD]á\SRWZLHUG]HQLH1LHXOHJDMX FK\EDZ WSOLZR FLNWRZSURZDG]Lá

WRQDUJDOGR]HVSRáX,,,=URELáWR6WHIDQ(PLOZ\ OHG]LáQDZHWNLHG\WRQDVW SLáR

VLHUSQLD:yZF]DVJG\SRV]HGáVDPGRáD]LHQNL$E\WDPGRM üWU]HEDSU]HFLH SU]HM ü W

F] ü NRU\WDU]DRNU QHJRZNWyUHM]QDMGXM VL ]HVSRá\,9,1LFáDWZLHMV]HJRMDNRGVXQ ü

NODS L ZODüWUXFL]Q

3U]\SXV]F]DP H (PLORGUD]XSRGHMU]HZDá6WHIDQDERMDNR EDUG]RSHZQLHV]HGáSR

ODGDFK

1LHG]LZL VL PX*G\SU]HMU]DáHPQRWDWNL]RVWDWQLFKGQLLGODPQLHZV]\VWNRQDEUDáR

MDVQR FL

(PLOSDPL WDá H Z URG SU]\QLyVá6WHIDQRZLQRZ\IODNRQWRQDUJDOX%XWHONDVWDáDQD

VWROLNXRERNNRLMHV]F]HZF]DVLHZLHF]RUQHMVSU]HF]NL3y QLHM]QLNQ áD(PLO]QDOD]áM Z

áD]LHQFHZV]DIFHSRGXP\ZDOQL )ODNRQE\áSXVW\1LHPyZL F RW\PQLNRPXQDZHWPQLH

]DS\WDá6WHIDQDF]\PDMHV]F]HWRQDUJDO6WHIDQZ\UD QLHVL ]PLHV]Dá

± -HV]F]HPDP±RGEXUNQ á SRFKZLOL±=UHV]W F]XM VL GREU]HLQLHSRWU]HEXM

DGQ\FK

background image

OHNDUVWZ

(PLO]ZUyFLáVL ZyZF]DVGR-RDQQ\

± &]\6WHIDQEUDáG]L WRQDUJDO"

-RDQQD]DSU]HF]\áDUXFKHPJáRZ\L]GDMHVL FKFLDáDMHV]F]HFR RGSRZLHG]LHüDOH6WHIDQ

QLHGDáMHMSU]\M ü GRVáRZD

± % G EUDáOHNDUVWZDZWHG\NLHG\]HFKF &y WR]DNRQWUROD"1LHGDPVL Z\NR F]\ü

(PLOQLH]DUHDJRZDáMHGQDNQD]DF]HSN

± .RQWURODMHVWPRLPRERZL ]NLHP±RGSDUáVSRNRMQLH±2ERZL ]NLHPFKRU\FKMHVWVáXFKDü

OHNDU]\$MH OLFKRG]LRWRF]\E G]LHV]EUDáOHNDUVWZDWRF]DVDPLWU]HEDOHF]\üFKRU\FK

ZEUHZLFKZROL

=DQLP6WHIDQ]G \áFR RGSRZLHG]LHü(PLORWZRU]\áV]DIN SRGQRFQ\PVWROLNLHP6WDáR

WDPNLONDEXWHOHNSROHNDUVWZDFKZW\PWU]\SRWRQDUJDOX2F]\ZL FLHE\á\WRVWDUHSXVWH

EXWHONL

± *G]LHWRQDUJDO"±]DS\WDá(PLO

± 1LHE G SLáWHJR ZL VWZD±RGSRZLHG]LDá6WHIDQ

± *G]LHMHVWIODNRQNWyU\FLGDáHPGZXG]LHVWHJRF]ZDUWHJRVLHUSQLD"

± 1LHZLHP±6WHIDQZ]UXV]\áUDPLRQDPL±-RDQQD]DEUDáD

± 1LHEUDáDP±]DSU]HF]\áD-RDQQD

± :LGRF]QLHZ\SLáHP'DMPLVSRNyM±Z\UD QLHFKFLDáXQLNQ ü UR]PRZ\QDWHQWHPDW

(PLOSRVWDQRZLáMHGQDNSU]\FLVQ ü JRGRPXUX

± 7\ WHJRWRQDUJDOXQLHZ\SLá±SRZLHG]LDáVSRNRMQLHDOHVWDQRZF]R

± 7DN1LHSLáHP±SRWZLHUG]Lá]QLHQDZL FL

± 7\ Z\ODá"±SU]\JZR G]LáJR(PLO±7\ ZODáJRGR

6WHIDQXQLyVáVL QDSRVáDQLXLZ\U]XFLáRFKU\SOH]VLHELH

± $ZL F ZLHV]"

± :LHP±RGU]HNá(PLOLZ\V]HGá]NDELQ\

± &RWRZV]\VWNR]QDF]\"±]DS\WDáDZyZF]DV-RDQQD±'ODF]HJRZ\ODáH WRQDUJDO"

6WHIDQMHGQDNQLFQLHRGSRZLHG]LDá2SDGá]SRZURWHPQDSRGXV]NLLSDWU]\áSRQXURZVXILW

3RV]HGáHPV]XNDü(PLOD=DVWDáHPJRZODERUDWRULXPSU]\VáRLNDFK]DOJDPL5yZQLH Z

GUXJLPVáRMXJORQ\]PLHQLá\EDUZ

(PLOSRZLHG]LDáPLR]QDOH]LHQLXSXVWHMEXWHONLZáD]LHQFH0LDáSRF] WNRZRQDG]LHM H

]DWUXFLH]RVWDáRVSRZRGRZDQHSU]\SDGNRZR7HUD]MHGQDN]HVáyZ6WHIDQDZ\QLNDáR H

G]LDáDá ZLDGRPLH

'ODF]HJR"&]\PVL NLHURZDáQLV]F] F KRGRZO " &]\ E\FKFLDá PLHUFLZV]\VWNLFK"

1LHPDFK\EDLQQHJRZ\WáXPDF]HQLDMDNREá G:LGRF]QLHUyZQLH Py]J]RVWDá

]DDWDNRZDQ\

:V]\VWNRWREDUG]RNRPSOLNXMHV\WXDFM -DNMX ZVSRPQLDáHPSRSU]HGQLR±QLHPDP\

JG]LHL]RORZDü6WHIDQD$SU]HFLH Z REHFQ\FKZDUXQNDFKVWDQMHJR]DJUD D \FLXQDV

ZV]\VWNLFK1LHPyZL MX R W\P H PR H GRVWDüV]DáXZQRF\LSRGHU Q ü QDPJDUGáDDOER

SRUR]ELMDüJáRZ\MDNLP PHWDORZ\PSU WHP0R H RQSU]HFLH ]DWUXüQLHW\ONRZV]\VWNLH

DOJLDOHUyZQLH ZSURZDG]LüMDN

WUXFL]Q GRSU]HZRGyZZRGQ\FKXV]NRG]LüXU] G]HQLD

HQHUJHW\F]QHQDZLJDF\MQHEDQDZHWZ\ZRáDüHNVSOR]M ]ELRUQLNyZ]SDOLZHP

2GG]LVLHMV]HJRGQLDWU]HEDVWDOHG\ XURZDüSU]\PP±ZG]LH L ZQRF\0XVLP\WRURELü

QD]PLDQ ] (PLOHPJG\ SRVWDQRZLáHP]DFKRZDüFDá VSUDZ Z WDMHPQLF\%\üPR H

6WHIDQG]LDáDá]SROHFHQLDMDNLFK ZURJyZ$)&:W\PFHOXZ\VWDUF]\áRE\]DWUXüSDU NDORQLL

0R H OLF]\ H NWR QLHZ\WU]\PDQHUZRZRL]DDODUPXMH=LHPL " $OER]URELWRVDP&RPDZ

REHFQHMV\WXDFMLGRVWUDFHQLD"

3RG]LZLDPGDOHNRZ]URF]QR ü 0D\HUOLQFND'ODSHZQR FLZ\PRQWXM QLHNWyUHHOHPHQW\

QDGDMQLNyZ0RJ MHQRVLüSU]\VRELHL]DNáDGDüW\ONRZF]DVLHVHDQVyZá F]QR FL

2F]\ZL FLHQDGDOSU]HND]XM QD=LHPL LQIRUPDFMH H ÄZV]\VWNLHXU] G]HQLDSRNáDGRZH

VWDWNX©$PDU\OLVªSUDFXM QRUPDOQLH´0D\HUOLQFNPR H E\üVSRNRMQ\

VLHUSQLD±G]LH SRGUy \

:LG] H FRUD]ZL FHMF]DVX]DMPXMHPLSDPL WQLNOHF]]DF]\QDPWUDNWRZDüSLVDQLHMDN

background image

RERZL ]HN:DUWRWH VWDOHPLHüZSRJRWRZLXWD P 1DJU\ZDQLHXáDWZLDSy QLHMDQDOL]

IDNWyZ

6WDQSV\FKLF]Q\6WHIDQDMHVWEDUG]LHMVNRPSOLNRZDQ\QL P\ ODáHP7RQLHE\áVDERWD ]

SROHFHQLDMDNLHM ZURJLHM$)&NRUSRUDFML6WHIDQQLHQDZLG]L(PLODLWDQLHQDZL ü VWDQRZL

JáyZQ\PRW\ZMHJRG]LDáDQLDZVWDQLHREá GX:W\FKZDUXQNDFKQLHV G] DE\QDOH DáR

XNU\ZDüSU]HGQLPL ZLHP\FR]URELá

1LHPQLHMSRSHáQLOL P\Eá G WDNW\F]Q\(PLOFKFLDá]EDGDüMDNLHMHVWSRGáR H SV\FKR]\

6WHIDQD±F]\LVWRWQLHFKRG]LRQRZRWZyUPy]JXF]\WH Z\VW SXM WXMDNLH LQQHSU]\F]\Q\

]DEXU]H NWyUHPR QDE\HZHQWXDOQLHXVXQ üDSU]\QDMPQLHM]áDJRG]LüLFKG]LDáDQLH

7U]HEDE\áRMHGQDNSU]HNRQDü6WHIDQD HE\VL ]JRG]LáQDSU]H ZLHWOHQLHJáRZ\(PLO

SRVWDQRZLáSU]HSURZDG]LüZVW SQ UR]PRZ EH] ZLDGNyZLSU]\RND]MLZ\EDGDüGODF]HJR

6WHIDQ]DWUXáDOJL:W\PFHOX]DEUDáHPGRNDELQ\QDZLJDF\MQHM*DEULHOD0LU L -RDQQ GOD

RPyZLHQLDSU]\JRWRZD GRO GRZDQLDQD0DUVLHD(PLOSR]RVWDáVDP]H6WHIDQHP

5R]PRZDWUZDáDW\ONRG]LHVL ü PLQXWLPLDáDEDUG]RGUDPDW\F]Q\SU]HELHJ3RGDM M ZHGáXJ

]DSLVXJG\ SROHFLáHP(PLORZLDE\QDJUDáUR]PRZ QDWD P PDJQHWRIRQRZ

(0,/-DNVL F]XMHV]"

67()$1PLOF]\

(0,/=QyZP F] FL EyOHJáRZ\"

67()$1'DMPLVSRNyM

(0,/&KFLDáE\PVL FLHELHSRUDG]LüZSHZQHMVSUDZLH&KRG]LRDOJL

67()$1PLOF]\FKZLO SRWHPPyZL]P F]RQ\PJáRVHP1RZL F"6áXFKDP

(0,/:MHGQ\P]H]ELRUQLNyZJáyZQ\FKZÄWUyMFH´QLHNR F]\FKZLODPLOF]HQLD

67()$11RLFR]W\P]ELRUQLNLHP"

(0,/]ZDKDQLHP:RGD]PLHQLáDNRORU] yáNáD

67()$17RQLHGREU]H6SUDZG G]LDáDQLHSRPS\0R H ]DGX R QDJURPDG]LáRVL JQLM F\FK

UHV]WHN"

(0,/&]\QLHV G]LV] H WRPR H E\üWRQDUJDO"

67()$1JáRVHP]PLHQLRQ\PWURFK GU F\P7RQDUJDO"&RW\SOHFLHV]"6N G WRQDUJDO"

(0,/3U]HFLH W\VDPZODáH WRQDUJDOXGRRWZRUXSU]\VHSHUDWRU]HWU]HFLPGáXJD

FKZLODPLOF]HQLD

67()$1&]\ W\F]DVHPQLH]ZDULRZDá"&RW\FKFHV]PLZPyZLü"

(0,/1LFFLQLHFKF ZPyZLü:L F W\QLHZOHZDáH WRQDUJDOXGR]HVSRáXWU]HFLHJR"

67()$13RFRPLDáE\PZOHZDü"

(0,/3U]HFLH ZLHV] H WRQDUJDO]DELMDDOJL

67()$1=DELMDDOJL"1RQVHQV

(0,/Z\UD QLHZ\WU FRQ\]UyZQRZDJL6SUDZG]LáHPGR ZLDGF]DOQLH3U]HFLH VDP

PyZLáH UDQR H Z\ODáH WRQDUJDO7HQNWyU\FLGDáHPGZXG]LHVWHJRF]ZDUWHJRVLHUSQLD

67()$1Z\EXFKDQDJOHKLVWHU\F]Q\P PLHFKHP$ZL F MHGQDNE\áDWRWUXFL]QD$"

:L F QLHP\OLáHPVL 7UXFL]QD&]XáHPGREU]H H FKFHV]PQLHRWUXü$MX UDQR

]DF]\QDáHPZ WSLü7DN]U F]QLHVL PDVNRZDáH +LHQD+LHQD:V]\VF\MHVWH FLHKLHQ\

&R]DSRWZRU\&]HJRFKFHV]RGHPQLH"&]HJR"1LHGR ü FL H FKFHV]]DEUDüPL-RDQQ "

-HV]F]HSU]\V]HGáH WX HE\PQLH]DPRUGRZDü-RDQQD-RDQQDZRáDQDFDáHJDUGáR

1LHPDMHM-HVWH FLHZ]PRZLH1DSHZQR*DEULHO1DSRPRF

(0,/8VSRNyMVL 1LNWQLHFKFHFL ]DELMDü

67()$1JáRVHPSHáQ\PSU]HUD HQLD3UHF]3UHF]

(0,/-H OLQLHPDV]GRPQLH]DXIDQLD±MX RGFKRG] &]\SU]\VáDüFL-RDQQ "

67()$13UHF]3UHF]*DEULHO*DEULHO

1DW\PXU\ZDVL QDJUDQLH

1LHXOHJDZ WSOLZR FL H (PLO±FKRüMHVWQLH]á\POHNDU]HP±QLHPD DGQHMSUDNW\NLZ

G]LHG]LQLHSV\FKLDWULL3U]HFLH RQSRSURVWXUR]MXV]\á6WHIDQD

-HG\Q NRU]\ FL MDN PR QDZ\FL JQ ü ]WHMQLHIRUWXQQHMUR]PRZ\MHVWVWZLHUG]HQLH H

background image

6WHIDQPXVLDá]DWUXüFKORUHOOHZVWDQLH]QDF]QHJR]DüPLHQLD ZLDGRPR FL:\UD QLH

]D]QDF]DVL X QLHJR]DQLNZVSRPQLHQLDWHMFKZLOL-HGQRF]H QLHSDPL WDRW\P H QLH

Z\SLáW\ONRZ\ODáWRQDUJDOELRU F JR]DWUXFL]Q VSRU] G]RQ SU]H](PLOD

6WHIDQXVSRNRLáVL GR ü V]\ENRSRDWDNX2 ZLDGF]\áW\ONRSU]H]*DEULHOD H QLHFKFH]

QLNLPSR]DQLPUR]PDZLDü=GDMHVL SRZLHG]LDáPXQDZHW H SRV G]DQDVZV]\VWNLFKR

]áH]DPLDU\1DZHW0LU *DEULHOGRGDá H ±MHJR]GDQLHP]H6WHIDQHPMHVWEDUG]RNLHSVNR

ERPDMDF]\R]DWUXZDQLXDOJSU]H](PLODL-RDQQ

3RZLHG]LDáHPPXDE\F]XZDáQDG6WHIDQHPERPR H GRM ü GRDWDNXV]DáX

:LHF]RUHPQDUDG]DOL P\VL GáXJR](PLOHPFRURELü2Eá G 6WHIDQDPR H PLHüGZLH

Uy QHSU]\F]\Q\MH OLMHVWWRSU]HU]XWGRPy]JX±QLHPD DGQ\FKVSRVREyZDE\]DSRELHF

UR]ZLMDQLXVL FKRURE\0R QDW\ONRVWRVRZDü URGNLXVSDNDMDM FH2SHUDFMDMHVW]E\W

VNRPSOLNRZDQD]UHV]W L WDN6WHIDQQLHSR \MHGáX HMQL PLHVL F

'UXJ PQLHMSUDZGRSRGREQ SU]\F]\Q ± ]GDQLHP(PLOD±E\áDE\MDND QLH]QDQDFKRURED

ZLUXVRZD2GF]\WDáPL]MDNLHJR SRGU F]QLNDPHG\F\Q\NRVPLF]QHM]GDMHVL 1RZRURZD

GR ü LQWHUHVXM F\SU]\SDGHN]DEXU]H SV\FKLF]Q\FKXMHGQHJR]F]áRQNyZ]DáRJL,6à

Ä&LRáNRZVNL´3UDFXM F\QDW\PV]WXF]Q\PVDWHOLFLH.VL \FDWU]\G]LHVWRV]H FLROHWQL

LQ \QLHUNRQVHUZDWRU:áRG]LPLHU] ]DSDGáQDFKRURE SV\FKLF]Q REMDZLDM F VL GDOHNR

SRVXQL W\PUR]V]F]HSLHQLHPRVRERZR FL%\áWRF]áRZLHNVSRNRMQ\VNURPQ\V]F]HU\ZREHF

WRZDU]\V]\PR H WURFK QHUZRZ\DOHQLHZ WSOLZLHáDJRGQHJRXVSRVRELHQLD:PLHVL F SR

SU]\E\FLXQD,6àSRF] á VL VNDU \üQDXSRUF]\ZLHSRZWDU]DM FHVL FKRüNUyWNRWUZDáHEyOH

JáRZ\:NUyWFHZ\VW SLá\VWDQ\SRGQLHFHQLDSRZL ]DQH]XURMHQLDPL:\REUD DáVRELH H

MHVWJHQLDOQ\PXF]RQ\PNWyUHJRW\ONRLQWU\JLNROHJyZ]PXVLá\GRSHáQLHQLDIXQNFML

LQ \QLHUDNRQVHUZDWRUD+DOXF\QDFMLDQLREMDZyZRW SLHQLDQLHE\áR3R]DRNUHVDPL

]DEXU]H SV\FKLF]Q\FKLQ \QLHU F]XáVL GREU]HLQLHSDPL WDá]XSHáQLHWHJRFRSU]H \ZDá

Z VWDQDFKDQRUPDOQ\FK%DGDQLDQHXURORJLF]QH]PLDQIL]\F]Q\FKQLHZ\ND]Dá\

3RF] WNRZR]DEXU]HQLDWHQLFE\á\GRVWU]HJDOQHGODRWRF]HQLD7UZDá\EDUG]RNUyWNR

QDMZ\ HMNLONDNLONDQD FLHPLQXWDFKRU\QLHUR]JáDV]Dá H MHVWÄJHQLDOQ\PXF]RQ\P´

JG\ FKFLDá]P\OLüF]XMQR ü ÄLQWU\JDQWyZ´:NUyWFHMHGQDNGRWHJRXURMHQLDGRá F]\áRVL

JUR QLHMV]H

Z FKZLODFK]DEXU]H SV\FKLF]Q\FKSRF] á SRV G]DüVZ\FKWRZDU]\V]\ H XNUDGOL

MHJRÄJHQLDOQHRGNU\FLH´LQDW\PWOH]URG]LáDVL FK ü ]HPVW\&LHNDZH H QDZHWVLHELH

VDPHJRSRF] á WUDNWRZDüMDNRGZLHUy QHRVRE\6LHELHXWR VDPLDá]ÄXF]RQ\P´]D

LQ \QLHUDNRQVHUZDWRUD]REF\PF]áRZLHNLHPNWyUHJRURO ]PXV]RQ\MHVWJUDü0RJáRWR

VNR F]\üVL EDUG]RWUDJLF]QLHJG\ LQ \QLHUPLDáGRVW S GRZV]\VWNLFKXU] G]H VDWHOLW\

DOHQDV]F] FLHRNUHV\]DEXU]H SV\FKLF]Q\FKSRF] á\VL Z\GáX DüLNROHG]\DSU]HGH

ZV]\VWNLPOHNDU]SRNáDGRZ\V]\ENR]DXZD \OL H QLHMHVWQRUPDOQ\

,Q \QLHU SRNLONXPLHVL F]QHMNXUDFMLZ,QVW\WXFLHLP3DZáRZDZUyFLáGR]GURZLD2ND]DáR

VL H ]DEXU]HQLDSV\FKLF]QHZ\ZRáDQHE\á\SU]H]ZLUXV\QLH]QDQHGRW G EDNWHULRORJRP

NWyUHSRZVWDá\GURJ PXWDF\MQHJRSU]HREUD HQLDVL ]QDQHJRZLUXVDJU\S\SRGZSá\ZHP

SURPLHQLRZDQLDNRVPLF]QHJR

: SU]\SDGNX6WHIDQDPRJáDUyZQLH SRZVWDüMDND V]F]HJyOQLHMDGRZLWDPXWDFMDZLUXVyZ

=ZD \ZV]\ H QLHNWyUHZLUXV\SRZRGXM SU]HREUD HQLHVL WNDQNL]GURZHMZUDNRZDW

QLHMHVWZ\NOXF]RQHZVSyOQH UyGáRREXFKRUyE&RSUDZGD(PLOQLHRGNU\áGRW G ZLUXVyZ

Z SREUDQ\FKRG6WHIDQDSUyENDFKWNDQNLQRZRWZRURZHM-HGQDNQLHZROQR]DSRPLQDü H

MDNL ZUyJ$)&ÄZSDNRZDá´QDPPLNURVNRSHOHNWURQRZ\]WUXGQ\PGRXVXQL FLDEá GHP

NRQVWUXNF\MQ\PLZLUXVyZPQLHMV]\FKRGVWXPLOLPLNURQyZQLHSRWUDILP\GRVWU]HF

-X PLQ áDWU]HFLD3U]HU\ZDPSLVDQLH0XV] ERZLHP]DVW SLü(PLOD

-HV]F]HMHGQR0LUDG]L ZLHF]RUHPEDUG]RLQWHUHVRZDáDVL ]GURZLHP6WHIDQD:VSRPQLDáD

WH R WRQDUJDOX3\WDáDGODF]HJR6WHIDQJRQLHELHU]H=GDMHVL ± SRGHMU]HZD

ZU]H QLD±G]LH SRGUy \

6WDáRVL 6WHIDQQLH \MH7RVWUDV]QHDMHGQDNZ\GDMHPLVL H RGG\FKDPVZRERGQLHM

2GF]XZDPRJURPQ\ DO H QLHPDMX PL G]\QDPL6WHIDQDLMHGQRF]H QLHMDNE\XOJ H

MX ZUHV]FLHVNR F]\áDVL WDJHKHQQD

background image

2NROLF]QR FLZMDNLFKQDVW SLáD PLHUü6WHIDQDSRWZLHUG]DM UD]MHV]F]H H WRRQ]DWUXá

DOJL7DPWHMQRF\(PLOF]XZDá]JRGQLH]PRLPSROHFHQLHPF]HNDM F D JR]DVW SL 6WHIDQ

QLHVSDáUyZQLH - F]DáSRVW NLZDáSU]HZUDFDáVL QDSRVáDQLX/HF]JG\(PLOFKFLDáPXFR

SU]\QLH ü QDX PLHU]HQLHEyOXQDZHWVL QLHRGH]ZDáLXGDá H SL2EVHUZRZDáMHGQDN

(PLODVSRGZSyáSU]\PNQL W\FKSRZLHN

7NQL W\MDNLP SU]HF]XFLHP(PLOSRF] á UyZQLH XGDZDü H ]DVQ á:WHG\6WHIDQ]WUXGHP

ZVWDáLF]HSLDM F VL XFKZ\WyZGRWDUáGRGUDELQ\:LGDüE\áRZ\UD QLH H F]\QLQDGOXG]NL

Z\VLáHNE\QLHXSD ü LQLH]EXG]Lü SL F\FK*G\]V]HGáQDGyá(PLOZVWDá]NRLLSRF] á

REVHUZRZDüG\VNUHWQLHSU]H]ZáD]FRG]LHMHVL Z NRU\WDU]XRNU Q\P

7\PF]DVHP6WHIDQGRZOyNáVL GR]ELRUQLND,,,&KZLO ]DJO GDáSU]H]RNLHQNRNRQWUROQH

OHF]ZLGRF]QLH]URELáRPXVL VáDERERXVLDGáQDSRGáRG]HLRSDUáV]\JáRZ R FLDQ RGG\FKDá

FL NR7DNXSá\Q áRFK\ED]G]LHVL ü PLQXW:UHV]FLH]QyZVSUyERZDáZVWDü1LHVWDUF]\áR

PXVLáLQLHPDOQDF]ZRUDNDFKGREUQ á GRSRFKáDQLDF]\2GVXQ á NODS L SRF] á PDQLSXORZDü

ZHZQ WU]XDSDUDWXU\

(PLOZyZF]DV]GDáVRELHVSUDZ H QLHPR H F]HNDüD 6WHIDQVSRZRGXMHMDNLH ZL NV]H

XV]NRG]HQLH3RF] á ZL F VFKRG]LüZGyáSRGUDELQLH*G\6WHIDQXVá\V]Dá H NWR LG]LH

RGVNRF]\áJZDáWRZQLHRGV]DI\]SRFKáDQLDF]DPL&KFLDáZVWDüOHF]VSRVWU]HJáV]\(PLOD]

RNU]\NLHPSU]HUD HQLDUXQ á ]SRZURWHPQDSRGáRJ =XVWU]XFLáDPXVL F]DUQDFXFKQ FD

NUHZ

(PLOSUyERZDáJRUDWRZDüDOHWRE\áMX NRQLHF:áD QLHZWHG\MDVL ]MDZLáHPJG\

V]HGáHP]ZROQLü(PLOD]G\ XUX:HGZyFKSU]HQLH OL P\6WHIDQD]SRZURWHPQDJyU

%HáNRWDáFR F]HJRQLHPR QDE\áR]UR]XPLHüERQLHXVWDQQLHGáDZLáVL NUZL =PLHQLáDRQD

MX NRORU±VWDáDVL MDVQDLQLHZ\GDZDáDMX WDNQLHSU]\MHPQHJR]DSDFKX

6SR UyGEHáNRWXXGDáRPLVL Z\áRZLüW\ONRGZDVáRZDSRZWyU]RQH]UHV]W SDU UD]\

± 1LHMD1LHMD1LHMD3U]HGVDP

PLHUFL RG]\VNDáSU]\WRPQR ü&KZ\FLáNXUF]RZR

GáR -RDQQ\LZ\V]HSWDá

± 1LF1LF3U]HEDF]

-RDQQDQLHFKFLDáD]JRG]LüVL QDVHNFM L (PLOQLHQDOHJDá'RNRQDáW\ONRNLONXG]LHVL FLX

]GM ü SU]H ZLHWOHQLRZ\FK

3RJU]HED FL OHMNDWDSXOWRZDQLH]ZáRNZSU]HVWU]H QDVW SLáRMHV]F]HWHJRZLHF]RUD'R

ZRUND-RDQQDZáR \áD6WHIDQRZLGZDF]HUZRQHF\NODPHQ\NWyUHQLHGDZQR]DNZLWá\Z

REVHUZDWRULXP

ZU]H QLD±G]LH SRGUy \

']L UDQRPXVLDáHPRSRZLHG]LHüV]F]HJyáRZR-RDQQLH0LU]HL*DEULHORZLRW\PFRVL Z

RVWDWQLFKGQLDFKZ\GDU]\áR:LHG]LHOL H 6WHIDQXVLáRZDáUR]PRQWRZDüSRFKáDQLDF]HL

GRPDJDOLVL Z\MD QLH 2F]\ZL FLHZF]RUDME\áRE\QLHWDNWHPSRUXV]DüVSUDZ\U]XFDM FH

WURFK QLHSU]\MHPQHJR ZLDWáDQD]PDUáHJR1LHPQLHMWHJRFRVL VWDáRQLHPR QD

SU]HNUH OLüLSRNU\üPLOF]HQLHPMDNVRELHSRF] WNRZRZ\REUD Dá(PLO=ZD \ZV]\MHGQDN

H PDQLDSU]H ODGRZF]DWRZDU]\V] FDFKRURELH6WHIDQDNRQFHQWURZDáDVL ZRNyáRVRE\

(PLOD±]ZROQLáHPJR]RERZL ]NXUHIHURZDQLDVSUDZ\'OD-RDQQ\E\áRE\WREDUG]RSU]\NUH

3U]HF]\WDáHPLPUyZQLH XVW S ]SUDF\1RZRURZDGRW\F] F\SU]\SDGNXLQ \QLHUD

:V]\VF\E\OLJá ERNRZVWU] QL FLFKRFLD SR-RDQQLHVSRG]LHZDáHPVL JZDáWRZQLHMV]HM

UHDNFML:SU]HFLZLH VWZLHGR0LU\QDNWyUHMFDáDKLVWRULD]DOJDPLZ\ZDUáDEDUG]RVLOQH

ZUD HQLHDQDZHW*DEULHODZ\S\WXM FHJRPQLHRQLHNWyUHV]F]HJyá\±-RDQQD]DFKRZ\ZDáD

SU]H]FDá\F]DVVSRNyMLFDáNRZLWHPLOF]HQLH1LHG]LZL VL 0R H ZF]H QLHMVDPDFR

SRGHMU]HZDáD"

:VSyáF]XM -RDQQLHRJURPQLHDOHWH MHGQRF]H QLHP\ O H WHUD]ZUHV]FLH \FLH

MHMSRWRF]\VL QRUPDOQ\PWRUHP&K\EDSRWUDILV]\ENRSU]\M ü GRVLHELHSRW\PFLRVLH

=ZáDV]F]D H SU]H]RVWDWQLHPLHVL FHE\áDQDWRSU]\JRWRZDQD

(PLOEDUG]RVLOQLHSU]H \ZD PLHUü6WHIDQD&KFLDáHPZUHV]FLHQDUDG]LüVL ] QLPQDG

VSUDZ ]DNWXDOL]RZDQLDSURJUDPXEDGD 3URVLáMHGQDNDE\PRGáR \áQDUDG GRMXWUDJG\

OHVL F]XMH

5yZQLH *DEULHOWURFK PQLHQLHSRNRL=JRGQLH]KDUPRQRJUDPHPUR]SRF] á G]L SU]HJO G

background image

VLOQLNyZLSURVLáDE\PPXWRZDU]\V]\áMDNRXEH]SLHF]HQLH%\áHP]DVNRF]RQ\JG\VL

RND]DáR H QLHFKFHZ\M ü SLHUZV]\QD]HZQ WU]%RLVL SXVWNL0\ O H ]DSDU GQLJG\

SU]\EOHGQ SU]\NUHZVSRPQLHQLDZUyFLFK\EDGRQRUP\

3U]HG OX] VSRWNDOL P\0LU :\GDZDáRPLVL H QLHE\áD]DGRZRORQD]HVSRWNDQLD$OH

PRJ VL P\OLü

ZU]H QLD±G]LH SRGUy \

&]\ E\SRGHMU]HQLD6WHIDQDQLHE\á\EH]SRGVWDZQH"']L RNRáRSRáXGQLDJG\SUDFRZDáHP

VDPZNDELQLHQDZLJDF\MQHMQDGNRUHNW KDUPRQRJUDPXEDGD SU]\V]áD0LUD1LE\FKRG]LáR

R WR H SURVLáHPM NLHG\ R VWDá DNWXDOL]DFM HOHPHQWyZUXFKXVWDWNX:U]HF]\ZLVWR FL

SRZyGE\á]XSHáQLHSUR]DLF]Q\L]GDMHVL ± RVRELVW\3UDJQ áDPQLHSRLQIRUPRZDü H (PLOL

-RDQQD]DPNQ OLVL ZF]RUDMSRSRáXGQLXDSy QLHMUyZQLH ZLHF]RUHPQDNLONDJRG]LQZ

ODERUDWRULXP

&]\ E\0LUDE\áD]D]GURVQD"1LHP\ ODáHPL ]GROQDE G]LHGRWDNLHJRXF]XFLD

1LHPQLHMWRFRSRZLHG]LDáDU]XFDG]LZQH ZLDWáRQD-RDQQ &]\PR OLZH HE\]DUD]SR

PLHUFL6WHIDQDWDNQDJOH]DSRPQLDáDRQLPL]ZUyFLáDVZHXF]XFLDZVWURQ (PLOD"5DF]HM

RQLNRFKDOLVL MX GDZQLHMW\ONR]HZ]JO GXQDVWDQ6WHIDQDXNU\ZDOLWHQIDNW3U]\QDMPQLHM

SU]HGQLPLSU]HGHPQ

=DVWDQDZLDPQLHSRVWDZD(PLOD0XV] ] QLPSRUR]PDZLDü

:LHF]RUHP

3RNRODFMLSRSURVLáHP(PLODGRQDZLJDF\MQHM3U]\V]HGá]Z\UD Q\PRFL JDQLHPEDUG]R

QLHFK WQLH:LGRF]QLHQLHPD]E\WF]\VWHJRVXPLHQLD0LPRL VLOLáHPVL QDVHUGHF]Q\WRQ

Z ]DFKRZDQLXMHJRZ\F]XZDáHPMDN

V]W\ZQR ü F]\QLHFK ü GRPQLH%\á]GHQHUZRZDQ\M

QDVWDZLRQ\SRGHMU]OLZLH$ WUXGQRSRM üE\ZFL JXMHGQHJRGQLDF]áRZLHNPyJáVL WDN

EDUG]R]PLHQLü

&]\ E\QDJOH]MDNLFK QLH]QDQ\FKPLSU]\F]\QSRF] á XZD DüPQLH]DZURJD"

=DS\WDáHPJRQDMSLHUZF]\E\áRFR PL G]\QLPD0LU =DSU]HF]\áNDWHJRU\F]QLHDOHZ

VSRVyEGR ü RERM WQ\7DNMDNE\QLHRQLHJRFKRG]LáR*G\PXSRZLHG]LDáHP H ]GDMHVL

0LUDF]XMHGRQLHJRFR ZL FHMQL ]Z\Ná V\PSDWL RGU]HNá

± 0R OLZHOHF]QLFQDWRQLHSRUDG]

0R H LVWRWQLH(PLOMHVWWXEH]ZLQ\$IHNW\XNRELHWE\ZDM VLOQHLQLHREOLF]DOQHZVNXWNDFK

= NROHL]DS\WDáHPJRRVWUR QLHF]\UR]PDZLDá]-RDQQ SR PLHUFL6WHIDQD

6NLQ á JáRZ L SRZLHG]LDáFLFKRMDNE\VL F]HJR O NDá

± &]\XZD DV] H SRZLQLHQHPMHMXQLNDü"

± 'ODF]HJRPLDáE\ MHMXQLNDü"±XGDáHP]G]LZLHQLH

± 0R HFLHSRP\ OHü H H W\ONRF]HNDáHPQD PLHUü6WHIDQD$OH]GUXJLHMVWURQ\QLH

ZROQRPLMHME\áRVDPHM]RVWDZLü:áD QLHWHUD]2QDPXVLVSRNRMQLHZV]\VWNRSU]HP\ OHü

6WU] VQ ü ]VLHELHWDPWRFRPLQ áR

0yZLáVSRNRMQLHD ]DVSRNRMQLHZSRUyZQDQLX]MHJRGRW\FKF]DVRZ\PVSRVREHPZ\UD DQLD

P\ OL&]XáHP H WHQVSRNyMMHVWSR]RUQ\ H (PLOPDVNXMHRJURPQHZHZQ WU]QHQDSL FLH

1DSHZQRFR XNU\ZDSU]HGHPQ &KFLDáHPZ\MD QLüW NZHVWL GRNR FDL]DS\WDáHP

JRXVLáXM F QDGDüUR]PRZLHMDNQDMEDUG]LHMSU]\MDFLHOVNLWRQ

± 3RZLHG]PLWDNV]F]HU]HWRWUZDRGGR ü GDZQD3UDZGD"

6SRMU]DáQDPQLH]QLHSRNRMHPLZ\UD Q QLHFK FL

± -H OLE\QDZHWWDNE\áRWRWR±QLHPyJáRGUD]X]QDOH ü RGSRZLHGQLFKVáyZ±LWDNWR

MHVWW\ONRQDV]DVSUDZD±]DNR F]\áQLHSU]\MHPQ\PWRQHP

&KFLDáHPPXSRZLHG]LHüSDU VáyZSUDZG\DOHVL RSDQRZDáHP

± 1LHPDP]DPLDUXZDVSRW SLDüFKRG]LW\ONRRWRDE\ FLHSU]\QDMPQLHMQDUD]LH

]DFKRZ\ZDOLVL WURFK G\VNUHWQLHM1LHMHVWH FLHVDPL0LUDL*DEULHO

± 0LUDV]SLHJXMHPQLHQLHXVWDQQLH±SU]HUZDá]H]áR FL ±1LHVWHW\QLFQDWRQLHSRUDG]

1D]DPLáRZDQLHGRSORWNRZDQLDQLHPDOHNDUVWZD']LZL VL W\ONR H ]QDOD]áDZWRELH

SRZLHUQLND

$ ]UHV]W QLHG]LZL VL

7HUD]MDUyZQLH SRF] áHPWUDFLüSDQRZDQLHQDGVRE

background image

± -DNPDPWRUR]XPLHü"

± 0R HV]UR]XPLHüMDNFKFHV]±U]XFLáZUR]GUD QLHQLXUXV]DM F NXGUDELQLH±$]UHV]W

GDMPLZUHV]FLHVSRNyM*áRZDPQLHEROL

± :H WRQDUJDOX

=DWU]\PDáVL WDNQDJOHMDNE\JRFR VSDUDOL RZDáR

&KZLO VWDáZPLOF]HQLX]ZUyFRQ\NXPQLHSOHFDPLSRWHPSRZLHG]LDáSyáJáRVHP

± 3U]HSUDV]DP%\áRPLJR DO

± 1LHJQLHZDPVL &KRG]LW\ONRRWRE\ P\PLHOLZL FHM]DXIDQLDGRVLHELH

± 1LHZLHPF]\WXZRJyOHPR QDNRPX XIDü

± =QyZ]DF]\QDV]"

± 1LHFKFLDáHPFL XUD]Lü±VWDUDáVL XVSUDZLHGOLZLDü±&KFLDáHPW\ONRSRZLHG]LHü H

F]DVDPLWUXGQRPLHü]DXIDQLHQDZHWGRVDPHJRVLHELH

=DQLPMHGQDNPRJáHP]DS\WDüJRFR]QDF] WHG]LZQHVáRZD±Z\V]HGá]NDELQ\

1LHXSá\Q á FK\EDNZDGUDQVJG\]MDZLáDVL X PQLH0LUDGRQRV] F H (PLOL-RDQQD

]QyZ]DPNQ OLVL Z ODERUDWRULXP3RZLHG]LDáHPMHMDE\MDNRDVWURQRP]DM áDVL

REVHUZDFMDPLQLHEDDOERSRV]áDVSDüDQLHSU]HV]NDG]DáDPLZSUDF\

'RVWDáRVL 0LU]H]DFDá WUyMN $OHWRQLHV]NRG]L0DáRMHVWLQQ\FKNáRSRWyZ"0R H 0LUD

L PDWURFK UDFMLOHF]WRQDSUDZG V JáXSVWZDZSRUyZQDQLX]QDV]\PLRERZL ]NDPL

ZU]H QLD±G]LH SRGUy \ $WPRVIHUDQLHMHVWQDMOHSV]D7HUD]GODRGPLDQ\0LUDFKRG]L

QDG VDQDPUXNOLZDÄZLONLHP´QDZV]\VWNLFKSDWU]\

1DMEDUG]LHMPDUWZLPQLHMHGQDN(PLO&R]W\PFKáRSDNLHPVL VWDáR"0áRG\]GURZ\

P F]\]QD±SRGZSá\ZHPPLáRVQHJRSRZRG]HQLDF]\QLHSRZRG]HQLDMX WHUD]QLHZLHP

]DF]\QDVL FRUD]Z\UD QLHMÄUR]NOHMDü´

-X Z F]DVLH QLDGDQLD]DXZD \áHP H PL G]\(PLOHPL-RDQQ PXVLDáRFR ]DM ü6LHG]LDá

SU]\JDV]RQ\DJG\SUyERZDáDGRQLHJRFR ]DJDG\ZDü±PLOF]DáOXERGSRZLDGDá

SyáVáyZNDPL

3RF] WNRZRP\ ODáHP H VDPQDZD \áHPSLZDZF]RUDMV] UR]PRZ =DWU]\PDáHP

ZL F (PLODZNRU\WDU]XLPyZL PX HE\QLHEUDáVRELH]E\WQLRGRVHUFDWHJRFRZF]RUDM

SRZLHG]LDáHPL H JRWyZMHVWHPSRUR]PDZLDü]-RDQQ MH OLGRV]áRPL G]\QLPLGRMDNLHJR

NRQIOLNWX

6SRMU]DáQDPQLHMDNR WDNG]LZQLHMDNE\QLHUR]XPLDáRF]\PPyZL

± 7RQLHWDNLHSURVWH±RGSRZLHG]LDáSRFKZLOL

± 0R H MHGQDN±SRGM áHPSUyE VNáRQLHQLDJRGRZ\]QD 1LHGDZQRMHV]F]HE\áH ]H

PQ V]F]HU\3DPL WDV]FRPyZLáH " Ä7URVNLMDNND G\FL DUOHSLHMQRVLüZHGZRMH´

± 1LFMHV]F]HQLHZLHP±RGU]HNáEH]]ZL ]NXL]DP\ OLáVL ±0R H QLHGáXJRE G PyJá

E\üV]F]HU\±U]XFLáZNR FX±1LHJQLHZDMVL

± &R FL MHGQDNJQ EL±QLHXVW SRZDáHP

± *G\E\áHPMHV]F]HPDá\PFKáRSFHP±SRZLHG]LDáWRQHPZ\MD QLHQLD±EDENDPyZLáD

Ä1LHSDWU]]E\WGáXJRZOXVWURERZNR FX]DPLDVWVLHELH±]REDF]\V]GLDEáD´7DN

NDSLWDQLHWRMHGQDNE\áRE\VWUDV]QH±]REDF]\üGLDEáD7HJRVL QDMEDUG]LHMREDZLDP

1LFZL FHMQLHSRWUDILáHP]QLHJRZ\GRE\ü3RZLHPV]F]HU]HZáD FLZLHQLFQLHZLHP

&K\EDW\ONRWR H ]QHUZDPL(PLODQLHMHVWGREU]H&RPLDáQDP\ OLPyZL F ROXVWU]HL

GLDEOH"

6]F] FLH H WHQVWDQSV\FKLF]Q\QLHRGELMDVL EH]SR UHGQLRQDMHJRSUDF\MDNROHNDU]

XPLHNRU]\VWDü]H URGNyZSU]HFLZQHUZLFRPNRVPLF]Q\P

0R H QLH]E\W FL OHZ\UD]LáHPVL SLV] F H SU]H \ZDQ\REHFQLHSU]H](PLODVWDQGHSUHVML

QLH]QDMGXMHRGELFLDZMHJRSUDF\']L SRSRáXGQLX]DM á VL SU]HJO GHPLRF]\V]F]DQLHP

]ELRUQLNyZ]DOJDPL-RDQQDFKFLDáDPXSRPyFDOH]DFKRZDáVL ZREHFQLHMVNDQGDOLF]QLH

3RSURVWXZ\U]XFLáM ] NRU\WDU]D

: RJyOHRVWDWQLRMHVWEDUG]RQHUZRZ\:SyáJRG]LQ\Sy QLHMJG\SU]HFKRG]LáHP

NRU\WDU]HPGRáD]LHQNLLZ\áRQLáHPVL QLHVSRG]LHZDQLH]DMHJRSOHFDPL±D SRGVNRF]\á1LH

G]LZL VL 6WHIDQRZL H PyJáJRSRGHMU]HZDüRMDNLH ]áH]DPLDU\*G\E\PQLHZLHG]LDáFR

background image

URELF]\ FLá]ELRUQLNSRZ\PDUáHMNRORQLLPyJáE\PUyZQLH SRV G]LüJRRVSLVNRZDQLH

=DFKRZDáVL ZU F]MDNPDá\FKáRSDNVFKZ\WDQ\QDJRU F\PXF]\QNX$OERMDNE\QDSUDZG

XMU]DáGLDEáD

3RVW SLáHPWURFK EUXWDOQLHLQLHWDNWRZQLH±DOHZLHF]RUHP]DS\WDáHP-RDQQ R (PLOD

0R H QDZHW]WHJRE\FR Z\V]áRJG\E\QLHWR HE\áDWRZáD QLH-RDQQD1LHSRWUDIL

SDWU]HüVSRNRMQLHZMHMRF]\=XSHáQLHPQLHWRZ\WU FD]UyZQRZDJL

-RDQQDSU]\V]áDGRNDELQ\QDZLJDF\MQHMDE\SRV]XNDüF]HJR Z PLHV]F] FHMVL WX

ELEOLRWHFH

:LHG]LDáD H PQLHWDPQLHPDLQLHVSRG]LHZDáDVL H ZUyF %\áDEDUG]R]PLHV]DQD

JG\PQLHVSRVWU]HJáDZHZáD]LH:RVWDWQLFKNLONXG]LHVL FLXJRG]LQDFKZ\UD QLHXQLNDáD

UR]PRZ\ZF]WHU\RF]\7U]HEDSU]\]QDü±ZREHFFLDVQRW\MDNDSDQXMHZQDV]\PVWDWNX

QLHáDWZR]QDOH ü PLHMVFHQDWDN UR]PRZ 7\PUD]HPMHGQDNZ]DFKRZDQLXVL -RDQQ\

Z\F]XáHPMDNE\O N*G\]DMU]DáHPSU]H]ZáD]RGZUyFRQDE\áDGRPQLHSOHFDPLLZ\FL JDáD

] JyUQHMSyáNLMDN

QLHGX

NVL N PHG\F]Q

± 'REU]H H MHVWH &KFLDáHP]WRE SRUR]PDZLDüR(PLOX±UR]SRF] áHPEH]ZVW SyZ

2GZUyFLáDVL JZDáWRZQLHZ\SXV]F]DM F NVL N ] U NL:WHMFKZLOLSDWU]\áDQDPQLH]

O NLHP2SDQRZDáDVL MHGQDNLSRGQRV] F NVL N RGU]HNáD

± -DUyZQLH FKFLDáDP]WRE SRUR]PDZLDü

=GDZDáHPVRELHVSUDZ H WRW\ONRPDQHZU

± 6áXFKDPFL ± SRZLHG]LDáHPGR ü RERM WQLH

± 7\ SLHUZV]\]DF] áDOHQLHFKE G]LH0DPGRFLHELHSUR E SRZLHG]0LU]HDE\

SU]HVWDáDV]SLHJRZDü(PLOD:áyF]\VL ]DQLP]NDELQ\GRNDELQ\Z\QDMGXMHUy QH

SUHWHNVW\E\JRQLHVSXV]F]Dü]RND1DSUDZG SURV] FL ]DMPLMVL W VSUDZ (PLO

RVWDWQLRMHVWEDUG]RZ\F]HUSDQ\QHUZRZR1LHPR H FL JOHX \ZDüWRQDUJDOX]ZáDV]F]D

H QLHZLHOHJR]RVWDáR%RM VL DE\QLHSU]\Z\NáGRMDNLFK QDUNRW\NyZ1LHNWyUH]

SUHSDUDWyZPRJ E\üV]NRGOLZH1LHPR QDJRGRSURZDG]LüGRRVWDWHF]QR FL

1LHPRJáHP]UR]XPLHüGRF]HJR]PLHU]D-HGQRF]H QLHF]XáHP H WUDF SU]\JRWRZDQH]

JyU\DUJXPHQW\

± :LHP H ](PLOHPQLHMHVWGREU]HOHF]MDNLWRPD]ZL ]HN]0LU ±]DS\WDáHPXVLáXM F

Z\MD QLüZV]\VWNR]DMHGQ\P]DPDFKHP

± 0LUDQLHQDZLG]L(PLODL

-RDQQDMDNE\VL ]PLHV]DáDDZW\P]PLHV]DQLXZ\GDáDPLVL MHV]F]HSL NQLHMV]D

± 5DF]HMMHVWRQLHJR]D]GURVQD±GRNR F]\áHPVWDZLDM F VSUDZ RWZDUFLH

1DW\FKPLDVWSR DáRZDáHPW\FKVáyZ-RDQQD FL JQ áDEUZLJQLHZQLH

± 1LHQDZL ü L]D]GUR ü URG] WHVDPHRZRFH±U]XFLáDSDWHW\F]QLH

%\áHPSHZQ\ H QLHV WRMHMVáRZDOHF](PLOD$ZL F LRW\PUR]PDZLDOL

± 7DNF]\LQDF]HM±SRGM áD-RDQQD±0LUDV]SLHJXMH(PLODLQLHW\ONRVDPD5yZQLH

QDVWDZLDSU]HFLZQLHPX*DEULHODDQDZHWFLHELH±]DDNFHQWRZDáDPRFQRRVWDWQLHVáRZR

1LHE\áRPRZ\R]UHDOL]RZDQLXSU]\JRWRZDQHJRSODQX-RDQQDSU]HM áDLQLFMDW\Z DMD

]DPLDVWSRGM ü NRQWUDWDNLSU]\SU]HüM GRPXUX±E\áHPMX ]XSHáQLH]GHF\GRZDQ\QD

NDSLWXODFM

± &y MDPRJ QDWRSRUDG]Lü±SRZLHG]LDáHPPR H GR ü QDLZQLH

± 1LHZLHP±RGU]HNáDWDNLPWRQHP H QLHE\áHPSHZQ\F]\PyZLV]F]HU]HF]\WH ] LURQL

± -H OLMHGQDNGDOHME G]LHV] OHS\LJáXFK\WRPR H VWDüVL QLHV]F] FLH=DPNQLM0LU]H

XVWD

± -X MHMWRSRZLHG]LDáHP

± 'REU]H±UDF]\áDPQLHSRFKZDOLü±6WDUDMVL SRGQLH ü (PLODQDGXFKX

± 3UyERZDáHPDOH

± -DNQLHG ZLHG 7XWU]HEDVXEWHOQR FL:\VLOVL

7U\XPIRZDáDDMDSDWU]\áHPQDQL L F]XáHP H ]UREL ZV]\VWNRFRE G]LHFKFLDáD±FKRFLD

QLFPL]WHJRQLHSU]\MG]LH

-RDQQDVWDáDFKZLO ZUHV]FLHUXV]\áDNXGU]ZLRP:HZáD]LHMHV]F]HVL ]DWU]\PDáD

± &]\]QDV]VL QDSV\FKRDQDOL]LH"

background image

± 1LHEDUG]R'ODF]HJRRWRS\WDV]"±]G]LZLáHPVL QDJá ]PLDQ WHPDWX

± 1LF7DNVRELH±RGSRZLHG]LDáDWURFK VSHV]RQDL]QLNáDZHZáD]LH

: WHMFKZLOLX ZLDGRPLáHPVRELH H ]DEUDQDSU]H]QL NVL NDGRW\F]\áDGLDJQRVW\NL

SV\FKRDQDOLW\F]QHM

'ODF]HJR-RDQQD]DMPXMHVL G]LHG]LQ WDNRGOHJá RGMHMVSHFMDOQR FLQDXNRZHM"

'ODF]HJRZ]L áDWHQSRGU F]QLNDQLH]ZUyFLáDVL GR(PLOD"0R H RQM R WRSURVLá"0R H QLH

FKFLDáVL ]HPQ VSRWNDü"$OHFRR]QDF]DáRMHMS\WDQLH"7RZV]\VWNR]GDMHVL QLHPLHü

VHQVX

3RVWDQRZLáHPZ\MD QLü]DJDGN &]XáHP H ZLHOH ZLDWáDPR H WXU]XFLüUR]PRZD](PLOHP

&KFLDáHP]DM ü GRQLHJRGRODERUDWRULXPDOHQLF]WHJRQLHZ\V]áRERZáD QLH

SU]HSURZDG]DáMDNL HNVSHU\PHQWZZDUXQNDFKVWHU\OQ\FKLQLHPyJáRWZRU]\üGU]ZL

3U]\V]HGáSRWHPGRPQLHGRQDZLJDF\MQHMOHF]E\áDWDPMX ]HPQ 0LUDZL F ]DM OL P\VL

NRUHNW SURJUDPX

: G]LVLHMV]\PNRPXQLNDFLH]=LHPLQDGDODQLVáRZDR6WHIDQLH DGQ\FKNRQGROHQFMLDQL

GRQLHVLH SUDVRZ\FK ZLDGF] F\FK H FR ZLHG] $SU]HFLH WHJRVDPHJRGQLDZNWyU\P

]PDUáSU]HND]DáHP0D\HUOLQFNRZLZLDGRPR ü&RSUDZGDXVWDORQ\PKDVáHPDOH

RF]HNLZDáHP]ZURWQHJR]H]ZROHQLDQDRILFMDOQ\NRPXQLNDW'ODF]HJR0D\HUOLQFNPLOF]\"

&K\EDMHGQDNSU]HVDG]Lá5]HF]MDVQD±NDPSDQLDUHNODPRZDWUZDDOHZV]\VWNRPDVZRMH

JUDQLFH5R]XPLHP±RNáRSRWDFK]DOJDPLDQLVáRZDOHF] PLHUü]DVW SF\GRZyGF\"7R

PR H Sy QLHMSRVWDZLüPQLHZEDUG]RQLH]U F]QHMV\WXDFML

ZU]H QLDG]LH SRGUy \

5DQRSR QLDGDQLXJG\*DEULHOZ\V]HGá]-RDQQ QD]HZQ WU]D0LUD]DM áDVL SRPLDUDPL

ZVSyáU] GQ\FKLSU]H]SDU JRG]LQQLHRSXV]F]DáDNRSXá\REVHUZDF\MQHM(PLOVDP]DF] á

]HPQ UR]PRZ

3RF] WNRZRZ\GDZDáVL QDZHW]XSHáQLHVSRNRMQ\0yZLáRF]HNDM F\FKQDVSUDFDFKL

WURFK QDU]HNDáQDWR H ]RVWDáRMX QLHZLHOHF]DVXDRQQLHMHVWSU]\JRWRZDQ\GRWDN

WUXGQHJR]DGDQLDMDN]DLQVWDORZDQLH]HVSRáyZIRWRV\QWH]\QDSRZLHU]FKQL0DUVD2EDZLD

VL H QLH ZLDGRPLHPR H VSRZRGRZDüMDN

SRZD QLHMV] DZDUL OXEQDZHW]QLV]F]\ü

NRORQLH

3RZLHG]LDáHPPX H SURJUDP$)&PXVLE\ü]UHDOL]RZDQ\EH]Z]JO GXQDU\]\NRD]UHV]W

± SU]HGVL Z]L FLHPE G NLHURZDáRVREL FLHLZVSyOQLHE G]LHP\SRQRVLüRGSRZLHG]LDOQR ü

]DSU]HELHJHNVSHU\PHQWX=GDMHVL H JRWRWURFK XVSRNRLáR

5R]PRZD]HV]áDQDVSUDZ

PLHUFL6WHIDQDL]DNUHV]DGD MDNLHPLDáGRZ\NRQDQLD

:\UD]LáHPSRJO G H JG\E\QLH]DWUXZDáDOJDWDN H JG\E\JRMHV]F]HSU]H]GZDPLHVL FH

XGDáRVL XWU]\PDüSU]\ \FLXPyJáE\FKRüE\]RGOHJáR FLSRNLHURZDüSUDFDPL

1LHSRWU]HEQLHSRUXV]\áHPW NZHVWL ER(PLOSRF] á PLHQLüVL QDWZDU]\LGU F\P

QHUZRZ\PJáRVHPSRZLHG]LDá

± 6SUDZDDOJW\ONRZQLHZLHONLPVWRSQLXSU]\VSLHV]\áD PLHUü6WHIDQD2QQLHSU]H \áE\

QDZHWGZyFKW\JRGQL:ND GHMFKZLOLVSRG]LHZDáHPVL H QDVW SLSRQRZQ\NUZRWRNL

PLHUü7RQLHPRMDZLQD'LDJQR]D,QVW\WXWX)HOGKDXVHQDQLHSR]RVWDZLDáDFLHQLD

Z WSOLZR FL

0R H QD=LHPL]QDOD]áE\VL MDNL VSRVyE$OHWX-DQLHPRJáHPSRPyF

%\áHPWURFK ]DVNRF]RQ\WDNJZDáWRZQ UHDNFM OHF]áDWZRM PR QDZ\WáXPDF]\üJG\

SDFMHQWXPLHUD±OHNDU]RGF]XZDMHJR PLHUüMDNRVZRM RVRELVW NO VN 7X]D MHV]F]HGR

WHJRSU]\á F]\áDVL VSUDZD-RDQQ\LREDZD H NWR PR H JRSRV G]LüRFHORZH]DQLHGEDQLH

RERZL ]NyZGODSR]E\FLDVL U\ZDOD%\áHPSU]HNRQDQ\ H (PLOPDF]\VWHVXPLHQLHLQD

SHZQRQLHMHVW]GROQ\GRSRSHáQLHQLD]EURGQL

± 7RRF]\ZLVWH H ORV6WHIDQDE\áSU]HV G]RQ\±SRZLHG]LDáHPGR(PLODFKF F JRXVSRNRLü

± 1LHW\ONRW\DOHQDZHWQDMZL NV]HVáDZ\ ZLDWRZHZG]LHG]LQLHRQNRORJLLQLFE\WX

MX FK\EDQLH]G]LDáDá\:W\FKZDUXQNDFKLZW\PVWDGLXP"1DVNRPSOLNRZDQ RSHUDFM

QLHPDPLHMVFDDSU]HGHZV]\VWNLP±E\áRMX ]DSy QR7RMHJRZLQD H QLHSR]ZROLá

RSHURZDüVL GZDPLHVL FHWHPX

± %DáVL PQLH

background image

± &KRUREOLZDSRGHMU]OLZR ü-X WRVDPRZVND]XMH H ZMHJRXP\ OH]DF]\QDáVL MDNL

SURFHV

(PLOVSRMU]DáQDPQLH]DP\ ORQ\PZ]URNLHP1DUD]RWU] VQ á VL MDNE\]HVQXLSRZLHG]LDá

MX ]XSHáQLHVSRNRMQ\PWRQHP

± $MDNE\ W\SRVW SLáQDMHJRPLHMVFX"

%\áHP]DVNRF]RQ\S\WDQLHP

± 1LHUR]XPLHPRF]\PPyZLV]"3RZLHG]MD QLHM&]\FKRG]LFLR-RDQQ "

± -RDQQ " ±Z\GDZDáVL ]G]LZLRQ\±1LH1LHWRPLDáHPQDP\ OL&KFLDáE\PZLHG]LHü

FRE\ W\]URELáJG\E\ GDMP\QDWRSHZQHJRGQLD]QDOD]áGRZRG\ ZLDGF] FHRW\P H

± ]DZDKDáVL ± H ]DSDGáH QDSRGREQ SV\FKR] MDNLQ \QLHU "3RPLMDM F WR H

FLHUSLDáE\ GRGDWNRZRQDMDN

LQQ FKRURE

± -DN6WHIDQ"

± :\REUD VRELH H MHVWH Z ]DVDG]LH]XSHáQLH]GURZ\IL]\F]QLHQLHRGF]XZDV] DGQ\FK

GROHJOLZR FLQRSRZLHG]P\QDMZ\ HMEyOHJáRZ\,RWR]QDMGXMHV]FRUD]ZL FHMGRZRGyZ

ZLDGF] F\FKRW\P H

± ]DWUXZDPDOJL

± 7DN,ZLHV] H OHF]HQLHZQDV]\FKZDUXQNDFKZREHFEUDNX URGNyZMHVWEDUG]R

SUREOHPDW\F]QH

H QLHPDFL JG]LHL]RORZDü

0\ ODáHPMX NLHG\ R W\P]DUD]MDN]DF] á\JLQ ü JORQ\LPLDáHPJRWRZ RGSRZLHG

7HUD]S\WDQLH(PLODZ]EXG]LáRZHPQLHVWUDV]QHSRGHMU]HQLH2F]\ZL FLHQLHPRJáHPVL ]

QLP]GUDG]Lü3RVWDQRZLáHPMHGQDNNRU]\VWDM F ]RND]MLZ\EDGDü(PLOD/LF]\áHPZJá EL

VHUFD H PRMHREDZ\RND

VL SáRQQH

± *G\E\P]QDOD]áVL Z WDNLHMV\WXDFMLLJG\E\PZLHG]LDá H ZND GHMFKZLOLPRJ

VSRZRGRZDü PLHUüWRZDU]\V]\OXEQDZHW]QLV]F]\üFDá HNVSHG\FM " ±]DS\WDáHPMHV]F]H

± 7DN

± =GHF\GRZDáE\PVL QDVDPREyMVWZR7R]GDMHVL MHG\QHZ\M FLH=GUXJLHMVWURQ\QLH

ZROQRQDPSRW SLDü6WHIDQD H QLHSRGM á WHJRNURNX2QSU]HFLH MDNVDPVWZLHUG]LáH QLH

]GDZDáVRELHVSUDZ\]WHJRFRUREL$NLHG\MX ]DF] á SRGHMU]HZDü±F]\WRZ\VWDUF]\áRDE\

VL ]GHF\GRZDü"

(PLOX PLHFKQ á VL MDNR G]LZQLHFK\EDLURQLF]QLH

± &]\Z\VWDUF]\±SRZWyU]\á±-H OLPLPRGRZRGyZQLHPR HV]F]\QLHFKFHV]

XZLHU]\üZWR H MHVWH QLHEH]SLHF]Q\PV]DOH FHP"

± 0DV]UDFM 6WHIDQQLHFKFLDáXZLHU]\ü

± 1LHáDWZR]QDOH ü GRZRG\NWyUHPR HV]X]QDü]DQLH]ELWH=UHV]W QLHZLHV]VDPF]\QLH

RFHQLDV]LFKVXELHNW\ZQLH$MH OLWDN±WRMX QLFQLHZLDGRPR0R HV]XOHJDüVXJHVWLL

RWRF]HQLDDQDZHWDXWRVXJHVWLL H GRZRG\WH ZLDGF] SU]HFLZWRELHDOERWH RGZURWQLH

L FR]URELüZWDNLHMV\WXDFML"

: PLDU MDNPyZLá±FRUD]EDUG]LHMVL SRGQLHFDáJáRVMHJRVWDáVL ]QyZSRGQLHVLRQ\

FKZLODPLXGHU]DM F ZXV]\QLHSU]\MHPQ\P ZLVWHP

± 1LHZLHP±SRZLHG]LDáHPSRQDP\ OH±-H OLE\Z\SDGNLSRZWDU]Dá\VL

3DWU]\á]QDSL FLHPZPRMHRF]\

± -H OLVDPQLHPyJáE\P]GRE\üVL QDWHQNURN±ZDV]\PRERZL ]NLHPE\áRE\±QLH

GRNR F]\áHP1LHE\áHPZVWDQLHGRNR F]\ü7ZDU](PLODMDNE\]V]DU]DáD3U]\PNQ á RF]\

L WUZDáWDNPLQXW PR H GZLH:UHV]FLHZVWDá]IRWHOD

± $MH OL±UR]SRF] á ]QyZLXUZDá±0DV]VáXV]QR ü&y ]DVHQV]ZOHNDü±]DDNFHQWRZDá

]PLHQLRQ\PJáRVHP±=DZLHONLHU\]\NR

1LHRGSRZLHG]LDáHP3U]HFLH QLHPyJáZ\PDJDüRGHPQLHRWZDUWHJRUR]JU]HV]HQLD

]EURGQL:\V]HGá]NDELQ\DMD]RVWDáHPVDP]RNURSQ

ZLDGRPR FL H RWRXWUDFLáHP

ZLDU Z SUDZR ü F]áRZLHNDNWyUHPXXIDáHPFK\EDQDZHWZL FHMQL -RDQQLH%RF]\ PR QD

GRSX FLüPR OLZR ü H ]URELáWRW\ONRZLPL ZVSyOQHMVSUDZ\"

: F]DVLHRELDGX(PLOZ\GDZDáPLVL ]QDF]QLHVSRNRMQLHMV]\%\áEDUG]R]DP\ ORQ\L

MDGáQLHZLHOHDOHQLH]DXZD \áHPDE\XQLNDáPHJRZ]URNX7ZDU]MHJRMDNE\Z\SRJRG]LáD

background image

VL L QDEUDáD \FLD

3RSRáXGQLXD GRZLHF]RUD]DM W\E\áHPZUD]]*DEULHOHPSUDF QD]HZQ WU]VWDWNX

JG\ WU]HEDVSUDZG]LüLQVWDODFM ]DSáRQRZ VLOQLNyZ

3RSRZURFLH]DVWDOL P\MHGQDN]XSHáQLHLQQ DWPRVIHU -RDQQDOH DáDQDVZHMNRLLSáDNDáD

(PLOVLHG]LDáPLOF] F\LSRQXU\1DS\WDQLH*DEULHODFR]QyZ]DV]áR±QLHRWU]\PDOL P\

RGSRZLHG]L1LHFKFLHOL P\LPSU]HV]NDG]DüJG\ QDSHZQRQLHQDOH \ PLHV]DüVL GRWDNLFK

VSUDZ

: NDELQLHQDZLJDF\MQHM]DVWDáHP0LU &]HNDáDQDPQLH3RZLHG]LDáDPLRWZDUFLH H

SRGVáXFKLZDáDJG\-RDQQDL(PLO]DPNQ OLVL Z ODERUDWRULXP1LHXVá\V]DáDZLHOHOHF]

SRVXQ áDVL WDNGDOHNRL RVNDU \áD-RDQQ H]DWUXZDáDDOJLE\U]XFLüSRGHMU]HQLHQD

6WHIDQDDSy QLHMQD(PLOD H RQRWUXá6WHIDQD=GDMHVL H 0LU]HZNR FXZV]\VWNRVL

SRSO WDáRER]DF] áDSOH ü H -RDQQD]DWUXZDáDDOJLZW\PFHOXE\ZPyZLü(PLORZL H RQ

WR]URELáLMHVWREá NDQ\1LHZLHPFRMHV]F]HE\Z\P\ OLáDDOHGRVáRZQLHZ\U]XFLáHPM ]

NDELQ\-H OLNWR WXMHVWZDULDWHP±WRQDSHZQRRQDVDPD

&RZRJyOHG]LHMHVL ] W\PLOXG PL"3U]HFLH MHV]F]HQLHGDZQRE\OLWROXG]LHVLOQLRGSRUQL

SV\FKLF]QLH]DKDUWRZDQLLZ\WUZDOL

$OHMDQLHGDP]QLV]F]\üHNVSHG\FML-HV]F]HZV]\VWNRE G]LHSRGDZQHPX

ZU]H QLD±G]LH SRGUy \ 6WDáDVL U]HF]SRWZRUQD']L QDGUDQHP(PLOSRSHáQLá

VDPREyMVWZR%\áHP]XSHáQLH OHS\

1LHPRJ MHV]F]HRWU] VQ ü VL L VNXSLüP\ OL

ZU]H QLD±:G]LH SRGUy \

-X EOLVNRGZDGQLPLQ á\RG PLHUFL(PLODDPQLHVL ZFL

Z\GDMH H RQW\ONRZ\V]HGá

QD]HZQ WU]LODGDFKZLODSRZUyFL1LHMHVWHPZVWDQLHSRJRG]LüVL ] P\ O H QLHPDJR

PL G]\QDPL

7HUD]ZLHP H E\áRQGODPQLHF]\P ZL FHMQL SU]\MDFLHOHP1LHPDPG]LHFLLFK\ED

ZáD QLHRQ]RJQLVNRZDáQDVRELHMDNLH GU]HPL FHZHPQLHXF]XFLDRMFRZVNLH

3RVWDQRZLáHP]DQRWRZDüZP\PG]LHQQLNXVXFK RELHNW\ZQ UHODFM R W\PFRVL VWDáR

Z FL JXNLONXRVWDWQLFKGQLDOHEDUG]RPLWUXGQR]GRE\üVL QDU]HF]RZR ü-HVWHP

RGSRZLHG]LDOQ\]D PLHUü(PLODLWD ZLDGRPR ü MHVWFK\EDQDMVWUDV]QLHMV]D

-HVWHPRGSRZLHG]LDOQ\]DZV]\VWNRFRG]LHMHVL Z QDV]\PVWDWNX:V]\VWNRZLG]LHü

ZV]\VWNRVá\V]HüSU]HZLG\ZDü]JyU\QLHEH]SLHF]H VWZRZ\F]XZDüQDZHWQDMVXEWHOQLHMV]H

]PLDQ\ZDWPRVIHU]H7\PF]DVHPMDZáD QLHMDGRZLHG]LDáHPVL RVWDWQLMX SR PLHUFL

(PLOD H ZXELHJá\FKWU]HFKGQLDFK]DWUXWH]RVWDá\GZLHGDOV]HNXOWXU\DOJ H QLH6WHIDQE\á

W\PQLHEH]SLHF]Q\PV]DOH FHP

&K\EDMHGQDN]DF]Q RGSRF] WNX

:F]RUDMUDQRREXG]LáDPQLH-RDQQDWZLHUG] F H (PLODQLHPDZVWDWNXLQLHPR H VL ]

QLPSRá F]\üSU]H]UDGLRWHOHIRQ,VWRWQLHZQDZLJDF\MQHMQDWDEOLF\NRQWUROQHMSDOLá\VL

ZLDWHáNDV\JQDOL]XM FHRWZDUFLH OX]\QD]HZQ WU]LEUDNVNDIDQGUD(PLOD3Rá F]HQLDSU]H]

UDGLRWHOHIRQUyZQLH L PQLHQLHXGDáRVL RVL JQ ü

%\áHPFRUD]EDUG]LHM]DQLHSRNRMRQ\3RVWDQRZLáHPQDW\FKPLDVWZ\M ü QD]HZQ WU]JG\

(PLOPyJá]MDNLHJR QLHZLDGRPHJRSRZRGXVWUDFLüSU]\WRPQR ü

7\PF]DVHPGRNDELQ\QDZLJDF\MQHM]HV]áD0LUD*G\GRZLHG]LDáDVL H (PLOZ\V]HGá]H

VWDWNXLQLHPR QDQDZL ]Düá F]QR FL±]DF] áDKLVWHU\]RZDüL QDSHZQRSRSHáQLá

VDPREyMVWZRLWRSU]H]-RDQQ %\áHPW\P]XSHáQLH]DVNRF]RQ\JG\ 0LUDPLPRVZRLFK

ZDGXPLDáDGRW G ]DFKRZ\ZDü]DZV]HZQDMNU\W\F]QLHMV]\FKQDZHWV\WXDFMDFKVSRNyML

UR]ZDJ

5HDNFMD-RDQQ\E\áDGODPQLHMHV]F]HZL NV] QLHVSRG]LDQN =DPLDVWREXU]\üVL QDWDN

EH]VHQVRZQ LQV\QXDFM ± W\ONR]EODGáDLZ\V]HSWDáD

± 1LH1LH7RQLHPR OLZH3RWHPMDNE\WNQL WDQRZ P\ O FKZ\FLáDPQLH]DU N L

FL JQ F NX OX]LH]DZRáDáD

± 8ELHUDMP\VL SU GNR%RERPR H VL VWDüFR VWUDV]QHJR2QPR H VSRZRGRZDü

NDWDVWURI

background image

*G\ZFKRG]LOL P\]-RDQQ GRNRPRU\ZVW SQHM]DQDPLJRQLá\MHV]F]HG]LZQH

QLH]UR]XPLDáHGODPQLHVáRZD0LU\

± %RLV]VL QLHRQLHJRW\ONRRVLHELH$OHQLHPDV]VL F]HJRREDZLDü(PLOQLHMHVW

ZDULDWHP

7RW\ONRW\XVLáRZDáD PXZPyZLü1LHRQOHF]W\QLV]F]\áD DOJL

1LHE\áRF]DVXQDZ\MD QLHQLD=DPNQ OL P\NODS XEUDOL P\VL Z VNDIDQGU\LZ\V]OL P\

QD]HZQ WU]-RDQQDSU]HV]XNDáDFHQWUDOQ F] ü NDGáXED: UyG]ELRUQLNyZSDOLZD

PyJááDWZRXNU\üVL F]áRZLHN-D]EDGDáHP]HVSyáVLOQLNRZ\]QDF]QLHRGGDORQ\RGRVL

ZLURZDQLDVWDWNX

0LPRMHGQDNVSUDZG]HQLDND GHJR]DNDPDUND(PLODQLH]QDOH OL P\$SU]HFLH MH OLE\

QDZHW]HPGODá±HOHNWURPDJQHV\EXWyZQLHGRSX FLá\E\GRRGHUZDQLDVL RGVWDWNX&K\ED

H QDVW SLáMDNL QLHSU]HZLG]LDQ\Z\SDGHNDOERWH FHORZRVDPZ\á F]\áREDEXW\

MHGQRF]H QLH

&y E\WRMHGQDNR]QDF]DáR"

7DNF]\LQDF]HMQDOH DáRSU]HV]XNDüRNROLF UDGDUHP:W\PF]DVLH*DEULHO]DDODUPRZDQ\

SU]H]0LU RGH]ZDáVL ] FHQWUDOL3ROHFLáHPPXZL F Zá F]HQLHDSDUDWXU\UDGLRORNDF\MQHM

1LHXSá\Q áRSL ü PLQXWD*DEULHOV\JQDOL]RZDá:RGOHJáR FLGZXG]LHVWXWU]HFKNLORPHWUyZ

MDNL SU]HGPLRWZLHONR FLFLDáDOXG]NLHJRRGGDODM F\VL UXFKHPEH]ZáDGQ\PRGVWDWNX

1LHXOHJDáRZ WSOLZR FL H WRMHVW(PLO-RDQQDFKFLDáDOHFLHüSRQLHJRRGU]XWRZ\P

DSDUDWHPSOHFRZ\PDOH]DQLP]G \áDZ\VWDUWRZDü±*DEULHOZH]ZDáQDVGRSRZURWX

± =GDMHVL H QLHPDV]SRFROHFLHü0LUD]QDOD]áDSU]HGFKZLO OLVWRG(PLOD2QQLH \MH

2ND]DáRVL H OLVWOH DáZODERUDWRULXPQDVWROHOHF]QLNW]QDVQLH]ZUyFLáQDQLHJRXZDJL

WDNE\OL P\]DQLHSRNRMHQL]QLNQL FLHP(PLOD

/LVWDGUHVRZDQ\E\áGR-RDQQ\LFKRFLD F]\WDOL P\JRZV]\VF\QLHS\WDM F RSR]ZROHQLH

XZD DP H RERZL ]DQ\MHVWHPSRPLQ ü ZV]\VWNRFRPDFKDUDNWHURVRELVW\LQLFDOER

QLHZLHOHZQRVLGRVSUDZ\'ODWHJRSU]\WDF]DPJRWXW\ONRZREV]HUQ\FKIUDJPHQWDFK

Ä:LHP H VSUDZL EyOPR H ]UHV]W QLHW\ONR7RELHDOHWDNE\üPXVL1LHPDPLQQHJR

Z\M FLD0XV] RGHM üJG\ QLHEH]SLHF]H VWZRMHVW]E\WZLHONLH3U]HP\ ODáHPZV]\VWNRRG

SRF] WNXLGRV]HGáHPGRZQLRVNX H WDNE G]LHQDMOHSLHM´

Ä%RM VL DE\ VRELHQLHURELáDMDNLFK QLHSRWU]HEQ\FKZ\U]XWyZ H SRGM áHPyZNURNSR

WHMQLHV]F] VQHMUR]PRZLH]7RE 1LHE\áRWRZVWDQLH]PLHQLüDQLSU]\VSLHV]\üILQDáX-X

ZF]H QLHMSRGM áHPGHF\]M

-HV]F]HQDZHWSU]HGW\PQLP(UZLQQLH ZLDGRPLHSRWZLHUG]LáMHMVáXV]QR ü1LHPR QD

E\áRF]HNDüLOLF]\ü H PR H WRW\ONRVSORWSU]\SDGNyZFR]UHV]W MHVWQLH]PLHUQLHPDáR

SUDZGRSRGREQH

&K\EDMHGQDNXMU]DáHPZOXVWU]HSUDZG]LZHJRGLDEáD´

Ä-HV]F]HUD]SURV] &L QLHPLHMGRPQLH DOX H WDNGáXJRXNU\ZDáHPSU]HG7RE PyM

VWDQ&KFLDáHPRGNU\üSU]\F]\Q VDPáXG]LáHPVL H PR H QLHMDQLV]F] JORQ\2F]\ZL FLH

QLHZLHU]\áHPDE\ WRW\URELáDUDF]HMSRGHMU]HZDáHP0LU JG\ SU]H]FDá\F]DV

]DFKRZ\ZDáDVL GR ü G]LZQLHGRSLHUR(UZLQSRZLHG]LDáPLGODF]HJR1LHPQLHMQLHZROQR

PLE\áRNLHURZDüVL XF]XFLHPLGODWHJRREM áHPREVHUZDFM L FLHELH´

Ä=DVWDQDZLDáHPVL GR ü GáXJRQDGVSUDZ

PLHUFL6WHIDQD-HVWHPSU]HNRQDQ\ H PRMH

LQQHZ\SRZLHG]LZVWDQLH]DPURF]HQLDSR]DVWU]\NXDOWDPH]XPR QDX]QDü]D

RG]ZLHUFLHGODM FHSUDZG OHF]SU]\]QDQLHVL ERQLHVWHW\WDNWR]UR]XPLDáHPGRRWUXFLD

6WHIDQDPXVLE\ü]XSHáQ\PQLHSRUR]XPLHQLHP:LHG]LDáHPL SRV G]DáPQLH H FKFLDáHP

JRRWUXüLZLGRF]QLHZSyáSU]\WRPQLHSRF] áHPSOH ü QDWHQWHPDWJáXSVWZD7\FKPRLFK

EUHGQLFK\EDQLHPR QDXZD Dü]DGRZyGLFKRüXZLHU]\áD ± QLHRQHZSá\Q á\GHF\GXM FR

QDSRGM FLHSU]H]HPQLHREHFQHJRNURNX´

Ä:UDFDM F GRVSUDZ\6WHIDQD±MHVWHPSU]HNRQDQ\ H XPDUáQDFKRURE QRZRWZRURZ

&KRüQLHSU]HSURZDG]LáHPVHNFML±QLHPQLHM]URELáHP]GM FLDSREUDáHPNUHZLSUyENL

QLHNWyU\FKWNDQHNGRDQDOL]\0R HV]UyZQLH VSUDZG]LüVDPD H ]DUyZQREXWHONLSR

WRQDUJDOXMDN]DVWU]\NLLSDVW\ONLXVSRNDMDM FHNWyUHSR]RVWDá\ZV]DIFH6WHIDQDQLH

]DZLHUDM

DGQ\FKVXEVWDQFMLWRNV\F]Q\FK&K\ED H Z\PLHQLáHPOHNDUVWZDMX SRMHJR

background image

PLHUFL0XVLDáE\PWRMHGQDN]URELüFDáNRZLFLHQLH ZLDGRPLHZVWDQLH]DPURF]HQLD:

ND G\PUD]LHZSDPL FLPRMHMQLHSR]RVWDá DGHQ ODG´Ä3DPL WDP]DWRGRVNRQDOH H

SRWáXNáHPLZ\U]XFLáHPGZLHEXWHONLSRWRQDUJDOX:W\PVDP\PGQLXJG\]DXZD \áHP H

GUXJDNXOWXUDDOJZ\JLQ áD7RE\áRJáXSLHEH]P\ OQHDOHSU]HFLH MDNFLMX PyZLáHPQLH

E\áHPZyZF]DVZSHáQLZáDG]XP\VáRZ\FK3R]DVWU]\NDFKDOWDPH]XF]áRZLHNMHVWMDN

SLMDQ\'ODWHJRQLHFKF DE\ FLHWHGZLHVSUDZ\á F]\OLUD]HP´

Ä:F]RUDMZGZyFKVSR UyGWU]HFK]HVSRáyZZNWyU\FK]DáR \áHPQRZHNXOWXU\JORQyZ

VSRVWU]HJáHP]QyZREXPLHUDQLHFKORUHOOL$QDOL]DQLHZ\ND]DáDREHFQR FLWRQDUJDOXDOH]DWR

ODG\NZDVXVROQHJR:áD QLHZF]RUDMX \ZDáHPZODERUDWRULXPWHJRNZDVX'RUDQD

Z\JLQ á\ZV]\VWNLHJORQ\ZW\FK]ELRUQLNDFKDZWU]HFLPF] FLRZR=SHZQR FL ]QDMG]LH

VL MHV]F]HQLHMHGHQ]ZL ]HNFKHPLF]Q\G]LDáDM F\]DEyMF]RQDFKORUHOOH0RMHSUyE\

Z\ND]Dá\ H QLHUD]MX EDUG]RQLH]QDF]QDGRPLHV]NDG]LDáDV]NRGOLZLHQSSUHSDUDWX$$

7HQNWRSRPQLHE G]LHRSLHNRZDáVL DOJDPLFK\ED*DEULHO±QLHFKMDNQDMF] FLHM

SU]HSURZDG]DDQDOL]\´

:LHP H PRMHRGHM FLHVWDZLDHNVSHG\FM Z V]F]HJyOQLHFL NLPSRáR HQLXOHF]Fy ZDP

] REá NDQHJROHNDU]D":V]\VWNRZVND]XMH H MH OLE G F]HNDáMHV]F]HNLONDGQL±PRJ

GRSURZDG]LüGR]DJáDG\HNVSHG\FML1LHPDPSUDZDZ\ERUX5\]\NRMHVW]E\WZLHONLH(UZLQ

PDWX]XSHáQ UDFM /HSLHMSRSHáQLüSRP\áN NWyUDR]QDF]DNRQLHFMHGQHJRF]áRZLHNDQL

NRQLHFSL FLRUJD´

*G\F]\WDáHPWHQOLVW±RGF]XZDáHPZUD HQLHMDNE\PQLHXGHU]RQRSDáN Z JáRZ $ZL F

(PLOQDSUDZG RGHEUDáVRELH \FLH%\áSU]\W\PWDNGDOHFHVXEWHOQ\ H Z\V]HGáZ

VNDIDQGU]HQD]HZQ WU]GDáVL Z\U]XFLüURWDFM VWDWNXZSU]HVWU]H L SUDZGRSRGREQLH

GRSLHURZyZF]DVSU]HáNQ á WUXFL]Q

3U]\]QDPVL ± E\áDWRGODPQLHWDNZVWU] VDM FDZLDGRPR ü H ZSLHUZV]HMFKZLOLQLH

FKFLDáHPXZLHU]\ü=URG]LáRVL QDZHWZPHMJáRZLHDEVXUGDOQHSRGHMU]HQLHL PR H (PLO

]RVWDá]DPRUGRZDQ\LZ\U]XFRQ\ZSU]HVWU]H DOLVWVIDEU\NRZDáPRUGHUFD.Wy E\áE\

MHGQDNW\PPRUGHUF " &K\EDW\ONRU]HF]\ZLVW\WUXFLFLHOJORQyZ/HF]]QDáHPGREU]HSLVPR

(PLODLUR]PRZ\MDNLH]QLPSU]HSURZDG]LáHPSRSU]HGQLHJRGQLDE\á\MHV]F]HMHGQ\P

GRZRGHPSU]HFLZQLHPX

'RRNURSQHJRFLRVXMDNLPMHVWGODPQLH PLHUü(PLODGRá F]DVL MHV]F]HGUXJL±

ZLDGRPR ü H MHVWHPVDP=UR]XPLDáHP H QLHPDMX QLNRJRNRPXE\PPyJá]DXIDü H

OXG]LHNWyU\FKXZD DáHP]DQDMEOL V]\FKSU]\MDFLyáV GODPQLHREF\GDOHF\RERM WQL

1LHPDP DOXGR(PLOD-HJRMHGQHJRPRJ MDNR WáXPDF]\üRNROLF]QR FL1LHFKFLDáPL

SRZLHG]LHüEREDáVL H XOHJQ VXJHVWLL0R H ]UHV]W JG\E\PJRVNáRQLáGRV]F]HUHM

UR]PRZ\SRZLHG]LDáE\PLZNR FX&]\MDZLHP"1LHQDSLVDáGRPQLHDQLVáRZD

$OHSU]HFLH 0LUD*DEULHODSU]HGHZV]\VWNLP-RDQQD±RQLZLHG]LHOL H JORQ\]QyZJLQ

, XNU\ZDOLWRSU]HGHPQ 3U]HGVZRLPGRZyGF 'ODF]HJR"0LUDFRSUDZGDZyZ

NU\W\F]Q\ZLHF]yUSU]HG PLHUFL (PLOD]DF] áDPyZLüRDOJDFK'ODF]HJRMHGQDNZSO WDáDZ

WR-RDQQ " 0R HJG\E\PZyZF]DVQLHZ\U]XFLáMHM]NDELQ\±SRZLHG]LDáDE\PLFDá

SUDZG

1LHZLHP1LFMX QLHZLHP

'ODF]HJRPLOF]DáD-RDQQD"%DáDVL R (PLOD"=WHJRZV]\VWNLHJRZ\QLND H RQLQLHPDM

GRPQLH]DXIDQLD H VL ZL FHMPQLHERM QL SRZD DM 7UDNWXM PQLHSU]HGHZV]\VWNLP

MDNR]ZLHU]FKQLNDQDU]XFRQHJRSU]H]$)&±QDMSLHUZXU] GQLNDDGRSLHURSy QLHMGRZyGF

0LUDZU F]]DU]XFDPL H UHSUH]HQWXM LQWHUHV\NRUSRUDFMLDQLHHNVSHG\FML-DNE\LVWQLDáD

MDND Uy QLFD&R]DOXG]LH

&]\PDPV]DQV RGEXGRZ\]DXIDQLD"2EDZLDPVL H SRUR]PRZDFKMDNLHG]L ] QLPL

SU]HSURZDG]LáHPE G]LHWRQLHáDWZH7UXGQR*G]LHQLHPD]DXIDQLD±]DVW SLüMHPXVL

G\VF\SOLQD

1LHFKVL ERM ± E\OH]DGDQLHE\áRZ\NRQDQH

7RV MHGQDNVSUDZ\GDOV]H3U]HGHZV]\VWNLPPXV] VDPF]XZDü:LHG]LHüZV]\VWNRFR

G]LHMHVL Z VWDWNX0XV] E\üZV] G]LHREHFQ\

3LHUZV]HNURNLMX ]RVWDá\SRF]\QLRQH3U]HSURZDG]DPREHFQLHIRUPDOQH OHG]WZRZ

background image

VSUDZLH PLHUFL(PLOD:V]\VWNLH]H]QDQLDQDJU\ZDQHQDWD P\FKRZDPZDUFKLZXP6

RQH]E\WREV]HUQHDE\MHWXZSDPL WQLNXSU]\WDF]DüZFDáR FL6WUHV]F] ZL F W\ONRWRFR

XZD DP]DQDMLVWRWQLHMV]HFRSR]ZDODOHSLHM]RULHQWRZDüVL Z V\WXDFML

3LHUZV] SRSURVLáHPQDUR]PRZ -RDQQ 2LOHSR PLHUFL6WHIDQD]DFKRZ\ZDáDVL QDG

Z\UD]VSRNRMQLH±VDPREyMVWZHP(PLODMHVW]XSHáQLH]GUX]JRWDQD&KZLODPLE\áHPZ FLHNá\

QDVLHELH H M GU F] S\WDQLDPL5R]SDPL W\ZDQLHWHJRFRZ\GDU]\áRVL Z RVWDWQLFK

GQLDFKRGF]XZDQDSHZQRMDNUR]GUDS\ZDQLH ZLH HMUDQ\$MHGQDNWDUR]PRZDE\áD

NRQLHF]QD:OL FLH(PLODMHVWW\OHQLHGRPyZLH H EH]SRPRF\-RDQQ\QLHE\áE\PZVWDQLH

RGWZRU]\üSHáQHJRREUD]XWUDJHGLL

.LONDNURWQLHPXVLDáHPGDZDü-RDQQLH URGNLXVSRNDMDM FHDE\PRJáD]HEUDüP\ OLL

RGSRZLDGDüQDS\WDQLD0XV] GRGDü H SR PLHUFL(PLOD]DEUDáHPZV]\VWNLH

PHG\NDPHQW\MDNLH]RVWDá\MHV]F]HZODERUDWRULXPL]DPNQ áHPZPHMV]DIFHZNDELQLH

QDZLJDF\MQHM

$ RWRF]HJRGRZLHG]LDáHPVL RG-RDQQ\

-DNZLDGRPR-RDQQDSR]QDáD(PLODGRSLHURSU]HGVDP Z\SUDZ %\áDRQDMX ZyZF]DV

RQ 6WHIDQDLORWQD0DUVDVWDQRZLáGODQLFK]DUD]HPSRGUy SR OXEQ :NUyWFHMHGQDN

PLHMVFHP D ]DM á ZMHMVHUFX(PLO1LHZLQQ\IOLUWV]\ENRSU]HURG]LáVL Z PLáR ü

7\PF]DVHP6WHIDQ]DFKRURZDáLV\WXDFMDXOHJáDNRPSOLNDFML:W\FKZDUXQNDFKVWDZLDQLH

VSUDZ\RWZDUFLHE\áRE\QLHOXG]NLH6 G] H ]DUyZQR-RDQQDMDNL(PLOU]HF]\ZL FLHQLH

FKFLHOLMHJR PLHUFLLQLHXF]\QLOLQLF ZLDGRPLHFRE\PRJáRSU]\VSLHV]\ü]JRQ1LHZ\GDMH

VL UyZQLH SUDZGRSRGREQHDE\ZRNUHVLHUR]GZRMHQLDRVRERZR FL(PLOPyJáGRNRQDü

]EURGQL

6WHIDQMHGQDN]GDZDáVRELHVSUDZ H -RDQQD]GUDG]DJR](PLOHP1DW\PWOH]URG]LáR

VL X QLHJRSRGHMU]HQLHL FKF JRRWUXü1LHFKFLDá]JRG]LüVL QDRSHUDFM 1DMQLHZLQQLHMV]H

]DELHJLEXG]Lá\ZQLPQLHXIQR ü3U]HVWDáX \ZDüOHNDUVWZ=ZD \ZV]\ H FKRG]LáRWXF] VWR

R URGNLáDJRG] FHEyOHLXVSDNDMDM FHV\VWHPQHUZRZ\MDNWRQDUJDOMHJRVWDQSV\FKLF]Q\

SRJDUV]DáVL FRUD]EDUG]LHM

: WDNLPZáD QLHVWDQLHFKRUREOLZHMQLHXIQR FLZ\QLyVáEXWHONLGRáD]LHQNLLZ\ODáOHNDUVWZD

)DNWWHQ]ELHJáVL SU]\SDGNRZR]]DWUXFLHPJORQyZSU]H](PLODNWyU\GRNRQDáWHJRZ

VWDQLHSV\FKRSDW\F]Q\PQLH]GDM F VRELHVSUDZ\FRUREL6W G SRV G]HQLHSDGáRQD

6WHIDQD

*G\GRZLHG]LDáVL RQRW\P±SUDZGRSRGREQLH]DF] á SRGHMU]HZDüL PR H ILOWU\L

SRFKáDQLDF]HV XV]NRG]RQHL H VDPVSRZRGRZDáSU]\SDGNRZR]DWUXFLHZOHZDM F WRQDUJDO

GRNDQDáX

'ODWHJRFKFLDáUR]PRQWRZDüDSDUDWXU 1LHVWDUF]\áRPXMHGQDNVLá-HJRVáRZDÄ1LHMD

QLHMD´±]GDM VL ZVND]\ZDü H -HGQDNQLH]DXZD \áQLFSRGHMU]DQHJRZDSDUDWXU]H

3R PLHUFL6WHIDQD(PLOF]XáVL IDWDOQLH'RNXF]Dá\PXZMHV]F]HZL NV]\PVWRSQLXQL

GRW G EyOHJáRZ\3R]DW\PRGF]XZDá]SHZQR FL FR Z URG]DMXZ\U]XWyZVXPLHQLD H

RGHEUDáNROHG]H RQ L ZWHQVSRVyESR UHGQLRSU]\F]\QLáVL GRSU]\VSLHV]HQLDMHJR]JRQX

:yZF]DV]DF] á ]D \ZDüMDNLH URGNLXVSRNDMDM FH

7\PF]DVHPZU]H QLDNLHG\]DEUDáVL GRF]\V]F]HQLD]ELRUQLNyZ±VSRVWU]HJá]

SU]HUD HQLHP H DOJLZ\JLQ á\]QyZZGZyFKGDOV]\FK]HVSRáDFK:\QLNDáR]WHJR H QLH

6WHIDQMH]DWUXZDáOHF]NWR ] QDVSL FLRUJD$QDOL]DZ\ND]DáD]QyZREHFQR ü WRQDUJDOX

-DNLH E\áRMHJR]DVNRF]HQLHJG\]DXZD \áZODERUDWRULXPGZDSXVWHIODNRQ\SRW\P

OHNDUVWZLH

-HV]F]HNLONDGQLSU]HGW\PZLG]LDáMHSUDZLHSHáQH3DPL WDá H QLNWQLHEUDáRG

QLHJROHNDUVWZDMDNUyZQLH H VDPRWZRU]\áZGQLX PLHUFL6WHIDQDMHGQ ] EXWHOHNLZ]L á

NLONDG]LHVL W NURSHOGODXVSRNRMHQLDQHUZyZ

:yZF]DVZMHJRXP\ OH]URG]LáRVL SRGHMU]HQLHL VDPMHVWREá NDQ\%DáVL MHGQDN

SRZLHG]LHüRW\PNRPXNROZLHN]DQLPQLH]QDMG]LHSHZQLHMV]\FKGRZRGyZ3R]DVWU]\NQL FLX

VRELHGX HMGDZNLDOWDPH]XZá F]\áPDJQHWRIRQ3V\FKRDQDOLW\F\X \ZDM F]DVHPDOWDPH]X

MDNR URGNDXáDWZLDM FHJRSU]HáDP\ZDQLHRSRUyZZHZQ WU]Q\FKLZ\]ZDODM FHJRVWDQ\

background image

V]F]HUR FL3UyERZDáZWHQVSRVyEVDPVLHELHSU]HEDGDüFRFK\EDQDOH \ X]QDü]DNURN

GR ü U\]\NRZQ\%\á ZLHWQ\PLQWHUQLVW L UDGLRELRORJLHPDOHQLHVWHW\ZSV\FKLDWULLQLHPLDá

SUDNW\NL1LH]QDP\Z\QLNyZWHJRHNVSHU\PHQWXJG\ (PLOVNDVRZDá]DSLVMHGQDNQLH

XOHJDZ WSOLZR FL H SRW\PVHDQVLHSUyERZDá]DWU]Hü ODG\]DWUXZDQLDDOJ2F]\ZL FLH

QLV]F]HQLHEXWHOHNWRJáXSRWDOHF]QLHZROQR]DSRPLQDü H (PLOMDNVDPVWZLHUG]DE\á

ZyZF]DVZVWDQLHSHZQHJRURG]DMXRGXU]HQLD

*G\RSU]\WRPQLDá]DM á VL SU]HGHZV]\VWNLPXVXQL FLHPJQLM F\FKJORQyZRF]\V]F]HQLHP

]ELRUQLNyZL]DSURZDG]HQLHPWDPQRZ\FKNXOWXU:]L á VL WH ]QyZGRHNVSHU\PHQWRZDQLD

E\VWZLHUG]LüMDNLHVXEVWDQFMHG]LDáDM ]DEyMF]RQDDOJL&KFLDá]GDMHVL ]QDOH ü

VSRVyEOHF]HQLDJORQyZDOHPXVL WRQLHXGDáR6SHFMDOLVW E\áWXW\ONR6WHIDQ

3U]\SRPQLDáDVL (PLORZLUyZQLH VSUDZDILOWUyZLSRFKáDQLDF]\:\PLHQLáZL F ZV]\VWNLH

Sá\WNLFKF F Z\NOXF]\üPR OLZR ü SU]\SDGNRZ\FK]DWUXü

7\PF]DVHP-RDQQDGRZLHG]LDáDVL RG0LU\ H DOJL]QyZ]RVWDá\]DWUXWHL H (PLOZ

WDMHPQLF\RF]\ FLá]ELRUQLNL&KRFLD 0LUDWZLHUG]LáD H ZLG]LDáDWRQDZáDVQHRF]\±-RDQQD

QLHXZLHU]\áD

3RV]áDGR(PLODL]DS\WDáDJRRWZDUFLHF]\WRSUDZGD H DOJLJLQ 1DQLHV]F] FLHWUDILáD

QDPRPHQWJG\(PLOE\áZSyáSU]\WRPQ\3UDZGRSRGREQLH]QyZSU]HSURZDG]Dá]HVRE

MDNLH HNVSHU\PHQW\DOERSRSURVWXSUyERZDáVL ÄOHF]\ü´MDNLPL QDUNRW\NDPL)DNWHPMHVW

H ZVSRVyEGR ü EHáNRWOLZ\OHF]MHGQR]QDF]Q\SRF] á VL RVNDU Dü H ]DWUXZDáJORQ\

]DFLHUDá ODG\DQDZHW H RWUXá6WHIDQD2F]\ZL FLHWDRVWDWQLDPR OLZR ü QLHZFKRG]LZ

UDFKXE

:V]\VWNRWRMHGQDNWDNZVWU] VQ áR-RDQQ H GRV]áRPL G]\QLPLGRGUDPDW\F]QHMVFHQ\R

NWyUHMPyZLáDPL0LUD7HQLQF\GHQWá F]QLH]PRM QLHIRUWXQQ QLH ZLDGRP VXJHVWL H

REá NDQ\F]áRQHN]DáRJLSRZLQLHQSRSHáQLüVDPREyMVWZRL]DUD]SRW\PZ\JLQL FLHQRZR

]DáR RQ\FKNXOWXUZSá\Q á\QDSU]\VSLHV]HQLHGHF\]ML(PLOD

7\OHPQLHMZL FHMGRZLHG]LDáHPVL RG-RDQQ\1DVW SQLHZH]ZDáHPQDUR]PRZ 0LU

:QLRVáDRQDVWRVXQNRZRQLHZLHOHGRVSUDZ\LUDF]HMJPDWZDáDZV]\VWNRRVNDU DM F

EH]SR UHGQLR-RDQQ H RQDVSRZRGRZDáD PLHUü6WHIDQDL(PLODDQDZHW H MHVWREá NDQD

L VDPD]DWUXZDDOJL-DNMX ZVSRPQLDáHPUyZQLH PQLHSRF] áDDWDNRZDüLWRSU]HGH

ZV]\VWNLPRWR HNLHUXM VL LQVWUXNFMDPL0D\HUOLQFND7DNMDNE\QLFQLHUR]XPLDáD

3RGHMU]HZDPL ZLHRÄXV]NDG]DQLX´QDGDMQLND&]\ E\SUyERZDáDSRá F]\üVL ] =LHPL "

1LHE G SRZWDU]DáMHMLQV\QXDFMLLRJUDQLF] VL W\ONRGRIDNWyZ]ZL ]DQ\FK]H PLHUFL

(PLOD0LUDQLHZLG]LDáD-DN(PLO]DWUXZDáDOJL2Z\JLQL FLXNRORQLLZGZyFKGDOV]\FK

]ELRUQLNDFKGRZLHG]LDáDVL RG*DEULHOD:LG]LDáDQDWRPLDVWMDN(PLORF]\V]F]Dá]ELRUQLNL

DOHQLH]QDF]\WRMHV]F]H H E\áZDULDWHP DáXMH H SRZLHG]LDáDRW\P-RDQQLHZyZ

NU\W\F]Q\ZLHF]yUOHF]-RDQQDVDPDM GRWHJRVSURZRNRZDáDÄEH]F]HOQ\P

SRVW SRZDQLHP´

1DPRMHS\WDQLHGODF]HJRQLHSRZLHG]LDáDPLR]DWUXFLXDOJ±VWZLHUG]LáD H QLHGDáHPMHM

SU]\M ü GRVáRZD

0R H E\áRE\ZW\PWURFK SUDZG\JG\E\QLH]H]QDQLH*DEULHOD0XV] SU]\]QDü±RLOH

GDZQLHMZ\VRNRFHQLáHP0LU ± WHUD]]DF]\QDPLVL MHMSRVW SRZDQLHFRUD]EDUG]LHMQLH

SRGREDü

: SU]HFLZLH VWZLHGRZ\SRZLHG]L0LU\±]H]QDQLD*DEULHODEXG] QDRJyá]DXIDQLH5]XFDM

RQHMHGQDNWURFK G]LZQH ZLDWáRZáD QLHQD0LU

3UDZG MHVW H *DEULHOSLHUZV]\GRVWU]HJá]PLDQ\Z]ELRUQLNX,,L,9*G\MHGQDNSRZLHG]LDá

0LU]H±WDQDPyZLáDJRDE\QLNRPXRW\PQLHZVSRPLQDá8PyZLOLVL H E G VDPL

REVHUZRZDüPQLH-RDQQ L (PLOD1LHE\áRE\ZW\PQLF]áHJRDOHJG\ZNLONDJRG]LQSy QLHM

*DEULHO]DXZD \á H (PLORF]\V]F]D]ELRUQLNLLSRZLHG]LDáRW\P0LU]H±RQDSURVLáDJR

DE\QDGDOPLOF]Dá

0R QDWRRF]\ZL FLHZ\WáXPDF]\üREDZ R ORV(PLODQLHPQLHMZ\QLND]WHJR H 0LUD

SU]H]EOLVNRWU]\G]LH FLJRG]LQZLHG]LDáDFRVL

ZL FLLE\QDMPQLHMQLHNZDSLáDVL DE\PQLH

R W\P]DZLDGRPLü

:V]\VWNRWRE\áRE\JáXSVWZHPJG\E\QLHLQQ\SRGHMU]DQ\EDUG]RIDNW2Wy *DEULHO

background image

WZLHUG]L H SR PLHUFL6WHIDQDWRMHVWZF]ZDUWHNZLG]LDáMDN0LUDVDPDZ\FKRG]LáDRNRáR

SRáXGQLD]ODERUDWRULXP1DVW SQHJRGQLDDZL F ZU]H QLDSRSRáXGQLXVSRWNDOL P\0LU

Z OX]LH:yZF]DVÄ*DEULHO]DXZD \á H XNU\áDFR SRVSLHV]QLHZNLHV]HQLNRPELQH]RQX

7RÄFR ´ SU]\SRPLQDáREDUG]REXWHON ] WRQDUJDOHP*DEULHO]DVWU]HJD H PR H VL P\OLü

DOHWDNF]\LQDF]HM±WU]HEDVSUDZ Z\MD QLü

']L MX MHVWSy QROHF]MXWUR]DUD]]UDQDSU]HVáXFKDP0LU &KDUDNWHU\VW\F]QH H UyZQLH

(PLOZVSRPLQDáRMHMG]LZQ\P]DFKRZDQLX

8VWDOLáHP]*DEULHOHPGDOV]\SRG]LDáIXQNFML2QVDP]DMPLHVL DOJDPL=RERZL ]DáHP

WH ZV]\VWNLFKDE\PLRND GHMVSUDZLHVNáDGDOLRVREL FLHUDSRUW\'R ü MX LQWU\JL

QLHGRPyZLH

1LHSRNRLPQLH]DFKRZDQLHVL 0LU\OHF]PDPQDG]LHM H WRW\ONRMDNLH QLHSRUR]XPLHQLH

1LHXOHJDFK\EDZ WSOLZR FL H WR(PLOQLV]F]\áDOJL

ZU]H QLD±G]LH SRGUy \=DUD]]UDQDSRSURVLáHP0LU QDUR]PRZ Z F]WHU\RF]\

3RVWDQRZLáHP]DJUDüPHWRG ÄZLHPZV]\VWNR´3RZLHG]LDáHPMHMEH]ZVW SXL ZLHP H

E\áDZODERUDWRULXPZGQLXZU]H QLDZSRáXGQLHMDNUyZQLH R W\PFRWDPURELáD

1DW\FKPLDVW]QLNáDMHMSHZQR ü VLHELH=PLHQLáDVL QDWZDU]\LU FHSRF] á\MHMGU Hü

&]XáHP H ZNUDF]DPQDZáD FLZ\WURSLSROHFLáHPDE\RZV]\VWNLPRSRZLHG]LDáDSR

NROHL7RE\áEá GER0LUDMHVWLQWHOLJHQWQDLZORW]UR]XPLDáD H ZLHPQLH]DZLHOHLW\ONR

SUyEXM ] QLHMFR Z\FL JQ ü3U]\WDF]DPWHQIUDJPHQWUR]PRZ\EH]VNUyWyZWDNMDN

]DUHMHVWURZDáDJRWD PD

-$2SRZLDGDMSRNROHL:L F ZHV]áD GRODERUDWRULXPL"

0,5$1LHSU]\SRPLQDPVRELH7RE\áWDNLVWUDV]Q\G]LH

-$0XVLV]VRELHMHGQDNSU]\SRPQLHü:LG]LDQRFL

0,5$&KFLDáDP]REDF]\üVL ] (PLOHP

-$7RQLHSUDZGD:LHG]LDáD GREU]HJG]LHMHVW(PLO=DM W\E\áSU]H ZLHWODQLHP

]ZáRN

0,5$&]XáDPVL EDUG]R OH

-$:L F SU]\V]áD GRODERUDWRULXPSROHNDUVWZR"

0,5$7DN$OH(PLODQLHE\áR-$-X R W\PPyZLOL P\:]L áD ZL F WHQOHN"

0,5$SRFKZLOL7DN

-$:]L áD GZLHEXWHONLWRQDUJDOXLZ\V]áD

0,5$&]XáDPVL EDUG]R OH3U]HFLH QLHVSDOL P\FDá QRF

-$'ODF]HJRZ]L áD GZLHEXWHONLDQLHMHGQ "

0,5$6DPDQLHZLHP7DNMDNR

-$=Dáy P\ H WRSUDZGD&R]URELáD ] WRQDUJDOHP"

0,5$:\SLáDP

-$:V]\VWNR"&DáHGZLHEXWHONL"

0,5$PLOF]\

-$1RSRZLHG]ZUHV]FLH'ODF]HJRXVLáXMHV]NU FLü",WDNZLHPZV]\VWNRDOERSUDZLH

ZV]\VWNR

0,5$SHZQLHM7R]QDF]\"&RW\ZLHV]"&KFHV]PLFR ZPyZLü"

-$1LFFLQLHFKF ZPyZLü:LHPQDSU]\NáDG H FKFLDáD W EXWHON Z\U]XFLü]H

VWDWNX

0,5$:LG]LDáH "

-$:LG]LHOL P\FL Z OX]LHUD]HP]*DEULHOHP6FKRZDáD ZyZF]DVGRNLHV]HQL

0,5$Z\EXFKDSáDF]HPSRFKZLOLPyZL]áDPDQ\PJáRVHP%RM VL 7RMHVWRNURSQH

-$&]HJRVL ERLV]"

0,5$ H JRWRZLMHVWH FLHWHUD]ZPyZLüZHPQLH H MD]DWUXZDPDOJL

-$&y ZL F ]URELáD ] WRQDUJDOHP"

0,5$Z\EXFKD1LFQLH]URELáDP1LF1LH]DWUXZDáDPDOJ:\ODáDP3RSURVWXZ\ODáDP

GRPXV]OLNDQDáRZHM

-$1LHGHQHUZXMVL .U]\NLHPQLFQL ]PLHQLV]:\WáXPDF]OHSLHM-H OLSUDZG MHVW

WRFRPyZLV]±GODF]HJRZ\ODáD GRNDQDáXWRQDUJDO"

background image

0,5$SRGáXJLPPLOF]HQLX3RZLHPFLV]F]HU]H:V]\VWNRWDNMDNE\áR1DSUDZG SR

WHMQRF\F]XáDPVL EDUG]R OH(PLOE\á]DM W\Z]L áDPZL F VDPDWRQDUJDO1LHPLDáDP

]DPLDUXWHJRXNU\ZDü'ZLHEXWHONL]DEUDáDPQD]DSDV2VWDWQLRF] FLHMSRWU]HEXM

URGNyZXVSDNDMDM F\FK(PLOEDUG]RRV]F] G]Dá&KFLDáDP]UHV]W SRZLHG]LHü H Z]L áDP

OHF]QLHE\áRZW\PGQLXRND]ML1DVW SQHJRGQLDUDQRSU]HGVWDZLáH QDPMDNVL U]HF]\

PLDá\]H6WHIDQHP

'RZLHG]LDáDPVL ZyZF]DVRWRQDUJDOX H ZáD QLHQLP]DWUXZDáDOJL:LHG]LDáDP

H 6WHIDQQLHSU]\]QDáVL GRZLQ\2JDUQ á PQLHQLHSRNyM H MH OLZ\MG]LHQD-DZPRMH

V]SHUDQLHZODERUDWRULXP±PR HFLHLPQLHSRGHMU]HZDü3RVWDQRZLáDPRGQLH ü EXWHONLQD

PLHMVFH

1LHVWHW\E\áDWDP-RDQQD1LHPRJáDPW\FKEXWHOHNQRVLüSU]\VRELHLFR PQLHSRGNXVLáR

DE\Z\ODüOHNDUVWZRGRNDQDáXDEXWHONLZ\U]XFLüGRWHUPRSU]HWZRUQLND3y QLHMMHGQDN

MX SRZ\ODQLXOHNDUVWZD]PLHQLáDP]DPLDU3RVWDQRZLáDPZ\U]XFLüMHZSU]HVWU]H

NRVPLF]Q :yZF]DVVSRWNDáDPZDVZ OX]LHLSODQQLHGRV]HGáGRVNXWNX%\áDPFRUD]

EDUG]LHMQLHVSRNRMQDERZV]\VWNRFRGRW G ]URELáDPPRJáRNLHURZDüSRGHMU]HQLHSU]HFLZ

PQLH

-$%H]Z WSLHQLD

0,5$=GHF\GRZDáDPVL ZUHV]FLHRGVWDZLüSXVWHEXWHONLQDPLHMVFHDOHLWRQLHE\áR

áDWZH(PLOL-RDQQD]DP\NDOLVL FRUD]F] FLHMZODERUDWRULXP%\áDPZ FLHNáD

-$=D]GURVQD

0,5$SRGQRVLJáRV7DN%\áDP]D]GURVQD%RMDJRQDSUDZG NRFKDáDP7\ONRMD

'OD-RDQQ\E\áWRW\ONRNDSU\V&KZLORZ\NDSU\V

-$3U]HVWD F]HSLDüVL -RDQQ\:L F MDNWRE\áR]W\PLEXWHONDPL"

0,5$]Z\VLáNLHP3RVWDZLáDPQDPLHMVFH

-$.LHG\"

0,5$:F]ZDUWHN7U]HFLHJRZU]H QLDUDQRGáX V]DFKZLODPLOF]HQLD

-$:V]\VWNRWRFRSRZLHG]LDáD Z\GDM VL QLH]E\WSUDZGRSRGREQH'ODF]HJRWDN

EDUG]RFKFLDáD VL SR]E\üW\FKEXWHOHN"3U]HFLH ND G\PDZVW S GRODERUDWRULXP$PR H

ZLHG]LDáD ZF]H QLHM H DOJLJLQ " 0LPR PLHUFL6WHIDQD"

0,5$JZDáWRZQLH1LH1LH

-$$ZL F"

0,5$3RZLHPSUDZG 'UXJLHJRZU]H QLDZSRáXGQLH]DXZD \áDP H ZQLHNWyU\FK

]ELRUQLNDFKZRGDSRF]\QD]PLHQLDüNRORULGODWHJRZ\ODáDPWRQDUJDO

-$$ZL F QLHE\áD SHZQDF]\F]DVHP

0,5$1LH1LH7RW\ONRSRGZSá\ZHPWZ\FKVáyZ*G\PyZLáH R 6WHIDQLHLRSU]\SDGNX

LQ \QLHUD

-$'ODF]HJRQLHSU]\V]áD GRPQLHLQLHRSRZLHG]LDáD PLRZV]\VWNLP"

0,5$'RFLHELH"

-$$Fy Z W\PG]LZQHJR"

0,5$%DáDPVL

-$&]HJR"

0,5$ H E G]LHV]V]XNDáQDZáDVQ U N ZDULDWyZOXEVDERWD \VWyZ]DPLDVWSRGM ü MHG\Q

UR]V GQ GHF\]M

-$7R]QDF]\"

0,5$3RZLDGRPLü=LHPL R W\PFRVL WXG]LHMH,WRNRQWDNWXM F VL EH]SR UHGQLR]

&HQWUXP%DGDZF]\P$)&DQLHSRSU]H]WHJRWZRMHJR0D\HUOLQFNDNWyU\ZLG]LW\ONRDOJLD

QLHOXG]L

-$:LHV] H WRQLHPR OLZH

0,5$]LURQL :LHPLFRUD]OHSLHMUR]XPLHPGODF]HJRFLHELHDQLH'HZH\DPLDQRZDQR

GRZyGF Z\SUDZ\

-$']L NXM ]DV]F]HUR ü:UyüP\MHGQDNGRZáD FLZHJRWHPDWX&RE\áRSy QLHM"

0,5$3y QLHM"3RVWDQRZLáDPMHGQDNSRVWDZLüRWZDUFLHFDá VSUDZ $OHQLHFKFLDáH ]H

PQ JDGDü

background image

-$'ODF]HJRZREHFWHJRSU]HNRQ\ZDáD *DEULHOD H OHSLHMQLFQLHPyZLü"

0,5$-D"7RSU]HFLH RQE\á]GDQLD H QDOH \ ZV]\VWNLFKSRGHMU]DQ\FKREVHUZRZDü

-$7R]QDF]\±PQLHUyZQLH "

0,5$$GODF]HJRE\QLH"

-$:LG] H WDQLHXIQR ü GRPQLHQDELHUDFHFKMDNLHM PDQLL

0,5$1LHZLHV]VDPFRPyZLV]6WDQRZLVNR*DEULHODE\áRFDáNRZLFLHX]DVDGQLRQH

-$&RSU]H]WRUR]XPLHV]"

0,5$1LFSR]DW\P H WDNVDPRPDP\SUDZRSRGHMU]HZDüFLHELHMDNW\QDV

-$3OHFLHV]JáXSVWZD3U]HFLZNRWRELHL(PLORZLSU]HPDZLDM IDNW\.WyUH ] ZDV]DWUXZDáR

DOJL7\DOERRQ

0,5$MHVWHPQLHZLQQD:V]\VWNRFRFLRSRZLHG]LDáDPMHVWSUDZG

-$7RMHV]F]HRQLF]\PQLH ZLDGF]\0RJáD G]LDáDüQLH ZLDGRPLH:WDNLPVWDQLH

-DNLQ \QLHU

0,5$=E\WHNáDVNL5H]XOWDWE\áE\WHQVDP

-$$ZL F MH OLQLHW\WR]QDF]\±(PLO"

0,5$1LH(PLOQLHE\áZDULDWHP7RSU]HFLH QLHRQOHF]MDZ\ODáDPWRQDUJDO7RFR

URELá±URELá ZLDGRPLH1LHPDXGRZRGQLRQ\FKOXNZMHJRSDPL FL:V]\VWNRPR QD

Z\WáXPDF]\ü

-$3R]RVWDMHMHGHQV]NRSXá±DOJL

0,5$-HVWMHV]F]H-RDQQD

-$6NR F]]JáXSLPLEH]SRGVWDZQ\PLRVNDU HQLDPLMH OLQDZHWMHVWWDNMDNPyZLV]

± QLH-RDQQDOHF]W\W\ONRW\VSRZRGRZDáD PLHUü(PLOD7DKLVWRULD]EXWHONDPLVWDáDVL

UyGáHPDXWRVXJHVWLL3RF] á ZLHU]\ü H VDPMHVWQLHQRUPDOQ\1LHFKFLDáHPZ\SRPLQDüFL

WHJRDOHMH HOLFKFHV]WRPDV]

0,5$]GáDZLRQ\PJáRVHP:LHP7DN-DSU]\F]\QLáDPVL GRMHJR PLHUFL1LH

SRWU]HEXMHV]PLWHJRSU]\SRPLQDü

G ZL N G]ZRQND

: W\PPLHMVFXUR]PRZDQDV]D]RVWDáDSU]HUZDQD

']ZRQLá*DEULHOSURV] F E\P]DUD]VDPSU]\V]HGáGRODERUDWRULXP=ZROQLáHPZL F 0LU

]DSRZLDGDM F H ZUyFLP\MHV]F]HGRWHMUR]PRZ\

*DEULHOF]HNDáMX QDPQLH%\á]GHQHUZRZDQ\ZQDMZ\ V]\PVWRSQLX=DQLPRWZRU]\á

XVWD±GRP\ OLáHPVL SUDZG\3U]HFLH PLDáRGUDQD]DM ü VL RF]\V]F]DQLHP]ELRUQLNyZ

7U]\GDOV]HNXOWXU\JORQyZ]QDMGXM VL Z VWDQLHUR]NáDGX:\VXQ áHPZ WSOLZR üNWyUD

]URG]LáDVL Z PHMJáRZLHSRGF]DVUR]PRZ\]0LU MHVWWRFRSUDZGDPDáRSUDZGRSRGREQH

DOHSU]HFLH QLHPR QDZ\NOXF]\üLWHJR H ]DFKRG]LWXMDNLH VWUDV]QHQLHSRUR]XPLHQLH

0R H DOJLJLQ QDVNXWHNMDNLHM QLH]QDQHMFKRURE\LW\ONRQLHXGROQR FL(PLODQDOH \

SU]\SLVDü H QLH]RVWDáDRQDZ\NU\WDL]ZDOF]RQD

*DEULHOEDUG]R]DVNRF]RQ\E\áW\PSU]\SXV]F]HQLHPLNXPRMHPX]G]LZLHQLXR ZLDGF]\á

H ±QLHVWHW\±LVWQLHMHQLH]ELW\GRZyGSU]HFLZWHMKLSRWH]LH=DPLDVWZ\MD QLH ]D GDá

JRG]LQ\F]DVX±DPR H E G]LHZVWDQLHZVND]DüWHJRNWRQLV]F]\DOJL3RWHPXVLDGáSU]\

VWROHSURV] FE\PSRGDáNVL N OH F RERNPLHUQLNDSURPLHQLRWZyUF]R FL/LF]QLNE\á

Zá F]RQ\DOHQDWRZyZF]DVQLH]ZUyFLáHPXZDJLWDNE\áHPSRFKáRQL W\P\ ODPL*DEULHO

QDVW SQLH]ZUyFLáVL GRPQLHDE\PSRSURVLáGRODERUDWRULXP0LU

=DVWDáHPM Z REVHUZDWRULXP%\áDZVWDQLHFDáNRZLWHJR]DáDPDQLD3HZQR ü VLHELHMDN

Z\ND]\ZDáDZUR]PRZLH]HPQ ]QLNáDEH] ODGX*G\SRZLHG]LDáHPE\SRV]áDGR

ODERUDWRULXP±ZRF]DFKMHMGRVWU]HJáHPVWUDFK:\NRQDáDMHGQDNSROHFHQLH*DEULHO

UR]PDZLDá]0LU QDMZ\ HMPLQXW L ]DUD]Z\V]OL]ODERUDWRULXP=DSURZDG]LOL P\M GR

NDELQ\PLHV]NDOQHMLSRUDG]LOL P\MHMDE\Z]L áDMDNL URGHNXVSDNDMDM F\LSUyERZDáD

]DVQ ü

= NROHL*DEULHOSRSURVLá-RDQQ R GRNRQDQLHNLONXDQDOL]-RDQQDMDNRJHRORJLPLQHUDORJ

]QDVL Z WHMFKZLOLQDFKHPLLQDMOHSLHMVSR UyGQDV&KRG]LáRPXRF]\ZL FLHRDQDOL] SUyEHN

SREUDQ\FK]]DWUXW\FK]ELRUQLNyZ1LHVWHW\-RDQQLHQLHXGDáRVL ]QDOH ü F]HJR FRPR QD

background image

E\XZD Dü]DWUXFL]Q GODDOJ3U]\]QDM H QLHPDPEH]JUDQLF]QHJR]DXIDQLDGRMHM

XPLHM WQR FLOHF]WRQDUJDOOXENZDVVROQ\QDSHZQRE\Z\NU\áD

: F]DVLHDQDOL]\E\áHPREHFQ\=ZUyFLáRPRM XZDJ H SUREyZNL]Sá\QHPVWRM Z SREOL X

WHJRVDPHJROLF]QLNDF] VWHN=DS\WDáHPZyZF]DV*DEULHODGODF]HJRDSDUDWMHVWZá F]RQ\

± 0R HV]Z\á F]\ü:LHPMX NWRQLV]F]\DOJL

2ND]DáRVL H *DEULHO]DVWDZLáSXáDSN :F]RUDMZLHF]RUHPSRVPDURZDáXFKZ\W\NODS

]DNU\ZDM F\FKRWZRU\SU]\VHSDUDWRUDFKMDN

SDVW UDGLRDNW\ZQ 1DGUDQHPVWZLHUG]Lá

OLF]QLNLHP ODGSDVW\QDV]F]HEODFKGUDELQ\SURZDG] FHMGRNDELQ\PLHV]NDOQHMMDNUyZQLH

QDJDáNDFKZGU]ZLDFKáD]LHQNL1LHXOHJDáRZ WSOLZR FL H NWR RWZLHUDáNODS 7HUD]

VSUDZG]LáQDF]\LFKU NDFK]RVWDá\ ODG\

/LF]QLNUHDJRZDáEDUG]RVLOQLHZREHFQR FL0LU\VáDERZREHFQR FL-RDQQ\-RDQQD

VFKRG]LáDZQRF\SRGUDELQLHGRáD]LHQNLLPXVLDáDGRW\NDüV]F]HEOLLJDáHN]DQLPQDGUDQHP

*DEULHO]G \áXVXQ ü SDVW 0RMHU FHSR]RVWDá\F]\VWHJG\ QLHZVWDZDáHPZRJyOHZ

QRF\

-RDQQDE\áDWDNZVWU] QL WDRGNU\FLHP H ]WUXGHPGRNR F]\áDDQDOL]0R H ZáD QLH

GODWHJRQLHXGDáRMHMVL QLFZ\NU\ü3U]HV]OL P\GRNDELQ\QDZLJDF\MQHMDE\QDUDG]LüVL

QDGV\WXDFM 'ODZ\MD QLHQLDVSUDZ\GRNR FDRGWZRU]\áHP]WD P\]H]QDQLD0LU\

3U]\]QDM H E\áWREDUG]RQLHIRUWXQQ\NURN]ZD \ZV]\VWDQ-RDQQ\$OHFy ± VWDáRVL

-RDQQDGRVWDáDKLVWHU\F]QHJRDWDNX'áXJLF]DVQLHPRJOL P\MHMXVSRNRLü

3RSRáXGQLXGRV]áRGRQLHXQLNQLRQHJRVSL FLD-RDQQDSRZLHG]LDáD0LU]HRSD FLHRVNDU DM F

M R ZLDGRPHGRSURZDG]HQLHGR PLHUFL(PLODO]DPLDUXGXV]HQLDZV]\VWNLFK

0LUDSU]H]FDá\F]DVDWDNX-RDQQ\PLOF]DáDXNU\ZV]\WZDU]ZGáRQLDFK'RSLHURJG\SDGáR

RVNDU HQLHR]DPLDU]QLV]F]HQLDHNVSHG\FML]DZRáDáDUR]SDF]OLZLHÄ1LHSUDZGD´±LZ\V]áD

SRVSLHV]QLHGRREVHUZDWRULXP

3RV]HGáHP]DQL REDZLDM F VL H PR H VRELHFR ]URELüZSU]\VW SLHGHSUHVML=DVWDáHP

M VLHG] F Z IRWHOX=XSHáQLHQLH]DXZD \áDPHMREHFQR FL1LHUHDJRZDáDUyZQLH QDPRMH

VáRZD=RVWDZLáHPZL F M VDP ]DJO GDM F W\ONRFRMDNL F]DVGRREVHUZDWRULXP

: WHMV\WXDFML]GHF\GRZDáHPVL ]DDODUPRZDü0D\HUOLQFND2F]\ZL FLHXPyZLRQ\PKDVáHP

D QLHWDNMDNWRVRELHQDLZQLHZ\REUD DáD0LUD

Ä'U+ROZLW]SURVLRSU]HND]DQLHSR]GURZLH GODGUD0D\HUOLQFND´

7HJRQLHPR H SR]RVWDZLüEH]RGSRZLHG]L

2NRáRJRG]LQ\GZXG]LHVWHMSLHUZV]HMXVLáRZDáHPQDPyZLü0LU DE\ZUyFLáDGRNDELQ\

PLHV]NDOQHMLSRáR \áDVL VSDü3RNU FLáDW\ONRSU]HF] FRJáRZ 3RUD]RVWDWQLE\áHPWDP

RNRáRJRG]LQ\GZXG]LHVWHMGUXJLHM=DVQ áDZIRWHOX

3RP\ ODáHP H FK\EDM WDN]RVWDZLP\6HQMHMGREU]H]UREL*DEULHOZWHMFKZLOLLQVWDOXMH

G]ZRQHNDODUPRZ\ZSLRQLHá F] F\PREVHUZDWRULXP]NDELQDPLJáyZQ\PL0XVLP\

PLHüVL QDEDF]QR FL&KRFLD E G]LHP\F]XZDüQD]PLDQ ] *DEULHOHP±G]ZRQHNQLH

]DZDG]L

7U]HEDE G]LH0LU MDNR L]RORZDü$OHMDN"

-X SRáRZD]ELRUQLNyZ]DOJDPLMHVWQLHF]\QQD=ZL NV]\OL P\LQWHQV\ZQR ü QDV\FDQLDL

MHVWQDVW\ONRF]ZRUROHF]*DEULHORZLZ\GDMHVL FL JOH H EUDNXMHSRZLHWU]D1LHZLHP

PR H WRVXJHVWLDDOHWHUD]LMDF]XM MDNE\ZVWDWNXURELáRVL FRUD]GXV]QLHM

ZU]H QLD±G]LH SRGUy \

-HVWQDVW\ONRWURMH0LUDXPDUáD1LHZLHPF]\WRE\áR]DPLHU]RQHVDPREyMVWZRF]\WH

]D \áD]E\WZLHOH URGNyZQDVHQQ\FK=DVWDOL P\M UDQRPDUWZ Z REVHUZDWRULXPZWHM

VDPHMSR]\FMLZMDNLHM]DVQ áDZLHF]RUHP:NLHV]HQLNRPELQH]RQX]QDOH OL P\WU]\

SXGHáNDSRIDWDOQ\FKSURV]NDFK%\á\SXVWH

2VWDWQLG\ XURZDá*DEULHO3U]H]F]WHU\JRG]LQ\DQLUD]XQLH]DMU]DáGRREVHUZDWRULXP$

PR H L]DJO GDáW\ONRWHUD]VL QLHSU]\]QDMH0R H QDZHWVSRVWU]HJá H VHQ0LU\QLHMHVW

QDWXUDOQ\0R H ZLDGRPLHF]HNDáQDMHM PLHUü"

1LHZLHP-DNR ]DF]\QDPQDELHUDüSU]H ZLDGF]HQLD H WHQF]áRZLHN]GROQ\MHVWGR

ZV]\VWNLHJR%RF]\QLHV Z\UD]HPF\QL]PXWDNLHVáRZDZ\SRZLHG]LDQH]DUD]SR

NDWDSXOWRZDQLX]ZáRN

background image

Ä7RVWUDV]QHFRVL VWDáRDMHGQDNGODQDVE G]LHZL FHMSRZLHWU]D3URSRUFMD]QyZ

]RVWDáDXWU]\PDQD

SURFHQWDOJ±SURFHQW]DáRJL´

3U]HFLH QDZHW-RDQQDNWyUD]HVWURQ\0LU\RVWDWQLRVSRW\NDáDVL W\ONR]SU]HMDZDPL

QLHQDZL FLQDZHWRQDZREOLF]X PLHUFLVWDUDáDVL ]DSRPQLHüRZV]\VWNLPLQDSUDZG

V]F]HU]HE\áDZVWU] QL WD

2G0D\HUOLQFNDRGSRZLHG MHV]F]HQLHQDGHV]áD

ZU]H QLD±G]LH SRGUy \

']L FK\EDSRUD]SLHUZV]\QLHSRWU]HERZDáHPEUDüSURV]NyZRGEyOXJáRZ\6SDáHPWH

OHSLHM

:F]RUDMZLHF]RUHPUR]PDZLDáHPMHV]F]HGáXJR]*DEULHOHPL-RDQQ 3RZLQLHQHPZáD FLZLH

VNUH OLüVáRZDNWyUH]DSLVDáHPSDU JRG]LQSU]HGWHP

0RMHSRGHMU]HQLDZREHF*DEULHODV QLHX]DVDGQLRQH:LGRF]QLHSRGZSá\ZHPRVWDWQLFK

Z\SDGNyZQDEUDáHPFKRUREOLZHMQLHXIQR FLGRZV]\VWNLFK=DUyZQRZF]RUDMZLHF]RUHPMDN

L G]L *DEULHO]DFKRZ\ZDáVL ]XSHáQLHQRUPDOQLH6DPQDZHWF]XáVL Z RERZL ]NX

Z\WáXPDF]HQLDVZ\FKQLHVWRVRZQ\FKVáyZZ\SRZLHG]LDQ\FKSR PLHUFL-RDQQ\&RMDSLV] "

-DNPRJáHPSRSHáQLüWDNPDNDEU\F]Q SRP\áN " 2F]\ZL FLHPLDáHPQDP\ OL PLHUü0LU\

=E\WVL SU]HMPXM JáXSL SRP\áN 1HUZ\1HUZ\2VWDWQLHGQLZ\NR F]\á\PQLH

]XSHáQLH

&Dá\G]LH SRU] GNRZDOL P\]ELRUQLNL]DOJDPL-XWURZ\FKRG] ] *DEULHOHPQD]HZQ WU]

JG\ FKFHRQQDUHV]FLHGRNR F]\üSU]HJO GXVLOQLNyZ

ZU]H QLD±G]LH SRGUy \

']L UDQRQDGHV]áDZUHV]FLHZLDGRPR ü

Ä'RNWRU0D\HUOLQFNG]L NXMHNDSLWDQRZL+ROZLW]RZL]DSR]GURZLHQLDL \F]\GDOV]\FK

VXNFHVyZ´

2]QDF]DWR DGQ\FKGRQLHVLH QDWHPDWNáRSRWyZ]DOJDPL

-HVWH P\]GDQLW\ONRQDZáDVQHVLá\&DáHV]F] FLH H QRZHNRORQLHUR]ZLMDM VL QRUPDOQLH

0LHMP\QDG]LHM H LQD0DUVLHQLHE G]LH]QLPLNáRSRWyZ

'RNR FDSRGUy \ SR]RVWDáRMHV]F]HG]LHVL ü GQL0DUV ZLHFLMX EDUG]RMDVQR*G\E\

\áD0LUD

0LDáHPQLHSLVDüRW\FKNWyU]\RGHV]OLW\PF]DVHP]QyZZUDFDPGRWHJRVDPHJRWHPDWX

ZU]H QLD±G]LH SRGUy \

$ MHGQDNFL JOHSU]H ODGXM QDVXSLRU\']L ZF]DVLHJG\E\áHP]*DEULHOHPQD]HZQ WU]

-RDQQDRGNU\áDZREVHUZDWRULXPRERNPDV]\Q\OLF] FHMF]WHU\QLHZLHONLHVáRLNL]

FXFKQ F ]JQLá ZRG

1LHXOHJDZ WSOLZR FL H 0LUDZWDMHPQLF\Z\SUyERZ\ZDáDWUXFL]Q\]DELMDM FHDOJL:

GZyFKVáRLNDFKVWZLHUG]LOL P\]QDF]Q ]DZDUWR ü WRQDUJDOX1DMHGQ\PE\á\ ODG\

UDGLRDNW\ZQHMSDVW\

ZU]H QLD±G]LH SRGUy \

2GNU\WHSU]H]-RDQQ VáRLNL]JQLM F\PLFKORUHOODPL]QyZZSUDZLá\*DEULHODZKLVWHU\F]Q\

VWDQ1LHFKFLDáG]L Z\M ü QD]HZQ WU]$SU]HFLH FKRG]LMX W\ONRRVSUDZG]HQLHLQVWDODFML

HOHNWU\F]QHM2GSRZLDGDQDS\WDQLDSyáVáyZNDPLDOERZRJyOHQLHRGSRZLDGD:\UD QLH

XQLND]DUyZQRPQLHMDNL-RDQQ\

&K\EDQLHXOHJDZ WSOLZR FL H ]D]GUR ü SFKQ áD0LU GR]EURGQL,QWU\JD]EXWHONDPL

VáX \áDW\ONRMHGQHPXFHORZL±ZPyZLü(PLORZL H RQMHVWQLV]F]\FLHOHPDOJ1LHZ WSOLZLH

LVWQLHMHMDNL ]ZL ]HNPL G]\]DWUXFLHPSLHUZV]\FK]ELRUQLNyZLZ\ZRáDQLHPZ]PR RQHJR

QDSL FLDPL G]\6WHIDQHPL(PLOHP0R H 0LUDVDPDSRGVXQ áD6WHIDQRZLP\ O H (PLO

FKFHJRRWUXü"7HJRQLHGRZLHP\VL QLJG\

6 G] MHGQDN H -RDQQDQLHPDUDFMLWZLHUG] F H 0LUDZSHáQLX ZLDGRPLáDVRELHFHO

VZ\FKLQWU\JLQLV]F]\FLHOVNLFKZ\F]\QyZ0R QDUDF]HMSU]\SXV]F]Dü H W\ONRZQLHNWyU\FK

PRPHQWDFKSRF]\QDáD]GDZDüVRELHVSUDZ ]HVZHJRVWDQXLZyZF]DVXVLáRZDáD]D

ZV]HON FHQ XNU\üWRSU]HGQDPL

ZU]H QLD±G]LH SRGUy \

background image

$ MHGQDN*DEULHOMHVWFK\EDQLHQRUPDOQ\*G\E\QLHWR±PR H QDOH DáRE\X]QDüWRFRWHUD]

UREL]DEXQW=DFKRZXMHVL ZU F]EH]F]HOQLH3RZLHG]LDáPLG]L UDQRJG\]D GDáHPRG

QLHJRDE\]DNR F]\áSUDFHQD]HZQ WU] H VWDWNXQLHRSX FL3RWHPSU]\QLyVáPLVFKHPDWL

R ZLDGF]\á H PXV] VDPVSUDZG]LüG]LDáDQLHLQVWDODFMLERRQQLHPDF]DVX

2GSRZLHG]LDáHP H MDUyZQLH QLHPDPF]DVX±MHVWWR]UHV]W QLHPyMOHF]MHJR

RERZL ]HN1DWR*DEULHOQLFQLHRGU]HNáW\ONRZ\V]HGá]NDELQ\

&Dá\G]LH D GRWHMFKZLOL]DM W\MHVWPRQWRZDQLHPMDNLFK GRGDWNRZ\FKXU] G]H SU]\

]ELRUQLNDFK]DOJDPL3U]HU\ZDMHGQDNSUDF Z QDV]HMREHFQR FL*G\-RDQQDS\WDáDFRUREL

± QLHUDF]\áQDZHWRGSRZLHG]LHü=D GDáHPZL F RGQLHJRZ\MD QLH L WRNDWHJRU\F]QLH±

MDNRGRZyGFDVWDWNX-HGQDN]DPLDVWRGSRZLHG]LXVá\V]DáHPS\WDQLH

± &]\FKFHV]VDP]DM ü VL DOJDPL"

3U]\SXV]F]DáHP H PR H QLH]UR]XPLDáLQWHQFMLPHJR GDQLD:\MD QLáHPZL F

± 1LHPDP]DPLDUXQLF]PLHQLDü% G]LHV]VL QDGDORSLHNRZDáJORQDPLWDNMDNGRW G

3RZLQLHQH MHGQDNX]JDGQLDü]HPQ ZV]HONLH]PLDQ\MDNLHFKFHV]]DSURZDG]Lü

± -HVWHPLQQHJR]GDQLD±SU]HUZDáPLQHUZRZR±$OJDPLPR H VL RSLHNRZDüW\ONRMHGHQ

F]áRZLHN%LHU]HRQQDVLHELHRGSRZLHG]LDOQR ü ]D \FLHJORQyZDZL F LFDáHM]DáRJL'ODWHJR

PXVLPLHü]DSHZQLRQ VZRERG Z\ERUX URGNyZRFKURQ\,QDF]HMQLHSRGHMPXM VL WHM

IXQNFML0XV] E\üSHZQ\ H MH OLFR VL VWDQLHZLQ E G SRQRVLáW\ONRMD%H]SR UHGQLR

OXESR UHGQLR7RMX QLHZD QH

± 'RPDJDV]VL FDáNRZLWHJR]DXIDQLD"±SRSDUáDPQLH-RDQQD±-DN MHGQDNE G]LHP\

PLHOLJZDUDQFM H QLHVSRZRGXMHV]]DJáDG\ZV]\VWNLFKDOJLNR FDZV]\VWNLHJR"7ZRMH

GDQLH±PR H VN GLQ G VáXV]QH±]ZL ]DQHMHVW]H]E\WZLHONLPU\]\NLHP

± 1LHEyMFLHVL 3U G]HM]UREL WDNMDN(PLOQL $OHPXV] E\üSHZQ\0XV] PLHüW\ONR

GRVLHELHSUHWHQVMH

± 8VSRNyMVL ± SRZLHG]LDáHPSRMHGQDZF]R±0XVLP\VL QDGW\PGREU]H]DVWDQRZLü1D

UD]LHUyEWRFRXZD DV]]DNRQLHF]QH

3U]\M á WR]Z\UD Q XOJ

±

GDPRGZDVMHGQHJR±QLHGRW\NDMFLH]ELRUQLNyZ$QL DGQ\FKXU] G]H DSDUDWXU\

KRGRZODQHM2VWU]HJDPZDV

± 2VWU]HJDV]"&RWR]QDF]\"

$OHRQRGV]HGáQLHRGSRZLDGDM F QDPRMHS\WDQLH*G\SUyERZDáHPJRSy QLHMQDJDE\ZDü

QLHRGH]ZDáVL GRPQLHVáRZHP=QyZÄXV]NRG]LáHP´QDGDMQLN7\ONRE\WHJREUDNRZDáR

DE\WHQV]DOHQLHFSU]HND]DáMDNLH QLHSRWU]HEQHLQIRUPDFMHQD=LHPL 2F]\ZL FLH]DUyZQR

*DEULHOMDNL-RDQQDQLFQLHZLHG] R RGPRZQHMRGSRZLHG]L0D\HUOLQFND: WSL DE\

Z W\PVWDQLHSRWUDILOL]UR]XPLHüVáXV]QR ü WHMGHF\]ML

ZU]H QLD±G]LH SRGUy \

=DF]\QDP\VL QDSUDZG REDZLDüF]\*DEULHOQLH]ZDULRZDá1DZV]\VWNLHRNLHQND

NRQWUROQHQDáR \áF]DUQHSá\WNLDNODS\RSORPERZDá1LHPDP\ZL F ZWHMFKZLOL DGQHM

NRQWUROLF]\DOJL]QyZQLHJLQ

3U]HVLDGXMHWHUD]QLHSU]HUZDQLHZNRU\WDU]X=DLQVWDORZDáVRELHWDPFR Z URG]DMXIRWHOD

*G\SUyERZDáHPRGVXQ ü NWyU

] Sá\WHN]DVáDQLDM F\FKRNLHQNRU]XFLáVL QDPQLH]

SL FLDPLZRáDM F

± 3UHF]3UHF]1LHUXV]DM

6LHG]LWHUD]JRG]LQDPLZW\PIRWHOXQLFGRVáRZQLHQLHUREL F-RDQQD]DF]\QDVL JRO NDü

SDQLF]QLH,QLHG]LZL VL MHM

']L Z\V]HGáHPVDPQD]HZQ WU]LGRSURZDG]LáHPGRNR FDURERW *DEULHOD-RDQQD

FKFLDáDSyM ü ]HPQ DOHGRV]OL P\GRZQLRVNX H EH]SLHF]QLHME G]LHDE\MHGQR]QDV

SLOQRZDáR OX]\0R H *DEULHOQDSUDZG ]ZDULRZDáLZSDGQLHQD]EURGQLF]\SRP\VáRGFL FLD

QDPGURJLSRZURWX"

ZU]H QLD±G]LH SRGUy \

-HVWHPFRUD]EDUG]LHMQLHVSRNRMQ\3U]\F]\QLDVL GRWHJRVDP*DEULHO:LG]LP\

Z\F]XZDP\QLHPDOND G\PQHUZHP H QLHXVWDQQLHQDVREVHUZXMH1LHZLHPF]\RQZ

RJyOHV\SLD"

background image

-X GZLHQRFHSU]HVLHG]LDáZNRU\WDU]X'RNDELQ\PLHV]NDOQHMZFKRG]LW\ONRZWHG\

JG\MHVWH P\WDPRERMH1DSRVLáNL]MDZLDVL GRW\FKF]DVUHJXODUQLHDOHMHEDUG]RQLHZLHOHL

QHUZRZR

1LHUR]PDZLDP\]QLPSUDZLH]XSHáQLH$UDF]HMRQQLHUR]PDZLD]QDPLJG\ ]DUyZQR

MDMDNL-RDQQDSUyERZDOL P\MDNR UR]SURV]\üMHJRFKRUREOLZHREDZ\%RQLHXOHJD

Z WSOLZR FL H WRVWUDFK2QERLVL QDVSDQLF]QLH%RLVL DE\ P\QLH]QLV]F]\OLDOJ0R H

QDZHWSRV G]DQDV H G\ELHP\QDMHJR \FLH"

']L UDQRSRVWDQRZLOL P\ZMDNL VSRVyEX SLüMHJRF]XMQR ü L]EDGDüFRVL G]LHMH]

JORQDPL

-RDQQDFKFLDáDQDZHWGRVáRZQLHX SLüJRSU]\SRPRF\ URGNyZQDVHQQ\FKSRGDQ\FKZ

MDNLP QDSRMXOHF]SRQDP\ OH]UH]\JQRZDOL P\]WHMPHWRG\MH OLZ\F]XMH]PLDQ VPDNX

± JRWyZSRV G]LüQDV H FKFHP\JRRWUXü$SU]HFLH OXG]LH \M F\ZVWDQLHFL JáHJRO NX

PRJ E\üQLHREOLF]DOQL1DUD]LHVWDUDP\VL QLF]\PQLHZ]EXG]DüQLHSRNRMX*DEULHOD:

RJyOHQLHSRGFKRG]LP\GRDOJQLHSRGJO GDP\JG\FR WDPPDMVWUXMHOXEF]\ FL]ELRUQLNL

0XVLP\MHGQDN]GRE\üSHZQR ü H JORQRPQLFQLH]DJUD D

ZU]H QLD±G]LH SRGUy \

-HVWZWHMFKZLOLJRG]LQDWU]\QDVWDG]LHVL ü1DMGDOHM]DGZDG]LH FLDPLQXWE G]LHP\

ZLHG]LHOLZV]\VWNR

= NRU\WDU]DUR]FKRG]LVL Z\UD QLH]DSDFKJQLM F\FKJORQyZ-X ZF]RUDMZLHF]RUHP-RDQQD

]ZUyFLáDQDWRXZDJ 1LHE G MX GáX HM]ZOHNDá

3ODQG]LDáDQLDMHVWSURVW\:F]DVLHRELDGX-RDQQD]HMG]LHQDGyáLVSUDZG]L]DZDUWR ü

]ELRUQLNyZ-DZW\PF]DVLHSRVWDUDPVL ]DWU]\PDü*DEULHODZNDELQLHPLHV]NDOQHM&KRüE\

VLá -HVWRQ]QDF]QLHZ WOHMV]HMEXGRZ\RGHPQLH=UHV]W Z UD]LHF]HJRPDPEUR

ZU]H QLD±G]LH SRGUy \

-RDQQDQLH \MH2QM ]DELá7HQREá NDQLHF H WH QLHSRWUDILáHPWHJRSU]HZLG]LHü

6DPSRVáDáHPM QD PLHUü

3LV] WRZV]\VWNRZW\PFHOXDE\SR]RVWDáGRZyGMDNE\áRQDSUDZG 1LHZLHPFRVWDQLH

VL MXWUR]DJRG]LQ PR H ]DPLQXW

7DNMDNSRVWDQRZLOL P\]-RDQQ ± RSX FLáDRQDZF]DVLHRELDGXNDELQ PLHV]NDOQ *G\

W\ONRZVWDáDRGVWRáXLSRGHV]áDGRZáD]X*DEULHO]HUZDáVL ] PLHMVFDLFKFLDáELHF]DQL

%\áHPMHGQDNV]\EV]\=DJURG]LáHPPXGURJ PyZL F H FKF SRUR]PDZLDü]QLPZ

F]WHU\RF]\3UyERZDáRGHSFKQ ü PQLHRGZáD]XDOHFKZ\FLáHPJR]DUDPLRQDLRGU]XFLáHP

QD URGHNNDELQ\

± 3X ü PQLH±EHáNRWDáDZLG] F H QLHPDP]DPLDUXXVW SLü]DF] á ZRáDüQDFDáHJDUGáR

± -RDQQR1LHUXV]DM1LHGRW\NDMNODS1LHGRW\NDM

: RF]DFKMHJR]REDF]\áHPREá GQ\VWUDFK

± 3RF]HNDM&]HJRVL VSLHV]\V]"±SRZLHG]LDáHPGR ü VSRNRMQLH,ZWHG\XVá\V]DáHPM N

-RDQQ\3RGELHJáHPGRZáD]X

-RDQQDZLVLDáDEH]ZáDGQLHXF]HSLRQDNODS\]ELRUQLNDSU]\VHSDUDWRU]HDFLDáRMHMGUJDáR

Z MDNLFK QLHQDWXUDOQ\FKNRQZXOVMDFK

=HVNRF]\áHP]GUDELQ\LFKZ\FLáHPM Z Syá:W\PVDP\PPRPHQFLHXGHU]HQLHSU GX

HOHNWU\F]QHJR]ZDOLáRPQLH]QyJ2GHUZDáHPMHGQDN-RDQQ RGNODS\

: SLHUZV]HMFKZLOLP\ ODáHP H W\ONR]HPGODáD3UyERZDáHPUR]FLHUDüMHMFLDáRVWRVRZDü

V]WXF]QHRGG\FKDQLH1DSUy QR±QLH \áD3UDZGRSRGREQLHVHUFHQLHZ\WU]\PDáRZVWU] VX

&y ]DSRWZRUQ\V]DWD VNLL FLHREá ND F]\SRP\Vá±SRGá F]\üGRVLHFLPHWDORZ REXGRZ

]ELRUQLNyZ,WHQ]EURGQLDU]VWDáMHV]F]HRERN1DZHWQLHXVLáRZDáUDWRZDü-RDQQ\

3RZWDU]DáW\ONRZNyáNRJáXSLHQDLZQHXVSUDZLHGOLZLHQLH H QLHFKFLDáMHM]DELü H WRW\ONR

GODRFKURQ\DOJMDNRRVWU]H HQLH.áDPDá H QDSL FLHQLHE\áRZ\VRNLH-HV]F]HWHUD]WHQ

EHáNRWGXGQLPLZXV]DFK

ZU]H QLD±G]LH SRGUy \

*DEULHOXFLHNDQDPyMZLGRN-HGQRF]H QLHF]XM H PQLHREVHUZXMHQLHXVWDQQLH1D

SHZQRE G]LHSUyERZDáPQLHUyZQLH ]DELü

'ODSHZQR FLV\SLDPZODERUDWRULXPEORNXM F GU]ZL'áXJRWDNQLHSRFL JQLHP\±

background image

]ZáDV]F]D H RQ]DWUXZDGDOHMDOJL:F]RUDME\á\MHV]F]HF]WHU\]HVSRá\F]\QQH']L Z

MHGQ\PZRGD] yáNáD0XV] *DEULHODZMDNL VSRVyEXQLHV]NRGOLZLü

=DGZDGQLSRZLQLHQHPZá F]\üVLOQLNL3U]HUD HQLHPQLHRJDUQLD H PDPVS G]LüQD

0DUVLHF]WHU\VWDSL üG]LHVL W SL ü GQL]REá NDQ\PF]áRZLHNLHP&]\]UHV]W XGDVL ]DSRELHF

]QLV]F]HQLXZV]\VWNLFKNXOWXU"

ZU]H QLD±G]LH SRGUy \

=DELáHP*DEULHOD3U]\]QDM VL GRWHJRF]\QXRWZDUFLH1LHXNU\ZDPQLFMH OLGDQHPL

E G]LHSRZUyFLüQD=LHPL ± QLHFKWHQSDPL WQLNE G]LHGRZRGHP H QLHPRJáHPLQDF]HM

SRVW SLü1LHZLHPF]\NWRNROZLHNQDPRLPPLHMVFX]QDOD]áE\LQQHZ\M FLH0RJáHP

QDMZ\ HMRGHEUDüVRELH \FLH7U]HFLHMGURJLQLHE\áR

7RVWUDV]QHFRSLV] DOHGRSLHURZWHMFKZLOLSRWUDIL RGG\FKDüVZRERGQLH

&K\EDQLHPDQLFSRWZRUQLHMV]HJRMDN PLHUüF]DM FDVL ]DND G\PZáD]HP]DND G\P

]DáDPDQLHP FLDQ\V\JQDOL]RZDQDND G\PV]PHUHPND G\PQRZ\P]DSDFKHP

6WU]HOLáHPGRQLHJR3RSURVWX±QLHZ\WU]\PDáHPQHUZRZR&y ] WHJR H RQQLHPLDá

EURQL"0yJáPQLH]DELüQDW\VL F VSRVREyZ0RMD PLHUüR]QDF]DáDE\NRQLHFHNVSHG\FML

&]\REá NDQ\F]áRZLHN]GROQ\E\áE\GRMDNLHJRNROZLHNUR]V GQHJRG]LDáDQLD"

5DQRRF]\ FLáHP]DWUXWH]HVSRá\LSR]DNáDGDáHPQRZHNXOWXU\JORQyZ-HVWHP]XSHáQLH

VSRNRMQ\&L JOHW\ONRVWDMHPLSU]HGRF]DPLWZDU]-RDQQ\L(PLOD7DNJáXSLR

QLHSRWU]HEQLH]JLQ OL

=DF]WHUQD FLHJRG]LQZá F]DPVLOQLNL5R]SRF]\QDPSU]\VSLHV]DQLHVWDWNXLZFKRG]HQLH

QDRNRáRPDUV\MVN RUELW SDUNLQJRZ =DGZDPLHVL FHPDPO GRZDü&]\ PRJáHPVL

VSRG]LHZDü H Z\O GXM QD0DUVLHVDPMHGHQ"

ZU]H QLD±G]LH SRGUy \

6WDáRVL FR F]HJRO NDáHPVL QDMEDUG]LHM=GZXQDVWX]ELRUQLNyZDOJ±SL ü Z\SHáQLD

yáWDZDFLHF]$ZL F QLH*DEULHO-H OL]D QLH*DEULHO

1LHZá F]\áHPVLOQLNyZ3ODQHWDPLQ áDVWDWHNNWyU\SRG D WHUD]GDOHMSRVZHMRUELFLH

ZRNyá6áR FD]QLHNV]WDáFRQHMSU]\FL JDQLHP0DUVD1DSRGREQLHGRJRGQH]EOL HQLHVWDWNXL

SODQHW\WU]HEDF]HNDüG]LHVL WNLPR H VHWNLODW

-HVWHPVND]DQ\QD PLHUü

7U]HED]W\PZV]\VWNLPV]\EFLHMVNR F]\ü=QDOD]áHPZODERUDWRULXPMHV]F]HWU]\EXWHONL

WRQDUJDOX1DOHM GRND GHJR]ELRUQLND'RND GHJR-H OLURELáHPWRQLH ZLDGRPLHWROHSLHM

WDNRGUD]X3RWHPNRQLHF

ZU]H QLD±G]LH SRGUy \

-HV]F]H \M =JLQ á\GDOV]HGZLHNXOWXU\JORQyZ&LHNDZH H QLHRGUD]XZV]\VWNLHVLHGHP

-DNGRW G DOJLJLQ Z W\FK]ELRUQLNDFKNWyUHRF]\V]F]DáHP

&y PQLHZWHMFKZLOLREFKRG] JáXSLHJORQ\"

&L JOHWHUD]P\ O R -RDQQLH

ZU]H QLD±G]LH SRGUy \

= DOJDPLG]LHM VL G]LZQH]MDZLVND:F]RUDMZLHF]RUHPZODáHPUHV]W WRQDUJDOXGRMHGQHJR

]H]ELRUQLNyZ]HVWDU NXOWXU NWyUDGRW\FKF]DVWU]\PDáDVL QLH OH']L VWZLHUG]LáHP

H ]JLQ á\]QyZGZLHNXOWXU\DOHWDZF]RUDMÄ]DWUXWD´WU]\PDVL QDGDO ZLHWQLH&]\ E\

WRQDUJDOQLHQLV]F]\áDOJ"

6áRMH]JORQDPL]QDOH]LRQHZREVHUZDWRULXPPRJá\VáX \üLQQ\PFHORPQL QDPVL

]GDZDáR

0R H 0LUDSRGHMU]HZDáD H FKRG]LWXRMDNLH RNURSQHQLHSRUR]XPLHQLHLVDPDSUyERZDáD

HNVSHU\PHQWRZDü"'ODF]HJRMHGQDNFKORUHOOHJLQ á\ZF]DVLHGR ZLDGF]H (PLODL0LU\"

ZU]H QLD±G]LH SRGUy \

$OJLJLQ QDGDO-X WHUD]QLHWDNJZDáWRZQLHDOHQLHXVWDQQLH:LHPMHGQR±QLHWRQDUJDOMH

]DELMD7RMHVWFK\EDMDND QLH]QDQDHSLGHPLD0R H JG\E\6WHIDQQLHXPDUá±QLHE\áRE\

WHJRZV]\VWNLHJR1DSHZQRZ\NU\áE\SU]\F]\Q \OLE\G]L -RDQQD(PLO0LUD*DEULHO

&]\PRJ MHGQDNZLHU]\üVZHPXUR]V GNRZLJG\RQL0R H MHGQDNMDMHGHQMHVWHP

REá NDQ\"

ZU]H QLD±G]LH SRGUy \

background image

3R]RVWDáMHV]F]HMHGHQ]ELRUQLN] \Z\PLDOJDPLDOHMX SRGPLNURVNRSHPZLGDü H

FKRUXM

7RMX NRQLHF3UyERZDáHP]DNáDGDüQRZHNXOWXU\DOHQLFMX ] WHJRQLHZ\FKRG]L

&K\EDWRMDND LQIHNFMDZLUXVRZD=GDMHPLVL H JG]LH F]\WDáHPMDNRE\FKRURE\

ZLUXVRZHUR OLQSU]\SRPLQDá\]DWUXFLH URGNDPLFKHPLF]Q\PL-H OLWDNE\áRE\LVWRWQLH±

WU]HEDVSUyERZDüVSRMU]HüLQDF]HMQDZV]\VWNRFRSU]H \OL P\ZW\FKVWUDV]Q\FKSL FLX

W\JRGQLDFK

3RGZSá\ZHPSURPLHQLRZDQLDNRVPLF]QHJRPRJáDSU]HFLH SRZVWDüQRZDQLH]Z\NOH

]MDGOLZDQLH]QDQDGRW G PXWDFMDMDNLHJR ZLUXVD3RF] WNRZRZLUXV\RSDQRZDá\W\ONR

MHGHQ]HVSyáURERF]\DSDUDWXU\'RSLHURJG\(PLORF]\ FLá]ELRUQLNZ\OHZDM F ZRG ]H

]QLV]F]RQ NXOWXU GRNDQDáXSRF] á\RQHVWRSQLRZRSU]HQLNDüSU]H]ILOWU\GRLQQ\FK

]ELRUQLNyZ

3U]HFLH ZLUXV\V SU]HV F]DOQH0RJOL P\]UHV]W VDPLSU]HQRVLü]DUD]NLSRELHUDM F SUyENL

] LQQ\FKNXOWXU1LNW]QDVQLH]DFKRZ\ZDáV]F]HJyOQHMRVWUR QR FLV G] F H JORQ\QLV]F]\

WRQDUJDOOXENZDVVROQ\

7DKLSRWH]DSR]ZDODUyZQLH Z\WáXPDF]\üZ\QLNLHNVSHU\PHQWyZ(PLODL0LU\1LHWRQDUJDO

QLV]F]\áNXOWXU\±WRVáRMHE\á\]DND RQH*G\ZODáHPWRQDUJDOZSURVWGR]ELRUQLND±

JORQ\QLH]JLQ á\

$ REHFQR ü WRQDUJDOXZ]HVSRáDFKURERF]\FKDSDUDWXU\"3UDZGRSRGREQLHNWyU\ ] ILOWUyZ

OXESRFKáDQLDF]\E\áXV]NRG]RQ\LWRQDUJDOSU]HQLNQ á ]NDQDáXSRZ\ODQLXWHJROHNXSU]H]

6WHIDQDDSy QLHMSU]H]0LU àDWZRWH Z\WáXPDF]\üGODF]HJRVWZLHUG]LOL P\ZL NV]H

VW HQLHWRQDUJDOXZW\FK]ELRUQLNDFKZNWyU\FKDOJLE\á\PDUWZHDZLQQ\FK±JG]LHE\á\

\ZH±]DOHGZLHMHJR ODG\3RSURVWX± \ZHDOJLDV\PLORZDá\WRQDUJDO2GSDUXGQLZ

RJyOHQLHSRGHMPXM á F]QR FL]=LHPL 0D\HUOLQFNPR H VSRNRMQLHUHNODPRZDüÄ$OJD

)RRG´

-XWUR]QLV]F] SDPL WQLN

ZU]H QLD±RVWDWQLG]LH HNVSHG\FML

$OJL]JLQ á\.RU]\VWDPWHUD]]UH]HUZRZHJR]DSDVXWOHQX1LHZLHOHJRMX ]RVWDáR

1LH]QLV]F] SDPL WQLND0XVLSR]RVWDü ODG/RMDOQR ü PDWH FK\EDMDNLH JUDQLFH

&]\MHVWHPREá NDQ\F]\WH WRE\á\ZLUXV\"

2VWDWQLRVWDOHSU]HVLDGXM Z REVHUZDWRULXP*G\SDWU] Z F]DUQ SU]HVWU]H XOHJDP

]áXG]HQLX H MHVWHPEOL HM-RDQQ\

7HUD]]DNLONDG]LHVL W PLQXWRSXV]F] VWDWHN:LHP H PLHUüWRNRQLHFZV]\VWNLHJR H

WDPSRGUXJLHMVWURQLHQLFQLHPD$MHGQDNF]XM MDN

UDGR ü,G GRQLFKFKRFLD Z

WHQVSRVyEE G]LHP\UD]HPL-RDQQDL(PLO

72&&$7$

6SR UyGVWXWU]\G]LHVWXF]WHUHFKOXG]LELRU F\FKXG]LDáZZ\SUDZLHGRJURPDG\NXOLVWHM

0 ±QD=LHPL SRZUyFLáRW\ONRWURMH

']LHZL üG]LHVL FLXGZyFKSRFKáRQ á\QD]DZV]HQLHELHVNLHG XQJOHSODQHW\.ORWR:

F]WHUG]LHVW\PWU]HFLPGQLXSRE\WXQDW\PJORELHJG\Z\GDZDáRVL H MX QLFOXG]LRPQLH

JUR]L]HVWURQ\WDPWHMV]\FKPLNURRUJDQL]PyZ]PDUOLZFL JXNLONXQDVWXJRG]LQZV]\VF\

XF]HVWQLF\HNVSHG\FMLSODQHWRJUDILF]QHM

: GZDG]LH FLDGZDGQLSy QLHMHSLGHPLDZ\EXFKáDZ UyG]DáRJLVWDWNXED]\1LHRV]F] G]LáD

QLNRJROHF]W\PUD]HPWU]\SU]\SDGNLQLHE\á\ PLHUWHOQH:LUXVSDUDOL X NORWR VNLHJR

SR]RVWDZLáMHGQDNWUZDá\ ODGZRUJDQL]PDFKGZRMJDXF]HVWQLNyZQLHV]F] VQHMZ\SUDZ\

ZLDWáRJURPDG\NXOLVWHM0ELHJQLHGR6áR FDG]LHZL WQD FLHW\VL F\ODW6WDWHN

PL G]\JZLH]GQ\SU]\E\áQLHPDOFDá W GURJ ] FK\ R FL W\ONRRQLH]QDF]Q\XáDPHN

SURFHQWXPQLHMV] RGSU GNR FL ZLDWáD

*G\]HJDU\VWDWNXPL G]\JZLH]GQHJRZVND]\ZDá\W\JRGQLH±QD=LHPLSá\Q á\ZLHNL

background image

'OD5RVWD0LLL+HOLLZ\SUDZDGRJURPDG\NXOLVWHM0WUZDáDSL ü ODW'ODOXG]L

]DPLHV]NXM F\FK=LHPL PLQ á\ZW\PF]DVLHWU]\VWDRVLHPG]LHVL W GZDZLHNL0yZLá\RW\P

]DUyZQRREOLF]HQLDWHRUHW\F]QHMDNL]PLDQ\ZHZ]DMHPQ\FKSRáR HQLDFKJZLD]G

3LHUZV]HV\JQDá\UDGLRZH]8NáDGX6áRQHF]QHJR]áDSDáD+HOLDZRVWDWQLFKPLHVL FDFK

KDPRZDQLD±ZRGOHJáR FLMHGHQDVWXPLOLDUGyZNLORPHWUyZRG6áR FD3U]\SRPLQDá\

WHOHPHWU\F]QHPHOGXQNLDOHWUH FLLFKQLHSRWUDILáUR]V]\IURZDü DGHQNRPSXWHU

2EVHUZDFMHLSRPLDU\ZVND]\ZDá\ H ZIL]\F]QHMVWUXNWXU]H8NáDGX6áRQHF]QHJRQDVW SLá\

]PLDQ\NWyUHPR QDE\áRZ\WáXPDF]\üW\ONR ZLDGRP\PG]LDáDQLHPLVWRWP\ O F\FK

:HQXVL0HUNXU\SU]HVWDá\NU \üMDNRSRMHG\QF]HSODQHW\SRRGU EQ\FKRUELWDFK±

SU]HREUD]Lá\VL Z SODQHW SRGZyMQ ZLUXM F ZRNyáZVSyOQHJR URGNDPDV\MDN=LHPLDL

.VL \F

0DUV]\VNDáF]WHU\QRZHNVL \FHLWR ZLHF FHZáDVQ\P ZLDWáHP=DWRZSREOL X

=LHPL±QDZHWZyZF]DVJG\RGOHJáR ü RGURG]LQQHMSODQHW\]PDODáDGRSDUXPLOLRQyZ

NLORPHWUyZ±QLHGRVWU]H RQR DGQHJR]ZLHONLFKV]WXF]Q\FKVDWHOLWyZNWyUHZNR FX;;

VWXOHFLDVWDQRZLá\QDMZL NV] GXP OXG]NR FL:LGRF]QLHREHFQ\SR]LRPWHFKQLNLQLH

Z\PDJDáEXGRZ\ED]GODORWyZNRVPLF]Q\FK

*G\MX VWDá\VL PR OLZH]GM FLDLREVHUZDFMHWHOHVNRSRZHV]F]HJyáyZSRZLHU]FKQL

]LHPVNLHJRJOREXVWZLHUG]RQRUyZQLH ]QDF]QH]PLDQ\ZNV]WDáFLHO GyZ7UXGQRE\áR

SU]\SX FLüDE\G]LDáDá\WXVLá\JHRORJLF]QH=QLNá%DáW\N0RU]H UyG]LHPQHL&]DUQHDZ

LFKPLHMVFXPR QDE\áRSU]\]QDF]Q\PSRZL NV]HQLXGRVWU]HFVXEWHOQ VLDWN NDQDáyZL

V]WXF]Q\FKMH]LRU1LHJG\ yáWHREV]DU\SXVW\ SRNU\ZDáD]LHOH

$ MHGQDN

: REUD]LHURG]LQQHMSODQHW\E\áRFR QLHSRNRM FHJR=ZUyFLáDQDWRXZDJ 0LD/H F

QLHUXFKRPRZVZHMNRLSDWU]\áDZVXILWRZ\HNUDQQDNWyU\P ZLHFLáQLHELHVNDZ\PEODVNLHP

VLHUS=LHPL.LHG\MX UR]PLDU\RZHJRVLHUSDSU]HVWDá\PLH FLüVL Z UDPDFKHNUDQXQD

R ZLHWORQHMVWURQLHSODQHW\ZSU]HUZDFKPL G]\FKPXUDPLPR QDE\áREH]WUXGXGRVWU]HF

FLHPQHSODP\ZLHONLFKPLDVW0LDVWW\FKSU]\E\áRFK\EDVWRNURWQLH$MHGQDN

= FKZLO JG\SRJU Dá\VL Z FLHQLX±QDSUy QRV]XNDQRRGEODVNXLFK ZLDWHáQRFQ\FK

1LHSU]HQLNQLRQDF]HU RNU\ZDáDNRQW\QHQW\

3LHUZV] DXG\FM IRQLF]Q DQDVW SQLHWHOHZL]\MQ RGHEUDQRGRSLHURSRGVDPNRQLHF

SRGUy \

= JáR QLNDQLHSRSá\Q á\MHGQDNVáRZDRF]HNLZDQHJRSRZLWDQLD6XFKDLQVWUXNFMDGRW\F] FD

RVWDWQLHMID]\ORWX±UR]ND]SU]HVWDZLHQLDDXWRPDW\F]QHJRSLORWDQDVWHURZDQLH]GDOQH

± LWRZV]\VWNR=GDQLDZ\SRZLHG]LDQHPDWRZ\PEH]EDUZQ\PJáRVHPPLDá\G]LZDF]Q

L EDUG]RVNRQGHQVRZDQ MDNNROZLHNSRSUDZQ EXGRZ

± 7RFK\EDQLHPyZLF]áRZLHNOHF]DXWRPDW±]DXZD \áD+HOLD

:WHG\SRUD]SLHUZV]\ZJáRZLH5RVWD]URG]LáRVL SRGHMU]HQLH

1DHNUDQLHWHOHZL]\MQ\PQLHXMU]HOL DGQHJRF]áRZLHND$XG\FMDZL]\MQDSRZWyU]RQD

SDURNURWQLHSU]HGVWDZLDáDSU]HELHJSU]\V]áHJRLFKO GRZDQLD:RVWDWQLHMID]LHORWXVWDWHN

PLDáE\üVSURZDG]RQ\QD=LHPL Z ÄDV\ FLH´V]H FLXPDV]\QSU]\SRPLQDM F\FKSáDVNLH

NU NL

-DNNROZLHNUR]PLDU\W\FKNU NyZE\á\RJURPQHZREHFFDáNRZLWHJREUDNXMDNLFKNROZLHN

ODGyZRNLHQF]\NRSXáREVHUZDF\MQ\FKQDOH DáRZ WSLüDE\]QDMGRZDOLVL Z QLFKOXG]LH

2F]\ZL FLHSRND]XM F SU]\V]á\UR]ZyMZ\GDU]H PXVLDQRRSHURZDüPDNLHWDPLLWULNDPL

QLHPQLHMREUD]VSUDZLDáZUD HQLHU]HF]\ZLVWR FLFKZ\WDQHMRNLHPNDPHU\QDJRU FR

1D]DNR F]HQLHSDGáR]JáR QLNDODNRQLF]QHS\WDQLH

± 'ODF]HJRQLHZV]\VF\"

1LH]UR]XPLHOLRFRFKRG]L1DLFKS\WDQLDRGSRZLHG GáXJRQLHQDGFKRG]LáD

± 'ODF]HJRW\ONRWURMH"±SRSá\Q á\ZUHV]FLH]JáR QLNDVáRZDDQDHNUDQLHXND]DáVL

IUDJPHQWVWDUHJRILOPXSU]HGVWDZLDM F\RVWDWQLHFKZLOHSU]HGVWDUWHPÄ+HOLRVD´8MU]HOLUD]

MHV]F]HWZDU]H]PDUá\FKWRZDU]\V]\1LH]QDQ\VSLNHUF]\WDáPRQRWRQQ\PJáRVHPOLVW

QD]ZLVNLIXQNFML

background image

'ODF]HJRQLH]DS\WDQRLFKZVSRVyEMDVQ\LSURVW\FRVWDáRVL ] LQQ\PLXF]HVWQLNDPL

HNVSHG\FML"

2V]F] GQR ü VáyZGRSURZDG]RQDGRDEVXUGXWR]QyZVL JDQLHGR]XSHáQLH]E\WHF]Q\FK

URGNyZSRJO GRZ\FKGRJRGQ\FKPR H ZGLDORJXSU]HGVWDZLFLHOLUy Q\FKF\ZLOL]DFML

NRVPLF]Q\FKDOHQLHOXG]LPL G]\VRE

+HOLDSU]HGVWDZLáDSRNUyWFHWUDJLF]QHG]LHMHHNVSHG\FML*G\ZVSRPQLDáDRFL NLPVWDQLH

0LLL5RVWDá F]QR ü ]RVWDáDSU]HUZDQD

7HJRGQLDQLHRGHEUDOLMX DGQHMDXG\FML*XELOLVL Z GRP\VáDFK1DVXZDáRVL VWRVXQNRZR

SURVWHUR]ZL ]DQLH]DJDGNL±DOHRGU]XFDOLMH]O NLHPV]XNDM F ]XSRUHPLQQHJR

FKRüE\RSDUWHJRQDMDNQDMEDUG]LHMV]WXF]Q\FKLQLHUHDOQ\FKKLSRWH]DFK

%\OHW\ONRQLHWR

5RVWQLHPyJá]DVQ ü WHMQRF\3U]HGRF]DPLVWDZDá\PXP F] FHNRV]PDUQHREUD]\=LHPL

QDNWyUHMQLHPDMX F]áRZLHND=LHPLREFHMGDOHNLHMLVWUDV]QHM

1DGUDQHPQLHZ\WU]\PDáQHUZRZR=WUXGHPGREUQ á GRFHQWUDOLUDGLRZHMLZH]ZDá=LHPL

1LHSRZLHG]LDáJG]LHLG]LH±DQL0LLDQL+HOLL%DáVL H E G XVLáRZDá\JRSU]HNRQDü

DE\MHV]F]HSRF]HNDá H E G VWDUDá\VL RGZOHFMDNQDMGáX HMW FKZLO NWyUDPR H

SU]\QLH ü Z\MD QLHQLHLSRJU]HEDüRVWDWQLHQDG]LHMH

3RGáXJLPRF]HNLZDQLXRGH]ZDáVL V\JQDáNRQWUROQ\

± &]HJRFKFHFLH"

'ZDVáRZD]LPQHQLHSU]\VW SQH

5RVWVWáXPLáGU HQLHZDUJL]DS\WDáZSURVWRWZDUFLHEH]QLHGRPyZLH

± =NLPUR]PDZLDP"=F]áRZLHNLHPF]\]PDV]\Q "

&KZLODFLV]\3RWHP]QyZW\ONRGZDVáRZDZ\SRZLHG]LDQHW\PVDP\PMDNSRSU]HGQLR

WRQHP

± 1LHUR]XPLHP

± &]\MHVWH F]áRZLHNLHP"7DNLPMDNMD"

± 1LH

:LHG]LDá H WDNDE G]LHRGSRZLHG DMHGQDN

2SDGáFL NRQDIRWHO8F]XáEyOZVNURQLDFK

± -DNZ\JO GDFLH"3RND FLHVL ±XVá\V]Dá]DVRE

JáRV+HOLL6WDáDZGU]ZLDFKSDWU] F ]O NLHPQDPDUWZ\HNUDQ

± 1LHUR]XPLHP±SDGáR]JáR QLNDZRGSRZLHG]L

± &]\PR QDZDV]REDF]\ü"3RND FLHREUD]

=QyZFLV]D:LGRF]QLHUR]PyZFD]QDMGRZDáVL Z RGOHJáR FLNLONXVHWW\VL F\NLORPHWUyZ

SUDZGRSRGREQLHQD=LHPLOXEQD.VL \FX

± .RJR"±SDGáR]DVNDNXM FHS\WDQLH

± 1RFKRüE\FLHELH&KFHP\]REDF]\üFLHELH

± 1LHPR QD±QDGHV]áDSRNLONXQDVWXVHNXQGDFKRGSRZLHG

± 'ODF]HJRQLHFKFHV]QDPSRND]DüMDNZ\JO GDV]".WRFLQLHSR]ZDOD"$PR H O NDV]

VL QDV"0R H QLHFKFHV]QDVSU]HUD]LüVZ\PZLGRNLHP"1LHEyMVL MHVWH P\]DKDUWRZDQL

1LHO NDP\VL SUDZG\

= QDSL FLHPF]HNDOLUHDNFML

± 3RND P\ O±XVá\V]HOLZUHV]FLHZRGSRZLHG]L&RNU\áRVL ]DW\PLGZRPDVáRZDPL"

&]\ E\E\áDWRPHWDIRUD"+HOLDMHGQDNQLHXVW SRZDáD

± -HGQDNSU]HFLH JG]LH MHVWH " -HVWVWUXNWXUDZNWyUHMELHJQ LPSXOV\3RND QDPW

VWUXNWXU DSU]\QDMPQLHM]HZQ WU]Q\IL]\F]Q\NV]WDáWWHJRZF]\PVL RQDPLH FL

0LQ áDGáXJDFKZLOD

± :\FLQNRZR±SDGá]JáR QLNDSRMHG\QF]\Z\UD]-HGQRF]H QLHQDHNUDQLHSRMDZLáDVL

PR]DLND yáW\FKLF]DUQ\FKSODP

2EUD]SRF] á VL MDNE\RGGDODü

.DPHUDREHMPRZDáDFRUD]ZL NV]HSROHZLG]HQLD:\PLDU\SODPLRGOHJáR FLPL G]\QLPL

PDODá\V]\ENRZUHV]FLH yáWHLF]DUQHSXQNW\]ODá\VL Z MHGQROLW JáDGN SRZLHU]FKQL

background image

NWyUDSU]\EUDáDEDUZ Eá NLWQ 3RZLHU]FKQLDWD]DF] áDWHUD]MDNE\S F]QLHüQDELHUDü

NXOLVWR FL

8MU]HOLJUXV]NRZDW\WZyUMHGHQGUXJLG]LHVL W\1LHNWyUH]W\FKWZRUyZE\á\MDNE\

]DZLHV]RQHZSRZLHWU]XLQQHZVSLHUDá\VL QDGáXJLFKZ\JL W\FKZVSLUDO SU WDFK

± &]\V MHV]F]HQD=LHPLOXG]LH"±Z\UZDáRVL 5RVWRZLUR]SDF]OLZLHS\WDQLH

± 7DN

± &KFHP\LFK]REDF]\ü

± =REDF]\FLHQD=LHPL

± 1LH3RND FLHLFKWHUD]7XQDHNUDQLH

2EUD]]DPLJRWDáL]QLNá=LHORQR ü SDOPRZHJRJDMXZ\SHáQLáDUDP\HNUDQX: UyGWHM

SU]\URG\VN SDQHMZVáRQHF]Q\PEODVNXVSRF]\ZDá\SRGSU]H]URF]\VW\PNORV]HPQD

V]WXF]Q\PNROLVW\PZ]QLHVLHQLXGZLHLVWRW\OXG]NLH

%\OLWR]SHZQR FL P F]\]QDLNRELHWD$OHFKRüKDUPRQLMQLH]EXGRZDQLUD]LOL

SRGRELH VWZHPZSURSRUFMDFKDQDWRPLF]Q\FKP F]\]QDE\áMDNE\]E\WNRELHF\NRELHWD

]E\WP VNDDQLH]Z\NOHEXMQHZáRV\XIRUPRZDQHXRERMJDZWHQVDPVSRVyE±QDNV]WDáW

GZyFKVSáDV]F]RQ\FKNXOSRREXVWURQDFKF]DV]NL±]DFLHUDá\MHV]F]HEDUG]LHMUy QLFH

7ZDU]HGUREQHRVPDJáHMFHU]HZ\GDWQ\FKZDUJDFKLVLOQLH]DU\VRZDQ\FKNR FLDFK

SROLF]NRZ\FKRG]ZLHUFLHGODá\FK\ED]ODQLHVL Z MHGQR ü ZV]\VWNLFKLVWQLHM F\FKSU]HG

ZLHNDPLUDV

: SLHUZV]HMFKZLOLZ\GDOLVL 5RVWRZL]XSHáQLHQDG]\JG\MHGQDN]ZUyFLáQDWRXZDJ

+HOLL]DSU]HF]\áDWZLHUG] FL ZLG]LZ\UD QLHREFLVáHVUHEU]\VWHVWURMH:PLDU MDNVL

ZSDWU\ZDáZHNUDQSRF] á U]HF]\ZL FLHGRVWU]HJDüFR QDNV]WDáWRG]LH \DOHZ\GDáDPXVL

RQDUDF]HMFLHQN ZDUVWZ POHF]QHMPJá\SRNU\ZDM FHMFLDáDQL MDNLP PHWDOLF]Q\P

WZRU]\ZHP

3RF] WNRZR]UHV]W QLHSU]\ZL ]\ZDOLGRWHMUy QLF\VSRVWU]H H :LHONLHMZDJL

]DM FLW\PFRG]LDáRVL QDHNUDQLH

0 F]\]QDLNRELHWDPLHOLRF]\SU]\PNQL WH=GDZDOLVL GU]HPDüEH]WURVNRZXSDOQ\

G]LH Z UyGUDMVNLHMSU]\URG\MDNE\VWZRU]RQHMW\ONRSRWRDE\PRJOLWDNWUZDüZX SLHQLX

]DSRPQLDZV]\RRWDF]DM F\PLFK ZLHFLH

± &]\FLOXG]LH \M " ±]DS\WDáD]O NLHP+HOLD

5RVWXF]XáQLHSU]\MHPQ\VNXUF]ZNUWDQL

± 0\ OLV] H RQL±Z\V]HSWDáLXUZDá

0 F]\]QDSRUXV]\áVL 5RVWXMU]DáMDNGRWNQ á GáRQL UDPLHQLDNRELHW\SRWHPSU]HVXQ á

SDOFDPLSRZHZQ WU]QHMSRZLHU]FKQLNORV]DLXQLyVáJáRZ 2F]\PLDáMHGQDNQDGDO

]DPNQL WH]D WZDU]MHJRE\áDRERM WQDEH]Z\UD]X

+HOLDSRGHV]áDNLONDNURNyZGRHNUDQXSRWHPFRIQ áDVL L XVLDGáDRERN5RVWDQDSRU F]\

IRWHOD

± &]\PR HP\]QLPLSRUR]PDZLDü"±]DS\WDáDXNU\ZDM F ]WUXGHPQLHSRNyM=QyZW\ONR

MHGQRVáRZRZRGSRZLHG]L

± 5R]PDZLDFLH

5RVW]DFLVQ á QHUZRZRGáR +HOLL

± 3RFRNáDPLH"3RFRSU]HF]\VDPHPXVRELH"±V\NQ á SU]H]] E\±3U]HFLH SU]HG

FKZLO PyZLáFRLQQHJR

± 3RND FLHPLDVWD±U]XFLáD+HOLD]GHWHUPLQDFM

2EUD]]P WQLDáL]QLNá0LHMVFHSDOPRZHJRJDMX]DM á\V]HURNLHSURVWHXOLFH&]\WR

]UHV]W E\á\XOLFH"7UXGQRGRFLHF&KRGQLNyZDQLOXG]LQLJG]LHQLHPRJOLGRVWU]HF

3DQRZDá\]DWRQLHSRG]LHOQLHPDV]\Q\: UyGZ\VRNLFKSRGREQ\FKGRLJOLFJPDFKyZR

SURVWHMVXURZHMDUFKLWHNWXU]HSU]HELHJDá\ZHZV]\VWNLFKNLHUXQNDFKVHWNLSRMD]GyZ&] VWR

PLMDá\VL Z SRZLHWU]XÄSU]HVNDNXM F´QLHMDNRSU]H]VLHELH1LHNWyUH]EDF]Dá\L]QLNDá\Z

Já ELFLHPQ\FKSRFK\OQLELHJQ F\FKJG]LH Z Já E ]LHPL

3RMD]G\LGRP\QLHPLDá\DQLGU]ZLDQLRNLHQ FLDQ\LFKE\á\POHF]QRELDáHQLHSU]HQLNQLRQH

GODOXG]NLHJRRND

5RVWSRFK\ODáJáRZ FRUD]QL HMLQL HM

background image

± 1LH1LH'R ü WHJR

8F]XáQDZáRVDFKPL NNLHGRWNQL FLHSDOFyZ+HOLL

± 8VSRNyMVL -HV]F]HQLFQLHZLDGRPR

± &RQLHZLDGRPR"&]\FLWRQLHZ\VWDUF]\"±ZVND]DáQDPDUWZ\MX HNUDQ±&RRQL

]URELOL]OXG PL"$UDF]HMFROXG]LH]URELOL]OXG]NR FL "

± :L F W\SU]\SXV]F]DV]"

± &]\PR QDWXPLHüMDNLH ]áXG]HQLD"

± 3U]HFLH WDPW\FKGZRMHWRE\OLOXG]LH

± /XG]LH"&]\PR QDQD]ZDüOXG PLEH]P\ OQHLVWRW\ZHJHWXM FHSRGNORV]DPLZMDNLFK

PX]HDFKF]\RJURGDFK]RRORJLF]Q\FK"

± =E\WSRFKRSQLHZ\FL JDV]ZQLRVNL3DPL WDV]MDNWHQF]áRZLHNSRGQLyVáU N " -HVWHP

SHZQD H SDOFHMHJRSU]HV]á\QDZVNUR WHJRU]HNRPHJRNORV]D

± 7RFLVL ]GDZDáR7DNMDNWHQVWUyMVUHEU]\VW\-DJRQLHZLG]LDáHP

± 1LHZLG]LDáH " &]\WRPR OLZHDE\GZLHRVRE\SDWU] FHUyZQRF]H QLHQDWHQVDP

HNUDQZLG]LDá\ND GDFRLQQHJR"

± $ZL F PDV]GRZyG±U]XFLá]JRU]NLPWU\XPIHP±3UyEXM QDVRV]XNLZDü7RZV]\VWNR

ILNFMD&LOXG]LHWDSU]\URGD-DQLHPDPMX ]áXG]H H SDQDPL=LHPLD]SHZQR FL L

FDáHJR8NáDGX6áRQHF]QHJRV LVWRW\V]WXF]QH H WHLVWRW\SU]HZ\ V]\á\OXG]LL

SRGSRU] GNRZDá\LFKVRELH"&]\QLHUR]XPLHV] H WHPLDVWDQLHV Z\WZRUHPOXG]NLHM

F\ZLOL]DFMLOXG]NLHMNXOWXU\" H WRF\ZLOL]DFMDLNXOWXUDURERWyZ"

± $OH

± 0R HV]MHV]F]HZ WSLü"&]\QLHSU]\SRPLQDV]VRELHÄ1DGPLHUQDRUJDQL]DFMD \FLD

VSRáHF]H VWZDZZDUXQNDFKSHáQHMDXWRPDW\]DFMLPXVLGRSURZDG]LüGRSRGSRU] GNRZDQLD

F]áRZLHNDPDV]\QLH´"7RE\á\SURURF]HVáRZD$XWRPDW\QLHW\ONRSURGXNRZDá\GODOXG]L

$XWRPDW\SRF] á\P\ OHü]DOXG]L1LHF]áRZLHNRZLRQHVáX \á\OHF]EH]RVRERZHMVWUXNWXU]H

SD VWZRZHMZNWyUHMOXG]LHLDXWRPDW\]HVSDODá\VL VWDSLDá\ZMHGHQRUJDQL]PVSRáHF]Q\

FRUD] FL OHMFRUD]SHáQLHM

± 7RQLHPR OLZH

± 0R OLZH=XSHáQLHPR OLZH=DUyZQRMHGQRVWNLMDNLFDáHVSRáHF]H VWZDX]DOH QLDá\VL

RGW\FKPDV]\QFRUD]EDUG]LHMDRQHSU]HREUD Dá\ ZLDWWDNDE\VWDáVL

ZLDWHPZNWyU\P

QDMOHSLHMPRJá\E\SHáQLüVZRMHIXQNFMH7ZRU]\á\ ZLDWGODVLHELH1LHGODF]áRZLHND,

GODWHJRVWDá\VL MHJRZáDGFDPL6WDá\VL VSDGNRELHUFDPLOXG]NR FL,RWRZLG]LP\Z\QLN

± -HVWH V]DORQ\3U]HFLH MHV]F]HQLFSHZQHJRQLHZLHP\

± -DMHVWHPV]DORQ\"7RFONWyU]\SFKDOLOXG]NR ü NX]DJáDG]LHE\OLREá NDQL

= Z\VLáNLHP]DF]HUSQ á SRZLHWU]D

± 1LHZLHP±SRZLHG]LDáSRFKZLOLMX VSRNRMQLHM]MDN

SRQXU UH]\JQDFM ±0R H

]UHV]W WRE\áRQLHXQLNQLRQH"0R H QLHE\áRLQQHMGURJL"0R H WDNE\üSRZLQQRLZáD QLH

RZHV]WXF]QHWZRU\F]áRZLHNDV QDV]\PLSUDZRZLW\PLVSDGNRELHUFDPL"

=DFLVQ á GáRQLHQDSRU F]\IRWHOD.UHZSXOVRZDáDPXZVNURQLDFKDF]DV]N ]GDZDáVL

UR]VDG]DüP F F\P\ OLEyO3U]HGRF]DPLSRF] á\PXZLURZDüMDVNUDZHNáXM FHZ]URN

ZLDWHáND

=DPNQ á SRZLHNL$OHWRQLHSRPRJáR%yOZ]PDJDáVL

=QyZSRF]XáGRWNQL FLHFKáRGQHMGáRQLQDF]ROH*G]LH ] GDOHNDGRELHJáJRJáRV+HOLL

± 0DV]JRU F]N

± 1LFPLQLHMHVW1LF±XVLáRZDáZVWDüOHF]VLá\JRRSX FLá\&]XáL ]DSDGDVL Z MDN

RWFKáD ZF]DUQ QLHSU]HQLNQLRQ QRFEH] ZLDWHáJZLD]GLGDOHNLFKPJáDZLF:LHONLH

SRQXUHEXGRZOHSL WU] VL MHGQHQDGUXJLFKFRUD]WRZ\ HMLZ\ HMDZ UyGQLFK±SRGREQH

GRPUyZHNONRPDUyZ±W\VL FHSRUXV]DM F\FKVL V]\ENRSRMD]GyZ'

RQHQLHZLDGRPR

JG]LHWRSRMHG\QF]RWRJUXSDPLZMHGQ ZGUXJ VWURQ ,FKGURJLNU]\ XM VL Z

SU]HVWU]HQLWZRU] F G]LZDF]QH]\J]DNLVSLUDOHVLQXVRLG\/HF]RWRJG]LH ] SRG]LHPL

Z\Sá\ZDQDXOLF F]DUQDU]HND5]HNDWDUR]OHZDVL FRUD]V]HU]HM&RUD]Z\ HMZ]ELHUDM

MHMZRG\E\ZUHV]FLHUR]Sá\Q ü VL Z EH]EU]H Q\PRFHDQLHQLFR FL

background image

5R]ZDUáDVL SU]H]URF]\VWDF]DV]DNRSXá\ZHM FLRZHM3RUD]SLHUZV]\RGW\VL FOHFL

ZWDUJQ áRZJá E VWDWNXSU]HSHáQLRQH]DSDFKHPODVXSRZLHWU]H=LHPL:UD]]QLPZSá\Q áR

GRZQ WU]DRVLHPEá\V]F] F\FKNXO1LHGRW\NDM F SRGáyJMDNEDORQ\SFKDQHOHNNR

SRZLHZHPZLDWUXSRG \á\NXNDELQRPPLHV]NDOQ\P

+HOLDGRSURZDG]LáDMHD GRNRL5RVWDL0LL3RWHPVWDQ áDSU]\ZáD]LHLRSDUWDSOHFDPLR

FLDQ WUZDáDWDN]HZ]URNLHPXWNZLRQ\PZQLH]Z\Ná\FKSU]\E\V]DFK

7\PF]DVHPNXOHSRG]LHOLá\VL QDGZLHJUXS\LSRSá\Q á\QDGNRMH&KZLO NU \á\Z

SRZLHWU]XZUHV]FLH]DWU]\PDá\VL QDGFLDáDPLVSRF]\ZDM F\FKEH]ZáDGQLHOXG]L

0LDQLHVSDáD5R]V]HU]RQ\PL]SRG]LZXRF]DPLZRG]LáDSRNXODFK

1DUD]FLDáRMHMXQLRVáRVL ZROQRZJyU :VWU] VQ á QL GUHV]F]QLHSRNRMX

± +HOLR±]DZRáDáDUR]SDF]OLZLH±*G]LHMHVWH " %RM VL

1DWHQRNU]\NDPR H SRGZSá\ZHPUXFKXZáDVQHJRFLDáDNWyUHWDN H XQLHVLRQH]RVWDáR

Z JyU RFNQ á VL ] RGU WZLHQLD5RVW3U]H]FKZLO Eá G]LáZSyáSU]\WRPQ\PZ]URNLHP

ZRNRáR

± :L FWRMX "

± 7DNMHVWH P\MX QD=LHPL±XVá\V]DáJáRV+HOLL±=DUD]]REDF]\V]

± 1LH1LHFKF ±Z\V]HSWDá]SU]HUD HQLHP±/HSLHMZUDFDü=SRZURWHP:.RVPRV

± *G]LHPDP\ZUDFDü"±VS\WDáDáDJRGQLH±7XSU]HFLH QDV]GRP

± 1LHSUDZGD7XMX QLHPDQDV]HJRGRPX1LHPDP\GRPX

± 8VSRNyMVL :V]\VWNRE G]LHGREU]H% G]LHFLH]GURZL

± =GURZL",Fy ] WHJR"&]\E G]LHP\PRJOLRSX FLü=LHPL " ±-H OLW\ONR]HFKFHP\

± -H OL]HFKFHP\"±VSRMU]DáQDQL QLHSU]\WRPQLH±$OHW\]HFKFHV]7\PLSRPR HV]

7\]HFKFHV]1LH]DSRPQLV]FRPyZLOL P\=DF]QLHP\QRZH \FLH6WZRU]\P\QRZ\

ZLDW

± 7DNWDN1LHO NDMVL QLF]HJR7DPV OXG]LH±PyZLáDáDJRGQLHSRG DM F ]D

WRZDU]\V]DPLXQRV]RQ\PLZSRZLHWU]XQLHZLG]LDOQ\PSROHPVLá

5RVW]GDZDáVL MHMQLHVá\V]Hü3DWU]\á]QDSL FLHPSU]HGVLHELHMDNE\F]HJR RF]HNXM F

7\PF]DVHPNXOHZ\QLRVá\JRMX SR]DRWZDUW\ZáD]NRSXá\ZSU]HVWU]H :]DSDGDM F\P

PURNXXMU]Dá]JyU\V]HURNLRZDOQ\SODFRWRF]RQ\SLHU FLHQLHPODVX

± *G]LHRQL"*G]LHOXG]LH"±]DZRáDáRFKU\SOH

$OHQLNWPXQLHRGSRZLHG]LDá&LDáRMHJRRSDGDáRZROQRZGyá:RNyáQLHJRSRF] á\Z\UDVWDü

VSRG]LHPLF]DUQHG]LZDF]QHWZRU\RGáXJLFKFLHQNLFKUDPLRQDFK8F]Xá H RVXZD

VL QDPL NNLHSXV]\VWHáR H

± -DNFLHPQR±VNRQVWDWRZDáQLHPDOEH]]G]LZLHQLD±&LHPQR ü7\ONRFLHPQR ü

%\áDWRRVWDWQLDP\ OSR]RVWDáDZMHJRSDPL FL]WDPWHMFKZLOL

2FNQ á VL JZDáWRZQLHMDNE\Z\UZDQ\QDJOHVLOQ\PERG FHP ZLHWOQ\P]Já ERNLHJR

VQX3U]HEXG]HQLHQLHE\áRMHGQDNSU]\NUHF]XáVL U]H NLLZ\SRF] W\DZPLDU MDN

]QLNDá\RVWDWQLH ODG\RGXU]HQLDVHQQHJRRJDUQLDáRJRSU]\MHPQHSRGQLHFHQLHLQLHRGSDUWH

SUDJQLHQLHG]LDáDQLD

8MU]DáQDGVRE Eá NLWQLHEDLELDáHSRVWU] SLRQH]OHNNDREáRNL3U]HVXZDá\VL ZROQRL

]QLNDá\SR]DNUDZ G]LDPLR ZLHWORQHJRVáR FHPPXUX

=QDMGRZDáVL Z SU]HVWURQQHMRNU JáHMVDOLF]\PR H UDF]HMDWULXPRZ\VRNLFK

SR]EDZLRQ\FKRNLHQ FLDQDFK1DLFKSRZLHU]FKQLMDZLá\VL I ]QLNDá\EDUZQHSODP\

EH]NV]WDáWQHWR]QyZ]JHRPHWU\]RZDQHLWZRU] FH]DG]LZLDM FR]KDUPRQL]RZDQHZ]RU\

6DODE\áD]XSHáQLHSXVWDMH OLQLHOLF]\üáy NDF]\UDF]HMWDSF]DQXQDNWyU\P5RVW

VSRF]\ZDá

3RZLyGáZ]URNLHPMHV]F]HUD]ZRNRáRDOHQLHGRVWU]HJáQLJG]LHGU]ZLÄ=áRWDNODWND´

± SU]HPNQ áRPXSU]H]JáRZ

7DP\ O QLHZ]EXG]LáDZQLPQLHSRNRMX6WDáVL W\ONRF]XMQLHMV]\LJRWyZVWDZLüF]RáD

ND GHPXQLHEH]SLHF]H VWZX6SUyERZDáXVL ü L]H]G]LZLHQLHPVWZLHUG]Lá, RGU WZLHQLHL

EyOWRZDU]\V] FHMHV]F]HQLHGDZQRND GHPXUXFKRZL]QLNQ á\EH] ODGX8F]XáMDNRJDUQLD

JRQLHSU]HSDUWDFK ü VSUDZG]HQLDF]\LSDUDOL QyJXVW SLá:VWDáRVWUR QLHRSLHUDM F VL QD

background image

U NDFKOHF]QLFQLHZVND]\ZDáRDE\QRJLPLDá\RGPyZLüSRVáXV]H VWZD-DNWRVL VWDáR"

3U]HFLH SRGF]DVNLONXOHWQLHMSRGUy \ QDVW SLá]DQLNQLHNWyU\FKPL QL1LHPR OLZHDE\]

GQLDQDG]LH ]DV]áDWDNDUDG\NDOQD]PLDQD7U]HEDQDWRZLHOXW\JRGQLDPR H QDZHW

PLHVL F\

3RVW SLáSDU NURNyZNX FLDQLH]DWRF]\áVL ] OHNNDDOHQDW\FKPLDVWRG]\VNDáUyZQRZDJ

0yJáFKRG]Lü&]\WRPR OLZH"3U]HFLH QDWRDE\RG]\VNDüVSUDZQR ü IL]\F]Q WU]HED

GáXJRWUZDá\FKüZLF]H 1LHSU]\SRPLQDáVRELHQLFFRE\ZVND]\ZDáRL XSUDZLDáWDNLH

üZLF]HQLD2GF]XZDáQLHSRNyMDOHVWáXPLáJREH]WUXGX:LGRF]QLHOXNDZSDPL FLZL ]DáD

VL ] SURFHVHPOHF]HQLD1LHZ\GDMHVL DE\LVWRW\U] G] FH ZLDWHPPLPRREFR FLNWyUHM

SU]HMDZyZPLHOLMX RND]M GR ZLDGF]\üPLDá\MDNLH ]áHZREHFQLHJR]DPLDU\3U]HFLH Z

JUXQFLHU]HF]\]GDQ\MHVWQDLFKáDVN L QLHáDVN

3RP\ ODáZWHMFKZLOLF]\QLHPRJ RQHUyZQLH NLHURZDüWRNLHPMHJRP\ OL,F]\Z

RJyOHE\áE\ZVWDQLH]GDüVRELH]WHJRVSUDZ " 7RJRQLHSRNRLáR

3U]HV]HGáZROQRMHV]F]HQLHSHZQLHVWDZLDM F QRJLSU]H]VDO UD]GUXJLLWU]HFL

=DG]LZLDM FRV]\ENRQDELHUDáZSUDZ\

8ZDJ MHJRSU]\NXZDáMHGQDNFRUD]EDUG]LHMQLHMHJRZáDVQ\VWDQOHF]WUZDM FD

QLHSU]HUZDQLHJUDEDUZLNV]WDáWyZQD FLDQDFKDWULXP=DVWDQDZLDáRJRF]\MHVWWRW\ONR

G\QDPLF]QDNRPSR]\FMDGHNRUDF\MQDSU]HREUD DM FDVL Z Z\QLNXSU]\SDGNyZF]\WH

PR H FR ZL FHMQL G]LHáRSODVW\F]QH

1LHSRWUDILáRGNU\üVHQVXWHJRFRG]LDáRVL SU]HGMHJRRF]DPLDOHLQWXLF\MQLHZ\F]XZDá

D QDZHWZ\RGU EQLDáSHZQHSUDZLGáRZR FLZ]DVDGDFKSU]HNV]WDáFDQLDVL REUD]yZ

-HGQRF]H QLHVNRQVWDWRZDáL VDPR OHG]HQLHRZ\FK]PLDQVSUDZLDPXSU]\MHPQR ü H

F]XMHVL VSRNRMQLHMV]\DP\ OLELHJQ FK\ HMLVZRERGQLHM0R H QDELHUDM QDZHWZL NV]HM

SUHF\]ML"

&]\MHGQDNWRRGF]XFLHQLHE\áR]áXG]HQLHP":LDGRPRSU]HFLH L SRGGDQ\G]LDáDQLX

QDUNRW\NyZF]áRZLHNPR H Z\REUD DüVRELH H GRNRQXMHJHQLDOQ\FKRGNU\üZ

U]HF]\ZLVWR FLSRZWDU]DM F EDQDOQHSUDZG\DOERZU F]SORW F EH]VHQVRZQHE]GXU\&R

SUDZGDIDNWL VDPQDGW\PVL ]DVWDQDZLDPyJá ZLDGF]\ü H QLHXOHJDQDU]XFRQHM

VXJHVWLL&]\MHGQDNUyZQLH WRRF]\PP\ OLQLHPR H E\üQDU]XFRQ VXJHVWL " &]\Z

RJyOHMHVWZVWDQLHFR VWZLHUG]LüRELHNW\ZQLHZ\GRVWDüVL SR]DÄ]DNO W\NU J´ZáDVQHM

SV\FKLNL"

:RNyáSDQRZDáDFLV]D8GHU]\áEXWHPRSRGáRJ DOH DGHQG ZL N QLHGRELHJáMHJRXV]X

%\áRZW\PFR SU]HFLZQHJRQDWXU]HFR FRP FLáRVSRNyMSá\Q F\]GR]QD Z]URNRZ\FK

3RG ZLDGRPLHVWDUDáVL Z\SHáQLüW SXVWN GRE\ZDM F ]SDPL FLMDNLH VWDUHGDZQR

]DSRPQLDQHSU]H \FLD3U]HGRF]DPLVWDQ áDPXVDODNRQFHUWRZD2UNLHVWUDMDNL PX]\N

SU]\IRUWHSLDQLH=DSUDJQ á RGWZRU]\üZZ\REUD QL]DVá\V]DQ PHORGL $OHSDPL ü

SU]\ZRG]LáDW\ONRU\WPXSDUW\RVWU\QLHPDOPHFKDQLF]Q\

2GF]XZDáQLHRNUH ORQ\QLHSRNyM*G\E\+HOLDL0LDE\á\]QLPUD]HP.RQIURQWDFMD

VSRVWU]H H WRWH VSUDZG]LDQ7HUD]X ZLDGRPLáVRELHZ\UD QLHMQLHSRNyMURG]LáR

RVDPRWQLHQLH

2JDUQ áRJRJZDáWRZQHSUDJQLHQLHXMU]HQLDRVWDWQLFKEOLVNLFKPXLVWRW3UDJQLHQLH

UR]PRZ\±]Z\NáHMOXG]NLHMUR]PRZ\

0XVLMHRGQDOH ü0XVL

5R]HMU]DáVL UR]SDF]OLZLHSRVDOLMDNE\V]XNDM F VSRVREXZ\GRVWDQLDVL SR]DRWDF]DM FH

JR FLDQ\1DJOHRVáXSLDá

8MU]Dá+HOL L 0L 3RMDZLá\VL JG]LH QDWOHSU]HFLZOHJáHM FLDQ\MDNE\SU]HNUDF]DM F ]DVáRQ

] PJá\OV]á\WHUD]NXQLHPX7U]\PDá\VL ]DU FHD FL OHM±+HOLDSRGWU]\P\ZDáD

QLHSHZQLHSRUXV]DM F VL MHV]F]H0L

7RFK\EDQLHE\áDKDOXF\QDFMD

± -HVWH FLH"±]DS\WDáQLH]E\WVHQVRZQLH

± -DNZLG]LV]

8 PLHFKDá\VL GRQLHJRLPLPRL QLHZ\]E\áVL Z WSOLZR FLRGF]XáZ\UD Q XOJ

± &L JOHVL ERM H WRZV]\VWNRPR H E\ü]áXG]HQLHP±SRZLHG]LDáSRFKZLOLMDNE\VL

background image

XVSUDZLHGOLZLDM F

3U]H]WZDU]+HOLLSU]HELHJáFLH

± 7R]QDF]\FR"

± :V]\VWNR,WH FLDQ\WRQLHERZ\RELHQDZHWPRMHZáDVQHFLDáR7R H PRJ FKRG]Lü

MDNGDZQLHM

+HOLDXM áDJR]DUDPL L X FLVQ áD&]\ E\ZWHQSU\PLW\ZQ\VSRVyEFKFLDáD

]DGRNXPHQWRZDüVZHUHDOQHLVWQLHQLH"$OHSU]HFLH L WRPRJáRVWDQRZLüW\ONRNLHURZDQ ]

]HZQ WU]JU V\JQDáyZZMHJRPy]JX&KFLDáRGU]XFLüW P\ O]HSFKQ ü M SR]DPDUJLQHV

ZLDGRPR FLDOHZUDFDáDXSDUFLH

± 1LHGU F]VL W\P±SRZLHG]LDáDVHUGHF]QLH0LD±7RQLHPDVHQVX$SU]\QDMPQLHMGR

QLF]HJRQLHSURZDG]L±GRGDáDSRFKZLOL±3RZLHG]OHSLHMFRVL ] WRE G]LDáR"

:]UXV]\áUDPLRQDPL

± 1LHZLHP2EXG]LáHPVL NLONDQD FLHPLQXWWHPX2VWDWQLREUD]MDNLSDPL WDPWRQRFQH

QLHER-DNLH ]DU\V\ODVXLNXOHZ\QRV] FHQDV]HVWDWNX&RE\áRSy QLHM±QLHZLHP&]\

PLQ á PLHVL FF]\URNF]\MHGHQG]LH

± 'ZDGQL±SRZLHG]LDáD+HOLD

± &]\WRPR OLZH"

± %\áDPFDá\F]DVSU]\WRPQD

± $0LD"

± 3yáJRG]LQ\WHPXRG]\VNDáDSU]\WRPQR ü7DNMDNW\-DQLHE\áDPSRGGDQD DGQ\P

]DELHJRP

± 6N G ZLHV]"3U]HFLH PXVLDáD VSDü$ZyZF]DV

+HOLDX PLHFKQ áDVL

± 3RF] WNRZRE\áDPWDNVDPRQLHXIQDMDNW\3DPL WDV]MHGQDNWHQZLHF]yUJG\ZDV

Z\QRV]RQR" ZLHFLá.VL \F=DREVHUZRZDáDPMHJRSRáR HQLHZ UyGJZLD]G'RG]L

SU]HVXQL FLHZ\QRVLRNRáRWU]\G]LHVWXVWRSQL$ZL F SRQDGGZDGQL7HUD]PDP\UDQHN

± ,FRURELáD SU]H]WHGZDGQL"&]\ZLG]LDáD ,&+"

± :LG]LDáDP

3RZLHG]LDáDWR]SR]RUXVZRERGQLHDQDZHWSU]H]WZDU]MHMSU]HELHJáEODG\X PLHFK$OH

Z]PRJáRWRW\ONRMHJRQLHSRNyM

± &]\PR QDVL ] QLPLSRUR]XPLHü"

3RUXV]\áDSU]HF] FRJáRZ

± 7RFK\ED]UR]XPLDáH±GRGDáDQLHSHZQLH±7U]\VWDRVLHPG]LHVL W ZLHNyZ0\ O MHGQDN

H JG\SR]QDP\LFKOHSLHM

8ZDJD+HOLLSRJá ELáDW\ONR]GHQHUZRZDQLH5RVWD

± &]\WRQLHQDGPLDURSW\PL]PX"$W\0LRFRRW\PZV]\VWNLPP\ OLV]"±U]XFLáVLO F

VL QDVSRNyM

± -D"±]DS\WDáD]ZDKDQLHP±-DSDWU] L VáXFKDP-HV]F]H]DZF]H QLHQDNRQNOX]MH

3U]HGHZV]\VWNLPWR H FKRG] H PRJ VL SRUXV]DüWRZWHMFKZLOLGODPQLH

QDMZD QLHMV]H

± 1DMZD QLHMV]H±SRZWyU]\áZ]DP\ OHQLX

± àDWZLHMQL FLVL ]GDMH±SRZLHG]LDáDQLHVSRG]LHZDQLH+HOLDMDNE\RGSRZLDGDM F QD

S\WDQLH±$OHQLHZWHQVSRVyE7RQLHPR OLZH

± 'ODF]HJR"±]DS\WDáRGUXFKRZR

± 1DGQDPLVHWNLSL WHU

± *G]LH"3U]HFLH ZLGDüQLHER

± 7\ONRMHJRREUD]: GUXM SRW\PJPDFKX-X GZDGQL:V] G]LHZND G\PQLHPDO

SRPLHV]F]HQLXQDND GHMNRQG\JQDFMLJG\VSRMU]\V]ZJyU ± ZLG]LV]QLHER

± $ZL F±UR]SRF] á LXUZDá

± 6 G] H QLHPDV]UDFML7RQLHNODWND1LNWQLHPD]DPLDUXQDVZL ]Lü7H FLDQ\

± &RZ\"±SU]HUZDáDQDJOH0LD3DWU]\áDUR]V]HU]RQ\PL]G]LZLHQLHPRF]DPLQD+HOO

WR]QyZQD5RVWD

7HUD]GRSLHURX ZLDGRPLáVRELHG]LZDF]Q\SU]HELHJUR]PRZ\

background image

± :LHG]LDáD RF]\PP\ O ±Z\V]HSWDá]QLHSRNRMHP

+HOLDZ\GDZDáDVL ]DVNRF]RQD

± 5]HF]\ZL FLH3\WDáH QDMSLHUZMDNPR QDVL VW G Z\GRVWDü H WH FLDQ\JG\E\FKRü

ZVSL ü VL QDQLHLVSRMU]Hü

± 7DN$OHMDQLHS\WDáHP3RP\ ODáHPW\ONR

3DPL WDPSU]HFLH =UHV]W 0LDMHVW ZLDGNLHP

± -DNWRPR OLZH"±0LDSDWU]\áDQLHSHZQLHQD+HOL

± 7UXGQHS\WDQLH6DPDQLHZLHP7RSU]\FKRG]LMDNE\]]HZQ WU]&KZLODPL3RSURVWX

MDNJG\E\PVá\V]DáDVáRZDZ\SRZLDGDQHSU]H]FLHELH3RGREQLHE\áRZyZF]DVMDNQDV

ZRáDáH

± 1LHZRáDáHP

± &KFLDáH QDV]REDF]\üSUDZGD"

± 7DN&]\ E\WHOHSDWLD"

± 1LHZLHP=E\WZLHONDZ\UD]LVWR ü&K\EDUDF]HMMDNLH XU] G]HQLHWHFKQLF]QH

± $W\"±]ZUyFLáVL GR0LL±&]\WH Vá\V]DáD ZRáDQLH"

± 1LH3RP\ ODáDPW\ONRZW\PPRPHQFLHRWRELHFRVL ] WRE G]LHMH

± 6N G ZL F ZLHG]LDá\ FLHJG]LHPQLHV]XNDü"

± 1LHSRWU]HERZDá\ P\FL V]XNDü7RQLHWDN=REDF]\áDPFLHELH3U]HGWHP]UHV]W 0L

8UZDáD5RVW]DP\ OLáVL

± 1LHEDUG]RPLVL WRZV]\VWNRSRGRED±RGH]ZDáVL SRFKZLOL±0yZLáD H PR QDVL

VW G Z\GRVWDü"±]PLHQLáQDJOHWHPDW

± :ND GHMFKZLOL

± .WyU G\"

± :V]\VWNRMHGQR0R HP\L ü ZGRZROQ\PNLHUXQNX

± 3U]H] FLDQ " ±]DS\WDáQDZSyá]LURQL

± 7RQLHV

FLDQ\ZQDV]\PWHJRVáRZD]QDF]HQLX0R HV]MHSU]HNURF]\üEH]WUXGX

&KRG FLH

+HOLDSRSURZDG]LáD5RVWDNXQDMEOL V]HM FLDQLHJG]LHSRWRNNRORURZ\FKSODPUD]SRUD]

SU]\ELHUDáNV]WDáWGáXJLFKZVW J LZVSyá URGNRZ\FKSLHU FLHQL

*G\G]LHOLáRLFKRGEDUZQHMSRZLHU]FKQLQLHZL FHMQL SyáWRUDPHWUDREUD]]P WQLDá

6SRZLáDJRPOHF]QDPJáD]NWyUHMZ\áRQLáRVL FR QDNV]WDáWWXQHOXF]\NRU\WDU]D:MHJR

Já ELSUDZGRSRGREQLHXZ\ORWXMD QLDáR ZLDWáRGQLD

± 'RN G LG]LHP\"±]DS\WDáDV]HSWHP0LD

± 1D]HZQ WU]=DUD]]REDF]\FLH

.RU\WDU]XWNDQ\]PJá\UR]SLHU]FKáVL L XMU]HOL H VWRM QDVNUDMXRWZDUWHMSU]HVWU]HQL

F]\UDF]HMWDUDVX]DZLHV]RQHJRX FLDQ\RJURPQHJRJPDFKX7DPVN G SU]\V]OLZLGQLDáD

WHUD]MDVQDMHGQRVWDMQLHJáDGNDSRZLHU]FKQLDEH]GU]ZLLRNLHQ%XGRZODSL áDVL QDNV]WDáW

RJURPQHMQLHERW\F]QHMLJOLF\1DMZ\ V]HMHMSDUWLHUD]SRUD]SU]HVáDQLDáZRDO

SU]HVXZDM F\FKVL SRQLHELHREáRNyZ

5RVWSDWU]\áZJyU QLHPRJ F RGHUZDüZ]URNXRGWHJRQLH]Z\NáHJRZLGRNXD RWR

XGHU]RQ\QDJá P\ O FKZ\FLá+HOL ]DUDPL L ZVND]XM F QDZ]QRV] F\VL QDGQLPLJPDFK

]DS\WDáJáRVHPSHáQ\PQHUZRZHJRQDSL FLD

± 6N G ZLHV] H WRQLHMHVW]áXG]HQLH"-H OLWDPWRQLHERE\áRW\ONRREUD]HPU]XFRQ\PQD

VXILWWRSU]HFLH QLHPDP\GRZRGXF]\WR

± 1LHPDP\±VNLQ áDWZLHUG] FRJáRZ ±$OHPRLP]GDQLHPWRZFDOHQLHWDNLHZD QH

MDNFLVL ]GDMH

1LHSUyERZDá]DVWDQDZLDüVL QDGMHMVáRZDPL3DWU]\áFKFLZLHQDUR]OHJá\NUDMREUD]

Z\áDQLDM F\VL SU]HGQLP]PJLHá:GROHXMU]DáV]HURNLHSURVWRN WQHSRSU]HFLQDQHSDVDPL

]LHOHQLSáDV]F]\]Q\:RGGDOLU\VRZDá\VL QLH]OLF]RQHZLH HF]\UDF]HMLJOLFHSRGREQHGR

WHMQDNWyUHMVL WHUD]]QDMGRZDOL:\GDZDáRPXVL H JG]LH ] JyU\GRELHJDM MHJRXV]X

G ZL NLPX]\NL-DND G]LZQDM NOLZDPHORGLD$OHE\áRWRFK\ED]áXG]HQLHERJG\

ZVáXFKLZDáVL GáX HMZWHG ZL NLQLHPyJáRSU]HüVL ZUD HQLXL WRW\ONRZLDWUJUDZ

QLHZLGRF]Q\FK]DáRPDFKEXGRZOL

background image

:VNU]HVLáRWR]QyZWDPW ]DJXELRQ Z SDPL FLVFHQ 3LDQLVWDSRFK\ORQ\QDGIRUWHSLDQHP

L FKDUDNWHU\VW\F]Q\SHáHQPRWRU\F]QR FLU\WPWRFFDW\&]\MWRE\áXWZyUQLHE\áZ

VWDQLHVRELHSU]\SRPQLHü&]\ E\W\VL FOHFLDZ\PD]Dá\SU]HV]áR ü QDZHW]MHJRXP\VáX"$

PR H WRSRSURVWXREVHVMD"1LH1LHZROQRPXVL SRGGDZDü

± 1DUD]LHQLHSR]RVWDMHQDPQLFLQQHJRMDNREVHUZRZDüJURPDG]LüIDNW\±SRZLHG]LDáSR

GáX V]\PPLOF]HQLXMX QLHPDO]XSHáQLHVSRNRMQLH±3U]HGHZV]\VWNLPQLHFKPyZL+HOLD

:V]\VWNRFRSDPL WD]W\FKRVWDWQLFKNLONXG]LHVL FLXJRG]LQ3RZLQQL P\ZLHG]LHüFRVL ]

QL G]LDáRRGFKZLOLJG\UR]HV]á\VL QDV]HGURJL7RPR H QDPZLHOHSRPyF$Sy QLHM

VSUyEXMHP\QDNUH OLüMDNL SODQG]LDáDQLD

± 3RFy V]F]HJyáRZRRSRZLDGDü",WDNZNUyWFHVDPLZV]\VWNLHJRGR ZLDGF]\FLH±

RGSDUáD FLV]RQ\PJáRVHPMDNE\]PLHV]DQD

5RVWSRSDWU]\áEDGDZF]RZMHMWZDU]

± 1LHUR]XPLHP±RGSDUáSRFKZLOL±&]HJRPDP\GR ZLDGF]\ü"7ZRLFKSU]H \ü"

3RUXV]\áDVL QLHVSRNRMQLHDZRF]DFKMHMSRMDZLáRVL QLWR]G]LZLHQLHQL]DNáRSRWDQLH

± -DNFLWRZ\WáXPDF]\ü"6]F]HJyá\PRLFKSU]H \üQLHV QDMZD QLHMV]H,QDF]HM

]UHV]W SDWU]\áDPQDWRZV]\VWNRMHV]F]HSU]HGZF]RUDM]UDQDDLQDF]HMSDWU] G]L

± $OHFK\EDSDPL WDV]FRURELáD Z FL JXWHJRF]DVX"

± 3DPL WDP

± 1RSRZLHG]MDNRSX FLáD VWDWHN"±LQGDJRZDáQLHXVW SOLZLH

± =MHFKDáDPG ZLJLHP]DZDPL$OHZDVMX QLHE\áR1LHZLHG]LDáDPFRURELü&]\

ZUDFDüGRVWDWNX"&]\L ü LZDVV]XNDü"$OHJG]LH"%DáDPVL 1DSUDZG RJDUQ á PQLH

ZyZF]DVVWUDFK H ]RVWDQ VDPD:WHG\]REDF]\áDP ZLDWHáNR0DáH ZLDWHáNR:

RGOHJáR FLQLHZL NV]HMQL PHWURGHPQLH1LH DGQDNXODPDV]\QDF]\SU]\U] G6DPR

ZLDWáR

6]áDPNXQLHPXDRQRSURZDG]LáRPQLH3U]H]FLHPQR ü7\ONR.VL \F ZLHFLá:

]á F]HQLX]$OID3DQQ\:NUyWFH]UHV]W ]QLNá,RQLJZLD]G\3R]RVWDáDW\ONRFLHPQR üL

WR ZLDWáRLWDNV]áDPFK\ED]NZDGUDQVPR H GáX HM-DNE\SRGJyU SRWHPZGyáL

]QyZSRGJyU

± 1LHVSRMU]DáD QD]HJDUHN"7RPR H E\üZD QH

± 1LHSRP\ ODáDPRW\P1DQLHZLHOHE\VL WR]UHV]W ]GDáR7RV MDNE\UXFKRPH

FKRGQLNL

± :L F QLH]QDV]DQLNLHUXQNXDQLRGOHJáR FL"7RIDWDOQH$]UHV]W ]SHZQR FL MX JR

WDPQLHPD±SRZLHG]LDáQDZSyáGRVLHELH

± 1LHSRWU]HEXMHV]VL PDUWZLüRVWDWHN6WRLQDVZRLPPLHMVFX:LG] JR

± *G]LH"0LOF]DáD

6SRMU]DáZNLHUXQNXZNWyU\P]ZUyFRQDE\áDMHMWZDU]$OHWDPZ]QRVLáVL W\ONRV]HUHJ

JLJDQW\F]Q\FKEXGRZOLXNWyU\FKSRGQy DSRSU]H]QLH]Z\NOHV]HURN DUWHUL

NRPXQLNDF\MQ WRF]\áVL QLHSU]HUZDQLHVWUXPLH Eá\V]F] F\FKZVáR FXÄRZDGyZ´

± *G]LHZLG]LV]VWDWHN"±SRQRZLáS\WDQLHSU]HQRV] F Z]URNQD+HOL 8F]XáQLHSU]\MHPQ\

VNXUF]ZNUWDQL

+HOLDPLDáDRF]\]DPNQL WH

± $OH W\±XUZDáZSyá]GDQLD0LD FLVQ áDMHJRGáR D GREyOX

6SRMU]DáQDQL S\WDM FR3RNU FLáDSU]HF] FRJáRZ =UR]XPLDá

± &]\GDOHNRVW G GRVWDWNX"±VS\WDáD0LD]WUXGHPXNU\ZDM F QLHSRNyM

± &K\EDQLH

+HOLDVWDáDQDGDOQLHUXFKRPR

± :L F QLHPR HV]ZVND]DüQDPNLHUXQNX"±VS\WDá5RVW]SRQXU UH]\JQDFM

± 0RJ

± 3RND U N

± 7DP±ZVND]DáDSU]HGVLHELH

± =DW QDMZ\ V] LJOLF "

± :QLHM

± :W\PJPDFKX"3U]HFLH Z\O GRZDOL P\QDMDNLP UR]OHJá\PSáDVNLPWHUHQLHRWRF]RQ\P

background image

ODVHP:LG]LHOL P\ZV]\VF\

± 7DN3DPL WDPLZLG] 2:\UD QLHZLG] 6WDWHNVWRLZVDP\PFHQWUXPWHMSá\W\

7RFK\EDSá\WD"1LFVL QLH]PLHQLáR

± ,WRZV]\VWNRPDE\üZWHMLJOLF\"%]GXUD±QLHZ\WU]\PDá5RVW

1LHRGSRZLHG]LDáDW\ONRSRFK\OLáDJáRZ 3U]H]WZDU]MHMSU]HELHJáQHUZRZ\VNXUF]

2WZRU]\áDRF]\&KZLO SDWU]\áDZSyáSU]\WRPQLHQD5RVWDL0L 'RWNQ áDU N F]RáD

± &RWRE\áR"±Z\V]HSWDáDQDZSyáGRVLHELH

5RVWX PLHFKQ á VL JRU]NR

± 0LDáD MDNLH KDOXF\QDFMH±U]XFLáSRQXUR±2EDZLDPVL

± 1LH±SU]HUZDáD+HOLDJZDáWRZQLH±7RQLHE\áDKDOXF\QDFMD:LG]LDáDPQDV]VWDWHN

± :WDPWHMLJOLF\"1DUR]OHJá\PSODFX2WRF]RQ\PODVHP±GRU]XFLá]LURQL

± 7DN±SRWZLHUG]LáDQLHSHZQLH±7RQLE\QRQVHQV$OHZLHP:LHP H WDNMHVW

QDSUDZG ±GRGDáD]Z\VLáNLHP

± 8VSRNyMVL ± SRZLHG]LDáD0LDáDJRGQLH±-HVWH ]P F]RQD

± 1LH&]XM VL ]XSHáQLHGREU]H7\ONR

± 7\ONRFR"

± -DNR G]LZQLH=DF] áRVL WRMX ZF]RUDM:WDNLHMQLHGX HMVDOL*G\SDWU]\áDPQD

VZRMHP\ OL

± &RRQDSOHFLH"±5RVWSRFK\OLáVL QDGXFKHP0LL

0LPRL SRZLHG]LDáWREDUG]RFLFKR+HOLDGRVá\V]DáD

± 1LHSORW 5RVW:LG]LDáH WH FLDQ\"7DPZW\PQLE\DWULXP

± 2F]\ZL FLH0yZLV]RZVW JDFKLSODPDFKEDUZQ\FK"

± 7DN7RRGELFLHWZRLFKP\ OL ZLDGRP\FKDE\üPR H LSRG ZLDGRP\FKSURFHVyZZ

Py]JX

± %]GXUD

± 3U]\MU]\MVL GREU]H0R HV]SU]HFLH HNVSHU\PHQWRZDü3U]HNRQDV]VL H PDPUDFM

± &KRG P\WDP±]DSDOLáDVL 0LD

± 1LH±5RVWFKZ\FLáM ]DU N ±-H OLZW\PFRPyZL+HOLDMHVWFKRüWURFK SUDZG\

WDPWRZQ WU]HMHVWF]\P Z URG]DMXDSDUDWXGRF]\WDQLDP\ OL1LHFKF DE\WHSRWZRU\

ZG]LHUDá\VL Z Já E PHMSV\FKLNL$E\M SR]QDá\L]URELá\]HPQ WRFRXF]\QLá\]+HOL

+HOLD]GDZDáDVL QLHVá\V]HüRVWDWQLHMXZDJL

± 1LHPyZWDNRQLFK7RQLHSRWZRU\7ROXG]LH,QQLQL P\±WRSUDZGD,QQLIL]\F]QLHL

SV\FKLF]QLH$OHGRVNRQDOVLSRW QLHMVLOHSLHMZLG] F\ ZLDW

± $ZL F MX WDNGDOHNR]DV]áR"±Z\V]HSWDá]QLHNáDPDQ ]JUR] ±3RZLHV]PR HSL NQLHMVL

L V]F] OLZVL"

± 1LHSRZLHP5RVW-HVWHPJá ERNRSU]HNRQDQD H ND GDHSRNDPDVZyMVSHF\ILF]Q\

LGHDáSL NQDLV]F] FLD1LHSRUyZQ\ZDOQ\KLVWRU\F]QLH

6SRMU]DáQDQL ] XZDJ &RVL ] W +HOL G]LHMH"1LE\MHVWWDNDMDN]DZV]HWU]H ZD

UR]XPXM FDMDVQRLORJLF]QLH7R]QyZ]DFKZLO EUHG]LMDNZJRU F]FH-H OLWRVDPRPDVL

VWDüL]QLPL"

± &RE\áRSy QLHM"0yZGDOHM+HOLR±XVá\V]DáG]LZQLHVSRNRMQ\JáRV0LL±6]áD ZL F

]DW\P ZLDWáHP"

± 3RWHP ZLDWHáNR]JDVáR2WRF]\áDPQLHMDVQR ü%\áDPZMDNLP JPDFKX3U]HGVRE

ZLG]LDáDPNRU\WDU]2 ZLHWORQ\1LVNLHVNOHSLHQLH$OHMDNW\ONRZHV]áDPZWHQNRU\WDU]

VWDáVL SU]HVWURQQ\6]áDPZROQRD FLDQ\]GDZDá\VL ELHFV]\ENRJG]LH SR]DPQLH%\áDP

MHGQRF]H QLHSHZQD H Z]QRV] VL Z JyU 3RWHPPJáD1LHZLHG]LDáDPZWHG\ H WRSROD

VLáRZH3RGHMU]HZDáDPQDZHW H WRVHQ3RWHPVDOD%H]VXILWX:LG]LDáDPJZLD]G\L.VL \F

Z\VRNRQDQLHELH7HVDPHJZLD]G\L.VL \FFRWDPQDSRODQLH1D FLDQDFKEá\VNDá\

NRORURZHRJQLNL

5RVWVáXFKDáLF]XáMDNZ]ELHUDZQLPJQLHZQD+HOL H PyZLWRZV]\VWNRWDNMDNR

EH]RVRERZREH]QDPL WQLHWRQHPSR]EDZLRQ\PZV]HONLFKHPRFMRQDOQ\FKRGFLHQL

2SRZLH ü ]GDZDáDVL Z\GáX DüMDNE\UR]ZDGQLDüQLHZQRV] FMDNGRW GZLHOHGRWHJRFR

]QDá]HVZ\FKZáDVQ\FK]DOHGZLHNLONXG]LHVL FLRPLQXWRZ\FKGR ZLDGF]H +HOLDNU \áDZ

background image

ODELU\QFLHVDOLNRU\WDU]\NWyUHE\üPR H ]UHV]W ZFDOHQLHE\á\VDODPLLNRU\WDU]DPL

:LG]LDáDMDNLH WZRU\PDV]\Q\NWyU\FKQLHW\ONRSU]H]QDF]HQLHDOHQDZHWNV]WDáWXQLHE\áD

Z VWDQLHRNUH OLü-DNLH FLHF]HF]\JD]\SXOVXM FHZSU]H]URF]\VW\FK]ELRUQLNDFKL

SU]HZRGDFK-DNLH QLHUXFKRPH]GDVL ]DVW\JáHZSU]HUZDQ\P]QDJáDSURFHVLH

SU]\SDGNRZ\FKSU]HREUD H QLWRLVWRW\ \ZHQLPDFKLQ\PL G]\NWyU\PLJUDQLFD]DJXELáD

VL MX GDZQRZVHWNDFKZLHNyZSRVW SX

: FL JXW\FKGZXGQL+HOLDVSDáDLRGSRF]\ZDáDQLHZLHOH:VXPLH]DOHGZLHRNRáRWU]HFK

JRG]LQ1LHRGF]XZDáDWH DQLJáRGXDQLSUDJQLHQLDDLQQHQDWXUDOQHIXQNFMHIL]MRORJLF]QH

XOHJDá\Z\UD QHPX]DQLNRZL

.RQNUHWQ\FKX]DVDGQLRQ\FKQDXNRZRZQLRVNyZF]\FKRüE\KLSRWH]QDWHPDW

]DREVHUZRZDQ\FK]MDZLVNQLHSRGDZDáDSUDZLHZFDOH'RZ\M WNyZQDOH DáRRGNU\FLH

NRUHODFMLPL G]\WRNLHPP\ OLD]PLDQ NV]WDáWXLEDUZ\U]HNRP\FKHOHPHQWyZ

GHNRUDF\MQ\FK$OHF]\XSRZD QLDáRWRGRVWZLHUG]HQLD H RZHG\QDPLF]QHDEVWUDNFMH

VWDQRZL U]HF]\ZL FLHRGELFLHWHJRFRG]LDáRVL Z MHMPy]JX"=E\WZLHOHV GyZE\áR

]DZLHV]RQ\FKZSUy QLQLHSRSDUW\FK DGQ\PNRQNUHWQ\PGRZRGHPDE\5RVWPyJáMH

SU]\M ü ]DSUDZG]LZH

+HOLD]GDZDáDVRELH]UHV]W ] WHJRVSUDZ %\áDSU]HNRQDQD H MHVWWDNMDNPyZLDOHQLH

SRWUDILáDRNUH OLü UyGHáWHJRSU]HNRQDQLD1LHXOHJDáRZ WSOLZR FL H XP\VáMHMZFL JXW\FK

NLONXG]LHVL FLXJRG]LQ]QDMGRZDáVL SRGSU]HPR Q\PZSá\ZHPVLáU] G] F\FKSODQHW

.LPE\á\LVWRW\ZáDGDM FH=LHPL " -DNZ\JO GDá\"7HJR]RSRZLDGDQLD+HOLLQLHPR QD

E\áRGRFLHF3UDZGD0yZLáDROXG]LDFK2G]LZQ\FKLVWRWDFKOXG]NLFKMDN H QLHSRGREQ\FK

GR5RVWD+HOLLL0LL6SRWNDáDMHNLONDNURWQLHZF]DVLHVZ\FKZ GUyZHN3U]HZD QLH

SRJU RQHE\á\MDNE\ZWUDQVLHF]DVHP SL FHUD]QDZHW]DM WHF]\P FRZHGáXJVáyZ

+HOLLSU]\SRPLQDáRWDQLHF

+HOLDWZLHUG]LáD H WRV ZáD QLHJRVSRGDU]H=LHPL$OH5RVWSRGHMU]HZDá H WRW\ONR

P\ ONWyU MHMQDU]XFRQRLSU]HFLZNWyUHMQLHMHVWMX Z VWDQLH]EXQWRZDüVL MDN H WU]H Z\

QLHJG\ XP\VáXF]RQHM

1LHSRWUDILáDSU]HFLH SRGDü DGQHJRUR]V GQHJRDUJXPHQWXQDSRSDUFLHWHJRWZLHUG]HQLD

&]\ PR QDE\áRERZLHPX]QDü]DWDNLDUJXPHQWVXELHNW\ZQHRGF]XFLHL Z REHFQR FLW\FK

LVWRWV]\EFLHMLáDWZLHMRGQDMG\ZDáD]ZL ]NLPL G]\]DG]LZLDM F\PL]MDZLVNDPL H MDNE\

Já ELHMSHáQLHMLZQLNOLZLHMSDWU]\áDQD ZLDWM RWDF]DM F\ H ]DWUDFDáRQVZ QLHSRNRM F

REFR ü LNXUF]\áDVL MDNE\SU]HSD ü WU]\VWXRVLHPG]LHVL FLXZLHNyZ

&y PLDáRWRR]QDF]Dü"MH OLZW\PZV]\VWNLPFRPyZLáDE\áDFKRüF] ü SUDZG\±REUD]

=LHPLZ\QLNDM F\]MHMVáyZSU]\SRPLQDáG]LZDF]Q\SRSO WDQ\JRU F]NRZ\PDMDNVHQQ\

Z NWyU\PQDSUy QRE\áRE\V]XNDüNRQNUHWQHMUHDOQHMU]HF]\ZLVWR FL&KRFLD VWDUDáVL

]DFKRZDüSHáQL QLHW\ONRRELHNW\ZL]PXLUR]ZDJLDOHUyZQLH RVWUR QR FLLXPLDUNRZDQLD

Z NU\W\F\]PLHQLHPyJáRSU]HüVL ZUD HQLXL WRFRVá\V]\MHVWZ\WZRUHPFKRUHJROXEFR

JRUV]D]GDOQLHVWHURZDQHJRPy]JX

&]\0LDRGF]XZDáDWRVDPR"2JDUQLDáJRJQLHZQDQL 'ODF]HJRZSDWUXMHVL WDNZ+HOL "

&]\ E\ZLHU]\áDWHPXFRPyZL"

± 0LD

2GZUyFLáDJáRZ L VSRMU]DáDQDQLHJR]G]LZLRQD

± 2FRFKRG]L"

± &]HJRVL ERLV]"±GRU]XFLáD+HOLD:JáRVLHMHM]GDZDáDVL EU]PLHüLURQLD

± 7\PyZLV]7\PyZLV]PyZLV]±]DM NQ á VL ± $F]DVXFLHND±GRNR F]\á

]DF]HUSQ ZV]\

QHUZRZRSRZLHWU]D

± 6DPFKFLDáH ± RGSDUáDODNRQLF]QLHLXPLONáD

± 0QLHMV]DRWR3RZLHG]OHSLHMF]\PR HV]QDV]DSURZDG]LüGRVWDWNX"3RUXV]\áDVL

QLHVSRNRMQLH

± 6SUyEXM

=QyZ]QDOH OLVL Z VDOLSRGREQHMGRDWULXP/HF]FKRFLD Z SLHUZV]HMFKZLOL5RVWPyJáE\

SU]\VL F H ZUyFLOLW VDP GURJ E\áRWRLQQHSRPLHV]F]HQLHQL WRZNWyU\PVL REXG]Lá

background image

1LHE\áRZQLPWDSF]DQX]DWRZNLONXPLHMVFDFKZ\UDVWDá\]SRGáRJLG]LZDF]QHWZRU\

SU]\SRPLQDM FHNZLDW\RZLHONLFKUR]FK\ORQ\FKNLHOLFKDFK FLDQ\WH E\á\MDNE\QL V]HD

SU]HGHZV]\VWNLP±SRG]LHORQHQDNLONDSLHU FLHQLVHJPHQWyZR]PLHQLDM F\FKVL V]\ENR

EDUZQ\FKSODPDFKLOLQLDFKJHRPHWU\F]Q\FK

± &KFHFLHVSUDZG]Lü"±]DS\WDáDQDJOH+HOLD]DWU]\PXM F VL QD URGNXVDOL±:\VWDUF]\

GRNRQDüSURVWHMRSHUDFMLUDFKXQNRZHM3RZLHG]P\SRG]LHOLüOXESRPQR \ü=DUD]

]DXZD \FLH]PLDQ

± 1LH±]DRSRQRZDáJZDáWRZQLH±&KRG P\VW G3U G]HM,UDG] ZDPMDNQDMPQLHM

UR]P\ OD 1DMOHSLHMW\ONRRW\PMDNVW G Z\M ü

+HOLDX PLHFKQ áDVL EODGR

± -DNFKFHV]±SRZLHG]LDáDEH]SU]HNRQDQLD±$OHQLHZLHPF]\

± 3RZLHV] H WRQLHPDVHQVX"$MDP\ O H WRPDVHQV$MH OLQDZHW&y QDP

SR]RVWDMH"

± 5RVWPDFK\EDUDFM ± VNLQ áDJáRZ 0LD±&KRG P\

=QyZSU]HNURF]\OL FLDQ .RU\WDU]E\áWXMDNE\GáX V]\LZ]QRVLáVL Z JyU =DQLP±

VDODSRGREQDWURFK GRSRSU]HGQLHMLQRZ\NRU\WDU]UyZQLH SQ F\VL GRJyU\

± &]\MHVWH SHZQD H LG]LHP\ZáD FLZ GURJ "

± 7DNV G] ±SRZLHG]LDáDX PLHFKDM F VL ] OHNND

± 3U]HFLH ZFKRG]LP\FRUD]Z\ HM$MH OLSUDZG MHVW H VWDWHN]QDMGXMHVL Z WHMLJOLF\

NWyU QDPSRND]\ZDáD WRFK\EDQDMSLHUZWU]HEDZ\GRVWDüVL ] WHJRJPDFKXDZL F ]HM ü

QDGyá

± 1LH]QDPLQQHMGURJL

± 6N G ZLHV] H W G\ZáD QLHQDOH \ L ü"

=QyZVL X PLHFKQ áD

± -X MHVWH P\QLHGDOHNR±RGU]HNáDQLHRGSRZLDGDM F QDS\WDQLH

± &R"1LHSRZLHV]PL H

± 1LHGHQHUZXMVL 0yZL SUDZG =DUD]E G]LHP\QDPLHMVFX

6SRMU]DáQD]HJDUHN

± 7RQLHPR OLZH:WHG\]JyU\VDPZLG]LDáHP,JOLFDE\áDRGGDORQDRGQDVFRQDMPQLHM

GZDNLORPHWU\

,G]LHP\GRSLHURRVLHPPLQXW1DZHWQLHZ\V]OL P\]JPDFKX

± 0yZLáDPFLMX H RGOHJáR FLQLHPR QDWXPLHU]\üNURNDPL

± 6N G ZLHV] H LG]LHP\ZáD FLZ GURJ " ±]DS\WDáD0LD

± :LG]

± -DNWRPR OLZH"

± 1LHZLHP±RGSRZLHG]LDáDV]F]HU]H

7HJRMX E\áR5RVWRZL]DZLHOH3U]\VNRF]\áGR+HOLLFKZ\FLáM ]DUDPLRQDLSRWU] VQ á

± 6áXFKDM2EXG VL :H VL Z JDU ü&]\W\QDSUDZG QLH]GDMHV]VRELHVSUDZ\]WHJR

FRVL ] WRE G]LHMH"3U]HFLH WRSRWZRUQH=DFKRZXMHV]VL MDNZVWDQLHKLSQR]\2EXG VL

2GVXQ áDGHOLNDWQLHDOHVWDQRZF]RMHJRU FH

± 7RW\]DFKRZXMHV]VL MDNG]LNXV

± -DNG]LNXV"±VWURSLáVL QLHFR±-DFL SU]HSUDV]DPDOH

± -H OLPDPE\üV]F]HUDZáD QLHWRRNUH OHQLHMHVWQDMRGSRZLHGQLHMV]H

± 0R H ]DFKRZDáHPVL ]E\WJZDáWRZQLH-DFL QDSUDZG SU]HSUDV]DP

=D PLDáDVL ] OHNND

± $OH 1LHUR]XPLHV]RF]\PPyZL 1LHRWRPLFKRG]L7R]QDF]\±QLHFKRG]LR

PQLH=QDOD]áH VL Z LQQ\P ZLHFLH&DáNRZLFLHUy Q\PRGWHJRGRMDNLHJRSU]\Z\NáH

=áR ü FL RJDUQLD H QLHUR]XPLHV]]MDZLVNZQLPZ\VW SXM F\FK=áR ü SRPLHV]DQD]H

VWUDFKHP

, IDEU\NXMHV]]áHGXFK\

± $OH MDFKF W\ONRZLHG]LHü

± $P\ OLV] H MDQLHFKF " $OER0LD"2QDPLOF]\LSDWU]\%RFy LQQHJRQDPSR]RVWDMH"

0R QDPLHüW\ONRQDG]LHM H VWRSQLRZRXGDQDPVL SRM ü FKRüE\F] VWN WHJRFRZLG]LP\

background image

L GR]QDMHP\

± $OH WRV ]MDZLVNDNWyUHQLHPRJ Z\VW SRZDüUHDOQLH2QHSU]HF] ORJLFH1LHW\ONR

ZLDGHFWZX]P\VáyZ ZLDWMHVWSU]HFLH ]MDZLVNLHPRELHNW\ZQ\P

3U]HVWU]H L F]DV

± 1LHVSLHV]VL WDN±SU]HUZDáDPXVSRNRMQLH

± :\REUD VRELHF]áRZLHNDMDVNLQLRZHJRNWyU\]QDMG]LHVL QDJOHZREOLF]XWHOHIRQXUDGLD

L WHOHZL]RUDDFKRüE\W\ONRZLQG\V]\ENRELH QHM0\MHVWH P\WDNLPLMDVNLQLRZFDPL

± $OH

± ,W\Z\PDJDV]RGHPQLHDE\FLZ\WáXPDF]\áDZMDNLVSRVyEZLG] RGOHJáHSU]HGPLRW\

FKRüRF]\PDP]DPNQL WH:LG] ] EOLVNDOHSLHMQL ZáDVQ\PLRF]DPL$OER H SRZLQQDP

FLSRZLHG]LHüMDNWRPR OLZH H ]SR]RUXQLHZ\V]OL P\]JPDFKXRGOHJáHJRRGPLHMVFD

O GRZDQLDRGZDF]\WU]\NLORPHWU\DW\PF]DVHPVWDWHNQDV]]QDMGXMHVL WX]DW

FLDQ

± ZVND]DáDU N

± =DW

FLDQ " ±SRZWyU]\áD0LD±:L F WRMX "

± -X

+HOLDXM áDRERMH]DU FHMDNPDWNDG]LHFLLSRSURZDG]LáDNX FLDQLHJG]LHZLHONLH yáWHL

F]HUZRQHWUyMN W\QLNá\]ZROQDZZLUXM F\FKUDPLRQDFKVSLUDOL2JDUQ áDLFKQDFKZLO PJáD

L RWR]QDOH OLVL QDJOHZOHVLH

:\VRNRQDGLFKJáRZDPLZ]QRVLá\VL UR]áR \VWHNRURQ\VRVHQ3RGVWRSDPLF]XOLSLDV]F]\VW\

JUXQWSRURVá\WUDZ L U]DGNLPZU]RVHP

0LDSRGHV]áDGRQDMEOL V]HJRSQLDLGRWNQ áDSDOFDPLJUXEHMFKURSRZDWHMNRU\

± &KRG FLH±SRQDJOLáD+HOLD

7U]\G]LH FLPHWUyZGDOHMVSR]D]DUR OLZ\áRQLáDVL RWZDUWDSU]HVWU]H :LHONLRZDOQ\

SODFRWRF]RQ\]HZV]\VWNLFKVWURQODVHP:MHJR URGNXQDZNO VáHMSá\FLHVWDUWRZHMVWDáLFK

VWDWHN

5RVW]DWU]\PDáVL QDVNUDMXODVX'áX V] FKZLO SDWU]\áZQLHP\PSRG]LZLHQDO QL F\Z

VáR FXNDGáXEUDNLHW\MDNE\M SRUD]SLHUZV]\]REDF]\á1DJOHSRGZSá\ZHPMDNLHJR

ZHZQ WU]QHJR

LPSXOVXU]XFLáVL QDSU]yGLSRF] á ELHFNXVWDWNRZL.LONXVHWPHWURZ RGOHJáR ü

SU]HE\áELHJLHPQLH]ZDOQLDM FDQLQLHRJO GDM F VL SR]DVLHELH'RSDGáZUHV]FLH]G\V]DQ\

L VSRFRQ\GRRJURPQHMSáDVNLHMÄVWRS\´MHGQHJR]WU]HFKDPRUW\]DWRUyZÄ+HOLRVD´LSU]\ZDUá

GáR PLLF]RáHPGR]LPQHMSRZLHU]FKQLPHWDOX

:]PDJDM FHVL Z RVWDWQLFKJRG]LQDFKQDSLFLHQHUZRZHXVW SLáRUDSWRZQLH&KRFLD

JG]LH QLJUDQLF\ ZLDGRPR FLF]DLáVL MHV]F]HQLHSRNyM±GRPLQXM F\PXF]XFLHPMDNLHJR

Z WHMFKZLOLRJDUQ áRE\áDUDGR ü

$ ZL F U]HF]\ZL FLHRGQDOD]áVWDWHN7RQLHPyJáE\üVHQDQLKDOXF\QDFMD6WDUDáVL

ZLHU]\üZWRJá ERNRLQLH]DFKZLDQLH:L F MHV]F]HQLHZV]\VWNRVWUDFRQH0RJ RSX FLüW

=LHPL REF L QLH]UR]XPLDá 3U]\WáDF]DM F ERJDFWZHPLSRW J ZáDGDQLDQDGPDWHUL

ZLDGRPLHF]\QLH ZLDGRPLHG

F GRXMDU]PLHQLDOXG]NLHMGXV]\$OHRQQDWRQLHSR]ZROL

&KFHSR]RVWDüZROQ\LQLH]DOH Q\&KRüE\PXVLDáVW G RGHM ü QD]DZV]HLV]XNDü

JR FLQQLHMV]HM=LHPLJG]LH ZRNyáLQQ\FKVáR F8QLyVáJáRZ L VSRMU]DáZJyU QDZ]QRV] F\

VL QDGQLP±QLF]\PZLHORSL WURZ\JPDFK]PHWDOXLSODVW\NX±VWDWHNPL G]\JZLH]GQ\

:áD]NRSXá\ZHM FLRZHME\áRWZDUW\:\SURVWRZDQHUDPL G ZLJXVL JDáRSODWIRUP

WUDQVSRUWRZ SRZLHU]FKQL=LHPL

2JDUQ áRJRQLHSU]HSDUWHSUDJQLHQLH]QDOH]LHQLDVL MDNQDMV]\EFLHMZHZQ WU]XVWDWNX

:VWDáLSRGV]HGáGRSODWIRUP\G ZLJX-HV]F]HW\ONRSU]H]PRPHQWSRQDFL QL FLXJX]LND

QLPREXG]RQHV\JQDáHPGRG]LDáDQLDZLHONLHUDPL GUJQ áRLSRF] áRXQRVLüSODWIRUP Z

JyU RGF]XáNUyWNLJZDáWRZQ\SU]\Sá\ZQLHSRNRMX$OHPDV]\QDG]LDáDáDVSUDZQLHLQLFQLH

ZVND]\ZDáRDE\NWR ± OXEFR ± SUyERZDáRSU]HV]NRG]Lü5RVWRZLZUHDOL]DFMLSRGM WHM

GHF\]ML

:RNRáRSDQRZDáDFLV]D8 ZLDGRPLáWRVRELHGRSLHURWHUD]JG\UDPL G ZLJXGRNRQDáR

MX SyáREURWXLZVSLQDáRVL GDOHMZJyU NXNRSXOHZHM FLRZHM=SDPL FLZ\áRZLá

ZVSRPQLHQLH

background image

ODVSHáHQ]DSDFKyZLG ZL NyZFLFK\V]XPGU]HZL ZLHUJRWSWDNyZ1LHE\áMHGQDN

SHZQ\F]\MHVWWRZVSRPQLHQLHVSU]HGNLONXQDVWXPLQXWF]\]SU]HV]áHJR]DJXELRQHJR

Z W\VL FOHFLDFK \FLD&]XáQDWZDU]\GHOLNDWQ\SRZLHZZLDWUXOHF]GDOHNLHNRURQ\VRVHQ

]GDZDá\VL QLHSRUXV]Dü

,PZ\ HMZ]QRVLáDVL SODWIRUPDW\PV]HUV]\REHMPRZDáZ]URNLHPNUDMREUD]1DSUy QR

MHGQDNSUyERZDáGRVWU]HF FLDQ\EXGRZOLZNWyUHMSU]HFLH PLDáPLH FLüVL yZNRVPRGUR

P:V]\VWNR]GDZDáRVL UDF]HMZVND]\ZDüL ]QDMGXMHVL QDV]F]\FLHUR]OHJáHJRZ]JyU]D

SRURVáHJRVRVQRZ\PODVHPDGRSLHURJG]LH Z RGGDOLZ UyGGROLQLLQQ\FKZ]JyU]Z]QRVLá\

VL RZHG]LZQHSRGREQHGRLJOLFZLH RZFHEH]RNLHQ

3ODWIRUPDGRWDUáDGRNRSXá\L]DPDUáDZEH]UXFKX5RVWVSRMU]DáMHV]F]HUD]ZGyáJG]LH

QD]DODQHMVáR FHPZLHONLHMSá\FLHVWDUWRZHMF]HUQLá\GZLHPDOH NLHV\OZHWNLOXG]NLH+HOLDL

0LDV]á\ZROQRZNLHUXQNXVWDWNX

:áD FLZLHSRZLQLHQE\áSRF]HNDüQDQLHQDGROH1LHSRWUDILáMHGQDNZ\MD QLüVRELHGODF]HJR

SRVW SLáLQDF]HM$]UHV]W &]\WRE\áRWDNLHZD QH"

3U]HVXQ á G ZLJQL GRSRáR HQLDÄSODQHWD´LSU]HVNRF]\áSUyJ OX]\-X PLDáSU]HM ü Z

Já E VWDWNXJG\XZDJ MHJR]ZUyFLáDGHOLNDWQDZDUVWZDNXU]XQDSRGáRG]HNRPRU\±

ZLGRF]QLHQDZLDQHJRSU]H]RWZDUW NRSXá 5\VRZDá\VL QDQLHMZ\UD QLH ODG\MHJREXWyZ

D SRGQLPLMDNJG\E\]DU\VERV\FKVWySOXG]NLFK

3U]\MU]DáVL

ODGRPXZD QLH6WRS\PXVLDá\E\üQLHZLHONLHV]HURNLHREDUG]RNUyWNLFK

SDOFDFK

.LPE\áWDMHPQLF]\JR ü"&]\E\áDWRMHGQD]W\FKLVWRWOXG]NLFKRNWyU\FKZVSRPLQDáD

+HOLD"1LHZ\GDZDáRVL PR OLZHDE\ZHJHWXM FHZFLHSODUQLDQ\FKZDUXQNDFKFRIQL WHZ

UR]ZRMXXP\VáRZ\PLVWRW\SRWUDILá\XUXFKRPLüG ZLJ

.LHG\QDVW SLá\RGZLHG]LQ\"&K\EDNLONDQD FLHJRG]LQWHPXJG\ ODG\SRNU\ZDáDQRZD

FLHQNDZDUVWZDS\áX

/HF] ODG\PyZLá\W\ONRRZ\M FLXRZHMLVWRW\OXG]NLHM]H OX]\QDSODWIRUP G ZLJX

:HM ü GRZQ WU]DVWDWNXPXVLDáDZF]H QLHM%\üPR H RGUD]XWDPWHMQRF\SRW\PMDNJR

RSX FLáD+HOLD:\REUD]LáVRELHG]LNXVDSO GUXM FHJRNDELQ\0R H XV]NRG]RQD]RVWDáD

DSDUDWXUDNLHURZQLF]D"

= QLHSRNRMHPSU]HNUDF]DáSUyJSU]HGVLRQND

:\JO G NRU\WDU]DLNDELQQLHQRVLáMHGQDN DGQ\FK ODGyZRGZLHG]LQ1LFVL WXQLH]PLHQLáR

RGFKZLOLZNWyUHMRSX FLOLVWDWHN$OH5RVWQLHXIDáSLHUZV]HPXZUD HQLX

6]HGáRGNDELQ\GRNDELQ\EDGDáVNUXSXODWQLHZV]\VWNLHSRNáDG\RGVWHURZQLD SR

ZDUV]WDW\LPDJD]\Q\1DSUy QR7DMHPQLF]DLVWRWDQLHSR]RVWDZLáD DGQ\FK ODGyZVZHM

REHFQR FL±SR]DRGFLVNLHPERV\FKVWySQD]DNXU]RQHMSRGáRG]HSU]HGVLRQND

:UyFLáQDNRQLHFGRVWHURZQLMH OLSODQPLDáVL XGDü±QDOH DáRMDNQDM SLHV]QLHMSU]\VW SLü

GRMHJRUHDOL]DFML:á F]\áFHQWUDOQ\R URGHNREOLF]HQLRZ\LSRF] á SU]\JRWRZ\ZDü]DGDQLH

: UDFKXE ZFKRG]LáFK\EDW\ONRNWyU\ ] NVL \FyZ-RZLV]DOXE6DWXUQD-H OL]D

ZV]\VWNLHV MX FDáNRZLFLH]DJRVSRGDURZDQHWU]HEDE G]LHX]XSHáQLü]DSDV\JG]LH GDOHM

8UDQ1HSWXQ: WSOLZHDE\LWDPZáDGDáDQLHSRG]LHOQLHF\ZLOL]DFMD=LHPL$EH]

X]XSHáQLHQLD]DSDVyZQLHPDPRZ\RGDOV]\PORFLH0DWHULLSR]RVWDáR]DOHGZLHQDNLOND

ZL NV]\FKPDQHZUyZZREV]DU]H8NáDGX6áRQHF]QHJR

3RGV]HGáGRWDEOLF\VWHURZQLF]RNRQWUROQHMSL WHJR]HVSRáXURERF]HJRLVSRMU]DáQD

ZVND QLN]DSDVXPDWHULLZJáyZQ\P]ELRUQLNX:SLHUZV]HMFKZLOLV G]Lá H JRZ]URNP\OL

OHF]WRQLHE\áR]áXG]HQLH6SUDZG]LáMHV]F]HZVND QLNLUH]HUZRZ\FK]ELRUQLNyZ7RVDPR

'\VSRQRZDáSHáQ\P]DSDVHPPDWHULL&]\PR OLZHDE\ZFL JXGZyFKGQL]GRáDQRZ\SHáQLü

]ELRUQLNLQLHUXV]DM F VWDWNX]PLHMVFD":QDMOHSV]\FKZDUXQNDFKSU]\SHáQ\PREFL HQLX

HQHUJHW\F]Q\P]DMPRZDáRWRRVLHPGQLÄ8S\FKDF]HDWRPyZ´QLHPRJá\SU]HFLH

G]LDáDüV]\EFLHM-HGQDNWRZMDNLVSRVyEX]XSHáQLRQR]DSDV\QLHE\áRZLVWRFLHWDNZD QH

=LHPLDG\VSRQRZDáDSU]HFLH WHFKQLN ERJDWV] R WU]\VWDRVLHPG]LHVL W ZLHNyZSRVW SX

:D QLHMV]\PS\WDQLHPE\áRGODF]HJRWR]URELOL"&KF XáDWZLü,PRSXV]F]HQLH8NáDGX

6áRQHF]QHJR"

7RFK\EDQLHXOHJDZ WSOLZR FL$OHGODF]HJR"'ODF]HJRFKF DE\RGOHFLHOL"&]\

background image

PR OLZHDE\EDOLVL OXG]L]]DPLHU]FKáHMSU]HV]áR FL"

7DP\ O ZSLHUZV]HMFKZLOLZ\GDáDVL 5RVWRZLDEVXUGDOQD1LHRGU]XFLáMHMMHGQDN

3RWZLHUG]DáDZSHáQLMHJRSU]\SXV]F]HQLDLREDZ\±DWR]QDF]\áRGODQLHJRZLHOH3U]HGH

ZV]\VWNLPV]XNDáZQLHMRGSRZLHG]LQDS\WDQLHZMDNLPVWRSQLXZáDG]DU] G] F\FK=LHPL

LVWRWMHVWRJUDQLF]RQD&]\ E\U]HF]\ZL FLHPR QDREXG]Lü]OHWDUJXW\FKNWyU]\ÄSU]HVWDOL

FKFLHü´"

:]GU\JQ á VL 8F]XáGRWNQL FLHF]\MHM U NLQDUDPLHQLX2GZUyFLáVL JZDáWRZQLHJRWyZ

VWRF]\üZDON ] QLHVSRG]LHZDQ\PQDSDVWQLNLHP$OH]DQLPVWDáDW\ONR0LD

± 3U]HVWUDV]\áDPFL ±SRZLHG]LDáDMDNE\VL XVSUDZLHOLZLDM F

± 0\ ODáHP HWRRQL3DWU]\áDQDQLHJR]Já ERN WURVN

± &]\WRSUDZGD H FKFHV]RGOHFLHü"

± 7DN±SRWZLHUG]Lá]GHWHUPLQDFM ±6N G ZLHV]"

± 3RZLHG]LDáDPL+HOLD:LHV]SU]HFLH 2QD

± :LHP$OHWRPLQLH0LQLHMDN]á\VHQ% G]LHQRUPDOQD7DNDMDNP\*G]LH±UR]SRF] á

L XUZDáQLHVSRNRMQLH

± -HMWXQLHPD=RVWDáD

± -DNWR"=RVWDáDQDGROH"3RFR"1DFRF]HND"1LHPDP\F]DVX'RVWU]HJáZMHMRF]DFK

MDNL QLHSRNRM F\Z\UD]

± 2QDQLHF]HND2GHV]áD

± 'RN G"

± 7DP

1HUZRZ\VNXUF]Z\NU]\ZLáWZDU]5RVWD6WDáZ\SURVWRZDQ\]SRFK\ORQ QDSU]yGJáRZ L

ZSDWU\ZDáVL RF]DPLSHáQ\PL]G]LZLHQLDLO NXZ0L

± 'ODF]HJRSR]ZROLáD MHMRGHM ü"

± 1LHPDV]SUDZD GDüRGQLHM

± &RW\PyZLV]"±SU]HUZDáMHMZ]EXU]RQ\±7RE\áDE\]EURGQLDSR]RVWDZLüM Z W\P

VWDQLH&KRG ,G]LHP\±FKZ\FLáM ]DU N

± &]HNDM&KRG]LRWR

± 1LH7U]HEDM GRJRQLü]DQLPSU]HNURF]\JUDQLF ODVX&KRG $OERQLH±=PLHQLáQDJOH

]DPLDU±=RVWD WX&]HNDMQDQDV7DNE G]LHOHSLHM

6NRF]\áNXGU]ZLRP

± 5RVW

± 3LOQXMVWDWNX

:\ELHJá]HVWHURZQL

*G\GRWDUáGR OX]\+HOLDGRFKRG]LáDMX GRVNUDMXODVX

± 6WyM+HOLD±]DZRáDáMDNPyJáQDMJáR QLHMDOHFKRFLD RNU]\NGRWDUáGRMHMXV]XZLGRF]QLH

QLH]UR]XPLDáDVáyZJG\ W\ONRPDFKQ áDU N NLONDNURWQLHQDSR HJQDQLHL]QLNQ áD

Z ]DUR ODFK

=GDZDáVRELHVSUDZ H ]MD]GG ZLJLHPLELHJQDSU]HáDMSU]H]NRVPRGURPSRFKáRQLH

]E\WZLHOHF]DVX1LHGRJRQLáE\MHM]DQLPSU]HNURF]\OLQL ÄPJLHá´/HF]MHV]F]HQLHZV]\VWNR

E\áRVWUDFRQH6NRF]\áGRSU]HGVLRQNDLSRFKZ\FLáSOHFRZ\PRWRORW

=DSL FLHSDVyZ]DM áR]DOHGZLHNLONDVHNXQG ZLVWZ\U]XFDQHJR]G\V]SRZLHWU]DSU]HUZDá

FLV] SDQXM F GRW G QDNRVPRGURPLH0DV]\QDXQLRVáD5RVWDZJyU L SRPNQ áDZNLHUXQNX

ODVX+HOLLMX FRSUDZGDQLHZLG]LDáDOHSDPL WDáGREU]HZNWyU\PPLHMVFX]QLNQ áD

MHMFLHPQDV\OZHWND

3RFKZLOLOHFLDáMX QDGNRURQDPLVRVHQ:LG]LDáZ\UD QLHZGROHQLVNLHNU]DNLMDáRZFDL

N S\ZU]RVX1DSUy QRMHGQDNZ\SDWU\ZDá+HOLL&]\ E\]G \áDMX SU]HNURF]\üÄJUDQLF ´"

3ROHVLáRZHPXVLDáRE\üJG]LH QLHGDOHNR

:]ELáVL QLHFRZ\ HMDE\RJDUQ ü Z]URNLHPV]HUV]\REV]DUODVXLSRZROL]DWDF]DáZ

SRZLHWU]XNRáD]EOL DM F VL WR]QyZRGGDODM F RGVNUDMXO GRZLVND1DJOHZ\GDáRPXVL

H GRVWU]HJDZRGOHJáR FLNLONXG]LHVL FLXPHWUyZZ UyG]DUR OLFLHPQ V\OZHWN OXG]N

background image

3FKQ á QDW\FKPLDVWPDV]\Q Z W\PNLHUXQNXDOHODVZW\PPLHMVFXE\áJ VWV]\LNRURQ\

VRVHQ]DVáRQLá\SROHZLG]HQLD

=QL \áORW-HV]F]HMHGQDQLHPDORGUXFKRZDSUyEDSU]HVNRF]HQLDJ VWZLQ\LQLP]G \á

X ZLDGRPLüVRELHFRVL VWDáRQLHVSRG]LHZDQLHRWRF]\áJRPOHF]Q\REáRN

2 OHSLDM F\Eá\VN-DND SRW QDVLáD]HSFKQ áDFLDáR5RVWDZGyáSRGU]XFLáDZJyU SRWHP

]QyZSFKQ áDZGyá8GHU]\áQRJDPLRFR WZDUGHJRLSU]HNR]LRáNRZDáSDGDM F QD

Z]QDN

0JáDSLHU]FKáD5RVW]HUZDáVL ] ]LHPLOHF]QLP]G \áSRQRZQLHZá F]\üVLOQLN]

SU]HUD HQLHPXMU]Dá H ZSURVWQDQLHJRZDOLVL RJURPQ\V]DU\EORNVNDOQ\

8VNRF]\áZERN:W\PVDP\PPRPHQFLHGRVWU]HJáL ] JyU\VWDF]DVL Z MHJRNLHUXQNX

]HZ]UDVWDM F V]\ENR FL LQQ\FLHPQ\NV]WDáW

=QyZXVNRF]\á7RFRZ\GDáRVL EORNLHPVNDOQ\PE\áRMDNJG\E\SU]HGQL

FLDQ -DNLHJR

Z\GáX RQHJRSRWZRUDNWyU\SU]HPNQ á FLFKRRERN5RVWDL]QLNQ á/HF]MX ]EOL Dá\

VL GZDLQQH±]ERNXL]JyU\-X MX PLDá\JR]PLD G \ü

:LHG]LRQ\MDNLP LQVW\QNWHPZRVWDWQLHMFK\EDFKZLOLSU]\SDGáGR]LHPL&]\ E\

PHFKDQLF]QHSRWZRU\QLHE\á\ZVWDQLHJRGRVL JQ ü"%\áR,FKFK\EDFRUD]ZL FHM

1DGODW\ZDá\]HZV]\VWNLFKNLHUXQNyZMHGQHQLVNRWX QDGSRZLHU]FKQL ]LHPLRFLHUDM F VL

QLHPDORSOHF\5RVWDLQQHZ\ HMMDNE\V]XNDM F XNU\ZDM FHMVL Z GROHRILDU\$OHF]\E\áR

PR OLZHDE\RQ5RVWE\áU]HF]\ZL FLHRELHNWHPDWDNXW\FKPDFKLQ"3RZROLRSDQRZ\ZDá

UR]G\JRWDQHQHUZ\%ORNLSU]HODW\ZDá\QLHXVWDQQLHOHF]REHFQLHSRF]\QDáGRVWU]HJDüZLFK

UXFKXSHZQ UHJXODUQR ü7ZRU]\á\NLONDVWUXPLHQLELHJQ F\FKQDUy Q\FKZ\VRNR FLDFKLZ

Uy Q\FKRGOHJáR FLDFKRGPLHMVFDZNWyU\POH Dá7R H G\EL QDMHJR \FLHE\áR

RF]\ZL FLH]áXG]HQLHP

Ä-DVNLQLRZLHFQDVNU]\ RZDQLXZLHONLFKDUWHULLNRPXQLNDF\MQ\FKQRZRF]HVQHJRPLDVWD´

7DNE\]SHZQR FL SRZLHG]LDáD+HOLDLFK\EDPLDáDE\UDFM

+HOLD&RVL ] QL Z WHMFKZLOLG]LHMH"3RGZSá\ZHPZVWU] VDM F\FKZUD H ]XSHáQLH

]DSRPQLDá H SU]\OHFLDáWXZáD QLHSRQL

2GSL á SDV\PRWRORWXLSRF] á F]RáJDüVL Z SU]\SDGNRZRZ\EUDQ\PNLHUXQNX%\OHMDN

QDMSU G]HMZ\GRVWDüVL ] WHJRSLHNáD

Ä-DVNLQLRZLHFQDMH]GQL´±SRP\ ODá]QyZ]JRU\F]

± 1LHREDZLDMVL 0R HV]ZVWDü±XVá\V]DáQDJOHJáRV+HOLL

± *G]LHMHVWH "±]DZRáDáUR]JO GDM F VL ZRNRáR

± 1LHGDOHNR:VWD

3RGQLyVáVL ] ]LHPL7HUD]GRSLHURGRVWU]HJá H ]QDMGXMHVL QDGQLHMDNE\JLJDQW\F]QHM

VWXGQLNWyUHM FLDQ\WZRU] QLHERW\F]QHJPDFK\:LHONLHV]DUHEORNLZ\VNDNLZDá\

QLHXVWDQQLH]H FLDQEXGRZOLLJLQ á\ZQLH]UR]XPLDá\VSRVyEZHZQ WU]XLQQ\FKJPDFKyZ

1LHE\á]UHV]W Z VWDQLH]DVWDQDZLDüVL QDGW\PJG\FRFKZLODSU]HELHJDá\RERNQLHJR

RJURPQHFLHOVNDPDFKLQ:UD HQLHE\áR]E\WVLOQHMDNQDMHJRZ\F]HUSDQ\FKRURE L

RVWDWQLPLSU]H \FLDPLV\VWHPQHUZRZ\

± *G]LHPDPL ü":MDNLPNLHUXQNX"

± :LG]LV]WHQJPDFKSRWZRMHMOHZHMU FH"±XVá\V]Dá]QyZJáRV+HOLL

± 7DN:LG] 7RWDVDPDLJOLFD"

± 7DVDPD6SyMU]XZD QLH&]\ZLG]LV]FLHPQ RNU Já SODP Z\VRNRQD FLDQLH"

± 1LHZLG] *G]LH"±XUZDáLQDJOH]DZRáDá]SU]HM FLHP±7DN:LG] M 7HUD]VL

XND]DáD

± 'REU]H6WDUDMVL QLHVSXV]F]Dü]QLHMZ]URNXOFKRG 6SRNRMQLHZROQR1LHPDVL FR

VSLHV]\ü

3ODPDE\áDQLHZLHONDSRGREQDGRZLUXM FHMRNU JáHMWDUF]\3RF] á L ü ZW\PNLHUXQNX

VWDUDM F VL QLHP\ OHüRW\PFRG]LDáRVL ZRNyáQLHJR

&]\PE\áDRZDSODPD"&]\ E\XU] G]HQLHPV\JQDOL]DF\MQ\P".LHUXQNRZVND]HP"

&K\EDQLH

: W\PPRPHQFLHX ZLDGRPLáVRELH H QLHE\áDWRDQLSODPDDQLZLUXM FDWDUF]DOHF]

background image

RWZyU2WZyUZ FLDQLH"2NQR"1LHWRQLHPRJáRE\üRNQR7RFK\EDZ\ORWGáXJLHM

UXU\"

$ PR H UDF]HMNRU\WDU]D:LG]LDáZ\UD QLHZSHUVSHNW\ZLHGDOHNLSU]H ZLWWXQHOX7HUD]

GRSLHUR]DXZD \á]H]G]LZLHQLHP H SU]HUD DM F\REUD]S G] F\FK]HZV]\VWNLFKVWURQ

PDFKLQ]QLNá

=QDMGRZDáVL MX ZHZQ WU]XRZHJRNRU\WDU]DZ]QRV] FHJRVL VWURPRZJyU .RU\WDU]

E\á]SHZQR FL ]áXG]HQLHPV]WXF]QLHZ\ZRáDQ QDU]XFRQ PXKDOXF\QDFM 2W\PPyZLá

UR]V GHN$MHGQDN3RW\PFRSU]H \ZDáSU]HGSDUXPLQXWDPLyZGáXJLWXQHORJáDGNLFK

-DNE\Z\SROHURZDQ\FK FLDQDFKZ\GDZDáVL GREU]H]QDQ ]DFLV]Q

FLH N SURZDG] F GR

GRPX

:\ORWNRU\WDU]DZ\SHáQLDá\POHF]QHRSDU\OHF]SU]HNURF]\áMH PLDáREH]FLHQLDREDZ\

%\á]QyZZOHVLHRWDF]DM F\PO GRZLVNR

0LDF]HNDáDZVWHURZQLSU]\HNUDQLHREVHUZDF\MQ\P

± *G]LH+HOLD"±]DS\WDáDFLFKR

± =RVWDáD±RGU]HNáXQLNDM F MHMZ]URNX±0LDáD UDFM 2QDMX MHVW,&+

=DSDQRZDáRPLOF]HQLH

5RVWXVLDGáSU]\SXOSLFLHVWHURZQLF]\PLSDWU]\áZ]DP\ OHQLXQDV]HUHJLSU]\FLVNyZL

ODPSHNNRQWUROQ\FK

± 1RFy ±SRZLHG]LDáSRFKZLOL±3ROHFLP\VDPL

0LDSRUXV]\áDVL QLHVSRNRMQLH

± :LG]LV]5RVW±SRGM áDQLHSHZQLH±-DWH QLHFKF RSXV]F]Dü=LHPL

± $P\ OLV] H MDFKF "±NU]\NQ á SUDZLH±$OHSU]HFLH PXVLP\1LHPDLQQHJRZ\M FLD

3U]HFLH ]GDMHV]VRELHVSUDZ H MH OL]RVWDQLHP\WXFKRüE\W\ONRGZDGQLPR H VWDü

VL ] QDPLWRFRVWDáRVL ] +HOLD-H OLRQD

± -DQDSUDZG QLHPDP]DPLDUXQLJG]LHOHFLHü±SU]HUZDáDPXVWDQRZF]R±+HOLDPDUDFM

± $ZL F LW\"

3DWU]\áQDQL ] UR]SDF]

± 1LHZPDZLDMPL H XOHJDPVXJHVWLL DGQ\FKQDU]XFRQ\FKP\ OLDQLNLHURZDQLDZRO WX

QLHPD±XSU]HG]LáDMHJRDUJXPHQWDFM

± 3OHFLHV]QRQVHQV\3U]HFLH +HOLD0\ OLV] H RQDVDPD]VLHELH"

± 0LHV]DV]Uy QH]MDZLVND1LHPD DGQ\FKGRZRGyZ H NWR XVLáXMHZáDGDüPy]JLHP

+HOLL3U]\QDMPQLHMZZL NV]\P]DNUHVLHQL ZáDGDM QDV]\PLPy]JDPLZDUXQNL7RFR

QDPVL Z\GDMHMDN

WHOHSDWL F]\MDVQRZLG]HQLHP±PR H E\üSRSURVWXSHZQHJRURG]DMX

ÄPy]JRZ WHOHZL]M ´=DVWDQyZVL GREU]HDSU]\]QDV]POUDFM 1LHZLG]

DGQHMSRWU]HE\

RSXV]F]DQLD=LHPL3U]HFLZQLHFKF SR]QDüWHQ ZLDW'RSLHURZyZF]DVSU]HNRQDPVL F]\

PORGSRZLDGDF]\WH QLH

± :WHG\E G]LH]DSy QR±U]XFLáSRQXUR

± 7\ZNyáNRVZRMH-DNLHPDV]GRZRG\"

± 0R H LPDP±SRSDWU]\áQDWDEOLF SL WHJR]HVSRáX±&]\ZLHV] H RQLFKF DE\ P\

RGOHFLHOL"

± 2QLFKF " 1LHUR]XPLHP

± :F]DVLHJG\QDVWXQLHE\áRQDSHáQLOL]ELRUQLNLPDWHUL URERF] L SDOLZHP0R HP\

VWDUWRZDü&KRüE\]DUD]&KF VL QDVSR]E\ü,PyZL FLNRU]\VWDMP\]LFKGREUHMZROL7R

GREU]H H FKRüW\OHSR]RVWDáRZQLFKF]áRZLHF]H VWZD

3RGHV]áDGRWDEOLF\3U]H]FKZLO SU]\JO GDáDVL ZVND QLNRPVSUDZG]DáDG]LDáDQLHXU] G]H

NRQWUROQ\FK

± &LHNDZH

± :LG]LV]VDPD±SRGFKZ\FLá]WU\XPIHP

± :LG] ± SRWZLHUG]LáD±,]DVWDQDZLDPVL GODF]HJR

± 3U]HFLH FLPyZL

± 7RFRPyZLV]SHáQHMHVWVSU]HF]QR FL1DMSLHUZXSLHUDV]VL H OXG]LH]DPLHV]NXM F\

REHFQLH=LHPL FKF RZáDGQ ü QDV]\PLPy]JDPLFKF QDVSU]HNV]WDáFLüQDZáDVQ PRGá

background image

F]\X \WHN$WHUD]]QyZWZLHUG]LV] H QDMFK WQLHME\VL QDVSR]E\OLL H W\P

Z\ ZLDGF]DM QDPSU]\VáXJ

± 7RW\ONR]SR]RUXZ\JO GDQDVSU]HF]QR ü1RWDEHQHQLHZLHU] DE\WRE\OLOXG]LHDOH

PQLHMV]DRWR3U]HGHZV]\VWNLPP\ O H PRJ RQLRSDQRZ\ZDüXP\Vá\DOHW\ONRGR

SHZQ\FKJUDQLF0R H ]UHV]W E\OLE\ZVWDQLHZSHáQLWRXF]\QLüWDNMDNPRJOLE\UyZQLH

QDVSR]DELMDüDOHXZD DM WDNLF]\Q]DQLHPRUDOQ\0R H WRMDND SR]RVWDáR ü OXG]NLHM

HW\NL"

3R]RVWDZLü]D QDVZVSRNRMXQLHPRJ %RM VL 3RZRGXMHP\]E\WZLHOH]DPLHV]DQLDZLFK

ZLHFLH-HVWH P\MDVNLQLRZFDPL±]D PLDáVL SRQXUR±%\üPR H FKRG]LRPR OLZR ü

QDV]HJRZSá\ZXQDWHLVWRW\OXG]NLHMDNLHMHV]F]HEá NDM VL SR=LHPL

± &]HPXZL F QLHFKFHV]SR]RVWDüLSRGM ü ZDONL"0yZLáH SU]HFLH

± 7RZDONDEH]QDG]LHMQD6 ]E\WSRW QLDE\LVWQLDáDMDND V]DQVDSRZRG]HQLD*G\E\ P\

VSUyERZDOLG]LDáDüSU]HFLZNRQLPVSRWNDOLE\ P\VL ] UHDNFM NDWDVWURIDOQ GODQDV

3URSRQXM QDPRGORWERQLHFKF DE\ P\]PXVLOLLFKGRSRVW SRZDQLDQLHHW\F]QHJR

5R]XPLHV]"

± %DUG]R PLDáDKLSRWH]D$MH OLQLHMHVWWDNMDNPyZLV]"

± $MDN"

± 0R H WRR]QDF]Dü]DGRNXPHQWRZDQLHVZRERG\Z\ERUX

± 1LHZLG] VSU]HF]QR FL7RMHVWDOWHUQDW\ZD0R HP\Z\ELHUDü

± 7RQLHWRVDPR6 G] H WZRMHSU]\SXV]F]HQLH H RQLFKF DE\ P\=LHPL RSX FLOL

MHVWEH]SRGVWDZQH=RVWDZLDM QDPVZRERG Z\ERUXER]QDM QDV]HP\ OL1DV]H

Z WSOLZR FLLREDZ\$OHVSUDZDQDV]HJRSR]RVWDQLDF]\RGORWXWRZVNDOLSODQHW\LQF\GHQW

EH]]QDF]HQLD

7RW\ONRQDV]DZ\á F]QLHQDV]DRVRELVWDVSUDZD:LHU]PL-HVWH P\WXFRQDMZ\ HM

LQWHUHVXM F\PUHOLNWHP

:]UXV]\áUDPLRQDPL

± 6áRZHP]DU]XFDV]PLQDLZQ PHJDORPDQL " $OHWRQLHSRUR]XPLHQLH%\QDMPQLHMQLH

XZD DPDE\ P\E\OLS SNLHP ZLDWD3U]\SXV]F]DPW\ONR H WUDNWXM QDVMDN

SRWHQFMDOQ\FK

V]NRGQLNyZNWyU\FKQDOH \ SU]HSáRV]\üDOER]DPNQ ü ZNODWFH7RGUXJLHMHVWRF]\ZL FLH

JRUV]\PF]\PR H QDZHWQLHPRUDOQ\PUR]ZL ]DQLHP=UHV]W PyZL F WZRLPLVáRZDPLFy

P\ZLHP\RLFKPRUDOQR FL"*G\E\WRE\OLOXG]LH

± -HVWH XSDUW\MDNNR]LRá+HOLDWZLHUG]L H WRV OXG]LHLQLHPDP\ DGQ\FKSRGVWDZ

DE\ZWRZ WSLü

± 'ODF]HJRZREHFWHJRXQLNDM EH]SR UHGQLFKNRQWDNWyZ]QDPL"'ODF]HJRJáRVNWyU\

Vá\V]HOL P\WXZVWDWNXSU]H]UDGLRMHV]F]HSU]HGO GRZDQLHPQD=LHPLE\áJáRVHP

PDV]\Q\DQLHF]áRZLHND"'ODF]HJRLVWRW\OXG]NLHNWyUHSR]ZRORQRQDPZLG]LHü]DFKRZXM

VL MDNZVWDQLH]DPURF]HQLD"&]\WRQLFQLHPyZL"

± 0\ OLV] H JáRVNWyU\Vá\V]HOL P\PR QDXZD Dü]DGRZyGL VNR F]\áDVL HSRND

F]áRZLHND" H WRFRZLG]LP\MHVWF\ZLOL]DFM URERWyZ"7REDUG]RNUXFK\GRZyG3U]HGH

ZV]\VWNLPZ\GDMHVL ZLHOFHZ WSOLZHDE\WDNZ\VRNRUR]ZLQL WDWHFKQLF]QLHF\ZLOL]DFMD

QLHSRWUDILáDZVSRVyEGRVNRQDá\QD ODGRZDüQDV]HJRJáRVX1LHE\áRWRMX SUREOHPHPZ

QDV]\FKF]DVDFK1LHMHVW]SHZQR FL L G]L GODVSDGNRELHUFyZLNRQW\QXDWRUyZSRVW SX1LH

GODWHJRJáRVEU]PLDáV]WXF]QLH]LPQRLREFR H SU]HPDZLDáGRQDVURERW0\ O H PDV]\Q\

WU]HFKVHWQHJRVWXOHFLDSRWUDIL SU]HPDZLDüMDN'HPRVWHQHVLQDMXNRFKD V]DPDWNDZMHGQHM

RVRELH

± &KFHV]SRZLHG]LHü H QDVLUR]PyZF\QLHSU]\ZL ]XM ZDJLGRVSRVREXGRIRUP\

Z\SRZLDGDQLDP\ OL"

± 0R H G

GRSRVWDZLHQLDVSUDZ\Z6SRVyERWZDUW\QDWXUDOQ\V]F]HU\

± =QyZSUyEXMHV]LGHDOL]RZDü$OHQLHEDUG]RZLG] VHQV

± 3U]\MPLMP\QDFKZLO H ZF]DVLHW\FKWU]\VWXRVLHPG]LHVL FLXZLHNyZUR]ZLQ á VL Z

VSRáHF]H VWZLHOXG]NLPMDNL QRZ\V]WXF]QLHVWZRU]RQ\VSRVyEá F]QR FLEH]SR UHGQLFWZD

background image

V\JQDáyZDNXVW\F]Q\FK-H OLMHVWWRGRVNRQDOV]\RGPRZ\G ZL NRZHM URGHN

NRPXQLNRZDQLDVL PyJáVSRZRGRZDüZSUDNW\FHMHM]DQLN-DNFLOXG]LHPDM VL ] QDPL

SRUR]XPLHü"

2F]\ZL FLHPRJ LPZW\PGRSRPyFDXWRPDW\$OHF]\PDV]\QDSU]HPDZLDM FDOXG]NLP

JáRVHPLWRZWDNLVSRVyEMDNLPF]áRZLHNSRVáXJLZDáVL WU]\VWDZLHNyZWHPXQLH

ZSURZDG]LáDE\QDVZEá G"&]\QLHXNU\áRE\WRU]HF]\ZLVWHJRFKDUDNWHUX]PLDQNWyUHZ

W\PF]DVLHQDVW SLá\QD=LHPL"7HJRQLHFKF QDVLUR]PyZF\

± 3U]HVáDQNLE\üPR H VáXV]QHDOHZQLRVHNIDáV]\Z\+LSRWH]D]E\WV]WXF]QDDE\PRJáD

E\üSUDZG]LZD'ODF]HJRQLHSRZLHG] QDPWHJRFRWU]HEDZSURVW\OXG]NLVSRVyE"

'ODF]HJRXQLNDM NRQWDNWX"7XFK\EDOH \ NOXF]GRUR]ZL ]DQLD]DJDGNL

± &]\U]HF]\ZL FLHXQLNDM " 0R H W\ONRP\QLHSRWUDILP\GRVWU]HF

± 3U]HF]\V]VDPDVRELH5D]PyZLV] H V WROXG]LHGUXJLUD] H MDNLH QLHGRVWU]HJDOQH

WZRU\8VWDOZUHV]FLHMDN

UR]V GQ ZHUVM

1LHUHDJRZDáDQDGRFLQNL

± &]\QLHG]LZLFL H LFKWDNPDáR"±SRZLHG]LDáDZ]DP\ OHQLX

± 1RZáD QLH±SRGFKZ\FLá]WU\XPIHP±-H OLOXG]LHV ZáDGFDPL=LHPLSRZLQQ\E\ü

LFKPLOLDUG\&KRüE\QDZHWSU]\URVWE\áEDUG]RSRZROQ\$OERQDZHWVWDELOL]DFMD8E\WHN

WRMX UHJUHV7HSXVWHVDOHLNRU\WDU]H

± $ZLHV]FRPLSRZLHG]LDáD+HOLDJG\M R WRVDPRS\WDáDP"3U]\SXV]F]D H WRZáD QLH

PR H E\üSU]HMDZHPLFKSUDZDGRVDPRWQR FL

± &R]DEUHGQLH

± 1LHSRZLHP-H OLU]HF]\ZL FLHG]LHVL WNLDPR H QDZHWVHWNLPLOLDUGyZOXG]L]DPLHV]NXMH

=LHPL MH OL URGNLá F]QR FL]DSHZQLDM EH]SR UHGQLNRQWDNWPL G]\Py]JDPLSUREOHPHP

VWDMHVL MX QLHW\ONRVSUDZQR ü NRQWDNWyZVSRáHF]Q\FKDOHWDNLHXNV]WDáWRZDQLHLFK

VWUXNWXU\LIRUP\DE\SR]RVWDZLüMHGQRVWFHVZRERG

\FLDZHZQ WU]QHJR:\REUD VRELH

FRE\VL G]LDáRJG\E\WHPLOLDUG\VND]DQRQDVWDáHREFRZDQLH]HVRE

± 7R]E\WZ\GXPDQHDE\E\áRSUDZG]LZH1LHEDUG]RZLHU] DQLZRZHPLOLDUG\DQLZ

RZHNRQWDNW\NWyU\FKQLHZLGDü

± &]\NRQWDNWPXVLPLHüGRVWU]HJDOQ GODND GHJRIRUP " ±RGSRZLHG]LDáDS\WDQLHP±

6 G] H +HOLDMX QDZL ]DáD]QLPL

± +HOLD"±SU]HUZDáJZDáWRZQLH±']L NXM ]DWDNLNRQWDNW:áD QLHGODWHJRQLHPR HP\

WXSR]RVWDü

± &]\P\ OLV] H ZLDWNWyU\FKFLDáE\ ]EXGRZDüE G]LH ZLDWHP]QDV]HMSU]HV]áR FL"±

]DS\WDáDFLFKR±3U]HV]áR ü QDSHZQRMX QLHZUyFLLQLHPDV]SUDZDWZLHUG]Lü H ZLDW

NWyU\QD=LHPL]DVWDOL P\MHVWJRUV]\RGWHJRVSU]HGWU]\VWXRVLHPG]LHVL FLXZLHNyZ

± 1LHPyZL H MHVWJRUV]\-HVWLQQ\REF\QDP

± 7\ONRZ\GDMHQDPVL REF\LQLH]UR]XPLDá\7U]HEDE\JRSR]QDü]UR]XPLHü

± -DNLPNRV]WHP"&KF E\üVRE 3DWU]\áDQDQLHJR]HZVSyáF]XFLHP

± =GDMHVL ± SRZLHG]LDáDSRFKZLOL± H ZW\PWNZLVHGQRVSUDZ\$SU]HFLH QLH ZLDWGR

QDVOHF]P\GR ZLDWDPXVLP\VL GRVWRVRZDü7DNDMHVWGURJDSR]QDQLDL]UR]XPLHQLD,

GODWHJRMD]WRE QLHSROHF

± 3RFy ZL F WXSU]\V]áD " ±Z\U]XFLá]UR]GUD QLHQLHP

± &KF FL SU]HNRQDü

± 7RVWUDWDF]DVX-H OLW\ONRE G PyJáWR]QDF]\MH OLQLHXV]NRG]LOLQDPVLOQLNDDOER

QLHSU]HV]NRG] Z LQQ\VSRVyEVWDUWXM ]DG]LHVL ü PLQXW

± 3RF]HNDM]DELRU W\ONRPDWHULDá\QDXNRZH7RMHVWZáDVQR ü =LHPL

± 5yEMDNFKFHV]

=RVWDáVDPZVWHURZQL8VLDGáSU]\SXOSLFLHLZVSDUáJáRZ QDGáRQLDFK

$ ZL F LRQD&]\QLHSRZLQLHQMHMUDWRZDü"&KRüE\LZEUHZMHMZROL"&]\ZROQRPXM

]RVWDZLü"&]\QLHE G]LHWRZLVWRFLHSRU]XFHQLHPFKRUHJRSV\FKLF]QLHWRZDU]\V]DZ\SUDZ\"

&]\VWUDWD+HOLLQLHMHVWRVWU]H HQLHP"

8 ZLDGRPLáVRELH H ]DFKZLO E G]LHMX ]DSy QR H JG\0LDRSX FLVWDWHN±VWUDFLQD

]DZV]HRVWDWQL EOLVN PXLVWRW

background image

8QLyVáJáRZ L VSRMU]DáQDSXOSLWVWHURZQLF]\:OHZ\PMHJRURJXXPLHV]F]RQR

]DSORPERZDQ G ZLJQL &]HUZRQ\SLHU FLH QDPDORZDQ\QDSXOSLFLHSRGNUH ODáMHM

V]F]HJyOQ ZDJ 5RVWZ\VXQ á U N 'RWNQ á G ZLJQLSDOFDPLRVWUR QLHMDNE\]ZDKDQLHP

3RWHPQDJá\PGUDSLH Q\PUXFKHPV]DUSQ á PHWDORZ\XFKZ\W

3U]\WáXPLRQ\V]PHUSU]HV]HGáSU]H]VWDWHN

*URG]LHDZDU\MQH]DEORNRZDá\ZV]\VWNLHSU]HM FLD

7HUD]SU]HELHJáSDOFDPLSRSU]\FLVNDFK=DSáRQ áD yáWDODPSND5HDNWRU\SU]HV]á\]HVWDQX

MDáRZHJRZF]\QQ\=DV]H ü PLQXWPyJáZ\VWDUWRZDüMH OL]G \ RSUDFRZDüSURJUDP

3RGV]HGáGRSXOSLWXFHQWUDOQHJRXNáDGXREOLF]HQLRZHJR3RVSLHV]QLHGU F ]H

]GHQHUZRZDQLDU N Z\VWXNDáQDNODZLV]DFKUDPRZH]DGDQLH:áD FLZLHQLHPLDá DGQ\FK

GDQ\FK

1LHZLHG]LDáJG]LHVL ]QDMGXMHNRVPRGURPMDNLHMHVWGRNáDGQHSRáR HQLHZ]DMHPQHSODQHW

$OHSU]HFLH Z\VWDUF]\áRZ]QLH ü VL Z JyU SU]HELüSáDV]F]DWPRVIHU\LZSURZDG]LüVWDWHN

QDRUELW RNRáR]LHPVN 3RWHPE G]LHGR ü F]DVXQDSRPLDU\LREOLF]HQLD

$XWRPDWGUXNRZDáMX Z\QLNLNRQWUROQHJG\RGH]ZDáVL EU] F]\NWHOHIRQX

3LHUZV]\PRGUXFKHP5RVWDE\áRZá F]\üJáR QLN3U]Há F]QLN]QDMGRZDáVL WX SU]\SXO

SLFLHVWHURZQLF]\P:\VWDUF]\áRZ\FL JQ ü U N /HF]WRR]QDF]DáRSRGM ü GLDORJ&]\EDá

VL DUJXPHQWyZ0LL"0R H UDF]HMSURVWHJR]Z\NáHJRS\WDQLDÄ&RW\FKFHV]]URELü"&]\

VL ]DVWDQRZLá"´

7HUNRWDQLHQLHXVWDZDáR1LHSR]ZDODáRVNXSLüP\ OL1DWDUF]\ZLHXSDUFLHGRSRPLQDáRVL

RGSRZLHG]L5RVWRZLZ\GDZDáRVL H WHOHIRQEU] F]\FRUD]JáR QLHMFRUD]EDUG]LHM

QHUZRZRUR]SDF]OLZLH:LHG]LDá H WR]áXG]HQLHMHGQDN±ZEUHZUR]V GNRZL±ZUD HQLH

QLHXVW SRZDáR

:\VWDUWRZDüMDNQDMV]\EFLHMRSX FLü=LHPL

3DWU]\áQDF\IU\ZROQRSU]HVXZDM FHVL Z RNLHQNDFKDSDUDWXU\NRQWUROQHM6WDUDáVL

VNRQFHQWURZDüXZDJ QDG]LDáDQLXDXWRPDWyZSU]\JRWRZXM F\FKVWDWHNPL G]\JZLH]GQ\GR

VWDUWX$OHG ZL N EU] F]\NDQLHSR]ZDODáRGHUZDüP\ OLRGWHJRFRG]LDáRVL WDPZ

NWyUHM ] NDELQSRG]LHORQ\FKJURG]LDPLDZDU\MQ\PLQD]DPNQL WHKHUPHW\F]QLHNODWNL

=QDáGREU]H0L -HMVSRNyM]GHF\GRZDQLHLZ\WUZDáR ü RND]\ZDQ Z QDMWUXGQLHMV]\FK

V\WXDFMDFK:\REUD]LáM VRELHWHUD]MDNVWRLSU]\WHOHIRQLHLF]HND

&KRüE\QDZHWZ\VWDUWRZDáFKRüE\RGOHFLDáGDOHNR±Fy MHMSRZLH"&]\SRWUDILM SU]HNRQDü"

%RSU]HFLH MH OLQDZHWMHVWWRFKRUREDF]\LVWQLHMHMDNLH OHNDUVWZR"

: Já ELGXV]\QLHE\á]UHV]W SHZLHQVZHMUDFMLGRNR FD$MH OLWDN"

1DSXOSLFLH]DSáRQ áD]LHORQDODPSND:WU]HFKRNLHQNDFKNRQWUROQ\FKSRGQL XND]Dá\VL

F\IU\Ä2´

5RVWSDWU]\áZWR ZLDWHáNRDQDF]RáRZ\VW SLá\PXNURSOH]LPQHJRSRWX=QyZXSá\Q áR

NLONDVHNXQG

:\FL JQ á GáR 2SDUáM QDJX]LNXVWDUWRZ\PSRWHPFRIQ á SR SLHV]QLHU N L SU]HELHJá

SDOFDPLSRSU]\FLVNDFK

=LHORQDODPSND]JDVáDSRWHP]DQL

yáWD5HDNWRU\SU]HV]á\ZVWDQMDáRZHMUHDNFML

7HUD]V]\ENREH]ZDKDQLDSU]HVXQ á G ZLJQL XNáDGXDZDU\MQHJRQDSRSU]HGQLHPLHMVFH

=QyZV]PHUSU]HELHJáSRSU]H] FLDQ\VWDWNXJURG]LHQLHEORNRZDá\MX SU]HM ü

6\JQDáWHOHIRQXXPLONáUDSWRZQLH:NDELQLH]DSDQRZDáDG]ZRQL FDZXV]DFKFLV]D

5RVWVLHG]LDáSU]\SXOSLFLHQLHUXFKRPRLSDWU]\áQDGU]ZLSURZDG] FHZJá E VWDWNX&]HNDá

1DFR"&]\ E\MHV]F]HVL áXG]Lá"

0LQXW\Sá\Q á\ZROQR

1DJOHQDWDEOLF\NRQWUROQHM]DSDOLáRVL PDOH NLHELDáH ZLDWHáNRLSRF] áRU\WPLF]QLH

PUXJDü'RVWU]HJáWHQV\JQDáQDW\FKPLDVWLXF]XáFK\EDSRUD]SLHUZV]\RGZLHOXODW

FLVQ FHVL á]\

1LHPyJáPLHüMX DGQ\FK]áXG]H :LHG]LDá H 0LDQLHSU]\MG]LH7RSUDFRZDáG ZLJ

á F] F\NRPRU Z\M FLRZ ] SRZLHU]FKQL SODQHW\

=DFLVQ á QHUZRZRSRZLHNL7RZV]\VWNRZ\GDáRPXVL ]á\PNRV]PDUQ\PVQHPMDN H

background image

E\FKFLDáSU]HEXG]LüVL ] QLHJRFKRüE\]DFHQ SRZURWXGRFLHUSLH IL]\F]Q\FKNWyUH

PXVLDá]QRVLüMHV]F]HQLHGDZQRREH]ZáDGQLRQ\SDUDOL HP

*G\RWZRU]\áRF]\ ZLDWHáNRV\JQDOL]DF\MQHMX ]JDVáR%\áVDPZRSXVWRV]Dá\PVWDWNX

PL G]\JZLH]GQ\P$OHPR H E\áRWRW\ONR]áXG]HQLH"3R SLHV]QLHQDFLVQ á NODZLV]Zá F]DM F\

WHOHLOXPLQDWRU\

1LH7RQLHE\áR]áXG]HQLH1DWOHELDáHJR]DODQHJRVáR FHPNU JXVWDUWRZHJRSRUXV]DáD

VL FLHPQDV\OZHWNDOXG]ND5RVWSDWU]\áMDNRGGDODáDVL FRUD]EDUG]LHMPDOHM F QDHNUDQLH

: SRáRZLHGURJLPL G]\VWDWNLHPDODVHP0LD]DWU]\PDáDVL L RGZUyFLáD'áXJ FKZLO

SDWU]\áDZVWURQ VWDWNXSRWHPUXV]\áDZGDOV] GURJ DE\ZNLONDPLQXWSy QLHM]QLNQ ü

Z UyGGU]HZ

7HUD]GRSLHURRGF]XáZSHáQLO N SU]HGVDPRWQR FL VS\FKDQ\GRW G SR]DJUDQLFH

ZLDGRPR FL

&]\E\áGR ü VLOQ\GR ü ]GHF\GRZDQ\QDZV]\VWNRDE\QLHXJL ü VL SRGW\PFL DUHP"

7HJRQLHE\áZVWDQLHVWZLHUG]LüNDWHJRU\F]QLH:UD]ERZLHP]RGHM FLHP0LL

ZV]\VWNRWRFRSODQRZDáVWUDFLáRVHQV3RFy PLDáOHFLHüNXREF\PLQQ\P ZLDWRP"

2JDUQ áRJR]QLHFK FHQLHLRERM WQR ü

6LHG]LDáQLHUXFKRPRSU]HGHNUDQHP&]\ E\QDFR RF]HNLZDá"&]\ E\LVWQLDá\MHV]F]H

MDNLH LVNLHUNLQDG]LHL"

$OHQDSá\FLHNRVPRGURPXD SROLQL ODVXQLNWVL MX QLHSRMDZLá7\ONRFLHQLHREáRNyZ

Sá\Q á\SR]LHPLZROQRSU]HVáDQLDM F UD]SRUD]ELDá WDIO VWDUWRZ

5RVWMHV]F]HUD]VSRMU]DáSR]DVLHELH1DGNU]DNDPLMDáRZFDSRUDVWDM F\PLJ VWRVNUDMODVX

ZLGRF]QDE\áDWHUD]W\ONRG]LRERZDF] ü VWDWNXPL G]\JZLH]GQHJR3LHUZV]HSURPLHQLH

ZVFKRG] FHJRVáR FDVUHEU]\á\MX F]DV] REVHUZDWRULXPSRGREQ ] GDOHNDGRV]NODQHJR

FDFNDQDV]F]\FLH ZL WHF]QLHSU]\VWURMRQHMFKRLQNL

1LHF]Xá DOXDQLWH QLHSRNRMX:FL JXWHMGáXJLHMQLHSU]HVSDQHMQRF\]DQLP]GHF\GRZDá

VL RSX FLüVWDWHN]G \áSRJRG]LüVL ] P\ O H SRQLyVáNO VN :LHG]LDá H QLHSRWUDIL

RGJURG]LüVL RGWHJRG]LZQHJRREFHJRPX ZLDWDWDNMDNQLHSRWUDIL]GRE\üVL QD

VDPRWQ XFLHF]N SU]HGQLP$MHGQDNZ]URNMHJRQLH ZLDGRPLHZUDFDáUD]SRUD]NX

RSXVWRV]DáHMUDNLHFLHMDNE\V]XNDM F ZQLHMRSDUFLD]DQLPSU]\MG]LHPXSU]HNURF]\üOLQL

JUDQLF]Q

%\áDRQDWHUD]WX WX 0OHF]QHRSDU\XOHJá\Z\UD QLH]DJ V]F]HQLXSU]\ELHUDM F NV]WDáW

FLDQ\Z]QLHVLRQHM]PJLHá:LHG]LDá H SRZNURF]HQLXZLFKREU ESU]HVWU]H DPR H L

F]DVVWUDF GRW\FKF]DVRZHZ\PLDU\7RFRRGF]XZDáZWHMFKZLOLQLHE\áRDQLO NLHPSU]HG

QRZ\P \FLHPDQLWH DOHP]DGDZQ\P:áD FLZLHFKFLDáDE\WRF]HJRVL VSRG]LHZDá

E\áRMX SR]DQLPDE\ZFKáRQ á JREH]UHV]W\LSU]HNV]WDáFLáyZ ZLDWNWyU\]DEUDáPX

RVWDWQLHQDMEOL V]HLVWRW\OXG]NLH

0JáDUR]VW SLáDVL L ]QyZXMU]DáSU]HGVRE GáXJLZ VNLNRU\WDU]D]DQLPVDO EH]GU]ZL

L RNLHQ H VWURSHPRWZDUW\PSR]RUQLHQDSU]HVWZyUSRUDQQHJRQLHED*G\ZV]HGáGRWHMVDOL

± ZUD]]QLPQD FLDQDFKSRMDZLá\VL EDUZQHSODP\LOLQLH OHG]LáLFKUXFK\LSU]HREUD HQLD

SRF] WNRZRGR ü RERM WQLHSRWHPMHGQDN]URVQ F\P]DLQWHUHVRZDQLHPDQDZHW

SU]\MHPQR FL

3RF] á QDZHWG]LZLüVL VDPVRELH H ZF]RUDMZF]DVLHZ GUyZHN]+HOL L 0L QLH

RGF]XZDáWDNMDNG]L SL NQDLKDUPRQLLW\FKSODVW\F]Q\FKIRUP+HOLDPLDáDUDFM WH

EDUZQHOLQLHLSODP\VWHURZDQHE\á\ELHJLHPMHJRP\ OL%\áWHJRWHUD]SHZQ\3RWZLHUG]Dá\

WRHNVSHU\PHQW\DLFKUH]XOWDW\VWDZDá\VL FRUD]EDUG]LHMSDVMRQXM FHZPLDU MDN

RGNU\ZDáFRUD]WRQRZHHOHPHQW\SRZL ]D 1DELHUDáWH VWRSQLRZRZSUDZ\Z

NLHUXQNRZDQLXSU]HELHJX]PLDQSODVW\F]Q\FKZL]MLDZL F MHGQRF]H QLH±WRNXZáDVQ\FK

P\ OL&]\ E\WHQJLJDQW\F]Q\HOHNWURHQFHIDORJUDIVáX \áZáD QLHWDNLHPXFHORZL"0R H ZWHQ

VSRVyEPR QDQLHW\ONRZLG]LHüELHJVZ\FKP\ OLDOHLNRQWURORZDüSUDZLGáRZR FLLFKWRNX"

&]\W\ONRSUDZLGáRZR ü IRUPDOQ " 0R H UyZQLH SUDZLGáRZR ü PHU\WRU\F]Q "

&]Xá H ]QDMGXMHVL QDSURJXRGNU\FLDMHV]F]HMHGQHMQLH]Z\NáHMZáD FLZR FLW\FKXU] G]H

background image

=QyZSRF] á HNVSHU\PHQWRZDü=DGDZDáVRELHS\WDQLDLSUyERZDáRGSRZLDGDüQDQLH

OHG] F ]PLDQ\NV]WDáWyZLEDUZ1LHE\áRWRáDWZHDOHVWRSQLRZRQDELHUDáZSUDZ\:

]DVDG]LHSU]\SRPLQDáRWRJU Z ÄWDNOXEQLH´ZNWyUHMRVREDVWDUDM FDVL GRFLHFSUDZG\

Z\JáDV]D]GDQLDLRWU]\PXMHW\ONRLQIRUPDFMHRLFKSUDZG]LZR FLOXEEá G]LH7DLQIRUPDFMD

FRSUDZGDE\áDWXZ\UD RQDZQLH]QDQ\P5RVWRZLNRG]LHDOHF]Xá H ]DF]\QDZ\NU\ZDü

SUDZLGáRZR FLNWyUHSR]ZRO PXJR]Já ELü

&]\WDQRZDXPLHM WQR ü XPR OLZLDáDU]HF]\ZL FLH]GRE\ZDQLHQRZ\FKLQIRUPDFML"0yJá

XOHJDü]áXG]HQLXMHG\QDGURJDWRHNVSHU\PHQWDOQHVSUDZG]DQLH FLVáR FLRWU]\P\ZDQ\FK

RGSRZLHG]L

$ JG\E\WDNSRGM ü SUyE Z\NRU]\VWDQLDQLH]Z\Ná\FKZáD FLZR FLW\FK FLDQZSRV]XNL

ZDQLX+HOLLL0LL6XNFHVE\áE\QDMOHSV]\PSRWZLHUG]HQLHP H RGNU\FLHQLHMHVWSR]RUQH

3RF] á ZP\ ODFKUR]ZD DüNLHUXQNLL± OHG] F ]PLDQ\QD FLDQDFK±SUyERZDáGRFLHFNWyU\

MHVWZáD FLZ\

/HF]QLHPLDáSHZQR FL3ODP\LOLQLHZ\GDZDá\VL SRGREQH]DZRG]LáDLQWXLFMDSUyE\

DQDOL]\E\á\EH]RZRFQHQLH]QDMGRZDá DGQHJRSXQNWX]DF]HSLHQLD

1LHZLDGRPRGODF]HJRSU]\V]áRPXGRJáRZ\ H R]QDF]DWRL +HOLDL0LDQLHFKF GRSX FLü

GRVSRWNDQLD3UyERZDáRGU]XFLüW P\ ODOHZUDFDáDXSDUFLH:SUDZLáRJRWRZVWDQ

QLHSRNRMXLUR]GUD QLHQLD1LHSRGHMPXM F MX GDOV]\FKHNVSHU\PHQWyZSU]HNURF]\á FLDQ Z

SLHUZV]\PV\JQDOL]RZDQ\PSU]HM FLX

1DVW SQDVDODE\áD]XSHáQLHSRGREQDGRSRSU]HGQLHM=DF] á QDZHWSRGHMU]HZDüF]\QLH

MHVWWRWDVDPDVDOD:W\P ZLHFLHQLHQDOH DáRRGU]XFDüLWDNLHMPR OLZR FL

7U]HFLDVDODPLDáD]XSHáQLHLQQ\Z\JO G FLDQ\ELDáHPDWRZHLPDUWZHVXILWQLVNL

SR]EDZLRQ\RGELFLDQLHED=SRGáRJLZ\UDVWDá\QLHUHJXODUQ\PLV]HUHJDPLSU W\RUy QHM

Z\VRNR FLLJUXER FL-DNLHMHVWSU]H]QDF]HQLHW\FKXU] G]H " &]\GRZLHVL R W\P

NLHG\NROZLHN"

:\FL JQ á U N L GRWNQ á RVWUR QLHSDOFDPLMHGQHJR]SU WyZ:\GDáPXVL G]LZQLHFLHSá\

PL NNLEDQDZHWMDNE\SXOVXM F\ \FLHP

3U]H]FLDáR5RVWDSU]HELHJáGUHV]F]&]\E\áRQZ\ZRáDQ\G]LDáDQLHPRWDF]DM F\FKJRVLá

F]\SRSURVWXQDSL FLHQHUZRZHX]HZQ WU]QLáRVL Z WHQVSRVyE"7HJRQLHE\áZVWDQLH

VNRQVWDWRZDü

Ä=DFKRZXM VL MDNMDVNLQLRZLHF´±SU]HELHJáRPXSU]H]JáRZ

3X FLáSU WOHF]ZW\PUXFKXE\áDUDF]HMZ\UR]XPRZDQD ZLDGRPDGHF\]MD±QL O N7H

SXOVXM FH \FLHPPDV]\Q\QLHEXG]Lá\ZQLP DGQHMRGUD]\DSU]HFLZQLHRGF]XZDá

SU]\MHPQR ü JG\GáR VW\NDáDVL ] LFKFLHSá SRZLHU]FKQL

$OHZáD QLH ZLDGRPR ü WHJRZUD HQLDQDSHáQLáDJRQLHSRNRMHP3RP\ ODá]QyZR+HOLL

*G\E\PyJáM RGQDOH ü ZW\PODELU\QFLH

± =DPNQLMRF]\±XVá\V]DáSU]\WáXPLRQ\V]HSW%\áSU]HNRQDQ\ H MHVWWRJáRV+HOLL

5R]HMU]DáVL ZRNRáR:VDOLQLHE\áRQLNRJR*G]LH ] SHZQR FL XNU\WRJáR QLNL

± =DPNQLMRF]\±]QyZSRVá\V]DáSROHFHQLH

1LH7HQJáRVQLHELHJá] DGQHJRPR OLZHJRGR]ORNDOL]RZDQLDNLHUXQNX2QE\áMDNE\Z

QLPVDP\P

7HUD]GRSLHURX ZLDGRPLáVRELHWUH ü SRVá\V]DQ\FKVáyZL]DFLVQ á SRZLHNL8MU]DáSU]HG

VRE PJOLVW\]DU\VMDNLHJR REUD]X3U]\VáRQLáGáRQL RF]\LREUD]VWDáVL Z\UD QLHMV]\

:LGRF]QLHZUD HQLDRSW\F]QHWáXPLá\SURFHVZ\ZRá\ZDQ\MDNLP QLH]QDQ\PVSRVREHPZ

R URGNDFKZ]URNRZ\FKPy]JX6]\ENR]UHV]W ZPLDU MDNVLDWNyZNDSU]\]Z\F]DMDáDVL GR

FLHPQR FLREUD]QDELHUDáRVWUR FLLEDUZ

=QDMGRZDáVL Z MDNLP RJURG]LH:FLHQLXGU]HZQDSRGZ\ V]HQLXVSRF]\ZDáRNLONDSRVWDFL

OXG]NLFK%\OLWRPLHV]ND F\=LHPLSRGREQLGRW\FKNWyU\FKZLG]LDáSU]HGW\JRGQLHP

QDHNUDQLH: UyGQLFKGRVWU]HJáMHGQDNGZLHUy QL FHVL Z\JO GHPLVWURMHPSRVWDFLH7DN

3R]QDáMH7RE\áD0LDL+HOLD

*G]LH]QDMGRZDáVL WHQRJUyG"'DOHNRF]\EOLVNR"7HJRQLHSRWUDILáRNUH OLü1DMG]LZQLHMV]H

Z\GDZDáRVL Z WHMFKZLOLWR H REUD]RWDF]DáJR]HZV]\VWNLFKVWURQ H ND G\UXFK

background image

JáRZ F]\JDáHNRF]Q\FKSR]ZDODá]PLHQLDüSROHZLG]HQLDWDNMDNJG\E\RQVDP5RVW

]QDMGRZDáVL Z W\PRJURG]LH

2WZRU]\áRF]\LRJUyG]QLNá:RNyáRWDF]Dá\JRW\ONRELDáH FLDQ\VDOL=DFLVQ á ZL F

]QyZSRZLHNLSU]\ZRáXM F QDSRZUyWZL]M

± &]\PR QDWDPGRZDV"±]DS\WDáQLHSHZQLH

± -H OLFKFHV]±XVá\V]DáJáRV+HOLL2QDVDPDMHGQDNQLH]ZUyFLáDGRQLHJRWZDU]\DQL

DGQ\PUXFKHPQLHSRWZLHUG]LáDNRQWDNWX

± &KF -DNMHGQDNGRZDVWUDILü"

± ,G VWDOHZPRM VWURQ

± =]DPNQL W\PLRF]DPL"

± 1LHWR]E\WHF]QH7\ONRFKZLODPLGOD]DFKRZDQLDNLHUXQNX5R]XPLHV]"

± 5R]XPLHP&]\WRZáD QLH21,"

± -DNZLG]LV]

± &]\]QLPLUR]PDZLDFLH"

± 7UXGQRWDNWRQD]ZDü=E\WGX D SU]HSD ü F]DVX$OHQLHFKFO WRQLHSU]HUD D3RPRJ

QDP]SHZQR FL 2QLQDVUR]XPLHM LFLHELHWH -H OLW\ONR]HFKFHV]

± -DF\RQLV " ±]DS\WDá]Z\VLáNLHP

± &y FLPRJ SRZLHG]LHü6 P GU]\LSL NQL2F]\ZL FLHQLHWDNMDNSU]\Z\NOL P\

RFHQLDü0RJáDE\PSRZLHG]LHü H V GODQDVGREU]\DOHQLHZLHPF]\WDNLHRNUH OHQLHPD

VHQV=E\WSU]\SRPLQDVWRVXQHNF]áRZLHNDSLHUZRWQHJRGRERJyZSU]H]VLHELH

VWZRU]RQ\FK

± 1LHUR]XPLHPFL

± %RM VL H QLH ZLDGRPLHPR HP\WZRU]\üPLW\7U]HEDRGU]XFDüZV]HONLHRFHQ\

HPRFMRQDOQH

2QLWH WHJRQLHFKF 0XVLP\LFKSR]QDü3R]QDüWDNLFKMDF\V %RWRV OXG]LH

7\ONR]SR]RUXLQQL:LVWRFLH±WDF\VDPL8NV]WDáWRZDQLZZLHORZLHNRZ\PSURFHVLH

SRVW SX

± &]\MHVWH WHJRSHZQD"3U]HFLH WRFRZLG]LP\QLHGDMH DGQHMJZDUDQFML:V]\VWNR

MHVW]áXG]HQLHP3R]RUHP*G\E\PPyJá]REDF]\üWHQ ZLDWWDNLPMDNLPMHVWQDSUDZG

%H]]QLHNV]WDáFH L IDQWRZL]ML

± 1LH GDM]DZLHOH

± 1LH GDP1LHFKPLSRND

VZyM ZLDWZ]Z\Ná\FK]QDQ\FKPLWU]HFKZ\PLDUDFKL

F]DVLHNWyUHJRWHPSRSRWUDIL SRM ü&]\WRQLHPR OLZH"

± 0\ O H PR OLZH:SHZQ\PVWRSQLX$OHQLHZLHPF]\WRPDVHQV7RWDNMDNE\

FKFLDáXMU]HüQDUD]ZV]\VWNRFRURELND G\PLHV]NDQLHFWZHJRGRPX

± 3U]HFLH ZLHV] H QLHRWRPLFKRG]L&KF XMU]HüW\ONRRELHNW\ZQ U]HF]\ZLVWR ü

&KRüE\W\ONR]REDF]\üFRVL G]LHMHWXZW\PPLHMVFXJG]LHWHUD]MHVWHPJG]LH]QDMGXMH

VL PyMPy]J3U]HFLH WRFRPQLHRWDF]DMHVW]áXG]HQLHP6]WXF]QLHZ\ZRáDQ

KDOXF\QDFM

0R H MHVWHP]DZLHV]RQ\ZSU]HVWU]HQLPR H WHJRSRNRMXWHJRJPDFKXZFDOHQLHPD"0R H

QLPLVL WRZV]\VWNR"0R H ZRJyOHQLHLVWQLHMHPRMHFLDáRDW\ONRJUDV\JQDáyZZP\P

Py]JXDOERQDZHWW\ONRZMDNLHM PDV]\QLH=DSLVPRMHMRVRERZR FLZV]F]HSLRQ\ZVLHü

NU\VWDOLF]Q

± 3OHFLHV]JáXSVWZD-HVWH F]áRZLHNLHP]NUZLLNR FL

± 'REUHFKRFLD L WR$OHPQLHQLHZ\VWDUF]D&]\QLHPRJ SR]QDüU]HF]\ZLVWR FL"

± MX M ZLG]LDáH 1LHSDPL WDV]"1DW\PSODFX

± 7RQLHWRVDPR

± $F]HJRVL VSRG]LHZDV]"MH OL]UHV]W FKFHV]NRQLHF]QLH7\ONR]DFKRZXMVL UR]V GQLH

± 3RVWDUDPVL

± 3DWU]

7RFRXMU]DáSU]HNUDF]DáRZV]HONLHJUDQLFHZ\REUD QL=QDMGRZDáVL MDNE\QDQLHZLHONLHM

SODWIRUPLHVWDQRZL FHMSU]H]URF]\VW SRGáRJ VDOLZNWyUHME\áSU]HGFKZLO :RNyáQLHJR

QDGJáRZ SRGVWRSDPL±VHWNLEDFK\EDW\VL FHSRVWDFLOXG]NLFKWZRU]\áRMDNLH

background image

RJURPQHW WQL FH \FLHPPURZLVNR1DMEOL HM5RVWDNLONXOXG]LVSRF]\ZDáRQLHUXFKRPRMDNE\

]DZLHV]RQ\FKZHZQ WU]XSU]H]URF]\VW\FKÄNRNRQyZ´DW\ONRUXFK\LFKGáRQLLVNXSLRQH

WZDU]HZVND]\ZDá\L ]DM FLV MDNLPL VNRPSOLNRZDQ\PLZ\PDJDM F\PLQDSL WHMXZDJL

F]\QQR FLDPL7X RERNZ\ HMLQL HMELHJá\ZQLHZLDGRP\FKNLHUXQNDFKZ]DZURWQ\P

WHPSLHQLF]\PQDV]\ENRELH Q\FKWD PDFKFKRGQLNRZ\FKVWUXPLHQLHOXG]NLH±P F]\ QL

NRELHW\ZV]\VF\PáRG]LLMDN H SL NQL

*á ELHMZGROHMDNE\QDQL V]\FKNRQG\JQDFMDFKWHMSU]H]URF]\VWHMZLH \ %DEHO±RJURPQH

WáXP\6HWNLOXG]LVSLHV] F\FKZHZV]\VWNLFKNLHUXQNDFKPLMDM F\FKVL QLHXVWDQQLHEH]

SRWU FH F]\FKRüE\QDMPQLHMV]\FKR]QDNZDKDQLDZUXFKDFK.D G\G \áGRMDNLHJR QLH

]QDQHJRFHOX]GDM F VL QLHZLG]LHüPLMDM F\FKJRLQQ\FKOXG]LMDNE\]DM W\W\ONRVRE OXE

FRQDMZ\ HMQDMEOL HMWRZDU]\V] F\PLPXRVREDPL0LHMVFDPLWDPJG]LHWáXP]GDZDáVL

SU]HU]HG]DüGRVWU]HFPR QDE\áRSRMHG\QF]HNLONXRVRERZHJUXS\3U]HZD QLHWU]\PDQRVL

]DU FHZ\NRQXM F G]LZDF]QHUXFK\F]\QDZHWHZROXFMHJLPQDVW\F]QHNWyU\FKVHQVXQD

SUy QRE\áRE\GRFLHNDü

1DJOHWX SU]HGVRE XMU]DáNRELHW 7DN7R]SHZQR FL E\áDNRELHWD:\VRND]JUDEQD

R GáXJLFKVSL WU]RQ\FKSRREXVWURQDFKJáRZ\ZáRVDFK&LDáRMHMSRNU\ZDáDZDUVWZDSXFKX

SRGNUH ODM FDMHV]F]HSRV JRZR ü NV]WDáWyZ6]áDNXQLHPXOHNNLPWDQHF]Q\PNURNLHP

]DSDWU]RQDMHGQDNJG]LH ZMDNL SXQNWSRáR RQ\Z\ HMQDGJáRZ NRVPRQDXW\

5DSWRZQLH]DWU]\PDáDVL WX SU]HGQLP6SRMU]HQLHMHMSU]HPNQ áRSRSRVWDFL5RVWDD

]DWU]\PDáRVL QDWZDU]\:\GDZDáDVL ]G]LZLRQDMHJRREHFQR FL

:\FL JQ áDU N L GRWNQ áDGHOLNDWQLHNR FDPLSDOFyZMHJRGáRQL8F]XáMDNVHUFHNRáDF]H

PXZSLHUVLDFK

7UZDOLWDNQLHUXFKRPRNUyWN FKZLO SRWHPNRELHWDX PLHFKQ áDVL GRQLHJRLUXV]\áDZ

GDOV] GURJ ZNLHUXQNXÄNRNRQyZ´&KFLDáELHF]DQL OHF]ZW\PVDP\PQLHPDO

PRPHQFLHUR]G]LHOLáDLFKELDáDPDWRZD FLDQD=QyZ]QDMGRZDáVL Z PDáHMQLVNLHMVDOFH

Z\SHáQLRQHMW\ONRV]HUHJDPLSU WyZZ\UDVWDM F\FK]SRGáRJL

± &K\EDZ\VWDUF]\±XVá\V]DáJáRV+HOLL

3U]\PNQ á SRZLHNLL]QyZXMU]DáRJUyG

± &RWRE\áR"±]DS\WDáMHV]F]HRV]RáRPLRQ\QDZDáHPZUD H

± 7DNMDNFKFLDáH 7RMHVWU]HF]\ZLVWR ü

± ,G GRZDV±SRZLHG]LDá]QDJá\PSRVWDQRZLHQLHP±7DNE G]LHQDMOHSLHM

2WZRU]\áRF]\3R SLHV]QLHSU]HNURF]\á FLDQ WDPJG]LHSU]HGFKZLO ZLG]LDá+HOL L

0L =QDOD]áVL Z MDNLHM GáXJLHMVDOLOHF]WHUD]QLH]ZUDFDáXZDJLQDRWRF]HQLH=QyZ

SU]\PNQ á RF]\VSUDZG]LáNLHUXQHNLSU]\VSLHV]\áNURNX

3RFKáRQL W\E\áMHGQ P\ O DE\MDNQDMV]\EFLHMGRWU]HüGRRZHJRRJURGXVSRWNDü+HOL

0L L W\FKQLH]QDQ\FKJRVSRGDU]\=LHPL:\GDZDáRPXVL H ND GDFKZLOD]ZáRNLPR H

VSRZRGRZDüXWUDW MDNLHM RJURPQHMMHG\QHMV]DQV\ H REUD]ZUDFDM F\UD]SRUD]SU]HG

MHJRRF]\XWRQLHZPJáDFKLQLHRGQDMG]LHJRMX QLJG\

&]\MHGQDNWDPWHGZLHSRVWDFLHWRU]HF]\ZL FLH+HOLDL0LDDQLHLFKZLGPDZWáRF]RQHZ

MHJRPy]J"3UDZGD±UR]PDZLDá]+HOL %\áSHZLHQ H WRRQD'ODF]HJRMHGQDN

]DFKRZ\ZDáDVL WDNG]LZQLH"&]\ E\SU]HREUD HQLDSV\FKLF]QHVL JDá\D WDNGDOHNR"

3\WDQLDPQR \á\VL XUDVWDá\ZPRQVWUXDOQ SLUDPLG

-DNL ZL F ORVLFKF]HND"-H OLQDZHWSUDZG MHVWZV]\VWNRWRFRZLG]LLVá\V]\MH OL+HOLD

L 0LDPDM UDFM H ZáD QLHRZHG]LZDF]QHLVWRW\WROXG]LHZáDGDM F\=LHPL ± F]\ PR QD

VWZRU]\üPRVWá F] F\GZLHWDNRGOHJáHF\ZLOL]DFMH"&]\RZDDGDSWDFMDQDNWyU MX VL

]GHF\GRZDáQLHE G]LHZLVWRFLHR]QDF]DáD]DWUDW\ZV]\VWNLHJRWHJRFRXNRFKDáZVZ\P

GDZQ\P \FLX"

2GUXFKRZRSRF] á ]ZDOQLDüNURNX:DONDWRF]RQD]VDP\PVRE VWDZDáDVL FRUD]EDUG]LHM

]D DUWD3RZWDU]DáVRELH H PXVL]DXIDü+HOLL H PXVLSR]RVWDZLüSR]DVRE WDPWR \FLH

D UR]SRF] ü QRZH%\üPR H OHSV]HSL NQLHMV]H/HF]MHGQRF]H QLHQLHPyJáRGHSU]Hü

DGQ\PDUJXPHQWHPURG] F\FKVL Z WSOLZR FLFy ZDUWHPR H E\üQDMSL NQLHMV]H

QDMUR]XPQLHMV]H \FLHMH OLPDRQRSU]\VáRQLüEH]UHV]W\SU]HV]áR ü"-H OLZDUXQNLHPWHJR

\FLDMHVWRGVXQL FLHZQLHSDPL ü SU]H \üNWyUHWZRU]\á\NV]WDáWMHJR5RVWDRVRERZR FL"

background image

=DWU]\PDáVL 3U]\PNQ á SRZLHNLL]QyZXMU]DáRJUyG0L L +HOL

2GZUyFLáVL JZDáWRZQLHLRWZRU]\áRF]\=QDMGRZDáVL Z VDOLSRGREQHMGRWHMZNWyUHM

RFNQ á VL XELHJáHJRGQLD3RQRZQLH]DFLVQ á SRZLHNLVWDUDM F VL MDNQDMLQWHQV\ZQLHMP\ OHü

R VWDWNXLRWR]DPLDVWRJURGXGRVWU]HJáSU]HGVRE UR]OHJáHRWRF]RQHODVHPSROHVWDUWRZH

] Z\VRN O QL F Z VáR FXPDFKLQ PL G]\JZLH]GQ

5XV]\áZW\PNLHUXQNXMDNOXQDW\NQDR OHSSU]HNUDF]DM F FLDQ\=QDOD]áVL Z QLHZLHONLHM

ZLHORN WQHMVDOLMDNLHMGRW G QLHZLG]LDá6XILWL FLDQ\SRNU\ZDá\GX H RNU JáHWDUF]H]H

VUHEU]\VWHJRPHWDOX

$OHQLHyZZLGRN]DWU]\PDáJRZPLHMVFX2WRGRXV]X5RVWDGRELHJáD FLV]RQDOHF]Z\UD QD

PX]\ND

6HUFHSRF] áRJZDáWRZQLHáRPRWDüPXZSLHUVL1LHPyJáVL P\OLü=QDáGREU]HWHQ

XWZyUWRE\áyZNRQFHUWIRUWHSLDQRZ\NWyUHJRWRFFDWDSU]H ODGRZDáDJRZF]RUDMSU]H]

ZLHOHJRG]LQ

%\áDWRPX]\ND]XSHáQLHUy QDRGWHMMDN ]QDáGRW G1LHPyJáQLHSRWUDILáRGF]XüMHM

SL NQD:\GDZDáDVL G]LZDF]QDLV]WXF]QDFKZLODPLJUDQLF] FD]QLH]QR Q GODXFKD

NDNRIRQL

$ MHGQDN±FKRüSU]HWZRU]RQ\ZSURFHVLHZLHORW\VL FOHWQLFKSU]HREUD H VW\OX±EH]

Z WSLHQLDWHQVDPXWZyU

3RWRNG ZL NyZSá\Q á MDNE\]HZV]\VWNLFKVWURQ1LWRMDNLH SRW QHRUJDQ\QLWR

SRá F]RQHFKyU\LRUNLHVWU\V\PIRQLF]QH

.Wy PyJáZ\NRQ\ZDüWHQXWZyU".Wy PyJáJRVáXFKDü"&]\ E\W\ONRGODQLHJRE\á

SU]H]QDF]RQ\"=DFLVQ á NXUF]RZRSRZLHNLLRWRXMU]DáSU]HGVRE DUW\VW 6WDáZ\SURVWRZDQ\

] WZDU] Z]QLHVLRQ QLHFRZJyU ]SU]\PNQL W\PLRF]DPL:FDáHMSRVWDFLZQLH]QDF]Q\FK

OHF]V]\ENLFKUXFKDFKU NZJU]HXF]XüMDNLHPDORZDá\VL QDWZDU]\WHJRF]áRZLHND

E\áRW\OHSL NQDLMDNLHJR WZyUF]HJRXQLHVLHQLD H 5RVWQLHPyJáRGHUZDüRF]XRGWHJR

ZLGRNX

=DSUDJQ á MDNQDMV]\EFLHM]DUD]]QDOH ü VL ZáD QLHSU]\1,0ZMHJREH]SR UHGQLHM

EOLVNR FL

2WRVá\V]\MX SLHUZV]HWDNW\WRFFDW\Ä-HJR´WRFFDW\±VNRPSRQRZDQHMSU]HGVHWNDPL

ZLHNyZSU]H]F]áRZLHNDNWyUHJRLPLHQLDRQSU]\E\V]]WDPW\FKF]DVyZQLHSDPL WDá

3RF] á L ü SU]HGVLHELHQLHRWZLHUDM F RF]X2EUD]FRSUDZGDQLH]EOL DáVL DQLRGGDODá

PX]\NDMHGQDN]ND G\PNURNLHPMDNJG\E\URVáDSRW QLDáDSRFKáDQLDáDJREH]UHV]W\1LH

E\áRZWHMFKZLOLGODQLHJRLVWRWQHF]\Vá\V]\M ZáDVQ\PLXV]DPLF]\±WDNMDNJáRV+HOLL±

EU]PLRQDJG]LH Z QLPVDP\P

2EUD]]QLNáQDJOH5RVWSRGQLyVáSRZLHNL8MU]Dá H ]QDMGXMHVL QDMDNLHM RJURPQHM

HVWDNDG]LHVN SDQHMZVáR FXL]LHORQR FL:RNyáVLHELH]REDF]\áG]LHVL WNLOXG]LNRELHW

P F]\]QG]LHFL1LHNWyU]\VWDOLSRMHG\QF]ROXEJUXSDPLZL NV]R ü SRG DáDEH]SR SLHFKX

Z Uy Q\FKNLHUXQNDFK-DN H ]JUDEQLLSL NQLE\OLRQLZV]\VF\

%H]WUXGXRGQDOD]áWHJRNWyUHJRV]XNDá$UW\VWDVWDáZGROHQDQLHZLHONLPSRGZ\ V]HQLX

RWRF]RQ\NRáHPSRVWDFL=QLHZLG]LDOQHJRLQVWUXPHQWXSá\Q á\RVWDWQLHDNRUG\ILQDáX9

.RQFHUWXIRUWHSLDQRZHJR6HUJLXV]D3URNRILHZD

.WR GRWNQ á UDPLHQLD5RVWD2GZUyFLáJáRZ ]DQLPVWDáD+HOLD

3DWU]\OLVRELHZRF]\GáXJREH]VáRZD

)$1720

± $MDFLPyZL H ]GDU]DM VL SU]\SDGNLNWyU\FKQLHZWáRF]\V]Z DGQ V]XIODG 0\ OLV]

DOER±DOERLZ\GDMHFLVL H MHGQRZ\NOXF]DGUXJLHW\PF]DVHPZU]HF]\ZLVWR FLWR

MHVWLMHGQRLGUXJLHDQDZHWF]DVHPLWU]HFLH&KRüE\WDNDVSUDZD%DOGHUDQLHV]F] OLZ\

Z\SDGHNPRUGHUVWZRLVDPREyMVWZR

1LH]QDV]WHMVSUDZ\"1RSHZQLH=DGDM QLHGRU]HF]QHS\WDQLD3U]HFLH E\áH MHV]F]H

ZyZF]DVS GUDNLHP=UHV]W GRSUDV\QLHSRGDQRQDZHWG]LHVL WHMF] FLSUDZG\Ä1LNWE\

WHJRLWDNQLH]UR]XPLDáDSRFRV]DUJDüSDPL ü ]PDUáHJR´±WDNLHE\áR]GDQLHSHZQ\FK

background image

ZSá\ZRZ\FKRVRELVWR FL1LHPDV]VL F]HPXG]LZLü7RE\á\LQQHF]DV\2ILFMDOQLH

VWZLHUG]RQR H WRE\áZ\SDGHNLMX

1LH1LH7RQLHE\áRNáDPVWZR5]HF]ZW\P H E\áLQLHV]F] OLZ\Z\SDGHNLPRUGHUVWZR

L VDPREyMVWZR

$FKQLHUR]XPLHV]"%DOGHUE\áMHGQRF]H QLHLPRUGHUF LRILDU 7XQLHFKRG]LRUy Q\

SXQNWZLG]HQLD±GRVáRZQLH]DPRUGRZDáVDPHJRVLHELHOMH OLFKFHV]]QDüPRMH]GDQLH±

E\áWRPR H MHG\Q\OXG]NLRGUXFKZMHJR \FLX$OH PyZL ]XSHáQLHSRZD QLH&K\ED

ZLHV]NLPE\á%DOGHU":MDNLVSRVyE]URELáNDULHU " 1RWDNJHQHUDáZFKZLOL PLHUFL

]UHV]W HPHU\WRZDQ\

6á\V]DáH R GRNWU\QLH%DOGHUD"7RZáD QLHRQ%\áZyZF]DVXV]F]\WXNDULHU\SROLW\F]QHM

$OHSU]HGVDP

PLHUFL MX QLHRGJU\ZDá DGQHMSRZD QLHMV]HMUROL&]DV\VL

]PLHQLá\/HF]MHV]F]HFL JOHZLHU]\áZVáXV]QR ü VZHMGRNWU\Q\0yZLV]PDQLDN"*G\E\

WRE\áW\ONRPDQLDN

:LG] H ZLHV]RQLPEDUG]RQLHZLHOH3HZQH ZLDWáRQDPHQWDOQR ü WHJRF]áRZLHNDU]XFD

MHJRPáRGR ü%\á\WRF]DV\EXU]OLZH'UXJDSRáRZD;;ZLHNX%DOGHUSRFKRG]Lá]

3RáXGQLRZHM$IU\NL6\QSODQWDWRUDF]\XU] GQLND7R]UHV]W QLHWDNZD QH:D QLHMV]H H

MX MDNRGZXG]LHVWROHWQLPáRG]LNGRZRG]LáRGG]LDáHPNRPDQGRVyZZSHZQ\FKQLH]E\W

]DV]F]\WQ\FKDNFMDFK3DU ODWSy QLHMRSX FLá8QL V]XNDM F V]F] FLDZVáX ELHZLHONLFK

]MHGQRF]H JyUQLF]\FK

1LHQDOH DáMHGQDNGRDZDQWXUQLNyZXSUDZLDM F\FKSURIHVM NRQGRWLHUD]]DPLáRZDQLDGR

SU]\JyG%\áRGZD Q\F]DVHPQDZHWVNáRQQ\GRU\]\NDQFWZDDOHSRWUDILáWDN H NDONXORZDü

QD]LPQR*G\Z\F]Xá H DNFMHMHJR]ZLHU]FKQLNyZVSDGDM U]XFLáVZHEDUG]RSRSáDWQH

]DM FLHL]QLNQ á QDSHZLHQF]DV]ZLGRZQLDE\XND]DüVL ]QRZXMX MDNRGRUDGFDGRVSUDZ

SROLW\F]Q\FKLZRMVNRZ\FKSU]\U] G]LHMHGQHJR]ZL NV]\FKSD VWZDIU\ND VNLFK:yZF]DV

WRQDZL ]DáEOL V]HNRQWDNW\]QDV]\PSU]HGVWDZLFLHOVWZHPG\SORPDW\F]Q\P1LHXOHJD

Z WSOLZR FL H ZVSyáSUDFDWDPXVLDáDE\üRZRFQD3RV]H FLXODWDFKRSXV]F]DQD]DZV]H

$IU\N L URELQRZ Eá\VNDZLF]Q NDULHU ZRMVNRZ W\PUD]HPXQDV-HVWHNVSHUWHPZ

]DNUHVLHGáXJRIDORZ\FKDNFMLSUHZHQF\MQ\FK:ZLHNXWU]\G]LHVWXR PLXODW]RVWDMH

JHQHUDáHP:PDU]HQLDFKZLG]LVL QRZ\P&ODXVHZLW]HP-HJRDXWRU\WHWUR QLHÏZF]HVQ\

SUH]\GHQWSRZRáXMHJRGRJURQDQDMEOL V]\FKGRUDGFyZ:WHG\ZáD QLHZ\VW SXMH]HVZ

Vá\QQ GRNWU\Q ÄWU]HFKXGHU]H ´NWyUDSU]H]EOLVNRVLHGHPODWWU]\PDáDQDV]\FKSROLW\NyZ

Z OHS\P]DXáNX

1RMDVQH ZLDWQLHVWRLZPLHMVFX.LHG\UHDOL]PZSROLW\FH]Z\FL DWDF\OXG]LHMDN

%DOGHUPXV] ]HM ü ]HVFHQ\2F]\ZL FLHLRQQLHXVW SLááDWZR-HV]F]HSU]H]NLONDODW

Uy Q\PLVSRVREDPLSUyERZDáZVNU]HVLüZ]PLHQLRQ\FKQLHFRZHUVMDFKVZ GRNWU\Q /HF]

QDGV]HGáNRQLHFMHJRNDULHU\]ZROQLHQLH]HVáX E\LHPHU\WXUD&RSUDZGDG]L NLSRSDUFLX

SU]\MDFLyá]NyáQLHJG\ EDUG]RZSá\ZRZ\FKREHMPXMHVWDQRZLVNRSUH]HVD%(&DOHQLHMHVW

WRMX GDZQ\JHQHUDá%DOGHU1LHPR H SRJRG]LüVL ] P\ O H WRF]HPXSR ZL FLá

QDMOHSV]HODWD \FLD]RVWDáRUD]QD]DZV]HSU]HNUH ORQH:W\PF]DVLHFRUD]Z\UD QLHM

SU]HMDZLDFKRUREOLZ QLHQDZL ü GRFDáHJR ZLDWD6N G ZLHPRW\P"3U]H]RVWDWQLHGZD

ODWD \FLD%DOGHUDE\áHPMHJRGRPRZ\POHNDU]HP:áD QLHGODWHJRQDMOHSLHMZLHPMDNWR

E\áRQDSUDZG

1LHWRQLHE\áF]áRZLHN]NWyU\PPyJáE\ QDZL ]DüEOL V]HSU]\MDFLHOVNLHVWRVXQNL

8PLDáVWZDU]DüÄZáD FLZ\´G\VWDQV&RPyZLV]"2F]\ZL FLHPLDáNLONXSU]HMDFLyáSU]HZD QLH

] NyáZRMVNRZ\FKOSU]HP\VáRZ\FK RQ " 8PDUáDJG\E\áMHV]F]HXV]F]\WXSRZRG]HQLD

&K\EDQLJG\MHMQLHNRFKDá1DSUDZG SU]\ZL ]DQ\E\áW\ONRGRVZHMFyUNLFKRFLD

]HZQ WU]QLHWHJRQLHRND]\ZDá'DáMHMLPL ± 1LNH7RLPL WH U]XFDSHZQH ZLDWáRQDMHJR

PHQWDOQR ü']LHZF]\QDPLDáDSL WQD FLHODWZFKZLOL PLHUFL%DOGHUD1LHE\áDáDGQDWURFK

SU]\SRPLQDáDRMFDDOHW\ONR]HZQ WU]QLHJG\ XVSRVRELHQLHPLDáDáDJRGQHLQLHSRWUDILáD

QDU]XFDüVZHMZROL

1LNHSRVZRMHPXNRFKDáDRMFDOHF]MHGQRF]H QLHEDáDVL JRWURFK %DOGHUQLHE\ááDWZ\

ZHZVSyá \FLX=DZV]HVWDUDáVL E\üVXURZ\PRMFHPOXELáQDU]XFDüVZRMH]GDQLHDSR

RGHM FLX]ZRMVNDF] VWRE\áUR]GUD QLRQ\LZ\EXFKDá]E\OHSRZRGX3RWHP DáRZDáMH OL

background image

RILDU W\FKKXPRUyZE\áD1LNHLVWDUDáVL WRMHMZ\QDJURG]LüOHF]SU]HZD QLHURELáWR

QLH]U F]QLHERMHGQRF]H QLHQLHFKFLDáRND]\ZDüVZHMVáDER FL&]DVDPL

3URV] FL EDUG]RQLHSU]HU\ZDMZSyá]GDQLD-H OLPyZL W\OHR1LNH%DOGHUWRQLHEH]

SRZRGX6WRVXQHN%DOGHUDGRFyUNL FL OHZL H VL ]HVSUDZ MHJR PLHUFL

3LHUZV]HV\JQDá\RW\P H ]JHQHUDáHPQLHZV]\VWNRZSRU] GNXGRWDUá\GRPQLHQDGZD

PLHVL FHSU]HGNDWDVWURI 3HZQHJRGQLD]MDZLáDVL X PQLH1LNH%DOGHU3URVLáDDE\PSRG

MDNLP SUHWHNVWHPRGZLHG]LáMHMRMFDLVSUyERZDáJR]EDGDü-HM]GDQLHPERZLHPF]XMHVL

RQ OHLSU]\SXV]F]DOQLHMHVWSRZD QLHFKRU\OHF]OHNDU]DQLHZH]ZLH']LHZF]\QD

SRGHMU]HZDáDL JHQHUDáSUyEXMHVL VDPOHF]\ü±QLHVWHW\±]RGZURWQ\PVNXWNLHP.D]Dá

]DLQVWDORZDüXVLHELHZGRPXZJDELQHFLHMDNL DXWRPDWPHG\F]Q\LSRGGDMHVL ]DELHJRP

FRG]LHQQLHSU]H]NLONDJRG]LQ:W\PF]DVLH]DP\NDVL QDNOXF]L]XSHáQLHQLHUHDJXMHQD

SXNDQLH

*G\S\WDáDGRF]HJRWHQDXWRPDWVáX \SRF] WNRZRQLHFKFLDáZRJyOHRGSRZLHG]LHü

GRSLHUR

QDQDOHJDQLDRGU]HNá H WRQLHDXWRPDWPHG\F]Q\OHF]SURWRW\SQRZHJR]áXGQLNDZFR

G]LHZF]\QDQLHXZLHU]\áDJG\ QLH]JRG]LáVL ]DGHPRQVWURZDüMHJRG]LDáDQLD

3RGHMU]HQLD1LNHSRJá ELDáIDNW H SRND G\PGáX V]\P]DELHJXRMFLHFZ\FKRG]Lá]SRNRMX

QLH]Z\NOHSRGQLHFRQ\LMDNE\RGPáRG]RQ\3U]HZD QLHG]ZRQLáZyZF]DVGRGDZQ\FK

NROHJyZPyZLáRMDNLFK QRZ\FKSURMHNWDFKDOHSRSDUXJRG]LQDFKRJDUQLDáDJRDSDWLDJDVá

Z RF]DFKDQDZHWRVWDWQLR]DF] á SU]HMDZLDüQLHSRNyMLSRW JXM FHVL FRUD]EDUG]LHM

UR]GUD QLHQLH

= ]HZQ WU]QHJRRSLVXXU] G]HQLDZ\ZQLRVNRZDáHP H MHVWWRMDND DSDUDWXUD

ELRHOHNWU\F]QDZ\SRVD RQDZUHFHSWRU\RGELHUDM FHLQIRUPDFMHRSUDF\XNáDGXQHUZRZHJRL

HIHNWRU\RGG]LDáXM FHQDSU G\F]\QQR FLRZHNRU\8U] G]HQLHE\áR]E\WGX H MDNQD]áXGQLN

3UDZGRSRGREQLHMV]HZ\GDZDáRVL SU]\SXV]F]HQLH H WRMDNL QRZ\W\SDXWRPDWXOHF] FHJR

QLHNWyUHVFKRU]HQLDNUZLRRELHJXFRUD]SRSXODUQLHMV] Z RZ\PF]DVLHPHWRG VWHURZDQLD

XNáDGHPQHUZRZ\P

'ODF]HJRQLHSRGNRQWURO OHNDU]D"&]HNDM3U]HFLH MHV]F]HQLFQLHZLHV]3RSLHUZV]H

QLHSRZLHG]LDáHPZFDOH H RQVL OHF]\á3RGUXJLH±MH OLQDZHWE\áE\QDSUDZG FKRU\

Z WSL DE\]JRG]LáVL QDNXUDFM SRGNRQWURO VZRLFKSUDFRZQLNyZ1LHUR]XPLHV]"1LHWDN

áDWZR±]ZáDV]F]DG]L ± ]UR]XPLHüPHQWDOQR ü WHJRF]áRZLHND7RE\áRSRá F]HQLHQLHXIQR FL

QLHPDOGRZV]\VWNLFKOXG]L]SU]HVDGQ\PSRF]XFLHPZáDVQHMZ\ V]R FL:\GDZDáRPX

VL H OHNDU]SUDFXM F\ZSRGOHJá\PPX]DNáDG]LHPXVLE\üRGQLHJRJáXSV]\

1LH%DOGHUQLHVWXGLRZDáPHG\F\Q\DOHWU]HEDSU]\]QDü H PLDáVSRURZLDGRPR FL]

QLHNWyU\FKG]LHG]LQ]ZáDV]F]D]HOHNWURQLNLPHG\F]QHM%(&]DWUXGQLDáDZLHOXZ\ELWQ\FK

VSHFMDOLVWyZLSUH]HV%DOGHUQLHFKFLDáXFKRG]LüZ UyGQLFK]DLJQRUDQWD3RRVWDWHF]QHM

UHDOL]DFMLXNáDGXRSRZV]HFKQ\PUR]EURMHQLX]DNáDG\SU]HVWDZLRQRSUDZLHZ

VLHGHPG]LHVL FLXSURFHQWDFKQDSURGXNFM VSU] WXPHG\F]QHJR%(&Z\JUDáD]UHV]W QD

W\PERNLHG\SRMDZLá\VL SLHUZV]HMDVNyáNLÄ]áXGQLNRZHJRV]DOH VWZD´PRJOLEDUG]RV]\ENR

SU]\VW SLüGRZ\ FLJXLZHM ü QDU\QHNMDNRSRZD QLNRQNXUHQFL5&$L3KLOLSVD

%DOGHUSRREM FLXIXQNFMLSUH]HVDRGQRVLáVL SRF] WNRZRQLHFK WQLHGRSURMHNWXV]HUV]HJR

SU]HVWDZLHQLDSURGXNFMLQD]áXGQLNL%\á]GDQLD H SRS\WMHVWFKZLORZ\Z\ZRáDQ\QRZR FL

XU] G]HQLDL H SU]HZLG\ZDQLDQLHNWyU\FKHQWX]MDVWyZL ]áXGQLNLE G ZVSyá]DZRGQLF]\á\

] WHOHZL]M F]\NLQHPQLHQDOH \ WUDNWRZDüVHULR0QLHMZL FHMURNSU]HG PLHUFL SRF] á

MHGQDN]PLHQLDü]GDQLHDZRVWDWQLFKPLHVL FDFK \FLDZSURVWHQWX]MDVW\F]QLHRGQRVLá

VL GRWHJRSU]HGVL Z]L FLDLVQXáEDUG]RV]HURNLHSODQ\QLHV]F] G] F IXQGXV]\QDUHNODP

=DDQJD RZDáVL WH SRZD QLHZ]ZDOF]DQLHSURMHNWyZPL G]\QDURGRZHMNRQZHQFML

RJUDQLF]DM FHMVZRERG SURJUDPRZDQLDIDQWRDXWRPDWyZ

1LHPDV]UDFML.RQZHQFMDQLHE\áDVSU]HF]QD]LQWHUHVDPL%(&3U]\QDMPQLHMSRMPRZDQD

GDOHNRZ]URF]QLH7XQLHW\ONRRWRFKRG]LáR2VWDWHF]QLH%(&QLHSRWU]HERZDáDE\QDMPQLHM

SURJUDPRZDüSRUQRJUDILLF]\VDG\]PXDE\URELüGREUHLQWHUHV\1LH]Z\NáHSU]\JRG\

NRVPRVKLVWRULD ZLDWV]WXNL±WRWHUHQZ\VWDUF]DM FRERJDW\GODZ\REUD QL%(&E\áD

QDZHWZQLHPDá\PVWRSQLX]DLQWHUHVRZDQDZ]ZDOF]DQLXQLHOHJDOQHJRSURJUDPRZDQLDD

background image

NRQZHQFMDWRXáDWZLDáD%DOGHUQLHFKFLDáNRQWUROLGOD]XSHáQLHLQQ\FKSRZRGyZ7RQLHE\áD

OHSRWD±GREU]HZLHG]LDáFRUREL1DV]F] FLHLWXSU]HJUDá

-H OLG]L ]áXGQLNPR QDQDE\üZND G\PVNOHSLHHOHNWURQLF]Q\PWRW\ONRG]L NLUR]V GQHPX

L GDOHNRZ]URF]QHPXXM FLXVSUDZ\ZNRQZHQFMLSU]\M WHMSU]H]FDá\ ZLDWGZDG]LH FLD

ODWWHPX'ODWHJR H VSURZDG]RQR]áXGQLNGRUROLWHOHZL]RUDLGRPRZHJRNLQDQLHVWDá

VL QDUNRW\NLHP URGNLHP]DF]DG]DQLDXP\VáyZ1LHPyMGURJLÄ=áXGQLNRZHV]DOH VWZR´

WRE\áRW\ONRRVWU]H HQLHFRPR H QDVW SLüMH OLZSRU QLH]DSRELHJQLHVL

QLHEH]SLHF]H VWZX

3HZQRFL MHGQDN]DQXG]DPG\JUHVMDPL2Wy ± ZUDFDM F GRWHPDWX±ZSDU GQLSRZL]\FLH

X PQLH1LNH%DOGHU]DG]ZRQLáHPGRJHQHUDáD-DNRSUHWHNVWXGRRGZLHG]LQX \áHPSURVWHJR

NáDPVWZD H FKFLDáE\PDE\PLRVREL FLHXG]LHOLáSHZQ\FKUDGIDFKRZ\FK%\áZ

ZLHWQ\PKXPRU]HL]DSURSRQRZDáE\PGRQLHJR]DUD]SU]\MHFKDá:NLONDPLQXWSRWHM

UR]PRZLH]DWHOHIRQRZDáDGRPQLH1LNH'RZLHG]LDáDVL RGRMFD H SU]\MH G DPLFKFLDáD

PQLHSRLQIRUPRZDüRQDMQRZV]\FKZ\GDU]HQLDFK7HJRGQLDWX SU]HGPRLPWHOHIRQHP

JHQHUDáSU]HSURZDG]LáGZXJRG]LQQ\Ä]DELHJ´1LNHSRGVáXFKLZDáDSRGGU]ZLDPLL±FKRüV

RQHL]RORZDQH±Z\GDZDáRMHMVL H Vá\V]DáDSRGQLHVLRQHJáRV\±MDNJG\E\RMFLHF PLDáVL

WR]QyZNU]\F]DáQDNRJR FKRFLD E\áDSHZQD H ZSRNRMXQLNRJRSR]DQLPQLHE\áR

1LH]ZOHNDM F SRMHFKDáHPGR%DOGHUD1LNHF]HNDáDQDPQLHZKDOOX2ND]DáRVL H JHQHUDá

ZH]ZDáRJURGQLNDLZ\V]HGá]QLPGRSDUNXSRPLPRL XPyZLáVL ]HPQ 2F]\ZL FLH

PDV]UDFM 7RMHV]F]HQLF]HJRQLHGRZRG]LáR0yJá]DSRPQLHü$1LNHE\áD

SU]HZUD OLZLRQD

']LHZF]\QD]DSURSRQRZDáDDE\ P\SRV]OLSRV]XNDüRMFDQDFRU]HF]MDVQDVNZDSOLZLH

VL ]JRG]LáHPERSU]\RND]MLPRJáHP]GRE\üQRZHHOHPHQW\GRSU]\V]áHMGLDJQR]\1LNH]

SHZQR FL GRP\ ODáDVL FR QLHFR ERZLHP]DSURZDG]LáDPQLHZSURVWGREHWRQRZHJR

EXQNUDZJá ELRJURGX%\áRWRMHGQR]ZHM ü GRSU\ZDWQHJRVFKURQXSU]HFLZDWRPRZHJR

]EXGRZDQHJRSU]H]%DOGHUDSU]HGNLONXQDVWXODW\

.ODSDZáD]XE\áDRGVXQL WD=HV]OL P\NU W\PLVFKRGDPLFK\ED]SL ü SL WHUZGyá*HQHUDáD

VSRWNDOL P\MX Z GUXJLPSU]HGVLRQNXZHZQ WU]Q\P%HV]WDáRJURGQLND]DMDNLH

SU]HZLQLHQLHMDNVL Sy QLHMRND]DáR]D]DáR HQLHKRGRZOLSLHF]DUHNZMHGQ\P]NRU\WDU]\

*G\PQLH]REDF]\áRGSUDZLáJRZ\UD DM F DOL QLHSRWU]HEQLHVL WUXG]LáHPERPLDá

]DPLDU]DUD]SRZUyFLüQDJyU 3RSURZDG]LáQDVZJá E EXGRZOLGRGUXJLHJRZ\M FLD

á F] FHJRVFKURQ]ZLOO 3RGURG]H]U] G]LáMHV]F]HWURFK QDRJURGQLND H QLV]F]\ÄWDN

GREU\VFKURQ´DOHZNUyWFHSRND]XM F PLQLHNWyUHFLHNDZV]HXU] G]HQLDUR]FKPXU]\áVL

]XSHáQLH:LGDüE\áR H EDUG]RGXPQ\MHVW]HVZ\FKSRG]LHPQ\FKDSDUWDPHQWyZ

6N G WDNGREU]HZV]\VWNRSDPL WDP"6NáDGDáHPSy QLHM]H]QDQLDLWRNLONDNURWQLH

:UDFDM F GRWHPDWX%DOGHUQLHVSUDZLDáZyZF]DVZUD HQLDF]áRZLHNDFKRUHJRSU]HFLZQLH

E\áSHáHQVLá \ZRWQ\FKLHQHUJLL=DQLHSRNRLáPQLHQLHMHJRZ\JO G F]\]DFKRZDQLHVL

OHF]XZDJDZ\SRZLHG]LDQDWDPZVFKURQLHQLE\WDNVRELHPLPRFKRGHPÄ*G\E G]LH

SRWU]HEDWRWH HOEHWRZHEORNLZ\WU]\PDM QLHMHGQRXGHU]HQLH´-H OLE\ ]QDá%DOGHUDQD

SHZQRQLHWUDNWRZDáE\ WHJRMDNRSDSODQLQ\1RMDVQH H QLHZLHU]\áHPZPR OLZR ü

NRQIOLNWX

$OHWDF\MDNRQXPLHOLP FLü

3\WDV]F]\NQXáFR " ,WDNLQLH$UDF]HM±WDNDOHE\áWRFK\EDQDMG]LZQLHMV]\]MHJR

SRP\VáyZVND]DQ\]JyU\QDILDVNR

'RZLHG]LDáHPVL R W\PMHV]F]HWHJRVDPHJRGQLD5]HF]MDVQDQLHSRZLHG]LDáPLZSURVW

DOHáDWZRE\áRVL ]RULHQWRZDüGRF]HJR]PLHU]D1LHURELá]UHV]W SU]HGHPQ VSHFMDOQHM

WDMHPQLF\']LZLFL H PLDáGRPQLH]DXIDQLH"$OH WRQLHE\áR]DXIDQLH2QGRQLNRJRQLH

PLDá]DXIDQLDFRQLHSU]HV]NDG]DáRPXGRSHZQ\FKOXG]LRGF]XZDüFR Z URG]DMXV\PSDWLL

'ODF]HJRGRPQLH"7HJRMX QLHVWHW\QLHZLHP

$OH]QyZRGELHJOL P\RGWHPDWX2Wy NLHG\1LNHSR]RVWDZLáDQDVVDP\FKLJHQHUDá

ZSURZDG]LáPQLHGRJDELQHWX]ZUyFLáHPRGUD]XXZDJ QDGX \ EORNDSDUDWXU\

HOHNWURQLF]QHMVWRM FHMSRGMHGQ ]H FLDQ6S\WDáHP%DOGHUDQLE\WDNRGQLHFKFHQLDFRWR

]DPDV]\QD

background image

± 7R]áXGQLN±RGSRZLHG]LDá]SHZQ\PRGFLHQLHPGXP\ZJáRVLH±1RZ\W\SMHV]F]HQLH

SURGXNRZDQ\VHU\MQLH

=DS\WDáHPZyZF]DVF]\QLHPyJáE\P]REDF]\üMDNXU] G]HQLHG]LDáD6SRG]LHZDáHPVL

L ]DVWRVXMHXQLNLSRZLH H ]áXGQLNQLHMHVWF]\QQ\OHF]RQVSRMU]DáW\ONRQDPQLH

SU]HQLNOLZLHL]XSHáQLHQLHVSRG]LHZDQLHR ZLDGF]\á

± :LG] H PRMDFyUNDQDRSRZLDGDáDSDQXGRNWRU]H H MHVWHPFKRU\ H SUyEXM VL VDP

NXURZDü]SRPRF QLHEH]SLHF]Q\FK URGNyZ3UDZGD"1LHFKSDQQLH]DSU]HF]D6á\V]DáHP

ZDV] UR]PRZ WHOHIRQLF]Q $OHWRZV]\VWNRQLHSUDZGD1LJG\QLHF]XáHPVL WDNGREU]H

MDNREHFQLH$WDPDV]\QDWRQDSUDZG ]áXGQLN

7DNWRPQLHMZL FHMEU]PLDáRDMDF]XáHPVL MDNV]F]HQLDNVFKZ\WDQ\SRGF]DVSáDWDQLD

JáXSLHJRILJOD1DV]F] FLH]DQLP]G \áHPFRNROZLHNZ\M NDü%DOGHU]PLHQLáWHPDW

=DF] á PyZLüRSROLW\FHDWDNXM F U]HNRP NUyWNRZ]URF]QR ü yZF]HVQHJRU] GX:\UD]LáVL

QDZHWZWHQVSRVyEL ÄXV\SLDQLHRSLQLLSXEOLF]QHM OHVL VNR F]\´6S\WDáHPFRPDQD

P\ OLPyZL F RÄXV\SLDQLXRSLQLL´DOH]DPLDVWRGSRZLHG]LHüRQ]DS\WDáPQLH]NROHLF]\

V G] H REHFQHSRUR]XPLHQLDL URGNLNRQWUROLJZDUDQWXM EH]SLHF]H VWZRQDV]HPX

NUDMRZL"

2GU]HNáHP H WDNLVWRWQLHV G] =UHV]W ± SRZLHG]LDáHP±QLHSRWUDIL Z\REUD]LüVRELH

QLHVSRG]LHZDQHJRDWDNXZG]LVLHMV]\FKZDUXQNDFK

-HJRD SRGHUZDáR$OHQLHE\áWRJQLHZOHF]MDNJG\E\VDW\VIDNFMD]RGQLHVLRQHJRVXNFHVX

± 1LHPR H SDQVRELHZ\REUD]Lü"0RJ WRSDQXXáDWZLü±SRZLHG]LDáX PLHFKDM F VL

3RWHPSRGV]HGáGRRZHJREORNXHOHNWURQLF]QHJRLQDFLVQ á MDNL SU]\FLVN3U]HGQLD FLDQD

EORNXRSDGáDSU]HREUD DM F VL Z Z VN NR]HWN =DPLDVWSRGJáyZND±SRW Q\KHáP

:LHV]]HVSyáUHFHSWRHIHNWRUyZLQGXNF\MQ\FKSUDFXM F\FKSU]HPLHQQLHMHV]F]HG]L PR QD

VSRWNDüSRGREQHKHáP\Z]áXGQLNDFKVWDUV]HJRW\SX

=JDGáH =DSURSRQRZDáPLVHDQV

&R"1LHGRP\ ODV]VL " 1RSU]HFLH WRMDVQH7DNWDN7DPE\áD]DSURJUDPRZDQDZL]MD

DWDNXED±FK\EDFDáHMZRMQ\QXNOHDUQHMMH OLNRPXVWDUF]\áRZ\REUD QLLRF]\ZL FLH

QHUZyZ-DQLHOXEL WDNLFKPRFQ\FKZUD H =JRG]LáHPVL W\ONR]FLHNDZR FL]DZRGRZHM±

FKFLDáHPVL SU]HNRQDüF]\P \MH%DOGHU

3U]HGVHDQVHPMDNWROG]L VL SUDNW\NXMHZSURVWV]\FKW\SDFKIDQWRDXWRPDWyZGDáPLGR

SU]HF]\WDQLDNUyWNLVFKHPDWWHPDW\F]Q\'ODQDGDQLDNLHUXQNXELHJRZLZ\REUD QL%\áRWDP

SDU ]GD R MDNLFK WDMQ\FKZ\U]XWQLDFKLSRGVW SQ\FKSODQDFKQLHVSRG]LHZDQHJRDWDNX

SRWHPRSLVVNXWNyZRZHJRDWDNXPL G]\LQQ\PL PLHUFLOXG]LNWyU]\QLHPLHOLVL JG]LH

VFKURQLü6FKHPDW]UHGDJRZDQ\E\áWDQGHWQLHVXJHVWLHV]\WHJUXE\PLQLüPLL OHNU\M FH

QLHGZX]QDF]Q WHQGHQFM ÄRWRFRPR H ZDVVSRWNDüMH OLXZLHU]\FLH H MHVWH FLH

EH]SLHF]QL´

=JRGQLH]HZVND]yZNDPL%DOGHUDSRáR \áHPVL QDNR]HWFHSRGKHáPHPLXVLáRZDáHPVRELH

Z\REUD]LüWRFRVXJHURZDáVFKHPDW:L]MDSRMDZLáDVL QLHPDOQDW\FKPLDVWSRZá F]HQLX

DSDUDWXU\]RJURPQ SODVW\F]QR FL QLHXVW SXM F MDZLH1LHXOHJDáRZ WSOLZR FL H WHQ

DXWRPDWVWDQRZLáRJURPQ\NURNQDSU]yGZSRUyZQDQLX]SURGXNRZDQ\PLGRW G ]áXGQLNDPL

3U]HGHZV]\VWNLPQLHZ\VW SRZDáR]XSHáQLH]Z HQLHSROD ZLDGRPR FL:LHG]LDáHP H WR

FRSU]H \ZDPMHVW]áXG]HQLHPDOHMHGQRF]H QLHQLHPRJáHPZ\]E\üVL XF]XFLDUHDOQR FL

RGELHUDQ\FKZUD H ,WRZMDNLPVWRSQLX7HUD]WDNLFK]áXGQLNyZSURGXNRZDüQLHZROQR

&RZLG]LDáHP"2FK7RE\áDWDNSRWZRUQDZL]MD H MHV]F]HG]L RGF]XZDPQHUZRZ\

GUHV]F]QDVDPRMHMZVSRPQLHQLH3RQDGWRZV]\VWNRUR]JU\ZDáRVL ] MDN

HOD]Q ORJLN

&]\PRJáHPLQJHURZDü"2F]\ZL FLHOHF]]DNUHVNRUHNW\E\áZ VNLSU]\QDMPQLHMZ

SRUyZQDQLX]W\PFRVL ZRNyáPQLHG]LDáR0RJáHPXUDWRZDüWHJRF]\LQQHJRF]áRZLHND

RGFK\OLüWRUSRFLVNX]DSRELHF]DZDOHQLXVL GRPXGRSLZQLFDOHQLHE\áHPZVWDQLH

SRZVWU]\PDüNDWDNOL]PX=UHV]W RULHQWXMHV]VL SU]HFLH ± PR QD]PLHQLüNLHUXQHN

SU]HREUD DQLDVL ZL]MLXSU]HG]DM F Z\SDGNLOHF]QLHPR QDFRIQ ü ELHJXZ\GDU]H $

SU]HFLH ]áXGQLN]DVNDNXMHFL QLHVSRG]LDQNDPL]GDU]HQLDPLNWyU\FKQLHSRWUDILV]

SU]HZLG]LHüF]HUSL F F] VWRWZRU]\ZRLQIRUPDF\MQH]WZRMHMSRG ZLDGRPR FL

:\WU]\PDáHP]DOHGZLHG]LHZL ü PLQXWSRGKHáPHP±PQLHZ\GDZDáRVL H SU]H \áHP

background image

FDáHW\JRGQLHZRMQ\%\áHPWDNZ\F]HUSDQ\QHUZRZRL QDZHW%DOGHUVL SU]HVWUDV]\áF]\

QLHSU]HKRORZDá7RE\áD, FLHSLHNLHOQDZL]MD$SU]HFLH WRFRMDZLHG]LDáHPRZRMQLH

QXNOHDUQHMVSURZDG]DáRVL GRMHGQHMNVL NLR+LURV]LPLHSDUXSRGU F]QLNyZPHG\F]Q\FK]

]DNUHVXRFKURQ\UDGLRORJLF]QHMLSRSXODUQ\FKDUW\NXáyZZSUDVLHF]\WDQ\FKSU]HGODW\-DNLH

ZL]MHPXVLDáSU]H \ZDüSRGKHáPHP]áXGQLND%DOGHUNWyU\]DMPRZDáVL W\PLVSUDZDPLRG

NLONXG]LHVL FLXODW"3U]HFLH MHJRZ\REUD QLDE\áDZSURVWSU]HV\FRQDW SUREOHPDW\N

3RW\PVHDQVLH%DOGHUVDPRGZLy]áPQLHGRGRPX3DPL WDP H SRGURG]HPyZLáPLFR

R W\P H E G PXVLHOLSU]\VHU\MQHMSURGXNFML]PQLHMV]\üSODVW\F]QR ü GR]QD

: W\G]LH SRWHMZL]\FLHSy Q\PZLHF]RUHP]DG]ZRQLáD1LNHSURV] FDE\PQLH]ZáRF]QLH

SU]\MHFKDáGRRMFD

*HQHUDáD]DVWDáHPZJDELQHFLHZSyáOH FHJRZIRWHOX

%\áEDUG]REODG\DZRF]DFKMHJRQLHWUXGQRE\áRGRVWU]HFO N5R]ND]DáFyUFH]RVWDZLü

QDVVDP\FKLJG\GU]ZL]DPNQ á\VL ]DQL SRF] á ZVSRVyEEDUG]RFKDRW\F]Q\

RGELHJDM F\FDáNRZLFLHRGW\SRZHMGODQLHJRSUHF\]MLZ\SRZLHG]LZ\MD QLDüGODF]HJRPQLH

ZH]ZDá

2ND]DáRVL H GR]QDáZF]DVLHHNVSHU\PHQWX]H]áXGQLNLHPVLOQHJRV]RNX1DVW SLáRQSRG

ZSá\ZHPZL]MLNWyUHMSU]\F]\QQLHSRWUDILáVRELHZ\WáXPDF]\üDQLHFKFLDáE\ZWDMHPQLF]Dü

Z RVRELVWHSU]H \FLDSV\FKLF]QHVSHFMDOLVWyZ]]DNáDGyZ%(&

2GU]HNáHP H PXQLHZLHOHSRPRJ 7áXPDF]\áHP H VL QLH]QDPQDNRQVWUXNFML]áXGQLNyZ

DOHRQ]XSRUHPSRZWDU]DáL FKFHDE\ P\ZVSyOQLHUR]ZD \OLFRWRE\áR H RQQLH OH

RULHQWXMHVL Z ]DVDGDFKG]LDáDQLDDSDUDWXU\NWyUD]UHV]W ]GDQLHPQDF]HOQHJR

NRQVWUXNWRUDQLHMHVWXV]NRG]RQDZUHV]FLH H FKRG]LWXQDMSUDZGRSRGREQLHMR]MDZLVNR

SV\FKRIL]MRORJLF]QHDQLHHIHNWEá GXWHFKQLF]QHJRLVW G PRMDSRPRFVWDMHVL QLH]E GQD

7HPDWHPIDQWRZL]ML%DOGHUDMDNQLHWUXGQRE\áRVL GRP\ OLüE\á\MHJRPDU]HQLDNWyU\FK

QLHPyJáMX ]UHDOL]RZDü8F]HVWQLF]\áZJLJDQW\F]Q\FK]PDJDQLDFKZRMHQQ\FK

RSUDFRZ\ZDáLZFLHODáZ \FLHGDOHNRVL QHSODQ\VWUDWHJLF]QHUR]JU\ZDá]Z\FL VNRMDNLH

QLH]PLHUQLHVNRPSOLNRZDQHSRMHG\QNLWDNW\F]QHSU]HSURZDG]DáDSRNDOLSW\F]QHRSHUDFMH

ELRU F ZQLFKF] VWREH]SR UHGQLXG]LDá

3DVMDHNVSHU\PHQWRZDQLDQD]áXGQLNDFKZ\ZRG]LáDVL ZL F X%DOGHUD]FK FLVWZRU]HQLD

VRELHQDPLDVWNLZáDVQHJR ZLDWDZNWyU\PE\áE\W\PNLPFKFLDáE\üQDMDZLH

5yZQRF]H QLH

MHGQDNMDNRF]áRZLHNSU]\]Z\F]DMRQ\GRUHDOLVW\F]QHJRP\ OHQLDQLHPyJáSU]\M ü

ILNFMLMDNRFHOXVDPHJRZVRELH3UyERZDáZL F X]DVDGQLüVZRMHHNVSHU\PHQW\]DP\VáDPL

SUDNW\F]Q\PLRJyOQLHMV]\PL6áXV]QLHPyZLV]3ROLW\F]Q\PL:áD QLHWRPLDáHPQDP\ OL

2QU]HF]\ZL FLHZLHU]\á H SURGXNXM F ]áXGQLNLLSRGVXZDM F RGELRUFRPZ UyGZLHOX

SURJUDPyZUyZQLH SURJUDP\SU]HGVWDZLDM FHSODVW\F]QLHQRZRF]HVQ ZRMQ SRWUDIL

Z]EXG]LüQLHSRNyMLGRSURZDG]LüGRQRZHJRZ]URVWXQDSL FLD7DN1D]\ZDM F U]HF]SR

LPLHQLX±FKRG]LáRRZ\ZRáDQLHSV\FKR]\ZRMHQQHM0DV]UDFM H WRQRQVHQV:U F]

SU]HFLZQ\VNXWHN

0\ O H ZáD QLHGODWHJRWDNVL ]DQLHSRNRLáPRM UHDNFM $OHFK\EDGRNR FDQLHSRWUDILá

WHJR]UR]XPLHü

&]HJRVL SU]HVWUDV]\áZF]DVLHZL]ML"$QLH2EUD]ZRMQ\E\áFK\EDGODQLHJRUDF]HM

SU]\MHPQ\1LHP\ O H Z\ZLHUDá\QDQLPMDNLH SU]\NUHZUD HQLHVFHQ\]DJáDG\7RE\á

MHJR \ZLRá ZLDWMHJRPDU]H 0LDáWDPVZRMHXOXELRQHSRVWDFLHDWDN H WDNLHQDNWyU\FK

NRQFHQWURZDáVZ QLHQDZL ü

-HGHQ]WDNLFKÄIDQWRPyZSR]\W\ZQ\FK´U]HF]MDVQDZHGáXJRFHQ\%DOGHUDSRMDZLDáPX

VL ZHZV]\VWNLFKQLHPDOZL]MDFKF] VWRZ GURZDá]QLPUD]HPRGVFHQ\GRVFHQ\0áRG\

SRUXF]QLN±V]DOH F]RRGZD Q\]DZV]HRGQRV] F\]Z\FL VWZDQDGSU]HFLZQLNDPLÄ&K\WU\

MDNOLVLV]\ENLMDNRU]Há´±PyZLáRQLP%DOGHU7HQRILFHU]MDZLDáVL ]DZV]HRERNJHQHUDáD

Z QLHEH]SLHF]Q\FKPRPHQWDFKLQLHMHGQRNURWQLHUDWRZDáPX \FLH%\áRNUXWQ\ZREHF

ZURJyZDOH%DOGHUJRZSHáQLXVSUDZLHGOLZLDáER±MDNPyZLá±QDZRMQLHJG\SRWU]HED

QDOH \ E\üLRNUXWQ\P

.D GD]IDQWRZL]MLMDNZLHV]MHVWLQQDQLHNWyUHVFHQ\F]DVHPVL MHGQDNSRZWDU]DM 7DN

background image

MDNZH QLH2Wy Z MHGQHM]WDNLFKSRZWDU]DM F\FKVL RGF]DVXGRF]DVXVFHQV]F]HJyOQLH

SRWZRUQHMZQDV]\PRGF]XFLXyZSRUXF]QLN]DELMDáG]LHZF]\Q 0XU]\QN 3RGSDODá

PLRWDF]HPGUHZQLDQ\EDUDNZNWyU\PE\áDXZL ]LRQD=UHV]W L WR%DOGHUXVSUDZLHGOLZLDá

EDUDNPXVLDáE\ü]QLV]F]RQ\DREUDQLXMH FyZQLHE\áRPRZ\

0yZLV]REá NDQ\VDG\VWD" H WHZL]MH]URG]Lá\VL Z MHJRPy]JX":W\PZ\SDGNXVL

P\OLV]7RQLHE\áDIDQWD]MDOHF]UHPLQLVFHQFMDZVSRPQLHQLHU]HF]\ZLVWHJR]GDU]HQLD

Ä'RNRSDáHPVL ´ Z\MD QLHQLDWHMVFHQ\MX SR PLHUFL%DOGHUD3LHUZV] DNFM

ZRMVNRZRSROLF\MQ ZNWyUHMEUDáXG]LDáE\áDSDF\ILNDFMDRVLHGOD0LHV]ND F\PLHOLSRGREQR

SRPDJDüSDUW\]DQWRP%DUG]RPR OLZH H VSDORQRZWHG\MDN

G]LHZF]\Q L VFHQDWD

Z\ZDUáDVLOQHZUD HQLHQD%DOGHU]H$SRWHPZIDQWRZL]MDFKSU]\EUDáDFKDUDNWHUREVHVML

0yZLV]VXPLHQLH"0R H ZWHQVSRVyEFKFLDáMH]DJáXV]\ü".WRZLHPR H LVWRWQLHWDN

E\áR2VWUR QLHMHGQDN]H]E\WSRFKRSQ\PLZQLRVNDPL7RQLHE\áRWDNLHSURVWHMDNFLVL

]GDMH PLHUüMDNLHM QLHRNUH ORQHMPáRGHM0XU]\QNLQLHZ\ZLHUDáDQDJHQHUDOHZL NV]HJR

ZUD HQLD:ND GHMZL]MLZLG]LDáW\VL F MHV]F]HVWUDV]OLZV]\FKVFHQ

$OHSHZQHJRUD]XQDVW SLáRFR ]XSHáQLHQLHRF]HNLZDQHJR:NXOPLQDF\MQ\PPRPHQFLH

IDQWRZL]MLNLHG\yZSRUXF]QLNSRGSDODáEDUDN%DOGHUXVá\V]DáUR]SDF]OLZ\NU]\NG]LHZF]\Q\

L QDJOHX ZLDGRPLáVRELH H WRE\áJáRVMHJRFyUNL:yZF]DVSRUD]SLHUZV]\RJDUQ á JR

VWUDFK H WDPZSáRPLHQLDFKJLQLHMHJR1LNH=DSRPQLDá]XSHáQLH H WRW\ONRV]WXF]QLH

Z\ZRáDQDKDOXF\QDFMDLFKFLDáU]XFLüVL Z RJLH DOHRILFHU]QyZPXXUDWRZDá \FLH±

SRFKZ\FLáJRLQLHSXV]F]DáWDNGáXJRD EDUDN]DZDOLáVL

'RSLHURZW\PPRPHQFLHJHQHUDáRG]\VNDáSDQRZDQLHQDGVRE 3U]HUZDáIDQWRZL]M OHF]

ZVSRPQLHQLHZVWU] VDM FHMVFHQ\SR]RVWDáRQDGD \ZH%\áWDN]GHQHUZRZDQ\ H WHMQRF\

]DVQ á GRSLHURSRZ]L FLXSURV]NyZQDVHQQ\FK1DVW SQHJRGQLDQLHPyJáZ\]E\üVL

QDWU WQHMP\ OLL SRZLQLHQSRGM ü SUyE SRQRZQHJRRGWZRU]HQLDWHMVFHQ\GODXSHZQLHQLD

VL H SRGRELH VWZRJáRVXE\áRW\ONRSU]\SDGNRZH% G]LHZ\VLáNLHPZROL ZLDGRPLH

NLHURZDáZL]M WDNE\SU]HELHJDáD]JRGQLH]MHJR \F]HQLDPL3U]HFLH ZL]MDPXVLVL

SRGSRU] GNRZDüMHJRZROL:WHQVSRVyE]GRE G]LHVSRNyM

$OH%DOGHUQLHZ]L á SRGXZDJ MHGQHJR7DN:áD QLH3RG ZLDGRPR ü7RFR]REDF]\á

± ERMX ZyZF]DVQLHW\ONRXVá\V]DáDOHL]REDF]\á±E\áRGODQLHJRWDNVWUDV]Q\P

ZVWU] VHP H QLHZ\WU]\PDáQHUZRZRLSU]HUZDáVHDQV-HV]F]HWHJRVDPHJRGQLDZH]ZDá

QDF]HOQHJRNRQVWUXNWRUDLQDND]DáV]F]HJyáRZRVSUDZG]LüG]LDáDQLHDSDUDWXU\:V]\VWNRE\áR

Z SRU] GNX

:LHF]RUHPSRGM á MHV]F]HMHGQ SUyE 7\PUD]HPXVLáRZDáF]\QQLHSU]HFLZVWDZLüVL

IDQWRPRZL$OHWHQE\áVLOQLHMV]\*RU]HM±ND GD]NROHMQ\FKIDQWRZL]MLVWDZDáDVL

RNURSQLHMV]D

*G\ZUHV]FLHFKF F ]DJáXV]\üZVSRPQLHQLDSUyERZDáZ\ZRáDüLQQHZDULDQW\ZL]ML

L VWDUDáVL P\ OHüW\ONRRW\PFRGDZDáRPXNLHG\ QDMZL FHM]DGRZROHQLDZV] G]LH

JG]LHNROZLHNJLQ OLOXG]LH±PLHOLRQLWZDU]H1LNH%DOGHU

6HDQV]DNR F]\áVL V]RNLHPL]DáDPDQLHPSV\FKLF]Q\P:yZF]DVZáD QLHZH]ZDáPQLH

GRVLHELH3UyERZDáHPMDNXPLDáHPZ\WáXPDF]\üSU]\F]\Q\]MDZLVND0yZLáHP H

]áXGQLNRZHZL]MHV SRSURVWXVQDPLQDMDZLHVZRERGQ\PELHJLHPNRMDU]H SRGGDQ\P

W\ONRZRJUDQLF]RQ\PVWRSQLXNRQWUROLZROLLSURJUDPRZDQLX]HZQ WU]QHPX H ZV]\VWNRFR

NLHG\NROZLHN]RVWDáR]DSLVDQHZSDPL FLPR H E\üZ\NRU]\VWDQDMDNRWZRU]\ZRPDMDNyZ

$OHRQPLPR H SU]\WDNLZDáQLHPyJáVL XVSRNRLü=DSLVDáHPPXUy QH URGNL

SV\FKRWRQLF]QH]DOHFLáHPZ\MD]GLZ\SRF]\QHNSRSU]H]]PLDQ RWRF]HQLDDSU]HGH

ZV]\VWNLPNDWHJRU\F]QLH]DEURQLáHPGDOV]\FKSUyESU]HNV]WDáFDQLDZL]ML

&KRG]LFLRWHQJáRV"1LHáDPVRELHJáRZ\:\WáXPDF]HQLHMHVW]XSHáQLHSURVWH

:\S\W\ZDáHPSy QLHMV]F]HJyáRZR1LNH%DOGHURyZG]LH NLHG\QDVW SLáSLHUZV]\V]RN

*HQHUDá]DSRPQLDá]DPNQ ü GU]ZLQDNOXF]:F]DVLHVHDQVX1LNHZHV]áDGRJDELQHWXL

]REDF]\áDRMFDOH FHJRSRGKHáPHP:\GDZDáRMHMVL H ]HPGODáLNU]\NQ áDSU]HUD RQDD

RQSRF] á ZyZF]DVZRáDüÄ1LH1LH3X ü PQLH3UHF]´3y QLHMEDáDVL PXRW\P

SRZLHG]LHü

background image

7U]HFLHJRGQLDSRPRMHMZL]\FLH%DOGHU]DG]ZRQLáGRPQLHRVREL FLH3RZLHG]LDáL

]GHF\GRZDáVL SRVáXFKDüPRMHMUDG\LZ\MH G D QDGáX V]\RGSRF]\QHN:\GDZDáVL

VSRNRMQ\

3RGNRQLHFUR]PRZ\]DS\WDáPQLHMHGQDNQLHVSRG]LHZDQLHF]\QLHUR]ZL ]DáRE\WR

SUREOHPXJG\E\RQVDPZF]DVLHZL]ML]QLV]F]\áWHJRQLHV]F] VQHJRIDQWRPD

2GSRZLHG]LDáHPDE\DEVROXWQLHQLHZD \áVL NRQW\QXRZDüHNVSHU\PHQWyZ2GU]HNáL

PRJ E\üRQLHJRVSRNRMQ\± DGQHJRJáXSVWZDQLH]UREL

7RE\áDQDV]DRVWDWQLDUR]PRZD

5DQR]QDOH]LRQRJRPDUWZHJRSRGKHáPHP]áXGQLND$SDUDWE\áZá F]RQ\=JRQQDVW SLá

QDVNXWHNS NQL FLDQDF]\QLDNUZLRQR QHJRZPy]JX&LHNDZHL PQLHMZL FHMZWHMVDPHM

RNROLF\QDVNyU]HPR QDE\áRVWZLHUG]Lü]HZQ WU]QH]PLDQ\MDNE\SRVLOQ\PXGHU]HQLX

3RF] WNRZRQDZHWSRGHMU]HZDQRPRUGHUVWZR

)DQWRP"%\üPR H0QLHVL MHGQDNZ\GDMH H %DOGHU]URELáWRFR]DSRZLHG]LDáLXGDáR

PXVL =DELáWHJRSRUXF]QLND

'ODF]HJR]JLQ á"

1LHUR]XPLHV]"3U]HFLH WRE\áRQVDP

&2*,72(5*2680

*áD]\MDNE\R \á\5RVQ S F]QLHM UR]VDG]DM VSRLQ\%LDáHVW\UROLWRZHVSRLQ\

&KF FRIQ ü VL VNRF]\üQDVFKRG\XFLHFSU]HGW\PFRMHVWWX WX SU]HGHPQ OHF]QLH

PRJ SU]HPyFO NXSDUDOL XM FHJRPL QLH

%á\VN1LHPDMX S F]QLHM FHM FLDQ\PURF]QHJRNRU\WDU]DVSUyFKQLDá\FKVFKRGyZ7HUD]

]GDM VRELHMX VSUDZ H E\áWRW\ONRVHQLF]XM RJURPQ XOJ

0 F] F\NRV]PDUQ\VHQ±SRZWDU]DM F\VL REVHV\MQLHRGF]DVyZFKáRSL F\FK6NU]\SL FH

VFKRG\SURZDG] Z GyáGRSLZQLF\:PURNXPDMDF]\FLHPQDRNRSFRQD FLDQD3RSU]H]

á\VLQ\ZW\QNXZ\]LHUDM ZLHONLHFKURSRZDWHJáD]\]NWyU\FKZ]QLHVLRQRIXQGDPHQW\PHJR

URG]LQQHJRGRPX

6FKRG] Z J VWQLHM F\PURN-X GRW\NDPGáRQL JáD]yZJG\Vá\V] ]DVRE Z JyU]H

V]PHUVNUDGDM F\FKVL NURNyZ.UyWNLVNRZ\W]DUG]HZLDá\FK]DZLDVyZLRJDUQLDPQLH

FLHPQR ü

3RWHP±RGGDODM F\VL WXSRWLFLV]D'áDZL FDZ\SHáQLRQDO NLHPLEH]VLOQ\PJQLHZHP

:áD FLZLHZ\VWDUF]\SRNRQDüSDUXVNRNDPLWHNLONDQD FLHVWRSQLG]LHO F\FKPQLHRG

GU]ZLSLZQLF]Q\FKL]QyZZUyFL ZLDWáR$OHZLHP H WREH]FHORZH± H 0LFKDá]DF]DMRQ\

Z NRU\WDU]XQDGHPQ W\ONRF]HNDDE\]DWU]DVQ ü SRQRZQLHGU]ZL

0XV] GRM ü ZFLHPQR FLDFKGR]DNU WX6WDPW G MX ]DOHGZLHNLONDNURNyZGRFL NLHM

S NDWHMNáyGNLNWyU WU]HEDRWZRU]\üDE\ZUHV]FLHXMU]Hü ZLDWáRSDGDM FHSU]H]

]DNUDWRZDQHRNLHQNRQDV]HMSLZQLF\

=DZV]HEDáHPVL L ]DZV]HSRWUDILáHPSRNRQDüO N7DNE\áRZU]HF]\ZLVWR FL±JG\MDNR

G]LHFNRVFKRG]LáHPGRSLZQLF\SR]LHPQLDNLOXEZ JLHO

$OHZH QLHE\áRLQDF]HM7XMDNE\RJQLVNRZDá\VL ZV]\VWNLHQLHGRSXV]F]DQHGR

ZLDGRPR FLSUDJQLHQLDLREDZ\1DMSLHUZJQLHZQD0LFKDáDSRJR ]DQLPSRVWURP\FK

VFKRGDFKZJyU D GR]DPNQL W\FKGU]ZLLEH]VLOQHZ FLHNáHáRPRWDQLHSL FLDPLZ

WZDUGHSRNU\WHVS NDQ IDUE GHVNL'RSLHURSRWHPSU]\FKRG]LáVWUDFK,QQ\VWUDFK±

NWyUHJRQLHPR QDSRNRQDü3RW JXM F\VL ] VHNXQG\QDVHNXQG L REH]ZáDGQLDM F\

PL QLH6WUDFKQLHRNUH ORQ\QLH]ZL ]DQ\] DGQ\PNRQNUHWQ\PQLHEH]SLHF]H VWZHPFKRü

MHVWRQRRF]\ZLVWHQLHPDOQDPDFDOQH&]XáHP H VL 72]EOL DFKRüQLJG\QLHSRWUDILáHP

RNUH OLüFRWRE\üPRJáRLVN G PDQDGHM ü

3y QLHMNLHG\MX E\áHPVWDUV]\NWR PLSRZLHG]LDá H WRSRSURVWXREMDZQLHGRWOHQLHQLD

$OHWD ZLDGRPR ü QLHPLDáD DGQHJRZSá\ZXQDWUH ü ZUD H RGF]XZDQ\FKZH QLH

=DZV]HWRVDPR3LZQLFD]DPNQL WHGU]ZLSRUD DM F\PL QLHVWUDFK]NWyUHJRZ\]ZROLü

PR H W\ONRSU]HEXG]HQLH

, WHUD]WH 1LH1LE\ZV]\VWNRE\áRWDNVDPRD,QDF]HM:\G WDS F]QLHM FDJZDáWRZQLH

background image

FLDQD7RFK\EDSRMDZLáRVL SRUD]SLHUZV]\-DNDZáD FLZLHE\áDWD FLDQD%LDáH

VW\UROLWRZHVSRLQ\6N G VW\UROLWZSLZQLF\PRMHJRGRPX]ODWG]LHFL F\FK"7RPR H

]GDU]\üVL W\ONRZH QLH

%á\VN-DNFLHPQR&]\ E\VL ]EOL DáDEXU]D"7RG]LZQH&DáNRZLWDFLHPQR ü ±QLH

ZLG] QDZHWRNQD&RSUDZGDURMHLVNLHUHNPLJRF SU]HGRF]DPLDMDVQHLFLHPQHSODP\

]PLHQLDM NV]WDáWLEDUZ $OHWDN]DZV]HE\ZDZFLHPQR FLDFK

=QyZEá\VN-HGHQGUXJLLWU]HFL-DNJG\E\EODVNIOHV]DRGELW\RGELDáHMF]\ yáWHM FLDQ\

3RWHP]QyZFLHPQR ü1LHSU]HQLNQLRQD

&]\MDPDPRF]\RWZDUWH"7RG]LZQH±DOHQLHMHVWHPZVWDQLHWHJRVWZLHUG]Lü3RUXV]DP

SRZLHNDPLOHF]WDNQDSUDZG WR,FKQLHF]XM =DWRZ\UD QLHVZ G]LPQLHSUDZ\JROH

&KF VL SRGUDSDüL&K\EDZLVWRFLHSRGNXUF]\áHPQRJ DWHUD]VL JDPU N &KRFLD

1LHMHVWHPLWHJRSHZQ\&]\ E\PXWUDFLá]GROQR ü RGELRUXERG FyZGRW\NRZ\FK"1LH

PyJáE\PSU]\VL F F]\GRW\NDPQRJL

$ PR H WRZV]\VWNRPLVL W\ONR]GDMH"0R H MHV]F]H SL " &]\PR QD QLü H VL

QL"

%á\VN7\PUD]HPMDNE\GáX V]HUR] ZLHWOHQLH FLDQ\3RWHPGZDNUyWNLH-DNLHM FLDQ\"

*G]LHMDZáD FLZLHMHVWHP"1LFQLHUR]XPLHP3DPL WDPGREU]H-X NáDGáHPVL VSDü

JG\]DG]ZRQLáD$QND H Z&Z]UDVWDFL QLHQLH3U]H]FDáHSRSRáXGQLHSUyERZDOL P\L

ZV]\VWNRE\áRZSRU] GNX5R]SDGXVWDZDá7DNMDN]DZV]HSU]\F] VWRWOLZR FLDFK

UH]RQDQVRZ\FK

3RWHOHIRQLH$QNLXEUDáHPVL L QDW\FKPLDVWSRMHFKDáHPGRODERUDWRULXP

=QyZEá\VQ áR'ZDUD]\.UyWNLLGáXJLUR]Eá\VN-DNZDOIDEHFLH0RUVHDOLWHUDÄ$´$OH

WRFK\EDQLHPRJ E\üV\JQDá\

*G]LHMDMHVWHP":ODERUDWRULXP"%LDáD FLDQD&RWR]DELDáD FLDQD":GRPXWH QLH

PDWDNLHM FLDQ\1LHSU]\SRPLQDPVRELH]UHV]W DE\PZUyFLáGRGRPX'RGRPX"1LH

ZLHPQDZHWMDN]DNR F]\áDVL SUyED

%á\VNMDNGáXJR ZLHFL,WU]\NUyWNLHEá\VNL7RMDNE\OLWHUDÄ%´&]\PR OLZH"3RFR

E\NWR V\JQDOL]RZDá0RUVHP,VN G"

=QyZEá\VQ áR5D]GZDWU]\F]WHU\&LHNDZH'áXJLNUyWNLGáXJLNUyWNL7RÄ&´

:L F MHGQDNNWR V\JQDOL]XMH&]\ E\QDGDZDáDOIDEHW"3RFR"&y ]DG]LZQD]DEDZD"$

PR H V\QDOHNV VLDGyZ"

7HUD]SRZLQQDE\üOLWHUDÄ'´

-HVW5]HF]\ZL FLH*áXSLD]DEDZD=DPNQ ü RF]\LVSDü

=QyZEá\VND/LWHUDÄ(´&]\MDPDPRF]\RWZDUWHF]\]DPNQL WH"1LHZLHP1LFQLH

ZLHP1LHF]XM &KZLODPLZ\GDMHPLVL H QLHPDPSRZLHN

%á\VNDFRUD]F] FLHM7RE\áRÄ)´LÄ*´$WHUD]Ä+´

7R]DF]\QDE\üGHQHUZXM FH&]\PXV] SDWU]HüQDWHEá\VNL"

'ODF]HJRQLHPRJ ]DNU\üGáRQL SRZLHN"'ODF]HJRQLHZLHPFRVL G]LHMH]PRM U N "

$ PR H WRSDUDOL " 0R H MHVWHPZV]SLWDOX"

7HUD]MDNE\PVRELHFRVSU]\SRPQLDá3 F]QLHM FD FLDQD7RQLHE\áDSLZQLFD7R

ODERUDWRULXP

%LDáHVW\UROLWRZHVSRLQ\,NU]\N7DN7RFK\EDE\áNU]\N$QNL

$OHFRE\áRSRWHP"&RE\áRSRWHP"

&L JOHV\JQDOL]XM 7RFK\EDE\áRÄ;´DWHUD]Ä<´Ä=´1RMX ZUHV]FLHNRQLHFDOIDEHWX

1LH=QyZ]DF]\QD

Ä%5$&.,´

&]\ E\WRE\áRGRPQLH"

Ä786.5,1$´

$ ZL F WR6NULQD'ODF]HJRRQ"6N G V\JQDOL]XMH"

Ä-( /,=52=80,$à( 6<*1$à<'2'$-3, û '2:2/1<&+/,&=%

3,(5:6=<&+´

&RWRPD]QDF]\ü"'ODF]HJRPDPUDFKRZDü"/LF]E\SLHUZV]HSRZLHG]P\GZDWU]\

SL üVLHGHPMHGHQD FLH'ZDSOXVWU]\WRSL üSOXVSL ü ±E G]LHG]LHVL üSOXVVLHGHPWR

VLHGHPQD FLHSOXVMHGHQD FLHWRGZDG]LH FLDRVLHP

background image

Ä:325= '.80$0<=72% .217$.7%(=32 5('1,23235=(=.25

0Ï=*2: 635Ï%8-32586=<û35$: 5 . ´

&RWRZV]\VWNRPD]QDF]\ü".RQWDNWSRSU]H]NRU " %H]SR UHGQLRSRSU]H]NRU &]\ E\

WHEá\VNLWRGUD QLHQLHNRU\Py]JRZHM"$OHGODF]HJR"&]\ E\FDáNRZLW\SDUDOL " $OH

SU]HFLH ND]DáPLSRUXV]\üU N 2GF]\WDáHPEH]Eá GXVSUyEXMSRUXV]\üSUDZ U N

&]\SRUXV]\áHP"1LFQLHF]XM

=QyZV\JQDOL]XM

Ä635Ï%8-32586=<û/(: 5 . ´

3UyEXM DOHQLFQLHF]XM ,WDFLV]D

Ä:325= '.835$:$5 .$.523.$/(:$.5(6.$02 (6=1$'$:$û

=$3$0, 7$-35$:$±.523.$/(:$±.5(6.$:<67$5&=<58&+

3$/&$0,´

1LFQLHUR]XPLHP&KRFLD 7RMDVQH8WUDFLáHPVáXFKLPRZ $OHF]\QDSUDZG QLH

PRJ PyZLü"6N G RQLZLHG] " 3U]HFLH QLHSUyERZDáHP

± 6NULQD

1LFQLHVá\V] 1LHVá\V] ZáDVQHJRJáRVX/HF]F]\ZRJyOHFR SRZLHG]LDáHP"1LFQLH

ZLHP1LHZLHP1LFQLHF]XM

1DGDOL H PDM ]HPQ NRQWDNWSRSU]H]NRU &y WR]QDF]\"&]\ E\PXWUDFLáZRJyOH

]GROQR ü RGELRUXZUD H ]P\VáRZ\FK"'ODWHJRQLHF]XM QDZHWEyOX$WHVZ G]HQLDWR

]áXG]HQLH

0XV] VWRVRZDüERG FHHOHNWU\F]QH%á\VNL ZLDWáD":LGRF]QLHGUD QL EH]SR UHGQLR

R URGHNZ]URNRZ\$6NULQDND]DáOLF]\üGODWHJRDE\PRJOLVWZLHUG]Lü]

HOHNWURHQFHIDORJUDPXF]\ZRJyOHP\ O

ZLDGRPLH

&LHNDZHMHGQDNL PRJ UXV]DüU NDPL$OHF]\U]HF]\ZL FLHUXV]DP"

3UDZDU ND±NUHVNDOHZD±NURSND0RJ S\WDü

Ä&2=(01 "´

2MX Eá\VNDM

Ä1,('2%5=(0$0<.217$.77</.23235=(=.25 &=<%$5'=2&,

0 &=<6<*1$/,=$&-$"´

=QyZFR NU F 'ODF]HJRQLHRGSRZLDGDM ZSURVW"

Ä6.5,1$0Ï:35$:' &2=$1. "´

'ODF]HJRQLHEá\VND"'ODF]HJRPLOF] " 0R H $QND]JLQ áDLERM VL RGSRZLHG]LHü7HQ

NU]\N

Ä&=<21$1,( <-("´

7HUD]]QyZEá\VNDNURSNDNURSNDNUHVNDNURSNDNUHVND-X VDPQLHZLHP:JáRZLH

VL NU FLMDNSRDONRKROX&]\WRNUHVNLF]\NURSNL"&RRQL1LFQLHPRJ ]UR]XPLHü

&RRQL

&K\ED]DVQ áHP7HEá\VNL0XV] XZD Dü

Ä1$62'%,(5$6=´

:LGRF]QLHNRQLHF]GDQLD

Ä32:7Ï5=&,(´

Ä3<7$/, 0<&=<-8 2'%,(5$6=6<*1$à<&=8-(6=6, 1,('2%5=("´

Ä='$-(6, =$61 à(0´

Ä&+:,/2:(20'/(1,(1,('27/(1,(1,(6.837(5$=8:$* &=<

3$0, 7$6=020(1735=('(.63/2=- "´

:L F WRU]HF]\ZL FLHE\áDHNVSOR]MD$QNDG]ZRQLáD H Z&Z]UDVWDFL QLHQLH3RMHFKDáHP

GRODERUDWRULXP3DPL WDPMHV]F]H H $QNDVWDáDSU]\RNLHQNXNRQWUROQ\P$MD"

3RGV]HGáHPFK\EDGRWDEOLF\VWHURZQLF]HM$OHFRE\áRGDOHM"

Ä67$à(035=<7$%/,&<$/('$/(-1,(3$0, 7$0´

Ä35=<3201,-62%,(&2:,'=,$à( 1$7$%/,&<´

(NUDQWU]HFL7DN3DWU]\áHPQDHNUDQWU]HFL&R PQLH]DVNRF]\áR$OHFR"$QNDVWDáD

SU]\RNLHQNX7DPVL MDU]\áR3RPDUD F]RZRSRWHP yáWR$SRWHPELDáHR OHSLDM FH

background image

ZLDWáR5HDNFMDáD FXFKRZDWUZDáD=PLHQLáHPFK\EDID] 1LH)D]DMX E\áD

]PLHQLRQD

$OHNLHG\"&]\$QND]PLHQLáD"1LH7HUD]VRELHSU]\SRPLQDP7RMDSLHUZV]\]DXZD \áHP

, SRZLHG]LDáHP H REDZLDPVL XWUDW\UH]RQDQVX:VSyáF]\QQLNHQODPEGD7DN

7HUD]]DF]\QDPUR]XPLHü$QNDSRZLHG]LDáD H SUyERZDáDSRGZ\ V]\üZDUWR ü

ZVSyáF]\QQLND

HQODPEGD0\ ODáD H MHVW]DQLVNDLGODWHJRUHDNFMDáD FXFKRZDQLHZ\JDVD$SU]HFLH

MHMPyZLáHP

'ZDG]LH FLDVLHGHPXGDQ\FKHNVSHU\PHQWyZ&RUD]ZL NV]HáDGXQNL3HáQDQHXWUDOL]DFMD

Z F]DVLH]JRGQ\P]REOLF]HQLDPL

'ZDG]LH FLDVLHGHPHNVSHU\PHQWyZ7HQE\áGZXG]LHVW\yVP\&]\ E\6NDOVNLPLDá

VáXV]QR ü H ZSHZQ\FKZDUXQNDFKPR H GRM ü GRXWUDW\VWDELOQR FLLSURFHV]DF]QLH

SU]HELHJDüZRGZURWQ\PNLHUXQNX"

5R]XPLHPWHUD]QLHSRNyM6NULQ\MH OL]DPLDVW]QHXWUDOL]RZDQLDáDGXQNXQXNOHDUQHJRQDVW SL

HNVSOR]MD"

6]H ü ODWSUDF\LZV]\VWNRQDQLF&]\QDQLF"3U]HFLH WRW\ONREá G $QNL&]\$QNL"

0R H WRMDSRSHáQLáHPMDNL Eá G"$OHMDNL"

&RURELáHPSU]\WDEOLF\"5R]XPLHPWHUD]GODF]HJRWRWDNLHZD QH

=QyZMDNE\PQLHRJDUQLDáDVHQQR ü'ODF]HJR6NULQD]DZUDFDPLJáRZ " 'ODF]HJRPQLH

WDNP F]\"&]\QLHPR H SRF]HNDüD E G VL F]XáOHSLHM"$ E G PyJáPyZLüLVá\V]Hü

$ PR H MX QLJG\QLHE G Vá\V]DáLZLG]LDá"0R H RGZ\SDGNXXSá\Q á\PLHVL FH0R H

E\áHPQLHSU]\WRPQ\"

6NULQDQLHGDMHVRELHVDPUDG\$WDNQLHGDZQRMHV]F]H]DG]LHUDáQRVD

$ PR H SRSURVWXQLHPR H F]HNDü"

-H HOLXGDVL UR]V]HU]\üSURPLH SRODUH]RQDQVRZHJRGRNLONXW\VL F\NLORPHWUyZ±

QLHEH]SLHF]H VWZRZRMQ\QXNOHDUQHMSU]HVWDQLH,VWQLHü DGHQSRFLVNQLHHNVSORGXMH-H OL

MHGQDNLVWQLHMHPR OLZR ü XWUDW\VWDELOQR FLLWRQDVNXWHNG]LDáDQLDMDNLFK QLH]QDQ\FK

F]\QQLNyZ

-H OLQDVW SXMH]PLDQDID]\.RPRUDQLHZ\WU]\PDáDHNVSOR]ML=QDF]\WRL GR

Z\]ZROHQLDHQHUJLLQLHWU]HEDPDV\NU\W\F]QHM1DZHWáDGXQHNPLOLJUDPRZ\

5R]XPLHPREDZ\6NULQ\$OHSU]HFLH PDPRMHREOLF]HQLD1DZHWMH OL$QNDQLH \MH

SRZLQLHQVL ]RULHQWRZDü$QNDQLH \MH6N G ZLHP H QLH \MH"1LNWQLHSRWZLHUG]LáPRLFK

SU]\SXV]F]H

,OHS\WD LOHZ WSOLZR FL

1LNWQLHMHVWQLH]DVW SLRQ\:L F FK\EDMHGQDNFKRG]LRF]DV

: VRERW PLDáHPVSRWNDüVL ] (Z 3yáURNXMHMQLHZLG]LDáHP

: SRáRZLHF]HUZFDPLDáHPSRMHFKDüQDXUORS

0\ O R ZV]\VWNLPW\ONRQLHRW\PFRWU]HED0XV] VL Z]L ü ZJDU ü3U]HFLH MHGQDN

FR QLHFR SDPL WDP

Ä=$8:$ <à(0=0,$1 )$=<&+<%$=32:2'832':< 6=(1,$(1/$0%'$

&25$=-$ 1,(-6=( :,$7à2:2.,(1.8.21752/1<0'$/(-1,(

3$0, 7$0´

-X Eá\VND

Ä&=<35Ï%2:$à( &2 =0,(1,û"´

Ä&+<%$7$.$/(1,(3$0, 7$0&20$&,(=$3,6´

Ä=1,6=&=21<1,(02 (0<7( =1$/( û 7:2,&+127$7(.´

1RWDWNL6áXV]QLH:F]ZDUWHNZLHF]RUHPZSDGáPLGRJáRZ\SRP\VáWUDQVIRUPDFML

:VSyáF]\QQLNWKHWDPyJáSU]\ELHUDüZDUWR FLXMHPQH=DSLVDáHPZQRWDWQLNX3RND]DáHPWR

$QFHL]GDMHVL H M Z]L áR0R H GODWHJRSUyERZDáDSRGZ\ V]\üHQODPEGD

1RWDWQLN]RVWDZLáHPZGRPX"1LH&K\ED]DEUDáHPJR]HVRE 7DN=DEUDáHP:WHG\

ZLHF]RUHP$QNDQDZHWPyZLáDDE\P]DEUDá6FKRZDáHPJRGRNLHV]HQLZHZQ WU]QHMQD

SLHUVLDFK

Ä0,$à(035=<62%,(127$71,.´

background image

Ä&=<1,(6325= '=,à( 2'3,68/8%)272.23,,"´

Ä1,(&2=127$71,.,(0"´

Ä63$/21<´

1LHPDM ZL F PRLFKREOLF]H 6NULQDPR H WH QLFQLHZLHG]LHüR]PLDQLH]QDNX

ZVSyáF]\QQLNDWKHWD:RJyOHQLHRPDZLDáHP]QLPSU]HNV]WDáFH RVWDWQLHJRZDULDQWX1LH

E\áRSU]HFLH F]DVX5R]XPLHPWHUD]GODF]HJRPXWDNEDUG]R]DOH \ QDPRMHMSRPRF\

0yZL H QRWHVVSDORQ\.WRJRVSDOLá"

*áXSLHFMHVWHP3U]HFLH WRMDVQH6SDOLáVL ZyZF]DVSRHNVSOR]ML0XVLDáE\üSR DU0R H

QDZHWSRZVWDáRFR Z URG]DMXPLQLDWXURZHMNXOLRJQLVWHM-H OLU]HF]\ZL FLH]DPLDVW

KDPRZDQLDUR]SDGXSURPLHQLRWZyUF]HJRXOHJDRQSU]\VSLHV]HQLX%\üPR HQDZHW

ZL NV]\QL GRW G SURFHQWPDV\VSRF]\QNRZHM]PLHQLDVL Z HQHUJL 7U]HEDWRVSUDZG]Lü

UDFKXQNRZR

&y ]DLURQLDORVXV]XNDOL P\GURJLGRXQLFHVWZLHQLD PLHUFLRQR Q\FKZáD FLZR FLSRFLVNyZ

QXNOHDUQ\FKD]QDOH OL P\VSRVyESURGXNRZDQLDMHV]F]HSRW QLHMV]\FKERPE-DN H

áDWZRÄDQLRáDSRNRMX´]PLHQLüZÄGHPRQD]DJáDG\´:\VWDUF]\]PLDQDID]\

Ä&=<327:,(5'=(1,(+,327(=<6.$/6.,(*2´"

Ä7$.´

$ ZL F VWDáRVL

=GDMHVL H ]QyZVWUDFLáHPSU]\WRPQR ü:LGRF]QLHQLHMHVW]HPQ QDMOHSLHM'ODF]HJR

PQLHMHGQDNWDNP F] " 'ODF]HJRQLHSRF]HNDM D ZUyF GRMDNLHMWDNLHMQRUP\"

&]\ZUyF " &RMDZáD FLZLHZLHPRVZRLPVWDQLH"1LFPQLHQLHEROLDOHWH QLFQLHF]XM

-HVWHP-DNNáRGD FL WHJRGU]HZD

1LHWUXGQR]UHV]W Z\REUD]LüVRELHMDNZ\JO GDP-H OLQRWDWQLNXOHJáFDáNRZLWHPX

VSDOHQLX

8WU]\PXM PQLHV]WXF]QLHSU]\ \FLX

Ä6.5,1$32:,('=35$:' &2=(01 " &=<:2*Ï/(0$06=$16

35=( <&,$"´

=ZOHND]RGSRZLHG]L :LGDüQLHáDWZDVSUDZD

Ä1,&1,(8.5<:$-´

1DUHV]FLHEá\VND

Ä8/(*à( %$5'=2&, .,02%5$ (1,20875$7$35=<72012 &,1,(

%<à$1$7<&+0,$672:$'/$7(*2=$&+2:$à( 3$0, û &+:,/

3235=('=$- &<&+(.63/2=- ,32:67$à$02 /,:2 û 875=<0$1,$&,

35=< <&,81,(67(7<&,$à$1,(8'$à26, 85$72:$û$/(0$6=6=$16

-( /,:<5$=,6==*2' =$052=,0<7:Ï-0Ï=*´

&y WRZV]\VWNRPD]QDF]\ü"&RWHQ6NULQDSOHFLH"&KF PQLH]DPUR]Lü"

:LGRF]QLHVWDQMHVWEH]QDG]LHMQ\/LF] H ZSU]\V]áR FLJG\PHG\F\QDSRF]\QLGDOV]H

SRVW S\PRJ E\üXUDWRZDQ\

$OHFR WXQLHWDN2QPyZLáW\ONRRPy]JX'ODF]HJRFKF SU]HFKRZDüW\ONRPy]J"1LJG\

VL QLH]JRG]

1LH]JRG] " =DVWRF]\W\VL F ODW±LQQHFLDáR:V]\VWNRMHGQR±V]WXF]QHF]\QDWXUDOQH

.XV] FDIDQWD]MD&RRQEUHG]L"

$ PR H WRMX VL VWDáR"0R H MHVWHPW\ONRPy]JLHP"6]WXF]QLHXWU]\P\ZDQ\PSU]\

\FLX"%H]RF]XEH]XV]XEH]U N

3UDZDU NDOHZDU ND7RW\ONRJUDPRMHMZ\REUD QL7\ONRRVF\ODFMHELRSU GyZ

SRMDZLDM FHVL ] ND G P\ O Z RGSRZLHGQLFKR URGNDFKUXFKRZ\FKPy]JX3UDZDU ND

OHZDU ND%LRSU G\7RRQHW\ONRGDM ]QDüRW\P H MHVWHP H P\ O H UR]XPXM H

FKF ZLHG]LHü

6WUDV]QH

Ä&=<7</.20Ï=*"´

Ä7$.$/(0$6=6=$16 ´

6]DQV &y SR]RVWDáR"&]\FKZ\WDüVL MDNWRSLHOHFWHMRVWDWQLHMGHVNLUDWXQNX]QDG]LHM

background image

H PQLHXWU]\PDQDSRZLHU]FKQL"

1DSUDZG WRPLZV]\VWNRMHGQR1LH7RQLHZV]\VWNRMHGQR1LHGODVDPHJR \FLDDOH

GODXMU]HQLDSU]\V]áR FLJRWyZMHVWHP]WHMV]DQV\VNRU]\VWDü

,PSU G]HMW\POHSLHM&y PQLHZL H ]G]LVLHMV]\P ZLDWHP" ZLDWHPWDN]DPRWDQ\P

Z VSU]HF]QR FLNWyUHFRUD]WUXGQLHMUR]SO W\ZDü

%D,PyMZW\PE\áXG]LDá

Ä6.5,1$0Ï:&20< /,6="&=<1,(/(3,(-35=(5:$û%$'$1,$"´

Ä-8 1,(02 1$35=(5:$1,('2 :,$'&=( 72='$1,(6, 1$à$6. ,

1,(à$6. 35=(&,:1,.$&=<0$6=*:$5$1&- ( 6, =$:$+$"´

6NULQDPDUDFM /HF]F]\]GDMHVRELHVSUDZ ] NRQVHNZHQFMLWHMUDFML"

7U]HEDHNVSHU\PHQWRZDü$OHF]\GODWHJR H VL ]DF] áR"

&]\PR QDE\áRQLHSRGHMPRZDüEDGD "

%á GQHNRáR

Ä:, & &+&(&,('$/(-"´

Ä1,(0$0<:<%258$&=$68&,(.$´

&]DVXFLHND'ODWHJRMHVWHPLPSRWU]HEQ\$OHFRMDPRJ SRPyF"1LFQLHSDPL WDP

$QLMHGQHJR]QDNX$QLMHGQHMOLF]E\

Ä1,&1,(3$0, 7$0´

Ä352)(625*$//3523218-(=$67262:$1,(+<312=<02 1$

:Ï:&=$66, *1 û '232' :,$'202 &,´

Ä-$.7202 /,:("0$&,(7</.20Ï-0Ï=*´

Ä67$1+,3127<&=1<02 1$:<:2à$û2'32:,('1, ,038/6$&-

=*$'=$6=6, "´

&RPDPRGSRZLHG]LHü" H QDMFK WQLHM]DSRPQLDáE\PRZV]\VWNLP H QLHFKFLDáE\PMX

EUDüQDVLHELHRGSRZLHG]LDOQR FL]DNRQVHNZHQFM WHJRFRXQLFHVWZLá DUHNVSOR]MLLFRG]L

SRQRüWUZDMHV]F]HW\ONRZ]ZRMDFKPHJRL]RORZDQHJRRG ZLDWDPy]JX

&]\L]RORZDQHJR"&]\ZáD QLHWRFRG]LHMHVL Z WHMFKZLOLQLHMHVWGRZRGHPMDNZLHORPD

QLüPL]ZL ]DQ\MHVWHP]PRLP ZLDWHP"O H W\ONRWHQ ZLDWZL H PQLH]H ZLDWHP

SU]\V]á\P

&]\E G]LHRQOHSV]\P GU]HMV]\V]F] OLZV]\"

=QyZ]DF]\QDPLVL NU FLüZJáRZLH

: JáRZLH"

*G]LHJáRZD"

&R ]E\WF] VWRWUDF SU]\WRPQR ü&]\RQLWHJRQLHZLG] " %á\VNDLEá\VND

Ä1,(67$5&=<&=$68´

1DFRQLHVWDUF]\F]DVX"2F]\PRQPyZL"

Ä32:7Ï5=´

Ä&=<=*$'=$6=6, 1$=$052 (1,("´

Ä7$.$/(2&=<06<*1$/,=2:$à( "´

Ä=$5$==$&=<1$0<´

&R]DF]\QDM " =DPUD DQLH"

Ä&2=621'$ (032' :,$'202 &,"´

Ä1,(67(7<1,(67$5&=<&=$68:7:2,00Ï=*832-$:,à<6, =0,$1<

.7Ï5<01,(-(67( 0<:67$1,(=$32%,(&-8 1,(02 1$=:/(.$û

621'$ 32' :,$'202 &,=$-0,(&21$-01,(-*2'=,1 675$&,6=

6=$16 5$781.8´

$ ZL F ]QyZPXV] GRNRQDüZ\ERUX.WyU\ ZLDWPDE\üPRLP ZLDWHP"

&]\PRJ VL ZDKDü"3U]HFLH ZáD QLHRWRPLFKRG]LáR6DPDQDWXUDLSU]\SDGHNXZDOQLDM

PQLHRGRGSRZLHG]LDOQR FL

&]\XZDOQLDM " 'UyJSRVW SXMHVWZLHOH-H OL6NULQD

]GRáDZ\GRE\üW\ONRQLV]F]\FLHOVNLHZáD FLZR FLHIHNWXID]RZHJR"-H OLQLHZ\NRU]\VWD

ZV]\VWNLFKPR OLZR FL,VWQLHMHZLHONDV]DQVD7RZ\QLND]WHRULL

background image

8FLHNDM F ]QDV]\FKF]DVyZQLHPyJáE\PEH]ZVW\GXVSRMU]HüZRF]\W\P]NWyU\PL

VSRWNDPVL Z SU]\V]áR FL

Ä6.5,1$-$&+& -$086= 62%,(35=<3201,(û´

Ä:,(6=&=<0&,72*52=,"´

Ä:,(0$/(72:à$ 1,(267$71,$6=$16$´

&KF XFLHF&RIQ ü VL SU]HGW\PFRMHVWWX WX SU]HGHPQ $OHO N SDUDOL XMHPL QLH

0XV] SRNRQDüWHQO N0XV] GRM ü ZFLHPQR FLDFKGR]DNU WXDE\RWZRU]\üGU]ZL

$E\]QyZXMU]Hü ZLDWáR

1LH7RQLH ZLDWáRV F] FHVL VSR]D]DNUDWRZDQHJRRNLHQND7RWDEOLFDUR]G]LHOF]D-HVWHP

Z ODERUDWRULXPDZJá ELQDSUDZRSU]\RNLHQNXNRQWUROQ\P$QND3DWU]\]QLHSRNRMHP

QDPQLH

Ä63Ï-5=1$7$%/,& .21752/1 ± V\JQDOL]XMH6NULQD±32'$:$-.2/(-12

:6.$ 1,.,´

&]\WDPZROQRLQLHPDODXWRPDW\F]QLHUXFKDPLU N SU]HND]XM V\JQDá\'áXJLHV]HUHJL

F\IUMHGQHSRGUXJLFK

Ä:<-0,-=.,(6=(1,127$71,.0$6=*235=<62%,(:0$5<1$5&(±V\JQDOL]XMH

6NULQD±0$6=*2-8 : 5 .827:,(5$6=,35=(.$=8-(6='$1(´

5]HF]\ZL FLH±ZLG] SU]HGVRE ELDáHNDUWNLQRWDWQLND.DUWNLZ\SHáQLRQHSREU]HJL

V]HUHJDPL]QDNyZLF\IU

'REU]HPL]QDQHZ]RU\27X$QNDSRVWDZLáD]QDN]DS\WDQLDLPLDáDUDFM 7XZáD QLH

VL ]DF] áRÏZNOXF]RZ\GODHIHNWXID]RZHJRZVSyáF]\QQLNWKHWD

3U]HND]XM ]QDNSR]QDNXOLF]E SROLF]ELH

2WR]PLHQLDVL ID]D5H]RQDQVM GURZ\5H]RQDQVSU]HREUD DM F\ZHZQ WU]Q VWUXNWXU

PDWHULL

&]\LVWRWQLHRGW\FKF]DUQ\FK]QDNyZQDELDáHMNDUWFH]DOH HüPR H SU]\V]áR ü ZLDWD"


Wyszukiwarka

Podobne podstrony:
Boruń Krzysztof Toccata
Boruń, Krzysztof Toccata
Borun Krzysztof Toccata
Boruń Krzysztof Jasnowidzenia inżyniera Szaraka
Boruń, Krzysztof Próg nieśmiertelności
Borun Krzysztof MAŁY HAPPENING
Borun Krzysztof Fantom(1)
Boruń Krzysztof Próg nieśmiertelnosci
Krzysztof Boruń Toccata
Krzysztof Boruń Toccata
Krzysztof Boruń Toccata
Krzysztof Boruń Jasnowidzenia inżyniera Szarka
Krzysztof Boruń Spadkobiercy

więcej podobnych podstron