%DF]\EDMND"
%DMND OLWHUDFND Z\URVáD ] EDMNL OXGRZHM SU]HNV]WDáFLáD VL Z ]XSHáQLH
RGUEQ\JDWXQHNOLWHUDWXU\G\GDNW\F]QHM-DNRVDPRG]LHOQ\JDWXQHNOLWHUDFNLZ
OLWHUDWXU]H HXURSHMVNLHM XNV]WDáWRZDáD VL Z VWDUR*\WQHM *UHFML 6]F]HJyOQH
]QDF]HQLH PLDáD WX WZyUF]Rü (]RSD Z9,SQH -HJR EDMNL Z SU]HZD*DMFHM
PLHU]HPLDá\FKDUDNWHUOXGRZ\Z\UDVWDá\]GRZLDGF]HLPGURFLEOHEHMVNLHM
%DMND Z WDNLP VWRSQLX ]URVáD VL ] LPLHQLHP (]RSD *H SRWHP SU]H] FDáH
ZLHNL Uy*QH ]ELRU\ WHJR URG]DMX XWZRUyZ QD]\ZDQR EDMNDPL (]RSRZ\PL :
OLWHUDWXU]HU]\PVNLHMQDMZ\ELWQLHMV]\PWZyUFEDMHNE\á)HGUXVZ,QHNWyU\
Z\ZDUá GX*\ ZSá\Z QD Sy(QLHMV]\ UR]ZyM WHJR JDWXQNX 0RW\Z\ SU]H]H
ZSURZDG]RQH ZHV]á\ QD VWDáH GR UHSHUWXDUX EDMNRSLVDU]\ RGQDMGXMHP\ MH Z
WZyUF]RFL.UDVLFNLHJR0LFNLHZLF]D
%DMND MHVW VZHJR URG]DMX SU]\SRZLHFL QD WHPDW OXG]NLFK V\WXDFML
FKDUDNWHUyZ L SRVWDZ 1DMF]VWV]\PL ERKDWHUDPL V ]ZLHU]WD MHOL SRMDZLDM
VL Z QLFK OXG]LH WR QLH MDNR ]LQG\ZLGXDOL]RZDQL ERKDWHURZLH OHF] MDNR
SRVWDFLH ]áR*RQH ] SHZQ\FK FHFK W\SRZ\FK FK\WU\ VNS\ SU]HELHJá\ LWG
XFLHOHQLDMFH ZáDFLZRFL ZLHOX RVREQLNyZ L ]DMPXMFH SRVWDZ\ F]VWR Z
*\FLX VSRW\NDQH : ]DVDG]LH MHGQDN ]GHF\GRZDQLH GRPLQXM Z EDMFH
ERKDWHURZLH ]ZLHU]F\ R OXG]NLHM SV\FKLFH =ZLHU]WD Z EDMFH Z\VWSXM MDNR
PDVNL6HQVPRUDOQ\EDMNLPR*HE\üSRGDZDQ\QDGZDVSRVRE\DOERPDSRVWDü
EH]SRUHGQLR VIRUPXáRZDQHJR PRUDáX DOER WH* Z\QLND SRUHGQLR DOH ]XSHáQLH
MHGQR]QDF]QLHEG(]SU]HGVWDZLRQHMV\WXDFMLEG(]HSLJUDPDW\F]QHMIRUPXá\
=DVDGQLF]\P FHOHP EDMHN MHVW SU]HND]Dü MDNLH GRZLDGF]HQLH PRUDOQH
SRXF]\üRV]NRGOLZRFLF]\SR*\WHF]QRFLSHZQ\FKSRVWDZIRUPXáRZDüPQLHM
OXEEDUG]LHMSRUHGQLRZVND]yZNLSRVWSRZDQLDL]DVDG\HW\F]QH=IRUPEDMNL
]ZL]DQH V WUDG\F\MQH SHZQH PRW\Z\ WHPDW\F]QH RSDUWH QD NRQWUDVWDFK QS
OLV L NUXN NWyUH SRGHMPRZDQH V SU]H] ZLHOX EDMNRSLVDU]\ L ND*GRUD]RZR
XOHJDM QRZHM REUyEFH SRHW\FNLHM $OH QLH W\ONR VDPH PRW\Z\ PDM WUZDá\
*\ZRW Z KLVWRULL EDMNL ]ZL]DQH ] QLPL PRUDá\ UyZQLH* RG]QDF]DM VL GX*\P
VWRSQLHP WUZDáRFL 1LHNLHG\ VWDM VL RQH SU]\VáRZLDPL FKRü WU]HED WH*
SDPLWDü*HQLHMHGQRNURWQLHPRUDáEDMNLZ\UDVWD]SU]\VáRZLDMX*LVWQLHMFHJR
%DMND QDOH*\ GR QDMEDUG]LHM VNRQZHQFMRQDOL]RZDQ\FK JDWXQNyZ OLWHUDFNLFK L
FHFKXMHMQLHVSRW\NDQDZLQQ\FKIRUPDFKFLJáRüWUDG\FML
%D VWDQRZL MHGHQ ] JáyZQ\FK JDWXQNyZ HSLFNLFK OLWHUDWXU\ OXGRZHM
1DMVWDUV]H SRFKRG] ] OLWHUDWXU\ LQG\MVNLHM 1LH VSRVyE WH* QLH GRFHQLDü
ZSá\ZyZ OLWHUDWXU\ DUDEVNLHM JáyZQLH %DQL ] W\VLFD L MHGQHM QRF\ .DQRQ
EDQL HXURSHMVNLHM XNV]WDáWRZDá VL Z RNUHVLH UHGQLRZLHF]D 1DWRPLDVW
V]F]HJyOQHM QRELOLWDFML GRF]HNDá\ VL EDQLH Z HSRFH URPDQW\]PX NLHG\
WZRU]\OLPLQ-:*RHWKHEUDFLD*ULPPRUD]+&K$QGHUVHQ
/XGRZLWZyUF\RSRZLDGDMZEDQLDFKRNUyODFKNVL*WDFKLWSZLHFLHVRELH
QLH]QDQ\P NWyU\ MDN ZV]\VWNR FR QLH]QDQH ] EH]SRUHGQLHJR GRZLDGF]HQLD
SREXG]D IDQWD]M 7RWH* WHQ JDWXQHN QDMVLOQLHM QDV\FRQ\ MHVW SLHUZLDVWNDPL
IDQWDVW\F]Q\PL &KDUDNWHU\VW\F]Q FHFK ZLDWD IDQWDVW\NL EDQLRZHM MHVW
DQWURSRPRUIL]DFMD F]\OL XRVRELHQLH ZLDWD UROLQ ]ZLHU]W L SU]HGPLRWyZ :
IDEXOHEDQLSRZWDU]DMVLWHVDPHVFKHPDW\IDEXODUQHNWyUH]Z\NOH]DZLHUDM
QDVWSXMFHHOHPHQW\
2SXV]F]HQLHGRPXURG]LQQHJRSU]H]ERKDWHUD
:GUyZND
1LHEH]SLHF]HVWZR
3RPRF]]HZQWU]
:DOND]SU]HFLZQRFLDPL
=Z\FLVWZR
1DJURGD
: ZLHFLH EDQLRZ\P SDQXMH ZLF VWDá\ áDG PRUDOQ\ 8WZRU\ WH V
XRJyOQLHQLHPOXG]NLHMHJ]\VWHQFMLV\PEROLF]Q\PREUD]HPORVXF]áRZLHND
%DMND
%D
%XGRZD
8WZyUSLVDQ\ZLHUV]HPMHOLNUyWNL
L]ZL]á\W]QSR]EDZLRQ\
HOHPHQWyZHSLFNLFKWREDMND
HSLJUDPDW\F]QDDMHOL
UR]EXGRZDQ\]DZLHUDMF\SURVW
IDEXáWRQDUUDF\MQD
=DZLHUDPRUDá&HOHPEDMNLMHVW
SU]HND]DQLHZVND]yZNLSRXF]HQLH
1DMF]FLHMXWZyUQDUUDF\MQ\
SLVDQ\SUR]%\ZDMWDN*H
ZLHUV]RZDQHDGDSWDFMH]QDQ\FK
EDQL&KDUDNWHU\VW\F]Q\SRF]WHN
QS
'DZQRGDZQRWHPX
=DVLHGPLRPDJyUDPL]D
VLHGPLRPDODVDPL
.RQLHFMHVW]Z\NOHSRP\OQ\
GREURZ\JU\ZD]H]áHP
:\VWSXMW]ZPRW\Z\
ZGURZQHELHGQDVLHURWDVPRN
SRGDUXQHNVHQOHWDUJLWS
ZLDW
SU]HGVWDZLRQ\
2VDG]RQ\ZUHDOLDFK=ZLHU]WD
PyZLOXG]NLPJáRVHPLSRVLDGDM
OXG]NLHFHFK\DOHQLHPDM
QDGSU]\URG]RQ\FK]GROQRFL
3RWUDILWRFRF]áRZLHN
SU]HGVWDZLDMZLDWOXG]NLDOHJRULD
:\P\ORQHZLDW\
QLHSUDZGRSRGREQHV\WXDFMH
QLHU]HF]\ZLVWHPLHMVFD
IDQWDVW\F]QHSU]HGPLRW\Uy*G*ND
F]DSNDQLHZLGND3U]\URGDPD
FHFK\OXG]NLHQSSWDNLU\E\
GU]HZDPyZLP\OSRPDJDM
%RKDWHURZLH
%RKDWHUDPLV]D]Z\F]DM]ZLHU]WD
SWDNLUROLQ\DOHUyZQLH*OXG]LH
3RGLFKSRVWDFLXNU\ZDMVL
%DQLRZHSRVWDFLHV
QLHU]HF]\ZLVWHLQLHSUDZG]LZH
:\VWSXMZUy*NLF]DURZQLFH
OXG]NLHZDG\VáDERFL%RKDWHURZLH
SU]HGVWDZLHQLVQD]DVDG]LH
NRQWUDVWXPGU\LJáXSL
NUDVQROXGNLSRVWDFLHREGDU]RQH
QLH]Z\NáVLá3RGREQLHMDNZ
EDMFHVERKDWHURZLHNRQWUDVWRZL
]áDPDFRFKDLGREUDNVL*QLF]ND
ERJDW\NVL*LELHGQDG]LHZF]\QD
)XQNFMD
%DMNDMHVWXWZRUHPG\GDNW\F]Q\P
)XQNFMSRXF]DMFSHáQLPRUDá
VHQVPRUDOQ\EDMNLSRXF]HQLH
)XQNFMDG\GDNW\F]QDEDQLMHVW
RVLJDQDZLQQ\VSRVyE&]VWR
EDQLHZ\P\ODQRE\SU]HND]Dü
MDNOXGRZPGURü
3U]\NáDG\
,JQDF\.UDVLFNL3WDV]NLZ
NODWFH´0\V]LNRW´
$GDP0LFNLHZLF]/LVLNR]LRá´
3U]\MDFLHOH´
-DQ%U]HFKZD.DF]ND
G]LZDF]ND´
$OHNVDQGHU)UHGUR3DZHáL
*DZHá´
1DMEDUG]LHM]QDQLDXWRU]\EDQL
&KDUOHV3HUUDXOW.RWZEXWDFK´
&]HUZRQ\.DSWXUHN´
EUDFLD*ULPP-DL0DáJRVLD´
6WROLF]NXQDNU\MVL´
+DQV&KULVWLDQ
$QGHUVHQ%U]\GNLHNDF]WNR´
.VL*QLF]NDQD]LDUQNXJURFKX´
0DULROD*DUVWND
6]NRáD3RGVWDZRZDZ7HRGRURZLH