-DQ%Rü
-DNSLVDüSUDF PDJLVWHUVN
.RQVXOWDFMDM]\NRZD
-DQ0LRGHN
&RS\ULJKWE\.RORQLD/LPLWHG:URFáDZ
2EUyEND16=
6SLVWUHFL
5R]G]LDá,
:SURZDG]HQLH
5R]G]LDá,,
:\PRJLVWDZLDQHSUDF\
.RQVWUXNFMD
'RNáDGQRüUHODFML
:áDVQ\ZNáDGSUDF\
5H*LPWHUPLQRORJLF]Q\
:\PRJLM]\NRZH
5R]G]LDá,,,
2JyOQHGDQHREXGRZLHSUDF\PDJLVWHUVNLHM
2JyOQH]DVDG\UHGDNFMLSUDF\PDJLVWHUVNLHM
5R]PLDU\LZ\PLDU\SUDF\PDJLVWHUVNLHM
6WURQDW\WXáRZD
.ROHMQRüVWURQLPLHMVFHLFKR]QDF]HQLD
0LHMVFHLEXGRZDVSLVXWUHFL
:VWS
3RG]LDáQDUR]G]LDá\
$8ZDJLRJyOQH
%:\PRJLZHZQWU]QHJRSRG]LDáXUR]G]LDáyZ
=DNRF]HQLH
5R]G]LDá,9
8ZDJLUHGDNF\MQHRWHNFLHSUDF\
8NáDGWHNVWXQDVWURQLH
:\PRJLIRUPDOQHVWDZLDQHWHNVWRZL
3LVDQLHZFXG]\VáRZLH
6WRVRZDQLHSRGNUHOHSRJUXELHVSDFMLNXUV\Z\
5R]G]LDá9
2GQRQLNL
5R]G]LDá9,
3U]\SLV\
5RODSU]\SLVyZ
0LHMVFHSU]\SLVyZ
3U]\SLV\XPLHV]F]RQHQDGROHVWURQ\LVSRVyELFKR]QDF]DQLD
2GG]LHODQLHSU]\SLVyZQDVWURQLH
*VWRüZLHUV]\LZLHONRüF]FLRQNLX*\WHMZSU]\SLVDFK
&\WRZDQLHNVL*HN
$&\WRZDQLHNVL*HNSRMHG\QF]\FKDXWRUyZ
%&\WRZDQLHNVL*HNRQLHUR]G]LHOQ\PDXWRUVWZLH
&&\WRZDQLHSUDF]ELRURZ\FK
&\WRZDQLHSXEOLNDFML]DPLHV]F]RQ\FKZF]DVRSLVPDFK
&\WRZDQLHSXEOLNDFML]DPLHV]F]DQ\FKZJD]HWDFK
&\WRZDQLHSXEOLNDFMLGUXNRZDQ\FKDOIDEHWHPQLHáDFLVNLP
=DSLVSUDFQLHSXEOLNRZDQ\FK
5R]G]LDá9,,
=DVDG\ VWRVRZDQLD Z SU]\SLVDFK VNUyFH IRUP
SROVNLFK LáDFLVNLFKRUD]VNUyWyZ
8ZDJDRJyOQD
6NUyFHQLD
)RUP\SROVNLHLáDFLVNLH
6NUyW\
5R]G]LDá9,,,
:\ND]F\WRZDQ\FKSXEOLNDFML
5R]G]LDá ,;
3UREOHPELEOLRJUDILL
5R]G]LDá;
,QQHZ\ND]\
8ZDJLRJyOQH
:\ND]VNUyWyZ
,QGHNVQD]ZOXEQD]ZLVN
%LEOLRJUDILDSUDFQSRNUHORQHJRDXWRUD
:\ND](UyGHáSUDZD
:\NRU]\VWDQHPDWHULDá\
:\ND]LQQ\FKPDWHULDáyZ
5R]G]LDá;,
(VWHW\NDSUDF\
5R]G]LDá;,,
=QDNLNRUHNWRUVNLH
5R]G]LDá;,,,
5HJXODFMHUHJXODPLQRZH
5R]G]LDá;,9
=DJDGQLHQLHSODJLDWX
:\ND]SUDF]NWyU\FKF\WRZDQRREV]HUQLHMV]HSU]\NáDG\
5R]G]LDá,
:SURZDG]HQLH
&RUD]U]DG]LHMZWRNXVWXGLyZZ\PDJDVL RGVWXGHQWyZSUDF\SLVDUVNLHM
'RW\F]\ WR ]GHF\GRZDQHM ZLNV]RFL NLHUXQNyZ Z W\P WDN*H KXPD
QLVW\F]Q\FK=DQLNDZLFQDE\ZDQDZV]NRáDFKUHGQLFKXPLHMWQRüSLVDQLD
3RNRQ\ZDQLHWDNLFKWUXGQRFLQLHMHVWáDWZHDVWDMF\SU]HG]DGDQLHPQDSLVDQLD
SUDF\ PDJLVWHUVNLHM F]\ G\SORPRZHM ] QLHGRZLHU]DQLHP RGNU\ZD QDGWR *H
QDSRW\ND QD NáRSRW\ ] UHGDNF\MQ\P XIRUPRZDQLHP SUDF\ 6LJD ZWHG\ GR
Z]RUX SUDF ZF]HQLHM QDSLVDQ\FK L QDMF]FLHM QLH VSRVWU]HJD *H LFK DXWRU]\
E\OL WDN*H Z WDNLHM V\WXDFML :áDQLH Z FHOX ]áDJRG]HQLD SRGREQ\FK
QLHGRVWDWNyZ D WDN*H L ]DRV]F]G]HQLD Z\VLáNX NLHUXMF\FK SLVDQLHP SUDF
PDJLVWHUVNLFKSRZVWDáRQLQLHMV]HRSUDFRZDQLH
:SUDZG]LHOLF]EDF]\WHOQLNyZLIDNW\F]QDURODSUDF\PDJLVWHUVNLHM]D]Z\F]DM
V RJUDQLF]RQHWRMHGQDNRNROLF]QRüWDQLH]ZDOQLDPDJLVWUDQWDG\SORPDQWD
RG SU]HVWU]HJDQLD UHJXá SUDF\ QDXNRZHM 0LPR *H Z ]DGDQLX SU]HGVWDZLHQLD
SUDF\ PDJLVWHUVNLHM QLHFKRG]L Z ]DVDG]LHR SRVWS Z QDXFH QLHPQLHM ]DZV]H
FKRG]L R SRVWS Z Z\NV]WDáFHQLX SLV]FHJR SUDF , MHVW WR Z\VWDUF]DMFD
SRGVWDZD E\ SU]\QDMPQLHM ]DVDGQLF]H Z\PRJL PHU\WRU\F]QH VWDZLDQH WDNLHM
SUDF\E\á\SRGREQHOXEWR*VDPH]W\PLNWyUHVWDZLDVL SUDF\WZyUF]HM
3U]HGVWDZLHQLH W\FK UHJXá GOD SRWU]HE QLQLHMV]HJR RSUDFRZDQLD PXVL
QLHVWHW\ SRPLMDü FDá ]áR*RQRü SU]HGPLRWX QDOH*\FLH MX* LQWHOHNWXDOQLH
Z\RGUEQLRQHJRLREV]HUQHJRZVZHMWUHFLWDN]SRZRGXZLHORURGQRFLPHWRG
EDGDZF]\FK MDN L ZLHORFL G\VF\SOLQ QDXNRZ\FK 2]QDF]D WR *H RSLVDQH WX
Z\PRJL PHU\WRU\F]QH QDOH*DáRE\ X]QDü ]D SRGVWDZRZH NWyUH Z\SDGD
XZ]JOGQLüZSUDFDFKPDJLVWHUVNLFK:DUWRSU]\W\P]ZUyFLüXZDJ*HZLHG]D
R W\FK Z\PRJDFK QLH W\ONR SR]ZDOD QD RVLJQLFLH QDOH*\WHJR SR]LRPX
RSUDFRZDQLDDOHMHVWWH* ]QDF]FRSRPRFQDZFDá\PSURFHVLHSU]\JRWRZ\ZDQLD
L SLVDQLD SUDF\ 7RWH* ZD*Q URO Z MHM SRV]HU]DQLX PDM GR VSHáQLHQLD
VHPLQDULD
5HGDNFMDSUDF\VWDQRZLSHZQ VDPRG]LHOQ ZDUWRüNWyUHMHNVSR]\FMDMDNR
SLHUZV]DU]XFDVL ZRF]\F]\WHOQLNRZLQDMSLHUZVL ZLG]LVWURQSy(QLHMVL M
F]\WD$OHRF]\ZLFLHRERNZ]JOGXZL]XDOQHJRLVWQLHMHZ]JOGPHU\WRU\F]Q\
XMDZQLDMF\]DNUHVXFK\ELH LW\PVDP\P]DVLJSU]\JRWRZDQLDZDUV]WDWRZHJR
DXWRUDNWyU\ PXVL ZLFSU]HMüV]NRá UHVSHNWRZDQLDQLHU]DGNRW\ONRRJyOQLH
UR]XPLDQ\FKZ\PRJyZUHGDNF\MQ\FK$WU]HEDSDPLWDüL* RND]MDQDXF]HQLD
VL SRGF]DVSLVDQLDQLHMHVWF]VWD]D]Z\F]DMERZLHPMHVWWRRND]MDSLHUZV]DL
MHGQRF]HQLHRVWDWQLD
'OD SUDF\ PDJLVWHUVNLHM IRUPD UHGDNF\MQD QLH MHVW ZDORUHP GUXJRU]G
Q\P0R*OLZLHGDOHNRSRVXQLWDGEDáRüZW\PZ]JOG]LHMHVW]DWHPQLHW\ONR
SU]HMDZHP ZáDFLZHMUHDOL]DFML MHGQHJR] ZDUXQNyZ RWU]\PDQLDG\SORPXDOH
WDN*HSURELHU]HPRVRELVWHJRVWRVXQNXGRMDNRFLZáDVQHMSUDF\G\SORPRZHM
: NRQWHNFLHSU]HGVWDZLHQLDSRGVWDZRZ\FK]DVDGUHGDJRZDQLDZDUWRWH*
ZVSRPQLHü R PR*OLZRFL Z\NRU]\VWDQLD SUDF\ PDJLVWHUVNLHM Z SUDNW\FH
=DJXELáD VL G]L WD IXQNFMD L GREU]H E\áRE\ M SU]\ZUyFLü $ QLH PD
MDNLHJRNROZLHN SRZRGX E\ NRU]\VWDMF\ ] SUDF\ QDW\NDOL VL SU]\ RND]ML QD
QLHVROLGQRü UHGDNF\MQ ]ZáDV]F]D Z SUDFDFK Z\ELWQ\FK Z\ZRáXMF\FK
V]HUV]HF]\ZUF]V]HURNLH]DLQWHUHVRZDQLH
:UHV]FLH IDNW QDSLVDQLD SUDF\ PDJLVWHUVNLHM L ]GDQLD NRFRZHJR
HJ]DPLQX SRZLQLHQ E\ü UyZQR]QDF]Q\ ] SU]HNRQDQLHP L* DEVROZHQW QLH
SU]HV]HGá RERMWQLH RERN Z\PDJD Z\UD(QLH LVWRWQ\FK VWDQRZLF\FK
QLHZWSOLZ\ HOHPHQW Z\NV]WDáFHQLD 1DGWR QDOH*\ SDPLWDü *H SR]LRP
Z\PDJD VWDZLDQ\FK SUDFRP ZLHF]F\P SURFHV G\GDNW\F]Q\ Z V]NROH
Z\*V]HM MHVW HOHPHQWHP WDN*H ]HZQWU]QHJR SUHVWL*X ]DNáDGX LQVW\WXWX F]\
NDWHGU\ZNWyU\FKSUDFHWHV SLVDQH
2SUDFRZDQLH QLQLHMV]H GRW\F]\ Z ]DVDG]LH W\FK SUDF PDJLVWHUVNLFK L
G\SORPRZ\FKNWyUHSROHJDM QDQDSLVDQLXRNUHORQHJRWHNVWX$WDNLHZáDQLH
SUDFH SU]\JRWRZ\ZDQH V QD ZLNV]RFL Z\G]LDáyZ V]Nyá Z\*V]\FK
2F]\ZLFLHSU]HGPLRWRZDVZRLVWRüNLHUXQNXVWXGLyZLV]F]HJyOQHMG]LHG]LQ\
]]DNUHVXNWyUHMSUDFDMHVWSLVDQDGHWHUPLQXMHWXSHZQH]Uy*QLFRZDQLDIRUP\
2WRQDSU]\NáDGSUDFH]]DNUHVXJHRJUDILLVSRáHF]QRHNRQRPLF]QHMF]\JHRJUDILL
UHJLRQDOQHM L WXU\VW\NL ZSUDZG]LH ] Uy*Q\P XZ]JOGQLHQLHP HJ]HPSOLILNDFML
PDWHULDáHP IDNWRJUDILF]Q\P XNV]WDáWRZDQH V MHGQDN Z IRUP\ SLVDUVNLH JG\
W\PF]DVHP SUDFH ] JHRJUDILL IL]\F]QHM F]\ NDUWRJUDILL SU]\ELHUDM QDMF]FLHM
SRVWDü]HVWDZXPDS1LHPQLHMRERNF]FLNDUWRJUDILF]QHM]DZLHUDM ]D]Z\F]DM
MHGQRF]HVQHRSUDFRZDQLHWHNVWRZHVWDQRZLFHLQWHJUDOQ F]üSUDF\:\PRJL
UHGDNF\MQH VWDZLDQH WHJR W\SX RSUDFRZDQLRP V U]HF] MDVQD WDNLH VDPH MDN
Z\PRJLVWDZLDQHSLVDUVNRMHGQROLW\PSUDFRPPDJLVWHUVNLP
-HGQ ] SRGVWDZ QLQLHMV]HJRRSUDFRZDQLDE\á\Z\QLNL RJOGX UHSUH]HQ
WDW\ZQHM LORFL SUDF PDJLVWHUVNLFK ] Uy*Q\FK G]LHG]LQ KLVWRULL QDXN SU]\
URGQLF]\FK PX]\NL HNRQRPLL QDXN FLVá\FK ILORORJLL SHGDJRJLNL SUDZD
:EUHZ RF]HNLZDQLRP RND]DáR VL *H SRGVWDZRZH UHJXá\ UHGDJRZDQLD W\FK
SUDF V Z ]DVDG]LH SRGREQH SRGREQH WH* V QDMF]FLHM VSRW\NDQH EáG\ L
XFK\ELHQLD 2NROLF]QRü WD GDáD GRGDWNRZ PRW\ZDFM GOD XSRU]GNRZDQHJR
Z\áR*HQLDUHGDNF\MQ\FKU\JRUyZ
: FHOXHJ]HPSOLILNDFML SRV]F]HJyOQ\FK UHIOHNVML L XVWDOH SRVáX*RQRVL
MHGQRF]HQLH PDWHULDáHP Z]LW\P ] SUDF PDJLVWHUVNLFK L ] RSUDFRZD
NVL*NRZ\FK3RGVWDZ WDNLHJRZáDQLH]HVWDZLHQLDE\áRSU]HNRQDQLHL* QLHPD
GZyFK]HVSRáyZ]DVDGSRSUDZQHJRUHGDJRZDQLD1DGWRSU]\NáDG\]NVL*HNV
OHSLHMZLGRF]QHLW\PVDP\P áDWZLHM ]DSDPLW\ZDQH1LHPQLHMZDUWR]ZUyFLü
XZDJ*H SRV]F]HJyOQHUHVSHNWRZDQHSU]H] Z\GDZFyZ]DVDG\ QLH ]DZV]H V
WR*VDPH 6]áR ZLF R ]DSUH]HQWRZDQLH XMü QDMPQLHM NRQWURZHUV\MQ\FK L
MHGQRF]HQLHIDZRU\]RZDQ\FKSU]H]QDMOHSV]HSROVNLHZ\GDZQLFWZD
5R]G]LDá,,
:\PRJLVWDZLDQHSUDF\
8Z]JOGQLDMF GRW\FKF]DVRZH XVWDOHQLD Z OLWHUDWXU]H PR*QD Z\Uy*QLü
SHZQH SRGVWDZRZH Z\PRJL VWDZLDQH SUDFRP PDJLVWHUVNLP QLH]DOH*QLH RG
G]LHG]LQ\ Z ]DNUHVLH NWyUHM V SLVDQH 0LPR SRZV]HFKQLH VWRVRZDQHJR
SRG]LDáX QD SU]HSURZDG]HQLH EDGD REMW\FK WHPDWHP L QD QDSLVDQLH SUDF\
FDáRü XIRUPRZDQ\FK Z\PRJyZ RGQRVL VL RVWDWHF]QLH GR NV]WDáWX L WUHFL
JRWRZHMMX* SUDF\
.RQVWUXNFMD
:D*QHMHVW]DGEDQLHRNRPSOHWQ\VSRLVW\ORJLF]QLHMDVQ\LNRPSOHNVRZ\
XNáDG NRQVWUXNFML SUDF\ :SUDZG]LH ]DGDQLH WR MHVW SU]HGPLRWHP ]DMü
VHPLQDU\MQ\FKWRMHGQDNRGSRZLHG]LDOQRü]DMHJRQDOH*\WHZ\NRQDQLHREFL*D
SLV]FHJRSUDF:VND]DQHWXZ\PDJDQLDáDWZLHMMHVWRF]\ZLFLH]UHDOL]RZDü
ZSUDFDFKRWHPDWDFKZVNLFKGRW\F]F\FKZPLDU V]F]HJyáRZ\FK]DJDGQLH
QL* ZWHPDWDFKRJyOQ\FKV]HURNLFK
8áR*HQLH NRQVWUXNFML SUDF\ PR*H E\ü ]DUyZQR HIHNWHP SRGMW\FK MX*
EDGD MDN WH* UH]XOWDWHP MHG\QLH XSU]HGQLHJR UR]H]QDQLD GHWHUPLQXMFHJR
GRSLHUR]DVLJNLHUXQNLLWUHü ]DPLHU]RQHMSUDF\.ZHVWLDWDUR]VWU]\JDQDMHVW
ZWRNXVHPLQDULXP:SUDNW\FHQDMF]FLHMREDWHVSRVRE\SRGHMFLDPLHV]DM
VL ]HVRE ]SRZRGXZHU\ILNDFMLG\NWRZDQHMGRVWSHPGR(UyGHáPDWHULDáyZ
OLWHUDWXU\ODERUDWRULyZPR*OLZRFLRUJDQL]DF\MQ\FKLWS
:ND*G\PUD]LHZ\EUDZV]\WHPDWSUDF\MHMDXWRUSU]\EXGRZLHFDáRFL
NRQVWUXNFMLPXVLSRVWDZLüZV]\VWNLHPR*OLZHS\WDQLDZ\EUDüWHQDNWyUHGDVL
RGSRZLHG]LHüLPLHüZLDGRPRüLQQ\FKMHV]F]HPR*OLZ\FKS\WD
.RQVWUXNFMD ORJLF]QLH VSRLVWD WR WDND Z NWyUHM NROHMQRü L WUHü SR
V]F]HJyOQ\FK UR]G]LDáyZ IRUPXáRZDQH V QLH ZHGáXJ QDJURPDG]RQHJR
PDWHULDáXDOHZHGáXJMHGQHMP\OLSU]HZRGQLHM WRMHVWNRQNUHWQLHR]QDF]RQHJR
FHOXEDGDZF]HJRLZUDPDFKRNUHORQHJRWHPDWHP]DJDGQLHQLD
7\WXá\ L RGSRZLDGDMFD LP WUHü UR]G]LDáyZ NROHMQR ] VLHELH Z\QLNDM
WZRU]F VSRLVW ZHZQWU]QLH L SR]EDZLRQ SU]\SDGNRZRFL FDáRü GDMF
PR*OLZRü SU]HFKRG]HQLD GR FRUD] EDUG]LHM SRJáELRQ\FK L V]F]HJyáRZ\FK
UR]ZD*DDQDVWSQLHGRHZHQWXDOQHMV\QWH]\F]\XRJyOQLHQLD
'RNáDGQRüUHODFML
'RNáDGQRü UHODFML RGQRVL VL WDN GR SU]HGVWDZLDQLD IDNWyZ MDN L
SRJOGyZ
: REV]DU]H IDNWyZ GDQ\FK (UyGáRZ\FK SU]HELHJX L HIHNWyZ
GRZLDGF]H LHNVSHU\PHQWyZZ\QLNyZ DQNLHWEH]SRUHGQLHMREVHUZDFMLLWS
ZD*QDMHVWQLHW\ONRFLVáRüZLFKUHODFMRQRZDQLXDOHWDN*HRNUHORQHSRGHMFLH
PHWRGRORJLF]QH EORNXMFH X]\VNDQLH Z\QLNyZ MHGQRVWURQQ\FK F]\ QDZHW
WHQGHQF\MQ\FK : ND*G\P ZDUV]WDFLH QDXNRZ\P L Z ND*GHM PHWRG]LH MHVW WR
MHGQR]SRGVWDZRZ\FKXZDUXQNRZD EDGDZF]\FK
: REV]DU]H SRJOGyZ FKRG]L R SUH]HQWDFM RELHNW\ZQ U]HWHOQ QLH
PDMF FKDUDNWHUXFHORZRZ\ELyUF]HMZ\UZDQHM]NRQWHNVWX6XPLHQQDUHODFMD
R]QDF]D *H QLHSRPLMD VL WDN*H W\FK RNROLF]QRFLNWyUH ZLDGF] SU]HFLZNR
V]F]HJyOQHPXF]\RJyOQHPXZ\QLNRZLSUDF\
:UHV]FLH RSLVPDWHULDáyZSRZLQLHQSR]ZDODüQDZ\UD(QHUR]Uy*QLHQLH
Z\QLNyZEDGD ZáDVQ\FKLFXG]\FKXVWDOH PDJLVWUDQWDLXVWDOH SU]HMW\FKRG
LQQ\FK DXWRUyZ FR PXVL ]QDOH(ü Z\UD] ZH ZáDFLZ\P UHGDNF\MQ\P
XIRUPRZDQLXSUDF\
6WRVXQHN GR FXG]\FK SRJOGyZ ]ZáDV]F]D ]QDQ\FK L X]QDQ\FK DXWR
U\WHWyZZLQLHQFHFKRZDüV]DFXQHNQDZHWJG\SLV]F\Z\UD(QLHVL ]QLPLQLH
]JDG]D
.U\W\ND GRSXV]F]DOQD MHVW ]DZV]H E\OHE\ E\áD SURZDG]RQD Z VSRVyE
ORJLF]QLH VSyMQ\ WM WDNL Z NWyU\P NRQWUDUJXPHQW\ WUDILDM Z DUJXPHQW\ D
NU\W\NXMF\NRQVHNZHQWQLHWU]\PDVL ]DáR*H WHUPLQRORJLF]Q\FKLSRMFLRZ\FK
RGSRZLHGQLR ]UHODFMRQRZDQ\FK ZREHF W\FK ]DáR*H NWyUH OHJá\ X SRGVWDZ
NU\W\NRZDQHJR VWDQRZLVND QLH LPSXWXMH DXWRURZL NZHVWLRQRZDQHJR SRJOGX
ZDUWRFL NWyUH ] WHJR SRJOGX QLH Z\QLNDM QLH WUDNWXMH MDNR XFK\ELH
DXWRUVNLFK W\FK XVWDOH NWyUH E\á\ X]DOH*QLRQH RG RJyOQHJR VWDQX ZLHG]\ Z
F]DVLHZNWyU\PSRJOGE\áSUH]HQWRZDQ\
:DUWR QD WHM NDQZLHSRGQLHü L* SRVWXODWHP GRNáDGQRFL UHODFML PR*QD
REMü UyZQLH* FDáRü UR]ZD*D PDJLVWHUVNLFK ZLG]LDQ\FK Z NRQWHNFLH
Z\PRJyZ NRQVHNZHQWQHJR SU]HVWU]HJDQLD SU]\MW\FK ]DáR*H GRVWDWHF]QHJR
RNUHOHQLD X*\ZDQ\FK SRMü NODURZQRFL WHUPLQRORJLF]QHM XQLNDQLD
]DJPDWZDQLD]QDF]HQLRZHJR]REWH* SRGUR]G]
:áDVQ\ZNáDGSUDF\
3R ]EDGDQLX NLONXG]LHVLFLX UHJXODPLQyZ VWXGLyZ RND]DáR VL L*
RNUHOHQLH Z\PRJyZ PHU\WRU\F]Q\FK VWDZLDQ\FK SUDF\ PDJLVWHUVNLHM
IRUPXáRZDQHMHVWSU]H]QLHOLF]QHW\ONRUHJXODPLQ\
1D SU]\NáDG Z UHJXODPLQLH VWXGLyZ 8QLZHUV\WHWX :URFáDZVNLHJR ]D
ZDUWD MHVW UHJXODFMD Z P\O NWyUHM Z SUDF\ PDJLVWHUVNLHM VWXGHQW SRZLQLHQ
Z\ND]DüXPLHMWQRüVWRVRZDQLDPHWRGVZRMHMVSHFMDOQRFL]QDMRPRü(UyGHáL
OLWHUDWXU\SU]HGPLRWXZ]DNUHVLHRSLV\ZDQHJRWHPDWXXPLHMWQRüZáDFLZHJR
VNRPSRQRZDQLD UR]SUDZ\ ORJLF]QHM DUJXPHQWDFML SUDZLGáRZHJR Z\FLJDQLD
ZQLRVNyZRUD]FLVáHJRIRUPXáRZDQLDVGyZ
:\UD(QD U]DGNRü XQRUPRZD Z ]DNUHVLH Z\PRJyZ PHU\WRU\F]Q\FK
R]QDF]DL* SHZQDF]üOXEFDáRüSRVWSRZDQLD]PLHU]DMFHJRGR]DSHZQLHQLD
ZáDFLZHMMDNRFLSUDF\PDJLVWHUVNLHMG\SORPRZHMSR]RVWDMHSR]DMDNNROZLHN
UHJXODFM SUDZQ ] Z\MWNLHP UHJXODFML ÄSODJLDWX´ L ]GDQD MHVW QD Z]RU\
SUDNW\F]QHNV]WDáWRZDQHSU]H]SURZDG]F\FKVHPLQDULD
: W\FK RNROLF]QRFLDFK QDMF]FLHM ZWSOLZRFL EXG]Lü PR*H ]DNUHV
ZáDVQHJRZNáDGXSUDF\F]\ FLOHMPyZLF WZyUF]HJRZ\VLáNXDXWRUD
: RGQLHVLHQLX GR SUDF PDJLVWHUVNLFK G\SORPRZ\FK Z\PyJ RZHJR
WZyUF]HJRZ\VLáNXMHVWZ]DVDG]LH]PLQLPDOL]RZDQ\1LHV WRZEUHZWHPXFR
VL SLV]H Z QLHNWyU\FK RSUDFRZDQLDFK GRW\F]F\FK SUDF PDJLVWHUVNLFK
RSUDFRZDQLDQDXNRZH$OHZáDVQ\ZNáDGSUDF\PXVLE\üZLGRF]Q\
3LV]F\ SUDF PDJLVWHUVN G\SORPRZ PXVL Z\ND]Dü VL RJyOQ
]QDMRPRFL G]LHG]LQ\ ZLHG]\] ]DNUHVX NWyUHM SLV]HSUDF ZáDFLZLHGREUDü
OLWHUDWXU(UyGáDPDWHULDá\LRGSRZLHGQLRMHZ\NRU]\VWDü
1LHZWSOLZLH ND*GD SUDFD PDJLVWHUVND MHVW Z PQLHMV]HM F]\ ZLNV]HM
F]FLXSRU]GNRZDQ\PZHGáXJRJyOQHJR]DP\VáXSU]HGVWDZLHQLHP Z\QLNyZ
XVWDOH F]\ RFHQ MX* LVWQLHMF\FK&KRG]L MHGQDN RWRE\ QLHPLDáDFKDUDNWHUX
NRPSLODF\MQHJR Z SHMRUDW\ZQ\P WHJR VáRZD ]QDF]HQLX 7DN ZLF MHM RFHQD
Z]URQLH JG\ DXWRU SRVWDUD VL R QRZH RSLV\ F]\ R QRZH LQWHUSUHWDFMH MX*
]QDQHJRPDWHULDáX1DWRPLDVW Z\UD(QLHSRGQRV] PHU\WRU\F]Q ZDUWRü SUDF\
EDGDQLD GRZLDGF]HQLD ZáDVQH VDPRG]LHOQH WH]\ VDPRG]LHOQH RFHQ\
SUH]HQWDFMHZáDVQHJRVWDQRZLVND
: V]F]HJyOQRFL ZDUWRü L RFHQ SUDF\ SRGQRVL NRU]\VWDQLH ]REV]HUQHM
OLWHUDWXU\QLHSXEOLNRZDQ\FKDNWXDOQ\FKPDWHULDáyZNUDMRZ\FKL]DJUDQLF]Q\FK
ZáDVQHWáXPDF]HQLHSUyEDSRUyZQDZF]HJRSU]HGVWDZLHQLDWHPDW\NLZQDXNDFK
KXPDQLVW\F]Q\FK Z\NRU]\VWDQLH WUXGQR GRVWSQ\FK (UyGHá RGSRZLHGQLR
GRSDVRZDQD ZDUVWZD HPSLU\F]QD SUDF\ Z G]LHG]LQDFK Z NWyU\FK MHVW WR
PR*OLZH L FHORZH Z\HNVSRQRZDQLH HOHPHQWyZ PHWRGRORJLF]Q\FK
2F]\ZLFLHNRQVWUXNFMDL WUHü SUDF\ PXV] E\ü]JRGQH ]MHM W\WXáHPFR MHVW
Z\PRJLHPNDUG\QDOQ\P
-HGQDN*H WU]RQHP ZáDVQHJR ZNáDGX SUDF\ MHVW SRU]GQH X]DVDGQLHQLH
SUH]HQWRZDQ\FK Z SUDF\ WZLHUG]H 1LHZWSOLZLH UHDOL]DFMD WHJR ]DGDQLD MHVW
áDWZLHMV]DGRRFHQ\ZPDWHPDW\FH QL* QSZPX]\FHSHGDJRJLFHF]\KLVWRULL
1LHPQLHMLWXLWXX]DVDGQLHQLHWRPR*HSU]HMDZLüVL ZMHGQHM]GZyFKSRVWDFL
0R*HZLFE\üDOERXSRU]GNRZDQ\PNRQFHSF\MQLHGREUDQLHPX]DVDGQLH MX*
LVWQLHMF\FK DOER ZáDVQ SURSR]\FM DXWRUD PDMF WZyUF]\ FKDUDNWHU :
ND*GHM]W\FK PR*OLZRFLNWyUHPRJ E\üZ\NRU]\VWDQHWDN*H áF]QLHFKRG]L
MHGQDN*HRWDNLHX]DVDGQLHQLHNWyUHMHVW]UR]XPLDáHQLHZWSOLZHLPR*OLZHGR
]DDNFHSWRZDQLDZGDQHMG]LHG]LQLHZLHG]\
5H*LPWHUPLQRORJLF]Q\
3RSUDZQH IRUPXáRZDQLH P\OL L UR]XPLHQLH WHNVWX ]DOH*\ PLQ RG
MDVQRFL X*\ZDQ\FK SRMü 1LH GRW\F]\ WR ZV]\VWNLFK DQL QDZHW ZLNV]RFL
SRMü]DZDUW\FKZRSUDFRZDQLX&KRG]LQDWRPLDVWRWDNLHNWyUHV SRGVWDZRZH
LZD*QHGODZ\EUDQHJRWHPDWX
&]\WHOQLN QLH PR*H PLHü *DGQ\FK ZWSOLZRFL *H F]\WD WR VDPR FR
QDSLVDá DXWRU 'ODWHJR WH* Z\PRJL ] ]DNUHVX UH*LPX WHUPLQRORJLF]QHJR
ZV]G]LH WDP JG]LH PRJ LVWQLHü MDNLHNROZLHN ZWSOLZRFL FR GR ]QDF]HQLD
X*\ZDQ\FKWHUPLQyZ]QDMGXM VL Z]DVDG]LHSR]DVIHU VZRERGQHJRZ\ERUX
,QDF]HMPyZLFPXV] E\üSU]H]SLV]F\FKSUDF VSHáQLRQH
3RSLHUZV]H SRMFLDSRGVWDZRZHLZD*QHGODWHPDWXRSUDFRZDQLDQDOH*\
Z\F]HUSXMFRZ\MDQLü0R*QDSU]\ W\P SRGDüGHILQLFM HQF\NORSHG\F]Q OXE
SRFKRG]F ]LQQHJR(UyGáDQSOLWHUDWXU\
3R GUXJLH Z SU]\SDGNX HZHQWXDOQHM ZLHOR]QDF]QRFL X*\ZDQ\FK Z
SUDF\SRMüQDOH*\MHRPyZLüLFLOHSU]HVWU]HJDüNRQVHNZHQFMLWHJRRSLVX
3RWU]HFLH WU]HEDGRNáDGQLHZ\MDQLüWHUPLQ\QRZHSURSRQRZDQHSU]H]
SLV]FHJRSUDF
5HVSHNWRZDQLH W\FK Z\PDJD ]DSRELHJD HZHQWXDOQ\P QLHSRUR]XPLH
QLRP QDWXU\ PHU\WRU\F]QHM F]\ ZUF] ÄEHáNRWRZL´ WHUPLQRORJLF]QHPX %UDN
GEDáRFLZW\PZ]JOG]LHF]\QLSUDF PDáRF]\WHOQ
:\PRJLM]\NRZH
1LHPDLFK ZLHOHDOHOHNWXUDSUDFPDJLVWHUVNLFKSR]ZDODQDNRQVWDWDFM
*H QDOH* RQH GR QDMWUXGQLHMV]\FK 1LHVWHW\ ] Z\MWNLHP PR*H NLHUXQNyZ
ILORORJLF]Q\FK PDáR MHVW RND]ML GR SLVDQLDZ WRNX VWXGLyZ 7RWH* RND]XMH VL
QDMF]FLHMRF]\PGRVNRQDOHZLHG] SURZDG]F\VHPLQDULD*HSLV]F\PDM
F]VWRSRGVWDZRZH NáRSRW\]HVW\OHPDQDZHW]JUDPDW\N LRUWRJUDIL
%\üPR*H MHVWWR PLQUHIOHNVWHJR*HQD]DMFLDFK ]E\WU]DGNR]ZUDFD
VL XZDJ QD SRSUDZQH IRUPXáRZDQLH Z\SRZLHG]L QD Z\PRZ L EáG\
JUDPDW\F]QH:SUDZG]LHM]\NSLVDQ\SRGOHJDQLHFRLQQ\PUHJXáRPWRMHGQDN
SRVáXJLZDQLHVL QD FR G]LH SRSUDZQ SROV]F]\]Q VZRERGQH IRUPXáRZDQLH
P\OLLERJDW\]DVyEVáyZQLHZWSOLZLHXáDWZLDM SU]HEUQLFLHSU]H]WHNáRSRW\
2F]\ZLFLH SURZDG]F\ VHPLQDULD SRSUDZLDM WHNVW\ ]DQLP X]\VNDM
RQHRVWDWHF]Q\NV]WDáWDOH]GDU]DVL*HWU]HEDE\QDSLVDüFDá SUDF QDQRZR
F]HJR MX* QLNW SR]D DXWRUHP ]URELü QLH PR*H L QLH SRZLQLHQ &\WRZDQLH
GX*\FKIUDJPHQWyZFXG]\FKSUDFQLHZ\QLNDQDMF]FLHM]QLHFKFLGRSRGMFLD
ZáDVQHJR Z\VLáNX DOH ] WUXGQRFL Z SU]HGVWDZLDQLX W\FK WHNVWyZ ZáDVQ\PL
VáRZDPL
7\PF]DVHP SUDFDQLHPR*HVNáDGDüVL ] VDP\FK W\ONRF\WDWyZ7U]HED
]DWHP SRGHMPRZDü SUyE\ SLVDQLD QLHGX*\FK QD SRF]WNX WHNVWyZ QS
IUDJPHQWyZ UR]G]LDáyZ F]\ SRGUR]G]LDáyZ NWyUH SR NROHMQ\FK SRSUDZNDFK
PR*QD ZáF]Dü GR FDáRFL .D*GH ZLNV]H RSUDFRZDQLH URG]L VL VWRSQLRZR
:DUWR ZLF PR*H ]ZUyFLü XZDJ *H RNUHV XF]V]F]DQLD QD VHPLQDULD QLH
SRZLQLHQ E\ü Z\SHáQLRQ\ Z\áF]QLH ]ELHUDQLHP PDWHULDáyZ SURZDG]HQLHP
EDGD QS DQNLHWRZ\FK L XF]HVWQLFWZHP Z G\VNXVMDFK -HVW WR MHGQRF]HQLH
F]DVZáDQLHQDWRE\SUyERZDüSLVDüSU]\PLHU]DüVL GRSLHUZV]\FKZáDVQ\FK
WHNVWyZ
=GDU]DVL*HGX*\Z\VLáHNDXWRUDZáR*RQ\Z]HEUDQLHERJDWHMOLWHUDWXU\
F]DVHPRJURPQD LQZHQFMDZSRV]XNLZDQLXFLHNDZ\FK(UyGHáF]\SURZDG]HQLX
ZáDVQ\FK EDGD ]RVWDM SR F]FL SU]\QDMPQLHM ]PDUQRZDQH SU]H] ZLGRF]Q
QLHSRUDGQRüZSLVDQLX
6\WXDFMH RGZURWQH GR RSLVDQ\FK WR WDNLH NLHG\ VW\O Z\UD(QLH SU]HUDVWD
SU]HND]\ZDQHWUHFL,QDF]HM PyZLF SU]HURVWIRUP\ QDGWUHFL MHVWUyZQLH*
QLHGREU\ 0R*OLZLH NUyWNLH ]GDQLD XQLNDQLH NZLHFLVWHJR M]\ND
EH]SUHWHQVMRQDOQRü WR]DVDG\R NWyU\FK ZDUWR SU]\ SLVDQLXSDPLWDü7HNVW
SRZLQLHQ E\ü SU]HMU]\VW\ L NRPXQLNDW\ZQ\ 3U]HV]NDG]D WHPX ]DUyZQR
UR]ZOHNáRüZIRUPXáRZDQLXP\OLMDNL]DGX*D]ZL]áRü
:V]HONLHZWSOLZRFL FR GR JUDPDW\NL L RUWRJUDILL Z\PDJDM VLJQLFLD
GRVáRZQLNyZ
5R]G]LDá,,,
2JyOQHGDQHREXGRZLHSUDF\PDJLVWHUVNLHM
2JyOQH]DVDG\UHGDNFMLSUDF\PDJLVWHUVNLHM
1LH PD SRZRGyZ E\ GOD SUDF PDJLVWHUVNLFK IRUPXáRZDü LQQH ]DVDG\
UHGDNFML QL* GOD NVL*HN Z GREU\FK Z\GDZQLFWZDFK 1DWRPLDVW PR*OLZH
XVWSVWZD V WX Z\PXV]RQH MHG\QLH RJUDQLF]RQ\PL PR*OLZRFLDPL WHFKQL
F]Q\PL=DVLJ W\FK XVWSVWZ PR*QD G]L ]Z*Dü SU]H]NRU]\VWDQLH ]HVNáDGX
NRPSXWHURZHJR
:SUDZG]LH SRV]F]HJyOQH Z\GDZQLFWZD PDM QLHU]DGNR ]Uy*QLFRZDQH
Z\PRJL WR MHGQDN SRG NRQWURO NLHUXMFHJR SUDF PR*QD Z\EUDü UHJXá\
QDMOHSLHMRGSRZLDGDMFHPDWHULL]]DNUHVXNWyUHMSLVDQDMHVWSUDFDPDJLVWHUVND
=DZV]H L FLJOH LG]LH W\ONR R WR E\ SU]\MWH SU]H] SLV]FHJR U\JRU\
SU]HVWU]HJDQHE\á\NRQVHNZHQWQLHZFDáHMSUDF\LE\QLHRGELHJDá\RGU\JRUyZ
QDMVXURZV]\FK
5R]PLDU\LZ\PLDU\SUDF\PDJLVWHUVNLHM
5R]PLDUyZ SUDF\ PDJLVWHUVNLHM QLH QRUPXM *DGQH UHJXá\ SR]D
Z\PRJLHP GREUHJR L NRPSOHWQHJR RSUDFRZDQLD WHPDWX 1LH LVWQLHMH WH*
MDNDNROZLHNUHJODPHQWDFMDF]\UHJXODFMDSUDZQDZW\PZ]JOG]LH-HVWMHGQDN
]UR]XPLDáH*HSUDFD]KLVWRULLF]\HNRQRPLLPR*HOLF]\üQDZHWNLONDVHWVWURQD
SUDFD]PDWHPDW\NLW\ONRNLOND2SLVUR]PLDUyZ]EDGDQ\FKSUDFPDJLVWHUVNLFK
WDN*HQLHGDWXZVND]yZNLRZDUWRFL XQLZHUVDOQHMFKRüQDOH*\SRGNUHOLüL*
SUDFHSU]HNUDF]DMFHVWRVWURQPDV]\QRSLVXV GRV\üF]VWH
=D]Z\F]DMSUDF PDJLVWHUVN SLV]HVL SR]DSU]\SDGNDPLZ\PDJDMF\PL
ZLNV]\FK IRUPDWyZ QS GOD SRWU]HE NDUWRJUDILF]Q\FK F]\ JHRGH]\MQ\FK QD
SDSLHU]HRIRUPDFLHQRV]F\PQD]Z $
)RUPDW$ MHVW]QRUPDOL]RZDQ\Z
VNDOL PLG]\QDURGRZHM D SDSLHU R W\P IRUPDFLH SRZV]HFKQLH GRVWSQ\ Z
VSU]HGD*\
6WURQDW\WXáRZD
6WURQD W\WXáRZD PR*H E\ü RF]\ZLFLH XIRUPRZDQD ZHGOH SUHIHUHQFML
SURZDG]FHJR SUDF QLHPQLHM ZLQQD ]DZLHUDü SHZQH GDQH R FKDUDNWHU]H
REOLJDWRU\MQ\PGRNWyU\FK]DOLF]DVL SRZV]HFKQLH
R]QDF]HQLH XF]HOQL Z\G]LDáX NLHUXQNX VWXGLyZ QD]Z\ MHGQRVWNL
)RUPDWWHQ PDMF\]QRUPDOL]RZDQH Z\PLDU\ PP[ PPX]\VNXMH VL SU]H]F]WHURNURWQH]áR *HQLD
DUNXV]DRNOPSDSLHUXRW]Z SRGVWDZRZ\PZ\PLDU]HGODV]HUHJX$WMRZ\PLDU]HPP [ PP
RUJDQL]DF\MQHMXF]HOQLZNWyUHMSLVDQDMHVWSUDFD
LPL LQD]ZLVNRDXWRUDSUDF\
W\WXáSUDF\
R]QDF]HQLHRVRE\SRGNLHURZQLFWZHPNWyUHMSLVDQDMHVWSUDFD
R]QDF]HQLHVLHG]LE\XF]HOQLLURNXQDSLVDQLDSUDF\
:VND]DQH WX HOHPHQW\ VNáDGRZH VWURQ\ V QLH]EGQH DOH WH* V
Z\VWDUF]DMFH3U]\NáDGGREU]HVNRQVWUXRZDQHMNDUW\W\WXáRZHM]QDMGXMHVL QD
VVLHGQLHMVWURQLH
'UREQ\PLZSUDZG]LH DOHMHGQDN EáGDPLRUWRJUDILF]Q\PLV ]D]Z\F]DM
QLHWUDIQLH SLVDQH VNUyW\ RG Z\UD]X GRNWRU SLV]F\P PR*H SR]D SUDFDPL
ILORORJLF]Q\PLWUXGQR]UR]XPLHü L* GU MDNR VNUyWRG Z\UD]X GRNWRU SLV]HVL
EH] NURSNL GOD R]QDF]HQLD SLHUZV]HJR SU]\SDGND OLF]E\ SRMHG\QF]HM Z\UD]X
VNUDFDQHJR 8FK\ELHQLD WH ]GDU]DM VL QLHVWHW\ UyZQLH* L Z NVL*NDFK
QDXNRZ\FK $ ]DF]\QDü QD SLHUZV]HM VWURQLH RG EáGX RUWRJUDILF]QHJR QLH
Z\SDGD 7DN ZLF RGSRZLHGQLR VNUyFRQH ]GDQLH SUDFD QDSLVDQD SRG
NLHURZQLFWZHP SURIHVRUD GRNWRUD KDELOLWRZDQHJR &H]DUHJR -y]HILDND PR*H
PLHüW\ONRGZLHSRSUDZQHSRVWDFLH
3UDFDQDSLVDQDSRGNLHURZQLFWZHPSURIGUKDELO&H]DUHJR-y]HILDND
3UDFDQDSLVDQDSRGNLHURZQLFWZHPSURIGUDKDELO&H]DUHJR-y]HILDND
DOH
3UDFDQDSLVDQD SRGNLHURZQLFWZHPGU(O*ELHW\1RZDN)HUGKXV
:UHV]FLH QDOH*\ SDPLWDü *H W\WXá\ L LQQH GDQH QLH VWDQRZLFH VNUyWyZ QD
NDUFLHW\WXáRZHMQLHV ]DNRF]DQHNURSN
3UDZLH ZV]\VWNLH ]EDGDQH SUDFH SLVDQH V SRG NLHUXQNLHP D QLH SRG
NLHURZQLFWZHP 1LH Z\QLND VWG MHGQDN *DGQH ZVND]DQLH SRQLHZD* RE\GZD
VIRUPXáRZDQLDV SRSUDZQH
8QLZHUV\WHW:URFáDZVNL
:\G]LDá3UDZDL$GPLQLVWUDFML
=DRF]QH6WXGLD$GPLQLVWUDFML
,QVW\WXW1DXN$GPLQLVWUDF\MQ\FK
=DNáDG3UDZD$GPLQLVWUDF\MQHJR
0DULD:RMWXFLV]\Q
6\WXDFMDSUDZQDEH]URERWQHJRZODWDFK
3UDFDPDJLVWHUVND
QDSLVDQDSRGNLHURZQLFWZHP
SURIGUDKDE-DQD%RFLD
:URFáDZ
.ROHMQRüVWURQLPLHMVFHLFKR]QDF]HQLD
: SUDFDFK PDJLVWHUVNLFK VWURQ\ QXPHUXMHP\ NROHMQR RG SLHUZV]HM GR
RVWDWQLHM SU]\ F]\P ]D SLHUZV] VWURQ X]QDMHP\ NDUW W\WXáRZ QLH EGF
RNáDGN 6SRVyE NRPELQRZDQ\ R]QDF]DQLD VWURQ VSRW\NDQ\ QLHNLHG\ Z
NVL*NDFKLSROHJDMF\QDáF]HQLX]MDNLFK SRZRGyZLQQRFLPDWHULLWUDG\FML
Z\GDZQLF]\FK SRWU]HE WHFKQLF]Q\FK QDMSLHUZ QXPHUDFML U]\PVNLHM , ,, ,,,
LWG D SRWHP DUDEVNLHM LWG QLH SRZLQLHQ E\ü Z ]DVDG]LH ]DOHFDQ\
SLV]F\PSUDFHPDJLVWHUVNLH
6SRW\NDQH V Z Z\GDZQLFWZDFK NVL*NRZ\FK SR]D VSHFMDOQ\PL HG\
FMDPL W\ONR F]WHU\ PLHMVFD R]QDF]DQLD VWURQ\ QD URGNX QD JyU]H VWURQ\ QD
URGNXQDGROHVWURQ\ZSUDZ\PJyUQ\PURJXVWURQ\LZSUDZ\PGROQ\PURJX
VWURQ\ 1LHNWyUH ] R]QDF]H QRV] FHFK\ R]GREQRFL OXE V VSHFMDOQLH
NRPSRQRZDQH F]DVHP ] XZ]JOGQLHQLHP *\ZHM SDJLQ\ F]\ GRGDWNRZHJR
RNUHOHQLDZ RVREQ\P ZLHUV]X X JyU\ WUHFLVWURQ\W\WXáXSUDF\OXEUR]G]LDáX
F]\LPLHQLDLQD]ZLVNDDXWRUDWRGRGDWNRZHRNUHOHQLH]GDU]DVL F]DVDPLLZ
SUDFDFK PDJLVWHUVNLFK 'OD SUDF PDJLVWHUVNLFK ] SRZRGX SU]\SLVyZ
]QDMGXMF\FK VL QD GROHVWURQ\ QDMEDUG]LHMZLGRF]QHV R]QDF]HQLD QD JyU]H
VWURQ\ 6WURQ\ R]QDF]DP\ VDP\PL F\IUDPL EH] MDNLFKNROZLHN GRGDWNRZ\FK
]QDNyZ 2]QDF]HQLH QXPHURZDQH Z SUDZ\P JyUQ\P URJX QLH SRZLQQR
Z\VWDZDüSR]DSUDZ\PDUJLQHVNROXPQ\
6WURQDQDNWyUHM]DF]\QDVL QRZ\UR]G]LDá]SRZRGyZHVWHW\F]Q\FKQLH
PXVLE\üQXPHURZDQDFK\ED*HQXPHUDFMD]QDMGXMHVL QDGROHVWURQ\
0LHMVFHLEXGRZDVSLVXWUHFL
1DMOHSV]\P PLHMVFHP GOD VSLVX WUHFL Z SUDF\ PDJLVWHUVNLHM MHVW GUXJD
VWURQD SUDF\ WR ]QDF]\ GUXJD NDUWND SUDF\ 'REU\P PLHMVFHP MHVW WH* VDP
NRQLHF SUDF\ = PLHMVFHP QLHGREU\P PDP\ GR F]\QLHQLD ZWHG\ JG\ QLH
PR*HP\JR]QDOH(ü
0HU\WRU\F]QD EXGRZD VSLVX WUHFL ]DOH*\ RF]\ZLFLH RG SLV]FHJR L
NLHUXMFHJR SUDF WRWH* FKRG]L WX MHG\QLH R IRUPDOQ\ XNáDG VSLVX 3RGVWD
ZRZ\P NRUSXVHP VSLVX V UR]G]LDá\ ,FK LORü PR*H E\üGRZROQD L PR*H VL
NV]WDáWRZDü Z ]DOH*QRFL RG V]F]HJyáRZHJR SRG]LDáX SU]HGPLRWX F]\
V]F]HJyáRZHJRSRU]GNXSU]HVáDQHNEDGDQLDOXERSLV\ZDQLD
6SLVWUHFLPXVL E\üNRPSOHWQ\WR]QDF]\*HPD]DZLHUDüLQIRUPDFM R
ZV]\VWNLFKVNáDGRZ\FKHOHPHQWDFKSUDF\:SUDF\PDJLVWHUVNLHMGRHOHPHQWyZ
W\FKQDOH* SR]DUR]G]LDáDPL
:VWS:SURZDG]HQLH
=DNRF]HQLH:QLRVNL
:\ND]F\WRZDQ\FK(UyGHáQS:\ND](UyGHáSUDZD
:\ND]F\WRZDQHMOLWHUDWXU\:\ND]F\WRZDQ\FKSXEOLNDFML
:\ND]LQQ\FKPDWHULDáyZ
:SURZDG]HQLH:VWSPR*HE\üREMWHUDPDPLUR]G]LDáXQS
5R]G]LDá,:VWS
5R]G]LDá,,
5R]G]LDá,,,
2WRSUDNW\F]Q\SU]\NáDGZáF]HQLDZVWSXGRUR]G]LDáX
6SLVWUHFL
5R]G]LDá , :VWS
O
5R]G]LDá,,2SLVLDQDOL]DVWDá\FK]ZL]NyZIUD]HRORJLF]Q\FK
5R]G]LDá,,,6]DEORQPHWDIRU\NLQDJáyZNyZ
5R]G]LDá,9$QDOL]DVHPDQW\F]QDPHWRQLPLL
5R]G]LDá9=MDZLVNRSROLVHPLLLDQLPL]DFML
5R]G]LDá9,7\WXáZW\WXOHMDNRMHGHQ]HURGNyZVW\OLVW\F]Q\FK
5R]G]LDá9,,&\WDWZ W\WXOH
5R]G]LDá9,,,6W\OL]DFMH M]\NRZH
5R]G]LDá,;1DJáyZNRZH]DEDZ\M]\NRZH
5R]G]LDá;,QQHURGNLVW\OLVW\F]QH
5R]G]LDá;,=DNRF]HQLH
3RQLHZD* QLHNWyU]\ DXWRU]\ QLH ]DOLF]DM ZVWSX GR NRQVWUXNFML
UR]G]LDáyZZDUWRSU]\SRPQLHüL* QLH]DOH*QLHRGWHJRZ\Uy*QLHQLHZVWSXMHVW
Z\Uy*QLHQLHPQDVWRSQLXUR]G]LDáXQS
:VWS
5R]G]LDá,
5R]G]LDá,,
.D*GH Z\Uy*QLHQLH Z VSLVLH WUHFL ZLQQR E\ü R]QDNRZDQH VWURQ 2WR LQQ\
SU]\NáDGSRSUDZQLHQDSLVDQHJRVSLVXWUHFL
6SLVWUHFL
5R]G]LDá,
:VWS
5R]G]LDá,,*HQH]DLUR]ZyMXEH]SLHF]H NRPXQLNDF\MQ\FK
*HQH]DXEH]SLHF]H JRVSRGDUF]\FK
+LVWRULDXEH]SLHF]H NRPXQLNDF\MQ\FK
5R]ZyMXEH]SLHF]H NRPXQLNDF\MQ\FK QD]LHPLDFKSROVNLFK
3RZVWDQLHLUR]ZyMRUJDQL]DFMLXEH]SLHF]HQLRZ\FKZ3ROVFH
5R]G]LDá,,,3RMFLHLURG]DMHXEH]SLHF]H NRPXQLNDF\MQ\FK
3RMFLHXEH]SLHF]HQLD]SXQNWXZLG]HQLDJRVSRGDUF]HJR
8EH]SLHF]HQLHMDNRSRMFLHSUDZQH
5RG]DMHXEH]SLHF]H NRPXQLNDF\MQ\FK
D3RG]LDáZHGáXJ SU]HGPLRWXXEH]SLHF]HQLD
E3RG]LDáZHGáXJVWDWXVXSUDZQHJRXEH]SLHF]\FLHOD
F3RG]LDáZHGáXJVSRVREXSRZVWDQLDVWRVXQNXXEH]SLHF]HQLRZHJR
5R]G]LDá9,,,=DNRF]HQLH
:\ND]F\WRZDQHMOLWHUDWXU\
:\ND](UyGHáSUDZD
:\ND]LQQ\FKPDWHULDáyZ
8ZDJD : VSLVLH WUHFL PXV] E\ü RG]ZLHUFLHGORQH ZV]\VWNLH SRGW\WXá\
UyGW\WXá\Z\RGUEQLRQHZWHNFLHSRGVWDZRZ\P
:VWS
3LHUZV]H SRGHMFLH GR WHPDWX MHVW QD RJyá GRü PJOLVW\P L EDUG]R
RJyOQ\P ]DP\VáHP 'RSLHUR Z F]DVLH SU]HP\OH ]ELHUDQLD OLWHUDWXU\
PDWHULDáyZ GRNRQ\ZDQLD GRZLDGF]H D WDN*H SLVDQLD Z\áDQLD VL FRUD]
EDUG]LHMNRQNUHWQ\REUD]FDáRFL3LHUZV]\SODQSUDF\PR*HXOHFLQDRJyáXOHJD
]PLDQRP'RFKRG] ]DJDGQLHQLDV]F]HJyáRZHNWyUHWU]HEDZáF]\ü ]LQQ\FK
RND]XMHVL ZDUWR]UH]\JQRZDü:F]DVLHSLVDQLDGRMU]HZDWHPDW LGRMU]HZD
DXWRUMHVWWRERZLHPSURVWDNRQVHNZHQFMDXF]HQLDVL:HIHNFLHPR*OLZHVWDMH
VL IRUPXáRZDQLHZQLRVNyZLSUH]HQWDFMDZáDVQHJRVWDQRZLVND7DNLHMZáDQLH
GRMU]DáRFLZ\PDJDQDSLVDQLHZVWSXNWyU\ QDZHWJG\MHVWRJyOQ\ PXVLE\ü
IRUPXáRZDQ\]ZLHG] RV]F]HJyáDFK7RWH* ]Z\NOHZVWSSLVDQ\MHVWQDNRFX
'R QDMZD*QLHMV]\FK HOHPHQWyZ ZVWSX NWyUH GD VL Z\RGUEQLü Z
SUDFDFKPDJLVWHUVNLFK]DOLF]\üPR*QD
SU]HGVWDZLHQLH PRW\ZDFML SRGMFLD WHPDWX WR MHVW RNROLF]QRFL L SU]\F]\Q
]DLQWHUHVRZDQLDVL WHPDWHP
Z\RGUEQLHQLHSU]HGPLRWXEDGDQLDQLH]DOH*QLHRGWHJR]MDNLHJRREV]DUXL]
]DNUHVX MDNLHM QDXNL MHVW Z\EUDQ\ WHPDW FLVáH Z\RGUEQLHQLH SU]HGPLRWX
SR]QDQLD MHVW QLH]EGQH SR SLHUZV]H SR WR E\ Z\]QDF]\ü FH]XU ] LQQ\PL
SU]HGPLRWDPLDSRZWyUH E\Z\W\F]\üSROHL]DVLJUR]ZD*DNWyUHZVWSQLH
QLHPXV] E\üNRQLHF]QLHX]DOH*QLRQHRGGRW\FKF]DVRZ\FKXVWDOH QDXNLZREHF
Z\EUDQHM PDWHULL FKRü GOD ZLNV]RFL SUDF PDJLVWHUVNLFK MHVW WR XZDJD E\ü
PR*H]DGDOHNRLGFD
SU]HGVWDZLHQLH V]F]HJyáRZHJR L RJyOQHJR ]QDF]HQLD Z\EUDQHJR WHPDWX
F]DVDPLMHVWWRZD*QDRNROLF]QRüPDMFDUyZQLH* ]QDF]HQLHSUDNW\F]QH
SRF]\QLHQLH SRF]WNRZ\FK XVWDOH WHUPLQRORJLF]Q\FK MHOL ]DFKRG]L WDND
SRWU]HED
RNUHOHQLHFKDUDNWHUXLURG]DMX(UyGHá]NWyU\FKNRU]\VWDQR
R]QDF]HQLHLZ\MDQLHQLHFHOXSUDF\
RSLVPHWRGNWyUHDXWRUVWRVRZDáMHVWWRGRV\üXQLZHUVDOQ\IUDJPHQWZVWSX
XQLH]DOH*QLRQ\ RG IDNWX *H ND*GD G\VF\SOLQD NRU]\VWD ] PHWRG LQQ\FK
RVREQ\FKF]VWRVZRLVW\FK
RSLV ]DPLHU]RQHJR SRVWSRZDQLD VNRUHORZDQ\ HZHQWXDOQLH ] SU]\MW\P
SRG]LDáHP QD UR]G]LDá\ F]\ F]FL GRNRQDQ\ Z NRQWHNFLH VSRG]LHZDQ\FK
Z\QLNyZ
8ZDJD : ]DOH*QRFL RG G\VF\SOLQ\ QDXNRZHM ] ]DNUHVX NWyUHM SLVDQD MHVW
SUDFDPR*HQDVWSLüRGSRZLHGQLHSU]HPLHV]F]HQLHDNFHQWyZZ\Uy*QLRQ\FKWX
HOHPHQWyZZVWSX
3RG]LDáQDUR]G]LDá\
$8ZDJLRJyOQH
3RGVWDZRZ MHGQRVWN VNáDGRZ SUDF\ PDJLVWHUVNLHM SLVDQHM MHVW
UR]G]LDá:SUDZG]LHQLH]DZV]HZ]EDGDQ\FKSUDFDFKUR]G]LDá QD]ZDQ\ MHVW
UR]G]LDáHPWRMHGQDN]DZV]HMHVWZ\G]LHORQ\
7UXGQR XVWDOLü XQLZHUVDOQ\ VSRVyE SRG]LDáX QD UR]G]LDá\ .D*GD G]LH
G]LQD PD WX VZRMH PLDU\ SRVWSRZDQLD D ND*GD PDWHULD L ND*G\ ]DP\Vá
Z\PDJDM LQG\ZLGXDOQHJR SRGHMFLD VWRVRZDQLD LQQ\FK NU\WHULyZ L LQQ\FK
SáDV]F]\]Q RJOGX 0R*QD QDWRPLDVW RNUHOLü RJyOQH IXQNFMH SRG]LDáX QD
UR]G]LDá\F]FL
3R SLHUZV]H UR]G]LDá\ PDM REUD]RZDü SRG]LDá WUHFL SUDF\ F]\ WH*
RVWDWHF]QHLV]F]HJyáRZHXSRU]GNRZDQLHWHMWUHFL
3RGUXJLHSRG]LDáQDUR]G]LDá\PDE\üSU]HMU]\VW\ORJLF]QLHVSyMQ\QLH
GDMF\PR*OLZRFLQLH]DPLHU]RQ\PSRZWyU]HQLRP
3RWU]HFLHZ\Uy*QLRQHUR]G]LDá\SRGUR]G]LDá\RG]ZLHUFLHGODMFZ\RG
UEQLHQLH ]DJDGQLH V]F]HJyáRZ\FK PDM GDZDü PR*OLZRü EDGDZF]HJR
SyMFLDZJáEPDWHULL
3R F]ZDUWH QD]Z\ UR]G]LDáyZ ZLQQ\ ]DUD]HP GDZDü LQIRUPDFMH R
PHWRG]LH EDGDZF]HM HNVSHU\PHQW\ GRZLDGF]HQLD EDGDQLH SUDNW\NL LQQH
PHWRG\HPSLU\F]QH
8ZDJD3RG]LDáQDUR]G]LDá\F]FLSRGUR]G]LDá\MHVWSUDF WZyUF]
%:\PRJLZHZQWU]QHJRSRG]LDáXUR]G]LDáyZ
3RGVWDZRZ\P SRG]LDáHP SUDF\ PDJLVWHUVNLHM MHVW SRG]LDá QD UR]G]LDá\
&]DVDPL Z V]F]HJyOQ\FK V\WXDFMDFK VWRVXMH VL SLHUZRWQ\ SRG]LDá QD F]FL
:V]\VWNLH UR]G]LDá\ PXV] VL G]LHOLü ZHZQWU]QLH ZHGáXJ MHGQHJR Z]RUX ]
GZRPDW\ONR]DVWU]H*HQLDPL3R SLHUZV]H PRJ Z SUDF\ PDJLVWHUVNLHM LQQHM
]QDMGRZDüVL UR]G]LDá\UR]G]LDáNWyUHZRJyOHQLHG]LHO VL ZHZQWU]QLHL
SR GUXJLH PRJ ]QDMGRZDü VL UR]G]LDá\ NWyU\FK SRG]LDá ZHZQWU]Q\ MHOL
FKRG]LRLORüMHJRVWRSQLMHVWNUyWV]\
5R]G]LDáVLyGP\6)(5<,1*(5(1&-,$'0,1,675$&-,
5R]G]LDáyVP\672681.,$'0,1,675$&<-1235$:1(,
6<78$&-( $'0,1,675$&<-1235$:1(
,3RMFLHVWRVXQNXDGPLQLVWUDF\MQRSUDZQHJR
,,3RMFLHV\WXDFMLDGPLQLVWUDF\MQRSUDZQHM
,,,5RG]DMHVWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK
,95RG]DMHV\WXDFMLDGPLQLVWUDF\MQRSUDZQ\FK
96SRVRE\SRZVWDZDQLDV\WXDFMLDGPLQLVWUDF\MQRSUDZQ\FKL
QDZL]\ZDQLDVWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK
5R]G]LDáG]LHZLW\.21752/$35$:1$$'0,1,675$&-,
,3RMFLHL]DVLJNRQWUROL
,,3RG]LDá\NRQWUROL
.RQWURODSDUODPHQWDUQD
$.RQWURODVHMPRZD
%.RQWURODVHQDFND
.RQWURODSDVWZRZD1,.
.RQWURODVGRZD
$6GRZDNRQWURODGHF\]MLDGPLQLVWUDF\MQ\FK
.RQWUROD EH]SRUHGQLD
D%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]
VGF\ZLOQ\
E%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]
VG XEH]SLHF]H VSRáHF]Q\FK
F%H]SRUHGQLDNRQWURODGRNRQ\ZDQDSU]H]
VGNDUQ\
2]QDF]HQLHNROHMQ\FKVWRSQLSRG]LDáXUR]G]LDáX]DOH*\RGRVRELVW\FKSUHIHUHQFML
LSU]\]Z\F]DMH NLHUXMFHJRSLVDQLHPSUDF\LDXWRUDSUDF\8*\ZDQHQDND*G\P
VWRSQLXSRG]LDáX]QDNLQS
5R]G]LDá,=DU\V
2NUHV
$6]F]HJyOQH
QLH PRJ VL SRZWDU]Dü Z UDPDFK MHGQHJR UR]G]LDáX : FHOX ]D]QDF]HQLD
NROHMQRFL G]LHOHQLD PDWHULL EDUG]R ZD*QH VWDM VL SRU]GQLH ]D]QDF]RQH
NROHMQHZFLFLDOLQL áDPDQLGF ZSUDZRZGyá
6SRW\ND VL QLHNLHG\ QLHVWHW\ QLH ]DZV]H F]\WHOQH SRG]LDá\ ZHGáXJ VNDOL
F\IURZHMQS
5R]G]LDá
$RWRLQQHZ]LWH]NVL*NLR]QDF]HQLHSRGUR]G]LDáX
=DJV]F]RQHPHWDOL]RZDQHPLHV]DQLQ\]DSDODMFH
)XQNFMD WHJR R]QDF]HQLD MHVW SHZQLH SRU]GNXMFD DOH GRSUDZG\ WUXGQR MHVW
GRV]XNDüVL Z QLHMLQIRUPDFML
'DMP\ ZLF
F]\WHOQ\
SU]\NáDG
SRGREQHJR
XMFLD MDNNROZLHN
QLHNRQVHNZHQWQHJRSRQLHZD* ZVWSR]QDF]RQ\MHVWF\IU U]\PVN ,
6SLVWUHFL
:VWS
2JyOQDFKDUDNWHU\VW\NDPHWRGL]DNUHVXVSHNWURVNRSLL
PROHNXODUQHM
5RG]DMHVSHNWURVNRSLL
:LGPDDEVRUEF\MQH
:LGPDHPLV\MQH
:LGPDUDPDQRZVNLH
(IHNW\RGG]LDá\ZDQLDSURPLHQLRZDQLD
HOHNWURPDJQHW\F]QHJR]PROHNXáDPL
5RG]DMHVSHNWURVNRSLLQDMF]FLHMZ\NRU]\VW\ZDQH
ZEDGDQLDFKFKHPLF]Q\FK
6SHNWURVNRSLDPDVRZD
6SHNWURVNRSLDZSRGF]HUZLHQL
6SHNWURVNRSLDPDJQHW\F]QHJRUH]RQDQVX
MGURZHJR105
6SHNWURVNRSLD899LV
3DUDPHWU\SDVPDVSHNWUDOQHJR
:V]\VWNLH UR]G]LDá\ Z SUDF\ PXV] VL G]LHOLü Z SU]\SDGNX JG\ VL
G]LHO ZHGáXJ W\FK VDP\FK NU\WHULyZ L WDNLFK VDP\FK R]QDF]H -HOL ]DWHP
MHGHQ]UR]G]LDáyZG]LHOLVL QDWU]\SRGUR]G]LDá\R]QDF]RQHNROHMQRSXQNWDPLO
WR Z LQQ\P UR]G]LDOH QLH PR*QD SU]\MPRZDü LQQHJR R]QDF]HQLD
DQDORJLF]Q\FK SRGUR]G]LDáyZ NRU]\VWDMF QS ] SXQNWDFML OLWHURZHM $ % &
3DUDOHOQRüZHZQWU]QHMEXGRZ\ZV]\VWNLFKUR]G]LDáyZPXVLE\ü]DFKRZDQD
: WHNVWDFK GUXNRZDQ\FK W\WXáRZL ND*GHJR ] NROHMQ\FK SRG]LDáyZ
RGSRZLDGD LQQD ZLHONRü F]FLRQHN = Z\PRJX WHJR Z SUDF\ PDJLVWHUVNLHM
QDOH*\UDF]HM]UH]\JQRZDü
=DNRF]HQLH
&]üSUDF\]ZDQD]DNRF]HQLHPZ]DOH*QRFLRGNRQWHNVWXLFHOXPR*H
PLHü Uy*Q NRQVWUXNFM 0R*H QRVLü WDN*H Uy*Q QD]Z SRGVXPRZDQLH
ZQLRVNLZQLRVNLNRFRZHLQQH
1LHPQLHM ]DZV]H GREU]H QDSLVDQH ]DNRF]HQLH PD E\ü ]ZLHF]HQLHP
]DSRZLHG]LDQHJR ZH ZVWSLH D SU]HSURZDG]RQHJRZ SUDF\ ]DP\VáX]DGDQLD
EDGDZF]HJRQLH]DOH*QLHRGG]LHG]LQ\]DLQWHUHVRZD LV]F]HJyOQHJRSU]HGPLRWX
SUDF\7DNLHXMFLHR]QDF]D*H
LVWQLHMH EH]SRUHGQLD UHODFMD PLG]\ ZVWSHP UR]G]LDáDPL F]FLDPL L
]DNRF]HQLHP]DNRF]HQLHQLHMHVWHOHPHQWHP QRZ\PLQQ\PREF\PDOHMHVW
F]FL FDáRFL
ED] XVWDOH GRNRQDQ\FK Z ]DNRF]HQLX V ]DPLHU]RQH ZH ZVWSLH L
RVLJQLWHZUR]G]LDáDFKZ\QLNLEDGDZF]HZáDQLHUHVXPSFMDW\FKZ\QLNyZ
VWDQRZLJáyZQ WUHü]DNRF]HQLD
ZVND]XMF QD RZ UHVXPSFM QLH QDOH*\ MHM XWR*VDPLDü ] UHODFM
SRZWDU]DMF Z\QLNLRVLJQLWHZSUDF\DOH]WDNLPLFKSU]HGVWDZLHQLHPNWyUH
GDMHSRGVWDZ QRZ\PLZ\UD*RQ\PP\ORPZSRVWDFLWZLHUG]H V\QWHW\F]Q\FK
SRZVWDá\FKQDSRGVWDZLHGRW\FKF]DVRVLJQLW\FKV]F]HJyáRZ\FKXVWDOH
ZáDQLH ]DNRF]HQLH PD UHDOL]RZDü UHJXá SU]HMFLD RG V]F]HJyáRZHJR GR
RJyOQHJR
Z]DNRF]HQLX PR*QD WH* HNVSRQRZDü UHIOHNVM RW\PGODF]HJRRVLJQLWR
WDNLDQLHLQQ\Z\QLNFRPR*HE\üQDZL]DQLHPWDN*HGRPR*OLZRFLGRVWSX
GR(UyGHáPR*OLZRFLSU]HSURZDG]HQLDRNUHORQHJRGRZLDGF]HQLDLWS
Z]DNRF]HQLXMHVWPLHMVFHQDWRE\XVWRVXQNRZDüVL GRNZHVWLLSRGMW\FK
ZSUDF\DOHQLHUR]VWU]\JQLW\FKRUD]GRNZHVWLLNWyUHQLH]RVWDá\SRGMWHDOH
]RVWDá\]JáRV]RQH
]DNRF]HQLHMHVWGREU\PPLHMVFHPQDRJyOQ RFHQ WHJRFR]RVWDáRZSUDF\
V]F]HJyáRZR SU]HGVWDZLRQH D QDZHW QD VG\ ZDUWRFLXMFH MHOL LFK WUHü QLH
Z\NUDF]D SR]D NRQVHNZHQFMH SU]\MWHM PHWRG\ EDGD L SR]D NRPSHWHQFMH
EDGDMFHJR
VWRVRZQLH GR W\WXáX SUDF\ L MHM WUHFL RGQRV]FHM VL ]D]Z\F]DM GR RVyE
WZyUF]RFL]MDZLVN SUDZ SRMü IDNWyZ QXUWyZ G]LDáDOQRFLRUJDQL]DFML Z
]DNRF]HQLX QDOH*\ VWDUDQQLH GRSLOQRZDü ORJLF]QRFL XMFLD UHODFMRQRZDQ\FK
Z\QLNyZEDGD
5R]G]LDá,9
8ZDJLUHGDNF\MQHRWHNFLHSUDF\
8NáDGWHNVWXQDVWURQLH
8NáDGWHNVWXQDVWURQLHSRZLQLHQVSHáQLDüQDVWSXMFHZ\PRJL
SUDF PDJLVWHUVN SLV]HP\ W\ONR SR MHGQHM VWURQLH NDUWNL SDSLHUX WHNVWHP
FLJá\P]XZ]JOGQLHQLHPHZHQWXDOQ\FKUyGW\WXáyZDNDSLWyZL SU]\SLVyZ
WHNVW PD E\ü UR]SRVWDUW\ QD VWURQLH Z VSRVyE SURSRUFMRQDOQ\ R]QDF]D WR
Z\PyJ ]DFKRZDQLD OHZHJR L SUDZHJR PDUJLQHVX D WDN*H VNRUHORZDQ ]
V]HURNRFLDPL PDUJLQHVyZ RGSRZLHGQL RGOHJáRü WHNVWX RG JyU\ L RG GRáX
VWURQ\]XZ]JOGQLHQLHPHZHQWXDOQHJRREFLFLDSU]\ RSUDZLHSUDF\
]D]Z\F]DM QD VWURQLH XPLHV]F]DQDMHVW KDUPRQLMQLH GR MHM ZLHONRFLMHGQD
W\ONRNROXPQDWHNVWX U\VGODV]F]HJyOQ\FKSRWU]HEZ\Uy*QLHQLDNLONX OXE
NLONXQDVWX ZLHUV]\ PR*QD VWRVRZDü ] OHZHM VWURQ\ SLRQRZH ZFLFLH QD
V]HURNRüDNDSLWXOXEQDZLNV]HMV]HURNRFLU\VPR*QDZUHV]FLHVWRVRZDü
XNáDG SRGREQ\ GR HQF\NORSHG\F]QHJR JG]LH PDP\ GR F]\QLHQLD ] GZLHPD
SLRQRZRXVWDZLRQ\PLSURVWRNWQ\PLNROXPQDPLWHNVWX VSRVyEWHQZSUDZG]LH
GRV\ü U]DGNL MHVW NRU]\VWQ\ JG\ GDQH RSUDFRZDQLH SU]HGVWDZLDQH MHVW
MHGQRF]HQLHLWHFKQLF]QLHRGSRZLHGQLRZGZyFKM]\NDFKU\V
5\V
5\V
5\V
ND*G\UR]G]LDá L LQQ\HOHPHQWSUDF\ UyZQ\UR]G]LDáRZLUR]SRF]\QDVL RG
QRZHMVWURQ\
:\PRJLIRUPDOQHVWDZLDQHWHNVWRZL
0R*QDXVWDOLüQDVWSXMF\U]GZ\PRJyZIRUPDOQ\FKVWDZLDQ\FKWHNVWRZL
7HNVWZLQLHQE\üSLVDQ\]XZ]JOGQLHQLHPDNDSLWyZ7HNVWEH]DNDSLWyZMHVW
QX*F\ L PQLHM F]\WHOQ\%UDN Z\Uy*QLRQHM ]D SRPRF DNDSLWX FH]XU\ PLG]\
SRV]F]HJyOQ\PL VHNZHQFMDPL XMFLDSURZDG]L WH* QLHU]DGNR GR XWUXGQLHQLDZ
RFHQLH SU]HGVWDZLRQHJR PDWHULDáX $NDSLW MHVW ZFLFLHP OHZHM VWURQ\ ZLHUV]D
ZVND]XMF\P QD QRZ P\O Z WHNFLH ,QDF]HM U]HF] XMPXMF SRZLHP\ L*
DNDSLWHPR]QDF]DVL VDPRG]LHOQ\XVWSWHNVWXEG( SRF]WHNQRZHJRXVWSX
: XMFLX GUXNDUVNLP DNDSLWZ\QRVL ]D]Z\F]DM OXE ILUHW\ SU]\
F]\P SU]HFLWQHM V]HURNRFL OLWHU\ WDN*H F\IU\ DUDEVNLHM RGSRZLDGD UHGQLR
WU]HFLDF]üILUHWX2]QDF]DWR*HZFLFLHDNDSLWRZHNRF]\VL PQLHMZLFHM
QD SLRQLH RGSRZLHGQLR WU]HFLHM F]ZDUWHM SLWHM OXE V]yVWHM OLWHU\ 7H
RULHQWDF\MQH W\ONR XVWDOHQLD PDM GOD SLVDQLD SUDF\ PDJLVWHUVNLHM PDáH
]QDF]HQLH
:XMFLXSUDNW\F]Q\PQDWRPLDVWPR*QDSU]\MüL* DNDSLWNRF]\VL QD
SLRQRZ\P SUDZ\P ERNX NZDGUDWX RGOHJáRFL PLG]\ ZLHUV]DPL MDN Z
SRQL*V]\PSU]\NáDG]LH
1HXURIL]MRORJLF]QH SRGHMFLH GR ]MDZLVN EHKDZLRUDOQ\FK SROHJD QD DQDOL]LH
&]\QQRFLXNáDGXQHUZRZHJR
2]QDF]D WR *H ZLHUV] ] XZ]JOGQLHQLHP DNDSLWX ]DF]\QD VL ]D]Z\F]DM QD
F]ZDUW\P OXE SLW\P XGHU]HQLX PDV]\Q\ QD SLRQLH F]ZDUWHM OXE SLWHM OLWHU\
QDVWSQHJR ZLHUV]D 2ULHQWDFMD WD QLH GRW\F]\ RF]\ZLFLH WHNVWyZ
SXEOLNRZDQ\FK Z NWyU\FK DNDSLW SHáQL URO VSHFMDOQ QS GHNRUDF\MQ OXE
WHNVWyZ Z\QLNDMF\FK ] RVREQ\FK WUDG\FML Z\GDZQLFWZD XZDJL WH MHGQDN QLH
RGQRV] VL GRSUDFPDJLVWHUVNLFKSRáDFLQLHDFDSLWH ]QDF]\RGSRF]WNXRG
JáRZ\
:ZLHUV]XSRSU]HG]DMF\PZLHUV]QLH]DF]\QDMF\VL RGDNDSLWXPXVL E\ü
Z\F]HUSDQDFDáDMHJRGáXJRü
: UD]LH SRWU]HE\ Z\Uy*QLHQLD RNUHORQHJR IUDJPHQWX WHNVWX SLV]F\ SUDF
PDJLVWHUVN VWRLSU]HGSHZQ\PZ\ERUHP3RGNUHODQLHWHNVWXLSLVDQLHVSDFM V
PDáRHOHJDQFNLHSRJUXELDQLH]D F]FLRQNLOXESLVDQLHNXUV\Z MHVWQLHPR*OLZH
ZSU]\SDGNXX*\ZDQLDW\SRZHMPDV]\Q\GRSLVDQLD0R*H]RVWDüZFLFLHWHNVWX
QDFDáHMMHJRZ\VRNRFL
6WRVRZDQH Z WHNFLH Z\OLF]HQLD PXV] QDVWSRZDü ] SRV]DQRZDQLHP
RJyOQ\FK UHJXá UHGDNFML 2]QDF]D WR *H ND*G\ NROHMQ\ SXQNW Z\OLF]HQLD
SRSU]HG]RQ\ MHVW DNDSLWHP Z ]DOH*QRFL ]D RG NRQWHNVWX Z\OLF]DQH SXQNW\
RGG]LHODQHV SU]HFLQNLHPUHGQLNLHPDQDZHWNURSNQS
'RGHF\]MLZ\GDQ\FK ÄEH] SRGVWDZ\SUDZQHM´ 16$ZVZRLPRU]HF]QLFWZLH ]DOLF]D
GHF\]MH
DZ\NUDF]DMFHSR]DVIHU VWRVXQNyZDGPLQLVWUDF\MQRSUDZQ\FK
EZ\GDQHQDSRGVWDZLHSU]HSLVyZSUDZQ\FKSR]DXVWDZRZ\FK
F Z\GDQH Z VSUDZDFK Z NWyU\FK VWDQ SUDZQ\ MHVW NV]WDáWRZDQ\ ] PRF\ VDPHJR
SUDZDFRZ\NOXF]DPR*OLZRüG]LDáDQLDDGPLQLVWUDFMLZIRUPLHGHF\]ML
GZ\GDQHZVSUDZDFKZNWyU\FK] PRF\ SU]HSLVyZ SUDZD PDWHULDOQHJRF] \QQRFL
SRZLQQ\E\üGRNRQDQHZIRUPLHLQQHMQL* GHF\]MD
HZ\GDQHQDSRGVWDZLHSU]HSLVyZSUDZDPDWHULDOQHJRUHJXOXM F\FKVWDQ\IDNW\F]QH
RF]\ZLFLH RGPLHQQH RG VWDQyZ IDNW\F]Q\FK VSUDZ\ UR]VWU]\JDQHM WDN GHF\]M D ZLF
Z\GDQHQDSRGVWDZLHSU]HSLVyZNWyUHQLHPRJ PLHü]DVWRVRZDQLDZGDQHMVSUDZLH
:DUWR SDPLWDü *H GRNáDGQLHMV]\ RSLV LQWHUSUHWDFMD OXE DQDOL]D PR*H VL
]DF]\QDü RG Z\UD]X $G L *H WR DG MHVW FDá\P Z\UD]HP D QLH VNUyWHP WRWH*
QLJG\ QLH MHVW ]DNRF]RQH NURSN -HOL SXQNW\ Z\OLF]HQLD PDM QDVWSXMFH
R]QDF]HQLD
,
$
,,
%
,,,
&
WRLFKSRáF]HQLH]DGQDSRF]WNX]GDQLDX]\VNDQDVWSXMFHSRVWDFLH
$G ,
$G$
$G
$G,,
$G%
$G
$G,,,
$G&
$G
7HNVW\ F\WRZDQH ]DF]\QDMFH VL RG QRZHJR ZLHUV]D SLV]H VL WDN MDN Z
RU\JLQDOH=DWHPQSZLHUV]HSLV]HVL ]D]Z\F]DMEH]DNDSLWX
:UD]LH]DPLHV]F]DQLDQDVWURQLHU\VXQNyZZ\OLF]HWDEHOLWSHZHQWXDOQD
SU]HVWU]H ERF]QDQLHPR*HE\ü]DSLVDQD
:WHNFLHSRGVWDZRZ\PQLHZSU]\SLVDFKJG\ WZyUF]RüMDNLHJR DXWRUD
MHVW SU]HGPLRWHP RSLVX F]\ DQDOL]\ PR*QD ]DOHFLüSLVDQLH LPLHQLD Z SHáQ\P
EU]PLHQLX5HJXá W MHGQDN*HWU]HEDXWU]\PDüZFDáHMSUDF\
1D]ZLVN F\WRZDQ\FK DXWRUyZ Z ]DVDG]LH QLH SRSU]HG]DP\ HZHQWXDOQ\PL
VWRSQLDPLF]\W\WXáDPLQDXNRZ\PL
1LHQDOH*\ ]DF]\QDü ]GD RG ]QDNX Z ]ZL]NX ] Z\PRJLHP ]DF]\QDQLD
]GD GX* OLWHU 7DN ZLF ]DPLDVW QS ZU]HQLD SLV]HP\ 'QLD
ZU]HQLD]DPLDVWUR]SRU]G]HQLDSLV]HP\3DUDJUDIUR]SRU]G]HQLD
%\XQLNQü]DF]\QDQLDRG]QDNXPR*HP\SU]HVWDZLüV]\N]GDQLD:SUDFDFK]
]DNUHVXQDXNFLVá\FKXZDJDWDPDFKDUDNWHUZ]JOGQ\
=GDQLHNRF]FHVL VNUyWHP]DNRF]RQ\PNURSN QLHZ\PDJDGRGDWNRZHM
NURSNLR]QDF]DMFHMNRQLHF]GDQLD
3RND*G\P]QDNXLQWHUSXQNF\MQ\PZWHNFLHQDOH*\]RVWDZLüRGVWS
1DOH*\ XQLNDü ZV]HONLHJR QDGX*\ZDQLD GZXNURSND FXG]\VáRZX VSDFML
]ZURWyZ XOXELRQ\FK SU]H] DXWRUD $OH QDGH ZV]\VWNR QDOH*\ XQLNDü VWDá\FK
]DNRU]HQLRQ\FK EáGyZ JUDPDW\F]Q\FK RUWRJUDILF]Q\FK VW\OLVW\F]Q\FK
ORJLF]Q\FKUHGDNF\MQ\FK
3LVDQLHZFXG]\VáRZLH
6WRVRZDQLH FXG]\VáRZX MHVW U]DGNLH L Z ]DVDG]LH RERZL]XMH Z WU]HFK
W\ONRV\WXDFMDFK
SU]\F\WRZDQLXWHNVWX
SU]\SLVDQLXQD]ZF]DVRSLVP
Z RNROLF]QRFLDFK V]F]HJyOQ\FK Z NWyU\FK FKRG]L R Z\HNVSRQRZDQLH
RU\JLQDOQRFLVIRUPXáRZDQLD
$G&\WRZDQLHR]QDF]DGRVáRZQHSU]\WRF]HQLHWHNVWX Z\SRZLHG]LDQHJR OXE
QDSLVDQHJRZ\GUXNRZDQHJRSRáF]RQH]MHGQRF]HVQ\PZVND]DQLHP(UyGáDD
ZSU]\SDGNX WHNVWyZSLVDQ\FK SRáF]RQH]GRNáDGQ\P RNUHOHQLHP PLHMVFD]
NWyUHJRF\WDWSRFKRG]L&\WDW PR*H E\üNUyWNLGáXJL OXE EDUG]R GáXJL1DZHW
ZWHG\ JG\ F\WDW Z\Uy*QLD VL RGPLHQQ\P NURMHP F]\ ZLHONRFL F]FLRQNL
VWRVRZDQLHFXG]\VáRZXMHVWQLH]EGQH
8ZDJD 7HUPLQ F\WRZDQLH MHVW ZLHOR]QDF]Q\ L R]QDF]D EG( D F\WRZDQLH Z
UR]XPLHQLX GRVáRZQHJR SU]\WDF]DQLD WHNVWX Z\*HM RSLVDQHJR EG( E
RNUHOHQLH Z SU]\SLVDFK (UyGáD L PLHMVFD SU]\WRF]RQHJR F\WDWX SRJOGX
VWDQRZLVND LWS EG( F SRZRá\ZDQLH VL QD ELEOLRJUDIL SU]\ NDWDORJRZ\P
RSUDFRZDQLX]ELRUyZ
$G:\GDZQLF]\]Z\F]DMSLVDQLDQD]ZF]DVRSLVPJD]HWZFXG]\VáRZLHQLH
MHVW RVWDWQLR SU]HVWU]HJDQ\ EH]Z]JOGQLH 1LHPQLHM Z\GDMH VL L* Z SUDFDFK
PDJLVWHUVNLFKGODSRWU]HEZ\Uy*QLHQLDF]DVRSLVPMDNRRVREQHMNDWHJRULL(UyGHá
X*\ZDQLH FXG]\VáRZX SU]HG QD]Z L SR QD]ZLHDOHSU]HG R]QDF]HQLHP URNX
QDOH*DáRE\]DFKRZDü2]QDF]HQLHF]DVRSLVPSLVDQHVNUyWHPQDNWyU\VNáDGDM
VL GX*H OLWHU\ NROHMQ\FK Z\UD]yZ QD]Z\ EH] NURSHN QLH MHVW REMWH
FXG]\VáRZHP
$G 'RNáDGQ\ RSLV Z\Uy*QLRQ\FK RNROLF]QRFL V]F]HJyOQ\FK QLH MHVW WX
PR*OLZ\ D QDZHW FHORZ\: RJyOQ\P QDWRPLDVW XMFLXSU]H]RNROLF]QRFL WH
QDOH*\ UR]XPLHü WDNLH V\WXDFMH Z NWyU\FK SRV]F]HJyOQH Z\UD]\ F]\ ]ZURW\
Z\VWSXM Z]QDF]HQLXZ\UD(QLHRGPLHQQ\PRGSRWRF]QHJRF]\OLV\WXDFMH Z
NWyU\FK ZD*QH MHVW Z\Uy*QLHQLH RU\JLQDOQRFL VIRUPXáRZDQLD L RU\JLQDOQRFL
MHJRUR]XPLHQLD
8ZDJD : *DGQ\P Z\SDGNX QLH SLV]HP\ W\WXáyZ F\WRZDQ\FK SXEOLNDFML Z
FXG]\VáRZLH
3RQLHZD* XFK\ELHQLD Z W\P Z]JOG]LH ]GDU]DM VL ]ZáDV]F]D Z RVWDWQLP
F]DVLHQDZHWQLHNWyU\PSRZD*QLHMV]\PZ\GDZQLFWZRPDEVROZHQWXF]HOQLE\
áDWZR PyJá MH NU\W\F]QLH GRVWU]HF VDP PXVL SU]HMü WUXGQ V]NRá SLVDQLD
UHGDJRZDQLD
6WRVRZDQLHSRGNUHOHSRJUXELHVSDFMLNXUV\Z\
6WRVRZDQLH SRGNUHOH Z\FKRG]L MX* G]L ] X*\WNX 1LHPQLHM WR FR Z GUXNX
]D]QDF]\OLE\P\ SRJUXELHQLHP OXE NXUV\Z Z SUDF\ PDJLVWHUVNLHM WU]HED
Z\Uy*QLüSRGNUHOHQLHPOXEVSDFM
3RJUXELHQLHR]QDF]DX*\FLHF]FLRQHNRPRFQLHMV]\PU\VXQNX -HJRFHOHPMHVW
Z\Uy*QLHQLHRNUHORQ\FKZ\UD]yZF]\IUDJPHQWyZWHNVWX
6 S D F M D R]QDF]D GRGDWNRZ RGOHJáRü PLG]\ SRV]F]HJyOQ\PL OLWHUDPL
GDQHJR Z\UD]X W]Z U R ] V W U ] H O H Q L H 6WRVRZDQD MHVW RQD Z FHOX
VSHFMDOQHJR Z\Uy*QLHQLD SRGNUHOHQLD RNUHORQHJR Z\UD]X Z\UD]yZ F]\
]GDQLD .RU]\VWDQLH ]H VSDFML Z\PDJD XPLDUX 3U]\ VWRVRZDQLX MHM GOD
GáX*V]\FK XVWSyZ ]DWUDFD VL ]DPLHU]RQ\ HIHNW 1LH X*\ZD VL VSDFML ZH
Z]RUDFKIRUPXáDFKZL]DQLDFKPDWHPDW\F]Q\FKLFKHPLF]Q\FKQXWDFKLWS
.XUV\ZD ]ZDQD WDN*H LWDOLN MHVW URG]DMHP SLVPD Z NWyU\P X*\ZD VL
F]FLRQNL SRFK\ORQHM Z SUDZR ]EOL*RQHM NV]WDáWHP GR SLVPD UF]QHJR
:\Uy*QLHQLH]DSRPRF NXUV\Z\MHVWEDUG]RHVWHW\F]QH.XUV\Z Z\Uy*QLD VL
SRV]F]HJyOQHZ\UD]\]ZURW\]GDQLDDQDZHWFDáHXVWS\1DMF]FLHMMHVWRQD
VWRVRZDQDZSLVDQLX
GHG\NDFML
ZVWSyZ
]ZURWyZáDFLVNLFKOXE]ZURWyZ]LQQHJRM]\NDQSLJQRUDQWLDLXULVQRFHWLQ
H[WHQVR
]ZURWyZRU\JLQDOQ\FK
ZPRQWRZDQHJRZWRNSU]HGVWDZLDQLDHOHPHQWXLQQHMUHODFML
W\WXáyZF\WRZDQ\FKZSU]\SLVDFKSUDFQS56FKXO]3URFHV\]PLDQLRGQRZ\
ZRZLDFLH:VWSGRWHRULLLQQRZDFML:DUV]DZDVLQ
8ZDJD3R]DRU\JLQDOQ\PLSU]\NáDGDPLZWHNFLHQLQLHMV]HM SUDF\ Z]DVDG]LH
QLHUHVSHNWRZDQRWHMRVWDWQLHMUHJXá\
5R]G]LDá9
2GQRQLNL
2GQRQLN ]ZDQ\ WH* RGV\áDF]HP QLH PD ZDUWRFL VDPRG]LHOQHM
Z\VWSXMHERZLHP]DZV]HZQLHUR]G]LHOQ\PSRáF]HQLX]SU]\SLVHP2GQRQLN
R]QDF]D ]QDN V]F]HJyOQ\ ZVND]XMF\ QD LVWQLHQLH LGHQW\F]QLH R]QDF]RQHJR
SU]\SLVXGDMFHJRLQIRUPDFM F]\NRPHQWDU]NWyUH]MDNLFK SRZRGyZQLHPRJ
E\ü EH]SRUHGQLR ZáF]RQH Z WRN WHNVWX SRGVWDZRZHJR ]RE IXQNFMH
SU]\SLVyZ=QDNLHPW\PMHVWF\IUDJZLD]GNDOLWHUDEDUG]RU]DGNRPDP\GR
F]\QLHQLD]R]QDNRZDQLHPV]F]HJyOQ\P]REVSRVyER]QDF]DQLDSU]\SLVX
2GQRQLNL PRJ E\üXPLHV]F]DQHZND*G\PPLHMVFX]GDQLDE\OHE\QLH
]DUD] SR ]QDNX LQWHUSXQNF\MQ\P OXE ]DUD] SR IRUPLH NRQLXQNF\MQHM L ] ]H
LWGQS
-DJLHáá
6NLUJLHáá
ZLGU\JLHááH
%RU\VD
.RU\EXWD
:LJXQWD
.RU\JLHáá
1DU\PXQWD
/LQJZHQD
/XEDUWD
$QGU]HMD
L %XWDZD
:V]\VF\ E\OL XURG]LZ\PL
PáRG]LHFDPL
-HOL R]QDF]HQLH QXPHURZH RGQRQLNyZ MHVW áF]QH GOD FDáHM SUDF\ D
FKFHP\ RF]\ZLFLHZUD] ] SU]\SLVHP MX* SR QDSLVDQLX FDáRFL GRGDü QRZ\
RGQRQLN PLG]\ QS RGQRQLNLHP D ZVWDZLDP\ Z LQWHUHVXMFH QDV
PLHMVFHRGQRQLNDLWDNVDPRR]QDNRZXMHP\SU]\SLV
3R RGQRQLNX SRVWDZLRQ\P QD NRFX ]GDQLD XPLHV]F]DP\ NURSN
NRF]F ]GDQLH
&]DVDPL Z QLHNWyU\FK WHNVWDFK MDN QD SU]\NáDG Z WHNVWDFK
PDWHPDW\F]Q\FKZFHOXZ\UD(QHJRZ\RGUEQLHQLDRGQRQLNDR]QDF]DVL JRZ
VSRVyEV]F]HJyOQ\PDNV\PDOQLHNDVXMF\PR*OLZRüSRP\áNL
%\YDU\LQJS DQGQLQWKHH[SHULPHQWGHVFULEHGLQ>@DQGXVLQJWKHUDWHVRIFRQYHUJHQFHDV
DJXLGHZHFUHDWHGWKUHHVLWXDWLRQV
7DNVDPRRF]\ZLFLHR]QDF]DQ\MHVWSU]\SLV
>@ %RRWVWUDSSLQJ 5HJUHVVLRQ 0RGHOV ZLWK 0DQ\ 3DUDPHWHUV ,Q D IHVWVFKULIW IRU (ULFK /
/HKPDQQ:DGVZRUWK%HOPRQW&DOLIRUQLD
5R]G]LDá9,
3U]\SLV\
5RODSU]\SLVyZ
= SHZQ\P XSURV]F]HQLHP PR*QD SRZLHG]LHü *H SU]\SLV\ SHáQL WU]\
SRGVWDZRZHIXQNFMH
:VND]XM QD (UyGáD RNUHORQ\FK GDQ\FK SU]HGVWDZLDQ\FK L F\WRZD
Q\FKSRJOGyZVWDQRZLVNUHIOHNVMLUR]VWU]\JQLüWZLHUG]HKLSRWH]RGNU\ü
MDNQDSU]\NáDG
2 ZSá\ZLH EDW\PHWULL PyU] QD HNVSORDWDFMH VWDWNX L SRUWX EOL*HM - =DOHZVNL 2JyOQD
JHRJUDILDWUDQVSRUWXPRUVNLHJRZ]DU\VLH:DUV]DZDVLQ
3RGREQLHNZHVWL XMPXMH:6LWHNRSFLWV
=JRGQLH]HVWDQRZLVNLHP+ .LHUHVLDRSFLWV
'DM GRGDWNRZH LQIRUPDFMH R PDWHULL SU]HGVWDZLDQHM Z WHNFLH
QLH]DOH*QLH RG WHJR F]\ SRFKRG] RG DXWRUD WHNVWX F]\ RG NRPHQWDWRUD OXE
UHGDNWRUD2WRSU]\NáDG]SUDF\(.RODQRZVNLHJR:LHOND:RMQD]=DNRQHP
.U]\*DFNLPZODWDFK:DUV]DZD
3RZLHU]FKQLD WHU\WRULXP =DNRQX ,QIODQFNLHJR Z\QRVLáD NP NZ :HGáXJ %
8UáDQLVD JVWRü ]DOXGQLHQLD WHU\WRULyZ SROVNLFK OLWHZVNLFK L HVWR VNLFK RNRáRURNX O
Z\QRVLáD OXG]L QD NP NZ 5RVW QDVLOHQLMD Z -HZURSLH RS\W LVF]LVOHQLMD 2JL]
*RVSROLWL]GDWVDRNRáRURNX(VWRQLDL .XUODQGLD PLDá\RVyEQDNPNZ
RSFLWV0R*QDZLF SU]\MüGOD,QIODQWZLHNX;9]DOXGQLHQLHPQLHMZLFHMRVyE
QD NP NZ FR GDZDáRE\ PLHV]NDFyZ ,QIODQW\ ] (VWRQL E\á\ ZLNV]H RG
REV]DUX SUXVNRSRPRUVNLHJR DOH PQLHM ]DVLHGORQH OXGQR FL SU]\E\á ] (XURS\
URGNRZR]DFKRGQLHMJG\* NRORQLFLSU]\E\ZDMF\]5]HV]\RVLDGDOLSRPLDVWDFKDOXGQRü
FKáRSVNDVNáDGDáDVL Z\áF]QLH]DXWRFKWRQyZ=DMF]NRZVNL RSFLWV
=DZLHUDM GRGDWNRZ\ PDWHULDá SROHPLF]Q\ DQDOLW\F]Q\ LQQ\
ZVND]XMF\ QD ]áR*RQRü WHPDWX PDWHULL SXQNWyZ ZLG]HQLD RUD] QD
RNROLF]QRFLLNU\WHULDSUH]HQWRZDQHMSU]H]DXWRUDUDFML2WRSU]\NáDG] SUDF\.
%DOD.DQWL+HJHO'ZDV]NLFH]G]LHMyZQLHPLHFNLHMP\OLHW\F]QHM:URFáDZ
V
1LHNWyUH G]LHZLWQDVWRGZXG]LHVWRZLHF]QHNLHUXQNL ILOR]RILF]QH L SRV]F]HJyOQL P\ OLFLHOH
]DWU]\PDOL VZRM XZDJ Z\áF]QLH QD LQWHUSUHWRZDQLX ÄSLHUZV]HJR´ SR]LRPX NDQLRZVNLHM
UHIOHNVML ILOR]RILF]QHM : W\P VHQVLH PR*QD SRZLHG]LHü *H NDQLRZVNLH GXDOLVW\F]QH
SRWUDNWRZDQLH NZHVWLL ZROQRFL L NRQLHF]QRFL DQW\F\SRZDáR Sy(QLHMV]H MHM UR]ZL]DQLH
3RVáX*P\ VL SDURPD SU]\NáDGDPL :LQGHOEDQGW RSRZLDGDá VL ]D REHFQRFL GZX
QLH]DOH*Q\FKRGVLHELH ÄSXQNWyZZLG]HQLD´ QDXNRZHJRUHMHVWUXMFHJRZV]G]LHZ\áF]QLH
SU]\F]\QRZH ]DOH*QRFL L HW\F]QHJR Z NWyU\P VDPL ]DNáDGDP\ LVWQLHQLH ZROQR FL EH]
RJOGDQLD VL QD MDNNROZLHN NDX]DOQRü = NROHL 1 +DUWPDQQ VWZLHUG]Dá *H F]áRZLHN
MHGQRF]HQLHSU]HE\ZDZÄGZyFKZLDWDFK´ZZLHFLHUHDOQHJRE\WXLZZLHFLHLGHDOQ\FK
LVWRWQRFLG]LNL F]HPX VWDMH VL RQ ZROQ\ 3UyE SRáF]HQLD RE\GZX Z\PLDUyZ F]\ WH*
SáDV]F]\]Q E\WX OXG]NLHJR XZD*Dá +DUWPDQQ ]D SU]HGVLZ]LFLH ÄQLHRVLJDOQH´ L
ÄLUUDFMRQDOQH´$QDORJLF]QLHÄGZLHOLQLH´ SRVWXORZDáHJ]\VWHQFMDOL]P
:ND*GHM]W\FKWU]HFKIXQNFMLQLHSU]HV]NDG]DM RQHWRNRZLDXWRUVNLHJR
SU]HGVWDZLDQLD SU]HFLZQLH X]DVDGQLDM JR Z]ERJDFDM SRGEXGRZXM
ZDORUDPLZDUV]WDWXQDXNRZHJR'ODWHJRURODSU]\SLVyZZSUDF\PDJLVWHUVNLHM
MHVWQLH]DVWSLRQD]ZáDV]F]DZQDXNDFKKXPDQLVW\F]Q\FK7UHüVSRVyEXMFLD
NRPSOHWQRü L NRPSOHNVRZRü Z WUHFL SU]\SLVyZ GDM áF]QLH ZLDGHFWZR
MDNRFLLZLHONRFLQDNáDGXDXWRUVNLHMSUDF\DQLHU]DGNRLHUXG\FML
0LHMVFHSU]\SLVyZ
3U]\SLV\PRJ ]QDMGRZDüVL ZNLONXPLHMVFDFK
1D NRFX FDáHM SUDF\ 0LPR*H SUDFD VNáDGD VL ]D]Z\F]DM ] NLONX
UR]G]LDáyZ NROHMQR XPLHV]F]DQH GR W\FK UR]G]LDáyZ SU]\SLV\ ZLQQ\ PLHü
FLJá QXPHUDFM1XPHUDFMD]DF]\QDMFDVL GODND*GHJRUR]G]LDáXRGQXPHUX
SLHUZV]HJRMHVW PDáR F]\WHOQDLZSURZDG]D]QDF]QHXWUXGQLHQLDZRGV]XNDQLX
ZáDFLZHJRSU]\SLVX: UD]LHSRWU]HE\ VNDVRZDQLDMHGQHJR SU]\SLVX FR E\áR
MX* SRGQLHVLRQH Z UR]G]LDOH SRSU]HGQLP PR*QD ]DPLDVW ]PLDQ\ FDáHM
QDVWSQHM QXPHUDFML SRáF]\ü SU]\SLV NDVRZDQ\ L SU]\SLV SRSU]HG]DMF\ Z
MHGHQ QS L Z UD]LH SRWU]HE\ GRGDQLD SU]\SLVX PR*QD JR R]QDF]\ü
GRGDWNRZR OLWHU QS D 2F]\ZLFLH Z RE\GZX SU]\SDGNDFK DQDORJLF]QLH
SRVWSXMHP\]RGQRQLNDPLRGV\áDF]DPL
1D NRFX ND*GHJR UR]G]LDáX -HVW WR VSRVyE QDMPQLHM F]\WHOQ\ L QLH
ZDUWRJR]DOHFDü
1DGROHND*GHMVWURQ\NROXPQ\-HVWWRVSRVyEQDMF]FLHMVSRW\NDQ\
LSUDZGRSRGREQLHQDMOHSV]\GODF]\WHOQLNDNWyU\RGUD]XZLG]LQLHW\ONRZ\ND]
Z\NRU]\VWDQ\FK (UyGHáDOHWDN*H VSRVyE GRNXPHQWRZDQLDMHJR ERJDFWZR OXE
QLHGRVWDWNL 7UXGQRü Z MHJR VWRVRZDQLX Z SUDF\ PDJLVWHUVNLHM PR*H E\ü
SU]HáDPDQD SU]H] XPLHMWQRü L GRZLDGF]HQLH NWyUH Z V]WXFH GUXNRZDQLD
]DOLF]DQH V GR W]Z áDPDQLD SROHJDMFHJR QD IRUPRZDQLX MHGQDNRZ\FK
ZLHONRFL NROXPQ QLH]DOH*QLH RG LORFL SU]\SLVyZ SU]\SDGDMF\FK QD
SRV]F]HJyOQ VWURQ*áyZQ\Z\PyJSROHJDWXQDW\PE\ZV]\VWNLHRGQRQLNL
]WHNVWXQDGDQHMVWURQLHPLDá\VZRMHRGSRZLHGQLNLZHZV]\VWNLFKSU]\GDQ\FK
LP SU]\SLVDFK XPLHV]F]RQ\FK QD WHM VDPHM VWURQLH : F]DVDFK NRU]\VWDQLD ]
NRPSXWHUD SU]HVWDMH WR E\ü SUREOHPHP FKRü FLJOH MHV]F]H SUREOHPHP MHVW
GRVWSGRNRPSXWHUD
: PLHMVFX RGQRQLND Z WHNFLH SRGVWDZRZ\P SUDF\ -HVW WR MHG\QD
PHWRGD VWRVRZDQLD RGQRQLNyZ NWyUD QLH Z\PDJD SU]\SLVyZ DQL QD GROH
VWURQ\ DQL QD NRFX SUDF\ DQL ZUHV]FLH QD NRFX ND*GHJR ] UR]G]LDáyZ
0HWRGD WD Z\PDJD MHGQDN VSHFMDOQLH VNRQVWUXRZDQHJR Z\ND]X F\WRZDQ\FK
SUDF Z V\WXDFML JG\ Z Z\ND]LH W\P ]QDMGXMH VL SR GZLH OXE ZLFHM SUDF
QDSLVDQ\FK SU]H] MHGQHJR FKRüE\ DXWRUD -HOL ]DWHP Z PLHMVFX RGQRQLND
VWRVXMHP\RG UD]X RGHVáDQLHGRDXWRUDZUD]]SRGDQLHP VWURQ\QS Z]GDQLX
QLHNWyU]\ ]DXWRUyZQS/ 1HOVRQV ZSURZDG]LOL ]QDF]QHWRZUD]LH
JG\ZZ\ND]LHF\WRZDQ\FKSUDF]QDMGXMHVL NLONDRSUDFRZD WDNSRZRáDQHJR
DXWRUDND*GH]QLFKPXVLE\üRVREQRR]QDF]RQHFRF]\QLVL ]D]Z\F]DMSU]H]
SU]\GDQLHNROHMQHJRQXPHUX2SLVDQHWXRGHVáDQLHRGQRV]FHVL GRF]ZDUWHM]
NROHLSUDF\1HOVRQDXPLHV]F]RQHMZZ\ND]LHF\WRZDQ\FKSUDFSU]\MPLHZWHG\
SRVWDüQLHNWyU]\]DXWRUyZQS/1HOVRQ>@VZSURZDG]LOL]QDF]QH
:QLHNWyU\FKZ\GDZQLFWZDFKUR]G]LHOQRüSUDFMHGQHJRDXWRUD]DSHZQLD
VL SU]H]R]QDF]HQLHURNXZ\GDQLDSUDF\QS
/LSRZLF]
,
$GPLQLVWUDF\MQR
SUDZQH
]DJDGQLHQLD
LQIRUPDW\NL
9HUZDOWXQJVUHFKWOLFKH 3UREOHPH GHU ,QIRUPDWLN Ä6NU\SW\ 8QLZHUV\WHWX OVNLHJR´
6NULSWHQGHU6FKOHVLVFKHQ8QLYHUVLWlW1U6II.DWRZLFH
0LOOHU$57KH$VVDXOWRQSULYDF\1HZ<RUN
1RZDFNL..RQWURODGHF\]MLRSDUW\FKQDX]QDQLXDGPLQLVWUDF\MQ\P 'LH .RQWUROOH
GHU(UPHVVHQVHQWVFKHLGXQJHQ:URFáDZ
1RZDFNL.'LHWKHRUHWLVFKH3UREOHPDWLNGHU,QWHUQHQ 9HUZDOWXQJV
(+5LHGHOV
$/0RUWRQVI
3U]\NáDGDPHU\NDVNL
,GDUW
$1'5=(- :$6,/(:6., 5HODWLRQVKLS EHWZHHQ WKH 6WDWH DQG (FRQRP\ ZLWK WKH
([DPSOH RI WKH 3URWHFWLRQ RI (QYLURQPHQW ZLWK 5HIHUHQFH WR WKH 3ROLVK /DZ LQ
$'0,1,675$7,9( &28576 3527(&7,21 2) (19,5210(17 081,&,3$/
*29(510(17+HLQULFK6LHGHQWRSIHG
/3&(VXSUDQRWH
//83VXSUDQRWHDUW
%2& 6$0%256.$%2& VXSUD QRWH DW 0,&+$/ .8/(6=$ 6SHFLDO
$UHD DV D /HJDO,QVWUXPHQW RI WKH 3URWHFWLRQ DQG &RQWURO RI WKH(QYLURQPHQW 678',$
,85,',&$
:GUXJLPVSRVRELHRGSRZLDGDMFHRGQRQLNRPQXPHU\SU]\SLVyZSLVDQH
V Z]DPNQLW\FKQDZLDVDFK]XZ]JOGQLHQLHPDNDSLWX
&IVXSUDQR
&++g-(5RSFLWS
3DU H[HPSOH FHOOHV TXL RQW DERXWL j OD IRUPDWLRQ GHV JRXYHUQHPHQWV 3LHUORW ,9 HQ
VHSWHPEUHMRXUV9DQ$FNHU,HQIpYULHU
:UHV]FLHZWU]HFLPVSRVRELHQXPHUSU]\SLVXSRGZ\*V]RQ\RSyáVWRSQLD
LQLH ]DNRF]RQ\MDNLPNROZLHN]QDNLHPSLVDQ\MHVWQDDNDSLFLH
= /HRVNL8VWUyM VDPRU]GX WHU\WRULDOQHJR Z 5]HF]\SRVSROLWHM 3ROVNLHM3R]QD
V
:áDQLH WHQ WU]HFL VSRVyE MDNR SU]HMU]\VW\ HVWHW\F]Q\ L SU]\MPRZDQ\
SU]H]QDMOHSV]HZ\GDZQLFWZDQDOH*DáRE\]DOHFLüZSLVDQLXSUDF\PDJLVWHUVNLHM
.RQVHNZHQWQH L EH]EáGQH MHJR VWRVRZDQLH Z\PDJD SHZQHM VWDUDQQRFL L
QDNáDGXSUDF\
8ZDJD
, .D*G\SU]\SLV]DF]\QDVL GX* OLWHU
,,.D*G\SU]\SLVNRF]\VL NURSN
2GG]LHODQLHSU]\SLVyZQDVWURQLHNROXPQLH
-HOL SU]\SLV\ SU]\SLV ]QDMGXM VL QD WHM VDPHM VWURQLH FR WHNVW
SRGVWDZRZ\ NWyU\ GR QLFK RGV\áD V ]D]Z\F]DM RGG]LHORQH NUyWN OLQL
SR]LRP ]DF]\QDMF VL ]OHZHMVWURQ\SRGWHNVWHPSRGVWDZRZ\P2GG]LHOHQLH
WR PLPR L* QLHNWyU]\ Z\GDZF\ QD =DFKRG]LHQLHVWRVXM JR PD]QDF]HQLH
HOLPLQXMH ERZLHP PR*OLZRüX]QDQLDSU]\SLVyZ]D]Z\Ná NRQW\QXDFM WHNVWX
SRGVWDZRZHJR )XQNFMD SR]LRPHM OLQLL RGG]LHODMFHM XMDZQLD VL Z\UD(QLH
]ZáDV]F]D Z SUDFDFK ] ]DNUHVX QDXNFLVá\FK 5]DG]LHM VWRVXMH VL VSRVyE Z
NWyU\PSU]\SLV\ QLHRGG]LHODQHOLQL RGG]LHODQHV RGSRZLHGQLPZLGRF]Q\P
RGVWSHPGZX OXEWU]\ZLHUV]RZ\P
*VWRüZLHUV]\LZLHONRüF]FLRQNLX*\WHMZSU]\SLVDFK
:FHOXGRGDWNRZHJRZ\Uy*QLHQLDLGODRV]F]G]HQLDPLHMVFDDWDN*HQLH
]DWUDFHQLD SURSRUFML PLG]\ WHNVWHP SRGVWDZRZ\P L WHNVWHP SU]\SLVyZ QD
VWURQLHNROXPQLHSU]\SLV\SLVDQHV SLVPHPRVWRSLH OXEGZDPQLHMV]\PQL*
WHNVWSRGVWDZRZ\6WRVRZQLHGR]PQLHMV]RQHMF]FLRQNLWDN*HRGOHJáRüPLG]\
ZLHUV]DPLMHVWPQLHMV]D-HOLZSUDF\ PDJLVWHUVNLHMQLHPDPR*OLZRFLX*\FLD
GZyFK ZLHONRFL SLVPD MHG\Q\P Z\Uy*QLHQLHQL WHNVWX SU]\SLVyZ VWDMH VL
]PQLHMV]RQDRGOHJáRüPLG]\ZLHUV]DPL
&\WRZDQLHNVL*HN
$&\WRZDQLHNVL*HNSRMHG\QF]\FKDXWRUyZ
'R REOLJDWRU\MQ\FK HOHPHQWyZ F\WRZDQLD NRQNUHWQHM NVL*NL QDOH*\
RNUHOHQLH D LPLHQLD L QD]ZLVND DXWRUD E W\WXáX NVL*NL F PLHMVFD L URNX
Z\GDQLD SUDF\ D Z SHZQ\FK RNROLF]QRFLDFK G QD]Z\ Z\GDZQLFWZD F]\
LQQ\FKGDQ\FK
$GD=D]Z\F]DMSRGDMHVL SLHUZV] OLWHU LPLHQLDLPLRQLQD]ZLVNRQS
-,.UDV]HZVNL
1LHZWSOLZLH OHSLHM MHVW SRGDZDü LPL LPLRQD Z SHáQ\P EU]PLHQLX
QLHPQLHM WDNL ]DSLV MHVW PR*OLZ\ Z\áF]QLH Z V\WXDFMDFK JG\ QD RNáDGFH
F\WRZDQHM NVL*NL ]DSLVDQHMHVW LPL Z SHáQ\P EU]PLHQLX L JG\ UHJXáD ]DSLVX
LPLRQ Z SHáQ\P EU]PLHQLX UHVSHNWRZDQD MHVW EH] Z\MWNyZ Z FDáHM SUDF\
PDJLVWHUVNLHM 'ODWHJR VSRVREHP NRU]\VWQLHMV]\P MHVW QLHZWSOLZLH
SRVáXJLZDQLH VL VNUyWHP LPLHQLD LPLRQ FR MHVW ZáDFLZH UyZQLH* GOD W\FK
SU]\SDGNyZZNWyU\FKLPLRQDDXWRUDNVL*NLSRGDQHV QDRNáDGFHZGZRMDNL
VSRVyEQS
/XFLHQ'$UQROGSLV]HP\/'$UQROG
3R LPLHQLX L QD]ZLVNX VWDZLDP\ SU]HFLQHND QLH GZXNURSHN SRQLHZD*
F\WRZDQH GDQH LPL QD]ZLVNR W\WXá PLHMVFH L URN Z\GDQLD VWURQD V
QLHSRUyZQ\ZDOQHL SRZWyUH Z\OLF]HQLXSRGOHJDM ZW\PVDP\PVWRSQLX L
VHQVLH ZV]\VWNLH F\WRZDQH HOHPHQW\ WDN *H ] LPLHQLD L QD]ZLVND QLF QLH
Z\Sá\ZD
: V\WXDFML JG\ Z GDQHM SUDF\ XMDZQLRQH V W\ONR LQLFMDá\ DXWRUD Z
PLHMVFHLPLHQLDLQD]ZLVNDZSLVXMHP\RZHLQLFMDá\QS
37'\VRFMDFMDHOHNWUROLW\F]QDZZDUXQNDFK
$GE=DF\WRZDQ\W\WXáNVL*NLPXVLE\üDEVROXWQLH]JRGQ\]RU\JLQDáHP
SRQLHZD* ]D]Z\F]DMW\WXá\SUDFGUXNRZDQ\FKSLVDQHV GX*\PLOLWHUDPLDXWRU
SUDF\ PDJLVWHUVNLHM VDP PXVL XVWDOLü NWyUH Z\UD]\ QDSLV]H Z SU]\SLVLH GX*
OLWHU=DF]\QDVL ]DZV]HGX* OLWHU SRSU]HFLQNXSRVWDZLRQ\PSRQD]ZLVNX
DXWRUD : RSUDFRZDQLDFK GUXNRZDQ\FK SLVDQ\ MHVW F]DVDPL NXUV\Z .RF]\
VL SU]HFLQNLHPSRSU]HG]DMF\PRNUHOHQLHPLHMVFDLURNXZ\GDQLDQS
-.ROEXV]HZVNL2FKURQDSU]\URG\DNXOWXUD:URFáDZ
$6DQGDXHU%yJ6]DWDQ0HVMDV]L".UDNyZ
$GF3U]\MáRVL GRWHMSRU\*H LQIRUPDFMDR PLHMVFX Z\GDQLDNVL*NL
ZUD]]R]QDF]HQLHPURNXMHVWZ\VWDUF]DMFDGODR]QDF]HQLDNRQNUHWQHMSR]\FML
%\ü PR*H ] SRZRGX UR]URVWX LORFL Z\GDZQLFWZ WU]HED EG]LH Z SU]\V]áRFL
R]QDF]DüWDN*HZ\GDZQLFWZR1LHPQLHMMHGQDNZDUWRSDPLWDü*HZSU]\SLVDFK
FKRG]L R ZVND]DQLH (UyGáD D QLH R XáDWZLHQLH MHJR RGV]XNDQLD &]DVDPL
]DUyZQRQDRNáDGFHMDNLQDVWURQLHW\WXáRZHMPLHMVFHRUD]URNZ\GDQLDQLHV
R]QDF]RQH 6]XNDP\ LFK ZWHG\ Z QRWFH UHGDNF\MQHM 0LHMVFH L URN Z\GDQLD
SLV]HP\ MDNR MHGHQ VHJPHQW WRWH* SU]HFLQHN VWDZLDP\ GRSLHUR SR URNX
Z\GDQLDQS
- 0LRGHN 2GSRZLHGQLH GDü U]HF]\ VáRZR 6]NLFH R ZVSyáF]HVQHM SROV]F]\ (QLH
:DUV]DZD
-HOLNVL*NDPDNLONDR]QDF]RQ\FKPLHMVFZ\GDQLDZSU]\SLVLHXZ]JOGQLDP\
MHZV]\VWNLHFK\ED*HZ\VWDUF]\R]QDF]HQLHPLHMVFDSLHUZV]HJRQS
Z SU]\SDGNX 2VVROLQHXP ]DPLDVW :URFáDZ :DUV]DZD .UDNyZ *GDVN àyG(
SLV]HP\:URFáDZ
$G G 1D]Z Z\GDZQLFWZD SRGDMHP\ ZWHG\ JG\ QLH PD Z F\WRZDQHM
NVL*FH*DGQ\FKLQIRUPDFMLRPLHMVFXLURNXMHMZ\GDQLD:LQQ\FKSU]\SDGNDFK
Z\Uy*QLHQLHZ\GDZQLFWZD Z\GDMHVL ]EGQH 0R*QD MH MHGQDN VWRVRZDü DOH
QLH Z\ELyUF]R ]QDF]\ WR *H SLV]F\ SUDF PDJLVWHUVN PXVLDáE\ R]QDF]\ü
ZV]\VWNLHZ\GDZQLFWZDZV]\VWNLFKSRZRáDQ\FKZSU]\SLVDFKNVL*HN&KRG]L
R ]DVDG\ L SRU]GHN : UD]LH QLHPR*OLZRFL Z\Uy*QLHQLD GDQ\FK R NWyU\FK
PRZD PR*QD HNVSRQRZDü LQQH LQIRUPDFMH D ]ZáDV]F]D QXPHU Z\GDQLD JG\
SUDFDE\áDSXEOLNRZDQDFRQDMPQLHMGZDUD]\LMHOLRF]\ZLFLH]DZLHUDGDQHR
NROHMQ\PZ\GDQLX
8ZDJD
: WDNLP RWR Z\UD(QLH NUyWNLP Z]LW\P ] SUDF\ PDJLVWHUVNLHM
SU]\SLVLHZJ=RILL/LVV\Ä=DU\VQDXNLRPX]\FH´ 3:0U
NRQVWDWXMHP\ QDVWSXMFH XFK\ELHQLD ZREHF UHJXá X]QDQ\FK ]D
QDMOHSV]H
SU]\SLVQLH]DF]\QDVL RGDNDSLWX
R]QDF]HQLHF\IURZHSU]\SLVXQLFMHVWSRGZ\*V]RQHRSyáVWRSQLD
SRQXPHU]HSU]\SLVXQLHSRWU]HEQLHXPLHV]F]RQDMHVWNURSND
SU]\SLV]DF]\QDVL PDá OLWHU
SRQD]ZLVNXQLHPDSU]HFLQND
W\WXáSUDF\QDSLVDQ\MHVWZFXG]\VáRZLH
SRW\WXOHQLHPDSU]HFLQND
EUDNXMHPLHMVFDZ\GDQLD
VNUyWUMHVW]EGQ\
EUDNXMHR]QDF]HQLDVWURQ\
VNUyWRGZHGáXJSLV]HVL ZJDQLHZJFRMHVWRF]\ZLFLHEáGHP
RUWRJUDILF]Q\P ]UHV]W MHVW WR VNUyW PDáR HOHJDQFNL ]ZáDV]F]D
JG\RGQRVLVL GRRVRE\
2WRWHQVDPSU]\SLVSRSUDZQLHQDSLVDQ\
:HGáXJ =RILL OXE = /LVV\ =DU\V QDXNL R PX]\FH 3D VWZRZH :\GDZQLFWZR
0X]\F]QHOXE3:0:DUV]DZDV
%&\WRZDQLHNVL*HNRQLHUR]G]LHOQ\PDXWRUVWZLH
= NVL*N R QLHUR]G]LHOQ\P DXWRUVWZLH ]ZDQ QLHNLHG\ SUDF áF]Q
PDP\GRF]\QLHQLDZWHG\ JG\*DGQHPX]GZyFKOXEZLFHMZVSyáDXWRUyZQLH
PR*QDSU]\SRU]GNRZDüZ\G]LHORQHJRWHNVWX=DWHPZSU]\SDGNX JG\NVL*N
QDSLVDáRZVSyOQLHNLONXDXWRUyZZSU]\SLVLHRGQRWRZXMHP\LFKZV]\VWNLFKQS
$&KHáPRVNL/.LHUHV$GPLQLVWUDFMDZRGQDL*HJOXJRZD2GU\:URFáDZ
OXE
+5'RGJH6')XOOHUWRQ'55LQN0DUNHWLQJ5HVHDUFK&ROXPEXV7RURQWR
/RQGRQ6\GQH\VLQ
8ZDJD 1LH PD SRZRGyZ E\ SRPLMDü NWyUHJRNROZLHN ] ZVSyáDXWRUyZ
SUDF\RQLHUR]G]LHOQ\PDXWRUVWZLH
1DWRPLDVWZSU]\SDGNXJG\NVL*N QDSLVDáRZLHOXDXWRUyZFRGRW\F]\
]ZáDV]F]D HQF\NORSHGLL L SUDF SRGREQ\FK Z SU]\SLVLH QLH RGQRWRZXMHP\
*DGQHJRQS
(QF\NORSHGLDSRZV]HFKQD3:1W:DUV]DZD
6áRZQLNM]\NDSROVNLHJRW:DUV]DZD
&&\WRZDQLHSUDF]ELRURZ\FK
3UDF ]ELRURZ MHVW WDND SUDFD Z NWyUHM ND*GHPX] FR QDMPQLHM GZyFK
DXWRUyZ SU]\SRU]GNRZDQ\ MHVW RNUHORQ\ WHNVW =JRGQLH ] WDNLP XMFLHP
HQF\NORSHGLH QLH V SUDFDPL ]ELRURZ\PL OHF] SUDFDPL R QLHUR]G]LHOQ\P
DXWRUVWZLH 5R]Uy*QLHQLH SRZ\*V]H PD ]QDF]HQLH W\ONR GOD SRWU]HE WHJR
RSUDFRZDQLD
: F\WRZDQLX SUDF ]ELRURZ\FK RERZL]XM Z ]DVDG]LH UHJXá\ ZáDFLZH
F\WRZDQLX NVL*NL QDSLVDQHM SU]H] MHGQHJR DXWRUD D WDN*H NVL*HN R
QLHUR]G]LHOQ\P DXWRUVWZLH 1LHPQLHM MHGQDN F\WRZDQLH WDNLH FHFKXMH VL
SHZQ\PLGRGDWNRZ\PLZ\PRJDPL
*G\ SRV]F]HJyOQH F]FL SUDF\ PDM RVREQH L Z\Uy*QLRQH DXWRUVWZR
RGQRWRZXMHP\ LPL L QD]ZLVNR DXWRUD ZHZQWU]Q\ W\WXá RSUDFRZDQLD W\WXá
NVL*NLZNWyUHMMHVW]DPLHV]F]RQHOXEWHJRNWyU\RSUDFRZDáNVL*NQS
- .RWDUELVNL 6]WXND DNWRUVND Z :SURZDG]HQLH GR QDXNL R WHDWU]H W ,, 2
WZRU]\ZLHLWZyUFDFKG]LHáDWHDWUDOQHJR:\EyULRSU-'HJOHU:URFáDZVLQ
. 0\OLZLHF $UFKLWHNWXUD L U]H(ED 2G RNUHVX DUFKDLF]QHJR GR NRFD 1RZHJR
3DVWZDZ6]WXNDZLDWDWOSRGUHGQDXNRZ 37U]HFLDND:DUV]DZDVLQ
( 6PRNWXQRZLF] 6WDWXV DGPLQLVWUDF\MQRSUDZQ\ RE\ZDWHOD Z 6\VWHP SUDZD
DGPLQLVWUDF\MQHJRW,9SRGUHG75DEVNLHM:URFáDZVLQ
*G\ZHZQWU]Q\W\WXáRSUDFRZDQLD]ZL]DQ\MHVW]RNUHORQ\P DXWRUHP
W\ONRZRJyOQ\PZ\ND]LHDXWRUyZSUDF\]DSLVSU]\SLVXPR*HPLHüQDVWSXMF
SRVWDü
--H*HZVNLZ-%RüUHG3UDZRDGPLQLVWUDF\MQH:URFáDZV
1DOH*\GRGDü*HVIRUPXáRZDQLHSRGUHGDNFM SRGUHGSLV]HP\]DZV]H
]JRGQLH]WHNVWHPRU\JLQDOQ\PFRR]QDF]DPR*OLZ Uy*QRURGQRüIRUP
SRGUHGQDXNRZ
SRGUHG
UHG
VWRVRZQLH GR ]DSLVX Z SRZRá\ZDQHM SR]\FML =ZURW SRG UHG SLV]HP\
QDMF]FLHMSR W\WXOHSUDF\&]DVHP NZHVWL UR]VWU]\JDNDUWDW\WXáRZDOXEMHM
GUXJDVWURQDRU\JLQDáX
&\WRZDQLHSXEOLNDFML]DPLHV]F]RQ\FKZF]DVRSLVPDFK
3U]\F\WRZDQLXRSUDFRZD ]DPLHV]F]RQ\FKZF]DVRSLVPDFKRERZL]XM
RJyOQHUHJXá\]QDVWSXMF\PLX]XSHáQLHQLDPL
:V]\VWNLH Z\UD]\ ] QD]Z\ F]DVRSLVPD SLV]HP\ GX* OLWHU SR]D
IRUPDPLNRQLXQNF\MQ\PL
1D]Z F]DVRSLVPD SLV]HP\ Z FXG]\VáRZLH FKRü UHJXáD WD G]L
]DQLND
3R QD]ZLH F]DVRSLVPD SLV]HP\ EH] XSU]HGQLHJR SU]HFLQND URN
Z\GDQLDDQDVWSQLHSRSU]HFLQNXQXPHU]HV]\WOXEWRP
1D NRFX SR SU]HFLQNX R]QDF]DP\ VWURQ VWURQ\ 2WR SU]\NáDG
SRSUDZQHJRF\WRZDQLD
% 'RENH )UDFKWRZDQLH WRQD*X FKáRGQLRZHJR GR SU]HZR]X áDGXQNyZ SROVNLHJR
KDQGOX]DJUDQLF]QHJRÄ7HFKQLNDL*RVSRGDUND0RUVND´ 1U
VLQ
&\WRZDQLHSXEOLNDFML]DPLHV]F]DQ\FKZJD]HWDFK
3RQLHZD* ]DVDG\ F\WRZDQLD ] JD]HW V ]EOL*RQH GR ]DVDG F\WRZDQLD ]
F]DVRSLVP XVWDOHQLH Uy*QLF\ PLG]\ F]DVRSLVPHP D JD]HW QLH Z\GDMH VL
LVWRWQH3XEOLNDFMH]JD]HWF\WXMHP\SRGREQLHMDNSXEOLNDFMH]F]DVRSLVP ]W\P
*H
XWDUáDVL SUDNW\NDQLHSRGDZDQLDVWURQ\
]DPLDVWRNUHOHQLDURNXRNUHODVL G]LHPLHVLFLURN
&\WRZDQLHSXEOLNDFMLGUXNRZDQ\FKDOIDEHWHPQLHáDFLVNLP
: UD]LH QLHSU]\GDWQRFL DOIDEHWX áDFLVNLHJR ]DSLVX GRNRQXMHP\ Z
IRUPLHIRQHW\F]QHM QS
$ 0 5RW 2VRKHQQRVWL Y]DLWQRGHMVWYLMD MD]\NRZ L GLDOHNWRY .DUSDWVNRJR DUHDOD
8]JRURG
$.$]DL* JHZHQGHUXQFKRMEÄ)RáNV6]W\PH´QU9,
=DSLVSUDFQLHSXEOLNRZDQ\FK
3UDFHQLHSXEOLNRZDQHF\WXMHVL SRGREQLHMDN SUDFHSXEOLNRZDQH]W\P
*H GRGDMH VL Z QDZLDVLH Z\UD]\ SUDFD QLHSXEOLNRZDQD OXE R]QDF]D VL LQQH
FKDUDNWHU\VW\F]QH L Z\Uy*QLDMFH M FHFK\ QS SUDFD PDJLVWHUVND OLVW\ ]H
]ELRUyZ]H]ELRUXNDUWRJUDILF]QHJRLWS
8ZDJD=DNUHVSU]HGUXNRZ\ZDQLDIUDJPHQWyZFXG]\FKSUDFDXWRUVNLFKL
VSRVyE ZVND]\ZDQLD(UyGHá F\WRZDQLD MHVW L EG]LH QRUPRZDQ\ SU]H]
SU]HSLV\ SUDZDDXWRUVNLHJRDQLHSU]H]VWRVRZDQHZSUDNW\FH]Z\F]DMH
]Z\URNX6GX1DMZ\*V]HJR]GQLDJUXGQLDURNX
5R]G]LDá9,,
=DVDG\VWRVRZDQLDZSU]\SLVDFKVNUyFHIRUP
SROVNLFKLáDFLVNLFKRUD]VNUyWyZ
8ZDJDRJyOQD
:\PyJ GRNáDGQHJR RSLVDQLD PDWHULDáX F\WRZDQHJR SR UD] SLHUZV]\
GRW\F]\ ZV]\VWNLFK (UyGHá Z\NRU]\VWDQ\FK Z SUDF\ 2EHMPXMH ]DWHP ND*G\
PDWHULDá QLH]DOH*QLH RG MHJR FKDUDNWHUX ]ELRU\ PDS UNRSLV\ NDWDORJL
HNVSRQDWyZDNW\QRUPDW\ZQHNVL*NLDNWD]GHF\]MDPLDUFKLZDLWG
6NUyFHQLD
:VNUyFHQLDFKSLV]HP\]D]Z\F]DM
QD]ZLVNR]DPLDVWSLHUZV]HMOLWHU\LPLHQLDLFDáHJRQD]ZLVNDQS
/LSLVNL]DPLDVW(/LSLVNL
SLHUZV]HZ\UD]\F\WRZDQHJRW\WXáXQS
+LVWRULD ]DPLDVW +LVWRULDSROVNLHM P\O L VSRáHF]QRHNRQRPLF]QHM GR NRFD
;9,,,Z:URFáDZ
8ZDJD,:PDNV\PDOQLHXIRUPRZDQ\PVNUyFLH]DPLDVWFDáRFLRSLVX
DXWRUDLSUDF\SLV]HP\
/LSLVNL JG]LHR]QDF]DVWURQ
8*\ZDQLDWHJRVSRVREXQLH]DOHFDVL MHGQDNZSUDF\PDJLVWHUVNLHM
,, &]DVDPL Z NVL*NDFK RZR PDNV\PDOQH VNUyFHQLH VWRVRZDQH MHVW RG
UD]XRGSLHUZV]HJRSU]\SLVX7DN*HWHJRVSRVREX QLHQDOH*\]DOHFDüZ
SUDF\PDJLVWHUVNLHM
,,, 'OD SRWU]HE SUDF\ PDJLVWHUVNLHM QDMOHSV]H Z\GDMH VL SRáF]HQLH
SLHUZV]HMOLWHU\ LPLHQLDLFDáHJRQD]ZLVND]SLHUZV]\PLZ\UD]DPL W\WXáX
F\WRZDQHM SUDF\ RF]\ZLFLHSR]D V\WXDFM F\WRZDQLDSR UD] SLHUZV]\
QS
(/LSLVNL+LVWRULDSROVNLHMP\OLV
)RUP\SROVNLHLáDFLVNLH
,G]LHWXZ\áF]QLHRIRUP\SROVNLHLáDFLVNLHZSU]\SLVDFK)RUP\ SRGREQLH
MDN VNUyFHQLD L VNUyW\ V VWRVRZDQH Z SU]\SLVDFK Z FHOX XQLNQLFLD
QLHSRWU]HEQ\FK SRZWyU]H REHMPXMF\FK ]D]Z\F]DM GDQH R SUDFDFK MX*
F\WRZDQ\FK 2]QDF]D WR *H SUDFD F\WRZDQD SLHUZV]\ UD] PXVL E\ü RSLVDQD
GRNáDGQLHLFDáNRZLFLH]JRGQLH]XVWDORQ\PLZ\PRJDPLQDWRPLDVWF\WRZDQD
SRUD]GUXJL LND*G\ QDVWSQ\PR*HE\üRSLVDQD]DSRPRF VSHFMDOQ\FK IRUP
GRNWyU\FK]DOLF]DP\
MDNZ\*HM
WDP*H
LELGHP
LQIUD
SDVVLP
VXSUD
)RUPD MDN Z\*HM VWRVRZDQD MHVW Z\áF]QLH ZWHG\ JG\ ]DFKRG]L SRWU]HED
LGHQW\F]QHJR]DF\WRZDQLDZEH]SRUHGQLRQDVWSQ\PSU]\SLVLHQS
--H*HZVNL $GPLQLVWUDF\MQRSUDZQH EDGDQLD G]LDáD ZHZQWU]Q\FK DGPLQLVWUDFML Z
.U\WHULDSUDZLGáRZRFLG]LDáD ZHZQWU]Q\FKDGPLQLVWUDFML:URFáDZV
-DNZ\*HM
)RUPD WDP*H VWRVRZDQD MHVW Z\áF]QLH ZWHG\ JG\ ]DFKRG]L SRWU]HED
]DF\WRZDQLD WHM VDPHM SUDF\ Z EH]SRUHGQLR QDVWSQ\P SU]\SLVLH DOH ]
PR*OLZRFL RNUHOHQLDLQQHJRPLHMVFDVWURQ\F\WRZDQHMSUDF\QS
63LWHN3U]HGVLELRUVWZRX*\WHF]QRFLSXEOLF]QHMMDNRLQVW\WXFMDJRVSRGDUF]D:DUV]DZD
V
7DP*HV
)RUPDWDP*H PR*HE\üVWRVRZDQDZSRáF]HQLX]HZVND]DQLHPDXWRUDQS
6%LHUQDW3UREOHP\SUDZQHVSUDZLHGOLZHJRUR]G]LDáXGyEUSU]H]SDVWZR.UDNyZ
V
6%LHUQDWWDP*HVLQ
-HOL SR XSU]HGQLP F\WRZDQLX DXWRUD $ L MHJRSUDF\ 3 F\WXMHP\ QD GDOV]\FK
VWURQDFK LQQ\FK DXWRUyZ $ $ $ L LFK SUDFH 3 3 3 D QDVWSQLH
ZUDFDP\GRDXWRUD$LMHJRSUDF\3ZWHG\RF]\ZLFLHQLHPR*HP\QDSLVDü
$WDP*HVOXE$LELGHPV
PR*HP\QDWRPLDVWX*\üMHGQHM]GZyFKLQQ\FKIRUP
² MHOLZFDáHMSUDF\F\WXMHP\W\ONRMHGQ SUDF DXWRUD$ PR*HP\X*\ü
QDVWSXMFHJRXNáDGX
$RSFLWV
² MHOL Z FDáHM SUDF\ GR PRPHQWX SRZWyUQHJR F\WRZDQLD DXWRUD $ L MHJR
F\WRZDQHMMX*SUDF\ 3SRZRá\ZDOLP\ ZUyG(UyGHá LQQHRSUDFRZDQLDWHJR*
DXWRUD PXVLP\]LQG\ZLGXDOL]RZDüZSU]\SLVLHND*GH]W\FKRSUDFRZD&]\QL
VL WR]D]Z\F]DMSU]H]QDSLVDQLHSLHUZV]\FKZ\UD]yZOXESLHUZV]HJRZ\UD]X
F\WRZDQHMSUDF\FRE\áRMX* SRGQLHVLRQH
-HOL]DWHP ZSUDF\NRU]\VWDVL ]NLONXRSUDFRZD WHJRVDPHJRDXWRUD
VNUyWXRSFLW ZRGQLHVLHQLXGRNWyUHMNROZLHN]SUDFWHJRDXWRUDQLHVWRVXMHVL
àDFLVNLHLELGHPR]QDF]DWRVDPRFRSROVNLHWDP*HQS
$%áD.RQFHSFMDUHJXODFMLSUDZQHMG]LDáD ZHZQWU]Q\FKDGPLQLVWUDFMLSDVWZRZHMZ
.U\WHULDSUDZLGáRZRFLG]LDáD ZHZQWU]Q\FKDGPLQLVWUDFML:URFáDZV
,ELGHPV
OXE
$%áDLELGHPV
,ELGHP PR*H WH* Z\VWSRZDü SRGREQLH MDN IRUPD WDP*H Z LQQHM
NRQILJXUDFML WR MHVW ZWHG\ JG\ XSU]HGQL SU]\SLV QDSLVDQ\ MHVW Z VSRVyE
VNUyFRQ\QS
-.UHPLV2GSRZLHG]LDOQRüRGV]NRGRZDZF]DV
,ELGHPV
- .UHPLVLELGHPV
àDFLVND IRUPD LQIUD U]DGNR VSRW\NDQD R]QDF]D ZVND]DQLH LQQHJR
SU]\SLVX SUDF\ ]QDMGXMFHJR VL SR SU]\SLVLH ]DZLHUDMF\P W IRUP OXE
IUDJPHQWXWHNVWXSRRGQRQLNXGRNWyUHJRRGQRVLVL SU]\SLV
àDFLVNLH
SDVVLP
R]QDF]D
MHGQRF]HVQH
ZVND]DQLH
QD
Uy*QH
QLH]LQG\ZLGXDOL]RZDQHPLHMVFDF\WRZDQHMSUDF\
7DN%6LFLVNLRSFLWSDVVLP
àDFLVND IRUPD VXSUD U]DGNR X*\ZDQD R]QDF]D ZVND]DQLH LQQHJR
SU]\SLVX SUDF\ ]QDMGXMFHJR VL SU]HG SU]\SLVHP ]DZLHUDMF\P W IRUP OXE
IUDJPHQWWHNVWX]QDMGXMFHJRVL SU]HGRGQRQLNLHP
6NUyW\
3R]D XQLNDQLHP SRZWyU]H L ]PQLHMV]DQLHP WHNVWX VNUyW\ Z SU]\SLVDFK
X*\ZDQH V ]D]Z\F]DM Z NRQWHNFLH Z NWyU\P FKRG]L R ZVND]DQLH MDNLHM
SUDF\ MDNLHJR SRJOGX MDNLHJR DXWRUD MDNLHM LQIRUPDFML MDNLFK GDQ\FK
1DOH* WX]ZáDV]F]DVNUyW\
]RE
SRU
MZ
RSFLW
RF
OF
ORFFLW
=RE ]REDF] 6NUyW WHQ ZVND]XMH QD EH]SRUHGQLH RGQLHVLHQLH GR
(UyGHáSRJOGyZLWS
=RE]ZáDV]F]D
3RU SRUyZQDM 6NUyW WHQ ZVND]XMH QD SRWU]HE RG]ZLHUFLHGOHQLD
SHZQHM UHODFML PLG]\ SRJOGHP XMFLHP SLV]FHJRD SRJOGHP SRJOGDPL
F]\XMFLHPXMFLDPLF\WRZDQ\FKZSUDF\DXWRUyZ0R*HE\üRQX*\ZDQ\Z
SRGREQ\PFHOXWDN*HGODSU]HGVWDZLHQLDZGáX*V]\PSU]\SLVLHPHU\WRU\F]QHM
RFHQ\GZyFKOXENLONXRSLVDQ\FKVWDQRZLVN
8ZDJD *G\ UHODFMRQXMHP\F]\MH SRJOG\ F]\ MH ZVND]XMHP\ OXE GRVáRZQLH
SU]\WDF]DP\ X*\ZDQLH VNUyWyZ ]RE L SRU MHVW QLHGRSXV]F]DOQH : WDNLFK
SU]\SDGNDFKRGQRWRZXMHP\ZSU]\SLVLHMHG\QLHDXWRUDLF\WRZDQ SUDF
6NUyW MZ MHVW VNUyWHP RG MDN Z\*HM NWyUHJR IXQNFMD ]RVWDáD MX* RPy
ZLRQD
6NUyWRSFLWRGQRVLVL GRáDFLVNLHJRRSHUH FLWDWWR ZF\WRZDQ\PG]LHOH
OXE RSXVFLWDWXP G]LHáRF\WRZDQH L ]DVWSXMH Z SU]\SLVLH FDáRü R]QDF]HQLD
F\WRZDQHMSUDF\]Z\MWNLHPR]QDF]HQLDVWURQ\=DPLDVWZLFSLVDü
-)$FNUR\G,PPXQRORJLFDOPHWKRGV3KLODGHOSKLD)$'DYLV &RV
SLV]HP\
-)$FUR\GRSFLWV
6NUyWRSFLWZ\VWSXMHWDN*HZSRVWDFLRF
2VWDWQLR SRMDZLá\ VL SUDFH Z NWyU\FK VNUyW RSFLW ]RVWDá ]DVWSLRQ\
VNUyWHP G]F\W G]LHáR F\WRZDQH 1LH Z\GDMH VL E\ QRZD SURSR]\FMD E\áD
EDUG]LHM XGDQD RG IRUP\ GRW\FKF]DVRZHM D QDGWR PD Z VRELH MHV]F]H ZLFHM
XPRZQRFL
8ZDJD
6SRW\NDQHFKRüU]DGNRIRUPXá\
$6PLWK%RJDFWZRQDURGyZMZV
%$GDPLDN2GZRáDQLHRSFLWV
QLHZ\GDM VL WUDIQHZP\OSDUHPLLQHELVLQLGHP3LV]HP\ZLHF DOER%RJDFWZR
QDURGyZDOERMZLDOER2GZRáDQLHDOERRSFLW
:UHV]FLH VNUyW OF DOER ORFFLW RG áDFLVNLHJR ORFXV FLWDWXV F\WRZDQH
PLHMVFHOXEORFRFLWDWRZF\WRZDQ\PPLHMVFXR]QDF]DPLHMVFHF\WRZDQHFR
MHVWUyZQR]QDF]QH]R]QDF]HQLHPF\WRZDQHMSUDF\OHF]QLHVWURQ\
3LV]F\SUDF PR*HX*\ZDüVNUyWyZSRZV]HFKQLHSU]\MW\FKF]\VNUyWyZ
RILFMDOQ\FK '] 8 ']LHQQLN 8VWDZ 5]HF]\SRVSROLWHM 3ROVNLHM 16$
1DF]HOQ\ 6G $GPLQLVWUDF\MQ\ OXE PR*H IRUPXáRZDü GOD ZáDVQ\FK SRWU]HE
VZRLFLHVNRQVWUXRZDQHVNUyW\ FKRüWH* ] SRV]DQRZDQLHP UHJXá M]\NRZ\FK
:W\P GUXJLPZ\SDGNX PXVL MHMHGQDNRSLVDüDJG\ VNUyWyZMHVWGX*R GDü
QDZHWRVREQ\Z\ND]VNUyWyZX*\ZDQ\FKZSUDF\QSZHGáXJZ]RUX
Ä.ZDUW$UFKL8UE´ ± Ä.ZDUWDOQLN$UFKLWHNWXU\L8UEDQLVW\NL´
Ä3U]HJO+LVW´ ± Ä3U]HJOG+LVWRU\F]Q\´
,QQHVNUyW\ QLHVZRLVWHSLV]HP\ZHGáXJ]DVDG M]\NDSROVNLHJR QS F\W
]DF\WRZDQH]DVVWURQDVLQVWURQDLQDVWSQHVVVWURQ\VWURQ
LWG
5R]G]LDá9,,,
:\ND]F\WRZDQ\FKSXEOLNDFML
:\GDMHVL*HMHVWWRQDMGRNáDGQLHMVIRUPXáRZDQ\W\WXáVSLVXFDáRFLSUDF
SXEOLNRZDQ\FKSU]\ZRáDQ\FKZSUDF\PDJLVWHUVNLHM7HQHOHPHQWPR*HUyZQLH
GREU]H QRVLü W\WXá :\ND] F\WRZDQHM OLWHUDWXU\ DOER 3XEOLNDFMH SRZRáDQH Z
SUDF\ OXE WH* :\ND] F\WRZDQ\FK SUDF MHOL ]DZLHUD R]QDF]HQLH SUDF
SXEOLNRZDQ\FKLQLHSXEOLNRZDQ\FK-HOLDXWRUSUDF\PDJLVWHUVNLHMNRU]\VWD]H
]QDF]QHM LORFL SUDF QLHSXEOLNRZDQ\FK R VZRLFLH Z\Uy*QLRQ\P FKDUDNWHU]H
PR*H OXE PXVL VIRUPXáRZDü GOD QLFK RVREQ\ W\WXá QS :\ND] SUDF
QLHSXEOLNRZDQ\FK :\ND] LQQ\FK PDWHULDáyZ .D*GD G]LHG]LQD ZLHG]\
SRVáXJXMH VL WX ]UHV]W SHZQ RGPLHQQ FKDUDNWHU\VW\F]Q W\ONR GOD QLHM
W\SRORJL
:Z\ND]LHF\WRZDQ\FKSXEOLNDFMLF]\WH* ZSXEOLNDFMDFKF\WRZDQ\FKZ
SUDF\ QLH PLHV]F] VL PDWHULDá\ V]F]HJyOQH WDNLH MDN QS QLHSXEOLNRZDQH
DUFKLZDOLDF]\SXEOLNRZDQHDNW\QRUPDW\ZQH'ODWHJRZSRGREQ\FKV\WXDFMDFK
QDOH*\NRQVWUXRZDüRVREQHZ\ND]\]REGDOHM
: Z\ND]LH F\WRZDQ\FK SXEOLNDFML F]\ WH* Z\ND]LH SUDF F\WRZDQ\FK
Z\ND]LH F\WRZDQHM OLWHUDWXU\ SRVáXJXMHP\ VL ]DSLVHP Z\]QDF]RQ\P SU]H]
SRU]GHNDOIDEHW\F]Q\5HDOL]DFMDWHJRNU\WHULXPZ\PDJDMHGQDNNRPHQWDU]D
3R SLHUZV]H SRZVWDMH NZHVWLD F]\ LPL LPLRQD GDQHJR DXWRUDDXWR
UyZGDQHMSUDF\ UHNRQVWUXXMHP\ZHGOHRU\JLQDáXF]\SLV]HP\ QLH]DOH*QLHRG
WUHFL RNáDGNL F\WRZDQHM SUDF\ W\ONR SLHUZV] OLWHU LPLHQLD LPLRQ 0LPR
]Uy*QLFRZDQHMZW\PZ]JOG]LHSUDNW\NLZ\GDZQLFWZPR*QDGODSRWU]HESUDF\
PDJLVWHUVNLHM SU]\Mü UR]ZL]DQLH RJUDQLF]DMFH SLVDQLH LPLHQLD LPLRQ GR
SLHUZV]HM MHJR OLWHU\ OLWHU 3URSR]\FMD WD XPR*OLZLD XMHGQROLFHQLH VWUXNWXU\
Z\ND]X LRPLMDNáRSRW\]ZL]DQH]WUXGQRFLDPL OXE QLHPR*OLZRFL XVWDOHQLD
SHáQHJREU]PLHQLDLPLHQLD
3R GUXJLH NZHVWLD NROHMQRFL SLVDQLD LPLHQLD SLHUZV]HM OLWHU\ L
QD]ZLVNDWDN*HDOWHUQDW\ZQLHUR]VWU]\JDQDZHZVSyáF]HVQ\FKZ\GDZQLFWZDFK
PR*H E\ü RF]\ZLFLH UR]ZL]DQD SU]HGH ZV]\VWNLP SR P\OL NLHUXMFHJR
SUDF:UD]LHEUDNXVXJHVWLLZW\PZ]JOG]LHDXWRUSUDF\ZLDGRP\L* UHJXá\
M]\ND SROVNLHJR QLH ]DEUDQLDM SLVDQLD QDMSLHUZ QD]ZLVND L Sy(QLHM LPLHQLD
PR*H VL VNáRQLüNX E\üPR*H VWDURGDZQHM MX* Z HU]HNRPSXWHUyZ UHJXOH
XPLHV]F]DQLD QD SLHUZV]\P PLHMVFX LPLHQLD Z VSRVyE QLH QDUD*DMF\ JR QD
V]F]HJyOQ\ Z\VLáHN D SR]ZDODMF\ XWU]\PDü SHZQ HOHJDQFM E\ ]DFKRZDü
ZUD*HQLH SLHUZRWQRFL LPLHQLD Z\VWDUF]\ SR QDSLVDQ\P QD]ZLVNX SRVWDZLü
SU]HFLQHNDSRSLHUZV]HMOLWHU]HLPLHQLDNURSN LSU]HFLQHNQS
-HQGURND-=DJDGQLHQLDSUDZQHZ\NRQDQLDDNWXDGPLQLVWUDF\MQHJR
2WR GáX*V]\ SU]\NáDG SRGREQ\FK XMü SUH]HQWXMF\ QDGWR UR]ZL]DQLD
LQQ\FKMHV]F]H QLHU]DGNRWUXGQ\FK NZHVWLLQS
&RORPER8JR0$PPLQLVWUD]LRQHVRFLDOH0LODQR&ROWHOOL5REHUWR (QWLHVWDWXWLQHO
GLULWWRSXEEOLFR0LODQR
&RQQRLV5HQp/DQRWLRQGpWDEOLVVHPHQWSXEOLFHQGURLWDGPLQLVWUDWLIIUDQoDLV3DULV
'X&RQVHLOG(WDWHQYLVDJHFRPPHFRQVHLO>EH]LPLHQQLH]RE&RUPHQLQ@
/H&RQVHLOG(WDW/LYUHMXELODLUH3DULV
&RQWH $PHGHR 1RUPDWLYLVPR >L@ 2UGLQDPHQWR JLXULGLFR >KDVWD Z@ 1RYLVVLPR 'LJHVWR
,WDOLDQRW7RULQR
&RUDLO -/ GH /D FULVH GH OD QRWLRQ MXULGLTXH GH VHUYLFH SXEOLF HQ GURLW DGPLQLVWUDWLI
IUDQoDLV3DULV
&RUPHQLQ /RXLV0DULHGH OD +D\HGH 'X &RQVHLOG(WDW HQYLVDJp FRPPHMXULGLFWLRQ GDQV
QRWUHPRQDUFKLHFRQVWLWXWLRQQHOOH3DULV>EH]LPLHQQLH@
1LHPQLHM MHGQDN VSRW\NDQH V WDN*H Z\ND]\ Z NWyU\FK QD SRF]WNX
SLVDQHMHVWLPL SLHUZV]DOLWHUDLPLHQLD
3RWU]HFLH QD]ZLVND] SDUW\NXá SLVDQ GX* OLWHU QLGHUODQG]NLH9DQ
IUDQFXVNLH'HZáRVNLH'LSRZLQQ\E\ü]DPLHV]F]DQHSRG OLWHU SDUW\NXá\Z
P\O ]DáR*HQLD L* VWDQRZL HOHPHQW QD]ZLVND 5R]ZL]DQLH SRGREQH
SU]\MPRZDQH MHVW SUDZLH SRZV]HFKQLH Z Z\GDZQLFWZDFK ]DJUDQLF]Q\FK
'ODWHJRMHJRWX]DDNFHSWRZDQLHPDZPLDU PRFQ SRGVWDZFKRüFDáDNZHVWLD
MHVWGRüVNRPSOLNRZDQD-HGQRF]HQLHQD]ZLVND]SDUW\NXá SLVDQ PDá OLWHU
]DPLHV]F]DP\SRGOLWHU DOIDEHWXZáDFLZ GODSLHUZV]HMOLWHU\QD]ZLVNDQS
/DXEDGHUH$QGUHGH5HOOHFOLRQVVXUODFULVH
OXE
/DXEDGHUH$GH
: V\WXDFML JG\ GHF\GXMHP\ VL SLVDü LPL OXE SLHUZV] MHJR OLWHU QD
SRF]WNX ]DSLVSRZ\*V]\ XPLHV]F]RQ\ Z W\P VDP\P PLHMVFX Z\ND]X EG]LH
PLHüFLJOHSRGOLWHU /SRVWDü
$QGUHGH/DXEDGHUH5HIOHFWLRQVVXU ODFULVH
OXE
$GH/DXEDGHUH5HIOHFWLRQVVXUODFULVH
3R F]ZDUWH MHOL ]QDP\ Z\áF]QLH LQLFMDá\ DXWRUD LQLFMDá V\JQXMF\
QD]ZLVNRZ\]QDF]DDOIDEHW\F]QLHPLHMVFHZZ\ND]LH
3RSLWH ZSU]\SDGNXGZyFKOXEZLFHMDXWRUyZZVSyáDXWRUyZSUDF\
UHJXá DOIDEHW\F]Q VWRVXMHP\ZREHFSLHUZV]HJRDXWRUD3RGREQLHSRVWSXMHP\
Z Z\SDGNX JG\ DXWRUHP SUDF\ MHVW RUJDQL]DFMD SLHUZV]H OLWHU\ SLHUZV]HJR
Z\UD]XQD]Z\RUJDQL]DFMLQS3ROVNL.OXE(NRORJLF]Q\Z\]QDF]DM PLHMVFHZ
Z\ND]LH
3RV]yVWH ZUD]LHJG\SUDFDQLHPDZ\Uy*QLRQHJRDXWRUDXPLHV]F]DP\
M ZZ\ND]LHZHGOHOLWHUSLHUZV]HJRZ\UD]XW\WXáX
3R VLyGPH SUDFH ]ELRURZH XPLHV]F]DP\ Z PLHMVFX Z\]QDF]RQ\P
DOIDEHW\F]QLHSU]H]QD]ZLVNRMHMUHGDNWRUDQS
:U]HVLVNL:UHG:RNyáVWHUHRW\SyZ3RODNyZL1LHPFyZ:URFáDZ
3R yVPH MHOL QLH PD SRWU]HE\ Z\ND]DQLD FDáHM SUDF\ ]ELRURZHM D
FKRG]L W\ONR R Z\ND]DQLH ]LQG\ZLGXDOL]RZDQHM F]FL WHM SUDF\ ]DSLV Z
Z\ND]LHZLQLHQPLHüQDVWSXMF SRVWDü
7\V]NLHZLF] / $ = EDGD QDG QDURG]LQDPL VWHUHRW\SyZ 6áRZLDQ Z KLVWRULRJUDILL
]DFKRGQLHM ZF]HVQHJR UHGQLRZLHF]D Z :RNyá VWHUHRW\SyZ 3RODNyZ L 1LHPFyZ SU
]ELyUSRGUHG::U]HVLVNLHJR:URFáDZ
8ZDJD =JRGQLH ] RU]HF]HQLHP 6GX 1DMZ\*V]HJR ] URNX WHNVW
]DSR*\F]RQ\ ] Z\Uy*QLRQHJR DXWRUVNR RSUDFRZDQLD ]DPLHV]F]RQHJR Z
SUDF\]ELRURZHMEH]SRGDQLDDGUHVXWHJRRSUDFRZDQLDQLHPDFKDUDNWHUX
F\WDWXF]\OL]DFKRZDQLDSUDZQLHGR]ZRORQHJRFKRüE\RNUHOHQLHSUDF\
]ELRURZHME\áRF\WRZDQHZVSLVLHF\WRZDQHMOLWHUDWXU\
3R G]LHZLWH W\WXá\ F]DVRSLVP L JD]HW SLV]HP\ SRGREQLH MDN Z
SU]\SLVDFKZFXG]\VáRZLHGRGDMFEH]XSU]HGQLHJRSU]HFLQNDURNZ\GDQLDD
SR URNX Z\GDQLD L SR SU]HFLQNX R]QDF]DP\ QXPHU F]DVRSLVPD HZHQWXDOQLH
]HV]\WVWRVRZQLHGRQD]Z\RU\JLQDOQHM1XPHUZVNUyFLHQUL]HV]\WZVNUyFLH
]F]DVDPLWRPSLV]HP\]D]Z\F]DMPDá OLWHU
3R G]LHVLWH Z Z\ND]LH QLH SRGDMHP\ VWURQ 6WURQ\ L WR MHG\QLH Z
F]DVRSLVPDFK JD]HWDFKSRGDMHP\ Z\áF]QLHZWHG\JG\ VWRVXMHP\VSHFMDOQ\
VSRVyEF\WRZDQLDRNUHODQ\ZUR]G]9,SRGUR]G]SNW
%\ü PR*H ] SRZRGX URVQFHM JUXERFL JD]HW WU]HED EG]LH ]DQLHFKDü
UHJXá\QLHSRGDZDQLDVWURQ\
5R]G]LDá,;
3UREOHPELEOLRJUDILL
1D]\ZDQLH Z\ND]X F\WRZDQ\FK SXEOLNDFML OLWHUDWXU\ SUDF ELEOLRJUDIL
MHVW RF]\ZLFLH EáGHP L WR EáGHP QLHU]DGNLP QLH W\ONR Z SUDFDFK
PDJLVWHUVNLFK 1LHPQLHM MHGQDN WU]HED SRGNUHOLü L* SRMFLH ELEOLRJUDILL MHVW
VNRPSOLNRZDQH :DUWR ZLF PR*H SU]\WRF]\ü MH ]D (QF\NORSHGL ZLHG]\ R
NVL*FH :URFáDZ ]JRGQLH ] NWyU ELEOLRJUDILD JUHFNLH ELEOLRQ DOER
ELEORV NVL*ND JUDSKHLQ SLVDü WR XSRU]GNRZDQ\ ÄVSLV Z\ND]
]HVWDZLHQLH GRNXPHQWyZ GREUDQ\FK ZJ SHZQ\FK NU\WHULyZ VSHáQLDMF\
RNUHORQH ]DGDQLDLQIRUPDF\MQH ,VWQLHM Uy*QH URG]DMH % R NWyU\FK GHF\GXM
NU\WHULD GRERUX RUD] URG]DM RSLVX -HOL NU\WHULXP GRERUX VWDQRZL FHFK\
WUHFLRZH GRNXPHQWyZ SRZVWDM ELEOLRJUDILH WUHFLRZH 3U]\MFLH MDNR
NU\WHULXP GDQ\FK W\WXODWXU\ OXE IRUP\ Z\GDZQLF]HM F]\ SLPLHQQLF]HM
GRNXPHQWyZGDMH%Z\GDZQLF]RIRUPDOQH-HOL%PD]DUHMHVWURZDüZV]\VWNLH
GRNXPHQW\ RGSRZLDGDMFH XVWDORQ\P NU\WHULRP SRZVWDMH % NRPSOHWQD
SRSUDZQLHM G*\ VL GR NRPSOHWQRFL JG\* G]L QDZHW SU]\ ]DPLHU]HQLX
NRPSOHWQRFL]UHJXá\SRPLMDVL PQLHMZDUWRFLRZHGRNXPHQW\%VHOHNF\MQD
] JyU\ ]DNáDGD GRNRQ\ZDQLH Z\ERUX VHOHNFML VSRUyG GRNXPHQWyZ
RGSRZLDGDMF\FK SU]\MW\P NU\WHULRP ,QQ\ SRG]LDá % RSLHUD VL QD SRMFLX
]DNUHVXZ\]QDF]DQHJRSU]H]FHFK\WUHFLRZHGRNXPHQWyZGRELHUDQ\FKGR%
RUD] ]DVLJX RNUHODQHJR SU]H] FHFK\Z\GDZQLF]RIRUPDOQH GRNXPHQWyZ %
VSHFMDOQH PDM ]DNUHV RJUDQLF]RQ\ OXE ]DNUHV SHáQ\ D RJUDQLF]RQ\ ]DVLJ
DXWRUVNL F]\ Z\GDZQLF]RIRUPDOQ\ MDN % G]LHG]LQ OXE ]DJDGQLH %
UHJLRQDOQD%ORNDOQD%RVRERZD%]DOHFDMFD%GRNXPHQWyZRRNUHORQHM
IRUPLH Z\GDZQLF]HM OXE SLPLHQQHM : ]DOH*QRFL RG SRGVWDZ\ RSLVX
Z\Uy*QLDP\ % SU\PDUQH L SRFKRGQH : % SU\PDUQHM GRNRQXMH VL RSLVX
GRNXPHQWyZ]DXWRSVML]DVDGQLF]RZF]DVLHQDMEOL*V]\PPRPHQWXLFKXND]DQLD
VL MDN Z % QDURGRZHM ELH*FHM % SRFKRGQD QDWRPLDVW SU]HMPXMH RSLV\ ]
LQQ\FK % : ]DOH*QRFL RG URG]DMX RSLVX Z\RGUEQLDP\ % UHMHVWUDF\MQH
PDMFH RSLV UHMHVWUDF\MQ\ ]DVDGQLF]\ RUD] % DGQRWRZDQH DQDOLW\F]QH OXE
NU\W\F]QH RSLV ]DVDGQLF]\ MHVW Z QLFK X]XSHáQLRQ\ DGQRWDFM DQDOL] OXE
DGQRWDFM NU\W\F]Q´
(QF\NORSHGLDZ\Uy*QLDELEOLRJUDIL DGQRWRZDQDQDOLW\F]QELEOLRJUDILL
ELH*FF]DVRSLVPG]LHG]LQOXE]DJDGQLHNUDMR]QDZF]NVLJDUVNORNDOQ
PLG]\QDURGRZQDURGRZRVRERZSRZV]HFKQSURVSHNW\ZQUHJLRQDOQ
UHMHVWUDF\MQUHWURVSHNW\ZQ]DOHFDMF]DáF]QLNRZ]DZDUWRFLF]DVRSLVP
= NROHL Z\Uy*QLRQD ELEOLRJUDILD G]LHG]LQ OXE ]DJDGQLH ÄVWDQRZL
QDMOLF]QLHMV] JUXS ELEOLRJUDILL7HPDWHP WHM JUXS\ V ZLHONLHG]LDá\ZLHG]\
QS QDXNL PDWHPDW\F]QRSU]\URGQLF]H PHG\F\QD WHFKQLND QDXNL UROQLF]H
SRV]F]HJyOQH G]LHG]LQ\ QS Z REUELH QDXN WHFKQLF]Q\FK ELEOLRJUDILD
EXGRZQLFWZD JyUQLFWZD NROHMQLFWZD SRV]F]HJyOQH ]DJDGQLHQLD QS
ELEOLRJUDILD SUREOHPDW\NL WáXPDF]HQLD %LEOLRJUDILDPL ]DJDGQLH V WDN*H
SU]HGPLRWRZHELEOLRJUDILHRVRERZHUHJLRQDOQHLORNDOQH´
2SLVDQD Z WHM*H (QF\NORSHGLL ELEOLRJUDILD RVRERZD ÄG*\ GR XND]DQLD
GRURENXZ\EUDQHJRDXWRUD%RSRGPLRWRZDLVWDQXSLPLHQQLFWZDRQLP%R
SU]HGPLRWRZD%RSRGPLRWRZDUHMHVWUXMHQLHRJUDQLF]DMF]DNUHVX]DUyZQR
LQG\ZLGXDOQHLZVSyáDXWRUVNLHSUDFHGDQHMRVRE\MDNLWHSXEOLNDFMHZNWyU\FK
Z\VWSXMHRQDMDNR WáXPDF] DXWRUZVWSXUHGDNWRU LWS 5HDOL]XMF G*HQLHGR
NRPSOHWQRFL %R VWRVXMH SHáQ\ ]DVLJ FKURQRORJLF]Q\ QLH RJUDQLF]D WDN*H
]DVLJXWHU\WRULDOQHJRM]\NRZHJRLZ\GDZQLF]RIRUPDOQHJRUHMHVWUXMHQDZHW
QLHNLHG\UNRSLV\ LGRNXPHQW\QLHSLPLHQQLF]HQS IRWRJUDILHSá\W\PHGDOH
%R XND]XMFD GRUREHN RNUHORQHM JUXS\ DXWRUyZ QS SUDFRZQLNyZ MHGQHM
LQVW\WXFMLQRVLQD]Z ELEOLRJUDILL]HVSRáXRVRERZHJR´
2F]\ZLFLH WDN*H WHPDW SUDF\ PDJLVWHUVNLHM VWDQRZLü PR*H NU\WHULXP
Z\VHJUHJRZDQLD OLWHUDWXU\ LQQ\FK IRUP -HGQDN*H FK\ED W\ONR DXWRU]\ SUDF
PDJLVWHUVNLFKSRZLFRQ\FKWZyUF]RFLNRQNUHWQ\FKRVyEPDM V]DQV SHáQHJR
SU]HGVWDZLHQLD ELEOLRJUDILL RVRERZHM L WR MHG\QLH Z XMFLX SRGPLRWRZ\P
RJUDQLF]RQ\P GR Z\V]F]HJyOQLHQLD FDáRFL GRURENX Z\EUDQHJR DXWRUD D Z
SUDNW\FH]D]Z\F]DMW\ONRZ\EUDQHMF]FLQS
%LEOLRJUDILDXWZRUyZQDLQVWUXPHQW\NRQFHUWXMFHLRUNLHVWU /HV]ND:LVáRFNLHJR
.RQFHUWIRUWHSLDQRZ\
6ORZWE[QDVDNVRIRQIRUWHSLDQLRUNLHVWU VP\F]NRZ
.RQFHUWQDREyMLRUNLHVWU NDPHUDOQ
,PSURZL]DFMDQDIRUWHSLDQLRUNLHVWU
: NRQWHNFLH SRZ\*V]\FK XZDJ PR*QD ]DXZD*\ü L* QDZHW DXWRU]\
Z\ELWQ\FK SUDF QDXNRZ\FK QLH ]DZV]H URV]F] VRELH SUDZR GR NRPSOHWQRFL
ELEOLRJUDILF]QHM WHPDWX L FKWQLHM SRVáXJXM VL VIRUPXáRZDQLHP Z\ND]X
]HVWDZX(UyGHáSUDFSXEOLNRZDQ\FKF\WRZDQ\FKZSUDF\
:UHV]FLH QD ]DNRF]HQLH ZDUWR SRGNUHOLü *H IXQNFMD ELEOLRJUDILL L
IXQNFMD Z\ND]X F\WRZDQHM OLWHUDWXU\ WR GZLH Uy*QH ZDUWRFL L *H DXWRU SUDF\
PDJLVWHUVNLHMSU]\QDMPQLHMPXVLPLHüWHJRZLDGRPRü
5R]G]LDá;
,QQHZ\ND]\
8ZDJLRJyOQH
: ]DOH*QRFL RG G]LHG]LQ\ FKDUDNWHUX L SU]HGPLRWX WHPDWX RUD] ZDU
V]WDWRZ\FK F]\ PHU\WRU\F]Q\FK Z\PDJD Z ]DNUHVLH FDáRFLRZHJR SU]HG
VWDZLHQLD Z\NRU]\VWDQHJR PDWHULDáX NV]WDáWXMH VL ]DOHFDQ\ F]\ QDZHW
Z\PDJDQ\ VSRVyE MHJR XSRU]GNRZDQLD 1DGWR QDOH*\ VWDOH SDPLWDü L* QLH
W\ONR OLWHUDWXUD VWDQRZL (UyGáR GDQ\FK F]\ SU]HGPLRW SUDF\ PDJLVWHUVNLHM :
]DOH*QRFL RG FKDUDNWHUX G]LHG]LQ\ QDXNRZHM D QLHU]DGNR QDZHW RG
VSHFMDOL]DFML ]PLHQLDM VL W\S\ L JDWXQNL (UyGHá Z\NRU]\VWDQ\FK Z SLVDQLX
:V]\VWNLH RQH PXV] MHGQDN*H ]QDOH(ü VZRMH RG]ZLHUFLHGOHQLH Z SUDF\
]DUyZQRZ WHNFLH SRGVWDZRZ\P L SU]\SLVDFKMDN L Z VSHFMDOQ\FK Z\ND]DFK
XPLHV]F]DQ\FK QD NRFX RSUDFRZDQLD 3RGREQH Z\PRJL VWDZLDQH SUDFRP
QDXNRZ\P ZLQQ\ E\ü UHVSHNWRZDQH WDN*H Z SUDFDFK PDJLVWHUVNLFK ,FK
XZ]JOGQLHQLH ]D VWDQRZL ] MHGQHM VWURQ\ PLDU RSDQRZDQLD U]HPLRVáD
SLVDUVNLHJR SU]H] DXWRUD ] GUXJLHM ]D NU\WHULXP NRFRZHM RFHQ\ SUDF\
GRNRQ\ZDQHMZWRNXHJ]DPLQXPDJLVWHUVNLHJR
6]F]HJyáRZ\ VSRVyE SU]HGVWDZLDQLD LQQ\FK Z\ND]yZ XVWDODQ\ MHVW
RF]\ZLFLH SU]H] NLHUXMFHJR SUDF PDJLVWHUVN 1LHPQLHM MHGQDN Z\EUDQH L
SU]HGVWDZLRQHWXSU]\NáDG\PRJ E\üWDN*HSRPRFQH
8ZDJD : UD]LH JG\ X*\WH Z SLVDQLX SUDF\ Uy*QHJR URG]DMX LQQH
PDWHULDá\ V Z\UD(QLH QLHOLF]QH PR*QD MH EH] GRGDWNRZHM VSHF\ILNDFML
SRáF]\ü Z MHGHQ Z\ND] LQQ\FK PDWHULDáyZ ]EXGRZDQ\ QD SRGVWDZLH
MHGQHJRNU\WHULXPQSNU\WHULXPDOIDEHW\F]QHJR
:\ND]VNUyWyZ
2F]\ZLFLHVNUDFDQLHQLHMHVWFHOHPVDP\PZVRELHDOHSHáQLZ\áF]QLH
IXQNFM SRZVWU]\PXMF QDGPLHUQ\ L QLHSRWU]HEQ\ UR]URVW WHNVWX 7RWH* Z
SUDFDFK PDJLVWHUVNLFK UDF]HM U]DGNR ]DFKRG]L SRWU]HED IRUPXáRZDQLD
VSHFMDOQHJRZ\ND]X X*\W\FK VNUyWyZ5]DGNRüWDXPDFQLDQDMHVW QDGWRSU]H]
]EGQRü WáXPDF]HQLD VNUyWyZ SRZV]HFKQLH X]QDQ\FK D WDN*H ]EGQRü
Z\MDQLDQLDVNUyWyZRF]\ZLVW\FKZGDQHMG]LHG]LQLHZLHG]\
3RQLHZD* Z\ND] VNUyWyZ MHVW MHGHQ L QLH ]DZLHUD GDOV]HM VHJUHJDFML
]QDMGXM VL ZQLPZV]\VWNLHVNUyW\X*\WHZSUDF\2WRIUDJPHQWSU]\NáDGX
Ä3U]HJO+XP´
± Ä3U]HJOG+XPDQLVW\F]Q\´
3L3
± Ä3DVWZRL3UDZR´
36%
± 3ROVNL6áRZQLN%LEOLRJUDILF]Q\
36/
± 3ROVNLH6WURQQLFWZR/XGRZH
51
± 5]G1DURGRZ\
:\JRGQLHMV]\ GOD F]\WHOQLND MHVW Z\ND] VNUyWyZ ]DPLHV]F]RQ\ QD
SRF]WNXSUDF\
,QGHNVQD]ZOXEQD]ZLVN
,QGHNV\ QD]Z F]\ QD]ZLVN ]GDU]DM VL U]DGNR L Z\VWSXM Z SUDFDFK ]
]DNUHVX W\ONR QLHNWyU\FK QDXN ]ZáDV]F]D KLVWRULL JHRJUDILL RQRPDVW\NL =D
NU\WHULXPNRQVWUXRZDQLDWDNLHJRZ\ND]XX]QDMHVL SUDZLHZ\áF]QLHNU\WHULXP
NROHMQRFLDOIDEHW\F]QHM
%LEOLRJUDILDSUDFQSRNUHORQHJRDXWRUD
:UD]LHJG\SUDFDPDJLVWHUVNDREHMPXMHVZ\PWHPDWHP*\FLHWZyUF]Rü
F]\ Z\EUDQH ]DJDGQLHQLDWZyUF]RFL RNUHORQHJR DXWRUD PDWHULDá\ VWDQRZLFH
SRGVWDZ RSUDFRZDQLDPXV] XZ]JOGQLDüSU]HGHZV]\VWNLPSUDFHF]\G]LHáD
WHJR* DXWRUD NWyUH PRJ E\ü Z\ND]DQH RVREQR WR MHVW SR]D Z\ND]HP
F\WRZDQ\FKSUDFQS
%LEOLRJUDILDSUR]\$QGU]HMD6WUXJD
%LEOLRJUDILDXWZRUyZQDRUNLHVWU .U]\V]WRID3HQGHUHFNLHJR
:\ND](UyGHáSUDZD
: ]DNUHVLH QDXN SUDZQLF]\FK GR Z\ND]yZ WDNLFK QDOH*\ SU]HGH ZV]\
VWNLP Z\ND](UyGHá SUDZD Z\ND] DNWyZ QRUPDW\ZQ\FK 6 GZD QDMF]VWV]H
VSRVRE\ MHJR NRQVWUXRZDQLD SLHUZV]\ SROHJDMF\ QD FKURQRORJLF]Q\P
Z\OLF]HQLX ZV]\VWNLFK DNWyZ Z\NRU]\VWDQ\FK Z SUDF\ L GUXJL SROHJDMF\
ZSUDZG]LH QD Z\NRU]\VWDQLX NU\WHULXP FKURQRORJLF]QHJR DOH Z REUELH
ND*GHJR]NLONXVHJPHQWyZ]DZLHUDMF\FKRGUEQHJUXS\JDWXQNRZHQDMSLHUZ
XVWDZ\ FKURQRORJLF]QLH SRWHP UR]SRU]G]HQLD RUJDQyZ QDF]HOQ\FK
FKURQRORJLF]QLHSRWHPLQQHDNW\RUJDQyZQDF]HOQ\FK FKURQRORJLF]QLHSRWHP
DNW\RUJDQyZ FHQWUDOQ\FK FKURQRORJLF]QLHSRWHP DNW\RUJDQyZWHUHQRZ\FK
RGSRZLHGQLR XV\VWHPDW\]RZDQH ZHGOH URG]DMyZ SRGPLRWyZ Z\GDMF\FK L ]
XZ]JOGQLHQLHP SRG]LDáX QD SUDZR PLHMVFRZH L DNW\ RUJDQyZ VDPRU]GX
WHU\WRULDOQHJR 6SRVyE WHQ Z\GDMH VL JRGQ\ ]DOHFHQLD SRQLHZD* MHVW EDUG]R
ERJDW\LQIRUPDF\MQLH
0R*QDMHGQDNVIRUPXáRZDüWXSHZQHXZDJLRJyOQH
5R]SRU]G]HQLD ] PRF XVWDZ\ PRJ E\ü ]DOLF]RQH GR VHJPHQWX
]DZLHUDMFHJRXVWDZ\
2]QDF]HQLH DNWX PD E\ü GRNáDGQ UHNRQVWUXNFM WHNVWX ]DZDUWHJR Z
RUJDQLH SURPXOJDF\MQ\P MHOL FKRG]L R DNW\ SXEOLNRZDQH L ] WHNVWX RU\JL
QDOQHJRMHOLFKRG]LRDNW\QLHSXEOLNRZDQH1DZHWZSRZD*Q\FKNVL*NDFKL
Z\GDZQLFWZDFK ]GDU]DM VL WX XFK\ELHQLD SROHJDMFH QD QLHSU]HVWU]HJDQLX
UH*LPXRU\JLQDOQRFL
:GDFLHZ\GDQLDDNWXPLHVLFR]QDF]DP\SHáQ\PVáRZHPSU]HGGDW
]D XPLHV]F]DP\]DZV]HLEH]VNUyWXZ\UD*HQLH]GQLDQSXVWDZD]GQLD
OLVWRSDGDURSDV]SRUWDFK
2]QDF]DQLHRUJDQXSURPXOJDF\MQHJRGDMHP\ZQDZLDVLHVWRVXMFQS
GOD ']LHQQLND 8VWDZ 5]HF]\SRVSROLWHM 3ROVNLHM QDVWSXMFH R]QDNRZDQLH
']81USy]
:UD]LHJG\ WHNVW E\áQRZHOL]RZDQ\ SRGDMHP\R]QDF]HQLDZV]\VWNLFK
QRZHOL]DFMLSRF]\QDMFRGGDW\ Z\GDQLD DNWXDOERRGGDW\WHNVWX MHGQROLWHJR
GOD NWyUHJR X*\ZDP\ HZHQWXDOQLH VNUyWX WHNVW MHGQ D QLH VNUyWX WM NWyU\
R]QDF]DWRMHVWQS
XVWDZD] GQLDNZLHWQLDURHZLGHQFMLOXGQRFLLGRZRGDFKRVRELVW\FKWHNVWMHGQ]
U']81USy]]U']81USy]
3RGF]DV JG\ Z WHNFLHSRGVWDZRZ\P PR*HP\X*\ZDü VIRUPXáRZD
W\SXXVWDZD]GQLD] Sy(Q]PWRZZ\ND]LH(UyGHáPXVLP\SRGDü Z\ND]
ZV]\VWNLFK]PLDQ
3R RNUHOHQLX DNWX QLHSXEOLNRZDQHJR SLV]HP\ Z QDZLDVLH
QLHSXEOLNRZDQ\
1D]Z\RUJDQyZZ\GDMF\FKDNWSLV]HP\GX* OLWHU ]JRGQLH]UHV]W ]
WHNVWDPL RILFMDOQ\PL 7DN ZLF SLV]HP\ QS UR]SRU]G]HQLH 0LQLVWUD 6SUDZ
:HZQWU]Q\FK D QLH UR]SRU]G]HQLH PLQLVWUD VSUDZ ZHZQWU]Q\FK 7HQ EáG
]RVWDáG]L ZUDGLXWHOHZL]MLLJD]HWDFKVSHWU\ILNRZDQ\ZUHJXá SRSUDZQRFL
'RV]áRQDZHW GRWHJR L* Z:LDGRPRFLDFKWHOHZL]\MQ\FKZGQLXF]HUZFD
U QD R]QDF]HQLH 0LQLVWUD 3U]HNV]WDáFH :áDVQRFLRZ\FK X*\WR SRGSLVX
PLQLVWHU 3U]HNV]WDáFH :áDVQRFLRZ\FK .ZHVWLD Z\PDJD NUyWNLHJR
Z\MDQLHQLD QD Z\MDQLHQLH GáX*V]H NWyUH SU]\GDáRE\ VL G]L SUDZLH
ZV]\VWNLPUHGDNFMRPQLHPDWXPLHMVFD
7DN ZLF QDOH*\ SU]\SRPQLHü L* QD]Z\ 3UH]\GHQW 5]HF]\SRVSROLWHM
3ROVNLHM 0DUV]DáHN 6HMPX 0LQLVWHU 3U]HNV]WDáFH :áDVQRFLRZ\FK 3UH]HV
3ROVNLHM $NDGHPLL 1DXN 5HNWRU 8QLZHUV\WHWX :URFáDZVNLHJR V WDN VDPR
MHGQRVWNRZ\PL QD]ZDPL MDN QS 6HMP 5]HF]\SRVSROLWHM 3ROVNLHM F]\ 5DGD
0LQLVWUyZ L PXV] E\ü SLVDQH GX* OLWHU )RUPDOQLH U]HF] ELRUF QLH PD
ERZLHP *DGQHM Uy*QLF\ PLG]\ XU]GHP Z ]QDF]HQLX ]ELRUX NRPSHWHQFML
]ZL]DQ\FK ] RUJDQHP ]ZDQ\P SUH]\GHQWHP PDUV]DáNLHP F]\ UHNWRUHP
3UH]\GHQWD5]HF]\SRVSROLWHM3ROVNLHMF]\XU]GHP0DUV]DáND6HMPXDXU]GHP
5HNWRUD 8QLZHUV\WHWX :URFáDZVNLHJR 5H]\JQXMHP\ ]D ] GX*HM OLWHU\ ZWHG\
JG\VFKRG]LP\]QD]Z\MHGQRVWNRZHMGRQD]Z\RJyOQHMQLHVNRQNUHW\]RZDQHM
]PXOW\SOLNRZDQHM QS ZV]\VF\ SUH]\GHQFL SROVF\ QLHNWyU]\ PDUV]DáNRZLH
VHMPyZ DOH 0DUV]DáNRZLH 6HMPX >RNUHORQHM NDGHQFML@ ND*GRUD]RZ\ UHNWRU
8QLZHUV\WHWX:URFáDZVNLHJR
'OD R]QDF]HQLD NRQVW\WXFML Z Z\ND]LH DNWyZ QRUPDW\ZQ\FK QLH
X*\ZDP\RNUHOHQLDXVWDZD]DVDGQLF]DRNUHOHQLHWRERZLHPQLHPDFKDUDNWHUX
QRUPDW\ZQHJR
:\NRU]\VWDQHPDWHULDá\
=GDU]D VL F]DVDPL L* Z\NRU]\VWDQH SU]H] RSLV OXE DQDOL] Z SUDF\
PDWHULDá\ QLH V SRZV]HFKQLH GRVWSQH OXE GRVWS GR QLFK MHVW V]F]HJyOQLH
XWUXGQLRQ\ F]\ QDZHW GOD F]\WHOQLND SUDF\ QLHPR*OLZ\ : WDNLFK
RNROLF]QRFLDFK SRZVWDMH X]DVDGQLHQLH GR ]DPLHV]F]HQLD FDáRFL OXE F]FL
Z\NRU]\VWDQHJR PDWHULDáX ZSURVW Z SUDF\ PDJLVWHUVNLHM 'UXJ PRW\ZDFM
]DPLHV]F]HQLDZSUDF\Z\EUDQ\FKPDWHULDáyZMHVWLFKV]F]HJyOQDDWUDNF\MQRü
'R PDWHULDáyZ WDNLFK ]DOLF]\üPR*QD QD SU]\NáDG RGSLV\ OXEIRWRNRSLH
QLHSXEOLNRZDQ\FK OXE U]DGNR SXEOLNRZDQ\FK SUDF G]LHá QRWDWHN NRUH
VSRQGHQFML ]DSLVyZ DUFKLZDOQ\FK GRNXPHQWyZ PDWHULDáyZ ZHZQWU]Q\FK
RUJDQL]DFML SURWRNRáyZ VWDU\FK PDS F]\ QXW RSLVyZ GRZLDGF]H
HNVSHU\PHQWyZUy*QHV]NLFHLIRWRJUDILH
)UDJPHQW SUDF\ R QD]ZLH :\NRU]\VWDQH PDWHULDá\ PR*H RF]\ZLFLH
QRVLü LQQ QD]Z GRVWRVRZDQ WHUPLQRORJLF]QLH GR LFK ]DZDUWRFL OXE GR
Z\PRJyZ M]\ND IDFKRZHJR X*\ZDQHJR Z GDQHM G]LHG]LQLH ZLHG]\ :\
NRU]\VWDQHPDWHULDá\]DPLHV]F]DVL ]D]Z\F]DMQDNRFXSUDF\
:\ND]LQQ\FKPDWHULDáyZ
'RZ\ND]XLQQ\FKPDWHULDáyZ]DOLF]\üPR*QDWDNLIUDJPHQWSUDF\NWyU\
]DZLHUD ZVND]DQLD DGUHVRZH UHV]W\ Z\NRU]\VWDQHJR Z SUDF\ PDWHULDáX QLH
REMWHM Z\ND]DPL GRW\FKF]DVRZ\PL XSU]HGQLPL :\ND]HP F\WRZDQHM
OLWHUDWXU\:\ND]HPDUFKLZDOLyZLWG :SUDNW\FHZ\ND]LQQ\FKPDWHULDáyZPD
]D]Z\F]DMFKDUDNWHU]ELRUF]\
5R]G]LDá;,
(VWHW\NDSUDF\
%\üPR*HNZHVWLHRNUHORQHW\WXáHPUR]G]LDáXQLHGDG] VL UR]VWU]\JDü
DOWHUQDW\ZQLH WDN MHVW HVWHW\F]QLH D WDN QLH MHVW HVWHW\F]QLH 0LPR WR GD VL
VIRUPXáRZDüNLOND]DVDGQLHNRQWURZHUV\MQ\FK
7\WXáRZDVWURQDSUDF\PR*HE\ü]HVWHW\F]Q\PSRZRG]HQLHPQDSLVDQD
Z FDáRFL PDá\PL OLWHUDPL .RU]\VWDQLH ] MHGQHJR URG]DMX F]FLRQHN QLH
ZSURZDG]D ZUD*HQLD ]Uy*QLFRZD Z UDQG]H SRV]F]HJyOQ\FK LQIRUPDFML
=D]QDF]HQLHQSW\WXáXSUDF\ SU]H]QDSLVDQLHJRZFDáRFLGX*\PLOLWHUDPLQLH
MHVW SRWU]HEQH SRQLHZD* QD WHM VWURQLH ZV]\VWNLH LQIRUPDFMH V MHGQDNRZR
ZD*QH:LHONLHOLWHU\SRZLQQ\SHáQLüW\ONRWDNLHIXQNFMHMDNLHZ\QLNDM ]UHJXá
M]\NRZ\FK
&DáDSUDFDZLQQDE\üQDSLVDQDF]\VWR
=DXZD*RQH SU]HG ]áR*HQLHP SUDF\ EáG\ PDV]\QRZH ZLQQ\ E\ü
SRSUDZLRQHUF]QLHF]DUQ\PRáyZNLHP:\SDGDSU]\W\PSDPLWDüL* FKRG]L
WXQLHW\ONRRZ]JOG\HVWHW\F]QHDOHWDN*HRV]DFXQHNGODF]\WHOQLND
6WURQ\]ZLHON LORFL XFK\ELH QDOH*DáRE\SU]HSLVDü
7HNVW QD VWURQDFK ] QRZ\PL UR]G]LDáDPL SRZLQLHQ VL ]QDMGRZDü
Z\UD(QLHQL*HMQL* QDNROHMQ\FKVWURQDFK(NVSRQXMHVL ZWHQVSRVyESRF]WHN
ND*GHJR]UR]G]LDáyZZSURZDG]DMFMHGQRF]HQLHáDGXáDWZLDMF\RULHQWDFM Z
FDáRFLWHNVWXSUDF\
:áF]HQLH GR UR]G]LDáX WHNVWX V]F]HJyOQHJRZLQQRE\ü MDNR RG]QD
F]RQH1DQDVWSQHMVWURQLHZLGRF]Q\MHVWSU]\NáDGZáF]HQLDPRWWD
:D*QH MHVW ]DGEDQLH R áDGQ\ SU]HVWU]HQQ\ XNáDG FDáHJR WHNVWX D
]ZáDV]F]DRGRGDWNRZHRGOHJáRFL PLG]\SRV]F]HJyOQ\PLUyGW\WXáDPL
8NáDG Z NWyU\P SUDZLH ND*GH ]GDQLH ]DF]\QD VL RG DNDSLWX MHVW
QLHSRSUDZQ\$NDSLWSRZLQLHQVáX*\üZ\áF]QLHGR]D]QDF]DQLDQRZHMP\OL
:V]HONLH Z\OLF]HQLD ZLQQ\ QDVWSRZDü ] SRV]DQRZDQLHP UHJXá\
Z\PDJDMFHMDNDSLWX
$NDSLW\ Z SU]\SLVDFK PDM E\ü ]KDUPRQL]RZDQH ] DNDSLWDPL Z
WHNFLHSRGVWDZRZ\P
5R]G]LDá,
3ROLW\F]QDSU]\QDOH*QRüOVNDQDSU]HVWU]HQLG]LHMyZGRNRFDZLHNX;,;
Ä)HMHGQDNSRVLDGDOL3RODF\RQJL FDá\OVNRSUyF]M]\ND
SROVNLHJRNWyU\ WHUD]UR]SRFLHUDVL QD]QDF]QHMF]FLOVND
GRZRG] .VL*WD*HE\OLRQL3RODNDPLVWZLHUG]DM QDSLV\Z
]DáR*RQ\FKSU]H]QLFKZLW\QLDFK__GRZRG] WHJRUyZQLH*
QD]Z\VWDU\FKPLDVWMDN%U]HJ6WU]HJRP-DZRULZLHOHLQQ\FK ´
%DUWáRPLHM6WHQXV 'HVFULSWLRWRWLXV6LOHVLDH
&]áRZLHN SRMDZLá VL QD ]LHPL OVNLHM Z RNUHVLHNWyU\ DUFKHRORJLF]QLH QD]\ZDP\
SDOHROLWHPHSRN NDPLHQQDNWyU\WUZDáRGRNURNXSQHD* JG]LH SRURN
SQH
2 SRE\FLH QDMVWDUV]\FK PLHV]NDFyZ OVNLHM ]LHPLR WU\ELH LFK *\FLD ]Z\F]DMDFK
F]FLRZR SDQXMF\FK VWRVXQNDFK ZLDGF] RGNU\ZDQH SU]H] DUFKHRORJyZ Z Uy*Q\FK
F]FLDFKOVNDZ\NRSDOLVND1DU]G]LDZ\NRQ\ZDQRZyZF]DV]NDPLHQLD
=DSLVDQH NROXPQ\ WHNVWX ZLQQ\ PLHü SRUyZQ\ZDOQ ZLHONRü
RF]\ZLFLHSR]DRVWDWQLPLVWURQDPLUR]G]LDáyZ
1DOH*DáRE\ SU]\ZL]\ZDü ZLNV] ZDJ GR HVWHW\F]QHM ZDUWRFL
]DFKRZDQLDSUDZHJRPDUJLQHVX
=GMFLDU\VXQNLPDS\QXW\LWSZLQQ\E\üXPLHV]F]RQHZ]DVDG]LH
QDRVLLSU]\NOHMRQHZVSRVyEQLHQDUXV]DMF\JáDGNRFLSRZLHU]FKQLNDUWNL
1DOH*\X*\ZDüMHGQHJRJDWXQNXSDSLHUX
1DOH*DáRE\ XQLNDü UR]]LHZX PLG]\ ZDUWRFL UHGDNF\MQ SUDF\ D
ZDUWRFL SDSLHUXQDNWyU\P]RVWDáDQDSLVDQD
&KRü QLH V WR Z\PRJL MHG\QH ] FDá SHZQRFL ]DVáXJXM QD XZDJ
RF]\ZLFLH Z JUDQLFDFK X]QDQ\FK SU]H] SURZDG]FHJR VHPLQDULXP
:SUDZG]LH ZLNV]Rü ] W\FK Z\PRJyZ PR*QD SRWUDNWRZDü MDNR HZHQWXDOQH
SURSR]\FMHWRMHGQDNLFKVWRVRZDQLHSR]ZDODQLHW\ONRQDSRGQLHVLHQLHSR]LRPX
HVWHW\NLSUDF\DOHVSUDZLDWH**HFDáRüVWDMHVL XSRU]GNRZDQDSU]HMU]\VWDD
SU]H]WRáDWZLHMV]DZRGELRU]H
:V]\VWNLH WH ]DVDG\ GRW\F] SUDF SLVDUVNLFK 7UXGQR QDWRPLDVW
IRUPXáRZDü XQLZHUVDOQH XZDJL ZREHF SUDF R QLHSLVDUVNLP FKDUDNWHU]H
SRQLHZD* ND*GDG]LHG]LQDPDWXVZRMHVSHF\ILF]QHZ\PDJDQLD
5R]G]LDá;,,
=QDNLNRUHNWRUVNLH
2WRSU]\NáDG\QDMF]FLHMX*\ZDQ\FK]QDNyZNRUHNWRUVNLFK
5R]G]LDá;,,,
5HJXODFMHUHJXODPLQRZH
=DZDUWHZUHJXODPLQDFKVWXGLyZUHJXODFMHGRW\F]FHSUDF\PDJLVWHUVNLHM
V MHG\Q\PLNWyUHLVWQLHM ZSRU]GNXSUDZQ\PSR]DZ\MWNLHPRSLVDQ\PZ
UR]G]LDOH QDVWSQ\P 7\PF]DVHP UHJXODPLQ\ WH ]D]Z\F]DM QLH QRUPXM
Z\PDJD VWDZLDQ\FKSUDFRPPDJLVWHUVNLPDRJUDQLF]DM VL GRW\FK]DFKRZD
Z WRNX L ] SRZRGX SLVDQLD RUD] SU]HGVWDZLDQLD SUDF\ NWyUH PDM FKDUDNWHU
SRU]GNRZ\&KRG]LWXR
D VSUDZ\ ]ZL]DQH ] Z\ERUHP VHPLQDULXP XVWDOHQLHP L ]DWZLHUG]DQLHP
WHPDWX
E NZHVWLH]PLDQ\RSLHNXQDSUDF\
F WHUPLQ\]áR*HQLDSUDF\
G NZHVWLHRFHQ\SUDF\
H ZDUXQNLSU]\VWSLHQLDGRHJ]DPLQXPDJLVWHUVNLHJR
I SU]HELHJHJ]DPLQXPDJLVWHUVNLHJR
J ZDUXQNLX]\VNDQLDLZ\GDQLDG\SORPX
0LPR ]QDF]Q\FK QLHNLHG\ SRGRELHVWZ Z UR]VWU]\JQLFLDFK SRV]F]H
JyOQ\FK UHJXODPLQyZ QLH GD VL XVWDOLü MHGQHJR PRGHOX Z\PDJD
SRU]GNRZ\FK 1DGWR ND*G\ UHJXODPLQ VWXGLyZ ND*GHM XF]HOQL VWDQRZL
FDáNRZLFLH RGUEQ SRGVWDZ SUDZQ G]LDáDQLD RUJDQyZ SUDFRZQLNyZ L
GHVW\QDWDULXV]\ Z ]DNUHVLH ]ZL]DQ\P ] RERZL]NDPL L SUDZDPL VWXGHQWD
7RWH* MHG\Q\PUDFMRQDOQ\P]DOHFHQLHPMHVWRGHVáDQLHPDJLVWUDQWDGRWUHFLWHJR
UHJXODPLQXNWyU\RERZL]XMHZMHJRXF]HOQL
3RGF]DVJG\ XUHJXORZDQLDSRU]GNRZH]ZL]DQH]SUDF PDJLVWHUVN V
VSUDZ GDQHM XF]HOQL V\VWHP Z\PDJD PHU\WRU\F]Q\FK Z W\P Z\PDJD
UHGDNF\MQ\FKPDFKDUDNWHU XQLZHUVDOQ\SRGF]DVJG\Z\PDJDQLDSRU]GNRZH
IRUPRZDQH V UHJXODPLQHP VWXGLyZ Z\PDJDQLD PHU\WRU\F]QH Z\QLNDM ]
GRURENXLUHJXáFDáHMQDXNL
2F]\ZLFLH SROH XUHJXORZD SRU]GNRZ\FK QLH MHVW RGFLWH FH]XU RG
Z\PDJD VWDZLDQ\FK PDJLVWUDQWRZL Z WRNX L ] SRZRGX SLVDQLD SUDF\
PDJLVWHUVNLHM 'REU\P L SR*\WHF]Q\P Z V]F]HJyOQRFL GOD SLV]FHJR
]REUD]RZDQLHP WHJR ]ZL]NX PR*H E\ü SU]\NáDG IRUPXODU]D 2FHQ\ SUDF\
G\SORPRZHMPDJLVWHUVNLHMNWyU\]DZLHUDQDVWSXMFHHOHPHQW\RFHQ\
&]\WUHüSUDF\RGSRZLDGDWHPDWRZLRNUHORQHPXZW\WXOH
2FHQD XNáDGX SUDF\ VWUXNWXU\ SRG]LDáX WUHFL NROHMQRFL UR]G]LDáyZ
NRPSOHWQRFLWH]LWS
0HU\WRU\F]QDRFHQDSUDF\
,QQHXZDJL
&]\LZMDNLP]DNUHVLHSUDFDVWDQRZLQRZHXMFLHSUREOHPX
&KDUDNWHU\VW\NDGRERUXLZ\NRU]\VWDQLD(UyGHá
2FHQD IRUPDOQHM VWURQ\ SUDF\ SRSUDZQRü M]\ND RSDQRZDQLH WHFKQLNL
SLVDQLD SUDF\VSLVU]HF]\RGV\áDF]HSU]\SLV\LWS
6SRVyEZ\NRU]\VWDQLDSUDF\SXEOLNDFMDXGRVWSQLHQLHLQVW\WXFMRPPDWHULDá
(UyGáRZ\
2FHQDSUDF\
= Z\PRJyZSRU]GNRZ\FK GRW\F]F\FK VDPHM SUDF\ ZDUWR WH* ]ZUyFLü
XZDJ QD RERZL]HN QDSLVDQLD SUDF\ QD PDV]\QLH OXE RF]\ZLFLH GUXNDUFH
NRPSXWHURZHM SRWU]HE GRVWDUF]HQLD FR QDMPQLHM GZyFK D Z QLHNWyU\FK
XF]HOQLDFK WU]HFK HJ]HPSODU]\ MHGQHJR RSUDZLRQHJR GOD MHGQRVWNL
RUJDQL]DF\MQHM Z NWyUHM SUDFD MHVW SLVDQD L GUXJLHJR GOD DUFKLZXP JG]LH ]
SRZRGX EUDNX PLHMVFD GR VNáDGRZDQLD SUDF *GD VL G]L GRü F]VWR
GRVWDUF]HQLDSUDF\ZVWDQLHQLHRSUDZLRQ\PZ\JRGQLHMV]\PGRILOPRZDQLD
5R]G]LDá;,9
=DJDGQLHQLHSODJLDWX
*G\E\ SLV]F\ SUDF PDJLVWHUVN QLHSRVáXJLZDá VL FXG] WZyUF]RFL
QDSUDZG U]DGNR NRF]\áE\ SLVDQLH D SUDZGRSRGREQLH QLJG\ Z RNROLF]
QRFLDFK Z NWyU\FK Z\PDJD VL RG QLHJR ]QDMRPRFL L HJ]HPSOLILNDFML
OLWHUDWXU\ L ZV]HONLFK LQQ\FK (UyGHá -X* WR XMFLH VXJHUXMH Z\UD(QLH L*
NRU]\VWDQLH ] FXG]HJR GRURENX MHVW SRGVWDZRZ LGH OH*F X SRGVWDZ\
RSUDFRZDQLD SUDF\ PDJLVWHUVNLHM : LQQ\P XMFLX SRZLHP\ *H SUDFD PD
JLVWHUVND QLHMHVW SUDF Z NWyUHM SLV]F\ M PLDáE\ RERZL]HN VDPRG]LHOQHJR
OXE WZyUF]HJRUR]ZL]DQLDZ\EUDQHJR SUREOHPX QDXNRZHJRDOERUR]ZL]DQLD
SUREOHPXEH]MDNLHJRNROZLHNRSDUFLDQDFXG]HMWZyUF]RFLQDZHWZWHG\JG\Z
SU]HZD*DMF\P VWRSQLX SRVáXJXMH VL WHFKQLNDPL Z NWyU\FK MHJR RVRELVWH
XPLHMWQRFLGHF\GXM RRVWDWHF]Q\PNV]WDáFLHLZDUWRFLSUDF\EDGDQLHPIRUP
UROLQQ\FK Z UG]HQLDFK ZLHUWQLF]\FK Z SUDFDFK SDOHRQWRORJLF]QR
VWUDW\JUDILF]Q\FK HNVSHU\PHQWHP QS Z ELRORJLL GRZLDGF]HQLHP QS Z
FKHPLL DQNLHW QS Z VRFMRORJLL EDGDQLHP GRNXPHQWyZ QS Z KLVWRULL
EH]SRUHGQL REVHUZDFM QSZPX]\FH
5HDVXPXMF Z\PRJLVWDZLDQHZSUDZLHLZSUDNW\FHSUDF\PDJLVWHUVNLHM
NRQVWDWXMHP\ *H V\VWHPRZH SU]HGVWDZLHQLH GRW\FKF]DVRZHJR GRURENX QDXNL
F]\ Z\NRU]\VWDQLH WHJR GRURENX Z FHOX UR]ZL]DQLD RNUHORQHJR WHPDWHP
SUREOHPXMHVWZ]QDF]Q\PREV]DU]HUyZQR]QDF]QH]EH]SRUHGQLPZáF]HQLHP
FXG]HM WZyUF]RFL Z WRN L Z WHNVW SLVDQHM SUDF\ 7\PF]DVHP ]DVDG\ WHJR
ZáF]DQLD V UHJXORZDQH SUDZHP D LFK QLHGRWU]\PDQLH JUR]L SRZD*Q\PL
QHJDW\ZQ\PLVNXWNDPL
: JUDQLFDFK ]DU\VRZDQ\FK WX SRWU]HE QLH GD VL QLH W\ONR SU]HGVWDZLü
SUREOHPyZ Z\QLNDMF\FK ] SUDNW\NL Z\NRU]\VW\ZDQLD FXG]HM WZyUF]RFL DOH
QDZHW LFK Z\OLF]\ü 7RWH* FDáRü NZHVWLL ]RVWDQLHRJUDQLF]RQD GR VNUyFRQHJR
QDV]NLFRZDQLD]MDZLVNDSODJLDWX3XQNWHP]D Z\MFLDV WX]DáR*HQLDZP\O
NWyU\FK
D WZyUF]Rü Z\NRU]\VWDQD Z SUDF\ PDJLVWHUVNLHM MHVW FKURQLRQD SUDZHP
DXWRUVNLP
E SUDFD PDJLVWHUVND VWDQRZL WDN*H FKURQLRQ\ SUDZHP SU]HGPLRW SUDZD
DXWRUVNLHJR
F WUHü L IRUPD SUDF\ PDJLVWHUVNLHM QLH VNáDGDM VL QD XWZyU SU]H]QDF]RQ\
Z\áF]QLH GR ZáDVQHJR X*\WNX RVRELVWHJR DOH VWDQRZL ZDUWRü ZáF]RQ Z
VLHüVWRVXQNyZSXEOLF]Q\FKZSDVWZLH
5HJXODFM SUDZQ SRZ\*V]\FK NZHVWLL ]DZLHUDáD GR WHM SRU\ XVWDZD ]
GQLDOLSFDURSUDZLHDXWRUVNLP']81USy]]PU1U
Sy] ]P U 1U Sy] 8ZD*DQD VáXV]QLH ]D SRZD*QLH
]GH]DNWXDOL]RZDQQLHRGSRZLDGDMF UR]ZRMRZLWHFKQLF]QHPXZVSyáF]HVQ\P
SRWU]HERP
RFKURQ\
ZáDVQRFL
LQWHOHNWXDOQHM
L
WDN*H
QRUPRP
PLG]\QDURGRZ\P ]RVWDáD ]DVWSLRQD QRZ XVWDZ R SUDZLH DXWRUVNLP L
SUDZDFK SRNUHZQ\FK XFKZDORQ GQLD VW\F]QLD URNX 5yZQLH* QRZD
XVWDZD QLHIRUPXáXMHGHILQLFML SODJLDWXFKRü UHJXOXMHMHJR PHFKDQL]PWUHü L
VNXWNL 6DPR SRMFLH SODJLDWX NV]WDáWRZDQH KLVWRU\F]QLH QLH ]DZV]H
UHJXORZDQHSUDZHPMHVWFRUD]EDUG]LHM]áR*RQH
7RWH* SU]HGVWDZLDMF W\ONR QDMRJyOQLHMV]H XMFLH PR*QD SU]H] SODJLDW
UR]XPLHüFHORZHSU]HMFLHGRZáDVQHJRXWZRUXLGHLWUHFLIRUP\ZHZQWU]QHM
F]\ ]HZQWU]QHM SRV]F]HJyOQHJR IUDJPHQWX D QDZHW FDáRFL FXG]HJR XWZRUX
EH]SRGDQLD(UyGáD
3RMFLHSODJLDWX PD ROEU]\PL OLWHUDWXU 7DN*H VDPR]MDZLVNR NRPSOL
NXMH VL QLHXVWDQQLH D ILQH]\MQH QLHU]DGNR VSRVRE\ SRVWSRZDQLDSODJLDWRUyZ
XWUXGQLDM EG( QDZHW XQLHPR*OLZLDM SHZQRü XVWDOHQLD F]\ PDP\ GR
F]\QLHQLD ] SODJLDWHP 2F]\ZLFLH ]D ND*G\P UD]HP Z SU]\SDGNX SUDF\
PDJLVWHUVNLHM D WDN*H LQQHM QDMZD*QLHMV]\P SUREOHPHP MHVW FHO SUDF\ -HOL
W\PFHOHPMHVWQDSU]\NáDGXVWDOHQLHWUHFLXWZRUX]DJLQLRQHJRWRU]HF]MDVQD
GRNRQDQDUHNRQVWUXNFMDQLHPDQLFZVSyOQHJR]H]MDZLVNLHPSODJLDWXDOERMHOL
]DGDQLHP DXWRUD MHVW Z\V]XNDQLH Z FXG]HM WZyUF]RFL SRJOGyZ L VWDQRZLVN
ZREHF RNUHORQHM PDWHULL ]DJDGQLHQLD VWDQRZLFHM SU]HGPLRW MHJR SUDF\
PDJLVWHUVNLHM WRMHVW WR]Z\NáDPHWRGD EDGDZF]DSRZV]HFKQLHGRSXV]F]DQD L
VWRVRZDQDZQDXFH:WDNLHMV\WXDFMLFKRG]L]DWHPW\ONRRU]HWHOQHLGRNáDGQH
XZLGRF]QLHQLH(UyGHáW\FKSRJOGyZRSRSUDZQHLFK]DF\WRZDQLH2F]\ZLFLH
]DVLJF\WRZDQLDGR]ZRORQHJRF\WRZDQLDMHVWUHJXORZDQ\SUDZHP=JRGQLH]
DUW XVW O XVWDZ\ R SUDZLH DXWRUVNLP L SUDZDFK SRNUHZQ\FK ZROQR
SU]\WDF]DüGODZ\MDQLHQLDZXWZRUDFKVWDQRZLF\FKVDPRLVWQ FDáRüXU\ZNL
XWZRUyZOXEGUREQHXWZRU\ZFDáRFLMHOLV RSXEOLNRZDQH,G]LHWXRXWZRU\
LFK IUDJPHQW\ FKURQLRQH SUDZHP DXWRUVNLP $OH QDZHW ZWHG\ JG\
SU]\WDF]DQHV PDWHULDá\QLHVWDQRZLFHSU]HGPLRWXSUDZDDXWRUVNLHJRQSDNW\
SUDZRGDZF]H L DGPLQLVWUDF\MQH RU]HF]HQLD VGyZ L LQQ\FK ZáDG] LQQH
XU]GRZH GRNXPHQW\ L PDWHULDá\ SURVWH LQIRUPDFMH SUDVRZH OXE JG\
SU]\WDF]DQH V PDWHULDá\ GR NWyU\FK SUDZD DXWRUVNLH Z\JDVá\ QS NVL*NL
GDZQR]PDUá\FKDXWRUyZF]\ZUHV]FLHPDWHULDá\VSR]DSUDZDDXWRUVNLHJRQS
GDQH ] DUFKLZyZ KLVWRU\F]Q\FK VWDUH PDS\ VWDUH QXW\ SRU]GQH LFK
]DF\WRZDQLHZSUDF\MHVWQLH]EGQHFKRüQLH]SRZRGXMDNLHJRNROZLHN]ZL]NX
] SODJLDWHP DOH ] SRZRGX Z\PDJD ZDUV]WDWRZ\FK VWDZLDQ\FK SUDFRP
PDJLVWHUVNLP:DUWRZW\PPLHMVFXSRZWyU]\üL* ]JRGQLH]DUWOXVWDZ\SUDFD
PDJLVWHUVND MDNR XWZyU QDXNRZ\ Z\UD*RQ\ SLVPHP VDPD VWDQRZL SU]HGPLRW
SUDZDDXWRUVNLHJRLNRU]\VWDWDNVDPRMDN LQQDWZyUF]Rü]HZV]\VWNLFK IRUP
RFKURQ\ SUDZQHM SU]\]QDQHM XVWDZ Z W\P WDN*H ] RFKURQ\ SUDZQRNDUQHM
'RNRQDQ\ ZLF Z SUDF\ PDJLVWHUVNLHM SODJLDW PR*H SROHJDü QD FHORZ\P L
QLHXMDZQLRQ\PSU]HMFLXHOHPHQWyZWDN*HLQQHMSUDF\PDJLVWHUVNLHM
1DRJyáUR]Uy*QLDVL SODJLDWMDZQ\]ZDQ\WDN*HSODJLDWHP]XSHáQ\POXE
SODJLDWHPZSURVWRUD]SODJLDWXNU\W\=SODJLDWHPMDZQ\PPDP\GRF]\QLHQLD
ZWHG\JG\SU]HMW\]RVWDMHFDá\FXG]\XWZyUOXE]QDF]QDMHJRF]üRVRED]D
SRGDMFD VL ]D WZyUF QLHZQRVL ]H VZHM VWURQ\*DGQHJR ZNáDGX Z XVWDOHQLH
RVWDWHF]QHM SRVWDFL G]LHáD :\NU\FLH SODJLDWX XNU\WHJR MHVW RF]\ZLFLH
]QDF]QLH WUXGQLHMV]H -H*HOL ZNáDG RVRE\ GRNRQXMFHM SU]HMFLD Z QRZR
SRZVWDáH G]LHáR MHVW QLHZLHONL QLH PD FKDUDNWHUX WZyUF]HJR OHF] MHVW
SU]HQLHVLHQLHP PHFKDQLF]Q\P SU]\GDMH W\ONR IRUPDOQH V]DEORQRZH F]\
SRU]GNRZH GRGDWNL L X]XSHáQLHQLD ZyZF]DV PDP\ GR F]\QLHQLD ] V\WXDFM
]EOL*RQ GR SODJLDWX ]XSHáQHJR1DWRPLDVW SU]HMFLHFXG]HJR XWZRUX OXE MHJR
F]FL VWDMH VL PQLHM Z\UD(QH MHOL IUDJPHQW\ UHF\SRZDQH ZWDSLDM VL Z
HOHPHQW\ QRZH L X]\VNXM ] QLPL SHZQ KDUPRQL :UHV]FLH MHOL WH QRZH
HOHPHQW\ SUH]HQWXM ZáDVQ RU\JLQDOQRü EG]LHP\ PLHü GR F]\QLHQLD ]
G]LHáHP ]DOH*Q\P WR MHVW WDNLP RSUDFRZDQLHP NWyUH SODJLDWHP QLH MHVW :
Z\SDGNDFKJUDQLF]Q\FKRFHQDPR*H]DOH*HüRGLQWHQFMLSU]HMPXMFHJR-%DUWD
3ODJLDW PX]\F]Q\ Z 2FKURQD SUDZ DXWRUVNLFK Ä=HV]\W\ 1DXNRZH
8QLZHUV\WHWX-DJLHOORVNLHJR´ 3UDFH]Z\QDOD]F]RFLLRFKURQ\ZáDVQRFL
LQWHOHNWXDOQHM ] V ]RE WH* P LQ $ -GU]HMHZVND
2GSRZLHG]LDOQRü ]D QDUXV]HQLH DXWRUVNLFK SUDZ PDMWNRZ\FK L RVRELVW\FK
SU]H] SRSHáQLHQLH SODJLDWX WDP*H ] V LQ $ .RSII *UDQLFH
VZRERGQHJR X*\WNRZDQLD G]LHá FKURQLRQ\FK SUDZHP DXWRUVNLP =HV]\W\
1DXNRZH8QLZHUV\WHWX-DJLHOORVNLHJR3UDFH3UDZQLF]H]VLQ
(:RMQLFND&\WDWGR]ZRORQ\ZXMFLX SROVNLHMXVWDZ\RSUDZLHDXWRUVNLP-
*yUVNL 2 SODJLDWDFK L SODJLDWRUDFK Ä=HV]\W\ 1DXNRZH 8QLZHUV\WHWX
-DJLHOORVNLHJR´ 3UDFH ] Z\QDOD]F]RFL L RFKURQ\ ZáDVQRFL
LQWHOHNWXDOQHM]OVLQ6*U]\ERZVNL$.RSII-6HUGD=DJDGQLHQLD
SUDZD DXWRUVNLHJR :DUV]DZD - %áHV]\VNL 0 6WDV]NyZ 3UDZR
DXWRUVNLHLZ\QDOD]F]H:DUV]DZD
=DVDG\ WH ]QDMGXM ]DVWRVRZDQLH WDN*H GR SU]\ZáDV]F]HQLD VRELH
DXWRUVWZD FXG]HM SUDF\ PDJLVWHUVNLHM 6\WXDFMD MHVW QDMSURVWV]D NLHG\ VWXGHQW
SU]HSLVXMHFXG] SUDF PDJLVWHUVN LSU]HGVWDZLDM MDNRZáDVQ'RSXV]F]DVL
ZWHG\SODJLDWXMDZQHJR1LHMHVWSU]\W\PLVWRWQHF]\SU]HSLVXMHM GRVáRZQLH
F]\ WH* ZSURZDG]D SHZQH ]PLDQ\-HOL EG WR QLHZLHOH ]QDF]FH GRGDWNL L
X]XSHáQLHQLD FKRüE\REV]HUQH QDGDOEG]LHP\PLHüGRF]\QLHQLD]SODJLDWHP
MDZQ\P
%DUG]LHM ]áR*RQH V V\WXDFMH SODJLDWX XNU\WHJR SROHJDMFHJR QD
UHF\SRZDQLX IUDJPHQWyZ FXG]HMSUDF\ PDJLVWHUVNLHM ] GRGDZDQLHP ZáDVQ\FK
VDPRG]LHOQ\FK UR]ZD*D EG( XVWDOH 1D SU]\NáDG ]D SODJLDW QDOH*\ X]QDü
SU]HMFLHZ\QLNyZ FXG]\FK EDGD HPSLU\F]Q\FK ] GRGDQLHP GR QLFK ZáDVQHM
F]FL WHRUHW\F]QHM DOER WH* SU]HMFLH FXG]\FK UR]ZD*D WHRUHW\F]Q\FK ]
GRGDQLHPSUH]HQWDFMLZáDVQ\FKEDGD HPSLU\F]Q\FK
3U]HVWSVWZR SODJLDWX PR*H E\üSRSHáQLRQHWDN*H Z SRVWDFL W]Z QLHGR
]ZRORQHJR F\WDWX : NZHVWLL WHM 6G 1DMZ\*V]\ Z\UD]Lá QDVWSXMF\ SRJOG
Ä1DUXV]D DXWRUVNLHGREUD RVRELVWH L SRSHáQLDZ WHM IRUPLH SODJLDW WHQ NWR
SU]HQRV]F GR VZHJR XWZRUX WUHFL OXE Z\MWNL ] FXG]HJR G]LHáD Z\UD(QLH Z
QLP QLH SRGDá (UyGáD GRNRQDQHJR ]DSR*\F]HQLD 7HPX Z\PDJDQLX QLH F]\QL
]DGRüZ\PLHQLHQLH EH]ZVND]DQLDMDNLHWRWUHFLOXEZ\MWNL]FXG]HJRG]LHáD
]DF]HUSQá WHJRG]LHáDZ]HVWDZLRQHM SU]H]H OLWHUDWXU]HSU]HGPLRWX´ Z\URN
61]GQLDF]HUZFD ,,,&51Ä3UDZRL)\FLH´ QU
:P\OWHJRVWDQRZLVNDSRVáX*HQLHVL NLONRPDF\WDWDPL]FXG]HMSUDF\
PDJLVWHUVNLHM D QDZHW MHGQ\P F\WDWHP EH] SRGDQLD (UyGáD Z VSRVyE
Z\PDJDQ\ SU]H] SUDZR DXWRUVNLH GDMH SRGVWDZ GR X]QDQLD SU]HVWSVWZD
SODJLDWX -HGQDN*H QLH W\ONR Z SU]\SDGNX SUDF\ PDJLVWHUVNLHM NZHVWLD WD MHVW
EDUG]R ]áR*RQD 7U]HED PLHü WX MDN SLV]H : 5DGHFNL QD XZDG]H *H
SU]HVWSVWZR SODJLDWX PR*H E\ü SRSHáQLRQH W\ONR ] ZLQ\ XP\OQHM Z IRUPLH
]DPLDUX EH]SRUHGQLHJR R]QDF]DMFHJRZRO ÄSU]\ZáDV]F]HQLDVRELH FXG]HJR
DXWRUVWZD´ 3U]\ZáDV]F]HQLHERZLHP R]QDF]D FKü SRSHáQLHQLD SODJLDWX D QLH
W\ONR JRG]HQLHVL QD -H*HOL QD SU]\NáDG DXWRU SUDF\ PDJLVWHUVNLHM SRVáXJXMH
VL F\WDWDPL ] FXG]HM SUDF\ Z WDNL VSRVyE *H áDWZR RGUy*QLü FR MHVW MHJR
ZáDVQ\PZNáDGHPDFRF\WDWHPSRF]\PZ\PLHQLDW FXG] SUDF ZZ\ND]LH
OLWHUDWXU\WR PLPR QDUXV]HQLDSUDZD DXWRUVNLHJR WM QLHRNUHOHQLD Z Z\UD(Q\
VSRVyE SU]HMW\FK IUDJPHQWyZ PR*QD X]QDü L* QLH PDP\ GR F]\QLHQLD ]
SODJLDWHP -H*HOL MHGQDN DXWRU WDN XNáDGD WHNVW *H QLH PD PR*OLZRFL
RGUy*QLHQLDFRMHVWMHJRZNáDGHPDFRF\WDWHPWRQDZHWZ\PLHQLHQLHFXG]HM
SUDF\ Z Z\ND]LH F\WRZDQHM OLWHUDWXU\ QLH FKURQL JR SU]HG ]DU]XWHP SODJLDWX
7DNLH ZáDQLH VWDQRZLVNR ]DMá 6G 1DMZ\*V]\ Z Z\URNX ] GQLD JUXGQLD
URNX261&3QUSy]
-HGQRF]HQLH QDOH*\ ]ZUyFLü XZDJ *H QDZHW WDPJG]LH SU]HMPRZDQ\
PDWHULDá QLH MHVW RVREQ\P SU]HGPLRWHP SUDZD DXWRUVNLHJR L Z UH]XOWDFLH MHVW
Z\áF]RQ\ ] RFKURQ\ SUDZQHM SODJLDW PR*H REHMPRZDü VSRVyE XMFLD WHJR
PDWHULDáXMHJRVHJUHJDFMV\VWHPDW\]DFMXNáDG]DJDGQLH F]\UR]G]LDáyZLWS
:UHV]FLHZRFHQLHF]\PDP\GRF]\QLHQLD]SODJLDWHPZSUDF\PDJLVWHUVNLHM
QLHEH] ]QDF]HQLDMHVW RNROLF]QRü L* SUDFD PDJLVWHUVND QLHMHVW SU]H]QDF]RQD
GR SXEOLNDFML L SLV]F\ M QLH MHVW ] ]DVDG\ ]DLQWHUHVRZDQ\ XNU\FLHP (UyGáD
SRFKRG]HQLD F\WDWX D QLH SRGDMH JR QDMF]FLHM W\ONR ] EUDNX ZáDVQHM
VWDUDQQRFLFRZSHZQ\PVWRSQLXVXJHUXMHEUDNZLQ\XP\OQHM3U]HVWSVWZR
SODJLDWXMHVWGRNRQDQHZPRPHQFLHSU]\ZáDV]F]HQLDVRELHFXG]HJRDXWRUVWZDD
ZLF MHOL FKRG]L R SUDFH PDJLVWHUVNLH Z PRPHQFLH SU]HGáR*HQLD SUDF\ Z
RVWDWHF]QHMZHUVMLGRRFHQ\1LHMHVWLVWRWQHF]\QDVWSQLHDXWRU]áR*\áHJ]DPLQ
PDJLVWHUVNLF]\WH* SRZ\NU\FLXSODJLDWX QLH]RVWDáGRQLHJRGRSXV]F]RQ\
SU]HVWSVWZR MHVW ERZLHP GRNRQDQH Z PRPHQFLH SU]HGáR*HQLD SUDF\
3U]HVWSVWZR SODJLDWX *DUW O QLHRERZL]XMFHM MX* XVWDZ\ R SUDZLH
DXWRUVNLP E\áR FLJDQH ] XU]GX 3RFLJDáR WR ]D VRE W NRQVHNZHQFM *H
EGFDLQVW\WXFM SDVWZRZ XF]HOQLDNWyUDSODJLDWXMDZQLáD]RERZL]DQDE\áD
]JRGQLH ] DUW NRGHNVX SRVWSRZDQLD NDUQHJR ]DZLDGRPLü
QLH]ZáRF]QLH R SU]HVWSVWZLH SURNXUDWRUD OXE SROLFM RUD] ]DEH]SLHF]\ü
GRZRG\ SU]HVWSVWZD WM SUDF PDJLVWHUVN EGF SODJLDWHP RUD] SUDF ]
NWyUHM GRNRQDQR QLHGR]ZRORQ\FK ]DSR*\F]H : 5DGHFNL :\NRU]\VWDQLH
FXG]HM SUDF\ PDJLVWHUVNLHM Z ZLHWOH SU]HSLVyZ NDUQ\FK SUDZD DXWRUVNLHJR
PDV]\QRSLV 7\PF]DVHP Z QRZHM XVWDZLH GáXJR SU]\JRWRZ\ZDQHM
XVWDZRGDZFDWDNVL ]DSDWU]\áZSRWU]HE RFKURQ\SRGPLRWyZLQG\ZLGXDOQ\FK
*H ]DSRPQLDá R SRWU]HELHRFKURQ\ SDVWZD 3U]HZLGXMFFLJDQLHSODJLDWX Z
RGQLHVLHQLX GR SUDF PDJLVWHUVNLFK ] RVNDU*HQLD SU\ZDWQHJR ]DSRPQLDá L*
SUDFD PDJLVWHUVND VWDQRZL SRGVWDZ WDP JG]LH MHVW SLVDQD DNWX
DGPLQLVWUDF\MQHJR RUJDQX SDVWZRZHJR G\SORPX XNRF]HQLD VWXGLyZ R
UR]OHJá\FKVNXWNDFKSUDZQ\FK5H]\JQDFMD]HFLJDQLD]XU]GXMHVWUHJUHVHPZ
VWRVXQNX GR UHJXODFML GRW\FKF]DVRZHM RUD] MDN VL ]GDMH SRZD*Q\P
XFK\ELHQLHPPHU\WRU\F]Q\P
3U]\ZáDV]F]HQLH VRELH DXWRUVWZD DOER ZSURZDG]HQLH Z EáG FR GR
DXWRUVWZD FDáRFL OXE F]FL FXG]HJR XWZRUX OXE DUW\VW\F]QHJR Z\NRQDQLD
]DJUR*RQHMHVWNDU SR]EDZLHQLDZROQRFLGRODWGZyFKRJUDQLF]HQLDZROQRFL
OXEJU]\ZQ\
3ODJLDWURG]LQLHW\ONRRGSRZLHG]LDOQRüNDUQ:RNUHORQ\FKRPDZLDQ
XVWDZ SU]\SDGNDFK X]DVDGQLD WDN*H LQQH URV]F]HQLD Z W\P URV]F]HQLD R
RGV]NRGRZDQLH FKRü IDNW QLHSXEOLNRZDQLD SUDF PDJLVWHUVNLFK ZSURZDG]D WX
SRZD*QHRJUDQLF]HQLDOXEQDZHWZ\áF]HQLD
3RQLHZD* FDáRü SUREOHPDW\NL MHVW RJURPQLH VNRPSOLNRZDQD D
RVWDWHF]QHXVWDOHQLDQLH]DZV]HMHGQR]QDF]QHSRZ\*V]\RSLVUyZQR]QDF]Q\MHVW
MHG\QLH]SRGVWDZRZ\PLXVWDOHQLDPL