Ä 3 5 = ( * / Ą ' * ( 2 3 2 / , 7 < & = 1 < ´ 7 2 0

.U]\V]WRI-$%à2ē6.,

$5&+(7<3<&<:,/,=$&<-1(526-,

$EVWUDNW

$UW\NXáSU]HGVWDZLDUR]ZDĪDQLDQDGNZHVWLąPHQWDOQRĞFLURV\MVNLHMSURZDG]RQHQD
SáDV]F]\ĨQLH QDXNL SRUyZQDZF]HM R F\ZLOL]DFMDFK Z RSDUFLX R WHRULĊ )HOLNVD
.RQHF]QHJR 3UH]HQWRZDQH Vą DUFKHW\S\ F\ZLOL]DF\MQH Z\VWĊSXMąFH Z 5RVML RUD]
NROHMQH DUJXPHQW\ KLVWRU\F]QH JHRJUDILF]QH L VRFMRORJLF]QH Z\MDĞQLDMąFH
Z\MąWNRZRĞüWHJRNUDMX

6áRZDNOXF]RZH

)HOLNV.RQHF]Q\F\ZLOL]DFMHDUFKHW\S\F\ZLOL]DF\MQH5RVMD

&HOHPQLQLHMV]HJRDUW\NXáXMHVWSUyED]UR]XPLHQLD5RVML:Sá\ZXPHQWDOQRĞFL

QDVSRVRE\SRVWU]HJDQLDU]HF]\ZLVWRĞFL%\5RVMĊMDNNROZLHNE\WRJyUQRORWQLHQLH
EU]PLDáR ]UR]XPLHü QLH Z\VWDUF]\ ZF]Xü VLĊ Z MHM LQWHUHV\ 5RVMD MHVW ERZLHP
LQQDF\ZLOL]DF\MQLH5yĪQLFHF\ZLOL]DF\MQHVąIXQGDPHQWDOQHZ\ZLHUDMąSLĊWQRQD
QDMJáĊEV]H D F]ĊVWR QLHXĞZLDGRPLRQH REV]DU\ SV\FKLNL 6WąG L QLHFR QRZH
Z\VWĊSXMąFHZW\WXOHSRMĊFLHF\ZLOL]DF\MQHJRDUFKHW\SX

5R]SUDZD QLQLHMV]D VNáDGD VLĊ ] NLONX F]ĊĞFL 3R SLHUZV]H VáRZHP ZVWĊSX

SU]\WRF]RQRNLONDRSLQLLQDWHPDWURV\MVNLHMPHQWDOQRĞFL&]ĊĞüZWyUD]DMPXMHVLĊ
UR]ZDĪDQLDPL F\ZLOL]DF\MQ\PL 2NUHĞORQR WXWDM SU]\F]\Q\ GOD NWyU\FK Z\EUDQR
SDUDG\JPDW NRQHF]QLDĔVNL QD NWyU\P VLĊ Z DUW\NXOHRSDUWR 2UD] FR VLĊUR]XPLH
SU]H]DUFKHW\SF\ZLOL]DF\MQ\MDNDMHVWUHODFMDPLĊG]\DUFKHW\SHPF\ZLOL]DF\MQ\P
D F\ZLOL]DFMą 1DVWĊSQLH VWUHV]F]RQR UR]ZyM F\ZLOL]DF\MQ\ 5RVML 1D NRĔFX
SRV]XNDQRSRWZLHUG]HĔSURZDG]RQ\FKUR]ZDĪDĔZU]HF]\ZLVWRĞFLVSRáHF]QHMWHJR
NUDMX

3U]\ EDGDQLX NZHVWLL PHQWDOQRĞFL WUXGQR SRPLMDü UyĪQRURGQH RVąG\ : W\P

RVąG\ SU]HVDG]RQH OXE VWURQQLF]H =D WDNLH PRĪQD X]QDü RSLQLH SRZWDU]DQH
EH]UHIOHNV\MQLH$OH]DEDUG]LHMVWURQQLF]HX]QDüWU]HEDVąG\SRGSDUWHP\ĞOHQLHP
Ī\F]HQLRZ\P 1LHVWHW\ ZLVKIXO WKLQNLQJ SU]HZDĪDMąFH QD =DFKRG]LH Z F]DVDFK
]LPQHM ZRMQ\ MHV]F]H PRFQLHM ]DFLHPQLD REUD] 5RVML X ZLHOX ]DFKRGQLFK
NRPHQWDWRUyZ $XWRU XZDĪD LĪ VNU\WH WUXGQRXFKZ\WQH UyĪQLFH F\ZLOL]DF\MQH
áDWZLHM Z\áRZLü ] Z\SRZLHG]L Z\UD]LVW\FK :WHG\ NLHG\ RVRE\ MH IRUPXáXMąFH
XF]HVWQLF]ą Z U\ZDOL]DFML F\ZLOL]DF\MQHM V]F]HJyOQLH ]DOHĪ\ LP QD SUDZLGáRZHM
GLDJQR]LH ,FK ]GDQLH X]QDü QDOHĪ\ ]D ZDĪQH SRV]ODNL VNRUR ]QDMGXMą
SRWZLHUG]HQLHZVáRZDFKVDP\FK5RVMDQ

5RV\MVNL PHWURSROLWD ,RDQQ Z\PLHQLD WU]\ SRGVWDZRZH VNáDGQLNL URV\MVNLHM

PHQWDOQRĞFL :HGáXJ QLHJR VDPRĞZLDGRPRĞü WHM VSRáHF]QRĞFL EXGXMą LGHRORJLD
LPSHULDOQD LGHRORJLD QDFMRQDOL]PX RUD] LGHRORJLD PHVMDQL]PX

0HVMDQL]P Z

$GH/D]DUL2PHQWDOQRĞFLRZ\FKNRU]HQLDFKHXUD]MDW\]PX>Z@6*U]\ERZVNL0LĊG]\(XURSąD

ϭϲϲ

SRáąF]HQLX ] LPSHULDOL]PHP MHVW UR]XPLDQ\ MDNR ]MHGQRF]HQLH ZH ZVSyOQ\P
RUJDQL]PLHSDĔVWZRZ\PQDFMLVSRNUHZQLRQ\FK]5RVMDQDPL1DZHWMHĞOLPDWRE\ü
]MHGQRF]HQLH GRNRQDQH EUXWDOQ\P SU]\PXVHP 6RZLHWRORJ -y]HI 6]DQLDZVNL
XZDĪD ĪH OXGREyMF]\ UHĪ\P VRZLHFNL E\á SURVWą NRQW\QXDFMą FDUDWX WDN SRG
Z]JOĊGHPPHQWDOQRĞFLMDNLVWRVRZDQ\FKPHWRG=GUXJLHMVWURQ\:LNWRU6XZRURZ
SU]\SRPLQD ĪH ERKDWHUVNL QDUyG URV\MVNL MDNR SLHUZV]\ SRGF]DV ZRMQ\ GRPRZHM
VWDQąá GR ZDONL ] NRPXQL]PHP -y]HI 0DFNLHZLF] ]DĞ Z\UD]Lá
QDVWĊSXMąFąRSLQLĊ
Ä1LHNLHG\ Vá\V]\ VLĊ S\WDQLH PDMąFH VáXĪ\ü ]D NRQWUDUJXPHQW Ä&]\P VLĊ MHGQDN
WáXPDF]\ ĪH NRPXQL]P ]DSXĞFLá NRU]HQLH ZáDĞQLH Z 5RVML"´ ± 0RĪQD QD QLH
RGSRZLHG]LHüREV]HUQ\PWUDNWDWHPPRĪQDWHĪODSLGDUQ\PNRQWUS\WDQLHP$F]\P
VLĊWáXPDF]\ĪHNUZDZDUHZROXFMDIUDQFXVND]DSXĞFLáDNRU]HQLHZH)UDQFMLF]\WHĪ
F]\PVLĊWáXPDF]\SRZUyWUHVWDXUDFML"&]\PVLĊWáXPDF]\ĪHWZyUFDHXURSHMVNLHJR
URPDQW\]PX QDUyG Ä'LFKWHU XQG 'HQNHU´ GRSXĞFLá GR KLWOHU\]PX"
]DSDQRZDQLH NRPXQL]PX Z 5RVML MHVW DQDORJLF]Q\P Z\QLNLHP ]ELHJX ZLHOX
RNROLF]QRĞFL MDN ]DSDQRZDQLH KLWOHU\]PX Z 1LHPF]HFK IDV]\]PX ZH :áRV]HFK
F]\ FKRFLDĪE\ WHJRĪ NRPXQL]PX QD .XELH 1LHZLHOH MDN ZLHP\ EUDNRZDáR GR
MHJRWULXPIXQD]DFKRGQLPNUDĔFX(XURS\Z+LV]SDQLL´

,VWRWQLH2G;,;ZLHNXFRUD]ZLĊNV]HJR]QDF]HQLDQDELHUDMąLGHRORJLHNWyUHZ

;; ZLHNX ]PLHQLDMą REUD] ĞZLDWD 2 LOH NDĪGD F\ZLOL]DFMD Z\WZDU]D VZRMH
NRQVHUZDW\]P\ R W\OH Vą GZLH LGHRORJLH HXURSHMVNLH GDMąFH ZUDĪHQLH
SRZLHU]FKRZQHM DOH SR]RUQHM XQLIRUPL]DFML ĞZLDWD 6ą WR VRFMDOL]P L OLEHUDOL]P
,GHRORJLH UyZQLHĪ QDNáDGDMą VLĊ QD DUFKHW\S\ F\ZLOL]DF\MQH 6WąG L WUXGQRĞü
RGF]\W\ZDQLD ÄZDUVWZ\ F\ZLOL]DF\MQHM´ VSRG ÄZDUVWZ\ LGHRORJLF]QHM´ =ZáDV]F]D
ELRUąFSRGXZDJĊFKDUDNWHU\VW\F]QąGODVRZLHFNLHJRLPSHULXPQDFR0DFNLHZLF]
WDNĪH ZVND]XMH SRZV]HFKQą GH]LQIRUPDFMĊ 3U]\MPXMąF WR LVWRWQH ]DVWU]HĪHQLH
RUD]SDPLĊWDMąFLĪSRZ\ĪV]HF\WDFMHWRMHG\QLHJDUĞüRSLQLLSU]HFKRG]LVLĊQLĪHMGR
LVWRW\DUW\NXáX

5R]ZDĪDQLD F\ZLOL]DF\MQH GRW\F]ąFH 5RVML ]PLHĞFLü PRĪQD Z WU]HFK QXUWDFK

1DMSRSXODUQLHMV]\P NLHUXQNLHP MHVW Z\SURZDG]DQLH 5RVML ZSURVW ] %L]DQFMXP
6NUyWRZR QD]ZDü WR PRĪQD QXUWHP KXQWLQJWRĔVNLP 2SLHUD VLĊ RQR JáyZQLH QD
SU]HVáDQFH UHOLJLMQHM 5XĞ.LMRZVND ELHU]H FKU]HVW ] %L]DQFMXP D Z F]DV ZLHONLHM
VFKL]P\ VWDMH VLĊ SUDZRVáDZQD *G\ UR]FLąJD RQD VZH JUDQLFH NX SyáQRF\ VLĊJD
=DOHVLDL5XVL.DPLHQLHFNLHM7DPZáDĞQLHZ]UDVWD0RVNZD3DĔVWZR0RVNLHZVNLH
]U\ZDVLĊ]SRGSRU]ąGNRZDQLD=áRWHM2UG]LHSRGF]DVJG\&HVDUVWZR%L]DQW\MVNLH
XSDGD 0RVNZD GHNODUXMH Z WHM V\WXDFML ĪH ÄMHVW WU]HFLP 5]\PHP NROHMQ\FK QLH
EĊG]LH´ 5RVMD VWDMH VLĊ QDMZDĪQLHMV]\P NUDMHP F\ZLOL]DFML EL]DQW\ĔNLHM NWyUD
UR]FLąJDVLĊDĪSR3DF\ILN*UDQLFąWHMF\ZLOL]DFML]ZDQHMWHĪSUDZRVáDZQąMHVWZ
WHM NRQFHSFML JUDQLFD WHJR Z\]QDQLD 0D ZLĊF RQD REHMPRZDü Z (XURSLH WDNĪH
%LDáRUXĞ 8NUDLQĊ 0RáGDZLĊ 5XPXQLĊ %XáJDULĊ 6HUELĊ %RĞQLĊ &]DUQRJyUĊ
0DFHGRQLĊ *UHFMĊ 3RGHMĞFLH SRZ\ĪV]H PD RJURPQH Z\áRP\ 3R SLHUZV]H
LJQRUXMHRQRNOXF]RZHIDNW\]KLVWRULL5XVL:Sá\Z\QDUR]ZyMWHJRSDĔVWZDPLDáR
QLH W\ONR %L]DQFMXP DOH WDNĪH :DUHJRZLH ] SyáQRF\ ,VWRWQH ]QDF]HQLH PLDá\
SOHPLRQD VWHSRZH ± VąVLHG]WZR 3LHF]\QJyZ F]\ &KD]DUyZ :\EU]HĪHP

$]Mą,GHD5RVML±(XUD]ML7RUXĔV

-0DFNLHZLF]=Z\FLĊVWZRSURZRNDFML/RQG\QV

ϭϲϳ

F]DUQRPRUVNLP SU]HZĊGURZDOL 3URWREXáJDU]\ L :ĊJU]\ 7ą GURJą SU]\E\OL
0RQJRáRZLH NWyU]\ 5XĞ SRGELOL 5XĞ ]RVWDáD Z Z\QLNX WHJR UR]HUZDQD &]ĊĞü
PáRGV]D]0RVNZąQDGáXJR]RVWDáDSRGSRU]ąGNRZDQD=áRWHM2UG]LH6WDUV]D]DĞ
SUĊGNRGRVWDáDVLĊSRGZSá\Z\OLWHZVNLHD]DSRĞUHGQLFWZHP/LWZ\±ZHZSá\Z\
]DFKRGQLH ] 3ROVNL =XSHáQLH LQQD E\áD KLVWRULD 0RVNZ\ .LMRZD L %DáNDQyZ 3R
GUXJLH NRQFHSFMD KXQWLQJWRĔVND VNXSLD VLĊ QD ]DJDGQLHQLX UHOLJLMQ\P ± RJUDQLF]D
]DJDGQLHQLH Z\áąF]QLH GR SUDZRVáDZLD 2SLHUD VLĊ QD GRNWU\QLH WU]HFLHJR 5]\PX
EH] Z]JOąGX QD WR ĪH MHVW WR SRVWXODW SROLW\F]Q\ : NRĔFX SRGHMĞFLH WDNLH QLH
Z\MDĞQLDZVSRVyEGRVWDWHF]Q\VWUHIRZRĞFLJUDQLFSRPLĊG]\F\ZLOL]DFMDPL

'UXJL NLHUXQHN Z\ZRG]L VLĊ ] VDPHM 5RVML 5R]UyĪQLü WX QDOHĪ\ GZLH V]NRá\

SDQVáRZLDĔVNąLHXURD]MDW\FNą2ELH]DNáDGDMąLĪ5RVMDMHVWVDPRLVWQąF\ZLOL]DFMą
-HGQDSRGNUHĞODMHMVáRZLDĔVNLFKDUDNWHULJHQH]Ċ'UXJDJHQH]ĊLFORXXSDWUXMHZ
HXURD]MDW\FNRĞFL ± SRáąF]HQLX ZSá\ZyZ WDWDUVNLFK VáRZLDĔVNLFK L XJURILĔVNLFK
2ELHZ\SURZDG]DMąVWąGZQLRVHNLĪ5RVMDZLQQDREMąüÄRSLHNą´OXG\VáRZLDĔVNLHL
D]MDW\FNLH 3RV]F]HJyOQL P\ĞOLFLHOH UyĪQLą VLĊ MHG\QLH OLVWą OXGyZ NWyUH Wą JRU]Ną
RSLHNą FKFLHOLE\ REMąü 2ELH NRQFHSFMH áąF]\ ZLĊF WDNĪH WR ĪH Vą SR SURVWX
SRVWXODWDPLSROLW\F]Q\PL=DĞUHWRU\NDRZHJRZ\]ZDODQLDPD]UHV]WąEDUG]RGáXJą
WUDG\FMĊ 5RVMD ]DZV]H ÄZ\]ZDOD´ 1S UR]ELHUDMąF 3ROVNĊ Z ZLHNX ;9,,,
3RODNyZ ÄZ\]ZDODáD´ Ä:\]ZDODáD´ %LDáRUXVLQyZ 8NUDLĔFyZ Z %DáWyZZ
URNX:WHMUHWRU\FHRND]XMHVLĊĪH&]HF]HQLE\áWRÄÄQDUyGQLHSRGELW\OHF]
Z\]ZRORQ\´ ± Z\]ZRORQ\ SU]H] $UPLĊ 5RV\MVNą ] RNRZyZ VZHJR FLDVQHJR
V]RZLQLVW\F]QHJR

D

QDZHW

WHUURU\VW\F]QHJR

SURMHNWX

SROLW\F]QHJR

Z\RGUĊEQLHQLD´

5RVMDG]LĞSUDJQLHÄZ\]ZROLü´*UX]LQyZL8NUDLĔFyZ

3RZ\ĪV]\ VNUyW MHVW RF]\ZLĞFLH WHOHJUDILF]Q\ &KRG]L MHGQDN R WR E\ SRND]Dü

UyĪQLFĊ ] WU]HFLP VSRMU]HQLHP QD F\ZLOL]DFMĊ 5RVML WM QXUWHP NRQHF]QLDĔVNLP
6SRĞUyG XF]RQ\FK ]ZUDFDMąF\FK V]F]HJyOQą XZDJĊ QD 5RVMĊ E\á ]DUD]HP
EDGDF]HP NWyU\ XVWU]HJá VLĊ GHWHUPLQL]PyZ ELRORJLF]Q\FK JHRJUDILF]Q\FK F]\
UDVRZ\FK 8QLNQąá ZLĊF PDQRZFyZ QD NWyUH ]DSĊG]LOL VLĊ LQQL Z MHJR F]DVLH
àąF]\á Z VZRMHM WHRULL ]DJDGQLHQLD PDWHULDOQH L GXFKRZH GRFHQLDMąF ZDJĊ
PHQWDOQRĞFL-HJRWHRULD]QDMGXMHVZRMHNRQW\QXDFMHLSRWZLHUG]HQLDZSV\FKRORJLL
PLĊG]\NXOWXURZHM RUD] F\EHUQHW\FH VSRáHF]QHM =DXZDĪ\á SU]\ W\P URV\MVNą
Z\MąWNRZRĞü Z\QLNáą ] EXU]OLZHM KLVWRULL L SU]HGVWDZLá Mą QD SROX QDXNL R
F\ZLOL]DFML

&]\PF\ZLOL]DFMDMHVW":JSROVNLHJRKLVWRULR]RIDMHVWWRÄPHWRGDXVWURMXĪ\FLD

]ELRURZHJR´ 0yZLąF LQDF]HM VáRZDPL -y]HID .RVVHFNLHJR MHVW WR ÄMHGQROLW\
V\VWHP QRUP VSRáHF]Q\FK RUD] RGSRZLDGDMąF\FK LP SRVWDZ L G]LDáDĔ RNUHĞODMąF\
VWRVXQHNGDQHJRVSRáHF]HĔVWZDGRSLĊFLXNDWHJRULLE\WXVSRáHF]QHJR´

2ZH NDWHJRULH GXFKRZH L PDWHULDOQH WR GREUR SUDZGD SLĊNQR ]GURZLH L

GREURE\W 6SRVyE LFK UR]XPLHQLD RNUHĞOD URG]DM F\ZLOL]DFML .RQHF]Q\ Z VZ\FK
3UDZDFK G]LHMRZ\FK Z\UyĪQLD GZD ] QLFK SULPR QLH PD V\QWH] VHFXQGR SUDZR
PLHV]DQNL :LHORNURWQLH SRGNUHĞOD ĪH QLH PRĪQD E\ü F\ZLOL]RZDQ\P QD GZD
VSRVRE\ 'RW\F]\ WR RF]\ZLĞFLH MHGQRVWHN D QLH ]ELRURZRĞFL =ELRURZRĞFL PRJą

$1RZDN+LVWRULHSROLW\F]Q\FKWUDG\FML3LáVXGVNL3XWLQLLQQL.UDNyZV

-.RVVHFNL3RGVWDZ\QRZRF]HVQHMQDXNLSRUyZQDZF]HMRF\ZLOL]DFMDFK6RFMRORJLDSRUyZQDZF]D

F\ZLOL]DFML:DUV]DZDV

ϭϲϴ

XOHFPLHV]DQFHF\ZLOL]DF\MQHM-HGQRVWND]DĞQLHPRĪHZ\]QDZDüGZXRGPLHQQ\FK
V\VWHPyZZDUWRĞFL1LHPRĪHVWZRU]\üVSyMQHMV\QWH]\]ZDUWRĞFLSRFKRG]ąF\FK]
UyĪQ\FKF\ZLOL]DFML=DJXELHQLHSRMĊFLRZHPDSURZDG]LüWDNąRVREĊGRQLKLOL]PX
6SRáHF]QRĞüEĊGąFDSRGZSá\ZHPZLHOXF\ZLOL]DFMLSRSDGDZVWDQNRáREáĊGX1D
VSRáHF]QRĞü VNáDGDMą VLĊ MHGQRVWNL UHSUH]HQWXMąFH L GąĪąFH GR UHDOL]DFML ZáDVQHJR
DUFKHW\SX F\ZLOL]DF\MQHJR : VSRáHF]QRĞFL SU]HZDĪD UD]MHGQD UD] ZWyUD PHWRGD
XVWURMRZD)XQNFMRQRZDQLHZHGOHFLąJOH]PLHQQHMPHWRG\MHVWPĊF]ąFH:\ZRáXMH
VWDá\ G\VRQDQV L NRQIOLNW PLĊG]\ IXQFMRQXMąFą PHWRGą D RGPLHQQ\P DUFKHW\SHP
GUXJLHM F]ĊĞFL VSRáHF]QRĞFL 6WDQ FLąJáHJR DOH PDUQRWUDZLRQHJR Z\VLáNX
SRGHMPRZDQHJRE\]PXVLüGUXJąJUXSĊGRIXQNFMRQRZDQLDZHGOHZáDVQ\FK]DVDG
SURZDG]L Z NRĔFX GR UH]\JQDFML -HVW WR VWDQ DF\ZLOL]DF\MQ\ 6SRáHF]QRĞü SHáQD
MHVWZWHG\QLKLOLVWyZ

6RFMDOL]DFMD MHGQRVWNL Z GDQHM PHWRG]LH MHM XF\ZLOL]RZDQLH Z GDQ\ VSRVyE ±

SURZDG]LGRZ\VQXFLDSRMĊFLDDUFKHW\SXF\ZLOL]DF\MQHJR7MSHZQHJRVWDW\F]QHJR
PRGHOX±VWUXNWXU\P\ĞORZHMVSRVREXSRVWU]HJDQLDLUHDJRZDQLDQDU]HF]\ZLVWRĞü
$XWRU QLH SRGHMPXMH VLĊ WXWDM SUyE\ ĞFLVáHJR ]GHILQLRZDQLD WHJR SRMĊFLD 1D
SRWU]HE\ QLQLHMV]HM SUH]HQWDFML Z\VWDUF]\ Z GHILQLFML F\EHUQHW\F]QHM .RVVHFNLHJR
]PLHQLü ]ELRURZRĞü QDMHGQRVWNĊ $UFKHW\S F\ZLOL]DF\MQ\MHVWWRMHGQROLW\ V\VWHP
QRUPVSRáHF]Q\FKRUD]RGSRZLDGDMąF\FKLPSRVWDZLG]LDáDĔRNUHĞODMąF\VWRVWXQHN
GDQHJRF]áRZLHNDGRSLĊFLXNDWHJRULLE\WXVSRáHF]QHJR5R]UyĪQLHQLHF\ZLOL]DFMLL
DUFKHW\SX F\ZLOL]DF\MQHJR SR]ZDOD SRVWDZLü WH]Ċ QDVWĊSXMąFą 2WyĪ GDQD
F\ZLOL]DFMD MHVW WDP JG]LH Vą SU]HGVWDZLFLHOH MHM DUFKHW\SX 3R VNXWNDFK LFK
G]LDáDQLDQDSRODFKSRV]F]HJyOQ\FKNDWHJRULLSLĊFLRPLDQXE\WX±ZDUFKLWHNWXU]H
UHOLJLLP\ĞOLSROLW\F]QHMLWGLWG±PRĪQDRGZ]RURZDüVWUHIRZHJUDQLFHG]LHOąFH
F\ZLOL]DFMH

'OD RNUHĞOHQLD DUFKHW\SyZ F\ZLOL]DF\MQ\FK Z\VWĊSXMąF\FK Z 5RVML RGQLHVLRQR

VLĊGRKLVWRU\F]QHJRUR]ZRMXWHJRSDĔVWZD8F]\QLRQRWXVNUyWP\ĞOL.RQHF]QHJR
'DOHM SU]HGVWDZLRQR NLOND PRĪOLZ\FK JUDQLF Z WHUHQLH NWyUH VXJHUXMą
LQWHQV\ZQRĞü Z\VWĊSRZDQLD SRV]F]HJyOQ\FK DUFKHW\SyZ 6WUHV]F]HQLH P\ĞOL
.RQHF]QHJR UR]SRF]ąü QDOHĪ\ RG SU]\EOLĪHQLD DUFKHW\SyZ SU]H] QLHJR RSLVDQ\FK
:HGáXJ QLHJR Z KLVWRULL 5RVML ]QDF]HQLH PLDá\ WU]\ F\ZLOL]DFMH WXUDĔVND
EL]DQW\ĔVND L áDFLĔVND : WXUDĔVNLHM ZáDG]Ċ VSUDZXMH FKDQ NDJDQ OXE FDU 7R RQ
RNUHĞOD FR MHVW GREUH D FR ]áH FR VWDQRZL SUDZGĊ Ä:áDG]D JáRZ\ SDĔVWZD Z
F\ZLOL]DFML WXUDĔVNLHM RSLHUD VLĊ QD PRQL]PLH SUDZD SU\ZDWQHJR « ZáDGFD MHVW
ZáDĞFLFLHOHPZV]\VNLHJRLZV]\VWNLFK´

=F]DVHP]LHPLDVWDáDVLĊZáDVQRĞFLąJPLQ

.LHG\ SUDFD QLH VNXWNXMH SU\ZDWQą NRU]\ĞFLą Z\NRQ\ZDQD MHVW ] PXVX 'ODWHJR
ÄOXG\ WH UR]ZLMDMą VLĊ W\ONR QD ZRMQLH D SRGXSDGDMą Z F]DVDFK SRNRMRZ\FK
3DĔVWZR WXUDĔVNLH NZLWQLH GRSyW\ GRSyNL F]\QL ]DERU\ LQDF]HM UR]SDGD VLĊ
3RWU]HE GXFKRZ\FK QLH PDMą FDáNLHP 2OEU]\PLD LFK ZLĊNV]RĞü E\áD ]DZV]H
NRF]RZQLF]D´

&\ZLOL]DFMD EL]DQW\ĔVND MHVW HWDW\VW\F]QD %LXURNUDFMD U]ąG]L RE\ZDWHOHP

6DPRG]LHOQHG]LDáDQLHMHVWSRGHMU]DQHERPRĪH]DJUDĪDüZáDG]\Ä%L]DQW\QL]PE\á
]DZV]H ZURJL SHUVRQDOL]PRZL D MHGQRĞFL QLH UR]XPLDá LQDF]HM MDN Z

).RQHF]Q\3UDZDG]LHMRZH.RPRUyZV

,ELGHPV

ϭϲϵ

MHGQRVWDMQRĞFL WHM ]DĞ QLH XGD VLĊ RVLąJQąü MDN SU]\PXVHP L JZDáWHP´

:áDG]D

SDĔVWZDUR]WDF]DVLĊWDNĪHQDGUHOLJLąÄ=DFKyGSLHOĊJQRZDáSHUVRQDOL]PLMHGQRĞü
Z UR]PDLWRĞFL L ]PLHU]Dá GR VXSUHPDFML VLá GXFKRZ\FK QDG IL]\F]Q\PL JG\
W\PF]DVHP :VFKyG RGGDMH GXFKRZH SRG VXSUHPDFMĊ IL]\F]Q\FK´

: F\ZLOL]DFML

áDFLĔVNLHM QDMZDĪQLHMV]ą ZDUWRĞFLą MHVW MHGQRVWND -HGQRVWND PRĪH ]EXQWRZDü VLĊ
ZáDG]\ MHĞOL WD áDPLH SUDZD :áDGFD ERZLHP QLH MHVW ZáDGFą VXPLHĔ ER ZáDG]D
GXFKRZD MHVW UR]G]LHOQD RG ĞZLHFNLHM (W\ND MHVW V]HUV]D RG SUDZD WM FR QLH MHVW
]DEURQLRQH MHVW GR]ZRORQH FKRü F]DVHP QLH Z\SDGD 1DMZDĪQLHMV]H UyĪQLFH
SRZ\ĪV]\FKDUFKHW\SyZRNUHĞOLá5REHUW3LRWURZVNLZF\WRZDQHMQLĪHMWDEHOL

7DEHOD3RUyZQDQLHDUFKHW\SyZF\ZLOL]DF\MQ\FK

7XUDĔVND

%L]DQW\MVND

àDFLĔVND

'HIHNWRZQRĞü

6WRVXQHNGRUHOLJLL

RERMĊWQRĞü

GRPLQDFMD

RSDUWDQD
HW\FH
UHOLJLMQHM

8VWUyMPDáĪHQVNL

SROLJDPLD

PRQRJDPLD

PRQRJDPLD

5yGDURG]LQD

XVWUyMURGRZ\

HPDQF\SDFMD
URG]LQ\

HPDQF\SDFMD
URG]LQ\

3R]LRPUR]ZRMX
VSRáHF]QHJR

VSRáHF]QRĞü

VSRáHF]HĔVWZR VSRáHF]HĔVWZ

R

3UDZRSU\ZDWQHD
SXEOLF]QH

W\ONRSU\ZDWQH

SU]HZDJD
SXEOLF]QHJR

UyZQRZDJD

6SRáHF]HĔVWZRD
SDĔVWZR

EUDN
VSRáHF]HĔVWZD
GHVSRW\]P

SU]HZDJD
SDĔVWZD

SU]HZDJD
VSRáHF]HĔVWZ
D

1DURGRZRĞü

$QWURSRODWULD
ZáDGF\

(W\F]QRĞüĪ\FLD
SXEOLF]QHJR

,ELGHPV

,ELGHPV

ϭϳϬ

7XUDĔVND

%L]DQW\MVND

àDFLĔVND

6XSUHPDFMDVLá

IL]\F]Q\FK

IL]\F]Q\FK

GXFKRZ\FK

&KURQRPHWULD

F\NO

HUD

HUD

2SDQRZDQLHF]DVX QLVNLH

WHUPLQ

KLVWRU\]P

ħUyGáR5REHUW3LRWURZVNL3UREOHPILOR]RILF]Q\áDGXVSRáHF]QHJRDSRUyZQDZF]D
QDXNDRF\ZLOL]DFMDFK:DUV]DZDV

:KLVWRULL5RVMLZLGDüZ\UDĨQLHĞFLHUDQLHVLĊW\FKWU]HFKDUFKHW\SyZ]F]HJR

WXUDĔVNLPLDáQDMZLĊNV]H]QDF]HQLH0RVNZD]RVWDáDSRGSRU]ąGNRZDQD0RQJRáRP
Z ;,,, ZLHNX :yZF]DV 0RVNDOH QLH X]QDMą ]D VZHJR ÄFHVDU]D´ FHVDU]D
%L]DQFMXP DOH WDWDUVNLHJR FKDQD :]RUFH ] WHJR NLHUXQNX Vą LQWHQV\ZQLH
SU]\MPRZDQH : ;9 ZLHNX QDVWĊSXMH XQLH]DOHĪQLHQLH SROLW\F]QH RG =áRWHM 2UG\
OHF]GZyUFRUD]EDUG]LHMVWDMHVLĊXU]ąG]RQ\QDPRGáĊWDWDUVNą:FLąJXQDVWĊSQ\FK
NLONXG]LHVLĊFLX ODW QD SyáQRFQHM 5XVL ]RVWDMH ]QLV]F]RQH NRQNXUHQFMD Z SRVWDFL
LQQ\FKXVWURMRZR5HSXEOLN3VNRZDL1RZRJURGX3RGSRU]ąGNRZDQLH1RZRJURGX
:LHONLHJRMHVWSU]\W\PZ\MąWNRZRRNUXWQH6ąWRWDNĪHF]DV\OXGREyMF]HMSROLFML
SROLW\F]QHM ± RSU\F]QLQ\ :LHN;9, WR UyZQLHĪ F]DVMRVLIODQyZ NWyU]\ REHMPXMą
NLHURZQLFWZR XP\VáyZ 6ą WR XF]QLRZLH ,JXPHQD -RVLID 6DQLQD WZLHUG]ąFHJR LĪ
ÄP\ĞOHQLHMHVW]áH´2GURNXFDUPRĪHEH]VąGXNRQILVNRZDüPDMąWNLLNDUDü
ĞPLHUFLą:SU]\MPXMHVLĊND]DĔVNLHSUDZRZHGOHNWyUHJRZLHĞQLDN]RVWDMH
SU]\SLVDQ\GR]LHPL

=DSDQRZDQLD$OHNVDQGUD0LFKDMáRZLQDRWZLHUDVLĊQRZ\HWDS3R

VSOąGURZDQLX/LWZ\UR]SRF]\QDVLĊSURFHV]PLDQ\PRQL]PXSUDZDSU\ZDWQHJRZ
PRQL]P SUDZD SXEOLF]QHJR =D )HGRUD $OHNVLHMHZLF]D ]RVWDMH
]DáRĪRQD DNDGHPLD VáRZLDĔVNRJUHFNRáDFLĔVND 1DVWĊSQ\ FDU 3LRWU :LHONL
ZáDGDMąF\ Z ODWDFK WZRU]\ QRZH XU]ĊG\ QD Z]RUDFK QLHPLHFNLFK1D
SU]\NáDG QD Z]yU SURWHVWDQFNLHM /DQGHUNLUFKH XU]ąG]D SUDZRVáDZQą &HUNLHZ
;9,,, ZLHN ] MHGQHM VWURQ\ SU]\QRVL SRZUyW SROLW\NL ]DOHĪQHM RG RVRELVW\FK
NDSU\VyZ U]ąG]ąF\FK FR MHVW FHFKą RULHQWDOQ\FK GHVSRFML 3DĔVWZR WU]\PD VLĊ
G]LĊNL HNVSDQVML D]MDW\FNLHM = GUXJLHM VWURQ\ .RQHF]Q\ ZLG]L REMDZ\ ZSá\ZyZ
=DFKRGX2]QDNLW\FKZSá\ZyZXSDWUXMHZSRMDZLHQLXVLĊSLHUZV]\FKURV\MVNLFK
SLVDU]\ àRPRQRVRZ L SRHWyZ 'HUĪDZLQ &DU\FD
.DWDU]\QD,,SRV]HU]DJUDQLFHQD]DFKyGGRNRQXMąFUR]ELRUyZ3ROVNL
:WHQVSRVyEXG]LDáLG]LDáDQLHDUFKHW\SXáDFLĔVNLHJRZ5RVML]ZLĊNV]DMąVLĊ

3DQRZDQLH $OHNVDQGUD , FKDUDNWHU\]XMą FHQ]XUD ZLĊ]LHQLD EH]

VąGX ]V\áNL DGPLQLVWUDF\MQH RUD] NRQWUROD XQLZHUV\WHWyZ =D MHJR QDVWĊSF\
0LNRáDMD , QDVWĊSXMH QLV]F]HQLH V]NROQLFWZD : ]DND]XMH VLĊ
XSUDZLDQLD ILOR]RILL %LXURNUDFMD NLHURZDQD MHVW QLF]\P VWUXNWXUD ZRMVNRZD
-HGQDN;,;ZLHNSU]\QRVLWHĪQDZDUVWZLDQLHVLĊZSá\ZyZ=DFKRGXQDLVWQLHMąF\P
SRGáRĪX'DMHWRGZRMDNLHVNXWNL3RSLHUZV]HZ\UDG]DVLĊW]ZVZRLVW\OLEHUDOL]P
FKDUDNWHU\]XMąF\ VLĊ FKĊFLą SU]HSURZDG]HQLD UHIRUP SU]\ MHGQRF]HVQ\P

ϭϳϭ

]DFKRZDQLX VDPRG]LHUĪDZLD 'UXJLP VNXWNLHP ]GHU]HQLD UyĪQ\FK DUFKHW\SyZ
F\ZLOL]DF\MQ\FK MHVW SRMDZLHQLH VLĊ V\PSWRPDW\F]QHJR URV\MVNLHJR QLKLOL]PX
=DFKRGQLNU\W\F\]PQDWXUDĔVNLPJUXQFLHGDMHZHIHNFLH]DJXELHQLHMHGQRVWNLFR
]UHV]WąSRWZLHUG]DZ\PLHQLRQHNRQHF]QLDĔVNLHSUDZRPLHV]DQNLF\ZLOL]DF\MQHM

:NRĔFX;,;ZLHNXLZZLHNX;;QDMZLĊNV]HMZDJLQDELHUDMąLGHRORJLH=DWHP

Z W\P PLHMVFX G]LHMyZ ZDUWR FKZLORZR SRVWDZLü NURSNĊ E\ VNXSLü VLĊ QD
SU]HGVWDZLHQLX VWUHIRZRĞFL JUDQLF F\ZLOL]DF\MQ\FK .LHG\ ERZLHP SU]HQLHVLH VLĊ
SRZ\ĪV]HUR]ZDĪDQLDZSU]HVWU]HĔZVFKRGQLHM(XURS\±ZLGDüLĪ5RVMDZ\UDĨQLH
VLĊRGUyĪQLD

1D SRF]ąWHN KLVWRU\F]QH ZSá\Z\ ]DFKRGQLH QD 5XVL ]DREVHUZRZDü PRĪQD Z

DUFKLWHNWXU]H,QIOXHQFMĊWDNąSU]HĞOHG]LüPRĪQDZZ\VWĊSRZDQLXJRW\NXZWHUHQLH
=DE\WNLWDNLHQLHZ\VWĊSXMąQDZVFKyGRGOLQLLELHJQąFHMRG=DWRNL)LĔVNLHMSU]H]
-H]LRUR 3HMSXV UHMRQ 'ĨZLĔVND :LOHĔV]F]\]QĊ JáĊERNR Z\JLĊW\P áXNLHP
RPLMDMąFHM EDJQD 3ROHVLD QDVWĊSQLH ELHJQąFHM SU]H] 5XĞ +DOLFNą L GDOHM SU]H]
0RáGDZLĊ 3U]HELHJ JUDQLF\ Z\VWĊSRZDQLD JRW\NX MHVW ZLĊF SRáXGQLNRZ\ EH]
ZLĊNV]\FKRGFK\OHĔ]Z\áąF]HQLHP3ROHVLD.ROHMQąJUDQLFąDUFKLWHNWRQLF]QąMHVW
Z\VWĊSRZDQLH ]DE\WNyZ HXURSHMVNLHJR EDURNX *UDQLFD WD MHVW EOLVND ZVFKRGQLP
UXELHĪRP GDZQHM 5]HF]\SRVSROLWHM 3U]HELHJD ZVFKRGQLP VNUDMHP NUDMyZ
EDáW\FNLFKGDOHMSU]H]6PROHĔV]F]\]QĊ0RK\OHZV]F]\]QĊSUDZREU]HĪQą8NUDLQĊ
E\QDVWĊSQLHVNUĊFLüQD]DFKyG

0DSD:VFKRGQLDJUDQLFDZ\VWĊSRZDQLDDUFKLWHNWXU\JRW\FNLHMħUyGáR

KWWSZZZOLWXDQXVRUJBBB5HNODLWLVKWPO

'DOV]H OLQLH JUDQLF]QH RGF]\WDü PRĪQD ] PDS GRW\F]ąF\FK ;,; ZLHNX

3U]\WDF]D MH /HV]HN 0RF]XOVNL 3LHUZV]ą ] QLFK MHVW JUDQLFD HXURSHMVNLHJR
V]NROQLFWZD Z URNX SU]HG UHSUHVMDPL SR SRZVWDQLX OLVWRSDGRZ\P
:\VWĊSRZDáR RQR QD WHU\WRULXP SU]HGUR]ELRURZHM 5]HF]SRVSROLWHM 5yZQLHĪ

ϭϳϮ

HXURSHMVNLH XQLZHUV\WHW\ QD ZVFKyG RG :LVá\ WR W\ONR SRMHG\QF]H SODFyZNL
5HZROXFMDSU]HP\VáRZDSU]HGVWDZLDGUXJąOLQLĊJUDQLF]Qą3U]\QRVLSRMDZLHQLHVLĊ
VWUHI VLOQLH ]LQGXVWULDOL]RZDQ\FK RUD] WZRU]HQLH VLĊ NODV\ URERWQLF]HM 5RVMD REX
SUDNW\F]QLH QLH SRVLDGDáD7U]HFLą DOH QDMLVWRWQLHMV]ą FHFKą NWyUD RGUyĪQLD 5RVMĊ
MHVWLVWQLHQLHV\VWHPXPLUX7R]QDF]\NROHZNW\ZQHMZáDVQRĞFL]LHPLSU]H]JPLQ\
FKáRSVNLH6\VWHPWHQLVWQLDáZ\áąF]QLHZ5RVMLSRGF]DVJG\ZNUDMDFKEDáW\FNLFK
QD%LDáRUXVLL8NUDLQLH]LHPLDE\áDZáDVQRĞFLąSU\ZDWQą:UHĪ\PLHVRZLHFNLPZ
;; ZLHNX ]LHPLD UyZQLHĪ QLH E\áD ZáDVQRĞFLą SU\ZDWQą -HGQDN JUDQLFD WHJR
URG]DMXNROHNW\ZL]PXVLĊJDáD]QDF]QLHGDOHMQD]DFKyG:áDĞQLHWDFHFKDGHF\GXMH
R JURPDGQRĞFLRZ\P FKDUDNWHU]H 5RVML SU]\SLVXMąF Mą Z REUĊG F\ZLOL]DFML
WXUDĔVNLHM

$QGU]HM 1RZDN SU]\WDF]D LQWHUHVXMąFH EDGDQLD VRFMRORJLF]QH : URNX

]DS\WDQR 5RVMDQ R WR MDN FKFLHOLE\ E\ü SRVWU]HJDQL QD ĞZLHFLH FKFLDáR
ZL]HUXQNX 5RVML MDNR ÄZLHONLHJR QLH]Z\FLĊĪRQHJR VXSHUPRFDUVWZD´ MDNR
SDĔVWZD ÄSRNRMRZHJR L SU]\MDFLHVNLHJR´ MDNR ÄSUDZRU]ąGQą GHPRNUDFMĊ´

$QNLHWD ] URNX QD EDGDQ\FK UyZQLHĪ ]GDMH VLĊ SRWZLHUG]Dü
NRQHF]QLDĔVNLH LQWXLFMH 2SUDFRZXMąF\ Mą *HRUJLM 6DWDURZ RFHQLá
RGSRZLDGDMąF\FK MDNR GHPRNUDWyZ MDNR NRPXQLVW\F]Q\FK UHZDQĪ\VWyZ
]ZROHQQLNyZ VLOQHM UĊNL MDNR QLKLOLVWyZ ÄUR]F]DURZDQ\FK
SROLW\F]QLH´ $ MDNR URPDQW\NyZ

-HVW WR ZDĪQD SRV]ODND ZVND]XMąFD QD

GXĪH ]QDF]HQLH DUFKHW\SX WXUDĔVNLHJR RUD] QD LVWQLHQLH Z 5RVML ]DDZDQVRZDQHM
PLHV]DQNLF\ZLOL]DF\MQHM

0DSD*UDQLFHF\ZLOL]DF\MQHZ5RVMLħUyGáR/HV]HN0RF]XOVNL*HRSROLW\ND3RWĊJD
ZF]DVLHLSU]HVWU]HQL:DUV]DZDV

$1RZDNRSFLWV

,ELGHPV

ϭϳϯ

3RGVXPRZDQLH
2SLHUDMąF VLĊ QD WHRULL )HOLNVD .RQHF]QHJR PRĪQD ]DXZDĪ\ü Z 5RVML

Z\VWĊSRZDQLH WU]HFK DUFKHW\SyZ F\ZLOL]DF\MQ\FK 1DMLVWRWQLHMV]\P MHVW DUFKHW\S
WXUDĔVNL :DĪQ\ MHVW DUFKHW\S EL]DQW\ĔVNL :LGDü WDNĪH áDFLĔVNLH ZSá\Z\ QD
URV\MVNą NXOWXUĊ 1DOHĪ\ WX MHGQDN ]DFKRZDü SHZQą RVWURĪQRĞü JG\Ī QD WHQ
IXQGDPHQW ZSá\Z PLDáD WDNĪH LGHRORJLD 7DNLH VSRMU]HQLH SR]ZDOD SRGHMPRZDü
SUyE\]UR]XPLHQLDPHQWDOQRĞFL5RVMDQ$SU]H]WRZUD]]EDGDQLHPLFKGRNWU\QL
SLVP ± QD SUyE\ ]UR]XPLHQLD VSRVREyZ UR]XPRZDQLD L G]LDáDQLD LFK HOLW
SROLW\F]Q\FKWDNZ\UDĨQLHUyĪQ\FKRGHXURSHMVNLFK

%,%/,2*5$),$

/D]DUL $ 'H 2 PHQWDOQRĞFLRZ\FK NRU]HQLDFK HXUD]MDW\]PX >Z@ 6

*U]\ERZVNL0LĊG]\(XURSąD$]Mą,GHD5RVML±(XUD]ML7RUXĔ

.RQHF]Q\)3UDZDG]LHMRZH.RPRUyZ

.RVVHFNL - 3RGVWDZ\ QRZRF]HVQHM QDXNL SRUyZQDZF]HM R F\ZLOL]DFMDFK

6RFMRORJLDSRUyZQDZF]DF\ZLOL]DFML:DUV]DZD

0DFNLHZLF]-=Z\FLĊVWZRSURZRNDFML/RQG\Q

0RF]XOVNL/*HRSROLW\ND3RWĊJDZF]DVLHLSU]HVWU]HQL:DUV]DZD

1RZDN$+LVWRULHSROLW\F]Q\FKWUDG\FML3LáVXGVNL3XWLQLLQQL.UDNyZ

3LRWURZVNL 5 3UREOHP ILOR]RILF]Q\ áDGX VSRáHF]QHJR D SRUyZQDZF]D

QDXNDRF\ZLOL]DFMDFK:DUV]DZD

5HPHLNLV 7 7KH SUREOHP RI WKH HDVWHUQ ERUGHU RI JRWKLF DUFKLWHFWXUH

KWWSZZZOLWXDQXVRUJBBB5HNODLWLVKWPO

6XZRURZ:2VWDWQLDUHSXEOLND3R]QDĔ

6]DQLDZVNL - ,PSHULXP ]áD 5RVMD SU]HFLZ 3ROVFH L (XURSLH V]NLFH

KLVWRU\F]QH:DUV]DZD

6800$5<

&LYLOL]DWLRQ¶VDUFKHW\SHVRI5XVVLD

7KHDUWLFOHEDVHGRQ)HOLNV.RQHF]Q\VWKHRU\RIFLYLOLVDWLRQVKRZVUHIOHFWLRQV

RQ 5XVVLDQ XQLTXH PHQWDOLW\ 7KH FLYLOLVDWLRQDO DUFKHW\SHV H[LVWLQJ LQ 5XVVLD DUH
DOVR SUHVHQWHG 'LIIHUHQFHV DUH H[SODLQHG ZLWK KLVWRULFDO VRFLRORJLFDO DQG
JHRJUDSKLFDODUJXPHQWV

.H\ZRUGVFLYLOL]DWLRQV)HOLNV.RQHF]Q\DUFKHW\SHV5XVVLD