L]YLUQL ]QDQVWYHQL aODQHN
8'. -HVHQLFH
SUHMHWR
9ODGLPLU 9LOPDQ
PDJLVWHU HWQRORJLMH 7HKQL^NL PX]HM 6ORYHQLMH 3DUPRYD 6, /MXEOMDQD
6DPRWHCQH CLaQLFH .UDQMVNH LQGXVWULMVNH GUXCEH
,=9/(A(.
/DPEHUW YRQ 3DQW] SUYL WHKQL^NL GLUHNWRU .UDQMVNH LQGXVWULMVNH GUXCEH MH OHW YRGLO HQR QDMYHaMLK SRGMHWLM WLVWHJD aDV QD 6ORYHQVNHP 2GOLNRYDO VH MH QD SRGURaMX PHWDOXUJLMH JUDYLWDFLMVNHJD CLaQLaDUVWYD LQ KLGURWHKQLNH 0HGQDURGQR YHOMDYR VL MH Y PHWDOXUJLML SULGRELO ] L]QDMGER SULGRELYDQMD IHURPDQJDQD Y SODYCX Y CLaQLaDUVWYX SD V NRQVWUXNFLMR HQRYUYQLK VDPRWHCQLK CLaQLF ]D WUDQVSRUW UXGH KORGRYLQH LQ RJOMD L] YLVRNRJRUMD Y GROLQH ./-8A1( %(6('( CLaQLFH .UDQMVND LQGXVWULMVND GUXCED /DPEHUW YRQ 3DQW] 6800$5<
7+( 7(/3+(5 /,1(6 2) 7+( &$51,2/,$1 ,1'8675,$/ &203$1<
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
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
.UDWND ]JRGRYLQD CLaQLF #LaQLFH VRGLMR PHG QDMVWDUHM^H WUDQVSRUWQH QD SUDYH NL VOXCLMR VSUDYLOX PDWHULDOD DOL OMXGL SUL NDWHULK WRYRU SRWXMH Y]GROC MHNOHQLK YUYL SR ]UDNX 1DMSUHM VR MLK XSRUDELOL QD -DSRQVNHP LQ Y ,QGLML 2VQRYD VR ELOH SOHWHQH YUYL L] NRQRSOMH SR NDWHULK VR SUHPLNDOL SOHWHQH NR^DUH ] OMXGPL LQ WRYRURP 1DMVWDUHM^H HYURSVNH CLaQLFH VR L]GHODOL RE NRQFX VUHGQMHJD YHND SUHGYVHP ]D YRMD^NH SRWUHEH WHGD QMHJD aDVD ,]YHGED YHaLQH SUYLK HYURSVNLK CLaQL aDUVNLK VLVWHPRY MH ELOD SUHSURVWD V SOHWHQLPL YUYPL L] NRQRSOMH LQ URaQR DOL CLYDOVNR SRJRQVNR VLOR 3LRQLUML UXGDUVNHJD LQGXVWULMVNHJD CLaQLaDUVWYD VR ELOL 1HPHF 'Ã&#x2013;FNHU V NRQVWUXNFLMR YLVHaH SURJH Y %DG °\KDXVQX $QJOHC +RGJVRQ DPHUL^NL LQCHQLU &\SKHU L] UXGDUVNHJD &R ORUDGD QHP^ND VWURMQD LQCHQLUMD %OHLFKHUW LQ 2WWR WHU 'XQDMaDQ 2EDFK 3UHGSRJRM ]D PQRCLaHQ UD]YRM LQGXVWULMVNHJD CLaQLaDUVWYD Y GUXJL SRORYLFL VWROHWMD MH ELOR SR SROQR REYODGDQMH WHKQRORJLMH PHKDQVNH LQ WHUPLa QH REGHODYH MHNOHQLK SUDPHQVNLK YUYL NL VWD MLK SUYD XYHGOD Y PQRCLaQR XSRUDER 6PLWK LQ 1HZDOO PHG OHWRPD LQ SUL NRQVWUXNFLML CLaQLK NURCQLK WUDQVSRUWQLK QDSUDY ]D L]YR] UXGH L] DQJOH^NLK LQ ^NRWVNLK UXGQLNRY 7DN^QR SURL]YRG QMR MH Y &ODXVWKDOX Y 1HPaLML Y LVWHP aDVX XYHGHO WXGL UXGDUVNL VYHWQLN $OEHUW /HWD VR SRYVHP QHRGYLVQR HQH RG GUXJH ]JUDGLOL WXGL SUYL LQGXVWULMVNL CLaQLFL QD 6ORYHQ VNHP 3UYL WHKQL^NL GLUHNWRU .UDQMVNH LQGXVWULMVNH GUXCEH /DPEHUW YRQ 3DQW] MH ]JUDGLO VDPRWHCQR CLaQLFR ]D SUHYR] PDQJDQRYH UXGH ] %HJXQM^aLFH CLaQLaDUVNL NRQVWUXNWRU 2EDFK L] 'XQDMD SD CLaQLFR ]D SUHYR] SUHPRJD Y +UDVWQLNX .RQVWUXNFLMVNR MH ELOD VOHGQMD GYRYUYQD NURCQD SUL NDWHUL VR XSR UDELOL VSLUDOQH YUYL NRW QRVLOQH =DQLPLYR MH GD VR LPHOH SUDY WH YUYL RE WHVWLUDQMX OHWD ^H YHGQR XVWUH]QR WUGQRVW AH SULPHUMDPR aDV NRQVWUX LUDQMD PRQWDC LQ ]DaHWND XVSH^QHJD REUDWRYDQMD CLaQLF Y GUXJLK HYURSVNLK GHCHODK LQ $PHULNL V 3DQW]RYLPL QDSUDYDPL QD *RUHQMVNHP XJRWRYLPR GD MH SRWHNDO UD]YRM WH ]DKWHYQH WHKQL^NH NRQ VWUXNFLMVNH YHMH VRaDVQR LQ GD PRUDPR ]DUDGL ]JR GRYLQVNH LQ VWURNRYQH UHVQLFH WXGL /DPEHUWD YRQ 3DQW]D XYUVWLWL PHG SLRQLUMH VYHWRYQHJD CLaQLaDU VWYD 3DQW]RYD WHPHOMQD NRQVWUXNWRUVND QDORJD MH ELOD CLaQLaDUVND QDSUDYD NL ER RE QDMQLCMLK VWUR^NLK L]GHODYH PRQWDCH LQ Y]GUCHYDQMD ]DJRWRYLOD QDM YHaMR XaLQNRYLWRVW WRUHM QDMQLCML VNXSQL VWUR^HN SR HQRWL WUDQVSRUWLUDQH VXURYLQH 7HGDQMH JUDYLWDFLMVNH CLaQLFH VR SUDYLORPD JUDGLOL ] GYHPD QRVLOQLPD MH 6WHSKDQ 'LH 'UDKWVHLOEDKQHQ VWU %XFNQDOO &DEOH RU URSH WUDFWLRQ VWU .RVWQDSIHO 2SWLPL]DFLMD YOHaQLK LQ WUGR YSHWLK QRVLOQLK YUYL SUL CLaQLFDK VWU
NOHQLFDPD NL SD VWD ELOL WXGL GDOHa QDMGUDCMD VH VWDYQD GHOD 3DQW]RYD NRQVWUXNFLMVND L]YHGED CLa QLFH ] HQR QRVLOQR YUYMR MH QMHQR L]GHODYR ELVWYHQR SRFHQLOD QH GD EL VH ]PDQM^DOD QMHQD XaLQNRYLWRVW 6YRMR NRQVWUXNFLMVNR ]DVQRYR MH /DPEHUW 3DQW] SULMDYLO SDWHQWQHPX XUDGX QD 'XQDMX MXQLMD NL PX MH SUL]QDO SDWHQWQH SUDYLFH ]D FHORWQR REPRaMH DYVWUR RJUVNH PRQDUKLMH ]D GHVHW OHW .UDQMVND LQGXVWULMVND GUXCED ,]JUDGQMR SUYH LQGXVWULMVNH CLaQLFH QD 6ORYHQ VNHP MH ILQDQFLUDOD .UDQMVND LQGXVWULMVND GUXCED Y QDGDOMHYDQMX .,' WUHWMD GHOQL^ND GUXCED QD .UDQMVNHP NL VR MR XVWDQRYLOL OHWD 9 WUJRY VNR VRGQHP UHJLVWUX QL ELOD ]DSLVDQD Y VORYHQVNHP MH]LNX WHPYHa Y QHP^NHP LQ LWDOLMDQVNHP 3UHG KRGQLFD .,' D MH ELOD MDYQD WUJRYVND GUXCED NL VR MR XVWDQRYLOL EDQNLU LQ WUJRYHF /DPEHUW /XFNPDQQ WHU WUJRYFD .DUO +RO]HU LQ 9LQ]HQ] 6HXQLJ /HWD VR RGNXSLOL SDUQL POLQ NL JD MH OHWD ]JUDGLO OMXEOMDQVNL CXSDQ 0LKDHO $PEURC 'UXCED MH GHORYDOD SRG LPHQRP &HVDUVNR NUDOMHYL SULYLOL JLUDQ SDURPOLQ Y /MXEOMDQL 0HVHaQR VR QDPOHOL RNROL FHQWRY WRQ PRNH LQ FHQWRY WRQ RWURERY =D SRJRQ SHWLK POHYVNLK JDUQLWXU MH VNUEHO SDUQL VWURM ] PRaMR NRQMVNLK VLO 'UXCED MH CH RE VYRMHP QDVWDQNX ]GUXCHYDOD SUHFHM UD]OLaQH JRVSRGDUVNH SDQRJH PHWDOXUJLMR PRNDUVWYR UXGDUVWYR L]NRUL^aDQMH JR]GRY LQ SUH GHODYR OHVD SUHPRJRYQL^WYR LQ NRNLUDQMH SUHPRJD GHVWLODFLMR SRVDPH]QLK VWUDQVNLK SURL]YRGRY LQ KLGURHQHUJHWLNR 7DNR ^LURNR ]DVWDYOMHQD NRQFHVLMD NL MR MH .,' SULGRELOD RGUDCD YVR VYRERGR SRG MHWQL^WYD NL MR MH Y JRVSRGDUVNHP XGHMVWYRYDQMX GUCDYD VSRGEXMDOD .DSLWDOVNR ]DOHGMH GUXCEH MH ELOR Y SUYLK GYDMVHWLK OHWLK REVWRMD RPHMHQR OH QD R]HN NURJ OMXEOMDQVNLK GHOQLaDUMHY >LU^L JRVSR GDUVNL LQ PH^aDQVNL NURJL SD VR GRMHPDOL PHWD OXU^NR GHMDYQRVW NRW QHGRQRVQR FHOR WYHJDQR .,' MH CH Y SUYLK OHWLK SRVORYDQMD SRVWDOD SUDYL JRVSRGDUVNL YHOLNDQ WHGDQMHJD aDVD QD .UDQMVNHP 1DMVWDUHM^H RKUDQMHQR SRVORYQR SRURaLOR ]D OHWR WR Y FHORWL SRWUMXMH 'UXCEL VR WLVWHJD OHWD SULSDGDOL YVL SRPHPEQHM^L UXGQLNL Y .DUDYDQNDK UXGQD QDKDMDOL^aD Y %RKLQMX KHNWDUMHY JR] GRY ^HVWLQ^HVWGHVHW RGVWRWNRY VPUHNRYLQH RVHP LQGYDMVHW EXNRYLQH ^WLUL PDFHVQRYLQH LQ GYD RG VWRWND MHORYLQH ^HVWLQGYDMVHW SUDCLOQLF ]D UXGR WULMH SODYCL GYH NXSROQL SHaL WUL SXGORYNH HQD YDULOQLFD WUL CDULOQH SHaL RVHP SUHVQRYN ]D MHNOR GHYHW SUHVQRYN ]D CHOH]R RVHPQDMVW NRYD^NLK RJQMHY RVHP RURGMDUVNLK RJQMHY RVHP CHEOMDUVNLK RJQMHY WUL SODPHQVNH SHaL GYDMVHW WHCNLK NODGLY GHYHWQDMVW NODGLY ]D FDMQDQMH GYH YDOMaQL SURJL $ *0 IRQG .,' IDVF 3DQW] 0RKRULa =JRGRYLQD CHOH]DUQH -HVHQLFH VWU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
/DPEHUW YRQ 3DQW] LQ ERKLQMVNL NRYLQDUML OHWD )RWRWHND *RUQMHVDYVNHJD PX]HMD
WRYDUQD SLO VWURMQD GHODYQLFD ^HVWQDMVW FLOLQGULaQLK SLKDO HQD YRGQD WXUELQD YRGQLK NROHV NRQMVNLK VLO ^WLUL NURCQH CDJH RVHP SROQRMDU PHQLNRY LQ SHW POLQRY ]D PRNR *OHGH QD ^WHYLOR GHOXMRaLK LQGXVWULMVNLK SUHGH ORYDOQLK REMHNWRY R]LURPD QDSUDY .,' D Y SR VORYQHP OHWX VR ELOL CHOH]DUVNR QDMEROM UD]YLWL NUDML 6DYD QDSUDY -DYRUQLN 7UCLa LQ %RKLQMVND %LVWULFD ]D QMLPL SD SUHFHM PDQM 5DGRYQD 6WDUD )XCLQD 0RMVWUDQD 3R]DEOMHQR LQ 6ODS 3RGJRUMH 0RVWH LQ *ORERNR .,' MH LPHO LVWHJD OHWD Y ODVWL ]JUDGE RG WHJD VWDQRYDQMVNLK KL^ LQ PDQLSXODFLMVNLK REMHNWRY 9 ERKLQMVNLK JR]GRYLK GUXCEH MH ELOR VNXSDM RJODUVNLK NRSL^a V RJODUVNLPL QDGVWUH^QLFDPL PDMKQLK VNODGL^a ]D RJOMH ^WLULQDMVW NRa ]D RJODUMH GYDQDMVW NRa ]D YR]DaH VDPRWHCQLK VDQL RVHP JR]GDUVNLK LQ ORYVNLK NRa WHU ^RWL^aH QD 3RNOMXNL NL MH LPHOR GYH GHODYVNL NRaL WUL ORSH ]D ^RWR LQ SHWLQGYDMVHW SROLF ]D VX^HQMH ^RWH 7DNR UD]QROLN LQ YHOLN SRVORYQL VLVWHP MH SROHJ NDSLWDOD QDMEROM SRWUHERYDO VSRVRE QHJD RGORaQHJD LQ VWURNRYQR SRGNRYDQHJD XSUD YLWHOMD 7R QDORJR MH SUHY]HO /DPEHUW YRQ 3DQW] NL MH GYH GHVHWOHWML XVSH^QR YRGLO HQR QDMYHaMLK LQ GXVWULMVNLK SRGMHWLM QD 6ORYHQVNHP $6 IRQG .,' IDVF .,* $OOJHPHLQHU *HVFK¾IWV EHULFKW GHV 9HUZDOWXQJVUDWKHV XQG %HWULHEVEHULFKW GHU 'LUHFWLRQ /DLEDFK VWU $6 IRQG .,' IDVF $XVZHLV Ã&#x2013;EHU GHQ JHVDPPWHQ *UXQGEHVLW] GHU .,*
/DPEHUW YRQ 3DQW] QL LPHO XVWUH]QH IRUPDOQH L]REUD]EH ]D YRGHQMH HQHJD QDMYHaMLK SRGMHWLM WHCNH LQGXVWULMH WHGDQMHJD aDVD 3RPDQMNOMLYR IRU PDOQR L]REUD]ER MH Y QDMYHaML PRCQL PHUL QDGR PHVWLO ] QDUDYQR LQWHOLJHQFR QDWDQaQLP SR]QDYD QMHP GHORYDQMD UD]OLaQLK REVWRMHaLK WHKQL^NLK QD SUDY LQ VWURMHY LQ V VSRVREQRVWMR SUHGYLGHYDQMD GHORYDQMD QDaUWRYDQLK WHKQL^NLK NRQVWUXNFLM LQ WHK QROR^NLK SRVWRSNRY 6 VYRMLPL XSRUDEQLPL UH^LW YDPL Y LQGXVWULMVNL SURL]YRGQML MH EOHVWHO QD SRG URaMX PHWDOXUJLMH CLaQLaDUVWYD LQ KLGURWHKQLNH 3DQW] NRW PHWDOXUJ 2VQRYQD QDORJD SUYHJD WHKQL^NHJD GLUHNWRUMD .,' D MH ELOD SRYHaDQMH REVHJD SURL]YRGQMH LQ L] EROM^DQMH NDNRYRVWL L]GHONRY 3DQW] VH MH ]DJUL]HQR ORWLO REHK QDORJ LQ MX XVSH^QR UH^LO $NWLYQR MH VSUHPOMDO ]QDQVWYHQD RGNULWMD LQ VWURNRYQH GRVHC NH NRQNXUHQaQLK WRYDUQ WHU KNUDWL YQHWR L]YDMDO ODVWQH SRL]NXVH ]D NDNRYRVWQHM^H SURL]YRGH ,QGXV WULMVND UHYROXFLMD VWROHWMD MH WHPHOMLOD SUHGYVHP QD UD]YRMX CHOH]DUVNH LQGXVWULMH 9RMD^NR LQGXV WULMVNL NRPSOHNV VWURMHJUDGQMD CHOH]QLFH LQ ODGMH GHOQLFH VR QDMEROM SRWUHERYDOH WDN^QH CHOH]QH LQ MHNOHQH ]OLWLQH NL VR ELOH WUGQH LQ HODVWLaQH =QDQR MH ELOR GD GDMH CHOH]X WDN^QH ODVWQRVWL PDQJDQ QLVR SD ELOL SR]QDQL SRVWRSNL ]D PDVRYQR SULGR ELYDQMH 3DQW] MH ELO SUHSULaDQ GD VR SODYCL QDM XVWUH]QHM^L 3R YHaNUDWQLK Y]WUDMQLK SRL]NXVLK PX MH OHWD XVSHOR SULGRELWL Y SODYCX QD -DYRUQLNX
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
1HNGDQML SODYC QD -DYRUQLNX OHWD )RWRWHND *RUQMHVDYVNHJD PX]HMD
IHURPDQJDQ ] GR RGVWRWQR YVHEQRVWMR PDQ JDQD 'R OHWD VR SULGRELYDOL SRGREQR ]OLWLQR ] GR RGVWRWQR YVHEQRVWMR VDPR Y 6LHJQX QD :HVWIDOVNHP YHQGDU VR MR SURL]YDMDOL Y PDQM^LK NROLaLQDK Y JUDILWQLK ORQFLK .R MH .,' L]GHODOD GHVHW WRQ IHURPDQJDQD MH YRGVWYX GUXCEH XVSHOR SULGRELWL YHaMH QDURaLOR YDOMDUQH WUDaQLF MXCQH CH OH]QLFH Y *UDGFX 9 QDGDOMQMLK SRVNXVLK VR GR GDMDOL YHGQR YHa PDQJDQRYH UXGH .PDOX MLP MH XVSHOR SURL]YHVWL IHURPDQJDQ V RGVWRWQR YVHE QRVWMR PDQJDQD OHWD SD V RGVWRWQR =D WD L]GHOHN MH .,' SUHMHO QD VYHWRYQL UD]VWDYL QD 'X QDMX PHG UD]VWDYOMDYFL SRVHEQR SUL]QDQMH 3DQW]RYR RGNULWMH SULGRELYDQMD IHURPDQJDQD Y SODYCX MH ELOR Y WLVWHP aDVX VHQ]DFLRQDOQD L] QDMGED NL MH L]QDMGLWHOMX LQ MDYRUQL^NLP IXCLQDP SULQHVOD VYHWRYQL VORYHV 3DQW] VL MH WXGL SR]QHMH SUL]DGHYDO ]D L]EROM ^DQMH MDYRUQL^NHJD L]GHOND LQ MH HNVSHULPHQWLUDO QDSUHM /HWD PX MH XVSHOR SULGRELWL IHUR PDQJDQ V RGVWRWQR YVHEQRVWMR PDQJDQD =D SURL]YRGQMR NLORJUDPRY WRYUVWQHJD IHURPDQ JDQD VR SRUDELOL NXELaQHJD PHWUD RJOMD NLORJUDPRY VLGHULWD NLORJUDPRY UMDYHJD CHOH ]RYFD LQ NLORJUDPRY DSQD 1L ]QDQR ]DNDM .,' QL SDWHQWLUDO SURL]YRGQMH IHURPDQJDQD Y SODY CX >H YHa IUDQFRVNLP PHWDOXUJRP MH FHOR NPDOX SR GXQDMVNL UD]VWDYL RPRJRaLO RJOHG SURL]YRGQMH QD -DYRUQLNX 3R YUQLWYL Y GRPRYLQR VR WL WDNRM 0RKRULa =JRGRYLQD CHOH]DUQH -HVHQLFH VWU
SULVWRSLOL N WRYUVWQL SURL]YRGQML 6 NDNRYRVWQHM^R UXGR EROM^LP JRULYRP LQ EROM^LPL VHJUHYDOFL ]UDND VR NPDOX SURL]YHGOL RGVWRWQL IHURPDQJDQ = XJRGQLPL SURPHWQLPL SRYH]DYDPL LQ SRVOHGLaQR QL]NLPL FHQDPL VR SRVWDOL IUDQFRVNL NRYLQDUML NRQ NXUHQaQHM^L QD VYHWRYQHP WUJX NRW JRUHQMVNL .OMXE WHPX MH RVWDO IHURPDQJDQ ^H GREUR GHVHWOHWMH QDM SRPHPEQHM^L .,' RY L]GHOHN 3UL QDGDOMQMLK SR VNXVLK VR XVSHOL SURL]YHVWL RGVWRWQL IHURPDQ JDQ -DYRUQL^NL SODYC MH SUHQHKDO REUDWRYDWL OHWD 6ORYHV MDYRUQL^NHJD IHURPDQJDQD MH VHJHO WXGL aH] $WODQWLN 2E VWROHWQLFL XVWDQRYLWYH ='$ OHWD VR JRUHQMVNL IXCLQDUML SUHMHOL GLSORPR LQ NRODMQR QD PHGQDURGQL UD]VWDYL Y 3KLODGHOSKLML =HOR QHQDYDGQR MH GD Y ]DSLVQLNLK XSUDYQHJD RGERUD GUXCEH QL YHOLNR ]DSLVNRY R WHK L]MHPQLK PHGQDURGQLK XVSHKLK UD]HQ SRVDPH]QLK VNURP QLK RSRPE &HOR PHGQDURGQD VWURNRYQD PHWDOXU ^ND OLWHUDWXUD MH SRURaDOD R SUYL SURL]YRGQML IHUR PDQJDQD Y SODYCX QD -DYRUQLNX 3UYLK SHW OHW REUDWRYDQMD MH ELOR ]D .,' ]DUDGL YLVRNRRGVWRWQHJD IHURPDQJDQD GDOHa QDMXVSH^QHM^LK 9 GUXJL SROR YLFL VHGHPGHVHWLK OHW VWROHWMD VR ]DaHOL PDVRYQR SURL]YDMDWL IHURPDQJDQ WXGL Y GUXJLK HYURSVNLK GHCHODK AHSUDY MH VaDVRPD SR NDNRYRVWL LQ SUHG YVHP SR FHQL SUHND^DO MDYRUQL^NHJD VRGL 3DQW]RYR RGNULWMH Y NDWHJRULMR LQRYDFLM VYHWRYQHJD SRPHQD ,]GHONL SODYCHY QD -DYRUQLNX LQ QD 6DYL VR ELOL *RXY\ 'LH /HJLUXQJHQ GHV (LVHQV VWU 3RXUFHO ¶EHU )HUURPDQJDQ VWU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
1DaUW UXGQL^NH CLaQLFH QD %HJXQM^aLFL =HLWVFKULIW GHV %HUJ XQG +Ã&#x2013;WWHQP¾QLVFKHQ 9HUHLQHV IÃ&#x2013;U .¾UQWHQ
GROJD OHWD .,' RY QDMSUHVWLCQHM^L L]YR]QL DUWLNHO NL MH UH^LO JRUHQMVNR CHOH]DUVWYR SUHG HNRQRPVNLP ]ORPRP Y NUL]QLK VHGHPGHVHWLK OHWLK VWROHWMD 3DQW] NRW CLaQLaDUVNL NRQVWUXNWRU
.DNRYRVW CHOH]D LQ MHNOD VH MH ] RGNULWMHP IHUR PDQJDQD ELVWYHQR L]EROM^DOD SUREOHP PDMKQLK NR OLaLQ SURL]YRGQMH SD MH RVWDO .OMXaQD WHCDYD MH ELOD VSUDYLOR UXGH LQ RJOMD L] YLVRNRJRUVNLK UXGL^a LQ JR]GRY GR IXCLQDUVNLK REUDWRY Y GROLQL SUDYLORPD RE UHNDK DOL YHaMLK SRWRNLK NMHU VR ODKNR L]NR UL^aDOL YRGQR VLOR 3UHQD^DQMH VXURYLQ Y NR^LK QD KUEWQLNLK LQ YUHaDK DOL SUHYDCDQMH V SUHSURVWLPL YR]RYL MH ELOR ]DPXGQR LQ QDSRUQR GHOR NL MH ELOR RGYLVQR SUHGYVHP RG YUHPHQVNLK UD]PHU *RUVNH SRWL LQ NRORYR]L VR ELOL SR YVDNHP YHaMHP QHXUMX VNRUDMGD QHSUHKRGQL QMLKRYR SRSUDYLOR SD MH ELOR GROJRWUDMQR LQ GUDJR =DPXGH SUL GRVWDYL VXURYLQ GR IXCLQ VR PRaQR KURPLOH GHOR 1HUHGQD GREDYD VXURYLQ QL RPRJRaDOD WHNRaH SURL]YRGQMH ]DWR MH OHWD /DPEHUW YRQ 3DQW] SUHGODJDO XSUDYQHPX
RGERUX JUDGQMR CLaQLFH ]D VSUDYLOR PDQJDQRYH UXGH ] %HJXQM^aLFH 9 GUXJL SRORYLFL VWROHWMD VR ELOH CLaQLFH WHK QLaQD QRYRVW Y HYURSVNHP LQ VYHWRYQHP PHULOX LQ VR SRPHQLOH WHKQLaQL R]LURPD WHKQROR^NL SUHVWLC 3UDY SUHVHQHWOMLYR MH GD MH LPHO .,' Y /DPEHUWX YRQ 3DQW]X LPHQLWQHJD CLaQLaDUVNHJD NRQVWUXN WRUMD 3R GRVOHM ]EUDQLK SRGDWNLK QL ]QDQR NGDM VH MH 3DQW] ]DaHO ]DQLPDWL ]D CLaQLaDUVNH NRQVWUXNFLMH 6RaDVQRVW R]LURPD PLQLPDOQL aDVRYQL ]DPLNL QMH JRYLK NRQVWUXNFLMVNLK UH^LWHY ]D WHKQLaQLPL L]YHG EDPL GUXJLK HYURSVNLK SURMHNWDQWRY SD GDMH GRNDM WUGQR SRGODJR GRPQHYL GD MH GR SRGUREQRVWL REYODGDO NRQVWUXNFLMVNR SUREOHPDWLNR JOHGH QD VWD WLaQH RUJDQL]DFLMVNH LQ ILQDQaQH ]DKWHYH SURMHNWD GD MH SR]QDO WHGDQMR WHKQL^NR OLWHUDWXUR LQ VH MH QDMYHUMHWQHMH SUDNWLaQR VH]QDQLO ] HQR DOL YHa UD]OLaQLPL CLaQLaDUVNLPL QDSUDYDPL ^H SUHGHQ MH QDVWRSLO GHOR Y =RLVRYLK IXCLQDK Y %RKLQMVNL %LVWULFL $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,'
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
0HG VYRMLP VOXCERYDQMHP Y .,' X MH 3DQW] VNRQVWUXLUDO LQ ]JUDGLO SHW WUDQVSRUWQLK CLaQLF HQR UXGDUVNR ]D VSUDYLOR UXGH LQ ^WLUL JR]GDUVNH ]D VSUDYLOR KORGRYLQH LQ RJOMD 3RPHQLOH VR QDGYVH XVSH^QR WHKQLaQR LQRYDFLMR NL EL ODKNR 3DQW]X ]DJRWRYLOD VDPRVWRMQR SRGMHWQL^NR SRW ]D NDWHUR SD VH QL RGORaLO 1MHJRYD SULRULWHWD MH RVWDOD PHWD OXUJLMD NL ML MH QDPHQLO QDMYHa GHORYQH HQHUJLMH 5XGQL^ND CLaQLFD QD %HJXQM^aLFR
1D %HJXQM^aLFL VR CH QD ]DaHWNX VWROHWMD UXGRVOHGL RGNULOL PDQJDQRYR UXGR 5XGQL^NL MD^NL VR ELOL ^WLUL XUH KRGD RG IXCLQH QD -DYRUQLNX 5XGR VR SR]LPL URaQR VDQNDOL SROHWL SD YR]LOL SR R]NLK SRWHK ] HQRRVQLPL YR]RYL EUH] ]DGQMLK NROHV =DGQML GHO YR]D VH MH ]DUDGL ]DYLUDQMD YOHNHO SR WOHK 9 GROLQL VR UXGR SUHWRYRULOL QD QDYDGQH YR ]RYH LQ MR RGYDCDOL IXCLQDP QD 6DYR -DYRUQLN Y %RKLQMVNR %LVWULFR .URSR 5DGRYQR .DPQR *RULFR LQ 7UCLa .R MH ELO UXGQLN Y ODVWL 5XDUGRY L]NRS PDQJDQRYH UXGH QL ELO YHaML NRW WRQ OHWQR = RGNULYDQMHP QRYLK PHWDOXU^NLK SRVWRSNRY VH MH SRPHQ UXGQLND ELVWYHQR SRYHaDO 0DQJDQRYD UXGD MH ELOD ]D IXCLQDUMH SRPHPEQD ]DUDGL ODCMHJD SULGRELYDQMD WHNRaH COLQGUH VSRVREQRVWL PDQJDQR YLK VSRMLQ GD UD]CYHSODMR VXURYR CHOH]R LQ PX RPRJRaLMR HODVWLaQR OHJXUR 5XGD MH OHCDOD PHG VORML VNULOMD Y GHEHOLQL RG GR PHWURY QDMJOREOMH PHWURY =D SUHYR] UXGH RG L]YR]QHJD URYD QD QDG PRUVNL YL^LQL PHWURY GR SRGQRCMD %HJXQM ^aLFH QD QDGPRUVNL YL^LQL PHWURY VR VSUYD QDPHUDYDOL L]GHODWL NLORPHWUVNR FHVWR ] RG VWRWQLP QDNORQRP NL EL ELOD ]DUDGL SRVDPH]QLK VNDORYLWLK VHNWRUMHY WUDVH ]HOR GUDJD WHUMDOD SD EL WXGL QHQHKQR Y]GUCHYDQMH 3DQW]RY SUHGORJ ]D L]GHODYR WRYRUQH CLaQLFH MH ELO QHVSRUQR GDOHa QDM XVWUH]QHM^D UH^LWHY VSUDYLOD UXGH Y GROLQR 2GOR aLWHY XSUDYQHJD RGERUD .,' D GD ]JUDGL UXGDUVNR CLaQLFR MH ELOD VHYHGD UD]XPOMLYD aHSUDY VR MR VSUHMHOL ]HOR ]DGUCDQR #LaQLaDUVWYR NRW VYRMHYUVWQD VWURMQR NRQVWUXNFLMVND SDQRJD MLP MH ELOD SRYVHP QH]QDQD VDPD QDSUDYD SD QHSUHYHUMHQD QRYRWD ULMD .OMXE WHPX VR WYHJDOL LQ ILQDQFLUDOL QMHQR L]GHODYR 9HUMHWQR MH ELOD Y SULPHUMDYL ] JUDGQMR FHVWH RGORaLOQD UD]PHURPD QL]ND FHQD &HORWQD L] GHODYD LQ PRQWDCD MH VWDOD SULEOLCQR JROGL QDUMHY YVH VWURMQH GHOH SD VR L]GHODOL Y IXCLQL Y %RKLQMVNL %LVWULFL 2EUDWRYDWL MH ]DaHOD DYJXVWD 1DMSRPHPEQHM^H ]QDaLOQRVWL WH CLaQH VSUDYLOQH QDSUDYH VR ELOH D CLaQLFD MH ELOD VDPRWHCQD E
VWUR^NL L]GHODYH PRQWDCH LQ Y]GUCHYDQMD VR ELOL $ *0 IRQG .,' IDVF 3DQW] $OHNVDQGHU 5MH]DQFHY 6SRPLQL QD SUYHJD WHKQL^NHJD UDYQDWHOMD .,' WLSNRSLV VWU
UD]PHURPD QL]NL F QDSUDYD MH SRGHVHWHULOD SUHM^ QML REVHJ L]NRUL^aDQMD LQ ELVWYHQR SRFHQLOD WUDQV SRUW 7HKQL^NH ]QDaLOQRVWL QDSUDYH #LaQLFD QD %HJXQM^aLFL MH LPHOD ]JRUQML LQ VSRG QML VHNWRU 'ROCLQD QRVLOQH YUYL ]JRUQMHJD MH ELOD PHWURY QDYSLaQD YL^LQD MH ELOD PHWUH SRY SUHaQL QDNORQVNL NRW QRVLONH ]JRUQMHJD VHNWRUMD SD VWRSLQM 'ROCLQD QRVLOQH YUYL VSRGQMHJD VHNWRUMD MH ELOD PHWURY QMHJRYD QDYSLaQD YL^LQD PHWURY SRSUHaQL QDNORQVNL NRW QRVLONH VSRGQMHJD VHNWRUMD SD MH ELO VWRSLQM +RUL]RQWDOQL NRW ORP OMHQMD WUDVH PHG VSRGQMLP LQ ]JRUQMLP VHNWRUMHP MH ELO VWRSLQM 1DMSRPHPEQHM^L VWDYEQL REMHNWL CLaQLFH VR ELOL QDNODGDOQD SUHNODGDOQD LQ UD]NODGDOQD SRVWDMD 3UHNODGDOQD SRVWDMD MH ORaLOD ]JRUQML LQ VSRGQML VHNWRU ,PHQRYDOL VR MR WXGL VUHGQMD VWURMQLFD LQ MH ELOD KNUDWL VSRGQMD SRVWDMD ]JRUQMHJD VHNWRUMD WHU ]JRUQMD SRVWDMD VSRGQMHJD VHNWRUMD 1DNODGDOQD SR VWDMD MH ELOD WRUHM ]JRUQMD SRVWDMD ]JRUQMHJD VHN WRUMD UD]NODGDOQD SRVWDMD SD VSRGQMD SRVWDMD VSRG QMHJD VHNWRUMD 0HG SRGSRUQH HOHPHQWH CLaQLFH XYU^aDPR GYH L]RJLEDOL^aL LQ ^WLUL SRGSRUQH QRVLOQH NRQVWUXNFLMH 3UL HQRYUYQLK CLaQLaQLK NRQVWUXNFLMDK MH L]RJLED OL^aH QXMHQ VHVWDYQL GHO VLVWHPD NL VOXCL ]D L]RJLED QMH VSX^aDMRaHJD LQ GYLJDMRaHJD VH WRYRUD 9 L]R JLEDOL^aX MH ELOD NUHWQLFD L] GYHK WLUQLF NL VWD ELOL L]GHODQL L] QDMEROM^HJD CLODYOMHQHJD CHOH]D GROCLQH PHWUD GHEHOLQH LQ YL^LQH FHQWLPHWUD 1D REHK NRQFLK VWD SULOHJDOL N QRVLONL WDNR GD MH ODKNR WHNDOQR NROR YR]LaND SRVWRSQR SUHKDMDOR ] MHNOHQLFH QD WLUQLFR LQ REUDWQR 1D VUHGL L]RJL EDOL^aD SD VWD ELOL WLUQLFL UD]PDNQMHQL GREHU PHWHU NDU MH ]DGRVWRYDOR GD VH YR]LaND QLVWD ]DGHOD DOL GUVDOD HGHQ RE GUXJHJD 9 L]RJLEDOL^aX VWD LPHOL WLUQLFL SROPHU NULYLQH PHWUD /HVHQD SRGSRUQD QRVLOQD NRQVWUXNFLMD MH LPHOD REOLNR SUHSURVWHJD WUDSH]QHJD YH^DOD LQ MH VOXCLOD SUHGYVHP SRGSL UDQMX QRVLOQH YUYL 1D ]JRUQMHP GHOX MH ELOD SUL WUMHQD WLUQLFD GROCLQH PHWUD V SROPHURP NULYLQH PHWURY 9 VSRGQML GHO SRGSRUQH NRQVWUXNFLMH VR QDPHVWLOL RYDOQH YUWOMLYH YDOMH L] WUGHJD OHVD NL VR SUHSUHaHYDOL GUVDQMH YODaLON SR WOHK 9VDN YDOM MH ELO JLEOMLYR QDVDMHQ QD NRYLQVNHP YUHWHQX LQ MH ELO ORaHQ Y GYH SRORYLFL 7R MH RPRJRaDOR YUWHQMH YVD NH SRORYLFH Y VPHU Y NDWHUL VH MH SUHPLNDOD YOD aLOND R]LURPD SULSHWL YR]LaHN 9UWOMLYH YDOMH VR RVWUXCLOL RYDOQR GD VH YODaLONL QLVWD PRJOL SUH SOHWDWL %LVWYHQD WHKQLaQD ]QDaLOQRVW CLaQLFH WRUHM YVHJD 3DQW]RYHJD CLaQLaQHJD VLVWHPD MH ELOD HQRMQD QRVLOQD YUY 1RVLOQH MHNOHQLFH VR ELOH QDMGUDCML GHO YVDNH WDN^QH QDSUDYH ]DWR MH 3DQW] ]DVWDYLO NRQ VWUXNFLMR NL MH ELOD QDMFHQHM^D 'UXJH WHGDQMH JUD
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
YLWDFLMVNH CLaQLFH Y (YURSL VR LPHOH GYH QRVLONL HQR ]D VSX^aDMRaL LQ GUXJR ]D GYLJDMRaL VH WRYRU 1D 3DQW]RYLK QLKDONDK VWD VSX^aDMRaL LQ GYLJDMRaL VH WRYRU SRWRYDOD SR LVWL QRVLOQL YUYL 1RVLOQD MHNOHQLFD QD %HJXQM^aLFL MH ELOD L] GYHK GHORY HQD ]D ]JRUQML LQ GUXJD ]D VSRGQML VHNWRU 9 SUHPHUX MH PHULOD PLOLPHWURY 1RVLONR MH QDSHQMDOR SUL EOLCQR GHVHW OMXGL V SRPRaMR YDOMD LQ ]DSRUQH NOMX NH 9ODaLOQH MHNOHQLFH VR PHULOH Y SUHPHUX PLOLPHWUD 9ODaLONH VR ELOH QD HQHP NRQFX SULWUMHQH QD QDYRMQL EREHQ QD GUXJHP SD ]D YR]LaHN ]D SUHYR] UXGH ,] UD]SRORCOMLYHJD JUDGLYD QL UD]YLG QR DOL VR LPHOH MHNOHQLFH ODQHQR VUHGLFR DOL QH 3RVHEQRVW WH CLaQLFH MH ELO GYRMQL NRQLaQL QD YRMQL EREHQ ]D YODaLOQL MHNOHQLFL 9 ELVWYX MH ELO WR HQ EREHQ QD NRQFLK RCML QD VUHGLQL SD QDM^LU^L 9UWHO VH MH YHGQR Y LVWR VPHU 3UL VSX^aDQMX EUH PHQD Y GROLQR VH MH YODaLOND SROQHJD YR]LaND RG YLMDOD V ^LU^HJD GHOD SURWL RCMHPX RG VUHGL^aD SURWL UREX LQ MH WHNOD SR VSRGQML VWUDQL EREQD KNUDWL VH MH QRVLOND SUD]QHJD YR]LaND QDYLMDOD RG RCMHJD GHOD EREQD SURWL ^LU^HPX RG URED SURWL VUHGL^aX LQ WHNOD SR ]JRUQML VWUDQL EREQD (QDNRPHUQR QDYLMD QMH R]LURPD RGYLMDQMH YODaLON QD EREHQ VWD ]DJR WDYOMDOD GYD YRGLOQD NROXWD NL MX MH SUHPLNDOR YLMDaQR YUHWHQR LQ GYRMH ]REDWLK NROHV #LaQLFD MH LPHOD GYD ]DYRUQD PHKDQL]PD PHKDQVNHJD LQ ]UDaQHJD 1DMXaLQNRYLWHM^L MH ELO PHKDQVNL 1D VUHGLQL YVDNHJD GYRMQHJD QDYRMQHJD EREQD MH ELOD QDYDGQD aHOMXVWQD ]DYRUD NL MH VOX CLOD ]D PRaQHM^H ]DYLUDQMH YR]LaNRY SUHG YVWRSRP Y L]RJLEDOL^aH SUL SUHKRGX aH] SRGSRUH LQ SUHG YVWRSRP Y SUHNODGDOQR R]LURPD UD]NODGDOQR SRVWD MR (QDNRPHUQR LQ VWDOQR ]DYLUDQMH VSX^aDMRaLK VH YR]LaNRY Y]GROC FHOH WUDVH VWD ]DJRWDYOMDOL GYH YHWUQL ]DYRUL HQD QD ]JRUQML LQ GUXJD QD VUHGQML SRVWDML 9HWUQD ]DYRUD MH ELOD SUHSURVWD YHWUQLFD ] GYHPD YHWUQLPD NULOFHPD ORSDWLFDPD 9VDND ORSD WLFD MH LPHOD REOLNR NYDGUDWD V VWUDQLFR GROJR FHQWLPHWURY .RQVWUXNFLMVND SRVHEQRVW YHWUQH ]D YRUH MH ELO SUHSURVW PHKDQL]HP ]D VSUHPLQMDQMH NRWD ORSDWLF YHWUQLFH NL MH VSUHPLQMDO XaLQNRYLWRVW ]DYLUDQMD 9 QDNODGDOQL SRVWDML VR YHWUQR ]DYRUR QDPHVWLOL SRG VWUHKR Y VUHGQML VWURMQLFL SD Y SUL WOLaMH SRG SODWRMHP ]D SUHXVPHUMDQMH YR]LaNRY #LaQLFD MH LPHOD RVHP YR]LaNRY >WLUMH VR VWDOQR REUDWRYDOL PHG QDNODGDOQR LQ UD]NODGDOQR SRVWDMR GYD VR XSRUDEOMDOL ]D SUHYR] UXGH SR PHWUVNL WUDaQLFL L] UXGQLND GR QDNODGDOQH SRVWDMH GYD SD VWD ELOD Y VUHGQML VWURMQLFL 9R]LaNL VR LPHOL REOLNR NYDGUDWQH SRVRGH ,]GHODOL VR MLK L] PLOLPHWUVNH SORaHYLQH 9VDN MH LPHO GYRGHOQR GQR SULWUMHQR V ^DUQLUML QD VWUDQVNLK VWHQDK 3URVWRUQLQD YR]LaNRY MH ELOD SULEOLCQR NXELaQHJD PHWUD 9 SRVDPH] QL YR]LaHN VR ODKNR QDORCLOL SRYSUHaQR NLORJUD PRY PDQJDQRYH UXGH 9VDN YR]LaHN MH YLVHO QD GYHK VWUHPHQLK ] GYHPD WHNDOQLPD NROHVRPD RG NDWHULK MH LPHOR YVDNR QD RERGX GYRMQL XWRU ]D
L]PHQLaQR YUWHQMH NROHVD SR QRVLONL R]LURPD WLUQLFL 3UL SULEOLCHYDQMX WHNDOQHJD NROHVD L]RJLEDOL^aX DOL SRGSRUQL NRQVWUXNFLML MH QRWUDQML XWRU NROHVD SR VWRSQR SUHKDMDO QD WLUQLFR QMHJRY ]XQDQML XWRU SD MH SRVWRSQR ]DSX^aDO QRVLOQR YUY 9R]LaND VWD VH WRUHM YHGQR VUHaDOD Y L]RJLEDOL^aX YVDN QD VYRML WLUQLFL .RQVWUXNFLMVND SRVHEQRVW MH ELO SRVHEHQ Y]YRG ]D VDPRGHMQR RGSLUDQMH GQD 1D UD]NODGDOQL SRVWDML CLaQLFH MH Y]YRG YR]LaND XGDULO Y NROLaHN RE WUDaQLFL LQ YR]LaHN VH MH L]SUD]QLO EUH] SRPRaL GR GDWQHJD CLaQLaDUMD 3UL UXGQLNX %HJXQM^aLFD VR Y GROLQR VSX^aDOL UXGR L] GROLQH SD GYLJDOL SUHG YVHP KUDQR OHV RURGMH UD]VWUHOLYR LQ GUXJH SUL SRPRaNH #LaQLFD MH LPHOD SUHSURVWL YDUQRVWQL QDSUDYL Y REOLNL RYDOQHJD SUHPLaQHJD VWUHPHQD NL VR MX QDPHVWLOL QD WLUQLFL QDNODGDOQH LQ SUHNODGDOQH SR VWDMH 6WUHPH MH SUHSUHaLOR SUHKRG VSX^aDMRaHJD VH YR]LaND V WLUQLFH QD QRVLONR aH JD VWURMQLN QL SUHM GYLJQLO ] YOHaQR YUYLFR 3UL SUHKRGX GYLJDMRaLK VH YR]LaNRY ] QRVLONH QD WLUQLFR VR WHNDOQD NROHVFD VDPRGHMQR SULY]GLJQLOD VWUHPH 6 SRPRaMR WH YDU QRVWQH QDSUDYH MH ODKNR VWURMQLN SUHYHULO aH MH YR]LaHN YDUQR SULSHW QD YODaLONR LQ PX QL PRJHO XLWL QHSULSHW QDY]GRO NDU EL SRY]URaLOR WUaHQMH DOL YVDM L]WLUMDQMH YR]LaND LQ ^NRGR 3UHPLNDOQH QDSUDYH VR VOXCLOH ]D SUHPLNDQMH SUD]QLK DOL SROQLK YR]LaNRY QD SROMXEQH VWUDQVNH WLUQLFH DOL REUDWQR 9 ELVWYX VR ELOL WR GHOL WLUQLF Y QDNODGDOQL LQ SUHNODGDOQL SRVWDML CLaQLFH NL VR MLK URaQR SUHPLNDOL LQ VR GHORYDOH SRGREQR NRW CH OH]QL^NH NUHWQLFH 3UHYR] HQHJD YR]LaND RG QDNODGDOQH GR UD]NOD GDOQH SRVWDMH MH WUDMDO RVHP PLQXW .HU VWD ELOD YHGQR GYD YR]LaND QD ]DYLUDQMX VR SUL GHVHWXU QHP REUDWRYDQMX WUDQVSRUWLUDOL GQHYQR SULEOLCQR YR]LaNRY DOL GREULK WRQ 3UL ^WLULLQGYDMVHWLK GHORYQLK GQHK QD PHVHF VR SUHSHOMDOL Y GROLQR SULEOLCQR WRQ UXGH 3UL LQWHQ]LYQHM^HP REUDWR YDQMX QDSUDYH VR ODKNR NROLaLQR WXGL SRGYRMLOL 3RVWDYLWHY LQ ]DJRQ CLaQLFH OHWD VWD L]MHPQR SRYHaDOD XaLQNRYLWRVW SURL]YRGQMH UXGQLND /HWD VR QDNRSDOL LQ SUHSHOMDOL Y GROLQR WRQ UXGH WRQ OHWD WRQ OHWD WRQ OHWD WRQ OHWD LQ OHWD CH WRQ #LaQLFD MH RPRJRaDOD SUHGYVHP WUL L]EROM^DYH 'RVWDYD UXGH MH SRVWDOD NROLaLQVNR ELVWYHQR L]GDW QHM^D UHGQHM^D LQ SUHGYVHP FHQHM^D 3RSUHM VR SODaHYDOL IXUPDQRP ]D SUHYRCHQ VWRW NLORJUD PRY UXGH RG UXGQLND GR WRYDUQH QD 6DYL NUDM FDUMHY YR]QL^NH PH]GH SROHWL NR MH ELOD SRWUHED SR UXGL QDMYHaMD SD WXGL GR NUDMFDUMHY = ]D JRQRP CLaQLFH VH MH WD VWUR^HN PRaQR SRFHQLO 7UDQVSRUW VWRWD UXGH ] CLaQLFR LQ SUHYR] ] YR]RYL GR WRYDUQH MH RGVOHM ]QD^DO NUDMFDUMHY RG WHJD )HVVHO %HVFKUHLEXQJ GHV 0DQJDQHU] VWU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
1DaUW QDNODGDOQH LQ SUHNODGDOQH SRVWDMH UXGQL^NH CLaQLFH QD %HJXQM^aLFL =HLWVFKULIW GHV %HUJ XQG +Ã&#x2013;WWHQP¾QLVFKHQ 9HUHLQHV IÃ&#x2013;U .¾UQWHQ
=JRUQMD SRVWDMD CLaQLFH QD %HJXQM^aLFR LQ QMHQD SRVDGND )RWRWHND *RUQMHVDYVNHJD PX]HMD
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
CLaQLaDUVNR VSUDYLOR YVHJD NUDMFDUMH =D XVSH^HQ ]DJRQ QDSUDYH MH XSUDYQL RGERU .,' D QDJUDGLO NRQVWUXNWRUMD V JROGLQDUML LQ PX SUL]QDO GRGD WHN Y ]QHVNX JROGLQDUMHY 7DNR MH SR]QHMH SUH MHPDO JROGLQDUMHY OHWQH SODaH 5XGQLN PDQ JDQRYH UXGH QD %HJXQM^aLFL MH ELO ]D aDVD $YVWUR 2JUVNH HGHQ QDMSRPHPEQHM^LK Y PRQDUKLML VDM MH SULQD^DO Y RVHPGHVHWLK OHWLK VWROHWMD RG VWRWNRY YVH SURL]YRGQMH QHNGDQMH PRQDUKLMH /HWD VR QD %HJXQM^aLFL RGNULOL PDQJDQRYR UXGR ] GR RGVWRWQR YVHEQRVWMR PDQJDQD NDU EL RPRJRaLOR L]GHODYR GR RGVWRWNRY IHUR PDQJDQD 3DQW] MH QD SREXGR JHQHUDOQHJD GLUHN WRUMD .,' D &DUOD /XFNPDQQD L]GHODO VNLFR LQ ILQDQaQR NRQVWUXNFLMR GRGDWQH CLaQLFH NL EL SR YH]DOD VSRGQMR SRVWDMR REVWRMHaH V SODYCHP QD -D YRUQLNX YHQGDU ]DPLVHO QL ELOD QLNROL XUHVQLaHQD 9HUMHWQR SURMHNW GUXJH UXGDUVNH CLaQLFH QLNROL QL ELO L]YHGHQ ]DUDGL YHaMH NROLaLQH IRVIRUMD Y UXGL NDU MH SRPHQLOR VODE^R SURGDMR ]OLWLQH 5XGQLN MH SRVWDO SR 3DQW]RYHP RGNULWMX SULGR ELYDQMD IHURPDQJDQD VWUDWH^NR L]UHGQR SRPHPEHQ ]D .,' NHU VR SRWUHERYDOL aLP YHa PDQJDQRYH UXGH ,QWHQ]LYQR VR MR ]DaHOL NRSDWL Y YHa UD]OLaQLK VPHUHK 5RYL VR ELOL VNXSDM GROJL PHWURY YLVRNL VR ELOL LQ ^LURNL PHWUD 9 UXGQLNX QD %HJXQM^aLFL MH ELOR RG GR GHODYFHY /HWD MLK MH ELOR RG WHJD VWD ELOD GYD SD]QLND HQ NRYDa HQDLQ^HVWGHVHW NRSDaHY HQ FHVWDU VHGHP YR]QLNRY WULMH SUHELUDOFL LQ YVHJD SHW CLaQLaDUMHY 'HOR VOHGQMLK VH MH UD]OLNRYDOR RG GHOD UXGDUMHY LQ GUXJLK UXGQL^NLK GHODYFHY 1DORJD SUYLK MH ELO L] NRS LQ L]YR] UXGH L] UXGQLND GUXJLK SD WUDQVSRUW UXGH Y GROLQR 1D ]JRUQMHP LQ VSRGQMHP VHNWRUMX CLaQLFH MH ELOR KNUDWL ]DSRVOHQLK SHW CLaQLaDUMHY 9 QDNODGDOQL SRVWDML VR GHODOL ]DYLUDa LQ GYD SRPRaQLND NL VWD QDSROQLOD YR]LaNH WLN RE UXGQL^NHP MD^NX MLK SR ULQLOD SR PHWUVNL WLUQLFL GR QDNODGDOQH SRVWDMH LQ SULNODSOMDOD QD YODaLOQR MHNOHQLFR 9 VUHGQML VWURMQLFL VWD GHODOD ]DYLUDa LQ SRPRaQLN 3RPRaQLN MH SUH NODSOMDO SROQH YR]LaNH ] YODaLONH ]JRUQMHJD VHNWRUMD QD YODaLONR VSRGQMHJD LQ SUD]QH YR]LaNH ] YODaLONH VSRGQMHJD VHNWRUMD QD YODaLONR ]JRUQMHJD =DYLUDaD VWD SR SRWUHEL GYLJDOD YDUQRVWQL QDSUDYL WHU RSD]R YDOD NGDM VH ERGR YODaLOQH YUYL QDYLOH DOL RGYLOH GR SRVHEQLK PDUNDFLMVNLK SDOLaLF QD QDYRMQLK EREQLK 7H CHOH]QH SDOLaLFH VR R]QDaHYDOH SUHKRGH YR]La NRY ] QRVLOQH MHNOHQLFH QD WUDaQLFH L]RJLEDOL^a DOL SRGSRUQLK NRQVWUXNFLM WRUHM SRWUHER SR ]PDQM^H YDQMX KLWURVWL SUHPLNDQMD YR]LaNRY 6 VSUHPLQMD %XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,' RNWREHU 6PROHM #HOH]DUVNH -HVHQLFH VWU $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQ HJD RGERUD .,'
QMHP QDNORQD ORSDWLF YHWUQLK ]DYRU VWD ]DYLUDaD VSUHPLQMDOD WXGL XaLQNRYLWRVW QMXQHJD GHORYDQMD 3RVRGDEOMDQMH SRFHQLWHY LQ XYDMDQMH QRYLK WHK QROR^NLK SRVWRSNRY OHJLUDQMD MHNOD Y GUXJLK HY URSVNLK LQ ]XQDMHYURSVNLK MHNODUQDK VR SRVWDMDOL YHGQR EROM XVRGQL ]D JRUHQMVNH MHNODUMH 3URL] YRGQMD IHURPDQJDQD QD -DYRUQLNX LQ 6DYL QL ELOD YHa JRVSRGDUQD ]DWR VWD SRVWDOD L]NRUL^aDQMH UXG QLND LQ Y]GUCHYDQMH CLaQLFH QD %HJXQM^aLFL QHVPL VHOQD 'RNRQaQR RGORaLWHY R ]DSUWMX UXGQLND MH XSUDYQL RGERU .,' D VSUHMHO SR L]EUXKX SUYH VYH WRYQH YRMQH 2VHP GHODYFHY MH Y SROGUXJHP PH VHFX OHWD GHPRQWLUDOR CLaQLFR SRWHP SD VR MR WUDQVSRUWLUDOL Y GROLQR LQ MR NRW VWDUR CHOH]R SUH WRSLOL 2E L]KRGX L] UXGQL^NH MDPH VR SUHSXVWLOL ]REX aDVD GYH NQDSRYVNL EDUDNL UXGDUVNR KL^R VNODGL^aH LQ ]JRUQMR SRVWDMR CLaQLFH 6DPRWHCQH JR]GDUVNH CLaQLFH Y %RKLQMX 9 RVHPGHVHWLK OHWLK VWROHWMD MH (YURSR ]DMHOD YHOLND JRVSRGDUVND NUL]D NL MH QHSRVUHGQR YSOLYDOD WXGL QD XVSH^QRVW SRVORYDQMD .,' D =DWR VL MH GUXCED Y WHK OHWLK SRPDJDOD ] LQWHQ]LYQHM^LP L]NR UL^aDQMHP JRUHQMVNLK ]ODVWL ERKLQMVNLK JR]GRY 9H OLNH JR]GQH SRVHVWL GRWOHM QLVR ELOH QDaUWQR JRVSR GDUVNR L]NRUL^aDQH LQ VR ELOH PUWHY NDSLWDO 2JURPQR GRUDVOHJD WHKQLaQHJD OHVD LJODYFHY LQ OLVWDYFHY MH ELOR Y RGURaQHM^LK JR]GQLK NRPSOHNVLK VNRUDMGD QHGRWDNQMHQHJD 2VQRYQL UD]ORJ QL]NH LQ QHVWURNRYQH LQWHQ]LWHWH L]NRUL^aDQMD JR]GRY MH ELOR SRPDQMNDQMH SURPHWQLF LQ SUHGYVHP VWURNRYQLK JR]GQRJRVSRGDUVNLK QDaUWRY /HWD VH MH XSUDYQL RGERU .,' D GRNRQaQR RGORaLO ]D LQWHQ ]LYQHM^H L]NRUL^aDQMH JR]GRY 6 SRVWRSQLP XUHMD QMHP JR]GQLK VOXCQRVWL VR SUH^OL JR]GRYL Y SR SROQR .,' RYR ODVW LQ VR ODKNR ] QMLPL VYRERGQR JRVSRGDULOL *R]GQLP XSUDYLaHQFHP VR PRUDOL ]DWR RGVWRSLWL VNXSDM KHNWDUMHY JR]GRY *UDGQMD JRUHQMVNH CHOH]QL^NH SURJH MH RPRJRaLOD PDVRYQHM^L WUDQVSRUW OHVQH PDVH QD GRPDaL LQ WXMH WUJH = JUDGQMR FHQHQLK JR]GQLK CLaQLF QDPHVWR GUDJLK JR]GQLK FHVW MH ELOR L]NRUL^aDQMH VHVWRMHY QD YLVRNLK SODWRMLK L]YHGOMLYR 1HQD]DGQMH MH LPHO .,' Y RVHEL /DPEHUWD YRQ 3DQW]D NRQVWUXNWRUMD NL MH ELO VSRVREHQ SURMHNWLUDWL LQ ]JUDGLWL CLaQLFH QD WH UHQX 3UHGSRJRM LQWHQ]LYQHJD LQ VWURNRYQHJD L]NR UL^aDQMD JR]GRY VR ELOL L]GHODQL JR]GQRJRVSRGDUVNL QDaUWL =D WR REVHCQR GHOR MH .,' QDMHO L]NX^HQH JR]GDUVNH VWURNRYQMDNH NL VR VH QDMSUHM ORWLOL QD aUWRYDQMD L]NRUL^aDQMD QDMNDNRYRVWQHM^LK JR]GQLK SUHGHORY -HORYLFH 1RWUDQMHJD %RKLQMD 0HCDNOMH 3RNOMXNH 0DUWXOMND 0DOH 3L^QLFH %HOFH 6DYVNLK $ *0 IRQG .,' + .UHQQ %HULFKW ÖEHU GHQ %HWULHE GHV %HUJEDXHV 9LJXQVFKL]D SUR *HVFK¾IWVMDKU WLSNRSLV
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
MDP LQ WUCL^NHJD NRPSOHNVD 3R ]HPOML^NL RGYH]L OHWD VH MH CH WDNR VODER JRVSRGDUMHQMH ] JR] GRYL ^H SRVODE^DOR .PHWMH VR ELOL SUHSULaDQL GD MH QMLKRYD ODVWQLQVND SUDYLFD GR JR]GRY QHVSRUQD ]DWR VR VHNDOL LQWHQ]LYQHM^H NRW EL ELOR GRSXVWQR 1HGYRPQR SD MH UDYQR IXCLQDUVWYR R]LURPD RJODU VWYR PDUVLNMH GRVHJOR VWRSQMR SRSROQHJD JRORVHND =HOR WHCNR EL ELOR GRORaLWL QDWDQaQR ^WHYLOR NRSL^a Y JRUHQMVNLK JR]GRYLK NHU VR QDVWDMDOD YHGQR QR YD LQ VH QH]DGUCQR VHOLOD JOREOMH Y JR]GQH VHVWRMH .,' MH CH RE VYRMHP QDVWDQNX SRWUHERYDO ]D WH NRaR OHWQR SURL]YRGQMR RNURJ PLOLMRQD NXELaQLK aHYOMHY WR MH SULEOLCQR NXELaQLK PHWURY RJOMD 1HNRa SUHWHCQR EXNRYL R]LURPD EXNRYR MHORYL JR]GRYL 3RNOMXNH -HORYLFH LQ 0HCDNOMH VR ]DUDGL SUHWLUDQH VHaQMH LQ SR]QHM^HJD SRJR]GRYDQMD V VPUHNR SRYVHP VSUHPHQLOL VYRM SUYRWQL YLGH] VWD WLaQR VWDELOQRVW LQ QRWUDQMH ELROR^NR UDYQRYHVMH 2JOMH L] EXNRYHJD OHVD MH ELOR QDPUHa YHOLNR WU^H NRW RJOMH L] OHVD LJODYFHY 7D ODVWQRVW MH ELOD ]DUDGL PDQM^H GUREOMLYRVWL RE WUDQVSRUWX L]MHPQR SR PHPEQD SROHJ WHJD MH ELOD RJUHYQD PRa EXNRYHJD RJOMD YHaMD RG RJOMD LJODYFHY 3LRQLUVNHJD GHOD XUHMDQMD ERKLQMVNLK JR]GRY VH MH SUYL ORWLO +LHURQLPXV 8OOULFK NL MH VNUEHO ]D QDYHGHQH JR]GQH VHVWRMH PHG OHWRPD LQ 1DVOHGLOL VR JD .DUHO 6HLWQHU )UDQF 0LNOLa LQ .DUHO 3RVFK Y WUCL^NLK JR]GRYLK SD 0LFKDHO %XEHUO 7HKQLaQH ]QDaLOQRVWL 3DQW]RYLK CLaQLF Y %RKLQMX 7HGDQMH FHVWH SRWL LQ NRORYR]L VR SRYH]RYDOL QDVHOMHQH NUDMH LQ VNXSLQVNH DOL SRVDPLaQH GRPD aLMH RGYLVQR RG SRWRYDOQLK SR^WQLK WUJRYVNLK YRMD^NLK LQ GUXJLK LQWHUHVRY 1DPHQVNLK JR]GQLK FHVW DOL YODN NL EL VLVWHPDWLaQR RGSLUDOH SRVDPH]QH JR]GQH RGGHONH QL ELOR .OMXaQR YSUD^DQMH LQWHQ ]LYQHJD L]NRUL^aDQMD JR]GRY MH ELOR IL]LaQR VSUDYLOR RJOMD LQ KORGRYLQH ] JRUVNLK SODWRMHY -HORYLFH 3R NOMXNH LQ .RPDUaH Y GROLQR 3UHPDJRYDQMH RG GR PHWURY YL^LQVNH UD]OLNH LQ SRQHNRG SRYVHP QDYSLaQHJD VNDORYLWHJD VYHWD MH ELOR L]YHGOMLYR OH ] CLaQLFDPL NL VR ELOH Y NRQVWUXNFLMVNHP LQ L]YHG EHQHP VPLVOX L]UHGQR ]DKWHYQH VSUDYLOQH QDSUDYH *R]GDUVNR CLaQLaDUVWYR MH ELOR Y HYURSVNLK GH CHODK Y SRYRMLK 5D]YLMDOR VH MH QD SRGODJL L]NX ^HQM SUL JUDGQML UXGQL^NLK CLaQLF 9 ]DaHWNX VR SUHYODGRYDOH SUHSURVWH CLaQH GUaH SUL NDWHULK MH SROHQR GUVHOR SR CLFL Y GROLQR 1D WR SROHQR MH ELO SULYH]DQ WRYRU QDMSRJRVWHMH PHWUVND GUYD +ORGR YLQR VR WUDQVSRUWLUDOL V VSX^aDONDPL SUL NDWHULK VR KORGH SULWUGLOL QD SUHSURVWL NROHVFL NL VWD VH SUH PLNDOL SR QRVLOQL YUYL QDY]GRO 9HUMHWQR QDMVWDUHM^R JR]GDUVNR VSX^aDONR MH ]JUDGLO +RKHQVWHLQ OHWD QDMVWDUHM^R QLKDONR SD .ÐQLJ Y ^YLFDUVNHP NDQWRQX 8QWHUZDOGHQ OHWD 1DSUDYD MH ELOD
GROJD PHWURY WRYRU MH ELO SULWUMHQ QD YR ]LaNX NL VH MH JLEDO SR QRVLONL 6PHU LQ KLWURVW JLEDQMD VWD ELOD RGYLVQD RG QDYLMDQMD DOL RGYLMDQMD YODaLOQH YUYL 6OHGQMR ODKNR ^WHMHPR ]D SUYR SUD YR CLaQLaQR QDSUDYR VDM MH LPHOD SROHJ QRVLOQH YUYL WXGL YODaLOQH 6DPR WUL OHWD SR ]DJRQX SUYH HYURSVNH JR]GDUVNH CLaQLFH WRUHM OHWD MH 3DQW] VNRQVWUXLUDO LQ SRVWDYLO QD WHUHQX SUYR VOR YHQVNR JR]GDUVNR CLaQLFR Y 3RGNRULWX Y %RKLQMX SROHJ WH SD ^H OHWD Y %ODWQHP JUDEQX Y 6R WHVNL LQ QD .RPDUaR WHU OHWD Y 0RNUHP ORJX *OHGH QD QDYHGHQD GHMVWYD MH %RKLQM Y ]JRGRYLQL VORYHQVNLK WHKQL^NLK NRQVWUXNFLM ]LEHOND JR]GDU VNHJD CLaQLaDUVNHJD VSUDYLOD 3DQW] MH RGOLaQR RE YODGDO WXGL VWURNRYQR ]HOR ]DKWHYQR RSHUDFLMR WHUHQVNHJD WUDVLUDQMD CLaQLFH .HU SURMHNWDQW WHGDM QL LPHO QD YROMR QDWDQaQLK JHRJUDIVNLK NDUW ] YUL VDQLPL SODVWQLFDPL MH PRUDO SRJRVWR YHaNUDW ]D SRUHG SUHKRGLWL WHUHQ SR SUHGYLGHQHP D]LPXWX WUDVH YUYQH OLQLMH L]PHULWL YVH QDNORQVNH NRWH LQ SR^HYQH UD]GDOMH WHU L]GHODWL SRGROCQL SURILO NRW RV QRYR ]D YVH QDGDOMQMH L]UDaXQH HOHPHQWRY QDSUD YH NRW VR SRYHVL LQ QDSHWRVW REUHPHQMHQH QRVLONH LQ YODaLONH WUHQMH SULWLVN QD QRVLOQH VWHEUH LQ SR GREQR *OHGH QD NRQVWUXNFLMVNR ]DVQRYR VR ELOH SRHQR VWDYOMHQD L]YHGED CLaQLFH QD %HJXQM^aLFR ,PHOH VR QDVOHGQMH VNXSQH ODVWQRVWL r ELOH VR VDPRWHCQH QLKDONH r LPHOH VR HQRMQH QRVLOQH YUYL LQ SR GYH YOD aLOQL YUYL r VWRCaDVWL DOL YDOMDVWL QDYRMQL EREQL ]D YODaLONH QLVR ELOL HQRYLWL WHPYHa VHVWDYOMHQL L] GYHK GHORY NL VR VH KNUDWL YUWHOL Y UD]OLaQLK VPHUHK r VSX^aDQMH WRYRUD VR ]DYLUDOL ] YHWUQLPL ]DYR UDPL LQ GYRMQLPL aHOMXVWQLPL ]DYRUDPL r VOXCLOH VR ]D WUDQVSRUW KORGRYLQH LQ SRVHE QLK YUHa ]D RJOMH NDVQHMH WXGL OXEMD r YVH VR LPHOH GYD RGVHND LQ QH ^WLUL NRW QD SULPHU QDSUDYD QD %HJXQM^aLFL r L]RJLEDOL^aD SROQLK LQ SUD]QLK YR]LaNRY VR ELOD ORFLUDQD EROM DOL PDQM HNVFHQWULaQR SULODJRMHQR WHUHQVNLP UD]PHUDP PHG WLUQLFDPL Y L]RJLEDOL^aLK MH ELOD UD]GDOMD SULEOLCQR GYD PHWUD GD VH QRVLOQH YUYL QLVR SUHSOHWDOH r YVH QDSUDYH VR LPHOH QD VSRGQMLK LQ ]JRU QMLK SRVWDMDK NUHWQLFH ]D SUHXVPHUMDQMH YR]LaNRY RE QDNODGDQMX LQ UD]NODGDQMX r YVDND CLaQLFD MH LPHOD YHa SRGSRUQLK VWHE URY V WHNDOQLPL NROHVL DOL YDOML NL VR SUHSUHaHYDOL GUVDQMH QRVLOQLK YUYL SR WOHK r ]DUDGL WRSORWQHJD UD]WH]DQMD MHNOHQLF VR QRVLOQH YUYL SROHWL GHOQR SULYLOL SR]LPL SD SR SXVWLOL )DQNKDXVHU 'LH 'UDKWVHLOULHVHQ VWU $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,'
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
r QRVLOQH YUYL VR ELOH GYRGHOQH ]DWR VR VSRG QMH GHOH QRVLON QDSHQMDOL ] QDSHQMDOQLPL QDSUDYD PL QD VSRGQMLK SRVWDMDK ]JRUQMH SD QD ]JRUQMLK 1DSHQMDOL VR MLK QD WUL QDaLQH D YDOMaQR QDSHQMDQMH ] ]DSRUQR NOMXNR VR XSRUDELOL SUL CLaQLFDK QD %HJXQM^aLFL LQ Y 3RG NRULWX ]D QDSHQMDQMH MH ELOR SRWUHEQLK GHVHW OMXGL E YLMDaQR QDSHQMDQMH VR XSRUDELOL QD CLaQLFL Y %ODWQHP JUDEQX LQ QD ]JRUQML SRVWDML CLaQLFH QD .RPDUaL ]D QDSHQMDQMH VWD ]DGRVWRYDOD GYD PR^ND F NRPELQLUDQR QDSHQMDQMH ] YDOMHP LQ YLMD NRP VR XSRUDELOL QD VSRGQML SRVWDML CLaQLFH QD .R PDUaL r SRYSUHaQL YHaOHWQL Y]GUCHYDOQL VWUR^NL SRVDPH]QH QDSUDYH QLVR SUHVHJOL JROGLQDUMHY *R]GDUVNH CLaQLFH VR LPHOH SUL L]NRUL^aDQMX JR]GRY JOHGH QD GUXJDaQD VSUDYLOD OHVD VYRMH SUHGQRVWL LQ SRPDQMNOMLYRVWL .HU VWD KORGRYLQD LQ RJOMH SRWRYDOD SR ]UDNX VH QLVWD SR^NRGRYDOD NRW SUL VSUDYLOX SR WOHK 2GSDGHN VXURYLQH MH ELO ELVWYHQR PDQM^L SD WXGL QDGPHUD SUL L]GHODYL OHVQLK VRUWLPHQWRY QL ELOD QXMQD =DUDGL VSUDYLOD SR WOHK VR ELOL SRSUHM KORGL SROQL NDPHQMD EODWD LQ SHVND NDU MH PRaQR NYDULOR CDJQH OLVWH MDUHPVNLK CDJ LQ SROQRMHUPHQLNRY LQ GUDCLOR SURL]YRGQMR 3UL CLaQLaDUVNHP VSUDYLOX WHK WHCDY QL ELOR 3ROHJ WHJD MH SUHYR] ] CLaQLFR RPRJRaDO RKUDQMDQMH RJOMD Y YHaMLK NRVLK NL VR ELOL QHSULPHUQR EROM NDNRYRVWQL RG UD]GUREOMHQHJD LQ VR JD RJODUML ODKNR SURGDMDOL IXCLQDUMHP SR YL^ML FHQL 9 RVHPGHVHWLK LQ GHYHWGHVHWLK OHWLK VWROHWMD MH ELOR RJOMH Y JRUHQMVNL aUQL PHWDOXUJLML QDMSR PHPEQHM^L HQHUJHQW UHGQD GREDYD NDNRYRVWQHJD RJOMD GR IXCLQ Y GROLQL SD SUHGSRJRM XVSH^QHJD GHOD YVDNHJD PHWDOXU^NHJD REUDWD 2JOMH VR NXKDOL QD SODQRWDK RNROL %RKLQMD RG SRPODGL GR MHVHQL 1DMSUHM VR JD KUDQLOL Y ORSDK RE NRSL^aLK 9 GROLQR VR JD QDMYHa ]YR]LOL SR]LPL ] URaQLPL VDQPL GHOQR WXGL ] CLYLQVNR YSUHJR 9L^MD VQHCQD RGHMD MH SUDYLORPD ]DJRWDYOMDOD FHQHM^H VSUDYLOR YVHK ]DORJ RE NRSL^aLK LQ REUDWQR =ODVWL WHCDYQR MH ELOR VSUDYLOR RJOMD ] -HORYLFH NMHU VR ELOH VWUPH LQ VWRSQLaDVWH SRWL NL VR MLK PRUDOL RJODUML LQ IXU PDQL SR YVDNHP QHXUMX SRSUDYOMDWL %UH] Y]GUCH YDQMD WHK VSUDYLOQLK SRWL SUHYR] VSORK QH EL ELO PRJRa DOL SD EL VDQL LQ YR]RYL WDNR SRVNDNRYDOL GD EL VH RJOMH SRYVHP ]GURELOR LQ EL ELOR SUDNWLaQR QHXSRUDEQR ]D WDOMHQMH UXGH Y SODYCLK 3RVHEQD WHCDYD SUL VSUDYLOX RJOMD VR ELOD WXGL VH]RQVND NPHaND GHOD QD QMLYDK LQ WUDYQLNLK NR NOMXE EROM ^HPX SODaLOX QL ELOR PRJRaH QDMHWL XVWUH]QH GH ORYQH VLOH
%XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU
2JODUML SUL SULSUDYL NRSH SUHG VYHWRYQR YRMQR )RWRWHND 7HKQL^NHJD PX]HMD 6ORYHQLMH
=HOR SRPHPEQL SUHGQRVWL CLaQLF VWD ELOL WXGL PRCQRVW QHSUHNLQMHQHJD REUDWRYDQMD LQ YHOLNR FH QHM^H VSUDYLOR RG URaQHJD DOL CLYDOVNHJD =DUDGL WHCDYQRVWL WHUHQD EL ELOR PDUVLNMH L]NRUL^aDQMH JR] GRY EUH] XSRUDEH CLaQLF QHL]YHGOMLYR (QD QDMSR PHPEQHM^LK SRPDQMNOMLYRVWL 3DQW]RYLK CLaQLF MH ELOD PDMKQD XaLQNRYLWRVW .RQVWUXNFLMD QDSUDYH MH ELOD SULUHMHQD ]D VDPR GYD YR]LaND ]DWR MH ELO GQHYQL XaLQHN PDMKHQ 6SUDYLOR ] CLaQLFR aDVRYQR QL QLNROL GRKDMDOR FHORWQHJD REVHJD VHaQMH ]DWR VR QDVWDMDOL Y VSRPODGDQVNLK PHVHFLK YHOLNL ]DVWRML OHVD RE ]JRUQMLK SRVWDMDK NL VR MLK WXGL ] QRaQLP GHORP WHCNR RGSUDYOMDOL 9VDNGDQMH GHOR ] CLaQLPL QDSUDYDPL MH WHUMDOR WHKQLaQR EROM SRGNRYDQH LQ XVWUH]QR XVSRVREOMHQH GHODYFH 1HL]XUMHQH GHORYQH VNXSLQH VR SRY]URaDOH SUDYLORPD SR^NRGEH QDSUDY LQ OMXGL XSUDYQL RGERU .,' D SD MH RGJRYRUQRVW ]D QHVUHaH QDMUDMH SULSLVRYDO NRQVWUXNFLMVNLP SRPDQM NOMLYRVWLP *R]GDUVND CLaQLFD Y 3RGNRULWX
2G ^WLULK JR]GDUVNLK CLaQLF MH ELOD SUYD SRVWDY OMHQD Y 3RGNRULWX 7DN^QD RGORaLWHY MH ELOD UD]XP OMLYD VDM MH ELOR VXURYLQVNR ]DOHGMH -HORYLFH GDOHa QDMREVHCQHM^H LQ WXGL QDMNDNRYRVWQHM^H 5D]HQ VWUPLK LQ R]NLK ORYVNLK LQ RJODUVNLK SRWL NL VR VH YLOH L] GROLQH MH ELOD SODQRWD QHGRVWRSQD 1DMYHaMD WHCDYD MH ELO CH VNRUDM VWROHWMH WUDQVSRUW RJOMD 2JOMH VR RJODUML QDODJDOL Y SRVHEQH YUHaH L] WUGH CDN OMHYLQH LQ MLK QD VDQHK RGSHOMDOL Y GROLQR 3UL WDN^ QHP SUHYR]X VH MH RJOMH GURELOR LQ L]JXEOMDOR YUHG QRVW =DWR VR VH VSUDYLOD RJOMD SR CLaQLFL QDMEROM YHVHOLOL IXCLQDUML NHU MH SULKDMDOR UHGQR LQ Y YHOLNLK NRVLK +ORGRYLQR VR VSUDYOMDOL Y GROLQR SR ]H PHOMVNLK GUaDK ]DWR MH ELO OHV SRJRVWR SR^NRGRYDQ LQ SROQ NDPHQMD Y ]LPVNHP aDVX SD MH ]DUDGL QL]NH WHPSHUDWXUH LQ XGDUFHY Y]GROCQR SRNDO LQ VH FHSLO #LaQLFR VR ]DaHOL JUDGLWL DYJXVWD LQ MR GR
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
1DaUW HOHPHQWRY JR]GDUVNH JUDYLWDFLMVNH CLaQLFH 3RGNRULWR 0LWWHLOXQJHQ GHV NUDLQLVFK NÖVWHQO¾QGLVFKHQ )RUVWYHUHLQV
NRQaDOL GHFHPEUD LVWHJD OHWD 7RYRU MH SUHPDJRYDO YL^LQVNR UD]OLNR PHWURY RG ]JRUQMH SRVWDMH GR L]RJLEDOL^aD PHWURY RG WRG GR VSRGQMH SRVWDMH SD ^H QDGDOMQMLK PHWURY 9]GROCQL SURILO WUDVH MH PHULO GREULK PHWURY Y VSRGQMHP GHOX LQ Y ]JRUQMHP PHWURY 1DNORQVNL NRW QRVLONH VSRGQMHJD GHOD MH ELO VWRSLQM LQ ]JRUQMHJD 9 WORULVX VWD OLQLML VSRGQMHJD LQ ]JRUQMHJD GHOD RNOH SDOL NRW VWRSLQM 1RVLOND MH ELOD ORaHQD Y GYD GHOD LQ VSHWD Y L]RJLEDOL^aX NDU MH RPRJRaDOR ODCMR PRQWDCR SUL SUHWUJDQMX VSRGQMHJD DOL ]JRUQMHJD GHOD 1RVLONR VR QDSHQMDOL V SRPRaMR YDOMD LQ ]D SRUQH NOMXNH 3UHPHU SOHWHQH MHNOHQH QRVLOQH YUYL MH PHULO PLOLPHWURY WHKWDOD MH NLORJUDPRY 1MHQD SUHORPQD WUGQRVW MH ]QD^DOD WRQ 2EH YODaLOQL YUYL V SUHPHURP PLOLPHWURY VWD ELOL GROJL SR PHWURY YVDND MH WHKWDOD NLORJUDPRY 9VDND YODaLOND VH MH VSLUDOQR QDYLMDOD R]LURPD RG YLMDOD V VYRMHJD NRQLaQHJD EREQD NL MH LPHO QD RERGX YUH]DQH XWRUH Y NDWHUH MH QDOHJDOD (QD NRPHUQR QDOHJDQMH YODaLONH Y XWRUH MH RPRJRaDOR SRVHEQR YRGLOR NL JD MH YLMDaQR YUHWHQR SUHPLNDOR %XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU
Y OHYR R]LURPD Y GHVQR VWUDQ RGYLVQR RG GYLJDQMD DOL VSX^aDQMD YR]LaND %UH] WHJD YRGLOD EL VH YOD aLOQL MHNOHQLFL SUHSOHWOL NDU EL NPDOX RQHPRJRaLOR GHORYDQMH PHKDQL]PD .RQLaQD EREQD Y REOLNL SULVHNDQLK VWRCFHY VWD ELOD QD ]JRUQML SRVWDML 9VDN MH ELO GROJ PHWUD 3UHPHU ^LU^HJD GHOD MH ELO PHWUD WDQM^HJD SD PHWHU 9]URN QMXQH NRQLaQRVWL MH ELO Y HNVFHQWULaQL ORNDFLML L]RJLEDOL^aD QD WHUHQX 9 WUHQXWNX VUHaDQMD Y L]RJLEDOL^aX MH RSUDYLO VSX^aDMRaL VH YR]LaHN PHWURY GDOM^R SRW RG GYLJDMRaHJD VH ]DWR VH MH YODaLOND SUYHJD ]DaHOD RGYLMDWL QD ^LU^HP NRQFX YODaLOND GUXJHJD SD QDYLMDWL QD WDQM^HP 3RYHGDQR GUXJDaH HNVFHQWULaQRVW ORNDFLMH L]RJLEDOL^aD MH GR ORaDOD NROLN^QD PRUD ELWL NRQLaQRVW WHK SULVHNDQLK VWRCFHY 7LUQLFL Y L]RJLEDOL^aX VWD ELOL GROJL SR PHW URY 3RVHEQRVW WHNDOQLK NROHVF YR]LaNRY VWD ELOD GYD XWRUD QD RERGX 7D NRQVWUXNFLMVND QRYRVW MH ELOD SRWUHEQD ]DUDGL HQRMQH QRVLOQH YUYL 7HNDOQD NROHVFD VSX^aDMRaHJD LQ GYLJDMRaHJD VH YR]LaND VR Y L]RJLEDOL^aX SUH^OD ] QRVLOQH YUYL QD OHYR R]L URPD GHVQR NRYLQVNR WLUQLFR NDU MH RPRJRaDO GYRMQL XWRU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
7RYRU MH SRWRYDO Y GROLQR GYH PLQXWL LQ SRO GR WUL GQHYQR SD VR ODKNR RSUDYLOL GR SUHYR]RY 2JOMH VR YVDNLa WUDQVSRUWLUDOL Y GYHK SRYH]DQLK YUHaDK V VNXSQR SURVWRUQLQR GR NXELaQHJD PHWUD 6LFHU MH ELO YR]LaHN ]D SUHYR] RJOMD VLOD SUH SURVW VDM VR JD VHVWDYOMDOL OH GYRMH NROHVF URaLFL YH]QD OHWHY LQ GYH SUHNORSQL SDVDVWL REMHPNL 9 SULPHUMDYL ] URaQLP WUDQVSRUWRP VH MH VSUDYLOR RJOMD ] CLaQLFR SRFHQLOR RG GR NUDMFDUMHY QD YVHJD GR NUDMFDUMH ]D NXELaQL PHWHU 9R]LaHN ]D KORGRYLQR MH ELO QHNROLNR UREXVWQHM^L 2G RJODU VNHJD VH MH UD]OLNRYDO SUHGYVHP SR RYDOQLK NOH ^aDK NL VR QDGRPH^aDOH SDVDVWH REMHPNH .OH^aH VR JUDELOH KORGH GR SUHPHUD FHQWLPHWURY NDU MH SUL NODVLaQL PHWUVNL GROCLQL KORGD SRPHQLOR NX ELaQL PHWHU SURVWRUQLQH LQ XVWUH]QR WHCR RNROL GR NLORJUDPRY 6NUDMQD GROCLQD KORGRY ]D GUR JRYH NL VR MR ^H ODKNR SUHYDCDOL ] QDSUDYR MH ELOD PHWURY YHQGDU MH WHUMDOD SRaDVQHM^R LQ SUHYLG QHM^R YRCQMR ]ODVWL Y L]RJLEDOL^aX =DYLUDQMH RWRYRUMHQHJD YR]LaND MH ELOR VDPR GHMQR ] YHWUQR ]DYRUR LQ URaQR V SRPRaMR GYHK SDVDVWLK aHOMXVWQLK ]DYRU NL VWD REMHPDOL NRQLaQD EREQD 3RVUHaHQD MH UH^LWHY RSR]DUMDQMD ]DYLUDaD QD WUHQXWHN SUHGHQ VWD VH YR]LaND VUHaDOD LQ MH ELOR WUHED ]DaHWL GRGDWQR ]DYLUDWL 9RGLOR HQH RG YOD aLOQLK YUYL MH ELOR NRQVWUXLUDQR WDNR GD MH SUL VYRMHP SUHPLNDQMX OHYR GHVQR QHNDM PHWURY SUHG YVWRSRP YR]LaNRY Y L]RJLEDOL^aH ]DGHOR RE PDMKHQ ]YRQaHN NL MH V FLQJOMDQMHP RSR]RULO ]DYLUDaD NGDM PRUD XNUHSDWL &HORWQD QDSUDYD MH VWDOD JROGLQDUMHY RG WHJD QRVLOQD YUY YODaLONH ]JRUQMD SRVWDMD DOL VWURMQLFD L]RJLEDOL^aH ]DYLUDOQH QD SUDYH VNXSDM ] GRYR]QLPL WLUQLFDPL JROGLQDU MHY RJURGMD ]D YRGLOQD NROHVFD YODaLON VSRGQMD SRVWDMD V WLUQLFDPL XUHGLWHY WUDVH VNXSDM ] ELYDOQR XWR LQ YR]LaNL JROGLQDUMHY 6SRGQMD UD]NODGDOQD SRVWDMD CLaQLFH Y 3RGNR ULWX QL ELOD Y QHSRVUHGQL EOLCLQL 6DYH %RKLQMNH NRW SUL CLaQLFL Y %ODWQHP JUDEQX ]DWR VR ]JUDGLOL SUH SURVWR WLUQR QDSUDYR NL MH SRYH]RYDOD VSRGQMR SRVWDMR CLaQLFH ] GHVQLP EUHJRP 6DYH %RKLQMNH SUHG 6RWHVNR 'ROJD MH ELOD PHWURY LQ MH SUH PDJRYDOD PHWUVNR YL^LQVNR UD]OLNR +ORGRYLQR VR QD VSRGQML SRVWDML CLaQLFH SUHWR YRULOL QD YR]LaNH NL MLK MH VLOD WHCH RGSHOMDOD GR UHaQHJD QDEUHCMD 7X VR MLK ]YDOLOL Y 6DYR %RKLQMNR LQ YRGD MLK MH RGQHVOD GR CDJH Y 6RWHVNL 1DaUW RPHQMHQH WLUQH QDSUDYH L] OHWD SULND]XMH OH WHUHQVNR VLWXDFLMR LQ CDO QH YVHEXMH ULVEH VDPLK WLU QLF LQ WRYRUQLK YR]LaNRY 3UDY WDNR QLPDPR ]DQHV OMLYLK SRGDWNRY R WHP DOL VR QDWRYRUMHQH YR]LaNH 0LWWHLOXQJHQ GHV NUDLQLVFK NÖVWHQO¾QGLVFKHQ )RUVW YHUHLQV +HIW VWU %XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU
VSX^aDOL SRVDPLaQR DOL Y QDYH]L NDNR VR MLK ]D YLUDOL LQ NDNR VR SUD]QH YODaLOL SR SURJL QD]DM QDY]JRU 0RUGD ] CLYLQR SR WUDVL WLUQH QDSUDYH PRUGD QD YR]RYLK SR Y]SRUHGQL SRWL 1L SRYVHP QHPRJRaH GD VR ELOL YR]LaNL SRYH]DQL ] MHNOHQLFR QD YLWHO V NDWHULP VR MLK VSX^aDOL LQ SRQRYQR GYL JDOL 9 WHP SULPHUX VR PRUDOL UH^LWL SUREOHP XVPHUMDQMD YODaLOQH MHNOHQLFH NHU MH WLUQD QDSUDYD YLMXJDOD *R]GDUVND CLaQLFD Y %ODWQHP JUDEQX
'R GDQHV VH MH RG SHWLK 3DQW]RYLK CLaQLF RKUDQLOD VDPR WD Y %ODWQHP JUDEQX Y 6RWHVNL Y %RKLQMX 3RPHPEQD MH Y ]JRGRYLQVNHP WHKQLa QHP LQ VSRPHQL^NRYDUVWYHQHP SRJOHGX 1L QDP ]QDQR DOL VH MH RKUDQLOD Y HYURSVNHP SURVWRUX JR]GDUVND VDPRWHCQD CLaQD QDSUDYD NL EL ELOD VWDUHM^D NRW ERKLQMVND 7HKQLaQR MH SRPHPEQD ]DUDGL L]YLUQRVWL 3DQW]RYH NRQVWUXNFLMVNH ]DVQRYH ]JRGRYLQVNR LQ VSRPHQL^NRYDUVWYHQR SD ]DUDGL VWDURVWL LQ RKUDQMHQRVWL SUYRWQH ]DVQRYH NL VH QL VSUHPLQMDOD RG QMHQH SRVWDYLWYH 1D REMHNWX VR PHQMDYDOL OH REUDEOMHQH NRYLQVNH GHOH PHKDQL]PD LQ SUHSHUHOH OHVHQH GHOH VWDYEQH NRQVWUXNFLMH 2GORaLOQR YORJR SUL RKUDQLWYL CLaQLFH Y %ODWQHP JUDEQX GR GDQHV MH LPHO 7HKQL^NL PX]HM 6ORYHQLMH NL MH ^H Y aDVX UHGQHJD REUDWRYDQMD QDSUDYH VSUR CLO XVWUH]QH SRVWRSNH ]D VSRPHQL^NRYDUVWYHQR ]D ^aLWR 8SUDYQL RGERU .,' D MH VNOHQLO SRVWDYLWL RPH QMHQR CLaQLFR CH YHQGDU VR MR GRJUDGLOL ^HOH PDUFD 1DSUDYR EL SRVWDYLOL CH MHVHQ SUHM D VH MH ]DNOMXaHN GHO ]DYOHNHO ]DUDGL QHVUHaH SUL GHOX QRYHPEUD NR VR L]YDMDOL QDMSRPHPEQHM^D JUDGEHQD GHOD &HORWQD QDSUDYD MH VWDOD JRO GLQDUMHY RG WHJD QRVLOQD YUY YODaLONL ]JRUQMD SRVWDMD DOL VWURMQLFD L]RJLEDOL^aH ]DYLUDOQH QDSUDYH VNXSDM ] GRYR]QLPL WLUQLFDPL RJURGMD ]D YRGLOQD NROHVFD YODaLON JRO GLQDUMHY VSRGQMD SRVWDMD XUHGLWHY WUDVH ] ELYDOQR XWR LQ YR]LaNL JROGLQDUMHY 8SUDYQL RGERU .,' D MH 3DQW]X GRGHOLO JRO GLQDUMHY QDJUDGH 7D WHKQLaQL XVSHK MH ELO ]DQM ]HOR SRPHPEHQ VDM MH LPHO ]QRWUDM .,' D ^WHYLOQH QDVSURWQLNH NL VR CHOHOL QMHJRYR RGVORYLWHY *OHGH NRQVWUXNFLMVNHJD PHKDQL]PD MH ELOD WD QDSUDYD VNRUDM LGHQWLaQD V WLVWR Y 3RGNRULWX $UKLY =DYRGD ]D JR]GRYH 6ORYHQLMH .UDMHYQD HQRWD %RKLQM 3ODQ ÖEHU GLH SURMHNW $QODJH HLQHU 5ROOEDQ YRQ GHU 6WÖU]H GHU 3RGNRULWHU 'UDKWVHLEDKQ ELV ]XP 6DYD IOÖVV $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,' %XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,'
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
.RQMVNH YSUHJH QD ]JRUQML SRVWDML CLaQLFH OHWD )RWRWHND 7HKQL^NHJD PX]HMD 6ORYHQLMH
5D]OLNH VR ELOH ]DUDGL UD]OLaQRVWL WHUHQD QD ND WHUHP VWD ELOL %LVWYHQL UD]OLNL PHG CLaQLFDPD Y %ODWQHP JUDEQX LQ 3RGNRULWX VWD ELOL Y WHP GD VH MH WUDVD CLaQLFH Y %ODWQHP JUDEQX KRUL]RQWDOQR ORPLOD SRG NRWRP VWRSLQM Y 3RGNRULWX SD SRG NRWRP VWRSLQM 3ROHJ WHJD MH ELOD QRVLOQRVW CLa QLFH Y %ODWQHP JUDEQX NUDW YHaMD NRW QRVLOQRVW CLaQLFH Y 3RGNRULWX 7R SRPHQL GD MH ELOD CLaQLFD Y %ODWQHP JUDEQX NRQVWUXNFLMVNR ]DKWHYQHM^D ]DUD GL GHORYDQMD GRGDWQLK VWDWLaQLK LQ GLQDPLaQLK VLO 6NXSQD YL^LQVND UD]OLND ]JRUQMH LQ VSRGQMH SR VWDMH MH ELOD PHWURY RG VSRGQMH SRVWDMH GR L]RJLEDOL^aD PHWURY RG WRG GR YUKD SD PHWURY 1DNORQ ]JRUQMHJD VHNWRUMD MH ELO VWRSLQM VSRGQMHJD SD 1RVLOQD YUY MH ELOD GHEHOD PLOLPHWURY YODaLOQL YUYL SD 'ROCLQD QRVLONH MH ELOD PHWURY Y VSRGQMHP VHNWRUMX LQ Y ]JRUQMHP PHWURY +RUL]RQWDOQR ORPOMHQMH WUDVH Y L]RJLEDOL^aX MH ELOR VWRSLQM ,]RJLEDOL^aH MH ELOR GROJR PHWURY SROPHU NULYLQH QRWUDQMH WLUQLFH MH ELO PHWURY ]XQDQMH SD 3UHORPQD WUGQRVW QRVLONH MH ]QD^DOD WRQ 3RPHPEHQ NRQVWUXNFLMVNL HOHPHQW VSRGQMH SRVWDMH CLaQLFH MH QDSUDYD ]D YLMDaQR QDSHQMDQMH VSRGQMHJD GHOD QRVLONH .RQ VWUXNWRU MH ] XSR^WHYDQMHP YDUQRVWQHJD NRHILFLHQWD ]DJRWDYOMDO YDUHQ WUDQVSRUW KORGRY GROCLQH PHWUH LQ SUHPHUD FHQWLPHWURY
3R]LPL VR ] CLaQLFDPD Y 3RGNRULWX LQ %ODWQHP JUDEQX SUHSHOMDOL Y GROLQR KORGRY ]D CDJR LQ FHOXOR]R VNXSDM NXELaQLK PHWURY NXELaQLK PHWURY EXNRYLK GUY LQ RJOMD 1DYHGHQR VSUDYLOR QD REHK QDSUDYDK MH VNXSDM VWDOR JROGLQDUMHY 2E XSR^WHYDQMX NUDMFDUMHY GQLQH ]D YVDNHJD CLaQLaDUMD MH VWDOR VSUDYLOR CDJDU VNHJD KORGD NUDMFDUMD ]D NXELaQL PHWHU FHOX OR]QHJD OHVD LQ RJOMD GR NUDMFDUMD ]D NXELaQL PHWHU 6WUR^NL VSUDYLOD VH QLVR YHOLNR VSUHPLQMDOL OH RE PRaQHP VQHCHQMX DOL SUL QRaQHP GHOX VR VH ]YL^DOL WXGL ]D SRORYLFR 1RaQR GHOR MH ELOR RE VH]RQVNLK VSUDYLOQLK NRQLFDK SRJRVWR NHU MH ELOD ]PRJOMLYRVW VSUDYLOQH QDSUDYH SUHFHM PDQM^D RG NROLaLQH SULSUDYOMHQHJD OHVD RE QDNODGDOQL SRVWDML 'QHYQD WUDQVSRUWQD ]PRJOMLYRVW CLaQLFH MH ELOD RG GR NXELaQLK PHWURY #LaQLaDUVNL IXUPDQL VR GQHYQR RSUDYLOL ] YSUHJR ] HQLP NRQMHP Y SRY SUHaMX HQR GR WUL YRCQMH RGYLVQR RG UD]GDOMH VH aL^aD GR CLaQLFH +ORGRYLQR VR QDORCLOL QD VDQL SRVPRMNH DOL QD SUHGQMR NROHVQR SUHPR =DGDM VH MH RELaDMQR YOHNOD SR WOHK 7DN WRYRU MH ]QD^DO QDM SRJRVWHMH SROGUXJL NXELN 9RGMD WDN^QH VNXSLQH VH MH LPHQRYDO FLJDU >NRUQMH VR LPHOL SRGNRYDQH ] JULIWL ]DUDGL ODCMHJD ]DYLUDQMD VDQL QD SRWL QDY]GRO 'ROJROHWQR GHOR V
%XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU
0LWWHLOXQJHQ GHV NUDLQLVFK NÖVWHQO¾QGLVFKHQ )RUVW YHUHLQV VWU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
#LaQLaDU QD ]JRUQML SRVWDML 3DQW]RYH CLaQLFH Y %ODWQHP JUDEQX OHWD )RWRWHND 0X]HMD QRYHM^H ]JRGRYLQH 6ORYHQLMH
VDPRWHCQLPL VDQPL MH SUL OMXGHK SRY]URaDOR SR NOLFQR EROH]HQ ]QDaLOQR ]LEDMRaR KRMR ]DUDGL GHIRU PDFLMH NRONRY )XUPDQRY QL QLNROL SULPDQMNRYDOR FHOR QDVSURWQR 1D -HORYLFL MH PHG REHPD YRMQDPD GHODOR YHa NRW ^WLULGHVHW IXUPDQRY LQ SUDY WROLNR FLJDUMHY NL VR SROHWL VHNDOL QD DNRUG =DNXSQLN VHaQMH NL MH ELO SRJRVWR WXGL QDMHPQLN CDJH Y 6RWHVNL MH L]ELUDO IXUPDQH JOHGH QD QDMFHQHM^R SR QXGER QD WDMQL OLFLWDFLML NDU MH SRPHQLOR UD]YUHG QRWHQMH QDSRUQHJD JR]GQHJD GHOD 9 SR]QL SRPODGL LQ MHVHQL L]MHPRPD WXGL RE ]DaHWNX ]LPH VH MH L]YOHN SULSUDYOMHQH KORGRYLQH L] JR]GRY GR CLaQLFH PRaQR SRYHaDO =DUDGL SRPDQMNDQMD VNOD GL^aQHJD SURVWRUD ]D KORGRYLQR RE ]JRUQML SRVWDML VR CLaQLaDUML SRJRVWR GHODOL WXGL SRQRaL GD EL SUH SUHaLOL ]DVWRMH 9 WDNLK UD]PHUDK VR SRJRVWR QD JUPDGLOL QD VSRGQML SRVWDML WXGL GR NXELNRY KORGRYLQH 9VHK QLVR WDNRM SUHYDOLOL Y VWUXJR 6DYH %RKLQMNH NHU MH CDJD Y 6RWHVNL SRWUHERYDOD VWDOHQ LQ HQDNRPHUHQ GRWRN OHVD 1D QDSUDYL VR GHODOL SRYSUHaQR ^WLUMH CLaQLaDUML GYD QDNODGDaD LQ ]DYLUDa QD ]JRUQML SRVWDML WHU UD]NODGDa QD VSRGQML SRVWDML 1DMEROM RGJRYRUQR QDORJR MH LPHO ]DYLUDa NL MH V SRPRaMR aHOMXVWQH WUDaQH ]DYRUH VSX^aDO WRYRU WDNR KLWUR GD YR]LaHN QL L]WLULO 'YRXWRUQD NROHVFD YR]LaNRY VR LPHOD WR VODER ODVWQRVW GD VR ]ODKND L]WLULOD ]ODVWL SUL SUH KRGX NROHVFD ] YUYL QD WLUQLFR Y L]RJLEDOL^aX 'D MH GR L]WLUMDQM SULKDMDOR WXGL Y]GROC YVH WUDVH GRND 9HEHU *R]GRYL ERKLQMVNLK IXCLQDUMHY VWU
]XMHMR ^WHYLOQL KORGL Y KXGRXUQL^NL VWUXJL %ODWQLFH NL WDP OHCH CH GHVHWOHWMD AHSUDY VR LPHOH YVH 3DQW]RYH CLaQLFH YHWUQH ]DYRUH VR MR QD WHM Y %ODWQHP JUDEQX ]DUDGL KUXSD LQ SUHSLKD GHODYFL RGVWUDQLOL 5D]NODGDa QD VSRGQML SRVWDML MH SUDYLORPD GHODO VDP SUL UD]NODGDQMX GHEHOH KORGRYLQH VSUDYLOX YUHa ] RJOMHP LQ VYHCQMHY OXEMD SD PX MH SRPDJDO ^H HQ GHODYHF =HOR SRJRVWR MH RE VSRGQML SRVWDML GHODOR WXGL YHa GHODYFHY SUHGYVHP SUL L]GHODYL PHWUVNLK GUY ]D RJUHYDQMH 3RVWDYLWHY VSRGQMH SRVWDMH CLaQLFH WLN RE JODYQL FHVW %OHGr%RKLQMVND %LVWULFD LQ Y QHSR VUHGQL EOLCLQL CHOH]QL^NH SRVWDMH 6RWHVND MH LPHOD ]D QDGDOMQML WUDQVSRUW OHVD RJOMD LQ OXEMD L]MHPHQ SR PHQ =JRUQMD LQ VSRGQMD SRVWDMD VWD LPHOL SROGUXJL PHWHU YUWOMLYLK WLUQLF 7H VR QD ]JRUQML RPRJRaDOH QDNODGDQMH KORGRYLQH ] QDNODGDOQLP Y]YRGRP QD VSRGQML SD XVPHUMDQMH YR]LaND Y GHO VWDYEH NMHU VR UD]NODGDOL KORGRYLQR LQ Y GUXJL GHO NMHU VR UD] NODGDOL YUHaH ] RJOMHP Y SRNULWR RJODUVNR GHSRQLMR 3RVDGND QD REHK SRVWDMDK VL MH PHGVHERMQR L]PH QMDYDOD RSHUDWLYQH XND]H QD UD]OLaQH QDaLQH 6SUYD QDMSRJRVWHMH ] UD]OLaQLP ^WHYLORP XGDUFHY SR QR VLONL NL VR SRPHQLOL SRVDPH]QH XND]H R]LURPD VSRURaLOD 3R]QHMH VR Y 3RGNRULWX XSRUDEOMDOL SUH SURVWR WUREOMR QD .RPDUaL LQ Y %ODWQHP JUDEQX LQGXNFLMVNL WHOHIRQ QD UXGDUVNL CLaQLFL QD %H JXQM^aLFL SD ]YRQHF
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
3ULSUDYD LQ ]ODJDQMH GUY ]D RJUHYDQMH OHWD )RWRWHND 7HKQL^NHJD PX]HMD 6ORYHQLMH
=DUDGL YVH YHaMHJD SURPHWD UD]CDJDQH KORGR YLQH ] CDJH Y 6RWHVNL SURWL CHOH]QL^NL SRVWDML Y /HVFDK MH GUXCED ]JUDGLOD QD QDMRCMHP GHOX 6R WHVNH PRVW aH] 6DYR %RKLQMNR NL MH ELO QD REHK EUHJRYLK UHNH ]LGDQ LQ SRYH]DQ ] OHVHQR QRVLOQR NRQVWUXNFLMR 5D]SRQ OHVHQH NRQVWUXNFLMH MH ELO PHWUD YL^LQD RG YRGQH JODGLQH UHNH GR PRVWX SD PHWUD &HORWHQ VWUR^HN JUDGEHQLK GHO MH ]QD^DO JROGLQDUMH
9]SRUHGQR ] JUDGQMR CLaQLFH Y %ODWQHP JUDEQX MH 3DQW] CH SURMHNWLUDO QDVOHGQMR *OHGH QD WHUHQ VNH UD]PHUH R]LURPD QDSRUH SUL PRQWDCL MH ELOD CLaQLFD QD .RPDUaR RG YVHK GDOHa QDMEROM ]DKWH YQD VDM MH SRWHNDOD aH] VNRUDM PHWURY QDY SLaQH VNDOQDWH VWHQH 5D]ORJ ]D WDNR ]DKWHYHQ JUDGEHQL SURMHNW VR ELOL SUHGYVHP REVHCQL LQ VNRUDM QHGRWDNQMHQL YLVRNRJRUVNL EXNRYR MHORYL JR]GRYL /RSXaQL^NH GROLQH #DO VR ELOL UDYQR QD WHM ORNDFLML JR]GRYL PDUVLNRG CH SUH]UHOL LQ MH ELOD NDNRYRVW OHVD ]ODVWL EXNRYLQH VODED %XNRYLQD MH ELOD ]DUDGL VWDURVWL SULPHUQD SUHGYVHP ]D SUHGHODYR Y RJOMH #HOH]DUML Y %RKLQMVNL %LVWULFL QD 3R]DEOMHQHP LQ Y 6WDUL )XCLQL VR OHWQR SRUDELOL SULEOLCQR CLU JOMHY RJOMD (Q CLUJHOM MH PHULO OLWURY Y NDWHUHJD MH ^OR NLORJUDPD VPUHNRYHJD DOL NLOR JUDPRY EXNRYHJD RJOMD 3RWUHEQR OHWQR NROLaLQR RJOMD MH SULSUDYLOR ERKLQMVNLK RJODUMHY L]
NXELNRY OHVD NDU MH ]DGRVWRYDOR ]D SURL]YRGQMR SULEOLCQR WRQ CHOH]D QD OHWR #DO LPD CLaQLFD QD .RPDUaR aH XSR^WHYDPR WH PHOMQD QDaHOD JRVSRGDUMHQMD ] JR]GRP WXGL QHJD WLYHQ SUHG]QDN 2PRJRaLOD MH NUDWNRWUDMQR YHQGDU L]MHPQR LQWHQ]LYQR L]NRUL^aDQMH JR]GQLK VHVWRMHY Y QHSRVUHGQL EOLCLQL ]JRUQMH YHJHWDFLMVNH PHMH NL MH ]HOR REaXWOMLYD #LaQLFD MH GHMDQVNR RPRJRaLOD NRQaQL SRVHN GR OHW VWDULK YLVRNRJRUVNLK EXNRYR MHORYLK JR]GRY /RSXaQL^NH GROLQH NDU MH SR VWUXNWXUL VHGDQMHJD VHVWRMD YLGQR ^H GDQHV &HORWQR JUDYLWDFLMVNR REPRaMH VH MH VSUHPHQLOR Y HQR VDPR YHOLNR VHaL^aH R]LURPD GHORYL^aH 3UL SUDYOMDOQD GHOD VR VH ]DaHOD Y GROLQL ] JUDGQMR NLORPHWUVNHJD NRORYR]D RG CDJH Y %RKLQMVNL %LVWULFL GR VSRGQMH SRVWDMH CLaQLFH NL MH ELOD Y QHSRVUHGQL EOLCLQL VODSD 6DYLFH RE Y]QRCMX .RPDUaH *UDGQMD NRORYR]D MH VWDOD JROGLQDUMHY 0HG ]JRUQMR LQ VSRGQMR SRVWDMR QD .RPDUaL MH ELOR PHWURY YL^LQVNH UD]OLNH 1DNORQVNL NRW QRVLOQH YUYL VSRGQMHJD GHOD MH ELO VWRSLQM YL^LQ VND UD]OLND RG VSRGQMH SRVWDMH GR L]RJLEDOL^aD SD PHWURY 1DNORQ QRVLONH Y ]JRUQMHP GHOX MH ELO NDU VWRSLQM SULSDGDMRaD YL^LQVND UD]OLND SD PHWURY ,]RJLEDOL^aH MH ELOR UDYQR QD SRORYLFL WUDVH PLOLPHWURY GHEHOD QRVLOQD YUY MH ELOD GROJD PHWURY WHCND SD GREULK NLORJUDPRY 1DPH VWLWHY QRVLOQH MHNOHQLFH CLaQLFH MH ELOD Y WLVWHP aDVX SUDYL WHKQLaQL SRGYLJ =YLWR QRVLOQR YUY VR RG CHOH]QL^NH SRVWDMH GR Y]QRCMD KULED VSUYD SUHSH
$UKLY *0 IRQG .,' IDVF D H D 6NL]]H GHV 3URMHFWV GHU :HJXPOHJXQJ EHL GHU 6WLHJHQV¾JHQ
9HEHU *R]GRYL ERKLQMVNLK IXCLQDUMHY VWU 6PROHM #LaQLFD V .RPDUaH
*R]GDUVND CLaQLFD QD .RPDUaR
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
5LVED CLaQLFH QD .RPDUaR QD KUEWL^aX .,' RYHJD SURGDMQHJD NDWDORJD L] OHWD )RWRWHND *RUQMHVDYVNHJD PX]HMD
OMDOL SR FHVWL ] UREXVWQLPL YR]RYL SDUL]DUML 9 OLWH UDWXUL DOL DUKLYVNLK YLULK QL ]DSLVD NDNR VR QRVLOQR MHNOHQLFR YJUDGLOL PHG WUHPL SRVWDMDPL 3UHGYLGH YDPR GD VR RED GHOD QRVLOQH MHNOHQLFH QDMSUHM UD]WHJQLOL 1D UD]GDOML GYD GR WUL PHWUH VR VL GH ODYFL RSUWDOL MHNOHQLFR LQ MR SR WUDVL SRaDVL SUHQHVOL RG VSRGQMH GR VUHGQMH SRVWDMH SRWHP ^H GUXJR =D SUHQRV SRORYLaQH GROCLQH QRVLONH MH ELOR SRWUHEQLK GR OMXGL 3RORYLFR QRVLOQH MHNOHQLFH MH ELOR WUHED SUHQHVWL ^H RG VUHGQMH GR ]JRUQMH SRVWDMH NDU MH ELOR ]DUDGL QDYSLaQH SUHSDGQH VWHQH .R PDUaH QHL]YHGOMLYR 3UHGYLGHYDPR GD VR ] ]JRUQMH SRVWDMH UD]WHJQLOL WDQM^R MHNOHQR YUY QDQMR SULYH ]DOL HQ NRQHF QRVLOQH MHNOHQLFH LQ MR ] YLWORP SRYOHNOL QDY]JRU 2ED GHOD QRVLOQH MHNOHQLFH VR YSHOL QDWR SD ^H QDSHOL 3UL CLaQLFL Y %ODWQHP JUDEQX VR PRUDOL QRVLOQR MHNOHQLFR SRWHJQLWL ] YLW ORP GR VUHGQMH LQ WXGL GR ]JRUQMH SRVWDMH NHU MH QL ELOR PRa SUHQHVWL SR WUDVL CLaQLFH 9VH QRVLONH 3DQW]RYLK CLaQLF VR ELOH GYRGHOQH LQ VR MLK Y L]RJLEDOL^aLK SULWUMHYDOL YVDNR ]DVH 7R MH RPRJRaDOR ODCMR PRQWDCR LQ SRSUDYLOR aH VH MH RGWUJDO VSRGQML DOL ]JRUQML GHO 9SHWMX QRVLONH Y]GROC WUDVH MH VOHGLOR QMHQR QDSHQMDQMH =JRUQML GHO QRVLONH VR YLMDaQR QDSHQMDOL QD ]JRUQML SRVWDML VSRGQML GHO SD NRPELQLUDQR QD VSRGQML SRVWDML 7D CLaQLFD MH ELOD ]DUDGL VYRMH OHJH L]SRVWDYOMHQD WHP SHUDWXUQLP UD]OLNDP WXGL YHa NRW & 9VDND SRORYLFD QRVLOQH MHNOHQLFH VH MH SR]LPL VNUaLOD GR FHQWLPHWURY LQ SUDY WROLNR UD]WHJQLOD Y SROHWQL SULSHNL =DWR VR MX PRUDOL SROHWL GRGDWQR QDSHWL SR]LPL SD SRSXVWLWL 3UL WHM CLaQLFL MH ELOR L]RJLEDOL^aH YR]LaNRY UDYQR
QD VUHGLQL WUDVH =DWR VWD ELOD EREQD ]D QDYLMDQMH R]LURPD RGYLMDQMH PLOLPHWUVNLK YODaLOQLK YUYL YDOMDVWD LQ QH NRQLaQD NRW SUL GUXJLK QDSUDYDK #LaQLFD QD .RPDUaL MH LPHOD Y ]JRUQML SRVWDML YDOMD VWD QDYRMQD EREQD SULWUMHQD QD SRVHEQR QRVLOQR RJURGMH SUL WOHK SUL CLaQLFL Y %ODWQHP JUDEQX SD VR QDYRMQD EREQD SULWUGLOL Y NRQVWUXNFLMR RVWUH^MD .RQ VWUXNFLMD YR]LaND MH RPRJRaDOD VSUDYLOR PHWURY KORGRY VNUDMQH GHEHOLQH FHQWLPHWURY 7DN^QH GL PHQ]LMH GHEHO VR ELOH Y WDNUDW QHGRWDNQMHQHP YLVR NRJRUMX SRJRVWH 1D YR]LaHN ]D VSUDYLOR RJOMD VR QDMSRJRVWHMH SULWUGLOL GYH GR NLORJUDPVNL YUH aL NDVQHMH SD WXGL SR ^WLUL 2JURGMH YR]LaNRY WH CLa QLFH VR L]GHODOL L] SOLQRYRGQH FHYL QRWUDQMHJD SUH PHUD FHQWLPHWUH LQ PLOLPHWUH GHEHOH VWHQH 7R YRU RJOMD MH SRWRYDO QDY]GRO PLQXW KORG SD PL QXW NHU VR JD EROM ]DYLUDOL 3RG RVWUH^MH VSRGQMH SR VWDMH CLaQLFH VR QDPHVWLOL QDSUDYR ] YDOMHP LQ YLMD NRP ]D NRPELQLUDQR QDSHQMDQMH VSRGQMHJD GHOD QR VLONH 1LKDOND MH ]DaHOD REUDWRYDWL QRYHPEUD &HORWQD QDSUDYD MH VWDOD JROGLQDUMHY RG WHJD QRVLOND YODaLONL VWURMQLFD L] RJLEDOL^aH ]DYLUDOQH QDSUDYH V WLUQLFDPL RJURGMD ]D YRGLOQD NROHVFD YODaLON VSRGQMD SRVWDMD JROGLQDUMHY ELYDOQD XWD LQ YR ]LaNL JROGLQDUMHY 3DQW]X SD VR RGREULOL QD JUDGR Y ]QHVNX JROGLQDUMHY $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,' %XEHUO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH VWU 0LWWHLOXQJHQ GHV NUDLQLVFK NÖVWHQO¾QGLVFKHQ )RUVW YHUHLQV VWU
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
1DaUW SRVDPH]QLK HOHPHQWRY CLaQLFH )RWRWHND 7HKQL^NHJD PX]HMD 6ORYHQLMH
6HaL^aH QD SODQRWL MH ELOR SDKOMDaDVWR SUHSOHWHQR V VSUDYLOQLPL QDSUDYDPL 3UL ]JRUQML SRVWDML VH MH NRQaDOD SUHSURVWD NLORPHWUVND WLUQD QDSUDYD NL MH SRQHNRG VORQHOD QD WXGL GR PHWURY YLVRNLK SRGSRUQLK RGULK RGYLVQR RG NRQILJXUDFLMH WHUHQD 1D WR RVUHGQMR WLUQR QDSUDYR VR SDKOMDaDVWR YH]DOL VHNXQGDUQR RPUHCMH VXKLK OHVHQLK GUa NL VR PDU VLNMH SUHPDJRYDOH YUWDaDVW WHUHQ V SRPRaMR GR PHWURY YLVRNLK QRVLOQLK GURJRY 2EUDWRYDOL VR ^WLUMH OHVHQL YR]LaNL NL VR LPHOL OH NRYLQVND NROHVD RVL OHCDMH LQ RNRYMH SRGREQR NRW SUL LGULMVNHP ODXIX QDMVWDUHM^L JR]GQL CHOH]QLFL QD 6ORYHQVNHP *R]GQL GHODYHF MH SRWLVNDO SUD]HQ YR]LaHN SUHG VH ERM QDY]JRU SR WUDVL SRQD JD QD ]JRUQML WRaNL QDORCLO ] PHWUVNLP OHVRP DOL YUHaDPL ] RJOMHP LQ JD VDPRWHCQR VSXVWLO QDY]GRO GR ]JRUQMH SRVWDMH CLaQLFH 2G QHNRa REUDWXMRaLK JR]GQLK CHOH]QLF V VNXSQR GROCLQR NLORPHWURY VWD ELOD LGULMVNL ODXI LQ SRQ QD .RPDUaL QDMSUHSURVWHM^D LQ QDM VWDUHM^D 7HUFLDUQR RPUHCMH VR WYRULOH VXKH ]HPHOMVNH GUaH SR NDWHULK VR YODaLOL KORGRYLQR ] CLYLQR DOL MR URaQR GUVDOL 9 YVHJD OHWQHP REUDWRYDOQHP RE GREMX MH CLaQLFD SUHSHOMDOD Y GROLQR RNROL WLVRa NXELaQLK PHWURY OHVD LQ QH]QDQR NROLaLQR RJOMD 2FHQMXMHPR GD VR Y /RSXaQL^NL GROLQL LQ GHOX .RPQH SRVHNDOL RG GR WLVRa NXELaQLK PHWURY %UDWH *R]GQH CHOH]QLFH QD 6ORYHQVNHP VWU 'RNXPHQWDFLMD JR]GDUVNHJD RGGHOND 7HKQL^NHJD PX]H MD 6ORYHQLMH $QWRQ >LYLF =JRGRYLQD YHUVNR]DNODGQLK JR]GRY WLSNRSLV VWU
EUXWR OHVQH PDVH 7DN^QR L]NRUL^aDQMH JR]GRY MH ^ROVNL SULPHU GHYDVWLUDQMD QDUDYQHJD RNROMD VDM VR FHORWQR GROLQR /RSXaQLFR VSUHPHQLOL Y HQR VDPR YHOLNR SRVHNR LQ MR SRVHMDOL ] RJOML^aL 3UL VHGPHP WULJODYVNHP MH]HUX NL VH LPHQXMH AUQR MH]HUR MH ELOD YHUMHWQR RE RJOML^aX WXGL YHaMD GHSRQLMD RJOMD QD NDU QDV ^H GDQHV RSR]DUMD SRYVHP aUQD SRYU ^LQVND SODVW SUVWL 3R RSUDYOMHQHP L]URSDQMX JR]GQLK VHVWRMHY VR QDSUDYR OHWD GHPRQWLUDOL 6WUR^NL GHPRQWDCH VR ]QD^DOL JROGLQDUMHY QDMYUHGQHM^L GHO QDSUD YH QRVLOQR YUY SD VR SUHQHVOL QD CLaQLFR Y 3RG NRULWR 7DNR VH MH L]WHNOR QHVSRUQR QDMWHPQHM^H SR JODYMH Y VWURNRYQL JR]GDUVNL ]JRGRYLQL %RKLQMD *R]GDUVND CLaQLFD QD *RUMX^H
2G YVHK SHWLK 3DQW]RYLK CLaQLF MH R WHM QDMPDQM SRGDWNRY =DSLVQLNL VHM XSUDYQHJD RGERUD .,' D SRWUMXMHMR GD MH RGERU VSUHMHO VNOHS R JUDGQML WH QDSUDYH OHWD 'LUHNWRU /XFNPDQQ MH XSUDY QHPX RGERUX SUHGODJDO JUDGQMR aHWUWH JR]GDUVNH JUDYLWDFLMVNH CLaQLFH ]DUDGL WUHK UD]ORJRY #LaQLFD EL RNUHSLOD CDJDUVNR GHMDYQRVW Y 6RWHVNL NDU EL SR FHQLOR SUHGHODYR OHVQH VXURYLQH ]D GUXCER 3R FHQLOL EL VH WUDQVSRUWQL VWUR^NL ]D OHV LQ RJOMH NL VR MLK VLFHU SUHYDCDOL V VDQPL LQ YR]RYL V 3RNOMXNH SURWL %OHGX = JUDGQMR CLaQLFH EL VH RGSUOD PRC $UKLY =DYRGD ]D JR]GRYH 6ORYHQLMH .UDMHYQD HQRWD %RKLQM *HGHQNEXFK IÃ&#x2013;U GHQ )RUVWZLUWVFKDIWVEH]LUN 5DG PDQQVGRUI
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
QRVW JRVSRGDUMHQMD ] JR]GRYL QD YHaMHP GHOX 3R NOMXNH *UDGLWL VR MR ]DaHOL ^HOH ^WLUL OHWD NDVQHMH GRJUDMHQD SD MH ELOD MDQXDUMD 3R GYHK CLa QLFDK QD -HORYLFR LQ HQL QD .RPDUaR VR VH RGORaLOL WXGL ]D LQWHQ]LYQHM^H L]NRUL^aDQMH 3RNOMXNH 3R NOMX^ND SODQRWD VLFHU PRaQHMH JUDYLWLUD Y GROLQR 5DGRYQH NL SD WHGDM ^H QL LPHOD LQIUDVWUXNWXUH NL EL RPRJRaDOD KLWUR SUHGHODYR OHVD #LaQLFD ] *RUMX^ Y 0RNUL ORJ Y 6RWHVNL MH ]DJRWDYOMDOD VNRUDM LGHQ WLaQH SRJRMH ]D SUHGHODYR OHVD NRW WLVWD Y %ODWQHP JUDEQX 6SRGQML SRVWDML REHK QDSUDY VWD ELOL Y 6RWHVNL SROGUXJL NLORPHWHU QDUD]HQ 3ROHJ VSUDYLOD OHVD LQ RJOMD MH QDSUDYD UDELOD WXGL ]D VSUDYLOR ^RWH V ^RWL^aD QD 5LE^LFL QD 3RNOMXNL >RWL^aH MH PHULOR KHNWDUMD ^RWD SD MH VHJDOD RG GR PHWUD JORERNR ,]NRUL^aDWL VR MR ]DaHOL OHWD SUHG YVHP ]D SRWUHEH SODYCD Y %RKLQMVNL %LVWULFL /HWD VR GRJUDGLOL WXGL YHOLNR CDJR )RUWXQD Y 5D GRYQL NL MH ] CLaQLFR *RUMX^H VWDOD FHOR SUHPR CHQMH VNXSDM JROGLQDUMHY 0HG VSRGQMR LQ ]JRUQMR SRVWDMR MH ELOR PHWUD VSRGQMHJD VHNWRUMD LQ ]JRUQMHJD PHWURY 3R^HYQD GROCLQD WUDVH MH PHULOD PHW URY Y VSRGQMHP GHOX LQ Y ]JRUQMHP PHW URY 1DNORQ QRVLOQH YUYL Y VSRGQMHP GHOX MH ELO VWRSLQM Y ]JRUQMHP SD &HORWQD QDSUDYD MH VWDOD GREULK JROGLQDUMHY 2E VNLFL CLaQLFH MH WXGL ]DSLV GD ODKNR CLaQLFD GHOXMH WXGL WDNR GD VH RE NLORJUDPVNHP WRYRUX NL SRWXMH QDY]GRO KNUDWL SUHYDCD QDY]JRU NLORJUDPVNL QD SULPHU SR WUHEQD CLWD ]D SUHELYDOFH *RUMX^ LQ .RSULYQLND =DSLVQLNX VHMH XSUDYQHJD RGERUD .,' D MH ELO GR GDQ NRW SULORJD SURMHNW CLaQLFH GR *RUMX^ YHQGDU JD Y XVWUH]QHP IDVFLNOX CDO QL ELOR 'RGDQD MH VNURPQD VNLFD NL SRQD]DUMD YL^LQVND LQ GROCLQVND UD]PHUMD QD WUDVL CLaQLFH =DNOMXaHN 3DQW]RYH VDPRWHCQH CLaQLFH VR SULaHOH REUDWR YDWL VRaDVQR ] GUXJLPL WRYUVWQLPL LQGXVWULMVNLPL QDSUDYDPL Y (YURSL R]LURPD Y ='$ 7R GHMVWYR XYU^aD VORYHQVNR LQGXVWULMVNR CLaQLaDUVWYR QD SRG URaMX L]UDEH VLOH WHCH RE ERN QDMQDSUHGQHM^LK LQ QDMEROM UD]YLWLK LQGXVWULMVNLK GHCHO WHGDQMHJD aDVD ,] SULVSHYND MH UD]YLGQR GD MH UXGDUVND CLaQLFD QD %HJXQM^aLFR SUHQHKDOD REUDWRYDWL Y ]DaHWNX VYH WRYQH YRMQH JR]GDUVND QD .RPDUaR OHWD QD *RUMX^H OHWD Y 3RGNRULWX LQ Y %ODWQHP $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,' $6 IRQG .,' IDVF *HVFK¾IWV XQG %HWULHEVEHULFKW IÖU GDV *HVFK¾IWVMDKU 0RKRULa 'YD WLVRa OHW CHOH]DUVWYD QD *RUHQMVNHP VWU $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,' $ *0 IRQG .,' IDVF =DSLVQLNL VHM XSUDYQHJD RGERUD .,'
JUDEQX OHWD 6OHGQMR MH 9ODGD 56 OHWD WXGL UD]JODVLOD ]D NXOWXUQL VSRPHQLN GUCDYQHJD SRPHQD VDM MH NRW WDND HGLQD RKUDQMHQD Y 6OR YHQLML LQ WXGL QD VYHWX 2 CLYOMHQMX LQ GHOX /DPEHUWD YRQ 3DQW]D GRVOHM QL YHOLNR ]DSLVDQHJD 9 VYRMLK GHOLK JD RG VOR YHQVNLK DYWRUMHY RPHQMDMR ]JRGRYLQDU ,YDQ 0R KRULa JR]GDUMD ,YDQ :HEHU LQ ,JRU 6PROHM WHU LQGXVWULMVNL DUKHRORJ 7DGHM %UDWH 1HVSRUQR MH ELO SUYL WHKQL^NL GLUHNWRU .UDQMVNH LQGXVWULMVNH GUXCEH QDM]DVOXCQHM^L ]D REVWDQHN SRGMHWMD Y NUL]QLK RVHPGHVHWLK OHWLK VWROHWMD %UH] QMHJRYLK LQR YDFLM QD SRGURaMX PHWDOXUJLMH LQ CLaQLaDUVWYD EL GUXCED CH GREUR GHVHWOHWMH SR XVWDQRYLWYL ]DQHV OMLYR SRGOHJOD KXGHPX NRQNXUHQaQHP ERMX QD VYHWRYQHP WUCL^aX 9,5, ,1 /,7(5$785$ $5+,96., 9,5,
$ *0 r $UKLY *RUQMHVDYVNHJD PX]HMD r IRQG .,' .UDQMVNH LQGXVWULMVNH GUXCEH
$6 r $UKLY 5HSXEOLNH 6ORYHQLMH r IRQG .,' IDVF
$UKLY ]DYRGD ]D JR]GRYH 6ORYHQLMH .UDMHYQD HQR WD %RKLQM r 3ODQ ÖEHU GLH SURMHNW $QODJH HLQHU 5ROOEDQ YRQ GHU 6WÖU]H GHU 3RGNRULWHU 'UDKWVHLEDKQ ELV ]XP 6DYDIOÖVV r *HGHQNEXFK IÖU GHQ )RUVWZLUWVFKDIWVEH]LUN 5DGPDQQVGRUI
'RNXPHQWDFLMD JR]GDUVNHJD RGGHOND 7HKQL^NHJD PX]HMD 6ORYHQLMH r $QWRQ >LYLF =JRGRYLQD YHUVNR]DNODGQLK JR]GRY WLSNRSLV /,7(5$785$
%XEHUO 0LFKDHO 'UDKWVHLOIÐUGHUXQJ LP IRUVWOLFKHQ %HWULHEH :LHQ %XFNQDOO - 6PLWK &DEOH RU URSH WUDFWLRQ /RQGRQ %UDWH 7DGHM *R]GQH CHOH]QLFH QD 6ORYHQVNHP /MXEOMDQD )DQNKDXVHU 'LH 'UDKWVHLOULHVHQ %HUQ )HVVHO +HLQULFK %HVFKUHLEXQJ GHV 0DQJDQHU] r %HUJEDXHV ]X 9LJXQVFD XQG GHVVHQ VFKZHEHQ GHU 6HLOSUHPVEHUJ =HLWVFKULIW GHV %HUJ XQG +ÖWWHQP¾QLVFKHQ 9HUHLQHV IÖU .¾UQWHQ .OD JHQIXUW 1U VWU *RXY\ $ 'LH /HJLUXQJHQ GHV (LVHQV r )HUUR PDQJDQ ,QWHUQDWLRQDOHU %HU XQG +ÖWWHQP¾Q QLVFKHU &RQJUHVV 3DULV 6WDKO XQG (LVHQ 'ÖVVHOGRUI 1U
9/$',0,5 9,/0$1 6$027(#1( #,A1,&( .5$1-6.( ,1'8675,-6.( '58#%(
.RVWQDSIHO $OHNVDQGHU 2SWLPL]DFLMD YOHaQLK LQ WUGR YSHWLK QRVLOQLK YUYL SUL CLaQLFDK GLVHU WDFLMD /MXEOMDQD 0RKRULa ,YDQ =JRGRYLQD CHOH]DUQH -HVHQLFH /MXEOMDQD YH]DQL WLSNRSLV 0RKRULa ,YDQ 'YD WLVRa OHW CHOH]DUVWYD QD *R UHQMVNHP /MXEOMDQD 0LWWHLOXQJHQ GHV NUDLQLVFK Nร VWHQOยพQGLVFKHQ )RUVWYHUHLQV /DLEDFK +HIW 0LWWHLOXQJHQ GHV NUDLQLVFK Nร VWHQOยพQGLVFKHQ )RUVW YHUHLQV /DLEDFK 0LWWHLOXQJHQ GHV NUDLQLVFK Nร VWHQOยพQGLVFKHQ )RUVW YHUHLQV /DLEDFK 3RXUFHO $ ยถEHU )HUURPDQJDQ r )DEULFDWLRQ LP +RFKRIHQ 6WDKO XQG (LVHQ 'ร VVHOGRUI 1U 6PROHM ,JRU #LaQLFD V .RPDUaH 3UHVHNL *ODVLOR *R]GQHJD JRVSRGDUVWYD %OHG ^W 6PROHM 6ODYNR #HOH]DUVNH -HVHQLFH 1RYD SURL] YRGQMD r 2E]RUQLN QDSUHGND Y WHKQLNL LQ JRV SRGDUVWYX /MXEOMDQD OHW 6WHSKDQ 3 'LH 'UDKWVHLOEDKQHQ 6FKZHEH EDKQHQ %HUOLQ 9HEHU ,YDQ *R]GRYL ERKLQMVNLK IXCLQDUMHY %OHG
= 8 6 $ 0 0 ( 1 ) $ 6 6 8 1 * 'LH *UDYLWDWLRQVVHLOEDKQHQ ,QGXVWULHJHVHOOVFKDIW
GHU
.UDLQHU
'HU HUVWH WHFKQLVFKH 'LUHNWRU GHU .UDLQHU ,QGXVWULHJHVHOOVFKDIW /DPEHUW YRQ 3DQW] OHLWHWH XQG VWHXHUWH GLH WHFKQRORJLVFKH 3URGXNWLRQ GHU (LVHQ ZHUNH LQ *RUHQMVND 2EHUNUDLQ ]ZLVFKHQ XQG ,P -DKUH JHODQJ HV LKP )HUURPDQJDQ LP +RFKRIHQ LQ -DYRUQLN ]X JHZLQQHQ VSยพWHU DXFK LP +RFKRIHQ LQ 6DYD ZDV HLQH VHQVDWLRQHOOH PHWDOOXUJLVFKH (QWGHFNXQJ EHGHXWHWH $XยนHU LQ GHU 0HWDOOXUJLH ]HLFKQHWH VLFK 3DQW] DXFK LP %HUHLFK GHU +\GURWHFKQLN XQG GHU *UDYLWDWLRQVVHLOEDKQHQ DXV ,P -DKUH VWHOOWH HU HLQH *UDYLWDWLRQV VHLOEDKQ KHU ]XP 7UDQVSRUW YRQ 0DQJDQHU] YRQ GHU %HJXQM^aLFD GDQQ QRFK YLHU )RUVWVHLOEDKQHQ LQ %RKLQM ]XU (LQEULQJXQJ YRQ /DQJKRO] XQG +RO] NRKOH YRQ GHU -HORYLFD QDFK 3RGNRULWR YRQ GHU -HORYLFD QDFK %ODWQL JUDEHQ LQ 6RWHVND VRZLH YRQ GHU .RPDUaD QDFK 8NDQF LP -DKUH YRQ *RUMX^H QDFK 0RNUL ORJ 'LH *UDYLWDWLRQV VHLOEDKQHQ YRQ 3DQW] HUPร JOLFKWHQ LP *HELHW YRQ *RUHQMVND HLQHQ VFKQHOOHQ TXDQWLWDWLY DXVUHLFKHQ GHQ YRU DOOHP DEHU ELOOLJHQ 7UDQVSRUW YRQ 5RK VWRIIHQ YRP +RFKJHELUJH LQV 7DO 'LH %HUJ ZHUNVEDKQ DXI GHU %HJXQM^aLFD VWHOOWH HLQ XQHU VHW]OLFKHV *OLHG LQ GHU 3URGXNWLRQVNHWWH GHV )HUUR PDQJDQ GDU GLHVHV HUIROJUHLFKHQ ([SRUWDUWLNHOV GHU .UDLQHU ,QGXVWULHJHVHOOVFKDIW )RUVWVHLOEDKQHQ HUPร JOLFKWHQ HLQH ZHVHQWOLFK JUร ยนHUH /LHIHUPHQJH YRQ +RO]NRKOH GHP QHEHQ GHU :DVVHUNUDIW ZLFKWLJVWHQ (QHUJLHWUยพJHU GHU VFKZDU]HQ 0H WDOOXUJLH YRQ *RUHQMVND DP (QGH GHV -DKU KXQGHUWV XQG WUXJHQ ]XU ,QWHQVLYLHUXQJ GHU +RO] ZLUWVFKDIW EHL