Piotr Sobanski Żołnierze Wyklęci kwestia dekomunizacji

Page 1

27 | 2020 '2, VNN V ±

3LRWU 6REDĔVNL

.:(67,$ 81,(:$Ä©1,$1,$ 35$:202&1<&+ 25=(&=(Ä“ 6Ä„'2:<&+ :<'$:$1<&+ :2%(& .6,ĉĩ< : 32/6&( : /$7$&+ ± 6WUHV]F]HQLH 7HPDWHP DUW\NXáX MHVW ]DJDGQLHQLH PRĪOLZRÄžFL XQLHZDĪQLDQLD SUDZRPRFQ\FK RU]HF]HÄ” VÄ…GRZ\FK Z\GDZDQ\FK ZREHF NVLÄŠĪ\ Z 3ROVFH Z ODWDFK ± 3R ,, ZRMQLH ÄžZLDWRZHM .RÄžFLyá 5]\PVNRNDWROLFNL E\á RELHNWHP SU]HÄžODGRZDÄ” NWyUH WUZDá\ GR NRÄ”FD ODW .VLÄŠĪD E\OL DUHV]WRZDQL RUD] SURZDG]RQR SU]HFLZNR QLP SRVWÄŠSRZDQLD NDUQH NWyUH NRÄ”F]\á\ VLÄŠ Z\GDQLHP Z\URNyZ VND]XMÄ…F\FK &]ÄŠVWR UHSUHVMH QDVWÄŠSRZDá\ QLH W\ONR ] SU]\F]\Q UHOLJLM Q\FK OHF] WDNĪH ]H Z]JOÄŠGX QD G]LDáDOQRÄžü RSR]\F\MQÄ… ZREHF yZF]HVQHJR XVWURMX 5HKDELOL WDFMÄŠ NVLÄŠĪ\ UHSUHVMRQRZDQ\FK Z ODWDFK ± XPRĪOLZLá\ UHJXODFMH XVWDZ\ ] OXWHJR URNX R X]QDQLX ]D QLHZDĪQH RU]HF]HÄ” Z\GDQ\FK ZREHF RVyE UHSUHVMRQRZDQ\FK ]D G]LD áDOQRÄžü QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR =JRGQLH ] DUW XVW XVWDZ\ X]QDMH VLÄŠ ]D QLHZDĪQH RU]HF]HQLD UR]VWU]\JDMÄ…FH R RGSRZLHG]LDOQRÄžFL NDUQRSUDZQHM ]D F]\Q\ ]ZLÄ… ]DQH ] G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáRÄžFL 3ROVNL RUD] RU]HF]HQLD Z\GDQH ] SRZRGX WDNLHM G]LDáDOQRÄžFL = XZDJL QD VNDOÄŠ UHSUHVML ZREHF NVLÄŠĪ\ Z ODWDFK ± SDPLÄŠü R SU]HÄžOD GRZDQ\FK NVLÄŠĪDFK RUD] SU]HZLG]LDQÄ… Z XVWDZLH PRĪOLZRÄžü X]\VNDQLD SRÄžPLHUWQHM UHKDEL OLWDFML ]DOHFDQH MHVW SRGMÄŠFLH NURNyZ PDMÄ…F\FK QD FHOX VWZLHUG]HQLH QLHZDĪQRÄžFL ZV]\VWNLFK RU]HF]HÄ” NWyUH E\á\ SU]HMDZHP UHSUHVMRQRZDQLD NVLÄŠĪ\ ]ZLÄ…]DQHJR ] G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáRÄžFL 6áRZD NOXF]RZH UHSUHVMH .RÄžFLyá NVLÄŠĪD RGV]NRGRZDQLD UHKDELOLWDFMD

'U 3LRWU 6REDÄ”VNL // 0 DGZRNDW GRNWRU QDXN SUDZQ\FK Z ]DNUHVLH SUDZD X]\VNDá W\WXá 0DJLVWHU /HJXP

Z 1LHPF]HFK DGLXQNW QD :\G]LDOH 3UDZD L $GPLQLVWUDFML 8QLZHUV\WHWX =LHORQRJyUVNLHJR .DWHGUD 3UDZD .RQ VW\WXF\MQHJR (XURSHMVNLHJR L 0LÄŠG]\QDURGRZHJR 3XEOLF]QHJR SURZDG]L LQG\ZLGXDOQÄ… .DQFHODULÄŠ $GZRNDFNÄ… Z =LHORQHM *yU]H 25&,' $GUHV GR NRUHVSRQGHQFML .DQFHODULD $GZRNDFND =LH ORQD *yUD SO 3RF]WRZ\ H PDLO SLRWU VREDQVNL#DGZRNDWXUD SO


3LRWU 6REDฤ VNL

$EVWUDFW

7+( ,668( 2) ,19$/,'$7,21 2) 81$33($/$%/( -8'*0(176 '(/,9(5(' $*$,167 35,(676 ,1 32/$1' %(7:((1 $1' 7KH SDSHU IRFXVHV RQ WKH LQYDOLGDWLRQ RI XQDSSHDVDEOH MXGJPHQWV GHOLYHUHG DJDLQVW SULHVWV LQ 3RODQG EHIRUH 7KH &DWKROLF &KXUFK ZDV UHSUHVVHG GXULQJ WKH FRPPXQLVW SHULRG DQG WKH SULHVWV ZHUH SHUVHFXWHG 7KH FRPPXQLVW FDPSDLJQ DJDLQVW UHOLJLRQ DWWHPSWHG WR DEROLVK UHOL JLRQ LQ 3RODQG 7KH &DWKROLF &KXUFK SURYLGHG UHVLVWDQFH DJDLQVW WKH WRWDOLWDULDQ UHJLPH DIWHU :RUOG :DU ,, 7KH SRLQW RI WKH SDSHUยถ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

:VWฤ S 3R ,, ZRMQLH ฤ ZLDWRZHM .Rฤ FLyรก 5]\PVNRNDWROLFNL RGHJUDรก Z 3ROVFH LVWRWQฤ UROฤ Z RSRU]H SU]HFLZNR NRPXQLVW\F]QHPX XVWURMRZL2 .Rฤ FLyรก VWDรก VLฤ RSDUFLHP GOD RE\ZDWHOL D UHOL JLD E\รกD MHGQฤ ] QLHZLHOX PRฤชOLZRฤ FL Z\UDฤชDQLD SU]H] 3RODNyZ QLH]JRG\ QD SRZRMHQQฤ U]HF]\ZLVWRฤ รผ .Rฤ FLyรก VSU]HFLZLDรก VLฤ ZรกDG]\ L SU]HEXGRZLH SROVNLHJR VSRรกHF]Hฤ VWZD QD PRGHO UDG]LHFNL - ฤฉDU\Q ZVND]XMH ฤชH QLH]PLHQQ\P FHOHP GRNWU\Q\ NRPXQLVW\F]QHM Dฤช GR URNX E\รกR Z\FKRZ\ZDQLH NROHMQ\FK SRNROHฤ 3RODNyZ Z\REFRZDQ\FK ] NDWR OLF\]PX L QDURGRZHM WUDG\FML .Rฤ FLyรก GR ODW IXQNFMRQRZDรก MDNR MHG\QD LQVW\WXFMD DXWRQRPLF]QD ZREHF ZรกDG]\ SDฤ VWZRZHM D W\P VDP\P MDNR MHG\QD VWUXNWXUD RSRUX ZREHF ZรกDG]\ ']LDรกDOQRฤ รผ 'DULXV] ฤ PLHU]FKDOVNL :DFKRF] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ W =LHORQD *yUD 2ยฟF\QD :\GDZQLF]D 8QLZHU V\WHWX =LHORQRJyUVNLHJR $QGU]HM $QXV] .Rฤ FLyรก RE\ZDWHOVNL )RUPRZDQLH VSRรกHF]Hฤ VWZD RE\ZDWHOVNLHJR Z 35/ Z RNUHVLH SRZVWDZDQLD QLH]DOHฤชQ\FK LQVW\WXFML SROLW\F]Q\FK ยฑ :DUV]DZD $NFHV -DQ ฤฉDU\Q ร 3U\PDV :\V]\ฤ VNL Z SHUVSHNW\ZLH ]PDJDฤ R QLHSRGOHJรกRฤ รผยด %LXOHW\Q ,QVW\WXWX 3DPLฤ FL 1DURGRZHM -DQ ฤฉDU\Q ร .Rฤ FLyรก NDWROLFNL D ยซ6ROLGDUQRฤ รผยป Z ODWDFK ยฑ ยด %LXOHW\Q ,QVW\WXWX 3DPLฤ FL 1DURGRZHM ยฑ 2


.:(67,$ 81,(:$ฤฉ1,$1,$ 35$:202&1<&+ 25=(&=(ฤ 6ฤ '2:<&+ยซ

RSR]\F\MQD .Rฤ FLRรกD VSRW\NDรกD VLฤ ] RGZHWHP ]H VWURQ\ DSDUDWX SDฤ VWZRZHJR : DUW\ NXOH ]RVWDQฤ SU]\EOLฤชRQH SU]HMDZ\ UHSUHVML VNLHURZDQH ]DUyZQR ZREHF .Rฤ FLRรกD MDN L SRV]F]HJyOQ\FK NVLฤ ฤช\ NWyU]\ DNW\ZQLH ZVSLHUDOL DQW\NRPXQLVW\F]QH SRG]LHPLH OXE Z LQQ\ VSRVyE Z\ND]\ZDOL VSU]HFLZ ZREHF UHฤชLPX 3U]\SDGNL DUHV]WRZDฤ NVLฤ ฤช\ RUD] VND]\ZDQLD LFK Z\URNDPL QDND]XMฤ SU]\MU]Hรผ VLฤ PRฤชOLZRฤ FL LFK ]UHKDELOLWRZDQLD Z W\P DQXORZDQLD Z\GDQ\FK RU]HF]Hฤ : W\P FHOX Z RVREQ\P SXQNFLH DUW\NXรกX ]RVWD QLH SU]HDQDOL]RZDQ\ SRFKRG]ฤ F\ ] URNX DNW SUDZQ\ NWyU\ Z RNUHฤ ORQ\P ]DNUHVLH XPRฤชOLZLD X]QDQLH ]D QLHZDฤชQH Z\URNyZ Z\GDQ\FK GR URNX

5HSUHVMH SR ,, ZRMQLH ฤ ZLDWRZHM ZREHF NVLฤ ฤช\ L .Rฤ FLRรกD 5]\PVNRNDWROLFNLHJR :รกDG]D NRPXQLVW\F]QD ]GHF\GRZDQLH SUyERZDรกD ]รกDPDรผ RSyU GXFKRZLHฤ VWZD . 0DGHM ]DXZDฤชD ฤชH Z RNUHVLH PLฤ G]\ UR]ELFLHP QLHSRGOHJรกRฤ FLRZHJR SRG]LHPLD Z GUXJLHM SRรกR ZLH ODW D SRZVWDQLHP RUJDQL]DFML RSR]\F\MQ\FK Z GUXJLHM SRรกRZLH ODW ZรกDG]D WUDNWR ZDรกD .Rฤ FLyรก MDNR QDMZLฤ NV]HJR SU]HFLZQLND LGHRORJLF]QHJR L SROLW\F]QHJR7 : -HPLHOLW\ Z\RGUฤ EQLD QDVWฤ SXMฤ FH ID]\ SROLW\NL SDฤ VWZRZHM Z RGQLHVLHQLX GR .Rฤ FLRรกD F]DV SRZR MHQQ\ RNUHV VWDOLQRZVNL RNUHV SR URNX ODWD .ZHVWLDPL Z\]QDQLRZ\PL Z SRZRMHQQHM 3ROVFH ]DMPRZDรก\ VLฤ SDUWLD NRPXQLVW\F]QD ZรกDG]D DGPLQLVWUDF\MQD L DSDUDW EH]SLHF]Hฤ VWZD ,VWQLHMฤ FD Z ODWDFK ยฑ 335 XVLรกRZDรกD GRSURZDG]Lรผ GR DWHL]DFML VSRรกHF]Hฤ VWZD SROVNLHJR 0LPR GHNODURZDQHM SU]H] 335 ZURJRฤ FL ZREHF .Rฤ FLRรกD Z SLHUZV]\FK ODWDFK SR ZRMQLH GRFKRG]LรกR MHG\ QLH VSRUDG\F]QLH GR RWZDUW\FK DWDNyZ QD .Rฤ FLyรก 3U]HG Z\ERUDPL Z URNX GR 6HMPX XVWDZRGDZF]HJR NRPXQLฤ FL QLH SRGHMPRZDOL RIHQV\Z\ SU]HFLZNR .Rฤ FLRรกRZL 3R Z\ERUDFK NWyUH RGE\รก\ VLฤ VW\F]QLD URNX QDVWฤ SLรก ]H VWURQ\ NRPXQLVWyZ Z]URVW ]DLQWHUHVRZDQLD .Rฤ FLRรกHP Eฤ Gฤ F\P RVWDWQLP EDVWLRQHP OHJDOQHM RSR]\FML

$GDP 6]RW ร 5RN ยฑ F]DV SRUR]XPLHQLD F]\ SU]HรกRPX" = G]LHMyZ .Rฤ FLRรกD QD %LDรกRVWRFF]\ฤจQLHยด 6WXGLD 7

7HRORJLF]QH .U]\V]WRI 0DGHM ร 2SR]\FMD Z 35/ ยฑ 6WDQ EDGDฤ ยด 3DPLฤ รผ L 6SUDZLHGOLZRฤ รผ :LWROG -HPLHOLW\ ร %XGRZQLFWZR VDNUDOQH L NRฤ FLHOQH Z GLHFH]ML รกRPฤช\ฤ VNLHM Z ODWDFK ยฑ ยด 6WXGLD 7HRORJLF]QH ฤ PLHU]FKDOVNL :DFKRF] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ W 'DQLHO .RWHOXN ร =DELHJL GXFKRZLHฤ VWZD RUD] ZLHUQ\FK .Rฤ FLRรกD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL Z 6]NROH 3RGVWDZRZHM Z &]HUZLHฤ VNX RG GR URNXยด Z : VรกXฤชELH ZรกDG]\ F]\ VSRรกHF]Hฤ VWZD" :\EUDQH SUREOHP\ NXOWXU\ L QDXNL QD ฤ URGNRZ\P 1DGRGU]X Z ODWDFK ยฑ UHG 3U]HP\VรกDZ %DUWNRZLDN 'DZLG .RWODUHN =LHORQD *yUD 3UR /LEULV -XOLXV] 6LNRUVNL ร :รกDG]D D .Rฤ FLyรก QD =LHPL /XEXVNLHM Z ODWDFK ยฑ ยด 5RF]QLN /XEXVNL -HPLHOLW\ ร %XGRZQLFWZR VDNUDOQH L NRฤ FLHOQH Z GLHFH]ML รกRPฤช\ฤ VNLHM Z ODWDFK ยฑ ยด ฤ PLHU]FKDOVNL :DFKRF] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ W


3LRWU 6REDฤ VNL

335 L 336 Z JUXGQLX URNX SRรกฤ F]\รก\ VLฤ Z MHGHQ RUJDQL]P SDUW\MQ\ ยฑ 3=35 3=35 Gฤ ฤช\รกD GR DWHL]DFML 3RODNyZ NRQW\QXXMฤ F OLQLฤ SROLW\F]Qฤ 335 -DNR SU]\NรกDG WHJR URG]DMX G]LDรกDฤ PRฤชQD ZVND]Dรผ RJUDQLF]DQLH XG]LDรกX ZLHUQ\FK Z XURF]\VWRฤ FLDFK UHOLJLMQ\FK (IHNWHP PLDรกD E\รผ RVWDWHF]QD HOLPLQDFMD .Rฤ FLRรกD ] ฤช\FLD QDURGX SRO VNLHJR ' ฤ PLHU]FKDOVNL :DFKRF] SRGNUHฤ OD ฤชH ZรกDG]D ]DPLHU]DรกD RVLฤ JQฤ รผ DWHL]DFMฤ L ODLF\]DFMฤ SRSU]H] ]PLDQฤ SU]HSLVyZ SUDZD OLNZLGDFMฤ LQVW\WXFML VWRZDU]\V]Hฤ L RGH EUDQLH GyEU NRฤ FLHOQ\FK Dฤช SR ]DSODQRZDQH G]LDรกDQLD ZREHF NVLฤ ฤช\ NZLHWQLD URNX ZHV]รกD Z ฤช\FLH XVWDZD ] NZLHWQLD URNX R ]PLDQLH RUJDQL]DFML QDF]HOQ\FK ZรกDG] SDฤ VWZRZ\FK Z ]DNUHVLH JRVSRGDUNL NRPXQDOQHM L DGPLQL VWUDFML SXEOLF]QHM 1D SRGVWDZLH DUW XVW XVWDZ\ ]RVWDรก XWZRU]RQ\ 8U]ฤ G GR 6SUDZ :\]QDฤ SRGOHJรก\ 3UH]HVRZL 5DG\ 0LQLVWUyZ 8U]ฤ G ]DMPRZDรก VLฤ SU]\JRWRZ\ZDQLHP L ZSURZDG]DQLHP Z ฤช\FLH UHSUHVML VNLHURZDQ\FK ZREHF .Rฤ FLRรกD20 3U]HGPLRWHP MHJR ]DLQWHUHVRZDQLD E\รกD WDNฤชH SROLW\ND SHUVRQDOQD .Rฤ FLRรกD 0LPR SRGSRU]ฤ GNRZDQLD XU]ฤ GX 5DG]LH 0LQLVWUyZ RWU]\P\ZDรก RQ EH]SRฤ UHGQLH SROHFHQLD ]H VWURQ\ %LXUD 3ROL W\F]QHJR .RPLWHWX &HQWUDOQHJR 3=35 L DSDUDWX EH]SLHF]Hฤ VWZD22 ,VWQLHMฤ F\ GR URNX XU]ฤ G SU]HMฤ รก NRQWUROฤ QDG ฤช\FLHP L G]LDรกDOQRฤ FLฤ .Rฤ FLRรกD 5HSUHVMRQRZDQLHP NVLฤ ฤช\ ]DMPRZDรก VLฤ DSDUDW EH]SLHF]Hฤ VWZD NWyU\ EH]SRฤ UHG QLR SR XWZRU]HQLX ]QDMGRZDรก VLฤ SRG ฤ FLVรก\P QDG]RUHP UDG]LHFNLFK VรกXฤชE VSHFMDOQ\FK D MHJR VWUXNWXU\ E\รก\ SRZLฤ ]DQH ] 1.:' ,VWQLHMฤ FH Z ODWDFK ยฑ 0LQLVWHU VWZR %H]SLHF]Hฤ VWZD 3XEOLF]QHJR NLHURZDQH SU]H] 6 5DGNLHZLF]D SR]RVWDZDรกR Z SHรก QHM ]DOHฤชQRฤ FL RG =655 : RFHQLH - ฤฉXUND V]F]HJyรกRZH UR]SUDFRZ\ZDQLH LQVW\WXFML

3DZHรก 7DUNRZVNL ร 'URJD NX ]MHGQRF]HQLX 335 L 336 Z SRZLHFLH ELDOVNLP Z ODWDFK ยฑ ยด GRVWฤ S

KWWS NRPXQL]P QHW SO ZS FRQWHQW XSORDGV B37 SGI

.RWHOXN ร =DELHJL GXFKRZLHฤ VWZD RUD] ZLHUQ\FK .Rฤ FLRรกD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL

Z 6]NROH 3RGVWDZRZHM Z &]HUZLHฤ VNX RG GR URNXยด 6LNRUVNL ร :รกDG]D D .Rฤ FLyรก QD =LHPL /XEXVNLHM Z ODWDFK ยฑ ยด .RWHOXN ร =DELHJL GXFKRZLHฤ VWZD RUD] ZLHUQ\FK .Rฤ FLRรกD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL Z 6]NROH 3RGVWDZRZHM Z &]HUZLHฤ VNX RG GR URNXยด 'DULXV] ฤ PLHU]FKDOVNL :DFKRF] ร 2EURฤ FD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ยฑ .V .D]LPLHU] 0LFKDOVNL ยฑ ยด GRVWฤ S KWWS PWURMQDU U]HV]RZ RSRND RUJ SO NVLH]DBQLH]ORPQL ND]LPLHU]BPLFKDOVNL '] 8 ] NZLHWQLD U QU SR] 20 0LFKDรก .UDZF]\N ร ']LDรกDOQRฤ รผ 8U]ฤ GX GR 6SUDZ :\]QDฤ Z ]DNUHVLH WZRU]HQLD L REVDG\ VWDQRZLVN NRฤ FLHOQ\FKยด =HV]\W\ 1DXNRZH 8QLZHUV\WHWX 3U]\URGQLF]R +XPDQLVW\F]QHJR Z 6LHGOFDFK 6HULD $GPLQLVWUDFMD L =DU]ฤ G]DQLH 'DULXV] 0D]XUNLHZLF] ']LDรกDQLD :\G]LDรกX GR 6SUDZ :\]QDฤ Z =LHORQHM *yU]H ZREHF .Rฤ FLRรกD JRU]RZVNLHJR Z ODWDFK ยฑ 6WXGLXP SUDZQR KLVWRU\F]QH /XEOLQ 22 ฤ PLHU]FKDOVNL :DFKRF] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ W -HPLHOLW\ ร %XGRZQLFWZR VDNUDOQH L NRฤ FLHOQH Z GLHFH]ML รกRPฤช\ฤ VNLHM Z ODWDFK ยฑ ยด 6รกDZRPLU 3ROHV]DN ร ยฉ3RPRFยช VRZLHFND SU]\ WZRU]HQLX NRPXQLVW\F]QHJR DSDUDWX EH]SLHF]Hฤ VWZD Z 3ROVFHยด GRVWฤ S KWWS ZZZ S]K LKSW SO ]HV]\W\ S]KB 3ROHV]DN SGI .DPLOD &KXUVND 7DGHXV] *UDE $OLFMD 3DF]RVND +DXNH :DOGHPDU 3WDN 7RPDV] 5DEDQW 0DUHN 6]\PDQLDN ร 7ZDU]H EH]SLHNL ยฑ 2EVDGD VWDQRZLVN NLHURZQLF]\FK 8U]ฤ GX %H]SLHF]Hฤ VWZD L 6รกXฤชE\ %H]SLHF]Hฤ VWZD Z ZRMHZyG]WZDFK SRPRUVNLP E\GJRVNLP WRUXฤ VNLP L ZรกRFรกDZVNLP ,QIRUPDWRU SHUVRQDOQ\ยด GRVWฤ S KWWS LSQ JRY SO BBGDWD DVVHWV SGIBยฟOH SGI


.:(67,$ 81,(:$ฤฉ1,$1,$ 35$:202&1<&+ 25=(&=(ฤ 6ฤ '2:<&+ยซ

NRฤ FLHOQ\FK SU]H] DSDUDW SRGOHJรก\ 0%3 UR]SRF]ฤ รกR VLฤ Z URNX 5 =DUDGQ\ ZVND ]XMH ฤชH PLQLVWHU 6 5DGNLHZLF] SDฤจG]LHUQLND URNX QD RGSUDZLH IXQNFMRQDULXV]\ 8% RNUHฤ OLรก .Rฤ FLyรก MDNR QDMVLOQLHMV]HJR L QDMEDUG]LHM ]RUJDQL]RZDQHJR ZURJD ] NWyU\P QDOHฤช\ VLฤ MDN QDMV]\EFLHM ]PLHU]\รผ27 3ROLW\ND UHSUHV\MQD ZREHF NVLฤ ฤช\ RSLHUDรกD VLฤ QD LFK LQZLJLODFML )XQNFMRQDULXV]H DSDUDWX EH]SLHF]Hฤ VWZD SU]HSURZDG]DOL UR]PRZ\ XU]ฤ GRZH ] NVLฤ ฤชPL FHOHP X]\VNLZD QLD LQIRUPDFML R IXQNFMRQRZDQLX .Rฤ FLRรกD L G]LDรกDOQRฤ FL GXFKRZQ\FK 1D SRF]ฤ WNX ODW QDVWฤ SLรก\ PDVRZH DUHV]WRZDQLD NVLฤ ฤช\ - .RSLHF SRGDMH ฤชH SRG NRQLHF URNX Z ZLฤ ]LHQLDFK SU]HE\ZDรกR RNRรกR NVLฤ ฤช\ RVNDUฤชRQ\FK R G]LDรกDOQRฤ รผ DQW\SDฤ VWZRZฤ $ 'XGHN L 5 *U\] ZVND]XMฤ ฤชH Z VDPHM W\ONR SRรกRZLH URNX IXQNFMRQDULXV]H 8% GRNRQDOL DUHV]WRZDฤ NVLฤ ฤช\ :H ZU]Hฤ QLX URNX DUHV] WRZDQR SU\PDVD 6WHIDQD :\V]\ฤ VNLHJR .VLฤ ฤชD E\OL GRWNQLฤ FL DUHV]WRZDQLDPL WDNฤชH Z NROHMQ\FK GHNDGDFK 3RZRMHQQH UHSUHVMH GRW\NDรก\ UyZQLHฤช NVLฤ ฤช\ QD =LHPLDFK 2G]\ VNDQ\FK JG]LH .Rฤ FLyรก PLDรก ]QDF]Q\ ZSรก\Z SR ZRMQLH QD SURFHV LQWHJUDFML VSRรกHF]QHM .V .D]LPLHU] 0LFKDOVNL NWyU\ ]RVWDรก SDฤจG]LHUQLND URNX SURERV]F]HP SDUDยฟL SRG ZH]ZDQLHP ฤ Z -DGZLJL Z =LHORQHM *yU]H VWDรก VLฤ JรกyZQ\P FHOHP DWDNyZ SU]HG VWDZLFLHOL ORNDOQHM ZรกDG]\ QD .Rฤ FLyรก .V 0LFKDOVNL QLH XNU\ZDรก VZRMHJR QHJDW\Z QHJR VWRVXQNX GR NRPXQL]PX 2UJDQL]RZDรก Z 'RPX .DWROLFNLP Z =LHORQHM *yU]H RGF]\W\ VNLHURZDQH SU]HFLZNR yZF]HVQHM SROLW\FH : OLVWRSDG]LH URNX ZรกDG]H X]QDรก\ FDรกRNV]WDรกW G]LDรกDOQRฤ FL NVLฤ G]D ]D DQW\VSRรกHF]Q\ L V]NRGOLZ\ GOD QDURGX SRO

-DFHN ฤฉXUHN ร $SDUDW EH]SLHF]Hฤ VWZD ZREHF .Rฤ FLRรกD NDWROLFNLHJR Z 3ROVFH :\EUDQH VWUXNWXU\ ยฑ ยด

$SDUDW 5HSUHVML Z 3ROVFH /XGRZHM ยฑ

27 5\V]DUG =DUDGQ\ :รกDG]D L VSRรกHF]QRฤ รผ =LHORQHM *yU\ Z ODWDFK ยฑ =LHORQD *yUD 2ยฟF\QD :\GDZQLF]D

8QLZHUV\WHWX =LHORQRJyUVNLHJR $GDP 6]\PDQRZVNL 3ROLW\ND ZรกDG] NRPXQLVW\F]Q\FK ZREHF .Rฤ FLRรกD U]\PVNRNDWROLFNLHJR QD 'ROQ\P ฤ Oฤ VNX Z ODWDFK ยฑ :URFรกDZ 'ROQRฤ Oฤ VND %LEOLRWHND &\IURZD ฤฉXUHN ร $SDUDW EH]SLHF]Hฤ VWZD ZREHF .Rฤ FLRรกD NDWROLFNLHJR Z 3ROVFH :\EUDQH VWUXNWXU\ ยฑ ยด ฤ PLHU]FKDOVNL :DFKRF] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ W -DQ .RSLHF ร 5HODFMH SDฤ VWZR .Rฤ FLyรก Z 3ROVFH Z ODWDFK ยฑ ยด Z 'URJD GR VWDELOL]DFML DGPLQLVWUDFML NRฤ FLHOQHM QD =LHPLDFK =DFKRGQLFK L 3yรกQRFQ\FK SR ,, ZRMQLH ฤ ZLDWRZHM : URF]QLFฤ NRQVW\WXFML DSRVWROVNLHM 3DZรกD 9, ร (SLVFRSRUXP 3RORQLDH FRHWXVยด UHG :RMFLHFK .XFKDUVNL :URFรกDZ 2ฤ URGHN ร 3DPLฤ รผ L 3U]\V]รกRฤ รผยด $QWRQL 'XGHN 5\V]DUG *U\] .RPXQLฤ FL L .Rฤ FLyรก Z 3ROVFH ยฑ .UDNyZ =QDN -HPLHOLW\ ร %XGRZQLFWZR VDNUDOQH L NRฤ FLHOQH Z GLHFH]ML รกRPฤช\ฤ VNLHM Z ODWDFK ยฑ ยด 6]\PDQRZVNL 3ROLW\ND ZรกDG] NRPXQLVW\F]Q\FK ZREHF .Rฤ FLRรกD U]\PVNRNDWROLFNLHJR QD 'ROQ\P ฤ Oฤ VNX Z ODWDFK ยฑ 6LNRUVNL ร :รกDG]D D .Rฤ FLyรก QD =LHPL /XEXVNLHM Z ODWDFK ยฑ ยด =DUDGQ\ :รกDG]D L VSRรกHF]QRฤ รผ =LHORQHM *yU\ Z ODWDFK ยฑ 7DGHXV] ']ZRQNRZVNL 3RZLDW ]LHORQRJyUVNL Z ODWDFK ยฑ =DU\V G]LHMyZ SROLW\F]Q\FK :DUV]DZD 2ยฟF\ QD :\GDZQLFWZ 3URPRF\MQ\FK ร &LYLWDV &KULVWLDQDยด =DUDGQ\ :รกDG]D L VSRรกHF]QRฤ รผ =LHORQHM *yU\ Z ODWDFK ยฑ


3LRWU 6REDĔVNL

VNLHJR OXWHJR URNX NV 0LFKDOVNL ]RVWDá DUHV]WRZDQ\ L SU]HWUDQVSRUWRZDQ\ GR ZLĊ]LHQLD Z 3R]QDQLX Z NWyU\P SU]HE\ZDá GR NZLHWQLD URNX 1D XZDJĊ ]DVáXJXMą NROHMH ORVX NV ,JQDFHJR =RQLD NWyU\ SRGF]DV RNXSDFML QLHPLHF NLHM E\á NDSHODQHP $UPLL .UDMRZHM 3R UR]ELFLX RGG]LDáX $. SU]H] 1LHPFyZ NV =RĔ GR NRĔFD ,, ZRMQ\ ĞZLDWRZHM XNU\ZDá VLĊ Z 3RGMDEáRĔFX 1D SRF]ąWNX URNX ]RVWDá F]áRQNLHP RUJDQL]DFML :ROQRĞü L 1LH]DZLVáRĞü SR ZRMQLH SRGMąá LQLFMDW\ZĊ ]RUJDQL ]RZDQLD Z SRZLHFLH OLPDQRZVNLP VWUXNWXU :L1 : URNX WUD¿á GR &]HUZLHĔVND JG]LH ]RVWDá SLHUZV]\P SURERV]F]HP .V =RĔ QD VNXWHN QLHXJLĊWHM SRVWDZ\ DQW\NRPX QLVW\F]QHM ]RVWDá QHJDW\ZQLH RFHQLRQ\ SU]H] ]LHORQRJyUVNLH ZáDG]H MXĪ Z URNX 38%3 Z /LPDQRZHM XVWDOLá PLHMVFH MHJR SRE\WX .VLąG] ]RVWDá DUHV]WRZDQ\ Z WUDNFLH VWRVRZDQLD DUHV]WX SRGGDZDQ\ WRUWXURP SR F]\P VND]DQ\ Z\URNLHP :65 Z =LHORQHM *yU]H ] PDUFD URNX QD NDUĊ ODW SR]EDZLHQLD ZROQRĞFL L XWUDWĊ SUDZ SXEOLF]Q\FK QD RNUHV URNX 3RZ\ĪV]H SU]\NáDG\ ĞZLDGF]ą R UHSUHVMDFK SDĔVWZRZ\FK ZREHF NVLĊĪ\ Z ODWDFK L QD =LHPLDFK 2G]\VNDQ\FK 3U]HGPLRWHP ]DLQWHUHVRZDQLD ZáDG]\ NRPXQLVW\F]QHM E\OL WDNĪH LQQL NVLĊĪD NWyU]\ VSUDZRZDOL SRVáXJĊ Z RNROLFDFK =LHORQHM *yU\ P LQ NV 3LRWU -DQLN NV 0LFKDá 6XOLJD NV 6WDQLVáDZ &KDELQ L NV :áDG\VáDZ 7HUOLNRZVNL .V 3LRWU -DQLN RWU]\PDá OLSFD URNX ] ZURFáDZVNLHM NXULL MXU\VG\NFMĊ QD WHUHQLH ĝZLHERG]LQD :VSyáSUDFRZDá ] :L1 QD WHUHQLH SRZLDWX ĞZLHERG]LĔVNLHJR 2NROLF] QRĞü WD ]RVWDáD SRWZLHUG]RQD UDSRUWDPL *áyZQHJR =DU]ąGX ,QIRUPDFML :RMVNRZHM ] URNX .V 0LFKDá 6XOLJD SHáQLá IXQNFMĊ SURERV]F]D 3DUD¿L 5]\PVNRNDWROLFNLHM SZ ĞZ -y]HID Z =DERU]H RG ZU]HĞQLD URNX 38%3 Z -HOHQLHM *yU]H DUHV]WRZDá JR L RVNDUĪ\á ĝPLHU]FKDOVNL :DFKRF] Ä2EURĔFD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ± .V .D]LPLHU] 0LFKDOVNL ±

´

.RWHOXN Ä=DELHJL GXFKRZLHĔVWZD RUD] ZLHUQ\FK .RĞFLRáD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL

Z 6]NROH 3RGVWDZRZHM Z &]HUZLHĔVNX RG GR URNX´

0DULD -D]RZQLN /HV]HN -D]RZQLN .U]\V]WRI :RáF]\ĔVNL = *QLáRZyG GR àĊĪ\F\ =LHORQD *yUD .VLĊJDUQLD $ND

GHPLFND ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEXVNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W .RWHOXN Ä=DELHJL GXFKRZLHĔVWZD RUD] ZLHUQ\FK .RĞFLRáD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL Z 6]NROH 3RGVWDZRZHM Z &]HUZLHĔVNX RG GR URNX´ -D]RZQLN -D]RZQLN :RáF]\ĔVNL = *QLáRZyG GR àĊĪ\F\ .RWHOXN Ä=DELHJL GXFKRZLHĔVWZD RUD] ZLHUQ\FK .RĞFLRáD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL Z 6]NROH 3RGVWDZRZHM Z &]HUZLHĔVNX RG GR URNX´ .DPLO .UDVRZVNL Ä.V ,JQDF\ =RĔ ± NDSáDQ QLH]áRPQ\´ GRVWĊS KWWS ZZZ QLHG]LHOD SO DUW\ NXO QG .V ,JQDF\ =RQ NDSODQ QLH]ORPQ\ ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEXVNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W :DOGHPDU :DFKRZVNL ÄĝZLHERG]LQ ± ĩ\FLH UHOLJLMQH´ GRVWĊS KWWS ZZZ VFKZLHEXV SO DUWLFOHV SKS"LG ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEXVNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W Ä3DUD¿D 5]\PVNRNDWROLFND SZ ĞZ -y]HID Z =DERU]H´ GRVWĊS KWWS ZZZ SDUD¿D]DERU SO


.:(67,$ 81,(:$ĩ1,$1,$ 35$:202&1<&+ 25=(&=(ē 6Ą'2:<&+«

R LQVSLURZDQLH G]LDáDOQRĞFL QLHSRGOHJáRĞFLRZHM .V 6XOLJD ]RVWDá ]ZROQLRQ\ QD PRF\ DPQHVWLL ] URNX 3URERV]F] 3DUD¿L SZ ĞZ -HU]HJR Z 0LURFLQLH *yUQ\P NV 6WDQLVáDZ &KDELQ GDZDá Z\UD] QHJDW\ZQHJR QDVWDZLHQLD GR V\VWHPX NRPXQLVW\F]QHJR L SRUXV]Dá SRGF]DV ND]DĔ NZHVWLH SROLW\F]QH VNXWNLHP F]HJR E\á Z]\ZDQ\ QD SU]HVáXFKDQLD =DQLP SU]\MHFKDá QD =LHPLH 2G]\VNDQH VSUDZRZDá SRVáXJĊ Z 3RGZ\VRNLHP SRáRĪRQ\P Z SRZLHFLH EU]HĪDĔVNLP 5yZQLHĪ ND]DQLD NV :áDG\VáDZD 7HUOLNRZVNLHJR E\á\ SU]HGPLRWHP ]DLQWHUHVRZDQLD DSDUDWX EH]SLHF]HĔVWZD .V 7HUOLNRZVNL E\á SURERV]F]HP SDUD¿L Z ĝZLGQLF\ Z ODWDFK ± 1D SRF]ąWNX URNX SRMDZLá\ VLĊ SLHUZV]H ]DSRZLHG]L ]EOLĪDMąFHM VLĊ RGZLOĪ\ SROLW\F]QHM 3U]HáRP SROLW\F]Q\ UR]SRF]ąá VLĊ Z 3ROVFH Z PDUFX URNX ĝPLHUü , 6HNUHWDU]D .& 3=35 % %LHUXWD PDUFD URNX SU]\F]\QLáD VLĊ GR ]PLDQ SROLW\F] Q\FK 5HSUHVMH NWyUH VSRW\NDá\ .RĞFLyá XOHJá\ ZyZF]DV RVáDELHQLX SDĨG]LHUQLND URNX Z\SXV]F]RQR QD ZROQRĞü NV NDUG\QDáD 6 :\V]\ĔVNLHJR DUHV]WRZDQHJR ZH ZU]HĞQLX URNX = DUHV]WX ]ZROQLRQR WDNĪH LQQ\FK NVLĊĪ\ 2NUHV W]Z RGZLOĪ\ QLH WUZDá GáXJR =PLDQD HNLS\ SDUW\MQR U]ąGRZHM Z SDĨG]LHUQLNX URNX GRSURZDG]LáD MHG\QLH GR ]PLDQ\ VSRVREX ZDONL ] .RĞFLRáHP -XĪ Z QDVWĊS Q\P URNX ZáDG]H SRQRZQLH VNXSLá\ XZDJĊ QD .RĞFLHOH ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEX-

VNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W

.U]\V]WRI 6]ZDJU]\N :LQQL" ± QLHZLQQL" 'ROQRĞOąVNLH SRG]LHPLH QLHSRGOHJáRĞFLRZH ± Z ĞZLHWOH GR

NXPHQWyZ VąGRZ\FK :URFáDZ %LEOLRWHND 6HMPRZD 6]ZDJU]\N :LQQL" ± QLHZLQQL" 'ROQRĞOąVNLH SRG]LHPLH QLHSRGOHJáRĞFLRZH ± Z ĞZLHWOH GRNXPHQWyZ VąGRZ\FK -y]HI :RáF]DĔVNL (NVWHUPLQDFMD QDURGX SROVNLHJR L .RĞFLRáD 5]\PVNRNDWROLFNLHJR SU]H] XNUDLĔVNLFK QDFMRQDOLVWyZ Z 0DáRSROVFH :VFKRGQLHM Z ODWDFK ± PDWHULDá\ ĨUyGáRZH F] .UDNyZ :\GDZQLFWZR %á -DNX ED 6WU]HPLĊ $UFKLGLHFH]ML /ZRZVNLHM 2E àDF ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEXVNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W Ä3DUD¿D 1DMĞZLĊWV]HM 7UyMF\ Z =LHORQHM *yU]H´ GRVWĊS KWWS ZZZ SDUD¿DRFKOD SO LQGH[ SKS"RSWLR Q FRPBFRQWHQW YLHZ DUWLFOH LG 0DáJRU]DWD /XEHFND Ä3R]RUQD ©RGZLOĪª Z VWRVXQNDFK SDĔVWZR NRĞFLyá QD SU]\NáDG]LH SRZLDWX RVWURáĊFNLHJR´ GRVWĊS KWWS PD]RZV]H KLVW SO ¿OHV =HV]\W\B1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR 3')BEH]BW\WXORZ\FK =HV]\W\B1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR U W =HV]\W\B1DXNR ZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR U W V =HV]\W\B1DXNRZHB2VWUROHFNLHJRB7RZDU]\ VWZDB1DXNRZHJR U W V SGI ĝPLHU]FKDOVNL :DFKRF] 'XFKRZLHĔVWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ĝURGNRZ\P L =LHPL /XEXVNLHM Z ĞZLHWOH GRNXPHQWyZ SDĔVWZRZ\FK ] ODW ± W /XEHFND Ä3R]RUQD ©RGZLOĪª Z VWRVXQNDFK SDĔVWZR NRĞFLyá QD SU]\NáDG]LH SRZLDWX RVWURáĊFNLHJR´ $QQD %LHOVND Ä'XV]SDVWHUVWZR $NDGHPLFNLH Z *RU]RZLH :LHONRSROVNLP Z ODWDFK ± ©2D]D ZROQRĞFLª L JáRV VSU]HFLZX ZREHF NRPXQLVW\F]Q\FK ZáDG]´ Z : VáXĪELH ZáDG]\ F]\ VSRáHF]HĔVWZD" :\EUDQH SUREOHP\ NXOWXU\ L QDXNL QD ĝURGNRZ\P 1DGRGU]X Z ODWDFK ± UHG 3U]HP\VáDZ %DUWNRZLDN 'DZLG .RWODUHN =LHORQD *yUD 3UR /LEULV =DUDGQ\ :áDG]D L VSRáHF]QRĞü =LHORQHM *yU\ Z ODWDFK ± /XEHFND Ä3R]RUQD ©RGZLOĪª Z VWRVXQNDFK SDĔVWZR NRĞFLyá QD SU]\NáDG]LH SRZLDWX RVWURáĊFNLHJR´


3LRWU 6REDĔVNL

: URNX NRPXQLVW\F]QD SROLW\ND NRQ¿VNRZDQLD GyEU NRĞFLHOQ\FK GRSURZDG]LáD GR GUDPDW\F]Q\FK Z\GDU]HĔ Z =LHORQHM *yU]H 0LĊG]\ ORNDOQą ZáDG]ą D .RĞFLRáHP SRZVWDá NRQÀLNW GRW\F]ąF\ 'RPX .DWROLFNLHJR NWyU\ E\á FHQWUXP PLHMVNLHJR Ī\FLD UHOLJLMQHJR L NXOWXUDOQHJR PDMD URNX 3UH]\GLXP 051 ]DWZLHUG]LáR GHF\]MĊ :\G]LDáX 6SUDZ /RNDORZ\FK ] PDUFD URNX GRW\F]ąFą RSUyĪQLHQLD 'RPX .DWR OLFNLHJR 7HUPLQ HNVPLVML Z\]QDF]RQR QD PDMD URNX RVWDWHF]QLH SU]HVXQLĊWR QD PDMD URNX 1D WOH VSRUX R ZáDVQRĞü NRĞFLHOQą GRV]áR GR ]DPLHV]HN PDMD URNX OLF]QL PLHV]NDĔF\ =LHORQHM *yU\ DNW\ZQLH VSU]HFLZLOL VLĊ HNVPLVML 'RPX .DWROLFNLHJR 3R ZSURZDG]HQLX QD XOLFH RGG]LDáyZ =202 NWyUH SU]\E\á\ ] 3R]QD QLD SURWHVW ]RVWDá VWáXPLRQ\ 5 =DUDGQ\ SRGDMH ĪH GR F]HUZFD URNX ZáąF]QLH ]RVWDá\ ]DWU]\PDQH RVRE\ 2G GUXJLHM SRáRZ\ URNX FRUD] ZDĪQLHMV]H GOD DSDUDWX EH]SLHF]HĔVWZD VWDZDá\ VLĊ SUyE\ RGG]LHOHQLD ĞURGRZLVN RSR]\F\MQ\FK RG .RĞFLRáD ']LDáDQLD SROLW\F]QH RSHUD F\MQH L ĞOHGF]H PLDá\ VNRPSURPLWRZDü RSR]\FMĊ RUD] XWUXGQLü MHM G]LDáDOQRĞü70 : NROHM Q\FK ODWDFK E\á\ VWRVRZDQH WHFKQLNL ]PLHU]DMąFH GR RĞPLHV]HQLD Z\W\SRZDQ\FK NVLĊĪ\ : ODWDFK ± .RĞFLyá ZVSLHUDá SRZVWDZDQLH VWUXNWXU 16== Ä6ROLGDUQRĞü´72 JUXGQLD URNX Z 3ROVFH ZSURZDG]RQR VWDQ ZRMHQQ\ :áDG]Ċ SU]HMĊáD :RMVNRZD 5DGD 2FDOHQLD 1DURGRZHJR : F]DVLH VWDQX ZRMHQQHJR ZROQRĞü UHOLJLMQD XOHJáD RJUD QLF]HQLX .RĞFLyá E\á ]DUD]HP QDMVLOQLHMV]ą LQVW\WXFMą VWDZLDMąFą RSyU ZáDG]\ RUJDQL ]RZDá SRPRF GOD RVyE UHSUHVMRQRZDQ\FK L LFK URG]LQ 6]F]HJyOQą UROĊ RGJU\ZDá Z W\P ]DNUHVLH 3U\PDVRZVNL .RPLWHW 3RPRF\ 2VRERP 3R]EDZLRQ\P :ROQRĞFL L LFK 5RG]L QRP SRZRáDQ\ JUXGQLD URNX - ĩDU\Q SRGNUHĞOD ĪH .RĞFLyá VWDá VLĊ DXWRQR PLF]Q\P ÄSDĔVWZHP´ Z SDĔVWZLH VWDQX ZRMHQQHJR77 ĝPLHU]FKDOVNL :DFKRF] Ä2EURĔFD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ± .V .D]LPLHU] 0LFKDOVNL ±

´

=DUDGQ\ :áDG]D L VSRáHF]QRĞü =LHORQHM *yU\ Z ODWDFK ± 'XGHN *U\] .RPXQLĞFL L .RĞFLyá Z 3ROVFH ± Ä2WZDUFLH Z\VWDZ\ ©2EURQD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ± PDMD ª RUD] VHVMD QDXNRZD ± 6XOH

70 72 77

FKyZ F]HUZFD U ´ GRVWĊS KWWSV LSQ JRY SO SO DNWXDOQRVFL 2WZDUFLH Z\VWDZ\ 2EURQD 'RPX .DWROLFNLHJR Z =LHORQHM *RU]H PDMD RUD] VHV KWPO"VHDUFK Ä2WZDUFLH Z\VWDZ\ ©2EURQD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ± PDMD ª RUD] VHVMD QDXNRZD ± 6XOH FKyZ F]HUZFD U ´ =DUDGQ\ :áDG]D L VSRáHF]QRĞü =LHORQHM *yU\ Z ODWDFK ± )LOLS 0XVLDá Ä2VáDELü :RMW\áĊ L RSR]\FMĊ :\G]LDá ,9 6% Z .UDNRZLH Z ODWDFK ± ´ %LXOHW\Q ,QVW\WXWX 3DPLĊFL 1DURGRZHM´ àXNDV] .DPLĔVNL Ä:áDG]D ZREHF RSR]\FML ± ´ 3DPLĊü L 6SUDZLHGOLZRĞü 0XVLDá Ä2VáDELü :RMW\áĊ L RSR]\FMĊ :\G]LDá ,9 6% Z .UDNRZLH Z ODWDFK ± ´ ĩDU\Q Ä.RĞFLyá NDWROLFNL D «6ROLGDUQRĞü» Z ODWDFK ± ´ àXNDV] .DPLĔVNL Ä'HNDGD 6ROLGDUQRĞFL´ %LXOHW\Q ,QVW\WXWX 3DPLĊFL 1DURGRZHM ± àXNDV] $QGU]HMF]\N Ä(ZDQJHOLF]QD ZROQRĞü Z ND]DQLDFK NV -HU]HJR 3RSLHáXV]NL´ 6WXGLD 7HRORJLF]QH ± ĩDU\Q Ä.RĞFLyá NDWROLFNL D «6ROLGDUQRĞü» Z ODWDFK ± ´ .DPLĔVNL Ä'HNDGD 6ROLGDUQRĞFL´ ĩDU\Q Ä.RĞFLyá NDWROLFNL D «6ROLGDUQRĞü» Z ODWDFK ± ´


.:(67,$ 81,(:$ฤฉ1,$1,$ 35$:202&1<&+ 25=(&=(ฤ 6ฤ '2:<&+ยซ

0LPR ฤชH VWDQ ZRMHQQ\ ]RVWDรก ]QLHVLRQ\ OLSFD URNX UHSUHVMH L SU]Hฤ ODGRZD QLD WUZDรก\ Z UyฤชQ\P VWRSQLX QDGDO Dฤช GR URNX 3U]\NรกDGHP EUXWDOQ\FK G]LD รกDฤ Z\PLHU]RQ\FK ZREHF NVLฤ ฤช\ Vฤ ORV\ NV -HU]HJR 3RSLHรกXV]NL .V 3RSLHรกXV]NR E\รก RSLHNXQHP ฤ URGRZLVN URERWQLF]\FK L LQLFMDWRUHP 0V]\ ]D 2MF]\]Qฤ .D]DQLD ] 0V]\ ]D 2MF]\]Qฤ ]DZLHUDรก\ NRPHQWDU]H GR V\WXDFML SROLW\F]QHM Z 3ROVFH .VLฤ G] ]RVWDรก SRUZDQ\ Z *yUVNX SDฤจG]LHUQLND URNX D MHJR FLDรกR RGQDOH]LRQR Z QXUWDFK :LVรก\ SDฤจG]LHUQLND URNX ฤ PLHUรผ NV 3RSLHรกXV]NL E\รกD ฤ PLHUFLฤ Pฤ F]Hฤ VNฤ 6WRVXQHN SDฤ VWZD GR .Rฤ FLRรกD ]PLHQLรก VLฤ SR ZHMฤ FLX Z ฤช\FLH PDMD URNX XVWDZ\ ] PDMD URNX R VWRVXQNX 3Dฤ VWZD GR .Rฤ FLRรกD .DWROLFNLHJR Z 5]HF]\SR VSROLWHM 3ROVNLHM NWyUD MHVW DNWHP QDGDO RERZLฤ ]XMฤ F\P

0RฤชOLZRฤ รผ X]QDQLD ]D QLHZDฤชQH RU]HF]Hฤ Z\GDQ\FK ZREHF RVyE UHSUHVMRQRZDQ\FK Z ODWDFK ยฑ =PLDQ\ XVWURMRZH L SROLW\F]QH NWyUH QDVWฤ SLรก\ Z 3ROVFH Z URNX VSRZRGRZDรก\ NRQLHF]QRฤ รผ GRNRQDQLD UR]UDFKXQNX ] SU]HV]รกRฤ FLฤ 3RMDZLรกD VLฤ ZyZF]DV SUDZQD PRฤช OLZRฤ รผ DQXORZDQLD RU]HF]Hฤ Z\GDZDQ\FK ZREHF NVLฤ ฤช\ Z RNUHVLH NRPXQL]PX -HVW WR ]ZLฤ ]DQH ] W]Z VSUDZLHGOLZRฤ FLฤ RNUHVX WUDQ]\FML WUDQVLWLRQDO MXVWLFH NWyUD GRW\F]\ UR]OLF]Hฤ SDฤ VWZD ] SU]HV]รกRฤ FLฤ . 6\FKWD ZVND]XMH ฤชH RNUHV ]DVDGQLF]\FK ]PLDQ XVWURMRZ\FK PRฤชH VNXWNRZDรผ UR]ZLฤ ]DQLDPL SUDZQ\PL Eฤ Gฤ F\PL SUyEฤ UR]UDFKXQNX ] SU]HV]รกRฤ FLฤ Z UDPDFK NWyUHJR PLHV]F]ฤ VLฤ P LQ XVWDZ\ OXVWUDF\MQH GHNRPXQL]D F\MQH 3U]\Mฤ FLH Z 3ROVFH WHJR URG]DMX DNWyZ SUDZQ\FK E\รกR NRQLHF]QH SR URNX :LHOX 3RODNyZ GR]QDรกR ERZLHP SR ,, ZRMQLH ฤ ZLDWRZHM V]NyG L NU]\ZG ]H VWURQ\ NRPX QLVW\F]Q\FK ZรกDG] L DSDUDWX XFLVNX 3U]\NรกDGHP UHDOL]DFML ]DVDG\ VSUDZLHGOLZRฤ FL RNUHVX WUDQ]\FML MHVW XVWDZD ] OXWHJR URNX R X]QDQLX ]D QLHZDฤชQH RU]HF]Hฤ Z\GDQ\FK ZREHF RVyE UHSUHVMRQRZDQ\FK ]D G]LDรกDOQRฤ รผ QD U]HF] QLHSRGOHJรกHJR E\WX 3Dฤ VWZD 3ROVNLHJR 3U]\Mฤ FLH XVWDZ\ ]ZD QHM XVWDZฤ UHKDELOLWDF\MQฤ E\รกR SRG\NWRZDQH LGHฤ UHVW\WXFML ]DVDG\ VSUDZLHGOLZRฤ FL .DPLฤ VNL ร 'HNDGD 6ROLGDUQRฤ FLยด .RSLHF ร 5HODFMH SDฤ VWZR .Rฤ FLyรก Z 3ROVFH Z ODWDFK ยฑ ยด $QGU]HMF]\N ร (ZDQJHOLF]QD ZROQRฤ รผ Z ND]DQLDFK NV -HU]HJR 3RSLHรกXV]NLยด .D]LPLHU] 6NRF]\ODV ร %รกRJRVรกDZLRQ\ NVLฤ G] -HU]\ 3RSLHรกXV]NR Z]RUHP RVRERZ\P Z Z\FKRZDQLX FKU]Hฤ FLMDฤ

VNLPยด 6WXGLD :รกRFรกDZVNLH

$QGU]HMF]\N ร (ZDQJHOLF]QD ZROQRฤ รผ Z ND]DQLDFK NV -HU]HJR 3RSLHรกXV]NLยด '] 8 ] U SR] ]H ]P 3LRWU 0LHU]HMHZVNL ร 7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6ฤ GX 1DMZ\ฤชV]HJRยด 6WXGLD ,XULGLFD

-HเตตUH\ 0 %OXVWHLQ )RUJLYHQHVV DQG 5HPHPEUDQFH 5HPHPEHULQJ :URQJGRLQJ LQ 3HUVRQDO DQG 3XEOLF /LIH 2[IRUG 2[IRUG 8QLYHUVLW\ 3UHVV .DWDU]\QD 6\FKWD ร &KDUDNWHU SUDZQ\ SRVWฤ SRZDQLD UHKDELOLWDF\MQHJR RNUHฤ ORQHJR XVWDZฤ ] GQLD U ยด 5XFK 3UDZQLF]\ (NRQRPLF]Q\ L 6RFMRORJLF]Q\ 0LHU]HMHZVNL ร 7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6ฤ GX 1DMZ\ฤชV]HJRยด '] 8 ] U SR]


3LRWU 6REDĔVNL

Z 3ROVFH : 3ROVFH SR URNX QLH EXG]LáD RSRUyZ NZHVWLD UHKDELOLWDFML RVyE NWyUH E\á\ SU]HÄžODGRZDQH ] SU]\F]\Q SROLW\F]Q\FK FR XPRĪOLZLáR SU]\MÄŠFLH Z URNX SU]H] 6HMP XVWDZ\ EH] ZLÄŠNV]\FK VSU]HFLZyZ XVWDZÄŠ QDOHĪ\ WUDNWRZDü MDNR SDÄ”VWZRZ\ LQVWUXPHQW UR]OLF]HQLD ] GDZQ\P XVWURMHP XVWDZD XPRĪOLZLD NZHVWLRQRZDQLH UR]VWU]\JQLÄŠü VÄ…GX ]DZDUW\FK Z SUDZRPRFQ\FK RU]HF]HQLDFK 5HJXODFMH XVWDZ\ RGQRV]Ä… VLÄŠ GR RU]HF]HÄ” UR]VWU]\JDMÄ…F\FK R RGSRZLH G]LDOQRÄžFL NDUQRSUDZQHM 0RZD WX R RU]HF]HQLDFK R FKDUDNWHU]H UHSUHV\MQ\P NWyUH PDMÄ… SRVWDü VDQNFML NDUQ\FK Z VSUDZDFK R SU]HVWÄŠSVWZD L Z\NURF]HQLD ( 5RPDQRZ VND ZVND]XMH ĪH VWRVRZDQLH XVWDZ\ RGVáRQLáR RJURPQÄ… VNDOÄŠ QLHSUDZLGáRZRÄžFL RU]HF] QLFWZD VÄ…GRZHJR SU]HG URNX 3LHUZRWQLH XVWDZD RGQRVLáD VLÄŠ GR QDMEDUG]LHM SRQXUHJR RNUHVX SU]HV]áRÄžFL 3ROVNL F]\OL ODW ± 3RWZLHUG]RQD ]RVWDáD EH]SUDZQRÄžü RU]HF]HÄ” Z\GDZDQ\FK Z RNUH VLH VWDOLQL]PX Z 3ROVFH MDNR SDÄ”VWZLH NWyUH SU]HMÄŠáR UDG]LHFNL PRGHO SUDZD L E\áR FDáNR ZLFLH ]DOHĪQH RG SROLW\NL =655 2G OLVWRSDGD URNX WM RG GQLD ZHMÄžFLD Z Ī\FLH XVWDZ\ ] ZU]HÄžQLD URNX R ]PLDQLH XVWDZ\ R X]QDQLX ]D QLHZDĪQH RU]HF]HÄ” Z\GDQ\FK ZREHF RVyE UHSUH VMRQRZDQ\FK ]D G]LDáDOQRÄžü QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR QD PRF\ DUW XVW XVWDZ\ ] OXWHJR URNX X]QDMH VLÄŠ ]D QLHZDĪQH RU]HF]HQLD Z\GDQH SU]H] SROVNLH RUJDQ\ ÄžFLJDQLD L Z\PLDUX VSUDZLHGOLZRÄžFL OXE SU]H] RUJDQ\ SR]DVÄ…GRZH Z RNUHVLH RG UR]SRF]ÄŠFLD LFK G]LDáDOQRÄžFL QD ]LHPLDFK SROVNLFK SRF]Ä…ZV]\ RG VW\F]QLD URNX GR JUXGQLD URNX MHĪHOL F]\Q ]DU]XFRQ\ OXE SU]\SLVDQ\ E\á ]ZLÄ…]DQ\ ] G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR DOER RU]HF]HQLH Z\GDQR ] SRZRGX WDNLHM G]LDáDOQRÄžFL MDN UyZQLHĪ RU]HF]HQLD Z\GDQH ]D RSyU SU]HFLZNR NROHNW\ ZL]DFML ZVL RUD] RERZLÄ…]NRZ\P GRVWDZRP 3R QRZHOL]DFML GRNRQDQHM MDN ZVND]XMH 3 6HQGHFNL Z GXFKX NRPEDWDQFNLP G]LDáD QLH XVWDZ\ UR]V]HU]RQR QD FDá\ RNUHV 35/ XPRĪOLZLDMÄ…F WDNĪH X]QDZDQLH ]D QLHZDĪQH RU]HF]HÄ” Z\GDQ\FK SRGF]DV VWDQX ZRMHQQHJR 'DULXV] 'XGHN =DVDG\ XVWURMX ,,, 5]HF]\SRVSROLWHM 3ROVNLHM :DUV]DZD :ROWHUV .OXZHU $QGU]HM *UDMHZVNL Ä&LÄ…JáRÄžü L ]PLDQD 3RODF\ L 5RVMDQLH :]DMHPQD SHUFHSFMD´ Z %LDáH SODP\ ± F]DUQH SODP\

VSUDZ\ WUXGQH Z SROVNR URV\MVNLFK VWRVXQNDFK ± UHG $GDP 5RWIHOG $QDWROLM 7RUNXQRZ :DUV]DZD 3,60 7RPDV] 0LOHM Ä3ROHQ´ Z 6WDDWVKDIWXQJ LQ (XURSD 1DWLRQDOHV XQG 8QLRQVUHFKW UHG 2OLYHU '|UU %HUOLQ 'H *UX\WHU .DWDU]\QD 6NXELV] .ÄŠSND 6SURVWRZDQLH L RGSRZLHGĨ Z SUDVLH 6WXGLXP ] ]DNUHVX SUDZD SROVNLHJR QD WOH SUDZQRSRUyZQDZF]\P :DUV]DZD :ROWHUV .OXZHU 3RVWDQRZLHQLH 6$ Z à RG]L ] JUXGQLD U ,, $.] 26$à 3RVWDQRZLHQLH 6$ Z /XEOLQLH ] PDUFD U ,, $.] .=6 (OĪELHWD 5RPDQRZVND Ä:RMVNRZH SURNXUDWXU\ 3ROVNLFK .ROHL 3DÄ”VWZRZ\FK Z ODWDFK ± ± IRUPDOQR SUDZQH SRGVWDZ\ G]LDáDOQRÄžFL´ 3U]HJOÄ…G +LVWRU\F]QR :RMVNRZ\ 0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´ $JDWD )LMDONRZVNL Ä3ROLWLFV /DZ DQG -XVWLFH LQ 3HRSOH¶V 3RODQG 7KH )LHOGRUI )LOH´ 6ODYLF 5HYLHZ '] 8 ] U QU SR] 3LRWU 6HQGHFNL Ä1LHNRQVW\WXF\MQRÄžü GHNUHWyZ VWDQX ZRMHQQHJR ± UHÀHNVMH KLVWRU\F]QH L XZDJL GH OHJH ODWD Z ]ZLÄ…]NX ] Z\URNLHP WU\EXQDáX NRQVW\WXF\MQHJR ] PDUFD ´ Z 3DÄ”VWZR ± SUDZR ± SROLW\ND .VLÄŠJD


.:(67,$ 81,(:$ฤฉ1,$1,$ 35$:202&1<&+ 25=(&=(ฤ 6ฤ '2:<&+ยซ

$UW XVW XVWDZ\ RGQRVL VLฤ UyZQLHฤช GR Z\GDQ\FK SU]HG URNLHP RU]HF]Hฤ ] SRZRGX G]LDรกDOQRฤ FL QD U]HF] QLHSRGOHJรกRฤ FL 3ROVNL SURZDG]RQHM SU]HG VW\F]QLD URNX $UW XVWDZ\ IRUPXรกXMH ]DVDGฤ SROHJDMฤ Fฤ QD GRSXV]F]DOQRฤ FL VWZLHUG]HQLD QLHZDฤช QRฤ FL RU]HF]HQLD Z NDฤชG\P F]DVLH 3RVWฤ SRZDQLH PRฤชH E\รผ ZV]F]ฤ WH WDNฤชH SR ฤ PLHUFL RVRE\ GRWNQLฤ WHM UHSUHVMRQXMฤ F\P RU]HF]HQLHP =JRGQLH ] DUW XVWDZ\ VWZLHUG]HQLX QLHZDฤชQRฤ FL RU]HF]HQLD QLH VWRL QD SU]HV]NRG]LH Z\NRQDQLH NDU\ ]DVWRVRZDQLH DPQHVWLL OXE DEROLFML ]DWDUFLH VND]DQLD DNW รกDVNL SU]HGDZQLHQLH ]DGRฤ รผXF]\QLHQLH OXE ฤ PLHUรผ RVRE\ UHSUHVMRQRZDQHM NWyUHM RU]HF]HQLH GRW\F]\ $UW XVW XVWDZ\ RNUHฤ OD NUฤ J SRGPLRWyZ XSUDZQLRQ\FK GR ]รกRฤชHQLD ZQLRVNX R X]QDQLH RU]HF]HQLD ]D QLHZDฤชQH Z W\P RVRE\ UHSUHVMRQRZDQH 5]HF]QLND 3UDZ 2E\ ZDWHOVNLFK 0LQLVWUD 6SUDZLHGOLZRฤ FL L SURNXUDWRUD :\NOXF]RQH MHVW ZV]F]ฤ FLH SRVWฤ SR ZDQLD UHKDELOLWDF\MQHJR ] XU]ฤ GX SU]H] Vฤ G =JRGQLH ] DUW XVW XVWDZ\ QLHZDฤชQRฤ รผ RU]HF]HQLD VWZLHUG]D Vฤ G RNUฤ JRZ\ DOER ZRMVNRZ\ Vฤ G RNUฤ JRZ\ MHฤชHOL ]JRGQLH ] RERZLฤ ]XMฤ F\PL SU]HSLVDPL Z GQLX ZHMฤ FLD Z ฤช\FLH XVWDZ\ ZรกDฤ FLZ\ GR UR]SR]QDQLD VSUDZ\ R F]\Q Eฤ Gฤ F\ SU]HGPLRWHP WHJR RU]HF]HQLD MHVW Vฤ G ZRMVNRZ\ :รกDฤ FLZ\ PLHMVFRZR MHVW Vฤ G Z NWyUHJR RNUฤ JX Z\GDQH ]RVWDรกR RU]HF]HQLH Eฤ Gฤ FH SU]HGPLRWHP SRVWฤ SRZDQLD R XQLHZDฤชQLHQLH : P\ฤ O DUW XVW XVWDZ\ Vฤ G RU]HND QD SRVLHG]HQLX $UW XVW XVWDZ\ ZSURZDG]D ]DVDGฤ RERZLฤ ]NRZHJR XG]LDรกX SURNXUDWRUD Z SRVLHG]HQLX R VWZLHUG]HQLH QLHZDฤชQRฤ FL : SRVLHG]HQLX PD SUDZR Z]Lฤ รผ XG]LDรก RVRED UHSUHVMRQRZDQD =JRGQLH ] DUW XVWDZ\ NRV]W\ SRVWฤ SRZDQLD Z VSUDZDFK REMฤ W\FK XVWDZฤ SRQRVL 6NDUE 3Dฤ VWZD : P\ฤ O DUW XVW XVWDZ\ MHฤชHOL SU]HSLV\ XVWDZ\ QLH VWDQRZLฤ LQDF]HM ]DVWRVRZDQLH PDMฤ RGSRZLHGQLR SU]HSLV\ .3. 3U]HSLV\ XVWDZ\ Vฤ OHJHV VSHFLDOLV ZREHF SU]HSLVyZ .3. XVWDZD ] OXWHJR URNX QRUPXMH ZSUDZG]LH NZHVWLฤ QLHZDฤชQRฤ FL RU]HF]Hฤ OHF] ]JRGQLH ] DUW XVW XVWDZ\ VWZLHUG]HQLH QLHZDฤชQRฤ FL RU]HF]HQLD MHVW UyZQRZDฤชQH ] XQLHZLQQLHQLHP 3UDZR RERZLฤ ]XMฤ FH SU]HG URNX QLH RGSRZLDGDรกR ZVSyรกF]H VQ\P ZDUWRฤ FLRP R NWyUH ZyZF]DV ZDOF]\รก\ RVRE\ UHSUHVMRQRZDQH 1LH SRZLQQ\ RQH ]DWHP SRQRVLรผ RGSRZLHG]LDOQRฤ FL NDUQHM ]D G]LDรกDOQRฤ รผ QD U]HF] QLHSRGOHJรกRฤ FL

SRฤ ZLฤ FRQD SDPLฤ FL 3URIHVRUD +HQU\ND *URV]\ND UHG -DURVรกDZ .RVWUXELHF 0DWHXV] &KU]DQRZVNL ,UHQHXV] 1RZLNRZVNL /XEOLQ :\GDZQLFWZR 1DXNRZH 8QLZHUV\WHWX 0DULL &XULH 6NรกRGRZVNLHM 3RVWDQRZLHQLH 6$ Z 5]HV]RZLH ] PDUFD U ,, $.] 3URN L 3U ZNรก 6\FKWD ร &KDUDNWHU SUDZQ\ SRVWฤ SRZDQLD UHKDELOLWDF\MQHJR RNUHฤ ORQHJR XVWDZฤ ] GQLD U ยด 3LRWU +RIPDฤ VNL 6WDQLVรกDZ =DEรกRFNL (OHPHQW\ PHWRG\NL SUDF\ Vฤ G]LHJR Z VSUDZDFK NDUQ\FK :DUV]DZD :RO WHUV .OXZHU 0LHU]HMHZVNL ร 7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6ฤ GX 1DMZ\ฤชV]HJRยด 0LHU]HMHZVNL ร 7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6ฤ GX 1DMZ\ฤชV]HJRยด =RยฟD ฤ ZLGD -HU]\ 6NRUXSND 5\V]DUG 3RQLNRZVNL :รกRG]LPLHU] 3RVQRZ 3RVWฤ SRZDQLH NDUQH &]ฤ ฤ รผ RJyOQD :DUV]DZD :ROWHUV .OXZHU -HU]\ 6NRUXSND 2 VSUDZLHGOLZRฤ FL SURFHVX NDUQHJR :DUV]DZD :ROWHUV .OXZHU


3LRWU 6REDĔVNL

1LH NDĪGH ]DFKRZDQLH V]NRG]Ä…FH SDÄ”VWZX E\áR G]LDáDQLHP QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR :HMÄžFLH Z Ī\FLH XVWDZ\ PLDáR QD FHOX RGGDQLH VSUDZLHGOLZR ÄžFL U]HF]\ZLVW\P G]LDáDQLRP QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR 3URZDG]HQLH G]LDáDOQRÄžFL QD U]HF] QLHSRGOHJáRÄžFL QLH PRJáR VSURZDG]Dü VLÄŠ MHG\QLH GR Z\UDĪHQLD NU\W\F]QHJR SRJOÄ…GX R yZF]HVQHM ZáDG]\ &]\QQLNLHP LVWRWQ\P QLH E\á\ Z\]QDZDQH D QDZHW Z\UDĪDQH SXEOLF]QLH SRJOÄ…G\ SROLW\F]QH 0XVLDá LVWQLHü IDNW NRQNUHWQHM G]LDáDOQRÄžFL UHSUHVMRQRZDQHM ] WHJR W\WXáX RVRE\ 3U]\ W\P QLH NDĪGH ]DFKRZDQLH RVRE\ Z\VWÄŠSXMÄ…FHM QD U]HF] VZRERG\ SU]HNRQDÄ” UHOLJLMQ\FK E\áR UyZQR ]QDF]QH ] G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáHJR 3DÄ”VWZD 3ROVNLHJR 6]F]HJyOQH RNR OLF]QRÄžFL G]LDáDQLD SRGMÄŠWHJR QD U]HF] UHDOL]DFML VZRERG\ SU]HNRQDÄ” UHOLJLMQ\FK PXV]Ä… SR]ZROLü QD VWZLHUG]HQLH ĪH G]LDáDQLH VSHáQLDáR ]QDPLRQD G]LDáDOQRÄžFL Z UR]XPLHQLX DUW XVW XVWDZ\ 8G]LDá Z ]ZLÄ…]NDFK ]EURMQ\FK SRG]LHPLD DQW\NRPXQLVW\F]QHJR E\á G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR 'OD X]QDQLD G]LDáDQLD QD U]HF] QLHSRGOH JáRÄžFL QLH MHVW MHGQDN Z\PDJDQH XVWDOHQLH SU]\QDOHĪQRÄžFL GR SRG]LHPQHM RUJDQL]DFML ']LDáDOQRÄžü QLH PXVLDáD ZLÄ…]Dü VLÄŠ ] IRUPDOQÄ… SU]\QDOHĪQRÄžFLÄ… GR RNUHÄžORQHM VWUXNWXU\ UXFKX RSRUX DQL ] SU]\QDOHĪQRÄžFLÄ… GR RUJDQL]DFML 'OD VWZLHUG]HQLD QLHZDĪQRÄžFL RU]HF]HQLD LVWRWQD MHVW DQDOL]D VWURQ\ SRGPLRWRZHM F]\QX .RQLHF]QH MHVW XVWDOHQLH F]\ RVRED UHSUHVMRQRZDQD PLDáD ÄžZLDGRPRÄžü WHJR ĪH VZRLP SRVWÄŠSRZDQLHP GÄ…Ī\ GR RG]\VNDQLD QLHSRGOHJáRÄžFL D MHM G]LDáDQLD QLH RJUD QLF]Dá\ VLÄŠ MHG\QLH GR PDQLIHVWRZDQLD RVRELVW\FK SU]HNRQDÄ” SROLW\F]Q\FK Z]JOÄŠGQLH UHOLJLMQ\FK 3RPLÄŠG]\ G]LDáDOQRÄžFLÄ… SURZDG]RQÄ… QD U]HF] QLHSRGOHJáHJR E\WX 3DÄ”VWZD 3ROVNLHJR D UHSUHVMDPL PXVL ]DFKRG]Lü ]ZLÄ…]HN =ZLÄ…]HN WHQ SRZLQLHQ ]RVWDü XGRZRGQLRQ\ 6Ä…G QLH PRĪH RSLHUDü VLÄŠ MHG\QLH QD GRPQLHPDQLX 5R]PDLWRÄžü VWDQyZ IDNW\F]Q\FK Z\PDJD SRGF]DV SRVWÄŠSRZDQLD UHKDELOLWDF\MQHJR GRFLHNOLZRÄžFL ]H VWURQ\ VÄ…GX 3RVWDQRZLHQLH 6$ Z /XEOLQLH ] NZLHWQLD U ,, $.] .=6 3RVWDQRZLHQLH 6$ Z à RG]L ] PDMD U ,, $.] 26$à 3RVWDQRZLHQLH 61 ] SDĨG]LHUQLND U := /(; QU :\URN 6$ Z .DWRZLFDFK ] JUXGQLD U ,, $.D .=6 3RVWDQRZLHQLH 6$ Z à RG]L ] PDMD U ,, $.] 26$à 3RVWDQRZLHQLH 61 ] OLSFD U ,, .51 261.: 0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´ &H]DULXV] 6RÄ”WD Ä*HQH]D L HZROXFMD PRGHOX RGSRZLHG]LDOQRÄžFL NDUQHM ]D XG]LDá Z RUJDQL]DFMDFK SU]HVWÄŠSF]\FK

Z SUDZLH SROVNLP´ 6WXGLD %H]SLHF]HÄ”VWZD 1DURGRZHJR 3RVWDQRZLHQLH 6$ Z /XEOLQLH ] NZLHWQLD U ,, $.] .=6 :\URN 6$ Z .DWRZLFDFK ] VW\F]QLD U ,, $.D .=6 3RVWDQRZLHQLH 6Ä…GX $SHODF\MQHJR Z .DWRZLFDFK ] PDUFD U ,, $.R %LXO 6$.D 0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´ 3RVWDQRZLHQLH 6$ Z /XEOLQLH ] SDĨG]LHUQLND U ,, $.] /(; QU 0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´ 3RVWDQRZLHQLH 6$ Z .UDNRZLH ] VLHUSQLD U ,, $.] .=6 3RVWDQRZLHQLH 6$ Z .UDNRZLH ] OXWHJR U ,, $.] .=6


.:(67,$ 81,(:$Ä©1,$1,$ 35$:202&1<&+ 25=(&=(Ä“ 6Ä„'2:<&+«

=JRGQLH ] WUHÄžFLÄ… DUW XVW XVWDZ\ VÄ…G RU]HND QD SRGVWDZLH DNW SRVWÄŠSRZDQLD RUJDQX NWyU\ Z\GDá RU]HF]HQLH D Z PLDUÄŠ SRWU]HE\ SU]HSURZDG]D GDOV]H SRVWÄŠSRZDQLH GRZR GRZH : SU]\SDGNX ]QLV]F]HQLD DNW SRVWÄŠSRZDQLD Z NWyU\P RU]HF]HQLH ]RVWDáR Z\GDQH QLH]EÄŠGQH GR UR]SR]QDQLD ZQLRVNX R X]QDQLX ]D QLHZDĪQH RU]HF]HQLD MHVW RGWZRU]HQLH W\FK DNW 2NUHÄžORQHJR Z DUW ± .3. RGUÄŠEQHJR SRVWÄŠSRZDQLD Z VSUDZLH RGWZR U]HQLD ]DJLQLRQ\FK OXE ]QLV]F]RQ\FK DNW QLH PRĪH ]DVWÄ…SLü ]HEUDQLH GRNXPHQWyZ Z WRNX SRVWÄŠSRZDQLD R X]QDQLH ]D QLHZDĪQH RU]HF]HQLD %UDN XSU]HGQLHJR RGWZRU]HQLD DNW VWDQRZLáE\ QDUXV]HQLH DUW XVW XVWDZ\ ] OXWHJR URNX 6Ä…G UR]SR]QDMÄ…F ZQLRVHN R XQLHZDĪQLHQLH RU]HF]HQLD QLH MHVW XSUDZQLRQ\ GR ]DMÄŠ FLD VLÄŠ GRVWU]HĪRQ\PL XFK\ELHQLDPL GRW\F]Ä…F\PL SUDZD PDWHULDOQHJR L SURFHVRZHJR 6Ä…GRZD RFHQD IDNWyZ L GRZRGyZ PRĪH GRW\F]\ü MHG\QLH ]ZLÄ…]NX F]\QX ] G]LDáDOQRÄžFLÄ… QLHSRGOHJáRÄžFLRZÄ… Z]JOÄŠGQLH F]\ RU]HF]HQLH Z\GDQR ] SRZRGX WDNLHM G]LDáDOQRÄžFL OXE RSRUX SU]HFLZNR NROHNW\ZL]DFML ZVL DOER RERZLÄ…]NRZ\P GRVWDZRP 3R UR]SR]QDQLX ZQLRVNX R XQLHZDĪQLHQLH RU]HF]HQLD VÄ…G PD WU]\ PRĪOLZRÄžFL X]QDü ZQLRVHN ]D ]DVDGQ\ L RU]HF]HQLH ]D QLHZDĪQH RGGDOLü ZQLRVHN OXE SR]RVWDZLü JR EH] UR]SR]QDQLD 6Ä…G MHVW XSUDZQLRQ\ GR VWZLHUG]HQLD QLHZDĪQRÄžFL RU]HF]HQLD MHG\QLH Z F]ÄŠÄžFL =JRGQLH ] DUW XVW XVWDZ\ ] OXWHJR URNX QD SRVWDQRZLHQLH Z SU]HGPLRFLH QLHZDĪQRÄžFL RU]HF]HQLD SU]\VáXJXMH ]DĪDOHQLH 1D SRGVWDZLH DUW XVW XVWDZ\ PRĪQD ]DVNDUĪ\ü WDNĪH SRVWDQRZLHQLH R SR]RVWDZLHQLH ZQLRVNX EH] UR]SR]QDQLD XVWDZD ] OXWHJR URNX QLH ]DZLHUD RGUÄŠEQHJR XUHJXORZDQLD RGQRÄžQLH GR QDG]Z\F]DMQ\FK ÄžURGNyZ ]DVNDUĪHQLD ,VWQLHMH PRĪOLZRÄžü NRU]\VWDQLD ] W\FK ÄžURGNyZ Z SRVWÄŠSRZDQLDFK WRF]Ä…F\FK VLÄŠ Z RSDUFLX R SU]HSLV\ XVWDZ\ QD ]DVDGDFK RNUHÄžORQ\FK Z .3. 6Ä…G 1DMZ\ĪV]\ XZ]JOÄŠGQLDMÄ…F NDVDFMÄŠ ]áRĪRQÄ… RG SUDZRPRFQHJR SRVWDQR ZLHQLD MHVW XSUDZQLRQ\ GR XFK\OHQLD SRVWDQRZLHQLD L SU]HND]DQLD VSUDZ\ GR SRQRZ QHJR UR]SR]QDQLD DOER GR XFK\OHQLD SRVWDQRZLHQLD L XPRU]HQLD SRVWÄŠSRZDQLD =JRGQLH ] DUW XVW XVWDZ\ VWZLHUG]DMÄ…F QLHZDĪQRÄžü RU]HF]HQLD VÄ…G PRĪH RU]HF R SRGDQLX WUHÄžFL SRVWDQRZLHQLD GR SXEOLF]QHM ZLDGRPRÄžFL 3RGDQLH GR SXEOLF]QHM ZLD GRPRÄžFL PRĪH QDVWÄ…SLü MHG\QLH QD ZQLRVHN SRGPLRWyZ R NWyU\FK PRZD Z DUW XVW XVWDZ\ -HGQ\P ] SRGVWDZRZ\FK QDU]ÄŠG]L VSUDZLHGOLZRÄžFL RNUHVX WUDQ]\FML MHVW RGV]NRGR ZDQLH L ]DGRÄžüXF]\QLHQLH GOD R¿DU UHSUHVML ]H VWURQ\ SDÄ”VWZD :HMÄžFLH Z Ī\FLH XVWDZ\ 3RVWDQRZLHQLH 6Ä…GX $SHODF\MQHJR Z /XEOLQLH ] NZLHWQLD U ,, $.] .=6 3RVWDQRZLHQLH 61 ] VW\F]QLD U ,,, .. /(; QU 3RVWDQRZLHQLH 61 ] ZU]HÄžQLD U ,, .. /(; QU :\URN 6Ä…GX 1DMZ\ĪV]HJR ] PDUFD U :2 261.: 3RVWDQRZLHQLH 6$ Z .UDNRZLH ] OLVWRSDGD U ,, $.] .=6 :\URN 6Ä…GX 1DMZ\ĪV]HJR ] PDUFD U :2 261.: 3RVWDQRZLHQLH 6$ Z .DWRZLFDFK ] SDĨG]LHUQLND U ,, $.] /(; QU 3RVWDQRZLHQLH 6Ä…GX 1DMZ\ĪV]HJR ] NZLHWQLD U ,, .2 /(; QU 3RVWDQRZLHQLH 61 ] PDUFD U ,9 .. /(; QU 0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´


3LRWU 6REDĔVNL

] OXWHJR URNX VWZRU]\áR LQVWUXPHQW PDMÄ…F\ FKRFLDĪ Z F]ÄŠÄžFL XF]\QLü ]DGRÄžü NU]\ZGRP L ]UHNRPSHQVRZDü V]NRG\ NWyU\FK GR]QDOL 3RODF\ ]H VWURQ\ ZáDG] NRPXQL VW\F]Q\FK L DSDUDWX XFLVNX =JRGQLH ] DUW XVW XVWDZ\ RVRELH ZREHF NWyUHM VWZLHUG]RQR QLHZDĪQRÄžü RU]H F]HQLD DOER Z\GDQR GHF\]MÄŠ R LQWHUQRZDQLX Z ]ZLÄ…]NX ] ZSURZDG]HQLHP JUXGQLD URNX Z 3ROVFH VWDQX ZRMHQQHJR SU]\VáXJXMH RG 6NDUEX 3DÄ”VWZD RGV]NRGRZDQLH ]D SRQLHVLRQÄ… V]NRGÄŠ L ]DGRÄžüXF]\QLHQLH ]D GR]QDQÄ… NU]\ZGÄŠ Z\QLNáH ] Z\NRQDQLD RU]H F]HQLD DOER GHF\]ML 5RV]F]HQLD RGV]NRGRZDZF]H RNUHÄžORQH Z DUW XVWDZ\ Z\QLNDMÄ… ] W\WXáX QLHVáXV] QHJR UHSUHVMRQRZDQLD ] SU]\F]\Q R FKDUDNWHU]H SROLW\F]Q\P 3U]HVáDQNÄ… RGSRZLH G]LDOQRÄžFL RGV]NRGRZDZF]HM MHVW XSU]HGQLH VWZLHUG]HQLH QLHZDĪQRÄžFL RU]HF]HQLD -DN Z\QLND ] DUW XVW XVWDZ\ Z VSUDZDFK R RGV]NRGRZDQLH L ]DGRÄžüXF]\QLHQLH PDMÄ… RGSRZLHGQLH ]DVWRVRZDQLH ]DZDUWH Z UR]G]LDOH .3. SU]HSLV\ DUW ± .3. ] Z\MÄ…WNLHP DUW .3. 3RZRáDQH UHJXODFMH .3. XPRĪOLZLDMÄ… X]\VNDQLH RGV]NRGR ZDQLD L ]DGRÄžüXF]\QLHQLD ]D QLHVáXV]QH VND]DQLH RUD] QLHVáXV]QH VWRVRZDQLH ÄžURGNyZ SU]\PXVX 2GSRZLHG]LDOQRÄžü 6NDUEX 3DÄ”VWZD SU]HZLG]LDQD Z DUW XVWDZ\ MHVW ]EOLĪRQD GR RGSR ZLHG]LDOQRÄžFL 6NDUEX 3DÄ”VWZD RNUHÄžORQHM Z SU]HSLVDFK ± .3. 'RFKRG]HQLH RGV]NRGRZDQLD QD SRGVWDZLH XVWDZ\ ] OXWHJR URNX QDVWÄŠSXMH Z WU\ELH RGUÄŠEQ\P RG SU]HZLG]LDQHJR Z UR]G]LDOH .3. 3RVWÄŠSRZDQLH ZV]F]ÄŠWH Z RSDUFLX R SU]H SLV\ XVWDZ\ ] OXWHJR URNX PD FKDUDNWHU EDUG]LHM UHKDELOLWDF\MQ\ QLĪ SRVWÄŠSRZD QLH R NWyU\P PRZD Z UR]G]LDOH .3. FR SRWZLHUG]D WUHÄžü DUW XVWDZ\ =JRGQLH ] DUW XVWDZ\ VÄ…G PRĪH GRGDWNRZR ]DVÄ…G]Lü RG 6NDUEX 3DÄ”VWZD SRNU\FLH Z FDáRÄžFL OXE Z F]ÄŠÄžFL NRV]WyZ V\PEROLF]QHJR XSDPLÄŠWQLHQLD RVRE\ QLHVáXV]QLH UHSUHVMRQRZDQHM MHĪHOL ÄžPLHUü E\áD VNXWNLHP Z\NRQDQLD RU]HF]HQLD X]QDQHJR ]D QLHZDĪQH =JRGQLH ] DUW XVW XVWDZ\ ] OXWHJR URNX ĪÄ…GDQLH RGV]NRGRZDQLD OXE ]DGRÄžüXF]\QLHQLD QDOHĪ\ ]JáRVLü Z VÄ…G]LH Z WHUPLQLH URNX RG GDW\ XSUDZRPRFQLHQLD VLÄŠ SRVWDQRZLHQLD R VWZLHUG]HQLX QLHZDĪQRÄžFL RU]HF]HQLD : VSUDZDFK RGV]NRGRZDZF]\FK SURZDG]RQ\FK QD SRGVWDZLH DUW XVWDZ\ VÄ…G SRZL QLHQ ] XU]ÄŠGX GEDü R Z\MDÄžQLHQLH ZV]HONLFK LVWRWQ\FK GOD UR]VWU]\JQLÄŠFLD RNROLF]QRÄžFL 5RV]F]HQLD R RGV]NRGRZDQLH L ]DGRÄžüXF]\QLHQLH PDMÄ… FKDUDNWHU F\ZLOQRSUDZQ\

0LHU]HMHZVNL Ä7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6Ä…GX 1DMZ\ĪV]HJR´ $QQD 0DUFLQNRZVND ÄXVWDOHQLH RGSRZLHG]LDOQRÄžFL RGV]NRGRZDZF]HM 6NDUEX 3DÄ”VWZD QD SRGVWDZLH SURFHGXU\

NDUQHM´ .ZDUWDOQLN .UDMRZHM 6]NRá\ 6Ä…GRZQLFWZD L 3URNXUDWXU\ 0LOHM Ä3ROHQ´ 0DUFLQ .UDMHZVNL 8EH]SLHF]HQLH RGSRZLHG]LDOQRÄžFL F\ZLOQHM ZHGáXJ NRGHNVX F\ZLOQHJR :DUV]DZD :ROWHUV .OXZHU +RIPDÄ”VNL =DEáRFNL (OHPHQW\ PHWRG\NL SUDF\ VÄŠG]LHJR Z VSUDZDFK NDUQ\FK *UDĪ\QD $UW\PLDN 0RQLND .OHMQRZVND &]HVáDZ 3 .áDN $ULWD 0DVáRZVND =ELJQLHZ 6REROHZVNL 3LRWU . 6R ZLÄ”VNL 3URFHV NDUQ\ &]ÄŠÄžü V]F]HJyOQD :DUV]DZD :ROWHUV .OXZHU :\URN 6Ä…GX 1DMZ\ĪV]HJR ] OLVWRSDGD U 9 ..1 261.: $UW\PLDN .OHMQRZVND .áDN 0DVáRZVND 6REROHZVNL 6RZLÄ”VNL 3URFHV NDUQ\ &]ÄŠÄžü V]F]HJyOQD


.:(67,$ 81,(:$Ä©1,$1,$ 35$:202&1<&+ 25=(&=(Ä“ 6Ä„'2:<&+«

=JRGQLH ] DUW XVW XVWDZ\ Z SU]\SDGNX VWZLHUG]HQLD QLHZDĪQRÄžFL RU]HF]HQLD RVRELH XSUDZQLRQHM ]ZUDFD VLÄŠ PLHQLH NWyUHJR SU]HSDGHN OXE NRQ¿VNDWÄŠ RU]HF]RQR QD U]HF] 6NDUEX 3DÄ”VWZD D WDNĪH SU]HGPLRW\ ]DWU]\PDQH Z WRNX SRVWÄŠSRZDQLD 3U]\ ZUyFHQLH PLHQLD QDVWÄŠSXMH ] FKZLOÄ… XSUDZRPRFQLHQLD VLÄŠ RU]HF]HQLD VWZLHUG]DMÄ…FHJR QLHZDĪQRÄžü : DUW XVWDZ\ ]DZDUWH MHVW UR]V]HU]HQLH SRGVWDZ GR SU]\]QDQLD RGV]NRGRZDQLD L ]DGRÄžüXF]\QLHQLD 1D SRGVWDZLH DUW XVW XVWDZ\ SU]HSLV\ DUW ± XVWDZ\ PDMÄ… RGSRZLHGQLH ]DVWRVRZDQLH UyZQLHĪ ZREHF RVyE FR GR NWyU\FK ]DFKRG]Ä… SU]HVáDQNL GR VWZLHUG]HQLD QLHZDĪQRÄžFL RU]HF]HQLD MHĪHOL RVNDUĪRQHJR XQLHZLQQLRQR OXE SRVWÄŠSRZD QLH XPRU]RQR ] SRZRGyZ R NWyU\FK PRZD Z DUW † SNW L .3. L QLH ]RVWDáR SUD ZRPRFQLH ]DVÄ…G]RQH RGV]NRGRZDQLH L ]DGRÄžüXF]\QLHQLH D RVRE\ WH E\á\ ]DWU]\PDQH OXE W\PF]DVRZR DUHV]WRZDQH

=DNRÄ”F]HQLH $UW XVWDZ\ ] OXWHJR URNX XPRĪOLZLD VWZLHUG]DQLH QLHZDĪQRÄžFL Z\URNyZ NDU Q\FK Z\GDZDQ\FK ZREHF NVLÄŠĪ\ Z ODWDFK ± : SU]\SDGNX NVLÄŠĪ\ NWyU]\ SDGOL R¿DUÄ… UHSUHVML ]H VWURQ\ ZáDG]\ NRPXQLVW\F]QHM ] XZDJL QD SU]\WRF]RQH RU]HF]QLFWZR VÄ…GyZ QDOHĪ\ RVREQR RGQLHÄžü VLÄŠ GR GDQHJR ]DFKRZDQLD NWyUH VNXWNRZDáR VND]DQLHP $VSHNW SU]HÄžODGRZDÄ” QD WOH UHOLJLMQ\P Z RNUHÄžORQHM V\WXDFML PyJá ]D]ÄŠELDü VLÄŠ ] SU]H ÄžODGRZDQLDPL QD WOH SROLW\F]Q\P .RQLHF]QH MHVW Z\ND]DQLH ĪH SRGáRĪHP UHSUHVML E\áD G]LDáDOQRÄžü QD U]HF] QLHSRGOHJáHJR 3DÄ”VWZD 3ROVNLHJR =DUyZQR Z DUFKLZDFK SRV]F]HJyOQ\FK VÄ…GyZ MDN L Z ]ELRUDFK DUFKLZDOQ\FK ,31 ]QDM GXMÄ… VLÄŠ OLF]QH PDWHULDá\ GRW\F]Ä…FH SU]HÄžODGRZDÄ” NVLÄŠĪ\ = XZDJL QD PRĪOLZRÄžü X]\VND QLD SRÄžPLHUWQHM UHKDELOLWDFML L SDPLÄŠü R ]PDUá\FK NVLÄŠĪDFK NWyU]\ ZDOF]\OL R QLHSRGOH JáRÄžü QDOHĪ\ Z RFHQLH DXWRUD SRGMÄ…ü NURNL PDMÄ…FH QD FHOX VWZLHUG]HQLH QLHZDĪQRÄžFL Z RSDUFLX R SU]HSLV\ XVWDZ\ ] OXWHJR URNX NDĪGHJR RU]HF]HQLD NWyUH E\áR SU]H MDZHP UHSUHVMRQRZDQLD NVLÄŠĪ\ ]ZLÄ…]DQHJR ] G]LDáDOQRÄžFLÄ… QD U]HF] QLHSRGOHJáHM 3ROVNL = XZDJL QD WR ĪH F]ÄŠÄžü DNW VÄ…GRZ\FK VSU]HG URNX ]DJLQÄŠáD EÄ…GĨ XOHJáD ]QLV]F]H QLX Z RNUHÄžORQ\FK V\WXDFMDFK NRQLHF]QH EÄŠG]LH XSU]HGQLH SU]HSURZDG]HQLH RGUÄŠEQ\FK SRVWÄŠSRZDÄ” R RGWZRU]HQLH DNW GOD SRWU]HE SRVWÄŠSRZDÄ” UHKDELOLWDF\MQ\FK

3RVWDQRZLHQLH 61 ] PDUFD U ,9 &6. 261& :\URN 6$ ZH :URFáDZLX ] OXWHJR U ,, $.D 26$:


3LRWU 6REDĔVNL

%LEOLRJUD¿D $QGU]HMF]\N àXNDV] Ä(ZDQJHOLF]QD ZROQRĞü Z ND]DQLDFK NV -HU]HJR 3RSLHáXV]NL´ 6WXGLD 7HRORJLF]QH ± $QXV] $QGU]HM .RĞFLyá RE\ZDWHOVNL )RUPRZDQLH VSRáHF]HĔVWZD RE\ZDWHOVNLHJR Z 35/ Z RNUHVLH SRZVWDZDQLD QLH]DOHĪQ\FK LQVW\WXFML SROLW\F]Q\FK ± :DUV]DZD $NFHV $UW\PLDN *UDĪ\QD 0RQLND .OHMQRZVND &]HVáDZ 3 .áDN $ULWD 0DVáRZVND =ELJQLHZ 6REROHZVNL 3LRWU . 6RZLĔVNL 3URFHV NDUQ\ &]ĊĞü V]F]HJyOQD :DUV]DZD :ROWHUV .OX ZHU %LHOVND $QQD Ä'XV]SDVWHUVWZR $NDGHPLFNLH Z *RU]RZLH :LHONRSROVNLP Z ODWDFK ± Ä2D]D ZROQRĞFL´ L JáRV VSU]HFLZX ZREHF NRPXQLVW\F]Q\FK ZáDG]´ : : VáXĪELH ZáDG]\ F]\ VSRáHF]HĔVWZD" :\EUDQH SUREOHP\ NXOWXU\ L QDXNL QD ĝURGNRZ\P 1DGRGU]X Z ODWDFK ± UHG 3U]HP\VáDZ %DUWNRZLDN 'DZLG .RWODUHN ± =LHORQD *yUD 3UR /LEULV %OXVWHLQ -H൵UH\ 0 )RUJLYHQHVV DQG 5HPHPEUDQFH 5HPHPEHULQJ :URQJGRLQJ LQ 3HUVRQDO DQG 3XEOLF /LIH 2[IRUG 2[IRUG 8QLYHUVLW\ 3UHVV &KXUVND .DPLOD 7DGHXV] *UDE $OLFMD 3DF]RVND +DXNH :DOGHPDU 3WDN 7RPDV] 5DEDQW 0DUHN 6]\PDQLDN Ä7ZDU]H EH]SLHNL ± 2EVDGD VWDQRZLVN NLHURZQLF]\FK 8U]ĊGX %H]SLHF]HĔVWZD L 6áXĪE\ %H]SLHF]HĔVWZD Z ZRMHZyG]WZDFK SRPRUVNLP E\GJR VNLP WRUXĔVNLP L ZáRFáDZVNLP ,QIRUPDWRU SHUVRQDOQ\´ 'RVWĊS KWWS LSQ JRY SO BBGDWD DVVHWV SGIB¿OH SGI 'XGHN $QWRQL 5\V]DUG *U\] .RPXQLĞFL L .RĞFLyá Z 3ROVFH ± .UDNyZ =QDN 'XGHN 'DULXV] =DVDG\ XVWURMX ,,, 5]HF]\SRVSROLWHM 3ROVNLHM :DUV]DZD :ROWHUV .OXZHU ']ZRQNRZVNL 7DGHXV] 3RZLDW ]LHORQRJyUVNL Z ODWDFK ± =DU\V G]LHMyZ SROLW\F]Q\FK :DUV]DZD 2¿F\QD :\GDZQLFWZ 3URPRF\MQ\FK Ä&LYLWDV &KULVWLDQD´ )LMDONRZVNL $JDWD Ä3ROLWLFV /DZ DQG -XVWLFH LQ 3HRSOH¶V 3RODQG 7KH )LHOGRUI )LOH´ 6ODYLF 5HYLHZ ± *UDMHZVNL $QGU]HM Ä&LąJáRĞü L ]PLDQD 3RODF\ L 5RVMDQLH :]DMHPQD SHUFHSFMD´ : %LDáH SODP\ ± F]DUQH SODP\ VSUDZ\ WUXGQH Z SROVNR URV\MVNLFK VWRVXQNDFK ± UHG $GDP 5RWIHOG $QDWROLM 7RUNXQRZ ± :DUV]DZD 3,60 +RIPDĔVNL 3LRWU 6WDQLVáDZ =DEáRFNL (OHPHQW\ PHWRG\NL SUDF\ VĊG]LHJR Z VSUDZDFK NDUQ\FK :DUV]DZD :ROWHUV .OXZHU -D]RZQLN 0DULD /HV]HN -D]RZQLN .U]\V]WRI :RáF]\ĔVNL = *QLáRZyG GR àĊĪ\F\ =LHORQD *yUD .VLĊJDUQLD $NDGHPLFND -HPLHOLW\ :LWROG Ä%XGRZQLFWZR VDNUDOQH L NRĞFLHOQH Z GLHFH]ML áRPĪ\ĔVNLHM Z ODWDFK ± ´ 6WXGLD 7HRORJLF]QH ± .DPLĔVNL àXNDV] Ä'HNDGD 6ROLGDUQRĞFL´ %LXOHW\Q ,QVW\WXWX 3DPLĊFL 1DURGRZHM ± ± .DPLĔVNL àXNDV] Ä:áDG]D ZREHF RSR]\FML ± ´ 3DPLĊü L 6SUDZLHGOLZRĞü ±


.:(67,$ 81,(:$ฤฉ1,$1,$ 35$:202&1<&+ 25=(&=(ฤ 6ฤ '2:<&+ยซ

.RSLHF -DQ ร 5HODFMH SDฤ VWZR .Rฤ FLyรก Z 3ROVFH Z ODWDFK ยฑ ยด : 'URJD GR VWDELOL]DFML DGPLQLVWUDFML NRฤ FLHOQHM QD =LHPLDFK =DFKRGQLFK L 3yรกQRFQ\FK SR ,, ZRMQLH ฤ ZLDWRZHM : URF]QLFฤ NRQVW\WXFML DSRVWROVNLHM 3DZรกD 9, ร (SLVFRSRUXP 3RORQLDH FRHWXVยด UHG :RMFLHFK .XFKDUVNL ยฑ :URFรกDZ 2ฤ URGHN ร 3DPLฤ รผ L 3U]\V]รกRฤ รผยด .RWHOXN 'DQLHO ร =DELHJL GXFKRZLHฤ VWZD RUD] ZLHUQ\FK .Rฤ FLRรกD NDWROLFNLHJR QD U]HF] SU]\ZUyFHQLD QDXNL UHOLJLL Z 6]NROH 3RGVWDZRZHM Z &]HUZLHฤ VNX RG GR URNXยด : : VรกXฤชELH ZรกDG]\ F]\ VSRรกHF]Hฤ VWZD" :\EUDQH SUREOHP\ NXOWXU\ L QDXNL QD ฤ URGNRZ\P 1DGRGU]X Z ODWDFK ยฑ UHG 3U]HP\VรกDZ %DUWNRZLDN 'DZLG .RWODUHN ยฑ =LHORQD *yUD 3UR /LEULV .UDMHZVNL 0DUFLQ 8EH]SLHF]HQLH RGSRZLHG]LDOQRฤ FL F\ZLOQHM ZHGรกXJ NRGHNVX F\ZLOQHJR :DUV]DZD :ROWHUV .OXZHU .UDVRZVNL .DPLO ร .V ,JQDF\ =Rฤ ยฑ NDSรกDQ QLH]รกRPQ\ยด 'RVWฤ S KWWS ZZZ QLHG]LHOD SO DUW\NXO QG .V ,JQDF\ =RQ NDSODQ QLH]ORPQ\ .UDZF]\N 0LFKDรก ร ']LDรกDOQRฤ รผ 8U]ฤ GX GR 6SUDZ :\]QDฤ Z ]DNUHVLH WZRU]HQLD L REVDG\ VWDQRZLVN NRฤ FLHOQ\FKยด =HV]\W\ 1DXNRZH 8QLZHUV\WHWX 3U]\URGQLF]R +XPDQLVW\F]QHJR Z 6LHGOFDFK 6HULD $GPLQLVWUDFMD L =DU]ฤ G]DQLH ยฑ /XEHFND 0DรกJRU]DWD ร 3R]RUQD ร RGZLOฤชยด Z VWRVXQNDFK SDฤ VWZR NRฤ FLyรก QD SU]\ NรกDG]LH SRZLDWX RVWURรกฤ FNLHJRยด 'RVWฤ S KWWS PD]RZV]H KLVW SO ยฟOHV =HV]\W\B1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR 3')BEH]BW\WXORZ\FK =HV]\W\ B1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR U W =HV]\W\ B 1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR U W V =HV]\W\ B 1DXNRZHB2VWUROHFNLHJRB7RZDU]\VWZDB1DXNRZHJR U W V SGI 0DGHM .U]\V]WRI ร 2SR]\FMD Z 35/ ยฑ 6WDQ EDGDฤ ยด 3DPLฤ รผ L 6SUDZLHGOLZRฤ รผ ยฑ 0DUFLQNRZVND $QQD ร XVWDOHQLH RGSRZLHG]LDOQRฤ FL RGV]NRGRZDZF]HM 6NDUEX 3Dฤ VWZD QD SRGVWDZLH SURFHGXU\ NDUQHMยด .ZDUWDOQLN .UDMRZHM 6]NRรก\ 6ฤ GRZQLFWZD L 3URNXUDWXU\ ยฑ 0D]XUNLHZLF] 'DULXV] ']LDรกDQLD :\G]LDรกX GR 6SUDZ :\]QDฤ Z =LHORQHM *yU]H ZREHF .Rฤ FLRรกD JRU]RZVNLHJR Z ODWDFK ยฑ 6WXGLXP SUDZQR KLVWRU\F]QH /XEOLQ 0LHU]HMHZVNL 3LRWU ร 7]Z XVWDZD UHKDELOLWDF\MQD QD WOH RU]HF]QLFWZD 6ฤ GX 1DMZ\ฤชV]HJRยด 6WXGLD ,XULGLFD ยฑ 0LOHM 7RPDV] ร 3ROHQยด : 6WDDWVKDIWXQJ LQ (XURSD 1DWLRQDOHV XQG 8QLRQVUHFKW UHG 2OLYHU '|UU ยฑ %HUOLQ 'H *UX\WHU 0XVLDรก )LOLS ร 2VรกDELรผ :RMW\รกฤ L RSR]\FMฤ :\G]LDรก ,9 6% Z .UDNRZLH Z ODWDFK ยฑ ยด %LXOHW\Q ,QVW\WXWX 3DPLฤ FL 1DURGRZHMยด ยฑ ร 2WZDUFLH Z\VWDZ\ ยฉ2EURQD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ยฑ PDMD ยช RUD] VHVMD QDXNRZD ยฑ 6XOHFKyZ F]HUZFD U ยด 'RVWฤ S KWWSV LSQ JRY SO SO DNWXDOQRVFL 2WZDUFLH Z\VWDZ\ 2EURQD 'RPX .DWROLFNLHJR Z =LHORQHM *RU]H PDMD RUD] VHV KWPO"VHDUFK ร 3DUDยฟD 1DMฤ ZLฤ WV]HM 7UyMF\ Z =LHORQHM *yU]Hยด 'RVWฤ S KWWS ZZZ SDUDยฟDRFKOD SO LQGH[ SKS"RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG ร 3DUDยฟD 5]\PVNRNDWROLFND SZ ฤ Z -y]HID Z =DERU]Hยด 'RVWฤ S KWWS ZZZ SDUD ยฟD]DERU SO


3LRWU 6REDฤ VNL

3ROHV]DN 6รกDZRPLU ร ยฉ3RPRFยช VRZLHFND SU]\ WZRU]HQLX NRPXQLVW\F]QHJR DSDUDWX EH]SLH F]Hฤ VWZD Z 3ROVFHยด 'RVWฤ S KWWS ZZZ S]K LKSW SO ]HV]\W\ S]KB 3ROHV]DN SGI 5RPDQRZVND (OฤชELHWD ร :RMVNRZH SURNXUDWXU\ 3ROVNLFK .ROHL 3Dฤ VWZRZ\FK Z ODWDFK ยฑ ยฑ IRUPDOQR SUDZQH SRGVWDZ\ G]LDรกDOQRฤ FLยด 3U]HJOฤ G +LVWRU\F]QR :RMVNRZ\ ยฑ 6HQGHFNL 3LRWU ร 1LHNRQVW\WXF\MQRฤ รผ GHNUHWyZ VWDQX ZRMHQQHJR ยฑ UHร HNVMH KLVWRU\F]QH L XZDJL GH OHJH ODWD Z ]ZLฤ ]NX ] Z\URNLHP WU\EXQDรกX NRQVW\WXF\MQHJR ] PDUFD ยด : 3Dฤ VWZR ยฑ SUDZR ยฑ SROLW\ND .VLฤ JD SRฤ ZLฤ FRQD SDPLฤ FL 3URIHVRUD +HQU\ND *URV]\ND UHG -DURVรกDZ .RVWUXELHF 0DWHXV] &KU]DQRZVNL ,UHQHXV] 1RZLNRZVNL ยฑ /XEOLQ :\GDZQLFWZR 1DXNRZH 8QLZHUV\WHWX 0DULL &XULH 6NORGRZVNLHM 6LNRUVNL -XOLXV] ร :รกDG]D D .Rฤ FLyรก QD =LHPL /XEXVNLHM Z ODWDFK ยฑ ยด 5RF]QLN /XEXVNL ยฑ 6NRF]\ODV .D]LPLHU] ร %รกRJRVรกDZLRQ\ NVLฤ G] -HU]\ 3RSLHรกXV]NR Z]RUHP RVRERZ\P Z Z\FKRZDQLX FKU]Hฤ FLMDฤ VNLPยด 6WXGLD :รกRFรกDZVNLH ยฑ 6NRUXSND -HU]\ 2 VSUDZLHGOLZRฤ FL SURFHVX NDUQHJR :DUV]DZD :ROWHUV .OXZHU 6NXELV] .ฤ SND .DWDU]\QD 6SURVWRZDQLH L RGSRZLHGฤจ Z SUDVLH 6WXGLXP ] ]DNUHVX SUDZD SROVNLHJR QD WOH SUDZQRSRUyZQDZF]\P :DUV]DZD :ROWHUV .OXZHU 6Rฤ WD &H]DULXV] ร *HQH]D L HZROXFMD PRGHOX RGSRZLHG]LDOQRฤ FL NDUQHM ]D XG]LDรก Z RUJDQL ]DFMDFK SU]HVWฤ SF]\FK Z SUDZLH SROVNLPยด 6WXGLD %H]SLHF]Hฤ VWZD 1DURGRZHJR ยฑ 6\FKWD .DWDU]\QD ร &KDUDNWHU SUDZQ\ SRVWฤ SRZDQLD UHKDELOLWDF\MQHJR RNUHฤ ORQHJR XVWDZฤ ] GQLD U ยด 5XFK 3UDZQLF]\ (NRQRPLF]Q\ L 6RFMRORJLF]Q\ ยฑ 6]RW $GDP ร 5RN ยฑ F]DV SRUR]XPLHQLD F]\ SU]HรกRPX" = G]LHMyZ .Rฤ FLRรกD QD %LDรกR VWRFF]\ฤจQLHยด 6WXGLD 7HRORJLF]QH ยฑ 6]ZDJU]\N .U]\V]WRI :LQQL" ยฑ QLHZLQQL" 'ROQRฤ Oฤ VNLH SRG]LHPLH QLHSRGOHJรกRฤ FLRZH ยฑ Z ฤ ZLHWOH GRNXPHQWyZ Vฤ GRZ\FK :URFรกDZ %LEOLRWHND 6HMPRZD 6]\PDQRZVNL $GDP 3ROLW\ND ZรกDG] NRPXQLVW\F]Q\FK ZREHF .Rฤ FLRรกD U]\PVNRNDWROLFNLHJR QD 'ROQ\P ฤ Oฤ VNX Z ODWDFK ยฑ :URFรกDZ 'ROQRฤ Oฤ VND %LEOLRWHND &\IURZD ฤ PLHU]FKDOVNL :DFKRF] 'DULXV] 'XFKRZLHฤ VWZR U]\PVNRNDWROLFNLH QD 3RPRU]X =DFKRGQLP ฤ URGNRZ\P L =LHPL /XEXVNLHM Z ฤ ZLHWOH GRNXPHQWyZ SDฤ VWZRZ\FK ] ODW ยฑ 7 =LHORQD *yUD 2ยฟF\QD :\GDZQLF]D 8QLZHUV\WHWX =LHORQRJyUVNLHJR ฤ PLHU]FKDOVNL :DFKRF] 'DULXV] ร 2EURฤ FD 'RPX .DWROLFNLHJR Z =LHORQHM *yU]H ยฑ .V .D]L PLHU] 0LFKDOVNL ยฑ ยด 'RVWฤ S KWWS PWURMQDU U]HV]RZ RSRND RUJ SO NVLH]DBQLH]ORPQL ND]LPLHU]BPLFKDOVNL ฤ ZLGD =RยฟD -HU]\ 6NRUXSND 5\V]DUG 3RQLNRZVNL :รกRG]LPLHU] 3RVQRZ 3RVWฤ SRZDQLH NDUQH &]ฤ ฤ รผ RJyOQD :DUV]DZD :ROWHUV .OXZHU 7DUNRZVNL 3DZHรก ร 'URJD NX ]MHGQRF]HQLX 335 L 336 Z SRZLHFLH ELDOVNLP Z ODWDFK ยฑ ยด 'RVWฤ S KWWS NRPXQL]P QHW SO ZS FRQWHQW XSORDGV B37 SGI :DFKRZVNL :DOGHPDU ร ฤ ZLHERG]LQ ยฑ ฤฉ\FLH UHOLJLMQHยด 'RVWฤ S KWWS ZZZ VFKZLHEXV SO DUWLFOHV SKS"LG


.:(67,$ 81,(:$Ä©1,$1,$ 35$:202&1<&+ 25=(&=(Ä“ 6Ä„'2:<&+«

:RáF]DÄ”VNL -y]HI (NVWHUPLQDFMD QDURGX SROVNLHJR L .RÄžFLRáD 5]\PVNRNDWROLFNLHJR SU]H] XNUDLÄ”VNLFK QDFMRQDOLVWyZ Z 0DáRSROVFH :VFKRGQLHM Z ODWDFK ± PDWHULDá\ ĨUyGáRZH &] .UDNyZ :\GDZQLFWZR %á -DNXED 6WU]HPLÄŠ $UFKLGLHFH]ML /ZRZVNLHM 2E à DF =DUDGQ\ 5\V]DUG :áDG]D L VSRáHF]QRÄžü =LHORQHM *yU\ Z ODWDFK ± =LHORQD *yUD 2¿F\QD :\GDZQLF]D 8QLZHUV\WHWX =LHORQRJyUVNLHJR Ä©DU\Q -DQ Ä.RÄžFLyá NDWROLFNL D «6ROLGDUQRÄžü» Z ODWDFK ± ´ %LXOHW\Q ,QVW\WXWX 3DPLÄŠFL 1DURGRZHM ± ± Ä©DU\Q -DQ Ä3U\PDV :\V]\Ä”VNL Z SHUVSHNW\ZLH ]PDJDÄ” R QLHSRGOHJáRÄžü´ %LXOHW\Q ,QVW\WXWX 3DPLÄŠFL 1DURGRZHM ± Ä©XUHN -DFHN Ä$SDUDW EH]SLHF]HÄ”VWZD ZREHF .RÄžFLRáD NDWROLFNLHJR Z 3ROVFH :\EUDQH VWUXNWXU\ ± ´ $SDUDW 5HSUHVML Z 3ROVFH /XGRZHM ± ±


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.