=DPÏZ UHNODPÆ Z d7X L 7HUD]r
.DGUD 3ROVNL Z ERZOLQJX RVÏE QLHZLGRP\FK L QLHGRZLG] F\FK RG GR OXWHJR ÂZLF]\ D ZH : RF DZNX SU]HG PLVWU]R VWZDPL yZLDWD NWÏUH RGEÆG VLÆ Z 6HXOX Z .RUHL 3 G
-HVWHyP\ ZH : RF DZNX RUD] JPLQDFK SRZLDWX Z RF DZVNLHJR : LQWHUQHFLH ZZZ NXMDZ\ PHGLD SO
&HQD ]
,661
OXW\ QU
*$=(7$ : 2& $:.$ , 32:,$78 : 2& $:6.,(*2
: 2& $:(. 32:,$7 PLDVWD L JPLQ\ %U]Hy .XM %DUXFKRZR %RQLHZR &KRFHÍ &KRGHF] )DELDQNL ,]ELFD .XM .RZDO /XEDQLH /XELHÍ .XM /XEUDQLHF : RF DZHN
: 180(5=(
: SL WHN ]DJUDOL ] SUH ]\GHQWHP 0DUNLHP :RMW NRZVNLP SU]HFLZNR GUX \ QLH Z RF DZVNLFK PHGLÏZ ,QLFMDWRUN UR]JU\ZHN E\ D Z RF DZLDQND -DGZLJD 'X GHN DNWXDOQD ZLFHPLVWU]\ QL (XURS\ -HVW RQD UHSUH]HQWDQWN : RF DZVNR %URGQLFNLHJR .OXEX 6SRUWRZHJR d3LR QHNr :\ZDOF]\ D GUX \ QRZR VUHEUQ\ PHGDO QD ;9 0LVWU]RVWZDFK (XURS\ Z NUÆJODFK NODV\F]Q\FK 0HF] RGE\ VLÆ Z NUÆJLHOQL /XFN\ 6WDU L E\ MHGQ\P ]H VSRVREÏZ SURPRFML UR]ZRMX VSRUWX RVÏE QLH SH QRVSUDZQ\FK Z NWÏU Z F]\ VLÆ SUH]\GHQW : R F DZND
-DGZLJD 'XGHN L ZLFHSUH]\GHQW : RF DZND %DUEDUD 0RUDF]HZVND
OHFLH VDPRU] GX WHU\WRULDOQHJR ZH : RF DZNX
3ROXEL D SUH]\GHQWD
6WDZLDP QD NRPSH WHQFMH 5R]PRZD ] 0DU NLHP :RMWNRZVNLP SUH ]\GHQWHP : RF DZND &]\WDM VWU =DELHJDP\ R RE ZRGQLFÆ %U]HyFLD .XMDZ VNLHJR 5R]PRZD ]H 6 D ZRPLUHP .RS\yFLHP F] RQNLHP ]DU] GX ZRMH ZÏG]WZD 5DGQL 36/ ZDOF] R RGV]NRGRZDQLD &]\WDM VWU
: PDUFX SRG REUDG\ 5DG\ 0LHMVNLHM WUDIL SUR MHNW XFKZD \ SRZR XM FHM GR \FLD QRZH FLD R VSR HF]QH t UDGÆ Z NWÏUHM ]DVLDGDÂ EÆG VH QLRU]\ NWÏU]\ DNW\ZQLH ]HFKF VLÆ Z F]\Â Z ]DU] G]DQLH PLDVWHP
:\OHFLD ]D JDGDQLH 0DP\ GHPRNUDFMÆ L PÏ ZLÂ ND G\ PR H FR PX VLÆ SRGRED DOH WH PXVL VLÆ OLF]\Â ] NRQVHNZHQFMDPL 3U]HNRQD VLÆ R W\P $QGU]HM .D]LPLHUF]DN NWÏU\ ]RVWD XVXQLÆW\ ] ]DU] GX PLHMVNLH JR 3ODWIRUP\ 2E\ZDWHOVNLHM ZH : RF DZNX .D]LPLHUF]DN RG SHZ QHJR F]DVX SXEOLF]QLH NU\W\NXMH SRVH 'RPLFHOÆ .RSDF]HZVN 32 0 R G\ QLH MHVW ZLÆF SRZLQLHQ ZLHG]LHÂ H GR Z DVQHJR JQLD]GD LQQL QDURELÂ PX QLH GDG]
)RW -RODQWD 3LMDF]\ÍVND
: JPLQLH %U]HyÂ
&]\WDM VWU
7DNLHM UDG\ MHV]F]H QLH E\ R .ROHMQH SRNROHQLH NWÏUH SU]HMÆ R Z DG]Æ Z VDPRU] G]LH PLDVWD QLH RGV\ D VWDUV]\FK GR ODPXVD
&]\WDM VWU
.XMDZVNL PR QD NXSLÂ G]LD NL SRG EXGRZQLF WZR PLHV]NDQLRZH MHG QR L ZLHORURG]LQQH RUD] SURGXNF\MQR XV XJRZH
&HQQH SRUDG\ EDEFL L G]LDGND
: SUDFRZQL JG]LH RGE\ZD \ VLÆ ZDUV]WDW\ QLHRF]HNLZDQLH QD UDPLHQLX SUH]\GHQWD XVLDG D SDSXJD
.
LONXVHW VDPR U ] G R Z F Ï Z ] UHJLRQX Z RF DZ VNLHJR V XFKD R SU]HPÏZLHQLD SUH ]\GHQWD %URQLV DZD .RPRURZVNLHJR NWÏ UH Z\J RVL SRGF]DV OHFLD VDPRU] GX WHU\WRULDOQHJR ZH : RF DZNX 6DPRU] G ZDUWR QLH W\ONR GRFHQLDÂ
ZDUWR JR UÏZQLH UR] ZLMDÂ L WUDNWRZDÂ MDNR LQZHVW\FMÆ QD QDVWÆS QH ODWD FR QDMPQLHM QD NROHMQ\FK ODW t PÏ ZL %URQLV DZ .RPR URZVNL SU]\SRPLQDM F SU]\SDGDM F\ Z W\P URNX MXELOHXV] OHFLD SROVNLHJR VDPRU] GX ODW WHPX 6HMP 53 SU]\M XVWDZÆ R VDPR U] G]LH WHU\WRULDOQ\P
G]LÆNL NWÏUHM PDMD URNX RGE\ \ VLÆ Z 3ROVFH SLHUZV]H Z SH QL GHPRNUDW\F]QH Z\ERU\ GR UDG PLDVW L JPLQ 3UH]\GHQW : RF DZ ND 0DUHN :RMWNRZVNL ZLWDM F %URQLV DZD .R PRURZVNLHJR PÏZL &]XMHP\ VLÆ ]D V]F]\FHQL JRV]F] F SUH]\GHQWD 53 SDWURQD
VDPRU] GX WHU\WRULDO QHJR Z 3ROVFH %XGR ZDQLH VDPRU] GQRyFL QD ED]LH RE\ZDWHOVNR yFL L ZROQRyFL MHVW QD GDO NRQLHF]QH 3R XURF]\VWRyFL %UR QLV DZ .RPRURZVNL L ]DSURV]HQL JRyFLH D ZyUÏG QLFK ZRMH ZRGD (ZD 0HV RUD] SUH]\GHQW : RF DZ
ND ]ZLHG]DOL &HQWUXP .XOWXU\ d%URZDU %r : SUDFRZQL Z NWÏUHM RGE\ZD \ VLÆ ZDUV]WD W\ PDODUVWZD WNDFWZD L U]H|E\ NX ]G]LZLHQLX ZV]\VWNLFK SRSLV GD D NRORURZD SDSXJD VLD GDM F QD UDPLHQLX SUH ]\GHQWD : DyFLFLHON SDSXJL MHVW RVRED SUR ZDG] FD ZDUV]WDW\ MS
'ZXQDVWRRVRERZD UDGD VHQLRUÏZ VNXSLD M FD OXG]L SR V]HyÂG]LH VL WFH PD E\Â FLD HP GRUDGF]\P NRQVXOWD F\MQ\P D WDN H ]J D V]DM F\P UÏ QH Z DVQH LQLFMDW\Z\ 2VRE\ GR UDG\ VHQLR UÏZ Z\W\SXM SUH]\ GHQW RVRE\ UDGQL L RUJDQL]DFMH SR]DU] GR ZH LQVW\WXFMH ]DMPX M FH VLÆ SUREOHPDW\N VHQLRUÏZ Z PLHyFLH P
8F]HÍ d(OHNWU\NDr VR W\VHP 0XUVND =DZLÏ] EDEFLÆ QD ]HEUDQLH ZLHMVNLH QD NWÏU\P Z\ELHUDQR VR W\VD L UDGÆ VR HFN 0XUVND D ] ]HEUDQLD Z\V]HG MDNR VR W\V -DNXE :RMFLHFKRZVNL MHVW XF]QLHP NODV\ PDWXUDOQHM Z R F DZVNLHJR d(OHNWU\NDr 2G VW\F]QLD EU SH QL IXQNFMÆ VR W\VD 0XUVND Z JPLQLH : RF DZHN 0D ODW L MHVW GUXJLP QDMP RG V]\P VR W\VHP Z 3ROVFH ,QWH UHVXMH VLÆ PRWRU\]DFM VSRUWHP
V]F]HJÏOQLH ELHJDPL QD G\VWDQVLH PHWUÏZ OXEL ZÆGNRZDÂ : ZDNDFMH SRPDJD VZRMHPX WDFLH Z SUDF\ QD KHNWDURZ\P JRVSRGDUVWZLH -DNXE PL R QDV ]DVNRF]\ VZRLP G]LD DQLHP PÏZL 3LRWU &] DSLÍVNL G\UHNWRU =HVSR X 6]NÏ (OHNWU\F]Q\FK ZH : RF DZ NX :SUDZG]LH PDP\ Z V]NROH JUXSÆ XF]QLÏZ NWÏU]\ DNW\ZQLH ELRU XG]LD Z \FLX VSR HF]Q\P V]NR \ MDN L PLHMVFRZRyFL Z NWÏ
U\FK PLHV]NDM DOH DGHQ GRW G IXQNFML VR W\VD QLH VSUDZRZD -DNXE XF]\ VLÆ Z ]DZRG]LH WHFK QLN HOHNWURQLN L PD RVL JQLHFLD MHVW Z\UÏ QLDM F\P VLÆ XF]QLHP &LHV]\ QDV H PD WH LQQH SRP\ V \ QD \FLH SR]D QDXN 1D ]GMÆFLX RERN RG OHZHM G\UHNWRU 3LRWU &] DSLÍVNL VR W\V -DNXE :RMFLHFKRZVNL L %HDWD %X DZD Z\FKRZDZF]\QL NODV\
&]\WDM VWU
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
QU OXW\
$NWXDOQRyFL
ZZZ NXMDZ\ PHGLD SO
=DNRÍF]HQLH EXGRZ\ GR NRÍFD URNX
6SUDZFD Z DUHV]FLH
']LHFNR QLH VSDG R ] NDQDS\ %\ R ELWH
=DN DG WHOHUDGLRWHUDSLL SRG GDFKHP
'\VSR]\WRU Z RF DZVNLHJR SRJRWRZLD UDWXQNRZHJR OXWHJR SRZLDGRPL G\ XUQHJR Z RF DZVNLHM SROLFML H GR V]SLWDOD ]RVWD R SU]HZLH]LRQH QLHVSH QD GZXOHWQLH G]LHFNR = UHODFML LQIRUPXM FHJR Z\QLND R H FK RSF]\N E\ QLHSU]\WRPQ\ L PLD REUD HQLD NWÏUH ZVND]\ZD \ QD WR H PÏJ SDy RILDU SU]HPRF\ 'R Z\MDyQLHQLD GHF\]M SURNXUDWRUD ]DWU]\PDQ\ ]RVWD ODWHN NWÏU\ ZF]HyQLHM RSLHNRZD VLÆ PDOFHP 0Æ F]\]QD E\ WU]H|Z\ 7 X PDF]\ ]H G]LHFNR VSDG R ] NDQDS\ 6WDQ FK RSFD E\ WDN JUR|Q\ H ]RVWD RQ SU]HWUDQVSRUWRZDQ\ KHOLNRSWHUHP GR V]SLWDOD LP 5\G\JLHUD Z 7RUXQLX /HNDU]H PÏZL H REUD HQLD G]LHFND Z\UD|QLH ZVND]XM H E\ R RQR RILDU SU]HPRF\ GRPRZHM
3DWU\N . SU]\]QD VLÆ GR SRELFLD GZXOHWQLHJR G]LHFND 1DVWÆSQHJR GQLD SRWZLHUG]L \ VLÆ SU]\SXV]F]HQLD OHNDU]\ L SROLFMDQ WÏZ H GZXOHWQL FK RSF]\N NWÏU\ U]HNRPR VSDG ] NDQDS\ MDN W XPD F]\ OHWQL NRQNXEHQW PDWNL G]LHFND E\ ELW\ 3U]HV XFKLZDQ\ Z 3URNXUDWXU]H 5HMRQRZHM ZH : RF DZNX OHWQL 3DWU\N . SU]\]QD VLÆ GR SRELFLD G]LHFND 6WDQ PD HJR 0DUFHOD NWÏ U\ QDGDO SU]HE\ZD Z V]SLWDOX Z 7RUXQLX SRJRUV]\ VLÆ G]LHFNR MHVW Z ySL F]FH IDUPDNRORJLF]QHM %DGDQLH WRPRJUDIHP Z\ND]D R VLOQ\ REU]ÆN PÏ]JX 2GG\FKDQLH ZVSRPDJDQH MHVW UHVSLUDWRUHP
$UHV]W QD PLHVL FH 1D SRGVWDZLH ]JURPDG]RQ\FK PDWHULD ÏZ MHV]F]H OXWHJR SR SR XGQLX SROLFMDQFL ] NRPHQG\ PLHMVNLHM ZH : RF DZNX SU]HGVWDZLOL ODW NRZL XVWQLH GR SURWRNR X ]DU]XW VSRZRGRZDQLD FLÆ NLHJR XV]F]HUENX QD ]GURZLX FK RSFD OXWHJR Z SURNXUDWXU]H PÆ F]\]QD XV \V]D ]D U]XW WHM VDPHM WUHyFL 3ROLFMDQFL GRSURZDG]LOL ODWND UÏZQLH GR V GX JG]LH ]DSDG D GHF\]MD H WU]\ QDMEOL V]H PLHVL FH VSÆG]L RQ ]D NUDWDPL *UR]L PX NDUD RG URNX GR ODW ZLÆ]LHQLD 0LHMVNL 2yURGHN 3RPRF\ 5RG]LQLH ] R \ ZQLRVHN GR V GX R RGHEUD QLH PDWFH 0DUFHOD GUXJLHJR G]LHFND -DN LQIRUPXMH 3LRWU *UXG]LÍVNL G\UHNWRU 0235 SRZLQQR WUDILÂ RQR GR URG]LQ\ ]DVWÆSF]HM SU]\QDMPQLHM GR PRPHQWX XVWDELOL]RZDQLD V\WXDFML Z URG]LQLH : F]ZDUWHN OXWHJR ZH : RF DZNX QD ]QDN SURWHVWX SU]HPRF\ Z URG]LQLH SRMDZL \ VLÆ SOXV]RZH PLVLH %\ D WR DNFMD SQ d+LVWRULD PLVLD QLH ELM PQLH NRFKDM PQLH r ]RUJDQL]RZDQD SU]H] )XQGDFMÆ :LHONLHM 2UNLHVWU\ kZL WHF]QHM 3RPRF\
Q
%XGRZD V]\ENR SRVWÆSXMH QDSU]ÏG
7
UZDM ]DDZDQVRZD QH SUDFH QD EXGRZLH Z RF DZVNLHJR ]DN DGX WH OHUDGLRWHUDSLL E\GJRVNLHJR UHJLRQDOQHJR &HQWUXP 2Q NRORJLL : Z\QLNX LQZHVW\FML NWÏ UHM ]DNRÍF]HQLH SU]HZLG]LDQR QD NRQLHF URNX SRZVWDQLH MHGQRVWND NWÏUD ]QDF]QLH X D WZL SDFMHQWRP PLHV]NDM F\P Z UHMRQLH : RF DZND RGE\ZD QLH WDNLHJR OHF]HQLD &HQWUXP 2QNRORJLL MHVW MHGQ ] SOD FÏZHN PHG\F]Q\FK Z FD \P UHJLRQLH NWÏUH GHF\]M ]DU] GX ZRMHZÏG]WZD RWU]\PD \ MHVLHQL yURGNL QD SU]HGVLÆ Z]LÆFLD PRGHUQL]DF\MQH L UR] ZRMRZH ] SXOL 5HJLRQDOQHJR 3URJUDPX 2SHUDF\MQHJR 5DGLRWHUDSLD MHVW VNXWHF]Q PHWRG OHF]HQLD Z ZLHOX FKR
UREDFK QRZRWZRURZ\FK GOD WHJR X]QDOLyP\ ]D NRQLHF]QH E\ WDND MHGQRVWND QD SRWU]HE\ PLHV]NDÍFÏZ WHM F]ÆyFL UHJLRQX SRZVWD D 'RVWÆS GR PHG\F\Q\ RQNRORJLF]QHM SRZLQLHQ E\Â MDN QDM DWZLHMV]\ t SRGNUHyOD PDU V]D HN ZRMHZÏG]WZD 3LRWU &D EHFNL
] FKLUXUJL MHGQHJR GQLD RUD] DPEXODWRULXP FKHPLRWHUDSLL 1D SRWU]HE\ MHM QRZHM MHG QRVWNL Z NWÏUHM EÆG]LH VLÆ OH F]\ QDZHW W\VL F SDFMHQWÏZ URF]QLH SRZVWDMH SU]\ XO ÆJVNLHM WU]\NRQG\JQDF\M Q\ EXG\QHN ] GZRPD EXQNUD PL QD VWRVRZDQH Z OHF]HQLX QRZRWZRUÏZ DNFHOHUDWRU\ =DN DG UDGLRWHUDSLL X]XSH QL Z\VRNRHQHUJHW\F]QH IXQNFMRQXM FH ZH : RF DZNX &HQWUXP 'LDJQRVW\F]QR /HF] 3UDFH EXGRZODQH SRZLQQ\ QLF]H NWÏUH MHVW ILOL E\GJRVNLH VLÆ ]DNRÍF]\ Z F]HUZFX ]D JR RyURGND RQNRORJLF]QHJR N DG SU]\MPLH SLHUZV]\FK SD 3ODFÏZND yZLDGF]\ ]DDZDQ FMHQWÏZ QD SRF] WNX SU]\V] H VRZDQ WHFKQRORJLF]QLH GLD JR URNX :DUWRy ZVSDUFLD JQRVW\NÆ REUD]RZ UH]RQDQV ] 532 :. 3 Z\QRVL SRQDG PDJQHW\F]Q\ WRPRJUDILD NRP PLOLRQÏZ ] RW\FK SXWHURZD EDGDQLD WHFKQLN %HDWD .U]HPLÍVND 86* PDPPRJUDILD SRVLDGD WH ]HVSÏ SRUDGQL SU]\MPXM F\FK SDFMHQWÏZ Z WU\ELH DP EXODWRU\MQ\P VDOÆ ]DELHJRZ
: VW\F]QLX ZLÆFHM ]JRQÏZ QL XURG]HÍ :HG XJ GDQ\FK ]D VW\F]HÍ URNX RSXEOLNRZDQ\FK SU]H] :\G]LD 6SUDZ 2E\ ZDWHOVNLFK 80 OLF]ED PLHV]NDÍFÏZ : RF DZ ND Z\QRVL RVR E\ : VW\F]QLX Z HZL GHQFML SRMDZL R VLÆ QRZRURGNÏZ RGQRWR ZDQR ]JRQÏZ (PLJUDFMÆ VWD ]J R VL R Z VW\F]QLX RVÏE ]DPHOGRZD R VLÆ RVÏE =DQRWRZDQR UÏZ QLH SU]HPHOGRZDÍ L Z\PHOGRZDQLD : VW\F]QLX Z RF DZLD QLH RGHEUDOL GR ZRGÏZ RVRELVW\FK P
,]ELFD .XMDZVND
'RVWDQLHV] d7X L 7HUD]r 0LHV]NDÍF\ ,]ELF\ .XMDZVNLHM S\WDM QDV JG]LH PR QD GRVWDÂ JD]HWÆ d7X L 7HUD]r ER ]QLND V]\ENR ] Z\]QD F]RQ\FK PLHMVF NRO SRUWD X =DFKÆFDP\ GR SÏM yFLD QD SODF :ROQRyFL GR SXQNWX d5XFKXr ] SUDV L UÏ Q\PL DUW\NX DPL FRG]LHQ QHJR X \WNX NWÏU\ SURZDG]L .U\VW\QD $GDPF]HZVND 7DP GRVWDUF]DP\ QDMZLÆ FHM JD]HW 0R QD MH WH ]DPÏZLÂ
: ,]ELF\ .XMDZVNLHM
5ROQLF\ SURWHVWRZDOL 3U]H] GZLH JRG]LQ\ UROQLNÏZ PDQLIHVWRZD R OXWHJR Z FHQWUXP ,]ELF\ .XMDZVNLHM %ORNRZDOL SU]HMyFLH GOD SLHV]\FK QD GURG]H QU %\ D WR ]DSRZLDGDQD UHDNFMD 16== 5, d6ROLGDUQRyÂr QD SUREOHP\ Z SROVNLP UROQLFWZLH V]F]HJÏOQLH SRJDUV]DM F VLÆ V\WXDFMÆ QD U\QNDFK UROQ\FK =D RUJDQL]DFMÆ UROQLF]HJR SURWHVWX Z ,]ELF\ .XMDZVNLHM RGSRZLHG]LDOQ\ E\ : RG]LPLHU] .DF]PDUHN :yUÏG SURWH VWXM F\FK REHFQ\ E\ WH -DQXV] :DOF]DN SU]HZRGQLF] F\ .XMDZVNR 3RPRUVNLHM 5DG\ :RMHZÏG]NLHM 16== 5, d6ROLGDU QRyÂr L MHGQRF]HyQLH SU]HZRGQLF] F\ 6HNFML 3URGXFHQWÏZ 7U]RG\ &KOHZQHM 16== 5, d6ROLGDUQRyÂr 5ROQLF\ SU]H] RNR R PLQ FKRG]LOL SR SU]HMyFLX GOD SLHV]\FK D QDVWÆSQLH QD NLOND PLQXW XGUD QLDOL UXFK $NFMD WUZD D GZLH JRG]LQ\ 5ROQLF\ Z FD HM 3ROVFH GRPDJDM VLÆ SRPRF\ U] GX Z V]F]HJÏOQRyFL QD QLHRS DFDOQ\P U\QNX WU]RG\ FKOHZQHM POHND L ]EÏ -DN PÏZL QLH FKF GRS DFDÂ GR SURGXNFML .OXF]RZ\P SUREOHPHP MHVW UÏZQLH XUHJXORZDQLH REURWX ]LHPL UROQ SR URNX WDN E\ QLH WUDILD D RQD Z UÆFH REFRNUDMRZFÏZ D SRZLÆNV]D D SROVNLH JRVSRGDUVWZD URG]LQQH P
2* 26=(1,$ '52%1( :\QDMPÆ SRZLHU]FKQLÆ SRG VWRLVND ERNV\ KDQGORZH PLHV]F] FH VLÆ Z SDVD X KDQGORZ\P VNOHSX 'HOLNDWHV\ &HQWUXP %DUXFKRZR ,QIRUPDFMH SRG QU WHO
)ROLH GR VLDQRNLV]RQHN 7HO
QU OXW\
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
: RF DZHN
ZZZ NXMDZ\ PHGLD SO
5R]PRZD ] 0DUNLHP :RMWNRZVNLP SUH]\GHQWHP : RF DZND
8FKZD D ZHMG]LH Z \FLH GRSLHUR SR RSXEOLNRZDQLX MHM Z G]LHQQLNX XU]ÆGRZ\P ZRMHZÏG]WZD
6WDZLDP QD NRPSHWHQFMH $NWXDOQLH UHDOL]RZDQD LQZH VW\FMD"
0LQÆ R GQL RG UR]SRF]ÆFLD VSUDZRZDQLD SU]H] SDQD Z DG]\ ZH : RF DZNX : UDWXV]X QD VWR NDFK VLHG] MX QRZL G\UHNWR U]\ G]LD ÏZ Z VSÏ NDFK PLHMVNLFK MX G]LD DM QRZH UDG\ QDG]RUF]H QLHEDZHP Z\ RQLHQL ]RVWDQ SUH ]HVL W\FK VSÏ HN 1LHNWÏU]\ RVWUR SDQD VNU\W\NRZDOL ]D REVDG]DQLH VWDQRZLVN VZRLPL PÏZLRQR GDMH VWDQRZLVND SU]\MDFLR RP .D G\ QLH W\ONR ZH : RF DZ NX NWR VLÆJD SR Z DG]Æ PD VZRM ZL]MÆ UR]ZRMX PLDVWD SU]\JRWRZX M F VLÆ GR SU]HMÆFLD VWHUÏZ ]DU] G]DQLD PXVL PLHÂ SU]\JRWRZDQH VZRMH ]DSOHF]H D ZLÆF OXG]L NRP SHWHQWQ\FK VSUDZG]RQ\FK DOH WH WDNLFK GR NWÏU\FK PD VLÆ ]DXIDQLH 7DN E\ R WH Z SRSU]HGQLFK ND GHQFMDFK NLHG\ 6/' E\ R X VWHUX PLDVWD :D QH DE\ SU]\ REVDG]D QLX VWDQRZLVN QLH DPDÂ SUDZD D OXG]LH NWÏU\FK VLÆ ]DWUXGQLD E\OL GREU]\ Z VZRLP IDFKX 1DWRPLDVW PRL F]DVHP QDZHW VHUGHF]QL ]QDMRPL VWDQRZLVN QLH RWU]\PDOL FKRÂ PD R WHJR QLHNWÏ U]\ PDM GR PQLH R WR SUHWHQVMH : Z\ERU]H RVÏE VWDZLD HP SU]HGH ZV]\VWNLP QD NRPSHWHQFMH D QLH QD ]QDMRPRyFL 3URV]Æ SRZLHG]LHÂ F]\ Z 8U]ÆG]LH 0LDVWD SUDFXMH NWRy NWR MHVW ]ZL ]DQ\ ] PRM SDUWL " 3RGM SDQ GHF\]MÆ R SU]HSURZD G]HQLX DXG\WX ILQDQVÏZ PLDVWD 7R WH VLÆ QLH SRGRED QDZHW SRMD ZL VLÆ NRPHQWDU] PÏZL F\ R W\P H PyFL VLÆ SDQ QD SRSU]HGQLNX 7R Z WDNLP UD]LH MD SR]RVWDZLÆ WH QLHGRU]HF]QRyFL EH] NRPHQWD U]D 0ÏM SRSU]HGQLN SR]RVWDZL PL ZLHOH QLHVSRG]LDQHN ] NWÏU\PL PXV]Æ VLÆ ]PLHU]\Â ZLÆF DXG\W WR U]HF] QRUPDOQD ZUÆF] SR GDQD Z ]DU] G]DQLX =HZQÆWU]QD ILUPD ]DMPLH VLÆ MHJR SU]HSURZDG]HQLHP Z 8U]ÆG]LH 0LDVWD D SÏ|QLHM Z MHG QRVWNDFK EXG HWRZ\FK RUD] VSÏ NDFK PLHMVNLFK :\QLNL DXG\WX SR WU]HEQH V GR SODQRZDQLD SROLW\NL
0$5(. :2-7.2:6., :H : RF DZNX IXQNFMRQXMH EOLVNR NOXEÏZ L VWRZDU]\V]HÍ VSRUWRZ\FK FR FLHV]\ 0XV] PLHÂ RQH ZVSDUFLH WDN H ]H VWURQ\ VDPRU] GX ILQDQVRZHM PLDVWD QD NROHMQH ODWD WDNLHM NWÏUD ]DSHZQL MHJR UR]ZÏM *G\ R EXG HFLH PRZD WR WH JRURF]Q\ QD]ZDQR dEXG HWHP PL]HULLr 1D LQZHVW\FMH SU]H]QD F]RQR POQ ] RW\FK 7R QLHZLHOH %XG HW QD WHQ URN SU]\JRWRZD D SRSU]HGQLD HNLSD D P\ ZQLHyOL yP\ W\ONR SRSUDZNL SROHJDM FH QD V]XNDQLX RV]F]ÆGQRyFL L SHZQ\FK SU]HVXQLÆFLDFK SRPLÆG]\ G]LD DPL 2NUHyODP WHQ EXG HW MDNR RVWUR Q\ =JDG]DP VLÆ QLH MHVW ]D GRZDODM F\ DOH SRGREQD dPL]HULDr MHVW Z FD \P NUDMX 3U]\F]\QD MHVW SURVWD t SUDNW\F]QLH VNRÍF]\ \ VLÆ IXQGXV]H XQLMQH ] UR]GDQLD t D EÆG]LH GREU]H MHyOL QRZH UXV] SRG NRQLHF WHJR URNX 1D LQ
7UZD UHPRQW EXG\QNX /LFHXP 2JÏOQRNV]WD F FHJR LP 0DULL .R QRSQLFNLHM ZH : RF DZNX 6WDZLD QH V PXU\ ZF]HyQLHM UR]HEUDQHJR ]DFKRGQLHJR VNU]\G D JPDFKX 3RGF]DV UHPRQWX EXG\QNX /0. Z XELHJ \P URNX RND]D R VLÆ H XV]NRG]HQLD MHGQHJR ]H VNU]\GH EXG\QNX V]NR \ V QD W\OH GX H H JUR]L ]DZDOHQLHP ¯ZF]HVQ\ SUH]\GHQW : RF DZND SRGM GH F\]MÆ R Z\EXU]HQLX L SRVWDZLHQLX VNU]\G D QD QRZR .RV]W UHPRQWX JPDFKX /0. ]ZLÆNV]\ VLÆ R POQ ] : W\P URNX UHPRQW ]RVWDQLH ]D NRÍF]RQ\ 6SH QL SDQ MX MHGQ ]H VZRLFK RELHWQLF Z\ERUF]\FK : RF DZLD QLH QLH EÆG S DFLÂ ]D SDUNRZDQLH Z VRERW\ %\ D WR RGSRZLHG| QD J RV\ ZLHOX PLHV]NDÍFÏZ 5DGQL ]PLH QLOL SU]HSLV\ ORNDOQHJR SUDZD -X Z PDUFX Z VRERW\ SU]HVWD Q RERZL ]\ZDÂ RS DW\ Z VWUHILH S DWQHJR SDUNRZDQLD REHMPXM FHM XOLFH Z RF DZVNLHJR yUÏGPLHyFLD
.ROHMQD RELHWQLFD ]ZL ]DQD MHVW ] Z RF DZVNLP VSRUWHP (IHN WHP MHVW QRZR SRZR DQD 0LHMVND 5DGD 6SRUWX :\W\NDM SDQX H Z UDG]LH ]DVLDGDM OXG]LH VSR]D : RF DZND -DN QLH NLMHP WR SD N 7UX L]PHP MHVW PÏZLHQLH H UR]ZLMDQLH VSRUWRZHJR SRWHQFMD X ]Z DV]F]D G]LHFL L P RG]LH \ JZDUDQWXMH QDP SU]\V] H ]GURZV]H VSR HF]HÍVWZR GRURV \FK :H : RF DZNX IXQNFMR QXMH EOLVNR NOXEÏZ L VWRZDU]\ V]HÍ VSRUWRZ\FK FR FLHV]\ 0XV] PLHÂ RQH ZVSDUFLH WDN H ]H VWURQ\ VDPRU] GX 'R QRZR SRZR DQHM 0LHMVNLHM 5DG\ 6SRUWX ]DSURVL HP QDMOHSV]\FK W\FK NWÏU]\ QD VSR UFLH VLÆ ]QDM =DVLDGDM Z QLHM VHQDWRU 53 $QGU]HM 3HUVRQ t G]LHQQLNDU] VSRU WRZ\ -HU]\ (QJHO WUHQHU E\ \ V]NROHQLRZLHF NDGU\ QDURGRZHM Z SL FH QR QHM $QHWD 6]F]HSDÍVND ZLFHPLVWU]\QL ROLPSLMVND 0DULDQ 1RZDNRZVNL WUHQHU NDGU\ OHNNR DWOHW\F]QHM RUD] NRV]\NDU] +XEHUW 5DGNH =DUÏZQR $QGU]HM 3HUVRQ MDN L -HU]\ (QJHO SRFKRG] ] : R F DZND -HyOL FL NWÏU]\ NU\W\NXM PRM GHF\]MÆ ZVND PL OHSV]\FK IDFKRZFÏZ ZH : RF DZNX QL FL NWÏU]\ V ]QDQL L FHQLHQL QLH W\ONR Z 3ROVFH DOH L QD yZLHFLH WR N D QLDP VLÆ QLVNR 5R]PDZLD D - 3
ZHVW\FMH RSUÏF] W\FK ZVSRPQLD Q\FK PLOLRQÏZ ] RW\FK PDP\ MHV]F]H POQ ] UH]HUZ\ LQZHVW\ F\MQHM 1D LQZHVW\FMH GURJRZH 5DGD 0LDVWD SU]H]QDF]\ D PLOLRQÏZ ] RW\FK =DSODQRZDQR P LQ UH PRQW WU]HFK ZLDGXNWÏZ : W\P URNX UR]SRF]QLH VLÆ UH PRQW ZLDGXNWÏZ Z FL JX XOLF\ :URQLHM L DOHL .UÏORZHM -DGZLJL .RQLHF]QH MHVW UÏZQLH SU]HEXGR ZDQLH ZLDGXNWX QD DOHL .D]LPLHU]D :LHONLHJR 6 WR EDUG]R NRV]WRZ QH LQZHVW\FMH ZLÆF LFK UHDOL]DFMÆ UR] R RQR Z F]DVLH ]DN DGDM F LFK ]DNRÍF]HQLH Z URNX 5HPRQ W\ WH EÆG]LH UHDOL]RZD 0LHMVNL =D U] G 'UÏJ
6WUD 0LHMVND SRPRFQD PLHV]NDÍFRP
2G OHZHM 1RUEHUW 6WUXFLÍVNL SUH]\GHQW 0DUHN :RMWNRZVNL SRVH -DQXV] ']LÆFLR RUD] +HQU\N :LWF]DN t ]DVWÆSFD NRPHQGDQWD
6WUD 0LHMVND ZH : R F DZNX ]PLHQLD VZRMH REOL F]H 0QLHM UHVWU\NFML ZLÆFHM SURILODNW\NL L SRPRF\ OX G]LRP Z SRWU]HELH 1D ]ZR DQHM NRQIHUHQFML SUH]\GHQW 0DUHN :RMWNRZ VNL L SRVH -DQXV] ']LÆFLR RUD] +HQU\N :LWF]DN t ]D VWÆSFD NRPHQGDQWD L 1RU EHUW 6WUXFLÍVNL U]HF]QLN SUDVRZ\ 6WUD \ 0LHMVNLHM ZH : RF DZNX PÏZLOL R ]PLDQDFK MDNLH V ZSURZD G]DQH Z IXQNFMRQRZDQLX VWUD QLNÏZ PLHMVNLFK : ZRMHZÏG]WZLH NXMDZ VNR SRPRUVNLP SRVH -D QXV] ']LÆFLR ]DSRZLDGD ZGUR HQLH SURJUDPX FHUW\ ILNDFML VWUD \ JPLQQ\FK F]\OL ZSURZDG]HQLH VWDQGDUGÏZ G]LD DQLD 6WUD QLF\ QLH PRJ ]DMPRZDÂ VLÆ W\ONR XVWDZLDQLHP IRWRUDGDUÏZ t PÏZL SRVH
6NU]\G R OLFHXP VWDZLDQH QD QRZR
3UDFXMHP\ QDG ]PLD Q VFKHPDWX RUJDQL]DF\M QHJR 6WUD \ 0LHMVNLHM ZH : RF DZNX t PÏZL SUH]\ GHQW 0DUHN :RMWNRZVNL %ÆG]LHP\ NUHRZDÂ LQQ\ QL GRW\FKF]DV ZL]HUXQHN QDV]\FK VWUD QLNÏZ PLHM VNLFK : RF DZVND VWUD IRWRUDGDUÏZ QLH SRVLDGD L QLH ]DPLHU]DP\ VSURZDG]LÂ MHM G]LD DOQRyFL GR Z\SLV\ ZDQLD PDQGDWÏZ 6WUD QLF\ PDM E\Â EOL HM RE\ZDWHOD :\G]LHOLP\ GZXRVRERZ\ SDWURO V]NROQ\ 3DWUROH WUDIL WH QD Z R F DZVNLH RVLHGOD :LHON ZDJÆ EÆG]LHP\ N DGOL QD SURILODNW\NÆ L EH]SLHF]HÍ VWZR PLHV]NDÍFÏZ ']LD D QLD EÆG QDVWDZLRQH EDU G]LHM QD SRPRF RE\ZDWHORP QL QD UHVWU\NFMH 6]NR \ GRVNRQDOH VRELH UDG] ] SURZDG]HQLHP ]D
MÆ SURILODNW\F]Q\FK t PÏZL 1RUEHUW 6WUXFLÍVNL NWÏU\ MHVW UÏZQLH QDXF]\FLHOHP L VRFMRWHUDSHXW t -HGQDN LVWRWQ\P HOHPHQWHP SUR ILODNW\NL V]NROQHM MHVW REHF QRy VWUD QLND PLHMVNLHJR L SROLFMDQWD QD ]DMÆFLDFK 'ZLH SDQLH VWUD QLF]NL NWÏUH EÆG RGZLHG]D \ Z RF DZ VNLH V]NR \ V EDUG]R GREU]H SU]\JRWRZDQH GR WDNLFK ]D GDÍ MHGQD ] Z\NV]WD FHQLD MHVW SHGDJRJLHP UHVRFMDOL]D F\MQ\P GUXJD UDWRZQLNLHP PHG\F]Q\P 2 ]PLDQDFK G]LD DQLD Z R F DZVNLHM 6WUD \ 0LHMVNLHM Z RF DZLDQLH MX PRJOL VLÆ SU]HNRQD NLHG\ WR VWUD QL F\ SRPDJDOL LP Z XUXFKR PLHQLX VDPRFKRGÏZ VWRM F\FK QD PUR]LH Q
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
QU OXW\
*PLQD &KRFHÍ
ZZZ NXMDZ\ PHGLD SO
*PLQD &KRFHÍ Z SDUWQHUVWZLH ] SRZLDWHP L PDUV]D NLHP
:VSÏOQLH SU]HEXGXM NP GUÏJ POQ ] SRZVWDQLH NLORPHWUÏZ SU]HEXGRZDQ\FK GUÏJ :VSÏ SUDFD VDPRU] GÏZ SU]\QRVL SR]\W\ZQH HIHNW\ t PÏZL ZÏMW &KRFHQLD 5RPDQ 1RZDNRZVNL 3U]\ UHDOL]DFML ZVSÏOQHJR ]DGDQLD RWU]\PXMH P\ GRGDWNRZH SXQNW\ ]D SDUW QHUVWZR ZLÆF PDP\ ZLÆNV] V]DQVÆ QD RWU]\PDQLH GRIL QDQVRZDQLD 3DUWQHUHP NWÏU\ ZQLHVLH ZN DG ILQDQVRZ\ MHVW UÏZQLH 3RZLDW : RF DZVNL
'U]HZD URVQ FH EOLVNR MH]GQL MX Z\FLÆWR
7
UDNW ELHJQ F\ SU]H] F]WHU\ JPLQ\ ]RVWDQLH Z W\P URNX SU]HEXGRZDQ\ :LHONLH NDV] WDQRZFH URVQ FH SU]\ GURG]H ] &KRFHQLD GR %RQLHZD ]RVWD \ MX Z\FLÆWH =DJUD D \ EH]SLH F]HÍVWZX OXG]L *PLQD &KRFHÍ ZVSÏOQLH ] JPLQDPL %RQLHZR L /XEUDQLHF VNXWHF]QLH XELHJD D VLÆ R GRIL QDQVRZDQLH SU]HEXGRZ\ GUÏJ ] 1DURGRZHJR 3URJUDPX 3U]H EXGRZ\ 'UÏJ /RNDOQ\FK QD ]D
GDQLH SRG QD]Z d3U]HEXGRZD GUÏJ JPLQQ\FK Z UHMRQLH NRPX QLNDF\MQ\P JPLQ : RF DZHN /XEUDQLHF %RQLHZR L &KRFHÍr -X ZLDGRPR H GRILQDQVRZD QH ]RVWD R SU]\]QDQH =D SRQDG PLOLRQÏZ ] RW\FK ]PRGHUQL]R ZDQ\FK ]RVWDQLH NLORPHWUÏZ GURJL ELHJQ FHM SU]H] .RV]DQR ZR *R ÆELQ .DQLHZR . RELÆ :LFKURZLFH L &KRFHÍ : JPLQLH &KRFHÍ Z NWÏUHM ZN DG Z DVQ\ Z\QRVL RNR R
=QLND Z\V\SLVNR Z 1LHPRMHZLH
=DPLDVW yPLHFL WHUHQ UHNUHDF\MQ\ 7HUHQ Z 1LHPRMHZLH R SRZLHU]FKQL KD QD NWÏU\P ]QDMGRZD R VLÆ VN DGRZLVNR RGSDGÏZ SRGGDZDQ\ MHVW UHNXOW\ZDFML *UXQWRP ]RVWDQLH SU]\ZUÏFRQD ZDUWRy X \WNRZD
3RG]LÆNRZDQLH QDOH \ VLÆ 5D G]LH *PLQ\ &KRFHÍ SRQLHZD XELHJDQLH VLÆ R GRILQDQVRZDQLH EXGRZ\ GUÏJ E\ R PR OLZH GR SLHUR SR Z\UD HQLX ]JRG\ SU]H] UDGÆ QD SU]\MÆFLH RG *PLQ\ %R QLHZR RUD] /XEUDQLHF ]DGDQLD Z DVQHJR ] ]DNUHVX LQIUDVWUXN WXU\ GURJRZHM RUD] Z\UD H QLX ]JRG\ QD ]DZDUFLH XPÏZ ZVSÏ SUDF\ ] VDPRU] GDPL JPLQ %RQLHZR /XEUDQLHF RUD] 3RZLDWHP : RF DZVNLP
3UDFH Z 1LHPRMHZLH PDM GRSURZD G]LÂ GR Z DyFLZHJR XNV]WD WRZDQLD WH UHQX RGWZRU]HQLD JOHE\ XUHJXORZDQLD Z DyFLZ\FK VWRVXQNÏZ ZRGQ\FK RUD] ZSURZDG]HQLD URyOLQQRyFL =UHNXOW\ ZRZDQ\ WHUHQ ]RVWDQLH XGRVWÆSQLRQ\ PLHV]NDÍFRP Z IRUPLH yFLH HN HGXND F\MQ\FK -HVW WR GX \ SURMHNW NWÏU\ *PLQD &KRFHÍ UHDOL]XMH ZVSÏOQLH ] 8U]ÆGHP 0DUV]D NRZVNLP Z 7RUXQLX RUD] VDPRU] GDPL ORNDOQ\PL PÏZL VHNUH WDU] JPLQ\ $JQLHV]ND kZL WNRZVND t 3U]HGVLÆZ]LÆFLH SQ d5HNXOW\ZDFMD VN DGRZLVN RGSDGÏZ Z ZRMHZÏG] WZLH NXMDZVNR SRPRUVNLP QD FHOH SU]\URGQLF]Hr ]DN DGD UHNXOW\ZDFMÆ VN DGRZLVN RGSDGÏZ QD WHUHQLH UH JLRQX R F]QHM SRZLHU]FKQL KD *PLQD &KRFHÍ SU]HSURZDG]L UHNXO W\ZDFMÆ JPLQQHJR VN DGRZLVND RG
1D WHUHQLH JPLQ\ &KRFHÍ SU]HEXGRZDQH ]RVWDQ RGFLQNL GUÏJ .UXNRZR 2OJDQRZR t :LFKURZLFH kPL RZLFH t 2OJD QRZR kPL RZLFH t 2OJDQRZR kPL RZLFH :LFKURZLFH t 2O JDQRZR 6NLELFH t :LFKURZLFH RUD] :LFKURZLFH t *R ÆELQ
SDGÏZ Z PLHMVFRZRyFL 1LHPRMHZR R SRZLHU]FKQL KD 8PRZD ] Z\ NRQDZF Z\ RQLRQ\P Z SU]HWDUJX ]R VWD D SRGSLVDQD VW\F]QLD EU )LUPD Z\NRQD UHNXOW\ZDFMÆ ]D FHQÆ SRQDG W\V ] 5HDOL]DFMD SU]HGVLÆZ]LÆFLD MHVW PR OL ZD G]LÆNL ZVSDUFLX SR]\VNDQHPX SU]H] VDPRU] G ZRMHZÏG]WZD NXMDZVNR SR PRUVNLHJR Z UDPDFK 3URJUDPX 2SH UDF\MQHJR ,QIUDVWUXNWXUD L kURGRZLVNR 3ODQRZDQD ZDUWRy FD HJR SURMHNWX WR SRQDG PLOLRQD ] RW\FK .RV]W UHDOL]DFML ]DGDQLD SU]H] *PLQÆ &KRFHÍ Z\QRVL SRQDG W\V ] 'RILQDQVR ZDQLH ] )XQGXV]X 6SÏMQRyFL WR SURF Z\GDWNÏZ NZDOLILNRZDQ\FK Z NZRFLH QLH ZLÆNV]HM QL ] 3R]RVWD H yURGNL WR ZN DG Z DVQ\ *PLQ\ &KRFHÍ Z Z\VRNRyFL SURF RUD] GRWDFMD :RMHZÏG]NLHJR )XQGX V]X 2FKURQ\ kURGRZLVND L *RVSRGDUNL :RGQHM Z 7RUXQLX Z NZRFLH SRQDG W\V ] SURF
3URPRFMD
.UDGOL L ZSDGOL 3ROLFMDQFL ] SRVWHUXQNX Z &KRFHQLX XVWDOLOL L ]DWU]\PDOL WU]HFK PÆ F]\]Q SRGHMU]HZD Q\FK R OLF]QH NUDG]LH H ] Z D PDQLDPL QD REV]DU]H &KRFHQLD RUD] SREOLVNLFK PLHMVFRZRyFL XSHP VSUDZFÏZ SDG \ UÏ QH JR URG]DMX SU]HGPLRW\ R F]QHM ZDUWRyFL SRQDG W\V ] =D SU]HVWÆSVWZD NWÏUH XGRZRG QLOL LP SROLFMDQFL JUR]L GR ODW SR]EDZLHQLD ZROQRyFL )XQNFMRQDULXV]H SRVWHUXQNX Z &KRFHQLX XVWDOLOL L ]DWU]\PDOL WU]HFK P RG\FK PÆ F]\]Q L ODW SRGHMU]HZDQ\FK
R OLF]QH NUDG]LH H ] Z DPDQLD PL QD WHUHQLH &KRFHQLD RUD] RNROLF]Q\FK PLHMVFRZRyFL 1LHPRMHZD 6]F]\WQD L %RU]\ PLD 'R SU]HVWÆSVWZ GRV] R Z XELHJ \P URNX Z PDMX L ZH ZU]HyQLX PXGQD SUDFD SR ]ZROL D SROLFMDQWRP XGRZRG QLÂ P RG\P GZLH NUDG]LH H WU]\ Z DPDQLD RUD] MHGQR XVL RZDQLH : &KRFHQLX Z DPDOL VLÆ GR KDOL JDUD RZHM MHGQHM ] KXUWRZQL VN G Z\QLHyOL DNXPXODWRU\ SU]HZRG\ HOHNWU\F]QH RN NJ RUD] IDORZQLN t PÏZL VW DVS
3U]\JRWRZXM PDUV] ] RND]ML 'QLD 3DPLÆFL R QLHU]\ :\NOÆW\FK 7UZDM SU]\JRWRZDQLD GR Z RF DZVNLFK REFKRGÏZ 1DURGRZHJR 'QLD 3DPLÆFL R QLH U]\ :\NOÆW\FK 2UJDQL]DWRUHP XURF]\VWRyFL V ORNDOQH VWUXNWXU\ 3L6 RUD] SUH]\GHQW : R F DZND 0DUHN :RMWNRZVNL 3RGF]DV XURF]\VWRyFL ]DSODQRZDQ\FK QD PDUFD RGV RQLÆWD ]RVWDQLH WDEOLFD SDPL WNR ZD QD PXUDFK NODV]WRUX R R )UDQFLV]NDQÏZ &HUHPRQLD SRSU]HG]RQD EÆG]LH PV] yZLÆW NRQFHOHEURZDQ SU]H] ELVNXSD :LHV DZD $ORM ]HJR 0HULQJD 3Ï|QLHM XF]HVWQLF\ XURF]\VWR yFL SU]HMG XOLFDPL : RF DZND SO :ROQRyFL =GXÍVND =LHORQ\ 5\QHN 6]F]ÆyOLZD -DJLHOORÍ VND SRG SRPQLN $UPLL .UDMRZHM JG]LH ]RVWDQ ] R RQH NZLDW\ L ]DSDORQH ]QLF]H : WUDNFLH XURF]\VWRyFL -HGQRVWND 6WU]HOHFND : RF DZHN Z\VWDZL ZDUWÆ KRQRURZ QD WHUHQLH NODV]WRUX L SRG SRPQLNLHP R QLHU]\ $. 3RGF]DV SU]HPDUV]X WRZDU]\V]\Â EÆG]LH RUNLHVWUD GÆWD =HVSR X 6]NÏ 6DPRFKRGRZ\FK RUD] VWU]HOF\ ] -HGQRVWNL 6WU]HOHFNLHM P
.U]\V]WRI -DVWU]ÆEVNL ] .03 ZH : RF DZNX = SREOLVNLHM PLHMVFRZRyFL %RU]\PLH VNUDGOL NDEHO HQHUJHW\F]Q\ R G XJRyFL RN P : 1LHPRMHZLH Z DPDOL VLÆ GR JDUD X ] NWÏ UHJR XNUDGOL SDF]NL S \WHN FHUDPLF]Q\FK SL Æ VSDOLQRZ D WDN H RSRQ\ ]LPRZH ] DOXIHO JDPL 1DWRPLDVW Z 6]F]\WQLH ] QLH]DEH]SLHF]RQHJR EXG\QNX XNUDGOL SL \ RUD] Z\NDV]DUNL VSDOLQRZH 3RNU]\ZG]HQL Z\FHQLOL VZR MH VWUDW\ QD SRQDG W\V ] : WRNX SRGMÆW\FK F]\QQRyFL FKRFHÍVF\ SROLFMDQFL RG]\VNDOL F]Æy VNUDG]LRQHJR PLHQLD 7HUD] FD HM WUÏMFH JUR]L NDUD GR ODW ZLÆ]LHQLD NPS
1RZH GRZRG\ RVRELVWH 2G PDUFD EÆG]LH RERZL ]\ZD QRZ\ Z]ÏU GRZRGX RVRELVWHJR &R ZD QH t GRW\FKF]DVRZH GRZRG\ RVRELVWH ]D FKRZDM ZD QRy GR XS \ZX WHUPLQÏZ Z QLFK RNUHyORQ\FK 1LH EÆG]LH NRQLHF]QRyFL Z\PLDQ\ GRNXPHQWÏZ 1RZ\ GRZÏG QLH EÆG]LH ]DZLHUD MX LQ IRUPDFML R DGUHVLH ]DPHOGRZDQLD NRORU]H RF]X L Z]URyFLH 1LH EÆG]LH WH ]HVNDQR ZDQHJR SRGSLVX SRVLDGDF]D GRZRGX RVR ELVWHJR )RUPDW L Z\PLDU\ GRZRGX RVREL VWHJR SR]RVWDQ WDNLH VDPH MDN GRW\FKF]DV 1DWRPLDVW IRWRJUDILD NWÏUD EÆG]LH Z\NR U]\VW\ZDQD Z GRZRG]LH RVRELVW\P EÆG]LH WDND VDPD MDN WD NWÏUD RERZL ]XMH Z SDV] SRUWDFK 'RZÏG RVRELVW\ EÆG]LH ZD Q\ SU]H] ODW RG GDW\ Z\GDQLD ] Z\M WNLHP GRZRGX RVRELVWHJR Z\GDZDQHJR G]LHFLRP SRQL HM URNX \FLD NWÏU\ EÆG]LH ZD Q\ SU]H]
RNUHV ODW
P
,QWHUQHW WHOHZL]MD WHOHIRQ
0DV] ZLÆNV]\ Z\EÏU QLH VWRL QD SU]HV]NRG]LH DE\ Z QLHGD OHNLHM SU]\V] RyFL ZSURZDG]L WHOHIRQLÆ PRELOQ MDN UÏZQLH Z\SR \F]DOQLÆ ILO PÏZ 92' 2G OXWHJR U PLHV]NDÍF\ : R F DZND PRJ Z\EUD QRZHJR GRVWDZFÆ XV XJ PXOWLPHGLDOQ\FK NWÏU\ ]DSHZQLD : URNX SRZVWD D ILUPD )DVWQHW VWDELOQ\ yZLDW RZRGRZ\ LQWHUQHW RUD] F] F VL \ L ZVSÏOQH ZL]MH GZÏFK SU]\ yZLHWQ RIHUWÆ NDQD ÏZ WHOHZL]\MQ\FK MDFLÏ GOD NWÏU\FK V]WXND SURZDG]HQLD L WHOHIRQLÆ EL]QHVX L ZLHG]D WHOHLQIRUPDW\F]QD QLH PLD \ WDMHPQLF 0LMD \ ODWD ]ZLÆNV]D D 3DNLHW XV XJ REHMPXM F\ yZLDW RZRGR VLÆ LORy NLORPHWUÏZ NDEOL XN DGDQ\FK Z\ GRVWÆS GR ,QWHUQHWX RUD] WHOHZL]MÆ F\ ZH Z DVQ\FK NDQDOL]DFMDFK WHOHWHFK IURZ RWU]\PDP\ MX ]D ] 7DND FHQD QLF]Q\FK SU]\E\ZD R Z\N DGQLF]R ]D Z\GDMH VLÆ QLH]Z\NOH DWUDNF\MQD MHyOL GRZRORQ\FK .OLHQWÏZ : DyFLFLHOH QLH Z SDNLHFLH ] ,QWHUQHWHP RWU]\PXMHP\ SR VSRF]ÆOL MHGQDN QD ODXUDFK QDG F\IURZ\FK NDQD ÏZ WHOHZL]\MQ\FK : QDMERJDWV]HM RIHUFLH PR QD Z\EUD : SR RZLH URNX SUDFRZQL VXSHU V]\ENL 0ELWpRZ\ ,QWHUQHW L RNR R F\ )DVWQHW SU]\VW SLOL GR JUXQWRZQHM NDQD ÏZ WHOHZL]\MQ\FK ZyUÏG NWÏU\FK SU]HEXGRZ\ VLHFL :\PLHQLDM F NDEOH SRQDG QDGDZDQ\FK MHVW Z MDNRyFL +' PLHG]LDQH QD yZLDW RZRGRZH X]\VND 'RVNRQD D RIHUWD GOD .OLHQWD WR QLH OL ZSURVW QLHRJUDQLF]RQH PR OLZRyFL ZV]\VWNR =ZLÆNV]RQD ]RVWD D VWDELOQRy L QRZ MDNRy yZLDGF]RQ\FK XV XJ XV XJ G]LÆNL VL RZQLRP DZDU\MQ\P L XU] G]HQLRP WUDQVPLV\MQ\P Z WHFKQRORJLL :UD] ] GRVWÆSQRyFL WHFKQRORJLL yZLD SDV\ZQHM QD NWÏU\FK G]LD DQLH QLH PDM W RZRGRZHM UR]SRF]Æ D VLÆ UHDOL]DFMD ZS \ZX Z\ DGRZDQLD DWPRVIHU\F]QH NROHMQHJR SODQX UR]ZRMX ILUP\ =ZLÆN 7R ZV]\VWNR SR]ZDOD ] GXP QDSLVD V]RQD SU]HSXVWRZRy F]\ XPR OLZL D H RG URNX )DVWQHW RVL JQ SUÆG SRV]HU]HQLH ZDFKODU]D XV XJ R WHOHZL]MÆ NRy yZLDW D F\IURZ ,379 L WHOHIRQLÆ 9R,3 1LF MX
QU OXW\
ZZZ NXMDZ\ PHGLD SO
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
/XG]LH
3RV DQND ]DSUDV]D QD VSRWNDQLD
3RUDG\ SUDZQH ]D GDUPR 2OEU]\PLP ]DLQWHUHVRZDQLHP FLHV] VLÆ RUJDQL]RZDQH RG ODW Z %LXU]H 3RVHOVNLP 'RPLFHOL .23$&=(:6.,(- SRUDG\ SUDZQH
)RW 1DGHV DQD
5D] Z W\JRGQLX ] GDUPRZ\FK SRUDG SUDZQ\FK NR 5D] Z W\JR U]\VWD NLOND U]\VWD NLOND RVÏE 1DMF]ÆyFLHM OXG]LH FKF X]\VNDÂ SRUDGÆ Z VSUDZDFK VSDGNRZ\FK PDM WNRZ\FK L URG]LQ L URG]LQQ\FK
8F]QLRZLH NRZDOVNLHM V]NR \ UROQLF]HM SRGF]DV RVWDWQLHJR VWD X Z /LSVNX
6]NR D 5ROQLF]D Z .RZDOX 'RyZLDGF]HQLH ]DZRGRZH SRWZLHUG]RQH GZXMÆ]\F]Q\P FHUW\ILNDWHP (XURSDVV 0RELOQRyÂ
=DNRÍF]\ VLÆ /(21$5'2 UR]SRF]\QD (5$6086 :HMyFLH 3ROVNL GR 8QLL (XURSHMVNLHM RWZRU]\ R V]HURNL ZDFKODU] PR OLZRyFL Z ]DNUHVLH V]H URNR SRMÆWHM HGXNDFML 3URJUDP\ NLHURZDQH GR VSR HF]HÍVWZ :VSÏOQRW\ VWD \ VLÆ GRVWÆSQH L GOD QDV : URNX Z UD PDFK NV]WD FHQLD ]DZRGR ZHJR V]NR D UROQLF]D ] .R ZDOD QDZL ]D D SLHUZV]H NRQWDNW\ ] +RODQGL 0 R G]LH Z F]DVLH SRE\WX SR ]QDZD D QRZRF]HVQH WHFK QRORJLH KRGRZOL XSUDZ\ RUD] G\VWU\EXFML NZLDWÏZ 2G U ZVSÏ SUDFÆ ]DJUDQLF]Q NRZDOVND SOD FÏZND UHDOL]RZD D Z UD PDFK SURJUDPX /HRQDUGR GD 9LQFL NWÏU\ E\ F]ÆyFL SURJUDPX HGXNDF\MQHJR 8QLL (XURSHMVNLHM d8F]HQLH VLÆ SU]H] FD H \FLHr :VSLH UD RQ G]LD DQLD Z REV]DU]H NV]WD FHQLD L V]NROHQLD ]D ZRGRZHJR 3LRQLHUVNL Z\MD]G 3URJUDP PLD QD FHOX SUR PRZDQLH PRELOQRyFL SUD FRZQLNÏZ QD HXURSHMVNLP U\QNX SUDF\ RUD] ZGUD DQLH LQQRZDF\MQ\FK UR]ZL ]DÍ HGXNDF\MQ\FK GOD SRGQRV]H QLD NZDOLILNDFML ]DZRGRZ\FK 3LRQLHUVNL Z\MD]G Z UD PDFK WHJR SURJUDPX NWÏ UHJR W\WX EU]PLD d(NROR JLF]QD HNVSORDWDFMD VLOQLNÏZ V]DQV QD ]PQLHMV]HQLH EH] URERFLD ZyUÏG DEVROZHQWÏZ V]NÏ UROQLF]\FKr RGE\ VLÆ Z U *UXSD XF]QLÏZ =DVDGQLF]HM 6]NR \ =DZRGR ZHM NV]WD F FHM Z ]DZRG]LH PHFKDQLNtRSHUDWRU SRMD] GÏZ L PDV]\Q UROQLF]\FK Z\MHFKD D QD GZXW\JRGQLR Z\ VWD GR 2yURGND '(8/$ Z +LOGHVKHLP Z 1LHPF]HFK
.ROHMQ\ Z\MD]G RGE\ VLÆ Z PDMX U 3URMHNW SW d3UDZLG RZD HNVSORDWDFMD L GLDJQRVW\ND RSU\VNLZDF]\ VSRVREHP QD ]PQLHMV]HQLH ZSURZDG]DQLD VXEVWDQ FML WRNV\F]Q\FK GR yURGR ZLVND D WDN H V]DQV QD ]PQLHMV]HQLH EH]URERFLD ZyUÏG DEVROZHQWÏZ V]NÏ UROQLF]\FKr VNLHURZDQ\ E\ UÏZQLH GR LQQHM JUXS\ XF]QLÏZ WHM H V]NR \ 6WD ]D JUDQLF 5HDOL]DFMD SURMHNWX SROH JD D QD GZXW\JRGQLRZ\P VWD X ]DZRGRZ\P JUXS\ XF]QLÏZ ] RSLHNXQDPL Z 2yURGNX '(8/$ Z 1LHQ EXUJX 1LHPF\ : U Z UDPDFK NR OHMQHJR SURMHNWX ]RUJD QL]RZDQ\ ]RVWD tW\JR GQLRZ\ VWD ]DZRGRZ\ WDN H Z 1LHPF]HFK GOD XF]QLÏZ NRZDOVNLHJR 7HFKQLNXP NV]WD F FHJR Z ]DZRG]LH WHFKQLN \ZLH QLD L JRVSRGDUVWZD GRPR ZHJR 0 RG]LH SUDFRZD D Z ORNDODFK JDVWURQRPLF] Q\FK QD WHUHQLH 6FKNHXGLW] RUD] /HLS]LJ : URNX V]NROQ\P V]NR D RGQLRV D NROHMQ\ VXNFHV 2WU]\PDOL ERZLHP GRILQDQVRZDQLH QD UHDOL]DFMÆ SURMHNWX Z UD PDFK 3URJUDPX (UDVPXV NWÏU\ ]DVW SL 3URJUDP /H RQDUGR GD 9LQFL 7\WX SUR MHNWX WR d=GURZH RG \ZLD QLH MDNR VSRVÏE QD ZDONÆ ] RW\ RyFL L V]DQV QD ]PQLHMV]HQLH EH]URERFLD ZyUÏG DEVROZHQWÏZ V]NÏ UROQLF]\FKr 7\P UD]HP SRG NRQLHF PDMD U XF]QLÏZ 7HFKQLNXP NV]WD F F\ VLÆ Z ]ZRG]LH WHFKQLN \ZLHQLD L XV XJ JDVWURQRPLF]Q\FK
Z\MHG]LH SRQRZQLH QD W\JRGQLH GR PLHMVFRZRyFL 6FKNHXGLW] Z 1LHPF]HFK %ÆG]LH UHDOL]RZDQD WHPDW\ ND ] ]DNUHVX V]HURNR SRMÆWHM EUDQ \ JDVWURQRPLF]QHM 3U]HG ND G\P Z\MD] GHP P RG]LH XF]HVWQLF]\ Z SU]\JRWRZDQLX SHGDJR JLF]QR ]DZRGRZR MÆ]\NR Z\P ']LÆNL XF]HVWQLFWZX Z SURMHNWDFK XF]QLRZLH ]\ VNXM FHQQH GRyZLDGF]HQLH ]DZRGRZH SRWZLHUG]RQH GZXMÆ]\F]Q\P FHUW\ILND WHP (XURSDVV 0RELOQRy : F]DVLH ZROQ\P RG ]D MÆ ]DZV]H SODQRZDQH V Z\FLHF]NL QS GR %HUOLQD +DPEXUJD 'UH]QD .RV]W\ Z\MD]GÏZ SRNU\ZDQH V ]H yURGNÏZ XQLMQ\FK D P R G]LH RWU]\PXMH WDN H NLH V]RQNRZH Z HXUR QD VZRMH Z\GDWNL SRGF]DV SRE\WX QD VWD X /HSLHM SU]\JRWRZDQL '\UHNFMD L QDXF]\FLHOH ]D DQJD RZDQL Z RUJDQL]DFMÆ VWD ÏZ ]DJUDQLF]Q\FK V SU]HNRQDQL H WDNLH NV]WD FHQLH P RG]LH \ SU]\F]\QL VLÆ GR OHSV]HJR SU]\JR WRZDQLD ]DZRGRZHJR ZS \QLH QD ]ZLÆNV]HQLH VD PRG]LHOQRyFL XF]QLÏZ SR V]HU]\ ZLHG]Æ R NXOWXUDFK LQQ\FK QDURGÏZ QLH PÏ ZL F R GRVNRQDOHQLX XPLH MÆWQRyFL MÆ]\NRZ\FK ']LÆNL WDNLP SUDNW\NRP V]NR D QLH W\ONR SRGQRVL DWUDNF\MQRy VZRMHM RIHU W\ HGXNDF\MQHM DOH SU]HGH ZV]\VWNLP SU]\F]\QLD VLÆ GR OHSV]HJR SU]\JRWRZD QLD GR SUDF\ ]DZRGRZHM VZRLFK DEVROZHQWÏZ
$QGU]HM 5\END
=DXZ =DXZD \ DP H ]GDU]DM VLÆ V\WXDFMH NLHG\ ]DLQWHUH ]DLQWHUHVRZDQL SU]\FKRG] ]E\W SÏ|QR MX SR XSUDZRP XSUDZRPRFQLRQ\P Z\URNX V GX t PÏZL SRVH 'RPLFHOD .RSDF]HZVND $E\ X DWZL PLHV] 'RPLFHOD NDÍFRP UHJLRQX GRVWÆS GR EH]S DWQ\FK SRUDG SUDZQ SUDZQ\FK RG SRF] WNX WHJR URNX Z WUDNFLH PRL VSRWNDÍ ] PLHV]NDÍFDPL Z UÏ Q\FK PRLFK PLD PLDVWDFK L ZVLDFK WRZDU]\V]\ PL SUDZQLN N NWÏ NWÏU\ XG]LHOD ]DLQWHUHVRZDQ\P SRUDG RF RF]\ZLyFLH V WR WDN H SRUDG\ QLHRGS DWQH 7DNLH VSRWNDQLD RGE\ \ VLÆ Z $OHNVDQ G GURZLH .XMDZVNLP /XEUDÍFX L ,]ELF\ .X M MDZVNLHM OXWHJR ] EH]S DWQ\FK SRUDG SUDZQ\FK EÆG PRJOL VNRU]\VWD PLHV] NDÍF\ .RZDOD L JPLQ\ .RZDO RUD] %U]H yFLD .XMDZVNLHJR : WUDNFLH W\FK ZL]\W SRVH VSRW\ND VLÆ ] EXUPLVWU]DPL VWDURVWDPL JG]LH RPD ZLDQH V QDMEDUG]LHM SLOQH ]DGDQLD VD PRU] GÏZ 3U]HGVWDZLDQH V UÏZQLH LQG\ZLGXDOQH SUREOHP\ PLHV]NDÍFÏZ Z NZHVWLL NWÏU\FK SRV DQND SRGHM PXMH G]LD DQLD 1DMEOL V]H VSRWNDQLH OXWHJR .2:$/ 8U] G 0LDVWD JRG] %5=(k¢ .8-$:6., 8U] G 0LDVWD JRG] ,VWQLHMH WH PR OLZRy ZF]HyQLHMV]\FK ]DSLVÏZ SRG WHOHIRQHP QU
/XELHÍ .XMDZVNL
6SU\WQ\ UDGQ\ MDN SLHV RJURGQLND 1LH E\OH NWR W\O NR Z\EUDQLHF UDMFD PLHMVNL /XELHQLD .X MDZVNLHJR QD]ZL VNR ]QDQH UHGDNFML VDP JD]HW UDF]HM QLH F]\WD FR JRUV]H LQQ\P PLHV]NDÍ FRP PLDVWD F]\WDQLH XQLHPR OLZLD
JR SRMDZLD VLÆ EH] S DWQLH XGRVWÆSQLD QD JD]HWD d7X L 7HUD]r SDQ UDGQ\ W\ONR F]H ND DE\ Z]L  FD SDF]NÆ ER MHGHQ HJ]HPSODU] PX QLH Z\VWDUF]D =G]LZLOL VLÆ NOLHQFL VNOHSX SDWU] F QD ]DFK DQ QRy UDGQHJR %\ *G\ Z VNOHSDFK VWUD L RGZD QD SDQL /XELHQLD .XMDZVNLH HNVSHGLHQWND VS\WD
3DQL HNVSHGLHQWND D GODF]HJR ]DELHUD JD]HW\ UDGQHPX ]D D W\OH JD]HW EUD D QR ER QLH PR H 2GSRZLHG| E\ D E\Â WDN MDN Z SRSX SRZDODM FD 3DQ UDGQ\ ODUQHM Z VWDUR \WQR ] UR]EUDMDM F V]F]HUR yFL EDMFH SU]\SLVD yFL Z\]QD H GREU]H QHM (]RSRZL R SVLH VLÆ QLPL SDOL Z SLHFX RJURGQLND NWÏU\ VDP 2W E \VQ NXOWXU QLH ]MH L GUXJLHPX QLH MDN RJLHÍ ] SDOHQLVND GD yPLDOL VLÆ ] QLHJR RE -RODQWD VHUZDWRU]\ ]GDU]HQLD 3LMDF]\ÍVND
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
QU OXW\
*PLQD .RZDO
=DSUDV]DP\ yZLDW GR QDV
ZZZ NXMDZ\ PHGLD SO
5HNODPD G|ZLJQL SRZRG]HQLD XZD DM Z JPLQLH .RZDO
7HUHQ\ LQZHVW\F\MQH EÆG SURPRZDQH Z 0RQDFKLXP
1LHEDZHP SU]\ GURJDFK GRMD]GRZ\FK VWDQ WDEOLFH ZLWDM FH L ]DSUDV]DM FH SR GUÏ Q\FK GR RGZLHG]HQLD JPLQ\ .RZDO
*PLQD .RZDO RSUDFRZX MH SODQ ]DJRVSRGDURZDQLD SU]HVWU]HQQHJR KD JUXQWÏZ 7HUHQ SU]H]QD F]RQ\ EÆG]LH SRG LQZH VW\FMH D MHJR SURPRFMD EÆG]LH PLD D ]DVLÆJ PLÆ G]\QDURGRZ\
6]Hy NRORURZ\FK W]Z ZLWDF]\ ]RVWDQLH ]DPRQWRZDQ\FK QD J ÏZQ\FK GURJDFK GRMD]GRZ\FK GR JPLQ\ .RZDO 3RMDZL VLÆ Z 1DNRQRZLH 5DNXWRZLH &]HUQLHZLF] NDFK ' EUÏZFH L *UDENRZLH 7DEOLFH EÆG QLH W\ONR ZLWD \ SRGUÏ Q\FK PDM RQH ]D ]DGDQLH SURPRZDQLH QDV]HM JPLQ\ L FD HJR UHJLRQX t PÏZL (GZDUG 'RPLQLNRZVNL SU]HZRGQLF] F\ 5DG\ *PLQ\ .RZDO 3UDJQLHP\ ]ZUÏ FL XZDJÆ SRGUÏ Q\FK QD GX H ZDORU\ WXU\VW\F]QH QDV]HM JPLQ\ ,QIRUPXMHP\ R XQLNDWRZ\P UH]HUZDFLH SU]\URG\ MDNLP V % RWD 5DNXWRZVNLH R MH]LRUDFK ']LOQR /XELHFKRZVNLP L .U]HZHQFNLP L RF]\ZL yFLH R *RVW\QLÍVNR : RF DZVNLP 3DUNX .UDMREUD]RZ\P NWÏUHJR F]Æy ]QDMGXMH VLÆ Z QDV]HM JPLQLH 'RGDWNRZR ZVND]XMHP\ QD QDV]H WHUHQ\ LQZHVW\F\MQH SR R RQH SU]\ DXWRVWUDG]LH $ 1DV]H dZLWDF]Hr WR HIHNW UHDOL]DFML SURMHNWX SW =DSUDV]DP\ yZLDW GR QDV EX GRZD ZLWDF]\ SURPRF\MQR LQIRUPDF\MQ\FK QD WHUHQLH JPLQ\ .RZDOr t Z\MDyQLD $QHWD .ZDUFLÍVND LQVS GV ]DPÏZLHÍ SXEOLF] Q\FK L SURPRFML JPLQ\ Z 8U] G *PLQ\ .RZDO &D NRZLW\ NRV]W RSHUDFML Z\QLHVLH W\V ] DOH MHVW RQD ZVSÏ ILQDQVRZDQD MHVW ]H yURGNÏZ 8QLL (XURSHMVNLHM M
*PLQD .RZDO SU]\VW SL D GR ZVSÏOQHJR SURMHNWX SQ 3URPRFMD WHUHQÏZ LQZHVW\F\MQ\FK Z REUÆELH RGG]LD \ZDQLD DXWRVWUDG\ $ r Z UDPDFK 5HJLRQDO QHJR 3URJUDPX 2SHUDF\M QHJR :RMHZÏG]WZD .X MDZVNR 3RPRUVNLHJR QD ODWD /LGHUHP SU]HGVLÆZ]LÆFLD MHVW ZR MHZÏG]WZR D SDUWQHUDPL SLÆÂ JPLQ 3URMHNW EÆG]LH ]UHDOL]RZDQ\ GR JUXG QLD URNX =DN DGD RQ P LQ SURPRFMÆ WHUHQÏZ LQZHVW\F\MQ\FK JPLQ\ .R ZDO QD PLÆG]\QDURGRZ\FK WDUJDFK Z 0RQDFKLXP NDPSDQLÆ SURPRF\MQ WH
7HUHQ\ LQZHVW\F\MQH ZRNÏ ]MD]GX $ UHQÏZ QD WU]HFK PHJD ERUGDFK XPLHMVFRZLRQ\FK Z]G X DXWRVWUDG\ $ RUD] Z\NRQDQLH PDWHULD ÏZ SUR PRF\MQ\FK NDWDORJL RIHUW SUH]HQWDFMH PXOWLPHGLDOQH ILOP UHNODPRZ\ XORWNL IRO GHU\ LWS
: *UDENRZLH SRZVWDMH FLHNDZH PLHMVFH Z\SRF]\QNX
:ÏMW 6WDQLV DZ $GDPF]\N GRJO GD SODFX EXGRZ\
'REU]H VLÆ EDZLOL 2G ZLHOX ODW GZD VDPRU] G\ .RZDOD RUD] JPLQQ\ L PLHMVNL RyURGHN SRPRF\ VSR HF]QHM RU JDQL]XM EDO GOD RVÏE QLHSH QR VSUDZQ\FK 7HJRURF]Q\ E\ MH GHQDVW\P EDOHP LQWHJUDF\MQ\P .RZDOVNLH VDPRU] G\ FKF ]ZUÏFL XZDJÆ QD SUREOHP QLH SH QRVSUDZQRyFL DOH FKF WH DE\ RVRE\ ] UÏ Q\PL G\VIXQN FMDPL FKRFLD UD] Z URNX VSRWND \ VLÆ ]H VRE L GREU]H VLÆ EDZL \ 2EHFQRy ZLHOX OXG]L QD EDOX SRND]XMH MDN ZLHOH RVÏE QD FR G]LHÍ ERU\ND VLÆ ] QLHSH QR VSUDZQRyFL t PÏZL 6WDQLV DZ $GDPF]\N ZÏMW JPLQ\ .RZDO t 1LH ]DZV]H ]GDMHP\ VRELH ] WHJR VSUDZÆ 7HQ EDO XyZLD GDPLD QDP VDPRU] GRZFRP H PDP\ ZLHOH GR ]URELHQLD Z XVXZDQLX EDULHU QLH W\ONR DU FKLWHNWRQLF]Q\FK SU]\SRPLQD H PXVLP\
3RZV]HFKQLH ZLDGR PR H UHNODPD MHVW G|ZL JQL KDQGOX PÏZL ZÏMW 6WDQLV DZ $GDPF]\N 0D H JPLQ\ WDNLH MDN QD V]D VDPH QLH PDM V]DQV\ QD SURZDG]HQLH NDPSDQLL SURPRF\MQHM ]DNURMRQHM QD
V]HURN VNDOÆ 3R SURVWX QDV QLH VWD 3U]\VWÆSXM F GR ZVSÏOQHJR SURMHNWX IL QDQVRZDQHJR ] XG]LD HP IXQGXV]\ XQLMQ\FK *PLQD .RZDO ] Z DVQ\FK SLHQLÆG]\ Z\ R \ W\ONR ] FR VWDQRZL SURF ]DGDQLD =D WH VWRVXQNRZR QLH ZLHONLH SLHQL G]H QDV]H WHUHQ\ LQZHVW\F\MQH EÆG SRND]DQH QD 0LÆG]\QDUR GRZ\FK 7DUJDFK 1LHUXFKR PRyFL L ,QZHVW\FML ([SR 5HDO Z 0RQDFKLXP -HVW WR MHGQD ] ZD QLHM V]\FK LPSUH] LQZHVW\F\M Q\FK QD yZLHFLH .RRUG\QDWRUHP SURMHNWX ] UDPLHQLD 8U]ÆGX *PLQ\ Z .RZDOX MHVW $QHWD .ZDUFLÍ VND LQVS GV ]DPÏZLHÍ SX EOLF]Q\FK L SURPRFML JPLQ\ 6]DFXQNRZD ZDUWRy FD HJR SURMHNWX Z\QRVL POQ ] :\VRNRy GRILQDQ VRZDQLD ] ()55 VWDQRZL D SURFHQW
MRW
3UH]HV 263 Z 5DNXWRZLH ]JLQ Z Z\SDGNX
3RPLPR ]LPRZHM DXU\ UR]SR F]Æ \ VLÆ SUDFH ]ZL ]DQH ] EXGR Z N FLND KLVWRU\F]QHJR QD GRW G QLH]DJRVSRGDURZDQ\P WHUHQLH SU]\ V]NROH SRGVWDZRZHM Z *UDE NRZLH -X WHUHQ Z\ R RQR NRVW N EHWRQRZ WDN E\ QLHEDZHP PRJ \ SRMDZLÂ VLÆ QD QLP DZNL OXGRZH U]H|E\ RUD] VWDORZ\ VWRMDN URZHURZ\ * ÏZQ\P HOHPHQW N FLND UHNUHDF\MQHJR EÆG]LH GUHZ QLDQD DOWDQD D RJURG]HQLH EÆG VWDQRZL \ GUHZQLDQH SHUJROH RJURGRZH 1D RGQRZLRQ\FK yFLDQDFK VNOH SX ]RVWDQ XPLHV]F]RQH KHUE\ Z\NRQDQH ] WZRU]\ZD V]WXF]QHJR 3UDFH PDM ]DNRÍF]\Â VLÆ Z SR RZLH PDUFD DN
: SL WHN OXWHJR ]JLQ Z WUDJLF]Q\P Z\SDGNX QD REZRGQLF\ 7RUXQLD 6 0LHF]\V DZ 2VPD HN ZLHOROHWQL SUH]HV 263 Z 5DNXWRZLH MHGQRF]HyQLH ]DVWÆSFD JPLQQHJR ]DU] GX 263 Z JPLQLH .RZDO
: NDUQDZDOH QD ZVLDFK RUJDQL]RZDQH V GOD G]LH FL W]Z ]DEDZ\ FKRLQNRZH 2GE\ \ VLÆ Z *UDENRZLH /LF]ED G]LHFL SU]HURV D QDV]H SR NLONXQDVWROHWQLHM SU]HUZLH *URG]WZLH L 'ÆEQLDNDFK D RVWDWQLR EDZL \ VLÆ G]LHFL QDMyPLHOV]H RF]HNLZDQLD PÏZL VSRZRGRZDQD QLH QDMOHSV]\P %DUEDUD &]\ HZVND SU]HZRG VWDQHP yZLHWOLF\ 7HUD] SR XELH ] 5DNXWRZD
0LHF]\V DZ 2VPD HN PLD ODWD 0LHV]NDÍ FRP .RZDOD L JPLQ\ .RZDO E\ ]QDQ\ ] ZLHOX DNFML VSR HF]Q\FK 3UR ZDG]L GX H JRVSRGDU VWZR UROQH : Z\SDGNX XFLHUSLD UÏZQLH V\Q ] NWÏU\P SRGUÏ RZD &LÆ NR UDQ Q\ SU]HE\ZD Z V]SLWDOX
: 5DNXWRZLH ZUDFDM GR WUDG\FML
: RGQRZLRQHM yZLHWOLF\ Z 5D NXWRZLH ]DEDZÆ GOD G]LHFL ]RU JDQL]RZD \ SDQLH ] .R D *R VSRG\Í :LHMVNLFK ] 5DNXWRZD D SDWURQHP E\ ZÏMW 6WDQLV DZ $GDPF]\N
QLF] FD *PLQQHM 5DG\ .Ï *R VSRG\Í :LHMVNLFK %DZL R VLÆ SRQDG VLHGHPG]LHVLÆFLRUR G]LHFL 'DZQR QLH RGQRWRZDOL yP\ WDNLHM IUHNZHQFML %\ D WR ERZLHP ]DEDZD RUJDQL]RZDQD
J RURF]Q\P UHPRQFLH ZDUXQNL V NRPIRUWRZH :UDFDP\ GR WUDG\FML EÆG]LHP\ FRURF]QLH RUJDQL]RZDÂ RNROLF]QRyFLRZH XURF]\VWRyFL WDN MDN WR GDZQLHM E\ZD R
*UD ]HVSÏ PX]\F]Q\ G]LD DM F\ SU]\ 2UNLHVWU]H 'ÆWHM Z *UDE NRZLH 'OD ZV]\VWNLFK XF]HVW QLNÏZ VSRWNDQLD SU]\JRWRZDQR QDSRMH FLDVWD L V RG\F]H 1DM P RGVL RWU]\PDOL GUREQH SRGD UXQNL P
QU OXW\
3ROLW\ND
ZZZ NXMDZ\ PHGLD SO
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR
1D SRF] WHN VWUD DF\ L GX H URG]LQ\
: JPLQLH /XEDQLH EÆGÆ SH QL G\ XU Z ND G\ SLHUZV]\ SRQLHG]LD HN PLHVL FD Z JRG]LQDFK RG GR Z *PLQQ\P 2yURGNX .XOWXU\ 1DWRPLDVW Z JPLQLH %U]Hy .XMDZVNL Z ND G\ SLHUZV]\ ZWRUHN PLHVL FD RG GR Z JLPQD]MXP Z :LHÍFX
5R]PRZD ] 0DULXV]HP %ODGRV]HZVNLP UDGQ\P SRZLDWX Z RF DZVNLHJR 1D RVWDWQLHM VHVML UDG\ SRZLDWX PÏZL SDQ R SUREOHPDFK VWUD DNÏZ RFKRWQLNÏZ G]LD DM F\FK Z JPLQDFK Z SRZLHFLH Z RF DZ VNLP FR QLH G]LZL ER ] ]DZRGX MHVW SDQ VWUD DNLHP ZLÆF SUREOH P\ RFKURQ\ SU]HFLZSR DURZHM V SDQX GRVNRQDOH ]QDQH 0\yOL SDQ H VDPR SU]HGVWDZLHQLH SUREOHPX VWDURyFLH L UDGQ\P Z\VWDUF]\ DE\ Z\ R RQR SLHQL G]H SRZLDWRZH QD GRSRVD HQLH MHGQRVWHN 263" -HVW WDNLH SRZLHG]HQLH H NURSOD GU \ VND Æ 1DMSLHUZ FKFLD HP ]DSR ]QD UDGQ\FK ] WHPDWHP ER ZLHOX MHVW WDN MDN MD SR UD] SLHUZV]\ Z UD G]LH 1LHGRLQZHVWRZDQLH VWUD DNÏZ RFKRWQLNÏZ WR WHPDW ZD Q\ ER RG MDNRyFL LFK SUDF\ L Z\SRVD HQLD MDNLP G\VSRQXM ]DOH \ \FLH ZLHOX OXG]L *PLQ\ QLH V Z VWDQLH VDPH Z\ R \ W\OH SLHQLÆG]\ DE\ NXSL SRWU]HEQ\ L NRQLHF]Q\ QD Z\SRVD H QLX QRZRF]HVQ\ VSU]ÆW UDWRZQLF]R JDyQLF]\ ER WR GX \ NRV]W 3RZLDW SRZLQLHQ Z F]\ VLÆ Z VXNFHV\ZQH GRSRVD HQLH MHGQRVWHN 263 ER WDN H SRZLDW RGSRZLDGD ]D EH]SLHF]HÍVWZR SU]HFLZSR DURZH 6WUD DF\ RFKRWQLF\ QLRV SRPRF ZV]\VWNLP PLHV]NDÍFRP SRZLDWX ZLÆF ORJLF] Q\P MHVW ZVSLHUDQLH LFK G]LD DOQR yFL SU]H] VDPRU] G SRZLDWRZ\ &L OXG]LH SRyZLÆFDM VZÏM ZROQ\ F]DV L QDUD DM VZRMH ]GURZLH L \FLH GOD LQQ\FK 3RZLQQLyP\ MDNR UDGQL R W\P SDPLÆWD L XPLH WR GRFHQL SRZLQQLyP\ QD ND G\P NURNX LFK ZVSLHUD L SRPDJD UR]ZL ]\ZD 5DGQL SRZLDWRZL .DURO 0DWXVLDN RUD] *U]HJRU] kOH G]LÍVNL ]ZUÏFLOL VLÆ ] SURyE GR DGPLQLVWUDFML ZRMHZRG\ NXMDZVNR SRPRUVNLHJR R SR GDQLH WHUPLQÏZ ]DNRÍF]HQLD SUDF ]ZL ]DQ\FK ] V]DFRZD QLHP V]NÏG ]ZL ]DQ\FK ] EXGRZ JD]RFL JX QD WHUH QDFK JPLQ ,]ELFD .XMDZVND L /XEUDQLHF 6SUDZD RGV]NRGRZDÍ ]D EXGRZÆ JD]RFL JX Z\VRNLH JR FLyQLHQLD UHODFML *XVWR U]\Q 2GRODQÏZ FL JQLH VLÆ Z QLHVNRÍF]RQRy L Z\ZR XMH FRUD] ZLÆNV]H QLH]DGRZROHQLH ZyUÏG ZLHOX RVÏE ERZLHP LQZHVW\FMD WD Z SRZLHFLH Z R F DZVNLP UHDOL]RZDQD E\ D QD RNR R G]LD NDFK = XG]LHORQHM RGSRZLHG]L Z\QLND ]H ZRMHZRGD NLOND NURWQLH Z\VWÆSRZD GR *D] 6\VWHPX Z FHOX X]\VNDQLD LQIRUPDFML QLH]EÆGQ\FK GOD FHOÏZ SURZDG]RQ\FK SRVWÆ SRZDÍ %UDN SU]HND]DQLD ZR MHZRG]LH NRPSOHWX GRNXPHQ WÏZ VNXWNRZD RSÏ|QLHQLHP Z SRVWÆSRZDQLDFK $NWXDOQLH QD SRODFK UROQLNÏZ RG OX WHJR GR PDUFD SURZDG]R QH V SU]H] U]HF]R]QDZFÏZ
VSUDZ\ ] NWÏU\PL VLÆ ERU\NDM $ MDNLH WR QDMZD QLHMV]H SUREOH P\ VWUD DNÏZ PD SRPÏF UR]ZL ]D VDPRU] G SRZLDWX" 3U]HGH ZV]\VWNLP VWUD DF\ SRWU]HEXM QRZRF]HyQLHMV]HJR VSU]ÆWX DE\ G]LD D VSUDZQLHM V]\EFLHM L VNXWHF]QLHM 1LH PR QD ]DSRPLQD R W\P H UR]ZÏM LQIUD VWUXNWXU\ ORNDOQHM SRSUDZD VWDQX GUÏJ ZRMHZÏG]NLFK SRZLDWRZ\FK L JPLQQ\FK D WDN H Z\EXGRZDQLH QD QDV]\P WHUHQLH DXWRVWUDG\ $ PXVL Ly Z SDU]H ] GR R HQLHP ZV]HONLFK VWDUDÍ PDM F\FK QD FHOX GRSRVD HQLH 2FKRWQLF]HM 6WUD \ 3R DUQHM ] SRPRF\ NWÏUHM ]DSHZQH EÆG]LHP\ NRU]\VWD F]ÆyFLHM ]H Z]JOÆGX QD Z]URVW ]DJUR HQLD ]H VWURQ\ SRUXV]DM F\FK VLÆ SR W\FK GREU\FK GURJDFK SRMD]GÏZ 6DPRFKRG\ V FRUD] QRZV]H V]\EV]H D VWUD DF\ PXV] PLH PR OLZRy SRGREQLH VNXWHF]QHJR UHDJRZDQLD MDN GRW\FKF]DV 2FKRW QLF]H 6WUD H 3R DUQH ]QDMGXM FH VLÆ QD REU]H DFK SRZLDWX F]ÆVWR E\ZDM SLHUZV]H QD PLHMVFX ]GD U]HQLD L SURZDG] G]LD DQLD SU]HG SU]\E\FLHP MHGQRVWHN 3DÍVWZRZHM 6WUD \ 3R DUQHM RUD] 3RJRWRZLD 5DWXQNRZHJR : WDNLFK V\WXDFMDFK QLH PD PLHMVFD QD ]DVWDQDZLDQLH VLÆ F]\ VSU]ÆW ]DG]LD D F]\ QLH 2Q PXVL E\ VNXWHF]Q\ L VSUDZQ\ ER RG WHJR ]DOH \ \FLH SRV]NRGRZD Q\FK OXG]L 0DP QDG]LHMÆ H ]DU] G SRZLD WX ]UR]XPLH H WU]HED ]DSODQRZDÂ
Z EXG HFLH ZVSDUFLH ILQDQVRZH QD ]DNXSLHQLH VSU]ÆWX GOD 263 :VSRPQLD SDQ H MHVW QRZ\P UDGQ\P SRZLDWRZ\P 2]QDF]D WR H QLHZLHOX PLHV]NDÍFÏZ SRZLDWX SDQD ]QD 0D SDQ SRP\V QD VNX WHF]QH SH QLHQLH PDQGDWX UDGQHJR SRZLDWX" 5DGQ\ SRZLDWX PXVL ZV XFKL ZD VLÆ Z J RV PLHV]NDÍFÏZ ER WR RQL QDMOHSLHM ZLHG] FR MHVW SR WU]HEQH 2QL ]D DWZLDM ZLHOH VSUDZ Z VWDURVWZLH L QDMOHSLHM ZLHG] MDND MHVW REV XJD 1D SRF] WNX NDGHQFML WH NRQWDNW\ ] OXG|PL QLH V DWZH DOH SU]HFLH PR OLZH =DSODQRZD HP G\ XU\ UDGQHJR : JPLQLH /XEDQLH EÆGÆ SH QL G\ XU Z ND G\ SLHUZV]\ SRQLHG]LD HN PLHVL FD Z JRG]LQDFK RG GR Z *PLQQ\P 2yURGNX .XOWXU\ 1DWRPLDVW Z JPLQLH %U]Hy .XMDZVNL Z ND G\ SLHUZV]\ ZWRUHN PLHVL FD RG Z JLPQD]MXP Z :LHÍFX 0\yOÆ H ZDUWR UR]PDZLD =DWHP ]DFKÆFDP ZV]\VWNLFK GR SRGMÆFLD ]H PQ UR]PÏZ ]J DV]D QLD SRWU]HE SUREOHPÏZ QLHSUDZL G RZRyFL SU]HGVWDZLDQLD Z DVQ\FK SRP\V ÏZ QD UR]ZL ]DQLH VSUDZ &KÆWQLH ND GHJR Z\V XFKDP L Z PLDUÆ PR OLZRyFL EÆGÆ VWDUD VLÆ SRPDJD 8ZD DP H W\ONR UD]HP PR HP\ ]PLHQL QD OHSV]H QDV]H PD H RMF]\]Q\ MDNLPL V JPLQ\ RUD] QDV] SRZLDW Z RF DZVNL Z NWÏU\P SUREOHPÏZ QLH EUDNXMH D Z RVWDW QLFK ODWDFK JHQHURZDQH V RQH
SU]H] GX \ SR]LRP EH]URERFLD 2F]\ZLyFLH FRG]LHQQ\ EH]SR yUHGQL NRQWDNW PDP ] PLHV]NDÍ FDPL 0DFKQDF]D PLHMVFRZRyFL SR R RQHM QLHGDOHNR :LHÍFD =GURMX Z NWÏUHM PLHV]NDP ZUD] ] RQ 5HQDW RUD] WUÏMN G]LDUVNLFK V\QÏZ 7R Z DyQLH WX Z 0DFKQD F]X ]DF]Æ D VLÆ PRMD SU]\JRGD ] VDPRU] GHP 6ZRM DNW\ZQRy RE\ZDWHOVN UR]SRF] HP RG ]D DWZLDQLD ]Z\N \FK VSUDZ ]ZL ]DQ\FK ] XVSUDZQLHQLHP \FLD QD QDV]HM ZVL 5HJXODUQLH SLVD HP GR XU]ÆGX R SRWU]HEDFK ZD Q\FK GOD OXG]L QS GRW\F] F\FK EXGRZ\ GURJL JPLQQHM F]\ NDQDOL]DFML *PLQD /XEDQLH WH QLH MHVW SDQX REFD 3RFKRG]Æ ] PD HM PLHMVFRZR yFL %RG]LD SR R RQHM Z JPLQLH /XEDQLH 7DP GR G]LVLDM PLHV]NDM PRL URG]LFH NWÏU]\ SURZDG] JR VSRGDUVWZR UROQH D GR QLHGDZQD SURZDG]LOL WDN H VNOHS VSR \ZF]\ NWÏUHJR WUDG\FMH VLÆJDM RNUHVX PLÆG]\ZRMHQQHJR 2ELH JPLQ\ %U]Hy .XMDZVNL L /XEDQLH V PL EDUG]R EOLVNLH SRQLHZD ] 'REUHM :ROL SRFKRG] PRL G]LDGNRZLH D JPLQD /XEDQLH MHVW ]ZL ]DQD ] PLHMVFRZRyFL Z NWÏUHM VLÆ XURG]L HP 7HUD] PLHV]NDP Z SREOL X 0DULDQHN ZVL Z NWÏUHM XURG]L D VLÆ PRMD SUDEDE FLD .RQW\QXXMÆ WUDG\FMH VDPRU] GRZH URG]LFÏZ JG\ RERMH E\OL ]DDQJD RZDQL Z SUDFH QD U]HF]
PLHV]NDÍFÏZ SLDVWXM F IXQNFMH UDGQ\FK JPLQQ\FK 7R GRSUDZG\ QLH]Z\N H MDN PRJ SRWRF]\Â VLÆ ORV\ QDMEOL V]\FK VRELH OXG]L : UDG]LH SRZLDWX QDOH \ SDQ GR NOXEX 36/ : UDG]LH SRZLDWX SUDFXMÆ ZVSÏOQLH ] NOXEHP 36/ 1LH QDOH Æ GR DGQHM SDUWLL -DNLPL VSUDZDPL NWÏU\FK GRW G QLH SRGHMPRZD SRZLQLHQ ]DM Â VLÆ VDPRU] G SRZLDWRZ\" .ROHMQ PRM LQLFMDW\Z EÆG]LH UR]SRF]ÆFLH G\VNXVML QD WHPDW XG]LHOHQLD ZVSDUFLD GOD URG]LQ ZLHORG]LHWQ\FK : FD \P NUDMX MX ] SRZRG]HQLHP IXQNFMRQXMH .DUWD 'X HM 5RG]LQ\ D WDNLH NDUW\ ZSUR ZDG]DM FH GX H XOJL GOD URG]LQ ZLHORG]LHWQ\FK Z\GDM JPLQ\ =DVWDQDZLDP VLÆ MDN Z\NRU]\VWDÂ PR OLZRyFL SUDZQH VWDURVWZD GR SRPRF\ GX \P URG]LQRP \M F\P Z QDV]\P SRZLHFLH 1LHNWÏUH SRZLDW\ MDN QS V]DPRWXOVNL SU]\ SRPRF\ 3RZLDWRZHJR &HQWUXP 3RPRF\ 5RG]LQLH MX ZSURZDG]L \ Z DVQH NDUW\ DQJD XM F GR ZVSÏ SUDF\ ILUP\ G]LD DM FH Z SRZLHFLH 5RG]LQD ZLHORG]LHWQD SU]\VWÆ SXM F GR SURJUDPX ]\VNXMH ]QL NL L XOJL RIHURZDQH SU]H] SDUWQHUÏZ SURJUDPX MDNLP V ORNDOQL SU]HGVLÆ ELRUF\ QD yZLDGF]RQH SU]H] QLFK XV XJL 5R]PDZLD D -RODQWD 3LMDF]\ÍVND
5DGQL 36/ ZDOF] R RGV]NRGRZDQLD RJOÆG]LQ\ 1DVWÆSQLH SU]H] GQL PDM ]RVWDÂ VSRU] G]R QH RSHUDW\ V]DFXQNRZH 'R NRÍFD NZLHWQLD UROQLF\ PDM E\Â SRLQIRUPRZDQL R Z\VR NRyFL RGV]NRGRZDÍ 3R ]DDN FHSWRZDQLX SU]H] Z DyFLFLHOL RUD] *D] 6\VWHP Z\VRNRyFL RGV]NRGRZDÍ Z\GDQH EÆG GHF\]MH $GPLQLVWUDFMD XU]Æ GX ZRMHZÏG]NLHJR SODQXMH Z\GDQLH GHF\]ML R Z\VRNRyFL RGV]NRGRZDÍ QD F]HUZLHF URNX 6W\O SURZDG]HQLD RJOÆG]LQ G]LD HN Z]EXG]D ZLHOH Z W SOLZRyFL t PÏZL UDGQ\ .DURO 0DWXVLDN : PRMHM RFHQLH U]HF]R]QDZF\ ]URELOL ZV]\VW NR FR Z LFK PRF\ D HE\ QLH VSRWNDÂ VLÆ ] UROQLNDPL W\P VDP\P QLH X]\VNDÂ SH QHM LQIRUPDFML GR FHOÏZ Z\FHQ\ :LHP\ H ND G\ SRV]NRGR ZDQ\ PLD SU]HND]DÂ Z F]DVLH RJOÆG]LQ SLVHPQH LQIRUPDFMH QLH]EÆGQH GR Z\FHQ\ V]NÏG 7DN MHGQDN VLÆ QLH VWD R ER SUDNW\F]QLH XQLHPR OLZLRQR
.DURO 0DWXVLDN GRVWDUF]HQLH W\FK LQIRUPD FML 7HUD] ]DSHZQH UROQLF\ EÆG RWU]\P\ZD ZH]ZDQLD R GRV DQLH GRNXPHQWÏZ D WR VSRZRGXMH GDOV]H SU]HG X D QLH SURFHGXU\ 1D PDUJLQH VLH V]F]HJÏ RZRy GDQ\FK GDQ\FK MHVW WDN GX D H Z D yFLZLH U]HF]R]QDZFD QLHZLHOH EÆG]LH PLD SUDF\ 7DNLH G]LD DQLD QLH VDW\VIDNFMRQXM QDV %ÆG]LHP\ GDOHM LQWHUZHQLR
UDGQ\ *U]HJRU] kOHG]LÍVNL 1LHNWÏUH JRVSRGDUVWZD UROQH VWRM X SURJX EDQNUXF WZD 3UDFH SRGF]DV XN DGDQLD JD]RFL JX UHDOL]RZDQR QD G XJRyFL ZLHOX NLORPHWUÏZ L V]HURNRyFL GRFKRG] FHM GR NLONXG]LHVLÆFLX PHWUÏZ GH JUDGXM F SU]\ W\P VWUXNWXUÆ JOHE =GDU]D R VLÆ H QLHNWÏU]\ UROQLF\ Z WHQ VSRVÏE PLHOL ]D MÆWH ]QDF]QH REV]DU\ JRVSR GDUVWZ FR LVWRWQLH ]DEXU]\ R LFK SUDZLG RZH IXQNFMRQRZD QLH L S \QQRy ILQDQVRZ Z *U]HJRU] kOHG]LÍVNL G X V]\P RNUHVLH 3RQDGWR VSUDZD VDP\FK RGV]NRGR ZD Z WHM VSUDZLH ZDÍ QLH Z\F]HUSXMH ZV]HONLFK :LÆNV]Ry JUXQWÏZ SU]H] URV]F]HÍ UROQLNÏZ 3R]RVWDM NWÏUH SU]HELHJD JD]RFL J WR MHV]F]H NZHVWLH XVWDQRZLHQLD ]LHPLD UROQLF]D : WUDNFLH V X HEQRyFL SU]HV\ X NWÏUH WUZDQLD LQZHVW\FML SURZDG]R QLH V REMÆWH GHF\]M QH URERW\ ]LHPQH XQLHPR OL ZLD \ UROQLNRP XSUDZ\ D W\P :V]\VWNLH RGV]NRGRZDQLD VDP\P SR]EDZLHQL ]RVWDOL RQL MDN LQIRUPXMH ZRMHZRGD PDM ]DURENX ]RVWD Z\S DFRQH SU]H] LQZH VWRUD 2SHUDWRUD *D]RFL JÏZ 5ROQLF\ ]QDOH|OL VLÆ Z EDU 3U]HV\ RZ\FK *$= t 6<67(0 G]R WUXGQHM V\WXDFML t PÏZL 6 $ GR NRÍFD URNX
&]\ SR F]WHUHFK ODWDFK RG UR]SRF]ÆFLD EXGRZ\ UROQLF\ RG]\VNDM WR FR LP VLÆ V XV] QLH QDOH \ L WR FR LP RELHF\ ZDQR SU]HG UR]SRF]ÆFLHP LQZHVW\FML" 2ND]XMH VLÆ H WU]HED EÆ G]LH MHV]F]H G XJR F]HND : GRNXPHQFLH *$= 6<67(0 6 $ F]\WDP\ L RGV]NRGRZD QLD EÆG RNUHyODQH QD SRGVWD ZLH ZDUWRyFL U\QNRZHM RUD] EÆG REHMPRZD ZDUWRy RJUDQLF]HQLD SUDZD Z DVQRyFL RUD] V]NRG\ IL]\F]QH Z W\P ]PQLHMV]RQH SORQRZDQLH Z ODWDFK QDVWÆSQ\FK SR ]DNRÍ F]HQLX EXGRZ\ L ZDUWRy UH NXOW\ZDFML ELRORJLF]QHM JOHE\ : VN DG RGV]NRGRZDQLD ZHMG SRQDGWR XWUDFRQH QD OH QRyFL ] W\WX X GRS DW EH]SR yUHGQLFK RUD] GRS DW ] W\WX X SURZDG]HQLD SURJUDPÏZ URO QR t yURGRZLVNRZ\FK 1DWR PLDVW JUXQW\ OHyQH ]RVWDQ SR ]DNRÍF]HQLX EXGRZ\ SRQRZ QLH ]DOHVLRQH ] SR]RVWDZLH QLHP PHWURZHJR SDVD ZRO QHJR RG ZV]HONLFK QDVDG]HÍ MDNR SDVD HNVSORDWDF\MQHJR JD]RFL JX
.3
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
1RZD ELEOLRWHND L QRZH SRWU]HE\ 0R H G]LÆNL WHPX XGD VLÆ ]DSH QLÂ ZROQH SÏ NL Z VDOL J ÏZQHM ELEOLRWHNL RUD] Z F]Æ yFL PDJD]\QRZHM =D RJD )LOLL QU ]DFKÆFD UÏZQLH GR VNRU]\VWDQLD ] FLH NDZHM RIHUW\ VSRWNDÍ L LPSUH] 6SRWNDQLH ] RND]ML :DOHQW\QHN SRyZLÆFRQH E\ R RF]\ZL yFLH VHUFX : VSRVÏE EDU G]R SURIHVMRQDOQ\ ZSURZD G]L Z WHPDW NDUGLRORJ GRNWRU :LHV DZ 1RZDNRZVNL Z DyFL FLHO 3U]\FKRGQL 6SHFMDOLVW\F] QHM d0HGLFXVr :DUWR ]D]QDF]\Â H NRU]\ VWDQLH ] ELEOLRWHNL MHVW EH] S DWQH %LEOLRWHND F]\QQD MHVW RG ZWRUNX GR SL WNX Z JR G]LQDFK Z SR QLHG]LD NL RG JRG] GR JRG]
+HM WR QDV]D QRZD ELEOLRWHND
1
D PDSLH NXOWXUDOQHM : RF DZND SRMDZL D VLÆ QRZD SODFÏZND t )LOLD QU 0LHMVNLHM %LEOLRWHNL 3X EOLF]QHM LP = $UHQWRZLF]D %LEOLRWHND WD G]LD D MX RG VW\F]QLD Z JPDFKX &HQWUXP .XOWXU\ %URZDU % XO ÆJVND ZHMyFLH RG XO %HFKLHJR 2U\JLQDOQ\ QRZRF]HVQ\ Z\VWUÏM VDOL DXGLRERRNL VSR UD NROHNFMD NRPLNVÏZ XU] G]HQLH GR RGV XFKX DXGLR ERRNÏZ F]DVRSLVPD S \W\ ZLQ\ORZH PLHMVFH GR ]DEDZ\ GOD G]LHFL VWDQRZLVND NRPSX WHURZH ] EH]S DWQ\P GRVWÆ
QU OXW\
.XOWXUD
SHP GR ,QWHUQHWX :L)L WR W\ONR QLHNWÏUH DWXW\ QRZHM ELEOLRWHNL %LEOLRWHNDU]H F]\QL VWDUD QLD DE\ SÏ NL ]DSH QLD \ VLÆ LQ WHUHVXM F\PL NVL NDPL 2EHF Q\ VWDQ NVLÆJR]ELRUX t RN W\V QLH ]DVSRNRL MHGQDN Z SH QL RF]HNLZDÍ F]\WHOQLNÏZ 3UDFRZQLF\ ILOLL ]DFKÆFDM PLHV]NDÍFÏZ PLDVWD L RNROLF GR ZVSÏ WZRU]HQLD ELEOLRWH NL t ND GD GDURZDQD NVL ND EÆG]LH FHQQ\P X]XSH QLH QLHP ]ELRUÏZ 0LOH ZLG]LDQH V NVL NL NRPSOHWQH L QLH]QLV]F]RQH
ZZZ NXMDZ\ PHGLD SO
3ODNDW Z WHDWU]H +LVWRULD WHDWUDOQHM VFHQ\ WR UÏZQLH G]LHMH SODNDWX : 7HDWU]H ,PSUHVDU\MQ\P LP : RG]LPLHU]D *QLD] GRZVNLHJR Z UDPDFK 5RNX 3ROVNLHJR 7HDWUX 3XEOLF]QH JR SRZVWD D *DOHULD 3ODNDWX 3ODNDW WRZDU]\V]\ \FLX WH DWUDOQHPX RG SRQDG VWX ODW 1LH W\ONR LQIRUPXMH R WHDWUDO Q\FK SUHPLHUDFK L LQQ\FK Z\ GDU]HQLDFK ] FRG]LHQQRyFL WH DWUX DOH MHVW WDN H SLHUZV]\P LQWHUSUHWDWRUHP L NRPHQWDWR UHP Z\VWDZLDQHM V]WXNL ]D FKÆFD GR MHM REHMU]HQLD 3ROVNL SODNDW WHDWUDOQ\ ]QDQ\ MHVW ] FLHNDZHM XU]HNDM FHM IRUP\ F]\ UÏ QRURGQH VW\OH L WHQ GHQFMH 3U]HFKRGQLRP SODNDW NR MDU]\ VLÆ ] XORWQ\P GUXNLHP QDNOHMDQ\P QD V XSDFK L WD EOLFDFK RJ RV]HQLRZ\FK S R WDFK L PXUDFK Z\ZLHV]RQ\P Z RV]NORQ\FK JDEORWDFK LQIRU PDF\MQ\FK WHDWUÏZ VDO PX ]\F]Q\FK L NLQ 3ODNDW ]DMPXMH WDN H V]F]H JÏOQH PLHMVFH QLH W\ONR Z SURFHVLH NRPXQLNRZDQLD VLÆ PLÆG]\OXG]NLHJR DOH UÏZ QLH VWDQRZL G]LH R V]WXNL -HJR SRGVWDZRZ IXQNFM MHVW SU]HND]\ZDQLH LQIRUPDFML Z VSRVÏE PR OLZLH ]ZLÆ] \ Z\UD]LVW\ EDUZQ\ .RPHQ WXMH G]LH R NWÏUH DQRQVXMH 3LHUZV]D RGV RQD Z\VWDZ\ ZVSÏ F]HVQHJR SROVNLHJR SODNDWX WHDWUDOQHJR NRÍF]\ VLÆ QD GHELXWDFK ] ODW XELHJ H JR ZLHNX :NUÏWFH ZLG]RZLH EÆG PLHOL RND]MÆ REHMU]HQLD NROHMQ\FK MHM RGV RQ :\VWDZD F]\QQD MHVW FR G]LHQQLH Z JRG]LQDFK D Z GQL Z NWÏU\FK RGE\ZDM VLÆ VSHNWDNOH ZLHF]RUQH F]\QQD MHVW GR ]DNRÍF]HQLD VSHNWDNOL
WHDWUZORFODZHN SO
0RQLND *U]DQND ] UHG 6WDQLV DZHP %LD RZ VHP ZVSRPLQDOL SUDFÆ Z d1RZRyFLDFK : RF DZVNLFKr
*U]DQND QLH W\ONR ] dNXOWXUN r QD EHQHILVLH : URF]QLFÆ SUDF\ WZÏUF]HM L URF]QLFÆ XURG]LQ RGE\ VLÆ EHQHILV 0RQLNL *U]DQNL G]LHQQLNDUNL ]DID VF\QRZDQHM NXOWXU 7R GRy QLH]Z\N H ZH : RF DZNX Z\GDU]HQLH OXWHJR ]JURPDG]L R Z NDZLDUQL 0XVLF %DU SU]\ XO 6WDURGÆEVNLHM ZLHOX JRyFL SROLW\NÏZ QD XF]\FLHOL G]LHQQLNDU]\ VSRUWRZFÏZ OXG]L NXOWXU\ 0RQLND *U]DQND SURZDG]L SURJUDP SQ d*U]DQND ] .XOWXU r JG]LH SU]HNRQXMH VZRLFK ZLG]ÏZ H ZDUWR RGZLHG]D Z\VWDZ\ RJO GD GREUH ILOP\ L F]\WD NVL NL D SU]HGH ZV]\VWNLP QLHXVWDQQLH VLÆ XF]\ SR]QDM F RWDF]DM F\ QDV yZLDW 8URG]L D VLÆ OXWHJR URNX ZH : RF DZNX 8NRÍ F]\ D VWXGLD SUDZQLF]H QD 8QLZHUV\WHFLH 0LNR DMD .RSHU QLND Z 7RUXQLX -HVW SUDZQLNLHP Z\N DGRZF DNDGH PLFNLP G]LHQQLNDU]HP DXWRUN WRPLNÏZ ZLHUV]\ : SUDF\ G]LHQQLNDUVNLHM MDN VDPD PÏZL ZLHOH ]D ZG]LÆF]D VZRMHPX SLHUZV]HPX V]HIRZL UHGDNWRURZL 6WDQLV DZRZL %LD RZ VRZL NWÏU\ ZÏZF]DV NLHURZD Z RF DZVNLP Z\GDQLHP WRUXÍVNLFK d1RZRyFLr 7DNLFK OXG]L NWÏU\FK VSRWND D QD GURG]H VZRMHJR UR]ZRMX Z\ PLHQLD ZLHOX ']LÆNL QLP DOH SU]HGH ZV]\VWNLP G]LÆNL VZRMHPX XSRURZL ]DIDVF\QRZDQLX ZLHOX G]LHG]LQDPL \FLD 0RQLND MHVW UÏZQLH SLORWHP Z\FLHF]HN SU]HZRG QLNLHP WXU\VW\F]Q\P 1DGH ZV]\VWNR MHVW VSR HF]QLNLHP R RWZDUW\P VHUFX L P GUHM J RZLH S
2EUD]\ 5RVD GD 7LYROL GOD GZRUX Z . ÏEFH R ] WHUHQX .XMDZ : ND G\P ] SRPLHV]F]HÍ VWDUV]HM SDUWHUR ZHM F]ÆyFL GZRUX ]QDMG VLÆ W\SRZH GOD MHJR IXQNFML ]DE\WNL ] UÏ QHJR F]DVX L Z UÏ Q\FK VW\ODFK kFLDQ\ R]GREL REUD]\ PDODU]\ SRO VNLFK L HXURSHMVNLFK NWÏUH GR PX]HXP WUDIL \ Z ZLÆNV]RyFL ] ZLHOX VLHG]LE ]LHPLDÍVNLFK QD .XMDZDFK WX SR ,, ZRMQLH yZLDWRZHM : PLDUÆ PR OLZRyFL Z SRV]F]HJÏOQ\FK SRNRMDFK ]QDMG VLÆ PHEOH L REUD]\ ]DV RQ\ RGSRZLD GDM FH RSLVRZL RVWDWQLHM SU]HG ZRMQ Z DyFL FLHONL t $QWRQLQ\ 0DULL 2USLV]HZVNLHM RSLVRP ]HEUDQ\P Z Z\ZLDGDFK ] F] RQNDPL URG]LQ\ L PLHV]NDÍFDPL . ÏENL RUD] VN SR ]DFKRZDQ\P GRNXPHQWRP : ZLÆNV]RyFL WH LQIRUPDFMH GRW\F] VW\OX PHEOL WHPDW\NL REUD]ÏZ E G| SRUWUHWRZDQ\FK RVÏE U]DGNR LFK WZÏUFÏZ :\M WNLHP V SU]H ND]\ URG]LQ\ 2USLV]HZVNLFK NWÏUH PÏZL
%U]\GRWD Z RF DZVNLHJR yUÏGPLHyFLD 1DMF]ÆyFLHM VWDUÏZNL PLDVW V LFK ZL]\WÏZN PLHMVFHP XURNOLZ\FK ]D E\WNRZ\FK NDPLHQLF]HN UHVWDXUDFML NDZLDUQL L VNOHSÏZ SDPL WHN PLHMVF Z\SRF]\QNX 3U]\FL JDM MDN PDJQH] WXU\VWÏZ 7\ONR ZH : RF DZNX MHVW LQDF]HM &HQWUXP VWDUHJR PLDVWD VWUDV]\ VZRM EU]\GRW ]DJUD D EH]SLHF]HÍVWZX ER Z ND GHM FKZLOL QD J RZÆ PR H VSDy FHJ D OXE RGSDGDM F\ W\QN
R GZÏFK REUD]DFK
'
ZÏU 2USLV]HZVNLFK Z . ÏEFH ]RVWD RGEXGRZDQ\ Z PLQLRQ\P URNX 2EHFQLH WUZDM SUDFH ]ZL ]DQH ] Z\SRVD HQLHP ZQÆWU] &]\QLRQH V VWDUD QLD E\ Z XGRVWÆSQLRQ\P RELHNFLH RGWZRU]\Â SRPLHV]F]HQLD ]JRGQLH ] LFK IXQNFM RGSR ZLHGQLR GR VWDQX VSU]HG URNX 0X]HXP =LHPL .XMDZVNLHM L 'REU]\ÍVNLHM Z\SRVD D ZQÆWU]D HNVSRQDWDPL ]H VZ\FK NROHNFML ']LÆNL ZLHOROHWQLP SRV]XNLZDQLRP ]DNXSRP SU]HSURZDG]DQ\P V\VWHPDW\F]QLH
RG NLONX ODW ]DELHJRP NRQVHUZDWRUVNLP ZH ZQÆWU]DFK P LQ JDELQHWX VDORQX F]\ MDGDOQL ]QDMG VLÆ
Z\ F]QLH ]DE\WNRZH PHEOH REUD]\ L DNFHVRULD 3RQLHZD ] DXWHQ W\F]QHJR Z\SRVD HQLD GZRUX Z . ÏEFH SR]D NLONRPD REUD]DPL Z ]ELRUDFK PX]HXP QLH ]QD OD] \ VLÆ DGQH PHEOH L SU]HGPLRW\ ]RVWDQ RQH ]DVW SLRQH SRGREQ\PL VW\OLVW\F]QLH ]DE\WNDPL NWÏUH PX]HXP SU]H] NLONDG]LHVL W ODW SR]\VNLZD
]DNXSLRQ\FK Z 'UH|QLH SU]H] GUXJLHJR ] URGX Z DyFLFLHOD GZRUX t /XFMDQD 3 ÏWQD WH ZLVLD \ Z VDORQLH D LFK DXWRUHP E\ 5RVD GD 7LYROL 3KLOLS 3HWHU 5RRV 7D LQIRUPDFMD RG NLONX ODW VWDQRZL D SU]HGPLRW QDV]HM NZHUHQG\ Z PX]HDFK L SRV]XNLZDÍ QD DXNFMDFK RUD] Z DQW\NZDULDWDFK : XELHJ \P URNX QDV]H VWDUDQLD ZUHV]FLH ]D NRÍF]\ \ VLÆ VXNFHVHP t GR ]ELRUÏZ PX]HXP ]RVWD \ ]DNXSLRQH GZD REUD]\ 5RVD GD 7LYROL 3KLOLS 3HWHU 5RRV ]ZDQ\ 5RVD GD 7LYROL \ Z ODWDFK t 1DOH \ GR PDODU]\ Z\ZR G] F\FK VLÆ ] SÏ QRF\ (XURS\
.U\VW\QD .RWXOD
)RW -RODQWD 3LMDF]\ÍVND
d3HM]D IDQWDVW\F]Q\r
%XG\QHN SU]\ XO &\JDQND
QU OXW\
%U]Hy .XMDZVNL
ZZZ NXMDZ\ PHGLD SO
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR
1LHUXFKRPRyFL ] WHUHQX JPLQ\ %U]Hy .XMDZVNL SU]H]QDF]RQH GR VSU]HGD \ ']LD NL SRG EXGRZQLF WZR PLHV]NDQLRZH MHGQR L ZLHORURG]LQQH %U]Hy .XMDZVNL XO 6]NRO QD V]W G]LD HN SRG EXGRZQLF WZR PLHV]NDQLRZH MHGQRURG]LQQH R SRZLHU]FKQL RG PNZ GR PNZ Z FHQLH RG ] GR ] QHWWR 6WDU\ %U]Hy X \WNRZDQLH ZLHF]\VWH V]W G]LD HN SU]H ]QDF]RQ\FK SRG EXGRZQLFWZR PLHV]NDOQR XV XJRZH XV XJL QLH XFL OLZH GOD yURGRZLVND SR R R Q\FK Z REUÆELH 6WDU\ %U]Hy 3DU FHOH ZMD]G RG XO 3U]HP\V RZHM R SRZLHU]FKQL RG PNZ GR PNZ Z FHQLH Z\ZR DZF]HM RG ] GR ] QHWWR
SURPRFMD
)DOERU] 3DUFHOH X \WNRZDQLH ZLHF]\VWH 1LH]DEXGRZDQD G]LD ND R SRZLHU]FKQL KD &HQD Z\ZR DZF]D ] QHWWR =JRGQLH ] PLHMVFRZ\P SODQHP ]DJRVSRGDURZDQLD SU]HVWU]HQQH JR PLDVWD L JPLQ\ %U]Hy .XMDZ VNL WHUHQ SU]H]QDF]RQ\ MHVW SRG EXGRZQLFWZR PLHV]NDQLRZH ] ]D EXGRZ ZLHORURG]LQQ L XV XJDPL QLHXFL OLZ\PL ZUD] ] NRPXQLND FM ZHZQÆWU]Q 1LHUXFKRPRy NRU]\VWQLH SR R RQD P RG GURJL SRZLDWRZHM R XU] G]RQHM QDZLHU]FKQL DVIDOWRZHM Z RGOH J RyFL NP RG DXWRVWUDG\ $ tZÆ]H QU : RF DZHN =DFKÏG Z 3LNXWNRZLH XO 1RZD %U]Hy .XMDZVNL REUÆE QLH]DEXGRZDQD QLHUX FKRPRy R SRZLHU]FKQL PNZ
=JRGQLH ] PLHMVFRZ\P SOD QHP ]DJRVSRGDURZDQLD SU]H VWU]HQQHJR WHUHQ SU]H]QDF]RQ\ MHVW SRG EXGRZQLFWZR PLHV] NDQLRZH MHGQR L ZLHORURG]LQQH ] ]DEXGRZ QLVN ZUD] ] NRPX QLNDFM ZHZQÆWU]Q L SU]H]QD F]HQLHP GRSXV]F]RQ\P MDN EX GRZD XV XJ QLH SRZRGXM F\FK QLHNRU]\VWQHJR RGG]LD \ZDQLD QD yURGRZLVNR &HQD Z\ZR DZ F]D ] QHWWR
']LD NL SURGXNF\MQR XV XJRZH XO 3U]HP\V RZD t X \W NRZDQLH ZLHF]\VWH 1LHUXFKR PRy R]QDF]RQD JHRGH]\MQLH QU R SRZLHU]FKQL KD PNZ SR R RQD Z REUÆELH R PLDVWD %U]Hy .XMDZVNL 1LHUXFKRPRy NRU]\VWQLH SR R RQD SU]\ GURG]H SRZLDWRZHM R XU] G]RQHM QDZLHU]FKQL DVIDO WRZHM Z RGOHJ RyFL NP RG DX WRVWUDG\ $ tZÆ]H QU : R F DZHN =DFKÏG Z 3LNXWNRZLH =JRGQLH ] RERZL ]XM F\P PLHM VFRZ\P SODQHP RJÏOQ\P ]DJR VSRGDURZDQLD SU]HVWU]HQQHJR WHUHQ G]LD NL J ÏZQLH SU]H]QDF]R Q\ MHVW SRG ORNDOL]DFMÆ RELHNWÏZ SURGXNF\MQ\FK ED] L VN DGÏZ QLH PRJ F\FK ]QDF] FR RGG]LD \ZD QD yURGRZLVNR &HQD Z\ZR DZ F]D ] QHWWR XO 3U]HP\V RZD X \WNRZD QLH ZLHF]\VWH 1LHUXFKRPRy QLH]DEXGRZDQD R]QDF]RQD JHR GH]\MQLH R SRZ KD PNZ SR R RQD Z REUÆELH R PLDVWD %U]Hy .XMDZVNL 1LHUX FKRPRy NRU]\VWQLH SR R RQD
SU]\ GURG]H SRZLDWRZHM R XU] G]RQHM QDZLHU]FKQL DVIDOWRZHM Z RGOHJ RyFL NP RG DXWRVWUDG\ $ t ZÆ]H QU : RF DZHN =D FKÏG Z 3LNXWNRZLH =JRGQLH ] RERZL ]XM F\P PLHMVFRZ\P SODQHP RJÏOQ\P ]DJRVSRGDURZDQLD SU]HVWU]HQQH JR WHUHQ ] SU]H]QDF]HQLHP SRG VWDZRZ\P SRG RELHNW\ L XU] G]HQLD SURGXNF\MQH ED]\ VN DG\ PDWHULD ÏZ QLH PRJ FH ]QDF] FR RGG]LD \ZD QD yURGRZLVNR ] SD VHP ]LHOHQL L]RODF\MQHM RG VWURQ\ ]DEXGRZ\ PLHV]NDOQHM &HQD Z\ZR DZF]D t ] QHWWR XO .UDNRZVND X \W NRZDQLH ZLHF]\VWH L Z DVQRy 1LHUXFKRPRy QLH]DEXGRZDQD R SRZ RJÏOQHM KD PNZ ]QDMGXM FHM VLÆ Z %U]HyFLX .XM
SU]\ XO .UDNRZVNLHM Z RGOH J RyFL NP RG DXWRVWUDG\ $ t ZÆ]H QU : RF DZHN =DFKÏG Z 3LNXWNRZLH 1LHUXFKRPRy NRU]\VWQLH SR R RQD SU]\ GURG]H SRZLDWRZHM R XU] G]RQHM QDZLHU]FKQL DVIDOWR ZHM SRVLDGD GRVWÆS GR X]EURMH QLD WHFKQLF]QHJR Z SRVWDFL VLHFL ZRGRFL JRZHM NDQDOL]DF\MQHM HOHNWU\F]QHM OLQLD yUHGQLHJR QDSLÆFLD R PRF\ .: Z RGOH J RyFL NP JD] ]LHPQ\ : VN DG QLHUXFKRPRyFL ZFKRG] G]LD NL R]QDF]RQH JHRGH]\MQLH s QU R SRZLHU]FKQL KD PNZ *PLQD %U]Hy .XMDZ VNL MHVW X \WNRZQLNLHP ZLHF]\ VW\P : UHMHVWU]H JHRGH]\MQ\P G]LD ND RSLVDQD MDNR WHUHQ ]XUED QL]RZDQ\ QLH]DEXGRZDQ\ &HQD Z\ZR DZF]D ] QHWWR s QU R SRZ PNZ
Z DVQRy *PLQ\ %U]Hy .XM 'OD G]LD NL X]\VNDQD MHVW ]JRGD QD XU] G]HQLH ]MD]GX SXEOLF]QH JR ] GURJL SRZLDWRZHM QU %U]Hy .XM +XPOLQ : UHMHVWU]H JHRGH]\MQ\P G]LD ND RSLVDQD MDNR WHUHQ ]XUEDQL]R ZDQ\ QLH]DEXGRZDQ\ &HQD Z\ ZR DZF]D ] QHWWR : FKZLOL REHFQHM GOD SRZ\ V]HJR REV]DUX QLH PD RERZL ]XM FHJR PLHMVFRZHJR SODQX ]DJRVSRGDURZDQLD SU]HVWU]HQQH JR ,VWQLHMH PR OLZRy ]DEXGRZ\ QLHUXFKRPRyFL QD SRGVWDZLH GH F\]ML R ZDUXQNDFK ]DEXGRZ\ L ]D JRVSRGDURZDQLD WHUHQX Z\GDQHM SU]H] WXWHMV]\ RUJDQ :LHQLHF .ORQRZD $ 1LHUX FKRPRy QLH]DEXGRZDQD R SR ZLHU]FKQL PNZ =JRGQLH ] PLHMVFRZ\P SODQHP ]DJRVSRGDURZDQLD SU]HVWU]HQQH JR WHUHQ G]LD NL SU]H]QDF]RQ\ MHVW SRG EXGRZQLFWZR PLHV]NDQLRZH MHGQRURG]LQQH ZUD] ] NRPXQL NDFM ZHZQÆWU]Q L SU]H]QDF]H QLHP X]XSH QLDM F\P GOD EXGRZ\ XV XJ =DPLDUHP *PLQ\ %U]Hy .X MDZVNL MHVW DE\ QD SU]HGPLRWRZHM G]LD FH SRZVWD GR JUXGQLD URNX ]DN DG RSLHNL ]GURZRW QHM &HQD Z\ZR DZF]D QLHUXFKR PRyFL t ] QHWWR
%OL V]\FK LQIRUPDFML R QLH UXFKRPRyFL RUD] ZDUXQNDFK VSU]HGD \ L SURFHGXU]H SU]H WDUJRZHM PR QD X]\VNDÂ Z 8U]ÆG]LH 0LHMVNLP Z %U]H yFLX .XM SRN QU OXE RUD] WHO D WDN H QD VWURQLH ZZZ EU]HVFNXMDZ VNL SO
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
*PLQD /XEDQLH
QU OXW\
ZZZ NXMDZ\ PHGLD SO
%LODQV SR VWDUFLH
*PLQD /XEDQLH GOD PLHV]NDÍFÏZ 3R GZÏFK PLHVL FDFK VSUDZRZDQLD Z DG]\ SU]H] /DU\VÆ .U]\ DÍ VN GRV] R GR ZLHOX ]PLDQ Z SUDF\ 8U]ÆGX *PLQ\ D WDN H MHGQR VWHN RUJDQL]DF\MQ\FK 8U] G *PLQ\ /XEDQLH VWD VLÆ EDUG]LHM RWZDUW\ QD PLHV] NDÍFÏZ G]LÆNL PR OLZRyFL NRU]\VWDQLD ] XV XJ UDGF\ SUDZQHJR NWÏU\ FRG]LHQ QLH XG]LHOD SRUDG SUDZQ\FK :]ERJDFL D VLÆ WH RIHUWD NXO WXUDOQD SURSRQRZDQD SU]H] *PLQQ\ 2yURGHN .XOWXU\ Z /XEDQLX RUD] VSRUWRZD ER ND G\ PR H NRU]\VWDÂ ] EH] S DWQHM KDOL VSRUWRZHM = LQVSLUDFML ZÏMW RGE\ \ VLÆ NRQFHUW ER RQDURG]H QLRZ\ SW d3DPLÆWDP\ R 7RELH kZLÆW\ 0LNR DM L MDr SRGF]DV NWÏUHJR QDMP RGVL PLHV]NDÍ F\ RWU]\PDOL SRGDUNL SR NLONX ODWDFK SU]HUZ\ ]RUJDQL]RZD QD ]RVWD D ]DEDZD WDQHF]QD Z kZLÆWD %R HJR 1DURG]H QLD NRQFHUW FKDU\WDW\ZQ\ SRG W\WX HP d3U]\MG| 3RV X FKDM 3RPÏ r PDM F\ QD FHOX ZVSDUFLH ILQDQVRZH OHF]HQLD FLÆ NR FKRUHJR QD UDND %DU WRV]D 0XODUF]\ND PL RyQLND
*RyFLH QD RWZDUFLX yZLHWOLF\ Z .D ÆF]\QNX GUX \Q\ NRV]\NDUVNLHM $QZLO RUD] EDO FKDU\WDW\ZQ\ ] RND]ML :DOHQW\QHN %HQHILFMHQWDPL WHJR V]F]\WQHJR FHOX ]RVWD \ G]LHFL RUD] P RG]LH X]GRO QLRQD Z UÏ Q\FK G]LHG]LQDFK RVL JDM FD Z\VRNLH Z\QLNL Z QDXFH ODXUHDFL NRQNXUVÏZ ZLHG]\ 3RGF]DV ND GHM LP SUH]\ VDOD *2. X Z\SH QLRQD E\ D SR EU]HJL ']LÆNXMÆ PLHV]NDÍFRP ]D RJURPQH ]DDQJD RZDQLH L OLF]QH ZVSDUFLH ZV]\VWNLFK 1D RWZDUFLX yZLHWOLF\ ZVWÆJÆ SU]HFLQDM ZÏMW /DU\VD .U]\ DÍVND L NV 0DULDQ -DURV ] SDUDILL Z /XEDQLX
1RZ\ SU]\VWDQHN Z .D ÆF]\QNX
2* 26=(1,( :ÏMW *PLQ\ /XEDQLH RJ DV]D SXEOLF]Q\ SU]H WDUJ SLVHPQ\ QD VSU]HGD VDPRFKRGX SR DUQL F]HJR PDUNL '$) SURG URN SU]HELHJ NP PRF N: PDVD Z DVQD W &HQD Z\ZR DZF]D ] QHWWR 'R FHQ\ ]RVWD QLH GROLF]RQ\ SRGDWHN 9$7 SURF :DUXQNLHP XF]HVWQLFWZD Z SU]HWDUJX MHVW ] R H QLH IRUPXODU]D RIHUWRZHJR RyZLDGF]HQLD L NRSLL GRZRGX ZS DW\ ZDGLXP Z 8U]ÆG]LH *PLQ\ /XED QLH SRN QU GR GQLD PDUFD URNX GR JRG] :DGLXP Z Z\VRNRyFL ] QDOH \ ZS DFDÂ GR GQLD U GR JRG] Z NDVLH 8* /X EDQLH OXE QD NRQWR ] GRSLVNLHP d:DGLXP SU]HWDUJ '$)r 2WZDUFLH RIHUW RGEÆG]LH VLÆ PDUFD U R JRG] 6]F]HJÏ RZH LQIRUPDFMH RUD] ]D F]QLNL ]QDMGX M VLÆ QD VWURQLH 8U]ÆGX *PLQ\ /XEDQLH Z ]DN DG FH ELS SU]HWDUJL RUD] Z VLHG]LELH 8* /XEDQLH SRN QU WHO
V]ODFKHWQ\FK DNFML NWÏUH SR GHMPRZD DP RG F]DVX Z\ ERUX QD XU] G ZÏMWD PÏZL ZÏMW /DU\VD .U]\ DÍVND 0L R SRSDWU]HÂ MDN *2. WÆWQL \FLHP 3RGF]DV EDOX FKDU\WDW\ZQHJR ]HEUDOLyP\ ] D ILQD :2k3 ]RUJD QL]RZDOLyP\ EH] SRQRV]HQLD NRV]WÏZ ] EXG HWX JPLQ\ 7H ZV]\VWNLH ]PLDQ\ ]D XZD DOQH SR GZÏFK PLH VL FDFK SUDF\ V HIHNWHP LQG\ZLGXDOQ\FK UR]PÏZ ] PLHV]NDÍFDPL RUD] SUR ZDG]RQ\FK SRGF]DV NDP SDQLL Z\ERUF]HM EDGDÍ DQ NLHWRZ\FK XPR OLZLDM F\FK
SR]QDQLH SRWU]HE PLHV] NDÍFÏZ JPLQ\ 1DMF]ÆyFLHM SRMDZLDM FH VLÆ SURSR]\FMH L VXJHVWLH WHUD] VWRSQLRZR ZSURZDG]DQH V Z \FLH 'OD SU]\N DGX t ]DGEDQR R EH]SLHF]HÍVWZR Z]ERJD FDM F LQIUDVWUXNWXUÆ GURJR Z R HOHPHQW\ EH]SLHF]HÍ VWZD UXFKX GURJRZHJR OXVWUD WDEOLFH SURZDG] FH ZLDW\ SU]\VWDQNRZH 2VWDWQLH GZD PLHVL FH E\ \ GOD PQLH EDUG]R SUDFR ZLWH PÏZL ZÏMW .U]\ DÍVND 2GZLHG]D PQLH EDUG]R GX R PLHV]NDÍFÏZ NWÏU\FK VSUDZ\ VWDUDP VLÆ ]D DWZLÂ RG UÆNL 0LHV]NDÍF\ V GOD PQLH QDM
1D SRF] WNX OXWHJR QD GURG]H Z 0LNDQRZLH $ ]DPRQ WRZDQR OXVWUR FR SRSUDZL R EH]SLHF]HÍVWZR Z WHM F]ÆyFL ZVL 3U]HP\V DZ .ÆG]LHUVNL ] 3RZLDWRZHJR =DU] GX 'UÏJ L VR W\V -DQ ']LRED
ZD QLHMVL -HyOL FKRG]L R LQZH VW\FMH WR QDGDO PRLP SULRU\WH WHP V EXGRZD SU]HGV]NROD GUÏJ L SRSUDZD VWDQX RyZLH WOHQLD XOLF]QHJR -X Z JUXG QLX U ] R \OLyP\ ZQLRVHN GR 8U]ÆGX 0DUV]D NRZVNLHJR Z 7RUXQLX R ZVSÏ UHDOL]DFMÆ ]DGDQLD GRW\F] FHJR UHPRQWX L PRGHUQL]DFML GURJL JPLQQHM Z PLHMVFRZRyFL %RG]LD L 6DU QÏZND 2EHFQLH SU]\JRWRZXMHP\ ZQLRVHN R GRILQDQVRZDQLH RGG]LD ÏZ SU]HGV]NROQ\FK LVWQLHM F\FK SU]\ V]NR DFK SRGVWDZRZ\FK Z 8VWURQLX L 3U]\ZLHF]HU]\QLH : .D Æ F]\QNX OXWHJR EU XURF]\ yFLH RWZRU]\OLyP\ yZLHWOLFÆ JG]LH P LQ JRyÂPL E\OL UDGQL L SU]HGVWDZLFLHONL .R D *R VSRG\Í :LHMVNLFK *PLQD /XEDQLH XF]HVWQLF]\ Z SURMHNFLH SQ d3U]\ZUÏFH QLH UÏZQRZDJL HNRORJLF]QHM QD WHUHQDFK JPLQ ZRMHZÏG] WZD NXMDZVNR SRPRUVNLHJR Z ]ZL ]NX ] EXGRZ DXWRVWUD G\ $ Z ODWDFK r = SRZRGX QLHZ\NRU]\VWD QLD FD HM NZRW\ GRWDFML GR NRÍFD U Z WU\ELH SLOQ\P ]RVWD D ]ZR DQD QDG]Z\F]DM QD VHVMD 5DG\ *PLQ\ /XED QLH 3RGMÆFLH XFKZD \ XPR OLZL R GRNRÍF]HQLH SURMHNWX
L Z\NRU]\VWDQLH FD HM GRWDFML R F]QHM NZRFLH W\V ] R W\FK &KFÆ ]DU] G]D JPLQ NLHUXM F VLÆ JRVSRGDUQRyFL L WUDQVSDUHQWQRyFL t PÏZL ZÏMW /DU\VD .U]\ DÍVND t 1LH PDP QLF GR XNU\FLD 0RMH Z\QDJURG]HQLH MDN QLHNWÏU]\ VXJHURZDOL QLH MHVW WDMHP QLF 8VWDOL D MH 5DGD *PLQ\ MHGQRP\yOQLH Z Z\VRNRyFL SRERUÏZ SRSU]HGQLHJR ZÏM WD 3R]RVWDZL D WDN H QD QLH ]PLHQLRQ\P SR]LRPLH Z\VR NRy GLHW UDGQ\FK L VR W\VÏZ 3UDF\ PDP ZLÆFHM QL SR SU]HGQLN ER ]UH]\JQRZD DP ] REVDG]HQLD VWDQRZLVND ]D VWÆSF\ ZÏMWD L SH QLÆ WH IXQN FMÆ NLHURZQLND 8U]ÆGX 6WDQX &\ZLOQHJR 6 WR Z\PLHUQH RV]F]ÆGQRyFL GOD JPLQ\ 5HZROXFML Z SRVWDFL ]ZRO QLHÍ SUDFRZQLNÏZ Z 8U]ÆG]LH *PLQ\ WDN H QLH PD : VZR LP SLHUZV]\P SU]HPÏZLHQLX ZÏMW ]DSRZLDGD D ZSUDZG]LH H ]H Z]JOÆGÏZ QDWXUDOQ\FK QDVW SL ]PLDQD SRNROHQLRZD MHGQDN E\ QLH VSDUDOL RZD SUDF\ 8U]ÆGX *PLQ\ GR yZLDGF]HQL SUDFRZQLF\ NWÏ U]\ RVL JQÆOL ZLHN XPR OLZLD M F\ NRU]\VWDQLH ]H yZLDGF]HÍ HPHU\WDOQ\FK SU]H] QDVWÆS QH SÏ URNX EÆG ZGUD D L SU]\JRWRZ\ZD P RGV]\FK NROHJÏZ L NROH DQNL GR QR Z\FK VWDQRZLVN SUDF\ =PLD QD QDVW SL Z VSRVÏE S \QQ\ QLH ZS \ZDM F\ QHJDW\ZQLH QD G]LD DQLH XU]ÆGX L REV XJÆ PLHV]NDÍFÏZ 3U]\SRPQLMP\ H MHG\Q\ ZDNDW QD VWDQRZLVNX G\UHN WRUD *PLQQHJR 2yURGND .XO WXU\ Z\QLND ] IDNWX UH]\JQDFML ] ]DMPRZDQHJR VWDQRZLVND SU]H] GRW\FKF]DVRZHJR G\ UHNWRUD 3RZRGHP UH]\JQDFML E\ D ]PLDQD PLHMVFD ]DPLHV] NDQLD GR PLHMVFRZRyFL EDU G]R RGOHJ HM RG /XEDQLD 3 5 =GMÆFLD 3LRWU 5ROLUDG
%DUWRV] 0XODUF]\N Z yURGNX ] NRV]\NDU]DPL $QZLOX *UHJLHP 6XUPDF]HP L 0LNR DMHP :LWOLÍVNLP
QU OXW\
*PLQD %DUXFKRZR
ZZZ NXMDZ\ PHGLD SO
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
: KDOL *PLQQHJR 2yURGND .XOWXU\ 6SRUWX L 5HNUHDFML Z %DUX FKRZLH OXWHJR ]HEUDOL VLÆ VHQLRU]\ 'OD QLFK ] RND]ML 'QLD %DEFL L ']LDGND ]RUJDQL]RZDQR d:LHF]ÏU GOD /XG]L = RWHM -HVLHQLr 6HQLRU]\ QDMSLHUZ REHMU]HOL ERJDW\ SURJUDP DUW\VW\F]Q\ VN DGD M F\ VLÆ ] UHFLWDOX $QQ\ 6RNR RZVNLHM t $ODEUXG]LÍVNLHM L 0DULX V]D -DyNR RUD] Z\VWÆSX JUXS\ DNUREDW\F]QHM 'XR &ODXGLR F]\OL PD HÍVWZD 7DQL L .ODXGLXV]D 6S\FKDOVNLFK 1D VFHQLH Z\VW SL \ UÏZQLH URG]LPH ]HVSR \ 3LHyQL L 7DÍFD 6ZRMDF\ d-XELODWNLr SRG NLHURZQLFWZHP 5DID D 3DF]NRZVNLHJR ]HVSÏ d0DOL 6ZRMDF\r SRG F]XMQ\P RNLHP -XOLL 6NRZURÍVNLHM RUD] XF]QLRZLH =HVSR X 6]NÏ SRG NLHURZQLFWZHP -HU]HJR )HUFKRZD 5D]HP ] VHQLRUDPL Z\VWÆS\ RJO GDOL SU]HGVWDZLFLHOH EDUXFKRZ VNLHJR VDPRU] GX ZÏMW 6WDQLV DZ 6DGRZVNL L -DURV DZ .RPRUHN t SU]HZRGQLF] F\ 5DG\ *PLQ\ *RyFLHP E\ NVL G] SURERV]F] 5\ V]DUG 3RVSLHV]\ÍVNL ] 3DUDILL SZ kZLÆWHM 7UÏMF\ Z . ÏWQLH %DEFLH L G]LDGNRZLH RWU]\PDOL XSRPLQNL D SRWHP EDZLOL VLÆ SU]\ PX]\FH 2UJDQL]DWRUDPL LPSUH]\ E\OL 8U] G *PLQ\ L *PLQQ\ 2yURGHN .XOWXU\ 6SRUWX L 5HNUHDFML
)RW 1DGHV DQD
'OD EDEFL L G]LDGND
=DZDGD 3LDVNL %XGRZD NXMDZVNLHJR ]DN WND WXU\VW\F]QR UHNUHDF\MQHJR SU]\ yZLHWOLF\ ZLHMVNLHM
3LHQL G]H RG PDUV]D ND QD ]DN WHN WXU\VW\F]Q\ 'ZLH XPRZ\ SU]\ ]QDQLD SRPRF\ IL QDQVRZHM *PLQLH %D UXFKRZR Z UDPDFK 352: QD ODWD ]RVWD \ SRGSL VDQH VW\F]QLD EU Z 8U]ÆG]LH 0DUV]D NRZVNLP Z 7RUXQLX *PLQD %DUXFKRZR RWU]\ PD SLHQL G]H QD UHZLWD OL]DFMÆ SDUNX GZRUVNLHJR RWDF]DM FHJR GDZQ\ GZÏU G]LVLHMV] VLHG]LEÆ 8U]ÆGX *PLQ\ RUD] QD EXGRZÆ NXMDZVNLHJR ]DN WND WX U\VW\F]QR UHNUHDF\MQHJR SU]\ yZLHWOLF\ Z =DZDG]LH
3LDVNL =JRGQLH ] NRV]WR U\VHP UHZLWDOL]DFMD SDUNX GZRUVNLHJR EÆG]LH NRV] WRZD D SRQDG W\V ] Z\VRNRy GRILQDQVRZD QLD Z\QLHVLH ] *PLQD %DUXFKRZR ]QD OD] D VLÆ QD Z\VRNLHM SR]\FML G XJLHM OLVW\ UDQ NLQJRZHM =H Z]JOÆGX QD RJUDQLF]RQH yURGNL ILQDQ VRZH W\ONR SLHUZV]\FK LQVW\WXFML RWU]\PD ZVSDU FLH ILQDQVRZH ']LÆNL GRILQDQVRZDQLX Z SDUNX GZRUVNLP ]RVWD Q Z\EXGRZDQH PLHMVFD SRVWRMRZH ZUD] ] GURJD
'URJD GR SU]HEXGRZ\ =GMÆFLD 1DGHV DQH
: WUDNFLH UR]VWU]\JQLÆFLD MHVW SU]HWDUJ QD Z\ NRQDQLH SU]HEXGRZ\ GURJL JPLQQHM 6NU]\QNL t /XEDW\ QD RGFLQNX R G XJRyFL SRQDG GZÏFK NLORPHWUÏZ 3URMHNW REHMPXMH SU]HEXGRZÆ GURJL JPLQQHM R QDZLHU]FKQL ELWXPLF]QHM RUD] R QDZLHU]FKQL JUXQWRZHM 3RF] WHN VWDQRZL NUDZÆG| MH]GQL GURJL SRZLDWRZHM QU %DUXFKRZR *RUHÍ 3DWUR ZR D ]DNRÍF]HQLH JUDQLFD ZRMHZÏG]WZD PD]R ZLHFNLHJR Z PLHMVFRZRyFL /LSLDQNL 7UDVD GURJL SU]HELHJD Z]G X PLHMVFRZRyFL /XEDW\ DZ
1RZL VR W\VL L UDG\ VR HFNLH =DNRÍF]\ \ VLÆ Z\ ERU\ VR W\VÏZ L UDG VR HFNLFK Z JPLQLH %DUXFKRZR : MHGHQDVWX VR HFWZDFK PLHV]NDÍF\ SRQRZQLH REGDU]\OL PDQGDWHP ]DXIDQLD G R W \ F K F ] D V R Z \ F K VR W\VÏZ -HGQDN QLH ZV]ÆG]LH WDN E\ R ER ZLHP Z SR]RVWD \FK F]WHUHFK VR HFWZDFK 6NU]\QNL 3DWUÏZHN =DZDGD 3LDVNL L .X URZR t 3DUFHOH Z\ EUDQR QRZ\FK )UH NZHQFMD Z Z\ERUDFK VR W\VÏZ QLH E\ D Z\ VRND RJÏOQLH Z\QLR V D RNR R SURF
6R W\VL L UDG\ VR HFNLH JPLQ\ %DUXFKRZR Z ND GHQFML 6R W\VL +DQQD 0UR]RZLF] t VR HFWZR %DUXFKR ZR 0DULD 5DGRZVND %R D :ROD +HOH QD 'XOVND t *URGQR .U]\V]WRI -DQNRZVNL t *RUHÍ =ELJQLHZ DNRZLHFNL t /XED W\ %DUEDUD 0LOOHU t 6NU]\QNL 6WDQLV DZ 6]PDMGD t kZL WNRZL FH 6\OZHVWHU *RVSR GDURZLF] t 3DWUÏZHN 8UV]XOD 0XVLD t 2NQD -DQXV] 7RPDV]HZ VNL .XURZR 3DUFHOH 6 DZRPLU 2VPD HN
.XURZR .RORQLD 5\ V]DUG 2NRQLHZVNL t =DNU]HZR 6WDQLV DZ 6]WRSHO =DZDGD 3LD VNL -DURV DZ 6]SU\Q JLHO 1RZD =DZDGD ,UHQHXV] *RQWDUHN . ÏWQR 5DG\ 6R HFNLH %DUXFKRZR 7DGH XV] 5XWNRZVNL $QGU]HM 0DMHZVNL $QGU]HM 0D yODQND %R D :ROD 7HRGRU =LHOLÍVNL -DQ .DURODN 0L URV DZ 0HFKX D *URGQR -DURV DZ 3DZODN 0DUFLQ 'RODWRZ VNL ,]DEHOD 'XOVND *RUHÍ .D]LPLHU] :LGDZVNL -HU]\ 0DWXVLDN +HQU\N 3LHWUXV]HZVNL
/XEDW\ .U\VW\ QD *U]\ERZVND 0DULD DNRZLHFND 6WDQLV DZ :UÏEOHZVNL 6NU]\QNL $U NDGLXV] 3\V]NRZVNL 6 DZRPLU 3\V]NRZVNL $QQD 6DG R kZL WNRZLFH 5\ V]DUG *RQWDUHN ,UHQH XV] -DQNRZVNL -DFHN .ZLDWNRZVNL 3DWUÏZHN +HQ U\N %DOFHU]DN %RJGDQ -DVNÏOVNL 3DZH 6D NRZVNL 2NQD =ELJQLHZ %ÏJGD 3LRWU 2JLÍVNL -DQ .UDMHZVNL .XURZR 3DUFHOH -DFHN :LFKOLÍVNL 5D GRV DZ .DURODN %HDWD .RSF]\ÍVND .XURZR .RORQLD
-DURV DZ '\ERZVNL $QGU]HM 0DyODQND %H QHG\NW .ZLDWNRZVNL =DNU]HZR 5D GRV DZ *ÏUHFNL 6 D ZRPLU *UDF]\NRZVNL 0DUFLQ .DF]PDUHN =DZDGD 3LDVNL -DFHN %R HMHZLF] :RM FLHFK 5HPSDOVNL 0D UHN 6 RZLÍVNL 1RZD =DZDGD 6 DZRPLU -DQNRZVNL (ZD :LOLÍVND 6 DZR PLU .RSF]\ÍVNL . ÏWQR 5RPDQ *R HPELHZVNL 6 DZR PLU *UDERZVNL 'DQLHO &]DMNRZVNL
PL GRMD]GRZ\PL R QD ZLHU]FKQL ] NRVWNL EHWR QRZHM SUHIDEU\NRZDQHM ]RVWDQLH SU]HEXGRZDQD RSDVND L PXUNL RSRURZH ZRNÏ EXG\QNX XU]ÆGX XU] G]HQLX QRZHM V]D W\ URyOLQQHM L Z\NRQDQLX LOXPLQDFML RELHNWX ZUD] ] RyZLHWOHQLHP WHUHQX .ROHMQD XPRZD GRW\F]\ GRILQDQVRZDQLD LQZHVW\FML SQ d%XGRZD NXMDZVNLHJR ]DN WND WXU\VW\F]QR UH NUHDF\MQHJR SU]\ yZLHWOL F\ ZLHMVNLHM Z =DZDG]LH 3LDVNLr Z UDPDFK NWÏUHM ]RVWDQ Z\UHPRQWRZDQH
SRPLHV]F]HQLD ]QDMGXM FH VLÆ RERN yZLHWOLF\ %ÆG RQH VWDQRZL \ RVWRMÆ Z\ SRF]\QNX GOD WXU\VWÏZ :\EXGRZDQD ]RVWDQLH UÏZQLH DOWDQD UHNUHDF\M QD ]H VWR DPL L DZNDPL D WDN H PLHMVFD SRVWRMR ZH &D \ WHUHQ ]RVWDQLH RJURG]RQ\ &D NRZLWD ZDUWRy ]D GDQLD ]JRGQLH ] NRV]WRU\ VHP LQZHVWRUVNLP Z\QRVL SRQDG W\V ] D SU]\ ]QDQLH GRILQDQVRZDQLH WR NZRWD SRQDG W\V ] DZ
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR , 1RZH NVL NL R .RZDOX
7DF\ E\OLyP\ WDF\ MHVWHyP\ ']LÆNL XQLMQHM GRWDFML ] 3URJUDPX 5R]ZRMX 2EV]DUX :LHMVNLFK ] W]Z PD \FK SURMHNWÏZ GR U N F]\WHOQLNÏZ WUDIL GZLH ZD QH NVL NL GRW\F] FH .RZDOD $XWRUHP SLHUZV]HM ] QLFK NWÏUD QRVL W\ WX d&HQWUXP PD HJR PLDVWD QD SU]\N DG]LH .RZDODr MHVW P RG\ QDXNRZLHF 0DULXV] 6]F]HSDQLDN 1DM RJÏOQLHM U]HF] ELRU F NVL ND WD Z VSRVÏE QDXNRZ\ WUDNWXMH R JHQH]LH FHQWUXP .RZDOD MHJR KLVWR U\F]QHM L ZVSÏ F]H VQHM IXQNFML 'X \P ZDORUHP WHJR RSUD FRZDQLD V WDN H ED GDQLD MDNLH SU]HSUR ZDG]L DXWRU ZyUÏG UHVSRQGHQWÏZ ] NWÏU\FK SR RZD WR PLHV]NDÍF\ REV]DUX FHQWUDOQHJR PLD VWD %DGDQLD WH PÏ ZL ZLHOH R W\P MDN PLHV]NDÍF\ RFHQLDM FHQWUXP PLDVWHF]ND L MDNLH PDM RF]HNLZDQLD FR GR MHJR SU]\V] \FK IXQNFML 'UXJ NVL N MHVW Z\GDZQLFWZR DOEXPRZH d.RZDO ZF]RUDM L G]Lyr ] SRGW\WX HP d7DF\ E\OLyP\ WDF\ MHVWHyP\r 3XEOLNDFMD WD MHVW UR]ZLQLÆFLHP ]QDQHM PLHV]NDÍFRP .RZDOD Z\VWDZ\ NWÏUD ]QDMGXMH VLÆ QD WDEOLFDFK Z SDUNX NUÏOD .D]LPLHU]D :LHONLHJR -DN PÏZL LQLFMDWRU DOEXPX EXUPLVWU] (XJHQLXV] *R HPELHZVNL DOEXP PÏJ WUDILÂ GR U N F]\WHOQLNÏZ MHV]F]H MHVLHQL XELHJ HJR URNX DOH ]H Z]JOÆGX QD WUZDM F Z W\P F]DVLH NDPSDQLÆ Z\ERUF] U]HF] FD D ]RVWD D SU]HVXQLÆWD Z F]D VLH SR WR DE\ QLH WRZDU]\V]\ \ MHM MDNLHNROZLHN SROLW\F]QH HPRFMH 1D VWURQDFK QLH]Z\NOH VWDUDQQLH ]DSURMHNWRZDQHJR DOEXP F]\ WHOQLF\ EÆG PRJOL ]DSR]QDÂ VLÆ ] KLVWRUL .RZDOD W SLVDQ D SU]HGH ZV]\VWNLP W SRND]DQ QD ]GMÆFLDFK $OEXP SRG]LHORQ\ MHVW QD WU]\ F]ÆyFL : SLHUZV]HM ]DZDUWH V QDMVWDUV]H ]GMÆFLD .RZDOD SR F]\QDM F RG NRÍFD ;,; ZLHNX D NRÍF] F QD U : GUXJLHM F]ÆyFL SU]HGVWDZLRQH ]RVWD \ F]DV\ 35/ RG D Z WU]HFLHM F]DV\ ZVSÏ F]HVQH :DORUHP DOEXPX V QLH W\ONR ]GMÆFLD DOH WDN H UÏ QHJR URG]DMX GRNXPHQW\ ] PLQLRQ\FK F]DVÏZ F\WDW\ ] NURQLN Z\FLQNL SUD VRZH LWS : MHJR SU]\JRWRZDQLH Z F]\ R VLÆ EH]LQWHUHVRZ QLH ZLHOX REHFQ\FK L E\ \FK PLHV]NDÍFÏZ .RZDOD G]LÆNL NWÏ U\P XGD R VLÆ GRWU]HÂ GR QRZ\FK EDUG]R FLHNDZ\FK ]GMÆÂ 'OD REHFQ\FK L E\ \FK PLHV]NDÍFÏZ .RZDOD D WDN H GOD V\PSDW\NÏZ L SU]\MDFLÏ QDV]HJR PLDVWD EÆG]LH WR RERZL ] NRZD SR]\FMD NVL NRZD PÏZL EXUPLVWU] $OEXP EÆG]LH Z\ GDQ\ Z QDMEOL V]\FK W\JRGQLDFK Z QDN DG]LH HJ]HPSOD U]\ L WUDIL EH]S DWQLH GR ND GHM URG]LQ\ Z .RZDOX R LOH Z\UD]L FKÆÂ MHJR SRVLDGDQLD J
QU OXW\
.RZDO
ZZZ NXMDZ\ PHGLD SO
.DUW\ :LHONLHJR 6]X PR QD RJO GDÂ Z .RZDOX
*DEORWD GUXKD -DQD 1RZLFNLHJR
2WZDUFLH JDEORW\ ] SDPL WNDPL :LHONLHJR 6]X -DQD 1RZLFNLHJR ] SUDZHM
0D R NWR ZLH H VWUD D F\ RFKRWQLF\ ] .RZDOD MDNR MHG\QL Z NUDMX PDM Z\HNV SRQRZDQH Z JDEORFLH NDU W\ :LHONLHJR 6]X .DUW\ WH D SU]HGH ZV]\VWNLP VZRMH RUGHU\ RG]QDF]HQLD PH GDOH L ZLHOH LQQ\FK FHQ Q\FK SDPL WHN SU]HND]D VWUD DNRP Z dZLHF]\VW\ GHSR]\Wr DNWRU -DQ 1RZLF NL +RQRURZ\ 2E\ZDWHO 0LDVWD .RZDO
] URG]LQQ\P PLDVWHP L MHJR PLHV]NDÍFDPL -HVW DPED VDGRUHP .RZDOD Z 3ROVFH L SR]D MHM JUDQLFDPL 3U]HND ]DQLH ZDUWRyFLRZ\FK SDPL WHN NRZDOVNLP VWUD DNRP WR NROHMQ\ DNW EH]Z]JOÆGQHM PL RyFL GR .RZDOD
8URF]\VWHJR RGV RQLÆFLD JDEORW ] SDPL WNDPL -DQ 1RZLFNL GRNRQD RVRELyFLH SRGF]DV XELHJ RURF]QHM *DOL 0LHMVNLHM QD NWÏUHM 3RZV]HFKQLH ZLDGRPR E\ JRyFLHP KRQRURZ\P H -DQ 1RZLFNL XWU]\PXMH L yZLÆWRZD VZRMH XUR EOLVNLH L VHUGHF]QH ]ZL ]NL G]LQ\
: EOLVNR OHWQLHM NDULH U]H DUW\VW\F]QHM QD]ELHUD R VLÆ ZLHOH FHQQ\FK QDJUÏG RG]QDF]HÍ L SDPL WHN 6 ZyUÏG QLFK WDNLH SHUH NL MDN .U]\ .RPDQGRUVNL ] *ZLD]G 2UGHUX 2GUR G]HQLD 3ROVNL U = RW\ 0HGDO d=DV X RQ\ .XOWXU]H *ORULD $UWLVr .U]\ 2ILFHUVNL =DV XJL 2UGHUX 5H SXEOLNL :ÆJLHUVNLHM :LHOH QDJUÏG ILOPRZ\FK D ZyUÏG QLFK = RWD .DF]ND ]D UROÆ 6]X Z ILOPLH :LHONL 6]X Z UH \VHULL 6\OZHVWUD &KÆFLÍVNLHJR U = R
WD 0DVND ]D UROÆ ,ZDQD &]H EXW\NLQD Z VSHNWDNOX 7U]\ VLRVWU\ $QWRQD &]HFKRZD Z 7HDWU]H %DJDWHOD Z .UD NRZLH = RW\ /DXU ]D PLVWU]RVWZR Z V]WXFH DNWRU VNLHM = NRZDOVN VWUD ]ZL ]DQ\ E\ RMFLHF D WDN H RM F]\P DNWRUD -DN RQ VDP QLHMHGQRNURWQLH PÏZL UH PL]D VWUD DFND MHVW MHGQ\P ] QDMSLÆNQLHMV]\FK PLHMVF D VWUD DF\ V ZVSDQLD \PL OXG|PL M
.ROHMQD DNFMD ]H yZLHWQ\P Z\QLNLHP
.UHZ ] .RZDOD \Â SR]ZDOD : .RZDOX OXWHJR EU RGE\ D VLÆ SLHUZV]D WHJRURF]QD DNFMD KRQR URZHJR RGGDZDQLD NUZL 0LPR QLHNRU]\VWQ\FK ZDUXQNÏZ DWPRVIH U\F]Q\FK NUZLRGDZF\ ] PLDVWD L MHJR RNROLF SR UD] NROHMQ\ QLH ]DZLHGOL L OLF]QLH VWDZLOL VLÆ DE\ EH]LQWHUHVRZQLH RGGDZDÂ
+DOLQD 0LURZVND PLHV]NDQND .RZDOD NWÏUD XF]HVWQLF]\ D Z SUDZLH ZV]\VWNLFK DNFMDFK NUZLRGDZVWZD Z .RZDOX
8GD R VLÆ ]HEUDÂ F]QLH OLWUD EH]FHQQHJR OHNX RG GDZFÏZ $XWREXV GR SRERUX NUZL SRQRZQLH ]DZLWD GR .RZDOD Z PDMX .U\V]WD RZH VHUFH GOD 'DZLGD &LHPVNLHJR $NFMÆ KRQRURZHJR RGGDZDQLD NUZL SRG QD]Z d.UHZ ] .RZDOD \Â SR]ZDODr Z\P\yOL 'DZLG &LHPVNL ZUD] ] F] RQNDPL 0 RG]LH RZHJR .OXEX d3XFKDWHNr 3RG NRQLHF XELHJ HJR URNX 'DZLG ]RVWD XKRQRURZDQ\ .U\V]WD RZ\P 6HUFHP NWÏUH RGHEUD Z VLHG]LELH 5HJLRQDOQHJR &HQWUXP .UZLRGDZVWZD L .UZLROHF]QLFWZD Z %\GJRV]F]\ :\UÏ QLHQLH WR WUDNWXMÆ QLH W\ONR MDNR RVRELVWH RVL JQLÆFLH DOH UÏZQLH MDNR RJURPQ\ VXNFHV W\FK ZV]\VWNLFK PLHV]NDÍFÏZ .RZDOD L RNROLF NWÏU]\ FR URNX DNW\ZQLH ZVSLHUDM RUJDQL]RZDQH DNFMH SRERUX NUZL Z .RZDOX PÏZL 'DZLG &LHPVNL ]DUD] SR RWU]\PDQLX WHJR SUHVWL R ZHJR Z\UÏ QLHQLD 'DZLG MHVW MHGQ\P ] MHGHQDVWX PLHV]NDÍFÏZ ZRMHZÏG]WZD NXMDZVNR SRPRUVNLHJR NWÏU]\ RWU]\PDOL SDPL WNRZ VWDWXHWNÆ ] U N 3DZ D :RMW\ODND G\UHNWRUD 5&.L. Z %\GJRV]F]\ J
'DZLG &LHPVNL ] SUDZHM RGELHUD SDPL WNRZ VWDWXHWNÆ ] U N 3DZ D :RMW\ODND G\UHNWRUD 5&.L. Z %\GJRV]F]\
QU OXW\
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
3RZLDW
ZZZ NXMDZ\ PHGLD SO
3D DF .URQHQEHUJÏZ Z NWÏU\P PLHyFL VLÆ 3ODFÏZND 2SLHNXÍF]R :\FKRZDZF]D Z %U]H]LX SRZLDW FKFH VSU]HGDÂ DOH QLH ZLDGRPR NLHG\ ]EXGXMH QRZH SRPLHV]F]HQLD
=DF]\QDM RG OLNZLGDFML V]NÏ =HVSÏ 6]NÏ 6SHFMDOQ\FK Z %U]H]LX GR NWÏUHJR XF]ÆV]F]D M Z\FKRZDQNRZLH :LHORIXQNF\M QHM 3ODFÏZNL 2SLHNXÍF]R :\FKR ZDZF]HM ]RVWDQLH ]OLNZLGRZDQ\ 'HF\]MD R OLNZLGDFML V]NÏ SRG VWDZRZHM L JLPQD]MXP SRG\N WRZDQD MHVW Z]JOÆGDPL HNRQR PLF]Q\PL :V]\VF\ XF]QLRZLH EÆG PRJOL NRQW\QXRZDÂ QDXNÆ Z 6]NROH 3RGVWDZRZHM Z %U]H ]LX D JLPQD]MDOLyFL Z JLPQD]MXP ZH :LHÍFX
8F]QLRZLH GR V]NÏ JPLQ\ = SXQNWX ZLG]HQLD SUDFRZQL NÏZ GRW\FKF]DVRZ\FK V]NÏ IXQ GDPHQWDOQ VSUDZ MHVW WR F]\ QD GDO EÆG PLHÂ ]DWUXGQLHQLH PÏZL UDGQ\ 3LRWU 6WDQQ\ 'RW\F]\ WR ]DUÏZQR SUDFRZQLNÏZ SHGDJR JLF]Q\FK MDN L QLHSHGDJRJLF]Q\FK &]\ EÆG QDGDO V X \Â VZRM ZLH G] L GX \P GRyZLDGF]HQLHP" =DSHZQH QLH ZV]\VF\ DOERZLHP Z X]DVDGQLHQLX GHF\]ML R ]DPLDU]H OLNZLGDFML V]NÏ W\WX HP QDOH Q\FK RGSUDZ ZVND]DQR GZXNURWQLH V]NR D SRGVWDZRZD L JLPQD]MXP NZRW\ SR ] RW\FK 2EHFQLH PDP\ F]QLH Z SRG VWDZÏZFH L JLPQD]MXP RNR R XF]QLÏZ t PÏZL %DUEDUD .XNODN G\UHNWRU =HVSR X t 0DNV\PDOQLH PR HP\ SU]\M Â XF]QLÏZ ER W\OH Z\FKRZDQNÏZ PR H SU]\M Â :LHORIXQNF\MQD 3ODFÏZND 2SLH NXÍF]R :\FKRZDZF]D D V]NR D V X \ W\ONR Z\FKRZDQNRP SOD
%DUEDUD .XNODN %XG\QHN WHQ QLH VSH QLD VWDQGDUGÏZ MDNLH RERZL ]XM SODFÏZNÆ FÏZNL =DPLDU OLNZLGDFML ]ZL ]DQ\ MHVW ] QLH W\ONR ] Z\VRNLP NRV] WHP XWU]\PDQLD SD DFX %XG\QHN WHQ QLH VSH QLD VWDQGDUGÏZ MDNLH RERZL ]XM SODFÏZNÆ 7URMH QD XF]\FLHOL ]H V]NR \ EÆG]LH PXVLD R ]QDOH|Â QRZ SUDFÆ 1DWRPLDVW MD ]DQLP ]RVWD DP G\UHNWRUHP ]HVSR X V]NÏ SUDFRZD DP MDNR Z\FKRZDZFD Z :LHORIXQNF\MQHM 3ODFÏZFH 2SLHNXÍF]R :\FKR ZDZF]HM Z %U]H]LX ZLÆF PDP GURJÆ SRZURWX GR SODFÏZNL 'DZQ\ SD DF .URQHQEHUJÏZ Z\VWDZLRQ\ ]RVWDQLH QD VSU]HGD t PÏZL 7RPDV] &K\PNRZVNL F] RQHN ]DU] GX SRZLDWX 8WU]\ PDQLH ]HVSR X SD DFRZR SDUNR ZHJR JHQHUXMH EDUG]R Z\VRNLH NRV]W\ XWU]\PDQLD 0DP\ ]DPLDU Z\SURZDG]LÂ ] SD DFX WDN H 3OD FÏZNÆ 2SLHNXÍF]R :\FKRZDZ F] 'OD MHM SRWU]HE SREXGRZDQ\ ]RVWDQLH QRZ\ RELHNW NWÏU\ EÆG]LH PLHyFL VLÆ QD G]LD FH RERN LQWHU QDWX 0DM SRZVWDÂ WDP GZD EX G\QNL GOD GZÏFK F]WHUQDVWRRVRER Z\FK JUXS Z\FKRZDQNÏZ
&R UREL DEVROZHQFL" 1DV RQL QLH REFKRG] 3RGF]DV G\VNXVML R V]NR DFK SURZDG]RQ\FK SU]H] 3RZLDW : RF DZVNL QD RVWDWQLHM VHVML UDGQ\ :RMFLHFK 5XG]LÍVNL D MHGQRF]HyQLH ZLHOROHWQL G\UHNWRU NRZDO VNLHM V]NR \ UROQLF]HM SURZDG]RQHM SU]H] PLQLVWHUVWZR UROQLFWZD ] QLHGRZLHU]DQLHP ]DXZD \ H VWDURVWZR QLH EDGD ORVÏZ DEVROZHQWÏZ VZRLFK V]NÏ 'ODF]HJR" 2GSRZLHG| MDN XV \V]D EU]PLD D NXULR]DOQLH dQLH PD RERZL ]NX WDNLHJR PRQLWRURZDQLD L GR WHM SRU\ QLH E\ R QD WR ]DSRWU]HERZDQLDr 0R QD ZLÆF SRP\yOHÂ H GOD Z RF DZVNLHJR VWDURVWZD QLH MHVW ZD QH F]\ XF]HÍ NRÍF] F\ V]NR Æ ]QDMG]LH SUDFÆ F]\ WH QLH 1LH ZD QH F]\ U\QHN SUDF\ SRWU]HEXMH WDNLFK OXE LQQ\FK IDFKRZFÏZ D SU]HFLH SRZV]HFKQLH ZLDGRPR H QLHGRSDVRZDQD RIHUWD HGXNDF\MQD WDN VDPR MDN QLHHIHNW\ZQ\ V\VWHP NV]WD FHQLD JHQHUXMH Z]URVW SR]LRPX EH]URERFLD ZyUÏG DEVROZHQWÏZ UÏ Q\FK W\SÏZ V]NÏ , W\ONR GLDJQR]D V\WXDFML XF]QLÏZ SR XNRÍF]HQLX NV]WD FHQLD PR H ]ZHU\ILNRZDÂ F]\ ZLHG]D L XPLH MÆWQRyFL MDNLH ]GRE\OL Z WUDNFLH QDXNL MHVW SU]\GDWQD L DGHNZDWQD GR ]DSRWU]HERZDQLD U\QNX SUDF\ MS
3LRWU 6WDQQ\ 1LH RNUHyORQR QDZHW SU]\SXV]F]DOQHJR SU]HZL G\ZDQHJR WHUPLQX Z\EXGRZD QLD SODFÏZNL 1D ZLHOH S\WDÍ QLH PD RGSRZLHG]L =DPLDUHP 3RZLDWX : RF DZ VNLHJR MHVW EXGRZD SODFÏZNL RSLHNXÍF]R Z\FKRZDZF]HM ZUD] ] NRPSOHNVRZ\P Z\SRVD HQLHP t PÏZL UDGQ\ 3LRWU 6WDQQ\ 1LH VWHW\ ]DU] G SRZLDWX QLH RNUHyOL QDZHW SU]\SXV]F]DOQHJR SU]HZL G\ZDQHJR WHUPLQX Z\EXGRZD QLD SODFÏZNL %XG HW SRZLDWX QD URN QLH SU]HZLGXMH DGQ\FK yURGNÏZ FKRÂE\ QD RSUDFRZDQLH GRNXPHQWDFML SURMHNWRZHM =D WHP NLHG\ UR]SRF]QLH VLÆ EXGRZD Z UDPDFK MDNLFK yURGNÏZ ILQDQ VRZ\FK L MDN G XJR EÆG]LH WUZD D R W\P ]DU] G SRZLDWX QLH SRLQ IRUPRZD 1LH ZLDGRPR F]\ EXGRZÆ QR ZHM SODFÏZNL RSLHNXÍF]R Z\FKR ZDZF]HM ]DU] G SRZLDWX X]DOH QLD RG VSU]HGD \ SD DFX F]\ V WR GZLH QLH]DOH QH GHF\]MH 3ODQXMH VLÆ QDWRPLDVW ]E\FLH Z GURG]H SU]HWDUJX GRW\FKF]DVRZHJR EX G\QNX SODFÏZNL F]\OL ]HVSR X SD DFRZR SDUNRZHJR &]\ ]HVSÏ
7RPDV] &K\PNRZVNL 'DZQ\ SD DF .URQHQEHUJÏZ Z\VWDZLRQ\ ]RVWDQLH QD VSU]HGD SD DFRZR SDUNRZ\ ZUD] ] SD D FHP L MHJR Z\SRVD HQLHP ]RVWD Z\FHQLRQ\" -DN ZDUWRy PDWH ULDOQ VWDQRZL" &]\ V MX SRWHQ FMDOQL QDE\ZF\" &R ] GRW\FKF]D VRZ\PL PLHV]NDÍFDPL ]HVSR X SD DFRZR SDUNRZHJR" 7H S\WDQLD SR]RVWDM RWZDUWH 'R VSU]HGD \ QLH W\ONR SD DF 'R ]HVSR X SD DFRZR SDUNR ZHJR Z %U]H]LX ZFKRG] RSUÏF] SD DFX ]DEXGRZDQLD L SDUN &D Ry ZSLVDQD MHVW GR UHMHVWUX ]DE\WNÏZ SRG QU $ MDNR GREUR NXOWXU\ 'HF\]MD ./ 7DN ZLÆF GR VSU]HGD \ EÆG]LH SD DF PXURZDQ\ ] U RILF\QD PX URZDQD W]Z ZLOVRQÏZND ] ;,; Z RILF\QD PXURZDQD ] ;,; Z VWUÏ ÏZND ] EUDP PXURZDQ ] U SDUN NUDMREUD]RZ\ ] U 3D DF t MHVW EXG\QNLHP PXUR ZDQ\P SLÆWURZ\P ] F]ÆyFLRZR PLHV]NDOQ\P SRGGDV]HP L GZX SLÆWURZ\P VNU]\G HP SRSU]HF]
=DFKRZD \ VLÆ WH GZLH RILF\Q\ ] F]ZDUWHM F]ÆyFL ;,; ZLHNX %X G\QNL PDM FHFK\ NODV\F\VW\F]QH -HGQD D RILF\Q QD]\ZDQD d:LOVR QÏZN r MHVW GRPHP SDUWHURZ\P PXURZDQ\P ] FHJ \ 'DFK PD F]WHURVSDGRZ\ D QD IDFMDFLH GZX VSDGRZ\ : URNX d:LOVR QÏZND ]RVWD D Z\UHPRQWRZDQD 0LHV]NDM Z QLHM ORNDWRU]\ = GDZQHJR RJURG]HQLD ]DFKR ZD D VLÆ W\ONR MHJR F]Æy Z W\P HNOHNW\F]QD EUDPD NWÏUD ]RVWD D Z\EXGRZDQD Z W\P VDP\P F]D VLH FR SD DF 3DUN R Z\VRNLFK ZDORUDFK SU]\ URGQLF]\FK ]RVWD ]DSURMHNWRZDQ\ SU]H] RJURGQLND L SODQLVWÆ :DOH ULDQD .URQHQEHUJD Z U 3R]RVWD \ SR QLP PRFQR SU]HWU]HELRQH V]SDOHU\ VWDU\FK OLS JUDEÏZ RUD] NDV]WDQRZFÏZ 1D UR]OHJ HM FHQWUDOQLH SR R RQHM SR ODQLH URyQLH ZLHORJDWXQNRZD NÆSD GU]HZ D RERN QLHM NÆSD VRVHQ 'U]HZRVWDQ XOHJD QLHXVWDQQHPX QLV]F]HQLX MRW
']LHOQLFRZL Z /XEUDÍFX 3ROLFMDQFL ZUÏFLOL GR /XEUDÍFD :SUDZG]LH QLH XGD R VLÆ SU]\ ZUÏFLÂ LVWQLHM FHJR NLHG\y SRVWH UXQNX SROLFML DOH MHVW SRPLHV] F]HQLH GOD G]LHOQLFRZ\FK
)RW -RODQWD 3LMDF]ÍVND
5DGQL SRGF]DV WU]HFLHM VHVML SRG MÆOL P LQ GZLH XFKZD \ GRW\F] FH ]DPLDUX OLNZLGDFML 3XEOLF]QHM 6]NR \ 3RGVWDZRZHM RUD] 3XEOLF] QHJR *LPQD]MXP ZFKRG] F\FK Z VN DG =HVSR X 6]NÏ 6SHFMDOQ\FK Z %U]H]LX PDM FHJR VZRM VLHG]LEÆ Z GDZQ\P SD DFX .URQHQEHUJÏZ
Q\P RG ]DFKRGX :\EXGRZDQ\ ]RVWD Z U ZHG XJ SURMHNWX DUFKLWHNWD $UWXUD *RHEOD %XGRZ OD XWU]\PDQD MHVW Z GXFKX SÏ|QH JR UHQHVDQVX IUDQFXVNLHJR XV\WX RZDQD ]RVWD D Z FHQWUXP SDUNX 3D DF SRVLDGD RNU J F]WHURNRQ G\JQDF\MQ ZLH Æ Z SR XGQLRZR ZVFKRGQLP QDUR X =HZQ WU] RE R RQ\ MHVW F]HUZRQ OLFÏZN :\VRNL GZXVSDGRZ\ GDFK SRNU\ W\ MHVW GDFKÏZN FHUDPLF]Q :H ZQÆWU]X SD DFX Z MHJR F]Æ yFL UHSUH]HQWDF\MQHM ]DFKRZD VLÆ ERJDW\ Z\VWUÏM V]WXNDWRUVNL L VQ\ FHUVNL R HNOHNW\F]QHM RUQDPHQW\FH
.DQG\GDW 3,6 QD SUH]\GHQWD ZH : RF DZNX = PLHV]NDÍFDPL : RF DZND Z &HQWUXP .XO WXU\ %URZDU d%r VSRWND VLÆ Z VRERWÆ OXWHJR NDQG\GDW 3UDZD L 6SUDZLHGOLZRyFL QD SUH]\GHQ WD 53 $QGU]HM 'XGD -DNR SLHUZVL NDQG\GDWD QD SUH]\GHQWD ZLWDOL G]LD DF]H 3L6 SRVH XNDV] =ERQLNRZVNL -DURV DZ &KPLHOHZVNL t SU]HZRG QLF] F\ 5DG\ 0LHMVNLHM : RF DZND =G]LV DZ .U]\ DQRZVNL t GHOHJDW SRZ Z RF DZVNLHJR QD .RQJUHV 3,6 ] /XEDQLD : RF DZHN MHVW RJURPQLH GRyZLDGF]RQ\ QLHVWHW\ W\PL ODWDPL RNUHVX WUDQVIRUPDFML XVWURMRZHM PÏZL $QGU]HM 'XGD 7R WXWDM Z PLHyFLH NWÏUH NLHG\y GXPQLH QD]\ZD R VLÆ
PLDVWHP SU]HP\V RZ\P ]QLNQÆ \ G]LHVL WNL D QDZHW VHWNL ]DN DGÏZ SUDF\ ']LVLDM PÏZL VLÆ SR FLFKX R QLHQDMOHSV]HM SU]\V] RyFL $QZLOX R SUÏEDFK G]LHOHQLD WHJR ]DN DGX -D PÏZLÆ J RyQLR R UHLQGXVWULDOL]DFML NUDMX ER W\ONR RG EXGRZD SROVNLHJR SU]HP\V X GD P RG\P V]DQVÆ QD JRGQH \FLH Z 3ROVFH .DQG\GDW QD SUH]\GHQWD 3ROVNL PÏZL WH R SRWU]HELH Z]PRFQLHQLD REHFQRyFL 1$72 Z 3ROVFH 6NU\W\NRZD %URQLV DZD .RPRURZ VNLHJR PÏZL F H QLH XF]HVWQLF]\ Z UR]PR ZDFK Z VSUDZLH 8NUDLQ\ MRW
1RZD SODFÏZND SROLFML Z /XEUDÍFX Z NWÏUHM RG PDUFD EÆG SH QLÂ G\ XU\ G]LHOQLFRZL SROHSV]\ VWDQ EH]SLHF]HÍVWZD PLHV]NDÍFÏZ PÏZL LQVS 3LRWU 6WDFKRZLDN NRPHQGDQW PLHMVNL SROLFML ZH : RF DZNX 'R WHM SRU\ DE\ ]D DWZLÂ VSUDZÆ PLHV]NDÍF\ /XEUDÍFD PXVLHOL GRMH G DÂ GR %U]HyFLD .XMDZVNLHJR 3R UHRUJDQL]DFML Z SRZLHFLH Z RF DZVNLP LVWQLHM GZD NR PLVDULDW\ Z .RZDOX L &KRFHQLX RUD] WU]\ SXQNW\ G\ XUQH G]LHO QLFRZ\FK Z &KRGF]X /XELHQLX .XMDZVNLP L /XEUDÍFX PS
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
5R]PRZD
QU OXW\
ZZZ NXMDZ\ PHGLD SO
=DELHJDP\ R REZRGQLFÆ GOD %U]HyFLD .XM 5R]PRZD ]H 6 DZRPLUHP .23<k&,(0 ] : RF DZND F] RQNLHP ]DU] GX ZRMHZÏG]WZD NXMDZVNR SRPRUVNLHJR 2 SU]HEXGRZLH '. L REZRGQLF\ %U]HyFLD .X MDZVNLHJR PLQLVWHUVWZR LQIUDVWUXNWXU\ ]DSRPQLD R =DELHJD SDQ DE\ UDG QL VDPRU] GÏZ JPLQQHJR SRZLDWRZHJR L : RF DZ ND Z\UD]LOL Z WHM VSUDZLH VZRMH VWDQRZLVNR 1D VH VML 5DG\ 3RZLDWX ZH : R F DZNX RGSRZLDGD SDQ QD S\WDQLD UDGQ\FK FKFLHOL VLÆ GRZLHG]LHÂ MDNLH V V]DQ VH EXGRZ\ DOH QLH W\ONR WHM GURJL
)RW -RODQWD 3LMDF]\ÍVND
&KRFHÍ L :LOF]HÍFX )DELDÍ VNLP Z JPLQLH )DELDQNL ,QQH Z\V\SLVND QLHGDOHNR : RF DZND QD NWÏU\FK QLH EDZHP ]D]LHOHQL VLÆ WUDZD L EÆG URV \ GU]HZD ]QDM GXM VLÆ Z /LSQLH 6NÆSHP L 5RJRZLH 3LHQL G]H EÆG SRFKRG]L \ ] NLONX |UÏGH 3URJUDPX 2SHUDF\MQHJR ,QIUDVWUXNWXUD L kURGRZLVNR POQ ] R W\FK SURFHQW Z DVQH JR ZN DGX EHQHILFMHQWÏZ SURFHQW RUD] ] GRWDFML :RMHZÏG]NLHJR )XQGXV]X 2FKURQ\ kURGRZLVND L *R VSRGDUNL :RGQHM Z 7RUXQLX SURFHQW
2EZRGQLFD %U]HyFLD .X MDZVNLHJR MHVW Z\PLHQLRQD MDNR MHGHQ ] QDMZD QLHM V]\FK FHOÏZ LQZHVW\F\MQ\FK Z ZRMHZÏG]WZLH NXMDZVNR SRPRUVNLP =QDOD] R WR RG ]ZLHUFLHGOHQLH Z .RQWUDNFLH :RMHZÏG]NLP
: SURMHNFLH QLH PD 1DWRPLDVW NX ]G]LZLHQLX QLH W\ONR VDPRU] GRZFÏZ Z SURMHNFLH 3URJUDPX %X GRZ\ 'UÏJ .UDMRZ\FK QD ODWD QLH ]DSLVDQR GR UHDOL]DFML SU]HEXGRZ\ GURJL NUDMRZHM '. QD RGFLQNDFK %U]Hy .XMDZVNL : RF DZHN ZUD] ] EX GRZ REZRGQLF\ %U]HyFLD .XMDZVNLHJR SRPLPR H SURMHNW WHQ ZF]HyQLHM ZSL VDQR QD OLVWÆ ]DGDÍ Z 6WUD WHJLL UR]ZRMX ZRMHZÏG]WZD NXMDZVNR SRPRUVNLHJR GR URNX 3ODQ PRGHUQL]D FML RUD] Z .RQWUDNFLH 7HU\WRULDOQ\P ZRMHZÏG]WZD NXMDZVNR SRPRUVNLHJR :D QH H VDPRU] G\ ]D UÏZQR JPLQ\ %U]Hy .XMDZ VNL SRZLDWX Z RF DZVNLHJR L : RF DZND ]DMÆ \ MHGQR ]QDF]QH VWDQRZLVNR Z GUR G]H NRQVXOWDFML DSHORZDOL GR PLQLVWHU LQIUDVWUXNWXU\ L UR] ZRMX R ZSLVDQLH WHM LQZH VW\FML QD OLVWÆ UHDOL]RZDQ\FK GUÏJ Z UDPDFK 3URJUDPX
6 DZRPLU .RS\y QD VHVML 5DG\ 3RZLDWX RERN UDGQD -DGZLJD )LMD NRZVND %XGRZ\ 'UÏJ .UDMRZ\FK QD ODWD 1LH Z\REUD DP VRELH SURJUDPX 3U]HEXGRZ\ GUÏJ NUDMRZ\FK L DXWRVWUDG EH] REZRGQLF\ %U]HyFLD .XM :SUDZG]LH WU]HED VLÆ ] W\P OLF]\ H WD REZRGQLFD QLH SRZVWDQLH DQL G]LVLDM DQL MXWUR DOH QDOH \ Z\NRQ\ ZD SLHUZV]H NURNL DE\ SR ZVWD D GRNXPHQWDFMD DE\ SRZVWD \ GHF\]MH yURGRZL VNRZH -HyOL REZRGQLFD QLH ]QDMG]LH VLÆ Z SURJUDPLH WR QLH EÆG]LH V]DQV\ QD MHM EX GRZÆ ER DGHQ VDPRU] G QLH EÆG]LH VDP Z VWDQLH MHM ]UHDOL]RZDÂ
%U]HVND 6WUHID 5R]ZRMX *RVSRGDUF]HJR OLF] FD KD *G\ ] F]DVHP SRZVWDQ Z QLHM ]DN DG\ WR GR W\FK ILUP EÆG ]MH G DOL NRQWUD KHQFL EÆG SU]\MH G D \ VD PRFKRG\ ] GRVWDZDPL L Z\ MH G D \ ] SURGXNWDPL NWÏUH EÆG WDP Z\WZRU]RQH 7R PLHMVFH MHVW V]F]HJÏOQLH ZD QH GOD UR]ZRMX JRVSR GDUF]HJR VW G DSHO ZLHOX J RVÏZ R EXGRZÆ REZRGQL F\ %U]HyFLD .XMDZVNLHJR
GR SURMHNWX SU]HEXGRZ\ L XWU]\PDQLD GUÏJ Z UDPDFK SDUWQHUVWZD SXEOLF]QR SU\ ZDWQHJR 2EHFQLH MHVWHyP\ QD HWDSLH RSUDFRZDQLD VSH F\ILNDFML LVWRWQ\FK ZDUXQNÏZ ]DPÏZLHQLD GOD ZV]\VWNLFK W\FK GUÏJ :RMHZÏG]WZR EÆG]LH ]OHFD R SU]HEXGRZÆ GUÏJ MDN L XWU]\PDQLD W\FK GUÏJ SU]H] ODW -HVW WR RO EU]\PL SURMHNW
5DGQL SRZLDWX FKFLHOL VLÆ GRZLHG]LHÂ F]\ Z EXG HFLH ZRMHZÏG]WZD XMÆWD ]RVWD D SU]HEXGRZD GURJL QU Z NLHUXQNX ,]ELF\ .XMDZ : WHM VSUDZLH Z\SRZLD VNLHM ZUD] ] REZRGQLFDPL GD VLÆ PDUV]D HN UDGQL ,]ELF\ .XM L /XEUDÍFD &R SDQ LP RGSRZLHG]LD " 6HMPLNX ] : RF DZND 5DGQL : RF DZND XZD DM H GURJD QU Z NLH UXQNX DXWRVWUDG\ PXVL E\Â GZXSDVPRZD ER W\ONR WDND ]DSRELHJQLH WZRU]HQLX VLÆ NRUNÏZ SU]\ ZMH|G]LH L Z\ MH|G]LH ] DXWRVWUDG\ 1DOH \ SDPLÆWDÂ H UR]ZLMD VLÆ
:V]\VWNLH GURJL ZRMH ZÏG]NLH SU]HELHJDM FH SU]H] SRZLDW Z RF DZVNL SU]H ZLG]LDQH V GR SU]HEXGR Z\ QU QU QU L IUDJPHQW\ GRJL LG FHM GR $OHNVDQGURZD .XM :V]\VW NLH WH GURJL ]RVWD \ ZSLVDQH
-X SLÆÂ ILUP ]RVWD R Z\ EUDQ\FK GR GLDORJX WHFK QLF]QHJR NRÍFRZHJR )LUP\ ]D \F]\ \ VRELH EDUG]R UR] EXGRZDQHM DQDOL]\ JHROR JLF]QHM DQDOL]\ VWDQX REHF QHJR W\FK GUÏJ 2EHFQLH WH G]LD DQLD V SRGHMPRZDQH 3Ï|QLHM EÆG]LH GDOV]D UHDOL ]DFMD SURMHNWX %H]SRyUHG QLR QHJRFMDFMH SURZDG]L VNDUEQLN ZRMHZÏG]WZD : UDPDFK SURMHNWÏZ SU]HZLG]LDQH V REZRGQLFH /XEUDÍFD L ,]ELF\ .XM : ,]EL F\ .XM EÆG VLÆ VFKRG]L \ GZLH GURJL WD GUXJD GURJD WR QU LG FD ] NLHUXQNX &KRGF]D t .RZDOD
,QQH SODQ\
:VSÏOQLH ] VDPRU] GD PL 8U] G 0DUV]D NRZVNL UR]SRF] UHNXOW\ZDFMÆ VN DGRZLVN RGSDGÏZ Z UHJLRQLH &]\ Z SRZLH FLH Z RF DZVNLP V WDNLH VN DGRZLVND NWÏU\P SU]\ ZUÏFRQH ]RVWDQ ZDUWRyFL SU]\URGQLF]H" -HVW WR ROEU]\PLH ]D GDQLH ERZLHP F]QD SR ZLHU]FKQLD WHUHQÏZ RE MÆW\FK SU]HGVLÆZ]LÆFLHP Z\QRVL KD .RV]W WR SR QDG POQ ] RW\FK : SR ZLHFLH Z RF DZVNLP UHNXO W\ZDFML NWÏU NRRUG\QXMH VDPRU] G ZRMHZÏG]WZD EÆG SRGGDQH VN DGRZLVND Z 1LHPRMHZLH Z JPLQLH
QHJR .DSLWD /XG]NL PDP\ SRQDG PLOLRQÏZ ] R W\FK 2GG]LD \ SU]HGV]NROQH Z V]NR DFK SRGVWDZRZ\FK V]F]HJÏOQLH G]LD DM FH QD WHUHQDFK R QDMQL V]\P VWRS QLX XSRZV]HFKQLDQLD HGXND FML SU]HGV]NROQHM RWU]\PDM yURGNL QD UHPRQW\ SRPLHV] F]HÍ RUJDQL]DFMÆ SODFÏZ ]DEDZ ]DNXS VSU]ÆWX L ]D EDZHN
: V]SLWDOX
1DMEDUG]LHM MHGQDN ]DGR ZRORQ\ MHVWHP ] LQZHVW\FML Z :RMHZÏG]NLP 6]SLWDOX 6SHFMDOLVW\F]Q\P ZH : R F DZNX NWÏUH UHDOL]XMH VSÏ 6DPRU] GRZF\ QDU]HND ND .XMDZVNR 3RPRUVNLH ,Q M H URN ]DSRZLDGD ZHVW\FMH 0HG\F]QH VLÆ QLHFLHNDZLH RG Z]JOÆ GHP LQZHVW\FML :VSRPQLD SDQ R V]SLWD OX SURV]Æ SRZLHG]LHÂ ZLÆ :V]\VF\ SU]\]Z\F]DLOL FHM R W\FK LQZHVW\FMDFK VLÆ GR SLHQLÆG]\ ] IXQGX V]\ XQLMQ\FK D WH ] UR]GDQLD %XG\QHN Z NWÏU\P PLH MX SUDNW\F]QLH yFL VLÆ RGG]LD QHXURORJLF] VLÆ VNRÍF]\ \ &KRFLD QLH Q\ L ]DN DG UHKDELOLWDFML F]\OL MHVW WDN H SU]HVWDOLyP\ V]SLWDOQ\ SDZLORQ QU EÆ LQZHVWRZDÂ 3RG NRQLHF G]LH QLHEDZHP UHPRQWRZD VW\F]QLD EU ]RVWD \ ZUÆF]R Q\ 3U]HWDUJ QD UHPRQW MX QH XPRZ\ R GRILQDQVR ]RVWD RJ RV]RQ\ 3R UHPRQ ZDQLH Z UDPDFK G]LD DQLD FLH SDZLORQX SUDFRZD D EÆ d2GQRZD L UR]ZÏM ZVLr G]LH WDP Z QRZRF]HVQ\FK kURGNL ]RVWDQ SU]H]QDF]R NRPIRUWRZ\FK ZDUXQNDFK QH PLÆG]\ LQQ\PL QD UHZL QHXURORJLD RUD] RGG]LD RNX WDOL]DFMÆ SDUNX GZRUVNLHJR OLVW\F]Q\ ] GZLHPD VDODPL 8U]ÆGX *PLQ\ Z %DUXFKR RSHUDF\MQ\PL ]ORNDOL]RZD ZLH UHPRQW NRQVHUZDWRUVNL Q\PL QD SLHUZV]\P SLÆWU]H GUHZQLDQHJR NRyFLR D SDUD 2SUDFRZ\ZDQ\ MHVW WH ILDOQHJR S Z yZ 6WDQLV DZD SODQ EXGRZ\ QRZHJR SD %LVNXSD L 0ÆF]HQQLND Z 0R ZLORQX V]SLWDOQHJR GOD RG G]HURZLH G]LD ÏZ ]DELHJRZ\FK F]\OL : VXPLH Z ZRMHZÏG]WZLH FKLUXUJLL RUD] RUWRSHGLL ]RVWDQLH ]UHDOL]RZDQ\FK SURMHNWÏZ ]D PLOLRQD .LHG\ EÆG Z\GDZDQH ] RW\FK UR]G\VSRQRZDQ\FK SLHQL G]H XQLMQH ] QRZHJR SU]H] 8U] G 0DUV]D NRZVNL UR]GDQLD" Z UDPDFK 3URJUDPX 5R]ZR MX 2EV]DUÏZ :LHMVNLFK 7HUD] ZV]\VWNLH VDPR U] G\ LQWHQV\ZQLH SU]\JR 6]DQVD GOD SU]HGV]NROL WRZXM VLÆ GR DEVRUEFML QR Z\FK yURGNÏZ XQLMQ\FK QD &R ] SU]HGV]NRODPL 7\OH ODWD 5HDOQH SLH PÏZLRQR R ZSDUFLX ILQDQ QL G]H PRJ E\Â GR Z]LÆFLD VRZ\P W\FK SODFÏZHN QDZHW SRG NRQLHF WHJR URNX 3U]\SRPQÆ H GOD QD 1DEÏU ZQLRVNÏZ SR V]HJR UHJLRQX GRVWDQLH WUZD GR PDUFD 1D OLyFLH P\ ] 8QLL (XURSHMVNLHM RGG]LD ÏZ SU]HGV]NROQ\FK PLOLDUGD HXUR 5HJLRQDOQ\ Z V]NR DFK SRGVWDZRZ\FK 3URJUDP 2SHUDF\MQ\ :RMH Z JPLQDFK ZLHMVNLFK L PLHM ZÏG]WZD .XMDZVNR 3RPRU VNR ZLHMVNLFK R QDMQL V]\P VNLHJR QD ODWD VWRSQLX XSRZV]HFKQLHQLD GZXNURWQLH SU]HNUDF]D SXOÆ HGXNDFML SU]HGV]NROQHM ZyUÏG yURGNÏZ NWÏU UHJLRQ NX G]LHFL Z ZLHNX ODW NZD MDZVNR SRPRUVNL G\VSRQR OLILNXM F\FK VLÆ GR REMÆFLD ZD Z SRSU]HGQLP RNUHVLH ZVSDUFLHP V\VWHPRZ\P SURJUDPRZDQLD Z UDPDFK 3RGG]LD DQLD ]QDMGXM VLÆ WDN H SODFÏZNL ] JPLQ SRZLDWX Z RF DZVNLH 5R]PDZLD D JR ,]ELF\ .XMDZVNLHM /XELH -RODQWD 3LMDF]\ÍVND QLX .XMDZVNLP )DELDQNDFK /XEDQLX 0DNV\PDOQD NZRWD ZVSDU FLD GOD MHGQHJR RGG]LD X WR SRQDG W\VLÆF\ ] RW\FK 'R UR]G\VSRQRZDQLD Z UD PDFK 3URJUDPX 2SHUDF\M
QU OXW\
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
/XG]LH
ZZZ NXMDZ\ PHGLD SO
=DZLÏ] EDEFLÆ QD ]HEUDQLH ZLHMVNLH QD NWÏU\P Z\ELHUDQR VR W\VD L UDGÆ VR HFN 0XUVND D ] ]HEUDQLD Z\V]HG MDNR VR W\V
8F]HÍ d(OHNWU\NDr VR W\VHP 0XUVND .RZDO 0LD PLHV]NDÍFÏZ L GRPÏZ :F]HyQLHM Z URNX 0XUVN ZLHy L RVDGD OHyQD SU]\QDOH D GR JPLQ\ 'RELHJQLH ZR L SDUDILL :LVWND
-DNXE :RMFLHFKRZVNL MHVW XF]QLHP NODV\ PDWXUDOQHM Z R F DZVNLHJR d(OHNWU\NDr 2G VW\F]QLD EU SH QL IXQNFMÆ VR W\VD 0XUVND Z JPLQLH : RF DZHN 0D ODW L MHVW GUXJLP QDMP RG V]\P VR W\VHP Z 3ROVFH ,QWH UHVXMH VLÆ PRWRU\]DFM VSRUWHP V]F]HJÏOQLH ELHJDPL QD G\VWDQVLH PHWUÏZ OXEL ZÆGNRZDÂ : ZDNDFMH SRPDJD VZRMHPX WDFLH Z SUDF\ QD KHNWDURZ\P JRVSRGDUVWZLH -DNXE PL R QDV ]DVNRF]\ VZRLP G]LD DQLHP PÏZL 3LRWU &] DSLÍVNL G\UHNWRU =HVSR X 6]NÏ (OHNWU\F]Q\FK ZH : RF DZ NX :SUDZG]LH PDP\ Z V]NROH JUXSÆ XF]QLÏZ NWÏU]\ DNW\ZQLH ELRU XG]LD Z \FLX VSR HF]Q\P V]NR \ MDN L PLHMVFRZRyFL Z NWÏ U\FK PLHV]NDM DOH DGHQ GRW G IXQNFML VR W\VD QLH VSUDZRZD -D NXE XF]\ VLÆ Z ]DZRG]LH WHFKQLN HOHNWURQLN L PD RVL JQLHFLD MHVW Z\UÏ QLDM F\P VLÆ XF]QLHP &LH V]\ QDV H PD WH LQQH SRP\V \ QD \FLH SR]D QDXN -DNXED ]QDP RG F]HUHFK ODW PÏZL %HDWD %X DZD Z\FKRZDZ F]\QL NODV\ 7R XF]HÍ RGSRZLH G]LDOQ\ RERZL ]NRZ\ SUDFRZLW\ L VXPLHQQ\ ]DZV]H SXQNWXDOQ\ .ROH HÍVNL SRPRFQ\ SR]\W\ZQLH QDVWDZLRQ\ GR V]NR \ GR LQLFMDW\Z NODVRZ\FK V]NROQ\FK : FL JX F]WHUHFK ODW MHJR QDXNL Z =HVSROH 6]NÏ (OHNWU\F]Q\FK QLH E\ R V\WXDFML DE\ SRSDG Z MDNLNROZLHN NRQIOLNW F]\ WR ] LQQ\P XF]QLHP F]\ ] QDXF]\FLHOHP -HVW XF]FLZ\P L GREU\P XF]QLHP RUD] F] RZLHNLHP -HVWHP SU]HNRQDQD H EÆG]LH GREU\P VR W\VHP : 0XUVNX QD GRPX Z NWÏU\P -DNXE :RMFLHFKRZVNL PLHV]ND ] URG]LFDPL 0D JRU]DW L $Q GU]HMHP RUD] VLRVWU 2O MX ZLVL WDEOLF]ND ] QDSLVHP d6R W\Vr 'HF\]MÆ SRGM HP yZLDGRPLH SRVWDQRZL HP NRQW\QXRZDÂ WUDG\FMÆ URG]LQQ ERZLHP PÏM G]LDGHN SU]H] ODW E\ VR W\VHP 0XUVND D SR yPLHUFL G]LDGND EDE FLD 5HJLQD =DVDGD VSUDZRZD D
'R 0XUVND PR QD GRMHFKDÂ VNUÆFDM F ] GURJL : RF DZHN 3 RFN GR DGQHJR OXE SRMHFKDÂ GDOHM GR 6PÏOQLND L WDP VNUÆFLÂ Z QDMEOL V] DVIDOWRZ GURJÆ ELHJQ F Z SUDZR 'URJD SURZDG] FD GR ZVL RG VWURQ\ 6PÏOQLND MHVW ]DUD]HP JUDQLF SRPLÆG]\ 0XU VNLHP D ZVL DGQH
-DNXE :RMFLHFKRZVNL 0DU]\ PL VLÆ XWZDUG]HQLH GURJL IXQNFMÆ VR W\VD SU]H] ODW PÏZL -DNXE :RMFLHFKRZVNL 7DEOLF]NÆ LQIRUPXM F R W\P H Z QDV]\P URG]LQQ\P GRPX VZRM IXQNFMÆ VSUDZXMH VR W\V SREUD HP ] 8U]Æ GX *PLQ\ : RF DZHN 7DP RWU]\PD HP SLHUZV]H ZVND]ÏZNL GR SUDF\ SLHF] WNL RUD] VWDWXW VR HFWZD 0XUVN L QDM QRZV]H ]DU] G]HQLD Z\GDQH SU]H] ZÏMWD JPLQ\ 6R HFWZR 0XUVN QLH MHVW GX H =QDMGXMH VLÆ WX W\ONR ]DEXGRZDÍ Z NWÏU\FK QDMF]ÆyFLHM PLHV]NDM GZLH URG]LQ\ URG]L FH L G]LHFL : VXPLH Z 0XUVNX PLHV]ND RVÏE SH QROHWQLFK RUD] G]LHFL =DEXGRZD ZVL PD FKDUDNWHU PLHV]DQ\ F]ÆyFLRZR MHVW WR ]ZDUWD XOLFÏZND DOH MHM GUXJD F]Æy WR UR]SURV]RQH GRPR VWZD D QLHNWÏUH ] QLFK SRFKRG] ] SRF] WNÏZ ;; ZLHNX =DOHW ZVL MHVW MHM SR R HQLH RGGDORQD MHVW W\ONR NP QD SR XGQLH RG : RF DZND ]QDMGXMH VLÆ QLHGDOHNR =DOHZX : RF DZVNLHJR L REMÆWD MHVW REV]DUHP *RVW\QLÍVNR : R F DZVNLHJR 3DUNX .UDMREUD]RZH JR -HM PDQNDPHQWHP MHVW NLHSVND JUXQWRZD GURJD NWÏUD Z F]DVLH UR]WRSÏZ QDZHW XQLHPR OLZLD
kPLHUWHOQH EDORZDQLH .LOND GQL WHPX G\ XUQ\ SROLFML ZH : RF DZNX RWU]\ PD LQIRUPDFMÆ RG G\VSR]\WRUD SR JRWRZLD R ]JRQLH ODWNL Z MHGQ\P ] PLHV]NDÍ SU]\ XO 7XPVNLHM 3ROL FMDQFL Z PLHV]ND QLX ]DVWDOL GZÏFK PÆ F]\]Q NWÏU\FK ]DWU]\PDOL GR Z\MD yQLHQLD 2EDM E\OL SLMD QL =H ZVWÆSQ\FK XVWDOHÍ IXQNFMRQD
ULXV]\ Z\QLND R H NLOND JRG]LQ ZF]H yQLHM FD D WUÏMND SL D DONRKRO :H ]ZDQ\ QD PLHMVFH ELHJ \ SRGF]DV RJOÆG]LQ ZVWÆSQLH QLH VWZLHUG]L DE\ GR yPLHUFL ODWNL PLD \ SU]\F]\QLÂ VLÆ LQQH RVRE\ 3R ] R HQLX Z\MDyQLHÍ REDM PÆ F]\|QL ]R VWDOL ]ZROQLHQL -HGQDN Z WRNX yOHG]WZD RND]D R VLÆ H ]JRQ QDVW
SL Z Z\QLNX RE UD HÍ .U\PLQDOQL NWÏU]\ ]DMÆOL VLÆ Z\ MDyQLHQLHP VSUDZ\ ]JURPDG]LOL QLH ]ELWH GRZRG\ H PÏJ VLÆ GR WHJR SU]\F]\QLÂ MHGHQ ] PÆ F]\]Q 3RGHM U]HZDQ\ ODWHN ]RVWD ]DWU]\PD Q\ OXWHJR EU 1DVWÆSQHJR GQLD ]RVWD RQ GRSURZD G]RQ\ GR SURNXUD WXU\ JG]LH RVNDU \FLHO SU]HGVWDZL
PX ]DU]XW VSRZR GRZDQLD FLÆ NLH JR XV]F]HUENX QD ]GURZLX NWÏUHJR QDVWÆSVWZHP E\ D yPLHUÂ =D SU]H VWÆSVWZR WR JUR]L RG GR ODW ZLÆ ]LHQLD 6 G SU]\FK\OL VLÆ GR ZQLRVNX SROLFMDQWÏZ RUD] SURNXUDWRUD L ]DGH F\GRZD R W\PF]D VRZ\P DUHV]WRZD QLX ODWND QD WU]\ PLHVL FH
.03
GRMD]G GR V]NR \ OXE SUDF\ %ÆGÆ ]ELHJD DE\ GURJD ELHJQ FD RG DGQHJR D GR 3U]HU\WNL ]RVWD D XWZDUG]RQD GHNODUXMH VR W\V .ROHMQ\P ]DGDQLHP EÆG]LH GEDQLH R G]LHZLÆWQDVWRZLHF]Q\ FPHQWDU] HZDQJHOLFNL ] ]DFKRZDQ\PL MHV] F]H XQLNDOQ\PL SRPQLNDPL 1RZ\ VR W\V PÏZL H PD ]DPLDU SURZDG]LÂ UR]PRZ\ ] PLHV]NDÍFDPL EÆG]LH RUJDQL]R ZD VSRWNDQLD Z GRPX ER LQQHJR PLHMVFD QLH PD 3RWU]HE\ ]J RV]R QH SU]H] PLHV]NDÍFÏZ ZVL EÆG]LH SU]HGVWDZLD ZÏMWRZL L UDGQ\P
0LHV]NDP\ WDP JG]LH GLDEH PÏZL GREUDQRF PÏZL ZLH OROHWQLD VR W\V 5HJLQD =DVDGD EDEFLD -DNXED t :H ZVL QLH PD QDZHW VNOHSX -HGQDN RNROLFD MHVW SLÆNQD 0ÏM ZLHN MX QLH SR]ZD OD QD WR DE\P SUDFRZD D *G\ -DNXE ]RVWD VR W\VHP EDUG]R VLÆ XFLHV]\ DP ER QDV]D URG]LQQD WUDG\FMD EÆG]LH NRQW\QXRZDQD -HVWHP SU]HNRQDQD H ZQXN VRELH SRUDG]L -HVW P RG\ PD HQHUJLÆ PR H ZSURZDG]L GREUH ]PLDQ\ Z \FLX ZVL OHWQLD VLRVWUD 2OD XF]HQQLFD /2 LP .RSHUQLND ZH : RF DZNX WH XZD D H GREU]H VLÆ VWD R H Z URG]LQLH MHVW NROHMQ\ VR W\V -HM ]GDQLHP EUDW MHVW EDUG]R SU]HGVLÆ
ELRUF]\ ZLÆF QLH EÆG]LH SUREOHPX ] SURZDG]HQLHP VR HFWZD 7HUD] SU]HG -DNXEHP JRU F\ RNUHV SU]HGH ZV]\VWNLP SU]\ JRWRZXMH VLÆ GR PDWXU\ 0D QDG]LHMÆ H ]GD HJ]DPLQ PDWX UDOQ\ 6]NR D GR NWÏUHM XF]ÆV]F]D PD EDUG]R GREUH Z\QLNL : RJÏOQRSROVNLP UDQNLQJX SURZD G]RQ\P SU]H] 3(563(.7<:< Z NDWHJRULL WHFKQLNÏZ =HVSÏ 6]NÏ (OHNWU\F]Q\FK ]QDOD] VLÆ QD GUXJLP PLHMVFX Z ZRMHZÏG]WZLH NXMDZVNR SRPRUVNLP 3R PDWXU]H P RG\ VR W\V FKFH VWXGLRZDÂ ]DRF]QLH PHFKDQLNÆ L URERW\NÆ QD 3ROLWHFKQLFH ÏG] NLHM 3ODQXMH WH ]D R HQLH Z DVQHM ILUP\ '\UHNWRU d(OHNWU\NDr 3LRWU &] DSLÍVNL SRGSRZLDGD SUDFÆ ZH Z RF DZVNLHM ILUPLH 5HQH[ ] NWÏU V]NR D ZVSÏ SUDFXMH =J RVL D RQD ]DSRWU]HERZDQLH QD DEVRO ZHQWÏZ V]NR \ W\FK NWÏU]\ FKF VWXGLRZDÂ ]DRF]QLH 5(1(; MHVW MHGQ ] QDMZLÆNV]\FK L QDMG X HM G]LD DM F\FK SROVNLFK ILUP GRVWDU F]DM F QDMQRZV]H WHFKQRORJLH Z ]DNUHVLH SURGXNFML L VHUZLVX XU] G]HÍ HOHNWURQLF]Q\FK 7HNVW L IRW -RODQWD 3LMDF]\ÍVND
:ÏMW JPLQ\ : RF DZHN (ZD %UDV]NLHZLF] XZD D H SU]\V]HG WDNL F]DV H Z FD \P NUDMX SRZROL QDVWÆSXMH Z\PLDQD SRNROHQLRZD -HVW SHZQD H P RG\ VR W\V ZQLH VLH QRZ MDNRy Z VSUDZRZDQLX VZRMHM IXQNFML =H 6 RZQLND JHRJUDILF]QHJR .UÏOHVWZD 3ROVNLHJR L LQQ\FK NUDMÏZ V RZLDÍVNLFK ] URNX GRZLDGXMHP\ VLÆ H 0XUVN PD ERJDW KLVWRULÆ :LHy QDGDQD ]R VWD D NODV]WRURZL Z / G]LH SU]H] 0LHV]ND Z URNX : URNX 0XUVN QDOH D GR SDUDILL
2 KLVWRULL ZVL ]DyZLDGF]D ]DE\WNRZ\ FPHQWDU] HZDQJHOLFNL
5RN ZLÆ]LHQLD ]D ]DELFLH SVD .U]\V]WRI 0 NWÏU\ ]DPRUGRZD SVD ]DGDM F PX FLRV\ NXFKHQQ\P QR HP OXWHJR XV \V]D Z\URN URN EH]Z]JOÆGQHJR SR]EDZLHQLD ZROQR yFL ODW ]DND]X SRVLDGDQLD ]ZLHU] W RUD] ] QD )XQGDFMÆ (PLU 'R ]GDU]HQLD GRV] R OLSFD XELHJ HJR URNX 2ZF]DUHN QLHPLHFNL ZROI ]RVWD SU]\ZL ]DQ\ GR GU]HZD PLD ]D R RQ\ NDJDQLHF L ZLHOH UDQ ]DGDQ\FK QR HP 0LPR XG]LHORQHM PX SRPRF\ ZHWHU\QDU\MQHM SLHV Z\NUZDZL VLÆ QD yPLHUÂ 3RZRGHP E\ D SU]HELWD Z WURED SU]HSRQD L S XFD
6 G X]QD .U]\V]WRID 0 ]D ZLQQH JR L Z\PLHU]\ NDUÆ URNX EH] Z]JOÆGQHJR SR]EDZLHQLD ZROQRyFL ]DND]X SRVLDGDQLD ]ZLHU] W QD RNUHV ODW RUD] SU]HND]DQLD ] U]HF] )XQGDFML GOD 5DWRZDQLD =ZLHU] W %H]GRPQ\FK (PLU 7DNL Z\URN ]GDU]D VLÆ U]DGNR QDMF]ÆyFLHM ]D EHVWLDOVWZR ZREHF ]ZLHU] W V G\ RJ DV]D \ Z\URN Z ]DZLHV]HQLX 6ÆG]LD RWU]\PD D RNODVNL 8]DVDGQLDM F Z\URN VÆG]LD PÏZL D L RVNDU RQ\ G]LD D ] SUHPHG\WDFM D EHVWLDOVNL F]\Q E\ ]DSODQRZDQ\
d78 , 7(5$=r
:\GDZFD :\GDZQLFWZR .XMDZ\ ZZZ NXMDZ\ PHGLD SO $GUHV XO /LSRZD 6]SHWDO *ÏUQ\ )DELDQNL WHO 5HGDNWRU QDF]HOQ\ 6WDQLV DZ %LD RZ V VWDQLVODZ ELDORZDV#ZS S 5HGDNWRU Z\GDQLD -RODQWD 3LMDF]\ÍVND MR SL#WOHQ SO
3U]\MPRZDQLH UHNODP
, 78 L 7(5$= *D]HWD 3RZLDWX : RF DZVNLHJR ,
3URPRFMD
QU OXW\
ZZZ NXMDZ\ PHGLD SO