Professional Documents
Culture Documents
.RVPLF]QDXNáDGDQND
XSURZDG]HQLHGR12/NRáR1DVLHOVND]9,,,URNXLMHJRLQWHUSUHWDFMD
7UDNWDW'XQHGLQ1RZD=HODQGLDZU]HVLH URNX
,6%1
&RS\ULJKWE\$QGU]HM'RPDáDL-DQ3DMN
:V]\VWNLH SUDZD ]DVWU]H*RQH &DáRü DQL WH* *DGQD ] F]
FL QLQLHMV]HJR WUDNWDWX QLH PR*H
]RVWDü VNRSLRZDQD ]UHSURGXNRZDQD SU]HVáDQD OXE XSRZV]HFKQLRQD Z MDNLNROZLHN VSRVyE QS
NRPSXWHURZ\HOHNWURQLF]Q\PHFKDQLF]Q\IRWRJUDILF]Q\QDJUDQLDWHOHZL]\MQHJRLWSEH]XSU]HGQLHJR
RWU]\PDQLD Z\UD*RQHMQDSLPLH]JRG\MHGQHJR]DXWRUyZOXE]JRG\RVRE\OHJDOQLHXSRZD*QLRQHMGR
G]LDáDQLD ZLPLHQLXNWyUHJR ]DXWRUyZ2GX]\VNLZDQLDWDNLHM SLVHPQHM]JRG\QDVNRSLRZDQLHWHJR
WUDNWDWX ]ZROQLHQLV W\ONRFLNWyU]\]HFKF Z\NRQDüMHGQ MHJRNRSL
Z\áF]QLHGODX*\WNXZáDVQHJR
QDVWDZLRQHJR QD SRGQRV]HQLH ZLHG]\ RUD] GRWU]\PDM ZDUXQNyZ *H Z\NRQDQHM NRSLL QLH X*\M GOD
MDNLHMNROZLHN G]LDáDOQRFL]DZRGRZHMF]\SU]\QRV]FHMGRFKyGDWDN*H*HVNRSLRZDQLXSRGGDG] FDá\
WUDNWDW ZáF]QLH]HVWURQ W\WXáRZVWUHV]F]HQLHPVSLVHPWUHFLLU\VXQNyZZV]\VWNLPLUR]G]LDáDPL
WDEOLFDPLU\VXQNDPLL]DáF]QLNDPL
=DUHMHVWURZDQR Z %LEOLRWHFH 1DURGRZHM 1RZHM =HODQGLL MDNR 'HSR]\W /HJDOQ\ GDWRZDQ\
ZU]HQLDURNX:\GDQRZ1RZHM=HODQGLLSU\ZDWQ\PQDNáDGHPDXWRUyZ
7UDNWDW WHQ GRVWDUF]D SU]\NáDGX URERF]HJR GR LQIRUPDFML R RNXSDFML =LHPL SU]H] 8)2
SXEOLNRZDQ\FKZUR]G]LDáDFK$289L:QDVW
SXMFHMPRQRJUDILLQDXNRZHM>@UyZQLH* GRVW
SQHM
SRGZZDGUHVDPLLQWHUQHWRZ\PL
3DMN -=DDZDQVRZDQHXU]G]HQLDPDJQHW\F]QH0RQRJUDILD'XQHGLQ1RZD=HODQGLD
URN
,6%1RNRáRVWURQZW\PRNRáRLOXVWUDFMLLWDEOLFZZROXPLQDFK
1LQLHMV]\ WUDNWDW VWDQRZL UDSRUW QDXNRZ\ ] SU]HELHJX EDGD DXWRUyZ 6WG SUH]HQWDFMD ZV]HONLFK
]DZDUW\FK ZQLHMPDWHULDáyZSRVLDGDMF\FKZDUWRüGRZRGRZ OXEGRNXPHQWDF\MQ GRNRQDQD]RVWDáD
ZHGáXJ VWDQGDUGyZSU]\M
W\FKGODSXEOLNDFMLUDSRUWyZQDXNRZ\FK6]F]HJyOQDXZDJDVNXSLRQDE\áD
QD Z\PRJX RGWZDU]DOQRFLLPR*OLZLHQDMSHáQLHMV]HJRXGRNXPHQWRZDQLD(UyGHáWMDE\QDED]LHWHJR
WUDNWDWX ND*G\ QDXNRZLHF F]\ KREE\VWD SUDJQF\ ]ZHU\ILNRZDü SRZWyU]\ü OXE SRJá
ELü EDGDQLD
DXWRUyZ E\áZVWDQLHGRWU]HüGRLFK(UyGHáMHOLQLHQRV] RQHDQRQLPRZHJRFKDUDNWHUXSRZWyU]\ü
LFKSU]HELHJRUD]GRMüGRW\FKVDP\FKOXESRGREQ\FKZ\QLNyZ
675(6=&=(1,( WUDNWDWX.RVPLF]QDXNáDGDQND,6%1
-DNZ\QLND]GRW\FKF]DVRZ\FKEDGDQDV]DSODQHWDQLHPDOFDáNRZLFLHRGFL
WD]RVWDáD
RG GRVW
SXGRQLHMSU]HGVWDZLFLHOLF\ZLOL]DFMLNRVPLF]Q\FKNWyUHVSU]\MDM OXG]LRP-HOLZL
F
NWR SRVLDGDIL]\F]Q\NRQWDNW]8)2QDXWDPLQLHPDOQDSHZQRMHVWWRNRQWDNW]NRVPLF]Q\PL
SDVR*\WDPL NWyU]\ DNWXDOQLH RNXSXM L HNVSORDWXM QDV] SODQHW
2 URG]DMX 8)2QDXWyZ ]
MDNLPL Z GDQHM V\WXDFML PD VL
GR F]\QLHQLD PR*QD ]UHV]W GRNáDGQLH ZQLRVNRZDü QD
SRGVWDZLH DQDOL]\ LFK ILOR]RILL 3U]\NáDGRZR SDVR*\FL RNXSXMF\ QDV] SODQHW
Z\]QDM
V]F]HJyOQ ILOR]RIL
MDND Z SRGUR]G]LDOH , PRLFK PRQRJUDILL >@ L >@ QD]\ZDQD MHVW
SDVR*\WQLFWZHP DMDNLHMFHFK\PLQREHMPXM*HZ\]QDMFHM LVWRW\QLJG\VL
QLHPLHM
L ]DZV]HV SRQXUH*HRERZL]XMHXQLFKFLVáDKLHUDUFKLD*HSRVLDGDM VáXJLLELRURERW\*H
QLH OLF] VL
RQL ] QLNLP *H W\ONR SR]RUXM GREUR L QLHXVWDQQLH PDM MH QD XVWDFK MHGQDN
IDNW\F]QLHWRV RJURPQLHPFLZLLND*G\NWRPLDá]QLPLGRF]\QLHQLDEH]JUDQLF]QLHVL
LFKERL
LWS 1DMEDUG]LHM SRQXU\PDVSHNWHP WHM ILOR]RILL MHVW*H MHM Z\]QDZF\ U]G] VWUDFKHP VWG
ND*GH QLHSRVáXV]HVWZR VXURZR NDU] 1LF G]LZQHJR *H RVRE\ NWyUH GRVWDQ VL
Z LFK
V]SRQ\ ]DZV]HGU*RVZRMHEH]SLHF]HVWZRLERM VL
XF]\QLHQLDF]HJRNROZLHNFRPRJáRE\
Z\]ZROLüLFK]HPVW
%DUG]R EU]\GNLP ]Z\F]DMHP QDV]\FK NRVPLF]Q\FK RNXSDQWyZ MHVW *H SR ND*G\P
HNVSORDWDF\MQ\PXSURZDG]HQLX NRJR QDSRNáDGVZHJRVWDWNXGRNáDGQLHZ\PD]XM WHMRVRELH
SDPL
ü -HOL]D F]\MSDPL
üSR]RVWDZLOLQLHZ\PD]DQZyZF]DVWRR]QDF]D*HPDM Z
W\P MDNL QLHFQ\ LQWHUHV 3DPL
ü ] XSURZDG]HQLD SR]ZDODM ERZLHP XWU]\P\ZDü W\ONR W\P
OXG]LRP NWyU]\ Z\NRU]\VWDQL SRWHP ]RVWDQ Z MDNLFK FHODFK SURSDJDQGRZ\FK
NDPXIODU]RZ\FK GODV]HU]HQLDNRQIX]MLGODP\OHQLDQDV]HMRSLQLLSXEOLF]QHMGODNLHURZDQLD
QDVQDEá
GQHWRU\LWS
-HGQ ]RVyENWyUHSRZWDU]DOQLHXSURZDG]DQHE\á\QDSRNáDG8)2MHGQDNXNWyU\FK
SDPL
ü ] SU]H*\W\FK WDP GRZLDGF]H QLH ]RVWDZDáD SRWHP Z\PD]\ZDQD MHVW ZVSyáDXWRU
QLQLHMV]HJR WUDNWDWX 3DQ $QGU]HM 'RPDáD 'RNáDGQH UDSRUW\ ] SU]HELHJX MHJR XSURZDG]H
SU]\WRF]RQH]RVWDQ ZUR]G]LDOH%QLQLHMV]HJRWUDNWDWX1DV]\P]DGDQLHPMHVWZL
FXVWDOHQLH
MDNLH* WR GRGDWNRZH L GREU]H PDVNRZDQH LQWHQFMH 8)2QDXWyZ NU\M VL
]D IDNWHP
SR]RVWDZLHQLD X QLHJR SDPL
FL XSURZDG]H %H] ZWSLHQLD LQWHQFMH WH VáX*\ü MDNR PDM
QDV]\PNRVPLF]Q\PSDVR*\WRP&]\ZL
FVáX*RNXSDQWRZLSRSU]H]XPR*OLZLHQLHPXVLDQLD
NRQIX]ML IDáV]\ZHM SURSDJDQG\ D PR*H GHQXQFMDFML IDáV]HUVWZD L QLHXIQRFL 7UHü WHJR
WUDNWDWX E
G]LH VWDUDáD VL
RGNU\ü L Z\SXQNWRZDü SUDZG]LZH ]DPLDU\ RNXSXMF\FK QDV
NRVPLWyZ
3DQ $QGU]HM 'RPDáD ]QDMGXMH VL
Z EDUG]R GHOLNDWQHM V\WXDFML $E\ JR GR NRJR
REUD]RZR SRUyZQDü WR MHVW RQ MDN ZROQ\ 3RODN SRGF]DV RNXSDFML KLWOHURZVNLHM NWyU\
]DWUXGQLRQ\ ]RVWDáZELXU]HRER]XNRQFHQWUDF\MQHJR=MHGQHMVWURQ\MHJRSU]\QDOH*QRüGR
UDV\ OXG]L]SODQHW\=LHPLDQDNáDGDQDQLHJRRERZL]HNGEDQLDRQDV]HLQWHUHV\=GUXJLHM
VWURQ\ ]QDMGXMH VL
RQ Z PRF\ ZURJD NWyU\ MHGQ\P UXFKHP MHVW Z VWDQLH JR FDáNRZLFLH
]QLV]F]\ü DSRQDGWRNWyU\]DLQVWDORZDáZMHJRFLHOHQDMUy*QLHMV]HXU]G]HQLDMDNLFK]DGDQLH
QLH MHVW FDáNRZLFLH SU]H] QDV SR]QDQH D MDNLH QDMSUDZGRSRGREQLHM XNLHUXQNRZXM MHJR
SRJOG\QDWDNLHMDNLHVáX*\üE
G QDV]HPXNRVPLF]QHPXRNXSDQWRZL:]ZL]NX]GHOLNDWQ
V\WXDFM 3DQD'RPDá\PXVLP\ZL
FE\üEDUG]RZ\UR]XPLDOLZRGQLHVLHQLXGRMHJRG]LDáD L
DQDOL]RZDü MH ] GX*HM SHUVSHNW\Z\ELRUF SRG XZDJ
ZV]HONLHZSá\ZDMFH QD QL F]\QQLNL
0XVLP\ZV]DN*HSDPL
WDü*HLQDF]HMVL
FR RGELHUDNLHG\PDVL
SRF]XFLHEH]SLHF]HVWZD
LQDF]HM ]D NLHG\ VL
QDRF]QLH GRZLDGF]\*H QDZHW PXU\L VWUD*H ZL
]LHQQH QLH E\á\E\ Z
VWDQLH SRZVWU]\PDüQDV]\FKNRVPLF]Q\FKRNXSDQWyZJG\E\FL]HFKFLHOL]DFR VL
]HPFLü
2F]\ZLFLH 3DQ'RPDáDQLHMHVWMHG\Q\P]REXZVSyáDXWRUyZWHJRWUDNWDWXNWyUHPX
NRVPLFL ]DJUD*DM SRSU]H] ZNU
FHQLH JR Z WU\E\ VZRMHM SLHNLHOQHM PDV]\Q\ -D UyZQLH*
SRQRV]
ZLHONLH U\]\NR ELRUF QD VLHELH ZVSyáDXWRUVWZR QLQLHMV]HJR WUDNWDWX :V]DN*H QLH
GDMH VL
GRNáDGQLHSU]HZLG]LHüMDNLHPXSODQRZLRNXSXMF\FKQDVNRVPLWyZRSLV\ZDQHZW\P
WUDNWDFLH ]GDU]HQLD PDM VáX*\ü -HGQRF]HQLH MX* MHVW ZLDGRP\P *H 8)2QDXFL ]QDM
SU]\V]áRüLVWGWDNPRJOL]DSURJUDPRZDüSRZVWDQLHLWUHüWHJRWUDNWDWXDE\MDNQDMEDUG]LHM
]DV]NRG]Lá RQ LGHL MDNLHM IDNW\F]QLH PLDá VáX*\ü -DNLHNROZLHN MHGQDN E\ QLH E\á\
QLHEH]SLHF]HVWZD NU\MFHVL
]DXG]LDáHPZQDSLVDQLXQLQLHMV]HJRWUDNWDWXSRGREQLHMDNZ
SU]\SDGNX 3DQD 'RPDá\MD UyZQLH* PDP QLHSU]HU]XFDOQ\ RERZL]HN ZáF]HQLD VL
GR LFK
QXUWX :V]DN*H PRM NRQIURQWDFM
] 8)2QDXWDPL PRJ
RGNáDGDü MHGQDN QLH PRJ
MHM
XQLNQü3RQDGWRZLHG]DWRRGSRZLHG]LDOQRü
$F]NROZLHN QLQLHMV]\ WUDNWDW MHVW RSUDFRZDQLHP QDXNRZ\P F]\WHOQLN ]QDMG]LH Z QLP
ZV]\VWNLH WH VNáDGQLNL NWyUH Z\VW
SXM Z QDMOHSV]\FK ILOPDFK L Z QDMSRSXODUQLHMV]\FK
NU\PLQDáDFK -HVWZL
FZQLPLPL
G]\JZLH]GQDLQWU\JD ZLHONDSROLW\NDURPDQVSU]\JRGD
WDMHPQLFD NRQVSLUDFMD ZRMQD Z\]ZROHF]D D WDN*H L EH]SDUGRQRZ\ SRMHG\QHN
3UDZGRSRGREQLH QDMHJRWUHFLNLHG\ QDNU
FRQ\QDZHW]RVWDQLHILOPOXERSUDFRZDQDV]WXND
WHDWUDOQD :DUWRZL
F]QLPVL
]DSR]QDü]ZLHOXUy*Q\FKSRZRGyZ:V]DN*HREQD*DRQGXV]H
REX MHJR ZVSyáDXWRUyZ XMDZQLD VLá\ NWyUH NLHUXM ORVDPL =LHPL VSLVXMH L LQWHSUHWXMH VHUL
FLHNDZ\FK XSURZDG]H QD SRNáDG 8)2 MDNLH PLDá\ PLHMVFH Z 3ROVFH Z RVWDWQLFK F]DVDFK
SRV]HU]DKRU\]RQW\XMDZQLDQRZHILOR]RILHDWDN*H]DVSRNDMD]Z\Ná OXG]N FLHNDZRü
63,675(&, WUDNWDWXNRVPLF]QDXNáDGDQND,6%1
6WU 5R]G]LDá
$:352:$'=(1,(QDSLVDá-DQ3DMN
$=LHPLDSRGQLHZLG]LDOQ RNXSDFM 8)2
$3U]\NáDG\GRZRGyZSRWZLHUG]DMF\FKRNXSDFM
=LHPLSU]H]8)2
$1DGFKRG]FDZDONDZ\]ZROHF]DOXG]NRFLLMHMG]LVLHMV]HQDVW
SVWZD
$ 3UDZD PRUDOQH RUD] SRG]LDá F\ZLOL]DFML NRVPLF]Q\FK QD WRWDOL]W\F]QH L
SDVR*\WQLF]H
$$OWHUQDW\ZQDKLVWRULDOXG]NRFLRUD]GRZRG\MDNLHM SRWZLHUG]DM
$0HWRG\G]LDáDQLD8)2QDXWyZQD=LHPL
$.RVPLF]QLVRMXV]QLF\OXG]NRFLLLFKGRVWDZ\EURQL
$3DVR*\WQLFWZRLUR]SR]QDZDQLHMHJRZ\]QDZFyZ
$7RWDOL]P
$$VSHNW\DNDGHPLFNLHWHJRWUDNWDWX
%1($,1($7$&=<&<QDSLVDá$QGU]HM'RPDáD
%7U]\G]LVWROHFLH9,,,GR9,,,
%-DNVWDáHPVL
VáDZQ\
%'UXJLHXSURZDG]HQLH
%:Sá\ZXSURZDG]H QDPRMH*\FLH
%6]RNURNX
%1LHW\SRZHZ\GDU]HQLDPRMHJR*\FLDSRVLDGDMFH]ZL]HN]8)2
%6SRWNDQLHZWU]\G]LHVW URF]QLF
VLHUSQLDURNX
%0RMH*\FLHSRVSRWNDQLXZGQLXVLHUSQLDURNX
%79D]PRZDPLOF]HQLDLVWUDWHJLDRPLHV]DQLD
%&KURQRORJLF]Q\]HVWDZDUW\NXáyZMDNLHXND]Dá\VL
QDWHPDWPRMHJRXSURZDG]HQLD
&1$:,(7/(1,(,67271<&+381.7Ï:8352:$'=( SLyUD-DQD3DMND
&0DWHULDáIDNWRORJLF]Q\MDNLGRNXPHQWXMH
IDNW\F]QH]DLVWQLHQLHGRZLDGF]H 3DQD'RPDá\
&0DWHULDáMDNLGRZRG]L*H1HDWDF]\F\QDOH*
GRSDVR*\WQLF]HMNRQIHGHUDFML8)2QDXWyZRNXSXMF\FK=LHPL
&0DWHULDáMDNLGRNXPHQWXMH*H3DQ'RPDáD]RVWDá
SU]\PXV]RQ\GRG]LDáD ZLQWHUHVLH1HDWDF]\NyZ
&.RPHQWDU]QLHNWyU\FKDVSHNWyZVSRWNDQLD3DQD'RPDá\]GQLDVLHUSQLD
URNX
'32'6802:$1,(SLyUD-DQD3DMND
(/,7(5$785$8=83(à1,$-&$,326=(5=$-&$75(û7(*275$.7$78
)2$8725$&+
3DQ$QGU]HM'RPDáD
3URIGULQ*-DQ3DMN
,/8675$&-,
==$à&=1,.L
5R]G]LDá$
:352:$'=(1,(
SU]\JRWRZDá3URIGULQ*-DQ3DMN
0RWWR WHJR UR]G]LDáX .D*GH ]GDU]HQLH ]DFKRG]L GOD ZLHOX SRZRGyZ .D*GH QLH]Z\NáH
]GDU]HQLH]DFKRG]LGODZLHOXQLH]Z\Ná\FKSRZRGyZ
SR]LRP PRUDOQ\G]LHZF]\QNDRV]F]
G]DáDSU]H]FDáHPLHVLFHDE\VSUDZLüRMFXSU]\MHPQ
QLHVSRG]LDQN
= UDSRUWX SUDV\ Z\áDQLD VL
SR]LRP QDXF]DMFHM OHNFML GOD VSRáHF]HVWZD
*\FLH Z G]LVLHMV]\FK PLDVWDFK MHVW RJURPQLH QLHEH]SLHF]QH L G]LHZF]\QND EH] QDG]RUX
GRURVá\FKQLHPR*HMX* QDZHWVDPDZ\MüGRNLRVNXQDURJX=UDSRUWXVGRZHJRZ\áDQLDVL
REUD] SUDZZV]HFKZLDWD]áRF]\FRPXGDZDáRVL
]ZLHORPDSRSU]HGQLPLRILDUDPLMHGQDN
Z NRFXVSUDZLHGOLZRü]DWULXPIRZDáDLWUDILOLQDV]XELHQQLF
,WGLWSSU]\NáDG\LQWHUSUHWDFML
PR*QDE\PQR*\ü
3RZRGHP GOD MDNLHJR SU]\WDF]DP WXWDM yZ KLSRWHW\F]Q\ SU]\SDGHN MHVW DE\ XND]Dü
F]\WHOQLNRZL *HWDNMDNWRZ\MDQLRQRZPRWWFLHQLQLHMV]HJRUR]G]LDáX]DQDZHWQDMEDUG]LHM
EDQDOQ\P FLJLHP ]GDU]H NU\MH VL
RJURPQLH NRPSOHNVRZ\ V\VWHP SU]\F]\Q VNXWNyZ
SRZRGyZ QDVW
SVWZ ]ZL]NyZ LWS 1LF QLH ]GDU]D VL
EH] ZD*Q\FK SRZRGyZ L LVWRWQ\FK
QDVW
SVWZ ]D LP ]GDU]HQLD V EDUG]LHM QLH]Z\NáH W\P EDUG]LHM LVWRWQH L ]áR*RQH V LFK
SRZRG\LLPSOLNDFMH-HOLZL
FNWR SDWU]\QD]GDU]HQLDZ\áF]QLHIDNWRORJLF]QLHWMSRGREQLH
MDN yZKLSRWHW\F]Q\SROLFMDQW]SRSU]HGQLHJRSU]\NáDGXDQDOL]XMHW\ONRFRLZMDNLHMNROHMQRFL
VL
]GDU]\áRZyZF]DVRJURPQLHRQVSá\FDREUD]]DV]á\FK]GDU]H$E\ERZLHPXMüSHáQ LFK
Z\PRZ
NRQLHF]QHMHVWWDN*HXND]DQLHRZ\FKXNU\W\FKVLáLPRW\ZDFMLOH*F\FKSR]DSROHP
IDNWRORJLF]QHJR ZLG]HQLDMDNLHMHGQDNVWDQRZL VLá
QDS
GRZ GODLFK]DLVWQLHQLDLMDNLHOLF]
QDNRQNUHWQHZ\QLNL]LFKGRNRQDQLD
'QLD 9,,, URNX ZVSyáDXWRU QLQLHMV]HJR WUDNWDWX 3DQ $QGU]HM 'RPDáD
GRZLDGF]\á XSURZDG]HQLDQDSRNáDG8)21DWHPDWWHJRXSURZDG]HQLDXND]DáRVL
ZLHOH
VSUDZR]GD Z SUDVLH L URGNDFK PDVRZHJR SU]HND]X :\ND] QDMLVWRWQLHMV]\FK ] W\FK
VSUDZR]GD ]HVWDZLRQ\]RVWDáZSRGUR]G]LDOH%1LHVWHW\3DQ'RPDáDF]XMHQDLFKWHPDW
URG]DM QLHGRV\WXLRWZDUFLHSU]\]QDMH*HVSá\FDM LVHQVDFMRQXM RQHFDáH]GDU]HQLHFKRFLD*
MHGQRF]HQLH QLHMHVWRQZVWDQLHZ\MDQLüGODF]HJRWDNXZD*D-DNE\ZL
FGODQDSUDZLHQLD
Eá
GyZ SUDV\ UDSRUWXMFHM MHJR SU]\JRG
SU]\JRWRZDá RQ ZáDVQ\ RSLV ]DV]á\FK ZyZF]DV
]GDU]H MDNL]DW\WXáRZDá7U]\G]LHVWROHFLHLMDNL]DSURSRQRZDáGRRSXEOLNRZDQLDMDNRWU]RQ
QLQLHMV]HJR WUDNWDWX 3R ZLHOX SRV]HU]HQLDFK Z\JáDG]HQLDFK RUD] GRGDWNRZ\FK IDNWDFK
SRX]XSHáQLDQ\FK SU]H]QLHJRZRGSRZLHG]LQDPRMHV]F]HJyáRZH]DS\WDQLD7U]\G]LHVWROHQLH
]DSUH]HQWRZDQH ]RVWDáRZSRGUR]G]LDOH%1LHVWHW\MHOLNWR ]DSR]QDVL
]RZ\PLRSLVDPL
GRNRQDQ\PL SU]H] QLHJR VDPHJR UyZQLH* ]QDMG]LH Z QLFK MHG\QLH UHODW\ZQLH EDQDOQ\ RSLV
]GDU]H F]\OL UDSRUW IDNWRORJLF]Q\ MDNLH QLHNWyU]\ QDGDO FHQLü PRJ MHG\QLH ] SRZRGX LFK
VHQVDF\MQRFL &LJOHERZLHPRSLVRZLWHPXEUDNXMHGXV]\ZSRVWDFLRZ\FKGRGDWNRZ\FK
PHFKDQL]PyZ SU]\F]\QRZRVNXWNRZ\FK GRW\F]F\FK RZ\FK RGPLHQQ\FK QL* IDNWRORJLF]Q\
SR]LRPyZ]DSUH]HQWRZDQ\FKWDP]GDU]H
2Z EUDNXMF RSLVRP 3DQD 'RPDá\ GXV]
PR*QD MHGQDN RGWZRU]\ü QD ED]LH
QDV]\FK GRW\FKF]DVRZ\FKEDGD 8)2RUD]QDED]LHZ\SUDFRZDQHJRGRW\FKF]DVSR]LRPX
QDV]HJR SR]QDQLDSU]\F]\QPRW\ZDFMLSRZRGyZLQWHQFMLF]\LQWHUSUHWDFMLMDNLHNU\M VL
]D
XSURZDG]HQLDPL OXG]LQDSRNáDG\8)2-HGQ\PZL
F]NLONXFHOyZMDNLMDVRELHSRVWDZLáHP
SU]\VW
SXMF GRZVSyáDXWRUVWZDQLQLHMV]HJRWUDNWDWXE\áRL* GRGDPPXZáDQLHRZ GXV]
3R]RVWDZLDPSU]\W\PRFHQLHF]\WHOQLNDF]\PLVL
WRXGDáR
2F]\ZLFLH DE\FKRFLD* F]
FLRZRZ\MDQLüLZáDFLZLHQDZLHWOLüRZHPRW\ZDF\MQH
L QRUPDOQLH QLHRGQRWRZ\ZDOQH DVSHNW\ XSURZDG]H 3DQD 'RPDá\ NRQLHF]Q\P MHVW
]DSUH]HQWRZDQLH LQIRUPDFMLSRGáR*HQLRZ\FKMDNLHXND]XM WáRQDMDNLP]GDU]\áRVL
ZV]\VWNR
FR WXWDMRSLVDQH3UH]HQWDFMHWHJRWáDV UyZQLHQLHRG]RZQHMDNZSRSU]HGQLPSU]\NáDG]LH
RZ\FK RVWDWQLFKFKZLOG]LHZF]\QNLQLH]E
GQDE\áD]QDMRPRüFDáHM]áR*RQRFLXZDUXQNRZD
Z MDNLFK G]LHZF]\QND WD G]LDáDáD 6WG PyM ZNáDG GR QLQLHMV]HJR WUDNWDWX UR]SRF]Q
RG
Z\MDQLHQLD Z VSHFMDOQLH Z\G]LHORQ\P SRGUR]G]LDOH $ QLQLHMV]HJR ZVW
SX RZHJR
VNRPSOLNRZDQHJR WáD V\WXDF\MQHJR Z MDNLP QDV]D F\ZLOL]DFMD VL
REHFQLH ]QDMGXMH L MDNLH
SRZRGXMH *HNRQLHF]QHE\áR]DLVWQLHQLH]GDU]H MDNLHGRZLDGF]\á3DQ'RPDáD'RSLHURSR
Z\MDQLHQLX WHJRWáDZRZ\PQDVW
SQ\PSRGUR]G]LDOH$RUD]GRSLHURSR]DSR]QDQLXVL
Z
UR]G]LDOH%]W\PFRVDP3DQ'RPDáDPDQDPGRSRZLHG]HQLDZNROHMQ\PUR]G]LDOH&QDWOH
W\P]DF]Q
EXGRZDüLQWHUSUHWDFMHMDNLHV]F]HJyáRZLHMZ\MDQL FRLGODF]HJRQDSUDZG
3DQX
'RPDOHVL
SU]\GDU]\áR
3R GRGDQLXWáDLGHRORJLF]QHJRRUD]PRW\ZDFMLMDNLHVSRZRGRZDá\*HRSLV\ZDQHWXWDM
]GDU]HQLD SU]\M
á\WDNLDQLHLQQ\REUyWWUDNWDWWHQSU]HNV]WDáFDVL
ZSU]\NáDGDQDOL]\QDXNRZHM
ZNWyUHMIDNW\]DREVHUZRZDQHSRGF]DVXSURZDG]HQLDQDSRNáDG8)2SRGGDQH]RVWDQ SUyELH
LQWHUSUHWDFML L Z\MDQLHQLD VWRMF\FK ]D QLPL SRZRGyZ 1LHVWHW\ MDN GRW\FKF]DV WHJR W\SX
RSUDFRZD FKURQLF]QLHQDPEUDNXMHMDNR*HSU]\WáDF]DMFDZL
NV]RüUDSRUWyZ]XSURZDG]H
QD SRNáDG 8)2RJUDQLF]DVL
Z\áF]QLHGRUDSRUWRZDQLDLWRF]
VWR]ZLHORPDEá
GDPLRUD]
XSURV]F]HQLDPL WHJR FR WDP VL
VWDáR L QDZHW QLH SUyEXMH ]LQWHUSUHWRZDü Z\PRZ\
]DREVHUZRZDQ\FK IDNWyZ : WHQ VSRVyE QLQLHMV]\ WUDNWDW VWDQRZL XQLNDOQ\ ZNáDG Z QDV]H
SRV]XNLZDQLD SUDZG\-HJRXQLNDOQRüMHVWMHV]F]H]ZL
NV]RQDIDNWHP*HZQLRVNLGRMDNLFK
RQ GRFKRG]L V UDF]HM V]RNXMFH QS SDWU] ZQLRVHN *H 3DQ 'RPDáD ]PXV]DQ\ E\á SU]H]
RNXSXMF\FK =LHPL
8)2QDXWyZ GR G]LDáDQLD MDNR LFK QLHZLDGRP\ NRODERUDQW GR ]DGD
VSHFMDOQ\FK
=UR]XPLHQLH WUHFL QLQLHMV]HJR WUDNWDWX E\áRE\ ZL
NV]H JG\E\ F]\WHOQLN SU]HG MHJR
SU]HF]\WDQLHP ]DSR]QDáVL
]WUDNWDWHP>@DOERWH* ]NWyU]PRQRJUDILLMDNLHQDZ\ND]LH
SXEOLNDFML ] UR]G]LDáX ( R]QDF]RQH V QXPHUDPL >@ OXE >@ OXE FKRüE\ ] ]QDF]QLH
VNUyFRQ\PL SRSU]HGQLF]NDPL W\FK PRQRJUDILLNWyUHZ UR]G]LDOH( R]QDF]RQHV QXPHUDPL
>@ L>@3XEOLNDFMHWHPLQPR*QDSU]HJOGQüSRSU]H],QWHUQHWV]XNDMFSRGDGUHVDPL
Z\V]F]HJyOQLRQ\PLQDRNáDGFHQLQLHMV]HJRWUDNWDWX
.RQIHGHUDFM 3RNRMXRUD]QDSU]HNyUSRVLDGDQLDZVZ\PVNáDG]LHSREUDW\PFyZ=LHPLDQ
QLH ]PLHQLD WR MHGQDN IDNWX *H PHWRG\ G]LDáDQLD WHM NRQIHGHUDFML QLH V OHSV]H RG PHWRG
G]LDáDQLD KLWOHURZFyZ*HVLHMHRQDVWUDFKLSU]HUD*HQLHXZV]\VWNLFKW\FKNWyU]\V ZLDGRPL
]QDOH]LHQLD VL
QLHZ\JRGQLH EOLVNR VWUHI\ MHM ZSá\ZyZ RUD] *H UR]SU]HVWU]HQLD VL
RQD Z
NRVPRVLH MDNURG]DMSU]HNO
WHM]DUD]\&\ZLOL]DFMHQDOH*FHGRRZHM]áRZURJLHMNRQIHGHUDFML
PDM QLH]Z\NOHEU]\GNL]Z\F]DMEH]SDUGRQRZHJRHNVSORDWRZDQLDPQLHMRGVLHELHUR]ZLQL
W\FK
F\ZLOL]DFML MDNLH]QDOD]á\VL
ZVWUHILHLFKZSá\ZyZQDZHWMHOLIDNW\F]QLHQDOH*RQHGRLFK
JHQHW\F]Q\FK EUDFL3U]\NáDGRZRZUDPDFKRZHMHNVSORDWDFMLRGOXG]L]SODQHW\=LHPLDQDVL
JHQHW\F]QLSREUDW\PF\SRELHUDM PLQQDVW
SXMFHPDWHULDá\L VXURZFHGODSRUyZQDQLDSDWU]
Z\ND] IRUPQDV]HMHNVSORDWDFMLSU]\WRF]RQ\ZSRGUR]G]LDáDFK9L8PRQRJUDILL>@
OXE ZSRGUR]G]LDOH9PRQRJUDILL>@VSHUP
LRYXOHMDNLHSR]ZDODM LPNORQRZDüW]Z
VL
]QDPLNWyU]\PDQLSXOXM SRJOGDPLRJURPQHMU]HV]\OXG]LWDNDE\P\QLH]RULHQWRZDOL
VL
L* MHVWHP\RNXSRZDQLLHNVSORDWRZDQLLQLHPRJOL]GRE\üVL
QDSR]QDQLHLVWRWQHMGOD
QDV ZLHG]\DZUH]XOWDFLHNWyU]\XWU]\PXM OXG]NRüZFLHPQRFLHLQLHXVWDQQLHVS\FKDM
QDV Z Gyá'RNRQDQLHRZHJRRGNU\FLDE\áRQLH]PLHUQLHWUXGQH$E\X]P\VáRZLüVRELHMDN
GRVNRQDOH 8)2QDXFL XNU\ZDM IDNW VZHM RNXSDFML L HNVSORDWDFML =LHPL Z\VWDUF]\ WX
XZLDGRPLü*HSU]H]SRQDG ODWQLNW]QDVQLH]GRáDáVL
]RULHQWRZDüFRQDSUDZG
MHVW
JUDQH LQLH]DF]áELüQDDODUP:SUDZG]LHRJURPQDOLF]EDOXG]LGRFKRG]LáDGRZQLRVNX*H
SUREOHPDW\ND 8)2ORJLF]QD MHVW MDND G]LZQD RJURPQLH WUXGQD GR ]UR]XPLHQLD SHáQD
SDUDGRNVyZ Z]EXG]DMFD PQyVWZR S\WD MHGQDN QLH XG]LHODMFD QLHPDO *DGQHM SHZQHM
RGSRZLHG]L LWS 1LHPQLHM SU]HáDPDQLH EORNDG\ WHOHSDW\F]QHM MDND QDáR*RQD ]RVWDáD SU]H]
8)2QDXWyZ QDXP\Vá\SUDNW\F]QLHZV]\VWNLFKOXG]LDMDNDXQLHPR*OLZLDQDPZ\FLJQL
FLH
RF]\ZLVWHJR ZQLRVNX MHVWHP\ RNXSRZDQL NWyU\ WáXPDF]\áE\ ZV]\VWNLH WH SDUDGRNV\ L
QLHFLJáRFL GOD ND*GHJR =LHPLDQLQD GRW\FKF]DV RND]\ZDáR VL
FDáNRZLFLH QLHPR*OLZH GR
GRNRQDQLD 7\PF]DVHP SR XZLDGRPLHQLX VRELH IDNWX RNXSDFML L HNVSORDWDFML =LHPL SU]H]
8)2QDXWyZZV]\VWNLHRZHSDUDGRNV\LQLHORJLF]QRFL]8)2QDJOH]DF]\QDM QDELHUDüVHQVX
LVWDM VL
áDWZHGR]UR]XPLHQLDLZ\WáXPDF]HQLD
$3U]\NáDG\GRZRGyZSRWZLHUG]DMF\FKRNXSDFM
=LHPLSU]H]8)2
NRQVSLUDFML WDP WH* PXVL LVWQLHü RNXSDQW &LHNDZH F]\ F]\WHOQLN NLHG\NROZLHN VL
GRWHMVDPHMJUXS\XVLOQLH]ZDOF]DQ\FKSU]H]8)2QDXWyZF]áRQNyZ]LHPVNLHJRUXFKXRSRUX
.LHG\ JG\ MHV]F]H QLH E\áHP ZLDGRP RNXSDFML =LHPL SU]H] 8)2 ]DZV]H G]LZLáR PQLH
GODF]HJR PDPWDNLH RJURPQH WUXGQRFL ] RSXEOLNRZDQLHP F]HJRNROZLHN QD WHPDW Z\QLNyZ
VZRLFK EDGDSRGF]DVJG\LQQ\FKQDXNRZFyZDGPLQLVWUDFMDXF]HOQLQLHNLHG\D* SURVL*HE\
FR RSXEOLNRZDOL L GUXNXMH WR QDW\FKPLDVW SR QDSLVDQLX 2F]\ RWZRU]\áR PL GRSLHUR NLHG\
Z\U]XFRQ\ ]RVWDáHP ] 8QLZHUV\WHWX 2WDJR Z 'XQHGLQ Z 1RZHM =HODQGLL ]D GRNRQDQLH
QLH]Z\NOH LVWRWQHJRRGNU\FLD0RMHNáRSRW\VSRZRGRZDQHW\PRGNU\FLHPMDNLHSRNDPSDQLL
FRUD] ]DFLHNOHMV]\FKDWDNyZSU]HODGRZDLQDFLVNyZQDMHJR]GHPHQWRZDQLHVWRSQLRZR
GRSURZDG]Lá\ GR ]áR*HQLD PL SU]H] 8QLZHUV\WHW 2WDJR SURSR]\FML QLH GR RGU]XFHQLD
VWZLHUG]DMFHM FR ZURG]DMXDOERGREURZROQLH]áR*\V]VZRM UH]\JQDFM
]SRVDG\QDQDV]HM
XF]HOQL DOER WH* FL
Z\U]XFLP\ ] ZLHONLP KXNLHP FR FDáNRZLFLH ]UXMQXMH WZRM NDULHU
QDV]\FK SDVR*\WQLF]\FKRNXSDQWyZMHMLVWQLHQLHQDGDOSR]RVWDMHOXG]LRPQLH]QDQHHNVSOR]MD
WD RND]DáDVL
GODQDV]HMSODQHW\QLH]Z\NOHEU]HPLHQQDZVNXWNDFK:V]DN*HVSRZRGRZDáD
RQDSROL]JFDáHMVNRUXS\QDV]HMSODQHW\Z]JO
GHPMHMMGUDRNWRNRáR( QDVW
SXMF\Z]GáX*
SRáXGQLND SU]HFKRG]FHJR SU]H] 7DSDQXL Z 1RZHM =HODQGLL : Z\QLNX WHJR QS NZLWQFD L
SU]HG URNLHP ]LHORQD *UHQODQGLD SU]HVXQ
áD VL
NX SyáQRF\ L ]DPLHQLáD Z ORGRZ
SXVW\QL
] NROHL SRPRVW ORGRZ\ MDNL XSU]HGQLR VNXZDá &LHQLQ
%HULQJD SR]ZDODMF QD
SU]HFKRG]HQLH VXFK QRJ ] 6\EHULL GR $ODVNL QDJOH SU]HVXQá VL
ZyZF]DV NX SRáXGQLX L
VWRSQLDá (XURSD ]DODQD ]RVWDáD LQHUF\MQ\PL SRZRG]LDPL PRUVNLPL W]Z WVXQDPL MDNLH
XPLHUFLá\ NLONDVHWW\VL
F\OXG]LQDVWDáH]QLV]F]\á\NLONDPLDVWPLQ GX*F]
üZ\EU]H*D
3URZLQFML 6]OHVZLJ+ROV]WDMQ OHJHQGDUQ\ RURGHN KDQGORZ\ 9LQHWD ] Z\VS\ 5JHQ NRáR
JUDQLF\ 3ROVNL QLH P\OLü ] SRSXODUQ SU]\SUDZ NXFKDUVN WH* QD]ZDQ 9LQHWD ]D W\P
RURGNLHPRUD]PLDVWR6DODPLVQD3yáQRFQR:VFKRGQLP&\SU]H3ROVNDSU]HV]áDZyZF]DV
UDSWRZQH SRJRUV]HQLH NOLPDWX Z UH]XOWDFLH NWyUHJR PLQ Z\PDUáD G\QDVWLD 3LDVWyZ ]D
SáDVNRJáRZL 6áRZLDQLH ]DVWSLHQL ]RVWDOL SU]H] RNUJáRJáRZ\FK QDSá\ZRZFyZ QDJáD
]PLDQD ZDUXQNyZ JHRIL]\F]Q\FK SRJU*\áD FDá SODQHW
Z ]G]LF]HQLX L EDUEDU]\VWZDFK
UHGQLRZLHF]D MDNLH WDN *\ZR NRQWUDVWXM ] RVLJQL
FLDPL L SL
NQHP VWDELOQHJR RNUHVX
VWDUR*\WQRFL]D Z\]ZRORQHQDJá URWDFM VNRUXS\=LHPLVLá\LQHUF\MQHPLQQDVWDáHSRFK\OLá\
Vá\QQ ZLH*
]3L]]DZH:áRV]HFKRUD]]GHIRUPRZDá\NRSXá
NDWHGU\Z=RILLZ,VWDPEXOH
=DPLDVWMHGQDNQDJURG]LüPQLH]DGRNRQDQLHWDNZD*QHJRRGNU\FLDQDMSLHUZZ\U]XFRQRPQLH
]SUDF\DSRWHPMHV]F]HZFLJQL
WRQDF]DUQ OLVW
QLHEH]SLHF]Q\FKEDGDF]\8)2ZZ\QLNX
F]HJR QLH PRJáHP ]QDOH(ü MX* *DGQHJR ]DWUXGQLHQLD Z 1RZHM =HODQGLL L ]PXV]RQ\ E\áHP
V]XNDüFKOHEDSR]DJUDQLFDPLWDPWHJRNUDMXWMV]XNDüSUDF\ZNUDMDFKZNWyU\FKMHV]F]HQLH
ZLHG]LDQR QDWHPDWPRMHJRRGNU\FLD3RZRGHPGODNWyUHJRXNDUDQRPQLHWDNVXURZRE\áR
*H RNVSOR]MD NRáR 7DSDQXL VSRZRGRZDQD ]RVWDáD XZROQLHQLHP HQHUJLL ] S
GQLNyZ
F\JDURNV]WDáWQHJR 8)2 RUD] *H PRMH EDGDQLD XGRZDGQLDá\ WHQ IDNW SRQDG ZV]HON
ZWSOLZRü 6ZRLP RGNU\FLHP QLHFKFF\ SU]\F]\QLáHP VL
ZL
F GR VWRSQLRZHJR
XZLDGRPLHQLD VRELH L LQQ\P *H QDV]D SODQHWD RNXSRZDQD MHVW SU]H] NRQIHGHUDFM
$1DGFKRG]FDZDONDZ\]ZROHF]DOXG]NRFLLMHMG]LVLHMV]HQDVW
SVWZD
2F]\ZLFLHQLNWQLHOXELWUDFLüEH]ZDONLWHJR]F]HJRZ\FLJDFDá\V]HUHJNRU]\FL7DNWH* MHVW
L ]RNXSXMF\PLQDV8)2QDXWDPLNWyU]\]QDMFSU]\V]áRüMX* REHFQLHPRJ VRELHSR]ZROLü
QDUR]SRF]
FLHZDONLRXWU]\PDQLHQDVZSRGGDVWZLHRUD]R]GXV]HQLHZ]DURGNXZV]HONLHJR
UXFKXZ\]ZROHF]HJR,WXWDMZáDQLHOH*\SRZyGGODNWyUHJR3DQ'RPDáD]RVWDáXSURZDG]RQ\
-HJR XSURZDG]HQLH QDVWSLáR ERZLHP DE\ Z\NRU]\VWDü MHJR V]F]HJyOQH FHFK\
RVRERZRFLRZH Z FHOX ]GXV]HQLD Z ]DURGNX UXFKX Z\]ZROHF]HJR Z 3ROVFH -DN RZR
]GXV]HQLH PD VL
RGE\ü ] MHJR SRPRF Z\MDQLRQH ]RVWDQLH GRNáDGQLHM Z UR]G]LDOH &
QDVW
SXMF\P SR SU]\WRF]RQ\P Z UR]G]LDOH % VDP\P UDSRUFLH ] XSURZDG]H QDSLVDQ\P
RVRELFLHSU]H]3DQD'RPDá
: VZRLFKZ\VLáNDFK]JQLDWDQLDZ]DURGNXQDV]HJRUXFKXZ\]ZROHF]HJR8)2QDXFL
Z\VáXJXM VL
V]F]HJyOQ NDWHJRUL OXG]LMDN ZPRQRJUDILDFK>@L>@RUD]ZWUDNWDFLH>@
QD]\ZDP NRODERUDQWDPL DOER VSU]HGDZF]\NDPL .RODERUDQFL DOER VSU]HGDZF]\F\ WR
VWDUDQQLH Z\EUDQH SU]H] 8)2QDXWyZ GR VZHM UROL RVRE\NWyU\FK QLHXZLDGDPLDQ\PSU]H]
QLFKVDP\FK]DGDQLHPMHVWSRSLHUDüLQWHUHV\ QDV]\FKRNXSDQWyZRUD]G]LDáDüQDV]NRG
UDV\
OXG]NLHMSDWU]RSLV\]SRGUR]G]LDáX9PRQRJUDILL>@RUD]]UR]G]LDáX%WUDNWDWX>@6
RQL U
NDPLLRUJDQDPLZ\NRQDZF]\PLQDV]\FKRNXSDQWyZ]D IDNW*H=LHPLDRUD]OXG]NRü
]QDMGXMH VL
Z VWDQLH Z MDNLP VL
]QDOD]áD MHVW ZáDQLH LFK ]DVáXJ .D*G\ VSU]HGDZF]\N
]DSURJUDPRZDQ\ ]RVWDMH KLSQRW\F]QLH SU]H] RNXSXMF\FK QDV NRVPLWyZ QD RPLHV]DQLH
SRZVWU]\P\ZDQLH SU]HV]NDG]DQLH F]\QLHQLH ]DP
WX XQLHPR*OLZLDQLH QDP SR]QDQLD
SUDZG\ XQLHPR*OLZLDQLH QDP SRGM
FLH NRQVWUXNW\ZQHM VDPRREURQ\ LWS 2F]\ZLFLH MHOL
NWR PXQLHXZLDGRPLMHJRUROLVSU]HGDZF]\NWDNLQLHZLHQDZHW*HMHVWW\ONRQDU]
G]LHPZ
U
NDFK NRVPLWyZNWyU]\KLSQRW\F]QLHLWHOHSDW\F]QLHSRGSRZLDGDM PXZSURVWGRXP\VáXFR
PDF]\QLüLGRJá
EQLHZLHU]\*HZV]\VWNLFKVZRLFKG]LDáD GRNRQXMHVSRQWDQLF]QLH]ZáDVQHM
LQLFMDW\Z\ 3U]\ND*GHMZL
FVSRVREQRFLE
G]LHRQUHDOL]RZDáWH]DSURJUDPRZDQHZVRELH
QDND]\ .ROHMQ ZL
F LVWRWQ LQIRUPDFM GRW\F]F WáD XSURZDG]HQLD3DQD 'RPDá\] MDNLHM
F]\WHOQLNSRZLQLHQ]GDZDüVRELHVSUDZ
WR*HQDSU]HNyUZV]HONLFKRNROLF]QRFLPDVNXMF\FK
SUDZG]LZH FHOH XSURZDG]HQLD MHJR ]DEUDQLH QD SRNáDG 8)2 QDVWSLáR ZáDQLH Z FHOX
]DSURJUDPRZDQLD JR GR UROL WDNLHJR QLHZLDGRPHJR NRODERUDQWD QDWRPLDVW ZV]\VWNLH
NáRSRW\ LQLHSU]\MHPQH]GDU]HQLDMDNLPSRWHP]RVWDáSRGGDQ\PLDá\QDFHOXZ\PXV]HQLHRG
QLHJR VLá SRSUDZQHJR Z\ZL]\ZDQLD VL
] WHM UROL 2EUD] MDNL Z\áDQLD VL
] DQDOL]\ WUHFL
UR]G]LDáX %WR*HSU]H]VSRU\F]DV]GX*\PVXNFHVHPZ\ZL]\ZDáVL
RQ]QDáR*RQHJRQD
QLHJR ]DGDQLD L GRSLHUR MHJR SU]\VWSLHQLH GR ZVSyáDXWRUVWZD QLQLHMV]HJR WUDNDWX ]DF]
áR
PLHV]Dü V]\NL QDV]\P RNXSDQWRP NX LFK QLHZ\SRZLHG]LDQHPX ]DZRGRZL 2VWDWQLH
XSURZDG]HQLH 3DQD 'RPDá\RSLDQHZ SRGUR]G]LDOH% ]GDMHVL
QDZHW VXJHURZDü*H Z
REOLF]X RSXEOLNRZDQLD QLQLHMV]HJR WUDNWDWX 8)2QDXFL ]GHF\GRZDOL VL
]DU]XFLü GDOV]
UHDOL]DFM
SODQX MDNLHPX RU\JLQDOQLH PLDá RQ VáX*\ü L REHFQLH ]DGRZDODM VL
MHG\QLH
PFLZ\P]DWUXZDQLHPPX*\FLD
$F]NROZLHN SU]HFL
WQ\ F]FLFLHO WHOHZL]RUD ]E\W ]DM
W\ MHVW SU]H*XZDQLHP NDQDSHN L
JDSLHQLHP VL
Z HNUDQ DE\ RGQRWRZDü FR ZRNyá QLHJR VL
G]LHMH IDNW\F]QLH WR REHFQLH
MHVWHP\ ZWUDNFLHSHáQRVNDORZHMZRMQ\SDUW\]DQFNLHM:ZRMQLHWHMZSUDZG]LHQLHVWU]HODVL
VZRLP NRVPLF]Q\PSDVR*\WRP1LFZL
FG]LZQHJR*HG]LDáDQLDQLHNWyU\FKZFLJQL
W\FKGR
WHJR NRQIOLNWX OXG]L Z VSRVyE V\PEROLF]Q\ SRUyZQ\ZDü VL
QDZHW GDMH GR RZ\FK
VDPREyMF]\FK Z\VDG]HNLHG\WRRZLQL
W\ZG\QDPLFLHERMRZQLNZ\VDG]DVL
ZSRZLHWU]H
W\ONRSRWRDE\VZRM PLHUFL MDNQDMEDUG]LHM]DV]NRG]LüSU]HFLZQLNRZL
VWDQLH MHOLVL
P\O
":W\PPLHMVFXSUDJQ
ZL
F]DSHZQLüF]\WHOQLND*HMHOLVL
P\O
LMHOL
IDNW\F]QLHGDVL
NLHG\ UR]VWU]\JDMFRXGRZRGQLü*HQLNWQDV]HMSODQHW\DQLQLHRNXSXMHDQL
QLNW QLH HNVSORDWXMH OXG]L L QLH UDEXMH RG QLFK *DGQ\FK PDWHULDáyZ XVáXJ L HQHUJLL NWyU\FK
]DEUDQLHSR]RVWDZLDáRE\LFKZQLHNRU]\VWQLHMV]HMV\WXDFMLQL* E\OLSU]HGLFKXWUDWRUD]QLNWQLH
E\á QLJG\KLSQRW\F]QLH]DSURJUDPRZ\ZDQ\DE\V]NRG]LüLGHLQDV]HJRXQLH]DOH*QLHQLDVL
RG
NRVPLF]QHJRSDVR*\WDZyZF]DVMHVWHPJRWyZZHMüSRGVWyáLSXEOLF]QLHMHOLE
G]LHWU]HED
WR QDZHW SU]HGNDPHUDPLWHOHZL]\MQ\PLRGV]F]HNDüND*GHVáRZR]WHJRWUDNWDWX-HOL]D
IDNW\F]QLH QLNWQDVE\QLHRNXS\ZDáDQLHNVSORDWRZDáZyZF]DVUyZQLH* QLNWQLHPyJáE\F]Xü
VL
REUD*RQ\ VáRZDPL MDNLH ]DZDUáHP Z W\P WUDNWDFLH D ZL
F QDVW
SVWZD WDNLHJR
HZHQWXDOQHJRQLHVáXV]QHJRREFL*DQLD8)2VNRF]\á\E\VL
QDRZ\PPRLPRGV]F]HNDQLX
-HVWHPWH* SHZLHQ*HZWDNLPSU]\SDGNXQDZHWVDPL1HDWDF]\F\Z\UD*RQHZW\PWUDNWDFLH
SRJOG\ SU]\M
OLE\]KXPRUHPSHáQ\P]UR]XPLHQLHPQDV]HMRVWUR*QRFLRUD]]DNFHSWDFM
RGZ]DMHPQLDQHMWH* SU]HFLH* LSU]H]QLFKVDP\FKUH]HUZ\ZV]DN*HQLHPRJOLE\SRF]XZDüVL
XUD*HQL ] SRZRGX Z\W\NDQLD LP G]LDáD MDNLFK QLH SRSHáQLOL 1LHVWHW\ ZV]\VWNLH LVWQLHMFH
GRZRG\ ZVND]XM *H MHOL NWR ZNUyWFH PXVLDá MX* E
G]LH RGV]F]HNDü VZRMH WZLHUG]HQLD
E
G
WRQLHMDDUDF]HMFLNWyU]\EH]SRGVWDZQLHWZLHUG] *H8)2QDXFLV GREU]\LSU]\E\ZDM
QD =LHPL
DE\QDPSRPDJDü,ORüERZLHPMX* ]LGHQW\ILNRZDQ\FKRF]\ZLVW\FKGRZRGyZQD
WR *H MHVWHP\ RNXSRZDQL L HNVSORDWRZDQL URQLH ] ND*G\P GQLHP MHGQRF]HQLH ]D MDN
GRWG QLHXGDáRVL
]QDOH(üQDZHWMHGQHJREH]VSRUQHJRGRZRGXQDSRGSDUFLHWZLHUG]H*H
8)2QDXFLPDM Z\áF]QLHQDV]HGREURQDXZDG]HLSU]\E\ZDM QD=LHPL
W\ONRSRWRDE\QDP
SRPDJDü =UHV]WMDNWR]D]QDF]RQRZSRGUR]G]LDOH%QDZHWVDPL1HDWDF]\F\WDN*HMX*
SU]\]QDM *H MDF\ LQQL VSHF\ILF]QLH QLH]GHILQLRZDQL 8)2QDXFL DNWXDOQLH QDV RNXSXM L
RWZDUFLHLQJHUXM ZQDV]HZHZQ
WU]QHVSUDZ\L*HMHOLNWR ]HFKFLDáE\QDPRWZDUFLHSRPyF
ZyZF]DV]DSHZQHQDUD]LáE\VL
QDUR]SRF]
FLHZRMQ\]QDV]\PLRNXSDQWDPL
$ 3UDZDPRUDOQHRUD]SRG]LDáF\ZLOL]DFMLNRVPLF]Q\FKQDWRWDOL]W\F]QHLSDVR*\WQLF]H
WHFKQLF]QLHEDUG]LHM ]DDZDQVRZDQLRGQDVSRZLQQLPLHüQDPZLHOHGR]DRIHURZDQLDUyZQLH*
LQDSROXPRUDOQ\PW\POXG]LRPSUDJQ
SU]\SRPQLHü*HRNXSXM LHNVSORDWXM RQLQDVMX* RG
SRQDG ODWL*HZSUDZG]LHRWU]\PDOLP\RGQLFKSU]H]FDá\WHQF]DVZLHOHDOHE\áWRW\ONR
EyO FLHUSLHQLD NáRSRW\VS\FKDQLH QDV Z GyáNDWDNOL]P\ L ]DUD]\ MHGQDN QLH E\áR WR F]HJR
QDSUDZG
SRWU]HERZDOLP\WMSRGDQLDQDPSRPRFQHMGáRQLZFL
*NLFKFKZLODFKLEUDWQLHJR
ZVSLHUDQLDQDVSU]\UR]ZL]\ZDQLXQDV]\FKSUREOHPyZ
$E\ Z\MDQLüGODF]HJRRNXSXMF\QDV8)2QDXFLV GODQDVWDNQLHEH]SLHF]QLLGODF]HJR
PXVLP\ VL
SU]HG QLPL EURQLü ]DF]ü WU]HED RG ]DSUH]HQWRZDQLD MHGQHJR ] JáyZQ\FK
ZQLRVNyZ QRZHMWHRULLQDXNRZHMMDNDZUR]G]LDOH+PRQRJUDILL>@L>@RSLVDQDMHVWSRG
QD]Z .RQFHSW 'LSRODUQHM *UDZLWDFML 7DN QDZLDVHP PyZLF WR WHRULD WD MHVW RJURPQLH
LQWHUHVXMFD L ND*G\ NWR MHVW FLHNDZ\ QDMQRZV]\FK Z\GDU]H Z QDXFH SRZLQLHQ VL
] QL
RERZL]NRZR ]DSR]QDü 3U]\NáDGRZR Z\JOGD QD WR *H MHVW RQD ZáDQLH RZ RG GDZQD
SRV]XNLZDQ WHRUL ZV]\VWNLHJR NWyUD Z\W\F]D ]XSHáQLH QRZ\ NLHUXQHN ZV]\VWNLP LQQ\P
G]LHG]LQRP ZLHG]\LNWyUDZVND]XMHUR]ZL]DQLHGODZV]\VWNLFKGRW\FKF]DVQLHZ\MDQLRQ\FK
]DJDGQLH QLHZVSRPLQDMFMX* RW\P*HXGRZDGQLDRQDDOER]XSHáQ QLHZD*QRüDOERWH*
SRWU]HE
]QDF]QHJRXFLOHQLDQLHPDO ZV]\VWNLHJRFRGRW\FKF]DVQDXND]LHPVNDVL
GRURELáD
WM Z MHM ZLHWOH QLHPDO ZV]\VWNR FR GRW\FKF]DV VWZLHUG]LOL QDXNRZF\ ]LHPVF\ MHVW DOER
]XSHáQLH QLHSRSUDZQH DOER WH* MHVW MHG\QLH V]F]HJyOQ\P SU]\SDGNLHP MDNL ZFDOH VL
QLH
RGQRVL GR FDáHJR ZV]HFKZLDWD : RGQLHVLHQLX GR Z\MDQLHQLD SRZRGyZ QDV]HM RNXSDFML
SU]H] 8)2 WHRULD WD PLQ VWZLHUG]D*H QLH]DOH*QLH RG SUDZ IL]\F]Q\FK MDNLH QDV]D QDXND
]LHPVNDSR]QDáDMX* UHODW\ZQLHGREU]HLGRV\üV]F]HJyáRZR Z\MDQLáDZSRGU
F]QLNDFKORVHP
ZV]\VWNLFK LVWRW]DPLHV]NXMF\FKZV]HFKZLDWU]G]LWH* MHV]F]HMHGHQURG]DMSUDZGRW\FKF]DV
QLH]QDQ\FK QDV]HM QDXFHL ILOR]RILL ÏZ GRW\FKF]DV QLH SR]QDQ\ URG]DM SUDZ Z UR]G]LDOH+
PRQRJUDILL >@ L >@ QD]\ZDQ\ MHVW SUDZDPL PRUDOQ\PL 3RGF]DV JG\ SUDZD IL]\F]QH
GHILQLXM MDNLHV IL]\F]QHQDVW
SVWZDGDQHJRG]LDáDQLDQSMHOLXGHU]\V]JáRZ ZPXUPXU
XGHU]\ WZRM JáRZ
]WDN VDP VLáSUDZDPRUDOQHGHILQLXM MDNLHV PRUDOQHQDVW
SVWZD
ND*GHJR QDV]HJRG]LDáDQLDQSFRNROZLHNXF]\QLV]NRPX LQQHPXZSU]\V]áRFLE
G]LHWR
WH* XF]\QLRQHLWRELHVDPHPX/XG]LH]DPLHV]NXMF\SODQHW
=LHPLDQLHVWHW\MDNQDUD]LHV
QDWDNQLVNLPV]F]HEOXUR]ZRMXILOR]RILF]QHJR*HQLHX]QDM MHV]F]HLVWQLHQLDLG]LDáDQLDRZ\FK
SUDZ PRUDOQ\FKàDPL MHZL
FEH]P\OQLHSU]\ND*GHMVSRVREQRFL7\PF]DVHPNDU\]DLFK
áDPDQLH V QLH]Z\NOH VXURZH 2ERN RNXSDFML QDV]HM SODQHW\ZáDQLH RZH NDU\ ]D áDPDQLH
SUDZ PRUDOQ\FKSRZRGXM *H*\FLHQD=LHPLMHVWWDNLHWUXGQHEROHVQHRUD]SHáQHOXG]NLHJR
FLHUSLHQLD LQLHV]F]
ü-HGQDNLQQHEDUG]LHMRGQDV]DDZDQVRZDQHLVWRW\IL]\F]QH NWyUH
SRGREQLH MDN OXG]LH ]DPLHV]NXM RJURPQ\ ZV]HFKZLDW GRVNRQDOH ZLHG] R LVWQLHQLX L
G]LDáDQLXW\FKSUDZLVWGXZ]JO
GQLDM MHZHZV]\VWNLFKVZRLFKDNFMDFK&\ZLOL]DFMH]DNWyUH
ZLHG] R G]LDáDQLX SUDZ PRUDOQ\FK L XQLNDM LFK EH]P\OQHJR áDPDQLD Z VZRLP
SRVW
SRZDQLX PDM MHG\QLH GZLH PR*OLZH GURJL GR Z\ERUX 0XV] RQH ERZLHP DOER
UHVSHNWRZDü L SHGDQW\F]QLH SU]HVWU]HJDü WH SUDZD ZH ZV]\VWNLP FR F]\QL DOER WH*
REFKRG]LüG]LDáDQLHW\FKSUDZQDRNRáRWDNDE\LFKQLHSU]HVWU]HJDüDOHLQLH]RVWDüGRWNQL
W\P
VXURZ\PL NDUDPL ]D LFK QLHZ\SHáQLDQLH =DDZDQVRZDQH F\ZLOL]DFMH NWyUH Z\EUDá\ GURJ
ILOR]RILLWMMHGHQ]W\FKRER]yZZ\]QDMHNWyU]LPSOHPHQWDFMLWRWDOL]PXGUXJL]D NWyU]
LPSOHPHQWDFMLSDVR*\WQLFWZD
1LHVWHW\ F\ZLOL]DFMH NRVPLF]QH NWyUH Z\EUDá\ GURJ
GRNáDGQHJR SU]HVWU]HJDQLD SUDZ
PRUDOQ\FKLSRVW
SRZDQLD]JRGQHJR]ILOR]RIL WRWDOL]PXZ]L
á\MHGQRF]HQLHQDVLHELHFL
*DU
GRV\ü WUXGQHJR*\FLD-DNWRERZLHPRSLVDQRZUR]G]LDOH$PRQRJUDILL>D@ZSRGUR]G]LDOH
%WUDNWDWX>@ZSRGUR]G]LDOH ,PRQRJUDILL>@RUD]ZSRGUR]G]LDOH,PRQRJUDILL>@
SUDZD PRUDOQH]PXV]DM SU]HVWU]HJDMF\FKMHOXG]LGRQLHXVWDQQHJRZVSLQDQLDVL
SRGJyU
W]Z SRODPRUDOQHJRF]\OLGRF]\QLHQLDZ*\FLXW\ONRWHJRFRMHVWGRNáDGQLHSU]HFLZVWDZQH
GR SRVW
SRZDQLD SR OLQLL QDMPQLHMV]HJR RSRUX 'ODWHJR XSRGDEQLDM RQH *\FLH
SU]HVWU]HJDMF\FK MH LVWRW UR]XPQ\FK GR DOHJRU\F]QHJR ZVSLQDQLD VL
SR ]ERF]DFK
QLHZLG]LDOQHMLQLH]Z\NOHOLVNLHMNU\V]WDáRZHMJyU\ZNV]WDáFLHHOLSVRLG\MDMNDMDNDZ\áDQLDVL
$$OWHUQDW\ZQDKLVWRULDOXG]NRFLRUD]GRZRG\MDNLHM SRWZLHUG]DM
7DN VL
MDNR VNáDGD*H]XZDJLQDVZHFHFK\ZURG]RQHQLHNWyUHUDV\VWZRU]H QDGDM
VL
V]F]HJyOQLHGRRNUHORQ\FKFHOyZ3U]\NáDGRZRZLQLHGRVNRQDOHQDGDM VL
GRKRGRZOL
QDPL
VRNURZ\]D QDKRGRZO
QDPOHNR2ND]XMHVL
*HOXG]LHF]\OLLVWRW\UR]XPQH]UDV\
DGDPRZHM QDGDM VL
GRVNRQDOH ZáDQLH GR E\FLD KRGRZDQ\PL SU]H] RZH F\ZLOL]DFMH
SDVR*\WQLF]H MDNR GDZF\ QLHZROQLNyZ XVáXJ RUD] HQHUJLL MDNLH RQH SRWU]HEXM GOD
REFKRG]HQLD SUDZ PRUDOQ\FK QDRNRáR L KRáXERZDQLD VZHPX OHQLZHPX VW\ORZL *\FLD
3RZRGHPMHVW*HOXG]LHV MHGQ\PL ]QDMJáXSV]\FKLVWRWUR]XPQ\FK]DPLHV]NXMF\FKNRVPRV
QLQLHMV]HVWZLHUG]HQLHMHVWRELHNW\ZQ\PIDNWHPQLH]D W\ONRPRM SU\ZDWQ RSLQL IDNWWHQ
SRWHQFMDá WHQ SU]\ QDV]HM JUDZLWDFML QLH MHVW QDP SRWU]HEQ\ OXG]LH PXV] Z\NRU]\VW\ZDü
MHG\QLH RNRáRF]\OLRNRáRSRWHQFMDáXVZRLFKPy]JyZ:SU]\EOL*HQLXWDNWH* IDNW\F]QLH
NV]WDáWXMHVL
VWRSLH Z\NRU]\VWDQLDOXG]NLHJRPy]JX
1DV] Z]URVW :]URVW LVWRW MDNLFK HZROXFMD QDVWSLáD QD GDQHM SODQHFLH MHVW
RGZURWQLH SURSRUFMRQDOQ\ GR NZDGUDWX JUDZLWDFML LFK URG]LPHM SODQHW\ ]D GOD LVWRW
LQWHOLJHQWQ\FK W\SX OXG]LH RSLVXMH JR UyZQDQLH ,, RPyZLRQH Z SRGUR]G]LDOH ,,
PRQRJUDILL >@ L UyZQDQLH , RPyZLRQH Z SRGUR]G]LDOH , PRQRJUDILL >@ RUD] Z
SRGUR]G]LDOH %WUDNWDWX>@1LHVWHW\Z]URVWOXG]LMHVWZLHORNURWQLHPQLHMV]\RGZDUWRFLMDNLH
SRZLQLHQ SU]\MPRZDüGODJUDZLWDFML=LHPLDF]NROZLHNRGSRZLHGQLGODSODQHW\RNRáRUD]\
ZL
NV]HM RG =LHPL 3U]\NáDGRZR Z PRLP RVRELVW\P SU]\SDGNX Z]URVW Z\QRVL PHWUD
*G\E\ ]D HZROXFMDOXG]LRGE\áDVL
QD=LHPLZyZF]DV]JRGQLH]RZ\PUyZQDQLHP,,
L , ] PRQRJUDILL >@ L >@ RUD] UyZQDQLHP % WUDNWDWX>@ PyMZ]URVW SRZLQLHQ
Z\QRVLüD* RNRáRPHWUyZ=JRGQLH] UR]ZD*DQLDPLSU]\WRF]RQ\PLZSRGUR]G]LDOH,,L,
PRQRJUDILL >@ L >@ SRGUR]G]LDOH & PRQRJUDILL >@ L >@ RUD] Z SRGUR]G]LDOH %
WUDNWDWX>@ZQLHNWyU\FKV]F]HJyOQ\FKRNROLF]QRFLDFKQSREHFQRFLSRODWHOHNLQHW\F]QHJR
SRGF]DV ]DSáRGQLHQLD EDULHUD JHQHW\F]QD XWU]\PXMFD Z]URVW GDQ\FK LVWRW QD SR]LRPLH Z
MDNLP Z\HZROXFMRQRZDáVL
RQQDLFKURG]LPHMSODQHFLHPR*H]RVWDü]QLV]F]RQD:yZF]DV
Z]URVW W\FK LVWRW EXFKQLH GR ZLHONRFL RGSRZLHGQLHM GOD JUDZLWDFML QRZHM SODQHW\
MHGQRF]HQLH LFK LQWHOLJHQFMD RGSRZLHGQLR VSDGQLH 7DN WH* PLDáD VL
U]HF] ] QLHNWyU\PL
OXG(PLNWyU]\ZGDOHNLHMSU]HV]áRFLVSáDG]DQL]RVWDOLSU]H]DQLRáyZOXEERJyZ,FKZ]URVW
EXFKDá GR ZLHONRFL RNRáR PHWUyZ'ODWHJRWH* Z GDZQ\FKF]DVDFK QD =LHPL*\OL JLJDQFL
RNRáR PHWURZHMZ\VRNRFLSU]\NáDGRZRZ1RZHM=HODQGLLRVWDWQL]W\FKJLJDQWyZZ\PDUOL
GRSLHURRNRáRODW\FKWMJG\Z(XURSLHSDQRZDáDHSRND1DSROHRQDSDWU]SRGUR]G]LDá
% ] WUDNWDWX >@ 7DN QDZLDVHP PyZLF WR ]JRGQLH ] SLVPDPL UDELQLVW\F]Q\PL
G\VNXWRZDQ\PL QD VWURQLH NVL*NL >$@ SLyUD $QGU]HMD 2OV]HZVNLHJR 3DUDGRNV\
WDMHPQLF\ ZV]HFKZLDWD :DUV]DZD ,6%1 VWURQ .RQVXOWDFMH Z
VSUDZLH G\VWU\EXFML :\GDZQLFWZR $ 2OV]HZVNL :DUV]DZD VNU SRF]WRZD
ZV]\VWNLP GRVNRQDOH ]QDQ\ ELELOLMQ\ 0RM*HV] PLDá PLHü RNRáR PHWUD Z]URVWX FR
VXJHURZDORE\ *HLRQE\áZáDQLHMHGQ\P]RZ\FKJLJDQWyZ VSáRG]RQ\FKZREHFQRFLSROD
WHOHNLQHW\F]HJRRUD]ZHGáXJW\FKSLVPPLDáRGELRGHUZ GyáZ\JOGF]áRZLHNDRGELRGHU]D
Z JyU
E\áMDNDQLRáQLHELHVNL1DGRGDWHNGRWHJRSRVLDGDáRQMHGHQV]F]HJyáDQDWRPLF]Q\
MDNL ZGDZQ\FKF]DVDFKRNUHODQRZáDQLHMDNRFHFK
DQLRáyZG]L XZD*DVL
JRMHG\QLH]D
FHFK
GLDEáyZ NWyU\ VXJHUXMH *H IDNW\F]QLH VSáRG]RQ\ RQ E\á SU]H] LVWRW
SRFKRG]HQLD
SR]D]LHPVNLHJRFRWH* R]QDF]D*HZFKZLOLMHJRVSáRG]HQLDQDMSUDZGRSRGREQLHMREHFQHE\áR
ZáDQLH SROH WHOHNLQHW\F]QH &HFK W V URJL MDNLH FLJOH ZLGRF]QH V QD SRND]XMFHM
0RM*HV]D ZMHJRZLHONRFLJLJDQWDU]H(ELH0LFKHODQJHOR]QDMGXMFHMVL
ZNRFLHOH63LHWUR
LQ 9LQFROL Z 5]\PLH WDN QDZLDVHP PyZLF WR ] ELELOLMQ\FK SRVWDFL ZJ >$@ URJL PLDá WH*
SRVLDGDü MHV]F]HMHGHQJLJDQW ]ZDQ\ .DLQDE\üPR*HLQDZHWMHJRJLJDQW\F]Q\ EUDW$EHO
NWyUHJR SRQDG V]HFLRPHWURZHM GáXJRFL VDUNRIDJ GR G]LVLDM ]QDMGXMH VL
Z 6\ULL LVWQLHMH
ZL
FV]DQVD*HNLHG\ GDVL
JRSU]HEDGDüQDXNRZR2SLV\QLHNWyU\FKGDQ\FKKLVWRU\F]Q\FK
QD WHPDWJLJDQWyZQSSU]\SDGNL]QDOH]LHQLDLFKUHV]WHNSU]\WRF]RQRZSRGUR]G]LDOH&
PRQRJUDILL>@L>@RUD]UR]G]LDOH%WUDNWDWX>@
3U]HG]DVLHGOHQLHP=LHPLSU]H]OXG]LKRGXMF\QDVNRVPLFLVWRSQLRZRSU]\JRWRZ\ZDOL
QDV] SODQHW
GRFHOXMDNLHPXPLDáDRQDVáX*\ü=REHFQHJRUR]H]QDQLDZ\QLND*HZF]DVDFK
NLHG\ MDNLH PLOLRQyZ ODW WHPX KRGXMF\ QDV NRVPLFL RGNU\OL SODQHW
=LHPL
E\áD RQD
SR]EDZLRQ *\FLDNDPLHQQ SXVW\QL]QDMGRZDáDVL
QDEOL*V]HM6áRFDQL* G]LVLHMV]DRUELFLH
MHMV]\ENRüZLURZDQLDE\áDFDáNRZLFLHLQQDWDN*HMHMF]
üSRNU\ZDQDE\áDQLHPDOZLHF]Q
V]\ENRFL ZLURZDQLDLZWHQVSRVyEUR]SURV]HQLHMHMZLHF]Q\FKPURNyZ]ZL
NV]HQLHPDV\
SRSU]H] ]U]XFHQLH QD QL SRF]WNRZR MHGQHJR ] WU]HFK MHM NVL
*\FyZ RUD] VWRSQLRZH
UR]SOHQLHQLH QDQLHM*\FLD=DUyZQRSRGF]DVWHMID]\MDNLQDVW
SQ\FKGRNRQ\ZDOLRQLZLHOH
EDGD QDV]HMSODQHW\PLQSRSU]H]SHQHWURZDQLHVZ\PLZHKLNXáDPLMHMVNRUXS\-HGQ\P]
WUZDá\FK ODGyZ MDNL GR G]LVLDM SR]RVWDá SR RZ\FK EDGDQLDFK V QLHNWyUH ] RPDZLDQ\FK Z
WUDNWDFLH>%@V]NOLVW\FKWXQHOL8)22F]\ZLFLHSRGF]DVZ\NRQ\ZDQLDRZ\FKG]LDáD LQ*\QLHULL
SODQHWDUQHM SR]RVWDZLOLRQLQD=LHPLWDN*HZLHOHLQQ\FKODGyZVZRMHMREHFQRFLZáF]DMF
Z WR RGFLVNL QyJ IUDJPHQW\ X*\ZDQHJR VSU]
WX D QLHNLHG\ QDZHW V]NLHOHW\ L FLDáD RILDU
Z\SDGNyZ ODG\WHRGF]DVXGRF]DVX]RVWDM SU]H]QDVWHUD]RGNU\ZDQHQLHVWHW\ZNUyWFH
SR RGNU\FLX ]Z\NOH FLFKFHP QLV]F]RQH QD ]OHFHQLH QDV]\FK RNXSDQWyZ 3U]\NáDGRZR GR
ODGyZ WDNLFK QDOH*\ RGFLVN VWRS\ NRELHFHM VSU]HG ODW F]\OL VSU]HG F]DVyZ
]DOXGQLHQLD =LHPL RU\JLQDOQLH ]QDOH]LRQ\ QD VNDOH SLDVNRZHM Z /DQJHEDDQ /DJRRQ NRáR
&DSH 7RZQZ3RáXGQLRZHM$IU\FHODGWHQZURNX]RVWDáZ\FL
W\LXVXQL
W\SRGREQRZ
FHOX SU]HQLHVLHQLDJRGRPX]HXPMDMHVWHPZ\VRFHVFHSW\F]Q\FRGRIDNW\F]Q\FK]DPLDUyZ
WDNLFK G]LDáDERZLHP]JRGQLH]PRLPLEDGDQLDPLRNXSXMF\QDV8)2QDXFLV\VWHPDW\F]QLH
L FHORZR RUJDQL]XM XVXZDQLH L QLV]F]HQLH ZV]HONLFK ODGyZ MDNLH XPR*OLZLDá\E\ QDP
SR]QDQLH QDV]HM SU]HV]áRFL L VWG ]RULHQWRZDQLH VL
Z QDV]HM V\WXDFML =QDF]QLH QDZHW
VWDUV]H V RGFLVNLODGyZVWySOXG]NLFKZ\VW
SXMF\FKZWRZDU]\VWZLHRGFLVNyZáDS
GLQR]DXUyZ 2GNU\WRMHZWUDNFLHZ\NRSDOLVNGRNRQ\ZDQ\FKZNRU\FLHU]HNL3XOX[\NRáR*OHQ
5RVH Z 7HNVDVLH 86$ 3LV]H R QLFK $QGU]HM 2OV]HZVNL QD VWURQLH ZF]HQLHM MX*
UHIHURZDQHM NVL*NL >$@ 3DUDGRNV\ WDMHPQLF\ ZV]HFKZLDWD 'LQR]DXU\*\á\ QD =LHPL Z
RNUHVLH PQLHM ZL
FHM RG MDNLFK GR MDNLFK PLOLRQyZ ODW WHPX ZHGáXJ
NRQZHQFMRQDOQHJR GDWRZDQLD :LHN RZ\FK RGFLVNyZ VWyS OXG]NLFK OLF]\ ZL
F MX* QLH VHWNL
W\VL
F\DVHWNLPLOLRQyZODW:NRFXQDMVWDUV]\]QDQ\RGFLVNEXWDOXG]NLHJR]QDOH]LRQ\]RVWDá
Z URNXSU]H]QLHMDNLHJR%LOO
D0HLVWHUQD]DFKyGRGPLDVWHF]ND'HOWDZVWDQLH8WDK
86$ 3RND]DQ\MHVWRQQDU\VXQNX2PRQRJUDILL >@RUD]QDU\VXQNX%WUDNWDWX>@
3RGF]DVIRUPRZDQLDWHJRRGFLVNXMHJRSL
W UR]JQLHFLRQ\]RVWDáMHGHQ]SLHUZV]\FKQD=LHPL
WU\ORELWyZ WM*\MWHNQDZ\Ná\FKGREDUG]RQLHSU]\MD]Q\FKZDUXQNyZURGRZLVNRZ\FKMDNLH
]DSHZQH KRGRZDQHE\á\ZyZF]DVQD=LHPLLZáDQLHGRJOGDQHSU]H]VZHJRNRVPLF]QHJR
KRGRZF
7U\ORELW\*\á\ZURGNRZHMF]
FLRNUHVX&DPEU\MVNLHJR&DPEULDQF]\OLMDNLH
PLOLRQyZODWWHPX%\á\RQHMHGQ\PL]SLHUZV]\FKRUJDQL]PyZ*\Z\FKSR]RVWDZLDMF\FKWUZDáH
UHV]WNLMDNLHSRMDZLá\VL
QD=LHPL7HQQDMVWDUV]\RGFLVNEXWDOXG]NLHJREDGDQ\E\áPLQSU]H]
PRMHJR ]QDMRPHJR0U(YDQ
D+DQVHQ+&%R[%HU\O8WDK86$NWyU\E\á
RVRE V]F]HJyOQLH NRPSHWHQWQ GR MHJR ]EDGDQLD ERZLHP ZLHOH ODW VZHJR *\FLD VS
G]Lá
]DURENXMF MDNRV]HZF=JRGQLH]MHJRRSLQL RGFLVNWHQSU]HND]XMHVRE FDá RSRZLHü
L QLH PD QDMPQLHMV]HM ZWSOLZRFL *H SRFKRG]L RG F]áRZLHND LGHQW\F]QHJR GR OXG]L
VFLHUDMF\FKG]LVLDMVZRMHEXW\QDQDV]HMSODQHFLH
$0HWRG\G]LDáDQLD8)2QDXWyZQD=LHPL
2F]\ZLFLH LVWRW\ NWyUH KRGXM L HNVSORDWXM OXG]L RG SRF]WNX RVDG]HQLD UDV\
DGDPRZHM QD =LHPL QLH PRJ VRELH *\F]\ü DE\ LFK WU]RGD GRZLHG]LDáD VL
NLHG\NROZLHN
MDNLHPX FHORZLVáX*\ DOER DE\ FKRüE\ W\ONR SR]QDáDVZRLFK KRGRZFyZ L HNVSORDWDWRUyZ=
WHJR WH* SRZRGX KRGXMF\ QDV NRVPLFL VWDUDQQLH XNU\ZDM SU]HG QDPL VZRM QLHXVWDQQ
REHFQRü QD=LHPLDWDN*HXQLHPR*OLZLDM QDPSR]QDQLHQDV]HMSUDZG]LZHMSU]HV]áRFL:
W\PFHOXFRNROZLHNF]\QL FLOHSU]HVWU]HJDM RNUHORQ\FKUHJXáVZRMHJRSRVW
SRZDQLD$E\
]RULHQWRZDüF]\WHOQLNDRRJURPQ\PZ\UDILQRZDQXSHUILGQRFLDMHGQRF]HQLH LQWHOLJHQFMLW\FK
PHWRG SU]\WRF]P\ WXWDM NLOND SU]\NáDGyZ W\FK UHJXá MDNLH XGDáR PL VL
SR]QDü Z Z\QLNX
GRW\FKF]DVRZ\FK EDGD L]PDJD ]8)2QDXWDPLRUD]MDNLHEDUG]LHMV]F]HJyáRZRRSLVDáHP
MX* ZPRQRJUDILDFK>@L>@RUD]ZWUDNWDFLH>@
%H]SU]HUZ\XNU\ZDMVL
SU]HGOXG(PL-HOLZL
F8)2QDXFLRSHUXM QD=LHPLOXE
QDW\OHEOLVNRSRZLHU]FKQL*HPRJOLE\]RVWDüGRVWU]H*HQLZyZF]DVQLHPDOZ\áF]QLHF]\QL WR
QRFDPL NLHG\ ZL
NV]Rü OXG]L SL D SRQDGWR GOD EH]SLHF]HVWZD SU]H] ZL
NV]Rü F]DVX
SRVLDGDM ZáF]RQH XU]G]HQLD F]\QLFH LFK QLHZLG]LDOQ\PL GOD QDV]\FK RF]X L NDPHU :
SU]\SDGNX ]D QDORWX QD MDNLHJR =LHPLDQLQD MDNR UHJXáD ]DZV]H SU]HáF]DM VZRMH
XU]G]HQLD QDS
GRZH QD G]LDáDQLH Z WU\ELH FDáNRZLWHM QLHZLG]LDOQRFL GOD OXG]NLFK RF]X L
NDPHU WU\EWHQQD]\ZDQ\ MHVWVWDQHPPLJRWDQLDWHOHNLQHW\F]QHJR]D MHJRSU]HáDPDQLXL
]REDF]HQLXXNU\ZDMF\FKVL
]DMHJR]DVáRQ 8)2QDXWyZVáX*\üPDZáDQLHGRVWDZDEURQL
RSLV\ZDQD ZWUDNWDFLH>%@LZSRGUR]G]LDOH'WUDNWDWX>@3UDNW\F]QLHZL
FQLHXVWDQQHM
LFK REHFQRFL QD =LHPL QLHPDO QLH MHVWHP\ Z VWDQLH Z\NU\ü 3RPLPR MHGQDN L* LFK QLH
ZLG]LP\ L]GDMHVL
QDP*HLFKZRJyOHQLHPDQDQDV]HMSODQHFLHIDNW\F]QLHWRZRNXSDFM
=LHPL ]DDQJD*RZDQH V RJURPQH VLá\ 8)2QDXWyZ -DN WR ERZLHP Z\ND]XM ]JUXEQH
RV]DFRZDQLD SU]\WRF]RQH Z SRGUR]G]LDOH % WUDNWDWX >@ MHGHQ QLHZLG]LDOQ\ 8)2QDXWD
SU]\SDGD QDND*GHRNRáROXG]LQDWRPLDVWMHGHQQLHZLG]LDOQ\ZHKLNXá8)2SU]\SDGDQD
ND*GH RNRáR OXG]L *G\E\P\ PRJOL LFK ZV]\VWNLFK ]REDF]\ü SUDZGRSRGREQLH
ZLG]LHOLE\P\ LFK ZRNyá VLHELH Z WDNLHM VDPHM J
VWRFL MDN SRGF]DV RNXSDFML KLWOHURZVNLHM
ZV]
G]LH ]REDF]\ü PR*QD E\áR 1LHPFyZ WM SR NLONX QD ND*G\P URJX XOLF\ L Z ND*G\P
ZL
NV]\P EXG\QNX ]D LFK ZHKLNXá\QLHXVWDQQLHZLGQLDá\E\ MDN SDWUROXM SU]HVWU]H SRQDG
ND*G PLHMVFRZRFL
8*\ZDQLHZ\áF]QLHQLHZ\NU\ZDOQ\FKGODOXG]LPHWRGG]LDáDQLD-HOL8)2QDXFL
RVRELFLH ]DPLHU]DM Z F]\P SU]HV]NRG]Lü F]\ FR SRZVWU]\PDü X*\ZDM Z W\P FHOX
QLH]Z\NOHSU]HELHJá\FKLQLHPDOQLHPR*OLZ\FKGRZ\NU\FLDSU]H]OXG]LPHWRGL URGNyZ%DUG]R
F]
VWR WH* QLH DWDNXM L QLV]F] EH]SRUHGQLHJR FHOX LFK VDERWD*X D FR ]GDZDáRE\ VL
FDáNRZLFLH QLH]ZL]DQHJR FR MHGQDN ] FHOHP W\P SRVLDGD LVWRWQ\ L GREU]H XNU\W\ ]ZL]HN
3U]\NáDGRZR Z UR]G]LDOH & WUDNWDWX >%@ RSLVDQH MHVW U]HF]\ZLVWH ]GDU]HQLH ]DV]áH Z
WURSLNDOQ\P%RUQHRNLHG\WRDE\SRZVWU]\PDüPQLHSU]HGSXEOLNRZDQLHPWUDNWDWX>%@]HSVXOL
PRM ORGyZN
-DNWRWH* Z\MDQLáHPZRZ\PUR]G]LDOH&E\áRWRQLH]Z\NOHVWUDWHJLF]QHL
GLDEHOVNR SU]HELHJáH SRVXQL
FLH ERZLHP ]HSVXFLH PRMHM ORGyZNL Z VNXWNDFK RND]DáR VL
UyZQLHHIHNW\ZQHMDN]HSVXFLHPRMHJRNRPSXWHUDQDNWyU\PSLVDáHPWHQWUDNWDW*G\E\MHGQDN
QLH GRSRPyJáPLSU]\SDGHNWMWHOHNLQHW\F]Q\SU]\PUR]HNMDNLSU]\SDGNRZRZ]EXG]LáZPRMHM
V\SLDOQL QDS
G LFK QLHZLG]LDOQHJR ZHKLNXáX QLJG\ QLH E\áE\P Z VWDQLH RGNU\ü*H DWDNX QD
WUDNWDW>%@MDNLZyZF]DVSLVDáHPGRNRQDOL]DSRUHGQLFWZHPWDN]GDZDáRE\VL
QLH]ZL]DQHM
] QLPU]HF]\MDNORGyZND=DZV]H]D NLHG\SVXOLPLNRPSXWHUDSRGF]DVSLVDQLDWDPWHJR
WUDNWDWX>%@F]\QLOLWRD* ZLHORNURWQLHQDW\FKPLDVWZLHG]LDáHPL* LFKFHOHPMHVW]DSRELHJQL
FLH
RSXEOLNRZDQLD WDPWHJR WUDNWDWX VWG LFK SUyE\ ]DV]NRG]HQLD W\ONR XWZLHUG]Dá\ PRM
GHWHUPLQDFM
DE\WDPWHQWUDNWDWZ\GDü]DZV]HON FHQ
:WHJRW\SXG]LDáDQLDFKXMDZQLDVL
]RULHQWRZDüFRQDSUDZG
MHVWJUDQHQDZHWLREHFQLHNLHG\PRMHSXEOLNDFMHSRGQLRVá\MX* WDN
SRWU]HEQ\ DODUP FLJOH PDáR NWR PL ZLHU]\ SRPLPR *H QD SRSDUFLH VZ\FK WZLHUG]H
SU]HGVWDZLDPQLH]ELWHGRZRG\
3VXFLH ] X*\FLHP Z\GDU]H Z\JOGDMF\FK QDWXUDOQLH -HOL RNXSXMF\ QDV
8)2QDXFL]DPLHU]DM FR ]HSVXü]DZDOLüF]\]QLV]F]\ü]DZV]HGRNRQXM WHJRZVSRVyEMDNL
Z\JOGD QD SU]\SDGHN Z\SDGHN OXG]NL ZDQGDOL]P F]\ G]LDáDQLH VLá QDWXU\ 3U]\NáDGRZR
NRPSXWHU\LXU]G]HQLDHOHNWU\F]QHRVyENWyUHG]LDáDM QDLFKV]NRG
SVXM QLHPDOZ\áF]QLH
NLHG\ZáDQLHMHVWEXU]DNWyU WREXU]
ZUD]LHSRWU]HE\VDPL]UHV]W Z\ZRáXM VZRM Z\VRNR
]DDZDQVRZDQ WHFKQLNWDNDE\]HSVXFLHZ\JOGDáRMDNRZ\QLNZ\áDGRZD HOHNWU\F]Q\FK
OXE NLHG\NWR ZáDQLHMHUR]HEUDá]DJOGDLPGRURGNDHNVSHU\PHQWXMH]QLPLOXESR]ZROLá
MHGRWNQüMDNLHPX G]LHFNXF]\SRVWURQQHMRVRELHFRUyZQLH* ]UHV]W F]\QLVL
]Z\NOHQDLFK
WHOHSDW\F]QH SROHFHQLH WDN DE\ ]HSVXFLH Z\JOGDáR MDNR Z\SDGHN OXE SU]\SDGNRZH
XV]NRG]HQLH 2F]\ZLFLH DE\ RVLJQü Z\*V] VNXWHF]QRü MHOL W\ONR PRJ ZyZF]DV
]HSVXFLD GRNRQXM ]VRERW\QDQLHG]LHO
OXEZVDP QLHG]LHO
WDNDE\XU]G]HQLDQLHGDáR
VL
RGGDüGRQDSUDZ\]DUD]SRRGNU\FLXL* MHVW]HSVXWH
0RUGRZDQLH]X*\FLHPZ\SDGNyZLFKRUyE-HOL8)2QDXFL]DPLHU]DM NRJR
XSURZDG]Lü QD ]DZV]H OXE ]DPRUGRZDü]DZV]H GRNRQXM WHJRZ VSRVyEMDNL Z\JOGD QD
Z\SDGHNOXEPLHUüQDWXUDOQ3U]\NáDGRZROXG]LXSURZDG]DM QD]DZV]HNLHG\FL]DZLHG]
VZRLFK EOL(QLFK Z\ELHUDM VL
GR ODVX OXE QD EH]OXG]LH WDN*H LFK ]QLNQL
FLH Z\JOGD QD
Z\SDGHNF]\]DEáG]HQLHF]\NLHG\ QSFLQDRF]DFKZLHOXZLDGNyZ]DQXUNXM ZPRU]XWDN
*H LFK QLHZ\Sá\QL
FLH Z\JOGD MDN XWRSLHQLHVL
OXE ]MHG]HQLH SU]H] UHNLQ\$E\ GRGDWNRZR
XáDWZLü OXG]LRP QDWXUDOQH Z\MDQLHQLH GOD RZ\FK ]QLNQL
ü F]
VWR IDEU\NXM MDNL
SU]HNRQ\ZXMFHGRZRG\MDNSRG]LXUDZLRQHNXODPLLSRNUZDZLRQHXEUDQLHV]NLHOHWF]\F]\M
XOXELRQ\ ]HJDUHN-HOL]D NRJR PRUGXMGRNRQXM WHJRSRSU]H]]DLQGXNRZDQLHZMHJRMHM
FLHOH UDND F]\ LQQHMPLHUWHOQHMDOHZ\JOGDMFHM QD QDWXUDOQ FKRURE\:L
FHM GDQ\FK QD
WHPDW OLNZLGRZDQLDSU]H]8)2QDXWyZQLHZ\JRGQ\FKLPOXG]L]DZDUWRZSRGUR]G]LDáDFK$
L%WUDNWDWX>@
8NU\ZDQLHVZRLFKED]LZHKLNXáyZ6ZRMHED]\Z\SDGRZH8)2QDXFLVWDUDQQLH
XNU\ZDM ZHZQ
WU]XVNRUXS\=LHPLEDUG]RF]
VWRZSRG]LHPQ\FKMDVNLQLDFKRGSDURZDQ\FK
ZHZQ
WU]XRGRVREQLRQ\FKJyUGRPLQXMF\FKQDGRNROLFWDNLFKMDNQLH*NDà\VD*yUDF]\
%DELD *yUDSDWU]>%@OXEQDSODQHWDFKVVLDGXMF\FK]=LHPL QS:HQXVL0DUVLH1DG
QDV] SODQHW ODWDM JáyZQLHQRFDPLLWR]Z\NOHRVáRQL
FLGRGDWNRZR]DVáRQ QLHZLG]LDOQRFL
.LHG\]D PXV] MX* ZWU\ELHZLG]LDOQ\PSU]HODW\ZDüOXE]DZLVDüZSREOL*XSRZLHU]FKQLQDV]HM
SODQHW\]DZV]HLFKS
GQLNLHPLWXM ZyZF]DVVLOQ\QDND]WHOHSDW\F]Q\DE\OXG]LHNRQW\QXRZDOL
VZRMH G]LDáDQLD L ]XSHáQLH QLH ]ZUDFDOL XZDJL QD WR FR ZLG] ERZLHP ZFDOH QLH REVHUZXM
8)2DFR FDáNLHPEDQDOQHJRFRND*G\GRVNRQDOH]QD]FRG]LHQQHJR*\FLDSDWU]RSLV\WHJR
QDND]XZSRGUR]G]LDOH3PRQRJUDILL>@
8VWQLH]DSRZLDGDMGRNáDGQHSU]HFLZLHVWZRIDNW\F]QLH]DPLHU]DQ\FKG]LDáD
-HOL 8)2QDXFL SRVLDGDM NRQWDNW ] NWyU\P ] =LHPLDQ ]DZV]H PX SU]HND]XM XVWQLH FR
]XSHáQLH RGZURWQHJR QL* IDNW\F]QH LQWHQFMH MDNLH ZREHF QLHJR SRVLDGDM 6WG LFK VáRZQH
RZLDGF]HQLD V ]DZV]H SU]HFLZVWDZQH GR WHJR FR SRWHP VWDUDM VL
RVLJQü VZ\PL
GRVNRQDOH XNU\W\PL G]LDáDQLDPL ']L
NL WHPX RVRED MDND Sy(QLHM SDGD RILDU LFK XNU\W\FK
G]LDáD QLJG\ QLH PR*H VRELH VNRMDU]\ü *H (UyGáHP MHM QLHSRZRG]H V FL VDPL 8)2QDXFL
NWyU]\]GDZDOLVL
E\üWDF\VSU]\MDMF\ZGDQHMVSUDZLH3U]\NáDGRZRJG\QLHFKFLHOLDE\3DQ
'RPDáD SLVDá QLQLHMV]\ WUDNWDW VáRZQLH ]DFK
FDOL JR GR SLVDQLD MHGQDN Z SLVDQLX W\P
LQWHQV\ZQLH PX SU]HV]NDG]DOL Z VSRVyE XNU\W\ = NROHL DE\ XNU\ü*H Z\VáXJXM VL
QLP Z
UHDOL]DFML QLV]F]\FLHOVNLHJR]DGDQLD XVWQLHJR SRZLDGRPLOL*H XU]G]HQLH]ZDQH WDEOLF]N
Z MDNLHJR ]DLQVWDORZDQLX PLDá LP GRSRPyF VáX*\ GREUX OXG]NRFL SRGF]DV JG\ IDNW\F]QLH
XU]G]HQLHWRPLDáRSRVLDüQD=LHPLRJURPQH]QLV]F]HQLD
2F]\ZLFLH QLH]DOH*QLH RG SRZ\*V]\FK UHJXá SRVW
SRZDQLD MDNLH RNXSXMF\ QDV]
SODQHW
8)2QDXFLSU]\M
OLGREURZROQLHDE\XNU\üSU]HGQDPLIDNWVZRMHJRSDVR*\WRZDQLDQD
OXG]LDFK LFK G]LDáDQLD FKDUDNWHU\]RZDQH WH* E\ü PXV] SU]H] FDá\ V]HUHJ RJUDQLF]H
Z\QLNDMF\FK ]NRQLHF]QRFLLFKOLF]HQLDVL
]SUDZDPLPRUDOQ\PL:\ND]RZ\FKRJUDQLF]H
SU]\WRF]RQR ZSRGUR]G]LDOH:PRQRJUDILL>@RUD]ZSRGUR]G]LDOH8PRQRJUDILL>@]D
DE\ GDü WXWDM MDNL LFK SU]\NáDG WR QDOH*\ GR QLFK PLQ NRQLHF]QRü Z\U
F]DQLD VL
QLHZROQLNDPL OXEOXG(PLZHZV]\VWNLFKSU]\SDGNDFKNLHG\]DFKRG]LSRWU]HEDáDPDQLDSUDZ
PRUDOQ\FK 3RZRGHPWHJRZ\U
F]DQLDVL
QLHZROQLNDPLOXEOXG(PLMHVW*HNDUD]DáDPDQLH
SUDZ PRUDOQ\FKVSDGDSRWHPQDW\FKFRMHáDPDOLDQLHQD8)2QDXWyZZLQWHUHVLHNWyU\FK
LFK ]áDPDQLHQDVWSLáR-HOLZL
FRNXSXMF\QDV8)2QDXFL]PXV]HQL V GRMDNLHJRNROZLHN
G]LDáDQLDSROHJDMFHJRQDáDPDQLXSUDZPRUDOQ\FK]DZV]HZW\PFHOXX*\ZDM RGSRZLHGQLR
]DSURJUDPRZDQH SRG KLSQR] RVRE\ NWyUH R LVWQLHQLX SUDZ PRUDOQ\FK MHV]F]H QLH ZLHG]
VWG áDPL MH EH] FKZLOL ]DVWDQRZLHQLD -DN WR MX] ZVSRPLQDQR WDF\ QLHZLDGRPLH
Z\VáXJXMF\ VL
8)2QDXWRP OXG]LH Z UR]G]LDOH 9 PRQRJUDILL >@ L >@ RUD] UR]G]LDOH %
WUDNWDWX >@QD]\ZDQLV ZáDQLHVSU]HGDZF]\NDPLOXENRODERUDQWDPL3UDNW\F]QLHWH* FDá
QLHPRUDOQ URERW
QD =LHPL 8)2QDXFL UHDOL]XM U
NDPL RZ\FK VSU]HGDZF]\NyZ L
NRODERUDQWyZ
3HFKRZR GOD QDV]\FK RNXSDQWyZ RG F]DVX GR F]DVX V]F]HJyOQLH ]D F]
VWR Z
RVWDWQLFK ODWDFK GR ZLDGRPRFL OXG]NLHM FLJOH MHGQDN SU]HGRVWDM VL
IUDJPHQWDU\F]QH
LQIRUPDFMH RVSRWNDQLDFK]NRVPLWDPL*G\E\ZL
FOXG]LH]DF]
OLJá
ELHMZQLNDüZWRFRVWRL
]D W\PL VSRWNDQLDPL E\ü PR*H ] F]DVHP GRNRSDOLE\ VL
GR RGNU\FLD *H V KRGRZDQL L
HNVSORDWRZDQL SU]H] VZRLFK NRVPLF]Q\FK SDVR*\WyZ $E\ ZL
F XQLNQü WDNLHJR
QLHEH]SLHF]HVWZD ]RVWDQLDZ\NU\W\PDW\PVDP\PVSRZRGRZDQLD*HOXG]LH]RULHQWRZDOLE\
VL
ZVZRMHMUROLLV\WXDFMLKRGRZDQHJRE\GáDNRVPLFLSRGGDM OXG]LQDMUy*QLHMV]\PURGNRP
RGG]LDá\ZDQLD SURSDJDQGRZHJR 3U]\NáDGRZR QLHXVWDQQLH ERPEDUGXM LFK WHOHSDW\F]Q\PL
QDND]DPL DE\Z\V]\G]DüL]ZDOF]DüZV]\VWNRFRGRW\F]\8)2WHOHSDW\F]QLHUR]VLHZDM QD
=LHPL SU]HNRQDQLH *H SRGVWDZRZ\P RERZL]NLHP ND*GHJR QDXNRZFD L GHF\GHQWD MHVW
QLHXVWDQQH ]DSU]HF]DQLHLVWQLHQLD8)2LWS1DGRGDWHNGRWHJRXSRZV]HFKQLDM RQLZUyG
OXG]L QDMUy*QLHMV]HDQW\SRVW
SRZHILOR]RILHLUHOLJLHNWyUHQDNáDQLDM GRELHUQRFLXWZLHUG]DM
Z NRQVHUZDW\ZQ\FK SRJOGDFK XWUXGQLDM SRVW
S LWS :áDQLH MHGQR ] WDNLFK ]DGD
SURSDJDQGRZ\FK SRZLHU]RQH]RVWDáRGRZ\NRQDQLD3DQX'RPDOHDF]NROZLHNMDN]Z\NOHZ
WDNLFK SU]\SDGNDFKRNXSXMF\QDV8)2QDXFLQLHSRZLDGRPLOLJRRMHJR]DGDQLXL]PXV]DM
JR GR MHJR UHDOL]DFML Z VSRVyE SU]H] QLHJR ZFDOH QLH XZLDGDPLDQ\ = DQDOL]\
GRW\FKF]DVRZHJR SU]HELHJX]GDU]H Z\QLND*H]DGDQLHWRSROHJDáRQDQLHXZLDGDPLDQ\P
]DVLDQLX ZQDV]\PVSRáHF]HVWZLHJá
ERNLHMNRQIX]MLZFDá\PV]HUHJXVSUDZ]ZL]DQ\FK ]
QDV]\PL RNXSDQWDPLSU]\NáDGRZRQDSU]HNRQDQLXVSRáHF]HVWZD*H8)2QDXFLV QDV]\PL
GREU\PL NUHZQLDNDPL NWyU]\ XVLáXM QDP SRPDJDü QD ]DVLDQLX QLHZLDU\ Z UDSRUW\ RVyE
XSURZDG]DQ\FK QD SRNáDG 8)2 QD SU]HP\FHQLX FDáNLHP P\OF\FK LQIRUPDFML QD WHPDW
LPSODQWyZ LSURFHGXUMDNLPOXG]LHSRGGDZDQLV QD8)2LWS:UH]XOWDFLHW\FKQLHXVWDQQ\FK
G]LDáD SURSDJDQGRZ\FKL ]DSRELHJDZF]\FK RNXSXMF\ L HNVSORDWXMF\ QDV NRVPLFL]GRáDOL
SR]RVWDZDü QLHRGQRWRZDQ\PLDVWGSDVR*\WRZDüQDQDVFDáNRZLFLHEH]NDUQLHSUDNW\F]QLH
SU]H]RNRáRODWGRW\FKF]DVRZHJRSRE\WXOXG]NRFLQD=LHPL
$.RVPLF]QLVRMXV]QLF\OXG]NRFLLLFKGRVWDZ\EURQL
1DV]F]
FLHGODOXG]LZZLHONLPZV]HFKZLHFLHLVWQLHM WH* F\ZLOL]DFMHNWyU\FKILOR]RILD
RSDUWD MHVW QD SU]HVWU]HJDQLX SUDZ PRUDOQ\FK QLH ]D QD LFK REFKRG]HQLX QDRNRáR MDN WR
F]\QL QDVL SDVR*\FL &\ZLOL]DFMH WH REVHUZXMF SR*DáRZDQLD JRGQ\ ORV MDNL VSRW\ND OXG]L
VWDUDM VL
QDP MDNR SRPDJDü 1LHVWHW\ QDVL RNXSDQFL REVWDZLOL =LHPL
VZRLPL VWDWNDPL
ZRMHQQ\PL LQLHGRSXV]F]DM GR=LHPL QLHPDO*DGQHJRVWDWNXRZ\FK VSU]\MDMF\FKOXG]LRP
F\ZLOL]DFML 6WG RZL NRVPLF]QL VRMXV]QLF\ OXG]NRFL ]PXV]HQL V GR SRPDJDQLD QDP QD
RGOHJáRü=DSRUHGQLFWZHPXU]G]H MDNLHZSRGUR]G]LDOH1PRQRJUDILL>@L>@RUD]
Z SRGUR]G]LDOH'WUDNWDWX>@RSLVDQHV SRGQD]Z U]XWQLNLWHOHSDW\F]QHG]LDáDMFQD
PL
G]\JZLH]GQH RGOHJáRFL ZNáDGDM RQL GR XP\VáyZ VWDUDQQLH Z\EUDQ\FK OXG]LRNUHORQH
LGHHSRVW
SRZHSRJOG\NRQFHSW\QRZ\FKXU]G]H WHFKQLF]Q\FKMDNLHV LVWRWQHGODQDV]HM
VDPRREURQ\LWS2F]\ZLFLHQDSá\ZRZLQD=LHPL
LUR]ZRMRZLW\FKQRZ\FKLGHLRNXSXMF\QDV
SDVR*\FL VWDUDM VL
XVLOQLH ]DSRELHF 3RPLPR WR ]ZROQD DOH QLHXVW
SOLZLH QDVL NRVPLF]QL
VSU]\PLHU]HF\ ZLQGXM ZLHG]
OXG]NRFL GR SR]LRPX NLHG\ QLHSRVWU]H*RQH MDN SRSU]HGQLR
HNVSORDWRZDQLH OXG]LE
G]LHGDOHMMX* QLHPR*OLZH:FKZLOLREHFQHMQDV]DF\ZLOL]DFMDMHVWMX*
EDUG]R EOLVNRRZHJRSXQNWX]EXG]HQLDVL
]RPDPX.LHG\]D SXQNWWHQ]RVWDQLHSU]H]QDV
RVLJQL
W\ OXG]LH]SODQHW\=LHPLDSRGHUZ VL
GRVDPRREURQ\]D ZUH]XOWDFLH]PDJD R
Z\]ZROHQLH ]DSHZQH]U]XF ]HVZ\FKJU]ELHWyZZ\SLMDMFHJRLFKNUHZSU]H]FDáHW\VLFOHFLD
NRVPLF]QHJRSDVR*\WD
2ZRWHOHSDW\F]QHZNáDGDQLHGRXP\VáyZZ\EUDQ\FKOXG]LNRQFHSWyZEXGRZ\XU]G]H
QDV]HM VDPRREURQ\ VSRZRGRZDáR *H ZUyG UR]OHJáHJR PDWHULDáX GRZRGRZHJR MDNL
GRNXPHQWXMH IDNWRNXSDFMLLHNVSORDWDFML=LHPLSU]H]8)2V]F]HJyOQHPLHMVFH]DMPXMHFR
FR MD Z VZRLFK WUDNWDWDFK QD]\ZDP GRVWDZDPL EURQL 2ZH GRVWDZ\ EURQL WR SR SURVWX
SU]HND]\ Z\W\F]Q\FK L ]DOHFH MDN ]EXGRZDü SRWU]HEQH QDP GR VDPRREURQ\ XU]G]HQLD
WHFKQLF]QH:NáDGDQHV RQHGRXP\VáyZZ\EUDQ\FKOXG]LZáDQLHSU]H]RZHVSU]\MDMFHQDP
F\ZLOL]DFMH 'RW\FKF]DV PLDáHP PR*QRü V]F]HJyáRZHJR DQDOL]RZDQLD EXGRZ\ L ]DVDG\
G]LDáDQLD D* WU]HFKWDNLFKGRVWDZEURQL3LHUZV]D]QLFKWRWHOHNLQHW\F]Q\DJUHJDWSUGRWZyUF]\
LQIOXHQ]PDVFKLQH RSLVDQ\ Z SRGUR]G]LDOH . PRQRJUDILL >@ L >@ =RVWDá RQ MX*
]EXGRZDQ\ DOH MHJR XSRZV]HFKQLHQLH QDVL NRVPLF]QL RNXSDQFML ]GRáDOL ]DEORNRZDü U
NDPL
RGGDQ\FK VRELH VSU]HGDZF]\NyZ *G\E\ XOHJá RQ XSRZV]HFKQLHQLX QD =LHPL ZyZF]DV
]QDOH(OLE\P\ VL
Z G\VSR]\FML(UyGHá HQHUJLL SRUyZQ\ZDQ\FK GR W\FK MDNLH SRVLDGDM QDVL
RNXSDQFL 'UXJDWRWHOHSDW\F]QDVWDFMDQDGDZF]RRGELRUF]DSLUDPLGDRSLVDQDZWUDNWDFLH
>@ RUD]Z SRGUR]G]LDOH1PRQRJUDILL>@L>@-HOL]GRáDP\M ]EXGRZDüZyZF]DV
E
G]LHP\ Z VWDQLH SRGáF]\ü VL
GR V\VWHPyZ áF]QRFL QDV]\FK RNXSDQWyZ 1DWRPLDVW
WU]HFLD QDOH*\GRJUXS\W]ZXU]G]H XMDZQLDMF\FKGODMDNLFKLFKSU]H]QDF]HQLHRUD]NLOND
RSUDFRZDQ\FK SU]H]HPQLHVDPHJRSU]\NáDGyZLFKEXGRZ\L]DVDGG]LDáDQLDZ\MDQLáHPZ
SRGUR]G]LDOH /LZ]DáF]QLNDFK=PRQRJUDILL>@L>@7DWU]HFLDGRVWDZDEURQLRSLVDQD
MHVW EDUG]RGRNáDGQLHZWUDNWDFLH>%@RUD]VWUHV]F]RQDZSRGUR]G]LDOH'WUDNWDWX>@
-HOL]GRáDP\M ]UHDOL]RZDüZyZF]DVZHMG]LHP\ZSRVLDGDQLHQLH]Z\NáHJRXU]G]HQLDMDNLH
XMDZQL QDV]HPXZ]URNRZLLVWGSR]ZROLQDP]REDF]\üGRW\FKF]DVXNU\ZDMF\FKVL
SU]HG
QDPLRNXSXMF\FKQDV8)2QDXWyZLLFKZHKLNXá\
1LHVWHW\ QDVL NRVPLF]QL SDVR*\FL ZNáDGDM RJURPQ LORü WUXGX L LFLH V]DWDVNLFK
XPLHM
WQRFLZSU]HV]NRG]HQLHDE\XU]G]HQLDGDZDQHQDPZUDPDFKRZ\FKGRVWDZEURQL
SU]\SDGNLHPQLH]DF]
á\VáX*\üOXG]NRFL-DNGRW\FKF]DVRGQRV] WH* ZW\PZ]JO
G]LHVDPH
VXNFHV\ 3U]\NáDGRZRQDVLRNXSDQFL]GRáDOLEDUG]RVNXWHF]QLH]DEORNRZDüXSRZV]HFKQLHQLH
VL
SLHUZV]HJR ] W\FK XU]G]H WM WHOHNLQHW\F]QHJR DJUHJDWX SUGRWZyUF]HJR
LQIOXHQ]PDVFKLQHNWyUHMHVWMX* ]EXGRZDQHLG]LDáDMHGQDNNWyUHJRWHFKQRORJLDZ\NRQDQLD
MHVW SLOQLH VWU]H*RQDSU]H]V]ZDMFDUVN NRPXQ
UHOLJLMQLMDNGRW\FKF]DVQLHPR*H]DF]ü
VáX*\ü Z\G(ZLJQL
FLX VL
OXG]NRFL QD Z\*V]\ SR]LRP UR]ZRMX 3RGREQLH ] GUXJLP
XU]G]HQLHP WHOHSDW\F]Q VWDFM QDGDZF]RRGELRUF] SLUDPLGNWyUHZSUDZG]LH]GRáDáHP
GRNáDGQLH RSLVDü Z SRGUR]G]LDOH 1 VZRLFK PRQRJUDILL >@ L >@ RUD] Z WUDNWDFLH >@
MHGQDN MDN QDUD]LH NWyUHJR QLHPDO QLNW QLH EXGXMH ERZLHP ND*G\ NWR ]DELHU]H VL
GR MHJR
XU]HF]\ZLVWQLDQLDQDW\FKPLDVW]RVWDMHSU]H]8)2QDXWyZVNXWHF]QLH]QLHFK
FRQ\LFKWUXGQ\PL
GR RSDUFLDVL
PHWRGDPL1DWRPLDVWFRGRWU]HFLHJR]RZ\FKSU]HND]DQ\FKQDPXU]G]H
MDNLH RSLV\ZDQHMHVW Z WUDNWDFLH >%@ WR DE\ SU]HV]NRG]Lü Z MHJR RSXEOLNRZDQLX GRVáRZQLH
QDVSL
WU]DOL FDáH JyU\ SU]HV]NyG $F]NROZLHN RPyZLHQLH QDMZD*QLHMV]\FK ] W\FK SU]HV]NyG
SU]\WRF]RQH MHVWZWDPW\PWUDNWDFLH>%@WXWDMZDUWRQDGPLHQLü*HSU]\NáDGRZR]DND*G\P
UD]HP NLHG\W\ONRSUDFDQDGWDPW\PWUDNWDWHP>%@]RVWDZDáDSRGM
WDWHOHSDW\F]QLHLQLH]Z\NOH
LQWHQV\ZQLH ]QLHFK
FDOL RQL GR MHJR SLVDQLD VSURZDG]DOL QDSDG\ QLHPDO QLHPR*OLZHM GR
RSDUFLD VL
VHQQRFL VSURZDG]DOL FKRURE\ SRZRGRZDOL QDMUy*QLHMV]H Z\SDGNL SRSVXFLD
NRPSXWHUD G\VNyZ L SURJUDPyZ RGFL
FLD SUGX Z QDMEDUG]LHM V]NRGOLZ\FK PRPHQWDFK
GRVáRZQLH WRUWXMFHEá\VNDQLD*DUyZHNMDU]HQLRZ\FKUDSWRZQH]PLDQ\SRJRG\VSURZDG]DOL
QDMUy*QLHMV]H QLHV]F]
FLD LQVSLURZDOL SLOQH L QLHSU]HZLG\ZDQH ZF]HQLHM ]DM
FLD
RUJDQL]RZDOL SU]\SDGNL ORVRZH MDNLH XWUXGQLDá\ SLVDQLH D WDN*H GRNRQ\ZDOL VNXWHF]QHJR
V]NRG]HQLD QD G]LHVLWNL LQQ\FK QLH]Z\NOH Z\UDILQRZDQ\FK L WUXGQ\FK GR Z\SXQNWRZDQLD
VSRVREyZ 7\PF]DVHP RSLV\ZDQD Z RZ\P >%@ GRVWDZD EURQL RWU]\PDQD RG QDV]\FK
NRVPLF]Q\FKVRMXV]QLNRZPRLP]GDQLHPMHVW]HZV]\VWNLFKQDMZD*QLHMV]DERZLHPXF]\QDV
RQD MDN NXFKHQQ\P VSRVREHP ]EXGRZDü SURVWH XU]G]HQLH XMDZQLDMFH NWyUH SR]ZROL
ZL]XDOQLH ]REDF]\üGRW\FKF]DVQLHZLG]LDOQ\FKZ]URNRZR8)2QDXWyZNWyU]\QSSU]\E\ZDM DE\
NRJR XSURZDG]LüQDSRNáDG8)2*G\E\XGDáRVL
]EXGRZDüRZRXU]G]HQLHXMDZQLDMFH
E\áRE\ WR RJURPQ\P NURNLHP QDSU]yG Z SR]QDQLX SUDZG\ R QDV]HM UR]SDF]OLZHM V\WXDFML L
]DSHZQHSRF]WNLHPZDONLRZ\]ZROHQLHVL
VSRGHNVSORDWDFMLSU]H]NRVPLF]Q\FKSDVR*\WyZ
:V]DN*H JG\E\P\ E\OL Z VWDQLH ZL]XDOQLH ]REDF]\ü GRW\FKF]DV QLHZLG]LDOQ\FK GOD QDV
8)2QDXWyZ ZyZF]DV ]QLNQ
á\E\ ZV]HONLH ZWSOLZRFL *H IDNW\F]QLH MHVWHP\ RNXSRZDQL L
HNVSORDWRZDQL
$3DVR*\WQLFWZRLUR]SR]QDZDQLHMHJRZ\]QDZFyZ
3DVR*\WXMF\QDOXG]LDFKNRVPLFLZ\]QDM V]F]HJyOQ\URG]DM]áRZLHV]F]HMILOR]RILLNWyUD
Z UR]G]LDOH )PRQRJUDILL >D@ZSRGUR]G]LDOH,PRQRJUDILL >@L>@RUD]ZUR]G]LDOH%
WUDNWDWX >@QD]\ZDQDMHVWZáDQLHSDVR*\WQLFWZR)LOR]RILDWDRSDUWDMHVWQD]DVDGDFK
QLHZ\SHáQLDQLD SUDZPRUDOQ\FKQSSRSU]H]RVWUR*QHREFKRG]HQLHLFKQDRNRáR]DPLDVWLFK
SHGDQW\F]QHJR Z\SHáQLDQLDWDNMDNWRF]\QLWRWDOL]P'ODWHJRWH* RG]QDF]DVL
RQD]ELRUHP
FLOH RNUHORQ\FK FHFK 3U]\NáDGRZR MHM Z\]QDZF\ SRG]LHOHQL V KLHUDUFKLF]QLH QD
QDMUy*QLHMV]H NDVW\ NODV\ NODQ\ L SR]LRP\ ZWDMHPQLF]HQLD WDN MDN WR E\áR Z SU]\SDGNX
RZHQLHFQRFLMDNLHF\ZLOL]DFMHWHF]\QL QDLQQ\FKQLHMHVWPR*OLZ\PUyZQRF]HVQHX]QDZDQLH
LVWQLHQLD %RJD NWyU\ SDWU]\áE\ LP QD U
FH 2F]\ZLFLH WDNLH ]DSU]HF]DQLH SUDZG]LH Z LPL
SRZRáXM
ZVZRLFKRSUDFRZDQLDFKZáF]DMFZWRSRZRáDQLD]QLQLHMV]HJRWUDNWDWXMDNR*H
]JRGQLH]WRWDOL]PHPZVZRLFKSRZRáDQLDFKOLWHUDWXURZ\FKQLHG\VNU\PLQXM
SU]HFLZNRLGHRP
OXE DXWRURP ] NWyU\PL VL
QLH ]JDG]DP D MHG\QLH MHOL PDP RND]M
WR VWDUDP VL
LP
Z\SXQNWRZDü FRPRLP]GDQLHPSUH]HQWRZDQHMHVWZVSRVyEEá
GQ\VSU]HF]Q\]LQWHUHVDPL
OXG]NRFLOXEQLH]JRGQ\]WRWDOL]W\F]Q\PSRVáDQLHPZLHG]DWRRGSRZLHG]LDOQRü2F]\ZLFLH
Z\ELHJyZ VWRVRZDQ\FKSU]H]RNXSXMF\FKQDV8)2QDXWyZDE\QDU]XFLüQDPVZRM ILOR]RIL
MHVW ]QDF]QLHZL
FHMMHGQDNQLQLHMV]\WUDNWDWQLHPDQDFHOXLFKRPDZLDQLHVWGF]\WHOQLF\
FKFF\ VL
] QLPL GRNáDGQLHM ]DSR]QDü SRZLQQL VL
JQü GR PRQRJUDILL >D@ OXE PRQRJUDILL
>@
$7RWDOL]P
VL
RQ GR Z\MDQLHQLD L Z\ND]DQLD Z PDWHPDW\F]Q\ VSRVyE GODF]HJR SRVW
SRZDQLH
WRWDOL]W\F]QH MHVW OHSV]H RG QDV]HJR GRW\FKF]DVRZHJR D WDN*H OHSV]H RG SDVR*\WQLFWZD
SURSDJRZDQHJR SU]H] RNXSXMF\FK QDV 8)2QDXWyZ MDNLH NRQNUHWQH NRU]\FL VL
RGQRVL ]
XSUDZLDQLDWRWDOL]PXMDNGRNáDGQLHQDOH*\SRVW
SRZDüDE\*\ü]JRGQLH]WRWDOL]PHPRUD]FR
VL
VWDQLH MHOL NWR Z\ELHU]H LQQ\ QL* WRWDOL]P URG]DM SRVW
SRZDQLD $E\ VZRMH Z\ZRG\
SRGHSU]Hü Z PDWHPDW\F]Q\ VSRVyE F]
ü VNáDGRZ WRWDOL]PX VWDQRZL G\VF\SOLQD
REOLF]HQLRZD MDNDQD]\ZDQDMHVWPHFKDQLNDWRWDOL]W\F]QD:VSRVyEEDUG]RSRGREQ\GRWHJR
MDN ]QDQD QDP MX* RG GDZQD PHFKDQLND NODV\F]QD ]DMPRZDáD VL
PDWHPDW\F]Q\P
GHILQLRZDQLHP IL]\F]Q\FK QDVW
SVWZ QDV]\FK G]LDáD UyZQLH* RZD QRZRZSURZDG]RQD
PHFKDQLNDWRWDOL]W\F]QD]DMPXMHVL
PDWHPDW\F]Q\P RSLVHPPRUDOQ\FKQDVW
SVWZGRZROQ\FK
] QDV]\FK G]LDáD 3RGVWDZ VIRUPXáRZDQLD PHFKDQLNL WRWDOL]W\F]QHM MHVW IDNW LVWQLHQLD
QLH]QDQHMZF]HQLHMOXG]LRPIRUP\HQHUJLLPRUDOQHMMDNDSU]H]WRWDOL]PQD]\ZDQDMHVW]ZRZ
WM VNUyWRG]DVyEZROQHMZROLLMDNDZPHFKDQLFHWRWDOL]W\F]QHMR]QDF]DQDMHVWV\PEROHP
(=ZRZMHVWPRUDOQ\PRGSRZLHGQLNLHPGODHQHUJLLIL]\F]QHM]D MHMZDUWRüMHVW]ZL
NV]DQD
]DND*G\PUD]HPJG\NWR SRUXV]DVL
SRGJyU
SRODPRUDOQHJR1LH]Z\Ná FHFK ]ZRZMHVW
*H MDN WR GDOHM ]RVWDQLH Z\MDQLRQH FHFKXMH VL
RQD URG]DMHP LQWHOLJHQFML SRQLHZD* MHM
]DFKRZDQLH ]DOH*QHMHVWRGZ\PRZ\PRUDOQHM]MDZLVNMDNLHZSá\ZDM QD]PLDQ\MHMSR]LRPX
: FKZLOLREHFQHMMHGQRVWN ]ZRZMHVWJRG]LQDIL]\F]QHMKDUyZNLRV\PEROX>JIK@SDWU]
UR]G]LDá$PRQRJUDILL>D@LUR]G]LDá,PRQRJUDILL>@L>@-HOLNWR FKFLDáE\VRELHZ\REUD]Lü
HQHUJL
]ZRZ ZyZF]DV SRZLQLHQ M UR]XPLHü MDNR MDNE\ URG]DM LGHDOQLH VSU
*\VWHJR
*\FLRGDMQHJRJD]XWMWOHQXGODGXV]\MDNLZSRPSRZ\ZDQ\MHVWZQDV]HSU]HFLZFLDáRSU]H]
F]DNUDP\ SU]HFLZRUJDQ\ Z UH]XOWDFLH Z\VLáNX L PRW\ZDFML GRNRQ\ZDQLD PRUDOQLH
SRSUDZQ\FK G]LDáD WRR]QDF]D*H]ZRZMHVWHQHUJL QDMDN ]DPLHQLDQDMHVWND*GDQDV]D
SUDFD PRUDOQD1DWRPLDVWMHGQRVWN
>JIK@SRZLQLHQVRELHZ\REUD*DüMDNRRGSRZLHGQLNMDNE\
G]LVLHMV]HJR OLWUD W\OH *H X*\WHJR GR PLHU]HQLD HQHUJLL ]ZRZ D QLH Sá\QyZ L VWG
Z\UD*DMFHJR MDN REM
WRü WHM HQHUJLL NWR ]GRáDá MX* Z VRELH ]JURPDG]Lü -HGQRVWN
>JIK@
]GHILQLRZDü PR*QDMDNRWDN LORü]DVREXZROQHMZROL]ZRZMDN GDQDRVREDMHVWZVWDQLH
]DNXPXORZDüZVZRLPSU]HFLZFLHOHSRSU]H]PRUDOQLH SR]\W\ZQ SUDF
IL]\F]Q GRNRQ\ZDQ
EH]Z]URNRZHJRNRQWDNWX]RGELRUF VZRLFKG]LDáDMHOLIL]\F]QLHKDURZDáD E
G]LHSU]H]FDá
MHGQ JRG]LQ
RUD] ZNáDGDáD Z VZRM KDUyZN
FDá\ QDNáDG ZLHORSR]LRPRZ\FK GR]QD WM
EyOX ]P
F]HQLDSRWXGXV]QRFLVHQQRFL]QXG]HQLDLWSMDNLQRUPDOQLHMHVWPR*OLZ\GR
]QLHVLHQLD L FDá\ áDGXQHN SR]\W\ZQ\FK PRW\ZDFML QD MDNL W\SRZD RVRED PR*H VL
]GRE\ü
-HGQRVWNDWDQLHMHVWSU]\W\PMDNLP Z\VRFHDEVWUDNF\MQ\PWZRUHPZ\P\ORQ\PWHRUHW\F]QLH
L QLH PDMF\P QLF ZVSyOQHJR ] U]HF]\ZLVWRFL D SUDNW\F]Q\P PLHUQLNLHP LORFL ]DVREX
ZROQHM ZROL MDNL MD RVRELFLH JHQHURZDáHP SRGF]DV SU]HFL
WQHM JRG]LQ\ VS
G]RQHM SU]H]
VLHELH QDFHORZ\PSU]\VSDU]DQLX]ZRZLVWGMDNLSRZLQLHQE\üWH* RVLJDOQ\LSU]H]LQQ\FK
OXG]L SRGF]DV MHGQHM JRG]LQ\ LFK IL]\F]QHM SUDF\ ] RGSRZLHGQLR Z\VRNLPL SR]\W\ZQ\PL
PRW\ZDFMDPLPRUDOQ\PL
$E\ áDWZLHM PLHU]\ü OXE Z\OLF]Dü X GRZROQ\FK OXG]L SR]LRP SRVLDGDQHJR SU]H] QLFK
]ZRZWRWDOL]PZSURZDG]LáWH* SRM
FLHW]ZZ]JO
GQHJR]DVREXZROQHMZROL ((PD[ÏZ
Z]JO
GQ\ ]DVyE ZROQHM ZROL GHILQLRZDQ\ MHVW MDNR VWRVXQHN DNWXDOQLH SU]H] NRJR
SRVLDGDQHJR]DVREX(GRF]\MHM SRMHPQRFL PRUDOQHM(PD[F]\OLPDNV\PDOQHJR]DVREX
MDNLRVREDWDE\áDE\ZVWDQLH]DNXPXORZDüZVZRLPSU]HFLZFLHOHZGDQ\FKZDUXQNDFK2ZH
PR*QDZL
FVRELHZ\REUD*DüMDNRURG]DMFLQLHQLDF]\QDGFLQLHQLDSRGMDNLPVSU
*DP\
Z QDV]\P SU]HFLZFLHOH RZ LGHDOQLH VSU
*\VW HQHUJL
]ZRZ -HOL ZL
F ZyZF]DV
QDGFLQLHQLH WHM HQHUJLL VSDGD GR ]HURZHJR SR]LRPX RGSRZLDGDMFHJR PRUDOQHM SUy*QL
RWDF]DMFHM QDVQDWXU\-HOL]D RGSRZLDGDWRRVLJQL
FLXQDGFLQLHQLD]ZRZMDNLMHVW
QDMZ\*V]\]PR*OLZ\FKGRRVLJQL
FLDSU]H]F]áRZLHND'ODPQLHDXWRUDW\FKVáyZSRMHPQRü
(PD[ Z\QRVL RNRáR (PD[ >JIK@ ]D Z FKZLOL SLVDQLD QLQLHMV]HJR SDUDJUDIX Z
URNXPRMHNV]WDáWRZDáRVL
QDUHODW\ZQLHGRV\üZ\VRNLPSR]LRPLHRNRáR FRR]QDF]D
*HPRMH(Z\QRVLáRZWHG\RNRáR( >JIK@
7RWDOL]P ]GRáDá GRFLHF *H ND*GH QDV]H G]LDáDQLH F]\ XF]XFLH SRZRGXMH DOER
JHQHURZDQLH DOER WH* UHGXNRZDQLH RZHM PRUDOQHM HQHUJLL ]ZRZ F]\OL ]ZL
NV]DQLH DOER
]PQLHMV]DQLHXQDVRZ\FK(L:LHONRü(WHJRJHQHURZDQLDDOERUHGXNRZDQLDMHVWSU]\
W\P SURSRUFMRQDOQD GR QDNáDGX PRUDOQHM SUDF\ MDN Z G]LDáDQLH WR ZNáDGDP\ F]\OL
SURSRUFMRQDOQD GR LORF]\QXZ\VLáNX GR]QDQLRZHJR)MDNL G]LDáDQLHWR QDV NRV]WXMH L GURJL
PRUDOQHM 6 MDN PXVLHOLP\ SU]HE\üQDV]\PL LQWHQFMDPL DE\ G]LDáDQLH WR ]UHDOL]RZDü WM
( )67R ]D R]QDF]D*HSR]LRP]ZRZQLHMHVWXQDVVWDá\D]PLHQLDVL
GRVáRZQLH]GQLD
QD G]LH L WR QLHNLHG\ R EDUG]R Z\VRNLH ZDUWRFL Z V]F]HJyOQ\FK ZDUXQNDFK PRJFH
GRFKRG]LüQDZHWGRU]
GXRNRáR>JIK@G]LHQQLHWMFRG]LHQQLHPR*HXOHJDü]PLDQLHQDZHW
GRRNRáRQDV]HJR(PD[=DSRUHGQLFWZHPRGSRZLHGQLFKG]LDáD HQHUJL
W PR*QDZL
F
X VLHELH DOER VSU
*Dü DOER XSXV]F]Dü Z VSRVyE SRGREQ\ MDN QDV]H G]LVLHMV]H HOHNWURZQLH
JHQHUXM HQHUJL
HOHNWU\F]Q]D QDV]HXU]G]HQLDGRPRZHM ]X*\ZDM2ND]XMHVL
SU]\
W\P *H G]LDáDQLDMDNLH V PRUDOQH QS F]\QLHQLH GREUD Z]EXG]DQLH SR]\W\ZQ\FK XF]Xü
VSU
*DM HQHUJL
]ZRZZQDV]\PSU]HFLZFLHOHQDWRPLDVWG]LDáDQLDMDNLHV QLHPRUDOQH
SRZRGXM XSXV]F]DQLH]ZRZ3U]H]]ZURW\ PRUDOQHLQLHPRUDOQHQDOH*\WXWDMUR]XPLHü
G]LDáDQLD ]JRGQH]SUDZDPLPRUDOQ\PLOXEG]LDáDQLDGRSUDZW\FKSU]HFLZVWDZQHWDNMDNMH
Z\MDQLD WRWDOL]PMHGQDNQLHNRQLHF]QLHG]LDáDQLDSRNU\ZDMFHVL
]W\PFRUHOLJLHWUDG\FMD
OXE NXOWXUD ZPDZLDá\ QDP MDNR E
GFH PRUDOQH OXE QLHPRUDOQH SU]\NáDGRZR ]JRGQLH ]
WRWDOL]PHPSRZL
FDQLHVL
MHVWG]LDáDQLHPQLHPRUDOQ\P]D Z\PLHU]HQLHSROLF]NDNRPX
NWR SRGGDá VL
KLVWHULL MHVW G]LDáDQLHP PRUDOQ\P MHOL WRZDU]\V] PX SR]\W\ZQH LQWHQFMH
(QHUJLD ]ZRZRND]XMHVL
WH* DEVROXWQLHQLH]E
GQDGR*\FLD)DNW\F]QLHMHVWWH* RQDMDNE\
URG]DMHP WOHQX GOD OXG]NLHJR GXFKD ]D SU]\ EUDNX GRVW
SX GR QLHM ND*G\ PXVL XPU]Hü
SRSU]H] ]Z\NáHXGXV]HQLHVZHJRSU]HFLZFLDáD.D*GDZL
FLVWRWDZLHG]FDRLVWQLHQLX]ZRZ
E
G]LH VWDUDáD VL
SRGZ\*V]Dü X VLHELH ZDUWRü WHM HQHUJLL GR MDN QDMZ\*V]HJR SR]LRPX
3RGZ\*V]DQLH WR PR*QD SU]\ W\P X]\VNLZDü QD GZD VSRVRE\ WM DOER SRSU]H] RVRELVWH
SURZDG]HQLH PRUDOQHJR *\FLD DOER WH* SRSU]H] UDERZDQLH ZDPSLURZDQLH WHM HQHUJLL RG
LQQ\FK &\ZLOL]DFMHWDNLHMDNDNWXDOQLHRNXSXMF\QDV8)2QDXFLNWyUH]SRZRGXXSUDZLDQLD
QLHPRUDOQHJR VW\OX*\FLDVDPHMHMQLHJHQHUXMGODMHMX]\VNLZDQLDQLHPDM LQQHJRZ\MFLD
MDN XFLHNDQLH VL
GR UDERZDQLD ]ZRZ RG LQQ\FK F\ZLOL]DFML : SU]\SDGNX 8)2QDXWyZ
RNXSXMF\FK=LHPL
GRMHMUDERZDQLDRGOXG]L$NWXDOQ\SR]LRPHQHUJLL]ZRZXGDQHMRVRE\
GHF\GXMH MDNRVREDWDVL
F]XMHMDN PDRVRERZRüMDNRü*\FLDLWS3U]\NáDGRZRRVRE\X
NWyU\FKQDJURPDG]HQLHWHMHQHUJLL]DF]\QD]G*DüGRQDMZ\*V]HJRPR*OLZHJRGRRVLJQL
FLD
SR]LRPX ZFKRG] Z VWDQ WUZDáHM V]F]
OLZRFL MDNL Z UR]G]LDOH $ PRQRJUDILL >D@ L Z
UR]G]LDOH,PRQRJUDILL>@L>@V]F]HJyáRZRRSLVDQ\MHVWSRGQD]Z WRWDOL]W\F]QDQLUZDQD
1DWRPLDVWRVRE\XMDNLFKSR]LRP]ZRZVSDGDGR PXV] XPU]HüLWRZVSRVyEQLH]Z\NOH
GUDPDW\F]Q\LSU]\NU\GODLFKRWRF]HQLD]SRZRGX]DGXV]HQLDVZHJRSU]HFLZFLDáD]EUDNXWHM
HQHUJLL 6WGWH* FDáDHVHQFMDWRWDOL]W\F]QHJR*\FLDVSURZDG]DVL
ZáDQLHGRSRGZ\*V]DQLD
X VLHELH RZ\FK ( L 7R ZáDQLH RZR QLHXVWDQQH SRGZ\*V]DQLH ( L F]\QL ]
WRWDOL]W\F]QHJR *\FLD URG]DM QLHXVWDMFHJR Z\VLáNX ZGUDS\ZDQLD VL
QD NU\V]WDáRZ JyU
QRZ ILOR]RIL
MDNDGRVNRQDOHEDODQVXMHLQHXWUDOL]XMHXSRZV]HFKQLDQHGRW\FKF]DVQD=LHPL
RGPLDQ\SDVR*\WQLF]HMILOR]RILLRNXSXMF\FKQDV8)2QDXWyZ
7RWDOL]PSRVLDGDVZRMHORJRWMURG]DMV\PEROXDOER ]QDF]ND
NWyUHJR QRV]HQLH SU]H] NRJR DOER XPLHV]F]HQLH QD MDNLP
EXG\QNX IODG]H F]\ RELHNFLH R]QDF]D SU]\QDOH*QRü GR OXE
V\PSDW\]RZDQLH ] W SRVW
SRZ ILOR]RIL SDWU] SU]\NáDG RZHJR
ORJRSRND]DQ\RERN/RJRWRGDMHVL
áDWZRUR]SR]QDü3RVLDGDRQR
IRUP
GZyFK HOLSV ZSLVDQ\FK MHGQD Z GUXJ SRPL
G]\ NWyU\PL
Z\SLVDQH MHVWMHGQR]SRVáD WRWDOL]PXQSPRMHXOXELRQHSRVáDQLH
ZLHG]D WR RGSRZLHG]LDOQRü : ZHZQ
WU]Q HOLSV
ZSLVDQH V
GZLH PDáHOLWHUNL W RGZUyFRQHZ]JO
GHP VLHELHL NRU]\VWDMFH ]H
ZVSyOQHM NUHVNLSU]HNUHODMFHM3RQLHZD* GROQHNRFHW\FKOLWHUHN
VW\F]QLH áF] VL
]REZRGHPZHZQ
WU]QHMHOLSV\G]LHO M RQHQD
GZD SRODELDáHLF]HUZRQH1DGND*G ]OLWHUHNW]QDMGXMHVL
WH*
NURSND MDND ]PLHQLD RZ W Z L /RJR WRWDOL]PX XMPXMH VRE
RJURPQLH ZLHOH V\PEROLF]Q\FK ]QDF]H NWyUH Z\UD*DM HVHQFM
$$VSHNW\DNDGHPLFNLHWHJRWUDNWDWX
1DXNRZH]LQWHUSUHWRZDQLHMDNLH]QDF]HQLHPLDá\QDMSUDZGRSRGREQLHMSRV]F]HJyOQH
REVHUZDFMHGRNRQDQHSU]H]3DQD$QGU]HMD'RPDá
:\MDQLHQLHGRF]HJRVáX*LF]\PV SRV]F]HJyOQHXU]G]HQLD]DREVHUZRZDQHSU]H]
3DQD$QGU]HMD'RPDá
QDSRNáDG]LH8)2
-HOL EOL*HMSU]HQDOL]RZDüZV]\VWNLHZ\V]F]HJyOQLRQHWXWDMFHOHL]DGDQLDQLQLHMV]HJR
WUDNWDWX WR MHJR JHQHUDOQD PLVMD VWDUD VL
UHDOL]RZDü MHGQR ] QDMZD*QLHMV]\FK SRVáD
WRWDOL]PX UHNRPHQGXMFH DE\ ZV]HONLH VZRMH G]LDáDQLD QDVWDZLDü QD SRV]XNLZDQLH L
XMDZQLDQLH SUDZG\MDNDNROZLHNE\RQDVL
QLHRND]\ZDáDWMDE\SURPRZDüSUDZG
QDZHW
MHOL MHM SRV]XNLZDQLH L XMDZQLDQLH ZL]DáRE\ VL
] SRQRV]HQLHP ]QDF]FHJR U\]\ND L
Z\VWDZLDQLHP VL
QDMDNL URG]DMQLHEH]SLHF]HVWZRUD]MHOLSUDZGDWDZFDOHEH]SRUHGQLR
QLH VáX*\áDE\QDV]\PZáDVQ\PLQWHUHVRP0LVMDWDQDGDMHQLQLHMV]HPXRSUDFRZDQLXDPELFM
VWDQLDVL
SXEOLNDFM NWyU ]GXP ZROQRE\áRE\FKDUDNWHU\]RZDüMDNRWRWDOL]W\F]Q\WUDNWDW
1LQLHMV]\ WUDNWDW SRVLDGD WH* VZRMH WH]\ -HJR JáyZQD WH]D QLH Z\QLND W\ONR ]
DQDOL]RZDQHJR Z QLP SU]\SDGNX D ] ZLHOX QDMUy*QLHMV]\FK SU]\SDGNyZ W]Z ZLDGRP\FK
XSURZDG]H QD SRNáDG 8)2 MDNLH GRW\FKF]DV DQDOL]RZDáHP 6WZLHUG]D RQD *H .D*GH
XSURZDG]HQLDQDSRNáDG8)2SRMDNLFKSDPL
ü XSURZDG]RQHJRQLH]RVWDáDZ\PD]DQDL
VWG MDNLH SR]RVWDMH Z SDPL
FL L ZLDGRPRFL GRZLDGF]DMFHM MH RVRE\ MHVW
Z\GDU]HQLHP SURSDJDQGRZ\P VWDUDQQLH ]DDUDQ*RZDQ\P SU]H] RNXSXMF\FK QDV
8)2QDXWyZ WDN DE\ PRJOL RQL RVLJQü SRSU]H] QLH MDNLH LVWRWQH FHOH VáX*FH LFK
LQWHUHVRP :\UD*DMF W WH]
LQQ\PL VáRZDPL ND*GH ZLDGRPH XSURZDG]HQLH QD SRNáDG
8)2 MHVW GRNRQ\ZDQH W\ONR SR WR DE\ Z MDNL VSRVyE VáX*\áR XWU]\P\ZDQLX OXG]NRFL Z
]QLHZROHQLX L ]JQLDWDQLX QDV]\FK HZHQWXDOQ\FK SUyE Z\]ZROHQLD VL
VSRG NRVPLF]QHJR
SDVR*\WQLFWZD $F]NROZLHN QD REHFQ\P HWDSLH EDGD WH]D WD QLH GDMH VL
FDáNRZLFLH
XGRZRGQLü MDN GRW\FKF]DV SRWZLHUG]DM M ZV]\VWNLH SU]\SDGNLZLDGRP\FK XSURZDG]H ]
MDNLPL GRW\FKF]DVVL
]HWNQáHPZáF]DMFZWRV]HURNR]QDQHZ3ROVFHXSURZDG]HQLHS
-DQD :ROVNLHJR=SRZ\*V]HMQLHXGDZDGQLDOQHMWH]\JáyZQHMQLQLHMV]HJRWUDNWDWXZ\QLNDWH*
MHJR WH]DURERF]DNWyU PR*QDMX* XGRZRGQLüLNWyUHMXGRZRGQLHQLHQDVWSLZUR]G]LDOH&
2ZDWH]DURERF]DVWZLHUG]D*H%RKDWHUSU]H*\üUDSRUWRZDQ\FKZQLQLHMV]\PWUDNWDWFLH
3DQ $QGU]HM 'RPDáD XSURZDG]RQ\ ]RVWDá GR 8)2 DE\ VáX*\ü LQWHUHVRP QDV]\FK
RNXSDQWyZ SRSU]H] ]RVWDZDQLH SU]\PXV]DQ\P GR UROL QLHZLDGRPHJR NRODERUDQWD
:\UD*DMFWRLQQ\PLVáRZDPL8)2QDXFLQLHXSURZDG]LOL3DQD'RPDá\]F]\VWHM GREURFLVZHJR
VHUFD F]\]SRZRGXSRF]XFLDSREUDW\PVWZD]UDV OXG]NDGODWHJR*HDNWXDOQLHRNXSXM L
HNVSORDWXM RQL=LHPL
DE\]D HNVSORDWDFM
W MDNR SU]HGáX*\üQDSU]HNyU*HOXG]LHRVWDWQLR
]DF]\QDM SRPDáXVL
RULHQWRZDüZVZRMHMUR]SDF]OLZHMV\WXDFML]DDUDQ*RZDOLRZRP\GOFH
QDPRF]\XSURZDG]HQLH
&KRFLD* ND*GH]GDQLHWHJRWUDNWDWXSU]\JRWRZDQH]RVWDáRZFLVáHMNRQVXOWDFMLRUD]]
RERSyOQ GREURZROQ ]JRG REX MHJR ZVSyáDXWRUyZ SRV]F]HJyOQH UR]G]LDá\ SLVDQH E\á\
MHG\QLH SU]H] SRMHG\QF]H RVRE\ NWyUH ELRU QD VLHELH PRUDOQ RGSRZLHG]LDOQRü ]D
SRSUDZQRü L U]HWHOQRü WHJR FR Z QLFK Z\UD]Lá\ , WDN QDVW
SQ\ UR]G]LDá % QDSLVDQ\ E\á
RVRELFLH SU]H]3DQD$QGU]HMD'RPDá
SRGF]DVJG\ZV]\VWNLHSR]RVWDáHUR]G]LDá\LF]
FL
WM RG VWURQ\ W\WXáRZHM GR NRFD QLQLHMV]HJR UR]G]LDáX $ D SRWHP RG UR]G]LDáX & D* GR
]DáF]QLND = SU]\JRWRZDQH E\á\ SU]H]H PQLH SURI GU LQ* -DQ 3DMN -D UyZQLH*
SU]\JRWRZDáHP SRGSLV\SRGLOXVWUDFMDPL-HGQDNQLHPDOZV]\VWNLHV]NLFHLU\VXQNLSRND]DQH
ZW\PWUDNWDFLHRVRELFLHVSRU]G]Lá3DQ$QGU]HM'RPDáD&HORZRSU]\W\P]RVWDá\X*\WHMHJR
RU\JLQDOQH U\VXQNLQDSU]HNyU LFKVáDEHMMDNRFL]DUyZQRSRGZ]JO
GHPWHFKQLF]Q\PQS
NLOND ] QLFK LVWQLDáR MHG\QLH Z IRUPLH NLHSVNLFK NVHURNRSLL QLHNWyUH WH* Z\NRQDQH E\á\
QLHELHVNLP GáXJRSLVHP NWyU\ QLH]Z\NOH WUXGQR VNRSLRZDü MDN L U\VXQNRZ\P 3DQ 'RPDáD
EROHVQHF]\SU]\NUHGODVDP\FKDXWRUyZ:WHQVSRVyEWUHüWDVWDQRZLLOXVWUDFM
SUDNW\F]QHM
UHDOL]DFML]DVDGWRWDOL]PXRSLVDQ\FKZUR]G]LDOH$PRQRJUDILL>D@RUD]ZUR]G]LDOH, PRQRJUDILL
>@ L >@ )LOR]RILD WD SRQDG ZV]HONLH GREUD PDWHULDOQH SU]HGNáDGD GREUD PRUDOQH ]D
SUDZGD SU]HVWU]HJDQLHSUDZPRUDOQ\FKGREUROXG]NRFLSURVWROLQLMQRüKRQRUSRZD*DQLH
ZROQRü Z\ERUX ZáDVQHM GURJL ]DUyZQR GOD LQG\ZLGXDOQ\FK OXG]L MDN L GOD FDáHM QDV]HM
QXPHURZ =QDMFWHHW\NLHWN
PR*QDSRWHPSROLF]\üQXPHUNROHMQ\GRZROQHJR]GDQLDWHJR
SDUDJUDIX3U]\NáDGRZRWU]HFLH]GDQLHOH*FHSRHW\NLHWFH^`E
G]LHQRVLáRQXPHU^`
'OD Z\JRG\ QXPHUDFML L SRV]XNLZD ND*GD HW\NLHWND MHVW OLF]E NRF]F VL
]HUHP VWG
RF]\ZLFLH HW\NLHWNL WH QLH Z\UD*DM FDáNRZLWHM LORFL ]GD Z WUDNWDFLH ]GD W\FK ERZLHP
SRZLQQRE\üPQLHMQL* ZDUWRFLRSLVXMF\FKMHHW\NLHWHN:WHQVSRVyEZSR]RVWDá\PWHNFLH
WHJR WUDNWDWX JG]LHNROZLHN W\ONR ]HFKF
RGHVáDü F]\WHOQLND GR ]GDQLDMDNLH GRW\F]\ GDQ\FK
RSLVyZ 3DQD'RPDá\ZyZF]DVSRSURVWXSU]\WDF]DPZWDNLPVDP\PQDZLDVLHNODPURZ\P
QXPHU NROHMQ\RZHJR]GDQLD&]\WHOQLN]D PDMFWHQQXPHUEá\VNDZLF]QLHPR*HRGQDOH(ü
RGQRQ\XVW
SF]\]GDQLH]DZDUWHZUDSRUFLH3DQD'RPDá\LSRQRZQLHSU]\SRPQLHüVRELHFR
XVW
SWHQOXE]GDQLHVWZLHUG]Dá\3U]\NáDGRZRRPDZLDMFZUR]G]LDOH&FRIL]\F]QLHR]QDF]DM
VSRZROQLRQH UXFK\ KXPDQRLGNL SRGF]DV RZHJR RPDZLDQLD Z WDNLP ZáDQLH QDZLDVLH
SU]\WDF]DP^`FR R]QDF]D*H]GDQLHRSLVXMFHMHMVSRZROQLRQHUXFK\MHVWVLHGHPQDVW\P
]GDQLHPSRHW\NLHWFH^`UDSRUWX3DQD'RPDá\]UR]G]LDáX%
5R]G]LDá%
1($,1($7$&=<&<
QDSLVDá$QGU]HM'RPDáD
0RWWRQLQLHMV]HJRUR]G]LDáX*G\E\GDQRPLZ\EyUWU]\PDáE\PVL
]GDODRG8)2
^` :LGDüORVHPND*GHMRVRE\XSURZDG]RQHMGR8)2MHVW*HMHMVSUDZ\]DMDNLP
QLH]UR]XPLDá\P GODQDV]ELHJLHPRNROLF]QRFLWRF] VL
]DZV]HZW\ONRMHGQ\PNLHUXQNXZ
Gyá .LHG\ZL
FZURNXPRMHVSUDZ\VWRF]\á\VL
MX* WDNQLVNR*HWUXGQRE\áRGRVWU]HF
MDNL VSRVyEZ\EUQL
FLD]SU]HODGXMF\FKPQLHNáRSRWyZZyZF]DVGREU\PyM]QDMRP\3DQ
0 ]:DUV]DZ\GDáPLDGUHV3URIHVRUD3DMNDL]DFK
FLáDE\PGRQLHJRQDSLVDá3URIHVRU
3DMN ]DSR]QDáVL
]PRLPLQLH]Z\Ná\PLSHU\SHWLDPL*\FLRZ\PLLNáRSRWDPLMDNLHPXOLVWRZQLH
RSLVDáHP&KRFLD* QLHE\áZVWDQLHZHVSU]HüPQLHILQDQVRZRZRZ\FKUR]OLF]Q\FK]ZDODMF\FK
VL
QDPyMNDUNWUXGQRFLDFKSRGDáPLSRPRFQ U
N
ZVHQVLHPRUDOQ\PLSRNU]HSLDMF\P
QD GXFKX 6WZRU]\á PL ERZLHP V]DQV
QD RELHNW\ZQH RSLVDQLH PRLFK SU]\JyG PRLPL
ZáDVQ\PL VáRZDPL MDN UyZQLH* SU]HMá QD VLHELH VWURQ
IDFKRZ LFK Z\GDQLD Z IRUPLH
QLQLHMV]HJR WUDNWDWX']L
NLMHJRSRPRF\WRFRPLDáHPGRSRZLHG]HQLDPRJáRZUHV]FLHVL
XND]DüZIDFKRZHMIRUPLHLZWUHFLZMDNLHMMDVDPFKFLDáHPWRZ\UD]Lü3RQDGWRVZRM ZLHG]
LDXWRU\WHWHPQDXNRZ\PZVSDUáPRM GRW\FKF]DVRZ V]DPRWDQLQ
3RGDMFPLSRPRFQ U
N
'RPDáD XU PDMD URNX Z 1DVLHOVNR REHFQ\ DGUHV ]DPLHV]NDQLD
/HJLRQRZR XO .ROHMRZD P ZRMHZyG]WZR ZDUV]DZVNLH Z 3ROVFH QLQLHMV]\P
XSRZD*QLDP 3DQD3URIHVRUD-DQD3DMND]DPLHV]NáHJRQD%RUQHRLZ1RZHM=HODQGLLGR
G\VSRQRZDQLD ZJ-HJRZáDVQHJRX]QDQLDZGRZROQHMIRUPLHLSRVWDFLPDWHULDáDPLNWyUH
MHPX Z\V\áDP]DW\WXáRZDQ\PL7U]\G]LHVWROHFLHRUD]PDWHULDáDPLSRPRFQLF]\PL]DZDUW\PL
Z PRLFKOLVWDFK0R*HZL
FSRUZDüVSDOLüSRZLHOLüGUXNRZDüHOLPLQRZDüWRFRVDPX]QD
*H QLH MHVW SRWU]HEQH OXE ZáDFLZH VáRZHP PR*H URELü FR FKFH *ZDUDQWXM
WR
ZáDVQRU
F]Q\P SRGSLVHP Z RMF]\VW\P M
]\NX SROVNLP $QGU]HM -DQ 'RPDáD 3ROVND
/HJLRQRZR VW\F]QLDURNX:WHQVSRVyEQDV]HZVSyOQHZ\VLáNLQDG]QDOH]LHQLHP
SUDZG\LZ\UD*HQLHPMHMZIRUPLHLWUHFLQLQLHMV]HJRWUDNWDWX]RVWDá\]DSRF]WNRZDQH
^` 3URIHVRU 3DMN ZáDVQRU
F]QLH SU]HSLVDá QD NRPSXWHU]H Z\VáDQ\ PX WHNVW
7U]\G]LVWROHFLD ZáDVQRU
F]QLHWH* SRZáF]DáGRMHJRWUHFLLGRLQQ\FKF]
FLQLQLHMV]HJR
WUDNWDWX OLF]QH GDOV]H SRSUDZNL L SRV]HU]HQLD MDNLH PX SRWHP OLVWRZQLH GRV\áDáHP Z
RGSRZLHG]L QDMHJRV]F]HJyáRZH]DS\WDQLD:WHQVSRVyEUD]HP]UHV]W WHJRWUDNWDWXWUHü
QLQLHMV]HJR UR]G]LDáX QDUDVWDáD VWRSQLRZR SU]H] RNUHV SUDZLH URNX SU]\JRWRZ\ZDQD Z
QLHXVWDQQHMNRQVXOWDFML]HPQ3RQDV]\PZVSyOQ\P]DNRF]HQLXSLVDQLDWHJRWUDNWDWX3URI
3DMN UD] MHV]F]H SU]HVáDá PL JR FDáHJR GR RVWDWHF]QHJR SU]HF]\WDQLD L ]DWZLHUG]HQLD ]D
NLHG\ JR ]DWZLHUG]LáHP L Z\UD]LáHP ]JRG
QD MHJR RSXEOLNRZDQLH Z\GDá JR Z IRUPLH MDN
F]\WHOQLNPDZáDQLHSU]HGVRE2ZR]DF]\QDMFHPyMZNáDG7U]\G]LHVWROHFLHSU]\WRF]RQH
MHVWZQLPMX* ZQDVW
SQ\PSRGUR]G]LDOH%2F]\ZLFLHREHFQDZHUVMD7U]\G]LHVWROHFLDMHVW
MX* ]QDF]QLHXGRVNRQDORQDLSRV]HU]RQDRSRF]WNRZREUDNXMFHZQLHMGDQHZSRUyZQDQLX
] SLHUZRZ]RUHP MHJR WUHFL :V]DN*H RU\JLQDOQLH SLVDáHP MH ODNRQLF]QLH EDUG]R MH
XSUDV]F]DMFQLHZFKRG]FZV]F]HJyá\SLV]FSRáHENXRUD]PDMFFDá\F]DVQDP\OLIDNW
*H QLH QDSLV]
FDáHM SUDZG\ D MHG\QLHMHM F]
ü ERZLHP PRLP]GDQLHP VSRáHF]HVWZR QLH
MHVW MHV]F]HJRWRZHQDMHM SU]\M
FLH3R7U]\G]LHVWROHFLXZGDOV]\FKSRGUR]G]LDáDFKWHJR
UR]G]LDáX RSLVDáHP FR SRWHP VL
VWDáR MDNLH E\á\ QDVW
SVWZD PRMHJR SLHUZV]HJR
XSURZDG]HQLDLWS
%7U]\G]LHVWROHFLHRG9,,,URNXGR9,,,URNX
^` *G\E\QLHSHZQH]GDU]HQLHNWyUHPLDáRVZHPLHMVFHQDNUyWNRSU]HG]DF]
FLHP
VSLV\ZDQLD WHJR VSUDZR]GQLD QLH XVLDGáE\P Z GQLX 9,,, URNX GR XWUZDOHQLD WXWDM
WHJRFRSUDJQ
QDSLVDüLP\O
*HQLHXMU]DáRE\ZLDWáDG]LHQQHJRWRFRFKF
ZQDMEDUG]LHM
V]F]HJyáRZ\ VSRVyESU]HGVWDZLüWDNMDNWRZU]HF]\ZLVWRFLZ\JOGDáRDQLHWDNMDN]RVWDáR
WR SU]HGVWDZLRQH SU]H] QLHNWRUH URGNL PDVRZHJR SU]HND]X 7R FR SUDJQ
WX RSLVDü GOD
QLHNWyU\FK E
G]LHZ\JOGDáRQDPLVW\ILNDFM
GODLQQ\FKE
G]LHV]RNLHP&]
ü]W\FKNWyU]\
VáRZD WH E
G F]\WDü X]QD PQLH ]D ZDULDWD MDN MX* ]UHV]W PLDáR WR VZRMH PLHMVFH Z
SU]HV]áRFL =QDMG VL
WH* ]DSHZQHWDF\FRPQLHSRW
SL:V]DN*HZL
NV]RüOXG]LZLHU]\
]D]Z\F]DMW\ONRZWRFRXPLHM QD]ZDüSRMPRZDüZLG]LHüF]XüGRW\NDüLGRZLDGF]Dü=D
WR F]HJRNWR LQQ\GRZLDGF]\áQLHPR*HE\üMHGQRJáRQLHSU]\M
WHSU]H]RJyáW\PEDUG]LHM
*H L VDP WHPDW 8)2 Z\ZRáXMH X ZL
NV]RFL ] OXG]L JU\PDV GUZLQ\ QD WZDU]\ OXE RGUXFK
QLHXIQRFL 1LHZWSOLZLHMHGQDN]QDMG]LHVL
SHZLHQSURFHQWOXG]LGODNWyU\FKDQLWHPDW8)2
DQLWRZ\GDU]HQLHQLHE
G]LH*DGQ\PV]RNLHPDQL]DVNRF]HQLHP=QDMG VL
ZL
FLWDF\FRPL
XZLHU] ,P GHG\NXM
WUXG QDSLVDQLD QLQLHMV]HJR VSUDZR]GDQLD 'OD QLFK WH* RFKRWQLF]R
SRGHMPXM
VL
SU]HMüSU]H]QLH]E\WQLHVWHW\SU]\MHPQHQDVW
SVWZDMDNLH]DSHZQHQDSLVDQLH
WRVSRZRGXMH
^` 7HPDWNWyU\SRGHMPXM
SUDJQ
DE\SRVáX*\áMDNRSU]HVWURJDGODOXG]LNWyU]\SR
SU]HF]\WDQLXPRLFKVáyZQLHFKVDPLZ\FLJQ RGSRZLHGQLHZQLRVNL1LHV]XNDPDQLUR]JáRVX
DQL VHQVDFML3UDJQ
]RVWDüQDGDOWDNLPMDNLPE\áHPGRWHMSRU\LQLH]DOH*QLHRGZ\GDU]H
MDNLH PLDá\MX* VZHPLHMVFHSUDJQ
SR]RVWDüZLFKFLHQLX0RLPFHOHPMHVWDE\XZLDGRPLü
OXG]LRP *H QLH MHVWHP\ VDPL ZH :V]HFKZLHFLH *H PDVVPHGLD SR]RVWDM
QLHGRLQIRUPRZDQH*HSUDZGDMHVWXNU\ZDQD*HWRFRXMU]\ZLDWáRG]LHQQHMHVWGHPHQWRZDQH
OXE RPLHV]DQLHRUD]*HFLNWyU]\]UDFMLVZRLFKIXQNFMLSR]\FMLOXERERZL]NyZVáX*ERZ\FK
SRZLQQL SURPRZDüSUDZG
IDNW\F]QLHWRSU]HVWDOLE\üQL ]DLQWHUHVRZDQL:LHU]
MHGQDNL*
QLH]DOH*QLHRGUy*QLF\ZSRJOGDFKSRV]F]HJyOQ\FKOXG]LSRSU]HF]\WDQLXWHMWUHFLF]\WHOQLF\
]DVWDQRZL VL
QDG MHM ]DZDUWRFL QDWRPLDVW MD VDP E
G
PyJá ZUHV]FLH RGHWFKQü Z
SRF]XFLX GREU]HVSHáQLRQHJRRERZL]NX:V]DN*HSRF]XZDPVL
GRRERZL]NXZREHFW\FK
ZV]\VWNLFK OXG]LNWyU]\*\M ZQLHZLDGRPRFLFRZRNyáQLFKVL
G]LHMH1LHE
G
QLF]HJRDQL
XEDUZLDá DQLQLF]HJRWH* ]DWDMDáLSRVWDUDPVL
SU]HGVWDZLüWHZ\GDU]HQLDZVSRVyEWDNLMDN
RQH PLDá\ PLHMVFH Z U]HF]\ZLVWRFL =GDM
VRELH ] WHJR VSUDZ
*H Z ]ZL]NX ] W WUHFL
SRQLRV
SHZQHNRQVHNZHQFMHRGLQQ\FKOXG]LZRJyOQ\PVáRZDWHJR]QDF]HQLXDOHNáRSRW\
WRPRMDVSHFMDOQRü
^`$ZL
FZV]\VWNRRGSRF]WNX-HVWZWRUHNVLHUSQLDURNXJRG]LQD
UDQR =EOL*DPV
GRODVXZPLHMVFRZRFL&KUF\QQRNRáR1DVLHOVNDRNRáRFLXNLORPHWUyZ
QD SyáQRFRG:DUV]DZ\SDWU]PDSDQDU\VXQNX2VWDWQLUD]ZW\POHVLHE\áHPZF]RUDM
-HVWHP PLHV]NDFHP1DVLHOVND0DPODW/DV]QDP MDNE\PVL
ZQLPXURG]Lá:F]RUDM
SR]D]QDF]DáHP VRELHPLHMVFDGRNWyU\FKG]L VL
XGDM
8ZLHOELDP]ELHUDüJU]\E\RGVZRLFK
QDMPáRGV]\FK ODW 0DP ]H VRE XOXELRQ WRUE
V]PDFLDQN
Z NWyUHM V GZLH NDQDSNL ]H
VPDOFHP GZD SRPLGRU\ RUD] V]F]\SWD VROL : NLHV]HQL PDP VF\]RU\N D QD U
NX PyM
QLH]DZRGQ\EXNVLDN]HJDUHNNWyU\PLVL
ZRJyOHQLHSVXá:áDQLHZVND]XMHPL*HMHVW
UDQR : W\PPRPHQFLH]QDMGXM
VL
MX* ZRGOHJáRFLRNRáRFLXPHWUyZSU]HGODVHPQD
URGNX ]DEURQRZDQHJR SROD 6]HGáHP SU]H] QLH QD VNUyW\ GR ODVX G]L MDNR SLHUZV]\
SU]HGUHSWXMF VWDU\V]ODNJU]\ELDU]\6NLHURZDQ\E\áHPNXSRáXGQLX]D 6áRFHZVWDZDáRSR
PRLP OHZ\P U
NX :áDQLH Z W\P PRPHQFLH 6áRFH XND]DáR VL
QDG ODVHP Z FDáHM VZHM
SRUDQQHM NUDVLHRJURPQHSRPDUDF]RZHQDNWyUHJRWDUF]\]D]Z\F]DMOXELáHPOLF]\üWDNLH
FLHPQH SODPNL']L WH* OLF]\áHPGODWHJRQDFKZLON
]DWU]\PDáHPVL
QDW\PSROX=DZV]HE\áR
LFK VLHGHPQDWRPLDVWG]L GROLF]\áHPVL
RPLX'ODWHJRWH* OLF]\áHPNLONDUD]\ERZ\GDZDáR
PL VL
WR]E\WG]LZQH7DGRGDWNRZDyVPDSODPND]QDMGRZDáDVL
ZVDP\PFHQWUXPWDUF]\
VáRQHF]QHM 3R FKZLOL WD URGNRZD SODPND ]DF]
áD URVQü FRUD] EDUG]LHM D* Z SHZQ\P
PRPHQFLH RVLJQ
áD WDN VZ ZLHONRü *H ]DNU\áD FDá WDUF]
VáRQHF]Q %\áD F]DUQD
RNUJáD SXOVXMFRGUJDMFDLSRZL
NV]DáDVL
V]\ENR6áRFDZRJyOHQLHE\áRZLGDü]]DWHM
SODP\ W\ONR ZLGDü E\áR WDNLH FLHNDZH SU\VNDMFH SURPLHQLH VáRQHF]QH =MDZLVNR MDNLH
REVHUZRZDáHP E\áRSRGREQHGR]DüPLHQLD6áRFDMHGQDN]W Uy*QLF]HZF]DVLHWUZDQLD
]DüPLHQLD UREL VL
ZRNRáR FLHPQR QDWRPLDVW Z W\P SU]\SDGNX E\áR QRUPDOQLH ZLGQR
3RP\ODáHP ZL
F*HZLGRF]QLHXOHJáHPMDNLHPX SU]\ZLG]HQLXOXEKDOXF\QDFMLW\PEDUG]LHM
*H ]MDZLVNR WR QDJOH SR FKZLOL ]QLNáR -HJR ]QLNQL
FLH E\áR QDJáH MDNE\ SU\QL
FLH EDNL
P\GODQHM &R SUDZGD E\áHP W\P QLHFR ]GXPLRQ\ L ]DVNRF]RQ\ 7UZDáR WR ]DOHGZLH NLOND
VHNXQG DOH U]HF]\ZLFLH Z\JOGDáR WR QLHVDPRZLFLH -X* SR FKZLOL 6áRFH ]QRZX SRVLDGáR
VZRMH VLHGHPSODPHNZL
FXGDáHPVL
GRSREOLVNLHJRODVXDE\]ELHUDüJU]\E\%
GFMX* Z
OHVLH]GDáHPVRELHVSUDZ
]WHJR*HSU]HFLH* QLHVá\V]
WHJRODVXZW\PVHQVLH*HRWHMSRU]H
GQLD ODVSRZLQLHQ*\üFR]Z\NOHSU]HMDZLDáRVL
SLHZHPSWDFWZD2EHFQLH]D ODVPLOF]Dá
WDNMDNE\E\áPDUWZ\%\áDJáXFKDSU]HMPXMFDFLV]DNWyUHMQLHPFLáQDZHWQDMPQLHMV]\ZLHZ
ZLDWUX QDZHW QDMPQLHMV]\ V]XP OLFL SRUXV]DQ\FK ZLDWUHP E]\F]HQLH RZDGyZ DQL JáRV
SWDNyZ =HVáXFKHPXPQLHE\áRZV]\VWNRZMDNQDMOHSV]\PSRU]GNX]DWHPSRF]XáHPVL
QLHVZRMR
^` 1LH QDOH*DáHP GR EDMD(OLZ\FK OHF] ] SRZRGX WHM ]áRZURJLHM L PDUWZHM FLV]\
]ELHUDMF JU]\E\ ]DSUDJQáHP ]QDOH(ü VL
EOL*HM OXG]L : W\P Z\SDGNX PLDáHP QD P\OL
ZDUWRZQLNyZNWyU]\VSHáQLDOLVZyM*RáQLHUVNLRERZL]HNQDU]HF]MHGQRVWNLZRMVNRZHM23.
]QDMGXMFHM VL
ZSREOL*X:LHG]LDáHP*HMDN]Z\NOHVSDFHUXM Z]GáX* GUXWyZNROF]DVW\FK
NWyUH VNáDGDá\VL
QDRJURG]HQLHWHMMHGQRVWNLZRMVNRZHMGRNWyU\FKWRGUXWyZ]DSUDJQáHP
GRWU]Hü MDN QDMV]\EFLHM :\V]HGáHP ZUHV]FLH QD FLH*N
NWyUD ZáDQLH SURZDG]LáD Z W\P
NLHUXQNX LZyZF]DVRGF]XáHP*HNWR VL
QDPQLHPXVLODPSLüJG\* Z\UD(QLHRGF]XZDáHP
F]\M Z]URNQDVRELH,GFRJOGDáHPVL
]DVLHELHDOHQLNRJRQLHZLG]LDáHP3RNWyU\P ]
NROHL UD]LHJG\ REHMU]DáHPVL
]DVLHELH]REDF]\áHP WDPZRGOHJáRFLRNRáRWXPHWUyZ
SRVWDü VWRMFHMNRELHW\XEUDQHMZG]LZQ\VWUyMMDNE\SáHWZRQXUNDOXENRJR ]F\UNXSDWU]MHM
Z\JOG SRND]DQ\QDU\VXQNX2GPRPHQWXJG\M ]REDF]\áHPQLHPRJáHP]URELüZL
FHM
*DGQHJRUXFKX6WDáHPMDN]DKLSQRW\]RZDQ\8F]XFLHO
NXSU]HVWDáRZRJyOHLVWQLHü LQLHE\áHP
Z VWDQLHP\OHüRF]\PNROZLHN0RJáHPMHG\QLHSDWU]Hü6WDáDLSU]\JOGDáDPLVL
]D MHM
QDJáH SRMDZLHQLHVL
Z\JOGDáRWDNMDNE\Z\URVáDQDJOH]SRG]LHPL-HMZ\JOGE\áPLHV]Q\
L QLHVDPRZLW\=NV]WDáWyZRGUD]XZ\ZQLRVNRZDáHP*HMHVWNRELHW1DWRPLDVWMHMSURSRUFMH
PRJá\ SREXG]DüGRPLHFKX2GSDVDZJyU
E\áDQRUPDOQDQDWRPLDVWRGSDVDZGyáE\áD
VNDUáRZDFLDáD 3U]H]FKZLO
VWDOLP\WDNQDSU]HFLZVLHELHLOXVWURZDOLP\VL
Z]DMHPQLH:
SHZQ\P PRPHQFLH RQD ]DF]
áD Lü Z PRM VWURQ
DOH WR MHM SU]HPLHV]F]DQLH VL
PXVLDáR
SU]\FKRG]Lü MHM]WUXGHPERZLHPZ\JOGDáRWRWDNMDNE\RQDV]áDZ]ZROQLRQ\PWHPSLH-HM
UXFK\ SU]\SRPLQDá\ PL UXFK\ QXUND NODV\F]QHJR QD GQLH SRG ZRG 1DWRPLDVW ZUD*HQLH
VáXFKRZH PLDáHP WDNLH MDNE\ FKOXSRWDQLH D ZL
F WDNLH NLHG\ VL
ZLG]L L Vá\V]\ F]áRZLHND
LGFHJRZEXWDFKJXPRZ\FKZNWyU\FKMHVWSHáQRZRG\
^` 'RV]áDGRPQLHLZRGOHJáRFLRNRáRPHWUDSU]HGHPQ VL
]DWU]\PDáDG]L
NL
F]HPX PRJáHPVL
MHMSU]\MU]HüEDUG]RGREU]H6WDáDQD]LHPLQRUPDOQLHGRW\NDMFVWRSDPL
JUXQWX 3RPLPR VZHJR VNDUáRZDFHQLD E\áD PRMHJR Z]URVWX RNRáR FP -HM ELRGUD
Z\SDGDá\ WH* QDZ\VRNRFLPRLFKELRGHU8EUDQDE\áDZMHGQROLW\VWUyMEH]*DGQ\FK]DPNyZ
F]\JX]LNyZ:\JOGDáRWRWDNMDNE\M GRNáDGQLHRNOHMRQRMDNG]LZQV]DU VXEVWDQFM ]H
V]WXF]QHJRWZRU]\ZDEH]SRá\VNXNWyU\WRVWUyMV]F]HOQLHSU]\OHJDáGRMHMPLHV]QHMV\OZHWNL
1D JáRZLH UyZQLH* PLDáD WHQ VWUyM ] W\P *H Z JyU
QDG MHM JáRZ VWRSQLRZR VL
]DZ
*Dá
WZRU]FWDNLQLE\VWR*HNQLE\DQWHQN
:WDOLLE\áDRSL
WDV]HURNLPSDVHP]RPLXVHJPHQWyZ
Z\SXNá\FK LZNO
Vá\FKSRáF]RQ\FK]HVRE NUyWNLPLSDVNDPL]WHJRVDPHJRPHWDOXFRRZH
VHJPHQW\ %\áWRV]DU\PHWDOEH]*DGQHJRSRá\VNX:]URNRZRVSUDZLDáWDNLHZUD*HQLHMDNE\
QDOH*Dá GRPHWDOLFL
*NLFK6HJPHQW\VNáDGDMFHVL
QDWHQMHMSDV]EXGRZDQHE\á\ZSRVWDFL
MDNE\ Uy*Q\FK SU]HVWU]HQQ\FK IRUP JHRPHWU\F]Q\FK MHGQD ZH ZQ
WU]X GUXJLHM D ZL
F
V]HFLDQyZ NXO L WUyMNWyZ SU]HVWU]HQQ\FK Z URGNX NWyU\FK E\á\ PDOHNLH RWZRUNL
3RV]F]HJyOQH ILJXU\E\á\SR]OHZDQH]HVRE LSU]HFKRG]FH]MHGQHJRNV]WDáWXZGUXJL&Dá\
SDV VSUDZLDá ZUD*HQLH EDUG]R FL
*NLHJR VNRUR VNáDGDá VL
] W\OX QLHZWSOLZLH FL
*NLFK
HOHPHQWyZ 7ZDU]MHM E\áDRGVáRQL
WD%\áDLQQDRGQRUPDOQHMOXG]NLHMWZDU]\1LHPLDáDWHM
Z\SXNáRFL QRVRZHMOHF]PLDáDGZLHG]LXUNLNWyUHGUJDMFZLDGF]\á\RW\P*HRQDRGG\FKD
QRUPDOQLH SRZLHWU]HP 1LH PLDáD WH* WDNLFK XVW MDNLH V GOD QDV QRUPDOQ\PL W\ONR PLDáD
SR]LRP V]HURN NUHVN
QLH RWZLHUDMF VL
%UZL DQL U]
V UyZQLH* QLH PLDáD D MHM RF]\
PDMFH NV]WDáW MDMRZDW\ E\á\ PRFQR XZ\SXNORQH RVDG]RQH QD XNRV L EDUG]R V]HURNR
UR]VWDZLRQH 1LH PLDá\ ELDáHN DOH E\á\ Z MHGQROLW\P FLHPQREU]RZ\P SUDZLH F]DUQ\P
NRORU]H&]RáRPLDáDEDUG]RZ\SXNáHLZ\JOGDáRWRWDNMDNE\EDUG]RFLHUSLDáDQDFKURQLF]QH
]DSDOHQLH ]DWRN 3RPLPR WDN QLHNRU]\VWQHJR VZHJR Z\JOGX ] MHM WZDU]\ GDáR VL
RGF]Xü
GR JáRZ\WHQQLHP\GLDORJMHGQDNWUZDáLQLH]DOH*QLHRGPRMHMZROLRGF]XZDáHPFRF]HJR
QLHSRWUDIL
ZSHáQLDQLRNUHOLüDQLQD]ZDüJG\* PRPHQWDPLV\WXDFM
W RGELHUDáHPWDNMDNE\
21$ VVDáD ] PHJR Py]JX WR FR RQ SRVLDGDá ]D Z ]DPLDQ GR PHJR Py]JX MDNE\
ZSRPSRZ\ZDáD SHZQH ]DJDGQLHQLD NWyU\FK ]QDF]HQLD DEVROXWQLH QLH PRJáHP ]UR]XPLHü
G]L MX* QLHNWyUH UR]XPLHP 7HQ QLHP\ GLDORJ WUZDá Z F]DVLH SRPL
G]\ REMDQLDQLHP MHM
]DZDUWRFLWRUE\DPRPHQWHPZNWyU\PSU]\VWSLáDGRU\VRZDQLDSDW\NLHPQDFLH*FH
^` 7UXGQRMHVWPLW\ONRZ\WáXPDF]\üZREDZLHDE\E\üGREU]H]UR]XPLDQ\POHF]
WH ]DJDGQLHQLD ZSá\ZDMFH QD PQLH E\á\ ZLG]LDQH ZL]XDOQLH WDN MDN ZLG]L VL
REUD]\ :
GRGDWNXQLHE\á\WRMHGQDN*DGQHREUD]\*DGQHVáRZDDQLZ\UD]\WDNLHMDNP\OXG]LHX*\ZDP\
DE\ VL
SRUR]XPLHZDü ']L SRPLPR L* ]QDQH MHVW PL ]MDZLVNR WHOHSDWLL WR ZLHP *H WHQ
QDVW
SXMF\ ZyZF]DV SU]HND] P\OL SRPL
G]\ QDPL QLHPLDáQLFZVSyOQHJR] WHOHSDWL F]\
DXWRVXJHVWL 3RSURVWXQLH]QDPWDNLHJRRNUHOHQLDNWyU\PPyJáE\PQD]ZDüW
V\WXDFM
:
W\P PLHMVFXWR]DWU]\PDPVL
QLHFRDE\FKRFLD* ZVNUyFLHRSLVDüWRFRPLZSDMDáD3U]HGH
ZV]\VWNLP*HZLHNLPMDMHVWHPL*HZLHFR MDWXUREL
REHFQLHRUD]FRURELáHPZSU]HV]áRFL
,MDNE\QDSRWZLHUG]HQLHWHJRQDJOHSU]HGPRLPLRF]\PDZEá\VNDZLF]Q\PWHPSLHSU]HVXQ
áR
VL
FDáHPRMH*\FLH-HV]F]HUD]]REDF]\áHPVZHGRW\FKF]DVRZH*\FLHDSU]HFLH* WDGURJD
MDN GR WHM SRU\ SU]HV]HGáHP QLH QDOH*DáD GR WDNLFK *H PyJáE\P VL
W\P SRFKOXELü
1DOH*DáHPGRWHMJUXS\QDMJRUV]\FK]QDMJRUV]\FK3U]H]ZLHOXOXG]LE\áHPSU]HNOLQDQ\*G\WD
SDQL PLWRZV]\VWNRXND]DáDZMHGQHMFKZLOL]UR]XPLDáHPQLHFQHVZRMH*\FLHLXVá\V]DáHPZ
VZRMHM JáRZLHJáRVNWyU\QDND]\ZDáPLDE\PVDPRNU\W\F]QLHRNUHOLáWRPRMHSRVW
SRZDQLH
L QDSU]\V]áRüZ\FLJQáZQLRVNL%\áRPLJáXSLRLZVW\GDZVW\GPyME\áRW\OHZL
NV]\*H
ZLHG]LDáHP SU]HFLH* RW\PL* RQDZLHRPQLHZV]\VWNR3RVWDQRZLáHPZL
FVL
]PLHQLüLZ
FKZLOLJG\W\ONRRW\PSRP\ODáHPRQDGDáDPLRGF]Xü*HMHVW]WHJR]DGRZRORQDL*HMX* MHVW
SHZQD L* MD E
G
VL
GR WHJR QDGDZDá 'R F]HJR QLH ZLHG]LDáHP L SRPLPR WHJR *H
FKFLDáHP VL
GRZLHG]LHüGDZDáDPLRGF]Xü*HZV]\VWNRPDVZyMF]DV2MDNLHZV]\VWNR
FKRG]LáRUyZQLH* QLHFKFLDáDPLSRZLHG]LHüG]L MX* ZLHP
^` 7D GRW\FKF]DVRZD Z\PLDQD P\OL WUZDáD MX* RNRáR WU]HFK PLQXW
=DSURSRQRZDáHP ZL
FMHMNDQDSN
XVLáXMFSU]HNRQDüM*HWRMHVWGRMHG]HQLD$OHSRPLPR
PRLFK XVLOQ\FKVWDUD QLH]GRáDáHPMHMSU]HNRQDüJG\* ZMHG]HQLHZSDWU\ZDáDVL
WDNMDN
REHFQRü WDPZURGNXWDNMDNE\PXQRVLáVL
ZSRZLHWU]XSRGVXILWHP]NWyUHJRWRPLHMVFD
GRNáDGQLH PRJáHP ZLG]LHü ZV]\VWNR WR FR ]H PQ URELOL 1LH ZLG]LDáHP PRPHQWX PHJR
UR]ELHUDQLD DOHSDPL
WDP*HQDSRF]WHNZVXQ
OLPQLHGRWDNLHMGáXJLHMMDVQRRZLHWORQHM
NDELQ\ ] NWyUHM SR MHM RWZDUFLX EXFKQ
áD MDVQD SDUD ]LPQD L ] W SDU ] NDELQ\ Z\MHFKDáD
NRELHWD QDJD EORQG\QND UHGQLHJR ZLHNX QLH(OH ]EXGRZDQD =RVWDáD ]DEUDQD GR
SRPLHV]F]HQLD QL*HMGRNWyUHJRSU]H] FDá\F]DVE\áRWZDUW\OXNDOHQLHE\áR VFKRGyZDQL
F]HJR ZURG]DMXZLQG\OXNWHQZLGRF]Q\MHVWZVSRGQLHMF]
FLU\VXQNX%\áR]DWRZLDWáR
ZNWyUHJRV]HURNLVáXSXVWDZLRQRW
NRELHW
QDSRGREQ\PGRPRMHJRVWROHZHIHNFLHF]HJR
WDNRELHWD]DF]
áD]DQLNDüSU]H]SU]HFLJNLONXVHNXQGD* ]QLNQ
áDFDáNRZLFLH1LJG\ZL
FHM
MHMQLHZLG]LDáHP
^` &DáHSRPLHV]F]HQLHZMDNLPVL
]QDMGRZDáHPE\áRRZLHWORQHVLOQ\PZLDWáHP
MDVQ\P DOH MDNE\ QLHFR SU]\WáXPLRQ\P MHGQDN*H VDPHJR (UyGáD ZLDWáD QLH E\áR QLJG]LH
ZLGDü 'DZDáR VL
SU]H] FDá\ F]DV Vá\FKDü WDNLH EXF]HQLH MHGQRVWDMQH MDNE\ SUDFRZDá
WUDQVIRUPDWRU SRW
*QHM PRF\ 3RQDGWR GDZDáR VL
Z\F]XZDü ]DSDFK SU]\SDODQ\FK
PLJGDáyZ RUD]WHOHZL]\MQHMODPS\Z\VRNLHJRQDSL
FLD$ZL
FUD]HP]HVWRáHPQDMDNLP
OH*DáHP ZVXQL
WRPQLHGRWHJRSU]H(URF]\VWHJRWXQHOXZNWyU\PQLHE\áR ZRJyOH*DGQ\FK
XU]G]H:LGRF]Q\MHVWRQSROHZHMVWURQLHU\VXQNX=DPNQL
WR]DPQ WU]\ SDU\GU]ZLF]HN
:LGDü QDWRPLDVWE\áRPQLHWDPZURGNXMDNFDáHPRMHFLDáRSRZROL]DF]\QDRWDF]DüWDND
VLZD SDUD L E\áRFRUD] WR EDUG]LHM (OH ZLGDü D* Z NRFX QLH E\áR ZLGDü QLF]HJR FR WDP Z
URGNX ]H PQ VL
G]LHMH 3R FKZLOL D WUZDáR WR QLH GáX*HM QL* Syá PLQXW\ GZLH SDU\
SyáRNUJá\FK GU]ZLF]HNVL
RWZRU]\á\UR]VXZDMFVL
QDERNLLSRQRZQLH]REDF]\OHPVLHELH
Z Ná
EDFKSDU\LRGF]XáHPSU]HQLNOLZH]LPQR ZFDá\PW\PSRPLHV]F]HQLXELMFHRGVWURQ\
PHJR FLDáDL]WHMRWZDUWHMNRPRU\7HQVDPVWyá]HPQ XVWDZLOLZW\PVDP\PPLHMVFXFR
SRSU]HGQLR /H*DáHP FDá\ F]DV QD EU]XFKX : SLRQLH QDGH PQ SRG VNOHSLHQLHP WHJR
SRPLHV]F]HQLD Z MDNL QLH]UR]XPLDá\ GOD PQLH VSRVyE E\áR XPRFRZDQH XU]G]HQLH ]
NWyUHJR]ZLVDáMDNE\VRSHOORGXOXENU\V]WDáXSDWU]U\VXQHN:PRPHQFLHJG\VL
SRGQLP
]QDOD]áHP ]WHJRVRSOD]DF]
áDZ\WZDU]DüVL
MDND VWUXNWXUDNWyUHMQLHSRWUDIL
RNUHOLüMDNE\
E\áD PDWHUL DOH EDUG]RJ
VW =DF]
áD Z\WZDU]Dü VL
WDND VSLUDOD Z NRORU]HVHOHG\QRZ\P
RWRF]RQD FLHQN ZDUVWZ NRORUXSRPDUDF]RZHJRSU]HFKRG]FHJRZNRORU*yáW\DSRWHPZ
FDáNRZLW ELHO=HVSLUDOLWHM]DF]
áDZ\WZDU]DüVL
GUXJDVSLUDODDOHMX* ZRGZURWQ\PNV]WDáFLH
D SRMHMXWZRU]HQLXZ\WZRU]\áDVL
MHV]F]HMHGQDRVWDWQLDSDWU]GROQDF]
üU\VXQNX]
NWyUHM ]DF]áHPDQRZDüELDá\FLHQNLMDNZáRV SURPLH ZLDWáDNWyU\ZSHZQ\PPRPHQFLH
GRWNQá PHM JáRZ\ZMHMJyUQHMW\OQHMF]
FL:WHG\]REDF]\áHPWHHNUDQ\1LHZLHPZMDNL
VSRVyE WDP VL
RQH]QDOD]á\MHV]F]HSU]HGVHNXQG LFKWDPQLHE\áR%\á\WRHNUDQ\]MDNE\
WZRU]\ZD V]WXF]QHJRSU]H(URF]\VWHJRZNRPSRQRZDQHSRZHZQ
WU]QHMVWURQLHFLDQWHJR
SRPLHV]F]HQLD -HGQRF]HQLH E\á\ Z FLVá\P ZVSyOQ\P VNXSLHQLX RERN VLHELH L MHGQH SRG
GUXJLPL
^`-HGHQ]W\FKRVREQLNyZVWDQáSRPL
G]\W\PLHNUDQDPLDPQ-HGQ U
N
PLDá
VNLHURZDQ GRJyU\QDWHQVRSHOQDWRPLDVWGUXJ U
N
Z\FLJQL
W PLDáZNLHUXQNXW\FK
HNUDQyZ :WHMGUXJLHMU
FHPLDáSU]H]URF]\VW\QLHZLHONLVRSHOHNNWyUHJRVWR*HNNLHURZDá
QDHNUDQ&RPLDáZWDPW\PU
NXQLHZLG]LDáHP1DW\FKHNUDQDFK]REDF]\áHPSHZQHREUD]\
F]HJR F]HJR]SRF]WNXQLHPRJáHPZ*DGHQVSRVyE]GHILQLRZDüMHGQDNJáRVNWyU\GR
PQLH GRWDUá SRLQIRUPRZDá PQLH*H ZLG]
VZyM Py]J:LG]LDáHP ZL
F WH ]ZRMH Py]JX
SRZ\NU
FDQH Z MDNLP QLHáDG]LH L ZLG]LDáHP MDN MHGHQ ] W\FK ]ZRL LGF\ SLRQRZRZ]GáX*
PHJR NU
JRVáXSD ]DF]\QD VW\NDü VL
] NRFHP WHJR FLHQLXWNLHJR MDN ZáRV SURPLHQLD
:LG]LDáHP WR GRNáDGQLH Z NRORURZ\P SRZL
NV]HQLX .RFyZND WHJR SURPLHQLD E\áD
]DRSDWU]RQD ZSyáRNUJá\PDOHNLMDNSyá]LDUHQNDPDNXSU]HGPLRFLNNWyU\SU]\]HWNQL
FLX
VL
]W\P]ZRMHPLGF\PSLRQRZR]RVWDáMDNE\RNU
FRQ\SU]H]WHQ]ZyMLF]
FLRZRZFKáRQL
W\
GR URGND7HQSU]HGPLRFLNE\áZNRORU]HMDVQRQLHELHVNLP5R]XPLHP*HE\áWRLPSODQWMDNL
ZVWDZLRQR PLGRJáRZ\LMDNLSR]RVWDMHZPHMJáRZLHGRG]LVLDM1DVW
SQLHSU]HVXQL
WRPQLH
QLHFRGRSU]RGXLRGZUyFRQRQDZ]QDN7HVDPHVSLUDOHLWHQVDPSURPLH VNLHURZDQ\]RVWDá
PL WHUD]QDS
SHNDSRFKZLOLQDQDGJDUVWHNSUDZHMU
NLJG]LH]REDF]\áHP*HWNZL PLWU]\
SURPLHQLH ZLDWáDÏZSURPLH ZLDWáDXIRUPRZDáPLUDQN
QDSU]HJXELHSUDZHM U
NLNWyUD
SRF]ZV]\ RGRZHJRF]DVXNUZDZLáDPLV\VWHPDW\F]QLHFRRNRáRGQL$OHIRUPRZDQLHWHM
UDQNLWUZDáRNUyWNR
^` -D QLHPDPSRM
FLDFRyZSURPLH F]\QLá]SU]HJXEHPPRMHMSUDZHMU
NLLQLH
WZLHUG]
*HZyZF]DVZVWDZLOLPLWDPWH* LGUXJLLPSODQW-HGQDNRZL]DJUDQLF]QLQDXNRZF\
WM 3DQL=L3DQ0RNWyU\FKSLV]
ZSRGUR]G]LDOH%RUD]3DQ0]:DUV]DZ\]JRGQLH
WZLHUG] *HZW\PZáDQLHSU]HJXELHWNZLLPSODQW6WZLHUG]LOLWRQDSRGVWDZLHVZRLFKEDGD
NWyU\FK SU]HELHJ RSLVXM
Z SRGUR]G]LDOH % -D QDWRPLDVW QLH MHVWHP WHJR SHZLHQ -HVWHP
W\ONRSHZLHQ*HWRPLHMVFHPLV\VWHPDW\F]QLHS
NDFRGQLLWRS
NQL
FLHWUZDSU]H]WU]\GR
F]WHUHFKGQL
^` :UDFDMFMHGQDNGRWHJRFRZyZF]DVVL
]GDU]\áRWRSRG]LDáDQLXQDU
N
WH
VSLUDOH ]QLNá\L]QRZXPQLHRGZUyFRQRW\PUD]HPQDERN3U]\NU\WRPQLHRJURPQLHJUXE\P
NORV]HP LZWHG\]REDF]\áHPSHZQHXU]G]HQLHZNV]WDáFLHZDOFDNWyU\Z\VWDZDá]SRGáRJL
QD Z\VRNRüRNRáRFP:DOHFWHQSRND]DQ\MHVWZURGNRZHMF]
FLU\VXQNX6DPWHQ
ZDOHFE\áZWUXGQ\PGRRNUHOHQLDNRORU]HDWR]WHJRSRZRGX*HE\áSU]H]FDá\F]DVZUXFKX
ZLURZ\P GRRNRáDZáDVQHMRVL0LDáUHGQLF
RNRáRFP6SUDZLDáZUD*HQLHMDNE\Z\NRQDQ\
E\á ] MHGQROLWHJR EORNX NU\V]WDáX 3RURGNX SU]H] FDá MHJR V]HURNRü SRSU]HF]QLH
SU]HFKRG]LáV]HURNLSDVVNáDGDMF\VL
]GX*\FKV]HFLDQyZPRJF\FKE\ü]PHWDOXV]DUHJR
6]HFLDQ\ WHE\á\]HVRE SRáF]RQHNUyWNLPLSDVNDPLZW\PVDP\PNRORU]H:ND*G\P]W\FK
V]HFLDQyZ ]QDMGRZDá\ VL
PQLHMV]H V]HFLDQ\ Z QLFK NXOH SRWHP ]QRZX PQLHMV]H
V]HFLDQ\D* ZVDP\PURGNXWUyMNWZ\SXNá\ZURGNXNWyUHJR]QDMGRZDá\VL
PDáHRWZRUNL
] NWyU\FKHPDQRZDáREDUG]RVLOQHF]DUQHZLDWáR&Dá\WHQSDVPyJáVNáDGDüVL
]RPLX
WDNLFK V]HFLDQyZDOHQLHREUDFDáVL
QDW\PZDOFXZUD]]MHJRUXFKHPREURWRZ\PSRPLPR
L* GR QLHJR GRW\NDá 7R VDPR XU]G]HQLH VNáDGDMFH VL
] ZLUXMFHM NROXPQ\ OXE ZDOFD QD
NWyUHM ]DZLVDá yZ SDV ]áR*RQ\ ] V]HFLDQyZ ZLG\ZDáHP SRWHP ZLHORNURWQLH SU]\ Uy*Q\FK
RND]MDFK MDNLH RSLV]
Z GDOV]\FK F]
FLDFK QLQLHMV]HJR WHNVWX =D ND*G\P UD]HP JG\ MH
]REDF]\áHPXU]G]HQLHWRSU]\NXZDáRPRM XZDJ
^`:WHMZáDQLHFKZLOLJG\]REDF]\áHPWRXU]G]HQLHSU]HVWDáHPMDNRE\LVWQLHü
SRG VXILWHP1DJOH]GDáHPVRELH]WHJRVSUDZ
*HOH*
QDVWROHZQLHZ\JRGQHMSR]\FMLQD
ERNXRUD]*HRGF]XZDPW
S\EyO]W\áXVZHMJáRZ\L*HEROLPQLHRNURSQLHEU]XFK6WDUDáHP
VL
DE\]PLHQLüW
VZRM QLHZ\JRGQ SR]\FM
QDLQQDOHRND]DáRVL
WRQLHPR*OLZH]WHJR
Z]JO
GX *H WHQ NORV] SRG NWyU\P OXE Z URGNX NWyUHJR VL
]QDMGRZDáHP V]F]HOQLH
SU]\OHJDá GR PRMHJR FLDáD SRPLPR L* ] ]HZQWU] VSUDZLDá ZUD*HQLH V]W\ZQRFL 2G VWURQ\
]HZQ
WU]QHM QDZLHU]FKXSRVLDGDáRQMDNE\Z\URVWHNFR QDNV]WDáWWDNLHMPDáHMNRSXáNLR
UHGQLF\ RNRáRFP6NLHURZDQDRQDE\áDNXJyU]HMDNQLHZLHONLSU]H(URF]\VW\VRSHOHNZ
NWyUHJR VDP\PF]XENXVNRQFHQWURZDQHE\áRZLDWáRELDáHQRUPDOQHDOHVDPHJR(UyGáD
WHJR ZLDWáDQLHE\áRZLGDü-HGQDNRGURGNDNORV]WHQE\áHODVW\F]Q\LSU]\MPRZDáNV]WDáW\
WDNLH]MDNLPLVL
EH]SRUHGQLRVW\NDá%\áRPLLGXV]QRL]LPQR 3DWU]F]HVZHMSR]\FMLWM]H
URGNDQDW
NRSXáN
]REDF]\áHPVZHZQ
WU]QRFLZFLDQNDFKWHJRNORV]DZMDNE\MDNLP
RGELFLX DWRFR]HPQ URELOLRGHEUDáHPMDNRSU]HZLHWOHQLH&]XáHPSLHF]HQLHZSUDZ\P
QDGJDUVWNX SRGREQHGREyOXSRRSDU]HQLX=GDZDáHPWH* VRELHVSUDZ
*HPRMDOHZDGáR
QLH RGELHUD*DGQ\FKERG(FyZ=SRF]WNXP\ODáHP*HPLW\ONR]GU
WZLDáDMHGQDNMX* ZNUyWFH
PLDáR VL
RND]Dü*HP\OFWDNP\OLáHPVL
']LVLDMMX* ERZLHPZLHP*HZyZF]DVZ\FL
OL
PL FL
JQR NWyUH ZVSyáSUDFXMH SRPL
G]\ NFLXNLHP D SRF]WNLHP U
NL -HGQDN SR W\P
EROHVQ\P ]DELHJX QLH SR]RVWDZLOL DQL *DGQHM UDQNL DQL LQQHJR ODGX 5yZQLH* WUZDQLD
VDPHJR]DELHJXQLHZLG]LDáHPDMHG\QLHF]XáHP2GWDPWHMSRU\PDPWDNLHFKDUDNWHU\VW\F]QH
PURZLHQLHZW\PPLHMVFX'RWHMSRU\SR]RVWDáPLWH* QLHGRZáDGOHZHMGáRQL:UHV]FLHJG\WHQ
NORV] ]HPQLH]GM
WRSRF]XáHPVL
RZLHOHOHSLHM:WHG\XáR*RQRPQLHZSR]\FMLQDZ]QDNL
SRPLPRWHJR*HQLHE\áHPSU]\SL
W\*DGQ\PLSRZUR]DPLWRMHGQDNLWDNQLHPRJáHPZ\NRQDü
FKRFLD*E\ QDMPQLHMV]HJRUXFKX8F]XáHP*HUREL FR ]PRLPLQDU]GDPLSáFLRZ\PLZW\P
VHQVLH *H ZNáDGDOL PL MDN WZDUG FLHQN UXUN
L Z SHZQ\P PRPHQFLH SRF]XáHP
V]F]\SDQLHDOHWRWUZDáRNLONDVHNXQG
^` : RZ\PF]DVLH RZR ODERUDWRULXP F]\ VWDWHN Z MDNLP VL
]QDMGRZDáHP QD
SHZQR QLH E\áR Z *DGQ\P UXFKX .LHG\ ERZLHP E\áR RQR Z UXFKX GDZDáR VL
WR RGF]Xü L
]DXZD*\ü-HGQDNWHQEH]UXFKMHVWMHG\QLHPRLPGRP\VáHP3RVG]DPWH**HZF]DVLH
W\P E\OLP\QDLFKNVL
*\FXQD]HZQWU]ZyZF]DVQLHZ\FKRG]LáHP3RGF]DVRSLV\ZDQ\FK
WXWDM VFHQ yZ ZVSRPLQDQ\ ZF]HQLHM ZDOHF ] ]DZLHV]RQ\P QD QLP SDVHP ] RPLRPD
V]HFLDQDPLQLHREUDFDáVL
QDWRPLDVWJG\SRMD]GE\á ZUXFKXZDOHFWHQ]DZV]HREUDFDáVL
:V]DN*HMHJRREURW\RGE\ZDá\VL
ZFHOXWDNSU]\SXV]F]DPZ\HPLWRZDQLDPRF\OXEHQHUJLL
SRWU]HEQHMGRQDS
G]DQLDWHJRVWDWNXF]\WHJRODERUDWRULXP
^` 1DVW
SQ F]\QQRFL MDN 21,PLZ\NRQDOLE\áRWR*HGRSURZDG]LOLPQLHGR
WDNLHJR VWDQXPHMEH]EURQQRFLLEH]UDGQRFL*HQDLFKRF]DFKSRUD]SLHUZV]\ZP\P
*\FLX RGE\áHP VWRVXQHN ]H OLF]Q PLHV]NDQN SODQHW\ 1($ $F]NROZLHN MD RVRELFLH
ZRODáE\PXQLNQü GRNáDGQLHMV]\FKZ\MDQLH MDNWRVL
RGE\áRUR]XPLHPMHGQDN*HGODGREUD
QDV]HM ZLHG]\ L GOD SRVW
SX QDXNL MHVWHP ]RERZL]DQ\ Z W\P UDSRUFLH SRGDü QLHFR
V]F]HJyáRZV]H RSLV\2WRRQH0RM SDUWQHUN E\áDUG]HQQD1HDQNDFK\EDQDMSL
NQLHMV]D
VSRUyGZV]\VWNLFK,FKNRELHW1LH]DXZD*\áHPPRPHQWXMHMSRMDZLHQLDVL
DOHQDJOH]GDáHP
VRELH]WHJRVSUDZ
*HMHVWHPQDJLDRERNPQLHWX* SU]\ODWDMF\Páy*NXWMáy*NXEH]QyJ
L QD QLF]\P QLH ]DZLHV]RQ\P VWRL SU]HOLF]QD EORQG\QND R GáXJLFK ZáRVDFK L
FLHPQRQLHELHVNLFKRF]DFK2LOHGREU]H]UR]XPLDáHPW
VFHQ
WRU]HF]\ZLFLH3URI3DMNPD
VSRUR UDFMLJG\* SDPL
WDPSU]HFLH* *HRQDZVZ\FKRF]DFKQLHPLDáD*DGQHMHPRFMLRSUyF]
RERM
WQRFLQDWRPLDVWZV]\VWNRFRURELáDGDáRVL
RGF]Xü*HURELáDWRQDUR]ND]WHJRSDQD
NWyU\SU]H]FDá\F]DVVWDáWDPLVZRM REHFQRFL ZV]\VWNRMDNJG\E\QDG]RURZDáZGRGDWNX
NWyUHPX ZV]\VF\VZRM SRVWDZ L]DFKRZDQLHPVL
RGGDZDOLV]DFXQHNFRGDáRVL
Z\F]Xü
SU]H]FDá\F]DVZHZQWU]WHJRVWDWNXF]\ODERUDWRULXP3U]\SXV]F]DP*HM VDP ZH]ZDQR
]]HZQU]3RVWDZLRQRPQLHRERNWHJRG]LZQHJRVWRáXáy*NDQD NWyU\P2QDVL
SRáR*\áD'R
WHJR ]DELHJXRQDE\áDSU]\JRWRZDQDZWHQVSRVyE*HE\áDW\ONRF]
FLRZRREQD*RQDMD
QDWRPLDVW E\áHP QDJL 1LH PLDáD QD VRELH PDMWHN ]D WXQLN
Z NWyU E\áD XEUDQD PLDáD
SRGZLQL
W D* SRZ\*HM S
SND 0LDáD QRUPDOQ\ ]DURVW QRUPDOQHJR Z]JyUND áRQRZHJR
2GG]LDá\ZXMF QD PQLH Z QLHZLDGRP\ PL VSRVyE VSRZRGRZDOL*H SRáR*\áHP VL
QD QL
2GE\áHP ] QL QDMQRUPDOQLHMV]\ Z ZLHFLH VWRVXQHN Z WDNL VDP VSRVyE MDNE\P URELá WR
SU]HGWHPZLHOHUD]\DOHZWDPW\PF]DVLHWDNLHP\OLQLHSU]\FKRG]Lá\PLGRJáRZ\1LHEDUG]R
WH* E\áHPZLDGRP\WHJR*H2QLQDPQLHRGG]LDá\ZXM ZZLDGRP\LPVDP\PVSRVyE7\ONR
ZLHP *HPLVDPHPXE\áRFXGRZQLHLJG\SRNLONXPLQXWDFKVNRF]\OLP\]GDáHPVRELH]
WHJR VSUDZ
*HWRPyMSLHUZV]\UD]:VWDáHPVDP1DWRPLDVW2QDZVWDáDUyZQLH* LZ\V]áD
QD]DSOHF]HNWyUHJRQLHZLG]LDáHPER]QDMGRZDáRVL
SR]DREV]DUHPPLGRVW
SQ\PDZL
F
]OHZHMVWURQ\W\FKHNUDQyZZURGNXNWyU\FKE\áWHQMHGHQZLHONLJáyZQ\:PHMZLDGRPRFL
SR]RVWDQLHWRQD]DZV]HMDNRFR SL
NQHJRQLHGDMFHJRVL
SRUyZQDü]QLF]\PFRVSRWNDáR
PQLH ZGDOV]\PPRLP*\FLX'RG]L QLHZLHPMHGQDNMDNRQDVL
QD]\ZDáDLW\ONRQLHNLHG\
Z VZ\FKVQDFKM ZLGXM
$OHQLHE
G
SU]HFLH* RSLV\ZDáVQyZ3RW\PSU]H*\FLXSRGDQR
PL PRMH XEUDQLH ZL
F XEUDáHP VL
&]XáHP VL
QRUPDOQLH W\ONR QLHFR RV]RáRPLRQ\ W\P
ZV]\VWNLP LPXV]
SU]\]QDü*HWDPZURGNXWHJRVWDWNXF]\ODERUDWRULXPF]\MDNWRWDP
]ZDü F]XáHPVL
VZRERGQLHLE\áRPLWDPQDSUDZG
GREU]H1LHZLHPMHGQDNVNGEUDáR
VL
X PQLH WR XF]XFLH ZV]DN*H ]ZD*\ZV]\ RNROLF]QRFL SRZLQLHQHP E\ü WDP FDá\ F]DV
SU]HUD*RQ\LSRGQDSL
FLHP
^` 3U]H] FDá\F]DVZVZHMJáRZLHVá\V]DáHPJáRVNWyU\Z\FLV]Dá XPLHU]DáPyM
HZHQWXDOQ\EyOLSU]H]FDá\F]DVRGELHUDáHPGUJDQLD F]VWHF]HNSRZLHWU]DREDUG]RZ\VRNLHM
F]
VWRWOLZRFL PLPRF]\QQLHZSá\ZDMFHJRPLGRSUDZHJRXFKD1LHUR]XPLDáHPLQDGDOQLH
UR]XPLHP LFKSU]H]QDF]HQLDFKRFLD* WHQJáRV]DSHZQLDáPQLH*HWR]UR]XPL
2ZHGUJDQLD
F]VWHF]HN SRZLHWU]DZSRVWDFLFKDUDNWHU\VW\F]QHJRG]ZRQLHQLDZSUDZ\PXFKXSRZWDU]DM
VL
GRG]L SRF]ZV]\RGWDPWHMSRU\DRVWDWQLRGDáRVL
RGF]XüLFKSHZQHQDVLOHQLH
^` *G\E\áHPMX* ZXEUDQLXSU]HGPRLPLRF]DPLSRMDZLáVL
SRW
*Q\SR]LRPR
ZNO
Vá\ HNUDQ R SU]\SXV]F]DOQ\FK Z\PLDUDFK GZD QD PHWU R V]DURV]NOLVWHM SRZLHU]FKQL
ZLHORZ\PLDURZ\ ] QLH]OLF]RQ LORFL Uy*QRNRORURZ\FK ZLDWHáHN QD VZ\P WOH NWyUH WR
ZLDWHáNDFRUD]WR]PLHQLDá\VL
XND]XMFZWOHFRF]HJRQLHXPLDáHPDQLSRMüDQLQD]ZDü
2QLPQLHMDNE\UR]XPLHOLZ]ZL]NX]F]\PZáR*\OLPLQDJáRZ
FR ZURG]DMXREU
F]\DOHLWR
QLF]HJR QLH]PLHQLáRREU
F]WDNDSRND]DQDMHVWQDU\VXQNX:WHG\RELHPRMHGáRQLHZáR*\OL
Z GZD Uy*QH SXGHáHF]ND Uy*QLFH VL
MHGQDN RG VLHELH W\ONR ]HZQ
WU]Q\P NRORUHP MHGQR
Eá\V]F]FHELDáRQLHELHVNRGUXJLHEUXQDWQRF]HUZRQH:yZF]DVZVZRMHMJáRZLHXVá\V]DáHP
G]LZQH EXF]HQLHDQDVW
SQLHXMU]DáHPQDHNUDQLHZMHJRQDMZ\*V]\PFHQWUXPZL]HUXQHN
RJQLVWHJR NU]\*DXáR*RQHJR]HZLDWHáHNRJQLVWRF]HUZRQ\FK]D SRMHJRREXERNDFKMDNE\
GZD GX*H NLHOLFK\ NWyUH MDNE\ E\á\ SRáF]RQH GUJDMF\PL Uy*QRNRORURZ\PL ZLDWHáNDPL
2GHEUDáHP WHQZL]HUXQHNMDNRVWDá HNVSR]\FM
WHJRHNUDQXJG\* SRPLPRL* SRV]F]HJyOQH
REUD]\VL
]PLHQLDá\WRMHGQDNWHQSLHUZV]\ZL]HUXQHNWUZDáWDPSU]H]FDá\F]DV
^`1DVW
SQ U]HF] MDN XMU]DáHPQDW\PHNUDQLHE\áDWDEOLF]NDRJUXERFLQDGZD
SDOFH0LDáDRQDNV]WDáWSURVWRNWDRERNDFKRNRáRQDFPZNRORU]HF]DUQ\P:\U\WHZ
QLHM QDJá
ERNRüRNRáRPPZLGQLDá\ZSL
FLXSLRQRZ\FKNROXPQDFK]QDNLKLHURJOLI\
SDWU] U\VXQHN = SUDZHM VWURQ\ WHM WDEOLF]NL XND]DQR PL VLHGPLX WDNLFK VDP\FK Z
Z\JOG]LHP
*F]\]Q]W W\ONRUy*QLF*HVWRMFMHGHQRERNGUXJLHJRE\OLUy*QHJRZ]URVWX
ER ND*G\ QDVW
SQ\ E\áQL*V]\ RG SRSU]HGQLHJR 1DWRPLDVW WHQ RVWDWQL VLyGP\ PLDá U
N
SUDZ SRGQLHVLRQ GR JyU\ MDNE\ FKFLDá SR]GURZLü JHVWHP =UHV]W WHQ ZáDQLH REUD]HN
SRND]\ZDQ\ E\áPLZLHOHZLHOHUD]\3RWHPSRQRZQLHZLG]LDáHPWHWU]\VSLUDOHZLDWáD%\á\
WR WH VDPH VSLUDOH NWyUH IRUPRZDá\ VL
] WHJR VRSODNU\V]WDáX L NWyU\FK X*\ZDQR GR
XPLHV]F]HQLD PLLPSODQWXZJáRZLHWMMHGQDSRWUyMQDQDNRFXNWyUHME\áRZLDWáR2EUD]\
]PLHQLDá\ VL
QLHNWyUH SRND]\ZDQR PL NLONDNURWQLH ']L SDWU]F QD WR ] SHUVSHNW\Z\
PLQLRQHJRF]DVXZLHP*HSRND]\ZDQRPLPLQSHZQHXNáDG\JZLH]GQHSDWU]U\VXQHN
NWyUH GRNáDGQLH]DSDPL
WDáHPDOHGRSLHURMHGHQ]QLFKRSLVDáHP3DQX02SR]RVWDá\FK
GRWG QLHZVSRPLQDáHP']L G\VSRQXM
X]\VNDQ\PRG3DQD0NRPSXWHURZ\PZ\GUXNLHP
PDS\ QLHED SyáNXOL SyáQRFQHM MHGQDN QD WHM PDSLH MHVW ]DOHGZLH MHGHQ ] W\FK XNáDGyZ
JZLH]GQ\FKNWyUHPLSRND]\ZDQR,QQ\FKQDZ\GUXNXQLHPD
^` 1DVW
SQLH]GM
WRPLW
REU
F]]JáRZ\LF]XáHP*H]DV\SLDP:F]DVLHPRMHJR
VQX SU]\E\OLP\ QD LFK URG]LP SODQHW
1H
3R SU]\E\FLX WDP Z\V]OLP\ ]H VWDWNX ,FK
SRZLHWU]HP RGG\FKDáHP]XSHáQLHQRUPDOQLH-HGQDNLFKFLQLHQLHNWyUHPXWDPSRGOHJDáHP
SRZRGRZDáR *HQDLFKSODQHFLHSRUXV]DáHPVL
QLHFRV]\EFLHMQL* RQLVDPL0RMHSRUXV]HQLD
ZyZF]DVPRJ
U]HF]\ZLFLHSRUyZQDüGRWHJRSLHZDNDRMDNLPZVSRPLQD3URIHVRU3DMN
3U]HGSU]\E\FLHPQD1H
QLHPLDáHPRND]MLZLG]LHü]]HZQWU]LFKVWDWNXQDNWyU\PZV]\VWNR
VL
Z\GDU]\áR-HGQDNWDPXQLFKREHMU]DáHPJRVRELHEDUG]RXZD*QLHLGRNáDGQLHDF]NROZLHN
] SRZRGXRZHJR]DQL
FLDQLHMHVWHPSHZLHQF]\E\áWRWHQVDPVWDWHNQDNWyU\PGRNRQ\ZDQR
ZV]\VWNLFKW\FKVNRPSOLNRZDQ\FK]DELHJyZRSLV\ZDQ\FKSRSU]HGQLRF]\WH* ZFHOXSRGUy*\
SU]HWUDQVSRUWRZDQR PQLHSRWHPQDLQQ\VWDWHN'ODWHJRWH* WDNEDUG]RWUXGQRMHVWPLWHUD]R
W\P SLVDüZREDZLHE\PLQLHXZLHU]RQR:V]DN*HREVHUZXMFXZD*QLH*\FLHLOXG]LZLHP
*H QLH MHVW WR GR SU]\M
FLD L GR ]DDNFHSWRZDQLD ER MDN QD VDP\P SRF]WNX ]D]QDF]\áHP
ZVSyáF]HVQ\ F]áRZLHNDNFHSWXMHW\ONRWRFRVDPXPLHQD]ZDüQDWRPLDVWWRF]HJRNWR LQQ\
GR]QDáQLHPR*HE\üSU]\M
WHSU]H]RJyá6WDWHNNWyU\PSU]\E\OLP\VWDáQDV]NOLVW\PSRGáR*X
%\á ]DPNQL
W\'RW\NDMFJRGR]QDZDáHPZUD*HQLD*HPDWHULDá]MDNLHJRMHVW]EXGRZDQ\MHVW
QLH]Z\NOH FLHQNL DOH WH* L QLH]Z\NOH WZDUG\ L FLHSá\ :EUHZWHPX R F]\P EDUG]R ZLHOX
EUDQ\FKWZLHUG]LMDPDPRGPLHQQH]GDQLHQDWHPDWMHJRSRZLHU]FKQL6WZLHUG]LáHPERZLHP
ZyZF]DV*HMHVWSRURZDW\LZFDOHQLHMHVWJáDGNL1LHMHVWWH* ]EXGRZDQ\V\PHWU\F]QLH6NáDGD
VL
] GZyFK ]DVDGQLF]\FK F]
FL JyUQHM L GROQHM 'ROQD MHVW ]XSHáQLH QLHV\PHWU\F]QD
SRZLHG]LDáE\P ZU
F]DV\PHWU\F]QD*yUQDQDWRPLDVWMHVWLGHDOQLHV\PHWU\F]QDZNV]WDáFLH
NRSXODVW\P.LONDNURWQLHZLG]LDáHPLMDNVWDUWXM LMDNOGXM:W\PF]DVLHQLHPR*HE\üQLNRJR
Z SREOL*XGRPHWUyZERZLHPZ\WZDU]DRQEDUG]RVLOQHSROHPDJQHW\F]QHQDáDGRZDQH
HOHNWU\F]QRFL ZLHONLHM ZDUWRFL XMHPQLH RGG]LDá\ZXMF QD VWDQ ]GURZLD 3RGF]DV VWDUWX
SRZLHWU]H ZRNyá OGRZLVND VWDMH VL
VHOHG\QRZH L GU*\ : SRF]WNRZHM ID]LH LFK SRMD]G
UR]G]LHOD VL
QDGZLHF]
FLWR]QDF]\WDJyUQDNRSXODVWD]DF]\QDZLURZDüRGZURWQLHQL*
]HJDU LSRGQRVLVL
RNRáRPHWUQDGW QLHV\PHWU\F]Q NWyUD]DJyUQ VL
XQRVLFKRFLD* V
UR]G]LHORQH 7RZ\JOGDWURFK
QLHVDPRZLFLH,QZL
NV]HZLURZDQLHW\PZLGRF]QRüFRUD]
VáDEV]D L FRUD] J
VWV]H SRZLHWU]H ZRNyá PLHMVFD VWDUWX 3RZLHWU]H WR VWDMH VL
WH* FRUD]
EDUG]LHMVHOHG\QRZHD* GRPRPHQWX*HZLGDüW\ONRPDV
]DJ
V]F]RQHJRSRZLHWU]DLLPEOL*HM
FHQWUXP W\P EDUG]LHM FLHPQH SU]HFKRG]FH Z F]HU 1DVW
SQLH ZV]\VWNR ]DF]\QD VL
UR]MDQLDü ZVSRVyERGZURWQ\]W\P*HWUZDWRRSRáRZ
NUyFHMF]\OLRNRáRVHNXQG$OHWDP
JG]LH E\áVWDWHNMHVWMX* SXVWR&]DU\PDU\-HOL]D FKRG]LRVSRVyEOGRZDQLDWRZ
UHMRQLH OGRZLVNDSRZLHWU]HQDMSLHUZGU*\LGRSLHURSRWHP]DF]\QDZ\WZDU]DüVL
WDNDVDPD
MDN SU]\VWDUFLHVWUXNWXUDSRZLHWU]D=W MHGQDNUy*QLF*HSU]\VWDUFLHZ\WZDU]DWRVWDWHND
SU]\ OGRZDQLXXU]G]HQLH]QDMGXMFHVL
SRG]LHPL SRGVDP\POGRZLVNLHP']LHMHVL
WR
Z VSRVyERGZURWQ\GRVWDUWX*G\SRZLHWU]H]DF]\QDVL
UR]MDQLDü]DF]\QDE\üZLGRF]Q\
SU]\E\á\ VWDWHN ZLUXMF\ FRUD] ZROQLHM ] REQL*DMF VL
FRUD] EDUG]LHM NRSXá =DUyZQR WH*
VWDUWRZLMDNLOGRZDQLXWRZDU]\V]\FKDUDNWHU\VW\F]Q\G(ZL
N
^` %
GF QD 1HD PLDáHP VZRERG
SRUXV]DQLD VL
Z W\P VHQVLH *H PRJáHP
FKRG]Lü WDPJG]LHFKFLDáHP%
GFWDP]GRáDáHP]DXZD*\ü*HPRM WDPREHFQRFL ZFDOH
QLH Z]EXG]DP*DGQHMVHQVDFMLQDNWyU WURFK
SRFLFKXOLF]\áHP1LHSRZLHPWH* MHGQDN*H
PQLH FDáNRZLFLH]LJQRURZDOL=DXZD*\áHPW\ONRSHZQ FLHNDZRü]MDN QDPQLHSDWU]\OLD
ZL
F QDPRMHQLHFRV]\EV]HRGQLFKUXFK\RUD]QDPyMXELyU%\áQDZHWSDQNWyU\Z]LáPQLH
]D U
N
LGáXJRRJOGDáPRMHGáRQLHSU]H]RNRáRPLQXW\-D]WHJRVNRU]\VWDáHPERZLHP
GRZLDGF]\áHPGR]QDQLHSRGZ\*V]RQHMWHPSHUDWXU\MHJRFLDáDNWyU RGF]XáHPMDNE\PGRW\NDá
JRUF]NXMFHJR F]áRZLHND 6SRVWU]HJáHP ZyZF]DV*H PDM SDOFH WDNLH MDN P\ WM Z W\FK
VDP\FK NV]WDáWDFKDOHQLHFREDUG]LHMZ\GáX*RQH7DPJG]LHP\PDP\SD]QRNFLHRQLPDM
MHG\QLH VWZDUGQLHQLDDOHRGUXJLHW\OHFRXQDVGáX*V]HQDREV]DU]HQDVDG\SDOF\%LHJQ
RQHSRSU]H]FDá\SLHUZV]\SU]HJXESDOFDWMRGMHJRF]XENDGRSLHUZV]HJR]JL
FLD.RORULFK
VNyU\ MHVW LGHQW\F]Q\ FR L ELDáHJR F]áRZLHND 0DM ]
E\ DOH QLH PDM U]
V 8ELHUDM VL
Z
WXQLNLMDNLHPR*QDPLDáRSRUyZQDüGRXELRUX$IURG\W\
^` 3HZQDSDQLGDáDPLGRZ\SLFLDEDUG]RFLHUSNLQDSyMZHIHNFLHF]HJRSRNLONX
PLQXWDFK PRMH SRUXV]DQLH VL
QDEUDáR SUDZLH QRUPDOQHJR LFK WHPSD DOH MHV]F]H
QLH]XSHáQLH
^`1D1HDQLNWPQLHQLHSRLQVWUXRZDáFRGRWHJRJG]LHLFRSRZLQLHQHP]ZLHG]Dü
*G\E\ ZL
F PRM REHFQRü WDP SU]\UyZQDü GR Z\FLHF]NL NUDMR]QDZF]HM WR PXVLDáHPVDP
ZV]\VWNR RGNU\ZDüLVDPSR]QDZDüEH]SU]HZRGQLNDLQD]DVDG]LHUDG( VRELHVDP$OH
JG\ QSSU]\V]áRPLQDP\O*HF]HJR QLHPRJ
]UR]XPLHüQDW\FKPLDVWRG]\ZDáVL
ZPHM
JáRZLH JáRV MDNL PQLH LQVWUXRZDá 6WZLHUG]LáHP MHGQDN*H QLH ZH ZV]\VWNLP PQLH GRNáDGQLH
FKF LQVWUXRZDüDOHWRQLH]QDF]\*HPLHOL]áH]DPLDU\OXE*HFKFLHOLFR XNU\ü3RSURVWX
X]QDOL *HFR QLHZDUWRQRERLQDFRPLVNRURWHJRDQLQLHRGWZRU]
DQLQLHE
G]LHPLQDP
SRWU]HEQH /XE WH* *H WR ]D EDUG]R VNRPSOLNRZDQH DE\ WR Z\MDQLDü QD ]DVDG]LH QD FR
U\FHU]RZL UHGQLRZLHF]QHPX NRPSXWHU" 2ZV]HP PLDáHP WH* L SU]HZRGQLND %\á WR PQLHM
ZL
FHM PRMHJR Z]URVWX F]áRZLHN 3RZLHG]LDá PL *H JG\ E
G]LH RQ PL SRWU]HEQ\ GR
SU]HZRGQLFWZD WRZ\VWDUF]\DE\PGRWNQáXEXUF]WHMREU
F]\QDJáRZLHLVNRQFHQWURZDáVL
QD MHJRRVRELHLZP\ODFKZ\SRZLHG]LDáVáRZR.DULWRRQSU]\MG]LH,WDNE\áR3RWZLHUG]Lá
RQ PRMH SU]\SXV]F]HQLH*HPLHV]NDFRPQLHZROQRVL
]HPQ GáXJR]DGDZDü]HZ]JO
GX
QDWR*HPRMHFLDáRPDFRFRXMHPQLHZSá\ZDQDXVWUyMUG]HQLRZFyZSRPLPR*H]RVWDáHP
SU]H] QLFKRWRF]RQ\F]\P FRP\QD]\ZDP\QLHZLG]LDOQ EDULHUN-DVDPU]HF]\ZLFLHWHM
EDULHUNL QLH ZLG]LDáHP DOH RQ SRND]Dá PL*H WDND PQLHZáDQLH RWDF]D 'RWNQá ZL
F MHGQ
U
N PHMREU
F]\DGUXJ U
N PHJRFLDáDU
NLL]DFKZLO
SRQRZQLHFKFLDáPQLHGRWNQü
2ND]DáR VL
*HFRIQáJZDáWRZQLHVZ U
N
WDNMDNE\JRSUGSRSLHFLá=RWRF]HQLDPHJR
FLDáD ZW\PPLHMVFXZ\VWSLáRMDNE\Z\áDGRZDQLHHOHNWU\F]QHZSRVWDFL]\J]DNyZHOHNWU\F]Q\FK
SRPL
G]\ PQ DQLP2GF]XáHPPURZLHQLHZW\PUHMRQLHVZHJRFLDáDLGR]QDáHPVDW\VIDNFML
*H RWR E
G
MX* QLHGRW\NDOQ\ 2Q SRLQIRUPRZDá PQLH *H E
G]LH WDN W\ONR GRSyNL PDP WR
XU]G]HQLHQDJáRZLHWHQNRPXQLNDWRU:áDQLHWRG]L
NLWHPXSU]HZRGQLNRZLGRZLHG]LDáHP
VL
ZLHOX U]HF]\ QD WHPDW 1HD RUD] QD WHPDW LFK XNáDGX SODQHWDUQHJR 2Q WR ZáDQLH
XVSRNDMDáPQLH*HZUyF
QD=LHPL
SU]HND]DáPLKLVWRUL
RWDEOLF]FHMDN RSLV]
QLHFRGDOHM
R SRGREQ\PFRMD]DGDQLX]WDNLPLVDP\PLWDEOLF]NDPLSU]HND]DQ\PGRVSHáQLHQLDSHZQHM
URG]LQLHZ*UHFMLLZ:HQH]XHOLLWS
^` -HGQ\P]FLHNDZV]\FKPRPHQWyZE\áRNLHG\SU]HZRGQLN]DSURZDG]LáPQLHGR
SHZQ\FK EXG\QNyZ Z\SRVD*RQ\FK Z XU]G]HQLD SU]\ SRPRF\ NWyU\FK ]REDF]\áHP QDV]
=LHPL
L QDV]H *\FLH QD QLHM 3RND]DQR PL WDP ZLHOH Uy*Q\FK ZDULDQWyZ V\PXOXMF\FK
UR]ZL]DQLDGODQDV]HMV\WXDFMLLSUREOHPyZ:MHGQ\P]W\FKZDULDQWyZE\áRSODQRZDQHDE\
F]
ü OXG]L]=LHPL]DEUDüLSU]HQLHüQDLQQ SODQHW
$OHR]QDF]DáRE\WRZRMQ
]RNXSXMF\PL
QDVLQQ\PLF\ZLOL]DFMDPL]NWyU\PLP\=LHPLDQLHRGGDZQDZVSyáSUDFXMHP\QLHZLHG]FRW\P
*H RZL REF\ W\ONR F]\KDM QD QDV] ]JXE
: ZLHOX VZRLFK Z\SRZLHG]LDFK SRGNUHODá *H
MHV]F]H GáXJRZV]\VWNLHJRQLHE
G
UR]XPLDáDOHWRVL
]PLHQLJG\QDGHMG]LHSRUD1LHPyJá
PL SRZLHG]LHü ZV]\VWNLHJR =DEURQLá PL SRGGDZDü VL
QD =LHPL EDGDQLRP OHNDUVNLP L
QDXNRZ\P 3RZLHG]LDá*HQDZV]\VWNRSU]\MG]LHF]DVL*HVDPNLHG\ ZLHOHU]HF]\SRMP
L
]UR]XPL
3U]\JRWRZ\ZDáPQLHZSHZQ\PVHQVLHGRWHJR*HWR]LFKSRZRGXE
G
PLDáQD
SLHNX]OXG(PLLWRVL
VSUDZG]LáR
^` :LQQ\PSRPLHV]F]HQLXSRND]DáPLFR ZURG]DMXILOPX1DGX*\PZNO
Vá\P
HNUDQLH ]REDF]\áHPLFKIORU
IDXQ
RUD]LFK]ZLHU]
WD:UyG]ZLHU]WE\áDJLJDQW\F]Q\FK
UR]PLDUyZ G*G*RZQLFDVWRQRJD DOH RZáRVLRQD ] GáXJ VLHUFL MDN QDV]H ]LHPVNLH G]LNL
%H]SRUHGQLR VZRLPLRF]DPLMHGQDNMHMQLHZLG]LDáHP3RGF]DVSRE\WXQD1HDZLG]LDáHPWH*
LQQH LFK]ZLHU]
WDZLHOH]QLFKQDZáDVQHRF]\6NRURMDWDPSRUXV]DáHPVL
ZRGPLHQQ\P
QL* 1HDWDF]\F\WHPSLHWR]DSHZQHNWR PyJáE\]DS\WDüF]\UyZQLH* LFK]ZLHU]
WDNWyUHWDP
ZLG]LDáHPSRUXV]DM VL
ZVSRVyEWDNVDPRSU]\VSLHV]RQ\MDNMDF]\WH* PR*HQRUPDOQLHMDN
UG]HQQL PLHV]NDF\2Wy* WDPWHMV]H]ZLHU]DNLSRUXV]DM VL
QRUPDOQLHMDNLQDV]HQD=LHPL
1DMZL
FHM WDP SVyZ 6 RQH ZV]
G]LH DOH QLH SRGFKRG] WDN MDN QDV]H GR OXG]L W\ONR
]DFKRZXM VL
UDF]HMRERM
WQLHWDNMDNE\REHFQRüF]áRZLHNDLJQRURZDá\ZVZyMVSRVyE1LNW
LFK QLH]DF]HSLDDQLQLHZLG]LDáHPDE\MHNWR GRNDUPLDá1DWRPLDVWPQLHVDPHJRSV\WHZ
EDUG]R ZLGRF]Q\VSRVyERPLMDá\MDNE\PE\áWU
GRZDW\=WHJRQD]ZLMP\WRILOPXZ\QLNDáR
*H LRQLPDM JyU\LPRU]DSOD*HLRJURG\QLHJLLXSDá\:W\PF]DVLHJG\WDPSU]HE\ZDáHP
WHPSDUDWXUD Z\QRVLáD RNRáR (& L WUXGQR E\áR RNUHOLü SRU
GQLD ERZLHP RE\GZD LFK
6áRFD ZLHFLá\ SRG NWHP RNRáR ( Z VWRVXQNX GR SáDV]F]\]Q\ SRZLHU]FKQL 1HD 1LH
RULHQWRZDáHP VL
ZSRáR*HQLXDOH]DSDPL
WDáHP*HQDWRRJURPQH6áRFHPyZLOL7VDDOH
D QDWRGUXJLHF]HUZRQH'R7VDDOHWMPDáH6áRFH1LHE\áRPRZ\ZyZF]DVQDWHQWHPDW
DOH SRMáHPWRFRZLG]LDáHPGRSLHUR]DGUXJLPUD]HPJG\E\áHPQDLFK.VL
*\FXGZDODWD
WHPX-HGQR6áRFHRGGUXJLHJRE\áRRGOHJáHREDUG]RGáXJLG\VWDQV1DMHGQRSDWU]\áHPQD
ZSURVWQDWRPLDVWQDWRRJURPQHSDWU]\áHPZOHZRGRW\áXLGRJyU\
^`*G\Z\V]HGáHP]WHJREXG\QNXZURGNXNWyUHJRSRND]\ZDQRPLQDZNO
Vá\FK
HNUDQDFK MDNE\SURMHNFM
ILOPX]LFK*\FLDPyMSU]HZRGQLN]GMáPLREU
F]]JáRZ\LJHVWHP
QDND]DáPLLü]DQLPZNLHUXQNXOGRZLVND7RWH* XF]\QLáHP3RGURG]HMHGQDNZHV]OLP\GR
SRPLHV]F]HQLDRGQRZ\QDZ\SRF]\QHNJG]LH]DVQáHP3RPLHV]F]HQLDWDNLHSRVLDGDM WDP
ZV]\VF\ ,FKZ\PLDU\Z\QRV]GáXJRüF]WHU\PHWU\V]HURNRüF]WHU\PHWU\Z\VRNRüWU]\
PHWU\ : SRGáRG]H MHVW F]XMQLN *G\ VWDQLH VL
QLHUXFKRPR F]XMQLN ZáF]D XU]G]HQLH
SURGXNXMFHVWUXNWXU
UR]áDGRZXMF VWUHVQDSL
FLHUR]OX(QLDMFHPL
QLHLSREXG]DMFHVLá\
ZLWDOQH $ ZRJyOH F]áRZLHN SU]HE\ZDMF\ WDP SU]H] RNRáR PLQXW\ Z\FKRG]L FDáNRZLFLH
Z\SRF]
W\ LJRWRZ\GRG]LDáDQLDSHáHQHQHUJLLLZLJRUXWDNMDNE\SRSREXG]DMF\PQDUNRW\NX
3RZLHWU]H VWDMHVL
W\PEDUG]LHMJ
VWHLPGáX*HMVL
WDPSU]HE\ZD7HMJ
VWRFLQLHZLG]LVL
Z W\P VDP\P FR SRSU]HGQLR SRPLHV]F]HQLX ODERUDWRULXP ] W\P *H Z SREOL*X WHJR
ZLUXMFHJR ZDOFDF]\NROXPQ\:yZF]DV]REDF]\áHPSRQRZQLHW SDQL VSRWNDQ ZOHVLHQD
FLH*FHNWyUDW\PF]DVHPVWDáDNRáRPQLHLSU]\JOGDáDPLVL
3RQRZQLH]DF]áVL
WHQQLHP\
GLDORJ SRPL
G]\QDPL]NWyUHJRGRZLHG]LDáHPVL
*HVSRWNDP\VL
]QRZX]DWU]\G]LHFL
]LHPVNLFK ODWDOHSU]H]WHZV]\VWNLHODWD21,E
G PLHOL]HPQ NRQWDNWL*HE
G PQLHGR
F]HJR SU]\JRWRZ\ZDü)GDáDDE\PQDSUDZG
]PLHQLáFDáHVZRMH*\FLHL*HE\PSU]\MPRZDá
MH WDNLP MDNLH RQR MHVW Z VDPHM VZHM LVWRFLH SRPLPR L* E
G
Z *\FLX ZLHOH FLHUSLDá
=DSHZQLDáDPQLH*HRQLZLHG] FRVL
G]LHMHQD=LHPLRUD]FRE
G]LHVL
G]LDáRZSU]\V]áRFL
DOH 21, DQL ,11, QLH E
G LQJHURZDOL Z QDV]H ZHZQ
WU]QH VSUDZ\ GRSyW\ GRSyNL P\
=,(0,$1,( QLH VWZRU]\P\ LVWRWQHJR ]DJUR*HQLD GOD LQQ\FK F\ZLOL]DFML )H OXG]NRü E
G]LH
EáG]Lü L ]PLHU]Dü NX ZáDVQHM VDPR]DJáDG]LH NX ZáDVQHPX ]DWUDFHQLX JG\* Z VZRMHM
HZROXFML UR]ZRMRZHM SRV]áD QLH Z W\P NLHUXQNX FR PRJáD Lü 1DGHMG]LH MHGQDN F]DV
RSDPL
WDQLD DOH=LHPLDE
G]LHMX* WDNEDUG]R]QLV]F]RQDLZ\HNVSORDWRZDQD*HE
G]LHMX*
]D Sy(QRDE\M UDWRZDü=DJUR]LP\,11<0:WHG\QDGHMG]LHSRPRFDOHLQDZHWZWDNLP
REOLF]XOHS\IDQDW\]POXG]NLE
G]LHFKFLDá]QDOH(üVZyMXSXVWL&LFRE
G RIHURZDOLSRPRF
QDJOHVDPL ]QDMG VL
ZQLHEH]SLHF]Q\PSRáR*HQLXJG\* EH]JUDQLF]QDJáXSRWDSHZQHMJUXS\
IDQDW\NyZE
G]LHVWDUDáDVL
SU]HV]NRG]LüLFKVDPDU\WDVNLHPXXF]\QNRZL-HGQDNQLHVWDQLH
VL
SRP\OLW\FKQLHRGSRZLHG]LDOQ\FKIDQDW\NyZJG\* ]GURZ\UR]VGHNZUHV]FLH]Z\FL
*\7D
SU]HSRZLHG]LDQD SRPRFPDQDGHMüZGQLX9,,,URNX1LQLHMV]\WHNVWSLVDQ\E\áZ
GQLX 9,,,URNX:W\PVDP\PGQLXSR]QDPVLHELHGUXJLHJR3U]HVWU]HJDáD
PQLHWH**HZVZHMSU]\V]áRFLPRJ
ZUy*Q\PF]DVLHLZUy*Q\FKPLHMVFDFKVSRW\NDüSRVWDü
P
*F]\]Q\ Z F]HUQLL*HE\PJRVL
QLHEDá%
G
JRZLG\ZDáFKRFLD* LQQLOXG]LHQLHE
G
ZLG]LHOL %
G
ZLHG]LDá VDP NLHG\ L ] NLP UR]PDZLDü 7R E\á\ RVWDWQLH MHM VáRZD MDNLH PL
SU]HND]DáD L MDNLH ]DSDPL
WDáHP Z W\P LFK ODERUDWRULXP ZH ZQ
WU]X VWDWNX QD NWyU\P VL
]QDMGRZDáHP
^` 3RWHPWDSDQLZSURZDG]LáDPQLHZWRNRáRZLDWáDZFKRG]FHJRZWHQOXNL
]REDF]\áHP MDN]DF]\QDRWDF]DüPQLHVLOQHILROHWRZHZLDWáRRWRF]RQHZNRORUSRPDUDF]RZ\
SU]HFKRG]F\ Z ELHO :V]\VWNR ]DF]
áR PL VL
]DPD]\ZDü SU]HG RF]DPL D* Z SHZQ\P
PRPHQFLHQLHZLG]LDáHPMX* ]XSHáQLHQLFW\ONRZLDWáR1LHVWUDFLáHPSRF]XFLDU]HF]\ZLVWRFL
GRSyW\GRSyNLVá\V]DáHPZXV]DFKWHQMHGQRVWDMQ\V]XPEU]
F]HQLH3RWHPLWRXFLFKáR
^` 0RMH SU]HEXG]HQLH QDVWSLáR Z SR]\FML VWRMFHM ] WZDU] QD ZVFKyG %\áHP
SRURGNX SROD]DEURQRZDQHJRRNRáRPRGODVXGRNWyUHJRV]HGáHPQDJU]\E\]WZDU]
]ZUyFRQ QDZVFKyGNX6áRFXDOH6áRFDMX* WDPQLHE\áR%\áRRQRSLRQRZRQDGHPQ
NWyUHJR SU]\MHPQHFLHSáR]DF]áHPRGF]XZDüQDVZRLPFLHOH6SRMU]DáHPQD]HJDUHNE\áD
MHV]F]H JRG]LQD D SR FKZLOL UDQR 3UDZGRSRGREQLH QD =LHPL XSá\Q
áR RNRáR
JRG]LQ0yM]HJDUHNFKRG]LáF\NDáE\áSU]HFLH* QLH]DZRGQ\DMDZW\PPRPHQFLHP\ODáHP
*H]ZDULRZDáHPJG\* QLHPLDáHPSU]\VRELHPHMWRUE\V]PDFLDQNL]NWyU SU]HFLH* V]HGáHP
QD JU]\E\ :WHG\ ]REDF]\áHP PRMH ODG\ MHG\QH ODG\ P\FK EXWyZ RGFLQL
WH QD W\P
]DEURQRZDQ\P SROX LGFH RG QLHGDOHNR NRF]FHM VL
SROQHM GURJL GR WHJR PLHMVFD Z
NWyU\P VWDáHPLGDOHMZVWURQ
ODVX:LGDüWHJRGQLDMDE\áHPMHG\Q\PJU]\ELDU]HPFRMHVW
PR*OLZH MDNR*HMDV]HGáHPQDVNUyW\]QDQ\PPLV]ODNLHPRUD]MDNR*HZWHMF]
FLODVXGR
NWyUHM VL
XGDZDáHPWUXGQRE\áRNRJRNROZLHNVSRWNDü]SRZRGX]DND]DQHJRUHMRQXZRMVNR
VWDFMD56:30LPRWRQLHNLHG\W\FKODGyZE\ZDáRNLONDQDFLHV]F]HJyOQLHSRGHV]F]X
%\ZDáR*HLVWQLDáDQDZHWSU]H]NLONDGQLFLH*NDNWyU SRWHPZáDFLFLHOSRODRGQRZD]DRU\ZDá
L ]DEURQRZ\ZDá DJU]\ELDU]HLWDN]F]DVHPRGQRZDM SU]HGUHSW\ZDOLJG\* ZUHMRQLHW\P
RNUHVRZR E\á\QDMOHSV]HJU]\E\7HJRGQLDLQQ\FKODGyZRSUyF]PRLFKQLHE\áR:MHGQHM
FKZLOL VRELHZV]\VWNRSU]\SRPQLDáHPLX]P\VáRZLáHP*HFR VL
]HPQ VWDáR=DF]\QDáHP
VL
REDZLDüRVLHELHF]\F]DVHPQLH]ZDULRZDáHP3RP\ODáHPFKZLO
LUXV]\áHPSRVZRLFK
ODGDFK ZNLHUXQNXODVX:FKRG]FGRQLHJRRGUD]XXVá\V]DáHP*HODV*\MHL*HXPQLH]H
VáXFKHP MHVWZV]\VWNRZSRU]GNX=DF]áHPRGQDMG\ZDüODG\PRMHJRZF]HQLHMV]HJRWDP
SRE\WXZSRVWDFLPLHMVFZNWyU\FK]QDMGRZDáHPSRV]F]HJyOQHJU]\E\LJG\ZUHV]FLHWRVRELH
X]P\VáRZLáHP *HSU]HFLH* MX* WXG]L E\áHPSRVSLHV]QLHXGDáHPVL
QDVNUyW\ZNLHUXQNX
WHMFLH*NL-X* ]GDOD]REDF]\áHPQD FLH*FHVZRM WRUE
RUD]UR]U]XFRQHJU]\E\%\áDLVyOL
NDQDSNDGRNWyUHMGREUDá\VL
MX* PUyZNLRUD]E\áSRPLGRU 1LHRGF]XZDáHPE\NWR QDPQLH
SDWU]\áDQLMDWH* QLHZLG]LDáHPQLNRJR1DJOHZV]\VWNR]UR]XPLDáHPLSU]HUD*RQ\W\PFRVL
VWDáR ]URELáHP X*\WHN ]H VZRLFK V]\ENLFK QyJ Z HIHNFLH F]HJR Z NLOND PLQXW SU]HE\áHP
SU]HVWU]H WDNQDNWyU QRUPDOQHSU]HE\FLHSRWU]HERZDáE\PPLQXWNLONDQDFLH1LF]HJR]H
VRE QLH ]DELHUDáHP QDZHW QLH ]DWU]\PDáHP VL
JG\ ]REDF]\áHP *H WR ZV]\VWNR MHVW QD
FLH*FH7RE\áEH]ZWSLHQLDQDMV]\EV]\ELHJFDá\PPRLP*\FLX1LHZLHPNWyUDE\áDJRG]LQD
NLHG\ WDP ZSDGáHP DOH E\áR NRáR SRáXGQLD 1DWXUDOQLH Z GRPX QLH XZLHU]RQR Z WR*H QLH
]QDOD]áHP JU]\EyZL*HPRJáHPJG]LH ]JXELüVZRM XOXELRQ WRUE
]NWyU ZáDFLZLHVL
QLH
UR]VWDZDáHPRGGDZQD:LDGRPRLPZV]DN*HE\áR*HZFDá\P1DVLHOVNXNWRMDNNWRDOHMD
VNRUR SRV]HGáHPQDJU]\E\WRQLJ\EH]JU]\EyZQLHZUDFDáHP2PQLHSU]HFLH* PyZLRQR*H
MDZLHPJG]LH3DQ%yJPáRGHPDLWR*HJG\E\ZFDá\POHVLHUyVáW\ONRMHGHQJU]\EWRMX* MD
E\PJRQDSHZQR]QDOD]á:W\PGQLXQLNRPXZL
FQLFQLHPyZLáHPRW\PFRPQLHVSRWNDáR
W\P EDUG]LHM*HLMDVDPQLHEDUG]RMHV]F]HUR]XPLDáHPWRFR]DV]áRLQLHXPLDáHPQD]\ZDü
LVWRW\U]HF]\SRLPLHQLX3U]HFLH* ZWDPW\FKODWDFK*DGQH]HURGNyZPDVRZHJRSU]HND]XQLH
ZVSRPLQDá\ MHV]F]HRODWDMF\FKWDOHU]DFKDVáRZR8)2QDZHWMHV]F]HGODQRUPDOQ\FKOXG]L
QLHLVWQLDáR"'ODWHJRWH* MDZWHG\EDUG]LHME\áHPVNáRQQ\ZLHU]\üZWRFRPLVL
SU]\WUDILáR*H
WR E\á\VWUDFK\DQL*HOL*HWRE\OLSU]HGVWDZLFLHOHLQQHMF\ZLOL]DFML3RSURVWXQLJG]LHVL
ZWHG\MHV]F]HRW\FKVSUDZDFKDQLQLHPyZLáRDQLQLHSLVDáR'ODWHJRWH* PLOF]DáHPZREDZLH
E\PLQLHXZLHU]RQRJG\* PLDáHPSRGVWDZ\SU]\SXV]F]Dü*HPRJ
E\üZ]L
W\]DZDULDWD
^` -HGQDNQDVW
SQHJRGQLDSRVWDQRZLáHPRSRZLHG]LHüRW\PZ\GDU]HQLXVZHPX
NROHG]H $OHJG\]DF]áHPW\ONRRW\PPXRSRZLDGDüWHQSU]HUZDáPLS\WDMFF]\V ELDáH
P\V]NLLZWHQVSRVyEQLHSR]RVWDZLDMF*DGQ\FK]áXG]H FRGRZ\PRZ\PRMHJRRSRZLDGDQLD
GDáPL ZL
FRGF]Xü*HPDGRF]\QLHQLD]ZDULDWHP:WDNLRWRVSRVyEVWUDFLáHPVZHJR
QDMOHSV]HJR NROHJ
] NWyU\P ]QDáHP VL
RG SLHOXFK =DPLONáHP : VZRLFK VQDFK F]
VWR
QDZLHG]Dá\ PQLHUy*QHNRV]PDU\ZHIHNFLHF]HJRE\á\PRMHZL]\W\XOHNDU]\SV\FKLDWUyZDOH
L WR PL QLH SRPDJDáR : RNRáR URN SR W\P :<'$5=(1,8 QDSLVDáHP OLVW GR QDF]HOQHJR
UHGDNWRUD 7U\EXQ\ /XGX Z NWyU\PRSLV\ZDáHP PX WR FR PL VL
SU]\WUDILáR : RGSRZLHG]L
GRVWDáHP GREU UDG
DE\P XGDá VL
GR SV\FKLDWU\ WDN WR PR*QD E\áR VNUyWRZR XMü
=DPLONáHPZL
FQDZLHOHODWQLHZVSRPLQDMFMX* RW\PQLNRPX]DZ\MWNLHPPRMHJR2MFDMX*
QLH *\MH RUD] PRMHM 0DWNL = 0DWN QLHNLHG\ R W\P UR]PDZLDáHP L 2QD VDPD UyZQLH*
RSRZLDGDáD PL ZLHOH FLHNDZ\FK U]HF]\ FR -HM VDPHM VL
SU]\WUDILáRMHV]F]HZ F]DVLHZRMQ\
]LP URNXRUD]ZRNUHVLHJG\FKRG]LáDZFL*\PDMFPQLHXURG]Lü1LHE
G
MHGQDN
WHJRRSLV\ZDáDQLQLHE
G
RSLV\ZDáWHJRRF]\P]2MFHP VZ\PF]
VWRUR]PDZLDáHP'RGDP
MHG\QLH WR*HRGPHJRRMFDGRVWDáHPFRFR2Q]NROHLPLDáRGVZRMHJR2G2MFDZLHP
*H 2Q E\áV]yVW\PSRNROHQLHPZWHMVLHGPLRSRNROHQLRZHMV]WDIHFLHNWyUDNRF]\áD VL
QD
PQLH 7RFRPDVSHáQLüVZH]DGDQLHMX* ]DODWD1DWHQWHPDWQLFPLZL
FHMZVSRPLQDü
QLHZROQR
^` 1LH FKF
RSLV\ZDü EXU]OLZHJR PRMHJR*\FLD QLHPQLHM MHGQDN PXV]
FKRFLD*
VNUyWRZR QDV]NLFRZDüQLHNWyUHIDNW\NWyUHPDM SHZLHQ]ZL]HN]W\PFRPLVL
SU]\WUDILáR
:RJyOH WR FDáH PRMH *\FLH WR QLH NRF]FH VL
SDVPR QLHV]F]
ü L QLHSRZRG]H
3U]\JOGDMF VL
WHM FLH*FH PHJR *\FLD RG PDMD URNX PR*QD E\ Z\VXQü WDNL
ZQLRVHN L* WRZV]\VWNRSU]H]FRSU]HV]HGáHPE\áRMDNE\RGJyUQLH]DSURJUDPRZDQH3RPLMDMF
MHGQDN WHU]HF]\PXV]
Z\]QDü*HZRJyOHQLH*DáXM
W\FKQLHV]F]
üNWyUHVWDá\VL
PRLP
XG]LDáHPJG\* WRZáDQLHRQHSR]ZROLá\PLEDUG]LHMZVSRVyEVDPRNU\W\F]Q\RFHQLüWR*\FLH
ZVDPHMMHJRLVWRFLHRUD]GRJá
EQLHSR]QDüILOR]RIL
F]áRZLHNDQDWOHZVSyáF]HVQRFL:RJyOH
QLHPXVLDáHPVWXGLRZDüE\ZLHG]LHüWRFRZLHPDF]HJRQLHZLHG]LDáE\PJG\E\PQLHGRVWDá
WDNZNRüRG*\FLD
^` 6ZRM RSRZLHüVNRF]\áHPQDVáRZLH]DPLONáHPDOHQLHR]QDF]DWRZFDOH
*H QLF MX* VL
QLH G]LDáR $ G]LDáR VL
QLHPDáR 2GE\ZDMF NDU
QLHVáXV]QLH SR]EDZLHQLD
ZROQRFLZURNX;;SR]QDáHPZVZHMFHOLQLHGROLSHZQHJRF]áRZLHNDQD]ZLMP\JR0
]NWyU\P]JDGDáHPVL
*HRQZW\PF]DVLHJG\MDPLDáHPW
SU]\JRG
Z OHVLH&KUF\VNLPE\á
ZáDQLH ZWHMMHGQRVWFHJG]LHPLDáGREU IXFK
ZZRMVNXZSRVWDFLSHáQLHQLDVáX*E\SU]\
56:3 UDGDURZD VWDFMD ZVW
SQHJR SRV]XNLZDQLD =DZL]DáHP ZL
F UR]PRZ
DOH QLH
ZSURZDG]DáHPJRZV]F]HJyá\LRGQLHJRZFHOLZL
]LHQQHMGRZLHG]LDáHPVL
*HREVáXJXMF\
56:3 QLHMHGQRNURWQLH QD UDGDUDFK ZLG]LHOL FR F]HJR QLH XPLHOL ]GHILQLRZDü DQL
]UR]XPLHü:LHG]LHOLW\ONR*HFRWDPODWDDVSRVyEODWDQLDSU]HF]\ZV]HONLPSUDZRPQDP
]QDQ\P 6DP 3DQ0]DSDPL
WDáV]F]HJyOQLHMHGHQ]W\FKGQLNLHG\RGVDPHJRZLWXGR
JRG]LQ SRSRáXGQLRZ\FK WUZDá DODUP Z MHGQRVWFH ] SRZRGX WDNLHJR*H Z NLONX PLHMVFDFK
MHGQRF]HQLHQDQLHELHWUZDáSRND]SUDZG]LZHMV]WXNLSLORWD*XQLH]QDQ\FKRELHNWyZNWyU\FK
VDPDREHFQRüSRZD*QLH]DNáyFDáDSUDF
ZV]\VWNLFKUDGDUyZ3DQ0PyZLá*HWHDNUREDFMH
MDNLH WHRELHNW\Z\F]\QLDá\QLHPRJá\E\üF]\QLRQHSU]H]MDNLHNROZLHNVDPRORW\JG\*QS
VDPRORW OHFF ] V]\ENRFL RNRáR NPJRG( QLH MHVW Z VWDQLH QDJOH VWDQü Z PLHMVFX
3DPL
WDP *H SDQ 0 ZVSRPLQDá QDZHW R W\P *H LFK SU]HáR*RQ\ PDMRU QD]ZLMP\ JR 0
ZyZF]DV PDMF\ OHWQLHJR V\QD L OHWQL FyUN
$OLQ
VZRLP SRGZáDGQ\P ]DND]Dá
NRPXNROZLHNRW\PPyZLü3DQ0GREU]HSDPL
WDáWHQG]LH LWZLHUG]Lá*HWRE\áLFKIHUDOQ\
ZWRUHN IHUDOQ\ W\ 6SUDZG]LáHP Z NDOHQGDU]X VWXOHFLD LQQHJR IHUDOQHJR ZWRUNX Z
URNXQLHE\áR1DWRPLDVWWD56:3XV\WXRZDQDZyZF]DVE\áDZW\PSXQNFLHNWyU\
WR SXQNW]D]QDF]\áHP56:3QD]DáF]RQHMPDSFHWRSRJUDILF]QHMWHJRWHUHQXSDWU]U\VXQHN
2GOHJáRü56:3GRWHJRPLHMVFDQDFLH*FHZ\QRVLáDRNRáRPZOLQLLSURVWHM1LH
]QDP DNWXDOQHJR DGUHVX 3DQD 0 MHGQDN SDPL
WDP *H RQ PL ZVSRPLQDá *H SU]HG
DUHV]WRZDQLHP PR*H E\á WR URN " SUDFRZDá Z NRSDOQL JyUQLF]RKXWQLF]HM PLHG]L Z
/XELQLX0E\áZVSyáWRZDU]\V]HPZWHMVDPHMFHOLVSRWNDQ\Z=.Z.OXF]ERUNX
^` :VSRPLQDáHPMX**HRGELHUDáHPF]
VWRV\JQDá\ZSRVWDFLGUJD F]VWHF]HN
SRZLHWU]D NWyUH ] Uy*Q\P QDW
*HQLHP QDSá\ZDá\ PL GR SUDZHJR XFKD ,FK XVá\V]HQLH
QDVW
SRZDáREH]*DGQHMUHJXá\%\ZDáR*HVá\V]DáHPMHNLONDUD]\G]LHQQLHDOHWH* *HLUD]QD
WU]\ PLHVLFH -HGQDN QLHZVSRPLQDáHP R W\P*H WR FR RGELHUDáHP E\áR QLHMHGQRNURWQLH
SU]\F]\Q PHM F]DVRZHM QLHG\VSR]\FML NWyUD QLHNLHG\ SU]HMDZLDáD VL
W\P *H WUDFLáHP
SU]\WRPQRü MDN]UHV]W PLDáRWRQLHGDZQRVZHPLHMVFHZVNOHSLHZZ\QLNXF]HJRNWR
XNUDGá PLPRMH]DNXS\,QQ\P]QyZUD]HPRPDáRE\QLHEUDNRZDáR*HE\PXSXFLáVZHJR
PDOHNLHJR V\QNDNWyUHJRDNXUDWQDU
NDFKQRVLáHPJG\PQLH72]áDSDáR6]F]
FLH*H
DNXUDWZSREOL*XE\áDPRMD*RQDGRNWyUHM]G*\áHPNU]\NQüáDS'RURWDàXNDV]DV]\ENR
2F]\ZLFLHQLH]DZV]HWHV\JQDá\V WDNVLOQH*HSRZRGXM Z\*HMRSLVDQ\VWDQU]HF]\MHGQDN
QDMF]
FLHMSU]HMDZLDM VL
ZVLOQ\PG]ZRQLHQLXZXFKXJG]LHQLHWUDF
SU]\WRPQRFLMHGQDN
LZyZF]DVPXV]
VL
PLHüQDEDF]QRFL=UHV]W GRW\FK UHGQLFKMX* SU]\Z\NáHPLVWDUDPVL
QRF NWyUD Z\SU]HG]DáD WHQ G]LH Z NWyU\P PLDáHP WR Z\VáDü QLH QDOH*DáD GR
QDMSU]\MHPQLHMV]\FK=QRZXSU]\V]HGáWHQSDQZF]HUQLLQDMZ\UD(QLHMPLJUR]LáSDOFDPL]D
MHJR VDP SRVWDü Z QDV]HM FHOL RSUyF] PQLH ZLG]LDáR MHV]F]H RVLHP RVyE JG\ QD RF]DFK
ZV]\VWNLFK SU]HV]HGáSU]H]FLDQ
SU]HQLNQá2WRMDNWRZ\JOGDáR:QDV]HMFHOLE\áR
SL
ü SL
WURZ\FK áy*HNDOHMHGQR E\áR ZROQH %\áRZL
F QDV Z FHOL G]LHZL
FLX 3HZQHM QRF\
MHGHQ ] QDV SRV]HGá GR NFLND ]D NRWDU
]D SRWU]HE -X* SR FKZLOL ELHJLHP SRZUyFLá ]
SU]HUD*DMF\P NU]\NLHPERZLHP]DNRWDU VWDáSRW
*Q\FKUR]PLDUyZF]áRZLHNZF]HUQL3R
FKZLOL]REDF]\OLP\JRZV]\VF\ZFHOLE\áRVWRVXQNRZRZLGQRRGODPSQDGZRU]HMDNSRVWDü
WDZ]URVWXRNRáRPFPSRW
*QLH]EXGRZDQDQDQDV]\FKRF]DFKSU]HV]áDSU]H]FLDQ
QD NRU\WDU]1LHZLG]LHOLP\U\VyZWZDU]\DOHZ\JOGDáQD0XU]\QD0LDáQDVRELHQLE\SáDV]F]
WXQLN
^` 7HUD] Z VNUyFLH RSLV]
G]LHMH FR E\áR GDOHM /LVW PyM WUDILá GR WHM UHGDNFML
1LH]QDQHJR ZLDWD-HGQDNZW\PF]DVLHUHGDNFMDWDE\áDZWUDNFLHSU]HSURZDG]NL7DN
ZL
FPyMOLVWSU]HOH*DáJG]LH ]DV]DI RNRáRSyáURNXLQLHFKFF\SRWHPWUDILáGRUN3DQD0
] :DUV]DZ\]QDQHJR8)2ORJD3RPRLPZ\MFLXQDZROQRüWHQ3DQRVRELFLH]HPQ VL
NLHG\ SU]\WUDILáR3RNLONXPLQXWDFKWHMREVHUZDFML]DXZD*\áHP*HWDJZLD]GDMDNE\GHOLNDWQLH
QDMSLHUZ GUJ
áD D MX* Z FKZLO
SRWHP ]DEXMDáD VL
Z WDNL VSRVyE MDN EXMD VL
F]DVDPL
ODWDUQLDQDVLOQ\PZLHWU]HZLHMF\PQDSU]HPLDQ]GZXVWURQ%\áHPW\P]DIDVF\QRZDQ\JG\*
MX* ZLHG]LDáHP *H WR QLH MHVW JZLD]GD 7R E\OL EH] QDMPQLHMV]\FK FR GR WHJR ZWSOLZRFL
ZáDQLH21,1DSUDZG
EDUG]RVL
XFLHV]\áHP]WHJRSRZRGXOHF]]DFKZLO
RJDUQáPQLH
SDQLF]Q\ O
NJG\* XMU]DáHPMDN]WHMJZLD]G\ZPRLPNLHUXQNXZ\VNRF]\áVáXSELDáHJREDUG]R
VLOQHJR ZLDWáD NWyUH ]DF]
áR VL
GR PQLH SU]\EOL*Dü ] GX* SU
GNRFL D* Z NRFX
XMU]DáHP VLHELHVDPHJRMDN VL
Z W\PVWR*NXZLDWáD ]QDMGXM
ZLDWáR WR E\áR VLOQLHMV]H RG
6áRFD 1LHSDPL
WDPF]\XVá\V]DáHPZyZF]DVVZRMHFKDUDNWHU\VW\F]QHG]ZRQLHQLHZXFKX
NLHG\ yZVWR*HNZLDWáDPQLHGRWNQá7UZDáRWRRNRáRNLONXPR*HWXVHNXQGSRF]\PWHQ
VWR*HNSRZROL]DF]áVL
RGHPQLHRGGDODü]SRZURWHPGRJyU\D* FDáNLHP]QLNQáZWHMQLE\
JZLH(G]LH 6DPDRQDSU]H]QDMEOL*V]HNLONDPLQXWQDZHWQLHGUJQ
áD&Dá\F]DVZLHFLáD
QRUPDOQLH MDNSU]HGWHP3RNLONXPLQXWDFKSRQRZQLH]DF]
áDVL
NRá\VDüQDERNL7UZDáRWR
NLOND VHNXQG SRF]\P UD] MHV]F]H Eá\VQ
áD Z PRLP NLHUXQNX W\P EDUG]R VLOQ\P ZLDWáHP
3RQRZQLHQLHSDPL
WDPF]\XVá\V]DáHPZyZF]DVVZRMHFKDUDNWHU\VW\F]QHG]ZRQLHQLHZXFKX
NLHG\ yZGUXJLVWR*HNZLDWáDPQLHGRWNQá3RWHPJZLD]GDUXV]\áDEDUG]RSRZROLZNLHUXQNX
=DOHZX=HJU]\VNLHJRSU]H]FDá\F]DVNRá\V]FVL
QDERNL-HV]F]HSU]H]NLONDPLQXWE\áRM
ZLGDü FRUD]PQLHMV]D* GRPRPHQWXJG\]URELáDVL
WDNDPDOHNDD* QLHZLGRF]QD=QLNáD
1DW\FKPLDVWSU]\ELHJáHPGRGRPXLREXG]LáHP*RQ
LSR]DSDODáHPZGRPXZV]\VWNLHZLDWáD
%DáHP VL
E\ QLF ]áHJR QLH QDVWSLáR L MX* GR VDPHJR UDQD QLH VSDOLP\ $OH QLF VL
QLH
Z\GDU]\áR Z]ZL]NX]F]\PSRG]LHOLáHPVL
W\PZ\GDU]HQLHP]SDQHP0NWyU\ZVSRVyE
EDUG]R SU]HNRQ\ZXMF\ UR]ZLDá PRMH QLHSRWU]HEQH REDZ\ 3DQ 0 MHVW UR]VGQ\P
F]áRZLHNLHP RGX*HMZLHG]\GODWHJRWH* XVSRNRLáHPVL
JG\SRZLHG]LDáPL* 21,ZáDQLHZ
WDNL VSRVyEGDOLPLRGF]Xü*HV PLZG]L
F]QL]DWR*HZUHV]FLH]DF]áHPRW\PRILFMDOQLH
PyZLü L*H QLHSRZLQLHQHPQDW\PSRSU]HVWDZDü7DNZL
FSRUD]SLHUZV]\ZVZRLP*\FLX
ZLG]LDáHP QD ZáDVQH RF]\ WR FR SU]H] WH ZV]\VWNLHODWD E\áR PRLPRJURPQ\P PDU]HQLHP
1LHNWyU]\ QD]\ZDM WR8)2MDQDWRPLDVWQLJG\QLHX*\M
WDNLHJRRNUHOHQLDJG\* SRWUDIL
QD]\ZDüSHZQHU]HF]\SRLPLHQLX
^` 2GF]DVXRZHMSLHUZV]HMPRMHM,&+REVHUZDFMLPLQ
áRMX* SU]HV]áRURNF]DVX
LZW\PF]DVLHPLDáHPPR*QRüSRQRZQ\FKZLHORNURWQ\FKREVHUZDFMLFKRFLD* ZQLHFRLQQHM
IRUPLH LSRVWDFL']L MX* ZLHP*HQLHSRWU]HEXM
VL
,&+REDZLDüSRQLHZD* 21,XZD*DM
PQLH]DVZRMHJRL*HMHVWHP,0SRWU]HEQ\:LHPUyZQLH* RQLHNWyU\FKZ\GDU]HQLDFKNWyUH
PDM QDVWSLüDOHWRZFDOHQLHR]QDF]D*HGHILQLW\ZQLHRQHPXV] QDVWSLü:LHPUyZQLH*
Z MDNLVSRVyEPR*QD E\ ]DSRELHF QLHNWyU\PZ\GDU]HQLRP MHGQDN G]L WR MHV]F]H QLH MHVW
PR*OLZH FRZFDOHQLHPXVLR]QDF]Dü*HLQLHUHDOQH2ZV]HPMHVWUHDOQHDOHXWRSLMQH
3UyERZDáHPRW\PSLVDüLQDZHWZ\VáDáHPWHMWUHFLSLVPRSRVáDQLHQDDGUHVPLHVL
F]QLND
1LH]QDQ\ ZLDWDOHQLNWZLGRF]QLHQLHMHVWW\P]DLQWHUHVRZDQ\JG\* QLHUDF]RQRPLQDZHW
RGSLVDüQDWRSLVPR&KFLDáE\PWHUD]Z\NRU]\VWDüáDP\QLQLHMV]HJRWUDNWDWXGODSU]HND]DQLD
OXG]LRP RZHJR SRVáDQLD DOH QLHVWHW\ REHFQLH MHVWHP WDN ]DSUDFRZDQ\ L REDUF]RQ\ WDN
ZLHORPD LQQ\PL RERZL]NDPL ]D Z V\WXDFML Z MDNLHM VL
]QDMGXM
ZV]\VWNR WDN EDUG]R
SU]HV]NDG]D Z GRNRQDQLX F]HJRNROZLHN FR ZL*H VL
] QLQLHMV]\P WUDNWDWHP *H QLH PRJ
VRELHSR]ZROLüDE\WHUD]W\PVL
]DMü
^` 1LH SRZLHP PRM VNURPQ RVRE ]DLQWHUHVRZDáR VL
ZLHOX OXG]L F]HJR
SRWZLHUG]HQLHPV ZL]\W\ZPRLPEDUG]RXERJLPGRPX6 QDZHWLWDNLHRVRE\NWyUHSUDJQ
Z\ZLDGyZ ]HPQIRWRJUDIXMFKF URELü]HPQ ILOP\LWDNW\PZV]\VWNLPRVRERPWUXGQR
]UR]XPLHü *HMDQLHV]XNDPDQLVáDZ\DQLUR]JáRVX3UDJQ
SR]RVWDüZFLHQLXW\FKZ\GDU]H
QLHPQLHM MHGQDN QLH SRWUDIL
QLNRPX QLF]HJR RGPDZLDü Z REDZLH E\ QLH XF]\QLü QLNRPX
SU]\NURFL]WHJRSRZRGXGODWHJRZFL*PDPJRFL1LNWQDZHWQLHFKFHVáXFKDüPQLHJG\
SRV]F]HJyOQ\P RVRERPSUyEXM
WáXPDF]\üWRFRXZD*DP]DVáXV]QHL]DXZD*\áHP*HGOD
RVyE PQLHRGZLHG]DMF\FKSRFLJ]DVHQVDFM MHVWZD*QLHMV]\QL* LQQHZD*QLHMV]HVSUDZ\
6PXWQH WRPRMHVSRVWU]H*HQLHGDMHPLEDUG]RZLHOHGRP\OHQLD1LHVSRVyE]DWU]\PDü*\FLD
ZPLHMVFXDE\PyFJRXVWDZLüQDZáDFLZ\MHJRWRU']L RJyOQ\SRFLJ]DSLHQLG]HPMHVW
QD SLHUZV]\P SODQLHFLXSURFHQWZV]\VWNLFKOXG]LQDQDV]HMELHGQHMSODQHFLHNWyUDJLQLH
QLV]F]RQD SU]H] MHM PLHV]NDFyZ NWyU\FK SRVW
SRZDQLH ZRáD R SRPVW
GR QLHED &]\
OXG]NRüZUHV]FLH]GRáDVL
RWU]VQüLRSDPL
WDü"2EDZLDPVL
*HQLH]G*\
^` $E\ MDNR XWUZDOLü VZRMH P\OL SRVWDQRZLáHP ZVW
SQLH VSLVDü SRZ\*V]\
SU]HELHJ ]GDU]H8F]\QLáHPWRZ/HJLRQRZLHZGQLDFKRGGRVLHUSQLDURNXMDN
ZLHU]\áHP Z RGSRZLHG]L QD SRZ]L
WH SU]H] VLHELH VDPHJR SRVWDQRZLHQLH 1DSLVDáHP
ZyZF]DV UDSRUW MDNL ]DMPRZDá VLHGHPQDFLH VWURQ VWDQGDUGRZHJR PDV]\QRSLVX D MDNL
]DW\WXRZDQ\ E\á 7U]\G]LHVWROHFLH 2U\JLQDOQLH UDSRUW WHQ NRF]\á VL
QD RVWDWQLP ]GDQLX
SRSU]HGQLHJRSDUDJUDIX'RSLHURSRWHP]RVWDáRQZáF]RQ\MDNRQLQLHMV]\SRGUR]G]LDá%WHJR
WUDNWDWX2F]\ZLFLHZUH]XOWDFLHQLH]OLF]RQ\FKLEDUG]RV]F]HJyáRZ\FK]DS\WD 3URI3DMND
SRZáF]HQLXGRWUDNWDWXUDSRUWWHQ]RVWDáQDVW
SQLHSRV]HU]RQ\RGX*OLF]E
GHWDOLMDNLFKQLH
]DZLHUDá Z RU\JLQDOQ\P EU]PLHQLX 3RQDGWR GOD SRWU]HE QLQLHMV]HJR WUDNWDWX GRGDWNRZR
VSLVDáHP WH* GDOV] F]
ü]GDU]H MDNLHQDVWSLá\MX* SRVLHUSQLDURNXMDNLHQLHE\á\
]DZDUWH Z RU\JLQDOQ\P 7U]\G]LHVWROHFLX D MDNLFK RSLV ]DMPXMH QDVW
SQH SRGUR]G]LDá\
]DF]\QDMFHVL
RGWHJRSXQNWX
%-DNVWDáHPVL
VáDZQ\
^`-DNWRMX* QDSLVDáHPSRSU]HGQLRZURNXSR]QDáHP3DQD0]:DUV]DZ\
%DUG]R LQWHUHVRZDá VL
RQ PRLP SU]\SDGNLHP ] GQLD VLHUSQLD URNX =DGDZDá PL
RJURPQLH GX*RS\WD]DUyZQRRQVDPMDNUyZQLH* LUy*QHWRZDU]\V]FHPXRVRE\:LHOHUD]\
EDGDá PQLH GR]\PHWUHP L E\á Z V]RNX 6DP ZLHOH UD]\ PyZLá WR QLHPR*OLZH D
MHGQDN 5D]HP E\OLP\ QD NLONX VSRWNDQLDFK8)2ORJLF]Q\FK ] SXEOLF]QRFL 3RG NRQLHF
NZLHWQLDURNXZ\VWSLOLP\ZVSRWNDQLXQD*\ZRZ.OXELH8)25DGLD=(7Z:DUV]DZLH
JG]LH VáXFKDF]H UDGLRZL ]DV\SDOL QDV WHOHIRQLF]Q\PL S\WDQLDPL =DF]
WR GDZDü PL Uy*QH
SURSR]\FMH DOH 3DQ 0 ND]Dá PL E\üRVWUR*Q\ ] LFK SU]\M
FLDPL GODWHJR WH* QLH GDáHP VL
RVyE PLHV]NDMF\FK]DJUDQLF.VL*NDWDV]áDMDNJRUFHEXáNL:V]\VF\GRRNRáDURELOLQD
PQLHSLHQLG]HMHGQDN]XSHáQLHQLF]WHJRQLHWUDILDáRGRPRMHMNLHV]HQL$SU]HFLH* WRMDE\áHP
Z WUXGQHM V\WXDFML PDWHULDOQHM L WR MD SDOFR SRWU]HERZDáHP SLHQL
G]\ 6\WXDFMD WD ]DF]
áD
VWDZDüVL
SV\FKRORJLF]QLHQLHGR]QLHVLHQLD
^` -HG\Q PR*OLZRFL GREUHJR ]DURELHQLD QD PRLFK GRZLDGF]HQLDFK MDND VL
GOD PQLHRWZRU]\áDE\áDSRSU]H]UHGDNFM
W\JRGQLND1,(MHGQDNZ\PDJDáDRQDDE\P]JRG]Lá
VL
FDáNRZLFLH]GHPHQWRZDüVZRMHGRZLDGF]HQLD]8)23R]DVWDQRZLHQLXVL
GRV]HGáHP
GRZQLRVNXGODF]HJRQLH:V]\VF\ZV]DN*HUREL QDPQLHSLHQLG]HGODF]HJR* ZL
FMDQLH
PLDáE\P WH* L F]HJR ]DURELü QD PRLP ZáDVQ\P XSURZDG]HQLX GR 8)2 $*H Z\PDJD WR
GHPHQWRZDQLD"=DSáDFRQRPLEDUG]RGREU]H:NUyWFHQDáDPDFK1,( XND]DáVL
DUW\NXáQD
Z\ND]LH ] SRGUR]G]LDáX % R]QDF]RQ\ QXPHUHP >%@ MDNL QDSLVDQ\ ]RVWDá Z VHQVLH
KXPRUHVNL R 8)2 L 1LHPFDFK 7URFK
]GHQHUZRZDáHP VL
MHJR WUHFL MDNR *H UHGDNFMD
]PLHQLáD QLHFRZ\PRZ
WHJRFRLPSRZLHG]LDáHPZVWRVXQNXGRPRLFKRU\JLQDOQ\FKLQWHQFML
1LHPQLHM SU]\MDFLHOHNWyU]\JRUFRGRUDG]DOLPLZ\NRU]\VWDQLHWHMV]DQV\]JRGQLHRU]HNOL*H
GHPHQWRZDQLH GRNRQDQHZFHODFK]DURENRZ\FKZFDOHQLHXQLHZD*QLDPRLFKSU]H*\üNWyUH
EH] Z]JO
GX QD WR FR SRZLHP OXE QDSLV]
SR]RVWDQ QLHGHPHQWRZDOQ F]
FL PRMHM
SU]HV]áRFL]D SLHQLG]HV PLWDNSDOFRSRWU]HEQH*HE\áRE\QLHUR]VGQLHQLHZ\NRU]\VWDü
QDGDU]DMFHM VL
V]DQV\ LFK ]GRE\FLD EH] Z]JO
GX QD WR ] F]\P VL
RQD ZL*H 2ZR
GHPHQWRZDQLH QLH MHVW MHGQDN GOD PQLH SU]\MHPQ\P ZVSRPQLHQLHP L JG\E\P PyJá WR
FKFLDáE\PRQLP]DSRPQLHü
^` : ]ZL]NX ]H VSUDZ RZHJR DUW\NXáX >%@ ] 1,( SRZLQLHQHP GRGDü *H
QLHFKFF\ ZNUDGáR VL
GR QLHJR NLOND QLHFLVáRFL PDMF\FK EH]SRUHGQL ]ZL]HN ]
UDSRUWRZDQ\PL Z W\P WUDNWDFLH ]GDU]HQLDPL 1LHFLVáRFL WH GOD GREUD VSUDZ\ SRZLQLQHP
VNRU\JRZDü ]D áDP\ WHJR WUDNWDWX VWZDU]DM NX WHPX GRVNRQDá RND]M
2WR ZL
F RZH
NRUHNFMH
^`6SDGRFKURQNWyU\PLVL
QLHRWZRU]\áSRGF]DVVNRNXZZRMVNXRMDNLPSLVDáR
]DUyZQR 1,( MDN L UyZQLH* MD VDP ZVSRPLQDP Z VZRLP *\FLRU\VLH E\á NLFK F]\OL
QLHSUDZLGáRZ\P RWZRU]HQLHP VL
.Rü NWyUD PL ZyZF]DV SRGF]DV OGRZDQLD S
NáD E\áD
MHGQDNZQRG]HDQLHZF]DV]FH
^` 3RGF]DV PRMHJRZ\VWSLHQLD QD8)2)2580 ZH :URFáDZLX]DSáDFRQRPL
GZLHGREUHGQLyZNL:\VWDUF]DáRPLZL
FQDELOHWSRZURWQ\GRGRPX
^` : %LEOLRWHFH ZL
]LHQQHM *DGQ\FK NVL*HN DQL F]DVRSLVP R 8)2 QLH E\áR ]
NWyU\FK PRJáHP ]DF]HUSQü QDWFKQLHQLH GOD Z\P\OHQLD VZRMHM SU]\JRG\ : 3ROVNLFK
ZL
]LHQLDFKSU]HZD*DM W\ONRNVL*NLR0DUNVLHL/HQLQLH
^` 2F]\ZLFLH MHVW ]UR]XPLDáH *H PXVLDáHP MDNR VSRZRGRZDü DE\ PRMH
GHPHQWRZDQLH ] 1,( ]DEU]PLDáR SUDZG]LZLH SRPLPR L* ]DSU]HF]DáR RQR IDNWRP NWyUH
SU]\GDU]\á\ PL VL
QDSUDZG
6WG Z FHOX XEDUZLHQLD VSUDZ\ IDNW\F]QLH ZSURZDG]LáHP GR
%'UXJLHXSURZDG]HQLH
^`:GQLDFKRGPDMDGRF]HUZFDURNX]RVWDáHPSRQRZQLHXSURZDG]RQ\
SU]H] WHQVDPSDWURO8)27\PUD]HP]DEUDQRPQLHQDNVL
*\FSODQHW\1HDJG]LHPLDáHP
RND]M
OHSLHM ]DSR]QDü VL
] *\FLHP PRLFK XSURZDG]LFLHOL 2WR KLVWRULD PRMHJR GUXJLHJR
XSURZDG]HQLD
^` 2G;URNXGR9,,URNXPLHV]NDOLP\Z*URG]LVNX0D]RZLHFNLP
Z\QDMPXMF WDP PLHV]NDQLH 2VWDWQLHJR PDMD 9 URNX SR*\F]RQ\P VDPRFKRGHP
SROVNL)LDWPDOXFKSRMHFKDáHPZVWURQ
3RGNRZ\/HQHMGR]QDMRP\FK*HE\SR*\F]\ü
SLHQL
G]\ QD SU]HWUZDQLH )RQD Z ]DDZDQVRZDQHM FL*\ RUD] PDOHNL àXNDV] ]RVWDOL Z
Z\QDMPRZDQ\P PLHV]NDQLXSU]\XO0RQWZLááD%\áSy(Q\ZLHF]yURNRáRJRG]LQ\NLHG\
]EOL*DMF VL
GR 3RGNRZ\ /HQHM Z ]DOHVLRQ\P WHUHQLH ]REDF]\áHP *H ZRNyá PHJR
VDPRFKRGX UR]OHZD VL
ZLDWáR ] JyU\ VLOQD ILROHWRZD SRZLDWD R ZLHOH VLOQLHMV]D RG
UHIOHNWRUyZ PRMHJR VDPRFKRGX 6LOQLN VDPRF]\QQLH SU]HVWDá SUDFRZDü SU]\U]G\ Z
VDPRFKRG]LH QLH G]LDáDá\ 2G UD]X ZLHG]LDáHP*H WR 8)2 :\VLDGáHP ] VDPRFKRGX NWyU\
XVWDZLáHPQDSRERF]XL]REDF]\áHPQHRQRZRILROHWRZROQLFHZLDWáR8)2]DZLHV]RQHQDG
VDPRFKRGHP QDZ\VRNRFLRNRáRFLXPHWUyZ%\áRRNUJáHRNRáRPHWUyZUHGQLF\
7UZDáR QLHUXFKRPR 3R NLONX VHNXQGDFK ] MHJR FHQWUXP Z\HPLWRZDQR Z PRLP NLHUXQNX
VQRSVWR*HN ZLDWáDEDUG]RJ
VWHJRELDáHJRNWyUHWRZLDWáRZPLDU
ZROQHJRSU]\EOL*DQLD
VL
GR PQLH UR]V]HU]DáRVL
L JG\ GR PQLH GRWDUáR GR]QDáHP XF]XFLD]XSHáQHM OHNNRFL
MDNE\PQLFQLHZD*\áLSU]HVWDáHPRGF]XZDüJUXQWSRGQRJDPL:W\PVDP\PPRPHQFLHDOER
]DVQáHPDOERVWUDFLáHPSU]\WRPQRüJG\* QLHSDPL
WDPFRE\áRGDOHM
^` 2EXG]LáHP VL
Z ]XSHáQLH LQQ\P ZLHFLH 7DP WH* E\áD QRF DOH LFK
SLUDPLGDOQLH ]EXGRZDQH EXG\QNL HPDQRZDá\SU]\MHPQ L FLHSá SRZLDW
Z*yáWR]áRWDZ\P
RGFLHQLX7RGUXJLHXSURZDG]HQLHE\áRMDNE\XWUZDOHQLHPZLDGRPRFL]GRE\W\FKMX* ZF]HQLHM
SRGF]DV SLHUZV]HJR WM VLHUSQLD URNX 'DáR PL MHGQDN WDN*H NLOND QRZ\FK
GRZLDGF]H ,FKSU]\NáDGHPMHVWPLQWHQQDSyMMDNL3URIHVRURZL3DMNRZLQLHGDMHVSRNRMX
PL VDPHPX UyZQLH* :\JOGD QD WR *H ]D ND*G\PUD]HP JG\ MHVW VL
Z]L
W\P ND*G\
=LHPLDQLQ PXVLSLüWHQLFKZVSDQLDá\QDSyM2VRELFLH]SRZRGXMHJRVPDNXZRODáE\PMX*
Lü QDGZDODWDGRZL
]LHQLDDQL*HOLJRSLüSRQRZQLH7DNLMHVWRQZVSDQLDá\ZVPDNX$OH
Fy* ZLGRF]QLHWRNRQLHF]QH3RPLPRL* ]DGDZDáHPLPQDWHQWHPDWS\WDQLDQLHRWU]\PDáHP
ZRJyOH RGSRZLHG]L -HGQDN*H SR MHJR Z\SLFLX SRUXV]DQLH VL
F]áRZLHND VWDMH VL
EDUG]LHM
VZRERGQH DOHFHQ MHVWGáXJRRNRáRSyáJRG]LQ\SR]RVWDMF\VPDNVSDORQ\FKPLJGDáyZZ
FDá\P XVWURMX F]áRZLHND D SU]HFLH* MD WDN EDUG]R QLH ]QRV]
ZáDQLH PLJGDáyZ 1LJG\
SU]HQLJG\QLH]DSRPQ
WHJRVPDNXL]DSDFKX7DNEDUG]RSRWUDILáPLREU]\G]LüWDNZVSDQLDO\
XQLFKSRE\W*G\W\ONRSU]\E\OLP\QDNVL
*\FZáDQLHQDVDPRSU]\ZLWDQLHGRVWDáHPJRSLü
3RGDQR PLJRZNLHOLFKXSU]\SRPLQDMF\PV]NáRDOHV]NáHPWRQLHE\áRJG\* E\áR]DJUXEH
GOD MHJROHNNRFL3RSU]\E\FLXF]HNDáQDPQLHPyMSU]HZRGQLN.DUL2GUD]XZáR*\áPLQD
PRM JáRZ
RSLV\ZDQ ZF]HQLHM REU
F] %\áD RQD QLHZWSOLZLH Z\NRQDQD ] OHNNLHJR
PDWHULDáX QLHPQLHMLWDNXU]G]HQLHWRE\áRQDQLHMFL
*NLHERQDRNRZD*\áRRNRáRNLORJUDPD
^`0yMSU]HZRGQLNSRLQIRUPRZDáPQLHQDJáRZDFKPLHOLP\MX* REU
F]H*H
]QDMGXMHP\ VL
QDF]
FLRZRV]WXF]Q\PLFKNVL
*\FXDGODWHJRF]
FLRZRV]WXF]Q\P*H
SU]H] NLONDVHW ODW E\áEXGRZDQ\DOH RSDUW\ QD REHFQHM ZLHONRFL QDWXUDOQ\PEROLG]LH
NWyUHJR SU]HFKZ\FLOLLSU]H]ZLHOHVWXOHFLSUDFRZDOLQDGQLPGREXGRZXMFJRZFL*LZFL*
PDWHULDáDPL SRGREQ\PL GR ED]DOWX D MHGQDN NWyU\ WR PDWHULDá VDPRF]\QQLH ZLHFLá L
MHGQRF]HQLH MHVWFLJOHFLHSá\7HQV]WXF]Q\NVL
*\FGRWHMSRU\QLHMHVWMHV]F]HXNRF]RQ\
L MHVW QDGDO UR]EXGRZ\ZDQ\ 1D MHJR SRZLHU]FKQL L SRG QL PDM VZyM FHQWUDOQ\ RURGHN
QDXNRZREDGDZF]RGRZLDGF]DOQ\ 3UDFXMHWDPSU]HV]áRSyáPLOLDUGD1HDWDF]\NyZ6DPD
1HD QLHMHVWHNVSORDWRZDQDOHF]JáyZQHQLH]E
GQHPLQHUDá\LPDWHULDá\V QDQL FLJDQH
] ]DSU]\MD(QLRQHM ] 1H SODQHW\ :KLVWKHHQ RUD] ] SODQHW\NRSDOQL LFK ZáDVQHJR V\VWHPX
JZLH]GQHJRQD]\ZDQHMSU]H]QLFK6HQWHHOHDNWyUDRG1HD]QDMGXMHVL
ZRGOHJáRFLUD]\
ZL
NV]HMQL* RGOHJáRü=LHPLRG6áRFDSDWU]U\VXQHN1DWRPLDVWLFKV]WXF]Q\NVL
*\F
Z SRUyZQDQLXGRSODQHW\1HDPDVL
WDNMDN=LHPLDGR8UDQX1DLFKV]WXF]Q\PNVL
*\FX
NWyU\ MHVW REM
WRFLRZRQLHFRZL
NV]\PRGQDV]HM=LHPLMHVWDWPRVIHUDUyZQLH* WDNDVDPD
MDN QD1HDMHGQDNQDZHWLPVDP\PMHVWWDPWUXGQLHMRGG\FKDü]SRZRGXQLVNLHJRFLQLHQLD
$OHWRWH* PDVL
]F]DVHP]PLHQLüQDOHSV]H-D]D WDPRGG\FKDáHPQRUPDOQLH
^` 2SXV]F]HQLHZHKLNXáXNWyU\PSU]\OHFLHOLP\E\áRGRV\üLQWHUHVXMFH3DWU]F
RG URGND VWDWNX QLH PD QD QLP *DGQ\FK GU]ZL DQL WH* FLDQNL -HVW ]D WR FR QD Z]yU
SRPRVWXWUDSX 6FKRG]LVL
QLP Z Gyá QD XNRV Z EDUG]RáDJRGQ\ VSRVyE 1D VDP\P MHJR
GROH WU]HEDMHGQDN]HVNRF]\üNLONDG]LVLWFHQW\PHWUyZRNRáRSyáPHWUD'RW\NDVL
ZyZF]DV
JUXQWX NWyU\ VSUDZLD ZUD*HQLH PL
NNLHJR 6WSDQLH SR QLP VSUDZLD SHZQ SU]\MHPQRü
&]áRZLHNQLHP
F]\VL
WH* MDNSRGF]DVFKRG]HQLDQD=LHPL
^` 3RGF]DVWHJRGUXJLHJRXSURZDG]HQLDSU]H]FDá\F]DVSU]HE\ZDáHPMHG\QLHQD
LFKNVL
*\FX1LH]DEUDOLPQLHMX* QD1HDQDZHWQDNUyWNR
^` 0yMSU]HZRGQLN]DSURZDG]LáPQLHGREXG\QNXGRNWyUHJRVFKRG]LVL
ZGyáSR
VFKRGDFK D GDOHM SU]H] NLOND NRU\WDU]\ QD NRFX NWyU\FK ]DZV]H E\á\ KHUPHW\F]QH GU]ZL
UR]VXZDMFH VL
QD ERNL XFK\OQH GZXF]
FLRZH XNRQH L VZRLPL RERPD F]
FLDPL
ZFKRG]FH Z SRPDUDF]RZHJR NRORUX FLDQ
.RORU SRPDUDF]RZ\ GRPLQRZDá ]UHV]W
ZV]
G]LHZLFKSRPLHV]F]HQLDFK:NRFXZHV]OLP\GRSRPLHV]F]HQLDZNWyU\PSU]HZRGQLN
JHVWHP ]DSUDV]DMF\P ZVND]Dá PL GZD QD GZD QD GZDPHWU\ V]HFLDQ GR NWyUHJR
ZV]HGáHP EH]*DGQ\FKREDZ*G\ZFKRG]LáHPGRURGND]REDF]\áHPWDPLQQ\NRORUSRZLHWU]D
QL* QD ]HZQWU] ER QLHFR FLHPQLHMV]\ ZFKRG]F\ ZH ILROHW DOH EDUG]R GHOLNDWQLH
3RPLHV]F]HQLHE\áRSU]H(URF]\VWH]DUyZQR]]HZQWU]MDNLSDWU]FRGZHZQWU]L]XSHáQLHQLH
PLDáR*DGQ\FKXU]G]H:FKRG]FQLHZLG]LDáHP*DGQ\FKGU]ZLDOHJG\]QDOD]áHPVL
MX* Z
URGNX L REHMU]DáHP VL
]REDF]\áHP *H MHVWHP ]DPNQL
W\ Z ]XSHáQLH SU]H(URF]\VW\P
SRPLHV]F]HQLX GR NWyUHJR ]DF]
WR ZSXV]F]Dü ELDá L EDUG]R ]LPQ PJá
SU]H] PDOHNLH
RWZRUNL ]QDMGXMFH VL
Z WU]HFK ERF]Q\FK FLDQNDFK 3R NLONX FKZLODFK QLH ZLG]LDáHP MX*
QLF]HJRRGURGND7UZDáRWRPR*HGZLHPLQXW\JG\GU]ZLXFLHNá\GRJyU\LMDZVZHMJáRZLH
XVá\V]DáHP *HMX* PRJ
Z\MüJG\* ]DELHJNWyU\P\QD]\ZDP\NZDUDQWDQQ VL
MX* VNRF]\á
L *HPRJ
MX* EH]REDZSRUXV]DüVL
ZLFKZLHFLH:\V]HGáHPQLHFR]GU
WZLDá\]]LPQDDOH
MX* SR FKZLOL E\áR RG QRZD PL FLHSáR Z LFK REV]HUQHM MDVQR RZLHWORQHM VDOL GZXPHWURZHM
Z\VRNRFL LMDNLH SL
üQDRVLHPPHWUyZUR]OHJOHM5R]JOGDáHPVL
]FLHNDZRFL V]XNDMF
(UyGáD WHJRZLDWáDDOHQDGDUDPQLHQLF]HJRQLHE\áRZLGDü:RJyOHWRE\áHPWDPW\ONRMD]H
VZRLPSU]HZRGQLNLHP:\V]OLP\ZVSRVyERGZURWQ\GRZFKRG]HQLDLZWHG\XZLDGRPLáHP
VRELH*HWRQLHWHQVDP.DULFRODWWHPX*G\W\ONRWDNRW\PSRP\ODáHPZPRMHMJáRZLH
XVá\V]DáHP SRFKZDá
RGQRQLH PHM VSRVWU]HJDZF]RFL 'RZLHG]LDáHP VL
ZyZF]DV *H
WDPWHQ .DULMHVWQD1HDERRQMHVWZáDQLHQDSODQHFLHSU]HZRGQLNLHPSU]\E\á\FK ]=LHPL
GZRMJD OXG]L ] *UHFML L ] :HQH]XHOL =DS\WDáHP F]\ PRJ
LFK SR]QDü QD FR QLF PL QLH
RGSRZLHG]LDá ZL
FSRP\ODáHP*HWRNROHMQHPRMHS\WDQLHQDNWyUHQLHPDRGSRZLHG]L7HQ
REHFQ\ .DULPyJáPLHüQLHZL
FHMQL* ODWSRGF]DVJG\WDPWHQMX* ODWWHPXPXVLDáPLHü
] ODW $OH SRGREL]QD E\áD XGHU]DMFD ]D Z\MWNLHP ZLHNX 5R]P\ODMF Z WDNL VSRVyE
SRQRZQLH XVá\V]DáHPJáRV*HQLHMHVWWDNMDNP\O
JG\* WDPWHQPDODWDWHQ]NWyU\P
MHVWHPZWHMFKZLOLPDODWD
^` :\V]OLP\QDGZyULGRSLHURWDP]REDF]\áHPSRMD]GNWyU\PSU]\E\OLP\6WDáQD
QLHZLHONLP Z]QLHVLHQLXRGGDORQ\PRGQDVRRNRáRPHWUyZ:LGDüJRE\áRZSRZLDFLH
MDVQR ZLHFF\FKGX*\FKSODQHWZOQLF\PVUHEU]\VW\PNRORU]H1LHZLHPF]\E\áWRWHQVDP
FRQLHJG\DOHZ\GDZDáVL
LGHQW\F]Q\
^`7RZáDQLHQDV]WXF]Q\PNVL
*\FXSODQHW\1HDZLG]LDáHPLFKPHJDJLJDQW\F]QH
VWDWNL GRFKRG]FH GR UR]PLDUyZ FLXNLORPHWUyZ GáXJRFL Z NV]WDáFLHSUDZLHF\JDU W\ONR
GRáHP VSáDV]F]RQ\FK 7H NWyUH ZLG]LDáHP QLH QDOH*Dá\ MHGQDN GR QDMZL
NV]\FK JG\*
QDMZL
NV]\ LFKODWDMF\NU]\*PDFDáNRZLW GáXJRüNP[NPLMHVWV]\ENLMDNZLDWáR
7R V LFK WUDQVSRUWRZFH 3R]D QLPL V G\VNRLGDOQH DOH QLHZLHONLFK UR]PLDUyZ RNRáR
PHWUyZUHGQLF\GR SRNRQ\ZDQLDORWyZPL
G]\JDODNW\F]Q\FKSU]\F]\PZ\SUDZDWDNDWUZD
RNRáR FLX ]LHPVNLFKPLQXW3RZLHG]LDQRPL*HNLHG\ WRSRMP
L]UR]XPLHPQDWRPLDVWW
5yZQLND ]SRáXGQLNLHP(3RND]\ZDQRPLSODQV]H1DMHGQHM]QLFK]QDMGXMHVL
VLHGHP
SRVWDFL ] W\P *H ND*GD QDVW
SQD ] QLFK MHVW QL*V]D RG SRSU]HGQLHM SDWU] U\VXQHN 1D
VLyGP ZVND]DQR*HWRPRMDSRVWDüQDWRPLDVWV]yVW E\áPyMRMFLHFSLW PyMG]LDGHNLWDN
GDOHM ZVWHF]3RZLHG]LHOLPL*HWRFRPyMRMFLHFSU]HND]DáPLWX* SU]HGPLHUFLPDNV]WáW
7DEOLF]NL
^` 0yM.DULSRZLHG]LDáPL*HZ\SRF]QLHP\SRSRGUy*\LZW\PFHOXZHV]OLP\GR
SRGREQHJR FR QLHJG\ EXG\QNX = W\P *H WHUD] RSUyF] QDV ZHV]áR WDP MHV]F]H WU]HFK
P
*F]\]Q ZPRLPZLHNXZV]\VF\ZWXQLNDFKLZVDQGDáDFKQDQRJDFK2GQRZDQLHUy*QLáD
VL
QLF]\PRGWHM]URNXNWyU MX* RSLVDáHPZF]HQLHMDOHWUZDáDRNRáRPLQXW3RWHP
Z\V]OLP\Z\SRF]
FLQD]ZLHG]DQLHPLDVWD]EXGRZDQHJRMDNE\]SUDVRZDQHJRED]DOWXNWyU\
HPDQRZDá LFLHSáRLZLDWáR3UDZLHZV]\VWNLHEXG\QNL E\á\MHGQDNRZHJRNV]WDáWXF]\OLE\á\
SLUDPLGDOQH LWDUDVRZDQHSDWU]U\VXQHNRZ\VRNRFLRNRáRPHWUyZ%\áRMHGQDN
WH* NLOND EXG\QNyZ QL*V]\FK R ]XSHáQLH SURVWHM UyZQRERF]QHM NRQVWUXNFML L R QLH]QDQ\P PL
SU]H]QDF]HQLX -HGQDN*HZV]\VWNLHEXG\QNLQDVZRLFKGDFKDFKPLDá\JLJDQW\F]QHRNUJáHL
GHOLNDWQHZNO
VáHSá\W\VZ\PLWDOHU]DPLVNLHURZDQ\PLZQLHER:\JOGDáRWRWDNMDN]LHPVNLH
DQWHQ\VDWHOLWDUQH1LHZLG]LDáHP DQLNRPLQyZDQLSU]HZRGyZHOHNWU\F]Q\FKDQLWH* *DGQ\FK
SRMD]GyZ MDNWRVL
ZLG]LQD=LHPLEH]Z]JO
GXQDSRU
GQLD:RJyOHWRLEDUG]RPDáROXG]L
E\áRZSU]HVWU]HQLSRPL
G]\EXG\QNDPL
^` 0yM .DUL ]DSURZDG]Lá PQLH GR MHGQHJR ] EXG\QNyZ SR ZHMFLX GR NWyUHJR
RND]DáR VL
*HQLHPDWDPDQL*DGQ\FKVFKRGyZDQL*DGQ\FKZLQG1DWRPLDVWZFKRG]LVL
Z
WDNL G]LZQ\LWUXGQ\GRRSLVDQLDSyáWXQHOLJG\FL
*DUHPVZHJRFLDáD]DF]\QDVL
QDFLVNDüQD
SRGáRJ
Z\SRVD*RQ Z F]XMQLNL ZyZF]DV ] JyU\ ]DF]\QD Z\G]LHODü VL
EDUG]R VLOQ\ VQRS
MDVQHJR ELDáR*yáWHJRZLDWáDZLDWáRWRSRZRGXMH*HF]áRZLHNWUDFLZDJ
L*HSU]HVXZDVL
ZSR]\FMLSLRQRZHMZJyU
OXEZGyá-D]QDOD]áHPVL
ZGROHDOHVDPEH]SU]HZRGQLND2G
UD]X ]QDOD]áHP VL
Z WUXGQHM GR RNUHOHQLD ZLHONRFL VDOL RNRáR P Z\JOGDMFHM MDN
ZQ
WU]H VWDWNX%\áRGX*ROXG]LZSRPDUDF]RZ\FKXQLIRUPDFKRUD]ZWXQLNDFK%\áRLFK]H
GZDG]LHFLDRVyEQLHNWyU]\VWDOLQLHNWyU]\]D VLHG]LHOLZNDELQDFKSRGREQ\FKGR]LHPVNLFK
NDELQ ] JUDPL NRPSXWHURZ\PL : NDELQDFK W\FK QLH E\áR ZLGDü QLF RSUyF] ZLHOX U]
GyZ
Uy*QRNRORURZ\FK ZLDWHáHN SXOVXMF\FK L PLJDMF\FK PLDURZR ,FK SU]H]QDF]HQLD PL QLH
]GUDG]LOL 3RURGNX FDáHJR WHJR SRPLHV]F]HQLD ZLURZDá RSLV\ZDQ\ MX* SRSU]HGQLR ZDOHF ]
SDVHP]D QLHRSRGDOVWDáRODWDMFHáy*NREH]*DGQ\FKNyáHNEH]QyJMDNJG\E\]DZLHV]RQH
Z SRZLHWU]X QD QLHZLGRF]QHM SRGXV]FH SRZLHWU]QHM .D]DQR PL VL
]EOL*\ü GR WHJR áy*ND
UR]HEUDü GR QDJD L SRáR*\ü NWyUHWR F]\QQRFL Z\NRQDáHP ] SHZQ\PL RSRUDPLER WURFK
NU
SRZDáHP VL
REHFQRFLNLONX]QDMGXMF\FKVL
WDPUyZQLH* LLFKNRELHW%\OLMHGQDNW\ONR
VDPL UG]HQQL PLHV]NDF\ : SLRQLH QDGH PQ VSRG VXILWX HPDQRZDáR PL SURVWR QD WZDU]
VHOHG\QRZH ZLDWáR ] QLHZLHONLHJR F]DUQHJR SXGHáND SXOVXMF PLDURZR $OH JG\ W\ONR
SRáR*\áHP VL
F]
VWRWOLZRüPLJRWDQLD]DF]
áDVL
QDVLODüDVDPRWRPLJRWDQLH]DF]
áRE\ü
QLH]QRQH ZW\PVHQVLH*HFKFLDáRPLVL
NLFKDüLERODá\RF]\1DJOH]GDáHPVRELH]WHJR
VSUDZ
*H JZDáWRZQLH VWDM
VL
OHNNL L *H ]DV\SLDP 3UyERZDáHP VL
VNRQFHQWURZDü QD
VDPHM LVWRFLHWHJR*HRWRMDPDPZLDGRPRüWHJRFRRQL]HPQ UREL LRWRMDQLHGDPVL
LP XSLü &]XáHP QDUDVWDMF\ EyO DOH GR ]QLHVLHQLD Z JáRZLH ]D VZ\POHZ\PXFKHP D*
QDJOH EyO PLQá =REDF]\áHP *H WR ZLDWHáNR SRG VXILWHP ]QRZX PLDURZR PLJD L ]QRZX
]DF]\QD SXOVRZDüFRUD]WRV]\EFLHML*H]DF]\QDPRU]\üPQLHVHQ3RQRZQLHZL
F]DF]áHP
VL
SU]HGW\PVQHPEURQLüDOHW\PUD]HPQLHGDáHPUDG\=DVQáHP
^` 1LH ZLHPMDNGáXJRVSDáHPLFRRQLZW\PF]DVLH]HPQ URELOL*G\SRQRZQLH
VL
REXG]LáHP SU]\ PQLH VWDá .DUL L SRZLHG]LDá PL*H MHVWHP QLHSRSUDZQ\ L *H GODWHJR QLH
SR]ZRO PL ]REDF]\ü PHJR V\QD $ ZáDFLZLH WR PLHOL PL ]URELü WHJR URG]DMX
QLHVSRG]LDQN
3RZLHG]LDáPLW\ONR*HMDSU]HZDUWRFLRZDáHPDOHFRGODPQLH]QDF]HQLH
WHJR VáRZDPDR]QDF]DüWHJRPLMX* QLHZ\MDQLá,QQ\FKRVyEMX* QLHE\áR1LHE\áRUyZQLH*
PRLFK XEUD DOHE\áGODPQLHSRPDUDF]RZ\XQLIRUPZNWyU\VL
XEUDáHP*G\]DNáDGDáHP
JR QDVZRMHQDJLHFLDáRRGQLRVáHPZUD*HQLH*H]DNáDGDPV]HOHV]F]F JXP
DOHEDUG]R
FLHQLXWN =EOL*\OLP\ VL
GR ZLUXMFHJR ZDOFD NWyU\ GOD QDV HPDQRZDá VQRSZLDWáD MDNLH
RWRF]\áRQDVVZ J
VWRFLLRWRQDJOH]QDOH(OLP\VL
Z]XSHáQLHLQQ\PSRPLHV]F]HQLX-DN
VL
RGUD]XGRZLHG]LDáHPOH*DáRRQRNLORPHWU\SRGSRZLHU]FKQL:LHP]*\FLDLJyUQLFWZD
*HLPJá
ELHMZ]LHPL
W\PMHVWJRU
FHM1DWDN WH* HZHQWXDOQRüVL
SU]\JRWRZDáHPMHGQDN
VL
UR]F]DURZDáHP 2ND]DáR VL
*H ]QDMGXMHP\ VL
QD RU\JLQDOQHM SRZLHU]FKQL QLHJG\
G]LHZLF]HJR EROLGX%ROLGWHQSU]H]LFKSU]RGNyZ]RVWDáSU]HFKZ\FRQ\]DJRVSRGDURZDQ\L
UR]EXGRZDQ\1DWRPLDVWSU]HVWU]H SRPL
G]\W\PPLHMVFHPDSRZLHU]FKQL NLORPHWU\MHVW
DNXUDW QDMFLHV] SRZáRN FDáHJR NVL
*\FD 6 WDNLH PLHMVFD JG]LH GREXGRZDQD JUXERü
VL
JD NLORPHWUyZ VáRZQLH F]WHU\VWD SL
üG]LHVLW NLORPHWUyZ 0\ ]D ]QDMGXMHP\ VL
SU]HVWU]H SRPL
G]\GRáHPDJyU7ZRU]\á\GRVáRZQLHLVWQHODELU\QW\=REDF]\áHPMHQD
ZáDVQHRF]\JG\Z NRFXZHV]OLP\GRSHZQHJRLFKSRPLHV]F]HQLDZNWyU\P]QDMGRZDáRVL
VWUDFLáHPERZLHPSU]\WRPQRü
^` 1LHSU]\WRPQ\ SR]RVWDZDáHP D* GR PRPHQWX JG\ REXG]LáHP VL
QD QDV\SLH
NROHMRZ\P NROHMNL :.' UHODFML :DUV]DZD *URG]LVN 0D]RZLHFNL 1D SRGVWDZLH WDEOLF
LQIRUPDF\MQ\FKZNUyWFHXVWDOLáHPJG]LHVL
]QDMGXM
%\áHPZRNROLF\3RGNRZ\/HQHM3HáHQ
REDZ L QLHSRNRMX XGDáHP VL
Z VWURQ
V]RV\ JG]LH ZNUyWFH WH* RGQDOD]áHP VWRMFHJR QD
SRERF]X PDOXFKDNWyU\RG]LZRQLH]DJLQá0R*HGODWHJR*HE\áVWDU\-HGQDNZV]HONLH
SUyE\ XUXFKRPLHQLD JR VSHá]á\ QD QLF]\P $NXPXODWRU RND]Dá VL
Z\F]HUSDQ\ : GRGDWNX
QLJG]LH QLH PRJáHP ]QDOH(ü NOXF]\NyZ 3UyERZDáHP ZL
F QD NUyWNR DOH EH]RZRFQLH
'RSLHUR NLHURZFD SU]HMH*G*DMFHJR VDPRFKRGX SRPyJá PL JR ]DSDOLü ]H VS\FKX %\áD
ZWHG\ FLD Z QRF\ :UyFLáHP GR *URG]LVND DOH RND]DáR VL
*H QDV]H PLHV]NDQLH MHVW
]DPNQL
WH ]]HZQWU]:áDPDáHPVL
ZL
FGRURGNDLWDP]QDOD]áHPNDUWN
RG*RQ\*H
SRMHFKDáD GR /HJLRQRZD GR VZ\FK URG]LFyZ SR WU]\GQLRZ\P RF]HNLZDQLX QD PQLH
:áF]\áHP ZL
F UDGLRL ZNUyWFH GRZLHG]LDáHP VL
] UDGLD*H MHVW UDQR GQLD F]HUZFD
URNX 5DQR SRMHFKDáHP ZL
F VDPRFKRGHP GR /HJLRQRZD L RGGDáHP JR NROHG]H RG
NWyUHJRJRSR*\F]\áHP)RQLHFL
*NRVL
WáXPDF]\áHPDOHZNRFX]UR]XPLDáD
^` 3RGF]DVWHJRGUXJLHJRXSURZDG]HQLDQDNVL
*\FSODQHW\1HDGDQRPLSR]QDü
]QDF]QLH ZL
FHMV]F]HJyáyZQDWHPDW*\FLD1HDWDF]\NyZ2SLV]
ZL
FWHUD]NLONDDSHNWyZLFK
*\FLD RUD] SU]\WRF]
PRLP]GDQLHP QDMZD*QLHMV]H] LQIRUPDFML MDNLH XGDáR PL VL
ZyZF]DV
]GRE\ü2WRRQH
^` 3ODQHWD1HD'RNáDGQHMQD]Z\LSRáR*HQLDSODQHW\1HDQD]LHPVNLFKPDSDFK
JZLH]GQ\FK PRLXSURZDG]LFLHOHPLQLHSRGDOL=WHJRMHGQDNFRMHGHQ]V\PSDW\]XMF\FK]
EDGDQLDPL 8)2 DVWURQRPyZ ]GRáDá Z\GHGXNRZDü QD MHM WHPDW LFK SODQHWD SU]\QDOH*\ GR
V\VWHPX SRGZyMQHM JZLD]G\ SU]H] QDV]\FK DVWURQRPyZ QD]\ZDQHM (SVLORQ Z 8NáDG]LH
:RODU]DáDFLVNDQD]ZD%RRWLV,FKJZLD]GD]QDMGXMHVL
ZL
FRNRáRODWZLHWOQ\FKRG
QDV]HJR 6áRFD SDWU]Z\MDQLHQLD] >%@1HDWDF]\F\ Z LFK M
]\NX JZLD]G
W QD]\ZDM
7VDDOH FR]QDF]\6áRFH1HDMHVWSLW SODQHW OLF]FRGLFKFHQWUDOQHMJZLD]G\MDN P\
QD]\ZDP\ %RRWLV]D 1HDWDF]\F\QD]\ZDM 7VDDOH5D]HP]SODQHW 1HDLFKJZLD]G
RNU*DQDVW
SXMF\FKSODQHWSDWU]U\VXQHN7KHHV'UD,Q(DWH1HD6HQWHHOHD%LEUHD
QD]Z
ND*GHMSODQHW\SRGDQRWDNMDNEU]PLRQDZM
]\NX1HDWDF]\NyZMHOL]DSLVDQDMHVW
SROVNLPL WU]FLRQNDPL3RQDGWRLFKV\VWHPSODQHWDUQ\REHMPXMHWH* NLONDRJURPQ\FKEROLGyZ
WM QLHUHJXODUQ\FKNDPLHQLRZLHONRFLNVL
*\FDLRNUJá\FKNVL
*\FyZ,FKSODQHWD1HDPD
UHGQLF
UD]\ZL
NV] RGUHGQLF\=LHPL,OHZ\QRVLMHMPDVDOXEJUDZLWDFMDZSRUyZQDQLX
] ]LHPVN WHJRQLHZLHP 1LHPQLHMRQLVDPL SRUXV]DM VL
ZVZRLFKZDUXQNDFKQRUPDOQLH
QDWRPLDVW MDSRUXV]DáHPVL
MDNE\ZQLHFRSU]\VSLHV]RQ\PWHPSLHZáDVQLHMDNWHQSLHZDN
0LFKDHO -DFNVRQSRGF]DVZ\VW
SX-HMDWPRVIHUDVNáDGDVL
]KHOXZRGRUX
WOHQX RUD]UHV]W\E
GFHMPLHV]DQLQ LQQ\FKJD]yZ1D1HD*\MHPLOLDUGyZUG]HQLRZFyZ
OXG]LLPLOLDUG\ELRURERWyZ3RSXODFMDUG]HQLRZFyZREHMPXMHP
*F]\]QLNRELHW
-DNWRSLVDáHPMX* ZF]HQLHMQD1HD*\M WH* ]ZLHU]
WD1LHNWyUH]LFKJDWXQNyZZ\VW
SXM QD
=LHPLMDNQSSLHVEL]RQNR]DNURZDLFKNURZDMHVWSRGREQDGRQDV]HMW\OHW\ONR*H]GáXJLP
RZáRVLHQLHP )\MH WDP WH* SWDFWZR LQVHNW\ U\E\ 3RQDGWR*\MH WDP WU]\PHWURZHM GáXJRFL
]ZLHU]
RZáRVLRQH SRGREQH GR ]LHPVNLHM DOH JLJDQW\F]QHM VWRQRJL 6 WDP WH* NZLDW\
SU]HFXGQLHSDFKQFHLQLHNLHG\JLJDQW\F]Q\FKUR]PLDUyZNU]HZ\GU]HZD ZLDWUGHV]F]0DM
WDP WH* ZDU]\ZDMDU]\Q\RZRFHRUD]G]LZQ\FLHUSNLSá\QGRSLFLDQDUR]OX(QLHQLH0DWHULDá
EXGRZODQ\ SUDVRZDQ\ MHVW L VWG QRF GDMF\ HIHNW ZLDWáD 7DN ZL
F QLH PD ODWDU DQL
*DUyZHN%UDNWDPWH* SU]HZRGyZHOHNWU\F]Q\FKLNRPLQyZ
^` 1HD XWU]\PXMH VWDá\ NRQWDNW ] SODQHW :KLVWKHHQ 3RáR*HQLD :KLVWKHHQ QD
QDV]\P QLHERVNáRQLH UyZQLH* PL QLH SRGDQR MHGQDN MDN WR Z\GHGXNRZDá ZSRPQLDQ\
IL]MRORJLF]Q LQLHUy*QL VL
ZW\PSRG*DGQ\PZ]JO
GHPRGQDV=LHPLDQ1LHZLG]LDáHPLFK
V]Nyá DOH ZLG]LDáHP UD] *H SRGREQL GR VLHELH ZLHNLHP LFK OXG]LH ]QLNDM Z SRW
*Q\FK
SRG]LHPQ\FK]ELRUQLNDFK]DEDULHU QLHZLGRF]Q GODRND'ODWHJRWH* ZQLRVNXM
*HWDPSRG
]LHPL ]QDMGXMHVL
]DSHZQHFRFRMHVWRGSRZLHGQLNLHPQDV]HMV]NRá\1LHVG]
ERZLHP
DE\ 1HDWDF]\F\ZV]\VF\ZSRGREQ\PL]EOL*RQ\PGRVLHELHZLHNX]QLNDOLQDWHQZVSyOQ\
RNUHV F]DVXSRWRW\ONRDE\SUDFRZDü]DWHPFHOHPWHJR]QLNDQLDSR]RVWDMHW\ONRQDXND6DPL
UG]HQLRZF\ ] SODQHW\ 1HD QLJG\ QLH SRGUy*XM GDOHM QL* SDUVHN RG VZRMHM SODQHW\
SU]\QDMPQLHMWDNPQLHSRLQIRUPRZDOL-HGQDNQLHZ\MDQLOLPLSU]\W\PLOHZ\QRVLyZSDUVHN
VWG MDRVRELFLHQLHZLHPRMDN RGOHJáRüLPFKRG]LáRLMHG\QLHWXWDMSU]HND]XM
GRVáRZQLH
LFKZ\SRZLHG(3RF]ZV]\RGURNX1HDWDF]\F\SU]\E\ZDOLMX* V]HFLRNURWQLHQDQDV]
=LHPL
ZRGVW
SDFKFRWU]\G]LHFLODWWMZLURNX3RQRZQLH
SU]\E
G Z GQLX VLHUSQLD URNX 7DN PQLH SRLQIRUPRZDOL 3RGF]DV MHGQHJR ] W\FK
SU]\ORWyZ PLHOLZ\SDGHN]QLHSU]HZLG]LDQ\PPHWHRU\WHPNWyU\VSRZRGRZDáFDáNRZLW XWUDW
VZRERGQLH MDN P\ QD QDV]HM SODQHFLH 1DWRPLDVWMD QD VDPHM 1HD SRUXV]DáHP VL
MDNE\ Z
SU]\VSLHV]RQ\P WHPSLHNWyUHPR*QDSU]\UyZQDüGRV]DUSDQHJRWDFD0LFKDHOD-DFNVRQD
QDMHJRZLGHDFKPX]\F]Q\FK$OHRGG\FKDáHP]XSHáQLHVZRERGQLHMDNQD=LHPL
^` 6SRVyE SRUR]XPLHZDQLD VL
:]DMHPQLH SRPL
G]\ VRE 1HDWDF]\F\
SRUR]XPLHZDM VL
G(ZL
NRZR Z VSRVyE JáRVRZ\ SRGREQ\ GR OXG]L -HGQDN LFK JáRV MHVW
EDUG]LHM RG QDV]HJR SLVNOLZ\ L ]PLHQQLH WRQRZDQ\ EU]PLF GOD QDV]\FK XV]X WDN MDNE\
&KLF]\N PyZLáUD]\V]\EFLHMDOHMHGQRF]HQLHUD]FLV]HML]UD]\Z\*V] LQWRQDFM2QL
PDM EDUG]R GREU]H UR]ZLQL
W\ VáXFK L GRP\ODP VL
*H PRJOLE\ Vá\V]Hü XOWUDG(ZL
NL
'(ZL
NLZ\GDZDQHSU]H]QLFKV RGELHUDQHSU]H]DGUHVDWyZQDZHW]RGOHJáRFLPHWUyZ
3RWUDIL WH* SRUR]XPLHZDü VL
] Z\EUDQ\P DGUHVDWHP QD GX* RGOHJáRü MDNE\ GURJ
UDGLRZ QRPR*HQLHGRVáRZQLHUDGLRZDOHWRMHVWSRUHGQLR]EOL*RQHGRUDGLRZHMLGR
WHOHSDW\F]QHMDOHMHGQRF]HQLHRGELHUDQHMHVW:<à&=1,(SU]H]NRQNUHWQHJRDGUHVDWDDOH
W\ONR ZSU]\SDGNXGX*HMRGOHJáRFL$GUHVDWRGELHUDW ZLDGRPRüQLH]DOH*QLHRGWHJRMDN
GDOHNR RGQDGDZF\VL
]QDMGXMHF]\MHVWWRNLORPHWUF]\NLORPHWUyZ)DGQ\FK
GRGDWNRZ\FK XU]G]HRSUyF]Py]JXGRSRUR]XPLHZDQLDVL
QLHX*\ZDM3U]\PQLHQLH
X*\ZDOL SLVPDDOHZLHP*HUyZQLH* LWDNLVSRVyE]DSLV\ZDQLDSRVLDGDM X*\ZDMF]QDNyZ
SRGREQ\FK GRKLHURJOLIyZ2F]\ZLFLHQLHSRWUDIL
GRNáDGQLHMXFLOLüGRNWyU\FKKLHURJOLIyZ
QS HJLSVNLFK F]\ ]QDNyZ SLVPD FKLVNLHJR SRQLHZD* QLH EDUG]R V PL ]QDQH Uy*QLFH
SRPL
G]\ QLPL'ODPQLHKLHURJOLIDPLMHVWZV]\VWNRFRZLG]
*HMHVWU\VRZDQHDQLHSLVDQH
3RPL
G]\ QLPLDPQ1HDWDF]\F\GRNRQ\ZDOLEH]SRUHGQLSU]HND]GRURGNDPRMHMJáRZ\
L WRQDW\FKPLDVWSRPRLPS\WDQLX-HOLZL
FQDMDNP\OQDVXQ
áRPLVL
S\WDQLHZyZF]DV
QDW\FKPLDVW PLDáHP Z JáRZLH RGSRZLHG( ZUD] ] ZV]HONLPL V]F]HJyáRZ\PL Z\MDQLHQLDPL
: JáRZLH RGSRZLHG( W RGELHUDáHPMDNR*\ZHREUD]\WMMDWRQLHW\ONRVá\V]DáHPDOHMDWR
WDN*HZLG]LDáHP7RZDU]\V]\áRSU]\W\PWHPXRZRV]F]HJyOQHG]ZRQLHQLHZXV]DFK W\SXMDN
ZSRZLHG]HQLXZNWyU\PXFKXPLG]ZRQL"2QLSRSURVWXVá\V]PRMHP\OLDZGRGDWNX
UR]XPLHM WH* OXG]NLM
]\NLOXG]NLHVSRVRE\SRUR]XPLHZDQLDVL
^` =QDMRPRü 3URIHVRUD 3DMND SU]H] 1HDWDF]\NyZ 1HDWDF]\F\ ZLHG] R
G]LDáDOQRFL3URIHVRUD3DMND:LHG]*H3URIHVRU3DMNSRFKRG]L]WHJRVDPHJRFRMDNUDMX
REV]DUX =LHPL:LHG] WH**HSUDFXMHRQQDGSHZQ\PGX*\PXU]G]HQLHPNWyUHXQLFK
PDPQDG]LHM
*HVL
QLHREUD]LQDPQLH]DV]F]HURüMHVWMX* X*\WNRZDQHRGEDUG]RGDZQD
:LHG]*HXU]G]HQLHWRMHVWZVWDQLHSU]H]Z\FL
*\üQDZHWJUDZLWDFM
=LHPL*HSUDFDWHJR
XU]G]HQLD PR*H ]DVWSLü SUDF
SRW
*QHM HOHNWURZQL DWRPRZHM D WDN*H *H PR*H RQR E\ü
Z\NRU]\VW\ZDQH Z ZLHOX LQQ\FK FHODFK 'RP\ODP VL
*H PLHOL QD P\OL NRPRU
PLDáGRG\VSR]\FMLZMDNL G]LZQ\LQLHZ\MDQLRQ\VSRVyE]QLNá\
^`,QQHGRZLDGF]HQLDLLQIRUPDFMH]GRE\WHSRGF]DVGUXJLHJRXSURZDG]HQLD
:VSRPLQDMFVZyMSRE\WQDNVL
*\FXSODQHW\1HDSU]H]FDá\F]DVSU]HGVZ\PLRF]DPLPDP
QLH]DSRPQLDQHZUD*HQLHZVWDMFHMSODQHW\1HD:LGRNXWHJRQLHGDVL
SRUyZQDü]QLF]\P
FR QDP =LHPLDQRP MHVW MX* ]QDQ\P 3R SURVWX EUDN VáyZ D*HE\ WR Z\UD]Lü 'RVáRZQLH
]DSLHUDáR WRGHFKZSLHUVL*G\QD=LHPLZSHáQLODWDZLG]LVL
ZVWDMFH6áRFHMX* WRMHVWGOD
XZD*QHJR REVHUZDWRUD QDMSL
NQLHMV]\ ZLGRN 1DWRPLDVW JG\ ZLG]L VL
RJURPQ FLHPQR
JUDQDWRZ NXO
]SU]HMU]\VWMDQLHMV] SRZLDWGR]QDMHVL
XF]XFLDVZHMZáDVQHMRVRERZHM
PDOHNRFL 1D NVL
*\FX 1HL SRND]DQR PL WH* SHZQH XU]G]HQLH MD QD]\ZDáHP WR RNQR
FXGyZ ZEXGRZDQH Z LFK JUXQW L XNLHUXQNRZDQH Z JáE D QLH WDN MDN QD =LHPL
VNLHURZDQH Z QLHER 8U]G]HQLH WR SRND]DáR PL QLH]OLF]RQH SODQHW\ PDáH L GX*H EOLVNR L
GDOHNR QLHUXFKRPHF]\OLQLHREUDFDMFHVL
ZRNyáVZHMRVLRUD]QLHNWyUHZLUXMFHQLHNLHG\
FDáH LFK JURPDG\E
GFHZFLJá\PQLE\EH]ZáDGQ\PUXFKXDMHGQDNLFKWHQUXFKSRGOHJDá
MDNLHPX SRU]GNRZL QLH ZV]\VWNLH Z NV]WDáWDFK NXOL Uy*Q\FK NRORUDFK 3RND]DQR PL WH*
=LHPL
NWyUD QLJG\ E\P QLH SRGHMU]HZDá MHVW NDUáHP QD WOH 6áRFD 'R]QDáHP ZyZF]DV
XF]XFLD SUDZG]LZHJR VWUDFKX L O
NX R ORV W\FK ZV]\VWNLFK OXG]L *\MF\FK QD =LHPL
-HGQRF]HQLH MHGQDNSRF]XáHP*HWDQLNQFDZRJURPQ\PZV]HFKZLHFLH=LHPLDNWyUDMHVW
WDN PDOHND MDN S\áHN QD WOH RJURPQHJR RFHDQX MHVW WDN EDUG]R PL GURJD NRFKDQD WDN
EDUG]R PLEOLVND2EXG]LáDVL
W
VNQRWD]DEOLVNLPLDMHGQRF]HQLHFK
üXFLHF]NL]=LHPLQD
LQQ RZLHOHZL
NV] SODQHW
JG]LHSDQXM LQQHUHJXá\LQQHSUDZDLRE\F]DMHJG]LHOXG]LH
QLH V VRELH ZLONDPL JG]LH QLH PD ZRMHQ ZURJRFL ]DZ]L
WRFL ]DZLFL IDáV]X REáXG\
ZUHGQRFL SRGáRFL SLMDVWZD SURVW\WXFML QDUNRPDQLL JG]LH SRPLPR L* ZLHNL ]DJáXV]\á\
SRF]XFLH ZVSyáF]XFLD WR MHGQDN Z\FKRG] QDSU]HFLZ ZV]HONLP SRWU]HERP JG]LH QLH PD
Z\]\VNX DMHVWSRF]XFLHZVSyá]DOH*QRFLJG]LH]ZLHU]
WD]QDQHPLLWH]XSHáQLHQLH]QDQH
WZRU] LGHDOQH]JUDQLH KDUPRQLMQH L ] OXG(PL L ] W SU]\URG ] IORU L IDXQ JG]LH SDQXMH
SUDZG]LZD ]JRGD2W\PLFKLGHDOQ\P*\FLXZLHP L]LFKSU]HND]yZL]]DREVHUZRZDQ\FK
REUD]NyZDWDN*HLEH]SRUHGQLR]PRLFKZáDVQ\FKREVHUZDFML7DNMHVWXQLFKZLVWRFLH2QL
QLH X*\ZDM *DGQHM EURQL JG\* QLHMHVW LP SRWU]HEQD DOHJG\E\ NWR VWDUáVL
LP ]DJUR]Lü
G\VSRQXM XU]G]HQLDPLPRJF\PLZ\WZRU]\üVNXWHF]Q FKRFLD* QLHZLGRF]Q GODRNDEDULHU
SRGU]XFLOLSRP\VáMDNSRZVWU]\PDüSRZL
NV]DQLHVL
WHMG]LXU\R]RQRZHM7UDJHGLHMDNLHQDV
GRW\NDM QLHSR]RVWDM ZQDMPQLHMV]\P]ZL]NX]1HDWDF]\NDPL2QLQLHV LFKZLQQLOHF]Z
VSRVRE SRUHGQLLQQDF\ZLOL]DFMD]RNROLF2ULRQD&L]1HDV FRSUDZGD]QLPLZSHZLHQ
VSRVyE VSRNUHZQLHQL QLHPQLHM MHGQDN QLH PDM ] QLPL DQL ZVSyOQHJR M
]\ND DQL
SRGREQ\FK FHOyZ3UDZG QDWRPLDVWMHVWWRRF]\P3DQ3URIHVRUSLV]H*HMHVWFR WDNLHJR
MDN RNXSXMFDQDVNRQIHGHUDFMD$OHPRL]QDMRPLGRQLHM QLHSU]\QDOH*FKRFLD* VDPL RG
NRQIHGHUDFML ZLHOH SU]HFLHUSLHOL Z VZHM SU]HV]áRFL 5yZQLH* 3DQ 3URIHVRU PD UDFM
L
VáXV]QRü Z W\P*H F\ZLOL]DFMD 1HD W\ONR Z QLHZLHONLP SURFHQFLH QDV Z\SU]HG]D Z VZRLP
UR]ZRMX $OHSRPLPR*HVDPLV WHJRZLDGRPLFLJOHFKFLSRWUDILQDPSRPyFZZLHOX
QDV]\FKSUREOHPDFKFKRFLD* QLHDILV]XM VL
]W\P
%:Sá\ZXSURZDG]H QDPRMH*\FLH
^` 8SURZDG]HQLDQDSRNáDG8)2VSURZDG]Lá\MHG\QLHQDPyMNDUNOLF]QHNáRSRW\L
WUXGQRFL.áRSRW\WHLWUXGQRFLV\VWHPDW\F]QLHVL
WH* SRJDUV]DM:QLQLHMV]\PSRGUR]G]LDOH
Z\PLHQL
ZL
FQDMZD*QLHMV]H]QLFK
^` 3D*DU PRMHJR GRPX &]áRZLHN Z F]HUQL ZLHOH UD]\ PL SDOFHP JUR]Lá JG\
SDSODáHP G]LHZF]\QRP QD WHPDW\ 8)2 LQQ\FK ZLDWRZ LWS -D JR QLH SRVáXFKDáHP L
VSáRQáHP:QRF\]DLVWQLHQLDPRMHJRSR*DUXVSDáHPZLQQ\PEXG\QNXQDWHMVDPHMSRVHVML
X PHMPDP\0DPDZyZF]DVEDUG]R(OHVL
F]XáDLSURVLáDPQLH*HE\PWDPWHMQRF\VSDáX
QLHM *G\ZDOHQLHPZGU]ZLPHMPDP\REXG]LOLQDVSROLFMDQFLGRPPyME\áMX* FDá\ZRJQLX
7RZáDQLHSU]HFKRG]F\SDWURO3ROLFML]DXZD*\áSR*DUPHJREXG\QNXLMDNRQLVDPLPyZLOL
*H RJLH SRMDZLáVL
QDJOHZV]
G]LHLSDOLáVL
EDUG]RMDVQ\PSáRPLHQLHPRUD]*HQLJG\
QLH ZLG]LHOL WDNLHJR SR*DUX 6WZLHUG]LOL *H E\á FR QDMPQLHM G]LZQ\ ER QLH GDZDá FLHSáD =
SRF]WNXMDVDPQLH]ZUyFLáHPQDWRXZDJLDOHJG\QLHFRRFKáRQáHPUyZQLH* ]DXZD*\áHP
*H WHQRJLH QLHSDU]\%XG\QHNE\áGUHZQLDQ\RGZHZQWU]PDORZDQ\IDUE ROHMQ3R*DU
Z\EXFKáEH]*DGQHMSU]\F]\Q\2WRMHJRRSLV
^` 2JLH SRMDZLá VL
1$*/(:6= '=,( L Z URGNX GRPX L QD ]HZQWU] EH]
*DGQ\FKSREXGHNLSU]\F]\QWDNMDNE\RGURGNDL]]HZQWU]SROHZDQ\E\áEHQ]\Q$QLHE\á
SROHZDQ\ :FLJXFKVHNXQGZV]\VWNRSáRQ
áRLWRRGUD]XJZDáWRZQLHDQLHWDNMDNWRPD
PLHMVFHZQRUPDOQ\FKSR*DUDFK*HVWRSQLRZRSRNROHL]DF]\QDVL
FRUD]EDUG]LHMSDOLü7X
SDOLáR VL
ZV]\VWNR QDJOH L RG UD]X QDZHW GR WHJR VWRSQLD *H MDGF VWUD* SR*DUQ
SU]HODGRZDá SHFKERGZDUD]\]áDSDOLJXP
QDRGFLQNXRGUHPL]\GRPQLH PHWUyZ
D SRWHP MDNE\ EDOL VL
JDVLü ER MDN PyZLOL MHVW WR G]LZQ\ RJLH NWyU\ QLH GDMH FLHSáD
OHG]WZR ZVSUDZLHSR*DUXXPRU]RQRJG\* QLHXVWDORQRSU]\F]\QDQLPRW\ZyZ2F]\ZLFLH
MD QLH PLDáHPXEH]SLHF]HQLDGODWHJRWH* QLHRWU]\PDáHP]QLNG*DGQHJRJURV]DFKRFLD* Z
W\P SR*DU]HXWUDFLáHPZV]\VWNRGRVáRZQLHZV]\VWNR1LNWVL
QLHSRSDU]\áDOHPLSR]RVWDá\]
PHJRGRE\WNXW\ONRVOLSNLQDFLHOH
^`&]áRZLHNZF]HUQL3U]H]FDá\F]DVSU]HODGXMHPQLHF]áRZLHNZF]HUQLNWyU\
EH] SU]HUZ\RJUDQLF]DPRM VZRERG
GDMHPL]QDü*HF]HJR PLQLHZROQRF]\QLüVWUDV]\
2G ; URNX GR , URNX RZHJR F]áRZLHND Z F]HUQL ZLG]LDáHP D* WU]\ UD]\ Z
Uy*Q\FKV\WXDFMDFK5D]VWDáRVL
WRZOHVLH JG\E\áHPWDPVDP5D]ZPLHV]NDQLXJG\E\áHP
] URG]LQ ZyZF]DVZLG]LDáJRWH* LPyMV\QàXNDV]RF]\PPRJáDVL
SU]HNRQDüE
GFDZ
GRPX PRMD *RQD NWyUD VDPD VWZLHUG]LáD*H QDV] V\QHN ZLG]L NRJR NRJR RQD VDPD QLH
ZLG]L $ WU]HFL UD] ZáDQLH Z LQW\PQHM GOD PQLH V\WXDFML 1LH E
G
MHGQDN WHJR RSLV\ZDá
ERZLHP PXVLDáE\P QD WR SRZL
FLü FDáH JRG]LQ\ SRGF]DV SLVDQLD SR]EDZLDMF *RQ\
SRWU]HEQHMMHMSRPRF\ZZDUXQNDFKJG\]GDQLMHVWHP\Z\áF]QLHQDVLHELHSRGF]DVJG\RQD
MHVW Z ]DDZDQVRZDQHMFL*\QLHPR*HQLFG(ZLJDü LWS=NRQLHF]QRFLZL
FQLHNWyUHPRMH
Z\SRZLHG]LPXV] E\üODNRQLF]QH
^` 1LHZ\MDQLRQH]MDZLVND2GF]DVyZXSURZDG]HQLDZRNyáPQLHG]LHMHVL
ZLHOH
]MDZLVN MDNLFKQLHGDMHVL
UDFMRQDOQLHZ\MDQLü$E\GDüWXWDMMDNL LFKSU]\NáDGWRMHVWQLP
HSLGHPLD QLHZ\FKRG]HQLD ]GM
ü MDNLH NWR PL Z\NRQXMH 3U]\NáDG WDNLHM HSLGHPLL RSLVDQ\
]RVWDáZDUW\NXOH>%@
^`6WUDFKLWHUURU3U]HODGXMF\PQLHQLHXVWDQQLHF]áRZLHNZF]HUQLQDMUy*QLHMV]H
SU]\SDGNL MDNLHPLVL
SU]\WUDILDM DFRGRNWyU\FKQLHPDPZWSOLZRFL*HPDM RQH]ZL]HN
]PLPXSURZDG]HQLHPGR8)2SU]HODGXMF\PQLHSHFKRUD]MDND QLHZ\MDQLRQDSV\FKR]D
MDND F]
VWRQDPQLHVSá\ZDSRZRGXM *HQLHXVWDQQLH*\M
ZVWUDFKXLSRGVWDá\PWHUURUHP
&L8)2QDXFLSRWUDILOLXF]\QLü]PRMHJR*\FLDURG]DMNRV]PDUX
^` )DO L W
VNRQRWD 2G F]DVyZ REX XSURZDG]H GR 8)2 SR]RVWDáR ZH PQLH
QLH]DVSRNRMRQH XF]XFLH *DOX L W
VNQRW\ 3UDZLH FRG]LHQQLH REVHUZXM
QLHER V]XNDMF
MDNLHJRNROZLHN SXQNWX]QDNXDOHQDGDUHPQLH:VHUFXLXP\OHRGF]XZDPMDNL Já
ERNL
VPXWHN L*DO]DF]\P EOLVNLPMHGQDNXWUDFRQ\P=DUDMHP]DQLHZ\VáRZLRQ\PV]F]
FLHP
&]XM
*HWDQRVWDOJLDLW
VNQRWD]H*U PQLHRGURGND7\PEDUG]LHMMHVWPLWUXGQR*\ü]W\P
EU]HPLHQLHP *HQLHPDPVL
]NLPSRG]LHOLüZVHQVLHZ\PLDQ\VáyZ=*RQ MHG\QLHRW\P
UR]PDZLDP\ DOH ]GDU]D VL
QDP WR U]DGNR ]H Z]JO
GX QD ]E\W ZLHOH RERZL]NyZ QD QDV
FL*F\FK Z GRGDWNX QLH PDP\ F]DVX QD UR]U\ZNL SU]\ GZRMJX PDOHNLFK G]LHFLDFK Z
ZDUXQNDFKJG]LH]GDQLMHVWHP\MHG\QLHQDVLHELHVDP\FKEH]*DGQHMSRPRF\]]HZQWU]
^`:DOHQLHVL
ZV]\VWNLHJRQDPRM JáRZ
:RVWDWQLFKF]DVDFKSRF]ZV]\RG
PRPHQWX NLHG\ ZáF]\áHP VL
GR SLVDQLD QLQLHMV]HJR WUDNWDWX V]F]HJyOQLH ]D LQWHQV\ZQLH
NLHG\ SU]\V]áD GR PQLH MHJR ZVW
SQD ZHUVMD GR QDQLHVLHQLD QD QL NRFRZ\FK SRSUDZHN L
XGRVNRQDOH ZV]\VWNR GRVáRZQLH ]DF]
áR VL
ZDOLü QD PRM JáRZ
3U]\NáDGRZR NLHG\
SU]\JRWRZ\ZDáHP PRMH NRFRZH SRSUDZNL GOD WHJR WUDNWDWX QDV]D V\WXDFMD E\áD ZSURVW
WUDJLF]QD 0yMV\QàXNDV]HNE\áEDUG]RFKRU\VHUGXV]NRQHUNLSRF]WNLDVWP\RVNU]HORZHM
EDUG]R FLVáDGLHWDLLQKDODFMHZV]\VWNREDUG]RGURJLH%DQNUXWRZDOLP\]SRZRGXEDUG]R
GURJLFK OHNDUVWZ )RQD ZyZF]DV E
GFD WX* SU]HG SRURGHP F]
VWR ]DELHUDQD E\áD GR
V]SLWDOD QD SRGWU]\PDQLH Z FHOX ]DSRELHJQL
FLD SU]HG SU]HGZF]HVQ\P SRURGHP
3RZLNáDQLD =HUR SRPRF\ ] ]HZQWU] :V]\VWNR E\áR QD PRMHM JáRZLH QD PRLFK U
NDFK L
QRJDFK 1LH PLDáHP F]DVX QD QLF ]XSHáQLH QD QLF *áRGRZDOLP\ ]D MD FLJOH VL
QLH
Z\V\SLDáHP :GRGDWNX]DF]
á\ZyZF]DVWH* EDUG]RPQLHEROHüPLHMVFDSRLPSODQWDFKLá\GND
OHZHMQRJLLVHUFHL*RáGHNLJáRZD*UR]LáDQDPHNVPLVMDLRGFL
FLHSUGX=DRNQHPFLJOH
ODáR : 3ROVFH FLJOH JG]LH SRZRG]LH &HQ\ FLJOH URVá\ 5R]V]HU]Dá VL
EDQG\W\]P L
QDUNRPDQLD &RUD] EDUG]LHM (OH VL
G]LDáR : VXPLH Z*DGHQ VSRVyE QLH PRJáHPGRNRQDü
ZV]\VWNLFKSRSUDZHNLX]XSHáQLH RMDNLH3URIHVRU3DMNSURVLá3RSURVWXIL]\F]QLHQLHE\áHP
Z VWDQLH SRPLPR QDMOHSV]\FK FK
FL ]D FR EDUG]R SU]HSUDV]DP ]DUyZQR 3URIHVRUD MDN L
F]\WHOQLND
^`3U]HV]NDG]DQLHZXND]DQLXVL
WHJRWUDNWDWX.LHG\NROZLHNPDPFR XF]\QLü
Z FHOXSRSFKQL
FLDGRSU]RGXVSUDZWHJRWUDNWDWXLXPR*OLZLHQLDMHJRXND]DQLDVL
]DZV]H
FR VL
G]LHMHNRPSOLNXMHZ\GDU]D FRZHIHNFLHNRFRZ\PVWDUDVL
SU]HV]NRG]LüZMHJR
QDSLVDQLXLXND]DQLXVL
:\JOGDWRQLHPDOWDNMDNE\NWR EDUG]R]DDZDQVRZDQ\LZSá\ZRZ\
GRVáRZQLH VL
VSU]\VLJáDE\UHODFMHRPRLFKSU]\JRGDFKSLVDQHE\á\SU]H]*GQ\FKVHQVDFML
G]LHQQLNDU]\MHGQDNDE\EUR ER*HQLHSRGGDZDQH]RVWDá\ FLVá\PQDXNRZ\PDQDOL]RPSU]H]
3URIHVRUD3DMND$SU]HFLH* PRMDSDUWQHUND]1HD]DFK
FDáDPQLHSLV]SLV]3U]\NáDGRZR
ZVW
SQ ZHUVM
WHJRWUDNWDWXPLDáHP SRSUDZLRQ L JRWRZ MX* SRG NRQLHF PDMD URNX
:\VáDáHP ZyZF]DVVZRMHSRSUDZNLLNRFRZHXZDJLGR3URIHVRUD3DMNDOLVWHPSROHFRQ\P
GDWRZDQ\PPDMDURNX/LVWWHQQDGDáHPQDGRPRZ\DGUHV3URIHVRUDQD%RUQHR1R
2OLYH *DUGHQV %DWX WK 0LOH -DODQ 3HQULVVHQ .XFKLQJ 6DUDZDN %RUQHR
0DOD\VLD -DNLH* E\áR PRMH ]G]LZLHQLH NLHG\ OLSFD URNX PyM OLVW SROHFRQ\ ZUyFLá ]
RGQRWDFM DGUHVDWQLH]QDQ\]ZURWGRQDGDZF\3RQLHZD* 3URIHVRUNLONDNURWQLHRVWU]HJDá
PQLH *H MHJR OLVWRQRV] QD %RUQHR MHVW PDQLSXORZDQ\ SU]H] 8)2QDXWyZ L SRPLPR VNDUJ L
DSHORZDQLDGRWDPWHMV]\FKZáDG]SRF]WRZ\FKOLVWRQRV]WHQV\VWHPDW\F]QLHL]DFLHNOHQLV]F]\
MHJR OLVW\]Z\NáHRUD]RGV\áD]SRZURWHPOLVW\SROHFRQHRSDWUXMFMHWDN ZáDQLHDGQRWDFM
WHQVDPOLVW]PRLPLNRFRZ\PLSRSUDZNDPLQDGDáHPSRQRZQLHW\OH*H]DGUXJLPUD]HPMX*
QD DGUHVXF]HOQLDQ\3URIHVRUD3DMND7\PUD]HPGRWDUáQDPLHMVFHMDNR*HZVZHMGURG]H
]GRáDáRPLQüWHJRPDQLSXORZDQHJRSU]H]8)2QDXWyZOLVWRQRV]D
^` *G\E\SUyERZDüSRGVXPRZDüZSá\ZMDNLHRZRXSURZDG]HQLHQDSRNáDG8)2
Z\FLVQ
áRQDPRLP*\FLXWRQDSU]HNyUSR]RUyZGREUDLQLH]Z\NáRFLIDNW\F]QLHWRZSá\ZWHQ
MHVW RJURPQLH QLV]F]F\ 3UDNW\F]QLH RZL NRVPLF]QL LQWUX]L ]áDPDOL PL *\FLH L E\áE\P
QLHSRUyZQDQLH V]F]
OLZV]\ JG\E\P QLJG\ LFK QLH VSRWNDá 'RW\NDMFH PQLH QLHV]F]
FLD
G]LHM VL
WH* ]D FDáNRZLW LFK ZLHG] D ]DSHZQH L ZVSyáXG]LDáHP D WDN*H REVHUZRZDQLH
PRLFKFLHUSLH QDMZ\UD(QLHMZFDOHQLHLQGXNXMHZQLFKFK
FL]DNRF]HQLDWHJRPDVDNURZDQLD
ZV]DN*H SRGF]DVGUXJLHJRXSURZDG]HQLDRQLVDPLPLZVSRPLQDOL*HZLHG] L* ]LFKSRZRGX
ZLHOH Z*\FLXZ\FLHUSL
-HOLZWDNLVDPQLHRGQRWRZ\ZDOQ\LWUXGQ\GR]GHILQLRZDQLDVSRVyE
QLV]F] RQL*\FLHUHV]W\PLHV]NDFyZQDV]HMSODQHW\ZyZF]DVQDMZ\*V]\MX* F]DVDE\P\
VWDUDOLVL
]U]XFLüLFK]QDV]HJRNDUNX
%6]RNURNX
:GQLX]DSRZLDGDQHJRSU]H]1HDWDF]\NyZWU]\G]LHVWROHFLDWMVLHUSQLDURNX
SU]H*\áHP URG]DMV]RNX6]RNWHQE\áZLHORSR]LRPRZ\$E\JRGRNáDGQLHMZ\MDQLüZWU]HFK
RGU
EQ\FK SRGUR]G]LDáDFK MDNLH WHUD] QDVWSL Z\MDQL
GRNáDGQLH FR SRG V]RNLHP W\P
UR]XPLHP :SLHUZV]\P]W\FKSRGUR]G]LDáyZZ\MDQL
QLHNWyUHFRLVWRWQLHMV]HZ\GDU]HQLD]
PRMHJR *\FLD OXE ] *\FLD PRLFK URG]LFyZ NWyUH SRVLDGDá\ ]ZL]HN ] 8)2 D NWyUH QLHMDNR
SU]\JRWRZDá\ PQLH GRWHJRFR Z\GDU]\áR VL
GQLD VLHUSQLD URNX 1DVW
SQLH RSLV]
SU]HELHJ VSRWNDQLD]1HDWHF]\NDPLMDNLHPLDáRPLHMVFHZRZ\PGQLX9,,,URNX:
NRFX ]D RSLV]
]GDU]HQLDMDNLHQDVWSLá\MX* SRRZ\PVSRWNDQLX]1HDWDF]\NDPLDMDNLH
ZHGáXJPRMHMRSLQLL]HVSRWNDQLHPW\PSRVLDGDá\FLVá\]ZL]HN
%1LHW\SRZHZ\GDU]HQLDPRMHJR*\FLDSRVLDGDMFH]ZL]HN]8)2
Já
ERN ]DGXP
RMFDFRSRZRGRZDáR*HDOERPQLHVNDUFLáDOERSU]\WXOLá=XSá\ZHPF]DVX
MHGQDN QDEUDáHPVZRLVWHJRV]DFXQNXGRMHJR]DGXP\NLHG\WRVWDZDáVL
MDNE\E\áJG]LH
GDOHNRP\ODPLMDNE\QLHREHFQ\
1LH ]QDPGDW\DOHSDPL
WDP*HE\áRWREDUG]RXSDOQHODWRNLHG\PLDáHPV]HüODW1D
UDPLH VZHJRURZHUX]DEUDáPQLHQDJU]\E\GRPLHMVFRZRFL1XQDWRMHVWRNRáRNLORPHWUyZ
RG 1DVLHOVND:WHG\MX* ZOHVLHJG\]ELHUDOLP\JU]\E\WDNMDNE\VSRG]LHPLSU]HGQDPL
QDJOH VWDQá GZXPHWURZHM Z\VRNRFL QD F]DUQR XEUDQ\ P
*F]\]QD NWyUHJR EDUG]R VL
L ]DSRPQLDáHPRSRGVWDZRZ\FKSRVLáNDFKDOHRNDUDFKQDW\FKPLDVWUyZQLH* ]DSRPLQDáHP
:áDQLHNWyUHJR UD]XMDN]Z\NOHSRELHJOLP\QD.RVHZ
-HGQDNPRLNROHG]\MX* QDPLHMVFX
ZROHOL Lü Z LQQH PLHMVFH D ZL
F QD UHGQLDN $NXUDW Z\GRE\ZDQR ] QLHJR JOLQ
NRSDUN
F]HUSDNRZ áDGXMF M GR ZDJRQLNyZ NWyUH Z\FLJDUN E\á\ WUDQVSRUWRZDQH GR JyU\ GR
FHJLHOQL %\áDWRSUDZG]LZDIUDMGDGODFKáRSDNyZDOHDNXUDWG]L QLHGODPQLH']L PQLHWDP
MDNR ZFDOH QLH FLJQ
áR :RODáHP SR]RVWDü G]L VDP QD *OLQNDFK L SRWUHQRZDü VNRNL QD
JáRZ
RNRáRPHWUyZJá
ERNRFL=DNWyU\P UD]HPJG\QXUNRZDáHP]áDSDáPQLHSRGZRG
NXUF] ]DQRJLLJDUGáR%\áWRURG]DMQDMQRUPDOQLHMV]HJRQDZLHFLHNXUF]XMDNLZ\VW
SXMHX
Sá\ZDNyZ QD VNXWHN V]RNX WHUPLF]QHJR NWyUHJR WR VNXUF]X PR*QD VL
SR]E\ü SRSU]H]
JZDáWRZQH XNáXFLH LJá OXE DJUDIN 3UyERZDáHP VL
UDWRZDü DOH ]GDZDáHP VRELH ] WHJR
VSUDZ
*H VL
WRSL
*H LG
QD GQR : SHZQ\P PRPHQFLH QDZHW WR GQR SRF]XáHP
-HGQRF]HQLH WH* SRF]XáHP*HF]\MH GX*HVLOQHU
FHáDSL PQLH]W\áXSRGSDFKDPLLU
FH
WH WHQNWR]DF]\QDM XQRVLüPQLHNXJyU]H'RVDPHJRNRFDQLHZ\SXFLáHPSRZLHWU]D]
SáXF D SDPL
WDP*HZyZF]DVSRGZRG Z\WU]\P\ZDáHPGZLHLSyáPLQXW\:FKZLO
SRWHP
E\áHP MX* QDEU]HJXQDSá\FL(QLHJOLQLDQHMRERN]DNRWZLF]RQHM7ZLHUG]\5
FHWHZ\U]XFLá\
PQLH QDGSRZLHU]FKQL
WDNVLOQLH*HQDGZRG
Z\VNRF]\áHPMDN]NDWDSXOW\3RQLHGDZQ\P
VSUDZG]HQLX ZWHUHQLHRND]DáRVL
*HZ\GRE\ZDOLP\VL
ZyZF]DV]ZRG\Z]GáX* WUDMHNWRULL
MDND SUDZGRSRGREQLH SRNU\ZDáD VL
] ORNDOQ\P SU]HELHJLHP OLQLL VLá ]LHPVNLHJR SROD
PDJQHW\F]QHJR SRUXV]DOLP\ VL
ERZLHP SRG RVWU\P NWHP ] NLHUXQNX RG SRáXGQLD
PDJQHW\F]QHJRNXSyáQRF\PDJQHW\F]QHM3DPL
WDPWH**HZ\GRE\ZDQLHWRE\áRJZDáWRZQH
PR*OLZLH QDMV]\EV]HMDNJG\E\]QDS
GHPPDJQHW\F]Q\P&]áRZLHNERZLHPEH]QDS
GX
NWyU\ RVZRLFKZáDVQ\FKVLáDFKSRVWDQRZLáE\VL
QDJOHZ\QXU]\üQLHE\áE\ZVWDQLHRVLJQü
WDN GX*HM V]\ENRFL Z\QXU]DQLD QR FK\ED *H Z SáHWZDFK -DN WR REHFQLH SDPL
WDP
Z\QRV]FH PQLHU
FHZ\SXFLá\PQLHMHV]F]HSRGZRGMHGQDN]DQLPWRQDVWSLáR]GRáDá\
QDGDüPRMHPXFLDáXWDNGX*V]\ENRü*HZ\SDGáHPQDEU]HJMDNE\PE\áZ\VWU]HORQ\]ZRG\
: VZRLPORFLHRGELáHPVL
R7ZLHUG]
LSRWáXNáHPGRWHJRVWRSQLD*HPLDáHPNLONDVLQLDNyZ
L RJURPQHJRJX]DQDJáRZLH:WHMSDQLFHPLQáPQLHNXUF]DRJDUQáVWUDFKJG\* ]HPQ
QLNW]ZRG\QLHZ\QXU]\áVL
-X* QDEU]HJXRGF]HNDáHPRNRáRSL
WQDVWXPLQXWQDWHJRNRJR
DOHQLNWVL
QLHZ\QXU]\á/XVWURZRG\SR]RVWDáRWH* ]XSHáQLHJáDGNLH:LHG]LDáHPSU]HFLH**H
QLNW WDNGáXJRSRGZRG QLHMHVWZVWDQLHZ\WU]\PDü3RP\ODáHPZL
F*HWHQNWR VL
XWRSLá
L*HWRPRMDZLQD3RELHJáHPZL
FV]\ENRSRNROHJyZRNRáRPHWUyZQDUHGQLDN%LHJáHP
SU]H] ]XSHáQLHRWZDUW SU]HVWU]H3RGURG]HEH]SU]HUZ\RJOGDáHPVL
3RFKZLOLMX* ]FDá
JURPDG E\OLP\ QD *OLQNDFK &KáRSDNL QDW\FKPLDVW QXUNRZDOL DOH QDGDUHPQLH 1LNW QD
*OLQNDFKQLHXWRSLáVL
1LHE\áRWDNLHMPR*OLZRFL*HE\QLH]QDOH(üHZHQWXDOQHJRWRSLHOFDQD
*OLQNDFK %\áWRSU]HFLH* ]E\WPDá\DNZHQRNRáRPHWUyZREZRGX]SU]H]URF]\VW ZRG SR
MHMXVWDQLXVL
1LNWWH* ]ZRG\QLHPLDáPR*OLZRFLZ\GRVWDQLDVL
QLH E
GFQLH]DXZD*RQ\P
%\áD WR SU]HFLH* ]XSHáQLH RWZDUWD SU]HVWU]H D Z GRGDWNX FDá\ F]DV Z ]DVL
JX GREUHM
ZLGRF]QRFL :GRPX]DVLQLDNLLSRW
*QHJRJX]DGRVWDáHPRGPDWNLODQLH]D WDSU]\JRGD
Z\ZDUáDQDPQLHWDNLHSL
WQR*HRGWDPWHMSRU\QD*OLQNLMX* QLHFKRG]LáHP
0DMF F]WHUQDFLH ODW MHVLHQL URNX ZUDFDáHP ] ODVX Z &KUF\QQLH Z NWyU\P
]ELHUDáHPJU]\E\JVNL:UDFDMF QDVNUyW\QDáFHWX* SU]HGVDP\P1DVLHOVNLHPXGHU]\áHP
VL
QDJOHEDUG]REROHQLHZMDNEDULHU
]XSHáQLHGODRNDQLHZLG]LDOQ=QDMGRZDáDVL
Z
SU]HVWU]HQL NWyUHMQLHE\áHPZVWDQLHSU]HE\ü8GHU]DMFZQL UR]ELáHPVRELHQRVLSRFLHNáD
PL NUHZ 6WDQáHP MDN JáXSL L QLH EDUG]R ZLHG]LDáHP FR PDP SRF]ü L MDN VL
]DFKRZDü
3U]HFLH* ZLG]LDáHP ZRNRáR WUDZ
Z SREOL*X EXG\QNL 3DQD 6WDVLDND D Z RGGDOL EXG\QNL
VDPHJR SU]HGPLHFLD1DVLHOVND7X* SU]HGHPQ MHGQDNE\áDMDND QLHZLG]LDOQDDOHMHGQDN
QDPDFDOQD EDULHUDFR MDNQLE\V]NáRDOH]XSHáQLHQLHZLG]LDOQHGODZ]URNX6SUyERZDáHP
NLOND NURNyZQDERNLDOHZ\FLJQL
WDPRMDU
NDZV]
G]LH72UHMHVWURZDáD3UyERZDáHPVL
REHMU]DáD VWDQ
áDWZDU] ZWZDU]]W\P1LHPFHPNWyU\ZZ\FLJQL
WHMU
FHWU]\PDáSLVWROHWL
]WU]HFKF]WHUHFKNURNyZVWU]HODáEH]SU]HUZ\ZPDWN
.XOHQLHGRODW\ZDá\GRPDWNLOHF]WX*
SU]HG QL RGELMDá\VL
RMDNQLHZLG]LDOQ EDULHU
LRSDGDá\WDN]V\NLHPZQLHJ1LHPLHF
]PLHQLáQDZHWPDJD]\QHNLZFL*VWU]HODáDOHVNXWHNE\áWDNLVDP:UHV]FLHSU]HVWDáVWU]HODü
Z\SXFLá SRZROLEUR ZQLHJSRVWDá]DVNRF]RQ\FKZLO
SRF]\PRSDGáQDNRODQDZ\FLJQá
ZVWURQ
PDWNLU
FHL]DSáDNDá0DWNDFKFLDáDJRQDZHWSRFLHV]\üLZW\PFHOX]URELáDGZD
NURNL Z MHJR NLHUXQNX DOH GDOHM QLH PRJáD 1DSRWNDáD Z SU]HVWU]HQL EDULHU
]XSHáQLH
QLHZLGRF]Q GODZ]URNXFR MDNE\V]NáRNWyUDM RG1LHPFDRGG]LHODáD
0DPD SDPL
WDáDMHV]F]HMHGQ SRGREQ SU]\JRG
]H VZ\FK G]LHFLQQ\FKODW DOH QLH
FKFLDáDRW\PRSRZLDGDü2EHFQLHRERMHPRLURG]LFHMX* QLH*\M-HGQDN]LFKZLHORNURWQ\FK
UHODFML Z\QLNDáRL* ZVZHMSU]HV]áRFLNLONDUD]\VW\NDOLVL
]QLH]QDQ\P]DUyZQRPDWNDMDN
UyZQLH* LRMFLHF2SRZLHFLW\ONRW\FKNWyUHSDPL
WDPVWDUF]\áRE\QDGRV\üSRND(Q NVL*N
0XVLDáE\P RSLVDü R RMFX L MHJR NLONX QDSUDZG
FLHNDZ\FK SU]\SDGNDFK EH]SRUHGQLFK
VSRWND ] 8)2 R NLONX FLHNDZ\FK VSUDZDFK SU]HND]DQ\FK PX SU]H] PRMHJR G]LDGND
1DWRPLDVWRPDPLHPXVLDáE\PQDSLVDü
RF]DVLHRNXSDFMLNLHG\E\áDPáRGDXURG]RQDZURNX
RW\PMDNFXGRZQLHRFDODáDZF]DVLHERPEDUGRZDQLD:DUV]DZ\
RW\PMDNNUDGáD1LHPFRP]F\VWHUQ\QDIW
LFR]WHJRZ\QLNáR
RW\PMDNZVFKURQLHQDVWSLáRFXGRZQHVSRWNDQLHVL
GZyFKEUDFLSRZLHOX ODWDFK
QLHZLG]HQLDVL
QDPRPHQWSU]HGPLHUFL MHGQHJR]QLFK
R W\P MDN SU]HG ZRMQ SU]\MD(QLáD VL
] SDVLHUELF 3LáVXGVNLHJR QD %LHODQDFK Z
:DUV]DZLHLMDNRELHUD]HP]RVWDá\SU]HVWUDV]RQHSU]H]2%&<&+ZURNXF]\WH*
RDWDNXQDQL G]LNLFKSVyZQDSROXJG\QD]XSHáQ\PEH]GUR*XQLRVáDPQLHQDU
NX
2 RZ\PDWDNXPDPDPyZLáD*HJG\E\áHPMHV]F]HZSLHOXFKDFKQLRVáDPQLHQDU
NXLGF
PL
G]\ PáRG\PL*\WDPL:PRPHQFLHJG\*\WDVL
NRF]\á\D]DF]\QDá\VL
NU]DF]DVWHQLHX*\WNL
] NU]DNyZ Z\VNRF]\áR NLONDQDFLH UR]ZFLHF]RQ\FK SVyZ L U]XFLáR VL
]H VWUDV]Q\P
V]F]HNDQLHP ZQDV] VWURQ
0DPDELHJLHPFRIQ
áDVL
GRNDPLRQNLWRMHVW]DQLPWHSV\
Z\VNRF]\á\ PDPD SU]HFKRG]LáD NRáR VWHUW\ NDPLHQL ]QDMGXMF\FK VL
QD JUDQLF\ XJRUyZ
=áDSDáDMHGHQ]W\FKNDPLHQLLU]XFLáDZSLHUZV]HJR]W\FKSVyZWUDILDMFJRZQRV3LHV]DF]á
SU]HUD(OLZLH VNRZ\F]HüNU
FLüVL
QDMSLHUZZNyáNRDQDVW
SQLHXFLHNáZNU]DNLDSR]RVWDáH
SV\SRV]á\MHJRODGHP
7DN ZL
F E\áRE\ WHJR PDWHULDáX QD JUXE NVL*N
MHGQDN QLH E
G
SLVDá R W\P D
VNRQFHQWUXM
VL
QDGW\PFRPQLHEH]SRUHGQLRGRW\F]\MHGQDNSRPLQ
WHPQLHMZD*QHW\SX
ZLG]LDáHPDVNXSL
VL
QDGVDP\PSU]\SDGNLHP]GQLDVLHUSQLDURNX
%6SRWNDQLHZWU]\G]LHVW URF]QLF
VLHUSQLDURNX
W\P*HZRNROLF\EUDNRZDáRQLHFRGU]HZ%H]*DGQ\FKSU]\JyGLSU]HV]NyGSRNU
FLáHPVL
SR
GDZQ\FK FLH*NDFKLUyZQLH* EH]SU]\JyGSRZUyFLáHPGRGRPXWRMHVWGRRGOHJáHJRRRNRáR
NLORPHWUyZ/HJLRQRZD
2ZHM QRF\E\áHPWDNEDUG]RSRGQLHFRQ\*HZRJyOHQLHPRJáHP]DVQü'RZ\MD]GX
]DF]áHPSU]\JRWRZ\ZDüVL
MX* QRF WU]\QDVWHJRVLHUSQLD)RQDSUyERZDáDPQLHXVSRNDMDü
DOH UR]XPLDáD V\WXDFM
*H PRJáHP SU]HFLH* QLH ZUyFLü 'ODWHJR WH* MX* ZF]HQLHM
SR*HJQDOLP\ VL
5R]VWDQLH SU]\MPRZDOLP\ ] ZLHONLP WUXGHP JG\* UR]ZD*DOLP\ L WHQ
QDMF]DUQLHMV]\ VFHQDULXV]JG]LH PRJáHP]RVWDü ]DEUDQ\ QD ]DZV]H %UDOLP\ UyZQLH* SRG
XZDJ
LWR*H RGWHJRGQLDQDV]DURG]LQDPR*HVL
SRZL
NV]\ü-X* RJRG]LQLHDZL
F
MHV]F]H SU]HGZLWHPE\áHPJRWyZGRZ\MD]GX*G\Z\FKRG]LáHPGRVDPRFKRGXRWU]HFLHM
JRG]LQLH Z PLHV]NDQLX ZV]\VF\ VSDOL MX* VPDF]Q\P VQHP 3R NLONX GDOV]\FK PLQXWDFK
Z\UXV]\áHPZZLHON SRGUy* Z1,(=1$1(%H]*DGQ\FKSU]HV]NyGGRMHFKDáHPGR&KUF\QQD
7DP JG]LH]QDZLHU]FKQLDVIDOWRZHMQDOH*\]MHFKDüZSLDV]F]\VW GURJ
OHQ SRVWDQRZLáHP
QD FKZLO
VL
]DWU]\PDü =D ]DWU]\PDQLHP VL
] MHGQHM VWURQ\ SU]HPDZLDá\ Z]JO
G\
IL]MRORJLF]QH ]GUXJLHM]D VWURQ\Z]JO
G\RVWUR*QRFLZP\OSRZLHG]HQLD]DF]HNDMLSU]HP\O
WR UD] MHV]F]H F]\ VáXV]QLH F]\QLV] 3RQDGWR FKFLDáHP SRVáXFKDü ODVX ] G\VWDQVX 1LH
ZLDGRPR VNG WX* ]D PQ ]DWU]\PDá VL
QDJOHUDGLRZy] SROLF\MQ\ NWyUHJRZRJyOH QLH E\áR
ZLGDü JG\ SRGMH*G*Dá %\ü PR*H *H VWDá RQ Z ]DNWNX SU]\GUR*Q\P MDNR *H LVWQLDáD WDND
PR*OLZRü ]HNLHG\VWDáVNU\W\MDSU]HMH*G*DMFRERNQLHJRQLH]GRáDáHPJR]DXZD*\ü%\áWR
3RORQH] &DUR ] GZXRVRERZ ]DáRJ ZF]HQLHM PL QLH ]QDQ FKRFLD* ] ZLG]HQLD ]QDP
ZL
NV]RüSROLFMDQWyZSUDFXMF\FKZW\PUHMRQLH3RP\ODáHPZL
F*HPXVLDáMHFKDü]DPQ
EH] ]DSDORQ\FKZLDWHáNWyUHGRSLHURZáF]\áNLHG\E\áMX* WX* ]DPQ1LJG\VL
]F]\P WDNLP
ZF]HQLHM QLH VSRWNDáHP 'ZDM SROLFMDQFL Z\VNRF]\OL ] UDGLRZR]X L SRELH*QLH VSUDZG]LOL PL
GRNXPHQW\ SU]\SRPRF\ODWDUNL%\OLZ\SRVD*HQLVWDQGDUGRZRLPyZLOLSROVNLPM
]\NLHP=
]DFKRZDQLD Z\ZQLRVNRZDáHP *H V REDM EDUG]R SRGHNVF\WRZDQL SRQLHFHQL L MDNE\ QLHFR
]GHQHUZRZDQL -HGHQ]SROLFMDQWyZSU]\ZLHFDMFVRELHODWDUN VSUDZG]DáPRMHGRNXPHQW\
LRQLFPQLHQLHS\WDáDOH]DS\WDáRFR WHJRGUXJLHJRNWyU\UyZQLH* ]ODWDUN ZU
NXREZLHFDá
QDRNRáR VDPRFKyG]]HZQWU]QDWRPLDVWGRURGNDQDZHWSU]H]FKZLON
QLHEá\VQáODWDUN
1LH XVá\V]DáHP RGSRZLHG]LDQL S\WDQLD 3RWHP PQLHVS\WDOL F]\ QLHZLG]LDáHP Z WHM RNROLF\
F]HJR QLH]Z\NáHJRF]HJRFRPRJáRE\PQLH]DG]LZLü OXESU]HVWUDV]\ü$E\ZL
FV]\ENRLFK
PLHü]JáRZ\RGSRZLHG]LDáHP*HQLF]HJRG]LZQHJRQLH]DXZD*\áHP=UHV]W RGSRZLHG]LDáHP
]JRGQLH]SUDZG3ROLFMDQFL]DSDOLOLZLDWáDLRGMHFKDOLZNLHUXQNX1DVLHOVNDDOHZROQRLMDNE\
] QLHFK
FL-HGQDNSRRNRáRPLQXFLHDOER]QRZX]JDVLOLZLDWáDDOER]MHFKDOLJG]LH ZERN
JG\* SRPLQXFLHZLDWáDLFKUDGLRZR]X]QLNá\
*G\UDGLRZy]RGMHFKDáMDZUHV]FLH]GHF\GRZDáHPVL
]MHFKDü]DVIDOWXLMDGFSRZROL
] ZROQD ]DJá
ELDáHP VL
Z OHQ FLV]
0LDáHP PLHV]DQH XF]XFLD DOH SU]HZD*DáR WDNLH
MDNE\P MX* QD ]DZV]H *HJQDá VL
]H ]QDQ\PL PL SU]\]LHPVNLPL VSUDZDPL WURVNDPL
SUREOHPDPL -DNE\P*HJQDáVL
]*\FLHP=GUXJLHMVWURQ\WHPLHV]DQHXF]XFLDQDSHáQLDá\
PQLHO
NLHPQLHSHZQRFLREDZ RQDMEOL*V]\FK&KZLODPLWH* FKFLDáHP]DZUyFLü]DWU]\PDü
DXWR XFLHF RG QLH]QDQHJR Z REM
FLD NWyUHJR SFKDáHP VL
MDNE\ FLJQLRQ\ MDN
QLHZ\WáXPDF]DOQ L QLHXFKZ\WQ D MHGQDN GDMF VL
Z\F]Xü VLá -HFKDáHP ZL
F WDN
SRS\FKDQ\ ZFL* QDSU]yG GUXJLP ELHJLHP PDOXFKD SRUyG Já
ERNLHM OHQHM FLV]\ QRFQHM
NWyUHM PURNUR]FLQDá\UHIOHNWRU\%H]SU]\JyGSU]HMHFKDáHPSRáRZ
WUDV\GRSU]HMHFKDQLDWRMHVW
RNRáR SyáNLORPHWUD:SHZQ\PPRPHQFLH]REDF]\áHPZRGGDOLMDGF\ZPRM VWURQ
MDNL
VDPRFKyG 8VXQáHP VL
ZL
F ]HURGNDL WDN ZVNLHMOHQHM GURJL=MHFKDáHP QD ]XSHáQH
SRERF]HSRGVDPHGU]HZDDE\GDüZWHQVSRVyEPR*OLZRüZPLDU
VZRERGQHJRSU]HMD]GX
WDPWHPX SRMD]GRZL$OHWHQJG\]HPQ VL
]UyZQDá]DWU]\PDáVL
SU]\PQLH-X* SRFKZLOL
UR]ZLGQLDü 3RNLONXPLQXWDFKQDUDG]DQLDVL
SRVWDQRZLOLP\DE\]DZUyFLOL'RMHFKDOLP\QD
PLHMVFH JG]LHODWWHPXQDFLH*FHOH*DáDPRMDWRUEDV]PDFLDQD]NDQDSNDPLLJU]\EDPL
-D QD]\ZDPWRFLH*NMHGQDNIDNW\F]QLHMHVWWRGURJDOHQDEDUG]RU]DGNRSU]HMH]GQDSU]H]
F]WHURNRáRZH SRMD]G\ D JáyZQLH X*\ZDQD SU]H] PRWRF\NOH URZHU\ L SLHV]\FK GODWHJR WH*
MHG\QLHZVDP\PURGNXZ\á\VLDáD]WUDZ\LSLDV]F]\VWD7RQDWHMFLH*FHSRUD]SLHUZV]\
Z *\FLX ZLG]LDáHP F]DUQHZLDWáR 2G WHJR SXQNWX GR NUDZ
G]L ODVXMHVW RNRáR PHWUyZ
SDWU]F QD ZVFKyG QDWRPLDVW SDWU]F Z NLHUXQNX SROD QD NWyU\P VWDáHP ODW WHPX L
OLF]\áHP SODP\ QD 6áRFX D ZL
F Z NLHUXQNX SyáQRFQ\P JUXERü ODVX Z\QRVL RNRáR
PHWUyZ 2ND]DáRVL
*HQRFWUZDQDGDO1LFQLHZVND]\ZDáRQDWRDE\]DNLONDPLQXWPLDáRE\ü
ZLGQR3RPLPR*HE\áURGHNVLHUSQLDWRMHGQDNE\áRGRV\üFKáRGQR3U]HF]HNDOLP\WDNZL
F
GRJRG]LQ\SLWHMUDQR3RF]\PRQL]DF]
OLSRZWSLHZDü:UHV]FLH]UH]\JQRZDOLRGMH*G*DMF
SRZROL Z VWURQ
/HJLRQRZD 3DWU]\áHP ]D RGGDODMF\PL VL
ZLDWáDPL LFK 3RORQH]D D* Z
NRFX ZFKáRQ
áD JR FDáNRZLFLH FLHPQRü 3R]RVWDáHP VDP %\áR EDUG]R FLFKR EDUG]R
SRQXUR 3R NLONXQDVWX PLQXWDFKWDNLHJR RF]HNLZDQLD SRF]XáHP VL
QLHVZRMR 5yZQLH* ZL
F
]UH]\JQRZDáHP ]F]HNDQLD8UXFKRPLáHPPDOXFKDLSRPDáXUXV]\áHPZODG]DQLPL%\áR
ZyZF]DV NRáRJRG]LQ\3RP\ODáHP*HRQLPXVLHOL]DSHZQHMX* GRMH*G*DüGR'
EHJR
-HFKDáHP RVWUR*QLH L QDSUDZG
EDG]R SRZROL XZD*QLH UR]JOGDMF VL
GRRNRáD -HV]F]H
QDLZQLH OLF]\áHPQDWR*HPR*HSU]\E
G5y*QLHMHGQDNP\ODáHPVRELHELRUFZV]\VWNLH
]D L SU]HFLZ 5R]ZD*DáHP *H PR*H WR REHFQRü RVyE ] 3RORQH]D SU]HV]NRG]LáD QDP Z
VSRWNDQLX QRERFRWH* LQQHJRPRJáHPVRELHZWDNLHMV\WXDFMLSRP\OHü"5R]ZD*DMFWDN
GRMHFKDáHP SUDZLH GR DVIDOWX =DWU]\PDáHP ZL
F VDPRFKyG =DSDOLáHP SDSLHURVD 3U]HGH
PQ SRDVIDOWRZHMQDZLHU]FKQLFRSDU
PLQXWSU]HMH*G*DáMDNL VDPRFKyG-DN]Z\NOH]DF]\QDá
VL
G]LH D ZL
F UXFK QD GURG]H : GRGDWNX ]DF]\QDáR VL
SRZROL MX* UR]ZLGQLDü 6WDQü
ZyZF]DVLQLHZ\MH*G*DüQDDVIDOWQDND]DáPLMDNL ZHZQ
WU]Q\LPSXOVFRF]HJRQLHSRWUDIL
QLHFDáH PHWUyZ SU]HG FHOHP VDPRFKyG QLHVSRG]LHZDQLH SU]HVWDá SUDFRZDü %\áD
JRG]LQD3DQRZDáSyáPURNDOHQDW\OH*HLVWQLDáDMX* ZLGRF]QRüQDMDNLH PHWUyZ
6LOQLN VDP ]JDVá MDNE\ ]DEUDNáR SDOLZD 3RP\ODáHP ZL
F *H PR*H NOHP\ PRMHJR
DNXPXODWRUD VL
SROX(QLá\OXEFKRFLD* MHGQD]QLFK2WZRU]\áHPZL
FPDVN
*HE\]DMU]HüGR
W\FK NOHP :\VLDGáHP ] VDPRFKRGX ER P\ODáHP *H QD W\FK Z\ERMDFK MDGF ] WDN GX*
V]\ENRFLVDPRFKyGSRGGDQ\E\áGX*\PZLEUDFMRPZL
FLPRJá\VL
NOHP\SROX]RZDü$OH
JG\ W\ONR SRGV]HGáHP GR PDVNL SRF]XáHP QD VZ\P UDPLHQLX*H NWR SRáR*\á PL U
N
:
RGUXFKX FKZLOL FKFLDáHP WHJR NRJR UEQü QD RGOHZ DOH QDND]DáHP VRELH PDNV\PDOQ\
VSRNyM =UHIOHNWRZDáHP VL
ERZLHP *H NWRNROZLHN WR MHVW QLH FKFH ]URELü PL NU]\ZG\
=GDZDáHP VRELH ZLDGRPLH ] WHJR VSUDZ
1R ER SU]HFLH* JG\E\ FKFLDá WR PyJáE\ MX*
ZF]HQLHM 3RG ZSá\ZHP QDJáHJR QLHVSRG]LHZDQHJR GRW\NX Z MHGQHM FKZLOL]URELáRPL VL
EDUG]R JRUFR3RZROLRGZUyFLáHPVL
7U]\PDMFVZ SUDZ U
N
QDPRLPOHZ\PUDPLHQLX
VWDá F]áRZLHNZVNDIDQGU]HLZRNUJá\PSU]H(URF]\VW\PFKHáPLHQDJáRZLH&KRFLD* QLHE\áR
MHV]F]H ]XSHáQLHZLGQRWRMHGQDNSRFKZLOLZSDWU\ZDQLDVL
ZQLHJRVDPWMEH]*DGQHJR
WHOHSDW\F]QHJR SRGSRZLDGDQLDUR]SR]QDáHPZQLPPHJRGDZQHJRSU]HZRGQLND7DNWRE\á
PyM VWDU\]QDMRP\.$5,6WDOLP\WDNQDSU]HFLZVLHELHRNRáRPLQXW\ZSDWUXMFVL
ZVLHELH
QDZ]DMHP -DNL VNXUF]WU]\PDáPQLH]DJDUGáRLQLHSR]ZDODáPLQLF]HJR]VLHELHZ\NU]WXVLü
7HQVNXUF]E\áMHGQDNLQQ\DQL*HOLSRGF]DVWRSLHQLDVL
JG\* WHQVSRZRGRZDQ\E\áUDGRFL
]SRZRGXVSRWNDQLDSRGáXJLPQLHZLG]HQLXVL
]QLP.DULZGUXJLPRSXV]F]RQ\PVZ\PU
NX
WU]\PDáREU
F]NWyU SRZROLMDNE\PDMHVWDW\F]QLHQDáR*\áPLQDJáRZ
QLE\NRURQ
LGRSLHUR
ZWHG\ XVá\V]DáHP ZLWDM FKRG( ]H PQ %\á\WR VáRZD REUD]\ ZLEUDF\MQH GUJDQLDZáR*RQH
EH]SRUHGQLR GR PRMHJR Py]JX L QLHVá\V]DOQH GOD XFKD 2GZUyFLá VL
L SRZROL SRV]HGá
SU]RGHP QLHFR PLHV]Q\P NURNLHP MDNE\ SRGVNDNXMF MDNE\ PX QLH E\áR SLHV]QR
3RZRGHP WHJR PLHV]QHJR NURF]HQLD PRLP ]GDQLHP E\áR FLQLHQLH DWPRVIHU\F]QH =LHPL
3RQLHZD* MHVW RQR LQQH QL* QD 1HD GODWHJR RQ SRUXV]Dá VL
SR =LHPL QLHFR V]\EFLHM QL*
]LHPVNL DVWURQDXWD $UPVWURQJ QD .VL
*\FX 'ODWHJR WH* VSRVyE MHJR SRUXV]DQLD VL
DF]NROZLHN RF]\ZLVW\ E\á GOD PQLH QLHFR PLHV]Q\ ,GF ]D QLP ]DVWDQDZLDáHP VL
QDG
VSRVREDPL LFK SRZLWD P\ =LHPLDQLH PDP\ VZRMH ]DVDG\ JG]LH SR GáXJLP QLHZLG]HQLX
VL
]HVREZMDNL F]Xá\VSRVyESRWUDILP\RND]DüVRELHUDGRü]HVSRWNDQLD1DWRPLDVW21,
V QLH]E\WXF]XFLRZL3RPLPRL* ]GDM
VRELH]WHJRVSUDZ
*HFDáHW\VLFOHFLDZ\SU]HG]DM
QDV HZROXF\MQLH L WHFKQRORJLF]QLH ] VDW\VIDNFM SRP\ODáHP R W\P *H RWR P\ =LHPLDQLH
PDP\QDGQLPLSU]HZDJ
SRGZ]JO
GHPHPRFMRQDOQ\P:UHV]FLHGRV]OLP\GRWHJRPLHMVFD
VSU]HGWXODWWDPJG]LHVSRWNDáHPKXPDQRLGN
.DULQDZHWVL
QLH]DWU]\PDáOHF]SRV]HGá
GDOHM 6]OLP\SU]H]ODVZVWURQ
SREOLVNLHJRSRODSR]DODVHP:\V]OLP\QDWRVDPRSROH
]QDQH PLMX* ]SU]HV]áRFLDOHQLF]HJRQLHE\áRZLGDüSRPLPR*HMX* E\áRZLGQR1LHZLHP
NWyUD E\áDZyZF]DVJRG]LQDERR]HJDUNXSU]HVWDáHPP\OHü*G\SU]HV]OLP\RNRáRFLD
PHWUyZ .DULQDJOHVWDQá'RV]HGáHPGRQLHJRDRQND]DáPLZ\FLJQüSU]HGVLHELHU
N
FR WH* XF]\QLáHP 5
ND QDWUDILáD QD SU]HV]NRG
QLHZLG]LDOQ GOD RND 3U]HV]NRGD WD E\áD
]XSHáQLHQLHZLG]LDOQDWDNMDNRWDF]DMFHSRZLHWU]H3RPDFDáHPU
N ZGUXJLPPLHMVFXRERN
SU]HV]NRGD E\áD WDP UyZQLH* %\áD RQD SáDVND QD SHZQR SLRQRZD RUD] ]LPQD ZLOJRWQD
WZDUGD L JáDGND =DS\WDáHP SU]HZRGQLND FR WR MHVW L MDN WR PR*OLZH -HGQDN ]DPLDVW
RGSRZLHG]L RQ W\ONR VNLQá PL JHVWHP FKDUDNWHU\VW\F]Q\P JG\ FKFH VL
NRJR GR F]HJR
]DFK
FLü 2QMDNE\]DFK
FDáPQLHGRWHJRE\PE\áMDNQDMEDUG]LHM]G]LZLRQ\,&+WHFKQLN
0RMH ]G]LZLHQLH MDNE\ VSUDZLDáR PX UDGRü L VDW\VIDNFM
0L QDWRPLDVW E\áR JáXSLR *H QLH
UR]XPLDáHP WHJR,&+Z\QDOD]NXF]\MDNJRWDPQD]ZDü:V]
G]LHMHGQDNWX* SU]HGVRE
QDWUDILDáHP QD FKURSRZDW SRZLHU]FKQL
] ]LPQ MDNE\ QLHFR ZLOJRWQ ZDUVWZ MDNLHJR
QLHZLG]LDOQHJR PHWDOX OXE LQQHM VXEVWDQFML -HGQDN QLH E\áR WHJR ZLGDü .DUL JG\ MX*
VL
Z QLHZLHONLHM RGOHJáRFL RG WHJR ODVX D QLH E\áR JR SU]HFLH* ] ODVX ZLGDü 1LF QLH E\áR
ZLGDü LPRJáHPZWHG\P\OHü*H21,W
EDULHU
VSRZURWHP]DPQ ]DPNQ
OLLE\OLP\MDNE\
Z SRW
*Q\P EEOX SRG NRSXá :LHG]LDáHP MHGQDN *H 21, G\VSRQXM ZL
NV] RG QDV]HM
WHFKQLN GODWHJRWH* QLH SRZLQLHQHP VL
QLF]HPX G]LZLü FRNROZLHN E\ WR QLH E\áR -HGQDN
PLPR ZV]\VWNR RGQLRVáHP WDNLH ZUD*HQLH *H 21, OXEL JG\ VL
LP VFKOHELD JG\ VL
ZV]\VWNLHPX G]LZLáHPVWDZDOLVL
ZWHG\MDNE\GXPQL3DWU]FZL
FQDWHJRNRORVDNWyU\P
WX SU]\E\OLXVá\V]DáHP*HWRLFKRVWDWQL]Z\QDOD]NyZ.DULVL
QLPFKZDOLáWDNMDNG]LHFNRFKFH
VL
FKZDOLü MDNLP GREU\P ] MHJR VWURQ\ XF]\QNLHP 2GF]XáHP ZL
F ] QLHMDN GXP W
VDW\VIDNFM
*HRWRP\=LHPLDQLHLSRGW\P]JO
GHPPDP\QDGQLPLSU]HZDJ
ZW\PVHQVLH
*H 21, V RG QDV EDUG]LHM QDLZQL L *H LFK áDWZR PR*QD SRGHMü L QDELü HZHQWXDOQLH Z
EXWHON
2GF]XZDáHPWR]QLHPDá VDW\VIDNFM =,(0,$1,1$.DULFLJQáVZyMPRQRORJ*H
RWR W\PSRMD]GHP21,PRJ WHUD]ZF]DVLH]HURZ\PZHGáXJQDV]HJRSRM
FLDSRGUy*RZDü
Z F]DVLHLSU]HVWU]HQLZGRZROQHPLHMVFD3RZLHG]LDáPLWH**H21,V WXMX* RGWU]HFKGQLL
*H ZF]RUDMMX* PQLHWXZLG]LHOL1LHZ\MDQLáMHGQDNGODF]HJRQLHQDZL]DOL]HPQ NRQWDNWX
DQL FR WDN GáXJR WDP URELOL 3RZLHG]LDá WH* *HE\P VDPRFKRGHP VL
QLH PDUWZLá ER L MHVW
VSUDZQ\ LJRQLNWQLHZLG]L1DWHPDWQLHZLG]LDOQHMEDULHU\SU]H]NWyU QLHPR*QDSU]HE\ü
GRZLHG]LDáHP VL
W\ONRW\OHLOHPRJOHPREMüVZ\PUR]XPHP$ZL
F*HP\=LHPLDQLHMX*
SU]HV]áR ODW WHPX E\OLP\ QD GURG]H E\ UyZQLH* GRMü GR WHJR DE\ RVLJQü
QLHZLG]LDOQRü DOH ]UH]\JQRZDOLP\ JG\* ]QLHFK
FLáR QDV F]\MH Eá
GQH Z\OLF]HQLH
3RQDGWR *H LVWQLHMH ZLHOH Uy*Q\FK EDUZNRORUyZ NWyU\FK P\=LHPLDQLH MHV]F]H QLH ]QDP\
5yZQLH* *HQLH]QDP\VSRVREX*HE\VWDüVL
QLHZLG]LDOQ\POXEDE\MDNL SU]HGPLRWXF]\QLü
QLHZLG]LDOQ\P $OH PLQLH ]DOHGZLH NLOND ODW QD =LHPL D L P\ =LHPLDQLH E
G]LHP\ XPLHOL
VWDZDü VL
QLHZLG]LDOQ\PL JG\* RSDQXMHP\ ZáDVQ\ PDJQHW\]P]LHPVNL ]D VSUDZ NWyUHJR
E
G]LHP\PRJOLRWRF]\üVL
UR]SL
W\PSROHPPDJQHW\F]Q\P7DN RGSRZLHG( GDáPL.DULJG\
RWRJRS\WDáHP'RGDá*HWRQDSUDZG
QLFQDG]Z\F]DMQHJRLSRQRZQLH]MDZLVNRWRSRUyZQDá
] NRORUDPLNWyU\FKQLH]QDP\DNWyUHLVWQLHM3RZLHG]LDáPLWH**H21,MX* G]L PXV] VWG
RGOHFLHü L*HPQLHQLHPDM ]DPLDUX]HVRE ]DELHUDüZL
F*HE\PVL
W\PQLHSU]HMPRZDáL
QLH PDUWZLá 'RZLHG]LDáHP VL
*H PDM VZRLVW\ NáRSRW ] ,1758=(0 NWyU\ ,0 REHFQLH
EH]SRUHGQLR ]DJUD*DDSRFKRG]L]LQQHMJDODNW\NL1LHGRZLHG]LDáHPVL
RMDNLHJRURG]DMX
LQWUX]DFKRG]L
=EOL*DOLP\ VL
ZL
F GR LFK VWDWNX NWyU\ RG SU]HV]NRG\]QDMGRZDá VL
Z RGOHJáRFL
RNRáRWXPHWUyZ/XNE\áRWZDUW\=QDMGRZDáVL
RNRáRPHWUyZRGSRGVWDZ\=RWZDUWHJR
OXNX Z NLHUXQNX ]LHPL ELá VLOQ\ VQRS ELDáDZHJR VLOQHJR ZLDWáD : yZ VLOQ\ VQRS ZLDWáD
WU]HED E\áRZHMüQD]HZQWU]VWDWNX2F]HNLZDOLRGHPQLHWHJRFRWH* XF]\QLáHP1LHPDP
SRM
FLD NWyUDPRJáDE\üJRG]LQDJG\ZVáXSWHQ]DF]\QDáHPZFKRG]Lü-DNPLZ\WáXPDF]\OL
QLH]E
GQH WR E\áR Z FHOX RGND*HQLD F]\OL SR]E\FLD VL
]LHPVNLFK EDNWHULL GOD 1,&+
V]NRGOLZ\FK 3RW\P]DELHJXZWUDNFLHNWyUHJRSUDZLHQLFQLHZD*\áHPSU]H]RNRáRGZyFK
PLQXW SRQRZQLH]REDF]\áHPFDá\VWDWHNRERNNWyUHJRVWDá.DUL]PDá\PFKáRSFHPZ]URVWX
RNRáR QLHFRSRQDGPHWUSDWU]U\VXQHN8EUDQ\E\áZELDá MHGQROLW WXQLN
6WDá]MDVQ\PL
GáXJLPL ZáRVDPL RSDGDMF\PL SR]D UDPLRQD %\á R MDVQRQLHELHVNLFK OLF]Q\FK RF]NDFK
FKRFLD* EH]U]
VDOH]DWRRVDG]RQ\FKZSU]HPLáHMOLF]QHMDOHGUREQHMEX]L-DNE\OHNNRVL
QLH SRVLDGDá1LHPDPSU]\W\PSRM
FLDNLHG\LMDN.DUL]GRáDáVL
UR]HEUDü:V]DN*HW\ONR
MDNLH PLQXW\ZF]HQLHME\áMHV]F]HZVNDIDQGU]H3RGV]HGáHPSRZROLGRQLHJRXMáHPMHJR
GUREQH UF]NL Z VZRMH GáRQLH 3RF]XáHP LFK SU]\MHPQH FLHSáR L SU]\WNQáHP GR VZ\FK XVW
]DV\SXMF WHUF]\Q\VZ\PLJRUF\PLSRFDáXQNDPL,VDPQLHZLHPNLHG\SRU\F]DáHPVL
FR
]DVNRF]\áR PDáHJR FKáRSFD DOH QLH SU]HVWUDV]\á VL
2GQLRVáHP ZUD*HQLH *H E\á PRLP
SRZLWDQLHP MHG\QLH]DVNRF]RQ\JG\ Z V]DOHUDGRFL ]DV\S\ZDáHP FDá W NRFKDQ VáRGN
EX]L
JRUF\PL SRFDáXQNDPL L WXOF JR GR VLHELHZ\F]XZDáHP MHJR GUREQH NRVWNL3RGF]DV
SRGQRV]HQLD MHJR ZDJD F]XáD VL
QRUPDOQLH MDN LQQ\FK FKáRSFyZ MHJR ZLHONRFL %\á
]DPL]HURZDQ\ DOH .DUL QDW\FKPLDVW XVSRNRLá PQLH *H ZV]\VWNR MHVW ] QLP Z SRU]GNX
1DVW
SQLH]ZUyFLáVL
GRG]LHFNDSRVZRMHPXWáXPDF]FPX*HZáDQLHWDNLRE\F]DMQD=LHPL
SDQXMH LZWDNLVSRVyEZLWDVL
RVRE\SRGáXJLPQLHZLG]HQLXVL
]VRE:WHG\XVá\V]DáHP
JáRVLN PHJRV\QDGREU]HWDNQLHE\ZDáH:\SRZLHG]LDáWRSRSROVNX=DF]áRJOGDüPRMH
SDOFH ] SD]QRNFLDPL GRW\NDá U]
V XEUDQLD WZDU]\ ZáRVyZ :UHV]FLH XMá PQLH ]D U
N
L
SRZROL REHV]OLP\ FDá\ VWDWHN GRRNRáD ,GF SRUXV]Dá VL
]XSHáQLH QRUPDOQLH 2GQLRVáHP
ZUD*HQLH *H MHVWHP ZHZQWU] MDNLHJR RJURPQHJR EEOD ] ZHZQWU] NWyUHJR QLF]HJR QLH
ZLGDü &RFKZLODGRW\NDáHPSRZLHU]FKQLERF]QHMLFKVWDWNX6WDWHNVNáDGDáVL
ERZLHPMDNE\
]WU]HFKF]HFL&]
üQDMQL*V]DQDMV]HUV]DLQDMZL
NV]DMDNLHMERF]QHMSRZLHU]FKQLZáDQLH
GRW\NDáHP Z\JOGDáD MDN RJURPQ\ PHWDORZ\ NXEHá NU*HN OXE PRQHWD 'UXJL SRGREQ\
PHWDORZ\ NU*HNNXEHáF]\PRQHWDRZLHOHPQLHMV]HMUHGQLF\QDáR*RQ\QDWHQGROQ\NXEHá
E\áF]
FL URGNRZ:NRFXQDW F]
üURGNRZ QDáR*RQDE\áDWU]HFLDF]
üJyUQDMDND
Z\JOGDáD MDNE\RJURPQDPLVNDGQHPGRJyU\7U]HEDGRGDü*HWHQQDMQL*V]\NXEHáMDNLHJR
GRW\NDáHP PLDá RNRáR SyáWRUD PHWUD Z\VRNRFL RG SRGVWDZ\ GR JyUQHM NUDZ
G]L F]\OL GR
JyUQHJRNDQWXSR]DNWyU\PMHJRSRZLHU]FKQLD]SLRQRZHMSU]HFKRG]LáDZSR]LRP UyZQROHJá
GR SRZLHU]FKQL]LHPL7DSR]LRPDSRZLHU]FKQLDELHJáDNLONDPHWUyZZNLHUXQNXRVLVWDWNXD*
GR QDVW
SQHJRNXEáDF]\NU*NDPQLHMV]HJRREM
WRFLRZRDOH]DWRRGUXJLHW\OHZ\*V]HJR
3LRQRZD FLDQD ] LOXPLQDWRUDPL WHJR GUXJLHJR NU*ND PXVLDáD PLHü RNRáR PHWUyZ
Z\VRNRFL 1DWRPLDVW RNRáR PHWUyZ PLDáD RG SRGVWDZ\ GR ZLHU]FKRáND SyáRNUJáD
NRSXáD PLVND GQHP GR JyU\ &KF
WX Z\MDQLü *H Sy(QLHM Z PRPHQFLH VWDUWX NRSXáD WD
Z\V]áD ]HURGNDGRJyU\LZWHG\Z\UD(QLHMX* E\áRZLGDüMHMRJURP3U]HGVWDZLáDZyZF]DV
VZRM RND]DáRü Z SRVWDFL SRáRZ\ RJURPQHM NXOL ZFL* ZLUXMFHM ZRNyá ZáDVQHM RVL
:LURZDQLHWRWUZDáRQDZHW SRGF]DVFDáHJRF]DVXSRE\WXVWDWNXQD=LHPL6]\ENRüREURWRZD
QLH ]PLHQLDáD VL
L PRJáDZ\QRVLüRNRáR WX SHáQ\FK REURWyZ QD PLQXW
.LHUXQHN REURWX
E\á RGZURWQ\ QL* ZVND]yZNL ]HJDUD : PRPHQFLH VWDUWX NRSXáD Z\QXU]\áD VL
] ZQ
WU]D
XND]XMF *H MHVW SRáRZ NXOL W\PVDP\P]ZL
NV]DMF VL
NX JyU]H R SRáRZ
3U]\GRW\NX
VWDWHN PLDáFKURSRZDW SRZLHU]FKQL
LZ\F]XZDáHPFKáRGQ\QLHFRZLOJRWQ\PHWDO:GRW\NX
ZFDOH QLH F]Xá VL
WDNL VDP MDN RZD QLHZLG]LDOQD EDULHUD MDN GRW\NDáHP SRSU]HGQLR
:\F]XZDáHP PHWDOPRNU\LFKáRGQ\DOHQDSHZQRPHWDO1RPR*HWRJáXSLR]DEU]PLHüDOH
SRSU]H] GRW\NZ\F]XZDáHP*HWHQPHWDOPXVLDáE\üFKROHUQLHFLHQNLDMHGQDNEDUG]RFL
*NLL
WZDUG\ 1LH PDP SRM
FLD VNG WDNLH P\OL L VNRMDU]HQLD DOH ZáDQLH WDNLH ZUD*HQLH
RGQLRVáHP)DGQ\FKR]QDN*\FLD)DGQ\FKG(ZL
NyZ)DGQ\FK]DSDFKyZ=DS\WDáHPFKáRSFD
MDNJRQD]\ZDM2GSRZLHG]LDá*H6((16S\WDáHPF]\FKFH]HPQ ]RVWDü2GSRZLHG]LDá*H
QLH PR*H]H Z]JO
GXQDLVWQLHMFHQDV]HZLEUDFMHQHJDW\ZQLHQDQLFKRGG]LDá\ZXMFH1RL
RF]\ZLFLH ZV]HONLHEDNWHULHL]DUD]NLGODQDVQRUPDOQHGODQLFK]DEyMF]H5R]PDZLDOLP\
F]
FLRZR SRSROVNXF]
FLRZRWHOHSDW\F]QLH%\á\PRPHQW\*HZ\F]XZDáHPZVZHMJáRZLH
MHJRP\OLLS\WDQLDQDNWyUHRGSRZLDGDáHPUyZQLH* WHOHSDW\F]QLHFKRFLD* QLHNLHG\LJáRVHP
%H] Z]JO
GXMHGQDNQDWRMDNWRF]\QLáHPRQUR]XPLDáSRWZLHUG]DMFOXES\WDMF2GQLRVáHP
MHGQDN EDUG]RGODPQLHSU]\NUHZUD*HQLH*HFKáRSLHFMHVWQLHGRLQIRUPRZDQ\ZVWRVXQNX
GR VZHJR ZLHNX L *H EUDN PX FZDQLDFWZD WDN SU]HFLH* EDUG]R FKDUDNWHU\VW\F]QHJR GOD
]LHPVNLFKFKáRSFyZ$PR*HVL
P\OLáHP"$PR*HMHJRUR]ZyMLQWHOHNWXDOQ\E\áUR]ZLQL
W\QDG
SRQDG SU]HFL
WQ\FKRFLD* MDWHJRPRJáHPQLHRGQRWRZDüLQLHZ\F]Xü:ND*G\PEG( UD]LH
Vá\V]DáHP Z EDUG]R Z\UD(Q\P G]LHFL
F\P JáRVLNX Z\URELHQLH ]LHPVNLHJR SROVNLHJR
VáRZQLFWZD L*HSRPLPRVZHJRG]LHFL
FWZDPXVLDáVL
F]
VWRSRVáXJLZDüQDV]\PM
]\NLHP
S\WDQLHMHGQDN]NLPLJG]LH"6HHQGRGDáUyZQLH**HQLHPR*HP\E\üUD]HPQDZHWXQLFK
JG]LHLVWQLHMFHWDPPLQQLH]QDQHQDPSURPLHQLRZDQLHGODQLFK*\FLRGDMQHGODPQLHE\áRE\
]DEyMF]H MX* SRPLHVLFX'RGDáPL]HVPXWNLHP*HXEROHZDQDGW\PL* =LHPLDSRZROLDOH
XVWDZLF]QLH XPLHUD:LHWRRGVZHMPDWNLLQDXF]\FLHOL*HSR]RVWDáRQDPMX* QLHZLHOH*\FLD
1RF ]PDUFDURNXZHGáXJQDV]HJRNDOHQGDU]DE
G]LHQDMWUDJLF]QLHMV]DGOD=LHPL
L ZV]\VWNLFK OXG]L 1LHZLHOX W\ONR OXG]L 1HDWDF]\F\ L 2ULDQLH ]GRáDM HZDNXRZDü QD LQQ
SODQHW
NWyUDMX* GDZQRMHVWGRWHJRFHOXSU]\JRWRZ\ZDQDFKRFLD* ]RJURPQ\PLWUXGQRFLDPL
] NLONX Z]JO
GyZ =JRGQLH ] W\P FR .DUL PL SU]HND]Dá 2ULDQLH V UDV SRGREQ GR QDV L
1HDWDF]\NyZMHGQDNW\FKRVWDWQLFK]QDF]QLHZ\SU]HG]DM WHFKQRORJLF]QLH7RFRP\URELP\
] FLDVWHP]PNL1HDWDF]\F\UREL ]F]DVHPQDWRPLDVW2ULDQLHUREL ]HZLDWáHP0RJ
RQL QDZHWPDJD]\QRZDüZLDWáR1LHREDZLDM VL
WH* F]DUQ\FKG]LXUERMHNRQWUROXM6ZRMH
FLDáD SRWUDIL F]\QLü OHNNLPL OXE GRSURZDG]Dü MH GR RJURPQ\FK FL
*DUyZ 1LH ZLG]LDáHP
*DGQHJR LFK SU]HGVWDZLFLHOD EH]SRUHGQLR Z]URNLHP DOH .DUL ]DDSOLNRZDá PL RJURPQ
GDZN
LPSXOVyZ GR PRMHJR Py]JX ] LFK ZL]HUXQNLHP :LHP ZL
F *H QLH Uy*QL VL
VSHFMDOQLH RG ]LHPVNLFK PXODWyZ WM Z\JOGDM MDN EDUG]R RSDOHQL QD VáRFX ELDOL OXG]LH
']LHOL LFKRG1HDGZDW\VLFHODWZLHWOQ\FKLWRZáDQLHRQLXG]LHOLOL1HDWDF]\NRPSRPRF\
ODWWHPX2ULDQLH*\M QDZLHOXSODQHWDFKNWyUHV RGVLHELHRGGDORQHRGRODWD
ZLHWOQH 3RPLPR W\FK RGOHJáRFL PDM WR FR GOD QDV MHVW 6áRFHP -HGQDN QLH MHVW RQR Z
WDNLP VDP\P ]QDF]HQLX MDN QDV]H JG\* LFK 6áRFHP MHVW LQQD RG ]QDQ\FK QDP F]DUQD
G]LXUD = G]LXU\ WHM F]HUSL SRWU]HEQH LP L ZLDWáR L FLHSáR RUD] ZV]\VWNLH QLH]E
GQH LP
HQHUJLH 'OD QDV =LHPLDQ V WR ]DJDGQLHQLD VL
JDMFH ]E\W Já
ERNR Z PURNL QDV]\FK
LQWHOHNWyZ DE\P\ PRJOL MH ]Já
ELü L ]UR]XPLHü 6 WR GOD =LHPLDQ QLHSRM
WH VSUDZ\ JG\*
REHFQ\ V]F]HEHOWHFKQRORJLF]Q\GZXW\VL
F]QHJRURNXQD=LHPLSRUyZQXMHVL
]QLPLWDNMDN
G]LVLHMV]\ODVHUSRUyZQ\ZDáE\VL
GRF]DVyZ0LHV]ND3LHUZV]HJRDOERQDZHWMHV]F]HGDOHM
3R]D LFKSR]\W\ZQ\PGR=LHPLDQQDVWDZLHQLHPQLFZL
FHMQLHZLHP'DOHM6HHQSRZLHG]LDá
*H V F\ZLOL]DFMHNWyUHFRSUDZGD]QDF]QLHQDVZ\SU]HG]DM WHFKQRORJLF]QLHDOHMHGQRF]HQLH
EDUG]R REDZLDM VL
QDV 'ODWHJR WH* F]\QL RQH ZV]\VWNR WR FR PR*H QDP SU]\QLHü MDN
QDMV]\EV] ]DJáDG
L ]JXE
RGSRZLHGQLR PDQLSXOXMF QDV]\PL XP\VáDPL L Z SRUHGQL
VSRVyE GRSURZDG]DMF GR Uy*Q\FK NDWDNOL]PyZ NWyUH GHJUDGXM QDV RUD] QDV]H QDWXUDOQH
URGRZLVNR1DMEDUG]LHMREDZLDM VL
WHJR*HQDV]D=LHPLDPDQDMEDUG]LHMNRU]\VWQHZDUXQNL
GR UR]ZRMX F]áRZLHND : ZDUXQNDFK W\FK F]áRZLHN UR]ZLMD VL
U\WPHP MHGQRVWDMQLH
SU]\VSLHV]RQ\P 7DV\WXDFMD2%&<0MHVWQLH]QDQDLMX* WHUD]QDVREDZLDM VL
WDNEDUG]R
*HFKFLHOLE\]DWU]\PDüQDVZ UR]ZRMX$SRQLHZD* MHVWWRGODQLFKQLHPR*OLZHWRQDMOHSLHMQDV
]QLV]F]\ü 3RQLHZD* MHGQDN]SU]\F]\QPLQLH]QDQ\FKQLHPRJ ]URELüVDPLWHJREH]SRUHGQLR
SRVWDQRZLOL ZL
F QLV]F]\ü QDV SRZROL XVWDZLF]QLH DOH Z SRUHGQL VSRVyE 7DN ZL
F WR
ZáDQLH RQLDOHQDV]\PLU
NDPLQLV]F] =LHPL
GODNWyUHMQLHPDMX* UDWXQNX'UXJQLH
PQLHM ZD*Q SU]\F]\Q GOD 2ULDQ L 1HD MHVW WR *H QLH PD GUXJLHM WDNLHM SODQHW\ JG]LH
SDQRZDá\E\ WDNLH VDPH ZDUXQNL $ QLHVSRVyE QDZHW GOD QLFK UD]HP ] LFK WHFKQRORJL
Z\WZRU]\ü LGHDOQLH WDNLFK VDP\FK ZDUXQNyZ MDNLH SDQXM QD =LHPL VDPRQDWXUDOQLH =D
WDP JG]LH 21, SU]\JRWRZXM GOD QDV QLH ND*G\ ]LHPVNL RUJDQL]P E
G]LH PyJá QRUPDOQLH
IXQNFMRQRZDü ,VWQLHMHMHV]F]HSU]HV]NRGDZVHQVLHZ\]QDQLRZ\PRUD]SV\FKLF]Q\PJG]LH
WUXGQR E
G]LHZ\SHUVZDGRZDüOXG]LRPNRQLHF]QRüWDNLHMV\WXDFMLRUD]ZLHOHZLHOHLQQ\FK
ZFDOH QLH PQLHM ZD*Q\FK SU]\F]\Q 6HHQ SRZLHG]LDá PL UyZQLH* *H SR]QDá RVRELFLH FDá
VZRM URG]LQ
'RVáRZQLHFDáWM]DUyZQRSRVWURQLHRMFDMDNLPDWNL$OHGRSLHUR]XSHáQLH
QLHGDZQR GRZLHG]LDá VL
R VZRLP SRFKRG]HQLX 7HUD] ZáDQLH G]L
NL NRPXQLNDWRURZL
GRZLHG]LDá VL
EDUG]RZLHOHRVDPHM=LHPLLROXG]LDFK2GQLHJRGRZLHG]LDáHPVL
*HWRR
F]\PMDP\O
RQRW\PUyZQLH* QDW\FKPLDVWZLH1DZHWZyZF]DVJG\MDMHVWHPQD=LHPL]D
RQQD1HD$OHW\ONRZWHG\JG\PDNRPXQLNDWRUQDJáRZLH1LHLVWQLHMHZyZF]DVSU]HV]NRGD
Z VHQVLHF]DVXLSU]HVWU]HQL3RZLHG]LDáPLWH* *HQLJG\PQLHQLH]DSRPQLDOHQLHZLHF]\
MHV]F]HVL
VSRWNDP\
*G\GRV]OLP\GRSXQNWXZ\MFLDVWDáWDP.DUL2QSU]\U]HNáPL*HVSRWNDP\VL
]QLP
MHV]F]H GZXNURWQLH ]DQLP ]DPLHV]NDP\ UD]HP QD LQQHM SODQHFLH R EDUG]LHM VSU]\MDMF\FK
ZDUXQNDFK MDNLHSDQXM QD1HDF]\QD=LHPL%
G]LHWDPHZDNXRZDQHEHGU\JLOXG]L]D
MHGQD EHGU\JDWRVSRáHF]QRFL]D MHGQDVSRáHF]QRüWRRVyE.DULSRZLHG]LDáPLWH*
*H 7$%/,&=.$ MDN WR MD QD]\ZDP SHZQH LFK XU]G]HQLH VSHáQLáD VZRMH ]DGDQLH 'R
XUXFKRPLHQLD E\á\SRWU]HEQH]LHPVNLHZLEUDFMHLFR MHV]F]HL*HWRMX* ]DEUDOLERSU]HVWDáR
E\üSRWU]HEQH3R]RVWDáHWDNLHVDPRXU]G]HQLH]DEUDOLUyZQLH*1DSURE
SURIHVRUD3DMND
VSUDZG]LáHPSRWHPF]\WRSUDZGD)DNW\F]QLHWH* WDEOLF]NDMDN XSU]HGQLR]DLQVWDORZDáHPMX*
]QLNQ
áD3R]RVWDáMHGQDNSRQLHMODGZJQLHFHQLD]D ]DSRPRF GR]\PHWUXNWyU\PE\áR
]Z\NáHUDG\MNRWUDQ]\VWRURZHVWZLHUG]LáHP*HSR]RVWDáWDPMDNLHJR URG]DMXQLHZLG]LDOQ\ODG
WM DOERQDSURPLHQLRZDQLHDOERUR]PDJQHW\]RZDQLHPLHMVFD5DG\MNRERZLHPZVDP\PW\P
PLHMVFX SU]HVWDZDáR JUDü ]D Z RGOHJáRFL PHWUD RNURSQLH WU]HV]F]DáR .LHG\ WDP
SU]HE\ZDáHP VSUDZG]DáHP WHQ HIHNW F]WHURNURWQLH 0yM QDU
F]Q\ ]HJDUHN ]DF]\QDá WDP
SU]\VSLHV]Dü LJáRQRF\NDá]D PQLHVDPHJR]DF]\QDáWDPPRU]\üVHQLERODáDJáRZD7H
VDPH VSUDZG]HQLD SRZWyU]\áHP SRWHP D* NLONDNURWQLH Z RGVW
SDFK NLONXPLHVL
F]Q\FK RG
VLHELH =D ND*G\P SRZWyU]HQLHP WHQ QLHZLG]LDOQ\ ODG VWDZDá VL
VáDEV]\ 1DVW
SQLH .DUL
]GMá PL REU
F] ] PRMHM JáRZ\ SR F]\P Z]Lá FKáRSFD ]D U
N
L SRZROL ZHV]OL ZZLDWáR
&KFLDáHP NU]\F]HüDOHMDNL QLHP\VNXUF]FLVQáPQLH]DJDUGáRLQLHSR]ZROLáPLZ\GRE\ü
*DGQHJR G(ZL
NX 7\P UD]HP E\á WR VNXUF] *DOX ]D NLP XNRFKDQ\P HPRFMRQDOQ\ ]H
Z]UXV]HQLD 1LH PRJáHP]URELüQDMPQLHMV]HJRUXFKX 6WDáHP WDN MDNE\PE\áVSDUDOL*RZDQ\
] UR]SDF]\3DWU]\áHPMDNREDM]QLNDM ZVWR*NXELDáHJRZLDWáDD* WXQDJOHVWDáDVL
U]HF]
QLHSRM
WD 3U]HQLJG\ WHJR QLH ]DSRPQ
L FDá\F]DV Z VZ\FK P\ODFK DQOL]XM
W
FXGRZQ L
]DUD]HPVWUDV]Q FKZLO
2WR]HZLDWáDZ\ELHJDFKáRSLHF6HHQGRELHJDGRPQLHLU]XFDVL
QD P V]\M
FLVND PQLHL REHMPXMF PQLHVZ\PL FKXG\PL L GUREQ\PL UF]NDPL]DV\SXMH
PRM ]DSáDNDQ WZDU] JRUF\PL SRFDáXQNDPL 6á\V]DáHP MDN V]\ENR ELMH MHJR VHUGXV]NR
&]XáHP MDNFDáHMHJRPDáHFLDáNRSU]HELHJDM GUHV]F]H7XOLáVL
WDNGRPQLHVDPQLHZLHP
LOH F]DVX D MD VWDáHP QLHP\ FDá\ VSL
W\ L VSDUDOL*RZDQ\QLH PRJF QDZHW RGZ]DMHPQLü
XFLVNX7\ONRPyMPy]JUHMHVWURZDáW VFHQ
MDNRELHNW\ZNDPHU\ILOPRZHM1DVW
SQLHEDUG]R
ZROQR RVXQáVL
RGHPQLHLSRZROLRGZUyFLZV]\VL
ZV]HGáZZLDWáR:QLP]QLNá3U]HVWDá
E\ü ZLGRF]Q\6WR*HNZLDWáD]DF]áSRZROLXQRVLüVL
NXJyU]HD* ZHVVDáJRFDáNRZLFLHOXN
/XNE\áMHV]F]HFKZLO
RWZDUW\SRF]\PSRZROL]DF]áVL
]DU\JORZ\ZDüREUDFDMFVL
GRRNRáD
VZHMRVLWDNMDNE\QDJOH]DF]áE\üVSLUDODOHSODVW\F]Q5yZQLH* ZV]\VWNLHLOXPLQDWRU\E\á\
FDáNRZLFLH ]DPNQL
WH DOH QLH ZLG]LDáHP PRPHQWX LFK ]DP\NDQLD 6DP VWDWHN SRPDOHNX
XQRVLü VL
]DF]á NX JyU]H WDN MDNE\ MDND QLHZLG]LDOQD VLáD FLJQ
áD JR GR JyU\ : WHQ
VSRVyEEH]*DGQHJRDEVROXWQLHG(ZL
NXZ]QLyVáVL
QDRNRáRPHWUyZSRF]\P]DWU]\PDá
VL
QLHUXFKRPR 7UZDá WDN ]H GZLH PLQXW\ DE\ QDVW
SQLH ]QRZX XQLHü VL
GR Z\VRNRFL
RNRáRPHWUyZ L]QRZX]QLHUXFKRPLDáDOHW\PUD]HPGRVáRZQLHQDNLONDVHNXQGSRF]\P
QDJOH]QLNQá
.RFRZHPX ]QLNQL
FLX VWDWNX WRZDU]\V]\á MHG\QLH QDJá\ DOH EDUG]R NUyWNL OHGZR
GRVWU]HJDOQ\ Eá\VN6WDáHPZL
FMHV]F]HZW\PVDP\PPLHMVFXSU]H] NLONDPLQXWLGRSLHUR
ZyZF]DV ]REDF]\áHP*HVáRQHF]NRMHVWMX* ]SL
WQDFLHVWRSQLQDGFKRU\]RQWHPL*HMHVWMX*
JRG]LQD UDQR 2 G]LZR 7\P UD]HP 21, QLH VSRZRGRZDOL ]DWU]\PDQLD SUDF\ PHJR
]HJDUND WDNMDNFLODWWHPX7\PUD]HPF]DVSá\QáZL
FQRUPDOQLH1LHPQLHMMDNSRWHP
]ZUyFLá PLQDWRXZDJ
3URIHVRU3DMNFR LWXWDMQLHJUDáR1DV]VSDFHUZRNyáVWDWNXZUD]
] PRPHQWDPL JG\ VL
]DWU]\PDOLP\ ZHGáXJ PRMHM RFHQ\ PyJá WUZDü RNRáR FLX PLQXW
1DWRPLDVW SRG NRSXá ZV]HONLHF]\QQRFLSOXV UR]PRZ\SOXV VSDFHU ZRNyá VWDWNX F]\OL
LQDF]HM RGPRPHQWXJG\]JDVáPLVLOQLNGRPRPHQWXLFKRGORWXPLQ
áDQDMZ\*HMJRG]LQD
F]DVX7DNZL
FZPRPHQFLHLFKRGORWXSRZLQQDE\üJRG]LQDUDQRDQLH
%H] *DGQ\FKSRGURG]HEDULHULEH]*DGQ\FKSU]HV]NyGGRV]HGáHPGRVZHJRPDOXFKD
NWyU\ ]D SLHUZV]\P UD]HP ]DSDOLá 1LH ]DXZD*\áHP DQL QLH RGF]XáHP SRWHP MX* QDZHW
QDMPQLHMV]\FK]PLDQF]\DQRPDOLL5yZQLH* EH]*DGQ\FKSU]\JyGSRZUyFLáHPGR/HJLRQRZD
%\áHP WDP Z MDNLH Syá JRG]LQ\ SRWHP F]\OL RNRáR UDQR 2F]HNXMFD PQLH *RQD QLH
]DGDZDáD PL*DGQ\FKS\WD0XVLDáHP(OHZ\JOGDüVNRURVDPDEH]VáRZDSRVáDáDPLáy*NR
L SRZLHG]LDáDSRáy* VL
LZ\SLMVL
(OHZ\JOGDV]-DNVL
Z\SLV]RSRZLHV]PLZV]\VWNR
RF]\ZLFLH R LOH E
G]LHV] FKFLDá L R LOH E
G]LHV] PyJá 1DZHW QLH ZLHP NLHG\ ]DVQáHP
0LDáHP VHQZNWyU\P21,PLVL
QLOL*HSURV] PQLHRSRPRFRGRVWDUF]HQLHLPHQHUJLLER
ZV]\VWHN ]DSDV]X*\OLGODFHOXEH]SRUHGQLHJRGRWDUFLDGR=LHPL)HE\ERZLHPGRWU]HüGR
=LHPLPXVLHOLSU]HELüVL
SU]H]SRW
*QHSU]HV]NRG\EDULHU\FHORZRSRVWDZLRQHQDLFKGURG]H
SU]H]LQWUX]yZRNXSXMF\FK=LHPL
DE\QLNWLQQ\GRQDVQLHPyJáGRWU]Hü1HDWDF]\F\GRWDUOL
MHGQDN DOH ]X*\OL W
HQHUJL
QLH]E
GQ LP QD SRZUyW QD 1HD 'R PQLH ZL
F ]ZUyFLOL VL
R
SRPRF DE\PGDáLPQLH]E
GQ HQHUJL
3RZLHG]LDáHPLP*HQLHZLHPRMDN HQHUJL
FKRG]L
ZL
F ND]DOL PLGRWHJRGRMü]DSRPRF KLSQR]\:V]HGáHPZL
FZOHWDUJDOHQLHPRJáHP
]QDOH(ü VSRVREXNWyU\E\LPSRPyJá,ZWHG\REXG]LáHPVL
&Dá\E\áHPVSRFRQ\]D *RQD
SRZLHG]LDáDPL*HVSDáHPPLQXWLSU]H]VHQRNURSQLHNU]\F]DáHP
2G WDPWHM SRU\ WDNLH L WHPX SRGREQH NRV]PDU\ FLJOH PQLH P
F] 6Q\ ]PRURZH
PLHZDPSU]HZD*QLHZWHG\NLHG\WRZF]DVLHGQLDPDPRZRG]ZRQLHQLHZXV]DFK-DNLMHGQDN
VHQE\WRQLHE\á]DZV]HZVWDM
SRQLP]P
F]RQ\]PDOWUHWRZDQ\LZ\NRF]RQ\SV\FKLF]QLH
MDNSRFL
*NLHMSUDF\:OHVLHQLHZLG]FOHF]F]XMFNWR ]DPQ áD]L
:RJyOH WR RG WDPWHJR QLHV]F]
VQHJR WU]\QDVWHJR VLHUSQLD URNX PRMH *\FLH
EDUG]RVL
]PLHQLáRQDJRUV]H6DPVLHELHQLHSR]QDM
6WDáHPVL
FKRG]F\PNá
ENLHPQHUZ
L QLFDOHDEVROXWQLHQLFPLVL
QLHXNáDGD1DZHWWHUD]SLV]FWHVáRZDSLV]
QDXV]NRG]RQHM
PDV]\QLH EREH]*DGQ\FKIL]\F]Q\FKLWHFKQLF]Q\FKSU]\F]\QQDJOHVL
]HSVXáDDWR*HQDQLHM
SLV]
WRW\ONR]DVáXJDV]QXUNDNWyU\MHGQ\PNRFHPSU]\ZL]DáHPGRPDV]\Q\DGUXJLNRQLHF
]ZLVDMF\]HVWRáXREFL*\áHPFL
*DUNLHPNWyUHJRZDJDSRZRGXMHSU]HFLJDQLHVL
PDV]\Q\
LSDSLHUXSRND*G\PXGHU]HQLXSDOFHPZNODZLV]]OLWHUN %H]WHJRQLHFKFLDáDVL
SU]HVXZDü
2GWDPWHMSDPL
WQHMGDW\QLHZ\GDU]\áRVL
QLFFRPyJáE\PQD]ZDüREVHUZDFM
%0RMH*\FLHSRVSRWNDQLXZGQLXVLHUSQLDURNX
3R ]DNRF]HQLX RSLVDQHJR SRZ\*HM VSRWNDQLD GáXJR QLH PRJáHP SU]\Mü GR VLHELH
:UHV]FLH GRSLHURGQLDPDUFDURNX]GRE\áHPVL
DE\]DF]üSLVDüOLVWGR3URIHVRUD
3DMND DE\ RSLVDü PX ]DV]áH Z\GDU]HQLD 1DSLVDQLH L Z\VáDQLH WHJR OLVWX ]DM
áR PL MHGQDN
VSRUR F]DVX WDN *H GRWDUá RQ GR 3URIHVRUD GRSLHUR F]HUZFD URNX 3URIHVRU
]DSURSRQRZDá DE\PRMHRSLV\VSRWNDQLD]URNXZáF]\üMDNRRGU
EQ\SRGUR]G]LDáGR
QLQLHMV]HJR WUDNWDWX : W\P FHOX SU]HVáDá PL SURSR]\FM
XNáDGX WUHFL WHJR GRGDWNRZHJR
QD PQLHZDOLüNLHG\UR]SRF]áHPSUDF
QDGSU]\JRWRZDQLHPWUHFLQLQLHMV]HJRSRGUR]G]LDáX
0RMH OLVW\ GR 3URIHVRUD ]PXV]RQ\ E\áHP SLVDü HWDSDPL ] GRVNRNX D ZL
F ZWHG\ NLHG\
SRMDZLáD VL
MDNDNROZLHNZROQDFKZLOD1DJOHERZLHPZPRLP*\FLXSRMDZLáRVL
W\OHSDOF\FK
SRWU]HE L RERZL]NyZ MDNLH QDW\FKPLDVW PXVLDáHP Z\SHáQLDü *H ]DF]áHP *\ü MDNE\ Z
SU]\VSLHV]RQ\PWHPSLHLSU]HZD*QLHWDN*HQLHZLHPFRPDP]URELüQDMSLHUZDFRRGáR*\üQD
SRWHP:LHOH]D SRSLHFKXR]QDF]DZLHOHFKDRVX3U]\F]\QWHJRQDZDáXQLHVSRG]LHZDQ\FK
RERZL]NyZ L ]DM
ü E\áRFDáH ]DWU]
VLHQLH 3LHUZV]D] QLFKWR*H PRM *RQ
QDJOH GRSDGá\
GROHJOLZRFL:UH]XOWDFLHRGF]DVXMDN]DF]áHPSLVDüWHQUR]G]LDáUyZQRF]HQLHZL
NV]Rü
GRPRZ\FK RERZL]NyZ VSDGáD QD PQLH -D VDP ZL
F QLH PDP QD QLF F]DVX L QLH ]DZV]H
PRJ
]URELüZV]\VWNRGRNRFD3U]\NáDGRZRGZDW\JRGQLHWHPX]DF]áHPPDORZDüMHGQR
] QDV]\FK RNLHQ L QLH PDP F]DVX GRNRF]\ü .ROHMQ SU]\F]\Q E\á SHFK =DZV]H JG\
FRNROZLHN ]DSODQXMHP\QDZHWFKRFLD*E\QDJRG]LQ
QDSU]yG]MDZLDVL
SDQ3(&+NWyU\
RGZUDFD GR JyU\ QRJDPL QDV] QRUPDOQRü RUD] L WDN VPXWQ U]HF]\ZLVWRü 7U]HEDE\
QDSLVDüFDá NVL*N
DE\RSLVDüWHZV]\VWNLHSU]\SDGNLNWyUHGRW\F] GRVáRZQLHZV]\VWNLHJR
L WR Z ND*G\P F]DVLH L Z ND*G\P PLHMVFX :RJyOH QLH PR*HP\ ] *RQ L G]LHüPL QLF]HJR
SODQRZDüLGODWHJRPXVLP\*\FLHQDV]HEUDü]PDUV]X'RP\ODPVL
*HSRZLQLHQHPWXWDM
GDü MDNL SU]\NáDGZL
FSRGDM
RVWDWQLMDNLSU]\WUDILáPLVL
SU]HG]DNRF]HQLHPSLVDQLDWHJR
SRGUR]G]LDáX : GQLX SD(G]LHUQLND URNX FyUND PRMHM VLRVWU\ PLDáD OXE F\ZLOQ\ R
JRG]LQLH WHM1DOXELHW\PPLDáHPE\üZLDGNLHP&KRFLD* PLWRQLHEDUG]RSDVRZDáR
]JRG]LáHPVL
ERSU]HFLH* QLHPR*QD RGPyZLüZáDVQHMVLRVWU]HQQLF\:V]DN*HRQDNLHG\ ]H
VZRLP FKáRSDNLHP E\áD ZLDGNLHP QD QDV]\P OXELH 2F]\ZLFLH Z ]ZL]NX ] WDNLP
Z\GDU]HQLHP PXVLDáHPVL
GR QLHJR RGSRZLHGQLR SU]\JRWRZDü D ZL
F L UyZQLH* PXVLDáHP
SRQLHü SHZQH NRV]W\ *G\ PLHOLP\ ZV]\VWNR JRWRZH L MX* Z\FKRG]LOLP\ ] PLHV]NDQLD
]DG]ZRQLá G]ZRQHNGRGU]ZL3URV]
NU]\NQáHPLZHV]áR PáRGH]QDQHPLPDá*HVWZR]
PDOXWNLP G]LHFNLHP NWyU]\ SU]\MHFKDOL GR QDV QLH]DSRZLHG]LDQLH ] EDUG]R EDUG]R GDOHND
FKFF QDP]URELüQLHVSRG]LDQN
1LH]QDOLRSUyF]QDVQLNRJR6]ODJWUDILáOXEV]ODJWUDILá
PQLH LPáRG\FK6LRVWU]HQQLFD]P
*HPZ]L
OLZLDGND]XOLF\]D QDPQLHVL
REUD]LOLLWR
GHILQLW\ZQLH : GRGDWNX RQ MHVW PHFKDQLNLHP F]
VWR UHSHUXMF\P JUDWLVRZR PRMHJR
:DUWEXUJD WR]QDF]\E\á7HUD]]DSHZQHE
G
PXVLDá]QDOH(üLQQHJRPHFKDQLNDLVáRQR
SáDFLü2WRMHGHQ]FRG]LHQQ\FKREUD]NyZQDV]HJRSDQD3(&+$.ROHMQ SU]\F]\Q PRLFK
NáRSRWyZ MHVWVWUHVVZ\ZRá\ZDQ\SU]H]WDMHPQLF]HQLHPDOZ\SDGNL GURJRZH:VW
SQ\ZLGDü
RVWU]HJDZF]\ ]QLFK]GDU]\áVL
GQLD9,,URNXRJRG]LQLH1DVW
SQLHW\ONRZ
RNUHVLH RG9,,GR9,,,PLDáHPVLHGHPGDOV]\FKQLHPDOZ\SDGNyZ:V]\VWNLH
VLHGHP]DV]áRQDPDá\PREV]DU]HLFRG]LZQLHMV]HLFKZ]DMHPQHUR]áR*HQLHZ]JO
GHPVLHELH
Z\ND]XMH G]LZQ UHJXODUQRü .LHG\ SRRGNáDGDáHP PLHMVFD LFK ]DLVWQLHQLD QD SODQLH
/HJLRQRZD RND]DáR VL
*H PLHMVFD Z MDNLFK PL VL
RQH SU]\GDU]\á\ VZRLP Z]DMHPQ\P
UR]NáDGHP RGSRZLDGDM SRV]F]HJyOQ\PJZLD]GRP ] XNáDGX :RODU]D WM JZLD]GR]ELRUX Z
] KDPRZDQLHPUR]ZDOLáE\P:DUWEXUJLHPQRZLXWNLHJR3RORQH]D'UXJLQDVWSLá9,,
URNXRJRG]LQLH-DGF\]QRZXQRZLXWNL3RORQH]RZáRVQLHZMHFKDáZSURZDG]RQHJR
SU]H]H PQLH :DUWEXUJD ER NLHURZF
3RORQH]D ROHSLáR VáRFH =QRZX ] U\NLHP RSRQ
JZDáWRZQLH KDPRZDáHP7U]HFLPLDáPLHMVFH9,,URNXRJRG]LQLH3LMDQ\URZHU]\VWD
SU]HZUyFLá VL
SRG:DUWEXUJDLQLHPDOE\PJRUR]MHFKDáDOHZRVWDWQLPPRPHQFLHRPLQáHP
JRMHGQRF]HQLHVDPXFLHNáHPQDWUDZQLNSU]HGF]RáRZ\P]GHU]HQLHP]-HOF]HP&]ZDUW\
QDVWSLá9,,,URNXRJRG]LQLH2OHSLáRPQLHVáRFHNWyUHQDJOHZ\V]áR]]DFKPXU
L RPDOZMHFKDáE\PQDV]F]HSLRQHSU]HGVHNXQG GZDVDPRFKRG\$XGLL6NRG
NWyUHSU]HG
FKZLO QD VLHELH ZSDGá\ =QRZX E\á SLVN PRLFK RSRQ L ]DWU]\PDáHP VL
WX*WX* SU]HG
UR]ELWNDPL 3LW\ QLHPDOZ\SDGHN PLDá PLHMVFH 9,,, URNX R JRG]LQLH 1DJOH ]
NU]DNyZ JG]LH SUDNW\F]QLH MHVW V]HURND FLH*ND DOH WDPW
G\ VL
QLH MH(G]L Z\MHFKDá PL
JZDáWRZQLH GX*\ILDWS5\NKDPRZDQ\FKPRLFKRSRQVá\FKDüE\áRSU]\QDMPQLHMNLORPHWU
6]yVW\ PLDá PLHMVFH9,,,URNXRJRG]LQLH%\áDWRSUyEDZ\PXV]HQLDQDPQLH
SLHUZV]HVWZD SU]HMD]GX SU]H] SLMDQHJR NLHURZF
-DN ]Z\NOH U\N RSRQ QR L MRS\ VL
DXWRPDW\F]Q HOHNWU\N
$E\ RGFLü GRSá\Z ZRG\ PXVLDáHP QDMSLHUZ SU]HEUQü SU]H]
SU]HV]NRG\ ER Uy*Q\PL SLHUGRáDPL PLDáHP SR]DVWDZLDQH GRMFLH GR NXUND DNXUDW
HNVSHU\PHQWRZDOLP\ ZXVWDZLHQLXZ\SRVD*HQLDáD]LHQNL7DNZL
F]DQLP]DPNQáHPWHQ
QLHV]F]
VQ\ NXUHN XSá\Q
áR RNRáR WU]HFK PLQXW Z F]DVLH NWyU\FK PLHOLP\ SRZyG( Z
PLHV]NDQLX 8 QDV QLH PD SURJyZ ZRGD ]DODáD ZL
F QDP FDá SRZLHU]FKQL
PLHV]NDQLD
MHGQRFHQW\PHWURZ ZDUVWZ'\ZDQ\LZ\NáDG]LQ\QDVLNá\ZRG:RGDSU]HODáDVL
WH* SU]H]
SRGáRJ
VXILW L ]DODáD VVLDGyZ ] GRáX 1LHFK NWR VSUyEXMH Z\Mü G\ZDQ [ P NWyU\
SRSU]\VWDZLDQ\MHVWPHEODPL LQDVLNQL
W\ZRGDMH*HOLMX* WRVL
PXXGDWRQLHFKJR]UROXMH
LZ\QLHVLHQDGZyUGRWU]HSDNDDE\PyJáWDPVFKQüSU]H]NLONDGQL-DWHJRGRNRQDáHP]D
*RQD ZW\PF]DVLH]ELHUDáDV]PDWDPLZRG
LZ\*\PDáDGR]OHZX2F]\ZLFLHZV]
GRE\OVNLH
QDV]HNRFKDQHG]LHFLDF]NLSRPDJDá\MHMWDNZVSDQLDOH*H]ZDOLá\WHOHZL]RUNWyU\MX* QLHQDGDMH
VL
GRQDSUDZ\:PL
G]\F]DVLH:DUWEXUJVDPRF]\QQLH]JDVáERSDOLZRPXVL
VNRF]\áR
2GQRQLH K\GUDXOLNLWR]DNáDGDáM QDV]]QDMRP\K\GUDXOLNNWyU\DNXUDWE\áZFXJXF]\OLSLá
7DN ZL
F QLH PRJáHP OLF]\ü QD QLHJR $*HE\ XVXQü DZDUL
PXVLDáHP DOER XV]NRG]RQ\
RGFLQHN]DVWSLüWDNLPVDP\PDOHQRZ\PDOERQLHOLF]\üQDáDWZL]Q
W\ONRSU]HURELüQDVWDá\
V]W\ZQ\ :\EUDáHPWHQGUXJLZDULDQWERSURZL]RUNDPR*HSRQRZQLHVSRZRGRZDüSRZyG(
3RV]HGáHP ZL
F SLHV]R QDPLDVWR DE\ ]RUJDQL]RZDü UXUN
PHWDORZ JZLQWRZQLF
WHIORQ L
NV]WDáWNLFKFFMDNQDMV]\EFLHMXSRUDüVL
]W SU]HNO
W K\GUDXOLN3RV]HGáHPZL
FQDVNUyW\
SU]H] WRU\ NROHMRZH ,GF ]REDF]\áHP OH*FHJR FKáRSFD RNRáR WX ODW NWyU\ SáDNDá
3U]HFKRG]F SU]H] WRU\ QLHIRUWXQQLH ]áDPDá QRJ
&]
FLRZR JR QLRVF F]
FLRZR
SRGSLHUDMFGRWDUáHPZUHV]FLH]QLPGR3RJRWRZLDJG]LHJRSR]RVWDZLáHPQDGUXJLPNRFX
PLDVWD -DNQD]áRüMDNQLJG\SU]HFKRG]FSU]H]SRVWyMQLHE\áRWDP*DGQHMWDNVyZNLDQL
*DGQHJR ]QDMRPHJR ] VDPRFKRGHP 6WUDFLáHP JRG]LQ
6NOHS K\GUDXOLF]Q\ MX* ]DPNQL
WR
MHGQDN SU\ZDWQLH ]GRáDáHP ]DáDWZLü WR ZV]\VWNR FR E\áR PL QLH]E
GQH GR XVXQL
FLD DZDULL
K\GUDXOLF]QHM :UDFDMFGRGRPXVSRWNDáHPNROHJ
]VDPRFKRGHPNWyU\SRGZLy]áPQLHQD
.R]áyZN
ER WDN QD]\ZDP\ W
F]
ü /HJLRQRZD JG]LH PLHV]NDP 5yZQLH* WHQ NROHJD
SRPyJáPLUR]SRVWU]HüRJURPQ\PRNU\LEDUG]RFL
*NLG\ZDQQDWU]HSDNXDQDVW
SQLHE\áWDN
XF]\QQ\ *H SRPyJá PL XVXQü L WR IDFKRZR XVWHUN
3RPyJá PL QDZHW XVXZDü VNXWNL
SRZRG]L ZGRPXWDNZL
F*RQDPRJáDW\PUD]HP QLHFRRGHWFKQü3RWHP]DZLy]áQDVGR
OHNDU]DVZRLPVDPRFKRGHPJG]LHSRIDFKRZHMSRPRF\*RQDGRVWDáDUHFHSW
QDSU]\QRV]FH
XOJ
OHNDUVWZRRUD]SRGU]XFLáQDVGRDSWHNLDE\Z\NXSLüWROHNDUVWZR7DNRWRVNRF]\áVL
MHGHQ]GQLZNWyU\PRGVDPHJRUDQDSRVWDQRZLáHP*HVS
G]
JRQDSLVDQLX
=D ND*G\P UD]HP NLHG\ SRVWDQDZLDP SLVDü MDND NáRGD VSDGD PL SRG QRJL MDND
]PXV]DDE\SLVDQLHWRRGáR*\üQDSRWHP-HGQHJRGQLDZ]LáHPMX* GáXJRSLVGRU
NL]D *RQD
]H PLHFKHP S\WD FLHNDZH FR Z\SDGQLH W\P UD]HP : FKZLO
Sy(QLHM ]DG]ZRQLá WHOHIRQ
'REU\ NROHJD GRG]ZRQLá VL
] WHOHIRQX NRPyUNRZHJR $QGU]HMX VWRM
Z 3RSRZLH NRáR
3XáWXVND 3RV]áDPLVNU]\QLDELHJyZ1LHPDPSLHQL
G]\*RQDZV]SLWDOXDMD]DJRG]LQ\
PXV]
Z /HJLRQRZLH RGHEUDü G]LHFNR ] SU]HGV]NROD &y* PRJáHP ]URELü" 1LH ]MDGáHP
GRJRWRZXMFHM VL
]XS\QLH]DF]áHPSLVDüDZ]LáHP]VRE OLQN
KRORZQLF] LSRMHFKDáHP
GR 3RSRZD NP %H] SU]\JyG L SU]HV]NyG QD OLQFH SU]\FLJQáHP GX*HJR ILDWD S GR
/HJLRQRZD QDSRGZyUNRPRMHJRNROHJL1DVW
SQLHRGHEUDOLP\MHJRG]LHFNR]SU]HGV]NROD
LZWHG\RGQLHJRGRZLHG]LDáHPVL
*HZáDQLHG]L PDRGHEUDü*RQ
]HV]SLWDODELHODVNLHJR
*G\ ZUHV]FLH ZUyFLáHP GR GRPXRND]DáRVL
*H *RQLH SUDOND ]HSVXáDVL
Z F]DVLH SUDQLD
8V]NRG]HQLH QLHE\áRSRZD*QHDOH*HE\QDSUDZLüGR]RZQLNPXVLDáHPUR]HEUDüFDá SUDON
SRMHFKDOLP\ ZL
F GR QLFK DOH LFK QLH ]DVWDOLP\ :V]\VWNR SR]DP\NDQH D LFK QLH PD
3RVWDOLP\ ZL
F]SyáJRG]LQ\SRFDáRZDOLP\NODPN
LSRNUyWNLHMQDUDG]LHSRVWDQRZLOLP\
SU]HMHFKDü VL
QDGZRG
LGRODVX%\OLP\QDG=DOHZHP=HJU]\VNLPSRWHPZOHVLH*G\
SRVWDQRZLOLP\ ZUyFLü ]áDSDáHP Z URGNX ODVX GZLH JXP\ QDUD] SUDZ\ SU]yG L SUDZ\ W\á
=DSDVRZH NRáRPLDáHPW\ONRMHGQR=PLHQLáHPZL
FQDSU]RG]LHER:DUWEXUJPDQDS
GQD
SU]yG :áF]\áHP RVWUH NRáR L QD W\OQLP IODNX GRF]áDSDOLP\ WH NP ODVHP GR DVIDOWX
3RWHP JG\ GR GRPX PLHOLP\ QDVW
SQH NP DVIDOWHP RND]DáR VL
*H ZRGD Z FKáRGQLF\
]DJRWRZDáD VL
=DWU]\PDQ\P ZL
F RND]\MQLH VDPRFKRGHP SRMHFKDáHP GR GRPX JG]LH
PLDáHP NLOND Nyá ]DSDVRZ\FK DOH QLH PLDáHP WUDQVSRUWX 3R*\F]\áHP ZL
F RG VVLDGyZ
URZHUX GRNWyUHJRGUXWHPSU]\PRFRZDáHPGZDNRáDLSURZDG]LáHPURZHUGR:LHOLV]HZD
NP 3R GZyFK JRG]LQDFK E\OLP\ Z GRPX JG]LH RND]DáR VL
*H QLH PD SUGX $ZDULD
HQHUJHW\F]QD 'RSLHURJG\]DF]
áRVL
FLHPQLDüZáF]RQRSUG:WHG\SU]\V]áDVVLDGND
VWDUXV]ND-HMV\QSU]HZUyFLáVL
WDNQLHIRUWXQQLH*HSRáDPDá*HEUD3RMHFKDáHPZL
F]QLPGR
V]SLWDOD:V]SLWDOXPXVLDáHPF]HNDüQDGHF\]M
OHNDU]\NWyU]\ZNRFX RU]HNOL*HWHQSDFMHQW
]RVWDMHZV]SLWDOX:GURG]HSRZURWQHM]1RZHJR'ZRUX0D]RZLHFNLHJRZ]LáHPQDRND]M
áHEND P
*F]\]Q
ZZLHNXRNRáRWXODWNWyU\FKFLDáDE\SRGZLHüJRGR-DEáRQQ\3U]HG
-DEáRQQ ]DWU]\PDáPQLHUDGLRZy]SROLF\MQ\GODUXW\QRZHMNRQWUROL1DZLGRNUDGLRZR]XPyM
SDVD*HUZ\VNRF]\áZELHJXJG\MHV]F]HQLH]XSHáQLHVL
]DWU]\PDáHPLGDáQRJ
ZSROH-HGHQ
SROLFMDQW]JQDWHPZU
NXUXV]\á]DQLPZSRFLJ]D GUXJLQLHSR]ZROLáPLRGMHFKDüLZH]ZDá
SRVLáNL SU]H] UDGLR 3R NLONXQDVWX PLQXWDFK QDGMHFKDá\ MHV]F]H GZD UDGLRZR]\ L ]
EH]VNXWHF]QHJR SRFLJX SRZUyFLá SROLFMDQW RNURSQLH ZNXU]RQ\ ER XFLHNá PX NOLHQW
SRV]XNLZDQ\ RGGDZDQDZLHORPDOLVWDPLJRF]\PL0QLHZNDMGDQNDFK]DEUDQRQDSROLFM
JG]LH VS
G]LáHP QD E]GXUQ\FK SU]HVáXFKDQLDFK ZLHOH JRG]LQ 3RWHP QLH FKFLDQR PQLH
SRGZLHü GR :DUWEXUJD SRG -DEáRQQ ZL
F NLONXNLORPHWURZD SLHFKRWND 3R SRZURFLH GR
GRPXRND]DáRVL
*HZV]\VF\MX* VSDOLMDWH* SRáR*\áHPVL
VSDü
7DN MX* SU]\Z\NáHPGRNáRSRWyZ]DZV]HSRMDZLDMF\FKVL
SRGF]DVSLVDQLD*HNLHG\
RSLV\ZDáHP ]GDU]HQLD ]DSUH]HQWRZDQH Z QDVW
SQ\P SRGUR]G]LDOH % DE\ XQLNQü
SU]HV]NDG]DQLD Z\ZLHVLáHPQDGU]ZLDFKNDUWN
*HZ\MHFKDOLP\%\áRIDMQLHD* GR
-HGQDN]DWU]\PLQXW\SyáQRFQDJOHEH]*DGQ\FKSU]\F]\QQDJáRZ
VSDGáPLJ]\PVNDUQLV]
] ]DVáRQ LILUDQN ]WDNLPZLHONLPKXNLHP*HZV]\VF\*RQDLG]LHFLVL
SREXG]LOL7DNZL
F
RSLV\WHPRJáHPGRNRF]\üGRSLHURQDVW
SQHMQRF\
7DN RWR ZF]DVDFKSLVDQLDWHJRSRGUR]G]LDáXSDVPRQLHV]F]
üLQLHSRZRG]H VWDáR
VL
X PQLH MX* FRG]LHQQRFL RF]\ZLFLH RSy(QLDMF Z\GDWQLH PRPHQW MHJR XNRF]HQLD
1DZHW QD JRG]LQ
QDSU]yG QLH PRJ
QLF]HJR ]DSODQRZDü ER RWR ]DZV]H FR
QLHSU]HZLG]LDQHJRVWDMHQDPRMHMGURG]H-DNZLHU]
VWDáRVL
WR]DVSUDZ SR]EDZLHQLDPQLH
LPSODQWXZJáRZLH7R*HMHV]F]HQDJáRZ
QLHVSDGáDPLFHJáD]GDFKXGUHZQLDQHJRNRFLRáD
WR ]DZG]L
F]DPW\ONRJyUVNLHPXNU\V]WDáRZLQDV]QXUNXMDNLQRV]
QDV]\LRUD]PDJQHVRZL
NWyU\ QRV]
Z NLHV]HQL 1DWRPLDVW NLHG\ ]DSODQXM
*H Z GDQ\P GQLX QLH E
G
QLF SLVDá
RND]XMHVL
*HG]LH WDNLMHVWVLHODQNLQLFVL
ZQLPQLHZ\GDU]D
1LHNLHG\ SU]\WUDILDM PLVL
UDF]HMG]LZQHSU]\SDGNLMDNLFKQLHSRWUDIL
Z\WáXPDF]\ü
,FKSU]\NáDGHPPR*HE\ü]GDU]HQLH]RNRáR VLHUSQLDURNX1LHW\SRZRGODWHMSRU\URNX
E\á ZWHG\RJURPQ\Z\V\SJU]\EyZ2Wy* E\áHPZyZF]DVQDJU]\EDFKZGZXKHNWDURZ\PODVNX
NRáR/HJLRQRZDL]DEáG]LáHPFKRG]FRWXPDQLRQ\PZNyáNRSU]H]RNRáRJRG]LQ\'RWHJR
PDáHJR ]DJDMQLNDZSDGDáHPRZLFLHQDMDNLH PLQXWLGFGRQLHJRPLQXWLW\OH
VDPR F]DVXOLF]FQDSRZUyW:ND*G\PEG( UD]LHJG\Z\FKRG]LáHPRWRMX* RE\áHP]
SRZURWHP -HGQDN ZWHG\ RNRáR VLHUSQLD URNX ZV]\VWNR E\áR MDN ]Z\NOH D* GR
PRPHQWX JG\SRVWDQRZLáHPZUDFDüRNRáRJRG]LQ\1LVWGQL]RZGZODVNX]URELáDVL
ZW\PMHGQ\PNLHUXQNXWRMHGQDNODVVL
QLHNRF]\á$SU]HFLH* WRQLHZLHONL]DJDMQLNZNWyU\P
E\áHPVHWNLUD]\=GZyFKMHJRERNyZURQLH*\WR]WU]HFLHMáND]F]ZDUWHMELHJQLHGURJD$OH
FKRG]L R WR *H ZRJyOH ] QLHJR QLH PRJáHP Z\Mü SRPLPR *H ZLHP *H E\áHP FDá\ F]DV
SU]\WRPQ\ F]XáHP VL
GREU]H L LGF ] JU]\EDPL RG GU]HZD GR GU]HZD QLHPRJáHP] ODVX
Z\Mü FKRFLD* FKFLDáHP'RSLHURJG\PJáDVL
XQLRVáD]REDF]\áHPEU]HJODVXLZ\V]HGáHP
'RGRPXGRWDUáHPRNRáR
1LH]Z\NáH]DGDU]HQLDQLHRPLMDM WDN*HLPRMHMURG]LQ\7RFRSU]\WUDILDVL
*RQLHPR*QD
]UR]XPLHü ZV]DN*HG]LHOLRQDPRMH*\FLH-HGQDNVWUDV]HQLDPRMHJRWU]\OHWQLHJRV\QND
-DFXVLD SU]H]8)2OLQLHGDMHVL
MX* ]UR]XPLHü0DP\QDWRGRZRG\LZLDGNyZ*HRQLFK
ZLG]L 3RPLPR *H -DFX MHV]F]H QLH PyZL NRQVHNZHQFMH SRZ\SDGNRZH WR MHGQDN GURJ
HOLPLQDFML S\WDSRWDNLZD L]DSU]HF]H VWZLHUG]DP\*H-DFX F]
VWRFR ZLG]L=DUyZQR
Z GRPXMDNLQDGZRU]H-HVWWRFR F]HJRRQVL
ERL,WDNQSQDJOHEDZLFVL
ZHVRáR]
G]LHüPL SRGU\ZDVL
SRND]XMHVZRLPSDOXV]NLHPQDFR QDFLDQLHZUy*Q\FKPLHMVFDFK
OXE QDWOHPHEOLL]DF]\QDVL
WU]ü]HVWUDFKXWXOLVL
GRPQLHL]SU]HUD*HQLHPZRF]NDFK
SDWU]\ QDFR F]HJRQDV]HRF]\QLHZLG]2GWHJRPRPHQWXZ\HOLPLQRZDQ\MHVW]]DEDZ\L
QLF DOHGRVáRZQLHQLFQLHMHVWMX* ZVWDQLHVNáRQLüJRGRGDOV]HM]DEDZ\6WDQWDNLXWU]\PXMH
VL
QLHUD]JRG]LQ
QLHUD] JRG]LQDZL
FGRF]DVXJG\3$1$-8) 1,(0$'X*\UXV]DVL
XEUDQ\ QD F]DUQR $OH W\ONR -DFX JR ZLG]L -HG\QLH GZXNURWQLH ZLG]LDáD JR WH* GZXOHWQLD
$JDWND 'RV]OLP\]*RQ LVVLDGDPLGRZáDQLHWDNLFKZQLRVNyZQDSRGVWDZLH]DFKRZD
G]LHFL RUD] QDVW
SQHJR ]DGDZDQLD LP ZLHOX S\WD SUyE L GRZLDGF]H 6DPL ]D ] *RQ
QDPDFDOQLHQLF]HJRQLH]DXZD*\OLP\
%79D]PRZDPLOF]HQLDLVWUDWHJLDRPLHV]DQLD
3RGNRQLHFVW\F]QLDURNXJG\E\áHPQD]DNXSDFKZVNOHSLHLZUyFLáHPGRGRPX
*RQDSRLQIRUPRZDáDPQLH*HPLDáHPWHOHIRQ]WHOHZL]ML']ZRQLáDUHGDNWRUND]SURJUDPXJR
5RZHU %áD*HMDQDGDZDQHJRFRG]LHQQLHSRPL
G]\D0D]DG]ZRQLüMHV]F]HUD]
=DG]ZRQLáD QDVW
SQHJR GQLD SU]HG SRáXGQLHP $NXUDW E\áHP Z GRPX 6S\WDáD PQLH F]\
]JRG]LáE\PVL
QDGZXF]
FLRZ\Z\ZLDGGOD5RZHUX%áD*HMDZ V]\PSURJUDPLH7933ODQ
E\áE\*HZSRF]WNRZHMF]
FLSURJUDPXRSRZLHG]LDáE\PRVZRLFKGRZLDGF]HQLDFK]8)2
QDWRPLDVW Z QDVW
SQHM F]
FL RGZRáDáE\P WR ZV]\VWNR DE\ W WHPDW\N
RPLHV]\ü
2ELHF\ZDáD SLHQLG]H 2GSRZLHG]LDáHP NUyWNR 1,( L RGáR*\áHP VáXFKDZN
=D NLOND GQL
]QRZX WHOHIRQ]793,QQDUHGDNWRUNDNWyUDSRQRZLáDSURSR]\FM
DOH]QRZXRGáR*\áHPWHOHIRQ
-DGQDN WDE\áDXSDUWDLSRFKZLOLG]ZRQLáD]QRZXSU]HGVWDZLDMFPLVZRMHUDFMHDWR*HMD
NLHG\ GOD F]DVRSLVPD VDW\U\F]QHJR 1,( XG]LHOLáHP WDNLHJR Z\ZLDGX L GODF]HJR QLH FKF
WHJRSRZWyU]\üGODWHOHZL]ML:\WáXPDF]\áHPMHMZL
FFRQDVW
SXMH3RSLHUZV]HWRF]DVRSLVPR
1,( SRSU]HNU
FDáRQLHNWyUHPRMHZ\SRZLHG]LQLHNWyUHF]
FL]RVWDá\]DWDMRQHF]
üE\áD
GRGDQD LZ\V]áRWDNMDN Z\V]áR 3RGUXJLHWRPRMDZ\SRZLHG( GOD1,(PLDáDQDFHOXDE\
RNUHORQD NVL*NDVWDáDVL
QLHZLDU\JRGQDQDU\QNX]NWyUHJRMHMDXWRU]\F]HUSDOLNRU]\FL
ZV]DN*H Z\GDOL M EH] SRUR]XPLHQLD ]H PQ L ]D PRLPL SOHFDPL FKRFLD* Z VSRUHM F]
FL
ED]RZDOL M QDPDWHULDáDFKSR*\F]RQ\FKRGHPQLH3RWU]HFLHZV]\VWNRWRXF]\QLáHPD*HE\
]GHPDVNRZDü VDP\FK DXWRUyZ WHM NVL*NL L ]EXOZHUVRZDü W SU]\NU VSUDZ RSLQL
SXEOLF]Q0yMZ\ZLDGGOD1,(E\áZL
FPRM VNDUJ QDG]LHMF PLVL
NU]\ZG
D*HDUW\NXá
MDNL VL
XND]Dá E\á QLHFR ]PLHQLRQ\ WR QLH PLDáHP QD QLHJR ZSá\ZX L SRG QLP VL
QLH
SRGSLVXM
'ODWHJR WH* QLH XG]LHO
GOD WHOHZL]ML RPLHV]DMFHJR 8)2 Z\ZLDGX , ]QRZX
RGáR*\áHPVáXFKDZN
0\ODáHP*HPDPLFKZUHV]FLH]JáRZ\$OHVL
P\OLáHP'QLDOXWHJR
]QRZX WHOHIRQZNWyU\PVá\V]
QLHFK3DQQLHRGNáDGDVáXFKDZNL]DQLPPQLHZ\VáXFKD
SU]HPLá\VáRGNLNRELHF\JáRV3DQLH$QGU]HMXF]\PyZL3DQXFR QD]ZLVNR0"7HQ3DQ
SU]\Má QDV]H]DSURV]HQLHQDOXWHJRURNXGRSURJUDPXMDNLPMHVW5RZHU%áD*HMD
L E
G]LHP\ZG]L
F]QLMHOLL3DQ]DV]F]\FLáE\QDVVZRM REHFQRFL5RELP\SURJUDPR8)2
L GRWHJRSURJUDPX]DSURVLOLP\VWURQ\]DLSU]HFLZ-HOL3DQSU]\MG]LHWRRGSRZLDGDáE\
3DQ W\ONR QD S\WDQLD 3RZLHG]LDáHP *H SU]HP\O
WR MHV]F]H L RGG]ZRQL
2G UD]X
]DG]ZRQLáHP GR3DQD0NWyU\SRWZLHUG]Lá*HSU]\Má]DSURV]HQLH:L
F]JRG]LáHPVL
LMD
]DNáDGDMF Z VZRLFK P\ODFK *H Z WHQ VSRVyE E
G
PLDá MDN V]DQV
]DUHNODPRZDü
QLQLHMV] .RVPLF]Q 8NáDGDQN
DOHMDN*HEDUG]RVL
P\OLáHP
(PLVMD ZFKRG]LáD QD DQWHQ
R DOH SURV]RQR PQLH E\P E\á MX* R :L
F
E\áHP 3RMHFKDáHP ] V\QNLHP àXNDV]HP QDV]\P :DUWEXUJLHP NP )HE\ E\ü
SXQNWXDOQ\P Z\MHFKDOLP\ R ] /HJLRQRZD JG\* PXVLHOLP\ SRNRQDü ZLDWHá
V\JQDOL]DF\MQ\FKSRGURG]H%H]SU]\JyGLSU]HV]NyGSXQNWXDOQLHGRWDUOLP\QD0RNRWyZ1D
:RURQLF]DE\OLP\R:SRF]HNDOQLVWXGLD6E\áRJZDUQRLWáRF]QR%\áRNLONDSUyE
R DXWRJUDI\%\áRZLHOHS\WDUHIOHNVMLEá
GQ\FKLQLH]UR]XPLDá\FKF\WDWyZZLHOXQLH]QDQ\FK
PL RVyE0L
G]\VRE ]DZ]L
FLHUR]SUDZLDQRQDWHPDW8)2LLQQ\FKF\ZLOL]DFML%\OL]ZROHQQLF\
L SU]HFLZQLF\%\áRMDNZ7DUJRZLF\=HPQ UyZQLH* SUyERZDQRG\VNXWRZDüV]F]HJyOQLH
UHGDNWRU QD]ZLMP\ JR WXWDM %áD*HM NWyU\ ]D ZV]HON FHQ
SUyERZDá PQLH QDNáRQLü DE\P
]DF]á OHF]\üVL
SV\FKLDWU\F]QLHPyZLáFR RSURJUDPLHEDGDZF]\P6(7,PGU]\áWH* VL
R LQQ\FK U]HF]DFK Z NRFX WDN PQLH ZNXU]\á *H ]DGDáHP PX S\WDQLH FR WR MHVW SUG
HOHNWU\F]Q\$RQQDWRD3DQZLH"-D]NROHLJG\E\PZLHG]LDáQLHS\WDáE\P3DQDR
WR 3DQLH %áD*HMX 2Q PL QD WR ]DSURSRQRZDá MH*HOL RGSRZLHP WR 3DQ ]JRG]L VL
RGSRZLDGDüQDS\WDQLD]DGDZDQHSU]H]HPQLH SU]HGNDPHUDPL"2GSRZLHG]LDáHP]JRGD
=DWHP SUG HOHNWU\F]Q\ MHVW VLá ]DZDUW Z SU]HZRGDFK HOHNWU\F]Q\FK JG]LH MHGHQ MHVW
GRGDWQL D GUXJL MHVWXMHPQ\2GSRZLHG]LDáHP EUDZR3DQLH%áD*HMXL EDUG]R G]L
NXM
ER
ZLG]L 3DQF]áRZLHNW\OHODW*\MHQDW\PZLHFLHVNRF]\áQDZHW]DZRGyZN
DQLHZLHF]\P
QDSUDZG
MHVW SUG HOHNWU\F]Q\ Z GXFKX MHGQDN SRP\ODáHP UHGDNWRUNX SU]\ WZRMHM
SRZLHU]FKRZQRFL L Sá\WNRFL NWR FL
WX ]DWUXGQLá : SRF]HNDOQL L QD KROX S\WDQLRP L
VSU]HF]NRP QLH E\áR NRFD 'RV]áR QDZHW GR EDUG]R RVWUHM L PRPHQWDPL QDZHW ZXOJDUQHM
Z\PLDQ\ VáyZWDN*H]GHF\GRZDáHPVL
Z\FRIDü]V\QHP]DQLPGDPNRPX ZPRUG
$OHJG\
PLDáHP MX* VL
] WHJR PLHMVFD Z\QRVLü ]MDZLá VL
3DQ 0 L SRZVWU]\PDá PQLH PyZLF L
PLHMFVL
*HE\PVL
GRWHJRSU]\]Z\F]DLáL*HSU]HGNDPHUDPLE
G]LHOHSLHM
: NRFXE\áDL]DF]
áRVL
1DSLHUZV]\RJLH SRV]HGáGDüVL
SR*UHü3DQ0
NWyUHJR SU]HFLZQLNLHP E\á MDNL ]DNXW\ SURIHVRUF]\QD %\á\ ]GDQLD SRG]LHORQH L R PDáR QLH
GRV]áR GR NáyWQL]DNXOLVDPLSRPL
G]\PQ DUH*\VHUNERD* QDFDá\JáRVNOáHP:NRFX
QLH ZUyFRQR MX* JáRVX D SU]HFLH* PLDQR ZUyFLü 3DQX 0 L ]URELRQR SU]HU\ZQLN ] NRFLHM
PX]\NL3RWHPSRSURV]RQRPQLHQDNU]HVáRSU]HGNDPHU RDSRQLHZD* PHJRV\QD
QLHSXV]F]RQR]HPQ LVLá ]DWU]\PDQRJRSR]DNDPHUDPLRQVDPZ\áSU]HUD(OLZLHNU]\F]Dá
V]DUSDáVL
JU\]áLNRSDáDE\SXV]F]RQRJRGRMHJRWDWXVLDD* ZNRFXGRVWDáDWDNXNDV]OX
DVWPD 7DNZL
FSR]DNDPHUDPLSDQRZDáFKDRVQLHGRRSLVDQLDLGX*RRVyEELHJDáRNRáR
XVSRNRLá D]DFKZLO
Vá\V]
áXEXGX.DPHUDOH*\QDSRGáRG]HDMDNL IDFHW]SU]HUD*HQLHP
ZRF]DFKNO
F]\QDGQL LWU]\PDVL
]DJáRZ
7HJRQLHGDVL
RWWDNRSRZLHG]LHü
:NRFX]DF]
WR]DGDZDüPLS\WDQLD]REXIURQWyZSXEOLF]QRFLNWyUDE\áDSRG]LHORQD
QD GZD RER]\ 6WDUDáHP VL
RGSRZLDGDü QD WH S\WDQLD Z VSRVyE U]HF]RZ\ DOH ]DQLP
RGSRZLHG]LDáHP QDMHGQRWRPLSRFKDPVNXSU]HU\ZDQRL]DGDZDQRPLQDVW
SQH]QRZXPL
SU]HU\ZDQR Z NRFX VL
ZNXU]\áHP L LP SRZLHG]LDáHP*H VNRURFKF ]QDü RGSRZLHG]LQD
SRV]F]HJyOQH S\WDQLD WR PXV] 5RZHU %áD*HMD SU]HGáX*\ü R SU]\QDMPQLHM JRG]LQ\
2GSRZLHG]LDáHP WH* QD S\WDQLH RZHJR UHGDNWRUD %áD*HMD NWyU\ XVLDGá Z PLHMVFX GOD
SXEOLF]QRFL-HG\QHFRPRMHZ\MDQLHQLDZ]EXG]Lá\ZQLPWRNRPHQWDU]QLHZLG]
]ZL]NX
RGSRZLHG]L ]S\WDQLHP&KFLDáHPZL
FSRQRZQLH]DGDüPXS\WDQLHFRWRMHVWSUGHOHNWU\F]Q\
DOH QLH]G*\áHP2GHEUDOLPLJáRVLZL]M
:VWDáHPU]XFLáHPPLQLPLNURIRQLNZ]LáHPV\QD
QD U
FH L WU]DVQZV]\ SRW
*QLH Z\VRNLPL GU]ZLDPL RSXFLáHP WHQ SU]\E\WHN %H] SU]\JyG
ZUyFLOLP\ GR GRPX SR GURG]HV\QHN RSRZLDGDá PL MDN WR RQ ]DZ]L
FLH ZDOF]\á ] QLPL*H
ZDOQá VRELHNDPHUMHGQHM3DQLZVDG]LáSDOHFGRMHMQRVDGUXJ XU\]áZU
N
3DQDNRSQá
Z MDMND : GRPX *RQD SXFLáD PL WDP
] ZLGHD JG\* QDJUDáD FDá\ SURJUDP QD *\ZR
=GHQHUZRZDáHP VL
: MDNL F]DV SRWHP SU]\VáDOL PL KRQRUDULXP ]áRW\FK F]\OL
RGSRZLHGQLNRNRáRNLORJUDPyZV]\QNL
&DáH Z\GDU]HQLH SR]RVWDZLáRPQLHZ RGF]XFLX*H PDVPHGLDVSU]\VL
*RQH V MDN
]PRZ PLOF]HQLD:RVWDWQL QLHG]LHO
VLHUSQLDURNXRNRáRSRSRáXGQLXW\VLFHOXG]L
]JURPDG]RQ\FK QDG=DOHZHP=HJU]\VNLPZLG]LDáRRJURPQ V]DURRáRZLDQ FKPXU
RNRáR
GR NLORPHWUyZ GáXJRFL L GR NLORPHWUyZ V]HURNRFL :\SUDZLDáD RQD KDUFH QDG
=HJU]HP SU]HPLHV]F]DMF VL
WR ]H ZVFKRGX QD ]DFKyG L ] SRZURWHP ]DWU]\PXMF VL
SRQRZQLH QDJOH UXV]DáD QD SyáQRF ]DWU]\P\ZDáD VL
REUDFDáD REQL*DáD UXV]DáD QDSU]yG
URELF RJURPQH NRáR E\ SRWHP ]ODü VL
] GUXJ MHV]F]H ZL
NV] FKPXU L ]QLNQü ]D
KRU\]RQWHP1LHZ\ZRáDáDRQDDQLZLDWUXDQLGHV]F]XDQL*DGQ\FKLQQ\FKQDVW
SVWZ.D*G\
ZWHG\ SU]H]PLQXWSDWU]\áLND*G\PyZLá*HWRRJURPQH8)2ZNV]WDáFLHF\JDUD0yZLRQR
R W\PSRNWQLHMHV]F]HSU]H]V]HUHJGQL-HGQDN*HZ*DGQ\PPDVPHGLyZQLH]QDOD]áHPR
W\P IHQRPHQLH DQL Z]PLDQNL 6 OXG]LH NWyU]\ ERM VL
QDUD*Dü VZRMHM UHSXWDFML Z REDZLH
SU]HG RPLHV]HQLHP:RO RQLQLHZ\UD*DüVZHMRSLQLLQDWDNLHWHPDW\:LGDüZ\UD(QLH*H
OXG]NRüQLHGRURVáDMHV]F]HDE\Z]LüE\ND]DURJL
:LHOX OXG]L ]DGDMH PL QLH]PLHQQLH WR VDPR S\WDQLH :\UD*RQH MHVW RQR ]GDQLHP
VWZLHUG]DMF\PFR ZURG]DMXVNRUR21,G\VSRQXM WDN]DDZDQVRZDQ WHFKQLN WRGODF]HJR
VDPLQLHE\OLZVWDQLHXPLHFLü7$%/,&=.,ZRNROLF\:L]RZHMFKRFLD* E\OLZVWDQLHWDEOLF]N
%&KURQRORJLF]Q\]HVWDZDUW\NXáyZMDNLHXND]Dá\VL
QDWHPDWPRMHJRXSURZDG]HQLD
2GF]DVXNLHG\]DF]áHPPyZLüRWZDUFLHQDWHPDWPRLFKGRZLDGF]H XND]DáDVL
MX*
VSRUDOLF]EDSXEOLNDFMLNWyUHRSLV\ZDá\PRMHSU]\JRG\3UDNW\F]QLHSUDZLHZV]\VWNLH]QDQHPL
JD]HW\ QDWHQWHPDWSLVDá\QLHNWyUHSRZLHOHUD]\1DMF]
FLHMWHPDWPRMHJRSU]\SDGNXLPHM
VNURPQHM RVRE\SRGQRV]RQ\E\áZHZURFáDZVNLFKPDVPHGLDFK1LHVWHW\ZL
NV]RFL]W\FK
DUW\NXáyZ MX* QLHPDPERDOERNRPX SR*\F]\áHPLPLQLHRGGDQRDOERDUW\NXáJG]LH VL
]DSRG]LDá DOERG]LHFLDNPLSRGDUá&RLUD]MHGQDNVá\V]
*HWRWXWRWDPNWR FR QDPyM
WHPDW Z\GUXNXMH OXE FR L UD] NWR QD DQWHQLH FR ZVSRPLQD QD PyM WHPDW DOH MD QLH
SU]\NáDGDP GR WHJR ZDJL ER L QLH PDP ]E\WQLR F]DVX DOER X]QDP*H NWR V]XND MHG\QLH
VHQVDFML OXEWH* *HNWR FKFH]DEá\VQü:V]DN*H*DGQR]RZ\FKRSUDFRZD QLHVWDUDáRVL
QDZHW Z\MüSR]DSR]LRPSRZWyU]HQLDF]\VNRPHQWRZDQLDLQSWDNMDNWHQWUDNWDWVWDUDüVL
Z\MDQLüMDNLHMHVWSRGáR*HLQDXNRZHLQWHUSUHWDFMHWHJRFRPQLHGRWNQ
áR2WRFKURQRORJLF]Q\
]HVWDZW\FK]RZ\FKSXEOLNDFMLQDWHPDWPRMHJRXSURZDG]HQLDMDNLFKHJ]HPSODU]HLGDQHGR
G]LVLDMXGDáRPLVL
]DFKRZDü
>%@ .D]LPLHU] %]RZVNL %OLVNLH VSRWNDQLH WU]HFLHJR VWRSQLD SRG 1DVLHOVNLHP
.RPRUD ]LPQD LILJXU\QDSLDVNX1LH]QDQ\ZLDW XO(&LRáND:DUV]DZDQU
VWURQ\GR
>%@ .D]LPLHU] %]RZVNL %OLVNLH VSRWNDQLH WU]HFLHJR VWRSQLD SRG 1DVLHOVNLHP
,PSODQW 1LH]QDQ\ZLDW XO(&LRáND:DUV]DZDQUVWURQ\L
>%@.D]LPLHU]%]RZVNL/HNFMD1LH]QDQHJR1LH]QDQ\ZLDW XO(&LRáND
:DUV]DZDQUVWURQ\GR
>%@,QF\GHQW
1DVLHOVN
:L]MH3HU\IHU\MQH XO-y]HID
.UDNyZQUPDU]HFNZLHFLH VWURQ\L
>%@ %HDWD7XUVND6WUXSF]\LPSODQW"6XSHU([SUHVVNZLHWQLDURNVWURQD
>%@0DP\VZHJRF]áRZLHNDZNRVPRVLH")\FLH1DVLHOVND F]DVRSLVPRVDPRU]GX
JPLQQHJRQXPHU]PDMDURNX
>%@.D]LPLHU]%]RZVNL+LVWRULDQLH]WHM=LHPL3DQRUDPDQXPHU]PDMD
URNXVWURQD
>%@*UD*\QD)RVDUL)UDQ]%OXGRUI'DVHUEHYRQ$YDORQ.VL*NDWáXPDF]RQDWH* QD
M
]\NSROVNLLZ\GDQDSRGW\WXáHP']LHG]LFWZR$YDORQX:DUV]DZDURN
>%@ .D]LPLHU]%]RZVNL%OLVNLHVSRWNDQLD,9VWRSQLDF]\OLSRUZDQLSU]H]8)27\JRGQLN
DVWURORJLF]Q\
*ZLD]G\
QXPHU]GQLDF]HUZFDURNX
>%@ .D]LPLHU]%]RZVNL0LOF]DáSU]H]ODWW\JRGQLN%H]SDUGRQXQU]GQLD
VLHUSQLDURNXVWURQD
>%@ 5REHUW-DUXJD%XMGDR8)2UDFKW\JRGQLN1,( 1,(XO6áRQHF]QD
:DUV]DZD WHO ID[ (PDLO 1,(#KVQFRPSO ,661 QU
]OLVWRSDGDURNXVWURQD
5R]G]LDá&
1$:,(7/(1,(,67271<&+381.7Ï:8352:$'=(
SU]\JRWRZDáSURIGULQ*-DQ3DMN
0RWWRQLQLHMV]HJRUR]G]LDáX:LHG]DWRRGSRZLHG]LDOQRü
6HUGHF]QLH G]L
NXM
3DQX$QGU]HMRZL'RPDOH]DSU]\JRWRZDLHSRZ\*V]\FKRSLVyZMDNLH
]GHF\GRZDáVL
XGRNXPHQWRZDüLRSXEOLNRZDüGODGREUDQDV]HMZLHG]\RUD]NXSR*\WNRZLQDV
ZV]\VWNLFK &KFLDáE\P ]D]QDF]\ü *H Já
ERNR V\PSDW\]XM
] QDMUy*QLHMV]\PL NáRSRWDPL L
WUXGQRFLDPL MDNLPL8)2QDXFLJRQ
NDOLZ]ZL]NX]MHJRSU]H*\FLDPLLIDNWHPSRGM
FLDVL
SLVDQLD QLQLHMV]HJRWUDNWDWX:V]DN*HRZV]HP8)2QDXFLFKFLHOLDE\XSRZV]HFKQLDáUHODFMH
QD LFK WHPDW MDNLH G]LDáDM Z LFK LQWHUHVLH 1LHPQLHM QDMSUDZGRSRGREQLHM ZFDOH QLH*\F]\OL
VRELH DE\ Z]Lá MHGQRF]HQLH XG]LDá Z QDSLVDQLX QLQLHMV]HJR WUDNWDWX NWyU\ SU]HFLH* LFK
G\VNUHG\WXMH 2F]\ZLFLH ]JRGQLH ]H VZRM ]ZRGQLF] QDWXU QLH SRZLHG]LHOL PX WHJR
RWZDUFLH
-D VDPWH* GRZLDGF]\áHPNáRSRWyZMDNLH]DZV]HZDO VL
QDQDV] JáRZ
NLHG\NWR
]DF]QLH UHDOL]RZDüFR FRELHJQLHSU]HFLZNRLQWHUHVRPQDV]\FKRNXSDQWyZ-HVWHPZL
FZ
VWDQLHGRNáDGQLHGRFHQLüMDNSRWUDIL RQHXSU]\NV]\ü*\FLH:V]DN*HLPQLH8)2QDXFLNLHG\
XVLáRZDOL ]DFLHNOH SRZVWU]\PDü SU]HG XNRF]HQLHP WUDNWDWX >%@ ]DZLHUDMFHJR RSLV
FKDáXSQLF]HJR VSRVREX Z\NRQDQLD XU]G]HQLD XMDZQLDMFHJR MDNLH Z\GRE\ZD 8)2QDXWyZ
RUD] LFKVWDWNL]HVWDQXQLHZLG]LDOQRFLLSR]ZDODDE\LFK]REDF]\üSRWHP]D RWZDUOLLVWQH
SLHNáR SRG PRLPLQRJDPLNLHG\Z\NDF]DáHPWUDNWDW>@RSLVXMF\MHV]F]HLQQ GRVWDZ
PRPHQWDFKNLHG\E\áRQ VDPRWQ\L]XSHáQLHQLHPLDáZLDGNyZQDSRSDUFLHVZRLFKWZLHUG]H
&]\* QLHáDWZLHME\áRE\WRVDPR]DGDQLHSRZLHU]\üPXSRZ\OGRZDQLXQDURGNX/HJLRQRZD
L Z REHFQRFL WáXPX ]DV]RNRZDQ\FK JDSLyZ ZyZF]DV ZV]DN*H OXG]LH VáXFKDOLE\ FR 3DQ
'RPDáDPDQDPGRSRZLHG]HQLD
)DNW*HSU]HELHJ*\FLD3DQD'RPDá\Z\ZLHWORQ\SU]H]KXPDQRLGN
E\áWDNV]RNXMF\
L* QDZHWRQVDPXOHJá]DZVW\G]HQLXSRMHJRRJOGQL
FLXMHGQDNKXPDQRLGNDZU
F]Z\JOGDáD
MDNE\ E\áD ] WHJR SRZRGX ]DGRZRORQD L VWZLHUG]LáD*H E
G]LH VL
QDGDZDá :FDOH WH* QLH
QDOHJDáD DE\ ]PLHQLá F]\ XPRUDOQLá VZH *\FLH D MHG\QLH áDJRGQLH QDSRPQLDáD DE\ QD
SU]\V]áRü Z\FLJQáZQLRVNLSDWU]^`RUD]DE\SU]\MPRZDá*\FLHWDNLPMDNLHRQRMHVW
Z VDPHM VZHM LVWRFLH ^` -HM ]DFKRZDQLH VXJHUXMH L* SRWU]HEQ\ RQ E\á NRVPLWRP
GRNáDGQLH WDNL MDNLE\áD QLH ]PLHQLRQ\F]\ XGRVNRQDORQ\ 6WG QDZHW QLHVWDUDOL VL
JR
QDPyZLüGR]PLDQ\VZHJRSRVW
SRZDQLD
)DNW *H PLHV]NDF\ SODQHW\ 1HD WDN V ]DWURVNDQL RZ JUXS ]DWZDUG]LDá\FK
IDQDW\NyZMDNDE
G]LHXVLáRZDáDSU]HV]NRG]LüZLFKSU]\V]á\PXG]LHODQLXSRPRF\OXG]LRP
] SODQHW\=LHPLD^`MHGQDN*H]XSHáQLHLFKQLHPDUWZLá\LQNZL]\FMDDQLKLWOHU\]P&]\*E\RZL
]DWZDUG]LDOLIDQDW\F\W\ONRGODWHJRE\OLJUR(QLGOD1HDQ*HVWDUDOLVL
E
G Z\UZDü=LHPL
]H
VWUHI\ ZSá\ZyZ1HDSRGF]DVJG\LQNZL]\FMDLKLWOHU\]PE\á\EH]]QDF]HQLDERZLHPMHG\QLH
PDVDNURZDá\LQQ\FK=LHPLDQ"
)DNW*H MHJRRSLHNXQLVSUDZLDOLZUD*HQLHRWZDUWRFLLSU]H(URF]\VWRFLMHGQDNEH]
SU]HUZ\PLHOLSU]HGQLPFR GRXNU\FLD^`$E\GDüWXWDMMDNL SU]\NáDGRZ\FKXNU\ZDQ\FK
SU]HG QLPVSUDZ WR QLH SR]ZDODOL PX ZHMü GR ZV]\VWNLFK SRPLHV]F]H GR MDNLFK ]HFKFLDá
^` F]\*E\ PyJá FR WDP ]REDF]\ü FR GRVWDUF]\áRE\ DPXQLFML RZ\P ]DWZDUG]LDá\P
IDQDW\NRPVWDUDMF\PVL
RGHUZDü=LHPL
RGZSá\ZyZ1HDWDF]\NyZ1LHSRND]DOLPXMHJR
ZáDVQHJR V\QD^`L]GRáDá]REDF]\üJRMHG\QLHSRSU]H]Z\ELHJF]\*E\EDOLVL
*HMHOL
]REDF]\ JR]ZLHG] *HWRMHJRV\QZyZF]DVRGQRWXMHZQLPFR FRPR*HSRGZD*\üMHJR
ZLDU
Z LFK SUDZGRPyZQRü 1DV\áDM QD QLHJR MHJR SDUWQHUN
DE\ ]DLQGXNRZDáD Z QLP
SRWU]HEQH GOD LFK FHOyZ XF]XFLD ^` MHGQDN QLH SR]ZDODM PX DE\ ] QL VZRERGQLH
SRUR]PDZLDáF]\*E\VL
EDOL*HRGNU\MHL* MHVWRQD MHG\QLHSUDFRZQLF LFKVáX*EVSHFMDOQ\FK
VSHFMDOL]XMF VL
ZUHDOL]DFMLVDERWD*XLDQW\Z\]ZROHF]\FK]DGD QDREV]DU]H3ROVNL"1D
GRGDWHNGRWHJRZV]\VWNLHJRZL
NV]RüF]DVX]DUyZQRSRGF]DVMHJRSRE\WXQDLFKSODQHFLH
MDNLSRGF]DVSRGUy*\ZRELHVWURQ\WU]\PDM JRZVWDQLHXSLRQ\PWDNDE\SU]\SDGNLHPQLH
RGQRWRZDáF]HJR FR]HSVXáRE\LFKPLVWHUQLHVSUHSDURZDQ\PXGRSRND]DQLDSURSDJDQGRZ\
REUD] -HOL ERZLHP SROLF]\ü QS F]DV NLHG\ SR]RVWDZDá RQ ZLDGRP\ SRGF]DV VZRMHJR
V]HFLRGQLRZHJR GUXJLHJRXSURZDG]HQLDQD.VL
*\F1HD^`ZyZF]DVRND]XMHVL
*H
SRGF]DVW\FKFDá\FKV]HFLXGQLZVWDQLHZLDGRP\PXWU]\P\ZDOLJRW\ONRSU]H]NLONDJRG]LQ
)DNW*HMHJR1HDWDF]\F\]DSHZQLDOLJRRSUDZG]LHLVSUDZLHGOLZRFLSDQXMFHMQD
LFK SODQHFLHMHGQDNZFDOHLPWRQLHSU]HV]NDG]DáRDE\JRQLHXVWDQQLHRNáDP\ZDüLZFLVNDü
PXUy*QHQLHSUDZG]LZHLQIRUPDFMH$E\GDüWXWDMLFKSU]\NáDGSRLQIRUPRZDOLJR*HSU]\ODWXM
QD =LHPL
W\ONRFRODW^`L*HSR9,,,URNXQDVW
SQ\PUD]HPSU]\E
G WXWDM
9,,, URNX ^` 7\PF]DVHP GQLD SD(G]LHUQLND URNX VSRWNDá RQ Z
/HJLRQRZLH VZRM SDUWQHUN
] 1HD ^`3RQDGWR NLONDNURWQLH VSRW\NDá RQ QDV\áDQ\FK QD
QLHJR RVREQLNyZ Z F]HUQL ^` NWyU]\ WH* SU]HFLH* PXVLHOL SU]\E\ü QD =LHPL
] 1HD
1HDWDF]\F\ QDMZ\UD(QLHMZLHG]LHOLRLFKZ\V\áDQLXERRVWU]HJDOLJR*HLFKQDSRWND^`
1DMSUDZGRSRGREQLHMMHV]F]HLQQ\PLFKNáDPVWZHPNWyUHXGHU]DZMHJRQDMF]XOV]\SXQNWMHVW
*HMDNRE\PDV\QD]1HDQN ^` 1DSRGVWDZLHEDGD RSLVDQ\FKZUR]G]LDOH,,PRQRJUDILL
>@ L UR]G]LDOH , PRQRJUDILL >@ ZLDGRPR MX* ZV]DN*H *H SU]\ Uy*QLF\ SRPL
G]\ MHJR
J
VWRFL HQHUJHW\F]Q FLDáD D W J
VWRFL X MHJR 1HDWDVNLHM SDUWQHUNL ] LFK VWRVXQNX
XURG]LáE\ VL
ZLHONROXG D QLH QRUPDOQH G]LHFNR =DZV]H ERZLHP ]H VWRVXQNX SRPL
G]\
PLHV]NDFDPL GZyFKRGU
EQ\FKSODQHWRUy*QLFHMVL
JUDZLWDFMLURG] VL
ZLHONROXG]LMDNR
SU]\NáDG SDWU]RSLV\Z%LEOLL.VL
JD5RG]DMX.VL
JD/LF]EL.VLJD%DUXFKD
F]\RSLV\QDVWURQDFKRGGRZHZVSRPLQDQHMSRSU]HGQLR>$@3RPLPRZL
F
WHFKQLF]QHJR ]DDZDQVRZDQLD 1HDWDF]\NyZ FLJOH ]H Z]JO
GyZ HW\F]Q\FK
QDMSUDZGRSRGREQLHM QLHSRGM
OLE\RQLU\]\NDDE\G]LHFNRSRF]
WHZLFKNRELHFLHZ\VWDZLRQH
E\áR QDQLHEH]SLHF]HVWZRZ\URQL
FLDQDZLHONROXGDQSJG\E\PWRMDSRGHMPRZDáGHF\]M
SU]H] FKZLO
FR E\P\ RGF]XZDOL JG\E\ MDNL ]LHPVNL SU]HáR*RQ\ SROLW\N F]\ GRVWRMQLN
]GHF\GRZDá *H WR QDV]D VLRVWUD OXE FyUND PXVL RGE\ü VWRVXQHN L PLHü G]LHFNR ] MDNLP
NRVPLW NWyUHJRRQMHMZ\ELHU]HF]\XZD*DOLE\P\WR]DIDLUQDZHWJG\E\NRVPLWDWHQE\á
QDMSU]\VWRMQLHMV]\ Z VZRLP JDWXQNX -HGQRF]HQLH LVWRW\ R WDNLHM ILOR]RILL RGELHUDM
=LHPLDQRP SUDZRGRZ\ERUXZáDVQHMGURJLUR]ZRMXLSU]\JRWRZ\ZXM VL
QD]JQLHFHQLHRZHM
JDUVWNL]DWZDUG]LDá\FKIDQDW\NyZNWyU]\E
G VWDUDOLVL
=LHPL
SRSURZDG]LüNXLQQHMILOR]RILL
^`
)DNW *H PLHV]NDF\ SODQHWD 1HD SRWUDIL FHORZR JHQHW\F]QLH KRGRZDü
QLHSHáQRZDUWRFLRZH LEH]SáFLRZHLVWRW\ELRURERWyZ^`MDNLHSRWHPX*\ZDM Z\áF]QLH
MDNR VZRLFKQLHZROQLNyZ]ZDODMDüQDQLFKQDMFL
*V]HLQDMEDUG]LHMQLHEH]SLHF]QHSUDFHQS
Z NRSDOQLDFK-HOLLFKV\VWHPPRUDOQ\SR]ZDODQDVND]\ZDQLHMDNLFKNROZLHNLVWRW*\MF\FK
QD WDNLQLHZROQLF]\ORVVWDQRZLWRGODQDVQLHPDOSHZQ JZDUDQFM
*HLP\=LHPLDQLHWDN*H
MHVWHP\ GODQLFKSRGU]
GQ\PLLVWRWDPLNWyUHMHG\QLHQDGDM VL
DE\E\ü(UyGáHPSRGREQLH
QLHZROQLF]\FK XVáXJ=UHV]W 3DQ'RPDáDQLH]GRáDáVL
GRZLHG]LHüVNGZáDFLZLHELRU RQL
VZRMH ELRURERW\ D JG\E\ ]GRáDá WDN*H QLH ZLDGRPR F]\ SRGDQD PX LQIRUPDFMD E\áDE\
SUDZG]LZD -HVW SU]HFLH* RF]\ZLVW\P *H SURGXNRZDQL PXV] RQL E\ü ] PDWHULDáX
JHQHW\F]QHJR WM RZXOH L VSHUP\ SRELHUDQHJR QD =LHPL RG OXG]L ZV]DN*H ]H Z]JO
GyZ
HW\F]Q\FKQLHPRJ SURGXNRZDüLFK]HVZRMHMZáDVQHMVSHUP\LRZXOH
-HOL VSUDZ
UR]ZD*\üQLHFRVWDUDQQLHMLVWQLHüPXVLMDNL QLH]Z\NOHZD*Q\SRZyGGOD
]DZDUFLD ZRSRZLDGDQLX3DQD$QGU]HMD'RPDá\]DUyZQRZV]\VWNLFKZ\PLHQLRQ\FKSRZ\*HM
QLHGRU]HF]QRFL L EUDNX ORJLNL RUD] NLONX GDOV]\FK LFK SU]HMDZyZ MDNLH QLH E\á\ WXWDM
Z\PLHQLDQH 3RPLPR]D*HZDUW\NXOH>%@]W\JRGQLND1,( 3DQ'RPDáDRFKRWQLF]RWDN
VWZLHUG]LáSRZRGHPW\PZFDOHQLHPR*HE\ü*HFDáHWH]GDU]HQLDRQMHG\QLHZ\P\OLáLZRJyOH
RQH PX VL
QLH SU]\WUDILá\ MDN WR ZV]DN*H Z\ND]DQH E
G]LHZ SRGUR]G]LDOH& ZL
NV]Rü
RSLVyZ WHFKQLF]Q\FK3DQD$QGU]HMD'RPDá\MHVWVSyMQDQDXNRZRLVWGPXVLDáDSU]\GDU]\ü
VL
QDSUDZG
3R Z\HOLPLQRZDQLX ZL
F PR*OLZRFL IDEU\NDFML MHG\Q\P SRZRGHP MDNL
WáXPDF]\ZV]HONLHQLHGRU]HF]QRFLLEUDNLORJLNLLVWQLHMFHZMHJRRSRZLDGDQLXSR]RVWDMHIDNW
L* FDáDMHJRSU]\JRGDPXVLDáD]RVWDüVWDUDQQLHVSUHSDURZDQD7\OH*HQLHSU]H]QLHJRDSU]H]
8)2QDXWyZ WDN DE\ VáX*\ü LFK ZD*QHPX FHORZL SROLW\F]QHPX WM SU]HV]NRG]HQLX
PLHV]NDFRP =LHPLZRGHUZDQLXVL
RGZSá\ZyZNRQIHGHUDFMLNRVPLF]QHMGRNWyUHMQDOH*
UyZQLH* PLHV]NDF\SODQHW\1HDLSU]HV]NRG]HQLXVNLHURZDQLDVL
=LHPLDQQDZáDVQ GURJ
UR]ZRMX $E\Z\UD]LüWRLQQ\PLVáRZDPLZV]\VWNLHXMDZQLRQHWXWDMQLHORJLF]QRFLZ\QLNQ
á\]
IDNWX*HFDáDSU]\JRGD3DQD'RPDá\]RVWDáDVWDUDQQLHVSUHSDURZDQDLZ\UH*\VHURZDQDSRG
Z]JO
GHP SURSDJDQGRZ\P W\ONR SR WR DE\ SU]\F]\QLü VL
GR XQLHPR*OLZLHQLD OXG]LRP ]
SODQHW\ =LHPLD Z\UZDQLH VL
VSRG NRVPLF]QHM RNXSDFML =D VDP 3DQ 'RPDáD Z W\P
VWDUDQQLH Z\UH*\VHURZDQ\P VSHNWDNOX VSHáQLDü PLDá NOXF]RZ URO
áDWZR GDMFHJR VL
'RPDáD SU]\WRF]\á MHVW VSyMQH Z VHQVLH QDXNRZ\P D W\P VDP\P PXVLDáR SU]\GDU]\ü VL
QDSUDZG
QLH ]D QS ]RVWDáR SU]H] QLHJR Z\P\ORQ\P :\MDQLDMF VSyMQRü QDXNRZ
SRV]F]HJyOQ\FKREVHUZDFMLMHGQRF]HQLHSU]\SRU]GNXM
LPLQWHUSUHWDFMH
:SRGUR]G]LDOH&Z\ND*
*HF\ZLOL]DFMDMDNDXSURZDG]LáD3DQD'RPDá
QDOH*\GR
NRQIHGHUDFML QDV]\FKRNXSDQWyZ&\ZLOL]DFMDWDQLHMHVWZL
FZREHFQDVEH]VWURQQDDMHVW
]DLQWHUHVRZDQD DE\ =LHPLD SR]RVWDáDZ VWUHILH MHM ZSá\ZyZ = NROHL E
GF ]DLQWHUHVRZDQD
Z XWU]\PDQLXQDVZVWUHILHVZRLFKZSá\ZyZPXVLVWDUDüVL
WRRVLJQüMDNLPL PHWRGDPL
QS PLQSRSU]H]Z\EyU]JURQDOXG]LV]NROHQLHRUD]SRG*HJDQLHGRG]LDáDQLDXOHJá\FKLFK
]DPLDURPQLHZLDGRP\FKNRODERUDQWyZ
:SRGUR]G]LDOH&Z\ND*
*HF\ZLOL]DFMDWD]PXVLáD3DQD'RPDá
DE\G]LDáDáMDNR
LFK QLHZLDGRP\ NRODERUDQW NWyUHJR ]DGDQLHP MHVW VáX*HQLH LQWHUHVRP QDV]\FK RNXSDQWyZ
PLQ SRSU]H] SRZWDU]DQLH OXG]LRP SU]HND]DQ\FK PX LQIRUPDFML NWyUH 8)2QDXFL WDN
]DSURMHNWRZDOL DE\VLDá\ZUyGQDV]GH]RULHQWRZDQLH]UD*Dá\GRSUREOHPDW\NL8)2ORJLF]QHM
Z\UDELDá\ IDáV]\ZHSRJOG\LSU]HND]\ZDá\NáDPOLZHREUD]\NRVPLWyZVXJHURZDá\*HRNXSXMF\
QDV 8)2QDXFLWURV]F] VL
RQDVLFKF QDV]HJRGREUDQLH]D FR]DFKRG]LIDNW\F]QLHQDV
HNVSORDWXM LG]LDáDM QDQDV] ]JXE
LWS
3R Z\ND]DQLX*HXSURZDG]LFLHOH3DQD'RPDá\IDNW\F]QLHFKF ZV]HONLPLGRVW
SQ\PL
LP PHWRGDPL RVLJQü QD =LHPL MDNLH VZRMH QLHFQH FHOH Z QDVW
SQ\P UR]G]LDOH '
SU]\VWSL
GR SRGVXPRZDQLD WHJR WUDNWDWX L Z\FLJQL
FLD ] QLHJR ZQLRVNyZ MDNLH GRW\F]
]DUyZQRQDVMHJRDXWRUyZMDNLZV]\VWNLFKPLHV]NDFyZSODQHW\=LHPLD
R JUDZLWDFMLZL
NV]HMRG=LHPLE
G SRVLDGDOLWDPPDV
ZL
NV] RGORNDOQ\FKLVWRWLVWGQD
RZHM SODQHFLH E
G SRUXV]DOL VL
V]\EFLHM QL* ORNDOQH LVWRW\ QS MDN SRUXV]HQLD SLHZDND
0LFKDHO
D -DFNVRQ
D QD MHJR ILOPDFK PX]\F]Q\FK 7R ZáDQLH ]MDZLVNR ]DREVHUZRZDá 3DQ
'RPDáDLRSLVDáZVZRLPUDSRUFLHSDWU]^`^`^`^`^`
:DUWRWXWDMGRGDü*HUyZQLH* ]XSHáQLHRGU
EQ\V]F]HJyáMHJRRSLVyZWDN*HSRWZLHUG]D
W VDP Uy*QLF
]DZDUWRFL HQHUJHW\F]QHM FLDáD 'RPDá\ Z SRUyZQDQLX ] FLDáDPL
1HDWDF]\NyZ -HVWQLPMHJRVSRVWU]H*HQLH*HSV\QD1HDZ\UD(QLHJRRPLMDá\^`2Wy*
]JRGQLH]SRGUR]G]LDáHP,PRQRJUDILL>@L>@HQHUJLD]DZDUWDZSROX ELRORJLF]Q\PLVWRW
MDNLH SRFKRG] ] LQQ\FK SODQHW MHVW RGPLHQQD RG HQHUJLL WHJR SROD X ORNDOQ\FK LVWRW ]D
]ZLHU]
WD RZDG\ L QDZHW EDNWHULH GRVNRQDOH W Uy*QLF
Z\F]XZDM VZRLPL ]P\VáDPL
3UDNW\F]QLH ERZLHP ]JRGQLH ] Z]RUHP , ] PRQRJUDILL >@ L >@ SRZRGXMH RQD*H
PDWHULDRUJDQLF]QDLVWRW\]LQQHMSODQHW\SRVLDGDRGPLHQQ PDV
F]\OLPDWHULDWD]DFKRZXMH
VL
RGPLHQQLHL PD LQQH ZáDVQRFL QL* PDWHULDPLHMVFRZD= MHGQHM ZL
F VWURQ\ PDWHULDWD
MHVW ]XSHáQLH QLHSU]HWUDZLDOQD GOD ORNDOQ\FK PLNURRUJDQL]PyZ D ZL
F WH* L GOD ORNDOQ\FK
VWZRU]H NWyU\FKV\VWHPWUDZLHQQ\ED]XMHQDG]LDáDQLXW\FKPLNURRUJDQL]PyZ]GUXJLHM]D
VWURQ\ QDGDMH RQD LVWRWRP ] LQQHM SODQHW\ FHFK\ MDNE\ XIRUPRZDQH ]RVWDá\ ] VXEVWDQFML R
FKDUDNWHU]H PLQHUDOQ\PDQLHRFKDUDNWHU]HRUJDQLF]Q\P=NROHL]P\Vá\]ZLHU]WRZDGyZF]\
EDNWHULL V Z\F]XORQHQDQDW\FKPLDVWRZHL]GDOQHRGUy*QLDQLHPDWHULLPLQHUDOQHMRGPDWHULL
RUJDQLF]QHMMHOLNWR QLHZLHU]\QLHFKVSUyEXMHSU]\NáDGRZRNDUPLüNXU\ZLHUQ\PLLPLWDFMDPL
]LDUQD W\OH*H Z\NRQDQ\PL QS ] PHWDOX U]XFLü JáRGQHPX SVX ZLHUQ LPLWDFM
NRFL W\OH*H
Z\U]H(ELRQ QS]NDPLHQLDF]\XVWDZLüNRáRPDV]HUXMFHMNROXPQ\PUyZHNGZDLGHQW\F]QLH
Z\JOGDMFH NU\V]WDáNL QS MHGHQ ] FXNUX D MHGHQ ] NU]HPLHQLD 6WG WH* SV\ ]DZV]H
RGQRWRZXM EOLVNRü LVWRW ] LQQHM SODQHW\L LFK VL
Z\UD(QLH ERM Z W\PSU]\SDGNX EOLVNRü
3DQD 'RPDá\ JG\ RQ SU]HE\ZDá QD SODQHFLH 1HD 3U]\NáDGRZR Z IRONORU]H OXGRZ\P SV\
]DZV]H ZDUF] OXEZ\M MHOLZSREOL*XSRMDZL VL
LVWRW\QDGSU]\URG]RQH=WHJRVDPHJR
SRZRGX EDNWHULHLRZDG\QLHFKFLDá\WH* ]MDGDüFLDáSLHUZV]\FKOXG]LQD=LHPL6WGVDP$GDP
MDN UyZQLH* NLONX XURG]RQ\FK SU]HG (QRV]HP MHJR SLHUZV]\FK V\QyZ SRF]
W\FK ]DUD] SR
SU]\E\FLX $GDPD]5DMXQD=LHPL
SRXPDUFLXQLHE\áRMHG]RQ\FKSU]H]UREDNLDQLLFKFLDáD
QLH SRGOHJDá\UR]NáDGRZLSU]H]PLNURRUJDQL]P\1DWHQWHPDWPLQSLV]HQDVWURQDFKL
ZVSRPLQDQD MX* SRSU]HGQLR NVL*ND >$@ SLyUD $QGU]HMD 2OV]HZVNLHJR 3DUDGRNV\
WDMHPQLF\ ZV]HFKZLDWD :DUV]DZD ,6%1 VWURQ .RQVXOWDFMH Z
VSUDZLH G\VWU\EXFML :\GDZQLFWZR $ 2OV]HZVNL :DUV]DZD VNU SRF]WRZD
3RGREQLH FLDáD 8)2QDXWyZ NWyU]\ ]JLQ
OL QD =LHPL QLH E
G SRGOHJDá\ ELRORJLF]QHPX
UR]NáDGRZL ] WHJR ]DSHZQH SRZRGX 8)2 ]DZV]H ]DELHUDM ]H VRE FLDáD RILDU VZ\FK
Z\SDGNyZ L QLJG\ QLH SR]RVWDZLDM LFK QD =LHPL DE\ OXG]LH QLH ]QDOH(OL SRWHP WHJR
EH]VSRUQHJR GRZRGX 3UDZGRSRGREQLH ] WHJR WH* IDNWX Z\ZRG]L VL
GDZQ\ ]Z\F]DM
EDOVDPRZDQLD F]\ PXPLILNRZDQLD ]ZáRN ZD*Q\FK RVRELVWRFL =DSHZQH GDZQL GRVWRMQLF\
ZLG]F*HFLDáDERJyZQLHSRGOHJDM QD=LHPLELRORJLF]QHPXUR]NáDGRZL]DSUDJQ
OLE\üMDN
RZL ERJRZLH 6WG SR PLHUFL ND]DOL EDOVDPRZDü ]ZáRNL ]DUyZQR VZRMH MDN L VZRLFK
QDMEOL*V]\FK 1DSRGREQHM]DVDG]LHMHOLSU]\NáDGRZR8)2QDXFL]PXV]HQLV QD=LHPL]D
SRWU]HE WR FR SR]RVWDZLDM ]D VRE FDá\PL PLHVLFDPL WUZD ZLH*H L QLHW\NDOQH SU]H]
]LHPVNLH EDNWHULHDQLRZDG\D* ]XSá\ZHPF]DVXXOHJQLHWRUR]NáDGRZLFKHPLF]QHPXDQLH
QDMSLHUZ ELRORJLF]QHPX MDN WR G]LHMH VL
] ]LHPVNLPL RGSDGNDPL OXE D* ]DZDUWD Z W\P
QDGZ\*ND HQHUJLL VDPRF]\QQLH VL
]UyZQD ] HQHUJL RWRF]HQLD 7HM RVWDWQLHM REVHUZDFML R
EUDNX ELRORJLF]QHJR UR]NáDGX X RUJDQLF]Q\FK QLHF]\VWRFL SR]RVWDZLDQ\FK QD =LHPL SU]H]
8)2QDXWyZ GRNRQDáHP RVRELFLH QD SRGVWDZLH PRLFK ZáDVQ\FK EDGD OLF]Q\FK OGRZLVN
8)2 ] 1RZHM =HODQGLL RUD] V\VWHPDW\F]QHJR REVHUZRZDQLD SU]H] ZLHOH PLHVL
F\ WHJR FR
QLHNLHG\QDOGRZLVNDFKW\FK]QDMGRZDáHPRGSRZLHGQLHRSLV\SU]\WRF]
Z>@
2F]\ZLFLH LVWQLHM MHV]F]H GDOV]H GRZRG\ SRWZLHUG]DMFH SRSUDZQRü SRZ\*V]HJR
VWZLHUG]HQLD RRGPLHQQRFLPDWHULLSRFKRG]FHM]LQQ\FKSODQHWRUD]RMHMQLHVWUDZQRFLGOD
]LHPVNLFK PLNURRUJDQL]PyZ-HGQ\P]W\FKGRZRGyZMHVW*H3DQ'RPDáDQLFQLHZVSRPLQD
L* ]MDGá OXE *H ]RVWDá FKRüE\ W\ONR SRF]
VWRZDQ\ GOD VSUyERZDQLD MDNNROZLHN PDWHUL
LQQHM SODQHFLH GR MDNLFK QDZL]XMH 6HHQ Z SRGUR]G]LDOH % PyZLF R QLV]F]\FLHOVNLP
SURPLHQLRZDQLX : SRGREQ\ WH* VSRVyE PLHV]NDF\ LQQ\FK SODQHW QLH E
G FK
WQLH MHü
ZLHOX SURGXNWyZ RUJDQLF]Q\FK Z\KRGRZDQ\FK QD =LHPL DF]NROZLHN MHOL ]MHG] QLF
GUDVW\F]QLH ]áHJR ] WHJR SRZRGX LP VL
QLH VWDQLH 7R ZáDQLH GODWHJR KXPDQRLGND
ZSDWU\ZDáDVL
ZMHG]HQLH3DQD'RPDá\MDNJáXSLDSDWU]^`7DN*HGRNáDGQLH]WHJR
VDPHJR SRZRGX SLHUZVL OXG]LH QD =LHPL ZáF]DMF Z WR ZV]\VWNLFK V\QyZ $GDPD D* GR
F]DVyZ SRWRSX PLHOL ]DND]DQH MHG]HQLH PL
VD F]\OL MHG]HQLH FL
*NLHM PDV\ RUJDQLF]QHM
NWyUHM WUDZLHQLHZ\PDJD]DSU]JQL
FLDGRSUDF\PLNURRUJDQL]PyZGDQHQDWHQWHPDWPLQ
]HEUDQH LSU]\WRF]RQHV ZUHIHURZDQHMSRSU]HGQLRNVL*FH>$@QSSDWU]LQIRUPDFMHQDMHM
VWURQDFK L 'RSLHUR SR SRWRSLH OXG]LRP SR]ZRORQR MHü PL
VR Z\URVáH QD QDV]HM
SODQHFLH MDNR*HSR]LRPHQHUJLLLFKFLDáGRVWRVRZDáVL
ZPL
G]\F]DVLHGRJUDZLWDFML=LHPL
LPRJOLRQLMX* SU]HWUDZLü]LHPVN PDV
RUJDQLF]Q
'(ZL
NMDNE\FKOXSRWDQLDZ\GDZDQ\SU]H]8)2QDXWN
2G(ZL
NXW\P3DQ'RPDáD
ZVSRPLQD Z]GDQLX^`SDWU]MHJRVáRZD1DWRPLDVWZUD*HQLHVáXFKRZHPLDáHPWDNLH
MDNE\FKOXSRWDQLHDZL
FWDNLHNLHG\VL
ZLG]LLVá\V]\F]áRZLHNDLGFHJRZEXWDFKJXPRZ\FK
Z NWyU\FKMHVWSHáQRZRG\=JRGQLH]Z\QLNDPLLQQ\FKPRLFKEDGDRMDNLFK3DQ'RPDáD
ZFDOH QLH ZLHG]LDá LVWQLHMH VSRUD JUXSD RVyE NWyUH XF]HVWQLF]\á\ Z EOLVNLFK VSRWNDQLDFK ]
8)2QDXWDPL LNWyUHWDN*HRGQRWRZDá\yZG]LZQ\G(ZL
N:DUXQNLHPMHGQDNMHJRXVá\V]HQLD
MHVW *H GDQHVSRWNDQLHQDVW
SXMHZRNROLF]QRFLDFKNLHG\QRUPDOQ\XSá\ZF]DVXQD=LHPL
XOHJD SU]H] NRVPLWyZ Z\GDWQHPX ]ZROQLHQLX WM NLHG\ SR EDUG]R GáXJLP VSRWNDQLX ]
8)2QDXWDPLRND]XMHVL
*HQD=LHPLF]DVQLHPDOZFDOHQLHXSá\QáDWDN*HNLHG\XF]HVWQLNF\
VSRWNDQLDRGQRWRZDáOLDEVROXWQ\EUDNLQQ\FKG(ZL
NyZVSUDZLDMF\ZUD*HQLHMDNE\ZRNyáQLFK
ZV]\VWNR LQQH]DPDUáR2F]\ZLFLH]DOH*QLHRGFKZLORZ\FKSDUDPHWUyZIL]\NDOQ\FKSU]\MDNLFK
GDQ\SU]\SDGHN]ZROQLHQLDF]DVXPLDáPLHMVFHDE\üPR*HWDN*HL]DOH*QLHRGFKDUDNWHU\VW\NL
IL]\NDOQHM Py]JX RGELHUDMFHM WHQ G(ZL
N RVRE\ OXE RG ]DZDUWRFL SDPL
FL WHM RVRE\ yZ
G]LZQ\ G(ZL
N RGELHUDQ\ MHVW L RSLV\ZDQ\ QLHFR LQDF]HM SU]H] ND*GHJR REVHUZDWRUD 6WG
RSUyF] RNUHODQLDJRMDNRFKOXSDQLHWDNMDNWRXF]\QLá3DQ'RPDáDGRMHJRRSLVXX*\ZDQH
PR*H E\ü WDN*H RNUHOHQLH G(ZL
N NURF]HQLD SR Z\VRNLHM PRNUHM WUDZLH D WDN*H MHJR
SU]\UyZQ\ZDQLHGRQDMUy*QLHMV]\FKRGPLDQVXFKHJRV]HOHVWX
: SU]\SDGNXMHJRRSLVXMDNRNURF]HQLDSRZ\VRNLHMPRNUHMWUDZLHVá\V]F\WHQG(ZL
N
RSLV\ZDáJRMDNRURG]DMRVWUHJRV]HOHVWXPRNUDZ\FK(G(EHáWUDZ\SRNWyU\FKOL]JDVL
REXZLH
LGFHJRSRáF]RQHJR]URG]DMHPMDNE\FKU]
VWXOLF]Q\FKáDPDQ\FK(G(EHáWUDZ\&LHNDZRVWN
SU]\ W\P MHVW *H yZ G(ZL
N NURF]HQLD SR Z\VRNLHM WUDZLH Vá\V]DáD RVRED MDND ZáDQLH
]QDMGRZDáD VL
QDZ\EHWRQRZDQHMSU]HVWU]HQLLMDNDZRNRáRVLHELHQLHPLDáDQDZHWRGURELQ\
MDNLHMNROZLHNWUDZ\
5yZQLH* L MD Z VZRLFK UR]OLF]Q\FK SHU\SHWLDFK ] 8)2QDXWDPL NWyUH V]F]HJyáRZLHM
RSLVDáHP Z SRGUR]G]LDOH 9 PRQRJUDILL >@ D* NLONDNURWQLH Vá\V]DáHP WHQ G]LZQ\
G(ZL
N =Z\NOHPLDáRWRPLHMVFHZGUXJLHMSRáRZLHQRF\NLHG\FR SU]HEXG]LáRPQLH]HVQX
0L G(ZL
NWHQSU]\SRPLQDáURG]DMU\WPLF]QHJRV]HOHVWXSRGREQHJRGRWHJRMDNLZ\GDZDQ\
E\áE\ SU]H]P\V]V\VWHPDW\F]QLHSDWUROXMF MDNVWHUW
VXFK\FKSDSLHUyZOXESU]H]MDNLHJR
LQWUX]D DXWRPDW\F]QLH SU]HJOGDMFHJR VWRV NRUHVSRQGHQFML -HJR QLH]Z\NáRFL MHVW *H
QDW\FKPLDVW SR XVá\V]HQLX PyM XP\Vá Z\MDQLá UDFMRQDOQLH SRFKRG]HQLH WHJR G(ZL
NX WDN
MDNE\Z\MDQLHQLHWR]RVWDáRV]\ENRZáR*RQHPXRG]HZQWU]:PRLPSU]\SDGNXZ\MDQLHQLH
WR SRGDZDáRFR ZURG]DMXQLH]ZUDFDMXZDJLQDyZG(ZL
NERZLHPSRFKRG]LRQRGP\V]\
SU]HV]XNXMFHM VWRVSDSLHUyZ3RQLHZD* MDRVRELFLHQLHERM
VL
P\V]\]Z\NOHZSyáQLH
]DGRZDODáHP VL
W\P Z\MDQLHQLHP L NRQW\QXRZDáHP VSDQLH 'RSLHUR Z MDNL F]DV SR
RSXEOLNRZDQLX QLQLHMV]HJR WUDNWDWX NLHG\ VSRWNDáHP VL
] RSLVDPL WHJR G(ZL
NX
SRFKRG]F\PL RG LQQ\FK RVyE ]DF]áHP ORJLF]QLH NZHVWLRQRZDü WR Z\MDQLHQLH XP\VáX
]DVWDQDZLDMF VL
F]DVDPLGODF]HJRyZG(ZL
NGRFKRG]L]NLHUXQNXZMDNLPGRVNRQDOHZLHP
*H QLHPDWDPDQL*DGQHJRSDSLHUXDQLWH* QLF]HJRLQQHJRFRPRJáRE\SRZRGRZDüV]HOHVW
:SU]\SDGNXUR]SRF]
FLDWDNLHJRORJLF]QHJRNZHVWLRQRZDQLDG(ZL
NWHQQDW\FKPLDVW]DQLNDá
-HOL FKRG]LRZ\MDQLHQLHGODRZHJRQLH]Z\NáHJRG(ZL
NXWRPRLP]GDQLHPMHVWRQ
Z\QLNLHP LQQHJR QL* QRUPDOQLH PHFKDQL]PX SRMDZLDQLD VL
L UR]SU]HVWU]HQLDQLD IDO
G(ZL
NRZ\FK MDNLPDPLHMVFHZSU]\SDGNX]QDF]QHJR]ZROQLHQLDSU
GNRFLXSá\ZXF]DVX
:V]HONLH SRGHMPRZDQH ZyZF]DV SRUXV]HQLD SRZRGXM ERZLHP ORNDOQH VSL
WU]HQLD IDOL
FLQLHQLRZHM SU]HFLZPDWHULL MDNLH UR]SU]HVWU]HQLDM VL
ZVNUR SU]HFLZZLDWD )DOH WH SR
QDSRWNDQLX RELHNWyZ PDWHULDOQ\FK WDNLFK MDN JáRZD L XP\Vá SU]\SDGNRZHJR REVHUZDWRUD
WUDQVIRUPRZDQH V QD ZLEUDFMH PDWHULDOQH W\FK RELHNWyZ MDNLH WR ZLEUDFMH RGELHUDQH V ]
NROHL SU]H]QDU]G\VáXFKRZHSRVWURQQHJRREVHUZDWRUDMDNRURG]DMG(ZL
NX&]
VWRWOLZRü
SU]\ W\PRZ\FKZLEUDFMLDZL
FWDN*HSDPL
WDQ\SU]H]QDVMDNL IL]\F]Q\G(ZL
NGRMDNLHJR
RGELHUDQH ZLEUDFMH ]GDM VL
E\ü SRGREQH ]DOH*\ SU]\ W\P RG VWRSQLD ]ZROQLHQLD F]DVX
=DOH*QLH ZL
F RG VWRSQLD]ZROQLHQLDF]DVX IDOH G(ZL
NRZHZ]EXG]DQHZ RUJDQDFKVáXFKX
E
G RGPLHQQHJRW\SXFRQDV]HXP\Vá\RGELRU ZáDQLHMDNRyZFKDUDNWHU\VW\F]Q\V]HOHVW
FKU]
VWDOERFKOXSRWDQLH
'áXJRZLHF]QRü 1HDWDF]\NyZ SURSRUFMRQDOQD GR JUDZLWDFML LFK SODQHW\ :
SRGUR]G]LDOH ,PRQRJUDILL>@L>@RSLVDáHPVZRM WHRUL
SRGSDUW IDNWRORJLF]QLHPLQ
EDGDQLDPL QDV]HJR$GDPDL(Z\NWyUDVWZLHUG]D*HZ]DMHPQ\VWRVXQHNGáXJRZLHF]QRFL
GRZROQ\FK GZyFKLVWRWMHVWSURSRUFMRQDOQ\GRVWRVXQNXNZDGUDWXJUDZLWDFMLSODQHWQDNWyU\FK
LVWRW\ WHVL
XURG]Lá\RUD]]NWyU\FKSRFKRG] LFKURG]LFH7HRUL
W PR*QDZ\UD]LüQDVW
SXMF\P
]ZL]NLHP ,NWyUHZPRQRJUDILDFK>@L>@QD]\ZDPUyZQDQLHPGáXJRZLHF]QRFL
/0/= T/0= 3DQ$QGU]HM'RPDáDWZLHUG]L*H1HDWDF]\F\*\M SRPL
G]\DODW
]LHPVNLFK ^` $E\ ZL
F ]ZHU\ILNRZDü MHJR VWZLHUG]HQLD Z\VWDUF]\áRE\ DE\P\ W LFK
GáXJRZLHF]QRü WM UHGQLR RNRáR /0 ODW ]LHPVNLFK ZUD] ] JUDZLWDFM 0 LFK SODQHW\
ZVWDZLOL GR UyZQDQLD,LVSUDZG]LOLF]\UyZQDQLHWR]RVWDMHZ\SHáQLRQH3UREOHPMHGQDN
SROHJDQDW\P*H3DQ'RPDáDQLH]QDJUDZLWDFMLSODQHW\1HDDMHG\QLHMHMUHGQLF
NWyUDPD
E\ü RNRáRUD]\ZL
NV]DRGUHGQLF\=LHPL^`,FKJUDZLWDFM
PXVLP\ZL
FRV]DFRZDü
QD SRGVWDZLH WHM UHGQLF\ 2V]DFRZDQLD WDNLHJR QDMOHSLHM GRNRQDü PHWRG SRUyZQ\ZDQLD
=JRGQLH]GDQ\PL]HVWDZLRQ\PLZ>&@ 7KH(QF\FORSHGLD$PHULFDQD,6%1
WRP VWURQD SRG KDVáHP 6RODU 6\VWHP Z QDV]\P XNáDG]LH VáRQHF]Q\P
PDP\D* GZLHSODQHW\NWyU\FKUHGQLFHV EOLVNLHGZXQDVWXUHGQLF=LHPLWM-XSLWHUL6DWXUQ
:HGáXJ >&@UHGQLFHELHJXQRZHW\FKSODQHWZ\QRV] RGSRZLHGQLRLPLO
PLOD NLORPHWUDFRSU]\UHGQLF\=LHPLSRGDQHMWDPMDNRPLOF]\QLLFKZ]JO
GQH
UHGQLFH RGSRZLHGQLRUyZQHLUHGQLF\=LHPL-HGQRF]HQLHZ]JO
GQHJUDZLWDFMH
W\FK SODQHW Z\QRV] RGSRZLHGQLR L JUDZLWDFML =LHPL RZH ]QDF]QH Uy*QLFH LFK
JUDZLWDFML Z\QLNDM ] Uy*QLF Z]JO
GQ\FK J
VWRFL W\FK SODQHW NWyUH WR Z]JO
GQH J
VWRFL
Z\QRV] RGSRZLHGQLR L J
VWRFL SODQHW\ =LHPLD 3RUyZQDQLH ZL
F JUDZLWDFML
-XSLWHUD L6DWXUQDRF]\ZLFLHSU]\Z]L
FLXSRGXZDJ
QDMUy*QLHMV]\FK]DáR*H XSUDV]F]DMF\FK
WDNLFKMDNQS]DáR*HQLH*HSODQHWD1HDZ\NV]WDáWRZDáDVL
ZVSRVyEUHODW\ZQLHSRGREQ\FR
QDV] -XSLWHUL6DWXUQRUD]*HRG]QDF]DVL
SRGREQ\PLSDUDPHWUDPLIL]\NDOQ\PLSR]ZDODQD
RV]DFRZDQLH*HGOD1HDZDUWRüF]áRQXT/0= ]UyZQLDQLD,SRZLQQDNV]WDáWRZDüVL
QD SR]LRPLH RNRáR T/0= SU]\ T/ 7R ]D R]QDF]D *H ]JRGQLH ] Z]RUHP , ]
SRGUR]G]LDáX ,PRQRJUDILL>@GáXJRZLHF]QRüLVWRWPLHV]NDMF\FKQD1HDSRZLQQDE\ü
RNRáR/0/= T/0= UD]\ZL
NV]DQL* GáXJRZLHF]QRüOXG]LQD=LHPL3U]\MPXMF*HUHGQLD
GáXJRü *\FLD OXG]L QD SODQHFLH =LHPLD Z\QRVL RNRáR /= ODW ]LHPVNLFK UHGQLD
V]F]HJyOQLHPRFQR^`8WUDW\WHQDOH*\ERZLHPLQWHUSUHWRZDüMDNRF]DVRZHSU]HVWDZLHQLD
3DQD 'RPDá\ZVWDQJá
ERNLHMKLSQR]\GRNRQ\ZDQHSU]H]QLHZLG]LDOQ\FK8)2QDXWyZNWyU]\
ZáDQLH SU]\E\OLGRQLHJRDE\]DQDOL]\MHJRSRGZLDGRPRFLGRZLHG]LHüVL
FRDNWXDOQLHRQ
VRELHSRF]\QLD=EOL*DQLHVL
GRQLHJRLFKZHKLNXáXRGELHUDRQZáDQLHMDNRVLOQLHQDUDVWDMF\
yZ G(ZL
N1DWRPLDVWQDVW
SXMF SRW\P]EOL*HQLXXWUDW
ZLDGRPRFLLQWHUSUHWXMHRQMDNR
Z\QLNDMF ]WHJRG(ZL
NXSRQLHZD* QLHGRSXV]F]DRQGRVLHELHPR*OLZRFL*HQLHZLG]LDOQL
8)2QDXFL MDF\ZáDQLHGRQLHJRSU]\E\OL]Z\F]DMQLHJRKLSQRW\]XM DE\Z\FLJQü]QLHJR
LQWHUHVXMFH LFK LQIRUPDFMH DF]NROZLHN Z\FLJDQLH W\FK ZLDGRPRFL WUZD ]Z\NOH GáX*V]\
SU]HG]LDá F]DVXSRSU]H]ZSURZDG]DQLHJRZVWDQ]ZROQLRQHMDQLPDFMLSRZRGXM*HMHJR
RWRF]HQLH RGELHUDMHMDNRNUyWNLHXWUDW\ZLDGRPRFL-HJRLQWHUSUHWDFMDP\OLZL
FSRZRG\]
REMDZDPL 1LHPQLHM QDZHW L Z WDN SRP\ORQHM IRUPLH LQWHUSUHWDFMD WD FLJOH SRGSLHUD
SRSUDZQRüZ\MDQLHQLDSU]\WRF]RQHJRSRZ\*HM2F]\ZLFLHQLHE
G
WXWDMMX* ]ZUDFDáQLF]\MHM
XZDJL QDIDNWMDN*HWRPR*OLZH*HRZL1HDWDF]\F\NWyU\FKXZD*DRQ]DWDNLFKGREU\FK
RSLHNXQyZ RZSURVWLGHDOQHMPRUDOQRFLLLQWHQFMDFKWUDNWXM JRMDNE\]XSHáQLHGODQLFKVL
=DREVHUZRZDQLHWHOHVNRSXWHOHSDW\F]QHJR7HOHVNRSWHOHSDW\F]Q\RSLVDQ\MHVWZ
SRGUR]G]LDOH 1 PRQRJUDILL >@ L >@ RUD] Z SRGUR]G]LDOH ' WUDNWDWX >@ -HJR
FKDUDNWHU\VW\N MHVW*HGRIRUPRZDQLDREUD]yZZ\NRU]\VWXMHRQIDOHWHOHSDW\F]QHPDMFHWR
GR VLHELH *H ZV]\VWNLH RELHNW\ V GOD QLFK SU]H(URF]\VWH 7DNLH WHOHVNRS\ DE\ RJOGDü
NRVPRV VNLHURZDQHPRJ ZL
FE\üZJáE]LHPL]DPLDVWZQLHER3DQ'RPDáDRSLVXMHMH
SRG QD]Z RNQRFXGyZ^`5yZQLH* RSLV\ZDQHSU]H]QLHJRXU]G]HQLHMDNLHSRGF]DV
SLHUZV]HJR XSURZDG]HQLDU]XFDáRQDNRSXá
VWDWNXREUD]MHJRPy]JXLZQ
WU]QRFL^`
E\áR RGPLDQ RZHJR WHOHVNRSX WHOHSDW\F]QHJR W\OH *H G]LDáDMFHJR ZyZF]DV MDNR URG]DM
PLNURVNRSXWHOHSDW\F]QHJR
1LH]Z\NOHLQWHUHVXMF\PLZUDSRUFLH3DQD'RPDá\V WH* MHJRRSLV\WU]\PHWURZHM
GáXJRFL RZáRVLRQHJR]ZLHU]DSRGREQHJRGR]LHPVNLHMDOHJLJDQW\F]QHMVWRQRJLMDNL*\MH
QD 1HD^`^`2Wy* RSLV\LGHQW\F]QHJR]ZLHU]DNDNWyU\]JRGQLH]PLWDPLPLHMVFRZ\FK
,QGLDQ PD*\üZWURSLNDOQHMG*XQJOL3RáXGQLRZHM$PHU\NLQDSRWNDáHPZNVL*FH>&@ SLyUD
:LOOLDP
D 5 &RUOLVV
D ,QFUHGLEOH /LIH D +DQGERRN RI %LRORJLFDO 0\VWHULHV 6RXUFH %RRN
3URMHFW32%R[*OHQ$UP0'86$$SULO,6%1-HVWWDP
UDSRUW ] ]DREVHUZRZDQLD MDNE\ PDWNL ] GZRPD PáRG\PL ,FK RSLV F]\WDáHP NLOND ODW WHPX L
FLJOH SDPL
WDP]QLHJR*HQLHNWyUH]ZáRVyZMDNE\VLHUFLSRNU\ZDMFHMPDWN
IRUPRZDá\
URG]DM]URJRZDFHRUD]*HSRSU]HMFLXSU]H]G*XQJO
VWZRU]HQLDWHSR]RVWDZLDá\ZSRV]\FLX
WU]\ VWUDWRZDQH FLH*NL Z\JOGDMFH MDNE\ ODG\ SR WU]HFK MDGF\FK UyZQROHJOH F]RáJDFK
=DSHZQH ZL
F WDN VDPR MDN FDá LQQ ]LHPVN IORU
L IDXQ
RNXSXMF\ QDV 1HDWDF]\F\
SUyERZDOLWH* NLHG\ ]DDGDSWRZDüRZR]ZLHU]
GRZDUXQNyZ]LHPVNLFKMHGQDNQLH]E\WLPVL
WR XGDáR1LHPQLHMNWR ]DREVHUZRZDáSU]HZLH]LRQHGRQDVV]WXNL2F]\ZLFLH3DQ'RPDáD
QLH PyJáGRF]\WDüVL
RW\P]ZLHU]X]ZZNVL*NL]SURVWHMSU]\F]\Q\*HNVL*NDWDQLHMHVW
GRVW
SQD ZM
]\NXSROVNLP]D RQQLH]QDDQJLHOVNLHJR7DNQDZLDVHPPyZLFWRIDNW*H
QD =LHPL ZLG]LDQR XQLNDOQH ]ZLHU]
NWyUH MHVW FKDUDNWHU\VW\F]QH GOD 1HD Z SRáF]HQLX ]
ZLHG] *HMHG\QLHQDVLRNXSDQFLE\OLE\]DLQWHUHVRZDQLRUD]SRVLDGDOLWHFKQLF]QHPR*OLZRFL
DE\XSRZV]HFKQLDüXQDVQRZHUDV\]ZLHU]WSUDNW\F]QLHR]QDF]D*H1HDWDF]\F\IDNW\F]QLH
PXV] SU]\QDOH*HüGRNRQIHGHUDFML8)2QDXWyZDNWXDOQLHRNXSXMF\FKQDV] SODQHW
3RGVXPRZ\ZXMF SRZ\*V]HEH]Z]JO
GXQDWRFR3DQ$QGU]HM'RPDáDNLHG\NROZLHN
E\ QLH VWZLHUG]Dá OXE GHPHQWRZDá GOD PQLH MHVW WR DEVROXWQLH SHZQ\P *H IDNW\F]QLH
GRZLDGF]\á RQSU]\*\üMDNLHRSLVDáZVZRLPUDSRUFLHRUD]*HSU]H*\FLDWHPLDá\RELHNW\ZQ\
FKDUDNWHUIL]\F]Q\GRNáDGQLHWDNLMDNLQLQLHMV]\WUDNWDWLPSU]\SLVXMH0XV]
WXWDMWH* SU]\]QDü
*H ZVZRLPUDSRUFLHZL
NV]Rü]W\FK]MDZLVNRGWZRU]\áRQ]GX*GRNáDGQRFLMDN W\ONR
VSRUDG\F]QLH Z\SDF]\áR QLHPDO ODW LFK RGF]HNLZDQLD QD PR*OLZRü XMU]HQLD ZLDWáD
G]LHQQHJR
.LHG\ PLDáHP QDG]LHM
*H SRZ\*V]\ Z\GHGXNRZDQ\ ORJLF]QLH ZQLRVHN R
DXWHQW\F]QRFL SU]H*\ü3DQD'RPDá\E
G
]DSHZQHPLDáRND]M
]ZHU\ILNRZDüWH* LZ]URNRZR
:V]DN*H Z MHGQ\P ]H VZ\FK OLVWyZ 3DQ 'RPDáD RFKRWQLF]R VL
]RERZL]Dá *H SRGF]DV
PRMHJRQDMEOL*V]HJRSU]\ORWXGR3ROVNLSRND*HPLGRRVRELVWHJRVSUDZG]HQLDRZ WDEOLF]N
NRVPLWyZ MDN VFKRZDáZ:L]RZHMSRG:DUV]DZ WDEOLF]NDWDSRND]DQDMHVWQDU\VXQNX
L RSLVDQDZSRGUR]G]LDOH%$F]NROZLHNZL
FSUDZDPRUDOQHL]RERZL]DQLDMDNLH]DZV]H
FLOH SU]HVWU]HJDPQLH]H]ZROLá\E\PLDE\SRáR*HQLHWHMWDEOLF]NLXMDZQLüLQQ\POXG]LRPF]\
FKRüE\W\ONR DE\M SU]HPLHFLüSRMHMRJOGQL
FLXE\áE\PMHGQDNZVWDQLHGDüPRMHRVRELVWH
]DZLDGF]HQLH F]\WDEOLF]NDWDIDNW\F]QLHLVWQLHMHF]\WH* QLHRUD]F]\MHM VSUDZG]DOQHEH]
EDGD FHFK\IL]\NDOQHZ\PLDU\ZDJDQDSLV\SRNU\ZDM VL
GRNáDGQLH]W\PLSRGDZDQ\PL
SU]H]3DQD'RPDá
:WHQVSRVyEX]\VNDQ\]RVWDáE\URG]DMEH]VWURQQHJRSRWZLHUG]HQLDOXE
]DSU]HF]HQLD RELHNW\ZQRFLRSLV\ZDQ\FKWXWDMSU]H*\ü:\QLNLWHJRVSUDZG]HQLDVWDUDáE\P
VL
]DSUH]HQWRZDü Z QDVW
SQ\P Z\GDQLX >%@ QLQLHMV]HJR WUDNWDWX NWyUH MX* REHFQLH
SROHFDPXZDG]HF]\WHOQLNyZ1LHVWHW\]GDU]HQLDRSLVDQHZSRGUR]G]LDOH%]QLZHF]\á\WH
QDG]LHMHLSODQ\
: W\P PLHMVFX SRZLQLHQHP GRGDü *H MX* UD] Z *\FLX E\áHP Z SRGREQHM V\WXDFML
Z]URNRZHJRZHU\ILNDWRUDWZLHUG]H MHGQHJR]XSURZDG]RQ\FKQDSRNáDG8)28SURZDG]RQ\
WHQ PLHV]NDá Z1RZHM=HODQGLLLWZLHUG]Lá*HSRGF]DVVZHJRSRE\WXQD8)2NRVPLFLGDOLPX
Z SUH]HQFLH NU\V]WDá OHF]QLF]\ LGHQW\F]Q\ GR WHJR MDNL RQL X*\ZDOL Z FHOX OHF]HQLD OXG]L
]DEUDQ\FK QDSRNáDG8)2%\áSU]\W\PWDNSHZQ\L* NU\V]WDáWHQSRFKRG]L]8)2*HEH]
ZL
NV]\FK QDPyZ ]JRG]Lá VL
PL JR SRND]Dü GR SU]HHJ]DPLQRZDQLD 3R MHJR GRNáDGQ\P
RJOGQL
FLX SU]HNRQDáHP VL
MHGQDN *H NU\V]WDá WHQ MHVW MHGQ\P ] RZ\FK KROHQGHUVNLFK
R]GyEHN ] QLH]Z\NOH SL
NQLH RV]OLIRZDQHJR V]NáD RáRZLRZHJR MDNLH SURGXNRZDQH V Z
$PVWHUGDPLH L MDNLFK SHáQR Z VNOHSDFK ] SDPLWNDPL 2F]\ZLFLH WDNLH RGNU\FLH
VNRPSURPLWRZDáR ZyZF]DV Z PRLFK RF]DFK RZHJR XSURZDG]RQHJR ERZLHP ]DF]áHP JR
SRVG]Dü *HFDáHMHJRXSURZDG]HQLHMHVWWDNVDPRSUDZG]LZHMDNyZNRVPLF]Q\NU\V]WDá
-HGQDNE\áRWRZF]DVDFKNLHG\QLH]QDáHPMHV]F]HQLHFQ\FKPHWRGG]LDáDQLDRNXSXMF\FKQDV
8)2QDXWyZ ZyZF]DVQLHE\áHPERZLHPZLDGRPRNXSDFML=LHPLSU]H]8)23RSR]QDQLX
W\FK PHWRGREHFQLHXZD*DP*HyZQRZR]HODQG]NLXSURZDG]RQ\IDNW\F]QLHPyZLáSUDZG
L
IDNW\F]QLH RWU]\PDá WHQ NU\V]WDá QD 8)2 MHGQDN 8)2QDXFL ]QDMF\ SU]\V]áRü ZLHG]LHOL *H
SRND*HPLJRGRSU]HHJ]DPLQRZDQLDVWGDOERRGUD]XFHORZRGDOLPXRZ ]LHPVN LPLWDFM
RSLVDáHPSRZ\*HM3DQD'RPDá
QDSRWNDá\WH* GRVáRZQLHFDáHG]LVLWNLLQQ\FKLQWHUHVXMF\FK
FKRFLD* PDUJLQDOQ\FK]GDU]H L]MDZLVNMDNLHE\üPR*HQDZHWQLH]RVWDá\SU]H]QLHJROXESU]H]
F]\WHOQLND RGQRWRZDQH DOH MDNLH SRVLDGDM VZRM NRQV\VWHQWQ LQWHUSUHWDFM
GRVWDUF]RQ
WHRULDPL ]DZDUW\PL Z PRQRJUDILDFK >@ L >@ 3U]\WRF]P\ WXWDM NLOND UHSUH]HQWDF\MQ\FK
SU]\NáDGyZ2WRRQH
=DREVHUZRZDQLHSDVDKXPDQRLGNL]áR*RQHJR]RPLXVHJPHQWyZSDWU]^`L
U\VXQHN =JRGQLH]WHRULDPLRSLVDQ\PLZUR]G]LDOH(PRQRJUDILL>@L>@SDVWDNLMHVW
MHGQ ]GZyFKQDMZD*QLHMV]\FKVNáDGRZ\FKW]ZPDJQHW\F]QHJRQDS
GXRVRELVWHJRGUXJ
VNáDGRZ WHJRQDS
GXV EXW\]SRGREQ\PLVHJPHQWDPLXNU\W\PLZLFKSRGHV]ZDFKQDWH
MHGQDN3DQ'RPDáDQLH]ZUyFLáXZDJL]DSHZQHSRQLHZD* LFKREUD]Z\SDF]DáDW]ZVRF]HZND
PDJQHW\F]QD IRUPRZDQDSU]H]SROH]RZHJRQDS
GX3RQDGWRZVNáDGWHJRW\SXQDS
GX
ZFKRG]L MHGQRF]
FLRZ\ NRPELQH]RQ ] NDSWXUHP Z\NRQDQ\ ]H VSHFMDOQHJR PDWHULDáX MDNL
V]F]HOQLH FKURQL FLDáR X*\WNRZQLND SU]HG G]LDáDQLHP VLOQHJR SROD PDJQHW\F]QHJR
Z\WZDU]DQHJRSU]H]RZHXU]G]HQLDQDS
GRZH]DZDUWHZSDVLHLEXWDFK
=DREVHUZRZDQLH MDNE\ VNDUáRZDFHQLD KXPDQRLGNL RG SDVD Z Gyá -HGQRF]HQLH
MHGQDN3DQ'RPDáDVWZLHUG]D*HE\áDRQDMHJRZ]URVWX*HMHMVWRS\VWSDá\SR]LHPLDWDN*H
*H MHMELRGUDZ\SDGDá\GRNáDGQLHQDZ\VRNRFLMHJRZáDVQ\FKELRGHU^`&]\OLIDNW\F]QLH
WR VNDUáRZDFHQLH RZR QLH LVWQLDáR RELHNW\ZQLH D E\áR MHG\QLH VXELHNW\ZQ\P ZUD*HQLHP
XNV]WDáWRZDQ\P SU]H] W]Z VRF]HZN
PDJQHW\F]Q IRUPRZDQ ] QLH]Z\NOH VLOQHJR SROD
PDJQHW\F]QHJR MDNLHNU*\áRSRPL
G]\S
GQLNDPLPDJQHW\F]Q\PL]DZDUW\PLZSRGHV]ZDFK
EXWyZ RZHM KXPDQRLGNL RUD] S
GQLNDPL PDJQHW\F]Q\PL ]DZDUW\PL Z RZ\FK RPLX
VHJPHQWDFK MHM SDVD :L
FHM QD WHPDW VRF]HZNL PDJQHW\F]QHM ]QDOH(ü PR*QD Z
SRGUR]G]LDOH&PRQRJUDILL>@RUD])PRQRJUDILL>@
=DREVHUZRZDQLH*HSRGF]DVVWDUWXVSRGQLDLJyUQDF]
üZHKLNXáyZ8)2X*\ZDQ\FK
SU]H]1HDWDF]\NyZMDNE\RGG]LHODM VL
Z]DMHPQLHRGVLHELH^`2ZRZL]XDOQHZUD*HQLH
RGG]LHODQLD VL
REX F]HFL ZHKLNXáX MHVW HIHNWHP G]LDáDQLD W]Z VRF]HZNL PDJQHW\F]QHM
IRUPRZDQHMSU]H]ZLUXMFHSRODPDJHQW\F]QHZ\G]LHODQH]S
GQLNyZERF]Q\FKWHJRZHKLNXáX
QD U\VXQNXRZHS
GQLNLERF]QHR]QDF]RQHV V\PEROHP66RF]HZNDWDSRZRGXMH*H
XJLQDQLH VL
Z QLHM GURJL ZLDWáD MDNLH GRFLHUD GR RND REVHUZDWRUD SR RGELFLX VL
RG
SRZLHU]FKQL ZHKLNXáX SRZRGXMH MDNE\ SR]RUQH SU]HPLHV]F]HQLH VL
SRV]F]HJyOQ\FK
IUDJPHQWyZ ZHKLNXáXFKRFLD* ZU]HF]\ZLVWRFLIUDJPHQW\WHQDGDOSR]RVWDM ZW\PVDP\P
PLHMVFX L QDGDO SRáF]RQH V ]H VRE :L
FHM LQIRUPDFML QD WHPDW G]LDáDQLD VRF]HZNL
PDJQHW\F]QHM IRUPRZDQHM SU]H] 8)2 L PDJQRNUDIW\ ]DZDUWHMHVW Z SRGUR]G]LDáDFK&L
&PRQRJUDILL>@LZSRGUR]G]LDOH)PRQRJUDILL>@
1D .VL
*\FX SODQHW\ 1HD SRGF]DV GUXJLHJR XSURZDG]HQLD 3DQ 'RPDáD ]DEUDQ\
]RVWDáWHOHSRUWDF\MQ ZLQG ^`]EXG\QNXZNWyU\PVL
]QDMGRZDáEH]SRUHGQLRGRZQ
WU]D
NROHMQHJR 8)2DQLHGRZQ
WU]DMDNLHJR SRPLHV]F]HQLD]WHJREXG\QNX)HE\áRWRZQ
WU]H
VWDWNX8)2DQLHSRPLHV]F]HQLHMDNLHJR EXG\QNXZLDGF]\RW\PIDNW]DREVHUZRZDQLDWDP
NRQILJXUDFML NU]\*RZHMNRPyURVF\ODF\MQ\FK^`NWyUDX*\ZDQDMHVWW\ONRMDNRS
GQLNVWDWNyZ
8)2 NRQILJXUDFMD WDND Z\JOGD MDN ZLUXMFD NROXPQD OXE ZDOHF ] ]DZLHV]RQ\P QD QLP
SDVHP
:LQG\ MDNLH 3DQ 'RPDáD ]DREVHUZRZDá Z EXG\QNDFK 1HDWDF]\NyZ GR
SU]HPLHV]F]DQLD OXG]L L áDGXQNyZ ^` X*\ZDá\ SURPLHQLD SRGQRV]FHJR RSLVDQHJR Z
SRGUR]G]LDOH - PRQRJURILL >@ L >@ 3URPLH WDNL WR SR SURVWX OLQLH VLá SROD
WHOHNLQHW\F]QHJR SU]HV\áDQH Z ZL]FH EDUG]R VLOQHJR ZLDWáD 6WG SU]HPLHV]F]DQLH VL
Z
REU
ELHWDNLHJRSURPLHQLDRGE\ZDVL
QD]DVDG]LHWHOHNLQH]\3U]\V\áDQLHWRRGE\ZDüVL
ZL
F
PR*H QD GRZROQLHGX*HRGOHJáRFLQS]SRZLHU]FKQL=LHPLZSURVWQD.VL
*\FF]\QDSRNáDG
ZHKLNXáX]DZLVDMFHJRJG]LH ZNRVPRVLH
%D]DOW MDNL 3DQ 'RPDáD ]DREVHUZRZDá QD NVL
*\FX 1HD Z\G]LHOD ZLDWáR L FLHSáR
^` L ^` =JRGQLH ] RSLVDPL HIHNWX WHOHNLQHW\F]QHJR Z\G]LHODQLH FLHSáD L ZLDWáD
SRZRGRZDQH MHVW Z QLP ]D SRPRF ]MDZLVND WHOHNLQH]\ D FLOHM ]D SRPRF VWRMFHM IDOL
WHOHNLQHW\F]QHMNWyUDZMHGQHMID]LHVZHJRF\NOXZ\G]LHODW]ZMDU]HQLHSRFKáDQLDQLDZLQQHM
]D ID]LHW]ZMDU]HQLHZ\G]LHODQLD2SLV\PHFKDQL]PX]MDZLVNNWyUHSRZRGXM *HED]DOWWHQ
MHVW FLHSá\LZLHFF\SU]\WRF]RQHV ZSRGUR]G]LDOH-PRQRJUDILL>@L>@SDWU]WDP
QDRSLV\WHOHNLQHW\F]Q\FKV\VWHPyZRZLHWOHQLRZ\FKRUD]ZLHF]Q\FKODPSHN
2ZD REVHUZDFMD JZLD]G\ NRáR 1DVLHOVND -DN Z\QLND ] QDV]HM ]QDMRPRFL W]Z
SURPLHQLDSRGQRV]FHJRRSLVDQHJRZSRGUR]G]LDOH-PRQRJUDILL>@L>@E\áRQL SR
SURVWX 8)2NWyUHMHGQ\PEá\VNLHPSURPLHQLDSRGQRV]FHJRZ\VáDáR]D NROHMQ\PSREUDáR
] SRZURWHP QD VZyM SRNáDG MHGQHJR ] QLHZLG]LDOQ\FK 8)2QDXWyZ DE\ SU]H] FKZLO
& 0DWHULDá MDNL GRZRG]L *H 1HDWDF]\F\ QDOH* GR SDVR*\WQLF]HM NRQIHGHUDFML
8)2QDXWyZRNXSXMF\FK=LHPL
RG EH]SRUHGQLHJR GRVW
SX GR QLHM VWDWNyZ MDNLHMNROZLHN LQQHM F\ZLOL]DFML QL* NWyUD ]
FLZLOL]DFMLQDVRNXSXMF\FK:UH]XOWDFLHQLNWNWRQLHQDOH*\GRQDV]\FKRNXSDQWyZQLHPR*H
IL]\F]QLHVNRQWDNWRZDüVL
]OXG(PLLSU]HND]DüLPMDNLFKNROZLHNLQIRUPDFML2F]\ZLFLHLVWQLHM
V]F]HJyOQHRNROLF]QRFLGODMDNLFKF]\QLRQ\MHVWZ\MWHNRGRZHJRFLVáHJR]DND]XOGRZDQLD
QD =LHPL VWDWNyZ VSU]\MDMF\FK OXG]LRP F\ZLOL]DFML -HGQDN WH V]F]HJyOQH RNROLF]QRFL QLH
REHMPXM VRE SU]\SDGNX3DQD'RPDá\0LDQRZLFLHRNXSXMFDQDVNRQIHGHUDFMD]SRZRGyZ
KXPDQLWDUQ\FK ]PXV]RQD]DSHZQHE\áDSR]ZROLüQDOGRZDQLDQD=LHPLZV]\VWNLFKVWDWNyZ
SU]HODWXMF\FK ZSREOL*XNWyUH]QDMG VL
ZNáRSRWDFKMDNLHJR URG]DMXLVWGZVWRVXQNXGR
NWyU\FK XQLHPR*OLZLHQLH LP Z\OGRZDQLD QD =LHPL Z\VWDZLáRE\ LFK ]DáRJ
QD
QLHEH]SLHF]HVWZR : SU]\SDGNX MHGQDN WDNLHJR DZDU\MQHJR OGRZDQLD QD =LHPL GDQHPX
VWDWNRZL QDW\FKPLDVW ]DF]\QD WRZDU]\V]\ü VWDWHN SROLF\MQ\ QDV]\FK RNXSDQWyZ NWyU\
GRSLOQRZ\ZXMH DE\MHJR]DáRJDQLHNRQWDNWRZDáDVL
]=LHPLDQDPL:]DFKRZDQLXW\PQDVL
RNXSDQFL SRGREQL V GR ZV]HONLFK UH*\PyZ QD =LHPL NWyUH QLH FKF DE\ LFK RE\ZDWHOH
NRQWDNWRZDOL VL
] ]DJUDQLF]QLNDPL L Z WHQ VSRVyE GRZLHG]LHOL VL
FR ] QLPL QDSUDZG
VL
DWU\EXWyZ LFK ILOR]RILL -DN ERZLHP WR Z\MDQLRQR Z SRGUR]G]LDOH , PRQRJUDILL >@ L >@
F\ZLOL]DFMH QDOH*FHGRNRQIHGHUDFMLRNXSXMFHMLHNVSORDWXMFHM=LHPL
PXV] FHFKRZDüVL
XQLNDOQ ILOR]RIL MDN WDP QD]\ZDP SDVR*\WQLFWZHP D MDNLHM LGH SU]HZRGQL MHVW
REFKRG]HQLH QDRNRáR SUDZ PRUDOQ\FK ]DPLDVW LFK Z\SHáQLDQLD WDN MDN WHJR QDND]XMH
WRWDOL]P7\ONRERZLHPZ\]QDZDQLHRZHMSDVR*\WQLF]HMILOR]RILLSR]ZDODQDV]\PRNXSDQWRP
QD ]LJQRURZDQLHPRUDOQ\FK QDVW
SVWZ HNVSORDWRZDQLDNRJR PQLHMRG VLHELHUR]ZLQL
WHJR
)LOR]RILD RZHJRSDVR*\WQLFWZDVWDQRZL]DDZDQVRZDQ ZHUVM
XSRZV]HFKQLDMFHMVL
FRUD]
V]HU]HM RVWDWQLR QD =LHPL ILOR]RILL SRVW
SRZDQLD SR OLQLL QDMPQLHMV]HJR RSRUX MDN MD
SU\ZDWQLH QD]\ZDP WXPLZLVL]PHP Z NWyUHM ZV]\VWNR VL
F]\QL Z VSRVyE MDN QDMEDUG]LHM
OHQLZ\ L SU]\QRV]F\ QDP QDMZL
NV] OLF]E
NRU]\FL SU]\ PR*OLZLH QDMPQLHMV]\P Z\VLáNX
:DUWR SU]\W\PSU]\SRPQLHüVRELH]RSLVyZZSRGUR]G]LDOH$*HRSUDFRZDQDMX* ]RVWDáD
ILOR]RILD E
GFD GRNáDGQ\P SU]HFLZLHVWZHP RZHJR SDVR*\WQLFWZD RNXSXMF\FK QDV
NRVPLWyZ -HVWQL RZDQRZDILOR]RILDNWyU MDQD]\ZDPWRWDOL]PHPFRR]QDF]DILOR]RILD
FDáRFL DOERILOR]RILD]MHGQRF]HQLDMDNR*HWRWDO]QDF]\FDáRFLRZ\DOERZV]HFKRJDUQLDMF\
1DND]XMH RQD DE\ ZV]\VWNR F]\QLü Z VSRVyE GRNáDGQLH ]JRGQ\ ] SUDZDPL PRUDOQ\PL 7R
ZáDQLH WRWDOL]P GRVWDUF]D QDP SRGVWDZ LGHRORJLF]Q\FK GOD QDV]HM ZDONL R Z\]ZROHQLH VL
]ELRUHP XQLNDOQ\FK DWU\EXWyZ MDNL WR ]ELyU MHVW Z\QLNLHP VWRVRZDQLD RZHM ILOR]RILL Z*\FLX
3RQLHZD* ZRZ\PSRGUR]G]LDOH,PRQRJUDILL>@L>@]LGHQW\ILNRZDQRD* QDMEDUG]LHM
JáyZQ\FK L UHSUH]HQWDF\MQ\FK ] WDNLFK DWU\EXWyZ SDVR*\WQLFWZD SOXV FDáH ]DWU]
VLHQLH
DWU\EXWyZ PQLHMLVWRWQ\FKLU]XFDMF\FKVL
ZRF]\PLQRPDZLDQ\FKWDPZSRGUR]G]LDOH,
X*\ü MH WHUD] PR*HP\ GR IRUPDOQHJR XGRZRGQLHQLD *H 1HDWDF]\F\ IDNW\F]QLH QDOH* GR
RNXSXMFHM QDV NRQIHGHUDFML :V]\VWNR ERZLHP FR NRQLHF]QH DE\ GRZRG]HQLH WDNLH
SU]HSURZDG]Lü WRZ\ND]DQLH*H]DREVHUZRZDQHSU]H]3DQD'RPDá
LSU]HND]DQHQDPZMHJR
UDSRUFLH DWU\EXW\ 1HDWDF]\NyZ Z ZL
NV]HM F]
FL SRNU\ZDM VL
] RZ\PL DWU\EXWDPL
SDVR*\WQLFWZD 3RQL*HMZL
F]HVWDZL
]DF]HUSQL
W\]SRGUR]G]LDáX,PRQRJUDILL >@L>@
]HVWDZ RZ\FK DWU\EXWyZ SDVR*\WQLFWZD D QDVW
SQLHZVND*
WH IUDJPHQW\ UDSRUWX 3DQD
'RPDá\NWyUHSRWZLHUG]DM *HGDQ\DWU\EXWIDNW\F]QLHMHVWREHFQ\X1HDWDF]\NyZ-HOLXGD
PL VL
WHJRGRNRQDüZRGQLHVLHQLXGRZL
NV]RFLRZ\FKDWU\EXWyZE
G]LHWRUyZQR]QDF]QH
] SU]HSURZDG]HQLHP IRUPDOQHJR GRZRGX*H 1HDWDF]\F\ IDNW\F]QLHV MHGQ\PL ] QDV]\FK
RNXSDQWyZ2WRZL
FSRV]F]HJyOQH]RZ\FKDWU\EXWyZLGRZRG\ZVND]XMFHQDLFKREHFQRü
X1HDWDF]\NyZ
3RVLDGDQLHSRGOHJá\FKVáXJXVyZQLHZROQLNyZ-DNWR3DQ'RPDáDMHGQR]QDF]QLH
XMDZQLD Z VZRLP UDSRUFLH 1HDWDF]\F\ VSHFMDOQLH KRGXM QD VZRMHM SODQHFLH JHQHW\F]QLH
LQ*\QLHURZDQ\FK QLHZROQLNyZWMELRURERW\^`NRU]\VWDM WH* ]XVáXJMDNLHM FDáNRZLFLH
SRGSRU]GNRZDQHM LP Z\áF]QLH *HVNLHM F\ZLOL]DFML SU]H] 3DQD 'RPDá
QD]\ZDQHM
KXPDQRLGNDPL^`-HGQ\PWH* ]SU]HMDZyZVSRáHF]HVWZED]XMF\FKQDVáXJXVDFKMHVW
*H QLH X]QDMH Z QLFK VL
SUDZ GR JRG]LQ SUDF\ HPHU\WXU\ F]\ RGSRF]\QNX D HNVSORDWXMH
ND*GHJR SUDNW\F]QLH EH] XVWDQNX L WR WDN GáXJR MDN W\ONR VL
GD 7R WH* QLHZLDGRPLH
]DREVHUZRZDá 3DQ 'RPDáD 3U]\NáDGRZR MHJR SLHUZV]\ SU]HZRGQLN .DUL FLJOH PXVLDá
SUDFRZDü SRPLPR *H E\á WDN Z\HNVSORDWRZDQ\*H ]GDQLHP 3DQD 'RPDá\ Z\JOGDá QD
]LHPVNLFK ODW3RQDGWR]UHODFML3DQD'RPDá\Z\QLND*HQD1HDQLHLVWQLHMHWDNLHFR MDNVHQ
F]\F]DVQRFQHJRRGSRF]\QNXLFHORZRSRZSURZDG]DQRWDPSRPLHV]F]HQLDRGQRZ\^`
WDN DE\ND*G\PLHV]NDQLHFHNVSORDWRZDQ\PyJáE\üEH]SU]HUZ\SU]H]ZV]\VWNLHJRG]LQ\
FDáHMGRE\-DNWR]UHV]W Z\QLND]DQDOL]\SRGUR]G]LDáX%QDZHWPDáHG]LHFLWDNLHMDN6HHQ
PXV] WDP MX* SUDFRZDü Z\NRQXMF VNRPSOLNRZDQH ]DGDQLD QDND]DQH LP SU]H]
SU]HáR*RQ\FK
+LHUDUFKLF]QDVWUXNWXUDLNDVW\-HMGRZRGHPMHVWLVWQLHQLHQDG]RUF\NWyU\NLHURZDá
GRNRQ\ZDQ\PLQDQLPRSHUDFMDPLNWyUHPXZV]\VF\E\OLSRGOHJOL^`^`3RQDGWR3DQ
'RPDáD ZVSRPLQD *H QD 1HD ]QDMGXMH VL
HOLWD DOER QDMZ\*V]D NDVWD 1HDWDF]\NyZ
^` NWyUD RU\JLQDOQLH Z\ZRG]L VL
] SODQHW\ :KLVWKHHQ ZLGDü 1HD SRF]WNRZR E\áD
NRORQL :KLVWKHHQ SRGREQLH MDN REHFQLH =LHPLD MHVW NRORQL 1HD SR ]QLV]F]HQLX VZHM
SODQHW\SDQRZLH]:KLVWKHHQSU]\E\OLZL
FQD1H
DE\XIRUPRZDüQDQLHMNDVW
U]G]F
-DN WR WH* Z\MDQLRQRZ SRGUR]G]LDáDFK, PRQRJUDILL >@ L >@ MHGQ\P] R]QDN Z\VRFH
KLHUDUFKLF]QHM VWUXNWXU\ FKDUDNWHU\VW\F]QHM GOD VSRáHF]HVWZ R ]DDZDQVRZDQHM ILOR]RILL
SDVR*\WQLFWZD ]DZV]H MHVW WHQGHQFMD GR SU]\ZG]LHZDQLD WDP XQLIRUPyZ ]DPLDVW XEUD
F\ZLOQ\FK RUD]IDNW*HZVSRáHF]HVWZDFKWDNLFKXQLIRUP\ E
G DOER]XSHáQLHGRPLQRZDá\
XELyUDOERWH* VWDQRZLá\]QDF]Q SURSRUFM
XELRUXPLHV]NDFyZ=WHJR]D FRUHSRUWXMH3DQ
'RPDáD XQLIRUP\GRPLQXM ZVSRáHF]HVWZLH1HDWDF]\NyZLVSRWNDüMHPR*QDZV]
G]LH
QDLFKVWDWNDFKNRVPLF]Q\FKZEXG\QNDFKF\ZLOQ\FKQDXOLFDFKZODERUDWRULDFKZPLHMVFDFK
SUDF\LWSSDWU]^`^`^`
:DUWRüMHGQRVWNLSURSRUFMRQDOQDGRMHMSR]\FMLZKLHUDUFKLL3U]\NáDGRZRSDUWQHUND
3DQD 'RPDá\ PXVLDáD UHDOL]RZDü ZV]\VWNR FR MHM QDND]DQR ^` W\ONR SRQLHZD* E\áD
SRáR*RQDVWRVXQNRZRQLVNRZLFKKLHUDUFKLL
0LHV]DQLHUDV1DWHQWHPDW3DQ'RPDáDEH]SRUHGQLRQLH]JURPDG]LáSRWU]HEQ\FK
GDQ\FK MDNR *H RQ VDP QLH E\á Z\VWDUF]DMFR GáXJR QD SODQHFLH 1HD L QLH ]GRáDá SR]QDü
FDáRFL LFK*\FLDVSRáHF]QHJR1LHPQLHMZ\JOGDQDWR*HKXPDQRLGNDE\áDSU]HGVWDZLFLHON
]XSHáQLHLQQHMUDV\LSRFKRG]LáD]]XSHáQLHRGPLHQQHMFDáNRZLFLH*HVNLHMSODQHW\QL* UG]HQQL
1HDWDF]\F\ L MHG\QLH ]RVWDáD SU]\áF]RQD GR 1HDWDF]\NyZ QD F]DV UHDOL]DFML 3URMHNWX
'RPDáDSDWU]MHMRGPLHQQ\RGOXG]NLHJRZ\JOGSRND]DQ\ QDU\VXQNXLRSLVDQ\RG^`
0RW\ZRZDQLH QLVNLPL SREXGNDPL QS DPELFM SR*GDQLHP VWUDFKHP *DOHP
VPXWNLHP LWS,VWQLHMHFDá\V]HUHJSU]HVáDQHN*H1HDWDF]\F\VWRVXM MHV]HURNRZVZRLP
SRVW
SRZDQLX 3U]\NáDGRZR KXPDQRLGND ]DSHZQH VWDUDáD VL
FR SU]HND]Dü VHNUHWQLH QD
FLH*FH SRSU]H] X*\FLH U\VXQNX ]DPLDVW PRQLWRURZDQHJR SU]H] MHM SU]HáR*RQ\FK SU]HND]X
WHOHSDW\F]QHJR NLHG\]D QLHPDOSU]\áDSDQRM QDW\PZ\ND]DáDURG]DMSU]HVWUDFKX^`
3RQDGWRVDP3DQ'RPDáDFDá\F]DVE\áSU]H]QLFKNLHURZDQ\ SRSU]H]RGG]LDá\ZDQLHQDQLHJR
]D SRPRF Uy*Q\FK QLVNLFK SREXGHN Z URG]DMX VWUDFK QS UR]ZD* SU]HODGXMF\FK JR
RVREQLNyZZF]HUQLF]\V]RNXMF\VSRVyEZMDNL]REDF]\áVZHJRV\QD^`DPELFMHQS
UR]ZD* ZV]\VF\UREL SLHQLG]HQDPRLFKSU]H*\FLDFKW\ONRQLHMD^`^`*DOSDWU]
GUXJLHVSRWNDQLH]MHJRSDUWQHUN ]DV]áHZ/HJLRQRZLH^`LWS
8WDMQLDQLHLEUDNLQIRUPDFML V]F]HJyOQLH]D ]D]GURVQHVWU]H*HQLHZLHG]\LWHFKQLNL
3RPLPR *H 3DQ 'RPDáD ]XSHáQLH WHJR VRELH QLH XZLDGDPLD L Z VZ\P HQWX]MD(PLH GOD
GREURFL VZ\FKXSURZDG]LFLHOLHPRFMRQDOQLHZLHU]\*HMHVW]XSHáQLHRGZURWQLH1HDWDF]\F\
QLH XGRVW
SQLOLPXQDZHWMHGQHMNOXF]RZHMLVSUDZG]DOQHMLQIRUPDFML-HOLERZLHPGRNáDGQLHM
SU]HDQDOL]XMHVL
MHJRUDSRUWFDá\F]DVNDUPLOLJRRJyOQLNDPLMDNLFKQLHE\áZVWDQLHVSUDZG]Lü
ER DOERSU]HND]\ZDQHPXE\á\SRGF]DVVQXDOERWH* GRW\F]\á\RGOHJá\FKPLHMVFLRELHNWyZ
MDNLFK QLH PLDáV]DQV\RJOGQüQDZáDVQHRF]\,WDNQLHSRZLHG]LHOLPXQDMDNLHMJZLH(G]LH
PLHV]NDM 3DQ 'RPDáD VSUDZLD ZUD*HQLH L* ZLH MHGQDN MHVW WR W\ONR GRP\Vá GRNRQDQ\ QD
SRGVWDZLH DQDOL]\ DVWURQRPLF]QHM RSLVDQHM Z >%@ D QLH IDNW SRWZLHUG]RQ\ OXE SRGDQ\
MHGQR]QDF]QLH SU]H]1HDWDF]\NyZVWGMDNRQDV]GRP\VáPR*HNLHG\ RND]DüVL
FDáNLHP
Eá
GQ\ QLH XMDZQLOL SU]\ MDNLHM JZLH(G]LH ]QDMGXMH VL
]QLV]F]RQD SODQHWD :KLVWKHHQ QLH
SR]ZROLOL PX QD ZáDVQH RF]\ SR]QDü *\FLD QD 1HD L G]LDáDQLD LFK VSRáHF]HVWZD LWS 1D
WHFKQLF]QHLNRQNUHWQH]DS\WDQLD3DQD'RPDá\1HDWDF]\F\DOER]XSHáQLHXQLNDOLRGSRZLHG]L
SRGDMF MDNLH OLVNLHNXWHPXZ\PyZNLDOERWH* RGSRZLDGDOLEDUG]RQLHFK
WQLH]D VDPD
LFK RGSRZLHG( XG]LHODQD ]DZV]H E\áD SR GáX*V]HM ]ZáRFH MDND Z\QLNDáD ]DSHZQH ]
NRQLHF]QRFL NRVXOWRZDQLDLX]\VNDQLD]JRG\SU]HáR*RQ\FKRUD]VSUDZG]HQLDMDNXG]LHOHQLH
GDQHM RGSRZLHG]L ZSá\Q
áRE\ QD SU]\V]áH Z\GDU]HQLD QD =LHPL .ODV\F]Q\P SU]\NáDGHP
QLH]Z\NOH NXQV]WRZQHJR L G\SORPDW\F]QHJR XQLNDQLD XG]LHOHQLD NRQNUHWQHM RGSRZLHG]L QD
]DGDQH NRQNUHWQH S\WDQLH MHVW UHDNFMD MDN X]\VNDá SR ]DS\WDQLX R SU]\F]\Q\ VZHJR
G]ZRQLHQLD Z XV]DFK SDWU] ^` L ^` 2GSRZLHG]LDQR PX ZyZF]DV*H ] F]DVHP
]UR]XPLHWHSU]\F]\Q\&RMHJRXSURZDG]LFLHOHPLHOLQDP\OLZWHMG\SORPDW\F]QHMRGSRZLHG]L
WR *HP\&LQLHRGSRZLHP\FRWRMHVWFKRFLD* ZSU]\V]áRFLGRZLHV]VL
RW\PRG3URIHVRUD
3DMND MHGQDN SRSU]H] RGPyZLHQLH &L GRNáDGQHM RGSRZLHG]L QLH ]DMPXMHP\ *DGQHJR
VWDQRZLVND Z]DNUHVLHF]\RGSRZLHG( 3URIHVRUD3DMNDMDN NLHG\ X]\VNDV]E
G]LH]JRGQD
L]QDV]\PZ\MDQLHQLHPF]\WH* QLH
:DUWR WXWDMSRGNUHOLü*HWHJRW\SXOLVNLHZ\P\NDQLHVL
RGXG]LHODQLDNRQNUHWQ\FK
RGSRZLHG]L PR*QD ]DREVHUZRZDü ZH ZV]\VWNLFK VSRWNDQLDFK ] RNXSXMF\PL QDV
8)2QDXWDPL :V]DN*HMHVWRQRMHGQ ]]DVDGQLF]\FKFHFKSDVR*\WQLFWZD3U]\WRF]P\WXWDMLQQ\
SU]\NáDGSRGREQHJRZ\P\NDQLDVL
RGNRQNUHWQ\FKRGSRZLHG]LW\PUD]HPSU]H]6]DUDNyZ
F]\OL OXG]LNyZRRNRáRPHWURZ\PZ]URFLHRNWyU\FKDEVROXWQLHMHVWMX* SHZQH*HQDOH*
RQL GR NRQIHGHUDFML QDV]\FK RNXSDQWyZ 3U]\NáDG WHQ ]DZDUW\ MHVW QD VWURQDFK L
SRSU]HGQLRMX* SRZRá\ZDQHMNVL*NL>$@=DF\WXMP\WXWDMNUyWNLIUDJPHQWRZ\FKRSLVyZ1D
S\WDQLH VNG3DQSU]\E\ZD"
/XG]LN
RGSRZLHG]LDá*H]RGOHJáHMSODQHW\]D]QDF]DMFL* QLH
PR*H GRNáDGQLH SRGDü MHM SRáR*HQLD ] REDZ\ SU]HG HZHQWXDOQ QLHJRG]LZRFL F]áRZLHND
PRJF ]DNáyFLüMHMVSRNyM3DGDQDVW
SXMFHS\WDQLH
&]\WRGDOHNR"
7\PUD]HPNRVPLWD
RGSRZLDGD L*
MHOL SRGDáE\P RGOHJáRü ]UR]XPLDáE\ SDQ *H SU]\ REHFQ\P SR]LRPLH
QDXNRZ\P L WHFKQLF]Q\PQLHPR*HFLHWDPSROHFLHü
-HOLWHQSU]\NáDGSRUyZQDü]W\PFR
RGSRZLDGDQR 3DQX 'RPDOH RG UD]X U]XFD VL
Z RF]\ WD VDPD OLVNRü ILOR]RILF]QD L
Z\P\NDQLHVL
XG]LHOHQLXRGSRZLHG]L7R]D MHV]F]HUD]SRWZLHUG]D*H1HDWDF]\F\QDOH*
GRNáDGQLH GR WHM VDPHM RNXSXMFHM QDV NOLNL MDN RZL 6]DUDF\ ERZLHP Z\]QDM W VDP
ILOR]RIL
L G]LDáDM Z GRNáDGQLH WDNL VDP VSRVyE -DN ZLHOH ZVSyOQHJR PDM ] VRE
1HDWDF]\NDPL LRZL6]DUDF\SR]QDüWH* PR*QDSRSU]H]GRNáDGQLHMV]HSU]HDQDOL]RZDQLHL
LQQ\FK RSLVyZ]DZDUW\FKZZ\PLHQLDQHM>$@3U]\NáDGRZRUyZQLH* X*\ZDM RQLELRURERWyZ
MDNR VZRLFK VáXJ QD VWURQLH Z >$@ RSLV\ZDQ\ MHVW SU]\SDGHN X*\FLD V]HFLX W\FK
ELRURERWyZ ZIXQNFMLG]LZHNMDNLPL SRF]
VWRZDQ\]RVWDá SU]\E\V]] =LHPL RF]\ZLFLHZ
SU\PLW\ZQRFL VZRLFK]DVDGPRUDOQ\FKSU]\E\V]WHQQLHRGQRWRZDá*HPR*HE\üIUDMG MHOL
NWR NRU]\VWD]XVáXJRZ\FKELRURERWyZMHGQDNZFDOHQLHMHVWIUDMG E\üMHGQ\P]QLFKF]\OL
E\ü ZLDGRPRFL XZL
]LRQ Z WDNLP ELRURERFLH ]D ]JRGQLH ] SUDZDPL PRUDOQ\PL
FRNROZLHN F]\QLP\ LQQ\P E
G]LH WR WH* XF]\QLRQH L QDP VDP\P 3RGREQLH WH* MDN
1HDWDF]\F\ RZL6]DUDF\UyZQLH* QLHX]QDM %RJDDFRJRUV]DZáDQLHXSRZV]HFKQLDM QD
=LHPLQRZ UHOLJL
SDVR*\WQLFWZDNWyUDZFDOHQLHX]QDMHLVWQLHQLD%RJD
2SXV]F]DQLHZELHG]LH0DQLIHVWRZDáRVL
RQRZLHORNURWQLH3DQX'RPDOHRQVDP
]UHV]W RQLPF]
VWRZVSRPLQDSLV]F*HLFKILOR]RILDMHVWUDG( VRELHVDPSDWU]^`
^`^`
(NVSDQVMD ]DERUF]Rü L QLHXVWDQQH SRV]HU]DQLH VZHJR GRPLQLXP $F]NROZLHN
EH]SRUHGQLR QLH]RVWDáDRQDSRWZLHUG]RQDPR*QDRQLHM ZQLRVNRZDü QDSRGVWDZLHORVyZ
1HDWDF]\NyZ IDNWX *H FLJOH SRV]HU]DOL VZRMH GRPLQLXP *H SU]HQRVLOL VL
] JZLD]G\ QD
JZLD]G
*HSR]RVWDZLDOL]DVRE FLH*N
]QLV]F]HQLDLWS
'RJPDW\F]QH XWZLHUG]DQLH ]DVDG SDVR*\WQLFWZD 'DMH VL
RQR SRUHGQLR
Z\ZQLRVNRZDü]WUXGXMDNLQDVLHELHSRGM
OLDE\ZSRLü3DQX'RPDOHSURSDJDQG
MDN RGQLFK
RWU]\PDá
%UDN VDPRNU\W\NL WM NU\W\NL VNLHURZDQHM NX ZHZQWU] 3DQ 'RPDáD QLJG\ QLH
UDSRUWRZDáDE\1HDWDF]\F\FRNROZLHNNU\W\NRZDOLXVLHELHQDWRPLDVW ]QDMF*\FLHQLHPR*H
LVWQLHüF\ZLOL]DFMDZNWyUHMZV]\VWNRMHVWMX* GRVNRQDáH
:\PXV]DQLH SU]\QDOH*QRFL -HJR REMDZHP MHVW VDP IDNW Z\PXV]RQHJR
XSURZDG]HQLD3DQD'RPDá\
5]G]HQLH]DND]DPL$* U]XFDVL
RQRZRF]\ZVSRVRELHMDNLPLQJHURZDOLRQLZ
*\FLH3DQD'RPDá\QSSDWU]URODLFKRVREQLNyZZF]HUQL6]F]HJyOQLHWH* U]XFDVL
RQDZ
RF]\ZRSLVLHSU]HELHJXGUXJLHJRXSURZDG]HQLD]SRGUR]G]LDáX%3UDNW\F]QLHSRGF]DVWHJR
GUXJLHJR XSURZDG]HQLDQLHPDOZV]\VWNLHJRPX]DEUDQLDQRLJG\E\3DQ'RPDáDQDOH*DáGR
O
NOLZ\FKSUDZGRSRGREQLHZyZF]DVQLFE\QLH]REDF]\áDQLQLFQLHGRZLDGF]\á^`
1LVNL]DVyEZROQHMZROL,VWQLHMHZLHOHSU]HMDZyZIDNWXL* 1HDWDF]\F\FHFKXM VL
QLH]Z\NOH QLVNLP ]DVREHP ZROQHM ZROL 'OD SHáQHJR ]UR]XPLHQLD W\FK SU]HMDZyZ SRUyZQDM
RSLV\ ]UR]G]LDáX%WHJRWUDNWDWX]DWU\EXWDPLPDQLIHVWRZDQ\PLSU]H]LQWHOHNW\FHFKXMFHVL
QLVNLP]DVREHPZROQHMZROLMDNLHRSLVDQHV ZSRGUR]G]LDOH,PRQRJUDILL>@L>@$E\
ZVND]DüWXWDMMHGHQ]QDMEDUG]LHMUHSUH]HQWDF\MQ\FKSU]\NáDGyZW\FKDWU\EXWyZWRMHVWQLPIDNW
*H 1HDWDF]\F\ QLJG\ QLH PLHOL VL
UDGRQLH RUD] *H REVHUZDFML WDNLHJR UDGRVQHJR LFK
PLHFKX 3DQ 'RPDáD QLJG\ QLH UDSRUWXMH QS SDUWQHUND 3DQD 'RPDá\ SRWUDILáD MHG\QLH GR
QLHJRVPXWQRVL
XPLHFKQü^`
1LHX]QDZDQLH .RQFHSWX 'LSRODUQHM *UDZLWDFML RUD] Z\QLNDMF\FK ] QLHJR
NRQVHNZHQFML QSGRZRG]RQHJRSU]H]WRWDOL]PLSU]H].RQFHSW'LSRODUQHM*UDZLWDFMLIDNWX
LVWQLHQLD ZV]HFKZLDWRZHJRLQWHOHNWXMDNLSU]H]UHOLJLHQD]\ZDQ\MHVW%RJLHPZ\MDQLDQHJR
SU]H] WHWHRULH]DVDGSRVW
SRZDQLDWHJRLQWHOHNWXLWS-HGQD]MHJRPDQLIHVWDFMLMHVW*HQLH
G\VNXWRZDOL RQL]3DQHP'RPDá VSUDZ\LVWQLHQLD%RJD=UHV]W JG\E\G\VNXWRZDOLR%RJX
L QDZHWVWZLHUG]LOL*HZ1LHJRZLHU]SU]\LFK]ZRGQLF]\PSRVW
SRZDQLXPRJOLE\QDZFLVNDü
PXQDMUy*QLHMV]HMFLHPQRW\FRGRNWyUHMQLHE\áRE\VSRVREXDE\VSUDZG]LüQDLOHWRFRWZLHUG]
MHVWIDNW\F]QLHZGUD*DQHZLFKVSRáHF]HVWZLH
3U]HZRG]HQLHSU]H]QDMEDUG]LHMQLHPRUDOQ\FK LQDMJáXSV]\FK$F]NROZLHNEUDNMHVW
GDQ\FK QD WHQ WHPDW MDNR *H 3DQ 'RPDáD QLH SRVLDGDá F]DVX RND]ML DQL PRW\ZDFML GOD
]JURPDG]HQLD GDQ\FK SRUyZQDZF]\FK PR*QD WR F]
FLRZR Z\ZQLRVNRZDü ] SRVWDZ L
]DFKRZDQLD VL
QDG]RUF\ MHJR RSHUDFML RUD] ]H VWUDFKX MDNL SU]HG QLP RGF]XZDáD
KXPDQRLGND ^` L SDUWQHUND 3DQD 'RPDá\ ^` Z\VRFH PRUDOQHJR L UR]XPQHJR
SU]HáR*RQHJR]Z\NOHVL
OXELDQLHERL
%UDNMHGQR]QDF]QRFLL]DZLáRüZV]HONLFKVSUDZ1LHNODURZQRüLQLHOHJDOQRü
1HDWDF]\NyZ SRGQLHVLRQDMHVWGRVáRZQLHGRSR]LRPXDEVXUGX-DNRSU]\NáDGUR]ZD* RSLV\
VSRVREX ZMDNL3DQ'RPDáD]REDF]\áVZRMHJRV\QD^`7DND]DZLáRüLEUDNNODURZQRFL
MHVW ]DZV]HFKDUDNWHU\VW\F]QDGODVSRáHF]HVWZZ\]QDMF\FKILOR]RIL
SDVR*\WQLFWZD,PWH*
ILOR]RILD WDXQLFKVL
SRJá
ELDW\PZV]\VWNRVWDMHVL
PQLHMNODURZQHEDUG]LHM]DZLáHRUD]
EDUG]LHM QDZ]DMHP]HVRE VSU]HF]QH3RSU]H]IRUPRZDQLHQDZ]DMHP]HVRE VSU]HF]Q\FK
]DND]yZ QDND]yZ F]\ Z\W\F]Q\FK SR]ZDOD WR ERZLHP Z RZHM ILOR]RILL QD NDUDQLH OXE
QDJUDG]DQLHSUDNW\F]QLHND*GHJRLWRZGRZROQHMFKZLOLQS]D]Z\NáH]REDF]HQLHVZHJRV\QD
NWyUHJR WDNF]\LQDF]HM]FDá SHZQRFL PLHOLPX]DPLDUSRND]DüERZLHPE\áRQF]
FL LFK
SODQX 7R ]D XPR*OLZLD LP ] NROHL XWU]\P\ZDQLH VSRáHF]HVWZD Z OHS\P SRVáXFKX L
QLHXVWDQQ\PVWUDFKX
)DNW*HMDNWRSRZ\*HMZ\ND]DQRSUDNW\F]QLHZV]\VWNLHJáyZQHDWU\EXW\SDVR*\WQLFWZD
]RVWDá\ ]DREVHUZRZDQH X 1HDWDF]\NyZ EH]VSRUQLH GRZRG]L *H XSURZDG]LFLHOH 3DQD
$QGU]HMD 'RPDá\ QDOH* MHGQDN GR NRQIHGHUDFML QDV]\FK RNXSDQWyZ FKRFLD* VDPL WHPX
]DSU]HF]DM LFKRFLD* 3DQ'RPDáDZFDOHWDNQLHXZD*D7R]D RF]\ZLFLHEXG]LFDá\V]HUHJ
ZWSOLZRFL QDWXU\ PRUDOQHM 3U]\NáDGRZR MHOL V RQL Z VWDQLH HNVSORDWRZDü QDV VZRLFK
SREUDW\PFyZ F]\ HNVSORDWRZDü ELRURERWyZ F]\OL QDV]H G]LHFL KRGRZDQH ] ]LHPVNLHJR
PDWHULDáX UHSURGXNF\MQHJR ]DSHZQH PXV] RQL E\ü WH* Z VWDQLH HNVSORDWRZDü F]áRQNyZ
ZáDVQHJR VSRáHF]HVWZD ,FK VSRáHF]HVWZR ZFDOH QLH PR*H ZL
F E\ü SU]\NáDGHP WDNLHM
KDUPRQLL L V]F]
OLZRFL MDN WR SU]HGVWDZLRQR 3DQX 'RPDOH L Z FR RQ WDN EH]JUDQLF]QLH
XZLHU]\áSDWU]^`:V]DN*H*DGQDVSRáHF]QRü*\MFD]H]EyMRZDQLDLSDVR*\WRZDQLDQLH
MHVWZVWDQLHGRSUDFRZDüVL
W\FKSRV]XNLZDQ\FKDWU\EXWyZMDNRSU]\NáDGUR]ZD* JQLD]GRRV
F]\SDF]N
ZLONyZSRPLPR*HV GRVNRQDOH]RUJDQL]RZDQHLFKVSRáHF]QRFL]DZV]HRSDUWH
V QD VWUDFKX SU]HPRF\ L FLVáHM KLHUDUFKLL SU]\PXVX &Dá\ ZL
F REUD] MDNL 3DQ 'RPDáD
RWU]\PDáPR*HE\üMHGQ\PSURSDJDQGRZ\PVWHNLHPE]GXUGH]LQIRUPDFMLLSRER*Q\FK*\F]H
SRGREQLH MDN WR MHVW ] VLHODQNRZ\PL REUD]DPL SRND]\ZDQ\PL Z WHOHZL]MDFK ]LHPVNLFK
RSUHVRUyZ 1LF G]LZQHJR *H REUD] WHQ ZáR*RQ\ ]RVWDá Z MHJR JáRZ
SRGF]DV VQX D QLH
XIRUPRZDQ\ SU]H] QLHJR RVRELFLH QD SRGVWDZLH VSUDZG]H U]HF]\ZLVWRFL L IDNW\F]QHJR
RJOGDQLD*\FLDQDLFKSODQHFLH-DNWRSU]HFLH* GRVNRQDOHZLHP\]RJOGDQLDWHOHZL]MLQDZHW
NUDMH R QDMZL
NV]\FK UH*\PDFK QDMWUXGQLHMV]\P GR ]QLHVLHQLD *\FLX L QDMEUXWDOQLHMV]\P
WUDNWRZDQLX OXG]L WHOHZL]MD SRND]Dü SRWUDIL MDNR UDMH QD ]LHPL : FHODFK SURSDJDQGRZ\FK
PR*OLZH MHVW ZV]DN*H VSUHSDURZDQLH GRZROQLH QLHSUDZG]LZHJR REUD]X L VSRZRGRZDQLH*H
Z\JOGD RQQLHPDOMDNSUDZG]LZ\3UREOHPMHGQDN]W\PREUD]HPMHVW*HQLHSRNU\ZDVL
RQ
] IDNWDPLMDNLHRVRELFLHPR*HP\GRVWU]HFQDXOLFDFKWHJRNUDMXMHOLGDQDMHVWQDPV]DQVD
DE\P\ VZRERGQLH SR QLFK PRJOL VL
SRUXV]Dü L MHOL ZLHP\ QD FR SRZLQQLP\ ]ZUDFDü
XZDJ
Z\W\F]Q\FK QD FR Z WDNLFK SU]\SDGNDFK QDOH*\ ]ZUDFDü XZDJ
GRVWDUF]DM RSLV\
WRWDOL]PX]UR]G]LDáX,PRQRJUDILL>@L>@
-HOL NWR SU]HDQDOL]XMH Z\PLHQLRQH SRZ\*HM JáyZQH DWU\EXW\ 1HDWDF]\NyZ L
Z\]QDZDQHMSU]H]QLFKILOR]RILLSDVR*\WQLFWZDZyZF]DV]H]GXPLHQLHPRGNU\MH*HGRNáDGQLH
SRNU\ZDM VL
RQH]FHFKDPLILOR]RILLMDNDFRUD]V]HU]HMXSRZV]HFKQLDüVL
]DF]\QDQD=LHPL
2ZR SRGRELHVWZRQLHMHVWZFDOHSU]\SDGNLHPERZLHPMHGQ\P]FHOyZMDNLRNXSDQW]DZV]H
VRELH VWDZLD ZREHF RNXSRZDQHJR QDURGX MHVW ZáDQLH ZPXV]HQLH MHJR ZáDVQHM ILOR]RILL
QD RNXSRZDQ\FKOXG]L1LH]DZV]HMHVWRQRMHGQDNXZLDGDPLDQHERZLHP]Z\NOHRGE\ZD
VL
QLH SRG SUHWHNVWHP ZSURZDG]DQLD VZRMHM ILOR]RILL D SRG SU]\VáRQ NU]HZLHQLD VZRMHM
UHOLJLL ZSURZDG]DQLD VZRMHJR XVWURMX XSRZV]HFKQLDQLD VZRMHM HGXNDFML F]\ IRUPRZDQLD
VZRMHJR V\VWHPX DGPLQLVWUDF\MQHJR 2ZR ZPXV]DQLH ILOR]RILL VWDQRZL WH* MHGQR ]
QDMZL
NV]\FK QDV]\FK]DJUR*H ]HVWURQ\QDV]\FKRNXSDQWyZPLDQRZLFLHQLHSRVWU]H*HQLH
QDU]XFDM RQLQDQDV]HMSODQHFLHVZRM QLV]F]\FLHOVN ILOR]RIL
SDVR*\WQLFWZD:Z\QLNXWHJR
P\ VWRSQLRZRVWDMHP\VL
MDNRQLURG]DMHPNRVPLF]QHMV]DUDF]\NWyUDSR]RVWDZLDüE
G]LH
]D VRE MHG\QLHFLH*N
PLHUFL LVSXVWRV]HQLD RUD] NWyUD XQLHV]F]
OLZLD ]DUyZQRVLHELH
MDN LZV]\VWNLFKLQQ\FKNWyU]\]QDOH(OLVL
ZQDV]\PSREOL*X&]DVZL
FDE\P\REXG]LOLVL
]
ROHSLDMFHJRQDVREHFQLHRPDPXL]DF]
OLZDOF]\üRQDV]HZ\]ZROHQLHVL
VSRGNRVPLF]QHM
RNXSDFML : ZDOFH WHM QLH Z\VW
SXMHP\ SU]\ W\P SU]HFLZNR QDV]\P SREUDW\PFRP
1HDWDF]\NRPDMHG\QLHSU]HFLZNRRZHM]áRZURJLHMILOR]RILLMDN VRE UHSUH]HQWXM LMDN QDP
ZPXV]DM :V]DN*HP\ZFDOHQLHPXVLP\DGRSWRZDüLFKILOR]RILLERZLHPLVWQLHMH]QDF]QLH
OHSV]D RG QLHM DOWHUQDW\ZD F]\OL RSLV\ZDQ\ SRSU]HGQLR WRWDOL]P -DN WR MX* Z\MDQLDQR
WRWDOL]P RG]QDF]D VL
DWU\EXWDPL GRNáDGQLH RGZURWQ\PL GR SDVR*\WQLFWZD WM ]DPLDVW
QLHZROQLFWZD SURSDJXMH RQ SDUWQHUVWZR ]DPLDVW KLHUDUFKLL UyZQRü ]DPLDVW XWDMQLDQLD
G]LHOHQLH VL
ZLHG] ]DPLDVW ]HOL]JLZDQLD VL
]DZV]H Z]GáX* OLQLL QDMPQLHMV]HJR RSRUX
SRUXV]DQLH VL
]DZV]HSU]HFLZVWDZQLHGROLQLLQDMPQLHMV]HJRRSRUXF]\OLZVSLQDQLHVL
SRG
JyU
SRODJUDZLWDF\MQHJRSDWU]UR]G]LDá%ZWUDNWDFLH>@LWS1DMZD*QLHMV] MHGQDNUy*QLF
SRPL
G]\W\PLILOR]RILDPLMHVW*H]DPLDVWPyZLüRF]\QLHQLXGREUDMHGQDNF]\QLü]áRMDNWR
MHVW FHFK SDVR*\WQLFWZDWRWDOL]PPyZLRF]\QLHQLXGREUDLIDNW\F]QLHXVLOQLHF]\QLGREUR
:áDQLH RZD PDOHND Uy*QLFD SRZRGXMH*H SUDNW\NXMF\ WRWDOL]P DNXPXOXM Z VRELH yZ
URG]DM SR]\W\ZQHM HQHUJLL QD]\ZDQHM ]DVREHP ZROQHM ZROL MDND F]\QL LFK V]F]
OLZ\PL
UR]HPLDQ\PL L SHáQ\PL UDGRFL *\FLD D MDN DE\ ]GRE\ü ]DZV]H SRQXU]\ Z\]QDZF\
SDVR*\WQLFWZD PXV] XFLHNDüVL
D* GRUDERZDQLDMHMRGLQQ\FKZSU]\SDGNX1HDWDF]\NyZ
F]\QLF WR ]DSHZQH QDVNDO
SU]HP\VáRZ SRSU]H] X*\FLH NRPyU ]LPQD RSLVDQ\FK SU]H]
3DQD'RPDá
SDWU]U\VXQHN
-HGQ ] FLHNDZV]\FK REVHUZDFML MDNLH Z\ZRG] VL
] SR]QDQLD SRZ\*V]HM
FKDUDNWHU\VW\NL 1HDWDF]\NyZ WR *H LFK ILOR]RILD *\FLRZD MHVW EDUG]R ]EOL*RQD GR ILOR]RILL
KLWOHU\]PX = NROHL QLHELHVNRRF\ L MDVQRZáRV\ 1HDWDF]\F\ VZRLP Z\JOGHP EDUG]R
SU]\SRPLQDM SRGREQLHZ\JOGDMF\FKSU]HGVWDZLFLHOLZ\EUDQHMUDV\+LWOHUD&LHNDZHZL
F
F]\SU]\SDGNLHPVDP+LWOHUQLHE\áZPáRGRFLXSURZDG]RQ\SU]H]1HDWDF]\NyZWDNMDNWR
VWDáR VL
]3DQHP'RPDá]D VZRM LGHRORJL
MDVQRZáRVHMVXSHUUDV\SU]HMáZáDQLHRG
QLFK 7DN PR*OLZRü ]GDMH VL
]UHV]W SRGSLHUDü FDá\ V]HUHJ SU]HVáDQHN ,FK SU]\NáDGHP
PRJ E\ü QDMUy*QLHMV]H SRJáRVNL NU*FH ZUyG RVyE ]RULHQWRZDQ\FK Z SU\ZDWQ\P *\FLX
+LWOHUD 3RJáRVNLWHVXJHUXM*H+LWOHUEDUG]RF]
VWRQDZLHG]DQ\PLDáE\üSU]H]MDVQRZáRVH
QLHELHVNRRNLH LVWRW\ NWyUH ]Z\Ná\ Z\GDZDü PX QDMUy*QLHMV]H SROHFHQLD MHGQDN NWyUH SR
VSRWNDQLXQDJOHUR]ZLHZDá\VL
ZQLFRüSRGREQR+LWOHUSDQLF]QLHEDáVL
W\FKLVWRW]MDNLFK
SRZRGyZ F]\*E\ZL
FRGZLHG]DQ\E\áRQSU]H]1HDWDF]\NyZ",QQ\PSU]\NáDGHPWDNLFK
SU]HVáDQHN MHVW RVRELVWD IDVF\QDFMD +LWOHUD Z ]QDOH]LHQLX PLW\F]QHM SRG]LHPQHM NUDLQ\
6]DPEDODMDND]DPLHV]NLZDQDPLDáDE\üZáDQLHSU]H]SRGREQ UDV
U]G]RQ\FKQDVSRVyE
KLWOHURZVNL MDVQRZáRV\FK LVWRW -HJR SRV]XNLZDQLD RZHM NUDLQ\ Z]PLDQNRZDQH V PLQ Z
WUDNWDFLH >%@ 3RGREQLH PR*OLZRü W SRGSLHUD WH* RVRELVWH ]DLQWHUHVRZDQLH +LWOHUD ]
]EXGRZDQLX G\VNRLGDOQ\FK SRMD]GyZ SU]\SRPLQDMF\FK 8)2 WM 9 MDNLFK MHGHQ ]
SU]\NáDGyZ SRND]DQ\MHVWQDU\VXQNX]HVWURQ\DUW\NXáX>&@ 9QDMJUR(QLHMV]DEUR
+LWOHUD"MDNLRSXEOLNRZDQ\E\áZNZDUWDOQLNX8)2QU :DUWRSU]\W\PRGQRWRZDü
*HZV]HONLHZ\MWNRZRV]DWDVNLHSRVWDFLHZQDV]HMKLVWRULLWDNLHMDN+LWOHU6WDOLQF]\1HURQ
GRW\FKF]DV XZD*DQHE\á\]DSRVLDGDMFHWZyUF]HXP\Vá\W\OHW\ONR*HVG]RQRL* LFKWZyUF]Rü
]ZUyFLáD VL
Z QLHZáDFLZ\P NLHUXQNX -HGQDN SU]\SLV\ZDQLH LP ]GROQRFL WZyUF]\FK
]DSU]HF]D REVHUZDFMRP ]JURPDG]RQ\P QD WHPDW W\SRZ\FK ]Z\URGQLDOFyZ NWyU]\ ]DZV]H
RND]XM VL
EDUG]R SU\PLW\ZQ\PL RVREQLNDPL MDNLFK PHQWDOQRü QLHPDO QLJG\ QLH MHVW Z
VWDQLH ]GRE\ü VL
QD WZyUF]Rü %\ü PR*H ZL
F *H NLHG\ SU]\MG]LH QDP ]ZHU\ILNRZDü
GRW\FKF]DVRZHRSLQLHL]DDNFHSWRZDü*HRZLZLRGF\]áRF]\F\SRGREQLHMDNQDM]Z\NOHMVL
]Z\URGQLDOF\ UyZQLH* SRVLDGDOLXP\Vá\FDáNRZLFLHSR]EDZLRQH]GROQRFLWZyUF]\FKMHGQDN
FLOH ZVSyáSUDFRZDá ] QLPL SRWDMHPQLH NWR NWR ]DRSDWU\ZDá LFK ZH Z]RUFH GR
QDODGRZDQLD 7\PNLP PRJOLE\üZáDQLH1HDWDF]\F\7RRQLPRJOLSRND]Dü+LWOHURZLMDN
SRZLQLHQ RUJDQL]RZDüRER]\NRQFHQWUDF\MQHZV]DN*HLFKZ]RUFHXWU]\PXM RQL]DSHZQHQD
VZRMHMSODQHFLHNRSDOQL6HQWHHOHDDE\V]\ENRSR]E\ZDüVL
W\VL
F\RZ\FKELRURERWyZMHOL
] MDNLFK SRZRGyZQLHSRWUDIL RQLMX* Z\NRQ\ZDüSU]\QDOH*QHMLPSUDF\SDWU]WUDNWDW>@
6WDOLQDPRJOLQDXF]\üMDN]RUJDQL]RZDüMHJRVLá\SROLF\MQHLMDNSU]HSURZDG]DüZLHONRVNDORZ
Z\V\áN
QDURERW\ZV\EHU\MVNLFKNRSDOQLFKZV]DN*H1HDWDF]\F\ RGGDZQDF]\QL WR]H
VZRLPL ELRURERWDPL ^` ]D 1HURQRZL PRJOL GRUDG]Dü MDN PD VNXWHF]QLH ]DVLHZDü
SRZV]HFKQ\WHUURUZV]DN*HXGRZRGQLOL3DQX'RPDOHZG]LDáDQLX*HV ZW\PPLVWU]DPL
1LH]Z\NOHGX*RGRP\OHQLDGDMHSRZL]DQLHZ\ND]DQHJR ZW\PSRGUR]G]LDOHIDNWX*H
1HDWDF]\F\ QDOH*GRNRQIHGHUDFMLRNXSXMF\FKQDV8)2QDXWyZ]GRNRQDQ SU]H]3DQD
'RPDá
REVHUZDFM *H X*\ZDM RQL ELRURERWyZ GR FL
*NLFK SUDF Z NRSDOQLDFK QD LFK
]V\áNRZHM SODQHFLH6HQWHHOHD^`2WR* WDNLHELRURERW\QLHPDM SáFLVDPHVL
ZL
FQLH
UR]PQD*DM 1DZHW ]D MHOL V Z\WZDU]DQH SRSU]H] NORQRZDQLH FLJOH ]DLQLFMRZDQLH LFK
Z]URVWX Z\PDJDOXG]NLHJRPDWHULDáXUHSURGXNF\MQHJRQSRYXOHSRGEUDQHJRQSRGMDNLFK
NRELHW =H Z]JO
GyZ HW\F]Q\FK PDWHULDá WHQ QLH PR*H SU]HFLH* E\ü SRELHUDQ\ RG NRELHW
1HDWDVNLFK =NROHLGRW\FKF]DVRZHEDGDQLD8)2ZVND]XM*HSRWZLHUG]RQHMX* REV]HUQ\P
PDWHULDáHP GRZRGRZ\P LQWHQV\ZQH SRELHUDQLH SU]H] QDV]\FK RNXSDQWyZ RYXOH RG NRELHW
]LHPVNLFK LVSHUP\RGP
*F]\]Q]=LHPL VáX*\ZáDQLHFHORZLSURGXNFMLRZ\FKELRURERWyZ
7]Z ELRURERW\ V ZL
F EH]SáFLRZ\PL SRWRPNDPL QDV =LHPLDQ NWyU]\ EH]QDG]LHMQLH
QLHZROQLF] SU]H] FDáH VZH*\FLH Z NRSDOQLDFK 1HDWDF]\NyZ MDNR MHG\QH Z\QDJURG]HQLH
RWU]\PXMF SDVW\ON
ZLHONRFLRU]HFKDUD]QDSyáURNX6WUDFKSRP\OHüFRE\E\áRJG\E\SU]H]
SU]\SDGHNWRZáDQLHQDPSU]\GDU]\áRVL
E\üMHGQ\P]QLFK
,QQ\P SXQNWHP NWyU\ GDMH UyZQLH GX*R GR P\OHQLD D QDZHW Z]EXG]D X PQLH
QDMUy*QLHMV]HREDZ\LSHV\PLVW\F]QHUHIOHNVMHWRIDNW*H1HDWDF]\F\]QDM SU]\V]áRü0DM
RQL ZV]DN*HGRVW
SGRZHKLNXáyZF]DVXSU]HPLHV]F]DMFVL
ZL
FRNUHVRZRGRSU]\V]áRFL
PRJ MX* REHFQLH VSUDZG]Lü FR ] G]LVLHMV]\FK Z\GDU]H Z SU]\V]áRFL RND*H VL
QDMQLHNRU]\VWQLHMV]H GODLFKSDQRZDQLDQD=LHPL=NROHLZLHG]FMDNLHG]LVLHMV]HZ\GDU]HQLD
Z SU]\V]áRFL]DV]NRG] LPQDMEDUG]LHMREHFQLHPRJ Z\ELRUF]RVWDUDüVL
LP]DUDG]Lü-X*
ZL
F Z PRPHQFLH XSURZDG]DQLD 3DQD 'RPDá\ ZLHG]LHOL *H QLQLHMV]\ WUDNWDW E
G]LH NLHG\
QDSLVDQ\ D QDZHW MDN WR GRV\ü MHGQR]QDF]QLH Z\QLND ] LFK ]DFKRZDQLD L ZLHORNURWQLH
F]\QLRQ\FK DOX]ML GRNáDGQLH ]QDOL MHJR SU]\V]á WUHü $F]NROZLHN ZL
F SRF]\QLOL ZV]HONLH
QLH]E
GQH]DEH]SLHF]HQLD LSU]H]FDá\RNUHVREXXSURZDG]H QLHSRND]DOLDQLQLHSRZLHG]LHOL
3DQX'RPDOHQLF]HJRFRPRJáRE\G]LDáDüQDQDV] NRU]\ü]D SU]HFLZNRLFKRNXSDFMLFLJOH
]GHF\GRZDOL VL
]UHDOL]RZDü WR XSURZDG]HQLH L QLHPDO Z FDáRFL SR]RVWDZLü MH Z SDPL
FL
XSURZDG]RQHJR :L
FHM XVWDPL SDUWQHUNL 3DQD 'RPDá\ QDOHJDOL QDZHW DE\ GRNáDGQLH
VSLV\ZDá RQVZRMHSU]H*\FLDZLHG]FSU]\W\P*HRSUDFRZDQLHPZNWyU\PSU]H*\FLDWHRQ
RSXEOLNXMH E
G]LHZáDQLHQLQLHMV]\WUDNWDW7R]D R]QDF]D*HWUDNWDWWHQZMDNL GRW\FKF]DV
QLH]QDQ\ QDPVSRVyESU]\VáXJXMHVL
LFKLQWHUHVRP3RZ\*V]HXMDZQLDMDNWUXGQHMHVWQDV]D
SRáR*HQLH ERZLHP SRSU]H] VDP IDNW ]QDMRPRFL SU]\V]áRFL QDVL NRVPLF]QL SDVR*\FL V Z
VWDQLH WDN SRNLHURZDü ND*G\P Z\GDU]HQLHP QD =LHPL DE\ ]DZV]H VáX*\áR RQR LFK D QLH
QDV]\PLQWHUHVRP
3R XGRZRGQLHQLX *H 1HDWDF]\F\ QDOH* GR NRQIHGHUDFML QDV]\FK RNXSDQWyZ GOD
SHáQHJR ]UR]XPLHQLD LGHRORJLF]QHJR SRGáR*D XSRURZDG]HQLD 3DQD 'RPDá\ Z\ND]Dü QDP
MHG\QLH SR]RVWDáR *H ]PXVLOL JR VLá L Z\ELHJDPL DE\ G]LDáDá Z VSRVyE F]\QLF\ ] QLHJR
QLHZLDGRPHJR NRODERUDQWDGR]DGD VSHFMDOQ\FK3U]HSURZDG]HQLHUR]XPRZDQLDZW\P
NLHUXQNXQDVWSLZQDVW
SQ\PSRGUR]G]LDOH
& 0DWHULDá MDNL GRNXPHQWXMH *H 3DQ 'RPDáD ]RVWDá SU]\PXV]RQ\ GR G]LDáD Z
LQWHUHVLH1HDWDF]\NyZ
0XV]
VL
SU]\]QDü*H]]DEUDQLHPVL
GRQDSLVDQLDQLQLHMV]HJRSRGUR]G]LDáXPLDáHP
QDMZL
FHMRSRUyZERZLHPVWDQRZLRQVZHJRURG]DMXSUHFHGHQVPRUDOQ\1LHF]
VWRZV]DN*H
VL
]GDU]DDE\ZRSUDFRZDQLXSRVLDGDMF\PGZyFKDXWRUyZGRFKRG]LüGRZQLRVNyZMDNWH
] QLQLHMV]HJR SRGUR]G]LDáX Z NWyU\FK MHGHQ ]H ZVSyáDXWRUyZ MH Z\FLJD D QLH QS W\ONR
SRZWDU]D ]D NLP LQQ\P ]D GUXJLHJR ]H ZVSyáDXWRUyZ RQH EH]SRUHGQLR GRW\F] )DNW
MHGQDN *H QLQLHMV]H RSUDFRZDQLH SRWUDIL VL
]GRE\ü QD LFK RWZDUWH Z\UD*HQLH QDGDMH PX
QLH]Z\NOHXQLNDOQHMZ\PRZ\ZLDGF]\RQRERZLHP*H GODGREUDQDGU]
GQHMVSUDZ\3RODF\
MDN *DGHQ LQQ\ QDUyG QD ZLHFLH SRWUDIL ]GRE\ü VL
QD Z]QLHVLHQLH SRQDG SU]HFL
WQRü L
VSRMU]HQLH SUDZG]LHZRF]\MDNDNROZLHNE\RQDVL
QLHRND]\ZDáD3UDNW\F]QLHQLJG\WH* QLH
VSRWNDáHP VL
GRW\FKF]DV]SU]\SDGNLHPDE\SU]HGVWDZLFLHOHMDNLHMNROZLHNQDURGRZRFLF]\
NUDMX ZSXEOLNDFMLDXWRU\]RZDQHMSU]H]GZLHRVRE\E\OLZVWDQLHVSRMU]HüGRW\F]FHMVDP\FK
DXWRUyZSUDZG]LHZRF]\WDNRWZDUFLHMDNWHJRGRNRQDQRZQLQLHMV]\PWUDNWDFLH*G]LHLQG]LHM
RSUDZG]LHRZV]HPPyZLVL
RWZDUFLHMHOLGRW\F]\RQDF]\MHJR U\ZDODZURJDSROLW\F]QHJR
QD QL RF]\ %
GF ZL
F ]GROQ\PL GR WDN GUDVW\F]QHJR VSRMU]HQLD SUDZG]LH Z RF]\
MHGQRF]HQLH QLQLHMV]\PPDQLIHVWXMHP\*HMHVWHP\]GROQ\PLWDN*HLGRGRNRQDQLDWHJRFR
NU]HZLHQLH SUDZG\RGQDVZ\PDJDZW\PZ\SDGNXGR]DF]
FLDQDV]HMEH]NRPSURPLVRZHM
ZDONLRZ\]ZROHQLHOXG]LVSRGNRVPLF]QHMRNXSDFML
-DN WR SRGNUHODQR MX* Z NLONX PLHMVFDFK QLQLHMV]HJR WUDNWDWX V]F]HJyáRZD DQDOL]D
RNROLF]QRFL LIDNWyZGRW\F]F\FKXSURZDG]HQLD3DQD'RPDá\QDSRNáDG8)2SURZDG]LGR
EXOZHU\]XMFHJR ZQLRVNX *H MHJR XSURZDG]HQLD GRNRQDQR Z FHOX KLSQRW\F]QHJR
]DSURJUDPRZDQLD JR L IL]\F]QHJR ]PXV]HQLD GR Z\SHáQLDQLD IXQNFML QLHZLDGRPHJR
NRODERUDQWD 8)2QDXWyZ GR ]DGD VSHFMDOQ\FK -DN QD WR GRW\FKF]DV ]HEUDQH LQIRUPDFMH
]GDM VL
ZVND]\ZDü GRFHORZ\P DF]NROZLHN SU]H] QLHJR VDPHJR QLH XZLDGDPLDQ\P
]DGDQLHPPLDáRE\üSU]HV]NDG]DQLHZURG]HQLXVL
Z3ROVFHUXFKXVWRSQLRZHJRZ\]ZDODQLD
VL
OXG]LVSRGRNXSDFML8)2QDXWyZ
$E\ E\ü ]GROQ\PGRZ\SHáQLDQLDVZHJR]DGDQLD3DQ'RPDáDZ\EUDQ\]RVWDáEDUG]R
VWDUDQQLH SU]\JRWRZDQ\ZVSHFMDOQ\VSRVyERUD]QDVW
SQLH]PXV]DQ\SU]H]8)2QDXWyZZ
FKDUDNWHU\VW\F]Q\ GODQLFKVSRVyEGRG]LDáDQLD]JRGQHJR]LFKLQWHUHVDPL$E\SU]\W\PGDü
F]\WHOQLNRZL SRM
FLHRSR]LRPLHZ\UDILQRZDQLDLEUXWDOQRFL]MDNLPRNXSXMF\QDV8)2QDXFL
Z\PXV]DM WHJRW\SXG]LDáDQLHWR]JRGQLH]W\PFRRSLVDáHPZUR]G]LDOH9PRQRJUDILL>@L
8 PRQRJUDILL>@]DS
G]DM RQLZ\EUDQ\FKSU]H]VLHELHOXG]LGRUHDOL]RZDQLDQDOH*Q\FKLP
]DGD GRNáDGQLH WDN MDN NLHG\ P\OLZL ]DS
G]DOL ]ZLHU]\Q
GR VNRF]HQLD Z SU]HSDü WM
XVWDZLDM MDNE\ HPRFMRQDOQ\ SáRW Z NV]WDáFLH]Z
*DMFHJRVL
OHMND Z\ELHJDMFHJR QD RZ
SU]HSDü D QDVW
SQLH VWUDFKHP NáRSRWDPL L DPELFMDPL SRS
G]DM Z\EUDQ RVRE
Z]GáX*
NLHUXQNX MDNL SáRW WHQ Z\]QDF]D -HVW WR LFLH V]WDVND PHWRGD G]LDáDQLD DF]NROZLHN MDN
GRW\FKF]DVZLHORNURWQLHVL
SU]HNRQDáHPZSUDNW\FHRND]XMHVL
]DZV]HVNXWHF]QD
3RQL*HM]HVWDZLRQH]RVWDQ IDNW\MDNLHZLDGF] RMHJRQLH]Z\NOHVWDUDQQ\PZ\ERU]H
SURFHVLH MHJR VSHFMDOQHJR SU]\JRWRZDQLD GR ]DGDQLD VXNFHVX ] MHJR SU]\JRWRZ\ZDQLHP
RUD] NRFRZ\PSU]\PXV]HQLXJRGR]UHDOL]RZDQLDSLHUZV]HJR]W\FK]DGD SDWU]F]DVRSLVPR
1,( :DUWR SU]\ W\P RGQRWRZDü *H ]DLVWQLHQLH W\FK IDNWyZ QLH SRVLDGD *DGQHJR LQQHJR
NRQV\VWHQWQHJR ]QLPLZ\WáXPDF]HQLDSR]DZ\WáXPDF]HQLHPMDNLHWXWDMSRGDQRWM*HPLDá\
RQH VáX*\ü WHPX F]HPX VáX*\á\ -DNR WDNLH ZL
F ]HVWDZLRQH SRQL*HM IDNW\ SRWZLHUG]DM
SRSUDZQRüZQLRVNXNWyU\ZQLQLHMV]\PSRGUR]G]LDOH]RVWDáQDLFK SRGVWDZLHZ\FLJQL
W\2WR
RQH
3DQ$QGU]HM'RPDáD]RVWDáVWDUDQQLHZ\EUDQ\GRF]HNDMFHJRJR]DGDQLD)DNW\MDNLH
WRSRWZLHUG]DM WR
1LH ZLHG]F ZFDOH R W\P E\á RQ ]DELHUDQ\ QD 8)2 ]QDF]QLH ZF]HQLHM QL*
SDPL
WDQH SU]H]QLHJRXSURZDG]HQLHVSRG1DVLHOVND]GQLD9,,,URNX3U]\NáDGRZR
] GRW\FKF]DVRZ\FKEDGD MX* ZLDGRPR*HDE\UR]XPLHüWHOHSDW\F]QHSU]HND]\8)2QDXWyZ
SR]D ZQ
WU]HP LFK ZHKLNXáX PXVLDá RQ SRVLDGDü ]DLQVWDORZDQ\ XSU]HGQLR Z VZHM JáRZLH
VSHFMDOQ\ LPSODQWNRPXQLNDF\MQ\]XZDJLQDG]LDáDQLHOXG]NLHJRPy]JX]DZV]H]QDMGXMF\
VL
SRG VNURQL SU]\OHZ\PXFKX,PSODQWWHQRSLVDQ\MHVWZSRGUR]G]LDOH1PRQRJUDILL>@
L >@RUD]ZSRGUR]G]LDOH'WUDNWDWX>@7\ONRZSU]\SDGNXSRVLDGDQLDWDNLHJRLPSODQWX
PyJáRQMX* ZOHVLHQDW\FKPLDVWSRVSRWNDQLXKXPDQRLGNLUR]XPLHüMHMSU]HND]\WHOHSDW\F]QH
EH] X*\FLD*DGQHJRXU]G]HQLDWáXPDF]FHJR7RR]QDF]D*HMX* ZyZF]DVSRVLDGDáZVZHM
JáRZLHyZLPSODQW$E\]D SRVLDGDüWHQLPSODQWPXVLDáRQE\üEDGDQ\LSU]\JRWRZ\ZDQ\GR
XSURZDG]HQLD MX* ]QDF]QLH ZF]HQLHM QL* SRGF]DV RZHJRZLDGRPLH SDPL
WDQHJR ]DMFLD
2 XSU]HGQLPLVWQLHQLXRZHJRLPSODQWXZMHJRJáRZLHZLDGF]\WH* G]LDáDQLHPDOHNLHMVRQG\
SRNU\ZD LFK SUDZG]LZH LQWHQFMH X*\FLD JR MDNR QLHZLDGRPHJR NRODERUDQWD GR ]DGD
VSHFMDOQ\FK
3U]\JRWRZDQLH3DQD'RPDá\GRF]HNDMF\FKJR]DGD ]DNRF]\áRVL
FDáNRZLW\P
VXNFHVHP ERZLHP EH]NU\W\F]QLH XZLHU]\á RQ ZH ZV]\VWNR FR MHJR XSURZDG]LFLHOH PX
SU]HND]DOL3U]\NáDGRZRMHJREH]NU\W\F]QDZLDUDREM
áDWDNLHDVSHNW\MDN
1LH]DFKZLDQ ZLDU
Z GREUR 1HDWDF]\NyZ WM Z LFK Z\*V]Rü PRUDOQ L
ILOR]RILF]Q QDGQDPL2ZDQLH]DFKZLDQDZLDUDZ\UD*RQDMHVWPL
G]\ZLHUV]DPLMHJRUDSRUWX
] UR]G]LDáX%]NXOPLQDF\MQ\PSXQNWHPZSRVWDFLOLVW\SR]\W\ZQ\FKFHFK*\FLDQDSODQHFLH1HD
SU]\WRF]RQHM ZNRFXSRGURG]LDáX%^`NWyU\FKWRFHFKIDNW\F]QLHQLHGDQRPXMHGQDN
VSUDZG]Lü
%H]NU\W\F]QHXZLHU]HQLH*H1HDWDF]\F\SU]HND]DOLPXSUDZG
QDND*G\WHPDW
QD MDNL FKFLDá FR ZLHG]LHü 3U]\NáDGRZR 3DQ 'RPDáD EH]NU\W\F]QLH ZLHU]\ *H ZLH JG]LH
1HDWDF]\F\ PLHV]NDM*HZLHZV]\VWNRQDWHPDWLFK*\FLD*HZLHJG]LHLQVWDOXM RQLLPSODQW\
*H ZLHMDNF]
VWRNLHG\LZMDNLPFHOXSU]\ODWXM QD=LHPL
LWS1LH]ZUDFDSU]\W\P*DGQHM
XZDJL QD Z\PRZ
IDNWyZ NWyUH VXJHUXM *H ZáDFLZLH WR QLHPDO QLF SHZQHJR L
VSUDZG]DOQHJR QD LFK WHPDW QDSUDZG
QLH ]RVWDáR PX SU]HND]DQH SDWU] SXQNW Z
SRGUR]G]LDOH&
=JRGQLH ] PHWRGDPL G]LDáDQLD RNXSXMF\FK QDV 8)2QDXWyZ RSLVDQ\PL Z
SRGUR]G]LDOH 8PRQRJUDILL>@L>@3DQ'RPDáD]RVWDáREVWDZLRQ\WDNLP]HVWDZHP
XZDUXQNRZD L SU]\PXV]H MDNLH QLH SR]RVWDZLDá\ PX *DGQHJR LQQHJR Z\MFLD SR]D
QLHXZLDGDPLDQ\P Z\NRQ\ZDQLHP SRZLHU]RQHJRPX ]DGDQLD 2WR IDNW\MDNLH SRWZLHUG]DM
MHJR VWRSQLRZH]DS
G]DQLHZRJURG]RQ ]REXVWURQXOLF]N
HPRFMRQDOQ ZMDNLHMQLHPLDá
RQLQQHJRZ\MFLDMDNW\ONRZ\NRQ\ZDüWRGRF]HJRMHJRPRFRGDZF\JR]PXVLOL
8)2QDXFL ] MHGQHM VWURQ\ VWDUDOL VL
]DZL]Dü ] QLP V]F]HJyOQLH VLOQ ZL
(
XF]XFLRZ : W\P FHOX SRGF]DV ND*GHJR VSRWNDQLD RGG]LDá\ZDOL MDNR QD MHJR QDMEDUG]LHM
HOHPHQWDUQH XF]XFLD SRGVXZDMF PX VZRM NRELHW
ZPDZLDMF PX *H MHVW RMFHP LFK
G]LHFNDZSDMDMFPXSU]HNRQDQLH*HMHVWRQMX* VLyGP\PSRNROHQLHPGRJOGDQ\FKSU]H]LFK
=LHPLDQLWS
8)2QDXFL X*\ZDOL Z VWRVXQNX GR QLHJR PHWRG\ HPRFMRQDOQHM PDUFKHZNL L
U]HP\F]NDDE\Z\URELüZQLPSRF]XFLHEH]Z]JO
GQHJRSRVáXV]HVWZDLG\VF\SOLQ\1DV\áDOL
ZL
F QDQLHJRRVREQLNDZF]HUQLSDOLOLMHJRGRPZSURZDG]DOLJRZQDMUy*QLHMV]HNáRSRW\
ILQDQVRZHLWS
=JRGQLH]LQWHQFMDPLZ\NRU]\VWDQLDFDáHJR]GDU]HQLDQDVZRM NRU]\üZV]\VWNRFR
W\ONR GRNRQ\ZDQRF]\QLRQRZVSRVyEZLHOR]QDF]Q\WMMDNLRWZLHUDáPR*OLZRüDE\Sy*QLHM
Z\NRU]\VWDQHWRPRJáRE\üZGRZROQ\PNLHUXQNXZV]\VWNRFRW\ONRSU]HND]\ZDQR]DZLHUDáR
QLHGRSRZLHG]HQLD MDNLH 3DQ 'RPDáD PXVLDá VDP VRELH GRSRZLDGDü RUD] ZV]\VWNR FR VL
]GDU]\áRPLDáRFKDUDNWHUQLHVSUDZG]DOQ\MDNLZSU]\V]áRFLXQLHPR*OLZLDáWHJR]ZHU\ILNRZDQLH
L VWG ]H]ZDODá DE\ Z\NU
FRQR WR Z GRZROQ\ VSRVyE L X*\WR SU]HFLZNR GRZROQHM RVRELH
3RPLPR RZHM ZLHOR]QDF]QRFL 3DQ 'RPDáD QLH ]RULHQWRZDá VL
Z SU]HELHJáHM JU]H VZRLFK
SU]\MDFLyá LZV]\VWNRZ]LáMDNRMHGQR]QDF]QHLZ\MDQLDOQH$E\GDüWXWDMNLONDSU]\NáDGyZ
WDNLFKZLHOR]QDF]QRFLQLHVSUDZG]DOQRFLLQLHGRSRZLHG]H WRPLQREHMPXM RQH
2EVHUZDFM
RVREQLND Z F]HUQL Z FHOL ZL
]LHQQHM ^` $F]NROZLHN WHJR
RVREQLND ZLG]LDáR D* ZL
(QLyZ] XZDJLQD FKDUDNWHU FDáHM V\WXDFML ZL
]LHQLH EUDN FK
FL
XF]HVWQLNyZGRSU]\]QDQLDVZRMHMWDPREHFQRFLOHJDOQHWUXGQRFLZHZHQWXDOQ\PXVWDOHQLX
PLHMVFDSRE\WXLWR*VDPRFLSRV]F]HJyOQ\FKZL
(QLyZSUDNW\F]QLHQLJG\QLHE
G]LHPR*OLZH
]ZHU\ILNRZDQLHRZHMREVHUZDFML
5yZQRF]HVQH DSURERZDQLH L ]DJUD*DQLH .LHG\ 3DQ 'RPDáD PLDá XMDZQLü
VZRM KLVWRUL
RVREQLNZF]HUQLZ\JUD*DáPXSDOFHP^`MHGQRF]HQLH8)2QDQRFQ\P
QLHERVNáRQLH SRNLZDáR GR QLHJR ] DSUREDW ^` .WyU\P ZL
F V\JQDáRP PD RQ ZLHU]\ü
]DND]XMF\PF]\DSUREXMF\P"0RLP]GDQLHPLFKZLHOR]QDF]QRüMHVWFHORZDWDNDE\PRJOL
]DOH*QLHRGSU]\V]áHJRUR]ZRMXZ\GDU]H LSRWU]HE\DOERJRQDJURG]LüDOERWH* XNDUDü
:V]\VWNRFRVL
3DQX'RPDOHSU]\WUDILáRZ]ZL]NX]8)2QLJG\QLHSRVLDGDáR
SRVWURQQ\FK ZLDGNyZ NWyU]\ E\OLE\ Z VWDQLH WR SRWZLHUG]Lü 3DQ 'RPDáD ]RVWDá WH* WDN
]DPDQLSXORZDQ\ DE\QLH]GRE\áGODVLHELH*DGQHJRGRZRGXQDSRWZLHUG]HQLHSUDZG\WHJR
FR WZLHUG]L QS QLH PD IRWRJUDILL WDEOLF]NL QLH PD *DGQHJR SU]HGPLRWX RWU]\PDQHJR OXE
]DEUDQHJRQDSDPLWN
RG1HDWDF]\NyZ*DGQHJRXWUZDORQHJRQDIRWRJUDILLODGXLWS
3DQ'RPDáDIDNW\F]QLHFRQDMPQLHMUD]]RVWDáMX* SU]\PXV]RQ\GRG]LDáDQLDZUROL
QLHZLDGRPHJR NRODERUDQWD-DNERZLHP]RVWDáRWRZW\PWUDNWDFLHRSLVDQH8)2QDXFLMX*
]GRáDOL JR SRSFKQü GR UHDOL]DFML LVWRWQHJR ]DGDQLD MDNLH EH]DSHODF\MQLH SU]\VáX*\áR VL
RJURPQLHLFKLQWHUHVRP3U]\NáDGHPWDNLHJR]DGDQLDE\áR]GHPHQWRZDQLHZV]\VWNLFKVZRLFK
SU]HMü Z W\JRGQLNX 1,( =GHPHQWRZDQLH WR ZV]DN*H ]DSU]HF]DáR MHJR ZF]HQLHMV]\P
GRQLHVLHQLRP DVWGSRGFLQDáR]DXIDQLHVSRáHF]HVWZDZU]HF]\ZLVWRüGRZLDGF]H 8)2
XND]\ZDáR EDGDF]\8)2ZQLHNRU]\VWQ\PZLHWOH]DVLHZDáR]GH]RULHQWRZDQLHLWS&KRFLD*
ZL
F SR]RVWDZDáR QLHXZLDGDPLDQH L Z\PXV]RQH WHFKQLN RUD] SU]HELHJáRFL QDV]\FK
RNXSDQWyZFLJOHE\áRW\SRZRNRODERUDQFN URERW G]LDáDMF ZLQWHUHVDFKW\FKNRVPLF]Q\FK
SDVR*\WyZ
=DLVWQLHQLH SRZ\*V]\FK IDNWyZ D WDN*H LFK FDáNRZLWD ]JRGQRü ] PRGHOHP
QLHZLDGRPHJR NRODERUDQWDSR]ZROLáDQDZ\FLJQLHQLHZVSRPQLDQHJRSRSU]HGQLRZQLRVNX
*H ZFDOHQLHE
GFWHJRZLDGRP\P3DQ'RPDáDSU]\PXV]DQ\]RVWDZDáGRG]LDáDQLDMDNR
QLHZLDGRP\NRODERUDQW8)2QDXWyZGR]DGD VSHFMDOQ\FK
2F]\ZLFLHQLH]DOH*QLHRGSRZ\*V]\FKIDNWyZNWyUHZVSRVyEV\VWHPDW\F]Q\ZVND]XM
FHO MDNL SU]\ZLHFDá 8)2QDXWRP Z 3URMHNFLH 'RPDáD LVWQLHMH WH* FDáH ]DWU]
VLHQLH
RGPLHQQHJR PDWHULDáXGRZRGRZHJRMDNLNRQV\VWHQWQLHZVND]XMHGRNáDGQLHQDWRVDPR$E\
GDü WXWDMMDNL SU]\NáDGRZHJRRGPLHQQHJRPDWHULDáXGRZRGRZHJRWRQDOH*\GRQLHJRPLQ
IDNW *HLQIRUPDFMHXG]LHODQHSU]H]1HDWDF]\NyZ]DSRUHGQLFWZHP3DQD'RPDá\]DZV]H
]GDM VL
]DSU]HF]DüIDNWRPZ\SXQNWRZ\ZDQ\PZPRLFKPRQRJUDILDFK7R]D GRNXPHQWXMH
*HMHGQ\P]FHOyZ8)2QDXWyZMHVWSU]HSURZDG]HQLH]D SRUHGQLFWZHP3DQD'RPDá\URG]DMX
EDUG]R LQWHOLJHQWQHMNRQWURIHQV\Z\QDNLHURZDQHMSU]HFLZNRLGHRPMDNLHXSRZV]HFKQLDQHV
SU]H]SRZRá\ZDQHZW\PWUDNWDFLHPRQRJUDILH>@L>@3U]\NáDGRZRZSRGUR]G]LDOH.
PRQRJUDILL >@ L >@ RSLVXM
SU]\SDGHN NLHG\ WR ]QLNQ
áD PL GRVNRQDOH VWU]H*RQD
GRNXPHQWDFMD DJUHJDWX WHOHNLQHW\F]QHJR ,QIOXHQ]PDVFKLQH 2WZDUFLH WH* WDP SLV]
*H ]
SRZRGX RNROLF]QRFL Z MDNLFK WR QDVWSLáR PRLP ]GDQLHP ]D ]QLNQL
FLHP W\P NU\M VL
RGSRZLHG]LDOQRü VWZLHUG]DMF *H =LHPLD RZV]HP MHVW RNXSRZDQD MHGQDN WR QLH VDPL
1HDWDF]\F\MHMGRNRQXM DFLLQQL]$QGURPHG\L3VyZ*RF]\FKSDWU]U\VXQHN
:\FLJQL
FLH SRZ\*V]HJR ZQLRVNX R V]DWDVNLP Z\NRU]\VW\ZDQLX 3DQD 'RPDá\
ZSURZDG]D ZLHOH NRQVHNZHQFML 3U]\NáDGRZR GOD QDV ZV]\VWNLFK MHVW RQR URG]DMHP
XWZLHUG]HQLD L]DSHZQLHQLD*HQDV]HZ\VLáNLZFHOXZ\]ZROHQLDVL
VSRGNRVPLF]QHMRNXSDFML
PDM V]DQV
SRZRG]HQLD SRQLHZD* RNXSXMF\ QDV 8)2QDXFL NWyU]\ SU]HFLH* ]QDM
SU]\V]áRü ]GRE\ZDM VL
D* QD WDN GUDVW\F]QH SRVXQL
FLD MDN RSLVDQH WXWDM ]PXV]DQLH
QLHZLDGRP\FKNRODERUDQWyZGRG]LDáDQLDZNLHUXQNX]DSRELHJQL
FLDWHPXQDV]HPXUXFKRZL
Z\]ZROHF]HPX L ]GXV]HQLD JR MX* Z ]DURGNX 'OD 3DQD 'RPDá\ PD RQR ]QDF]HQLH
XZLDGDPLDMFH :V]DN*HZLHG]FMDNLHV LQWHQFMHXSURZDG]DMF\FKJR8)2QDXWyZPR*H
RQ REHFQLHSU]HFLZVWDZLDüVL
W\PLQWHQFMRPLSRGMüZVWDZLDQLHVL
ZQDV]HMVSUDZLHFR
]UHV]W MX* ]DF]áF]\QLüQSSRSU]H]ZVSyáXF]HVWQLF]HQLHZQDSLVDQLXQLQLHMV]HJRWUDNWDWXF]\
SU]H] RSLVDQ ZSRGUR]G]LDOH%RGPRZ
RPLHV]HQLDSUREOHPDW\NL8)2ORJLF]QHMSRPLPR
*H RPLHV]HQLH WR ZL]DáRE\ VL
] VRZLW\P Z\QDJURG]HQLHP 1DWRPLDVW GOD PQLH MHVW RQR
SU]\NáDGHP GR MDNLFK V]DWDVNLFK QLHFQRFL QDVL RNXSDQFL V ]GROQL VL
SRVXQü D W\P
VDP\PLPSXOVHPDE\QDVLOLüQDV]HZ\VLáNLRV]\ENLHZ\]ZROHQLHVL
VSRGLFKRNXSDFML
3U]HG ]DNRF]HQLHP QLQLHMV]HJR SRGUR]G]LDáX FKFLDáE\P Z\UD(QLH WX SRGNUHOLü *H
SRSU]H] ZVSyáDXWRUVWZRWUDNWDWX MDN QLQLHMV]\ Z NWyU\P XMDZQLDQH V LQWHQFMH 8)2QDXWyZ
RUD] G\VNXWRZDQD RWZDUFLH SUDZGD R UROL MDN GOD 8)2QDXWyZ PLDá VSHáQLDü 3DQ 'RPDáD
FDáNRZLFLH RGNXSLáVL
]UROLMDN PLDáVSUDZRZDüL]DPLDVWV]NRG]LüMDNQDFKZLO
REHFQ
]QDF]FRSU]\VáX*\áVL
RQVSUDZLHQDV]HMVDPRREURQ\SU]HGNRVPLF]Q\PLQDMH(G(FDPL6WG
QLQLHMV]\ WUDNWDW ]DP\ND SRSU]HGQL HWDS MHJR*\FLD L RWZLHUD ]XSHáQLH QRZ\ : W\P QRZ\P
HWDSLH PDP\ QLH]Z\Ná RND]M
L V]F]
FLH REVHUZRZDü MHJR WUDQVIRUPDFM
] QLHZLDGRPHM
RILDU\ PDQLSXODFMLLSU]\PXV]H 8)2QDXWyZZZLDGRPHJRERMRZQLNDRQDV]HZ\]ZROHQLH
NWyU\ VDP\PIDNWHPRGZD*QHJRZVSyáXF]HVWQLF]HQLDZQDSLVDQLXQLQLHMV]HJRRWZLHUDMFHJR
QDP RF]\ WUDNWDWXGRáR*\áVZyMQLHRFHQLRQ\ZNáDGZZ\NXZDQLHOHSV]HMGODQDVSU]\V]áRFL
-HOL ]D NWR ] F]\WHOQLNyZ PD MDNLHNROZLHN ZWSOLZRFL FR GR RJURPQHM VLá\ FKDUDNWHUX L
SUDZG]LZHM RGZDJL 3DQD 'RPDá\ ZyZF]DV QLHFK FKRüE\ SU]H] FKZLON
SRVWDZL VLHELH
VDPHJR ZMHJRSRáR*HQLXLV]F]HU]HSU]\]QDF]\E
GFQDMHJRPLHMVFXGREURZROQLH]JRG]LáE\
VL
QD ZVSyáDXWRUVWZR WUDNWDWX NWyU\ GRFKRG]L GR ZQLRVNX MDN WHQ ]DZDUW\ Z QLQLHMV]\P
SRGUR]G]LDOH 0LRVRELFLHMHJRSRVWDZDLRGZDJDQLHVDPRZLFLH]DLPSRQRZDá\LFK\O
SU]HG
QLPVZHJRF]RáD
$F]NROZLHN Z SU]\SDGNX 3DQD 'RPDá\ PLHOLP\ QD W\OH V]F]
FLD *H ]GRáDOLP\
UR]SR]QDü ]LGHQW\ILNRZDü D ]DSHZQH L RGZUyFLü MHJR QLHZLDGRP URO
SUREOHP QDGDO
SR]RVWDMH RWZDUW\]ELOLRQDPLRZ\FKSR]RVWDá\FKQLHZLDGRP\FKNRODERUDQWyZNWyU]\QDGDO
QLH E
GFZLDGRPLVZRMHMUROL FLJOHZ\VáXJXM VL
NRVPLF]QHPXRNXSDQWRZL-DNERZLHP
WRZ\MDQLRQRZUR]G]LDOH9PRQRJUDILL>@L>@RUD]ZUR]G]LDOH%WUDNWDWX>@ QLH]DOH*QLH
RG QLHZLDGRP\FKNRODERUDQWyZNWyU]\SRGREQLHMDN'RPDáD]RVWDM RGSRZLHGQLRZ\EUDQL
SU]\JRWRZDQL L KLSQRW\F]QLH ]DSURJUDPRZDQL GR Z\NRQDQLD MDNLHJR VSHFMDOQHJR ]DGDQLD
SUDNW\F]QLH ND*GDRVREDV\VWHPDW\F]QLHXSURZDG]DQDQDSRNáDG8)2MHVWWDPKLSQRW\F]QLH
SURJUDPRZDQD DE\ QLHZLDGRPLH Z\VáXJLZDü VL
8)2QDXWRP QS SRSU]H] QHJRZDQLH
LVWQLHQLD 8)2 V]\G]HQLH ] EDGDF]\ 8)2 SU]HV]NDG]DQLD Z NRQVWUXNW\ZQ\P EDGDQLX
SUREOHPDW\NL 8)2ORJLF]QHMLWS1DGRGDWHNGRWHJRZNLHUXQNX=LHPLQLHXVWDQQLHZ\V\áDQ\
MHVWSRW
*Q\V\JQDáWHOHSDW\F]Q\VWZLHUG]DMF\FR ZURG]DMX8)2DQL*DGQHLQQHLQWHOLJHQFMH
NRVPLF]QHQLHLVWQLHMGODWHJRZ\V]\G]DMSRQL*DMLDWDNXMND*GHJRNWRWZLHUG]LLQDF]HMDWDN*H
SRF]XZDM VL
RVRELFLH GRWNQL
W\ L Z\ND* JQLHZ MHOL NWRNROZLHN Z\PLHQL 8)2 Z WZRMHM
REHFQRFL NWyU\SUDNW\F]QLHND*G RVRE QDQDV]HMSODQHFLHVWDUDVL
]DPDQLSXORZDüWDN
RGE\ZDüZVSRVyEQLHSRVWU]H*RQ\SU]H]RZHODWRGFKZLOLMHM]DOXGQLHQLDUDV OXG]N
7R ZáDQLH RZL DQRQLPRZL VSU]HGDZF]\F\ EH]LQWHUHVRZQLH W
SL ND*GHJR NWR VWDUD VL
& .RPHQWDU]QLHNWyU\FKDVSHNWyZVSRWNDQLD3DQD'RPDá\]GQLDVLHUSQLD
URNX
ZRF]\MHJRREMDZ\GRW\F]
1LH]DSURV]HQLDQDSRNáDGVWDWNXSU]\QDMPQLHMZVWDQLHZLDGRP\PZV]\VWNR
ERZLHP QD WR ZVND]XMH *H 3DQ 'RPDáD ]RVWDá XSURZDG]RQ\ QD WHQ VWDWHN Z VWDQLH
KLSQRW\F]QHJRXSLHQLDSDWU]SXQNWSRQL*HM&KRFLD* 3DQ'RPDáDE\áWDNEOLVNRVWDWNXQD
MDNLP1HDWDF]\F\SU]\OHFLHOL*HQDZHWPLDáRND]M
JRGRWNQüQLH]RVWDá]DSURV]RQ\QDMHJR
SRNáDG 7R]D R]QDF]D*HZHZQWU]VWDWNXE\áRFR FR1HDWDF]\F\VWDUDOLVL
SU]HGQLP
XNU\ü 1D REHFQ\P HWDSLH QDV]HM ]QDMRPRFL NRVPLWyZ MHVW MX* QDZHW PR*OLZH
Z\GHGXNRZDQLHFRWDPE\áRWDNLHJR*HVWDUDOL VL
WRXNU\üSU]HG3DQHP'RPDá.OXF]GRWHM
GHGXNFML ]QDMGXMH VL
]DUyZQR Z VXJHVWLDFK .DUL
HJR*H W\P UD]HP SU]\OHFLHOL QD ]XSHáQLH
LQQ\P VWDWNXQDMQRZV]HJRW\SXMDNLZLOXVWUDFMLWHJRVWDNXSRND]DQHMQDU\VXQNX2Wy*
VWDWHNMDNLPSU]\OHFLHOLQD=LHPL
]JRGQLH]NODV\ILNDFM SRGDQ ZSRGUR]G]LDOH0PRQRJUDILL
>@MHVWMX* WU]HFLHMJHQHUDFMLWMUHSUH]HQWXMHW]ZZHKLNXáF]DVXLVWGQDOH*\FRQDMPQLHM
GR V]F]HEODUR]ZRMRZHJR$1DW JHQHUDFM
ZVND]XMHERZLHP V]HVQDVWRERF]Q\]DU\V
NRPyU RVF\ODF\MQ\FKX*\ZDQ\FKZMHJRS
GQLNDFK7\PF]DVHP F\ZLOL]DFMD1HDWDF]\NyZ
]JRGQLH ] NODV\ILNDFM SU]\WRF]RQ Z RZ\P SRGUR]G]LDOH 0 PRQRJUDILL >@ IDNW\F]QLH
]QDMGXMH VL
REHFQLH GRSLHUR QD V]F]HEOX UR]ZRMRZ\P ' $E\ GRNRQDü SRVW
SX
WHFKQLF]QHJR MDNLG]LHOLV]F]HEOH'L$NRQLHF]QHMHVWD* NLONDVHWODWZ\W
*RQ\FKZ\VLáNyZ
SRVW
S WHQQLHPyJáZL
F]RVWDüRVLJQL
W\SU]H]1HDWDF]\NyZRGF]DVXJG\3DQ'RPDáD
SR UD]RVWDWQLVL
]QLPLZLG]LDá7R]D R]QDF]D*HVWDWHNMDNLP1HDWDF]\F\SU]\OHFLHOLE\á
SR*\F]RQ\ RGLQQHM]RNXSXMF\FK=LHPL
F\ZLOL]DFMLL]FDá SHZQRFL QDVZ\PSRNáDG]LH
FLJOH PLDá VZRM RU\JLQDOQ ]DáRJ
F]\OL ]DSHZQHMDNLH URJDWH V]SRQLDVWH VNRQRRNLH
JDGRSRGREQH V]URVNyUHOXE]F]HUQLDáHVWZRU\]GáXJLPLM
]\NDPL]GROQ\PLGRSROL]DQLDLFK
ZáDVQ\FK VXWHN Z\JOGDMFH MDN RSLV\ZDQH SU]H] QDV]H UHOLJLH GLDEá\ 1LH PRJOL ZL
F
]DSURVLü 3DQD'RPDá\GRVWDWNX]WDN ]DáRJERZLHPZyZF]DV]ZL]HN1HDWDF]\NyZ]
RNXSXMF\PL=LHPL
GLDEáDPLVWDáE\VL
RF]\ZLVW\
8NU\ZDQLH SUDZG]LZHM VNDOL WHFKQLF]QHM L VLá OXG]NLFK ]DDQJD*RZDQ\FK Z
SURMHNW 'RPDáD*G\E\NWR QDPRU]XVSRWNDáNDMDNZMDNLPZLRVáXMHVDPRWQ\P
*F]\]QD
]D ]DNDMDNLHPW\PGRVWU]HJáNLONDHVNRUWXMF\FKJRNU*RZQLNyZLSDQFHUQLNyZZRMHQQ\FK
ZyZF]DVZFDOHQLHSRWU]HERZDáE\]E\WZLHOHZ\REUD(QLDE\VRELHZ\GHGXNRZDü*HPLVMDMDN
Z\SHáQLDWHQVDPRWQ\P
*F]\]QDPXVLE\üRJURPQLHZD*QDGODW\FKFRZ\VáDOLRZHNU*RZQLNL
L SDQFHUQLNL6\WXDFMDWHJRW\SX]GDU]\áDVL
ZáDQLH]3DQHP'RPDá1DVSRWNDQLHZGQLX
9,,, URNXSDWU]RSLV\WHJRVSRWNDQLD]DSUH]HQWRZDQHZSRGUR]G]LDOH%SU]\E\áD
FDáD IORW\OOD RJURPQ\FK VWDWNyZ NRVPLF]Q\FK $E\ MHGQDN XNU\ü SU]HG 3DQHP 'RPDá
SUDZG]LZ VNDO
VLáLURGNyZMDNLH]RVWDá\ZyZF]DV]DDQJD*RZDQHZMHJRVSUDZ
NRVPLFL
XFLHNOL VL
GRNLONXVWDQGDUGRZ\FKWULFNyZ-HGQ\P]W\FKWULFNyZE\áR*HZV]\VWNLHVWDWNL
RZHMIORW\OOLSR]DMHGQ\P]DVáRQLá\VL
EDULHU QLHZLG]LDOQRFL1DQLHZLG]LDOQ\NRáQLHU]ERF]Q\
MHGQHJR ]WDNLFKVWDWNyZ3DQ'RPDáDLMHJRSU]HZRGQLNQDWNQ
OLVL
]UHV]W ]DUD]SRZ\MFLX
] ODVX SU]HZRGQLN QDND]Dá QDZHW 3DQX 'RPDOH DE\ GRWNQá L RGF]Xá VZ U
N SLRQRZ
FLDQN
NRáQLHU]DERF]QHJRWHJRZHKLNXáXFR]UHV]W 3DQ'RPDáDXF]\QLáLRSLVDáZVZRLP
UDSRUFLH 3RQLHZD* FLDQNDWD E\áD GRNáDGQLH SLRQRZD yZ QLHZLG]LDOQ\ ZHKLNXá PXVLDáE\ü
FR QDMPQLHMW\SX.F]\OLZUyGZHKLNXáyZMDNLPLG\VSRQXM QDVLNRVPLF]QLRNXSDQFLE\áRQ
FR QDMPQLHM RGSRZLHGQLNLHP QDV]HJR NU*RZQLND SRVG]DP MHGQDN *H E\á RQ ZL
NV]\ QL*
ZHKLNXá SRND]DQ\3DQX'RPDOHMDNR*HQDMZ\UD(QLHMG]LDáDQLDSDVR*\WyZQDVWDZLRQHE\á\
QDXNU\FLHVNDOLLFK]DDQJD*RZDQLDLVWG]DSHZQHXZLGRF]QLOLRQLW\ONRQDMPQLHMV]\]HVZRLFK
ZHKLNXáyZ FR R]QDF]D *H yZ QLHZLG]LDOQ\ ZHKLNXá E\á ]DSHZQH . OXE QDZHW MHV]F]H
ZL
NV]\ .ROHMQ\P]RZ\FKWULFNyZE\áR*HZHKLNXáMDNLSRND]DOL3DQX'RPDOHRWRF]\OLRQL
W]Z VRF]HZN PDJQHW\F]Q WDN *H Z\JOGDá RQ QD ]QDF]QLH PQLHMV]\P QL* E\á Z
U]HF]\ZLVWRFL 3U]\NáDGRZRZSRGUR]G]LDOH%3DQ'RPDáDRSLVXMH*HZHKLNXáWHQZMHJR
RFHQLH PyJáPLHüMDNLH PHWUyZUHGQLF\RUD]MDNLH PHWUyZZ\VRNRFL7\PF]DVHP
Z U]HF]\ZLVWRFLUHGQLFDWHJRZHKLNXáXPXVLDáDE\üFRQDMPQLHMUD]\ZL
NV]DERZLHP
QDMPQLHMV]\]HZV]\VWNLFK8)2RREU
F]RZDWR]DNRF]RQ\PNRáQLHU]XERF]Q\PW\S.MDNL
ZHGáXJ PRMHMRVRELVWHMRFHQ\QDMSUDZGRSRGREQLHM3DQ'RPDáDRSLVDáZSRGUR]G]LDOH%
SRVLDGD UHGQLF
QDMQL*V]HJR ]LHPL NRáQLHU]D ERF]QHJR UyZQ ' PHWUyZ -HOL ]D
3DQ 'RPDáD]DSDPL
WDá GRNáDGQLHMHGHQ V]F]HJyáFR GR NWyUHJRFHORZRVSUDZG]DáHP F]\
MHVW RQJRDEVROXWQLHSHZLHQZyZF]DVZHKLNXáMDNLRJOGDáE\áE\QDZHWW\SX.7HQLVWRWQ\
V]F]HJyá WRRZHVLHGHPMDNE\RNUJá\FKMDU]F\FKVL
Z\ORWyZ]S
GQLNyZMDNLH3DQ'RPDáD
]DREVHUZRZDá ZRNRáR ZHZQ
WU]QHJR REZRGX SRGáRJL VWDWNX 6LHGHP S
GQLNyZ ERF]Q\FK
SR]RVWDZLD ERZLHP SUDFXMF\PL SRGF]DV OGRZDQLD W\ONR ZHKLNXá W\SX . NWyU\ Z VXPLH
SRVLDGDQ S
GQLNyZERF]Q\FKMHGQDN ]NWyUHMWROLF]E\SRGF]DVOGRZDQLD]Z\NOHSUDFXMH
W\ONRFRF]ZDUW\S
GQLNDE\VSRZRGRZDüMDNQDMPQLHMV]H]QLV]F]HQLHURGRZLVND1DIDNW*H
PyJáWRE\üZHKLNXáW\SX.ZVND]XMHWDN*HOLF]EDSRNáDGyZMDN 3DQ'RPDáD]DREVHUZRZDá
Z FKZLOLZ]ORWXWHJRVWDWNXDMDN ZSRGUR]G]LDOH%RSLVXMHRQMDNRUyZQ RGMDNLFK GR
SRNáDG\ WH 3DQ 'RPDáD ]DREVHUZRZDá MDNR MDNE\ ZNO
Vá\ DPILWHDWU ZLGRF]Q\ SRSU]H]
SU]H(URF]\VWH FLDQNLVSRGQLHJRZNO
QL
FLDVWDWNXSDWU]U\VXQHN)EZPRQRJUDILL>@
MDNL SRND]XMH SRG]LDá ZHKLNXáX W\SX . QD RGU
EQH SRNáDG\ : VWDWNX W\SX . NWyUHJR
FDáNRZLWD Z\VRNRüZ\QRVL+ PHWUyZ]D QDMZL
NV]DUHGQLFD]HZQ
WU]QD'
PHWUyZGDMHVL
Z\RGU
EQLü]Z\NOHGZDDFRQDMZ\*HMWU]\SRNáDG\1DWRPLDVWZZ\VRNRFL
+ PHWUyZ VWDWNX W\SX . EH] WUXGX PLHFL VL
RG GR SRNáDGyZ = NROHL MHOL
SRND]DQ\3DQX'RPDOHZHKLNXáWHQE\áW\SX.ZyZF]DVMHJRSUDZG]LZHZ\PLDU\Z\QRV]
UHGQLFD ]HZQ
WU]QD' PHWUyZ]D Z\VRNRü+ PHWUyZSDWU]U\VXQHN
)DNW\F]QLH UHGQLFD WHJR ZHKLNXáX PRJáD ZL
F E\ü QDZHW RNRáR UD]\ ZL
NV]D QL* 3DQ
'RPDáD VXELHNW\ZQLH M RV]DFRZDá 1DZHW ]UHV]W JG\E\ 3DQ 'RPDáD QLHGRNáDGQLH
]DSDPL
WDá OLF]E
MDU]F\FK VL
Z\ORWyZ ] S
GQLNyZ L JG\E\ WR E\áR 8)2 W\SX . FLJOH
IDNW\F]QD UHGQLFD' PHWUyZX8)2W\SX.E\áDE\UD]\ZL
NV]DRGV]DFRZDQHM
SU]H] QLHJR UHGQLF\ PHWUyZ $E\ WDN GX*D SRP\áND SRSHáQLRQD E\áD Z RV]DFRZ\ZDLX
UR]PLDUyZ WHJRVWDWNXQLHPDOMHVWSHZQ\P*HNRVPLF]QLSDVR*\FLFHORZRZáF]\OLVRF]HZN
ZVWDZLRQ\ GR VáXSD ZLDWáD SRGF]DV JG\ MHJR ZLDGRPRü ]RVWDáD ]DSURJUDPRZDQD *H
PLQ
áR]DOHGQLHGZLHPLQXW\L*HFDá\F]DVVWDáZRZ\PVáXSLHZLDWáD
-DN SRZ\*V]H XMDZQLD SRQRZQLH 1HDWDF]\F\ ]UHDOL]RZDOL QD 3DQX 'RPDOH
MDNLH V]DWDVNLHV]WXF]NLQLHXMDZQLDMFPXSUDZG\QDWHPDWVZ\FKG]LDáD LFHOyZ
(NVSORDWRZDQLH6NRUR3DQ'RPDáDVWUDFLáRNRáRGZyFKLSyáJRG]LQVZHJRF]DVX
QDVXZDVL
RF]\ZLVWHS\WDQLHFRVL
]GDU]\áRZRZ\PF]DVLH2GSRZLHG( QDWRS\WDQLHXG]LHOD
SRGZLDGRPRü3DQD'RPDá\1HDWDF]\F\VNRU]\VWDOL]RND]MLWHJRVSRWNDQLDDE\SRQRZQLH
REUDERZDü JR ] MHJR HQHUJLL ]ZRZ )DNW ]RVWDQLD Z\SHUVZDGRZDQ\P DE\ RGGDü
1HDWDF]\NRP W HQHUJL
SU]HELMDERZLHP]MHJRSRGZLDGRPRFLSRGF]DV]PRURZHJRVQX
MDNL QDVW
SRZDáSRRZ\PXSURZDG]HQLX3RQDGWRRVRE\NWyUH]DSR]QDá\VL
]UR]G]LDáDPL,
L ,,PRQRJUDILL>@ZLHG]*HQDREUDERZDQLHJR]HQHUJLL]ZRZZVND]XMHWH* RZRV]F]
FLH
MDNLH JR SRQRZQLH RSXFLáR SR RZ\P ]DEUDQLX L yZ XVWDZLF]Q\ SHFK MDNL SRWHP JR
SU]HODGRZDá :V]DN*H ZáDQLH QLHPR*QRü GRSRURZDG]HQLD F]HJRNROZLHN GR NRFD
QLH]GROQRü GR ]UHDOL]RZDQLD VZRLFK ]DPLHU]H EUDN V]F]
FLD RUD] SU]HODGXMF\ NRJR
SHFK RERN DSDWLL NWyU 3DQ 'RPDáD WH* SU]H*\ZDá ]DXZD* *H GR RSLVDQLD ]GDU]H ]
VLHUSQLD URNX]DEUDáVL
GRSLHURZPDUFXURNXV QDMSHZQLHMV]\PLGRZRGDPLL*
F]\MD HQHUJLD]ZRZ]QDOD]áDVL
QDEDUG]RQLVNLPSR]LRPLH
=DZLHG]HQLH $F]NROZLHN 1HDWDF]\F\ Z\UD(QLH QLH SRND]DOL WHJR SR VRELH LFK
SRVW
SRZDQLH SRUHGQLR XMDZQLD L* ]DZLHGOL VL
QD 3DQX 'RPDOHL*H ZHGáXJ LFK RSLQLL QLH
Z\ZL]DáVL
RQ]SURSDJDQGRZHJR]DGDQLDQLV]F]HQLDUXFKX8)2ORJLF]QHJRMDNLPZVSRVyE
QLHZLDGRP\ JRREFL*\OL)DNWWHJR]DZRGXZ\]LHUD]ND*GHJRLFKG]LDáDQLD3U]\NáDGRZR
XVXQ
OL WDEOLF]N
SRG NWyUHM SUHWHNVWHP GRNRQ\ZDOL ZV]\VWNLFK SRSU]HGQLFK VSRWND QLH
Z\]QDF]\OLMX* QDVW
SQHJRVSRWNDQLDFKRFLD* ZFDOHQLH]DPNQ
OLWH* VRELHPR*OLZRFLL* 3DQD
'RPDá
]DF]Q NLHG\ SRQRZQLHQDFKRG]Lü6HHQ]D]QDF]\á*HZL
FHMMX* VL
QLH]REDF]
FR MHVWQLHFRG]LZQH]ZD*\ZV]\*HSU]HZRGQLN.DULPDVL
MHV]F]H]3DQHP'RPDá ]REDF]\ü
]D V\Q6HHQQLHLWS
=DVLHZDQLHSURSDJDQG\-DN]Z\NOHWRF]\QL SU]\RND]MLND*GHJRVSRWNDQLD]OXG(PL
NWyU\FK SDPL
ü QLH ]RVWDMH SRWHP SU]H] QLFK VWDUDQQLH Z\PD]DQD 1HDWDF]\F\ JáyZQLH
VNRQFHQWURZDOL VL
QD SU]HNV]WDáFHQLX WHJR VSRWNDQLD Z PDV]\Q
SURSDJDQGRZ
3U]\NáDGRZR SU]HND]DOL 3DQX 'RPDOH LQIRUPDFMH MDNLH PLDá\ QD FHOX ]DVXJHURZDQLH *H
1HDWDF]\F\ WRDQLRáNRZLHFKFF\QDV]HJRGREUDSRGF]DVJG\]áRF]\F\V]NRG]F\=LHPLL
OXG]NRFL WRMDF\ WDP]XSHáQLHLQQLNRVPLFLDNWXDOQLHRNXSXMF\=LHPL
MHGQDN1HDWDF]\F\
SUHF\]\MQLHM DQL QLH QD]ZDOL DQL QLH ZVND]DOL RZ\FK LQQ\FK ]á\FK NRVPLWyZ 3RQDGWR
]DSHZQH ]SRZRGXFRUD]SRZV]HFKQLHMV]\FKQD=LHPLZLHU]H R]ZL]NXOLF]E\]PDMF\P
MX* ZNUyWFH VL
XMDZQLü SRSOHF]QLNX RNXSXMF\FK QDV 8)2QDXWyZMDNL WR SRSOHF]QLN SU]H]
SUDGDZQH SU]HSRZLHGQLHRNUHODQ\MHVWPLDQHPDQW\FKU\VWD1HDWDF]\F\SURSDJDQGRZR
VWDUDOLVL
]DV]F]HSLüSU]HNRQDQLH*HOLF]ED]ZL]DQDMHVW]GREUHPOXG]L
8NU\WH SRJUy*NL L SUyE\ ]DVWUDV]HQLD 2NXSXMF\ QDV 8)2QDXFL V PLVWU]DPL Z
]DVWUDV]DQLXZJUDQLXQDF]\LFK QLVNLFKHPRFMDFKRUD]ZZ\NRU]\VW\ZDQLXF]\MHJR VWUDFKX
'RVNRQDá\P SU]\NáDGHP VSRVREX QD MDNL WR F]\QL MHVW VSUDZD ]QLV]F]HQLD QDV]HM SODQHW\
PDMFHJR QDVWSLüZURNXRUD]IDNWL* W\ONRQLHOLF]QL]RVWDQ Z\EUDQLGODXUDWRZDQLD
1DMOHSV]\P SU]\NáDGHP RWZDUW\FK DF]NROZLHN MHGQRF]HQLH V]DWDVNR WUXGQ\FK GR
]GHPDVNRZDQLDLGRSU]HFLZG]LDáDQLDSRJUy*HNMHVWVHULDRZ\FKVLHGPLXQLH]Z\Ná\FKQLHPDO
Z\SDGNyZ MDNLFKWHOHSDW\F]QLHSROHFHQLHRGáR*HQLDQDPDS
1DVLHOVNDZ\PRZQLHGDMHGR
]UR]XPLHQLD *H NU\M VL
]D QLPL VDPL 1HDWDF]\F\ :\PRZD W\FK QLE\Z\SDGNyZ MHVW
MHGQR]QDF]QD'DM RQHZV]DN*HGR]UR]XPLHQLDND*GHPXNWRGRZLHVL
RLFK]DLVWQLHQLX*H
OHSLHM VLHG]LHü FLFKR L QLH SU]HV]NDG]Dü QDV]\P RNXSDQWRP ERZLHP MHOL W\ONR ]HFKF
5R]G]LDá'
32'6802:$1,(
SU]\JRWRZDá3URIGULQ*-DQ3DMN
0RWWR QLQLHMV]HJR UR]G]LDáX 5y*QLFH IL]\F]QH QLH PDM ]QDF]HQLD FR QDSUDZG
G]LHOL WR
Z\]QDZDQHILOR]RILH
]Z\F]DMQLH VPXWQH 8MDZQLDM RQH ERZLHP MDN WR ]Z\F]DMQ\ F]áRZLHN NWyUHJR MHG\Q\P
*\F]HQLHPMHVWVS
G]HQLHUHODW\ZQLHV]F]
OLZHJR*\FLDZJURQLHURG]LQ\LZEOLVNRFLQDWXU\
ZEUHZ VZRLP LQWHQFMRP ZSOWDQ\ ]RVWDMH Z WU\E\ ]PDJD SRPL
G]\ GZRPD F\ZLOL]DFMDPL
7U\E\ WH ]D SRUHGQLFWZHP QDMUy*QLHMV]\FK ]ZL]NyZ SRZLNáD L ZVSyá]DOH*QRFL Z MDNLH
ZEUHZ VZHMZROL]RVWDMHRQZSOWDQ\]PXV]DM JRDE\Z\SHáQLDáRNUHORQHUROHRUD]JUR*
]QLV]F]HQLHP MHJR L MHJR QDMEOL*V]\FK MHOL ] QDáR*RQHJR QD QLHJR ]DGDQLD QLH ]GRáD VL
XMDZQL3DQ'RPDáDZV]DN*HZVSRPLQD RRZHMJUXSLH]DWZDUG]LDá\FKIDQDW\NyZF]\OLRVyE
NWyUH ZSU]\V]áRFLE
G ZDOF]\á\RZ\]ZROHQLHVL
=LHPLVSRGRNXSDFML8)2QDXWyZ=QDMF
QDV]\FK RNXSDQWyZQDOH*\VL
VSRG]LHZDü*H8)2QDXFLMX* REHFQLHSU]\JRWRZ\ZXM]D
ZNUyWFH ]DSHZQHX*\M SU]HFLZNRW\PIDQDW\NRPFDá\VZyMDUVHQDá%LDGDZL
FQDPMHOL
QDVWSL WR Z PRPHQFLH GHF\GXMFHM UR]JU\ZNL =QDF]QLH OHSLHM MHOL QDMSLHUZ GRNáDGQLH
UR]H]QDP\LFKPHWRG\G]LDáDQLDSRSU]H]SURZDG]HQLHQLHZLHONLFKSRW\F]HNUR]SR]QDZF]\FK
Z URG]DMX SRGM
FLD U
NDZLF\ MDN RQL QDP U]XFLOL ]D SRUHGQLFWZHP RSLV\ZDQ\FK Z W\P
WUDNWDFLH]GDU]H
'OD 3DQD 'RPDá\ WUDNWDW WHQ WR SU]HGH ZV]\VWNLP V]DQVD ]UR]XPLHQLD UROL MDN
JQ
ELF\ OXG]NRü 8)2QDXFL ZPXV]DOL PX VLá L SU]HELHJáRFL GR Z\SHáQLHQLD = NROHL SR
]UR]XPLHQLX VZRMHM UROL E
G]LH RQ PLDá V]DQV
RSDUFLD VL
SRQRZQHPX ]RVWDQLX
Z\NRU]\VWDQ\P SU]H] RNXSXMF\FK QDV NRVPLWyZ Z ]DSURJUDPRZDQHM GOD QLHJR UROL D E\ü
PR*HQDZHWGRSRPR*HQLDQDPZSURFHVLHQDV]HJRXQLH]DOH*QLDQLDVL
RGWHJRNRVPLF]QHJR
SDVR*\WD 3RQDGWRMHOLFKRG]LRWUXGQRFL*\FLDLWUXGQRFL]SU]HWUDZLHQLHPZVRELHWHJR
ZV]\VWNLHJR FRJRGRWNQ
áRQLQLHMV]\WUDNWDWGRVWDUF]DPXNXUDFMLSRSU]H]]UR]XPLHQLH=
NROHL ZREHF XZLDGRPLHQLD VRELH L* IDNW\F]QLH WR MHVW RQ RILDU PDQLSXODFML NRVPLWyZ
]DPLDVW MDN NRVPLFL PX WR ZPDZLDM E\ü LFK Z\EUDQNLHP L SRGRSLHF]Q\P PD RQ WH*
PR*OLZRü SU]\áF]HQLD VL
WHUD] GR LQQ\FK RILDU NRVPLF]QHM RNXSDFML NWyUH ]QDMGXM VL
Z
SRGREQHMGRRSLV\ZDQHMSU]H] QLHJRZSRGUR]G]LDOH%V\WXDFMLLUR]SRF]
FLDQSDNW\ZQRFL
Z JUXSLHRILDUXSURZDG]H QDSRNáDG8)2ZáRQLHNWyUHMWHJRW\SXXUD]\PRJá\E\]RVWDü
]DOHF]DQH SRSU]H]RWZDUWHG\VNXWRZDQLHRQLFK%\áE\SU]\W\P]DSHZQH]DVNRF]RQ\MDNZLHOX
OXG]L LVWQLHMHGRRNRáDNWyU]\FLHUSL ZVNU\WRFLLSRWU]HEXM MHJRZVSDUFLDLSRPRF\3RSU]H]
]D ZVSLHUDQLHLQQ\FKZVSLHUDP\SU]HFLH* VLHELHVDP\FK
'ODQDXNRZFyZLEDGDF]\NWyU]\QLHXWUDFLOLMHV]F]HSRF]XFLDRGSRZLHG]LDOQRFLZREHF
LQQ\FKOXG]LWUDNWDWWHQWR(UyGáRGDQ\FKNWyUHRERZL]NRZRQDOH*\SRGGDüGDOV]\PEDGDQLRP
L VSUDZG]HQLRP&KRüE\ERZLHPLVWQLDáRV]DQV\*HGDQHMDNLH]RVWDM QDPSU]HND]DQH
]DSRUHGQLFWZHPWHJRWUDNWDWXV QLHSUDZG]LZHFLJOH]XZDJLQDRJURPQ ZDJ
]DZDUW\FK
Z QLFKLQIRUPDFMLMDNRF\ZLOL]DFMDPDP\RERZL]HNSRGGDüMHV]F]HJyáRZ\PVSUDZG]HQLRP
L QLHZROQRQDPLFK]JyU\RGU]XFDüW\ONRWDNQDZV]HONLZ\SDGHN7DNQDZLDVHPPyZLF
ORJLND ZVND]XMH*HSR]DV]F]HJyOQ\PLSU]\SDGNDPLX]DVDGQLRQ\PLZ]JO
GDPLSROLW\F]Q\PL
ZL
NV]Rü SU]HND]DQ\FKSU]H]QLFKQLHVSUDZG]DOQ\FKGODQDVGDQ\FKSRZLQQDE\üSUDZG]LZD
ERZLHPSRGDQLHIDáV]\Z\FKGDQ\FK]DZ
*DáRE\LPZSU]\V]áRFLPR*OLZRüPDQHZUX=WHJR
WH* FR GRW\FKF]DV ]GRáDáHP GRZLHG]LHü VL
R PHWRGDFK G]LDáDQLD QDV]\FK RNXSDQWyZ
SU]HND]XM RQL SUDZG
ZV]
G]LH WDP JG]LH XGDMH LP VL
M WDN ]DNDPXIORZDü OXE WDN
QLHGRSRZLHG]LHü *HRGELHUDMF\M QLHPDV]DQVQDMHMSUDNW\F]QHZ\NRU]\VWDQLH]D SRGDM
QLHSUDZG
W\ONRWDPJG]LHPXV] GRVWDUF]\üRGSRZLHG]LRUD]JG]LHSRGDMFSUDZG
QLHE\OLE\
ZVWDQLHMHM]DNDPXIORZDüLVWGRWU]\PXMF\PyJáE\SUDNW\F]QLHM Z\NRU]\VWDü1DND*G\P
] QDVFL*\ERZLHPQLHSU]HU]XFDOQ\QDLQQ\FKRERZL]HN*HZSU]\SDGNXQDWNQL
FLDVL
QD
WHJR W\SX LQIRUPDFMH GRW\F]FH FDáHM QDV]HM F\ZLOL]DFML SRZLQQLP\ MH VWDUDQQLH ]HEUDü
VROLGQLH VDPHPX MH SU]HEDGDü RUD] SU]HGVWDZLü RWZDUFLH LQQ\P GR ZJOGX L ]EDGDQLD
2F]\ZLFLH QLH E
GF ZV]\VWNRZLHG]F\P MD VDP QLH E\áHP Z VWDQLH SRVSUDZG]Dü
ZV]\VWNLFKXGRVW
SQLRQ\FKW\PWUDNWDWHPGDQ\FK-HGQDNFLJOHSUH]HQWXM
MHWXWDMQDZHWEH]
RVRELVWHJR VSUDZG]HQLDZQDG]LHL*HSRLFKVWDUDQQ\PVSLVDQLXZSU]\V]áRFLVSUDZG]HQLD
WDNLHJRGRNRQDüE
G]LHZVWDQLHNWR LQQ\
'ODZV]\VWNLFKPLHV]NDFyZSODQHW\=LHPLDWUDNWDWWHQWRRVWU]H*HQLH*HNRVPLF]Q\
SDVR*\W QLH SRZVWU]\PD VL
SU]HG X*\FLHP *DGQ\FKURGNyZDE\ ]GXVLüZ ]DURGNXND*GH
QDV]HSUyE\X]\VNDQLDZROQRFL3RQDGWRGDMHLPRQSRJOGGRMDNLFKG]LDáD SDVR*\WWHQMHVW
]GROQ\ VL
RGZRáDüDE\XWU]\PDüQD=LHPLVZRMHSDQRZDQLH0XVLP\ZV]DN*HSDPL
WDü*H
WR FR SRND]DQR 3DQX 'RPDOH L FR JR GRW\FKF]DV GRWNQ
áR MHVW MHG\QLH GREU]H
Z\UH*\VHURZDQ\P SU]HGVPDNLHPFL
*NLHMDUW\OHULLMDN PRJ RQLZ\WRF]\üSU]HFLZND*GHPX
]QDVMHOLW\ONRVWDQLHRQQDGURG]HLFK]DFKáDQQRFL
1DMEROHQLHMV]\P SDUDGRNVHP]GDU]H MDNLHWDNGRWNQ
á\ORVyZ3DQD'RPDá\LMDNLH
PRJ ]QDF]FR ]DFL*\ü QDG ORVDPL QDV]HJR Z\]ZDODQLD VL
VSRG RNXSDFML 8)2 MHVW*H
Z\JOGDMF WDNEROHQLHLU]HF]\ZLFLHMHGQRF]HQLHPRJ E\üZGX*HMF]
FLOXEQDZHWZ
FDáRFLSURSDJDQGRZ IDEU\NDFM LIRWRPRQWD*HP3U]\NáDGRZRZV]HONLHGRW\FKF]DVSR]QDQH
FHFK\ ]GDU]HQLD SRG 1DVLHOVNLHP ] GQLD 9,,, URNX VXJHUXM *H IDNW\F]QLH WR QLH
QDVWSLáRRQRZRU\JLQDOQ\PSU]HELHJXF]DVXD*HGODLFK]DDUDQ*RZDQLDF]DV3DQD'RPDá\
]RVWDá VSHFMDOQLHFRIQL
W\GRW\áXGRSLHURZURNXL*HSU]HELHJRZ\FK]GDU]H GRSLHUR
ZyZF]DV ]RVWDá ]DSURJUDPRZDQ\ GR MHJR XP\VáX 3U]\NáDGRZR VLOQLH ZVND]XMH QD WR W]Z
F]DV PDUWZ\F]\OLSU]HG]LDáF]DVXMDNLZ\VWSLáRGGQLD]DLVWQLHQLDRZ\FK]GDU]HF]\OLRG
URNXD* GRURNXNLHG\WRQLHE\áRQZVWDQLHRILFMDOQLHSRZLDGRPLüOXG]LRVZRLFK
SU]H*\FLDFK,VWQLHQLHWDNLHJRF]DVXPDUWZHJRZ\MDQLRQHMHVWZSRGUR]G]LDOH 0PRQRJUDILL
>@ L>@:\QLNDRQR]IDNWX*HRVRE\FRIQL
WHZF]DVLHZVZ\PGUXJLPSU]HMFLXSU]H]
*\FLH QLH PRJ ]PLHQLü MX* NDUP\ W\FK RVyE NWyUH Z\JHQHURZDO\ M Z VZRLP SLHUZV]\P
SU]HELHJX F]DVRZ\P 1DZHW ZL
F FKRFLD* 3DQ 'RPDáD WHJR ZLDGRPLH MX* QLH SDPL
WD
ERZLHP SDPL
ü MHJR SRSU]HGQLHJR SU]HMFLD SU]H] *\FLH ]RVWDáD Z W\P FHOX GRNáDGQLH
Z\PD]DQD WR IDNW\F]QLH SU]H] F]
ü VZHJR *\FLD WM RG URNX GR URNX
QDMSUDZGRSRGREQLHM SU]HFKRG]Lá RQ D* GZD UD]\ L QD GRGDWHN MHJR SRGZLDGRPRü
GRVNRQDOH R W\P ZLHG]LDáD Z RNUHVLH RZ\P F]
VWR ]DSHZQH VSRW\NDá VL
] V\WXDFM *H
RGF]XZDá MDNE\ GDQD RNROLF]QRü OXE PLHMVFH E\á\ PX MX* VNG ]QDQH WM RGF]XZDá
GHMDYRXV 3RGREQ\PIRWRPRQWD*HPLIDEU\NDFM PRJáRWH* E\üMHJRGUXJLHXSURZDG]HQLH
SRGF]DV NWyUHJRPXZPDZLDQR*H]QDMGXMHVL
QDV]WXF]Q\PNVL
*\FX1HDDWDNIDNW\F]QLH
WR PyJá]QDMGRZDüVL
QSQD]DNU\WHMED]LHPLHV]NDOQHMQDV]\FKRNXSDQWyZ]QDMGXMFHMVL
SRZLHG]P\ QDMHGQ\P]NVL
*\FyZ-RZLV]DF]\6DWXUQD:V]DN*HSRND]\ZDOLPXWDPQLHER
Z\áF]QLHSU]\EUDNXVLOQHJRZLDWáDVáRQHF]QHJRWMQRFFRXQLHPR*OLZLDáRE\]DXZD*HQLH
HZHQWXDOQHM V]NOLVWHM NRSXá\ MDND XWU]\P\ZDáDE\ DWPRVIHU
Z RZHM ED]LH SDQXMFH QD W\P
.VL
*\FX FLHPQRFLV W\PG]LZQLHMV]H*H1HDPDSU]HFLH* PLHüD* GZD6áRFDMHM.VL
*\F
SRZLQLHQ ZL
F E\ü QLPL MDVQR RZLHWODQ\ QLHPDO EH] SU]HUZ\ 7R FR JR WDP VSRWNDáR WH*
ZV]\VWNR PRJáRE\ü]DDUDQ*RZDQHVSHFMDOQLHGODWHJRSU]\SDGNXLQLHU]HF]\ZLVWH3U]HELHJ
MHJR EDGD PyJá ]RVWDü ]DV\PXORZDQ\ Z VSHFMDOQHM NRPRU]H GR]QDQLRZHM RSLVDQHM Z
SRGUR]G]LDOH 1PRQRJUDILL>@L>@RUD]ZSRGUR]G]LDOH'WUDNWDWX>@-HJRLPSODQW\
PRJ E\üVSHFMDOQLHVIDEU\NRZDQ\PLGODZSURZDG]HQLDQDV]\FKEDGDF]\ZEáGIDáV]\Z\PL
DWUDSDPL SRZSURZDG]DQ\PL Z FDáNRZLFLH QLHORJLF]QH SXQNW\ FLDáD $WUDS\ WH VNXWHF]QLH
]UHV]W Z\SHáQLá\VZRMH]DGDQLHERIDNW\F]QLHZSURZDG]Lá\ZEáGZLHOXQDV]\FKEDGDF]\L
]DLQGXNRZDá\ ]QDF]Q NRQIX]M
ZUyG]DLQWHUHVRZDQHMZ8)2F]
FLVSRáHF]HVWZD-HJR
KXPDQRLGND PRJáDE\üFHORZR]DSURJUDPRZDQDGODWHJRSU]\SDGNXFR]UHV]W ]GDMHVL
PRJ RQLX]\VNLZDüQDGURG]HF]DVRZHJRZ\SR*\F]HQLDLZVSyáSUDF\]LQQ\PLEDUG]LHMRG
QLFK ]DDZDQVRZDQ\PL8)2QDXWDPLUyZQLH* HNVSORDWXMF\PL=LHPL
LWH* ]DLQWHUHVRZDQ\PL
DE\3URMHNW'RPDáD]DNRF]\áVL
GODQLFKZV]\VWNLFKVXNFHVHP=DSHZQHZL
FMDNQDUD]LH
GRSLHUR V QDQDMQL*V]\PV]F]HEOXSLUDPLG\RNXSXMF\FK=LHPL
NRQIHGHUDFMLNRVPLF]Q\FK
&RMHGQDNEH] ZWSLHQLDMHVWSUDZG R1HDWDF]\NDFKWR*HLQJHUXM RQLZVSUDZ\]LHPVNLH
*H ERM VL
RQLQDVLQDV]HJRV]\ENLHJR]DDZDQVRZDQLDWHFKQLF]QHJRL*HXF]\QL ZV]\VWNR
FR ZLFKPRF\DE\]DWU]\PDüQDVZUR]ZRMXLXQLHPR*OLZLüQDPXZROQLHQLHVL
RGQDV]HJR
NRVPLF]QHJRHNVSORDWDWRUD
8SURZDG]HQLD RSLVDQH Z QLQLHMV]\P WUDNWDFLH QLHSRGZD*DOQLH PDM VáX*\ü MHGQHPX
FHORZL WMPDM G]LDáDüSU]HFLZNROXG]NRVFLLQDV]NRG
QDV]\FKSUyEZ\]ZROHQLDVL
VSRG
NRVPLF]QHM RNXSDFML:W\PZáDQLHNLHUXQNX]RVWDá\QDMZ\UD(QLHM]DSURJUDPRZDQH'ODLFK
LQLFMDWRUyZWMQDV]\FKRNXSDQWyZWDNLHLFK]DSURJUDPRZDQLHE\áR]UHV]W VWRVXQNRZRáDWZH
ZV]DN*H ]QDM RQL SU]\V]áRü GRVNRQDOH ZL
F ZLHG] Z MDNL VSRVyE L F]\P PRJ QDP
QDMEDUG]LHM ]DV]NRG]Lü 1LHVWHW\GODQDV]JDGQL
FLHLFKLQWHQFMLLHZHQWXDOQHSRGM
FLHSUyE
SU]HFLZG]LDáDQLD LFK QDVW
SVWZRP MHVW ]QDF]QLH WUXGQLHMV]H ERZLHP Z W\P FHOX QLH PDP\
PR*QRFLSR]QDQLDSU]\V]áRFLDZL
FPR*HP\MHG\QLHSROHJDüQDQDV]HMORJLFHLQDQDV]\P
GRW\FKF]DVRZ\PSR]QDQLXSU]HZURWQ\FKPHWRGG]LDáDQLDQDV]\FKRNXSDQWyZ1LHPQLHMQDZHW
SRVLDGDMF WDN VNSH QDU]
G]LD Z VZRMHM G\VSR]\FML FLJOH SRZLQQLP\ VSUyERZDü
SU]HZLG]LHü MDNLH V LQWHQFMH RNXSDQWyZ ERZLHP E\ü PR*H SR]ZROL WR ]DSRELHF L
]QHXWUDOL]RZDü FKRüE\ F]
FL V]NyG MDNLH ]DPLHU]DM RQL QDP Z\U]G]Lü : W\P PLHMVFX
GRNRQDP ZL
FWDNLHMSUyE\=JRGQLH]PRM ]QDMRPRFL PHWRGG]LDáDQLDRNXSXMF\FKQDV
8)2QDXWyZQDMSUDZGRSRGREQLHMXNQXOLRQLMDNL DQW\OXG]NL]DPLDULNRPSURPLWXMF\EDGDQLD
8)2 SORWQDWHPDWZVSRPLQDQHMF]
VWRZW\PWUDNWDFLHWDEOLF]NL:yZF]DVWDEOLF]NDWD
LVWRWQLHRND]DáDE\VL
ZD*QDWDNMDNRW\PZVSRPLQDOL1HDWDF]\F\W\OH*HMHMZD*QRüE\áDE\
SU]HZURWQ RGZURWQRFL WHMMDN SRGDOL3DQX'RPDOH7DEOLF]NDWDPRJáDE\ZV]DN*HSU]H]
QLFK E\ü Z\NRU]\VWDQD D* QD NLOND RGPLHQQ\FK VSRVREyZ UyZQRF]HQLH 3LHUZV]\P MHM
Z\NRU]\VWDQLHPPRJáRE\E\üMHMX*\FLHMDNRNOXF]RZ\RELHNWPDQLSXODF\MQ\ZSODQLHREUyFHQLD
RSLV\ZDQ\FK Z W\P WUDNWDFLH ]GDU]H GOD SU]HFLZG]LDáDQLD QDV]HPX UXFKRZL
Z\]ZROHF]HPX 0RLP ]GDQLHP WDNL SODQ G]LDáDQLD QDMSUDZGRSRGREQLHM PyJáE\ SU]\Mü
QDVW
SXMF\NV]WDáW1DMSLHUZQLQLHMV]\WUDNWDWQDGDáE\WDEOLF]FHUR]JáRVX:V]DN*H]JRGQLH
]RSLVDPL3DQD'RPDá\PXVLDáDRQD]RVWDüZ\NRQDQD]MDNLHM QLH]Z\NáHMVXEVWDQFML3U]\MHM
Z\PLDUDFK FP[FP[FPF]\OLFDáNRZLWHMREM
WRFLFP WMOLWUDLZDG]H
NJSRVLDGDRQDJ
VWRüRNRáRNJFPF]\OLNJOOXENJP1DWRPLDVW
MHOL NWR SU]HJOGQLH MDNLHNROZLHN WDEOLFH LQ*\QLHUVNLH ZyZF]DV RGNU\MH *H J
VWRFL
QDMFL
*V]\FK VXEVWDQFML ]QDQ\FK QD QDV]HM SODQHFLH V PQLHMV]H QL* FR QDMPQLHM UD]\
3U]\NáDGRZR Z NVL*FH >'@ SLyUD (GZDUG
D + 6PLWK 0HFKDQLFDO (QJLQHHU
V 5HIHUHQFH
%RRN WKHGLWLRQ%XWWHUZRUWK+HLQHPDQQ,6%1QDVWURQDFK
L ]QDMGXMHVL
WDEHODNWyUDZ\UD(QLHLQIRUPXMH*HJ
VWRü]QDQHJRZV]\VWNLPRáRZLX
Z\QRVLW\ONRNJP WMNJOJ
VWRüSODW\Q\Z\QRVLNJP F]\OL
NJO]D J
VWRüQDMFL
*V]HJRSLHUZLDVWND]DZDUWHJRZRZ\FKWDEHODFKLQ*\QLHUVNLFKWMRVPX
RVPLXP DVWGQDMSUDZGRSRGREQLHMUyZQLH* LMHGQHM]QDMFL
*V]\FKVXEVWDQFML]QDQ\FKQD
=LHPL Z\QRVL RNRáRNJP F]\OLNJO-HOLZL
FGRGDQ\FK3DQD'RPDá\QLH
ZNUDGá VL
*DGHQEáGWRMHJRWDEOLF]NDZ\NRQDQD ]RVWDáD]QLH]QDQHMOXG]NRFLVXEVWDQFML
MDND MHVW SRQDG UD]\ FL
*V]D RG RáRZLX RUD] SRQDG UD]\ FL
*V]D RG QDMFL
*V]HJR
SLHUZLDVWND GRVW
SQHJR QD =LHPL L XPLHV]F]RQHJR Z WDEHODFK LQ*\QLHUVNLFK WM RG RVPX
3R RSXEOLNRZDQLX ZL
F QLQLHMV]HJR WUDNWDWX ]DZLHUDMFHJR WDNLH UHZHODFMH RF]\ZLFLH
QDW\FKPLDVW]DF]
áRE\QDUDVWDüSXEOLF]QH*GDQLH DE\M XMDZQLüVSRáHF]HVWZXRUD]SRGGDü
ZLHG]F *H Z P\O Z\]QDZDQHM SU]H] VLHELH ILOR]RILL ]DZV]H PyZL RQL GRNáDGQH
SU]HFLZLHVWZRVZRLFKU]HF]\ZLVW\FK]DPLDUyZáDWZRZ\GHGXNRZDü*HWDEOLF]NDWD]DZLHUDáD
MDNLH XU]G]HQLHMDNLHPLDáRZ\SHáQLDüZ\VRFHQLV]F]\FLHOVNLHIXQNFMH$OERZL
FZ\G]LHODáD
RQDSURPLHQLRZDQLHMDNLHSRZRGRZDáREH]SáRGQRüXOXG]LDOERZ\V\áDáDWHOHSDW\F]Q\QDND]
Z URG]DMXRSLVDQHJRZSRGUR]G]LDáDFK%'L'WUDNWDWX>@SROHFHQLD:\V]\G]DM
DWDNXM LSU]HODGXMZV]\VWNRFR]ZL]DQH]8)2RUD]SRF]XZDMVL
RVRELFLHGRWNQL
W\MHOL
NWR ZVSRPQL 8)2 Z WZRMHM REHFQRFL DOER ]ZL
NV]DáD F]
VWRü ]DFKRURZD QD UDND Z
VSRáHF]HVWZLH LWS-DNWR3DQ'RPDáDQDGPLHQLDáZUR]G]LDOH%ZLHOXOXG]L]DGDZDáRPX
Z NyáNRWRVDPRS\WDQLHGODF]HJR8)2QDXFLVDPLQLH]DLQVWDORZDOLRZHMWDEOLF]NLDWDN
RGSRZLHG]LDOQH ]DGDQLH]OHFLOLMHPXQDSU]HNyU*HVDPLSRWUDILOLSU]HFLH* SRWHPWDEOLF]N
W XVXQü ] PLHMVFD MHM ]DLQVWDORZDQLD 2WR* Z\F]HUSXMFHM RGSRZLHG]L QD WR S\WDQLH
XG]LHODM GRW\FKF]DVRZHEDGDQLDSDVR*\WQLFWZDF]\OLQLV]F]\FLHOVNLHMILOR]RILLZ\]QDZDQHM
SU]H] QDV]\FKNRVPLF]Q\FKRNXSDQWyZLSRGVXPRZDQHMZSRGUR]G]LDOH$WHJRWUDNWDWXRUD]
RSLV\ZDQHMGRNáDGQLHZPRQRJUDILL>D@ )LOR]RILDWDSROHJDQDXQLNDQLXZ\SHáQLDQLDZV]HONLFK
SUDZ ZáF]QLH]SUDZDPLPRUDOQ\PLMDNLH]DOHFDRQDRVWUR*QHREFKRG]LüQDRNRáRDZL
F
MHVW RQD SU]HFLZLHVWZHP WRWDOL]PX MDNL ]DOHFD SHGDQW\F]QH Z\SHáQLDQLH SUDZ PRUDOQ\FK
3DVR*\WQLFWZR ]DPLDVW RVRELVWHJR áDPDQLD SUDZ PRUDOQ\FK ]DOHFD DE\ ZH ZV]\VWNLFK
VSUDZDFK MDNLH Z\PDJDM áDPDQLD W\FK SUDZ Z\VáXJLZDü VL
LQQ\PL NWyU]\ áDPDQLD WHJR
GRNRQDM ]D QDV = WHJR SRZRGX RNXSXMF\ =LHPL
8)2QDXFL NWyU]\ XSUDZLDM ZáDQLH
ILOR]RIL
SDVR*\WQLFWZDMHG\QLHZZ\MWNRZ\FKSU]\SDGNDFKGRNRQXM RVRELFLHG]LDáD MDNLH
VSURZDG]DM VL
GR HZLGHQWQHJR áDPDQLD SUDZ PRUDOQ\FK D W\SRZR Z G]LDáDQLDFK W\FK
]DZV]H Z\VáXJXM VL
RGSRZLHGQLR ]DSURJUDPRZDQ\PL NRODERUDQWDPL 7R R]QDF]D *H
]JRGQLH ] ILOR]RIL SDVR*\WQLFWZD RPDZLDQD WXWDM WDEOLF]ND PLDáD QD FHOX XU]HF]\ZLVWQLHQLH
MDNLHJR QLHPRUDOQHJR ]DGDQLD L GODWHJR 8)2QDXFL VDPL QLJG\ E\ MHM QLH ]DLQVWDORZDOL QD
=LHPL DE\SU]\SDGNLHPQLHEUDü QDVLHELHNDU\MDND]JRGQLH]SUDZDPLPRUDOQ\PLVSDGQLH
QD RVRE
NWyUD GRNRQD MHM ]DLQVWDORZDQLD -HM ]DLQVWDORZDQLH ]OHFLOL ZL
F 3DQX 'RPDOH
MDNLHNROZLHN QLV]F]\FLHOVNLHZL
FMHMSU]H]QDF]HQLHE\QLHE\áRNDUD]DWRVSDGQLHQD3DQD
'RPDá
1DWRPLDVW ] MHM RVRELVW\P XVXQL
FLHP 8)2QDXFL QLH PLHOL MX* *DGQHJR SUREOHPX
ERZREHFQLV]F]\FLHOVNLHMIXQNFMLWDEOLF]NLMHMXVXQL
FLHE\áR]JRGQH]SUDZDPLPRUDOQ\PL
-HGQ ] REVHUZDFMLMDNDEXG]LPRMHV]F]HJyOQHREDZ\MHVWIDNW*HSRGF]DVSLVDQLD
WHJRWUDNWDWXQLHZ\VWSLá\*DGQHQLHVSRG]LDQNLDQLSU]HV]NRG\MDNLHV WDNFKDUDNWHU\VW\F]QH
GODFDáHMPRMHMSUDF\EDGDZF]HMQSSRRSLV\V]F]HJyOQHJRVSL
WU]HQLDWDNLFKSU]HV]NyGSDWU]
WUDNWDW\ >%@L>@7RGRGDWNRZRPQLHXWZLHUG]D*HWUDNWDWWHQZMDNL ]áRZLHV]F]\VSRVyE
PDVáX*\üQDV]\PNRVPLF]Q\PSDVR*\WRP:MDNL]D VSRVyEWHJR]DSHZQHMX* ZNUyWFHVL
GRZLHP\
2F]\ZLFLH WUDNWDWWHQZQRVLWH* FDá\V]HUHJSR]\W\ZQ\FKQDVW
SVWZ7RZáDQLHRQH
F]\QL *H SRPLPR ZV]\VWNR FLJOH ZDUW\ RQ E\á SRGM
FLD WUXGX MHJR QDSLVDQLD -HGQ\P ]
QDMZD*QLHMV]\FK SR]\W\ZQ\FK NRQVHNZHQFML QDSLVDQLD QLQLHMV]HJR WUDNWDWX MHVW IDNW *H
SU]\ZUyFLá RQQDOH*Q UDQJ
FDáHPXV]HUHJRZLLVWRWQ\FK]DJDGQLH QDV]HJRZVSyáLVWQLHQLD
] NRVPLWDPL MDNLH LQDF]HM PRJá\E\ XPNQü QDV]HM XZDG]H 2ZH LVWRWQH ]DJDGQLHQLD WHJR
ZVSyáLVWQLHQLD QDMOHSLHM Z\UD]Lü WXWDM ]D SRUHGQLFWZHP NLONX ]DZV]H DNWXDOQ\FK VWDU\FK
SUDZG NWyUHZSUDZG]LH V QDP GRVNRQDOH]QDQH MHGQDN NWyU\FK Z QRUPDOQ\PSU]\SDGNX
QDMSUDZGRSRGREQLHM QLHVWDUDOLE\P\VL
RGQLHüGRQDV]\FKVWRVXQNyZ]RNXSXMF\PLQDV
8)2QDXWDPL 3U]HJOGQLMP\ WHUD] WH ] RZ\FK SUDZG MDNLH U]XFDM VL
Z RF]\ Z WUHFL WHJR
WUDNWDWX
1LH PDWDNLHJR]áHJRFRE\QDGREUHQLHZ\V]áR3UDZGDWDGRV\üGREU]HRGQRVLVL
GR]PDJD *\FLRZ\FK3DQD'RPDá\LLFKZSá\ZXQDSRZVWDQLHWHJRWUDNWDWX:V]DN*HJG\E\
QLH MHJRJRU]NLHGRZLDGF]DQLDQLHPLHOLE\P\PR*QRFLGRMFLDGRZQLRVNyZMDNLHSR]ZROLá\
QDP Z\FLJQü ]DSUH]HQWRZDQH Z WUHFL WHJR WUDNWDWX IDNW\ QLH PLHOLE\P\ WH* L RND]ML
SR]QDQLDOHNFMLMDND]DLFKSRUHGQLFWZHP]RVWDáDQDP]DVHUZRZDQD
1LD PDUy*\EH]NROFD3UDZGDWDGRVNRQDOHRGQRVLVL
GRSRSUDZQRFLWHJRFRZ
W\P WUDNWDFLHQDSLVDQR:V]DN*HRNXSXMF\QDV8)2QDXFLGRVNRQDOH]QDM SU]\V]áRüMX*
ZL
F Z PRPHQFLH GRNRQDQLD XSURZDG]HQLD 3DQD 'RPDá\ ZLHG]LHOL *H QLQLHMV]\ WUDNWDW
]RVWDQLHQDSLVDQ\]QDOLWH* MHJRSU]\V]á WUHü7DNZL
FPRJOLXNV]WDáWRZDüSU]HELHJVDPHJR
XSURZDG]HQLDRUD]XMDZQLRQHQLPIDNW\DE\FLJOHVáX*\á\RQHLFKDQLHQDV]\PLQWHUHVRP
&KRFLD* ZL
F WUDNWDW WHQ GDMH QDP MDNLH UR]H]QDQLH V\WXDFML QLHPDO ] FDá SHZQRFL
]DSUH]HQWRZDQHZQLPIDNW\]RVWDá\WDN]DPDQLSXORZDQHDE\EH]QDV]HMZROLMHV]F]H EDUG]LHM
QL* QDP VáX*\á\ RQH LQWHUHVRP QDV]\FK RNXSDQWyZ 3UDNW\F]QLH ZL
F ZREHF QDXNRZHM L
WHFKQLF]QHM SU]HZDJL RNXSDQWyZ FRNROZLHN F]\QLP\ SRG LFK RNLHP L QDG]RUHP ]DZV]H WR
SRZRGRZDü E
G]LH *H Z RVWDWHF]Q\P UR]UDFKXQNX RQL E
G W\PL NWyU]\ Z\QRV] ] WHJR
QDMZL
FHM NRU]\FL-HG\Q\PZL
FVSRVREHPDE\]DF]üSUDFRZDüQDZáDVQ\UDFKXQHNWR
]U]XFLü QDV]\FKNRVPLF]Q\FKSDVR*\WyZFDáNRZLFLH]HVZRLFKJU]ELHWyZL]XSHáQLHQLHSR]ZROLü
LPDE\LQJHURZDOLZQDV]H*\FLHLG]LDáDQLD7RWH* SURSRQRZDQHMHVWZáDQLHZPRQRJUDILDFK
>@L>@ZWUDNWDFLH>@RUD]Z]DáF]QLNDFKGRQLQLHMV]HJRWUDNWDWX
7ZRMHSáRW\]MDGDM WZyMU\*-HVWWRWáXPDF]HQLHQDSROVNLSU]\VáRZLD]0DOH]MLMDNLHZ
RU\JLQDOQ\P EU]PLHQLXVWZLHUG]D3DGLPDNDQSDJDUFRZáDQLH]QDF]\WZRMHSáRW\]MDGDM
WZyM U\*SDWU]>@3U]\VáRZLHWRVWDUDVL
Z\UD]LüVWDU SUDZG
*HFLFRNRPX SRPDJDM
]Z\NOH WH* LG]LDáDM MHGQRF]HQLHQDMHJRV]NRG
-HOLJá
ERNRSU]HDQDOL]XMHVL
ZV]\VWNLH
RNROLF]QRFLLQDVW
SVWZDRSLV\ZDQ\FKZW\PWUDNWDFLHV\WXDFMLRUD]Z\FLJQLH]WHJRRJyOQH
ZQLRVNLZyZF]DVVL
RND]XMH*HIDNW\F]QLHND*GDRVREDZSHáQHMZLDGRPRFLXSURZDG]RQD
QD SRNáDG8)2ZMDNL VSRVyEPXVLSU]\VáXJLZDüVL
LQWHUHVRPRNXSXMF\FKQDVNRVPLWyZ
Z SU]HFLZQ\P Z\SDGNX MHM SDPL
ü QLH ]RVWDáDE\ SR]RVWDZLRQD EH] Z\PD]DQLD 7R ]D
R]QDF]D *H SUDNW\F]QLH ND*G\ NWR MHVW ZLDGRP\ VZRMHJR XSURZDG]HQLD QD SRNáDG 8)2
IDNW\F]QLH WH* ZMDNL VSRVyEZ\SHáQLDIXQNFM
QLHZLDGRPHJRNRODERUDQWDRNXSXMF\FKQDV
NRVPLWyZ .D*G\ ZL
F XSURZDG]RQ\ QD SRNáDG 8)2 L ZLDGRPLH SDPL
WDMF\ ZáDVQH
SU]H*\FLDPDMDNLH ]DGDQLHGRZ\SHáQLHQLDRMDNLPDQLRQDQLP\QLHZLHP\QS]DVLHZDQLH
MDNLHJR URG]DMX NRQIX]ML GH]RULHQWRZDQLH OXG]L Z]EXG]DQLH QLHGRZLHU]DQLD VLDQLH
IDáV]\ZHJRREUD]XNRVPLWyZQHXWUDOL]RZDQLHQDV]HMREURQ\LWS7\OHW\ONR*HMDNGRW\FKF]DV
RZHM LFK NRODERUDQFNLHM IXQNFML QLH SRWUDILOLP\ VRELH XZLDGRPLü D ZL
F UyZQLH* L MHM
SU]HFLZG]LDáDü
1DZHW QDM]Z\NOHMV]\V]F]XUMHVWZVWDQLHZLHOHQDXF]\üILOR]RIDRV]WXFHZ\JU\]DQLD
G]LXU-HVWWRPRMHZáDVQHWáXPDF]HQLHQDM
]\NSROVNLRU\JLQDOQLHFKLVNLHJRSU]\VáRZLDNWyUH
VWZLHUG]D HYHU\PROHKDVVRPHWKLQJWRWHDFKWKHSKLORVRSKHUDERXWGLJJLQJDKROHSDWU]
>@ 3U]\VáRZLHWRRSXEOLNRZDáHPLZ\MDQLáHPZSRGUR]G]LDOH,PRQRJUDILL>@L>@]D ]
GRFLHUDMFHM GRPQLHNRUHVSRQGHQFMLZ\QLND*HFLHV]\VL
RQRRJURPQ\PSRZRG]HQLHPZ
3ROVFH L MX* REHFQLH ]DF]\QD ZFKRG]Lü GR X*\FLD MDNR SRSXODUQH SRZLHG]HQLH &KLF]\F\
X*\ZDM ZLHOHVRF]\FLHWUDIQ\FKSU]\VáyZNWyUHZ\PRZQLHRGGDM ]QDQHSUDZG\*\FLRZHMDNR
LQQ\ SU]\NáDGUR]SDWU]WH* MHV]F]HMHGQRLFKSU]\VáRZLHGRW\F]FHV]F]XUDDVWZLHUG]DMFHHYHQ
D GHDGUDWLVFDUULHGDZD\E\DEOLQGFDWFR]QDF]\QDZHWLQD]GHFKáHJRV]F]XUDSRáDNRPL
VL
MDNL OHS\ NRFXUD L MHVW FKLVNLP RGSRZLHGQLNLHP ]EOL*RQ\P GR QDV]HJR SRZLHG]HQLD
ND*GD SRWZRUD ]QDMG]LH VZHJR DPDWRUD : RGQLHVLHQLX GR QDV]HJR REFRZDQLD ]
NRVPLWDPL SU]\WRF]RQHQDSRF]WNXSU]\VáRZLHVWZLHUG]D*HND*G\SU]\SDGHNF]\V\WXDFMD
]DZLHUD OXE LQIRUPXMH QDV R F]\P F]HJR P\ MHV]F]H QLH ZLHP\ D FR MHOL ZáDFLZLH
Z\NRU]\VWDQH PR*HVáX*\üZ]ERJDFHQLXLSROHSV]HQLXQDV]HJR*\FLDOXERUD]LQWHQV\ILNDFML
]DSR]QDüLZ*DGQ\PSU]\SDGNXQLHSRZLQQLP\WHMRND]MLPDUQRZDü
8F] VL
QDORVDFKLQQ\FK:SU]\SDGNXQLQLHMV]HJRWUDNWDWXQDMZL
FHMPR*HP\VL
QDXF]\ü ] LQIRUPDFMLRKXPDQRLGNDFK=JRGQLH]LQIRUPDFMDPL3DQD'RPDá\KXPDQRLGNL
WRMDND Z\áF]QLH*HVNDUDVDLVWRWMDND]QDMGXMHVL
ZPRF\1HDWDF]\NyZSHáQLFGODQLFK
IXQNFM
SRNRUQ\FKQLHZROQLFLVáX*HN3RZRGHPGODMDNLHJRRGKXPDQRLGHNW\FKPR*HP\VL
ZLHOH QDXF]\üMHVW*H]DPLDQDEXMF]XF]QHMF\ZLOL]DFMLGZXSáFLRZHMWDNLHMMDNREHFQLHQDV]D
QD =LHPL QD XOHJá F\ZLOL]DFM
Z\áF]QLH *HVN ]GDMH VL
NROHMQ\P NURNLHP GR MDNLHJR
SRVXZDM VL
QDVLNRVPLF]QLSDVR*\FLDE\XWU]\P\ZDüSRGOHJáHLPF\ZLOL]DFMHZQLHXVWDMF\P
]QLHZROHQLX:V]DN*HWDNDF\ZLOL]DFMD]áR*RQDZ\áF]QLH]NRELHWQLHSRVLDGDáDE\P
*F]\]Q
MDF\ Z\ND]\ZDOLE\ WHQGHQFMH GR EXQWyZ L GR SUyE Z\]ZROHQLD VL
] QLHZROL VWG ] SRNRU
SR]RVWDZDáDE\Z]QLHZROHQLXSRZV]HF]DV\-HGQRF]HQLHGODVZRLFKHNVSORDWDWRUyZE\áDE\
UyZQLHX*\WHF]QDMDNF\ZLOL]DFMDGZXSáFLRZD0RJáDE\VL
WDN*HUR]PQD*DüSU]H]NORQRZDQLH
1LF G]LZQHJR *H NLHG\ RNUHORQD F\ZLOL]DFMD ]DDZDQVXMH VL
GR SR]LRPX NLHG\ ]DFKRG]L
QLHEH]SLHF]HVWZR *HZ\]ZROLVL
RQD]HV]SRQyZQDV]HJRNRVPLF]QHJRSDVR*\WDSDVR*\W
WHQ ]DPLHQLDM QD F\ZLOL]DFM
Z\áF]QLH NRELHF WDN MDN KXPDQRLGNLREVHUZRZDQH SU]H]
3DQD 'RPDá
: FKZLOL REHFQHM QDV]D F\ZLOL]DFMD ]LHPVND SU]HFKRG]L ZáDQLH SU]H] ID]
]DSHZQH Z QDVW
SVWZLH QLH]JRG\ L ZRMQ\ QXNOHDUQHM SRWHP ]QLV]F]\áD =HP QD NWyU VL
SU]HQLRVáD GDOHMZ\VDG]LáDZSRZLHWU]H:KLVWKHHQVND*DMFMHMSRZLHU]FKQL
LQLV]F]FFDáH
*\FLHELRORJLF]QH]D REHFQLHSUyEXMHQLV]F]\ü=LHPL
DE\üPR*HUyZQLH* LVZRM 1H
&]DV
ZL
F DE\P\ REXG]LOL VL
Z VZRLP RPDPLH L SU]HVWDOL SRG*Dü LFK ODGDPL 0DP\ WHUD]
SU]HFLH* QDV] ZáDVQ ILOR]RIL
SDWU]WRWDOL]PRSLVDQ\ZUR]G]LDOH,PRQRJUDILL>@L>@
MDND QDNáDQLDDE\]DPLDVWMHG\QLHPyZLü]DF]üQDSUDZG
ZLHU]\üLZGUD*DüZVZ\P*\FLX
FR ]XSHáQLH QRZHJR F]HJR 5DVD $GDPRZD MDN GRW\FKF]DV QLH SRWUDILáD Z\JHQHURZDü X
VLHELH SU]H] FDáH PLOLRQ\ ODW WM IDNW\F]Q PRUDOQRü PLáRü SUDZG
GREUR XF]\QQRü
SRNyM LWS %\ü PR*H *H MHOL REHFQLH P\ SRWUDILP\ VL
Z\]ZROLü VSRG ]QLHZDODMFHJR QDV
NRVPLF]QHJRRNXSDQWDZyZF]DVZSU]\V]áRFLRF]\ZLFLHEH]QDU]XFDQLDVL
LW\ONRMHOLRQL
VDPL Z\UD*WDNLH*\F]HQLHFK
WQLHWH* SRG]LHOLP\VL
]QDV]\PLSREUDW\PFDPL]1HDVZRM
SRVW
SRZ ILOR]RIL RUD] VZRLPL RVLJQL
FLDPL WHFKQLF]Q\PL WDN DE\ UyZQLH* L X QLFK
]DSDQRZDü PRJáR SUDZG]LZH V]F]
FLH GR MDNLHJR REHFQLH QDMSUDZGRSRGREQLHM W\ONR
SUHWHQGXM
1LH]DOH*QLH RG XZLDGRPLHQLD QDP FLJáHM DNWXDOQRFL SRZ\*V]\FK VWDU\FK SUDZG
QLQLHMV]\ WUDNWDWSRVLDGDWH* LNLONDGDOV]\FKSR]\W\ZQ\FKQDVW
SVWZ-HGQ\P]QLFKMHVWMHJR
G]LDáDQLHZIRUPLHGZRQNDQDDODUP']ZRQHNWHQMHV]F]HUD]QDVQDSRPLQD*HQLHZLG]LDOQ\
L EH]Z]JO
GQ\ZUyJWXF]\VL
QDV] NUZL LQLHV]F]
FLHPRUD]F]\KDQDQDV] ]JXE
:UyJ
WHQ]DGU
F]DOXG]NRü LVWRSQLRZR]DPLHQLDQDV] =LHPL
ZURG]DMSLHNáDMDNLHSRVPDNXMHP\
MHV]F]H Z W\P*\FLX 1DMZ\*V]\ ZL
F MX* F]DV DE\P\ ]DSU]HVWDOL ELHUQHJR JDSLHQLD VL
Z
WHOHZL]RU\ D]DF]
OL]U]XFDüJR]QDV]\FKJU]ELHWyZ:V]DN*HMHOLP\VDPLWHJRQLHXF]\QLP\
QLNWQLHGRNRQDWHJR]DQDV
5R]G]LDá(
/,7(5$785$8=83(à1,$-&$,326=(5=$-&$75(û7(*275$.7$78
1LQLHMV]\ WUDNWDW]DSODQRZDQ\]RVWDáMHG\QLHMDNRSUH]HQWDFMDUDSRUWX]XSURZDG]HQLD:V]HONLHZL
FRSLV\MDNLH
PRJ Z\MDQLüRSLV\ZDQ\FKZQLP]MDZLVNDXU]G]HQLDRUD]IDNW\SRUHGQLH]DZDUWHV ZLQQ\FKRSUDFRZDQLDFK7\P
ZL
F ] F]\WHOQLNyZ NWyU\FK ]DLQWHUHVRZDá\ SRZ\*V]H IDNW\ L FKFLHOLE\ SU]HVWXGLRZDü PR*OLZH LFK LQWHUSUHWDFMH
UHNRPHQGRZDQH MHVWGRGDWNRZH]DSR]QDQLHVL
]HZVND]DQ\PLWXWDMLQQ\PLSROVNRM
]\F]Q\PLPRQRJUDILDPLLWUDNWDWDPL
QD SRGREQ\WHPDW:DUWRSU]\W\PZLHG]LHü*HFRQDMPQLHMMHGQD]]HVWDZRQ\FKSRQL*HMPRQRJUDILLZ\VáDQD ]RVWDáDGR
%LEOLRWHNL 1DURGRZHM GR ND*GHM ELEOLRWHNL ZRMHZyG]NLHM Z 3ROVFH D WDN*H GR ELEOLRWHNL JáyZQHM ND*GHM XF]HOQL Z\*V]HM Z
3ROVFHLGRND*GHMSRZV]HFKQLH]QDQHMRUJDQL]DFML8)2ORJLF]QHMQDV]HJRNUDMX=QDF]QDLFKF]
üGRVW
SQDMHVWWH* SRSU]H]
,QWHUQHW SRG DGUHVDPL SRGDQ\PL QD RNáDGFH WHJR WUDNWDWX 'DQH ELEOLRJUDILF]QH W\FK GDOV]\FK PRQRJUDILL L WUDNWDWyZ V
QDVW
SXMFH PRQRJUDILHNWyUHZFKZLOLNRF]HQLDQLQLHMV]HJRWUDNWDWXE\á\GRSLHURZWUDNFLHRSUDFRZ\ZDQLDQDSRQL*V]\P
Z\ND]LHR]QDF]RQRSU]H]
>@ 3DMN - 7HRULD 0DJQRNUDIWX PRQRJUDILD R G\VNRLGDOQ\P VWDWNX NRVPLF]Q\P QDS
G]DQ\P SXOVXMF\P
SROHP PDJQHW\F]Q\P :\GDQLH , SROVNRM
]\F]QH 0DU]HF ,QYHUFDUJLOO 1RZD=HODQGLD ,6%1
VWURQ U\VXQNyZ %\áD WR SLHUZV]D SROVNRM
]\F]QD PRQRJUDILD RSLVXMFD PDJQRNUDIW REHFQLH MX* QLHFR SU]HVWDU]DáD
3UH]HQWXMHRQDIUDJPHQW7HRULL0DJQRNUDIWX]QDVW
SXMF\FKPRQRJUDILL>D@L>@
>D@ 3DMN - $GYDQFHG PDJQHWLF SURSXOVLRQ V\VWHPV 0RQRJUDSK 'XQHGLQ 1HZ =HDODQG ,6%1
REM
WRü VWURQ Z W\P U\VXQNyZ L WDEOLF -HVW WR QDMZD*QLHMV]D DQJLHOVNRM
]\F]QD PRQRJUDILD
SUH]HQWXMFDSRUXV]DQHWXWHPDW\MX* SLWHZ\GDQLH
>Z@ ,6LVWHPL$YDQ]DWLGL3URSXOVLRQHLO0DJQRFUDIWWM0DJQRNUDIWL]DDZDQVRZDQHQDS
G\PDJQHW\F]QH
$VVRFLD]LRQH &XOWXUDOH$TXDULXV3DOHUPR9ROXPH,VWURQ9ROXPH,,7DYROHGLVHJQLHIRWRJUDILHVWURQ
Z W\PRNRáRLOXVWUDFMLMHVWWRZHUVMDNVL*NRZDPRQRJUDILL>D@Z\GDQDZM
]\NXZáRVNLPZ3DOHUPRQD6\F\OLLQDNáDG
HJ]HPSODU]\ NRQVXOWDFMH Z VSUDZLH QDE\FLD OXE G\VWU\EXFML 0U $QWRQLR *LDQQRQH 9LD 6 6RQQLQR ,
3DOHUPR6LFLO\,WDO\7HO
>@ 3DMN - =DDZDQVRZDQH QDS
G\ PDJQHW\F]QH 0RQRJUDILD 'XQHGLQ 1HZ =HDODQG ,6%1
RNRáR VWURQ WHNVWX Z W\P LOXVWUDFML L WDEOLF Z WRPDFK 0LQ SUH]HQWXMH RSLV\ ZV]\VWNLFK
G\VNXWRZDQ\FKWXSRM
üLLGHL
>@ 3DMN - =DDZDQVRZDQH XU]G]HQLD PDJQHW\F]QH 0RQRJUDILD 'XQHGLQ 1HZ =HDODQG ,6%1
RNRáRVWURQWHNVWXZW\PRNRáRLOXVWUDFMLLWDEOLFZWRPDFK-HVWWRSRV]HU]RQDLXDNWXDOL]RZDQD
ZHUVMDPRQRJUDILL>@
>@ 3DMN - .RPRUD 2VF\ODF\MQD F]\OL PDJQHV MDNL Z]QLHVLH QDV GR JZLD]G 0RQRJUDILD 'XQHGLQ 1RZD
=HODQGLD,6%1;VWURQ\ZW\PWDEOLFHLLOXVWUDFML
>D@ 3DMN - 7KH 2VFLOODWRU\ &KDPEHU DUNZD\ WR WKH VWDUV 0RQRJUDSK 'XQHGLQ 1HZ =HDODQG 6HSWHPEHU
,6%1REM
WRüVWURQWHNVWXSOXVLOXVWUDFMLLWDEOLF
>@ 3DMN - %DGDQLD RVyE ] QLHXZLDGDPLDQ\PL SU]H*\FLDPL 8)2 DEGXFWHHV 0RQRJUDILD 'XQHGLQ 1RZD
=HODQGLDVW\F]H ,6%1VWURQZW\PU\VXQNyZLWDEOLF
>@ 3DMN-%DGDQLDRVyE]QLHXZLDGDPLDQ\PLSU]H*\FLDPLJLHZ\G'XQHGLQ,6%1
VWDEU\V
>%@ 'RPDáD$L3DMN-.RVPLF]QDXNáDGDQNDWUDNWDWGUXJLHZ\GDQLH'XQHGLQ
URNRNRáRVWURQ
ZW\PLOXVWUDFML
>@ 3DMN-.U
JL]ER*RZHLLQQHOGRZLVND8)2]1RZHM=HODQGLL0RQRJUDILD'XQHGLQ1=
RNRáR
VLLOXVWUDFML
>%@ 3DMN-L3DV]F]\N.7XQHOH12/VSRG%DELHM*yU\7UDNWDW'XQHGLQ1RZD=HODQGLDURN,6%1
RNRáRVWURQWHNVWXLU\VXQNyZ
>&@ 3DMN-:UyEHO$,QWHUSUHWDFMH]GM
ü8)2ZZLHWOH7HRULL0DJQRNUDIWX7UDNWDW7LPDUX
RN
VWURQLRN]GM
ü8)2WUDNWDWGRVW
SQ\SRSU]H]DGUHVLQWHUQHWRZ\ZZZNNLQHWSOXIRDOEXP!
>@ 3DMN-.DWDNOL]PNRáR7DSDQXL$'QRZR]HODQG]NLRGSRZLHGQLNHNVSOR]MLWXQJXVNLHM'XQHGLQ
,6%1V
>D@ 3DMN - 8)2 H[SORVLRQ LQ 1HZ =HDODQG $' ZKLFK WLOWHG WKH (DUWK 'XQHGLQ 1HZ =HDODQG
,6%1VWURQZáF]DMFZWRLOXVWUDFML
>@ 3DMN - (NVSOR]MD 8)2 Z 1RZHM =HODQGLL $' NWyUD SRFK\OLáD =LHPL
'XQHGLQ ,6%1
VWURQ Z W\P U\VXQNyZ 3UH]HQWRZDáD RQD V]F]HJyáRZH RSLV\ ZV]\VWNLFK URG]DMyZ ODGyZ
PDWHULDOQ\FK SR]RVWDZLDQ\FK SU]H] 8)2 QD =LHPL NRQFHQWUXMF VL
ZV]DN*H QD EDGDQLDFK GZyFK PLHMVF HNVSOR]ML W\FK
ZHKLNXáyZ WM 7DSDQXL Z 1RZHM =HODQGLL L 7XQJXVNLHM QD 6\EHULL %\áD RQD GUXJLP XDNWXDOQLRQ\P Z\GDQLHP
SROVNRM
]\F]Q\PDQJLHOVNRM
]\F]QHMPRQRJUDILL>D@
>@ 3DMN-(NVSOR]MD8)2Z1RZHM=HODQGLL$'NWyUDREUyFLáD=LHPL
WU]HFLHZ\GDQLH'XQHGLQ1RZD
=HODQGLDOLSFD,6%1RNRáRVWURQZW\PLOXVWUDFML
>@ 3DMN - (NVSOR]MD 8)2 Z 7DSDQXL ] URNX $' NWyUD SU]HPLHFLáD NRQW\QHQW\ F]ZDUWH Z\GDQLH
'XQHGLQ
,6%1;RNRáRVWURQSOXVU\VXQNyZ
>@ 3DMN - 0DJQHW\F]QH SR]\VNLZDQLH HQHUJLL RWRF]HQLD 'XQHGLQ 1RZD =HODQGLD URN ,6%1
VWURQ
>D@ 3DMN - 7KH PDJQHWLF H[WUDFWLRQ RI HQHUJ\ IURP WKH HQYLURQPHQW 0RQRJUDSK 'XQHGLQ 1HZ =HDODQG
,6%1VWURQSOXVWDEOLFHLU\VXQNyZ
>@ 3DMN - 7HOHNLQHW\F]QH SR]\VNLZDQLH HQHUJLL RWRF]HQLD 0RQRJUDILD 'XQHGLQ 1HZ =HDODQG PDM
,6%1 VWURQ ZáF]DMF Z WR WDEOLFH L U\VXQNL 3UH]HQWXMH WHRUL
HIHNWX WHOHNLQHW\F]QHJR
HNVSHU\PHQW\ QDGW\P]MDZLVNLHPRUD]MX* ]EXGRZDQHXU]G]HQLDJRZ\NRU]\VWXMFHZáF]DMFZWRVNUyWRZHRPyZLHQLH
7KHVWD'LVWDWLFD -HVWRQDGUXJLPSRV]HU]RQ\PLXDNWXDOL]RZDQ\PZ\GDQLHPRU\JLQDOQLHDQJLHOVNRM
]\F]QHMPRQRJUDILL
>D@
>@ *LRUGDQR'L3DMN-/RV\MHGQHMSLUDPLG\7UDNWDW'XQHGLQ1RZD=HODQGLD,6%1
VWURQ\ Z W\P LOXVWUDFMH 7UDNWDW >@ RSXEOLNRZDQ\ E\á D* Z WU]HFK ZHUVMDFK M
]\NRZ\FK WM SROVNRM
]\F]QHM
DQJLHOVNRM
]\F]QHMLZáRVNRM
]\F]QHM
>@ *LRUGDQR ' L 3DMN - 3LUDPLGD P\OL 7UDNWDW 7LPDUX 1RZD =HODQGLD URN ,6%1
RNRáRVWURQZW\PLOXVWUDFML-HVWWRGUXJLHZ\GDQLHWUDNWDWX>@
>%@ 3DMN - 6]HZF]\N : 8U]G]HQLH GR XMDZQLDQLD QLHZLG]LDOQ\FK RELHNWyZ XNU\W\FK Z VWDQLH PLJRWDQLD
WHOHNLQHW\F]QHJR SODQRZDQD Z WRPDFK GRVW
SQ\ W\ONR WRP 7UDNWDW 'XQHGLQ 1RZD =HODQGLD URN ,6%1
WRPRNRáRVWURQZW\PLOXVWUDFMH
>D@ 3DMN - 7RWDOL]P 0RQRJUDSK :HOOLQJWRQ 1HZ =HDODQG ,6%1 Z WRPDFK RNRáR
VWURQLLOXVWUDFML
>@ 3DMN-3U]\VáRZLDF]\OLHVHQFMDPGURFLOXGRZHMSRV]F]HJyOQ\FKQDURGyZ'XQHGLQ
URNRNRáR
VWURQ
2$8725$&+$QGU]HM'RPDáD
2$8725$&+-DQ3DMN
3URI GULQ*-DQ3DMNXURG]LáVL
PDMDURNXZH
:V]HZLONDFK NRáR0LOLF]D3ROVND3LHUZV]HODWVZHJR*\FLD
VS
G]Lá Z 3ROVFH JG]LH ]GRE\á HGXNDFM
L GRZLDGF]HQLH
QDXNRZH :URNXRSXFLá3ROVN
LSU]\E\áGR1RZHM=HODQGLL
2G VLHUSQLD URNX SRVLDGD RQ RE\ZDWHOVWZR
QRZR]HODQG]NLH
3URI 3DMN UR]SRF]á VZ HGXNDFM
Z 0LOLF]X JG]LH
XF]
V]F]Dá QDMSLHUZ GR V]NRá\ SRGVWDZRZHM SRWHP ]D GR
/LFHXP 2JyOQRNV]WDáFFHJR 3R ]GDQLX PDWXU\ Z URNX
UR]SRF]á VWXGLD QD :\G]LDOH 0HFKDQLF]Q\P 3ROLWHFKQLNL
:URFáDZVNLHM 6WXGLDWHXNRF]\áZURNXRWU]\PXMFW\WXá
PDJLVWUDLQ*\QLHUD6Z NDULHU
]DZRGRZ UR]SRF]áNZLHWQLD
URNXZ\NáDGDPLQD3ROLWHFKQLFH:URFáDZVNLHM:URNX
REURQLá UR]SUDZ
GRNWRUVN ]H ZVSRPDJDQHJR NRPSXWHURZR
SURMHNWRZDQLD PDV]\Q &$' RWU]\PXMF W\WXá GRNWRUD QDXN
WHFKQLF]Q\FK :W\PVDP\PURNX]RVWDá WH* DZDQVRZDQ\]SR]\FMLVWDUV]HJRDV\VWHQWDQDSR]\FM
DGLXQNWD5yZQROHJOH]RERZL]NDPLZ\NáDGRZF\QD3ROLWHFKQLFH:URFáDZVNLHM 3URI3DMN]DWUXGQLRQ\
E\áZODWDFKQDSyáHWDWXMDNRGRUDGFDQDXNRZ\GRVSUDZRSURJUDPRZDQLDLQ*\QLHUVNLHJRZ
=DNáDGDFK .RPSXWHURZ\FK0(5$(/:521DWRPLDVWRGURNXD* GRRSXV]F]HQLD3ROVNLSUDFRZDá
MDNRNRQVXOWDQWQDXNRZ\GRVSUDZZVSRPDJDQHJRNRPSXWHURZRSURMHNWRZDQLDLSURGXNFML&$'&$0
Z']LDOH*áyZQHJR7HFKQRORJD-HOF]DVNLFK=DNáDGyZ6DPRFKRGRZ\FK32/02-(/&=
: URNX3URI3DMNSRGMáMHGQRURF]QHSRGRNWRUVNLHVW\SHQGLXPQDXNRZHQD:\G]LDOH
0HFKDQLF]Q\P 8QLZHUV\WHWX&DQWHUEXU\Z&KULVWFKXUFK1RZD=HODQGLD3RXNRF]HQLXWHJRVW\SHQGLXP
Z URNX UR]SRF]á RQ SUDF
Z\NáDGRZF\ ] RSURJUDPRZDQLD NRPSXWHUyZ QD 3ROLWHFKQLFH Z
,QYHUFDUJLOO :OXW\PURNX]UH]\JQRZDá]WHMSRVDG\DE\SRGMüSR]\FM
VWDUV]HJRZ\NáDGRZF\
6HQLRU/HFWXUHU]RSURJUDPRZDQLDLQ*\QLHUVNLHJRLLQWHOLJHQWQ\FKV\VWHPyZNRPSXWHURZ\FK6RIWZDUH
(QJLQHHULQJ DQG $UWLILFLDO ,QWHOOLJHQFH QD :\G]LDOH ,QIRUPDW\NL L 6WXGLyZ .RPSXWHURZ\FK Z 2WDJR
8QLYHUVLW\ 1RZD=HODQGLD:URNXPXVLDá]áR*\üUH]\JQDFM
]WHMSR]\FMLZFKRG]F Z*\FLHRG
OXWHJRURNX'QLDZU]HQLDURNXSRGMáRQVZRM SLHUZV] Z*\FLXSURIHVXU
]DMPXMF
MHGQRURF]QHVWDQRZLVNR$VVRFLDWH3URIHVVRUDWMRGSRZLHGQLNDSURIHVRUDQDG]Z\F]DMQHJRZ3ROVFH
Z 6WXGLDFK.RPSXWHURZ\FKQD:\G]LDOH0DWHPDW\NL](DVWHUQ0HGLWHUUDQHDQ8QLYHUVLW\)DPDJXVWD
1RUWK&\SUXV0HUVLQYLD7XUNH\3RMHM]DNRF]HQLXRGZU]HQLDURNXSRQRZQLHSU]HVWDZLá
VL
QDVZRM RU\JLQDOQ G\VF\SOLQ
LSRGSLVDáWU]\OHWQLNRQWUDNWQDVWDQRZLVNR$VVRFLDWH3URIHVVRUDQD
:\G]LDOH 0HFKDQLF]Q\P8QLYHUVLWL0DOD\D.XDOD/XPSXU6HODQJRU'DUXO(KVDQ0DOD\VLD:WHQ
VSRVyE RVLJQá Z VZ\P *\FLX SR]LRP SURIHVRUD QDG]Z\F]DMQHJR D* Z GZyFK GUDVW\F]QLH
RGPLHQQ\FK G\VF\SOLQDFK QDXNRZ\FK QDMSLHUZ SR G]LHZL
FLX ODWDFK SUDF\ MDNR Z\NáDGRZFD
NRPSXWHU\]DFML ]RVWDMF SURIHVRUHP Z 1DXNDFK .RPSXWHURZ\FK &RPSXWHU 6FLHQFHV D QDVW
SQLH
]RVWDMFSURIHVRUHPZ,Q*\QLHULL0HFKDQLF]QHM0HFKDQLFDO(QJLQHHULQJQLHZLHOXQDXNRZFyZSRWUDIL
SRV]F]\FLü VL
RVLJQL
FLHP SR]\FML SURIHVRUD Z GZyFK RGPLHQQ\FK G\VF\SOLQDFK : FKZLOL
RSUDFRZ\ZDQLD QLQLHMV]HJR WUDNWDWX E\á RQ Z WUDNFLH VZHM WU]HFLHM Z*\FLX SURIHVXU\ RG OLVWRSDGD
URNXSUDFXMFQDGZXOHWQLPNRQWUDNFLHMDNR$VVRFLDWH3URIHVVRUORNDOQLHW\WXáRZDQ\3URIHVRU
0DG\DZ,Q*\QLHULL0HFKDQLF]QHMQD8QLYHUVLWL0DOD\VLD6DUDZDNNRáR.XFKLQJZWURSLNDOQ\P%RUQHR
)\FLRZH RVLJQL
FLH3URI3DMNDVWDQRZLUR]SUDFRZDQ\SU]H]QLHJRV\VWHPPDJQHW\F]QHJR
QDS
GXZHKLNXáyZODWDMF\FK:URNXZ\NáDGDMFVWXGHQWRP3ROLWHFKQLNL:URFáDZVNLHMQDWHPDW
Z\EUDQ\FK ]DJDGQLH V\VWHPyZ QDS
GRZ\FK 3URI 3DMN RGNU\á QLH]Z\NOH LVWRWQ UHJXODUQRü
QD]ZDQ Sy(QLHM 7DEOLFD &\NOLF]QRFL U]G]F UR]ZRMHP NROHMQ\FK XU]G]H QDS
GRZ\FK
EXGRZDQ\FK QD =LHPL -HM ]QDF]HQLH PR*QD Z\UD]Lü MDNR 7DEOLFD 0HQGHOHMHZD GOD XU]G]H
QDS
GRZ\FK3LHUZV]DRSUDFRZDQDSU]H]QLHJRWDNDWDEOLFDSRVWXOXMH*HVLOQLNHOHNWU\F]Q\]EXGRZDQ\
SU]H] -DFRELH
JR RNRáR URNX MHV]F]H SU]HG URNLHP RWU]\PD EOL(QLDF]HJR QDVW
SF
SU]\MPXMFHJR SRVWDü S
GQLND QDS
G]DMFHJR ZHKLNXá NRVPLF]Q\ ]ZDQ\ PDJQRNUDIWHP NWyUHJR
]DVDGD G]LDáDQLD WDN*H E
G]LH HNVSORDWRZDáD SU]\FLJDMFH L RGS\FKDMFH RG]LDá\ZDQLD VLOQ\FK SyO
PDJQHW\F]Q\FK 3RRSXEOLNRZDQLX7DEOLF\&\NOLF]QRFLZ$VWURQDXW\FHQUVWU3URI3DMN
UR]SRF]á LQWHQV\ZQH EDGDQLD QDG RSUDFRZDQLHP NRQVWUXNFML L G]LDáDQLD PDJQRNUDIWX %DGDQLD WH
]DRZRFRZDá\ DUW\NXáHP Z F]DVRSLPLH 3U]HJOG 7HFKQLF]Q\ ,QQRZDFMH QU VWU Z
NWyU\PSRGDQRV]F]HJyá\WHFKQLF]QHWHJRQLH]QDQHJRZF]HQLHMQD=LHPLZHKLNXáX1DS
GPDJQRNUDIWX
VWDQRZL URG]DMPDJQHVXQD]\ZDQHJRNRPRU RVF\ODF\MQQDW\OHVLOQHJRL* ]GROQ\MHVWRQXQLHü
VLHELH L PDV
GRáF]RQHJR GR QLHJR ZHKLNXáX QD ZVNXWHN RGS\FKDMFHJR RGG]LDá\ZDQLD SROD
Z\WZDU]DQHJR SU]H] VLHELH ] SROHP PDJQHW\F]Q\P =LHPL 6áRFD OXE *DODNW\NL = XZDJL QD
SRGRELHVWZR PDJQRNUDIWyZGR8)2UR]SUDFRZDQLHWHJRZHKLNXáXVWRSQLRZRVNLHURZDáRMHJRXZDJ
QD V]HURN JDP
PDQLIHVWDFML 8)2 QD =LHPL 1LQLHMV]\ WUDNWDW SRZVWDá ZL
F PLQ MDNR MHGQR ]
GáXJRIDORZ\FKQDVW
SVWZUR]SUDFRZDQLD7HRULL0DJQRNUDIWX
5\V 2GU
F]QDPDSNDREV]DUXZMDNLPQDVWSLáRSLHUZV]HXSURZDG]HQLH3DQD$QGU]HMD
'RPDá\ 1DU\VRZDQD RQD ]RVWDáD RVRELFLH SU]H] 3DQD 'RPDá
Z PDMX URNX /LQL
SU]HU\ZDQ ]D]QDF]RQR QD QLHM SU]\EOL*RQH ODG\ MHJR SRUXV]DQLD VL
Z F]DVLH
SRSU]HG]DMF\P XSURZDG]HQLH1DODGDFKW\FK]D]QDF]RQRWU]\QDMLVWRWQLHMV]HSXQNW\WM
MHJR GRPSU]\U\QNXZ1DVLHOVNX[PLHMVFHSLHUZV]HJRXMU]HQLD8)2RJRG]LQLHUDQR
L UyZQRF]HQLH PLHMVFH QDVW
SQHJR REXG]HQLD VL
SR ]DNRF]HQLX XSURZDG]HQLD RUD]
PLHMVFH VSRWNDQLDKXPDQRLGNLLQDVW
SXMFHJRSRW\PVSRWNDQLXXSURZDG]HQLD2GOHJáRü
SRPL
G]\ W\PL SXQNWDPL Z\QRVLZ SU]\EOL*HQLX RGSRZLHGQLR RNRáR RUD] NLORPHWUD =D
ODVHP ]QDMGRZDáDVL
VWDFMDUDGDURZD QD PDSFH]D]QDF]RQD V\PEROHP 56:3 6WDFMDWD
RZHJRIHUDOQHJRZWRUNDGQLD9,,,URNXXFKZ\FLáDREUD]F\JDURNV]WDáWQHJR8)2
5\V :\JOGKXPDQRLGNL]QDáR*RQ\PRPLRVHJPHQWRZ\PSDVHPRUD]V]F]HJyáRZ\
Z\JOG MHGQHJRVHJPHQWXMHMSDVD1DU\VRZDQHRVRELFLHSU]H]$QGU]HMD'RPDá
ZPDMX
URNX
/HZR+XPDQRLGNDZSHáQ\PVZRLPHNZLSXQNXNRVPLF]Q\P:\JOGDáDRQDGRSDVD
MDN QRUPDOQDNRELHWD]D RGSDVDGyáWMMHM ELRGUDLQRJLE\á\QLHSURSRUFMRQDOQLHPDáHZ
VWRVXQNX GRZ]URVWX MDNE\ VNDUODáHOXEQLH]XSHáQLHXIRUPRZDQH'ODSRUyZQDQLDSDWU]WH*
U\VXQHN 1DOH*\WXWDMSRGNUHOLü*H3DQ'RPDáDMHMG]LZQHSURSRUFMHZ\PLDURZHZ\MDQLD
MDNR Z\QLN MHM VSHFMDOQHJR Z\KRGRZDQLD Z IRUPLH *HVNLHJR ELRURERWD GR SRGUy*\ SU]H]
NRVPRV 1DWRPLDVW MD RVRELFLH E\áE\P VNáRQQ\ Z\MDQLDü MHM QLH]Z\Ná\ Z\JOG LQQ\PL
SRZRGDPL :HGáXJ PQLH E\áD RQD NRELHW R QRUPDOQ\FK SURSRUFMDFK Z\PLDURZ\FK
DF]NROZLHN RGPLHQQHM QL* 1HDWDF]\F\ UDV\ 3UDZGRSRGREQLH ]RVWDáD RQD ZáF]RQD GR
3URMHNWX 'RPDáD ] JURQD MDNLHM LQQHM RNXSXMFHM QDV F\ZLOL]DFML NWyUD G\VSRQRZDáD
XU]G]HQLDPL WHFKQLF]Q\PLMDNLPL1HDWDF]\F\QLHG\VSRQRZDOLDOHMDNLHNRQLHF]QHE\á\GR
SHáQHJR]UHDOL]RZDQLDWHJRSURMHNWX2SW\F]Q\HIHNWMHMVNDUáRZDFHQLDZ\QLNDá]D ]IDNWX*H
SROH PDJQHW\F]QH Z\WZDU]DQH SU]H] S
GQLNL MHM QDS
GX RVRELVWHJR ]DZDUWH Z MHM SDVLH L
EXWDFK Z\WZDU]Dá\ HIHNW W]Z VRF]HZNL PDJQHW\F]QHM RSLVDQHM Z SRGUR]G]LDOH &
PRQRJUDILL >@LSRGUR]G]LDOH)PRQRJUDILL>@NWyU\WRHIHNWVSUDZLDáQDSDWU]F\P
] ERNX ZL]XDOQH ZUD*HQLH ]PLHMV]HQLD MHM VSRGQLHM SRáRZ\)H MHM VNDUáRZDFHQLH E\áR W\ONR
]áXG]HQLHPRSW\F]Q\PSRWZLHUG]D]UHV]W VDP3DQ'RPDáDRZLDGF]DMFZSRGUR]G]LDOH%
*HMHMZ]URVWRGSRZLDGDáMHJRZ]URVWRZL*HMHMELRGUDZ\SDGDá\QDZ\VRNRFLMHJRELRGHURUD]
*H MHM QRJL SRGREQLH MDN MHJR VWRS\ WH* GRW\NDá\ ]LHPL VWG MHM VNUyFHQLH PXVLDáR QRVLü
RSW\F]Q\DQLHIL]\F]Q\FKDUDNWHU
3UDZR 6]F]HJyáRZ\Z\JOGMHGQHJRVHJPHQWXSDVDKXPDQRLGNL:VHJPHQFLHW\P
ZLGRF]QD MHVWMDNE\NRVWNDV]HFLHQQDNRPRU\RVF\ODF\MQHMQDFK\ORQHMSRGNWHPLQNOLQDFML
SROD]LHPVNLHJR]DPRFRZDQDREURWRZRZMDNLP NU]\*RZ\PPHFKDQL(PLHVWHUXMF\P
5\V =QDNLQDU\VRZDQHQDFLH*FHSU]H]KXPDQRLGN
2GWZRU]RQHRQH]RVWDá\SU]H]
3DQD 'RPDá
ZPDMXURNX:V]\VWNRZVND]XMHQDWR*HSRVáXJXMFVL
U\VXQNDPLQD
]LHPL]DPLDVWX*\ZDQLDPRQLWRURZDQHM]DSHZQHSU]H]MHMSU]HáR*RQ\FKWHOHSDWLLKXPDQRLGND
WD VWDUDáD VL
RVWU]HF R F]\P 3DQD 'RPDá
&R VNáDGDáR VL
QD WUHü RZHJR RVWU]H*HQLD
QDUD]LH QLH XGDáR VL
QDP UR]V]\IURZDü E\ü PR*H F]\WHOQLN SRWUDIL WR Z\GHGXNRZDü ]
SRZ\*V]HJRU\VXQNXRUD]QDED]LHLQIRUPDFML]DSUH]HQWRZDQ\FKZW\PWUDNWDFLH
5\VRZDQLHSRND]DQ\FKWXWDM]QDNyZPLDáRQDVW
SXMF\SU]HELHJKXPDQRLGNDV]\ENLP
UXFKHP U
NLQDU\VRZDáDLGHDOQLHSURVW OLQL
RGáXJRFLRNRáRPHWUDLMDNPDV]\QDSRG]LHOLáD
M QDLGHDOQLHUyZQ\FKVRELHRGFLQNyZ3RWHPQDU\VRZDáDWUyMNWUyZQRERF]Q\ZURGHN
NWyUHJR ZU\VRZDáDNRáRDZNRáRZU\VRZDáDSRQRZQLHPQLHMV]\WUyMNWUyZQRERF]Q\2ERN
QDU\VRZDáD GZDNyáNDQDNáDGDMFHVL
QLHFRQDVLHELHNUDZ
G]LDPL]D ZURGHNVW\NXW\FK
Nyá ZU\VRZDáDPDá\]QDN3RWHPQDU\VRZDáDGZDNRáDZSHZQ\PRGVLHELHRGGDOHQLXLWH
NRáDSRáF]\áDSR]LRPRNUyWN NUHVN3RWHP]DF]\QDáDU\VRZDüMDNE\VSLUDO
5\V /DERUDWRULXP]DZDUWHZHZQ
WU]X8)21HDWDF]\NyZ:SRPLHV]F]HQLXMDNLH
3DQ $QGU]HM 'RPDáD QD]\ZD ODERUDWRULXP SDWU] 3 Z GROH QD SUDZR GRNRQ\ZDQD E\áD
ZL
NV]Rü]DELHJyZMHJRSLHUZV]HJRXSURZDG]HQLD5\VXQHNSRND]XMHUR]PLHV]F]HQLHZW\P
SRPLHV]F]HQLX QDMZD*QLHMV]\FK XU]G]H ]DREVHUZRZDQ\FK SRGF]DV XSURZDG]HQLD] GQLD
9,,, URNX3RPLHV]F]HQLHWRPLDáRSRáF]HQLH]SRPLHV]F]HQLHPJRVSRGDUF]\P+
VWDWNX
*yUD5R]PLHV]F]HQLHSRV]F]HJyOQ\FKXU]G]H ZRZ\PODERUDWRULXP1DU\VRZDQH
SU]H] 3DQD 'RPDá
Z PDMX URNX = DQDOL]\ WHJR SRPLHV]F]HQLD Z\QLND *H
UHSUH]HQWRZDáRRQRW]ZPRVWHNNDSLWDVNLQD8)2W\S.
'yáOHZR :\JOG]HZQ
WU]Q\ZHKLNXáX8)21HDWDF]\NyZ]DREVHUZRZDQHJRSU]H]
3DQD 'RPDá
QDOGRZLVNXQD1HD1DU\VRZDQHSU]H]QLHJRRVRELFLHZPDMXURNX
'yáSUDZR 0yM U\VXQHN SRND]XMF\ SU]HNUyM SLRQRZ\ PDJQRNUDIWX L 8)2 W\SX .
QDU\VRZDQ\ Z SRGDQHM X VSRGX VNDOL 2F]\ZLFLH U]HF]\ZLVW\ ZHKLNXá MHVW G\VNLHP
SU]HVWU]HQQ\P SRZVWDá\P SRSU]H] REUyFHQLH RZHJR SU]HNURMX SLRQRZHJR ZRNyá MHJR
FHQWUDOQHM RVL=6\PEROH6MHGHQ]S
GQLNyZERF]Q\FK]DZLHUDMF\FKSRGREQ FR0
NRQILJXUDFM
NU]\*RZ + KDOD SRPLHV]F]HQLD JRVSRGDUF]HJR ) PDJQHWRUHIOHNV\MQD
SRZáRND ]HZQ
WU]QD:SRPRVWPL
G]\SR]LRPRZ\3PRVWHNNDSLWDVNLF]\OLODERUDWRULXP
Z MDNLPGRNRQ\ZDQREDGD 3DQD'RPDá\/OXNWHOHSRUWDF\MQ\&SU]H(URF]\VWDNROXPQD
FHQWUDOQD ]DZLHUDMFD SRMHG\QF]\ S
GQLN JáyZQ\ 0 NRQILJXUDFMD NU]\*RZD NRPyU
RVF\ODF\MQ\FK]S
GQLNDJáyZQHJR=FHQWUDOQDR VWDWNX%ERF]QDSU]HVWU]H áDGXQNRZD
'RNáDGQLHMV]H RSLV\ SRPLHV]F]H WHJR VWDWNX SU]\WRF]RQR Z SRGUR]G]LDOH & PRQRJUDILL
>@L]LOXVWURZDQRWDPQDU\VXQNX&D
:DUWR RGQRWRZDü*HWRFR3DQ'RPDáDZLG]LDáVWDQRZLáRMHG\QLHRNRáR REM
WRFL
8)2 W\SX.:SR]RVWDá\FKZL
FSRPLHV]F]HQLDFKWHJR8)2XNU\ZDüVL
PRJOLSU]HGQLP
LQQL QL* 1HDWDF]\F\ F]áRQNRZLH RNXSXMFHM =LHPL
NRQIHGHUDFML ZáF]HQL GR 3URMHNWX
'RPDáD :LDGRPRERZLHP*H1HDWDF]\F\]QDM SU]\V]áRüSRGF]DVXSURZDG]HQLDZLHG]LHOL
ZL
F *H W\SRZD GOD VWDWNyZ QDV]\FK RNXSDQWyZ PLHV]DQLQD Uy*Q\FK UDV 8)2QDXWyZ MHVW
MHGQ\P ]H ]QDNyZ UR]SR]QDZF]\FK QD SRGVWDZLH MDNLHJR PLQ NLHG\ ]DNZDOLILNRZ\ZDü
E
G]LHP\GDQ\VWDWHNGRSDVR*\WXMFHMQD=LHPLDQDFKNRVPLF]QHMNRQIHGHUDFML
5\V 6]NLF WHOHNLQHW\F]QHJR XU]G]HQLD ]DELHJRZHJR 1D SRGVWDZLH RSLVyZ GDMH VL
W QD]\ZDM 7VDDOH FR ]QDF]\ 6áRFH -HVW WR JZLD]GD SRGZyMQD -HM XNáDG SODQHWDUQ\
SRND]DQ\ MHVWQDQDVW
SQ\PU\VXQNX&RGR]QDF]HQLDSR]RVWDá\FKXNáDGyZJZLH]GQ\FK
SRND]DQ\FK SRZ\*HMWR3DQ'RPDáDSRXPLHV]F]DáSU]\QLFKNUyWNLHSLVHPQHREMDQLHQLD,
WDN ]JRGQLH ] QLPL SRND]DQHMHVW PLHMVFH ] NWyUHJR5DVD$GDPRZD VL
Z\ZRG]L WM
SODQHWD1HUUDZXNáDG]LH:HJLZ*ZLD]GR]ELRU]H/XWQLF\ZLOL]DFMDMDNLHM1HDWDF]\F\VL
OHSV] RG ]LHPVNLHM L ERJDWH IRUP\ *\FLD 3ODQHWD 6HQWHHOHD PD EDUG]R VáDE DWPRVIHU
MHGQDNEUDNQDQLHM*\FLDX*\ZDQDMHVWMDNRNRSDOQLDQLH]E
GQ\FKPLQHUDáyZ3ODQHWD%LEUHD
QD]\ZDQDMHVW]ORGRZDFLDá SUDPDWN2SUyF]6HQWHHOHDND*GD]W\FKSODQHWPDSRMHGQ\P
NVL
*\FX %LEUHDPDGZD]D ,QL(DWHPDM SRWU]\NVL
*\FH:RNyá7VDDOHL'UDNU*WH*
QLHUHJXODUQH EROLG\ 1HDWDF]\F\ XWU]\PXM QLHXVWDQQ\ NRQWDNW ] SODQHW :KLVWKHHQ R
VND*RQHM SRZLHU]FKQLL*\FLXXWU]\P\ZDQ\PW\ONRSRGNRSXáDPLNWyUDRELHJD]XSHáQLHRGU
EQ
JZLD]G
RGOHJá RG7VDDOHRELOLRQyZNLORPHWUyZ]LHPVNLFK
*yUD 8V]HUHJRZDQLH SRV]F]HJyOQ\FK SODQHW NVL
*\FyZ L EROLGyZ SRND]XMFH
Z]DMHPQH LFKSRáR*HQLHLSURSRUFMHUHGQLF1DMEDUG]LHMQDOHZRSRND]DQRSRáRZ
JZLD]G\
7VDDOH 2ERNQLHMOLQL SU]HU\ZDQ SRND]DQRMHMIDNW\F]Q\SURPLH ZWHMVDPHMSURSRUFMLFR
SURPLHQLH SRV]F]HJyOQ\FKMHMSODQHW:SUDZHMFKPXUFHSRND]DQRNURSN ZLHONRüQDV]HM
=LHPLZSRUyZQDQLXGRZLHONRFLRZ\FKSODQHW
'yá 6NDODZ]DMHP\FKRGOHJáRFLSRPL
G]\SRV]F]HJyOQ\PLSODQHWDPL2GOHJáRFLWH
PLHU]\ü QDOH*\ SRPL
G]\ NUDZ
G]LDPL ]DNUHVNRZDQ\FK VáXSNyZ -HOL SRND]DQH QD W\P
U\VXQNX RGOHJáRFL SRPQR*RQH ]RVWDQ SU]H] ZyZF]DV RWU]\PDáRE\ VL
yZ U\VXQHN Z
U]HF]\ZLVWFK SURSRUFMDFK Z\PLDURZ\FK WM SURSRUFMDFK Z NWyU\FK Z\PLDU\ SODQHW RUD]
Z]DMHPQHRGOHJáRFLSRPL
G]\QLPLE\á\E\ZWHMVDPHMVNDOLOLQLRZHM
5\V 8NáDGSODQHWDUQ\6\ULXV]D'ZF]DVDFKRNRáRW\VL
F\ODWWHPX8NáDGWHQ
QDU\VRZDQ\ ]RVWDáRVRELFLHSU]H]3DQD'RPDá
ZPDUFXURNX]D SRZWyU]RQHWXWDM
GDQH Z FDáRFL GRVWDUF]RQH ]RVWDá\ SU]H] QLHJR 'DQH WH SU]\WDF]DP WXWDM EH] ]PLDQ L
NRPHQWDU]\ =JRGQLH]QLPLXNáDGFDáHJR6\ULXV]DVNáDGDáVL
]WU]HFKZLGRF]Q\FKGRG]LVLDM
JZLD]G XáR*RQ\FK Z]JO
GHP VLHELH QD NV]WDáW WUyMNWD L ]ZDQ\FK 6\ULXV]HP $ % L & ,FK
Z]DMHPQH RGOHJáRFLZHGáXJGDQ\FK3DQD'RPDá\PLDá\RGSRZLHGQLRZ\QRVLü
NP NPLNP:RGOHJáRFLRNRáRNPRG
RZ\FKWU]HFKJZLD]G]QDMGRZDáVL
ZáDQLH6\ULXV]'3RPL
G]\6\ULXV]HP'LRZ\PREHFQLH
ZLGRF]Q\PWUyMNWHPJZLD]G]QDMGRZDáDVL
F]DUQDG]LXUD2NRáRODWWHPXZFKáRQ
áD
RQD 6\ULXV]D ' RUD] MHM GZLH SODQHW\ =HP L <SSL 3R 6\ULXV]X ' F]DUQD G]LXUD QDGDO
ZFKáDQLDáDSODQHW\WHJRXNáDGXSU]\NáDGRZRZF]DVDFK&KU\VWXVDZFKáRQ
áDRQD*XV]F]X
WM ]DPLHV]NDá SODQHW
6\ULXV]D & ] NWyUHM MHGQD ] Z\SUDZ GRWDUáD GR :KLVWKHHQ ]D Z
SLHUZV]\P ZLHNX QDV]HM HU\ ZFKáRQ
áD RQD 1RPPR QD NWyUHM WH* RG ODW LVWQLDáD
F\ZLOL]DFMD UDV\DGDPRZHMSRGREQLHMDN P\ Z\ZRG]FHM VL
] 1HUU\'ZLH Z\SUDZ\RZHM
F\ZLOL]DFML ]1RPPRGRWDUá\GR=LHPL3U]H]Z\SUDZ
UR]XPLHüQDOH*\JUXS
VDOZXMF\FK
VL
XFLHF]N
1D SODQHWDFK 6\ULXV]D ' ]ZDQ\FK <SSL L =HP LVWQLDáD F\ZLOL]DFMD NWyUHM SLHUZVL
]DáR*\FLHOHSRGREQLHMDNOXG]NRüSU]\E\OLWDP]1HUU\&\ZLOL]DFMDWDUR]ZLMDáDVL
SRGREQLH
V]\ENR MDN REHFQLH =LHPLD 1LHVWHW\ MHM PLHV]NDF\ FLJOH ZDOF]\OL QDZ]DMHP ]H VRE
VNXWHF]QLHQLV]F]FWRFRZPL
G]\F]DVLH]EXGRZDOL
3DQ'RPDáDWH* SRGDMH*HODWWHPXMHGQD]Z\SUDZ1HUU\Z\OGRZDáDZUHMRQLH
EDVHQX =DWRNL0HNV\NDVNLHM:yZF]DVQLHE\áRWDPZRG\DE\áOG]D =LHPLDPLDáDMHV]F]H
.VL
*\FH3U]\E\áRRNRáROXG]L:F]WHU\W\VLFHODWSRWHPEXGRZDOLMX* SLUDPLG\
5\V :\JOGEXG\QNX1HDWDF]\NyZ1DU\VRZDQ\SU]H]3DQD'RPDá
ZPDMXURNX
3RND]DQR EXG\QHN]áR*RQ\]F]WHUHFKVHJPHQWyZSLUDPLGDOQ\FK1LHPQLHMQD1HDRUD]QD
MHM .VL
*\FX ]QDMGXM VL
EXG\QNLR Uy*QHM OLF]ELH W\FK VHJPHQWyZSRF]ZV]\ RG GZyFK D
VNRF]\ZV]\ QDRNRáRSL
WQDVWX3UDZLHZV]\VWNLHEXG\QNLE\á\WDPMHGQDNRZHJRNV]WDáWXF]\OL
SLUDPLGDOQH LWDUDVRZDQHRZ\VRNRFLRNRáRPHWUyZ%\áRMHGQDNWH* LNLONDEXG\QNyZ
QL*V]\FKR]XSHáQLHSURVWHMUyZQRERF]QHMNRQVWUXNFMLLRQLH]QDQ\PSU]H]QDF]HQLX:V]\VWNLH
EXG\QNL QD VZRLFK GDFKDFK PLDá\ JLJDQW\F]QH RNUJáH L GHOLNDWQH ZNO
VáH Sá\W\ VZ\PL
WDOHU]DPL VNLHURZDQ\PLZQLHER:\JOGDáRWRWDNMDN]LHPVNLHDQWHQ\VDWHOLWDUQH1LHZLGDü
WDP MHGQDNDQLNRPLQyZDQLSU]HZRGyZHOHNWU\F]Q\FKDQLWH* *DGQ\FKSRMD]GyZMDNWRVL
ZLG]L QD=LHPLEH]Z]JO
GXQDSRU
GQLD:SU]HVWU]HQLSRPL
G]\EXG\QNDPLE\áREDUG]RPDáR
OXG]L
:HZQ
WU]XW\FKEXG\QNyZQLHPDDQL*DGQ\FKVFKRGyZDQL*DGQ\FKZLQG1DWRPLDVW
ZFKRG]L VL
WDPZWDNLG]LZQ\LWUXGQ\GRRSLVDQLDSyáWXQHOLJG\FL
*DUHPVZHJRFLDáD]DF]\QD
VL
QDFLVNDüQDSRGáRJ
Z\SRVD*RQ ZF]XMQLNLZyZF]DV]JyU\]DF]\QDZ\G]LHODüVL
EDUG]R
VLOQ\ VQRS MDVQHJR ELDáR*yáWHJR ZLDWáD ZLDWáR WR SRZRGXMH *H F]áRZLHN WUDFL ZDJ
L *H
SU]HVXZDVL
ZSR]\FMLSLRQRZHMZJyU
OXEZGyá
5\V:\JOGZHKLNXáX1HDWDF]\NyZ5\VXQHNWHQSU]\JRWRZDQ\]RVWDáZVLHUSQLX
URNX 2GGDMHRQZ\JOGZHKLNXáX1HDWDF]\NyZWDNMDNJR3DQ$QGU]HM'RPDáD]DSDPL
WDá
]H VSRWNDQLD Z GQLX VLHUSQLD URNX 2VG]DMF SR QLHPDO RNUJá\FK Z\ORWDFK ]
]DSHZQH V]HVQDVWRERF]Q\FKNRPyURVF\ODF\MQ\FKS
GQLNyZERF]Q\FKRUD]XZ]JO
GQLDMF
IDNW *H Z VWDQLH QLHUXFKRPHJR ]DZLVDQLD W\ONR FR F]ZDUW\ S
GQLN SR]RVWDZDá SUDFXMF\
]JRGQLH ]NODV\ILNDFMDPL8)2Z\MDQLDQ\PLZSRGUR]G]LDáDFK0)L&PRQRJUDILL>@
VWDWHN WHQ QDMSUDZGRSRGREQLHM UHSUH]HQWXMH 8)2 W\SX . QDOH*FH GR WU]HFLHM JHQHUDFML
]GROQHM GRSRGUy*\ZF]DVLHGRFRIDQLDF]DVXGRW\áXRUD]GR]PLHQLDQLDV]\ENRFLXSá\ZX
F]DVX8)2W\SX.PLDáRE\UHGQLF
PHWUyZ]D Z\VRNRüPHWUyZ3RND]DQ\
WXWDM ZHKLNXá ]LOXVWURZDQ\ ]RVWDá Z PRPHQFLH NLHG\ SR ]DNRF]HQLX RGND*DQLD Z VáXSLH
VLOQHJR ZLDWáDRF]RP3DQD'RPDá\XND]Dá\VL
GZLHLVWRW\XEUDQHZWXQLNLW\SRZRQRV]RQH
SU]H] 1HDWDF]\NyZ %\OL WR SU]HZRGQLN .DUL RUD] SURZDG]RQ\ SU]H] QLHJR ]D U
N
PDá\
FKáRSLHF RLPLHQLX6HHQRNWyU\P1HDWDF]\F\WZLHUG] *HMHVWRQSDWU]RSLV\]SRGUR]G]LDáX
%QLQLHMV]HJRWUDNWDWX
=DáF]QLN=
3U]\NáDGRZHWHPDW\EDGDZF]HZ\QLNDMFH]PLVMLLWHPDW\NLWHJRWUDNWDWX
*G\ QLQLHMV]\WUDNWDWZNRFXVWDáVL
U]HF]\ZLVWRFLRWZDUWDSU]H]QLHJR]RVWDáDPR*OLZRü
DE\ ZV]\VWNLH ]DLQWHUHVRZDQH RVRE\ ZáF]\á\ VL
DNW\ZQLH GR QDV]HM VDPREURQ\ SU]HG QDV]\P
NRVPLF]Q\P RNXSDQWHP L SDVR*\WHP $F]NROZLHN QLH ]RVWDáR WR Z\UD(QLH SRGNUHORQH Z WUHFL WHJR
WUDNWDWXIDNW\F]QLHWRQDVLRNXSDQFLQLHJyUXM QDGQDPLD* WDN]QDF]QLHDE\P\QLHE\OLZVWDQLHSU]HG
QLPL VL
VNXWHF]QLH EURQLü 3UREOHP MHGQDN ] QDV] VDPRREURQ MHVW *H G]L
NL G]LDáDQLX ZLHOX
QLHZLDGRP\FKNRODERUDQWyZMDNGRW\FKF]DVRNXSXMF\QDV8)2QDXFL]GRáDOLFDáNRZLFLHVSDUDOL*RZDü
QD =LHPLUR]ZyMXU]G]H MDNLHQDV]DF\ZLOL]DFMDPXVLQDMSLHUZSRVLü*HE\SRWHPPRJáDMHX*\ZDü
Z FHODFK REURQQ\FK $E\ ZL
F XáDWZLü F]\WHOQLNRZL GRáR*HQLH HZHQWXDOQHJR ZáDVQHJR ZNáDGX GR
QDV]HMVDPRREURQ\GRWUHFLWHJRWUDNWDWXSRVWDQRZLáHPZáF]\üNLONDSU]\NáDGRZ\FKRSLVyZVSRVREX
Z\NRQDQLD SURVW\FK XU]G]H VDPRREURQQ\FK SU]HG NRVPLF]Q\PL SDVR*\WDPL 8U]G]HQLD WH PRJ
]RVWDü Z\NRQDQHVSRVREHPFKDáXSQLF]\PSU]H]RVRE\X]GROQLRQHWHFKQLF]QLHVWG]UR]SRF]
FLHP
SUDF UR]ZRMRZ\FK QDNLHURZDQ\FK QD LFK ]EXGRZDQLH QLH PXVL VL
F]HNDü D* ]DMP VL
W\P WDN
VNXWHF]QLH PDQLSXORZDQH SU]H] NRVPLWyZ QDV]H LQVW\WXFMH REURQQH OXE QDXNRZF\ 3RQDGWR
]UHDOL]RZDQLH OXE FKRFLD*E\ W\ONR SU]HP\OHQLD SU]H] ]DLQWHUHVRZDQH RVRE\ LFK EXGRZ\ L G]LDáDQLD
XZLDGRPLF]\WHOQLNRZL*HQLHMHVWHP\D* WDNEH]EURQQLZREHFRNXSXMF\FKQDVNRVPLWyZMDNSDUDOL*
QDV]\FK QDXNRZFyZ ]GDMH VL
QDP WR VXJHURZDü -DN ERZLHP MDVQR WR ]RVWDQLH XZLDGRPLRQH
]DáF]RQ\PLWXWDMWHPDWDPLZV]\VWNRFRNRQLHF]QHDE\]EXGRZDüWHXU]G]HQLDWRDE\NWR ]QDOD]áZ
VRELHZ\VWDUF]DMFRRGZDJLDE\]DF]üLFKUHDOL]DFM
=NROHLSRLFKQDZHWFKDáXSQLF]\P]EXGRZDQLX
XMDZQL RQHQDPQLHZLG]LDOQ\FK 8)2QDXWyZNWyU]\ZWDUJQ
OLGRQDV]\FKGRPyZDE\QDVXSURZDG]Dü
OXESRUD*LFKSUGHPXQLHPR*OLZLDMFLPGRNRQ\ZDQLHXSURZDG]D OXG]L
=D SRUHGQLFWZHP WHJR ]DáF]QLND FKFLDáE\P ZL
F ]DSURVLü RVRE\ SRVLDGDMFH X]GROQLHQLD
WHFKQLF]QH L LQWHUHVXMFH VL
W\P ]DJDGQLHQLHP DE\ ZáF]\á\ VL
GR Z\VLáNyZ QDNLHURZDQ\FK QD
]DSRF]WNRZDQLH EXGRZ\XU]G]H QDV]HMVDPRREURQ\SU]HGNRVPLF]Q\PQDMH(G(F:áF]HQLHVL
QLV]F]\FLHOVNLHM ILOR]RILL XSRZV]HFKQLDQHM QD =LHPL SU]H] QDV]\FK RNXSDQWyZ ,QQ\P Z\*HM MX*
]DDZDQVRZDQ\P ZNáDGHP E\áRE\ RVRELVWH GRáF]HQLH VL
GR UR]ZRMX RSLV\ZDQ\FK WX XU]G]H
HNVSHU\PHQWRZDQLDQDGLFK]EXGRZDQLHPLWS
1LHE
G
WXWDMXNU\ZDá*HZZLHWOHV\WXDFMLZMDNLHMQDV]DF\ZLOL]DFMDVL
]QDMGXMHDMDNDZ\QLND
] UR]ZD*D LXVWDOH ]DSUH]HQWRZDQ\FKZUR]G]LDáDFK8L9PRQRJUDILL>@L>@DWDN*HLZWUHFL
QLQLHMV]HJR WUDNWDWXZáF]HQLHVL
SUDNW\F]QLHND*GHJRGRQDV]\FKG]LDáD VDPRREURQQ\FKVWDQRZL
URG]DM QLHSU]HU]XFDOQHJR QD LQQ\FK SDWULRW\F]QHJR RERZL]NX 3RGM
FLH W\FK G]LDáD MHVW ZV]DN*H
Z\UD]HP SRSLHUDQLD L SU]\áF]DQLD VL
GR Z\VLáNyZ QDV]HJR VWRSQLRZHJR Z\]ZDODQLD VL
VSRG
NRVPLF]QHMRNXSDFML$F]NROZLHNND*GHG]LDáDQLHZGRZROQ\P]NLHUXQNyZZ\W\F]RQ\FKWHPDW\N WHJR
WUDNWDWX OXEPRQRJUDILDPL>@L>@MHVWSR*GDQH]HZ]JO
GyZVWUDWHJLF]Q\FKQLHNWyUHG]LDáDQLDV
EDUG]LHM SDOFHRGLQQ\FK-HGQ\P]QLFKMHVWZáDQLH]EXGRZDQLHXU]G]H MDNLHSR]ZRO QDP]REDF]\ü
L VSDUDOL*RZDü QDV]\FK NRVPLF]Q\FK RNXSDQWyZ NWyU]\ MDN GRW\FKF]DV VNXWHF]QLH Z\P\NDOL VL
QDV]HPXZ]URNRZLLSUyERPLFKSRZVWU]\PDQLD
2WRSU]\NáDG\WHPDWyZSUDFEDGDZF]\FKUHNRPHQGRZDQ\FKXZDG]HF]\WHOQLNyZ
7HPDW
:\SUDFRZDQLH L XGRNXPHQWRZDQLH VSRVREX RUJDQL]RZDQLD LQVW\WXFMRQDOQHM
REURQ\SU]HG8)2
3U]\NáDG PR*OLZHMRUJDQL]DFMLQDV]HMVDPRREURQ\=DZDUW\MHVWRQZWUHFLUR]G]LDáyZ8:PRQRJUDILL
>@ L>@1LHVWHW\]DSUH]HQWRZDQDWDPRUJDQL]DFMDVDPRREURQ\MHVWRJyOQDLQG\ZLGXDOQDLFLJOH
Z\PDJD GRSUDFRZDQLD V]F]HJyáyZ : REHFQ\P MHM Z\GDQLX MHVW ERZLHP RSDUWD QD RGRVREQLRQ\P
RSRU]HLQG\ZLGXDOQ\FKOXG]LLQLHDQJD*XMHGRZDONL*DGQ\FKLQVW\WXFML
SUREOHPyZ NWyUHMDNGRW\FKF]DVSR]RVWDZDá\QLHUR]ZL]DQHSRPLPRQDV]HMRNXSDFML]DFKRG]FHMMX*
QLHXVWDQQLH SU]H] G]LHVLWNL W\VL
F\ ODW 1DOH*\ SU]\ W\P VRELH XZLDGRPLü *H Z ZLWDOQ\P LQWHUHVLH
]DUyZQR F\ZLOL]DFML OXG]NLHM QDV]HJR3DVWZD MDNR FDáRFL MDN L ND*GHJR ] QDV ] RVREQD OH*\ DE\
SUREOHP QDV]HM VDPRRREURQ\ SU]H] NRVPLF]Q\P SDVR*\WHP ]QDOD]á MDN QDMV]\EV]H L SRP\OQH
UR]ZL]DQLH
/LWHUDWXUD 3RGáR*H QDXNRZH GOD QLQLHMV]HJR WHPDWX RSLVDQH ]RVWDáR Z UR]G]LDáDFK RG 8 GR :
QDVW
SXMFHM PRQRJUDILLQDXNRZHM>@Z\VáDQHMGR%LEOLRWHNL*áyZQHMQLHPDOND*GHM3ROLWHFKQLNLZ3ROVFH
L GR ND*GHM ]QDQHM PL RUJDQL]DFML 8)2ORJLF]QHM Z 3ROVFH 3DMN - =DDZDQVRZDQH QDS
G\
PDJQHW\F]QH 'XQHGLQ1HZ=HDODQG,6%1REM
WRüRNRáRVWURQZW\P
RNU\VWRPyZ2GQRQHRSLV\]QDMGXM VL
WH* ZQRZV]HMPRQRJUDILL>@
7HPDW
3URMHNWLZ\NRQDQLHVWURERVNRSRZHJRXU]G]HQLDXMDZQLDMFHJR
3RVWDZLHQLH SUREOHPX 2NUHORQH RELHNW\ WDNLH MDN ZHKLNXá\ 8)2 L 8)2QDXFL VWDM VL
WUXGQH OXE QLHPR*OLZH GR
Z]URNRZHJR ]DREVHUZRZDQLDMHOLZSUDZLRQH]RVWDá\ZEDUG]RV]\ENLUXFKPLJRF]F\0HFKDQLF]Q\PSU]\NáDGHPRELHNWX
XNU\ZDMFHJR VL
SU]HG QDV]\P Z]URNLHP QD SRGREQHM GR QLFK ]DVDG]LH E\áRE\ EDUG]R V]\ENR REUDFDMFH VL
PLJáR
.LHG\ XQLHUXFKRPLRQHMHVWRQRGRVNRQDOHZLGRF]QHMHGQDNSRRVLJQL
FLXRNUHORQHMV]\ENRFLZLURZDQLDSU]HVWDMHE\ü
]DXZD*DOQHZ]URNRZRDF]NROZLHNUyZQRF]HQLHVWDMHVL
EDUG]RQLHEH]SLHF]QH
&HOHP QLQLHMV]HJR WHPDWX MHVW ]EXGRZDQLH VWURERVNRSRZHJR XU]G]HQLD RZLHWODMFHJR NWyUH E\áRE\ Z VWDQLH
Z\GRE\ü RZH PLJRF]FH RELHNW\ 8)2 L 8)2QDXWyZ ]H VWDQX QLHZLG]LDOQRFL Z VWDQ Z\UD(QHM ZLG]LDOQRFL Z]URNRZHM
8U]G]HQLH WDNLH U]XFDáRE\ VLOQ\ LPSXOVRZ\ VWUXPLH ZLDWáD QD PLJRF]F\ RELHNW 0RPHQW Z\WZRU]HQLD WHJR VWUXPLHQLD
E\áE\ GRNáDGQLH]V\QFKURQL]RZDQ\]PLJRWDQLHPWHJRRELHNWXLWDNZ\]ZDODQ\ SU]H]F]XMQLNPDJQHW\F]Q\*HLPSXOVRZR
RZLHWODáE\RQRELHNW]DZV]HZFKZLOLJG\WHQSRMDZLVL
ZZLGRNX
7HPDW WHQ MHVW W\SX SURMHNWRZHJR L Z\NRQDZF]HJR 6NáDGD VL
RQ ] WU]HFK QDVW
SXMF\FK HWDSyZ
]DSURMHNWRZDQLDNRQVWUXNFMLWDNLHJRXU]G]HQLD]EXGRZDQLDWHJRXU]G]HQLDRUD]Z\ND]DQLD*HXU]G]HQLHWRG]LDáD
]JRGQLH]]DáR*HQLDPL
:SU]\SDGNXVXNFHVX]UHDOL]RZDQLHPWHJRWHPDWX]EXGRZDQHXU]G]HQLH SRVLDGDáRE\GX*H]QDF]HQLHSUDNW\F]QH
L VWRVRZDQLRZH XPR*OLZLáRE\ ERZLHP UR]SRF]
FLH HNVSHU\PHQWyZ XMDZQLDMF\FK Z]URNRZR QLHZLG]LDOQ\FK 8)2QDXWyZ
MDN UyZQLH* VWZRU]\áRE\IXQGDPHQW\HNVSHU\PHQWDOQHGREXGRZ\EDUG]LHM]DDZDQVRZDQ\FKXU]G]H WHJRVDPHJRW\SX
6\PXORZDQLH PLJRF]FHJR RELHNWX 'OD SRWU]HE WHVWRZDQLD XU]G]HQLD VWURERVNRSRZHJR EXGRZDQHJR Z UDPDFK WHJR
WHPDWX NRQLHF]Q\ MHVW MDNL VSRVyE V\PXORZDQLD ]DFKRZD PLJRF]FHJR 8)2QDXW\ NWyU\ PD ]RVWDü XMDZQLRQ\ ]D
SRUHGQLFWZHP WHJRXU]G]HQLD3RQLHZD* QLHPDFROLF]\üQDNRRSHUDFM
]HVWURQ\U]HF]\ZLVW\FK8)2QDXWyZNWyU]\QD
F]DV WHVWRZDQLD WHJR XU]G]HQLD SU]\E\OLE\ GR PLHV]NDQLD EXGRZQLF]HJR L XVWDZLOL VL
ZH ZVND]DQ\P SXQNFLH
SUDZGRSRGREQLH QDMOHSV]\P VSRVREHP WHJR V\PXORZDQLD MHVW X*\FLH ZLUXMFHJR PLJLHáND SRPDORZDQHJR SRGáX*QLH
NLONRPD OLQLDPLRUy*QHMV]HURNRFL'ODZ\WZRU]HQLDLPSXOVyZPDJQHW\F]Q\FKSR]ZDODMF\FKQDZ\NU\FLHSRáR*HQLDWHJR
PLJLHáND PR*OLZHMHVWDOERGRNRQDQLHQDPDJQHVRZDQLDMHGQHJR]MHJRUDPLRQDOERWH* SU]\PRFRZDQLHPDáHJRPDJQHVX
GR MHGQHJR]MHJRNRFyZ,PSXOVRZHV\JQDá\Z\WZDU]DQHSU]H]WHQPDJQHVZ\NU\ZDQLHE\á\E\QDVW
SQLHSU]H]]EOL*RQ\
GR PLJLHáND F]XMQLN PDJQHW\F]Q\ QS G]LDáDMF\ QD ]DVDG]LH LQGXNF\MQHM : FHOX SRNU\FLD FDáHJR ]DNUHVX
F]
VWRWOLZRFLRZHJR U]HF]\ZLVW\FK QLHZLG]LDOQ\FK 8)2QDXWyZ PLJLHáNR PXVLDáRE\ ZLURZDü ] NLONRPD SU
GNRFLDPL
PLHV]F]F\PL VL
Z]DNUHVLH]DZLHUDMF\PZVRELHQLQSU]\NáDGRZRZ]DNUHVLHGR>REUPLQ@WMRNRáR
GR+]0R*QDE\WRáDWZRX]\VNDüQSSRSU]H]MHJR]DPRFRZDQLHZV]F]
NDFKXFKZ\WXV]\ENRELH*QHMWRNDUNL
%DUG]LHM SUHF\]\MQD V\PXODFMD WHOHNLQHW\F]QLH PLJRF]FHJR 8)2QDXW\ PRJáDE\ QDVW
SRZDü SU]H] ]DVWSLHQLH
PHFKDQLF]QHJR ZLURZDQLD PLJLHáND SU]H] RVF\ODFMH SUGX HOHNWU\F]QHJR : WDNLP SU]\SDGNX ]Z\NáHPX
HNVSHU\PHQWXMFHPX E\áRE\ MHGQDN VWRVXQNRZR WUXGQR ]DPLHQLü RVF\ODFMH HOHNWU\F]QH QD UXFK MDNLHJR RELHNWX NWyU\
QDVW
SQLH PyJáE\ ]RVWDü XMDZQLRQ\ Eá\VNDPL ODPS\ VWURERVNRSRZHM =DPLDQD WD Z\PDJDáDE\ ERZLHP X*\FLD
VNRPSOLNRZDQ\FK XU]G]H GRVW
SQ\FK REHFQLH MHG\QLH QD XF]HOQLDFK Z\*V]\FK 3U]\NáDGRZR WDNL UXFK HOHNWURQLF]Q\
PR*H E\ü XMDZQLRQ\ Z]URNRZR ]D SRUHGQLFWZHP RVF\ORVNRSX ] SRGáF]RQ\P GR QLHJR ]HVWDZHP U]XWQLNRZ\P
RZLHWODQ\P GDQ ODPS VWURERVNRSRZ DX*\ZDMF\PHOHNWURQLF]Q\FKUDPHNREUD]RWZyUF]\FKMDNLHQDXF]HOQLDFKX*\ZD
VL
GRU]XFDQLDQDFLDQ
REUD]yZHNUDQXNRPSXWHURZHJR
&KDUDNWHU\VW\ND PLJRF]FHJRRELHNWX:FKZLOLSRMDZLDQLDVL
RELHNWNWyU\RPDZLDQHXU]G]HQLHPDZ\GRE\ZDü]HVWDQX
QLHZLG]LDOQRFL WM8)2QDXWDOXEMHJRZHKLNXáZ\V\áDLPSXOVRZ\V\JQDáPDJQHW\F]Q\NWyUHJR]PLDQDZF]DVLHRSLVDQD
MHVW W]Z NU]\Z GXGQLHQLD .U]\ZD WDND SRND]DQD ]RVWDáD QD U\VXQNDFK ) L / PRQRJUDILL >@ RUD] U\VXQNDFK )
& L2PRQRJUDILL>@6NáDGDVL
RQD]SRMHG\QF]HJRVWURPHJRLPSXOVXPDJQHW\F]QHJRRUR]FLJáRFLRNRáR(
RNUHVX NU]\ZHM PLJRWDQLD SR NWyU\P QDVW
SXMH FLV]D R UR]FLJáRFL RNRáR ( WHJR RNUHVX $E\ ZL
F Z\GRE\ü WDN
PLJRF]F\ RELHNWGRVWDQXZLG]LDOQRFLPXVLRQ]RVWDüRZLHWORQ\ODPS VWURERVNRSRZ W\ONRSRGF]DV]DLVWQLHQLDRZHJR
LPSXOVX PDJQHW\F]QHJRLWRZFLOHZ\EUDQ\PSU]HG]LDOHWHJRLPSXOVXQLHV]HUV]\PQL* RNRáR( RNUHVXPLJRWDQLD2ZH
LPSXOVRZH V\JQDá\ PDJQHW\F]QH Z\V\áDQH SU]H] RELHNW PRJ E\ü SU]HFKZ\FRQH SU]H] MDNL F]XMQLN PDJQHW\F]Q\ QS
SU]H]FHZN
LQGXNF\MQNWyU\PR*HVWHURZDüZ\]ZDODQLHPEá\VNyZODPS\VWURERVNRSRZHM
&]
VWRWOLZRü ]MDN QDVW
SXMHPLJRWDQLHU]HF]\ZLVWHJRQLHZLG]LDOQHJRRELHNWXQLHMHVWVWDáDLPR*HVL
VNRNRZR
]PLHQLDü Z]DNUHVLHRGRNRáR+]GRRNRáR+]=HZ]JO
GyZEH]SLHF]HVWZDF]
VWRWOLZRüWDNDQLHVWHW\QLHPR*H
E\ü RVLJQL
WD QD PHFKDQLF]Q\P XU]G]HQLX V\PXOXMF\P Z SRVWDFL ZLUXMFHJR PLJLHáND DF]NROZLHN áDWZR PR*H E\ü
X]\VNDQDQDHOHNWURQLF]Q\PXU]G]HQLXV\PXOXMF\P6WGWH* ORJLN
EXGRZDQHJRXU]G]HQLD]DRSDWU]\ü]DSHZQHWU]HED
E
G]LH Z MDNL URG]DM DU\WPHW\F]QHJR G]LHOQLND NWyUHJR ZDUWRü E\áDE\ QDVWDZLDOQD WDN DE\ SRGF]DV XMDZQLDQLD
U]HF]\ZLVWHJR RELHNWXXU]G]HQLHWRE\áRZVWDQLHSUDFRZDüZZZ]DNUHVLHF]
VWRWOLZRFLSRSU]H]Z\WZDU]DQLHEá\VNXQLH
FRND*G\DW\ONRFRQDVWDZLRQ\LPSXOVQSFRGUXJLF]\FRG]LHVLW\
0RPHQWXMDZQLHQLDVL
QLHZLG]LDOQHJRRELHNWX8)2SRVLDGDRNUHORQHSU]HVXQL
FLHID]RZH ZVWRVXQNXGRFKZLOL
SRF]WNRZHM SRMDZLHQLDVL
V\JQDáXPDJQHW\F]QHJR:LHONRüWHJRSU]HVXQL
FLDREHFQLHQLHMHVWMHV]F]HGRNáDGQLH]QDQD
:LDGRPR MHGQDN *H PXVL VL
PLHFLü Z REU
ELH PDJQHW\F]QHJR LPSXOVX WM Z ]DNUHVLH RG ( GR ( RNUHVX NU]\ZHM
PLJRWDQLD RELHNWX 1D PHFKDQLF]Q\P XNáDG]LH WHVWXMF\P Z SRVWDFL ZLUXMFHJR PLJLHáND ] PDJQHVHP SU]HVXQL
FLH WR
PR*QDE\ ZL
F V\PXORZDü SRSU]H] QDGDQLH EXGRZDQHPX XU]G]HQLX ]GROQRFL GR XND]\ZDQLD PLJLHáND Z GRZROQLH
Z\EUDQ\PSRáR*HQLXZ]DNUHVLHNWRZ\PRG( GR( SRF]ZV]\RGSXQNWXPLQL
FLDSU]H]QLHF]XMQLND
/LWHUDWXUD 3RGáR*H QDXNRZH GOD QLQLHMV]HJR WHPDWX RSLVDQH ]RVWDáR Z SRGUR]G]LDáDFK . L $ QDVW
SXMFHM PRQRJUDILL
QDXNRZHM >@ Z\VáDQHM GR ND*GHM 3ROLWHFKQLNL Z 3ROVFH 3DMN - %DGDQLD RVyE ] QLHXZLDGDPLDQ\PL SU]H*\FLDPL
Z\GDQLH GUXJLHSRV]HU]RQHLXDNWXDOL]RZDQH0RQRJUDILD'XQHGLQ,6%1REM
WRüRNRáRVWURQ
MDN UyZQLH* Z SRGUR]G]LDáDFK / L 8 QDVW
SXMFHM PRQRJUDILL QDXNRZHM >@ 3DMN - =DDZDQVRZDQH QDS
G\
PDJQHW\F]QH 'XQHGLQ 1HZ =HDODQG ,6%1 REM
WRü RNRáR VWURQ Z W\P RN U\V
WRPyZ2GQRQHRSLV\]QDMGXM VL
WH* ZQRZV]HMPRQRJUDILL>@
7HPDW
:\SUDFRZ\ZDQLH L XSRZV]HFKQLHQLH QLH]DZRGQHM NRQVWUXNFML WHOHNLQHW\F]QHJR
XU]G]HQLDXMDZQLDMFHJRSRGDURZDQHJRQDPSU]H]DQRQLPRZ\FKVSU]\PLHU]HFyZ]NRVPRVX
3RVWDZLHQLH SUREOHPX : QDV]\FK ]PDJDQLDFK R Z\]ZROHQLH =LHPL VSRG RNXSDFML HNVSORDWXM F\FK QDV
8)2QDXWyZ SRVLDGDP\ DQRQLPRZ\FK VSU]\PLHU]H FyZNWyU]\FR MDNL F]DVSRGU]XFDM QDP GRVWDZ\EURQL
'RVWDZ\ WH SU]\MPXM FKDUDNWHU RSLVyZ VSRVREX ]EXGRZDQLD XU] G]H QDV]HM VDPRREURQ\ MDNLH PRJ E\ü
SRPRFQH Z QDV]\FK ]PDJDQLDFK R Z\]ZROHQLH VL
VSRG RNXSDFML -HGQ\P ] WDNLFK XU] G]H SU]HND]DQ\FK
QDP Z RVWDWQLP F]DVLH MHVW QLH]Z\NOH SURVWH Z EXGRZLH L ]DVDG]LH G]LDáDQLD XU] G]HQLH XMDZQLDMFH MDNLH
XPR*OLZL QDP ]REDF]HQLH QDV]\FK RNXSDQWyZ GRW\FKF]DV XNU\ZDM F\FK VL
SU]HG QDV]\PZ]URNLHP Z VWDQLH
PLJRWDQLD WHOHNLQHW\F]QHJR 'RNáDGQ\ RSLV WHJR XU] G]HQLD L *\WHM Z QLP ]DVDG\ G]LDáDQLD ]DSUH]HQWRZDQ\
]RVWDá Z WUDNWDWDFK >%@ L PRQRJUDILL >@ Z\V]F]HJyOQLRQ\FK SU]\ NR FX WHJR WHPDWX *G\E\ MHGQDN
SRGVXPRZDü X*\ZDQ SU]H] QLH ]DVDG
WR XU]G]HQLH WR G]LDáD QD ]DVDG]LH NRQFHWURZDQLD OLQLL VLá SROD
WHOHNLQHW\F]QHJR Z\WZDU]DQHJR SU]H] XU] G]HQLD QDS
GRZH QLHZLG]LDOQ\FK 8)2QDXWyZ L QDVW
SQHJR
NLHURZDQLD WHJR SROD QD MRQ\ Sá\QX QDSL
WH SROHP HOHNWU\F]Q\P : UH]XOWDFLH RZH VNRQFHQWURZDQH SROH
WHOHNLQHW\F]QH SRZRGXMH Z\PXV]RQ\ UXFK MRQyZ FR ] NROHL Z\]ZDOD X QLFK HPLVM
MDU]HQLD SRFKáDQLDQLD :
UH]XOWDFLH Z XU]G]HQLX SRMDZLD VL
REUD] ZLHWOQ\ Z\WZRU]RQ\ ] MDU]HQLD SRFKáDQLDQLD MDNL WR REUD]
RG]ZLHUFLHGODNV]WDáW\QLHZLG]LDOQHJRRELHNWXHPLWXM FHJRSROHWHOHNLQHW\F]QH
&HOHP QLQLHMV]HJR WHPDWX MHVW ]EXGRZDQLH RSLV\ZDQHJR XU] G]HQLD XMDZQLDMFHJR SU]HND]DQHJR
QDP Z GDU]H SU]H] QDV]\FK NRVPLF]Q\FK VSU]\PLHU]H FyZ XSHZQLHQLH VL
*H XU]G]HQLH WR G]LDáD ]JRGQLH
]DáR*HQLDPL D QDVW
SQLH WDNLH UR]SUDFRZDQLH MHJR NRQVWUXNFML L QLH]DZRGQ\FK RSLVyZ MHJR EXGRZ\ *
ND*G\
NWR GRNáDGQLH ]UHDOL]RZDáE\ RZH RSLV\ ZV]HGáE\ Z SRVLDGDQLH QLH]DZRGQLH G]LDáDM FHJR HJ]HPSODU]D WHJR
XU]G]HQLD
: SU]\SDGNX VXNFHVX ] UHDOL]RZDQLHP WHJR WHPDWX ]EXGRZDQH XU] G]HQLH SRVLDGDáRE\ GX *H
]QDF]HQLH SUDNW\F]QH L VWRVRZDQLRZH SRQLHZD * VWZRU]\áRE\ ]DSOHF]H WHFKQLF]QH GOD QDV]HM VDPRREURQ\ L
XQLHPR*OLZLDQLDZ\PXV]RQ\FKXSURZDG]H OXG]LQDSRNáDG\8)2
/LWHUDWXUD 3RGáR*H QDXNRZH RUD] GRGDWNRZH GDQH L RSLV\ Z\PDJDQH GOD QLQLHMV]HJR WHPDWX RSLVDQH ]RVWDá\
Z QDVW
SXMF\PWUDNWDFLH >%@ V]XNDM JR Z QLHPDO ND *GHM 3ROLWHFKQLFH Z 3ROVFH R GDQ\FK 3URI GU LQ * -DQ
3DMN L PJU :LHVáDZ 6]HZF]\N 8U] G]HQLH GR XMDZQLDQLD QLHZLG]LDOQ\FK RELHNWyZ XNU\W\FK Z VWDQLH
PLJRWDQLD WHOHNLQHW\F]QHJR 7RP\ L 7UDNWDW 'XQHGLQ 1RZD =HODQGLD URN ,6%1
MDN UyZQLH* Z SRGUR]G]LDáDFK / L 8 QDVW
SXMFHM PRQRJUDILL QDXNRZHM >@ 3DM N - =DDZDQVRZDQH
QDS
G\ PDJQHW\F]QH 'XQHGLQ 1HZ =HDODQG ,6%1 REM
WRü RNRáR VWURQ Z W\P
RNU\VWRPyZ
7HPDW
6\QWH]DNRQVWUXNFMLXU]G]H XMDZQLDMF\FKGODSRGDQ\FK]DVDGLFKG]LDáDQLD
3RVWDZLHQLH SUREOHPX:\*HMRGQDV]DDZDQVRZDQL8)2QDXFLDWDN*HLFKZHKLNXá\XNU\ZDM VL
SU]HG]RVWDQLHPSU]H]
QDV ]DREVHUZRZDQ\PLSRSU]H]ZSUDZLHQLHVL
ZEDUG]RV]\ENLUXFKPLJRF]F\:SRGUR]G]LDOH/PRQRJUDILL>@L>@
UXFK WHQQD]\ZDQ\MHVWVWDQHPWHOHNLQHW\F]QHJRPLJRWDQLD0HFKDQLF]Q\PSU]\NáDGHPRELHNWXXNU\ZDMFHJRVL
SU]HG
QDV]\P Z]URNLHPQDSRGREQHMFRRQL]DVDG]LHMHVWEDUG]RV]\ENRREUDFDMFHVL
PLJáR.LHG\PLJáRWRVWRLQLHUXFKRPH
MHVW RQR GOD QDV GRVNRQDOH ZLGRF]QH -HGQDN SR RVLJQL
FLX RNUHORQHM V]\ENRFL ZLURZDQLD SU]HVWDMH E\ü ]DXZD*DOQH
Z]URNRZR DF]NROZLHN UyZQRF]HQLH VWDMH VL
EDUG]R QLHEH]SLHF]QH 3RGREQLH F]\QL RNXSXMF\ QDV 8)2QDXFL -HOL
]HFKF VWDM VL
MDNP\QLHUXFKRPLLZyZF]DV ZLG]LP\LFKGRVNRQDOH-HOLMHGQDNQLHFKF E\üZLG]LDQLZyZF]DVVZH
FLDáD ZSUDZLDM RQLZRZRV]\ENLHPLJRWDQLH0LJRWDQLHWRSR]ZDODWH* SU]HQLNDüLPSU]H]QDV]HFLDQ\RUD]XQLHPR*OLZLD
]DV]NRG]HQLHLPQDV]\PLURG]DMDPLEURQL
&HOHP QLQLHMV]HJRWHPDWX MHVW ]DSURMHNWRZDQLH L FKDáXSQLF]HZ\NRQDQLH XU]G]HQLD XMDZQDMFHJR NWyUH E\áRE\
Z VWDQLH Z\GRE\ü RZ\FK PLJRF]F\FK 8)2QDXWyZ ]H VWDQX QLHZLG]LDOQRFL Z VWDQ Z\UD(QHM ZLG]LDOQRFL Z]URNRZHM
8U]G]HQLHWHZ\NRU]\VW\ZDá\E\MHGQ OXENLONDSRGDQ\FKZW\PSURMHNFLH]DVDGG]LDáDQLD
3UDFD WDMHVWW\SXSURMHNWRZHJRLZ\NRQDZF]HJR6NáDGDVL
]WU]HFKQDVW
SXMF\FKHWDSyZ]DSURMHNWRZDQLD
NRQVWUXNFML XU]G]HQLDXMDZQLDMFHJR]EXGRZDQLDWHJRXU]G]HQLDRUD]Z\ND]DQLD*HXU]G]HQLHWRG]LDáD]JRGQLH
]]DáR*HQLDPL
:SU]\SDGNXVXNFHVX]UHDOL]RZDQLHPWHJRWHPDWX]EXGRZDQHXU]G]HQLH SRVLDGDáRE\GX*H]QDF]HQLHSUDNW\F]QH
L VWRVRZDQLRZH XPR*OLZLDáRE\ ERZLHP UR]SRF]
FLH Z]URNRZHJR XMDZQLDQLD QLHZLG]LDOQ\FK GRW\FKF]DV 8)2QDXWyZ L LFK
ZHKLNXáyZ MDN UyZQLH* VWZRU]\áRE\ IXQGDPHQW\ HNVSHU\PHQWDOQH GR EXGRZ\ EDUG]LHM ]DDZDQVRZDQ\FK XU]G]H WHJR
VDPHJRW\SX
XOWUDG(ZL
NRZ NWyUDIRUPRZDáDE\LFKREUD]QDSRGVWDZLHPLHV]DQLQ\IDODNXVW\F]Q\FKRGELMDQHMRGLFKSRZLHU]FKQL
2F]\ZLFLH OLVWD ]MDZLVN L ]DVDG G]LDáDQLD NWyUH Z\NRU]\VWDü PR*QDE\ GR EXGRZ\ XU]G]H XMDZQLDMF\FK
QLHZLG]LDOQ\FK 8)2QDXWyZ QD W\P VL
QLH NRF]\ -HGQDN WR FR WX SRGDQR SRZLQQR Z\VWDUF]\ü GOD ]DSRF]WNRZDQLD
HZHQWXDOQ\FK SU]HP\OH L EDGD Z W\P NLHUXQNX &L ]D ] F]\WHOQLNyZ NWyU]\ ]HFKF ]Já
ELü MHV]F]H GDOHM W
SUREOHPDW\N
SRZLQQL ]DSR]QDü VL
] RSLVDPL Z PRLFK PRQRJUDILDFK >@ L >@ SUH]HQWXMF\FK VWDQ PLJRWDQLD
WHOHNLQHW\F]QHJR
/LWHUDWXUD 3RGáR*H QDXNRZH GOD QLQLHMV]HJR WHPDWX RSLVDQH ]RVWDáR Z SRGUR]G]LDáDFK . L $ QDVW
SXMFHM PRQRJUDILL
QDXNRZHM >@ Z\VáDQHM GR ND*GHM 3ROLWHFKQLNL Z 3ROVFH 3DMN - %DGDQLD RVyE ] QLHXZLDGDPLDQ\PL SU]H*\FLDPL
Z\GDQLH GUXJLHSRV]HU]RQHLXDNWXDOL]RZDQH0RQRJUDILD'XQHGLQ,6%1REM
WRüRNRáRVWURQ
MDN UyZQLH* Z SRGUR]G]LDáDFK / L 8 QDVW
SXMFHM PRQRJUDILL QDXNRZHM >@ 3DMN - =DDZDQVRZDQH QDS
G\
PDJQHW\F]QH 'XQHGLQ 1HZ =HDODQG ,6%1 REM
WRü RNRáR VWURQ Z W\P RN U\V
WRPyZ2GQRQHRSLV\]QDMGXM VL
WH* ZQRZV]HMPRQRJUDILL>@
7HPDW
3URMHNWLZ\NRQDQLHZ\VRNRQDSL
FLRZHJRXU]G]HQLDSRUD*DMFHJR8)2QDXWyZ
PLJRF] SRPL
G]\ GZRPD IRUPDPL LVWQLHQLD Z MHGQ\P PRPHQFLH LVWQLHMF Z IRUPLH PDWHULDOQHM SRGREQLH MDN WR MHVW ]
QDPL LRWDF]DMF\PLQDVSU]HGPLRWDPLZLQQ\P]D PRPHQFLHLVWQLHMFZIRUPLHHQHUJHW\F]QHJRZ]RUXWHOHNLQHW\F]QHJR
Z NWyUHM V QLHPDWHULDOQLFDáNRZLFLHSU]H(URF]\FLLPRJ E\üSHQHWURZDQLSU]H]GRZROQHRELHNW\3RSU]H] SU]HáF]DQLH
VL
SRPL
G]\W\PLGZRPDIRUPDPL]F]
VWRWOLZRFL NLONXVHW+HUW]yZ8)2QDXFLRUD]X*\ZDQ\SU]H]QLFKVSU]
WSU]HVWDM
E\ü ZLGRF]QL JRá\P RNLHP PRJ SU]HFKRG]Lü SU]H] PXU\ ]D QDV]D GRW\FKF]DVRZD EUR QLH MHVW Z VWDQLH XF]\QLü LP
QDMPQLHMV]HM NU]\ZG\ 0RJ ZL
F EH]NDUQLH XSURZDG]Dü =LHPLDQ QD SRNáDG\ VZ\FK VWDWNyZ ]D P\ MDN QDUD]LH QLH
SRVLDGDP\*DGQ\FKURGNyZDE\SU]HGXSURZDG]DQLHPW\PVL
EURQLü
1D V]F]
FLH GRW\FKF]DVRZ\ SR]LRP QDV]HJR SR]QDQLD PHFKDQL]PyZ ]D SRUHGQLFWZHP NWyU\FK yZ VWDQ
PLJRWDQLD WHOHNLQHW\F]QHJR MHVW RVLJDQ\ SR]ZDOD QDP QD Z\SUDFRZDQLH G]LDáDQLD L EXGRZ\ SLHUZV]\FK XU]G]H
VDPRREURQ\ SU]HGXSURZDG]HQLDPL-HGQD]NLONXPR*OLZ\FK]DVDGG]LDáDQLDWDNLFKXU]G]H X*\ZDá\E\VLOQHMSXOVXMFHM
LVNU\ HOHNWU\F]QHMNWyUDSRMDZLDáDE\VL
DVWGLSRUD*DáD8)2QDXWyZZPRPHQWDFKF]DVRZ\FKNLHG\ZVZRLPPLJRWDQLX
WHOHNLQHW\F]Q\P FKZLORZR LVWQLHOLE\ RQL Z IRUPLH PDWHULDOQHM : UH]XOWDFLH ZL
F X*\FLD W\FK XU]G]H 8)2QDXFL MDF\
QLHSURV]HQL ZWDUJQ
OLE\GRF]\MHJR PLHV]NDQLD]RVWDOLE\SRUD*HQLRJáXV]DMF LFKLVNU HOHNWU\F]QWUDFLOLE\SU]\WRPQRü
LFK V\VWHP\ EH]SLHF]HVWZD Z\áF]Dá\E\ VWDQ PLJRWDQLD WHOHNLQHW\F]QHJR WDN *H QDJOH SRMDZLDOLE\ VL
Z QDV]HM
ZLGRF]QRFLZDOLOLE\VL
QD]LHPL
SRF]\PPRJOLE\]RVWDüREH]ZáDGQLHQLZ]L
FLGRQLHZROLSR]EDZLHQLVZHJRHNZLSXQNX
SRGGDQLSU]HVáXFKDQLRPLWS
1LQLHMV]D SUDFD MHVW W\SX SURMHNWRZHJR L Z\NRQDZF]HJR 6NáDGD VL
] WU]HFK QDVW
SXMF\FK HWDSyZ
]DSURMHNWRZDQLDNRQVWUXNFMLXU]G]HQLDSRUD*DMFHJR]EXGRZDQLDWHJRXU]G]HQLDRUD]Z\WHVWRZDQLDF]\G]LDáDQLH
WHJRXU]G]HQLDQDVW
SXMH]JRGQLH]]DáR*HQLDPL
:SU]\SDGNXVXNFHVX]UHDOL]RZDQLHPWHJRWHPDWX]EXGRZDQHXU]G]HQLH SRVLDGDáRE\GX*H]QDF]HQLHSUDNW\F]QH
L VWRVRZDQLRZH SRQLHZD* VWZRU]\áRE\ ]DSOHF]H WHFKQLF]QH GOD QDV]HM VDPRREURQ\ L XQLHPR*OLZLDQLD Z\PXV]RQ\FK
XSURZDG]H OXG]LQDSRNáDG\8)2
7HVWRZDQLHXU]G]HQLDSRUD*DMFHJR3RSUDZQRü]DG]LDáDQLDSURSRQRZDQHJRWXWDMGR]EXGRZDQLDXU]G]HQLDSRUD*DMFHJR
ZVW
SQLH PR*H E\ü WHVWRZDQD Z GRNáDGQLH WDNL VDP VSRVyE MDN WR RSLVDQR GOD XU]G]HQLD XMDZQLDMFHJR ] WHPDWX
3U]\NáDGRZR PR*QDZW\PFHOXGRF]HSLüPDJQHVGRV]\ENRZLUXMFHJRPLJLHáNDLQDVW
SQLH]PLHU]\üF]\XU]G]HQLHWR
Z\WZRU]\ LVNU
MDND XGHU]DáD E
G]LH RZR PLJLHáNR Z FLOH Z\EUDQ\P SXQNFLH MHJR UXFKX REURWRZHJR = NROHL SR
ZVW
SQ\P GRSUDFRZDQLX QD PLJLHáNX Z\SUyERZDü MH QDVW
SQLH E
G]LH MX* PR*QD Z U]HF]\ZLVW\P G]LDáDQLX QD
8)2QDXWDFKSU]\E\á\FKDE\NRJR XSURZDG]Lü
7HPDW
6\QWH]DNRQVWUXNFMLXU]G]H SRUD*DMF\FKGODSRGDQ\FK]DVDGLFKG]LDáDQLD
EROHVQHJR SRUD*DQLD 8)2QDXWyZ 3RZLQQ\ RQH ]RVWDü WDN ]DSURMHNWRZDQH DE\ E\ü Z VWDQLH ]DG]LDáDü
DXWRPDW\F]QLH SR ND*G\P SRMDZLHQLX VL
8)2QDXW\ Z ]DVL
JX LFK UD*HQLD D WDN*H DE\ QLH ]DG]LDáDü MH OL
ZLFK]DVL
JZHMG]LHSU]\SDGNRZRF]áRZLHN
&HOHP QLQLHMV]HJR WHPDWX MHVW ]DSURMHNWRZDQLH L Z\NRQDQLH XU] G]HQLD SRUD*DMFHJR NWyUH
8)2QDXFLH XNU\WHPX SU]HG QDPL Z VWDQLH PLJRWDQLD WHOHNLQHW\F]QHJR E\áRE\ Z VWDQLH GRVWDUF]\ü EDUG]R
EROHVQHJR DF]NROZLHN QLHIDWDOQHJR GR]QDQLD V]RNRZHJR MDNLH Z\SHUVZDGRZ\ZDáRE\ PX ZVWU]\P\ZDQLH VL
RGXG]LDáXZXSURZDG]DQLXOXG]L
7HPDW WHQ MHVW W\SX SURMHNWRZHJR L Z\NRQDZF]HJR 6NáDGD VL
] WU]HFK QDVW
SXMF\FK HWDSyZ
]DSURMHNWRZDQLD NRQVWUXNFML XU]G]HQLD SRUD*DMFHJR ]EXGRZDQLD WHJR XU] G]HQLD RUD] Z\ND]DQLD
*HXU]G]HQLHWRG]LDáD]JRGQLH]]DáR *HQLDPL
: SU]\SDGNX VXNFHVX ] MHJR ]UHDOL]RZDQLHP ]EXGRZDQH XU] G]HQLH SRVLDGDáRE\ GX *H ]QDF]HQLH
VDPRREURQQH XPR*OLZLáRE\ ERZLHP ]DNR F]HQLH Z\PXV]RQ\FK XSURZDG]H OXG]L QD SRNáDG\ 8)2 7HPDW
WHQ LOXVWUXMH WH* SUDNW\F]QLH *H ZFDOH QLH MHVWHP\ ]XSHáQLH EH]EURQQL ZREHF SDVR *\WXMF\FK QD QDV
8)2QDXWyZ W\OH W\ONR *H GHF\GHQFL L EDGDF]H NWyU]\ ] UDFML VSUDZRZDQ\FK RERZL ]NyZ SRQRV]
RGSRZLHG]LDOQRü ]D ]DM
FLH VL
UR]ZRMHP URGNyZ QDV]HM REURQ\ SRFKRZDOL JáRZ\ Z SLDVHN L SUHWHQGXM
*HSUREOHPXSURZDG]H GR8)2ZRJyOHQLHLVWQLHMH
=DVDG\ L ]MDZLVND PRJFH ]QDOH(ü ]DVWRVRZDQLH Z NRQVWUXFNML W\FK XU] G]H : WUDNFLH GRW\FKF]DVRZ\FK
EDGD 8)2 ]GRáDáHP ]LGHQW\ILNRZDü L RSLVDü NLOND RGPLHQQ\FK ]MDZLVN MDNLH PRJ ]QDOH(ü ]DVWRVRZDQLH
ZEXGRZLHXU]G]H SRUD*DMF\FK2WRLFKZ\ND]
3XOVXMFD LVNUD Z\VRNRQDSL
FLRZD 8)2QDXFL L LFK ZHKLNXá\ SR ZHM FLX Z VWDQ QLHZLG]LDOQR FL QD
GURG]H PLJRWDQLD WHOHNLQHW\F]QHJR SU]H] NUyWNLH PRPHQW\ F]DVX SRMDZLDM VL
Z VWDQLH IL]\F]Q\P
8U]G]HQLH SRUD*DMFH ED]XMFH QD SXOVXMFHM LVNU]HZ\VRNRQDSL
FLRZHM Z\WZDU]DáRE\ VLOQ LVNU
HOHNWU\F]Q
]V\QFKURQL]RZDQ ] RZ\PL RNUHVDPL LVWQLHQLD 8)2QDXWyZ Z VWDQLH IL]\F]Q\P ,VNUD WD SRUD *DáDE\ ZL
F
8)2QDXWyZ2SLVXU]G]HQLDG]LDáDMFHJRQDWHM]DVDG]LHSRGDQ\MX * ]RVWDáZWHPDFLH
3URPLH ODVHURZ\ 8U]G]HQLH SRUD*DMFH ED]XMFH QD Z\NRU]\VWDQRLX SURPLHQLD ODVHURZHJR
G]LDáDáRE\ QD SRGREQHM ]DVDG]LH FR XU] G]HQLH Z\NRU]\VWXM FH SXOVXMF LVNU
W\OH W\ONR *H ]DPLDVW
SRUD*HQLD HOHNWU\F]QHJR REH]ZáDGQLDáRE\ DOER SRSU]H] F]DVRZH R OHSLHQLH SURPLHQLHP ODVHURZ\P DOER
SRSU]H] ODVHURZH XV]NRG]HQLH HNZLSXQNX 8)2QDXW\ XV]NRG]HQLH WR E\áRE\ MHGQDN WUXGQH GR X]\VNDQLD ]
XZDJLQDPR*OLZRüSU]\SDGNRZHJRXV]NRG]HQLDFLDáD8)2QDXW\
5H]RQDQVG(ZL
NRZ\-DNWRZLDGRPR]G\QDPLNLZV]\VWNLHRELHNW\SRGGDQHMDNLPNROZLHNIRUPRP
V]\ENLHJR SXOVRZDQLD PLJRWDQLD F\NOLF]QHM SU]HPLDQ\ LWS V MHGQRF]HQLH QLH]Z\NOH SRGDWQH QD
ZSDGDQLH QD UH]RQDQV ZLEUDFML PHFKDQLF]Q\FK NWyUH Z SU]\SDGNX GáX *V]HM NRQW\QXDFML L Z\VWDUF]DM FHM PRF\
VSRZRGRZDü PRJ LFK IL]\F]Q GH]LQWHJUDFM
L UR]SDG 3UDNW\F]QLH DE\ RELHNW\ WH ZSURZDG]Lü Z WDNL
UH]RQDQV PHFKDQLF]Q\Z\VWDUF]\SRGGDüMHG]LDáDQLXIDOLG (ZL
NRZHMR FLOHGREUDQHMPRF\LF]
VWRWOLZRFL
0R*OLZH MHVW ZL
F ]EXGRZDQLH XU]G]HQLD SRUD*DMFHJR Z IRUPLH SRW
*QHJR JáRQLND Z\WZDU]DMFHJR IDO
G(ZL
NRZ R RGSRZLHGQLR GREUDQHM F]
VWRFL L PRF\ MDNL SR VNLHURZDQLX QD QLHZLG]LDOQHJR 8)2QDXW
SRZRGRZDáRE\EROHVQHS
NDQLHLUR]SDGDQLHVL
MHJRFLDáD
,QWHUIHUHQFMD ] PLJRF]F\P SROHP 8)2QDXW\ 7HRUHW\F]QLH U]HF] ELRU F LVWQLHMH WH* VSRVyE DE\
]QLZHF]\ü WHOHNLQHW\F]QH G]LDáDQLH QDS
GX RVRELVWHJR 8)2QDXW\ D Z WHQ VSRVyE Z\GRE\ü JR ]H VWDQX
PLJRWDQLD WHOHNLQHW\F]QHJR QD Z\PDJDQ\ RNUHV F]DVX L QDVW
SQLH ]Z\F]DMQLH IL]\F]QLH REH]ZáDGQLü RELü
F]\ Z]Lü QD VWDáH GR QLHZROL 6SRVyE WHQ SROHJD QD Z\SDF]DQLX GHIRUPDFML Z SXOVRZDQLDFK SROD
PDJQHW\F]QHJRZ\WZDU]DQHJRSU]H]QDS
G8)2QDXWyZ]DSRPRF LQQHJR(UyGáDVLOQHJRSROD
2F]\ZLFLH OLVWD ]MDZLVN L ]DVDG G]LDáDQLD NWyUH Z\NRU]\VWDü PR *QDE\ GR EXGRZ\ XU]G]H
SRUD*DMF\FK QD W\P VL
QLH NRF]\ -HGQDN WR FR WXWDM SRGDQR SRZLQQR Z\VWDUF]\ü GOD ]DSRF] WNRZDQLD L
XNLHUXQNRZDQLD HZHQWXDOQ\FKSU]HP\OH LEDGD ZW\P]DNUHVLH&L]D ]F]\WHOQLNyZNWyU]\]HFKF ]Já
ELü
MHV]F]H GDOHM W SUREOHPDW\N
SRZLQQL ]DSR]QDü VL
] RSLVDPL Z PRQRJUDILDFK >@ L >@ SUH]HQWXM F\PL
VWDQPLJRWDQLDWHOHNLQHW\F]QHJR
'R SRZ\*V]HJR QDOH*\ WH* GRGDü *H ]JRGQLH ] W\P FR Z\MD QLRQR Z SRGUR]G]LDOH : PRQRJUDILL
>@ L >@ QDV]\P FHOHP MHVW SU]HNRQ\ZXM FH Z\SHUVZDGRZDQLH 8)2QDXWRP DE\ ]RVWDZLOL QDV Z VSRNRMX
QLH ]D UR]SRF]
FLH LFK ]DELMDQLD F]\ VSRZRGRZDQLH PL
G]\F\ZLOL]DF\MQHM NRQIURQWDFML ]EURMQHM 6W G
ZV]\VWNLH SURSRQRZDQH WXWDM XU]G]HQLD V WDN SRP\ODQH DE\ RGVWUDV]Dá\ L SRUD *Dá\MHGQDN QLH XPLHUFDá\
2F]\ZLFLH MX* REHFQLH GDMH VL
UyZQLH* Z\SUDFRZDü ]DVDG\ G]LDáDQLD EURQL RIHQV\ZQ\FK SU]HFLZNR 8)2 L
8)2QDXWRPQLHPQLHMDXWRUXZD *D*HQLHMHVWZVND]DQHDE\RQLFKSLVDü
/LWHUDWXUD 3RGáR*H QDXNRZH GOD QLQLHMV]HJR WHPDWX RSLVDQH ]RVWDáR Z SRGUR]G]LDáDFK / L 8 QDVW
SXMFHM
PRQRJUDILL QDXNRZHM >@ 3DM N - =DDZDQVRZDQH QDS
G\ PDJQHW\F]QH 'XQHGLQ 1HZ =HDODQG
,6%1 REM
WRüRNRáRVWURQZW\PRNU\VWRPyZ2GQR QHRSLV\]QDMGXM VL
WH*
ZQRZV]HMPRQRJUDILL>@
=DáF]QLN=
.DWDORJWHPDWyZPRQRJUDILL>@,6%1
:\EUDQHDVSHNW\LIUDJPHQW\]QDF]QHMOLF]E\WHPDWyZ]DZDUW\FKZPRQRJUDILL>@GRNWyU\FKF]\WHOQLNRGV\áDQ\MHVW]WUHFLQLQLHMV]HJRWUDNWDWX
RPDZLDQH WH* V ZQLHFRVWDUV]HMMHMZHUVMLZUR]G]LDOH(R]QDF]RQHMSR]\FM >@DWDN*HZZLHOXLQQ\FKPRLFKSROVNRM
]\F]Q\FKPRQRJUDILDFK6WG
WH* F]\WHOQLF\DOERSUDJQF\SR]QDüMDNL WHPDWGRJá
EQLHMMHGQDNQLHPDMF\GRVW
SXGRHJ]HPSODU]DPRQRJUDILL>@OXE>@DOERFKFF\]DSR]QDü
VL
]W\PWHPDWHPZMHJRQDZLHWORQHMSRGLQQ\PNWHPSUH]HQWDFML]RGPLHQQHMPRQRJUDILLOXE*\F]F\VRELHSU]HOHG]LüZPRLFKVWDUV]\FK
PRQRJUDILDFK MDNGDQ\WHPDWUR]ZLMDáVL
KLVWRU\F]QLHF]\WH* FKFF\W\ONRSU]HVWXGLRZDüSU]\SRU]GNRZDQHPXLOXVWUDFMHPRJ WHPDWWHQSR]QDü]LQQ\FK
ZVND]DQ\FK SRQL*HM(UyGHáQXPHUDFMDW\FK(UyGHáSRNU\ZDVL
]LFKQXPHUDFM ZUR]G]LDOH($E\XPR*OLZLüWDNLHSU]HNURMRZHSU]HJOGQL
FLHGRZROQHJR
WHPDWX ZSRQL*V]\PNDWDORJXZSLHUZV]HMNROXPQLHZ\V]F]HJyOQLRQH]RVWDá\SRV]F]HJyOQHWHPDW\]DZDUWHZPRQJUDILL>@DFLOHMR]QDF]HQLD
UR]G]LDáyZ OXESRGUR]G]LDáyZ]PRQRJUDILL>@NWyUH]DZLHUDM SUH]HQWDFM
W\FKWHPDWyZRUD]SU]\WRF]RQHGODQLFKLQQHPRQRJUDILHLLFKSRGUR]G]LDá\
NWyUH UyZQLH* ]DZLHUDM MDNSUH]HQWDFM
W\FKWHPDWyZ7\WXá\LGDQHELEOLRJUDILF]QHSRV]F]HJyOQ\FKPRQRJUDILL]HVWDZLRQ\FKZSRQL*V]\PNDWDORJX
PR*QD ]QDOH(üZZ\ND]LHOLWHUDWXU\]UR]G]LDáX(DWDN*HQDSRF]WNX]HVWDZLHQLDF]áRQNyZW]Z+RQRURZHJR.OXEX3URPRWRUyZ0DJQRNUDIWX+.30
1DZ\ND]LH+.30]QDOH(üWH* PR*QDZ\ND]LQVW\WXFMLLRVyESU\ZDWQ\FKZ3ROVFHNWyUHG\VSRQXM HJ]HPSODU]DPLSRV]F]HJyOQ\FKPRQRJUDILL
=DáF]QLN=
*G]LH]QDOH(üGDOV]HPRQRJUDILHRWHMVDPHMOXESRNUHZQHMWHPDW\FH
=DáF]QLN=
.DUWD]JáRV]HQLDF]áRQNRZVWZD
.OXEX%DGD L3URPRFML0DJQRNUDIWX
,QIRUPDFMD GOD Z\SHáQLDMFHJR ZSLV\ZDü W\ONR WH GDQH NWyUH PRJ ]RVWDü XGRVW
SQLRQH GR ZJOGX
SR]RVWDá\PF]áRQNRPNOXEX
, P L
L Q D ] Z L V N R ] J á D V ] D M F H J R
$ G U H V G O D N R U H V S R Q G H Q F M L
5RNXURG]HQLD 7UDNWDW>%@NRSLD9GDWDZ\GUXNX0DUFK
$ N W X D O Q \ ] D Z y G O X E ( U y G á R X W U ] \ P D Q L D
3 U ] H G P L R W R V R E L V W \ F K ] D L Q W H U H V R Z D
7DEOLF
&\NOLF]QRFL ] MHM DQDORJLDPL VXJHUXM F\PL EXGRZ
PDJQRNUDIWyZ GUXJLHM L WU]HFLHM JHQHUDFML HIHNW
WHOHNLQHW\F]Q\ MDNR RGSRZLHGQLN LQHUFML RGQLHVLRQHM GR SyO PDJQHW\F]Q\FK IDO
WHOHSDW\F]Q MDNR ZLEUDFMH
SU]HFLZPDWHULLQDWHOHNLQHW\]RZDQLHMDNRZLEUDFMHWHOHNLQHW\F]QHPDWHULLLWS
1DWXUDOQ NRQVHNZHQFM PRMHJR ZHZQ
WU]QHJR SU]HNRQDQLD MHVW L * SRF]XZDP VL
PRUDOQLH
]RERZL]DQ\ GR SR]\W\ZQHJR SURPRZDQLD PDJQRNUDIWX RUD] LGHL ] QLHJR Z\QLNDM F\FK SU]\ ND*GHM
QDGDU]DMFHM VL
VSRVREQRFL DUJXPHQWXMF QD U]HF] WHJR VWDWNX L RZ\FK LGHL VWZDU]DM F ZRNyá QLFK
LQWHOHNWXDOQ DWPRVIHU
]DLQWHUHVRZDQLD V\PSDWLL L PRUDOQHJR SRSDUFLD RUD] ZVSLHUDM F SRVW
S\ EDGD L
SUDF UR]ZRMRZ\FK QDG PDJQRNUDIWHP L LGHDPL ] QLP ]ZL ]DQ\PL ]D SRUHGQLFWZHP VLá\ SR]\W\ZQHJR
P\OHQLD
GQLD 3RGSLVDQR
(ZHQWXDOQHGRGDWNRZHXZDJL*\F]HQLDVXJHVWLHLWSSU]\EUDNXPLHMVFDNRQW\QXRZDüQDRGZURFLH
$QGU]HM'RPDáDL-DQ3DMN
.RVPLF]QDXNáDGDQND
,6%1
5\VXQHN6]NLFRZDPDSNDPLHMVFDXSURZDG]HQLD
5\VXQHN:\JOGXSURZDG]DMFHMKXPDQRLGNL
5\VXQHN5\VXQNLKXPDQRLGNLZ\NRQDQHQDFLH*FH
5\VXQHN/DERUDWRULXP]ZQ
WU]D8)21HDWDF]\NyZ
5\VXQHN8U]G]HQLHGRZSURZDG]DQLDLPSODQWyZ
5\VXQHN:\JOGREU
F]\]DNáDGDQHMQDJáRZ
5\VXQHN7DEOLF]ND]KLHURJOLIDPL
5\VXQHN8NáDG\JZLH]GQHSRND]DQHQD8)2
5\VXQHN8NáDGSODQHWDUQ\JZLD]G\1HDWDF]\NyZ
5\VXQHN8NáDGSODQHWDUQ\6\ULXV]D'
5\VXQHN6]NLFEXG\QNX1HDWDF]\NyZ
5\VXQHN:\JOGZHKLNXáX1HDWDF]\NyZ