ETIKA V SOCIÁLNEJ PRÁCI (učebné texty/skriptá)
PETER BRNULA
3K'U3HWHU%UQXOD3K'
9\GDYDWHĕVWYR
,5,69\GDYDWHĕVWYRDWODĀVUR%UDWLVODYD
SURI3K'U9DVNR.XVLQ'U6F
.DWHGUDVRFLiOQHMSUiFH3HGDJRJLFNiIDNXOWD8QLYHU]LW\.RPHQVNpKRY%UDWLVODYH
SURI3K'U-DQD/HYLFNi3K'
.DWHGUDVRFLiOQHMSUiFH)DNXOWD]GUDYRWQtFWYDDVRFLiOQHMSUiFH7UQDYVNiXQLYHU]LWD Y7UQDYH
GRF3K'U7K'U7K/LF$QGUHM0iWHO3K'
9\VRNiåNROD]GUDYRWQtFWYDDVRFLiOQHMSUiFHVY$OçEHW\QR%UDWLVODYD
REiONXQDYUKRO0JU0DW~å)HUHQĀtN
7H[WQHSUHåLHOMD]\NRYRX~SUDYRX
,6%1
232'67$71(126ħ(7,.<962&,É/1(-35É&, ÿ/29(.$-(+2%<7,(=É./$'<(7,.<
=É./$'1e32-0<6Ô9,6,$&(6(7,.28
(7,.$
025É/.$
69('20,(
6/2%2'$ÿ/29(.$
27É=.$9,1<
+2'127$
$8725,7$$02&
9ë=1$01e(7,&.e7(Ð5,(.21&(3&,((7,.<
0(7$(7,.$
'(2172/2*,&.É(7,.$
(7,.$35$*0$7,=08
87,/,7$5,=086$1(87,/,7$5,67,&.ë.21=(.9(1&,$/,=086
',6.85=Ì91$(7,.$
(7,.$Ĕ8'6.ë&+35É9
(7,.$=2'329('1267,
(7,.$635$92'/,9267,
(7,.$&1267,$'2%5e+2æ,927$
(7,.$9326702'(51(
(7,.$Ôÿ$67,
ÿ/29(.-(+29=ħ$+.6(%(.69(78$.æ,9278
ÿ/29(.$-(+29=ħ$+.6(%(6$0e08
ÿ/29(.$-(+29=ħ$+.69(789.72520æ,-(
ÿ/29(.$-(+29=ħ$+.æ,9278
+2'127<$1250<962&,É/1(-35É&,
352)(6,-1É(7,.$²-(-321Ì0$1,(962&,É/1(-35É&, 35,1&Ì3<$+2'127<35,35É&,6./,(1720
962&,É/1(-35É&,
025É/1<352%/e0(7,&.ë352%/e0$(7,&.É',/(0$
352)(6,$62&,É/1$35É&$-(-352)(6,-1É
(7,.$$(7,&.ë.Ð'(;
(7,&.ë.Ð'(;62&,É/1(-35É&(
35Ì6783<62&,É/1(+235$&291Ì.$935$;, 5Ñ=1252'e2ÿ$.É9$1,$632/2ÿ1267,
2'62&,É/1<&+35$&291Ì.29
=2=1$0328æ,7(-/,7(5$7Ô5<
'UçtWHYUXNiFKWH[WNWRUìERONRQFLSRYDQìDNRVNULSWiXĀHEQpWH[W\SUHåWXGHQWRY VRFLiOQHMSUiFHDMH]DPHUDQìQDREODVĨ]iXMPXSUHGPHWX(WLNDYVRFLiOQHMSUiFL 6RP YHĕPL UiG çH SUHGNODGDQì WH[W V~ SUiYH Y\VRNRåNROVNp VNULSWi $WR ]GYRFK G{YRGRY
3UYìP G{YRGRP MH WR çH SUHGNODGiP åWXGHQWRP DåWXGHQWNiP VNWRUìPL VD VWUHWiYDPQDXYHGHQRPSUHGPHWHVNULSWXPYĊDNDĀRPXPiPSULHVWRUQDYlĀåLX GLVNXVLXVQLPLQHPXVLDVLWRWLçStVDĨSR]QiPN\
=iURYHě PD WHåtĀR MH GUXKìP G{YRGRP çH VRP SUH åWXGHQWRYDåWXGHQWN\ QLHĀR XURELODDMWìPWRVS{VRERPP{çHPQDSēěDĨVYRMXSUiFXY\VRNRåNROVNpKRSHGDJyJD 9V~ĀDVQRVWL VD YHĕD KRYRUt RQXWQRVWL ED Dç SRYLQQRVWL Y\VRNRåNROVNpKR XĀLWHĕD SXEOLNRYDĨ ² PRQRJUDILH URELĨ YìVNXP\ DSRG 6WìPLWR P\åOLHQNDPL V~KODVtP WR YåHWNR MH SRWUHEQp $OH ]iURYHě E\ VPH DNR Y]GHOiYDWHOLD QHPDOL ]DE~GDĨ DQL QD åWXGHQWRY DåWXGHQWN\ NWRUt SRWUHEXM~ DM WDNìWR W\S OLWHUDW~U\ DNR V~ XĀHEQp WH[W\VNULSWi
äWXGRYDO VRP HåWH ]D ĀLDV NHG\ EROR DEVRO~WQRX QRUPRX çH MHVWYRYDOL Y\VRNRåNROVNp VNULSWi =D LFK ~ORKX VRP YçG\ SRYDçRYDO SRGDĨ åWXGHQWRYLåWXGHQWNHSUHKĕDGRGDQHMWpPH0DORE\VDMHGQDĨRDNìVLSUHSLVWRKR ĀRXĀLWHĕFKFHVYRMLPåWXGHQWRPåWXGHQWNiPYUiPFLSUHGPHWXSRQ~NQXĨY\VYHWOLĨ DOHER XNi]DĨ ,VWìP VS{VRERP LGH WHGD RDNìVL ÅP\åOLHQNRYì PL[´ LQìFK DXWRURY NWRUpDXWRUVNUtSWSUHSiMDWìPVS{VRERPDNRFKFHYHGRPRVWLRGRY]GDĨĊDOHM
7DNìPWR VS{VRERP V~ NRQFLSRYDQp DM WLHWR VNULSWi 3RYDçXMHP LFK VNXWRĀQH ]D WDNSRYHGLDF SUHKĕDGRY~ OLWHUDW~UX NWRUHM ~ORKRX MH åWXGHQWRPåWXGHQWNiP SRQ~NQXĨ SUHKĕDG DDNìVL ~YRG GR WpP DP\åOLHQRN V~YLVLDFLFK DSUHEHUDQìFK QD MHGQRWOLYìFK VWUHWQXWLDFK =iURYHě E\ PDOL LVWìP VS{VRERP QDSēěDĨ SUHKĕDGRY~
ĀtWDQNX QD ]iNODGH NWRUHM V~ åWXGHQWL åWXGHQWN\ SRYLQQt VLDKQXĨ SR ĊDOåHM OLWHUDW~UHNWRU~WXYWH[WHR]QDĀXMHPHDNR]iNODGQ~DSRYLQQ~OLWHUDW~UX
1HFKFHPVDWDMLĨWìPçHSUiFDY\VRNRåNROVNpKRXĀLWHĕDPDQDSēěDDPiPMXUiG 5iG VD VR åWXGHQWPLåWXGHQWNDPL VWUHWiYDP GLVNXWXMHP VQLPL SUHWRçH PD WLHWR GLVNXVLH QHXVWiOH SRV~YDM~ ĊDOHM D RERKDFXM~ R QRYp DQRYp VN~VHQRVWL DYHGRPRVWL
=iURYHě VRP PDO YçLYRWH W~ YHĕN~ ĀHVĨ çH ĕXGLD NWRUìFK VL YiçLP DEROL PRMLPL XĀLWHĕPLVDVWDOLPRMLPLNROHJDPLUHVSMDVRPVDVWDOLFKNROHJRP
=R YåHWNìFK VNWRUìPL VRP SULåLHO GR VW\NX YR PQH QDMYLDF RVWDOL DEH]
DNpKRNRĕYHN VSRUX ĕXGVN~ DRGERUQ~ VWRSX ]DQHFKDOL äWHIiQLD .|YpURYi -iQ
*DEXUD D(YD 0\GOtNRYi ]D ĀR LP YHĕPL D]R VUGFD ĊDNXMHP 6RP QDR]DM UiG çH PiP VWiOH SUtOHçLWRVĨ VD VWìPLWR ĕXĊPL VWUHWiYDĨ DVSROXSUDFRYDĨ ĀtP PD QHVPLHUQHSRV~YDM~ĊDOHMĉDNXMHPçHVWH
2NUHPQLFKMHHåWHMHGHQNROHJDNWRUìPDSRV~YDYUiPFLQDåLFKGLVNXVLtDçYìPHQ Qi]RURYĊDOHM7ìPNROHJRPMH/DGLVODY9DVNDNWRUpPX]DXYHGHQpWLHçQHVPLHUQH ĊDNXMHP
1D]iYHUWRKWRRVREQpKRSUHGKRYRUXE\VRPUiGSRYHGDOçHWDNDNRÅYRPQHRVWDOL çLĨ´ PRML XĀLWHOLD MD G~IDP çH EXGHP çLĨ DVSRě YMHGQRP ]PRMLFK åWXGHQWRYåWXGHQWLHN9WHG\EXGHPDĨPRMDSUiFDSUHPěDVNXWRĀQìYì]QDP
1D NRQLHF QR QLH YSRVOHGQRP UDGH E\ VRP UiG SRĊDNRYDO UHFHQ]HQWRP WìFKWR VNUtSWXĀHEQìFKWH[WRY]DLFKQi]RU\DSULSRPLHQN\NUXNRSLVXWH[WX
9åHWFL EROL Y\EHUDQt DNR DXWRUL NWRUt VD WpPH HWLN\ YVRFLiOQHM SUiFL YHQXM~
YVORYHQVNRPSULHVWRUHXçGOKåtĀDV
SURI3K'U9DVNR.XVLQ'U6FY\GDOQLHNRĕNRSXEOLNiFLtYREODVWLILOR]RILHDHWLN\
SURI3K'U-DQD/HYLFNi3K'²StVDODRKRGQRWiFKYVRFLiOQHMSUiFLDHWLNHDGRF 3K'U7K'U$QGUHM0iWHO3K'QDStVDOYVORYHQVNRPSULHVWRUH]DWLDĕDNRMHGLQìVR VYRMLPDXWRUVNìPNROHNWtYRPSXEOLNiFLXHWLN\VRFLiOQHMSUiFH
5RYQDNR UiG E\ VRP SRĊDNRYDO 0JU 0DW~åRYL )HUHQĀtNRYL 0JU /XFLL 6ORERGRYHM D3K'U0DUWLQHÿLHUQHM]DSRPRFSULNRQFLSRYDQtWìFKWRXĀHEQìFKWH[WRY0DW~åRYL ]DQDYUKQXWLHDUHDOL]iFLXREiON\/XFLL]DSRPRFSULNRULJRYDQtWH[WXD0DUWLQH]D SRPRFSULMHKR]DODPRYDQt
!"#$%
7LHWRVNULSWiXĀHEQpWH[W\E\SUH9iVPDOLSOQLĨIXQNFLXW]YSUHKĕDGRYHMOLWHUDW~U\
1HStåWH VL SR]QiPN\ DOH SRĀ~YDMWH ]DSiMDMWH VD GR GLVNXVLt NWpPDP SUtSDGQH VL SULDPRGRWH[WXVNUtSWQDStåWHSR]QiPNXRSUtNODGHUHVSLQRP]DXMtPDYRPRGND]H NWRPXRĀRPSUiYHKRYRUtPH
=DNDçGRXNDSLWRORXVDQDFKiG]DM~GYD]R]QDP\
-HGHQ ]R]QDP MH & "' NWRUi SUHGVWDYXMH YåHWN\
SXEOLNiFLH SRWUHEQp QDåWXGRYDĨ SUH]YOiGQXWLH XYHGHQHM NDSLWRO\ UHVS WpP\ EH]
QLFKWRVNXWRĀQHQHS{MGH
'UXKìP]R]QDPRPMH & ' NWRUiMHGRSOQNRYiDMHMåW~GLXPVO~çL QD WR DE\ VWH SR SUHĀtWDQt XYHGHQìFK ]GURMRY GRNi]DOL QD VHPLQiUL HIHNWtYQH SUDFRYDĨ $N VL LFK QHSUHĀtWDWH Y SRGVWDWH DQL QHP{çHWH QD VHPLQiUL SUDFRYDĨ SUHWRçHMHGQRGXFKRQHEXGHWHYHGLHĨRĀRPDOHERRNRPKRYRUtPH
=iYHUNDSLWRO\WYRULDRWi]N\~ORK\XUĀHQpQDFYLĀHQLD]WRKWRSUHGPHWX
3UL åW~GLX WpP WìNDM~FLFK VD HWLN\ VRFLiOQHM SUiFH 9iP çHOiP YHĕD REMDYQìFK D]DXMtPDYìFK PRPHQWRY NWRUp 9iV ÅQDåWDUWXM~ HåWH YLDF´ YSURFHVH ILOR]RILFNR HWLFNpKRSìWDQLDVDDSiWUDQLD
9%UDWLVODYHGěD 3HWHU%UQXOD
ϳ
232'67$71(126ħ(7,.<962&,É/1(-35É&,
0LHVWRHWLN\YVRFLiOQHMSUiFLMHMDVQpDQHVSRUQp-HMG{OHçLWRVĨSUHYìNRQSURIHVLH VRFLiOQD SUiFD MH YHĕPL Yì]QDPQi ÿL Xç SUH VDPRWQ~ SUD[ VRFLiOQHM SUiFH ² SUL SUiFL VR VRFLiOQ\P NOLHQWRP UHVS XçtYDWHĕRP VOXçLHE VRFLiOQHM SUiFH DOHER SUH SUiFXYUiPFLYHG\DYìVNXPXYREODVWLVRFLiOQHMSUiFH
0LUND 1HĀDVRYi WYUGt çH VRFLiOQL SUDFRYQtFL VD PXVLD ĀDVWR UR]KRGRYDĨ R WRPDNRPDM~YLVWìFKVSRUQìFKVLWXiFLiFKNRQDĨ9WìFKWRVLWXiFLiFKV~VRFLiOQL SUDFRYQtFL Y\VWDYHQt UR]KRGRYDQLX RNWRURP DXWRUND KRYRUt DNR R W]Y PRUiOQRP UR]KRGRYDQt
0RUiOQHUR]KRGRYDQLHMHFKDUDNWHULVWLFNpWìPçH 9 VDWìNDNYDOLW\çLYRWDĕXGtGREUpKRçLWLD 9 REVDKXMHDNFLXMHGQDQLH
9 E\ PDOR E\Ĩ XQLYHU]iOQH Y ]P\VOH REGREQpKR SRVWXSX SUL SUiFL V NOLHQWPL NWRUtVDRFLWOLYSRGREQHMVLWXiFLL
9 E\PDORE\ĨRSUiYQHQpY]KĕDGRPNYåHREHFQìPPRUiOQ\PSULQFtSRP
ĉDOHM0LUND1HĀDVRYiWDPWLHçWYUGtçHYlĀåLQDUR]KRGQXWtYVRFLiOQHMSUiFL]DKĠěD NRPSOH[ HWLFNìFK WHFKQLFNìFK SUiYQ\FK DOH DM LGHRORJLFNìFK ERGRY NWRUp V~
Y]iMRPQHSUHSRMHQp
(WLFNpSULQFtS\DOHERKRGQRW\NWRUìPLVDVDPRWQìVRFLiOQ\SUDFRYQtNULDGLEXG~
YçG\ RYSO\YěRYDĨ VS{VRE DNìP EXGH VRFLiOQ\ SUDFRYQtN LQWHUSUHWRYDĨ ]iNRQ\ D QDULDGHQLD V NWRUìPL SUDFXMH 7R YSUD[L ]QDPHQi LVW~ GiYNX VXEMHNWLYLW\
VRFLiOQHKRSUDFRYQtND0\VOtPHWRWDNçHMHKRÅYLGHQLH´VYHWDVDQXWQHPXVtREMDYLĨ DMYSURFHVHSUiFHVNOLHQWRPXçtYDWHĕRPVOXçLHEVRFLiOQHMSUiFHDWRVS{VRERPçH SUHGSLV\ VNWRUìPL SUDFXMH EXGH LQWHUSUHWRYDĨ ]SR]tFLH YODVWQpKR YLGHQLD VYHWD YODVWQpKRVYHWRQi]RUXDSRěDWLD
0LUND 1HĀDVRYi NRQåWDWXMH çH WHFKQLFNi RWi]ND MHGQpKR VRFLiOQHKR SUDFRYQtND P{çH E\ĨHWLFNRX RWi]NRX SUH GUXKpKR VRFLiOQHKR SUDFRYQtND D WpPRX SUHĊDOåLHKR7iWRU{]QRURGRVĨSRěDWLDXUĀXMHRG{YRGQHQLHHWLN\YSURIHVLLVRFLiOQD SUiFD 5R]PDQLWRVĨ VLWXiFLt YNWRUìFK VD VRFLiOQL SUDFRYQtFL RFLWDM~ SULQiåD UR]PDQLWRVĨ DM GR SRQtPDQLD WìFKWR VDPRWQìFK VLWXiFLt =iOHçt QD RVREQRVWL WRKR NWRUpKR SUDFRYQtND DNR YQtPD VLWXiFLX QDNRĕNR MH VN~VHQì Y PRUiOQRP UR]KRGRYDQtDDN~PiYODVWQ~KLHUDUFKLXKRGQ{W
3UH SUD[ VRFLiOQHM SUiFH MH YHĕPL G{OHçLWp XYHGRPLĨ VL çH VRFLiOQ\ SUDFRYQtN YVWXSXM~FL GR WHUpQX DNR ]DĀtQDM~FL SUDFRYQtN E\ PDO Y\]ULHĨ QLHOHQ RVREQRVWQH D NRPSHWHQĀQH DOH DM PRUiOQH UHVS HWLFN\ 7R ]QDPHQi çH NDçGì ]DĀtQDM~FL VRFLiOQ\ SUDFRYQtN ]UHMH YPRUiOQHM REODVWL RYHĕD QHVN{U DNR YSUYìFK GYRFK XYHGHQìFK -H WR LVWH VS{VREHQp DM WìP çH Yt]LD VYHWD GR NWRUpKR YVWXSXMH ]DĀtQDM~FL PRUiOQH QHY\]UHWì SUDFRYQtN MH SUH QHKR VDPRWQpKR ÅSRĕRP QHRUDQìP´
9SUD[LWRWR]UHQLHSULQiåDQHSRFKRSHQLHNRQDQLDY\]UHWìFKVRFLiOQ\FKSUDFRYQtNRY YPRUiOQHMREODVWLWìPL]DĀtQDM~FLPL$NRSUtNODG\VLP{çHPHXYLHVĨ
ϴ 9 RGPLHWQXWLHNOLHQWDSRGREHNHG\MHSUHQHKRVRFLiOQ\SUDFRYQtNNGLVSR]tFLL
SUDFRYQìĀDVYHU]XVÅDN~WQH´SRWUHE\NOLHQWD
9 QXWQRVĨ Y\UDGLĨ ]HYLGHQFLH NOLHQWD SRNLDĕ SRUXåLO VWDQRYHQp SUDYLGOi LQåWLW~FLHVWULNWQHY\O~ĀLĨDOHERGDĨåDQFX
9 SRVODĨ NOLHQWNX ]R ]DULDGHQLD NHĊ MHM NRQĀt ]POXYD RSRVN\WRYDQt VWDURVWOLYRVWL DVOXçLHE DXWRQyPLD NOLHQWN\ YHU]XV ]iYLVORVĨ QD LQåWLW~FLLVRFLiOQRPSUDFRYQtNRYL
,GH WHGD RWR çH ]DĀtQDM~FL VRFLiOQL SUDFRYQtFL ERMXM~ V~]XVPL SUD[H GRYWHG\
SRNìP QHQiMGX HWLFN\ YKRGQì DSUH QLFK VDPRWQìFK SULMDWHĕQì VS{VRE ULHåHQLD VLWXiFLH NOLHQWD 9WHG\ P{çHPH SRYHGDĨ çH VRFLiOQ\ SUDFRYQtN Y\]UHO YPRUiOQHM HWLFNHMREODVWL
5DGRVODY *ROGPDQQ D 0DUWLQD &LFKi WYUGLD çH MH ĨDçNp Y\PHG]LĨ HWLNX VRFLiOQHM SUiFH NY{OL YHĕNHM ]ORçLWRVWL Y]ĨDKRY VRFLiOQHKR SUDFRYQtND D NOLHQWD .RQåWDWXM~ çH GR WRKWR Y]ĨDKX VD SUHPLHWD YHĕD SUHPHQQìFK YHOLĀtQ SUHWRçH VRFLiOQ\SUDFRYQtNYWRPWRY]ĨDKXY\VWXSXMHYWURFKUROiFK
9 DNRSUHGVWDYLWHĕåWiWX]iVWXSFDPDMRULWQHMVSRORĀQRVWL²NWRUìVDPXVtULDGLĨ SUHVQH VWDQRYHQìPL SUHGSLVPL D YR Y]ĨDKX NX NOLHQWRYL SUHGVWDYXMH ÅQRUPDOLWX´
9 DNRREKDMFDSUiYNOLHQWRYURODDGYRNiWD
9 DNRDUELWHU]KĕDGLVNDREĀLDQVN\FKSUiYNOLHQWD
=XYHGHQìFKWURFKUROtY\SOìYDM~PQRKpSRYLQQRVWLNWRUpRYSO\YěXM~DXVPHUěXM~
MHGQDQLH VRFLiOQHKR SUDFRYQtND 7ìP çH VD WLHWR UROH X VRFLiOQHKR SUDFRYQtND SUHOtQDM~ WR çLDGD RG QHKR PLPRULDGQH QiURN\ ] KĕDGLVND HWLN\ 7\SLFNìP SUtNODGRP QD ĨDçNRVĨ ]YOiGDQLD XYHGHQìFK UROt ] KĕDGLVND HWLN\ SUL SUiFL VNOLHQWPLXçtYDWHĕPLVOXçLHEVRFLiOQHMSUiFHMHUR]SRUPHG]LSRPRFRXDNRQWURORX 1DMHGQHMVWUDQHPiVRFLiOQ\SUDFRYQtNSRPiKDĨQDGUXKHMVWUDQHMHMHKR~ORKRX NRQWURORYDĨ
8YHGHQpP{çHPHGHPRQåWURYDĨQDQDVOHGRYQìFKSUtNODGRFK
9 SUiFD VQH]DPHVWQDQìPL ² NOLHQWD SRĀDV SRUDGHQVNìFK VWUHWQXWt Y\]ìYDPH DE\ KRYRULORWYRUHQHSUDYGLYR DERO DXWHQWLFNì .OLHQW VD WDNìPWR UR]KRGQH E\Ĩ DYUiPFL SRUDGHQVNìFK VWUHWQXWt SRYLH VRFLiOQHPX SUDFRYQtNRYLSRUDGFRYL çH SUDFXMH EH] DNHMNRĕYHN ]POXY\ XVYRMKR VXVHGD DWìP VL SULY\UiED 6RFLiOQ\ SUDFRYQtNSRUDGFD E\ PDO UHDJRYDĨ YV~ODGH VSODWQìPL QRUPDPL W M R]QiPLĨ SUtVOXåQìP RUJiQRP QDSU ,QåSHNWRUiWX SUiFH çH MH Y\NRQiYDQi SUiFD ÅQD ĀLHUQR´ D]iURYHě DN NOLHQWXçtYDWHĕ VOXçLHE VRFLiOQHM SUiFH ÅGREUH´ ]DUREt QDYUKQ~Ĩ MHKR Y\UDGHQLH ]HYLGHQFLH QH]DPHVWQDQìFK ] G{YRGX SUHNURĀHQLD SRYROHQHM PRçQRVWL ]iURENX Y SUtSDGHDNSREHUiGiYNX
3RP{FĨ ]DĀtQDM~FLP VRFLiOQ\P SUDFRYQtNRP YREODVWL PRUiOQHKR ]UHQLD P{çH DM VXSHUYt]LD 2WpPDFK VNWRUìPL SULFKiG]DM~ ]DĀtQDM~FL VRFLiOQL SUDFRYQtFL QD VXSHUYt]LX StåH /DGLVODY 9DVND
=WpPNWRUpE\VPHPRKOL]DUDGLĨPHG]LREODVĨKRGQ{WDHWLN\E\VPHXYLHGOLSRFLW\QHLVWRW\
QHNRPSHWHQWQRVWL YHULILNiFLD VSUiYQRVWL SRVWXSRY Y]ĨDKRYp SUREOpP\ QD SUDFRYLVNX ÅNRQWUROD´NYDOLW\VYRMHM SUiFHNYDOLWDSUiFH DPRçQRVWL MHMVNYDOLWěRYDQLDPRçQRVWLULHåHQLD NRPSOLNRYDQìFKSUtSDGRYEXUQRXWV\QGUyPDMHKRSUHGFKiG]DQLHEOLçåLHYLĊ9DVND
ϵ 9 SUiFD Y UiPFL RVYRMHQLD VL GLHĨDĨD ² QDMSUY Pi VRFLiOQ\ SUDFRYQtNSRUDGFD SUDFRYDĨ VURGLQRX QD ]EOLçRYDQt VD VGLHĨDĨRP DSRVN\WRYDĨ LP RSRUX D QiVOHGQHGRURGLQ\FKRGLĨQDNRQWURO\YUiPFLRFKUDQ\SUiYGLHĨDĨD
,YDQÔOHKODVXYiG]DçHÅĀRNRĕYHNĀRSUDFRYQtNYUiPFLVYRMHMSURIHVLH XUREt SDWUt GR MHGQHM DOHER GUXKHM NDWHJyULH EXĊ NOLHQWRYLSRPiKD DOHER KR NRQWUROXMH 2EH SDWULD GR ÅWHFKQLFNHM´ Y\EDYHQRVWL SUDFRYQtND REH V~ SRWUHEQp D PDM~VYRMHPLHVWRRERMHV~SURIHVLRQiOQ\PLVS{VREPLSUiFHDRERMHVDY\VN\WXM~Y SULHEHKXUR]KRYRUXVNOLHQWRP´
9V~ODGHV0LUNRX1HĀDVRYRXP{çHPHNRQåWDWRYDĨçH
9 HWLNDMHDNRVSRMRYQtNPHG]LMHGQRWOLYìPLREODVĨDPLVRFLiOQHMSUiFH
9 GLVNXVLH RNROR ´DIpUµ MHGQRWOLYìFK VRFLiOQ\FK SUDFRYQtNRY NWRUt ]O\KDOL Y PRUiOQHMREODVWL
9 GLVNXVLH YHGHQp Y UiPFL HWLN\ Y VRFLiOQHM SUiFL SRPiKDM~ MHGQRWOLYìP VRFLiOQ\P SUDFRYQtNRP RULHQWRYDĨ VD Y SUtSDGRFK NHG\ PXVLD XĀLQLĨ UR]KRGQXWLHNWRUpVSDGiGRREODVWLPRUiOQ\FKGLOHPDSUREOpPRY
9 HWLND D MHM åW~GLXP SUH VRFLiOQX SUiFX DNR SURIHVLX EXGXMH VFKRSQRVĨ NULWLFNHMDQDOì]\SURIHVLMQìFKVLWXiFLtNWRUpPDM~Y]ĨDKNGREUXDOHERXMPH YåHWNìFK ]~ĀDVWQHQìFK SUHGRYåHWNìP YåDN NOLHQWRY D UHåSHNWXM~ LFK VORERGXDDXWRQyPLX
9 ]iURYHě E\ YåDN PDOD HWLND QDSRPiKDĨ Y EXGRYDQt ]GUDYpKR VHEDYHGRPLD VRFLiOQHKR SUDFRYQtND MHKR YHGRPLX ]RGSRYHGQRVWL YRĀL NOLHQWRP YRĀL REMHGQiYDWHĕRYLVOXçLHEVRFLiOQHMSUiFHDNRDMYRĀLVDPpPXVHEH
(WLND SUH VRFLiOQX SUiFX VD SRGĕD 2QGĢHMD )LVFKHUD QHSULDPR VWiYD YåHREHFQRXGLVFLSOtQRXNWRUiY\çDGXMHVFKRSQRVĨ
RGVWXSX RG NRQNUpWQHM D G{VOHGQH Y\KRGQRFRYDQHM SUDFRYQHM VLWXiFLH V RKĕDGRPQDKUDQLFH
DEVWUDNWQpKR XYDçRYDQLD N Y\WYRUHQLX VFHQiUD DOHER K\SRWp]\ HWLFN\
SULMDWHĕQpKRULHåHQLDSURIHVLMQHMVLWXiFLH
DQDOì]\ SUHGSRNODGDQpKR VFHQiUD DOHER Xç XVNXWRĀQHQpKR ULHåHQLD ] SRKĕDGXYåHWNìFKHWLFN\Yì]QDPQìFKYSO\YRYQDKRGQRWXGDQpKRULHåHQLDD MHKRGRSDGQD]~ĀDVWQHQìFK
Å=P\VORPHWLN\YVRFLiOQHMSUiFLMHSUHGRYåHWNìPVRFLiOQHPXSUDFRYQtNRYLXPRçQLĨ DE\SUtVOXåQpSULQFtS\DKRGQRW\UR]R]QDODGRNi]DOVQLPLSUDFRYDĨYSUtVOXåQRP NRQWH[WH
(WLNXYVRFLiOQHMSUiFLP{çHPHFKiSDĨGYRMDNìPVS{VRERPDWR
DNRåWXGLMQRWHRUHWLFN~GLVFLSOtQXXVFKRSěXM~FXVRFLiOQHKRSUDFRYQtNDXĀt KRE\ĨNRPSHWHQWQìPNULWLFN\SRVXG]RYDĨGLOHP\DSUREOpP\YRVYRMHMSUD[L DOHERDNRV~ERUQRULHPKRGQ{WDSRVWXSRY]Y\NRYDWUDGtFLtSULMDWHĕQìFKY
SUD[L VRFLiOQHM SUiFH NWRUp E\ VD PDO VRFLiOQ\ SUDFRYQtN QDXĀLĨ DE\
SRVN\WRYDO SURIHVLRQiOQX VOXçEX VYRMLP NOLHQWRPXçtYDWHĕRP VOXçLHE VRFLiOQHMSUiFH
ϭϬ 3RVN\WRYDQLH SURIHVLRQiOQ\FK VOXçLHE MH ~]NR VSlWp DM VHWLNRX NWRUi SRV~YD DM VDPRWQp VOXçE\ VRFLiOQHM SUiFH GLVNXVLDPL NWRUp SULQiåD GR VRFLiOQHM SUiFH´
)LVFKHU2V
=iNODGQiSRYLQQiOLWHUDW~UDNWpPH
),6&+(5 2QGĢHM .SRMHWt HWLN\ SUR VRFLiOQt SUiFL V ² ,Q ),6&+(52²0,/)$,75DNRO(WLNDSURVRFLiOQtSUiFLY\G3UDKD -DERNV,6%1
1(ÿ$629É 0LUND V 3URIHVQt HWLND Y 0$72ä(. 2 DNRO 0HWRG\DĢt]HQtVRFLiOQtSUiFHY\G35$+$3RUWiOV,6%1
/LWHUDW~UDQDVHPLQiU
Ô/(+/$ ,YDQ 3ĢHEtUiQt NRQWURO\ DQDEt]HQt SRPRFL V Y Ô/(+/$ ,YDQ 8PďQt SRPiKDW Y\G 3UDKD 6/21 V ,6%1
2Wi]N\~ORK\DFYLĀHQLD
$NRE\VWHGHILQRYDOLPRUiOQHUR]KRGRYDQLHDĀtPMHFKDUDNWHULVWLFNp"
$NR E\ VWH ]DGHILQRYDOL Yì]QDP HWLN\ YVRFLiOQHM SUiFL UHVS SUH VRFLiOQX SUiFX"
9QtPDWH VXEMHNWtYQRVĨ YUR]KRGRYDQt VRFLiOQ\FK SUDFRYQtNRY Y LQWHQFLiFK VXEMHNWLYLW\DNRXYiG]DPHY\ååLH"
9LHWHVLSUHGVWDYLĨVLWXiFLXYSUD[LVRFLiOQHMSUiFHYNWRUHME\VWHVDFtWLOLXç DNRPRUiOQHHWLFN\Y\]UHWiRVREQRVĨDWLHçDMQDRSDNWMVLWXiFLXYNWRUHM E\VWHVDHåWHQHFtWLOLPRUiOQHY\]UHWt"
ϭϭ
ÿ/29(.$-(+2%<7,(=É./$'<(7,.<
ÿORYHN MH P{çHPH SRNRMQH SRYHGDĨ WYRURP GRVĨ ]YOiåWQ\P DYìQLPRĀQìP DVSRě SRGĕD QiV ĕXGt 1D WHMWR SODQpWH NWRU~ REìYDPH VD GRNRQFD SRYDçXMH ĀORYHN ]D ÅSiQDWYRUVWYD´2Wi]NXSUDYGLYRVWLDOHERQHSUDYGLYRVWLWRKWRYìURNXQHSRYDçXMHPH ]D G{OHçLW~ YWHMWR FKYtOL ULHåLĨ '{OHçLWp YåDN MH çH VNXWRĀQH VD ĀORYHN PQRKRNUiW VWDYLD GR SR]tFLH SiQD WYRUVWYD DYåDN ĀDVWR MH DM WìP NWRUì WRWR ~]HPLH SODQpWX QLĀt
3RGĕD %UDQLVODYD 0DOtND QLH MH PRçQp ĀORYHND ]DGHILQRYDĨ SUHWRçH ĀORYHND SRYDçXMH ]D E\WRVĨ PQRKRWYiUQX DYQ~WRUQH SURWLUHĀLY~ ĀR YåDN XYiG]D DNR XUĀXM~FL]QDNĀORYHND
-H MDVQp çH QD VYHW VD SR]HUiPH QD]YLPH WR ]ÅĀORYHĀHM SHUVSHNWtY\´ 0\VOtPH WìPIDNWçHLQWHUSUHWXMHPHVYHWWDNìPVS{VRERPDNRPXUR]XPLHPHDNRĕXGLD$M VORYHQVNìYHGHF9RMWHFK)LONRUQVNRQåWDWXMHçHÅNXVçLYRWDE\VRPGDO ]DWRDE\VRPDVSRěQDPDO~FKYtĕXYLGHODNRSR]QiYDM~]YLHUDWi´7ìPWRYìURNRP FKFHPH GRNODGRYDĨ Y\ååLH XYHGHQ~ Wp]X çH VYHW RNROR QiV YQtPDPH ]R VWUDQ\
ĕXGVNHMDQLHLQHM
$NRĕXGLDVPHWLHçSUHVYHGĀHQtçHĀORYHNDNRMHGLQìçLYìWYRUMHVFKRSQìVDSìWDĨSR VYRMHM LGHQWLWH SULĀRP ĕXGLD VD RGOLåXM~ RG LQìFK WYRURY VYRMLP YHGRPtP VFKRSQRVĨRXUHIOH[LHDVFKRSQRVĨRXVHEDUHIOH[LH-DQNRYVNì-
-H WRWR WYUGHQLH VNXWRĀQH SUDYGLYp" 6N~VPH VL SUHGVWDYLĨ GRPiFH ]YLHUD QDSU YGQHåQHMGREHYHĕPLPRGHUQpKRHXUySVNHKRVSRORĀQtNDYGRPiFQRVWLDWRSVD
3ìWDVDSHVSRVYRMHMLGHQWLWH"
.RQiSHVYHGRPHDOHERSXGRYR"
-HSHVVFKRSQìUHIOH[LH"
-HSHVVFKRSQìVHEDUHIOH[LH"
$NRNRĕYHN RGSRYLHWH QD Y\ååLH SRORçHQp RWi]N\ G{OHçLWp MH çH RGSRYHGH QD QH V~
RGSRYHGH]ÅĀORYHĀHMSHUVSHNWtY\´7R]QDPHQiçHRGSRYHGHQLHMHPRçQpSRYDçRYDĨ ]DUHOHYDQWQpSUHWRçHQiPQHRGSRYHGDOSHVDOHP\$QDSRNRQVDPXVtPHGRVWDĨ NWRPXçHSRWRPDMXYHGHQìYìURNMHNRQåWUXNWRPÅĀORYHĀHMSHUVSHNWtY\´DMHWHGD UHODWtYQ\
ÿORYHNMHW\SLFNìSUiYHWìPQDĀRVPHSRXNi]DOLY\ååLH$WRMHQHXVWiOHSìWDQLHVD DKĕDGDQLH RGSRYHGt ĔXGLD RNROR Qiå NDçGRGHQQH KĕDGDM~ RGSRYHGH QD UR]OLĀQp RWi]N\ 3RGĕD -LĢtKR -DQNRYVNpKR SUiYH QHNRQHĀQp VS\WRYDQLH VD ĀORYHND YLHGORN]URGHQLXILOR]RILHDNRUDFLRQiOQHMDXQLYHU]iOQHMYHG\ÿORYHNXçSUHVWiYDO E\Ĩ VSRNRMQì V RGSRYHĊDPL YURYLQH NWRUp PX SRQ~NDOL PìW\ DSUHWR VD VQDçLO QiMVĨ UDFLRQiOQH ]G{YRGQHQLD ĀR MH W\SLFNp SUH ĀORYHND GRGQHV %UDQLVODY 0DOtN WYUGt çH ILOR]RILD MH ILOR]RILRX SUiYH VDPRWQìP SìWDQtP VD UHVS VDPRWQRX
ĀLWDWHĕD E\ VPH YV~YLVORVWL VÅĀORYHĀRX SHUVSHNWtYRX´ DVWpPRX SVRY XSR]RUQLOL QD IDNW WRKR çH DM .RQUDG /RUHQ] UDN~VN\ ]RROyJ ]DNODGDWHĕ HWROyJLH VtFH KRYRUt RSVtFK PUDYRFK DOH MDVQH StåH çH ÅDNiNRĕYHNUHĀDNpKRNRĕYHN]YLHUDFLHKRGUXKXMHNRQ]HUYDWtYQHMåLDMHKRPUDY\DRE\ĀDMHV~]iURYHě RYHĕD VWUQXOHMåLH D]iYDçQHMåLH DNR MH WR XĕXGt 3R]RURYDQH ]YRQND Y\]HUDM~ WLHWR ]iNRQ\ ]DNRWYHQp Y]GHGHQìFK YORKiFK SVD SRGREQH DNR SUDYLGOi ĕXGVNìFK PUDYRY GRFKRYDQìFK WUDGtFLRX´ /RUHQ]
V ,QDN SRYHGDQp NRQåWDWXMH ÅSR]RURYDQLH ]YRQND´ DDNR GUXKì IDNW ]FLWiWX P{çHPH XV~GLĨçHYìURNRWRPçHVPHMHGLQtVFKRSQtNRQDĨYHGRPHUHIOH[LHDVHEDUHIOH[LHMH]UHMPHSUDYGLYì NHĊçHSVLPDM~VYRMHPUDY\]DNRWYHQpY]GHGHQìFKYORKiFKDĀORYHNLFK]tVNDYDWUDGtFLRX
ϭϮ SRWUHERX NWRUi ĕXGt YHGLH NSìWDQLX VD )LOR]RILD GiYD SULHVWRU QD SRFK\EQRVWL D
~YDK\çHYåHWNRP{çHE\ĨDMLQDNÅ.DçGiYìSRYHĊP{çHE\ĨVSUREOHPDWL]RYDQiçH NDçGi ERGND VWYUG]XM~FD DKHUPHWL]XM~FD XUĀLW~ YìSRYHĊ P{çH E\Ĩ QDKUDGHQi RWi]QLNRP´0DOtN%V
.DUO -DVSHUV XYiG]D çH NHE\ DM ILOR]RILD EROD ĀtPNRĕYHN MH YQDåRP VYHWH SUtWRPQi DPXVt VD QDě WHGD Y]ĨDKRYDĨ 3RGĕD QHKR MH UR]KRGXM~FH çH ÅILOR]RILD FKFH FHO~ SUDYGX QR VYHW MX QHFKFH )LOR]RILD MH QDUXåLWHĕNRX SRNRMD -DVSHUV V
+DQV -RDFKLP 6W|ULJ XYiG]D WUDGLĀQp GHOHQLH ILOR]RILH SRGĕD WRKR ĀtP VD ]DREHUi
9 FHONRPVYHWD²VD]REHUiPHWDI\]LND 9 E\WtPYMHKRFHONX²RQWROyJLD
9 VSUiYQ\PP\VOHQtPDSUDYGRX²ORJLND 9 VSUiYQ\PMHGQDQtP²HWLND
9 SR]QiYDQtP²WHyULDSR]QDQLDJQR]HROyJLD 9 NUiVRX²HVWHWLND
3RGĕD XYHGHQpKR DXWRUD VD ILOR]RILD VQDçt Å]DUDGLĨ çLYRWQp MDY\ GR YHĕNHM YåHREMtPDM~FHM V~YLVORVWL QiMVĨ LFK VSRORĀQì ]P\VHO D WLHç VSRMLĨ YìVOHGN\
MHGQRWOLYìFKYLHGYMHGQRWQìREUD]VYHWDYRVYHWRYìQi]RU´V
7DNçHMHPRçQp]XYHGHQpKRVNRQåWDWRYDĨçHMHSUHĀORYHNDW\SLFNpDNVDSìWDSR VDPRWQHMSRGVWDWHE\WLDQLHOHQSUHWRçHWDNĀLQtXçVWiURĀLDDOHDM]WRKRG{YRGXçH MHWRSUHĕXGVWYRQDR]DMYODVWQp
2GSRYHĊDPL NWRUp ĀORYHN ]tVNDYD VL NDçGì ĀORYHN Y\WYiUDSRKĕDG QD VYHW NWRUì KRGHWHUPLQXMHDNRXçStåHPHYSUYHMNDSLWROH
-DQ 2ODY +HQULNVHQ D $UQH -RKDQ 9HWOHVHQ StåX çH Qiå SRKĕDG QD VYHW MH VSROXY\WYiUDQìQDåLPLWUDGtFLDPLDçLYRWQìPLQi]RUPLNWRUpQiPEROLYåWHSRYDQp 3UHWR NRQåWDWXM~ çH PHG]LSRěDWtP ĀORYHND DVYHWRYìP Qi]RURP MHVWYXMH ~]ND V~YLVORVĨ 6~ SUHVYHGĀHQt çH HWLND D SRěDWLH ĀORYHND VSROX ~]NR V~YLVLD URYQDNR DNR HWLFNp KRGQRWHQLH NWRUp Y\VORYXMHPH 9 PQRKìFK NRQNUpWQ\FK VLWXiFLiFK V~YLVLDFLFKVYìNRQRPQDåHMSUiFHVPHQ~WHQt]YDçRYDĨU{]QHSUtVWXS\NĀORYHNXD UR]KRGRYDĨ VD SUH MHGQR ULHåHQLH 7RWR P{çH VS{VRERYDĨ ĨDçNRVWL SUH ULHåHQLH NWRUìFK E\ VPH VD PDOL ]DP\VOLHĨ DNp SRěDWLH ĀORYHND MH QiP YODVWQp D SRGĕD NWRUpKRVDFKFHPHULDGLĨ
8YHGHQt DXWRUL ]G{UD]ěXM~ çH REMDVQLĨ VL XUĀLWp SRěDWLH ĀORYHND ]QDPHQi SULMDĨ XUĀLWp KRGQRW\ D XVSRULDGDĨ LFK GR QHMDNHM KLHUDUFKLH =WRKR ĀR WX SRSLVXMHPH Y\SOìYD çH MHVWYXMH QLHNRĕNR VPHURY NWRUp ]RVNXSXM~ Y]iMRPQH EOt]NH ILOR]RILFNp åNRO\-DQ2ODY+HQULNVHQD$UQH-RKDQ9HWOHVHQSRQ~NDM~UR]GHOHQLHQDWUL ]iNODGQpVPHU\SRěDWLDĀORYHND
9 KXPDQLVWLFNp 9 NUHVĨDQVNp 9 QDWXUDOLVWLFNp
9KXPDQLVWLFNHM WUDGtFLL SRěDWLD ĀORYHND MH SR]RUQRVĨ ]DPHUDQi QD VFKRSQRVĨ ĀORYHNDSRXçtYDĨUR]XPDNR]iNODGQìERGSUHXWYiUDQLHYODVWQpKRçLYRWD
5R]XP GiYD PRçQRVĨ VORERGQH VD UR]YtMDĨ SUHNUDĀRYDĨ çLYRWQp SRGPLHQN\ GDQp SUtURGRX D WR SRPRFRX NXOW~U\ MD]\ND D WUDGtFLH +HQULNVHQ ² 9HWOHVHQ V
ϭϯ
=Yì]QDPQìFKSUHGVWDYLWHĕRYKXPDQLVWLFNpKRSRěDWLDĀORYHNDVLSUHGVWDYtPH DVSRěWURFKPRçQRSRYHGDĨ]iNODGQìFK
6RNUDWHVSUHGQO²SUHGQO
-H SRYDçRYDQì ]D ]DNODGDWHĕD W]Y HWLFNìFK SUREOHPDWL]iFLt çLYRWD NX NWRUìP VD RNUHPLQìFKKOiVLOL3ODWyQDM$ULVWRWHOHV6RNUDWHVDQDO\]RYDODNRVSUiYQHSRXçLWì UR]XPUR]SR]QiYDGREURDYHGLHNMHGQDQLXYV~KODVHVSR]QDQìP3RGĕD9ODGLVODYD 6XYiNDLQ5HPLåRYi$HGVVDVR6RNUDWRPVSiMDOLQDVOHGRYQp HWLFNp SRVWRMH EODçHQRVĨ ]DNODGDM~FD VD QD ]GDWQRP NRQDQt WDN çH ]GDWQRVWL DFK\E\ PXVtPH KĕDGDĨ YQDåLFK GXåLDFK W M YUR]KRGRYDQt 1LNWR QHNRQi ]OH
~P\VHOQH OHER QLNWR VL QHFKFH ]iPHUQH åNRGLĨ 6ODERVĨ Y{OH QLH MH G{VOHGNRP ]O\KDQLDUR]XPXDOHQHVSUiYQHMPLHQN\$NFKFHPHçLĨ]GDWQHQH]iOHçtQDWRPĀL VPH ERKDWt DOHER FKXGREQt FKRUt DOHER ]GUDYt Qiå çLYRW VD RGRKUiYD QDMPl YQDåLFKGXåLDFKSUHWRVDPXVtPH]RYåHWNìFKVtOVWDUDĨRSUiYHRGXåX
6RNUDWLNXUR]YLQXOLMHKRçLDFLĊDOHMDNDçGìLQìPVS{VRERP
6RNUDWRYVNp GLDOyJ\²LFKFLHĕRPEROD SUiYH VSRPtQDQi SUREOHPDWL]iFLDHWLFNìFK RWi]RNGLDORJLFNìPVS{VRERP
-HGQRX ]QDM]QiPHMåtFK DQDMYLDF XYiG]DQìFK P\åOLHQRN 6RNUDWD MH Å9LHP çH QLĀ QHYLHP´
3ODWyQSUHGQO²SUHGQO
(WLND MH SRGĕD 3ODWyQD SUHGRYåHWNìP VS{VRE DNìP SULVWXSXMHPH N YODVWQpPX çLYRWX D QLH WHyULD GREUpKR çLYRWD (WLNRX VD 3ODWyQ ]DREHUi KODYQH YR VYRMRP UDQQRP REGREt 3ODWyQ QHSULFKiG]D YR VYRMRP XĀHQtVWHyULRX PRUiON\ DQL V MHGQRWQRXNRQFHSFLRXHWLN\3RGĕD9ODGLVODYD6XYiNDVLQ5HPLåRYi$
RSODWyQVNHM HWLNH MH QHPRçQp KRYRULĨ EH] WRKR DE\ VPH VD QHVWDOL VSROXWYRUFDPL WRKWR XĀHQLD $WR DM YĊDND WRPX çH 3ODWyQ VYRMH XĀHQLH SRGiYD SURVWUHGQtFWYRPGLDOyJRY
$ULVWRWHOHVSUHGQO²SUHGQO
2GPLHWD Wp]X çH E\WLH MH ÅQLHĀR´ RGGHOHQp RG MHGQRWOLYìFK YHFt D H[LVWXMH VDPR R VHEHDNRÅLGHD´
(WLND MH SRGĕD $ULVWRWHOD V~ĀDVĨRX SROLWLN\ DM NHĊ Pi NDçGi VYRM YODVWQì SUHGPHW VN~PDQLD
Å1iOHçt SDWUQď N QDXFH QHMYiçQHMåt D QHMY\ååt 7DNRYRXVH SDN MHYt QDXND SROLWLFNi QHERĨWDWRXUĀXMHNWHUpQDXN\PDMtEìWYREFtFKDNWHUìPNDçGìMHGQRWOLYHFVHPiXĀLW DSRNXG´$ULVWRWHOHVV
$N FKFHPH GREUH YLHVĨ VYRMH ĀLQ\ PXVtPH SRUR]XPLHĨ SRYDKH NRQDQLD (WLND VD WìNDNRQDQLDMHGQRWOLYpKRĀORYHND
$ULVWRWHORYHHWLFNpVSLV\EROLY\GDQpGYDW]YUR]SUDY\$WR(WLND(XGpPRYDD(WLND 1LNRPDFKRYD 2EH V~ S{YRGQH ]UHMPH SUHGQiåNDPL NWRUp XVSRULDGDO (XGpPRV D1LNRPDFKRV +LVWRULFL WYUGLD çH (WLND (XGpPRYD MH VWDUåLD DNR (WLND 1LNRPDFKRYD QDMPl ]G{YRGX çH S{VREt PHQHM V\VWHPDWLFN\ DQH]DKĠěD VD GR SROLWLN\ DNR Y(WLNH 1LNRPDFKRYHM VSUDFRYDQp SRGĕD 6XYiN 9 LQ 5HPLåRYi $
ϭϰ 0RGHUQì KXPDQL]PXV SRGĕD -DQD 2ODYD +HQULNVHQD D$UQH -RKDQD 9HWOHVHQD SULNODGiG{UD]QDMPlQD
9 NULWLNXWUDGtFLtQDMPlQiERçHQVNìFKRNWRUìFKWYUGtçHĀORYHNDSULSUDYXM~
RVORERGXDPRUiOQXDXWRQyPLX
9 G{VWRMQRVĨĀORYHNDVNWRURXVDVSiMDVSROXVNUHVĨDQVNRXWUDGtFLRX
9 KXPDQLVWLFNHM WUDGtFLL VD SRGĕD XYHGHQìFK DXWRURY XFKRYiYD VLOQi PRWLYiFLD SULQFLSLiOQHM VORERG\ ĀORYHND ] NWRUHM Y\SOìYD SRYLQQRVĨ SUHY]LDĨ ]RGSRYHGQRVĨ ]D VYRM çLYRW D ]D VS{VRE MHGQDQLD Å3UiYH YRĕERX VYRM çLYRW WYRUtPH D çLMHPH VYRMX VORERGX´
.UHVĨDQVNì SUtVWXS WUDGtFLDSRQtPD ĀORYHND DNR WYRUD NWRUì MH VWYRUHQì N ERçLHPX REUD]X 7R ]QDPHQi çH VWRMt Y ]YOiåWQRP SRPHUH YRĀL %RKX ÿORYHN ]DXMtPD]YOiåWQHSRVWDYHQLHPHG]LYåHWNìPLçLYìPLWYRUPLPi]YOiåWQXG{VWRMQRVĨ NWRUi KR ĀLQt QHGRWNQXWHĕQìP .UHVĨDQVNp SRěDWLH ĀORYHND Pi VYRM S{YRG Y (YDQMHOLiFK
=HWLFNpKRKĕDGLVNDMHFHQWUiOQ\PERGRPNUHVĨDQVNpKRSRěDWLDĀORYHNDWRçHĀLQ\
ĀORYHNDP{çXE\ĨRGSXVWHQpSUiYHSUHWRçHP{çHPHSRĀtWDĨVWìPçHĀORYHNViPR VHEH]QDPHQiYLDFDNROHQĀLQ\NWRUpV~SUHGPHWRPRGSXVWHQLD
9 NUHVĨDQVNRP SRěDWt ĀORYHND MH QDMYlĀåt G{UD] NODGHQì QD FHORVWQp SRQtPDQLH ĕXGVNHM E\WRVWL Y NWRUHM YåHWN\ MHM GLPHQ]LH ĀDVWL VSROX V~YLVLD D PDM~ VYRM Yì]QDPĀtPMHSRWUHEQpX]QDĨLFKDNR%RKRPFKFHQp
3RGĕD NUHVĨDQVNpKR SRěDWLD SUHXND]XMHPH ĀORYHNX QDMYlĀåLX SRPRF NHĊ ]DFKRYiYDPHFHOLVWYRVĨMHKRçLYRWD+HQULNVHQD9HWOHVHQ
.UHVĨDQVNi HWLND SRGĕD ,JRUD .LååD Y\FKiG]D DNR ]R VYRMKR ]iNODGX ]HWLN\
-HçLåRYHMNWRUHM~VWUHGQRXWpPRXMHLGHDOiVN\EUDWVNHMPHG]LNUHVĨDQPLYFLUNYL DOiVN\YåHĕXGVNHMDMYRĀLQHNUHVĨDQRPÅ%UDWVNRVĨDYåHĕXGVNRVĨV~GYD]iNODGQp SLOLHUH -HçLåRYHM VRFLiOQHM HWLN\ -HçLå UR]åLUXMH OiVNX NEOtçQHPX DM QD OiVNX NQHSULDWHĕRYL´WDPWLHçV
VY7RPiå$NYLQVNì²²VFKRODVWLND
=iNODGRPFHOpKRMHKRHWLFNpKRP\VOHQLDEROLMHKRRULJLQiOQHDQWURSRORJLFNpQi]RU\
QD]iNODGHNWRUìFKGRNi]DOKDUPRQLFN\VNRPSOHWL]RYDĨPHWDI\]LNXVDQWURSROyJLRX DPRUiONRX
9 NDçGRP ĀORYHNX MH ]DNyGRYDQi KXPiQQRVĨ NWRUi MH PX GDQi VSROX V ĕXGVNRX SULURG]HQRVĨRX1LNWRVD]QHMQHP{çHY\YLD]DĨEH]WRKRDE\QHFtWLOYLQX
&LHĕRPWìFKWRLGHtERORXNi]DĨçHWDNDNRĕXGLDVDSRPRFRXUR]XPXGRSUDFRYiYDM~
N SUDYGH WDN DQDORJLFN\ FKiSX çH LFK SRYLQQRVĨRX MH NRQDĨ GREUR VSUDFRYDQp SRGĕD+UHKRYi+LQ5HPLåRYi$
1DWXUDOLVWLFNp SRěDWLH ĀORYHND +HQULNVHQ D 9HWOHVHQ WYRUt QDM]UHWHĕQHMåt SURWLNODGNKXPDQLVWLFNRNUHVĨDQVNHMWUDGtFLL9\FKiG]D]WHyULH&KDUOHVD'DUZLQD
²RHYRO~FLLSULURG]HQìPYìEHURPDWHyULH6LJPXQGD)UHXGD
6LJPXQG)UHXG²²QD]YDOPRUiONXYGREHYNWRUHMçLOSRNU\WHFWYRP 3RK\ERYDOVDYVSRORĀQRVWLNGHVDPRUiONDFKiSDODLEDDNRNXOW~UQ\IHQRPpQ3R VN~VHQRVWLDFK V OLHĀHQtP SV\FKLFNìFK RFKRUHQt GRVSHO N Qi]RUX çH ĕXGVNp ÅMD´ MH YìUD]QH RYSO\YQHQp WìP ĀR VD GHMH Y QHYHGRPt Y MHKR GXåHYQRP çLYRWH D ĕXGVNp
ϭϱ VSUiYDQLH MH YìVOHGNRP GHGLĀQìFK YSO\YRY D SURVWUHGLD %RKXQLFNi / LQ 5HPLåRYi
ÿORYHN MH WX SRQtPDQì DNR V~ĀDVĨ SUtURG\ VR VYRMLPL SUtURGQìPL NRUHěPL
=G{UD]ěXMHçHĀORYHNQDVOHGXMHYìKUDGQHKODVSUtURG\
0HG]L SUHGVWDYLWHĕRY QDWXUDOLVWLFNpKR SRěDWLD RNUHP XYHGHQìFK P{çHPH WLHç ]DUDGLĨDM%XUUKXVD)UHGHULFD6NLQQHUD²SRGĕDNWRUpKRÅYåHWNRĀR NRQiPHMHULDGHQpSUtURGQìPL]iNRQPLDSURFHVPL]WRKRY\SOìYD~FLPL-HKRQi]RU QD ĀORYHND MH GHWHUPLQLVWLFNì RYSO\YěRYDQì ELRORJLFNìPL IDNWRUPL´ +HQULNVHQ D 9HWOHVHQV
1DWXUDOLVWLFNì Qi]RU QHPi GOK~ WUDGtFLX D WLHç QHPi DQL Yì]QDPQp PLHVWR Y SRěDWLDFKĀORYHND
3RěDWLH ĀORYHND Pi Yì]QDP SUH QDåX SUD[ YìNRQX VRFLiOQHM SUiFH 3RGĕD -DQD 2ODYD +HQULNVHQD D$UQH -RKDQD 9HWOHVHQD LGH R DNìVL SRNXV IRUPXORYDĨ ]iNODGQp U\V\ LGHQWLW\ NWRUp VD QHWìNDM~ OHQ ĀORYHND RVREQH DOH R NWRUìFK MH MHGLQHFSUHVYHGĀHQìçHV~Yì]QDPQpDMSUHRVWDWQìFK6SiMDM~FLPSUYNRPYåHWNìFK SRěDWtĀORYHNDMHçHKRYRULDRFHORVWQRPSRQtPDQtĀORYHNDDNRE\WRVWL
9LNWRU()UDQNOVKRYRUtçHÅRVREDMHQLHOHQMHGQRWDDFHORVĨDOHRVRED WDNLVWR MHGQRWX DFHORVĨ ]DNODGi &HORVĨ VD ]DNODGi QD WHOHVQHMGXåHYQHMGXFKRYQHM MHGQRWH]DNODGiWHOHVQH²GXåHYQHGXFKRYQ~MHGQRWXDFHORVĨNWRUiWYRUtSRGVWDWX ĀORYHND´3RGĕD9LNWRUD()UDQNODĀORYHNDP{çHPHYQtPDĨDNRSULHVHĀQtNPLHVWR NGHVDNUtçLDWULYUVWY\E\WLDDWRWHOHVQiGXåHYQiDGXFKRYQi
7RWR)UDQNORYRSRQtPDQLHMHYHĕPLEOt]NHDMKROLVWLFNpPXSRěDWLXĀORYHND3RGĕD äWHIDQD 6WULHçHQFD KROL]PXV VNRQåWUXRYDO WHQWR SRMHP FHONX DNR FHQWUiOQ\
ILOR]RILFNì SRMHP &HORN MH YLDF DNR V~KUQ ĀDVWt DLFK Y]ĨDKRY 7YUGt çH KROLVWLFNì SUtVWXS YVRFLiOQHM SUiFL Y\FKiG]D ]ILOR]RILH H[LVWHQFLDOL]PX +ROLVWLFNp SRěDWLH ĀORYHND YQtPD WHGD DNR ELRSV\FKRVRFLiOQX E\WRVĨ ÅÿDVWL WYRULD Y KROLVWLFNRP SRěDWt QHRGGHOLWHĕQì FHORN D SULWRP QLH V~ DQL IL[Qp DQL NRQåWDQWQp DQL QHPHQLWHĕQp DOH QDRSDN IOH[LELOQp D WYiUQH FHORN MH WYRUHQì ĀDVĨDPL DOH V~ĀDVQH PiQDYåHWN\WLHWRĀDVWLUHJXOXM~FLULDGLDFLDNRQWUROQìYSO\Yµ6WULHçHQHFä V9V~ĀDVQRVWLVDSULGiYDNWìPWRGLPHQ]LiPYUVWYiPĀORYHNDDMVSLULWXDOLWD DNRĊDOåLDĀDVĨ
.DWDUtQD äLPXQNRYi V Y UiPFL WpP\ VSLULWXDOLW\ DNR ĀDVWL FHONX SR]QDPHQiYD
Å]KĕDGLVNDFKiSDQLDĀORYHNDSRNODGiPHpWRV]DV~ĀDVĨVSLULWXDOLW\ĀORYHNDNWRUiMH YåDNYRGERUQHMOLWHUDW~UHYLDFPHQHMSUHKOLDGDQiDĀORYHNVDSUHGRYåHWNìPFKiSH DNR ELRSV\FKRVRFLiOQD E\WRVĨ NìP MHKR VSLULWXiOQ\ UR]PHU VD VSiMD QDMPl V QiERçHQVWYRPDSULWRPVDSUiYHVSLULWXDOLWRXGXFKRPRGOLåXMHPHGR]YLHUDĨD´
=iNODGQiSRYLQQiOLWHUDW~UDNWpPH
-$1.296.ë-LĢt(WLNDSURSRPiKDMtFLSURIHVHY\G35$+$7ULWRQ V,6%1
+(15,.6(1 - 2 ² 9(7/(6(1 $ - %Ot]NH D Y]GiOHQp Y\G
%RVNRYLFH$OEHUWV,6%1
5(0,ä29É $ HGV 'HMLQ\ HWLFNpKR P\VOHQLD Y(XUySH D86$ Y\G
%UDWLVODYD.DOOLJUDPV,6%1
ϭϲ /LWHUDW~UDQDVHPLQiU
$5,6727(/e6 (WLND 1tNRPDFKRYD Y\G 3UDKD 3HWU 5H]HN V,6%1V
%,%/,$²0²0'UXKiNQLKD0RMçLåRYD²([RGXV 0W(YDQMHOLXPSRGĕD0DW~åD
2Wi]N\~ORK\DFYLĀHQLD
0\VOtWH VL çH MH QDR]DM ĀORYHN MHGLQìP çLYìP WYRURP NWRUì SiWUD SR VYRMHM LGHQWLWHMHVFKRSQìUHIOH[LHDVHEDUHIOH[LH"
=GiVD9iPILOR]RILDSUHVRFLiOQXSUiFXSRWUHEQi"$NiQRYĀRPNRQNUpWQH"
.WRUp]XYHGHQìFKSRěDWtĀORYHNDMHSUH9iVQDMEOLçåLH"
0\VOtWHVLçHMHSRGVWDWQpYQtPDĨĀORYHNDDNRFHORN"
ϭϳ
=É./$'1e32-0<6Ô9,6,$&(6(7,.28
9WHMWRNDSLWROHSULEOtçLPH]iNODGQpSRMP\VSRMHQpVHWLNRX7LHWRSRMP\SRYDçXMHPH ]DSRGVWDWQpSUHOHSåLHDMKOEåLHSRFKRSHQLHWpP\HWLN\YVRFLiOQHMSUiFLSUHOHSåLH SRFKRSHQLHNDçGpKRVRFLiOQHKRSUDFRYQtNDVDPpKRVHERX
(7,.$
6DPRWQpVORYRHWLNDPiS{YRGYVWDURJUpFNRPVORYH´HWKRVµ
eWKRV VD SRGĕD $UQD $Q]HQEDFKHUD V YSUYRP UDGH WìND ]YLHUDW DR]QDĀXMHPLHVWRLFKSDVWY\DOHERVWDMQHDNRDMVS{VRELFKçLYRWDDVSUiYDQLDVD 9]ĨDKXM~FNĀORYHNX]QDPHQipWKRVPLHVWRQDEìYDQLHXUĀHQpVSRORĀHQVWYRPDOHER S{YRGRP DWLHç DM YåHWNR ĀR MH RE\ĀDMRP PUDYRP YUiPFL VSRORĀQpKR EìYDQLD 1DNRQLHF R]QDĀXMH DM VS{VRE MHGQDQLD SRVWRM D]PìåĕDQLH RV{E 7DNçH P{çHPH NRQåWDWRYDĨçHHWLNDR]QDĀXMH]Y\NPUDYDOHERRE\ĀDM
(WLND DNR YHGD MH -LĢtP -DQNRYVNìP R]QDĀHQi DNR QiXND ]DREHUDM~FD VD VSUiYQ\PREY\NOìPVSUiYDQtPUHVSNRQDQtPYĕXGVNRPVSRORĀHQVWYH
$UQR $Q]HQEDFKHU V XYiG]D çH ]iNODGQRX ~ORKRX ILOR]RILFNHM HWLN\ MH NULWLFN\ RVYHWOLĨ SUHGSRNODG\ REVLDKQXWp YSUHGSRUR]XPHQt VSUHVQLĨ LFK DHYHQWXiOQH NRULJRYDĨ 9WRPWR ]P\VOH LGH RILOR]RILFN~ UHNRQåWUXNFLX EHçQpKR SUHGSRUR]XPHQLD
-DQ2ODY+HQULNVHQD$UQH-RKDQ9HWOHVHQNRQåWDWXM~çHHWLNDQiPXND]XMH DNR]YOiGDĨVLWXiFLHDXPRçěXMHGRNi]DĨLGHQWLILNRYDĨRĀRYGDQRPSUREOpPHLGH
=iURYHě KRYRULD çH V~ĀDVQi NULWLND WUDGLĀQHM PRUiOQHM ILOR]RILH MH RSUiYQHQi SUHWRçH HWLND QLH MH OHQ R QRUPiFK D SULQFtSRFK DOH WLHç R WRP DNìP VS{VRERP ĕXGLD YVWXSXM~ GR Y]iMRPQìFK Y]ĨDKRY (WLND MH SRGĕD QLFK ]DNRWYHQi Y RVREQRVWQRP SURILOH ĀORYHND D WR VS{VRERP NWRUì PRGHUQi ILOR]RILD PRUiON\
UHIOHNWRYDOD]DWLDĕQHGRVWDWRĀQH
,QRFHQF $UQRåW %OiKD XYiG]D çH ĀDVWR VD SRXçtYDM~ U{]QH HNYLYDOHQW\
NWRPXWRSRMPXQDMPlSRMP\PRUiONDDSUDNWLFNiILOR]RILD
2GSRU~ĀD SRXçtYDĨ SRMHP HWLND SUiYH ]G{YRGX çH WRWR SRPHQRYDQLH SRXçtYDO Xç
$ULVWRWHOHV DEROR WLHç SULMDWp SUHGQìPL PRGHUQìPL P\VOLWHĕPL Y$QJOLFNX DY$PHULNH
0RUiONDVD]DVRSLHUDRODWLQVNìWYDUPRUDOLVĀtPVDSUHNODGDORGRODWLQĀLQ\JUpFNH HWKLNRV7RWRSRPHQRYDQLH]GRPiFQHORQDMPlYR)UDQF~]VNXODPRUDOH
,QRFHQF $UQRåW %OiKD WYUGt çH WHQWR SRMHP SRPHQRYiYD VN{U SUDNWLFN~ VWUiQNX SUREOpPXDQHY\VWLKXMHMXWHGDYSOQRVWLDNRHWLND
ĉDOåLH SRPHQRYDQLD DNR SUDNWLFNi ILOR]RILD WHOHROyJLD GREURYHGD DSRG ]DFK\WiYDM~OHQQLHNWRU~VWUiQNXDĀDVĨSUREOpPXDNRE\WXLåOROHQRåSHNXODWtYQX WHyULX NWRUi Pi E\Ĩ Y{G]NRX SUD[H DOHER OHQ RFLHĕ MHGQDQLD SRSUtSDGH OHQ RSRSLVQ~DOHEROHQSUHGSLVRY~VWUiQNXPUDYQRVWL
3UHGSRUR]XPHQLX $UQR $Q]HQEDFKHU V UR]XPLH WDNìP VS{VRERP çH ÅYEHçQHM UHĀL Y\XçtYDPH PQRKR VORY NY\MDGUHQLX PUDYQìFK VNXWRĀQRVWt 7LHWR IXQJXM~ YEHçQRP GLVNXU]H DNR PUDYQp VORYi )DNW çH WìPWR PUDYQìP VORYiP REY\NOH ĕDKNR UR]XPLHPH XND]XMH çH YQDåHM EHçQHM NRPXQLNiFLLXSODWěXMHPHSUHGSRUR]XPHQLHPUDYQHMVNXWRĀQRVWL´
ϭϴ 3RGĕD9RMWHFKD)LONRUQDVÅSUHGPHWMHGQRWOLYìFKYHGHFNìFKGLVFLSOtQVD QD SRĀLDWNX XUĀRYDO EH]SURVWUHGQH SUDNWLFNìPL VN~VHQRVĨDPL NWRUp QDGREXGOD VSRORĀQRVĨ YVW\NX VXUĀLWìPL RNUXKPL VNXWRĀQRVWL´ 9KLVWRULFNRP YìYRML VD PHQLO DSUHKOERYDOQi]RUQDSUHGPHW YHG\ DNR WDNHM 3RGĕD 9RMWHFKD)LONRUQD VD YHG\ Y]iMRPQH RYSO\YěRYDOL VO~çLOL MHGQD GUXKHM DSUHVQp XUĀHQLH SUHGPHWX WHM NWRUHM YHG\ SUHVWDOR E\Ĩ OHQ ]iOHçLWRVĨRX MHGQHM GLVFLSOtQ\ -H YåDN LVWp çH QDSULHN Y]iMRPQHMSUHSRMHQRVWLYLHGPDNDçGiMHGQRWOLYiDMVYRMSUHGPHW
=DSUHGPHW VN~PDQLD UHVS ]DREHUDQLD VDHWLN\ -LĢt -DQNRYVNì SRYDçXMH PRUiONX (WLND MH SRGĕD QHKR ILOR]RILFNi YHGD RVSUiYQRP VS{VREH çLYRWD Y\FKiG]DM~FD ] UDFLRQiOQ\FK SUtVWXSRY 6QDçt VD QiMVĨ ]G{YRGQLĨ VSRORĀQp D YåHREHFQp]iNODG\QDNWRUìFKPRUiONDVWRMt(WLNDMHYODVWQHWHyULRXPRUiON\
0RQLND %RåěiNRYi LQ /HYLFNi - XYiG]D çHFLHĕRP HWLN\ MH VFLWOLYRYDĨ ĕXGtSUHRWi]N\GREUDDQDXĀLĨMHGQRWOLYFDSRV~GLĨĀLVDVMHGQDQtPLQìFKĕXGtP{çH VWRWRçQLĨDOHERQLH
,ORQD6HPHUiGRYiStåHRWRPçHHWLFNpSUREOHPDWLN\V~SUH]HQWRYDQpWDNçH YVHEH]DKĠěDM~GHVNULSWtYQHNRQåWDWXM~FHDH[SODQDĀQpV~G\DNRMHGQXGLPHQ]LX DGLPHQ]LXDSOLNDĀQ~YD[LRORJLFNRPDQRUPDWtYQRP]P\VOH
52='(/(1,((7,.<
3RGĕD -iQD 9DMGX V ÅY UiPFL V\VWHPDWLFNìFK SRNXVRY RGHOHQLH HWLN\
P{çHPH Y\ĀOHQLĨ YåHREHFQ~ HWLNX V\VWHPDWLFNì RSLV DLQWHUSUHWiFLX HWLFNìFK NDWHJyULt Y]ĨDKRY DĀLQQRVWt ĊDOHM HWLN\ MHGQRWOLYìFK KLVWRULFNìFK HWiS YìYRMD ĕXGVWYD HWLN\ ]DVSHNWRY SUtEX]QìFK VSRORĀHQVNìFK MDYRY ĀL GLVFLSOtQ QDSU SV\FKROyJLD PRUiON\ PRUiOND SROLWLN\ SUiYD YHG\ DLQp 6HP SDWULD LSURIHVLMQp HWLN\´
3RGĕD-LĢtKR-DQNRYVNpKRHWLNXP{çHGHOLĨSRGĕDQDVOHGRYQìFKNULWpULt
9 (7,.$ $8721Ð01$² WìND VD ĀORYHND VDPRWQpKR NHĊ VL ViP Y\PHG]t HWLFNp ]iVDG\ 9]iVDGH LGH RDXWRQyPLX MHGLQFD NWRUi MH YV~ODGH VP\åOLHQNRX,PPDQXHOD.DQWDRVHED]iNRQRGDUVWYHVHEDYOiGHĀORYHND 9 (7,.$ +(7(521Ð01$ ² WìND VD HWLFNìFK ]iVDG NWRUp V~ VWDQRYHQp Å]
YRQNDµVSRORĀHQVNRXDXWRULWRXUHVS%RKRPWHGDV~QDULDĊRYDQpĀORYHNX QLHĀtPUHVSQLHNìPLQìPNWRUpDOHMHGQRWOLYHFYQtPDDNRVSUiYQH
9 (7,.$ ,1',9,'8É/1$ ]DREHUi VD PRUiOQ\PL RWi]NDPL MHGLQFD MHKR HWLFNìPLFQRVĨDPL
9 (7,.$ 62&,É/1$ ]DREHUi VD PRUiOQ\PL RWi]NDPL ] SRKĕDGX VRFLiOQ\FK VNXStQYVSRORĀQRVWL
9 352)(61É352)(6,-1É(7,.$DSOLNXMHYåHREHFQpHWLFNpXVWDQRYHQLD ]iVDG\RGUiçDM~FHVDYHWLFNRPNyGH[HQDNRQNUpWQXSURIHVLMQ~ĀLQQRVĨ 9 %,2(7,.$]DREHUiVDULHåHQtPPRUiOQ\FKSUREOpPRYY]QLNDM~FLFKYSUD[L
DV~YLVLDFLFKVRY]QLNRPDçNRQFRPILQDOLWRXĕXGVNpKRçLYRWDDNRDMçLYRWD Y{EHF
9 (19,5210(17É/1$ (7,.$² ]DREHUi VD Y]ĨDKRP ĀORYHND N çLYRWQpPX SURVWUHGLX
ϭϵ 025É/.$
$NR Xç XYiG]DPH Y\ååLHPRUiOND MH SUHGPHWRP HWLN\ 3RGĕD ,ORQ\ 6HPHUiGRYHM MHPRUiONDVSlWiVSUREOHPDWLNRXDXWRQyPLHDKHWHURQyPLH
3RGĕD 0LUN\ 1HĀDVRYHM VORYR PRUiOND Pi S{YRG YODWLQVNRP PRV ² Y{ĕD PUDY SUHGSLV ]iNRQ 0RUiONX SRYDçXMH ]D ÅV\VWpP UHJXODWtY ĕXGVNpKR MHGQDQLD NWRUìMH]DORçHQìQDUR]OtåHQtVSUiYQHKRDQHVSUiYQHKRVFKRSQRVWLUR]OLåRYDĨGREUR D]OR DYWìFKWR LQWHQFLiFK MHGQDĨ 0RUiOND Pi LQGLYLGXiOQX DM VRFLiOQX GLPHQ]LX´
WDPWLHçV
-LĢt-DQNRYVNìVRPRUiONHKRYRUtçHÅMHWRV~ERUX]QiYDQìFKPUDYQìFK QRULHP Y\SOìYDM~FLFK ] XUĀLWpKR FKiSDQLD PUDYQìFK KRGQ{W ] LFK SRYDK\ D KLHUDUFKLH 7HQWR V~KUQ KRGQRWLDFLFK V~GRY Qi]RURY SUDYLGLHO ]Y\NRY D LGHiORY NWRUìPLVDĕXGLDULDGLDMHNXOW~UQHDKLVWRULFN\SRGPLHQHQì9NDçGHMGREHSRGOLHKD NRQWUROHYRQNDMåHMVRFLiOQHMDNRDMYQ~WRUQHMVYHGRPLX3UiYHYRY]ĨDKXMHGLQFDN PRUiONHVDXWYiUDMHKRVRFLiOQDLGHQWLWDYRĀLVSRORĀQRVWLYNWRUHMçLMH
$QGUHM 0iWHO DNRO V StåH çH VORYHQVNp ÅPUDY´ ÅSRFKiG]D ]SUDVORYDQVNpKR ]iNODGX QRUY R]QDĀXM~FH QLHĀR ĀR VD YåHREHFQH SiĀL ĀR MH YKRGQp´
-DQ 2ODY +HQULNVHQ D $QUH -RKDQ 9HWOHVHQ KRYRULD R ĀORYHNX DNR R W]Y PRUiOQRPVXEMHNWH%\ĨPRUiOQ\PVXEMHNWRPSRGĕDQLFK]QDPHQiYHGĕDHPSDWLH D VFKRSQRVWt SRPiKDĨ WLHç GLVSRQRYDĨ ĀLVWR NRJQLWtYQ\PL VFKRSQRVĨDPL WHGD GRNi]DĨDQDO\]RYDĨVLWXiFLX]YiçLĨDNRVDVSUiYQH]DFKRYDĨ
0RUiOND KRGQRWt ĕXGVNp VSUiYDQLH ] KĕDGLVND GREUD D ]OD D WR Y SRURYQiYDQt V ĕXGVNìPVYHGRPtP0UDYQRVĨYåDNQLHMHPRçQpREMHNWtYQHSRVXG]RYDĨOHERçLDGQ\
ĀORYHN QLH MH VFKRSQì SUHXNi]DWHĕQìP VS{VRERP QDKOLDGQXĨ GR VYHGRPLD LQpKR ĀORYHND.HĊPiE\ĨMHGQDQLHĀORYHNDSRVXG]RYDQpWDNMHWRPRçQpOHQ]KĕDGLVND GRGUçLDYDQLDGDQìFKQRULHPWHGDPRUiON\-DQNRYVNì-V
3RGĕD-LĢtKR-DQNRYVNpKRPRUiONDSOQtDMIXQNFLH
9 SR]QiYDFLXLQWHUSHUVRQiOQHY]ĨDK\Y]ĨDKNVSRORĀQRVWL 9 UHJXODWtYQXVSUiYDQLHĀORYHND
9 KXPDQL]DĀQ~]XåĕDFKĨRYDQLHĀORYHNDĕXGVNRVĨ
0UDYQH MHGQi ĀORYHN SRGĕD -LĢtKR -DQNRYVNpKR V YWHG\ NHĊ MHGQi Y ]KRGH VR VYRMLP VYHGRPtP 2 PUDYQRVWL PUDYQRP SRVWRML KRYRUtPH YWHG\ NHĊ ĀORYHNMHGQiSURWLVYRMPXRNDPçLWpPXSURVSHFKXDOHER]iXMPX,QWHQ]tYQHSRFLĨXMH DWRSUHGRYåHWNìPVRKĕDGRPQDVYRMHVYHGRPLHçHYGDQHMVLWXiFLLQHP{çHMHGQDĨ LQDN0UDYQRVĨWDN]ĊDOHNDQLHMHOHQ]iOHçLWRVĨRXUR]XPXDOHPiSRGVWDWQ~Yl]EX QDHPyFLH
3RGĕD%UDQLVODYD0DOtNDMHSRVWDYHQiQDPRçQRVWLVORERGQHYROLĨPHG]LiQR DQLHPHG]LGREURPD]ORP
3RGĕD $QGUHMD 0iWHOD DNRO V GREUR D]OR FKiSHPH Y]KĕDGRP NMHKR REVDKX .DçGì ĀORYHN QHMDNR YLH çH ĀR MH GREUp DĀR ]Op DVSRě YWRP YåHREHFQRP VORYD ]P\VOH 8YiG]D çH IRUPiOQH NRQiPH PUDYQH GREUH DN NRQiPH YHGRPH DFKFHQH]SRYLQQRVWL
ϮϬ -LĢt-DQNRYVNìXYiG]DUR]GLHOQRVĨPHG]LPRUiOQHGREUìPDPRUiOQH]OìP
9 ´PRUiOQHGREUpµ²MHWRĀRVD]KRGXMHVRVYHGRPtPNRQNUpWQHKRĀORYHND 9 ´PRUiOQH]Opµ²MHWDNpNRQDQLHNWRUpMHYUR]SRUHVRVYHGRPtPNRQNUpWQHKR
ĀORYHND
3ULĀRP PRUiOQH GREUp DPRUiOQH ]Op V~ ]iNODGQp HWLFNp NDWHJyULH NWRUp HWLND SRVXG]XMH
69('20,(
$NR XYiG]D $QGUHM 0iWHO DNRO JUpFN\ YìUD] V\QHLGHVLV ]QDPHQi SRVXG]RYDQLH QLHĀRKR QiKĕDG QD QLHĀR /DWLQVNì YìUD] FRQVFLHQWLD R]QDĀXMH YQtPDQLH]QDORVĨYHGHQLHYQ~WRUQ~VN~VHQRVĨ
-LĢt -DQNRYVNì V NRQåWDWXMH çH HW\PROyJLD ĀHVNpKR YìUD]X ÅVYďGRPt´
Y\VWLKXMH SUiYH WR ĀR ĀORYHN NRQi ÅVYHGRPtP´ 9]KĕDGRP NEOt]NRVWL VORYHQVNpKR HNYLYDOHQWXVYHGRPLHP{çHPHNRQåWDWRYDĨçHWRMHREGREQHDNRYĀHVNRPMD]\NX ĉDOHMKRYRUtçHKRPRçQRYQtPDĨDNRSRGVWDWQ~]ORçNXPUDYQRVWL6YHGRPLHGiYD ĀORYHNXVFKRSQRVĨPRUiOQHKRGQRWLĨVYRMHMHGQDQLH
$UQR$Q]HQEDFKHUVR]QDĀXMHDNRVYHGRPLHSR]QDQLHGREUDD]ODNWRUp VSRQWiQQHDVDPR]UHMPHSUHGSRNODGiPHYVW\NXVĕXĊPL
,JRU .Låå HYDQMHOLFNì WHROyJ SRYDçXMH VYHGRPLH ]D W]Y ]YOiåWQ\ RUJiQ YĀORYHNX NWRUì PX MH GDQì %RKRP DNWRUì VD PX R]YH DN VD GRSXVWt ĀORYHN QLHĀRKR]OpKRDREçDORYiYDQiVQRURYQDNRQiVDMYDUXMHDE\VDĀORYHNQHGRSXVWLO QLHĀRKR ]OpKR 'RVORYQH StåH ÅVYHGRPLH MH WRWLç KODVRP QDMY\ååtFK SULQFtSRY NWRUìPL VD ĀORYHN YVYRMRP çLYRWH QHFKiYD YLHVĨ -H WR DNìVL KODV QiåKR OH[
SHUVRQDOLV QDMY\ååtFK PRUiOQ\FK KRGQ{W NWRUìP VD ĀORYHN ULDGL´ V %H]
VYHGRPLDE\VPHQHPRKOLE\ĨPRUiOQ\PLE\WRVĨDPL
-LĢt-DQNRYVNìVXYiG]DQDVOHGRYQpYQtPDQLHVYHGRPLDMHGQRWOLYìPL RGERUPL
9 025É/1$ 7(2/Ð*,$ YQtPD VYHGRPLH DNR KODV %Rçt KODV SUDYG\ D VSUDYRGOLYRVWLYĕXGVNRPVUGFL
9 6Ôÿ$61É025É/1$ 7(2/Ð*,$² UHåSHNWXMH ĊDOHNR YLDF ĕXGVN~ UHDOLWX D VORERGX VYHGRPLD VYHGRPLH YQtPD DNR PLHVWR VWUHWiYDQLD VD %RKD V ĀORYHNRP 6YHGRPLH MH DNRXVL VYlW\ěRX ĀORYHND Y NWRUHM MH RQ ViP OHQ V%RKRP
9 ),/2=2),&.É $175232/Ð*,$ ² YQtPD VYHGRPLH SUHSRMHQp VR ]RGSRYHGQRVĨRXĀORYHNDSULĀRPVYHGRPLHMHVWiOHYLDFFKiSDQpDNRIXQNFLD FHOHMRVREQRVWL
9 36<&+2/Ð*,$²VYHGRPLHMHYQtPDQpDNRLQWHUQDOL]iFLDQRULHPĀORYHNRP² MHGLQHFVDPXVtVQRUPDPLLGHQWLILNRYDĨ
5RYQDNR ĊDOHM StåH DM R REVDKX VYHGRPLD NWRUp MH YěRP ]iYLVOp QDVRFLiOQR NXOW~UQ\FKYSO\YRFKNWRUpV~YHĕPLUR]GLHOQHOHERĀRMHYMHGQHMNXOW~UHYQtPDQp DNRGREURP{çHE\ĨLQRXNXOW~URXRGVXG]RYDQpDNR]OR$YåDNYREVDKXVYHGRPLD MHXNDçGpKRĀORYHNDDMĀRVLS{YRGQpKRYQ~WRUQpKRĀRMHQH]iYLVOpQDYìKUDGQRP S{VREHQt]YRQNDWDPWLHçV
Ϯϭ 3UL SRGVWDWH VYHGRPLD -LĢt -DQNRYVNì V XYiG]D çH Pi QDVOHGRYQp IXQNFLH
9 VYHGRPLHSUHGĀLQRPSUHGFKiG]DYODVWQpPXMHGQDQLXVO~çLDNRNULWpULXP VSUiYQRVWL ĀL QHVSUiYQRVWLVSUiYDQLD VDĀORYHND 9UDFLD VD DM VSlWQH N ĀLQX ĀORYHNDDKRGQRWtĀLĀLQEROVSUiYQ\DOHERQLH
9 VYHGRPLH SR ĀLQH VFKYDĕXMH QDåH MHGQDQLH KiML SRSUtSDGH DM RVSUDYHGOěXMH 7LHç NHĊ ÅVYHGRPLH SUHG ĀLQRPµ ]KRGQRWt VSUiYDQLH ]D ]Op SUiYH ÅVYHGRPLH SR ĀLQHµ QiP GiYD YìĀLWN\ LFK LQWHQ]LWD MH ]iYLVOi QD FLWOLYRVWL VYHGRPLD '{OHçLWì MH WX SUHYHQWtYQ\ Yì]QDP ÅVYHGRPLD SR ĀLQHµ YWHG\KRYRUtPHRÅQiVOHGQRPVYHGRPtµNWRUpĀORYHNDQDEiGDNWRPXDE\VD SROHSåLO
,JRU .Låå V XYiG]D çH ĕXGLD P{çX PDĨ VYHGRPLD VU{]Q\PL YODVWQRVĨDPL8YiG]DW]YVSLDFHVYHGRPLHWRVDĀORYHNXNWRUìKRPiYSUtSDGH ]OpKR ĀLQX DQL OHQ QHR]YH)DORåQp VYHGRPLH MH WDNp NWRUp ĀORYHND WUiSL DOH QLH YWHG\NHĊQLHĀR]OpY\NRQDODOHSUiYHYWHG\DNQLHĀR]OpQHY\NRQDO
-LĢt -DQNRYVNì V ]DVD XYiG]D RGOLåQp YODVWQRVWL VYHGRPLD $WROD[Qp VYHGRPLH SUXçQp YRĕQp åLURNp WRWR VYHGRPLH Pi PDO~ FLWOLYRVĨ SUH SRGQHW\
VYHGRPLDSUHGĀLQRPDMSRĀLQH'UXKpW]YULJLGQpVYHGRPLH~]NHPiĀORYHN NWRUìMHViPQDVHEDDçSUtOLåQiURĀQìDSUtVQ\DPi]DQiVOHGRNYEHçQRPçLYRWH QHLVWRWXQHUR]KRGQRVĨ~]NRVĨVWUDFKSUHG]RGSRYHGQRVĨRX
6~KODVtPH VY\MDGUHQtP -LĢtKR -DQNRYVNpKR çH Y SRPiKDM~FLFK SURIHVLiFK Pi VYHGRPLHYHĕN~ UROX 3UHMDYRPSURIHVLRQDOLW\ X SUDFRYQtND MHGREUH Y\YLQXWp D ]GUDYpVYHGRPLHDMHWLHçFLWOLYìPEDURPHWURPVSRNRMQRVWLVYìNRQRPSRPiKDM~FHM SURIHVLH
6/2%2'$ÿ/29(.$
3RMHPVORERGD MH YHĕPL ĀDVWR RSLVRYDQìP DGHILQRYDQìP SRMPRP 9UR]OLĀQìFK ILOR]RILFNìFKVPHURFKVDP{çHPHVWUHWQ~ĨVU{]Q\PGHILQRYDQtPWRKWRSRMPX
%UDQLVODY0DOtNKRYRUtçHRVORERGHVDĀDVWRXYDçXMHYVSRMHQHFWYHVY{ĕRX ĀORYHND²DNRRVORERGQHMY{OL
3RGĕD -RKDQD *RWWIULHGD +HUGHUD LQ 0DOtN SROHPL]RYDO V WYUGHQtP ,PPDQXHOD .DQWD çH ĀORYHN MH ]YLHUD D SUHWR SRWUHEXMH SiQD 3RGĕD QHKR QDRSDN ĀORYHN NWRUì SRWUHEXMH SiQD MH ]YLHUD 1HVFKRSQRVĨ NRQDĨ DXWRQyPQH MH SRGĕD QHKRG{ND]RPWRKRçHVDĀORYHNVWiOHQHY\PDQLO]DQLPiOQHKRVWDYX6ORERGXWDN SRGiYD DNR QDME\WRVWQHMåLX XUĀHQRVĨ ĀORYHND .GH ]DĀtQD VORERGD NRQĀt SUtURGD D QDRSDN
.DUO -DVSHUVLQ 0DOtN WYUGt çH ĀORYHN MH E\WRVĨ VFKRSQi VHERX VDPRX VORERGQH GLVSRQRYDĨ æLYRW ĀORYHND QHSUHELHKD OHQ DNR SUtURGQp GLDQLH 6ORERGD GiYDĀORYHNXPRFSRXçLĨVYRMçLYRWDNRPDWHULiO
6RUHQ.LHUNHJDDUGLQ0DOtNSRVWUHKROçH~]NRVĨSUDPHQLDFD]Y\VWDYHQRVWL ĕXGVNìFKE\WRVWtIDNWXNRQHĀQRVWLQiVQ~WLYROLĨWME\ĨVORERGQìPL
-HDQ3DXO6DUWUHWDPWLHçWYUGtçHVPHNVORERGHRGV~GHQt
ϮϮ 7HRGRU 0Q] XSR]RUěXMH çH ]D XUĀLWRX KUDQLFRX WR Xç QLH MH VORERGD NWRURX GLVSRQXMHĀORYHNDOHVORERGDNWRUiGLVSRQXMHĀORYHNRP7R]QHPHQiçHĀORYHNVD WDNRGGiVORERGHçHVDP{çHVWDĨDçMHMRWURNRP
1DNRQLHF%UDQLVODY 0DOtN WpPX VORERG\ X]DWYiUD P\åOLHQNRX çH MHGQìP ] SURVWUHGtYNRQIURQWiFLLVNWRUìPVDRVYHGĀXMHQDåDVORERGDMHLVSRORĀQRVĨ0LHUD QDåHM YRĕQRVWL YRĀL MHM GQHåQHM SRGREH YåDN QHPXVt NRUHåSRQGRYDĨ V PLHURX QDåHM VORERG\ $N MH XGHOHQi D QLH Y\ERMRYDQi D ULVNRYDQi VWUiFD VYRM SiWRV D ĕXGVNì Yì]QDP
$NR SUtNODG NXYHGHQpPX QiP P{çH VO~çLĨ DM WDEXĕD RVDGHQi QD QiPHVWt 613 Y%UDWLVODYHNWRUiSULSRPtQD]DPDWRY~UHYRO~FLX]URNX1DWHMWRWDEXOLVWRMt ÅOHQWHQNWRVLVORERGXY\ERMRYDOMHMHMKRGHQ´7HQWRFLWiW]SDPlWQtNDUHYRO~FLHMH EOt]N\XYHGHQHMP\åOLHQNH%UDQLVODYD0DOtND
3R]ULPH VD QD WR EOLçåLH 3UHGVWDYWH VL GLVNXVLX GYRFK ĕXGt -HGQpKR QDURGHQpKR YURNX DGUXKpKR YURNX 7tWR ĕXGLD Y\UDVWDOL YVSRORĀQRVWL VUR]OLĀQìP SROLWLFNìP]ULDGHQtP7HQQDURGHQìYURNXP{çHDNRVORERGXYQtPDĨSUiYHWR çH QHPXVt E\Ĩ ĀOHQRP çLDGQHM RUJDQL]iFLH DNR PODGì ĀORYHN PXVHO E\Ĩ ĀOHQRP QDMSUY SLRQLHUVNHM RUJDQL]iFLH ² ,VNUD 3LRQLHU DQiVOHGQH 6RFLDOLVWLFNpKR ]Yl]X POiGHçH ]iURYHě YHĕPL UiG KRYRUt VYRM Qi]RU NWRPX DNR YQtPD VSRORĀHQVNR SROLWLFN~ VLWXiFLX VDPR]UHMPH YLQWHQFLiFK GHPRNUDWLFNìFK SULQFtSRY ² WHGD EH]
QDGiYRN DYXOJDUL]PRY ĀR YMHKR PODGRVWL WDN MHGQRGXFKp QHEROR YĊDND SROLWLFNpPX]ULDGHQLX5RYQDNRMHSUHWRKWRĀORYHNDYHĕPLSUtMHPQpçHP{çHĀtWDĨ WRĀRFKFHQLHOHQWRĀRPXMHGRYROHQp
0\VOtWH VL çH PX ĀORYHNQDURGHQìYURNX EXGH UR]XPLHĨVNXWRĀQHWHGD WDN DNRE\ViPSRFLWVORERG\SULWRPWRSRFLĨRYDODOHEROHQUDFLRQiOQH"3ODWtWHGDYHWD XYHGHQiDMQDSDPlWQtNX
$QGUHM 0iWHO DNRO YV~ODGH V7RPiåRP $NYLQVNìP NRQåWDWXMH çH ĀORYHN MH VORERGQì YR VYRMRP FKFHQt DNRQDQt DOH QLH MH DEVRO~WQH VORERGQì -H OLPLWRYDQì YRQNDMåtPLREPHG]HQLDPLDVYRMLPVDPRWQìPE\WtPSR]QiYDQtPDNRQDQtP
3RGĕD-LĢtKR-DQNRYVNpKRPRUiOQHMHGQDĨP{çHOHQVORERGQìĀORYHN6ORERGX FKiSHDNR
9 PRçQRVĨVDUR]KRGRYDĨQD]iNODGH]QDORVWLYHFL 9 VWDYGXFKDSRSUtSDGHDNRSR]QDQ~QXWQRVĨ 9 QH]iYLVORVĨQDGUXKìFK
6ORERGDMHXç]RVYRMHMSRGVWDW\VSlWiVPRçQRVĨRXYRĕE\
-DQ 2ODY +HQULNVHQ D $UQH -RKDQ 9HWOHVHQ QD PDUJR VORERG\
SR]QDPHQiYDM~ çH VORERGD MHGLQFD MH ]DSOHWHQi GR Y]RUFD XUĀLWHM NXOW~U\ 7R ]QDPHQi çH WLHWR SRMP\ V~ QDSOQHQp WDNìPL LQWHUSUHWiFLDPL DNìPL LFK REGDULOD NXOW~UDYU{]Q\FKKLVWRULFNìFKHSRFKiFKSULĀRPWLHWRLQWHUSUHWiFLHQLHV~UR]KRGQH KRGQRWRYR QHXWUiOQH $NR SUtNODG E\ VPH PRKOL NXYHGHQpPX XYLHVĨ NRQIOLNW QDSOQHQLD SRMPX VORERGD YWUDGLĀQHM DPRGHUQHM VSRORĀQRVWL DNR DM MHM NRQNUpWQD UHDOL]iFLD
9 V~YLVORVWL VR VORERGRX VD QiP REMDYXMH Xç QLHNRĕNì UD] DM SRMHP DXWRQyPQRVWL ĀORYHND -DQ 2ODY +HQULNVHQ D $UQH -RKDQ 9HWOHVHQ FKiSX DXWRQyPLX
Ϯϯ ĀORYHND DNR YåHWNpPX RVWDWQpPX QDGUDGHQ~ KRGQRWX $XWRQyPLL P{çHPH UR]XPLHĨ DNR MX ]G{UD]ěRYDO ,PPDQXHO .DQW çH ĀORYHN MH E\WRVĨ REGDUHQi VHED]iNRQRGDUVWYRP2SDNRPDXWRQyPQRVWLMHKHWHURQyPLDWHGDYOiGDGUXKìFK ĀLçHĀORYHNMHULDGHQìQLHĀtPDOHERQLHNìPLQìPQHçWìPĀRYODVWQìUR]XPY\W\ĀXMH DNRVSUiYQH
6RVORERGRXVD~]NRVSiMDDM]RGSRYHGQRVĨ3ULĀRP]RGSRYHGQRVĨP{çHPHYHWLNH YQtPDĨDNRNĕ~ĀRYìSRMHP
-DQ 2ODY +HQULNVHQ D $UQH -RKDQ 9HWOHVHQ KRYRULD çH ]RGSRYHGQRVĨ MH KODYQìPIHQRPpQRPPHG]LĕXGVNpKRV~çLWLD7YUGLDçHVFKRSQRVĨ]RGSRYHGQRVWLMH U{]QD Y U{]Q\FK çLYRWQìFK åWiGLiFK 'LHĨD MH SUtMHPFRP UHVS DGUHViWRP ]RGSRYHGQRVWL 'RVSHOi RVRED MH SOQR UR]YLQXWì VXEMHNW D MH QRVLWHĕRP ]RGSRYHGQRVWL 5RYQDNR WYUGLD çH ]RGSRYHGQRVĨ VPH VL GREURYRĕQH QH]YROLOL QHP{çHPHMXWHGDDQLYODVWQRXYRĕERX]DPLHWQXĨ
27É=.$9,1<
6R ]iNODGQìPL HWLFNìPL NDWHJyULDPL GREURP D]ORP VD QiVOHGQH VSiMD X ĕXGt DM RWi]ND YLQ\ 3UREOHPDWLNX YLQ\ UR]SUDFRYDO .DUO -DVSHUV YR VYRMRP GLHOH 2Wi]ND YLQ\ 3UtVSHYRN N QHPHFNHM RWi]NH 9LQD VD GRVWDYXMH YV~YLVORVWL VPRUiOQ\P SUHKUHåNRP DPi G{VOHGN\ YRQNDMåHM DNR DM YQ~WRUQHM SRYDK\ 1D SRFKRSHQLHYìĀLWLHNNWRUpYLQDSULQiåDMHSRWUHEQpVDPRWQìSRMHPYLQDUR]OtåLĨ
äW\ULÅYLQ\´SRGĕD.DUOD-DVSHUVD
.ULPLQiOQDYLQD²]ORĀLQ\VSRĀtYDM~YREMHNWtYQHSRXNi]DWHĕQìFKĀLQRFK 3ROLWLFNiYLQD²VSRĀtYDYĀLQRFKåWiWQLNRYDYSUtVOXåQRVWLNXUĀLWpPXåWiWX
3ROLWLFNi YLQD SULFKiG]D G{VOHGNDPL ĀLQRY NWRUìFK PRFL åWiWX MH MHGLQHF SRGULDGHQìDNWRUpKRSRULDGRNXPRçěXMHçLYRWĀORYHND
0RUiOQD YLQD² ĀLQ\ NWRUìFK VD GRS~åĨD ĀORYHN DNR XUĀLWì MHGLQHF 3UL GHILQRYDQt WHMWR YLQ\ QLNG\ QHSODWt ÅUR]ND] MH UR]ND]´ SUHWRçH PRUiOQ\P ]ORĀLQRPVDVWiYDĀLQDMNHĊMHY\NRQDQìQDUR]ND]
0HWDI\]LFNiYLQD²NDçGìMHVSROX]RGSRYHGQì]DYåHWNREH]SUiYLHDYåHWNX QHVSUDYRGOLYRVĨ QD VYHWH ]YOiåĨ YåDN ]D WLH ]ORĀLQ\ NX NWRUìP SULFKiG]D Y SUtWRPQRVWLMHGLQFDUHVSVMHKRYHGRPtP
ĔXGLDYRYåHREHFQRVWLDVLQDMPHQHMUHIOHNWXM~PHWDI\]LFN~YLQX1DMĀDVWHMåLHP{çX SUL QHM SUHçtYDĨ çH VD LFK DNRE\QHWìND 1LH MH WR YåDN Dç WDN~SOQH SUDYGRX$NR SUtNODGPHWDI\]LFNHMYLQ\QiPP{çHSRVO~çLĨSUtEHK.LWW\*HQRYHVH8YHGHQìSUtEHK LQLFLRYDOPQRKpĊDOåLHYìVNXP\YREODVWLVRFLiOQHMSV\FKROyJLH&HOìSUtEHKĀHUSiPH ]SUiFH5DGRPtUD0DVDU\NDV
Å9SLDWRN PDUFD VD GYDGVDĨRVHPURĀQi PODGi çHQD .LWW\ *HQRYHVH VWDOD REHĨRXSUHSDGQXWLD1HVNRURYHĀHUMXSUHGMHMGRPRPYRåWYUWL4XHHQVYPHVWH1HZ
<RUNQDSDGROYUDKVQRçRPYUXNH1DMHMYìNULN]DUHDJRYDOMHGHQPXçNWRUì]RNQD ]DNULĀDOQD~WRĀQtNDDE\MXSXVWLOÔWRĀQtNVDY\SODåLODXåLHODOHSRNUiWNRPĀDVH VDYUiWLOQDåLHO]UDQHQ~REHĨSRN~VLOVDMX]QiVLOQLĨRNUDGROMXD]DVDGLOVPUWHĕQ~
UDQX *DGR 'H 0D\ *DQVEHUJ 5RVHQWKDO 6NROOHU
Ϯϰ 3iFKDWHĕD]DGUçDOLSRPHUQHUìFKOR%ROQtPGYDGVDĨGHYlĨURĀQìPXçPHQRP :LQVWRQ 0RVHOH\ 9\åHWURYDQLH YåDN XNi]DOR HåWH QLHĀR 0LQLPiOQH VXVHGRY SRĀXOR DNR .LWW\ YROi RSRPRF DOHER DVSRě SRĀXOL ]YXN\ ERMD DOHER YLGHOL ĀDVĨ
~WRNX 3{YRGQH WHQWR SUtSDG Y\YRODO YOQX ]GHVHQLD EHçQt ĕXGLD DM YìVNXPQtFL DYìVNXPtĀN\ VD SìWDOL DNR MH WR PRçQp çH MHM QLNWR QHSRPRKRO 3UtEHK .LWW\
*HQRYHVH YRåLHO GR KLVWyULH DNR SUtNODG QHĀLQQRVWL ĕXGt NWRUi P{çH PDĨ WUDJLFNp G{VOHGN\7HQWRMDYVDYVRFLiOQHMSV\FKROyJLLR]QDĀXMHHIHNWSUL]HUDM~FLFKVD´ 7DNçHSULPHWDI\]LFNHMYLQHP{çHPHKRYRULĨDMRHIHNWHSUL]HUDM~FLFKVD$WRQLHOHQ YSUtSDGRFKDNR.LWW\²WHGDYRĀLĕXĊRPDOHWLHçDMYSUtSDGRFKNHĊVDÅSUL]HUiPH´
YRĀL ĀLQRP QD ]YLHUDWiFK WHVWRYDQLH SURGXNWRY QD ]YLHUDWiFK LFK WìUDQLH YRĀL ĀLQRP QD SUtURGH ]QHĀLVĨRYDQLH RY]GXåLD QHVHSDURYDQLH RGSDGX QD VSRORĀQRVWL NRUXSFLDDSRG
+2'127$
+RGQRW\Y\FKiG]DM~]PRUiON\DP{çHPHLFKGHILQRYDĨDNRYåHWNRĀRSRYDçXMHPH ]DYì]QDPQpDG{OHçLWp1HĀDVRYi0V$QGUHM0iWHODNROV NWRPXHåWHSULGiYDM~çHKRGQRWDMHDMYåHWNRWRĀRVLFHQtPHDYiçLPH
9V~YLVORVWL VKRGQRWRX -ULĢt -DQNRYVNì V NRQåWDWXMH çH MH YçG\
SULMtPDQi DNR QRUPD D Pi WHGD QRUPDWtYQ\ FKDUDNWHU $N MH ĀORYHN ]UHWHĕQH KRGQRWRYR RULHQWRYDQì XUĀLWìP VPHURP NHĊ Pi MDVQ~ KRGQRWRY~ RULHQWiFLX SRYDçXMH]DVSUiYQHGREUpDPUDYQpDMSUHYåHWNìFKRVWDQìFKDE\EROLRULHQWRYDQt SRGREQHDNRRQ-HKRKRGQRWRYiRULHQWiFLDWDN]iURYHěYìUD]QìPVS{VRERPXUĀXMH DMMHKRPRUiONX
9LNWRU()UDQNOUR]ĀOHQLOKRGQRW\QDWULVNXSLQ\$WRQD 9 SRVWRMRYpKRGQRW\²ĀORYHNXMHGDQpçHP{çH]DXMtPDĨSRVWRM
9 WYRULYpKRGQRW\²KRGQRW\SUHGVWDYXM~FHIDNWçHĀORYHNP{çHSRĀDVçLYRWD WYRULĨSUDFRYDĨ
9 ]içLWNRYpKRGQRW\²WHQWRW\SKRGQ{WWNYLHYWRPçHĀORYHNP{çHSUHçtYDĨ
-DQD/HYLFNiXYiG]DçHKRGQRW\SULDPRRYSO\YěXM~QDåHNRQDQLHSRVWRMH FLHOHDçLYRWQìåWìO
$N SULS~åĨDPH çH KRGQRWD Pi QRUPDWtYQ\ FKDUDNWHU SRWRP MH G{OHçLWp WLHç Y\PHG]LĨDNRUR]XPLHPHQRUPH
1RUPD SRGĕD -LĢtKR -DQNRYVNpKR V XVSRNRMXMH SRWUHEX RULHQWiFLH ĀORYHNDYRVYHWHSUHWRçHQRUP\GiYDM~ĀORYHNXLVWìYåHREHFQH]iYl]QìSRULDGRN
=iURYHě XYHGHQì DXWRU XYDçXMH RLFK SULMtPDQt YGYRFK W\SRFK VSRORĀQRVWLDFK QDVOHGRYQH
9 SUH WUDGLĀQ~ VSRORĀQRVĨ MH W\SLFNp QHNULWLFNp SULMtPDQLH QRULHP YR VYHGRPt LFKĀOHQRYDWRDçGRWHMPLHU\çHVDP{çXQRUP\DVYHGRPLHSUHNUìYDĨ7RWR YHGLHQDNRQLHFNLGHQWLILNiFLLVYHGRPLDVQRUPRX
9åHWN\]GURMHY]iWYRUNHV~]GURMH]NWRUìFKĀHUSDO5DGRPtU0DVDU\N
5DGRPtU 0DVDU\N WHQWR SUtSDG QiVOHGQH UR]REHUi RYHĕD SRGUREQHMåLH YR VYRMHM SXEOLNiFLL D]DPìåĕD VD QDG QtP ]YLDFHUìFK VWUiQRN 6S{VRE DNR KR VSUDFRYDO SRYDçXMHPH ]D YìERUQì DRGSRU~ĀDPHSUHĊDOåLHåW~GLXP
Ϯϱ 9 YOLEHUiOQ\FKVSRORĀQRVWLDFKNGHH[LVWXMHQi]RURYiDKRGQRWRYiSOXUDOLWDVD VWUHWiYDPHVSOXUDOLWRXDMYSULMtPDQtQRULHPDWLHçVPRçQRVĨRXPRGLILNiFLH DUR]GLHOQHMLQWHUSUHWiFLHWìFKWRQRULHP
3RGĕD,JRUD.LååDVMHPRUiOQDQRUPDYWHG\VSUiYQH]G{YRGQHQiDNMHY V~ODGH VFHOìP NRPSOH[RP RVWDWQìFK ]iNODGQìFK YåHĕXGVNìFK PRUiOQ\FK SULQFtSRY1DNDçG~HWLFN~KRGQRWXPXVtGRSDGDĨWLHěRVWDWQìFKHWLFNìFKKRGQ{W 3RGĕD %UDQLVODYD 0DOtND QRUPDOLWD QHPi çLDGQ\ REMHNWtYQ\
VWDWXVDOHMHOHQXUĀLWìPNXOW~UQRKLVWRULFN\SRGPLHQHQìPNRQåWUXNWRPSUtSDGQH YìVOHGQLFRXXUĀLWHMNRQåWHOiFLHPRFHQVNìFKVLORNULYLHN
6WDQRYHQLH SDUDPHWURY ĕXGVNRVWL SUHGSRNODGi Y\PHG]HQLH XUĀLWpKR RSWLPiOQHKR VWDYXVWDQRYHQLHXUĀLWHMQRUP\WMÅGHILQRYDQLHXUĀLWpKRÅVHWSRLQWX´YNWRURPVD åWDWLVWLFN\ ]ELHKDM~ GRERYp SUHGVWDY\ QRUPDOLW\ D RNROR NWRUpKR RVFLOXM~ YìQLPN\
SRWYUG]XM~FHSUtVOXåQ~QRUPXSUDYLGOR´
9 SUtSDGH ĀORYHND VD Gi KRYRULĨ OHQ R LQGLYLGXiOQHM QRUPH D RGFKìONDFK RG QHM NWRUp V~ YR YlĀåLQH SUtSDGRY WLHç åSHFLILFNp D QHGDM~ VD JHQHUDOL]RYDĨ 3RGĕD XYHGHQpKR DXWRUD DNìNRĕYHN SRNXV RVWDQRYHQLH JHQHUDOL]RYDQHM QRUP\ P{çH E\Ĩ QHEH]SHĀQìSUHUR]YRMRVREQRVWLĀORYHNDDMHKRGXåHYQp]GUDYLHNUDMQHQHSULD]QLYì
-LĢt-DQNRYVNìVUR]OLåXMHQRUP\QDVOHGRYQH
9 PUDYQp DNpVL ÅQHStVDQp SUDYLGOR´ NWRUp SODWt Y XUĀLWHM VSRORĀQRVWL SRSUtSDGH Y VSRORĀHQVNHM VNXSLQH 0UDYQp QRUP\ V~ XUĀRYDQp QDSU WUDGtFLRX D SRGSRURYDQp VLORX YHUHMQHM PLHQN\ D MH SUH QH W\SLFNp çH V~
]DYl]XM~FHSUHMHGLQFDYMHKRVYHGRPt
9 SUiYQH²Y\KOiVHQpYHUHMQHRSUiYQHQìPRUJiQRP1RUP\SUiYQHPDM~IRUPX ]iNRQD Y\KOiåN\ D SRG DLFK SOQHQLH Xç QLH MH OHQ ]iOHçLWRVĨRX VYHGRPLD ĀORYHNDDOHMHKRVSUiYDQLHMHYRY]ĨDKXNGDQHMSUiYQHMQRUPHSRVXG]RYDQp ] KĕDGLVND ]QHQLD SUtVOXåQHM QRUP\ 3UHNURĀHQLH SUiYQ\FK QRULHP MH VDQNFLRQRYDQp
$QGUHM 0iWHO DNRO XSR]RUěXM~ çH V~ĀDVĨRX HWLN\ MH DM KRGQRWHQLH 7R ]QDPHQi çH DNpNRĕYHN ĕXGVNp NRQDQLH ĕXGVNpVSRORĀHQVWYR SRVXG]XMHQD ]iNODGH MHKR PRUiOQHKR Yì]QDPX WHGD SRGĕD HWLFNìFK NDWHJyULt GREUD D]OD SUtSDGQH ÅSUtMHPQRVWL DQHSUtMHPQRVWL SURVSHåQRVWL DQHSURVSHåQRVWL DSRG´ 0iWHO $ DNROV
$8725,7$$02&
3RGĕDVORYQtNDFXG]tFKVORYDXWRULWDDNRVORYRPiGYDYì]QDP\3UYìMH]DPHUDQì QD VSRORĀHQVNì Y]ĨDK PHG]L RVREDPL ]NWRUìFK MHGQ\ Y\NRQiYDM~ UHiOQ\
SUHYDçXM~FLYSO\YQDGUXKìFKYiçQRVĨD~FWD$XWRULWXYåDNP{çHPHFKiSDĨDMDNR MH YSO\YQ~ YiçHQ~ RVREQRVĨ ĀL YìERUQpKR SUYRWULHGQHKR SUDFRYQtND ,YDQRYi ² äDOLQJRYi0V
3RGĕD -LĢtKR -DQNRYVNpKR V VPH DXWRULWX ]Y\NQXWt VSiMDĨ VQHMDNRX RVRERX$YåDNWRWRSRQtPDQLHQLHMHVSUiYQHSUHWRçHDXWRULWDQLHMHOHQ]iOHçLWRVĨRX ĀORYHND
1DMSUY VD SR]ULPH QD DXWRULWX YR YQtPDQt QD ĀORYHND 7~ UR]OLåXMH XYHGHQì DXWRU WDPWLHçQDVOHGRYQH
9 SULURG]HQiDXWRULWD²SULURG]HQìPVS{VRERPUHåSHNWRYDQìĀORYHN
Ϯϲ 9 QHIRUPiOQDDXWRULWD²MHGLQHFSRçtYDYiçQRVĨPHG]LRVWDWQìPLYĊDNDVYRMLP
PLPRULDGQ\PRVREQRVWQìPGLVSR]tFLiP
9 IRUPiOQD DXWRULWD² Y\SOìYD ] MHKR VSRORĀHQVNpKR SRVWDYHQLD UHVS ~UDGX NWRUì]DVWiYD
$NVDSR]ULHPHQD-LĢtP-DQNRYVNìPVXYHGHQpDXWRULW\QLHĀORYHĀLH WDNPHG]LQHP{çHPH]DUDGLĨ
9 DXWRULWDWH[WRY²W~SUHGVWDYXM~SUHGRYåHWNìPSRVYlWQpNDQRQLFNpVSLV\
9QLHNWRUìFKQiERçHQVWYiFKPDM~SRVYlWQpWH[W\DXWRULWX%RçLHKRVORYDDV~
WHGD ]GURMRP SODWQìFK QRULHP 9HĕPL G{OHçLWì MH LFK YìNODG UHVS LQWHUSUHWiFLD = QiERçHQVNpKR KĕDGLVND MH SUH YHULDFHKR SULURG]HQH QDMY\ååRXDXWRULWRX%RK
9 QRUPRWYRUQi DXWRULWD ² WUDGtFLD²MHM Yì]QDP VSRĀtYD Y WRP çH QLH MH QiKRGQi DOH RVYHGĀLOD VD SR FHOp VWRURĀLD 7UDGtFLH GiYDM~ ĀORYHNX SRFLW LVWRW\DEH]SHĀLDYHFLVDGHM~WDNDNRVDGLDĨPDM~DV~]P\VOXSOQp
9 DXWRULWD SUiYD ² R DXWRULWH SUiYD PRçQR KRYRULĨ YWHG\ NHĊ V~ QRUP\
]DNRWYHQpDUHåSHNWRYDQpYVRFLiOQRPNRQWH[WHPRUiONDYVSRORĀQRVWL 9 DXWRULWD YHG\ ² REMDY\ NWRUp XĀLQLOD DOH WLHç MHM PHWRGROyJLD SUiFD V
IDNWDPL Y\WYiUDQLH SDUDGLJLHP NWRUìPL VD ULDGL YåHWND ĀLQQRVĨ UHVS SUD[
SUtVOXåQìFKYLHG$XWRULWDXUĀLWHMYHG\MHGDQiMHMIDNWLFNìPLYìVOHGNDPLDOH WLHçDXWRULWRXSUtVOXåQpKRRGERUQtNDNWRUìMXUHSUH]HQWXMH
6WpPRXDXWRULW\~]NRV~YLVtYVRFLiOQ\FKVNXSLQiFKDMWpPDPRFL0RFSRGĕD9LHU\
%DĀRYHM WUDGLĀQH FKiSHPH DNR PRQROLWLFN~ NRPSDNWQ~ KLHUDUFKLFN~ D MHGQRVPHUQ~ ² VPHUXMH ]KRUD QDGRO 3RGĕD XYHGHQHM DXWRUN\ MH MDVQH YLGLWHĕQi ² PRçQR XUĀLĨ QRVLWHĕRY YODVWQtNRY D LQp ĀLQLWHOH PRFL WLHç DM ]GURMH RGNLDĕ PRF SRFKiG]D 0RF VWHOHVQHQi Y ]iNRQRFK MH Y\MDGUHQi StVRPQH MH QHJDWtYQD D UHSUHVtYQDREVDKXMH]iND]\DWDEX
9LHUD%DĀRYiXYiG]DDMNODVLFN~GHILQtFLX0D[D:HEHUDNWRUìFKiSHPRF DNRVFKRSQRVĨDOHERPRçQRVĨQRVLWHĕDPRFLSUHVDGLĨVYRMXY{ĕXYVRFLiOQRPY]ĨDKX DM QDSULHN RGSRUX GUXKHM VWUDQ\ 7RWR Y\PHG]HQLH PRFL 0D[D :HEHUD VD VWDOR ]iNODGRPV~ĀDVQìFKFKiSDQtPRFLYVRFLROyJLL
0D[ :HEHUYR VYRMRP GLHOH3ROLWLND DNR SRYRODQLHĀHVN\ GHILQXMH PRF Y UiPFL SROLWLN\ 7~WR GHILQtFLX PRFL E\ VPH PRKOL Y]WLDKQXĨ DM N YìNRQX VRFLiOQHM SUiFH VRFLiOQ\P SUDFRYQtNRP QDMPl YåDN Y MHM E\URNUDWLFNHM SRGREH L NHĊ EROD IRUPXORYDQi :HEHURP SUH SROLWLNRY 0{çHPH WHGD KRYRULĨ R WRP çH VRFLiOQ\
SUDFRYQtN ÅP{çH XVLORYDĨ R PRF EXĊ DNR R SURVWULHGRN Y VOXçEH LQìP LGHiOQ\P DOHER HJRLVWLFNìP FLHĕRP DOHER R PRF SUH ěX VDPRWQ~ DE\ SUHçtYDO SRFLW SUHVWtçHNWRU~PRFGiYD´:HEHUV
'HILQRYDQLH PRFL SRVXQXO 0LFKHO )RXFDXOW NWRUì SULQLHVRO QRYì SUtVWXS 3RPHQRYiYD PRGHUQ~ ÅGLVFLSOLQXM~FX PRF´ NWRU~ YQtPD DNR VLHĨ Y]ĨDKRY 1D UR]GLHO RG SUiYQHM PRFL NWRUi ĕXGt REPHG]XMH D UR]KRGXMH R WRP ĀR MH QHDNFHSWRYDWHĕQpĀLçHMHM~ORKRXMHSUHYHQFLDDWUHVWDQLHGLVFLSOLQiUQDPRFWUHVWi D RGPHěXMH 5R]KRGXMH R WRP ĀR MH SULPHUDQp YKRGQp DNFHSWRYDWHĕQp
Ϯϳ 'LVFLSOLQiUQD PRF SRXçtYD ]YQ~WRUQHQ~ VHEDNRQWUROX D VHEDGLVFLSOLQRYDQLH
VDPRWQìFKRV{ELQ%DĀRYi9V
'iQVN\ WHROyJ D ILOR]RI.QXG ( /ƗJVWUXSLQ +HQULNVHQ D 9HWOHVHQ V KRYRUtÅQDåDY]iMRPQi]iYLVORVĨ]QDPHQiçHVPHREMHNWPLPRFLDWLHççHVDPLPRF Y\NRQiYDPH´ 8WYiUDQLH çLYRWD MHGLQFD MH YçG\ WLHç SORGRP PRFHQVNìFK åWUXNW~U RNRORQHKR
3RVOHGQìP QD NRKR NRQFHSW DXWRULW\ DVWìP V~YLVLDFHM PRFL E\ VPH UDGL XSR]RUQLOLMH&DUO5RJHUV7HQYV~YLVORVWLVPRFRXSULGHOHQRXYHG~FHPXVRFLiOQHM VNXSLQ\ NRQåWDWRYDO ÅYHG~FHKR ĀDVWR SRYDçXMHPH ]D ĀORYHND NWRUì GRVWDO DOHER ]tVNDO DXWRULWX QDG RVWDWQìPL ĀOHQPL VNXSLQ\ 9HG~FL Pi YĊDNDSUiYQH ]DUXĀHQHM DXWRULWHPRFURELĨXUĀLWpUR]KRGQXWLDNWRUpPDM~YSO\YQDQLHNWRUpVWUiQN\çLYRWD ĀOHQRY MHKR VNXSLQ\ =RGSRYHGQRVĨ ]D VNXSLQX DPRF QDG VNXSLQRX V~ YSRMPH YHGHQLDĀDVWRQHRGGHOLWHĕQHVSRMHQp1DSULHNWRPXVDYåDNĀDVWR]G{UD]ěXMHMHGQR DOHER GUXKp ÿORYHN P{çH E\Ĩ YQtPDQì DNR YRGFD DM SUHWR çHPi XUĀLWp ]UXĀQRVWL DOHERVFKRSQRVWLSUtSDGQHçHLFKPiYRYlĀåHMPLHUHQHçRVWDWQtYVNXSLQH7DNWR VDFKiSHYRGFRYVWYRDNRIXQNFLDNWRU~Y\NRQiYDRVRED´5RJHUV&
9NRQFHSWH &DUOD 5RJHUVD MH MDVQH YLGLHĨ DNR ĕXGVNi VSRORĀQRVĨ YQtPD UROX YHG~FHKR DVWìP V~YLVLDFRX PRFRX YQHM 0{çHPH NRQåWDWRYDĨ çH LGH RLVWp DQLPiOQH YQtPDQLH ²P\VOtPH WìP çHVD SULEOLçXMHPHN]YLHUDWiP NGHWLHçYRGFD YHG~FLMHWHQVLOQìPRFQìDXUĀXM~FL
=iNODGQiSRYLQQiOLWHUDW~UDNWpPH
-$1.296.ë-LĢt(WLNDSURSRPiKDMtFLSURIHVHY\G35$+$7ULWRQ V,6%1V
1(ÿ$629É 0LUND V 3URIHVQt HWLND Y 0DWRXåHN 2 DNRO 0HWRG\DĢt]HQtVRFLiOQtSUiFHY\G35$+$3RUWiOV,6%1 V
0É7(/$QGUHMDNRO(WLND VRFLiOQHM SUiFHY\G%UDWLVODYD9ä=D63 VY$OçEHW\QRV,6%1V
0$/Ì. %UDQLVODY ÔYRG GR DQWURSROyJLH =iNODGQp DQWURSRIpP\ Y GHMLQiFKDQWURSRORJLFNpKRP\VOHQLDY\G%UDWLVODYD,ULVV,6%1 V
/LWHUDW~UDQDVHPLQiU
)5$1./ 9 ( 9ĪOH NH VP\VOX %UQR &HVWD V ,6%1 V
-$63(56.2Wi]NDYLQ\3ĢtVSďYHNNQHPHFNpRWi]FHY\G3UDKD
$FDGHPLD V ,6%1 V UHVS FHOi SXEOLNiFLD
%OLçåLHYLĊ)RXFDXOW0'R]HUDĨDWUHVWDĨ=URGYl]HQLD%UDWLVODYD.DOOLJUDPD)RXFDXOW0 0RFVXEMHNWDVH[XDOLWD%UDWLVODYD.DOOLJUDPV,6%1
Ϯϴ 2Wi]N\~ORK\DFYLĀHQLD
$NRUR]XPLHWHHWLNH"
3RYDçXMHWH GREUR D]OR ]D ]iNODG SUL SUiFL VNOLHQWRP DOHER OHQ DNR ]iNODG HWLN\"0{çHVRFLiOQ\SUDFRYQtNYLGLHĨ YHFL YUiPFL NDWHJyULH GREUR D]OR" $N iQRWDNYĀRPV~SUtSDGQpUL]LNiSULSUiFLVNOLHQWPL"
$NRUR]XPLHWHVYHGRPLX"
3RYDçXMHWH VYRMH VYHGRPLH ]D Y\YLQXWp WDNìP VS{VRERP çH EXGHWH ]YOiGDĨ SUiFXVNOLHQWPL"
.WRUì NRQFHSW VORERG\ MH SUH 9iV QDMEOLçåt"3UtSDGQH DNR UR]XPLHWH VORERGH 9\"
$NRUR]XPLHWHSRMPXYLQD"
$NpKRGQRW\SRYDçXMHWH]DYKRGQpDE\LFKYRVYRMHMÅYìEDYH´PDODMVRFLiOQ\
SUDFRYQtN"
=DP\VOLWHVDDSRYHG]WHDNRUR]XPLHWHDXWRULWHDPRFL"
3RĀDVQDVOHGXM~FHKRWìçGěDVOHGXMWHYWHOHYt]LLDNìNRĕYHNS{YRGQìVORYHQVNì GHQQìVHULiONDçGìGHě9DåRX~ORKRXEXGH]D]QDPHQDĨVLYåHWN\SR]LWtYQH DM QHJDWtYQH KRGQRW\ NWRUp YěRP LGHQWLILNXMHWH KRGQRW\ NWRUp VHULiO SRQ~NDGLYiNRYL1iVOHGQHXUREWHUR]ERUWìFKWRVStVDQìFKKRGQ{W
Ϯϵ
9ë=1$01e(7,&.e7(Ð5,(.21&(3&,((7,.<
ÿORYHN Xç RG ĀLDV VYRMKR QDURGHQLD QHXVWiOH SìWD DNR VPH Xç XYLHGOL Y\ååLH 6~KODVtPH V-DQRX /HYLFNRX NWRUi WYUGt çH VKRGQRWDPL DQRUPDPL VSRORĀQRVWL VD ĀORYHN ]R]QDPXMH DWLHç VD LFK VQDçt YR YlĀåHM ĀL PHQåHM PLHUH GRGUçLDYDĨQRQDMPlVSRORĀQRVĨLFKY\çDGXMHRGĀORYHNDHåWHY{EHFSUHGWìPDNRVD WHQWRĀORYHNRER]QDPXMHVNRQNUpWQ\PLILOR]RILFNìPLåNRODPL
1iSOěRX WHMWR NDSLWRO\ MH RER]QiPLĨ åWXGHQWRY Y~SOQìFK ]iNODGRFK VMHGQRWOLYìPL ILOR]RILFNìPLåNRODPLNWRUpSRYDçXMHPHSUHVRFLiOQXSUiFXYV~ĀDVQRVWL]DG{OHçLWp 3ULNRQFLSRYDQtREVDKXMHGQRWOLYìFKSRGNDSLWROWìNDM~FLFKVDNRQNUpWQ\FKåN{OVPH Y\FKiG]DOL]SUiFNROHJRYQDMPlYåDN5HPLåRYi$HGNWRUpYçG\XYiG]DPH çH ]QLFK ĀHUSiPH DFLWXMHPH LFK ĀLçH MH MX PRçQR YQtPDĨ DM DNR ĀtWDQNX ]GDQHM SUREOHPDWLN\
0LUND1HĀDVRYiYRVYRMHMSXEOLNiFLLSULQiåD]iNODGQpĀOHQHQLHHWLN\
GHVNULSWtYQDHWLND PHWDHWLND
SUHVNULSWtYQDHWLNDXQiV]QiPDDNRQRUPDWtYQDHWLND
0HO7KRPSVRQGRSēěDRNUHPXçVSRPHQXWìFKSUtVWXSRYåWYUWìDWR DSOLNRYDQ~HWLNX
'HVNULSWtYQDHWLNDVLSRGĕD0LUN\1HĀDVRYHMNODGLH]DFLHĕĀRQDMH[DNWQHMåLH SRStVDĨREODVĨPRUiON\YMHMU{]Q\FKNXOW~UQ\FKSRGREiFK²PHG]LNXOW~UDPLDMYR YQ~WULNXOW~U\3RSLVXMHWRĀRMHXXUĀLWìFKVNXStQQiURGRYSRYDçRYDQp]DPRUiOQH D]LVĨXMHG{YRG\SUHPHQOLYRVWLKRGQ{WDKRGQRWRYìFKSUHGVWiY 'HVNULSWtYQDHWLND VSROXSUDFXMH V DQWURSROyJLRX UHOLJLRQLVWLNRX HWQROyJLRX VRFLROyJLRX KLVWyULRX D ĊDOåtPL
1RUPDWtYQDSUHVNULSWtYQDHWLNDKĕDGiNULWpULiSRPRFRXNWRUìFKE\ERORPRçQp VWDQRYLĨÅĀRPiE\Ĩ´W]QDNpMHGQDQLHMHPRUiOQHGREUp+ODYQRXRWi]NRXMHDNRVD PiĀORYHNVSUiYDĨĀRPiURELĨ"1RUPDWtYQDSUHVNULSWtYQDHWLNDVDGHOtQD
9 WHyULXQRULHP²V~VWUHĊXMHVDQDVSUiYQHMHGQDQLHD
9 QDWHyULXKRGQ{W²VN~PDYMHGQRWOLYìFKHWLFNìFKWHyULiFKWRĀRMHSULRULWRX 1HĀDVRYi
$SOLNRYDQi HWLNDVD SRGĕD 0HOD 7KRSVRQD V ]DREHUi VD SUREOpPDPL NWRUp Q~WLD N Y\MDGURYDQLX D VN~PDQLX PRUiOQ\FK UR]KRGQXWt D KRGQ{W . QDMYì]QDPQHMåtP REODVWLDP DSOLNRYDQHMHWLN\ SDWULD HWLND çLYRWD D VPUWL OHNiUVND HWLNDELRHWLNDHWLNDçLYRWQpKRSURVWUHGLDDSUHQiVHWLNDVRFLiOQHMSUiFH
0\VOtPH VL çH DN QLHĀR MH QDStVDQp GREUìP D]UR]XPLWHĕQìP VS{VRERP MH YKRGQHMåLH WR RGFLWRYDĨ SULDPR]WH[WXDNRSDUDIUi]RYDĨĀtPE\YìĨDKPRKROVWUDWLĨ]P\VHO
ϯϬ 0(7$(7,.$
3RGĕD $QQ\ 5HPLåRYHM Y PHWDHWLNH ÅLGH R LQì W\S VN~PDQLD DNR SUL QRUPDWtYQHMSUHVNULSWtYQHMHWLNHNWRUiKĕDGiRGSRYHGHQDRWi]N\DNpNRQDQLHMH VSUiYQH ĀR PiPH URELĨ ĀR MH GREUR D SRG 0HWDHWLNRX VD R]QDĀXM~ WDNp HWLFNp VN~PDQLD NWRUp VD ]DREHUDM~ MD]\NRP PRUiON\ DQDOì]RX HWLFNìFK SRMPRY D YìUD]RY D VN~PDQtP SUDYGLYRVWQìFK KRGQ{W PRUiOQ\FK V~GRY 3RGĕD :LOLDPD . )UDQNHQX MH SULPiUQRX RWi]NRX PHWDHWLN\ RWi]ND GRNi]DWHĕQRVWL D RSUiYQHQRVWL PRUiOQ\FKV~GRY´
Å0HWDHWLND VD DNR VDPRVWDWQi HWLFNi GLVFLSOtQD Y\SURILORYDOD ] DQDOì]\ HWLFNìFK SRMPRY 9 V~ĀDVQRVWL SRG PHWDHWLNRX UR]XPLHPH UR]PDQLWp HSLVWHPLRORJLFNp D ORJLFNpVN~PDQLDVWDWXVXPRUiOQ\FKSUiYGIDNWRYSR]QDWNRYVS{VRERYSRXçtYDQLD MD]\NDYPRUiONHDKUDQtFUDFLRQDOLW\YHWLNH´
3UHGVWDYLWHOLDPHWDHWLN\
*HRUJH(GZHUG0RRUH²+DUROG$UWKXU3ULFKDUG²:LOOLDP
'DYLG 5RVV ² &KDUOHV /HVOLH 6WHYHQVRQ ² 5LFKDU 0HUY\Q +DUH²
'(2172/2*,&.É(7,.$,PPDQXHO.DQW
9\FKiG]D ]SRYLQQRVWL DSUHWR MX P{çHPH QD]YDĨ DM WHyULRX UDFLRQiOQHM SRYLQQRVWL ,GHRSUHVYHGĀHQLHçHNRQDQLHP{çHE\ĨPRUiOQHDOHERQHPRUiOQHVDPRRVHEHQD ]iNODGHVYRMHMSRYDK\DQH]iYLVOHQDQiVOHGNRFK'{OHçLWìMH~P\VHONRQDM~FHKRQLH YìVOHGRN1HĀDVRYi0
3RGĕD $QGUHMD 0iWHOD D NRO V ,PPDQXHORP .DQWRP V~YLVt MHGHQ ]R ]iNODGQìFK SULQFtSRYHWLN\VRFLiOQHMSUiFH²~FWDNĀORYHNXDNRNE\WRVWLVFKRSQHMVHEDXUĀHQLD ,PPDQXHORYL.DQWRYLLGHRPRUiONXSODWQ~]DYåHWNìFKRNROQRVWt&KFH]DEH]SHĀLĨ YåHREHFQ~PRUiONXNWRUHMREVDKRPV~YåHREHFQHSULMDWHĕQpSRYLQQRVWL+HQULNVHQ
²9HWOHVHQ
,PPDQXHO.DQWVORYIRUPXORYDOW]YNDWHJRULFNìLPSHUDWtY 7HQ]QLH
ÅNRQDM LED SRGĕD WHM PD[LP\ R NWRUHM ]iURYHě P{çHå FKFLHĨ DE\ VD VWDOD YåHREHFQìP]iNRQRP´V
-DQ 2ODY +HQULNVHQ ² $UQH -RKDQ 9HWOHVHQ StåX çH .DQWRY NDWHJRULFNì LPSHUDWtYQiPSRPiKDQiMVĨY]RUFHMHGQDQLDNWRUpV~XQLYHU]iOQHDQDNRQNUpWQHM VLWXiFLL QH]iYLVOp .DQWRY NDWHJRULFNì LPSHUDWtY SULURYQiYDM~ N SRUHNDGOX ÅÿR FKFHåDE\GUXKtURELOLWHEHUREDMW\LP´
0HWDHWLNDMHFLWRYDQiSRGĕD5HPLåRYi$QQD0HWDHWLNDV,Q5HPLåRYi$HG'HMLQ\
HWLFNpKRP\VOHQLDY(XUySHD86$%UDWLVODYD.DOOLJUDP
ϯϭ (7,.$35$*0$7,=08
3RGĕD (PLOD 9LåěRYVNpKR MH ÅMHM ~VWUHGQìP NRQFHSWRP ĀLQ NRQDQLH SUD[
3UDJPDWL]PXV MH ILOR]RILD ]DPHUDQi QD ĕXGVNp NRQDQLH D SUDNWLFNì çLYRW ĀR YåDN QHPRçQR FKiSDĨ ]MHGQRGXåHQH .ĕ~ĀRP MH VSUiYQH SRFKRSHQLH ÅSULQFtSX SUDJPDWL]PX´7HQKRYRUtçHWHRUHWLFNiSUHGVWDYDQHMDNpKRREMHNWXPi]DKĠěDĨWR DNp G{VOHGN\ ² YUiWDQH SUDNWLFNìFK ² SULQiåD WHQWR REMHNW ViP QLHOHQ QDåD SUHGVWDYD ĀL SRMHP 7LHWR G{VOHGN\ V~ QDMSRGVWDWQHMåLH SUH MHKR SR]QDQLH æLDGQ\
REMHNWQHP{çHPHSR]QDĨEH]MHKRSUDNWLFNìFKG{VOHGNRY´
Å3UDJPDWL]PXV Pi VYRMX PQRKRVWUDQQ~ HWLFN~ NRQFHSFLX Y UiPFL NWRUHM YåHWFL NODVLFNt SUDJPDWLVWL RGPLHWDOL DNìNRĕYHN GRJPDWL]PXV D DXWRULWiUVWYR 9 V~ODGH V SULQFtSRP SUDJPDWL]PX LFK HWLND ]DKĠěD NRQ]HNYHQFLDOL]PXV QR QHUHGXNXMH VD QDě´
Å6DQWLGXDOL]PRPSUHNRQiYDVWULNWQìUR]GLHOPHG]LYHGRXDHWLNRX9HGHFNiPHWyGD P{çH E\Ĩ PHWyGRX HWLN\ D HWLND P{çH E\Ĩ ]DORçHQi QD YHGH 7RXWR PHWyGRX MH 3HLUFRY ÅIDOLELOL]PXV´ IDOLELOQì ² RP\OQì W M X]QiYDQLH RP\OQRVWL D NRULJRYDWHĕQRVWLNDçGHMHWLFNHMQRUP\]KĕDGLVNDĕXGVNìFKFLHĕRYDG{VOHGNRY´
ÅĉDOåLDFKDUDNWHULVWLNDWHMWRHWLN\MH'HZH\KRLQåWUXPHQWDOL]PXV(WLFNpQRUP\V~
Qiå ĕXGVNì SURGXNW D QiVWURM QD ULHåHQLH PRUiOQ\FK SUREOpPRY D VLWXiFLt D ² SUL VSUiYQRPSRFKRSHQt²]WRKRQLMDNRQHY\SOìYDĕXERYRĕQRVĨĀLVXEMHNWLYL]PXVWìFKWR QRULHP1DMOHSåRXPRçQRVĨRXDNRQRUP\NRULJRYDĨMHLQWHOLJHQWQiNRPXQLNiFLDY GHPRNUDWLFNRPVSRORĀHQVWYHNGHQRUP\Y]QLNDM~DXSODWěXM~VD3RGVWDWDPRUiON\
D HWLN\ MH KOERNR VRFLRNXOW~UQD D NRQVHQ]XiOQD (WLFNp FLHOH Y çLDGQRP SUtSDGH QHP{çHPH GRVDKRYDĨ QHHWLFNìPL SURVWULHGNDPL DN QHFKFHPH DE\ VDPRWQp FLHOH VWUDWLOLVYRMXKRGQRWX
(WLND SUDJPDWL]PX MH ÅQRYi´ HWLND NWRUi Pi VYRMX EXG~FQRVĨ D NWRUi VD Y V~ĀDVQRVWL OHQ ]DĀtQD REMDYRYDĨ åWXGRYDĨ D UR]SUDFRYiYDĨ 9ì]QDPQH VD Y RVWDWQìFK URNRFK UR]YtMDM~ ] SR]tFLt SUDJPDWL]PX DM WDNp V~ĀDVWL DSOLNRYDQHM D SUDNWLFNHM HWLN\ DNR V~ ELRHWLND HQYLURQPHQWiOQD HWLND D SRGQLNDWHĕVNi HWLND (WLND SUDJPDWL]PX MH SUtVWXS NWRUì MH UHDOLVWLFNì VYRMX GHVNULSFLRX WRKR DNR PUDYQRVĨ D PRUiOND Y]QLNDM~ Y ĕXGVNHM VN~VHQRVWL D SUD[L DOH DM GRVWDWRĀQH ÅLGHDOLVWLFNì´WìPçHXND]XMHYLDFHUpPRçQpVPHURYDQLDPRUiOQHKRUR]YRMDĀORYHND D VSRORĀQRVWL 9åHWFL SUDJPDWLVWL RGPLHWOL HWLFNì GRJPDWL]PXV DXWRULWiUVWYR D XQLIRUPLWX SUHWRçH WR YåHWNR SRNODGDOL ]D SUYN\ PRUiOQHM QHVORERG\ 3RGĕD QLFK PRUiOQD VORERGD MH PRçQi D Y{EHF QH]QDPHQi QH]RGSRYHGQRVĨ ĀL ÅQHSULQFLSLiOQRVĨ´
3UHGVWDYLWHOLDHWLN\SUDJPDWL]PX
&KDUOHV 6DQGHUV 3HLUFH ² :LOOLDP -DPHV ² -RKQ 'HZH\
²5LFKDUG5RUW\²
(WLND SUDJPDWL]PX MH FLWRYDQi SRGĕD9LåěRYVNì (PLO (WLND SUDJPDWL]PX V ,Q 5HPLåRYi$HG'HMLQ\HWLFNpKRP\VOHQLDY(XUySHD86$%UDWLVODYD.DOOLJUDP