$1'5=(-12:,&.

3$3,()(
35=(&,:32/6&(
'2:,$'&=(1,$
'=,(6, &,8678/(&,
1$6=<&+'=,(-Ï:
.6,).$,:,('=$:$56=$:$
3ULQWHGLQ3RODQG
3D(G]LHUQLNURN

'UXNXNRF]RQRGQ;,U
3RGSLVDQRGRGUXNX;,U7áRF]RQRHJ]HPSODU]\
2EM DUN3DSLHUURWGUXNVDWNO9JFP

:LHONRSROVNLH=DNáDG\*UDILF]QHZ3R]QDQLX=DNáDG*áyZQ\ 
 ,3RG]LDáG]LHMyZSDSLHVWZDQDRNUHV\]HZ]JO GXQDMHJRVWRVXQHNGR
PLHUWHOQ\FKZURJyZ3ROVNL

']LHOLü G]LHMH SDSLHVWZD PR*QD Uy*QLH 'OD KLVWRULL VWRVXQNyZ SROVNR

SDSLHVNLFK QDMLVWRWQLHMV]\P E G]LH SRG]LDá SRG NWHP ZLG]HQLD VWRVXQNX
SDSLHVWZD GR QDV]HJR QDURGX L GR MHJR ZURJyZ 5]HF] MDVQD *H VWRVXQHN WHQ
VWDQRZL ]DVDGQLF]\ F]\QQLN Z XVWRVXQNRZDQLX VL SDWULRWyZ SROVNLFK GR
SDSLHVWZD3RG]LDáWHQSRNU\ZDVL F] FLRZR]WUDG\F\MQ\PSRG]LDáHPG]LHMyZ
SDSLHVWZDQDRNUHV\ZOLF]Q\FKSRGU F]QLNDFK2F]\ZLFLHLQWHUHVXMHQDVW\ONR
RVWDWQLFKG]LHVL üVWXOHFL
: SLHUZV]\P RNUHVLH VWXOHFLD ;²;,  JáyZQ\P ZURJLHP 3ROVNL L FDáHM
6áRZLDV]F]\]Q\ E\áR &HVDUVWZR1LHPLHFNLH NWyUHJR HNVSDQVMD 'UDQJ QDFK
2VWHQ  ]DJUD*DáD ELRORJLF]QHPX LVWQLHQLX QDV]HJR QDURGX 3URI 6DZLFNL
VNU\SW XQLZHUV\WHFNL +LVWRULD VWRVXQNX .RFLRáD GR SDVWZD :DUV]DZD
 VWU   QD]\ZD WHQ RNUHV RNUHVHP XSDGNX SDSLHVWZD 8SDGHN WHQ
Z\UD*Dá VL Z ]DOH*QRFL SDSLH*\ RG FHVDU]\ QLHPLHFNLFK JáyZQ\FK Z RZ\P
RNUHVLHZURJyZ3ROVNL
:GUXJLPRNUHVLH VWXOHFLD;,²;9 SDSLHVWZRUR]SRF]\QDLZ\JU\ZDZDON
] FHVDUVWZHP QLHPLHFNLP ] SROVNLHJR SXQNWX ZLG]HQLD MHVW WR RF]\ZLFLH
NRU]\VWQDZDONDGZyFKIHXGDOQ\FKLPSHULDOL]PyZQLHVWHW\ZDONDSDSLHVWZD]
FHVDUVWZHP PD VZRMH RGELFLH Z ZDOFH Z\*V]HJR GXFKRZLHVWZD ] SDVWZHP
SROVNLP FR UR]ELWHM W ZDON 3ROVFH XQLHPR*OLZLD Z\NRU]\VWDQLH ZLHONLHM
V]DQV\ KLVWRU\F]QHM Z\ZRáDQHM RVáDELHQLHP FHVDUVWZD 2G WU]\QDVWHJR ZLHNX
JáyZQ\PZURJLHP 3ROVNLVWDMHVL =DNRQ .U]\*DFNL3DSLH*HNWyU]\ZyZF]DV
VWDQRZL ZLHON SRW J SROLW\F]Q RG*U]HJRU]D9,,SRSU]H],QQRFHQWHJR,,,
GR %RQLIDFHJR 9,,,  SRSLHUDM .U]\*DNyZ SU]HFLZ QDP V SURWHNWRUDPL
QDV]\FK ZURJyZ  &R ZL FHM .U]\*DF\ VWDQRZL ZáDQLH ]EURMQH UDPL
SDSLHVNLHJRIHXGDOQHJRLPSHULDOL]PXRU *SDSLHVWZDZZDOFHRSDQRZDQLHQDG
FDá\P ZLDWHP : RNUHVLH W\P ZD*QH V V]F]HJyOQLH GZLH GDW\ URN  Z
NWyU\P =DNRQ .U]\*DFNL RWU]\PXMH ] UN SROVNLFK GHF\GXMF\ FLRV SRG
*UXQZDOGHP L URN  : W\P URNX SDSLH* -DQ ;;,,, NWyUHPX Z U 
ELVNXS =ELJQLHZ 2OHQLFNL Z LPLHQLX -DJLHáá\ VNáDGDá KRáG SRVáXV]HVWZD 
]RVWDMH DUHV]WRZDQ\ L ]áR*RQ\ ] SDSLHVWZD SU]H] VREyU SRZV]HFKQ\ ]D
SRSHáQLHQLHRK\GQ\FKL]EURGQLF]\FKSU]HVW SVWZ 'áXJRV] 
:WU]HFLPRNUHVLH VWXOHFLD;9,²;9,,, GRJáyZQ\FKZURJyZ3ROVNLQDOH*\
G\QDVWLD +DEVEXUJyZ G*F\FK GR SRGSRU]GNRZDQLD 3ROVNL FHVDUVWZX
DXVWULDFNLHPX 3UDZLH ZV]\VF\ SDSLH*H WHJR RNUHVX V VRMXV]QLNDPL
+DEVEXUJyZDQXQFMXV]HSDSLHVF\ Z3ROVFH &RPPHQGRQH/DXUHR +DQQLEDO
GL &DSXD 0DUWHOOL 3DOODYLFLQL L LQQL  V SáDWQ\PL DJHQWDPL SROLW\F]Q\PL L
V]SLHJDPL+DEVEXUJyZ=UHV]W ]+DEVEXUJDPL]ZL]DQLV SDSLH*HUyZQLH* Z
FLJX ;,; VWXOHFLD D QDZHW L REHFQLH ² MDN WR XMDZQLá SURFHV NDUG\QDáD
0LQGV]HQW\HJR :DW\NDQ P\OL R UHVWDXUDFML FHVDUVNRKDEVEXUVNLFK $XVWUR
: JLHUREHMPXMF\FK-XJRVáDZL %DZDUL &]HFKRVáRZDFM L*DOLFM 
:F]ZDUW\PRNUHVLH VWXOHFLH;,;LSRF]WHN;; 3ROVNDSRG]LHORQDE\áDQD
WU]\]DERU\DSDSLHVWZRXWU]\P\ZDáREOLVNLHVWRVXQNLSROLW\F]QH]HZV]\VWNLPL
WU]HPD U]GDPL ]DERUF]\PL ZLG]F Z QLFK ]DSRU SU]HFLZ UHZROXFML
PLHV]F]DVNRGHPRNUDW\F]QHM D RG SRáRZ\ ;,; ZLHNX SU]HFLZ UXFKRZL
URERWQLF]HPX-DNRVRMXV]QLNUHDNF\MQ\FKU]GyZ]DERUF]\FK:DW\NDQSRW SLD
SROVNLH SRZVWDQLD QDURGRZH L Z]\ZD QDUyG GR KDQLHEQHJR WUyMORMDOL]PX :
GUXJLHM SRáRZLH ;,; ZLHNX SDSLHVWZR ² MX* GDZQR MHGHQ ] QDMZL NV]\FK
SRVLDGDF]\ ]LHPVNLFK² Z\UDVWDGRMHGQHM ]QDMZL NV]\FKSRW JILQDQVRZ\FK
ZLDWD=REURF\IHXGDOQHJRLSyáIHXGDOQHJRREV]DUQLFWZDVWDMHVL SDSLHVWZR
WHUD]UyZQLH* QDPL WQ\PREURF NDSLWDOL]PX
: SLW\P RNUHVLH ]DPNQL W\P ZRMQDPL ZLDWRZ\PL SDSLHVWZR MDNR
Z\UD]LFLHO LGHRZ\ ZLHONLHJR NDSLWDáX L REV]DUQLFWZD E GF\ ]DUD]HP VDP
ZLHON LQVW\WXFM ILQDQVRZ SRVLDGDMF NDSLWDá\ XORNRZDQH Z EDQNDFK L
VSyáNDFK DNF\MQ\FK FDáHJR ZLDWD RSDQRZDQH MHVW VWUDFKHP SU]HG NODV
VSRáHF]QNWyU KLVWRULDSU]H]QDF]\áDQDJUDEDU]DNDSLWDOL]PXVWUDFKHPSU]HG
NODV URERWQLF] SU]HG UHZROXFM VRFMDOLVW\F]Q SU]HG SLHUZV]\P SDVWZHP
VRFMDOLVW\F]Q\P QD ZLHFLH 6WUDFK :DW\NDQX R ORV\ NODV\ NWyUHM LQWHUHV\
Z\UD*D RUD] R ZáDVQH NDSLWDá\ SFKD JR GR VRMXV]X ] UXFKDPL IDV]\VWRZVNLPL
:áRFK 1LHPLHF +LV]SDQLL L LQQ\FK NUDMyZ GR VRMXV]X ] IDV]\]PHP MDNR
UR]SDF]OLZ SUyE UDWRZDQLD NDSLWDOL]PX G\NWDWXU ]EURGQLDPL RER]DPL
NRQFHQWUDF\MQ\PL L ZRMQ PLHUWHOQ\P ZURJLHP 3ROVNL PL G]\ZRMHQQHM E\á
IDV]\]P QLHPLHFNL :DW\NDQ XáDWZLá IDV]\]PRZL QLHPLHFNLHPX GRMFLH GR
ZáDG]\ L XWU]\PDQLH VL SU]\ ZáDG]\ SU]H] ]DZDUFLH NRQNRUGDWX ]PXV]HQLH
NDWROLFNLHJRFHQWUXPGRNDSLWXODFML SU]HG+LWOHUHPLSROHFHQLHGXFKRZLHVWZX
QLHPLHFNLHPX DE\ SRSLHUDáR +LWOHUD 3RGF]DV ZRMQ\ SDSLH* 3LXV ;,,
SRZVWU]\PDá VL RG SRW SLHQLD QDSDFL KLWOHURZVNLHM QD 3ROVN L LQQH NUDMH
GXFKRZLHVWZXNDWROLFNLHPX]DOHFDáNRODERUDFM ] RNXSDFM QLHPLHFN LSU]H]
FDá\ F]DV SURZDG]Lá LQWHQV\ZQ DNFM QD U]HF] SRNRMX RSDUWHJR QD X]QDQLX
SU]H] PRFDUVWZD ]DFKRGQLH SU]HZDJL KLWOHURZVNLHM Z (XURSLH '\SORPDW\F]QD
DNFMD:DW\NDQXQDU]HF]SRNRMXZWRNXGUXJLHMZRMQ\ZLDWRZHM]PLHU]DáDGR
]DZDUFLD RGG]LHOQHJR WUDNWDWX SRNRMRZHJR PL G]\ SDVWZDPL RVL D
PRFDUVWZDPL ]DFKRGQLPL Z FHOX XU]G]HQLD ZVSyOQHM NUXFMDW\ QD =ZL]HN
5DG]LHFNL 5]HF] MDVQD *H WDNL RGG]LHOQ\ WUDNWDW PXVLDá SRZL FDü 1LHPFRP
3ROVN OH*F QD GURG]H SRFKRGX KLWOHURZVNLHJR SU]HFLZNR =655 $NFMD WD
E\áD RF]\ZLFLH VSU]HF]QD ] LQWHUHVDPL 3ROVNL NWyUHM QDMOHSVL V\QRZLH JLQ OL
ZWHG\PLOLRQDPLZKLWOHURZVNLFKRER]DFKNRQFHQWUDF\MQ\FKLORFKDFK*HVWDSR
3ROVND PRJáD RG]\VNDü QLHSRGOHJáRü MHG\QLH G]L NL ]Z\FL VWZX $UPLL
&]HUZRQHM QDG KLWOHURZVNLPL 1LHPFDPL D 3LXV ;,, VZRM DNFM QD U]HF]
SRNRMXVWDUDáVL ZV]HONLPLVLáDPLQLHGRSXFLüGRWHJR]Z\FL VWZD
:UHV]FLH V]yVW\ RNUHV NWyU\ UR]SRF]á VL SR GUXJLHM ZRMQLH ZLDWRZHM MHVW
RNUHVHP RVL :DW\NDQ:DV]\QJWRQ RNUHVHP NLHG\ SDSLHVWZR VWDMH VL
VRMXV]QLNLHPLQDU] G]LHPDPHU\NDVNLHJRLPSHULDOL]PX8SDGHNKLWOHU\]PXL
IDV]\]PX VSRZRGRZDá QD FDá\P ZLHFLH Z]URVW VLá SDUWLL NRPXQLVW\F]Q\FK
URERWQLF]\FK LXJUXSRZD GHPRNUDW\F]Q\FK'RZRMQ\=ZL]HN5DG]LHFNLE\á
MHG\Q\P SDVWZHP QLHNDSLWDOLVW\F]Q\P Z Z\QLNX ]Z\FL VWZD =ZL]NX
5DG]LHFNLHJRQDGKLWOHU\]PHPLMHJRVDWHOLWDPLSRZVWDá\Z(XURSLH:VFKRGQLHM
LURGNRZHMSDVWZDGHPRNUDFMLOXGRZHMNWyU\FKSU]\NáDGG]LDáDDWUDNF\MQLHL
UHZROXF\MQLH QD SR]RVWDáH NUDMH (XURS\ =DFKRGQLHM :DW\NDQ MHVW *\ZR
]DLQWHUHVRZDQ\ Z UDWRZDQLX NDSLWDOL]PX -HG\Q\P UDWXQNLHP Z\GDMH PX VL 
SRGREQLH MDN NDSLWDOLVWRP ZáRVNLP QLHPLHFNLP DQJLHOVNLP IUDQFXVNLP LWG
RVWDWQLDVWDZNDQDLPSHULDOL]PDPHU\NDVNLEH]ZDUXQNRZHSRGSRU]GNRZDQLH
VL DPHU\NDVNLHPX G\NWDQGX RGGDQLH PX VL ZUD] ] FDá\P DSDUDWHP GR
G\VSR]\FMLGODXUDWRZDQLDNDSLWDOL]PX
6WUHV]F]DMF Z FLJX G]LHVL FLX VWXOHFL SDSLHVWZR SUDZLH ]DZV]H E\áR Z
RER]LH QDV]\FK ZURJyZ ]DUyZQR ZWHG\ JG\ E\áR ]DOH*QH RG SUFHJR QD
ZVFKyG &HVDUVWZD 1LHPLHFNLHJR MDN ZWHG\ JG\ ZVSLHUDáR SU]HFLZ QDP
.U]\*DNyZMDNZWHG\JG\Z\VáXJLZDáRVL +DEVEXUJRPMDNZWHG\JG\E\áR
VRMXV]QLNLHP UHDNF\MQ\FK U]GyZ ]DERUF]\FK MDN ZWHG\ JG\ ZVSyáG]LDáDáR ]
IDV]\]PHPQLHPLHFNLPZRNUHVLHSU]\JRWRZD GRZRMQ\ZRNUHVLHQDSDFLQD
3ROVN LZRNUHVLHRNXSDFML3ROVNLMDNZUHV]FLHREHFQLHJG\VáX*\UHDNF\MQ\P
LPSHULDOLVWRPDPHU\NDVNLP:LFKLQWHUHVLHMWU]\WH* REHFQLHSU]HFLZ3ROVFH
1LHPFyZ L VWDUD VL UR]ELü MHGQRü QDV]HJR QDURGX VNáyFLü NDWROLNyZ ]
QLHNDWROLNDPLZLHU]F\FK]QLHZLHU]F\PL3RODNyZ]3RODNDPLDE\RVáDELüZ
WHQ VSRVyE ZLHONL DQW\LPSHULDOLVW\F]Q\ IURQW REURFyZ SRNRMX L GHPRNUDFML
XáDWZLDMFLPSHULDOL]PRZLDPHU\NDVNLHPXHNVSDQVM 
3U]H] G]LHVL üVWXOHFLSROLW\NDSDSLHVWZDE\áDSUDZLH]DZV]HVSU]HF]QD]
LQWHUHVDPL3ROVNL
 ,,3DSLHVWZRMDNRDJHQWXUDZURJLFK3ROVFHFHVDU]\QLHPLHFNLFK

:áDFLZ\PWZyUF QLHPLHFNLHJRSDUFLDQDZVFKyG 'UDQJQDFK2VWHQ E\á

+HQU\N , 3WDV]QLN ²  ] G\QDVWLL VDVNLHM RG NWyUHJR UR]SRF]\QD VL
Z]URVW QLHPLHFNLHM SRW JL 3URS\OlHQ:HOWJHVFKLFKWH WRP ,,, VWU  
RF]\ZLFLHNRV]WHP 6áRZLDQ+LVWRU\F\QLHPLHFF\SLV]*HZ]QRZLáRQVWDU
SROLW\N VDVN Z ZLHONLP VW\OX SRQLHZD* WRF]\á ZRMQ\ SU]HGH ZV]\VWNLP
SU]HFLZ 6áRZLDQRP L WR QLH W\ONR W\P PL G]\ àDE D 2GU DOH UyZQLH*
SU]HFLZ 6áRZLDQRP ]D 2GU L 1\V SU]HFLZ &]HFKRP L 3RODNRP 3URS\OlHQ
:HOWJHVFKLFKWH WRP ,,, VWU   D Z URNX  SRELá UyZQLH* : JUyZ :
G]LHOH QLHPLHFNLHJR SRGERMX Z G]LHOH W SLHQLD L JHUPDQL]DFML SOHPLRQ
VáRZLDVNLFK ]ZáDV]F]D W\FK ]DPLHV]NDá\FK Z VDP\P VHUFX G]LVLHMV]\FK
1LHPLHF PL G]\ àDE D 2GU ZLHON URO RGHJUDOL NDWROLFF\ PLVMRQDU]H
QLHPLHFF\ NWyU]\ MDN SLV]H KU :DOHULDQ .UDVLVNL X*\ZDOL FKU]HFLMDVWZD
MDNR QDU] G]LD GR FHOyZ SROLW\F]Q\FK JáRV]F QLNF]HPQ QDXN
EH]ZDUXQNRZHJRSRGGDQLDVL ZVWU WQHPXMDU]PX]DERUF]\FKFXG]R]LHPFyZZ
LPL HZDQJHOLF]Q\FK ]DVDG áDJRGQRFL FLHUSOLZRFL L Z\UR]XPLDáRFL
0LVMRQDU]H JHUPDVF\ ² SLV]H GDOHM WHQ VDP DXWRU ² ]DZV]H
SRGSRU]GNRZ\ZDOL VSUDZ FKU]HFLMDVWZD FHORP SROLW\F]Q\P L JáRV]F
VáRZR %R*H WRURZDOL GURJ SDQRZDQLX FHVDU]\ QLHPLHFNLFK ZV]\VWNLH
VáRZLDVNLH NUDMH QDZUyFRQH SU]H] ]DFKRGQLFK PLVMRQDU]\ SRGOHJDá\
FDáNRZLWHPXZSá\ZRZL*HUPDQyZNWyU]\]QLHXEáDJDQ ]DZ]L WRFL QLV]F]\OL
LFKM ]\NLXVWDZ\G]LHáRQDZUDFDQLDMHGQR]QDF]QHE\áR]H]QLV]F]HQLHP KU
.UDVLVNL=DU\VG]LHMyZSRZDODQLDLXSDGNX5HIRUPDFMLZ3ROVFHWRP,VWU
 
1LHPLHFNLHPXSDUFLXQDZVFKyGSRWU]HEQ\E\áRU * LGHRORJLF]Q\L1LHPF\
]QDOH(OLWHQRU *ZWDN]ZDQ\PXQLZHUVDOL]PLHFKU]HFLMDVNLP3U]\]QDM WR
UyZQLH* KLVWRU\F\ NDWROLFF\ =JDG]DP\ VL FDáNRZLFLH QD GHILQLFM
XQLZHUVDOL]PX FKU]HFLMDVNLHJR ]DZDUW Z 3ROVFH 3LDVWyZ 3ROVFH
-DJLHOORQyZ 0DULL L =\JPXQWD :RMFLHFKRZVNLFK Z\G   6\Q +HQU\N
3WDV]QLND 2WWRQ , :LHONL FKFLDá VWZRU]\ü ZLHONLH QLHPLHFNLH PRFDUVWZR
JUDMFH JáyZQ URO Z yZF]HVQHM (XURSLH 1LHPF\ QLH PLDá\ *DGQHM ZáDVQHM
WUDG\FML LGHRORJLL 2WWRQ ZL FSRVWDQRZLáRGJU]HEDü ]SRSLRáyZ G]LHMRZ\FK
WDN ]ZDQ\ XQLZHUVDOL]P FKU]HFLMDVNL  ZHGáXJ NWyUHJR  MDN QDMZ\*V]D
ZáDG]DGXFKRZQDQDOH*\GRSDSLH*DWDNQDMZ\*V]\P]ZLHU]FKQLNLHPZLHFNLP
ZLDWD FKU]HFLMDVNLHJR SRZLQLHQ E\ü FHVDU] 7R MHVW ZáDQLH XQLZHUVDOL]P
FKU]HFLMDVNL VWU   : WHQ VSRVyE Z  URNX SRZVWDáR &HVDUVWZR 1LH
PLHFNLH
8QLZHUVDOL]P FKU]HFLMDVNL  VWDá VL LGHRORJLF]Q\P QDU] G]LHP
HNVSDQVML &HVDUVWZD 1LHPLHFNLHJR QD :VFKyG Z SLHUZV]\P U] G]LH QD
3ROVN  (NVSDQVMDWDVWDQRZLáDPLHUWHOQHQLHEH]SLHF]HVWZRGOD3ROVNL*G\E\
WDHNVSDQVMDREM áD]Z\FL VNRLQDV]H]LHPLH]QDURGXSROVNLHJRQLH]RVWDáRE\
DQL ODGX SRGREQLH MDN QLH ]RVWDáR SUDZLH ODGyZ SR W\FK SOHPLRQDFK
VáRZLDVNLFKPL G]\àDE D2GUNWyUH1LHPF\ ]F]\QQ SRPRF NDWROLFNLFK
PLVMRQDU]\Z\W SLOLEG( ]JHUPDQL]RZDOL
=REDF]\P\WHUD]MDNVL SU]HGVWDZLDá\ZyZF]DVVWRVXQNLPL G]\SDSLH*DPLD
IHXGDáDPLQLHPLHFNLPLNWyU\FK'UDQJQDFK2VWHQSU]\EUDQ\ZLGHRORJLF]Q
V]DW XQLZHUVDOL]PX FKU]HFLMDVNLHJR QLyVá QDP PLHUü L ]QLV]F]HQLH
%LHU]HP\ DSURERZDQH SU]H] NXUL DUF\ELVNXSL ']LHMH 3DSLH*\ 6HSSHOWD
/|IIOHUD L 6LOQLFNLHJR 3R]QD   Z NWyU\FK F]\WDP\ R SDSLH*DFK ; L ;,
VWXOHFLD
2WWRQD , NRURQRZDá QD FHVDU]D  OXWHJR  QLHGRMU]Dá\ L UR]SXVWQ\
PáRG]LHQLHF SDSLH* -DQ ;,, VWU   :G]L F]Q\ ]D NRURQDFM FHVDU] 2WWRQ
XVXQá Z QDVW SQ\P URNX VLá WHJR SDSLH*D ] WURQX ]D MHJR QLH]OLF]RQH
Z\VW SNLFRVWDáRZMDZQHMVSU]HF]QRFL]]DVDG NDQRQLF]QL* QLNWQLHPR*H
VG]Lü SDSLH*D VWU   : GDQ\P Z\SDGNX MHGQDN SRJZDáFHQLH ]DVDG\
NDQRQLF]QHM E\áR NRQLHF]QH GOD UHDOL]DFML XQLZHUVDOL]PX FKU]HFLMDVNLHJR
F]\OL ]DVDG\ REVDG]DQLD SDSLHVWZD SU]H] OXG]L OHSR SRVáXV]Q\FK FHVDU]RZL
QLHPLHFNLHPX
: F]HUZFX  URNX 2WWRQ VLá RU *D ZSURZDG]Lá SDSLH*D  /HRQD 9,,, GR
5]\PX 6HSSHOW VWU   SDSLH* /HRQ 9,,, ]JRGQLH ] ]DVDGDPL
XQLZHUVDOL]PX FKU]HFLMDVNLHJR SRVWDQRZLá DE\ *DGHQ SDSLH* QLH E\á
RELHUDQ\EH]SU]\]ZROHQLDFHVDU]D 'áXJRV]NVL JD,VWU 
.RQNXUHQF\MQHJRSDSLH*DSRER*QHJRLXF]RQHJR%HQHG\NWD92WWRQZ\JQDá
GR+DPEXUJDZURNX 6HSSHOWVWU 3RPLHUFL/HRQD5]\PLDQLHQLH
RGZD*\OLVL QDVSU]HFLZZREHFFHVDU]DWRWH* ZSRUR]XPLHQLX]QLPREUDQ\
]RVWDá -DQ ;,,, ²  NWyUHJR MX* SR NLONX PLHVLFDFK XZL ]LRQR L
GRSLHUR SR SRZURFLH 2WWRQD GR ,WDOLL -DQ ;,,, ]RVWDá XZROQLRQ\  3DSLH*
G]LDáDá Z QDM]XSHáQLHMV]\P SRUR]XPLHQLX ] FHVDU]HP 6HSSHOW VWU   1D
F]DV U]GyZ -DQD ;,,, SU]\SDGD SU]\M FLH SU]H] 3ROVN FKU]HFLMDVWZD Z U
 6LOQLFNLVWU 
1DVW SQ\SDSLH*%HQHG\NW9, ² RVDG]RQ\]RVWDáSU]H]VWURQQLFWZR
FHVDUVNLH 2WWRQD ,,  :  URNX Z\EUDQR SDSLH*HP %RQLIDFHJR 9,, DOH
QDW\FKPLDVW ]RVWDá Z\S G]RQ\ SU]H] 1LHPFyZ 6HSSHOW VWU   3RG
ZSá\ZHP 1LHPFyZ ]RVWDá SDSLH*HP %HQHG\NW 9,, ²  1DVW SQ\
SDSLH* -DQ;,9 ² E\áSRSU]HGQLRNDQFOHU]HPFHVDU]D 6HSSHOWVWU
 
=DFHVDU]D2WWRQD,,,UR]SRF]\QDVL HSRNDSDSLH*\1LHPFyZ&HVDU]RVDG]D
QDWURQLHSDSLHVNLPVZHJRNUHZQLDND%UXQRQDV\QDNVL FLD.DU\QWLL3LHUZV]\
WHQSDSLH* QLHPLHFNLSU]\MáLPL *U]HJRU]D9 ² .RQNXUHQF\MQHJR
SDSLH*D -DQD ;9, Z\NO WR D JG\ SRWHP 2WWRQ ,,, ] ZRMVNLHP XND]Dá VL Z
5]\PLH ZLRVQD Z]L WRJRGRQLHZROLRNDOHF]RQRL]DPNQL WR 6HSSHOW
VWU   : QDVW SQ\P URNX FHVDU] 2WWRQ ,,, RVDG]Lá QD WURQLH SDSLHVNLP
SRGHMU]HZDQHJR R F]DUQRNVL VWZR 6\OZHVWUD ,, ²   : URNX 
2WWRQ,,,XPLHUD3R PLHUFL2WWRQD,,,SDSLHVWZRSRSDGDQDNLONDQDFLHODWZ
]DOH*QRü RG U]\PVNLFK VWURQQLFWZ V]ODFKHFNLFK -DQ ;,; ² 
SR]RVWDZLáSRVRELHVPXWQ SDPL ü 6HSSHOWVWU %HQHG\NW,; ²
 QLHGRMU]Dá\LPDUQ\PáRG]LHQLDV]HNRNU\ZDáZVW\GHPVWROLF 3L WURZD
6HSSHOWVWU D6\OZHVWHU,,,  L*U]HJRU]9, ² SRSURVWX
NXSLOLVRELHJRGQRüSDSLHVN RGVZRLFKSRSU]HGQLNyZ 6HSSHOWVWU 
3RU]GHN ]DSURZDG]D FHVDU] QLHPLHFNL +HQU\N ,,, NWyU\ RVDG]Lá NROHMQR QD
WURQLHSDSLHVNLPF]WHUHFKXOHJá\FKVRELH1LHPFyZ.OHPHQVD,, ² 
'DPD]HJR ,, ²  /HRQD ,; ²  L :LNWRUD ,, ²
  1DVW SQ\P SDSLH*HP MHVW UyZQLH* 1LHPLHF 6WHIDQ ; ² 
RVDG]RQ\SU]H]FHVDU]RZ QLHPLHFN$JQLHV]N 6HSSHOWVWU² 
=D *U]HJRU]D 9,, ²  UR]SRF]\QD VL GáXJD ZDOND PL G]\
SDSLHVWZHP D FHVDUVWZHP : ZDOFH WHM FHVDU]H QLHPLHFF\ SRVáXJXM VL
NRQNXUHQF\MQ\PL SDSLH*DPL QD]\ZDQ\PL RGWG DQW\SDSLH*DPL 7\PL
QLHPLHFNLPL NRQNXUHQF\MQ\PL SDSLH*DPL E\OL .OHPHQV ,,, ² 
7HRGRU\N   $OEHUW   6\OZHVWHU ,9 ²  *U]HJRU] 9,,,
² :LNWRU,9 ² 3DVFKDOLV,,, ² .DOLNVW,,,
² 
-DN ZLGDü ] WHJR NUyWNLHJR Z\ND]X FHVDU]H QLHPLHFF\ RVDG]LOL Z ODWDFK
² GZXQDVWX SDSLH*\ NWyU]\ áF]QLH SDQRZDOL RNRáR F]WHUG]LHVWX
ODWD QDVW SQLHZODWDFKO²MHV]F]HRPLXDQW\SDSLH*\
2VDG]HQLQDWURQLHSDSLHVNLPSU]H]FHVDU]\QLHPLHFNLFKSDSLH*HFLRF]\ZLFLH
F]\QLOL ] SDSLHVWZD QDU] G]LH HNVSDQVML QLHPLHFNLHM 6DPRG]LHOQRü W\FK
SDSLH*\ QDOH*\ GR EDMHN 1DVWDZLRQ\ SURZDW\NDVNR KLVWRU\N NRFLRáD SURI
6DZLFNLSLV]HZ\UD(QLHZ+LVWRULLVWRVXQNXNRFLRáDGRSDVWZD
:ZLHNDFK;L;,.RFLyáSU]H*\áJá ERNLXSDGHN%\áRQLHRPDOWDN(OHMDN
Sy(QLHM Z NRFX ;9 ZLHNX JG\ QD 6WROLF\ $SRVWROVNLHM ]DVLDGDOL OXG]LH
SRNURMX $OHNVDQGUD 9, R IL]MRQRPLL SUDZLH "  ]EURGQLDU]\ 2EVDG]DQLH
XU] GyZ NRFLHOQ\FK SU]H] FHVDU]D QLHPLHFNLHJR $ 1  SRVLDGDáR IRUP
LGHQW\F]Q ] QDGDZDQLHP JRGQRFL ZLHFNLFK &HVDU]H QLHPLHFF\ 
SRZRá\ZDOLSDSLH*\LELVNXSyZNLHUXMFVL SU]\W\PZ\áF]QLHVZ\PLSODQDPL 
1DMZ\*V]H JRGQRFL GXFKRZQH WUDNWRZDOL ZáDGF\ MDNR VZD ZáDVQRü
'RFKRG]LáRGRWHJR*HSDSLH*DPL]RVWDZDOLPDáROHWQLOXEUR]SXVWQLF\ &HVDU]
QLHPLHFNL E\á ]ZLHU]FKQLNLHP SDSLH*D MDNR ZáDGF\ ZLHFNLHJR SDQXMFHJR
Z SDVWZLH NRFLHOQ\P L PLDá GHF\GXMF\ JáRV SU]\ MHJR Z\ERU]H 6WG
]GDU]DáR VL  *H SDSLH* VNáDGDá FHVDU]RZL SU]\VL J ZLHUQRFL VNU\SW
XQLZHUV\WHFNLVWU 
2ND]XMH VL ZL F *H G]LVLHMV]H ]ZLHU]FKQLFWZR LPSHULDOL]PX
DPHU\NDVNLHJR QDG SDSLHVWZHP QLH MHVW *DGQ QRZRFL Z G]LHMDFK
SDSLHVWZD OHF] SRVLDGD VWDUH WUDG\FMH ]DOH*QRFL SDSLHVWZD RG FHVDUVWZD
QLHPLHFNLHJR
: ODWDFK ² GZXQDVWX DXWHQW\F]Q\FK SDSLH*\ F]\QLáR ] SDSLHVWZD
SRG ILUP FKU]HFLMDVNLHJR XQLZHUVDOL]PX QDU] G]LH HNVSDQVML
QLHPLHFNLHJRFHVDUVWZD QDU] G]LHQLHPLHFNLHJRSDUFLDQDZVFKyGZ\SLHUDQLD
L JHUPDQL]RZDQLD SOHPLRQ VáRZLDVNLFK ]GRE\ZDQLD GOD 1LHPFyZ
/HEHQVUDXPX 3DSLH* 3LXV ;,, F]\QL G]L ] SDSLHVWZD ]QyZ SRG W VDP
ILUP FKU]HFLMDVNLHJR XQLZHUVDOL]PX QDU] G]LH HNVSDQVML LPSHULDOL]PX
DPHU\NDVNLHJR QDU] G]LHDPHU\NDVNLFKSODQyZSDQRZDQLDQDGZLDWHP
= QLHSRGOHJDMFHJR *DGQHM G\VNXVML IDNWX ]DOH*QRFL Z ZLHNDFK ; L ;, 
SDSLH*\ L SDSLHVWZD RG FHVDU]\ QLHPLHFNLFK Z\QLND QLH]ELFLH *H NOHU\NDOQD
WHRULD KLVWRU\F]QD MDNRE\ ZáDQLH SU]\M FLH SU]H] NVL*W SROVNLFK
]ZLHU]FKQLFWZD SDSLHVNLHJR UDWRZDáR 3ROVN SU]HG QLHPLHFN HNVSDQVM PLMD
VL ]SUDZG3ROVN XUDWRZDáDMHMVLáDXUDWRZDáRWR*H0LHV]NRSRELáQDJáRZ
JUDIDQLHPLHFNLHJR:LFKPDQD]GRE\ZDMFXMFLH2GU\ZUD] ]H6]F]HFLQRP*H
SRG &HG]\Q QDG 2GU SRELá PDUJUDELHJR +RGRQD URN   *H %ROHVáDZ
&KUREU\WRF]\áWU]\ZRMQ\ ]1LHPFDPLRGELHUDMF 1LHPFRP àX*\FHL]HQLH
S\WDMFDQLFHVDU]DQLHPLHFNLHJRDQLSRGOHJáHJRPXSDSLH*DR]JRG NRURQRZDá
VL 
8QLZHUVDOL]P FKU]HFLMDVNL 2WWRQD , L MHJR QDVW SFyZ NWyU]\ VRELH
SRGSRU]GNRZDOL SDSLHVWZR QRVL G]L QD]Z N R V P R S R O L W \ ] P X
]ZDOF]DMFHJR VXZHUHQQRü QDURGyZ DE\ MH SRGGDü SRG MDU]PR
DPHU\NDVNLHJR NDSLWDáX :WHG\ L G]L XQLZHUVDOQD SRZV]HFKQD 
NRVPRSROLW\F]QDLGHRORJLDSDSLHVWZDE\áDLMHVWVSU]HF]QD]LQWHUHVDPL3ROVNL
 ,,,3DSLHVNLHG*HQLHGRSDQRZDQLDQDGZLDWHP

:\GDZDáRE\ VL  *H VNRUR XSDGHN SDSLHVWZD L SRGSRU]GNRZDQLH JR

FHVDUVWZXQLHPLHFNLHPXSRZRGRZDá\G]LDáDOQRüVSU]HF]Q ]LQWHUHVDPL3ROVNL
WRZDONDSDSLHVWZD]FHVDUVWZHPQLHPLHFNLPLUR]NZLWSDSLHVNLHJRIHXGDOQHJR
LPSHULDOL]PX E G]LH GOD 3ROVNL NRU]\VWQ\ :QLRVNRP WDNLP ]DGDM NáDP WU]\
IDNW\ O SUHWHQVMH SDSLH*D GR ]ZLHU]FKQLFWZD QDG 3ROVN  ZDOND Z\*V]HJR
GXFKRZLHVWZD SROVNLHJR ] SDVWZHP R ZáDG] QDG SDVWZHP L 
SURWHJRZDQLH SU]H] SDSLHVWZR PLHUWHOQ\FK ZURJyZ 3ROVNL ² .U]\*DNyZ
5R]SDWU]P\NROHMQRND*G\]W\FKIDNWyZ

$3UHWHQVMHSDSLH*DGR]ZLHU]FKQLFWZDQDG3ROVN
8QLZHUVDOQRFKU]HFLMDVNLHM F]\WDM NRVPRSROLW\F]QHM  LGHRORJLL FHVDU]D
QLHPLHFNLHJR 2WWRQD , VWDQRZLFHM RVáRQ G*HQLD IHXGDOQHJR FHVDUVWZD
QLHPLHFNLHJRGRSDQRZDQLDQDG(XURSSU]HFLZVWDZLáSDSLH* *U]HJRU] 9,, D
]DQLP ,QQRFHQW\ ,,,L%RQLIDF\ 9,,,UyZQLH* XQLZHUVDOQRFKU]HFLMDVNWR
]QDF]\ NRVPRSROLW\F]Q LGHRORJL SDQRZDQLD SDSLH*\ QDG FDá\P ZLDWHP :
VáDZQ\P G\NWDQG]LH GLFWDWXV  SDSLH*D *U]HJRU]D 9,, ] URNX  F]\WDP\
PL G]\LQQ\PL
DUW\NXá ,; 4XRG SDSDH SHGHV RPQHV SULQFLSHV GHRVFXOHQWXU :V]\VF\
NVL* WDPDM FDáRZDüVWRS\SDSLH*D 
DUW\NXá ;,, 4XRG LOOL OLFHDW LPSHUDWRUHV GHSRQHUH 3DSLH* PD SUDZR
XVXZDüFHVDU]\]WURQX 
DUW\NXá ;9,,, :\URN SDSLH*\ QLH PR*H E\ü SU]H] QLNRJR RGU]XFRQ\
QDWRPLDVWSDSLH* PDSUDZRSU]HNUHODüZV]\VWNLHZ\URNL
DUW\NXá;,;4XRGDQHPLQHLSVHLXGLFDULGHEHDW 1LNRPXQLHZROQRVG]Lü
SDSLH*D 
DUW\NXá;;,,.RFLyáU]\PVNLQLJG\QLHEáG]LáLQLJG\QLH]EáG]L
 DUW\NXá ;;9,, 3DSLH* PD SUDZR ]ZDOQLDQLD SRGGDQ\FK RG ZLHUQRFL GOD
ZáDG]\SDVWZRZHM 

.RORURZD UHSURGXNFMD SHUJDPLQX ] *UHJRULDVNLHJR 5HMHVWUX ]QDMGXMFHJR

VL Z DUFKLZDFK ZDW\NDVNLFK ]DPLHV]F]RQD MHVW SR VWURPH  3URS\OlHQ
:HOWJHVFKLFKWHWRP,,,
: W\P VDP\P *UHJRULDVNLP 5HMHVWU]H ]QDMGXMH VL VáDZQ\ IDOV\ILNDW
]DZLHUDMF\U]HNRP GDURZL]Q FDáHM3ROVNLSDSLH*RZL+RMQ RILDURGDZF]\QL
E\áDZ\S G]RQDSU]H]&KUREUHJRPDFRFKD1LHPNDE\áD]DNRQQLFD2GD
2 5HMHVWU]H *UHJRULDVNLP SU]\WRF] ]GDQLH Z\ELWQHJR SROVNLHJR KLVWRU\ND
SURI 0DULDQD àRG\VNLHJR ] MHJR PRQRJUDILF]QHM UR]SUDZ\ ZáDQLH R WHM
GDURZL(QLH 3UDFD QDG SRU]GNRZDQLHP SDSLHVNLFK DUFKLZyZ SURZDG]RQD
SRG NLHUXQNLHP SDSLH*D *U]HJRU]D 9,, VWDáD VL ]ELRUHP ZLHOX ZLDGRPLH
SRSHáQLDQ\FK QDGX*\ü 1DXND MX* QLHMHGQR ] QLFK Z\ND]DáD QLHMHGQR WH*
MHV]F]H F]HND WHJR VDPHJR ORVX $NW\ U]HNRPR RGGDMFH Z 3LRWURZL QD
ZáDVQRüROEU]\PLHWHU\WRULD X]QDQRZF] FL]D]XSHáQH IDOV\ILNDW\ZF] FL
]D LQWHUSRODFMH ZáDVQH ZVWDZNL SU]HSLV\ZDF]D $ 1  Z W\P F]DVLH
SRSHáQLDQH 'DJRPHLXGH[VWU 1LHEUDNVWXGLyZNWyUHVWZLHUG]Lá\ ²
SLV]HGDOHMSURI àRG\VNL² *HDNW\*U]HJRU]D9,,LMHJRQDVW SF\ZNWyU\FK
E\á\ ]DZDUWH XSUDZQLHQLD GR SRV]F]HJyOQ\FK NUDMyZ L GDQLQ ] W\FK NUDMyZ 
U]HNRPR SU]H] SRSU]HGQLNyZ MHJR SU]HG SRáRZ ;, ZLHNX QDE\WH V
Z\Sá\ZHP]XSHáQLHZLDGRPLHSRSHáQLDQHJRQDGX*\FLDGODFHOyZRZHMZLHONLHM
JUHJRULDVNLHMSROLW\NL MZVWU 
:DUWR SU]\SRPQLHü UyZQLH* ]GDQLH SURI -DQD 3WDQLND UyZQLH* ]
PRQRJUDILF]QHMUR]SUDZ\RW\PVDP\PDNFLH'DJRPHLXGH[ .UDNyZ 
:3ROVFHRGF]DVXXSDGNXZV]HFKZáDG]\FHVDUVNLHM GDOHNL SDSLH* XZD*DáVL
]DSDQDNWyUHPX3ROVNDEH]SRUHGQLRQDPRF\GDURZL]Q\SRGOHJDáD VWU
 
 -DNR SU]\NáDG *H SDSLH*H SU]\SLV\ZDOL VRELH Z\*V]H ]ZLHU]FKQLF]H SUDZD
QDG 3ROVND SRGDMH NVLG] *URPQLFNL Z UR]SUDZLH R ZL WRSLHWU]X *H SDSLH*
8UEDQ ,9 XFK\ODáSROVNLHSUDZRNUDMRZH Z U   =DEyU ]LHP SRGGDQ\FK
SDSLH*RZL X]QDZDQ\ E\á ]D ZL WRNUDG]WZR *URPQLFNL ZL WRSLHWU]H Z
3ROVFH.UDNyZUVWUL 
:\QLND ] WHJR *H ZDOND SDSLHVWZD ] FHVDUVWZHP QLHPLHFNLP E\áD ZDON
GZyFKSRW JIHXGDOQ\FKREXUyZQLHFKFLZ\FKSDQRZDQLDQDG3ROVN
3RODNyZNWyU]\Z\VZRERG]LOLVL VSRG]DOH*QRFLRGFHVDUVWZDQLHPLHFNLHJR
QLH HQWX]MD]PRZDáD ZFDOH LGHD ]DOH*QRFL RG SDSLHVWZD 3URI =G]LVáDZ
.DF]PDUF]\NVWZLHUG]DZGUXJLPWRPLHVZHMSUDF\R.D]LPLHU]X:LHONLP*H
]ZLHU]FKQRü SROLW\F]QD SDSLHVWZD QDG 3ROVN ]DF]\QDáD E\ü ZyZF]DV X
3RODNyZ PRFQR QLHSRSXODUQD UyZQLH MDN FHVDUVND VWU    6S\WNR ]
0HOV]W\QD SRVHá .D]LPLHU]D :LHONLHJR QD GZRU]H .DUROD ,9 Z U  Z
VZRMHM Vá\QQHM UR]PRZLH SHáQHM GRZFLSX L GXP\ Z\UD(QLH SRGNUHOD *H Z
SU]HFLZLHVWZLHGRFHVDU]DNWyU\MHVWQL*V]\RGSDSLH*DLVNáDGDPXSU]\VL J 
NUyO SROVNL MHVW RG SDSLH*D QLH]DOH*Q\ .DF]PDUF]\N 0RQDUFKLD .D]LPLHU]D
:LHONLHJRVWU 
=QDOD]áRVL ZSUDZG]LHGZyFKOXG]LRVDG]RQ\FKQDWURQDFKNVL* F\FKSU]H]
ELVNXSyZ ² :áDG\VáDZ 3OZDF] L /HV]HN %LDá\ NWyU]\ ]DSLV\ZDOL 3ROVN
SDSLH*RP DOH QDUyG SROVNL SDWULRFL SROVF\ QLJG\ QLH X]QDZDOL SDSLHVNLHJR
]ZLHU]FKQLFWZD L VWZLHUG]DOL *H 3ROVND MHVW VXZHUHQQD L RERZL]\ZDü Z QLHM
PR*HW\ONRLZ\áF]QLHSUDZRSROVNLH
0\OLRJURPQHMZL NV]RFLSROVNLHJRQDURGXZ\UD]LáZ\ELWQ\P\OLFLHOSROVNL
;9ZLHNX-DQ2VWURUyJNWyU\E GFNDWROLNLHPLSUDJQFNDWROLFNLPNUyOHVWZR
SROVNLH ]DFKRZDü DOH SU]HSURZDG]DMF FLVá JUDQLF SRPL G]\ VSUDZDPL
UHOLJLLDVSUDZDPLSROLW\F]Q\PLGRPDJDáVL DE\NUyOHVWZRSROVNLH]U]XFLáR]
VLHELH ZV]HONL FLH ]DOH*QRFL Z U]HF]DFK SDVWZRZHM SROLW\NL RG ZáDG]\
SDSLHVNLHM 0LFKDá%REU]\VNL6]NLFHLVWXGLDWRP,,VWU  
 %\áD WR Z 3ROVFH P\O EDUG]R VWDUD SDPL WDMFD MHV]F]H F]DV\ 0LHV]ND
6WDUHJR 'áXJRV] Z NVL G]H 9, G]LHMyZ 3ROVNL SRG URNLHP  SLV]F R
0LHV]NX 6WDU\P VWZLHUG]D *H SRZLHG]LDá RQ ZLFKU]\FLHOVNLHPX ELVNXSRZL
NUDNRZVNLHPX*HGHRQRZLDE\SLOQRZDáUDF]HMVZRLFKSRZLQQRFL ELVNXSLFK
MDNRVRELHZáDFLZ\FKQLHPLHV]DMFVL GRVSUDZSXEOLF]Q\FK
= 'LDULXV]D 6HMPX 3LRWUNRZVNLHJR URNX SDVNLHJR  ZLG]LP\ *H
SUHWHQVMHSDSLHVNLHGR]ZLHU]FKQLFWZDQDG3ROVN EXG]Lá\Z3ROVFHSRZV]HFKQH
REXU]HQLH:\ELWQ\SDWULRWDLPLDá\PyZFDPDUV]DáHN,]E\3RVHOVNLHM0LNRáDM
6LHQQLFNL PyZLá  OXWHJR  URNX 3RODN QLH E G]LH QLHZROQLNLHP
SDSLHVNLP : GDOV]\P FLJX GRZRG]Lá 6LHQQLFNL *H SUDZR ZDW\NDVNLH MHVW
SUDZHP FXG]R]LHPVNLP L MDNRSUDZRFXG]R]LHPVNLH QLH RERZL]XMH 3RODNyZ
3RODNyZSRZLQQRREZL]\ZDüMHG\QLHSUDZRSROVNLH
3U]HPDZLDMFPDUFDURNXPyZLá6LHQQLFNL.XVLOLVL WH* RGGDZQD
LFKPRFLRZLHNVL *DDE\WRQDV]HSUDZRSROVNLHRGáR*\üDFXG]R]LHPVNLHQD
QDV QDZOHF 0\ 3RODF\ PDP\ QDV]H SUDZR SROVNLH *DGQH LQQH
FXG]R]LHPVNLH SUDZR QLH MHVW QDP SRWU]HEQH 2 *DGQ\P LQQ\P SUDZLH
FHVDUVNLPF]\SDSLHVNLPDQLVá\V]HüQLHFKFHP\LFLHUSLHüJRQLHE G]LHP\
= RJURPQHM LORFL Z\SRZLHG]L SDWULRWyZ SROVNLFK SURWHVWXMF\FK SU]HFLZ
URV]F]HQLRP SDSLHVNLP GR U]G]HQLD VL Z 3ROVFH MDN ZH ZáDVQHM NRORQLL
Z\PLHQL MHV]F]H VWDURVW ZVFKRZVNLHJR )UDQFLV]ND 5DG]HZVNLHJR NWyU\ Z
URNXQDSLVDáPHPRULDáZRGSRZLHG]LQDEUHYHSDSLH*D.OHPHQVD;,2WR
NLOND IUDJPHQWyZ ] WHJR PHPRULDáX SU]\WRF]RQHJR Z UR]SUDZLH
-DURFKRZVNLHJRRSU\PDVLH5DG]LHMRZVNLP5]HF]\GRV]á\GRWHJRVWRSQLD*H
NXULD U]\PVND QLH SRSU]HVWDMF QD Z\NRQ\ZDQLX MXU\VG\NFML Z VSUDZDFK
NRFLHOQ\FK ]DF]\QD PLHV]Dü VL WDN*H Z SUDZD 5]HF]\SRVSROLWHM .LHG\
3ROVNDE\áD]DWRSLRQDZRFHDQLHQLHV]F] üLQLHEH]SLHF]HVWZSDSLH*HLLFK
QXQFMXV]H PLOF]HOL QDWRPLDVW VNRURP\ VL W\ONR UXV]\OL NX QDV]HPX
RVZRERG]HQLX]DF] OLQDPZ\PLHU]DüQDXNLOXEJUR(E\ VWU 
 %:DONDZ\*V]HJRGXFKRZLHVWZDSROVNLHJR]SDVWZHPRZáDG]

3UHWHQVMH SDSLHVNLH GR ]ZLHU]FKQLFWZD QDG 3ROVN E\á\E\ QLHJUR(QH JG\E\

SDSLH* QLHSRVLDGDáSRW *Q\FKQDU] G]LLFKUHDOL]DFML-HGQ\P]WDNLFKQDU] G]L
SROLW\NL SDSLHVNLHM ZHZQWU] 3ROVNL E\OL QLHNWyU]\ SROVF\ ELVNXSL GUXJLP
QDU] G]LHP ]DJUD*DMF\P 3ROVFH RG ]HZQWU] E\OL .U]\*DF\ &HOH REX
SDSLHVNLFK DJHQWXU E\á\ SR]RUQLH Uy*QH &] ü ELVNXSyZ SROVNLFK G*\áD GR
]GRE\FLD SRW JL JRVSRGDUF]HM L SROLW\F]QHJR ]ZLHU]FKQLFWZD QDG SDVWZHP
SROVNLP QDWRPLDVW .U]\*DF\ G*\OL GR RGHUZDQLD RG 3ROVNL MHM ]LHP L GR
SROLW\F]QHJR RVáDELHQLD QDV]HJR SDVWZD 6NRUR MHGQDN ZHGáXJ SUDZD
NDQRQLF]QHJR ZáDFLFLHOHP PDMWNX NRFLHOQHJR MHVW SDSLH* Z]URVW PDMWNX
SROVNLHJR.RFLRáDR]QDF]DáZ]URVWSRW JLILQDQVRZHMSDSLH*D3DSLH* FLJDá]H
ZV]\VWNLFK GyEU .RFLRá\ SROVNLHJR W]Z SDSLHVN G]LHVL FLQ  FDáRURF]QH
GRFKRG\ RG ZDNXMF\FK EHQHILFMyZ L Uy*QH QDG]Z\F]DMQH L RNROLF]QRFLRZH
GDQLQ\ QLH]DOH*QLH RG FLJDQHJR ] FDáHM OXGQRFL ZL WRSLHWU]D :DOND
.RFLRáDSROVNLHJR]SDVWZHPR]LHPL E\áDZDON RGRF]HVQHPDWHULDOQH
ILQDQVRZHLQWHUHV\SDSLHVWZD =ND*G\PQRZ\PPDMWNLHP]GRE\W\PSU]H]
SROVNLH GXFKRZLHVWZR Z]UDVWDá\ GRFKRG\ SDSLHVNLH ] 3ROVNL Z]UDVWDá
LORFLRZRLSURFHQWRZRRGSá\ZNDSLWDáyZ] 3ROVNL GR NDV\ SDSLHVNLHM :]URVW
ZáDG]\SROLW\F]QHMGXFKRZLHVWZDR]QDF]DáUyZQLH* Z]URVWZáDG]\SDSLHVNLHM
%LVNXSL ERZLHP SU]HZD*QLH SRVáXV]QLH VSHáQLDOL ZV]\VWNLH UR]ND]\ SDSLH*D
3U]HZD*QD F] ü HSLVNRSDWX SROVNLHJR E\áD NRQLHP WURMDVNLP SDSLHVWZD
ZHZQWU] 3ROVNL L ZDONDWRF]RQDSU]H]WHQ HSLVNRSDW ] SDVWZHP SROVNLP
E\áD Z JUXQFLH U]HF]\ ZDON SDSLHVWZD R XMDU]PLHQLH 3ROVNL L
SU]HNV]WDáFHQLH MHM Z SDSLHVN NRORQL  2F]\ZLFLH Z LQWHUHVLH SDSLHVWZD
OH*DáRUR]V]HU]HQLHJUDQLFWHMNRORQLLDOHW\ONRZW\FKNLHUXQNDFKNWyUHMHV]F]H
QLHSRGOHJDá\SDSLHVWZXDZL FSU]HGHZV]\VWNLPQDZVFKyG(SLVNRSDWSROVNL
E\á]DLQWHUHVRZDQ\ZWDNLHMHNVSDQVMLSDVWZDSROVNLHJRQDZVFKyGQDNáDQLDMF
Sy(QLHMKLVWRU\NyZNOHU\NDOQ\FKGRSU]HGVWDZLDQLDUy*Q\FKSROVNLFKELVNXSyZ
LDUF\ELVNXSyZMDNRZLHONLFK3RODNyZNWyU]\SU]\F]\QLOLVL GRZ]URVWXSRW JL
3ROVNL
&DáD U]HF] MHGQDN Z W\P *H WH SR]RUQLH VSU]HF]QH ]MDZLVND MDN ZNáDG
SROVNLFK ELVNXSyZ Z HNVSDQVM 3ROVNL D Z ]ZL]NX ] W\P ZSá\ZyZ
SDSLHVNLFK QDZVFKyGLQDMD]G\NU]\*DFNLHSXVWRV]FH3ROVN LRGU\ZDMFHRG
3ROVNLFDOHSURZLQFMHE\á\SU]HMDZDPLMHGQHMLWHMVDPHMSROLW\NLSDSLHVNLHM
-HGQ\P ] W\SRZ\FK SU]HGVWDZLFLHOL WHM F] FL Z\*V]HJR GXFKRZLHVWZD
SROVNLHJRNWyUDVDPDVLHELHXZD*DáDSU]HGHZV]\VWNLP]D DJHQWXU SDSLHVWZD
L EH] *DGQ\FK VNUXSXáyZ WRF]\áD ZDON SU]HFLZ SDVWZX SROVNLHPX Z LPL
LQWHUHVyZ SDSLHVWZD E\á DUF\ELVNXS JQLH(QLHVNL +HQU\N .LHWOLF] ²
 
1DMZ\ELWQLHMV]\P SU]HGVWDZLFLHOHP SROVNLHM P\OL SDVWZRZHM E\á ZyZF]DV
NVL*  :áDG\VáDZ :LHONL /DVNRQRJL ]PLHU]DMF\ GR ]MHGQRF]HQLD 3ROVNL
UR]ELWHM QD G]LHOQLFH L GR Z]PRFQLHQLD ZáDG]\ SDVWZRZHM : SRSU]HN W\P
SODQRPVWDQáZáDQLHDUF\ELVNXS.LHWOLF]1DVWROLF\JQLH(QLHVNLHM² SLV]HR
QLP 6WDQLVáDZ =DFKRURZVNL ² VLHG]LDá ZyZF]DV +HQU\N .LHWOLF] F]áRZLHN
W\PUy*Q\RGLQQ\FKELVNXSyZ*H]*\ZLRáDPLNUDMRZ\PLQLHáF]\á\JR*DGQH
]ZL]NL L NWyU\ GODWHJR W\P EH]Z]JO GQLHM PyJá VáX*\ü ]D RUJDQ LGHDáyZ
SROLW\NL SDSLHVNLHM L LQWHUHVyZ NRFLHOQ\FK  :\VWSLHQLH DUF\ELVNXSD
SU]HFLZNVL FLXSU]\EUDáRRGUD]XIRUP\QDMRVWU]HMV]H.LHWOLF] U]XFLáNOWZ QD
/DVNRQRJLHJR ']LHMH3ROVNLUHGQLRZLHF]QHMVWU 
:\VWSLHQLH.LHWOLF]D² SLV]HSURI6DZLFNL² QLHE\áRG]LHáHPSU]\SDGNX
JG\SRUyZQDP\GDW\DUF\ELVNXSLHU]GyZ.LHWOLF]D ² LSDSLHVNLFK
,QQRFHQWHJR ,,,  GR   ]DXZD*\P\ *H ZáDQLH Z F]DVLH SRQW\ILNDWX
QDMZL NV]HJRSU]HGVWDZLFLHODHSRNL KLHURNUDW\F]QHM SR SROVNX NOHURZáDGF]HM
$ 1  .RFLyá SROVNL X]\VNDá SHáQ QLH]DOH*QRü Z VWRVXQNX GR ZáDG]\
SDVWZRZHM$UF\ELVNXS+HQU\NSRVLDGDá]UHV]W RVRELVW\NRQWDNW]SDSLH*HPL
G]LDáDáQLHZWSOLZLHSRGZSá\ZHPLQVSLUDFMLSá\QF\FK]5]\PX +LVWRULD
VWRVXQNX.RFLRáDGRSDVWZDVWU 
)H :áDG\VáDZ :LHONL /DVNRQRJL ]RVWDá Z\NO W\ SU]H] DUF\ELVNXSD .LHWOLF]D
SRG ZSá\ZHP LQVSLUDFML Sá\QF\FK ] 5]\PX ZLDGF]\ QDMOHSLHM 'áXJRV]
NWyU\MDNRRVREDGXFKRZQDPXVLDáQLHZWSOLZLHV\PSDW\]RZDü]DUF\ELVNXSHP
2WR FR 'áXJRV] SLV]H R NVL FLX :áDG\VáDZLH :áDG\VáDZ ]JRGQ L
SRZV]HFKQ ZRO ]D PRQDUFK X]QDQ\ REMá NVL VWZR NUDNRZVNLH 1D WHM
VWROLF\ ] ZLHON áDVNDZRFL VSUDZXMF U]G\ PLáRZDQ\ RG ZV]\VWNLFK GOD
ND*GHJRSU]\VW SQ\V G]LDEDF]Q\LVSUDZLHGOLZ\VáDE\FK]DVWDZLDáRGXFLVNX
D Z *GDQLDFK VáXV]Q\FK L XF]FLZ\FK QLNRPX QLH RGPDZLDá XFKD ']LHMyZ
SROVNLFKNVL JD9,URNVWU 
5R]XPQH VSUDZLHGOLZH VLOQH L GOD .RFLRáD áDVNDZH U]G\ :áDG\VáDZD
:LHONLHJR/DVNRQRJLHJRQLHSRGREDá\VL SDSLH*RZLLMHJRDJHQWXU]H.RFLyá
FKFLDáE\üZROQ\-H*HOLPDP\ZWSOLZRFLFRR]QDF]DZROQRü.RFLRáD
SU]\SRPQLMP\VRELH$QDWROD)UDQFH DZQDMOHSV]\FKZDUXQNDFK DZL FQDZHW
Z WDNLFK MDNLH REHFQLH PD .RFLyá Z 3ROVFH /XGRZHM  .RFLyá E G]LH PLDá
SUDZR ZRáDü *H QLH MHVW ZROQ\ *H MHVW SU]HODGRZDQ\  ER ]GDQLHP
ELVNXSyZ .RFLyá MHVW ZROQ\ W\ONR ZWHG\ JG\ UR]ND]XMH .RFLyá D
5]HF]SRVSROLWDUVWU² 
$JHQWXUD SDSLHVND NLHURZDQDSU]H]DUF\ELVNXSD .LHWOLF]D WRF]\áDZDON
SU]HFLZ SDVWZX SROVNLHPX QLH R ZROQRü DOH R ZáDG]  , NOWZD ]RVWDáD
U]XFRQDQD:áDG\VáDZD:LHONLHJR/DVNRQRJLHJRQLHGODWHJR*HU]G]Lá(OHER
ZáDQLH U]G]Lá UR]XPQLH L VSUDZLHGOLZLH ]JRGQLH ] LQWHUHVDPL SDVWZD
SROVNLHJR :áDG\VáDZ D Z MHJR RVRELH SROVND ZáDG]D SDVWZRZD ]RVWDá
Z\NO W\SU]H]DUF\ELVNXSD.LHWOLF]DSRQLHZD* WDNDE\áDLQVSLUDFMDSDSLHVND
$UF\ELVNXS .LHWOLF] ]RUJDQL]RZDá SU]HFLZ NVL FLX :áDG\VáDZRZL OLJ  Z
VNáDG NWyUHM ZFKRG]LOL NVL* WD /HV]HN %LDá\ :áDG\VáDZ 3OZDF] L .RQUDG
0D]RZLHFNL 1LH RG U]HF]\ E G]LH SU]\SRPQLHü Z NLONX VáRZDFK NLP E\OL FL
NVL* WD
2 /HV]NX %LDá\P SLV]H =DFKRURZVNL *H E\á W\P GRJRGQLHMV]\ GOD
HJRLVW\F]QHM SROLW\NL PR*Q\FK *H ]DZG]L F]Dá VZH Z\QLHVLHQLH Z\áF]QLH LFK
SRSDUFLX QLH Z\VW SRZDá ] LQLFMDW\Z Z SROLW\FH ZHZQ WU]QHM XOHJDá
PR*Q\PD]ZáDV]F]DSRZROQ\PVL RND]DáZREHF.RFLRáD/HV]HNSLHUZV]\
]NVL*WSROVNLFKRGGDáVL ZURNXZRSLHN 6WROLF\$SRVWROVNLHMX]QDMF
SU]H] WR MHM ]ZLHU]FKQLFWZR 3U]HGWHP MHV]F]H ]U]HNDá VL VZ\FK XSUDZQLH
ZREHF.RFLRáDD Z\QLHVLRQ\QDWURQSU]H]ELVNXSDNUDNRZVNLHJRVSáDFDá
GáXJZG]L F]QRFL.RFLRáRZL LWGLWG VWU 
2:áDG\VáDZLH3OZDF]XGUXJLPXF]HVWQLNXVSU]\VL *HQLDSU]HFLZZ\NO WHPX
:áDG\VáDZRZL:LHONLHPX/DVNRQRJLHPXSLV]H=DFKRURZVNL *HG]LDáDá MDNR
QDU] G]LH SODQyZ .RFLRáD VWU   ,P PRFQLHM VWDá WURQ NVL* F\ Z
VSRUDFK NRFLHOQ\FK ZREHF FLRVyZ NDU NRFLHOQ\FK L JURPyZ NOWZ W\P
EDUG]LHM RWZLHUDáD VL SU]HG ELVNXSDPL LQQD GURJD ZLRGFD GR FHOX GURJD
SRSLHUDQLD NVL*W XOHJá\FK UR]ND]RP KLHUDUFKLL NRFLHOQHM L V]F]RGU\FK Z
QDGDQLDFK SU]\ZLOHMyZ NVL FLHP WDNLHJR W\SX E\á ]ZáDV]F]D 2GRQLF
:áDG\VáDZ 3OZDF]  NWyU\ VWDO Z VáX*ELH HSLVNRSDWX JRWyZ ]DZV]H GR
VSHáQLDQLD MHJR *\F]H L UR]ND]yZ :\GDUW :áDG\VáDZRZL :LHONLHPX
/DVNRQRJLHPXG]LHOQLF :áDG\VáDZ3OZDF]RGGDZDáSRGRSLHN SDSLH*DNWyU\
SRGZ\*V]\á PX F]\QV] 3y(QLHM GRV]HGáV]\ GR ZáDG]\ :áDG\VáDZ 3OZDF]
Z\SáDFDá GáXJ ZG]L F]QRFL ZREHF .RFLRáD 3U]\ZLOHMH QD U]HF]
ELVNXSVWZDLNDSLWXá\SR]QDVNLHME\á\EDUG]RUR]OHJáHJG\* QLHW\ONR ]QRVLá\
ZV]HONLH RSáDW\ L ZLDGF]HQLD QD U]HF] SDVWZD DOH NáDGá\ IXQGDPHQW\
V]HURNLHM MXU\VG\NFML SDWU\PRQLDOQHM VGRZQLFWZD SDVNLHJR  SU]\ZLOHMH WH
WZRU]\á\]GyEUNDWHGU\SR]QDVNLHM SUDZLHQLH]DZLVáHSDVWHZNR VWU²
 6WUHV]F]DMF3OZDF]E\áQDU] G]LHPELVNXSyZ VWU 
:UHV]FLHWU]HFLXF]HVWQLNVSU]\VL *HQLD.RQUDG0D]RZLHFNLKRMQLHUR]GDZDá
SRVLDGáRFLLSU]\ZLOHMH ELVNXSVWZRP VZ\FK G]LHOQLFQLH ]ZD*DMF *HRVáDELDá
SU]H] WR LFK ZHZQ WU]Q VLá L VSRLVWRü 5]G\ MHJR ]QDPLRQRZDáD
OHNNRP\OQRü L EH]SODQRZRü VWU ²  : URNX  WHQ*H .RQUDG
0D]RZLHFNLKRMQLHV]DIXMF\SROVN ]LHPL VSURZDG]LáGR3ROVNL.U]\*DNyZ
RJQLHP L PLHF]HP UHDOL]XMF\FK LGH SDSLHVNLHJR SDQRZDQLD QDG FDá\P
ZLDWHPDZGZDODWDSy(QLHMRILDURZDáLP]LHPL FKHáPLVN
2Wy* FL WU]HM NVL* WD PDULRQHWNL Z U NDFK ELVNXSyZ VSáDFDMF\ LP GáXJL
ZG]L F]QRFLLSRZROQLLFKUR]ND]RP]MHFKDOLVL ZURNXGR%RU]\NRZD
Z FHOX ]DZL]DQLD NRDOLFML SU]HFLZ :áDG\VáDZRZL :LHONLHPX /DVNRQRJLHPX
NWyU\ ]JRGQLH ] WUDG\FMDPL %ROHVáDZD &KUREUHJR %ROHVáDZD PLDáHJR L
0LHF]\VáDZD 6WDUHJR EURQLá DXWRU\WHWX L VXZHUHQQRFL SROVNLHM ZáDG]\
SDVWZRZHMSU]HG]DPDFKDPL]HVWURQ\ELVNXSyZL ZLHFNLFKPR*QRZáDGFyZ
7ZyUF\ NRDOLFML ERU]\NRZVNLHM VIRUPXáRZDOL L SRGSLVDOL FHOH ZDONL SU]HFLZ
:áDG\VáDZRZL :LHONLHPX /DVNRQRJLHPX $UF\ELVNXS JQLH(QLHVNL +HQU\N
.LHWOLF]RELHFDáVSLVNRZFRPZV]HON SRPRF]HVWURQ\.RFLRáDX]\VNXMFRG
QLFKZ]DPLDQGODGXFKRZLHVWZD ZROQRüRGZLDGF]H QDU]HF]SDVWZD
L SUDZGRSRGREQLH UyZQLH* XZROQLHQLH GXFKRZQ\FK VSRG VGRZQLFWZD
SDVWZRZHJR =DFKRURZVNLVWU 
6G =DFKRURZVNLHJR R VSU]\VL *HQLX ERU]\NRZVNLP L MHJR XF]HVWQLNDFK MHVW
VGHP ROEU]\PLHM ZL NV]RFL SROVNLFK KLVWRU\NyZ NWyU]\ F] VWR X*\ZDM
RNUHOH ]QDF]QLH RVWU]HMV]\FK QD]\ZDMF .RQUDGD 0D]RZLHFNLHJR L
:áDG\VáDZD 3OZDF]D ]EURGQLDU]DPL =ZáDV]F]D QD W\P RVWDWQLP FL*\ RG
F]DVyZ 'áXJRV]D SRZD*Q\ ]DU]XW XG]LDáX Z ]EURGQL JVDZVNLHM ² Z
]DPRUGRZDQLX/HV]ND%LDáHJR&] üUHDNF\MQ\FKKLVWRU\NyZGRVWU]HJDMHGQDN
DNWXDOQRü SUREOHPyZ VSU]\VL *HQLD ERU]\NRZVNLHJR L ]DLQWHUHVRZDQD MHVW Z
UHKDELOLWRZDQLXWHJRQDU] G]LDELVNXSyZMDNLP E\á:áDG\VáDZ3OZDF]
1LE\QDXNRZH:\GDZQLFWZR,QVW\WXWX7HRORJLF]QHJR.VL *\0LVMRQDU]\SRG
W\WXáHP 1DV]D SU]HV]áRü UR]SRF] WR ² QLE\ SU]\SDGNRZR ²
SVHXGRKLVWRU\F]Q DSRORJL ZáDQLH:áDG\VáDZD3OZDF]DSLyUDNVL G]D-y]HID
8PLVNLHJR
:EUHZWHPXFRPXNáDPOLZDSURSDJDQGDMHJRSU]HFLZQLNyZ]DU]XFDáD²
SLV]H NVLG] 8PLVNL R :áDG\VáDZLH 3OZDF]X ² L ZEUHZ SDQXMFHPX R QLP
SRZV]HFKQLH ² MX* RG F]DVyZ 'áXJRV]D VGRZL KLVWRU\NyZ ZUyG FDáHM
SOHMDG\ UyZQRF]HVQ\FK PX Z\ELWQLHMV]\FK L PQLHM Z\ELWQ\FK NVL*W
SLDVWRZLF]yZMHVWRQRERN/HV]ND%LDáHJRERGDMMHG\Q\PNWyU\OLF]\áVL ]
QDND]DPL XVWDZ L VSUDZLHGOLZRFL %\á RQ QDVW SQLH Z\MWNRZ\P PL G]\
ZVSyáF]HVQ\PL VRELH NVL FLHP NWyU\ QLH ]DVáX*\á QD *DGQ Z FLVá\P WHJR
VáRZD]QDF]HQLX QDJDQ ]HVWURQ\SDSLHVNLHJRRSLHNXQD3ROVNL SRGF]DVJG\
LQQ\FK NVL*W VSRW\NDá\ MH*HOL MX* QLH IRUPDOQH NDU\ WR SU]\QDMPQLHM
XSRPQLHQLD6WROLF\$SRVWROVNLHMLWGLWG 1DV]DSU]HV]áRü6WXGLD]G]LHMyZ
.RFLRáDLNXOWXU\NDWROLFNLHMZ3ROVFH.UDNyZ WRP,,VWU 
$UJXPHQW NVL G]D 8PLVNLHJR MHVW QLH]PLHUQLH LQWHUHVXMF\ 7HQ VDP
DUJXPHQWE G PRJOLSU]HFLH* Z\VXQü]DNLONDG]LHVLWODWSU]\V]OLGXFKRZQL²
DSRORJHFLIDV]\VW\'RERV]\VNLHJR3U]HFLH* ]EURGQLDU]RPIDV]\VWRZVNLP
V]SLHJRP QLHPLHFNLP V]SLHJRP DPHU\NDVNLP RUJDQL]DWRURP EDQG
SRG]LHPQ\FK L VSU]\VL *H SU]HFLZ SDVWZX SROVNLHPX DQL SDSLH* DQL
NVLG]3LZRZDUF]\NQLHJUR]LOLLQLHJUR*HNVNRPXQLN
3VHXGRRELHNW\ZL]P NOHU\NDOQHJR KLVWRU\ND NVL G]D 8PLVNLHJR
SU]\SRPLQDMFHJR QLE\ SU]\SDGNLHP ZáDQLH WHUD] *H :áDG\VáDZD 3OZDF]D
Z]LáSRGRSLHN ZL WHJR3LRWUDLVZRM SDSLH* +RQRULXV],,,SLVPHP]GQLD
 OXWHJRURNX VWU LSRGDMFHJRMDNRDUJXPHQW*H:áDG\VáDZ3OZDF]
QLHE\á]EURGQLDU]HPSRQLHZD* QLHVá\V]\P\R*DGQHMNDU]HNRFLHOQHMNWyUD
E\ VSDGOD QD QLHJR SR Z\SDGNDFK JVDZVNLFK 3R ]DPRUGRZDQLX /HV]ND
%LDáHJR  VWU PDZ\UD(QHRVWU]HSROLW\F]QH
$UJXPHQWDFMDWDQLHPDQLFZVSyOQHJR]SUDZG KLVWRU\F]Q.DU\NRFLHOQH
QLH VSDGDá\ ZFDOH QD ]GUDMFyZ ]EURGQLDU]\UR]SXVWQLNyZ.DU\ NRFLHOQHQD
F]HOH ] HNVNRPXQLN VSDGDá\ QD W\FK NWyU]\ EURQLOL VXZHUHQQRFL ZáDG]\
SDVWZRZHM SU]HG G*HQLDPL SDSLHVWZD L F] FL KLHUDUFKLL NRFLHOQHM GR
SDQRZDQLDZ3ROVFH
.OWZ\ L LQQH NDU\ NRFLHOQH E\á\ RU *HP ZDONL SROLW\F]QHM SDSLHVWZD L
MHJR DJHQWXU SU]HFLZ SDVWZX SROVNLHPX L SU]HFLZ QDURGRZL SROVNLHPX
RU *HP ZDONL R ZáDG]  R SDQRZDQLH SDSLHVNLHJR SUDZD R ]LHPL  R
PDMWNLRG]LHVL FLQ\
= NUyOyZ L NVL*W SROVNLFK Z\NOLQDQL E\OL %ROHVáDZ &KUREU\ NWyUHJR
DUF\ELVNXS *DXGHQW\ZHGáXJ*DOODGLFLWXUDQDWKHPDWHSHUFXVVLVVH %ROHVáDZ
PLDá\ :áDG\VáDZ ,, ]D G*HQLH GR ]MHGQRF]HQLD SRG]LHORQHM SU]H]
.U]\ZRXVWHJR 3ROVNL  0LHF]\VáDZ 6WDU\ :áDG\VáDZ /DVNRQRJL +HQU\N
%URGDW\ %ROHVáDZ 5RJDWND /HV]HN &]DUQ\ +HQU\N 3UREXV :áDG\VáDZ
àRNLHWHN.D]LPLHU]:LHONLL.D]LPLHU]-DJLHOORF]\N
:DUWR SU]\ W\P SRGNUHOLü *H VNURPQHJR L ERJRERMQHJR /HV]ND &]DUQHJR
Z\NO WR]DXZL ]LHQLHELVNXSD3DZáD]3U]HPDQNRZDRNWyU\PSLV]H'áXJRV]
*H ]GUR*Q\FK ]H VWDQHP L SRZDJ ELVNXSL QLH]JRGQ\FK GRSXV]F]DMF\ VL
QDGX*\ü L SRQLHZLHUDMF\ VZRM JRGQRü SDVWHUVN 3DZHá ELVNXS NUDNRZVNL
RGGDQ\SU]HGHZV]\VWNLPVZDZROLLUR]SXFLHPQLV]N Z]Lá]DQDáR*QLF 
JZDáWRZQLNQLH]QRQ\GODVZ\FKSRGGDQ\FKLVVLDGyZEXQWRZDáVL NROHMQR
SU]HFLZ F]WHUHP NVL* WRP SROVNLP L ] ZURJDPL SDVWZD SROVNLHJR SRF]á
VNU\FLH VL SRUR]XPLHZDü .LHG\ ]D ERJRERMQ\ /HV]HN &]DUQ\ ]DáR*\FLHO
NDWHGU\ OXEHOVNLHM XZL ]Lá WHJR UR]SXVWQLND L ZDUFKRáD -DQXV] DUF\ELVNXS
JQLH(QLHVNL SRZVWDá MDN XU] GRZL MHJR SU]\VWDáR QD WR XZL ]LHQLH ELVNXSD L
FDá SURZLQFM JQLH(QLHVN LQWHUG\NWHP REáR*\á 'áXJRV] NVL JD 9,, URN
VWU 
+HQU\ND %URGDWHJR +HQU\ND 3UREXVD %ROHVáDZD 5RJDWN L .D]LPLHU]D
:LHONLHJR Z\NOLQDQR Z VSRUDFK R G]LHVL FLQ\ ']LHVL FLQD ² SLV]H SURI
7DGHXV] 6LOQLFNL Z ']LHMDFK L XVWURMX .RFLRáD QD OVNX ² VWDQRZLáD QLH
W\ONR SRZD*QH (UyGáR GRFKRGyZ NRFLHOQ\FK DOH XUDVWDáD GR ]QDNX
VXZHUHQQRFL.RFLRáDSRQDGFDá\PVSRáHF]HVWZHP VWU ,QWHUHVXMF\
WUDNWDW R G]LHVL FLQDFK QDSLVDá 7DGHXV] &]DFNL : FLJX NLONX ZLHNyZ ²
F]\WDP\ Z W\P WUDNWDFLH ² PQRJLH Z\V]á\ SLVPD R G]LHVL FLQDFK ZLHOX
WHRORJyZLNDQRQLNyZZ\SURZDG]DáRQDOH*QRüG]LHVL FLQ]SUDZDERVNLHJRFL
]D NWyU]\ PXVLHOL SáDFLü QD]\ZDOL MH RZRFHP XVWDZ GLDEHOVNLFK VWU  
=JXEQ L UXMQXMF QD]\ZDá G]LHVL FLQ Z SUDF\ R OXGQRFL ZLHQLDF]HM
NRQVHUZDW\ZQ\KLVWRU\N)UDQFLV]HN3LHNRVLVNL VWU ']LHVL FLQDVWDQRZLáD
MHGQ ] QDMEDUG]LHM áXSLH*F]\FK GDQLQ L XSU]\ZLOHMRZDQ SU]HG ZV]\VWNLPL
LQQ\PL ² SLVDá$OHNVDQGHUZL WRFKRZVNL +LVWRULDFKáRSyZSROVNLFKVWU
 
%LVNXS %RG]DQWD NWyU\ Z\NOá .D]LPLHU]D :LHONLHJR GRZRG]Lá *H
G]LHVL FLQD VZRERGQD SáDFRQD ] GREUHM ZROL QLH ] SU]\PXVX L GRZROQLH
Z\EUDQHPX NRFLRáRZL D QLH Z\]QDF]RQHPX SU]H] ELVNXSD  SU]\QRV]F
XV]F]HUEHN.RFLRáRZLSRFLJD]DVRE JU]HFKPLHUWHOQ\ +HOFHO%DGDQLDZ
SU]HGPLRFLHKLVWRULLG]LHVL FLQNRFLHOQ\FKZ3ROVFHVWU 
6]F]HJyOQLH XFL*OLZD E\áD G]LHVL FLQD VQRSRZD ER NVLG] QLH GR]ZDODá
VSU]WQL FLD]ER*D SyNLVZHMG]LHVLWHMNRS\QLHSRZ\W\NDá² SLV]H$OHNVDQGHU
%UFNQHUZ']LHMDFK.XOWXU\ 3ROVNLHM ² WRWH*PyJáL ]JQRLü FDáH ]ER*HQD
SROX JG\ E\áD VáRWD WRP , VWU   2Wy* Z\PLHQLRQ\FK NUyOyZ L NVL*W
Z\NOLQDQR QLH ]D RGPRZ GRVWDUF]DQLD G]LHVL FLQ DOH ]D SUyE ]DPLDQ\
G]LHVL FLQ\ VQRSRZHM QD UyZQRZDUWRü SLHQL *Q %LVNXS ZURFáDZVNL 7RPDV]
NWyU\ SRMHGQDá VL ] %ROHVáDZHP 5RJDWN L SU]\U]HNá ]PLDQ G]LHVL FLQ
VQRSRZ\FK QD SLHQL *QH Z FDáHM GLHFH]ML ZURFáDZVNLHM FLJQá QD VLHELH
REXU]HQLFDáHJR HSLVNRSDWX NWyU\ XVSRNRLáVL GRSLHURSRMHJRRZLDGF]HQLX
MDN SLV]H 'áXJRV] ² *H ZSUDZG]LH SU]\U]HNá DOH QLH XLFLá RELHWQLF\
]DPLHQLDQLDG]LHVL FLQ\VQRSRZHMQDSLHQL *Q L*HMHMQLJG\QLHGRWU]\PD
: ZDOFH R G]LHVL FLQ\ ELVNXSL VWRVRZDOL QDMEDUG]LHM EUXGQH PHWRG\
SU]HGVWDZLDMFG]LHVL FLQ\MDNRU]HF]GR]ZRORQ LPLá %RJX1DQLHSáDFF\FK
G]LHVL FLQ GXFKRZLHVWZR U]XFDáR NOWZ\ Z\NOLQDMF SRV]F]HJyOQH MHGQRVWNL
PLDVWD D QDZHW FDáH GLHFH]MH 1LHU]DGNR SU]HFLZ QLH SáDFF\P G]LHVL FLQ
RUJDQL]RZDQH E\á\ NUXFMDW\ 0L G]\ LQQ\PL SDSLH* $OHNVDQGHU ,9 RJáRVLá 
PDUFD  URNX SU]\WRF]RQH SU]H] 'áXJRV]D ZH]ZDQLH GR NUXFMDW\ SU]HFLZ
NVL FLX %ROHVáDZRZL 5RJDWFH 3U]HGH ZV]\VWNLP GR NUXFMDW\ ]RVWDá ZH]ZDQ\
DUF\ELVNXS PDJGHEXUVNL : SLPLH SDSLHVNLP F]\WDP\ *H %ROHVáDZ 5RJDWND
PáRW FL*FHM QD QLP NDU\ NRFLHOQHM W\OH ZD*\ FR SOHZ L JDUG]L QL
]XFKZDOHWRWH* JG\QLHXF]XZDMDNQDOH*\UD]yZ3LRWURZHJRPLHF]DFy* QDP
LQQHJR SR]RVWDMH MHQR GRE\ü SU]HFLZ QLHPX PLHF]D FLHOHVQHM NDU\ SU]HFLZ
U]HF]RQHPX NVL FLX JáRVLü PDFLH Z\SUDZ NU]\*RZ 0\ ]D ZV]\VWNLP
NWyU]\ QD ZH]ZDQLH QDV]H NU]\* "  SRGQLRV QDGDMHP\ WDNLH VDPR
RGSXV]F]HQLH JU]HFKyZ MDNLH GOD NU]\*RZQLNyZ XF]HVWQLNyZ Z\SUDZ
NU]\*RZ\FK SU]HFLZ 7XUNRP L $UDERP  6REyU SRZV]HFKQ\ XG]LHOL .VL JD
9,,VWU  Z SRZ\*V]\P F\WDFLH QLH PD Eá GX VNDQHUD XF]XZD L NU]\* " V E\ü PR*H Eá GDPL

SRZVWDá\PLSU]\VNáDGDQLXNVL*NLLGUXNX GRSOHJDED

0DáRMHGQDNZLGDü]DOH*DáROXG]LRPQDRGSXV]F]HQLXJU]HFKyZSU]H]SDSLH*D
ERQLNWVL GRNUXFMDW\SU]HFLZNVL FLXOLJQLFNLHPX%ROHVáDZRZLQLHSRNZDSLá
NVL* yZ*\áVRELHSRNOWZLHV]F] OLZLHMHV]F]HNLONDQDFLHODWLSU]H*\áW\FK
ZV]\VWNLFKNWyU]\JRZ\NOLQDOL
5H]XOWDWHP G]LDáDOQRFL WDNLFK ELVNXSyZ MDN QS ZURFáDZVNL 7RPDV] NWyU\
ZFL* U]XFDá NOWZ\QD SRV]F]HJyOQH NRFLRá\ PLHMVFD L NUDM FDá\X]\VNXMF
SRWZLHUG]HQLH NOWZ X SDSLH*D 0DUFLQD ,9   L +RQRULXV]D 79   L
VWDMF VL ZURJLHP SDVWZD Z]\ZDMF SRVWURQQHM SRPRF\ 6LOQLFNL ']LHMH L
XVWUXM .RFLRáD QD OVNX VWU    E\áR W\ONR WR *H NOWZ\
VSRZV]HGQLDá\
'DZQD XOHJáRü OXGQRFL NRFLHOQ\P QDND]RP L NDURP XVW SRZDáD
PLHMVFDGXFKRZL EXQWX NLHG\ NOWZD L LQWHUG\NW]E\WQLR QDGX*\ZDQH QLH
URELá\MX* ZUD*HQLD 6LOQLFNLVWU 
%LVNXSL NWyU]\ Z\NO OL %ROHVáDZD PLDáHJR L :áDG\VáDZD àRNLHWND E\OL
]GUDMFDPL NUDMX )DGQH NU WDFWZD KLVWRU\NyZ NOHU\NDOQ\FK QLF QLH SRPRJ QD
QLH GDMFH VL Z\PD]Dü ] .URQLNL *DOOD VáRZR WUDGLWRU ]GUDMFD 
Z\SRZLHG]LDQH R ELVNXSLH 6WDQLVáDZLH D ELVNXSD 0XVNDW\ NWyU\ Z\NOá
àRNLHWNDQDZHWQLHSUyEXMHVL EURQLüSU]HG]DU]XWHPVáX*HQLDREFHPXSDVWZX
SU]HFLZ3ROVFH
 1DSURFHVLHSU]HFLZELVNXSRZLNUDNRZVNLHPX0XVNDFLH ² NWyU\
QD ELVNXSVWZLH NUDNRZVNLP SU]HVLHG]LDá  ODW ]H]QDZDOL ZLDGNRZLH *H
0XVNDáD FKFH XVXQü NVL FLD :áDG\VáDZD L Z\W SLü QDUyG SROVNL *H PD
QDUyG SROVNL Z QLHQDZLFL SRZLHG]LDá ERZLHP JG\E\P QLH ]GRáDá XF]\QLü
WHJRFR]DF]áHPLQLHZ\SOHQLáQDURGXSROVNLHJRZRODáE\PPLHUüQL* *\FLH
]H]QDZDQR *H ELVNXS Z\VáDá UDEXVLyZ QD áXSLHQLH EáRJRVáDZLá LP L
]RERZL]\ZDá LFK DE\ QLV]F]\OL ]LHPL  M ]\N L QDUyG SROVNL FL ZLHOH
NRFLRáyZ VSDOLOL D ZH ZV]\VWNLFK JUDELH*DFK ELVNXS 0XVNDáD XF]HVWQLF]\á Z
áXSLH 0DULDL=\JPXQW:RMFLHFKRZVF\3ROVND3LDVWyZ3ROVND-DJLHOORQyZ
VWU 
3RER*Q\ àRNLHWHN XZL ]Lá ELVNXSD 0XVNDW Z URNX  &]\ PR*QD VL
G]LZLü *H Z REURQLH ]DVDG\ QLHW\NDOQRFL ELVNXSD ZURJLHJR 3ROVFH DJHQWD
REFHJR SDVWZD Z\VWSLá SDSLH* .OHPHQV 9" àRNLHWHN XONá VL SDSLHVNLHJR
JQLHZXLELVNXSD]GUDMF XZROQLá
%LVNXS 0XVNDáD E\á ELVNXSHP NUDNRZVNLP .DSLWXá NUDNRZVN QD]ZDá
NRQLHP WURMDVNLP ] NWyUHJR QD FDá 3ROVN Z\FKRG]LOL ELVNXSL L
DUF\ELVNXSL² QLHMDNL SRVW SRZ\KLVWRU\NDOHVDPELVNXS/XGZLNà WRZVNLZ
.DWDORJXELVNXSyZSUDáDWyZLNDQRQLNyZNUDNRZVNLFK .UDNyZWRP
,VWU ;,, 

&3DSLH*H].U]\*DNDPLSU]HFLZ3ROVFH

)H .U]\*DF\ E\OL PLHUWHOQ\PL ZURJDPL 3ROVNL L *H RNUXFLHVWZDPL

SU]\SRPLQDOLKLWOHURZFyZRW\PZLHZ3ROVFHND*GHG]LHFNRLPR*HP\RW\P
ZWHMFKZLOLQLHSLVDü
=H RU *HP LGHRORJLF]Q\P HNVSDQVML NU]\*DFNLHM QD ZVFKyG NU]\*DFNLHJR
'UDQJ QDFK 2VWHQ E\áD WHRULD SUDZD SDSLH*\ GR SDQRZDQLD QDG FDá\P
ZLDWHP WHJR UyZQLH* SU]\SRPLQDü QLH WU]HED W\P EDUG]LHM *H R LGHRORJLL
NU]\*DFNLHM ZLDGF]\áD VDPD LFK QD]ZD L F]DUQH NU]\*H QD SáDV]F]DFK
]DNRQQ\FK
)H SDSLH*RP WR ]EURMQH UDPL LPSHULDOL]PX SDSLHVNLHJR PXVLDáR E\ü
V]F]HJyOQLH GURJLHLEOLVNLHWRUyZQLH* UR]XPLH VL VDPRSU]H]VL $OH ZDUWR
E\ PR*H XSU]\WRPQLü VRELH DQW\SROVNLH RVWU]H WHM SDSLHVNRNU]\*DFNLHM
VHUGHF]QRFL
=DMU]\MP\ QDMSLHUZ GR SURI -DQD 3WDQLND NWyU\ Z VZHM SUDF\ 'DJRPH
LXGH[ .UDNyZ PXVL]D]QDF]\üVZyMNU\W\F]Q\VWRVXQHNGRSDSLHVWZD
PLPRZáDVQ\FKLGHRORJLF]Q\FKV\PSDWLLGRQLHJR3URI3WDQLNSLV]HWDN1LH
FKF SU]HFHQLDüLQLHSU]HFHQLDP]DVáXJ " SDSLHVWZDZREHF3ROVNL2ZV]HP
Z\UD(QLH WR VWZLHUG]DP *H SROLW\ND NXULL SDSLHVNLHM  MDN QD FDá
VáRZLDV]F]\]Q  WDN L QD 3ROVN VSURZDG]LáD EDUG]R GRWNOLZH V]NRG\
5]\P SURWHJRZDá QD MHM QLHNRU]\ü IXQGDFMH JHUPDVNLFK SDVWZ
]DNRQQ\FKQDSyáQRF\ERWHMDNRKLHUDW\F]QH U]G]RQHSU]H]GXFKRZQ\FK$
1  PXVLDá\ E\ü EOL*V]\PL JáRZLH .RFLRáD DQL*HOL 3ROVND U]G]RQD SU]H]
NVL*W ZLHFNLFK VWU   7DNLPL áDJRGQ\PL VáRZDPL RNUHOD SURI 3WDQLN
IDNWSRSDUFLD.U]\*DNyZSU]H]SDSLHVWZR1LH PR*HXNU\üWHJRIDNWXUyZQLH*
SURI 6LOQLFNL Z DSURERZDQ\FK SU]H] .XUL DUF\ELVNXSL ']LHMDFK 3DSLH*\
*U]HJRU] ,; L MHJR QDVW SF\ ² SLV]H SURI 6LOQLFNL ² SRSDUOL =DNRQ
.U]\*DFNL L WR QLH W\ONR Z MHJR ZRMQLH ] SRJDVWZHP DOH UyZQLH* Z
RUJDQL]RZDQLX ZáDVQHJR SDVWZD QD V]NRG 3ROVNL ']LDáR VL WR SU]\
SRPRF\ OLF]Q\FK EXOOL SDSLHVNLFK NWyUH .U]\*DF\ ] ZLHON ]U F]QRFL EG(
Z\MHGQ\ZDOL EG( IDáV]RZDOL 5\FKáR GRV]OL GR ]QDF]QHM SRW JL W\P
JUR(QLHMV]HM*HSRGGDQHMZSURVW6WROLF\ $SRVWROVNLHM VWU 
3LHUZV]\ RGG]LDá NU]\*DFNL SU]\E\á GR 3ROVNL Z URNX  : URNX 
.U]\*DF\ SRGSRU]GNRZDOL VL SDSLHVWZX L RILDURZDOL ]LHPL FKHáPLVN
6WROLF\$SRVWROVNLHM :RMFLHFKRZVF\VWU 
: URNX  .U]\*DF\ Z\U]\QDM Z *GDVNX  W\VL F\ 3RODNyZ 'R NRFD
ZU]HQLD  ]DJDUQLDM FDáH 3RPRU]H *GDVNLH :  U .U]\*DF\
QDMH*G*DM .XMDZ\SDOF:áRGDZHN:PDMXLOLSFXURNXXU]G]DM GZD
QRZH VWUDV]OLZH QDMD]G\ QD .XMDZ\ : OLSFX  XGHU]\OL .U]\*DF\ QD
:LHONRSROVN SXVWRV]FM VWUDV]OLZLH
.U]\*DF\E\OLQLHGRFLJQLRQ\PLPLVWU]DPLZQLV]F]HQLXQLHSU]\MDFLHOVNLHJR
NUDMX :RMFLHFKRZVF\VWU :HZU]HQLXURNXQDMH*G*DM .U]\*DF\
L SDO NLONDG]LHVLW PLHMVFRZRFL P LQ &KHáPQR à F]\F  6LHUDG] .DOLV] L
.RQLQ SDOF WDN*H NRFLRá\ L NODV]WRU\ : OLVWRSDG]LH  URNX .U]\*DF\
XU]G]DM MHV]F]H UD] áXSLH*F] Z\SUDZ QD .XMDZ\ ]DMPXMF %U]Hü L
,QRZURFáDZ:RMQ\ ].U]\*DNDPLWRF] VL ZODWDFK²
²²
2Wy* RGSU]\E\FLD .U]\*DNyZGR3ROVNLZURNXGRSRNRMXWRUXVNLHJR
Z URNX  Z\UD(QLH SRSLHUDM .U]\*DNyZ SU]HFLZ 3ROVFH QDVW SXMF\
SDSLH*H *U]HJRU] ,; ²  -DQ ;;,, ²  %HQHG\NW ;,,
² .OHPHQV9, ² ,QQRFHQW\9, ² 0LNRáDM
9 ² .DOLNVW,,, ² L3LXV,, ² %UDNPLHMVFD
QLH SR]ZDOD QD JURPDG]HQLH GRZRGyZ NWyUH ND*G\ áDWZR ]QDMG]LH Z
REV]HUQLHMV]\FKSUDFDFK]G]LHMyZ3ROVNL %DUG]LHMLQWHUHVXMFHV ZLDGRPRFL
R UHDNFML VSRáHF]HVWZD SROVNLHJR QD SURNU]\*DFNLH Z\VWSLHQLD SDSLH*\
.DQRQLN JQLH(QLHVNL NVLG] .RU\WNRZVNL SLV]H QS R W\P QLHSRP\OQH GOD
3ROVNLSRVWDQRZLHQLHSDSLH*D %HQHG\NWD;,,ZVSUDZLHNU]\*DFNLHM Z\ZRáDáR
Z FDá\P NUDMX ZLHONLH QLH XNRQWHQWRZDQLH UR]SUDZD R DUF\ELVNXSLH
6NRWQLFNLP VWU   MDNR *H ]QDü Z W\P E\áR LQVSLUDFM NU]\*DFN 3DSLH*
%HQHG\NW;,,LMHJRQDVW SFD.OHPHQV9,ZH]ZDOLSRVáXV]Q\FKLPELVNXSyZGR
Z\PXV]HQLD QD NUyOX NRPSURPLVX ] .U]\*DNDPL L  OLSFD  URNX ² MDN
SLV]HNVLG].RU\WNRZVNL² SRGSLVDQ\]RVWDáSU]H]NUyODDUF\ELVNXSDSDQyZ
SROVNLFKLSHáQRPRFQLNyZNU]\*DFNLFKXNáDGSRNRMRZ\XSRNDU]DMF\ZLHOFHL
NU]\ZG]F\QDUyGPRF NWyUHJRNUyOXVWSLá]DNRQRZLQDZáDVQRüZLHF]\VW
3RPRU]H ]LHPL FKHáPLVN L PLFKDáRZVN RUD] F] ü .XMDZ 'RSURZD
G]HQLH GR VNXWNX WHJR XNáDGX SU]\SLVXM ZVSyáF]HVQH GRNXPHQW\ JáyZQLH
DUF\ELVNXSRZL JQLH(QLHVNLHPX  -DURVáDZRZL LWG LWG .VLG] .RU\WNRZVNL
VWU 
: GDOV]\P FLJX NVLG] .RU\WNRZVNL QD]\ZD ELVNXSD NDPLVNLHJR -DQD
QLHRGURGQ\P EUDWHP NU]\*DFNLP NWyU\ QDSDGá QD F]HOH VLá\ ]EURMQHM GREUD
DUF\ELVNXSLH VWU   D R RSDWDFK NODV]WRUyZ *XNRZVNLHJR ROLZVNLHJR L
SHOSOLVNLHJR NWyU\FK SDSLH* .OHPHQV 9, Z\]QDF]\á QD NRPLVDU]\
DSRVWROVNLFK SLV]H NVLG] .RU\WNRZVNL *H SR]RVWDZDOL SRG ZSá\ZHP
NU]\*DFNLP VWU   : GDOV]\P FLJX SLV]H NVLG] .RU\WNRZVNL R PQLFKX
GRPLQLNDVNLP %HUQDUG]LH NWyU\ SRGSDGá ,QQRFHQWHJR 9, L W\OH GRND]Dá
NáDPVWZHP L SRGVW SHP *H SDSLH*  JR ZáDVQ SRZDJ VZRM ELVNXSHP
SáRFNLP XVWDQRZLá VWU   7HQ*H ELVNXS %HUQDUG V]XNDá SU]HFLZ 3ROVFH L
SROVNLHPX GXFKRZLHVWZX SRPRF\ L SURWHNFML X MDZQ\FK NUyOD L QDURGX
QLHSU]\MDFLyá VWU   3URI =G]LVáDZ .DF]PDUF]\N RSLVXMF ]DWDUJ MDNL
Z\QLNá ] WHJR SRZRGX SU]\SRPLQD *H SDSLH* ,QQRFHQW\ 9, VSU]\MDá
.U]\*DNRP VWU DNUyOPLDáSUDZRREDZLDüVL *HV\Q]GUDMF\ PRZDR
ELVNXSLH SáRFNLP %HUQDUG]LH $ 1  PR*H PX ZLHOH ]DV]NRG]Lü ]ZáDV]F]D
SU]H] NRQV]DFKW\ ] .U]\*DNDPL VWU   =DU]XW NRQV]DFKWyZ ELVNXSD
%HUQDUGD ] .U]\*DNDPL QRWRU\F]Q\PL ZURJDPL 3ROVNL ]RVWDá Z\VXQL W\ Z
SURELH NUyOHZVNLHM GR SDSLH*D R DQXORZDQLH SDSLHVNLHM QRPLQDFML QD
ELVNXSVWZRSáRFNLH%HUQDUG]RVWDáELVNXSHPZURNXNUyOSURWHVWRZDáZ
URNX  L  L  DOH ELVNXS %HUQDUG ]E\WVLOQH PXVLDáPLHü SRSDUFLH
NU]\*DFNLHERSDSLH* WHQ]DVZHJR*\FLD ]PDUáZURNX$1 VSUDZ\WHM
QLH ]DáDWZLá SR]\W\ZQLH .DF]PDUF]\N 0RQDUFKLD .D]LPLHU]D :LHONLHJR
WRP ,, VWU   -HV]F]H ZLRVQ  URNX NUyO Z XURF]\VWHM VXSOLFH SURVL
SDSLH*DRXG]LHOHQLHDUF\ELVNXSRZLJQLH(QLHVNLHPXXSRZD*QLHQLDGR]GM FLD
] GXFKRZLHVWZD SáRFNLHJR HNVNRPXQLN MDNLH QDáR*\á E\á ELVNXS %HUQDUG D
NWyUH WR HNVNRPXQLNL PLPR DSHODFML GR SDSLH*D FL*\á\ QD QLP W]Q QD
SDWULRW\F]Q\PGXFKRZLHVWZLHSROVNLP$1 QDGDO VWU 
7DN*H L Sy(QLHMVL SDSLH*H ]QDMGRZDOL VL SRG PRFQ\PL ZSá\ZDPL QLHPLHFNR
NU]\*DFNLPL %LVNXS à WRZVNL Z WHQ ZáDQLH VSRVyE WáXPDF]\á DQW\SROVN
SURNU]\*DFN SROLW\N SDSLH*D 3LXVD ,, 3LXV ,, QLH E\á *\F]OLZ\ 3RODNRP]
SRZRGXGáXJLHJRSRE\WXQDGZRU]HFHVDUVNLP:URNX ² SLV]HNVLG]
)DELV] ² SRZLHG]LDá 3LXV ,, SRVáRP SROVNLP *H NUyO .D]LPLHU]
QLHVSUDZLHGOLZLH L EH] Z]JO GX QD ZáDG] 6WROLF\ $SRVWROVNLHM SU]\ZáDV]F]D
VRELH 3UXV\ 'OD UDWRZDQLD SRELW\FK SU]H] .D]LPLHU]D -DJLHOORF]\ND
.U]\*DNyZ 3LXV ,, Z\VáDá GR 3ROVNL VSHFMDOQHJR OHJDWD ELVNXSD +LHURQLPD
NWyU\ QD ]MH(G]LH SLRWUNRZVNLP Z URNX  UR]ZRG]Lá VL V]HURNR QDG
VáXV]QRFL VSUDZ\ NU]\*DFNLHM SRW SLDMF 3RODNyZ NVLG] )DELV]
:LDGRPRü R OHJDWDFK L QXQFMXV]DFK DSRVWROVNLFK Z GDZQHM 3ROVFH 2VWUyZ
 ]D ]JRG SU]HáR*RQ\FK VWU  7HQ*H OHJDW +LHURQLP Z\UD]Lá VL  *H
OHSLHME\E\áR *HE\WU]\ WDNLHMDN3ROVND $1 SDVWZD]JLQ á\QL* JG\E\
FKRFLD* MHGQR]SUDZ6WROLF\$SRVWROVNLHM]RVWDáRQDGZHU *RQH NVLG])DELV]
VWU 
3RODF\ SU]HM OL OLVW\ OHJDWD +LHURQLPD GR .U]\*DNyZ Z\ND]XMFH FLVáH
ZVSyáG]LDáDQLH SDSLHVWZD ] NU]\*DFWZHP 1LHVá\FKDQH E\áR REXU]HQLH FDáHM
SDWULRW\F]QHM F] FL VSRáHF]HVWZD SROVNLHJR 2VWURUyJ SRZLHG]LDá ZU F]
OHJDWRZL SDSLHVNLHPX *H XGDMH W\ONR SRMHGQDZF  D MHVW W\ONR QLHSRNRMX
SRGSDODF]HP NVLG] )DELV] VWU   7R VDPR E\áR ]H ZV]\VWNLPL LQQ\PL
SRMHGQDZFDPL SDSLHVNLPL ] OHJDWHP $OGREUDQGLQHP Sy(QLHMV]\P SDSLH*HP
.OHPHQVHP9,,,LNRPLVDU]HPSOHELVF\WRZ\P URN  QD*yUQ\P OVNX
QXQFMXV]HP5DWWLPSy(QLHMV]\PSDSLH*HP3LXVHP;,QDF]HOH2EDMXGDZDOL
ZLHONLFK SU]\MDFLyá 3ROVNL D Z U]HF]\ZLVWRFL MHGHQ ] QLFK E\á DJHQWHP
KDEVEXUVNLP GUXJL ]D ² MDN VáXV]QLH SRZLHG]LDQR QD SRVLHG]HQLX 6HMPX
8VWDZRGDZF]HJROLVWRSDGDURNX² VLHG]LDáZ3ROVFHW\ONRSRWRDE\
UD]HP ] 1LHPFDPL KDNDW\VWDPL ] NDUG\QDáHP %HUWUDPHP QD F]HOH $ 1 
XSUDZLDüSROLW\N SU]HFLZ3RODNRP QDU]HF]RGHUZDQLDOVNDRG3ROVNL 
 ,96RMXV]SDSLHVWZD]ZURJLPL3ROVFH+DEVEXUJDPL

.O VNL]DGDZDQH.U]\*DNRPSU]H]3RODNyZ]DàRNLHWND:áDG\VáDZD-DJLHáá\
L .D]LPLHU]D -DJLHOORF]\ND Z\NO WHJR SU]H] SURWHNWRUD .U]\*DNyZ SDSLH*D
3LXVD ,,  E\á\ QLH W\ONR NO VNDPL NU]\*DFWZD DOH UyZQLH* SRUD*N GOD
ZDW\NDVNLFK SODQyZ VWZRU]HQLD ZLHONLHJR QLHPLHFNR]DNRQQHJR SDVWZD QD
ZVFKRG]LH (XURS\ 7H SODQ\ ]EDQNUXWRZDá\ SRG *UXQZDOGHP =UHV]W Z
SDPL WQ\P URNX  SDSLHVWZR SU]H*\ZDáR V]F]HJyOQLH GRWNOLZ\ NU\]\V
Z\UD*DMF\ VL MHGQRF]HVQ\P IXQNFMRQRZDQLHP WU]HFK NRQNXUHQF\MQ\FK
SDSLH*\ %HQHG\NWD ;,,, ²  *U]HJRU]D ;,, ²  L
$OHNVDQGUD 9 ²  : W\P*H URNX  Z\EUDQ\ ]RVWDá SDSLH*HP
UyZQLH* -DQ ;;,,, R NWyU\P NDQRQLN NUDNRZVNL 'áXJRV] SLV]H ] EyOHP
*DUOLZHJRNDWROLND1DMRK\GQLHMV]\PLVSODPLáVL Z\VW SNDPLVWXOHFLHWRQLH
PRJáRZ\GDüQLNF]HPQLHMV]HJRQDGRZHJRSLDVWXQDZLDU\FKU]HFLMDVNLHM
.O VNL NU]\*DFNLH E\á\ WDN*H NO VNDPL SURZDW\NDVNLHM F] FL Z\*V]HJR
GXFKRZLHVWZD Z 3ROVFH 1LHQDZLü VSRáHF]HVWZD SROVNLHJR GR .U]\*DNyZ
SU]HQLRVáD VL QD GXFKRZLHVWZR ² SLV]H KU .UDVLVNL 3RZV]HFKQD
QLHQDZLü MDN FL NVL *D ² *RáQLHU]H X]QDQL ]D REURFyZ ZáDG]\ SDSLHVNLHM
Z]EXG]DOLZ3RODNDFKRGELáDQDGXFKRZLHVWZLHZRJyOHDPR*HQDZHWE\áD
MHGQ ]JáyZQ\FKSU]\F]\QQLHFK FLGRVWDQXGXFKRZQHJRSRF]ZV]\RG;,9
ZLHNX =DU\V G]LHMyZ SRZVWDQLD L XSDGNX 5HIRUPDFML Z 3ROVFH  WRP , VWU
 
'áXJRV] SLV]H *H E\á\ WDNLH RNUHV\ Z NWyU\FK 3ROVND QLH X]QDZDáD *DGQHJR
SDSLH*D SRQLHZD* PDMF GR Z\ERUX GZyFK DOER WU]HFK NRQNXUHQF\MQ\FK
SDSLH*\ QLH PRJáD VL ]GHF\GRZDü P LQ Z RNUHVLH GZyFK UyZQROHJá\FK
SRQW\ILNDWyZ(XJHQLXV]D,9 ² L)HOLNVD9  
3DSLHVWZRVWDF]DáRVL FRUD]QL*HM7DF\SDSLH*HMDN6\NVWXV,9 ² 
R NWyU\P SLV]H Z DSURERZDQ\FK SU]H] NXUL DUF\ELVNXSL ']LHMDFK SDSLH*\
6HSSHOW *H RG MHJR SRQW\ILNDWX GDWXMH VL ZLHN ]HSVXFLD VWU   MDN
$OHNVDQGHU 9, %RUJLD ²  -XOLXV] ,,  ²   /HRQ ;
²  NWyUHJR SRQW\ILNDW FKDUDNWHU\]XMH 6HSSHOW MDNR VPXWQ\ L
SU]HUD*DMF\ REUD] ]HSVXFLD VL JDMFHJR D* GR QDMZ\*V]\FK VIHU NRFLHOQ\FK
VWU   +DGULDQ 9, ²  NWyU\ MDNR ZLHONL LQNZL]\WRU KLV]SDVNL
VSDOLá SU]HV]áR SyáWRUD W\VLFD OXG]L 3DZHá ,,, ²  L -XOLXV] ,,,
²  E\OL RV]XVWDPL UR]SXVWQLNDPL L ]EURGQLDU]DPL 7ZLHUG]HQLH
+XVD L* ]EURGQLDU] QLH PR*H E\üNDSáDQHP ]RVWDáR X]QDQH ]D KHUH]M  D +XV
MDNR F]áRZLHN *DUOLZHM ZLDU\ NWyUHJR SU]HVW SVWZHP E\áR SUDJQLHQLH
X]GURZLHQLD .RFLRáD L XNRFKDQLH F]HVNLHM 2MF]\]Q\ ]RVWDá SRGVW SQLH
VFKZ\WDQ\LVSDORQ\
5R]NáDG PRUDOQ\ V]F]\WyZ KLHUDUFKLL ZDW\NDVNLHM PXVLDá E\ü F]\QQLNLHP
Z]PDJDMF\PEXQWSU]HFLZNRGRW\FKF]DVRZ\PIRUPRPRUJDQL]DFMLNRFLHOQHM
WHQEXQWNWyU\Z\UDVWDá]]DVDGQLF]HJRSU]HáRPXMDNLGRNRQ\ZDáVL ZWHG\Z
(XURSLH 5R]ZyM JRVSRGDUNL WRZDURZHM L NDSLWDOLVW\F]Q\FK VWRVXQNyZ
JRVSRGDUF]\FK IRUPRZDQLH VL QRZRF]HVQ\FK QDURGRZRFL ² ZV]\VWNR WR
UR]ELMDáR UHGQLRZLHF]QH IRUP\ IHXGDOQHJR SDQRZDQLD V]ODFKW\ IHXGDOQHM
DQDUFKLLLG*HQLDQDMZL NV]\FKIHXGDáyZ² FHVDU]\LSDSLH*\² GRSDQRZDQLD
QDGFDá (XURS=JRGQLH]FKDUDNWHUHPHSRNLEXQWWHQSU]\MáIRUP\UHOLJLMQH
-HGQLGRPDJDOLVL UyZQRFLZV]\VWNLFKOXG]LWR]QDF]\EURQLOLZRZ\PF]DVLH
SU]HGH ZV]\VWNLP FKáRSyZ SU]HG Z\]\VNLHP V]ODFKW\ %\áD WR VNUDMQD OHZLFD
yZF]HVQ\FK UHIRUPDWRUyZ ² OXG]LH WDF\ MDN 7RPDV] 0Q]HU Z 1LHPF]HFK
:LNOLI Z $QJOLL D Z 3ROVFH )U\F] 0RGU]HZVNL ,QQL Z\VW SRZDOL MHG\QLH
SU]HFLZ HNVSORDWDFML VZ\FK NUDMyZ SU]H] SDSLHVWZR Z REURQLH LQWHUHVyZ
URG]LQQ\FK NVL*W V]ODFKW\ F]\ PLHV]F]DVWZD 7DNLP E\á QS /XWHU -HGQL
G]LDáDM MHV]F]HZ UDPDFK .RFLRáD NDWROLFNLHJRLQQL]U\ZDM ] QLP RWZDUFLH
$OH GOD ZV]\VWNLFK FKDUDNWHU\VW\F]QH MHVW *H LFK ZDOND ] GRW\FKF]DVRZ\P
VWDQHP U]HF]\ ZL*H VL QLH ] QLHZLDU OHF] ] JRUF L *DUOLZ ZLDU OXG]L
NWyU]\FKFLHOLX]GURZLüF]\OL]UHIRUPRZDüFKU]HFLMDVWZR7DNLPLJRUOLZ\PL
FKU]HFLMDQDPL E\OL FL ZV]\VF\ UHIRUPDWRU]\ NWyU]\ MDN 6DYRQDUROD F]\ +XV
JLQ OL]DZLDU ZSáRPLHQLDFK
.LHG\WHQEXQW]DF]áVL UR]UDVWDüSRW JL]DJUR*RQHSU]H]H ² DSDSLHVWZR
Z SLHUZV]\P U] G]LH ² ]GHF\GRZDá\ VL QD UR]SDF]OLZ REURQ PHWRGDPL
WHUURUXPDVRZ\PSDOHQLHPOXG]LLNVL*HN
6HUL WDNLFKSDSLH*\LQNZL]\WRUyZUR]SRF]á3DZHá,9 ² ]QDQ\]
RNU]\NX*G\E\PyMRMFLHFE\áKHUHW\NLHPVDPE\PSU]\QLyVáGU]HZRQDVWRV
*HE\JRVSDOLü YRQ3DVWRU*HVFKLFKWHGHU3lSVWHWRP9,VWU 
1DU] G]LHP WHJR WHUURUX E\áD Z ,QNZL]\FMD 2G SRQW\ILNDWX .OHPHQVD 9
²  LQNZL]\FM NLHUXMH VDPSDSLH* ,QNZL]\FMD VWDMHVL QDU] G]LHP
SROLW\NL SDSLHVNLHM ,QNZL]\WRU E\á W\ONR SHáQRPRFQLNLHP SDSLHVNLP :áDG]
VZRM RWU]\P\ZDáEH]SRUHGQLRLW\ONRRGSDSLH*D6DPLLQNZL]\WRURZLHNáDG
V]F]HJyOQ\QDFLVN]DZV]HLZV] G]LHZH:áRV]HFKZ1LHPF]HFKZH)UDQFML
Z +LV]SDQLL Z $QJOLL L Z 3ROVFH QD WR *H LFK ZáDG]D SRFKRG]L ZSURVW RG
SDSLH*D
3U]H] LQNZL]\FM ² SLV]H KUDELD YRQ +RHQVEURHFK ² QLH ]DMá .RFLyá
*DGQHJR V]F]HJyOQHJR VWDQRZLVND ZREHF SDVWZD MDN QLHJG\ WDN L WHUD]
XZD*Dá VL ]D SDQD NWyUHPX PD E\ü SRGOHJáH SDVWZR ] ZV]\VWNLPL VZRLPL
SUDZDPL 6G\ SDVWZRZH E\á\ ZREHF SDSLHVNLFK VGyZ LQNZL]\F\MQ\FK
QLF]\PLQQ\PMDNW\ONRQDU] G]LDPLZ\NRQDZF]\PL=WHJRSRZRGXQD]ZDQR
SDVWZR UHGQLRZLHF]QH  NDWHP Z U NX SDSLH*D 3DSLHVWZR L MHJR
G]LDáDOQRüVSRáHF]QRF\ZLOL]DF\MQD:DUV]DZDVWU 
&HVDU]H QD UyZQL ] SDSLH*DPL ]DJUR*HQL SU]H] UXFK UHIRUPDF\MQ\ Z SHáQL
SRSLHUDOL Z ,QNZL]\FM   3R VSRWNDQLX FHVDU]D QLHPLHFNLHJR .DUROD ,9 ]
SDSLH*HP8UEDQHP9Z5]\PLHZJUXGQLXZ\GDáFHVDU]VXURZHGHNUHW\
SU]HFLZ QLHNDWROLNRP MHGHQ ] QLFK ]DZLHUDá UR]SRU]G]HQLH DE\ GRP\
QLHNDWROLNyZE\á\NRQILVNRZDQHLRGGDZDQHLQNZL]\FMLZFHOXSU]HURELHQLDLFK
QDZL ]LHQLDLQNZL]\F\MQHGODQLHNDWROLNyZ
5R]SRU]G]HQLH WR SRWZLHUG]Lá SDSLH* *U]HJRU] ;, L XG]LHOLá ]D QLH FHVDU]RZL
QDMZ\*V]HMSRFKZDá\EXOO ]GQLDF]HUZFDURNX
2VRE\ ]DGHQXQFMRZDQH L XZL ]LRQH SU]H] LQNZL]\WRUyZ F]HNDá\ SR NLOND L
NLONDQDFLHODWQDOHG]WZRLSURFHV2F]\ZLFLHZ\SDGHNWDNLMDNQS6DODYHUWD
SU]HVáXFKDQHJR SR UD] SLHUZV]\ Z URNX  D RVG]RQHJR GRSLHUR Z URNX
 QDOH*\ GR U]DGNRFL SRQLHZD* ]D]Z\F]DM WRUWXU\ L ZDUXQNL ZL ]LHQQH
SRZRGRZDá\V]\EN PLHUüXZL ]LRQ\FK
,VWQLDáRZLHOHSRGU F]QLNyZGODLQNZL]\WRUyZ$XWRUHP MHGQHJR]QLFKSRG
W\WXáHP 3UDFWLFD ,QTXLVLWLRQLV KDHUHWLFDH SUDYLWDWLV E\á LQNZL]\WRU SDSLHVNL
%HUQDUG *XLGRQLV ²  %\á RQ QLH W\ONR Z\ELWQ\P WHRUHW\NLHP
LQNZL]\FML DOH UyZQLH* SUDNW\NLHP VND]Dá PLDQRZLFLH QD VSDOHQLH 
KHUHW\NyZ =DGDQLHP LQNZL]\FML ² SLVDá *XLGRQLV ² MHVW Z\NRU]HQLDQLH
NDFHUVWZD FHO WHQ PR*QD RVLJQü SU]H] W SLHQLH NDFHU]\ FR SRZLQQR Lü Z
SDU]H ] W SLHQLHP LFK SURWHNWRUyZ L REURFyZ .DFHU]\ PR*QD XVXZDü Z
GZRMDNLVSRVyEEG( VNáDQLDMFLFKGRSRZURWXQDáRQR.RFLRáDNDWROLFNLHJR
EG( WH* SDOFLFKQDVWRVLH
=QDNRPLW\WHRORJ)UDQFLV]HN3HJQDZ\GDZFDSRGU F]QLNDGODLQNZL]\WRUyZ
QDSLVDQHJR SU]H] (\PHULFD 'LUHFWRULXP LQTXLVLWRUXP  SLV]H = SRZRGX
QLHOXG]NRFL SU]HVW SVWZD MDNLP MHVW RGHMFLH RG ZLDU\ NDWROLFNLHM QLH XVWDMH
NDUD QDZHW ]H PLHUFL NDFHU]D : GZRMDNL VSRVyE PR*H LQNZL]\WRU Z\VWSLü
SU]HFLZNR]PDUáHPXNDFHU]RZLSRSLHUZV]H² NRQILVNXMFMHJRGREUDQDU]HF]
LQNZL]\FMLSRGUXJLH² RGNRSXMFLSDOFMHJRNRFL
,QNZL]\WRU PLDá SUDZR VWRVRZDQLD WRUWXU 3RF]WNRZR SROHFDá .RFLyá
WRUWXURZDü RVNDU*RQ\FK QLH SU]H] LQNZL]\WRUyZ DOH SU]H]QDF]Dá GR WHM
F]\QQRFLZLHFN ]ZLHU]FKQRü]DJUD*DMFMHMNOWZ ZUD]LHZ]EUDQLDQLDVL 
3y(QLHM X]QDQR *H OHSLHM E G]LH MHOL WRUWXURZDQLH SU]HMG]LH Z U FH VGyZ
GXFKRZQ\FKSRQLHZD* SRGF]DVWRUWXUZ\FKRG]Lá\QDMDZU]HF]\QLHUD]WDMHPQH
² SLVDá3HJQD² PRJFHV]NRG]LüZLHU]H
:V]\VWNLH VNRQILVNRZDQH GREUD NDFHU]\ ² SLVDá 3HJQD ² SRZLQQ\ E\ü
REUDFDQHQDSR*\WHNLUR]V]HU]DQLHZL WHMLQNZL]\FML3RJOG*HQLHMHVWU]HF]
SDSLH*D UR]SRU]G]Dü GREU\PL QLH OH*F\PL Z MHJR NUDMX MHVW SRJOGHP
IDáV]\Z\PLEH]ER*Q\P
7RPDV]&DUHQDSURNXUDWRUU]\PVNLHMLQNZL]\FML]D8UEDQD9,,, ²
  Z\GDá WUDNWDW R LQNZL]\FML SW 7UDFWDWXV GH RIILFLR VDQFWLVVLPDH
LQTXLVLWLRQLV Z NWyU\P X]DVDGQLDá WH]  *H SáRQF\ VWRV L PLHF] NDWRZVNL V
OHSV]\P VSRVREHP ]ZDOF]DQLD KHUH]ML QL* UHOLJLMQH G\VSXW\ 3U]\ SDOHQLX
NDFHU]\ QD VWRVDFK QDOH*\ LP NQHEORZDü XVWD DE\ QLH PRJOL XSUDZLDü
SURSDJDQG\ 'RMU]Dá\P GR VSDOHQLD QD VWRVLH MHVW VL MX* Z F]WHUQDVW\P URNX
*\FLD7\PNWyU]\*DáXM*HRGHV]OLRGNDWROLF\]PXPR*HE\üZ\ZLDGF]RQD
áDVND *H ]RVWDQ XGXV]HQL SU]HG VSDOHQLHP 1LH *DáXMF\FK QDOH*\ SDOLü
*\ZFHP
.RQVXOWRU LQNZL]\FML V\F\OLMVNLHM $QWRQLR 'LDQD E\á DXWRUHP SRGU F]QLND
5HVROXWLRQHVPRUDOHVZNWyU\PSLVDá*H(J]HNXFMHSRZLQQ\VL RGE\ZDüZ
GQLZLWHF]QHZ REHFQRFLZLHONLHMOLF]E\RVyEDE\ZLG]LHOLP NLVND]DQHJRL
PLHOLRGVWUDV]DMF\SU]\NáDG
: URNX  XND]Dá VL Z 5]\PLH SRGU F]QLN LQNZL]\WRUD ] ]DNRQX
'RPLQLNDQyZ 7RPDV]D 0HQJKLQLHJR SRG W\WXáHP 6DFUR DUVHQDOH SUDWLFD
GHOO RIILFLR GHOLD V LQTXLVLWLRQH GHG\NRZDQ\ SDSLH*RZL ,QQRFHQWHPX ;,, L
DSURERZDQ\SU]H])HUUDULHJR1DMFLHNDZV]\PUR]G]LDáHPWHJRSRGU F]QLNDMHVW
UR]G]LDá  R WRUWXURZDQLX RGVW SFyZ RG ZLDU\ NDWROLFNLHM 7RUWXU\ ]GDQLHP
0HQJKLQLHJR QDOH*\ VWRVRZDü Z]JO GHP RVNDU*RQHJR Z FHOX Z\GRE\FLD RG
QLHJR]H]QD RMHJRF]\QDFKSRJOGDFKDSU]HGHZV]\VWNLPZFHOXZ\GRE\FLD
QD]ZLVN ZVSyáZLQQ\FK 0HQJKLQL SROHFD V]F]HJyOQLH F]WHU\ URG]DMH WRUWXU
SU]\SLHNDQLH UXERZDQLH Z\áDP\ZDQLH VWDZyZ L ELFLH 0LDá\ RQH E\ü
VWRVRZDQHUyZQLH* ZREHFQLHOHWQLFKG]LHFL
6]F]HJyOQ QLHQDZLFL SDáDáD Z ,QNZL]\FMD GR G]LHá V]WXNL L OLWHUDWXU\
DXWRUyZ SRGHMU]DQ\FK R DQW\SDSLHVNLH WHQGHQFMH :H ZU]HQLX  URNX
,QNZL]\FMD Z\GDáD REV]HUQ\ LQGHNV NVL*HN NWyUH QDOH*\ VSDOLü : OLF]Q\FK
PLDVWDFK UR]SRF] áRVL SDOHQLH NVL*HN QD VWRVDFK F]DVHP L SR W\VL F\ QD
UD] YRQ3DVWRUWRP9,VWU 
2GWHJRF]DVXFRNLONDODWSDSLH* Z\GDMHQRZ\LQGHNVSU]H]NLONDVWXOHFLE\áR
Z W\FK LQGHNVDFK ]DND]\ZDQH G]LHáR .RSHUQLND D GR G]L ]QDMGXMHP\ WDP
ZUyG NVL*HN ]DEURQLRQ\FK QD]ZLVND WDNLFK DXWRUyZ MDN .DQW .DUWH]MXV]
+XPH 6SLQR]D 3DVFDO /RFNH 9ROODLUH 5RXVVHDX %D]DF $QDWRO )UDQFH
9LFWRU+XJR=RODDQDZHW0LFNLHZLF]
6SRáHF]HVWZR SROVNLH RGQLRVáR VL GR WHM RIHQV\Z\ REVNXUDQW\]PX ]
REXU]HQLHP -HV]F]HZ URNX  QD VHMPLNX Z URG]LH XFKZDORQR LQVWUXNFM
SURWHVWXMF SU]HFLZ]DND]RZLGUXNRZDQLDNVL*HNZM ]\NXSROVNLPZNWyUHM
F]\WDP\DNWXDOQHGRG]L RVNDU*HQLDQDPNVL *DND* JáXSLPLE\ü =\JPXQW
:RMFLHFKRZVNL=\JPXQW6WDU\$UFWVWU 
6SRáHF]HVWZR SROVNLH SURWHVWRZDáR 0LHV]F]DQLH WRUXVF\ Z REURQLH
SDORQ\FK QD VWRVLH NVL*HN SU]HS G]LOL OHJDWD SDSLHVNLHJR NDPLHQLDPL L F] ü
NVL*HNXUDWRZDOL NVLG])DELV]:LDGRPRüROHJDWDFKVWU 
: SRVáXV]HVWZLH GOD 5]\PX XWU]\P\ZDá OXGQRü VWUDFK SU]HG ZáDG]
VGRZ GXFKRZLHVWZD NWyUH GR ;9, ZLHNX ² QD PRF\ QDU]XFRQHJR 3ROVFH
SDSLHVNLHJR SUDZD ² ZL ]LáR WRUWXURZDáR L SDOLáR RE\ZDWHOL SROVNLFK Z
,QNZL]\FMDG]LDáDáDERZLHPLZ3ROVFH.VLG])DELV]SRGDMHZVZRMHMNVL*FH
ROHJDWDFKLQXQFMXV]DFKSDSLHVNLFKQD]ZLVNDLQNZL]\WRUyZXU] GXMF\FKZ
3ROVFH Z ODWDFK ² VWU ²  ,FK DNFMD Z\ZRáDáD WDNLH
Z]EXU]HQLH *H QD VHMPLH  URNX JUR*RQR Z\U*QL FLHP ZV]\VWNLFK NVL *\
MH*HOL ELVNXSL ]DFKRZDM ZáDG] VGRZ /XGZLN .XEDOD SUDFD R 6WDQLVáDZLH
2U]HFKRZVNLP Z\G  U VWU   : UH]XOWDFLH ]DZLHV]HQLH VGyZ
GXFKRZQ\FK WUZDáR F]WHU\ ODWD :\QLN WHJR E\á WDNL *H QDUyG SROVNL NWyU\
XGDZDá NDWROLF\]P SU]HG JUR] SUDZ L SRW J ELVNXSL SRND]Dá ]XSHáQLH
]PLHQLRQH REOLF]H 0DáR QLH FDáD V]ODFKWD SROVND Z SU]HFLJX URNX SRU]XFLáD
NDWROLF\]P6]\ENRüWDQLHPDSU]\NáDGX² SLV]H]QDQ\ KLVWRU\N/XGZLN
.XEDOD VWU 
'OD SU]HFLZG]LDáDQLD UHIRUPDFML XVWDQRZLRQD ]RVWDáD Z URNX  VWDáD
QXQFMDWXUD SDSLHVND Z 3ROVFH 3LHUZV]\P QXQFMXV]HP ]RVWDá /LSSRPDQR
3DSLH* .DUDIID 3DZHá ,9  NWyU\ Z\SUDZLDQLHP QD GUXJL ZLDW KHUHW\NyZ
SRVWDQRZLá GRZLHü LP QDRF]QLH *H QLH ZHMG GR NUyOHVWZD QLHELHVNLHJR ²
SLV]H .XEDOD ² Z\VáDá GR 3ROVNL SRGREQHJR GR VLHELH QDXF]\FLHOD NWyU\ QD
SLHUZV]HM ]DUD] DXGLHQFML UDG]Lá NUyORZL DE\ GOD SU]\NáDGX ND]Dá FLü
GZXG]LHVWX PR*QLHMV]\FK Uy*QRZLHUFyZ D QDVW SQLH VDP VSDOLá MDN
QDMQLHZLQQLHM MDN VL SRND]DáR PáRG G]LHZF]\Q FKU]HFLMDQN 'RURW
àD* FN$1  LNLONX)\GyZZ 6RFKDF]HZLH VWU 5H]XOWDWE\áWDNL *H
QXQFMXV]yZ SDSLHVNLFK ]DF] WR Z 3ROVFH SRZV]HFKQLH QD]\ZDü URGHP
MDGRZLW\FK *PLM SURJHQLHV YLSHUDUXP SURJHQLHV  UyG YLSHUD  MDGRZLWD
*PLMD >SRZVWDáR WR]DSHZQHQDED]LH0W $JG\ZLG]LDá*HSU]\FKRG]L
GR FKU]WX ZLHOX VSRUyG IDU\]HXV]yZ L VDGXFHXV]yZ PyZLá LP 3OHPL
*PLMRZHNWRZDPSRND]DáMDNXFLHFSU]HG QDGFKRG]F\PJQLHZHP"  GRSLVHN
OHJDE\@ 3RZV]HFKQHREXU]HQLH]PXVLáRSDSLH*DGRRGZRáDQLDQXQFMXV]DDOHLQ
VW\WXFMDQXQFMDWXU\SR]RVWDáD
,VWRW UHIRUPDFML Z 3ROVFH QLH E\áR ZFDOH NZHVWLRQRZDQLH WDNLFK F]\ LQQ\FK
GRJPDWyZ NDWROLF\]PX :VSyOQ\P PLDQRZQLNLHP ZV]\VWNLFK SUGyZ
UHIRUPDF\MQ\FKZ3ROVFHE\áDFK üXQLH]DOH*QLHQLDNUDMXRG5]\PXFR]UHV]W
E\áR SRSXODUQH UyZQLH* Z V]HURNLFK NRáDFK NDWROLNyZ L NDWROLFNLHJR
GXFKRZLHVWZD /LQLD SRG]LDáX QLH ELHJáD ZL F PL G]\ NDWROLNDPL L
SURWHVWDQWDPLDOHPL G]\SDSLH*QLNDPL WDNLFKZyZF]DVQD]\ZDQRZ3ROVFH 
DDQW\SDSLH*QLNDPLSU]\F]\PGRDQW\SDSLH*QLNyZ]DOLF]\üZ\SDGDQLHMHGQHJR
JRUOLZHJRNDWROLND
:LHOH E\áR Z ;9, ZLHNX SU]\F]\Q NWyUH PRJá\ VNáDQLDü 3RODND SDWULRW GR
ZDONLRQLH]DOH*QRü3ROVNLRGSDSLHVWZD
 3U]HGHZV]\VWNLP]DFKRG]LáDZWHG\RF]\ZLVWD VSU]HF]QRüPL G]\SROLW\N
SDSLHVN D LQWHUHVDPL 3ROVNL 6]HURNLH NRáD VSRáHF]HVWZD SROVNLHJR
ZLHG]LDá\*H Z SLHUZV]\FK VWXOHFLDFK NRQWDNWyZ SROVNRSDSLHVNLFK SDSLHVWZR
E\áRQDU] G]LHP QLHPLHFNLHM HNVSDQVML QD ZVFKyG LQVW\WXFM FLOH ]URQL W ]
FHVDUVWZHPQLHPLHFNLP*HZQDVW SQ\FKVWXOHFLDFKPLHUWHOQLZURJRZLH3ROVNL
 .U]\*DF\SRGOHJDOLEH]SRUHGQLRSDSLH*RZLLE\OLSU]H]H SRSLHUDQL:;9,
ZLHNX ZLGRF]Q\ ]QyZ E\á VRMXV] SROLW\F]Q\ SDSLHVWZD ] ZURJLPL 3ROVFH
+DEVEXUJDPL
'UXJLP LVWRWQ\P SRZRGHP E\áD QLHSRSXODUQRü LGHL SROLW\F]QHJR
]ZLHU]FKQLFWZD  SDSLH*\ QDG 3ROVN 1LH W\ONR SURWHVWDQFL DOH UyZQLH*
ZL NV]RüNDWROLNyZDWDN*HOLF]QLNVL *DNDWROLFF\LELVNXSLVWDOLQDVWDQRZLVNX
VXZHUHQQRFLSDVWZDSROVNLHJR7\PF]DVHPSDSLH*HWUDNWRZDOL3ROVN MDNVZ
NRORQL MDNIHXGDOQHOHQQRLGRPDJDOLVL ZL WRSLHWU]DQLHW\ONR]HZ]JO GyZ
ILQDQVRZ\FKDOHWDN*HMDNRV\PEROXSROLW\F]QHMSRGOHJáRFLL]DOH*QRFL
= W\FK GZyFK SRZRGyZ Z\Sá\ZDá WU]HFL PLDQRZLFLH ZLDGRPRü
QLHEH]SLHF]HVWZDMDNLHSU]HGVWDZLDáIDNW *HF] üZ\*V]HJRGXFKRZLHVWZD
SLDVWXMFHJR Z 3ROVFH Z\VRNLH JRGQRFL SDVWZRZH NLHURZDáD VL SU]HGH
ZV]\VWNLP LQWHUHVDPL GDOHNLHJR REFHJR SDVWZD ² SDVWZD NRFLHOQHJR
SURZDG]FHJRVZRM ZáDVQ SROLW\N VSU]HF]Q ]LQWHUHVDPL3ROVNL
&]ZDUW\P ZD*Q\P SRZRGHP SROLW\F]Q\P UR]SRZV]HFKQLDQLD VL QDVWURMyZ
DQW\SDSLHVNLFK Z 3ROVFH E\áR FLJáH PLHV]DQLH VL SDSLH*\ GR ZHZQ WU]Q\FK
VSUDZ3ROVNLD]ZáDV]F]DGRQDV]HMSROLW\NL]DJUDQLF]QHM1LHW\ONRSURWHVWDQFL
DOH OLF]QL NDWROLF\ ZUD] ] F] FL GXFKRZLHVWZD XZD*DOL *H SROVND SROLW\ND
]DJUDQLF]QDSRZLQQDE\üG\NWRZDQDZ\áF]QLHLQWHUHVDPLSDVWZDSROVNLHJRD
QLHLQWHUHVDPLSDSLHVWZDL]ZL]DQ\FK]SDSLHVWZHP+DEVEXUJyZ
3LW\P SRZRGHP E\áD ZLDGRPRü *H SDSLHVWZR L MHJR DJHQWXU\ KDPXM
UR]ZyM NXOWXUDOQ\ QDV]HJR NUDMX SU]H] DNFM REVNXUDQFN VNLHURZDQ SU]HFLZ
ZROQRFL P\OL ZROQRFL EDGD QDXNRZ\FK L SU]HFLZ UR]ZRMRZL M ]\ND
QDURGRZHJR
 /LWHUDWXUD Z M ]\NX SROVNLP UR]ZLQ áD VL X QDV EXMQLH GRSLHUR ZáDQLH Z
RNUHVLHEXQWXSU]HFLZZSá\ZRPSDSLHVWZD
7RE\á\ SRZRG\QDMZD*QLHMV]H.LHG\]D ]QDF]QDF] ü3RODNyZRGHV]áDRG
NDWROLF\]PX GRV]HGá SRZyG V]yVW\ SURWHVW SU]HFLZ UR]EXG]DQLX IDQDW\]PX
UHOLJLMQHJR L SRG*HJDQLX GR ZRMQ\ UHOLJLMQHM  2JURPQD ZL NV]Rü SRVáyZ QD
VHMPLNDFKLVHMPDFKVWDáDQDVWDQRZLVNX*HWDNLHF]\LQQHZ\]QDQLHMHVWVSUDZ
VXPLHQLD F]áRZLHND D Z LQWHUHVLH SDVWZD SROVNLHJR OH*\ SRNyM PL G]\
G\V\GHQWDPL NDWROLNDPLLQLHNDWROLNDPLUy*QLF\PLVL Z\]QDQLHP 
: G]LHVLWNDFK XFKZDá VHMPRZ\FK SRZWDU]DFLH WHQ ]ZURW 2ELHFXMHP\ WR
VRELH ZVSyOQLH NWyU]\ MHVWHP\ GLVVLGHQWHV GH UHOLJLRQH Uy*QLF\ VL PL G]\
VRE ZVSUDZDFKUHOLJLL SRNyMPL G]\VRE ]DFKRZDü
1XQFMXV]H SDSLHVF\ F] ü ELVNXSyZ L VSURZDG]HQL SU]H] +R]MXV]D MH]XLFL
SUyERZDOL VNáyFLü ]H VRE NDWROLNyZ ] QLHNDWROLNDPL SRG*HJDOL GR JZDáWyZ L
WXPXOWyZ RUD] Z\ZLHUDOL QDFLVN QD ZáDG] SDVWZRZ DE\ SU]\ REVDG]DQLX
XU] GyZVWRVRZDáDG\VNU\PLQDFM RE\ZDWHOL]HZ]JO GXQDLFKZ\]QDQLH
2VWDWHF]QH ]Z\FL VWZR QDG SUGDPL UHIRUPDF\MQ\PL Z 3ROVFH ]DZG]L F]D
MHGQDNKLHUDUFKLDNRFLHOQDLQQHPXF]\QQLNRZL² NODVRZHPX:1LHPF]HFKL
Z &]HFKDFK Z\VWSLá\ SRG V]WDQGDUHP UHIRUPDFML V]HURNLH PDVRZH UXFK\
FKáRSVNLH VNLHURZDQH SU]HFLZNR V]ODFKFLH 6]ODFKWD SROVND SU]HUD]LáD VL W\FK
UXFKyZ]ZUyFLáDVL NX.RFLRáRZLNDWROLFNLHPX]W\PZL NV] JRUOLZRFL*H
QDV]HURNLFKSRáDFLDFKZVFKRGQLFKyZF]HVQHMV]ODFKHFNLHM5]HF]\SRVSROLWHMQD
8NUDLQLH L %LDáRUXVL OXG FKáRSL SDV]F]\(QLDQL E\OL SUDZRVáDZQL D .RFLyá
NDWROLFNL E\á QLHPDO Z\áF]QLH .RFLRáHP V]ODFKW\ 6]ODFKWD ZLG]LDáD Z
MH]XLFNLHM NRQWUUHIRUPDFML MHG\Q REURQ SU]HG EXQWDPL FKáRSVNLPL MHG\Q
RVWRM LGHRZ SRGGDVWZD SDV]F]\]Q\ L Z RJyOH NODVRZHJR SDQRZDQLD
V]ODFKW\7HQDUJXPHQWNODVRZHJRLQWHUHVXV]ODFKW\PLDáG]LDáDQLHSLRUXQXMFH
6WUDFKSU]HG UHZROXFM FKáRSVN VSRZRGRZDáW\VLFHFXGRZQ\FKQDZUyFH QD
NDWROLF\]P :V]\VWNLH SRSU]HGQLH SRZRG\ SU]HPDZLDMFH ]D ]HUZDQLHP ]
SDSLHVWZHPEODGá\ZREHF]DJUR*HQLDXVWURMXSDQRZDQLDQDGFKáRSDPL
 1D UHIRUPDWRUyZ ]DF] WR SDWU]Hü ] QLHQDZLFL QLH ] SRZRGX LFK WHRULL
UHOLJLMQ\FK DOH ] SRZRGX QLHEH]SLHF]HVWZD MDNLH LFK Z\VWSLHQLD
SU]HGVWDZLDá\ GOD V\VWHPX SDV]F]\(QLDQHJR ,OXVWUDFM WHJR FR VL ZyZF]DV
G]LDáR E\á IDNW *H QS SURWHVWDQWD 6WDQNDUD RVNDU*RQR QLH W\ONR R
SRGNRS\ZDQLH ZLDU\ ER Z JUXQFLH U]HF]\ VSUDZD ZLDU\ E\áD GOD V]ODFKW\
SROVNLHM PDáR LVWRWQD DOH R SRGNRS\ZDQLH LVWQLHMFHJR SRU]GNX
SROLW\F]QHJRRSRGEXU]DQLHQL*V]\FKNODVSU]HFLZNRZ\*V]\PRVFKOHELDQLH
PRWáRFKRZL R G*QRü GR XVWDQRZLHQLD ZVSyOQRFL PDMWNRZHM R
]DSURZDG]HQLHUyZQRFLZUyGZV]\VWNLFKPLHV]NDFyZNUDMXE\QLHE\áRDQL
SDQyZ DQL VáXJ :DOHULDQ KU .UDVLVNL =DU\V G]LHMyZ SRZVWDQLD L XSDGNX
5HIRUPDFMLZ3ROVFHWRP,VWU 
7\P DUJXPHQWHP REURQ\ NODVRZHJR LQWHUHVX V]ODFKW\ RSHURZDáD SODQRZR L
ZLDGRPLH KLHUDUFKLD NRFLHOQD 6]HUPRZDá QLP F] VWR F]áRZLHN ]XSHáQLH
RERM WQ\ GOD ZLDU\ ELVNXS ² DWHXV] ]QDQ\ ] SRZLHG]HQLD $ ZLHU] VRELH
QDZHW Z NR]áD E\OHE\ PL G]LHVL FLQ SáDFLá = SU]HGPRZ\ GR áDFLVNLHJR
Z\GDQLD OLVWyZ =HEU]\GRZVNLHJR 7HQELVNXSZU]HF]DFKZLDU\QDM]XSHáQLHM
RERM WQ\ L MDN ZLHOX yZF]HVQ\FK GRVWRMQLNyZ NRFLHOQ\FK QLH RG]QDF]DMF\
VL ZL NV] VNUXSXODWQRFL PRUDOQ +HQU\N %DU\F] 3URFHV
.UXSNL3U]HFáDZVNLHJR R ZLDU Z URNX  VWU   OHSLHM RG LQQ\FK
ELVNXSyZ ZLHG]LDá MDN ]\VNDü V]ODFKW GOD NDWROLF\]PX ] NWyUHJR VDP ² QLH
ZLHU]FZQLF ² F]HUSDá]QDF]QH NRU]\FL -DNLHE G VNXWNL² PyZLáWHQ*H
ELVNXS$QGU]HM=HEU]\GRZVNL ² ]HVZRERGQHJRUR]ZLMDQLDVL KHUH]MLSRUyG
QDV" % G]LH DQDUFKLD MDN Z 1LHPF]HFK JG]LH FKáRS QLH VáXFKD SDQD
:DOHULDQKU.UDVLVNLWRP,VWU 
:L NV]Rü WHM V]ODFKW\ NWyUD SRU]XFLáD QLHJG\ REy] SDSLH*QLNyZ ]H
V]ODFKHWQ\FKLSDWULRW\F]Q\FKSRZRGyZSROLW\F]Q\FKLNXOWXUDOQ\FKFRIQ áDVL
QDJOH QD SR]\FMH UHDNF\MQH L ] SRZRGyZ NODVRZ\FK ZUyFLáD QD áRQR
SDSLH*QLNyZ 5HIRUPDFMD GDáD 3ROVFH ]áRW\ ZLHN OLWHUDWXU\ ]Z\FL VWZR
SDSLH*QLNyZGRSURZDG]LáRGRPURNXLUR]NáDGXF]DVyZVDVNLFK
 : URNX  RVLJQL WD ]RVWDáD ]JRGD V]ODFKW\ NDWROLFNLHM ]H V]ODFKW
OXWHUDVN QD Z\S G]HQLH %UDFL 3ROVNLFK Z\]QDQLD REHMPXMFHJR RNRáR 
W\VL F\ OXG]L -DQ 'UU'XUVNL $ULDQLH 3ROVF\ :ZD  VWU   NWyU\FK
SRJOG\ VSRáHF]QH Z\GDá\ VL JUR(QH ]DUyZQR V]ODFKFLH NDWROLFNLHM MDN
V]ODFKFLH OXWHUDVNLHM 3U]HFLZLHVWZR NDWROLF\]PX L OXWHUDQL]PX RND]DáR VL
QLHLVWRWQHJG\ZJU ZFKRG]LáLQWHUHVNODVRZ\
$W\PF]DVHPVWDáDQXQFMDWXUDIXQNFMRQRZDáD3ROLW\NDSDSLHVNDRSLHUDáDVL Z
W\P F]DVLH RG SRáRZ\ ;9, GR NRFD ;9,, ZLHNX  QD SROLW\F]Q\P VRMXV]X ]
ZURJLPL 3ROVFH +DEVEXUJDPL =JRGQLH ] W\P G]LDáDOQRü QXQFMXV]yZ
SDSLHVNLFKZ3ROVFHE\áD² ]ZROLL]DZLHG] SDSLH*\² MHGQ\P]SU]HMDZyZ
UHDOL]RZDQLDWHJRVRMXV]X0yZLFLQQ\PLVáRZ\QXQFMXV]HSDSLHVF\Z3ROVFH
E\OLMHGQRF]HQLHSáDWQ\PLDJHQWDPL+DEVEXUJyZ
&LHNDZ\P SU]\NáDGHP LFK URERW\ V]SLHJRZVNLHM MHVW G]LDáDOQRü Z 3ROVFH
QXQFMXV]D&RPPHQGRQHJR L² LQXQFMXV]D+DQQLEDOD]
.DSX\ ² 
1XQFMXV] &RPPHQGRQH ]ZLHG]Lá FDá yZF]HVQ 3ROVN ZáF]QLH ] GDOHNLPL
WZLHUG]DPL QD SRJUDQLF]DFK Z FHODFK V]SLHJRZVNLFK 2 SROVNLFK WZLHUG]DFK L
VWDQLHVLá]EURMQ\FKDWDN*HRWDMQ\FKREUDGDFKSROLW\F]Q\FKRNWyU\FKZLHG]LDá
RG VZ\FK DJHQWyZ GRQRVLá V]F]HJyáRZR REX VZ\P SDQRP SDSLH*RZL L
FHVDU]RZL =DFKRZDá VL MHJR OLVW ]  PDUFD  URNX Z NWyU\P SLV]H
3RF]\WXM WR]DV]F]HJyOQLHMV]HV]F] FLHL* VSHáQLDMFZW\PNUDMX WR]QDF]\
Z 3ROVFH $ 1  RERZL]HN PyM ZHGáXJ UR]ND]yZ RMFD ZL WHJR PRJ
]DVáX*\üVL FHVDU]RZLLDUF\NVL* WRP /LVW\QXQFMXV]D&RPPHQGRQHJRWRP
,, VWU   =D G]LDáDOQRü V]SLHJRZVN RWU]\PDá &RPPHQGRQH RG SDSLH*D QD
LQWHUZHQFM FHVDU]DNDSHOXV]NDUG\QDOVNLPDUFDURNX=DWRVDPR]RVWDá
Z\SURV]RQ\]3ROVNLJG]LH-DNXE2VWURUyJLPDUV]DáHNL]E\SRVHOVNLHM0LNRáDM
6LHQQLFNL XMDZQLOL SU]HG 6HMPHP MHJR G]LDáDOQRü V]SLHJRZVN QD U]HF]
+DEVEXUJyZLSU]HSRZLHG]LHOL*HE G]LHVL VWDUDáRVDG]Lü+DEVEXUJDQDWURQLH
SROVNLP
 :W\PFHOXQXQFMXV]&RPPHQGRQHSURWHJRZDQ\SU]H]FHVDU]DDXVWULDFNLHJR
X SDSLH*D ]RVWDá Z\]QDF]RQ\ SRZWyUQLH QXQFMXV]HP Z URNX  -HV]F]H ]D
*\FLD =\JPXQWD $XJXVWD QXQFMXV] &RPPHQGRQH VSRW\NDá VL Z OHVLH ]H
VSLVNRZFDPL² SáDWQ\PLDJHQWDPL$XVWULL² LSURMHNWRZDáZUD]]QLPL]EURMQ\
]DPDFKVWDQXZFHOXRGGDQLDWURQXSROVNLHJR+DEVEXUJRZL2GZRáDQ\ ZURNX
SRSDGáZQLHáDVN ]DWR*HQLHSRWUDILáRGGDü3ROVNL+DEVEXUJRP
: ODWDFK² SUDFXMH ]SROHFHQLD NXULL QDNRU]\ü FHVDU]DQXQFMXV]
:LQFHQW\/DXUHRLSRVXZDVL ZW\PWDNGDOHNR*HVNRPSURPLWRZDQ\PXVLDá
RSXFLü 3ROVN  1DQNH = G]LHMyZ SROLW\NL NXULL U]\PVNLHM ZREHF 3ROVNL
/ZyZ  VWU   : ODWDFK ²G]LDáD QD WHUHQLH 3ROVNL QXQFMXV]
SDSLHVNL +DQQLEDO GL &DSXD UyZQLH* DJHQW KDEVEXUVNL NWyUHPX V]\IURZDQD
LQVWUXNFMD SDSLHVND QDND]\ZDáD *G]LHE\ PyJá SU]\Mü ] SRPRF GRPRZL
KDEVEXUVNLHPX WDP QDOH*\ SU]\áR*\ü VL GR WHJR ] ZLHON JRUOLZRFL ER
SDSLH* SUDJQLHDE\MHGHQ]DUF\NVL*W]DVLDGáQDWURQLHSROVNLP 1DQNHVWU
L 6]\IU\SDSLHVNLHDNFHSWRZDá\MHJRURO V]SLHJDLDJHQWD+DEVEXUJyZ
ZLHF QXQFMXV] +DQQLEDO EH] *DGQ\FK SU]HV]NyG L VNUXSXáyZ RGGDá VL FDá
GXV] QDXVáXJL+DEVEXUJyZ 1DQNHVWU NWyU]\]DSHZQLDOLJR*HXVáXJL
Z\ZLDGF]RQH GRPRZL DXVWULDFNLHPX QLH SR]RVWDQ EH] QDJURG\ VWU  
']L NL SU]HM FLX OLVWyZ QXQFMXV]D SU]H] OXG]L =DPRMVNLHJR MHJR G]LDáDOQRü
V]SLHJRZVND QD V]NRG 3ROVNL ]RVWDáD ]GHPDVNRZDQD L QXQFMXV]RZL JUR]LáR
RGZRáDQLH $OH SDSLH* ] REDZ\ SU]HG FHVDU]HP DXVWULDFNLP SR]RVWDZLá JR Z
3ROVFH3RUR]ELFLXDUF\NVL FLD0DNV\PLOLDQDSU]H]=DPRMVNLHJRSRG%\F]\Q
QXQFMXV] UR]SRF]á UHJXODUQ QXQFMDWXU SU]\ =\JPXQFLH ,,, DOH PDP\
GRZRG\*HZGDOV]\PFLJXQXQFMXV]XU]G]DáWDMQHVFKDG]NL]HVWURQQLNDPL
0DNV\PLOLDQD 1DQNH VWU   3RWZLHUG]HQLHP G]LDáDOQRFL QXQFMXV]D
+DQQLEDOD QD V]NRG 3ROVNL V SRG]L NRZDQLD FHVDU]D 5XGROID 1DQNH
SU]\SXV]F]D*H QXQFMXV] XG]LHODá GZRURZL DXVWULDFNLHPXWDMQ\FK LQIRUPDFML
VWU JáyZQDMHJRURODSROHJDáDMHGQDNQDW\P*HVWDQRZLáZD*Q\SRPRVW
PL G]\ GZRUDPL +DEVEXUJyZ D GXFKRZLHVWZHP SROVNLP QD NWyUH ] UDFML
VZHJR GXFKRZQHJR VWDQRZLVND PyJá VLOQLH RGG]LDá\ZDü VWU   WR ]QDF]\
SURZDG]Lü NOHU SROVNL GR ]GUDG\ 2MF]\]Q\ =D SRUHGQLFWZHP QXQFMXV]D
SDSLHVNLHJR D ZáDFLZLH FDáHM VHULL QXQFMXV]yZ SDSLHVNLFK ]QDF]QD F] ü
Z\*V]HJR GXFKRZLHVWZD SU]HFKRG]LáD QD SáDWQ VáX*E GR ZURJyZ SDVWZD
SROVNLHJR
.LHG\ Z URNX  6RELHVNL ]DZDUá NRU]\VWQ\ GOD 3ROVNL WUDNWDW ] 7XUFM Z
)yUDZQLH SDUWLD KDEVEXUVND Z 3ROVFH RUJDQL]XMH SU]HFLZ EH]ER*QHPX
6RELHVNLHPX ]EURMQ\ EXQW D Z URFLH VSLVNRZHM F]\WDP\ *H EXQWRZQLF\
XFLHNDMF VL GR &HVDU]D $XVWULL  MDNR SURWHNWRUD SU]\VL JDM PX ZLDU 
SRVáXV]HVWZR SU]\ -HJR &HVDUVNLHM 0RFL OXG]LDFK VWDZDü LWG .D]LPLHU]
.RQDUVNL3ROVNDSU]HGRGVLHF] ZLHGHVN:DUV]DZDVWU 2EURQD
LQWHUHVyZ +DEVEXUJyZ ² REFHM FXG]R]LHPVNLHM G\QDVWLL ² MHVW WX RVáDQLDQD
IUD]HVDPL R REURQLH ZLDU\ ZL WHM ]DJUR*RQHM U]HNRPR SU]H] EH]ER*QHJR
6RELHVNLHJR -HGQRF]HQLH SDSLH* ,QQRFHQW\ ;, Z\V\áD GR SDQyZ SROVNLFK
OLF]QH OLVW\ Z]\ZDMFH LFK GR REDOHQLD WUDNWDWX Z )yUDZQLH 1LH PD SUDZLH
G\JQLWDU]DSROVNLHJRQLHPyZLFMX* RF]\ZLFLHRELVNXSDFKNWyU\E\QLHE\á
]DV]F]\FRQ\ RVREQ\P EUHYHP SDSLHVNLP ² SLV]H .RQDUVNL VWU   /LVW\
SDSLHVNLH SU]\JRWRZXM JUXQW SRG ]EURMQ\ EXQW SU]HFLZ 6RELHVNLHPX : OHFLH
 URNX GZRU]DQLQ /XERPLUVNLHJR ZSDGD QD WURS VSU]\VL *HQLD MDNLH Z
SRUR]XPLHQLX]:LHGQLHPXNQXáDSHZQDJUXSDDU\VWRNUDFMLSROVNLHM .RQDUVNL
VWU   -HGQ\P ] PRWRUyZ VSU]\VL *HQLD RUJDQL]RZDQHJR QD U]HF]
KDEVEXUVNLHM $XVWULL E\á ELVNXS NUDNRZVNL $QGU]HM 7U]HELFNL $PEDVDGRU
IUDQFXVNL%HWKXQHGRQRVLá/XGZLNRZL;,9*HQXQFMXV]SDSLHVNL0DUWHOOLG]LDáD
QDWHUHQLH3ROVNLMDNRORNDM+DEVEXUJyZ1DVW SQ\QXQFMXV]3DOODYLFLQLE\á
UyZQLH* DJHQWHP DXVWULDFNLP 2 QXQFMXV]X W\P SLVDá GR 6RELHVNLHJR
/XERPLUVNL .DUG\QDá 2SLFMXV] 3DOODYLFLQL ZLHONL FDáHM 5]HF]\SRVSROLWHM L
LPLHQLD-HJR.UyOHZVNLHM0RFLQLHSU]\MDFLHOLGRPRZ\V]SLHJ NVLG])DELV]
:LDGRPRüROHJDWDFKVWU 
 6RMXV] SDSLHVNRKDEVEXUVNL L Z\QLNDMFH VWG SRVXQL FLD SROLW\F]QH SDSLH*D
QXQFMXV]yZ SDSLHVNLFK L SDSLHVNRKDEVEXUVNLFK DJHQWXU Z 3ROVFH E\á\
VSU]HF]QH ] LQWHUHVDPL 3ROVNL 6RMXV] SDSLHVNRKDEVEXUVNL SRZRGRZDá *H
SDSLHVWZR SUDFRZDáR QD ]JXE SDVWZD SROVNLHJR L SU]\F]\QLDáR VL VZ
G]LDáDOQRFL GR XSDGNX 3ROVNL 8NRURQRZDQLHP WHM Z\VáXJXMFHM VL
+DEVEXUJRPDQW\SROVNLHMSROLW\NLSDSLHVWZDE\áVáDZQ\OLVWSDSLH*D.OHPHQVD
;,9 GR 0DULL 7HUHV\ XVSDNDMDMF\ VXPLHQLH WHM JRUOLZHM NDWROLF]NL SR MHM
XG]LDOHZ]EURGQLSLHUZV]HJRUR]ELRUX3ROVNL1DMHFKDQLH3ROVNLLMHMSRG]LDá
² SLVDáSDSLH* .OHPHQV;,9² E\á\QLHW\ONRU]HF] SROLW\F]QOHF]OH*Dá\Z
LQWHUHVLH UHOLJLL L GOD GXFKRZHM NRU]\FL .RFLRáD E\áR NRQLHF]QH DE\ GZyU
ZLHGHVNLUR]SRVWDUá VZHSDQRZDQLH Z 3ROVFH R LOH PR*QDQDMGDOHM /HOHZHO
+LVWRLUH GH 3ROHJQH  'OD WHJR FHOX SUDFRZDOL SDSLH*H QXQFMXV]H SDSLHVF\ L
JDUüSáDWQ\FK]GUDMFyZ² SROVNLFKELVNXSyZLDU\VWRNUDWyZ² SU]H]GZLHFLH
ODW

$3DSLH* .OHPHQV;,LMHJREUHYH]URNX

1LHPQLHM FKDUDNWHU\VW\F]Q\P SU]\NáDGHP SROLW\F]QHM LQWHUZHQFML Z

ZHZQ WU]QHVSUDZ\3ROVNLQLHPDMFHMQLFZVSyOQHJR]UHOLJLMHVWG]LDáDOQRü
SDSLH*D.OHPHQVD;,
3RJOGKLVWRU\NyZQDHSRN VDVN MHVWMHGQRP\OQ\2Ey] VDVNLE\áRER]HP
ZVWHF]QLFWZDLUHDNFMLQDWRPLDVWZRNyá6WDQLVáDZD/HV]F]\VNLHJRJURPDG]LOL
VL SRVW SRZF\ 3DWULRFL SROVF\ E\OL ] /HV]F]\VNLP SU]HFLZ $XJXVWRZL ,,
:DW\NDQ SRSLHUDá QD WHUHQLH 3ROVNL WH VLá\ NWyUH M SURZDG]Lá\ GR XSDGNX
$NFMD SROLW\F]QD :DW\NDQX QD U]HF] $XJXVWD SU]HFLZ VWURQQLNRP
/HV]F]\VNLHJRQLHPLDáDQLFZVSyOQHJR]WURVN RGREURUHOLJLL
$XJXVW,,6DV² SLV]HJRUF\NDWROLNSURI6LOQLFNLZ']LHMDFK3DSLH*\²
FLHV]\á VL SRSDUFLHP 5]\PX 3DSLH*H Z\Uy*QLDM JR PLPR MHJR PRUDOQHM
QLFRFLLSROLW\F]QHJRF\QL]PX VWU 
 1D *GDQLH $XJXVWD ,, SDSLH* .OHPHQV ;, Z\GDá SURZRNDF\MQH EUHYH GR
SU\PDVDLELVNXSyZSROVNLFKF]HUZFDURNXZNWyU\PSLVDáPLQ
0DP\ QDG]LHM  *H SDPL WDFLH WR FR SU]H] LQQH QDV]H EUHYLD Z LQWHUHVLH
QDMVáDZQLHMV]HJR QDV]HJR V\QD Z &KU\VWXVLH $XJXVWD 1DMMDQLHMV]HJR .UyOD
3ROVNLHJR SLVDOLP\ GR :DV %U]PLHQLHP QLQLHMV]HJR SLVPD Z\UD(QLH
]DOHFDP\L]DND]XMHP\DE\FLHVL GRNRURQDFML /HV]F]\VNLHJR *DGQ PLDU
QLH PLHV]DOL SRG NDUDPL RGVG]HQLD RG Z\NRQ\ZDQLD REU]GNyZ ELVNXSLFK L
]DND]XZVW SXGR.RFLRáD
-DURFKRZVNL ] NWyUHJR UR]SUDZ\ R SU\PDVLH 5DG]LHMRZVNLP SU]\WRF]\OLP\
IUDJPHQW SDSLHVNLHJR EUHYH SLV]H &RNROZLHN EG( L ] MDNLHJRNROZLHN EG(
VWDQRZLVND QD VSUDZ\ yZF]HVQH ]DSDWU\ZDü VL E G]LHP\ QLH PR*H VL QDP
RZREUHYHQLHSU]HGVWDZLDüZFKDUDNWHU]H Z\UD(QHJRSU]HNURF]HQLDJUDQLF\
ZáDG]\ NRFLHOQHM QLHSRZRáDQHJR PLHV]DQLD VL Z QDM*\ZRWQLHMV]H SUDZD
SROLW\F]QHQDURGX VWU² 
1DVW SQLH QXQFMXV] -XOLDQ 3LD]]D ² SLV]H NVLG] )DELV] ² ND]Dá VRELH
Z\GDü ELVNXSD =DáXVNLHJR MDNR SRGHMU]DQHJR R VSU]\MDQLH /HV]F]\VNLHPX L
RGHVáDáJRGRSDSLH*D :LDGRPRüRQXQFMXV]DFKVWU 
%UHYH SDSLHVNLH Z\ZRáDáR REXU]HQLH SROVNLHM RSLQLL SXEOLF]QHM 6WDURVWD
ZVFKRZVNL )UDQFLV]HN 5DG]HZVNL QDSLVDá PHPRULDá NWyU\ Z\UD*Dá ]JRGQ
RSLQL SUDZLHFDáHJRNUDMX
= SHZQRFL ² F]\WDP\ Z PHPRULDOH ² 3RODF\ JRGQL V SRFKZDá\ *H
ZROHOLFLHUSLHü]HOHS\PSRVáXV]HVWZHPQDMZL NV]HVXURZRFL]HVWURQ\NXULL
U]\PVNLHM DQL*HOL E\ü SRVG]RQ\PL R OHNFHZD*HQLH Z]JO GHP WHJR NWyU\ PD
UHSUH]HQWRZDü -H]XVD&KU\VWXVD QD ]LHPL 3RQLHZD* MHGQDNU]HF]\ GRV]á\ GR
WHJRVWRSQLD*H NXULDU]\PVND QLHSRSU]HVWDMFQDZ\NRQ\ZDQLXMXU\VG\NFMLZ
VSUDZDFKNRFLHOQ\FK ]DF]\QD PLHV]Dü VL WDN*H Z SUDZD 5]HF]\SRVSROLWHM
ZLQQLP\QLHXNU\ZDüWHMREUD]\SRGNDU ]GUDG\ZROQRFL&DáD]LHPLDZLHD
ZLH D* QD]E\W NX ZVW\GRZL LPLHQLD SROVNLHJR ] MDN Z\QLRVáRFL RVWDWQL
QXQFMXV]RZLH DSRVWROVF\ QDGX*\ZDOL QDV]HM áDWZRFL : F]DVLH Z NWyU\P
ZLG]LHOL5]HF]SRVSROLW MDNE\]DWRSLRQ ZRFHDQQLHV]F] üLQLHEH]SLHF]HVWZ
]JXE\ PLHOL QDP Z\PLHU]DüQDXNLOXEJUR(E\VNRURP\VL W\ONRUXV]\OL
NX QDV]HPX RVZRERG]HQLX 0RJOL FLHUSLHü DE\ 3ROVND E\áD UR]GDUW SU]H]
NUyOD$XJXVWD ,,6DVD PRJOL]JDG]DüVL QDZV]\VWNLHQLHVSUDZLHGOLZRFLWHJR
PRQDUFK\LIDZRU\]RZDüJR1XQFMXV]HSDSLHVF\RGGDM SRFKZDá\ ]DFL W\P
QLHSU]\MDFLRáRP UHOLJLLNDWROLFNLHM 6DVRP  DL*E\QDQLF]\PQLH ]E\ZDáR
QDV]HPX QLHV]F] FLX ZLG]LP\ RMFD ZL WHJR NRU]\VWDMFHJR ] QDV]\FK
NO VN 1LH PR*HP\ EH] QDMZ\*V]HJR REXU]HQLD PyZLü R NU]\F]F\P
SRVW SRZDQLX Z]JO GHP ELVNXSD SR]QDVNLHJR =DáXVNLHJR  R REHOG]H MDN
5]HF]\SRVSROLWD SU]\ WHM VSRVREQRFL SRQLRVáD 6HQDWRU NWyU\ VL GREU]H
]DVáX*\á 5]HF]\SRVSROLWHM MHVW SRFLJQL W\ MDNR ]EURGQLDU] Z ZL ]DFK GR
5]\PXWDPZ\WDF]DM PXQDZHWSURFHVMDNNROZLHN MHJRVSUDZDQLHREFKRG]L
ZQLF]\PUHOLJLL -DURFKRZVNLVWU² 
.RPHQWXMF WHQ PHPRULDá SLV]H -DURFKRZVNL *H QLH PR*HP\ PX UDFML L
VáXV]QRFL RGPyZLü Z W\P HVHQFMRQDOQ\PSXQNFLH L* 5]\P SU]HOLF]\á VL Z
JUDQLFDFK VZHM NRPSHWHQFML QDNáDGDMF NDU\ NRFLHOQH ]D DNW F]\VWR
SROLW\F]QHM QDWXU\ SRSLHUDQLH NUyOD 6WDQLVáDZD /HV]F]\VNLHJR  3UDZGD WX
E\áD]E\WRF]\ZLVWDE\PRJáDXMüXZDJLZVSyáF]HVQRFLSROVNLHM VWU 
.OHPHQV;,ZLQWHUHVLH6DVyZJUR]LáNDWROLNRPSROVNLPNDUDPLNRFLHOQ\PL
]D QDOH*HQLH GR RER]X 3RVW SX ]D SDWULRW\]P : G]LHMDFK 3ROVNL QLH EUDNáR
NVL *\ SDWULRWyZNWyU]\ GOD 3ROVNL QDUD*DOLVL QD UHSUHVMHNRFLHOQH ]HVWURQ\
SDSLH*\ L UHDNF\MQHM KLHUDUFKLL NRFLHOQHM ,QWHUHV NUDMX L QDURGX E\á GOD QLFK
Z\*V]\QDGLQWHUHV:DW\NDQXLMHJRZLHFNLHMSROLW\NL

%+LHUDUFKLDNRFLHOQDSU]HFLZFKáRSXSROVNLHPX

: RNUHVLH SLHUZV]HM QLHSRGOHJáRFL ]D QLHSRG]LHOQHJR SDQRZDQLD V]ODFKW\

Z\EXFKDáRZLHOHEXQWyZFKáRSVNLFKZDONFKáRSVNLFKSU]HFLZNRV]ODFKHFNLHPX
XFLVNRZL L Z\]\VNRZL 3UDZLH ZV]\VWNLH WH EXQW\ FKáRSVNLH RG]QDF]Dá\ VL
ZURJ SRVWDZ Z VWRVXQNX GR KLHUDUFKLL NRFLHOQHM L GXFKRZLHVWZD
3U]\SRPQLMP\NLOND]DVWDQDZLDMF\FKIDNWyZ
:SLHUZV]HMSRáRZLH;,ZLHNXFKáRSLSU]HFLZELVNXSRPLNDSáDQRP%R*\P
UR]S WDOLEXQWLMHGQ\FKPLHF]HPGUXJLFKNDPLHQLDPLSRPRUGRZDOL .URQLND
*DOLD 
: ;,, L ;,,, ZLHNX D WDN*H Z NLONX ZLHNDFK QDVW SQ\FK  FKáRSL NRFLHOQL
PDVRZR ]ELHJDM ] SRVLDGáRFL NODV]WRUQ\FK NRU]\VWDMF ] ODGD MDNLHM
VSRVREQRFL GR XFLHF]NL 8FLHNDOL SRQLHZD* ² MDN F]\WDP\ Z GRNXPHQFLH
UHGQLRZLHF]Q\P ² QLH PRJOL ]QLHü XFLVNX L Q NDQLD ZV]HODNLHJR URG]DMX
*DGQHM XOJL *DGQHM QDG]LHL OHSV]HJR ORVX QLH PDMF 6WDQLVáDZ 6PyáND
0LHV]NR6WDU\VWU 
: SRáRZLH ;,,, D QDVW SQLH Z SRáRZLH ;,9 ZLHNX FKáRSL :LHONRSROVNL
0DáRSROVNL 3RGKDOD ELRU PDVRZ\ XG]LDá Z UXFKX ELF]RZQLNyZ JRG]F\P Z
KLHUDUFKL NRFLHOQ:URJLQDVWUyMZREHFNOHUXMHVWFKDUDNWHU\VW\F]Q FHFK
WHJRUXFKX E GFHJR SU\PLW\ZQWUDJLF]Q]JyU\ VND]DQ QDQLHSRZRG]HQLH
IRUP EXQWXFKáRSVNLHJR .D]LPLHU]'REURZROVNL3LHUZV]HVHNW\ UHOLJLMQHZ
3ROVFH 
: SRáRZLH ;,9 ZLHNX ]D U]GyZ ELVNXSD 1DQNLHUD XMDZQLá VL
QLHMHGQRNURWQLH ZURJL QDVWUyM OXGQRFL ZREHF GXFKRZLHVWZD .
'REURZROVNLWDP*H 
: URNX  WRF]\á VL SURFHV FKáRSyZ ]H ZVL 5\EQHM L 3U]HJLQL SU]HFLZ
ELVNXSRZL NUDNRZVNLHPX *URWRZL %LVNXS U]XFLá QD FKáRSyZ NOWZ ]D RSyU
SU]HFLZ SáDFHQLX G]LHVL FLQ\ =G]LVáDZ .DF]PDUF]\N 0RQDUFKLD .D]LPLHU]D
:LHONLHJRWRP,,VWU 
:SLHUZV]HMSRáRZLH;9ZLHNXZU]HQLHRJDUQLDFKáRSyZFDáHM3ROVNL'XFK
OXGXSU]HWZDU]DáVL ]DF] WROHNFHZD*\üNVL *\-HGHQNVLG]GRVWDáRGFKáRSD
SRWZDU]\ZLQQ\FKPLHMVFDFKNPLHFLHWRSL QDáR*QLFHSURERV]F]yZyZG]LH]
SRJDUG REU]GNyZ UHOLJLL EH] NDSáDQD RGSUDZXM SRJU]HE 7DGHXV] NVL* 
/XERPLUVNL-XU\VG\NFMDSDWU\PRQLDOQDVWU 
 :SRáRZLH;9ZLHNX.ODV]WRU\QLHPRJ VRELHGDüUDG\ZVZ\FKUR]OHJá\FK
GREUDFK ] FKáRSDPL =DNRQQLFH Z 6WDQLWNDFK L 6F]X Z\SXV]F]DM GREUD
PRFQLHMV]\PVVLDGRPGODSRVNURPQLHQLDQLHSRVáXV]Q\FKNPLHFL /XERPLUVNL
WDP*HVWU 
&KáRSL 2OV]DQLF\ L %LELF SU]H] F]WHU\VWD ODW SURFHVXM VL ] ]DNRQQLFDPL ]
NODV]WRUX 1RUEHUWDQHN WR ]QDF]\ RG ;9 ZLHNX D* GR ]QLHVLHQLD SDV]F]\]Q\
-DQLQD%LHQLDU]yZQD:ZDOFHRFKáRSVNLHSUDZD 
3RZVWDQLH FKáRSVNLH SRG ZRG] /HMF]\VD Z URNX  VNLHURZDQH MHVW QLH
W\ONR SU]HFLZ SDV]F]\(QLH DOH UyZQLH* SU]HFLZ UHOLJLL NDWROLFNLHM MHVW WR
OLWHZVNLH SRZVWDQLH 0DVáDZD 6WHIDQ ,QJORW 5XFK\ VRFMDOQH L EXQW\
FKáRSVNLHZGDZQHM3ROVFHVWU 
=EyMQLF\ JyUDOVF\ UHNUXWXMF\ VL ] FKáRSyZ ]EXQWRZDQ\FK SU]HFLZ
SDV]F]\(QLHV]F]HJyOQLHFK WQLHSU]\E\WNL%R*HLNODV]WRU\áXSL 6WDQLVáDZ
6]F]RWND3ROVNLH]EyMQLFWZRJyUDOVNLHVWU 
1LH SRGREQD Z\UD]Lü ² SLVDá GR SDSLH*D QXQFMXV] 7RUUHV ² MDN EDUG]R
FKáRSL UXVF\ QLHQDZLG] NVL *\ NDWROLFNLFK 7D QLHQDZLü GR WHJR GRFKRG]L
VWRSQLD *H ZLG]F NVL G]D NDWROLFNLHJR SOXM QD ]LHPL ]H ]JUR]\ L ]
REU]\G]HQLD 5HODFMH QXQFMXV]yZ DSRVWROVNLFK WRP ,, VWU  UHODFMD ] U
 
%XQWFKáRSFyZGREU]HFNLFK ZURNX VNLHURZDáVL UyZQLH* SU]HFLZNR
.RFLRáRZLFRF] VWRWRZDU]\V]\áRUR]UXFKRPDJUDUQ\P 6WDQLVáDZ6]F]RWND
3U]\F]\QNLGRG]LHMyZEXQWyZFKáRSVNLFKVWU 
6NG WR DQW\NOHU\NDOQH RVWU]H UXFKyZ FKáRSVNLFK" =áR*\áR VL QD QLH ZLHOH
SU]\F]\Q
-HGQ ]QLFKE\áRWR *HZSRVLDGDQLXGXFKRZLHVWZDNDWROLFNLHJR]QDMGRZDáD
VL SUDZLHMHGQDWU]HFLD]LHPLDZL FGXFKRZQ\PMDNRREV]DUQLNRPSRGOHJDáD
UyZQLH* ]QDF]QD F] ü ZV]\VWNLFK FKáRSyZ SDV]F]\(QLDQ\FK 1LH FKRG]L
]UHV]W Z W\P Z\SDGNX R GRNáDGQ OLF]E  DOH R VDP IDNW *H ELVNXSL RSDFL
SURERV]F]RZLH E\OL REV]DUQLNDPL QD U]HF] NWyU\FK FKáRSL E\OL ]RERZL]DQL
RGUDELDü SDV]F]\]Q  1XQFMXV] 5XJJLHUL SLVDá SDSLH*RZL Z URNX  *H
DUF\ELVNXS JQLH(QLHVNL SRVLDGD WU]\VWD V]HüG]LHVLW ZVL ] W\FK ZVL SUDFD
SDV]F]\(QLDQ\FK FKáRSyZ SU]\QRVLáD PX  W\VL F\ yZF]HVQ\FK ]áRW\FK
URF]QHJRGRFKRGX%LVNXS NUDNRZVNLSRVLDGDáQLHZLHOHPQLHMELVNXSNXMDZVNL
LDUF\ELVNXSOZRZVNLSRVLDGDOLUD]HPW\OHFRDUF\ELVNXSJQLH(QLHVNL 5HODFMH
QXQFMXV]yZWRP,VWU 
%LVNXSVWZR SáRFNLH SRVLDGDáR SRQDG WU]\VWD ZVL ² SLV]H .D]LPLHU] 0DM
&KáRSLZGDZQHM3ROVFHVWU VWZLHUG]DMFZNRQWHNFLH*HQDGDQLDQD
U]HF] NOHUX ]DNRQQHJR L ZLHFNLHJR VWDQRZL SLHUZV]H IRUP\ X]DOH*QLHQLD
FKáRSyZZ3ROVFHL*HSLHUZV]HEXQW\FKáRSVNLHZNUDMDFK(XURS\=DFKRGQLHM
Z\PLHU]RQHV SU]HFLZNOHURZL VWU  
%LVNXSL E\OL ZLHONLPL REV]DUQLNDPL QLHNWyU]\ SURERV]F]RZLH PQLHMV]\PL
REV]DUQLNDPL-HGQLLGUXG]\SRFKRG]LOL]HV]ODFKW\L]UDFMLSRVLDGDQLDZLHONLFK
PDMWNyZE\OLNODVRZ\PLZURJDPLFKáRSyZ
&RZL FHMELVNXSLRSDFLLNVLHQLHNODV]WRUyZMDNRSRVLDGDF]HIROZDUNyZQLH
W\ONRZ\PDJDOL RGFKáRSyZSRZLQQRFLSDV]F]\(QLDQ\FK OHF]Z\Uy*QLDOLVL
Z LFK FLJDQLX V]F]HJyOQ FKFLZRFL L EH]Z]JO GQRFL D Z W SLHQLX
QLHSRVáXV]HVWZD FKáRSyZ V]F]HJyOQ QLHOXG]NRFL L RNUXFLHVWZHP
3U]\NáDGDPL FKFLZRFL ELVNXSyZ SROVNLFK PR*QD E\ ]DSHáQLü FDáH WRP\
'ODWHJRSRSU]HVWDQ W\ONRQDMHGQ\PZLDGHFWZLHRVRE\NWyUHMQLNWQLHRPLHOL
VL SRGHMU]HZDüRWHQGHQFMHDQW\NOHU\NDOQHPLDQRZLFLHQXQFMXV]DSDSLHVNLHJR
&RPPHQGRQHJR %LVNXSL SROVF\ QLH FKF RG 2MFD ZL WHJR *DGQHM LQQHM
SRPRF\W\ONR]DFKRZDQLDGRFKRGyZ2UHV]W ]GDM VL GEDüEDUG]RPDáRDOER
ZFDOHQLFZRJyOHND*G\]W\FKSUDáDWyZP\OLW\ONRXVRELHZFDOHQLHGEDMF
XGREURRJyOQH V]\IUVW\F]QLDURNX SRVáRZLHZ\U]XFDM ELVNXSRP
*HRQLZL FHMQLHGEDM W\ONRRG]LHVL FLQ\LGRFKRG\NRFLHOQH OLVW]PDUFD
URNX NLHG\NRFLRá\LG ZSRQLHZLHUN NLHG\XSDGDF]HüSUDZG]LZHJR
%RJDZyZF]DVELVNXSLPLOF]DOHNLHG\FKRG]LRNDZDáHN]LHPLQDW\FKPLDVW
U]XFDM VL GR EURQL OLVW ]  SD(G]LHUQLND  URNX  SRZV]HFKQ\ RGJáRV
RVNDU*DELVNXSyZ*HVSLHUDM VL W\ONRRG]LHVL FLQ\DZLDU OHNFHZD* OLVW]
VW\F]QLDURNX 
-HOL FKRG]L R QLHOXG]NRü L RNUXFLHVWZR NOHUX SU]\SRPQ Z\SRZLHG(
ZL WRFKRZVNLHJR NOHU ]DSUDZLRQ\ GR RNUXFLHVWZD Z SU]\PXVRZ\P
QDZUDFDQLX SRJDQ QLH F]Xá ZFDOH Z\U]XWyZ VXPLHQLD ] SRZRGX XMDU]PLDQLD
ZáRFLDQ +LVWRULD FKáRSyZ SROVNLFK  VWU   %LVNXSL E\OL SDF\ILNDWRUDPL
EXQWyZ FKáRSVNLFK QD SU]\NáDG ELVNXS NUDNRZVNL 3LRWU *HPELFNL XPLHU]Dá
SRZVWDQLH.RVWNL1DSLHUVNLHJRELVNXSSR]QDVNL.D]LPLHU]NVL* &]DUWRU\VNL
XPLHU]\á SRZVWDQLH FKáRSyZ ZLHONRSROVNLFK ZJ 'RNXPHQWyZ FKáRSVNLHM
GROL VWU   Z URNX  XPLHU]Dá SRZVWDQLH FKáRSVNLH ELVNXS *PXG]NL
6WDQLVáDZ 6]F]RWND 3U]\F]\QNL GR G]LHMyZ EXQWyZ FKáRSVNLFK VWU  
F]FLJRGQH ]DNRQQLFH 1RUEHUWDQNL WU]\PDM SU]\ZyGFyZ EXQWX FKáRSVNLHJR
SU]HFLZ SDV]F]\(QLH QD U]HF] NODV]WRUX  Z ZL ]LHQLX NODV]WRUQ\P LFK
NROH*DQNL Z 6WDQLWNDFK L 6F]X SURV] VVLDGyZ R GRNRQDQLH SDF\ILNDFML
FKáRSyZ
%\á WR MHGQDN W\ONR MHGHQ ]HVSyá SU]\F]\Q WHM XVSUDZLHGOLZLRQHM QLHQDZLFL
'UXJLP]QDF]QLHEDUG]LHM]DVDGQLF]\P]HVSRáHPSU]\F]\QGODNWyUHJRFKáRSL
QLHQDZLG]LOLNVL *\NDWROLFNLFKE\áD SRGáDQLNF]HPQDIXQNFMDGXFKRZLHVWZD
'XFKRZLHVWZR NDWROLFNLH ]DSU] JáR UHOLJL NDWROLFN Z VáX*E LQWHUHVX
NODVRZHJRV]ODFKW\.D]D QLHG]LHOQ\FK² FKáRSLSROVF\PXVLHOLZ\VáXFKLZDü
SRGNDU NLMyZ SDWU] .RGHNVNODV]WRUXNDVLVNLHJR ZL WRFKRZVNL +LVWRULD
FKáRSyZ SROVNLFK VWU  NWR Z ZL WD QLH E\ZDá Z NRFLHOH ²  SODJ
'RNXPHQW\ FKáRSVNLHM GROL VWU     =DGDQLHP W\FK ND]D E\áR
XWU]\P\ZDQLH FKáRSyZ Z UHOLJLMQ\P V]DFXQNX GOD SDQXMFHJR SRU]GNX
VSRáHF]QHJR Z SRNRUQ\P JRG]HQLX VL ] SRGGDVWZHP L SDV]F]\]Q Z
XQL*RQ\P SRVáXV]HVWZLH GOD XFLVNDMFHJR L Z\]\VNXMFHJR LFK GZRUX
=DGDQLHP SURERV]F]yZ E\áR SR]EDZLHQLH FKáRSD SROVNLHJR SRF]XFLD JRGQRFL
RVRELVWHM6]ODFKFLFSáDFLáNVL G]X]DWR*HE\WHQURELá]FKáRSDSRNRUQHE\GO 
 'R]HZV]HFKPLDUVáXV]QHJRWZLHUG]HQLD$GDPD3UyFKQLND*H&,(0127$
%<à$ 1,( 7</.2 :<1,.,(0 $/( 5Ï: 1,() 1,(=% '1<0
:$581.,(0 32''$67:$ &+à23Ï: %2 7$0 *'=,( 0</
/8'=.$=$&=<1$35$&2:$û7$01,(:2/$875=<0$û6, 1,(
02)( ']LHMH FKáRSyZ Z 3ROVFH VWU   QDOH*\ GRGDü *H IXQNFM
XWU]\P\ZDQLD FKáRSyZ Z FLHPQRFLH L FKU]HFLMDVNLHM SRNRU]H GOD
FLHPL ]FyZLGDUPR]MDGyZVSHáQLDáRGXFKRZLHVWZRNDWROLFNLH
, W\P VL ZáDQLH SU]HGH ZV]\VWNLP WáXPDF]\ QLHFK ü PDV FKáRSVNLFK GR
NVL *\&KáRSNWyU\]DF]\QDáUR]XPRZDü]DF]\QDáUyZQLH* VRELH XZLDGDPLDü
*H.6, )$6à8):52*20./$62:<0&+à23Ï:=$1$5= '=,(
87:,(5'=$1,$3$12:$1,$6=/$&+7<1$'&+à23$0,
6]ODFKWD SROVND XWU]\P\ZDáD FKáRSD Z SRVáXV]HVWZLH WDNLPL VDP\PL
PHWRGDPL MDN LPSHULDOLFL SRGELMDM L XWU]\PXM Z SRVáXV]HVWZLH OXG\
NRORQLDOQH SU]HPRF RNUXFLHVWZHP UR]SLMDQLHP ZyGN L NU]HZLHQLHP
SRER*QRFL 3RER*QRü FKáRSD OH*DáD Z LQWHUHVLH NODVRZ\P V]ODFKW\ 3DSLH*
3DZHá9XF]FQXQFMXV]D6LPRQHWW MDNPD]\VNLZDüGODNDWROLF\]PXV]ODFKW
SROVN SLVDá *H '2%5=< .$72/,&< 0$- 72 '2 6,(%,( =( 6
326à86=1<0, 32''$1<0, 5HODFMH QXQFMXV]yZ WRP ,, VWU  
5R]XPLHMF WR 6=/$&+7$ 32/6.$ = 0</ 2 875=<0$1,8
32''$67:$,3$6=&=<=1<3 '=,à$&21,('=,(/ &+à23Ï:
'2.2&,2à$1$.$=$1,(32'*52= %,&,$.,-$0,
2WR SU]\F]\QD GOD NWyUHM EXQW\ FKáRSVNLH E\á\ SUDZLH ]DZV]H EXQWDPL
SU]HFLZNR .RFLRáRZL : .RFLHOH ERZLHP NVL *D QDNáDGDOL NDMGDQ\
SRGGDVWZDQDGXV] SROVNLHJRFKáRSD
 96RMXV]SDSLHVWZD]U]GDPL]DERUFyZ3ROVNL

=EOL*DP\VL GRU]HF]\SRZV]HFKQLH]QDQ\FK5RO Z\*V]HJRGXFKRZLHVWZD

Z RNUHVLH UR]ELRUyZ GREU]H RSLVDá GU =G]LVáDZ 0LHU]\VNL Z :\EUDQ\FK
*\ZRWDFK NVL*W .RFLRáD .VL*ND L :LHG]D :DUV]DZD   -HVW WDP
PRZDRSU\PDVLH:áDG\VáDZLHàXELHVNLPELVNXSLH0áRG]LHMRZVNLP
S U \ P \ V L H 2 V W U R Z V N L P DUF\ELVNXSLH 3 R G R V N L P ELVNXSLH
0DVVDOVNLPLZLHOXLQQ\FK]GUDMFDFKNWyU]\SRELHUDOLVWDá\*RáG]NDV\REF\FK
DPEDVDG]D]GUDG RMF]\]Q\3U]\SRPQ W\ONRZNLONXVáRZDFKRWU]HFKWDNLFK
]GUDMFDFK ² NVL* WDFK .RFLRáD R SU\PDVLH 3RQLDWRZVNLP ELVNXSLH
.RVVDNRZVNLPLSU\PDVLH6NDUV]HZVNLP
%UDW NUyOD SU\PDV 0LFKDá 3RQLDWRZVNL E\á V]SLHJLHP NUyOD SUXVNLHJR D Z
URNX  Z\VáDá OLVW GR REOHJDMFHJR :DUV]DZ NUyOHZLF]D SUXVNLHJR ]
SRGDQLHP VSRVREyZ MDN QDOH*\ XGHU]\ü QD :DUV]DZ  *HE\ QDMáDWZLHM M
]GRE\ü/LVW]RVWDáSU]HM W\LSU\PDVZREDZLHSU]HGV]XELHQLF RWUXáVL 
: W\P VDP\P URNX  .LOLVNL SU]HMá OLVW ELVNXSD .RVVDNRZVNLHJR GR
DPEDVDGRUD,JHOVWU|PDZNWyU\PyZSáDWQ\]GUDMFDSRGDZDá,JHOVWU|PRZLSODQ
Z\PRUGRZDQLD 3RODNyZ NDUWDF]DPL Z NRFLRáDFK .LHG\ JR QD UR]SUDZLH
VGRZHM S\WDQR GODF]HJR Z *URGQLH SRGSLVDá UR]ELyU NUDMX ELVNXS
.RVVDNRZVNLRGSDUá 'ODWHJRP SRGSLVDá DE\P SLHQLG]H Z]Lá  $ JG\ JR
V G]LD ]DS\WDá FR PD QD VZRM REURQ  ELVNXS RGSRZLHG]LDá EH]F]HOQLH ,*
RVREDND*GHJRELVNXSDZL WDMHVWLQLHW\NDOQD =G]LVáDZ0LHU]\VNLVWU 
7D ZL WD L QLHW\NDOQD UR]NáDGDMFD VL RG FKRURE\ ZHQHU\F]QHM RVRED
ELVNXSD ]RVWDáD SRZLHV]RQD SXEOLF]QLH Z PDMX  URNX PLPR *H QXQFMXV]
/LWWDGRPDJDáVL ]DF]HNDQLDQDRGSRZLHG( SDSLH*D3LXVD9,F]\]JDG]DVL QD
]GM FLHZL FH ]H]GUDMF\
1DWRPLDVW LQWHUZHQFMD WHJR* QXQFMXV]D Z VSUDZLH ELVNXSD 6NDUV]HZVNLHJR
RGQLRVáD VNXWHN  ZU]HQLD  URNX 6G .U\PLQDOQ\ :RMVNRZ\ Z\GDá
Z\URN QD SHáQHJR EH]GHQQHM FKFLZRFL ELVNXSD :RMFLHFKD 6NDUV]HZVNLHJR
X]QDMF JR ZLQQ\P ]GUDG\ RMF]\]Q\ L VND]XMF JR QD NDU PLHUFL SU]H]
V]XELHQLF SXEOLF]Q +HQU\N -DEáRVNL 6G .U\PLQDOQ\ :RMVNRZ\
:DUV]DZD  VWU   : VSUDZLH VND]DQHJR ELVNXSD LQWHUZHQLRZDOL X
.RFLXV]NLNUyOGZLHNRFKDQNLELVNXSDLQXQFMXV]SDSLHVNL/LWWD2LQWHUZHQFML
QXQFMXV]DSLVDáDZyZF]DV*D]HWD5]GRZD QU .VLG]1XQFMXV]6WROLF\
$SRVWROVNLHM XGDá VL GR 1DMZ\*V]HJR 1DF]HOQLND L UR]SRFLHUDMF *DOH 2MFD
ZL WHJR SU]HNáDGDá MDN WHQ XEROHZD *H OLF]QH XNDUDQLD ]D ]EURGQLH SU]HFLZ
QDURGRZL ]ZáDV]F]D QD ELVNXSyZ SDGDM L *H Z LFK RVREDFK SU]HODGRZDQLH
UHOLJLL XSDWU\ZDü E G]LH ]DWHP 1DMZ\*V]\ 1DF]HOQLN SRWZLHUG]DMF ZH
ZV]\VWNLP GHNUHW VSUDZLHGOLZ\ 6GX .U\PLQDOQHJR :RMVNRZHJR Z]JO GHP
NVL G]D6NDUV]HZVNLHJRNDU PLHUFLW\ONRQDZLHF]QHZL ]LHQLHSU]HPLHQLá
8áDVNDZLHQLH]GUDMF\SRGSUHVM QXQFMXV]D/LWW\Z\ZRáDáRZUyGSRZVWDFyZ
ZDUV]DZVNLFKZLHONLHREXU]HQLHQD.RFLXV]N 1D]QDNSURWHVWXFDá\NRPSOHW
V G]LRZVNLSRGDáVL GRG\PLVML:WHG\.RFLXV]NRQDSLVDáGRSUH]HVDVGXOLVW
] XVSUDZLHGOLZLHQLHP =ZD*\ZV]\ *H ]XSHáQH RGU]XFHQLH SUyE SDSLH*D
PRJáRE\FLJQü]H VWURQ\RQHJRNURNL HNVNRPXQLN $1 NWyUHZOXG]LDFK
SHáQ\FK MHV]F]H SU]HVGX L FLHPQ\P SR SURZLQFMDFK SRVSyOVWZLH PRJá\E\
VSUDZLüZUD*HQLHQLHEH]SLHF]QHZVNXWNDFKGODSRZVWDQLDQDV]HJRDSUREXMF
GHNUHW ZH ZV]\VWNLFK SXQNWDFK NDU PLHUFL QD ZLHF]QH L FLVáH ZL ]LHQLH
SU]HPLHQLDP -DEáRVNLVWU 
3DSLH*HSUDZLH ]DZV]H Z\VW SRZDOL Z REURQLH ]GUDMFyZ ELVNXSyZ FKURQLF
LFK SU]HG ]DVáX*RQD NDU ]D ]GUDG DUJXPHQWHP *H RVRED ELVNXSD ² PLPR
SRSHáQLHQLH QDMZL NV]\FK ]EURGQL ² MHVW ZL WD L QLHW\NDOQD VWRL SRQDG
SUDZHP SDVWZRZ\P D ZáDG]\ SDVWZRZHM NWyUD NDU]H ELVNXSD ]D ]GUDG 
JUR]LOL HNVNRPXQLN 3DWULRFL SROVF\ E\OL VWDOH SRG JUR(E HNVNRPXQLNL L
.RFLXV]NRZFDOHQLHRFDOLáSRZVWDQLDW\P*HVL SU]HONáJUy(EQXQFMXV]D
.O VND SRZVWDQLD NRFLXV]NRZVNLHJR ]PLHQLáD ZLHF]QH ZL ]LHQLH ELVNXSD
² ]GUDMF\ QD NLONXW\JRGQLRZ\ DUHV]W =DERUF\ Z\QDJURG]LOL 6NDUV]HZVNLHPX
MHJRXVáXJL :UyFLáQDELVNXSVWZRFKHáPVNLHDZURNXSDSLH* PLDQRZDá
]GUDMF  NWyU\ G]L NL LQWHUZHQFML QXQFMXV]D XQLNQá ]DVáX*RQHM V]XELHQLF\
ELVNXSHPOXEHOVNLP1DVWDQRZLVNXW\PELVNXS6NDUV]HZVNLGHQXQFMRZDáSU]HG
]DERUFDPLSDWULRWyZ SROVNLFK D Z URNX]RVWDá SU\PDVHP .RQJUHVRZHJR
.UyOHVWZD 3ROVNLHJR %\á WR SROLF]HN Z\PLHU]RQ\ VSRáHF]HVWZX SROVNLHPX
SU]H]SDSLH*D/HRQD;,, JG\QDF]HOHNOHUXNDWROLFNLHJRZ3ROVFHSRVWDZLRQR
]GUDMF VGRZQLHVND]DQHJRQDV]XELHQLF  0LHU]\VNLVWU 
=UHV]W ZNUyWFH QDUyG SROVNL PLDá RWU]\PDü RG SDSLH*\ MHV]F]H VLDUF]\VWV]H
SROLF]NL
3RSRZVWDQLXOLVWRSDGRZ\PSLVDáSDSLH* *U]HJRU];9,ZOLFLH EUHYH GRNOHUX
SROVNLHJR ]  F]HUZFD  URNX 'RZLHG]LHOLP\ VL R RNURSQ\P
QLHV]F] FLX ZMDNLH WRNZLWQFHNUyOHVWZR 3ROVND  SRJU*\áR VL ZRVWDWQLP
URNXMHGQRF]HQLHGRZLHG]LHOLP\VL *HWRQLHV]F] FLH]RVWDáRVSRZRGRZDQH
SU]H] LQWU\JL ZLFKU]\FLHOL NWyU]\  SRGQLHOL VL SU]HFLZNR ZáDG]\
SUDZRZLW\FKPRQDUFKyZ WR]QDF]\FDUD LSRJU*\OLZSU]HSDüVZ RMF]\]Q
áDPLF ZV]\VWNLH ZL ]\ SUDZRZLWHJR SRVáXV]HVWZD   3RVáXV]HVWZR ZREHF
XVWDQRZLRQHM SU]H] %RJD ZáDG]\ MHVW ]DVDG QLH]PLHQQ L QLH PR*QD VL RG
QLHJR XFK\ODü FK\ED *H WD ZáDG]D JZDáFLáDE\ SUDZD ERVNLH L .RFLRáD QD
SU]\NáDGQLHSáDFLáDG]LHVL FLQZL WRSLHWU]DLWG$1 1LHFKND*G\F]áRZLHN
PyZLDSRVWRáE G]LHSRVáXV]Q\XVWDQRZLRQHMZáDG]\SRQLHZD* QLHPDZáDG]\
NWyUDQLH E\áDE\RG%RJD 2Wy* ZáDG]H LVWQLHMFHV XVWDQRZLRQHSU]H]%RJD
3U]\SRPLQDMF ZDP WH ]DVDG\ F]FLJRGQL EUDFLD GXFKRZQL NDWROLFF\$ 1 
MHVWHP\ SU]HNRQDP *H E G]LHFLH MH JRUOLZLH UR]SRZV]HFKQLDOL :DV]
ZLHONRGXV]Q\FDU5RVMLSU]\MPLHZDV]GREURFL LXVáXFKDQDV]\FKZ\VWSLH L
SUyE Z LQWHUHVLH UHOLJLL NDWROLFNLHM NWyU ]DZV]H RELHF\ZDá VL RSLHNRZDü Z
VZRLP NUyOHVWZLH -XOLXV] *yUHFNL 5]\P D 3ROVND :DUV]DZD  VWU
² 7HSL NQH]DVDG\SRZWyU]\á*U]HJRU];9,MHV]F]HUD]ZHQF\NOLFH
]VLHUSQLD WHNVWX*yUHFNLHJRVWU  
:W\PVDP\PGXFKXXWU]\PDQ\ MHVWOLVW SDSLH*D*U]HJRU]D;9,GRELVNXSD
:RMWDURZLF]D]GQLDOXWHJR'RZLHG]LHOLP\VL ]ZLHON SU]\NURFL
*H Z NUDMX SRGOHJá\P 1DP EDUG]R GURJLHPX 6\QRZL &HVDU]RZL $XVWULL
SU]HGVL Z]L WR V]NDUDGQ\ VSLVHN SU]HFLZ 1DMZ\*V]HM :áDG]\ 1DMMDQLHMV]HJR
:áDGF\ NWyU\ VL GREU]H ]DVáX*\á ZL WHM 6WROLF\ NWyU\ SRGWU]\PXMH UHOLJL
NDWROLFN ZVZ\FKSDVWZDFK3U]HV\áDP\FLWHQOLVWE\ XF]\áVZHRZLHF]NL
] JRUOLZRFL ZL NV] ZL WHM QDXNL SRVáXV]HVWZD NWyUH SRGGDQL ZLQQL
VWDQRZF]R1DMZ\*V]HM:áDG]\ZHGáXJQDXNLZL WHJR3DZáDLQDND]XVDPHJR
ERVNLHJR 3DQD 3DVWHU]\  QLH SU]HVWD QLJG\ XSRPLQDü VZHJR NOHUX DE\ RQ
SDPL WDá R VZ\P SRZRáDQLX L E\ F]\QLá ZV]\VWNLH Z\VLáNL DE\ RGZLHü
FKU]HFLMDQ WDN VáRZHP MDN SU]\NáDGHP RG W\FK VSLVNyZ ]GUDG]LHFNLFK WR
]QDF]\RGG*HQLDGRQLHSRGOHJáRFL$1 LE\LFKXF]\á*HZV]HONDZáDG]D
RG%RJDSRFKRG]L *yUHFNLVWU² 
3LVPHP ] GQLD  NZLHWQLD  URNX SDSLH* 3LXV ,; VNáDGD FDURZL
$OHNVDQGURZL,,NRQNUHWQ RIHUW 'REU]HMHVWSU]\SRPQLHü² SLVDáSDSLH* ²
*H 6WROLFD $SRVWROVND QLJG\ QLH XFK\ELD Z QDMGHOLNDWQLHMV]\FK Z]JO GDFK
ZREHFU]GX:DV]HM:\VRNRFLL-HJRGRVWRMQ\FKSRSU]HGQLNyZ1LHFKQDV]D
ZáDG]D DSRVWROVND ] SRZURWHP RWU]\PDVZyM ]EDZLHQQ\ ZSá\Z QD SRGGDQ\FK
NDWROLFNLFK  QLHFK NOHU RWRF]\ VZRLP ZSá\ZHP QDXN L NLHUXQHN OXGX  D
ZyZF]DV :DV]D :\VRNRü SU]HNRQD VL  *H JáyZQH SU]\F]\Q\ FLJá\FK
]DPLHV]D SROLW\F]Q\FK Z 3ROVFH OH*Dá\ Z XFLVNX UHOLJLMQ\P  Z SRQL*HQLX
SDVWHU]\:V]\VWNRFR:DV]D:\VRNRüXF]\QLGODVSRNRMX.RFLRáDLKRQRUX
QDV]HM ZL WHM UHOLJLL RGZUyFL VL QD NRU]\ü SDVWZD FDUDWX $ 1 
UR]FLJDMF QDG .RFLRáHP ]GHF\GRZDQ RSLHN  :DV]D :\VRNRü E G]LH
PRJáD OLF]\ü QD V]DFXQHN L ZLHUQRü FDáHJR QDURGX SROVNLHJR *yUHFNL VWU
² 
3RGREQLH Z URNX  SDSLH* /HRQ ;,,, FLVNDMF L EáRJRVáDZLF GUXJLHJR
NDWDQDV]HJRQDURGXFHVDU]D:LOKHOPD,,]áR*\áPXQDVW SXMFHSU]\U]HF]HQLH
3U]\U]HNDP :DV]HM &HVDUVNLHM 0RFL LPLHQLHP ZV]\VWNLFK MHJR SRGGDQ\FK
NDWROLFNLHJR Z\]QDQLD ZV]\VWNLFK V]F]HSyZ L ZV]\VWNLFK VWDQyZ L* E G
]DZV]H ZLHUQ\PL SRGGDQ\PL FHVDU]D QLHPLHFNLHJR L NUyOD SUXVNLHJR -y]HI
%HOXFK%HORVNL6SUDZLHGOLZ\SDSLH* 
1LH WU]HEDGRGDZDü *HDQL3LXVD ,;DQL/HRQD ;,,,QLNW QLHXSRZD*QLDáGR
VNáDGDQLD SU]\U]HF]H ZLHUQRFL ]DERUFRP 3ROVNL 'R Z\VáXJLZDQLD VL
]DERUFRP SDSLH*H PRJOL VNáRQLü MHG\QLH QLHNWyU\FK ELVNXSyZ L DUF\ELVNXSyZ
WDNLFK MDN 6NDUV]HZVNL :RMWDURZLF] /HGyFKRZVNL 6WDEOHZVNL %LOF]HZVNL
/LNRZVNL F]\ .DNRZVNL %LVNXSL FL L DUF\ELVNXSL VZRM G]LDáDOQRFL
DQW\QDURGRZ VDPL VWDZLDOL VL SR]D QDZLDVHP QDURGX :\VáXJLZDQLH VL
DUF\ELVNXSD/HGyFKRZVNLHJRNDQFOHU]RZL%LVPDUFNRZLQLHXFKURQLáRJRSU]HG
ZL ]LHQLHP SRQLHZD* %LVPDUFN ZRODá PLHü QD VWDQRZLVNX SU\PDVD
DUF\ELVNXSD JQLH(QLHVNLHJR  1LHPFD NVL G]D -XOLXV]D 'LQGHUD NWyU\ RGWG
JHUPDQL]RZDá OXGQRü SROVN ] ZROL L QRPLQDFML SDSLH*D 7 SLFLHOD SROVNRFL
NDQFOHU]D %LVPDUFND PLDQRZDá SDSLH* /HRQ ;,,, U\FHU]HP 2UGHUX
&KU\VWXVRZHJRSU]HV\áDMFPXLQV\JQLD]GLDPHQWyZ]VHUGHF]Q\POLVWHP
6WRVXQNLSDSLH*\]UHDNF\MQ\PLU]GDPL]DERUFyZ3ROVNL E\á\MDNQDMOHSV]H
5]HF] ]QDPLHQQD ² G]LZL VL SURI 6DZLFNL ² WDP JG]LH SDQRZDáD
QDMVNUDMQLHMV]D UHDNFMD WDP .RFLyá GR]QDZDá áDJRGQHJR WUDNWRZDQLD L RSLHNL
WURVNOLZHM 2F]\ZLFLH WDNLH SRVW SRZDQLH SDVWZD E\áR SRG\NWRZDQH
Z]JO GDPLSROLW\F]Q\PLSDVWZRUHDNF\MQHV]XNDáRVSU]\PLHU]HFDZZDOFH]
OLEHUDOL]PHP DSy(QLHMZZDOFH]UXFKHPURERWQLF]\P$1 L]QDMGRZDáRJR
Z F]\QQLNDFK NRQVHUZDW\ZQ\FK GRNWyU\FK ]DOLF]DáR .RFLyá $E\ RQ MHGQDN
PyJáVSHáQLDüWR]DGDQLHPXVLDáRWU]\PDüZDUXQNLQDOH*\WHJRUR]ZRMXNWyU\E\
PX ]DSHZQLá SRWU]HEQ VLá L ]ZDUWRü +LVWRULD VWRVXQNX .RFLRáD GR
3DVWZDVWU 
=$XVWUL ]DZDUáRSDSLHVWZRNRQNRUGDWMHV]F]HZURNX]SUDZRVáDZQ\P
FDUHP$OHNVDQGUHP,,,Z URNXZURNX/HRQ;,,,Z\UD]Lá]JRG QD
GHNODUDFM ORMDOQRFL GXFKRZQ\FK Z]JO GHP U]GX SUXVNLHJR /RHIIOHU
']LHMH3DSLH*\VWU DRGURNXSU]HE\ZDáMX* VWDá\SRVHáSUXVNLSU]\
:DW\NDQLH:URNX:LOKHOP,SU]HVáDá/HRQRZL;,,,GURJRFHQQ PLWU ]
VHUGHF]Q\PL*\F]HQLDPLD1RUGGHXWVFKH$OOJHPHLQH=HLWXQJSRGNUHODáD*H
SDSLH* Z\ND]Dá ZLHONLH ]UR]XPLHQLH GOD  SRWU]HE SDVWZRZ\FK 1LHPLHF WR
]QDF]\ GOD JHUPDVNLHJR 'UDQJ QDFK 2VWHQ  ² SLV]H ] UDGRFL QLHPLHFNL
KLVWRU\N/RHIIOHU ']LHMHSDSLH*\VWU 
=W\FKWU]HFKSROLW\F]Q\FKVRMXV]yZSDSLHVWZD]WU]HPDUHDNF\MQ\PLU]GDPL
]DERUFyZ Z\QLNDá NRQVHNZHQWQLH SDSLHVNL QDND] WUyMORMDOL]PX SRZWDU]DQ\
QDV]HPX QDURGRZL 2 RERZL]NX SRVáXV]HVWZD ZV]\VWNLP WU]HP ]DERUFRP
MHGQRF]HQLH SU]\SRPQLDá /HRQ ;,,, ELVNXSRP SROVNLP HQF\NOLN ]  PDUFD
URNX
3RGGDQL ZLQQL SDQXMF\P RND]\ZDü F]Hü L ZLHUQRü WXG]LH* MDNR %RJX
SU]H] OXG]L NUyOXMFHPX XOHJáRü QLH W\ONR GOD JQLHZX DOH WH* GOD VXPLHQLD
SRGGDQLSRZLQQLVL VWRVRZDüZL FLHGRSU]HSLVyZSDVWZDZZLHU]HZL WHM
F]HUSLF SRGQLHW GR ZLHUQRFL Z]JO GHP 3DVWZD L PRQDUFKyZ  :\ FR
URV\MVNLHPX SRGOHJDFLH EHUáX  QLH SU]HVWDFLH Z\W *Dü XVLáRZD QDG
XWUZDOHQLHP ZUyG NOHUX L RJyáX SRV]DQRZDQLD GOD ]ZLHU]FKQRFL L
SU]HVWU]HJDQLD NDUQRFL SXEOLF]QHM :\ NWyU]\ SRGOHJDFLH SU]HVáDZQHPX
GRPRZL +DEVEXUVNLHPX PLHMFLH QD EDF]HQLX LOH ]DZG]L F]DFLH 'RVWRMQHPX
&HVDU]RZL Z QDMZ\*V]\P VWRSQLX GR ZLDU\ SU]RGNyZ SU]\ZL]DQHPX
8GRZDGQLDMFLHWHG\]ND*G\PGQLHPMDZQLHMVZRM Z]JO GHPQLHJRZLHUQRüL
SHáQ ZG]L F]QRFL X O H J á R  ü  :DP NWyU]\ ]DPLHV]NXMHFLH SURZLQFM
3R]QDVN L *QLH(QLHVN ]DOHFDP\ XIQRü Z ZLHONRGXV]Q VSUDZLHGOLZRü
&HVDU]D 1LHPLHFNLHJR$ 1 RMHJRERZLHPZ]JO GHPZDVSU]\FK\OQRFLL
*\F]OLZ\PXVSRVRELHQLXRVRELFLHRGQLHJRVDPHJRSRZ]L OLP\ ZLDGRPRü 
*yUHFNLVWU² 
.RQVHNZHQFM ZH]ZDQLD SDSLH*D /HRQD ;,,, GR WUyMORMDOL]PX E\á\ ] FKZLO
Z\EXFKX SLHUZV]HM ZRMQ\ ZLDWRZHM  ZH]ZDQLD ELVNXSyZ GR XPLHUDQLD ]D
LQWHUHV\ ]DERUFyZ 7HM PLVML SRGM OL VL P LQ DUF\ELVNXS *DOLFML NV
- %LOF]HZVNLZRGH]ZLH]VLHUSQLDURNXLELVNXS(/LNRZVNLZOLFLHGR
GLHFH]ML JQLH(QLHVNRSR]QDVNLHM ] GQLD  VLHUSQLD  URNX 7HQ RVWDWQL
]ZUDFDMF VL GR SROVNLFK NRELHW GR PDWHN *RQ L VLyVWU *RáQLHU]\ ZFLHORQ\FK
SU]HPRF GR]DERUF]HJRZRMVNDXSU]HG]Dá *HQLHMHGHQ]QLFK W]Q *RáQLHU]\
SROVNLFK  VZH *\FLH Z RILHU]H SRáR*\ DOH QLHFK VL SRFLHV] ER VSUDZD
1LHPLHFMHVWVSUDZ VSUDZLHGOLZ:LHP\² PyZLáELVNXS/LNRZVNL² *H
Z VSRáHF]HVWZLH SROVNLP  QLJG\ QLH Z\PDUáR SRF]XFLH RERZL]NX
SRVáXV]HVWZDZREHFZáDG]\]ZROL%R*HMQDGQLPSRVWDQRZLRQHM -*yUHFNL
VWU 
:H ZH]ZDQLD ELVNXSyZ GR XPLHUDQLD ]D LQWHUHV\ 1LHPLHF L $XVWULL ]D
LQWHUHV\ ]DERUFyZ ZURJyZ 3ROVNL E\á\ ORJLF]Q QLHXFKURQQ NRQVHNZHQFM
HQF\NOLNL /HRQD ;,,, ]  PDUFD  NWyUHM LVWRWQ WUHü SRZWyU]\á 3LXV ;
HQF\NOLN ]  JUXGQLD  URNX VáRZDPL 3RGGDQ\FK RERZL]XMH F]Hü L
ZLHUQRüVZRLPNVL* WRPWDNMDN%RJX -*yUHFNLVWU 
2OEU]\PLD ZL NV]Rü NDWROLNyZ SROVNLFK SR]RVWDáD ZyZF]DV RERM WQD QD
SDSLHVNLH ZH]ZDQLH GR SHáQHM ZG]L F]QRFL XOHJáRFL ]DERUFRP UR]XPLHMF
*HSRVáXV]HVWZRWDNLP]OHFHQLRPSDSLHVNLPE\áRE\]GUDG 2MF]\]Q\
 9,:VSyáG]LDáDQLHSDSLHVWZD]IDV]\]PHPQLHPLHFNLPLMHJRVDWHOLWDPLZ
RNUHVLHPL G]\ZRMHQQ\PLZRMHQQ\P

-DN ZLG]LHOLP\ Z SRSU]HGQLFK UR]G]LDáDFK QDMOHSLHM XNáDGDá\ VL ]DZV]H

VWRVXQNLSDSLHVWZD]U]GDPLQDMUHDNF\MQLHMV]\P-HGQRF]HQLHQDSU]HVWU]HQL
FDáHM VZHM KLVWRULL SDSLHVWZR WRF]\áR ]DZV]H XSRUF]\Z ]DFLHNá ZDON ]H
ZV]\VWNLPLSRVW SRZ\PLLGHDPLLUXFKDPLVSRáHF]Q\PL
=DGZyFKRVWDWQLFKSRQW\ILNDWyZ3LXVD;,L3LXVD;,,GRV]áRNRQVHNZHQWQLH
GR ]EOL*HQLD L FLVáHJR ZVSyáG]LDáDQLD SDSLHVWZD ] KLWOHU\]PHP L LQQ\PL
IDV]\]PDPL
'R ]EOL*HQLD GRV]áR W\P áDWZLHM *H IDV]\]P Z VZRLP SURJUDPLH QLH E\á
NRQFHSFM RU\JLQDOQDOHREILFLHF]HUSDáQDWFKQLHQLH]HVSRáHF]QRSROLW\F]Q\FK
WHRULL SDSLHVWZD D ]ZáDV]F]D HQF\NOLN /HRQD ;,,, 5RJHU *DUDXG\ PyZL *H
RMFHP IDV]\VWRZVNLHJR NRUSRUDFMRQL]PX E\á SDSLH* /HRQ ;,,, / (JOLVH OH
FRPPXQLVPHHWOHVFKUpWLHQV3DU\*  VWURQ\ ² 2SUDZG]LH WHJR
]GDQLDZLDGF]\QDZHWSRELH*QH]HVWDZLHQLHMHJRHQF\NOLN]WHRULDPLLSUDNW\N
ZáRVNLHJRL QLHPLHFNLHJRIDV]\]PX
%\á\DPEDVDGRUIUDQFXVNLSU]\:DW\NDQLH)&KDUOHV5RX[SLV]H*HMHV]F]H
NLHG\0XVVROLQLE\á]Z\Ná\PSRVáHP² yZF]HVQ\ZDW\NDVNLVHNUHWDU]VWDQX
NDUG\QDá *DVSDUUL VSRW\NDá VL ] QLP QD WDMQ\FK UR]PRZDFK X NDWROLFNLHJR
VHQDWRUD KUDELHJR 6DQWXFFL +XLW DQV DX 9DWLFDQ VWU   3RGREQH
NRQVSLUDF\MQHVSRWNDQLDLWDMQHUR]PRZ\RGE\ZDOLZ\VRF\GRVWRMQLF\NRFLHOQL
]+LWOHUHPQDZLHOHODWSU]HGMHJRGRMFLHPGRZáDG]\LSRGREQHNRQVSLUDF\MQH
]HEUDQLD L WDMQH UR]PRZ\ SURZDG]LOL L SURZDG] Uy*QL SROVF\ GRVWRMQLF\
NRFLHOQL QD SU]\NáDG NVLG] 3LZRZDUF]\N  ] Uy*Q\PL SROVNLPL KLWOHURZFDPL
ZL NV]HJRLPQLHMV]HJRNDOLEUX QDSU]\NáDG]'RERV]\VNLP 
5H]XOWDWHP W\FK WDMQ\FK VFKDG]HN E\áR ]DZDUFLH VRMXV]X SROLW\F]QHJR E\áD
SDSLHVND RELHWQLFD WRURZDQLD GURJL GR ZáDG]\ 0XVVROLQLHPX L +LWOHURZL Z
]DPLDQ]DSy(QLHMV]HNRQNRUGDW\VXEV\GLDDSU]HGHZV]\VWNLP]DSURZDG]HQLH
SROLW\NL EH]Z]JO GQHM REURQ\ NDSLWDOL]PX Z NWyUHJR ]DFKRZDQLX SDSLHVWZR
MHVW MDN QDMEDUG]LHM ]DLQWHUHVRZDQH 6WRL RQR ERZLHP QLH W\ONR ]DVDGQLF]R QD
JUXQFLH XWUZDOHQLD NDSLWDOL]PX OHF] MHVW G]L WDN*H MHGQ\P ] ZL NV]\FK
NRQFHUQyZNDSLWDOLVW\F]Q\FKZ ZLHFLHLSRVLDGD]DDQJD*RZDQHNDSLWDá\SUDZLH
ZHZV]\VWNLFKG]LHG]LQDFKJRVSRGDUNLSUDZLHZV]\VWNLFKNUDMyZ
&KDUOHV5RX[ NWyU\ VLHG]LDá RVLHP ODW ZH :áRV]HFK MDNR ]DZRGRZ\
G\SORPDWD L GREU]H SR]QDá VSRáHF]HVWZR ZáRVNLH WZLHUG]L ] FDá
VWDQRZF]RFL *H JG\E\ QLH E\áR G\NWDWXU\ JG\E\ ZH :áRV]HFK E\á U]G
GHPRNUDW\F]Q\ L SDUODPHQWDUQ\ ]PXV]RQ\ GR OLF]HQLD VL ] RSLQLDPL
UHSUH]HQWRZDQ\PL Z SDUODPHQFLH QLJG\ E\ QLH GRV]áR GR SRUR]XPLHQLD ]
:DW\NDQHP VWU 
= E\ GRV]áR GR ]EOL*HQLD ZDW\NDVNRZáRVNLHJR SUHPLHUHP PXVLDá ]RVWDü
IDV]\VWD 0XVVROLQL 3RGREQLH *HE\ GRV]áR GR ]EOL*HQLD ZDW\NDVNR
IUDQFXVNLHJR PLQLVWHU VSUDZ ]DJUDQLF]Q\FK )UDQFML PXVLDá ]RVWDü DJHQW
KLWOHURZVNL/DYDOPLDQRZDQ\ZURNXV]DPEHODQHPSDSLHVNLP LVND]DQ\
SRGUXJLHMZRMQLHZLDWRZHM]D]GUDG )UDQFMLQDPLHUü :$XVWULLXNRFKDQ\P
V\QHP SDSLHVNLP E\á NDW URERWQLNyZ ZLHGHVNLFK G\NWDWRU NOHU\NDOQR
IDV]\VWRZVNL 'ROOIXVV D Z +LV]SDQLL ² RVDG]RQ\ WDP SU]H] KLWOHURZFyZ L
IDV]\VWyZ ZáRVNLFK ² G\NWDWRU NOHU\NDOQRIDV]\VWRZVNL )UDQFR :
&]HFKRVáRZDFML :DW\NDQ SRSLHUDá IDV]\VW NVL G]D +OLQN  SUH]HVD ZLHOX
EDQNyZ L VSyáHN DNF\MQ\FK L QLHSU]HMHGQDQHJR ZURJD UXFKX URERWQLF]HJR
.VLG] +OLQND ]PDUá Z URNX  D QDVW SF MHJR ]RVWDá DJHQW KLWOHURZVNL
NVLG]7LVRV]HIVáRZDFNLFKTXLVOLQJyZPLDQRZDQ\SU]H]SDSLH*DELVNXSHP
,VWQLDá UyZQLH* FLVá\ NRQWDNW :DW\NDQX ] IDV]\VWDPL Z JLHUVNLPL
UXPXVNLPL FKRUZDFNLPL L SRUWXJDOVNLPL 3U]HGH ZV]\VWNLP MHGQDN
ZVSyáSUDFRZDáRSDSLHVWZR]KLWOHU\]PHPX]QDMFMHJRSU]RGXMFNLHURZQLF]
URO Z]EURGQLF]HMPL G]\QDURGyZFHIDV]\VWRZVNLHM
 3U]H]SUDáDWD.DDVD:DW\NDQNLHURZDáSROLW\N NDWROLFNLHJRFHQWUXPNWyUH²
MDNVáXV]QLHVWZLHUG]D0DQKDWWDQZSUDF\7KH&DWKROLF&KXUFKDJDLQVWWKH;;
FHQWXU\ /RQG\Q  ² ]DZV]H E\áR MHGQ\P ] JáyZQ\FK ILODUyZ
QLHPLHFNLHJR LPSHULDOL]PX VWU   3U]\ZyGF\ WHM SDUWLL %UPLQJ L YRQ
3DSHQSURZDG]LOLWDMQH SHUWUDNWDFMH]+LWOHUHPLXáDWZLOLPXGRMFLHGRZáDG]\
%UXQLQJ GURELD]JRZR LQIRUPRZDá SUDáDWD .DDVD R SU]HELHJX UR]PyZ ]
+LWOHUHP D IXQNFM SUDáDWD .DDVD E\áR ] NROHL ZLHUQH ]GDZDQLH VSUDZ\
SDSLH*RZL ] WRF]RQ\FK SHUWUDNWDFML 0DQKDWWDQ VWU    VW\F]QLD 
URNX +LWOHU]RVWDáNDQFOHU]HPDSU]\ZyGFDNDWROLNyZQLHPLHFNLFKYRQ3DSHQ
MHJR]DVW SF
:LDGRPR E\áR NLP MHVW +LWOHU 6ZyM ]EURGQLF]\ UDVLVWRZVNL SURJUDP
G]LDáDOQRFLSU]HGVWDZLáRWZDUFLH Z0HLQ.DPSI SLVDQ\P ]SRPRF MH]XLW\
6WDHPSIOHUD 'OD ZV]\VWNLFK GHPRNUDWyZ VWDáR VL U]HF] MDVQ *H QD F]HOH
1LHPLHF VWDQá QLHEH]SLHF]Q\ ]EURGQLDU] NWyU\ ]PLHU]D GR Z\ZRáDQLD ZRMQ\
ZLDWRZHM L PDVRZHJR Z\W SLHQLD Z NRPRUDFK JD]RZ\FK RER]yZ
NRQFHQWUDF\MQ\FKFDá\FKQDURGyZ7HPX]EURGQLDU]RZL:DW\NDQZ\ZLDGF]\á
]DUD] SR MHJR GRMFLX GR ZáDG]\ QDVW SQ GRQLRVá XVáXJ ]DZLHUDMF ] QLP
NRQNRUGDW L ]PXV]DMF NDWROLNyZ QLHPLHFNLFK GR SRVáXV]HVWZD +LWOHURZL
5R]PRZ\]DF] á\VL MX* NZLHWQLDURNX ² SLV]HSUDáDW3XFFL ² D
OLSFD  NRQNRUGDW ]RVWDá SRGSLVDQ\ 3LR ;,, 5RPD  VWU   3U]\
RND]ML YRQ 3DSHQ ]RVWDá V]DPEHODQHP SDSLHVNLP D FHQWUXP NDWROLFNLH
W\PF]DVHPOLSFDURNXXVáX*QLHUR]ZL]DáRVL SRWZLHUG]DMFMHV]F]HUD]
WUDIQ XZDJ 0DUF%RQQHWD *H GOD SDSLH*\ SDUWLH NDWROLFNLH V SU]HGPLRWHP
WDUJyZ]U]GDPL /D3DSDXWHFRQWpPSRUDLQH3DU\* VWU 
3ROHFDMF QLHPLHFNLHPX FHQWUXP OLNZLGDFM  SDSLH* XPR*OLZLá NDWROLNRP
QLHPLHFNLP PDVRZH ZVWSLHQLH GR 16'$3 GR F]HJR QLHPLHFF\ GRVWRMQLF\
NRFLHOQLRWZDUFLH]DFK FDOL
2SLQLD ZLDWRZD ² SLV]H E DPEDVDGRU IUDQFXVNL &KDUOHV5RX[ E\áD
]DVNRF]RQD V]\ENRFL ] MDN +LWOHURZL XGDáR VL MHGQRF]HQLH HOLPLQRZDü
NDWROLF\]P QLHPLHFNL MDNR VLá SROLW\F]Q L ]DZU]Hü G\SORPDW\F]QH
SRUR]XPLHQLH ]H 6WROLF $SRVWROVN VWU   $OH NDUG\QDá 3DFHOOL REHFQ\
SDSLH* 3LXV;,, SRZWDU]DáF] VWR*HQLJG\QLH*DáRZDáSRGSLVDQLDNRQNRUGDWX
] 1LHPFDPL KLWOHURZVNLPL VWU   7 VDP LQIRUPDFM SRGDMH SUDáDW 3XFFL
1LHMHGHQRVNDU*DáZyZF]DV6WROLF $SRVWROVN LNDUG\QDáD3DFHOOHJR *H]E\W
áDWZR ]DZDUOL NRQNRUGDW DOH REHFQ\ SDSLH* ]DZV]H SRZWDU]Dá *H QLJG\ QLH
*DáRZDáSRGSLVDQLDZLPLHQLXSDSLH*DWHJRNRQNRUGDWX / DWWXDOH3RQWHILFH²
FRPHHJOLVWHVVRGLFKLDURSLXGLXQDYROWDKDVHPSUHGHWWRGLQRQHVVHUVLPDL
SHQWLWR GL DYHU ILUPDWR LQ QRPH GHO 3DSD TXHO &RQFRUGDWR  SRQLHZD* ² L WX
QDVW SXMH V]F]HJyOQLH LQWHUHVXMFH X]DVDGQLHQLH ² NRQNRUGDW GDá 6WROLF\
$SRVWROVNLH@SRGVWDZ SUDZQ GR*GD LSURWHVWyZED] NWyUHME\DEVROXWQLH
QLHE\áRJG\E\NRQNRUGDWQLHLVWQLDá VWU 
$PEDVDGRUD IUDQFXVNLHJR REXU]\áR WR X]DVDGQLHQLH -DN WR" *G\E\ QLH E\áR
NRQNRUGDWX SDSLH* QLH PLDáE\ SRGVWDZ\ GR SURWHVWRZDQLD ] SRZRGX ]EURGQL
+LWOHUD"$ZLPL PRUDOQRFLLVSUDZLHGOLZRFL"=EURGQLH+LWOHUDE\á\]QDF]QLH
ZL NV]H L SRZD*QLHMV]H QL* QLHSU]HVWU]HJDQLH NRQNRUGDWX &KDUOHV5RX[ VWU
  7DN ]DSHZQH P\ODá QLH W\ONR &KDUOHV5RX[ DOH ROEU]\PLD ZL NV]Rü
NDWROLNyZFDáHJRZLDWD :DW\NDQE\áMHGQDNLQQHJR]GDQLD =EURGQLH+LWOHUD
WRF]RQH SU]H] QLHJR ZRMQ\ QDSDVWQLF]H RNUXFLHVWZD RNXSDFML PDVRZH
HJ]HNXFMHGXV]HQLHOXGQRFLF\ZLOQHMZNRPRUDFKJD]RZ\FKWRZV]\VWNRE\á\
GURELD]JL R NWyU\FK SDSLH* PLOF]Dá :D*QH E\áR W\ONR QLHSU]HVWU]HJDQLH
SXQNWyZ NRQNRUGDWX ]DSHZQLDMFHJR DJHQWXURP ZDW\NDVNLP SU]\ZLOHMH Z
1LHPF]HFKLQDWHUHQDFKRNXSRZDQ\FK
:DW\NDQQLHMHVWWU\EXQDáHP² PyZLáMHV]F]H%HQHG\NW;9L]JRGQLH]W
GHZL] :DW\NDQ QLH SRW SLD ZRMHQ QDSDVWQLF]\FK ]DERUF]\FK
SU]HGVL Z]L W\FK]FK FLJUDELH*\
.ODV\F]Q\P SU]\NáDGHP QHXWUDOQRFL :DW\NDQX ZREHF QDSDVWQLND L
QDSDGQL WHJR E\áD SRVWDZD ]DM WD SU]H]H SRGF]DV QDSDFL IDV]\VWRZVNLFK
:áRFK QD $ELV\QL  %\á\ DPEDVDGRU IUDQFXVNL ]DFKZ\FD VL ZLHONRFL
PRUDOQ SDSLH*D SROHJDMF QD XPLHM WQRFL áF]HQLD LGHDOL]PX ]
UHDOLVW\F]Q\P RSRUWXQL]PHP GOD &KDUOHV5RX[ MHVW WR QDMZLGRF]QLHM SRM FLH
GRGDWQLH VWU   PL G]\ LQQ\PL UyZQLH* Z VSUDZLH DELV\VNLHM 3DSLH* E\á
SRLQIRUPRZDQ\ R SURMHNFLH QDSDFL L E\á QLP ]DQLHSRNRMRQ\ 'ODF]HJR
]DQLHSRNRMRQ\" &]\ ]H Z]JO GX QD QLHVSUDZLHGOLZRü QLHPRUDOQRü ZRMQ\
NRORQLDOQHM WRF]RQHM SU]HFLZ FKU]HFLMDVNLHPX OXGRZL $ELV\QLL" 1LF
SRGREQHJR 3LXV ;, VDP RVRELFLH Z\áXV]F]\á DPEDVDGRURZL IUDQFXVNLHPX
SU]\F]\Q\ VZHJR QLHSRNRMX SR SLHUZV]H NRQIOLNW WHQ RSRUWXQLVW\F]QD QD]ZD
GOD QDSDFL $ 1  PR*H VL RGELü QLHNRU]\VWQLH QD LQWHUHVDFK NDWROLF\]PX Z
$ELV\QLL L Z FDáHM $IU\FH ² &KRG]L R WR *H $ELV\F]\F\ GRV]OL GR
SU]HNRQDQLD ]DSHZQHVáXV]QHJR$1 *HFRPLVMRQDU]WRV]SLHJLWHQSRJOG
QDPLVMRQDU]\PR*HVL VWDüXG]LDáHPLQQ\FKOXGyZSRGUXJLH3LXV;,O NDVL 
*HHZHQWXDOQDNO VND:áRFKPR*HEDUG]R]DV]NRG]LüLQWHUHVRPLQQ\FKSDVWZ
NRORQLDOQ\FKSREXG]DMFF]DUQ\FKGRZDONLQDURGRZRZ\]ZROHF]HM VWU 
 VLHUSQLD URNX 3LXV ;, X]QDáSXEOLF]QLH Z VVHUYDWRUH5RPDQR  *H
:áRFKRP SRWU]HEQ\ MHVW /HEHQVUDXP &KDUOHV5RX[ VWU   %\áD WR
]GDQLHP DPEDVDGRUD IUDQFXVNLHJR UR]XPQD L NXUWXD]\MQD NRQFHVMD QD U]HF]
ZáRVNLHJRHNVSDQVMRQL]PX VWU 0yZLFM ]\NLHPPQLHMG\SORPDW\F]Q\P
E\áRWRDSURERZDQLH]EURGQLF]HMZRMQ\NRORQLDOQHMSU]H]:DW\NDQ NWyU\QLH
MHVW 7U\EXQDáHP ZWHG\ JG\ WR JUR]L XUD*HQLHP DJUHVRUD QDWRPLDVW EDUG]R
FK WQLH VWDMH VL 7U\EXQDáHP JG\ WU]HED SRW SLü SRELW\FK 1D SRELW\FK
3RODNyZ SLHUZV]\ NOWZ U]XF  ² PyZL SDSLH* X 6áRZDFNLHJR ZLDGND
HQF\NOLNSDSLHVNLFKSRW SLDMF\FKSRZVWDQLHOLVWRSDGRZH 
-DNR SU\PDV :áRFK SDSLH* SR]ZROLá GXFKRZLHVWZX ZáRVNLHPX F]\QQLH
DQJD*RZDü VL SR VWURQLH QDSDVWQLNyZ $YUR 0DQKDWWDQ F\WXMH ZLHOH
GUDVW\F]Q\FK SU]\NáDGyZ WHJR Z\VáXJLZDQLD VL IDV]\]PRZL ZáRVNLHPX ]H
VWURQ\QDMZ\*V]\FKGRVWRMQLNyZNRFLHOQ\FKELVNXS6DQ0LQDWRRZLDGF]\á*H
NOHU MHVW JRWyZ GR WRSLHQLD ]áRW\FK G]ZRQyZ QD ERPE\ SU]HFLZ FKDWRP
FKU]HFLMDQ DELV\VNLFK  DE\ SU]\F]\QLü VL GR ]Z\FL VWZD IDV]\VWRZVNLFK
:áRFKELVNXS6MHQ\EáRJRVáDZLáZLHONLHJR'XFHLQDV]\FK*RáQLHU]\LGF\FK
NX]Z\FL VWZXSUDZG\LVSUDZLHGOLZRFLELVNXS1RFHU\QDSLVDáOLVWSDVWHUVNL
Z NWyU\P RZLDGF]\á *H MDNR RE\ZDWHO ZáRVNL XZD*D W ZRMQ ]D
VSUDZLHGOLZ L ZL W DUF\ELVNXS 0HGLHODQX NDUG\QDá 6FKXVWHU PyZLá *H
ZRMVNRIDV]\VWRZVNLHZDOF]\RWULXPINU]\*D&KU\VWXVDZ FKU]HFLMDVNLHM$
1  $ELV\QLL RWZLHUDMF ZURWD QDV]HM SURSDJDQG]LH PLV\MQHM FKRG]LáR R
RWZDUFLH ZUyW GOD ORNDW\ ZDW\NDVNLHJR NDSLWDáX $ 1  DUF\ELVNXS 7DUDQWR
RGSUDZLáPV] QDáRG]LSRGZRGQHMLQD]ZDáQDSDüQD$ELV\QL ZL W ZRMQ L
NUXFMDW +LVWRU\N ZáRVNL SURI *DHWDQR 6DOYHPLQL ]HEUDá WH ZV]\VWNLH
Z\SRZLHG]LLREOLF]\á*HDNW\ZQHMSRPRF\GODIDV]\VWRZVNLHMDJUHVMLXG]LHOLáR
SU]\QDMPQLHMNDUG\QDáyZDUF\ELVNXSyZLELVNXSyZ $YUR0DQKDWWDQ
VWU 
%\á WR MHGHQ ] ZLHOX SU]\NáDGyZ ZLDGF]F\FK R W\P *H G]LDáDOQRü
:DW\NDQXLG]LHU NDZU N ]NRORQLDOQ HNVSDQVM LPSHULDOL]PX
: URNX  :DW\NDQ QLH SRW SLá KLWOHURZVNLHM DQHNVML $XVWULL VG]F *H
G]L NL $QVFKOXVVRZL  PLOLRQyZ NDWROLNyZ DXVWULDFNLFK Z]PRFQL SR]\FM
NDWROLF\]PXZ1LHPF]HFK &KDUOHV5RX[VWU :U]HF]\ZLVWRFLNDWROLF\
DXVWULDFF\Z]PRFQLOL QLHNDWROLF\]P QLHPLHFNL OHF]KLWOHU\]PPDUFD 
URNX NDUG\QDá DXVWULDFNL ,QQLW]HU ]áR*\á GHNODUDFM  Z NWyUHM VWZLHUG]Dá *H
NVL *DLZLHUQLSRZLQQLEH]*DGQHMUH]HUZ\SRSLHUDüSDVWZRZLHONRQLHPLHFNLH
L )KUHUD NWyUHJR ZDOND SU]HFLZ EROV]HZL]PRZL F]\WDM SU]HFLZNR UXFKRZL
URERWQLF]HPX GOD UDWRZDQLD NDSLWDOL]PX $ 1  L R ZáDG]  KRQRU L GREURE\W
1LHPLHFRGSRZLDGDZLGRNRP2 SDWU]Q R  FLODGHP,QQLW]HUDSRV]HGáSR
NLONXGQLDFK FDá\ HSLVNRSDW DXVWULDFNL &KDUOHV5RX[ VWU   =DFKRZDáR VL
ZLHOHUHSURGXNFMLOLVWyZNDUG\QDáD,QQLW]HUD]SRGSLVHP+HLO+LWOHU
:\EXFKD GUXJD ZRMQD ZLDWRZD 3DSLH* L MHJR DJHQWXU\ UR]ZLMDM R*\ZLRQ
G]LDáDOQRü G\SORPDW\F]Q ']LDáDOQRü WD E\áD WHJRURG]DMX *H ² MDN SRGDáD
SUDVD EU\W\MVND ² VWXGHQFL XQLZHUV\WHWX Z &DUGLII :DOLD *ODPRUJDQVKLUH 
UR]SDWU\ZDOL Z URNX  ]DJDGQLHQLH F]\ SDSLH*D 3LXVD ;,, QLH QDOH*DáRE\
SRVDG]LüQDáDZLHRVNDU*RQ\FK0L G]\QDURGRZHJR7U\EXQDáXZ1RU\PEHUG]H
]D FDáRNV]WDáW G]LDáDOQRFL G\SORPDW\F]QHM :DW\NDQX Z ODWDFK GUXJLHM ZRMQ\
ZLDWRZHM ZáF]QLH ] LQVSLURZDQ SU]H] +LWOHUD DNFM SDSLHVN QD U]HF]
3RNRMX /LWHUDU\*XLGH]PDUFDURNX 
,QWHQV\ZQDDNFMDG\SORPDW\F]QD:DW\NDQXLMHJRDJHQWXUQDU]HF]3RNRMX
NRQFHQWURZDáD VL QD SRUHGQLFWZLH PL G]\ KLWOHURZVNLPL ]EURGQLDU]DPL
ZRMHQQ\PL D W\PLDQJORVDVNLPL SROLW\NDPL NWyU]\ Z\FKRG]LOL ] ]DáR*HQLD *H
SU]HFLH* ND*G\ FLRV ]DGDZDQ\ SU]H] $UPL &]HUZRQ KLWOHU\]PRZL L MHJR
VDWHOLWRP MHVW MHGQRF]HQLH FLRVHP ]DGDZDQ\P SDQRZDQLX NDSLWDOL]PX QD
ZLHFLH *H ND*GD NO VND IDV]\VWyZ MHVW ]Z\FL VWZHP VRFMDOL]PX L *H ZREHF
WHJRZLQWHUHVLHZLHONLHJRNDSLWDáXZLQWHUHVLHROLJDUFKLL:DOO 6WUHHWL&LW\OH*\
SU]HNV]WDáFHQLH ZRMQ\ PL G]\ U\ZDOL]XMF\PL LPSHULDOL]PDPL Z ZRMQ
ZV]\VWNLFK SDVWZ NDSLWDOLVW\F]Q\FK ]H 6WDQDPL =MHGQRF]RQ\PL :LHON
%U\WDQL L 1LHPFDPL KLWOHURZVNLPL QD F]HOH SU]HFLZ MHG\QHPX SDVWZX
VRFMDOLVW\F]QHPXQDZLHFLH SU]HFLZSDVWZXNWyUHPXG]LHMHZ\]QDF]\á\URO
JUDEDU]DZV]\VWNLFKLPSHULDOLVWyZ
-HGQ\P ] NXOPLQDF\MQ\FK PRPHQWyZ WHJR SDSLHVNLHJR SRUHGQLFWZD E\áR
]RUJDQL]RZDQLH SU]H]3LXVD ;,, ZVSyOQHM NRQIHUHQFMLDPHU\NDVNLHJRELVNXSD
REHFQHJR NDUG\QDáD L NDQG\GDWD QD SDSLH*D  6SHOOPDQD ] KLWOHURZVNLP
PLQLVWUHP VSUDZ ]DJUDQLF]Q\FK 5LEEHQWURSHP NWyUD RGE\áD VL Z PLDVWHF]NX
ZDW\NDVNLPGQLDPDUFDURNX
$YUR 0DQKDWWDQ NRPHQWXMF W NRQIHUHQFM Z VZHM NVL*FH 7KH &DWKROLF
&KXUFKDJDLQVWWKH7ZHQWLHWK&HQWXU\ /RQG\Q SLV]H*H6SHOOPDQXGDá
VL Z GURJ SRZURWQ GR :DV]\QJWRQX RGODWXMF  PDUFD  GR
IDV]\VWRZVNLHM +LV]SDQLL L *H ]D SRUHGQLFWZHP ELVNXSD 6SHOOPDQD
:DV]\QJWRQRZL L /RQG\QRZL QDUHV]FLH XG]LHOLá VL VWUDFK SDSLHVNL SU]HG
VXNFHVDPL =ZL]NX 5DG]LHFNLHJR  :LHONLH PRFDUVWZD ]DF] á\ SDWU]Hü ]
SU]HUD*HQLHP ZLWK GLVPD\  QD V]\ENRü ]Z\FL VNLHM RIHQV\Z\ VRMXV]QLF]\FK
ZRMVN UDG]LHFNLFK 7U]HED E\áR ]QDOH(ü MDNL VSRVyE SRZVWU]\PDQLD
UDG]LHFNLHM RIHQV\Z\ :DW\NDQ SR]RVWDMF Z FLVá\PNRQWDNFLH ] +LWOHUHP LQ
FORVHWRXFKZLWK+LWOHU PyJáRGGDüQLHRFHQLRQ SRPRF 0DQKDWWDQVWU  
1LHZWSOLZLH 0DQKDWWDQ Z\ROEU]\PLD WX URO SDSLH*D &KXUFKLOO L PDJQDFL
:DOO 6WUHHWEH] UDGSDSLH*D UyZQLH* G*\OLE\ GR XUDWRZDQLD 1LHPLHF $OH QLH
XOHJDZWSOLZRFL*HDNFMD6SHOOPDQDE\áDMHGQ ]QDMEDUG]LHMGRQLRVá\FKXVáXJ
Z\ZLDGF]RQ\FK SU]H] 3LXVD ;,, +LWOHURZL 8WUXGQLHQLH UDG]LHFNLHM RIHQV\Z\
OH*DáRSU]HGHZV]\VWNLPZLQWHUHVLHSRQRV]FHJRNO VNL+LWOHUD3DSLH* 3LXV;,,
XVLáRZDáRGG]LDá\ZDüQD /RQG\QL:DV]\QJWRQ]LQVSLUDFML+LWOHUDL*RHEEHOVD
)DNW *H Z NRáDFK NLHURZQLF]\FK /RQG\QX L :DV]\QJWRQX JáRV GHF\GXMF\
]DF]áSU]\SDGDüJUXSRPP\OF\PQLHRSU]\SLHV]HQLX]DNRF]HQLDZRMQ\DOH
R MHM SU]HGáX*HQLX SU]H] ]DKDPRZDQLH UDG]LHFNLHM RIHQV\Z\ R]QDF]Dá *H
DQW\UDG]LHFNDSURSDJDQGD+LWOHUDL*RHEEHOVDWUDILáD]DSRUHGQLFWZHPSDSLH*D
3LXVD ;,,GR/RQG\QXL:DV]\QJWRQX 'áXJLH RWRF]RQHQDMJá EV] WDMHPQLF
NRQIHUHQFMH ELVNXSD 6SHOOPDQD ] SDSLH*HP L KLWOHURZVNLP DPEDVDGRUHP SU]\
:DW\NDQLH ] NRFD OXWHJR  U XZLHF]RQH NRQIHUHQFM ] 5LEEHQWURSHP
VSRZRGRZDá\ *H L ELVNXS 6SHOOPDQ VWDá VL QDU] G]LHP *RHEEHOVD QD WHUHQLH
6WDQyZ=MHGQRF]RQ\FK
3RZWyU]\áD VL ZL F KLVWRULD ] F]DVyZ SLHUZV]HM ZRMQ\ ZLDWRZHM  +LVWRULD
UyZQLH QLHIRUWXQQHM DNFML SDSLH*D %HQHG\NWD ;9  QD U]HF] SRNRMX
3URSR]\FMH SRNRMRZH %HQHG\NWD ;9 ] URNX  SU]HNUHODá\ SRZVWDQLH
QLHSRGOHJáRFL 3ROVNL L SU]HZLG\ZDá\ ]ZURW NRORQLL DIU\NDVNLFK 1LHPFRP
NDM]HURZVNLP ÏZF]HVQ\ VHNUHWDU] VWDQX 86$ /DQVLQJ DQDOL]XMF SURSR]\FMH
SDSLHVNLH VWZLHUG]Lá  VLHUSQLD  *H SDSLH* VWDá VL DJHQWHP 1LHPLHF
6]HMQPDQ:DWLNDQPLH*GXGZXPLD PLURZ\PLZRMQDPLVWU +HQUL
0DUF%RQQHW UyZQLH* VWZLHUG]D *H Z SURSR]\FMDFK SDSLHVNLFK ]E\W Z\UD(QLH
E\áR ZLGDü LQVSLUDFM QLHPLHFN FR EDUG]R ]DV]NRG]LáR W\P SURSR]\FMRP
,QLFMDW\ZD SRNRMRZD SDSLH*D %HQHG\NWD ;9 VNRPSURPLWRZDáD JR W\ONR ²
SLV]H 0DUF%RQQHW ² SRQLHZD* QLH SRWUDILá VL XQLH]DOH*QLü RG QLHPLHFNLHJR
LPSHULDOL]PX /D3DSDXWHFRQWHPSRUDLQH3DU\* VWU 
 0DUF%RQQHW GDMH LQWHUHVXMFH Z\WáXPDF]HQLH GODF]HJR SDSLH*RP áDWZLHM
E\áR]QDOH(üZVSyOQ\M ]\N]FDUDPLFHVDU]DPLQLHPLHFNLPL]%LVPDUFNLHP]
0XVVROLQLP ] +LWOHUHP QL* ] 3RODNDPL F]\ )UDQFX]DPL &L SLHUZVL D
V]F]HJyOQLHSRGF]DVSLHUZV]HMZRMQ\ ZLDWRZHMSDVWZDFHQWUDOQHWUDNWRZDá\
SDSLHVWZR MDN ]Z\Ná LQVW\WXFM OXG]N NWyUD PD VZRMH ZáDVQH LQWHUHV\
QDWRPLDVW)UDQFX]LD]ZáDV]F]D3RODF\FKFLHOLZLG]LHüZSDSLHVWZLHDXWRU\WHW
PRUDOQ\ SRW J GXFKRZ MDNL QDMZ\*V]\ WU\EXQDá SRQDG SDVWZDPL L
QDURGDPL WU\EXQDá SRZDODQ\ GR Z\VW SRZDQLD Z LPLHQLX 3UDZD L
6SUDZLHGOLZRFL6WGQDLZQRüLQLHGRU]HF]QHSUHWHQVMHDE\SDSLH* ]DELHUDMF
JáRV Z VSUDZDFK SROLW\F]Q\FK VWRVRZDá NU\WHULD PRUDOQH L UR]Uy*QLDá
QDSDVWQLNyZRGLFKRILDUVWGUy*QHREXU]DMFHSDSLH*\*GDQLDDE\SDSLHVWZR
SRW SLDáR DJUHVM  :DW\NDQ QLH MHVW WU\EXQDáHP ² SRZLHG]LDá %HQHG\NW ;9
F]HUZFDUG]LHQQLNDU]RZLIUDQFXVNLHPX/DWDSLH 0DUF%RQQHWVWU
GR   L WU]HED EH]VWURQQLH SU]\]QDü *H ]JRGQLH ] W\P DQL %HQHG\NW ;9 DQL
3LXV;,DQL3LXV;,,DQLUD]XQLHSRW SLOL *DGQHMDJUHVMLQLHPLHFNLHMXZD*DMF
IUDQFXVNLH L SROVNLH *GDQLD SRW SLHQLD QDSDVWQLNyZ DOER FKRFLD*E\
UR]Uy*QLHQLD QDSDVWQLNyZ RG QDSDGQL W\FK ]D QLHGRU]HF]Q SUHWHQVM  3RG
PDVN SDSLHVNLHM EH]VWURQQRFL QHXWUDOQRFL ZREHF QDSDVWQLNyZ D
QDSDGQL W\FK XNU\ZDáD VL G]LDáDOQRü QD NRU]\ü QDSDVWQLND XNU\ZDá VL
SDSLHVNL LQWHUHV ZSRSLHUDQLXQDSDVWQLND
$PEDVDGRU IUDQFXVNL SU]\ :DW\NDQLH ) &KDUOHV5RX[ SRGDMH *H SDSLH* QD
MHJR SURE\ DE\ SRW SLá QDSDVWQLND VWDOH RGSRZLDGDá 7R QLHSRWU]HEQH
]E GQH QLHZáDFLZH +XLW DQV DX 9DWLFDQ 3DU\*  U VWU   .LHG\
&KDUOHV5RX[GODX]DVDGQLHQLDVZRLFKZ\ZRGyZSRND]\ZDáSDSLH*RZLZ\FLQNL
]JD]HWSDSLH* GRUDG]DáPX*HE\SU]HVWDáF]\WDüJD]HW\ VWU 
: OLSFX  URNX ZDW\NDVNL VHNUHWDU] VWDQX NDUG\QDá 0DJOLRQH XG]LHOLá
DPEDVDGRURZLIUDQFXVNLHPXSRXIQHMLQIRUPDFMLL* ZLH]SHZQ\FK(UyGHá RG
VDPHJR*RHEEHOVD$1 *H+LWOHUZFDOHQLHPD]DPLDUXQDSDGDü]EURMQLHQD
3ROVN &KDUOHV5RX[ VWU   7HQ VDP DPEDVDGRU IUDQFXVNL RSLVXMH MDN
NDUG\QDáD0DJOLRQH² NWyU\QDVWDQRZLVNXZDW\NDVNLHJRVHNUHWDU]DVWDQXE\á
WXE SURSDJDQG\ *RHEEHOVD ² QDFMRQDOLFL IUDQFXVF\ RSOXOL L Z\JZL]GDOL
SRGF]DV MHJR ZL]\W\ Z URNX  ZH )UDQFML ]D XSUDZLDQLH V]SLHJRZVNLHM
G]LDáDOQRFLQDU]HF]NDM]HURZVNLFK1LHPLHF &KDUOHV5RX[VWU 
7DNVDPRLZ3ROVFHSU]HGZU]HQLRZHMQXQFMDWXUDSDSLHVNDIXQNFMRQRZDáDZ
LQWHUHVLH 1LHPLHF KLWOHURZVNLFK 6]HMQPDQ SRGDMH *H  F]HUZFD  URNX
QXQFMXV] & R U W H V L ZU F]\á SUH]\GHQWRZL  0RFLFNLHPX  SLVPR   SDSLH*D
3LXVD ;,, SROHFDMFH 3ROVFH WRF]HQLH SHUWUDNWDFML ] +LWOHUHP 3DSLH* GRUDG]Dá
SUDVLH SROVNLHM DE\ QLH NU\W\NRZDáD KLWOHURZVNLFK 1LHPLHF 1XQFMXV] &RUWHVL
SURSRQRZDá VZH XVáXJL MDNR SRUHGQLND QDPDZLDMF 3RODNyZ DE\ XVWSLOL
+LWOHURZLZVSUDZLH*GDVND VWU 0DQKDWWDQWZLHUG]L*HSDSLH* 3LXV;,,
E\áSRLQIRUPRZDQ\RSURMHNFLHKLWOHURZVNLHMQDSDFLQD3ROVN LQLHSURWHVWRZDá
UR]XPLHMF*H+LWOHURZLSRWU]HEQDMHVWED]DZ\SDGRZDGRQDSDFL QD=ZL]HN
5DG]LHFNL VWU 
'\SORPDFMDSDSLHVNDG*\áDUyZQLH* GRXáDWZLDQLDZLHONLHMPLVMLKLVWRU\F]QHM
KLWOHU\]PX ]GáDZLHQLD MHG\QHJR SDVWZD VRFMDOLVW\F]QHJR QD ZLHFLH  SU]H]
SU]HNV]WDáFHQLHHSLVNRSDWyZZNUDMDFKRNXSRZDQ\FKSU]H]+LWOHUDZQDU] G]LH
XVSDNDMDQLDPRUDOQHJRUR]EUDMDQLDOXGQRFLJRG]HQLDMHM]RNXSDFMZ]\ZDQLD
GR SRVáXV]HVWZD L NRODERUDFML D ZUHV]FLH GR IRUPRZDQLD X ERNX +LWOHUD
OHJLRQyZRFKRWQLF]\FKGRZDONLSU]HFLZEROV]HZL]PRZL
'\SORPDFMDZDW\NDVNDRGGDáDQLHRFHQLRQHXVáXJLKLWOHURZVNLHMDJUHVMLSU]H]
QDNáRQLHQLH NOHUX QLHPLHFNLHJR L DXVWULDFNLHJR GR FDáNRZLWHJR
SRGSRU]GNRZDQLD VL +LWOHURZL SU]H] QDNáRQLHQLH NOHUX IUDQFXVNLHJR DE\
]DFK FDá NDWROLNyZ IUDQFXVNLFK GR NRODERUDFML ] RNXSDQWDPL 'OD Z\*V]HJR
GXFKRZLHVWZDSROVNLHJRQLHXOHJDáRWDN*H*DGQHMZWSOLZRFL*HSDSLH* *\F]\
VRELH DE\ Z RNXSRZDQHM SU]H] +LWOHUD 3ROVFH SDQRZDá VSRNyM XPR*OLZLDMF\
+LWOHURZLU]XFHQLHMDNQDMZL NV]\FKVLáQDIURQWZVFKRGQL
.RU]\VWQH GOD +LWOHUD Z\VWSLHQLD NDUG\QDáyZ )DXOKDEHUD %HUWUDPD
,QQLW]HUD *HUOLHUD 6XKDUGD L DQDORJLF]QH Z\VWSLHQLD ELVNXSyZ SROVNLFK
.DF]PDUND $GDPVNLHJR /RUND E\á\ Z\VWSLHQLDPLSR P\OL :DW\NDQX E\á\
LQVSLURZDQLHP OXGQRFL XMDU]PLRQHM SU]H] KLWOHU\]P Z GXFKX XOHJáRFL GOD
KLWOHU\]PX
-DN ZLG]LP\ ² SROLW\ND :DW\NDQX MHVW NRQVHNZHQWQD 3DSLHVWZR JáRV]FH
]DVDGQLF]R REURQ NDSLWDOL]PX E GFH VDPR MHGQ ] QDMSRW *QLHMV]\FK
LQVW\WXFML NDSLWDOLVW\F]Q\FK ZLDWD SRVLDGDMFH SDNLHW\ DNF\M Z EDQNDFK L
NRQFHUQDFK ZV]\VWNLFK NUDMyZ L ZV]\VWNLFK JDá ]L SU]HP\VáX E\áR L MHVW
]DLQWHUHVRZDQH Z XWU]\PDQLX XVWURMX NDSLWDOLVW\F]QHJR =JRGQLH ] W\P VZRLP
]DLQWHUHVRZDQLHP :DW\NDQ E\á L MHVW ]D SRNRMHP PL G]\ ZV]\VWNLPL
SDVWZDPL NDSLWDOLVW\F]Q\PL ]D ZVSyOQ\P IURQWHP ZV]\VWNLFK LPSHULDOLVWyZ
SU]HFLZ VLáRP ]DJUD*DMF\P ZLDWRZHPX NDSLWDOL]PRZL D ZL F SU]HFLZ
=ZL]NRZL 5DG]LHFNLHPX SU]HFLZ NUDMRP GHPRNUDFML OXGRZHM SU]HFLZ
UXFKRPQDURGRZRZ\]ZROHF]\PZNUDMDFKNRORQLDOQ\FKL]DOH*Q\FKLSU]HFLZ
NODVLHURERWQLF]HMLRER]RZLGHPRNUDW\F]QHPXZNUDMDFKNDSLWDOLVW\F]Q\FK1D
W\P VWDQRZLVNX :DW\NDQ VWDá Z RNUHVLH PL G]\ZRMHQQ\PQD W\P VWDQRZLVNX
VWDá Z RNUHVLH GUXJLHM ZRMQ\ ZLDWRZHM L QD W\P VWDQRZLVNX :DW\NDQ VWRL
NRQVHNZHQWQLHZGDOV]\PFLJX=DUyZQRSRGF]DVGUXJLHMZRMQ\ZLDWRZHMMDN
L REHFQLH SDSLH* 3LXV ;,, XZD*Dá L XZD*D WU]\ LPSHULDOL]P\ LPSHULDOL]P
DPHU\NDVNL EU\W\MVNL L QLHPLHFNL  ]D WU]RQ ZVSyOQHJR IURQWX SU]HFLZ
ZLDWRZHPXRERMRZLDQW\NDSLWDOLVW\F]QHPX
 =DNRF]HQLH

(QWX]MD]P]MDNLP 3RODF\ ² SDUW\MQLLEH]SDUW\MQL PDUNVLFLLQLHPDUNVLFL

ZLHU]F\ L QLHZLHU]F\ ² RGEXGRZXM 3ROVN ]H ]QLV]F]H ZRMHQQ\FK RUD]
WHPSR QDV]HJR UR]ZRMX JRVSRGDUF]HJR L NXOWXUDOQHJR EXG] SRG]LZ FDáHJR
ZLDWD 0DP\ SUDZR GRGXP\ ] QDV]\FK RVLJQL ü 6WDOLP\ VL SRG ZLHORPD
Z]JO GDPL SU]\NáDGHP GOD =DFKRGX 6XNFHV\ SROVNLHM GHPRNUDFML OXGRZHM
GRGDM ERG(FD ZDOFH PDV SUDFXMF\FK =DFKRGX ]DFKRGQLP SDUWLRP
URERWQLF]\PGDM GRUNSRW *Q\RU * ZLFKSURSDJDQG]LHDQW\NDSLWDOLVW\F]QHM
-HGQ ] WDMHPQLF QDV]\FK VXNFHVyZ MHVW MHGQRü PRUDOQD ROEU]\PLHM
ZL NV]RFLQDV]HJR QDURGXURERWQLNyZFKáRSyZLSUDFRZQLNyZXP\VáRZ\FK
SDUW\MQ\FK LEH]SDUW\MQ\FKZLHU]F\FKLQLHZLHU]F\FK-HGQRüZ\UDVWDMFD]
SU]HNRQDQLD R VáXV]QRFL SROLW\NL ]DJUDQLF]QHM JRVSRGDUF]HM L VSRáHF]QHM
QDV]HJR U]GX -HGQRü SUDJQLHQLD DE\ 3ROVND E\áD ZROQD QLHSRGOHJáD L
VXZHUHQQD DE\ MHM UR]ZyM JRVSRGDUF]\ L NXOWXUDOQ\ E\á Z GDOV]\P FLJX
DWUDNF\MQ\P SU]\NáDGHP GOD LQQ\FK NUDMyZ -HGQRü SUDJQLHQLD SU]\MD(QL L
ZVSyáSUDF\ ]H =ZL]NLHP 5DG]LHFNLP L NUDMDPL GHPRNUDFML OXGRZHM -HGQRü
SUDJQLHQLD3RNRMX
2GEXGRZ QDV]HJR NUDMX EXGRZQLFWZR 3ROVNL VSUDZLHGOLZHM ]DPR*QHM L
NXOWXUDOQHM ]DNáyFLü FKF LPSHULDOLFL DPHU\NDVF\ G*F\ GR Z\ZRáDQLD
WU]HFLHMZRMQ\ZLDWRZHMZLPL SDQRZDQLDGRODUDQDGZLDWHP6WDUDGRNWU\QD
0RQURHJR $PHU\ND GOD $PHU\NDQyZ  XVWSLáD PLHMVFD QRZHM GRNWU\QLH
7UXPDQD Z\UD*DMFHM VL Z NUyWNLHM IRUPXOH FDá\ ZLDW GOD NDSLWDOLVWyZ
DPHU\NDVNLFK   1DU] G]LDPL JRVSRGDUF]HJR L SROLW\F]QHJR XMDU]PLDQLD
QDURGyZ SU]H] LPSHULDOL]P DPHU\NDVNL V SODQ 0DUVKDOOD L SDNW SyáQRFQR
DWODQW\FNL(NVSDQVMDNDSLWDáXDPHU\NDVNLHJRZ\UD]LVL ZZ\SLHUDQLXNDSLWDáX
L ZSá\ZyZ SROLW\F]Q\FK LPSHULyZ HXURSHMVNLFK ] LFK SRVLDGáRFL Z LQQ\FK
F] FLDFK ZLDWD Z $IU\FH Z $PHU\FH àDFLVNLHM L Z 3RáXGQLRZHM $]ML Z
SRGSRU]GNRZ\ZDQLX  VRELH  NUDMyZ  ]DFKRGQLR  HXURSHMVNLFK Z ZRMQLH
WRF]RQHM SU]HFLZ QDURGRZL FKLVNLHPX L JUHFNLHPX SU]HGH ZV]\VWNLP ]D Z
G*HQLXGRQDSDFLQD=ZL]HN5DG]LHFNLLNUDMHGHPRNUDFMLOXGRZHM
3ROVND ]QDMGXMH VL QD SLHUZV]HM OLQLL ]DJUR*HQLD SU]H] LPSHULDOL]P
DPHU\NDVNL 2EHFQRü $UPLL&]HUZRQHMZ ODWDFK ²XQLHPR*OLZLáD
DPHU\NDVNLHPX LPSHULDOL]PRZL QDW\FKPLDVWRZ LQWHUZHQFM Z REURQLH
REDORQHJRNDSLWDOL]PX
7U]HFLD ZRMQD ZLDWRZD GRNWyUHM G* LPSHULDOLFL DPHU\NDVF\PD Z LFK
SODQDFK SU]HNV]WDáFLü ZVFKRGQLRHXURSHMVNLH NUDMH GHPRNUDFML OXGRZHM Z
NRORQLH HNVSORDWRZDQH SU]H] NDSLWDá ]DJUDQLF]Q\ : W\P FHOX WU]HED Z QLFK
SU]\ZUyFLü NDSLWDOL]P UHVWDXURZDü UH*LP\ SU]HGZU]HQLRZH ZVNU]HVLü
SDQRZDQLHREV]DUQLNyZLZLHONLHMEXU*XD]ML
7H ]EURGQLF]H SODQ\ DPHU\NDVNLHJR LPSHULDOL]PX FKF SR]EDZLü 3ROVN
QLHSRGOHJáRFL FKF DE\ Z QDV]\P NUDMX SRZWyU]\á\ VL WH ZV]\VWNLH
RNURSQRFL NWyUHVL G]LDá\ SRGRNXSDFM KLWOHURZVN ZODODFK² D
ZL FPLHUüPLOLRQyZRE\ZDWHOLSROVNLFKZNRPRUDFKJD]RZ\FKZL ]LHQLDFKL
SXEOLF]Q\FK HJ]HNXFMDFK áDSDQNL QD SU]\PXVRZH URERW\ GOD RNXSDQWD
]QLV]F]HQLH NUDMX UDEXQHN L Q G]D ]DKDPRZDQLH UR]ZRMX JRVSRGDUF]HJR L
NXOWXUDOQHJRFRIQL FLHZV]\VWNLFK]GRE\F]\VSRáHF]Q\FK
ZLDGRPRü WHJR ]DJUR*HQLD Z]PDFQLD MHGQRü PRUDOQ QDV]HJR QDURGX ZH
ZVSyOQHM ZDOFH SDUW\MQ\FK L EH]SDUW\MQ\FK ZLHU]F\FK L QLHZLHU]F\FK R
MHGQDNRZRGURJLQDPZV]\VWNLP3RNyM
:REHFQ\PRNUHVLHKLVWRU\F]Q\PFKDUDNWHU\]XMF\PVL SRG]LDáHPZLDWDQD
GZD EORNL QD REy] DJUHV\ZQHJR LPSHULDOL]PX SRG SU]HZRGQLFWZHP UHDNFML
DPHU\NDVNLHM  L QD REy] GHPRNUDFML L SRNRMX REHMPXMF\ SRG
SU]HZRGQLFWZHP=ZL]NX5DG]LHFNLHJRNUDMHGHPRNUDFMLOXGRZHMQDURG\ZDO
F]FH ] LPSHULDOL]PHP L FDá ZLDGRP F] ü PDV SUDFXMF\FK Z NUDMDFK
NDSLWDOLVW\F]Q\FK² :DW\NDQ]QDOD]áVL ZRER]LHLPSHULDOL]PX
:DW\NDQ MHVWQDMZL NV]\PREV]DUQLNLHP ZLDWDGREUDNRFLHOQHQDOH*FH
GRSDSLHVWZDLMHJRDJHQWXUZ\QRV] MHGQ WU]HFL FDáHM+LV]SDQLLZH:áRV]HFK
² SyáPLOLRQDKHNWDUyZZ3ROVFH² W\VL F\KHNWDUyZ 7U\EXQD/XGX]
OLSFD 
:DW\NDQ QDOH*\ GR QDMZL NV]\FK NDSLWDOLVWyZ ZLDWD .DSLWDá\ ZDW\NDVNLH
XORNRZDQH Z EDQNDFK DPHU\NDVNLFK 86$  RFHQLDQH V QD  PLOLDUGyZ
IUDQNyZDZSR]RVWDá\FKNUDMDFKQDPLOLDUGyZIUDQNyZ *DUDXG\VWU 
.DSLWDá\ :DW\NDQX Z EDQNDFK ZáRVNLFK Z\QRV]  SURFHQW RJyOQHM VXP\
RV]F] GQRFLSXEOLF]Q\FKFDá\FK:áRFK1DWHUHQLH:áRFKXG]LDá:DW\NDQXZ
IDEU\NDFK SU]HP\VáX ]EURMHQLRZHJR Z\QRVL  SURF Z RGOHZQLDFK VWDOL 
SURFZSU]HP\OHZáyNLHQQLF]\PSURFZSU]HP\OHHOHNWU\ILNDF\MQ\P
SURF FKHPLF]Q\P  SURF 2JyáHP :DW\NDQ NRQWUROXMH ZH :áRV]HFK 
WRZDU]\VWZ DNF\MQ\FK R QRPLQDOQ\P NDSLWDOH  PLOLRQyZ GRODUyZ
.UDVRZVNL:DW\NDQD3ROVNDVWU :URNXZHGáXJEDUG]RQLHNRP
SOHWQ\FK L QLHZWSOLZLH SRPQLHMV]RQ\FK GDQ\FK ZDUWRü PDMWNX DJHQWXU
SDSLHVNLFK Z 6WDQDFK =MHGQRF]RQ\FK E\áD RFHQLDQLD QD SU]HV]áR  PLOLDUG\
GRODUyZ D URF]Q\ GRFKyG KD  PLOLRQyZ GRODUyZ 6HJDO :DW\NDQ Z
VáX*ELHUHDNFMLDPHU\NDVNLHM VWU 
1LH XOHJD ZWSOLZRFL *H Z RVWDWQLFK ODWDFK OLF]E\ WH ]QDF]QLH Z]URVá\
=QDF]QHV XG]LDá\NDSLWDáXZDW\NDVNLHJRZ%DQNX,QGRFKLVNLPZ%DQNX
)UDQFXVNR:áRVNLP GOD $PHU\NL 3RáXGQLRZHM %DQFR GL 5RPD L VHWNDFK
LQQ\FKEDQNyZZHZV]\VWNLFK SUDZLH JDá ]LDFKSU]HP\VáXSUDZLH ZV]\VWNLFK
NUDMyZ
:UD]]HZ]URVWHPMHJRSRW JLILQDQVRZHMQDVW SXMH]D] ELDQLHVL LQWHUHVyZL
VROLGDUQRFL :DW\NDQX ] LQQ\PL JUXSDPL ZLHONRNDSLWDOLVW\F]Q\PL 1S Z
6WDQDFK =MHGQRF]RQ\FK DJHQWXU\ SDSLHVNLH ]ZL]DQH V FLOH ] JUXS
PLOLDUGHUD 0RUJDQD
3RVLDGDMF WDN ZLHONLH NDSLWDá\ :DW\NDQ PD R FR GU*Hü 3ROLW\N :DW\NDQX
G\NWXMH PX VWUDFK SU]HG ZLDWRZ NDWDVWURI NDSLWDOL]PX 8SDGHN NDSLWDOL]PX
WRXSDGHN SRW JL :DW\NDQX 7RWH* :DW\NDQ JRWyZ MHVW GR ZV]HONLFKXVáXJ QD
U]HF]EDQNLHUyZ]:DOOVWUHHW
 -DNLH NRU]\FL PR*H PLHü :DOOVWUHHW ] SRUR]XPLHQLD ] SDSLHVWZHP" : MDNL
VSRVyESDSLH* LMHJRDJHQWXU\PRJ VL SU]\F]\QLüGRUHDOL]DFMLDPHU\NDVNLFK
LPSHULDOLVW\F]Q\FKSODQyZQDU]XFHQLDFDáHPXZLDWXVZHJRMDU]PD"
:DW\NDQ Z VZ\FK WDUJDFK SROLW\F]Q\FK ] EDQNLHUDPL :DOOVWUHHW PR*H LP
RILDURZDüSDUWLHNDWROLFNLHZH:áRV]HFKZ1LHPF]HFKZ$XVWULLZH)UDQFMLL
LQQ\FKNUDMDFK3RUR]XPLHQLH:DW\NDQX]:DOOVWUHHWSU]HNV]WDáFDWH]DOH*QHRG
:DW\NDQXSDUWLHZDJHQWXU\,PSHULDOLVWyZ]:DOOVWUHHWXáDWZLDMFZWHQVSRVyE
SU]HPLDQ NUDMyZ ]DFKRGQLRHXURSHMVNLFK Z NRORQLH DPHU\NDVNLHJR
LPSHULDOL]PX
'DOV] SR]\FM NWyU :DW\NDQ PD GR RILDURZDQLD $PHU\NDQRP MHVW
KLHUDUFKLD NRFLHOQD Z NUDMDFK GHPRNUDFML OXGRZHM ']L NL SRUR]XPLHQLX ]
:DW\NDQHP LPSHULDOLFL DPHU\NDVF\ RWU]\PXM GR G\VSR]\FML V]WDE\ Z
NUDMDFKQDNWyUHSODQXM QDSDü
1LH]Z\NOH FHQQ SR]\FM MHVW Z\ZLDG ZDW\NDVNLXZD*DQ\ SU]H] VSHFMDOLVWyZ
DPHU\NDVNLFK]DQDMOHSV]\Z\ZLDGZLDWD
:DW\NDQ WZLHUG]L *H SRVLDGD MHV]F]H MHGHQ RELHNW GR VSU]HGDQLD
SURWHVWDQFNLPEDQNLHURP]:DOOVWUHHW² PLOLRQyZNDWROLNyZ-HVWWRWRZDU
SDSLHVNLQDMEDUG]LHMFHQQ\QDNWyU\PLPSHULDOLVWRPDPHU\NDVNLPQDMEDUG]LHM
]DOH*\ 3RZVWDMHMHGQDN ]DVDGQLF]H ]DJDGQLHQLH F]\ SDSLH* LVWRWQLH G\VSRQXMH
W\PL  PLOLRQDPL NDWROLNyZ L F]\ MHVW Z VWDQLH SU]HNV]WDáFLü LFK Z SLW
NROXPQ DPHU\NDVNLHM HNVSDQVML" %DQNLHU]\ DPHU\NDVF\ Z\PDJDM
GRZRGyZU]HF]\ZLVWHMZáDG]\SDSLH*DLMHJRDJHQWXUQDGVXPLHQLDPLPLOLRQyZ
NDWROLNyZSRGHMU]HZDMF*HWHQQDMFHQQLHMV]\GODQLFKWRZDUQLH]QDMGXMHVL Z
G\VSR]\FML SDSLH*D :\ZLDG DPHU\NDVNL LQIRUPXMH LFK *H Z NUDMDFK
GHPRNUDFML OXGRZHM ROEU]\PLD ZL NV]Rü NDWROLNyZ QDVWURMRQD MHVW
SDWULRW\F]QLH RGQRVL VL ORMDOQLH GR U]GX XF]HVWQLF]\ ] HQWX]MD]PHP Z
RGEXGRZLHNUDMXLSRSLHUD]DUyZQR]DJUDQLF]Q MDNJRVSRGDUF] SROLW\N U]GX
:W\FKZDUXQNDFKSDSLHVNDRIHUWDSU]HNV]WDáFHQLD W\FKORMDOQ\FKRE\ZDWHOL Z
]GUDMFyZ NUDMX L DJHQWyZ DPHU\NDVNLHJR LPSHULDOL]PX Z\PDJD ]H VWURQ\
SDSLH*DSRSDUFLDMHMGRZRGDPLIDNW\F]QHJRG\VSRQRZDQLDVXPLHQLDPL
2VWDWQLHXFKZDá\:DW\NDQXVNLHURZDQHSU]HFLZNDWROLNRPNWyU]\]DFKRZXM
ORMDOQRü GOD ZáDG]\ OXGRZHM ZVSyáSUDFXM ] NRPXQLVWDPL V SDWULRWDPL L
GHPRNUDWDPL PDM E\ü ZáDQLH WDNLP VSUDZG]LDQHP F]\ NDWROLF\ NUDMyZ
GHPRNUDFML OXGRZHM V LVWRWQLH WRZDUHP ]QDMGXMF\P VL Z G\VSR]\FML
SDSLHVWZD
'OD LPSHULDOLVW\F]QHM HNVSDQVML 1LHPLHF KLWOHURZVNLFK GX*H ]QDF]HQLH PLDáD
PDVD9RONVGHXWVFKyZ ,PSHULDOL]PRZLDPHU\NDVNLHPXZSRGREQ\FKFHODFK
SRWU]HEQD MHVW QD WHUHQLD 3ROVNL &]HFKRVáRZDFML : JLHU PDVD  9RONV
DPHU\NDQyZ
3DSLH* WZLHUG]L *H G\VSRQXMH NDWROLNDPL SROVNLPL L *H SRWUDIL VZRLPL
HQF\NOLNDPL L HNVNRPXQLNDPL SU]HNV]WDáFLü SROVNLH PDV\ NDWROLFNLH Z
YRONVDPHU\NDVN9NROXPQ 
=QDOH(OL VL ELVNXSL NWyU]\ Z]\ZDOL 3RODNyZ GR ]DSLV\ZDQLD VL QD
9RONVGHXWVFKyZ &]HPX E\ VL QLH PLHOL ]QDOH(ü ELVNXSL NWyU]\ ZH]Z
NDWROLNyZGRYRONVDPHU\NDVNLHMG]LDáDOQRFLSU]HFLZ3ROVFH"
3RG W\P NWHP ZLG]HQLD UR]SDWU\ZDü WU]HED DNFM :DW\NDQX Z 3ROVFH L MHJR
DNFM Z1LHPF]HFK² SU]HFLZ3ROVFH
'ODSDSLH*D3ROVNDMHVWMHGQ ]E\á\FKNRORQLLLPSHULDOL]PXNWyUDZZ\QLNX
ZRMQ\ Q D U R G R Z R Z \ ] Z R O H  F ] H M Z Z\QLNX UR]ELFLD 1LHPLHF
KLWOHURZVNLFK SU]H] $UPL &]HUZRQ XZROQLáD VL RG NDSLWDOLVW\F]QHM
HNVSORDWDFML
'ODWHJR:DW\NDQSFKDX]DOH*QLRQ RGVLHELHKLHUDUFKL NRFLHOQ Z3ROVFHGR
UR]S WDQLD ZDQL UHOLJLMQ\FK Z NUDMX GRZ\NRU]\VWDQLD XF]Xü UHOLJLMQ\FK OXG]L
ZLHU]F\FKGODZDONLSU]HFLZNDGHPRNUDFMLOXGRZHMZ3ROVFH
7D G]LDáDOQRü :DW\NDQX L W\FK NWyU]\ JR X QDV VáXFKDM MHVW Já ERNR
V]NRGOLZDGODQDURGXSROVNLHJR
 2 W\P *H UR]EXG]HQLH IDQDW\]PX UHOLJLMQHJR MHVW VSU]HF]QH ] LQWHUHVDPL
3ROVNL REy] UHDNFML L ZVWHF]QLFWZD GREU]H ZLH L ]DZV]H GREU]H ZLHG]LDá
1LHMHGQRNURWQLH QD GDZQ\FK VHMPDFK V]ODFKHFNLFK XZáDV]F]D ;9,, ZLHNX
VWZLHUG]DOL RQL ]XSHáQLH RWZDUFLH *H ZRO *HE\ L 6HMP XSDGá L
5]HF]\SRVSROLWD L ZLDW FDá\ ]JLQá QL*HOL *HE\ %yJ L ZLDUD E\áD REUD*RQD
NDQFOHU]-HU]\2VVROLVNL 2F]\ZLFLHQLHFKRG]LáRZFDOHDQLR%RJDDQLR
ZLDU DOHZWHG\LWHUD]L]DZV]HRSU]\ZLOHMHPR*QRZáDGF]H,ZáDQLHNLHG\
Z JU ZFKRG]Lá\ WH SU]\ZLOHMH F\WRZDQ\ NDQFOHU] 2VVROLVNL ZRáDá  OLSFD
URNX &KRüE\QLHW\ONR&KPLHOQLFNLDOHZV]\VWHNZLDWLQDZHWLSLHNáR
QD PQLH VL REDOLáR QLH XVWSL DQL QD MRW  5HIRUPDFMD Z 3ROVFH URF]QLN
²VWU 
']L QLHXVW SOLZL REURF\ SU]\ZLOHMyZ UHGQLRZLHF]Q\FK REURF\
REV]DUQLNyZ L NDSLWDOLVWyZ FKF Z]QRZLü WUDG\FMH -HU]HJR 2VVROLVNLHJR 6
WRMHGQDNSUyE\RND]DQHQDNO VN 1LHXGDVL UR]ELüMHGQRFLQDURGXSROVNLHJR
SU]\ EXGRZDQLX 3ROVNL /XGRZHM   1LH XGD VL SU]HSURZDG]Lü OLQLL SRG]LDáX
PL G]\3RODNDPLZLHU]F\PLD3RODNDPLQLHZLHU]F\PL-HOL:DW\NDQ]HFKFH
SRJá ELDü ZDQLH UHOLJLMQH Z NUDMX OLQLD SRG]LDáX SU]HMG]LH PL G]\ ROEU]\PL
ZL NV]RFL QDURGX ] SDWULRW\F]Q F] FL GXFKRZLHVWZD ZáF]QLH D JDUFL
ZVWHF]QLNyZ L REVNXUDQWyZ :áDQLH GODWHJR :DW\NDQ DWDNXMH 3ROVN RG
]HZQWU]PRELOL]XMFSU]HFLZNRQDPQLHPLHFNLV]RZLQL]P
ZLDGF]\ R W\P REHFQD SRZRMHQQD G]LDáDOQRü 3LXVD ;,, :\VWSLHQLD
MWU]FH 1LHPFyZ SU]HFLZ 3RODNRP Z\VWSLHQLD SRGV\FDMFH QLHPLHFNL
QDFMRQDOL]PLUHZL]MRQL]PV NRQW\QXDFM WHMVDPHMSROLW\NL.ZHVWLRQRZDQLH
SU]H] SDSLH*D 3LXVD ;,, QDV]\FK SUDZ GR =LHP =DFKRGQLFK WR ZRGD QD Pá\Q
V]RZLQL]PXQLHPLHFNLHJRLDQJORVDVNLHJRLPSHULDOL]PX
3RVW SRZH GHPRNUDW\F]QH XJUXSRZDQLD QLHPLHFNLH XF] VZyM QDUyG *H
=LHPLH=DFKRGQLHQLHV SUREOHPHPG]LHOF\P3ROVN L1LHPF\QDZURJyZ*H
2GUD L 1\VD QLH V JUDQLF QLHQDZLFL DOH JUDQLF SRNRMX *UDQLF QDV] QD
2GU]H L 1\VLH SUyEXMH QDWRPLDVW NZHVWLRQRZDüQLHPLHFNL IDV]\]P PLHUWHOQ\
ZUyJWDN*HQLHPLHFNLFKPDVOXGRZ\FK1LHPLHFNLIDV]\]PLMHJRSURWHNWRU]\Z
:DW\NDQLH L :DV]\QJWRQLH V ZURJDPL ]DUyZQR QDURGX SROVNLHJR MDN QDURGX
QLHPLHFNLHJR
.D*G\ DWDN 3LXVD ;,, QD JUDQLF QD 2GU]H L 1\VLH DQW\SROVNLH DVWU]H MHJR
QLHPLHFNLFK SU]HPyZLH L OLVWyZ ZUHV]FLH RVWDWQLH XFKZDá\ ZDW\NDVNLH
Z]PDFQLDM MHGQRü QDV]HJR QDURGX :\UD(QH DWDNL SDSLH*D SU]HFLZ 3ROVFH
VWDZLDM ERZLHPSDWULRW\F]QHGXFKRZLHVWZRLOXG]LZLHU]F\FKZ3ROVFHSU]HG
Z\ERUHP PL G]\ ORMDOQRFL ZREHF 2MF]\]Q\ D ORMDOQRFL ZREHF ZLHFNLHM
SROLW\NL SDSLH*D 1LH XOHJD *DGQHM ZWSOLZRFL *H PLOLRQ\ ZLHU]F\FK
NDWROLNyZLW\VLFHNDWROLFNLFKNVL *\Z\ELRU ORMD OQ  üZREHF2MF]\]Q\
Z\ELRU SUDF GOD3ROVNL LW\ONR GOD3ROVNL SUDF GODGREUDLZV]HFKVWURQQHJR
UR]ZRMX PRUDOQHJR NXOWXUDOQHJR L JRVSRGDUF]HJR QDV]HJR QDURGX 0LOLRQ\
ZLHU]F\FK NDWROLNyZ L W\VLFH NVL *\ NDWROLFNLFK XZLDGDPLDM VRELH
SU]\QDOH*QRü GR QDURGX QDWXUDOQ SU]\QDOH*QRü GR V]HURNLHJR IURQWX
QDURGRZHJR RGEXGRZ\ NUDMX QDWXUDOQ SU]\QDOH*QRü GR SRW *QHJR RER]X
ZDONLR3RNyMLGRRER]XOXGyZNWyUHQLHFKF MDU]PDLPSHULDOL]PX
,P FLOHM SDSLH* ZL]Dü VL E G]LH ] DPHU\NDVNLPL LPSHULDOLVWDPL W\P
FLOHM NDWROLF\ NUDMyZ ]DJUR*RQ\FK SU]H] LPSHULDOL]P ZVSyáSUDFRZDü E G ]
URGDNDPL LQQ\FK Z\]QD L QLHZLHU]F\PL $QW\SROVNLH Z\VWSLHQLD SDSLH*D
XáDWZLDü LP E G ]UR]XPLHQLH *H WR ZV]\VWNR FR áF]\ SDWULRWyZ SROVNLFK
ZLHU]F\FK NDWROLNyZ ] SDWULRWDPL SROVNLPL R ZLDWRSRJOG]LH
PDWHULDOLVW\F]Q\PMHVWVLOQLHMV]HLZD*QLHMV]HRGWHJRFRG]LHOLL*H]ZáDV]F]D
ZREHF ]DJUR*HQLD 3ROVNL SU]H] LPSHULDOLVW\F]Q\FK SRG*HJDF]\ ZRMHQQ\FK
MHGQRüQDURGXMHGQRüZLHU]F\FKLQLHZLHU]F\FKMHVW V]F]HJyOQLHNRQLHF]QD
'ODPRUDOQHMMHGQRFLQDURGXSRZD*QH]QDF]HQLHPD]QDMRPRüG]LHMyZ3ROVNL
DGODSU]H]Z\FL *HQLDWHMSU]HV]NRG\NWyUDSRZRGXMHZDKDQLD]QDF]QHMF] FL
NDWROLNyZ L GXFKRZLHVWZD NDWROLFNLHJR Z V]F]HJyOQRFL ]QDMRPRü G]LHMyZ
VWRVXQNyZ SROVNRZDW\NDVNLFK 7DN VL ERZLHP ]GDU]\áR ]H SROLW\ND
SDSLHVWZD Z FLJX RVWDWQLFK G]LHVL FLX VWXOHFL VWRL SUDZLH ]DZV]H Z
VSU]HF]QRFL ] QDURGRZ\PL LQWHUHVDPL 3ROVNL 3U]\WRF]\OLP\ WX ]DOHGZLH
NLONDG]LHVLW MDVNUDZ\FK SU]\NáDGyZ JáyZQLH GOD Z\ND]DQLD GRQLRVáRFL
V]HURNLFK L SRJá ELRQ\FK VWXGLyZ QDG G]LHMDPL VWRVXQNyZ SROVNRSDSLHVNLFK
%DGDF]W\FKG]LHMyZPXVL]áR*\üKRáG]DVáX*RQ\PKLVWRU\NRPSROVNLPNWyU]\
XF]\QLOL MX* EDUG]R ZLHOH QD W\P SROX D ] NWyU\FK ZLHOX E GF NVL *PL
NDWROLFNLPL XPLDáR áF]\ü QRV]HQLH VXNQL GXFKRZQHM ] SDWULRW\]PHP SROVNLP
6]XNDMFPDWHULDáyZGRWHMSUDF\]QDOH(OLP\ZLHOHQLH]PLHUQLHLQWHUHVXMF\FK
LQIRUPDFML X WDNLFK KLVWRU\NyZ MDN NVLG] *URPQLFNL NVLG] )DELV] D SU]HGH
ZV]\VWNLP ELVNXS $OEHUWUDQGL NWyU\ ]DLQLFMRZDá Z\SLV\ZDQLH GRNXPHQWyZ ]
DUFKLZyZ SDSLHVNLFK L ZáDVQRU F]QLH SU]HSLVDá VWR G]LHVL ü WRPyZ LQ IROLR
QDMFHQQLHMV]\FK ]DE\WNyZ KLVWRU\F]Q\FK ZUyG NWyU\FK ]QDMGXM VL WDN
NDSLWDOQHGODQDV]HJRWHPDWXWRP\MDNNRUHVSRQGHQFMDQXQFMXV]yZSDSLHVNLFK
Z3ROVFH7UXGQRWH* QLHZVSRPQLHüR]DVáXJDFKNDQRQLNDNUDNRZVNLHJR-DQD
'áXJRV]DDXWRUDNVLJ']LHMyZ3ROVNLFK
3ROVNLH GXFKRZLHVWZR NDWROLFNLH QLJG\ QLH E\áR FLDáHP MHGQROLW\P 3UDZLH
]DZV]H ]QDF]QD F] ü Z\*V]HJR GXFKRZLHVWZD G]LDáDáD QD V]NRG 3ROVNL L
SUDZLH ]DZV]H ]QDF]QD ZL NV]Rü GXFKRZLHVWZD R*\ZLRQD E\áD V]F]HU\P
SDWULRW\]PHPLF]XáDVZ MHGQRü]FDá\PQDURGHP
7DQLHMHGQROLWRüNDWROLFNLHJRGXFKRZLHVWZDSU]HMDZLáDVL EDUG]RMDVNUDZR]D
QDV]\FK GQL ]D F]DVyZ RNXSDFML KLWOHURZVNLHM NLHG\ ] MHGQHM VWURQ\ ELVNXSL
WDF\ MDN .DF]PDUHN /RUHN F]\ $GDPVNL Z\VáXJLZDOL VL KLWOHURZVNLP
RNXSDQWRP D ZLHOX NVL *\ V]áR ]D 3ROVN GR RER]yZ NRQFHQWUDF\MQ\FK 1LH
XOHJD WH* *DGQHM ZWSOLZRFL *H RVWDWQLH Z\VWSLHQLH SDSLHVNLH SRJá EL
UR]G(ZL N PL G]\ ZL NV]RFL NVL *\SDWULRWyZ D PDá JDUVWN
NRVPRSROLW\F]Q\FK NVL*W NRFLRáD NROHJyZ 6WHSLQDFD 0LQGV]HQW\HJR L
%HUDQD.VL *D ² SDWULRFLSR]RVWDQ ]QDURGHPSROVNLP
'\UHNW\Z\ SDSLHVNLH E G LFK Z]\ZDü GR UR]S WDQLD Z 3ROVFH ZRMQ\
UHOLJLMQHM 7DND ZDOND UHOLJLMQD E\áDE\ QLHZWSOLZLH NRU]\VWQ GOD ZV]\VWNLFK
ZURJyZ 3ROVNL DOH WDNLHM ZRMQ\ Z 3ROVFH QD SHZQR QLH E G]LH ER DQL OXG]LH
ZLHU]F\DQLOXG]LHQLHZLHU]F\ZFDOHMHMQLHSUDJQ0LOLRQ\OXG]LZLHU]F\FK
L OXG]L QLHZLHU]F\FK FKF VSRNRMQLH SUDFRZDü L R*\ZLRQH V W\P VDP\P
HQWX]MD]PHP GOD WUDV\ := GOD UR]EXGRZ\ SROVNLFK SRUWyZ SROVNLHJR
*GDVND L SROVNLHJR 6]F]HFLQD GOD UR]EXGRZ\ SROVNLHJR SU]HP\VáX GOD
RGEXGRZ\ SROVNLHJR :URFáDZLD GOD UR]NZLWX SROVNLFK XQLZHUV\WHWyZ GOD
JRVSRGDUF]HJR L NXOWXUDOQHJR SRGQLHVLHQLD ZVL SROVNLHM 7HQ ZVSyOQ\
HQWX]MD]PWH QDV]H ZVSyOQH RVLJQL FLD WR WDND VLOQD ZL ( *H ZV]HONLH SUyE\
SRG*HJDF]\GRZDQLUHOLJLMQ\FK VNRF] VL QLHXFKURQQ\PILDVNLHP
3ROLW\ND SDSLHVND E\áD QLH]PLHQQLH DQW\SROVND 7HM DQW\SROVNLHM SROLW\FH
:DW\NDQX WRZDU]\V]\áD D Q O \ S R O V N D G]LDáDOQRü W\FK NWyU]\ Z 3ROVFH
GDZDOLVL X*\ü]DQDU] G]LH:DW\NDQX
%\áD HSRND NLHG\ F] ü HSLVNRSDWX SROVNLHJR E\áD NRQLHP WURMDVNLP
+DEVEXUJyZ %\áD HSRND NLHG\ QLHNWyU]\ ELVNXSL SROVF\ E\OL DJHQWDPL
]DERUFyZ2WRGODF]HJRSDSLH* OLF]\LWHUD]QDHSLVNRSDWSROVNLNWyU\ZSODQDFK
UHDNFML DPHU\NDVNLHM PD RGHJUDü URO WURMDVNLHJR NRQLD DPHU\NDVNLHJR
LPSHULDOL]PX
:DW\NDQLMHJRSDUWQHUyZ ]:DOO 6WUHHW F]HNDMHGQDNJRU]NLHUR]F]DURZDQLH
: 3ROVFH RERN NVL *\ ² REF\FK DJHQWyZ E\OL ]DZV]H NVL *D ² SDWULRFL L
NVL *D² GHPRNUDFL,G]LPLPRDQW\SROVNLHMSROLW\NLSDSLHVWZDLUHDNF\MQHM
F] FLHSLVNRSDWXRJURPQDZL NV]RüNVL *\SR]RVWDQLHZLHUQD3ROVFHQLHGD
VL X*\ü ]D QDU] G]LH DPHU\NDVNLHJR LPSHULDOL]PX ]DJUD*DMFHJR QDV]HM
VXZHUHQQRFL QDV]\P JUDQLFRP QDV]HPX UR]ZRMRZL QDURGRZHPX L QDV]\P
]GRE\F]RPVSRáHF]Q\P
*UR(E\SDSLHVNLHQLHUR]HUZ MHGQRFLPRUDOQHMQDV]HJRQDURGX
 63,675(&,

, 3RG]LDáG]LHMyZSDSLHVWZDQDRNUHV\]HZ]JO GXQDMHJR VWRVXQHNGRPLHUWHOQ\FKZURJyZ

3ROVNL 
,, 3DSLHVWZRMDNRDJHQWXUDZURJLFK3ROVFH FHVDU]\ QLHPLHFNLFK 
,,,3DSLHVNLHG*HQLHGRSDQRZDQLDQDGZLDWHP 
$ 3UHWHQVMHSDSLH*\GR]ZLHU]FKQLFWZDQDG3ROVN 
% :DOND Z\*V]HJR GXFKRZLHVWZD SROVNLHJR ] SDVWZ R ZáDG]  
& 3DSLH*H] .U]\*DNDPLSU]HFLZ3ROVFH 
,96RMXV]SDSLHVWZD]ZURJLPL3ROVFH+DEVEXUJDPL 
$ 3DSLH* .OHPHQV;,L MHJREUHYH]URNX 
% +LHUDUFKLDNRFLHOQDSU]HFLZFKáRSXSROVNLHPX 
96RMXV]SDSLHVWZD ] U]GDPL ]DERUFyZ3ROVNL 
9, :VSyáG]LDáDQLHSDSLHVWZD] IDV]\]PHP QLHPLHFNLPLMHJR VDWHOLWDPL Z RNUHVLH
PL G]\ZRMHQQ\PL ZRMHQQ\P 
=DNRF]HQLH