786955
114
Verklein
Vergroot
Pagina terug
1/128
Pagina verder
1
KH-6I45FT00-EU
Cooking
Home Appliances
RO Manual de Utilizare
SK Návod na Obsluhu
SL Navodila za Uporabo
SV Användarmanual
SZ hƉƵƚƐƚǀŽnjĂƵƉŽƚƌĞďƵ
PL Instrukcja obsługi
UA Посібник користувача
*%'HFODUDWLRQRIFRQIRUPLW\
:HGHFODUHWKDWRXUSURGXFWVPHHWWKHDSSOLFDEOH
(XURSHDQ'LUHFWLYHV'HFLVLRQVDQG5HJXODWLRQV
DQGWKHUHTXLUHPHQWVOLVWHGLQWKHVWDQGDUGV
UHIHUHQFHG
'(.RQIRUPLWlWVHUNOlUXQJ
:LUHUNOlUHQGDVVXQVHUH3URGXNWHGLH
JHOWHQGHQHXURSlLVFKHQ5LFKWOLQLHQ
(QWVFKHLGXQJHQXQG5HJXODULHQVRZLHGLH
LQGHQUHIHUHQ]LHUWHQ6WDQGDUGVJHOLVWHWHQ
$QIRUGHUXQJHQHUIOOHQ
)5'pFODUDWLRQGHFRQIRUPLWp
1RXVGpFODURQVTXHQRVSURGXLWVVRQWFRQIRUPHV
DX['LUHFWLYHV'pFLVLRQVHW5qJOHPHQWDWLRQV
HXURSpHQQHVHQYLJXHXUHWDX[H[LJHQFHVYLVpHV
GDQVOHVQRUPHVFLWpHVHQUpIpUHQFH
(6'HFODUDFLyQGHFRQIRUPLGDG
'HFODUDPRVTXHQXHVWURVSURGXFWRVFXPSOHQ
FRQODV'LUHFWLYDV(XURSHDV'HFLVLRQHV
\5HJXODFLRQHVDSOLFDEOHV\ORVUHTXLVLWRV
HQXPHUDGRVHQGLFKDVQRUPDWLYDV
37'HFODUDomRGHFRQIRUPLGDGH
'HFODUDPRVTXHRVQRVVRVSURGXWRV
FXPSUHPDV'LUHWLYDV(XURSHLDV'HFLV}HV
H5HJXODPHQWRVDSOLFiYHLVHRVUHTXLVLWRV
HQXPHUDGRVQDVUHIHUrQFLDVQRUPDOL]DGDV
1/&RQIRUPLWHLWVYHUNODULQJ
:HYHUNODUHQGDWRQ]HSURGXFWHQYROGRHQDDQ
GHYDQWRHSDVVLQJ]LMQGH(XURSHVHULFKWOLMQHQ
EHVOXLWHQHQYRRUVFKULIWHQLQGHQRUPHQ
ZDDUQDDUZRUGWYHUZH]HQ
,7'LFKLDUD]LRQHGLFRQIRUPLWj
'LFKLDULDPRFKHLQRVWULSURGRWWLVRQRFRQIRUPL
D'LUHWWLYH'HFLVLRQLH5HJRODPHQWLHXURSHLHDL
UHTXLVLWLHOHQFDWLQHJOLVWDQGDUGGLULIHULPHQWR
*5ǻȒȜȦıȘıȣȝȝȩȡijȦıȘȢ
ǻȘȜȫȞȠȣȝİȩIJȚIJĮʌȡȠȧȩȞIJĮȝĮȢʌȜȘȡȠȪȞIJȚȢ
İijĮȡȝȩıȚȝİȢǼȣȡȦʌĮȧțȑȢȅįȘȖȓİȢǹʌȠijȐıİȚȢ
țĮȚȀĮȞȠȞȚıȝȠȪȢțĮșȫȢțĮȚIJȚȢĮʌĮȚIJȒıİȚȢʌȠȣ
ʌİȡȚȑȤȠȞIJĮȚıIJĮʌȡȩIJȣʌĮȩʌȠȣȖȓȞİIJĮȚĮȞĮijȠȡȐ
%*Ⱦɟɤɥɚɪɚɰɢɹɡɚɫɴɨɬɜɟɬɫɬɜɢɟ
ɇɢɟɡɚɹɜɹɜɚɦɟɱɟɧɚɲɢɬɟɩɪɨɞɭɤɬɢɨɬɝɨɜɚɪɹɬ
ɧɚɩɪɢɥɨɠɢɦɢɬɟɟɜɪɨɩɟɣɫɤɢɞɢɪɟɤɬɢɜɢ
ɪɟɲɟɧɢɹɢɪɟɝɥɚɦɟɧɬɢɢɧɚɢɡɢɫɤɜɚɧɢɹɬɚ
ɩɨɫɨɱɟɧɢɜɝɨɪɟɨɩɢɫɚɧɢɬɟɫɬɚɧɞɚɪɬɢ
&=3URKOiãHQtRVKRGČ
3URKODãXMHPHåHQDãHYêUREN\VSOĖXMtSĜtVOXãQp
HYURSVNpVPČUQLFHUR]KRGQXWtSĜHGSLV\D
SRåDGDYN\XYHGHQpYH]PLĖRYDQêFKQRUPiFK
6.9\KOiVHQLHR]KRGH
9\KODVXMHPHåHQDãHSURGXNW\VSĎĖDM~SUtVOXãQp
VPHUQLFHUR]KRGQXWLDQDULDGHQLDDSRåLDGDYN\
Y\StVDQpYXYHGHQêFKãWDQGDUGRFK
((9DVWDYXVGHNODUDWVLRRQ
'HNODUHHULPHHWPHLHWRRWHGYDVWDYDG
NRKDOGDWDYDWHOH(XURRSDGLUHNWLLYLGHOHRWVXVWHOH
MDPllUXVWHOHQLQJYLLGDWXGVWDQGDUGLWHV
VlWHVWDWXGQ}XHWHOH
69)|UVlNUDQRP|YHUHQVVWlPPHOVH
9LI|UVlNUDUDWWYnUDSURGXNWHUXSSI\OOHUJlOODQGH
(8GLUHNWLYEHVOXWRFKI|URUGQLQJDURFKGHNUDY
VRPDQJHVLGHVWDQGDUGHUVRPUHIHUHUDV
),<KWHHQVRSLYXXVODXVHNH
7XRWWHHPPHRYDW\KWHHQVRSLYLD(8Q
WXRWHGLUHNWLLYLHQSllW|VWHQMDVllG|VWHQNDQVVD
VHNlQLLVVlOLVWDWWXMHQVWDQGDUGLHQNDQVVD
+5,]MDYDRVXNODGQRVWL
,]MDYOMXMHPRGDVXQDãLSURL]YRGXXVNODGXV
SULPMHQMLYLP'LUHNWLYDPD2GOXNDPDL8UHGEDPD
(XURSVNHXQLMHWH]DKWMHYLPDQDYHGHQLPDX
VSRPHQXWLPVWDQGDUGLPD
65,]MDYDRXVNODÿHQRVWL
,]MDYOMXMHPRGDQDãLSURL]YRGL]DGRYROMDYDMX
SULPHQOMLYHHYURSVNHGLUHNWLYHRGOXNHL
SURSLVHNDRL]DKWHYHQDYHGHQHXQD]QDþHQLP
VWDQGDUGLPD
'$2YHUHQVVWHPPHOVHVHUNOULQJ
9LHUNOUHUDWYRUHVSURGXNWHURSI\OGHUGH
JOGHQGHHXURSLVNHGLUHNWLYHUEHVOXWQLQJHU
RJIRURUGQLQJHURJGHDQI¡UWHVWDQGDUGHUGHU
KHQYLVHVWLO
126DPVYDUVHUNOULQJ
9LHUNOUHUDWYnUHSURGXNWHURSSI\OOHUGH
JMHOGHQGHHXURSHLVNHGLUHNWLYHUEHVOXWQLQJHU
RJIRUVNULIWHURJNUDYHQHLVWDQGDUGHQHVRPGHW
KHQYLVHVWLO
8.Ⱦɟɤɥɚɪɚɰɿɹɜɿɞɩɨɜɿɞɧɨɫɬɿ
ɐɢɦɦɢɡɚɹɜɥɹɽɦɨɳɨɧɚɲɿɩɪɨɞɭɤɬɢ
ɜɿɞɩɨɜɿɞɚɸɬɶɭɫɿɦɡɚɫɬɨɫɨɜɧɢɦɞɢɪɟɤɬɢɜɚɦ
ɪɿɲɟɧɧɹɦɬɚɧɨɪɦɚɦȯɜɪɨɩɟɣɫɶɤɨɝɨɫɨɸɡɭ
ȼɢɦɨɝɢɡɚɡɧɚɱɟɧɨɜɞɨɞɚɬɤɨɜɢɯɦɚɬɟɪɿɚɥɚɯ
ɳɨɞɨɫɬɚɧɞɚɪɬɿɜ
0.Ⱦɟɤɥɚɪɚɰɢʁɚɡɚɭɫɨɝɥɚɫɟɧɨɫɬ
ɂɡʁɚɜɭɜɚɦɟɞɟɤɚɧɚɲɢɬɟɩɪɨɢɡɜɨɞɢɝɢ
ɢɫɩɨɥɧɭɜɚɚɬɩɪɢɦɟɧɥɢɜɢɬɟɟɜɪɨɩɫɤɢ
ɞɢɪɟɤɬɢɜɢɪɟɲɟɧɢʁɚɢɨɞɪɟɞɛɢɤɚɤɨɢ
ɩɨɛɚɪɭɜɚʃɚɬɚɧɚɜɟɞɟɧɢɜɨɩɨɫɨɱɟɧɢɬɟ
ɫɬɚɧɞɚɪɞɢ
52'HFODUD܊LHGHFRQIRUPLWDWH
1RLGHFODUăPFăSURGXVHOHQRDVWUHUHVSHFWă
'LUHFWLYHOH(XURSHQH'HFL]LLOH܈L5HJOHPHQWăULOH
DSOLFDELOH܈LFRQGL܊LLOHHQXPHUDWHvQVWDQGDUGHOH
PHQ܊LRQDWH
+80HJIHOHOĘVpJLQ\LODWNR]DW
(]~WRQLJD]ROMXNKRJ\WHUPpNHLQNPHJIHOHOQHN
D](8GLUHNWtYiNQDNMRJV]DEiO\RNQDN
HOĘtUiVRNQDN$]HOĘtUiVRNIHOVRUROiVDD
UHIHUHQFLDWDUWDOPDNQiO
6/,]MDYDRVNODGQRVWL
=DJRWDYOMDPRGDVRQDãLL]GHONLVNODGQL]
XVWUH]QLPLHYURSVNLPLGLUHNWLYDPLVNOHSLLQ
SUHGSLVLWHU]DKWHYDPLNLVRQDYHGHQHY
UHIHUHQþQLKVWDQGDUGLK
$/'HNODUDWDHNRQIRUPLWHWLW
1HGHNODURMPsVHSURGXNWHWWRQDSsUPEXVKLQ
'LUHNWLYDWHDSOLNXHVKPHHYURSLDQH9HQGLPHW
GKH5UHJXOORUHWVLGKHNsUNHVDWHUHQGLWXUDQs
VWDQGDUGHWHUHIHUXDUD
/7$WLWLNWLHVGHNODUDFLMD
7YLUWLQDPHNDGPnjVǐSURGXNWDLDWLWLQND
VXVLMXVLRVH(XURSRVGLUHNW\YRVHVSUHQGLPXRVH
LUUHJODPHQWXRVHSDWHLNLDPǐVWDQGDUWǐNHOLDPXV
UHLNDODYLPXV
/9$WELOVWƯEDVGHNODUƗFLMD
0ƝVDSOLHFLQƗPNDPnjVXSURGXNWLDWELOVW
DWWLHFƯJDMƗP(LURSDVGLUHNWƯYƗPOƝPXPLHPXQ
QRWHLNXPLHPNƗDUƯSUDVƯEƗPNDVQRUƗGƯWDV
SLHPLQƝWDMRVVWDQGDUWRV
3/'HNODUDFMD]JRGQRĞFL
2ĞZLDGF]DP\ĪHQDV]HSURGXNW\VSHáQLDMą
Z\PDJDQLDRGSRZLHGQLFKG\UHNW\ZGHF\]ML
LUHJXODFML8QLL(XURSHMVNLHMRUD]Z\PDJDQLD
RNUHĞORQHZZ\PLHQLRQ\FKVWDQGDUGDFK
*%7KHV\PERORQWKHSURGXFWRURQLWV
SDFNDJLQJLQGLFDWHVWKDWWKLVSURGXFWPD\QRW
EHWUHDWHGDVKRXVHKROGZDVWH,QVWHDGLWVKDOO
EHKDQGHGRYHUWKHDSSOLFDEOHFROOHFWLRQSRLQW
IRUUHF\FOLQJRIHOHFWULFDODQGHOHFWURQLFHTXLS
PHQW%\HQVXULQJWKLVSURGXFWLVGLVSRVHGRI
FRUUHFWO\\RXZLOOKHOSSUHYHQWSRWHQWLDOQHJD
WLYHFRQVHTXHQFHVIRUWKHHQYLURQPHQWDQGKX
PDQKHDOWKZKLFKFRXOGRWKHUZLVHEHFDXVHG
E\LQDSSURSULDWHZDVWHKDQGOLQJRIWKLVSURGXFW
)RUPRUHGHWDLOHGLQIRUPDWLRQDERXWUHF\FOLQJ
WKLVSURGXFWSOHDVHFRQWDFW\RXUORFDOFLW\RI
¿FHV\RXUKRXVHKROGZDVWHGLVSRVDOVHUYLFHRU
WKHVKRSZKHUH\RXSXUFKDVHGWKHSURGXFW
'('LHVHV6\PERODXIGHP3URGXNWRGHUGHU
9HUSDFNXQJEHVDJWGDVVGDV3URGXNWQLFKW
DOV+DXVPOOEHKDQGHOWZHUGHQGDUI6WDWW
GHVVHQVROOWHHVHLQHP6DPPHOSXQNWIUGDV
5HF\FOLQJYRQHOHNWULVFKHQXQGHOHNWURQLVFKHQ
*HUlWHQEHUJHEHQZHUGHQ,QGHP6LHGDIU
VRUJHQGDVVGLHVHV3URGXNWNRUUHNWYHUZHUWHW
ZLUGKHOIHQ6LHGDEHLP|JOLFKHQHJDWLYH)RO
JHQIUGLH8PZHOWXQGGLHPHQVFKOLFKH*H
VXQGKHLW]XYHUKLQGHUQGLHDQVRQVWHQGXUFK
GLHXQJHHLJQHWH%HVHLWLJXQJGLHVHV3URGXNWV
HQWVWHKHQN|QQWHQ:HLWHUH,QIRUPDWLRQHQEHU
GLH9HUZHUWXQJGLHVH3URGXNWVHUKDOWHQ6LH
ZHQQ6LHVLFKPLW,KUHU|UWOLFKHQ%HK|UGHGHU
+DXVPOODEIXKURGHUGHP*HVFKlIWLQ9HU
ELQGXQJVHW]HQEHLGHP6LHGLHVHV3URGXNW
HUZRUEHQKDEHQ
)5&HV\PEROHVXUOHSURGXLWRXVXU
O¶HPEDOODJHLQGLTXHTXHFHSURGXLWQHGRLWSDV
rWUHWUDLWpFRPPHGHVGpFKHWVPpQDJHUV,O
GRLWSOXW{WrWUHUHPLVDXSRLQWGHUDPDVVDJH
FRQFHUQpVHFKDUJHDQWGXUHF\FODJHGXPDWp
ULHOpOHFWULTXHHWpOHFWURQLTXH(QYRXVFRQIRU
PDQWjXQHSURFpGXUHG¶HQOqYHPHQWFRUUHFWH
GXSURGXLWYRXVDLGHUH]jSUpYHQLUWRXWHIIHW
QXLVLEOHjO¶HQYLURQQHPHQWHWjODVDQWpTX¶XQH
PDQLSXODWLRQLQDSSURSULpHSRXUUDLWDXWUHPHQW
SURYRTXHU3RXUSOXVGHGpWDLOVFRQFHUQDQW
OHUHF\FODJHGHFHSURGXLWYHXLOOH]FRQWDFWHU
YRWUHDXWRULWpORFDOHXQFHQWUHGHUHF\FODJH
GHVGpFKHWVGRPHVWLTXHVRXODERXWLTXHR
YRXVDYH]DFKHWpOHSURGXLW
(6(VWHVtPERORHQHOSURGXFWRRVXHPED
ODMHLQGLFDTXHHVWHSURGXFWRQRGHEHWUDWDUVH
FRPRUHVLGXRGRPpVWLFR3RUHOFRQWUDULRGHEH
OOHYDUVHDOSXQWRGHUHFRJLGDUHVSRQVDEOHGHO
UHFLFODMHGHHTXLSRVHOpFWULFRV\HOHFWUyQLFRV
$ODVHJXUDUVHGHTXHHVWHSURGXFWRVHHOLPLQH
FRUUHFWDPHQWHD\XGDUiDSUHYHQLUODVSRVLEOHV
FRQVHFXHQFLDVQHJDWLYDVSDUDHOPHGLRDP
ELHQWH\ODVDOXGGHORVVHUHVKXPDQRVTXH
GHORFRQWUDULRSRGUtDQSURGXFLUVHGHELGRD
ODPDQLSXODFLyQLQFRUUHFWDGHORVUHVLGXRVGH
HVWHSURGXFWR3DUDREWHQHULQIRUPDFLyQPiV
GHWDOODGDVREUHHOUHFLFODMHGHHVWHSURGXFWR
SyQJDVHHQFRQWDFWRFRQODR¿FLQDPXQLFLSDO
ORFDOFRQHOVHUYLFLRGHHOLPLQDFLyQGHUHVL
GXRVGRPpVWLFRVRFRQHOFRPHUFLRHQHOTXH
KD\DDGTXLULGRHOSURGXFWR
37(VWHVtPERORQRSURGXWRRXHPEDODJHP
VLJQL¿FDTXHRSURGXWRQmRSRGHVHUWUDWDGR
FRPRUHVtGXRGRPpVWLFR3HORFRQWUiULRGHYH
VHUHQWUHJXHQXPSRQWRGHUHFROKDDSOLFiYHO
SDUDUHFLFODJHPGHHTXLSDPHQWRHOpWULFRH
HOHWUyQLFR$RJDUDQWLUTXHHVWHSURGXWRp
HOLPLQDGRGHIRUPDFRUUHWDHVWDUiDDMXGDU
DHYLWDUHYHQWXDLVFRQVHTXrQFLDVQHJDWLYDV
SDUDRPHLRDPELHQWHHDVD~GHKXPDQDTXH
SRGHUmRVHUSURYRFDGDVSHODLQFRUUHWDJHVWmR
GHUHVtGXRVGHVWHSURGXWR3DUDLQIRUPDo}HV
PDLVGHWDOKDGDVVREUHDUHFLFODJHPGHVWH
SURGXWRFRQWDFWHDVVXDVDXWRULGDGHVORFDLV
FHQWURGHUHFLFODJHPRXDORMDRQGHFRPSURX
RSURGXWR
1/+HWV\PERRORSKHWSURGXFWRIGHYHUSDN
NLQJJHHIWDDQGDWGLWSURGXFWQLHWPDJZRUGHQ
EHKDQGHOGDOVKXLVKRXGHOLMNDIYDO,QSODDWV
GDDUYDQGLHQWKHWWHZRUGHQLQJHOHYHUGELMKHW
YDQWRHSDVVLQJ]LMQGHLQ]DPHOSXQWYRRUGH
UHF\FOLQJYDQHOHNWULVFKHHQHOHNWURQLVFKHDS
SDUDWXXU'RRUGLWSURGXFWFRUUHFWWHYHUZLMGH
UHQYRRUNRPWXPRJHOLMNHQHJDWLHYHJHYROJHQ
YRRUKHWPLOLHXHQGHPHQVHOLMNHJH]RQGKHLG
GLHDQGHUV]RXGHQNXQQHQZRUGHQYHURRU]DDNW
GRRUHHQRQMXLVWHDIYDOYHUZHUNLQJYDQGLW
SURGXFW0HHUJHGHWDLOOHHUGHLQIRUPDWLHRYHU
GHUHF\FOLQJYDQGLWSURGXFWNXQWXRSYUDJHQELM
XZJHPHHQWHGHDIYDOYHUZLMGHULQJVGLHQVWRI
GHZLQNHOZDDUXKHWSURGXFWKHEWJHNRFKW
,7,OVLPERORVXOSURGRWWRRVXOODFRQIH]LRQH
LQGLFDFKHTXHVWRSURGRWWRSRWUHEEHQRQHV
VHUHWUDWWDWRFRPHUL¿XWLGRPHVWLFL$OFRQWUDULR
VDUDQQRWUDVPHVVLDOSXQWRGLUDFFROWDDGHJXD
WRSHULOULFLFORGHOOHFRPSRQHQWLHOHWWULFKHHG
HOHWWURQLFKH$VVLFXUDQGRLOFRUUHWWRVPDOWL
PHQWRGHOSURGRWWRVLHYLWHUDQQRSRWHQ]LDOL
FRQVHJXHQ]HQHJDWLYHSHUO¶DPELHQWHHOD
VDOXWHGHOO¶XRPRFKHSRWUHEEHURYHUL¿FDUVLLQ
FDVRGLVPDOWLPHQWRQRQFRUUHWWRGHOSURGRWWR
3HUPDJJLRULLQIRUPD]LRQLVXOULFLFODJJLRGHO
SURGRWWRFRQWDWWDUHO¶XI¿FLRORFDOHLOVHUYL]LR
GLVPDOWLPHQWRRLOQHJR]LRLQFXLLOSURGRWWRq
VWDWRDFTXLVWDWR
*5ȉȠıȪȝȕȠȜȠĮȣIJȩʌȠȣȕȡȓıțİIJĮȚıIJȠ
ʌȡȠȧȩȞȒıIJȘıȣıțİȣĮıȓĮIJȠȣıȘȝĮȓȞİȚʌȦȢ
IJȠʌȡȠȧȩȞįİȞșĮʌȡȑʌİȚȞĮĮȞIJȚȝİIJȦʌȓȗİIJĮȚ
ȦȢȠȚțȚĮțȩĮʌȩȡȡȚȝȝĮǹȞIJȓșİIJĮșĮʌȡȑʌİȚȞĮ
ʌĮȡĮįȓįİIJĮȚıIJȠĮȡȝȩįȚȠıȘȝİȓȠıȣȜȜȠȖȒȢȖȚĮ
ĮȞĮțȪțȜȦıȘȘȜİțIJȡȚțȠȪțĮȚȘȜİțIJȡȠȞȚțȠȪİȟȠ
ʌȜȚıȝȠȪǻȚĮıijĮȜȓȗȠȞIJĮȢIJȘıȦıIJȒĮʌȩȡȡȚȥȘ
IJȠȣʌȡȠȧȩȞIJȠȢĮȣIJȠȪıȣȞIJİȜİȓIJİıIJȘȞʌȡȩȜȘȥȘ
ĮȡȞȘIJȚțȫȞıȣȞİʌİȚȫȞȖȚĮIJȠʌİȡȚȕȐȜȜȠȞțĮȚ
IJȘȞĮIJȠȝȚțȒȣȖİȓĮȠȚȠʌȠȓİȢșĮȝʌȠȡȠȪıĮȞ
țĮIJȐIJĮȐȜȜĮȞĮʌȡȠțȜȘșȠȪȞȜȩȖȦĮțĮIJȐȜȜȘ
ȜȠȣȤİȚȡȚıȝȠȪĮʌȩȡȡȚȥȘȢIJȠȣʌȡȠȧȩȞIJȠȢĮȣ
IJȠȪīȚĮʌȚȠȜİʌIJȠȝİȡİȓȢʌȜȘȡȠijȠȡȓİȢıȤİIJȚțȐ
ȝİIJȘȞĮȞĮțȪțȜȦıȘĮȣIJȠȪIJȠȣʌȡȠȧȩȞIJȠȢİʌȚ
țȠȚȞȦȞȒıIJİȝİIJȘȞIJȠʌȚțȒįȘȝȠIJȚțȒȣʌȘȡİıȓĮ
IJȘȞȣʌȘȡİıȓĮĮʌȩȡȡȚȥȘȢȠȚțȚĮțȫȞĮʌȠȕȜȒIJȦȞ
ȒIJȠțĮIJȐıIJȘȝĮĮʌȩȩʌȠȣʌȡȠȝȘșİȣIJȒțĮIJİIJȠ
ʌȡȠȧȩȞ
%*ɋɢɦɜɨɥɴɬɜɴɪɯɭɩɪɨɞɭɤɬɚɢɥɢɧɟɝɨɜɚ
ɬɚɨɩɚɤɨɜɤɚɨɡɧɚɱɚɜɚɱɟɬɨɣɧɟɬɪɹɛɜɚɞɚ
ɛɴɞɟɬɪɟɬɢɪɚɧɤɚɬɨɛɢɬɨɜɨɬɩɚɞɴɤȼɦɟɫɬɨ
ɬɨɜɚɬɪɹɛɜɚɞɚɛɴɞɟɡɚɧɟɫɟɧɜɧɹɤɨɣɨɬ
ɰɟɧɬɪɨɜɟɬɟɡɚɪɟɰɢɤɥɢɪɚɧɟɧɚɟɥɟɤɬɪɨɧ
ɧɚɬɟɯɧɢɤɚɑɪɟɡɩɪɚɜɢɥɧɨɬɨɢɡɜɟɠɞɚɧɟ
ɨɬɟɤɫɩɥɨɚɬɚɰɢɹɧɚɬɨɡɢɩɪɨɞɭɤɬȼɢɟɳɟ
ɩɨɦɨɝɧɟɬɟɡɚɩɪɟɞɨɬɜɪɚɬɹɜɚɧɟɧɚɜɴɡɦɨɠ
ɧɢɬɟɧɟɝɚɬɢɜɧɢɩɨɫɥɟɞɫɬɜɢɹɡɚɨɤɨɥɧɚɬɚ
ɫɪɟɞɚɢɱɨɜɟɲɤɨɬɨɡɞɪɚɜɟɤɨɢɬɨɛɢɯɚ
ɜɴɡɧɢɤɧɚɥɢɩɪɢɧɟɩɪɚɜɢɥɧɨɬɨɦɭɢɡɯɜɴɪ
ɥɹɧɟɁɚɩɨɩɨɞɪɨɛɧɚɢɧɮɨɪɦɚɰɢɹɨɬɧɨɫɧɨ
ɪɟɰɢɤɥɢɪɚɧɟɬɨɧɚɬɨɡɢɩɪɨɞɭɤɬɫɟɫɜɴɪɠɟɬɟ
ɫɦɟɫɬɧɢɬɟɨɪɝɚɧɢɧɚɭɩɪɚɜɥɟɧɢɟɰɟɧɬɴɪɡɚ
ɪɟɰɢɤɥɢɪɚɧɟɢɥɢɦɚɝɚɡɢɧɚɨɬɤɴɞɟɬɨɫɬɟɝɨ
ɡɚɤɭɩɢɥɢ
&=6\PEROQDYêURENXQHERQDGRSURYRG
QêFKGRNXPHQWHFKNYêURENX]QDPHQiåHV
WtPWRSĜtVWURMHPQHO]H]DFKi]HWMDNRVGRPRY
QtPRGSDGHP1DPtVWRWRKRMHQXWQpSĜtVWURM
SĜHGDWGRQHMEOLåãtKRVEČUQpKRVWĜHGLVNDN
UHF\NODFLHOHNWULFNpKRDHOHNWURQLFNpKRY\ED
YHQt=DMLãWČQtPĜiGQpHNRORJLFNpOLNYLGDFH
SĜtVWURMHSRPĤåHWH]DPH]LWPRåQpPXãNRGOLYp
PXGRSDGXQDåLYRWQtSURVWĜHGtDOLGVNp]GUDYt
NWHUêE\MLQDNPRKOY]QLNQRXWSĜLQHVSUiYQp
OLNYLGDFLWRKRWRYêURENX3UREOLåãtLQIRUPDFH
RKOHGQČUHF\NODFHWRKRWRYêURENXNRQWDNWXMWH
SURVtPPtVWQt~ĜDG\VOXåEXOLNYLGDFHGRPRY
QtFKRGSDGĤQHERSURGHMQXNGHMVWHSURGXNW
NRXSLOL
6.7HQWRV\PEROQDFKiG]DM~FLVDQDYêURENX
DOHEREDOHQtR]QDþXMHåHYêURERNQHVPLH
E\ĢEUDQêDNRGRPRYêRGSDG1DPLHVWRWRKR
E\VWHKRPDOLGDĢQDYKRGQp]EHUQpPLHVWR
QDUHF\NOiFLXHOHNWULFNpKRDHOHNWURQLFNpKR
]DULDGHQLD=DLVWHQtPVSUiYQHMOLNYLGiFLHWRKWR
YêURENXSRP{åHWH]DEUiQLĢPRåQêPQHJDWtY
Q\PQiVOHGNRPQDåLYRWQpSURVWUHGLHD]GUDYLH
ĐXGtNXNWRUêPE\PRKORG{MVĢSULQHVSUiYQHM
PDQLSXOiFLLVWêPWRYêURENRP3RGUREQHMãLH
LQIRUPiFLHRUHF\NOiFLLWRKWRYêURENXYiP
SRVN\WQHPLHVWQ\RUJiQUHF\NODþQpVWUHGLVNR
DOHERREFKRGYNWRURPVWH]DN~SLOLYêURERN
((6HHWRRWHOY}LVHOOHSDNHQGLOROHYVPERO
QlLWDEHWWRRGHWHLWRKLNlVLWVHGDWDYDOLVH
ROPHSUJLQD6HOOHDVHPHOWXOHEVHHDQGD
PEHUW||WOHPLVHNVOHDVMDNRKDVHVVHHOHNWULMD
HOHNWURRQLNDVHDGPHWHNRJXPLVSXQNWL7DJDGHV
WRRWHNRUUDOLNXXWLOLVHHULPLVHDLWDWHYlOWLGD
QHJDWLLYVHLGP}MXVLGNHVNNNRQQDOHMDLQLPHVWH
WHUYLVHOHPLGDWRRWHMllWPHWHYDOHNlLWOHPLQH
PXLGXNDDVDY}LNVWXXD6HOOHWRRWHXWLOLVHH
ULPLVHNRKWDWlSVHPDWHDEHVDDPLVHNVY}WNH
SDOXQKHQGXVWRPDNRKDOLNXRPDYDOLWVXVH
SUJLHWWHY}WWHY}LNDXSOXVHJDNXVWWHWRRWH
RVWVLWH
69'HQQDV\PEROSnSURGXNWHQHOOHU
I|USDFNQLQJHQLQQHElUDWWSURGXNWHQLQWHE|U
EHKDQGODVVRPKXVKnOOVDYIDOO,VWlOOHWVNDOO
GHQ|YHUOlPQDVWLOOOlPSOLJLQVDPOLQJVSODWVI|U
nWHUYLQQLQJDYHOHNWULVNRFKHOHNWURQLVNXWUXVW
QLQJ*HQRPDWWVlNHUVWlOODDWWGHQQDSURGXNW
NDVVHUDVNRUUHNWKMlOSHUGXWLOODWWI|UKLQGUDSR
WHQWLHOODQHJDWLYDNRQVHNYHQVHUI|UPLOM|QRFK
PlQQLVNRUVKlOVDVRPDQQDUVNXQGHRUVDNDV
DYROlPSOLJDYIDOOVKDQWHULQJDYGHQQDSURGXNW
)|UPHUGHWDOMHUDGLQIRUPDWLRQRPnWHUYLQQLQJ
DYGHQQDSURGXNWNRQWDNWDGLQDORNDODP\QGLJ
KHWHUnWHUYLQQLQJVFHQWHUHOOHUEXWLNHQGlUGX
KDUN|SWSURGXNWHQ
),7lPlV\PEROLWXRWWHHVVDWDLVHQSDN
NDXNVHVVDPHUNLWVHHHWWlWlWlWXRWHWWDHL
VDDKlYLWWllNRWLWDORXVMlWWHHQPXNDQD/DLWH
RQVHQVLMDDQWRLPLWHWWDYDHOHNWURQLVLOOHMD
VlKN|ODLWWHLOOHVRYHOWXYDDQNHUl\VSLVWHHVHHQ
NLHUUlWHWWlYlNVL9DUPLVWDPDOODWlPlQWXRWWHHQ
DVLDQPXNDLVHQKlYLW\VWDYDQDXWDWVXRMHOHPDDQ
\PSlULVW|lMDLKPLVWHQWHUYH\WWlPDKGROOL
VLOWDKDLWWDYDLNXWXNVLOWDMRLWDVDDWWDLVLLOPHWl
WlPlQWXRWWHHQDVLDWWRPDVWDKlYLWWlPLVHVWl
/LVlWLHWRMDWlPlQWXRWWHHQNLHUUlWWlPLVHVWlVDDW
RWWDPDOOD\KWH\WWlSDLNDOOLVLLQYLUDQRPDLVLLQ
NLHUUlW\VNHVNXNVHHQWDLP\\PlOllQMRVWDRVWLW
WXRWWHHQ
+56LPEROQDSURL]YRGXLOLDPEDODåLR]QD
þDYDGDSURL]YRGQHVPLMHWHEDFLWL]DMHGQRV
NXüQLPRWSDGRP8PMHVWRWRJDRGQHVLWHJD
QDRGJRYDUDMXüHVDELUQRPMHVWR]DUHFLNOLUDQMH
HOHNWULþQHLHOHNWURQLþNHRSUHPH2VLJXUDYD
QMHPLVSUDYQRJRGODJDQMDRYRJSURL]YRGD
VSULMHþLWüHWHSRWHQFLMDOQHQHJDWLYQHXþLQNHQD
RNROLãLOMXGVNR]GUDYOMHNRMLüHL]DüLQDYLGMHOR
QDNRQQHSULNODGQRJRGODJDQMDRYRJSURL]YRGD
=DYLãHLQIRUPDFLMDRUHFLNOLUDQMXRYRJSURL]YR
GDREUDWLWHVHORNDOQRMVOXåELUHFLNODåQRPFHQ
WUXLOLWUJRYLQLXNRMRMVWHNXSLOLRYDMSURL]YRG
656LPEROQDSURL]YRGXLOLQDQMHJRYRP
SDNRYDQMXQD]QDþDYDGDRYDMSURL]YRGPRåGD
QHüHELWLWUHWLUDQNDRRWSDGL]GRPDüLQVWYD
8PHVWRWRJDüHVHSUHGDWLSULPHQOMLYRMWDþNL
]DSUHX]LPDQMH]DUDGUHFLNOLUDQMDHOHNWULþQH
LHOHNWURQVNHRSUHPH6WDUDMXüLVHGDRYDM
SURL]YRGEXGHSUDYLOQRXNORQMHQSRPRüLüHWH
GDVHVSUHþHSRWHQFLMDOQHQHJDWLYQHSRVOHGLFH
]DRNUXåHQMHLOMXGVNR]GUDYOMHãWRPRåHGDX
VXSURWQRPL]D]RYHQHRGJRYDUDMXüHXSUDYOMDQMH
RWSDGRPRYRJSURL]YRGD=DGHWDOMQLMH
LQIRUPDFLMHRUHFLNOLUDQMXRYRJSURL]YRGD
PROLPRYDVGDNRQWDNWLUDMWHYDãXORNDOQX
JUDGVNXNDQFHODULMXXVOXJXRWNODQMDQMDYDãHJ
RWSDGDL]GRPDüLQVWYDLOLSURGDYQLFXJGHVWH
NXSLOLSURL]YRG
'$'HWWHV\PEROSnSURGXNWHWHOOHUHPEDO
ODJHQEHW\GHUDWSURGXNWHWLNNHPnEHKDQGOHV
VRPKXVKROGQLQJVDIIDOG'HWVNDOLVWHGHW
LQGOHYHUHVWLOHWLQGVDPOLQJVVWHGIRUJHQEUXJDI
HOHNWULVNRJHOHNWURQLVNXGVW\U9HGDWVLNUHDW
GHWWHSURGXNWEOLYHUERUWVNDIIHWNRUUHNWKMOSHU
GXPHGWLODWIRUHE\JJHHYHQWXHOOHQHJDWLYH
NRQVHNYHQVHUIRUPLOM¡HWRJPHQQHVNHUV
KHOEUHGVRPHOOHUVNXQQHIRUnUVDJHVDIIRUNHUW
ERUWVNDIIHOVHDIGHWWHSURGXNW+YLVGX¡QVNHU
PHUHGHWDOMHUHGHRSO\VQLQJHURPJHQEUXJDI
GHWWHSURGXNWEHGHVGXNRQWDNWHGLQORNDOH
P\QGLJKHGJHQEUXJVSODGVHOOHUGHQEXWLN
KYRUGXN¡EWHSURGXNWHW
12'HWWHV\PEROHWSnSURGXNWHWHOOHUSDNNHQ
LQQHEUHUDWSURGXNWHWLNNHVNDOEHKDQGOHV
VRPKXVKROGQLQJVDYIDOO,VWHGHWVNDOGHW
OHYHUHVWLOHQJMHQYLQQLQJVWDVMRQIRUHOHNWULVNRJ
HOHNWURQLVNXWVW\U9HGnV¡UJHIRUNRUUHNWDY
KHQGLQJDYDSSDUDWHWYLOGXELGUDWLOnIRUKLQGUH
SRWHQVLHOOHQHJDWLYHNRQVHNYHQVHUIRUPLOM¡HW
RJPHQQHVNHUVKHOVHVRPHOOHUVNXQQHKD
LQQWUXIIHWJUXQQHWIHLODNWLJDYIDOOVKnQGWHULQJDY
SURGXNWHW)RUPHUGHWDOMHUWLQIRUPDVMRQRPUH
VLUNXOHULQJDYGHWWHSURGXNWHWEHVGXNRQWDNWH
GHORNDOHP\QGLJKHWHUHQJMHQYLQQLQJVVWDVMRQ
HOOHUEXWLNNHQGHUGXNM¡SWHSURGXNWHW
8.ɐɟɣɫɢɦɜɨɥɧɚɧɟɫɟɧɢɣɧɚɜɢɪɿɛɚɛɨ
ɣɨɝɨɭɩɚɤɨɜɤɭɨɡɧɚɱɚɽɳɨɜɢɪɿɛɧɟɦɨɠɧɚ
ɜɢɤɢɞɚɬɢɪɚɡɨɦɿɡɩɨɛɭɬɨɜɢɦɫɦɿɬɬɹɦɇɚ
ɬɨɦɿɫɬɶɣɨɝɨɫɥɿɞɩɟɪɟɞɚɬɢɧɚɜɿɞɩɨɜɿɞɧɢɣ
ɩɭɧɤɬɡɛɨɪɭɟɥɟɤɬɪɢɱɧɨɝɨɬɚɟɥɟɤɬɪɨɧɧɨɝɨ
ɨɛɥɚɞɧɚɧɧɹɳɨɩɿɞɥɹɝɚɽɩɨɜɬɨɪɧɿɣɩɟɪɟ
ɪɨɛɰɿɉɨɞɛɚɜɲɢɩɪɨɧɚɥɟɠɧɭɥɿɤɜɿɞɚɰɿɸ
ɜɢɪɨɛɭɜɢɞɨɩɨɦɨɠɟɬɟɩɨɩɟɪɟɞɢɬɢɦɨɠɥɢɜɿ
ɧɟɝɚɬɢɜɧɿɧɚɫɥɿɞɤɢɞɥɹɞɨɜɤɿɥɥɹɬɚɡɞɨɪɨɜ¶ɹ
ɥɸɞɟɣɹɤɿɦɨɝɥɢɛɜɢɧɢɤɧɭɬɢɜɪɚɡɿɧɟɩɪɚ
ɜɢɥɶɧɨɝɨɩɨɜɨɞɠɟɧɧɹɡɰɢɦɜɢɪɨɛɨɦȾɥɹ
ɨɞɟɪɠɚɧɧɹɛɿɥɶɲɞɨɤɥɚɞɧɨʀɿɧɮɨɪɦɚɰɿʀɩɪɨ
ɩɨɜɬɨɪɧɭɩɟɪɟɪɨɛɤɭɰɶɨɝɨɜɢɪɨɛɭɡɜɟɪɬɚɣɬɟɫɶ
ɭɦɿɫɰɟɜɿɨɪɝɚɧɢɜɥɚɞɢɰɟɧɬɪɩɨɜɬɨɪɧɨʀɩɟ
ɪɟɪɨɛɤɢɱɢɜɦɚɝɚɡɢɧɭɹɤɨɦɭɛɭɥɨɩɪɢɞɛɚɧɨ
ɜɢɪɿɛ
0.ɋɢɦɛɨɥɨɬɧɚɩɪɨɢɡɜɨɞɨɬɢɥɢɧɚ
ɧɟɝɨɜɨɬɨɩɚɤɭɜɚʃɟɩɨɤɚɠɭɜɚɞɟɤɚɨɜɨʁ
ɩɪɨɢɡɜɨɞɧɟɫɦɟɟɞɚɫɟɬɪɟɬɢɪɚɤɚɤɨ
ɨɬɩɚɞɨɞɞɨɦɚʅɢɧɫɬɜɚɬɚɇɚɦɟɫɬɨɬɨɚʅɟ
ɛɢɞɟɩɪɟɞɚɞɟɧɧɚɫɨɨɞɜɟɬɧɚɬɚɫɬɚɧɢɰɚ
ɡɚɨɬɩɚɞɡɚɪɟɰɢɤɥɢɪɚʃɟɧɚɟɥɟɤɬɪɢɱɧɚ
ɢɟɥɟɤɬɪɨɧɫɤɚɨɩɪɟɦɚɋɨɩɪɚɜɢɥɧɨ
ɮɪɥɚʃɟɧɚɨɜɨʁɩɪɨɢɡɜɨɞʅɟɩɨɦɨɝɧɟɬɟ
ɞɚɫɟɫɩɪɟɱɚɬɩɨɬɟɧɰɢʁɚɥɧɢɬɟɧɟɝɚɬɢɜɧɢ
ɩɨɫɥɟɞɢɰɢɡɚɠɢɜɨɬɧɚɬɚɫɪɟɞɢɧɚɢɡɞɪɚɜʁɟɬɨ
ɧɚɥɭɼɟɬɨɤɨɢɢɧɚɤɭɛɢɦɨɠɟɥɟɞɚɧɚɫɬɚɧɚɬ
ɨɞɧɟɩɪɚɜɢɥɧɨɪɚɤɭɜɚʃɟɫɨɨɬɩɚɞɨɬɧɚ
ɨɜɨʁɩɪɨɢɡɜɨɞɁɚɩɨɞɟɬɚɥɧɢɢɧɮɨɪɦɚɰɢɢ
ɨɤɨɥɭɪɟɰɢɤɥɢɪɚʃɟɬɨɧɚɨɜɨʁɩɪɨɢɡɜɨɞ
ɤɨɧɬɚɤɬɢɪɚʁɬɟʁɚɜɚɲɚɬɚɥɨɤɚɥɧɚɝɪɚɞɫɤɚ
ɤɚɧɰɟɥɚɪɢʁɚɫɟɪɜɢɫɨɬɡɚɮɪɥɚʃɟɧɚɨɬɩɚɞ
ɨɞɞɨɦɚʅɢɧɫɬɜɚɬɚɢɥɢɩɪɨɞɚɜɧɢɰɚɬɚɜɨɤɨʁɚ
ɫɬɟɝɨɤɭɩɢɥɟɩɪɨɢɡɜɨɞɨɬ
52$FHVWVLPERODSOLFDWSHSURGXVVDXDPED
ODMLQGLFăIDSWXOFăSURGXVXOQXDUWUHEXLFRQVL
GHUDWGHúHXFDVQLFÌQVFKLPEDFHVWDWUHEXLH
SUHGDWFHQWUHORUGHFROHFWDUHDGHFYDWHGHUHFL
FODUHDHFKLSDPHQWHORUHOHFWULFHúLHOHFWURQLFH
$VLJXUkQGHOLPLQDUHDFRUHFWăDDFHVWXLSURGXV
DMXWDĠLODSUHYHQLUHDSRVLELOHORUFRQVHFLQĠHQH
JDWLYHDVXSUDPHGLXOXLúLVăQăWăĠLLXPDQHFDUH
SRW¿FDX]DWHWUDWDUHDLQDGHFYDWăDGHúHXULORU
UH]XOWDWHGLQDFHVWSURGXV3HQWUXLQIRUPDĠLL
GHWDOLDWHFXSULYLUHODUHFLFODUHDDFHVWXLSUR
GXVYăUXJăPVăFRQWDFWDĠLDXWRULWăĠLOHORFDOH
FHQWUHOHGHUHFLFODUHVDXPDJD]LQXO
+8(]DMHO|OpVDWHUPpNHQYDJ\DFVRPDJR
OiViQD]WMHOHQWLKRJ\DNpV]OpNHWDKi]WDUWiVL
KXOODGpNWyONO|QNHOONH]HOQL$]HOKDV]QiOWNp
V]OpNHWD]HOHNWURPRVpVHOHNWURQLNDLEHUHQ
GH]pVHNEHJ\ĦMWĘKHO\pUHNHOOV]iOOtWDQL$]]DO
KRJ\JRQGRVNRGLNDWHUPpNPHJIHOHOĘKXOODGpN
HOKHO\H]pVpUĘOVHJtWPHJHOĘ]QLDN|UQ\H]HWUH
pVD]HPEHULHJpV]VpJUHJ\DNRUROWOHKHWVpJHV
QHJDWtYN|YHWNH]PpQ\HNHWDPHO\HNHJ\pENpQW
DWHUPpNKHO\WHOHQKXOODGpNNH]HOpVHHVHWpQ
HOĘIRUGXOKDWQiQDN$WHUPpN~MUDKDV]QRVtWiVi
YDONDSFVRODWRVEĘYHEELQIRUPiFLypUWNpUMN
YHJ\HIHODNDSFVRODWRWDKHO\L|QNRUPiQ\]DW
WDOKXOODGpNNH]HOĘV]ROJiOWDWyNNDOYDJ\D]
]OHWWHODKRODWHUPpNHWPHJYiViUROWD
6/6LPEROQDL]GHONXDOLHPEDODåLR]QDþXMH
GDVWHPL]GHONRPQLGRYROMHQRUDYQDWLNRW]
RELþDMQLPLJRVSRGLQMVNLPLRGSDGNL7UHEDJDMH
RGGDWLQDXVWUH]QR]ELUQRUHFLNOLUQRPHVWR]D
HOHNWULþQRLQHOHNWURQVNRRSUHPR6SUDYLOQLP
RGODJDQMHPWHJDL]GHONDERVWHSRPDJDOLSUL
SUHSUHþHYDQMXSRWHQFLDOQLKQHJDWLYQLKYSOLYRY
QDRNROMHLQ]GUDYMHOMXGLNLJDVLFHUODKNR
SRY]URþLQHSULPHUQRRGODJDQMHWHJDL]GHOND
=DSRGUREQHMãHLQIRUPDFLMHRUHFLNOLUDQMXWHJD
L]GHONDVHREUQLWHQDORNDOQHREODVWLSULVWRMQH
]DRGVWUDQMHYDQMHRGSDGNRYDOLWUJRYLQRYND
WHULVWHNXSLOLL]GHOHN
$/6LPEROLPELSURGXNWRVHPELSDNHWLPLQH
WLMWUHJRQVHN\SURGXNWQXNPXQGWsWUDMWRKHW
VLPEHWXULQsVKWsSLDNH1sYHQGWsNsVDM
DLGRWsGRUs]RKHWSUDQsSLNsVSsUNDWsVH
WsJUXPEXOOLPLWSsUULFLNOLPLQHSDMLVMHYH
HOHNWULNHGKHHOHNWURQLNH'XNHXVLJXUXDU
TsN\SURGXNWWsKLGKHWVLoGXKHWMXGRWs
QGLKPRMsQsSDUDQGDOLPLQHSDVRMDYHQHJDWLYH
WsPXQGVKPHSsUPMHGLVLQGKHVKsQGHWLQH
QMHULXWHFLODPXQGWsQGU\VKHWsVKNDNWRKHQ
QJDWUDMWLPLLSDSsUVKWDWVKsPLPEHWMHYHWsNsWLM
SURGXNWL3sULQIRUPDFLRQPsWsGHWDMXDUPEL
ULFLNOLPLQHNsWLMSURGXNWLMXOXWHPLNRQWDNWRQL
]\UsQWXDMORNDOHWsT\WHWLWVKsUELPLQHKHGKMHV
VsPEHWXULQDYHVKWsSLDNHRVHG\TDQLQNXNHQL
EOHUsSURGXNWLQ
/7âLVVLPEROLVDQWJDPLQLRDUSDNXRWơVUHLã
NLDNDGJDPLQLRQHJDOLPDLãPHVWLVXEXLWLQơ
PLVDWOLHNRPLV-ƳUHLNLDQXJDEHQWLƳDWLWLQNDPą
HOHNWULQLǐLUHOHNWURQLQLǐSULHWDLVǐVXULQNLPR
SXQNWąSHUGLUELPXL3DVLUnjSLQGDPLWXRNDG
JDPLQ\VEnjWǐWLQNDPDLXWLOL]XRWDVSDGơVLWH
DSVLVDXJRWLQXRQHLJLDPǐSDVHNPLǐDSOLQNDL
LUåPRQLǐVYHLNDWDLNXULDVSULHãLQJXDWYHMX
VXNHOWǐQHWLQNDPDVãLRJDPLQLRXWLOL]DYLPDV
1RUơGDPLJDXWLLãVDPHVQĊLQIRUPDFLMąDSLHãLR
JDPLQLRSHUGLUELPąNUHLSNLWơVƳPLHVWRYDOGåLRV
LQVWLWXFLMąYLHWLQĊEXLWLQLǐDWOLHNǐWYDUN\PRWDU
Q\EąDUSDUGXRWXYĊNXULRMHƳVLJLMRWHJDPLQƳ
/9âLVVLPEROVX]L]VWUƗGƗMXPDXQLHSDNR
MXPDQRUƗGDNDL]VWUƗGƗMXPXQHYDUL]PHVW
VDG]ƯYHVDWNULWXPRV7ƗYLHWƗWRYDUQRGRW
SLHPƝURWƗHOHNWULVNRXQHOHNWURQLVNRLHNƗUWX
SƗUVWUƗGƗMDPRDWNULWXPXVDYƗNãDQDVYLHWƗ
1RGURãLQRWNDãLVL]VWUƗGƗMXPVWLHNL]PHVWV
SDUHL]ƗYHLGƗYDUDWSDOƯG]ƝWQRYƝUVWSRWHQFLƗOL
QHJDWƯYRLHWHNPLX]DSNƗUWƝMRYLGLXQFLOYƝNX
YHVHOƯEXNRSUHWƝMƗJDGƯMXPƗYDUUDGƯWQHSDUHL
]DãƯL]VWUƗGƗMXPXDWNULWXPXDSVDLPQLHNRãDQD
/DLVDƼHPWXSDSLOGLQIRUPƗFLMXSDUL]VWUƗGƗMX
PDSƗUVWUƗGLVD]LQLHWLHVDUYLHWƝMRSƗUYDOGL
SƗUVWUƗGHVFHQWUXYDLWLUG]QLHFƯEDVYLHWXNXUƗ
LHJƗGƗMƗWLHVL]VWUƗGƗMXPX
3/7HQV\PEROXPLHV]F]RQ\QDSURGXNFLH
OXERSDNRZDQLXR]QDF]DĪHSURGXNWXQLH
ZROQRXVXZDüUD]HP]H]Z\Ná\PLRGSDGNDPL]
JRVSRGDUVWZGRPRZ\FK=DPLDVWWHJRQDOHĪ\
JRSU]HND]DüRGSRZLHGQLHPXSXQNWRZL]ELyUNL
SU]HND]XMąFHPX
XU]ąG]HQLDHOHNWU\F]QHLHOHNWURQLF]QHGR
UHF\NOLQJX3LOQXMąFRGSRZLHGQLHJRXVXQLĊFLD
SURGXNWXSRPDJDV]]DSRELHJDFHZHQWXDOQ\FK
QHJDW\ZQ\PNRQVHNZHQFMRPGODĞURGRZLVNDL
]GURZLDOXG]NLHJRNWyUHPRJá\E\
]RVWDüVSRZRGRZDQHQLHZáDĞFLZ\PXVX
QLĊFLHP]XĪ\WHJRSURGXNWX6]F]HJyáRZH
LQIRUPDFMHGRW\F]ąFHUHF\NOLQJXRSLV\ZDQHJR
SURGXNWXPRĪQDX]\VNDüRGZáDG]ORNDOQ\FK
VáXĪE\]ELyUNLRGSDGyZ]JRVSRGDUVWZGRPR
Z\FKOXEXVSU]HGDZF\XU]ąG]HQLD
8$
ǵǺǥǿȀ
ȼɢɦɨɝɢɛɟɡɩɟɤɢ
Ɉɩɢɫɚɩɚɪɚɬɭ
ȼɚɪɨɱɧɚɩɨɜɟɪɯɧɹɬɚɩɭɥɶɬɤɟɪɭɜɚɧɧɹɧɚɝɪɿɜɚɱɚɦɢ
ȿɤɫɩɥɭɚɬɚɰɿɹɚɩɚɪɚɬɭ
ɍɜɿɦɤɧɟɧɧɹɬɚɜɢɦɤɧɟɧɧɹɚɩɚɪɚɬɭ
ɍɜɿɦɤɧɟɧɧɹɬɚɜɢɦɤɧɟɧɧɹɜɚɪɨɱɧɢɯɡɨɧ
ȱɧɬɟɥɟɤɬɭɚɥɶɧɚɩɟɪɟɪɜɚ
ȱɧɞɢɤɚɬɨɪɡɚɥɢɲɤɨɜɨʀɬɟɩɥɨɬɢ
Ɏɭɧɤɰɿɹɡɚɯɢɫɧɨɝɨɜɢɦɤɧɟɧɧɹ
Ȼɥɨɤɭɜɚɧɧɹɜɿɞɞɿɬɟɣ
Ɏɭɧɤɰɿɹɬɚɣɦɟɪɚ
Ɂɜɭɤɨɜɢɣɫɢɝɧɚɥ
Ɏɭɧɤɰɿɹɩɿɞɫɢɥɟɧɨɝɨɧɚɝɪɿɜɚɧɧɹ
ɉɨɪɚɞɢɬɚɪɟɤɨɦɟɧɞɚɰɿʀ
Ɇɨɧɬɚɠɚɩɚɪɚɬɭ
ɉɪɚɜɢɥɚɛɟɡɩɟɤɢɩɿɞɱɚɫɦɨɧɬɚɠɭ
ȼɫɬɚɧɨɜɥɟɧɧɹɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɜɪɨɛɨɱɭɩɨɜɟɪɯɧɸ
ȼɢɤɨɧɚɧɧɹɟɥɟɤɬɪɢɱɧɢɯɡɽɞɧɚɧɶ
ɉɿɞɤɥɸɱɟɧɧɹɞɨɟɥɟɤɬɪɨɦɟɪɟɠɿ
8$
ǽǼǽdzǾdzDzǴdzǻǻȍȇǼ
ǿȀǼǿȁȌȀȊǿȍǯdzǵǽdzǸǶ
ɍȼȺɀɇɈɌȺɉɈȼɇȱɋɌɘɉɊɈɑɂɌȺɃ
Ɍȿ ɐȿ ɄȿɊȱȼɇɂɐɌȼɈ ɉȿɊɒ ɇȱɀ
ɉɈɑɂɇȺɌɂɄɈɊɂɋɌɍȼȺɇɇəɋȼɈȲɆ
ȺɉȺɊȺɌɈɆɁȻȿɊȿɀȱɌɖɄȿɊȱȼɇɂɐ
ɌȼɈɍɁɊɍɑɇɈɆɍɆȱɋɐȱȾɅəɆȺɃ
ȻɍɌɇɖɈȽɈȼɂɄɈɊɂɋɌȺɇɇə
ɐȿ ɄȿɊȱȼɇɂɐɌȼɈ ȯ ɋɉȱɅɖɇɂɆ
ȾɅə ȾȿɄȱɅɖɄɈɏ ɆɈȾȿɅȿɃ ȾȿəɄȱ
ɎɍɇɄɐȱȲ əɄȱ ɈɉɂɋȺɇɈ ȼ ɇɖɈɆɍ
ɆɈɀɍɌɖ ȻɍɌɂ ȼȱȾɋɍɌɇȱ ɍ ȼȺɒɈ
ɆɍȺɉȺɊȺɌȱɑɂɌȺɘɑɂɄȿɊȱȼɇɂɐ
ɌȼɈ ɁȼȿɊɌȺɃɌȿ ɍȼȺȽɍ ɇȺ ȼɂɊȺ
ɁɂɁɉɈɋɂɅȺɇɇəɆɂɇȺɊɂɋɍɇɄɂ
ǵȎȑȎșȪțȳȝȜȝȓȞȓȒȔȓțțȭȧȜ
ȟȠȜȟȡȬȠȪȟȭȏȓȕȝȓȘȖ
Ʉɨɪɢɫɬɭɜɚɬɢɫɶ ɚɩɚ
ɪɚɬɨɦɦɨɠɭɬɶɞɿɬɢɜɿ
ɤɨɦɜɿɞɪɨɤɿɜɨɫɨɛɢ
ɡ ɩɨɝɿɪɲɟɧɢɦɢ ɮɿ
ɡɢɱɧɢɦɢ ɱɭɬɬɽɜɢɦɢ
ɱɢ ɪɨɡɭɦɨɜɢɦɢ ɡɞɿɛ
ɧɨɫɬɹɦɢ ɚɛɨ ɥɸɞɢ
ɹɤɢɦ ɛɪɚɤɭɽ ɡɧɚɧɶ
ɚɛɨ ɞɨɫɜɿɞɭ ɡɚ ɭɦɨ
ɜɢɹɤɳɨɯɬɨɫɶɧɚɝɥɹ
ɞɚɽɡɚɧɢɦɢɩɨɹɫɧɸɽ
ɧɟɛɟɡɩɟɤɢ ɩɨɜɹɡɚ
ɧɿ ɡ ɤɨɪɢɫɬɭɜɚɧɧɹɦ
ɚɩɚɪɚɬɭ ɬɚ ɧɚɜɱɚɽ
ɤɨɪɢɫɬɭɜɚɬɢɫɶ ɧɢɦ
ɜ ɛɟɡɩɟɱɧɢɣ ɫɩɨɫɿɛ
Ⱦɿɬɢ ɧɟ ɦɚɸɬɶ ɝɪɚ
ɬɢɫɹɡɚɩɚɪɚɬɨɦɁɚ
ɛɨɪɨɧɟɧɨ ɞɿɬɹɦ ɛɟɡ
ɧɚɝɥɹɞɭɡɞɿɣɫɧɸɜɚɬɢ
ɱɢɳɟɧɧɹ ɬɚ ɩɨɬɨɱɧɟ
ɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
ɍȼȺȽȺȺɩɚɪɚɬɿɣɨɝɨ
ɞɨɫɬɭɩɧɿ ɞɟɬɚɥɿ ɩɿɞ
ɱɚɫ ɪɨɛɨɬɢ ɧɚɝɪɿ
ɜɚɸɬɶɫɹ ɞɨ ɜɢɫɨɤɨʀ
ɬɟɦɩɟɪɚɬɭɪɢ ɇɟɨɛ
ɯɿɞɧɨ ɛɭɬɢ ɨɛɟɪɟɠ
ɧɢɦ ɳɨɛ ɧɟ ɞɨɬɢ
ɤɚɬɢɫɹ ɞɨ ɧɚɝɪɿɜɧɢɯ
ɟɥɟɦɟɧɬɿɜ Ⱦɿɬɟɣ ɜɿ
ɤɨɦ ɞɨ  ɪɨɤɿɜ ɹɤɿ
ɧɟ ɩɟɪɟɛɭɜɚɸɬɶ ɩɿɞ
ɩɨɫɬɿɣɧɢɦ ɧɚɝɥɹɞɨɦ
ɧɟɫɥɿɞɞɨɩɭɫɤɚɬɢɞɨ
ɚɩɚɪɚɬɭ
ɍȼȺȽȺ Ƚɨɬɭɜɚɬɢ ʀɠɿ
ɧɚ ɜɚɪɨɱɧɿɣ ɩɨɜɟɪɯ
ɧɿɡɚɥɢɲɢɜɲɢʀʀɛɟɡ
ɧɚɝɥɹɞɭ ɦɨɠɟ ɛɭɬɢ
ɧɟɛɟɡɩɟɱɧɨɰɟɦɨɠɟ
ɩɪɢɡɜɟɫɬɢ ɞɨ ɩɨɠɟ
ɠɿɇȱ ȼəɄɈɆɍ ɊȺɁȱ
ɧɟ ɧɚɦɚɝɚɣɬɟɫɹ ɝɚ
ɫɢɬɢ ɩɨɠɟɠɭ ɜɨɞɨɸ
ȼɢɦɤɧɿɬɶ ɚɩɚɪɚɬ ɚ
ɩɿɫɥɹɰɶɨɝɨɧɚɤɪɢɣɬɟ
ɩɨɥɭɦɹ ɧɚɩɪɢɤɥɚɞ
8$
ɤɪɢɲɤɨɸ ɱɢ ɩɨɜɫɬɢ
ɧɨɸ
ɍȼȺȽȺ ɇɟɛɟɡɩɟɤɚ
ɩɨɠɟɠɿ ɇɟ ɫɤɥɚɞɚɣ
ɬɟɧɚɜɚɪɨɱɧɿɩɨɜɟɪɯ
ɧɿɠɨɞɧɿɩɪɟɞɦɟɬɢ
ɍȼȺȽȺ ɍ ɪɚɡɿ ɭɬɜɨ
ɪɟɧɧɹ ɬɪɿɳɢɧɢ ɜ
ɩɨɜɟɪɯɧɿ ɜɢɦɤɧɿɬɶ
ɚɩɚɪɚɬ ɳɨɛ ɭɧɢɤɧɭ
ɬɢ ɦɨɠɥɢɜɨɫɬɿ ɭɪɚ
ɠɟɧɧɹ ɟɥɟɤɬɪɢɱɧɢɦ
ɫɬɪɭɦɨɦ
ɇɟ ɦɨɠɧɚ ɤɥɚɫɬɢ ɧɚ
ɿɧɞɭɤɰɿɣɧɭ ɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸ ɦɟɬɚɥɟ
ɜɿ ɩɪɟɞɦɟɬɢ ɹɤɨɬ
ɧɨɠɿ ɜɢɞɟɥɤɢ ɥɨɠ
ɤɢɬɚɤɪɢɲɤɢ²ɜɨɧɢ
ɦɨɠɭɬɶ ɧɚɝɪɿɜɚɬɢɫɶ
ɞɨ ɜɢɫɨɤɨʀ ɬɟɦɩɟɪɚ
ɬɭɪɢ
ɉɿɫɥɹ ɤɨɪɢɫɬɭɜɚɧ
ɧɹ ɿɧɞɭɤɰɿɣɧɨɸ ɩɨ
ɜɟɪɯɧɟɸ ɜɢɦɢɤɚɣɬɟ
ɧɚɝɪɿɜɧɿ ɟɥɟɦɟɧɬɢ
ɡɚ ɞɨɩɨɦɨɝɨɸ ɜɿɞ
ɩɨɜɿɞɧɢɯ ɟɥɟɦɟɧɬɿɜ
ɤɟɪɭɜɚɧɧɹɧɟɩɨɤɥɚ
ɞɚɣɬɟɫɶɧɚɞɚɜɚɱɧɚ
ɹɜɧɨɫɬɿɩɨɫɭɞɭ
əɤɳɨ ɜɚɪɨɱɧɭ ɩɨ
ɜɟɪɯɧɸ ɨɫɧɚɳɟɧɨ
ɤɪɢɲɤɨɸ ɩɟɪɟɞ ɜɿɞ
ɤɪɢɬɬɹɦɤɪɢɲɤɢɫɥɿɞ
ɭɫɭɧɭɬɢ ɡ ɧɟʀ ɛɭɞɶ
ɹɤɿ ɪɨɡɥɢɬɿ ɪɿɞɢɧɢ
Ʉɪɿɦ ɬɨɝɨ ɩɟɪɲ ɧɿɠ
ɡɚɤɪɢɜɚɬɢ ɤɪɢɲɤɭ
ɫɥɿɞɞɨɱɟɤɚɬɢɫɶɨɯɨ
ɥɨɞɠɟɧɧɹ ɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿ
Ⱥɩɚɪɚɬ ɧɟ ɩɪɢɡɧɚ
ɱɟɧɢɣ ɞɥɹ ɪɨɛɨɬɢ
ɩɿɞ ɤɟɪɭɜɚɧɧɹɦ ɡɨ
ɜɧɿɲɧɶɨɝɨ ɬɚɣɦɟɪɚ
ɱɢ ɨɤɪɟɦɨʀ ɫɢɫɬɟɦɢ
ɞɢɫɬɚɧɰɿɣɧɨɝɨ ɤɟɪɭ
ɜɚɧɧɹ
ɇɟ ɤɨɪɢɫɬɭɣɬɟɫɹ
ɠɨɪɫɬɤɢɦɢ ɚɛɪɚɡɢɜ
ɧɢɦɢ ɡɚɫɨɛɚɦɢ ɱɢ
ɝɨɫɬɪɢɦɢ ɦɟɬɚɥɟɜɢ
ɦɢ ɲɤɪɟɛɤɚɦɢ ɞɥɹ
ɱɢɳɟɧɧɹ ɫɤɥɚ ɞɜɟɪ
ɰɹɬ ɞɭɯɨɜɤɢ ɬɚ ɿɧ
ɲɢɯɩɨɜɟɪɯɨɧɶɜɨɧɢ
ɦɨɠɭɬɶ ɩɨɞɪɹɩɚɬɢ
ɩɨɜɟɪɯɧɸ ɳɨ ɦɨɠɟ
ɩɪɢɡɜɟɫɬɢɞɨɩɨɲɤɨ
8$
ɞɠɟɧɧɹɫɤɥɚɱɢɿɧɲɨʀ
ɩɨɜɟɪɯɧɿ
ɇɟɤɨɪɢɫɬɭɣɬɟɫɹɞɥɹ
ɱɢɳɟɧɧɹɚɩɚɪɚɬɭɩɚ
ɪɨɜɢɦɢ ɨɱɢɳɭɜɚɱɚ
ɦɢ
Ⱥɩɚɪɚɬ ɜɢɝɨɬɨɜɥɟɧɨ ɭ ɜɿɞɩɨɜɿɞ
ɧɨɫɬɿɞɨɜɫɿɯɱɢɧɧɢɯ ɧɚɰɿɨɧɚɥɶ
ɧɢɯ ɿ ɦɿɠɧɚɪɨɞɧɢɯ ɫɬɚɧɞɚɪɬɿɜ ɿ
ɩɪɚɜɢɥ
Ɍɟɯɧɿɱɧɟ ɨɛɫɥɭɝɨɜɭɜɚɧɧɹ ɬɚ
ɪɟɦɨɧɬ ɦɭɫɹɬɶ ɡɞɿɣɫɧɸɜɚɬɢɫɹ
ɬɿɥɶɤɢ ɜɩɨɜɧɨɜɚɠɟɧɢɦɢ ɫɩɟ
ɰɿɚɥɿɫɬɚɦɢ ɡ ɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
Ɂɞɿɣɫɧɟɧɧɹɦɨɧɬɚɠɧɢɯɿɪɟɦɨɧɬ
ɧɢɯ ɪɨɛɿɬ ɧɟɤɜɚɥɿɮɿɤɨɜɚɧɢɦɢ
ɨɫɨɛɚɦɢ ɦɨɠɟ ɩɪɢɡɜɨɞɢɬɢ ɞɨ
ɜɢɧɢɤɧɟɧɧɹɧɟɛɟɡɩɟɤɢȼɜɨɞɢɬɢ
ɛɭɞɶɹɤɿ ɡɦɿɧɢ ɜ ɤɨɧɫɬɪɭɤɰɿʀ ɱɢ
ɯɚɪɚɤɬɟɪɢɫɬɢɤɚɯɚɩɚɪɚɬɭɧɟɛɟɡ
ɩɟɱɧɨ
ɉɟɪɟɞɦɨɧɬɚɠɟɦɩɟɪɟɤɨɧɚɣɬɟɫɶ
ɭɬɨɦɭɳɨɦɿɫɰɟɜɿɭɦɨɜɢɩɨɫɬɚ
ɱɚɧɧɹ ɜɢɞ ɿ ɬɢɫɤ ɝɚɡɭ ɧɚɩɪɭɝɚ
ɬɚ ɱɚɫɬɨɬɚ ɟɥɟɤɬɪɨɟɧɟɪɝɿʀ ɜɿɞ
ɩɨɜɿɞɚɸɬɶ ɜɢɦɨɝɚɦ ɚɩɚɪɚɬɭ ɐɿ
ɜɢɦɨɝɢɚɩɚɪɚɬɭɧɚɜɟɞɟɧɨɧɚɬɚ
ɛɥɢɱɰɿ
ɁȺɋɌȿɊȿɀȿɇɇə ɐɟɣ ɚɩɚɪɚɬ
ɩɪɢɡɧɚɱɟɧɢɣ ɥɢɲɟ ɞɥɹ ɩɪɢɝɨ
ɬɭɜɚɧɧɹ ʀɠɿ ɬɚ ɜɢɤɨɪɢɫɬɚɧɧɹ ɜ
ɩɪɢɦɿɳɟɧɧɿ ɧɟ ɫɥɿɞ ɜɢɤɨɪɢɫɬɨ
ɜɭɜɚɬɢɚɩɚɪɚɬɡɿɧɚɤɲɨɸɦɟɬɨɸ
ɱɢ ɜ ɿɧɲɢɯ ɭɦɨɜɚɯ ɧɚɩɪɢɤɥɚɞ
ɧɟɞɥɹɩɨɛɭɬɨɜɨɝɨɩɪɢɝɨɬɭɜɚɧɧɹ
ʀɠɿ ɭ ɤɨɦɟɪɰɿɣɧɢɯ ɰɿɥɹɯ ɱɢ ɞɥɹ
ɨɩɚɥɟɧɧɹɩɪɢɦɿɳɟɧɶ
ɉɿɞ ɱɚɫ ɜɢɝɨɬɨɜɥɟɧɧɹ ɚɩɚɪɚɬɭ
ɛɭɥɨɜɠɢɬɨɜɫɿɯɦɨɠɥɢɜɢɯɡɚɯɨ
ɞɿɜɞɥɹɡɚɛɟɡɩɟɱɟɧɧɹɛɟɡɩɟɤɢɤɨ
ɪɢɫɬɭɜɚɱɚ Ɉɫɤɿɥɶɤɢ ɫɤɥɨ ɦɨɠɟ
ɪɨɡɛɢɜɚɬɢɫɹ ɩɿɞ ɱɚɫ ɱɢɳɟɧɧɹ
ɫɥɿɞɛɭɬɢɨɛɟɪɟɠɧɢɦɳɨɛɧɟɩɨ
ɞɪɹɩɚɬɢɫɤɥɨɇɟɜɞɚɪɬɟɩɨɫɤɥɭ
ɹɤɢɦɫɶɩɪɢɥɚɞɞɹɦ
ɉɿɞɱɚɫɦɨɧɬɚɠɭɫɬɟɠɬɟɡɚɬɢɦ
ɳɨɛɧɟɩɟɪɟɝɧɭɬɢɲɧɭɪɠɢɜɥɟɧ
ɧɹ ɓɨɛ ɭɧɢɤɧɭɬɢ ɧɟɛɟɡɩɟɤɢ
ɡɚɦɿɧɭ ɲɧɭɪɚ ɠɢɜɥɟɧɧɹ ɜ ɪɚɡɿ
ɩɨɲɤɨɞɠɟɧɧɹɦɚɽɡɞɿɣɫɧɢɬɢɜɢ
ɪɨɛɧɢɤɣɨɝɨɚɝɟɧɬɿɡɨɛɫɥɭɝɨɜɭ
ɜɚɧɧɹɱɢɨɫɨɛɢɚɧɚɥɨɝɿɱɧɨʀɤɜɚ
ɥɿɮɿɤɚɰɿʀ
ǵȎȟȠȓȞȓȔȓțțȭȧȜȒȜȚȜțȠȎȔȡ
ɇɟ ɤɨɪɢɫɬɭɣɬɟɫɶ ɚɩɚɪɚɬɨɦ ɞɨ
ɡɚɤɿɧɱɟɧɧɹɦɨɧɬɚɠɭ
Ɇɨɧɬɚɠɬɚɜɜɟɞɟɧɧɹɜɟɤɫɩɥɭɚ
ɬɚɰɿɸ ɚɩɚɪɚɬɭ ɦɚɽ ɡɞɿɣɫɧɸɜɚɬɢ
ɜɩɨɜɧɨɜɚɠɟɧɢɣ ɬɟɯɧɿɱɧɢɣ ɫɩɟ
ɰɿɚɥɿɫɬȼɢɪɨɛɧɢɤɧɟɧɟɫɟɜɿɞɩɨ
ɜɿɞɚɥɶɧɿɫɬɶɡɚɛɭɞɶɹɤɿɞɟɮɟɤɬɢ
ɹɤɿɦɨɠɭɬɶɜɢɧɢɤɧɭɬɢɜɧɚɫɥɿɞɨɤ
ɧɟɩɪɚɜɢɥɶɧɨɝɨɪɨɡɬɚɲɭɜɚɧɧɹɬɚ
ɦɨɧɬɚɠɭɨɫɨɛɚɦɢɹɤɿɧɟɦɚɸɬɶ
ɜɿɞɩɨɜɿɞɧɢɯɩɨɜɧɨɜɚɠɟɧɶ
Ɋɨɡɩɚɤɭɜɚɜɲɢ ɚɩɚɪɚɬ ɩɟɪɟɤɨ
ɧɚɣɬɟɫɶɭɬɨɦɭɳɨɣɨɝɨɧɟɛɭɥɨ
ɩɨɲɤɨɞɠɟɧɨɩɿɞɱɚɫɬɪɚɧɫɩɨɪɬɭ
ɜɚɧɧɹɍɪɚɡɿɧɚɹɜɧɨɫɬɿɛɭɞɶɹɤɨʀ
ɧɟɫɩɪɚɜɧɨɫɬɿ ɧɟ ɤɨɪɢɫɬɭɣɬɟɫɶ
ɚɩɚɪɚɬɨɦ ɚ ɧɟɝɚɣɧɨ ɡɜɟɪɧɿɬɶ
ɫɹ ɞɨ ɤɜɚɥɿɮɿɤɨɜɚɧɨɝɨ ɚɝɟɧɬɚ ɡ
ɨɛɫɥɭɝɨɜɭɜɚɧɧɹ Ɉɫɤɿɥɶɤɢ ɩɚɤɭ
ɜɚɥɶɧɿ ɦɚɬɟɪɿɚɥɢ ɧɟɣɥɨɧ ɫɤɨ
ɛɢ ɩɿɧɨɩɨɥɿɫɬɢɪɨɥ ɬɨɳɨ ɦɨ
ɠɭɬɶɛɭɬɢɲɤɿɞɥɢɜɢɦɢɞɥɹɞɿɬɟɣ
ʀɯɧɟɫɥɿɞɡɛɟɪɿɝɚɬɢɧɟɝɚɣɧɨɩɨɡ
ɛɚɜɬɟɫɶʀɯ
Ɂɚɯɢɫɬɿɬɶɚɩɚɪɚɬɜɿɞɚɬɦɨɫɮɟɪ
ɧɢɯɹɜɢɳɇɟɩɿɞɞɚɜɚɣɬɟɣɨɝɨɞɿʀ
8$
ɫɨɧɰɹɞɨɳɭɫɧɿɝɭɬɨɳɨ
Ɇɚɬɟɪɿɚɥɢ ɧɚɜɤɨɥɨ ɚɩɚɪɚ
ɬɭ ɬɭɦɛɚ ɦɚɸɬɶ ɛɭɬɢ ɡɞɚɬ
ɧɿ ɜɢɬɪɢɦɭɜɚɬɢ ɬɟɦɩɟɪɚ
ɬɭɪɭ ɧɟ ɦɟɧɲɟ ɧɿɠ &
ɇɢɡɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɩɿɞɧɚɝɪɿ
ɜɚɽɬɶɫɹɩɿɞɱɚɫɪɨɛɨɬɢɌɨɦɭɩɿɞ
ɜɢɪɨɛɨɦɫɥɿɞɜɫɬɚɧɨɜɢɬɢɬɟɩɥɨ
ɿɡɨɥɹɰɿɣɧɭɩɚɧɟɥɶ
ǽȳȒȥȎȟȘȜȞȖȟȠȡȐȎțțȭ
ɉɿɞɱɚɫɪɨɛɨɬɢɚɩɚɪɚɬɭɜɧɶɨɦɭ
ɬɚɩɨɪɹɞɿɡɧɢɦɧɟɦɚɽɛɭɬɢɥɟɝ
ɤɨɡɚɣɦɢɫɬɢɯɱɢɝɨɪɸɱɢɯɦɚɬɟɪɿ
ɚɥɿɜ
ɧɟ ɡɚɥɢɲɚɣɬɟ ɩɥɢɬɭ ɛɟɡ ɧɚɝɥɹ
ɞɭɝɨɬɭɸɱɢɜɧɿɣʀɠɭɡɜɢɤɨɪɢɫ
ɬɚɧɧɹɦɪɿɞɤɢɯɱɢɬɜɟɪɞɢɯɠɢɪɿɜ
ɋɢɥɶɧɨɧɚɝɪɿɬɿɠɢɪɢɦɨɠɭɬɶɡɚ
ɝɨɪɿɬɢɫɹɇɿɜɹɤɨɦɭɪɚɡɿɧɟɝɚɫɿɬɶ
ɩɨɥɭɦɹ ɨɥɿʀ ɜɨɞɨɸ Ɂɚɝɚɫɿɬɶ ɰɟ
ɩɨɥɭɦɹɧɚɤɪɢɜɲɢ ɤɚɫɬɪɭɥɸɱɢ
ɫɤɨɜɨɪɿɞɤɭɤɪɢɲɤɨɸɬɚɜɢɦɤɧɿɬɶ
ɩɥɢɬɭ
ɋɬɚɜɢɬɢ ɤɚɫɬɪɭɥɿ ɡɚɜɠɞɢ ɫɥɿɞ
ɧɚɞ ɰɟɧɬɪɨɦ ɜɚɪɨɱɧɨʀ ɡɨɧɢ ɚ
ɪɭɱɤɢɪɨɡɜɟɪɬɚɬɢɭɛɟɡɩɟɱɧɟɩɨ
ɥɨɠɟɧɧɹɳɨɛʀɯɧɟɦɨɠɧɚɛɿɥɨ
ɫɬɭɤɧɭɬɢɱɢɡɚɱɟɩɢɬɢ
əɤɳɨ ɩɟɪɟɞɛɚɱɚɽɬɶɫɹ ɧɟ ɤɨɪɢ
ɫɬɭɜɚɬɢɫɶ ɚɩɚɪɚɬɨɦ ɩɪɨɬɹɝɨɦ
ɬɪɢɜɚɥɨɝɨɱɚɫɭɜɢɦɤɧɿɬɶɣɨɝɨɡ
ɪɨɡɟɬɤɢɇɟɡɚɥɢɲɚɣɬɟɝɨɥɨɜɧɢɣ
ɜɢɦɢɤɚɱ ɤɟɪɭɜɚɧɧɹ ɜɜɿɦɤɧɟɧɢɦ
Ɍɚɤɨɠ ɤɨɥɢ ɧɟ ɤɨɪɢɫɬɭɽɬɟɫɶ
ɚɩɚɪɚɬɨɦ ɩɟɪɟɤɪɢɜɚɣɬɟ ɝɚɡɨ
ɜɢɣɤɪɚɧ
Ʉɨɥɢ ɚɩɚɪɚɬ ɧɟ ɜɢɤɨɪɢɫɬɨɜɭ
ɽɬɶɫɹ ɨɛɨɜɹɡɤɨɜɨ ɩɟɪɟɤɨɧɭɣ
ɬɟɫɶ ɭ ɬɨɦɭ ɳɨ ɪɭɱɤɢ ɤɟɪɭ
ɜɚɧɧɹ ɚɩɚɪɚɬɨɦ ɩɟɪɟɜɟɞɟɧɨ
ɜ ɩɨɥɨɠɟɧɧɹ ©ª ɜɢɦɤɧɟɧɨ
ǽȳȒȥȎȟȥȖȧȓțțȭȠȎȠȓȣțȳȥ
țȜȑȜȜȏȟșȡȑȜȐȡȐȎțțȭ
ɉɟɪɲ ɧɿɠ ɩɨɱɢɧɚɬɢ ɬɚɤɿ ɪɨɛɨɬɢ
ɹɤ ɱɢɳɟɧɧɹ ɱɢ ɬɟɯɧɿɱɧɟ ɨɛɫɥɭ
ɝɨɜɭɜɚɧɧɹɚɩɚɪɚɬɭɣɨɝɨɨɛɨɜɹɡ
ɤɨɜɨ ɫɥɿɞ ɜɢɦɢɤɚɬɢ ɐɟ ɦɨɠɧɚ
ɪɨɛɢɬɢɜɢɦɤɧɭɜɲɢɚɩɚɪɚɬɿɡɪɨ
ɡɟɬɤɢɱɢɩɟɪɟɜɿɜɲɢɣɨɝɨɜɢɦɢɤɚ
ɱɿɭɩɨɥɨɠɟɧɧɹ©ɜɢɦɤɧɟɧɨª
Ⱦɥɹ ɱɢɳɟɧɧɹ ɩɚɧɟɥɿ ɤɟɪɭɜɚɧɧɹ
ɧɟɫɥɿɞɡɧɿɦɚɬɢɪɭɱɤɢɤɟɪɭɜɚɧɧɹ
ȾɅəɁȻȿɊȿɀȿɇɇəȿɎȿɄɌɂȼ
ɇɈɋɌȱɌȺȻȿɁɉȿɄɂȺɉȺɊȺɌɍ
ɊȿɄɈɆȿɇȾɍȯɌɖɋəɁȺȼɀȾɂ
ɄɈɊɂɋɌɍȼȺɌɂɋɖɈɊɂȽȱɇȺɅɖ
ɇɂɆɂɁȺɉȺɋɇɂɆɂɑȺɋɌɂ
ɇȺɆɂȺȼɊȺɁȱɉɈɌɊȿȻɂ
ɁȼȿɊɌȺɌɂɋɖɌȱɅɖɄɂȾɈ
ȼɉɈȼɇɈȼȺɀȿɇɂɏȺȽȿɇɌȱȼɁ
ɈȻɋɅɍȽɈȼɍȼȺɇɇə
8$
ɉɪɢɦɿɬɤɚɑɟɪɟɡɧɚɹɜɧɿɫɬɶɪɿɡɧɢɯɤɨɧɮɿɝɭɪɚɰɿɣɡɨɜɧɿɲɧɿɣɜɢɝɥɹɞɜɚɲɨʀ
ɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɦɨɠɟɜɿɞɪɿɡɧɹɬɢɫɶɜɿɞɡɨɛɪɚɠɟɧɨɝɨɧɚɪɢɫɭɧɤɭ
ǼǽǶǿǿǸǹǼǸdzǾǮǺǥȅǻǼǦǰǮǾǼȅǻǼǦǽǼǰdzǾȃǻǥ
ɒɚɧɨɜɧɢɣɫɩɨɠɢɜɚɱ
ɉɟɪɲɧɿɠɤɨɪɢɫɬɭɜɚɬɢɫɹɰɿɽɸɜɚɪɨɱɧɨɸɩɨɜɟɪɯɧɟɸɩɪɨɱɢɬɚɣɬɟɜɤɚɡɿɜɤɢɹɤɿ
ɦɿɫɬɹɬɶɫɹɭɰɶɨɦɭɤɟɪɿɜɧɢɰɬɜɿɡɟɤɫɩɥɭɚɬɚɰɿʀɿɡɛɟɪɟɠɿɬɶʀʀɞɥɹɩɨɞɚɥɶɲɨɝɨ
ɜɢɤɨɪɢɫɬɚɧɧɹ
ǰȎȞȜȥțȎȝȜȐȓȞȣțȭȕțȎȑȞȳȐȎȥȎȚȖ
ȱɧɞɭɤɰɿɣɧɢɣɧɚɝɪɿɜɧɢɣɟɥɟɦɟɧɬ
ɉɚɧɟɥɶɤɟɪɭɜɚɧɧɹ
8$
ɉɭɥɶɬɤɟɪɭɜɚɧɧɹɩɚɧɟɥɿɡɧɚɝɪɿɜɚɱɚɦɢ
Ɂɛɿɥɶɲɟɧɧɹɡɚɞɚɧɨʀɩɨɬɭɠɧɨɫɬɿ
ɚɛɨɱɚɫɭɬɚɣɦɟɪɚ
Ⱦɢɫɩɥɟɣɧɚɝɪɿɜɚɱɚ
ȼɢɛɿɪɥɿɜɨɝɨɜɟɪɯɧɶɨɝɨɧɚɝɪɿɜɚɱɚ
Ⱦɢɫɩɥɟɣɬɚɣɦɟɪɚ
ȼɢɛɿɪɩɪɚɜɨɝɨɜɟɪɯɧɶɨɝɨ
ɧɚɝɪɿɜɚɱɚ
Ȼɥɨɤɭɜɚɧɧɹɤɥɚɜɿɲ
ȱɧɞɢɤɚɬɨɪɛɥɨɤɭɜɚɧɧɹɤɥɚɜɿɲ
ȱɧɬɟɥɟɤɬɭɚɥɶɧɚɩɚɭɡɚ
Ɂɦɟɧɲɟɧɧɹɡɚɞɚɧɨʀɩɨɬɭɠɧɨɫɬɿ
ɚɛɨɱɚɫɭɬɚɣɦɟɪɚ
ȼɢɛɿɪɥɿɜɨɝɨɧɢɠɧɶɨɝɨ
ɧɚɝɪɿɜɚɱɚ
Ɍɚɣɦɟɪ
ȼɢɛɿɪɩɪɚɜɨɝɨɧɢɠɧɶɨɝɨ
ɧɚɝɪɿɜɚɱɚ
ɉɿɞɫɢɥɟɧɧɹ
 ɍɜɿɦɤɧɟɧɧɹɬɚɜɢɦɤɧɟɧɧɹ
23
12
9 1310
67
14
8
15
11
4
8$
dzǸǿǽǹȁǮȀǮȄǥȍǮǽǮǾǮȀȁ
ɇɚɜɚɪɨɱɧɿɡɨɧɢɫɥɿɞɫɬɚɜɢɬɢɩɨɫɭɞɡ
ɜɿɞɩɨɜɿɞɧɢɦɢɯɚɪɚɤɬɟɪɢɫɬɢɤɚɦɢ
ɉɿɫɥɹ ɜɜɿɦɤɧɟɧɧɹ ɧɚɩɪɭɝɢ ɠɢɜɥɟɧɧɹ
ɜɫɿɞɢɫɩɥɟʀɧɚɞɟɹɤɢɣɱɚɫɡɚɫɜɿɱɭɸɬɶ
ɫɹɉɨɡɚɤɿɧɱɟɧɧɿɰɶɨɝɨɱɚɫɭɜɚɪɨɱɧɚ
ɩɨɜɟɪɯɧɹɩɟɪɟɯɨɞɢɬɶɭ ɱɟɪɝɨɜɢɣɪɟ
ɠɢɦɬɨɛɬɨɝɨɬɨɜɚɞɥɹɜɢɤɨɪɢɫɬɚɧɧɹ
Ʉɟɪɭɜɚɧɧɹ ɜɚɪɨɱɧɨɸ ɩɨɜɟɪɯɧɟɸ
ɡɞɿɣɫɧɸɽɬɶɫɹ ɡɚ ɞɨɩɨɦɨɝɨɸ ɟɥɟɤ
ɬɪɨɧɧɢɯ ɫɟɧɫɨɪɧɢɯ ɤɧɨɩɨɤ ɹɤɿ ɫɩɪɚ
ɰɶɨɜɭɸɬɶ ɭ ɪɚɡɿ ɞɨɬɢɤɭ ɇɚɬɢɫɤɚɧɧɹ
ɤɨɠɧɨʀɫɟɧɫɨɪɧɨʀɤɧɨɩɤɢɫɭɩɪɨɜɨɞɠɭ
ɽɬɶɫɹɡɜɭɤɨɜɢɦɫɢɝɧɚɥɨɦ
ȁȐȳȚȘțȓțțȭȎȝȎȞȎȠȡ
ɍɜɿɦɤɧɿɬɶ ɚɩɚɪɚɬ ɧɚɬɢɫɧɭɜɲɢ ɤɥɚɜɿ
ɲɭɜɜɿɦɤɧɟɧɧɹ ɇɚɞɢɫɩɥɟɹɯɭɫɿɯ
ɧɚɝɪɿɜɚɱɿɜɜɿɞɨɛɪɚɡɹɬɶɫɹɧɭɥɿɩɪɢɱɨ
ɦɭɤɪɚɩɤɢɭɩɪɚɜɢɯɧɢɠɧɿɯɤɭɬɚɯɞɢɫ
ɩɥɟʀɜ ɛɥɢɦɚɬɢɦɭɬɶ əɤɳɨ ɩɪɨɬɹɝɨɦ
ɫɟɤɭɧɞɧɟɜɢɛɪɚɬɢɠɨɞɧɭɜɚɪɨɱɧɭ
ɡɨɧɭɜɚɪɨɱɧɚɩɨɜɟɪɯɧɹɚɜɬɨɦɚɬɢɱɧɨ
ɜɢɦɤɧɟɬɶɫɹ
ǰȖȚȘțȓțțȭȎȝȎȞȎȠȡ
ȼɚɪɨɱɧɭɩɨɜɟɪɯɧɸɦɨɠɧɚɭɛɭɞɶ
ɹɤɢɣɦɨɦɟɧɬɜɢɦɤɧɭɬɢɧɚɬɢɫɧɭɜɲɢ
ɤɥɚɜɿɲɭ 
Ʉɥɚɜɿɲɚɜɜɿɦɤɧɟɧɧɹ ɡɚɜɠɞɢɦɚɽ
ɩɪɿɨɪɢɬɟɬɭɮɭɧɤɰɿʀɜɢɦɤɧɟɧɧɹ
ȁȐȳȚȘțȓțțȭȐȎȞȜȥțȖȣȕȜț
Ⱦɨɬɨɪɤɧɿɬɶɫɹɞɨɤɥɚɜɿɲɿɜɢɛɨɪɭɧɚɝɪɿ
ɜɚɱɚɧɚɹɤɨɦɭɩɨɬɪɿɛɧɨɝɨɬɭɜɚɬɢʀɠɭ
ɇɚɞɢɫɩɥɟʀɜɢɛɪɚɧɨɝɨɧɚɝɪɿɜɚɱɚɤɪɚ
ɩɤɚ ɡɚɫɜɿɱɭɽɬɶɫɹ ɩɨɫɬɿɣɧɢɦ ɫɜɿɬɥɨɦ
ɤɪɚɩɤɢ ɳɨ ɛɥɢɦɚɥɢ ɧɚ ɿɧɞɢɤɚɬɨɪɚɯ
ɿɧɲɢɯɧɚɝɪɿɜɚɱɿɜɡɝɚɫɚɸɬɶ
ȼɢɛɟɪɿɬɶ ɡɚɞɚɧɭ ɬɟɦɩɟɪɚɬɭɪɭ ɤɥɚɜɿ
ɲɚɦɢɡɛɿɥɶɲɟɧɧɹ ɱɢɡɦɟɧɲɟɧɧɹ
ɩɨɬɭɠɧɨɫɬɿ ɧɚɝɪɿɜɚɱɚ Ɍɟɩɟɪ ɧɚ
ɰɶɨɦɭ ɟɥɟɦɟɧɬɿ ɦɨɠɧɚ ɝɨɬɭɜɚɬɢ ʀɠɭ
ɓɨɛ ɹɤɧɚɣɲɜɢɞɲɟ ɡɚɤɢɩɹɬɢɬɢ ʀɠɭ
ɜɢɛɟɪɿɬɶɩɨɬɪɿɛɧɢɣɪɿɜɟɧɶɩɨɬɭɠɧɨɫɬɿ
ɿɧɚɬɢɫɧɿɬɶɤɥɚɜɿɲɭ3ɳɨɛɭɜɿɦɤɧɭɬɢ
ɮɭɧɤɰɿɸɩɿɞɫɢɥɟɧɨɝɨɧɚɝɪɿɜɚɧɧɹ
ǰȖȚȘțȓțțȭȐȎȞȜȥțȖȣȕȜț
ȼɢɛɟɪɿɬɶɟɥɟɦɟɧɬɹɤɢɣɩɨɬɪɿɛɧɨ
ɜɢɦɤɧɭɬɢɧɚɬɢɫɧɭɜɲɢɜɿɞɩɨɜɿɞɧɭ
ɤɥɚɜɿɲɭɡɛɿɥɶɲɟɧɧɹɩɨɬɭɠɧɨɫɬɿɧɚɝɪɿ
ɜɚɱɚ
ɇɚɬɢɫɤɚɸɱɢɤɥɚɜɿɲɭ ɡɦɟɧɲɿɬɶ
ɩɨɬɭɠɧɿɫɬɶɞɨɧɭɥɹɁɦɟɧɲɢɬɢ
ɩɨɬɭɠɧɿɫɬɶɞɨɧɭɥɹɦɨɠɧɚɬɚɤɨɠ
ɨɞɧɨɱɚɫɧɨɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɢ
ɬɚ 
əɤɳɨɜɚɪɨɱɧɚɡɨɧɚɳɟɝɚɪɹɱɚɡɚ
ɦɿɫɬɶɧɭɥɹɧɚɞɢɫɩɥɟʀɜɿɞɨɛɪɚɠɚɬɢ
ɦɟɬɶɫɹɥɿɬɟɪɚ©+ª
ǰȖȚȘțȓțțȭȐȟȳȣȐȎȞȜȥțȖȣȕȜț
ɓɨɛɨɞɧɨɱɚɫɧɨɜɢɦɤɧɭɬɢɜɫɿɜɚɪɨɱɧɿ
ɡɨɧɢɞɨɬɨɪɤɧɿɬɶɫɹɞɨɤɥɚɜɿɲɿ
ɍɱɟɪɝɨɜɨɦɭɪɟɠɢɦɿɥɿɬɟɪɚ©+ªɜɿɞɨ
ɛɪɚɠɚɽɬɶɫɹ ɧɚ ɞɢɫɩɥɟɹɯ ɭɫɿɯ ɜɚɪɨɱ
ɧɢɯɡɨɧɹɤɿɽɝɚɪɹɱɢɦɢ
ǥțȒȖȘȎȠȜȞȕȎșȖȦȘȜȐȜȑȜȠȓȝșȎ
ȱɧɞɢɤɚɬɨɪ ɡɚɥɢɲɤɨɜɨɝɨ ɬɟɩɥɚ ɜɿɞɨ
ɛɪɚɠɚɽɧɚɹɜɧɿɫɬɶɧɟɛɟɡɩɟɱɧɨɜɢɫɨɤɨʀ
ɬɟɦɩɟɪɚɬɭɪɢɫɤɥɨɤɟɪɚɦɿɱɧɨʀɩɨɜɟɪɯɧɿ
ɧɚɜɤɨɥɨɜɚɪɨɱɧɨʀɡɨɧɢ
ɉɿɫɥɹ ɜɢɦɤɧɟɧɧɹ ɜɚɪɨɱɧɨʀ ɡɨɧɢ ɧɚ
ɜɿɞɩɨɜɿɞɧɨɦɭ ɞɢɫɩɥɟʀ ɜɿɞɨɛɪɚɠɚɬɢ
ɦɟɬɶɫɹ ɥɿɬɟɪɚ ©+ª ɚɠ ɞɨɤɢ ɬɟɦɩɟ
ɪɚɬɭɪɚ ɜɿɞɩɨɜɿɞɧɨʀ ɜɚɪɨɱɧɨʀ ɡɨɧɢ ɧɟ
ɡɦɟɧɲɢɬɶɫɹɞɨɛɟɡɩɟɱɧɨɝɨɡɧɚɱɟɧɧɹ
8$
ȂȡțȘȤȳȭȕȎȣȖȟțȜȑȜȐȖȚȘțȓțțȭ
əɤɳɨɡɚɞɚɧɭɩɨɬɭɠɧɿɫɬɶɜɚɪɨɱɧɨʀɡɨɧɢ
ɧɟɡɦɿɧɸɜɚɬɢɩɨɡɚɤɿɧɱɟɧɧɿɩɟɜɧɨɝɨ
ɦɚɤɫɢɦɚɥɶɧɨɝɨɱɚɫɭɪɨɛɨɬɢɰɸɜɚɪɨɱ
ɧɭɡɨɧɭɛɭɞɟɜɢɦɤɧɟɧɨȻɭɞɶɹɤɚɡɦɿɧɚ
ɳɨɞɨɜɚɪɨɱɧɨʀɡɨɧɢɜɿɞɧɨɜɥɸɽɩɨɱɚɬ
ɤɨɜɢɣɦɚɤɫɢɦɚɥɶɧɢɣɱɚɫʀʀɪɨɛɨɬɢ
Ɇɚɤɫɢɦɚɥɶɧɢɣɱɚɫɪɨɛɨɬɢɡɚɥɟɠɢɬɶ
ɜɿɞɜɢɛɪɚɧɨɝɨɞɿɚɩɚɡɨɧɭɬɟɦɩɟɪɚɬɭɪɢ
Ⱦɨɱɟɤɚɣɬɟɫɶɩɨɤɢɞɥɹɜɫɿɯɡɨɧ
ɡɧɢɤɧɟɛɭɤɜɚ©)ªɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸɤɧɨɩɤɨɸ ɬɚɩɪɨɞɨɜ
ɠɭɣɬɟɤɨɪɢɫɬɭɜɚɬɢɫɶɧɟɸ
ɇɚɥɚɲɬɭɜɚɧɧɹ
ɩɨɬɭɠɧɨɫɬɿ
Ɂɚɯɢɫɧɟ
ɜɢɦɤɧɟɧɧɹ
ɱɟɪɟɡ
 ɝɨɞɢɧ
 ɝɨɞɢɧ
ɝɨɞɢɧɢ
 ɝɨɞɢɧɢ
ǯșȜȘȡȐȎțțȭȐȳȒȒȳȠȓȗ
ɉɿɫɥɹɜɫɬɚɧɨɜɥɟɧɧɹɰɶɨɝɨɩɚɪɚɦɟɬɪɚ
ɦɨɠɧɚɜɜɿɦɤɧɭɬɢɮɭɧɤɰɿɸɛɥɨɤɭɜɚɧɧɹ
ɜɿɞɞɿɬɟɣɓɨɛɭɜɿɦɤɧɭɬɢɛɥɨɤɭɜɚɧɧɹ
ɜɿɞɞɿɬɟɣɫɥɿɞɨɞɧɨɱɚɫɧɨɧɚɬɢɫɧɭɬɢ
ɩɟɪɟɞɧɿɤɥɚɜɿɲɿɡɛɿɥɶɲɟɧɧɹ ɬɚ
ɡɦɟɧɲɟɧɧɹ ɩɨɬɭɠɧɨɫɬɿɚɩɨɬɿɦ
ɡɧɨɜɧɚɬɢɫɧɭɬɢɤɥɚɜɿɲɭɡɛɿɥɶɲɟɧɧɹ
ɩɨɬɭɠɧɨɫɬɿ ɇɚɞɢɫɩɥɟɹɯɭɫɿɯ
ɧɚɝɪɿɜɚɱɿɜɛɭɞɟɜɿɞɨɛɪɚɠɟɧɨɥɿɬɟɪɭ
©/ªɜɿɞɫɥɨɜɚ©/2&.('ª²ɡɚɛɥɨ
ɤɨɜɚɧɨɩɿɫɥɹɱɨɝɨɡɦɿɧɢɬɢʀɯɧɿɣɫɬɚɧ
ɧɟɦɨɠɥɢɜɨəɤɳɨɜɚɪɨɱɧɚɡɨɧɚɽ
ɝɚɪɹɱɨɸɧɚʀʀɞɢɫɩɥɟʀɩɨɱɟɪɝɨɜɨɜɿɞɨ
ɛɪɚɠɚɬɢɦɭɬɶɫɹɥɿɬɟɪɢ©/ªɿ©+ª
ȼɚɪɨɱɧɚɩɨɜɟɪɯɧɹɡɚɥɢɲɚɬɢɦɟɬɶɫɹ
ɜɡɚɛɥɨɤɨɜɚɧɨɦɭɫɬɚɧɿɞɨɤɢʀʀɧɟ
ɪɨɡɛɥɨɤɭɸɬɶɿɡɛɟɪɿɝɚɬɢɦɟɬɨɣɫɬɚɧ
ɧɚɜɿɬɶɭɪɚɡɿɜɢɦɤɧɟɧɧɹɬɚɩɨɜɬɨɪɧɨ
ɝɨɜɜɿɦɤɧɟɧɧɹɩɭɥɶɬɚɤɟɪɭɜɚɧɧɹ
ɓɨɛɜɢɦɤɧɭɬɢɛɥɨɤɭɜɚɧɧɹɜɿɞɞɿɬɟɣ
ɫɥɿɞɫɩɨɱɚɬɤɭɜɜɿɦɤɧɭɬɢɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸɈɞɧɨɱɚɫɧɨɧɚɬɢɫɧɿɬɶ
ɩɟɪɟɞɧɿɤɥɚɜɿɲɿɡɛɿɥɶɲɟɧɧɹ ɬɚ
ɡɦɟɧɲɟɧɧɹ ɩɨɬɭɠɧɨɫɬɿɚɩɨɬɿɦ
ɡɧɨɜɧɚɬɢɫɧɿɬɶɤɥɚɜɿɲɭ
ɡɦɟɧɲɟɧɧɹɩɨɬɭɠɧɨɫɬɿ Ɂɞɢɫ
ɩɥɟʀɜɡɧɢɤɧɟɥɿɬɟɪɚ©/ªɿɜɚɪɨɱɧɚ
ɩɨɜɟɪɯɧɹɜɢɦɤɧɟɬɶɫɹ
ǯșȜȘȡȐȎțțȭȘșȎȐȳȦ
Ɏɭɧɤɰɿɹɛɥɨɤɭɜɚɧɧɹɤɥɚɜɿɲɫɥɭ
ɠɢɬɶɞɥɹɛɥɨɤɭɜɚɧɧɹɿɩɟɪɟɜɟɞɟɧɧɹ
ɚɩɚɪɚɬɭɜɛɟɡɩɟɱɧɢɣɪɟɠɢɦɩɿɞɱɚɫ
ɪɨɛɨɬɢɍɰɶɨɦɭɪɟɠɢɦɿɧɟɦɨɠɥɢɜɨ
ɡɤɥɚɜɿɚɬɭɪɢɡɦɿɧɢɬɢɪɿɜɟɧɶɧɚɝɪɿɜɚɧ
ɧɹɱɢɿɧɲɿɧɚɫɬɪɨɣɤɢɆɨɠɧɚɬɿɥɶɤɢ
ɜɢɦɤɧɭɬɢɚɩɚɪɚɬ
Ⱦɥɹɜɜɿɦɤɧɟɧɧɹɮɭɧɤɰɿʀɛɥɨɤɭɜɚɧɧɹ
ɫɥɿɞɧɚɬɢɫɧɭɬɢɤɧɨɩɤɭɛɥɨɤɭɜɚɧɧɹ
ɤɥɚɜɿɚɬɭɪɢ ɩɪɢɧɚɣɦɧɿɧɚɫɟ
ɤɭɧɞɢɐɹɞɿɹɩɿɞɬɜɟɪɞɠɭɽɬɶɫɹɡɜɭɤɨ
ɜɢɦɫɢɝɧɚɥɨɦɉɨɡɚɤɿɧɱɟɧɧɿɫɟɤɭɧɞ
ɿɧɞɢɤɚɬɨɪɛɥɨɤɭɜɚɧɧɹɤɥɚɜɿɚɬɭɪɢ
ɛɥɢɦɧɟɿɧɚɝɪɿɜɚɱɛɭɞɟɡɚɛɥɨɤɨɜɚɧɨ
ȂȡțȘȤȳȭȠȎȗȚȓȞȎ
Ɏɭɧɤɰɿɹɬɚɣɦɟɪɚɪɟɚɥɿɡɭɽɬɶɫɹɞɜɨɦɚ
ɫɩɨɫɨɛɚɦɢ
ȀȎȗȚȓȞȕȐȜȞȜȠțȜȑȜȐȳȒșȳȘȡ²
ȣȐ
Ɍɚɣɦɟɪɨɦɡɜɨɪɨɬɧɨɝɨɜɿɞɥɿɤɭɦɨɠɧɚ
ɤɨɪɢɫɬɭɜɚɬɢɫɹɤɨɥɢɜɚɪɨɱɧɿɡɨɧɢ
ɜɢɦɤɧɟɧɨɇɚɞɢɫɩɥɟʀɬɚɣɦɟɪɚɜɿɞɨ
ɛɪɚɠɚɸɬɶɫɹɰɢɮɪɢ©ªɡɤɪɚɩɤɨɸ
ɳɨɛɥɢɦɚɽ
Ⱦɥɹɡɛɿɥɶɲɟɧɧɹɱɚɫɭɫɥɿɞɧɚɬɢɫɤɚɬɢ
ɤɥɚɜɿɲɭɧɚɥɚɲɬɭɜɚɧɧɹɬɚɣɦɟɪɚ
8$
ɚɞɥɹɡɦɟɧɲɟɧɧɹ²ɤɥɚɜɿɲɭ
Ƀɨɝɨɦɨɠɧɚɧɚɥɚɲɬɭɜɚɬɢɜɦɟɠɚɯ
ɜɿɞɞɨɯɜɢɥɢɧəɤɳɨɩɪɨɬɹɝɨɦ
ɫɟɤɭɧɞɧɟɪɨɛɢɬɢɠɨɞɧɢɯɞɿɣ
ɬɚɣɦɟɪɡɜɨɪɨɬɧɨɝɨɜɿɞɥɿɤɭɛɭɞɟ
ɜɫɬɚɧɨɜɥɟɧɨɿɤɪɚɩɤɚɳɨɛɥɢɦɚɽ
ɡɝɚɫɧɟɉɿɫɥɹɜɫɬɚɧɨɜɥɟɧɧɹɬɚɣɦɟɪ
ɜɿɞɪɚɯɨɜɭɽɱɚɫɭɡɜɨɪɨɬɧɨɦɭɧɚɩɪɹɦɿ
ɡɝɿɞɧɨɡɧɚɥɚɲɬɭɜɚɧɧɹɦ
ɉɪɨɫɩɥɢɜɚɧɧɹɱɚɫɭɚɩɚɪɚɬɩɪɨɫɢɝ
ɧɚɥɿɡɭɽɡɜɭɤɨɜɢɦɫɢɝɧɚɥɨɦɿɛɥɢ
ɦɚɧɧɹɦɞɢɫɩɥɟɹɁɜɭɤɨɜɢɣɫɢɝɧɚɥ
ɜɢɦɤɧɟɬɶɫɹɚɜɬɨɦɚɬɢɱɧɨɱɟɪɟɡ
ɫɟɤɭɧɞɿɚɛɨɩɿɫɥɹɧɚɬɢɫɤɚɧɧɹɛɭɞɶ
ɹɤɨʀɤɥɚɜɿɲɿ
Ɍɚɣɦɟɪɡɜɨɪɨɬɧɨɝɨɜɿɞɥɿɤɭɦɨɠɧɚɜ
ɛɭɞɶɹɤɢɣɱɚɫɡɦɿɧɢɬɢɱɢɜɢɦɤɧɭɬɢ
ɧɚɬɢɫɧɭɜɲɢɤɥɚɜɿɲɿɡɛɿɥɶɲɟɧɧɹ
ɬɚɚɛɨɡɦɟɧɲɟɧɧɹɱɚɫɭɬɚɣɦɟɪɚ
ɍɪɚɡɿɜɢɦɤɧɟɧɧɹɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿɲɥɹɯɨɦɧɚɬɢɫɤɚɧɧɹɤɥɚɜɿɲɿ
ɜɛɭɞɶɹɤɢɣɦɨɦɟɧɬɬɚɤɨɠɩɪɢ
ɡɜɟɞɟɞɨɜɢɦɤɧɟɧɧɹɬɚɣɦɟɪɚɡɜɨɪɨɬ
ɧɨɝɨɜɿɞɥɿɤɭ
ȀȎȗȚȓȞȐȎȞȜȥțȜȴȕȜțȖ²
ȣȐ
Ʉɨɥɢɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸɜɜɿɦɤɟɧɨ
ɞɥɹɤɨɠɧɨʀɜɚɪɨɱɧɨʀɡɨɧɢɦɨɠɧɚ
ɡɚɩɪɨɝɪɚɦɭɜɚɬɢɜɥɚɫɧɢɣɬɚɣɦɟɪ
ȼɢɛɟɪɿɬɶɜɚɪɨɱɧɭɡɨɧɭɜɫɬɚɧɨɜɿɬɶɡɚ
ɞɚɧɭɬɟɦɩɟɪɚɬɭɪɭɿɧɚɬɢɫɧɿɬɶɤɥɚɜɿɲɭ
ɬɚɣɦɟɪɚ Ɏɭɧɤɰɿɹɬɚɣɦɟɪɚɜɢɦɢ
ɤɚɽɜɚɪɨɱɧɭɡɨɧɭɇɚɜɤɨɥɨɬɚɣɦɟɪɚ
ɪɨɡɦɿɳɟɧɨɱɨɬɢɪɢɫɜɿɬɥɨɞɿɨɞɢȼɨɧɢ
ɜɤɚɡɭɸɬɶɧɚɬɟɞɥɹɹɤɨʀɜɚɪɨɱɧɨʀ
ɡɨɧɢɜɜɿɦɤɧɟɧɨɬɚɣɦɟɪ
Ɂɚɫɟɤɭɧɞɩɿɫɥɹɨɫɬɚɧɧɶɨʀɞɿʀɧɚ
ɞɢɫɩɥɟʀɬɚɣɦɟɪɚɩɨɱɧɟɜɿɞɨɛɪɚɠɚɬɢ
ɫɹɬɚɣɦɟɪɱɚɫɹɤɨɝɨɫɩɥɢɜɟɧɚɫɬɭɩ
ɧɢɦɹɤɳɨɡɚɩɪɨɝɪɚɦɨɜɚɧɨɛɿɥɶɲɟ
ɧɿɠɨɞɧɭɜɚɪɨɱɧɭɡɨɧɭ
Ʉɨɥɢɱɚɫɬɚɣɦɟɪɚɫɩɥɢɜɟɩɪɨɡɜɭɱɢɬɶ
ɡɜɭɤɨɜɢɣɫɢɝɧɚɥɿɧɚɞɢɫɩɥɟʀɬɚɣɦɟɪɚ
ɡɹɜɥɹɬɶɫɹɰɢɮɪɢ©ªɚɿɧɞɢɤɚɬɨɪ
ɬɚɣɦɟɪɚɜɿɞɩɨɜɿɞɧɨʀɜɚɪɨɱɧɨʀɡɨɧɢ
ɛɥɢɦɧɟɁɚɩɪɨɝɪɚɦɨɜɚɧɚɜɚɪɨɱɧɚ
ɡɨɧɚɜɢɦɤɧɟɬɶɫɹɿɹɤɳɨɰɹɡɨɧɚɝɚɪɹ
ɱɚɧɚɞɢɫɩɥɟʀɡɹɜɢɬɶɫɹɥɿɬɟɪɚ©+ª
Ɂɜɭɤɨɜɢɣɫɢɝɧɚɥɿɛɥɢɦɚɧɧɹɿɧɞɢɤɚ
ɬɨɪɚɬɚɣɦɟɪɚɩɪɢɩɢɧɢɬɶɫɹɚɜɬɨɦɚ
ɬɢɱɧɨɱɟɪɟɡɫɟɤɭɧɞɿɚɛɨɩɿɫɥɹ
ɧɚɬɢɫɤɚɧɧɹɛɭɞɶɹɤɨʀɤɥɚɜɿɲɿ
ǵȐȡȘȜȐȖȗȟȖȑțȎș
Ʉɨɥɢɜɚɪɨɱɧɚɩɨɜɟɪɯɧɹɩɪɚɰɸɽɡɜɭ
ɤɨɜɢɣɫɢɝɧɚɥɫɩɨɜɿɳɚɽɩɪɨɬɚɤɿɞɿʀ
ɡɜɢɱɚɣɧɟɧɚɬɢɫɤɚɧɧɹɤɥɚɜɿɲɿ²ɤɨ
ɪɨɬɤɢɣɡɜɭɤɨɜɢɣɫɢɝɧɚɥɧɟɩɟɪɟɪɜɧɟ
ɧɚɬɢɫɤɚɧɧɹɤɥɚɜɿɲɩɪɨɬɹɝɨɦɬɪɢ
ɜɚɥɨɝɨɱɚɫɭɫɟɤɭɧɞ²ɞɨɜɝɢɣ
ɩɟɪɟɪɢɜɱɚɫɬɢɣɡɜɭɤɨɜɢɣɫɢɝɧɚɥ
ȂȡțȘȤȳȭȝȳȒȟȖșȓțȜȑȜțȎȑȞȳȐȎțțȭ
ɋɥɿɞɜɢɛɪɚɬɢɜɚɪɨɱɧɭɡɨɧɭɜɫɬɚɧɨ
ɜɢɬɢɛɚɠɚɧɢɣɪɿɜɟɧɶɩɨɬɭɠɧɨɫɬɿɿɳɟ
ɪɚɡɧɚɬɢɫɧɭɬɢɧɚɬɢɫɧɭɬɢɤɥɚɜɿɲɭ3
ɩɿɞɫɢɥɟɧɟɧɚɝɪɿɜɚɧɧɹ
Ɏɭɧɤɰɿɸɩɿɞɫɢɥɟɧɨʀɩɨɬɭɠɧɨɫɬɿ
ɦɨɠɧɚɜɜɿɦɤɧɭɬɢɹɤɳɨɿɧɞɭɤɰɿɣɧɢɣ
ɦɨɞɭɥɶɩɿɞɬɪɢɦɭɽɰɟɧɚɥɚɲɬɭɜɚɧ
ɧɹɞɥɹɞɚɧɨʀɜɚɪɨɱɧɨʀɡɨɧɢəɤɳɨ
ɮɭɧɤɰɿɸɩɿɞɫɢɥɟɧɨɝɨɧɚɝɪɿɜɚɧɧɹ
ɜɜɿɦɤɧɟɧɨɧɚɜɿɞɩɨɜɿɞɧɨɦɭɞɢɫɩɥɟʀ
ɜɿɞɨɛɪɚɠɚɽɬɶɫɹɥɿɬɟɪɚ©3ª
ɍɜɿɦɤɧɟɧɧɹɮɭɧɤɰɿʀɩɿɞɫɢɥɟɧɨɝɨ
ɧɚɝɪɿɜɚɧɧɹɦɨɠɟɩɪɢɡɜɟɫɬɢɞɨɩɟɪɟ
ɜɢɳɟɧɧɹɦɚɤɫɢɦɚɥɶɧɨʀɩɨɬɭɠɧɨɫɬɿ
8$
ɬɚɫɩɪɚɰɸɜɚɧɧɹɜɛɭɞɨɜɚɧɨʀɮɭɧɤɰɿʀ
ɨɛɦɟɠɟɧɧɹɩɨɬɭɠɧɨɫɬɿ
ȼɢɦɭɲɟɧɟɡɦɟɧɲɟɧɧɹɩɨɬɭɠɧɨɫɬɿ
ɜɿɞɨɛɪɚɠɚɽɬɶɫɹɛɥɢɦɚɧɧɹɦɞɢɫɩɥɟɹɜɿɞ
ɩɨɜɿɞɧɨʀɜɚɪɨɱɧɨʀɡɨɧɢȾɢɫɩɥɟɣɛɥɢɦɚɽ
ɩɪɨɬɹɝɨɦɫɟɤɭɧɞɭɰɟɣɱɚɫɦɨɠɥɢɜɨ
ɡɦɿɧɢɬɢɧɚɥɚɲɬɭɜɚɧɧɹɩɨɬɭɠɧɨɫɬɿɩɟɪɲ
ɧɿɠɛɭɞɟɩɨɬɭɠɧɿɫɬɶɛɭɞɟɨɛɦɟɠɟɧɨ
8$
ǥțȠȓșȓȘȠȡȎșȪțȎȝȎȡȕȎ
Ʉɨɥɢɜɜɿɦɤɧɟɧɨɮɭɧɤɰɿɸɿɧɬɟɥɟɤɬɭɚɥɶ
ɧɨʀɩɚɭɡɢɡɦɟɧɲɭɽɬɶɫɹɩɨɬɭɠɧɿɫɬɶɭɫɿɯ
ɧɚɝɪɿɜɚɱɿɜɹɤɿɛɭɥɨɜɜɿɦɤɧɟɧɨ
ȼɢɦɤɧɟɧɧɹɿɧɬɟɥɟɤɬɭɚɥɶɧɨʀɩɚɭɡɢ
ɚɜɬɨɦɚɬɢɱɧɨɜɿɞɧɨɜɥɸɽɩɨɩɟɪɟɞɧɸ
ɩɨɬɭɠɧɿɫɬɶɧɚɝɪɿɜɚɱɿɜ
əɤɳɨɿɧɬɟɥɟɤɬɭɚɥɶɧɭɩɚɭɡɭɧɟ
ɜɢɦɤɧɭɬɢɜɚɪɨɱɧɚɩɨɜɟɪɯɧɹɚɜɬɨɦɚ
ɬɢɱɧɨɜɢɦɤɧɟɬɶɫɹɡɚɯɜɢɥɢɧɓɨɛ
ɭɜɿɦɤɧɭɬɢɿɧɬɟɥɟɤɬɭɚɥɶɧɭɩɚɭɡɭ
ɬɨɪɤɧɿɬɶɫɹɞɨɤɥɚɜɿɲɿɉɨɬɭɠ
ɧɿɫɬɶɭɜɿɦɤɧɟɧɨɝɨɧɚɝɪɿɜɚɱɚɧɚɝɪɿ
ɜɚɱɿɜɡɦɟɧɲɢɬɶɫɹɞɨɝɨɪɿɜɧɹɿɧɚ
ɜɫɿɯɞɢɫɩɥɟɹɯɡɹɜɥɹɬɶɫɹɞɜɿɩɚɪɚ
ɥɟɥɶɧɿɪɢɫɤɢ,,
ɓɨɛɜɢɦɤɧɭɬɢɿɧɬɟɥɟɤɬɭɚɥɶɧɭɩɚɭɡɭ
ɡɧɨɜɭɬɨɪɤɧɿɬɶɫɹɞɨɤɥɚɜɿɲɿ
ɉɚɪɚɥɟɥɶɧɿɪɢɫɤɢɡɧɢɤɧɭɬɶɿɧɚɝɪɿɜɚ
ɱɿɩɨɱɧɭɬɶɩɪɚɰɸɜɚɬɢɡɩɨɩɟɪɟɞɧɶɨ
ɜɫɬɚɧɨɜɥɟɧɨɸɩɨɬɭɠɧɿɫɬɸ
ǽǼǾǮDzǶȀǮǾdzǸǼǺdzǻDzǮȄǥǦ
ǽȜȟȡȒ
ā Ʉɨɪɢɫɬɭɣɬɟɫɶɩɨɫɭɞɨɦɿɡɬɨɜɫɬɢɦ
ɪɿɜɧɢɦɩɥɨɫɤɢɦɞɧɨɦɞɿɚɦɟɬɪɹɤɨɝɨ
ɜɿɞɩɨɜɿɞɚɽɞɿɚɦɟɬɪɭɟɥɟɦɟɧɬɚɐɟɫɩɪɢ
ɹɬɢɦɟɡɦɟɧɲɟɧɧɸɱɚɫɭɩɪɢɝɨɬɭɜɚɧɧɹ
ā ɇɚɣɥɿɩɲɿɪɟɡɭɥɶɬɚɬɢɝɨɬɭɜɚɧɧɹ
ɨɫɹɝɚɸɬɶɫɹɜɩɨɫɭɞɿɡɿɫɬɚɥɿɟɦɚɥɶɨ
ɜɚɧɨʀɫɬɚɥɿɱɚɜɭɧɭɬɚɧɟɪɠɚɜɿɸɱɨʀ
ɫɬɚɥɿɹɤɳɨɧɚɧɶɨɝɨɜɢɪɨɛɧɢɤɨɦ
ɧɚɧɟɫɟɧɨɜɿɞɩɨɜɿɞɧɿɦɚɪɤɭɜɚɧɧɹ
ā Ʉɨɪɢɫɬɭɜɚɧɧɹɩɨɫɭɞɨɦɡɟɦɚɥɶɨ
ɜɚɧɨʀɫɬɚɥɿɚɥɸɦɿɧɿɸɱɢɦɿɞɿɦɨɠɟ
ɩɪɢɡɜɨɞɢɬɢɞɨɭɬɜɨɪɟɧɧɹɧɚɜɚɪɨɱ
ɧɿɣɩɨɜɟɪɯɧɿɫɥɿɞɿɜɱɢɡɚɥɢɲɤɿɜɌɚɤɿ
ɡɚɥɢɲɤɢɜɚɠɤɨɜɢɞɚɥɹɸɬɶɫɹɑɢɫɬɿɬɶ
ɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸɤɨɠɧɨɝɨɪɚɡɭɩɿɫ
ɥɹɤɨɪɢɫɬɭɜɚɧɧɹ
ā ɉɨɫɭɞɽɩɪɢɞɚɬɧɢɦɞɥɹɜɢɤɨɪɢɫɬɚɧ
ɧɹɧɚɜɚɪɨɱɧɿɣɩɨɜɟɪɯɧɿɹɤɳɨɞɨ
ɧɶɨɝɨɩɪɢɫɬɚɽɦɚɝɧɿɬ
ā ɉɨɫɭɞɫɥɿɞɪɨɡɦɿɳɭɜɚɬɢɩɨɰɟɧɬɪɭ
ɜɚɪɨɱɧɨʀɡɨɧɢəɤɳɨɩɨɫɭɞɪɨɡɦɿɳɟɧɨ
ɧɟɩɪɚɜɢɥɶɧɨɜɿɞɨɛɪɚɠɚɽɬɶɫɹɫɢɦɜɨɥ
ā ɉɿɞɱɚɫɤɨɪɢɫɬɭɜɚɧɧɹɩɟɜɧɢɦɢ
ɜɢɞɚɦɢɩɨɫɭɞɭɦɨɠɧɚɩɨɱɭɬɢɹɤ
ɩɨɫɭɞɜɢɞɚɽɪɿɡɧɿɡɜɭɤɢɐɟɜɿɞɛɭɜɚ
ɽɬɶɫɹɜɧɚɫɥɿɞɨɤɤɨɧɫɬɪɭɤɰɿʀɩɨɫɭɞɭ
ɿɧɟɜɩɥɢɜɚɽɧɚɯɚɪɚɤɬɟɪɢɫɬɢɤɢɱɢ
ɛɟɡɩɟɤɭɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿ
ПРАВИЛЬНО НЕПРАВИЛЬНО
НЕПРАВИЛЬНО НЕПРАВИЛЬНО
dzțȓȞȑȜȕȏȓȞȓȔȓțțȭ
ā Ɂɨɧɢɿɧɞɭɤɰɿɣɧɨɝɨɧɚɝɪɿɜɚɧɧɹɭɩɟɜ
ɧɢɯɦɟɠɚɯɚɜɬɨɦɚɬɢɱɧɨɩɿɞɥɚɲɬɨ
8$
ɜɭɸɬɶɫɹɩɿɞɪɨɡɦɿɪɢɞɧɚɩɨɫɭɞɭ
Ɉɞɧɚɤɞɿɚɦɟɬɪɦɚɝɧɿɬɧɨʀɱɚɫɬɢɧɢɞɧɚ
ɩɨɜɢɧɟɧɦɚɬɢɩɟɜɧɢɣɦɿɧɿɦɚɥɶɧɢɣ
ɞɿɚɦɟɬɪɹɤɢɣɜɢɡɧɚɱɚɽɬɶɫɹɪɨɡɦɿɪɨɦ
ɜɚɪɨɱɧɨʀɡɨɧɢ
ā ɉɨɫɬɚɜɬɟɩɨɫɭɞɧɚɜɚɪɨɱɧɭɡɨɧɭɩɟɪɲ
ɧɿɠɜɦɢɤɚɬɢʀʀɉɟɪɲɧɿɠɩɨɫɭɞɫɬɨɹɬɢ
ɦɟɜɡɨɧɿɜɨɧɚɧɟɩɪɚɰɸɜɚɬɢɦɟɿɧɚ
ɞɢɫɩɥɟʀɜɿɞɨɛɪɚɠɚɬɢɦɟɬɶɫɹɤɨɧɬɪɨɥɶ
ā Ⱦɥɹɡɦɟɧɲɟɧɧɹɱɚɫɭɩɪɢɝɨɬɭɜɚɧɧɹ
ɝɨɬɭɣɬɟɩɿɞɤɪɢɲɤɨɸ
ā Ʉɨɥɢɪɿɞɢɧɚɩɨɱɢɧɚɬɢɦɟɤɢɩɿɬɢ
ɡɦɟɧɲɿɬɶɡɚɞɚɧɭɬɟɦɩɟɪɚɬɭɪɭ
ā Ⱦɥɹɡɦɟɧɲɟɧɧɹɱɚɫɭɩɪɢɝɨɬɭɜɚɧɧɹ
ɡɚɫɬɨɫɨɜɭɣɬɟɦɿɧɿɦɚɥɶɧɭɤɿɥɶɤɿɫɬɶ
ɪɿɞɢɧɢɱɢɠɢɪɭ
ā ȼɢɛɟɪɿɬɶɡɚɞɚɧɭɬɟɦɩɟɪɚɬɭɪɭɳɨ
ɜɿɞɩɨɜɿɞɚɽɜɢɞɭɬɟɪɦɨɨɛɪɨɛɤɢ
ǽȞȖȘșȎȒȖȐȖȒȳȐȠȓȞȚȜȜȏȞȜȏȘȖ
ȱɧɮɨɪɦɚɰɿɹɹɤɭɧɚɜɟɞɟɧɨɜɧɚɫɬɭɩ
ɧɿɣɬɚɛɥɢɰɿɩɪɢɡɧɚɱɟɧɚɥɢɲɟɞɥɹ
ɨɡɧɚɣɨɦɥɟɧɧɹ
ɇɚɥɚɲɬɭɜɚɧɧɹ ɉɪɢɡɧɚɱɟɧɧɹ
ȼɢɦɤɧɟɧɧɹ
ɟɥɟɦɟɧɬɚ
 Ɇɹɤɟɧɚɝɪɿɜɚɧɧɹ
 ɉɨɜɿɥɶɧɟ
ɤɢɩɹɬɿɧɧɹɩɨɜɿɥɶɧɟ
ɧɚɝɪɿɜɚɧɧɹ
 Ɋɨɡɿɝɪɿɜɚɧɧɹɿ
ɲɜɢɞɤɟɤɢɩɹɬɿɧɧɹ
Ʉɢɩɹɬɿɧɧɹ
ɩɚɫɟɪɭɜɚɧɧɹɬɚ
ɨɛɫɦɚɠɭɜɚɧɧɹ
Ɇɚɤɫɢɦɚɥɶɧɚ
ɩɨɬɭɠɧɿɫɬɶ
3ɉɿɞɫɢɥɟɧɟ
ɧɚɝɪɿɜɚɧɧɹ
ǽȜȞȎȒȖȕȥȖȧȓțțȭ
ā ɇɟɤɨɪɢɫɬɭɣɬɟɫɶɞɥɹɱɢɳɟɧɧɹ
ɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɲɥɿɮɭɜɚɥɶɧɢɦɢɩɨ
ɞɭɲɤɚɦɢɤɨɪɨɡɢɜɧɢɦɢɡɚɫɨɛɚɦɢɞɥɹ
ɱɢɳɟɧɧɹɚɟɪɨɡɨɥɶɧɢɦɢɡɚɫɨɛɚɦɢɞɥɹ
ɱɢɳɟɧɧɹɱɢɝɨɫɬɪɢɦɢɩɪɟɞɦɟɬɚɦɢ
ā Ⱦɥɹɭɫɭɜɚɧɧɹɩɪɢɝɨɪɿɥɨʀʀɠɿɧɚ
ɦɨɱɿɬɶʀʀɜɨɥɨɝɨɸɬɤɚɧɢɧɨɸɡɪɿɞɤɢɦ
ɦɢɣɧɢɦɡɚɫɨɛɨɦ
Ⱦɥɹɜɢɞɚɥɟɧɧɹɩɪɨɞɭɤɬɿɜɚɛɨʀɯ
ɧɿɯɡɚɥɢɲɤɿɜɦɨɠɧɚɤɨɪɢɫɬɭɜɚɬɢɫɹ
ɲɤɪɟɛɤɨɦɄɥɟɣɤɿɩɪɨɞɭɤɬɢɫɥɿɞɜɢ
ɞɚɥɹɬɢɨɞɪɚɡɭɩɿɫɥɹʀɯɧɶɨɝɨɜɢɥɢɜɭ
ɩɟɪɟɞɨɫɬɢɝɚɧɧɹɦɫɤɥɚ
ā Ȼɭɞɶɬɟɭɜɚɠɧɿɳɨɛɧɟɩɨɞɪɹɩɚɬɢ
ɲɤɪɟɛɤɨɦɫɢɥɿɤɨɧɨɜɢɣɤɥɟɣɹɤɢɣ
ɧɚɧɟɫɟɧɨɧɚɤɪɚʀɫɤɥɚ
ā ɇɚɲɤɪɟɛɤɨɜɿɽɥɟɡɨɬɨɦɭɣɨɝɨɫɥɿɞ
ɬɪɢɦɚɬɢɩɨɡɚɦɟɠɚɦɢɞɨɫɹɠɧɨɫɬɿɞɿɬɟɣ
ā Ʉɨɪɢɫɬɭɣɬɟɫɹɫɩɟɰɿɚɥɶɧɢɦɡɚɫɨɛɨɦ
ɞɥɹɱɢɳɟɧɧɹɤɟɪɚɦɿɱɧɢɯɩɨɜɟɪɯɨɧɶ
ɩɨɤɢɜɨɧɚɬɟɩɥɚɧɚɞɨɬɢɤȼɢɦɢɣɬɟʀʀ
ɬɚɜɢɬɟɪɿɬɶɧɚɫɭɯɨɬɤɚɧɢɧɨɸɱɢɩɚɩɟ
ɪɨɜɨɸɫɟɪɜɟɬɤɨɸ
ǺǼǻȀǮǴǽǾǶǹǮDzȁ
ȁǰǮDZǮ
ȿɥɟɤɬɪɢɱɧɟɩɿɞɤɥɸɱɟɧɧɹɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿɦɚɽɡɞɿɣɫɧɸɜɚɬɢɤɜɚɥɿɮɿ
ɤɨɜɚɧɢɣɟɥɟɤɬɪɢɤɭɜɿɞɩɨɜɿɞɧɨɫɬɿɡ
ɿɧɫɬɪɭɤɰɿɹɦɢɳɨɦɿɫɬɹɬɶɫɹɜɰɶɨɦɭ
ɤɟɪɿɜɧɢɰɬɜɿɚɬɚɤɨɠɱɢɧɧɢɦɢɩɪɚɜɢ
ɥɚɦɢəɤɳɨɜɧɚɫɥɿɞɨɤɧɟɩɪɚɜɢɥɶ
ɧɨɝɨɩɿɞɤɥɸɱɟɧɧɹɱɢɦɨɧɬɚɠɭɜɿɞɛɭ
ɞɟɬɶɫɹɹɤɚɫɶɚɜɚɪɿɹɱɢɩɨɲɤɨɞɠɟɧɧɹ
ɝɚɪɚɧɬɿɹɧɟɛɭɞɟɱɢɧɧɨɸȺɩɚɪɚɬɦɚɽ
ɛɭɬɢɡɚɡɟɦɥɟɧɨ
8$
ǽȞȎȐȖșȎȏȓȕȝȓȘȖȝȳȒȥȎȟȚȜțȠȎȔȡ
ăɉɨɜɟɪɯɧɹɛɭɞɶɹɤɨɝɨɩɪɟɞɦɟɬɭ
ɹɤɢɣɜɢɫɢɬɶɧɚɞɜɚɪɨɱɧɨɸɩɨɜɟɪɯ
ɧɟɸɦɚɽɛɭɬɢɪɨɡɬɚɲɨɜɚɧɚɧɚɜɢɫɨɬɿ
ɧɟɦɟɧɲɟɧɿɠɫɦɧɚɞɜɚɪɨɱɧɨɸ
ɩɨɜɟɪɯɧɟɸ
ā ȼɢɬɹɠɧɿɜɟɧɬɢɥɹɬɨɪɢɦɚɽɛɭɬɢ
ɜɫɬɚɧɨɜɥɟɧɨɜɿɞɩɨɜɿɞɧɨɞɨɜɤɚɡɿɜɨɤ
ɜɢɪɨɛɧɢɤɚ
ā ɋɬɿɧɚɹɤɚɞɨɬɢɤɚɽɬɶɫɹɞɨɡɚɞɧɶɨʀ
ɫɬɿɧɤɢɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɦɚɽɛɭɬɢ
ɜɢɝɨɬɨɜɥɟɧɚɡɧɟɝɨɪɸɱɨɝɨɦɚɬɟɪɿɚɥɭ
ā Ⱦɨɜɠɢɧɚɤɚɛɟɥɸɠɢɜɥɟɧɧɹɧɟɦɚɽ
ɩɟɪɟɜɢɳɭɜɚɬɢɦɟɬɪɢ
ǰȟȠȎțȜȐșȓțțȭȐȎȞȜȥțȜȴȝȜ
ȐȓȞȣțȳȐȞȜȏȜȥȡȝȜȐȓȞȣțȬ
ā Ɋɨɛɨɱɚɩɨɜɟɪɯɧɹɜɹɤɭɩɥɚɧɭɽɬɶɫɹ
ɜɫɬɚɧɨɜɥɸɜɚɬɢɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸ
ɦɚɽɛɭɬɢɫɬɿɣɤɨɸɞɨɬɟɦɩɟɪɚɬɭɪɧɟ
ɦɟɧɲɧɿɠ&
ā ȼɢɪɿɠɬɟɜɪɨɛɨɱɿɣɩɨɜɟɪɯɧɿɨɬɜɿɪ
ɪɨɡɦɿɪɢɹɤɨɝɨɩɨɤɚɡɚɧɨɧɚɪɢɫɭɧɤɭ
ɧɢɠɱɟɿɧɚɧɚɫɬɭɩɧɿɣɫɬɨɪɿɧɰɿ
ā ȱɧɞɭɤɰɿɣɧɭɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸɦɨɠ
ɧɚɜɛɭɞɨɜɭɜɚɬɢɜɪɨɛɨɱɿɩɨɜɟɪɯɧɿ
ɡɚɜɬɨɜɲɤɢɜɿɞɞɨɦɦ
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
8$
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
ɇɚɧɟɫɿɬɶɩɨɩɟɪɢɦɟɬɪɭɧɢɠɧɶɨɝɨ
ɤɪɚɸɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɜɡɞɨɜɠ
ɡɨɜɧɿɲɧɶɨɝɨɤɪɚɸɫɤɥɹɧɨʀɩɨɜɟɪɯɧɿ
ɨɞɧɨɛɿɱɧɭɭɳɿɥɶɧɸɜɚɥɶɧɭɥɢɩɤɭ
ɫɬɪɿɱɤɭɇɟɪɨɡɬɹɝɭɣɬɟʀʀ
8$
ā ɉɪɢɤɪɭɬɿɬɶɞɨɛɿɱɧɢɯɫɬɿɧɨɤɜɢɪɨɛɭ
ɦɨɧɬɚɠɧɿɫɤɨɛɢɞɥɹɤɪɿɩɥɟɧɧɹɞɨ
ɪɨɛɨɱɨʀɩɨɜɟɪɯɧɿ
ɋɤɨɛɚɞɥɹɦɨɧɬɚɠɭɜɪɨɛɨɱɭɩɨɜɟɪɯɧɸ
ǰȖȘȜțȎțțȭȓșȓȘȠȞȖȥțȖȣȕȱȒ
țȎțȪ
ɉɟɪɟɞɜɢɤɨɧɚɧɧɹɦɡɽɞɧɚɧɧɹɩɟɪɟɤɨ
ɧɚɣɬɟɫɶɭɬɨɦɭɳɨ
ɧɚɩɪɭɝɚɠɢɜɥɟɧɧɹɜɿɞɩɨɜɿɞɚɽɞɿɚ
ɩɚɡɨɧɭɡɚɡɧɚɱɟɧɨɦɭɧɚɩɚɫɩɨɪɬɧɿɣ
ɬɚɛɥɢɱɰɿɧɚɡɚɞɧɿɣɫɬɿɧɰɿɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿ
ɤɨɥɨɠɢɜɥɟɧɧɹɡɞɚɬɧɟɜɢɬɪɢɦɚɬɢ
ɧɚɜɚɧɬɚɠɟɧɧɹɹɤɟɫɬɜɨɪɸɽɚɩɚɪɚɬ
ɞɢɜɩɚɫɩɨɪɬɧɭɬɚɛɥɢɱɤɭ
ɭɦɟɪɟɠɿɠɢɜɥɟɧɧɹɩɟɪɟɞɛɚɱɟɧɨ
ɡɚɡɟɦɥɟɧɧɹɹɤɟɜɿɞɩɨɜɿɞɚɽɜɢɦɨɝɚɦ
ɩɨɬɨɱɧɢɯɩɪɚɜɢɥɬɚɩɪɢɞɚɬɧɟɞɥɹ
ɜɢɤɨɪɢɫɬɚɧɧɹ
ɜɢɦɢɤɚɱɿɡɡɚɩɨɛɿɠɧɢɤɨɦɥɟɝɤɨ
ɞɨɫɬɭɩɧɢɣɩɿɫɥɹɦɨɧɬɚɠɭɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿ
əɤɳɨɞɥɹɠɢɜɥɟɧɧɹɜɚɪɨɱɧɨʀɩɨ
ɜɟɪɯɧɿɧɟɩɟɪɟɞɛɚɱɟɧɨɨɤɪɟɦɟɤɨɥɨ
ɬɚɜɢɦɢɤɚɱɿɡɡɚɩɨɛɿɠɧɢɤɨɦɩɟɪɟɞ
ɩɿɞɤɥɸɱɟɧɧɹɦɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿ
ʀɯɦɚɽɜɫɬɚɧɨɜɢɬɢɤɜɚɥɿɮɿɤɨɜɚɧɢɣ
ɟɥɟɤɬɪɢɤ
ȼɿɞɳɢɬɤɚɩɚɧɟɥɿɡɚɩɨɛɿɠɧɢɤɿɜ
ɫɩɨɠɢɜɚɱɚɦɚɽɛɭɬɢɩɪɨɤɥɚɞɟɧɨ
ɜɢɡɧɚɧɢɣɩɪɢɞɚɬɧɢɦɤɚɛɟɥɶɡɚɯɢ
ɳɟɧɢɣɜɥɚɫɧɢɦɡɚɩɨɛɿɠɧɢɤɨɦɚɛɨ
ɚɜɬɨɦɚɬɢɱɧɢɦɜɢɦɢɤɚɱɟɦɧɚȺ
ȿɥɟɤɬɪɢɤɩɨɜɢɧɟɧɜɫɬɚɧɨɜɢɬɢɜɢɦɢ
ɤɚɱɿɡɡɚɩɨɛɿɠɧɢɤɚɦɢɧɚɜɫɿɩɪɨɜɿɞɧɢ
ɤɢɹɤɢɣɪɨɡɽɞɧɭɽɿɩɪɨɜɿɞɧɢɤɮɚɡɢ
ɿɩɪɨɜɿɞɧɢɤɧɟɣɬɪɚɥɿɡɡɚɡɨɪɨɦɦɿɠ
ɤɨɧɬɚɤɬɚɦɢɧɟɦɟɧɲɟɧɿɠɦɦ
ȼɢɦɢɤɚɱɿɡɡɚɩɨɛɿɠɧɢɤɚɦɢɦɚɽɛɭɬɢ
ɜɫɬɚɧɨɜɥɟɧɨɧɚɫɬɿɧɿɤɭɯɧɿɧɚɞ
ɪɨɛɨɱɨɸɩɨɜɟɪɯɧɟɸɡɛɨɤɭɜɿɞɜɚɪɨɱ
ɧɨʀɩɨɜɟɪɯɧɿɚɥɟɧɟɛɟɡɩɨɫɟɪɟɞɧɶɨ
ɧɚɞɧɟɸɡɝɿɞɧɨɡɩɪɚɜɢɥɚɦɢ,(((
ȼɢɦɢɤɚɱɿɡɡɚɩɨɛɿɠɧɢɤɚɦɢɫɥɿɞɡɽɞ
ɧɚɬɢɡɿɡɽɞɧɭɜɚɥɶɧɨɸɤɨɪɨɛɤɨɸɹɤɭ
ɫɥɿɞɜɫɬɚɧɨɜɢɬɢɧɚɫɬɿɧɭɧɚɜɢɫɨɬɿ
ɩɪɢɛɥɢɡɧɨɫɦɞɸɣɦɢɧɚɞ
ɪɿɜɧɟɦɩɿɞɥɨɝɢɡɚɜɚɪɨɱɧɨɸɩɨɜɟɪɯ
ɧɟɸɉɿɫɥɹɰɶɨɝɨɦɨɠɧɚɩɿɞɤɥɸɱɢɬɢ
ɤɚɛɟɥɶɠɢɜɥɟɧɧɹɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿ
ɉɿɞɤɥɸɱɿɬɶɣɨɝɨɨɞɧɢɦɤɿɧɰɟɦɞɨ
ɡɽɞɧɭɜɚɥɶɧɨʀɤɨɪɨɛɤɢɚɿɧɲɢɦɤɿɧ
ɰɟɦɞɨɤɨɪɨɛɤɢɠɢɜɥɟɧɧɹɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿɪɨɡɦɿɳɟɧɨʀɧɚɡɚɞɧɿɣɫɬɿɧɰɿ
ɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿɁɧɿɦɿɬɶɤɪɢɲɤɭ
ɤɨɪɨɛɤɢɠɢɜɥɟɧɧɹɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿ
ɿɩɿɞɤɥɸɱɿɬɶɤɚɛɟɥɶɡɝɿɞɧɨɡɿɫɯɟɦɨɸ
8$
ɩɿɞɤɥɸɱɟɧɧɹ
Ʉɚɛɟɥɶɠɢɜɥɟɧɧɹɫɥɿɞɪɨɡɦɿɫɬɢɬɢ
ɩɨɞɚɥɿɜɿɞɛɟɡɩɨɫɟɪɟɞɧɿɯɞɠɟɪɟɥ
ɬɟɩɥɚ
Ⱦɥɹɠɢɜɥɟɧɧɹɿɧɞɭɤɰɿɣɧɨʀɜɚɪɨɱɧɨʀ
ɩɨɜɟɪɯɧɿɦɚɽɜɢɤɨɪɢɫɬɨɜɭɜɚɬɢɫɶ
ɤɚɛɟɥɶ+99);4ɦɦðɹɤɢɣ
ɜɿɞɩɨɜɿɞɚɽɫɬɚɧɞɚɪɬɭ,(&
ɋɯɟɦɭɩɿɞɤɥɸɱɟɧɧɹɧɚɜɟɞɟɧɨɧɚɞɧɿ
ɚɩɚɪɚɬɭ
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
8
$
ǸǼDzǶǽǼǺǶǹǼǸ
ɍɪɚɡɿɜɢɧɢɤɧɟɧɧɹɩɨɦɢɥɤɢʀʀɤɨɞ
ɛɭɞɟɜɿɞɨɛɪɚɠɟɧɨɧɚɞɢɫɩɥɟɹɯɧɚɝɪɿ
ɜɚɱɿɜ
(ɇɟɫɩɪɚɜɧɢɣɜɟɧɬɢɥɹɬɨɪɨɯɨɥɨ
ɞɠɟɧɧɹɁɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟ
ɧɢɯɚɝɟɧɬɿɜɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(Ɂɚɜɢɫɨɤɚɬɟɦɩɟɪɚɬɭɪɚɿɧɞɭɤɰɿ
ɣɧɨʀɤɨɬɭɲɤɢȼɢɦɤɧɿɬɶɩɨɜɟɪɯɧɸ
ɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚɿɡɚɱɟ
ɤɚɣɬɟɞɨɤɢɤɨɬɭɲɤɚɨɯɨɥɨɧɟ
(ɇɚɩɪɭɝɚɠɢɜɥɟɧɧɹɜɿɞɪɿɡɧɹɽɬɶɫɹ
ɜɿɞɧɨɦɿɧɚɥɶɧɨʀȼɢɦɤɧɿɬɶɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢ
ɦɢɤɚɱɚɞɨɱɟɤɚɣɬɟɫɶɩɨɤɢɧɚɞɢɫ
ɩɥɟɹɯɭɫɿɯɡɨɧɧɟɡɧɢɤɧɭɬɶɥɿɬɟɪɢ
©+ªɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸ
ɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚɿɩɪɨ
ɞɨɜɠɭɣɬɟɤɨɪɢɫɬɭɜɚɬɢɫɶɧɟɸəɤɳɨ
ɡɧɨɜɭɡɹɜɢɬɶɫɹɬɚɫɚɦɚɩɨɦɢɥɤɚ
ɡɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟɧɨɝɨɚɝɟɧɬɚ
ɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(ɑɚɫɬɨɬɚɠɢɜɥɟɧɧɹɜɿɞɪɿɡɧɹɽɬɶɫɹ
ɜɿɞɧɨɦɿɧɚɥɶɧɨʀȼɢɦɤɧɿɬɶɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢ
ɤɚɱɚɞɨɱɟɤɚɣɬɟɫɶɩɨɤɢɧɚɞɢɫɩɥɟ
ɹɯɭɫɿɯɡɨɧɧɟɡɧɢɤɧɭɬɶɥɿɬɟɪɢ©+ª
ɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭɩɨɜɟɪɯɧɸɧɚɬɢɫ
ɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚɿɩɪɨɞɨɜɠɭɣ
ɬɟɤɨɪɢɫɬɭɜɚɬɢɫɶɧɟɸəɤɳɨɡɧɨɜɭ
ɡɹɜɢɬɶɫɹɬɚɫɚɦɚɩɨɦɢɥɤɚɜɢɦɤɧɿɬɶ
ɿɡɧɨɜɭɜɿɦɤɧɿɬɶɚɩɚɪɚɬɍɜɿɦɤɧɿɬɶɜɚ
ɪɨɱɧɭɩɨɜɟɪɯɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭ
ɜɢɦɢɤɚɱɚɿɩɪɨɞɨɜɠɭɣɬɟɤɨɪɢɫɬɭɜɚ
ɬɢɫɶɧɟɸəɤɳɨɡɧɨɜɭɡɹɜɢɬɶɫɹɬɚ
ɫɚɦɚɩɨɦɢɥɤɚɡɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨ
ɜɚɠɟɧɨɝɨɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(Ɂɚɜɢɫɨɤɚɬɟɦɩɟɪɚɬɭɪɚɜɫɟɪɟɞɢɧɿ
ɜɚɪɨɱɧɨʀɩɨɜɟɪɯɧɿȼɢɦɤɧɿɬɶɩɨɜɟɪɯ
ɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚɿ
ɡɚɱɟɤɚɣɬɟɞɨɤɢɧɚɝɪɿɜɚɱɿɨɯɨɥɨɧɭɬɶ
(Ɂɛɿɣɡɜɹɡɤɭɦɿɠɫɟɧɫɨɪɧɢɦɩɭɥɶ
ɬɨɦɤɟɪɭɜɚɧɧɹɦɿɧɚɝɪɿɜɚɱɟɦɁɜɟɪ
ɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟɧɨɝɨɚɝɟɧɬɚɡ
ɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(ɇɟɫɩɪɚɜɧɢɣɞɚɜɚɱɬɟɦɩɟɪɚɬɭɪɢ
ɤɨɬɭɲɤɢɁɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟ
ɧɨɝɨɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(ɇɟɫɩɪɚɜɧɢɣɞɚɜɚɱɬɟɦɩɟɪɚɬɭɪɢ
ɨɯɨɥɨɞɠɭɜɚɱɚɁɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨ
ɜɚɠɟɧɨɝɨɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
($ɉɨɦɢɥɤɚɫɢɥɶɧɟɧɚɫɢɱɟɧɧɹ
ɤɨɬɭɲɤɢȼɢɦɤɧɿɬɶɿɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭ
ɩɨɜɟɪɯɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢ
ɤɚɱɚəɤɳɨɡɧɨɜɭɡɹɜɢɬɶɫɹɬɚɫɚɦɚ
ɩɨɦɢɥɤɚɡɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟ
ɧɨɝɨɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
(&ɉɨɦɢɥɤɚɧɚɩɪɭɝɢɠɢɜɥɟɧɧɹ
ȼɢɦɤɧɿɬɶɿɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭɩɨɜɟɪɯ
ɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚ
əɤɳɨɡɧɨɜɭɡɹɜɢɬɶɫɹɬɚɫɚɦɚɩɨɦɢɥ
ɤɚɡɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟɧɨɝɨ
ɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
&&ɋɩɨɜɿɳɟɧɧɹɦɿɤɪɨɩɪɨɰɟɫɨɪɚ
ȼɢɦɤɧɿɬɶɿɭɜɿɦɤɧɿɬɶɜɚɪɨɱɧɭɩɨɜɟɪɯ
ɧɸɧɚɬɢɫɧɭɜɲɢɤɧɨɩɤɭɜɢɦɢɤɚɱɚ
əɤɳɨɡɧɨɜɭɡɹɜɢɬɶɫɹɬɚɫɚɦɚɩɨɦɢɥ
ɤɚɡɜɟɪɧɿɬɶɫɹɞɨɜɩɨɜɧɨɜɚɠɟɧɨɝɨ
ɚɝɟɧɬɚɡɨɛɫɥɭɝɨɜɭɜɚɧɧɹ
3/
63,675(ģ&,
ĝURGNLRVWURĪQRĞFL
2SLVXU]ąG]HQLD
3RZLHU]FKQLDGRJRWRZDQLDLSDQHOVWHURZDQLDHOHPHQWyZJU]HMQ\FK
2EVáXJDXU]ąG]HQLD
:áąF]HQLHLZ\áąF]HQLHXU]ąG]HQLD
:áąF]HQLHLZ\áąF]HQLHVWUHIJRWRZDQLD
,QWHOLJHQWQDSDX]D
:VNDĨQLNSR]RVWDMąFHJRFLHSáD
)XQNFMD]DEH]SLHF]HQLD
=DEH]SLHF]HQLHSU]HGG]LHüPL
)XQNFMDWLPHUD
6\JQDáGĨZLĊNRZ\
3RGJU]HZDQLHSU]\VSLHV]RQH%RRVW
=DOHFHQLDLZVND]yZNL
,QVWDODFMDXU]ąG]HQLD
:VND]yZNLGRW\F]ąFHEH]SLHF]HĔVWZDSRGF]DVLQVWDODFML
0RQWDĪSá\W\JU]HZF]HMZEODFLHNXFKHQQ\P
:\NRQDQLHSRGáąF]HĔHOHNWU\F]Q\FK
6FKHPDWLQVWDODFMLHOHNWU\F]QHM
3/
2675=(į(1,$'27<&=ć
&(%(=3,(&=(Ę67:$
35=(' 8ĩ<&,(0 85=Ą'=(1,$ 1$
/(ĩ<8:$ĩ1,( 35=(&=<7$û &$à$
,16758.&-ĉ $ 1$67ĉ31,( 35=(
&+2:<:$û -Ą : '267ĉ31<0
0,(-6&8 1$ :<3$'(. 3Ïħ1,(-
6=<&+:Ą73/,:2ĝ&,
1,1,(-6=$ ,16758.&-$ =267$
à$ 235$&2:$1$ = 0<ĝ/Ą 2 '/$
.,/.8 02'(/$&+ 85=Ą'=(1,$
=$.83,21< 3,(.5$51,. 02ĩ(
1,( 2%6à8*,:$û 1,(.7Ï5<&+
)81.&-,23,6$1<&+:1,1,(-6=(-
,16758.&-, &=<7$-Ą& ,16758.
&-( 2%6à8*, 1$/(ĩ< =:5$&$û
6=&=(*Ï/1Ą 8:$*ĉ 1$ 32'$1(
:$572ĝ&,/,&=%2:(
2JyOQHRVWU]HİHQLDGRW\F]ĈFH
EH]SLHF]HęVWZD
8U]ąG]HQLH WR PRĪH
E\ü REVáXJLZDQH
SU]H] G]LHFL SRZ\ĪHM
URNXĪ\FLDRUD]RVR
E\]REQLĪRQ\PL]GRO
QRĞFLDPL ¿]\F]Q\PL
]P\VáRZ\PL EąGĨ
XP\VáRZ\PL D WDNĪH
SU]H] RVRE\ EH] GR
ĞZLDGF]HQLD L ZLHG]\
QDWHPDWREVáXJLMHĞOL
SR]RVWDMąSRGQDG]R
UHP RSLHNXQyZ EąGĨ
]RVWDá\ V]F]HJyáRZR
SRLQVWUXRZDQHRVSR
VRELH EH]SLHF]QHJR
XĪ\ZDQLD XU]ąG]H
QLDLUR]XPLHMąU\]\ND
]ZLą]DQH]QLHZáDĞFL
Z\P XĪ\FLHP ']LH
FL QLH SRZLQQ\ Z\NR
U]\VW\ZDü XU]ąG]HQLD
GR]DEDZ\']LHFLQLH
SRZLQQ\F]\ĞFLüXU]ą
G]HQLDDQLZ\NRQ\ZDü
F]\QQRĞFL NRQVHUZD
F\MQ\FKMHĞOLSR]RVWD
MąEH]QDG]RUX
2675=(ĩ(1,(8U]ą
G]HQLH L MHJR GRVWĊS
QHHOHPHQW\VLOQLHQD
JU]HZDMąVLĊ SRGF]DV
JRWRZDQLD 1DOHĪ\
]DFKRZDüV]F]HJyOQą
RVWURĪQRĞü DE\ QLH
GRW\NDü HOHPHQWyZ
JU]HMQ\FK ']LHFL SR
QLĪHMURNXĪ\FLDQLH
QDOHĪ\ GRSXV]F]Dü Z
SREOLĪH XU]ąG]HQLD
MHĞOL QLH ]QDMGXMą VLH
SRGVWDá\P QDG]RUHP
RSLHNXQyZ
2675=(ĩ(1,( 3R
]RVWDZLHQLH EH]
3/
QDG]RUX QD Sá\FLH
JU]HZF]HM QDF]\QLD ]
SRGJU]HZDQ\P WáXV]
F]HPOXEROHMHPPRĪH
E\ü QLHEH]SLHF]QH L
GRSURZDG]Lü GR SR
ĪDUX : ĩ$'1<0
:<3$'.8QLHZROQR
SUyERZDüJDVLüSRĪD
UX ZRGą 1DOHĪ\ Z\
áąF]\ü]DVLODQLHXU]ą
G]HQLD D QDVWĊSQLH
QDNU\üRJLHĔQSSR
NU\ZąOXENRFHPVWUD
ĪDFNLP
2675=(ĩ(1,( =D
JURĪHQLHSRĪDUHPQLH
ZROQR SU]HFKRZ\ZDü
ĪDGQ\FKSU]HGPLRWyZ
QD SRZLHU]FKQLDFK
SU]H]QDF]RQ\FK GR
JRWRZDQLD
2675=(ĩ(1,( :
SU]\SDGNX SĊNQLĊFLD
SRZLHU]FKQL QDOHĪ\
Z\áąF]\ü XU]ąG]HQLH
DE\XQLNQąüPRĪOLZR
ĞFLSRUDĪHQLDSUąGHP
HOHNWU\F]Q\P
1D SRZLHU]FKQLDFK
Sá\W JU]HZF]\FK QLH
ZROQR XPLHV]F]Dü
SU]HGPLRWyZ PHWD
ORZ\FK QS QRĪ\ ZL
GHOFyZ á\ĪHN L SU]\
NU\ZHN SRQLHZDĪ
SRZLHU]FKQLH Sá\W
JU]HZF]\FKPRJąVLĊ
VLOQLHQDJU]HZDü
3R XĪ\FLX HOHPHQW
Sá\W\ JU]HZF]HM QDOH
Ī\Z\áąF]\ü]DSRPR
FąSU]\FLVNyZVWHUXMą
F\FKDE\QLHSROHJDü
QDF]XMQLNXSDWHOQL
: SU]\SDGNX Sá\W
JU]HZF]\FK Z\SRVD
ĪRQ\FK Z SRNU\ZĊ
QDOHĪ\XVXQąüZV]HO
NLH]DEUXG]HQLD]SR
NU\Z\SU]HGMHMRWZDU
FLHP 1DOHĪ\ UyZQLHĪ
SDPLĊWDü R ]DP\ND
QLX SRNU\Z\ GRSLHUR
SR FDáNRZLW\P RVW\
JQLĊFLX SRZLHU]FKQL
Sá\W\JU]HZF]HM
8U]ąG]HQLH QLH MHVW
SU]H]QDF]RQH GR RE
VáXJL ]D SRPRFą ]H
3/
ZQĊWU]QHJR ZáąF]
QLND F]DVRZHJR OXE
RGG]LHOQHJR V\VWHPX
]GDOQHJRVWHURZDQLD
1LH QDOHĪ\ VWRVRZDü
ĞURGNyZ GR V]RURZD
QLD DQL LQQ\FK ĞURG
NyZ SRZRGXMąF\FK
]DGUDSDQLD NWyUH PR
Já\E\XV]NRG]LüV]NODQH
GU]ZLF]NL OXE LQQH SR
ZLHU]FKQLHXU]ąG]HQLD
'RF]\V]F]HQLDXU]ą
G]HQLDQLHQDOHĪ\VWR
VRZDü RGNXU]DF]\
SDURZ\FK
8U]ąG]HQLH ]RVWDáR Z\SURGXNR
ZDQH]JRGQLH]HZV]\VWNLPLNUD
MRZ\PL RUD] PLĊG]\QDURGRZ\PL
QRUPDPLLSU]HSLVDPL
&]\QQRĞFLNRQVHUZDF\MQHLQDSUD
Z\ QDOHĪ\ SRZLHU]Dü Z\áąF]QLH
SUDFRZQLNRP DXWRU\]RZDQHJR
VHUZLVX,QVWDODFMDLQDSUDZ\SU]H
SURZDG]RQHSU]H]RVRE\LQQHQLĪ
SUDFRZQLF\ DXWRU\]RZDQHJR VHU
ZLVXPRJą]DJUDĪDüEH]SLHF]HĔ
VWZX XĪ\WNRZQLNyZ XU]ąG]HQLD
:V]HONLH ]PLDQ\ L PRG\¿NDFMH
VSHF\¿NDFML PRJą E\ü QLHEH]
SLHF]QHSRGZLHORPDZ]JOĊGDPL
 3U]HGSU]\VWąSLHQLHPGRLQVWDODFML
QDOHĪ\ VSUDZG]Lü ORNDOQH ZDUXQNL
G\VWU\EXFMLURG]DMLFLĞQLHQLHJD]X
QDSLĊFLHLF]ĊVWRWOLZRĞüVLHFLHOHN
WU\F]QHM RUD] ]JRGQRĞü ] Z\PD
JDQLDPL GRW\F]ąF\FK XU]ąG]HQLD
:\PDJDQLDGRW\F]ąFHXU]ąG]HQLD
]QDMGXMąVLĊQDHW\NLHFLH
2675=(ĩ(1,(8U]ąG]HQLHSU]H
]QDF]RQHMHVWZ\áąF]QLHGRJRWR
ZDQLD SRWUDZ Z JRVSRGDUVWZLH
GRPRZ\P L QLH SRZLQQR E\ü Z\
NRU]\VW\ZDQHZLQQ\FKFHODFKOXE
]DVWRVRZDQLDFK QS GR XĪ\WNX
NRPHUF\MQHJROXERJU]HZDQLDSR
PLHV]F]HQLD
ĩHE\ ]DSHZQLü EH]SLHF]HĔVWZR
QDOHĪ\ SU]HSURZDG]Lü ZV]\VWNLH
PRĪOLZHSRPLDU\3RQLHZDĪV]NáR
PRĪHSĊNQąüSRGF]DVF]\V]F]H
QLD QDOHĪ\ ]DFKRZDü V]F]HJyOQD
RVWURĪQRĞüDE\QLH]DGUDSDüSR
ZLHU]FKQL GU]ZLF]HN 1LH QDOHĪ\
XGHU]DüDQLVWXNDüRV]NáRLQQ\P
Z\SRVDĪHQLHP
 8SHZQLMVLĊĪHSU]HZyG]DVLODMąF\
QLH]RVWDáĞFLĞQLĊW\SRGF]DVLQVWD
ODFML :\PLDQĊ XV]NRG]RQHJR ND
EOD]DVLODMąFHJR QDOHĪ\SRZLHU]\ü
SURGXFHQWRZLXU]ąG]HQLDSUDFRZ
QLNRP DXWRU\]RZDQHJR VHUZLVX
OXE SRGREQLH Z\NZDOL¿NRZDQ\P
RVRERPDE\XQLNQąü]DJURĪHĔ
2VWU]HİHQLDGRW\F]ĈFHLQVWDODFML
1LHZROQRNRU]\VWDü]XU]ąG]HQLD
GRSyNLMHJRLQVWDODFMDQLH]RVWDQLH
FDáNRZLFLH]DNRĔF]RQD
,QVWDODFMĊ XU]ąG]HQLD L XUXFKR
PLHQLH SRZLQLHQ SU]HSURZDG]Lü
SHUVRQHO DXWRU\]RZDQHJR VHUZL
VX 3URGXFHQW QLH SRQRVL RGSR
ZLHG]LDOQRĞFL]DZV]HONLH V]NRG\
SRZVWDáH QD VNXWHN QLHZáDĞFLZHM
ORNDOL]DFML L LQVWDODFML XU]ąG]HQLD
SU]H]RVRE\QLHXSRZDĪQLRQH
3/
3RUR]SDNRZDQLXXU]ąG]HQLDQDOH
Ī\XSHZQLüVLĊĪHQLH]RVWDáRRQR
XV]NRG]RQH SRGF]DV SU]HZRĪH
QLD:SU]\SDGNXVWZLHUG]HQLDMD
NLFKNROZLHNXVWHUHNQLHZROQRNR
U]\VWDü]XU]ąG]HQLDLQDW\FKPLDVW
VNRQWDNWRZDü VLĊ ] SU]HGVWDZL
FLHOHP DXWRU\]RZDQHJR VHUZLVX
3RQLHZDĪPDWHULDá\Z\NRU]\VWDQH
GR RSDNRZDQLD XU]ąG]HQLD IROLD
]V]\ZNLVW\URSLDQLWSPRJąE\ü
QLHEH]SLHF]QH GOD G]LHFL QDOHĪ\
MHQDW\FKPLDVW]HEUDüLXVXQąü
8U]ąG]HQLH QDOHĪ\ FKURQLü SU]HG
ZSá\ZHPF]\QQLNyZDWPRVIHU\F]
Q\FK 1LH QDOHĪ\ QDUDĪDü XU]ą
G]HQLD QD G]LDáDQLH ĞZLDWáD VáR
QHF]QHJRGHV]F]XĞQLHJXLWS
0DWHULDá\]QDMGXMąFHVLĊZSREOLĪX
XU]ąG]HQLD REXGRZD SRZLQQ\
E\üRGSRUQHQDWHPSHUDWXUĊPLQL
PXP & 7HPSHUDWXUD GROQHM
SRZLHU]FKQLSá\W\JU]HZF]HMPRĪH
Z]URVQąüSRGF]DVSUDF\XU]ąG]H
QLD 'ODWHJR SRG VSRGHP XU]ą
G]HQLD QDOHĪ\ ]DLQVWDORZDü Sá\WĊ
RFKURQQą
3RGF]DVHNVSORDWDFML
3RGF]DVSUDF\XU]ąG]HQLDQLHQD
OHĪ\ZNáDGDüGRQLHJRDQLXPLHV]
F]Dü Z SREOLĪX áDWZRSDOQ\FK OXE
Z\EXFKRZ\FKPDWHULDáyZ
1LHQDOHĪ\RGFKRG]LüRGXU]ąG]H
QLDSRGF]DVJRWRZDQLD]XĪ\FLHP
VWDá\FKOXESá\QQ\FKROHMyZ2OHMH
PRJąVSRZRGRZDüSRĪDUZSU]\
SDGNX QDGPLHUQHJR SRGJU]DQLD
2JQLD VSRZRGRZDQHJR JRUąF\P
ROHMHP QLH ZROQR SROHZDü ZRGą
1DNU\M URQGHOHN OXE SDWHOQLĊ SR
NU\ZNą DE\ ]DGXVLü SRZVWDá\
RJLHĔDQDVWĊSQLHZ\áąF]SLHNDU
QLN
1DOHĪ\ ]DZV]H XPLHV]F]Dü URQ
GHONL QD ĞURGNX VWUHI\ JRWRZDQLD
LREUyFLüXFKZ\W\ZEH]SLHF]Q\P
SRáRĪHQLH DE\ QLH ]RVWDá\ SRWUą
FRQHOXE]U]XFRQH
-HĞOL XU]ąG]HQLH QLH EĊG]LH XĪ\
ZDQH SU]H] GáXJL F]DV QDOHĪ\
RGáąF]\ü SU]HZyG ]DVLODMąF\ RG
JQLD]GND HOHNWU\F]QHJR *áyZQ\
ZáąF]QLNQDOHĪ\XVWDZLüZSR]\FML
Z\áąF]RQHM -HĞOL XU]ąG]HQLH QLH
MHVWZ\NRU]\VW\ZDQHQDOHĪ\UyZ
QLHĪ]DNUĊFLü]DZyUJD]X
6SUDZGĨF]\SRNUĊWáDUHJXODF\MQH
XU]ąG]HQLD]QDMGXMąVLĊ]DZV]HZ
SRáRĪHQLXÄ´SUDFD]DWU]\PDQD
MHĞOLXU]ąG]HQLHQLHMHVWXĪ\ZDQH
3RGF]DVF]\V]F]HQLDLNRQ
VHUZDFML
3U]HG UR]SRF]ĊFLHP F]\V]F]HQLD
OXE NRQVHUZDFML QDOHĪ\ ]DZV]H
Z\áąF]\ü ]DVLODQLH XU]ąG]HQLD
'RSRZ\ĪV]\FKF]\QQRĞFLPRĪQD
SU]\VWDSLüSRRGáąF]HQLXSU]HZR
GX ]DVLODMąFHJR OXE XVWDZLHQLX
JáyZQHJRZáąF]QLNDZSR]\FMLZ\
áąF]RQHM
1LH ZROQR GHPRQWRZDü SRNUĊWHá
UHJXODF\MQ\FKDE\RF]\ĞFLüSDQHO
VWHURZDQLD
$%<=$&+2:$û:<'$-
12ĝû,%(=3,(&=(ē67:2
85=Ą'=(1,$=$/(&$0<
.25=<67$1,(:<àĄ&=1,(
=25<*,1$/1<&+&=ĉĝ&,
=$0,(11<&+25$=86à8*
$8725<=2:$1(*26(5:,68
:5$=,(.21,(&=12ĝ&,
3/
23,63â<7<
6]DQRZQ\NOLHQFLH
3U]HGSU]\VWąSLHQLHPGRNRU]\VWDQLD]Sá\W\JU]HZF]HMQDOHĪ\XZDĪQLH]DSR]QDü
VLĊ]QLQLHMV]ąLQVWUXNFMąREVáXJLL]DFKRZDüMąQDSU]\V]áRĞü
3RZLHU]FKQLDGRJRWRZDQLD]HOHPHQWDPLJU]HMQ\PL
,QGXNF\MQ\HOHPHQWJU]HMQ\
8ZDJD:\JOąG]DNXSLRQHMSá\W\JU]HZF]HMPRĪHUyĪQLüRGSRZ\ĪV]HJRU\VXQNX
SRGZ]JOĊGHPNRQ¿JXUDFML
3DQHOVWHURZDQLD
3/
3DQHOVWHURZDQLDHOHPHQWyZJU]HMQ\FK
=ZLĊNV]HQLHSR]LRPXFLHSáDF]DVX
:VND]DQLHHOHPHQWXJU]HMQHJR
:\EyUOHZHJRJyUQHJRHOHPHQWX
JU]HMQHJR
:VND]DQLHWLPHUD
:\EyUSUDZHJRJyUQHJRHOHPHQWX
JU]HMQHJR
%ORNDGDSU]\FLVNyZ
:VNDĨQLN]DEORNRZDQLD
SU]\FLVNyZ
,QWHOLJHQWQDSDX]D
=PQLHMV]HQLHSR]LRPXFLHSáDF]DVX
:\EyUOHZHJRGROQHJRHOHPHQWX
JU]HMQHJR
7LPHU
:\EyUSUDZHJRGROQHJRHOHPHQWX
JU]HMQHJR
3RGJU]HZDQLHSU]\VSLHV]RQH
%RRVW
3U]\FLVN:à:<à
23
12
9 1310
67
14
8
15
11
4
3/
2%6â8*$85=ć'=(1,$
.RU]\VWDM ] LQGXNF\MQ\FK VWUHI JRWRZDQLD
VWRVXMąFRGSRZLHGQLHQDF]\QLDNXFKHQQH
3R SRGáąF]HQLX XU]ąG]HQLD GR ]DVLOD
QLDQDPRPHQW]DĞZLHFąVLĊZV]\VWNLH
ZVND]DQLD 3R FKZLOL Sá\WD JU]HZF]D
SU]HáąF]\ VLĊ GR WU\EX F]XZDQLD L EĊ
G]LHJRWRZDGRXĪ\FLD
3á\WDJU]HZF]DVWHURZDQDMHVW]DSRPRFą
HOHNWURQLF]Q\FK F]XMQLNyZ VWHURZDQ\FK
SRSU]H] SRZLą]DQH SU]\FLVNL GRW\NRZH
3R NDĪGHM DNW\ZDFML SU]\FLVNX ]RVWDQLH
Z\HPLWRZDQ\V\JQDáGĨZLĊNRZ\
:ãĈF]HQLHXU]ĈG]HQLD
:áąF]Sá\WĊJU]HZF]ąQDFLVNDMąFSU]\FLVN
:à:<à  :V]\VWNLH ZVND]DQLD
HOHPHQWXJU]HMQHJRZ\ĞZLHWODMąVWDW\F]
QHÄ´ LSXOVXMą NURSNLX GRáXSR SUDZHM
VWURQLH-HĞOLĪDGQDVWUHIDJRWRZDQLDQLH
]RVWDQLHZ\EUDQDZFLąJXVHNXQGSá\
WDJU]HZF]DZ\áąF]\VLĊDXWRPDW\F]QLH
:\ãĈF]HQLHXU]ĈG]HQLD
3á\WĊJU]HZF]ąPRĪQDZ\áąF]\üZGR
ZROQ\PF]DVLHQDFLVNDMąFSU]\FLVN 
3U]\FLVN:à:<à ]DZV]HSRVLD
GDSULRU\WHWMDNRZ\áąF]QLN
:ãĈF]HQLHVWUHIJRWRZDQLD
1DFLĞQLMSU]\FLVNZ\ERUXHOHPHQWXJU]HM
QHJRL Z\ELHU]ĪąGDQ\ HOHPHQWQD NWy
U\PFKFHV]JRWRZDü1DZ\EUDQ\PHOH
PHQFLHJU]HMQ\PZ\ĞZLHWOLVLĊZVND]DQLH
VWDW\F]QHMNURSNLDZHZV]\VWNLFKLQQ\FK
ZVND]DQLDFK]QLNQąSXOVXMąFHNURSNL
:\ELHU] WHPSHUDWXUĊ ]D SRPRFą SU]\
FLVNX ]ZLĊNV]HQLD XVWDZLHQLD SR]LRPX
FLHSáD OXE SU]\FLVNX ]PQLHMV]HQLD
XVWDZLHQLD SR]LRPX FLHSáD  (OH
PHQWMHVWMXĪJRWRZ\GRSUDF\$E\XVWD
ZLü NUyWV]\ F]DV JRWRZDQLD Z\ELHU]
ĪąGDQ\ SR]LRP JRWRZDQLD 1DVWĊSQLH
QDFLĞQLMSU]\FLVN3ĪHE\ZáąF]\üIXQNFMĊ
SU]\VSLHV]RQHJRSRGJU]HZDQLD%RRVW
:\ãĈF]HQLHVWUHIJRWRZDQLD
:\ELHU]HOHPHQWNWyU\FKFHV]Z\áąF]\ü
LQDFLĞQLMRGSRZLHGQLSRZLą]DQ\SU]\FLVN
XVWDZLHQLDSR]LRPXFLHSáD
3U]\FLVNLHP ]PQLHMV]XVWDZLHQLH
WHPSHUDWXU\GRÄ´5yZQRF]HVQH
XĪ\FLHSU]\FLVNyZ L UyZQLHĪ
]PQLHMV]DXVWDZLHQLHWHPSHUDWXU\GRÄ´
-HĞOLVWUHIDJRWRZDQLDMHVWJRUąFDZ\
ĞZLHWOLVLĊV\PEROÄ+´]DPLDVWÄ´
:\ãĈF]HQLHZV]\VWNLFKVWUHIJR
WRZDQLD
$E\ QDW\FKPLDVW Z\áąF]\ü ZV]\VWNLH
VWUHI\JRWRZDQLDQDFLĞQLMSU]\FLVN 
-HĞOL XU]ąG]HQLH ]QDMGXMH VLĊ Z WU\ELH
F]XZDQLD Z\ĞZLHWOD VLĊ V\PERO Ä+´ QD
ZV]\VWNLFKJRUąF\FKVWUHIDFKJRWRZDQLD
:VNDĮQLNSR]RVWDMĈFHJRFLHSãD
:VNDĨQLN SR]RVWDMąFHJR FLHSáD ZVND
]XMHĪHWHPSHUDWXUDV]NODQHMFHUDPLF]
QHMSRZLHU]FKQLZREUĊELH VWUHI\JRWR
ZDQLDMHVWEDUG]RZ\VRND
3RZ\áąF]HQLXVWUHI\JRWRZDQLDQDRG
SRZLHGQLP ZVND]DQLX Z\ĞZLHWOD VLĊ
V\PEROÄ+´GRSyNLWHPSHUDWXUDSU]\SR
U]ąGNRZDQHMVWUHI\JRWRZDQLD]QDMGXMH
VLĊNU\W\F]Q\PSR]LRPLH
3/
)XQNFMD]DEH]SLHF]HQLD
.DĪGDVWUHIDJRWRZDQLDZ\áąF]\SR
RNUHĞORQ\PPDNV\PDOQ\PF]DVLH
SUDF\MHĞOLXVWDZLHQLHSR]LRPXFLHSáD
QLH]RVWDQLH]PLHQLRQH.DĪGD]PLDQD
ZVWUH¿HJRWRZDQLDFRIDPDNV\PDOQ\
F]DVSUDF\GRZDUWRĞFLSRF]ąWNRZHM
RJUDQLF]HQLDF]DVXSUDF\0DNV\PDO
Q\F]DVSUDF\]DOHĪ\RGZ\EUDQHJR
SR]LRPXWHPSHUDWXU\
2GF]HNDMGRSyNLQLH]QLNQLHV\PERO
Ä)´ZHZV]\VWNLFKVWUHIDFKDQDVWĊS
QLHZáąF]Sá\WĊJU]HZF]ąQDFLVNDMąF
SU]\FLVN LNRQW\QXXMSUDFĊ
8VWDZLHQLHSR
]LRPXFLHSáD
%H]SLHF]QH
Z\áąF]HQLHSR
XSá\ZLH
 JRG]LQ
 JRG]LQ
JRG]LQ
 JRG]LQ\
=DEH]SLHF]HQLHSU]HGG]LHþPL
3RZáąF]HQLXHOHPHQWyZVWHUXMąF\FK
PRĪQDZáąF]\üIXQNFMĊ]DEH]SLHF]HQLD
SU]HGG]LHüPLĩHE\ZáąF]\ü]DEH]SLH
F]HQLHSU]HGG]LHüPLUyZQRF]HĞQLH
QDFLĞQLMSU]HGQLSU]\FLVN]ZLĊNV]HQLD
XVWDZLHQLDSR]LRPXFLHSáD LSU]\
FLVN]PQLHMV]HQLDXVWDZLHQLDSR]LRPX
FLHSáD DQDVWĊSQLHSRQRZQLH
QDFLĞQLMSU]\FLVN]ZLĊNV]HQLDXVWDZLH
QLDSR]LRPXFLHSáD 1DZVND]D
QLDFKZV]\VWNLFKHOHPHQWyZJU]HMQ\FK
Z\ĞZLHWOLVLĊV\PEROÄ/´R]QDF]DMąF\
%/2.$'ĉLREVáXJD]DSRPRFąHOH
PHQWyZVWHUXMąF\FKQLHEĊG]LHPRĪOL
ZD-HĞOLVWUHIDJRWRZDQLDMHVWJRUąFD
QDSU]HPLDQZ\ĞZLHWODMąVLĊV\PEROH
Ä/´LÄ+´
3á\WDJU]HZF]DEĊG]LH]DEORNRZDQD
GRSyNLQLH]RVWDQLHRGEORNRZDQD
QDZHWMHĞOLHOHPHQW\VWHUXMąFH]RVWDQą
ZáąF]RQHLZ\áąF]RQH
ĩHE\ZáąF]\ü]DEH]SLHF]HQLHSU]HG
G]LHüPLQDMSLHUZQDOHĪ\ZáąF]\ü
Sá\WĊJU]HZF]ą5yZQRF]HĞQLHQDFLĞQLM
SU]HGQLSU]\FLVN]ZLĊNV]HQLDXVWDZLHQLD
SR]LRPXFLHSáD LSU]\FLVN]PQLHM
V]HQLDXVWDZLHQLDSR]LRPXFLHSáD 
DQDVWĊSQLHSRQRZQLHQDFLĞQLMSU]\FLVN
]PQLHMV]HQLDXVWDZLHQLDSR]LRPXFLHSáD
:HZVND]DQLX]QLNQLHV\PEROÄ/´
LZ\áąF]\VLĊSá\WDJU]HZF]D
%ORNDGDSU]\FLVNyZ
)XQNFMDEORNDG\VáXĪ\GR]DEORNRZDQLD
SU]\FLVNyZLXVWDZLHQLDXU]ąG]HQLDZEH]
SLHF]Q\PWU\ELHSUDF\'RNRQDQLH]PLDQ
MDN]ZLĊNV]HQLHXVWDZLHQLDSR]LRPX
FLHSáDLLQQHQLHEĊG]LHPRĪOLZH,VWQLHMH
W\ONRPRĪOLZRĞüZ\áąF]HQLDXU]ąG]HQLD
)XQNFMDEORNDG\ZáąF]\VLĊMHĞOLSU]\
FLVNEORNDG\SU]\FLVNyZ ]RVWDQLH
QDFLĞQLĊW\LSU]\WU]\PDQ\SU]H]VH
NXQG\OXEZLĊFHM2SHUDFMD]RVWDQLH
SRWZLHUG]RQDV\JQDáHPGĨZLĊNRZ\P
3RSRP\ĞOQ\P]DNRĔF]HQLXRSHUDFML
QDFLĞQLĊFLDLSU]\WU]\PDQLDSU]\FLVNX
SU]H]VHNXQG\OXEZLĊFHM]DF]QLHSXO
VRZDüZVNDĨQLNEORNDG\SU]\FLVNyZD
HOHPHQWJU]HMQ\]RVWDQLH]DEORNRZDQ\
)XQNFMDWLPHUD
)XQNFMDWLPHUDMHVWGRVWĊSQDZZHUVMDFK
0LQXWQLNPLQXW
0LQXWQLNPRĪQDREVáXJLZDüSRZ\áąF]H
QLXVWUHIJRWRZDQLD:VND]DQLHWLPHUD
Z\ĞZLHWODÄ´]SXOVXMąFąNURSNą
1DFLĞQLMSU]\FLVNXVWDZLHQLDWLPHUD
ĪHE\]ZLĊNV]\üZVND]DQLHF]DVX
3/
OXEQDFLĞQLMSU]\FLVN ĪHE\MH
]ZLĊNV]\ü=DNUHVXVWDZLHQLDRGGR
PLQXW-HĞOLZFLąJXVHNXQGQLH
]RVWDQLHQDFLĞQLĊW\ĪDGHQSU]\FLVN
]RVWDQLHXVWDZLRQ\PLQXWQLNL]QLNQLH
SXOVXMąFDNURSND3RXVWDZLHQLXWLPHU
UR]SRF]QLHRGOLF]DQLHSR]RVWDáHJR
F]DVX]JRGQLH]XVWDZLHQLHP
3RXSá\ZLHXVWDZLRQHJRF]DVX]RVWD
QLHZ\HPLWRZDQ\V\JQDáGĨZLĊNRZ\L
]DF]QLHSXOVRZDüZVND]DQLHWLPHUD
6\JQDáGĨZLĊNRZ\Z\áąF]\VLĊDXWR
PDW\F]QLHSRVHNXQGDFKOXESR
QDFLĞQLĊFLXGRZROQHJRSU]\FLVNX
:GRZROQ\PPRPHQFLHPRĪQD]PLH
QLüXVWDZLHQLHPLQXWQLNDOXEZ\áąF]\ü
PLQXWQLNQDFLVNDMąFSU]\FLVN]ZLĊNV]H
QLDZVND]DQLDF]DVX LOXESU]\FLVN
]PQLHMV]HQLDZVND]DQLDF]DVX 
:\áąF]HQLHSá\W\JU]HZF]HMSRSU]H]QD
FLĞQLĊFLHSU]\FLVNX ZGRZROQHMFKZLOL
VSRZRGXMHUyZQLHĪZ\áąF]HQLHPLQXWQLND
7LPHUVWUHI\JRWRZDQLDPLQXW
-HĞOLSá\WDJU]HZF]DMHVWZáąF]RQD
PRĪQD]DSURJUDPRZDüQLH]DOHĪQH
RSHUDFMHVWHURZDQH]HJDUHPGODSR
V]F]HJyOQ\FKVWUHIJRWRZDQLD
:\ELHU]VWUHIĊJRWRZDQLDDQDVWĊS
QLHXVWDZWHPSHUDWXUĊLSU]\FLVNLHP
XVWDZLHQLDWLPHUD ]DSURJUDPXM
RSHUDFMĊVWHURZDQą]HJDUHPQSZ\
NRU]\VWDMWLPHUMDNRIXQNFMĊ]DEH]SLH
F]HQLDVWUHI\JRWRZDQLD:RNyáWLPHUD
]RVWDá\UR]PLHV]F]RQHZVNDĨQLNL
/(':VND]XMąVWUHIĊJRWRZDQLDGOD
NWyUHM]RVWDáD]DSURJUDPRZDQDRSHUD
FMDVWHURZDQD]HJDUHP
3RXSá\ZLHVHNXQGRGRVWDWQLHMRSHUD
FMLZVND]DQLHWLPHUD]PLHQLVLĊQDZVND
]DQLHWLPHUDNWyU\]DNRĔF]\G]LDáDQLH
MDNRQDVWĊSQ\ZSU]\SDGNX]DSURJUDPR
ZDQLDZLĊFHMQLĪVWUHI\JRWRZDQLD
3RXSá\ZLHXVWDZLRQHJRF]DVX]R
VWDQLHZ\HPLWRZDQ\V\JQDáGĨZLĊ
NRZ\QDZVND]DQLXWLPHUDZ\ĞZLHWOL
VLĊVWDW\F]QHÄ´L]DF]QąSXOVRZDü
ZVNDĨQLNLWLPHUDSU]\SRU]ąGNRZDQHJR
GRGDQHMVWUHI\JRWRZDQLD=DSURJUD
PRZDQDVWUHIDJRWRZDQLD]RVWDQLH
Z\áąF]RQDLZ\ĞZLHWOLVLĊV\PEROÄ+´
MHĞOLVWUHIDJRWRZDQLDMHVWJRUąFD
6\JQDáGĨZLĊNRZ\LSXOVXMąFHZVNDĨ
QLNLWLPHUDZ\áąF]ąVLĊDXWRPDW\F]QLH
SRVHNXQGDFKOXESRQDFLĞQLĊFLX
GRZROQHJRSU]\FLVNX
6\JQDãGĮZLčNRZ\
3RGF]DVSUDF\Sá\W\JU]HZF]HMQDVWĊ
SXMąFHG]LDáDQLD]RVWDQą]DV\JQDOL]R
ZDQHSRSU]H]Z\HPLWRZDQLHV\JQDáX
GĨZLĊNRZHJR
1RUPDOQHQDFLĞQLĊFLHSU]\FLVNXV\JQDOL
]RZDQHNUyWNLPV\JQDáHPGĨZLĊNRZ\P
1DFLĞQLĊFLHLSU]\WU]\PDQLHSU]\FLVNX
SU]H]GáXĪV]\F]DVVHNXQGV\JQD
OL]RZDQHGáXJLPSU]HU\ZDQ\PV\JQD
áHPGĨZLĊNRZ\P
)XQNFMDSU]\VSLHV]RQHJRSRG
JU]HZDQLD%RRVW
1DOHĪ\Z\EUDüVWUHIĊJRWRZDQLDXVWD
ZLüĪąGDQ\SR]LRPJRWRZDQLDLSRQRZ
QLHQDFLVQąüSU]\FLVN3SRGJU]HZDQLH
SU]\VSLHV]RQH
)XQNFMĊ%RRVWPRĪQDZáąF]\üMHĞOLPR
GXáLQGXNF\MQ\]DDNFHSWXMHXVWDZLHQLH
ZGDQHMVWUH¿HJRWRZDQLD-HĞOLIXQNFMD
%RRVW]RVWDQLHZáąF]RQDZ\ĞZLHWOLVLĊ
V\PEROÄ3´ZRGSRZLHGQLPZVND]DQLX
3/
:áąF]HQLHIXQNFML%RRVWXPRĪOLZLDXVWD
ZLHQLHPDNV\PDOQHMPRF\LDNW\ZDFMĊ
]LQWHJURZDQHJR]DU]ąG]DQLDPRFą
3XOVRZDQLHZVND]DQLDRGSRZLHGQLHM
VWUHI\JRWRZDQLDR]QDF]DNRQLHF]QRĞü
REQLĪHQLDSR]LRPXPRF\:VND]DQLH
SXOVXMHSU]H]VHNXQG\LXPRĪOLZLD
SU]HSURZDG]HQLHGDOV]\FKXVWDZLHĔ
SU]HGREQLĪHQLHPSR]LRPXPRF\
3/
,QWHOLJHQWQDSDX]D
:áąF]HQLHLQWHOLJHQWQHMSDX]\VSRZRGX
MHREQLĪHQLHSR]LRPXPRF\ZV]\VWNLFK
G]LDáDMąF\FKSDOQLNyZ
-HĞOLZ\áąF]\V]LQWHOLJHQWQąSDX]Ċ
PRFHOHPHQWyZJU]HMQ\FKSRZUyFLGR
SRSU]HGQLHJRSR]LRPX
-HĞOLLQWHOLJHQWQDSDX]DQLH]RVWDQLH
Z\áąF]RQDSá\WDNXFKHQQDZ\áąF]\VLĊ
SRPLQXWDFK
1DFLĞQLMSU]\FLVN ĪHE\ZáąF]\ü
LQWHOLJHQWQąSDX]Ċ3R]LRPPRF\
ZV]\VWNLFKZáąF]RQ\FKHOHPHQWyZ
JU]HMQ\FK]RVWDQLHREQLĪRQ\GRSR]LRP
X LZ\ĞZLHWOLVLĊV\PEROÄ,,´Z
RGSRZLHGQLFKZVND]DQLDFK
3RQRZQHQDFLĞQLĊFLHSU]\FLVNX
VSRZRGXMHZ\áąF]HQLHLQWHOLJHQWQHMSD
X]\
6\PEROÄ,,´]QLNQLHLPRFHOHPHQWyZ
JU]HMQ\FKSRZUyFLGRSRSU]HGQLHJR
XVWDZLRQHJRSR]LRPX
=$/(&(1,$,:6.$=Ð:.,
1DF]\QLDNXFKHQQH
ā 1DF]\QLHNXFKHQQHMHVWRGSRZLHGQLH
GRSá\W\LQGXNF\MQHMMHĞOLPDJQHV
SU]\OHJDGRVSRGXQDF]\QLD
ā 1DF]\QLDNXFKHQQHQDOHĪ\XVWDZLDü
QDĞURGNXVWUHI\JRWRZDQLD1LHZáDĞFL
ZHXVWDZLHQLHQDF]\QLDMHVWV\JQDOL]R
ZDQHZHZVND]DQLX
ā 3RGF]DVXĪ\ZDQLDQLHNWyU\FKSDWHOQL
PRĪHPRJąE\üVá\V]DOQHUR]PDLWHRGJá
RV\VSRZRGRZDQHNRQVWUXNFMąSDWHOQL
DOHQLHPDMąRQHZSá\ZXQDZ\GDMQRĞü
DQLEH]SLHF]HĔVWZRSá\W\JU]HZF]HM
PRAWIDŁOWO
FAŁSZ
FAŁSZ FAŁSZ
ā 1DOHĪ\VWRVRZDüQDF]\QLDNXFKHQQH
R JUXE\FKSáDVNLFKJáDGNLFKVSRGDFK
LWHMVDPHMVHPHMĞUHGQLF\FRHOHPHQW
JU]HMQ\:WHQVSRVyEPRĪQD]PQLHM
V]\üF]DV\SU]\JRWRZDQLDSRWUDZ
ā 1DMOHSV]HUH]XOWDW\JRWRZDQLD]DSHZ
QLDMąQDF]\QLDNXFKHQQHZ\NRQDQH]H
VWDOLVWDOLHPDOLRZDQHMĪHOLZDLVWDOL
QLHUG]HZQHMMHĞOLVą]DOHFDQHSU]H]
SURGXFHQWD
ā 1DF]\QLDNXFKHQQHZ\NRQDQH]H
VWDOLHPDOLRZDQHMDOER]DOXPLQLRZ\
PLOXEPLHG]LDQ\PLVSRGDPLPRJą
SR]RVWDZLDüPHWDOLF]Q\RVDGQDSá\FLH
JU]HZF]HM3R]RVWDZLRQ\RVDGEĊG]LH
WUXGQ\GRXVXQLĊFLD1DOHĪ\F]\ĞFLü
Sá\WĊJU]HZF]ąSRNDĪG\PXĪ\FLX
3/
2V]F]čGQRĤþHQHUJLL
ā ,QGXNF\MQHVWUHI\JRWRZDQLDDXWRPD
W\F]QLHGRVWRVRZXMąVLĊGRUR]PLDUyZ
VSRGyZQDF]\ĔNXFKHQQ\FKZSHZ
Q\FKJUDQLFDFK-HGQDNPDJQHW\F]QD
F]ĊĞüVSRGXQDF]\QLDNXFKHQQHJR
PXVLPLHüPLQLPDOQąĞUHGQLFĊZ]DOHĪ
QRĞFLRGUR]PLDUyZVWUHI\JRWRZDQLD
ā 1DF]\QLDNXFKHQQHQDOHĪ\XPLHĞFLü
ZVWUH¿HJRWRZDQLDSU]HGMHMZáąF]H
QLHP-HĞOLSá\WD]RVWDQLHZáąF]RQD
SU]HGXVWDZLHQLHPQDF]\QLDNXFKHQ
QHJRVWUHIDJRWRZDQLDQLHEĊG]LHG]LD
áDáDLZ\ĞZLHWOąVLĊHOHPHQW\VWHUXMąFH
ā ĩHE\]PQLHMV]\üF]DVSU]\JRWRZDQLD
SRWUDZ\VWRVXMSU]\NU\ZNLGRQDF]\Ĕ
ā -HĞOLSá\Q]DF]\QDJRWRZDüVLĊQDOH
Ī\]PQLHMV]\üXVWDZLHQLHWHPSHUDWXU\
ā =PQLHMV]HQLHLORĞFLSá\QXOXEWáXV]F]X
VNUDFDF]DVSU]\JRWRZDQLDSRWUDZ\
ā :\ELHU]XVWDZLHQLHWHPSHUDWXU\RGSR
ZLHGQLHGRVSRVREXSU]\JRWRZDQLDSRWUDZ\
3U]\NãDGRZHVSRVRE\SU]\JRWR
ZDQLDSRWUDZ
,QIRUPDFMH]DZDUWHZSRQLĪV]HMWDEHOL
]RVWDá\SRGDQHZ\áąF]QLHMDNRSRPRF
QLF]HZVND]yZNL
8VWDZLHQLD =DVWRVRZDQLH
(OHPHQWJU]HMQ\
Z\áąF]RQ\
 'HOLNDWQHJRWRZDQLH
 àDJRGQHJRWRZDQLHQD
ZROQ\PRJQLXSRZROL
 2GJU]HZDQLHLV]\ENLH
JRWRZDQLHQDZROQ\P
RJQLX
*RWRZDQLHVPDĪHQLH
ZPDáHMLORĞFLWáXV]F]XL
SLHF]HQLH
0DNV\PDOQ\SR]LRPFLHSáD
33RGJU]HZDQLH SU]\VSLHV
]RQH%RRVW
:VND]yZNLGRW\F]ĈFHF]\V]F]HQLD
ā 'RF]\V]F]HQLDSRZLHU]FKQLSá\W\
JU]HZF]HMQLHZROQRVWRVRZDüV]RUVW
NLFKĞFLHUHF]HNĞURGNyZF]\V]F]ą
F\FKSRZRGXMąF\FKNRUR]MĊĞURGNyZ
F]\V]F]ąF\FKZDHUR]ROXDQLĪDGQ\FK
RVWU\FKSU]HGPLRWyZ
ā ĩHE\XVXQąüSU]\SDORQHUHV]WNLSRWUDZ
QDPRF]SRZLHU]FKQLĊSá\W\NRU]\VWDMąF]
ZLOJRWQHMĞFLHUHF]NLL]P\MSR]RVWDáRĞFL
ā 'RF]\V]F]HQLDSRZLHU]FKQLSá\W\OXE
XVXQLĊFLDUHV]WHNSRWUDZ\PRĪQDXĪ\ü
VNUREDF]NL/HSLąFHVLĊUHV]WNLSRWUDZ
QDOHĪ\XVXZDüQDW\FKPLDVWSRUR]ODQLX
]DQLPV]NODQDSRZLHU]FKQLDRVW\JQLH
ā .RU]\VWDMąF]HVNUREDF]NLQDOHĪ\]D
FKRZDüRVWURĪQRĞüDE\QLH]GUDSDüVL
OLNRQRZ\FKXV]F]HOHN]QDMGXMąF\FKVLĊ
QDNUDZĊG]LDFKV]NODQHMSRZLHU]FKQL
ā 3RQLHZDĪVNUREDF]NDSRVLDGDRVWU]H
QDOHĪ\MąSU]HFKRZ\ZDüZPLHMVFX
QLHGRVWĊSQ\PGODPDá\FKG]LHFL
ā -HĞOLSá\WDJU]HZF]DMHVWJRUąFD
GRF]\V]F]HQLD]DVWRVXMVSHFMDOQ\
ĞURGHNF]\V]F]ąF\SU]H]QDF]RQ\GR
FHUDPLF]Q\FKSá\WJU]HZF]\FK3R
Z\F]\V]F]HQLXQDOHĪ\VSáXNDüZRGą
LZ\WU]HüGRVXFKDF]\VWąĞFLHUHF]Ną
OXESDSLHURZ\PUĊF]QLNLHP
,167$/$&-$85=ć'=(1,$
2675=(į(1,(
3RGáąF]HQLDHOHNWU\F]QHSá\W\JU]HZ
F]HMQDOHĪ\SRZLHU]\üZ\NZDOL¿NRZD
QHPXHOHNWU\NRZLRUD]SU]HSURZDG]Lü
]JRGQLH]]DOHFHQLDPLSRGDQ\PLZ
QLQLHMV]HMLQVWUXNFMLLDNWXDOQ\PLSU]H
SLVDPL:SU]\SDGNXMDNLFKNROZLHN
XV]NRG]HĔVSRZRGRZDQ\FKQLHSUDZL
GáRZ\PSRGáąF]HQLHPOXEQLHSUDZLGáR
3/
ZąLQVWDODFMąJZDUDQFMDWUDFLZDĪQRĞü
2SLV\ZDQHXU]ąG]HQLHQDOHĪ\X]LHPLü
:VND]yZNLGRW\F]ĈFHEH]SLH
F]HęVWZDSRGF]DVLQVWDODFML
ă:V]HONLH]ZLVDMąFHSU]HGPLRW\
SRZLQQ\]QDMGRZDüVLĊSU]\QDMPQLHMR
FPSRZ\ĪHMSá\W\JU]HZF]HM
ā :\FLąJLNXFKHQQHQDOHĪ\GRVWRVRZDü
]JRGQLH]]DOHFHQLDPLSURGXFHQWD
ā ĝFLDQDVW\NDMąFDVLĊ]W\OQ\PSDQH
OHPSá\W\JU]HZF]HMPXVLE\üZ\NRQD
QD]RJQLRWUZDá\FKPDWHULDáyZ
ā 'áXJRĞüNDEOD]DVLODMąFHJRQLHSR
ZLQQDSU]HNUDF]DüPHWUyZ
'RSDVRZDQLHSã\W\JU]HZF]HM
GRSRZLHU]FKQLURERF]HM
ā 3á\WĊJU]HZF]ąPRĪQD]DPRQWRZDüZ
GRZROQ\PEODFLHNXFKHQQ\PRGSRUQ\P
QDWHPSHUDWXUĊSU]\QDMPQLHM&
ā :\NRQDMRWZyURZ\PLDUDFKSRND
]DQ\FKQDSRQLĪV]\FKU\VXQNDFKLQD
QDVWĊSQHMVWURQLH
ā ,QGXNF\MQąSá\WĊJU]HZF]ąPRĪQD
]DEXGRZDüZEODFLHNXFKHQQ\PR
JUXERĞFLRGGRPP
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
3/
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
=DVWRVXMMHGQRVWURQQLHSU]\OHSQą
WDĞPĊXV]F]HOQLDMąFąGRZV]\VWNLFK
ĞFLDQZRNyáGROQHMNUDZĊG]LV]NODQHM
SRZLHU]FKQLGRJRWRZDQLDZ]GáXĪ
]HZQĊWU]QHMNUDZĊG]LV]NODQHJR
SDQHOXFHUDPLF]QHJR1LHZROQRMHM
QDFLąJDü
3/
3U]\NUĊüZVSRUQLNLPRQWDĪRZHEODWXNX
FKHQQHJRGRERF]Q\FKĞFLDQHNXU]ąG]HQLD
:VSRUQLNPRQWDĪRZ\EODWXNXFKHQQHJR
:\NRQDQLHSRGãĈF]HęHOHNWU\F]Q\FK
3U]HGSRGáąF]HQLHPXU]ąG]HQLDQDOHĪ\
VSUDZG]LüF]\
1DSLĊFLHVLHFLRZHMHVWWDNLHVDPRMDN
Z\PLHQLRQHQDWDEOLF]FH]QDPLRQRZHM
XPLHV]F]RQHMQDERF]Q\PSDQHOXSá\W\
JU]HZF]HM
2EZyG]DVLODQLDMHVWSU]\VWRVRZDQ\GR
SU]\áąF]HQLDXU]ąG]HĔRRGSRZLHGQLHM
PRF\SDWU]WDEOLF]ND]QDPLRQRZD
ħUyGáR]DVLODQLDMHVWX]LHPLRQH]JRG
QLH]Z\PRJDPLDNWXDOQ\FKSU]HSLVyZ
LMHVWRQRZGREU\PVWDQLH
3U]HáąF]QLN]EH]SLHF]QLNLHPSRZLQLHQ
E\üáDWZRGRVWĊSQ\SR]DLQVWDORZDQLX
Sá\W\JU]HZF]HM
-HĞOLEUDNXMHRGG]LHOQHJRREZRGX
]DVLODQLDSá\W\JU]HZF]HMLSU]HáąF]QL
ND]EH]SLHF]QLNLHPLQVWDODFMĊSá\W\
JU]HZF]HMQDOHĪ\SRZLHU]\üZ\NZDOL¿
NRZDQHPXHOHNWU\NRZL
2GSRZLHGQLNDEHOQDOHĪ\SRGáąF]\ü
GRVNU]\QNLJáyZQHJREH]SLHF]QLND
VLHFLRZHJRLSRZLQLHQE\üRQFKUR
QLRQ\EH]SLHF]QLNLHPWRSLNRZ\POXE
EH]SLHF]QLNLHP0LFUR&LUFXLW%UHDNHU
0&%RZDUWRĞFL$(OHNWU\NZ\NR
QXMąF\LQVWDODFMĊSRZLQLHQ]DSHZQLü
SU]HáąF]QLN]EH]SLHF]QLNLHPNWyU\
XPRĪOLZLDUR]áąF]HQLHOLQLLQDSLĊFLRZHM
LQHXWUDOQHMRVHSDUDFMLVW\NXSU]\QDM
PQLHMPPGODNDĪGHJRELHJXQD
3U]HáąF]QLN]EH]SLHF]QLNLHPQDOHĪ\
]DPRQWRZDüQDĞFLDQLHNXFKHQQHMSR
Z\ĪHMSRZLHU]FKQLURERF]HMLRERNSá\W\
JU]HZF]HMDQLHQDGSá\Wą]JRGQLH]
SU]HSLVDPL,((3RGáąF]SU]HáąF]QLN]
EH]SLHF]QLNLHPGRVNU]\QNLSRáąF]HQLR
ZHMNWyUąQDOHĪ\]DPRQWRZDüQDĞFLD
QLHRNFPSRZ\ĪHMSRGáRJLL]DSá\Wą
JU]HZF]ą1DVWĊSQLHPRĪQDSRGáąF]\ü
NDEHO]DVLODMąF\Sá\W\JU]HZF]HM3RG
áąF]MHGHQNRQLHFSU]HZRGXGRVNU]\QNL
SRáąF]HQLRZHMDGUXJLGRVNU]\QNLSRG
áąF]HQLD]DVLODQLDZSá\FLHJU]HZF]HM
]QDMGXMąFHMVLĊQDW\OQ\PSDQHOXSá\W\
=GHMPLMRVáRQĊVNU]\QNLSRGáąF]HQLD
]DVLODQLDL]DLQVWDOXMNDEHO]JRGQLH]H
VFKHPDWHPLQVWDODFMLHOHNWU\F]QHM
.DEHO]DVLODMąF\QDOHĪ\XPLHĞFLü]
GDODRGEH]SRĞUHGQLFKĨUyGHáFLHSáD
3/
(&]ĊVWRWOLZRĞü]DVLODQLDMHVWUyĪQD
RGZDUWRĞFL]QDPLRQRZHM:\áąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<àLRGF]HNDMGRSyNL
QLH]QLNQLHV\PEROÄ+´ZHZVND]DQLDFK
ZV]\VWNLFKVWUHIJRWRZDQLD:áąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<àLNRQW\QXXMSUDFĊ
-HĞOLWHQVDPEáąGVLĊSRZWDU]DRGáąF]
W\F]NĊNDEOD]DVLODMąFHJRXU]ąG]HQLDL
ZáąF]MDSRQRZQLH:áąF]]DVLODQLH
Sá\W\JU]HZF]HMQDFLVNDMąFSU]\FLVN
:à:<àLNRQW\QXXMSUDFĊ-HĞOLWHQ
VDPEáąGVLĊSRZWDU]DVNRQWDNWXMVLĊ]
DXWRU\]RZDQ\PVHUZLVHP
(7HPSHUDWXUDZHZQĊWU]QDSá\W\
JU]HZF]HMMHVW]E\WZ\VRND:\áąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<àLSR]RVWDZHOHPHQ
W\JU]HMQHGRRVW\JQLĊFLD
(%áąGNRPXQLNDFMLPLĊG]\GRW\NR
Z\PSDQHOHPVWHURZDQLDLHOHPHQWHP
JU]HMQ\P6NRQWDNWXMVLĊ]DXWRU\]RZD
Q\PVHUZLVHP
(8VWHUNDF]XMQLNDWHPSHUDWXU\
FHZNL6NRQWDNWXMVLĊ]DXWRU\]RZDQ\P
VHUZLVHP
(8VWHUNDF]XMQLNDWHPSHUDWXU\
XNáDGXFKáRG]ąFHJR6NRQWDNWXMVLĊ
]DXWRU\]RZDQ\PVHUZLVHP
'RSRGáąF]HQLDVWHURZDQLDLQGXNF\MQHM
Sá\W\JU]HZF]HMQDOHĪ\]DVWRVRZDü
SU]HZyG+99)[4PPð
,(&6FKHPDWSRGáąF]HĔHOHN
WU\F]Q\FK]QDMGXMHVLĊQDGROQ\P
SDQHOXXU]ąG]HQLD
6<0%2/(%âČ'Ð:
:SU]\SDGNXZ\VWąSLHQLDXVWHUNLZH
ZVND]DQLDFKHOHPHQWyZJU]HMQ\FK
Z\ĞZLHWODVLĊV\PEROEáĊGX
( 8VWHUND ZHQW\ODWRUD FKáRG]ąFH
JR 6NRQWDNWXM VLĊ ] DXWRU\]RZDQ\P
VHUZLVHP
(7HPSHUDWXUDFHZNLLQGXNF\MQHM
MHVW]E\WZ\VRND:\áąF]]DVLODQLHSá\
W\JU]HZF]HMQDFLVNDMąFSU]\FLVN:à
:<àLSR]RVWDZFHZNĊGRRVW\JQLĊ
FLD
(1DSLĊFLHVLHFLRZHMHVWZ\ĪV]H
RGZDUWRĞFL]QDPLRQRZHM:\áąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<àLRGF]HNDMGRSyNL
QLH]QLNQLHV\PEROÄ+´ZHZVND]DQLDFK
ZV]\VWNLFKVWUHIJRWRZDQLD:áąF]]D
VLODQLHSá\W\JU]HZF]HMQDFLVNDMąFSU]\
FLVN:à:<àLNRQW\QXXMSUDFĊ-HĞOL
WHQVDPEáąGVLĊSRZWDU]DVNRQWDNWXM
VLĊ]DXWRU\]RZDQ\PVHUZLVHP
($%áąGQDV\FHQLDGXĪHMFHZNL
:\áąF]]DVLODQLHSá\W\JU]HZF]HMQDFL
VNDMąFSU]\FLVN:à:<à1DVWĊSQLH
ZáąF]]DVLODQLHSá\W\JU]HZF]HMQDFL
VNDMąFSU]\FLVN:à:<àLNRQW\QXXM
SUDFĊ-HĞOLWHQVDPEáąGVLĊSRZWDU]D
VNRQWDNWXMVLĊ]DXWRU\]RZDQ\P
VHUZLVHP
(&%áąGQDSLĊFLD]DVLODMąFHJR:\
áąF]]DVLODQLHSá\W\JU]HZF]HMQDFL
VNDMąFSU]\FLVN:à:<à1DVWĊSQLH
ZáąF]]DVLODQLHSá\W\JU]HZF]HMQDFL
VNDMąFSU]\FLVN:à:<àLNRQW\QXXM
SUDFĊ-HĞOLWHQVDPEáąGVLĊSRZWDU]D
VNRQWDNWXMVLĊ]DXWRU\]RZDQ\P
VHUZLVHP
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
&&$ODUPPLNURSURFHVRUD:\áąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<à1DVWĊSQLHZáąF]
]DVLODQLHSá\W\JU]HZF]HMQDFLVNDMąF
SU]\FLVN:à:<àLNRQW\QXXMSUDFĊ
-HĞOLWHQVDPEáąGVLĊSRZWDU]DVNRQ
WDNWXMVLĊ]DXWRU\]RZDQ\PVHUZLVHP
3/
52
&835,16
'HVFULHUHDLQVWUXF܊LXQLORUGHVLJXUDQ܊ăDOHDSDUDWXOXL6XSUDID܊DGHJăWLW܈LSDQRXO
GHFRQWURODOHDU]ăWRDUHORU
8WLOL]DUHDDSDUDWXOXL3RUQLUHD܈LRSULUHDDSDUDWXOXL
3RUQLUHD܈LRSULUHD]RQHLGHJăWLW3DX]ăLQWHOLJHQWă,QGLFDWRUXOGHFăOGXUă
UH]LGXDOă)XQF܊LDGHRSULUHvQVLJXUDQ܊ă
%ORFDUHDDFFHVXOXLFRSLLORU
)XQF܊LHGHWHPSRUL]DWRU
6HPQDOXOVRQRU
)XQF܊LDGHFUH܈WHUH
,QGLFLL܈LVIDWXUL
,QVWDODUHDDSDUDWXOXL
,QVWDODUHDvQVLJXUDQ܊ă
0RQWDUHDSROL܊HLSHXQEODW
5HDOL]DUHDXQHLUDFRUGăULHOHFWULFH
6FKL܊DUDFRUGăULLHOHFWULFH
52
$9(57,60(17(35,9,1'
6,*85$1ʟ$
&,7,܉, $&(67( ,16758&܉,81, &8
$7(1܉,( ܇, &203/(7 Ì1$,17( '(
$87,/,=$$3$5$78/(/(&752&$6
1,& ܇, 3Ă675$܉,/( /$ Ì1'(0Æ
1Ă3(17585()(5,1܉(9,,72$5(
&Æ1'(67(1(&(6$5
$&(67 0$18$/$ )267 (/$%25$7
3(1758 0$, 08/7( 02'(/( &2
081((67( 326,%,/&$$3$5$78/
'801($92$675Ă6Ă18$,%Ă$18
0,7( &$5$&7(5,67,&, (;3/,&$7(
Ì1$&(670$18$/$&25'$܉,$7(1
܉,((;35(6,,/25&8),*85,&Æ1'
&,7,܉,0$18$/8/'(87,/,=$5(
$YHUWLVPHQWHJHQHUDOHSULYLQG
VLJXUDQʠD
$FHVW DSDUDW HOHFWUR
FDVQLF SRDWH ¿ IRORVLW
GHFRSLLL vQ YkUVWă GH
DQLúLPDLPDULúLGH
SHUVRDQHOHFXFDSDFL
Wă܊L ¿]LFH VHQ]RULDOH
VDX PHQWDOH UHGXVH
VDXFXOLSVăGHH[SH
ULHQ܊ăúLFXQRúWLQ܊HvQ
FD]XO vQ FDUH VH DÀă
VXE VXSUDYHJKHUH
VDXDXIRVWLQVWUXLWHvQ
FHHDFHSULYHúWHIROR
VLUHD DSDUDWXOXL HOHF
WURFDVQLF vQWUR PD
QLHUă VLJXUă úL GDFă
vQ܊HOHJ SHULFROHOH OD
FDUHVHH[SXQ&RSLLL
QXDXYRLHVăVHMRD
FH FX DSDUDWXO HOHF
WURFDVQLF &XUă܊DUHD
úLPHQWHQDQ܊DQXYRU
¿ H[HFXWDWH GH FRSLLL
QHVXSUDYHJKHD܊L
$9(57,60(17 $SD
UDWXO HOHFWURFDVQLF ܈L
SLHVHOH VDOH DFFHVL
ELOH VH vQ¿HUEkQWă vQ
WLPSXO XWLOL]ăULL $YH܊L
JULMăVăHYLWD܊LDWLQJH
UHDHOHPHQWHORUGHvQ
FăO]LUH &RSLLL FX YkU
VWH VXE  DQL QX YRU
DYHDYRLHVăVHDSUR
SLH GH DSDUDW GDFă
QXVXQWVXSUDYHJKHD܊L
FRQVWDQW
$9(57,60(17 (VWH
SHULFXORDVă JăWLUHD
QHVXSUDYHJKHDWă SH
SOLWă FX JUăVLPL VDX
XOHL ܈L H[LVWă ULVF GH
LQFHQGLX1XvQFHUFD܊L
1,&,2'$7Ă Vă VWLQ
JH܊L IRFXO FX DSă vQ
VFKLPE VWLQJH܊L DSD
UDWXO ܈L DFRSHUL܊L ÀD
52
FăUD GH H[HPSOX FX
XQFDSDFVDXRSăWXUă
LJQLIXJă
$9(57,60(17 3H
ULFRO GH LQFHQGLX QX
GHSR]LWD܊L DUWLFROH SH
VXSUDIH܊HOHGHJăWLW
$9(57,60(17'DFă
VXSUDID܊D HVWH FUă
SDWă RSUL܊L DSDUDWXO
SHQWUX D HYLWD SRVLEL
OLWDWHDSURGXFHULLXQXL
܈RFHOHFWULF
3HQWUX SOLWHOH FX LQ
GXF܊LH RELHFWH PH
WDOLFH SUHFXP FX܊LWH
IXUFXOL܊HOLQJXUL܈LFD
SDFHQXWUHEXLHSXVH
SHVXSUDID܊DSOLWHLGH
RDUHFHDFHVWHDVHSRW
vQ¿HUEkQWD
3HQWUX SOLWHOH FX LQ
GXF܊LH GXSă XWOL]DUH
RSUL܊L HOHPHQWXO SOLWHL
GH OD FRPDQGă ܈L QX
Yă VSULMLQL܊L GH GHWHF
WRUXOGHWLJăL
3HQWUX SOLWHOH FH vQ
FRUSRUHD]ăXQFDSDF
RULFH VFXUJHUH WUHEX
LH vQGHSăUWDWă GH SH
FDSDF vQDLQWH GH DO
GHVFKLGH 'H DVHPH
QHD VXSUDID܊D SOLWHL
WUHEXLHVăVHUăFHDV
FăvQDLQWHGHDvQFKL
GHFDSDFXO
$SDUDWXO QX VH SRDWH
XWLOL]D FX XQ WHPSRUL
]DWRUH[WHUQVDXSULQ
WUXQVLVWHPGHFRQWURO
GHODGLVWDQ܊ă
1X XWLOL]D܊L DJHQ܊L GH
FXUă܊DUH DVSUL VDX
DEUD]LYL VDX LQVWUX
PHQWHGHPHWDODVFX
܊LWH SHQWUX FXUă܊DUHD
VWLFOHLGHSHX܈DFXSWR
UXOXLVDXDDOWRUVXSUD
IH܊HGHRDUHFHDFHVWHD
SRW]JkULDVXSUDIH܊HOH
VWLFODVHSRDWHVSDUJH
VDXVHSRDWHGHWHULRUD
VXSUDID܊D
1XXWLOL]D܊LDJHQ܊LGHFX
Uă܊DUHSHED]ăGHDEXU
SHQWUX FXUă܊DUHD DSD
UDWXOXLHOHFWURFDVQLF
$SDUDWXO GXPQHDYRDVWUă HOHFWUR
FDVQLFHVWHSURGXVvQFRQIRUPLWDWH
FX WRDWH VWDQGDUGHOH ܈L QRUPHOH
52
ORFDOH܈LLQWHUQD܊LRQDOHDSOLFDELOH
/XFUăULOH GH PHQWHQDQ܊ă ܈L UH
SDUD܊LL WUHEXLH HIHFWXDWH GRDU GH
WHKQLFLHQL DXWRUL]D܊L /XFUăULOH GH
LQVWDODUH ܈L UHSDUD܊LL HIHFWXDWH GH
WHKQLFLHQLQHDXWRUL]D܊LYăSRWSXQH
vQSHULFRO7UDQVIRUPDUHDVDXPR
GL¿FDUHD VSHFL¿FD܊LLORU DSDUDWXOXL
VXERULFHIRUPăHVWHSHULFXORDVă
ÌQDLQWH GH LQVWDODUH DVLJXUD܊LYă
Fă FHULQ܊HOH DSDUDWXOXL VXQW FRP
SDWLELOHFXFRQGL܊LLOHORFDOHGHGLV
WULEX܊LHWLSXOGHJD]܈L SUHVLXQHD
JD]XOXLVDXWHQVLXQHD܈LIUHFYHQ܊D
HOHFWULFă&HULQ܊HOHDFHVWXLDSDUDW
VXQWVSHFL¿FDWHSHHWLFKHWă
$7(1܉,($FHVW DSDUDW HVWH SUR
LHFWDWGRDUSHQWUXJăWLUHDDOLPHQ
WHORU܈LSRDWH¿XWLOL]DWGRDUvQOR
FXLQ܊HDFHVWDQXWUHEXLHXWLOL]DWFX
DOWVFRSVDXvQDOWHDSOLFD܊LLvQDID
UDORFXLQ܊HORUvQVSD܊LLFRPHUFLDOH
VDXSHQWUXvQFăO]LUHDvQFăSHULORU
6DXOXDW WRDWH PăVXULOH SRVLELOH
SHQWUXDYăJDUDQWDVLJXUDQ܊D'DW
¿LQGIDSWXOFăHVWHSRVLELOFDVWLFOD
Vă VH VSDUJă WUHEXLH Vă FXUă܊D܊L
DSDUDWXOFXDWHQ܊LHSHQWUXDHYLWD
]JkULHUHD(YLWD܊LORYLUHDVDXFLRF
QLUHDVWLFOHLFXDFFHVRULLOH
$VLJXUD܊LYăFăvQWLPSXOLQVWDOăULL
FDEOXOGHDOLPHQWDUHQXHVWHEOR
FDW ÌQ VLWXD܊LD vQ FDUH FDEOXO GH
DOLPHQWDUHHVWHGHIHFWDFHVWDWUH
EXLHvQORFXLWGHSURGXFăWRURSHUD
WRUXOGHVHUYLFHVDXDOWHSHUVRDQH
FDOL¿FDWHSHQWUXDSUHYHQLDSDUL܊LD
SHULFROHORU
$YHUWLVPHQWHGHLQVWDODUH
1X XWLOL]D܊L DSDUDWXO vQDLQWH FD
DFHVWDVă¿HFRPSOHWLQVWDODW
$SDUDWXOWUHEXLHLQVWDODW܈LSXVvQ
IXQF܊LXQH GH FăWUH XQ WHKQLFLDQ
DXWRUL]DW 3URGXFăWRUXO QX HVWH
UHVSRQVDELO SHQWUX RULFH SDJXEă
FDX]DWăGHSR]L܊LRQDUHD܈LLQVWDOD
UHDJUH܈LWăHIHFWXDWHGHSHUVRDQH
QHDXWRUL]DWH
&kQG GHVSDFKHWD܊L DSDUDWXO DVL
JXUD܊LYă Fă QX D IRVW DYDULDW vQ
WLPSXO WUDQVSRUWXOXL ÌQ VLWXD܊LD vQ
FDUH DFHVWD SUH]LQWă GHIHFWH QX
XWLOL]D܊L DSDUDWXO HOHFWURFDVQLF ܈L
FRQWDFWD܊LLPHGLDWXQRSHUDWRUGH
VHUYLFH FDOL¿FDW 'HRDUHFH PDWH
ULDOHOH XWLOL]DWH SHQWUX DPEDODUH
QDLORQFDSVHSROLVWLUHQHWFSRW
¿ SHULFXORDVH SHQWUX FRSLL DFHV
WHDWUHEXLHVWUkQVH܈LvQGHSăUWDWH
LPHGLDW
3URWHMD܊L DSDUDWXO GH LPSDFWXO DW
PRVIHULF1XvOH[SXQH܊LODVRDUH
SORDLHQLQVRDUHHWF
0DWHULDOHOH GLQ MXUXO DSDUDWXOXL
GXODSWUHEXLHVăSRDWăUH]LVWDOD
R WHPSHUDWXUăGHPLQLPXP&
7HPSHUDWXUD VXSUDIH܊HL LQIHULRDUH
DSOLWHLSRDWHFUH܈WHvQWLPSXOXWLOL
]ăULL$VWIHOWUHEXLHPRQWDWăRSOD
FăVXEDFHVWSURGXV
ÍQWLPSXOXWLOL]ĆULL
1X D܈H]D܊L PDWHULDOH LQÀDPDELOH
VDXFRPEXVWLELOHvQVDXOkQJăDSD
UDWFkQGDFHVWDHVWHvQIXQF܊LXQH
1X OăVD܊L DSDUDWXO GH JăWLW QHVX
SUDYHJKHDW FkQG JăWL܊L FX XOHLXUL
VROLGHVDXOLFKLGH$FHVWHDSRWOXD
IRF vQ FD] GH vQFăO]LUH H[WUHPă
1X WXUQD܊L DSă SHVWH ÀăFăUL JH
QHUDWHGHXOHL$FRSHUL܊LRDODVDX
WLJDLDFXFDSDFXOSHQWUXDvQăEX܈L
52
ÀDFăUD SURGXVă vQ DFHVW FD] ܈L
RSUL܊LDSDUDWXOGHJăWLW
$܈H]D܊LvQWRWGHDXQDWLJăLOHvQFHQ
WUXO ]RQHL GH JăWLW FX PkQHUHOH
vQWUR SR]L܊LH VLJXUă SHQWUX D QX
SXWHD¿GăUkPDWHVDXDSXFDWH
'DFăQXXWLOL]D܊LDSDUDWXOSHQWUXR
SHULRDGăOXQJăGHWLPS GHFRQHF
WD܊LO3ăVWUD܊LSDQRXOSULQFLSDOVWLQV
'H DVHPHQHD FkQG QX XWLOL]D܊L
DSDUDWXOvQFKLGH܊LURELQHWXOGHJD]
$VLJXUD܊LYăFăEXWRDQHOHGHFRQ
WURO DOH DSDUDWXOXL VH DÀă vQWRW
GHDXQD vQ SR]L܊LD ´´VWRS FkQG
DFHVWDQXHVWHXWLOL]DW
ÍQWLPSXOSURFHVXOXLGHFX
UĆʠDUHʞLPHQWHQDQʠĆ
6WLQJH܊L vQWRWGHDXQD DSDUDWXO
vQDLQWH GH RSHUD܊LXQL FXP VXQW
FXUă܊DUHD ܈L PHQWHQDQ܊D $FHVWH
RSHUD܊LXQLVHSRWHIHFWXDGXSăFH
GHFRQHFWD܊LDSDUDWXOVDXvOVWLQJH܊L
GLQEXWRDQH
1XvQGHSăUWD܊LEXWRDQHOHGHFRQ
WURO SHQWUX D FXUă܊D SDQRXO GH
FRQWURO
3(1758$&216(59$(),&,
(1܉$܇,6,*85$1܉$$3$5$
78/8,'801($92$675Ă9Ă
5(&20$1'Ă06Ă87,/,=$܉,
Ì1727'($81$3,(6(25,*,
1$/(܇,6Ă$3(/$܉,'2$5/$
23(5$725,,12܇75,$872
5,=$܉,'(6(59,&,,Ì1&$=
'(1(&(6,7$7(87,/,=$5($
$3$5$78/8,
52
'(6&5,(5($3/,7(,
6WLPDWHFOLHQW
9ăUXJăPVăFLWL܊LFXDWHQ܊LHLQVWUXF܊LXQLOHGLQDFHVWPDQXDOXOGHXWLOL]DUHvQDLQWH
GHIRORVLSOLWD܈LSăVWUD܊LOHODvQGHPkQăSHQWUXUHIHULQ܊HYLLWRDUH
6XSUDIDʠDGHJĆWLWSHQWUXDU]ĆWRDUH
(OHPHQWGHvQFăO]LUHSULQLQGXF܊LH
1RWă(VWHSRVLELOFDDVSHFWXOSOLWHLVă¿HGLIHULWGHPRGHOXOSUH]HQWDWPDLVXV
SHQWUXFăDUHFRQ¿JXUD܊LHGLIHULWă3DQRXOGHFRQWURODODU]ăWRDUHORU
3DQRXOGHFRPDQGă
52
 6HWDUHFUH܈WHUHWHPSHUDWXUăWHP
SRUL]DWRU
 $¿܈DMXODU]ăWRDUHORU
6HOHFWDUHDDU]ăWRUXOXLVXSHULRUGLQ
VWkQJD
 $¿܈DMXOWHPSRUL]DWRUXOXL
6HOHFWDUHDDU]ăWRUXOXLVXSHULRUGLQ
GUHDSWD
 %ORFDUHDWDVWHORU
 ,QGLFDWRUGHWDVWHEORFDWH
3DX]ăLQWHOLJHQWă
 6HWDUHUHGXFHUHWHPSHUDWXUă
WHPSRUL]DWRU
6HOHFWDUHDDU]ăWRUXOXLLQIHULRU
GLQVWkQJD
7HPSRUL]DWRU
6HOHFWDUHDDU]ăWRUXOXLLQIHULRUGLQ
GUHDSWD
&UH܈WHUH
 $SULQGHUH6WLQJHUH
23
12
9 1310
67
14
8
15
11
4
52
87,/,=$5($$3$5$78/8,
8WLOL]D܊L ]RQHOH GH JăWLW FX LQGXF܊LH FX
YDVHGHEXFăWăULHDGHFYDWH
'XSăFHDIRVWDSOLFDWăWHQVLXQHDGHDOL
PHQWDUHWRDWHD¿܈DMHOHVHYRUDSULQGH
SHQWUXXQPRPHQW'XSăFHVHWHUPLQă
DFHDVWăRSHUD܊LHSOLWDHVWHvQPRGXOvQ
D܈WHSWDUH܈LHVWHJDWDGHXWLOL]DUH
3OLWD HVWH FRQWURODWă SULQ VHQ]RUL HOHF
WURQLFL FH VXQW DF܊LRQD܊L SULQ DWLQJHUHD
VHQ]RULORU DIHUHQ܊L $FWLYDUHD ¿HFăUXL
VHQ]RUHVWHXUPDWăGHXQVHPQDOVRQRU
VRQHULH
3RUQLUHDDSDUDWXOXL
3RUQL܊L SOLWD DSăVkQG WDVWD $35,1'(
5(67,1*(5( $¿܈DMXO DU]ăWRDUH
ORULQGLFăXQÄ2´VWDWLFLDUSXQFWHOHGLQ
SDUWHDGUHDSWăMRVOLFăUHVF'DFăQLFLR
]RQăGHJăWLWQXHVWHVHOHFWDWăvQGH
VHFXQGHSOLWDVHYDvQFKLGHDXWRPDW
2SULUHDDSDUDWXOXL
2SUL܊LDSDUDWXORULFkQGDSăVkQG
7DVWD$35,1'(5(67,1*(5(
DUHvQWRWGHDXQDSULRULWDWHvQIXQF܊LDGH
RSULUH
3RUQLUHD]RQHORUGHJĆWLW
$SăVD܊LWDVWDGHVHOHFWDUHDDU]ăWRUXOXL
SHFDUHGRUL܊LVăJăWL܊L6HYDYHGHDXQ
SXQFWVWDWLFLQGLFDWRUSHD¿܈DMXODU]ăWR
UXOXLVHOHFWDWLDUSXQFWXOFDUHOLFăUH܈WH
SHFHOHODOWHD¿܈DMHVHYDRSUL
6HOHFWD܊LUHJODUHDWHPSHUDWXULLIRORVLQG
WDVWDGHFUH܈WHUHWHPSHUDWXUă VDX
WDVWD GH VFăGHUH WHPSHUDWXUă 
(OHPHQWXOHVWHDFXPSUHJăWLWSHQWUXD
JăWLSHHO3HQWUXFHLPDLUDSL]LWLPSLGH
¿HUEHUH VHOHFWD܊L QLYHOXO GRULW GH JăWL
UHDSRLDSăVD܊LWDVWD3SHQWUXDDFWLYD
IXQF܊LDGHFUH܈WHUH
2SULUHD]RQHORUGHJĆWLW
6HOHFWD܊LHOHPHQWXOSHFDUHGRUL܊LVăO
RSUL܊LDSăVkQGWDVWDGHFUH܈WHUH
WHPSHUDWXUăDIHUHQWă
)RORVLQGWDVWD GD܊LWHPSH
UDWXUDOD)RORVLQGGHDVHPHQHD
WDVWHOH ܈L vQDFHOD܈LWLPS
WHPSHUDWXUDVFDGHOD
'DFă]RQDGHJăWLWHVWH¿HUELQWHVH
D¿܈HD]ă+vQORFGH
2SULUHDWXWXURU]RQHORUGHJĆWLW
3HQWUXDRSULWRDWH]RQHOHGHJăWLWDSă
VD܊LWDVWD
ÌQPRGXO vQD܈WHSWDUH VHYD D¿܈D+
SHWRDWH]RQHOHGHJăWLWFHVXQW¿HUELQ܊L
,QGLFDWRUXOGHFĆOGXUĆUH]LGXDOĆ
,QGLFDWRUXO GH FăOGXUă UH]LGXDOă LQGLFă
IDSWXOFăVWLFODFHUDPLFăDUHRWHPSHUD
WXUăSHULFXORDVăODDWLQJHUHvQSHULPH
WUXO]RQHLGHJăWLW
ÌQ XUPD RSULULL ]RQHL GH JăWLW D¿܈DMXO
UHVSHFWLYLQGLFăÄ+´SkQăFkQGWHPSH
UDWXUD]RQHLGHJăWLWDVRFLDWăHVWHODXQ
QLYHOQHFULWLF
)XQFʠLDGHRSULUHvQVLJXUDQʠĆ
'DFăVHWDUHDGHWHPSHUDWXUăQXHVWH
PRGL¿FDWă¿HFDUH]RQăGHJăWLWVHYD
RSULGXSăRGXUDWăPD[LPăGHIXQF܊L
RQDUH)LHFDUHVFKLPEDUHGLQ]RQDGH
52
JăWLWDPkQăGXUDWDPD[LPăGHIXQF܊L
RQDUHODYDORDUHDLQL܊LDOăGHOLPLWDUHD
WLPSXOXLGHIXQF܊LRQDUH'XUDWDPD[LPă
GHIXQF܊LRQDUHGHSLQGHGHQLYHOXOGH
WHPSHUDWXUăVHOHFWDW
$܈WHSWD܊LSkQăGLVSDUH´)´GLQWRDWH
]RQHOHSRUQL܊LSOLWDDWLQJkQGEXWRQXO
܈LFRQWLQXD܊LXWLOL]DUHD
6HWDUH GH
WHPSHUDWXUă
)XQF܊LDGHRSULUH
vQVLJXUDQ܊ăGXSă
 RUH
 RUH
RUH
 RUH
%ORFDUHDDFFHVXOXLFRSLLORU
'XSăFHD܊LSRUQLWFRPDQGDIXQF܊LD
GHEORFDUHDDFFHVXOXLFRSLLORUSRDWH
¿DFWLYDWă3HQWUXDDFWLYDEORFDUHD
DFFHVXOXLFRSLLORUDF܊LRQD܊LVLPXOWDQ
WDVWDIURQWDOăGH FUH܈WHUH
WHPSHUDWXUă܈LWDVWDGH VFăGHUH
WHPSHUDWXUăDSRLDF܊LRQD܊LWDVWDGH
FUH܈WHUHWHPSHUDWXUăvQFăRGDWăÄ/´
vQVHDPQă%/2&$7܈LYDDSăUHDSH
WRDWHD¿܈DMHOHDU]ăWRUXOXLLDUFRPDQGD
QXSRDWH¿VFKLPEDWă'DFăR]RQă
GHJăWLWHVWH¿HUELQWHÄ/´܈LÄ+´VHYRU
D¿܈DDOWHUQDWLY
3OLWDYDUăPkQHEORFDWăSkQăODGHEORFD
UHFKLDUGDFăFRQWUROXOHVWHRSULW܈LSRUQLW
3HQWUXDGH]DFWLYDEORFDUHDDFFHVXOXL
FRSLLORUSRUQL܊LPDLvQkLSOLWD$F܊LRQD܊L
VLPXOWDQ WDVWDIURQWDOăGHFUH܈
WHUHWHPSHUDWXUă܈LWDVWDGHVFăGHUH
WHPSHUDWXUăDSRLDF܊LRQD܊L
GLQQRXWDVWD Ä/´YDGLVSăUHDGH
SHD¿܈DMLDUSOLWDVHYDRSUL
%ORFDUHDWDVWHORU
)XQF܊LRQDOLWDWHDGHEORFDUHDWDVWHORU
HVWHSHQWUXEORFDUHDWDVWHORU܈LVHWDUHD
DSDUDWXOXLvQPRGGHHFRQRPLVLUHD
HQHUJLHLvQWLPSXOIXQF܊LRQăULL0RGL¿
FăULOHGHWLSXOFUH܈WHULLWHPSHUDWXULLGH
H[HPSOXSULQDWLQJHUHDEXWRDQHORUQX
HVWHSRVLELOă(VWHSRVLELOăGRDUVWLQJH
UHDDSDUDWXOHOHFWURFDVQLF
)XQF܊LDGHEORFDUHHVWHDFWLYăGDFăEX
WRQXOGHEORFDUHDWDVWHORU HVWHDSă
VDWWLPSGHFHOSX܊LQVHFXQGH$FHDVWă
RSHUD܊LXQHHVWHFRQ¿UPDWăSULQWUXQ
VHPQDOVRQRU'XSăDSăVDUHDEXWRQXOXL
WLPSGHPDLPXOWGHVHFXQGHLQGLFD
WRUXOGHEORFDUHDWDVWHORUVHDSULQGH
LQWHUPLWHQWLDUDU]ăWRUXOHVWHEORFDW
)XQFʠLHGHWHPSRUL]DWRU
)XQF܊LDGHWHPSRUL]DWRUHVWHUHDOL]DWă
vQGRXăYHUVLXQL
7HPSRUL]DWRUXODODUPHLPLQ
7HPSRUL]DWRUXODODUPHLSRDWH¿DF܊LR
QDWGDFă]RQHOHGHJăWLWVXQWRSULWH
$¿܈DMXOWHPSRUL]DWRUXOXLLQGLFăÄ´FH
VHDSULQGHLQWHUPLWHQW
$SăVD܊LWDVWDGHWHVWDUHWHPSRUL]DWRU
SHQWUXDFUH܈WHWLPSXOVDXDSăVD܊L
SHQWUXDUHGXFHWLPSXO,QWHUYDOXO
GHUHJODUHHVWHvQWUH܈LGHPLQXWH
'DFăQXVHDF܊LRQHD]ăQLPLFWLPSGH
VHFXQGHWHPSRUL]DWRUXODODUPHLVH
YDVHWDLDUSXQFWXOLQWHUPLWHQWYDGLVSă
UHD'XSăFHWHPSRUL]DWRUXOHVWHVHWDW
GXUDWDVHYDVFXUJHFRQIRUPUHJOăULL
52
&kQGGXUDWDUHVSHFWLYăVDVFXUVVH
YDHPLWHXQVHPQDOLDUD¿܈DMXOWHP
SRUL]DWRUXOXLVHDSULQGHLQWHUPLWHQW
6HPQDOXOVRQRUVHYDRSULDXWRPDW
GXSăGHVHFXQGH܈LVDXSULQDF܊LR
QDUHDRULFăUHLWDVWH
7HPSRUL]DWRUXODODUPHLSRDWH¿VFKLP
EDWVDXRSULWSULQXWLOL]DUHDWDVWHLGH
FUH܈WHUHWHPSRUL]DWRU ܈LVDXDWDV
WHLUHGXFHUHWHPSRUL]DWRU 2SULUHD
SOLWHLDSăVkQGRULFkQG YDRSUL܈L
WHPSRUL]DWRUXODODUPHL
7HPSRUL]DWRUXO]RQHLGHJĆWLW
PLQ
&kQGSOLWDHVWHSRUQLWăXQWHPSRUL]D
WRUDXWRQRPSRDWH¿SURJUDPDWSHQWUX
¿HFDUH]RQăGHJăWLW
6HOHFWD܊LR]RQăGHJăWLWDSRLVHOHFWD܊L
VHWDUHDWHPSHUDWXULL܈LOD¿QDODFWLYD܊L
VHWDUHDWHPSRUL]DWRUXOXL
7DVWD WHPSRUWL]DWRUXOSRDWH¿
SURJUDPDWFDIXQF܊LHGHRSULUHSHQWUXR
]RQăGHJăWLWÌQMXUXOWHPSRUL]DWRUXOXL
VHDÀăSDWUX/('XUL$FHVWHDLQGLFă
SHQWUXFH]RQăGHJăWLWDIRVWDFWLYDW
WHPSRUL]DWRUXO
/DVHFXQGHGXSăXOWLPDDF܊LXQH
D¿܈DMXOWHPSRUL]DWRUXOXLVHVFKLPEăvQ
D¿܈DMXOWHPSRUL]DWRUXOXLFDUHXUPHD]ă
vQFD]XOSURJUDPăULLPDLPXOWRU]RQH
GHJăWLW
&kQGWLPSXOVDVFXUVHVWHHPLVXQ
VHPQDO܈LD¿܈DMXOWHPSRUL]DWRUXOXL
LQGLFăÄ´VWDWLF/('XOWHPSRUL]DWR
UXOXL]RQHLGHJăWLWDIHUHQWHVHDSULQGH
LQWHUPLWHQW=RQDGHJăWLWSURJUDPDWă
VHYDRSULLDUÄ+´VHYDD¿܈DGDFă
]RQDGHJăWLWHVWH¿HUELQWH
6HPQDOXOVRQRU܈LDSULQGHUHDLQWHUPL
WHQWăD/('XOXLWHPSRUL]DWRUXOXLVH
YRURSULDXWRPDWGXSăGHVHFXQGH
܈LVDXDF܊LRQDUHDRULFăUHLWDVWH
6HPQDOXOVRQRU
ÌQWLPSXOIXQF܊LRQăULLSOLWHLXUPăWRDUH
OHDFWLYLWă܊LYRU¿VHPQDODWHSULQWUXQ
VHPQDOVRQRU
$FWLYDUHDWDVWHLQRUPDOSULQWUXQVHP
QDOVRQRUVFXUW
$F܊LRQDUHDFRQWLQXăDWDVWHORUSHRSH
ULRDGăPDLOXQJăGHWLPSVHFXQGH
vQVR܊LWHGHXQVHPQDOVRQRULQWHUPLWHQW
PDLOXQJ
)XQFʠLDGHFUHʞWHUH
6HOHFWD܊LR]RQăGHJăWLUHVHWD܊LQLYHOXO
GHJăWLUHSHÄQLYHOXOGRULWGHJăWLUH´܈L
DSăVD܊LGLQQRXWDVWD3&UH܈WHUH
)XQF܊LDGHFUH܈WHUHSRDWH¿DFWLYDWă
GDFăPRGXOGHLQGXF܊LHDFFHSWăVHWD
UHDSH]RQDGHJăWLW'DFăIXQF܊LDGH
FUH܈WHUHHVWHDFWLYăÄ3´YD¿D¿܈DWSH
HFUDQXOFRUHVSXQ]ăWRU
$FWLYkQGIXQF܊LDGHFUH܈WHUHVHSRDWH
GHSă܈LSXWHUHDPD[LPăLDUJHVWLRQD
UHDLQWHJUDWăDFRQVXPXOXLGHHQHUJLH
YD¿DFWLYDWă
5HGXFHUHDQHFHVDUăGHHQHUJLHHVWH
LQGLFDWăSULQDSULQGHUHDLQWHUPLWHQWăD
D¿܈DMXOXL]RQHLGHJăWLWFRUHVSXQ]ăWRD
UH$SULQGHUHDLQWHUPLWHQWăHVWHDFWLYă
WLPSGHVHFXQGH܈LSHUPLWHPDLPXOWH
DMXVWăULDOHVHWăULORUvQDLQWHGHUHGXFH
UHDHQHUJLHL
52
3DX]ĆLQWHOLJHQWĆ
&kQG HVWH DFWLYDWă 3DX]D ,QWHOLJHQWă
UHGXFH FRQVXPXO WXWXURU DU]ăWRDUHORU
SRUQLWH
&kQGGH]DFWLYD܊L3DX]D,QWHOLJHQWă
DU]ăWRDUHOHYRUUHYHQLODQLYHOXOSUHFH
GHQW
'DFăQXGH]DFWLYD܊L3DX]D,QWHOLJHQWă
DUDJD]XO VH YD RSUL GXSă  GH
PLQXWH
$SăVD܊LSHQWUXDDFWLYD3DX]D,Q
WHOLJHQWă3XWHUHDDU]ăWRDUHORUDFWLYDWH
VHYDUHGXFHODQLYHOXO܈LSHWRDWH
D¿܈DMHOHYDDSăUHDÄ,,´
$SăVD܊LGLQQRXSHQWUXDGH]DFWLYD
3DX]D,QWHOLJHQWăÄ,,´YDGLVSăUHDLDU
DU]ăWRDUHOHYRUIXQF܊LRQDWRDWHOD
QLYHOXOVHWDWvQDLQWH
,1',&,,ʝ,6)$785,
9DVHGHEXFĆWĆULH
ā )RORVL܊LYDVHGHEXFăWăULHFXIXQG
JURVSODWQHWHG܈LFDUHDXDFHOD܈L
GLDPHWUXFXHOHPHQWXO$FHVWOXFUXYD
UHGXFHWLPSLLGHJăWLUH
ā 9DVHOHGHEXFăWăULHFRQIHF܊LRQD
WHGLQR܊HOR܊HOHPDLODWIRQWă܈LR܊HO
LQR[LGDELOHWLFKHWDWHFRUHVSXQ]ăWRUGH
SURGXFăWRUYăYRURIHULFHOHPDLEXQH
UH]XOWDWH
ā )XQGXOYDVHORUGHEXFăWăULHFRQIHF
܊LRQDWHGLQR܊HOHPDLODWDOXPLQLXVDX
FXSUXSRWOăVDUH]LGXXULPHWDOLFHSH
SOLWăÌQDFHVWFD]DFHVWHDYRU¿JUHX
GHvQGHSăUWDW&XUă܊D܊LSOLWDGXSă¿HFD
UHXWLOL]DUH
ā 9DVHOHGHEXFăWăULHSRWULYLWHSHQWUX
LQGXF܊LHVXQWDFHOHDGHIXQGXOFăURUD
VHSRWOLSLPDJQH܊L
ā 9DVHOHGHEXFăWăULHWUHEXLHD܈H]DWH
SHFHQWUXO]RQHLGHJăWLWÌQFD]XOvQ
FDUHQXVXQWSODVDWHFRUHFWVHD¿܈HD
]ă
ā &kQGIRORVL܊LDQXPLWHWLJăLDFHVWHD
SRWSURGXFHDQXPLWHVXQHWHGLQFDX]D
GHVLJQXOXLGDUDFHVWOXUFUXQXDIHFWHD
]ăSHUIRUPDQ܊DVDXVLJXUDQ܊DSOLWHL
CORECT FALS
FALS FALS
(FRQRPLVLUHGHHQHUJLH
ā 3kQăODRDQXPLWăOLPLWă]RQHOHGH
JăWLUHFXLQGXF܊LHVHDGDSWHD]ăDXWR
PDWODPăULPHDYDVHORUGHEXFăWăULH
7RWX܈LSDUWHDPDJQHWLFăDIXQGXOXL
YDVHORUGHEXFăWăULHWUHEXLHVăDLEăXQ
GLDPHWUXPLQLPvQIXQF܊LHGHPăULPHD
]RQHLGHJăWLW
ā $܈H]D܊LYDVHOHSH]RQDGHJăWLWvQD
LQWHGHDRSRUQL'DFăRSRUQL܊LvQDLQWH
GHDD܈H]DYDVHOH]RQDGHJăWLWQXYD
IXQF܊LRQDLDUD¿܈DMXOGHFRQWUROYDLQGLFD
ā )RORVL܊LXQFDSDFSHQWUXDUHGXFH
WLPSXOGHJăWLUH
52
ā &kQGOLFKLGXODWLQJHSXQFWXOGH¿HUEH
UHUHGXFH܊LVHWDUHDWHPSHUDWXULL
ā 5HGXFH܊LFDQWLWDWHDGHOLFKLGVDXGH
JUăVLPHSHQWUXDUHGXFHWLPSLLGHJăWLUH
ā 6HOHFWD܊LWHPSHUDWXUDSRWULYLWăSHQWUX
DSOLFD܊LLOHGHJăWLW
([HPSOHGHDSOLFDʠLLGHJĆWLW
,QIRUPD܊LLOHFHXUPHD]ăDXXQVFRS
RULHQWDWLY
6HWăUL 8WLOL]DUH
(OHPHQWRSULW
 $YHUWLVPHQWGLVFUHW
 )LHUEHUHODIRFPLFDYHUWL]DUH
GLVFUHWă
 5HvQFăO]LUH ܈L ¿HUEHUH OD IRF
UDSLG
)LHUEHUHVRWH܈LSUăMLUH
ÌQFăO]LUHPD[LPă
3)XQF܊LDGHFUH܈WHUH
6IDWXULGHFXUĆʠDUH
ā 1XXWLOL]D܊LFkUSHDEUD]LYHDJHQ܊L
GHFXUă܊DUHFRUR]LYLVDXFXDHURVRO܈L
RELHFWHDVFX܊LWHSHQWUXDFXUă܊DVXSUD
ID܊DSOLWHL
ā 3HQWUXDvQGHSăUWDPkQFDUHDDUVă
vQPXLD܊LRFXRFkUSăXPHGă܈LDJHQW
GHVSăODUH
ā 3XWH܊LIRORVL܈LXQLQVWUXPHQWGHFXUă
܊DWJHDPXULSHQWUXDFXUă܊DPkQFDUHD
܈LGHSXQHULOH0kQFăUXULOHFDUHVH
OLSHVFWUHEXLHFXUă܊DWHLPHGLDWvQDLQWH
FDVWLFODVăVHUăFHDVFă
ā $YH܊LJULMăVăQX]JkULD܊LDGH]LYXOGLQ
VLOLFRQSODVDWSHPDUJLQLOHVWLFOHLvQ
WLPSFHIRORVL܊LXQLQVWUXPHQWGHFXUă܊DW
SHQWUXJHDPXUL
ā ,QVWUXPHQWXOGHFXUă܊DWSHQWUXJHD
PXULDUHVLRODPăGHFLDFFHVXOFRSLLORU
PLFLHVWHLQWHU]LV
ā )RORVL܊LXQDJHQWGHFXUă܊DUHSHQWUX
SOLWăFHUPLFăFkWWLPSSOLWDHVWHvQFă
FDOGă&OăWL܊L܈L܈WHUJH܊LFXRFkUSăFX
UDWăVDXFXSURVRSGHEXFăWăULH
,167$/$5($$3$5$78/8,
$9(57,60(17
5DFRUGDUHDHOHFWULFăDDFHVWHLSOLWH
WUHEXLHHIHFWXDWăGHSHUVRQDOGHVHU
YLFHDXWRUL]DWVDXHOHFWULFLDQFDOL¿FDW
vQFRQIRUPLWDWHFXLQVWUXF܊LXQLOHGLQ
DFHVWPDQXDO܈LFXQRUPHOHFXUHQWHÌQ
FD]XORULFăURUGHIHF܊LXQLUH]XOWDWHGLQ
UDFRUGDUHDVDXLQVWDODUHDLQDFGHYDWH
JDUDQ܊LDQXHVWHYDOLGă$FHVWDSDUDW
WUHEXLHvPSăPkQWDW
,QVWDODUHDvQVLJXUDQʠĆ
ă2ULFHFRUSVXVSHQGDWWUHEXLHVă¿H
D܈H]DWODFHOSX܊LQFPGHDVXSUDSOLWHL
ā 9HQWLODWRDUHOHGHH[WUDF܊LHWUHEXLH
PRQWDWHFRQIRUPLQVWUXF܊LXQLORUSURGX
FăWRUXOXL
ā 3HUHWHOHFDUHLQWUăvQFRQWDFWFXSDU
WHDGLQVSDWHDSOLWHLWUHEXLHFRQVWUXLW
GLQWUXQPDWHULDOQHLQÀDPDELO
ā &DEOXOGHDOLPHQWDUHQXWUHEXLHVă¿H
PDLOXQJGHPHWUL
52
0RQWDUHDSROLʠHLSHXQEODW
ā 3OLWDSRDWH¿LQWURGXVăvQRULFHEODW
GRDUvQFD]XOvQFDUHEODWXOUHVSHFWLYH
HVWHUH]LVWHQWODRFăOGXUăGHFHOSX܊LQ
&
&UHD܊LRGHVFKL]ăWXUăFXGLPHQVLXQLOH
SUH]HQWDWHvQLPDJLQHDGHPDLMRV܈LvQ
SDJLQDXUPăWRDUH
ā 3OLWDFXLQGXF܊LHSRDWH¿vQFRUSRUDWă
vQEODWXULFXRJURVLPHFXSULQVăvQWUH
܈LGHPP
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
52
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
$SOLFD܊LEDQGăDXWRDGH]LYăGHHWDQ܈D
UHSHWRDWăPDUJLQHDLQIHULRDUăD
VXSUDIH܊HLGHJăWLWvQSDUDOHOFX
PDUJLQHDH[WHULRDUăDSDQRXOXLGH
VWLFOăFHUDPLFă1XWUDJH܊LGHHD
52
ÌQ܈XUXED܊LFHOHEUD܊HGHPRQWDUHSH
EODWSHSHUH܊LLODWHUDOLDLSURGXVXOXL
%UD܊GHPRQWDMSHEODW
5HDOL]DUHDXQHLUDFRUGĆULHOHFWULFH
ÌQDLQWHGHUDFRUGDUHDDSDUDWXOXLOD
DOLPHQWDUHHOHFWULFăYHUL¿FD܊LGDFă
7HQVLXQHDUH܊HOHLGHDOLPHQWDUHHVWH
FHDLQGLFDWăSHSOăFX܊DLQGLFDWRDUH
DÀDWăSHVSDWHOHSOLWHL
&LUFXLWXOSRDWHVXSRUWDWHQVLXQHDDSD
UDWXOXLYH]LSOăFX܊DLQGLFDWRDUH
$OLPHQWDUHDFXHQHUJLHHVWHOHJDWăOD
SăPkQWFRQIRUPGLVSR]L܊LLORUQRUPHORUFX
UHQWH܈LHVWHvQVWDUHEXQăGHIXQF܊LRQDUH
&RPXWDWRUXOFXVLJXUDQ܊ăWUHEXLHVă¿H
X܈RUDFFHVLELOGXSăLQVWDODUHDSOLWHL
'DFăQXH[LVWăXQFLUFXLWVSHFLDO
SHQWUXSOLWă܈LXQFRPXWDWRUFXVLJX
UDQ܊ăDFHVWHDWUHEXLHLQVWDODWHGHXQ
HOHFWULFLDQFDOL¿FDWvQDLQWHGHUDFRUGD
UHDSOLWHL8QFDEOXDGHFYDW܈LDSUREDW
WUHEXLHFRQHFWDWODOD8QLWDWHDGH
&RQVXPFXWLDSULQFLSDOăGHVLJXUDQ܊ă
܈LWUHEXLHSURWHMDWGHSURSULDVLJXUDQ܊ă
GHDPSHULVDXGHXQ0LFURÌQWUHUX
SăWRU0&%(OHFWULFLDQXOWUHEXLHVă
DVLJXUHXQvQWUHUXSăWRULQVWDODWSHVWkOS
FXVLJXUDQ܊HFHGHFRQHFWHD]ă܈LFDEOXO
DFWLY܈LFDEOXOQHXWUXFXXQLQWHUYDOGH
FRQWDFWGHFHOSX܊LQPP
&RPXWDWRUXOVLJXUDQ܊ăWUHEXLHPRQWDW
vQSHUHWHOHEXFăWăULHLGHDVXSUDVXSUD
IH܊HL܈LvQODWHUDOXOSOLWHLQXGHDVXSUD
HLFRQIRUPQRUPHORU,((&RPXWDWRUXO
VLJXUDQ܊ăVHFRQHFWHD]ăODRFXWLHGH
UDFRUGPRQWDWăvQSHUHWHODDSUR[LPDWLY
GHFPLQFLGHDVXSUDSRGHOHL܈L
vQVSDWHOHSOLWHL&DEOXOGHDOLPHQWDUH
ODUH܊HDDOSROL܊HLSRDWH¿DFXPFR
QHFWDW&RQHFWD܊LXQFDSăWODFXWLDGH
UDFRUG܈LSHFHOăODOWFDSăWFRQHFWD܊LO
ODDOLPHQWDWRUXOGHFRQH[LXQHSR]L܊LR
QDWvQVSDWHOHSROL܊HL6FRDWH܊LFDSDFXO
DOLPHQWDWRUXOXLGHFRQH[LXQH܈LLQVWDOD܊L
FDEOXOFRQIRUPVFKL܊HLGHFRQH[LXQH
&DEOXOGHDOLPHQWDUHODUH܊HDQXWUH
EXLHSXVvQSUHDMPDXQRUVXUVHGLUHFWH
GHFăOGXUă
52
3HQWUXSOLWDYLWURFHUDPLFăRSHUDWă
WDFWLOFDEOXOWUHEXLHVă¿H+99)
;4PPð,(&'LDJUDPD
GHUDFRUGDUHHVWHSUH]HQWDWăSHVSDWH
OHDSDUDWXOXLHOHFWURFDVQLF
&2'85,'((52$5(
'DFăH[LVWăRHURDUHXQFRGGHHURDUH
YDILDILúDWSHDILúDMHOHDU]ăWRDUHORU
(9HQWLODWRUXOGHUăFLUHHVWHGH]DF
WLYDW&RQWDFWDĠLXQDJHQWGHVHUYLFH
DXWRUL]DW
(7HPSHUDWXUDERELQHLGHLQGXF܊LH
HVWHSUHDPDUHRSUL܊LSOLWDDSăVkQG
EXWRQXOSRUQLWRSULW܈LOăVD܊LERELQDVă
VHUăFHDVFă
(7HQVLXQHDGHDOLPHQWDUHHVWH
GLIHULWHGHYDORULOHQRPLQDOH2SUL܊LSOLWD
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
52
6.
2%6$+
%H]SHþQRVWQpSRN\Q\2SLV]DULDGHQLD
9DUQêSRYUFKDRYOiGDFtSDQHORKULHYDþRY
3UHYiG]ND]DULDGHQLD=DSQXWLHDY\SQXWLH]DULDGHQLD
=DSQXWLHDY\SQXWLHYDUQêFK]yQ,QWHOLJHQWQiSDX]D,QGLNiWRU]Y\ãNRYpKRWHSOD
)XQNFLDEH]SHþQpKRY\SQXWLD
'HWVNê]iPRN
)XQNFLDþDVRYDþD
%]XþLDN
)XQNFLDSRVLOQHQLD
5DG\DWLS\
,QãWDOiFLD]DULDGHQLD
%H]SHþQRVĢSULLQãWDOiFLL
0RQWiåYDULþDGRSUDFRYQHMSORFK\
(OHNWULFNpSULSRMHQLH
'LDJUDPHOHNWULFNpKRSULSRMHQLD
6.
%(=3(ÿ12671e832=25
1(1,$
35(' 328ä,7Ë0 =$5,$'(1,$ 6,
35(ýË7$-7( 'Ð./$'1( 9â(7.<
7,(7232.<1<$321(&+$-7(,&+
1$ 9+2'120 0,(67($%< 67( 9
35Ë3$'(3275(%<02+/,'21,&+
1$+/,$'18ġ
7(1721È92'1$328ä,7,(-(35,
35$9(1é 35( 9,$& $.2 -('(1
02'(/9$â(=$5,$'(1,(1(086Ë
0$ġ 1,(.725e )81.&,( .725e
6Ò 9<69(7/(1e 9 72072 1È92
'( 1$ 328ä,7,( 32ý$6 ýË7$1,$
1È92'81$328ä,7,('È9$-7(32
=251$9<-$'5(1,$62%5È=.$0,
9åHREHFQpEH]SHĀQRVWQpXSR
]RUQHQLD
7RWR ]DULDGHQLH VP~
SRXåtYDĢGHWLRGUR
NRY D RVRE\ VR ]Qt
åHQêPL I\]LFNêPL
]P\VORYêPL DOHER
PHQWiOQ\PL VFKRS
QRVĢDPL DOHER QHGR
VWDWNRP VN~VHQRVWt
D ]QDORVWt SRNLDĐ QD
QLFK GRKOLDGD RVRED
]RGSRYHGQi ]D LFK
EH]SHþQRVĢDOHERDN
LPWiWRRVREDGDODSR
N\Q\ RKĐDGRP SRXåt
YDQLD D FKiSX UL]LNi
'HWLVDQHVP~VR]D
ULDGHQtPKUDĢ'HWLE\
QHPDOLY\NRQiYDĢþLV
WHQLHD~GUåEXSRNLDĐ
QD QLFK QLHNWR QHGR
KOLDGD
9é675$+$ =DULD
GHQLHDQLHNWRUpþDVWL
VD SRþDV SRXåtYDQLD
]DKULHYDM~ 'iYDMWH
SR]RUDE\VWHVDQH
GRWNOL RKUHYQêFK SUY
NRY 'HWL NWRUp PDM~
PHQHMDNRURNRYE\
VWHPDOLXGUåLDYDĢćD
OHM RG ]DULDGHQLD SR
NLDĐQDQHQHSUHWUåLWH
QHGRKOLDGDWH
9é675$+$ 9DUHQLH
QDYDULþLVWXNRPDOH
ER ROHMRP P{åH E\Ģ
QHEH]SHþQp D P{åH
VS{VRELĢ SRåLDU 1,
.'< VD QHSRN~ãDMWH
XKDVLĢ SRåLDU YRGRX
QDPLHVWR WRKR Y\SQL
WH]DULDGHQLHDSRWRP
SUHNU\WHSODPHĖQDSU
SUtNORSRP DOHER KD
VLDFRXKDQGURX
9é675$+$ 1HEH]
6.
SHþHQVWYR SRåLDUX
QHVNODGXMWH YHFL QD
YDULDFLFKSRYUFKRFK
9é675$+$$NMHSR
YUFKSUDVNQXWêY\SQL
WH]DULDGHQLHDE\VWH
]DEUiQLOLHOHNWULFNpPX
ãRNX
3UL LQGXNþQêFK YDUL
þRFKQHVPLHWHQDSR
YUFK YDULþD NOiVĢ NR
YRYpSUHGPHW\DNRV~
QRåHYLGOLþN\O\åLFHD
SRNULHYN\ SUHWRåH VD
P{åX]DKULDĢ
3UL LQGXNþQêFK YDUL
þRFK SR SRXåLWt Y\S
QLWH YDULþ SRPRFRX
RYOiGDQLD D QHVSROLH
KDMWH VD QD GHWHNWRU
SDQYLFH
3UL YDULþRFK V SUtNOR
SRPE\VWHSUHGRWYR
UHQtP SUtNORSX PDOL ]
QHKR RGVWUiQLĢ YãHW
N\ UR]OLDWH NYDSDOLQ\
3UHG ]DWYRUHQtP SUt
NORSXE\ VWH PDOL QH
FKDĢ Y\FKODGLĢ DM SR
YUFKYDULþD
7RWR]DULDGHQLHQLHMH
XUþHQp QD SRXåLWLH V
H[WHUQêP þDVRYDþRP
DQLV\VWpPRP GLDĐNR
YpKRRYOiGDQLD
1D þLVWHQLH VNOD QD
GYLHUNDFKU~U\QHSRX
åtYDMWHåLDGQHDEUD]tY
QH þLVWLDFH SURVWULHG
N\ DQL RVWUp NRYRYp
ãNUDEN\PRKOLE\VNOR
SRãNULDEDĢDVS{VRELĢ
MHKRUR]ELWLHDOHERSR
ãNRGHQLHSRYUFKX
1DþLVWHQLH]DULDGHQLD
QHSRXåtYDMWH SDUQp
þLVWLþH
9DãH]DULDGHQLHVSĎĖDYãHWN\SODW
Qp PLHVWQH D PHG]LQiURGQp QRU
P\DQDULDGHQLD
ÒGUåEX D RSUDYX P{åX Y\NRQi
YDĢLEDNWRPXRSUiYQHQtVHUYLVQt
WHFKQLFL ,QãWDOiFLD D RSUDYD Y\
NRQDQiQHRSUiYQHQêPLWHFKQLNPL
P{åH E\Ģ SUH YiV QHEH]SHþQi
ÒSUDYD D PRGL¿NiFLD ãSHFL¿NiFLt
]DULDGHQLDMHQHEH]SHþQi
3UHG LQãWDOiFLRX VD XLVWLWH þL V~
SRGPLHQN\ PLHVWQHM GLVWULE~FLH
YODVWQRVWLSO\QXDWODNSO\QXDOH
ER QDSlWLH D IUHNYHQFLD HOHNWULF
NHMVLHWHDSRåLDGDYN\]DULDGHQLD
NRPSDWLELOQp 3RåLDGDYN\ WRKWR
]DULDGHQLDV~XYHGHQpQDãWtWNX
832=251(1,( 7RWR ]DULDGHQLH
6.
MH XUþHQp LED QD YDUHQLH MHGOD Y
LQWHULpUL GRPiFQRVWL D QHVPLH VD
SRXåtYDĢQDLQê~þHOQDSUtNODGQD
SRXåLWLHLQpDNRYGRPiFQRVWLDOH
ER Y NRPHUþQRP SURVWUHGt DOHER
QDRKUHYPLHVWQRVWL
1D ]DLVWHQLH YDãHM EH]SHþQRVWL
EROL XUREHQp YãHWN\ PRåQp EH]
SHþQRVWQp RSDWUHQLD .HćåH VD
VNOR P{åH UR]ELĢ SRþDV þLVWHQLD
E\ VWH PDOL GiYDĢ SR]RU DE\ VWH
VNORQHSRãNULDEDOL=DEUiĖWH~GH
UXDOHERNOHSQXWLXQDVNORVSUtV
OXãHQVWYRP
3RþDV LQãWDOiFLH ]DLVWLWH DE\ VD
QDSiMDFt NiEHO QH]DNOLQLO $N MH
QDSiMDFt NiEHO SRãNRGHQê PXVt
KRY\PHQLĢYêUREFDMHKRVHUYLVQê
DJHQW DOHER SRGREQH NYDOL¿NRYD
QpRVRE\DE\WREROREH]SHþQp
9ìVWUDK\WìNDM~FHVDLQåWDOiFLH
1HREVOXKXMWH]DULDGHQLHSUHGMHKR
~SOQRXLQãWDOiFLRX
=DULDGHQLH PXVt QDLQãWDORYDĢ N
WRPXRSUiYQHQêWHFKQLNNWRUêKR
XYHGLH DM GR SUHYiG]N\ 9êUREFD
QLHMH ]RGSRYHGQê ]DåLDGQH SR
ãNRGHQLHVS{VREHQpQHVSUiYQ\P
XPLHVWQHQtP D LQãWDOiFLRX QHR
SUiYQHQêPLRVREDPL
.Hć UR]EDOtWH ]DULDGHQLH XLVWLWH
VD åH VD SRþDV SUHSUDY\ QHSR
ãNRGLOR $N VD QLHþR SRãNRGLOR
QHSRXåtYDMWH]DULDGHQLHDRNDPåL
WHVDREUiĢWHQD ]iVWXSFXDXWRUL
]RYDQpKRVHUYLVX .HćåH EDOLDFH
PDWHULiO\ Q\ORQ VYRUN\ SRO\VW\
UpQDSRGP{åX GHĢRP XEOtåLĢ
RNDPåLWH LFK SR]ELHUDMWH D RG
VWUiĖWH
&KUiĖWH]DULDGHQLHSUHG SRYHWHU
QRVWQêPL YSO\YPL 1HY\VWDYXMWH
KRVOQNXGDåćXVQHKXDSRG
2NROLWp PDWHULiO\ SUL ]DULDGHQt
VNULQNDPXVLDE\ĢVFKRSQpRGR
ODĢ WHSORWH PLQ  & 3RþDV
SUHYiG]N\ P{åH VW~SQXĢ WHSORWD
GROQpKRSRYUFKXYDULþD3RGYêUR
ERNSUHWRPXVtE\ĢQDLQãWDORYDQi
GRVND
3RĀDVSRXçtYDQLD
3RþDVSUHYiG]N\QHGiYDMWHKRUĐD
Yp D ]iSDOQp PDWHULiO\ GRYQ~WUD
DQLGREOt]NRVWL]DULDGHQLD
1HQHFKiYDMWH VSRUiN EH] GR]RUX
SULYDUHQtVSHYQêPLþLNYDSDOQêPL
ROHMPL 3UL H[WUpPQRP RKUHYH VD
P{åXY]QLHWLĢ3ODPHQHVS{VREH
Qp ROHMRP QLNG\ QHKDVWH YRGRX
3UHNU\WH UDMQLFX DOHER SDQYLFX V
LFKSRNULHYNDPLDE\VDXGXVLOSOD
PHĖNWRUêVDY\VN\WROD Y\SQLWH
VSRUiN
9åG\GDMWHSDQYLFHGRVWUHGXYDU
QHM]yQ\DGDMWHU~þN\GREH]SHþ
QHMSRORK\DE\VWHRQHQH]DYDGLOL
$N ]DULDGHQLH QHEXGHWH GOKãLX
GREXSRXåtYDĢRGSRMWHKR3RQH
FKDMWHSUHStQDþKODYQpKRRYOiGD
QLDY\SQXWê.Hć]DULDGHQLHQHSR
XåtYDWH]DWYRUWHSO\QRYêYHQWLO
.Hć]DULDGHQLHQHSRXåtYDWHXLVWL
WHVDåHRYOiGDþHV~YåG\YSROR
KHÄ³VWRS
3RĀDVĀLVWHQLDD~GUçE\
3UHGþLVWHQtPDOHER~GUåERXYåG\
Y\SQLWH ]DULDGHQLH 0{åHWH WR
XURELĢWDN åHRGSRMtWH]DULDGHQLH
] HOHNWULFNHM VLHWH DOHER Y\SQHWH
6.
KODYQpSUHStQDþH
3ULþLVWHQtRYOiGDFLHKRSDQHODQH
RGVWUDĖXMWHRYOiGDþH
1$8'5ä$1,(()(.7,9,7<$
%(=3(ý1267,9Èâ+2=$5,$
'(1,$9È02'325Òý$0(
9ä'<328ä,ġ25,*,1È/1(
1È+5$'1e',(/<$935Ë3$'(
3275(%<=$92/$ġ,%$1$
â,&+=È6783&29$8725,=2
9$1e+26(59,68
6.
23,69$5,ÿ$
9iåHQê]iND]QtN
3UHGSRXåLWtPWRKWRYDULþDVLSUHþtWDMWHSRN\Q\YWRPWRQiYRGHQDSRXåLWLHDXVF
KRYDMWHKRDE\VWHGRĖPRKOLQDKOLDGQXĢDMYEXG~FQRVWL
9DUQìSRYUFKSUHRKULHYDĀH
,QGXNþQêRKUHYQêSUYRN
3R]QiPND9]iYLVORVWLRGNRQ¿JXUiFLHVDY]KĐDGYiãKRYDULþDP{åHOtãLĢRG
Y\ããLH]REUD]HQpKRPRGHOX
2YOiGDFtSDQHO
6.
2YOiGDFtSDQHOSUHRKULHYDþH
 =YêãHQLH QDVWDYHQLD RKULHYDþD
þDVRYDþD
 'LVSOHMRKULHYDþD
 9êEHURKULHYDþDYĐDYRKRUH
 'LVSOHMþDVRYDþD
 9êEHURKULHYDþDYSUDYRKRUH
 =iPRNWODþLGLHO
 ,QGLNiWRU]iPNXWODþLGLHO
 ,QWHOLJHQWQiSDX]D
 =QtåHQLH QDVWDYHQLD RKULHYDþD
þDVRYDþD
 9êEHURKULHYDþDYĐDYRGROH
 ýDVRYDþ
 9êEHURKULHYDþDYSUDYRGROH
 3RVLOQHQLH
 =DS9\S
23
12
9 1310
67
14
8
15
11
4
6.
2%6/8+$=$5,$'(1,$
3RXåLWH LQGXNþQp YDUQp ]yQ\ V YKRG
QêPULDGRP
3R ]DSRMHQt VLHĢRYpKR QDSlWLD VD QD
FKYtĐX UR]VYLHWLD YãHWN\ GLVSOHMH .Hć
XSO\QLH WiWR GRED YDULþ SUHMGH GR SR
KRWRYRVWQpKRUHåLPXDMHSULSUDYHQêQD
SUHYiG]NX
9DULþVDRYOiGDHOHNWURQLFNêPLVHQ]RU
PLNWRUpVDRYOiGDM~ GRW\NRPSUtVOXã
QêFKVHQ]RURY3ULNDåGHMDNWLYiFLLVHQ
]RUD]D]QLH]YXNRYêVLJQiOE]XþLDN
=DSQXWLH]DULDGHQLD
=DSQLWH YDULþ GRWNQXWtP VD Y\StQDþD
1D YãHWNêFK GLVSOHMRFK RKULHYD
þRYEXGHVYLHWLĢÄ³DEXG~EOLNDĢERGN\
YSUDYRGROH$NGRVHN~QGQHY\EH
ULHWHåLDGQXYDUQ~]yQXYDULþVDDXWR
PDWLFN\Y\SQH
9\SQXWLH]DULDGHQLD
9\SQLWHYDULþNHG\NRĐYHNVWODþHQtP 
9\StQDþ PiSULY\StQDQtYåG\
SULRULWX
=DSQXWLHYDUQìFK]yQ
'RWNQLWH VD WODþLGOD YêEHUX RKULHYDþD
QDNWRURPFKFHWHYDULĢ1DGLVSOHMLY\
EUDQpKR RKULHYDþD EXGH VYLHWLĢ ERGND
D ]PL]Q~ EOLNDM~FH ERGN\ QD YãHWNêFK
RVWDWQêFKGLVSOHMRFK
9\EHUWH QDVWDYHQLH WHSORW\ SRPRFRX
WODþLGOD QDVWDYHQLD ]YêãHQLD RKUHYX
DOHERWODþLGODQDVWDYHQLD]QtåHQLD
RKUHYX 2KULHYDþMHWHUD]SUL
SUDYHQê QD YDUHQLH 3UH QDMUêFKOHMãLH
YDUHQLHY\EHUWHSRåDGRYDQ~~URYHĖYD
UHQLDDSRWRPVDGRWNQLWHWODþLGOD3QD
DNWLYiFLXIXQNFLHSRVLOQHQLDRKUHYX
9\SQXWLHYDUQìFK]yQ
9\EHUWHVWODþHQtPSUtVOXãQpKRWODþLGOD
QDVWDYHQLD]YêãHQLDRKUHYX
RKULHYDþNWRUêFKFHWHY\S Q~Ģ
3RPRFRXWODþLGOD ]QtåWHWHSORWXDå
QDÄ³6~þDVQêPVWODþHQtPWODþLGLHO
D GiWHWHSORWXQDÄ³
$NMHYDUQi]yQDKRU~FDQDPLHVWRÄ³
VD]REUD]tStVPHQRÄ+³
9\SQXWLHYåHWNìFKYDUQìFK]yQ
$N FKFHWH QDUD] Y\SQ~Ģ YãHWN\ YDUQp
]yQ\GRWNQLWHVDWODþLGOD
9 SRKRWRYRVWQRP UHåLPH VD QD YãHW
NêFK KRU~FLFK YDUQêFK ]yQDFK REMDYt
StVPHQRÄ+³
,QGLNiWRU]Y\åNRYpKRWHSOD
,QGLNiWRU]Y\ãNRYpKRWHSODLQGLNXMHåH
VNORNHUDPLFNiGRVNDPiYRNROtYDUQHM
]yQ\QHEH]SHþQ~WHSORWXQDGRW\N
3R Y\SQXWt YDUQHM ]yQ\ VD QD SUtV
OXãQRP GLVSOHML ]REUD]t StVPHQR Ä+³
Då NêP WHSORWD SUtVOXãQHM YDUQHM ]yQ\
QHNOHVQHQDEH]SHþQ~~URYHĖ
6.
)XQNFLDEH]SHĀQpKRY\SQXWLD
3RNLDĐQHXSUDYtWHQDVWDYHQLHWHSORW\
NDåGiYDUQi]yQDVDSRGH¿QRYDQRP
PD[LPiOQRPþDVHSUHYiG]N\Y\SQH
.DåGi]PHQDYDUQHM]yQ\YUiWLPD[L
PiOQXGREXSUHYiG]N\QDSRþLDWRþQ~
KRGQRWXREPHG]HQLDGRE\SUHYiG]N\
0D[LPiOQDGREDSUHYiG]N\]iYLVtRG
Y\EUDQHM~URYQHWHSORW\
3RþNDMWHNêPQH]PL]QHÄ)³SUHYãHWN\
]yQ\]DSQLWHYDULþGRW\NRP D
SRNUDþXMWHYMHKRSRXåtYDQt
1DVWDYHQLH
RKUHYX
9\S
EH]SHþQRVWQpKR
SUHStQDþDSR
± KRGLQiFK
± KRGLQiFK
KRGLQiFK
± KRGLQH
'HWVNì]iPRN
3R]DSQXWtRYOiGDQLDP{åHWHDNWLYRYDĢ
IXQNFLXGHWVNpKR]iPNX$NFKFHWH
DNWLYRYDĢGHWVNê]iPRNV~þDVQHVD
GRWNQLWHWODþLGODQDVWDYHQLD]YêãH
QLDRKUHYX DWODþLGODQDVWDYHQLD
]QtåHQLDRKUHYX DSRWRPVDRSlĢ
GRWNQLWHWODþLGODQDVWDYHQLD]YêãHQLD
RKUHYX 1DGLVSOHMRFKYãHWNêFK
RKULHYDþRYVD]REUD]tStVPHQRÄ/³
NWRUp]QDþtåHV~X]DPNQXWpDRYOi
GDQLHQHPRåQR]PHQLĢ$NMHYDUQi
]yQDKRU~FDEXG~VDVWULHGDĢStVPHQi
Ä/³DÄ+³
9DULþ]RVWDQHYVWDYHX]DPNQXWLDDå
NêPVDQHRGRPNQHDMNHćVDY\SQHD
]DSQHRYOiGDQLH
$NFKFHWHGHDNWLYRYDĢGHWVNê]iPRN
QDMSUY]DSQLWHYDULþ6~þDVQHVD
GRWNQLWHSUHGQpKRWODþLGODQDVWDYHQLD
]YêãHQLDRKUHYX DWODþLGODQDVWD
YHQLD]QtåHQLDRKUHYX DSRWRP
VDRSlĢGRWNQLWHWODþLGODQDVWDYHQLD
]QtåHQLD
RKUHYX 3tVPHQRÄ/³]PL]QH]
GLVSOHMDDYDULþVDY\SQH
=iPRNWODĀLGLHO
)XQNFLD]iPNXWODþLGLHOMHXUþHQiQD
EORNRYDQLHDQDVWDYHQLH]DULDGHQLD
GRUHåLPXãHWUHQLDSRþDVSUHYiG]N\
ÒSUDY\GRW\NRPQDSUtNODG]YêãHQLH
QDVWDYHQtRKUHYXDLQpQHEXG~PRå
Qp0{åHWHOHQY\SQ~Ģ]DULDGHQLH
)XQNFLX]iPNXDNWLYXMHWHWDNåH
EXGHWHVWOiþDĢWODþLGOR]iPNXWODþLGLHO
SRGREXDVSRĖVHNXQG\7iWR
RSHUiFLDVDSRWYUGtE]XþLDNRP3R
~VSHãQRPVWODþHQtSRGREXDVSRĖ
VHNXQG\LQGLNiWRU]iPNXWODþLGLHO]DEOL
NiDRKULHYDþVD]DEORNXMH
)XQNFLDĀDVRYDĀD
)XQNFLDþDVRYDþDIXQJXMHYGYRFK
YHU]LiFK
0LQ~WNDPLQ
0LQ~WNDVDGiRYOiGDĢDNV~YDUQp
]yQ\Y\SQXWp'LVSOHMþDVRYDþD]REUD
]tÄ³DEOLNDM~FXERGNX
'RWNQLWHVDWODþLGODQDVWDYHQLDþDVR
YDþD QD]YêãHQLHþDVXDOHERVD
GRWNQLWH QD]QtåHQLHþDVX5R]VDK
QDVWDYHQLDMHPHG]LDPLQ~WDPL
$NVHN~QGQLþQHVWODþtWHPLQ~WND
VDQDVWDYtD]PL]QHEOLNDM~FDERGND
3RQDVWDYHQtþDVRYDþDVDþDVRGSRþt
WDYDSRGĐDQDVWDYHQLD
6.
3RXSO\QXWtþDVX]D]QLHVLJQiODGLVSOHM
þDVRYDþD]DþQHEOLNDĢ=YXNRYêVLJQiO
VDDXWRPDWLFN\]DVWDYtSRVHNXQ
GiFKDDOHERSRGRWNQXWtVDĐXERYRĐQp
KRWODþLGOD
0LQ~WNDVDGiNHG\NRĐYHN]PHQLĢDOH
ERY\SQ~ĢSRPRFRXWODþLGOD]YêãHQLD
þDVRYDþD DDOHERWODþLGOD]QtåH
QLDþDVRYDþD 9\SQXWtPYDULþD
GRWNQXWtPVD WLHåY\SQHWHPLQ~WNX
ÿDVRYDĀYDUQHM]yQ\
PLQ
.HćMHYDULþ]DSQXWêSUHNDåG~YDUQ~
]yQXVDGiQDSURJUDPRYDĢQH]iYLVOê
þDVRYDþ
9\EHUWHYDUQ~]yQXSRWRPY\EHUWH
QDVWDYHQLHWHSORW\DQDNRQLHFDNWLYXMWH
WODþLGORQDVWDYHQLD
þDVRYDþD þDVRYDþVDGiQD
SURJUDPRYDĢDNRY\StQDþYDUQHM]yQ\
2NRORþDVRYDþDV~ãW\UL/('GLyG\
7LHLQGLNXM~SUHNWRU~YDUQ~]yQXERO
DNWLYRYDQêþDVRYDþ
VHN~QGSRSRVOHGQHMRSHUiFLLVD
GLVSOHMþDVRYDþD]PHQtQDþDVRYDþ
NWRUêMHQDVOHGXM~FLSULSURJUDPRYDQt
YLDFDNRYDUQHM]yQ\
.HćXSO\QLHGREDQDVWDYHQiQD
þDVRYDþL]D]QLH]YXNRYêVLJQiODQD
GLVSOHMLþDVRYDþDEXGHVYLHWLĢÄ³]D
EOLNi/('GLyGDSULUDGHQpKRþDVRYDþD
YDUQHM]yQ\1DSURJUDPRYDQiYDUQi
]yQDVDY\SQHDDNMHYDUQi]yQDKR
U~FD]REUD]tVDStVPHQRÄ+³
=YXNRYêVLJQiODEOLNDQLH/('GLyG\
þDVRYDþDVDDXWRPDWLFN\]DVWDYtSR
VHNXQGiFKDDOHERSRGRWNQXWtVD
ĐXERYRĐQpKRWODþLGOD
%]XĀLDN
.HćMHYDULþYSUHYiG]NHSRPRFRX
E]XþLDNDVDVLJQDOL]XM~QDVOHGXM~FH
DNWLYLW\
1RUPiOQDDNWLYiFLDWODþLGODSRPRFRX
NUiWNHKR]YXNRYpKRVLJQiOX
1HSUHWUåLWiREVOXKDWODþLGLHOSRGOKãLX
GREXVHN~QGSRPRFRXGOKãLHKR
SUHUXãRYDQpKR]YXNRYpKRVLJQiOX
)XQNFLDSRVLOQHQLD
7UHEDY\EUDĢYDUQ~]yQXQDVWDYLĢ
~URYHĖYDUHQLDQDÄSRåDGRYDQ~~URYHĖ
DYUHQLD³DWUHEDRSlĢVWODþLĢWODþLGOR3
SRVLOQHQLH
$NLQGXNþQêPRGXOSULMtPDQDVWDYHQLH
WHMWRYDUQHM]yQ\P{åHWHDNWLYRYDĢ
IXQNFLXSRVLOQHQLD$NMHIXQNFLDSRVLO
QHQLDDNWtYQDQDSUtVOXãQRPGLVSOHML
VD]REUD]tStVPHQRÄ3
$NWLYiFLRXSRVLOQHQLDVDP{åHSUH
VLDKQXĢPD[LPiOQ\SRYROHQêSUtNRQY
WDNRPSUtSDGHVDDNWLYXMHLQWHJURYDQp
ULDGHQLHYêNRQX
3RWUHEQp]QtåHQLHYêNRQXVD]REUD
]tEOLNDQtPGLVSOHMDSUtVOXãQHMYDUQHM
]yQ\%OLNDQLHWUYiVHNXQG\DXPRå
ĖXMHćDOãLHSULVS{VREHQLHQDVWDYHQt
SUHG]QtåHQtPYêNRQX
6.
,QWHOLJHQWQiSDX]D
.HćMHDNWLYRYDQiLQWHOLJHQWQiSDX]D
]QLåXMHYêNRQYãHWNêFKRKULHYDþRY
NWRUpEROL]DSQXWp
$NSRWRPGHDNWLYXMHWHLQWHOLJHQWQ~
SDX]XRKULHYDþHVDDXWRPDWLFN\YUiWLD
QDSUHGFKiG]DM~FX~URYHĖ
$NQHGHDNWLYXMHWHLQWHOLJHQWQ~SDX]X
KRUQêSDQHOVSRUiNDVDSRPLQ~
WDFKY\SQH
$NFKFHWHDNWLYRYDĢLQWHOLJHQWQ~
SDX]XGRWNQLWHVD9êNRQ
DNWLYRYDQêFKRKULHYDþRYVD]QtåLQD
~URYHĖDQDYãHWNêFKGLVSOHMRFKVD
]REUD]t]QDþNDÄ,,³
$NFKFHWHGHDNWLYRYDĢLQWHOLJHQWQ~
SDX]XGRWNQLWHVDRSlĢ=QDþND
Ä,,³]PL]QHDRKULHYDþHVDYUiWLDQD
SUHGWêPQDVWDYHQ~~URYHĖ
5$'<$7,3<
5LDG
ā 3RXåLWHKUXEêSORFKêULDGVKODGNêP
VSRGNRPDURYQDNêPSULHPHURP
DNRPiRKULHYDþ7DNVD]QtåLDGRE\
YDUHQLD
ā 1DMOHSãLHYêVOHGN\GRVLDKQHWHVULD
GRP]RFHOHVPDOWRYDQHMRFHOHOLDWLQ\
DQHKUG]DYHM~FHMRFHOHDNMHVSUiYQH
R]QDþHQiYêUREFRP
ā 5LDGY\UREHQêVRVSRGNRP]RVPDO
WRYDQHMRFHOHKOLQtNDDOHERPHGLP{åX
VS{VRELĢåHQDYDULþL]RVWDQ~]Y\ãN\
NRYX$NWRQHFKiWHWDNĢDåNRVDWR
RGVWUDĖXMH9\þLVWLWHYDULþSRNDåGRP
SRXåLWt
ā 5LDGMHYKRGQêQDLQGXNþQpYDUHQLH
DNVDNVSRGNXULDGXSULFK\WtPDJQHW
ā 5LDGPXVtWHQDYDUQ~]yQXXPLHVWQLĢ
GRVWUHGX$NQLHMHXPLHVWQHQêVSUiY
QHYDULþYiVQDWRXSR]RUQt
ā 3ULSRXåLWtXUþLWêFKSDQYtFP{åHWH]
SDQYtF]DþXĢU{]QH]YXN\7RMHVS{VR
EHQpGL]DMQRPSDQYtFDQHPiWRYSO\Y
QDYêNRQDOHEREH]SHþQRVĢYDULþD
SPRÁVNE NESPRÁVNE
NESPRÁVNE NESPRÁVNE
äHWUHQLHHQHUJLRX
ā ,QGXNþQpYDUQp]yQ\VDDåGRXUþL
WpKROLPLWXDXWRPDWLFN\SULVS{VREXM~
YHĐNRVWLVSRGNXULDGX9]iYLVORVWLRG
YDUQHM]yQ\YãDNPDJQHWLFNiþDVĢ
VSRGNXULDGXPXVtPDĢXUþLWêPLQLPiO
Q\SULHPHU
ā 'DMWHULDGQDYDUQ~]yQXSUHGMHM]DS
QXWtP$NMX]DSQHWHSUHGSRORåHQtP
ĐXERYRĐQpKRULDGXYDUQi]yQDQHEXGH
IXQJRYDĢDXSR]RUQtYiVQDWRGLVSOHM
RYOiGDQLD
ā 1D]QtåHQLHGRE\YDUHQLDSRXåLWH
SRNULHYNX
6.
ā .HćVDNYDSDOLQDSULYHGLHGRYDUX
]QtåWHQDVWDYHQLHWHSORW\
ā 1D]QtåHQLHGRE\YDUHQLDPLQLPDOL
]XMWHPQRåVWYRNYDSDOLQ\DOHERWXNX
ā 9\EHUWHVSUiYQHQDVWDYHQLHWHSORW\
QDYDUHQLH
3UtNODG\YDUHQLD
,QIRUPiFLHXYHGHQpYQDVOHGXM~FHM
WDEXĐNHVO~åLDLEDDNRSRP{FND
1DVWDYHQLD 3RXåLWLHQD
9\SQXWêSUYRN
± 2KUHYGHOLNiWQ\FK
SRWUDYtQ
± -HPQpYDUHQLHSRPDOê
RKUHY
± 2SlWRYQêRKUHYDVLOQp
YDUHQLH
9UHQLHSUDåHQLHD
RSDĐRYDQLH
0D[LPiOQHWHSOR
3)XQNFLDSRVLOQHQLD
7LS\QDĀLVWHQLH
ā 1DþLVWHQLHSRYUFKRYYDULþDQHSR
XåtYDMWHGU{WHQN\NRUR]tYQHþLVWLþH
DHURVyORYpþLVWLþHDQLRVWUpSUHGPHW\
ā $NFKFHWHRGVWUiQLĢVSiOHQLQ\MHGOD
QDPRþWHLFKYOKNRXKDQGULþNRXDNYD
SDOLQRXQDþLVWHQLH
ā 1DþLVWHQLH]Y\ãNRYMHGODP{åHWH
SRXåLĢãNUDENX/HSNDYpMHGORPXVtWH
Y\þLVWLĢRNDPåLWHSRMHKRUR]OLDWtVN{U
DNRY\FKODGQHVNOR
ā 3RþDVSRXåtYDQLDãNUDEN\GiYDMWH
SR]RUDE\VWHQHSRãNULDEDOLVLOLNyQRYp
OHSLGORXPLHVWQHQpQDRNUDMRFKVNOD
ā âNUDENDREVDKXMHåLOHWNXSUHWRMX
PXVtWHXGUåLDYDĢPLPRGRVDKXGHWt
ā 3ULþLVWHQtYDULþDSRXåtYDMWHãSHFLiOQ\
þLVWLþQDNHUDPLFNpYDULþHýLVWLWHKR
NêPMHWHSOêQDGRW\N2SOiFKQLWHD
RWULWHGRVXFKDþLVWRXKDQGULþNRXDOHER
SDSLHURYRXXWLHUNRX
,1ä7$/É&,$=$5,$'(1,$
9ë675$+$
(OHNWULFNpSULSRMHQLHWRKWRYDULþDPXVt
XURELĢNYDOL¿NRYDQêHOHNWULNiUDWRSRG
ĐDSRN\QRYYWRPWRQiYRGHQDSRXåLWLH
DYV~ODGHVDNWXiOQ\PLQDULDGHQLDPL
1DĐXERYRĐQpSRãNRGHQLHVS{VREHQp
YSO\YRPQDVSUiYQHKRSULSRMHQLDDOHER
LQãWDOiFLHVDQHY]ĢDKXMH]iUXND7RWR
]DULDGHQLHPXVtE\ĢX]HPQHQp
%H]SHĀQRVĨSULLQåWDOiFLL
ă1DGYDULþRPPXVtE\ĢSULHVWRUDVSRĖ
FP
ā 6DFLHYHQWLOiWRU\PXVLDE\ĢQDPRQWR
YDQpYV~ODGHVSRN\QPLYêUREFX
ā 6WHQDNWRUiMHYNRQWDNWHVR]DGQRX
þDVĢRXYDULþDPXVtE\ĢY\UREHQi]
RKĖRY]GRUQpKRPDWHULiOX
ā 'ĎåNDQDSiMDFLHKRNiEODQHVPLHSUH
VDKRYDĢPHWUH
0RQWiçYDULĀDGRSUDFRYQpKR
SRYUFKX
ā 9DULþVDGiYORåLĢGRĐXERYRĐQHM
SUDFRYQHMSORFK\NWRUiMHRGROQiYRþL
WHSOXGRWHSORW\DVSRĖ&
6.
ā 8UREWHRWYRUVUR]PHUPL]REUD]HQêPL
QDREUi]NXQLåãLHDQDćDOãHMVWUDQH
ā ,QGXNþQêYDULþVDGi]DEXGRYDĢGRSUD
FRYQêFKSO{FKVKU~ENRXDåPP
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
:PP 'PP +PP

 58
352'8&7',0(16,21
6.
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
3RXåLWHGRGDQ~MHGQRVWUDQQ~VDPROH
SLDFXWHVQLDFXSiVNXRNRORFHOpKR
GROQpKRVNOHQHQpKRRNUDMDYDUQpKR
SRYUFKXSR]GĎåYRQNDMãLHKRRNUDMD
VNORNHUDPLFNpKRSDQHOX1HQDĢDKXMWH
MX
ā =DVNUXWNXMWHQRVQpGUåLDN\SUDFRY
QHMSORFK\QDERþQpVWHQ\YêURENX
1RVQêGUåLDNSUDFRYQHMSORFK\
6.
(OHNWULFNpSULSRMHQLH
3UHGSULSRMHQtPVNRQWUROXMWHþL
MHVLHĢRYpQDSlWLHURYQDNpDNRMH
XYHGHQpQDPHQRYLWRPãWtWNXNWRUêVD
QDFKiG]DY]DGQHMþDVWLYiãKRYDULþD
HOHNWULFNêREYRGGRNiåHY\GUåDĢ]iĢDå
]DULDGHQLDSR]ULWHVLPHQRYLWêãWtWRN
QDSiMDQLHMHX]HPQHQpSRGĐDDNWXiO
Q\FKQDULDGHQtDþLGREUHIXQJXMH
SUHStQDþVSRLVWNRXMHSRLQãWDOiFLL
YDULþDĐDKNRGRVWXSQê
$NQLHMHSUHYDULþY\þOHQHQêREYRG
DDNSUHStQDþQHPiSRLVWNXPXVtLFK
SUHGSULSRMHQtPYDULþDQDLQãWDORYDĢ
NYDOL¿NRYDQêHOHNWULNiU
6FKYiOHQêYKRGQêNiEHOPXVtE\Ģ
SULSRMHQê]GRPRYQpKRUR]YiG]DþD
KODYQiSRLVWNRYiVNULĖDDPXVtE\Ģ
FKUiQHQêYODVWQRXDPSpURYRXSR
LVWNRXDOHERLVWLþRP0&%(OHNWULNiU
PXVtGRGDĢVStQDþVSRLVWNDPLNWRUê
RGSRMtYHGHQLHåLYpDVWUHGQpYRGLþH
VRGGHOHQtPNRQWDNWXDVSRĖPP
6StQDþVSRLVWNDPLE\PDOE\ĢSRGĐD
QDULDGHQt,((YVWHQHYNXFK\QLQDG
SUDFRYQRXSORFKRXDQDVWUDQHYDULþD
QLHQDGQtP3ULSRMWHVStQDþVSRLVW
NDPLNUR]YRGQHMVNULQLNWRUiE\PDOD
E\ĢQDPRQWRYDQiQDVWHQHDVLFP
SDOFRYQDG~URYĖRXSRGODK\D]D
YDULþRP3RWRPP{åHWHSULSRMLĢQDSi
MDFtNiEHOYDULþD3ULSRMWHMHGHQNRQLHF
NUR]YRGQHMVNULQLDGUXKêNRQLHFNUR]
YRGQHMNRPRUHYDULþDNWRUiVDQDFKi
G]DQD]DGQHMVWUDQHYDULþD2GVWUiĖWH
NU\WUR]YRGQHMNRPRU\YDULþDDQDLQãWD
OXMWHNiEHOSRGĐDVFKpP\]DSRMHQLD
1DSiMDFtNiEHOVDPXVtQDFKiG]DĢ
PLPRSULDP\FK]GURMRYRKUHYX
3ULVNORNHUDPLFNRPYDULþLPXVtE\ĢNi
EHOW\SX+99);4PPð
,(&1DVSRGQHMVWUDQH]DULDGHQLD
QiMGHWH]REUD]HQêGLDJUDPSULSRMHQLD
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
6.
(6HQ]RUWHSORW\FLHYN\MHGHDNWLYR
YDQê=DYRODMWHDXWRUL]RYDQêVHUYLV
(6HQ]RUWHSORW\FKODGLþDMHGHDNWL
YRYDQê=DYRODMWHDXWRUL]RYDQêVHUYLV
($&K\EDVDWXUiFLHYHĐNHMFLHYN\
9\SQLWHYDULþVWODþHQtPY\StQDþD]DS
QLWHYDULþVWODþHQtPY\StQDþDDSRNUD
þXMWHYSRXåtYDQt$NVDURYQDNiFK\ED
]REUD]t]QRYD]DYRODMWHDXWRUL]RYDQê
VHUYLV
(&&K\EDQDSiMDFLHKRQDSlWLD9\S
QLWHYDULþVWODþHQtPY\StQDþD]DSQLWH
YDULþVWODþHQtPY\StQDþDDSRNUDþXMWHY
SRXåtYDQt$NVDURYQDNiFK\ED
]REUD]t]QRYD]DYRODMWHDXWRUL]RYDQê
VHUYLV
&²&8SR]RUQHQLHPLNURSURFHVR
UD9\SQLWHYDULþVWODþHQtPY\StQDþD
]DSQLWHYDULþVWODþHQtPY\StQDþDDSR
NUDþXMWHYSRXåtYDQt$NVDURYQDNi
FK\ED]REUD]t]QRYD]DYRODMWHDXWRUL
]RYDQêVHUYLV
&+<%29e.Ð'<
$NG{MGHNFK\EHQDGLVSOHMRFKRKULH
YDþRYVD]REUD]tFK\ERYêNyG
(9HQWLOiWRUMHGHDNWLYRYDQê=DYR
ODMWHDXWRUL]RYDQêVHUYLV
(,QGXNþQiFLHYNDMHSUtOLãY\VRNi
Y\SQLWHYDULþVWODþHQtPY\StQDþDD
QHFKDMWHFLHYNXY\FKODGQ~Ģ
(1DSiMDFLHQDSlWLHMHLQpDNRPH
QRYLWpKRGQRW\9\SQLWHYDULþVWODþHQtP
Y\StQDþDSRþNDMWHNêPQH]PL]QHÄ+³
SUHYãHWN\]yQ\]DSQLWHYDULþVWODþH
QtPY\StQDþDDSRNUDþXMWHYSRXåtYDQt
$NVDURYQDNiFK\ED]REUD]t]QRYD
]DYRODMWHDXWRUL]RYDQêVHUYLV
()UHNYHQFLDQDSiMDQLDVDOtãLRG
PHQRYLWêFKKRGQ{W9\SQLWHYDULþVWOD
þHQtPSRþNDMWHNêPQH]PL]QHÄ+³
SUHYãHWN\]yQ\]DSQLWHYDULþVWODþH
QtPDSRNUDþXMWHYSRXåtYDQt$NVD
URYQDNiFK\ED]REUD]t]QRYDY\SQLWH
D]DSQLWH]iVWUþNXVSRWUHELþD=DSQLWH
YDULþVWODþHQtPDSRNUDþXMWHYMHKRSR
XåtYDQt$NVDURYQDNiFK\ED]REUD]t
]QRYD]DYRODMWHDXWRUL]RYDQêVHUYLV
(9Q~WRUQiWHSORWDYDULþDMHSUtOLãY\
VRNiY\SQLWHYDULþVWODþHQtPY\StQDþD
DQHFKDMWHRKULHYDþHY\FKODGQ~Ģ
(.RPXQLNDþQiFK\EDPHG]L
GRW\NRYêPRYOiGDQtPDRKULHYDþRP
=DYRODMWHDXWRUL]RYDQêVHUYLV
6/
96(%,1$
9DUQRVWQDQDYRGLOD
2SLVQDSUDYH
.XKDOQDSRYUãLQDLQXSUDYOMDOQDSORãþDJUHOFHY
8SUDYOMDQMHQDSUDYH
9NORSLQL]NORSQDSUDYH
9NORSLQL]NORSREPRþLMNXKDQMD
3DPHWQDSUHNLQLWHY
,QGLNDWRURGYHþQHWRSORWH
)XQNFLMDYDUQRVWQHJDL]NORSD
9DUQRVWQR]DNOHSDQMH
ýDVRYQLN
=YRþQLVLJQDO
)XQNFLMDRMDþLWYH
1DSRWNLLQQDVYHWL
1DPHVWLWHYQDSUDYH
9DUQRVWSULQDPHVWLWYL
9JUDGQMDJUHOQHSORãþHYGHORYQLSXOW
(OHNWULþQLSULNORS
'LDJUDPHOHNWULþQLKSRYH]DY
6/
9$512671$232=25,/$
35(' =$ý(7.20 8325$%( 1$
35$9( 1$7$1ý12 35(%(5,7( 7$
1$92',/$,1-,++5$1,7(1$9$5
1(00(678'$-,+%267(=/$+.$
8325$%,/,=$5()(5(1&2
7$1$92',/$6235,35$9/-(1$=$
9(ý 32'2%1,+ 02'(/29 9$â$
1$35$9$ 025'$ 1( %2 ,0(/$
96(+ )81.&,- 9 7(+ 1$92',/,+
0(' %5$1-(0 1$92',/ 832â7(
9$-7(,=5$=(66/,.$0,
6SORåQDYDUQRVWQDRSR]RULOD
8SRUDED WH QDSUDYH
QL QDPHQMHQD RWUR
NRPPODMãLPRGOHW
LQRVHEDP]]PDQMãD
QLPL ¿]LþQLPL VHQ]R
ULþQLPL LQ PHQWDOQLPL
]PRåQRVWPL DOL ] QH
]DGRVWQLPLL]NXãQMDPL
LQ ]QDQMHP R SUDYLOQL
XSRUDEL UD]HQ þH WH
RVHEHQLVRELOHXVWUH
]QRSRGXþHQHVVWUDQL
RGJRYRUQHJD LQ ]DWR
UD]XPHMR PRåQR WYH
JDQMH 2WURFL VH QH
VPHMRLJUDWL]QDSUDYR
ýLãþHQMHLQY]GUåHYD
QMHVVWUDQLRWURNEUH]
QDG]RUDQLGRYROMHQR
232=25,/2 0HG
XSRUDERODKNRGRVHJ
OMLYLGHOLQDSUDYHSRV
WDQHMR YURþL 3D]LWH
GDVHJUHOQLKGHORYQH
GRWLNDWH 2WURFL PODM
ãLRGOHWODKNRSHþL
FR XSRUDEOMDMR OH SRG
VWDOQLPQDG]RURP
232=25,/2 1HQD
G]RURYDQR NXKDQMH
] PDVWMR DOL ROMHP QD
JUHOQLSORãþLMHQHYDU
QR LQ ODKNR SULSHOMH
GRSRåDUD1,.2/,QH
SRVNXãDMWH SRJDVLWL
RJQMD]YRGRWHPYHþ
L]NORSLWH QDSUDYR LQ
QDWR SRNULMWH QDVWDOL
SODPHQ V SRNURYRP
DOLSURWLSRåDUQRRGHMR
232=25,/2 1HYDU
QRVW RJQMD SUHGPH
WRY QH VKUDQMXMWH QD
NXKDOQLKSRYUãLQDK
232=25,/2 ýH
MH SRYUãLQD SRþHQD
L]NORSLWH QDSUDYR GD
VHL]RJQHWHQHYDUQRV
WLHOHNWULþQHJDXGDUD
6/
1D SRYUãLQR LQGXNFLM
VNHSORãþHQHSRVWDY
OMDMWH NRYLQVNLK SUHG
PHWRY NRW VR QRåL
åOLFHYLOLFHLQSRNURY
NHVDMODKNRSRVWDQH
MRYURþH
3R XSRUDEL LQGXNFLM
VNH SORãþH L]NOMXþLWH
HOHPHQW SORãþH V NU
PLOQLNRPLQVHQH]D
QDãDMWHQDGHWHNWRU]D
ORQFH
3UL JUHOQLK SORãþDK V
SRNURYRPPRUDWHSR
OLWRWHNRþLQRVSRNURYD
RGVWUDQLWL SUHGHQ JD
RGSLUDWH3UHGHQ]DS
UHWH SRNURY VH PRUD
SRYUãLQD JUHOQH SORã
þHRKODGLWL
1DSUDYD QL QDPHQMH
QDXSRUDEL]]XQDQMLP
þDVRYQLNRP DOL ORþH
QLP VLVWHPRP GDOMLQ
VNHJDXSUDYOMDQMD
=DþLãþHQMHVWHNODSH
þLFHLQGUXJLKSRYUãLQ
QH XSRUDEOMDMWH JUR
ELK þLVWLOQLK VUHGVWHY
LQ RVWULK NRYLQVNLK
VWUJDOQLNRY NL ODKNR
SRY]URþLMRSUDVNH
=D þLãþHQMH QDSUDYH
QHXSRUDEOMDMWHSDUQLK
þLVWLOQLNRY
9DãD QDSUDYD MH L]GHODQD Y VNOD
GX]YVHPLYHOMDYQLPLORNDOQLPLLQ
PHGQDURGQLPL VWDQGDUGL LQ XUHG
EDPL
9]GUåHYDOQDGHODLQSRSUDYLODODK
NR RSUDYOMDMR VDPR SRREODãþHQL
VHUYLVQLWHKQLNL1DPHVWLWHYLQSR
SUDYLODNLMLKRSUDYOMDMRQHSRREOD
ãþHQLWHKQLNLYDVODKNRRJURåDMR
6SUHPLQMDQMHDOLSULODJDMDQMHVSH
FL¿NDFLMQDSUDYHYNDNUãQLNROLPHUL
MHQHYDUQR
3UHG QDPHVWLWYLMR ]DJRWRYLWH
GD VR ORNDOQL GLVWULEXFLMVNL SRJRML
QDUDYDSOLQDLQWODNDOLHOHNWULþQD
QDSHWRVWLQIUHNYHQFDLQ]DKWHYH
QDSUDYH]GUXåOMLYH=DKWHYH]DWR
QDSUDYRVRQDYHGHQHQDR]QDNL
32=257DQDSUDYDMH]DVQRYDQD
VDPR]DNXKDQMH KUDQH LQ MH QD
PHQMHQDVDPR]DGRPDþRJRVSR
GLQMVNRXSRUDER]DWRMHQHVPHWH
XSRUDEOMDWLYNDWHUHNROLGUXJHQD
PHQH NRW MH XSRUDED L]YHQ GR
PDþLKJRVSRGLQMVWHY DOL Y NRPHU
FLDOQH QDPHQH DOL ]D VHJUHYDQMH
SURVWRURY
9VLYDUQRVWQLXNUHSL]DYDãRYDU
QRVWVRYYHOMDYL.HUODKNRVWHNOR
SRþL ERGLWH SUL þLãþHQMX SUHYLGQL
GDVHL]RJQHWHSUDVNDP,]RJLEDM
WHVHWUNRPLQXGDUFHPYVWHNORV
SULSRPRþNL
6/
=DJRWRYLWH GD QDSDMDOQL NDEHO
PHGQDPHVWLWYLMRQL]YLWýHVHQD
SDMDOQLNDEHOSRãNRGXMHJDPRUD
]DPHQMDWL SURL]YDMDOHF XVSRVR
EOMHQVHUYLVHUDOLSRGREQRXVSRVR
EOMHQDRVHEDVDMMHOHWDNR]DJR
WRYOMHQDXVWUH]QDYDUQRVW
1DPHVWLWYHQDRSR]RULOD
1DSUDYH QH ]DJDQMDMWH GRNOHU QL
GRNRQþQRQDPHãþHQD
1DSUDYRPRUDQDPHVWLWLLQ]DJQDWL
SRREODãþHQVHUYLVHU 3URL]YDMDOHF
QLRGJRYRUHQ]DNDNUãQRNROLãNR
GRNLMRODKNRSRY]URþLRNYDUMHQD
QDPHVWLWHY V VWUDQL QHSRREODãþH
QLKRVHE
.RRGSDNLUDWHQDSUDYRVHSUHSUL
þDMWH GD VH PHG WUDQVSRUWRP QL
SRãNRGRYDOD 9 SULPHUX RNYDUH
QDSUDYH QH XSRUDEOMDWH LQ WDNRM
VWRSLWHYVWLNVVHUYLVQLPWHKQLNRP
.HUODKNRPDWHULDOLXSRUDEOMDQL]D
SDNLUDQMHQDMORQVSRQNHVWLURSRU
LSGVODERYSOLYDMRQDRWURNHMLK
QHPXGRPD]EHULWHLQRGVWUDQLWH
=DYDUXMWH VYRMR QDSUDYR SUHG
RNROMVNLPLYSOLYL1HL]SRVWDYOMDMWH
MHVRQFXGHåMXVQHJXLWG
0DWHULDOL NL VR RNROL QDSUD
YH RKLãMD PRUDMR Y]GUåD
WL WHPSHUDWXUR QDMP  &
7HPSHUDWXUD VSRGQMH SRYUãLQH
JUHOQHSORãþHVHODKNRPHGGHOR
YDQMHP GYLJQH =DWR PRUDWH SRG
L]GHOHNQDPHVWLWLSORãþR
0HGXSRUDER
0HGGHORYDQMHPQDSUDYHYDQMRDOL
SROHJQMHQHSRVWDYOMDMWHYQHWOMLYLK
PDWHULDORY
ýHNXKDWHYVDNRYUVWQDROMDQH]D
SXãþDMWHNXKDOQLND/DKNRVHQD
PUHþ SUL HNVWUHPQHP VHJUHYDQMX
YQDPHMR1DROMQHSODPHQHQLNROL
QH]OLYDMWHYRGH3RNULMWHSRQHYDOL
GUXJRSRVRGRVSRNURYNRGD]D
GXãLWHQDVWDOLSODPHQLQXJDVQLWH
NXKDOQLN
3RQYH YHGQR SRVWDYLWH SUHN VUH
GLQH REPRþMD NXKDQMD LQ REUQLWH
URþDMH Y YDUHQ SRORåDM GD MLK QH
PRUHWHSUHYUQLWLDOL]DJUDELWL
ýH QDSUDYH GDOM þDVD QH ERVWH
XSRUDEOMDOL MR XJDVQLWH *ODYQR
VWLNDOR QDM ER XJDVQMHQR .R QH
XSRUDEOMDWHQDSUDYHQDMERYHQWLO
]DSOLQL]NOMXþHQ
3UDY WDNR QDM ERGR NUPLOQL JXP
EL QDSUDYH YHGQR Y SRORåDMX ³´
VWRS
0HGĀLåĀHQMHPLQY]GUçHYD
QMHP
3UHG þLãþHQMHP DOL Y]GUåHYDQMHP
YHGQR L]NORSLWH QDSUDYR /DK
NR L]NORSLWH JODYQR VWLNDOR DOL SD
RGNORSLWHQDSDMDQMH
=DþLãþHQMHXSUDYOMDOQHSORãþHQH
RGVWUDQMXMWHXSUDYOMDOQLKJXPERY
'$2+5$1,7(8ý,1.29,7267
,19$512679$â(1$35$9(
35,3252ý$02'$9('12
8325$%/-$7(25,*,1$/1(
1$'20(671('(/(,132
3275(%,32./,ý(7(/(32
2%/$âý(1(6(59,61(6/8ä
%(
6/
23,6*5(/1(3/2äÿ(
'UDJLNXSHF
3UHGXSRUDERJUHOQHSORãþHSUHEHULWHWDYDUQRVWQDQDYRGLODLQMLKKUDQLWH]DY
SULKRGQMH
.XKDOQDSRYUåLQD]DJUHOFH
,QGXNFLMVNLJUHOQLHOHPHQW
2SRPED,]JOHGYDãHJUHOQHSORãþHVH]DUDGLNRQ¿JXUDFLMHPRUGDUD]OLNXMHRG
]JRUDMSULND]DQHJDPRGHOD
1DG]RUQDSORãþD
6/
8SUDYOMDOQDSORãþD]DJUHOFH
 1DVWDYLWHY SRYHþDQMD WRSORWH
þDVRYQLN
 =DVORQJUHOFD
 ,]ELUDJUHOFD]JRUDMOHYR
 =DVORQþDVRYQLND
 ,]ELUDJUHOFD]JRUDMGHVQR
 =DNOHSDQMH
 ,QGLNDWRU]DNOHSDQMD
 3DPHWQDSUHNLQLWHY
 1DVWDYLWHY ]PDQMãDQMD WRSORWH
þDVRYQLN
 ,]ELUDJUHOFDVSRGDMOHYR
 ýDVRYQLN
 ,]ELUDJUHOFDVSRGDMGHVQR
 2MDþLWHY
 9NORSL]NORS
23
12
9 1310
67
14
8
15
11
4
6/
835$9/-$1-(1$35$9(
2EPRþMDLQGXNFLMVNHJDNXKDQMDVRQD
PHQMHQDVDPR]DXSRUDERVSUHGSLVD
QRSRVRGR
.R GRYHGHWH JODYQR QDSHWRVW VH YVL
]DVORQL ]D WUHQXWHN YNOMXþLMR =DWHP MH
JUHOQDSORãþDYVWDQMXSULSUDYOMHQRVWLLQ
MRODKNRXSRUDEOMDWH
*UHOQR SORãþR NUPLOLMR HOHNWURQVNL VHQ
]RUMLNLMLKXSUDYOMDWH]GRWLNRPXVWUH]
QLKVHQ]RUMHY9VDNLDNWLYDFLMLVHQ]RUMD
VOHGL]YRþQLVLJQDO
9NORSQDSUDYH
*UHOQR SORãþR YNORSLWH ] GRWLNRP WLS
NH]D9./23,=./23 9VL]DVORQL
JUHOFHYVWDWLþQRSULND]XMHMRLQXWULSD
MROXþNHGHVQRVSRGDMýHYVHNXQ
GDKQHL]EHUHWHREPRþMDNXKDQMDVHER
JUHOQDSORãþDVDPRGHMQRL]NORSLOD
,]NORSQDSUDYH
.DGDUNROLL]NORSLWHJUHOQRSORãþR]
GRWLNRP 
7LSND9./23,=./23 LPDSUL
IXQNFLMLL]NORSDYHGQRSUHGQRVW
9NORSREPRĀLMNXKDQMD
'RWDNQLWHVH WLSNH]D L]ELURJUHOFD QD
NDWHUHPåHOLWHNXKDWL1D]DVORQXL]EUD
QHJDJUHOFDMHVWDWLþQDSLNDLQXWULSDMRþH
SLNHQDYVHKGUXJLK]DVORQLKL]JLQHMR
,]EHULWHWHPSHUDWXUQRQDVWDYLWHYVWLSNR
]DSRYHþDQMHWRSORWH DOL]PDQMãD
QMHWRSORWH (OHPHQWMHVHGDMSULS
UDYOMHQ ]D NXKDQMH =D QDMKLWUHMãL þDV
YUHWMDL]EHULWHåHOHQRUDYHQ NXKDQMDLQ
VHQDWRGRWDNQLWHWLSNH3]DYNORSIXQN
FLMHRMDþLWYH
,]NORSREPRĀLMNXKDQMD
,]EHULWHHOHPHQWNLJDåHOLWHL]NORSLWLV
SULWLVNRPXVWUH]QHWLSNH]DSRYHþDQMH
WRSORWH
6WLSNR QDVWDYLWHWHPSHUDWXURQD
=LVWRþDVQLPSULWLVNRPWLSNH
LQ SUDYWDNRQDVWDYLWHWHPSHUDWX
URQD
ýHMHREPRþMHNXKDQMDYURþHERQD
PHVWRSULND]DQR+
,]NORSYVHKREPRĀLMNXKDQMD
ýH åHOLWH KNUDWL L]NOMXþLWL YVD REPRþMD
NXKDQMDVHGRWDNQLWHWLSNH
9VWDQMXSULSUDYOMHQRVWLVHQDYVHKRE
PRþMLKNXKDQMDNLVRYURþDSULNDåH+
,QGLNDWRURGYHĀQHWRSORWH
,QGLNDWRURGYHþQHWRSORWHQDND]XMHGD
MHNHUDPLþQRVWHNORSUHYURþHLQVHRE
PRþMDNXKDQMDLQRNROLFHQHVPHWHGR
WDNQLWL
3RL]NORSXREPRþMDNXKDQMD]DVORQRE
PRþMDSULND]XMH+GRNOHUWHPSHUDWXUD
GRORþHQHJD REPRþMD NXKDQMD QL L]YHQ
NULWLþQHWHPSHUDWXUH
)XQNFLMDYDUQRVWQHJDL]NORSD
9VDNRREPRþMHNXKDQMDERL]NOMXþQR
SRGRORþHQHPQDMGDOMãHPþDVXGHOR
YDQMDþHQLVWHVSUHPHQLOLQDVWDYLWYH
WRSORWH9VDNDVSUHPHPEDQDREPRþMX
6/
NXKDQMDSRQDVWDYLQDMGDOMãLþDVGHORYD
QMDQD]DþHWQRYUHGQRVWRPHMLWYHþDVD
GHORYDQMD1DMGDOMãLþDVGHORYDQMDMH
RGYLVHQRGL]EUDQHJDQLYRMDWHPSHUD
WXUH
3RþDNDMWHGRNOHUQDYVHKREPRþMLK
µ)¶QHL]JLQHYNORSLWHJUHOQRSORãþR]
GRWLNRP LQQDGDOMXMWH]XSRUDER
1DVWDYLWHYWRS
ORWH
9DUQRVWQL
L]NORSSR
 XUDK
 XUDK
XUDK
 XUH
9DUQRVWQR]DNOHSDQMH
.RSRQRYQRYNOMXþLWHXSUDYOMDQMHODKNR
DNWLYLUDWHYDUQRVWQR]DNOHSDQMHýH
åHOLWHDNWLYLUDWLYDUQRVWQR]DNOHSDQMH
LVWRþDVQR]DGUåLWHVSUHGQMRWLSNR]D
SRYHþDQMHWRSORWH LQ]D]PDQM
ãDQMHWRSORWH LQQDWRSRQRYQR
SULWLVQLWHWLSNR]DSRYHþDQMHWRSORWH
1DYVHK]DVORQLKJUHOFHYVHSR
MDYL/NDUSRPHQL=$./(1-(12LQ
XSUDYOMDQMDQHPRUHWHVSUHPHQLWLýH
MHREPRþMHNXKDQMDYURþHVHL]PHQLþ
QRSULND]XMHWD/LQ+
*UHOQDSORãþDERRVWDOD]DNOHQMHQD
GRNOHUMHQHRGNOHQHWHþHWXGLVWHL]NOMX
þLOLLQYNOMXþLOLXSUDYOMDQMH
=DGHDNWLYDFLMRYDUQRVWQHJD]DNOH
SDQMDQDMSUHMYNOMXþLWHJUHOQRSORãþR
,VWRþDVQR]DGUåLWHVSUHGQMRWLSNR]D
SRYHþDQMHWRSORWH LQ]D]PDQM
ãDQMHWRSORWH LQQDWRSRQRYQR
SULWLVQLWHWLSNR]D
]PDQMãDQMHWRSORWH 1D]DVORQXVH
SRMDYL/LQJUHOQDSORãþDERL]NOMXþH
QD
=DNOHSDQMH
=DNOHSDQMHMHQDPHQMHQREORNLUDQMX
LQQDVWDYOMDQMXQDSUDYHYYDUþHYDOQL
QDþLQPHGGHORYDQMHP6SUHPHPEH]
GRWLNRPNRWMHQSUSRYLãDQMHWRSORWH
LQGUXJRQLPRJRþH0RJRþHMHVDPR
L]NORSLWLQDSUDYR
=DNOHSDQMHMHDNWLYQRþHJXPE]D
]DNOHSDQMH SULWLVQHWH]DYVDM
V 7RSRWUGL]YRþQLVLJQDO3RXVSHãQL
SRWUGLWYLSRVHNXQGDKXWULSDLQGLNDWRU
]DNOHSDQMDLQJUHOHFMH]DNOHQMHQ
ÿDVRYQLN
)XQNFLMDþDVRYQLNDGHOXMHQDGYD
QDþLQD
0LQXWQLRSRPQLNPLQ
0LQXWQLRSRPQLNODKNRXSRUDEOMDWHþH
VRREPRþMDNXKDQMDL]NOMXþHQD=DVORQ
þDVRYQLNDSULND]XMH]XWULSDMRþR
SLNR
'RWDNQLWHVHWLSNH]DQDVWDYLWHY
þDVRYQLND ]DSRYHþDQMHþDVDDOL
VHGRWDNQLWH ]D]PDQMãDQMHþDVD
3ULODJRGLWYHQRREPRþMHMHPHGLQ
PLQXWýHYVHNXQGDKQHSULGHGR
GHORYDQMDERPLQXWQLRSRPQLNQDVWDY
OMHQLQXWULSDMRþDSLNDERL]JLQLOD3R
QDVWDYLWYLþDVRYQLNDVHþDVRGãWHYDY
VNODGX]QDVWDYLWYLMR
6/
.RþDVSRWHþHVHRJODVLVLJQDOLQ
]DVORQþDVRYQLNDXWULSD=YRþQLVLJQDO
VHERVDPRGHMQR]DXVWDYLOSRVH
NXQGDKLQDOLVSULWLVNRPNDWHUHJDNROL
JXPED
0LQXWQLRSRPQLNODKNRNDGDUNROL
VSUHPHQLWHDOLL]NOMXþLWHVWLSNR]D
SRYHþDQMHþDVRYQLND LQDOLWLSNR]D
]PDQMãDQMHþDVRYQLND =L]NOR
SRPJUHOQHSORãþH] NDGDUNROL
L]NOMXþLWHWXGLPLQXWQLRSRPQLN
ÿDVRYQLNREPRĀMDNXKDQMD
PLQ
.RMHJUHOQDSORãþDYNOMXþHQDODKNR]D
YVDNRREPRþMHNXKDQMDSURJUDPLUDWH
QHRGYLVHQþDVRYQLN
,]EHULWHREPRþMHNXKDQMDQDWRL]EHULWH
QDVWDYLWHYWHPSHUDWXUHLQQDNRQFX
DNWLYLUDMWHWLSNR]DQDVWDYLWHYþDVRYQLND
þDVRYQLNODKNRSURJUDPLUDWHNRW
IXQNFLMRL]NORSD]DREPRþMHNXKDQMD
2NURJþDVRYQLNDVRãWLULLQGLNDWRUML
/('7LSULND]XMHMR]DNDWHURREPRþMH
NXKDQMDMHELODNWLYLUDQþDVRYQLN
VHNXQGSR]DGQMLVSUHPHPELVH
]DVORQþDVRYQLNDVSUHPHQLYþDVRYQLN
NLERSRWHNHOQDVOHGQMLþHVWHSURJUD
PLUDOLYHþNRWREPRþMHNXKDQMD
.RþDVRYQLNSRWHþHVHRJODVLVLJQDO
LQ]DVORQþDVRYQLNDVWDWLþQRSULND]XMH
LQGLNDWRU/('þDVRYQLNDGRGHOMH
QHJDREPRþMDNXKDQMDXWULSD3URJUD
PLUDQRREPRþMHNXKDQMDERL]NOMXþHQR
LQþHMHREPRþMHNXKDQMDYURþHER
SULND]DQ+
=YRþQLVLJQDOLQXWULSDQMHLQGLNDWRUMD
/('VHVDPRGHMQR]DXVWDYLSRVH
NXQGDKLQDOLVSULWLVNRPNDWHUHNROL
WLSNH
=YRĀQLVLJQDO
.RJUHOQDSORãþDGHOXMHERGR]]YRþ
QLPVLJQDORPVLJQDOL]LUDQHVOHGHþH
DNWLYQRVWL
1RUPDOQRDNWLYLUDQMHVWLSNRVNUDWNLP
]YRþQLPVLJQDORP
1HSUHNLQMHQRXSUDYOMDQMHVWLSNDPLY
GDOMãHPREGREMXVHNXQG]GDOMãLP
]YRþQLPVLJQDORPYSUHVOHGNLK
)XQNFLMDRMDĀLWYH
,]EUDWLPRUDWHREPRþMHNXKDQMD
QDVWDYLWLQLYRNXKDQMDQDåHOHQRUDYHQ
NXKDQMDLQSRQRYQRSULWLVQLWLWLSNR3
RMDþLWHY
)XQNFLMRRMDþLWYHODKNRDNWLYLUDWHþH
LQGXNFLMVNLPRGXOVSUHMPHQDVWDYLWHY
QDWHPREPRþMXNXKDQMDýHMHDNWLY
QDIXQNFLMDRMDþLWYHVHQDXVWUH]QHP
]DVORQXSULNDåH3
=DNWLYDFLMRRMDþLWYHODKNRSUHVHåHWH
QDMYHþMRPRþLQYJUDMHQRXSUDYOMDQMH]
PRþMRVHDNWLYLUD
3RWUHEQR]PDQMãDQMHPRþLMHSULND]D
QR]XWULSDMRþLP]DVORQRPXVWUH]QHJD
REPRþMDNXKDQMD8WULSDQMHMHDNWLYQR
VHNXQGHLQRPRJRþDQDGDOMQMHSULOD
JRGLWYHQDVWDYLWHYSUHG]PDQMãDQMHP
PRþL
6/
6/
3DPHWQDSUHNLQLWHY
.RMHDNWLYLUDQDSDPHWQDSUHNLQLWHYVH
]PDQMãDPRþYVHKNXKDOQLKSORãþNL
VRYNOMXþHQH
ýHQDWRSDPHWQRSUHNLQLWHYL]NOMXþLWH
VHERGRJUHOFLVDPRGHMQRYUQLOLQD
SUHMãQMRUDYHQ
ýHSDPHWQDSUHNLQLWHYQLGHDNWLYLUDQD
VHERNXKDOQDSRYUãLQDL]NOMXþLODSR
PLQXWDK
=DDNWLYDFLMRSDPHWQHSUHNLQLWYHVH
GRWDNQLWH 0RþDNWLYLUDQLKJUHOFHY
JUHOFDVH]PDQMãDQDUDYHQLQQD
YVHK]DVORQLKMHSULND]DQR³,,´
=DGHDNWLYDFLMRSDPHWQHSUHNLQLWYHVH
SRQRYQRGRWDNQLWH 1DSLV³,,´ER
L]JLQLOLQJUHOFLERGRVHGDMGHORYDOLQD
SUHGKRGQRQDVWDYOMHQLUDYQL
1$327.,,11$69(7,
3ULSRPRĀNL]DNXKDQMH
ā 8SRUDEOMDMWHGHEHOHUDYQHSRVRGH]D
NXKDQMH]JODGNLPGQRPHQDNHJDSUH
PHUDNRWHOHPHQW7DNRERVWH]PDQMãD
OLþDVNXKDQMD
ā SRVRGH]DNXKDQMHL]MHNODHPDMOLUD
QHJDMHNODOLWHJDåHOH]DLQQHUMDYHþHJD
MHNODþHMLKRGREULSURL]YDMDOHFGDMHMR
QDMEROMãHUH]XOWDWH
ā SRVRGH]DNXKDQMHL]HPDMOLUDQHJD
MHNODDOLDOXPLQLMDDOLEDNUDODKNRQD
JUHOQLSORãþLSXVWLMRNRYLQVNHRVWDQNH
7HMHODKNRWHåNRRGVWUDQLWL2þLVWLWH
JUHOQRSORãþRSRYVDNLXSRUDEL
ā 3RVRGD]DNXKDQMHMHSULPHUQD]D
LQGXNFLMRþHVHPDJQHWSULOHSLQDGQR
SRVRGH]DNXKDQMH
ā 3RVRGR]DNXKDQMHPRUDWHSRVWDYLWL
VUHGLãþQRQDREPRþMHNXKDQMDýHMH
QHSRVWDYLWHSUDYLOQRMHSULND]DQR
ā 3ULXSRUDELGRORþHQLKSRQHYWHODKNR
SRY]URþDMRGRORþHQH]YRNHGRþH
VDUSULGH]DUDGL]DVQRYHSRQYHLQQH
YSOLYDQD]PRJOMLYRVWDOLYDUQRVWJUHOQH
SORãþH
PRAVILNO NAPAČNO
NAPAČNO NAPAČNO
9DUĀHYDQMH]HQHUJLMR
ā 2EPRþMDLQGXNFLMVNHJDNXKDQMDVHGR
GRORþHQHPHUHVDPRGHMQRSULODJRGLMR
QDYHOLNRVWGQDSRVRGH]DNXKDQMH
.OMXEWHPXPRUDLPHWLPDJQHWQLGHO
SRVRGH]DNXKDQMHPLQLPDOQLSUHPHU
NLMHRGYLVHQRGYHOLNRVWLREPRþMD
NXKDQMD
ā 3RVWDYLWHSRVRGH]DNXKDQMHQD
REPRþMHNXKDQMDSUHGHQJDYNOMXþLWH
ýHREPRþMDYNOMXþLWHSUHGHQQDQMSR
VWDYLWHSRVRGH]DNXKDQMHWDQHERGR
GHORYDODNDUERSULND]DQRQD]DVORQX
ā =DNUDMãLþDVNXKDQMDXSRUDEOMDMWH
SRNURYNH
ā .RVHWHNRþLQDEOLåDYUHQMX]PDQMãDM
WHQDVWDYLWHYWHPSHUDWXUH
ā =PDQMãDMWHNROLþLQRWHNRþLQHDOLPD
ãþREH]DNUDMãLþDVNXKDQMD
ā ,]EHULWHXVWUH]QRQDVWDYLWHYWHPSHUD
6/
WXUH]DNXKDQMH
3ULPHULXSRUDEH]DNXKDQMH
,QIRUPDFLMHYVOHGHþLWDEHOLVRVDPR
VPHUQLFH
1DVWDYLWYH 8SRUDELWH]D
(OHPHQWL]NO
 'HOLNDWQRRSR]RULOR
 5DKORYUHQMHSRþDVQR
RSR]RULOR
 3RQRYQRSRJUHYDQMHLQ
KLWURYUHQMH
9UHQMHKLWURFYUWMHLQ
SUDåHQMH
1DMYHþMDWRSORWD
3)XQNFLMDRMDþLWYH
1DVYHWL]DĀLåĀHQMH
ā =DþLãþHQMHSRYUãLQHJUHOQHSORãþHQH
XSRUDEOMDMWHMHGNLKEOD]LQLFMHGNLKþLVWLO
DHURVROQLKþLVWLODOLRVWULKSUHGPHWRY
ā ýHåHOLWHRGVWUDQLWL]DSHþHQRKUDQR
MRQDPRþLWH]YODåQRNUSRLQWHNRþLQR
]DL]SLUDQMH
ā =DþLãþHQMHKUDQHDOLRVWDQNRYODKNR
XSRUDEOMDWHVWUJDOR/HSOMLYRKUDQR
PRUDWHRþLVWLWLWDNRMNRVHSROLMHLQãH
SUHGHQVHVWHNORRKODGL
ā 3D]LWHGDQHRSUDVNDWHVLOLNRQVNH
QDOHSNHQDURERYLKVWHNODNRXSRUDE
OMDWHVWUJDOR
ā 6WUJDORLPDUH]LOR]DWRJDQHSULEOLåX
MWHRWURNRP
ā 8SRUDELWHSRVHEQRþLVWLOR]DNHUDPLþ
QHJUHOQHSORãþHNRMHWDãHWRSODQD
GRWLN,]SHULWHLQREULãLWHGRVXKHJDV
þLVWRNUSRDOLSDSLUQDWREULVDþNR
1$0(67,7(91$35$9(
232=25,/2
(OHNWULþQRSRYH]DYRWHJUHOQHSORãþH
QDML]YHGHXVSRVREOMHQHOHNWULþDUY
VNODGX]QDYRGLOLYWHPSULURþQLNXLQY
VNODGX]YHOMDYQLPLXUHGEDPL9SULPH
UXãNRGHNLQDVWDQH]DUDGLQHSUDYLOQH
SRYH]DYHDOLQDPHVWLWYHMHJDUDQFLMD
QHYHOMDYQD7DQDSUDYDPRUDELWLR]H
POMHQD
9DUQRVWSULQDPHVWLWYL
ă9VDNUãQDþH]UREYLVHþDSRYUãLQD
PRUDELWLYVDMFPQDGJUHOQRSORãþR
ā ,]ORþHYDOQLYHQWLODWRUMLPRUDMRELWL
QDPHãþHQLYVNODGX]QDYRGLOLSURL]YD
MDOFD
ā 6WHQDYVWLNX]]DGQMLPGHORPJUHOQH
SORãþHPRUDELWLL]GHODQDL]SURWLSRåDU
QHJDPDWHULDOD
ā 'ROåLQDQDSDMDOQHJDNDEODQDMQH
SUHVHJDPHWUD
6/
9JUDGQMDJUHOQHSORåĀHYGHORY
QRSRYUåLQR
ā *UHOQRSORãþRODKNRYVWDYLWHYNDWHUR
NROLGHORYQRSRYUãLQRþHMHWDRGSRUQD
SURWLYURþLQLGRYVDM&
ā 8VWYDULWHRGSUWLQR]GLPHQ]LMDPLNRW
QDVSRGQMLVOLNLLQQDQDVOHGQMLVWUDQL
ā ,QGXNFLMVNDJUHOQDSORãþDMHODKNR
YJUDMHQDYGRPPGHEHOHGHORY
QHSRYUãLQH
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
6/
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
1DPHVWLWHGREDYOMHQHQRVWUDQVNL
VDPROHSLOQLWUDNRNROLVSRGQMHJDURED
NXKDOQHSRYUãLQHY]GROå]XQDQMHJD
UREXVWHNOHQHNHUDPLþQHSORãþH1H
UD]WHJXMWH
6/
ā 3ULYLMWHPRQWDåQDRNRYMDQDVWUDQ
VNHVWHQHL]GHOND
0RQWDåQRRNRYMHGHORYQHSRYUãLQH
(OHNWULĀQLSULNORS
3UHGSULNORSRPSD]LWHGD
MHJODYQDQDSHWRVWHQDNDNRWQDYHGHQD
QDWLSVNLSORãþLFLNLMHQD]DGQMLVWUDQL
JUHOQHSORãþH
WRNRNURJODKNRSRGSLUDREUHPHQLWHY
QDSUDYHJOHMWLSVNRSORãþLFR
MHQDSDMDOQLNDEHOR]HPOMHQLQGDMH
R]HPOMLWHYVNODGQDVWUHQXWQLPLGLUHNWL
YDPLWHUMHEUH]KLEQD
6WLNDOR]YDURYDONRPRUDELWLSRQDPH
VWLWYLJUHOQHSORãþHODKNRGRVWRSQR
ýHQLQDYROMRQDPHQVNHJDYH]MD
JUHOQHSORãþHLQVWLNDOD]YDURYDONR
MLKPRUDSUHGSRYH]DYRJUHOQHSORãþH
QDPHVWLWLXVSRVREOMHQHOHNWULþDU
2GREUHQSULPHUHQNDEHOPRUDELWL
SRYH]DQL]XSRUDEQLãNHHQRWHJODYQD
RPDULFD]YDURYDONDPLLQ]DãþLWHQ]
ODVWQR$YDURYDONRDOLPLNURSUH
NLQMDORPHOHNWULþQHJDWRND0&%
(OHNWULþDUPRUD]DJRWRYLWLSROQRVWLNDOR
]YDURYDONRNLRGNORSLWDNROLQLMRID]D
NRWQHYWUDOQHSUHYRGQLNH]YVDMPP
ORþHYDQMHPNRQWDNWD
6WLNDOR]YDURYDONRYVNODGX]XUHGER
,((QDPHVWLWHQDNXKLQMVNRVWHQRQDG
GHORYQRSRYUãLQRLQREVWUDQJUHOQH
SORãþHLQQHQDGQMR3ULNOMXþLWHVWLNDOR
]YDURYDONRQDUD]GHOLOQRGR]RNLQDM
ERQDPHãþHQDQDVWHQRSULEOFP
QDGWOHPLLQ]DJUHOQRSORãþR1DWR
ODKNRSULNOMXþLWHQDSDMDOQLNDEHOJUHOQH
SORãþH(QNRQHFSULNOMXþLWHYUD]GH
OLOQRGR]RLQGUXJLNRQHFYHOHNWULþQR
RPDULFR]DSRYH]DYRJUHOQHSORãþHQD
]DGQMLVWUDQLJUHOQHSORãþH2GVWUDQLWH
SRNURYHOHNWULþQHRPDULFH]DSRYH]DYR
LQQDPHVWLWHNDEHOYVNODGXVSULNOMXþLW
YHQLPGLDJUDPRP
1DSDMDOQLNDEHOQHVPHELWLQDPHãþHQ
EOL]XQHSRVUHGQLKYLURYWRSORWH
=DLQGXNFLMVNRJUHOQRSORãþRMHXVWUH
]HQVDPRNDEHO+99);4PPð
,(&6KHPRSRYH]DYH
ERVWHQDãOLQDVSRGQMHPGHOXQDSUDYH
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
6/
.2'(1$3$.(
ýHSULGHGRQDSDNHERNRGDQDSDNH
SULND]DQDQD]DVORQLKJUHOFHY
(+ODGLOQLYHQWLODWRUMHRQHPRJRþHQ
3RNOLþLWHSRREODãþHQL
(,QGXNFLMVNDWXOMDYDMHSUHYURþD
L]NORSLWHJUHOQRSORãþRVSULWLVNRPQD
JXPE]DYNORSL]NORSLQSXVWLWHGDVH
WXOMDYDRKODGL
( (OHNWULþQD QDSHWRVW QL HQDND NRW
QRPLQDOQH YUHGQRVWL ,]NORSLWH JUHOQR
SORãþRVSULWLVNRPQDJXPE]DYNORS
E6:1DSDNDYNRPXQLNDFLMLPHG
XSUDYOMDQMHPQDGRWLNLQJUHOFHP3RNOL
þLWHSRREODãþHQHJDVHUYLVHUMD
E7:7HPSHUDWXUQLVHQ]RUWXOMDYHMH
RQHPRJRþHQ3RNOLþLWHSRREODãþHQHJD
VHUYLVHUMD
E8:7HPSHUDWXUQLVHQ]RUKODMHQMDMH
RQHPRJRþHQ3RNOLþLWHSRREODãþHQHJD
VHUYLVHUMD
EA: 1DSDNDVDWXUDFLMHYHOLNHWXOMDYH
,]NORSLWHJUHOQRSORãþRVSULWLVNRPQD
JXPE]DYNORSL]NORSQDWRYNORSLWH
JUHOQRSORãþRVSULWLVNRPQDJXPE]D
YNORSL]NORSLQQDGDOMXMWH]XSRUDERýH
VHQDSDND]QRYDSULNDåHSRNOLþLWH
SRREODãþHQHJDVHUYLVHUMD
EC: 1DSDNDHOHNWULþQHQDSHWRVWL
,]NORSLWHJUHOQRSORãþRVSULWLVNRPQD
JXPE]DYNORSL]NORSQDWRYNORSLWH
JUHOQRSORãþRVSULWLVNRPQDJXPE]D
L]NORSSRþDNDMWHGDª+©L]JLQHL]YVHK
REPRþLMQDWRYNORSLWHJUHOQRSORãþRV
SULWLVNRPQDJXPE]DYNORSL]NORSLQ
QDGDOMXMWH]XSRUDERýHVHQDSDND
]QRYDSULNDåHSRNOLþLWHSRREODãþHQHJD
VHUYLVHUMD
E4: (OHNWULþQDIUHNYHQFDQLHQDNDNRW
QRPLQDOQHYUHGQRVWL,]NORSLWHJUHOQR
SORãþRVSULWLVNRPQDJXPE]DYNORS
SRþDNDMWHGDª+©L]JLQHL]YVHK
REPRþLMQDWRYNORSLWHJUHOQRSORãþR
LQQDGDOMXMWH]XSRUDERýHVHQDSD
ND]QRYDSULNDåHL]NORSLWHLQYNORSLWH
YWLþQDSUDYH9NORSLWHJUHOQRSORãþRLQ
QDGDOMXMWH]XSRUDERýHVHQDSDND
]QRYDSULNDåHSRNOLþLWHSRREODãþHQHJD
VHUYLVHUMD
(1RWUDQMDWHPSHUDWXUDJUHOQHSORã
þHMHSUHYLVRNDL]NORSLWHJUHOQRSORãþR
VSULWLVNRPQDJXPE]DYNORSL]NORSLQ
SXVWLWHGDVHJUHOFLRKODGLMR
YNORSL]NORSLQQDGDOMXMWH]XSRUDERýH
VHQDSDND]QRYDSULNDåHSRNOLþLWH
SRREODãþHQHJDVHUYLVHUMD
C1-C8: 2SR]RULORPLNURSURFHVRUMD
,]NORSLWHJUHOQRSORãþRVSULWLVNRPQD
JXPE]DYNORSL]NORSQDWRYNORSLWH
JUHOQRSORãþRVSULWLVNRPQDJXPE]D
YNORSL]NORSLQQDGDOMXMWH]XSRUDERýH
VHQDSDND]QRYDSULNDåHSRNOLþLWH
SRREODãþHQHJDVHUYLVHUMD
65
6$'5æ$-
%H]EHGQRVQDXSXWVWYD
2SLVXUHÿDMD
3RYUãLQD]DNXYDQMHLNRQWUROQLSDQHOJUHMDþD
5XNRYDQMHXUHÿDMHP
8NOMXþLYDQMHLLVNOMXþLYDQMHXUHÿDMD
8NOMXþLYDQMHLLVNOMXþLYDQMH]RQLNXYDQMD
3DPHWQDSDX]D
,QGLNDWRUSULVXWQHWRSORWH
)XQNFLMDEH]EHGQRVQRJLVNOMXþLYDQMD
=DNOMXþDYDQMH]DGHFX
)XQNFLMDWDMPHUD
=YXþQLVLJQDO
)XQNFLMDSRUDVWD
1DJRYHãWDMLLVDYHWL
,QVWDOLUDQMHXUHÿDMD
%H]EHGQRVWLQVWDODFLMH
3RVWDYOMDQMHSORþHXUDGQLGHR
8VSRVWDYOMDQMHHOHNWULþQRJSRYH]LYDQMD
'LMDJUDPHOHNWULþQRJSRYH]LYDQMD
65
%(=%('1261$
832=25(1-$
3$ä/-,92 , 8 327381267,
352ý,7$-7( 29$ 832=25(1-$
35(.25,âû(1-$9$â(*85(Ĉ$-$
,6$ý89$-7(,+1$=*2'1200(6
78 =$5$' 5()(5(1&, $.2 -( 72
3275(%12
29283876792-(35,35(0/-(12
=$9,â(2'-('12*=$-('1,ý.2*
02'(/$ 9$â 85(Ĉ$- 02ä'$
1(û( ,0$7, 1(.( )81.&,-( .2-(
68 23,6$1( 8 2920 83876798
2%5$7,7(3$ä1-81$,=5$=(.2-,
6$'5ä(&,)5('2.ý,7$7(83876
792=$58.29$1-(
2SåWDEH]EHGQRVQDXSR]RUHQMD
2YDMXUHÿDMPRJXGD
NRULVWHGHFDRGJRGL
QDLVWDULMDLRVREHVD
VPDQMHQLP ¿]LþNLP
VHQ]RUQLP LOL PHQWDO
QLP PRJXüQRVWLPD LOL
RQD NRMD QHPDMX LV
NXVWYD LOL ]QDQMH DNR
LPVHSUXåLQDGJOHGDQ
MHLOLGDMXLQVWUXNFLMHX
YH]L VD NRULãüHQMHP
XUHÿDMD QD VLJXUDQ
QDþLQ L DNR UD]XPHMX
RSDVQRVWL NRMH SRVWR
MH 'HFD QH WUHED GD
VHLJUDMXVDDSDUDWRP
ýLãüHQMH L NRULVQLþNR
RGUåDYDQMH QH WUHED
GDVHL]YUãLRGVWUDQH
GHFH EH] QDGJOHGDQ
MD
832=25(1-(
8UHÿDM L QMHJRYL SULV
WXSQL GHORYL SRVWDMX
WRSOLXWRNXNRULãüHQMD
7UHEDYRGLWLUDþXQDGD
VHL]EHJQHGRGLULYDQMH
HOHPHQDWD NRML JUHMX
'HFDPODÿDRGJR
GLQDWUHEDGDVHGUåH
SRGDOMHRVLPDNRQLVX
QHSUHNLGQRQDGJOHGD
QD
832=25(1-( .X
YDQMHQDSORþLEH]QDG
]RUDVDPDVQRüRPLOL
XOMHP PRåH GD EXGH
RSDVQRLPRåHGDGR
YHGH GR SRåDUD 1,
.$'$QHSRNXãDYDMWH
GD XJDVLWH SRåDU VD
YRGRP YHü LVNOMXþLWH
XUHÿDML]DWLPSRNULMWH
SODPHQ QSU VD SRN
ORSFHPLOLüHEHWRP]D
SRåDU
832=25(1-(
65
2SDVQRVW RG SRåDUD
QH þXYDMWH VWYDUL QD
SRYUãLQL]DNXYDQMH
832=25(1-( $NR
MH SRYUãLQD QDSXNOD
LVNOMXþLWHXUHÿDMGDELV
WH L]EHJOL PRJXüQRVW
VWUXMQRJXGDUD
=D LQGXNFLRQH SORþH
PHWDOQLREMHNWLNDRãWR
VX QRåHYL YLOMXãNH
NDãLNH L SRNORSFL QH
WUHED GD VH VWDYH QD
SRYUãLQX SORþH MHU
PRJXGDSRVWDQXWRS
OL
=D LQGXNFLRQH SORþH
QDNRQ NRULãüHQMD
LVNOMXþLWH HOHPHQDW
SORþH SXWHP QMHQH
NRQWUROHLQHRVODQMDMWH
VHQDGHWHNWRUWLJDQMD
=D SORþH NRMH X VHEL
LPDMX SRNORSDF ELOR
NDNYR L]OLYDQMH WUHED
GD VH XNORQL VD SRN
ORSFD SUH QHJR ãWR
VH RWYRUL , SRYUãLQD
SORþHWDNRÿHWUHEDGD
VHRKODGLSUHQHJRãWR
VH]DWYRULSRNORSDF
8UHÿDM QLMH SODQLUDQ
]D UXNRYDQMH SXWHP
HNVWHUQRJ WDMPHUD LOL
RGYRMHQRJ VLVWHPD
GDOMLQVNHNRQWUROH
1H NRULVWLWH MDND DE
UD]LYQD VUHGVWYD ]D
þLãüHQMH LOL RãWUH PH
WDOQHVWUXJDþHGDELV
WH RþLVWLOL VWDNOR RG
YUDWD QD UHUQL L GUX
JXSRYUãLQXMHUPRJX
GD RJUHEX SRYUãLQX
ãWR PRåH GD GRYHGH
GR VODPDQMD VWDNOD LOL
ãWHWHQDGSRYUãLQRP
1H NRULVWLWH VUHGVWYD
]DþLãüHQMHQDSDUX]D
þLãüHQMHXUHÿDMD
9DãXUHÿDMMHSURL]YHGHQXVNODGX
VDSULPHQMLYLPORNDOQLPLLQWHUQDFL
RQDOQLPVWDQGDUGLPDLSURSLVLPD
2GUåDYDQMH L SRSUDYND PRUD
MX GD VH QDþLQH VDPR RG VWUDQH
RYODãüHQLK VHUYLVQLK WHKQLþDUD
,QVWDODFLMD L SRSUDYND NRMH MH
L]YUãHQD RG VWUDQH QHRYODãüHQLK
WHKQLþDUD PRåH GD YDV GRYHGH
X RSDVQRVW2SDVQRMHPHQMDWLLOL
PRGL¿NRYDWL VSHFL¿NDFLMH XUHÿDMD
QDELORNRMLQDþLQ
3UH LQVWDODFLMH SRVWDUDMWH VH GD
ORNDOQLGLVWULEXWLYQLXVORYL SULURGD
65
JDVDLSULWLVDNJDVDLOLQDSRQVWUX
MH L IUHNYHQFLMD L ]DKWHYL XUHÿDMD
EXGX NRPSDWLELOQL =DKWHYL RYRJ
XUHÿDMDVXQDYHGHQLQDHWLNHWL
235(= 2YD XUHÿDM MH GL]DM
QLUDQ VDPR ]D NXYDQMH KUD
QH L ]D XQXWUDãQMH NRULãüHQMH X
GRPDüLQVWYXLQHWUHEDGDVHNR
ULVWL]DELORNRMXGUXJX VYUKXLOLX
ELOR NRMX GUXJX SULPHQX NDR ãWR
MHNRULãüHQMHYDQGRPDüLQVWYDLOLX
NRPHUFLMDOQRPRNUXåHQMXLOL]DUDG
JUHMDQMDVREH
6YH PRJXüH EH]EHGQRVQH PHUH
VXSUHGX]HWHNDNRELVHRVLJXUD
ODYDãDEH]EHGQRVW3RãWRVWDNOR
PRåHGDVHVORPLWUHEDGDEXGH
WH SDåOMLYL GRN JD þLVWLWH GD ELVWH
L]EHJOL RJUHERWLQH ,]EHJDYDMWH
XGDUDQMH LOL NXFDQMH SR VWDNOX VD
GRGDFLPD
3RVWDUDMWHVHGDSURGXåQLNDEOQH
EXGH XJODYOMHQ X WRNX LQVWDODFL
MH$NR MH SURGXåQL NDEO RãWHüHQ
PRUD ELWL ]DPHQMHQ RG VWUDQH
SURL]YRÿDþD QMHJRYRJ XVOXåQRJ
DJHQWDLOLVOLþQRNYDOL¿NRYDQLKRVR
EDNDNRELVHVSUHþLODRSDVQRVW
,QVWDODFLRQDXSR]RUHQMD
1HUXNXMWHXUHÿDMHPSUHQHJRãWR
MHXSRWSXQRVWLLQVWDOLUDQ
8UHÿDM PRUD GD VH LQVWDOLUD RG
VWUDQH RYODãüHQRJ WHKQLþDUD L GD
VHVWDYLXXSRWUHEX3URL]YRÿDþQH
RGJRYDUD]DELORNDNYHãWHWHNRMH
PRJXGDVHL]D]RYXRGVWUDQHGH
IHNWLYQLK ]DPHQD L LQVWDODFLMD RG
VWUDQHQHRYODãüHQLKOMXGL
.DGDRWSDNXMHWHXUHÿDMSRVWDUDMWH
VHGDQLMHRãWHüHQXWRNXWUDQVSRU
WD8VOXþDMXELORNDNYRJGHIHNWD
QH NRULVWLWH XUHÿDM L RGPDK NRQ
WDNWLUDMWHNYDOL¿NRYDQRJVHUYLVQRJ
DJHQWD3RãWRPDWHULMDOLNRMLVHNR
ULVWH]DSDNRYDQMHQDMORQKHIWDOL
FHVWLURSRULWGPREXGDL]D]RYX
ãWHWQHHIHNWHQDGGHFRPWUHEDGD
VHVDNXSHLRGPDKXNORQH
=DãWLWLWHVYRMXUHÿDMRGDWPRVIHUV
NLKHIHNDWD1HL]ODåLWHJD HIHNWL
PDNDRãWR VX VXQFH NLãD VQHJ
LWG
6XVHGQL PDWHULMDOL XUHÿDMD QDW
NDVQH PRUDMX GD L]GUåH WHP
SHUDWXUX RG PLQLPDOQR  &
7HPSHUDWXUDGRQMHSRYUãLQHSORþH
PRåHGDVH SRYHüD X WRNX UXNR
YDQMD 3UHPD WRPH GDVND PRUD
GDVHLQVWDOLUDLVSRGSURL]YRGD
8WRNXNRULåþHQMD
1HVWDYOMDMWH]DSDOMLYHLOLVDJRULYH
PDWHULMDOH X LOL X EOL]LQL XUHÿDMD
NDGDRQUDGL
1HRVWDYOMDMWHãSRUHWNDGDNXYDWH
VD WYUGLP LOL WHþQLP XOMLPD 0RJX
GDVH]DSDOHSRGXVORYRPL]X]HW
QHWRSORWH1LNDGDQHVLSDMWHYRGX
QDSODPHQNRMLMHL]D]YDQRGVWUD
QHXOMD3RNULMWHãHUSXLOLWLJDQMVD
QMLKRYLP SRNORSFLPD NDNR ELVWH
]DXVWDYLOL SODPHQ NRML VH X RYRP
VOXþDMXSRMDYLRLLVNOMXþLWHãSRUHW
8YHN SRVWDYOMDMWH WLJDQM SUHNR
FHQWUD]RQH]DNXYDQMHLRNUHQLWH
UXþNH QD EH]EHGQX SR]LFLMX WDNR
GDQHPRJXGDVHXGDUHLOLXKYDWH
$NR QHüHWH NRULVWLWL XUHÿDM GXåL
YUHPHQVNL SHULRG LVNOMXþLWH JD
1HNDJODYQLNRQWUROLSUHNLGDþEXGH
LVNOMXþHQ7DNRÿHNDGDQHNRULVWL
WHXUHÿDMQHNDYHQWLO]DJDVEXGH
65
LVNOMXþHQ
3RVWDUDMWHVHGDGXJPDGNRQWURO
QRJXUHÿDMDXYHNEXGHQDSR]LFLML
Ä³VWRSSR]LFLMLNDGDVHQHNR
ULVWL
8WRNXĀLåþHQMDLRGUçDYDQMD
8YHN LVNOMXþLWH XUHÿDM SUH UX
NRYDQMD NDR ãWR VX þLãüHQMH LOL
RGUåDYDQMH7RPRåHWHGDXUDGLWH
QDNRQ ãWR LVNOMXþLWH XUHÿDM LOL QD
NRQãWRLVNOMXþLWHJODYQLSUHNLGDþ
1H XNODQMDMWH NRQWUROQX GXJPDG
GDELVWHRþLVWLOLNRQWUROQXWDEOX
'$%,67(2'5ä$/,(),.$6
1267,%(=%('12679$â(*
85(Ĉ$-$35(3258ý8-(02
'$89(..25,67,7(25,*,
1$/1(5(=(591('(/29(
,'$32=29(7(6$021$â(
29/$âû(1(86/8ä1($*(1
7(86/8ý$-83275(%(
65
23,63/2ÿ(
3RãWRYDQLNRULVQLþH
0ROLPRYDVGDSURþLWDWHXSXWVWYDXRYRPNRULVQLþNRPXSXWVWYXSUHNRULãüHQMD
SORþHLGDJDþXYDWH]DUDGEXGXüLKUHIHUHQFL
3RYUåLQDNXYDOD]DJUHMDĀD
,QGXNFLMVNLHOHPHQDWJUHMDQMD
1DSRPHQD,]JOHGYDãHSORþHPRåHGDEXGHGUXJDþLMLRGPRGHODNRMLMHL]QDG
SULND]DQXVOHGVYRMHNRQ¿JXUDFLMH
.RQWUROQDWDEOD
65
.RQWUROQLSDQHO]DJUHMDþD
 3RYHüDMWH SRGHãDYDQMH WRSORWH
WDMPHU
 3ULND]JUHMDþD
 ,]ERUJRUQMHJOHYRJJUHMDþD
 3ULND]WDMPHUD
 ,]ERUJRUQMHJGHVQRJJUHMDþD
 =DNOMXþDYDQMHNOMXþD
 ,QGLNDWRU]DNOMXþDYDQMDNOMXþD
 3DPHWQDSDX]D
 6PDQMLWHSRGHãDYDQMHWRSORWHWDM
PHU
 ,]ERUGRQMHJOHYRJJUHMDþD
 7DMPHU
 ,]ERUGRQMHJGHVQRJJUHMDþD
 3RGVWUHN
 8NOMXþHQR,VNOMXþHQR
23
12
9 1310
67
14
8
15
11
4
65
58.29$1-(85(ċ$-(0
.RULVWLWH ]RQH LQGXNFLRQRJ NXYDQMD VD
RGJRYDUDMXüLPSRVXÿHP
1DNRQ ãWR MH JODYQR QDSDMDQMH
SULPHQMHQR VYL SULND]L VH SRMDYOMXMX
QD WUHQXWDN .DGD RYR YUHPH LVWHNQH
SORþDMHXUHåLPXSULSUDYQRVWLLVSUHPQD
MH]DUXNRYDQMH
3ORþD VH NRQWUROLãH VH HOHNWURQVNLP
VHQ]RULPD NRMLPD VH UXNXMH
GRGLULYDQMHP RGUHÿHQLK VHQ]RUD
6YDNDDNWLYDFLMDVHQ]RUDMHSURSUDüHQD
]YXþQLPVLJQDORP]YXNRP
8NOMXĀLYDQMHXUHāDMD
8NOMXþLWH SORþX GRGLULYDQMHP GXJPHWD
8./-8ý(12,6./-8ý(12 6YL
SULND]L JUHMDþD SRND]XMX VWDWLþQL Ä³
D GRQMD GHVQD WDþND EOMHãWL $NR VH
QLMHGQD]RQDNXYDQMDQHL]DEHUHXURNX
RGVHNXQGLSORþDüHVHDXWRPDWVNL
LVNOMXþLWL
,VNOMXĀLYDQMHXUHāDMD
,VNOMXþLYDQMHSORþHXELORNRMHYUHPH
GRGLULYDQMHP 
'XJPH8./-8ý(12,6./-8ý(12
XYHNLPDSULRULWHWXIXQNFLMDPD
LVNOMXþLYDQMD
8NOMXĀLYDQMH]RQD]DNXYDQMH
7RXFK WKH KHDWHU VHOHFWLRQ NH\ \RX
ZLVKWRFRRNRQ3RVWRMLVWDWLþNDWDþND
LQGLNDFLMHQDL]DEUDQRPSULND]XJUHMDþD
D EOMHãWHüD WDþND QD VYLP GUXJLP
SULND]LPDVHLVNOMXþXMH
,]DEHULWH SRGHãDYDQMH WHPSHUDWXUH
NRULVWHüL NOMXþ ]D SRGHãDYDQMH
SRYHüDQMD JUHMDQMD LOL NOMXþ ]D
SRGHãDYDQMH VPDQMHQMD JUHMDQMD 
(OHPHQDWMHVDGDVSUHPDQ]DNXYDQMH
=DQDMEUåDYUHPHQDNOMXþDQMDL]DEHULWH
åHOMHQL QLYR NXYDQMD D ]DWLP GRGLUQLWH
3 GXJPH GD ELVWH DNWLYLUDOL IXQNFLMX
SRUDVWD
,VNOMXĀLYDQMH]RQD]DNXYDQMH
,]DEHULWHHOHPHQDWNRMLåHOLWHGD
LVNOMXþLWHSULWLVNDMXüLSRYH]DQRGXJPH
]DSRGHãDYDQMHSRYHüDQMDJUHMDQMD
.RULVWHüL GXJPHVPDQMLWH
WHPSHUDWXUXQDÄ³6LPXOWDQR
NRULãüHQMH L GXJPHWDYUDüD
WHPSHUDWXUXQDÄ³
$NRMH]RQDNXYDQMDYUXüDÄ+³üHVH
SULND]DWLXPHVWRÄ³
,VNOMXĀLYDQMH VYLK ]RQD ]D
NXYDQMH
'DELVWHXLVWRYUHPHLVNOMXþLOLVYH]RQH
]DNXYDQMHGRGLUQLWH GXJPH
8UHåLPXSULSUDYQRVWLÄ+³VHSRMDYOMXMH
QDVYLP]RQDPDNXYDQMDNRMDVXYUXüD
,QGLNDWRUSULVXWQRVWLWRSORWH
,QGLNDWRU SULVXWQRVWL WRSORWH
QDJRYHãWDYD GD NHUDPLþNR VWDNOR LPD
RSDVQX WHPSHUDWXUX QD GRGLU X RNYLUX
]RQHNXYDQMD
1DNRQ LVNOMXþLYDQMD ]RQH NXYDQMD
RGJRYDUDMXüLSULND]SRND]XMHÄ+³GRNMH
GRGHOMHQDWHPSHUDWXUD]RQHNXYDQMDQD
QHNULWLþQRPQLYRX
65
)XQNFLMDEH]EHGQRVQRJ
LVNOMXĀLYDQMD
6YDND]RQD]DNXYDQMHüH
VHLVNOMXþLWLQDNRQRGUHÿHQRJ
YUHPHQDPDNVLPDOQRJUXNRYDQMD
DNRSRGHãDYDQMHJUHMDQMDQLMH
PRGL¿NRYDQR6YDNDSURPHQDX]RQL
NXYDQMDYUDüDPDNVLPDOQRYUHPH
UXNRYDQMDQDSRþHWQXYUHGQRVW
RJUDQLþHQMDYUHPHQDUXNRYDQMD
0DNVLPDOQRYUHPHUXNRYDQMD]DYLVLRG
L]DEUDQRJQLYRDWHPSHUDWXUH
ýHNDMWHGRNµ)¶QHQHVWDQH]DVYH
]RQHXNOMXþLWHSORþXGRGLUXMXüL L
QDVWDYLWHVDNRULãüHQMHP
3RGHãDYDQMH
WRSORWH
%H]EHGQRVQLSUHNLGDþ
LVNOMXþHQQDNRQ
 VDWL
 VDWL
VDWD
 VDWD
=DNOMXĀDYDQMH]DGHFX
1DNRQXNOMXþLYDQMDNRQWUROHIXQNFLMD
]DNOMXþDYDQMD]DGHFXPRåHGD
VHDNWLYLUD'DELVWHDNWLYLUDOL
]DNOMXþDYDQMH]DGHFXVLPXOWDQR
UXNXMWHSUHGQMLPGXJPHWRP
SRGHãDYDQMDSRYHüDQMDWRSORWH
LGXJPHWRPSRGHãDYDQMDVPDQMHQMD
WRSORWH D]DWLPSRQRYR
UXNXMWHGXJPHWRPSRGHãDYDQMD
SRYHüDQMDWRSORWH Ä/³NRMH
]QDþL=$./-8ý$12üHVHSRMDYLWLQD
SULND]LPDJUHMDþDLNRQWURODQHPRåH
GDVHSURPHQL$NRMH]RQDNXYDQMD
SRGXVORYLPDWRSORWHÄ/³LÄ+³üHVH
QDL]PHQLþQRSULND]LYDWL
3ORþDüHRVWDWLX]DNOMXþDQRPXVORYX
GRNVHQHRWNOMXþDþDNLDNRMHNRQWUROD
LVNOMXþHQDLXNOMXþHQD
'DELVWHGHDNWLYLUDOL]DNOMXþDYDQMH
]DGHFXSUYRXNOMXþLWHSORþX
6LPXOWDQRUXNXMWHSUHGQMLPGXJPHWRP
SRGHãDYDQMDSRYHüDQMDWRSORWH L
GXJPHWRPSRGHãDYDQMDVPDQMHQMD
WRSORWH D]DWLPSRQRYRUXNXMWH
GXJPHWRPSRGHãDYDQMDSRYHüDQMD
WRSORWH
Ä/³üHQHVWDWLQDSULND]XDSORþD
üHVHLVNOMXþLWL
=DNOMXĀDYDQMHNOMXĀD
)XQNFLRQDOQRVW]DNOMXþDYDQMDNOMXþD
MH]DEORNLUDQMHLSRGHãDYDQMHXUHÿDMD
X EH]EHGQHUHåLPHXWRNXUXNRYDQMD
0RGL¿NDFLMHQDGRGLUQDSULPHUSRYHüDYDMX
SRGHãDYDQMDWRSORWHLGUXJLQHüHELWL
PRJXüL0RJXüHMHVDPRLVNOMXþLWLXUHÿDM
)XQNFLMD]DNOMXþDYDQMDMHDNWLYDQDNR
MHGXJPHNOMXþD]D]DNOMXþDYDQMH
SULWLVQXWRQDMPDQMHVHNXQGH2YR
UXNRYDQMHMHSULKYDüHQRRGVWUDQH]YXþQRJ
VLJQDOD1DNRQXVSHãQRJUXNRYDQMDGXåHJ
RGVHNXQGHLQGLNDWRU]DNOMXþDYDQMD
NOMXþDEOMHãWLLJUHMDþMH]DNOMXþDQ
)XQNFLMDWDMPHUD
)XQNFLMDWDMPHUDVHUHDOL]XMHXGYH
YHU]LMH
7DMPHUPLQXWQRJSRGVHþDQMD
PLQ
65
7DMPHURPPLQXWQRJSRGVHüDQMDPRåH
GDVHUXNXMHDNRVX]RQHNXYDQMD
LVNOMXþHQH3ULND]WDMPHUSRND]XMHÄ³
VDWDþNRPNRMDEOMHãWL
'RGLUQLWHGXJPH]DSRGHãDYDQMH
WDMPHUD GDELVWHSRYHüDOLYUHPHLOL
GRGLUQLWH GDELVWHVPDQMLOLYUHPH
5DVSRQSRGHãDYDQMDMHL]PHÿXL
PLQXWD$NRQHPDUXNRYDQMD
VHNXQGLWDMPHUPLQXWQRJSRGVHWQLND
üHVHSRGHVLWLDWDþNDNRMDEOMHãWLüH
QHVWDWL1DNRQãWRVHWDMPHUSRGHVL
YUHPHRSDGDSUHPDSULODJRÿDYDQMX
.DGDYUHPHLVWHNQH]YXþQLVLJQDOVH
þXMHLSULND]WDMPHUDEOMHãWL=YXþQL
VLJQDOüHVHDXWRPDWVNL]DXVWDYLWL
QDNRQVHNXQGLLLOLUXNRYDQMHPELOR
NRMHJGXJPHWD
7DMPHUPLQXWQRJSRGVHWQLNDPRåH
GDVHSURPHQLLOLLVNOMXþLELORNDGD
UXNRYDQMHPGXJPHWD]DSRYHüDQMH
WDMPHUD LLOLGXJPHWRP]D
VPDQMHQMHWDMPHUD ,VNOMXþLYDQMH
SORþHGRGLULYDQMHP XELORNRMH
YUHPHüHWDNRÿHLVNOMXþLWLWDMPHU
PLQXWQRJSRGVHWQLND
7DMPHU]RQHNXYDQMDPLQ
.DGDMHSORþDXNOMXþHQDQH]DYLVQL
WDMPHUPRåHGDVHSURJUDPLUD]D
VYDNX]RQXNXYDQMD
,]DEHULWH]RQX]DNXYDQMH]DWLP
L]DEHULWHSRGHãDYDQMHWHPSHUDWXUHLQD
NUDMXDNWLYLUDMWHGXJPHSRGHãDYDQMD
WDMPHUD WDMPHUPRåHGDVH
SURJUDPLUDNDRIXQNFLMDLVNOMXþLYDQMD
]D]RQXNXYDQMD2NRWDMPHUDMHþHWLUL
/('RYDDUDQåLUDQR2QLXND]XMX]D
NRMX]RQXNXYDQMDMHWDMPHUDNWLYLUDQ
VHNXQGLQDNRQSRVOHGQMHJ
UXNRYDQMDSULND]WDMPHUDVHPHQMDQD
WDMPHUNRMLüHVOHGHüLLVWHüLXVOXþDMX
SURJUDPLUDQMDYLãHRG]RQH]D
NXYDQMH
.DGDMHWDMPHULVWHNDRVLJQDOVHþXMHL
SULND]WDMPHUDSRND]XMHÄ³VWDWLþQR
GRGHOMHQL/('WDMPHU]RQH]DNXYDQMH
EOMHãWL3URJUDPLUDQD]RQDNXYDQMDüH
VHLVNOMXþLWLLÄ+³üHVHSULND]DWLDNRMH
]RQDNXYDQMDYUXüD
=YXþQLVLJQDOLEOMHãWDQMHWDMPHUD/('üH
VHDXWRPDWVNL]DXVWDYLWLQDNRQVHNXQGL
LLOLUXNRYDQMHPELORNRMHJGXJPHWD
=YXĀQLVLJQDO
'RNSORþDUDGLVOHGHüHDNWLYQRVWLüHELWL
VLJQDOL]LUDQHSXWHP]YXþQRJVLJQDOD
1RUPDOQDDNWLYDFLMDGXJPHWDVD
NUDWNLP]YXþQLPVLJQDORP
1HSUHNLGQRUXNRYDQMHGXJPDGLPD
WRNRPGXåHJYUHPHQVNRJSHULRGD
VHNXQGLVDGXåLPQDL]PHQLþQLP
]YXþQLPVLJQDORP
)XQNFLMDSRUDVWD
=RQDNXYDQMDPRUDGDVHL]DEHUHQLYR
NXYDQMDGDVHSRGHVLQDÄåHOMHQLQLYR
NXYDQMDL33RGVWUHNGXJPHWUHEDGD
VHSRQRYRSULWLVQH
3RGVWUHNIXQNFLMDPRåHGDVHDNWLYLUD
DNRLQGXNFLRQLPRGXOSULKYDWD
SRGHãDYDQMHQDRYRM]RQLNXYDQMD$NR
MHIXQNFLMDSRGVWUHNDDNWLYQDÄ3VH
65
SULND]XMHQDRGJRYDUDMXüHPSULND]X
$NWLYLUDQMHEXVWHUDPRåHGDSUHYD]LÿH
PDNVLPDOQLQDSRQLLQWHJULVDQR
XSUDYOMDQMHQDSRQRPüHVHDNWLYLUDWL
1HRSKRGQRVPDQMHQMHQDSDMDQMDMH
SULND]DQREOMHãWDQMHPRGJRYDUDMXüH
]RQHSULND]DNXYDQMD%OMHãWDQMHMH
DNWLYQRVHNXQGHLGRSXãWDGDOMD
SULODJRÿDYDQMDSRGHãDYDQMDSUH
VPDQMHQMDQDSDMDQMD
3DPHWQDSDX]D
3DPHWQDSDX]DNDGDVHDNWLYLUD
VPDQMXMHQDSDMDQMHVYLKJUHMDþDNRMLVX
XNOMXþHQL
$NR]DWLPGHDNWLYLUDWHSDPHWQXSDX]X
JUHMDþLüHVHDXWRPDWVNLYUDWLWLQD
SUHWKRGQLQLYR
$NRSDPHWQDSDX]DQLMHGHDNWLYLUDQD
SRNORSDFNXYDQMDüHVHLVNOMXþLWLQDNRQ
PLQXWD
'RGLUQLWHGDELVWHDNWLYLUDOL
SDPHWQXSDX]X1DSDMDQMHDNWLYLUDQLK
JUHMDþDüHVPDQMLWLQLYRLÄOO³üHVH
SRMDYLWLQDVYLPSULND]LPD
'RGLUQLWHSRQRYRGDELVWH
GHDNWLYLUDOLSDPHWQXSDX]XÄOO³üH
QHVWDWLLJUHMDþLüHVDGDUDGLWLQD
SUHWKRGQRSRGHãHQRPQLYRX
1$*29(ä7$-,,6$9(7,
3RVXāH
ā .RULVWLWHSRVXÿHVDGQRPNRMHMH
GHEHORUDYQRJODWNRLNRMHMHLVWRJ
SUHþQLNDNDRHOHPHQW2YRüHVPDQMLWL
YUHPHNXYDQMD
ā 3RVXÿHNRMHMHQDSUDYOMHQRRGþHOLND
HPDMOLUDQRJþHOLNDOLYHQRJJYRåÿDL
QHUÿDMXüHJþHOLNDDNRMHRGJRYDUDMXüH
REHOHåHQRRGVWUDQHSURL]YRÿDþDüH
GDWLQDMEROMHUH]XOWDWH
ā 3RVXÿHþLMHMHGQRQDSUDYOMHQRRG
HPDMOLUDQRJþHOLNDLOLDOXPLQLMXPD
LOLEDNUDPRåHGDL]D]RYHPHWDOQH
QDVODJHQDSORþL$NRVHRVWDYLRYR
WHãNRPRåHGDVHXNORQL2þLVWLWHSORþX
QDNRQVYDNHXSRWUHEH
ā 3RVXÿHMHRGJRYDUDMXüH]DLQGXNFLMX
DNRVHPDJQHW]DNDþLQDGQXSRVXÿD
ā 3RVXÿHPRUDGDVHVWDYLQDFHQWDU
]RQH]DNXYDQMH$NRVHQHSUDYLOQR
SRVWDYLVHSULND]XMH
ā .DGDNRULVWLWHRGUHÿHQHWLJDQMH
UD]QDEXNDPRåHGDVHþXMHWRMH]ERJ
GL]DMQDWLJDQMDLQHXWLþHQDXþLQDNLOL
EH]EHGQRVWSORþH
PRAVILNO POGREŠNO
POGREŠNO POGREŠNO
65
ÿXYDQMHHQHUJLMH
ā ,QGXNFLMVNH]RQHNXYDQMDVH
DXWRPDWVNLDGDSWLUDMXQDYHOLþLQX
GRQMHJGHODSRVXÿDGRRGUHÿHQRJ
RJUDQLþHQMD0HÿXWLPPDJQHWVNLGHR
GQDSRVXÿDPRUDGDLPDPLQLPDOQL
SUHþQLNX]DYLVQRVWLRGYHOLþLQH]RQH
NXYDQMD
ā 6WDYLWHSRVXÿHQD]RQX]DNXYDQMH
SUHQHJRãWRVHXNOMXþL$NRVHXNOMXþL
SUHQHJRãWRVHVWDYLSRVXÿH]RQD
]DNXYDQMHQHüHUDGLWLLSRND]DüHVH
NRQWUROQLSULND]
ā .RULVWLWHSRNORSDFGDELVWHVPDQMLOL
YUHPHNXYDQMD
ā .DGDWHþQRVWNOMXþDVPDQMLWH
SRGHãDYDQMHWHPSHUDWXUH
ā 6PDQMLWHNROLþLQXWHþQRVWLLOLPDVQRüH
NDNRELVWHVPDQMLOLYUHPHNXYDQMD
ā ,]DEHULWHRGJRYDUDMXüHSRGHãDYDQMH
WHPSHUDWXUH]DGRGDWNHNXYDQMX
3ULPHULGRGDWDNDNXYDQMD
,QIRUPDFLMHNRMHVXGDWHXVOHGHüRM
WDEHOLVXVDPR]DUDGYRÿHQMD
3RGHãDYDQMD .RULVWLWH]D
(OHPHQDWLVNOMXþHQ
 'HOLNDWQRXSR]RUHQMH
 1HåQRNUþNDQMHVSRUR
XSR]RUHQMH
 3RGJUHYDQMHLEU]R
NUþNDQMH
.OMXþDQMHYUHQMHL
SHQXãDQMH
0DNVLPDOQDWRSORWD
3)XQNFLMDSRUDVWD
6DYHWL]DĀLåþHQMH
ā 1HNRULVWLWHDEUD]LYQHSRGORJH
NRUR]LYQHþLVWDþHDHURVROþLVWDþHLOL
RãWUHREMHNWHGDELVWHRþLVWLOLSRYUãLQX
SORþH
ā 'DELVWHXNORQLOLL]JRUHOXKUDQX
XWRSLWHMHXPRNUXNUSXLWHþQRVW]D
SUDQMH
ā 0RåHWHGDNRULVWLWHVWUXJDþ]D
þLãüHQMHKUDQHLOLRVWDWDND+UDQDNRMD
VHOHSLPRUDRGPDKGDVHRþLVWLNDGD
VHSURVSHSUHQHJRãWRVHVWDNOR
RKODGL
ā 3RVWDUDMWHVHGDQHRJUHEHWHOHSOMLYL
VLOLNRQNRMLMHSRVWDYOMHQQDNUDMHYLPD
VWDNODGRNNRULVWLWHVWUXJDþ
ā 6WUXJDþLPDEULMDþSDVH]DWRPRUD
þXYDWLYDQGRPDãDMDGHFH
ā .RULVWLWHVSHFLMDODQNHUDPLþNLþLVWDþ
]DSORþXQDSORþLGRNMHMRãWRSODQD
GRGLU,VSHULWHLREULãLWHþLVWRPNUSRPLOL
SDSLUQLPXEUXVRP
,167$/,5$1-(85(ċ$-$
832=25(1-(
(OHNWULþQRSRYH]LYDQMHRYHSORþHWUHED
GDVHL]YUãLRGVWUDQHNYDOL¿NRYDQRJ
HOHNWULþDUDXVNODGXVDLQVWUXNFLMDPD
X RYRPYRGLþXLXVNODGXVDWUHQXWQLP
SURSLVLPD8VOXþDMXELORNDNYHãWHWH
NRMDVHSRMDYLXVOHGQHSUDYLOQRJ
SRYH]LYDQMDLOLLQVWDODFLMHJDUDQFLMD
QHüHYDåLWL2YDMXUHÿDMPRUDGDVH
X]HPOML
65
%H]EHGQRVWLQVWDODFLMH
ă%LORNRMDYLVHüDSRYUãLQDWUHEDGDMH
QDMPDQMHFPL]QDGSORþH
ā 9HQWLODWRUL]DL]YODþHQMHPRUDMXGD
VHSRVWDYHXVNODGXVDLQVWUXNFLMDPD
SURL]YRÿDþD
ā =LGXNRQWDNWXVD]DGQMLPGHORP
SORþHPRUDGDEXGHQDSUDYOMHQRG
PDWHULMDODRWSRUQLKQDSODPHQ
ā 'XåLQDNDEOD]DQDSDMDQMHQHWUHED
GDSUHÿHPHWUD
3RVWDYOMDQMHSORĀHXUDGQLGHR
ā 3ORþDPRåHGDVHXEDFLXELORNRML
UDGQLGHRNRMLMHRWSRUDQQDWRSORWXGR
QDMPDQMH&
ā 1DSUDYLWHRWSRUVDGLPHQ]LMDPD
SULND]DQLPQDVOLFLLVSRGLQDVOHGHüRM
VWUDQL
ā 3ORþD]DLQGXNFLMXPRåHGDVHXJUDGL
X GRPPãLURNHUDGQHGHORYH
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
65
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
1DQHVLWHMHGQRVWUDQXVDPROHSOMLYX
WUDNX]D]DSWLYDQMHNRMDMHGRãODVD
XUHÿDMHPRNRORQLåHLYLFHSRYUãLQH]D
NXSRYDQMHSRUHGVSROMQLKLYLFDVWDNOHQH
NHUDPLþNHWDEOH1HUD]YODþLWHJD
65
ā =DãUD¿WHGUåDþD]DPRQWLUDQMHJRUQ
MHJGHODQDERþQH]LGRYHSURL]YRGD
'UåDþ]DPRQWLUDQMHJRUQMHJGHOD
8VSRVWDYOMDQMHHOHNWULĀQRJSR
YH]LYDQMD
3UHXVSRVWDYOMDQMDSRYH]LYDQMDSURYH
ULWHGDOLMH
*ODYQLQDSRQLVWLNDRRQDMQDYHGHQQD
SORþL]DRGUHÿLYDQMHNRMDVHQDOD]LQD
]DGQMHPGHOXSORþH
.RORPRåHGDSRGUåLWHåLQXXUHÿDMD
SRJOHGDMWHSORþX]DRGUHÿLYDQMH
'RYRGQDSDMDQMDLPDSRYH]LYDQMH
X]HPOMHQMHPNRMHSRãWXMH]DKWHYH
WUHQXWQLKUHJXODWLYDLGREURUDGL
3UHNLGDþRVLJXUDQMDPRUDGDEXGH
ODNRGRKYDWOMLYNDGDVHMHGQRPSORþD
LQVWDOLUD
$NRQHSRVWRMLSUDYLOQRNRORSORþHL
SUHNLGDþRVLJXUDþDPRUDMXVHLQVWDOL
UDWLRGVWUDQHNYDOL¿NRYDQRJHOHNWULþDUD
SUHQHJRãWRVHSORþDSRYHåH
2GREUHQLRGJRYDUDMXüLNDEOPRUD
GDVHSRYHåHVD-HGLQLFHSRWURãQMH
JODYQDNXWLMDRVLJXUDþDLGDVH]DãWLWL
VYRMLPRVLJXUDþHPRGDPSHUD
LOLSUHNLGDþHPPLNURNROD0&%
(OHNWULþDUPRUDGDGRVWDYLSUHNLGDþ]D
SRORYHRVLJXUDþDNRMLSUHNLGDSRYH]L
YDQMHVDREHOLQLMHXåLYRLQHXWUDOQH
SURYRGQLNHVDNRQWDNWRGYRMQLFLPDNRML
VXQDMPDQMHPP
3UHNLGDþRVLJXUDþDWUHEDGDVHSRVWDYL
QD]LGNXKLQMHL]QDGUDGQRJGHODLVD
VWUDQHSORþHQHL]QDGQMHXVNODGX
VD,((SURSLVLPD3RYHåLWHSUHNLGDþ
RVLJXUDþDQDUD]YRGQXNXWLMXNRMDWUHED
GDVHQDOD]LQD]LGXRNRFP
LQþDL]QDGQLYRDSRGDLL]DSORþH.DEO
GRYRGDQDSDMDQMDSORþH]DWLPPRåH
GDVHSRYHåH3RYHåLWHMHGDQNUDM
UD]YRGQHNXWLMHLSRYHåLWHGUXJLNUDMQD
NXWLMX]DSRYH]LYDQMHQDSDMDQMDSORþH
NRMDVHQDOD]LQD]DGQMRMVWUDQLSORþH
8NORQLWHSRNORSDFNXWLMH]DSRYH]LYDQMH
QDSDMDQMDLLQVWDOLUDMWHNDEOXVNODGXVD
GLMDJUDPRP]DSRYH]LYDQMH
.DEO]DQDSDMDQMHPRUDGDVHSRVWDYL
SRGDOMHRGGLUHNWQLKL]YRUDWRSORWH
65
=DLQGXNFLRQXSORþXNDEOPRUDGD
EXGH+99);4PPð,(&
3URQDüLüHWHGLMDJUDP]DSRYH]L
YDQMHSULND]DQQD]DGQMHPGHOXYDãHJ
XUHÿDMD
KODOVI GREŠKE
$NRSRVWRMLJUHãNDNRGJUHãNHüHVH
SULND]DWLQDSULND]LPDJUHMDþD
(9HQWLODWRU]DKODÿHQMHMHRQHPR
JXüHQ3R]LYQLMHDXWRUL]RYDQ
(,QGXNFLMVNLRNUXJMHSUHYLVRN
LVNOMXþLWHSORþXSULWLVNDMXüLGXJPHXNOMX
þHQRLVNOMXþHQRLRVWDYLWHGDVHRNUXJ
RKODGL
('RYRGQLQDSRQVHUD]OLNXMHRG
REHOHåHQLKYUHGQRVWL,VNOMXþLWHSORþX
SULWLVNDMXüLGXJPHXNOMXþHQRLVNOMXþHQR
VDþHNDMWHGRNÄ+³QHQHVWDQHVDVYLK
]RQDXNOMXþLWHSORþXSULWLVNDMXüLGXJPH
XNOMXþHQRLVNOMXþHQRLQDVWDYLWHVD
NRULãüHQMHP$NRVHSRQRYRSRMDYLLVWD
JUHãNDSR]RYLWHVHUYLVQRVWRYODãüHQRJ
DJHQWD
('RYRGQDIUHNYHQFLMDVHUD]OLNXMH
RGL]PHUHQLKYUHGQRVWL,VNOMXþLWHSORþX
SULWLVNDMXüLVDþHNDMWHGRNÄ+³QHQHVWD
QHVDVYLK]RQDXNOMXþLWHSORþXSULWL
VNDMXüLLQDVWDYLWHGDNRULVWLWH$NRVH
LVWDJUHãNDSRQRYRSULNDåHLVNOMXþLWH
XWLNDþ]DXUHÿDMLSRQRYRJDXNOMXþLWH
8NOMXþLWHSORþXSULWLVNDMXüLLQDVWDYLWH
GDNRULVWLWH$NRVHSRQRYRSRMDYLLVWD
JUHãNDSR]RYLWHVHUYLVQRVWRYODãüHQRJ
DJHQWD
(,QWHUQDWHPSHUDWXUDSORþHMHSUHYL
VRNDLVNOMXþLWHSORþXSULWLVNDMXüLGXJPH
XNOMXþHQRLVNOMXþHQRLRVWDYLWHGDVH
JUHMDþLRKODGH
(*UHãNDXNRPXQLNDFLMLL]PHÿX
NRQWUROHQDGRGLULJUHMDþD3R]RYLWH
RYODãüHQRJVHUYLVQRJDJHQWD
(7HPSHUDWXUDVHQ]RUDNDOHPDMH
RQHPRJXüHQD3R]RYLWHRYODãüHQRJ
VHUYLVQRJDJHQWD
(6HQ]RUKODÿHQMDWHPSHUDWXUHMH
RQHPRJXüHQ3R]RYLWHRYODãüHQRJ
VHUYLVQRJDJHQWD
($*UHãNDYHOLNRJNDOHPD]DVLüH
QMD,VNOMXþLWHSORþXSULWLVNDMXüLGXJPH
XNOMXþHQRLVNOMXþHQRXNOMXþLWHSORþX
SULWLVNDMXüLGXJPHXNOMXþHQRLVNOMXþHQR
LQDVWDYLWHGDNRULVWLWH$NRVHSRQRYR
SRMDYLLVWDJUHãNDSR]RYLWHVHUYLVQRVW
RYODãüHQRJDJHQWD
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
(&*UHSãNDXGRYRGQRPQDSRQX
,VNOMXþLWHSORþXSULWLVNDMXüLGXJPH
XNOMXþHQRLVNOMXþHQRXNOMXþLWHSORþX
SULWLVNDMXüLGXJPHXNOMXþHQRLVNOMXþHQR
LQDVWDYLWHGDNRULVWLWH$NRVHSRQRYR
SRMDYLLVWDJUHãNDSR]RYLWHVHUYLVQRVW
RYODãüHQRJDJHQWD
&&0LNURSURFHVRUVNLSR]RU,VNOMX
þLWHSORþXSULWLVNDMXüLGXJPHXNOMXþHQR
LVNOMXþHQRXNOMXþLWHSORþXSULWLVNDMXüL
GXJPHXNOMXþHQRLVNOMXþHQRLQDVWDYLWH
GDNRULVWLWH$NRVHSRQRYRSRMDYLLVWD
JUHãNDSR]RYLWHVHUYLVQRVWRYODãüHQRJ
DJHQWD
65
69
,11(+c//
6lNHUKHWVDQYLVQLQJDU
%HVNULYQLQJDYHQKHWHQ
7LOODJQLQJV\WDRFKNRQWUROOSDQHOI|USODWWRU
'ULIWDYHQKHWHQ
6OnDYRFKSnHQKHWHQ
6OnSnRFKDYWLOODJQLQJV]RQHUQD
6PDUWSDXV
5HVWYlUPHLQGLNDWRU
6lNHUKHWVDYVWlQJQLQJVIXQNWLRQ
%DUQOnV
7LPHUIXQNWLRQ
6XPPHU
%RRVWIXQNWLRQ
7LSVRFKUnG
,QVWDOODWLRQDYHQKHWHQ
,QVWDOODWLRQVVlNHUKHW
0RQWHULQJDYKlOOHQLHQElQNVNLYD
.RSSODHOHNWULVNDDQVOXWQLQJDU
(OHNWULVNDQVOXWQLQJGLDJUDP
69
6b.(5+(769$51,1*$5
/b6 '(66$ ,16758.7,21(5 12*
*5$172&+)8//67b1',*7,11$1
'8$19b1'(5 ',1 $33$5$7 2&+
)g59$5$ '(0 3c (1 /b03/,*
3/$76)g55()(5(169,'%(+29
'(11$%58.6$19,61,1*b56$0
0$167b//' )g5 0(5 b1 (1 02
'(// *(0(16$07 $33$5$7(1
.$16.( ,17( +$5 1c*5$ $9 '(
)81.7,21(5 620 %(6.5,96 ,
'(11$ %58.6$19,61,1* 833
0b5.6$00$ '( 8775<&. 620
+$5 6,))525 0('$1 '8 /b6(5
%58.6$19,61,1*(1
$OOPlQQDVlNHUKHWVYDUQLQJDU
(QKHWHQ NDQ DQYlQ
GDVDYEDUQIUnQnU
RFKXSSnWRFKSHUVR
QHU PHG QHGVDWW I\
VLVN VHQVRULVN HOOHU
PHQWDO I|UPnJD HOOHU
EULVWSnHUIDUHQKHWRFK
NXQVNDSRPGH|YHU
YDNDVHOOHUInULQVWUXN
WLRQHU DQJnHQGH DQ
YlQGQLQJ DY HQKHWHQ
SnHWWVlNHUWVlWWRFK
I|UVWnU ULVNHUQD %DUQ
VNDOO LQWH OHND PHG
HQKHWHQ 5HQJ|ULQJ
RFK DQYlQGDUXQGHU
KnOO VNDOO LQWH XWI|UDV
DYEDUQXWDQ|YHUYDN
QLQJ
9$51,1* (QKHWHQ
RFK GHVV nWNRPOLJD
GHODUEOLUYDUPDYLGDQ
YlQGQLQJ)|UVLNWLJKHW
E|ULDNWWDVI|UDWWXQG
YLND RQ|GLJ NURSSV
NRQWDNW PHG YlUPH
HOHPHQW%DUQPLQGUH
lQnUVNDKnOODVERU
WDRPGHLQWHlUNRQWL
QXHUOLJW|YHUYDNDGH
9$51,1* 2EHYDNDG
PDWODJQLQJSnHQKlOO
PHGIHWWHOOHUROMDNDQ
YDUD IDUOLJW RFK NDQ
UHVXOWHUDLEUDQG)|U
V|N DOGULJ DWW VOlFND
HQEUDQGPHGYDWWHQ
XWDQVWlQJDYHQKHWHQ
RFKWlFNVHGDQOnJDQ
WH[PHGHWWORFNHOOHU
HQEUDQG¿OW
9$51,1* 5LVN I|U
EUDQGI|UYDUDLQWHI|
UHPnOSnPDWODJQLQJV
\WRU
9$51,1* 2P \WDQ
lUVSUXFNHQVWlQJDY
69
HQKHWHQI|UDWWXQGYL
ND ULVNHQ I|U HOHNWULV
NDVW|WDU
)|U LQGXNWLRQVKlOODU
E|ULQWHPHWDOOI|UHPnO
VnVRP NQLYDU JDIÀDU
VNHGDU RFK ORFN SOD
FHUDVSnKlOOHQV\WDQ
HIWHUVRP GH NDQ EOL
KHWD
)|U LQGXNWLRQVKlO
ODU HIWHU DQYlQGQLQJ
VWlQJDYKlOOHOHPHQ
WHW PHG GHVV NRQWUROO
RFKOLWDLQWHSnNDVW
UXOOGHWHNWRUQ
)|UNRNSODWWRUPHGORFN
E|UDOOWVSLOOWDVERUWIUnQ
ORFNHW LQQDQ |SSQLQJ
2FK lYHQ KlOOHQV \WD
E|U VYDOQD LQQDQ GX
VWlQJHUORFNHW
(QKHWHQ lU LQWH DY
VHGG DWW PDQ|YUHUDV
PHG KMlOS DY HQ H[
WHUQWLPHUHOOHUVHSDUDW
IMlUUNRQWUROOV\VWHP
$QYlQGLQWHVWDUNDVOL
SDQGH UHQJ|ULQJVPH
GHOHOOHUYDVVDPHWDOO
VNUDSRUI|UDWWUHQJ|UD
XJQVOXFNDQVJODVRFK
DQGUD \WRU HIWHUVRP
GHNDQUHSD\WDQYLO
NHW NDQ UHVXOWHUD L
VSOLWWULQJDYJODVHWHO
OHUVNDGRUSn\WDQ
$QYlQG LQWH nQJUHQ
J|ULQJVDSSDUDWHU I|U
UHQJ|ULQJDYHQKHWHQ
'LQHQKHWWLOOYHUNDVHQOLJWDOODWLOO
OlPSOLJDORNDODRFKLQWHUQDWLRQHOOD
VWDQGDUGHURFKI|UHVNULIWHU
8QGHUKnOO RFK UHSDUDWLRQVDUEHWH
PnVWHJ|UDVHQGDVWDYDXNWRULVH
UDGH VHUYLFHWHNQLNHU ,QVWDOODWLRQ
RFKUHSDUDWLRQVDUEHWHVRP XWI|UV
DYLFNHDXNWRULVHUDGHWHNQLNHUNDQ
YDUDHQIDUDI|UGLJ'HWlUIDUOLJW
DWWlQGUDHOOHUPRGL¿HUDVSHFL¿ND
WLRQHUQDLHQKHWHQSnQnJRWVlWW
)|UHLQVWDOODWLRQHQVHWLOODWWYLOONRU
I|U ORNDO GLVWULEXWLRQ W\S DY JDV
RFKJDVWU\FNHOOHUHOVSlQQLQJRFK
IUHNYHQVRFKNUDYHQI|UHQKHWHQ
lU NRPSDWLEOD .UDYHQ I|U GHQQD
HQKHWDQJHVSnHWLNHWWHQ
9$51,1* 'HQQD HQKHW lU DY
VHGGHQGDVWI|UPDWODJQLQJRFKlU
DYVHGGI|ULQRPKXVEUXNLKXVKnOO
RFK E|U LQWH DQYlQGDV I|U DQGUD
lQGDPnO HOOHU I|U DQQDQ WLOOlPS
QLQJ VRP I|U LFNHKXVKnOOVEUXN
HOOHU L HQ NRPPHUVLHOO PLOM| HOOHU
UXPVXSSYlUPQLQJ
$OOD P|MOLJD VlNHUKHWVnWJlUGHU
KDUYLGWDJLWVI|UDWW JDUDQWHUD GLQ
69
VlNHUKHW(IWHUVRPJODVHWNDQJn
V|QGHU E|U GX YDUD I|UVLNWLJ YLG
UHQJ|ULQJ I|U DWW XQGYLND UHSRU
8QGYLNDWWVOnHOOHUNQDFNDSnJOD
VHWPHGWLOOEHK|U
6HWLOODWWQlWVODGGHQLQWHEOLUNOlPG
XQGHULQVWDOODWLRQHQ2P QlWVODG
GHQlUVNDGDGPnVWHGHQE\WDVXW
DYWLOOYHUNDUHQGHVVVHUYLFHUHSUH
VHQWDQW HOOHU OLNQDQGH NYDOL¿FHUD
GHSHUVRQHUI|UDWWI|UHE\JJDIDUD
,QVWDOODWLRQVYDUQLQJDU
$QYlQGLQWHHQKHWHQI|UUlQGHQlU
IXOOVWlQGLJWLQVWDOOHUDG
(QKHWHQ PnVWH LQVWDOOHUDV DY HQ
DXNWRULVHUDG WHNQLNHU RFK WDV L
EUXN7LOOYHUNDUHQDQVYDUDULQWHI|U
HYHQWXHOOD VNDGRU VRP NDQ RUVD
NDV DY IHODNWLJ SODFHULQJ RFK LQ
VWDOODWLRQDYREHK|ULJD
1lUGXSDFNDUXSSHQKHWHQVHWLOO
DWWGHQlULQWHVNDGDGXQGHUWUDQV
SRUWHQ9LGHYHQWXHOODIHODQYlQG
LQWHDSSDUDWHQRFKNRQWDNWDRPH
GHOEDUW HWW NYDOL¿FHUDW VHUYLFHRP
EXG (IWHUVRP PDWHULDOHQ VRP
DQYlQGVVRPI|USDFNQLQJ Q\ORQ
KlIWNODPUDU FHOOSODVW HWF NDQ
RUVDNDVNDGOLJD HIIHNWHU Sn EDUQ
E|UGHVDPODVLQRFKWDVERUWRPH
GHOEDUW
6N\GGDHQKHWHQPRWDWPRVIlULVND
HIIHNWHU8WVlWWGHQLQWHI|UHIIHNWHU
VRPVROUHJQVQ|RVY
(QKHWHQV RPJLYDQGH PDWHULDO
NDELQHWWPnVWHWnODHQWHPSHUD
WXUSnPLQVW&7HPSHUDWXUHQL
GHQQHGUH\WDQDYKlOOHQNDQVWLJD
XQGHUDQYlQGQLQJ(QVNLYDPnVWH
GlUI|ULQVWDOOHUDVXQGHUSURGXNWHQ
8QGHUDQYlQGQLQJ
3ODFHUD LQWH OlWWDQWlQGOLJD HOOHU
EUlQQEDUDPDWHULDOLHOOHULQlUKH
WHQDYHQKHWHQQlUGHQlULGULIW
/lPQD LQWH VSLVHQ QlU GX ODJDU
PDWPHGIDVWDHOOHUÀ\WDQGHROMRU
'HNDQEULQQDPHGDQOHGQLQJ DY
H[WUHP YlUPH +lOO DOGULJ YDWWHQ
SnHOGVRPRUVDNDVDYROMD7lFN
NDVWUXOOHQ HOOHU VWHNSDQQDQ PHG
ORFNHWI|UDWWNYlYDOnJDQVRPKDU
LQWUlIIDW L GHWWD IDOO RFK VWlQJ DY
VSLVHQ
3ODFHUDDOOWLG NDVWUXOOHU |YHU FHQ
WUXP DY PDWODJQLQJV]RQHQ RFK
YlQGKDQGWDJHQWLOOHQVlNHUSRVL
WLRQVnDWWGHLQWHNDQVOnVWLOOHOOHU
JULSDVWDJL
2PGXLQWHVNDDQYlQGDHQKHWHQ
XQGHU HQ OlQJUH WLG NRSSOD IUnQ
GHQ %HKnOO KXYXGVWU|PEU\WDUHQ
DYVWlQJG bYHQ QlU GX LQWH DQ
YlQGHU HQKHWHQ KnOO JDVYHQWLOHQ
DYVWlQJG
6HWLOODWWHQKHWHQVNRQWUROOYUHGDOO
WLGlULOlJHVWRSSQlUGHQLQWH
DQYlQGV
8QGHUUHQJ|ULQJRFKXQGHU
KnOO
6WlQJ DOOWLG DY HQKHWHQ LQQDQ
IXQNWLRQHU VRP UHQJ|ULQJ HOOHU
XQGHUKnOO 'X NDQ J|UD GHW HIWHU
IUnQNRSSOLQJDYHQKHWHQHOOHUIUnQ
NRSSOLQJDYKXYXGNRQWDNWHQ
7D LQWH ERUW NRQWUROOYUHGHQ I|U DWW
UHQJ|UDNRQWUROOSDQHOHQ
)g5$77%,%(+c//$())(.7,
9,7(7(12&+6b.(5+(7(1,
(1+(7(15(.200(1'(5$5
69
9,$77'8$//7,'$19b1'(5
25,*,1$/5(6(59'(/$52&+
$77(1'$675,1*$9c5$
$8.725,6(5$'(20%8'9,'
%(+29
69
%(6.5,91,1*$9+b//(1
%lVWHNXQG
9lQOLJHQOlVLQVWUXNWLRQHUQDLGHQKlUDQYlQGDUKDQGERNHQLQQDQGXDQYlQGHU
KlOOHQRFKVSDUDGHQI|UIUDPWLGDUHIHUHQV
7LOODJQLQJV\WDI|USODWWRU
,QGXNWLRQVYlUPHHOHPHQW
.RQWUROOSDQHO
2EV8WVHHQGHWSnGLQKlOONDQYDUDDQQRUOXQGDlQPRGHOOHQRYDQEHURHQGHSn
GHVVNRQ¿JXUDWLRQ
69
.RQWUROOSDQHOI|USODWWRU
 gNDYlUPHLQVWlOOQLQJWLPHU
 3ODWWGLVSOD\
 gYUHYlQVWUDSODWWYDO
 7LPHUGLVSOD\
 gYUHK|JUDSODWWYDO
 .QDSSOnV
 .QDSSOnVLQGLNDWRU
 6PDUWSDXV
 0LQVNDYlUPHLQVWlOOQLQJWLPHU
 1HGUHYlQVWUDSODWWYDO
 7LPHU
 1HGUHK|JUDSODWWYDO
 %RRVW
 3n$Y
23
12
9 1310
67
14
8
15
11
4
69
$19b1'1,1*$9(1+(
7(1
$QYlQG LQGXNWLRQVWLOODJQLQJV]RQHUQD
PHGOlPSOLJDN|NVUHGVNDS
1lU QlWVSlQQLQJHQ lU WLOOVODJHQ NRP
PHU DOOD GLVSOD\HU DWW YLVDV HWW |JRQ
EOLFN 1lU GHQQD WLG lU |YHU lU KlOOHQ
L VWDQGE\OlJH RFK lU NODU I|U DQYlQG
QLQJ
+lOOHQ NRQWUROOHUDV PHG HOHNWURQLVND
VHQVRUHUVRPDQYlQGVJHQRPDWWU|UD
YLGWLOOK|UDQGHVHQVRUHU9DUMHVHQVRUDN
WLYHULQJI|OMVDYHQOMXGVLJQDOVXPPHU
6OnSnHQKHWHQ
6OnSnKlOOHQQJHQRPDWWWU\FNDSnWDQJ
HQWHQ3c$9 $OODSODWWRUVGLVSOD\HU
YLVDUHQVWDWLVNRFKGHQOlQJVWQHG
WLOO K|JHUV SXQNWHU EOLQNDU RP LQJHQ
WLOODJQLQJV]RQ YlOMV LQRP  VHNXQGHU
VWlQJVKlOOHQDYDXWRPDWLVNW
6WlQJDDYHQKHWHQ
$WWVWlQJDDYKlOOHQQlUVRPKHOVW
JHQRPDWWWU\FNDSn 
7DQJHQWHQ3c$9 KDUDOOWLGSULRUL
WHWLDYVWlQJQLQJVIXQNWLRQHQ
$WWVOnSnWLOODJLQJV]RQHUQD
7U\FNSnYDONQDSSHQI|USODWWDQGXYLOO
ODJDPDWSn'HW¿QQVHQVWDWLVNSXQN
WLQGLNDWRUSnGHQQYDOGDSODWWGLVSOD\HQ
RFKGHQEOLQNDQGHSXQNWHQSnDOODDQ
GUDGLVSOD\HUVOlFNV
9lOMWHPSHUDWXULQVWlOOQLQJHQJHQRPDWW
DQYlQGDWDQJHQWHQI|UDWW|NDYlUPHQ
HOOHUWDQJHQWHQI|UDWWPLQVNDYlU
PHQ (OHPHQWHWlUQXUHGRDWWODJD
PDW Sn )|U VQDEEDVWH NRNWLGHU YlOM
|QVNDGWLOODJQLQJVQLYnRFKWU\FNVHGDQ
Sn 3WDQJHQWHQ I|U DWW DNWLYHUD ERRVW
IXQNWLRQHQ
$WWVWlQJDDYWLOODJLQJV]RQHUQD
9lOMGHWHOHPHQWGXYLOOVWlQJDDY
JHQRPDWWWU\FNDSnWLOOK|UDQGHWDQJHQW
I|UDWW|NDYlUPHQ 
0HGWDQJHQWHQ VlQNWHPSHUD
WXUHQQHGWLOObYHQQDWWDQYlQGD
RFK WDQJHQWHUQDVDPWLGLJW
VlQNHUWHPSHUDWXUHQWLOO
2PWLOODJQLQJV]RQHQQlUYDUPNRPPHU
+DWWYLVDVLVWlOOHWI|U
$WWVWlQJDDYDOODWLOODJQLQJV]R
QHU
)|U DWW VWlQJD DY DOOD WLOODJQLQJV]RQHU
VDPWLGLJWU|UYLGWDQJHQWHQ
, VWDQGE\OlJH YLVDV HWW + Sn DOOD
WLOODJQLQJV]RQHUVRPlUYDUPD
5HVWYlUPHLQGLNDWRU
5HVWYlUPHLQGLNDWRUQ DQJHU DWW JODVNH
UDPLNHQKDUHQIDUOLJYLGU|UQLQJVWHPSH
UDWXULRPNUHWVHQDYHQWLOODJQLQJV]RQ
(IWHU DYVWlQJQLQJHQ DY WLOODJQLQJV]R
QHQYLVDUUHVSHNWLYHGLVSOD\+WLOOVGHQ
WLOOGHODGH WLOODJQLQJV]RQHQV WHPSHUDWXU
lUSnHQRNULWLVNQLYn
69
6lNHUKHWVDYVWlQJQLQJVIXQN
WLRQ
9DUMHWLOODJQLQJV]RQVWlQJVDYHIWHUHQ
GH¿QLHUDGPD[LPDOGULIWWLGRPYlUPH
OlJHWLQWHlQGUDV9DUMHI|UlQGULQJL
WLOODJQLQJV]RQHQVWlOOHUWLOOEDNDGHQ
PD[LPDODGULIWWLGHQWLOOGHWXUVSUXQJOLJD
YlUGHWI|UGULIWWLGHQV'HQPD[LPDOD
GULIWWLGHQEHURUSnGHQYDOGDWHPSHUD
WXUQLYnQ
9lQWDWLOOVµ)¶µ)¶I|UVYLQQHUI|UDOOD]R
QHUVOnSnKlOOHQJHQRPDWWWU\FNDSn
RFKIRUWVlWWDWWDQYlQGD
9lUPHLQ
VWlOOQLQJ 6lNHUKHWVDYVWlQJ
QLQJHIWHU
 WLPPDU
 WLPPDU
WLPPDU
 WLPPDU
%DUQOnV
(IWHUDWWKDVODJLWSnNRQWUROOHQNDQ
EDUQOnVIXQNWLRQHQDNWLYHUDV7RDF
WLYDWHWKHFKLOGORFNVLPXOWDQHRXVO\
RSHUDWHWKHIURQWLQFUHDVHKHDWVHWWLQJ
NH\ DQGGHFUHDVHKHDWVHWWLQJNH\
DQGWKHQRSHUDWHWKHLQFUHDVH
KHDWVHWWLQJNH\ DJDLQ/VRP
EHW\GHU/c67YLVDVLDOODSODWWGLVSOD\HU
RFKNRQWUROOHQNDQLQWHlQGUDV2PHQ
WLOODJQLQJV]RQlULYDUPWWLOOVWnQGYLVDV
/RFK+RPYl[ODQGH
+lOOHQI|UEOLULHWWOnVWWLOOVWnQGWLOOVGHQ
EOLUXSSOnVWlYHQRPNRQWUROOHQKDU
VODJLWVDYRFKSn
)|UDWWDYDNWLYHUDEDUQOnVHWVOnI|UVW
SnKlOOHQ$QYlQGVDPWLGLJWGHQIUlP
UHYlUPH|NQLQJVWDQJHQWHQ RFK
YlUPHPLQVNQLQJVWDQJHQWHQ RFK
DQYlQGVHGDQYlUPHPLQVNQLQJV
WDQJHQWHQ LJHQ/I|UVYLQQHUSn
GLVSOD\HQRFKKlOOHQVWlQJVDY
.QDSSOnV
.QDSSOnVIXQNWLRQHQlUWLOOI|UDWWEORFN
HUDRFKVWlOODHQKHWHQLHWWVSDUOlJH
XQGHUGULIW7U\FNSnlQGULQJDUVRPWLOO
H[HPSHOK|MDYlUPHLQVWlOOQLQJDURFK
DQQDWE|ULQWHYDUDP|MOLJW'HWlUHQ
GDVWP|MOLJWDWWVWlQJDDYHQKHWHQ
/nVIXQNWLRQHQlUDNWLYRPNQDSSOnVN
QDSSHQ WU\FNVPLQVWVHN'HQQD
XQNWLRQEHNUlIWDVDYHQVXPPHU(IWHU
IUDPJnQJVULNIXQNWLRQLPHUlQVHN
EOLQNDUNQDSSOnVLQGLNDWRUQRFKSODWWDQ
lUOnVW
7LPHUIXQNWLRQ
7LPHUIXQNWLRQHQUHDOLVHUDVLWYnYHUVLR
QHU
bJJNORFNVWLPHUPLQ
bJJNORFNVWLPHUQNDQDQYlQGDVRP
WLOODJQLQJV]RQHUQDlUDYVWlQJGD
7LPHUGLVSOD\HQYLVDUPHGHQEOLQ
NDQGHSXQNW
7U\FNSnWLPHULQVWlOOQLQJVWDQQJHQWHQ
I|UDWW|NDWLGHQHOOHUWU\FNSn
I|UDWWPLQVNDWLGHQ-XVWHULQJVRPUn
GHWlUPHOODQRFKPLQXWHU2PGHW
LQWH¿QQVQnJRQGULIWLQRPVHNXQGHU
NRPPHUlJJNORFNVWLPHUQDWWVWlOODVLQ
RFKGHQEOLQNDQGHSXQNWHQI|UVYLQQHU
(IWHUDWWWLPHUQlULQVWlOOGUlNQDVWLGHQ
QHGPHGKlQV\QWLOOMXVWHULQJHQ
69
1lUWLGHQlUVOXWK|UVHQVLJQDORFK
WLPHUGLVSOD\HQEOLQNDU/MXGVLJQDOHQ
NRPPHUDWWVWRSSDVDXWRPDWLVNWHIWHU
VHNXQGHURFKHOOHUJHQRPDWWDQ
YlQGDYDOIULWDQJHQW
bJJNORFNVWLPHUQNDQlQGUDVHOOHU
VWlQJDVDYQlUVRPKHOVWJHQRPDWW
DQYlQGDWLPHU|NQLQJVWDQJHQWHQ
RFKHOOHUPLQVNDWLPHUWDQJHQWHQ 
$WWVWlQJDDYKlOOHQJHQRPDWWWU\FND
Sn QlUVRPKHOVWNRPPHURFNVn
DWWVWlQJDDYlJJNORFNVWLPHUQ
7LOODJQLQJV]RQVWLPHUPLQ
1lUKlOOHQlUSnVODJHQNDQHQREH
URHQGHWLPHUSURJUDPPHUDVI|UYDUMH
WLOODJQLQJV]RQ
9lOMHQWLOODJQLQJV]RQYlOMVHGDQWHP
SHUDWXULQVWlOOQLQJRFKVOXWOLJHQDNWLYHUD
WLPHULQVWlOOQLQJHQV
WDQJHQW WLPHUQNDQSURJUDPPH
UDVVRPHQDYVWlQJQLQJVIXQNWLRQI|U
HQWLOODJQLQJV]RQ5XQWWLPHUQlUI\UD
O\VGLRGHUSODFHUDGH'HVVDLQGLNHUDU
I|UYLONHQWLOODJQLQJV]RQWLPHUQKDU
DNWLYHUDWV
VHNHIWHUGHQVHQDVWHDQYlQGQLQJ
HQlQGUDVWLPHUGLVSOD\HQWLOOWLPHUQ
VRPNRPPHUDWWVWDQQDQlVWDJnQJ
LIDOODYSURJUDPPHULQJDYÀHUlQHQ
WLOODJQLQJV]RQ
1lUWLPHUQKDUJnWWWLOOVOXWOMXGHUHQ
VLJQDORFKWLPHUGLVSOD\HQYLVDU
VWDWLVNWGHQWLOOGHODGHWLOODJQLQJV
]RQHQVWLPHUVO\VGLRGEOLQNDU'HQ
SURJUDPPHUDGHWLOODJQLQJV]RQHQ
VWlQJVDYRFK+NRPPHUDWWYLVDVRP
WLOODJQLQJV]RQHQlUYDUP
/MXGVLJQDOHQRFKWLPHUQVO\VGLRGVEOLQ
NDQGHNRPPHUDWWVWRSSDVDXWRPDWLVNW
HIWHUVHNXQGHURFKHOOHUJHQRPDWW
DQYlQGDYDOIULWDQJHQW
6XPPHU
0HGDQKlOOHQlULGULIWNRPPHUI|OMDQ
GHDNWLYLWHWHUVLJQDOHUDVPHGKMlOSDY
HQVXPPHU
1RUPDOWDQJHQWDNWLYHULQJPHGHQNRUW
OMXGVLJQDO
.RQWLQXHUOLJDQYlQGQLQJDYWDQJHQWHU
|YHUHQOlQJUHWLGVSHULRGVHNXQGHU
PHGHQOlQJUHLQWHUPLWWHQWOMXGVLJQDO
%RRVWIXQNWLRQ
(QWLOODJQLQJV]RQPnVWHYlOMDVWLOODJ
QLQJVQLYnVWlOODVLQWLOO|QVNDGWLOODJ
QLQJVQLYnRFK3RRVWWDQJHQWHQ
WU\FNDVSnLJHQ
%RRVWIXQNWLRQNDQDNWLYHUDVRPLQGX
NWLRQVPRGXOHQJRGWDULQVWlOOQLQJHQSn
GHQQDWLOODJQLQJV]RQ2P%RRVWIXQN
WLRQHQlUDNWLYYLVDVHWW3SnPRWVYD
UDQGHGLVSOD\
$WWDWWDNWLYHUDERRVWHUQNDQ|YHUVNULGD
JUlQVHQI|UPD[LPDOHIIHNWRFKGHQ
LQWHJUHUDGHHIIHNWKDQWHULQJHQNRPPHU
DWWDNWLYHUDV
'HQQ|GYlQGLJDHIIHNWPLQVNQLQJHQYL
VDVJHQRPEOLQNDQGHPHGPRWVYDUDQ
GHWLOODJQLQJV]RQVGLVSOD\%OLQNDQGHW
lUDNWLYWLVHNRFKWLOOnWHU\WWHUOLJDUH
DQSDVVQLQJDUDYLQVWlOOQLQJDUQDI|UH
HIIHNWPLQVNQLQJ
69
6PDUWSDXV
6PDUWSDXVQlUGHQlUDNWLYHUDG
UHGXFHUDUHIIHNWHQKRVDOODSODWWRUVRP
KDUVODJLWVSn
2PGXLQDNWLYHUDU6PDUWSDXVNRP
PHUSODWWRUQDDXWRPDWLVNWnWHUJnWLOO
GHQWLGLJDUHQLYnQ
2P6PDUWSDXVLQWHLQDNWLYHUDV
NRPPHUKlOOHQDWWVWlQJDVDYHIWHU
PLQXWHU
5|UYLG I|UDWWDNWLYHUD6PDUW
SDXV(IIHNWHQI|UDNWLYHUDGSODWWDRU
NRPPHUDWWPLQVNDWLOOQLYnRFK,,
YLVDVSnDOODGLVSOD\HU
5|UYLG LJHQI|UDWWLQDNWLYHUD
6PDUWSDXV³,,´NRPPHUDWWI|UVYLQQD
RFKSODWWRUQDNRPPHUQXDWWN|UDSn
GHQQLYnVRPWLGLJDUHVWlOOWVLQ
7,362&+5c'
.|NVUHGVNDS
ā $QYlQGWMRFNDSODQDRFKVOlWERWWQDGH
N|NVUHGVNDSVRPlUVDPPDGLDPHWHU
VRPHOHPHQWHW'HWWDNRPPHUDWWELGUD
WLOODWWPLQVNDWLOODJQLQJVWLGHQ
ā .RNNlUODYVWnOHPDOMHUDWVWnOJMXWMlUQ
RFKURVWIULWWVWnORPOlPSOLJWPlUNWD
DYWLOOYHUNDUHQNRPPHUDWWJHGLJGH
ElVWDUHVXOWDWHQ
ā .RNNlUODYHPDOMHUDWVWnOHOOHUDOXPL
QLXPHOOHUNRSSDUERWWQDUNDQRUVDNDHQ
PHWDOOLVNUHVWNYDUSnKlOOHQ2PGHW
OlPQDVNYDUEOLUGHWVYnUWDWWWDERUW
5HQJ|UKlOOHQQRJJUDQWHIWHUYDUMH
DQYlQGQLQJ
ā .RNNlUOlUOlPSOLJDI|ULQGXNWLRQ
RPHQPDJQHWIDVWQDUSnNRNNlUOHWV
ERWWHQ
ā .RNNlUOPnVWHSODFHUDVFHQWUDOWSn
WLOODJQLQJV]RQHQ2PGHWLQWHlUNRUUHNW
SODFHUDWYLVDV
ā 9LGDQYlQGQLQJDYYLVVDNRNNlUONDQ
GXInROLNDOMXGIUnQNDVWUXOOHUGHWWDlU
SnJUXQGDYXWIRUPQLQJHQDYNDVWUXOOHU
QDRFKSnYHUNDULQWHSUHVWDQGDQHOOHU
VlNHUKHWHQI|UKlOOHQ
TT FALSKT
FALSKT FALSKT
69
(QHUJLVEHVSDULQJ
ā ,QGXNWLRQVWLOODJQLQJV]RQHUDQSDVVDV
DXWRPDWLVNWWLOOVWRUOHNHQSnNRNNlUOHWV
ERWWHQXSSWLOOHQYLVVJUlQV'RFNPnV
WHGHQPDJQHWLVNDGHOHQDYNRNNlUOHWV
ERWWHQKDHQPLQVWDGLDPHWHUEHURHQ
GHSnVWRUOHNHQSnWLOODJQLQJV]RQHQ
ā 3ODFHUDNRNNlUOHWSnWLOODJQLQJV]RQHQ
LQQDQGHQVOnVSn2PGHQlUSnVOD
JHQLQQDQQnJRWNRNlUOlUSnNRPPHU
WLOODJQLQJV]RQHQLQWHDWWIXQJHUDRFK
NRQWUROOGLVSOD\HQYLVDV
ā $QYlQGHWWORFNI|UDWWPLQVNDWLOODJ
QLQJVWLGHQ
ā 1lUYlWVNDQE|UMDUNRNDPLQVNDWHP
SHUDWXULQVWlOOQLQJHQ
ā 0LQLPHUDPlQJGHQYlWVNDHOOHUIHWW
I|UDWWPLQVNDWLOODJQLQJVWLGHQ
ā 9lOMUlWWWHPSHUDWXULQVWlOOQLQJI|U
WLOODJQLQJVWLOOlPSQLQJDUQD
([HPSHOSnWLOODJQLQJVWLOOlPSQ
QLQJDU
'HQLQIRUPDWLRQVRPJHVLQHGDQVWn
HQGHWDEHOOlUHQGDVWYlJOHGQLQJ
,QVWlOOQLQJDU $QYlQGI|U
(OHPHQWDY
 .lQVOLJYDUQLQJ
 6WLOODVMXGQLQJ
OnQJVDPYDUQLQJ
 cWHUXSSYlUPQLQJRFK
VQDEEVMXGQLQJ
.RNQLQJIUlVQLQJRFK
EU\QLQJ
0D[LPDOYlUPH
3%RRVWIXQNWLRQ
5HQJ|ULQJVWLSV
ā $QYlQGLQWHVOLSG\QRUIUlWDQGHUHQ
J|ULQJVPHGHOUHQJ|ULQJVVSUD\HUHOOHU
YDVVDI|UHPnOI|UDWWUHQJ|UD\WRUQDSn
KlOOHQ
ā )|UDWWWDERUWEUlQGPDWEO|WGHQ
PHGHQIXNWLJWUDVDRFKGLVNPHGHO
ā 'XNDQDQYlQGDHQVNUDSDI|U
UHQJ|ULQJDYPDWHOOHUUHVWHU.OLEELJD
OLYVPHGHOPnVWHUHQJ|UDVRPHGHOEDUW
QlUGHVSLOOHULQQDQJODVHWKDUVYDOQDW
ā 9DUQRJDPHGDWWLQWHUHSDVLOLNRQHW
VRPSODFHUDWVSnNDQWHUQDDYJODVHW
QlUGXDQYlQGHUHQVNUDSD
ā 6NUDSDQKDUHWWUDNEODGGlUI|UPnVWH
GHQKnOODVERUWDIUnQEDUQ
ā $QYlQGVSHFLHOODNHUDPLNKlOOVUHQJ|
ULQJVPHGHOSnKlOOHQQlUGHQlUYDUP
YLGEHU|ULQJ6N|OMRFKWRUNDPHGHQ
UHQWUDVDHOOHUKXVKnOOVSDSSHU
,167$//$7,21$9(1+(7(1
9$51,1*
'HQHOHNWULVNDDQVOXWQLQJHQDYGHQQD
KlOOE|UXWI|UDVDYHQEHK|ULJHOHNWUL
NHUHQOLJWLQVWUXNWLRQHUQDLEUXNVDQ
YLVQLQJHQRFKLHQOLJKHWPHGJlOODQGH
UHJOHU,KlQGHOVHDYHYHQWXHOODVNDGRU
VRPXSSVWnUWLOOI|OMGDYIHODNWLJDQVOXW
QLQJHOOHULQVWDOODWLRQNRPPHUJDUDQWLQ
LQWHYDUDJLOWLJ'HQQDHQKHWPnVWH
YDUDMRUGDG
,QVWDOODWLRQVVlNHUKHW
ă$OOD|YHUKlQJDQGH\WRUE|UYDUDPLQVW
FPRYDQI|UKlOOHQ
69
ā .|NVÀlNWDUPnVWHPRQWHUDVLHQOLJKHW
PHGWLOOYHUNDUHQVDQYLVQLQJDU
ā 9lJJHQLNRQWDNWPHGGHQEDNUH
GHOHQDYKlOOHQPnVWHYDUDJMRUGDY
ÀDPVlNHUWPDWHULDO
ā 6WU|PNDEHOOlQJGHQE|ULQWH|YHUVWLJD
PHWHU
0RQWHULQJDYKlOOHQLHQElQN
VNLYD
ā +lOOHQNDQLQIRJDVLYDUMHElQNVNLYD
XQGHUI|UXWVlWWQLQJDWWGHQlUYlUPHEH
VWlQGLJXSSWLOOnWPLQVWRQH&
ā 6NDSDHQ|SSQLQJPHGGHPnWWVRP
YLVDVLELOGHQQHGDQRFKSnQlVWDVLGD
ā ,QGXNWLRQVKlOOHQNDQE\JJDVLQLWLOO
PPWMRFNDElQNVNLYRU
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
:PP 'PP +PP

 58
352'8&7',0(16,21
&87287',0(16,21 &PP &PP
 490
1(,*+%285+22':$//6 0,1$PP 0,1%PP
:22'
&21&5(7(25&(5$0,&
7,/('
 
$SSOLFHUDGHQHQVLGLJDVMlOYKlIWDQGH
I|UVHJOLQJVWHMSHQVRPPHGI|OMHUKHOD
YlJHQUXQWGHQQHGUHJODVNDQWHQDY
WLOODJQLQJV\WDQOlQJVGHQ\WWUHNDQWHQ
DYGHQJODVNHUDPLVNDSDQHOHQ6WUlFN
GHQLQWH
6NUXYDIDVWGHPRQWHULQJVIlVWHQD
69
69
I|UElQNVNLYDQSnVLGRYlJJDUQDSn
SURGXNWHQ
0RQWHULQJVIlVWHElQNVNLYD
.RSSODHOHNWULVNDDQVOXWQLQJDU
,QQDQDQVOXWQLQJNRQWUROOHUDDWW
1lWVSlQQLQJHQlUGHQVDPPDVRPQR
WHUDWVSnPlUNSOnWHQVRPlUSODFHUDG
SnEDNVLGDQDYKlOOHQ
.UHWVHQNDQVW|GMDHQKHWVEHODVWQLQJHQ
VHPlUNSOnWHQ
6WU|PI|UV|UMQLQJHQKDUHQMRUGDQ
VOXWQLQJVRP|YHUHQVVWlPPHUPHG
EHVWlPPHOVHUQDLJlOODQGHI|UHVNULIWHU
RFKlULJRWWVNLFN
6lNULQJVEU\WDUHQPnVWHYDUDOlWWnWNRP
OLJQlUKlOOHQKDULQVWDOOHUDWV
2PGHWLQWH¿QQVQnJRQVlUVNLOG
KlOONUHWVRFKVlNULQJVEU\WDUHPnVWH
GHLQVWDOOHUDVDYHQEHK|ULJHOHNWULNHU
LQQDQKlOOHQEOLUDQVOXWHQ
(QJRGNlQGOlPSOLJNDEHOPnVWH
DQVOXWDVIUnQNRQVXPHQWHQKHWHQ
HOFHQWUDOHQRFKVN\GGDVDYVLQHJHQ
DPSVlNULQJHOOHUPLNURNUHWVEU\WDUH
0&%(OHNWULNHUQPnVWHWLOOKDQGDKnOOD
HQVlNUDGDOOSROLJEU\WDUHVRPNRSSODU
IUnQEnGHNDEHOQVWU|PI|UDQGHRFK
QHXWUDODOHGDUHPHGHQNRQWDNWVHSDUD
WLRQDYnWPLQVWRQHPP
6lNULQJVEU\WDUHQE|UPRQWHUDVSn
N|NVYlJJHQRYDQI|UDUEHWV\WDQRFK
YLGVLGDQDYKlOOHQLQWH|YHUGHQL
HQOLJKHWPHG,((I|UHVNULIWHU$QVOXW
VlNULQJVEU\WDUHQWLOOHQNRSSOLQJVGRVD
VRPVNDPRQWHUDVSnYlJJHQFDFP
WXP|YHUJROYQLYnRFKEDNRP
KlOOHQ+lOOHQVVWU|PI|UV|UMQLQJVNDEHO
NDQVHGDQDQVOXWDV$QVOXWGHQHQD
lQGHQWLOONRSSOLQJVGRVDQRFKDQVOXW
GHQDQGUDlQGHQWLOOKlOOHQVNRSSOLQJV
GRVDVRP¿QQVSnEDNVLGDQDYKlOOHQ
7DERUWORFNHWSnNRSSOLQJVGRVDQRFK
LQVWDOOHUDNDEHOQLHQOLJKHWPHGNRSS
OLQJVVFKHPDW
6WU|PI|UV|UMQLQJVNDEHOQVNDSODFHUDV
SnDYVWnQGIUnQGLUHNWDYlUPHNlOORU
69
(+lOOHQVLQYlQGLJDWHPSHUDWXUlUI|U
K|JVWlQJDYKlOOHQJHQRPDWWWU\FND
SnSnDYNQDSSHQRFKOnWSODWWRUQD
VYDOQD
E6:.RPPXQLNDWLRQVIHOPHOODQWRXFK
NRQWUROORFKSODWWD.RQWDNWDHQ
DXNWRULVHUDGVHUYLFHUHSUHVHQWDQW
E7:6OLQJWHPSHUDWXUVHQVRULQDNWLYHUDG
.RQWDNWD HQ DXNWRULVHUDG VHUYLFHUHSUH
VHQWDQW
E8:.\ODUWHPSHUDWXUVHQVRULQDNWLYH
UDG.RQWDNWDHQDXNWRULVHUDGVHUYLFH
UHSUHVHQWDQW
EA: 6WRUVSROHPlWWQDGIHO6WlQJDY
KlOOHQJHQRPDWWWU\FNDSnSnDYNQDS
SHQVOnSnKlOOHQJHQRPDWWWU\FNDSn
SnDYNQDSSHQRFKIRUWVlWWDQYlQGD
)|ULQGXNWLRQVKlOOHQQPnVWHNDEHOQ
YDUD+99);4PPð,(&
'XKLWWDUNRSSOLQJVVFKHPDWVRP
YLVDVSnERWWHQDYGLQHQKHW
FELKODER
2PGHWILQQVHWWIHONRPPHUIHONRGHQ
DWWYLVDVSnSODWWGLVSOD\HUQD
E1:.\OIOlNWHQlULQDNWLYHUDG.RQWDNWD
HQDXNWRULVHUDG
E2: ,QGXNWLRQVVOLQJDQVWHPSHUDWXU
lUI|UK|JVWlQJDYKlOOHQJHQRPDWW
WU\FNDSnSnDYNQDSSHQRFKOnWVOLQJ
DQVYDOQD
E3:0DWQLQJVVSlQQLQJHQDYYLNHUIUnQ
VSHFL¿FHUDGHYlUGHQ6WlQJDYKlOOHQ
JHQRPDWWWU\FNDSnSnDYNQDSSHQ
YlQWDWLOOV´+´I|UVYLQQHUI|UDOOD]RQHU
VOnSnKlOOHQJHQRPDWWWU\FNDSnSn
DYNQDSSHQRFKIRUWVlWWDQYlQGDGHQ
2PVDPPDIHOYLVDUVLJLJHQNRQWDNWD
HQDXNWRULVHUDGVHUYLFHUHSUHVHQWDQW
E4: 0DWQLQJVIUHNYHQVHQDYYLNHUIUnQ
VSHFL¿FHUDGHYlUGHQ6WlQJDYKlOO
HQPHGWU\FNNQDSSHQYlQWDWLOOV´+´
I|UVYLQQHUI|UDOOD]RQHUVOnSnKlOOHQ
PHGWU\FNNQDSSHQRFKIRUWVlWWDQYlQ
GDGHQ2PVDPPDIHOYLVDUVLJLJHQ
VOnDYRFKSnNRQWDNWHQI|UDSSDUDWHQ
6OnSnKlOOHQPHGWU\FNNQDSSHQRFK
IRUWVlWWDQYlQGDGHQ2PVDPPDIHO
YLVDUVLJLJHQNRQWDNWDHQDXNWRULVHUDG
VHUYLFHUHSUHVHQWDQW
GHQ2PVDPPDIHOYLVDUVLJLJHQ
NRQWDNWDHQDXNWRULVHUDGVHUYLFHUHSUH
VHQWDQW
EC: 0DWQLQJVVSlQQLQJVIHO6WlQJDY
KlOOHQJHQRPDWWWU\FNDSnSnDYNQDS
SHQVOnSnKlOOHQJHQRPDWWWU\FNDSn
SnDYNQDSSHQRFKIRUWVlWWDQYlQGD
GHQ2PVDPPDIHOYLVDUVLJLJHQ
NRQWDNWDHQDXNWRULVHUDGVHUYLFHUHSUH
VHQWDQW
C1-C8: 0LNURSURFHVVRUYDUQLQJ6WlQJ
DYKlOOHQJHQRPDWWWU\FNDSnSn
DYNQDSSHQVOnSnKlOOHQJHQRPDWW
WU\FNDSnSnDYNQDSSHQRFKIRUWVlWW
DQYlQGDGHQ2PVDPPDIHOYLVDUVLJ
LJHQNRQWDNWDHQDXNWRULVHUDGVHUYLFH
UHSUHVHQWDQW
44
NN PE
PE
L3 L2 L1 L
5 5
33
22
11
1
Service &
Support
Visit Our Website
sharphomeappliances.com
52364301
114

Hulp nodig? Stel uw vraag in het forum

Spelregels

Misbruik melden

Gebruikershandleiding.com neemt misbruik van zijn services uitermate serieus. U kunt hieronder aangeven waarom deze vraag ongepast is. Wij controleren de vraag en zonodig wordt deze verwijderd.

Product:

Bijvoorbeeld antisemitische inhoud, racistische inhoud, of materiaal dat gewelddadige fysieke handelingen tot gevolg kan hebben.

Bijvoorbeeld een creditcardnummer, een persoonlijk identificatienummer, of een geheim adres. E-mailadressen en volledige namen worden niet als privégegevens beschouwd.

Spelregels forum

Om tot zinvolle vragen te komen hanteren wij de volgende spelregels:

Belangrijk! Als er een antwoord wordt gegeven op uw vraag, dan is het voor de gever van het antwoord nuttig om te weten als u er wel (of niet) mee geholpen bent! Wij vragen u dus ook te reageren op een antwoord.

Belangrijk! Antwoorden worden ook per e-mail naar abonnees gestuurd. Laat uw emailadres achter op deze site, zodat u op de hoogte blijft. U krijgt dan ook andere vragen en antwoorden te zien.

Abonneren

Abonneer u voor het ontvangen van emails voor uw Gorenje ESCM12MBK bij:


U ontvangt een email met instructies om u voor één of beide opties in te schrijven.


Ontvang uw handleiding per email

Vul uw emailadres in en ontvang de handleiding van Gorenje ESCM12MBK in de taal/talen: Engels als bijlage per email.

De handleiding is 1.36 mb groot.

 

U ontvangt de handleiding per email binnen enkele minuten. Als u geen email heeft ontvangen, dan heeft u waarschijnlijk een verkeerd emailadres ingevuld of is uw mailbox te vol. Daarnaast kan het zijn dat uw internetprovider een maximum heeft aan de grootte per email. Omdat hier een handleiding wordt meegestuurd, kan het voorkomen dat de email groter is dan toegestaan bij uw provider.

Stel vragen via chat aan uw handleiding

Stel uw vraag over deze PDF

Uw handleiding is per email verstuurd. Controleer uw email

Als u niet binnen een kwartier uw email met handleiding ontvangen heeft, kan het zijn dat u een verkeerd emailadres heeft ingevuld of dat uw emailprovider een maximum grootte per email heeft ingesteld die kleiner is dan de grootte van de handleiding.

Er is een email naar u verstuurd om uw inschrijving definitief te maken.

Controleer uw email en volg de aanwijzingen op om uw inschrijving definitief te maken

U heeft geen emailadres opgegeven

Als u de handleiding per email wilt ontvangen, vul dan een geldig emailadres in.

Uw vraag is op deze pagina toegevoegd

Wilt u een email ontvangen bij een antwoord en/of nieuwe vragen? Vul dan hier uw emailadres in.



Info