Choice magazine #3

Page 1

$5&+,7(&785( /,9,1* 67</( (17(57$,10(17 $57 '(6,*1 ',67$17 75$9(/ 4 ~ A ศ , A ศ อ อ ศ อ อ อ อ ศ อ อ อ ยซ

&,5.86 -0ยง1(0 ) /8;86 352 %5$7,6/$98 %8%/,1.29ยง 327รทj(1ยซ 3(./2 1$ $/-$j&( '(6,*1ยง5 /29(*529(

+ROHxRYLFH .'<รฅ 'ย 912 0579ยง 729ย 51< 2รฅยซ9$-ยซ



_


_


_


HGLWRULDO

MHOR Q¿P WR $ QHMHQ Q¿P -HQ VH UR]KOÇGQøWH NROHP MDN Y = 3/$9÷ 61÷+8 QHMH]GË YODN\ D OLGÇ ]ĎVW¿YDMË QHGREURYROQø =$6<3 1, Y KRWHOHFK QD VDPRWø DE\ MLP WR SDN MLQË Y SU¿FL SĆHG SRêËWDêL WLxH êL KODVLWø = 9,'÷/, &KRLFH WDN ]DIXQJXMH MDNR WDNRYÛ SUYQË G¿UHN 9øĆËPH æH KR QDGxHQø UR]EDOËWH QøFR VL KQHG SĆHêWHWH D NH ]E\WNX VH U¿GL YU¿WËWH Dæ SRPLQH VY¿WHêQË xËOHQVWYË -H WRWLæ GRVWDWHêQø WOXVWÛ QD WR DE\ V QËP xO\ Y\FS¿YDW ERW\ PLQLP¿OQø GR NRQFH EĆH]QD D NG\E\ WHQ NU¿VQÛ PDWQÛ SDSËU KRĆHO MDNR æH QHKRĆË P¿WH L QøFR QD ]¿WRS éËPæ Y¿V QHFKFL N QøêHPX SRGREQÇPX QDE¿GDW QDRSDN &KRLFH GRVW¿Y¿WH SURWR æH VL KR ]DVORXæËWH D MDN VH O]H SĆHVYøGêLW QËæH êWRX VL Y QøP Xæ L Y WHOHYL]QËFK VHUL¿OHFK 3ĎYRGQø MVPH FKWøOL SUYQË êËVOR V\P EROLFN\ SRVODW QD REøæQRX GU¿KX MHQæH DVWURQDXW $QGUHZ )HQVWHO NWHUÛ WDP VYÇKR êDVX SURSDxRYDO 1HUXGRY\ 3ËVQø NRVPLFNÇ VH ]DVHNO æH WDP QDKRUX WDN WøæNRX ELFKOL QHSRW¿KQH 7DNæH MVPH SRVODOL UH PLWHQGX GR 2UGLQDFH Y UĎæRYÇ ]DKUDGø 0DJD]ËQX VL YxLPOR WROLN OLGË D FKWøOR Q¿P WR KQHG VGøOLW æH Q¿V WR SĆLQXWLOR SRY\SËQDW VL WHOHIRQ\ 8GøOHMWH WR WDN\ DČ Y¿V QLNGR SĆL êWHQË &KRLFH QHUXxË 1DYËF 9¿QRFH MVRX VY¿WN\ NOLGX

8

3HWU 7ĎPD xÇIUHGDNWRU

9<%$9(1« 7,3< 6WU¿QN\ SOQÇ NU¿V\ ,QGLYLGXDOLVWLFN¿ SUNÛQND 'æXQJOH SUR PDOÇ W\JU\ 9DxH YĎQø GRPRYD -DN VH Y\EDUYË Y¿x WÛP $OHVVL u Xæ æ¿GQÇ DOH $UW 'HFR *DOHULH 3URVËPH YVWXSWH 5R]SRK\ERY¿YDW YøFL 7R MH PRWWR +DQ\ 3RWPøxLORYÇ NWHU¿ VSUDYXMH 1DGDêQË IRQG QD SRGSRUX ]DPøVWQ¿Y¿QË OLGË VH ]GUDYRWQËP SRVWLæHQËP 0±'$ '(6,*1 'REURGUXæQÛ 'XQKLOO 0RQWEODQF /HQQRQRYL /RYHJURYH GHVLJQ JXUX 'ĆHYR D RĆHFK\ 9 EDUX +DUOH\ 'DYLGVRQ +UDY¿ KODYD 9HVPËUQ¿ RG\VHD Q¿SDGĎ 3RUVFKH 'HVLJQ %U¿QD N OX[XVX = EXGRY\ EÛYDOÇ EDQN\ VWRMËFË SĆËPR Y FHQWUX %UDWLVODY\ WR MH YxXGH NRXVHN $ WHQ ØæDVQÛ YÛKOHG

_


WLU¿æ

REVDK

9\G¿Y¿ 'DQLHOD 9LOKHOPRY¿ ,é2 ',é &= WHO LQIR#FKRLFH PDJD]LQH F] ZZZ IDFHERRN FRP &KRLFH u YVWXSHQND GR VYøWD æLYRWQËKR VW\OX 3XEOLVKHU 'DQLHOD 9LOKHOPRY¿ GDQLHOD#FKRLFH PDJD]LQH F] jÇIUHGDNWRU 3HWU 7ĎPD SHWU#FKRLFH PDJD]LQH F] ,Q]HUFH $OHQD $QWRQRYLêRY¿ DOHQD#FKRLFH PDJD]LQH F] ,Q]HUWQË NRQWDNW SUR PHGL¿OQË D UHNODPQË DJHQWXU\ 0HGLDERDUG F] V U R SURYR]RYQD $UJHQWLQVN¿ 3UDKD 7HO PI#PHGLDERDUG F] 6SROXSUDFRYQËFL -DQ 'XxHN -DQD 9DĀ¿WNRY¿ .ULVWLQD jHPEHURY¿ .DWHĆLQD 5DWKRXVN¿ -LĆË 9DxHN -DQ .ORXêHN .O¿UD 0L[RY¿ 3DYHO +DQXxND 'XxDQ +RQ]ËN 2QGĆHM .DW] 'DQLHOD 3DYOËNRY¿ 9øQFHVODYD jOHFKWRY¿ 'XxDQ $PXWRYLê /XGøN 9RN¿ê -DQ 9RMWøFKRYVNÛ =GHQøN /XNHx .RUHNWRUND $QQD 'UR]GRY¿ $UWGLUHFWRU 0ËxD .ĆËæRY¿ PLFKDHOD#FKRLFH PDJD]LQH F] *UDILFN¿ ØSUDYD -RVHI *DEULHO .DUHO =DKUDGQËN 7LVN ' 5 - 7LVN¿UQD 5HVO V U R VËGOR 6RNROVN¿ 1¿FKRG 5R]HVËO¿ 6(1' 3ĆHGSODWQÇ V U R 9H æOËENX 3UDKD u +RUQË 3RêHUQLFH

&+871§ ,163,5$&( 2EFKRG N QDNRXVQXWË 1RYÇ D VNYøOÇ UHVWDXUDFH %XEOLQNRORJLH SR IUDQFRX]VNX -¿ DPEDVDGRU 0RÉW &KDQGRQ .G\æ ]DĆYH &HQWDXU %<'/(1« -,1$. 0RGHUQD SURWNDQ¿ KLVWRULË &ËVDĆND ,, 5DêWH VH QDVWøKRYDW 9ÛKOHG KRGQÛ NU¿OĎ 1D æLæNRYVNÛFK VWĆHFK¿FK +XGED ]DêOD KU¿W 'RPĎ GR 3RGROË 2æLYRY¿QË 0øVWR YH PøVWø &UHVFRQ 9L]H MH ]¿NODG 2GROHQD 9RGD 1D WÛ ORXFH ]HOHQÛ

3(' / 1$ =(0 &LUNXV ]YDQÛ ) -VRX GYø PRæQRVWL MDN VOHGRYDW WRKOH KODVLWÇ GLYDGOR %Xó VWRMËWH QD WULEXQø D ] PRQRSRVWĎ YLGËWH UR]PD]DQRX ê¿UX QHER VL SRSËMËWH xDPSDĀVNÇ Y 3DGGRF &OXEX D MVWH RYøxHQL Q¿UDPN\ RSUDYĀXMËFËPL NH YVWXSX GR MLQDN ]DN¿]DQÇ ]ÑQ\ 7R E\O Q¿x SĆËSDG )RUG 3ËVQø êHVNÛFK FHVW å«7 $.7,91÷ +(//VNL VQøæQÇ SHNOR $OMDxN\ ¸WURE\ VYËUDMËFË ]¿YUDČ ] WÇPøĆ NROPÛFK VWøQ VWĆËG¿ Q¿SRU DGUHQDOLQX NG\æ Y ]¿YøMËFK SDGDMËFËKR SUDxDQX ĆHæHWH MHGQX ODMQX ]D GUXKRX +HOLVNLLQJ QD $OMDxFH MH NDWHJRULH VDPD SUR VHEH 1HEH L SHNOR O\æRY¿QË ]¿URYHĀ 3UYQË D SRVOHGQË 3HWU .RXNDO 7\UROVNR QHMHQ RO\PSL¿Gø ]DVOËEHQÇ

3ĆËxWË êËVOR Y\FK¿]Ë 9HxNHU¿ SU¿YD MVRX Y\KUD]HQD QHQË XUêHQR N SURGHML QD VW¿QFËFK )RWR QD RE¿OFH 0LQQD 3\\KNDOOD )RWRJUDIRYÇ 'DQ 6NOHQ¿Ć 6DxD 'REURYRGVNÛ -DQ éHUP¿N -DNXE )UH\ 3HWU jRUDO )LOLS jODSDO 0DWĎx 7ÑWK 1LFRO jUDMHURY¿ -DNXE .OLPR %¿UD 3U¿xLORY¿ +\QHN *ORV /XFLH -DQVFK 2QGĆHM 0LND -LĆË 'XxHN $QWRQËQ 7LQR .UDWRFKYLO (YLGHQêQË êËVOR 0. é5 (

_


_


WH[W .DWHĆLQD 5DWKRXVN¿ IRWR 'DQ 6NOHQ¿Ć

1 j 7,3

:2: u .QLKD VH VWUXêQÛP Q¿]YHP D YÛVWLæQÛP SRGWLWXOHP 2EUD ]RY¿ HQF\NORSHGLH QRYÇ JHQHUDFH QDEË]Ë SDU¿GQË VPøVNX LQIRUPDFË WÛNDMËFËFK VH SĆËURG\ YøG\ D WHFKQLN\ GøMLQ YHVPËUX OLGVNÇKR WøOD QHER XPøQË 'R]YËWH VH MDNÇ DWRP\ REVDKXMH NXSĆËNODGX YLWDPËQ & FR MH WR JDOD[LH QHER SURê MH ]UDN QHMGĎOHæLWøMxËP VP\VOHP êORYøND 3XEOLNDFH V NYDOLWQËPL IRWRJUDILHPL D NXSRX ]DMËPDYRVWË SĆHGVWDYXMH G¿UHN NWHUÛ SRWøxË VQDG ØSOQø NDæGÇKR

VWU¿QN\ SOQÇ NU¿V\ /(*(1' 51« 0272&<./< u +QHG Y ØYRGX WÇWR YÛSUDYQÇ NQLK\ VH êWHQ¿Ć GR]YË ]D MDNÛFK RNROQRVWË Y]QLNO VSDORYDFË PRWRU D SR]GøML L PRWRF\NO MDNR WDNRYÛ 1¿VOHGXMËFË NRPHQW¿ĆH ]DEÛYDMËFË VH VWURML RG SRê¿WNX PLQXOÇKR VWROHWË MVRX YxDN SĆHGHYxËP GRSOQøQ\ R REĆË IRWR JUDILH PQRKD NUDVDYFĎ VH GYøPD NRO\ 3RKOHG QD +RQGX *ROG :LQJ QHER +DUOH\ 'DYLGVRQ (OHFWUD *OLGH MLVWø SĆLO¿N¿ QHMHGQR PXæVNÇ DOH L æHQVNÇ RNR &2//(&7,21 .$1&(/ ą( u êHxWLQD DQJOLêWLQD D UXxWLQD ]QøMË REV¿KOÛP GËOHP ] SHUD KLVWRULND XPøQË D VSL VRYDWHOH &KULVH YDQ 8IIHOHQD $XWRU QDEË]Ë QD YËFH QHæ VWUDQ¿FK FHVWX NROHP VYøWD SR QHMSR]RUXKRGQøMxËFK NDQFHO¿ĆVNÛFK EXGRY¿FK Y $VLL (YURSø $XVWU¿OLL 6HYHUQË D -LæQË $PHULFH )RWRJUDILH Y\EUD QÛFK REMHNWĎ MVRX YæG\ GRSOQøQ\ R MPÇQD DUFKLWHNWĎ PHWU\ êWYHUHêQË SĆËSDGQø SĎGRU\V\ D MLQÇ GHWDLO\ =DYËWDW WDN PĎæHWH WĆHED GR VËGOD 6YøWRYÇ ]GUDYRWQLFNÇ RUJDQL]DFH Y '¿QVNX QRYÛFK xYÛFDUVNÛFK NDQ FHO¿ĆË WHFKQLFNÇKR VWĆHGLVND *RRJOH DPHULFNÇKR ØVWĆHGË )DFHERRNX QHER VL SURKOÇGQRXW ]EOË]ND L ] G¿ON\ $XVWUDOVNRX Q¿URGQË EDQNX

(17(5 u 0QRKRQ¿VREQÛ VORYHQVNÛ VODYËN ØVSøxQÛ ]SøY¿N D VNOD GDWHO 5LFKDUG 0ÚOOHU VH WHQWRNU¿W SĆHGVWDYXMH Y WURFKX QH]Y\NOÇ UROL IRWRJUDID 1HMQRYøMxË SXEOLNDFH KR SĆHGVWDYXMH MDNR YQËPDYÇKR SR ]RURYDWHOH NWHUÛ QD VYÛFK IRWN¿FK RGKDOXMH YQLWĆQË NU¿VX YøFË MHæ GR N¿æH G¿YDW GR QHWXxHQÛFK VRXYLVORVWË 9øWxLQD VQËPNĎ Y NQL]H Y]QLNOD ]D SRVOHGQËFK GHVHW OHW D MDN V¿P DXWRU ĆËN¿ Y UR]KRYRUX Y WRPWR êËVOH &KRLFH e9øWxLQD VQËPNĎ Y]QLNOD QD XOLFL V¿P VH FËWËP MDNR SRXOLêQË IRWRJUDI 7XWR IDVFLQDFL OLGPL D GøQËP NROHP QLFK MVHP ]GøGLO SR VYÇP RWFL r 32.(5 u ]DVYøFHQÛ SUĎYRGFH QHMSRSXO¿UQøMxË NDUHWQË KURX QD VYøWø SRWøxË QHMHQ W\ NWHĆË VH QD LQWHUQHWX êL Y UH¿OX RGG¿YDMË 7H[DV +ROGq(P 1R /LPLW FRæ MH FHORVYøWRYø QHM]Q¿PøMxË YDULDQWD SRNHUX $QL êHWED WÇWR SXEOLNDFH ] Y¿V SUDYGøSRGREQø QHXGøO¿ SĆHERUQËN\ FHORVYøWRYÛFK NDVËQ DOH XUêLWø SRFKRSËWH Y êHP VSRêËY¿ NRX]OR WÇWR KU\ Y QËæ VH SRMË ]QDORVWL WDNWLFNÛFK SUDYLGHO V QXWQRX G¿YNRX xWøVWË SUDYGøSRGREQRVWË D WDNÇ VFKRSQRVWË UR]SR]QDW NDUW\ VRXSHĆH D RG KDGQRXW NURN\ NWHUÇ ]DPÛxOË 9L] ZZZ VORYDUW F]


ย FO|ย Y ย ย 8ย ย ร ยดย ร ยผย 67$รฉยซ 1$7ย +1287 58.8 $ =$รฉยซ7 2&+871ย 9$7 9ยซ12 2/,9< 3$50$=ย 1 68j(128 j81.8 3526&,8772 /$1ยปรฅ( 2/,929ยป 2/(- รฉ, %$/=$0,.29ยป 2&(7 -$=<. 967ฤ (%ย 9ย 7< /$+2'1รท 5ฤ =1252'ยง &+87รท $ 126 6, 086ยซ =9<.1287 1$ '$/jยซ 9ยป5$=128 9ฤ 1, /,128&ยซ 6( = 2+2%/29$1ยง+2 'ฤ (9$ $ 3ฤ (./,รฅ.< 7< -628 '20,1$171ยซ0, 0$7(5,ย /< 1('ย 912 27(9ฤ (1ยง+2 2%&+2'8 :,1( )22' 0$5.(7 6 ,7$/6.ยป0, 3275$9,1$0,

_ _


WH[W 3DYHO +DQXxND IRWR DUFKLY :LQH )RRG

D MHKR PËVWø QD NRQFL 6PËFKRYD EÛYDO NG\VL SQHXVHUYLV D MHxWø GĆËY QD SRê¿WNX PLQXOÇKR VWROHWË 5DGOLFN¿ SDUQË POÇN¿UQD -DNR ]¿]UDNHP ]ĎVWDOD EXGRYD ] GYDF¿WÛFK OHW ]D FKRY¿QD 9øWxLQD SUĎP\VORYÛFK VWDYHE YH 6WUDNRQLFNÇ XOLFL E\OD WRWLæ G¿YQR ]ERXU¿QD 7Hó VH FHOÛ DUH¿O SURPøQLO Y JDVWUR QRPLFNÇ FHQWUXP e+OHGDOL MVPH GHOxË GREX VSU¿YQÛ SURVWRU 1HFKWøOL MVPH GøODW Q¿NODGQRX UHNRQVWUXNFL ]YROLOL MVPH SURWR OHYQøMxË VWDYHEQË WHFKQRORJLH r ĆËN¿ PDMLWHO ILUP\ -LĆË -HOËQHN 'R SĎYRGQË EXGRY\ VH YVXQXOD MHQ QRY¿ GĆHYøQ¿ NRQVWUXNFH V SURVNOHQÛPL SOR FKDPL 7DNÇ LQWHULÇU ]ĎVWDO MHGQRGXFKÛ ]ERæË MH Y\VWDYHQR QD GĆHYøQÛFK UHJ¿OHFK QøNWHUÇ ODKYH VH DQL QHY\EDOXMË ] NDUWRQĎ e1HxOR PL R WR LQYHVWRYDW SHQË]H GR FR QHMUHSUH]HQWDWLYQøMxË SURGHMQ\ MH SUR Pø GĎOHæLWÇ QDEË]HW ]ERæË V Y\Y¿æHQÛP SR PøUHP FHQ\ D NYDOLW\ r ]GĎUD]ĀXMH -HOËQHN V WËP æH VDPR]ĆHMPø DQL X QøM QHFK\EøMË GUDKÇ ODKĎGN\ e/LGÇ Xæ QøNROLN URNĎ Y\æDGXMË NYDOLWX 3RPRKO\ WRPX L UĎ]QÇ RVYøWRYÇ JDVWURQRPLFNÇ SRĆDG\ WĆHED =GHĀND 3RKOUHLFKD QDxHKR GORXKROHWÇKR ]¿ND] QËND QHER 5RPDQD 9DĀND ] 3UDæVNÇKR NXOLQ¿ĆVNÇKR LQVWLWXWX NWHUÛ V QËP WHó KRGQRWË VRXERM NXFKDĆĎ Y SULP¿FNÇ WHOHYL]QË VKRZ 1D QRæH r GRG¿Y¿

1

9j(&+12 2&+871$/,

.RQFHSW VPËFKRYVNÇKR REFKRGX MH ]DORæHQ QD GRG¿YFH SR WUDYLQ RG LWDOVNÛFK UHJLRQ¿OQËFK YÛUREFĎ NWHUÇ PDMË YøWxLQRX MHQ PLQLPXP NRQ]HUYDêQËFK O¿WHN e9xH FR YLGËWH WDG\ NROHP Y REFKRGø MVHP VSROX VH VYÛP WÛPHP RFKXWQDO 'QHV P¿PH DVL VWR GYDFHW SĆËPÛFK GRGDYDWHOĎ .DæGRX QHGøOL Y\U¿æHMË GR ,W¿OLH GYD NDPLRQ\ YH êWYUWHN VH YUDFHMË ]SøW 3ĆLY¿æHMË RGWDP WXG SURGXNW\ W\SLFNÇ SUR REODVWL MDNR MH 7RVN¿QVNR 3LHPRQW .DPS¿QLH QHER 6LFËOLH r ĆËN¿ PXæ MHKRæ SURGHMQD GRVORYD GÛFK¿ QH]DPøQLWHOQRX DWPRVIÇURX e&KFHPH WDG\ XGøODW WDNRYÛ UHOD[DêQË REFKRG DE\ OLGÇ QDNX SRYDOL Y NOLGX EH] VWUHVX 6WHMQø MDNR MH WRPX Y ,W¿OLL r GRG¿Y¿ -HOËQHN 6WDêË MHGLQÛ SRKOHG QD REURYVNÛ SURVNOHQÛ REOÛ SXOW D KQHG MH Y¿P MDVQÇ FR VL RGQHVHWH GRPĎ %XGRX WR WRVN¿QVNÇ NU¿WNÇ VDO¿PN\ ] GLYRê¿ND V SĆËFKXWË IHQ\NOX êL ODQÛæH" =YËWø]Ë Y VRXERML UR]XPX D HPRFË SDUPVN¿ xXQND QDG Y\KO¿xHQÛP ML KRW\UROVNÛP xSHNHP" $ FR WĆHED Y UHJ¿OHFK Y\VWDYHQ¿ VDOVD ] IËNĎ êL DN¿WRYÛ PHG V EËOÛP ODQÛæHP" 3RGOH PDMLWHOH MGRX WDNÇ GREĆH QD RGE\W QDSĆËNODG êHUVWYÇ PODGÇ VÛU\ OHKNÇ SHUOLYÇ YËQR 3URVHFFR D SURVFXLWWR

_


9øWxLQX ]ERæË PĎæHWH QD PËVWø L RFKXWQDW D MDN ]UDMË REURYLWÇ NXV\ xXQN\ D Y\EUDQÇKR VÛUD XYLGËWH SURVNOHQÛPL GYHĆPL REURYVNÇ FKODGËUQ\ 3ĆL WYRUEø MHMËKR Q¿YUKX D SĆL]SĎVREHQË YÛUREø VH DUFKLWHNWL LQVSLURYDOL VODYQÛPL eDIILQDWRUHr QHEROL GR]U¿Y¿UQDPL VÛUĎ Y LWDOVNÛFK KRU¿FK $UFKLWHNWL QDYUKOL SĆHVWDYøW FKODGËUQX ] EÛYDOÇ Q¿GUæH QD PD]XW $ ]¿ĆË SDN YH :LQH )RRG 0DUNHWX ]DORæLOL YODVWQË RFWRYRX EDWHULL QD YÛUR EX WUDGLêQËKR EDO]DPLNRYÇKR RFWD é«0 67$5j« 7«0 /(3j«

'R êW\Ć GXERYÛFK GYRX NDxWDQRYÛFK D MHGQRKR WĆHxĀRYÇKR VXGX QDOLO DVL WĆL VWD OLWUĎ ]NYDxHQÇKR PRxWX ] KUR]QĎ RGUĎG\ 7UHEELDQR V¿P PDMLWHO QHMVODYQøMxË YÛUREQ\ QD EDO]DPLNRYÛ RFHW Y 0RGHQø *XLVVHSH 3HGURQL , NG\æ Xæ VL L éHxL ]Y\NOL QD WHQWR WUDGLêQË RFHW V YHOPL VSHFLILFNRX FKXWË MHQ RSUDYGRYË JXUPHWL YøGË æH QHMEøæQøMxË EDO]DPLFR VH KRGË GR VDO¿WĎ D QHMVWDUxË RFW\ VH SDN Y ,W¿OLL SRSËMHMË MHQ WDN V OHGHP 9ÛURED EDO]DPLNRYÇKR RFWD MH RSUDYGRYRX YøGRX 1HMGĆËYH VH PRxW YDĆË Y PøGøQÛFK NRWOËFK SĆHV ]LPX PXVË VW¿W YH VNOHQøQÛFK GHPLæRQHFK QD MDĆH NYDVË D WHSUYH SRWRP VH VW¿êË GR VXGĎ GR W]Y RFWRYÇ EDWHULH 'ĆHYøQÇ EDUHO\ MVRX UĎ]Qø YHOLNÇ D WHNXWLQD VH ] QLFK SRVWXSQø SĆHPLVČXMH ] QHMYøWxËKR GR QHMPHQxËKR 3ĆHOÇY¿QË WUY¿ L GYDQ¿FW OHW Y QHMPHQxËP VRXGNX MH WHQ QHMVWDUxË RFHW $ êËP MH VWDUxË WËP MH SRYDæRY¿Q ]D NYDOLWQøMxË 'UXK\ D WDQLQ\ GĆHYD VDPR]ĆHMPø G¿YDMË EDO]DPLNX WX VSU¿YQRX D QH]DPøQLWHOQRX FKXČ 2FWR Y¿ EDWHULH QD 6PËFKRYø VH NDæGRURêQø GRSOQË RULJLQ¿OQËP PRxWHP ] 0RGHQ\ Y]QLNOÇ EDO]DPLFR SRXæLMH :LQH )RRG 0DUNHW SUR YODVWQË SRWĆHEX 9(/.25<6» .21&(37

-LĆË -HOËQHN QHMHQ WRXWR YÛURERX GRND]XMH æH QHPËQË ]ĎVWDW SRX]H X WUDGLêQËKR REFKRGX V LWDOVNÛPL SRFKXWLQDPL 9 PHQxË PËVWQRVWL YHGOH SURGHMQ\ VL Xæ GQHV PĎæHWH Y\SËW QH]DPøQLWHOQRX LWDOVNRX N¿YX D VQËVW UR]SHêHQÇ SDQLQL 3U¿Yø VH KOHG¿ VSROHKOLYÛ NXFKDĆ NWHUÛ E\ WDP Y EOË]NÇ EXGRXF QRVWL SĆLSUDYRYDO L MHGQRGXFKÇ D OHKNÇ REøG\ Y U\]H LWDOVNÇP GXFKX 9 GDOxËFK SURVWRU¿FK DUH¿OX P¿ ]DK¿MLW SURYR] WUæQLFH V QDEËGNRX êHUVWYÛFK U\E ]HOHQLQ\ D VSHFLDOL]RYDQÇKR ĆH]QLFWYË e6YRMH PËVWR WDG\ QDMGRX L êHxWË IDUP¿ĆL VH VH]RQQË PL SURGXNW\ SO¿QXMHPH Y¿QRêQË WUK\ = ,W¿OLH SĆLYH]HPH SHF QD GĆHYR D YH YODVWQË SHN¿UQø EXGHPH SĆLSUDYRYDW êHUVWYÇ SHêLYR 7DNÇ RWHYĆHQË SHN¿UQ\ FK\VW¿PH GR NRQFH URNX D GR NRQFH MHGQ¿PH V ILUPRX NWHU¿ P¿ ]¿MHP RWHYĆËW Y EÛYDOÛFK VW¿MËFK POÇN¿UQ\ PDOÛ SLYRYDU r SĆLEOLæXMH VYRX YL]L -LĆË -HOËQHN -HKR QDGxHQË SUR YøF MH VWHMQø QDNDæOLYÇ MDNR RFKXWQ¿YND LWDO VNÛFK GREURW 2FKXWQHMWH D QHEXGHWH YøGøW NG\ SĆHVWDW 9L] ZZZ ZLQHPDUNHW F]

_



9รท'รท7 2 รฉ7957, 9 1ยซรฅ รฅ,-(0( 1(086ยซ %ยป7 328รฉ1ยง -(1 = +/(',6.$ 2%(&1ยง+2 3ฤ (+/('8 +,6725,( j.2/< .7(528 1$9j7รท98-ยซ 1$j( 'รท7, 1$329ยซ 9ยซ& 1(รฅ 678',80 ',6.8=ยซ 1$ ,17(51(78 $ ,1)250$&( 2 9/$.29ยง =$67ย 9&( =$ '20(0 '2.ย รฅ( =.5ย 7,7 &(678 '2 35ย &( 1$ 32/29,18 72 9j( 6( 7ยป.ย , 1$ 3591ยซ 32+/(' 1(1ย 3$'1ยง 35$รฅ6.ยง รฉ7957, -$.28 -( 0,&+/(

_


WH[W -DQ .ORXêHN IRWR 6DxD 'REURYRGVNÛ D DUFKLY 6RJHSURP

_


øGøOL MVWH QDSĆËNODG æH SU¿Yø 0LFKOË YHGOD RG êHUYQD SUYQË DXWREXVRY¿ OLQND QRYRGREÇ PøVWVNÇ GRSUDY\" 1HER æH NURPø DXWRPRELOĎ PDMË -LæQË VSRMNX Y 0LFKOL L F\NOLVWÇ D VWURMYĎGFL" 3ĆËSDGQø æH VH 0LFKOH PĎæH SRFKOXELW L R¿]RX E\Č V YHONÛP e2r QD ]Dê¿WNX VORYD" -DNR GUWLY¿ YøWxLQD SUDæVNÛFK êWYUWË Y]QLNOD SĆLSRMHQËP QHSĆËOLx YÛ]QDPQÇ RVDG\ NH VW¿OH VH UR]UĎVWDMËFËPX KODYQËPX PøVWX 3UYQË ]PËQN\ R RVËGOHQË SRG MLæQËP VYDKHP YUFKX %RKGDOHF VH GDWXMË GR GUXKÇ SRORYLQ\ GYDQ¿FWÇKR VWROHWË 1HM]DMËPDYøMxË ê¿VW 0LFKOH VH DOH UR]NO¿G¿ NROHP PHDQGUĎ %RWLêH Y GROQË ê¿VWL XOLF 0LFKHOVN¿ D 8 0LFKHOVNÇKR POÛQD .OLNDWÇ XOLêN\ D ]¿NRXWË QDYR]XMË WÇPøĆ YHVQLFNRX DWPRVIÇUX VWDêË YxDN XMËW MHQ S¿U NURNĎ D MVWH ]SøW Y UXFKX YHONRPøVWD 'R SøWL PLQXW FKĎ]H VH SĆHNYDSLYø REMHYË êW\ĆL xNRO\ VSRUWRYQË DUH¿O QHSRêËWDQø REFKRGĎ D EDQN 9 XOLFL 1XVHOVN¿ ]DVH QDMGHWH ]DVW¿YN\ WUDPYDMË L DXWREXVĎ 3RWRN %R WLê Y\WYRĆLO ]D VWDOHWË SRPøUQø RVWUÇ ØGROË RKUDQLêHQÇ ] MHGQÇ VWUDQ\ YUFKHP %RKGDOFH D ] GUXKÇ +RUQË 0LFKOË V .DêHURYHP 7R ]SĎVREXMH æH L NG\æ MVRX Q¿KRUQË SORFK\ Y RNROË OLQN\ PHWUD SRPøUQø KXVWø RVËGOHQ\ ] SRKOHGX RG FHQWUD 0LFKOH YLGËWH MHQ ]HOHQÇ VYDK\ D SDUNRY¿ ]¿NRXWË 3U¿Yø Y WDNRYÇP OHæË L Y\KO¿xHQ¿ UHVWDXUDFH 0DJLFN¿ ]DKUDGD MHMËæ SR]HPN\ NRQêË X WLxH WHNRXFË KR %RWLêH 1D GRKOHG RG QøM VWDYË VSROHêQRVW 6RJHSURP E\WRYÛ NRPSOH[ 5H]LGHQFH 2¿]D 0LFKOH QDEË]HMËFË E\GOHQË QD ØURYQL VWROHWË -H XWRSHQ¿ Y ]HOHQL QD EĆHKX %RWLêH ]PøQøQÇKR N QH SR]Q¿QË D QDEË]Ë QD xHGHV¿W E\WRYÛFK MHGQRWHN ]DUXêXMËFËFK NOLG L VNYøORX GRSUDYQË GRVWXSQRVW u DČ Xæ VH WR WÛN¿ PøVWVNÇ KUR PDGQÇ GRSUDY\ êL QDSRMHQË QD G¿OQLFL ' QHPOXYø R EOË]NRVWL xNRO D REFKRGĎ -H VDPR]ĆHMPÇ æH WDNWR GĎOHæLW¿ ORNDOLWD E\ VH QHREHxOD EH] SHUIHNWQËKR QDSRMHQË QD SUDæVNRX SRWDæPR êHVNRX VLOQLêQË LQIUDVWUXNWXUX +QHG X %DODQFH &OXEX %UXPORYND MH Q¿ MH]G D VMH]G ]H 6HYHURMLæQË PDJLVWU¿O\ G¿OH SRNUDêXMËFË FRE\ G¿O QLFH ' 3RGÇO MLKRYÛFKRGQËKR RNUDMH 0LFKOH SURFK¿]Ë WDNÇ -LæQË VSRMND MHæ MH VRXê¿VWË EXGRXFËKR PøVWVNÇKR RNUXKX 0LFKOH DOH SRWøxË L SĆË]QLYFH HNRORJLFNÇ GRSUDY\ D F\NOLVWLN\ 1D MHMËP Ø]HPË YHGH WUDPYDMRY¿ WUDČ ] 1XVOË QD 6SRĆLORY XOLFË 8 0LFKHOVNÇKR OHVD ]DVH SURFK¿]Ë ]QDêHQ¿ F\NOLVWLFN¿ WUDVD $ SOQËFË Y WÇWR ê¿VWL UROL REGRE\ VLOQLêQË -LæQË VSRMN\ 'R EXGRXFQD VH Y U¿PFL UR]YR MH PøVWVNÇ æHOH]QLêQË GRSUDY\ XYDæXMH R ]GYRMNROHMQøQË ORN¿OQË æHOH]QLêQË GU¿K\ 1XVOH u 0RGĆDQ\ D R ]ĆË]HQË ]DVW¿YN\ X VWDQLFH PHWUD .DêHURY 3R GHVHWLOHWËFK OHKNÇKR RSRPËMHQË WHó NRQHêQø GRVW¿Y¿ SUDæVN¿ 0LFKOH RG UR]XPQø XYDæXMËFËFK GHYHORSHUĎ æLYRWR G¿UQRX LQMHNFL NWHURX Xæ WROLN SRWĆHERYDOD 9L] ZZZ UH]LGHQFHRD]DPLFKOH F]

9

8æ ]D QøNROLN PøVËFĎ SĆLYËW¿ 5H]LGHQFH 2¿]D 0LFKOH Y XOLFL 8 0LFKHOVNÇKR POÛQD SUYQË RE\YDWHOH éHN¿ MH PRGHUQË E\GOHQË QD ØURYQL VWROHWË Y NOLGQÇ ]HOHQË RENORSHQÇ êWYUWL

_


8 0LFKHOVNpKR 0OøQD 3UDKD

K E\ Wĭ F ø Y R Q M 3UR G H .Ć MLç RG ] D P ĕ VtF N QDVWĕKRYiQt MDUR MHQ E\WRYøFK MHGQRWHN SHQWKRXVĭ V WHUDVDPL Dç P E\W\ V SĥHG]DKUiGNDPL PLQ GR FHQWUD 3UDK\

3ĥHGSRNODG Ô6 S D +Ô KRGQRW\ ]DVWDYHQp

QHPRYLWRVWL YODVWQtFK SURVWĥHGNĭ GRED VSODWQRVWL OHW

352'(-1Ì 0Ì672 1XVHOVNi 3UDKD 7

( LQIR#VRJHSURP F] 7 0

ZZZ UH]LGHQFHRD]DPLFKOH F]

'(9(/23(5


]PยฟรชNQRXW HQWHU

9j,&+1, +2 =1$-ยซ -$.2 ยธ63รทj1ยง+2 =3รท9ย .$ -(+2รฅ 6ยฑ/29ยง '(6.< 320ย +$/< '(),129$7 รฉ(6.26/29(16.28 3232928 +,6725,, 0ย /2.'2 9j$. 9ยซ รฅ( .520รท ./ย 9(6 $ .<7$5< 9/ย '1( 5,&+$5' 0ยบ//(5 -(j7รท -('1ยซ0 1ย 6752-(0 u )272$3$5ย 7(0 , 6 -(+2 3202&ยซ '2.ย รฅ( +5ย 7 1$ 67581< /,'6.ยง )$17$=,( $ 9 +/('ย รฉ.8 2%-(929$7 1(78j(1ยง 6289,6/267,

_


WH[W 'XxDQ +RQ]ËN IRWR 5LFKDUG 0ÚOOHU

R SXEOLNDFL $PHULND MVWH Y\GDO GDOxË NQLKX IRWRJUDILË V SRQøNXG eSRêËWDêRYÛPr Q¿]YHP (QWHU &R Q¿P R QË PĎæHWH ĆËFW" åH Xæ YODVWQø Y\xOD D MDNR SUYQË ML YLGøOL Q¿YxWøYQËFL PH]LQ¿URGQËKR NQLæQËKR YHOHWUKX YH )UDQNIXUWX QDG 0RKDQHP NGH ML XYHGOR QDNODGD WHOVWYË 6ORYDUW 2EVDKXMH QD WĆL VWD IRWRJUDILË NWHUÇ MVHP VSROHêQø V NXU¿ WRUNRX 'HQLVRX %RJGDOËNRYRX Y\EUDO ] SĎYRGQËFK YËFH QHæ RVPL WLVËF ]¿EøUĎ -H WR SRKOHG QD VYøW PÛPD WHG\ e0ÚOOHURYÛPD RêLPDr D WR ]D XSO\QXOÛFK GHVHW OHW .G\æ MVHP NG\VL SRSUYÇ ]DFK\WLO UHDOLWX SURPËWQX WRX SĆHV RGUD] Y WPDYÇP VNOH DXWD xRNRYDOR Pø NROLN SRGUREQRVWË MVHP WDP QDxHOf YêHWQø V¿P VHEH ,QVSLURYDOR Pø WR N FHOÇ VÇULL SRGREQÛFK VQËPNĎ Y\FK¿]HMËFËFK ] RGUD]Ď D S¿U MLFK QDMGHWH L Y WÇWR NQL]H 9xHFKQ\ IRWRJUDILH MVRX DOH RWLxWøQÇ WDN MDN MH PĎM IRWRDSDU¿W ]DFK\WLO EH] GREDU YRY¿QË UHWXxRY¿QË XSUDYRY¿QË 'DMË VH QD KXGHEQË WYRUEX D IRWRJUDIRY¿QË DSOLNRYDW VWHMQÇ Q¿URN\" =DFK\FXML VNXWHêQRVWL NWHUÇ PL SDGQRX GR RND FRæ QHO]H QLMDN SĆHVQø GHILQRYDW 6SROÇK¿P QD LQWXLFL D QD Q¿KRGX VWHMQø MDNR NG\æ VNO¿G¿P SËVQLêN\ )DVFLQXMH Pø IRWRJUDIRYDW Y WPDYÛFK SURVWRU¿FK NGH E\ QøNGR MLQÛ IRWRDSDU¿W VQDG DQL QHY\QGDO 7\ VQËPN\ êDVWR Y\FK¿]HMË SĆHNYDSLYø GREĆH MDNR E\ VH YøFL Y QLFK REVDæHQÇ FKWøO\ SURGUDW QD VYøWORf 9 SËVQËFK PËY¿WH êDVWR SĆËEøK u PDMË KR GLY¿FL KOHGDW L YH YDxLFK VQËPFËFK" 'RYHGHPH VL KR SĆHGVWDYLW 8æ MVHP VL ]Y\NO QD WR æH SRVOXFKDêL KOHGDMË D QDFK¿]HMË Y PÇ WYRUEø UĎ]QÇ YÛ]QDP\ QøNG\ GRNRQFH WDNRYÇ NWHUÇ DQL Pø VDPRWQÇKR QHQD SDGO\ 3RGVWDWQÇ MH æH XPøQË GRN¿æH Y\SURYRNRYDW SRVOXFKDêH QHER GLY¿N\ N WRPX DE\ R QøP ]DêDOL SĆHPÛxOHW .G\æ MVPH VL R MHGQRW OLYÛFK VQËPFËFK SRYËGDOL V 'HQLVRX %RJGDOËNRYRX YLGøOD QD QLFK YøFL D V\PERO\ NWHUÇ Pø DQL QHQDSDGO\ $ WR VH WÛNDOR L IRWRJUDILË NWHUÇ MVHP MHGQR]QDêQø Y\ĆDGLO D RQD MH YU¿WLOD ]SøW GR KU\ 9\VYøWOLOD PL FR ] QLFK FËWË D QDNRQHF MVPH VH YøWxLQRX QD YÛEøUX VKRGOL -H WR ØæDVQÛ SRFLW NG\æ SUDFXMHWH V QøNÛP NGR MH QDODGøQ QD VWHMQRX YOQX -DNÇ MVRX YDxH IRWRJUDILFNÇ Y]RU\ D NGR Y¿P QHMYËFH SRPRKO QD FHVWø VW¿W VH IRWRJUDIHP" 1HP¿P Y]RU 9 FL]LQø VH êDVWR ]DVWDYËP Y NQLKNXSHFWYË ]DPËĆËP GR RGGøOHQË V XPøQËP D IRWRJUDILFNÛPL SXEOLNDFHPL D VWDêË PL æH VL SURKOËæËP MHQ MHMLFK REDO\ 9xHFKQ\ PL SĆLSDGDMË OHSxË D KODYQøf MH MLFK WROLN $OH QDUD]LO MVHP Xæ L QD SRGREQÇ VQËPN\ NWHUÇ GøO¿P V¿P VNRUR MVHP SĆL WRP QHGÛFKDO D PøO SRFLW æH VH SU¿Yø VWDO ]¿]UDN 1DSRVOHG\ WR E\O\ IRWRJUDILH RG -RVHSKD 0LOOVH D 'DYLGD /DFKDSHOOHKRf -DNRX QHMY]¿FQøMxË IRWRJUDILFNRX NQLKX P¿WH GRPD Y NQLKRYQø" 0¿P MHGQX QD NWHURX MVHP RSUDYGX S\xQÛ .G\VL MVHP GDURYDO $QQH /HLERYLW]RYÇ VYRML IRWRJUDILFNRX SXEOLNDFL $PHULND RQD PL QD RSO¿WNX GDOD VYRX D GRYQLWĆ QDSVDOD e'UDKÛ 5LFKDUGH WYRMH VQËPN\ KRYRĆË R NU¿V¿FK $PHULN\ YODVWQË WDMXSOQRX ĆHêË 3RNUDêXM Y WRP r , SURWR Y]QLNOD NQLKD (QWHU

3

_


2GNXG VH EHUH YDxH ]¿OLED Y QHæLYÛFK YøFHFK NWHUÇ QD VQËPFËFK G¿Y¿WH GR QHêHNDQÛFK VRXYLVORVWË D YGHFKXMHWH MLP ]YO¿xWQË eYQLWĆQËr æLYRW" 0¿WH SUDYGX æH QHIRWËP OLGL 1HFKFL VH MLP SOÇVW GR VRXNURPË $ SRNXG MH QD QøNWHUÇP PÇP VQËPNX XYLGËWH GRVWDOL VH WDP VSËx MDNR VSROXKU¿êL QHæ KODYQË SĆHGVWDYLWHOÇ 5¿G IRWRJUDIXML QDSĆËNODG DUFKLWHNWXUX DOH QH]DXMPH Pø NU¿VQø QDVYËFHQ¿ HOHJDQWQË EX GRYD PXVË PËW QøFR YËF 7ĆHED GYø SÑ]XMËFË ILJXUËQ\ YH YÛOR]H REFKRGX 7\KOH SRVWDY\ VH VQDæËP GRVWDW GR QøMDNÇKR GDOxËKR NRQWH[WX D VNU] UĎ]QÇ RGUD]\ VYøWOD MH SURSRMLW VH ]E\WNHP VYøWD -H UR]GËO PH]L VYøWHP NWHUÛ YLGËWH SĆHV KOHG¿êHN IRWRDSDU¿WX D SĆHV VYÇ REOËEHQÇ WPDYÇ EUÛOH" 7R FR YLGËP MH YHOPL SRGREQÇ 9øWxLQD VQËPNĎ Y NQËæFH Y]QLNOD QD XOLFL D M¿ V¿P VH FËWËP MDNR SRXOLêQË IRWRJUDI 3UDYGøSRGREQø MVHP WR ]GøGLO SR VYÇP RWFL .DPNROL FHVWRYDO PËVWR GR PX]HË

_

YæG\ ]DPËĆLO QD EOHxË WUK\ $ QD QLFK SR]RURYDO OLGL u SURGDYDêH L NXSXMËFË 7XKOH IDVFLQDFL MVHP ]GøGLO SR QøP 'RNRQFH MVHP MË SURSDGO G¿YQR SĆHGWËP QHæ MVHP ]DêDO IRWRJUDIRYDW 9æG\FN\ MVHP VL VHGO GRSURVWĆHG GøQË DOH WDN DE\FK ]ĎVWDO QHQ¿SDGQÛ D RGWDPWXG VOHGRYDO VYøW RNROR .WHUÇ ] PËVW MHæ MVWH ]DFK\WLO Y¿P XêDURYDOR QHMYËF D SURê" 0RMH VQËPN\ QHPDMË SĆHGHP GDQ¿ WÇPDWD Y]QLNDMË NG\NROL D NGHNROL Pø QøFR ]DXMPH 9 NQËæFH MH KRGQø VQËPNĎ ] 1HZ <RUNX NWHUÛ PLOXML 0\VOHO MVHP VL æH WR MH PøVWR PÇKR æLYRWD QHæ VL Pø SRGREQø RFKRêLOD 3DĆËæ 0HWURSROH æLMËFË SRK\EHP OLGË QD YHONÛFK EXOY¿UHFK L Y PDOÛFK NDY¿UQ¿FK V MHxWø PHQxËPL VWROHêN\ $æ Y 3DĆËæL MVHP VL XYøGRPLO æH MVHP YODVWQø WROLN PËVW LQWLPQø QHSR]QDO D DQL VL QHXPËP SĆHGVWDYLW MDN PXVË EÛW IDV FLQXMËFË WĆHED 0DGULG ąËP )ORUHQFLH 0¿P WDN SĆHG VHERX MHxWø VSRXVWX eEËOÛFKr PËVW Q¿PøWĎ D PRæQ¿ L NQLK


návrh * nábytek * koberce * tapety * šití * realizace * servis

Interiérové studio Orsei s.r.o. Štěpánská 43, 110 00 Praha 1 tel.: 222 232 977 mail: obchod@orsei.cz

Orsei s.r.o. – Prague Marina Jankovcova 8a, 170 00 Praha 7 www.orsei.cz

tel.: 777 765 613 mail: orsei@orsei.cz

_

UŽ BRZY OTVÍRÁME NOVOU PRODEJNU V PRAZE 7 NA PRAGUE MARINA


WH[W -DQ 9RMWøFKRYVNÛ IRWR -DQ éHUP¿N

&ËVDĆND ,, u UDêWH VH QDVWøKRYDW

7$.29»&+ =35 9 1(1« 1,.'< '267 1$ '(9(/23(56.§ 0$3÷ 1(=$67$9÷1»&+ 0«67 9 35$=( 8%</ '$/j« %«/» )/«é(. 9 32'2%÷ '2.21é(1§ %<729§ 5(=,'(1&( &«6$ą.$ ,, 67$5j« 6(675$ &«6$ą.$ '267$/$ 72/,. 2é(. 9$1§+2 62852=(1&( .7(5» 6( 7÷j« $å 6( '2 +2729»&+ %<7č =$é128 67÷+29$7 129« 1 -(01«&, $ .21(é1÷ 89('28 '2 35$;( 02772 &(/§ 67$9%< e5$'267 ./,' %(=3(é«r

HVWOLæH Xæ SUYQË ] e&ËVDĆHNr VLJQDOL]RYDOD æH EXGH SDWĆLW PH]L WR QHMOHSxË FR UH]LGHQêQË E\GOHQË Y KODYQËP PøVWø QDEË]Ë MHMË Q¿VOHGRYQLFH Y WRPWR VPøUX QH]DRVW¿Y¿ 1DRSDN åH QøFR SRGREQÇKR QD WUKX FK\EøOR GRND]RYDOR MDN U\FKOH VH SURGDO\ E\W\ Y SUYQË ] FËVDĆVNÛFK UH]LGHQFË 1\QË MH WHG\ &ËVDĆND ,, WøVQø SĆHG GRNRQêHQËP NRODXGDFH EXGH SUREËKDW NRQFHP OHGQD D VLWXDFH VH RSDNXMH 1D UR]GËO RG URNX MH MDVQÇ æH &ËVDĆND ,,, ]DWËP ]ĎVW¿Y¿ MHQ QD SO¿QHFK WDNæH SRNXG QøNGR Y¿K¿ PøO E\ VH KRGQø U\FKOH UR]P\VOHW D DOHVSRĀ VORæLW ]¿ORKX 9æG\Č SUYQË QRYRWRX YRQËFË E\W\ VH EXGRX SĆHG¿YDW Xæ EøKHP ØQRUD $UJXPHQWĎ SURê E\ QøFR WDNRYÇKR PøOL ]¿MHPFL XGøODW MH YËFH QHæ GRVW $WUDNWLYQø ĆHxHQÛ E\WRYÛ GĎP V XQLN¿WQËPL YÛKOHG\ R GYDQ¿FWL E\WRYÛFK MHGQRWN¿FK V YHONRU\VH ĆHxHQÛPL WHUDVDPL D EDONRQ\ MHæ MH GË OHP DUFKLWHNWĎ NDQFHO¿ĆH $%0 DUFKLWHNWL GRN¿]DOD ,QYHVWLêQË VNXSLQD 636 WYRĆHQ¿ VSROHêQRVWPL 636 &ËVDĆND u LQYHVWRU 636 HQJLQHHULQJ u VWDYHEQË êLQQRVW D 636 VSU¿YD QHPRYLWRVWË

u GHYHORSHUVNÛ VHUYLV D UHDOLWQË êLQQRVW SRVWDYLW ]D SRXKÛFK MHGHQ¿FW PøVËFĎ SĆLêHPæ UR]KRGQø QHVOHYLOD ] Q¿URNĎ QD NYDOLWX 'ĆHYøQÇ SORYRXFË SRGODK\ 0DJQXP /RFN NHUDPLFNÇ RENODG\ /D )XWXUD /DVVHOVEHUJHU VDQLW¿UQË Y\EDYHQË ,GHDO 6WDQGDUG &RQQHFW &XEH NRXSHOQRYÇ EDWH ULH +DQVD 3ROR 7R MH MHQ ]ORPHN YÛêWX YQLWĆQËKR Y\EDYHQË E\WĎ NWHUÇ YHOLNRVWË L GLVSR]LFË XVSRNRMË NDæGÇKR u RG VYRERGQÛFK D EH]GøWQÛFK Dæ SR QøNROLNDêOHQQÇ URGLQ\ 9 RNROË UH]LGHQFH MH QøNROLN xNRO Y GRFK¿]NRYÇ Y]G¿OHQRVWL VH QDFK¿]HMË PDWHĆVNÇ xNRON\ ]D S¿U PLQXW DXWHP MVWH Y Q¿NXSQËFK FHQWUHFK 1RYÛ 6PËFKRY êL 6KRSSLQJ SDUN =OLêËQ $ WR QHPOXYËPH R SDUNX /DGURQND SOQÇP VSRUWRYLxČ D MHGQÇ ] QHMGHOxËFK LQ OLQH GUDK Y 3UD]H NWHUÛ Y\XæLMË GøWL L VSRUWRYFL -HVWOLæH MVPH SUYQË êO¿QHN R WHK G\ UR]HVWDYøQÇ &ËVDĆFH QD]YDOL e%\GOHQË KRGQÇ xOHFKW\r Q\QË MH QHMY\xxË êDV DE\ WDWR UH]LGHQFH QDxOD VYÇ RE\YDWHOH u D MH FHONHP MHGQR MHVWOL V PRGURX NUYË QHER EH] 9L] ZZZ E\W\FLVDUND F]

-

_


nicolas rieussec timewriter. Hold vzdaný vynálezci chronografu. Jednotlačítkový chronograf, manufakturní kalibr s automatickým nátahem. 60 vteřinový a 30 minutový sčítač ve formě otáčivých disků a pevných ruček. 72hodinová rezerva chodu. Vyrobeno v manufaktuře Montblanc v Le Locle, Švýcarsko.

MONTBLANC BOUTIQUE . Pařížská 9 . Praha 1 . 221 771 670, www.carollinum.cz

_


VWฤ LK GREURGUXรฆVWYร .'<รฅ 9<6/29ยซ7( 9 3ย 16.ยง0 0ยฑ'1ยซ0 69รท7รท -0ยง12 '81+,// 2.$0รฅ,7รท 1$6.$.8-ยซ 6<121<0$ -$.2 (;./8=,91ยซ 35(67,รฅ1ยซ .9$/,71ยซ 3ฤ , 32+/('8 1$ 12928 .2/(.&, = 1ย 95+ย ฤ 6.ยง+2 35.1$ .5($7,91ยซ+2 ฤ (',7(/( $1*/,&.ยง+2 0ยฑ'1ยซ+2 '208 .,0$ -21(6( 3ฤ ,&+ย =ยซ 1$ ฤ $'8 6<121<080 '$/jยซ 352 '81+,// 1( $รฅ 7$. 7<3,&.ยง u '2%52'58รฅ1ยป

_


WH[W -DQ 'XxHN IRWR DUFKLY 'XQKLOO

$

OIUHG 'XQKLOO NWHUÛ SR RWFL ]GøGLO PDOÇ VHGO¿ĆVWYË V¿P QHWXxLO FR ]SĎVREË UR]KRGQXWËP RSXVWLW Y URFH VRUWLPHQW GRSOĀNĎ SUR PRWRULVW\ D ]DêËW Y\U¿EøW GÛPN\ -HKR REFKRG QD 'XNH 6WUHHW Y ORQGÛQVNÇ êWYUWL 6W -DPHV VL EU]\ Y\GRE\O PH]L NXĆ¿N\ SHYQÇ PËVWR PLPR MLQÇ L WËP æH MDNR MHGHQ ] P¿OD QDEË]HO LQGLYLGX¿OQø PËFKDQÇ WDE¿NRYÇ VPøVL SRG Q¿]YHP 0\ 0L[WXUH 0RMH 6PøV 7D SRG êËVOHP VH RVWDWQø Y SRUWIROLX Xæ SĆHY¿æQø PÑGQËKR JLJDQWD GUæË GRGQHV 2EFKRGQË ØVSøFK\ $OIUHGD D MHKR Q¿VOHGRYQËNĎ KODYQø YQXND 5LFKDUGD XGøODO\ ] WDE¿NRYÇ ]QDêN\ V\PERO JHQWOHPDQD NH NWHUÇPX SDWĆË NURPø NYDOLWQËKR NXĆLYD L QHYWËUDY¿ OHKFH NRĆHQøQ¿ YĎQø u D RGSRYËGDMËFË JDU GHURED 7RKR VL MH YøGRP L Q¿YUK¿Ć .LP -RQHV 3RWÇ FR Y NROHNFL SUR MDUR D OÇWR QHFKDO RæLYLW P\xOHQNX e]DxOÇKR IXWXULVPXr ] REGREË DUW GHFR WHK G\ VH 'XQKLOO SĆHURGLO YH VNXWHêQø OX[XVQË ]QDêNX V REFKRG\ Y /RQGÛQø 3DĆËæL D 1HZ <RUNX QDxHO SUR OHWRxQË SRG]LP D ]LPX LQVSLUDFL Y GHQËFËFK PDQDæHUD SDĆËæVNÇKR EXWLNX 'XQKLOO &OHPHQWD &RXUWD 7HQ WRWLæ URNX Y\PøQLO SR KRGOQÇ NĆHVOR NDQFHO¿ĆH QD 5XH 'H OD 3DL[ ]D YËFH êL PÇQø SRKRGOQÇ GRSUDYQË SURVWĆHGN\ YêHWQø KĆEHWĎ YROĎ D VORQĎ NG\æ SRGQLNO GREURGUXæQRX FHVWX ] (Y URS\ GR -DSRQVND SĆHV G¿ODY\ VLELĆVNÇ WDMJ\ L WDMHPQÇ ]HPø 2ULHQWX u 0RQJRO VNR D .RUHX 1RY¿ -RQHVRYD NROHNFH VH VLFH LQVSLUXMH KLVWRULË DOH ]SUDFRY¿QËP D PDWHUL¿O\ PËĆË VSËx GR EXGRXFQRVWL 1DEË]Ë DULVWRNUDWLFN\ OHæÇUQË VW\O SRVLOXMËFË WUDGLêQË SĆHGVWDYX PXæH MHQæ 'XQKLOO QRVË =HPLWÇ RGVWËQ\ Ø]NÇ VLOXHW\ D WÇPøĆ YRMHQVNÇ VWĆLK\ HYRNXMË WĆLF¿W¿ OÇWD $ WDN QHQË SĆHNYDSHQËP æH VH N REOHNĎP KRGË YOQøQÇ SRQRæN\ D PDVLYQË NRæHQ¿ REXY u RYxHP V JRUHWH[RYRX PHP EU¿QRX .RQ]HUYDWLYQø ODGøQË PXæL E\ QHGRSXVWLOL DE\ NROHNFL FK\EøOD NODVLND u NDxPËURYÇ VYHWU\ PRKÇURYÇ EOHM]U\ YOQøQÇ NDE¿W\ 0H]L GRSOĀN\ ]DXMËP¿ êHVWQÇ PËVWR NRæHQÛ ]¿SLVQËN LQVSLURYDQÛ WËP &OHPHQWRYÛP QD NWHUÛ VL MHKR PDMLWHO PĎæH QHFKDW Y\UD]LW MPÇQR 3UR 'XQKLOO W\SLFNÇ xDJUÇQRYÇ GRSOĀN\ MDNR MVRX SRX]GUD QD SHUD êL SODFDWN\ ]DYøVLO -RQHV WHQWRNU¿W QD S¿VN\ 6RXê¿VWË NROHNFH MVRX L DNWRYN\ FHVWRYQË WDxN\ EDWRK ] NURNRGÛOË NĎæH D SĆHGL PHQ]RYDQÇ D REOËEHQÇ GRNWRUVNÇ EUDxQ\ 3UR KUGLQX u GRE\YDWHOH NWHUÛ VH XQDYHQÛ OHê xČDVWQÛ YUDFË ] GDOHNÛFK FHVW QD XYËWDFË JDUGHQ SDUW\ -RQHV Y\WYRĆLO êHUQÇ VPRNLQJ\ VH VDWÇQRYÛPL PRWÛON\ D VWĆËEUQÇ êL VNOHQøQÇ GRSOĀN\ QDSĆËNODG PDQæHWRYÇ NQRIOËêN\ YH WYDUX NU¿OËêNĎ V W\SLFNÛP PRQRJUDPHP $' 3URWRæH L SĆHV YxHFKQD GREURGUXæVWYË ]ĎVW¿Y¿ QD NRQFL GQH DQJOLFNÛ JHQWOH PDQ DQJOLFNÛP JHQWOHPDQHP VH YxHPL DWULEXW\ WRKR VWDYX 9L] ZZZ FDUROOLQXP F] %RXWLTXH 'XQKLOO 3DĆËæVN¿ 3UDKD


WH[W 9øQFHVODYD jOHFKWRY¿ IRWR DUFKLY 6$732

YÛKOHG KRGQÛ NU¿OĎ .$5/29< 9$5< 0÷672 .7(5§ 1(&+$/ 9( 672/(7« 9<67$9÷7 6 0 &«6$ą .$5(/ ,9 6, '2'1(6 8&+29 9 1(1$32'2%,7(/1§ .28=/2 $ j$50 3526/8/2 1(-(1 /§é,9»0, 35$0(1< $ / =1÷0, -(å 6( 7÷j,/< 3ą«=1, 012+$ j/(&+7,&.»&+ 52'č , %2+$7»&+ 0÷jċ$1č 8å 9( 67ą('29÷.8 $/( , '«.< 3ą(.5 61»0 3ą«52'1«0 6&(1(5,«0 $ .8/7851«0 3$0 7. 0 72 9j( -628 'č92'< 352é 6( .$5/29< 9$5< 67 9$-« 9<+/(' 9$128 '(67,1$&« . %<'/(1«

ÇPøĆ NU¿ORYVNÛ SRKOHG QD PQRæVWYË NDUORYDUVNÛFK SDPøWLKRGQRVWË QDEË]Ë L QRYø GRVWDYøQÛ SURMHNW VSROHêQRVWL 6$732 'HYHORSPHQW V U R 5H]LGHQFH .U¿ORYVN¿ 9\KOËGND /X[XVQË DUFKLWHNWRQLFN\ ]DMËPDYø ĆHxHQÛ E\WRYÛ NRPSOH[ MH VLWXRY¿Q GR SUXGNÇKR VYDKX Y EH]SURVWĆHGQË EOË]NRVWL FHQWUD D GËN\ VYÇ SROR]H WDN XPRæĀXMH ]H VYÛFK WHUDV MHGLQHêQÛ YÛKOHG 1D ]¿SDGø D YÛFKRGø VH YOQË GXERYÛPL L VPUNRYÛPL OHV\ SRURVWOÇ NRSFH V SĆËURGQËPL VWH]NDPL D Y\KOËGNDPL QD VHYHUQË VWUDQø VH ] KUDQ\ XOLFH RWHYËU¿ SRKOHG GR ØGROË ĆHN\ 7HSOÇ D VWDUÇ ê¿VWL .DUORYÛFK 9DUĎ +RWHO 7KHUPDO u NDæGRURêQË ØWRêLxWø YxHFK ILOPRYÛFK IDQGĎ D KRVWLWHO 0H]L Q¿URGQËKR ILOPRYÇKR IHVWLYDOX NRVWHO VY 0¿ĆË 0DJGDOÇQ\ YøæH O¿]HĀVNÛFK GRPĎ D VWĆHFK\ KLVWRULFNÇKR FHQWUD P¿WH SĆHG VHERX MDNR QD GODQL 5H]LGHQFH .U¿ORYVN¿ 9\KOËGND MH Y\VWDYøQD Y VRXêDVQÇP PRGHUQËP U¿]X D SRVN\ WXMH NYDOLWQË E\GOHQË Y OX[XVQËFK E\WHFK .RPSOH[ VH QDG ØURYQË /LEXxLQ\ XOLFH UR]GøOXMH GR GYRX VDPRVWDWQÛFK ê¿VWË YÛUD]QÇKR REGÇOQËNRYÇKR SĎGRU\VX )DV¿G\ MVRX UR]êOHQøQ\ EDONRQ\ WHUDVDPL D RENODG\ PH]L RNQ\ 2ED REMHNW\ ]DNRQêXMË PDQ VDUGRYÇ VWĆHFK\ VH ]DMËPDYø SURVNOHQÛPL VYøWOËN\ YH WYDUX NU\VWDOX 9\VWXSXMËFË ê¿VW QD MLæQË IDV¿Gø SRGSËUDMË VORXS\ ]DWËPFR QD VHYHUQË VWUDQø MH Y\XæLWR SĆHGVD]HQË NRQVWUXNFH 9HxNHUÛ SRK\E RVRE SR REMHNWX ]DMLxČXMË êW\ĆL WXEXV\ NWHUÇ VNUÛYDMË YÛ WDK D MHMLFKæ REYRG OHPXMË VFKRGLxWø , WD XSRXWDMË ]DMËPDYÛP ĆHxHQËP u QD IDV¿G QËFK VWøQ¿FK MVRX SURVNOHQÇ D RGVWËQøQÇ YRGRURYQÛPL ODPHODPL SĆHFK¿]HMËFËPL Dæ GR ØURYQø VWĆHFK\ +ODYQË YVWXS GR REMHNWX SRWRP ]DVWĆHxXMH SURVNOHQÛ VSRMRYDFË NUêHN V UHFHSFË MHæ RE\YDWHOĎP SRVN\WXMH NRPSOH[QË VOXæE\ %\WRYÛ NRPSOH[ WYRĆË FHONHP E\WRYÛFK MHGQRWHN GYD DWHOLÇU\ D MHGHQ NRPHUêQË SURVWRU 9xHFKQ\ E\W\ V LQGLYLGX¿OQø ĆHxHQÛPL GLVSR]LFHPL RG NN GR NN PDMË EDONRQ QHER WHUDVX XPRæĀXMËFË RGSRêLQHN QD êHUVWYÇP Y]GXFKX D VNÛWDMËFË MHGLQHêQÛ YÛKOHG QD FHQWUXP L RNROË .DUORYÛFK 9DUĎ .H NDæGÇPX ] E\WĎ SĆËVOXxË PLQLP¿OQø MHGQR JDU¿æRYÇ VW¿QË D VNOHSQË NÑMH 9xHFKQ\ E\W\ MVRX Y\EDYH Q\ GĆHYøQÛPL WĆËYUVWYÛPL SRGODKDPL NYDOLWQËPL ]QDêNRYÛPL RENODG\ D GODæ ERX L VDQLW¿UQË NHUDPLNRX GĆHYøQÛPL HXURRNQ\ D SRGODKRYÛP SĆLW¿SøQËP %H]SHê

7

_


_ _


$W\SLFNÇ ]WY¿UQøQË UH]LGHQFH SĆLWDKXMH SR]RUQRVW R êHPæ VYøGêË L ]LVN RFHQøQË êWHQ¿ĆĎ PHGL¿OQËFK SDUWQHUĎ Y VRXWøæL %HVW RI 5HDOW\

QRVW ]DMLxČXMË GRPRYQË YLGHRWHOHIRQ\ D NDPHURYÛ V\VWÇP Y SĆË]HPQËFK E\WHFK MVRX QDLQVWDORY¿Q\ EH]SHêQRVWQË æDOX]LH %\W\ Y KRUQËFK SDWUHFK PDMË YODVWQË NOLPDWL]DFL RNQD VPøĆXMËFË QD MLK GR /LEXxLQ\ XOLFH V YÛKOHGHP QD KRWHO ,PSHULDO MVRX RVD ]HQD SĆHGRNHQQËPL UROHWDPL 9xHFKQ\ E\W\ MVRX SĆLSUDYHQ\ SUR HOHNWURQLFNÛ ]DEH]SHêRYDFË V\VWÇP 5H]LGHQFH .U¿ORYVN¿ 9\KOËGND VH QDFK¿]Ë YH YÛMLPHêQÇ ORNDOLWø 8PËVWøQË Y /LEXxLQø XOLFL XPRæĀXMH SøxË GRVWXSQRVW GR FHQWUD O¿]HĀVNÇKR PøVWD QD MHKR SURVOXOÇ NRORQ¿G\ L GR EOË]NÇ SĆËURG\ 7ĆHED Y 'LYDGHOQË XOLFL Y FHQWUX PøVWD PĎæHWH EÛW WXQHORYRX SR]HPQË ODQRYNRX NWHU¿ VH QDFK¿]Ë MHQ QøNROLN GHVËWHN PHWUĎ RG 5H]LGHQFH ]D QHFHORX PLQXWX .URPø QHRE\êHMQÇ DWPRV IÇU\ SRVN\WXMË .DUORY\ 9DU\ ERKDWÇ PRæQRVWL MDN WU¿YLW YROQÛ êDV 7HQLVRYÇ NXUW\ ILWQHVV VWXGLD SODYHFNÇ ED]ÇQ\ D JROIRY¿ KĆLxWø

_

XPRæĀXMË DNWLYQË RGSRêLQHN .XOWXUQË Y\æLWË SDN QDEË]Ë QHMHQ VODYQÛ PH]LQ¿URGQË ILOPRYÛ IHVWLYDO DOH QDSĆËNODG L PøVWVNÇ GL YDGOR 0LORYQËFL SĆËURG\ RFHQË EOË]NÇ SURVWĆHGË O¿]HĀVNÛFK OHVĎ NWHUÇ SURWËQ¿ YËFH MDN NLORPHWUĎ FHVW VWH]HN D SøxLQ SUR SøxË L F\NOLVW\ 5HOD[RYDW SDN PĎæHWH SURFK¿]NDPL SR NRORQ¿G¿FK SRSËMHQËP PËVWQËFK OÇêLYÛFK SUDPHQĎ YêHWQø RQRKR SURVOXOÇKR WĆLQ¿FWÇKR QHER SRE\WHP Y EOË]NÇP QHRNODVLFLVWQËP O¿]HĀVNÇP KRWHOX ,PSHULDO MHQæ QDEË]Ë NRPSOH[QË O¿]HĀVNRX D ZHOOQHVV SÇêL %\GOHQË Y O¿]HĀVNÇP PøVWø ]DUXêXMH PD[LP¿OQË NOLG D ]¿URYHĀ QDEË]Ë PQRKR PRæQRVWË SUR DNWLYQË æLYRW 5H]LGHQFH .U¿ORYVN¿ 9\KOËGND MH WDN LGH¿OQË SUR W\ NWHĆË WRXæË SR NRPIRUWQËP E\GOHQË Y O¿]HĀVNÇ ]ÑQø .DUORYÛFK 9DUĎ D FKWøMË Y\XæËYDW YxHFK PRæQRVWË NWHUÇ W\WR FHORVYøWRYø ]Q¿PÇ O¿]Qø QDEË]HMË 9L] ZZZ VDWSR F]


_


+(//ยดย

)5((5,'( 1$ $/-$j&( ยธ752%< 69ยซ5$-ยซ&ยซ =ย 95$ฤ = 7ยง0รทฤ .2/0ยป&+ 67รท1 67ฤ ยซ'ย 1ย 325 $'5(1$/,18 .'<รฅ 9 =ย 9รท-ยซ&+ 3$'$-ยซ&ยซ+2 35$j$18 ฤ (รฅ(7( -('18 /$-18 =$ '58+28 , 7, .7(ฤ ยซ 0$-ยซ =$ 6(%28 7< 1(-1ย 52รฉ1รท-jยซ (95236.ยง 69$+< ฤ ยซ.$-ยซ u +(/,6.,,1* 1$ $/-$j&( -( .$7(*25,( 6$0$ 352 6(%( 1(%( , 3(./2 /<รฅ29ย 1ยซ =ย 529(รฟ

_


WH[W 'XxDQ +RQ]ËN IRWR -DNXE )UH\

)UHHULGHU 5RELQ .DOHWD ĆËN¿ R VYÛFK VSROXMH]GFËFK 8æ GORXKR VOHGXML MDNÇ YODVWQRVWL D VFKRSQRVWL GR IUHHULGX SĆLQ¿ xHMË eDOS¿êLr D eIUHHVW\OLVWLr 7RP¿x .UDXV MDNR QøNROLNDQ¿VREQÛ PLVWU VYøWD YH VNLNURVX GRN¿æH XGøODW GRNRQDORX ]DW¿êNX Y MDNÇ NROLY U\FKORVWL QD MDNÇPNROLY VQøKX D VWHMQø WDN L 0LFKDO 1RYRWQÛ QD VQRZERDUGX QHPøO V WHFKQLNRX æ¿GQÛ SUREOÇP -HGLQÇ FR MH GUæHOR ]S¿WN\ E\OR QH]Q¿PÇ SURVWĆHGË 9ÛUD]Qø RSDWUQøML SURWR MH]GLOL Y PËVWHFK NGH VL QHE\OL MLVWL VPøUHP QHYLGøOL ]D KRUL]RQW QHER PH]L VNDODPL -DNPLOH VH SĆHG QLPL RWHYĆHO YROQÛ SURVWRU S¿OLOL WR SOQRX U\FKORVWË 9 SUĎEøKX SRE\WX MVHP QD 0LFKDORYL D 7R P¿xRYL SR]RURYDO U\FKOH VH ]Y\xXMËFË VHEHYøGRPË D YÛEøU êËP G¿O ]DMËPDYøMxËFK ODMQ 3¿GĎP VH VDPR]ĆHMPø QHY\KQXO QLNGR ] Q¿V 0LFKDO VL SĆL MHGQRP ] QLFK SRxNRGLO SUNQR WDN æH KR QDNRQHF QD $OMDxFH QHFKDO e6SOQLOR VYRX PLVL r SURKO¿VLO SREDYHQø

_


UR êWYHĆLFL éHFKĎ NWHĆË OHWRV Y GXEQX SRGQLNOL GREURGUXæQÛ YÛOHW GR RVDPøOÛFK D GLYRNÛFK DOMDx VNÛFK KRU WR E\OR VSOQøQË VQX &R VH WÛN¿ O\æË êL VQRZERDUGX UR]KRGQø QHxOR R æ¿GQÇ Y\NOHSDQÇ QRY¿êN\ 7RP¿x .UDXV xSLêNRYÛ VNLNURVDĆ PLVWU VYøWD ] URNX D D RO\PSLRQLN ] 9DQFRXYHUX 0LFKDO 1RYRWQÛ WDNWÇæ RO\PSLRQLN WHQWRNU¿W YH VQRZERDUGFURVVX $ GYD IUHHULGRYË VSHFLDOLVWÇ D MHG QL ] QHMOHSxËFK MH]GFĎ X Q¿V u 5RELQ .DOHWD êHUVWYø RYøQêHQÛ WLWXOHP PLVWUD UHSXEOLN\ ]H ]¿YRGX YH xYÛFDUVNÇP /HQ]HUKHLGH D 0DUWLQ éHUQËN MHGLQÛ SUR NWHUÇKR QHE\O\ DOMDxVNÇ VYDK\ QH]Q¿PRX SUR WRæH WDP E\O QD SUNQø Xæ SRS¿WÇ 3UR SRĆ¿GHN u ILOPRYRX NDPHUX GUæHO Y UXNDYLFËFK -DNXE )UH\ D IRČ¿N VSHFLDOLVWD QD NUHDFH YH YROQÇP WHUÇQX 7RQ\ +DUULQJWRQ 6WDêË VL QD \RXWXEH FRP ]DGDW KHVOR IUHHULGH DODVND D Y\MHGRX Y¿P VWRYN\ YLGHË QDG QLPLæ ]ĎVW¿Y¿ UR]XP VW¿W 'HFKEHURXFË WÇPøĆ QDGOLGVNÇ NRXVN\ Y SRYøVWQÇP SUDxDQX NWHUÛ GRN¿æH EÛW VWHMQø SRK¿GNRYø QDGÛFKDQÛ D SĆËMHPQÛ MDNR YUDæHGQø QH EH]SHêQÛ -H YxDN UR]KRGQø QøFR MLQÇKR VOHGRYDW Y WHSOH GRPRYD ILOP QD PRQLWRUX QHER VH ]D SRPRFL YUWXOQËNX RFLWQRXW QD MLQDN QHGRVWXSQÇ xSLFL KRU\ V EDWRKHP SOQÛP YHUFDMNX YêHWQø SURWLODYLQRYÇKR SËS¿NX D VSHFL¿OQËKR DLUEDJX NROHP NUNX QDSRMHQÇKR QD ODKHY VH VWODêHQÛP Y]GXFKHP 1H]EÛY¿ QHæ VH SRNĆLæRYDW RêLPD VL Y\EUDW WX eVYRMLr ODMQX PH]L NDPHQ\ SĆHYøMHPL D MD]\N\ D ĆËFL VL u u *2 $ SURWRæH MHGQD IRWRJUDILH êDVWR Y\SRYË YËF QHæ V¿KRGORXKÛ SRSLV SĆLSUDYLOL MVPH SUR Y¿V H[NOX]LYQË YÛOHW GR ]HPø IUHHULGX ]DVOËEHQÇ L VH ]DVYøFHQÛPL SR]Q¿PNDPL 5RELQD .DOHW\

3

_

-DNPLOH VH YUWXOH D URWRU ]DêQRX WRêLW RNDPæLWø VH PL ]YHGQH NUHYQË WODN -H MHGQR NROLN KHOLVNLLQJĎ MVHP DEVROYRYDO WHQKOH SRFLW MH YæG\ VWHMQÛ 0\VOËP æH WR QDSøWË SĆHG VWDUWHP QLNG\ QH]HYxHGQË 9UWXOQËN WRWLæ G¿Y¿ SRFLW QøêHKR H[NOX]LYQËKR D SĆLWRP H[WUÇPQËKR =D FKYËOL VH RGOHSËPH RG ]HPø D QHFK¿Y¿PH ]¿NODGQX VSROHêQRVWL %&$ %DFNFRXQWU\ $GYHQWXUHV SRG VHERX $ M¿ VO\xËP .XEX MDN ĆËN¿ e5\FKOH U\FKOH GRODU\ OHWË r


&HVWD ] $QFKRUDJH QD 7KRPSVRQ 3DVV E\OD Q¿GKHUQ¿ 3ĆHMHOL MVPH FHOÇ SRKRĆË &KXJDK WDNæH MVPH SR]RURYDOL QD MHGQÇ VWUDQø KOXERN¿ OHGRYFRY¿ ØGROË Y\WÇNDMËFË ] KRU D QD GUXKÇ VWUDQø QHNRQHêQÇ URYLQ\ VNRUR SRGÇO FHOÇ FHVW\ UR]MHæGøQÇ VNØWU\ 1DxH ]¿NODGQD VH QDFK¿]HOD Y ØGROËêNX GR QøKRæ VH ] RERX VWUDQ VEËKDO\ Q¿GKHUQÇ VYDK\ QDG QLPLæ VH W\êLO\ RVWUÇ YUFKRO\ KRU 1D DOMDxVNÛFK KHOLEDVH VH æLMH Y NDUDYDQHFK VWDQHFK QHER VL WX GRNRQFH VWDYË LJOØ å¿GQÛ H[WUD NRPIRUW YxLFKQL WX MVRX VWHMQø MHQ NYĎOL MHæGøQË

.G\æ êORYøN RNXVLO WROLN UĎ]QÛFK VQøKĎ D WHUÇQĎ P¿ SRFLW æH Xæ KR QLF QHSĆHNYDSË 6YDK\ NWHUÇ MVHP QD $OMDxFH VMËæGøO E\O\ SUXGxË QHæ FRNROL GR WÇ GRE\ D SĆHFH MVHP VH FËWLO GDOHNR SRKRGOQøML QHæ QD PËUQÛFK WHUÇ QHFK Y (YURSø 9HONÛP UR]GËOHP MVRX REURYVNÇ SĆHYøMH D SDGDMËFË VQËK êLOL VOXII VNRUR QD YxHFK KĆHEHQHFK 9\SDGDMË Q¿GKHUQø DOH YÛUD]Qø NRPSOLNXMË SĆËVWXS NH VWøQø 6W¿W QD SĆHYøML MH R æLYRW SURWRæH VH V êORYøNHP PĎæH XWUKQRXW D FHVWRX GROĎ KR UR]HPOËW QD SU¿xHN 3URWR MH YæG\ SRWĆHED QDMËW PËVWR QD KUDQø NXG\ VH G¿ YMHW GR ODMQ\ DQLæ E\ VH SĆL WRP XYROQLOD PHQxË ODYLQD 3ODWLOR WR L QD KRĆH %URERZO NGH SĆHG QøNROLND GQ\ SUREËKDO ]¿YRG .LQJ 2I WKH +LOO

$OMDxVN¿ SDUWD ]OHYD 0DUWLQ éHUQËN 0LFKDO 1RYRWQÛ 5RELQ .DOHWD 7RP¿x .UDXV D -DNXE )UH\

_


6WRMËPH QD YUFKROX D M¿ WRPX SRĆ¿G QHPĎ æX XYøĆLW =DWËPFR êHN¿PH QD GUXKÛ YUWXO QËN P¿P WURFKX êDVX VL WHQ SRFLW VW¿W QD SUDYÇ DOMDxVNÇ ODMQø SRĆ¿GQø Y\FKXWQDW .DP RNR GRKOÇGQH MVRX QHXYøĆLWHOQø SUXG NÇ VYDK\ ØVWËFË GR QHNRQHêQD WHNRXFËKR OHGRYFH 3ĆL SRKOHGX GROĎ RSRMQÇ SRFLW\ WURFKX XVWXSXMË -DNPLOH VH UR]MHGX SR FK\E\ PL]Ë SURWRæH VQËK QHXYøĆLWHOQø GUæË D G¿Y¿ PL SRFLW æH E\FK PRKO MHW NOLGQø MHxWø U\FKOHML

_


_

IRWR 6FDYROLQL



WH[W 3HWU 7ĎPD 2QGĆHM .DW] IRWR DUFKLY ILUHP

,QGLYLGXDOLVWLFN¿ SUNÛQND &+&(7( /, 6( 1$ 69$+8 %/»6.1287 , 1÷é«0 -,1»0 1(å -( -(1 635 91» &$59,1*29» = ą(= 6 +1÷7( 32 /<å«&+ .7(5§ 1250 /1« 2%&+2' 1(1$%«=« 692-« .9$/,728 $ '(6,*1(0 %÷å1§ =1$é.< 012+'< 3ą(9<j8-«

H MLFK SĆHNYDSLYø KRGQø QD WR æH PøOL SRGOH YxHFK HNRQRPLFNÛFK SUDYLGHO G¿YQR ]NUD FKRYDW .GR" 0DORVÇULRYË YÛUREFL O\æË V¿]HMËFË QD RULJLQDOLWX xSLêNRYÇ ]SUDFRY¿QË D UXêQË YÛ UREX 6DPR]ĆHMPø L EøæQø SURG¿YDQÇ ]QDêN\ PËYDMË Y NDWDORJX SĆËSDGQø PLPR QøM QøMDNÛ ODKĎGNRYÛ ERQERQHN V SXQFHP YÛMLPHêQRVWL DOH WHQ VH WÛN¿ YøWxLQRX MHQ GHVLJQX 9QLWĆHN O\æH ]ĎVW¿Y¿ VWHMQÛ $ SRNXG P¿ eVNLr YøKODV QÇKR MPÇQD L YÛMLPHêQÇ SDUDPHWU\ SRFK¿]Ë QD VWR SURFHQW ] eUDFH GHSDUWPHQWXr u D Y\ QD QL PĎæHWH URYQRX ]DSRPHQRXW WHG\ SRNXG VH QH MPHQXMHWH $NVHO /XQG 6YLQGDO D Y UXFH QHWĆËP¿WH Xæ SRGUXKÇ NĆLxČ¿ORYÛ JOREXV ]D YËWø]VWYË YH 6Yø WRYÇP SRK¿UX 1DxWøVWË H[LVWXMË YÛUREFL OLPLWR YDQÛFK VÇULË eSUNÛQHN QD VQËKr X NWHUÛFK KUDMH YøWxË UROL NYDOLWD QHæ NYDQWLWD $ WR SĆHVWR æH ]KRWRYHQË MHGQÇ UXêQø ]SUDFRYDQÇ O\æH REQ¿xË GYDFHWNU¿W YËF ØNRQĎ QHæ MH WRPX YH IDEULN¿FK UHQRPRYDQÛFK ILUHP 7L NGRæ WDNRYÇ O\æH Y\U¿ EøMË MVRX QDGxHQFL SRGLYËQL êL LGHDOLVWÇ $ SĆH æËYDMË SU¿Yø SURWR æH VH ]DPøĆLOL QD Ø]NRX VNX SLQX SHêOLYø Y\EUDQÛFK ]¿ND]QËNĎ 9 SRURYQ¿QË V JLJDQW\ O\æDĆVNÇKR WUKX MH FR GR SRêWX ]DQH GEDWHOQ¿ SĆHVWR VH GR QË WUHIXMË V SRGLYXKRGQRX MLVWRWRX 3UR VYÇ SĆË]QLYFH EXGRX YæG\FN\ eLQr D GRVWDWHêQø eFRROr 1DYËF EÛYDMË QRVLWHOL SR NURNX D LQRYDFH 9 PDOÛFK GËOQ¿FK WRWLæ QDOÇ]DMË XSODWQøQË L Q¿SDG\ NWHUÇ E\ Y PDLQVWUHDPRYÇP PDUNHWLQJX YHONÛFK ILUHP ]DSDGO\ 6DPR]ĆHMPø QH NDæGÛ H[SHULPHQW PXVË GRMËW NDVRYQËKR ØVSø FKX SUR YÛYRM WUKX L VDPRWQÇKR O\æRY¿QË MH YxDN QHVPËUQø GĎOHæLWÇ æH VH W\WR VQDK\ GøMË u D YøĆ PH æH GËW L QDG¿OH EXGRX 6O¿YD Y¿P O\æDĆxWË IDMQxPHNĆL 'ËN\ PLVWĆL LQGLYLGXDOLW\

-

_


Ï * 4 9 URFH Y\KU¿O )UDQFRX] /HR /DFURL[ QD PLVWURYVWYË VYøWD Y &KLOH VWĆËEUQRX PHGDLOL YH VMH]GX L Y NRPELQDFL 1HE\OR E\ QD WRP QLF GLYQÇKR ØVSøFK\ VL SĆLSVDO Xæ QD RO\PSL¿Gø GYD URN\ SĆHGWËP -HQæH Y &KLOH ]¿YRGLO QD O\æËFK YODVWQË NRQVWUXNFH NWH UÇ VL SRVWDYLO VSROHêQø V EUDWUDQFHP 'DQLHOHP /HRY\ VSRUWRYQË ØVSøFK\ E\O\ RGUD]RYÛP PĎVWNHP SUR VWDUW VHULÑ]QË SURGXN FH ILUP\ E\Č Y SUYQËP URFH SURGDOD MHQ S¿UĎ +ODYQø 'D QLHO /DFURL[ VH XN¿]DO MDNR YHONÛ SĆË]QLYHF Y\XæËY¿QË PRGHUQËFK PDWHUL¿OĎ ]¿K\ SĆLxHO VH VNORODPLQ¿WHP D SR]GøML ]DêDO Y O\æËFK Y\XæËYDW GRNRQFH NRYRY¿ YO¿NQD 'DĆLOR VH UHSXWDFH ]QDêN\ WYR ĆËFË GYø / YH WYDUX NĆËæH URVWOD D QHæ E\O URGLQQÛ SRGQLN SURG¿Q Y URFH xYÛFDUVNÇ ILQDQêQË VNXSLQø YÛURED VH Y\xSOKDOD Dæ QD S¿UĎ URêQø =QDêND /DFURL[ GQHV HYRNXMH YÛML PHêQRVW QHRWĆHOÛ GHVLJQ D V WURFKRX MË]OLYRVWL L VQREVWYË 2 IL Q¿OQË Y]KOHG O\æH VH PĎæHWH SRVWDUDW L Y\ VDPL 9\EHUHWH VL MH GHQ ]H êW\Ć GUXKĎ Y]¿FQÇKR GĆHYD ]H NWHUÇKR EXGH ]KRWRYHQ SRYUFK O\æH D GR QøM VL G¿WH ]DVDGLW QøMDNÛ WHQ GUDKÛ NRY êL N¿PHQ -HQ QH]DSRPHĀWH QD OLPLW VYÇ NUHGLWN\ SRGREQÛ S¿U O\æË RG /DFURL[ SUÛ SRVOHGQø SĆLxHO QD SĎO PLOLRQX NRUXQ 9L] ZZZ VNL ODFURL[ FRP

_


Ï (

1øPHFN¿ ]QDêND ]DORæHQ¿ WHSUYH SĆHG xHVWL OHW\ VQRZ ERDUGRYÛPL xDPSLRQ\ 3HWHUHP %DXHUHP D $QLDQHP 7KUDLQHUHP Y\U¿EË VSRUWRYQË Y\EDYHQË SUR ]LPQË VSRUW\ ] QHMNYDOLWQøMxËFK PDWHUL¿OĎ ]DUXêXMËFËFK GRNRQDOÇ FKR Y¿QË QD VQøKX 7\SLFNÇKR ]DVW¿QFH $PSOLGX SR]Q¿WH SRGOH WRKR æH MH GRVWL DW\SLFNÛ 6 QDSURVWR Y¿æQRX WY¿ĆË Y¿P EXGH Y\NO¿GDW æH O\æH êL VQRZERDUGRY¿ SUNQD MVRX MDNR OLGVNÇ E\WRVWL 0DMË VYĎM FKDUDNWHU D SRGOH WRKR MDN VH N QLP PDMLWHO FKRY¿ VH FKRYDMË RQ\ N QøPX 1HMW\SLêWøMxË O\æH $PSOLG XUêHQÇ SĆHY¿æQø GR YROQÇKR WHUÇQX MVRX DEQRUP¿OQø OHKNÇ MDNR E\VWH MH QD QRKRX DQL QHPøOL 9 SUDxDQX PDMË GRVWDWHêQÛ Y]WODN D NU¿VQø NURXæË Y RWHYĆHQÛFK REORXFËFK VSROHKOLYø YxDN ]YO¿ GDMË L VMH]GRYNX 3ĆL MHMLFK YÛUREø SRXæËYDMË Y $PSOLGX DW\SLFNÇ SRVWXS\ QDSĆËNODG QDPËVWR EøæQø SRXæËYDQÇKR KOLQËNX SRXæËYDMË VSHFL¿OQË UHF\NORYDQÛ SDSËU WYDUHP SĆLSRPËQDMËFË YêHOË SO¿VW .DUERQRYÇ M¿GUR O\æH MH NRP ELQRYDQÇ V SUXæQøMxËP VNORODPLQ¿WHP WRU]QRVW ]DUXêXMË WLWDQDORYÇ YÛ]WXK\ 9H ILUPø MH QD]ÛYDMË O\æHPL QRYÇ JHQH UDFH 9LGHD ]REUD]XMËFË QHXYøĆLWHOQÇ NRXVN\ NWHUÇ MH]GFL GRN¿æË V DPSOLG\ GøODW QDMGHWH QD ZZZ DPSOLG FRP

Ï Ï

0RWWR WÇWR ILUP\ ]QË e3URæËY¿PH V Y¿PL GREURGUXæVWYË ]H VNDO OHGRYFĎ D ]DVQøæHQÛFK NRSFĎ D W\WR VSROHêQÇ ]¿æLWN\ Q¿V QXWË GøODW WR QHMOHSxË PRæQÇ Y\EDYHQË SUR URGLQX OH]FĎ D O\æDĆĎ SR FHOÇP VYøWø r =DêDOR WR QD GYRUNX GRPX V NRYDGOLQRX D NODGLYHP NGH RVPQ¿FWLOHWÛ KRUROH]HFNÛ QDGxHQHF <YRQ &KRXLQDUGD Y\WYRĆLO VYRML SUYQË VNREX 3R]GøML VH VH VYÛP UXêQø Y\U¿EøQÛP Y\EDYHQËP Y\GDO GR Q¿URGQËKR SDUNX <RVHPLWH NGH KR SURG¿YDO ] NXIUX YR]X $ OH]FL VL MHKR eQ¿GREËêNRr U¿GL NXSRYDOL MDNR WR QHMVSROHKOLYøMxË D QHMOHSxË $ WR SODWË GRGQHV 6SROHêQRVW VH VLFH PH]LWËP UR]URVWOD GR JORE¿OQËFK UR]PøUĎ VH ]¿]HPËP QD WĆHFK NRQWLQHQWHFK DOH SRYøVW DEQRUP¿OQË NYDOLW\ MË ]ĎVW¿Y¿ VQDG L SURWR æH ILUPX GRGQHV WYRĆË VSRUWRYFL WøOHP L GXxË 6ÇULH O\æË MH XUêHQD SĆHY¿æQø GR YROQÇKR WHUÇQX D SUR Y\]QDYDêH VNLDOSX NWHĆË E\ R eêHUQÇP GLDPDQWXr E\OL VFKRSQL E¿VQLW GORXKÇ ]LPQø MLVNĆLYÇ QRFL 8 Q¿V WXWR ]QDêNX GRVWDQHWH QDSĆËNODG Y VËWL RXWGRRURYÛFK REFKRGĎ +8'<VSRUW 9L] ZZZ KXG\ F]

_


*Ï , , * .U¿OËêHN QD VWĆHxH VL GøO¿ ] O\æDĆVNÇKR E\]Q\VX xRXIN\ 7\WR O\æH WRWLæ Y]QLNDMË Y Q¿E\WN¿ĆVNÇ GËOQø YH IUDQFRX]VNÇ PHFFH Y\]QDYDêĎ IUHHULGX Y /D *UDYH D MHMLFK VWYRĆLWHOHP MH $PHULêDQ 3HWHU 6WHOW]QHU 3ĆHG GYDFHWL OHW\ VH ] .DOLIRUQLH SĆHVXQXO GR 3DĆËæH DE\ WDP Y\U¿EøO D SURG¿YDO Q¿E\WHN ]H GĆHYD RKÛEDQÇKR QDG S¿URX $ SURWRæH Y QøP YæG\ GĆËPDO O\æDĆVNÛ QDGxHQHF MHGQRKR GQH Y\SLSODO L SUYQË S¿U O\æË 2YxHP QH OHGDMDNÛ +DUPRQLFN\ Y QLFK VNORXELO NQRZ KRZ GøGĎ V YÛKRGDPL NRVPLFNÛFK PDWHUL¿OĎ W\SX NHYODUX . UXêQËPX ]SUDFRY¿QË SĆLGDO ROG VFKRRORYÛ GHVLJQ QHæ MH SXVWLO e]H VYDKXr u GR VYøWD 2KODV E\O VNYøOÛ D R WRP æH QHMGH MHQ R SU¿VNDêN\ QDG YFKRG GR KRVSRG\ VYøGêË WĆHED GYRMQ¿VREQÇ YËWø]VWYË 6HED 0H\HUD QD NXO WRYQËP IUHHVNL ]¿YRGø 'HUE\ GH /D 0HLMH 0ĎæHWH VH YVDGLW æH MHO QD eNU¿OËêN¿FKr /\æH Y FHQø FFD .ê VH GDMË REMHGQDW SĆHV LQWHUQHW QHER VL MH PĎæHWH NRXSLW Y PDOÇP SDĆËæVNÇP REFKĎGNX Y 0RQWUHXLO Y GHSDUWPHQWX 0¿ SRYøVW %URQ[X D Y SRYøGRPË YHĆHMQRVWL KR V\P EROL]XMË ]¿EøU\ VKRĆHOÛFK DXW $OHVSRĀ VH EXGHWH PËW êËP EU¿QLW ]S¿WN\ SĆL FHVWø QD PHWUR 9L] ZZZ UDEELWRQWKHURRI FRP

7Ï 3UHVWLæQË IUDQFRX]VN¿ ]QDêND VSHFLDOL]XMËFË VH QD YÛUREX O\æË V QHREY\NORX SD WHQWRYDQRX JHRPHWULË D FHORGĆHYøQÛP M¿GUHP =DNODGDWHO ILUP\ D GHVLJQÇU NR OHNFH 6WHSKDQH 5DGLJXHW SĆH]GËYDQÛ =$* E\O SURIHVLRQ¿OQËP VQRZERDUGLVWRX D GR PRGHOĎ SURWR ]DNRPSRQRYDO S¿U X eSUNHQr EøæQø Y\XæËYDQÛFK NRQVWUXNê QËFK SUYNĎ 3ĆHG xHVWL OHW\ SUYQø SĆHGYHGO VYĎM NRQFHSW O\æH EøæQÛP MH]GFĎP DE\ MH QDO¿NDO QD YVWXS GR HOLWQËKR VYøWD MË]G\ YH YROQÇP WHUÇQX =SRê¿WNX VH =DJĎY NRQFHSW VHWN¿YDO L SĆHV QøNWHU¿ RFHQøQË MDNR E\O QDSĆËNODG %UDQG 1HZ $ZDUG ,632 V QHSRFKRSHQËP êL DYHU]Ë 'QHV VH VLWXDFH SRPDOX REUDFË D QøNWHUÇ ] PRGHOĎ WÇWR ]QDêN\ VH MLæ XPËVWLO\ L QD SĆHGQËFK SĆËêN¿FK WHVWĎ

_

]Q¿PÛFK O\æDĆVNÛFK êDVRSLVĎ $NWX¿OQË NROHNFH VH UR]xËĆLOD ] SĎYRGQËFK GYRX W\SĎ QD RVP D MH Q\QË UR]GøOHQD QD WĆL XUêHQËP RGOLxQÇ VHJPHQW\ 1D &ODVVLF =$* NRQFHSW NWHUÛ QDEË]Ë NRPIRUW VQDGQRX RYODGDWHOQRVW D XQLYHU]¿OQRVW 3DN MH ]GH ĆDGD SHUIRUPDQFH VPøĆRYDQ¿ QD YÛNRQ EH] NRPSURPLVX XUêHQ¿ QHMQ¿URêQøMxËP MH]GFĎP D QDNRQHF 7ZLQ7LS =$* /\æH W\SX LQ IUHHVW\OH SLVWD IUHHULGHuEDFNFRXQWU\ YKRGQÇ SĆHGHYxËP SUR QHMPODGxË JHQHUDFL $P ELFH ILUPø QHFK\EË VSROXSUDFXMH Xæ L QD YÛUREø WHFKQLFNÇKR REOHêHQË SUR W\ QHMQ¿URêQøMxË 8 Q¿V WXWR ]QDêNX UHSUH]HQWXMH ILUPD 1R /LPLWV 3HUIRUPDQFH 9L] ZZZ ]DJVNLV F]


2 , jYÛFDUVN¿ ]QDêND NWHU¿ SRGOH YxHKR VSOĀXMH WHQ SĆHVQÛ PL[ P¿OR ]Q¿PÇKR SĆLWRP YxDN ]DUXêHQø NYDOLWQËKR ]ERæË , NG\æ ]DVH WDN P¿OR ]Q¿P¿ YODVWQø QHQË SURWRæH QD IUHHVNLLQJRYÇ VFÇQø VH Xæ RNROR QË Y\WYRĆLO WÇPøĆ NXOWRYQË RSDU /\æH FKDUDN WHUL]XMH xYÛFDUVN¿ SUHFL]QRVW YH VWDYEø D XOWUDPRGHUQË GHVLJQ LQVSLUXMËFË VH KODYQø X NROHJĎ VQRZERDUGLVWĎ $OH QHMVRX WR SRX]H O\æH GR IXQSDUNĎ êËP VH PĎæH VRXêDVQÛ VRUWLPHQW ]QDêN\ 0RYHPHQW SRFKOXELW %LJ PRXQWDLQ WRXULQJ WHOHPDUN VNL WR YxH MH QD VNODGø 1HQDxOL E\VWH Y QøP MHQ VODORPN\ D SUDYRYøUQÇ EøæN\ )LUPD MH UHODWLYQø PODG¿ E\OD ]DORæHQD Y URFH D FHOÇ WĆL URN\ VH QD exHMSRY¿QËr SUYQËFK O\æË Q¿OHæLWø SĆLSUDYRYDOD 9 URFH YUKOD QD WUK SUYQË NROHNFL D G¿ VH ĆËFW æH RG WÇ GRE\ Xæ MHQ SRVLOXMH VYÇ UHQRPÇ 'QHV Y\U¿EË ]KUXED S¿UĎ NWHUÇ Y]QLNDMË YH )UDQFLL QD PËVWø NGH VH GĆËYH Y\U¿EøO\ O\æH /DFURL[ éORYøNX VH VNRUR ]G¿ æH WR FKODSFĎP RG 0RYHPHQWX NYHWH SRG UXNDPD YËF QHæ SĎYRGQø ]DPÛxOHOL -HVWOLæH WHG\ FKFHWH WURFKX SRGSRĆLW VYÇ IUHHUL GRYÇ VHEHYøGRPË RFKXWQHMWH QøNWHUÇ ] O\æË PDMËFË YH ]QDNX MDEOËêNR ]GREHQÇ KHOYHWVNÛP NĆËæHP $OH SR]RU QHQË WR QLF SUR ]Dê¿WHêQËN\ 9L] ZZZ PRYHPHQWVNLV F]

=FHOD QHQ¿SDGQø Y\URVWO ] PDOÇ WĆHEËêVNÇ GËOQLêN\ QD YÛUREX VQRZERDUGRYÛFK SUNHQ UHVSHNWRYDQÛ YÛUREFH IUHHULGRYÛFK O\æË NWHUÇ QHPDMË Y SRURYQ¿QË FHQD [ YÛNRQ Y éHVNX REGRE\ 3R SĆHGORĀVNÇP ]NXxHEQËP WHVWX NG\ Y &KRF 7HFKQRORJ\ Y\SURGXNRYDOL QøNROLN VHW S¿UĎ SUR UHQRPRYDQÇ ]DKUDQLêQË ]QDêN\ VH OHWRV SXVWLOL GR NROHNFH O\æË L SUR QDxLQFH -VRX XUêHQÇ SĆHGHYxËP QD Ć¿GøQË YH VQRZSDUFËFK QD UDPS¿FK êL ]¿EUDGOËFK D MLQÛFK SĆHN¿æN¿FK .ROHNFH êËW¿ êW\ĆL W\S\ 0øNNÇ D VQDGQR RYODGDWHOQÇ &KRF &KDRV D &KRF 7KH *DPH VQRZ SDUNRYÇ &KRF 3LQN\ 3XQN D QDNRQHF eYODMNRYRX ORór &KRF 3OHDVXUH Y FHQø QHFHOÛFK GHVHWL WLVËF NRUXQ V XOWUDOHKNÛP WRSRORYÛP M¿GUHP Y\]WXæHQÛP NDUERQHP D QDQRNDUERQRYRX VNOX]QLFË /\æH VL O]H REMHGQDW PDLOHP REFKRG#FKRF F] QHER SĆËPR QD ZHERYÛFK VWU¿QN¿FK ILUP\ 2YxHP VDPL YÛUREFL SUR MLVWRWX YDUXMË æH REMHGQ¿YN\ Y\ĆL]XMË KURPDGQø D V êHNDFË GRERX GR WĆLFHWL GQË 1D YxHFKQ\ YÛUREN\ VH Y]WDKXMH GYRX OHW¿ ]¿UXND D NRPSOHWQË VHUYLV $êNROL MH WÛP MH]GFĎ QD O\æËFK D SUNQHFK ]QDêN\ &KRF SRPøUQø UR]V¿KOÛ YÛUREFL VH QHEU¿QË MHKR UR]xËĆHQË 3RNXG VL P\VOËWH æH P¿WH QD WR UHSUH]HQWRYDW U\]H êHVNRX ]QDêNX VWDêË VH R]YDW D SRVODW NU¿WNÇ SĆHGVWDYHQË EXó QD YLGHX QHER QD IRWRJUDILËFK -DN ĆËNDMË Y &KRF ejDQFL P¿ NDæGÛ NGR VH QD Q¿x VSRQ]RULQJ FËWË r 9L] ZZZ FKRF F]

73 5 *+ /\æH WÇWR ]QDêN\ RFHQË YxLFKQL PLORYQËFL UHWUD 7L NWHĆË REGLYXMË VWD UÇ SĆHGPøW\ SURWRæH QHMHQ GREĆH VORXæLO\ DOH L NU¿VQø Y\SDGD O\ 2G NRQNXUHQFH VH QøPHFN¿ SUNÛQND ] +HPPLQJHQX RGOLxXMË QDWROLN æH YODVWQø æ¿GQRX NRQNXUHQFL QHPDMË $ VQDG SURWR æH VH MPHQXMË SR PDOËĆL $XJXVWX =ZH\GLQJHUVRYL REORXêN\ Y EËOÇP SUDxDQX GRVORYD NUHVOË &HORGĆHYøQÇ M¿GUR WRWLæ ]DMLxČXMH GRNRQDOÛ SRPøU PH]L SUXæQRVWË RKHEQRVWË D WRU]Ë O\æH 7\WR UXêQø Y\U¿Eø QÇ O\æH ] MDVDQX MVRX VSRMHQÇ VH WĆHWËP WLVËFLOHWËP ODPLQ¿WRYÛPL YO¿NQ\ D YÛ]WXKDPL VH VXSHUSHYQÇKR WLWDQDOX 1D SUYQË SRKOHG YDxHPX ]UDNX ]DODKRGË MDNR SUNÛQND V SRYUFKHP SRWDæHQÛP GÛ KRX ] LQGLFNÇKR êL EUD]LOVNÇKR SDOLVDQGUX WÛNRYÇKR D ]HEURYÇKR GĆHYD SĆËSDGQø GĆHYD ] RULHQW¿OQËKR VWURPX ULYD 7\WR XxOHFKWLOÇ SĆËURGQË PDWHUL¿O\ MVRX NU¿VQÇ VDP\ R VREø WDNæH QHPXVHMË PËW QD SRYUFKX EDUHYQÇ ê¿UDQFH W\SX JUDILWL DQL Y]RU\ NWHUÇ Y\SD GDMË æH QD Qø RP\OHP Y\OLOL EDUYX 6 Y¿]¿QËP LWDOVNÇ ]QDêN\ 9,67 D Y\YÛxHQRX GHVNRX Y\FK¿]HMË W\WR O\æH QD FFD .ê 9L] ZZZ ]ZH\GLQJHUV FRP

_


+,ą éLVWø URGLQQ¿ ILUPD E\OD ]DORæHQD URNX -RVHIHP 6WÔFNOL NWHUÛ ]SUYX Y\U¿EøO SRFWLYÇ MDVDQN\ YÛKUDGQø SUR SĆ¿WHOH D Dæ SR xHVWL OHWHFK SĆLxHO QD WR æH MH QD êDVH SRGQLN¿QË SRĆ¿GQø UR]MHW 'QHV P¿ 6WÔFNOL SĆHV WĆLFHW WRY¿UQËFK SRERêHN D NURPø QøMDNÛFK S¿UĎ O\æË URêQø Y\U¿EË L ]DMËPDY¿ NROD 3ĆHVWR VL XGUæXMH FKDUDNWHU QH]¿YLVOÇ ILUP\ NWHURX ]DWËP QHVSRONOR æ¿GQÇ QDGQ¿URGQË NRQVRUFLXP = REV¿KOÇKR NDWDORJX VL Y\EHUH NDæGÛ u QDMGHWH WDG\ IUHHVW\ORYÇ PRGHO\ 6QDVNH D 5DYHU GR UDPS D VQRZSDUNĎ IUHHULG\ 6WRUPULGHU GR YxHFK PRæQÛFK WHUÇQĎ O\æH SUR MXQLRU\ UHNUHDêQË O\æH D WDNÇ xSLêNRYÇ PRGHO\ XUêHQÇ N YËWø]VWYË Y EUDQN¿FK .H FKORXEø ]QDêN\ SDWĆË Xæ S¿U OHW LQRYRYDQÛ PRGHO /DVHU *6 YËWø] PQRKD WHVWĎ VMH]GRYÛFK O\æË D eSUNÛQNRs RSUDYGX xSLêNRYÛFK SDUDPHWUĎ jYÛFDUVNRX SUH FL]QRVW D WDNĆND VWURMRYRX SĆHVQRVW WøFKWR REĆDêHN VL SĆLWRP PĎæH Y\FKXWQDW MDN ]¿YRGQËN WDN L VSRUWRYQø QDEXxHQÛ DPDWÇU SUHIHUXMËFË U\FKOÇ QHNRPSURPLVQË REORXN\ 6 eJÇHVNDPDr VH Y QLFK XGUæË L QD êLVWÇP OHGX 9L] ZZZ VWRFNOL F] ZZZ VWRHFNOL FK

+( *, 3DPDWXMHWH VL DUWLVN\ êL ERKHPN\" éHVNÇ O\æH Y\U¿EøQÇ SĆHG URNHP " 7RY¿UQD 6SRUWHQ Y 1RYÇP 0øVWø QD 0RUDYø GQHV UHSUH]HQWXMH QHMHQ QHMYøWxËKR WX]HPVNÇKR YÛUREFH O\æË DOH MGH SĆËPR Y MHMLFK VWRS¿FK 3UNÛQND QD VQËK PRæQ¿ ]PøQLOD MPÇQR FR QH]PL]HOR MH ]QDORVW YÛURE\ OHWLWÇ ]NXxHQRVWL D ]DQËFHQË VH NWHUÛP VH 6SRUWHQ GUæË QD PDSø O\æDĆVNÇ KR VYøWD L SĆHV VW¿OH WYUGxË NRQNXUHQFL /HWRV Y\UREË QD WLVËF S¿UĎ O\æË D VQRZERDUGĎ ] QLFKæ QD GHYDGHV¿W SURFHQW SRSXWXMH GR VYøWDf e1D xLPL QHMYøWxËPL RGEøUDWHOL MVRX $OSLQD $VQHV 'HFDWKORQ +DJDQ 5RVVLJ QRO 0DGVKXV 6NLWUDE D 7R\RWD VH ]QDêNRX .DVWOH 3UR W\WR VSROHêQRVWL Y\U¿EËPH O\æH SRG MHMLFK ]QDêNRX SURWRæH VH Xæ SĆHVYøGêLO\ æH P¿PH SUYRWĆËGQË YÛUREN\ r ĆHNQH Y¿P N WRPX -¿Q +XG¿N JHQHU¿OQË ĆHGLWHO D SĆHG VHGD SĆHGVWDYHQVWYD 6SRUWHQX 6SRUWHQ Y\U¿EË O\æH SUR YxHFKQ\ YøNRYÇ D YÛNRQQRVWQË NDWHJRULH D GRNRQFH MH VFKRSHQ MH SHUVRQLILNRYDW WHG\ SĆL]SĎVRELW VH PLQLP¿OQø Y GHVLJQX SRæDGDYNX ]¿ND]QËND 1HP¿ VLFH

_

PRæQRVWL SUR YxHREMËPDMËFË YHQNRYQË NDPSDĀ DOH ]QDOFL D ]DVYøFHQË GRE ĆH YøGË NDP VH SUR W\WR O\æH Y\GDW 2VWDWQø MH]GË QD QLFK L ĆDGD QDxLFK UHSUH]HQWDQWĎ D SU¿Yø QD 6SRUWHQHFK VL DNUREDW $OHx 9DOHQWD VNRêLO Y 6DOW /DNH &LW\ SUR RO\PSLMVNÇ ]ODWR 1D OHWRxQË VH]RQX VH YH ILUPø SĆLSUDYLOL KQHG xHVWL QRYLQNDPL Y Xæ WDN xLURNÇP SRUWIROLX 9HGOH ]¿YRGQËFK VODOR PHN D REĆDêHN ĆDG\ $+9 E\ H[SHUW\ PøO\ ]DMËPDW KODYQø UDFH PRGHO\ $+9 VODORPN\ $+9 D $+9 5& (UFÇêNR VH PĎæH SRFKOXELW VNYøOÛPL YODVWQRVWPL L EH] WLWDQDORYÛFK YUVWHY 0RGHO\ 5DSWRU D 7HFWRU MVRX xLUxË VWDELOQøMxË DOOURXQG\ PRGHO\ 'DHPRQ D 6WUHDP V NRPSR]LWRYÛP M¿GUHP MVRX OHKFH RYODGDWHOQÇ D SRVN\WQRX VNYøOÇ ]¿æLWN\ ] O\æRY¿QË 3UR QøæQÇ SRKODYË Y\U¿EË 6SRUWHQ KQHG WĆL PRGHO\ O\æË X NWHUÛFK SRGOH GHVLJQX LKQHG SR]Q¿WH SUR NRKR MVRX XUêHQÇ .RQHêQø VH WHG\ QDEËGND SUR O\æDĆH D O\ æDĆN\ VHJPHQWXMH WDN MDN P¿ YæG\Č NDæGÛ SRWĆHEXMH QD VQËK QøFR OHKFH MLQÇKR 9L] ZZZ VSRUWHQ F]


Buďte silnější než chřipka!

Žádejte ve své lékárně! www.allivictus.cz _


QD รฆLรฆNRYVNร FK VWฤ HFKยฟFK 9 0ยซ67รท %ยป9$/ยป&+ 9,1,& 6 -('1ยซ0 = 1(-9รท7jยซ&+ 35$รฅ6.ยป&+ 3$5.ฤ =$ =ย '< -(1 3ย 5 0,187 2' &(175$ $7<3,&.ย 02'(51ยซ 129267$9%$ 6 /8;861ยซ0, 67ฤ (j1ยซ0, %<7< 1$ -(-,&+รฅ 7(5$6ย &+ 6, 0ฤ รฅ(7( '23ฤ ย 7 &+9ยซ/( 1(58j(1ยง+2 2'32รฉ,1.8 รฉ, 2รฉ,0$ =$0<j/(1รท %/280$7 32 67ฤ (&+ย &+ รฅ,รฅ.296.ยป&+ '20ฤ ./,' $ 628.520ยซ .7(5ยง %<67( -(1 7รทรฅ.2 รฉ(.$/, 1$ '26$+ &(175$ 35$+< 72 9j( 3ฤ ('67$98-( 5(=,'(1&( -(6(1,29$

_


WH[W 9øQFHVODYD jOHFKWRY¿ IRWR 3HWU jRUDO

.RPSOH[ êW\Ć NDQ¿UNRYø æOXWDYÛFK EXGRY YæG\ V XQLN¿WQËP SĎGRU\VQÛP ĆHxHQËP VSOĀXMH YxHFKQ\ SĆHGSRNODG\ PR GHUQËKR UH]LGHQêQËKR E\GOHQË D WYRĆË MHGQRWQÛ KDUPRQLFN\ NRPSRQRYDQÛ FHOHN 2VWDWQø DUFKLWHNWRQLFN¿ NDQFHO¿Ć -LUDQ .RKRXW $UFKLWHNWL V U R NWHU¿ FHORX UH]LGHQFL QDYUKRYDOD VL RG URNX Y\GRE\OD SRVWDYHQË MHGQRKR ] QHMYÛUD]QøMxËFK SĆHGVWDYLWHOĎ GRP¿FË DUFKLWHNWRQLFNÇ VFÇQ\ =YO¿xWQË DUFKL WHNWRQLFNÇ ĆHxHQË YxDN QHQË MHQ GËOHP NUHDWLYLW\ DUFKLWHNWĎ êL SRæDGDYNHP VSROHêQRVWL 6$732 'HYHORSPHQW V U R NWHU¿ MH GHYHORSHUHP SURMHNWX 0¿ ]D FËO SĆËPÛ YÛKOHG GR RWHYĆHQÇKR SURVWRUX ] NDæGÇKR E\WX D ]¿URYHĀ SRVN\WXMH GRVWDWHN SĆLUR ]HQÇKR VYøWOD Y PËVWQRVWHFK 'LVSR]LêQË ĆHxHQË SDN XND]XMH ]DMËPDYÇ PRæQRVWL SURVWRURYÇKR XVSRĆ¿G¿QË MHGQRWOLYÛFK E\WĎ NWHUÇ RGSRYËG¿ SRWĆHE¿P PRGHUQËKR E\GOHQË L SRæDGDYNĎP PODGÛFK URGLQ V GøWPL 1HMHQ YODVWQË VWDYED DOH L ORNDOLWD GR NWHUÇ MH 5H]LGHQFH -HVH QLRYD GRVORYD ]DNRPSRQRY¿QD MH EH]SRFK\E\ DWUDNWLYQË %H] SURVWĆHGQË VRXVHGVWYË UR]V¿KOÇKR SDUNX QDEË]HMËFËKR YÛKOHG QD 3UDæVNÛ KUDG 3HWĆËQ åLæNRYVNRX WHOHYL]QË Yøæ D 9ËWNRY VQDGQ¿ GRVWXSQRVW GR FHQWUD PHWURSROH VWHMQø MDNR EOË]N¿ NRPSOHWQË REêDQVN¿ Y\EDYHQRVW SRVN\WXMË QHSĆHEHUQÇ PQRæVWYË PRæQRVWË SUR DNWLYQË OLGL MHæ SRWĆHEXMË PËW QD GRVDK YxHFKQ\ YÛKRG\ YHO NRPøVWD L NOLG SĆËURG\ D SĆLWRP QHFKWøMË WU¿YLW KRGLQ\ Q¿URêQÛP GRMËæGøQËP 9 GRVDKX SøxË FKĎ]H MH QDSĆËNODG REFKRGQË FHQW UXP 3DO¿F )OÑUD VH ]QDêNRYÛPL REFKRG\ NDY¿UQDPL D xLURNRX QDEËGNRX VOXæHE QHER VSRUWRYQË D UHNUHDêQË DUH¿O 3UDæDêND NWHUÛ QDEË]Ë SURVWRU D ]¿]HPË N QHMUĎ]QøMxËP LQGLYLGX¿OQËP L NROHNWLYQËP SRK\ERYÛP DNWLYLW¿P $ WR QH]PLĀXMHPH XOLêN\ VWDUÇKR åLæNRYD NGH PĎæHWH GRGQHV QDV¿W DWPRVIÇUX GRE eIH x¿NĎ +XEHUWĎr D eUDGĎ 9DF¿WNĎr NWHUÇ ]GREË RVRELWÇ KRVSĎGN\ GRVORYD QD NDæGÇP URKX 5H]LGHQFH -HVHQLRYD QDEË]Ë NURPø WĆLFHWL OX[XVQËFK E\WRYÛFK MHGQRWHN V YHONÛPL WHUDVDPL D YÛKOHG\ QD VWĆHFK\ åLæNRYD WDNÇ GHVHW SĆË]HPQËFK E\WĎ V SĆHG]DKU¿GNDPL D GDOxËFK YËFH MDN VWR E\WĎ YHOLNRVWL RG NN GR NN V EDONRQ\ êL WHUDVDPL 6RXê¿VWË

_


9 G¿OFH QDG VWĆHFKDPL GRPĎ 5H]LGHQFH -HVHQLRYD VH GRVORYD Y]Q¿xË Yøæ åLæNRYVNÇKR Y\VËODêH

E\WĎ MVRX GĆHYøQÇ WĆËYUVWYÇ SRGODK\ NHUDPLFNÇ GODæE\ D RENODG\ SUHVWLæQËFK YÛUREFĎ GĆHYøQ¿ HXURRNQD êL EH]SHêQRVWQË SURWLSRæ¿UQË GYHĆH 9H Y\xxËFK SDWUHFK UH]LGHQFH MH VDPR]ĆHMPRVWË NOLPDWL]DFH D QøNWHUÇ E\W\ GLVSRQXMË L YLGHRWHOHIRQ\ 3RXæËYDQÇ PDWHUL¿O\ VSOĀXMË QHMY\xxË VWDQGDUG\ D UHVSHNWXMË SRVOHGQË DUFKLWHNWR QLFNÇ WUHQG\ 1HFK\EË DQL GRVWDWHêQÇ PQRæVWYË ØORæ QÛFK SURVWRU PRæQÇ MH L Y\XæLWË VNOHSĎ VNODGĎ êL NR ê¿UN¿UHQ 6DPR]ĆHMPRVWË MH WDNÇ GRVWDWHêQÇ PQRæVWYË SDUNRYDFËFK VW¿QË Y SRG]HPQËFK JDU¿æËFK 1HGËOQRX VRXê¿VWË DUFKLWHNWRQLFNÛFK SO¿QĎ 5H]LGHQFH -HVHQLRYD E\OR QHMHQ ]DMLxWøQË EH]SHêË MHGQRWOLYÛFK RE\YDWHO DOH L SRWĆHE URGLQ V PDOÛPL GøWPL 9QLWĆQË ê¿VW NRPSOH[X WDN QDEË]Ë EH]SHêQÇ GøWVNÇ KĆLxWø V KRXSDêNDPL SUR OÇ]DêNDPL D SËVNRYLxWøP 0D[LP¿OQË SRKRGOË D EH]SH êË VOLEXMË WDNÇ ]DNRPSRQRYDQÇ SĆHG]DKU¿GN\ 9QLWĆQË DUH¿O MH ]¿PøUQø X]DYĆHQÛ SRX]H SUR UH]LGHQW\ EH] PRæQRVWL SĆËVWXSX xLURNÇ YHĆHMQRVWL DE\ E\O ]DMLxWøQ GRVWDWHN VRXNURPË D WDNÇ EH]SHêË 2 WR VH VWDU¿ L ND PHURYÛ V\VWÇP XPËVWøQÛ X YxHFK YFKRGĎ GR GRPĎ D Y JDU¿æËFK NWHUÛ QHSĆHWUæLWø PRQLWRUXMH SRK\E YH YQLWUREORNX VWHMQø MDNR FHQWU¿OQË UHFHSFH XPËVWøQ¿ X YVWXSX GR FHOÇKR NRPSOH[X 7D QDYËF RE\YDWHOĎP QDEË]Ë L QDGVWDQGDUGQË XæLYDWHOVNÇ VOXæE\ 9HGOH E\WĎ QDEË]Ë UH]LGHQFH WDNÇ WĆL NRPHUêQË SURVWRU\ Y SĆË]HP QËFK ê¿VWHFK NRPSOH[X =NXVWH VH u E\Č WĆHED MHQ Y SĆHGVWDY¿FK u SRVDGLW QD WHUDVX MHGQRKR ] E\WĎ Y SRVOHGQËP SDWĆH 2ENORSË Y¿V NOLG D OHKN¿ QRVWDOJLH 9H VYLWX ]DSDGDMËFËKR VOXQFH EX GHWH PËW SRFLW æH SOXMHWH SR VWĆHFK¿FK RNROQËFK GRPĎ 6LOXHWD NRPLQËND MDNR ] SRK¿GN\ NWHUÛ QRVË xWøVWË PĎæH EÛW VNXWHêQ¿ L Y\WYRĆHQ¿ PDJLFNRX VLORX SĆHGVWDYLYRV WL 7R VNXWHêQÇ YxDN ]ĎVW¿Y¿ SODWQÇ 6QRXEHQËP NOLGX SĆËURG\ YxHFK PRæQRVWË YHONRPøVWD NRORULWX VWDUÇKR åLæNRYD D EH]SHêQRVWL PRGHUQËKR UH]LGHQêQËKR E\G OHQË QDEË]Ë 5H]LGHQFH -HVHQLRYD RSUDYGX YÛMLPHêQÇ PËVWR SUR æLYRW 9L] ZZZ VDWSR F]

_


Rezidence Švédská

mimořádné místo pro život

V

jedné z nejvyhledávanějších městských částí Prahy, na Hřebenkách, naleznete unikátní architektonický projekt Rezidence Švédská. Na místě polorozpadlé secesní vily zde vznikl komplex budov, který svým kaskádovitým charakterem připomíná schody do nebe. Komorní komplex čítající dvě vily a jeden samostatný objekt nabízí dohromady pouze sedm unikátních bytových jednotek, které jsou díky ojedinělému umístění ve středu uzavřeného areálu ideálním domovem pro rodiny s dětmi. Moderní řešení a dispozice obytných prostor, teras i okolní zeleně zaručují maximální provázání vnitřního i vnějšího prostoru. Samotná velikost projektu zaručuje soukromí a bezpečné bydlení – to vše téměř v centru, zdánlivě neexistující ruch velkoměsta je přímo na dosah. Rezidence Švédská nabízí pohádkové bydlení – splní vše, co Váš vkus a nároky požadují.

SATPO Development, s.r.o.,

tel.: 800 800 010

Smíchov Gate, Plzeňská 3217/16,

info@satpo.cz

150 00 Praha 5

www.satpo.cz

_


WR 21 VH QD QยฟV SRGHSVDO

,PDJLQH ,PDJLQH WKHUH V QR KHDYHQ ,W V HDV\ LI \RX WU\ 1R KHOO EHORZ X J J \ I\ \ ,PDJLQH WKHUH V QR FRXQWULHV ,W LVQ W KDUG WR GR 1RWKLQJ WR NLOO RU GLH IRU <RX PD\ VD\ , P D GUHDPHU %XW , P QRW WKH RQO\ RQH , KRSH V < \ \ \ , ZRQGHU LI \RX FDQ 1R QHHG IRU JUHHG RU KXQJHU $ EUR \ D GUHDPHU %XW ,

,PDJLQH ,PDJLQH WKHUH V QR KHDYHQ ,W V HDV\ LI \RX WU\ 1R KH J J \ I\ ,PDJLQH WKHUH V QR FRXQWULHV ,W LVQ W KDUG WR GR 1 <RX PD\ VD\ , P D GUHDPHU %XW , P QR < \ \ 1$ /(1121298 =(รฒ 1$ .$03รท $ 32='รท-, 1$ 9(/.23ฤ (9256.ยง0 1ย 0รท67ยซ -60( 3ฤ (' 52.(0 =$=1$0(1ย 9$/, 69ยง 78รฅ%< 3ฤ ย 1ยซ , 61< 9jยซ0 &2 %</2 32 58&( .2+,1225.$0, รฉยซรฟ$1< =( 67(-12-0(11ยง /,'29รท '(02.5$7,&.ยง 5(38%/,.< .ฤ ยซ'$0, = 1'5 , 1,752 635(-(0 6 1ย 3,6(0 %$59< /$.< 67(-1รท -, 9รฅ'< 628'58=, '2 5ย 1$ 3ฤ (7ฤ (/, 1$ %ยซ/2 $%< 6( =$0(=,/2 jยซฤ (1ยซ 92/120<j/(1.ย ฤ 6.ยป&+ ,'(ยซ 7รทรฅ.2 %< 7(1.5ย 7 1รท.2+2 = 1ย 6 1$3$'/2 รฅ( 6( 7$0 02รฅ1ย -('128 83ยซj( /8;861ยซ0 3(5(0 0217%/$1& 63(&,ย /1ยซ 6ยง5,( -2+1 /(1121 (',7,21 -(1 6, 72f ,0$*,1(


,PDJLQH ,PDJLQH WKHUH V QR KHDYHQ ,W V HDV\ LI \RX WU\ 1R KHOO EHORZ \ \ \ XV $ERYH XV RQO\ VN\ ,PDJLQH DOO WKH SHRSOH /LYLQJ IRU WRGD\ \ \ J JI \ ,PDJLQH WKHUH V QR FRXQWULHV ,W LVQ W KDUG WR GR 1RWKLQJ WR NLOO RU GLH IRU $QG QR UHOLJLRQ WRR ,PDJLQH DOO WKH SHRSOH /LYLQJ OLIH LQ SHDFH <RX PD\ VD\ , P D GUHDPHU %XW , P QRW WKH RQO\ RQH , KRSH VRPHGD\ < \ \ \ \\RX OO MRLQ XV $QG WKH ZRUOG ZLOO EH DV RQH ,PDJLQH QR SRVVHVVLRQV J , ZRQGHU LI \RX FDQ 1R QHHG IRU JUHHG RU KXQJHU $ EURWKHUKRRG RI PDQ 7 ,PDJLQH DOO WKH SHRSOH 6KDULQJ DOO WKH ZRUOG <RX PD\ VD\ , P < \ \ D GUHDPHU %XW , P QRW WKH RQO\ RQH , KRSH VRPHGD\ \RX OO MRLQ XV $QG WKH ZRUOG ZLOO OLYH DV RQH ,PDJLQH ,PDJLQH WKHUH V QR KHDYHQ ,W V HDV\ LI \RX WU\ 1R KHOO EHORZ \ \ \ XV $ERYH XV RQO\ VN\ ,PDJLQH DOO WKH SHRSOH /LYLQJ IRU WRGD\ \ \ J JI \ R FRXQWULHV ,W LVQ W KDUG WR GR 1RWKLQJ WR NLOO RU GLH IRU $QG QR UHOLJLRQ WRR ,PDJLQH DOO WKH SHRSOH /LYLQJ OLIH LQ SHDFH <RX PD\ VD\ , P D GUHDPHU %XW , P QRW WKH RQO\ RQH , KRSH VRPHGD\ < \ \ \ \\RX OO MRLQ XV $QG WKH ZRUOG ZLOO EH DV RQH ,PDJLQH QR SRVVHVVLRQV J , ZRQGHU LI \RX FDQ 1R QHHG IRU JUHHG RU KXQJHU $ EURWKHUKRRG RI PD ,PDJLQH DOO WKH SHRSOH 6KDULQJ DOO WKH ZRUOG <R D GUHDPHU %XW , P QRW WKH RQO\ RQH , K $QG WKH ZRUOG ZLOO OLYH XV WH[W 3HWU 7ĎPD IRWR DUFKLY 0RQWEODQF

ĆL GUXK\ SHUD Y\UREHQÇ VSROHêQRVWË 0RQWEODQF N OHWRxQËPX YÛURêË QDUR]HQË -RKQD /HQQRQD NWHUÛ E\ VH GRæLO VHGP GHV¿WL OHW NG\E\ KR QHE\O SRVWĆHOLO SURVLQFH SĆHG GRPHP 7KH 'DNRWD Y 1HZ <RUNX IDQDWLN 0DUN 'DYLG &KDS PDQ PDMË PQRKR VSROHêQÇKR 1DSĆËNODG R]GREQÛ NOLS WYDUX N\WDURYÇKR NUNX $YxDN ]DWËPFR GYD SUYQË NRXVN\ u 0RQW EODQF -RKQ /HQQRQ 6SHFLDO (GLWLRQ Y FHQø .ê D 0RQWEODQF -RKQ /HQQRQ &RPPHPRUDWLRQ (GLWLRQ Y FHQø .ê SRMË XUêLW¿ VWURKRVW D êLVWRWD OLQLË XPRFQøQ¿ Y WRP GUXKÇP SĆËSDGø Y\EURXxHQÛP PRGUÛP WDQVDQLWHP D U\WLQDPL YêHWQø OHWRSRêWX NG\ Y\xOR DOEXP ,PDJLQH WĆHWË SHUR MH RSUDYGRYÛ VEøUDWHOVNÛ XQLN¿W $ QH MHQ WËP æH FHQRX VDK¿ ]D KUDQLFL SĎO PLOLRQX NRUXQ 7RKRWR OX[XVQËKR SHUD HYRNXMËFËKR VNYøOH SURYHGHQÛ xSHUN VH Y\URELOR QD FHOÇP VYøWø SRXKÛFK VHGPGHV¿W NXVĎ 1D MHKR WøOH MH ]Yøê QøQR VSLU¿ORYÛP WRNHP YH VNHOHWX ] EËOÇKR ]ODWD VORYR ,PDJLQH u Q¿]HY /HQQRQRYD QHMVODYQøMxËKR KLWX Y ÇĆH eSR %HDWOHVr MHKRæ UHIUÇQ E\O LQVSL URY¿Q E¿VQË <RNR 2QR Y QËæ Y]SRPË Q¿ QD VYÇ GøWVWYË ]D VYøWRYÇ Y¿ON\

Y -DSRQVNX 0RGU¿ EDUYD SU\VN\ĆLFH QD YËêNX SHUD P¿ HYR NRYDW -RKQRY\ EUÛOH V NXODWÛPL REURXêNDPL D QDPRGUDOÛPL VNO\ QD xSLêFH NOLSX VH SDN QHQ¿SDGQø EOÛVN¿ HOHJDQWQË VDIËU 6WHMQø MDNR X YxHFK SĆHGFKR]ËFK OLPLWRYDQÛFK HGLF MH KURW SHUD ] NDU¿WRYÇKR ]ODWD D ]GREË MHM Y WRPWR SĆËSDGø OHKFH VW\OL]RYDQÛ DXWRSRUWUÇW WRKRWR JHQL¿OQËKR KXGHEQËND 3ËxH VH V QËP WÇPøĆ VDPR UXND MDNR E\ VH Y]Q¿xHOD MHQ WøFK QH ]DSRPHQXWHOQÛFK QDGêDVRYÛFK P\xOHQHN MH PÇQø N QLP MH WRWLæ SRWĆHED MHxWø VSROXSUDFXMËFË KODYD $ SU¿Yø WDNRY¿ FK\WĆH Y\P\VOHOD æH YÛWøæHN ] SURGHMH XQLN¿WQËFK SHU SRSXWXMH QD SRGSRUX SURMHNWĎ Y REODVWL NXOWXU\ D KXGHEQËKR Y]GøO¿Y¿QË 3URWRæH MH WR SU¿Yø KXGED NWHU¿ ERĆË KUDQLFH VW¿WĎ L SROLWLFNÛFK UHæLPĎ VSROHKOLYøML QHæ YxHFKQ\ EXOGR]HU\ 3UDæVN¿ /HQQRQRYD ]Hó E\OD SUR GQHxQË JHQHUDFL êW\ĆLF¿WQËNĎ D SDGHV¿WQËNĎ SRGREQÛP V\PEROHP SURWHVWX D QHVRXKOD VX MDNR WD %HUOËQVN¿ 7LVËFH P\xOHQHN D YÛNĆLNĎ R VYRERGø SUDYLGHOQø NRQêLO\ SRG GDOxËPL YUVWYDPL Q¿WøUĎ SĆHVWR VH QDY]GRU\ QDLQVWDORYDQÛP SROLFHMQËP NDPHU¿P YæG\ QDxOL GDOxË NWHĆË Y SVDQË D U\WË KHVHO GR QDæORXWOÇ RPËWN\ SRNUDêRYDOL 0RæQ¿ E\VWH VH QD WøFK êHUQREËOÛFK UR]PD]DQÛFK D ]UQLWÛFK ILOPRYÛFK ]¿]QDPHFK SR]QDOL L Y\ 9æG\Č VQËOHN V LQLFL¿ODPL MPÇQD - / u ZDV QRW WKH RQO\ RQH 7DWR SHUD PDMË Y %RXWLTXH 0RQWEODQF 3DĆËæVN¿ 3UDKD 9L] ZZZ FDUROOLQXP F]

LOO OLYH DV RQH /LYLQJ IRU WRGD\ JI \ OO WKH SHRSOH /LYLQJ OLIH LQ SHDFH G ZLOO EH DV RQH ,PDJLQH QR SRVVHVVLRQV J


WH[W -DQD 9DĀ¿WNRY¿ IRWR DUFKLY +DQ\ 3RWPøxLORYÇ

EDYË Pø UR]SRK\ERY¿YDW YøFL .'<å 1$ .9÷7129§0 .ą78 0$*$=«18 &+2,&( 9<'5$å,/$ 632/(é1267 6$732 -(6(1,29$ -«'(/1« 6(59,6 9,//(52< %2&+ =$ é 67.8 .é '2=9÷'÷/, 6( 3ą«7201« +267§ å( 7<72 3(1«=( 323878-« 1$ .2172 1$'$é1«+2 )21'8 352 32'3258 =$0÷671 9 1« 262% 6( ='5$9271«0 3267,å(1«0 &2 3ą(61÷ -( -(+2 1 3/1« $ . -$.§08 ¸é(/8 3(1«=( 326/28å,/< -60( 6( =(37$/, 262%< 1(-3292/$1÷-j« u ą(',7(/.< 1)2=3 +$1< 3270÷j,/29§

.G\ D ] MDNÛFK GĎYRGĎ QDGDêQË IRQG Y]QLNO D FR MH MHKR KODYQËP FËOHP" 1DGDêQË IRQG Y]QLNO Y OÇWø URNX 3RGQøWHP N MHKR ]DORæHQË E\O\ ]NXxHQRVWL OLGË V SUDFË VH ]GUDYRWQø SRVWLæHQÛPL RVREQË SR ]QDWN\ WøFKWR SDFLHQWĎ L FKDULWDWLYQË êLQQRVW QøNWHUÛFK ]H ]DNODGDWHOĎ +ODYQËP KQDFËP PRWRUHP NWHUÛ GDO YxHFKQ\ GRKURPDG\ E\OD SDQË /HQND .RKRXWRY¿ NWHU¿ E\OD WRX GRERX ĆHGLWHONRX %H]EDULÇURYÇKR SUDFRYLxWø WROHUDQFH MHæ ] YËFH MDN ]DPøVWQ¿YDOR ]GUDYRWQø ]QHYÛKRGQøQÇ REêDQ\ 3ĆL WÇWR êLQQRVWL SDQË .RKRXWRY¿ PLPR MLQÇ VSROXSUDFRYDOD V 81,« 526.$ -¿ MVHP Y WÇ GREø MLæ QøNROLN OHW SRP¿KDOD MDNR GREUR YROQËN SU¿Yø OLGHP V UR]WURXxHQRX VNOHUÑ]RX D SDQË .RKRXWRY¿ PQH RVORYLOD ]GD E\FK VH GR WÛPX 1)2=3 QHSĆLGDOD 7URFKX MVHP VH RE¿YDOD ]GD PL MHxWø ]EXGH GRVW êDVX D VLO QD SU¿FL SUR QRYø Y]QLNDMËFË QDGDêQË IRQG SR]Q UHG G¿OH ]NUDWND 1) $OH SURWRæH PL E\OR MDVQÇ æH 1) QHEXGH PËW QD ]Dê¿WNX VQDGQÛ UR] MH]G D Pø EDYË eUR]SRK\ERY¿YDWr YøFL NWHUÇ QHMGRX MHGQRGXxH VRXKODVLOD MVHP 9 êHP NRQNUÇWQø VSRêËY¿ SRPRF ]GUDYRWQø ]QHYÛKRGQøQÛP OLGHP" 1¿SOQË QDxHKR 1) MH SRP¿KDW ]GUDYRWQø KDQGLFDSRYDQÛP OLGHP QDMËW VL YKRGQÇ ]DPøVWQ¿QË FRæ DVL QHMOÇSH Y\VWLKXMH QDxH KODYQË P\xOHQND u MDN¿NROL SUDFRYQË SR]LFH VH G¿ REVDGLW êORYøNHP VH ]GUDYRWQËP ]QHYÛKRGQøQËP SRNXG PøO PRæQRVW ]ËVNDW SĆHGWËP SRWĆHEQÇ Y]GøO¿QË D SUD[L 6W¿OH WRWLæ QDU¿æËPH QD SĆHGVXGN\ D REDY\ ]H VWUDQ\ ]DPøVWQDYDWHOĎ SĆLMPRXW

_

XFKD]HêH V QøMDNÛP ]GUDYRWQËP SRVWLæHQËP 3ĆHWUY¿Y¿ WX REUD] ]GUDYRWQø KDQGLFDSRYDQÇKR êORYøND MDNR EH]PRF QÇKR YR]ËêN¿ĆH QHER WøæFH PHQW¿OQø SRVWLæHQÇKR êORYøND D QHXPËPH VL SĆHGVWDYLW æH GR WÇWR YHOPL SRêHWQÇ VNXSLQ\ OLGË SDWĆË L DOHUJLN QHER DVWPDWLN &R PĎæH RêHN¿YDW êORYøN NWHUÛ Y\KOHG¿ YDxL SRPRF" 6 GRW\êQÛP VHSËxHPH æLYRWRSLV NGH NURPø SRYËG¿QË R Y]GøO¿QË D SUD[L SRY\SU¿YË L R VYÇ QHPRFL DE\FKRP KR XPøOL MHKR EX GRXFËPX WÛPX QHMEOLæxËFK SUDFRYQËNĎ SĆHGVWDYLW 1D GUXKRX VWUDQX GRW\êQÛ YË æH SUDFRYQË NROHNWLY GR NWHUÇKR SĆLFK¿]Ë MH V MHKR KDQGLFDSHP REH]Q¿PHQ FRæ SRP¿K¿ SĆHGFK¿]HW QH SĆËMHPQÛP QHGRUR]XPøQËP =NU¿WND WYRĆËPH PH]LPĎVWHN PH]L SRVWLæHQÛP D SUDFRYQËP WÛPHP D QDSRP¿K¿PH MHMLFK Y]¿MHP QÇ NRPXQLNDFL /LGRYø ĆHêHQR u SĆHGFK¿]ËPH WRPX DE\ VH QD ]GUDYRWQø KDQGLFDSRYDQÇKR SRKOËæHOR MDNR QD QøMDNÇ ]YËĆ¿WNR V REDYRX NG\ VHERX ]DVH eQøNGH VHNQHr -DNÛPL DUJXPHQW\ VH Y¿P GDĆË eQHRVYËFHQÇr ]DPøVWQDYDWHOH SĆHVYøGêLW" 1DSĆËNODG RUJDQL]XMHPH SUDYLGHOQ¿ xNROHQË SUR SHUVRQDOLVW\ 5¿GD XY¿GËP MDNR SĆËNODG VYÇKR NDPDU¿GD 0DUWLQD ,OOQHUD 'ORXK¿ OÇWD GøODO JHQHU¿OQËKR ĆHGLWHOH DPHULFNÇ ,7 ILUP\ 2UDFOH NWHU¿ MH ]Q¿P¿ VYÛP YHOPL SĆËVQÛP SĆËVWXSHP N ]DPøVWQDQFĎP .G\E\ 0DUWLQ ,OOQHU QHSUDFRYDO QD WDN E\ MLVWø QHPRKO ]DVW¿YDW WDN GĎOHæLWÛ SRVW $ê P¿ UR]WURXxHQRX VNOHUÑ]X RG VYÛFK OHW MH VNYøORX XN¿]NRX WRKR æH SRGREQ¿ GLDJQÑ]D QHPXVË SĆHGVWDYRYDW SĆHN¿æNX Y SUDFRYQË NDULÇĆH


_ _


6KRUD GROĎ 6HPLQ¿Ć SDFLHQWĎ V P\HORGLVSODVWLFNÛP V\QGURPHP 6 7RP¿xHP 9HUQHUHP X SUH]HQWDFH VSROHêQRVWL 6DQWÇ u GUæLWHOH RFKUDQQÇ ]Q¿PN\ åLMX VWHMQø MDNR 7\ V WÛPHP $GUHQDOLQX EH] EDULÇU D MHMLFK SUYQË PRWRUND QD VYøWø QD UXêQË RYO¿G¿QË

_

9 êHP VH ]PøQLOR VRXêDVQÇ SRVWDYHQË ]GUDYRWQø KDQGLFDSRYDQÛFK OLGË RSURWL PLQXORVWL" 3ĆHGHYxËP PHGLFËQD XGøODOD REURYVNÛ SRNURN 3ĆË NODGHP PĎæH EÛW ELRORJLFN¿ OÇêED NWHU¿ SRP¿K¿ SDFLHQWĎP GRVWDW VH YHOPL U\FKOH ]S¿WN\ GR EøæQÇKR æLYRWD -HQæH SU¿Yø WXKOH ]¿VDGQË ]PøQX VL P¿ORNWHUÛ ]DPøVWQDYDWHO XYøGRPXMH D QHFKFH WDNWR ]QHYÛKRGQøQÇ OLGL ]DPøVWQ¿YDW 1DSĆËNODG æHQD NWHU¿ SURGøODOD UDNR YLQX SUVX P¿ GYD URN\ SR ]Dê¿WNX RQHPRFQøQË VWDWXW LQYDOLGQËKR GĎFKRGX YH VWXSQL 7R ]QDPHQ¿ æH MH QD QL QDKOËæHQR MDNR QD WøæNÇKR LQYDOLGX 8æ MHQRP SURWR æH P¿ WHQKOH eSDSËUr ML ]DPøVWQDYDWHO QHYH]PH QD MHMË SĎYRGQË SR]LFL $OH SURê E\ QHPRKOD GøODW YHGRXFË ØêW¿UQ\ SU¿YQLêNX QHER SURGDYDêNX MDNR SĆHG RQHPRFQøQËP" 6WDêË GRPOXYLW VH VH ]DPøVWQDYDWHOHP QDSĆËNODG QD ØSUDYø SUDFRYQË GRE\ DE\ PøOD êDV QD OÇNDĆVNÇ NRQ WURO\ -HQæH QDxL ]DPøVWQDYDWHOÇ ]DWËP QHMVRX VFKRSQL QDEËGQRXW DOWHUQDWLYQË ]NU¿FHQÇ ØYD]N\ Y WRPWR RKOHGX MVPH VSËx e'LYRNÛ ]¿SDGr QHæ WHQ NXOWXUQË =¿SDG -DNÛ MH UR]GËO PH]L RWHYĆHQÛP D FKU¿QøQÛP WUKHP SU¿FH" &KU¿QøQÛ WUK SU¿FH SĆHGVWDYXMH VSROHêQRVW NWHU¿ ]DPøVWQ¿Y¿ PLQLP¿OQø OLGË VH ]GUDYRWQËP SR VWLæHQËP D R VWDWXW FKU¿QøQÇ GËOQ\ PĎæH æ¿GDW ]DPøVW QDYDWHO NWHUÛ ]DPøVWQ¿Y¿ YËFH MDN ]GUDYRWQø SRVWLæHQÛFK RVRE =DPøVWQDYDWHO P¿ Q¿URN QD .ê ]D NDæGÇKR ]GUDYRWQø SRVWLæHQÇKR ]DPøVWQDQFH SĆL SOQÇP ØYD]NX FKU¿QøQ¿ GËOQD P¿ QDYËF Q¿URN QD SĆË VSøYHN QD UHæLMQË Q¿NODG\ Q¿MHP HOHNWĆLQD DWG 1D FKU¿QøQÇP WUKX SU¿FH VH YøWxLQRX ]DPøVWQ¿YDMË RVRE\ V WøæxËP ]GUDYRWQËP SRVWLæHQËP 2WHYĆHQÛ WUK SU¿FH MH NDæG¿ EøæQ¿ ILUPD GR RVRE VH ]GUDYRWQËP SRVWLæHQËP $ WDWR ILUPD NWHU¿ P¿ YËFH QHæ RVRE PXVË ]DPøVWQ¿YDW PLQLP¿OQø OLGË VH ]GUD YRWQËP ]QHYÛKRGQøQËP 3RNXG WDN QHêLQË P¿ ]H ]¿NRQD SRYLQQRVW RGHEËUDW YÛUREN\ ] FKU¿QøQÇKR WUKX SU¿FH QHER PXVË RGY¿GøW GR VW¿WQË SRNODGQ\ MDNRXVL eSRNXWXr 0RKOD E\VWH SĆHGVWDYLW QRYÛ SURMHNW RFKUDQQÇ ]Q¿PN\ ]GUDYRWQø SRVWLæHQÛFK" -VPH RSUDYGX MHGLQÛ VXEMHNW Y é5 NWHUÛ VH ]DEÛY¿ SRX]H SUREOHPDWLNRX ]DPøVWQ¿Y¿QË ]GUDYRWQø KDQGL FDSRYDQÛFK OLGË 6QDæËPH VH QHMHQ SURSRMRYDW MHGQRW OLYFH D VSROHêQRVWL DOH WDNÇ PøQLW OHJLVODWLYX 8æ MVPH


VW¿OL X ]PøQ\ QøNROLND ]¿NRQĎ = QDxË SUD[H QHMOÇSH YLGËPH NGH GRFK¿]Ë NH ]QHXæËY¿QË ]¿NRQĎ D NWHĆË ]DPøVWQDYDWHOÇ E\ VL QDRSDN ]DVORXæLOL ]D VYĎM SĆËVWXS RGPøQLW 3URWR MVPH SĆLxOL V SUR MHNWHP RFKUDQQÇ ]Q¿PN\ ]GUDYRWQø SRVWLæHQÛFK NWHU¿ QHP¿ REGRE\ PLQLP¿OQø Y (8 &ËOHP SURMHNWX MH ]YLGLWHOĀRYDW D SRG SRURYDW NYDOLWQË ]DPøVWQDYDWHOH ]GUDYRWQø ]QHYÛKRGQøQÛFK RVRE YH êW\ĆHFK NDWHJRULËFK 2FKUDQQRX ]Q¿PNX O]H ]ËVNDW QD SURGXNW\ NWHUÇ Y\URELO EDOLO QHER NRPSOHWRYDO êORYøN VH ]GUDYRWQËP ]QHYÛKRGQøQËP êL QD VOXæE\ 9 NYøWQX OHWRxQËKR URNX VH WDWR ]Q¿PND VWDOD VRXê¿VWË 1¿URGQË SROLWLN\ NYDOLW\ FRæ ]QDPHQ¿ æH YÛUREN\ êL VOXæE\ V WRXWR ]QDêNRX MVRX RSUDYGX NRQNXUHQFHVFKRSQÇ QHMHQ NYDOLWRX DOH L FHQRX -H WR ]NU¿WND WDNRYÛ SXQF NYDOLW\ D QDxH RFKUDQQ¿ ]Q¿PND VH WDN ]DĆDGLOD PH]L Q¿URGQËFK RFKUDQQÛFK ]Q¿PHN PH]L Qøæ SDWĆË WĆHED &]HFK PDGH (NRORJLFN\ xHWUQÛ YÛUREHN =GUDYRWQø QH]¿YDGQ¿ REXY DWG -DN RFKUDQQ¿ ]Q¿PND Y\SDG¿" 7YRĆË ML GYø UXFH XPËVWøQÇ SURWL VREø Y EDUY¿FK êHUYHQÇ D PRG UÇ EDUY\ é5 NWHUÇ V\PEROL]XMË SU¿FL ]GUDYRWQø SRVWLæHQÛFK =Q¿PNX MVPH SĆLSUDYRYDOL GYD D SĎO URNX Y\WYRĆLOL VWDWXW D VWDQRY\ 3ĆLSUDYLOL MVPH ML WDN DE\ E\OD MHGQRGXxH DSOLNRYDWHOQ¿ Y ]HPËFK (8 1DxËP FËOHP MH DE\ ILUPD NWHU¿ ]Q¿PNX YODVWQË PøOD GR EXGRXFQD XUêLWÇ YÛKRG\ 1HMHQ GDĀRYÇ DOH DE\ PøOD SĆËSDGQø ]YÛKRGQøQË QD WUKX SRVN\WRYDWHOĎ Q¿KUDGQËKR SOQøQË 0ĎæH WDNÇ SRPRFW UR]H]QDW SRFWLYFH RG SRGYRGQËNĎ" 8UêLWø )LUPD NWHU¿ OLFHQFL QD ]Q¿PNX QD GYD URN\ ]ËVN¿ MH VUR]XPøQD V WËP æH ML PĎæHPH NG\NROL QDYxWËYLW XGøODW QDP¿W NRYRX NRQWUROX D SĆHVYøGêLW VH æH VNXWHêQø ]DPøVWQ¿Y¿ GRW\êQÇ SUDFRYQËN\ VH ]GUDYRWQËP ]QHYÛKRGQøQËP SOQË SUDFRYQË VPORX YX D QH]QHXæËY¿ VW¿WQË SĆËVSøYHN 2FKUDQQRX ]Q¿PNX ]GUDYRWQø SRVWLæHQÛFK EXGH PËW QD NRQFL OLVWRSDGX Xæ VSROHêQRVWË 3DWĆË VHP QDSĆËNODG ]DPøVWQDYDWHO ]GUDYRWQø SRVWLæHQÛFK Y\U¿EøMËFË NHUDPLNX SURMHNWRY¿ ILUPD SHN¿UQD YÛUREFH WULêHN PDUNHWLQJRY¿ DJHQWXUD &Ræ Q¿]RUQø Y\SRYËG¿ R WRP æH V SUDFË SRVWLæHQÛFK VH PĎæHPH VHWNDW RSUDYGX NGHNROL -DN VH VWDYË N YDxLP DNWLYLW¿P VW¿WQË LQVWLWXFH" 0XVËP ĆËFW æH Q¿P IDQGË D Y\FK¿]Ë YVWĆËF MDN 0LQLVWHUVWYR SU¿FH D VRFL¿OQËFK YøFË WDN L 0LQLVWHUVWYR SUĎP\VOX D REFKRGX D 6GUX æHQË SUR RFHĀRY¿QË NYDOLW\ V QLPLæ MVPH RFKUDQQRX ]Q¿PNX Y\WY¿ĆHOL +ODYQË PøVWR 3UDKD VH QDYËF OHWRV UR]KRGOR VSXVWLW SL ORWQË SURMHNW RFKUDQQÛFK ]Q¿PHN QD VYÇP Ø]HPË 3URWRæH OLFHQFH QD RFKUDQQRX ]Q¿PNX VWRMË FFD .ê QH NDæGÛ NYDOLWQË ]DPøVWQDYDWHO 2=3 P¿ SHQË]H QD WR DE\ VL ML ]DSODWLO 9 U¿PFL

WRKRWR SUDæVNÇKR SURMHNWX VH PĎæH SĆLKO¿VLW ]DPøVWQDYDWHOĎ ] Ø]HPË KO P 3UDKD R OLFHQFL QD RFKUDQQRX ]Q¿PNX 7LWR ]DPøVWQDYDWHOÇ SRNXG SURMGRX DXGLWHP QHEXGRX PXVHW RQX ê¿VWNX .ê XKUDGLW 6QDæËPH VH WXWR SUD[L UR]xËĆLW L GR RV WDWQËFK NUDMĎ D RVORYLW L QøNWHUÇ YHONÇ ILUP\ MDNR PRæQÇ SDWURQ\ WøFK FKU¿QøQÛFK GËOHQ NWHUÇ QD OLFHQFL RFKUDQQÇ ]Q¿PN\ QHPDMË SURVWĆHGN\ 9]QLN¿ WDN SURMHNW SDWURQVWYË NG\ VL YHON¿ VSROHêQRVW Y\EHUH ]H VH]QDPX FKU¿QøQRX GËOQX QHER ]DPøVWQDYDWHOH ]DSODWË ]D Qø DXGLW D REø ILUP\ SDN PRKRX QDY¿]DW EOLæxË VSROX SU¿FL D S\xQLW VH VWDWXWHP SDWURQVWYË 6QDæËWH VH VDPL OLGL RVORYRYDW QHER VL Y¿V PXVHMË QDMËW" 9 ORĀVNÇP URFH MVPH GRVW SUDFRYDOL QD ]PøQø SRUW¿OX SU¿FH F] D MREV F] 3ĆLxOR Q¿P ORJLFNÇ QHY\WY¿ĆHW QøFR QRYÇKR DOH SRGSRĆLW ]DPøVWQ¿Y¿QË ]GUDYRWQø SRVWLæHQÛFK SĆHV W\WR SRU W¿O\ QD NWHUÇ MVRX OLGÇ ]Y\NOË $ WËP QHP\VOËP MHQ XFKD]HêH R ]DPøVWQ¿QË DOH L SHUVRQDOLVW\ 1D SRUW¿OX SU¿FH F] MVPH Y\WYRĆLOL VH ]DPøVWQDQFL VSROHêQRVWL /0& NWHU¿ RED SRUW¿O\ SURYR]XMH QRYRX VHNFL QD]YDQRX 3U¿FH 2=3 RVRED ]GUDYRWQø SRVWLæHQ¿ NDP PRKRX XFKD]HêL YNO¿GDW VYRMH æLYRWRSLV\ êL VL ILOWURYDW SR]LFH YKRGQÇ SUR 2=3 6WHMQø WDN VH WËP XOHKêË SU¿FH SHUVRQDOLVWĎP 1HMHQ æH PDMË LQ]HUFL SR]LF YKRGQÛFK SUR 2=3 ]GDUPD DOH PRKRX VL L MHGQRGXxH Y\ILOWURYDW æLYRWRSLV\ YKRGQÛFK XFKD]HêĎ ] ĆDG 2=3 1DYËF NDæG¿ LQ]HUFH SUDFRYQË SR]LFH NWHURX SHUVRQD OLVWD QD RED SRUW¿O\ YNO¿G¿ PXVË EÛW R]QDêHQD ]GD MH YKRGQ¿ L SUR ]GUDYRWQø ]QHYÛKRGQøQÇ RVRE\ 3URMHYLOD VH NUL]H QøMDNÛP ]SĎVREHP QD ØVSøxQRVWL YDxË SU¿FH" 0XVËP ĆËFW æH MVPH DVL MHGQL ] P¿OD NRPX NUL]H WDN WURFKX SR PRKOD )LUP\ ]DêDO\ xHWĆLW D YH FKYËOL NG\ ]YDæRYDO\ NRKR QRYø SĆLMPRX Y\EËUDO\ L ] ĆDG OLGË VH ]GUDYRWQËP ]QHYÛKRGQøQËP SURWRæH WR SUR Qø VDPRWQÇ ]DêDOR EÛW YÛKRGQÇ $ WR QHMHQ ] GĎYRGX RQÇ SRYLQQRVWL ]DPøVWQ¿YDW 2=3 êL VH W]Y Y\NRXSLW RGH EËU¿QËP YÛURENĎ êL RGYRGHP GR VW¿WQË NDV\ DOH WDNÇ PRæQRVWË ]ËVNDW QD GDQÇ SUDFRYQË PËVWR SĆËSøYHN RG ØĆDGX SU¿FH 1D NĆWX êDVRSLVX &KRLFH SUREøKOD GUDæED MHMËæ YÛWøæHN .ê SXWRYDO QD NRQWR YDxHKR 1) . MDNÇPX ØêHOX SHQË]H SRVORXæLO\" 9\GUDæHQÇ SHQË]H MVPH SRXæLOL QD UHDOL]DFL QDxHKR IHVWLYDOX EH] EDULÇU D KUDQLF åLMX VWHMQø MDNR 7\ -HGQ¿ VH R YËNHQGRYÛ IHVWL YDO MHKRæ FËOHP MH VH]Q¿PLW xLURNRX YHĆHMQRVW V SUDFË D æLYRWHP ]GUDYRWQø SRVWLæHQÛFK 1DYËF MVPH VH SĆL GHOxËP RVREQËP VHW N¿QË V SDQHP 3RNRUQÛP GRKRGOL QD GDOxË SRWHQFL¿OQË SRGSRĆH ]DPøVWQ¿Y¿QË ]GUDYRWQø ]QHYÛKRGQøQÛFK OLGË &R YËF VL SĆ¿W

_


_ _


WH[W -DQ 'XxHN IRWR DUFKLY 36-

FLW\ JDWH

EUยฟQD N OX[XVX 672-ยซ 3ฤ ยซ02 9 +,6725,&.ยง0 65'&, %5$7,6/$9< 02+871ย $ 0$-(67ย 71ยซ %8'29$ =( j9ยง'6.ยง รฅ8/< 3ฤ ,320ยซ1$-ยซ&ยซ 2%ฤ ยซ =$2&(ย 16.28 /2รฒ .7(5ย j,52.28 3ฤ ยซ'ยซ 52=5ย รฅยซ 9/1< 2.2/1ยซ&+ %8'29 32 1ย 52รฉ1ยง 5(.216758.&, $ 02'(51,=$&, 32' .ฤ ยซ'/< 5(12029$1ยง 632/(รฉ1267, 36- 0ย %ยป9$/ย %$1.$ '1(6 1$=9$1ย &,7< *$7( j$1&, 67ย 7 6( 23รท7 -('128 = $5&+,7(.721,&.ยป&+ '20,1$17 u $ 7$.ยง 1(-35(67,รฅ1รท-jยซ $'5(628 9( 0รท67รท

_ _


'RPLQDQWD UHVWDXUDFH Y]Q¿xHMËFË VH QDG PRVWHP SĆHV 'XQDM Y\SDG¿ ] G¿OL MDNR NU¿êHMËFË 8)2

'R SDUWHUX EXGRY\ YU¿WLOL DUFKLWHNWL ]UXxHQÇ REFKRG\ D NDY¿UQ\ GR QLFKæ SURXGË SĆHV SURVNOHQRX VWĆHFKX SĆËMHPQø PøNNÇ VYøWOR

ÛYDO¿ EXGRYD 6ORYHQVNÇ Q¿URGQË EDQN\ SRVOÇ]H L 9xHREHFQÇ ØYøURYÇ SDWĆLOD NH VNYRVWĎP PRGHUQËKR IXQNFLRQDOLVPX Xæ Y GREø VYÇKR Y]QLNX YH OHWHFK PLQXOÇKR VWROHWË 3URMHNW DUFKL WHNWĎ (XJHQD .UDP¿UD D jWHIDQD /XNDêRYLêH X]DYËU¿ MLKRYÛFKRGQË ê¿VW QHM]Q¿PøMxËKR EUDWLVODYVNÇKR Q¿PøVWË Xæ SĆHV xHGHV¿W OHW D Y URFH E\OD EXGRYD SRGREQ¿ WÇ YH NWHUÇ VËGOË éHVN¿ Q¿ URGQË EDQND Y 3UD]H 1D 3ĆËNRSø ]DSV¿QD GR VH]QDPX Q¿URG QËFK NXOWXUQËFK SDP¿WHN , ] WøFKWR GĎYRGĎ E\OD MHMË UHNRQVWUXNFH VOHGRY¿QD V YHONÛP QDSøWËP 1DxWøVWË VDPL DUFKLWHNWL X]QDOL æH P¿ EXGRYD &LW\ *DWH WDN YÛUD]QÛ FKDUDNWHU æH QHE\OR ]DSRWĆHEË H[WHULÇU V IDV¿GRX ] OHxWøQÇ xYÇGVNÇ æXO\ YÛUD]Qø PøQLW 3RGREQø

%

_

6 YÛMLPNRX xSDQøOVNÇ PÑG\ 'HVHR SDWĆË REFKRGQË SURVWRU\ WÇPøĆ YÛKUDGQø LWDOVNÛP ]QDêN¿P u W\SLFNÇ MVRX QDSĆËNODG GRSOĀN\ D xSHUN\ ] FKLUXUJLFNÇ RFHOL 0RUHOODWR

VH ]DFKRYDOL L Y SĆËSDGø LQWHULÇUĎ NWHUÛP VH SĆHGHYxËP VQDæLOL YU¿WLW GRERYÛ FKDUDNWHU D xDUP YH VSRMHQË V QHMPRGHUQøMxËPL PD WHUL¿O\ e1HFKFHPH WDP YQ¿xHW æ¿GQÇ NU¿WNRGREÇ PÑGQË SUYN\ FKFHPH DE\ YxH ]ĎVWDOR Y VRXODGX V SĎYRGQËP DUFKLWHNWRQLFNÛP ĆHxHQËP r Y\VYøWORYDOL $ WDN YU¿WLOL GR SDUWHUX EXGRY\ GĆËYH ]UX xHQÇ REFKRGQË SURVWRU\ D YËFH SĆHWYRĆLOL MHQ KRUQË SRGODæË NDP XPËVWLOL OX[XVQË E\W\ 6WRS\ PLQXORVWL YêHWQø RULJLQ¿OQËFK D ]QRYX REQRYHQÛFK YLWU¿æË -DQND $OH[\KR MVRX WDN L GQHV Y EXGRYø YLGøW VNRUR QD NDæGÇP NURNX ]DFKRY¿QR ]ĎVWDOR PDMHVW¿WQË WRêLWÇ VFKRGLxWø L WURMLFH YÛWDKĎ 3URMHNW UHNRQVWUXNFH MHGQRGXxH FWLO u D VSU¿YQø u V\PELÑ]X KLVWRULH VH VRXêDVQRVWË


¸63÷j1 .2/$8'$&(

'ËN\ MLKODYVNÇ VSROHêQRVWL 36- GRVSøO MHGHQ ] QHMVOHGRYDQøMxËFK EUDWLVODYVNÛFK SURMHNWĎ MHKRæ Q¿NODG\ VH Y\xSOKDO\ QD YËF QHæ êW\ĆL GHVËWN\ PLOLRQĎ HXU GQH ĆËMQD NH NRODXGDFL 3øW SRGODæË P¿ ]DSOQLW QD OX[XVQËFK DSDUWP¿QĎ NWHUÇ VH EXGRX SULP¿UQø QDEË]HW QH]DĆË]HQÇ YH VW\OX VKHOOuDQG FRUH 2 GLVSR ]LFËFK ]DĆË]HQË D GDOxËFK GHWDLOHFK WDN UR]KRGXMH V¿P ]¿ND]QËN D 36- PX MH VDPR]ĆHMPø VFKRSQR E\W GRSLORYDW ]D SĆËVOXxQÛ SRSODWHN GR NRQHêQÇKR u RSUDYGX ]¿YLGøQËKRGQÇKR u VWDYX 3URPøQD EÛYDOÇ EDQN\ Y XQLN¿WQË REMHNW VSRMXMËFË QDGVWDQGDUG QË UH]LGHQêQË E\GOHQË D OX[XVQË Q¿NXSQË FHQWUXP VODYË ØVSøFK

2VWDWQø PRKOD VH R WRP SĆHVYøGêLW Y\EUDQ¿ VSROHêQRVW YxHFK WøFK NWHĆË QHMHQ QD 6ORYHQVNX QøFR ]QDPHQDMË D WR EøKHP VODYQRVWQË PÑGQË SĆHKOËGN\ QD SRê¿WNX SURVLQFH %\OD WR SUYQË ] UHSUH]HQWDêQËFK DNFË MHæ E\ VH PøO\ Y &LW\ *DWH RSDNRYDW NDæ GÇKR êWYUW URNX 3ĆHGY¿GøQ¿ OX[XVQË PÑGD SOQø RGSRYËGDOD VHJ PHQWX REFKRGĎ NWHUÇ Y SUĎFKR]Ë SDV¿æË VËGOË DČ Xæ WR MH ]QDêND 0D[0DUD QHER VW\O REOHêHQË Y GXFKX 0DUOERUR &ODVVLFV -DNR xSHUN VH WDP RVWDWQø EOÛVN¿ L GDOxË LWDOVN¿ ]QDêND 0RUHOODWR Y MHMËPæ SRUWIROLX MVRX KODYQø NOHQRW\ DOH Y\U¿EË L GDOxË PÑGQË GRSOĀN\ MDNR MVRX SHUD NOËêHQN\ êL SHQøæHQN\ ,WDOVNÛ xPUQF D HOHJDQFH SURVWø SDV¿æL Y &LW\ *DWH YO¿GQRX WDNæH VL PĎæHWH

_


= GĆHYøQÛFK RFKR]Ď ORIWRYÛFK E\WĎ Y QHMY\xxËP SDWĆH MH YLGøW FHO¿ %UDWLVODYD 'ROH Y GRPø êHN¿ QD VYÇ GRNRQêHQË ED]ÇQ D SURVWRU EXGRXFËKR VSD

G¿W VNYøOÇ D GRVWDWHêQø VLOQÇ OXQJR Y WDPQËP &LW\ FDIÇ D SDN VH Y\SUDYLW WĆHED GR REFKRGX &KLF &ROOHFWLRQ QHER 0DULQD 5LQDOGL 6QDGQR GRV¿KQHWH QD VYøWRYRX PÑGX EH] WRKR DE\VWH ]WU¿FHOL êDV EøKHP OHWX GR 0LO¿QD êL 3DĆËæH 9j( 352 5(=,'(17<

e%XGRYD VH QDFK¿]Ë QD SUHVWLæQË DGUHVH Y VDPÇP VUGFL SXOVXMËFË KR FHQWUD PøVWD D Y GHOxËP êDVRYÇP KRUL]RQWX GLVSRQXMH YHOPL ]DMËPDYÛP REFKRGQËP SRWHQFL¿OHP r Y\VYøWOXMH ,QJ 3DYHO 9R PHOD ĆHGLWHO GLYL]H 'HYHORSPHQW VSROHêQRVWL 36- SURê VH ILUPD UR]KRGOD SURMHNW NRXSLW e3RNXG VH WUK Xæ Y URFH YU¿WË QD KRGQRW ORĀVNÇKR URNX EXGH SURMHNW ØVSøxQÛ D QHMDWUDNWLY QøMxËP E\WĎP Y %UDWLVODYø VH SRGDĆË QDOÇ]W QRYÇ PDMLWHOH r GRG¿

_

0DVLYQË WHSDQ¿ ]¿EUDGOË V GXERYÛPL PDGO\ REHSËQDMËFË PUDPRURY¿ WRêLW¿ VFKRGLxWø XND]XMË QD WR æH YÛ]QDP VORYD OX[XV VH ]D SRVOHGQËFK VWR OHW QH]PøQLO

Y¿ $ QHSĆHK¿QË -H MDVQÇ æH &LW\ *DWH QDEË]Ë NRPELQDFL OX[XVX SRKRGOË D QHMOHSxË DGUHV\ YH PøVWø 6WDêË VL SURKOÇGQRXW Y]RURYÛ DSDUWP¿Q 0HWURSROLWDQ 6W\OH QDYUæHQÛ Y GXFKX VYøWR]Q¿PÇKR DUFKLWHNWD D WYĎUFH EUQøQVNÇ YLO\ 7XJHQGKDW /XGZLJD 0LHVH YDQ GHU 5RKHKR D XUEDQLVW\ /H &RUEXVLHUD 7ĆLF¿W¿ OÇWD PLQXOÇKR VWROHWË MVRX GRSOQøQD SUYN\ VRXêDVQÇKR GHVLJQX D xSLêNRYRX HOHNWURQLNRX 7DNWR UHSUH]HQWDWLYQË SURVWRU\ D EH]SRêHW YÛKRG Y\SOÛYDMËFËFK ] SURSRMHQË V NRPHUêQË VIÇURX D FHQWUHP %UDWLVODY\ VH RVWDWQø OËEË WDNÇ GLSORPDWĎP NWHĆË E\ PøOL REÛYDW SRGVWDWQRX ê¿VW EXGRY\ 9 REMHNWX MH QDSO¿QRY¿QD L xSLêNRY¿ UHVWDXUDFH D RG OÇWD EXGH ]SURYR]QøQR GYRXSDWURYÇ ILWQHVV VWXGLR NGH MH MLæ GQHV SĆLSUDYHQÛ ED]ÇQ D YËĆLYND 2E\YDWHOÇ WDP EXGRX PËW ORJLF


7DNÇ REQRYHQÇ YLWU¿æH -DQND $OH[\KR N EXGRYø &LW\ *DWH QHRGP\VOLWHOQø SDWĆË

N\ ]DMLxWøQÛ SĆHGQRVWQË YVWXS .OXERYÛ V\VWÇP EøæQÛ QD =¿SDGø SĆHGSRNO¿G¿ L GRQ¿xNX YHêHĆH Dæ GR REÛY¿NX SDUNRYDFË VOXæ EX QD SRG]HPQËP SDUNRYLxWL Y]G¿OHQÇP PHWUĎ RG REMHNWX D VOXæE\ QD SĆ¿QË êLOL FRQFLHUJH QD ØURYQL SøWLKYø]GLêNRYÇKR KRWHOX =DMLxWøQË XNOË]HêN\ SUR ØNOLG E\WX Y GREø NG\ VH MHKR PD MLWHO YøQXMH GĎOHæLWÛP REFKRGQËP VFKĎ]N¿P SĆËSDGQø VHKQ¿QË DX SDLU SUR SĆËOLx QHSRVHGQ¿ GËWND DE\ VL URGLêH PRKOL XæËW YHêHU QË SĆHGVWDYHQË Y EOË]NÇP 1¿URGQËP GLYDGOH EXGH WR QHMPHQxË $ MH ]FHOD MHGQR ]D EXGHWH PDMLWHOL E\WĎ R PHQxËFK UR]PøUHFK QHER WøFK R ØFW\KRGQÇ UR]OR]H PHWUĎ êWYHUHêQÛFK 1HMKRĆHM xË SRVFKRGË EXGRY\ SĆLSRPËQDMËFË WDN WURFKX Q¿VWDYEX ]DRFH¿Q VNÇKR SDUQËNX WYRĆË XQLN¿WQË ORIW\ V RFKR]\ D WHU¿VNDPL D KODYQø

8N¿]NRYÛ DSDUWP¿Q QDYUæHQÛ Y GXFKX VYøWR]Q¿PÇKR DUFKLWHNWD D WYĎUFH EUQøQVNÇ YLO\ 7XJHQGKDW /XGYLJHP 0LHVHP YDQ GHU 5RKHP D XUEDQLVWRX /H &RUEXVLHUHP QDGFKQH RSUDYGX NDæGÇKR

Q¿GKHUQÛP YÛKOHGHP QD FHOÇ FHQWUXP %UDWLVODY\ YêHWQø MHKR GRPLQDQW MDNR MVRX KUDG D 1RYÛ PRVW V FKDUDNWHULVWLFNRX WURMQR KRX YøæË =¿MHPFL R E\GOHQË QD QHMSUHVWLæQøMxË DGUHVH YH PøVWø YxDN EXGRX PXVHW V¿KQRXW KORXEøML GR SHQøæHQN\ QHMOX[XVQøMxË E\GOHQË Y %ODYø P¿ PËW Q¿OHSNX L WRKR QHMGUDæxËKR -H WR WDN MDN MVPH SVDOL Y HGLWRULDOX SUYQËKR YÛWLVNX PDJD]ËQX &KRLFH D FR PĎæHWH QDMËW L Y SUHVV NLWX QDxHKR PDJD]ËQX 3ËxHPH R NU¿VQÛFK GHVLJQRYÛFK YøFHFK V Y\VRNRX XPøOHFNRX D IXQNêQË KRGQRWRX $OH QHO]H VL QDOK¿YDW æH MVRX ]DGDUPR /HWLWÇ UêHQË eQHMVHP WDN ERKDWÛ DE\FK VL NXSRYDO OHYQø YøFL r GRVW¿Y¿ Y SĆËSDGø SURMHNWX &LW\ *DWH GDOxË UR]PøU 9L] ZZZ FLW\JDWH VN

_


WH[W -DQ 'XxHN IRWR DUFKLY

-628 9 = 6$'÷ '9$ =3č62%< -$. 1$å,92 6/('29$7 = 92'< )2508/( %8ò 6, .283«7( 1(&+871÷ 3ą('5$å(128 96783(1.8 1$ 75,%81÷ 675 9«7( 9«&( -$. é7<ą, +2',1< $ = 02123267č 9,'«7( é$672 -(1 52=0$=$128 ą928&« é 58 $1(%2 3ą,-0(7( 32=9 1« 2' 1÷.7(5§+2 =( 6321=25č =¸é$671÷1§+2 7»08 .7(5» 9 6 '267$1( '2 9,3 =±1< 1$=9$1§ )2508/$ 21( 3$''2&. &/8% .'( 6( =( 6/('29 1« = 92'8 67 9 632/(é(16. 8' /267 &+2,&( 6, 3ą(.9$3,9÷ 9<%5$/ 78 '58+28 02å1267

DP RêL VNU] VNOD PLNUREXVX GRKOÇGO\ YxXGH VW¿OD DXWD 6MH]G ] G¿OQLFH $ S¿U NLORPHWUĎ RG EHOJLFNÇ YHVQLêN\ )UDQFRU FKDPSV E\O WRW¿OQø XFSDQÛ = S¿U RNÛQHN YO¿O\ EUD]LOVNÇ êL LWDO VNÇ YODMN\ QøNWHĆË ĆLGLêL WURXELOL DOH ]G¿OR VH æH MH QLMDN ]YO¿xČ QHY]UXxRYDO IDNW æH VH GDOxË êYUWKRGLQX QHSRKQRX DQL R SËó e. 9HONÇ FHQø WRKOH SDWĆË r XxNOËEO VH ĆLGLê D Y]¿SøWË SURKRGLO S¿U VORY IUDQFRX]VN\ V QHMEOLæxËP SROLFLVWRX &HGXOND QD RNQø KO¿ VËFË æH RVD]HQVWYR PLNUREXVX MH KRVW\ WÛPX ) $7 7 :LOOLDPV ]DêDOD IXQJRYDW -DNR ]¿]UDNHP VH PH]L DXW\ REMHYLOD VNXOLQD D P\ NRQHêQø QDEUDOL U\FKORVW &HVWø QD 9HONRX FHQX %HOJLH

.

_

NWHU¿ MH SĆHGSRVOHGQËP PøĆHQËP VLO QHMYÛNRQQøMxËFK PRQRSRVWĎ QD VYøWø QHæ VH FLUNXV ) SĆHVXQH GR $VLH Xæ QLF QHEU¿QLOR 1HGøOQËPX xËOHQVWYË IDQRXxNĎ NRPELQRYDQÇPX VH VWøKRY¿QËP Q¿URGĎ RILFL¿OQË VWDWLVWLN\ POXYLO\ R QøMDNÛFK êW\ĆLFHWL WLVËFËFK Q¿YxWøYQËFËFK NWHĆË REVDGLOL YxHFKQ\ WULEXQ\ D VWU¿Qø SR FHOÇ GÇOFH WUDWL SĆHGFK¿]HOR GYRXGHQQË GRMËæGøQË GR PËVWD RILFL¿OQø ]YDQÇKR &LUFXLW GH 6SD )UDQFRUFKDPSV 9 VHUL¿OX 9HONÛFK FHQ PH]L YHVPøV URYLQQÛPL RNUXK\ MH WDWR VHGPLNLORPHWURY¿ WUDČ XNU\W¿ Y DUGHQVNÛFK OHVËFK VNXWHêQRX SHUORX $ PH]L MH]GFL MH MHGQR]QDêQø QHMREOËEHQøMxË 1D SRVOHGQËP SĆËURGQËP RNUXKX


Y VHUL¿OX VH SRSUYÇ ]¿YRGLOR Xæ Y URFH IRUPXOH VH VHP SĆHVXQXO\ Y URFH 3URILOHP Q¿URêQRVWË L SĆHYÛxHQËP QHP¿ PH]L RVWDWQËPL NRQNXUHQFL 2 QHMVODYQøMxË D QHMQ¿URêQøMxË SDV¿æL ]YDQÇ (DX 5RXJH SHNHOQø U\FKOÇP eHVËêNXr Y NRSFL QDG WULEXQD PL V¿P $ODLQ 3URVW NG\VL SURKO¿VLO e1D WRP PËVWø VH ] FKODSFĎ VW¿YDMË PXæL r 9R]\ VH GR PËUQø OHYÇ ]DW¿êN\ D Y]¿SøWË GR SUDYRWRêLYÇ Y SĆHFKRGX ] NOHV¿QË GR VWRXS¿QË ĆËWË U\FKORVWË NROHP WĆË VHW NLORPHWUĎ QD YUFKROX WÇPøĆ ]WU¿FHMË NRQWDNW VH ]HPË D MH]G FL Y WX FKYËOL PXVË SĆHNRQDW Dæ SøWLQ¿VREHN ]HPVNÇ SĆLWDæOLYRVWL $OH L V¿P SRKOHG GR ØGROË NWHUÇPX YÇYRGË GORXK¿ EXGRYD VH

VWĆHxQË Q¿VWDYERX u NRPSOH[ SDGGRFNX V JDU¿æHPL WLVNRYÛP FHQWUHP D 9,3 ]ÑQRX u MH LPSR]DQWQË =YO¿xČ Y GREø NRQ¿QË 9HONÇ FHQ\ NG\ VH UR]URVWO R SHVWUREDUHYQÛ ]¿VWXS NDPLRQĎ WYRĆËFËFK ]¿]HPË WÛPĎ $QR WR MVRX RQ\ SURVOXOÇ ePRWRUKRPHVr u GRêDVQÛ GRPRY SLORWĎ D GDOxËFK OLGË NROHP HIMHGQLêN\ $UFKLWHNWRQLFNÇ KĆËêN\ ] NRYX VNOD D SODVWĎ RGU¿æHMËFË ILORVRILL MHGQRWOLYÛFK WÛPĎ 'R GDOHND UXGø ]¿ĆËFË LPSR]DQWQË WĆËSDWURYÛ eEDU¿Nr )HUUDUL QHER PRGURêHUYHQÛ NRPSOH[ 5HG %XOOX V WUXENDPL NRQVWUXNFH SĆLSRPËQDMËFË Q¿VWDYEX NRQFHUWQËFK SÑGLË $ê VH WR ]G¿ QHPRæQÇ YxH VH PXVË YHMËW GR Q¿YøVX NDPLRQX e-H WR YODVWQø WDNRYÇ OHJR Ġ

_


7\SLFNÛ ]¿YRG YH 6SD u WUDČ XNU\W¿ Y OHVËFK ]P¿êHQ¿ GHxWøP GËN\ QøPXæ VH ]H ]¿SROHQË VXSHUU\FKOÛFK PRQRSRVWĎ VW¿Y¿ QDSËQDY¿ WDNWLFN¿ ELWYD Y QËæ YËWø]Ë NURPø ]NXxHQRVWL MH]GFĎ L ]GDWQË PHFKDQLFL QD eSLW VWRSXr D WHFKQLFL X ĆËGLFËFK SXOWĎ V QHMêHUVWYøMxËPL LQIRUPDFHPL

&HOÛ PRWRUKRPH SĆLYH]H QøNROLN WUXFNĎ D DVL GYDFËWND WHFKQLNĎ KR SDN QD PËVWø VORæË ] NRQWHMQHURYÛFK GËOĎ r Y\VYøWOXMH FKODSËN Y WPDYRPRGUÇ EXQGø V EËOÛPL Q¿SLV\ u HUERYQËPL WR EDUYDPL WÛPX $7 7 :LOOLDPV -HMLFK ]¿]HPË SDWĆË PH]L W\ PHQxË D PÇQø RN¿]DOÇ FRæ RGSRYËG¿ MDN NRQ]HUYDWLYQË EULWVNÇ SRYD]H WDN L VRXêDVQÇPX SRVWDYHQË :LOOLDPVX D MHKR MH]GFĎ YH VWĆHGX WD EXON\ 8YQLWĆ WR YxDN æ¿GQRX FKXGREX QHSĆLSRPËQ¿ 3OD]PRYÇ REUD]RYN\ SORYRXFË SRGODKD IOÇWQ\ V EXEOLQNDPL xDPSDĀVNÇKR .DæGÛ ] SLORWĎ P¿ YODVWQË SRNRM VH VSUFKRX D WRDOHWRX G¿OH WX MH NXFK\Qø D MËGHOQD SUR FHOÛ WÛP 9 S¿WHN YHêHU SR SUYQËFK WUÇ QLQNRYÛFK MË]G¿FK QHVNUÛYDMË X :LOOLDPVX VSRNRMHQRVW 7ÛPRY¿ MHGQLêND EUD]LOVNÛ YHWHU¿Q 5XEHQV %DULFKHOOR SU¿Yø MHGH YH 6SD VYRX WĆËVWRX 9HONRX FHQX êËPæ VH RILFL¿OQø VW¿Y¿ SUYQËP NGR WRKR Y KLVWRULL GRV¿KO $ ]¿GD PX MLVWË WĆLDGYDFHWLOHWÛ 1øPHF 1LFR +ÚONHQEHUJ MH]GËFË MHxWø Y URFH )RUPXOL RGNXG VL KR :LOOLDPV Y\W¿KO MDNR WHVWRYDFËKR MH]GFH DE\ PX Y OLVWRSDGX

_

QDEËGO VPORXYX QD SR]LFL WÛPRYÇ GYRMN\ =DWËPFR QD 5X EHQVRYL MH ]Q¿W ØQDYD ] YHêËUNX QD NWHUÛ SĆHGHYêËUHP VH]YDO YxHFKQ\ SLORW\ ) 1LFR KÛĆË RSWLPLVPHP 1RYÛ YĎ] ): PX ]DWËP QHGDO WROLN PRæQRVWË ]D]¿ĆLW DOH YøĆË æH VH WR FR QHMGĆËY RE U¿WË 7ĆHED Xæ Y QHGøOL 9H 6SD VL YøĆË QDYËF V WDNRYÛP ]NXxHQÛP MH]GFHP MDNÛP MH 5XEHQV ]D ]¿G\ e7DNÇ 1LFR MH YÛERUQÛ MH]GHF QD VYÇ PO¿GË YHOPL Y\VSøOÛ D KODYQø VFKRSQÛ ]SøWQÇ YD]E\ GRN¿æH Y\VYøWOLW LQæHQÛUĎP MDN VH YĎ] FKRY¿ 6SRXVWD MHKR YUVWHYQËNĎ WRKOH QHXPË r YUDFË PX NRPSOLPHQW %DULFKHOOR NWHUÛ VH N QRYLQ¿ĆVNÛP GLNWDIRQĎP GRVW¿Y¿ SR]GøML :LOOLDPV QD SRêHVW MHKR WĆËVWÇ 9HONÇ FHQ\ Y\GDO EURæXUX SOQRX IRWHN D YĎEHF VL VYÇKR MXELODQWD FHQË 7Hó MHxWø DE\ VH WR XN¿]DOR L QD WUDWL 1LF QD VYøWø Y¿V QHPĎæH SĆLSUDYLW QD SUYQË æLYÇ ]DĆY¿QË PR WRUX HIMHGQLêN\ SUDFXMËFËKR SĆL RVPQ¿FWL WLVËFL RW¿êN¿FK ]D PLQXWX =DSRPHĀWH QD WHOHYL]QË SĆHQRV\ 7DP MH WHQKOH ]YXN ]¿PøUQø SRWODêHQ %]XêHQË QD ØURYQL XOWUD]YXNX NRPELQRYDQÇ


8PøQË SLORWD ) VH PLPR MLQÇ SR]Q¿ L SRGOH WRKR MDN GREĆH MH VFKRSHQ PHFKDQLNĎP ]SURVWĆHGNRYDW GRMP\ D SR]QDWN\ ] WUÇQLQNX DE\ E\O YĎ] QD RVWUÛ ]¿YRG GRNRQDOH SĆLSUDYHQ 5XEHQV %DULFKHOOR YSUDYR L 1LFR +ÚONHQEHUJ WR ]YO¿GDMË V SĆHKOHGHP

V WURXEHQËP VW¿GD UR]]XĆHQÛFK VORQĎ UYH XxQË EXEËQN\ QDWROLN æH VH YxXGH ]DGDUPR UR]G¿YDMË xSXQW\ GR XxË %H] QLFK WR SURVWø QD 9HONÇ FHQø QHMGH YH ]GUDYË SĆHæËW 6WHMQø YHONROHSÛ MH GRMHP ] 9,3 ]ÑQ\ MPÇQHP )RUPXOD 2QH 3DGGRFN &OXE 7R MH VNXWHêQø ]¿]HPË KRGQÇ VWRYHN PLOLRQĎ GRODUĎ NWHUÇ VH YH ) WRêË -H WR YODVWQø Q¿VWDYED SĆLSRPËQDMËFË REURYVNÛ VWDQ QD VWĆHxH JDU¿æË VNUÛYDMËFË DEVROXWQË OX[XV SUR YxHFKQ\ Y¿æHQÇ KRVW\ u D WøPL MVRX KODYQø VSRQ]RĆL D MHMLFK ]Q¿PË 3UR Q¿V QRYLQ¿ĆH MH WËP ER KDWÛP VWUÛêNHP HOHNWURQLFNÛ JLJDQW 3KLOLSV KODYQË VSRQ]RU WÛPX $7 7 :LOOLDPV NRX]HOQÛP NOËêHP RWHYËUDMËFË QHMHQ SRNODG\ PËVWQËKR FDWHULQJX DOH L PDV¿æQË D NRVPHWLFNÛ VDORQ PDJQH WLFNÛPL NDUWDPL V UĎ]QÛPL YLVDêNDPL u QD VRERWX VH VWĆËEUQRX VSRQRX D QD QHGøOL VH ]ODWRX . WRPX SĆLSRêWøWH VSHFL¿OQË NDUW\ QD YVWXS GR JDU¿æË NGH Y¿P QDYËF XSHYQË QD ]¿SøVWË EDUHYQRX VWXKX 6NOHQLFH V RILFL¿OQËP xDPSDĀVNÛP ) 0XPP MVRX N GLV SR]LFL Dæ Y SDWĆH PĎæHWH V QËP NRU]RYDW VNU] WUDGLêQË eSLW ZDONr

u ER[RYRX XOLêNX QHFHORX KRGLQX SĆHG ]¿YRGHP D QHFKDW VH IRWRJUDIRYDW V PRGHONDPL SÑ]XMËFËPL Y EDUY¿FK VW¿MË X YUDW MHG QRWOLYÛFK JDU¿æË 9H GUXKÇP SDWĆH 3DGGRFN &OXEX VËGOË Y\EUDQÇ WÛP\ SĆLêHPæ GHVLJQ SURVWRUX YæG\ Y\FK¿]Ë ] HUERYQËFK EDUHY 8 )HUUDUL MH WR VDPR]ĆHMPø UXG¿ D ]ODW¿ YRVË eæOXWRêHUQÛr Q¿WøU P¿ 5HQDXOW 0F/DUHQ VH YR]Ë Y NRPELQDFL VWĆËEUQÇ D RUDQæRYÇ EDUYD KODYQËKR VSRQ]RUD 9RGDIRQH D :LOOLDPV SDWĆËFË PH]L Y¿æHQÇ D Y\YROHQÇ VSËx GËN\ VYÇPX ]DNODGDWHOL )UDQNX :LOOLDPVRYL VL SR VSRMHQHFWYË V %0: SRQHFKDO Q¿PRĆQË WPDYø PRGURX QDPËFKD QRX V EËORX D xHGRX 9H VOXxLYÛFK SRORNRxLOËFK NRPELQÇ]¿FK D EXQG¿FK VH WX SRK\EXMË YxLFKQL GĎOHæLWË OLGÇ ] WÛPĎ YêHWQø xÇID NRQVWUXNWÇUĎ 6DPD 0LFKDHOD 9H Y]GXFKX WÇPøĆ YLVË RêHN¿Y¿QË u VRERWQË NYDOLILNDFH GRSDGOD QDG RêHN¿Y¿QË GREĆH RED WPD YRPRGUÇ PRQRSRVW\ VL Y\MHO\ PËVWR Y SUYQË GHVËWFH u %DULFKHOOR RVPÛ D +ÚONHQEHUJ GHV¿WÛ 2G 7R\RW\ SĆHxHO :LOOLDPV SUR WXWR VH]RQX ]SøW N WUDGLêQËPX YÛUREFL PRWRUĎ SUR ) &RVZRUWK %RKXæHO PRGHO &$ 9 P¿ SUREOÇP V YÛNRQHP u SDWĆË PH]L QHMVODExË YH VWDUWRYQËP SROL D V XMHWRX Y]G¿OHQRVWË PX NOHV¿ YÛNRQ 7DN DOHVSRĀ KRGQRWLOL Q¿ POXY\ WÛPX :LOOLDPV V &RVZRUWKHP Y SUĎEøKX MDUD RGERUQËFL QD ) 1D NRQFL VUSQD RYxHP Y JDU¿æËFK XPËVWøQÛFK SĆËPR QD ER[RYÇ XOLêFH QHSDGQH R QøMDNÇP UR]êDURY¿QË DQL VORYR 0HFKDQLFL MVRX SĆL QDxË Q¿YxWøYø EULWVN\ NRUHNWQË u D VWULNWQË 9xLFKQL Y WÛPX SUDFXMË QD VWR SURFHQW D SRNXG VH REMHYË SUREOÇ P\ ØVSøxQø SUDFXMHPH QD MHMLFK RGVWUDQøQË ]QË GLSORPDWLFN¿ RGSRYøó éLVWRWRX JDU¿æ VPøOH NRQNXUXMH RSHUDêQËPX V¿OX u QD EËOÇP OLQROHX QHH[LVWXMË VNYUQ\ RG ROHMH QDWRæ SDN QHSRĆ¿GHN Y xXSOËFËFK 1øNROLN PXæĎ SUDFXMH QD xDVL YR]X NDSRW¿æ MH VXQ GDQ¿ GDOxË V GLJLW¿OQËP SĆËVWURMHP Y UXFH WHVWXMH FRVL Y PRWRUX 6HVWDYHQË YR]X ] KROÇKR xDVL GR SRGRE\ SOQø IXQNêQËKR ]¿YRG QËKR PRQRSRVWX ]DEHUH êW\ĆL GQ\ 3R NDæGÇP ]¿YRGø MH YĎ] UR]HEU¿Q D WHVWRY¿Q SĆHG Q¿VOHGXMËFËP ]¿YRGHP VH SURY¿GË Dæ GLDJQRVWLFNÛFK NRQWURO 6WDQGDUGQË HOHNWURQLFN¿ ĆËGLFË MHG QRWND 6(&8 ]D SRPRFL êLGHO XPËVWøQÛFK QD YR]H ]D]QD PHQ¿Y¿ Dæ GYø VWø ØGDMĎ MHæ MVRX EøKHP ]¿YRGX SĆHQ¿xHQ\ ] YR]X GR JDU¿æË D KODYQø ĆËGLFËKR SRêËWDêRYÇKR SDQHOX YH ]YO¿xWQË EXGFH KQHG ]D SORWHP FËORYÇ URYLQN\ RGNXG SUREËK¿ EøKHP ]¿YRGX YHxNHU¿ NRPXQLNDFH PH]L WÛP\ D MHMLFK SLORW\ 1D YÛYRML YR]X ): NWHUÛ VH WHó QDEOÛVNDQÛ SĆHGY¿GË YHĆHMQRVWL VH SRGËOHOR DVL SøW VHW OLGË D WUYDO URN D SĎO 3UYQË ]NRXxN\ Y DHUR G\QDPLFNÇP WXQHOX SUREøKO\ Xæ QD NRQFL URNX = QXO\ QD VWR WR Y\W¿KQH ]D YWHĆLQ\ ]U\FKOHQË QD NP KRG D RSøWRYQÇ ]D VWDYHQË WUY¿ YWHĆLQ\ 0D[LP¿OQË PRæQ¿ U\FKORVW MH NP KRG 7DG\ Y $UGHQ¿FK RYxHP UR]KRGXMH NURPø U\FKORVWL GDOxË QD SURVWR QHY\]S\WDWHOQÛ IDNWRU u D WËP MH SRêDVË %øKHP ]¿YRGX

_


WUYDMËFËKR NRO PĎæH WĆHED WĆLNU¿W OËW MDNR ] NRQYH D Q¿VOHGQø VYËWLW VOXQFH WDNæH VH ] SĆH]RXY¿QË JXP VWDQH ORWHULH NGH VL WR xČDVWQÇ êËVOR PĎæH Y\W¿ KQRXW L SDSËURYø VODExË MH]GHF 3ĆHG QHGøOQËP ]¿YRGHP ]DêËQDMËFËP GHILOÇ MH]GFĎ Y KLVWRULFNÛFK VSRUČ¿FËFK VH Y GREĆH ]Q¿PÛFK SURVWRU¿FK V ORJHP :LOOLDPV ]QRYX REMHYXMH PLPRĆ¿GQø GREĆH QDODGøQÛ 5XEHQV %DULFKHOOR êHUVWYø ]YROHQÛ MHGHQ ]H WĆË xÇIĎ $VRFLDFH MH]GFĎ ) 2VPDWĆLFHWLOHWÛ YHWHU¿Q 9HONÛFK FHQ NRPHQWXMH QD REĆË SOD]Pø PRPHQW\ VYÛFK VODYQÛFK SRêLQĎ YêHWQø ORĀVNÇKR YËWø]VWYË Y 0RQ]H $OH L KUĎ]RVWUDxQRX KDY¿ULL Y ,PROH SĆL 9& 6DQ 0DULQD Y URFH NG\ VH QHMHG QR EUD]LOVNÇ VUGFH REHVWĆHOR êHUQÛP IOÑUHP QHERČ SR %DULFKHOORYø NROL]L ]WUDWLO Y ]DW¿êFH 7DPEXUHOOR QDG VYÛP YR]HP YO¿GX WURMQ¿VREQÛ PLVWU VYøWD D %DULFKHOOĎY Y]RU D NUDMDQ $\UWRQ 6HQQD Y SOQÇ U\FKORVWL YUD]LO GR EDULÇU\ D ]D êW\ĆL KRGLQ\ QDWR ]HPĆHO 8VPøYDYÛ FKODSËN NWHUÛ YH YROQÇP êDVH KUDMH JROI VEËU¿ KHOP\ VYÛFK VRXSHĆĎ D QD ]¿YRGHFK PX QHMYËF FK\EË MHKR GYø GøWL LQLFL¿O\ MHMLFK MPHQ P¿ Y\WHWRY¿Q\ QD ]¿SøVWË VH Xæ DOH ORXêË V PRGHU¿WRUHP D RGFK¿]Ë VH SĆHYOÇFW GR NRPELQÇ]\ -HxWø xWøVWË æH WÛP WHFKQLNĎ D LQæHQÛUĎ X SRêËWDêRYÛFK REUD]RYHN GROH Y ER[X NGH VH FK\VW¿ NH VWDUWX MHKR PRQR SRVW QHGLVSRQXMH WÇæ NRX]HOQRX NĆLxČ¿ORYRX NRXOË YøxWËFË EXGRXFQRVW 7R FR E\ Y QË XYLGøO E\ KR MLVWø QHSRWøxLOR 2VXG P¿ SURVWø VP\VO SUR êHUQÛ KX PRU u YH VYÇP WĆËVWÇP ]¿YRGø Y NDULÇĆH VNRQêË 5XEHQV KQHG Y SUYQËP NROH 2VXGQRX VH PX VWDQH ]DW¿êND %XV 6WRS X FËORYÇ URYLQN\ D DPELFLÑ]QË DGHSW QD WLWXO PLVWUD VYøWD )HUQDQGR $ORQVR GR NWHUÇKR Y QH]YO¿GQXWÇP VP\NX QDUD]Ë 1D WHUDVH 3DGGRFN &OXEX MVPH PøOL FHORX NROL]L QD GODQL 8YQLWĆ X :LOOLDPVX WR MHQ ]DKXêHOR D SRUWUÇW ]DNODGDWHOH VHVWDYHQÛ ] PRWRURYÛFK GËOĎ ]GREËFË MHGQX ]H VWøQ MDNR E\ Q¿KOH SRVPXWQøO 1D SĆHQRVQÇ PLQLWHOHYL]L .DQJDURR 79 NWHURX P¿ N GLVSR]LFL NDæGÛ KRVW VOHGXML GDOxË NROD ]¿YRGX Xæ WURFKX EH] QDGxHQË D YQLWĆQË PRWLYDFH $ WR MGRX QD SĆËVWURML SĆHSËQDW ]¿EøU\ QD NDPHU\ Y MHGQRWOLYÛFK YR]HFK L PËVWHFK RNUXKX VWXGRYDW VWDWLVWLN\ SURIL O\ MH]GFĎ L WÛPĎ -DN DVL PXVË EÛW %DULFKHOORYL 1DGøMQÛ 1LFR +ÚONHQEHUJ VH VLFH SĎO ]¿YRGX GUæË QD ERGRYDQÇ RVPÇ SĆËêFH DOH SDN Q¿URêQRX WDNWLF NRX SDUWLL ]YDQRX eSĆH]RXY¿QË JXPr SURKUDMH RQ L MHKR WÛP 9 NROH ]DêËQ¿ ]QRYX SRNROLN¿WÇ Xæ" SUxHW Y ER[RYÇ XOLêFH MH Q¿KOH KODYD QD KODYø MDN VH PHFKDQLFL FK\VWDMË QD eSLW VWRSr u SĆH]RXY¿QË JXP WUYDMËFË WDN êW\ĆL YWHĆLQ\ D 1LFR PH]LWËP NORXæH QD KODGNÛFK JXP¿FK GR VXFKD SR WUDWL D WU¿SË VH YH VP\FËFK Y NDæGÇ ]DW¿êFH 1D êHOH VH SĆLWRP GøMË QHXYøĆLWHOQÇ YøFL RSøWRYQø GRND]XMËFË æH ]¿YRG ) QHQË QXGQRX ]¿OHæLWRVWË NG\æ YH Y]GXFKX FËWËWH VS¿OHQÛ EHQ]LQ D JXP\ YLGËWH EU]GËFË PRQRSRVW\ V YøMËĆRYLWRX VYDWR]¿ĆË YRG\ D VO\xËWH ĆHY PRWRUĎ +QHG SR VWDUWX MGH GR YHGHQË /HZLV +DPLOWRQ QD 0F/DUHQX SRGOH V¿]NRYÛFK NDQFHO¿ĆË QHMYøWxË IDYRULW QD YËWø]VWYË 9ËWø] NODVLILNDFH 0DUN :HEEHU QD 5XG %XOOX ]DRVW¿Y¿ QDRSDN GR SRSĆHGË VH SRVWXSQø SURGËU¿ MHKR VW¿MRYÛ NROHJD 6HEDVWLDQ 9HWWHO -HQRPæH WHQ MHQ SRWYUGLO æH MH VW¿OH MHxWø QHY\]U¿OÛP MH]GFHP SURWRæH SĆL ULVNDQWQËP SĆHGMËæGøFËP PDQÇYUX GRVWDO VP\N D YUD]LO SĆHGNHP YR]X GR 0F/DUHQX -HQVRQD %XWWRQD NWHUÛ VH PH]L WËP ] S¿WÇKR PËVWD SURSUDFRYDO QD GUXKÇ .RQHF QDGøMË QD GREUÇ XPËVWøQË SLORW Y\OÇ]¿ ] YR]X RGNO¿G¿ SĆLOEX QD WUDČ Y\MËæGË VWĆËEUQÛ 0HUFHGHV V Q¿

_

ÏY8 8Ê~ O| ´ ¹ MH REUD]RYÛ SUĎYRGFH QD VWUDQ¿FK XQLN¿W QËP VYøWHP IRUPXOH -HKR DXWRU MH ]NXxHQÛ QRYLQ¿Ć NWHUÛ ĆDGX OHW VOHGXMH ]EOË]ND GLYDGOR ) D SĆHGVWDYXMH QHMHQ KLVWRULL ]¿YRGĎ D MHGQRWOLYÇ WÛP\ DOH WDNÇ YODVWQË ]¿YRGQËN\ D RNUXK\ =DY¿GË êWHQ¿ĆH GR PËVW NDP VH EøæQø GRVW¿YDMË MHQ Y\YROHQË u GR SDGRNX êL GRNRQFH WRY¿UHQ 3XEOLNDFL Y FHQø .ê Y\G¿Y¿ QDNODGDWHOVWYË 0ODG¿ IURQWD


1D VYRX WĆËVWRX 9HONRX FHQX Y NDULÇĆH GRVWDO 5XEHQV %DULFKHOOR L RULJLQ¿OQø Y\]GREHQRX SĆLOEX %RKXæHO PX N OHSxËPX XPËVWøQË QHSRPRKOD

SLVHP VDIHW\ FDU +UDQLFH PH]L ]NODP¿QËP D UDGRVWË MH SĆHYHOLFH WHQN¿ u D WR SODWË YH ) MDNR Y NDæGÇP MLQÇP VSRUWX 'HVHW NRO SĆHG FËOHP VH GR NROL]H GRVWDO L VXYHUÇQQø YHGRXFË /HZLV +D PLOWRQ 3RKUGO ]DVW¿YNRX Y ER[HFK QHFKDO VL SQHXPDWLN\ D YH VWHMQÇ ]DW¿êFH MDNR 5XEHQV PX WR XOËWOR xHMGUHP 9Ď] Y\OHWøO ] WUDWL FKYËOL MHO SR xWøUNRYÇP eNDêËUNXr D NROHP VH MHQ OHKFH RWĆHO R EDULÇUX %ÛW WR R S¿U FHQWLPHWUĎ YËF PøO SR QDGøMËFK $ YËWø]QÛFK YDYĆËQHFK RYDFËFK Y FËOL D GHxWL ]H xDPSDĀVNÇKR %DOËPH YøFL ORXêËPH VH V SRVPXWQøOÛPL PXæL D æHQDPL Y PR GUREËOÇP 7HQKOH ]¿YRG GRSDGO SUR MHMLFK EDUY\ NDWDVWURI¿OQø DOH VHUL¿O 9HONÛFK FHQ QHNRQêË D MH ]DSRWĆHEË EHOJLFNRX GHxWLYRX NDSLWROX VPD]DW D GËYDW VH GRSĆHGX 8 0F/DUHQX VODYË ]D SORWHP Y\ĆY¿YDMË RSLOË SROxWË IDQRXxFL e5ÑEHUW r QD RVODYX EURQ]X MHMLFK URG¿ND MH]GFH 5HQDXOWX 5REHUWD .XELFL 8æ ]ËWUD YxHFKQ\ PR

WRUKRPHV xLNRYQË PHFKDQLFL UR]HEHURX QDORæË GR NDPLRQĎ D RG YH]RX GR 0RQ]\ Y ,W¿OLL $ WL NGR VNRQêLOL GLVNYDOLILNDFË WĆHED ]D MHGRX VXSHU YÛVOHGHN FRæ E\ PRKO SRWYUGLW SU¿Yø GYRMQ¿VREQÛ PLVWU VYøWD ]DPUDêHQÛ jSDQøO $ORQVR NWHUÛ QD GDOxËFK GYRX ]¿YRGHFK YËWø]Ë 9 KROO\ZRRGVNÇP ELM¿NX E\ PRæQ¿ %DULFKHOOR SU¿Yø QD VYÇ WĆËVWÇ 9HONÇ FHQø ]DERGRYDO Y SRVOHGQËP NROH DOH QDxWøVWË æLYRW SËxH MLQÇ VFÇQ¿ĆH D ERKDWø PX WR Y\QDKUDGË R PøVËF SR]GøML QD GUXKÇ VWUDQø ]HPøNRXOH Y 6LQJDSXUX NGH Y QRêQËP ]¿YRGø ]DMHGH Y\QLNDMËFË xHVWÇ PËVWR WĆHWË QHMOHSxË XPËVWøQË VH ]RQ\ 0RæQ¿ SU¿Yø WR GøO¿ ]¿YRG\ QHMU\FKOHMxËFK PRQRSRVWĎ QD VYøWø WDN MHGLQHêQÛPL u DČ Xæ VH GËY¿WH ] Y\KĆ¿WÇ PËVWQRVWL VH VNOHQNRX xDPSDĀVNÇKR Y UXFH DQHER ] WULEXQ\ V GDOHNRKOHGHP REOHêHQL GR WĆHFK VYHWUĎ D SĆHVWR SURPU]OË D SURPRêHQË QD NRVW &LUNXV ]YDQÛ ) MHGH u D PXVË MHW G¿O

_


_


WH[W .ULVWLQD jHPEHURYยฟ IRWR DUFKLY 9LEHO

GรฆXQJOH SUR PDOร W\JU\ 'รท7, 6, &+7รท-ยซ +5ย 7 32ฤ ย ' $ 9j8'( 52',รฉ( =$6( 728รฅยซ -(-,&+ +5$9267 52=9ยซ-(7 .'<.2/, 1$ 72 0$-ยซ (1(5*,, 632/(รฉ1267 9,%(/ .7(5ย 1$95+8-( 'รท76.ยง 32.2-( 7ยง0รทฤ รฉ7<ฤ ,&(7 /(7 9<&+ย =ยซ 967ฤ ยซ& 2%รท0$ 675$1ย 0 32.2-ยซ.< 7ยง72 =1$รฉ.< 52=9ยซ-ยซ 262%1267 'ยซ7รท7( 526728 6 1ยซ0 $ 628รฉ$61รท , .5ย 61รท 9<3$'$-ยซ

_


éLVWÇ MHGQRGXFKÇ WYDU\ D VSU¿YQø ]YROHQÇ RGVWËQ\ KUDYRVW GøWË VWLPXOXMË D NXOWLYXMË .DæGÇ GËWø MH MHGLQHêQÇ SURWR E\ DQL GøWVNÇ SRNRMËêN\ QHPøO\ EÛW VWHMQÇ

RP¿FË VDIDUL 6SOQøQÛ VHQ YøWxLQ\ FKODSHêNĎ KOWDMËFËFK ] '9' .QLKX GæXQJOË QHER 0DGDJDVNDU .G\æ MH RPU]Ë KUD QD SRNR ĆLWHOH GLYRêLQ\ O]H LQWHULÇU SRNRMËêNX SURPøQLW ]PøQRX GRSOĀNĎ D WH[WLOX WĆHED Y ]¿YRGQË RNUXK 1LF QHQË QHPRæQÇ =DĆË]HQË GøWVNÇKR SRNRMH E\ VH PøOD YøQRYDW PLQLP¿OQø VWHMQ¿ SÇêH MDNR ]EÛYDMËFËP PËVWQRVWHP GRP¿FQRVWL =DWËPFR Y\ P¿WH SUR VHEH FHOÛ E\W êL GRNRQFH GĎP æLYRW GËWøWH VH êDVWR RGHKU¿ Y¿ SRX]H QD MHGQRP PËVWø YøWxLQRX Y REÛY¿NX êL NXFK\QL 3UR ]GUDYÛ YÛYRM YxDN QøMDNÛ êLVWø VYĎM NRXW SRWĆHEXMH $ WHQ E\ PøO EÛW QHMHQ IXQNêQË DOH L SøNQÛ QD SRKOHG 7DNRYÛ GøWVNÛ SRNRM V YDxË UDWROHVWË URVWH D êËP MH GËWø PHQxË WËP WR EøæË U\FKOHML 9Ë R WRP VYÇ L PDWND GYRX NOXNĎ D PDMLWHOND êHVNÇ SRERêN\ IUDQ FRX]VNÇKR YÛUREFH GøWVNÛFK SRNRMĎ j¿UND 5LFKWURY¿ e6SROHê QRVW 9LEHO QDYUKXMH GøWVNÇ SRNRMH QD PËUX MLæ SĆHV OHW &ËOHP MH Y\WYRĆLW WDNRYÇ SRNRMH NWHUÇ VH OËEË URGLêĎP L GøWHP UR]YËMË MH D VRXêDVQø EDYË r Y\VYøWOXMH )XQNFH FHOÇKR GRPX VH êDVWR PXVË YPøVWQDW GR MHGQÇ êL GYRX PËVWQRVWË u GøWVNÇKR SRNRMH

'

_

SĆËSDGQø KHUQ\ 'HVLJQÇĆL 9LEHOX SURWR V URGLêL D GøWPL GHWDLO Qø KRYRĆË R MHMLFK SĆ¿QËFK D SĆHGVWDY¿FK D VQDæË VH MLP MH PD [LP¿OQø Y\SOQLW 3ĆHG ]DĆL]RY¿QËP WDNRYÇKR GøWVNÇKR SRNRMH VL PXVËWH QHMSUYH XYøGRPLW MDN YODVWQø æLMHWH éWHWH GËWøWL YHêHU SĆHG VSDQËP" 1DYxWøYXMË KR êDVWR NDPDU¿GL" +UDMH VL UDGøML Y REÛY¿NX QHER Y NXFK\QL" -H WĆHED ê¿VW SRNRMH YøQRYDW DX SDLU" 2EY\NOH EÛY¿ GøWVNÛ SRNRM UR]GøOHQ GR WĆË ]ÑQ u QD VSDFË KUDFË D SUDFRYQË 9LEHO WRWR XVSRĆ¿G¿QË SOQø UHVSHNWXMH SĆLWRP YxDN QDEË]Ë Y\VRNRX YDULDELOLWX 3RNRMËN WDN V GËWøWHP URVWH D SRVWXSQø VH DGDSWXMH QD MHKR DNWX¿OQË SRWĆHE\ 'ËN\ SRXæLWÛP PDWHUL¿OĎP PDVLYQË GĆHYR D 0') QDYËF Y\GUæË E\Č VW\O LQWHULÇUX O]H VQDG QR SĆHPøQLW GRSOĀN\ 7DNÇ YHxNHUÛ WH[WLO MH VYOÇNDFË D SUDWHOQÛ 7\SLFNÛP SĆËNODGHP PĎæH EÛW SĆHEDORYDFË SXOW u NXV Q¿E\WNX NWHUÛ Xæ SR URFH SRVWU¿G¿ YÛ]QDP 7HQ RG 9LEHOX VH YxDN EU]\ ]PøQË Y WRDOHWQË VWROHN SUR GYRXOHWRX SULQFH]QX QHER SROLFL QD GRPHêN\ OHJD SUR êW\ĆOHWÇKR NXWLOD 0H]L QHMREOËEHQøMxË NXV Q¿E\WNX YxDN SDWĆË SUYQË YHON¿ SRVWHO NWHURX 9LEHO Y\U¿EË QD PËUX Y xËĆN¿FK RG GR FP 'ËWø Y QË PĎæH VQËW RG WĆË Dæ GR GYDFHWL OHW 1HMSUYH SRG VWĆËxNRX SRVOÇ]H SRG URPDQWLFNÛPL QHEHV\ D QDNRQHF WĆHED V EXGRXFËP SDUWQH UHP e-DN VH SRWĆHE\ D WRXK\ GøWË PøQË GRN¿æHPH SURPøQLW L MH MLFK SRNRM 1¿x Q¿E\WHN WRWLæ Y\XæËY¿ SULQFLSX OHJD u MHGQRWOLYÇ NXV\ O]H SRXæËW UĎ]Qø QHER MH GRSOQLW GDOxËPL 3UDFRYQË GHVN\ SRVWHOH L æLGOH VDPR]ĆHMPø GLVSRQXMË QDVWDYLWHOQRX YÛxNRX 'ø WHP VH PQRKG\ ]GDMË VWURS\ Y SRNRML H[WUÇPQø Y\VRNÇ VQ¿]H WDN QDSĆËNODG XVQRX SRG QHEHV\ r Y\VYøWOXMH j¿UND 5LFKWURY¿ 9LEHO ]KPRWĀXMH VQ\ u FRNROLY VL Y\P\VOËWH QHER SR êHP YDxH GËWNR WRXæË QDEXGH Y SURGHMQø QD 0DOÇ 6WUDQø Y .DUPHOLWVNÇ XOL FL MDVQÛFK REU\VĎ D VWDQH VH VNXWHêQRVWË +UDG V PRVWHP YøæË D VNOX]DYNRX Dæ GR SRVWHOH SULQFH]QLQ EXGR¿U NRSLH REÛY¿NX SUR GRVSøOÇ VH VHGDêNRX D GHWDLOQø SURSUDFRYDQÛP SUDFRYQËP VWROHP SUROÇ]DêN\ D Y\VXQRYDFË PDWUDFH SUR NDPDU¿G\ 'øWVN¿ IDQWD]LH QH]Q¿ PH]Ë D DQL GRVSøOË ]DPøVWQDQË YH ILUPø 9LEHO ML QHEU]GË 1¿E\WHN VH SĆLWRP NRWYË GR ]GL WDNæH Y\GUæË L LQYD]L VNR WDêËFËFK NDPDU¿GĎ WĆHED SĆL RVODYø QDUR]HQLQ 2VREQRVW GËWøWH UR]YËMËWH RG MHKR QDUR]HQË QHMHQ VYÛP URGLêRY VNÛP FKRY¿QËP DOH L SURVWĆHGËP NWHUÛP MH RENORSHQR éLVWÇ MHGQRGXFKÇ WYDU\ D VSU¿YQø ]YROHQÇ RGVWËQ\ KUDYRVW GøWË VWLPXOXMË D NXOWLYXMË .DæGÇ GËWø MH MHGLQHêQÇ SURWR E\ DQL GøWVNÇ SRNRMËêN\ QHPøO\ EÛW VWHMQÇ 9H 9LEHO Y¿P SRUDGË V YÛEøUHP EDUHY NWHUÇ SĆËOLx WLFKÇ GøWL SRGSRĆË D K\SHUDNWLYQË QDRSDN ]NOLGQË 7YRUED eSRNRMËêNX QD PËUXr WUY¿ ]SUDYLGOD WĆL PøVËFH PQRKR GHWDLOĎ MH XQLN¿WQËFK D MHGLQHêQÛFK DOH PĎæHWH VL EÛW MLVWL VSOQøQËP YxHFK SĆ¿QË 6DPR]ĆHMPRVWË MH NRPSOHWQË xSLêNRYÛ VHUYLV RG ]D PøĆHQË SURVWRUX SĆHV RULJLQ¿OQË Q¿YUK Dæ SR UHDOL]DFL SURMHNWX D QH]¿YDGQRVW PDWHUL¿OX DEVROXWQË EH]SHêQRVW FHOÇKR V\VWÇPX QDSĆËNODG URK\ D KUDQ\ MVRX YæG\ REOÇ êL RSDWĆHQÇ VSHFL¿OQËPL FKU¿QLêL 7\KOH SRNRMËN\ EDYË URGLêH L MHMLFK SRWRPN\ -DN WR SR ]Q¿WH" 6QDGQR 1¿YxWøY\ ]HMPÇQD W\ V PDOÛPL GøWPL RG Y¿V QHEXGRX FKWËW RGHMËW 9L] ZZZ YLEHO FRP


_


_


%5,76.ยป '(6,*1ยง56.ยป *858 5266 /29(*529( 32&+ย =(-ยซ&ยซ = :$/(68 1$95+/ 352 785(&.ยง+2 9ยป52%&( 6$1, 7ย 51ยซ 7(&+1,.< 9,75$ 8รฅ 7ฤ (7ยซ '(6,*12928 .2/(.&, 9<%$9(1ยซ '2 .283(/(1 7<72 9ยป52%.< '1(6 3878-ยซ '2 6('0'(6ย 7, 3รท7, =(0ยซ 1$ 3รท7, .217,1(17(&+ $ 'ยซ.< รฉ(6.ยง ),50รท 6,.2 .283(/1< 6( 6 1,0, 0ฤ รฅ(7( ,17,01รท 6(=1ย 0,7 , 9< $รฅ 6( %8'(7( 9=1ย j(7 9 0,1,0$/,67,&.ยง 9$1รท 3/1ยง %8%/,1(. $ .2&+$7 6( %/,.$-ยซ&ยซ0, /(' 69รท7/8j.$0, =$%8'29$1ยป0, '2 80<9$'(/ 2' /29(*529(+2 0ฤ รฅ(7( 7(172 '58+ */2%$/,=$&( 32&+9ย /,7

_


WH[W 3HWU 7ĎPD IRWR DUFKLY 6,.2 .RXSHOQ\ D 5RVV /RYHJURYH

3

UR YøWxLQX GHVLJQÇUĎ QHQË YøWxË YÛ]Y\ QHæ XFKRSLW QHMSRVOHGQøMxË SURGXNW D REDOLW KR GR xDWĎ NWHUÇ PX GRGDMË GDOxË SĆLWDæOLYRVW 7R YxDN QHQË SĆËSDG 5RVVH /RYHJURYHKR 6QDæË VH ]QRYX Y\WYRĆLW WYDU GĎYøUQø ]Q¿PÛFK SĆHGPøWĎ NWHUÛPL VH WÇPøĆ EH]P\xOHQNRYLWø RENORSX MHPH D VRXêDVQø QD QLFK XN¿]DW NGR YODVWQø MVPH MDN æLMHPH D NDP VPøĆXMHPH 1HMPRGHUQøMxË WHFKQRORJLL SĆLWRP QHMHQ Y\XæËY¿ DOH SURYøĆXMH YxHPL VP\VO\ 6SËx QHæ ]D GHVLJQÇUD VH SRYDæXMH ]D YøGFH D VYÇ YÛWYRU\ QD]ÛY¿ RUJDQLFNÛPL HVHQFHPL 1HMYøWxË LQVSLUDFË PX ]ĎVW¿Y¿ SĆËURGD D MHMË WYDU\ D OLQLH NWHUÇ VH HYROXêQø VW¿OH Y\YËMHMË DE\ VH RSøWRYQø QDYU¿WLO\ ]SøW QD SRê¿WHN 8 MHKRæ ]URGX VW¿OD YRGDf 6QDG SURWR GHVLJQÇUD WROLN QDGFKO GDOxË SRæDGDYHN ILUP\ 9LWU$ SUR NWHURX Xæ GĆËYH Y\WYRĆLO RFHĀRYDQÇ NROHNFH ,VWDQEXO D 0RG 6 WRX GUXKRX VH PĎæHWH RNDPæLWø PLQLP¿OQø SRKOHGHP SRPD]OLW QD VWU¿QFH ZZZ VLNR NRXSHOQ\ F] VHULH PRG NGH SREOLN¿Y¿ L LQIRUPDFH æH QD QL SURGHMFH SRVN\WXMH OHW ]¿UXN\ 6YËWLYø EËORX NHUDPLNX V W\SLFNÛPL ]DREOHQÛPL URK\ NRPELQXMH 5RVV /RYHJURYH VH GĆHYHP PDWQÛP VNOHP L NRYHP D Y\WY¿ĆË KDUPRQLFNÇ D SĆHNYDSLYø YVWĆËFQÇ WÇPøĆ KĆHMLYÇ SURVWĆHGË GRNRQDOH SĆL]SĎVRELYÇ YxHP DUFKLWHNWRQLF NÛP Q¿URNĎP 6 QHMQRYøMxË NROHNFË )UHHGRP SDN xHO MHxWø G¿O 7HQ WRNU¿W VH PøO QD WDN EøæQÇ YøFL MDNR MVRX XP\YDGOD YDQ\ NRKRXWN\ êL ]UFDGOD SRGËYDW ]H ]FHOD MLQÇKR ØKOX SRKOHGX .RXSHOQD VH PøOD VW¿W SRGREQø Y\xSHUNRYDQRX PËVWQRVWË MDNR EÛY¿ QDSĆËNODG REÛYDFË SRNRM 9 ORQGÛQVNÇP VWXGLX QHGDOHNR 1RWWLQJ +LOOX VH WDN SRVWXSQø ]URGLOD NROHNFH VDQLW¿UQËKR Y\EDYHQË NWHURX FKDUDNWHUL]XMH êLVWRWD D VNRUR E\ VH FKWøOR QDSVDW YL]X¿OQË NĆHKNRVW 6¿P /RYHJURYH N WRPX ĆËN¿ e9\WYRĆLW NU¿VQRX SRKRGOQRX YDQX QHQË R WRP Y\P\VOHW MHGLQRX YøF 0XVË WRWLæ ]DSDGDW GR xLUxËKR NRQWH[WX ULWX¿OX NRXSHOH $ SU¿Yø 7XUHFNR P¿ O¿]QøPL KDPPDP MHæ E\O\ SRYDæRY¿Q\ ]D REĆDG QD FR QDYD]RYDW r 0DWHUL¿O WHFKQRORJLH D IRUPD PXVHMË EÛW SRGOH WRKRWR LQ GXVWUL¿OQËKR GHVLJQÇUD Y GRNRQDOÇ KDUPRQLL V IXQNêQRVWË , SURWR ]D NRPSRQRYDO GR VYÛFK Q¿YUKĎ PLQLDWXUQË QHQ¿SDGQ¿ VYøWOD UHDJXMËFË QD SRK\E DE\ VH êORYøN QH]WUDWLO Y NRXSHOQø DQL Y QRFL $ SRNXG VH WÛN¿ WĆHED MHQ XP\YDGHO Y\]Q¿Y¿ /RYHJURYH Q¿VOHGXMËFË P\xOHQNX e-HMLFK WYDU D SRYUFK PXVË EÛW QDWROLN KODGNÛ D VDPRYROQø SO\QRXFË DE\ VH QH]DQ¿xHO\ QHêLVWRWDPL D WÇPøĆ VH Y]Q¿xHO\ Y SURVWRUX 2 SRGREQÇP RGOHKêHQË YxDN E\OR QHMSUYH WĆHED SĆHVYøGêLW YÛUREFH NWHUÛ SR ]KOÇGQXWË SUYQËFK Q¿YUKĎ WYUGLO æH QøFR SRGREQÇKR MH SUDNWLFN\ QHPRæQÇ Y\URELWfr 1DNRQHF VL GHVLJQÇU VYÇ Q¿YUK\ SURVDGLO $ WDN Y]QLNOD NROHNFH NWHU¿ MH NURPø RVRELWÇ NU¿V\ MHGQR GXFK¿ SUDNWLFN¿ D IXQNêQË 1DSĆËNODG NOR]HW\ MVRX FKDUDNWHULVWLFNÇ DV\PHWULFNÛP GHVLJQHP D SURG¿YDMË VH Y ]¿YøVQÇP êL VWRMDFËP SURYHGHQË 'ËN\ V\VWÇPX ]DYøxHQË D VNU\WÇKR SĆLSRMHQË MH GRVDæH QR êLVWRW\ WYDUĎ D VQDGQÇ ØGUæE\ 1DSURVWR XQLN¿WQË MVRX L EDWHULH

_


)LUPD 6,.2 .283(/1< Y]QLNOD Y URFH MDNR YÛKUDGQø êHVN¿ VSROHêQRVW ]DEÛ YDMËFË VH SURGHMHP NRXSHOQRYÇKR Y\EDYHQË -HMË ]DNODGDWHOND SDQË 9DORY¿ VL RWHYĆHOD QD NUDML éLPHOLF VNURPQRX SURGHMQX D QD GUXKÇ VWUDQø REFH ]ËVNDOD GYøVWøPHWURYÛ VNODG NDP RVREQø YR]LOD ]¿ND]QËN\ SĆL YÛGHML ]ERæË 'QHV VH WR ]G¿ MDNR G¿YQ¿ D OHKFH ØVPøYQ¿ KLVWRULH YæG\Č ILUPD 6,.2 .283(/1< P¿ SRERêN\ QD PËVWHFK D ] WRKR MH MHMËFK YODVWQËFK SURGHMHQ =DPøVWQ¿Y¿ YËFH QHæ ]DPøVWQDQFĎ D MHMË URêQË REUDW SĆHNUDêXMH PLOLDUG\ NRUXQ 9 VRXêDVQÇ GREø MH WDN QHMYøWxË VSHFLD OL]RYDQRX VËWË SURGHMHQ Y RERUX Y\EDYHQË NRXSHOHQ 3ĆHVWR ]ĎVWDOD MHGQD YøF NWHU¿ VH RG MHMËKR SRê¿WNX QH]PøQLOD $ WR VORJDQ 3URGHMQ\ SOQÇ LQVSLUDFH 7X QDMGRX X VSR OHêQRVWL 6,.2 .283(/1< GËN\ UĎ]QÇ FHQRYÇ KODGLQø YxLFKQL ]¿ND]QËFL MDN VH O]H SĆHVYøGêLW L Y MHMËP H VKRSX 0DMË WDP QHMHQ YÛUREN\ GDOxËFK êHVNÛFK ILUHP DOH L GH VLJQRYÇ NRXVN\ WXUHFNÇ VSROHêQRVWL 9LWU$ D Q¿YUK¿ĆH 5RVVH /RYHJURYHKR NWHUÇ Y¿P SĆHGVWDYËPH QD WøFKWR VWU¿QN¿FK

_


/RYHJURYH MH MHGQËP ] WøFK YL]LRQ¿ĆĎ NWHĆË GRN¿æË SĆHGPøW D MHKR IXQNFL SRYÛxLW QD GDOxË ØURYHĀ XGøODW ] QøM ILOR]RILFNRX NRQVWDQWX

_

SĆLSRPËQDMËFË UR]NYHWOÇ NUÇPRYø EËOÇ NYøW\ NDO\ 1D MHMLFK VYUFKQË ê¿VWL MH NROHêNR NWHUÛP VH QD VWDYXMH MDN SUĎWRN WDN WHSORWD YRG\ 9 ]¿YLVORVWL QD QË VH PøQË L EDUYD SRG NROHêNHP ] PRGUÇ QD êHUYHQRX éËP YËFH YRGD WHêH WËP YøWxË MH L LQWHQ]LWD SURXGX ERGRYÇKR VYøWOD R]DĆXMËFËKR XP\YDG OR -H WR ØFKYDWQ¿ SRGËYDQ¿f 3RGREQø IDVFLQXMËFË MVRX L GDOxË YÛWYRU\ ] GËOQ\ /RYHJURYHKR -HKR GËOR WYRĆË VSRMQLFL PH]L êLVWø UXêQË SUDFË NGH E\O NDæGÛ SĆHGPøW XQLN¿WHP D VWURMRYRX YÛURERX NGH ] OLQN\ SDGDMË WLVËFH VWHM QÛFK NXVĎ EH] Q¿SDGX D KODYQø EH] GXxH ,QæHQÛĆL PRGHUQËFK OLQHN V GHVLJQHP SURVWø MDNVL QHSRêËWDMË 2 WR YËF VH MLQË VQDæË QDMËW NRĆHQ\ HVWHWLN\ D NU¿V\ 2VPDêW\ĆLFHWLOHWÛ /RYHJURYH ]DêDO VYRML NDULÇUX QD .U¿ORYVNÇ DNDGHPLL XPøQË Y /RQGÛQø D SR]GøML SUDFRYDO MDNR PODGÛ Q¿YUK¿Ć SUR VWXGLR )URJ 'HVLJQ NGH VH SRGËOHO QDSĆËNODG QD Q¿YUKX WYDUX SRêËWDêH $SSOH ,,F 9 SDĆËæVNÇP $WHOLÇUX GH 1LPHV SR]GøML VSROXSUDFRYDO V WDNRYÛPL JÇQLL MDNR MH -HDQ 1RXYHO QHER 3KLOOLSH 6WDUN D WR QD YÛUREFËFK VDKDMËFËFK RG ZDONPDQD Dæ SR GHVLJQ YR]Ď 0D]GD 2G URNX NG\ VH RVD PRVWDWQLO ]DêDO PQRKHP LQWHQ]LYQøML VSROXSUDFRYDW V MDSRQVNÛPL HOHNWURQLFNÛPL VSROHêQRVWPL D LWDOVNÛPL YÛUREFL Q¿E\WNX D Y\EDYHQË GRP¿FQRVWL 9 GHVLJQX Y\FK¿]Ë ] REGREË DPHULFNÇKR PR GHUQLVPX OHW PLQXOÇKR VWROHWË NWHUÇ UHSUH]HQWXMH WĆHED *HRUJH 1HOVRQ QHER MHKR PÇQø ]Q¿PÛ VRXêDVQËN &KDUOHV (DPHV 2ED /RYHJURYHKR QDXêLOL æH WYDU\ SĆHGPøWĎ E\ VH QLNG\ QHPøO\


SRGĆL]RYDW WHFKQRORJLL NWHU¿ MH XNU\WD XYQLWĆ $ MH ]FHOD MHGQR ]GD VH MHGQ¿ R RWYËU¿N QD ODKYH VRILVWLNRYDQRX KL IL VRXVWDYX ]QDêN\ .() YHO NRX MDNR GRVSøOÛ PXæ KRGLQN\ +XPDQ SUR PÑGQËKR Q¿YUK¿ĆH ,VVH\ 0L\DNHKR VHGDGOD SUR DHUROLQNX -DSDQ $LUOLQH QHER WHOHYL]QË REUD ]RYNX .G\æ /RYHJURYHKR RVORYLOD SĆHG S¿U OHW\ UDNRXVN¿ VSROHêQRVW 6ZDURYVNL DE\ SUR QL Y\WYRĆLO SURMHNW SRGOH VYÇKR XY¿æHQË QDYUKO MLP N MHMLFK YHONÇPX SĆHNYDSHQË SURWRW\S YR]X SRK¿QøQÇKR VOXQHêQË HQHUJLË NGH P¿ WLVËFRYND VRO¿UQËFK SDQHOĎ Y\EURXxHQÇ NĆLxČ¿ORYÇ SOR FK\ SĆLSRPËQDMËFË NDPËQHN RG ]QDêN\ 6ZDURYVNL &Ræ MH Q¿SDG NWHUÛ P¿ YøWxË KORXENX D EXGH PËW MLVWø GHOxËKR WUY¿QË QHæ OXVWU SRV¿]HQÛ EOÛVNDMËFËPL VH NU\VWDON\ /RYHJURYH MH SURVWø MHGQËP ] WøFK YL]LRQ¿ĆĎ NWHĆË GRN¿æË SĆHGPøW D MHKR IXQNFL SRYÛxLW QD GDOxË ØURYHĀ XGøODW ] QøM ILOR]RILFNRX NRQVWDQWX 6H MPÇQHP WRKRWR Q¿YUK¿ĆH VL Y\]QD YDêL GHVLJQX DXWRPDWLFN\ VSRMË L WRêLWÇ VFKRGLxWø ] SUĎKOHGQÇKR SODVWX ]SHYQøQÇKR WYU]HQÛP VNOHP NWHUÇ SĆLSRPËQ¿ VOXSNX ] FLWURQX SRQRĆHQRX GR Y\VRNÇ NRNWHMORYÇ VNOHQN\ $OH QHMêDVWøML VH O]H VHWNDW

V MHKR RVYøWOHQËPL D GR VHEH ]DSDGDMËFËPL SRO\PHURYÛPL æLGOHPL Y\ FK¿]HMËFËPL ] WÇ SUYQË QD]YDQÇ *R FKDLU -HMË WYDU VH SRGĆL]XMH DQDWRPLL OLGVNÇKR WøOD NWHUÇ GRVORYD REHSËQ¿ D SĆHVWR PX SRVN\WXMH YROQRVW GËN\ YøWUDFËP RWYRUĎP -DNR E\ SURxOD VSËx YÛYRMHP HYROXFH QHæ VNRNHP ] GQHxQËFK æLGOË QD GDOxË ØURYHĀ NDP SDWĆË L DEQRUP¿OQø OHKN¿ æLGOH 6XSHUQDWXUDO Y\UREHQ¿ SUR 0RURVR R Y¿]H NJ u WHG\ R YËFH QHæ SRORYLêNX OHKêË QHæ P¿ QHMEOLæxË NRQNXUHQFH 2SDNHP PDVRYÇ YÛURE\ MVRX MHKR LQGLYLGX¿OQË VLJQRYDQÇ VÇULH Y\U¿EøQÇ Y PDOÛFK SRêWHFK NXVĎ QD ]DN¿]NX PLQLDWXUQËPL GËOQLêNDPL ] PDWHUL¿OĎ QD NWHUÇ E\ NRPHUêQË YÛURED QLNG\ QHSĆLVWRXSLOD 5HSUH]HQWXMË VNXWHêQÛ JHQHWLFNÛ NÑG MHKR RUJDQLFNÇ IRUP\ D IXQJXMË GH IDFWR MDNR LQNXE¿WRU SUR YÛUREN\ NWHUÇ E\ MLQDN QHY]QLNO\ 6¿P R VREø ĆËN¿ efQøNG\ VH FËWËP MDNR VRFKDĆ PR GHUQËFK WHFKQRORJLË 6QDæËP VH MH SRVXQRXW R NXV QøNDP G¿OH PRæQ¿ OHKFH MLQÛP VPøUHP QHæ E\ NDæGÇKR MLQÇKR QDSDGOR Y\WYRĆLW GHVLJQRYÛ MD]\N NWHUÛ EXGH VUR]XPLWHOQÛ YxHP r $ WR VH PX GDĆË 9L] ZZZ VLNR NRXSHOQ\ F]

_


WH[W -LĆË 9DxHN IRWR DUFKLY 6RJHSURP

KXGED ]DêOD KU¿W f$ %</2 6/<j(7 -$. 6( 5<70,&.< 9/1« 8/,&(0, %51÷16.§+2 .5 /29$ 32/( 7§0÷ą .$å'» 6( =$ 1« =9÷'$9÷ 272é,/ $/( 1(-9«& 6, -, 8å,/, 7, &2 %</, 1(-%/«å( %</, -60( 3ą«7201, 9=1,.8 5(=,'(1&( 6<0)21,( ą«.$-« $ 02å1 2 720 %8'28 -('128 9<35 9÷7 , 69»0 9128é$7č0

R QD WRP æH MH WDKOH 6\PIRQLH KPRWQ¿ 1HER VSËx EU]\ EXGH 1D SDU FHOH PRPHQW¿OQø R]GREHQÇ MHQ ]DVQøæHQÛPL NRSĆLYDPL Xæ EU]\ Y\URVWH QøNROLN RE\WQÛFK GRPĎ QDY]¿MHP SURSRMHQÛFK ]DKUDGDPL &R ]QDPHQ¿ EU]\" $æ UR]WDMH QD NRVW ]PU]O¿ ]HP PRæQ¿ GĆËYf 1DWROLN SURMHNW QD]YDQÛ 5H]LGHQFH 6\PIRQLH ]DXMDO RE\YDWHOH %UQD NWHĆË VH R QøP GR]YøGøOL WĆHED SURVWĆHGQLFWYËP U¿GLD .URNRGÛO $OH PRæQ¿ ]DIXQJRYDOD L X Q¿V QHYËGDQ¿ WDNWLND NWHURX GHYHORSHUVN¿ VSROHêQRVW 6RJHSURP SRXæËY¿ L Y URGQÇ )UDQ FLL -GH R GRP\ MHæ PDMË VW¿W SĆËPR Y VUGFL .U¿ORYD 3ROH WDNæH NGR E\ PøO R QLFK D MHMLFK VWDYLWHOËFK YøGøW YËF QHæ OLGÇ NWHĆË WDP OÇWD E\GOË" ąH]QËN ] EOË]NÇKR NU¿PNX NDGHĆQLFH NH NWHUÇ PËĆË YxHFKQ\ G¿P\ ] RNROË PDMLWHO REFKĎGNX VH VPËxHQÛP ]ERæËP 7\ YxHFKQ\ QDYxWËYLOL ]¿VWXSFL VSROHêQRVWL 6RJHSURP D UR]GDOL MLP EDORQN\ D SURSDJDêQË PDWHUL¿O\ GRSRGUREQD Y\ VYøWOXMËFË FHOÛ SURMHNW e'RP¿FËr VL GRNRQFH PRKOL W\KOH OHW¿êN\ Y\OHSLW GR YÛORK\ D XSR]RUQLW QD Qø VYÇ ]¿ND]QËN\ 3RNXG E\ MH ]DLQWHUHVRYDOL QDWROLN æH E\ VL QøNWHUÛ ] E\WĎ NRXSLOL êHNDOD E\ MH VDPR]ĆHMPø SĆËMHPQ¿ ILQDQêQË RGPøQD 1DYËF VH PRKOL SĆLMËW SRGËYDW QD SUH]HQWDFL 5H]LGHQFH 6\PIRQLH QD SRê¿WNX ]¿ĆË =ØêDVWQLOL VH MË PËVWQË DUFKLWHNWL VWDURVWD D ]DVWXSLWHOÇ MDNRæ L SĆHGVWDYLWHOÇ .RPHUêQË EDQN\ NWHU¿ MH VHVWHUVNRX VSROHêQRVWË 6RJHSURPX 9H VNOHQN¿FK V Y\OHSWDQÛP Q¿]YHP SURMHNWX u 5H]LGHQFH 6\PIRQLH u SHUOLOR IUDQFRX]VNÇ YËQR GRSOĀRYDO\ KR X]HQLQ\ L W\SLFNÇ VÛU\ 3URVWø SĆHGVWDYLOD VH )UDQFLH MHMËæ ]SøYQÇ ĆHêL PRæQ¿ NDæGÛ QHUR]XPË DOH QHPĎæH MË XSĆËW xDUP D SRGPDQLYRX HOHJDQFL $ WRWÇæ SODWË L SUR E\WR YÇ GRP\ 5H]LGHQFH 6\PIRQLH 1DYËF DQL QHPDMË NRQNXUHQFL SURWRæH VH æ¿GQÛ SRGREQÛ SURMHNW Y %UĀ¿N\ WROLN REOËEHQÇ e.USROLr QHVWDYË 8æ YËWH NGH EXGHWH QHER PLQLP¿OQø NGH E\VWH FKWøOL u E\GOHW" 9L] ZZZ UH]LGHQFHV\PIRQLH F]

&

_


_


0RMPtURYR QiPĕVWt %UQR .UiORYR 3ROH

E\ Wĭ K F ø Y R Q 3URGHM .Ć MLç RG ] D P ĕ VtF

E\WRYøFK MHGQRWHN XSURVWĥHG VRXNURPøFK ]DKUDG Ô6 S D

SĥHGSRNODG +Ô GR KRGQRW\ ]DVWDYHQp QHPRYLWRVWL YODVWQtFK SURVWĥHGNĭ GRED VSODWQRVWL OHW

352'(-1Ì 0Ì672 0RMPtURYR QiPĕVWt %UQR .UiORYR 3ROH

( V\PIRQLH#VRJHSURP F] 7 0

ZZZ UH]LGHQFHV\PIRQLH F]

'(9(/23(5


WH[W -LĆË 9DxHN IRWR DUFKLY ILUHP

GĆHYR D RĆHFK\

1(1« 1$' 72 .'<å 9 = 3/$9÷ +, 7(&+ 0$7(5, /č = .$5%2129»&+ 9/ .(1 2&(/29»&+ 6/,7,1 $ '(6,*129÷ 9<0$=/(1»&+ 3/$67č 6, 32+/(' 2'32é,1( 1$ 1÷é(0 &2 78 %</2 2'-$.å,9$ 1$ 'ą(9÷ $ -(+2 .5(6%÷

å,'/( = 2+»%$1§ 3ą(./,å.< .ê ZZZ SLG VH 1HEROË Y QË ]¿GD D PĎæHWH VH SRKXSRYDW DQLæ E\VWH VSDGOL 0/»1(. 3(8*(27 1$ 08j. 729» 2ą«j(. FHQD .ê SURG¿Y¿ 3RWWHQ 3DQQHQ -HKR PHFKDQLVPXV VH RG URNX GR GQHxQËKR GQH QH]PøQLO 67č/ 2/*2- &+25&+2- FHQD QH]Q¿ P¿ 7øæË ] EDUHYQÇ NRPELQDFH GYRX GĆHY D Y\VRFH SHYQÇKR GXERYÇKR D EXNRYÇKR PDWHUL¿OX 628.520» 7 %25 . .ê ZZZ PDDQGDJ PHXEHOV F] 2KQLxWø VYDĆHQÇ ] RFH ORYÛFK SO¿WĎ ]DKĆHMH VSROHKOLYø Y REÛ Y¿NX L YH VQøKRYÇ Q¿YøML

_


WH[W .ULVWLQD jHPEHURY¿ IRWR DUFKLY

YĎQø GRPRYD 3$5)§0< 8å ' 912 1(3ą(.5»9$-« 2'§5 1(0<7§+2 7÷/$ $1, 1(6/28å« -$.2 12é1« .2j,/.$ 352 60<6/1§ ' 0< = %8'2 5č $ .283(/(1 6( 3ą(6818/< '2 ,17(5,§5č 921« 9 +27(/«&+ 5(67$85$&«&+ 2%&+2'(&+ , '20 &1267(&+

DNRYÛ YRĀDYÛ GRPRY SR]Q¿WH SR QøNROLND RNDPæLFËFK 1HGRN¿æHWH ĆËFL SURê DOH FËWËWH VH WDP GREĆH 9xHFKQR VSROX WDN QøMDN ODGË D VWUHV VH UR]SOÛY¿ MDN ]PU]OLQD QD SRG]LPQËP VOXQFL 3RGREQø IXQJXMH XPøOH Y\WYRĆHQÇ NREOLKRYÇ DURPD Y\IXNRYDQÇ Y RGGøOHQË SHêLYD MHæ Y¿V QXWË NRXSLW VL DOHVSRĀ MHGHQ NĆXSDYÛ FURLVVDQW ,QWHULÇURY¿ YĎQø GRG¿ PËVWQRVWL xPUQF L Q¿ODGX $ QHQË WR SĆHNYDSLYø ]¿OHæLWRVW SRVOHGQËFK QøNROLND OHW -Læ YH VWDURYøNX VH SRXæËYDO\ YRQQÇ W\êLQN\ D NDGLGOD Y NRVWHOHFK D QDSĆËNODG /XGYËN ;9 Y\æDGRYDO DE\ MHKR NRPQDW\ YRQøO\ NDæGÛ GHQ MLQDN 6ODGN¿ )UDQ FLH ]ĎVWDOD L SR]GøML QHMYøWxËP SURGXFHQWHP YĎQË DOH YRĀDYN¿ĆVWYË VH ]URGLOR Y 3HUVLL NG\æ OÇNDĆ D FKHPLN $YLFHQQD ]ËVNDO ÇWHULFNÇ ROHMH ] NYøWĎ SURVWĆHGQLFWYËP GHVWLODFH ,QWHULÇURYÇ YĎQø GQHV Y\U¿EøMË NRVPHWLFNÇ VSROHêQRVWL L PÑGQË Q¿YUK¿ĆL 1DMGHWH MH YH IRUPø VYËêHN GLIX]ÇUĎ VSUHMĎ DURPD ODPS YRQQÛFK W\êLQHN NDPËQNĎ L V¿êNĎ V RPDPQø QDSXxWøQÛP GĆHYHP =¿OHæË MHQ QD WRP MDN VH Y¿P WYDURYø OËEË D MDN LQWHQ]LYQø FKFHWH GRPRY QHER

7

58 bb 8 Y b RG .ê ´¼bF8 GLIX]ÇU\ RG .ê /H 3DWLR 8 Ê b±tb± RG .ê 3RWWHQ 3DQQHQ 6WDQøN

¼Ê¦Áb FFD .ê 6LPSOH &RQFHSW 6WRUH

´¼b´ FFD .ê 6LPSOH &RQFHSW 6WRUH 2b±Fb 8 FFD .ê / 2FFLWDQH bo ± VSUHM RG .ê %R&RQFHSW D 'HFRODQG 3b ¼ Y VYËêND .ê


SUDFRYLVWø SURYRQøW 1HQ¿SDGQ¿ SĆËMHPQ¿ YĎQø U\FKOH ]OHSxË Q¿ODGX QDRSDN LQWHQ]LYQË D eRVWU¿r PĎæH ]QHNOLGQLW D QDYRGLW QHOLEÇ SRFLW\ $ FR OX[XV KQHG QøNROLND LQWHULÇURYÛFK YĎQË" /]H MH VWĆËGDW SRGOH Q¿ODG\ DQHER PËFKDW D Y\WY¿ĆHW YODVWQË DUR PDWLFNÇ NRPELQDFH $ MDN VL MH Y\EUDW" 1HMHQ SRGOH WRKR ]GD Y¿P YRQË DOH WĆHED L FR SĆLSRPËQDMË 1HMUR]xËĆHQøMxË MVRX VYËêN\ Y\GUæË KRĆHW u KRGLQ D MHPQø YRQË L NG\æ QHMVRX ]DS¿OHQÇ 3RGREQø YÛNRQQÇ MVRX DURPDODPS\ V ROHMËêN\ ,QWHULÇURYÛ SDU IÇP PËVWQRVW EU]\ SURYRQË DOH YøWxLQRX Y\SUFK¿ GR SĎO KRGLQ\

'LIX]ÇU YĎQL XYROĀXMH SRVWXSQø SĆHV GXWÇ GĆHYøQÇ W\êLQN\ MHKR Q¿SOĀ Y\VWDêË L QD WĆL PøVËFH 3DUIÇPRYDQÇ NDPËQN\ ] YXONDQLF NÛFK REODVWË YRQË WDN GYD URN\ D SDN MH VWDêË SRWĆËW SDUIÇPRYDQÛP ROHMHP -DN GORXKR YĎQø Y\GUæË ]¿OHæË QD WHSORWø PËVWQRVWL êËP WHSOHMxË WËP GĆËYH Y\SUFK¿ D MHMËP XPËVWøQË QD WRSHQË X RNQD êL Y NXFK\QL VH Y\WUDWË QHMGĆËYH 'R xDWQËFK VNĆËQË xDWHQ D DXW VH KRGË YRĀDYÇ SĆËYøVN\ MHæ VWDêË MHQ YĎQË SRWĆËW QHER V¿êN\ V QDVXxHQÛPL NYøW\ 3U¿Yø U\]H SĆËURGQË VORæN\ GRN¿æË QHMêDVWøML QDYRGLW RQHQ WøæNR SRSVDWHOQÛ SRFLW GRP¿FË SRKRG\

_


ยผ8ย V ร ย bร ย ยฑย 8 '26/29$ 520ย 129ยป 3ฤ ยซ%รท+ 2 9<%<'/(1ยง0 6./$',j7, 081,&( 3ฤ 92'1รท /29(&.ยง0 =ย 0(รฉ.8 7+851 7$;,6ฤ .7(5ยป =$&+5ย 1,/$ 9 326/('1ยซ &+9ยซ/, 6( 69ยป0 0$1รฅ(/(0 3$1ยซ ,1ยง= '267$/ '$/jยซ 'รท-679ยซ 129ย .$3,72/$ &+$7($8 0&(/< 921ยซ 3ฤ ยซ52'1ยซ 58รฉ1รท 0ยซ&+$128 .260(7,.28 $ /ย =(รฟ6.ยป0, 5,78ย /< 352%ยซ+$-ยซ&ยซ0, 9 1('ย 912 52=jยซฤ (1ยง0 63$

_ _


WH[W 3HWU 7ĎPD IRWR )LOLS jODSDO

-

HKR MHGLQHêQRVW VSRêËY¿ Y KDUPRQLFNÇP SUR SRMHQË ]¿PHFNÛFK WHUDSHXWLFNÛFK DSDUWP¿QĎ VH VDXQRYÛP GRPHêNHP D YHQNRYQË YËĆLYNRX XPËVWøQÛPL Y SĆLOHKOÇP DQJOLFNÇP SDUNX 7DP NGH E\OD MHxWø SĆHG S¿U OHW\ GRVORYD QHSURVWXSQ¿ OHVQË GæXQJOH QDMGHWH XSUDYHQÇ WU¿YQËN\ D FHVWLê N\ NWHUÇ GDMË Y\QLNQRXW NRxDWÛP NRUXQ¿P VWDOH WÛFK GXEĎ D VSROHKOLYø Y¿V ]DYHGRX Dæ N 0HGR YÇPX DOW¿QX -H MHGQËP ] DSDUWP¿QĎ ] QDEË]HQÇ O¿]HĀVNÇ WURMLFH SRMPHQRYDQÇ 0HG 3HUO\ D +HG Y¿EË 9ÛKOHG SĆHV S¿U VWĆHFK QD ]YOQøQRX êHVNRX NUDMLQX SĆLSRPËQ¿ SRGLYQø ]Q¿PÛ REUD] Y KODGLQø XPøOH Y\WYRĆHQÇKR ELRWRSLFNÇKR MH]ËUND VH RGU¿ æHMË SRPDOX SOXMËFË PUDN\ SO¿æ V EËOÛP SËVNHP ] 3RODEË VYËWË L Y SRGYHêHU GR G¿ON\ éDV MDNR E\ VH ]DVWDYLO &Ræ RVWDWQø SODWË SUR FHOÛ ]¿PHN %X GHWH VL WDP SĆLSDGDW u EH] SĆHK¿QøQË u MDNR Y SR K¿GFH $ YHOLFH EU]\ ]PDêN¿WH MDNR YøWxLQD KRVWĎ SDSËUHN V Y\JHQHURYDQÛP NÑGHP QD ZLIL ]DYĆHWH SRêËWDê QDWYUGR Y\SQHWH PRELO D ]DêQHWH VL XæËYDW WRKR VWDURVYøWVNÇKR NOLGX D UR]PD]ORY¿QË GHFHQW QËP SHUVRQ¿OHP 1HMOÇSH Y¿P WDP EXGH YH GYRX RVWDWQø L SURWR MVRX MHGQRWOLYÇ WHUDSLH D PDV¿æQË SURFHGXU\ SĆL]SĎVREHQ\ WDN DE\VWH VL MH XæLOL Y S¿UX $ SU¿Yø VSRGQË ê¿VW ]¿PHFNÇ ]DKUDG\ NGH VWRMË FHORGĆHYøQ¿ VWDYED YH WYDUX KH[DJRQ¿ OX QDEË]Ë LQWLPLWX D VRXNURPË NWHUÇ DQL QHPĎæH PËW æ¿GQÇ PøVWVNÇ VSD = GĆHYøQÇKR REORæHQË D VQDG L ] DUFKDLFNÇKR xHVWLØKHOQËNRYÇKR WYDUX WÇ VWDYE\ V¿O¿ PLQLP¿OQø WROLN HQHUJLH MDNR ] SODPH QĎ ]DS¿OHQÇKR NUEX YRGD Y SURVWRUQÇ GĆHYøQÇ N¿GL MH ] PËVWQË VWXG¿QN\ D ]H ]DKUDG\ SRFK¿]HMË L RNYøWQË OËVWN\ NWHUÇ Y QË SODYRX 9 0HGRYÇP DOW¿ QX VH SURY¿GøMË E\OLQQÇ WHUDSLH LQVSLURYDQÇ PËVWQË WUDGLFË 'HYDWHUD NYËWË URVWRXFËKR YH 6YDWRMLĆVNÇP OHVH NWHUÇ RêLVWË QHMHQ WøOR DOH L GXxL ,OXVWUDêQË IR WRJUDILH PRæQ¿ Y\SRYË YËFH QHæ GDOxËFK WLVËFH VORY DOH SRFLW NWHUÛ SR WDNRYÇ NRXSHOL P¿WH SRSVDW QHGRN¿æË 3UR WHQ QDPËFKDQÛ Y RPDPQÇP NRN WHMOX V Y\URYQDQRVWË D NOLGHP VL PXVËWH ]DMHW SĆËPR GR 0FHO 9L] ZZZ &KDWHDX0FHO\ FRP ZZZ 0FHO\%RXTXHW FRP

_


_


WH[W 'DQLHOD 3DYOËNRY¿ IRWR L6WRFNSKRWR

-DN VH Y\EDUYË Y¿x WÛP" &2 6( 9 0 9<%$9« .'<å 6( '«9 7( 1$ é(59(128 %$598" +2/é,é.$ &2 1(6/$ %$%,é&( =.5$7.28 3ą(6 /(6 % %29.8 $ 9«12" $ &2 9( 9 6 (92.8-( å/87 " +25.§ 32/('1« 6/81&( / 1< 2%,/«" $ -$. %$59$ 1(-/§3( 9<67,+1( 9$j( 32&,7< .'<å 6( ą(.1( j§) 9č/( = 9,6/267"

RFLW\ OLGË MVRX ]¿YLVOÇ QD YQËP¿QË EDUHY D H[LVWXMH ĆDGD SV\ FKRORJLFNÛFK PHWRG NWHUÇ VH ]DEÛYDMË YÛNODGHP EDUHYQÛFK DVRFLDFË 1HMG¿OH X Q¿V Y WÇWR REODVWL GRxHO WÛP SRG YHGHQËP SV\FKRORJD -LĆËKR jLPRQND NWHUÛ Y\WYRĆLO SUR VSROHêQRVW =DPøVWQDQFL FRP PøĆLFË PHWRGLNX NRQFHSWX %DODQFH 0DQDJH PHQW 7HQWR NRQFHSW MH VFKRSHQ QDSRYøGøW PDQDæHUĎP SURê WR X QLFK YH ILUPø eVNĆËSHr L MDN YøFL SRVXQRXW VSU¿YQÛP VPøUHP 9xLFKQL XSODWĀXMHPH YH VYÇP FKRY¿QË VWHUHRW\S\ VW¿OH RSDN RYDQÇ PRGHO\ FKRY¿QË NWHUÇ ]¿VDGQø UR]KRGXMË R ØVSøFKX êL QHØVSøFKX NDæGÇKR 3ODWË WR MDN Y RVREQËP WDN Y SUDFRYQËP æLYRWø .RQFHSW %DODQFH 0DQDJHPHQW IXQJXMH QD ]¿NODGø SUR SUDFRYDQÛFK WHVWĎ V Y\XæLWËP EDUHY D EDUYRYø VORYQËFK DVRFLDFË YL] ER[ QËæH -DN Xæ V¿P Q¿]HY QDSRYËG¿ eĆË]HQË URYQRY¿K\r SRP¿K¿ Y\ODGLW Y¿x VWHUHRW\S %DODQFH 0DQDJHPHQW WUÇQLQN ]DêËQ¿ ]PøĆHQËP VWHUHRW\SĎ FKRY¿QË NRQNUÇWQËFK ØêDVWQËNĎ MHGQRWOLYFĎ êL WÛPX Y DVL GYD FHWLPLQXWRYÇP RQ OLQH WHVWX -HKR YÛVOHGHN VLFH QHRGSRYËG¿ QD RW¿]NX ]GD MH êORYøN QD VYÇP PËVWø VSU¿YQø êL QH SĆËSDGQø ]YROLO OL VL RGSRYËGDMËFË SURIHVL DOH SRPĎæH NDæGÇPX XYøGRPLW VL D SRFKRSLW MHGLQHêQRVW MHKR VWHUHRW\SX D ]DêËW KR UR]XPQø Y\XæËYDW 3RNXG VH MHGQ¿ R WÛP PDQDæHUĎP WHVW QDSRYË NGH ]DêËW SĆL SU¿FL V SRGĆË]HQÛPL NROHJ\ MHOLNRæ ]HYQLWĆ SUDFRYQËKR NROHNWLYX VH QøNWHUÇ YøFL xSDWQø SRSLVXMË ]YO¿xČ NG\æ MHKR êOHQRYÇ Xæ SĆHVWDOL SUREOÇP\ YLGøW .RQNUÇWQË SĆËNODG XY¿GË 08'U )LOLS %URGDQ ĆHGLWHO VSROHêQRVWL =DPøVWQDQFL FRP V U R e7ĆHED MLVWÇKR PDQDæHUD MHKR RNROË QHX VW¿OH XSR]RUĀRYDOR QD WR æH FKRGË SR]Gø %\O WËP WDN ]Q¿PÛ æH Xæ R WRP NRORYDO\ YWLS\ 6QDæLO VH WR Y\ĆHxLW WDN æH FKRGLO QD

3

9«&( 2 %$59 &+ 0øĆLFË PHWRGLNX VORYQø EDUHYQÛFK DVRFLDFË SRXæËYDQRX Y NRQFHSWX %DODQFH 0DQDJHPHQWX Y\WYRĆLO WÛP SV\FKRORJD -LĆËKR jLPRQND D MHKR V\QD 0JU -LĆËKR jLPRQND PODGxËKR VH NWHUÛP MVPH VL SRYËGDOL R EDUY¿FK éËP WR æH QDxH P\xOHQË SRVWRMH L YQËP¿QË WROLN RYOLYĀXMË EDUY\" =MHGQRGXxHQø ĆHêHQR u EDUY\ Y\]DĆXMË HQHUJLL SĎVREËFË QD OLGVNRX SV\FKLNX -H YøGHFN\ SURN¿]¿QR æH YHMGHWH OL GR êHUYHQø Y\PDORYDQÇ PËVWQRVWL YDxH WHSORWD D WODN VH ]YÛxË .G\æ YVWRXSËWH GR PRGUÇKR SRNRMH NOHVQRX 6HG PGHV¿W SURFHQW OLGË VH SĆL Q¿NXSX QøMDNÇKR SURGXNWX UR]KRGXMH SRGOH MHKR EDUY\ %DUY\ VH QHGDMË SRGFHĀRYDW RGERUQËFL QD UHNODPX E\ R WRP PRKOL SRYËGDW FHOÇ KRGLQ\ -DN PRF UR]GËOQÇ MH LQGLYLGX¿OQË YQËP¿QË EDUHY" 7R MH UĎ]QÇ QHMHQ Y SĆËSDGø RERX SRKODYË YøNX Y]GøO¿QË DOH L MHGQRWOLYÛFK Q¿URGĎ D Q¿URGQRVWË 8 Q¿V P¿PH êHUQRX VSRMHQRX VH VPXWHêQË RVODYRX DOH NG\E\VWH VH Y êHUQÇ Y\SUDYLOL QD SRKĆHE NGHVL Y MLæQË $VLL IDX[ SD[ E\ E\OR QD VYøWø %DUY\ YQËP¿ NDæGÛ MLQDN D R WR MGH 9æG\ VH REMHYË DOHVSRĀ PDOÛ UR]GËO Y UHDNFL QD EDUYX D P\ XPËPH W\WR QXDQFH YHOPL FLWOLYø UR]H]QDW D VSU¿YQø Y\KRGQRWLW &R YxHFKQR R Q¿V SĆËNORQ êL DQWLSDWLH N XUêLWÛP EDUY¿P Y\SRYËGDMË" 0QRKÇ DOH êDVWR ]DFK\WË MHQ NU¿WNRGREÛ ØêLQHN êL Q¿ODGX 1DxH PHWRGD YxDN SURSRMË UHDNFH QD VORYD SRGQøW\ SRPRFË EDUHY êËPæ XPRæQË ]PøĆLW GORXKRGREøMxË FKDUDNWHULVWLN\ êORYøND D NRPSOHWQø MHM SRSVDW 9 QøNWHUÛFK JUDIHFK D YÛVWXSHFK VH GËOêËP ]SĎVREHP Q¿ODGD êL ØQDYD VDPR]ĆHMPø SURMHYË D YÛVOHGHN PĎæRX RYOLYQLW 9 ]¿VDGQËFK KRGQRW¿FK D eYQLWĆQËFK QDVWDYHQËFKr VH W\WR SĆHFKRGQÇ D NROËVDMËFË YOLY\ QHSURMHYË -H OL YxDN ØQDYD D Q¿ODGRYRVW YDxËP NDæGRGHQQËP D GORXKRGREÛP eVRXSXWQËNHPr Y æLYRWø SDN MVRX YÛVOHGN\ WøPLWR MHY\ SUR VWRXSHQ\ VLOQø

_


9«&( 2 0(72'÷ %$5(91§ ',$*1267,.< =¿NODGQË WHRULH DVRFLDFË SĆLQHVOL GR SV\FKRORJLH : LOKHOP :XQGW D :LOOLDP -DPHV Xæ NRQFHP VWROHWË 'HWDLOQø SR SVDOL SULQFLS\ D ]¿NRQ\ DVRFLDFË Y OLGVNÇP PR]NX 3UĎORP Y WÇWR REODVWL SĆLQHVO Y SDGHV¿WÛFK OHWHFK GYDF¿WÇKR VWROHWË xYÛFDUVNÛ SV\FKRWHUDSHXW 0D[ /ÚVFKHU 9 URFH SĆLxHO êHVNÛ SV\FKRORJ -LĆË jLPRQHN QD Q¿SDG VSRMLW /ÚVFKHUĎY EDUYRYÛ WHVW V SULQFLSHP VORYQËFK DVRFLDFË 9 SUD[L QHFKDO GøWL Y\EËUDW D VNO¿GDW EDUY\ N MHGQRWOLYÛP VORYĎP 3URxHO QøNROLN ]SĎVREĎ YÛEøUX EDUHY D MDNR QHMLGH¿OQøMxË VH XN¿]D OR ]REUD]HQË Y SRGREø EDUHYQÛFK NRXOË XVSRĆ¿GDQÛFK GR NUXKX NROHP VORYD 7HVWRYDQÛ VL VHĆDGË RVP EDUHYQÛFK NRXOË RG EDUHY SUR QøM QHMSĆËMHPQøMxËFK SR QHMPÇQø REOËEHQÇ 3DN VH Y WHVWX REMHYXMË VDG\ VORY NDæGÇ RENORSHQR Xæ ]Q¿PÛPL RVPL EDUHYQÛPL NRXOHPL 2Q P¿ ]D ØNRO Y\EUDW NH NDæGÇPX VORYX WĆL EDUY\ 1HP¿ xDQFL VSHNXORYDW SURê VH MHM WHVW SW¿ SU¿Yø QD WR êL RQR D QHP¿ WDN PRæQRVW YÛVOHGN\ WHVWX YøGRPø RYOLYĀRYDW -HKR DVRFLDFH VORY D EDUHY MVRX ]D] QDPHQ¿Y¿Q\ SRêËWDêRYÛP SURJUDPHP NWHUÛ YxH Y\KRGQRWË D YHOPL SĆHVQø ]PøĆË VRFL¿OQø SV\FKRORJLFNÇ VSHNWUXP OLG VNÛFK SRVWRMĎ

_

VHPLQ¿ĆH WLPH PDQDJHPHQWX DOH QLF QHSRP¿KDOR 'RNRQFH L N Q¿P GRUD]LO ] SĆHVW¿YN\ SR]Gø V Y\VYøWOHQËP æH WHOHIRQR YDO 7HSUYH SR]GøML YxDN ]D PQRX SĆLxHO V RW¿]NRX ]GD MHKR SUREOÇP QHPĎæH EÛW ]SĎVREHQ WËP æH SĆËOLx XVWXSXMH =¿NODGQË SĆËêLQRX FKR]HQË SR]Gø E\OR WR æH QHXPøO ĆËFL QH D VQDæLO VH YxHP Y\KRYøW 1HGRN¿]DO DNWLYLW\ SĆHGFK¿]HMËFË SO¿QRYDQÇ VFKĎ]FH XNRQêLW YêDV DQL W\ GDOxË RGPËWQRXW 3RGREQø O]H Y U¿P FL NRQFHSWX SUDFRYDW V FHOÛP WÛPHP r ĆËN¿ 08'U %URGDQ 3R GOH QøM PDMË PDQDæHĆL PQRKR Q¿VWURMĎ SUR ĆË]HQË DOH êDVWR MH QHGRN¿æRX SRXæËYDW 6QDæË VH ]YÛxLW HIHNWLYLWX VYÛFK OLGË PHWR GRX SRNXV u RP\O FRæ EÛY¿ YHOPL GUDKÇ 1øNWHĆË ]DVH FËWË æH MH SRWĆHED XGøODW ]PøQX DOH QDNRQHF VH VSRNRMË V WËP æH WR ]DWËP eWDN QøMDN IXQJXMHr 9ÛVOHGNHP %DODQFH 0DQDJHPHQW WUÇQLQNX MH QDRSDN NRQNUÇWQË SO¿Q SUR ]YÛxHQË HIHNWLYLW\ SUR Q¿VOHGXMËFË SĎOURN NWHUÛ VL WÛP VSROHêQø V PDQDæHUHP V¿P Y\WYRĆË 6DPRWQÛ WUÇQLQN %DODQFH 0DQDJHPHQWX QHĆHNQH PDQDæHURYL SĆL YÛEøURYÇP ĆË]HQË ]GD êORYøN NWHUÇKR ]DPøVWQ¿Y¿ MH WHQ QHMOHSxË u QHXUêXMH VODEÇ D VLOQÇ VWU¿QN\ RVREQRVWL êL WÛPX 1HPĎæH JDUDQWRYDW DQL WR ]GD VH ]OHSxË VSROXSU¿FH êL MDN¿NR OLY MLQ¿ NYDOLWD WÛPRYÇ LQWHUDNFH &R VH YxDN PDQDæHU GR]YË MH VNXWHêQÛ GĎYRG SURê VSROXSU¿FH QHER HIHNWLYLWD Y¿]QH D MDN ML QHMOÇSH ]OHSxLW 3R SĎO URFH MH PRæQÇ YÛVOHGHN ]PøĆLW D Y\KRG QRWLW ]GD VH æ¿GRXFË HIHNW GRVWDYLO 9L] ZZZ EDODQFHPDQDJHPHQW FRP


WH[W 3HWU 7ĎPD IRWR DUFKLY 5ÇP\ &RLQWUHDX

3ĆËWRPQÇ KRVW\ SĆLYËWDO QD SRVOHGQËP SUDYLGHOQÇP VHWN¿QË êOHQĎ &HQWDXU &OXEX ĆHGLWHO VSROHêQRVWL 5ÇP\ &RLQWUHDX é5 -LĆË jWøWLQD

.G\æ FHQWDXU ]DĆYH 7<3,&.» .(17$85 1$3č/ .čÿ $ 1$3č/ é/29÷. 32&+ =« = ą(&.§ 0<72/2*,( 7<3,&.» é/(1 &(17$85 &/8%8 -( 1$3527, 7208 3267$9$ 5( /1 32-«7.(0 0(=, 1,0, -( 352)(61« 9 j(ÿ 352 $/.2+2/< $ *850 16.< '/28+§ 9<&+871 9 1« 6, 9»7(é1÷ 3ą,35$9(1»&+ 32.50č

DWËPFR P\WRORJLêWË NHQWDXĆL WR GøODMË SURWR æH SRWĆHEXMË VWU¿YLW WU¿YX MHæ Y\æDGXMH MHMLFK NRĀVNÛ æDOXGHN WL OLGxWË N WRPX PDMË GĎYRG PQRKHP SUR]DLêWøMxË 3RK\EXMË VH WRWLæ Y êHVNÇ WRS JDVWURQR PLL D EDURYÇ VFÇQø NWHURX GH IDFWR UHSUH]HQWXMË D WDNÇ XUêXMË YÛEøU MHMËFK Q¿SRMĎ D MËGHO =D Y]QLNHP Ø]FH Y\PH]HQÇKR &HQWDXU &OXEX NWHUÛ P¿ QD SøW GHVËWHN YÛMLPHêQÛFK êOHQĎ VWRMË VSROHêQRVW 5ÇP\ &RLQWUHDX 3U¿Yø Y MHMËP SRUWIROLX VH VNUÛYDMË W\ QHMOHSxË WHNXWÇ SRNOD G\ ] FHOÇKR VYøWD Y êHOH V xDPSDĀVNÛP 3LSHU +HLGVLHFN D NRĀDN\ 5ÇP\ 0DUWLQ NWHUÇ VH MLP QDSRVOHG\ SĆHGVWDYLO\ Y RSUDYGX QHêH NDQÇ SRGREø $ WR MDNR SU¿xHN Y SRGREø Y¿QRêQË VQøKRYÇ QDGËON\ &RHXU GH &RJQDF /HWQË VQËK éOHQRYÇ &HQWDXU &OXEX KR PRKOL VSROHêQø V OLPLWRYDQRX HGLFË NRĀDNX RFKXWQDW Y SUDæVNÇ UHVWDXUDFL /D %RGHJXLWD GHO 0HGLR D ]DSRMLW VYRML IDQWD]LL QD MHKR Y\XæLWË QHERČ SU¿xHN VH QHMYËFH KRGË SUR YÛUREX êL GRFKXFHQË ODKRGQÛFK GH]HUWĎ 3RGREQRVW V MLQÛP EËOÛP SU¿xNHP MH QDNDæOLYø EOË]N¿ D Q¿Y\NRYRVW QD WDNWR OX[XVQË SURGXNW WÇPøĆ VWRSURFHQWQË 9L] ZZZ UHP\ FRLQWUHDX F]

=


WH[W .ULVWLQD jHPEHURY¿ 3HWU 7ĎPD IRWR DUFKLY UHVWDXUDFË

QRYÇ D VNYøOÇ

3ą,-0÷7( 32=9 1« '2 ¸78/1»&+ 35267ą('« 6 262%,728 $7026)§528 $ 8å,-7( 6, /$+2'1§ 32.50< 6 1÷é«0 1$9«& -$.0,/( 3523$'1(7( -(-,&+ .28=/8 5 ', 6( %8'(7( 95$&(7

0/»1(& u jÇINXFKDĆ 0DUHN 3XUNDUW WURMQ¿VRE QÛ GUæLWHO RFHQøQË %LE *RXUPDQG QDGøOLO UHVWDXUDFL N RVODYø QDUR]HQLQ QRYÇ PHQX u PRGHUQË êHVNRX NXFK\QL KRGLQRYÛ WDæHQÛ VOHSLêË YÛYDU VDO¿WHN V PDULQRYDQÛP ĆËêQËP SVWUXKHP JULORYDQÇ NRWOHWN\ ]H VHO¿WND D GDOxË JDVWURSRNODG\ éHVNRX NODVLNX GRSOĀXMË êHVN¿ D PRUDYVN¿ YËQD D Q¿GKHUQÛ YÛKOHG QD .DUOĎY PRVW 3RVOHGQË GHQ VH SRG¿Y¿ FKRGRY¿ GHJXVWDêQË YHêHĆH IUDQFRX]VNÛFK GHOLNDWHV V YËQ\ D RG KRGLQ\ QRYRURêQË EXIHW .ê RVRED ZZZ PO\QHF F]

_


/$ *$5( u 7\SLFNÇ IUDQFRX]VNÇ ELVWUR Y SUDæVNÇ XOLFL Y &HOQLFL 1¿]HY ]QDPHQ¿ Q¿GUDæË D OHKFH VL WX SĆLSDG¿WH MDNR YH YHQNRYVNÇ EUDVVHULL 8VPøYDY¿ REVOXKD VHUYËUXMH êHUVWYÇ GREUÇ GRP¿FË MËGOR SR FHOÛ GHQ Y DWPRVIÇĆH PËUQÇKR VSøFKX D SRPDOX SO\QRXFËKR êDVX 2EMHGQHMWH VL NRKRXWND QD YËQø D OHWRxQË EHDXMRODLV NWHUÇ VHP VWHMQø MDNR RVWDWQË VXURYLQ\ GRY¿æHMË ] )UDQFLH D ]DSRVORXFKHMWH VH GR WÑQĎ KDUPRQLN¿ĆH 9]GXFKHP VH OLQRX YĎQø SHêHQÇKR PDVD SHêLYD ]HOHQLQ\ GRP¿FËFK SDxWLN IUDQFRX]VNÛFK VÛUĎ D X]HQLQ D PËVË VH V êHxWLQRX ]YXêQRX IUDQFRX]xWLQRX D DQJOLêWLQRX WXULVWĎ 6WDêË VH SRVDGLW D MVWH Y 3DĆËæL 9H VWHMQÇP GXFKX WX SĆLSUDYXMË RVODYX VLOYHVWUD u XYQLWĆ QHER YHQNX QD WHUDVH 6ODQÇ D VODGNÇ GREURW\ ]DNRXSËWH Y SĆLOHKOÇP %RXWLTXHV *RXUPDQGHV YêHWQø VRXSUDY\ QD xĀXS¿QË êRNRO¿G\ ZZZ ODJDUH F]

3$&+7č9 3$/ & u %XWLNRYÛ KRWHO ĆHWø]FH 0DPDLVRQ VH VNUÛY¿ Y EÛYDOÇ UH]LGHQFL KUDEøWH .DUOD 3DFKW\ SRNRMH V RULJLQ¿OQËP Q¿E\WNHP ] D VWROHWË VH RG VHEH OLxË D UR]SURVWËUDMË VH NROHP YQLWĆQËKR GYRUD $ê KRWHO VWRMË QD 6PHWDQRYø Q¿EĆHæË KOXN ] XOLFH GR QøM QHSURQLNQH 6WHMQÛ NRPIRUW WLFKD QDEË]Ë L Y SURVLQFL RWHYĆHQ¿ UHVWDXUD FH $PDGH Y SĆË]HPË KRWHOX MPÇQR GRVWDOD SRGOH $ 0R]DUWD NWHUÛ WX NG\VL E\GOHO 6NU] YHON¿ RNQD P¿WH 3UDæVNÛ KUDG V 3HWĆËQHP MDNR QD WDOËĆL 5DGøML VL YxDN Y\EHUWH QøFR ] êHVNÇ êL PH]LQ¿URGQË NXFK\Qø NWHURX WX YH VSROXSU¿FL VH ]NXxHQÛP xÇINXFKDĆHP D Q¿MHPFHP PQRKD UHVWDXUDFË 5DGNHP jXEUWHP SĆLSUDYXMH 5DGRPËU %HQHWND éHVNRX NXFK\QL SRMDOL PRGHUQËPL SRVWXS\ D YÛVOHGNHP MH ODKRGQÇ VSRMHQË FKXWË QDSĆ Y UDYLROH V NĆHSHOêËPL SUVËêN\ Y GXxHQÇP MHKQøêËP NROËQNX êL SHUOLêFH QD VPHWDQø 1HFK\EË WøVWRYLQ\ UL]RWR U\E\ VDO¿W\ D GH]HUW\ DOH DQL MDUQË WHUDVD D Y\EUDQÇ PHQX QD jWøGUÛ YHêHU L VLOYHVWU ZZZ DPDGHUHVWDXUDQW F] _


NDP QD VLOYHVWUD

-LVWRWRX MVRX KRWHO\ 9 $ULD KRWHO VH WDQêË Y U\WPX VZLQJX JDOD YHêHĆH VH SRG¿Y¿ VLFH XYQLWĆ DOH xDPSDĀVNÇ D RKĀRVWURM VL Y\FKXWQHMWH QD WHUDVH V YÛKOHGHP QD 3UDKX ZZZ DULD F] 9 KRWHOX 8 =ODWÇ VWXGQø SĆLSUDYLO 3DYHO 6DSËN FKRGRYÇ PHQX QHFK\EË VXxL EXIHW ØVWĆLFH OHGRYÛ EDU D YHQNRYQË WHUDVD ZZZ JROGHQZHOO F] 9 6D6D=X VH WøxWH QD QHMUĎ]QøMxË NQHGOËêN\ u Y SROÇYN¿FK QHER MHQ WDN QXGOH MDUQË URON\ D êHUQREËOÇ NXQJ IX ILOP\ MDNR Y URFH ØGHUHP SĎOQRFL VH SĆHVXQHWH GR URNX ZZZ VDVD]X FRP )LOPRYRX QRF YêHWQø xDPSDĀVNÇKR êHUYHQÇKR NREHUFH D &DVLQR 5R\DOH ]DæLMHWH Y +LOWRQX VWDêË VL MHQ Y\EUDW NXOLV\ ZZZ KLOWRQSUDJXH F] /¿]Qø êW\ĆFKRGRY¿ YHêHĆH WLFKR D NOLG QDEË]Ë &KDWHDX 0FHO\ ZZZ FKDWHDXPFHO\ FRP

&$)§ %5$81 u 6SROHêQRVW % %UDXQ RVORYLOD DUFKLWHNWNX (YX -LĆLêQRX D VWXGLR 1DMEUW D Y\ VH PĎæHWH RG ĆËMQD SRVDGLW YH Y]GXxQÇ SDWURYÇ NDY¿UQø V QHRWĆHORX ]GUDYRWQLFNRX YÛ]GRERX Y /ÇNDĆVNÇP GRPø -Læ RG RVPL KRGLQ WX PĎæHWH SRVQËGDW u VHQGYLêH GRUW\ SHêLYR PÚVOL QHER VNYøOÛ WYDURK V PHGHP D RĆHFK\ 3ĆHV REøG QDEË]HMË SDQLQL D VDO¿W\ D YÛERUQRX N¿YX VHUYËUXMË Dæ GR KRGLQ

_

021$5&+ u 6QRXEHQË MËGOD V YËQ\ D REMHYR Y¿QË MHMLFK WDMĎ MH PRWWHP YLQQÇ UHVWDXUDFH 0RQDUFK jÇINXFKDĆ 0LFKDO (QGULV QDEË]Ë NODVLFNRX WURMNRPELQDFL u LWDOVNÇ IUDQFRX]VNÇ D êHVNÇ SRNUP\ D VRPPHOLHU Y¿P N QLP QDEËGQH YHOPL ]DMËPDY¿ YËQD ] éHFK 0RUDY\ L ]H VYøWD 1D SRG]LP QHFK\EË ]YøĆLQD QD 9¿QRFH WUDGLêQË PHQX D WDSDV 3ĆLMËW PĎæHWH L MHQ QD ĆË]HQRX GHJXVWDFL QHER VL SRSRYËGDW R YËQø ZZZ UHVWDXUDFHPRQDUFK F]

0,5(//,( u 3R ØVSøFKX VWĆHGR]HPQË UHVWDXUDFH 0LUHOOLH Y 'HMYLFËFK VL êW\ĆL PDNHGRQxWË SĆ¿WHOÇ ]DORæLOL VWHMQRX QD 9LQRKUD GHFK 7øxWH VH QD W\SLFN¿ VWĆHGR ]HPQË MËGOD WøVWRYLQ\ VDO¿W\ U\E\ PRĆVNÇ SORG\ PDVR D YÛERUQÇ GRP¿FË PDNHGRQVNÇ GRUW\ D VNYøO¿ PHGLWHU¿QVN¿ L PDNHGRQVN¿ YËQD ZZZ PLUHOOLH F]


*$6752./8% u .RQHêQø L Y éH FK¿FK Xæ H[LVWXMH JDVWURQRPLFNÛ NOXE SUR SĆË]QLYFH GREUÛFK UHVWDXUDFË =DORæLO MHM EÛYDOÛ EDQNÇĆ 3DYHO 6XFK¿QHN D MPHQXMH VH $ODNDUWH 6SRMXMH JXUP¿Q\ D GREUÇ UHVWDXUDFH NWHUÇ 3DYHO 6XFK¿QHN V WÛPHP RVREQø Y\EËU¿ 1DP¿WNRX ,QGLDQ -HZHO /D 5RWRQGH 6XVKL 3RLQW 7HUDVD 8 =ODWÇ VWXGQø D ]KUXED GDOxËFK Y 3UD]H =DUH]HUYXMHWH OL VL SĆHV ZHE ZZZ DODNDUWH F] VWĎO GRVWDQHWH ]DMËPDYRX VOHYX D QDYËF YæG\ YËWH FR VH Y NWHUÇ UHVWDXUDFL SU¿Yø GøMH D MDNÇ GHOLNDWHV\ QDEË]Ë éOHQVWYË Y WRPWR H[NOX]LYQËP NOXEX ]ËVN¿WH SR]Y¿QNRX RG MLQÇKR êOHQD QHER VSHFL¿OQËP NÑGHP &+2,&( 1HFKWH VL FKXWQDW

6,''+$57+$ &$)§ u $VLH Y FHQWUX 3UDK\ 3RSDUWRY¿ KUDYRVW LQWHULÇUX GHQQËKR EDUX D UHVWDXUDFH VYøWR]Q¿PÇKR WUHQG\ SRGQLNX %XGGKD %DU Y¿V RNRX]OË 9 -DNXEVNÇ QDG UHVWDXUDFHPL SRVWDYLOL YH VWHMQÇP VW\OX FHOÛ KRWHO D VFKRYDW VH GR MHKR DVLMVNÛFK NXOLV D SĆL ZRUOG PXVLF U\WPHFK ĆË]QXWÛFK WHFKQHP VL Y\FKXWQDW DVLMVNRX NODVLNX u MDSRQVNÛ REHQWR ER[ N VQËGDQL WXĀ¿NRYÛ VWHDN DVLMVNÇ VDO¿W\ D NĆXSDYÇ URON\ MH WR MHGLQÇ FR VH YH PøVWø SRG VQøKHP V WHSORWDPL SRG QXORX G¿ GøODW ZZZ EXGGKD EDU KRWHO F]

/( 7(552,5 u )UDQFRX]xWLQD WËPWR YÛUD]HP R]QDêXMH NRPELQDFL SRGQHEË SĎG\ D SRêDVË NWHUÇ G¿Y¿ YËQX MHKR FKDUDNWHU $ SUDæVN¿ UHVWDXUDFH VL QHPRKOD Y\EUDW SĆHVQøMxË Q¿]HY 9H VNOHSQËFK SURVWRU¿FK ] D VWR OHWË VH QDFK¿]HMË WĆL PËVWQRVWL YH NWHUÛFK PĎæHWH URPDQWLFN\ SRYHêHĆHW L ]DMËW QD GLVNUÇWQË SUDFRYQË VFKĎ]NX NXFK\Ā VNODG VÛUĎ QHMUĎ]QøMxËKR SĎYRGX D VW¿ĆË D YLQQÛ VNOHS u SHUOD UHVWDXUDFH 6EËUND ODKYË VYøWRYÛFK D PHGDLORYÛFK YËQ RVOQË NDæGÇKR JXUP¿QD Y\EUDW VL PĎæHWH ODKHY ]D .ê L GHVËWN\ WLVËF FHOÛ VNOHS P¿ KRGQRWX PLOLRQĎ 6RPPHOLHU D PDQDæHU 3HWU +OLQ¿N Y¿P GRSRUXêË YËQR QD PËUX L PHQX NWHUÇ NDæGÛ GHQ Y\WY¿ĆË -DQ 3XQêRFK¿Ć ]H VH]RQQËFK VXURYLQ V RKOHGHP QD SRêDVË 6\PIRQLH VP\VOĎ ]GH ODGË GRNRQDOH VH WX YHêHĆË YÛKUDGQø SĆL VYËêN¿FK ZZZ OHWHUURLU F] _


WH[W 3HWU 7ĎPD IRWR DUFKLY

EXEOLQNRORJLH j80,9 9«1$ '2. å28 9<92/$7 (;7 =, , '263÷/» é/29÷. 6( 6 '÷76.28 1('2é.$9267« 7÷j« 1$ 9»%8&+ 7§ 08å1÷ (5(.7,91« 6«/< .7(5» 9<05j7« .25.29» j3817f 7ą(%$ $å .( .ą,jċ /29§08 /86758 9( 9(/.§0 6 /( å2)«1$ '9$&(7 0(75č 1$' 3$5.(7 3520,ÿ7( 0, 78 262%1« 9=320«1.8 2'j38178-7( 1<1« 6 1 0, -$.§.2/, 35$9§ j$03$ÿ6.§ $ 26/$97( 7ą(7« 9<' 1« 0$*$=«18 &+2,&(

UR VODYQRVWQË VRLUÇH EXGH QHMOHSxË NG\æ VH EDĀDW¿ VLOXHWD ODKYH

3 DEQRUP¿OQË YHOLNRVWL W\SX 0DJQXP YKRGQø GRSOQË QHUH]RYRX Q¿

GRERX V OHGHP QDEOÛVNDQÛPL VNOHQLFHPL KRĆËFË VYËêNRX D YNXVQø Y\EUDQRX KXGERX 1HMHQRP FKXČRYÇ EXĀN\ E\ PøO\ PËW SUÇ SĆL SR K¿GNRYÇP Y\SU¿YøQË R EHQHGLNWLQVNÇP PQLFKRYL MPÇQHP 'RP 3ÇUL JQRQ SĆHGVWDYHQÇP NO¿xWHUD Y +DXWYLOOHUV W\êËFËP VH XSURVWĆHG YLQLF IUDQFRX]VNÇKR NUDMH &KDPSDJQH ąËN¿ VH æH Y MHGQRP URFH QHVWDêLO XVNODGQLW YxHFKQR YËQR Y VXGHFK QDOLO ]E\WHN PRxWX GR ODKYË D W\ X]DYĆHO NRUNRYÛPL xSXQW\ .G\æ FKWøO MHGQX ] QLFK SR êDVH RWHYĆËW ]¿WND SUXGFH Y\OÇWOD D YHQ ]DêDOR SURXGLW xXPLYÇ YËQR %\OR E\ VNYøOÇ NG\ E\ xOR xDPSDĀVNÇ Y\U¿EøW WDN OHKFH VNXWHêQRVW MH PQRKHP VORæLWøMxË 6¿KRGORXK¿ KLVWRULH xXPLYÛFK YËQ VH VLFH RSUDYGX ]URGLOD Y &KDP SDJQL DOH RQHQ FK\WUÛ PXæ MHQ ]GRNRQDOLO SULPLWLYQË OHê ØêLQQÇ YHV QLFNÇ PHWRG\ YÛURE\ RPDPQø SHUOLYÇKR PRNX 3UDYGRX MH SRX]H WR æH MDNR MHGHQ ] SUYQËFK SRXæLO VLOQRVWøQQÇ VNOHQøQÇ ODKYH D NRUNRYÇ ]¿WN\ VSRXWDO GU¿WNRYÛPL RNRY\ 8UêLWø VH PX KRGLOD L MHKR VFKRSQRVW VFHORYDW êLOL PËFKDW YËQD ] UĎ]QÛFK YLQLF D SĆHGHYxËP UĎ]QÛFK RGUĎG .RQNUÇWQø WĆË &KDUGRQQD\ 3LQRW 1RLU D 3LQRW 0HXQLHU = WøFK VH Y\U¿EË SUDYÇ xDPSDĀVNÇ GRGQHV D MHKR VO¿YX xËĆË GR VYøWD WDNÇ NURPø S¿Qø 3ÇULJQRQD QDSĆËNODG URGLQQÇ NODQ\ 0XPPĎ +HLGVLHFNĎ 7DWWLQJHUĎ .URJRYĎ 5XLQDUGĎ êL 0ĂHW &KDQGRQĎ &R MH YODVWQø QD SUDYÇP xDPSDĀVNÇP WDN XQLN¿WQË" 0RæQ¿ VNXWHêQRVW æH Q¿P XQLNDMËFË SHUO\ N\VOLêQËNX XKOLêLWÇKR SĆLSRPËQDMË QDxH PO¿GË 3RêËQDMH GøWVNÛPL VQ\ R JLJDQWLFNÇP EXEOLIXNX SĆHV QH]NURWQÛ SURXG RN\VOLêHQÇKR Y]GXFKX Y SUYQËP DNY¿ULX V êLFKDYFL Dæ SR URPDQWLNX YH GYRX SURæLWRX YH YDQø QDSOQøQÇ SR RNUDM EXEODYø YRQËFË SøQRX , SURWR xDPSDĀVNÇ Y\FKXWQ¿Y¿PH MHQ SĆL ]YO¿xWQËFK SĆËOHæLWRVWHFK ]D SËMËPH MËP QRYÛ URN VWHMQø MDNR URGLQQ¿ YÛURêË $OH KRGË VH WÇæ QD RVOD YX GDOxËFK QHPÇQø SRGVWDWQÛFK XG¿ORVWË 1HP¿WH VQDG FKXČ RWHYĆËW VL ODKYLQNX SRWÇ FR Y\KRGLOL YDxHKR QDGĆË]HQÇKR SĆËSDGQø RVODYLW

_



0QRKR SRYËG¿QË R xDPSDĀVNÛFK ]DêËQ¿ MPÇQHP 'RP 3ÇULJQRQ 7HQWR EHQHGLNWLQVNÛ PQLFK ] NO¿xWHUD Y +DXWYLOOHUV ]DêDO MDNR SUYÛ H[SHULPHQWRYDW VH VFHORY¿QËP YËQ D QDOÇYDO MH GR ODKYË NGH ]DêDO\ SR SĆLG¿QË NYDVLQHN VHNXQG¿UQø SUDFRYDW êLOL SHUOLW

WDNRYRX PDOLFKHUQRVW æH Y¿P EøKHP MË]G\ GRPĎ QHSDGOD QD VHPDIRUX MHGLQ¿ êHUYHQ¿" 3UDYGRX MH æH QD YÛMLPHêQRVWL SUDYÇKR xDPSDĀVNÇKR P¿ ]¿VOXKX L MHKR Y\VRN¿ FHQD 9\URELW KR QHQË VQDGQÇ GORXKÛ D Q¿URêQÛ SURFHV SĆLSRPËQ¿ GËN\ GYRMLWÇ IHUPHQWDFL XPøQË VWĆHGRYøNÛFK DOFK\PLVWĎ 1HMSUYH PXVËWH XGøODW NODVLFNÇ YËQR D WHSUYH SDN SRVWRXSLW R NURN G¿OH D SĆLG¿QËP NYDVLQHN RGVWDUWRYDW GDOxË IHUPHQ WDFL $æ WD Y\WYRĆË RQX QHQDSRGRELWHOQRX EXEOLQNRYRX æLYRVW 7HQWR SURFHV SUREËK¿ EXó WUDGLêQËP ]SĎVREHP SĆËPR Y ODK YËFK QHER YH YHONÛFK NRYRYÛFK WDQFËFK 1HMOHSxË IUDQFRX]VN¿ xDPSDĀVN¿ ]UDMË YÛKUDGQø Y ODKYËFK D RGSRêËYDMË WDNWR QøNG\ YËFH QHæ GHVHW OHW 8 QøPHFNÛFK VHNWĎ VH GRED ]U¿QË SRK\EXMH NROHP RVPQ¿FWL PøVËFĎ D SHUOLYÇ YËQR ] SHêOLYø X]DYĆHQÛFK QHUH]RYÛFK WDQNĎ MH KRWRYR ]D SRXKÛFK êW\ĆLFHW GQË =DPøĆWH VH SĆËxWø YËFH QD MLVNĆLYRX DNWLYLWX XYQLWĆ Y\VRNÇ VNOHQN\ 9ËQR Y\UREHQÇ WUDGLêQË xDPSDĀVNRX PHWRGRX NYDxHQË Y ODKYL WYRĆË PHQxË ĆHWË]NRY¿QËP GRNRQDOH SURSRMHQÇ EXEOLQN\ ]DWËPFR

_

WR GUXKÇ ] WDQNĎ P¿ EXEOLQN\ YøWxË D Y ØVWHFK PQRKHP YËFH SHUOË 3RGOH REVDKX FXNUX VH GøOË QD Y\VRFH VXFKÇ H[WUD EUXW Dæ JUDPĎ FXNUX QD OLWU VXFKÇ EUXW Dæ JUDPĎ FXNUX QD OLWU SRORVXFKÇ GHPL VHF Dæ J FXNUX QD OLWU SRORVODGNÇ GHPL GRX[ Dæ J FXNUX QD OLWU D VODGNÇ GRX[ V JUDP\ FXNUX QD OLWU ,GH¿OQË WHSORWD SUR SRG¿Y¿QË xDPSDĀVNÇKR MH PH]L u & D YøWxLQD ODKYË MH XUêHQD NH VSRWĆHEø QHMSR]GøML GR GYRX OHW SRWÇ FR VH GRVWDQRX QD WUK =DSRPHĀWH SURWR QD MHMLFK GORXKRGREÇ VNODGRY¿QË WHG\ QHXNO¿G¿WH OL VYÇ ØVSRU\ GR YLQR WÇN\ V WHNXWÛPL SRNODG\ Y FHQø ePXFKRr WLVËF ]D NXV NWHUÇ QHVRX QD HWLNHWø Q¿SLV 9LQWDJH 1¿]HY exDPSDĀVNÇr SDWĆË YÛKUDGQø )UDQFRX]ĎP D Y]WDKXMH VH QD YËQD VNOL]HQ¿ ] KHNWDUĎ YLQLF UR]SURVWĆHQÛFK GR SøWL UHJLRQĎ 1D UHPHxVNRX YUFKRYLQX GR ØGROË 0DUQ\ %ODQF 6Ç]DQQH D RNROË GHSDUWHPHQWX $XEH 9xHFKQ\ REODVWL PDMË SRGREQÇ NOLPD GORXKRX ]LPX VWĆËG¿ êDVWR PUD]LYÇ MDUR Q¿VOHGXMH QHSĆËOLx WHSOÇ OÇWR .HĆËN\ UÇY\ SURWR QDV¿YDMË WHSOR ] NĆËGRYÛFK SORWHQ NWHUÇ SĎVREË ]D FKODGQÛFK


jDPSDĀVNÇ GRP\ VH FKOXEË QHMHQ VNOHS\ GORXKÛPL PQRKR NLORPHWUĎ Y\NXWDQÛPL Y NĆËGRYÇP SRGORæË NGH YËQR GR]U¿Y¿ DOH L W\SLFNÛPL IUDQFRX]VNÛPL ]¿PHêN\ 3ĆËxWø ]DPLĆWH GR NUDMH &KDPSDJQH PËVWR QD ĆHNX /RLUX D XYLGËWH EXGH WR WDNÇ ģ QDYËF WHNXWø ģ NU¿VQÇ

QRFË MDNR WHSOÛ SROxW¿Ć G¿YDMËFË KUR]QĎP GRGDWHêQÇ KRGLQ\ ]U¿QË QDYËF 6DPR]ĆHMPø VL PĎæHWH GRSĆ¿W EXEOLQNRYÛ ]¿]UDN L ] GDOxËFK VYøWRYÛFK SURYHQLHQFË YH xN¿OH EDUHY RG ]HOHQNDYÇ SĆHV ]ODWRæOXWRX UĎæRYRX Dæ SR JUDQ¿WRYø êHUYHQRX $Č Xæ WR EXGH IUDQFRX]VNÇ ePRXVVHX[r YH jSDQøOVNX Y\U¿EøQ¿ eFDYDr LWDOVNÇ eVSXPDQWHr êL QøPHFNÛ eVHNWr SRG NWHUÛ VSDG¿ QD QDxH YODVWHQHFNÇ FLW\ ØWRêËFË MLQDN QøPHFN¿ eERKHPNDr $ SDN WX MH DPHULFNÇ U¿GRE\ xDPSDĀVNÇf -HQ 6SRMHQÇ VW¿W\ YH VYÇ QDP\xOHQRVWL QHX]Q¿YDMË KLVWRULFN\ GDQÇ SRMP\ VSR MHQÇ V R]QDêHQËP XUêLWÛFK GHVWLO¿WĎ YH Y]WDKX N PËVWX MHMLFK SøVWRY¿QË D WLVNQRX VL QD HWLNHW\ FR MH QDSDGQH 3ĆLWRP QD VWUDQø GUXKÇ WÇPøĆ K\VWHULFN\ EU¿QË Q¿]HY ERXUERQ jDPSDĀVNÇ MH EH]SRFK\E\ VY¿WHêQËP SLWËP DOH P¿ VYÇ QH]D VWXSLWHOQÇ PËVWR L YH Y\VRFH HOHJDQWQËFK NRNWHMOHFK 1DSĆËNODG KR O]H VPËFKDW V êHUYHQÛP EXUJXQGVNÛP GRSOQLW êHUVWYÛPL MD KRGDPL D YxH SDN ]DVWĆËNQRXW VODGNRX xOHKDêNRX 3ĆLG¿YDW EËOÛ REO¿êHN QDGÛFKDQÇ SøQ\ VH PĎæH ]G¿W EDUEDUVWYËP DOH MVRX

OLGÇ NWHĆË E\ ML GRYHGOL Y\FKXWQ¿YDW NG\NROLY D NGHNROLY WDN SURê WR QH]NXVLW" 3RNXG YxDN SRWĆHEXMHWH LPSODQWRYDW xDPSDĀVNÇ GR QøNWHUÇKR ] NODVLêWøMxËFK NRNWHMOĎ W\SX %HOOLQL QHER &DU ULEHDQ &KDPSDJQH VWRMË ]D WR V¿KQRXW VSËx SR xXPLYÇP YËQø .RQHêQÛ GULQN SĆHFH FKFHWH RNRĆHQLW KODYQø RQRX MLVNĆLYRX NYøWQDWRVWË D GHOLN¿WQË FKXČ SUDYÇKR xDPSDĀVNÇKR E\ Y WRPWR SĆËSDGø WÇPøĆ ]DQLNOD &Ræ E\ E\OD YøêQ¿ xNRGDf 3ĆLWRP VH NXSRGLYX QH]WUDWË QDSĆËNODG Y MDKRGRYÇ SROÇYFH 3ĆLSUDYËWH VL ML WDN æH UR]PL[XMHWH ]KUXED êWYUW NLORJUDPX MDKRG VH VWR JUDP\ NUXSLFRYÇKR FXNUX SĆLG¿WH GYø VWø JUDPĎ MRJXUWX D GYø GHFL SUDYÇKR xDPSDĀVNÇKR 9xH Ć¿GQø SURPËFK¿WH D QHFK¿WH Y\ FKODGLW 7XWR RULJLQ¿OQË SRFKRXWNX NWHU¿ MH GRVWDWHêQø YÛæLYQ¿ OHKFH VWUDYLWHOQ¿ D SĆHNYDSLYø FKXWQ¿ QDYËF PĎæHWH GR]GRELW SĎONDPL MDKRG -H WR GDOxË ] GĎND]Ď æH xDPSDĀVNÛP VH QHPXVË MHQ SĆLSËMHW NRXSDW VH Y QøP QHER MËP ]DOÇYDW ØVWĆLFH 6W¿OH VH P¿PH FR XêLW D QD WR E\FKRP VL PøOL SĆLSËWf

_


WH[W 'XxDQ $PXWRYLê

6WDêË S¿U NOLNĎ P\xË

672-«7( %(=5$'1÷ 1$ 32'=,01÷ 9<+/«å(-«&«0 32/, ,17(51(729§ 5(./$0< .2/(0 72 2é,9,'1÷ )28. $ 3ą(672 6( 9 j 352-(.7 027 67 /( 8 =(0÷ 1(-632/(+/,9÷-, +2 '2. å( '267$7 9=+č58 1(7$'9(57

1

D SRê¿WNX QHE\OR VORYR DOH P\xOHQND 3URê VWDYøW SURWL VREø W\ NGR UHNODPX SRWĆHEXMË D W\ GUXKÇ NWHĆË ML SRVN\WXMË" 1HE\OR E\ VQDG SUR LQ]HUHQW\ L RQ OLQH SRUW¿O\ LGH¿OQË Y\WYRĆLW NRPSOH[QË ĆHxHQË D VRXVWĆH GLW YxHFKQ\ SRWĆHEQÇ VOXæE\ eSRG MHGLQÛ ZHEr" 8æ æ¿GQÇ SURFK¿]HQË VWRYHN VWUDQ æ¿GQÇ ØPRUQÇ KOHG¿QË D GRKDGRY¿QË VH QD FHQø VH ]SUR VWĆHGNRYDWHOVNÛPL UHNODPQËPL DJHQWXUDPL NWHUÇ VL EHURX Dæ SURYL]H 8æ æ¿GQÇ PDUQÇ êHN¿QË ]GDOL QøNGR EXGH SORFKX QD ZHEX FKWËW 6\VWÇP 1HW$GYHUW WR YxHFKQR REVWDU¿ ]D Y¿V D EXGH WR ]D KXELêNX ,QWHUQHWRY¿ UHNODPD SDWĆË PH]L QHMPODGxË UHNODPQË PÇGLD DOH WDNÇ PH]L WD QHMSURJUHVLYQøMxË D QHMU\FKOHML VH UR]YËMHMËFË $ WHQKOH ERRP Y GREø NG\ VL NDæGÛ QD VYĎM EORJ PĎæH XPËVWLW NROLN FKFH EDQH UĎ SRWĆHEXMH QøFR YËF QHæ MHQ æLYHOQÛ UR]YRM 6\VWÇP 1HW$GYHUW VSROHêQRVWL 7ULORJ NWHU¿ VH ]DEÛY¿ YÛYRMHP LQWHUQHWRYÛFK DSOLNDFË D eH E\]Q\VHPr MH IOH[LELOQËP Q¿VWURMHP SUR HIHNWLYQË Y\XæËY¿QË UH NODPQËFK SORFK QD LQWHUQHWX D WR MDN SUR LQ]HUHQW\ WDN L SUR W\ NGR MH SRVN\WXMË 6WDêË UHJLVWUDFH NWHU¿ QH]DEHUH YËF QHæ GYø PLQXW\ D PĎæHWH SRSW¿YDW êL QDEË]HW WDNRYRX SORFKX NG\NROL D NGHNROL EX GHWH FKWËW 1DYËF WR SĆLQ¿xË SRGPËQN\ R QLFKæ VH OLGHP NWHĆË SUDFXMË V UHNODPRX Y eNODVLFNÛFKr PÇGLËFK DQL QHVQË u QDSĆËNODG SRX]H WÛ GHQQË FËOHQRX NDPSDĀ D WR Dæ SĎO URNX GRSĆHGX 7RXæËWH OL RVORYLW SRWHQFL¿OQË LQ]HUHQW\ D NOLHQW\ Y QHSĆHKOHGQÇP RFH¿QX ZHEĎ WRWR MH MHGHQ ] QHMHIHNWLYQøMxËFK D WDNÇ QHMOHYQøMxËFK ]SĎVREĎ 3RVN\WR YDWHO UHNODPQË SORFK\ ML PĎæH SURQDMPRXW WĆHED QD SRVOHGQË FKYËOL ]D VSHFL¿OQË eODVW PLQXWHr FHQX 3RNXG SORFKD QHQË Y\XæËY¿QD LQ]H

_

UHQWHP MH PRæQÇ GRSĆHGX LQIRUPRYDW MDN ML MLQDN Y\XæËW . GLVSR]LFL MVRX WDNÇ SUDYLGHOQÇ VWDWLVWLN\ R SURGHML SORFK QDEËGN\ L LQIRUPDFH R VWU¿QN¿FK MVRX QDYËF SUDYLGHOQø DNWXDOL]RY¿Q\ $ NG\E\ VQDG Y]QLNOD QøMDN¿ QHVURYQDORVW SRPĎæH xNROHQÛ RSHU¿WRU 7DNÇ SUR LQ ]HUHQW\ SĆLQ¿xË 1HW$GYHUW ĆDGX SĆËMHPQÛFK D XæLWHêQÛFK Q¿VWURMĎ MDN ]NYDOLWQLW WDNRYÛ SURFHV SRXKÛP NOLN¿QËP P\xL RG SRêËWDêH 0RKRX VL REMHGQDW NDPSDĀ NG\NROL VH MLP ]DFKFH D EXGRX OL PËW SRFK\ E\ RKOHGQø MHMË HIHNWLYLW\ DČ VL QHMSUYH Y\]NRXxË ePLNURNDPSDĀr ]D SRXKÛFK .ê FHQD MHGQÇ 606 7DN QHMVQDGQøML ]MLVWË MDN YHONÛ HIHNW LQ]HUFH SĆLQHVH 3DN Xæ QLF QHEU¿QË YøWxË LQYHVWLFL 5HNODPD VH G¿ PøQLW L Y SUĎEøKX NDPSDQø N GLVSR]LFL MVRX SĆHKOHGQÇ VWDWLVWLN\ DNWXDOL]DFH NDæGRX KRGLQX D FKFHWH OL QDNRXSLW YËF UHNODPQËFK SORFK QDMHGQRX IXQJXMH 1HW$GYHUW MDNR EøæQÛ H VKRS åH VH QHFË WËWH WDN SHYQË Y NUDPIOHFËFK Y REODVWL eQHW DGYHUWDVLQJr" å¿GQÛ SUR EOÇP 7ÛP 1HW$GYHUW Y¿P QDYUKQH NDPSDĀ QD PËUX 8KUDGLW ML O]H NDUWRX ] PRELOX SĆHYRGHP ] ØêWX D NG\æ FHORX ê¿VWNX QHY\êHU S¿WH PĎæHWH ML SĆHYÇVW GR GDOxË NDPSDQø QHER VL ML QHFKDW ]DVODW ]SøW QD ØêHW 3UR SORFK\ QD ZHEX SODWË YËF QHæ NGH MLQGH u SU¿]GQÇ QHMVRX QLF Dæ ]DSOQøQÇ G¿YDMË VP\VO D SĆLQ¿xHMË SHQË]H 1Dê MH WDG\ QHFK¿YDW OHæHW ODGHP" 36 1H Y SRGPËQN¿FK 1HW$GYHUWX VH RSUDYGX QHY\VN\WXMË æ¿GQÇ ]DY¿GøMËFË D QD SRKOHG VNU\WÇ eNG\E\r êDVWR VFKRY¿YDQÇ YH YøW¿FK SVDQÛFK PLQLDWXUQËP SËVPHP NGHVL SRG êDURX $ GRKRGQXW¿ FHQD ]DKU QXMËFË MHQ SURYL]L QHREVDKXMH æ¿GQÇ GDOxË VNU\WÇ SRSODWN\ 9L] ZZZ QHWDGYHUW F]


_


Oย ย ยดยผb ร รฆYร h f&+7รท/, 9รท'รท7 2 j$03$รฟ6.ยง0 $/( %ย /, -67( 6( =(37$7 72 6( &+2,&( 61$รฅ,/ =-,67,7 8 08รฅ( = 1(-3292/$1รท-jยซ&+ 8 67$1,6/$6( 52&2))257$ '( 9,11,(5( 6 j$03$รฟ6.ยป0 75ย 9ยซ .$รฅ'ยป '(1 -( 727,รฅ $0%$6$'25(0 9ยซ1 '20 3ยง5,*121 $ 02ยฉ7 &+$1'21 3$7ฤ ยซ&ยซ&+ '2 .21&(518 1(-/8;861รท-jยซ&+ )5$1&28=6.ยป&+ =1$รฉ(. u /8,6 98,7721 02ยฉ7 +(11(66<

_


WH[W 3HWU 7ĎPD IRWR 6DxD 'REURYRGVNÛ

fSUDYLGHOQÇ SHUOHQË D PLQLDWXUQË EXEOLQN\ VYøGêË R Y\VRFH NYDOLWQËP xDPSDĀVNÇP 3RNXG Y¿P EXEOLQN\ QHGøODMË GREĆH VWDêË QD FKYËOL YORæLW GR VNOHQN\ VWĆËEUQRX êL QHUH]RYRX OæLêNX 7HQWR ]SĎVRE SRXæËYDMË L SURIH VLRQ¿OQË VRPHOLÇĆL SURWRæH L MH EXEOLQN\ PDWRX SĆL GHJXVWDFL fWODN Y ODKYL xDPSDĀVNÇKR MH ]KUXED xHVW DWPRVIÇU ]DWËPFR QDSĆËNODG SQHXPDWLND DXWD P¿ SRX]H GYø D SĎO DWPRVIÇU\ 7ODN Y]QLN¿ SĆL VHNXQG¿UQË IHUPHQWDFL NWHURX RGVWDUWXMË NYDVLQN\ SĆLG¿YDQÇ SĆËPR GR ODKYË SRWÇ FR Xæ E\OR Y\WYRĆHQR NODVLFNÇ WLFKÇ YËQR fDJUDSD êLOL GU¿WNRYÛ NRxËêHN NWHUÛP MH N KUGOX ODKYH SĆLSRXW¿QD NRUNRY¿ ]¿WND MH XWDæHQD QD xHVW RWRêHQË 7R SURWR DE\ OLGÇ QD FHOÇP VYøWø YøGøOL MDN ODKHY RWHYĆËW D QHPXVHOL VH GËYDW QD UXFH 3RXK¿ SUR FHQWD SURGXNFH xDPSDĀVNÇKR MVRX NRQWDPLQRY¿QD NRUNHP WDNæH VH WÇPøĆ QHPXVË RFKXWQ¿YDW fRWHYĆHQË xDPSDĀVNÇKR W]Y VDEU¿æË NG\ VH KUGOR ODKYH Y\FKOD]HQÇ QD WHSORWX NROHP & GRVORYD XVHNQH SRPRFË WXSÇKR WøæNÇKR SĆHGPøWX NWHUÛ NRSËUXMH WYDU ODKYH VH SURY¿GË YæG\ Dæ SR VHMPXWË DJUDS\ fY REODVWL &KDPSDJQH E\VWH QDSRêËWDOL QD YLQDĆVWYË SĆH ]GËYDQÛFK xDPSDĀVNÛPL GRP\ 1D Qø SĆLSDG¿ ]KUXED SøVWLWHOĎ YËQD NWHĆË MLP KUR]Q\ SURG¿YDMË 3RX]H QøNWHUÇ xDPSDĀVNÇ GRP\ PDMË L YODVWQË YLQLFH fxDPSDĀVNÇ SRFK¿]Ë ]H VORYD FDPSDQLDQ Y\MDGĆXMËFË NĆËGRYÇ SRGORæË REODVWL 9LQQ¿ UÇYD P¿ NRĆHQ\ GORXKÇ L QøNROLN GHVËWHN PHWUĎ D WDN GRN¿æH êHUSDW YO¿KX XORæHQRX KOXERNR SRG ]HPË -LQ¿ YHU]H WYUGË æH xDPSDĀVNÇ MH ]H VORYD FDPSXV ]QDPHQDMËFË SORFKÇ URYQÇ PËVWR fSHUOLYÇ YËQR VDPR]ĆHMPø H[LVWRYDOR L PQRKHP GĆËY QHæ KR ]SRSX ODUL]RYDOD SRVWDYD PQLFKD 'RPD 3ÇULJQRQD 2Q YxDN ]DêDO YËQD ] GQHV WĆË EøæQø SRXæËYDQÛFK UÇY MDNR SUYQË PËFKDW êLOL VFHORYDW D XFKRY¿YDW MH Y WOXVWRVWøQQÛFK ODKYËFK D QHMHQ Y VXGHFK fGRGQHV VH VW¿Y¿ æH S¿U ODKYË SĆL SUDYLGHOQÇP RW¿êHQË NWHUÛP VH VNOHS¿YDMË ]E\WN\ NYDVLQHN SUDVNQH 9 SUĎPøUX WR MH SRX]H MHGQD ODKHY ] MLQÛFK ]DWËPFR Y GREø NG\ VH xDPSDĀVNÇ YR]LOR QD GYĎU /XGYËND ;,9 MLFK EøæQø H[SORGRYDOR Dæ fL SURWR VH xDPSDĀVNÇ QDOÇYDOR Dæ WøVQø SĆHG NRQ]XPDFË GR NDUDI 0LQLP¿OQø GR URNX QHæ YVWRXSLOR Y SODWQRVW NU¿ORYVNÇ QDĆË]HQË æH VH xXPLY¿ YËQD ] RNROË 5HPHxH VPË QDSĆËxWø WUDQVSRUWRYDW L YH VNOH fNDO\ Y]QLNDMËFË Y ODKYL EøKHP GUXKRWQÇ IHUPHQWDFH VH PXVË SUD YLGHOQø VHWĆ¿VDW GR KUGOD D SDN RGWDPWXG RGVWUDQLW 'ĆËYH VH WR GøO¿YDOR WDN æH VH ODKHY QHFKDOD ]DPU]QRXW D NDO VH RGVWĆHOLO YHQ 'R ODKYH VH SDN GROLOR YËQR V GRV¿æQËP OLNÇUHP VOD]HQÛP FXNUHP fVXFK¿ xDPSDĀVN¿ MVRX Y PÑGø Dæ RG SRê¿WNX WRKRWR VWROHWË 'R WÇ GRE\ VH SLOD xDPSDĀVN¿ NWHU¿ SĆLSRPËQDOD VODGNRVWË MLWURFHORYÇ NDSN\ SURWL NDxOL PøOD Dæ JUDPĎ FXNUX QD OLWU 'QHV VH SRYDæXMH ]D VXFKÇ WDNRYÇ NWHUÇ P¿ REVDK MHQ QøMDNÛFK Dæ JUDPĎ fWĆL W\S\ UÇY SRXæËYDQÇ SUR YÛUREX SUDYÇKR xDPSDĀVNÇKR MVRX 3LQRW 1RLU 3LQRW 0HQXLU D &KDUGRQQD\ &KDPSDJQH MH YĎEHF QHMVHYHU

QøML SRORæHQ¿ YLQDĆVN¿ REODVW YH )UDQFLL WDNæH MVRX YËQD SUR éHFK\ RGNR MHQÇ QD GRVOD]RYDQÇ ERKHPFH êDVWR KRGQø N\VHO¿ fEËOÇ KUR]QR 3LQRW 0HQXLU MH SRYDæRYDQÇ ]D ]¿NODG xDPSDĀVNÛFK GRG¿Y¿ MLP VYøæË WøOR L ]DNXODFHQRVW 0RGUÇ RGUĎG\ 3LQRW 1RLU KR RER KDFXMË RYRFQÛPL SĆËFKXWøPL D &KDUGRQQD\ NWHUÇ XFËWËWH Dæ ØSOQø Y]DGX QD MD]\NX SĆLQ¿xË PLQHUDOLWX D N\VHOLQNX NWHU¿ Y¿V QXWË QDSËW VH ]QRYX fSUR GHJXVWDFL xDPSDĀVNÇKR MH QHMGĎOHæLWøMxË QRV VNU] QøM O]H ]ËVNDW Dæ YMHPĎ 9ÛUREFL Y¿P DOH EXGRX WYUGLW æH VH VRXVWĆHóXMË YËF QD FKXČ D SRFLW NWHUÛ P¿WH ] xDPSDĀVNÇKR Y ØVWHFK 9\U¿EËPH Q¿SRMH GR JDVWURQRPLH D QLNROL SDUIÇP\ ĆHNQRX QD Y\VYøWOHQRX fY EøæQÇ VHGPLêNRYÇ ODKYL E\VWH QDxOL PRxW ]H GYRX Dæ WĆË NLO KUR]QĎ .LOR MH Y\NXSRYDQÇ RG VRXNURPÛFK YLQDĆĎ ]D SUĎPøUQRX FHQX HXUR ]D NLOR FRæ Y\VYøWOXMH L Y\VRNRX FHQX xDPSDĀVNÇKR fQDSDGOR Y¿V WHó SĆLY\GøODW VL MDNR SøVWLWHOÇ YËQD Y REODVWL &KDP SDJQH" 3DN Xæ ]DêQøWH xHWĆLW 3ROËêNR R UR]OR]H MHGQRKR KHNWDUX VH EøæQø SURG¿Y¿ ]D FHQX NROHP PLOLRQX HXU D êORYøN QD QøP PXVË RGSUD FRYDW ]D URN QøMDNÛFK KRGLQ fSĆHVWR QDMGHWH YH )UDQFLL Y VDPRREVOXK¿FK ODKYH V P¿OR ]Q¿PÛP xDPSDĀVNÛP MHMLFKæ FHQ\ VH SRK\EXMË NROHP HXU 7R SURWR æH )UDQ FRX]L VDPL ]NRQ]XPXMË SĆHV SURGXNFH ] REODVWL &KDPSDJQH 9ÛMLPNRX MH ]QDêND 'RP 3ÇULJQRQ NGH MH ODKYË XUêHQR QD H[SRUW fIUDQFRX]VNÇ xDPSDĀVNÇ PXVË ]U¿W PLQLP¿OQø WĆL URN\ $æ SDN SX WXMH GR ODKYË GR NWHUÛFK VH SĆLG¿YDMË NYDVLQN\ 9ËQR WDP ]ËVN¿Y¿ GDOxË DURPD D FKXČ 1øPHFNÇ SHUOLYÇ VHNW\ ]UDMË SUĎPøUQø NROHP RVPQ¿FWL PøVËFĎ D xXPLY¿ YËQD ] QHUH]RYÛFK WDQNĎ MVRX KRWRYD ]D êW\ĆLFHW GQË fWDN]YDQÇ YLQWDJH MH YËQR NWHUÇ SRFK¿]Ë ] DEQRUP¿OQø GREUÇ VH]RQ\ ]GĎUD]ĀXMH XUêLWÛ URN VNOL]Qø 1Hæ VH GRVWDQH NH NRQ]XPHQWRYL GR]U¿Y¿ Y SUĎPøUX NROHP SøWL OHW P¿ PQRKHP YøWxË NRPSOH[LWX D RVRE QRVW YêHWQø QHYLGLWHOQÇKR SRWHQFL¿OX YËQD fYH FKYËOL NG\ YÛUREFH XYHGH xDPSDĀVNÇ QD WUK MH SĆLSUDYHQR N SLWË D Dæ QD QDSURVWÇ YÛMLPN\ KR QHP¿ VP\VO VNODGRYDW 3RNXG R WR VWRMËWH MH QXWQÇ GRGUæRYDW VW¿ORX QË]NRX WHSORWX D WPX SĆLêHPæ ODKYH E\ PøO\ OHæHW YH YRGRURYQÇ SROR]H fNURPø EøæQÇ YHOLNRVWL ODKYË VH PĎæHWH VHWNDW V YHOLNRVWË PDJQXP REVDKX OLWUX D GHYËWLOLWURYRX ODKYË ]YDQRX VDOPDQD]DU MDNRæ L GYDQ¿FWL OLWURYNRX D SDWQ¿FWLOLWURYNRX fUĎæRYÇ xDPSDĀVNÇ VH YH )UDQFLL PËFK¿ ] YËQD EËOÇKR D êHUYHQÇKR 7HSUYH Y URFH KR ]DêDOL YH YøWxË PËĆH SËW L PXæL GR WÇ GRE\ E\OR XUêHQÇ YÛKUDGQø G¿P¿P fQD xDPSDĀVNÇ VH KRGË xLUxË EDĀDWøMxË VNOHQLêN\ V XæxËP KUGOHP NWHUÇ XGUæË EXNHW YËQD 7\SLFNÇ xDPSXVN\ D GORXKÇ IOÇWQ\ MVRX MLæ SĆH NRQ¿Q\ 6NOHQLêN\ SUR ]QDOFH PDMË GRNRQFH QD GQø VSHFL¿OQË UÛKX NWHU¿ QDSRP¿K¿ WYRĆHQË SUDPËQNX EXEOLQHN f/DKHY xDPSDĀVNÇKR E\ PøOD EÛW Y\FKOD]HQD QD QøMDNÛFK u & DOH SUR GHJXVWDFL VH QøNG\ QHFK¿Y¿ ]WHSODW Dæ QD &

_


WH[W -DQ 9RMWøFKRYVNÛ YL]XDOL]DFH DWHOLÇU &UHVFRQ

GRPĎ GR 3RGROË MHMËPX GDOxËPX YøKODVX EH]SRFK\E\ SĆLVSøMH L SURMHNW UH]L GHQêQËKR GRPX VSROHêQRVWL &UHVFRQ QDEË]HMËFË E\GOHQË EH] NRPSURPLVĎ &K\EË SURGDW SRVOHGQË E\W DE\ VNXWHêQø SODWLOR RQR ]Q¿PÇ 'RPĎ GR 3UDK\ GR 3RGROË 3øWLSRGODæQË GĎP QDEË]HMËFË xLURNRX YDULDQWX Y\XæLWË RG eNODVLF NÛFKr E\WĎ SR VWĆHxQË SHQWKDXVH V UR]KOHGHP QD ]DOHVQø QÇ UR]W\OVNÇ VYDK\ D REORXN .DYêËFK KRU MH L Y SHVWUÇ QDEËGFH QRYRVWDYHE XQLN¿WHP 8æ SURWR æH VWRMË Y NOLGQÇ MLæ ]D SUYQË UH SXEOLN\ SURVODYHQÇ êWYUWL Y VRXVHGVWYË SĎYRGQËFK YLO NGH MDNR E\ VH ]DVWDYLO êDV 3ĆLWRP MHQ S¿U PLQXW RG QLFK WHSH KHNWLFNÇ VUGFH YHONRPøVWD êL MHKR YøQêLWÇ WHSQ\ MDNRX MH QDSĆËNODG -LæQË VSRMND PDJLVWU¿O\ = QDEËGN\ eSRXKÛFKr RVPL E\WRYHN êHN¿ QD VYÇ EXGRXFË RE\YDWHOH Xæ MHQ SRVOHGQË E\W NN YH êWYUWÇP SRGODæË 3RWHQFL¿OQË xČDVWQÛ PDMLWHO VH PĎæH WøxLW QD VNXWHêQø GĎP\VOQø DUFKLWHNWRQLFN\ ĆHxHQÛ SURVWRU NWHUÛ FWË NODVLFNÇ SURSRUFH L UR]YUæHQË u ORæQLFH RULHQWRYDQÇ QD YÛFKRG SRVH]HQË QD WHUDVH QD ]¿SDG GĎP\VOQÇ RGKOXêQøQË SRPRFË

.

_

9=320«1 7( 6, 1$ 0212/2* /§. 51«.$ j2)5$ = &,050$1296.§+2 '2%»9 1« 6(9(51«+2 3±/8" 3526/$9,/ é795ċ 1$ 35$9§0 9/7$96.§0 %ą(+8 -('128 3529å'<

]DEXGRYDQÛFK VNĆËQË = PDOÛFK GHWDLOĎ VH VNO¿GDMË YHONÇ FHON\ WR YøGøOL VWDYLWHOÇ Xæ YH VWDUÇP ąËPø D SODWË WR L SUR E\GOHQË QD ØURYQL VWROHWË 1HRWĆHOÛ GHVLJQ VH KDUPRQLFN\ VQRXEË V NYDOLWRX FRæ GRND]XMË SRFWLYÇ GXERYÇ SRGODK\ L SUDNWLFN\ QH]QLêLWHOQÇ RGROQÇ WURSLFNÇ GĆHYR EDQNLUDL SRXæLWÇ QD SRGODKX WHUDV NDP VH PXVË SRKRGOQø YHMËW MËGHOQË VWĎO 6WDêË VH UR]KOÇGQRXW SR QRYRWRX YRQËFËFK E\WHFK DE\ Y¿V XSRXWDO\ L PÇQø QHQ¿SDGQÇ GHWDLO\ u SĆHVQÇ FKURPR YÇ NRY¿QË YHOLN¿ D VYøWO¿ IUDQFRX]VN¿ RNQD SRGODKRYÇ WRSHQË Y NRXSHOQ¿FK Y\EDYHQÛFK NRPSRQHQW\ RG VSROHêQRVWL 9LOOHUR\ %RFK L QDSĆËNODG GYø :& QD NDæGÛ E\W =NU¿WND MH YLGøW æH Q¿YUK\ RG DUFKLWHNWĎ SURxO\ GORXKÛP OHê SRWĆHEQÛP VFKYDORYD FËP SURFHVHP QHæ E\O\ Y\EURXxHQ\ GR GRNRQDORVWL u DOH R WRP Xæ E\ Y¿P DVL QHMOÇSH SRYøGøOL WL NWHĆË VL Xæ QHFK¿YDMË ]DSVDW DGUHVX 3URFK¿]NRYD GR REêDQVNÇKR SUĎND]X MDNR WUYDOÇ E\G OLxWø u D SU¿Yø êHNDMË QD SRVOHGQËKR VRXVHGD 9L] ZZZ FUHVFRQ F]


INNER

FRAME

ROTELLA

CREATIVE

ARIA

VISION

U-TURN

LOB WEDGE

FLOW

KVALITA DESIGN INDIVIDUALITA TWIN s.r.o. tel: 377 328 012-14 e-mail: objednavky@twin.cz _


.GH VH VFK¿]Ë UHGDNêQË UDGD PDJD]ËQX &KRLFH

+RQ]D -HULH YÛNRQQÛ ĆHGLWHO GHYHORSHUVNÇ VSROHêQRVWL &UHVFRQ

'DQLHOD 9LOKHOPRY¿ SXEOLVKHUND PDJD]ËQX &KRLFH

$QWKRQ\ 0DWKLHX UHJLRQ¿OQË PDQDæHU IUDQFRX]VNÇ GHYHORSHUVNÇ ILUP\ 6RJHSURP

5RPDQ 3OHVNDê YÛNRQQÛ ĆHGLWHO VSROHêQRVWL 636 VSU¿YD QHPRYLWRVWË

3HWU 7ĎPD xÇIUHGDNWRU PDJD]ËQX &KRLFH

-H]GË RG VYÛFK GYDQ¿FWL OHW YODVWQË KQHG QøNROLN KDUOH\Ď 1DSĆËNODG FHVWRYQË (OHFWUX *OLGH 5RDG .LQJ D 1LJKW 5RG 1H]¿YLóWH VWDêË æH ]¿YLGËPH P\

-H]GË QD YxHP FR P¿ exČ¿YXr RG VYÛFK xHVWQ¿FWL 6HG¿Y¿ Y]DGX YSĆHGX RENURêPR QDKRĆH GROH QHERMË VH QLêHKR

ąLGLê¿N QD PRWRUNX VL VNO¿GDO ORQL QHQ¿SDGQø ]D 3UDKRX QHERČ FKFH MH]GLW ] 0RQWUHXLO Y SDĆËæVNÇP GHSDUWPHQWX Dæ GR /D 'HIÇQVH D GøODW GORXKÛ SUVW QD NRORQ\ DXW

1D PRWRUFH VHGøO GYDNU¿W YODVWQø WĆLNU¿W YêHWQø QDxHKR IRFHQË 3DWĆË SUÛ N OLGHP NWHĆË Y ]DW¿êFH NORSË QD GUXKRX VWUDQX $OH QHMYËF ]H YxHFK PX WR VHNQH

'R ORĀVNÇKR VUD]X KDUOH\¿ĆĎ Y DPHULFNÇP 6WXUJLVX NWHUÇKR VH ]ØêDVWQLO MDNR MHGLQÛ QRYLQ¿Ć ] YÛFKRGQË (YURS\ W\ QD GYRX NROHFK DXWHP VXQG¿YDO 7Hó MLP G¿Y¿ IÑÑÑÑÑUD

Y EDUX KDUOH\ GDYLGVRQ 0±'1« 75(1'< $ =1$é.< 32 .7(5»&+ å(1< j«/« 352 02725. ą( 1(3/$7« $0(5,&.» .$7$/2* 3ą«6/8j(1679« +$5/(< '$9,'621 0 675$1 $ -( 7ą,.5 7 7/867j« 1(å 7(/()211« 6(=1$0 0čå(7( 0«7 32+29.8 =( 67(-1§ .čå( = -$.§ 126«7( %81'8 $ 32' .$/+27$0, 6 9<&3 9.$0, 328=( 1$ .2/(128 6/,3< 7§å( =1$é.< -,1§ e+$'5<r 1(å 7<+/( j051&291÷ )81.é1« 1$ 6(%( 1(9(=0(7(f =9/ jċ .'<å 6, 7(ò 0čå(7( +$5/(< 9<3č-é,7 $ 72 =$ &(18 2' .2581 1$ '(1 9,= ::: +$5/(< '$9,'621 35$+$ &=

_


WH[W 3HWU 7ĎPD IRWR 'DQ 6NOHQ¿Ć 7\S PRWRUN\ 956&) 9URG 0XVFOH &HQD (XUR

%XQGD 90 FHQD .ê %RW\ ' FHQD .ê +HOPD (& ( FHQD .ê j¿WHN %$ FHQD .ê

_


7\S PRWRUN\ ;/ ; 6SRWVWHU &HQD (85

%XQGD 97 FHQD .ê .RxLOH 9: FHQD .ê 5XNDYLFH 9: FHQD .ê

_


7\S PRWRUN\ )/+7& (OHFWUD *OLGH &ODVLF &HQD (85

9HVWD 90 FHQD .ê 6YHWU 90 FHQD .ê .DOKRW\ 25,*,1$/ 52..(5 FHQD .ê %RW\ ' FHQD .ê j¿WHN %$ FHQD .ê 5XNDYLFH 90 FHQD .ê

7\S PRWRUN\ )/+5& 5RDG.LQJ &ODVLF &HQD (85

%XQGD 90 FHQD .ê 7ULNR FHQD .ê 5XNDYLFH 90 FHQD .ê

7\S PRWRUN\ );':* '\QD :LGH *OLGH &HQD (85

.RxLOH 90 FHQD .ê j¿WHN 7 FHQD .ê .DOKRW\ 90 FHQD .ê

_


_


WH[W /XGøN 9RN¿ê IRWR 0LQQD 3\\KNDOD 25&2

RæLYRY¿QË %»9$/ ¸67ą('1« %8'29$ (/(.75,&.»&+ 32'1,.č +/$91«+2 0÷67$ 35$+< %</$ '21(' 91$ 752&+8 6087128 '20,1$1728 1$ .21&, 6(9(52-,å1« 0$*,675 /< 3ą(' é$6(0 9j$. =$é$/$ 2å«9$7 1$0«672 ¸ą('1«.č 6, -, 727,å =$ 692-, = ./$'18 =92/,/, 80÷/&, %÷+(0 '(6,*1%/2.8

_


1HMYÛ]QDPQøMxË IXQNFLRQDOLVWLFN¿ VWDYED Y 3UD]H E\ VL MLVWø ]DVORXæLOD YËFH SR]RUQRVWL 2 WRP æH O]H VNORXELW KLVWRULFN\ FHQQÛ LQWHULÇU XQLN¿WQË VFKRGLxWø V U\]H VRXêDVQÛP SĆËVWXSHP VYøGêË L ØVSøFK OHWRxQËKR 'HVLJQEORNX NWHUÛ EXGRYD KRVWLOD

R]OHKO¿ NDQFHO¿ĆVN¿ EXGRYD QD DGUHVH %XEHQVN¿ MH SUR PQRKÇ PRæQ¿ WURFKX SĆHNYDSLYø MHGQRX ] QHMYÛ]QDPQøM xËFK IXQNFLRQDOLVWLFNÛFK VWDYHE Y 3UD]H 0QR]Ë 3UDæDQÇ VL ML Y\ EDYXMË SRX]H YH VSRMLWRVWL V Q¿NXSHP êDVRYÛFK NXSRQĎ 0+' SĆËSDGQø GQHV MLæ ]DQLNOÛP OHJHQG¿UQËP NOXEHP %HOPRQGR 6WDYED MH DOH SĆHGHYxËP GËOHP DUFKLWHNWĎ $GROID %HQxH D -RVH ID .ĆËæH 7L Y URFH Y\KU¿OL DUFKLWHNWRQLFNRX VRXWøæ R êW\ĆL URN\ SR]GøML VH ]DêDO\ NRSDW ]¿NODG\ EXGRY\ D GR SURYR]X E\OD XYHGHQD Y URFH 1D VYRX GREX SRXæËYDOD PQRK¿ MHGLQHê Q¿ WHFKQLFN¿ ĆHxHQË NWHU¿ GRGQHV Y]EX]XMË REGLY 8QLN¿WQË MH SĆHGHYxËP EH]SUĎYDQRYÛ NOLPDWL]DêQË D Y\W¿SøFË V\VWÇP &DU ULHU %XGRYD P¿ NYĎOL XPËVWøQË QHGDOHNR 9OWDY\ L VSHFL¿OQË RG YRGĀRYDFË V\VWÇP NWHUÛ ML FKU¿QË SĆHG ]¿VDGQËPL xNRGDPL SĆL Y]HGPXWË KODGLQ\ 9OWDY\ , SĆHVWR VH VWDYEX QHSRGDĆLOR ]FHOD XFKU¿QLW SĆHG NDWDVWURI¿OQËPL SRYRGQøPL Y URFH 8QLN¿W QË MH IDV¿GD EXGRY\ NWHU¿ VH VNO¿G¿ ] PUD]XY]GRUQÛFK NHUD PLFNÛFK GHVHN 7\ ERKXæHO ]D YËFH QHæ VHGPGHV¿W OHW ]WUDWLO\ VYĎM SĎYRGQË OHVN D MVRX MHGQRX ] QHMQ¿NODGQøMxËFK SRORæHN SĆËSDGQÇ UHNRQVWUXNFH %XGRYD NWHURX VL SĎYRGQø SRVWDYLO\ (OHNWULFNÇ SRGQLN\ MDNR KODYQË VËGOR V NDQFHO¿ĆHPL SUR WÇPøĆ ØĆHGQËNĎ PRPHQW¿OQø ]DêËQ¿ RæËYDW SRG WDNWRYNRX 2UFR 3URSHUW\ *URXS +ODYQË SR]RUQRVWL VH MË Y SRVOHGQË GREø GRVWDOR SĆHGHYxËP GËN\ ĆËMQRYÇPX YHOHWUKX 'HVLJQEORN %XGRYD

5

_

KRVWLOD VXSHUVWXGLR WÇWR XG¿ORVWL D QD SORxH YËFH QHæ P SRVN\WOD SURVWRU SUR SUH]HQWDFL ILUHP GHVLJQÇUĎ PÑGQËFK Q¿YUK¿ĆĎ xNRO D GDOxËFK LQVWLWXFË 3ĎVRELYÛ D GRGQHV YÛERUQø ]DFKRYDOÛ LQWHULÇU VNYøOH GRSOĀRYDO XN¿]N\ PRGHUQËKR GHVLJ QX NWHUÛ êDVWR V¿]Ë QD PLQLPDOLVWLFNRX QRWX D PQRKG\ UH]RQX MH R]YøQDPL PLQXORVWL D eUHWURr Q¿GHFKHP 6SROHêQRVW 2UFR KRGO¿ Y SRGREQÇP ]YLGLWHOĀRY¿QË WÇWR DUFKLWHNWRQLFNÇ SDP¿W N\ SRNUDêRYDW .URPø WRKR æH Y QË QDEË]Ë SURQ¿MHP NDQFHO¿ĆË EXGH %XEHQVN¿ QDG¿OH FHQWUHP XPøQË D GHVLJQX -Læ SĆHG 'H VLJQEORNHP VH VWDOD GRPRYHP QøNROLND YÛ]QDPQÛFK êHVNÛFK XPøOFĎ u VYĎM DWHOLÇU VL WDG\ ]ĆËGLOL QDSĆËNODG (YæHQ jLPHUD -LWND 0LNXOLFRY¿ -DQ 0HUWD /HQND 9ËWNRY¿ 3DWULFLH )H[RY¿ 5REHUW jDODQGD 3DYOD 6FHUDQNRY¿ QHER 'XxDQ =DKRUDQVNÛ /LVWRSDG VH QHVO YH ]QDPHQË YÛVWDY\ IRWRJUDILË V Q¿]YHP 9HOYHW 9Û VWDYD E\OD LQVSLURY¿QD SUR éHFK\ NOËêRYÛP GDWHP D ]NRXPDOD GRSDG DEVHQFH NRPXQLVPX QD NDæGRGHQQË æLYRW Y éHVNX 7URFKX SRVPXWQøOÛ xHGLYÛ PRQXPHQW X VWDQLFH PHWUD 9OWDYVN¿ VH WDN PĎæH VW¿W MDNRXVL ]¿NODGQRX SUR XPøOHFNRX H[ SDQ]L GR SĆLOHKOÇKR SURVWRUX %XEQ\ NWHUÛ VH Y VRXêDVQÇ GREø VQDæË 2UFR SRGREQø RæLYLW 3RVWXSQÇ ]NU¿xORY¿QË EXGRY\ EXGH XUêLWø SRNUDêRYDW D QHMHQRP GHYHORSHĆL YøĆË æH RSøW GRV¿KQH VYÇKR SĎYRGQËKR OHVNX L YÛ]QDPX 9L] ZZZ RUFR F]


_


PøVWR YH PøVWø _


WH[W /XGรธN 9RNยฟรช YL]XDOL]DFH DWHOLร U 25&2

1('$/(.2 &(175$ 35$+< 8.5<7 0(=, 58j1ยป0, '235$91ยซ0, 7(31$0, 9(/.20รท67$ /(รฅยซ 1(1ย 3$'1ยป /(รฉ 52=/(+/ยป 32=(0(. %8%(16.ยง+2 1ย '5$รฅยซ 2' 52.8 %< 1$ 1รท0 0รท/$ =$รฉยซ7 9<5ฤ 67$7 129ย รฉ795ฤ -(รฅ 0ย 7(1'(1&, 32'67$71รท =0รท1,7 &+$5$.7(5 /(9ยง+2 9/7$96.ยง+2 %ฤ (+8

_ _


UR]ORKRX SĆHVDKXMËFË KHNWDUĎ SDWĆË %XEQ\ PH]L QHMYøWxË SR]HPN\ Y 3UD]H VW¿OH XUêHQÇ N UR]YRML 9]KOHGHP N EOË] NRVWL FHQWUD PøVWD D VRXVHGVWYË YÛ]QDPQÛFK GRSUDYQËFK X]OĎ QDYËF VNÛWDMË RKURPQÛ SRWHQFL¿O -Læ ]D S¿U OHW ]GH ]DêQH VSROHê QRVW 2UFR 3URSHUW\ *URXS EXGRYDW QRYRX êWYUČ NWHU¿ QDEËGQH WR QHMOHSxË ] PRGHUQË DUFKLWHNWXU\ 1D Q¿YUKX EXGRY VH EXGRX SRGËOHW SĆHGQË RVREQRVWL VRXêDVQÇ êHVNÇ L VYøWRYÇ DUFKLWHNWXU\ 3URMHNW %XEQ\ MH ]DORæHQ QD YL]L DUFKLWHNWRQLFNÇ UR]PDQLWRVWL PøVWVNÇ VRXGUæQRVWL D VRFL¿OQË LQIUDVWUXNWXU\ NWHU¿ P¿ YÇVW N Y\WYRĆHQË XFHOHQÇKR VSROHêHQVWYË SDWĆËFËKR N QHMYøWxËP YH VWĆHGQË D YÛFKRGQË (YURSø 6WDYE\ EXGRX QDYUKRY¿Q\ V RKOH GHP QD ]¿VDG\ WUYDOH XGUæLWHOQÇKR UR]YRMH EXGH VH XVLORYDW R GRVDæHQË HQHUJHWLFNÇ ØVSRUQRVWL R PD[LPDOL]DFL PQRæVWYË GHQQËKR VYøWOD D YÛKOHGĎ D ]¿URYHĀ R PLQLPDOL]DFL WHSHOQÛFK ]WU¿W D SĆHKĆËY¿QË SURVWRU Y WHSOÛFK PøVËFËFK 6SROHêQRVW 2UFR PRPHQW¿OQø GRNRQêXMH XUEDQLVWLFNRX VWXGLL NWHU¿ VH VWDQH ]¿ NODGHP SUR ]PøQX Ø]HPQËKR SO¿QX 3RNXG YxH SĎMGH WDN MDN P¿ VWDYøW VH ]DêQH ]KUXED ]D WĆL URN\ 9 %XEQHFK SDN Y]QLN

6

_

QH MDNÇVL PøVWR YH PøVWø ¸VWĆHGQË ê¿VWË DUH¿OX EXGH SDUN V UR]ORKRX KHNWDUX SUR ]DMËPDYRVW u EOË]N¿ 6WURPRYND P¿ KD &HQWUDO 3DUN Y 1HZ <RUNX WÇPøĆ KD RENORSHQÛ UH]LGHQêQËPL D NDQFHO¿ĆVNÛPL EXGRYDPL V YHxNHURX REêDQVNRX Y\EDYHQRVWË MDNR MVRX xNRO\ xNRON\ REFKRGQË GRP\ D GDOxË YË FHØêHORYÇ VWDYE\ 7R YxH YH Y\VRNÇP NYDOLWDWLYQËP D DUFKLWHNWR QLFNÇP VWDQGDUGX 9 REFKRGQËFK SURVWRU¿FK QRYÇ êWYUWL QDMGRX GRPRY NXSĆËNODGX EXWLN\ YÛMLPHêQÛFK ]QDêHN VH NWHUÛPL VH GRSRVXG Y éHVNX VHWN¿Y¿PH SRX]H ]ĆËGND QHER YĎEHF %XEQ\ YxDN QHEXGRX æ¿GQRX X]DYĆHQRX NRPXQLWRX 1DRSDN VWDQRX VH æLYÛP SURSRMHQËP GRSRVXG WURFKX GUDVWLFN\ UR]GøOHQÛFK ê¿VWË 3UDK\ u +ROHxRYLF D /HWQÇ 9 SO¿QX MH QRY¿ WUDPYDMRY¿ WUDČ YÛUD]QÛFK ]PøQ VH P¿ GRêNDW QDSĆËNODG VWDQLFH PHWUD 9OWDYVN¿ 0RGHUQË êWYUČ VYÛP FKDUDNWHUHP VNYøOH GRSOQË DNWX ¿OQË LQGXVWUL¿OQË FKDUDNWHU +ROHxRYLF V PQRKD UHYLWDOL]RYDQÛPL WRY¿UQËPL REMHNW\ D DUFKLWHNWXUX PRKXWQÛFK êLQæRYQËFK GRPĎ ] UĎ]QÛFK REGREË QD /HWQÇ 7HQWR SURMHNW RWHYĆH QD 3UD]H QRYRX NDSLWROX YÛMLPHêQÇKR XUEDQLVPX D SUR 3UDKX VH VWDQH


1D PËVWø ]DQHGEDQÇKR D ]SXVWOÇKR Q¿GUDæË NWHUÇ G¿YQR QHVORXæË VYÇPX ØêHOX Y]QLNQH Y EXGRXFQX NRPSOHWQË êWYUČ V YHxNHURX LQIUDVWUXNWXURX D YÛUD]Qø PRGHUQË WY¿ĆË

Y Û]QDPQRX XN¿]NRX PRGHUQË DUFKLWHNWXU\ NWHU¿ GRSRVXG PøVWX YH YøWxË PËĆH FK\EË QHER EÛY¿ QHFLWOLYø ]DNRPSRQRY¿QD 'H YHORSHU VSROXSUDFXMH L V GDOxËPL VXEMHNW\ NWHUÇ PDMË Y REODVWL VYÇ ]¿MP\ 0øVWR QDSĆËNODG SO¿QXMH YÛUD]QÇ ]PøQ\ QD VRXVHG QË PDJLVWU¿OH GËN\ XYDæRYDQÇ U\FKORGU¿]H QD /HWLxWø 5X]\Qø E\ VH %XEQ\ PRKO\ VW¿W GRSUDYQËP X]OHP SUR VWDWLVËFH WXULVWĎ D E\]Q\VPHQĎ 7L E\ QRYRX êWYUČ ORJLFN\ SRXæËYDOL MDNR YVWXSQË EU¿QX GR KLVWRULFNÇKR FHQWUD PøVWD 6RXê¿VWË SURMHNWX MH L GR VWDWHN YHQNRYQËFK D JDU¿æRYÛFK SDUNRYDFËFK VW¿QË 6WHMQø GREĆH SRVORXæË êWYUČ QRYÛP RE\YDWHOĎP u VQDGQ¿ GRSUDYQË GRVWXS QRVW FHQWUD 3UDK\ L ĆDG\ RNUDMRYÛFK ê¿VWË MLP XPRæQË Y\XæËYDW YHxNHUÛFK PRæQRVWË YHONRPøVWD 2EODVW VH VWDQH YÛ]QDPQRX VRXê¿VWË HNRQRPLFNÇKR UR]YRMH 3UDK\ D WR QHMHQ GËN\ SO¿ QRYDQÇPX REMHPX LQYHVWLF NWHUÇ PDMË Y KRUL]RQWX SDWQ¿FWL Dæ GYDFHWL OHW GRV¿KQRXW WĆLFHWL Dæ SDGHV¿WL PLOLDUG NRUXQ %XEQ\ WRWLæ NURPø UH]LGHQWĎ QDEËGQRX SUHVWLæQË GRPRY L YÛ]QDPQÛP PH]LQ¿URGQËP VSROHêQRVWHP -HxWø GĆËY QHæ ]GH QD YËFH QHæ MHGQR GHVHWLOHWË ]DêQH êLOÛ VWDYHEQË UXFK G¿Y¿ VSROHêQRVW 2UFR

Ø]HPË xDQFL Y\WøæLW PD[LPXP ]H VYÇ DWUDNWLYQË SRORK\ L MLQÛPL ]SĎVRE\ 3Rê¿WNHP ĆËMQD ]GH E\OR VRXNURPÛP LQYHVWRUHP ]SUR YR]QøQR JROIRYÇ RGSDOLxWø NWHUÇ VYRX GRVWXSQRVWË SUDYGøSR GREQø QHP¿ Y 3UD]H NRQNXUHQFL 9 GDOxËP Y\XæLWË SR]HPNX VH IDQWD]LL PH]H WÇPøĆ QHNODGRX $UH¿O NWHUÛ GQHV QDEË]Ë WDMHPQ¿ ]¿NRXWË D QHREY\NOÇ SURVWRU\ P¿ DPELFH VW¿W VH YÛ]QDPQÛP NXOWXUQËP D XPøOHFNÛP FHQWUHP 0RKO E\ WX VW¿W FLUNXV 1HER VH WX PĎæH NRQDW KXGHEQË IHVWLYDO 3URVWRU MH L SUR GDOHNR SUR ]DLêWøMxË Y\XæLWË &R WĆHED VW¿OH REOËEHQøMxË IDUP¿ĆVNÇ WUK\" 1HER VUD] PRWRUN¿ĆĎ" 0RæQÇ MH WÇPøĆ FRNROL 7DNRYÇ SUYQË NUĎêN\ PDMË %XEQ\ XYÇVW GR SRYøGRPË 3UDæDQĎ 9 SRVOHGQËFK OHWHFK WRWLæ R QLFK SĆËOLx VO\xHW QHE\OR 6SROHêQRVW 2UFR VH DOH Y VRXêDVQRVWL VQDæË GøODW YxH SUR WR DE\ VH VQ\ R DPELFLÑ]QË PRGHUQË êWYUWL ]PøQLO\ Y UHDOLWX 3URMHNW %XEQ\ VH GRVWDQH GR êHOD xWDIHW\ WRKRWR YÛ]QDPQÇKR VWĆHGRHYURSVNÇKR GHYHORSHUD KQHG SR GRNRQêHQË PUDNRGUDSX YH 9DUxDYø $ SR]RUQRVW ODLFNÇ L RGERUQÇ YHĆHMQRVWL VL EH]SRFK\E\ ]DVORXæË 9L] ZZZ RUFR F]

_


WH[W .O¿UD 0L[RY¿ IRWR DUFKLY 'HFRODQG

Xæ æ¿GQÇ DOH

W\ORYÇ FKURPRYDQÇ PËV\ ØæDVQÇ SRGQRV\ GÑ]\ QD FXN URYË NOHxWLêN\ QD xQHN\ êL EDUHYQÇ W¿FN\ SUR EXMDUÛ QRYR URêQË YHêËUHN u WR YxH QDEË]Ë OHJHQG¿UQË LWDOVN¿ ]QDêND $OHVVL MHMËæ SURGXNW\ GRVWDQHWH Y 'HFRODQGX = GRSOĀNĎ $OHVVL VH GËN\ MHMLFK GHVLJQRYø Y\WĆËEHQÇPX Y]KOHGX VNORXEHQÇPX V IXQNêQRVWË D SUDNWLêQRVWË EXGHWH WøxLW GHQ FR GHQ D XUêLWø SRWøxË L NDæGÇKR HVWÇWD WĆHED MDNR G¿UHN SRG GRNRQDOH URVW ORX NDQDGVNRX MHGOË

6 $/(66, 3ą('67$98-( 12928 .2/(.&, 9<7ą«%(1»&+ '(6,*129»&+ '23/ÿ.č 6( .7(528 %8'( 9<3$'$7 j7÷'529(é(51« , 6,/9(675296. 7$%8/( '26/29$ %2å6.< _


$OHVVL MH GHVLJQRYRX MHGQLêNRX Y ,W¿OLL D VYRX SUHVWLæ xËĆË SR FHOÇP VYøWø QHMHQ GËN\ Y\VRNÇ NYDOLWø ĆHPHVOQÇKR ]SUDFRY¿QË SURGXN WĎ DOH L VYÛP LQRYDWLYQËP SĆËVWXSHP N MHMLFK Y]KOHGX 3ĎYRGQø GUREQRX URGLQQRX PDQXIDNWXUX VSHFLDOL]XMËFË VH RG URNX QD VOÇY¿QË PRVD]L QLNOX D VWĆËEUD ]DORæLO *LRYDQQL $OHVVL MHKRæ YQXN $OEHUWR VWRMË Y êHOH YÛURE\ L GQHV 3UR ]QDêNX MH W\SLFN¿ VSROXSU¿FH V X]Q¿YDQÛPL RVREQRVWPL GHVLJQX D DUFKLWHNWXU\ PH]L NWHUÇ SDWĆË êL SDWĆLOL QDSĆËNODG 3KLOOLSH 6WDUFN -DQ .DSOLFNÛ =DKD +DGLG 1RUPDQ )RVWHU êL 5RQ $UDG 7L YxLFKQL D GREUÛFK GYø VWø GDOxËFK WYĎUFĎ VH EøKHP OHW SRGËOHOR VYÛPL JHQL¿OQËPL

Q¿SDG\ QD Y]QLNX MHGLQHêQÛFK GRSOĀNĎ GR GRP¿FQRVWL NWHUÇ Y\U¿EË QD ]DPøVWQDQFĎ D NWHUÇ VH GøOË GR WĆË ĆDG =DWËPFR NODVLFNÇ $OHVVL UHSUH]HQWXMH ILORVRILL ]QDêN\ SURVWĆHGQLFWYËP GH VLJQRYÛFK SURGXNWĎ SUR NDæGÛ GHQ 2IILFLQD $OHVVL MH ]DPøĆHQ¿ QD H[NOX]LYQøMxË OLPLWRYDQÇ VÇULH D MGH R eVXSHU ]QDêNXr u MLQÛPL VORY\ SURGXNW\ ĆDG\ 2IILFLQD $OHVVL MLæ DVSLUXMË QD ]DĆD]HQË GR H[ SR]LF VYøWRYÛFK PX]HË D JDOHULË 1HMPODGxË ĆDGD $ GL $OHVVL MH V\QRQ\PHP SUR W]Y GHPRNUDWLFNÇ GRVWXSQÇ GRSOĀN\ QD NWHUÛFK VH SRGËOHMË ]DWËP QH]Q¿PË DOH R WR WDOHQWRYDQøMxË GHVLJQÇĆL 9L] ZZZ GHFRODQG F] ZZZ DOHVVL FRP

_


SUYQË D SRVOHGQË 3HWU .RXNDO &R Y¿P 3591«+2 EøæHOR KODYRX NG\æ MVWH VH GR]YøGøO YHUGLNW GRNWRUĎ" 3UYQË P\xOHQN\ E\O\ WøæNR SRSVDWHOQÇ 3DPDWXML VL DOH æH MVHP KQHG ]DêDO ĆHxLW NG\ EXGH SR YxHP D NG\ EXGX VFKRSQÛ YU¿WLW VH QD NXUW\ 9 SUYQËP PRPHQWX PL ØSOQø QHGRFK¿]HOR MDN ]¿YDæQÇPX SUREOÇPX êHOËP .G\ MVWH VL 1$326/('< ĆHNO u QHYDGË ]DVH EXGH OËS" 3ĆHG FKYËOË , SĆHV YHxNHURX VQDKX êORYøN VW¿OH YQËP¿ MDN MH QHPRFQÛ D QHP¿ PRæQRVW æËW WDN MDN E\ FKWøO 1HSĆH VW¿Y¿P DOH YøĆLW æH XUêLWø EXGH ]DVH OËSf .G\ MVWH Y]DO 32359§ GR UXN\ EDGPLQWRQRYRX UDNHWX" 0¿P IRWNX NG\ OHæËP MDNR EDWROH QD ]HPL D MVHP WÇPøĆ VWHMQø YHONÛ MDNR UDNHWD +U¿W MVHP ]DêDO DVL Y RVPL OHWHFK .G\ MVWH 1$326/('< RGHxHO ] NXUWX WĆHED MHQ PRU¿OQø SRUDæHQÛ" 0RU¿OQø SRUDæHQÛ VQDG QLNG\ 0RæQ¿ QøNG\ Y MXQLRUHFK 'QHV Xæ L W\ QHMEROHVWLYøMxË SURKU\ EHUX SR]LWLYQø D SĆLMË P¿P MH GREĆH -H WR VRXê¿VW VSRUWX D M¿ YøĆËP æH EH] YHONÛFK SURKHU QHPRKRX EÛW YHON¿ YËWø]VWYËf .G\æ SRWĆHEXMHWH Y æLYRWø SRPRFW u QD NRKR VH REU¿WËWH MDNR QD 3591«+2" .G\æ Y\QHFK¿P URGLQX QD NWHURX MH VSROHKQXWË YæG\ WDN MH WR PĎM PDQDæHU D QHMOHSxË NDPDU¿G 7RP¿x +ĎORYHF ]H VSROHêQRVWL 6SRUW ,QYHVW 0DUNHWLQJ .G\NROLY QøFR SRWĆH EXML P¿P X QøM MLVWRWX æH PL SRG¿ SRPRFQRX UXNX -DNÇ WR MH KU¿W 326/('1« PËêHN Y ]¿SDVH" 6WUDxQø Y]UXxXMËFË 1HVQ¿xËP WR D PLOXML ]¿URYHĀ

_

&R VH Y¿P 3591«+2 Y\EDYË SĆL VORYHFK 3HNLQJ " 1HMYøWxË æLYRWQË ]¿æLWHN 1HSRSVDWHOQ¿ DWPRVIÇUD ØæDVQË OLGÇ QH]DSRPHQXWHOQÇ RNDPæLN\ 1D FR 326/('1« GRERX QHMYËFH P\VOËWH" 1D VSRXVWX YøFË R NWHUÛFK MVHP GĆËYH QHSĆHPÛxOHO D EUDO MH MDNR VDPR]ĆHMPRVW 1DSĆËNODG ]GUDYË $OH WDNÇ QD PDOLê NRVWL ]H NWHUÛFK VL QDMHGQRX XPËP GøODW UDGRVW 7R PĎæH EÛW WĆHED MHQ SURFK¿]ND SR 9\xHKUDGøf &R XGøO¿WH 3591«+2 SĆL SĆËFKRGX QD NXUW" 9æG\ SRĆ¿GQø SĆLGXSQX MHGQX ] ODMQ 3RWRP SR UR]HKU¿Y FH WøVQø SĆHG ]Dê¿WNHP ]¿SDVX VDPRWQÇKR MGX SRKODGLW ]DGQË ODMQX D XVPËĆLW VH -H WR WDNRYÛ PĎM EO¿]QLYÛ ULWX¿O -DNÇ MVRX YDxH 326/('1« SO¿Q\ RKOHGQø EXGRXFQRVWL" =D NDæGRX FHQX VH FR QHMGĆËYH ØSOQø X]GUDYLW D YU¿WLW VH ]SøW GR EDGPLQWRQRYÇ xSLêN\ VLOQøMxË QHæ NG\ SĆHGWËP 3DPDWXMHWH VL MDN MVWH RVODYLO VYÇ 3591« YËWø]VWYË" 3DPDWXML VL RVODYX SUYQËKR WLWXOX 0LVWUD é5 Y NDWHJRULL GR OHW D WDNÇ RVODYX SUYQËKR eGRVSøO¿FNÇKRr WLWXOX 1D WÇ SUYQË MVHP VL XæËYDO GRUW QD WÇ GUXKÇ GRXWQËN .G\ MVWH E\O 1$326/('< Y QøêHP SUYQË" 1HG¿YQR QD ]¿YRGHFK PRWRN¿U SURWL NDPDU¿GRYL 0DU WLQX 'LQGRxRYL xÇIRYL ILUP\ $OOLYLFWXV NWHU¿ Pø VSRQ ]RUXMH 3DWĆË MLP GËN\ QHMHQ ]D WR MDN ]D PQRX VWRMË DOH L SURWR æH Y\U¿EøMË GRNRQDORX êHVQHNRYRX WLQNWXUX 3R P¿K¿ PL SĆL WUÇQLQNX D Q\QË GËN\ QË L OÇSH VQ¿xËP WøæNRVWL VSRMHQÇ V OÇêERX UDNRYLQ\


WH[W 3HWU 7ĎPD IRWR $QWRQËQ 7LQR .UDWRFKYLO

2G URNX NUDOXMH WHQWR SøWDGYDFHWLOHWÛ RO\PSLRQLN ] 3HNLQJX êHVNÇPX EDGPLQWRQX -DNR MHGHQ ] P¿OD E\O VFKRSHQ êHOLW HYURSVNÇ L VYøWRYÇ xSLêFH 1\QË P¿ SĆHG VHERX VRXERM WøæxË QHæ MDNÛNROLY WXUQDM 3R RSHUDFL Q¿GRUX QD YDUODWHFK KR êHN¿ Q¿URêQ¿ VÇULH FKHPRWHUDSLË u D WHSUYH EXGRXFQRVW XN¿æH MHVWOL L WHQKOH ]¿SDV 3HWU Y\KUDMH WDN MDN MH ]Y\NOÛ

_


DPQË OHGRYHF MH YxDN VFKRSHQ O\æDĆH KRVWLW NOLGQø FHOÛ URN 1D SUĎKOHGQÇ RULJLQ¿OQË Y\KOËGNRYÇ WHUDV\ SRG YUFKROHP PHWUĎ Y\VRNÇKR 7HLIHQEDFKNRJOX Y\VWUêHQÇ GR SURVWRUX WR NORXæH L WHKG\ NG\æ VH GROH Y ØGROË VWURP\ WHSUYH KDOË GR SRG ]LPQËKR OLVWË 2NROQË YUFKRO\ Y êHOH V EËOÛP WHV¿NHP :LOGVSLW]H YH SDQRUDPDWLFNÇP SRKOHGX SĆLSRPËQDMË KROO\ZRRGVNÇ éHOLVWL -HQæH Y .DOLIRUQLL E\ WDNKOH UH¿OQÇ NXOLV\ V GDOxËPL êW\ĆPL OHGRY FL QD GRKOHG QLNG\ QHSRVWDYLOL éORYøN VRWYD GREUXVOË N ]¿EUDGOË

7

_

QDG xHGHV¿WLPHWURYRX SURSDVWË FYDNQH S¿U VQËPNĎ D KRQHP ]S¿WN\ QD SHYQRX ]HP D KODYQø QD VMH]GRYNX 'R ´W]WDOVNÛFK $OS WRWLæ MH]GË QDxLQFL KODYQø O\æRYDW 9UFKRO 7HLIHQEDFKNRJOX MH SĆLWRP MHQ MHGQRX ]H WĆË ]DVW¿YHN QD O\æDĆVNÇ SDU¿Gø NWHUÇ VH WX WUHIQø SĆH]GËY¿ %LJ 5DOO\H 3DGHV¿W NLORPHWUĎ GORXK¿ WUDVD YHGH ]D SRPRFL PRGHUQL]RYDQÛFK ODQRYHN SĆHV YUFKRO\ ]GHMxË eYHONÇ WURMN\r u 6FKZDU]H 6FKQHLG PHWUĎ 7LHIHQEDFKNRJO PHWUĎ D *DLVODFKNRJO PHWUĎ u PøĆË RNROR SDGHV¿WL


WH[W 3HWU 7ĎPD IRWR DUFKLY $XVWULDWRXULVP

7\UROVNR ]DVOËEHQÇ =,0$ -( 7$'< 1$9='25< =$9('(1»0 3ą('67$9 0 7272 =92/ 1« 1(85é8-( 3ą«52'$ $1, 0(7(2 52/2*29§ $/( /<å$ą6. )('(5$&( ),6 =,01« 6(=218 8å 1÷.2/,. '(6«7(. /(7 2),&, /1÷ 67$578-« = 92'< 69÷729§+2 32+ 58 9 $/36.§0 /<å29 1« .7(5§ +267« 5$.286.» u é, 3ą(61÷-, 7<52/6.» 6´/'(1

NLORPHWUĎ D NGR ML ]D ]KUXED êW\ĆL KRGLQ\ ]YO¿GQH P¿ Y QRK¿FK SĆHYÛxHQË R FHONRYÇ KRGQRWø SĆHV PHWUĎ $ QDYËF VH PX SRxWøVWË SĆL SĆHMH]GX PH]L OHGRYFL 5HWWHQEDFK D 7LHIHQEDFK QD YxWËYLW PHWUĎ GORXKÛ O\æDĆVNÛ WXQHO 7(3/§ %8%/,1.< $ 6,51$7 3 5$

7øFK SĆHNYDSHQË MH DOH Y ´W]WDOX PQRKHP YËFH &HVWRX WDP EX GHWH SUDYGøSRGREQø SURMËæGøW ,QQVEUXFNHP NWHUÛ VH Xæ GQHV DNWLYQø SĆLSUDYXMH QD ]LPQË RO\PSLMVNÇ KU\ PO¿GHæH %XGRX VH

NRQDW Y OHGQX 2O\PSLMVNÛ RKHĀ KRĆHO QD WRPWR PËVWø Xæ Y URFH SDN Y URFH D YxXGH NDP RêL SRKOÇGQRX VH WDN GQHV VWDYË D UHQRYXMH 9 RNROË PøVWD QDMGRX Y\]QDYDêL EËOÇ VWRS\ QDY]¿MHP SURSRMHQÛFK VWĆHGLVHN SRG Q¿]YHP 2O\PSLD 6NL:RUOG ,QQVEUXFN NDP MH GRYH]H SR U¿QX EøKHP SĎO KRGLQ\ VNL EXV =GDUPD VDPR]ĆHMPø 1D FHVWø GR 6ÔOGHQX Y¿V WÇPøĆ QD NRQFL êHN¿ REĆË PRQVWUXP Y]G¿OHQø SĆLSRPËQDMËFË REURYVNÇ PËV\ VSRMHQÇ XSURVWĆHG xSLêDWRX NRSXOË -GH R $TXD 'RPH MH

_


'HV¿WÛ URêQËN SUHVWLæQË DNFH :LQH RQ WKH 0RXQWDLQ SRĆ¿G¿ KRWHO &HQWUDO 6SD SĆËxWË URN RG GXEQD GR NYøWQD 6MHGRX VH QD QË QHMOHSxË YLQDĆL D JXUP¿QL ] FHOÇ (YURS\

]H VYDKX GR YËĆLYN\ 2EURYVNÛ YRGQË SDUN 9HQH]LD ZDWHU ZRUOG MH MHQ VODEÛP RGY¿UNHP Y SRURYQ¿QË V Q¿YxWøYRX MHGLQÛFK WHUP¿OQËFK O¿]QË VH VLĆLêLWRX YRGRX YH YHVQLêFH /HQ JHQIHOG 2ERMË MH DOH ]¿æLWHN NWHUÛ QH]DSRPHQHWH

GLQÇ W\UROVNÇ O¿]Qø V WHUP¿OQË YRGRX Y\XæËYDMËFË SUDPHQ\ VLUQDWÇ YRG\ WHSOÇ Dæ & 0RGHUQË EXGRYX NGH ]UFDGORY¿ VNOD SRGSËU¿ RFHORY¿ NRQVWUXNFH SRVWDYLOL SĆHG QøNROLND OHW\ D ]DVORXæLOD VH R WR VSROHêQRVW NWHUÇ SDWĆË YOHN\ D ODQRYN\ VYD]XMËFË GRKURPDG\ RNROQË VYDK\ .RQFHSW ]DORæHQÛ QD ILORVRILL )HQJ 6KXL MH RêLYLGQø ØVSøxQÛ VWHMQ¿ ILUPD EXGH OHWRV RWHYËUDW GDOxË YRGQË SDUN WHQ WRNU¿W Y .DSUXQX 67$9(%1« , /<å$ą6.» %220

+QHG ]D FHGXOË 6ÔOGHQ MH GDOxË XSR]RUĀXMËFË QD SøWLKYø]GLêNRYÛ KRWHO &HQWUDO 6SD e-HxWø SĆHG S¿U OHW\ PøOR 5DNRXVNR KR WHOĎ SøWLKYø]GLêNRYÇKR VWDQGDUGX GQHV Xæ MLFK MH SRORYLQD 3øW KYø]G QHPDMË DQL Y ,QQVEUXFNX r ĆËN¿ KUGø $QJHOLND )DONQHU VSROXPDMLWHOND REĆË EXGRY\ SRVWDYHQÇ Y VHGPGHV¿WÛFK OHWHFK Y W\SLFN\ DOSVNÇP Y\VRNRKRUVNÇP VW\OX -HMË RWHF RVWDWQø SDWĆË N ]DNODGDWHOĎP PøVWD VW¿O X ]URGX SUYQË YOHNDĆVNÇ VSROHêQRVWL D UR]KRGO R Y\EXGRY¿QË VLOQLFH NWHU¿ GQHV YHGH Dæ QD SDUNR YLxWø WøVQø SRG ODQRYNRX QD VÔOGHQVNÛ OHGRYHF 3ĆHG S¿U GQ\ WX ]SURYR]QLOL L ]EUXVX QRYÇ RVPLPËVWQÇ eYDMËêNRr QD PHW UĎ Y\VRNÛ *DLVODFKNRJO 6XSHUPRGHUQË ODQRYND P¿ SĆHSUDYQË NDSDFLWX RVRE ]D KRGLQX D MHMË KRUQË ê¿VW VWRMË QD SLORWHFK NWHUÇ K\GUDXOLFN\ Y\URYQ¿YDMË SRVXQ\ WUYDOH ]DPU]OÇ SĎG\ D GR EXGRXFQD SRêËWDMË L V XEÛYDMËFË NDSDFLWRX OHGRYFRYÇKR SRGNODGX 6WHMQø MDNR MLQ¿ W\UROVN¿ VWĆHGLVND GQHV 6ÔOGHQ SĎVREË MDNR GRNR QDOH IXQJXMËFË VWURM QD SHQË]H D O\æDĆVNRX H[W¿]L ]¿URYHĀ $XWHP MH WR ] 5R]YDGRYD êL 'YRĆLxWø S¿U KRGLQ SR G¿OQLFL D NDæGÛ NGR VL MHGQRX WHQKOH O\æDĆVNÛ U¿M Y\]NRXxHO P¿ YROEX NDP QD O\æH YËFHPÇQø MDVQRX 9L] ZZZ W\UVNR F] ZZZ WLUROYHUEXQJ DW ZZZ FHQWUDO VRHOGHQ DW

_


objednávejte na www.centers.cz | charter@centers.cz

Aîģ>Å =6E ?2 >:A:> #!"" Aîģ>Å 492CE6C@GÅ =6E: Praha > Nice | 08. 3. 2011 v 10:00 Nice > Praha | 11. 3. 2011 ve 14:00

46?2 KAŢE6œ?ģ =6E6?<J (transfer incl.): > Early Bird 20 200 Kč > Rodinná letenka 2+2 nebo 1+1 zdarma (Doprovod či rodinní příslušníci platí pouze letištní taxy)

5@AC2G2 ç:EŢ ?2 >ģCF+ / přímý let mezi Prahou a Nice / doprava z letiště do Vašeho hotelu / příjemný čas odletu a příletu / doba letu necelé 2 hodiny / bez rizika zpoždění a ztráty zavazadel / vlastní odbavovací přepážka na letišti / lze objednat počet cestujících, jména možno dodat až 14 dní před odletem / networking v rámci česko–slovenské výpravy již cestou

_


WH[W -LĆË 9DxHN IRWR DUFKLY *DOHULH

JDOHULH

9=1(j(1267 $ (/(*$1&( 7<3,&.§ 352 1 %<7(. 67</8 $57 '(&2 -628 1$'é$629§ $ 358'&( 0±'1« 352é 6, 32ą,=29$7 1$32'2%(1,1< .'<å (;,678-( *$/(5,( -(å 6( 63(&,$/,=8-( 1$ j3,é.29÷ =5(67$8529$1§ 25,*,1 /<" 6.9267< 8',98-«&« +$5021,&.»0, 352325&(0, é,672728 79$5č , 5$),129$1»0 '(.25(0 é$6 -,0 1(8%5$/ 1$ .5 6( u 1$23$.

2b 9 Ĕb´ 8 'YRMLFH NĆHVHO ] REGREË NROHP URNX NRPELQXMH EËORX NĎæL D MHGQR ] QHMY]¿FQøMxËFK H[RWLFNÛFK GĆHY PDNDVVDUVNÛ HEHQ V NUHVERX WPDYÛFK D VYøWOÛFK SUXKĎ &HQRY¿ NDWHJRULH RG GR .ê 9ËFH LQIRUPDFË QDMGHWH QD ÈÈÈ¡t8 b± bÀÀ¡OÍ

Y8 0HQxË NRPRGD W\SX YHUWLNR ] REGREË SĆHG ,, VYøWRYRX Y¿ONRX MH ] RĆHFKRYÇKR GĆHYD YH VW\OX $UW 'HFR &HQRY¿ NDWHJRULH RG GR .ê

b à Ĕb´ 8 3¿U NĆHVËOHN SĎYRGHP ] )UDQFLH E\O Y\UREHQ PH]L URN\ u 1RK\ D PDGOD MVRX ] WĆHxĀRYÇKR GĆHYD &HQRY¿ NDWHJRULH RG GR .ê

2 ¼± 8 3ĎYRGQË SURVNOHQ¿ YLWUËQD ] RĆHFKRYÇKR GĆHYD ] REGREË PH]L OHW\ u &HQRY¿ NDWHJRULH QDG .ê


_


WH[W 'XxDQ +RQ]ËN YL]XDOL]DFH &UHVFRQ

.URPø UH]LGHQêQËFK RE\WQÛFK GRPĎ VH VSROHêQRVW ]DEÛY¿ L SURMHNW\ U\]H NRPHUêQËKR FKDUDNWHUX MDNÛPL MH DGPLQLVWUDWLYQø VNODGRY¿ EXGRYD QD %HêRYVNÇ XOLFL Y 3UD]H u 8KĆËQøYVL

&UHVFRQ YL]H MH ]¿NODG

3267$9,7 $ 352'$7 'č0 9( .7(5§0 9 0 %8'( 3ą«-(01÷ %<'/(7 $ 67$1( 6( 6.87(é1»0 e'2029(0r 6( 9j(0, 9=320«1.$0, 32&,7< $ 9č1÷0, .7(5§ 6( . 720872 6/298 9 å« 1(1« 1,& 61$'1§+2 u 72 %< 02+/ 32795',7 1(-('(1 '(9(/23(5 é7<ą0, = ./$'1«0, 3,/«ą, ¸63÷&+8 0/$'§ 632/(é1267, &5(6&21 3ą, 352-(.729 1« 7$.29»&+ 67$9(% -628 $75$.7,91« /2.$/,7$ .9$/,71« $5&+,7(.785$ j3,é.29§ =35$&29 1« $ 262%1« 3ą«6783 .( ./,(1729, 32-ò0( 6( 1$ 1÷ 32'«9$7 %/«å(

D UHDOLWQËP WUKX MH &UHVFRQ PODGÛP KU¿êHP H[LVWXMH RG URNX D ]DORæLO ML EÛYDOÛ JHQHU¿OQË ĆHGLWHO ILUP\ &2'( &2 -DQ -HULH VSROX V EULWVNÛPL SDUWQHU\ ¸]N¿ NRPXQLNDFH V NOL HQW\ D ILOR]RILH VRXVWĆHGLW VH QD PHQxË ]DMËPDYø ĆHxHQÇ SURMHNW\ SĆHY¿æQø Y KODYQËP PøVWø D MHKR RNROË VL YxDN ]¿K\ ]MHGQDO\ UH VSHNW L PH]L ]DYHGHQÛPL GHYHORSHU\ 1D UR]GËO RG QLFK &UHVFRQ ]DêDO SRĆ¿GQø IXQJRYDW YODVWQø Dæ Y GREø QDVWXSXMËFË KRVSR G¿ĆVNÇ NUL]H WDNæH VH QHGRVWDO GR VLWXDFH æH E\ PXVHO U\FKOH SURG¿YDW D VSO¿FHW ØYøU\ QD YÛVWDYEX 2VWDWQø VDPRWQ¿ NUL]H SRGOH -DQD -HULHKR QHSĎVREË ]DVH Dæ WDN QHJDWLYQø QDRSDN -H WRWLæ SĆËOHæLWRVWË SUR PDOÇ ILUP\ GRVWDW VH N YøWxËP SURMHNWĎP

1

_

NWHUÇ E\ GĆËYH eVHæUDOr QøNWHUÛ ] YHONÛFK PH]LQ¿URGQø ]DxWLČR YDQÛFK GHYHORSHUVNÛFK eæUDORNĎr 6LWXDFH QD WUKX VH ]PøQLOD L Y WRP æH GHYHORSHU GQHV PXVË VYÇ SURMHNW\ PQRKHP YËFH NRQ ]XOWRYDW V DUFKLWHNW\ D SR]RUQøML VL KOËGDW NRQVWUXNêQË D WHFKQLF NRX VWU¿QNX YøFL e3RNXG VL EXGHWH VWDYøW YODVWQË GĎP YæG\ VH Y¿P Y NRQHêQÇP GĎVOHGNX SURGUDæË r ĆËN¿ -HULH D GRG¿Y¿ æH WR VH X &UHVFRQX QHVW¿Y¿ -HMLFK ]NXxHQË D ]Q¿PË DUFKLWHNWL VSR OHêQRVW VSROXSUDFXMH V WDNRYÛPL MPÇQ\ MDNÛPL MVRX QDSĆËNODG -RVHI 3OHVNRW êL DWHOLÇU 2OJRM &KRUFKRM WRWLæ VPOXYQø JDUDQWXMË FHQX NWHU¿ VH Xæ QHQDY\xXMH 6WDYED VH QHSRêËW¿ MDNR X MLQÛFK VSROHêQRVWË QD NXELFNÇ PHWU\ DOH Y\WY¿ĆË VH QD QË W]Y SRORæNR


5H]LGHQêQË E\WRYÛ GĎP Y 3URFK¿]NRYø XOLFL QDEËGQH PRGHUQË E\GOHQË Y MHGQÇ ] QHMY\KOHG¿YDQøMxËFK ORNDOLW Y 3UD]H

%\WRYÛ GĎP Y 3UD]H 1D 'ROLQ¿FK EXGH ]DVD]HQ GR VYDKX XPRæĀXMËFËP SURSRMHQË E\WĎ V SĆHG]DKU¿GNDPL L YH Y\xxËFK SRGODæËFK

YÛ UR]SRêHW NWHUÇ P¿ L VYÇ UH]HUY\ 7ÇWR SROLWLFH VH X &UHVFRQX ĆËN¿ 'HVLJQ %XLOW 9 U¿PFL SURMHNWX VH WRWLæ NRRUGLQXMH êLQQRVW YxHFK ]ØêDVWQøQÛFK VORæHN u DUFKLWHNWĎ VWDYHEQËFK LQæHQÛUĎ ILQDQêQËFK SRUDGFĎ ]¿VWXSFĎ EDQN\ GRGDYDWHOĎ VWDYE\ D VSU¿Y\ QHPRYLWRVWË u D WR ]SĎVREHP NWHUÛ RSWLPDOL]XMH WHFKQLFNÇ L SUR VWRURYÇ ĆHxHQË EXGRY\ 'HYHORSHU WDN SĆHEËU¿ ]RGSRYøGQRVW ]D ØVSøxQRX UHDOL]DFL SURMHNWX RG ]SUDFRY¿QË NRQFHSWX SR REVD ]HQË EXGRY\ ILQ¿OQËP XæLYDWHOHP e7HQWR NRQFHSW MH Y ]DKUDQLêË EøæQø DSOLNRY¿Q DOH X Q¿V VH ]DWËP SĆËOLx QHSRXæËY¿ r XY¿GË -DQ -HULH e1¿x NOLHQW MH WDNÇ QHXVW¿OH Y REUD]H D MDNÇNROLY ]PøQ\ êL QRYÇ YDULDQW\ ĆHxHQË MVRX V QËP NRQ]XOWRY¿Q\ =KUXED SRORYLQD ]¿ND]QËNĎ SRæDGXMH QøMDNÇ ]YO¿xWQË ØSUDY\ ]HMPÇQD REPøQ\ GLVSR]LF D SĆËêHN XYQLWĆ E\WX SĆËSDGQø SĆHPøQ\ NRXSHOHQ D WDNÇ ]PøQ\ GUXKĎ SRYUFKĎ GYHĆË êL RPËWHN

.RQFHQWUDFH QD KODYQË PøVWR MH SRPøUQø ORJLFN¿ SURWRæH SUDæVNÇ SURVWĆHGË MH VSROHêQRVWL QHMEOLæxË +QHG QøNROLN SURMHNWĎ MH SUR WR VPøĆRY¿QR GR 3UDK\ NWHURX -DQ -HULH SRSLVXMH MDNR eLGH¿OQË RE\WQRX PøVWVNRX êWYUČ V NRPSOH[QË Y\EDYHQRVWË D ]DEøKQXWÛPL VOXæEDPLr 6WDUxË YLORY¿ D êLQæRYQË ]¿VWDYED SĆLWRP NRUHVSRQGXMH L V SĆHGVWDYDPL DUFKLWHNWĎ 3URMHNW\ 3URFK¿]NRYD 3URFK¿]NRYD D 9H 6WXGHQÇP WDN VSRMXMË NRPIRUWQË URGLQQÇ E\GOHQË V SRKRGRX D NOLGHP RNROQËFK ]DKUDG 9 GRVDKX MH SĆLWRP MDN REFKRGQË FHQW UXP $UN¿G\ 3DQNU¿F êL 1RYRGYRUVN¿ WDN GUREQÇ REFKĎGN\ D SRG QLN\ QD GRKOHG 9OWDY\ 3ĆËOHæLWRVWL VH YxDN REMHYXMË L MLQGH 7DNRYÛP SĆËNODGHP MH SURMHNW E\WRYÛFK YLO Y 2GROHQÇ 9RGø NGH VH NDONX OXMH V SR]HPNHP R UR]OR]H KHNWDUĎ QD NWHUÇP MH VQDKD SRVWD YLW KQHG FHORX SĆËPøVWVNRX êWYUČ 1HMGH MHQ R WR ]DêËW EXGRY¿QËP

1(-/(3j« -( 32'2/«

_


1¿YUK MHGLQHêQÇ PøVWVNÇ YLO\ RG SĆHGQËKR êHVNÇKR DUFKLWHNWD -RVHID 3OHVNRWD VH KO¿VË N XUEDQLVWLFNÇ WUDGLFL SUDæVNÇKR 3RGROË NWHURX RYxHP WUDQVIRUPXMH U\]H PRGHUQËP ]SĎVREHP

MHGHQ¿FWL E\WRYÛFK GRPĎ NWHUÇ QDYUKO DWHOLÇU 2OJRM &KRUFKRM DOH SRNUDêRYDW YÛVWDYERX ]¿]HPË SRWĆHEQÇKR N EøæQÇPX æLYRWX WHG\ SRVWDYHQËP REFKRGĎ xNROHN xNRO D GDOxËFK VOXæHE =¿URYHĀ VH SRêËW¿ L V WËP æH E\ Y EXGRXFQX PøOR ]DêËW SOQRKRGQRWQø IXQJR YDW QHGDOHNÇ OHWLxWø SDWĆËFË SĎYRGQø VSROHêQRVWL $HUR 9RGRFKRG\ NWHUÇ NRXSLOD LQYHVWLêQË VNXSLQD 3HQWD '2029< 1$ 0«58

1HEÛY¿ ]URYQD SUDYLGOHP æH GHYHORSHU RVORYXMH WR QHMOHSxË FR Y VRXêDVQRVWL êHVN¿ L ]DKUDQLêQË DUFKLWHNWXUD SRVN\WXMH &UHVFRQ

_

MH Y WRPWR QHNRPSURPLVQË VWHMQø MDNR Y GDOxËFK REODVWHFK VYÇKR SĎVREHQË 3ĆL QDYUKRY¿QË GLVSR]LF E\WĎ D FHONRYÇKR ĆHxHQË VH ĆËGË MDNÛPVL eDUFKLWHNWRQLFNÛP GHVDWHUHPr DNFHQWXMËFËP KODYQø NOL HQWVNÇ SRWĆHE\ u YL] ER[ QD SURWøMxË VWU¿QFH 7R MH SUR &UHVFRQ ]¿VDGQË D RGSRYËG¿ WRPX L GDOxË ] SĆËVWXSĎ QD]YDQÛ %XLOWuWR 6XLW QHEROL SĆL]SĎVREHQË SURMHNWX eQD PËUXr ]¿ND]QËNRYL 9 PËVWø NWH UÇ VL Y\EHUH Y WHUPËQX NWHUÛ SRWĆHEXMH L Y WDNRYÇ FHQRYÇ UHODFL MDN¿ PX Y\KRYXMH 1¿YUK\ DUFKLWHNWĎ SURFK¿]Ë PQRKRQ¿VREQRX DQDOÛ]RX D GR SURMHNWĎ MVRX WDN LPSOHPHQWRY¿Q\ ]HMPÇQD OHWLWÇ


%\WRYÇ YLO\ Y 2GROHQH 9RGø QDEË]HMË YDULDELOLWX X SRGREQÛFK SURMHNWĎ QH]Y\NORX

GHVDWHUR GREUÇKR E\GOHQË 'ĎVOHGQÇ RGGøOHQË SULY¿WQË D YHĆHMQÇ ]ÑQ\ 2GGøOHQË W]Y exSLQDYÇr ]ÑQ\ u ]¿GYHĆË 2ULHQWDFH RE\WQÛFK PËVWQRVWË YĎêL VYøWRYÛP VWUDQ¿P D MHMLFK SĆLUR]HQÇ RVYøWOHQË 2UWRJRQ¿OQË WYDU RE\WQÛFK PËVWQRVWË (IHNWLYQË SRPøU RE\WQÛFK SORFK D NRPXQLNDFË 'RVWDWHN SURVWRUX SUR XPËVWøQË YHVWDYøQÛFK VNĆËQË 3RêHW NRXSHOHQ D WRDOHW RGSRYËGDMËFË YHOLNRVWL E\WX 2GNO¿GDFË NRPRU\ X E\WĎ NN D NN 'RVWDWHêQÇ xËĆN\ X WHUDV SUR XPËVWøQË MËGHOQËKR VWROX 6DPRVWDWQÇ RGYøWU¿Y¿QË NDæGÇKR E\WX

]NXxHQRVWL D KODYQø u ]GUDYÛ UR]XP .DæGÛ GHWDLO MH SĆH]NRXP¿Q V RKOHGHP QD IXQNêQRVW D SRKRGOË D æ¿GQÛ Q¿SDG QHSDGQH MHQ WDN SUR QLF ]D QLF SRG VWĎO GRNXG QHQË SĆH]NRXP¿Q D Y\]NRXxHQ 3ÇêH R NOLHQWD D VQDKD GRGDW PX E\W YH NWHUÇP VH EXGH VNXWHê Qø FËWLW eMDNR GRPDr MH ]Q¿W SĆHGHYxËP QD GHWDLOHFK u QDSĆËNODG YHVWDYøQÇ VNĆËQø SĎVREË L MDNR GRNRQDO¿ L]RODFH D RGKOXêQøQË SDUNRYDFË PËVWD Y JDU¿æËFK ]DVH SRêËWDMË V WËP æH QH YxLFKQL YODVW QË PLQLDWXUQË YR]\ W\SX 1LVVDQ 0LFUD D SRWĆHEXMË VH VYÛPL 689 WDN\ Y SRĆ¿GNX Y\FRXYDW =¿NODGQËP SĆHGSRNODGHP GREUÇKR

%\WRYÛ GĎP Y XOLFL 0DULH &LEXONRYÇ QDEËGQH MHGLQHêQÛ YÛKOHG QD EOË]NÇ SDQRUDPD 9\xHKUDGX L KLVWRULFNÇ FHQWUXP 3UDK\

GLVSR]LêQËKR ĆHxHQË NDæGÇKR E\WX L GRPX MH SĆHGHYxËP ORJLND D SĆLUR]HQRVW SURWR PDMË PËVWQRVWL SUDYLGHOQÛ RUWRJRQ¿OQË WYDU DE\ E\OR PRæQÇ Y\XæËW FHORX MHMLFK SORFKX 3DUDOHOD V GREĆH XxL WÛP REOHNHP MH QD PËVWø SURWRæH SUYQË QD FR ]¿ND]QËN GËY¿ MH GLVSR]LêQË XVSRĆ¿G¿QË u MHGLQø Y GREĆH Y\ĆHxHQÇP E\Wø VH EXGH FËWLW SRKRGOQø D SĆËMHPQø -H WR SĆHVQø WDN MDN WYUGË ]¿VWXSFL VSR OHêQRVWL YH VYÛFK SURSDJDêQËFK PDWHUL¿OHFK e.DæGRX PËVWQRVW SURPÛxOËPH WDN MDNR E\FKRP MË FKWøOL REÛYDW VDPL r 9L] ZZZ FUHVFRQ F]

_


KUDY¿ KODYD é(j7« ),/0$ą, 0$-« 692-( /9< .$'(ą1«&, =$6( &=(&+ $1' 6/29$. +$,5'5(66,1* $:$5'6 $ ./ 1« 2 35(67,å1« 7,78/ .$'(ą1«. 52.8 1(å 6( /('1$ 9j( 52=+2'1( 3ą, 6/$912671«0 9<+/ j(1« 9 ./8%8 6$6$=8 0čå(7( 6( 35267ą('1,&79«0 &+2,&( 8å '1(6 6(=1 0,7 6 1(-/(3j«0, ¸é(629»0, .5($&(0,

_

NDGHĆQËN -DQ %DOFDĆËN VDORQ %RPWRQ /RIW 6WXGLR IRWRJUDI 0DWØx 7ÑWK ZZZ ERPWRQ F]

e=¿NODGQË P\xOHQNRX E\OR SRXæLWË PRWLYX NWHUÛ O]H QDMËW Y SĆËURGø 3ĆHV UR]SXxWøQÇ YODV\ MVPH VH GREUDOL N MHGQRGXFKÇPX FRSX NWHUÛ GDO Y\QLNQRXW EDUYø 9 MHGQRGXFKRVWL MH NU¿VD FRæ RFHQLOD L SRURWD NG\æ ]DĆDGLOD VQËPHN GR NDWHJRULH .RORULVWD URNX r


NDGHĆQËN 5RPDQ %LOND VDORQ jXWD VW\OLQJ 3HWHU 7LVWDQ IRWRJUDIND 1LFRO jUDMHURY¿ PDNH XS 3DYHO %DXHU ZZZ VDORQVXWD FRP

e=¿PøUHP E\OR Y\WYRĆLW PODGLVWYÇ D KUDYÇ ØêHV\ NG\ YODVRYÇ GRSOÄ€N\ D VW\OLQJ Y]G¿OHQø SĆLSRPËQDMË SU¿Yø QDWRêHQRX ]PU]OLQX r

_


.DGHĆQLFH 0LVKD éDGNRY¿ VDORQ 0LVKD KDLU VWXGLR IRWRJUDIND %¿UD 3U¿xLORY¿

e1D IRWRJUDILL MH GËYND NWHU¿ SUHIHUXMH GRNRQDOH XKOD]HQÇ YODV\ V NU¿WNRX D KRGQø xLURNRX RILQRX QDSRP¿KDMËFË NH ]YÛUD]QøQË WY¿Ä†H ¸êHV MH QRPLQRY¿Q Y VHNFL '¿PVNÛ NRPHUêQË ØêHV 3UDKD r

_

_


NDGHĆQËN =ROWDQ 7DNDFV VDORQ 5RFRFR %UDWLVODYD YL]¿æ .DWDUËQD .PHFRY¿ IRWRJUDI -DNXE .OLPR

e&KWøO MVHP Y\WYRĆLW EøæQø QRVLWHOQÛ ØêHV RGSRYËGDMËFË VYøWRYÛP WUHQGĎP =¿URYHĀ PL xOR R Y\]GYLKQXWË æHQVNÇ NU¿V\ D QLNROLY R MHMË SRWODêHQË MDN WR êDVWR YËG¿P X NROHJĎ -GH R YHOPL êLVWRX SU¿FL NWHU¿ VRXWøæË Y NDWHJRULL .RPHUêQË ØêHV r

_


NDGHĆQLFH 3HWUD /LxNRY¿ VDORQ 3RUWUDLW E\ 0LFKDO =DSRPøO IRWRJUDI 0DWXx 7RWK PDNH XS ,YDQD 7RN¿UVN¿ VW\OLVWND /XFLH 7RPLxNRY¿ ZZZ PLFKDO]DSRPHO F]

e.ROHNFH MH LQVSLURYDQ¿ MDSRQVNÛP VW\OHP 0DQJD NG\ QHYËPH ]GD VH MHGQ¿ R VHQ ILNFL QHER QøMDNRX ]YO¿xWQË VNXWHêQRVW 9OQ\ QD YODVHFK MVRX ]¿PøUQø SRVXQXW\ GR MLQÇKR UR]PøUX D PDMË XQLN¿WQË VWUXNWXURX 6QËPN\ VH GRVWDO\ GR YÛEøUX NDWHJRULH .RPHUêQË ØêHV r

_


STUDIO VASTA — 3UDJXH 0DULQD -DQNRYFRYD 3UDKD — SUDKD#YDVWDQDE\WHN F] ZZZ YDVWDQDE\WHN F]


3R OHYÇP YOWDYVNÇP EĆHKX V DUFKLWHNWHP =GHĀNHP /XNHxHP

LQGXVWUL¿OQø IXQNFLRQDOLVWLFNÇ +ROHxRYLFH

_


WH[W =GHQรธN /XNHx IRWR -Lฤ ร 'XxHN 0LQQD 3\\KNDOD 2QGฤ HM 0LND

7$+/( รฉย 67 35$+< +,6725,&.ยป0, 3$0ย 7.$0, $ /ย .$'/< 352 785,67< =5291$ 1(23/ยป9ย $ 1$ 35$รฅ6.ยป +5$' -( 72 3ฤ (6 &(/28 /(7(16.28 3/ย รฟ $/( 352 72+2 .'2 6( '2.ย รฅ( 'ยซ9$7 72 -( )$6&,18-ยซ&ยซ 352&+ย =.$ '9รท 326/('1ยซ 67$/(7ยซ '(),18-ยซ 9 52=0$1,7267, 67$9(%1ยซ&+ 6/2+ฤ $ 80รท/(&.ยป&+ 67</ฤ .7(5ยง 1$3527, 67$5ยง08 0รท678 =$1(&+$/< 1(60$=$7(/128 67238

_


,1'8675, /1« $ )81.&,21$/,67,&.§ +2/(j29,&(

UĎYRGFHP êWYUWË VH NWHURX MVRX VY¿]¿Q\ PQRKÇ SRKQXWÇ PR PHQW\ KLVWRULH ]FHOD QHG¿YQÇ MH êORYøN QDG MLQÇ SRYRODQÛ u DUFKLWHNW =GHQøN /XNHx u KLVWRULN DUFKLWHNWXU\ D RGERUQÛ SXE OLFLVWD e1DURGLO MVHP VH VLFH Y VRXVHGQËP %XEHQêL DOH Y +ROHxR YLFËFK MVHP FKRGLO GR ]¿NODGQË xNRO\ QD J\PQ¿]LXP GR 1¿URGQË KR WHFKQLFNÇKR PX]HD D NRQHFNRQFĎ GRGQHV GHQQø SURFK¿]ËP ê¿VWË +ROHxRYLF u /HWHQVNRX SO¿QË NG\æ MGX U¿QR GR SU¿FH RG URNX SUDFXML Y .DQFHO¿ĆL 3UDæVNÇKR KUDGX QD SDP¿WNRYÇP RGERUX r Y\VYøWOXMH VYÇ YD]E\ N +ROHxRYLFËP e-H ]DMËPDYÇ æH OLGÇ ]SUDYLGOD QHGRYHGRX ĆËFL NXG\ YHGRX KUD QLFH WÇWR êWYUWL SĆLSRMHQÇ N 9HONÇ 3UD]H MLæ Y RVPGHV¿WÛFK OHWHFK VWROHWË 9øWxLQD VL P\VOË æH GR +ROHxRYLF SDWĆË DUH¿O 9ÛVWDYLxWø YêHWQø 6SRUWRYQË KDO\ 7R MH RYxHP WUDGRYDQÛ RP\O u WDWR ê¿VW Xæ SDWĆË %XEHQêL 1D ]¿SDGø MH WYRĆË KUDQLFH êWYUWL XOLFH %DGHQLKR D SDN ]E\WN\ KUDGQËKR RSHYQøQË .UDP¿ĆRYD YLOD D EDVWLRQ VY 7R P¿xH Xæ OHæË Y NDWDVWUX +UDGêDQ -LæQË D YÛFKRGQË KUDQLFL XUêXMH ĆHND 9OWDYD V RVWURYHP jWYDQLFH 6HYHUQË KUDQLFH EøæË RG 9OWDY\ XOLFË 8 9ÛVWDYLxWø D SR %XxWøKUDGVNÇ GU¿]H Dæ NH .DPHQLFNÇ XOL FL 7RX SDN GR 9HOHWUæQË D WĆËGRX 0LODG\ +RU¿NRYÇ QD jSHMFKDU $æ QD PDOÇ Ø]HPË V EÛYDORX 2EêDQVNRX SORY¿UQRX X éHFKRYD PRVWX MHæ VSDG¿ SRG 3UDKX OHæË FHOÇ Ø]HPË +ROHxRYLF Y NDWDV WUX 3UDK\ SRG NWHURX VSDG¿ L Xæ ]PLĀRYDQÛ %XEHQHê D 7UÑMD -HxWø ]D SUYQË UHSXEOLN\ ]QøO RILFL¿OQË Q¿]HY Ø]HPË +ROHxRYLFH

3

9 EÛYDOÇ WRY¿UQø QD YRGRPøU\ ] URNX SDWĆËFË $GROIX 3OHVNRWRYL VL VYĎM DWHOLÇU ]DĆËGLO MHKR YQXN QHMYÛ]QDPQøMxË êHVNÛ DUFKLWHNW VRXêDVQRVWL -RVHI 3OHVNRW 9]QLNO WDP WDN $3 DWHOLHU D JDOHULH YROQø SĆËVWXSQ¿ Q¿YxWøYQËNĎP &HO¿ EX GRYD E\OD MHGQRX ] SUYQËFK NWHUÇ SURxO\ SR UHVWLWXFL Y GHYD GHV¿WÛFK OHWHFK NRPSOHWQË UHYLWDOLWDFË

_

%XEQ\ MDNR SR]ĎVWDWHN GYRX RVDG MHæ H[SDQGRYDO\ u +ROHxRYLFH QD YÛFKRG RG QRYø ]DORæHQÇKR UR]OHKOÇKR EXEHQVNÇKR Q¿GUDæË %XEQ\ VPøUHP QD ]¿SDG 3RPËVWQË ê¿VW +ROHxRYLF %XEHQ MH SR WRP ]Q¿P¿ /HWQ¿ NWHU¿ VH UR]SURVWËU¿ Y REODVWL NROHP /HWHQVNÇKR Q¿PøVWË D QHP¿ SĆHVQø GDQÇ KUDQLFH r .52.< '÷-,1

3UR +ROHxRYLFH MH W\SLFNÇ YHONÇ PQRæVWYË WRY¿UQLêHN MHæ GRGQHV PDMË QHSRSËUDWHOQÇ NRX]OR ]ODWÇKR YøNX S¿U\ D QDYËF PRKRX VORXæLW Y FLWOLYø UHNRQVWUXRYDQÇ SRGREø MDNR NDQFHO¿ĆH VWXGLD DWHOLÇU\ êL ORIWRYÇ E\W\ e9H GUXKÇ SRORYLQø VWROHWË xOR R U\FK OH LQGXVWULDOL]RYDQRX REODVW u Y]QLNO\ ]GH êHWQÇ PDQXIDNWXU\ GYø Q¿GUDæË SR]GøML WDNÇ DUH¿O SO\Q¿UQ\ D MDWHN E\OD SRVWDYHQD HOHNWU¿UQD SHN¿UQ\ L SLYRYDU 1H]DSRPËQDOR VH RYxHP DQL QD GXFKRYQË UR]PøU æLYRWD u MHKR FHQWUHP VH VWDO SVHXGRJRWLFNÛ NRVWHO VY $QWRQËQD QD 6WURVVPD\HURYø Q¿PøVWË DUFKLWHNWD )UDQ WLxND 0LNxH Y\VYøFHQÛ Y URFH MHQæ QDKUDGLO PDOÛ NRVWHOËN VY .OLPHQWD SĆL .RVWHOQË XOLFL 7DNÇ EÛYDO¿ KROHxRYLFN¿ V\QDJRJD GRGQHV VWRMË YH YQLWUREORNX SREOËæ 9HOHWUæQËKR SDO¿FH 9HONÛ YÛ ]QDP SUR REODVW ]QDPHQDOR ]ĆË]HQË YÛVWDYQËKR DUH¿OX QD Ø]HPË ê¿VWL SDUNX 6WURPRYND Y NDWDVWUX VRXVHGQËKR %XEHQêH 1D VYD KX /HWHQVNÛFK VDGĎ E\OD SURWR RG WHKGHMxËKR ĆHWø]RYÇKR PRVWX )UDQWLxND -RVHID , Y URFH ]ĆË]HQD ODQRYND D RG QË SDN Y PËV Wø NGH VWRMË YÛOHWQË UHVWDXUDFH DUFKLWHNWD ,JQ¿FH 8OOPDQQD GQHV


-HGQD ] QHMYÛ]QDPQøMxËFK IXQNFLRQD OLVWLFNÛFK VWDYHE Y 3UD]H VWU¿æË OHYÛ EĆHK SRG /HWQRX Xæ RG URNX =HMPÇQD LQWHULÇU MH SĆËPR XêHEQLFR YRX XN¿]NRX WHFKQLFN\ SRMDWÇ YHONR U\VÇ DUFKLWHNWXU\ OHW 9]KOHGHP N XQLN¿WQË DWPRVIÇĆH MDNRX PRGHUQË NDQFHO¿ĆVNÇ EXGRY\ QHXPË SRVN\W QRXW MH EÛYDO¿ EXGRYD (OHNWULFNÛFK SRGQLNĎ LGH¿OQËP ØWRêLxWøP ILUHP ]D EÛYDMËFËFK VH NUHDWLYQËPL êLQQRVWPL

_


'DOxË W\SLFNRX KROHxRYLFNRX WRY¿UQRX E\OD VWURMËUQD ILUP\ 5RV VHPDQ D .ÚKQHPDQQ ] URNX 3RGOH SURMHNWX ,YDQD .URX S\ E\OD SR]GøML SĆHVWDYøQD QD JDOHULL PRGHUQËKR XPøQË 6WDY EX FHQWUD '2; LQLFLRYDO D KODYQø ]DILQDQFRYDO éHFKRDXVWUDODQ /HRx 9¿OND SRGQLNDMËFË YH VWDYHEQLFWYË -HKR FHORæLYRWQËP ]¿ MPHP YxDN E\OD DUFKLWHNWXUD D VRXêDVQÇ XPøQË WDNæH æ¿GQÛ GLY æH GQHV IXQJXMH FRE\ ĆHGLWHO FHQWUD '2; 'YDQ¿FWÇKR êHUYQD ORĀVNÇKR URNX WDP E\OD RGKDOHQD L NRQWUDYHU]QË SODVWL ND 'DYLGD éHUQÇKR u (QWURSD

_

]YDQ¿ /HWHQVNÛ ]¿PHêHN Y\EXGRYDO )UDQWLxHN .ĆLæËN SUYQË OLQNX SUDæVNÇ HOHNWULFNÇ GU¿K\ 7D YHGOD 2YHQHFNRX XOLFË GR 6WURPRYN\ D RGWXG Dæ N 9ÛVWDYLxWL r ,1'8675, / 352 '1(j(.

6WHMQø ]DMËPDYRX KLVWRULL PøOD L VSRGQøMxË ê¿VW +ROHxRYLF YêHWQø EXGRY MHæ YH VYÇ GREø VEËUDO\ QHMHGQR RFHQøQË D ]DSVDO\ VH L GR UHNRUGQËFK WDEXOHN e7R VH WÛN¿ ]HMPÇQD REURYLWÇKR SDO¿FH 3UDæ VNÛFK Y]RUNRYÛFK YHOHWUKĎ GOH SURMHNWX 2OGĆLFKD 7\OD D -RVHID )XFKVH Y NRQVWUXNWLYLVWLFNÇP VW\OX NWHUÛ VH VWDO SĆLUR]HQRX GRPL QDQWRX êWYUWL D YH WĆLF¿WÛFK OHWHFK E\O VXYHUÇQQø QHMYøWxË VWDYERX WRKRWR GUXKX QD VYøWø %RKXæHO QLêLYÛ SRæ¿U ]H VUSQD EXGRYX WÇPøĆ ]QLêLO .RPXQLVWLFN¿ E\URNUDFLH FKYËOL XYDæRYDOD R OLNYLGDFL QDxWøVWË VH WDN QHVWDOR D RG URNX E\O SDO¿F UHNRQ VWUXRYDQÛ 2SUDY\ VH SRGDĆLOR GRNRQêLW Dæ Y OHWHFK PLQXOÇKR VWROHWË D GQHV EXGRYD VORXæË VW¿OÇ H[SR]LFL XPøQË D VWROHWË 1¿URGQË JDOHULH .U¿VQRX XN¿]NRX DYDQWJDUGQË IXQNFLRQDOLVWLF NÇ DUFKLWHNWXU\ MH L SDO¿F (OHNWULFNÛFK SRGQLNĎ KO P 3UDK\ SĆL %XEHQVNÇ XOLFL RG DUFKLWHNWĎ $GROID %HQxH D -RVHID .ĆËæH )XQN


-DNR ILOPRYÇ NXOLV\ SRVWDSRNDO\SWLFNÇKR KR URUX SĎVREË EXGRY\ EÛYDOÇKR YODNRYÇKR Q¿ GUDæË %XEQ\ 1DPËVWR UH]DYøMËFËFK YDJRQĎ UR]SDGDMËFËFK VH KDO D ]DURVWOÛFK NROHMË ]GH VSROHêQRVW 2UFR SO¿QXMH YÛVWDYEX ]FHOD QRYÇ êWYUWL u YL] VWU

3RGOH QDĆË]HQË ] URNX QHVPøO EÛW GRE\ WHN SRU¿æHQ QLNGH MLQGH QHæ QD ¸VWĆHGQËFK MDWN¿FK &HOÛ DUH¿O NWHUÛ GQHV Xæ G¿YQR QH VORXæË VYÇPX ØêHOX D VWDOR VH ] QøM REĆË WUæLx Wø FHORX GREX VWĆHæË PXæL V EÛN\ RG VRFKDĆĎ %RKXPLOD 6FKQLUFKD D éHĀND 9RVPËND

_


FLRQDOLVPXV VH Y +ROHxRYLFËFK ]DE\GOHO D ]HMPÇQD YH OHWHFK E\OR SRVWDYHQD ĆDGD xSLêNRYÛFK eHOHNWULFNÛFKr êLQæRYQËFK GRPĎ NWHUÇ SURMHNWRYDOL QHMYÛ]QDPQøMxË DUFKLWHNWL WÇ GRE\ -RVHI &KR FKRO -RVHI +DYOËêHN -RVHI *Rê¿U -DURVODY 6WRFNDU DXWRU SDO¿FH V NLQHP 2NR D PQR]Ë GDOxË 'DOxËPL GRPLQDQWDPL VH VWDO\ EXGRY\ 1¿URGQËKR WHFKQLFNÇKR D ]HPøGøOVNÇKR PX]HD 0LODQD %DEXxN\ SRxWD QD /HWHQVNÇP Q¿PøVWË /DGLVODYD 0DFKRQø QHER ØĆHGQË EXGRYD GQHV 0LQLVWHUVWYR YQLWUD .DPLOD 5RxNRWD 9HONÛP WÇ PDWHP E\O\ URYQøæ VWDYE\ xNRO EXGRYD 8 6WXG¿QN\ E\OD Y URFH GRNRQFH R]QDêHQD ]D QHMPRGHUQøMxË xNROQË REMHNW Y U¿PFL 5DNRXVND 8KHUVND D VRFL¿OQË YÛVWDYED QD QËæ VH SRGËOHOL 5XGROI +UDEø DUWGHFRYÇ EORN\ SĆL 7RY¿UQË D -DWHêQË XOLFL )UDQWLxHN $O EHUW /LEUD D -LĆË .DQ SDYODêRYÇ EORN\ X 2VDGQË D )UDQWLxHN 0D ULD éHUQÛ V .DPLOHP 2VVHQGRUIHP -DNRXVL YDULDFË QD NROHNWLYQË E\GOHQË MH EORN GUXæVWHYQËFK GRPĎ Y XOLFËFK %XEHQVNÇ 9HOHWUæQË D 8 6PDOWRYQ\ DUFKLWHNWĎ )UDQ]H +UXVFKN\ D $GROID )RHKUD ]YDQÛ 0DOÛ %HUOËQ D GRNRQêHQÛ Dæ ]D Y¿ON\

_

)XQNFLRQDOLVWLFN¿ SHUOD D VËGOR 1¿URGQË JDOHULH V H[SR]LFË XPøOHF NÛFK GøO D VWROHWË V VHERX QHVH SRKQXWRX KLVWRULL NGH VH VWĆËGDMË FKYËOH VO¿Y\ L ]PDUX 6YÇKR êDVX QHMYøWxË EXGRYD QD VYøWø VORXæËFË YHOHWUæQËP ØêHOĎP VH ]D VYøWRYÇ Y¿ON\ VWDOD VKURPDæGLx WøP æLGRYVNÛFK WUDQVSRUWĎ GR 7HUH]ËQD D SR Y¿OFH VORXæLOD MDNR VËGOR VSROHêQRVWË ]DEÛYDMËFËFK VH ]DKUDQLêQËP REFKRGHP VUSQD YxDN E\OD WÇPøĆ ]QLêHQD REURYVNÛP SRæ¿UHP D KUR]LOD MHMË OLNYLGDFH 7ÇPøĆ GYø GHVHWLOHWË WUYDMËFË UHNRQVWUXNFH XQLN¿WQËKR GËOD DUFKLWHNWĎ -RVHID )XFKVH D 2OGĆLFKD 7\OD ]DYUxLOD Dæ GHYDGHV¿W¿ OÇWD NG\ E\O 9HOHWUæQË SDO¿F VODYQRVWQø RWHYĆHQ D SĆHG¿Q 1¿URGQË JDOHULL


,1'8675, /1« $ )81.&,21$/,67,&.§ +2/(j29,&(

jWËKO¿ VLOXHWD PUDNRGUDSX /LJKWKRXVH X /LEHĀVNÇKR PRVWX VNX WHêQø MDNR PDM¿N ]H VNOD D RFHOL VWU¿æË YMH]G GR SĆËVWDYX D MH MHG QËP ] P¿OD SĆËSDGĎ NG\ VH Y 3UD]H ØVSøxQø HWDEORYDO FL]Ë DUFKL WHNW Y WRPWR SĆËSDGø 0RVKH 7VXU ] 7HO $YLYX +QHG QDSURWL VWRMË ]UHNRQVWUXRYDQ¿ EXGRYD PUDNRGUDSX 7RNRYR RG WÛPX DUFKLWHN WĎ =GHQøN (GO -RVHI 0DW\¿x /XGøN jWHIHN D 3DYHO jWHFK 9 VH GPGHV¿WÛFK OHWHFK L GËN\ YHONRU\VRVWL LWDOVNÇKR LQYHVWRUD D SR XæLWË xSLêNRYÛFK PDWHUL¿OĎ L ĆHxHQË QHPøOD Y 3UD]H NRQNXUHQFL u FRæ SODWË L Y GQHxQË GREø NG\ NURPø XæLYDWHOVNÇKR VWDQGDUGX QDEË]Ë RVRELWRX DWPRVIÇUX L GXFKD

7$0 '2/( 32' j75260$-(5 .(0

,QGXVWUL¿OQË Q¿ERM PDMË L EXGRY\ EÛYDOÇKR KROHxRYLFNÇKR SĆË VWDYX SĆL -DQRYFRYø XOLFL YH VW\OX VYÇU¿]QÇ KU¿]GøQÇ VHFHVH RG )UDQWLxND 6DQGHUD SDUQË POÛQ\ SURMHNWRYDQÇ %RKXPLOHP +ÚE VFKPDQQHP QHER DUH¿O KROHxRYLFNÇKR SLYRYDUX DUFKLWHNWD -RVHID %HUWOD 3RVOHGQË GYø VWDYE\ E\O\ FLWOLYø SĆHVWDYøQ\ D GQHV VORXæË DGPLQLVWUDWLYQËP ØêHOĎP ąDGD GDOxËFK PHQxËFK WRY¿UHQ D GËOHQ ]ËVNDOD QRYRX IXQNFL u MVRX Y QLFK GHVLJQRY¿ VWXGLD DUFKLWHNWR QLFNÇ QHER YÛWYDUQÇ DWHOLÇU\ u QDSĆ Y EÛYDOÇ URGLQQÇ WRY¿UQø QD YRGRPøU\ Y XOLFL .RPXQDUGĎ GQHV VËGOË VWXGLR -RVHID 3OHVNRWD =FHOD PLPRĆ¿GQÛP êLQHP SDN E\OR ]EXGRY¿QË QRYÇKR FHQWUD VRXêDVQÇKR XPøQË '2; SĆL 3RXSøWRYø D 2VDGQË XOLFL SRGOH DUFKLWHNWD ,YDQD .URXS\ 0QRKÇ RYxHP MHxWø ]ĎVW¿Y¿ QHGRNRQ êHQR 5HKDELOLWDFL E\ VL ]DVORXæLOD YHON¿ WXUELQRY¿ VHFHVQË KDOD Y DUH¿OX EÛYDOÇ HOHNWU¿UQ\ SR]GøML WHSO¿UQ\ GËOR DUFKLWHNWD -DQD .ĆËæHQHFNÇKR %H]QDGøMQø VW¿OH SĎVREË Ø]HPË NROHP Q¿GUDæË +ROHxRYLFH $ SĆHGHYxËP WX MH REURYVNÇ SURVWUDQVWYË EÛYDOÇKR

_


,1'8675, /1« $ )81.&,21$/,67,&.§ +2/(j29,&(

EXEHQVNÇKR Q¿GUDæË NWHUÇ Q¿VLOQø UR]GøOXMH +ROHxRYLFH QD GYø QHVSRMLWÇ ê¿VWL 7DG\ VQDG Y EXGRXFQX Y]QLNQH PRGHUQË PøVW VN¿ êWYUČ V Q¿PøVWËPL SDUN\ UDGQLFË XQLYHU]LWQËP NDPSXVHP D RE\WQÛPL GRP\ åHOH]QLêQË WUDČ E\ WX RYxHP PøOD EÛW ]DFKRY¿ QD VWHMQø MDNR ]DMËPDYÇ KDO\ EÛYDOÇ RSUDYQ\ YDJRQĎ D QøNROLN PHQxËFK Q¿GUDæQËFK REMHNWĎ 0267< -$.2 7(31< å,927$

'R NDWDVWUX +ROHxRYLF SDWĆË L RVWURY jWYDQLFH NWHUÛ P¿ SOQLW Y RêËFK PËVWQËFK RE\YDWHO ØORKX UHNUHDêQË ]ÑQ\ =D ]DFKRY¿QË XUêLWø VWRMË ê¿VW EÛYDOÇKR ]LPQËKR VWDGLRQX V UHVWDXUDFË GËOR -R VHID )XFKVH D SDN VDPR]ĆHMPø K\GURHOHNWU¿UQD $ORLVH 'ODED êH L 6DQGHUĎY GRPHN X ]G\PDGOD $UFKLWHNWRQLFN\ PLPRĆ¿GQø FHQQÇ MVRX L PRVW\ SĆHV 9OWDYX 6HFHVQË éHFKĎY PRVW MH GËOHP DUFKLWHNWD -DQD .RXO\ D VSRMXMH +ROHxRYLFH VH 6WDUÛP 0øVWHP D -RVHIRYHP 'YD GDOxË PRVW\ QDYUKO YÛ]QDPQÛ SUDæVNÛ DUFKLWHNW 3DYHO -DQ¿N +O¿YNĎY PRVW QD jWYDQLFL VH VWDO SUYQËP FHOREHWR QRYÛP PRVWHP Y KODYQËP PøVWø /LEHĀVNÛ PRVW MH ]DVH QHMGHO xË 1øNGHMxË 7URMVNÛ PRVW GQHV %DULN¿GQËNĎ DUFKLWHNWD -RVHID &KRFKROD GRVWDO Y OHWHFK QRYRX PRVWRYNX 1\QË VH SDUDOHOQø V QËP VWDYË QRYÛ PRVW GOH SURMHNWX 5RPDQD .RXFNÇKR = QøNGHMxË SRQøNXG XxPXGODQÇ SUDæVNÇ SHULIHULH VH ]D SRVOHGQËFK GHVHW SDWQ¿FW OHW SRVWXSQø VWDOD YHOLFH DWUDNWLYQË REODVW MHMËæ SRWHQFL¿O MH PQRKHP YøWxË QHæ E\ VH PRKOR ]G¿W 7R YxH MLVWø XN¿æH êDV

_

.RPSOH[ E\WRYÛFK MHGQRWHN YH YÛUD]QÇ RUDQæRYR UXGÇ NRPELQDFL MH SĆËVSøYNHP N RæLYHQË PËVWD NWHUÇPX VWR OHW YO¿GO\ SRX]H Q¿NODGQË xËI\ )URQWD GRPĎ OHPXMËFË SĆËVWDYQË PROR MH SUYQË I¿]Ë EXGRXFË SĆHPøQ\ GRNX L MHKR EOË]NÇKR RNROË QD æLYRWX SĆËMHPQRX GHVWLQDFL u PRGHUQË PøVWVNRX êWYUČ êËWDMËFË WLVËFH E\WĎ NDQFHO¿ĆVNÇ D REFKRGQË SURVWRU\ UHVWDXUDFH D NDY¿UQ\ L UR]V¿KOÇ ]HOHQÇ SORFK\ RENORSHQÇ ĆHNRX


WH[W 'XxDQ +RQ]ËN IRWR DUFKLY 7ZLQ

YVWXSWH G H P Ë V ¿Of R U S 9ODVWQø VH MLP VSU¿YQø ĆËN¿ eGYHĆQË NRY¿QËr D ]GDOHND WR QHMVRX MHQ NODVLFNÇ NOLN\ DOH WDNÇ NRXOH PDGOD PXxOH êL QHMUĎ]QøMxË GHVLJQRYÇ NRPELQDFH -HMLFK YÛEøU ]¿YLVË QHMHQ QD XPËVWøQË GYHĆË DOH L QD WRP NGR D MDN êDVWR EXGH GYHĆH RWHYËUDW -LQÛP GĎOHæLWÛP DVSHNWHP SĆL KOH G¿QË WÇ eVSU¿YQÇr NOLN\ NWHU¿ SDGQH GR UXN\ WDN VDPR]ĆHMPø MDNR E\ WR E\OD GODĀ SĆËWHOH MH GQHV Xæ L KOHGLVNR HVWHWLFNÇ .URPø GHVLJQX MH YxDN QXWQÇ G¿YDW SR]RU L QD HUJRQRPLL u VSU¿YQ¿ NOLND E\ PøOD EÛW Y GOD QL SURVWø SĆËMHPQ¿ &Ræ MH G¿QR L YKRGQÛP YÛEøUHP PDWHUL¿OX . WøP V QHMYøWxË RGROQRVWË SDWĆË VOLWLQ\ LQR[FKURP ;5 D ]LUNRQLXP = NWHUÇ VH QH]DOHNQRX SRxNU¿E¿QË NOËêL DQL VQXEQËPL SUVWÛQN\ 6RXê¿VWË GYHĆQËKR NRY¿QË MVRX VDPR]ĆHMPø L ]DGODEDFË ]¿PN\ D WøFK MH QD WUKX WDNÇ FHO¿ ĆDGD u RG RE\êHMQÛFK GR]LFNÛFK Dæ SR VRILVWLNRYDQÇ VDG\ XPRæĀXMËFË Y SĆËSDGø QXWQRVWL RWHYĆËW GYHĆH ]YHQêË $ SDN WX MVRX ]¿YøV\ NWHUÇ PXVË EÛW ] NYDOLWQËKR PDWHUL¿OX WDN DE\ Y\GUæHO\ NDæGRGHQQË D GORXKRGRERX ]¿Wøæ =D ]YO¿xWQË SR]RUQRVW VWRMË V\VWÇP (5*21 u MHGHQ ]H VWøæHMQËFK SURGXNWĎ VSROHêQRVWL 7ZLQ -GH R LQRYDWLYQË ]SĎVRE RWHYËU¿QË GYHĆË NRP ELQXMËFË RWRêQÛ D SRVXYQÛ SRK\E NĆËGOD Y MHGQRP MHGLQÇP PHFKDQLVPX 2SURWL EøæQÛP GYHĆËP PLQLPDOL]XMH Q¿URN\ QD SĎGRU\VQÛ SURVWRU QD SOQR RWHYĆHQÛFK GYHĆË D XæËY¿ VH KODYQø WDP NGH VH SRWN¿YDMË GYRMH Dæ WURMH GYHĆH ]D VHERX QHER YHGOH VHEH &K\WUÇ P\xOHQN\ SURVWø æ¿GQÇ DQL ]DYĆHQÇ GYHĆH DČ Xæ V NOLNRX êL EH] QH]DVWDYË 9L] ZZZ WZLQ F]

'9(ą( u $ -(-,&+ ./,.< -628 1(1 3$'1§ $ 3ą,720 1(32675$'$7(/1§ .2/,.5 7 '(11÷ 27(9ą(7( '9(ą( 967283«7( $ =$6( -( =$9ą(7(" $ .2/,.5 7 9 6 1$3$'/2 -$. 1(=%<7128 628é 67« -628 35 9÷ ./,.<" $ å( ='$/(.$ 1(086« 0«7 7(1 32'/28+/( 329÷'20» 79$5"

DV

ĆLMóWH S H ] HP M X N ø G f


éËP VH YDxH VSROHêQRVW ]¿VDGQø OLxË RG RVWDWQËFK KU¿êĎ QD WUKX" 8UêLWø NRPSOH[QRVWË VOXæHE 9æG\Č P¿PH ]¿EøU RG ]DG¿Y¿QË LQ YHVWLêQËFK SURMHNWĎ SĆHV SURMHNWRYRX SĆËSUDYX MHMLFK UHDOL]DFL UHDOLWQË êLQQRVW Dæ SR VSU¿YX QHPRYLWRVWË 1DYËF ]DPøVWQ¿Y¿PH ØêHWQË D HNRQRP\ Y]GøODQÇ Y GDQÇ REODVWL WDNæH VL XPËPH SR KOËGDW L GDĀRYÇ GRSDG\ QDxLFK SO¿QĎ D UR]KRGQXWË 636 VSU¿YD QHPRYLWRVWË Y]QLNOD Y URFH 'R WÇ GRE\ IXQJRYDO\ MHMË MHGQRWOLYÇ SUYN\ QH]¿YLVOH D SDN VH GHILQLWLYQø VSRMLO\" &HOÇ WR Y\xOR ]H VWDYHEQË ILUP\ 636 HQJLQHHULQJ NWHU¿ ]DêDOD NURPø YODVWQË VWDYHEQË êLQQRVWL SĆHPÛxOHW L R GHYHORSHUVNÛFK SURMHNWHFK 9 WÇ GREø WRWLæ eGHYHORSRYDOr WÇPøĆ NDæGÛ NGR Y\Gø O¿YDO SHQË]Hf .RXSLO QøMDNÛ SR]HPHN D VQDæLO VH KR G¿O ]KRGQRWLW WDN æH QD QøP SRVWDYLO E\WRYN\ êL URGLQQÇ GRPN\ 'R 636 HQJL QHHULQJ MVHP SĆLxHO Y URFH D SR GRKRGø V PDMLWHOL 3DYOHP 6WLEĎUNHP D 3HWUHP 6¿GOHP MVPH ]DêDOL UHVWUXNWXUDOL]DFH ILUP\ 3UYQË SURMHNW MVPH GøODOL MHxWø SRG KODYLêNRX 636 HQJLQHHULQJ 9 SUĎEøKX UHDOL]DFH SURMHNWX MVPH VH GRKRGOL æH ]DORæËPH QR YRX VSROHêQRVW DE\FKRP RGGøOLOL VWDYHEQË êLQQRVW R SĆËSUDY\ D REFKRGQË UHDOL]DFH GHYHORSHUVNÛFK SURMHNWĎ 'DOxËPL GĎYRG\ NWHUÇ SRGSRĆLO\ QDxH UR]KRGQXWË E\O\ L GDĀRYÇ D PDMHWNRSU¿YQË

QRK\ VH QHVPË YLNODW 72 795'« ,1* 520$1 3/(6.$é 9».211» ą(',7(/ 632/(é1267, 636 635 9$ 1(029,7267« 7÷0, 12+$0, 0«1« é7<ą, ',9,=( .7(5§ 6( 32' +/$9,é.28 636 =$%»9$-« 635 928 1(029,7267« '(9(/23(56.28 $ ,1å(1»56.28 é,11267« 5($/,71«0, 6/8å%$0, $ (.2120,.28 $ ¸é(71,&79«0 9j(&+ 352-(.7č 35$&8-« 632/(é1÷ $ 3ą(672 1(= 9,6/(

_

7HKG\ DVL E\OR YxH PQRKHP MHGQRGXxxËf 1DEËGHN E\OR REURYVNÇ PQRæVWYË OLGÇ NXSRYDOL YxHFKQR UHDOLWQË êLQQRVW QHE\OD æ¿GQÛP SUREOÇPHP jOR R NRQMXQNWXUX VH YxËP YxXG\ 3RêËWDOR VH V Y\VRNÛP ]KRGQRFHQËP D ]G¿OR VH æH SRURVWH GRQHNRQHêQD 3DN SĆLxOD NUL]H NWHU¿ YODVWQø MHQ eXSJUDGRYDODr FHQRYRX KODGLQX '¿O VH PĎæH YH YxHP SRNUDêRYDW MHQ VH PXVË SRêËWDW V MLQÛPL YVWXS\ MDN QD VWUDQø SRĆË]HQË SULP¿UQËFK QHPR YLWRVWË WDN QD VWUDQø SURMHNWRYÛFK SUDFË D VWDYHEQË êLQQRVWL 'D OHNR YËF QHæ NG\NROL GĆËYH UR]KRGXMH ORNDOLWD YêHWQø LQIUDVWUXNWXU\ D NYDOLWD GLVSR]LF -DN MH QD WRP 636 VSU¿YD QHPRYLWRVWË YHOLNRVWQø Y SRURYQ¿QË V MLQÛPL ILUPDPL" 3DWĆËPH N PHQxËP VWĆHGQËP ILUP¿P DOH QDxH YHOLNRVW VH QHSR êËW¿ SRGOH SRêWX ]DPøVWQDQFĎ &KDUDNWHUL]XMH Q¿V YHOLNRVW LQ YHVWLêQËFK SURMHNWĎ NWHUÇ GUæËPH NROHP PLOLRQĎ 9ÛMLPNRX MH WHQ Y 2GROHQH 9RGø NG\ QHO]H RGKDGQRXW GÇONX UHDOL]DFH DQL Q¿YUDWQRVWL WDP MGH R êDVRYÛ KRUL]RQW Y Ć¿GX GHVËWHN OHW 1¿x PHQxË SRêHW ]DPøVWQDQFĎ ]DUXêXMH Y\VRNRX HIHNWLYLWX D SRWĆHE


WH[W 3HWU 7ĎPD IRWR 'DQ 6NOHQ¿Ć

QRX SUXæQRVW =¿ND]QËNRYL MVPH VFKRSQL QDEËGQRXW D JDUDQWRYDW L E\Č MHQ GËOêË ê¿VW VOXæHE u DČ Xæ WR MH VWDYHEQË GR]RU YÛEøU GR GDYDWHOH SURMHNWDQWD UHDOLWQË êLQQRVW VSU¿YX QHPRYLWRVWL QHER SRX]H SRUDGHQVWYË éW\ĆL SLOËĆH NWHUÇ WYRĆË YDxL VSROHêQRVW GUæË SHYQø Y\VRNR D Y\URYQDQøf -VRX VL URYQRFHQQÇ" 1HER MH QøNWHUÛ ] QLFK GĎOHæLWøMxË" 0\VOHOL MVPH VL æH EXGRX KU¿W SULP REFKRGQËFL DOH QHQË WRPX WDN 2Q\ êW\ĆL GLYL]H MVRX MDNR QRK\ X VWROX NWHUÇ 636 URYQRPøUQø SRGSËUDMË D KODYQøf QHVPË VH YLNODW 9æG\Č EH] GREUÇKR ØêHWQLF WYË D GRSĆHGX QDVWDYHQÇ HNRQRPLN\ PĎæHWH VNRQêLW L X MLQDN VOLE QÇKR SURMHNWX eQD GDQËFKr QHER xSDWQø ]DØêWRYDQÛFK SRORæN¿FK 1HHNRQRPLFN\ QDYUæHQÛ SURMHNW V QHNYDOLWQËPL GLVSR]LFHPL Y¿P SĆHGHP ]QHKRGQRFXMH SURGHM D PRæQRVW UHDOL]DFH ]LVNX 3RXæLWË QHNYDOLWQËFK YÛURENĎ D SU¿FH ]Y\xXMH SRêHW UHNODPDFË D SĆLSUD YXMH EH]HVQÇ QRFL NRQFRYÛP NOLHQWĎP D VSU¿YFL QHPRYLWRVWL 1HNYDOLWQø VSUDYRYDQ¿ D XGUæRYDQ¿ QHPRYLWRVW KUR]Ë MHMËP PD MLWHOĎP ]E\WHêQÛPL Q¿NODG\ QHER SRWËæHPL V SURYR]HP 'REĆH SĆLSUDYHQÇ SURMHNW\ YêHWQø VSU¿YQø VWDQRYHQÇ SURGHMQË FHQ\ Y NRQHêQÇP GĎVOHGNX XPRæĀXMË REFKRGQËNĎP VSOQLW WYUGÇ SRæD GDYN\ QD SĆHGSURGDQRVW ]H VWUDQ\ VSROXILQDQFXMËFËFK EDQN D WËP XPRæQLW NOLGQÛ SUĎEøK YODVWQË UHDOL]DFH SURMHNWX 6DPR]ĆHMPø æH SĆL ]DMLxČRY¿QË YxHFK ê¿VWË LQYHVWLêQËKR SURMHNWX VL PĎæHWH EÛW MLVWL æH NDæG¿ FK\ED VH Y¿P YU¿WË L V ØURN\ 1DSURWL WRPX P¿WH FHOÛ SURFHV SRG NRQWURORX MDNR xDFKRYRX SDUWLL 5HDOL]RYDW GH YHORSHUVNÇ SURMHNW\ YH VNXSLQø MH Q¿URêQÇ SĆHGHYxËP ] OLGVNÇ VWU¿QN\ SURWRæH VH NH eVYÛPr OLGHP PXVËWH FKRYDW VWHMQø WYUGø D QHNRPSURPLVQø MDNR N FL]ËP D WR YêHWQø ILQDQêQËFK GRSDGĎ ]D QHØVSøFK\ .G\æ VH QøNGR EXGH UR]KRGRYDW SUR YDxH QRYÇ SURMHNW\ EXGH KOHGDW UHIHUHQFH QD W\ NWHUÇ MLæ P¿WH ]D VHERX éËP VH PĎæHWH SRFKOXELW" 3UR WDNRYÇKR ]¿MHPFH MVRX SĆLSUDYHQ\ QDxH ZHERYÇ VWU¿QN\ ZZZ VSV VQ F] QD NWHUÛFK MVRX QDxH DNFH SUH]HQWRY¿Q\ D WR MDN W\ NWHUÇ UHDOL]XMHPH Y U¿PFL QDxË GHYHORSHUVNÇ êLQQRVWL WDN L SUR H[WHUQË NOLHQW\ 1DP¿WNRX VH MHGQ¿ R E\WRYÛ GĎP Y 0L ORYLFËFK NWHUÛP MVPH ]DêËQDOL SĆHV E\WRYÛ GĎP 1D .RSHêNX +UDGHêDQND YH jSLQGOHURYø 0OÛQø RE\WQÛ VRXERU Y -HVHQLFL 5RGLQQÇ GRP\ Y 5DGRQLFFK QHER SURGHM SR]HPNĎ Y -ËORYÇP =GLPøĆLFËFK D 2VQLFL 9 VRXêDVQRVWL GRNRQêXMHPH SURMHNW MHGQRWHN 1D &ËVDĆFH Y 3UD]H NWHUÛ MH Y SRVOHGQË I¿]L WøVQø SĆHG NRODXGDFË 9øWxLQD E\WĎ WDP MH SURGDQÛFK D MHMLFK PDMLWHOÇ

VH PRKRX WøxLW æH SRê¿WNHP SĆËxWËKR URNX SĎMGRX GR VYÇKR GR QRYÇKR 7DN]YDQø GR eYRĀDYN\r 6NXSLQD 636 VH KRGQø ]DPøĆXMH QD REODVW NROHP -ËORYÇKR 0¿ WDP MHxWø QøMDNÇ GDOxË ]¿MP\" 1H WR E\OR D MH G¿QR VSËx YÛYRMHP 1D MLK RG 3UDK\ MH SøNQ¿ êOHQLW¿ NUDMLQD ĆHND VH ]DĆH]¿Y¿ GR KOXERNÛFK ØGROË V O¿NDYÛPL YÛKOHG\ 1HQË WR URYLQD MDNR MLQGH D QHVWRMË WDP æ¿GQÇ YHONÇ SUĎ P\VORYÇ SURMHNW\ MDNR WĆHED VHYHUQø RG 3UDK\ 8æ ]D SUYQË UHSXE OLN\ WR E\OD REODVW NGH Y]QLNDO\ FKDWRYÇ RVDG\ D E\O\ SURSRMHQ\ V 3UDKRX SĆËPøVWVNÛPL YODN\ NWHUÇ VH GQHV ]QRYX VW¿YDMË IXQNê QËPL -H SĆËMHPQøMxË GRMHW GR SU¿FH WDNRYÛP VSRMHP QHæ SRVW¿YDW Y ]¿FSø Y NRORQø åH WR IXQJXMH GRND]XMË GĆËYH YHVQLFH D GQHV SOQRKRGQRWQÇ ê¿VWL 3UDK\ MDNR MVRX éHUQRxLFH ąHYQLFH êL 'R EĆLFKRYLFH NGH Y]QLNDOD ĆDGD OX[XVQËFK YLO Xæ ]D SUYQË UHSXEOLN\ 3RGREQø QDKOËæËWH L QD SURMHNW 2GROHQD 9RGD QD NWHUÇP VH SRGËOËWH VH VSROHêQRVWË &UHVFRQ" 8UêLWø QHMGH WDP MHQ R SORFKRX YÛVWDYEX VËGOLxWø Y SRGREø UR GLQQÛFK GRPNĎ DOH R Y\WYRĆHQË VRFL¿OQË LQIUDVWUXNWXU\ 3RGDĆË OL VH Y EOË]NRVWL 2GROHQH 9RG\ ]SURYR]QLW EÛYDOÇ OHWLxWø 9RGRFKRG\ Y]QLNQH Y EOË]NÇP RNROË GRVW SUDFRYQËFK PRæQRVWË $ QD Qø QDYD ]XMË GDOxË VOXæE\ PXVË WDP æËW D SUDFRYDW OÇNDĆL XêLWHOÇ SHNDĆL DWG &KFHPH VH Y\KQRXW VWDYEø NRORQLË URGLQQÛFK GRPĎ NGH WRKOH YxHFKQR FK\EË NGH NG\æ FKFHWH KRGLW SR]GUDY GR SRxWRYQË VFKU¿Q N\ WDN PXVËWH VHGQRXW GR DXWD D Y\UD]LW 3URê MH]GLW GR 3UDK\ NG\æ EXGHWH PËW ]¿NODGQË VOXæE\ QD GRVDK SøxN\ PD[LP¿OQø QD NROH" -DN YLGËWH EOË]NRX EXGRXFQRVW GHYHORSHUVNÇKR WUKX" 9HOLFH REHFQø ĆHêHQR QHPRYLWRVWL YæG\FN\ xO\ D SĎMGRX -H WR MHQ RW¿]ND WUHILW VH GR VSU¿YQÇ ORNDOLW\ YH VSU¿YQÛ êDV D VH VSU¿YQÛP SURGXNWHP 1øNG\ WR SĆLSRPËQ¿ YøxWøQË ] NĆLxČ¿ORYÇ NRXOH SUR WRæH X EøæQÛFK SURMHNWĎ POXYËPH R êDVRYÇP KRUL]RQWX SøWL xHVWL OHW NWHUÇ XSO\QRX RG SUYRWQË P\xOHQN\ SR GRNRQêHQË VWDYE\ D MHMË SURGHM -HGHQ Dæ WĆL URN\ VH SURMHNW\ SĆLSUDYXMË URN Dæ GYD VH VWDYË D GDOxË URN D YËFH VH GRSURG¿YDMË $OH NG\æ VL KQHG QD ]Dê¿WNX XGøO¿WH GREUÇ ]DG¿QË LQYHVWLêQËKR SURMHNWX =,3 QD NWHUÇP VH MLæ SRGËOHMË YêHWQø DUFKLWHNWĎ YxHFKQ\ QDxH GLYL]H WDN MH Y\VRN¿ SUDYGøSRGREQRVW æH P¿WH Y\VRNRX PËUX SUDYGøSRGREQRVWL æH GRMGHWH ]G¿UQø GR FËOH =,3 MH Q¿x GRNXPHQW ê NH NWHUÇPX VH Y]WDKXMË YHxNHUÇ Y\KRGQRFHQË GËOêËFK NURNĎ QD FHVWø SĆL UHDOL]D FL SURMHNWX 3UR GREUÇ UR]KRGRY¿QË MH QHMKRUxË VWUDFK QHMLVWRWD D DEVHQFH UH]HUY 3RNXG VH P¿WH R FR RSĆËW =,3 WDN XYHGHQÇ VWUDx¿N\ VQDGQR ]DæHQHWH

_


YHVPËUQ¿ RG\VHD 79č5&( /(*(1' 51«+2 6&, ), 67$1/(<+2 .8%5,&.$ %< -,67÷ 327÷j,/< 1 95+< 628é$61»&+ '(6,*1§5č .7(5§ -$.2 %< 23,629$/< = -(+2 1$'é$629§+2 '«/$

%,)2/,$7( NRQFHSW (OHFWUROX[X -GH R RUL JLQ¿OQË Q¿VWøQQRX P\êNX QD Q¿GREË SUDFXMËFË QD SULQFLSX XOWUD]YXNRYÛFK YOQ 2EVDKXMH GYø QDY]¿MHP VSRMHQÇ VNĆËĀN\ NWHUÇ REø VORXæË MDNR P\êND Q¿GREË 1HVSRUQ¿ YÛKRGD VSRêËY¿ Y WRP æH WDOËĆH D KUQN\ QHPXVËWH SR XP\WË DQL Y\QGDYDW YHQ 272é1» 672/(. 1$ . 98 SRFK¿]Ë ] KODY\ LWDOVNÇKR Q¿YUK¿ĆH (PDQXHOHKR =HQHUHKR -H Y\UREHQ ]H GĆHYD ODNRYDQÇKR QD Y\VRNÛ OHVN D SURG¿Y¿ VH YH YHOLNRVWHFK R SUĎPøUX RG GR FP 9L] ZZZ FDWWHODQLWDOLD FRP 1D VWU¿QFH MH VSROHêQø V GDOxËP RGNO¿GDFËP VWRONHP RG WÇæH ILUP\ V Q¿]YHP $72//2

_


WH[W -LĆË 9DxHN IRWR DUFKLY

32'/( (1&<./23(',( -( .28/( 352672529§ 7÷/(62 792ą(1§ 012å,128 %2'č -(-,&+å 9=' /(1267 2' 67ą('8 -( 5291$ 1(%2 0(1j« 1(å =$'$1» 32/20÷5 -'( 2 -('(1 = 1(-.5 61÷-j«&+ 79$5č .7(5» -( 9÷é128 $ 9'÷é128 ,163,5$&« 1 95+ ąč

NUXK\ D Y¿OFH

/XVWU 0$6.526 .ê ZZZ LNHD FRP -H NRSLË RGNYHWOÇ SDPSHOLxN\ WYRĆHQÇ SDSËURYÛPL VWĆDSFL D UDPHQHP ] QHUH] RFHOL 6+2( :+((/ .ê ZZZ UDNNXGHVLJQV FRP 7U¿SË Y¿V QHGRVWDWHN SURVWRUX D KUĎ]Qø QDUĎVWDMËFË KUR PDGD ERW Y SĆHWÇNDMËFËP ERWQËNX" 7RKOH MH ĆH xHQË W\SX JHQL¿OQË (635(662 .5836 .ê ZZZ GROFH JXVWR F] 3ĆLSRPËQ¿ SĆH URVWOÇ WHOHIRQQË VOXFK¿WNR DOH XPË SĆLSUDYLW VNYø ORX N¿YX +(50(66(1&( &2//(&7,21 ,5,6 ZZZ KHUPHV FRP 'HY¿W¿ YĎQø WÇæH ĆDG\ VH WHQWRNU¿W QHVH YH ]QDPHQË NRVDWFH -GH R XQL VH[RYÛ SDUIÇP NWHUÛ VH QH]WU¿FË DQL SR ĆDGø KR GLQ MH VYøæË QHQ¿SDGQÛ SĆHVWR RPDPQÛ

_


2GROHQD 9RGD

_


WH[W 3HWU 7ฤ PD YL]XDOL]DFH 636 D &UHVFRQ

QD Wร ORXFH ]HOHQร

=$ .2%(5&(0 /8รฉ1ยซ&+ .9รท7,1 9<.8.8-ยซ รฉ7<ฤ 32'/$รฅ1ยซ %<729ยง 9,/.< $ =$ 1,0, 6( 5ยป68-ยซ '$/jยซ %8'29< 3/1รท )81.รฉ1ยซ 0รท676.ยง รฉ7957, -( 78 1ย 0รท67ยซ j.2/$ j.2/.$ 8723(1ย 9 =(/(1, $ +/$91รท /,'ยง .7(ฤ ยซ 78 6.87(รฉ1รท %<'/ยซ $ 1(-(1 3ฤ (63ย 9$-ยซ -$.2 %< 6( 9 2'2/(1( 92'รท 32 /(7(&+ =+0271,/< 3ฤ ('67$9< 35925(38%/,.29ยป&+ $5&+,7(.7ฤ .7(ฤ ยซ 67$9รท/, 0รท67$ $ 1,.2/, 6$7(/,71ยซ e6ยซ'/,j7รท 1$/(รฅ$72r

_


'RP\ QDYUæHQÇ UHQRPRYDQÛP VWXGLHP 2OJRM &KRUFKRM MVRX P\xOHQÇ MDNR WURMWUDNW VH GYøPD E\W\ QD MHGQRP SRGODæË 'ËN\ MHGQRGXFKÇ NRQVWUXNFL MH PRæQÇ VWDQGDUGQË E\W\ MHGQRGXxH VSRMRYDW UR]GøORYDW êL MLQDN XSUDYRYDW GLVSR]LFH SRGOH LQGLYLGX¿OQËFK SĆ¿QË ]¿ND]QËNĎ

_


¿NDYø Y\SDGDMËFË YL]X¿O\ SURMHNWX VSROHêQRVWL 636 'ROËQHN ]D QËæ VH VNUÛYDMË ILUP\ &UHVFRQ D VNXSLQD 636 QD]YDQÇ 1RY¿ 2GROHQD 9RGD PDMË GRSRVXG MHGLQRX YDGX u H[LVWXMË SRX ]H Y GLJLW¿OQË SRGREø 2Eø ILUP\ VH VQDæË SURVDGLW VYRML YL]L QD Y\EXGRY¿QË SOQRKRGQRWQÇ PøVWVNÇ êWYUWL 9 VRXêDVQRVWL PøVWR 2GROHQD 9RGD SUDFXMH QD QRYÇP Ø]HPQËP SO¿QX e.G\æ MVPH SĆHPÛxOHOL R SURMHNWX Y 2GROHQH 9RGø LQVSLURYDOL MVPH VH SUY QË UHSXEOLNRX NG\ QDSĆËNODG Q¿PøVWË IXQJRYDOR VNXWHêQø MDNR PËVWR VHWN¿Y¿QË D VKURPDæóRY¿QË OLGË D QH MHQ MDNR SORFKD PH]L Q¿KRGQø SRVNO¿GDQÛPL SDQHO¿N\ r ĆËN¿ YÛNRQQÛ ĆHGLWHO 5RPDQ 3OHVNDê ]H VSROHêQRVWL 636 VSU¿YD QHPRYLWRVWË NWHU¿ VH Y SĆË SDGø 2GROHQH 9RG\ VWDOD SDUWQHUHP &UHVFRQX 'RNXPHQWXMH WR QD SĆËNODGX %DUUDQGRYD u SUDæVNÇKR %HYHUOH\ +LOOV NWHUÇ QHFKDO QD NRQFL GYDF¿WÛFK OHW SRVWDYLW ,QJ 9¿FODY +DYHO RWHF 9¿FODYD +DYOD 7HQ QHMSUYH VNRXSLO Y REODVWL +DEURY¿ SĆHV SDGHV¿W KHN WDUĎ SR]HPNĎ QHFKDO SRVWDYLW NRPXQLNDFH VSRMXMËFË EXGRXFË ]DKUDGQË YLORYRX êWYUČ V ILOPRYÛPL VWXGLL QDKRĆH QD xSLFL NRSFH D WDNÇ LQæHQÛUVNÇ VËWø N YËFH QHæ GYøPD VWRYN¿P SDUFHO =¿URYHĀ SRVWDYLO QD VYRX GREX QHMPRGHUQøMxË UHVWDXUDFL Y ]HPL 7HUDV\ %DUUDQGRY L V SODYHFNÛP VWDGLRQHP D WULEXQDPL D WDNÇ êHUSDFË VWDQLFL D JDU¿æH 9ÛVWDYEX YLO QD SDUFHO¿FK QHFKDO +DYHO QD VD PRWQÛFK PDMLWHOËFK SĆHVWR VL Y\PËQLO SU¿YR N QDKOÇGQXWË D NRQ ]XOWDFL ILQ¿OQËFK SO¿QĎ V KODYQËP DUFKLWHNWHP 0D[HP 8UEDQHP 'RGQHV MH %DUUDQGRY MDNRXVL YÛNODGQË VNĆËQË GHYHORSHUVNÇ êLQ QRVWL SUYQË UHSXEOLN\ D MDNR WDNRYÛ PĎæH LQVSLURYDW L SR WÇPøĆ VWR OHWHFK u Xæ SURWR æH QLNG\ QHE\O X]DYĆHQRX PøVWVNRX ê¿VWË DOH SRVWXSQø QDUĎVWDMËFËP D KODYQø æLMËFËP PøVWVNÛP RUJDQLVPHP 3RNXG VH YU¿WËPH N 2GROHQH 9RGø POXYË SUR Y]QLN QRYÇ SĆËPøVW VNÇ êWYUWL NWHURX GHYHORSHĆL SO¿QXMË QøNROLN VNXWHêQRVWË 3ĆHGH YxËP MH Y GRVDKX G¿OQLFH ' VRXê¿VWL EXGRXFËKR PXOWLPRG¿OQËKR HYURSVNÇKR NRULGRUX VSRMXMËFËKR ,VWDQEXO V %HUOËQHP 6SROHêQRVW 3HQWD WX SO¿QXMH SR Y]RUX ORQGÛQVNÇKR *DWZLFNX SRVWDYLW GUXKÇ SUDæVNÇ OHWLxWø SĆHGHYxËP SUR ORZ FRDVW DHUROLQN\ D V QËP MH VSRMHQÛ L QRYÛ VMH]G ] G¿OQLFH e3URMHNW MH NRQFLSRY¿Q SUR OLGL NWHĆË VH FKWøMË RGVWøKRYDW ] PøV WD DOH VRXêDVQø ]ĎVWDW Y MHKR EOË]NRVWL r ĆËN¿ JHQHU¿OQË ĆHGLWHO VSROHêQRVWL &UHVFRQ -DQ -HULH 9 SUYQË I¿]L Q¿URêQÇKR SURMHNWX KRGO¿ VSROHêQRVW SRVWDYLW SĆHV VHGPGHV¿W E\WĎ Y MHGHQ¿FWL êW\Ć SRGODæQËFK E\WRYÛFK YLO¿FK Y VHJPHQWX OHYQøMxËKR E\GOHQË e1H FKFHPH VWDYøW GDOxË VDWHOLWQË PøVWHêNR r SRWYU]XMH -HULH VQDK\ NWHUÇ VH Y PQRKÇP RG ]DYHGHQÛFK GHYHORSHUVNÛFK SUDNWLN OLxË 1D YxHFK YL]X¿OHFK NWHUÇ MVRX N GLVSR]LFL WRWLæ DUFKLWHNWL QH]D SRPQøOL QD Q¿PøVWË D VDPR]ĆHMPø L SRWĆHEQÇ VOXæE\ u VWUDYRY¿QË YROQÛ êDV REFKRG\ KRWHO SHQ]LRQ D WĆHED L xNRONX SUR GøWL NWHUÇ

/

UêLWø V QRYÛPL RE\YDWHOL SĆLMGRX 1D SORxH FHOÇKR Ø]HPË YêHWQø X SO¿QRYDQÇ SUYQË HWDS\ NWHURX QDYUKO UHQRPRYDQÛ DWHOLÇU 2OJRM &KRUFKRM VWRMË YLODGRP\ V êWYHUFRYÛPL SĎGRU\V\ 0DMË YDULDELOQË GLVSR]LFL NG\ MH PRæQÇ E\WRYÇ MHGQRWN\ VSRMRYDW D UR]GøORYDW SRGOH SRWĆHE MHMLFK PDMLWHOĎ D WR QHMHQ Y GREø YÛVWDYE\ GRPX DOH SR FHORX GREX MHKR æLYRWQRVWL =¿VWDYED MH SRMDWD MDNR NRP SDNWQË xDFKRYQLFRY¿ VWUXNWXUD QD VSROHêQÇP VRNOX SRG]HPQËFK JDU¿æË Y\WY¿ĆHMËFË SHVWURX PR]DLNX SRORYHĆHMQÛFK GYRUĎ D ]DKUDG PH]L GRP\ 1D GHYËWL ] MHGHQ¿FWL REMHNWĎ MVRX XPËVWøQ\ YÛUD]Qø WYDURYDQÇ VWĆHxQË SHQWKDXV\ SUYQË QDG]HPQË SRGODæË SDN QDEË]Ë E\W\ V SĆHG]DKU¿GNDPL R UR]OR]H Dæ PHWUĎ êWYHUHêQÛFK 1D PRQLWRUX Y\SDG¿ SURMHNW 1RY¿ 2GROHQD 9RGD YËFH QHæ VOLEQø DOH FHVWD RG Q¿YUKX N KRWRYÇPX GRPX D êWYUWL N\SËFË æLYRWHP MH MHxWø GORXK¿ D EXGH Y\æDGRYDW YVWĆËFQRVW D SRUR]XPøQË ]HMPÇ QD RG WøFK NWHĆË Y RE\YDWHOËFK QRYÇ ]DKUDGQË êWYUWL ]ËVNDMË L QRYÇ VRXVHG\ 9L] ZZZ FUHVFRQ F] ZZZ VSV VQ F]

3ĆHVWRæH SĆL SRKOHGX VKRUD Y\ND]XMH Q¿YUK SĆËVQRX xDFKRYQLFRYRX VWUXNWXUX Y SURMHNWX MH GRVW SURVWRUX SUR LQGLYLGX¿OQË ]PøQ\ WDN DE\ NDæGÛ ] GRPĎ E\O MHGLQHêQÛP RULJLQ¿OHP

_


WH[W 3HWU 7ĎPD IRWR DUFKLY 3RUVFKH 'HVLJQ

e32.8' 6( 'č6/('1÷ =$0÷ą«7(0 1$ )81.&, 3ą('0÷78 2%-(9«7( -(+2 6.87(é128 32'67$78r )(5',1$1' $/(;$1'(5 3256&+(

SRUVFKH GHVLJQ

.2å(1 7$j.$ 3ą(6 5$0(12 FHQD FFD .ê SURG¿Y¿ %HOWLVVLPR 0¿ xLURNÛ SRSUXK D GYø NDSV\ 3 16. 72$/(71« 92'$ 7+( (66(1&( FHQD FFD .ê Y QDEËGFH SDUIXPHULË 'RXJODV 1(5(=29» 1 5$0(. FHQD FFD .ê 6NYøOH ODGË V PDQæHWRYÛPL NQRIOËêN\ /(+.§ '85$/29§ 6$1÷ FHQD FFD .ê 3URxO\ VSHFL¿OQËP WHVWRY¿QËP NYĎOL EH]SHêQRVWL ./«é(1.$ FHQD FFD .ê


.2å(1 %81'$ FHQD FFD .ê 0¿ GYø ERêQË D MHGQX Q¿SUVQË NDSVX /8;861« &+52120(75< 3 FHQD QHE\OD XUêHQD DOH SĆHVDKXMH xHVWLFLIHUQRX ê¿VWNX %\OR Y\UREHQR SRX]H NXVĎ QD SRêHW YËWø]VWYË YR]Ď 3RUVFKH N YH Y\WUYDORVWQËP ]¿YRGø /H 0DQV ' 06.§ 6/81(é1« %5»/( FHQD FFD .ê *2/)29§ %27< FHQD FFD .ê 6YUxHN WYRĆË NRPELQDFH NĎæH WH[WLOX D V\QWHWLFNÛFK PDWHUL¿OĎ 3 16.» 32/29(5 $ 75,.2 FHQD FFD .ê 328='52 1$ +2/(1« FHQD FFD .ê


WH[W -DQ 'XxHN IRWR DUFKLY )RUG

SËVQø êHVNÛFK FHVW 35» -60( 1 52'(0 08=,.$17č u ą«. 9$/2 6( 3ą, 32+/('8 1$ 9÷é1÷ 8&3$1§ 35$å6.§ '235$91« 7(31< 6( $/( 1$%«=« 3ą«0÷5 u &2 é(&+ 72 02725,67$ &2 72 7$.+/( 632-,7 '2+520$'< $ .'<å 9<5$=,7 32 52'1§ 9/$67, $87(0 '23ą 7 6, . 7208 32ą '128 325&, é(6.§ 08=,.<"

35$+$ v .$5/29< 9$5<

2 QRYÇP PRGHOX )RUG 0RQGHR SUR URN VH Y SURSDJDêQËFK PDWHUL¿OHFK SËxH æH MHKR 3UHPLXP 6RXQG 6\VWHP SUR W\ QHMQ¿ URêQøMxË DXGLRILO\ V GHVHWL UHSURGXNWRU\ D RVPLNDQ¿ORYÛP ]HVL ORYDêHP R YÛNRQX ZDWWĎ XGøO¿ ] DXWD eGRNRQDORX NRQFHUWQË VËĀr 1H]EÛY¿ QHæ Y]ËW YÛUREFH GUXKÇ QHMSURG¿YDQøMxË ]QDêN\ QD êHVNÇP WUKX ]D VORYR D YĎ] L MHKR DXGLRVRXVWDYX SRĆ¿GQø Y\]NRXxHW .URPø MLæ ]PËQøQÇKR QRYÇKR 0RQGHD NWHUÇ JHQHU¿ ORYÇ )RUGX SDVRYDOL GR UROH YODMNRYÇ ORGL SRêHWQÇ eIRUGËr IORWLO\ MH SRWĆHED QDFK\VWDW ]KUXED *% PX]LN\ YH IRUP¿WX 03 NWHUÇ YHVWDYøQÛ SĆHKU¿YDê 6RQ\ KUDYø ]YO¿G¿ D VWDQRYLW QD VD WHOLWQË *36 QDYLJDFL SUYQË SRVWXSQÛ FËO .ODGQR 3URSOÇW¿PH VH PXPUDMHP QD +UDGêDQVNÇ ]H NWHUÇ VH GËN\ VWDYEø WXQHOX %ODQND VWDOD MHGQD YHON¿ RKUDGD D Y\EËU¿PH QøFR HFKW SUDæVNÇKR DE\ WR ORXêHQË V KODYQËP PøVWHP SĆL êHN¿QË QD VYøWOHFK QD (YURSVNÇ PøOR WHQ SUDYÛ xPUQF -DVQø /XFLH URN SR UHYROXFL D .ROOHUĎY QH]DPøQLWHOQÛ DNFHQW e8æ VH QHFKFHP QLNG\ YUDFHW WDP NGH Q¿P E\OR PL]HUQø r 'ËN\ VWĆHGRYÇPX UHSURGXNWRUX QD SDOXEQË GHVFH D VHGPQ¿FWLOLWURYÇPX VXEZRRIHUX Y NXIUX DXWD MVRX YxHFK Q\ .RG\PRY\ N\WDU\ RVWUÇ MDN æLOHWND D EDV\ L .ROOHURY\ ELFË GXQË SĆHVQø WDN MDN PDMË 0ËMËPH 5X]\Ā D WDN WURFKX ]NOLGQËPH QHæ SĆLMGH WLWXOQË SËVHĀ 0LFK¿ONRYD ILOPX $PHULND D G¿OQLFH PËĆËFË Dæ N RSXxWøQÛP WøæHEQËP YøæËP NODGHQVNÇ SHULIHULH 0øQËPH NDSHOX L VW\O u KRXSDYÇ UHJJDH <R<R %DQGX Y MHKR QHMOHSxË IRU Pø e.ODGQR WR MH WR PøVWR r ] OHJHQG¿UQË GHVN\ .DUYLQ¿ = QË VL MHxWø GRSĆ¿Y¿PH WLWXOQË .DUYLQRX NWHURX SUR VYÇ KDQVSDXOVNÇ ND PDU¿G\ QDSVDO ,YDQ +ODV .RXVHN RG .ODGQD MH 1RX]RY D Y QøP

_

8 QRYÇ JHQHUDFH )RUGX 0RQGHR SĆLxOL GHVLJQÇĆL V QRYÛP NLQHWLFNÛP D HOHJDQWQËP ]MHYHP $êNROLY MH WR FHVWRYQË NRPEËN SĎVREË YHOPL VSRUWRYQø G\QDPLFNÇ OLQLH Y\WY¿ĆHMË GRMHP SRK\EX )RUG WDNÇ XYHGO MLQÇ eVUGFHr Y SRGREø KRVSRG¿UQÛFK PRWRUĎ (FR%RRVW QDEË]HMËFËFK Dæ R Y\xxË YÛNRQ DOH R QLæxË VSRWĆHEX

VODYQÇ VWXGLR 6RQR NGH QDKU¿YDO L 'DYLG %RZLH êL /LPS %L]NLW $VL QHMØVSøxQøMxË SËVQË NWHU¿ NG\ RSXVWLOD MHKR ]GL MH ]ĆHMPø )DO OLQJ 6ORZO\ ,UD *OHQD +DQVDUGD D 0DUNÇW\ ,UJORYÇ QRVLWHON\ 2VFDUD ]D QHMOHSxË ILOPRYRX SËVHĀ URNX 6RXQGWUDFN ] ILOPX 2QFH V VHERX P¿PH D WDN VL Y\FKXWQ¿Y¿PH SRVPXWQøOÛ +DQVDU GĎY WHPEU ]DWËPFR VH NROHP DXWD ]DêËQDMË REMHYRYDW FKDUDNWHULV WLFN¿ VORXSRĆDGË FKPHOQLF 6WĆËG¿PH æ¿QU L GREX u FR MLQÇKR QHæ xHGHV¿WNRYÇ N\WDU\ D PXæVNÛ WURMKODV V GRPLQDQWQËP .DUOHP jWøGUÛP e&KRGLOL VSROX ] êLVWÇ O¿VN\ D VHGPQ¿FW MLP E\OR OHWr 1XWQR ĆËFL æH ]PøQ\ G\QDPLN\ L R]YXêHQË E\Č MH VRXQGWUDFN ]H 6WDUFĎ QD FKPHOX GLJLW¿OQø UHPDVWHURYDQÛ ]YO¿G¿ DXGLR V\VWÇP


] SĆHKOHGHP 1HYDGË PX DQL OXVN¿QË SUVW\ Y K\PQø YxHFK eVSU¿Y QÛFK KRFKĎr =ĎVW¿Y¿PH Y OHWHFK D KQHG Y]¿SøWË ]DERXĆË LQ WHULÇUHP DXWD DUP¿GD VD[RIRQĎ SR]RXQĎ D WUXEHN NWHUÇ NG\VL EÛYDO\ VDPRSDO\ .G\E\ WLVËF NODULQHWĎ D VNYøOÛ PDUx R %DEHWø FR VL Y\UD]LOD GR VYøWD 0\ VLFH ]DWËP MHQ GR .DUORYÛFK 9DUĎ DOH WHPDWLFN\ WR GRFHOD VHGË QHERČ :DOGHPDU 0DWXxND SRFK¿]HO SU¿Yø RGVXG 8æ QøMDNRX FKYËOL MHGHPH SR VLOQLFH ( SR NWH UÇ VH MH]GË L VODYQÛ ]¿YRG 3UDKD u .DUORY\ 9DU\ D SĆHG Q¿PL VH NRQHêQø UÛVXMH $QGøOVN¿ KRUD 9H FKYËOL NG\ VMËæGËPH GR UR]H NODQÇKR ØGROË ĆËêN\ 7HSOÇ D SĆHG Q¿PL VH REMHYXMH ]Q¿PÇ SDQR UDPD VH YxHPL VODYQÛPL O¿]HĀVNÛPL GRP\ NRORQ¿GRX D KRWHOHP

7KHUPDO ]QË LQWHULÇUHP PRQGHD (QQLR 0RUULFRQH D VPøV WRKR QHMOHSxËKR FR NG\ QDSVDO 'ËN\ VSHFL¿OQËP NRQVWUXNêQËP WHFK QLN¿P VWĆHGQË VORXSHN DXWD MH QDSĆËNODG Y\UREHQ ] Y\VRNRSHY QRVWQË RFHOL V SĆËPøVË EÑUX D VQËæHQË YDOLYÇKR L DHURG\QDPLFNÇKR KOXNX L PLPRĆ¿GQø WLFKÇKR PRWRUX ]QË DUP¿GD VP\êFĎ L ĆË]QÇ GHFK\ ] ZHVWHUQRYÛFK NODVLN MDN Y 5R\DO $OEHUW +DOO .$5/29< 9$5< v ¸67« 1$' /$%(0

9 SR]GQËP RGSROHGQL PËĆËPH G¿O QD VHYHU N UÛVXMËFËP VH YUFKROĎP .UXxQÛFK KRU D NRPËQĎP FKHPLêHN 7URFKX YËF NUYH GR æLO D GH FLEHOĎ GR UHSURVRXVWDY\ YK¿QË U¿GLL GRVWDWHêQø RPOHWÛ .DE¿WË KLW R WRP MDNÇ WR MH NG\æ VH X Q¿V FKODSL SRSHURX D MH ØSOQø MHGQR

_


1RYÛ )RUG 0RQGHR MH MHGQËP ] P¿OD NRPEËNĎ QDEË]HMËFK VNXWHêQø VSRUWRYQË D GUDYRX MË]GX . WRPX SĆLVSËY¿ MHGQDN YÛNRQQÛ PRWRU DOH WDNÇ GREĆH RGODGøQÛ SRGYR]HN V HOHNWURQLNRX -HQ SUR ØSOQRVW u ] QXO\ QD VWR WR WHQKOH QDEOÛVNDQÛ NUDVDYHF VWLKQH ]D VHNXQG\ PD[LP¿OQË U\FKORVW MH NP KRG 7R MVPH YxDN UR]KRGQø QHY\XæLOL

]GD QRæHP êL VHNHURX e.G\æ MVRX X Q¿V FHVW\ ]DY¿WÛ WDN EHUHP YLGOH DQHER ORSDW\ r MHêËPH IDOHxQø V 3HSRX 9RMWNHP YH VWĆHGR YÇP UHSURGXNWRUX QD SDOXEQË GHVFH D SĆHG SĆHGQËP VNOHP P¿PH SDQHO¿N\ ¸VWË QDG /DEHP 'RVW GHSUHVLYQË SRKOHG u ]YO¿xČ Y NRP ELQDFL V NRPËQ\ 6HWX]\ WDNæH VL N WRPX SXVWËPH ]YO¿xČ WHPDWLFN\ YKRGQRX KXGEX u D WR NRPELQDFL WUDFNĎ ] YÛERUQÇ GHVN\ +¿GHM NGR NU¿OĎ êHVNÇKR UDSX ,QG\KR :LWFKH D IØ]L QDNDæOLYÛFK FLN¿QVNÛFK U\WPĎ Q¿]QDNĎ ZRUOG PXVLF D UDSRY¿QË 5DGND %DQJ\ ]YDQÇKR *LSV\ 3UR GQHxHN SDGOD ]D ¸VWËP VH VWDYXMHPH X NDPD U¿GD NWHUÛ YHGH PDOÛ SHQ]LRQ D SR Y\GDWQÇ YHêHĆL NRQêËPH FHO NHP EU]R Y SRVWHOËFK %H] PX]LN\ ]ËWUD MË RVWDWQø EXGH ]DVH GRVW ¸67« 1$' /$%(0 v /,%(5(&

5¿QR PUKROË P¿PH QRVWDOJLFNRX Q¿ODGX NG\æ PËĆËPH ØGROËP /DEH N /LWRPøĆLFËP D ] UHSURGXNWRUĎ ]SËY¿ YHPORXYDYÛ -LĆË 0D FK¿êHN R WRP MDN MHKR RWHF P¿ YH ]PËQøQÇP PøVWø PDOÛ E\W D WDNÇ MDN GXP¿ QDG WËP FR Y 3UD]H GøO¿ MHKR ERKDWÛ V\Q 2G

_

0LJ VL G¿Y¿PH MHxWø S¿U NRXVNĎ ] MHMLFK YÛEøURYÇ EHVWRIN\ +UDYRVW D PX]LNDQWVN¿ LQYHQFH 0DFK¿êND VSRO MH WÇPøĆ QD NDæOLY¿ D MH MHGQR MHVWOL VL KXO¿N¿PH SUDVWDUÛ 6NHMW V SĆËSDGQÛP UHIUÇQHP e-GRX FKODSL MGRX FKODSL MGRX FKODSL MHGRX r DQHER W\ QRYøMxË WĆHED e6YøĆËP VH WL VQøKXO¿NXr 0DFK¿êHN ]SËY¿ MHxWø YH FKYËOL NG\ VH xSOK¿PH SR QRYRERUVNÇ YÛSDGRYFH ] éHVNÇ /ËS\ QDKRUX QD VHYHU 7DG\ Y /XæLFNÛFK KRU¿FK VH QDW¿êHO NOLS N SËVQL 7RP¿xH .OXVH 1DYøN\ WDNæH VL SRXxWËPH GUXKRX GHV NX WRKRWR V\PSDWLFNÇKR SËVQLêN¿ĆVNÇKR REMHYX D UHSUH]HQWDQ WD QD YÛ]GREX SXEHUW¿OQËFK GËYêËFK SRNRMËNĎ jSOK¿PH VH SR NRSFËFK VPøUHP N -HxWøGX .OXVĎY e0DOêLNr ] ILOPX $QJOLFNÇ MDKRG\ G¿YQR GR]QøO D Y DXWø MH Q¿KOH NOLG 1H]EÛY¿ QHæ RFH QLW MDN VH LQæHQÛĆL D NRQVWUXNWÇĆL )RUGX Y\SRĆ¿GDOL V MDNÛPNROL KOXNHP u YQLWĆQËP L YQøMxËP 1DSĆËNODG GYHĆH MVRX WXæxË PÇQø VH SURKÛEDMË D WDN MH DHURG\QDPLFNÇKR KOXNX PËĀ 3URWLKOXNRY¿ ØSUDYD MH URYQøæ QD êHOQËP VNOH MH PQRKHP WOXVWxË


/,%(5(& v -,é«1

8 RGERêN\ QD -DEORQHF G¿Y¿P GR SĆHKU¿YDêH MHGQX ] QHM]¿ VDGQøMxËFK GHVHN PLQXOÇ GHN¿G\ $OEXP WRW¿OQø VPD]¿YDMËFË æ¿QURYÇ KUDQLFH D QHVPËUQø VLOQRX YÛSRYøó R VRXêDVQÇP L PL QXOÇP VYøWø 1RKDYLFRYR 'LYQÇ VWROHWË WRWLæ Y]QLNDOR SU¿Yø WDG\ Y MDEORQHFNÇP VWXGLR 0LUND .OXVH SRG SURGXFHQWVNRX WDNWRY NRX =GHĀND 9ĆHxČ¿OD D ODVNDYÛP YHGHQËP KXGHEQËKR UHæLVÇUD D DXWRUD DUDQæË 9ËWND 6¿]DYVNÇKR $ GRGQHV MH WR PDMVWUxW\N eWøxËQVNÇKR EDUGDr NWHUÛ VLFH Y 7øxËQVNÇ VORæLO PøVWX NGH OÇWD æLO QHVPUWHOQÛ KROG DOH MLQDN P¿ E\GOLxWø Y 2VWUDYø = -DEORQFH VH xSOK¿PH SR KRUVNÛFK VLOQLêN¿FK -L]HUVNÛFK KRU VPøUHP QD YÛFKRG SĆHG SĆHGQËP VNOHP SDQRUDPD .UNRQRx D Y SĆHKU¿YDêL GDOxË YÛUD]QÛ ]MHY êHVNÇ SRSURFNRYÇ VFÇQ\ D PLPRFKRGHP L GDO xËKR UHSUH]HQWDQWD RVWUDYVNÇ KXGE\ u NDSHOX .U\xWRI 5LFKDUG .UDMêR Dê 2VWUDY¿N P¿ Y .UNRQRxËFK FKDOXSX D NXSRGLYX VHP GR SRGKRUVNÛFK YHVQLêHN D SRNRVHQÛFK OXN OHKFH QRVWDOJLFNÛ SRSURFN RVWUDYVNÛFK FKDFKDUĎ FHONHP SDVXMH MDN ]MLxČXMHPH SĆL SRVOHFKX SRVOHGQËKR DOED -HYLxWø 6LOQÇ UHIUÇQ\ .UDMêRYR FKDULVPD D SøNQ¿ Ć¿GND KLWĎ Q¿V SURY¿]Ë Dæ GR 9UFKODEË NGH MHGQX KLWRYRX SDUWX VWĆËG¿ GUXK¿ u D WR SU¿Yø SËVQË e9UFKODEËr &KLQDVNL QD æLY¿NX ] URNX GRSURY¿]Ë QDUYDQ¿ OLEHUHFN¿ KRNHMRY¿ DUÇQD NDSHOD xODSH MDNR ]EøVLO¿ D QLNGR QHWXxË æH Xæ ]D URN Y\YøVË êHUQÛ SUDSRU SR WUDJLFNÇ VLOQLêQË QHKRGø NDSHOQË ND 3DYOD *URKPDQD 3UR VURYQ¿QË VL SRXxWËPH MHxWø QHMQRYøMxË SODFNX e1HQË QD FR êHNDWr NGH Xæ EXEQXMH 3HWĆLQD PODGxË ]YD QÛ 0DUSR D *URKPDQRYX WH[WDĆVNRX LQYHQFL D YWLS KROW PXVHOL VXSORYDW ]E\OË êOHQRYÇ NDSHO\

'ĎP\VOQø QDYUæHQ¿ VWĆHGQË NRQ]ROD QRYÇKR IRUGX Y VREø VNUÛY¿ PXOWLPHGL¿OQË V\VWÇP V QDYLJDFË U¿GLHP D SĆHKU¿YDêHP Y SRGREø YHONÇ GRW\NRYÇ REUD]RYN\ 9xHFKQ\ SRWĆHEQÇ RYO¿GDFË SUYN\ MVRX L QD YøQFL YRODQWX u SUR SRKRGOË ĆLGLêH D MHKR NRPIRUW XGøODOL GHVLJQÇĆL PD[LPXP

-,é«1 v +5$'(& .5 /29§

&HVWD YHGH SRGKĎĆËP VPøUHP N SRK¿GNRYÇPX OHVX ą¿KROFL D -LêËQX FRæ MH WHPDWLFN\ QDSURVWR Y SRĆ¿GNX SURWRæH RGVXG SU¿Yø &KLQDVNL SRFK¿]HMË D NH VYÇPX URGQÇPX PøVWX PDMË VW¿OH VLOQRX YD]EX e7ODN VWRXS¿ SĆËVWURMH VH RW¿êË r ]SËY¿PH UHIUÇQ VRQJX e=DGDUPRr ]DWËPFR IRUG QDEËU¿ U\FKORVW QD VLOQL FL GR +UDGFH D G¿O QD YÛFKRG =MLxČXMHPH MDN KXGHEQø VLOQ¿ MH WDKOH REODVW ]HMPÇQD FR VH SRSURFNX U\]H êHVNÇKR UDæHQË WÛN¿ u ] 3DUGXELF NWHUÇ MVRX RG +UDGFH FRE\ WøæNRWRQ¿æQËP SUDNHP GRKRGLO SRFK¿]HMË 5HDG\ .LUNHQ D WDNÇ 9\SVDQ¿ )L[D 7DNæH &' SĆHKU¿YDê QHMSUYH QDYxWËYË S¿U WUDFNĎ ] SRVOHGQË DOED )L[\ .OHQRW D SDN .UDVRKOHG DVL QHMOHSxË SRêLQ .LUNHQĎ NG\ MHxWø GR VHVWDY\ SDWĆLO 0LFKDO +UĎ]D 7DOHQWRYDQÛ KLWPDNHU VH YHSVDO GR VUGFH SXEHUW¿OQËFK VOHêHQ L SOD\OLVWĎ NUHPDWRULË VYRX 9RGRX æLYRX QHVPUWHOQÛP KLWHP $QHW\ /DQJHURYÇ D FR SËVHĀ QD .UD VRKOHGX WR ]¿VDK GR êHUQÇKR 3ĆLWRP QHMOHSxË MVRX W\ U¿GLL QH SURYDĆHQÇ NRXVN\ QDSĆËNODG VNYøOÛ VWRSWLPH Y UHIUÇQX 3RVOHGQË GRERX LGH¿OQË SËVQø GR UR]MHWÇKR IRUGD PËĆËFËKR NH Y]G¿OHQÛP MHVHQLFNÛP NRSFĎP +5$'(& .5 /29§ v 2675$9$

1DxËP FËOHP MH EÛYDOÇ eUXGÇ VUGFH UHSXEOLN\r D WR ]QDPHQ¿ æH Dæ GR NRQFH FRæ MH SRĆ¿G MHxWø QøMDNÛFK GYø VWø NLORPHWUĎ EXGH Y SĆHKU¿YDêL VDP¿ 0RUDYD 1D ]Dê¿WNX WR MVRX VDPR]ĆHMPø 3ULHVQLW] NDSHOD êHUSDMËFË VYRX HQHUJLL SĆËPR ] UHMYË]VNÛFK EODW D POK Y¿OHMËFËFK VH Y ØGROËFK WÇKOH ê¿VWL 6XGHW 7H[W\ SURGFKQXWÇ

P\VWLNRX WURFKX JRWLFNÛ ]YXN V GRPLQDQWQËPL N\WDUDPL VWĆËGDMË SRVOÇ]H KXGHEQË KUDêLêNRYÇ SDU H[HOHQFH u RVWUDYVNÇ %XW\ D WR Q¿P Y\GUæË Dæ ]D 2SDYX 6MËæGËPH MHMLFK YÛEøURYNX QD]YDQRX %XW\NYDUL¿W REVDKXMËFË WR QHMOHSxË ]D GORXKRX H[LVWHQFL VNXSLQ\ NWHU¿ VH SURVODYLOD ]HMPÇQD DOEHP 3SSRPDOX MHKRæ SËVQø VL MDNR VRXQGWUDFN Y\EUDO NH VYÇ -Ë]Gø UHæLVÇU -DQ 6YøU¿N 7R Xæ MH GQHVND KXGHEQË KLVWRULH D WD ]D]QDPHQDOD L GDOxË VNYøOÇ ]¿ĆH ]\ u )UDQWLxHN ] DOED 'ĆHYR &HVWD E\OD VXFK¿ D 7UXEND ] 5DVWD N\DNZDQD 9H FKYËOL NG\ PËMËPH FHGXOL V Q¿SLVHP 2VWUDYD VSXVWLO SĆHKU¿YDê e1DG VW¿GHP NRQËr 3ËVHĀ NWHU¿ VH G¿ LQWHUSUHWRYDW UĎ]Qø u MDNR UR]ORXêHQË VH ]HVQXOÛP NDPDU¿GHP L PHWDIRUD R VËOH OLGVNÇKR SĆ¿WHOVWYË 9 NDæGÇP SĆËSDGø MVRX VORYD R WRP æH eY\ KDVQXO NRWHOr QDSURVWR SĆHVQ¿ SĆHVWRæH Y QDxHP SĆËSDGø MH WR QRY¿ YHU]H ]¿æHKRYÇKR PRWRUX )RUG (FR%RRVW R YÛNRQX NRQË &HVWD OHPRYDQ¿ DNRUG\ WÑQ\ D êDVWR ]DMËPDYRX KXGHEQË KLVWRULË L SĆËWRPQRVWË NRQêË VW\ORYø YH PøVWø NWHUÇPX VLFH S¿QEĎK QH GDO H[WUD NU¿VX D eG¿P\ YxLWÇ GR DWODVXr DOH ]DWR 6WRGROQË D EDU éHUYHQ¿ GXQD LQ]HUXMËFË VH QD ZHEX MDNR QHMOHSxË NDUDRNH VKRZ YH PøVWø 0¿PH ]D VHERX SRGOH WDFKRPHWUX NLORPHWUĎ QD SOQøQÛFK SR RNUDM PX]LNRX WDN WR E\ Y WRP E\O êHUW DE\ VH WR WURFKX QHSURMHYLOR

_


WH[W .DWHĆLQD 5DWKRXVN¿ -DQ 'XxHN IRWR +\QHN *ORV /XFLH -DQVFK

Ï* Ï 2 2 'HMYLFNÇ GLYDGOR WHQWRU¿W REU¿WLOR VYRX SR]RUQRVW N EULWVNÇPX GUDPDWX 9 VRERWX SURVLQFH SĆHGVWDYË KUX 3DWULFND 0DUEHUD 'HDOHU V &KRLFH NWHURX Y SĆHNODGX 'DQ\ +¿ERYÇ SĆL SUDYXMH N XYHGHQË QD MHYLxWL UHæLVÇU -LĆË 3RNRUQÛ 1¿]HY GUDPDWX ]QDPHQ¿ eNGR UR]G¿Y¿ UR]KRGXMHr D Y\FK¿]Ë ] SUDYLGHO SRNHUX 'R VYøWD NDUHW Y¿V ]DYHGRX KHUFL 'DYLG 1RYRWQÛ 0DUWLQ 0\xLêND ,YDQ 7URMDQ D GDOxË ZZZ GHMYLFNHGLYDGOR F]

GLYDGOR

Ï *"7 Ï 7º *Ï .U¿WFH SĆHG 9¿QRFHPL NG\ EXGRX QD SRĆDGX GQH QHMVSËx ØNOLG SRVOHGQË Q¿NXS\ D YxHREHFQÛ FKDRV VH MHGQD ] EXGRY QD $QHQVNÇP Q¿PøVWË UR]H]QË e'LRQÛVNÛPL VODYQRVWPL QD ]Dê¿WNX VWROHWË EH] NDWDU]Hr 7DN ]QË SRGWLWXO KU\ QøPHF NÇKR DXWRUD 5RODQGD 6FKLPPHOSIHQQLJD $PEUÑ]LH NWHURX PRPHQW¿OQø ]NRXxË UHæLVÇU 'DYLG &]HVDQ\ 3RGOH MHKR VORY VH GUDPD eRGHKU¿Y¿ Y DONRKROX SOQÇ KRVSRGø SR ]DYËUDFË GREø FRæ MH SRPĎFNRX N REUD]X VYøWDr 9ËFH VH GR]YËWH D SURVLQFH Y 'LYDGOH 1D ]¿EUDGOË ZZZ QD]DEUDGOL F]

_

ýÏ( V 3 + V ý *2 º $PHULêDQ 5REHUW :LOVRQ QDVWXGRYDO Y SUYQË SRORYLQø OHWRxQË KR URNX Y 1¿URGQËP GLYDGOH -DQ¿êNRYX RSHUX .¿ČD .DEDQRY¿ 7øP ] Y¿V NWHĆË SDWĆËWH VSËxH N SĆË]QLYFĎP êLQRKU\ DOH ]¿URYHĀ VL QHFKFHWH QHFKDW XMËW YÛWYDUQø VFÇQLFNÇ XPøQË WRKRWR VODYQÇ KR GLYDGHOQËND GRSRUXêXMHPH 9øF 0DNURSXORV YH 6WDYRYVNÇP GLYDGOH VH 6RĀRX éHUYHQRX Y KODYQË UROL éDSNRYD KUD VH UHSUË ]XMH SURVLQFH D ]NUDMH QRYÇKR URNX êL OHGQD YæG\ V DQJOLFNÛPL WLWXON\ 'R OHGQD QDYËF PĎæHWH QDYxWËYLW *DOHULL -LĆË jYHVWND NWHU¿ XVSRĆ¿GDOD H[SR]LFL :LOVRQRYÛFK YLGHRSRU WUÇWĎ QHMUĎ]QøMxËFK RVREQRVWË YêHWQø -RKQQ\KR 'HSSD êL :LQRQ\ 5\GHU 8N¿]N\ ] UHæLVÇURYÛFK GøO Y\VWDYXMH GR ØQRUD WDNÇ 0X VHXP .DPSD ZZZ QDURGQL GLYDGOR F] ZZZ MLULVYHVWND FRP ZZZ PXVHXPNDPSD F]


YÛVWDY\

Ï *, Ï 2 2 ,*Öº -V Ó * ,Ï 2 7 º* º )DVFLQXMH Y¿V -H]HUR V OHNQËQ\ &ODXGD 0RQH WD" 3ĆLWDKXMH Y¿V QøPHFNÛ H[SUHVLRQLVPXV YH YÛWYDUQÇP XPøQË" 1HER MVWH RGGDQÛPL REGL YRYDWHOL SRS DUWRYÇKR WYĎUFH $QG\KR :DUKROD" 7R YxH D MHxWø PQRKHP YËF SĆHGVWDYXMH Dæ GR OHGQD 9HOHWUæQË SDO¿F 'HVËWN\ GøO ]DSĎM êLOD YËGHĀVN¿ JDOHULH $OEHUWLQD 3RNXG MH Y¿P RYxHP EOLæxË WĆHED VWROHWË ]DPLĆWH UDGøML GR 9DOGxWHMQVNÇ MË]G¿UQ\ QD 0DOÇ 6WUDQø D -Ë]G¿U Q\ 3UDæVNÇKR KUDGX 2G OLVWRSDGX GR GXEQD WX SUREËK¿ XQLN¿WQË UHWURVSHN WLYD EDURNQËKR PDOËĆH .DUOD jNUÇW\ ZZZ QJSUDJXH F] ZZZ NXOWXUDQDKUDGH F]

º + ( Ï5 1D WÇWR YÛVWDYø VH IDQWD]LL PH]H QHNOD GRX 1HMHQ GøWL DOH L GRVSøOË VL PĎæRX Dæ GR NRQFH OHGQD KU¿W Y SUDæ VNÇ JDOHULL 0¿QHV NGH SUR Qø YÛWYDUQËN D SHUIRUPHU 3HWU 1LNO V NROHJ\ SĆLSUDYLO FHORX ĆDGX H[SRQ¿WĎ YêHWQø W]Y .U\V WDOË]\ QHEROL NROHNWLYQË NUDMLQ\ SĆHGVWDY 9\SUDYLW VH PĎæHWH L QD QøNWHURX ] DNFË ERKDWÇKR GRSURYRGQÇKR SURJUDPX NGH QHFK\EË ZRUNVKRS\ SUR UĎ]QÇ Yø NRYÇ NDWHJRULH KDSSHQLQJ\ D GLYDGHOQË SĆHGVWDYHQË ZZZ RUELV SLFWXV FRP

2Ï *º, Ó +º,º ,Ï 3ËVQLêN\ EULWVNÇ êWYHĆLFH 7KH %HDWOHV PDMË VYÇ SR VOXFKDêH VQDG Y NDæGÇ JHQHUDFL 9ÛVWDYD %HDWOH PDQLH Y éHVNÇP PX]HX KXGE\ GR QDEË]Ë QRYÛ SRKOHG QD WXWR OHJHQG¿UQË NDSHOX 6D PR]ĆHMPø PDSXMH MHMË KLVWRULL L Q¿VOHGXMËFË VÑORYÇ NDULÇU\ MHGQRWOLYÛFK êOHQĎ YHGOH WRKR VH YxDN WDNÇ YøQXMH NXOWXUQËPX NRQWH[WX D GREø NG\ PX]LNDQWL WYRĆLOL D NRQFHUWRYDOL 1HFK\EË Y\FK\W¿YN\ W\SX VH PLxRY¿ EXQGD QHER VWĆËEUQ¿ KDUPRQLND -RKQD /HQ QRQD 1DYD]XMËFË SURMHNW V Q¿]YHP =ODW¿" xHGHV¿W¿ 9]SRPËQN\ D UHDOLWD SDN SĆLSUDYLOL NXU¿WRĆL Y 1¿ URGQËP SDP¿WQËNX QD 9ËWNRYø 7DG\ VL Q¿YxWøYQËFL SĆLSRPHQRX MDN VH æLOR Y GREø QD NWHURX YHON¿ ê¿VW VSROHêQRVWL VW¿OH Y]SRPËQ¿ MDNR QD LGH¿OQË . YLGø QË MH WX OHFFRV u RG UHPRVN\ D MLQÇKR NXFK\ĀVNÇKR Y\EDYHQË SĆHV êHUYHQÇ OLPRQ¿G\ IRWRDSDU¿W\ D U¿ GLD Dæ SR PRWRUNX ]QDêN\ -DZD éDV P¿WH Y WRPWR SĆËSDGø Dæ GR NYøWQD ZZZ EHDWOHPDQLH F] ZZZ ]ODWDVHGHVDWD FRP

Ï -+ * ¹ ( *V ( * 9 JDOHULL VRXêDVQÇKR XPøQË GYRUDN VHF FRQWHPSRUDU\ SUR EËK¿ Dæ GR SRORYLQ\ OHGQD SĆËxWËKR URNX YÛVWDYD PDSXMËFË WYRUEX 0LODQD +RXVHUD 'YRUDN VHF FRQWHPSRUDU\ VH]Q¿PË GLY¿N\ V SRXWDYÛP GËOHP DEVROYHQWD DWHOLÇUX PR QXPHQW¿OQË WYRUE\ $OHxH 9HVHOÇKR NWHUÛ Y URFH ]ËVNDO VWLSHQGLXP 3ROORFN .UDVQHURY\ QDGDFH +RXVHU ]SUDFRY¿Y¿ NRPSR]LFH SOQÇ VYøWHO D VWËQĎ NWHUÇ Y\WY¿ĆË SRPRFË SUĎP\V ORYÇ VWĆËNDFË SLVWROH $NU\O¿WRYÇ EDUY\ NRPELQRYDQÇ WĆHED V SHUOHWË MHæ P¿ VFKRSQRVW O¿PDW VYøWOR D Y\WY¿ĆHW IDVFLQX MËFË GRMP\ SRPËMHMËFË IDW\ PRUJ¿Q\ QDQ¿xË WRXWR WHFKQLNRX QDSĆËNODG QD VWĆHFK\ DXW ] YUDNRYLxČ ZZZ GYRUDNVHF FRP

_


,* Ï 5 ½ 3UHPLÇUD SURVLQFH )DOFRQ

1D WXKOH FKYËOL GORXKR êHNDOL MHGQDN ID QRXxNRYÇ SĎYRGQË VFL IL 7URQ ] URNX D MHGQDN YxLFKQL QDGxHQFL GR QHVNXWHêQø UHDOLVWLFNÛFK GLJL VYøWĎ Y\WYRĆHQÛFK ]D SRPRFL SRêËWDêRYÇ DQLPDFH 3ĆËEøK JH QL¿OQËKR SURJUDP¿WRUD D %LOOD *DWHVH VYÇ GRE\ .HYLQD )O\QQD -HII %ULGJHV YWDæH QÇKR GR N\EHUSURVWRUX GRVW¿Y¿ RYxHP ]FHOD MLQÇ GLPHQ]H SURWRæH VH Y QøP RE MHYXMH Q\QË Xæ GRVSøOÛ V\Q 6DP *DUUHWW +HGOXQG éHN¿ KR QHMHQ WHQ NGR Y\SDG¿ MDNR GLJLW¿OQø RPOD]HQÛ RWHF Q\QË ØKODYQË QHSĆËWHO DOH L VYøW RSDOHVNXMËFË QHRQRYÛPL NRQWXUDPL D GXQËFË KRXVHP 'DIW 3XQN 6WHMQø MDNR RWHF L 6DP SRVOÇ]H QD YODVW QË NĎæL SR]Q¿Y¿ æH WD YL]X¿OQË SDVWYD SUR RêL GRN¿æH EÛW L VPUWHOQø QHEH]SHêQ¿ 7R YxH V ' EUÛOHPL QD RêËFK MHæ Xæ WDN RSXOHQWQË SRGËYDQRX VWDYË R GLPHQ]L YÛx

ILOP

Ï ýÏ* ÿ 3UHPLÇUD OHGQD +&(

2VFDUHP RYøQêHQÛ 1LFKRODV &DJH MHKRæ NDULÇUD VH Y SRVOHG QËFK OHWHFK GRVWDOD WDN WURFKX GR VOHSÇ XOLêN\ VH YUDFË P\VWHULÑ] QËP WKULOOHUHP ]H VWROHWË 9 QøP KODYQË UROL KUDMË MHGQDN GYD Xæ WUR FKX XQDYHQË NĆLæ¿êWË U\WËĆL Y SRG¿QË &DJHD D E\YxËKR +HOOER\H 5RQD 3HUOPDQD D MHGQD WDMHPQ¿ ] êD URGøMQLFWYË REYLQøQ¿ GËYND &ODLUH )R\RY¿ NWHURX êHN¿ EROHVWLYÛ SURFHV eY\PËW¿QËr ó¿EOD 3URWR MH QXWQÇ ML GRSUDYLW GR Y]G¿OHQÇKR NO¿xWHUD FRæ Y ]HPL ]GHYDVWRYD QÇ D ]QLêHQÇ PRUHP QHEXGH SUR MHMË VWU¿æFH æ¿GQÛ PHG ]YO¿xČ NG\æ VH Y WHPQÛFK GËYêËFK RêËFK VNUÛY¿ QøFR YËF QHæ MHQ QHQ¿YLVW N WøP NWHĆË MË FKWøMË XEOËæLW

_

7 2+,º2º 3UHPLÇUD OHGQD )DOFRQ

+DUULVRQ )RUG RGORæLO SOVWøQRX IH GRUX ELê D GDOxË MRQHVRYVNÇ SUR SULHW\ D Y]SRPQøO VL QD WR æH MH WÇæ VNYøOÛ NRPHGL¿OQË KHUHF 3RG UHæLMQË WDNWRYNRX PLVWUD Y RER UX UHæLVÇUD NRPHGLH 1RWWLJ +LOO 5RJHUD 0LFKHOOD VWYRĆLO SRVWDYX VW¿UQRXFËKR OHê VW¿OH xDUPDQWQË KR WHOHYL]QËKR PRGHU¿WRUD 0LNHD 7HQ SU¿Yø QDVWXSXMH GR REOËEHQÇ UDQQË VKRZ NGH KR êHNDMË GYø RVX GRYÇ æHQ\ -HGQDN PODG¿ xÇIRY¿ Y\VËO¿QË Y SRG¿QË 5DFKHO 0F$GDP VRYÇ D KODYQø NROHJ\Qø X PLNUR IRQX D E\WRVW NWHURX QHVQ¿xË YËF QHæ UDQQË YVW¿Y¿QË &ROOHQ 3HFNR Y¿ Y SRG¿QË 'LDQH .HDWRQRYÇ 7D ]¿VDGQË NRPHGL¿OQË xNROX GRVWDOD X :RRG\KR $OOHQD D VW¿OH GRND ]XMH æH VYRX JU¿FLË D VHEHLURQLF NÛP VP\VOHP SUR KXPRU MH )RU GRYL YËFH QHæ ]GDWQÛP SDUČ¿NHP

,Ć + - ,Ć 3UHPLÇUD SURVLQFH %RQWRQILOP

-HEDORYL Y êHOH V KODYRX URGLQ\ NDWDVWURILFNÛP %HQHP 6WLOOHUHP MVRX ]SøW u D V QLPL HVNDS¿G\ SOQÇ VLWXDêQË NRPLN\ L VORYQËKR KXPRUX 8æ SRWĆHWË ]PøĆË VËO\ V QH]QLêLWHO QÛP H[xSLÑQHP D YËFH QHæ SRG QLNDYÛP GøGHêNHP 5REHUWHP 'H 1LUHP SĆLêHPæ QHEXGRX FK\EøW GDOxË êOHQRYÇ WÇKOH SRYHGHQÇ ID PËOLH u 'XVWLQ +RIPDQQ %DUEUD 6WUHLVDQGRY¿ D WHQWRNU¿W L OHKFH SRY\URVWO¿ MHEDORYVN¿ QHMPODGxË JHQHUDFH 3ĆHGHxOÇ NRPHGLH )RWU MH ORWU D -HKR IRWU WR MH ORWU PøO\ SR VYøWø YËFH QHæ VROLGQË ØVSøFK D EÛW QD 9¿QRFH EH] SRĆ¿GQÇ NR PHGLH Y KROO\ZRRGVNÇP VW\OX E\ DVL QHxOR

2 +, 3UHPLÇUD OHGQD %RQWRQILOP

5HæLVÇU -DQ +ĆHEHMN SĆHNYDSLO SV\ FKRORJLFNÛP GUDPDWHP .DZDVDNL KR UĎæH êHVNÛP NDQGLG¿WHP QD 2VFDUD D WDNÇ MHKR GDOxË SRêLQ UR]KRGQø QHEXGH SDWĆLW PH]L NR PHGLH eSHOËxNRYVNÇKRr W\SX +U GLQRX WÇPøĆ GHWHNWLYQËKR WKULOOHUX MH SULP¿Ć GøWVNÇ WUDXPDWRORJLF NÇ NOLQLN\ REYLQøQÛ ]H VH[X¿OQË KR ]QHXæLWË VYÇ QH]OHWLOÇ SDFLHQW N\ = YD]HEQË FHO\ VH DOH QHYLQD SURND]XMH WøæNR ]YO¿xČ NG\æ WDP YHQNX MH QøNGR NRPX WR YxHFK QR QDKU¿Y¿ GR NDUHW 1D ]¿NODGø Y\xHWĆRY¿QË WRWLæ ]DêQRX QD SRYUFK Y\FK¿]HW SUDYG\ NWHUÇ PøO\ ]ĎVWDW QDYæG\ VNU\W\ .URPø FRPHEDF NX /XóND 0XQ]DUD VH GRêN¿PH QH]Y\NOH NRQWURYHU]QËKR 2QGĆHMH 9HWFKÇKR Y KODYQË UROL D RSRU\ Qø NROLND SĆHGHxOÛFK +ĆHEHMNRYÛFK RSXVĎ $Ā\ *HLVOHURYÇ


636

635ร 9$ 1(029,7267ร

ZZZ 636 61 F] _ 92/(-7(

ร 9iรฃ SDUWQHU SUR LQYHVWLFH GR QHPRYLWRVWtยณ

'2 /( . '( 21 1 รฉ( 1 ยซ

%<7< &ยซ6$ฤ .$ 3UDKD DNรชQร FHQ\ X PDNOร ฤ H ZZZ E\W\FLVDUND F]

'

ยซ 1 9ย 2

+ 7รท

$6

1 .

2 0$ 32 . 5 /ยง 8 ฤ รฉ 8 -(

.

/8

1

$6

7รท

;8

+

61

2 9ย 1

ยซ

ยซ

3(756.ยง 1ย 0รท67ยซ

9 2/j,1.ย &+

'20< +(5,1.

'20< -(6(1,&(

%5$1'ยป6 1$' /$%(0

+(5,1. 35$+$ 9ยป&+2'

35$+$ 9ยป&+2'

35$+$ 3(756.ยง 1ย 0รท67ยซ

NN NN SORFKD E\WX P =NRODXGRYiQR ,KQHG N QDVWฤ KRYiQt

5RGLQQp GYRMGRP\ NN FHONHP SR]HPNฤค P

ฤ DGRYp URGLQQp GRP\ Y REFL -HVHQLFH LKQHG N QDVWฤ KRYiQt NN * SR]HPHN P SORFKD GRPX P

/X[XVQt E\W\ Y FHQWUX 3UDK\ NN Dรฅ NN SORFKD P YHONp WHUDV\ PH]LSDWUD 9\GiQR VWDYHEQt SRYROHQt 'HVLJQ 2OJRM &KRUFKRM

ZZZ EUDQG\V E\W\ F]

ZZZ GRP\KHULQN F]

ZZZ GRP\YOXNDFK F]

ZZZ SHWUVNHQDPHVWL F]

636 VSUยฟYD QHPRYLWRVWร V U R _ 9LOD 2VYรธWD -DQD 0DVDU\ND _ 3UDKD 9LQRKUDG\ _ ZZZ 636 61 F] _ LQIR#636 61 F] _


- 5 + 2*Ï é5 '' WLWXON\ SUR QHVO\xËFË DQJOLFNÇ 0DJLF %R[

-DQ 6YøU¿N QHMKUDYøMxË êHVNÛ UHæLVÇU RSøW QH]NODPDO u D QDYËF æ¿Q UHP NWHUÛ E\ VL P¿ORNGR WURXIO SĆHGYËGDW DQLPRYDQRX SRK¿GNRX 1HMHQæH NODVLFNRX ORXWNRYRX DNFË RSU¿xLO Xæ OHKFH ]DxOÇ eWUQNRYVNÇr URGLQQÇ VWĆËEUR DOH SĆHGNO¿G¿ YÛUD]Qø RULJLQ¿OQË VWRU\ R SO\xRYÇP PHGYËGNRYL NWHUÇKR PDWND xHVWLOHWÇKR 2QGU\ Y\KRGË GR VPHWË SURWRæH MHMË V\Q WUSË DOHUJLË 'ËN\ IDQWD]LL PDOÇKR NOXêLQ\ YxDN KUDê ND RæLMH D Y SRGREø IDPÑ]QË URDG PRYLH ]DæËY¿ MHGQR QHXYøĆLWHOQÇ GREURGUXæVWYË ]D GUXKÛP 1D VNO¿GFH L Y OHVH SRWN¿Y¿ QHMUĎ]QøMxË E\WRVWL D .XN\ L ]D SRPRFL ODVNDYÇKR OHVQËKR N¿SD 9RQ +HUJRWD V KODVHP =GHĀND 6YøU¿ND SR]Q¿Y¿ æH ]H YxHKR QHMGĎOHæLWøMxË MH SRVWDYLW VH QD YODVWQË SO\xRYÇ QRK\ -HOLNRæ MH jWøGUÛ GHQ WÇPøĆ ]D GYHĆPL QDEË]Ë Y\GDYDWHO L OX[XVQË EDOHQË VH VNXWHêQÛP êHUYHQÛP PÇóRX QD NWHUÇKR VH QD ]Dê¿WNX OÇWD SRĆ¿GDO\ GRVORYD KRQ\ 9øĆWH æH WR YDxH UDWROHVWL RG êW\Ć OHW YÛx UR]KRGQø RFHQË

GYG ( ýº, ,QFHSWLRQ 86$ '' êHVN\ DQJOLFN\ 0DJLF %R[

1DSQøWH YxHFKQ\ VP\VO\ D UR]WRêWH PR]NRYÇ ]¿YLW\ SURWRæH WDKOH DNêQË VFL IL &KULVH 1R ODQD RGHKU¿YDMËFË VH Y SøWL YUVWY¿FK VQĎ GR VHEH QDY]¿MHP SURY¿]DQÛFK MH YVNXWNX RUL JLQ¿OQË D Q¿URêQ¿ SRGËYDQ¿ 1D '9' VL QDxWøVWË PĎæHWH MHGQRWOLYÇ VFÇQ\ SURFK¿]HW ]QRYX D VNO¿GDW SRGLYXKRGQRX VNO¿GDêNX SĆËEøKX R xSLêNRYÇP exSLÑQX SRGYøGRPËr &REERYL Y SRG¿QË /HRQDUGD GL &DSULD NWHUÛ WHQWRNU¿W QHNUDGH DOH QDRSDN u PXVË VH YORXSDW GR P\VOL ERKDWÇKR GøGLFH ILQDQêQËKR LPSÇULD D YQXNQRXW PX MHGQX NRQNUÇWQË P\xOHQNX 3RNXG VL RYxHP P\VOËWH æH WËP EXGH MHKR PLVH MHGQRX SURYæG\ VSOQøQD MVWH QD RP\OX 9H VSHFL¿OQË GYRXGLVNRYÇ HGLFL Y¿V QDYËF MHxWø êHN¿ VSRXVWD ERQXVĎ QDSĆËNODG XSODWQø QË VQĎ Y KLVWRULL NLQHPDWRJUDILH NRPLNVRYÛ SURORJ N ILOPX YÛEøU ]H VRXQGWUDFNX +DQVH =LPPHUD D SRXWDYÛ GRNXPHQW R QHMQRYøMxËFK SR]QDWFËFK YÛ]NXPX VQĎ Ï2Ï,Ï* $YDWDU 86$ '' êHVN\ DQJOLFN\ %RQWRQILOP

3UR QDGxHQFH GR WĆËPHWURYÛFK PRGUÛFK E\WRVWË ] SODQHW\ 3DQGRUD PXVHO PËW WHQ YËFH QHæ URN êHN¿QË QD VSHFL¿OQË WĆËGLVNRYRX VSHFL¿OQË HGLFL HNYLYDOHQW QDWDKRY¿QË QD VNĆLSHF $ NRQHêQø VH PøVËF SĆHG 9¿QRFL GRêNDOL SĆHGêDVQÇKR -HæËxND RG xWøGUÇKR 6DQWD &ODXVH -DPHVH &DPHURQD &R MH u L W\ RVWDWQË êHN¿" 2 xHVWQ¿FW PLQXW SUR GORXæHQ¿ YHU]H ILOPX NWHUÛ xHO Y NLQHFK SOXV YHU]H NWHU¿ Y éHVNX YĎEHF QHE\OD XYHGHQD PLQXW Y\VWĆLæHQÛFK VFÇQ GRNXPHQW¿UQË ILOP\ UHSRUW¿æH ] QDW¿êHQË D XQLN¿WQË SRKOHG\ GR ]¿NXOLVË D YËFH QHæ xHVWQ¿FWL OHW SĆËSUDY SURMHNWX NWHUÛ GDO VSRMHQË eYHVPËUQ¿ VFL ILr QD SURVWR MLQÛ u ' u UR]PøU

+,ÏĄ ,Ï *HW +LP WR 7KH *UHHN 86$ '' êHVN\ DQJOLFN\ %RQWRQILOP

.G\æ ]DêËQDMËFË KXGHEQË SURGXFHQW Y SRG¿QË GREURP\VOQÇKR WORXxWËND -RQDKD +LO OD GRVWDQH QD MHGQÇ ] QXGQÛFK SRUDG KXGHEQËKR Y\GDYDWHOVWYË Q¿SDG UHVXVFLWRYDW XYDGDMËFË NDULÇUX E\YxËKR URFNRYÇKR HVD $OGRXVH 6QRZD ]GDOHND QHWXxË MDN ]¿VDG Qø WR ]PøQË MHKR æLYRW $ WR MGH SĆLWRP MHQ R WR GRVWDW ]SRY\NDQRX KYø]GX KROGXMËFË VH[X GURJ¿P D URNHQUROX Y PËĆH YøWxË QHæ YHONÇ YêDV ] ORQGÛQVNÇKR VËGOD QD NRQFHUW GR /RV $QJHOHV u D WR EøKHP KRGLQ +ODYQË SURWDJRQLVWD ØVSøxQÇ NRPHGLH .R SDêN\ 5XVVHO %UDQG SRVWDYX $OGRXVH NWHU¿ Y QË KUDMH ]¿VDGQË UROL Y\VWĆLKO WDN æH VL Y\VORXæLO YODVWQË ILOP D SURGXFHQWL NRPHGLË =ERXFKQXW¿ D 6XSHUEDG Y êHOH V UHæLVÇ UHP 1LFKRODVHP 6WROOHUHP ]DVH WR æH MLP WHQKOH æ¿QU VHGQH VWHMQø MDNR $OGRXVRYL WHWRY¿QË QD KÛæGËFK D KLW\ MHKR VP\xOHQÇ u OHê VNYøOÇ ILOPRYÇ VNXSLQ\ ,QIDQW 6RUURZ _


Jedinečnost v každém detailu Pouze špičkově vyladěné detaily vytvářejí dokonaly celek. Jejich jedinečnost hravě podporuje a probouzí lidskou kreativitu. Účelnost však zůstává zachována. Užijte si kuchyň ve zcela novém rozměru a nechte se limitovat pouze svou fantazií.

www.miele.cz


*+;!%/! .* 8 .1?( '73&?( 3)4(?( +*;4 )? 4-!& & 4)* >( LÁHEV KVALITNÍHO VÍNA JAKO DÁREK NIKOHO NEURAZÍ A DRAHÝM ŠAMPAŇSKÝM NEPOHRDNE A N I A B S T I N E N T. N E J S M E S I C E E X K L U Z I V N Í M I D O V O Z C I Ž Á D N É H O Š A M P A Ň S K É H O D O M U , A L E M Á M E PRO VÁS K DISPOZICI VÍNA, KTERÉ MÁLOKDY NALEZNETE V NABÍDKÁCH OFICIÁLNÍCH DOVOZCŮ:

"" # ! " 9 ! 9 !! ! $ # !$# ) $ ( !! ! $ # ) $ ( *.! 9 ")0(

! $%' -0/ ")0( ! $%' -0/ !--* * ( ' ! ! ' -0/ ! ! ' -0/ ! ! ' ")0( ")0( ")0( ")0( ! ! ' ")0( ! ! ' *.6 -0/ ! ! ' *.6 -0/ ! -0/ $ "" 016! -0/ $ "" $)/ "! -0/ $#& !$# 9 $)/ "! $#& ) $! $#&( $)/ "! 9 -0/ $! # !! ! < - ) $6 '! -0/:

$! # !! ! < -0/ ). ))6! *.6: *# $% ' ) '! ( $)/ "! *.6 *.6 *# $% ' ) '! ( $)/ "!

*# $% ' ) '! ( $)/ "! *.6 ")0( *.6 ")0( *# $)/ "! *# $)/ "! *.6 ## ! -0/ +! $ ' 016! 9 !--* * ( ' ## ! -0/ +! $ ' 016! 9 !/#0. '!( ' 9 # -'$! 9 !)*/!,0! !)*/!,0! P E R LY Z I T Á L I E :

! ""

! # 3 1$) ;./17 -)!. $ ''! +*03! 1! 1!'$&*./$ ")0( *0 '! ")0( & = 4 '4#!1 %! 57.'*14) *5)7&2 & $.+*3$ $ 9

INFO@OHMS.CZ


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.