Kooperace závěrečná publikace projektu

ĄǀĢƌĞēŶĄ ƉƵďůŝŬĂĐĞ ƉƌŽũĞŬƚƵ <ŽŽƉĞƌĂĐĞ =¼YöUHèQ¼ SXEOLNDFH SURMHNWX .RRSHUDFH

2EVDK µYRG 3URMHNW .RRSHUDFH 3UYQÈ è¼VW s .RRSROLV 'UXK¼ è¼VW s $QDOØ]D VWDYX '39 Y ç5 $QDOØ]D V\VWÄPX '39 $QDOØ]D VNXSLQ QD WUKX SU¼FH =DPöVWQDQFL 2VRE\ PODGwÈ OHW 2VRE\ VWDUwÈ OHW 2VRE\ QD 0' 5'

1È]NRNYDOLƬNRYDQÈ

2=3 2VRE\ RKURŗHQÄ VRFL¼OQÈP Y\ORXèHQÈP 6H]QDP SRXŗLWÄ OLWHUDWXU\ 6H]QDP ]NUDWHN 6H]QDP YØVWXSʼn ] SURMHNWX ,QIRUPDFH R DXWRUHFK 6WUXèQÄ LQIRUPDFH R SURMHNWX

µYRG 'DOġ® SURIHVQ® Y]GÜO¢Y¢Q® '39 MH WªPD NWHU¾P VH RGERUQ¢ YHęHMQRVW Y ÍHVNª UHSXEOLFH ]DE¾Y¢ MLľ Y®FH QHľ GYDFHW OHW -HKR Y¾YRM SURFK¢]HO QÜNROLND HWDSDPL RYOLYQÜQ¾PL MDN HNRQRPLFNRX WDN SROLWLFNRX VLWXDF® D SRVWRM N QÜPX VH Y\WY¢ęHO ]D SRPÜUQÜ ERXęOLY¾FK GLVNXV® R MHKR VP\VOX D VPÜęRY¢Q® 1DSURVWR ]¢VDGQ®P NURNHP E\OR SęLMHW® ]¢NRQD Î 6E R RYÜęRY¢Q® D X]Q¢Y¢Q® Y¾VOHGNį GDOġ®KR Y]GÜO¢Y¢Q® NWHU¾ SRORľLO ]¢NODG\ WRKRWR V\VWªPX 9 SUįEÜKX GDOġ®FK QÜNROLND OHW SDN E\O\ UHDOL]RY¢Q\ SURMHNW\ Y¾]QDPQª SUR REODVW GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® ѝ UR]YRM 1¢URGQ® VRXVWDY\ SRYRO¢Q® D 1¢URGQ® VRXVWDY\ NYDOLILNDF® 'įOHľLWRX UROL VHKU¢OR SURP®WQXW® 16. GR V\VWªPX UHNYDOLILNDF® Y URFH 1¢VOHGRYDO\ GDOġ® DNWL YLW\ MDNR MH QDSę®NODG X]DY®U¢Q® D QDSOĉRY¢Q® VHNWRURY¾FK GRKRG NWHUª Y\PH]XM® NRQNUªWQ® VSROXSU¢FL ]DPÜVWQDYDWHOį Y]GÜODYDWHOį YHęHMQª VSU¢Y\ D GDOġ®FK NO®ÎRY¾FK KU¢Îį QD Y]GÜO¢YDF®P WUKX 2G SRORľHQ® OHJLVODWLYQ®FK ]¢NODGį GDOġ®KR Y]GÜO¢Y¢Q® XEÜKOR Y®FH QHľ GHYÜW OHW DOH PH]L RGERUQ®N\ VW¢OH SDQXM® SRFK\EQRVWL R MHKR IXQNÎQRVWL D GRSDGHFK 1DVWDO WHG\ VSU¢YQ¾ ÎDV SRG®YDW VH QD QÜM GįNODGQÜ SRG®YDW $ WR E\O F®O SURMHNWX .RRSHUDFH 2KOªGQRXW VH ]SÜW SUR]NRXPDW VRXÎDVQRVW D V\VWªPRYÜ SRSVDW FR VH MLľ Y\EXGRYDOR MDN WR IXQJXMH ÎL FR MH WęHED Y\WYRęLW D UR]Y®MHW -LQ¾PL VORY\ QD ]¢NODGÜ PDS\ SURVWęHG® Y\EXGRYDW ]¢NODG SUR QRY¾ V\VWªP XFHOHQ¾FK LQIRUPDF® R GDOġ®P Y]GÜO¢Y¢Q® Y Í5 YÎHWQÜ SURVWRUX SUR MHMLFK VG®OHQ® D Y\Xľ®Y¢Q® YġHPL NO®ÎRY¾PL KU¢ÎL 9\WYRęHQ® WDNRYªKR SRKOHGX QHQ® PRľQª EH] MHMLFK »ÎDVWL 3URWR ]PDSRY¢Q® VLWXDFH Y]QLNDOR ]D DNWLYQ® »ÎDVWL VWRYHN RGERUQ®Nį =®VNDQ¢ GDWD QHPXV® E¾W YľG\ SęHNYDSLY¢ IDNWHP RYġHP MH ľH VH QD QLFK VKRGXM® YġLFKQL NO®ÎRY® KU¢ÎL L QDSę®Î UHJLRQ\ -H GįOHľLWª VL XYÜGRPLW ľH ]QDORVWL VH QHVήWDM® DOH SRVWXSQÜ RERKDFXM® 1DġH VSROHÎQRVW MH FKDUDNWHULVWLFN¢ GRVORYD URVWRXF® ]¢SODYRX LQIRUPDF® D PXV® ÎHOLW YHOPL Q¢URÎQªPX Y\KOHG¢Y¢Q® UR]KRGRY¢Q® D Y¾EÜUX VSU¢YQ¾FK ]GURMį FRľ Y\ľDGXMH YHONª PQRľVWY® HQHUJLH D ÎDVX SUR Y\Wę®GÜQ® WDNRYªKR PQRľVWY® »GDMį D Y\EUDW SRX]H W\ NWHUª MVRX VNXWHÎQÜ SRWęHED = WÜFKWR GįYRGį P¢ SURMHNW Y\ġġ® DPELFH &KFH QDE®GQRXW YġHP SURIHVLRQ¢OįP Y REODVWL '39 SRPRF SęL SU¢FL V LQIRUPDFHPL VSÜġQª ]DY¢GÜQ® ]QDORVWQ®KR PDQDJHPHQWX R NWHUª VH SURMHNW SRNRXġ® VNU]H ZHERYRX SODWIRUPX .RRSROLV VH RS®U¢ R QÜNROLN ]¢NODGQ®FK SULQFLSį D VLFH R QHXVW¢O¾ UR]YRM E¢]H ]QDORVW® SªÎL R LQWHOHNWX¢OQ® NDSLW¢O D SªÎL R SURVWęHG® SRGSRUXM®F® VSROXSU¢FL SęL WYRUEÜ VG®OHQ® D XľLW® ]QDORVW® &®OHP SURMHNWX MH WHG\ SRGSRęLW VORľLWRX D Q¢URÎQRX SU¢FL RGERUQ®Nį Y WªWR REODVWL D VRXÎDVQÜ SRV®OLW HIHNWLYQRVW '39 DE\ QD UR]G®O RG VRXÎDVQRVWL PD[LP¢OQÜ SęLVS®YDOR Y FHOªP VYªP SRWHQFL¢OX NH VQLľRY¢Q® QH]DPÜVWQDQRVWL V\VWHPDWLFNªPX UįVWX ]DPÜVWQDQRVWL D ]Y\ġRY¢Q® NRQNXUHQFHVFKRSQRVWL MHGLQFį D FHOª ÎHVNª HNRQRPLN\ 7DWR SXEOLNDFH FKFH YH VWUXÎQRVWL SęHGVWDYLW KODYQ® ]¢YÜU\ D Y¾VWXS\ SURMHNWX .RR SHUDFH 1HSRNU¾Y¢ VLFH NRPSOHWQ® Y¾VOHGN\ .RRSHUDFH DOH QDE®]® Y¢P RFKXWQ¢YNX WÜFK 4

QHM]¢VDGQÜMġ®FK ]MLġWÜQ® 9 SUYQ® ΢VWL VH Y¢P SęHGVWDY® SODWIRUPD .RRSROLV GUXK¢ ΢VW SDN QDE®]® ]DM®PDYª SRKOHG\ QD V\VWªP '39 ] PQRKD Uį]Q¾FK »KOį 3RG®YHMWH VH QD SURVWęHG® '39 QHMHQ RÎLPD RGERUQ®Nį DOH WDNª SRKOHGHP REÎDQį NWHę® W\WR VOXľE\ Y\Xľ®YDM® 0RľQ¢ Y¢V QÜNWHUª YÜFL SęHNYDS® RGKDO®WH QÜMDNRX ]DM®PDYRVW D WęHED EXGHWH L ]NODP¢QL 3ęHVWR VWRM® ]D WR VL SXEOLNDFL SURM®W 7ęHED MHQ SURWR ľH LQIRUPDFH MH YHOPL FHQQª DNWLYXP .GR E\ WR PÜO YÜGÜW NG\ľ QH RGERUQ®N QD GDOġ® Y]GÜO¢Y¢Q® 3ę®MHPQª ÎWHQ® 7¾P SURMHNWX .RRSHUDFH

5

3URMHNW .RRSHUDFH 3URMHNW .RRSHUDFH .RRUGLQDFH SURIHVQ®KR Y]GÜO¢Y¢Q® MDNR Q¢VWURMH VOXľHE ]DPÜVWQDQRVWL &= E\O Y OHWHFK ѝ UHDOL]RY¢Q SRG KODYLÎNRX )RQGX GDOġ®KR Y]GÜO¢Y¢Q® +ODYQ®P F®OHP SURMHNWX E\OR VHVE®UDW D NRPSOH[QÜ ]DQDO\]RYDW GRVWXSQª LQIRUPDFH R V\VWªPX GDOġ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH D SRORľLW ]¢NODG\ ]QDORVWQ®KR PDQDJHPHQWX Y WªWR REODVWL Y\WYRęHQ®P ]QDORVWQ® SODWIRUP\ .RRSROLV =QDORVWQ® PDQDJHPHQW SRVWDYHQ¾ QD WUYDO¾FK D XGUľLWHOQ¾FK ]¢NODGHFK XPRľĉXMH NO®ÎRY¾P VNXSLQ¢P DNWªUį SįVRE®F®P Y WªWR REODVWL ]NYDOLWQÜQ® SURFHVX SO¢QRY¢Q® UR]KRGRY¢Q® D UHDOL]DFH =¢URYHĉ VH W®P Y\WY¢ę® SRWHQFL¢O N UR]YRML GDOġ®KR Y]GÜO¢Y¢Q® Y Í5 D SRVLOXMH VH MHKR HIHNW QD ]DPÜVWQDQRVW 6RXÎDVQ¾ VWDY V\VWªPX GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH SURMHNW .RRSH UDFH ]NRXPDO ] Uį]Q¾FK »KOį SRKOHGX 3R]RUQRVW VH ]DPÜęRYDOD MHGQDN QD VRXKUQ Uį]Q¾FK H[LVWXM®F®FK Q¢VWURMį NWHUª REODVW GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® G¢OH '39 RYOLYĉXM® D QD NO®ÎRYª DNWªU\ Y GDQª REODVWL NWHę® Uį]QRX P®URX YOLYX D ]¢MPX '39 XSUDYXM® 1HPªQÜ GįOHľLWª MVRX L Y]¢MHPQª YD]E\ PH]L MHGQRWOLY¾PL DNWªU\ D MHMLFK Q¢YD]QRVW QD MHGQRWOLYª Q¢VWURMH 'DOġ® ]NRXPDQRX REODVW® E\O SRKOHG NRQFRY¾FK »ÎDVWQ®Nį GDOġ®KR Y]GÜO¢Y¢Q® NWHU¾P MH WHQWR V\VWªP YH Y¾VOHGNX XUÎHQ D MLPľ P¢ SRPRFL ]Y¾ġLW MHMLFK NYDOLILNDFL GRYHGQRVWL D NRPSHWHQFH D W®P ]OHSġLW MHMLFK SR]LFL QD WUKX SU¢FH 3URMHNW .RRSHUDFH PÜO L ]DKUDQLÎQ® SęHVDK E\O\ ]PDSRY¢Q\ V\VWªP\ '39 Y SÜWL HYURSVN¾FK ]HP®FK VH NWHU¾PL E\O Q¢VOHGQÜ V\VWªP Y ÍHVNª UHSXEOLFH VURYQ¢Y¢Q .URPÜ VDPRWQª DQDO¾]\ V\VWªPX ]DKUDQLÎQ® VSROXSUDFRYQ®FL SęLSUDYLOL L SRGUREQ¾ SRSLV RSDWęHQ® NWHUª Y MHMLFK ]HPL IXQJXM® WDNľH PLPR MLQª MVRX Y¾VWXSHP SURMHNWX .RRSHUDFH Sę®NODG\ GREUª SUD[H ] '¢QVND (VWRQVND 6ORYLQVND 1L]R]HPVND D 5DNRXVND =HPÜ E\O\ Y\EU¢Q\ V RKOHGHP QD UR]PDQLWRVW Y Sę®VWXSHFK N VRFL¢OQ® SROLWLFH WDN DE\ E\O\ ]DVWRXSHQ\ Uį]Qª PRGHO\ VRFL¢OQ® SROLWLN\ Y (8 =¢URYHĉ MVRX YġHFKQ\ Y\EUDQª ]HPÜ UHODWLYQÜ SRGREQª YHOLNRVW® ÍHVNª UHSXEOLFH WDNľH Y¾VOHGN\ NRPSDUDFH MVRX V Q® OªSH SRURYQDWHOQª .URPÜ WRKR ľH ]®VNDQª DQDO\WLFNª Y¾VWXS\ EXGRX MDNR ]GURM LQIRUPDF® VORXľLW RGERUQ®NįP Y GDQª REODVWL YÎHWQÜ SUDFRYQ®Nį 0LQLVWHUVWYD SU¢FH D VRFL¢OQ®FK YÜF® D )RQGX GDOġ®KR Y]GÜO¢Y¢Q® ] QLFK Y\FK¢]HM® L NRQNUªWQ® Q¢YUK\ RSDWęHQ® Y GDQª REODVWL 7D VH W¾NDM® IXQJRY¢Q® Q¢VWURMį L NRPXQLNDFH NO®ÎRY¾FK DNWªUį 3U¢YÜ NRPXQLNDFH RGERUQ®Nį Y REODVWL GDOġ®KR Y]GÜO¢Y¢Q® MH SRPÜUQÜ GįOHľLW¾P SUREOªPHP Y FHONRYªP IXQJRY¢Q® V\VWªPX 3URWR GDOġ®P KODYQ®P F®OHP SURMHNWX .RRSHUDFH E\OR Y\WYRęLW SUR NO®ÎRYª KU¢ÎH Y WªWR REODVWL ]QDORVWQ® SODWIRUPX D W®P SRGSRęLW Y]¢MHPQª VG®OHQ® LQIRUPDF® .RRSROLV RQ OLQH E¢]H MH QD MHGQª VWUDQÜ LQIRUPDÎQ® ]¢NODGQRX Y\WYRęHQRX SURWR DE\ XľLYDWHOª PÜOL SRWęHEQª LQIRUPDFH QD MHGQRP P®VWÜ D QH]WU¢FHOL ÎDV KOHG¢Q®P QD VWUDQÜ GUXKª MH WR Q¢VWURM NH VG®OHQ® ]HMPªQD ]QDORVW® D ]NXġHQRVW® ÎL N GLVNX]L V RGERUQ®N\ =DKUQXW®P RERX MPHQRYDQ¾FK SUYNį VH WDN SURMHNW .RRSHUDFH VQDľ® R FHONRYª ]OHSġHQ® IXQJRY¢Q® V\VWªPX '39

7

3XEOLNDFH NWHURX SU¢YÜ GUľ®WH Y UXFH VORXľ® N SęHGVWDYHQ® ]¢NODGQ®FK Y¾VOHGNį SURMHNWX .RRSHUDFH ,QIRUPDF® R REODVWL GDOġ®KR Y]GÜO¢Y¢Q® D DQDO\WLFN¾FK Y¾VWXSį SURMHNWX MH PQRKR MHMLFK NRPSOHWQ® ]QÜQ® QDOH]QHWH QD SODWIRUPÜ .RRSROLV F] MHM®PXľ SęHGVWDYHQ® VH YÜQXMH NDSLWROD .RRSROLV 9HON¢ NDSLWROD $QDO¾]D VWDYX '39 Y Í5 SDN VKUQXMH VDPRWQª Y¾VOHGN\ DQDO¾]\ UR]GÜOHQª QD V\VWªP '39 D VNXSLQ\ QD WUKX SU¢FH $QDO¾]X V\VWªPX '39 FK¢SHPH MDNR DQDO¾]X H[LVWXM®F®FK Q¢VWURMį Y WªWR REODVWL MHMLFK Q¢YD]QRVWL QD NO®ÎRYª DNWªU\ D MHMLFK Y]¢MHPQª YD]E\ 9]WDK N GDOġ®PX SURIHVQ®PX Y]GÜO¢Y¢Q® VDPRWQ¾FK OLG® D MHKR YOLY E\O ]NRXP¢Q Y VRXYLVORVWL V Y\EUDQ¾PL VNXSLQDPL QD WUKX SU¢FH NWHU¾P VH YÜQXMH GUXK¢ NDSLWROD 9 SURMHNWX .RRSHUDFH E\OD SR]RUQRVW ]DPÜęHQD QD SUDFXM®F® W]Q ]DPÜVWQDQFH D RVRE\ VDPRVWDWQÜ Y¾GÜOHÎQÜ ÎLQQª MDNR UHIHUHQÎQ® VNXSLQX N GDOġ®P NWHUª MLľ WYRęLO\ RVRE\ QH]DPÜVWQDQª QHER HNRQRPLFN\ QHDNWLYQ® =NRXPDQª VNXSLQ\ QD WUKX SU¢FH MVRX Y\EU¢Q\ V RKOHGHP QD VWUDWHJLH 0LQLVWHUVWYD SU¢FH D VRFL¢OQ®FK YÜF® D WYRę® MH PODG® OLGª GR OHW RVRE\ YH YÜNX OHW RVRE\ QD PDWHęVNª D URGLÎRYVNª GRYROHQª OLGª V Q®]NRX NYDOLILNDF® RVRE\ VH ]GUDYRWQ®P SRVWLľHQ®P D RVRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P -DN SęHVQÜ MVRX MHGQRWOLYª VNXSLQ\ QD WUKX SU¢FH FK¢S¢Q\ VH GRÎWHWH Y MHGQRWOLY¾FK SRGNDSLWRO¢FK

8

3UYQÈ è¼VW s .RRSROLV 3ODWIRUPD .RRSROLV MH MHGQ®P ] KODYQ®FK Y¾VWXSį SURMHNWX .RRSHUDFH D ]¢VDGQ®P Q¢VWURMHP ]QDORVWQ®KR PDQDJHPHQWX Y REODVWL GDOġ®KR Y]GÜO¢Y¢Q® -H XUÎHQ¢ D YHęHMQÜ GRVWXSQ¢ YġHP RGERUQ®NįP SRK\EXM®F®P VH Y WªWR REODVWL RG VOXľHE ]DPÜVWQDQRVWL YHęHMQª VSU¢Y\ SęHV Y]GÜODYDWHOH D Y¾]NXPQ®N\ SR ]DPÜVWQDYDWHOH SURIHVQ® D QH]LVNRYª RUJDQL]DFH

.RRSROLV MH ѝ MDN Xľ MHM® Q¢]HY QD]QDÎXMH ѝ Q¢VWURMHP SUR ѥREHFѤ SROLV SURIHVLRQ¢Oį ] REODVWL GDOġ®KR Y]GÜO¢Y¢Q® 3ODWIRUPD REVDKXMH MHGQDN ѥE¢]L ]QDORVW®ѣ VRXYLVHM®F®FK V GDOġ®P Y]GÜO¢Y¢Q®P MHGQDN Q¢VWURM SRGSRUXM®F® Y]¢MHPQRX GLVNXVL D VSROXSU¢FL XľLYDWHOį 1HQ® WDN MHQ SDVLYQ® VFKU¢QNRX LQIRUPDF® DOH SęHGHYġ®P Q¢VWURMHP NWHU¾ EXGH G¢OH DNWLYQÜ UR]Y®MHQ ]D SęLVSÜQ® YġHFK MHKR XľLYDWHOį 7ÜP FKFH .RRSROLV SRVN\WQRXW NRPSOH[Q® D DNWX¢OQ® LQIRUPDÎQ® ]¢NODGQX ] REODVWL GDOġ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH D QDE®]® MLP DNWLYQ® Q¢VWURM SUR VG®OHQ® ]NXġHQRVW® LQIRUPDF® D SUR QDYD]RY¢Q® VSROXSU¢FH V GDOġ®PL SURIHVQ®PL NROHJ\ .RRSROLV VL WDN VY¾P PRWHP ѥGDOġ® Y]GÜO¢Y¢Q® SRG MHGQRX VWęHFKRXѣ NODGH ]D F®O VMHGQRWLW D ]DVWęHġLW GįOHľLWª »GDMH ] GDQª REODVWL WDN DE\ XPRľQLOD VY¾P XľLYDWHOįP U\FKOH D MHGQRGXġH Y\KOHGDW LQIRUPDFH QHER VSROXSUDFRYQ®N\ YH FKY®OL NG\ MH SRWęHEXM® 9

6DPRWQ¢ SODWIRUPD D MHM® IXQNFH MVRX Sę®PRX RGSRYÜG® QD SRľDGDYN\ F®ORYª VNXSLQ\ SURMHNWX D RG ]D΢WNX Y]QLNDOD YH VSROXSU¢FL V MHM®PL EXGRXF®PL XľLYDWHOL 9¾VOHGQª IXQNFH D PRľQRVWL SODWIRUP\ VWHMQÜ MDNR SRľDGRYDQ¾ REVDK E\O\ ]YROHQ\ QD ]¢NODGÜ NYDOLWDWLYQ®KR Y¾]NXPX ]MLġĥXM®F®KR SRWęHE\ ]¢VWXSFį DNWªUį Y REODVWL GDOġ®KR Y]GÜO¢Y¢Q®

5R]FHVWQ®N LQIRUPDF® Y GDOġ®P Y]GÜO¢Y¢Q® '9 XľLYDWHOįP SęLQ¢ġ® LQIRUPDFH ] FHOª REODVWL SęHKOHGQÜ Wę®GÜQª GR QÜNROLND VHNF® MDNR MVRX Ѩ /HJLVODWLYD D VWUDWHJLH Ѩ 6WDWLVWLN\ D Y¾]NXP\ Ѩ .QLKRYQD Ѩ .DOHQG¢ę Ѩ 3ęHKOHG LQVWLWXF® Y GDOġ®P Y]GÜO¢Y¢Q® Ѩ 3ęHKOHG ZHERY¾FK LQIRUPDÎQ®FK ]GURMį 9 VHNFL .QLKRYQD QDMGHWH Y SOQªP ]QÜQ® L YġHFKQ\ DQDO\WLFNª Y¾VWXS\ ] SURMHNWX .RRSH UDFH .DľG¢ SRORľND Y 5R]FHVWQ®NX MH RSDWęHQD NU¢WNRX DQRWDF® D SRSV¢QD VDGRX NO®ÎRY¾FK VORY NWHUª XPRľĉXM® VQD]ġ® RULHQWDFL D Y\KOHG¢Y¢Q® Y FHOª SODWIRUPÜ 9H Y]WDKX N GDOġ®P SRGREQ¾P RQ OLQH Q¢VWURMįP D ]GURMįP QHFKFH SODWIRUPD RSDNRYDW LQIRUPDFH XYHGHQª MLQGH QDRSDN QD QÜ RGND]XMH D XPRľĉXMH MHMLFK U\FKOª Y\KOHG¢Q®

5HYXH '9

.RRSROLV FKFH ]¢URYHĉ SęLVSÜW N FHONRYª GHEDWÜ R V\VWªPX GDOġ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH MHKR MHGQRWOLY¾FK DNWX¢OQ®FK RW¢]N¢FK Q¢VWURM®FK D Y¾]Y¢FK &KFH VH SURWR QD WRPWR SROL SURVWęHGQLFWY®P ÎO¢QNį UR]KRYRUį D UHFHQ]® NWHUª QDMGHWH Y VHNFL 5HYXH '9 1 1D »YRGQ®FK KORXENRY¾FK UR]KRYRUİ QDY¢]DO\ ÎW\ĚL IRNXVQ® VNXSLQ\ ] WDNWR ]®VNDQ¾FK Y¾VOHGNİ Y]QLNOD SUYQ® VWUXNWXUD SODWIRUP\ NWHU¢ E\OD G¢OH ]SĚHVĉRY¢QD D XSUDYRY¢QD QD UHJLRQ¢OQ®FK ZRUNVKRSHFK D SUDFRYQ®FK VNXSLQ¢FK

10

GORXKRGREÜ YÜQRYDW GįOHľLW¾P D ]DM®PDY¾P WªPDWįP D WR WDNRY¾P ]SįVREHP DE\ N MHGQRPX WªPDWX ]D]QÜOD SDOHWD QHMUį]QÜMġ®FK Q¢]RUį D ]NXġHQRVW® &KFH Y\YRO¢YDW GHEDWX UHDJXM®F® QD DNWX¢OQ® SUREOªP\ D Y\E®]HW ÎWHQ¢ęH N DNWLYQ®PX ]DSRMHQ® 6SU¢YFH .RRSROLV NWHU¾P EXGH L SR VNRQÎHQ® SURMHNWX )RQG GDOġ®KR Y]GÜO¢Y¢Q® EXGH SęLFK¢]HW V YODVWQ®P SįYRGQ®P REVDKHP D Q¢PÜW\ ] REODVWL '9 NWHU¢ EXGRX Y\E®U¢QD V RKOHGHP QD MHMLFK DNWX¢OQRVW YH Y]WDKX N '9 =¢URYHĉ PįľH VH ]DM®PDY¾PL Sę®VSÜYN\ D LQIRUPDFHPL SęLFK¢]HW NGRNROLY ] XľLYDWHOį D GR SODWIRUP\ MH VDPRVWDWQÜ SęLG¢YDW

/LGÄ

.RRSROLV MH SRUW¢O SęHGHYġ®P SURIHVQ® D RGERUQ¾ DE\FKRP ]DFKRYDOL WXWR RGERUQRVW D YÜFQRX GLVNXVL UR]KRGOL MVPH VH SR GORXKªP ]YDľRY¢Q® ]Sę®VWXSQLW QÜNWHUª MHM® IXQNFH ѝ SęHGHYġ®P PRľQRVWL YNO¢GDW KRGQRWLW D NRPHQWRYDW REVDK ѝ SRX]H UHJLVWURYDQ¾P XľLYDWHOįP NWHę® VH QD SRUW¢OX SęLKO¢V® QLNROLY SRG DQRQ\PQ®P »ÎWHP DOH SRG VY¾P MPªQHP 9Üę®PH ľH XľLYDWHOª WHQWR NURN RFHQ® D ľH SęLVSÜMH N RGERUQªPX NUHGLWX SODWIRUP\ =¢URYHĉ WDWR UHJLVWUDFH QDE®]® XľLYDWHOįP GDOġ® PRľQRVWL NWHUª PRKRX Y\Xľ®W SUR VYRX SU¢FL 0RKRX VH ]DSRMLW GR GLVNXV® NRPHQWRYDW D KRGQRWLW MHGQRWOLYª Sę®VSÜYN\ 5HJLVWURYDQ¾ XľLYDWHO VL PįľH ]DORľLW VYįM SURIHVQ® ľLYRWRSLV ]¢URYHĉ MVRX PX ]Sę®VWXSQÜQ\ LQIRUPDFH R GDOġ®FK RVRE¢FK PįľH WDN PH]L QLPL MHGQRGXġH Y\KOHGDW VYª SURIHVQ® NROHJ\ LQWHUQ® SRġWRX MH RVORYLW V GRWD]HP PįľH E¾W SęLęD]HQ N LQVWLWXFL Y Q®ľ SįVRE® =¢URYHĉ MH PRľQª VL QDVWDYLW VOHGRY¢Q® ]DM®PDY¾FK GLVNXV® XNO¢G¢Q® ÎO¢QNį QHER Sę®VSÜYNį GR REO®EHQ¾FK O]H VL Y\WYRęLW YODVWQ® ѥSUDFRYQ® SURVWRUѣ V XľLWHÎQ¾PL SRGNODG\ QD MHGQRP P®VWÜ

)ÎUXP D{7UŗLwWö

3UR SRGSRUX RGERUQª GLVNXVH QDY¢]¢Q® VSROXSU¢FH D Y¾PÜQ\ ]NXġHQRVW® VORXľ® SęHGHYġ®P VHNFH )´UXP D 7UľLġWÜ )´UXP VY¾P ]DPÜęHQ®P SOQ® IXQNFL GLVNXVQ® SODWIRUP\ NGH O]H YHęHMQÜ QHER VRXNURPÜ SURE®UDW DNWX¢OQ® WªPDWD SRX]H V SęL]YDQ¾PL XľLYDWHOL =¢URYHĉ VORXľ® MDNR SRUDGQD NGH MH PRľQª GRW¢]DW VH ġLURNªKR SOªQD RGERUQ®Nį 7UľLġWÜ YHGOH WRKR IXQJXMH QD SULQFLSX QDE®GN\ D SRSW¢YN\ NGH MH PRľQª KOHGDW QHMHQ NROHJX GR W¾PX DOH L VK¢QÜW D QDE®]HW VYª ]NXġHQRVWL NRQ]XOWDFH GDWD DSRG

11

0DSD '9

0DSD GDOġ®KR Y]GÜO¢Y¢Q® VY¾P XľLYDWHOįP ]SURVWęHGNRY¢Y¢ YL]XDOL]RYDQ¾ JUDILFN¾ SRKOHG QD V\VWªP GDOġ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH 9 Q¢URGQ®P L UHJLRQ¢OQ®P SRKOHGX ]REUD]XMH QHMGįOHľLWÜMġ® YD]E\ D Y]WDK\ PH]L GįOHľLW¾PL DNWªU\ D Q¢VWURML 3UR Q¢VWURMH FHORHYURSVNªKR FKDUDNWHUX MH PRľQª Y\EUDW VL ]REUD]HQ® QD HYURSVNª »URYQL 9Üę®PH ľH 0DSD '9 SęLVSÜMH N ]SęHKOHGQÜQ® D ]MHGQRGXġHQ® RULHQWDFH Y SURVWęHG® GDOġ®KR Y]GÜO¢Y¢Q® Y Í5 9HON¾P Sę¢Q®P UHDOL]¢WRUį SURMHNWX .RRSHUDFH MH DE\ SODWIRUPD GR EXGRXFQD VORXľLOD VYªPX F®OL VWDOD VH ġLURFH Y\Xľ®YDQRX D XľLWHÎQRX D XPRľĉRYDOD WDN MHGQRWOLY¾P DNWªUįP UR]KRGRYDW R REODVWL '9 QD ]¢NODGÜ UHOHYDQWQ®FK LQIRUPDF® SRGSRURYDOD VSROXSU¢FL YġHFK SURIHVLRQ¢Oį V F®OHP Y\EXGRYDW OHSġ® D SęHKOHGQÜMġ® V\VWªP GDOġ®KR Y]GÜO¢Y¢Q® Y ÍHVNª UHSXEOLFH QD NWHUªP EXGH SDUWLFLSRYDW FR QHMġLUġ® VNXSLQD »ÎDVWQ®Nį

12

'UXK¼ è¼VW s $QDOØ]D VWDYX '39 Y{ç5 9HGOH ]QDORVWQ® SODWIRUP\ .RRSROLV MH DQDO¾]D VWDYX GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® Y Í5 GDOġ®P KODYQ®P Y¾VWXSHP SURMHNWX .RRSHUDFH 0DSRY¢Q® VWDYX GDOġ®KR Y]GÜO¢Y¢Q® SURMHNW .RRSHUDFH FK¢SH MDNR DQDO¾]X V\VWªPX '39 D SRVWRMį D MHGQ¢Q® Y\EUDQ¾FK VNXSLQ QD WUKX SU¢FH YH Y]WDKX N QÜPX 3ęHG SęHGVWDYHQ®P VDPRWQ¾FK Y¾VOHGNį WÜFKWR DQDO¾] XY¢G®PH GHILQLFL KODYQ®FK SRMPį V QLPLľ SURMHNW SUDFRYDO D VWUXÎQÜ SęHGVWDYXMHPH PHWRGRORJLL 'HƬQLFH KODYQÈFK SRMPʼn 'DOġ® SURIHVQ® Y]GÜO¢Y¢Q® MH Y SURMHNWX .RRSHUDFH GHILQRY¢QR MDNR Y]GÜO¢Y¢Q® UHDOL]RYDQª SR XNRQÎHQ® SR΢WHÎQ®KR ġNROQ®KR Y]GÜO¢Y¢Q® MHKRľ F®OHP MH ]OHSġHQ® D DNWXDOL]DFH VW¢YDM®F®FK NRPSHWHQF® ]QDORVW® GRYHGQRVW® D QDE\W® QRY¾FK XPRľĉXM®F®FK NDULªUQ® UįVW QHER ]PÜQX ÎL ]®VN¢Q® NYDOLILNDFH 'DOġ® SURIHVQ® Y]GÜO¢Y¢Q® MH VRX΢VW® FHORľLYRWQ®KR XÎHQ® PįľH ]DKUQRYDW MHKR Uį]Qª IRUP\ REHFQª RGERUQª VSHFLILFNª IRUP¢OQ® LQIRUP¢OQ® QHIRUP¢OQ® D KUDMH ]¢VDGQ® UROL Y ]DPÜVWQDWHOQRVWL MHGLQFH 1¢VWURMH GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® MVRX WDNRYª Q¢VWURMH YHęHMQª SROLWLN\ NWHU¾PL VW¢W QHER »]HPQÜ VSU¢YQ® FHON\ ]DVDKXM® SRPRF® Uį]Q¾FK RSDWęHQ® GR REODVWL '39 WM SRGSRUXM® ML UHJXOXM® D QHSRQHFK¢YDM® ML ]FHOD WUľQ®PX PHFKDQLVPX 1¢VWURMH MVRX REHFQÜ ÎOHQÜQ\ QD Ѩ (NRQRPLFNª NWHUª SęHGVWDYXM® Uį]Qª IRUP\ ILQDQÎQ® QHYUDWQª SRGSRU\ GDĉRYª RGSLV\ QHER VOHY\ QD GDQ®FK GRWDFH SįMÎN\ IRQG\ UR]SRÎW\ 1DSę (YURSVN¾ VRFL¢OQ® IRQG Y Í5 13

Ѩ /HJLVODWLYQ® NWHUª SęHGVWDYXM® Q¢VWURMH V\VWªPRYª SU¢YQ® SRYDK\ ]¢NRQ\ D QDYD ]XM®F® SU¢YQ® SęHGSLV\ SRYROHQ® ]¢ND]\ QDę®]HQ® YO¢G\ Y\KO¢ġN\ »]HPQÜ VDPR VSU¢YQ¾FK FHONį NY´W\ NRQYHQFH D VWUDWHJLFNª D NRQFHSÎQ® Q¢VWURMH 1DSę ]¢NRQ 6E R X]Q¢Y¢Q® Y¾VOHGNį GDOġ®KR Y]GÜO¢Y¢Q® Ѩ $GPLQLVWUDWLYQ® NWHUª SęHGVWDYXM® EXGRY¢Q® VW¢WQ® LQIUDVWUXNWXU\ D Sę®Pª SRVN\WRY¢Q® VOXľHE VW¢WHP VPÜęXM®F® N SRGSRęH NRQNUªWQ® VRFL¢OQ® VNXSLQ\ QHER MHGQRWOLYFį 1DSę UHNYDOLILNDFH Ѩ ,QIRUPDÎQ® NWHUª SęHGVWDYXM® YHęHMQÜ GRVWXSQª LQIRUPDFH SURMHNW\ (6) PHGL¢OQ® NDPSDQÜ GDWDE¢]H RQ OLQH LQIRUPDÎQ® VHUYHU\ ľHEę®ÎN\ NYDOLW\ LQIRUPDÎQ® PDWHUL¢O\ 1DSę LQIRUPDÎQ® Y¾VWXS ] SURMHNWX .21&(37 'HILQLFH MHGQRWOLY¾FK VNXSLQ QD WUKX SU¢FH NWHU¾P VH SURMHNW .RRSHUDFH YÜQRYDO QDOH]QHWH X Sę®VOXġQ¾FK NDSLWRO &ÈOH D{PHWRGRORJLH =¢PÜUHP DQDO¾]\ VWDYX '39 Y Í5 MH QDE®GQRXW FR QHMġLUġ® PRľQ¾ SRKOHG QD SUREOHPDWLNX 7RPX RGSRY®G¢ L ġ®ęH SRXľLW¾FK LQIRUPDÎQ®FK ]GURMį D PHWRG 1D ]D΢WNX DQDO¾]\ UHDOL]DÎQ® W¾P SRPRF® PHWRG\ GHVN UHVHDUFK VKURP¢ľGLO GRVWXSQª ]GURMH ]HMPªQD RGERUQª SXEOLNDFH D VWXGLH VWUDWHJLH D ]¢]QDP\ YHęHMQª VSU¢Y\ Y¾VWXS\ ] UHDOL]RYDQ¾FK SURMHNWį SU¢YQ® QRUP\ GRVWXSQ¢ GDWD D Y¾VWXS\ ]H VWDWLVWLFN¾FK D Y¾]NXPQ¾FK ġHWęHQ® 6KURP¢ľGÜQª ]GURMH E\O\ G¢OH NDWHJRUL]RY¢Q\ D E\OD SRVX]RY¢QD MHMLFK UHOHYDQFH YH Y]WDKX NH ]NRXPDQª SUREOHPDWLFH .DWH JRUL]RYDQª ]GURMH E\O\ Y\KRGQRFRY¢Q\ QD H[SHUWQ®FK SUDFRYQ®FK VNXSLQ¢FK NWHUª VH SR GREX MHGQRKR URNX VFK¢]HO\ NH YġHP Q¢VWURMįP '39 D VNXSLQ¢P QD WUKX SU¢FH 3UDFRYQ®FK VNXSLQ VH »ÎDVWQLOL RGERUQ®FL QD GDOġ® Y]GÜO¢Y¢Q® N GDQªPX WªPDWX ήPľ E\O GR GLVNX]® SęLQHVHQ UH¢OQ¾ SRKOHG ] SUD[H +ODYQ®P ]GURMHP LQIRUPDF® R VNXSLQ¢FK QD WUKX SU¢FH E\OR GRWD]Q®NRYª ġHWęHQ® UHDOL]RYDQª QD SRG]LP ĠHWęHQ® E\OR UHSUH]HQWDWLYQ® ]DORľHQª QD NY´WQ®P Y¾EÜUX VH Y]RUNHP OLG® V PLQLP¢OQ®P SRÎWHP UHVSRQGHQWį SUR NDľGRX F®ORYRX VNXSLQX

'RWD]Q®NRYªPX ġHWęHQ® SęHGFK¢]HOD NYDOLWDWLYQ® ΢VW Y¾]NXPX UHDOL]RYDQ¢ IRUPRX ÎW\ę IRNXVQ®FK VNXSLQ

14

$QDOØ]D V\VWÄPX '39 0LFKDO -DQ®ÎNR -DQD .RWUERY¢ 0LFKDHOD ĠLPHÎNRY¢ 1¢VOHGXM®F® NDSLWROD VKUQXMH ]¢NODGQ® SR]QDWN\ ] DQDO¾]\ V\VWªPX '9 Y ÍHVNª UHSXEOLFH -HM®P F®OHP MH VWUXÎQÜ SęHGVWDYLW SURVWęHG® GDOġ®KR Y]GÜO¢Y¢Q® SRSVDW MHKR QHMGįOHľLWÜMġ® DVSHNW\ QHMY¾]QDPQÜMġ® Q¢VWURMH VLOQª D VODEª VWU¢QN\ $QDO¾]D VH RS®U¢ SęHGHYġ®P R ]MLġWÜQ® ] H[SHUWQ®FK SUDFRYQ®FK VNXSLQ NWHUª VH YÜQRYDO\ SRGUREQª DQDO¾]H Y¾]QDPQ¾FK Q¢VWURMį '9 ] REODVWL OHJLVODWLYQ® D VWUDWHJLFNª DGPLQLVWUDWLYQ® HNRQRPLFNª D LQIRUPDÎQ® +RGQRFHQ® V\VWªPį Y\FK¢]® ]H VKRG\ H[SHUWį Y WÜFKWR VNXSLQ¢FK 'DOġ® Y]GÜO¢Y¢Q® MH Y ÍHVNª UHSXEOLFH GORXKRGREÜ QD RNUDML SR]RUQRVWL ]H VWUDQ\ VW¢WX REODVW MH UR]Wę®ġWÜQ¢ QHNRRUGLQRYDQ¢ GRSRVXG FK\E® ]¢NRQ R GDOġ®P Y]GÜO¢Y¢Q® , NG\ľ Y PLQXORVWL Y]QLNDO\ VQDK\ R NRRUGLQDFL D XVW¢OHQ® RUJ¢QX NWHU¾ E\ VH '9 YÜQRYDO Y VRXÎDVQª GREÜ XVWDQRYHQ QHQ® 2EODVW VSDG¢ QD YO¢GQ® »URYQL GR SįVREQRVWL GYRX PLQLVWHUVWHY 0LQLVWHUVWYD ġNROVWY® PO¢GHľH D WÜORY¾FKRY\ 0Ġ07 D 0LQLVWHUVWYD SU¢FH D VRFL¢OQ®FK YÜF® 0369 MHMLFKľ NRPSHWHQFH QHMVRX ]FHOD VWULNWQÜ D MDVQÜ RKUDQLÎHQ\ 9 SRVOHGQ®FK OHWHFK O]H SR]RURYDW VQDKX VW¢WX Y®FH VH ]DSRMLW D UHJXORYDW REODVW GDOġ®KR Y]GÜO¢Y¢Q® SęHGHYġ®P VNU]H WYRUEX 1¢URGQ® VRXVWDY\ NYDOLILNDF® SRWDľPR 1¢URGQ® VRXVWDY\ SRYRO¢Q® '9 Y¾]QDPQÜ GHWHUPLQXM® ILQDQÎQ® WRN\ SęHV (YURSVN¾ VRFL¢OQ® IRQG (6) NWHUª Y VRXÎDVQRVWL SęHGVWDYXM® QHMGįOHľLWÜMġ® HNRQRPLFN¾ ]GURM ] QÜKRľ ÎHUS¢ MDN YHęHMQ¾ WDN VRXNURP¾ VHNWRU 'RSDG (6) MDN EXGH SUREU¢QR Q®ľH SRGUREQÜML VH SURMHYXMH Y ġLUġ® GRVWXSQRVWL '9 SUR VNXSLQ\ ]QHY¾KRGQÜQª QD WUKX SU¢FH DOH ERKXľHO V VHERX 2 9®FH SRSV¢QR Y PHWRGRORJLL Y »YRGQ® ΢VWL DQDO¾]\ VWDYX '9

15

WDNª SęLQ¢ġ® VQ®ľHQ® NYDOLW\ D GHYDOYDFL KRGQRW\ Y]GÜO¢Y¢Q® ĘHġHQ® E\ PRKOD SęLQªVW UHJXODFH '9 VNU]H V\VWªP KRGQRFHQ® Y]GÜO¢YDF®FK RUJDQL]DF® NWHU¾ MH Y VRXÎDVQª GREÜ Y\YLQXW MHKRľ LPSOHPHQWDFH VH YġDN SUR]DW®P ľ¢GQ¾ DNWªU QHFKRSLO 7HQWR V\VWªP KRGQRFHQ® E\ E\OR QXWQª Q¢VOHGQÜ SURY¢]DW L VH V\VWªPHP YHęHMQ¾FK ]DN¢]HN -DN ]REUD]XMH JUDI Î MHGQ®P ] YHON¾FK SR]LWLY (6) MH SRNU\W® QHGRVWDWHÎQ¾FK ]GURMį QD ILQDQFRY¢Q® Y]GÜO¢Y¢Q® D MH ]ęHMPª ľH EH] WÜFKWR SURVWęHGNį E\ VH »ÎDVW GRVSÜOª SRSXODFH QD '9 ]QDWHOQÜ VQ®ľLOD *UDI ʌ ÎDVW YH Y]GÜO¢Y¢Q® RVRE\ ʌ OHW Y SRVOHGQ®FK ÎW\ęHFK W¾GQHFK

=GURM (XURVWDW

3RKOHG QD Y¾]QDPQª DNWªU\ REODVWL '9 Q¢V SęLY¢G® ]SÜW N 0Ġ07 D 0369 D MHMLFK Sę®VSÜYNRY¾P RUJDQL]DF®P 1¢URGQ®PX »VWDYX SUR Y]GÜO¢Y¢Q® D )RQGX GDOġ®KR Y]GÜO¢Y¢Q® VNU]H QÜľ VH PLQLVWHUVWYD VQDľ® GR REODVWL Y¾]QDPQÜML ]DVDKRYDW -DN MLľ E\OR ęHÎHQR NRPSHWHQFH PH]L PLQLVWHUVWY\ QHMVRX MDVQÜ Y\PH]HQ\ 9 SUYª ęDGÜ MH QXWQª XSR]RUQLW QD SęHNU¾Y¢Q® SįVREQRVWL WÜFKWR DNWªUį V RKOHGHP QD MHMLFK REHFQÜ Y\PH]HQª NRPSHWHQFH GOH NRPSHWHQÎQ®KR ]¢NRQD $ÎNROLY REODVW '9 QXWQÜ ]DVDKXMH MDN GR SįVREQRVWL 0Ġ07 WDN 0369 QHMVRX NRPSHWHQFH WÜFKWR PLQLVWHUVWHY Q¢OHľLWÜ NRQNUHWL]RY¢Q\ DQL Y U¢PFL ]YO¢ġWQ®FK SU¢YQ®FK SęHGSLVį WDN DE\ E\O\ MDVQÜ SRSV¢Q\ SRGP®QN\ MHMLFK VSROXSU¢FH 7\WR QHGRVWDWN\ VH SURMHYXM® SęHGHYġ®P Y U¢PFL Sę®SUDY\ DNUHGLWDF® UHNYDOLILNDÎQ®FK SURJUDPį NGH VL 0Ġ07 PįľH DOH QHPXV® Y\ľ¢GDW VWDQRYLVNR 0369 7DNWªľ DEVHQWXMH GRVWDWHÎQª SU¢YQ® XFKRSHQ® UROH 0369 Y WYRUEÜ NYDOLILNDF® 16. NGH E\ E\OR YKRGQª P®W OHJLVODWLYQÜ ]DNRWYHQX SURY¢]DQRVW 16. D 163 &HONRYÜ VH XND]XMH ľH DÎNROLY SUREOHPDWLND '9 VH Y¾]QDPQÜ GRW¾N¢ VLWXDFH QD WUKX SU¢FH QHQ® UROH 0369 Y WªWR REODVWL GRVWDWHÎQÜ D MHGQR]QDÎQÜ Y\PH]HQD Y VRXODGX V MHKR SįVREQRVW® MDNR »VWęHGQ®KR RUJ¢QX VW¢WQ® VSU¢Y\ SUR ]DPÜVWQDQRVW %ÜOLQD 3DUWQHUV 9 SRVOHGQ® GREÜ MH PRľQª SR]RURYDW SRPDO¾ »VWXS 0Ġ07 Y '9 'RNODGHP MH SęHGHYġ®P RPH]HQ® GDOġ®KR Y]GÜO¢Y¢Q® Y U¢PFL 23 999 RSURWL Gę®YÜMġ®PX 23 9. DOH WDNª ]DPÜęHQ® 6WUDWHJLH Y]GÜO¢YDF® SROLWLN\ NWHU¢ VH '9 YÜQXMH SRX]H RNUDMRYÜ 2EODVW GDOġ®KR Y]GÜO¢Y¢Q® MH NURPÜ ]P®QÜQ¾FK PLQLVWHUVWHY QHSę®PR RYOLYĉRY¢QD WDNª 0LQLVWHUVWYHP SUR P®VWQ® UR]YRM NWHUª P¢ QD VWDURVW QDVWDYHQ® DGPLQLVWUDFH SURMHNWį PHWRGLN\ D PDQX¢Oį (6) '¢OH WDNª KUDMH GįOHľLWRX UROL 0LQLVWHUVWYR ILQDQF® NWHUª VY¾PL UR]KRGQXW®PL RYOLYĉXMH VDPRWQ¾ WUK '9 = REODVWL VW¢WX QHO]H RSRPHQRXW DQL Y¾]QDPQRX »ORKX ęDGX SU¢FH NWHU¾ DGPLQLVWUXMH FHORX REODVW UHNYDOLILNDF® D Y SRVOHGQ® GREÜ VH WDNª VQDľ® SRV®OLW RG URNX RPH]HQRX UROL SRUDGHQVWY® 3 =¢NRQ ÍHVNª Q¢URGQ® UDG\ Î 6E R ]Ě®]HQ® PLQLVWHUVWHY D MLQ¾FK »VWĚHGQ®FK RUJ¢Qİ VW¢WQ® VSU¢Y\ ÍHVNª UHSXEOLN\ YH ]QÜQ® SR]GÜMĢ®FK SĚHGSLVİ

16

9¾UD]QRX »ORKX Y REODVWL '9 ]DVWXSXMH $VRFLDFH LQVWLWXF® Y]GÜO¢Y¢Q® GRVSÜO¾FK Í5 $,9'

NWHU¢ GRVW¢Y¢ RG VW¢WQ®FK RUJ¢Qį SRPÜUQÜ YHON¾ SURVWRU SUR ]DVWXSRY¢Q® VY¾FK ]¢MPį -HM® »ORKD MH YġDN OLPLWRY¢QD IDNWHP ľH QH]DVWXSXMH YHġNHUª Y]GÜO¢YDF® LQVWLWXFH D WDNª W®P ľH MGH R VGUXľHQ® NRQNXUHQWį 3ęHY¢ľQÜ Q®]N¾ MH ]¢MHP NUDMVN¾FK VDPRVSU¢Y ]DVDKRYDW GR GDOġ®KR Y]GÜO¢Y¢Q® D Uį]Q¢ MH P®UD DNWLYLW\ 5DG SUR UR]YRM OLGVN¾FK ]GURMį 6NU]H SURMHNW\ 81,9 VH GR REODVWL '9 SRVWXSQÜ Y®FH ]DSRMXM® WDNª VWęHGQ® ġNRO\ -HMLFK EXGRXF® »ORKD MH YġDN QD SROL '9 QHMLVW¢ 9 U¢PFL GLVNXVH R MHMLFK UROL VH R]¾YDM® KODV\ SRGSRUXM®F® MHMLFK Y\ġġ® ]DSRMHQ® D Y\ġġ® Y\XľLW® MHMLFK SRWHQFL¢OX NWHUª MH QXWQª ęHġLW SęHGHYġ®P Y]KOHGHP N GHPRJUDILFN¾P ]PÜQ¢P 1D GUXKª VWUDQÜ MVRX VWęHGQ® ġNRO\ SRYDľRY¢Q\ VRXNURP¾PL Y]GÜODYDWHOL ]D QHNDORX NRQNXUHQFL ORKD VDPRVSU¢Y\ D NUDMį QHQ® Sę®OLġ Y¾UD]Q¢ D SęHY¢ľQÜ VH RPH]XMH QD SRGSRUX VWęHGQ®FK ġNRO MDNR SRVN\WRYDWHOį '9 2 REODVW QHMHY® ľ¢GQ¾ ]¢MHP DQL RGERU\ D Y Í5 QHH[LVWXMH DQL MLQ¾ DNWªU ]DVWXSXM®F® KODV YHęHMQRVWL QD SROL '9 3UREOªP REODVWL '9 MH WDNª Q®]N¢ NRRUGLQRYDQRVW VSROXSU¢FH VH ]DPÜVWQDYDWHOL ]H VWUDQ\ YHęHMQª VSU¢Y\ NWHU¢ VH X Q¢V RPH]XMH QD SRXKª SRVN\WRY¢Q® GRWDF® QD Y]GÜO¢Y¢Q® SRGOH XY¢ľHQ® ILUHP =¢NODGQ® SLO®ęH V\VWªPX '9 Y Í5 MVRX (YURSVN¾ VRFL¢OQ® IRQG MDNR NO®ÎRY¾ ILQDQÎQ® ]GURM 1¢URGQ® VRXVWDYD NYDOLILNDF® D 1¢URGQ® VRXVWDYD SRYRO¢Q® SęHGVWDYXM®F® DGPLQLVWUD WLYQ® U¢PHF GDOġ®KR Y]GÜO¢Y¢Q® '9 D UHNYDOLILNDFH MDNR QHMGįOHľLWÜMġ® Y]GÜO¢YDF® Q¢VWURM DNWLYQ® SROLWLN\ ]DPÜVWQDQRVWL $3= 9 V\VWªPX '9 H[LVWXMH PQRKR GDOġ®FK Q¢VWURMį MHMLFKľ GRSDG QD FHONRY¾ V\VWªP MH YġDN PHQġ® %XGRX SURWR Y Q¢VOHGXM®F®FK ę¢GF®FK Y\QHFK¢Q\ DYġDN MHMLFK Y\KRGQRFHQ® EXGH GRVWXSQª Y ]¢YÜUHÎQª ]SU¢YÜ 6\VWªP '39 Y ÍHVNª UHSXEOLFH 2EODVW '9 MH ILQDQFRY¢QD Y¾]QDPQÜ ] (6) G¢OH SO\QRX ILQDQFH ]H VW¢WQ®KR UR]SRÎWX RG ]DPÜVWQDYDWHOį D UHDOL]¢WRUį Y]GÜO¢YDF®FK SURMHNWį SęL VSROX»ÎDVWL (6) MH Q¢VWURM (YURSVNª XQLH (8 QD SRGSRUX ]DPÜVWQDQRVWL 9 REGRE® ѝ E\OR SUR Í5 Y\ÎOHQÜQR Y U¢PFL (6) PLOLDUG\ HXU PLOLDUG .Î ] WRKR SRORYLQD Y 23 /== 9 QRYªP REGRE® ѝ VH Y 23 = SRήW¢ VH PLOLDUGDPL NRUXQ 'RSRVXG QHSURE®K¢ V\VWªPRY¢ HYDOXDFH YOLYX (6) QD ]DPÜVWQDQRVW »ÎDVWQ®Nį VWHMQÜ WDN QHSURE®K¢ HYDOXDFH SęHG DQL SR Y]GÜO¢YDF® DNWLYLWÜ 6NXWHÎQ¾ LPSDNW (6) MH WDN VS®ġH RGKDGRY¢Q 2GERUQ®FL VH VKRGXM® QD WRP ľH O]H SęHGSRNO¢GDW SR]LWLYQ® GRSDG\ SURMHNWį ILQDQFRYDQ¾FK ] (YURSVNªKR VRFL¢OQ®KR IRQGX ]HMPªQD QD RVRE\ QHMY®FH ]QHY¾KRGQÜQª (6) WDNª SRP¢K¢ N UHDOL]DFL XľLWHÎQ¾FK D QRY¾FK DNWLYLW NH NWHU¾P E\ EH] MHKR ILQDQÎQ®FK ]GURMį QHGRġOR D RWHY®U¢ GYHęH WªPDWįP MLPľ E\ MLQDN E\OD YÜQRY¢QD SR]RUQRVW SRX]H RNUDMRYÜ 5HDOL]DFH SURJUDPį (6) Y Í5 P¢ YHGOH SR]LWLYQ®FK HIHNWį ęDGX SUREOªPį D SRWHQFL¢OQ®FK UL]LN SUR GDOġ® Y]GÜO¢Y¢Q® 'įVOHGN\ MHGQRWOLY¾FK SUREOªPį VSRMHQ¾FK V IXQJRY¢Q®P (6) Y Í5 ]Q¢]RUĉXMH REU¢]HN Î ĽDGDWHOª R SRGSRUX ÎHO® YHONª E\URNUDWLFNª ]¢WÜľL SUDPHQ®F® ]H VORľLWª LPSOHPHQWDÎQ® VWUXNWXU\ (6) = KOHGLVND GRVDKRY¢Q® VWDQRYHQ¾FK F®Oį RSHUDÎQ®FK SURJUDPį MH NO®ÎRY¾P SUREOªPHP Q®]N¢ XGUľLWHOQRVW Y¾VOHGNį SURMHNWį (6) PįľH WDNª P®W QHJDWLYQ® GRSDG\ QD NYDOLWX GDOġ®KR Y]GÜO¢Y¢Q® (IHNWLYLWX Y\QDNO¢G¢Q® SURVWęHGNį Y (6) VQLľXM® QHGRVWDWHÎQª YVWXSQ® HYDOXDFH SRWęHE ]HMPªQD Y]GÜO¢YDF®FK 17

FRľ MH ΢VWHÎQÜ G¢QR Q®]N¾P SRYÜGRP®P R 16. D 163 9 QÜNWHU¾FK REODVWHFK PįľH (6) WDNª GHIRUPRYDW WUK V GDOġ®P Y]GÜO¢Y¢Q®P SURWRľH XPRľĉXMH ]®VNDW GDOġ® Y]GÜO¢Y¢Q® EH] QXWQRVWL LQYHVWLFH 6QLľXMH WDN RFKRWX OLG® LQYHVWRYDW GR VYªKR Y]GÜO¢Y¢Q® D NYįOL WRPX PįľH SęLVS®YDW N GHYDOYDFL KRGQRW\ GDOġ®KR Y]GÜO¢Y¢Q® 9 EXGRXFQX KUR]® VNRNRYª ]Y¾ġHQ® QH]DPÜVWQDQRVWL SR XNRQÎHQ® SRGSRU\ ] (6) 7RWR UL]LNR O]H RPH]LW SRVWXSQ¾P XNRQÎRY¢Q®P SURJUDPį QDP®VWR MHMLFK RNDPľLWªKR ]DVWDYHQ® 2EU¢]HN ʌ 3UREOHPDWLFNª REODVWL (6) D MHMLFK GįVOHGN\ YH Y]WDKX N '9 ďƐĞŶĐĞ ǀůĄĚŶş ŬŽŽƌĚŝŶĂĐĞ ĚĂůƓşŚŽ ǀnjĚĢůĄǀĄŶş

EĞĚŽƐƚĂƚĞēŶĠ ǀLJŚŽĚŶŽĐŽǀĄŶş ǀljƐƚƵƉƽ EĞĚŽƐƚĂƚĞēŶlj ĚƽƌĂnj ŶĂ ƵĚƌǎŝƚĞůŶŽƐƚ EşnjŬĄ ŬǀĂůŝƚĂ ŶĢŬƚĞƌljĐŚ ǀnjĚĢůĄǀĂкЌ ĂŬƚŝǀŝƚ

EĞĚŽƐƚĂƚĞēŶlj ĚƽƌĂnj ŶĂ ǀƐƚƵƉŶş ĞǀĂůƵĂĐĞ ǀnjĚĢůĄǀĂкЌ ƉŽƚƎĞď

Nízká efektivita ēĄƐƚŝ ǀLJŶĂůŽǎĞŶljĐŚ ƉƌŽƐƚƎĞĚŬƽ

Devalvace hodnoty ĚĂůƓşŚŽ ǀnjĚĢůĄǀĄŶş ŽŽŵ ǀnjĚĢůĂǀĂƚĞůƽ Ɛ ŶşnjŬŽƵ ŽĚďŽƌŶŽƐƚş

sĞůŬlj ŽďũĞŵ ďĞnjƉůĂƚŶĠŚŽ s

LJƌŽŬƌĂƚŝĐŬĄ njĄƚĢǎ Ă formalismus kontrol ƌĞĂůŝnjĂĐĞ ƉƌŽũĞŬƚƽ

WŽƚşǎĞ ƉƌŽ ǎĂĚĂƚĞůĞ Ă ƌĞĂůŝnjĄƚŽƌLJ

=GURM 9ODVWQ® ]SUDFRY¢Q® SRGOH 36

1¢URGQ® VRXVWDYD NYDOLILNDF® MH ]¢NODGQ® VWDYHEQ® N¢PHQ SUR X]Q¢Y¢Q® Y¾VOHGNį GDOġ®KR Y]GÜO¢Y¢Q® MDN MH SRSV¢QR Y ]¢NRQÜ Î 6E -HM®P VP\VOHP MH SRPRFL OLGHP NWHę® ]®VNDOL SURIHVQ® GRYHGQRVWL QDG U¢PHF VYªKR SįYRGQ®KR Y]GÜO¢Q® DOH QHPDM® ľ¢GQª SRWYU]HQ® WÜFKWR NRPSHWHQF® 9]QLN 1¢URGQ® VRXVWDY\ NYDOLILNDF® MH FHONRYÜ SR]LWLYQÜ KRGQRFHQ QHMHQ SUR QDVWDUWRY¢Q® SOXUDOLW\ FHVW NH Y]GÜO¢Y¢Q® WM PRľQRVW ]®VNDW GRNODG R NYDOLILNDFL QD ]¢NODGÜ QHIRUP¢OQ®KR QHER LQIRUP¢OQ®KR Y]GÜO¢Y¢Q® DOH WDNª SUR Y\WYRęHQ® ]¢NODGQ®FK SULQFLSį VWDQGDUGL]DFH REODVWL '9 16. ]Y\ġXMH SURVWXSQRVW Y]GÜO¢YDF® VRXVWDY\ D YHGH N U\FKOHMġ®PX ]®VN¢Q® RVYÜGÎHQ® QHľ SR΢WHÎQ® Y]GÜO¢Y¢Q® .ODGHP MH L ]DSRMHQ® ]DPÜVWQDYDWHOį GR WYRUE\ NYDOLILNDF® 3ęHVWR VH SRGOH H[SHUWį QHGDę® YľG\ VODGLW NYDOLILNDFH V SRSW¢YNRX QD WUKX SU¢FH D QÜNG\ GRFK¢]® NH Y]QLNX LUHOHYDQWQ®FK NYDOLIL NDF® R NWHUª QLNGR QHP¢ ]¢MHP D NWHUª DQL QHFKFH QLNGR ]NRXġHW 8NRWYHQ® 16. Y ]¢NRQÜ Î 6E MH ]¢UXNRX VWDELOLW\ V\VWªPX 1D GUXKª VWUDQÜ V\VWªP QHP¢ YHONRX SROL WLFNRX SRGSRUX MH ęHġHQ UHVRUWQÜ P¢ MH QD VWDURVWL 1¢URGQ® »VWDY SUR Y]GÜO¢Y¢Q® 1 9

] ÎHKRľ Y\SO¾Y¢ UR]Wę®ġWÜQRVW V\VWªPX 3R NRQFL SURMHNWX 16. QD NRQFL URNX QHQ® WDNª Y\ęHġHQR MHKR ILQDQFRY¢Q® ([SHUWL VH VKRGXM® ľH NO®ÎRY¢ MH SUR »VSÜġQRVW 16. GįYÜUD Y NYDOLWX ]NRXġHN D FHUWLILN¢Wį QD VWUDQÜ ]DPÜVWQDYDWHOį 9 VRXÎDVQª GREÜ DOH SRYDľXM® 18

NRQWURO\ ]H VWUDQ\ 0Ġ07 ]D QHGRVWDWHÎQª =D VWHMQÜ GįOHľLWª SRYDľXM® »ÎDVWQ®FL SUDFRYQ®FK VNXSLQ L ]OHSġHQ® SU¢FH V DXWRUL]RYDQ¾PL RVREDPL 9 WXWR FKY®OL SRGOH QLFK QHH[LVWXMH MHMLFK V\VWHPDWLFN¢ SRGSRUD RG DXWRUL]XM®F®KR RUJ¢QX DQL RG 1 9 9HON¾P SUREOªP MH FHONRYÜ Q®]Nª SRYÜGRP® R H[LVWHQFL 16. MDN PH]L ]DPÜVWQDYDWHOL WDN Y ġLURNª YHęHMQRVWL 'DOġ®P Y¾]QDPQ¾P Q¢VWURMHP RYOLYĉXM®F®P '9 MVRX UHNYDOLILNDFH 7\ XPRľĉXM® QH]DPÜVWQDQ¾P D ]DPÜVWQDQFįP ]D SRGP®QHN GDQ¾FK ]¢NRQHP R ]DPÜVWQDQRVWL i ѝ ]¢NRQD Î 6E G¢OH MHQ =R= ]®VNDW QRYRX NYDOLILNDFL QHER ]Y¾ġLW UR]ġ®ęLW ÎL SURKORXELW VYRX VW¢YDM®F® EH] QXWQRVWL ]D Y]GÜO¢Y¢Q® SODWLW =R= SęLWRP XUÎXMH MDNR SULP¢UQ® F®O Q¢VWURMį $3= ѥ]DMLġWÜQ® PD[LP¢OQÜ PRľQª »URYQÜ ]DPÜVWQDQRVWLѣ i ] ÎHKRľ Y\SO¾Y¢ ľH DEVROYRY¢Q® UHNYDOLILNDF® P¢ ]Y\ġRYDW ġDQFH MHMLFK »ÎDVWQ®Nį QD XSODWQÜQ® QD WUKX SU¢FH 5HNYDOLILNDFH MVRX Uį]Q¾PL ]SįVRE\ ]DKUQXW\ GR ęDG\ RSDWęHQ® QDYUKRYDQ¾FK 6WUDWHJL® SROLWLN\ ]DPÜVWQDQRVWL GR URNX 0369 E

D MH WDN ]ęHMPª ľH EXGRX QDG¢OH SęHGVWDYRYDW MHGHQ ] NO®ÎRY¾FK Q¢VWURMį $3= D YHęHMQª SRGSRU\ GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® 9 GHVHWLOHWª SHUVSHNWLYÜ MH Y¾YRM SRÎWX UHNYDOLILNRYDQ¾FK XFKD]HÎį UHODWLYQÜ VWDELOQ® JUDI

*UDI ʌ 8FKD]HÎL ]DęD]HQ® GR UHNYDOLILNDF® YÎHWQÜ SURMHNWį (6) Y WLV®F®FK

=GURM 0369 ѝ 9¾GDMH QD VW¢WQ® SROLWLNX ]DPÜVWQDQRVWL KWWS SRUWDO PSVY F] V] VWDW Y\GDMH

3ęHVWR SęLQHVOD SRVOHGQ® OªWD PQRKR Y¾]QDPQ¾FK ]PÜQ 5HNYDOLILNDFH E\O\ SURSRMHQ\ V 16. D QRYÜ VFKYDORYDQª DNUHGLWDFH UHNYDOLILNDF® WDN PXVHM® Y\FK¢]HW ] 16. SRNXG Xľ MH NYDOLILNDFH Y\WYRęHQ¢ GOH Y\KO¢ġN\ Î ÎDVWQ®NįP UHNYDOLILNDFH SRGOH 16. KUDG® ęDG SU¢FH NYDOLILNDÎQ® ]NRXġNX '®N\ ]DYHGHQ® W]Y ]YROHQ¾FK UHNYDOLILNDF® i D =R= VL XFKD]HÎ QHER ]¢MHPFH R ]DPÜVWQ¢Q® PįľH NXU] V¢P Y\KOHGDW D SRľ¢GDW 3 R MHKR VFKY¢OHQ® 3R SęHGFKR]® GRKRGÜ V 3 VH WDNRYª Y]GÜO¢Y¢Q® SURSO¢F® Sę®PR 4 = Y¾]NXPX .RRSHUDFH Y\SO¾Y¢ ĿH 16. ]Q¢ QHFHOª SRORYLQD ]DPÜVWQDYDWHOİ PH]L ]NRXPDQ¾PL VNXSLQDPL QD WUKX SU¢FH VH SRYÜGRP® R 16. SRK\EXMH RNROR

19

SRVN\WRYDWHOL Dľ SR »VSÜġQª ]NRXġFH =YROHQª UHNYDOLILNDFH MVRX SęHY¢ľQÜ YQ®P¢Q\ MDNR XľLWHÎQ¢ PRľQRVW SUR DNWLYQÜMġ® ΢VW QH]DPÜVWQDQ¾FK -HMLFK »ÎDVWQ®FL PDM® VLOQÜMġ® PRWLYDFL »VSÜġQÜ GRNRQÎLW NXU] SęHVWR MVRX YġDN VSRMHQ\ SęHGHYġ®P V ILQDQÎQ® EDULªURX SUR FKXGġ® ΢VW QH]DPÜVWQDQ¾FK 'R REODVWL UHNYDOLILNDF® YVWRXSLO\ SURVWęHGN\ ] (6) NWHUª VH VWDO\ MHGQ®P ] Y¾]QDPQ¾FK ILQDQÎQ®FK ]GURMį '¢OH VH ]DÎDO\ UHNYDOLILNDFH VRXWÜľLW Y U¢PFL UHľLPX YHęHMQ¾FK ]DN¢]HN FRľ YHGOR NH ]KRUġHQ® NYDOLW\ MHGLQ¾P NULWªULHP MH FHQD DOH WDNª N Y\ġġ® ULJLGLWÜ UHNYDOLILNDF® *UDI XND]XMH ľH SRÎHW UHNYDOLILNRYDQ¾FK NRO®V¢ ] URNX QD URN D QHP¢ URVWRXF® WUHQG WDNľH SHQ®]H ] (6) VS®ġH VXSOXM® VW¢WQ® UR]SRÎHW QHľ DE\ UR]ġ®ęLO\ GRVWXSQRVW UHNYDOLILNDF® 9\KRGQRFRY¢Q® HIHNWLYLW\ UHNYDOLILNDF® VH V\VWHPDWLFN\ QHSURY¢G® Uį]Q® VH YġDN Q¢]RU\ QD WR GR MDNª P®U\ KR O]H NYDQWLWDWLYQÜ SURY¢GÜW , NG\ľ QHMVRX GRVWXSQ¢ GDWD R »VSÜġQRVWL DEVROYHQWį UHNYDOLILNDF® SęHGSRNO¢G¢ VH SR]LWLYQ® HIHNW QD XGUľHQ® SUDFRYQ®FK Q¢Y\Nį 6\VWªP '9 Y Í5 P¢ Y VRXÎDVQª GREÜ GRVWXSQª HIHNWLYQ® Q¢VWURMH D ]¢NODGQ® VWDYHEQ® NDPHQ\ IXQJXM®F®KR V\VWªPX '9 3ęHVWR MVRX NURN\ QHMGįOHľLWÜMġ®FK DNWªUį ]QDÎQÜ QHNRRUGLQRYDQª VSROXSU¢FH VH OHFNG\ PÜQ® Y NRQNXUHQÎQ® ERM 3UR GDOġ® VPÜęRY¢Q® '9 EXGH NO®ÎRYª MDN¾P ]SįVREHP EXGRX Y\XľLW\ ILQDQFH ] (6) Y QRYªP SURJUDPRYªP REGRE® D ]GD VH ]PÜQ® SRVWRM VW¢WX Sę®SDGQÜ UHJLRQ¢OQ®FK DNWªUį YįÎL '9 MDNR FHOª REODVWL 9 VRXÎDVQª VLWXDFL VH MHY® ľH Y¾]QDPQÜMġ®P KU¢ÎHP VH Y REODVWL '9 VWDQH 0369 NWHUª E\ PRKOR VNU]H QRYª SURMHNW\ QDVWDUWRYDW YÜWġ® NRRUGLQDFL VSROXSU¢FH VH ]DPÜVWQDYDWHOL Y]GÜO¢YDF®PL LQVWLWXFHPL DOH WDNª ġLUġ® SRUDGHQVWY® SUR REÎDQ\ 2EÎDQ MDNR DNWªU MDN VH SUR]DW®P MHY® EXGH QDG¢OH Y V\VWªPX '9 VHKU¢YDW VS®ġH SDVLYQ® UROL

5 =YROHQª UHNYDOLƛLNDFH MH PXV® XFKD]HÎ R ]DPÜVWQ¢Q® V¢P XKUDGLW ΢VWND PX MH SURSO¢FHQD ]SÜWQÜ SR »VSÜĢQªP DEVROYRY¢Q® NXU]X D ]NRXĢN\

20

$QDOØ]D VNXSLQ QD WUKX SU¼FH =DPöVWQDQFL 7RP¢ġ .RORPD]Q®N 9 WRPWR Sę®VSÜYNX MH VNXSLQD ]DPÜVWQDQFį Y\PH]HQD MDNR YġHFKQ\ RVRE\ YH YÜNX ѝ OHW ]DPÜVWQDQª Y SUDFRYQ®P SRPÜUX 3ęHVWRľH VH SRήW¢ L V RVREDPL ]DPÜVWQDQ¾PL QD ΢VWHÎQ¾ »YD]HN ] FHONRYªKR SRÎWX ]DPÜVWQDQFį WDWR SRGVNXSLQD WYRę® SRX]H YHOPL PDORX ΢VW 9 URFH ÎLQLO GOH ġHWęHQ® (XURVWDWX SRÎHW RVRE ]DPÜVWQDQ¾FK QD ]NU¢FHQ¾ SUDFRYQ® »YD]HN Y SURGXNWLYQ®P YÜNX ѝ OHW Y Í5 SRX]H ] FHONRYªKR SRÎWX ]DPÜVWQDQFį 9 SRURYQ¢Q® V SUįPÜUHP (8 NWHU¾ E\O Y URFH MH ]ęHMPª ľH Í5 P¢ YH Y\Xľ®Y¢Q® IOH[LELOQ®FK IRUHP SUDFRYQ®FK »YD]Nį Y¾UD]Qª UH]HUY\ 6NXSLQD ]DPÜVWQDQFį MH V SRÎWHP SęHVDKXM®F®P ÎW\ęL PLOLRQ\ RVRE QHMSRÎHWQÜMġ® VNXSLQRX QD WUKX SU¢FH -HMLFK SRÎHW Y¾]QDPQÜ SRNOHVO VH ]D΢WNHP KRVSRG¢ęVNª NUL]H Y URFH QDVWDO SUYQ® Y¾UD]QÜMġ® Q¢UįVW (XURVWDW 1D SRNOHVX SRÎWX ]DPÜVWQDQFį VH SURMHYLO\ L GHPRJUDILFNª ]PÜQ\ ѝ OLG® YVWXSXM®F®FK GR SURGXNWLYQ®KR YÜNX SRVWXSQÜ XE¾YDOR ]DW®PFR OLG® RGFK¢]HM®F®FK GR GįFKRGX SęLE¾YDOR 2G URNX QDY®F GRFK¢]® WªPÜę QHSęHWUľLWÜ N SęHFKRGX ΢VWL ]DPÜVWQDQª SRSXODFH QD VDPRVWDWQÜ Y¾GÜOHÎQRX ÎLQQRVW -DN MH YLGÜW ] WDEXON\ RG URNX VH SRG®O ]DPÜVWQDQ¾FK RVRE YH YÜNX ѝ OHW DQL VWUXNWXUD WªWR VNXSLQ\ GOH SRKODY® QLMDN Y¾UD]QÜ QHPÜQLO\ 1D GUXKRX VWUDQX VH SRPÜUQÜ ]¢VDGQÜ SURPÜQLOD Y]GÜODQRVWQ® VWUXNWXUD QHMY¾]QDPQÜML Y NRQWLQX¢OQ®P Q¢UįVWX Y\VRNRġNROVN\ 21

Y]GÜODQ¾FK ]DPÜVWQDQFį =DW®PFR Y URFH E\O SRG®O Y\VRNRġNROVN\ Y]GÜODQ¾FK ]DPÜVWQDQFį SRX]H Y URFH WR E\OR MLľ 7DEXOND ʌ 9¾YRM SRÎWX D VWUXNWXU\ ]DPÜVWQDQ¾FK RVRE Y Í5

3RÎHW YH YÜNX WLV

3RG®O QD SRSXODFL ѝ

0XľL

ĽHQ\

=Ġ

6Ġ

9Ġ

3RKODY®

9]GÜO¢Q®

=GURM Í6 9Ġ36

'DOġ® Y]GÜO¢Y¢Q® YH ILUP¢FK SURġOR RG OHW Y¾UD]Q¾PL ]PÜQDPL 'ę®YH VL MHGQRWOLYª ILUP\ VYª ]DPÜVWQDQFH Y]GÜO¢YDO\ VS®ġH LQWHUQÜ V Sę®FKRGHP WUľQ®KR V\VWªPX D Y]QLNX YÜWġ®KR SRÎWX Y]GÜO¢YDF®FK LQVWLWXF® VH SRVWXSQÜ ]DÎDO\ Y®FH Y\Xľ®YDW VOXľE\ H[WHUQ®FK Y]GÜODYDWHOį 7DNª SUįQLN QDGQ¢URGQ®FK VSROHÎQRVW® QD ÎHVN¾ WUK SęLQHVO GR REODVWL '9 ]DPÜVWQDQFį QRYª ]SįVRE\ RUJDQL]DFH 'OH PH]LQ¢URGQ®KR Y¾]NXPX &976 Í6 D

E\OR Y URFH NXU]į YH ILUP¢FK ]DMLġĥRY¢QR LQWHUQ®P ]SįVREHP GR URNX WHQWR SRG®O NOHVO QD 'OH Y¾]NXPX .RRSHUDFH MH YġDN SęHVWR QHMÎDVWÜMġ®P ]SįVREHP RUJDQL]DFH '9 YH ILUP¢FK LQWHUQ® ]DMLġĥRY¢Q® 9®FH QHľ SRORYLQD ]DPÜVWQDYDWHOį XYHGOD ľH Y MHMLFK VSROHÎQRVWL VH LQWHUQÜ RUJDQL]XM® SUH]HQWDFH SęHGQ¢ġN\ D ġNROHQ® 6OXľE\ H[WHUQ®FK Y]GÜO¢YDF®FK DJHQWXU SDN Y\Xľ®Y¢ ]KUXED WęHWLQD ]DPÜVWQDYDWHOį /]H WHG\ SęHGSRNO¢GDW ľH SęHFKRG N H[WHUQ®PX ]DMLġĥRY¢Q® '9 YH ILUP¢FK MH SODWQ¾ SRX]H X Y]GÜO¢YDF®FK NXU]į QLNROLY X RVWDWQ®FK IRUHP '9 2GSRYÜGL QD RW¢]NX NGH ]DPÜVWQDQFL KOHGDM® LQIRUPDFH R PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q® ]REUD]XMH JUDI 1HMÎDVWÜMġ® RGSRYÜG® QD WXWR RW¢]NX E\OR ѥQD LQWHUQHWRY¾FK SRUW¢OHFKѣ NWHUª N WRPXWR »ÎHOX Y\Xľ®Y¢ WªPÜę SRORYLQD GRW¢]DQ¾FK 9\Xľ®Y¢Q® WRKRWR LQIRUPDÎQ®KR ]GURMH MH Y¾]QDPQÜ SRGP®QÜQR Y¾ġ® GRVDľHQªKR Y]GÜO¢Q® =DW®PFR PH]L UHVSRQ GHQW\ VH ]¢NODGQ®P Y]GÜO¢Q®P D Y¾XÎQ®P OLVWHP Y\Xľ®Y¢ LQWHUQHW NH KOHG¢Q® LQIRUPDF® R PRľQRVWHFK '9 ]KUXED X VWęHGRġNROVN\ Y]GÜODQ¾FK MH WR D X Y\VRNRġNROVN\ Y]GÜODQ¾FK GRNRQFH 7DNª X ]DPÜVWQDYDWHOH VH REY\NOH ÎDVWÜML LQIRUPXM® ]DPÜVWQDQFL V Y\ġġ®P IRUP¢OQ®P Y]GÜO¢Q®P PH]L WÜPL VH ]¢NODGQ®P Y]GÜO¢Q®P D Y¾XÎQ®P OLVWHP WXWR PRľQRVW Y\Xľ®Y¢ NROHP VWęHGRġNROVN\ Y]GÜODQ¾FK D ]DPÜVWQDQFį V Y\VRNRġNROVN¾P Y]GÜO¢Q®P 'DOġ®PL QHMÎDVWÜML XY¢GÜQ¾PL ]GURML LQIRUPDF® R '9 E\O\ SUR ]DPÜVWQDQFH Sę¢WHOª D ]Q¢P® WLġWÜQª LQ]HU¢W\ VRFL¢OQ® V®WÜ D ]HMPªQD SUR W\ V QLľġ®P IRUP¢OQ®P Y]GÜO¢Q®P WDNª ęDG SU¢FH =D ]P®QNX WDNª VWRM® ľH GRW¢]DQ¾FK 22

]DPÜVWQDQFį VH R PRľQRVWHFK '9 QHLQIRUPXMH YįEHF 0H]L UHVSRQGHQW\ V Y¾XÎQ®P OLVWHP E\OD WDWR RGSRYÜÐ XYHGHQD Y FHOª ÎWYUWLQÜ Sę®SDGį *UDI ʌ =SįVRE\ KOHG¢Q® LQIRUPDF® R '9

3R]Q¢PND 8 WªWR RW¢]N\ PÜOL UHVSRQGHQWL Y\EUDW YġHFKQ\ PRľQRVWL NWHUª VH MLFK W¾NDM® 2GSRYÜGL V ÎHWQRVW® PHQġ® QHľ QHMVRX Y JUDIX ]REUD]HQ\ =GURM 9¾]NXP .RRSHUDFH .GH KOHG¢WH LQIRUPDFH R PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q®"

3ęHVWRľH GHNODURYDQ¢ RVREQ® DNWLYLWD SęL Y\KOHG¢Y¢Q® LQIRUPDF® R '9 E\OD SRPÜUQÜ Y\VRN¢ SęL Y\KOHG¢Y¢Q® NRQNUªWQ®KR DEVROYRYDQªKR Y]GÜO¢Y¢Q® E\OD DNWLYLWD ]DPÜVWQDQFį Y¾UD]QÜ PHQġ® 1HMÎDVWÜML DEVROYRYDQª '9 ]DPÜVWQDQFL QDE®GO MHKR ]DPÜVWQDYDWHO 9ODVWQ® LQLFLDWLYX SęL Y\KOHG¢Y¢Q® '9 ]DPÜVWQDQFL QHMY®FH SURMHYRYDOL X Y]GÜO¢YDF®FK NXU]į L W\ MLP YġDN ÎDVWÜML E\O\ QDE®]HQ\ ]DPÜVWQDYDWHOHP ęDG SU¢FH E\O MDNR ]SURVWęHGNRYDWHO XY¢GÜQ SRX]H X UHNYDOLILNDF® X MLQ¾FK IRUHP '9 Y UROL SURVWęHGQ®ND Dľ QD GUREQª Y¾MLPN\ QHILJXURYDO *UDI ʌ =SįVRE Y\KOHG¢Q® QDSRVOHG\ DEVROYRYDQ¾FK Y]GÜO¢YDF®FK DNWLYLW

=GURM 9¾]NXP .RRSHUDFH 8YHGO D MVWH ľH MVWH VH QÜNG\ ]»ÎDVWQLO D MHGQRWOLYª IRUP\ '9 -DN MVWH VH R WªWR PRľQRVWL GR]YÜGÜO D"

23

3RNXG SRPLQHPH ġLURFH UR]ġ®ęHQª IRUP\ Y]GÜO¢Y¢Q® MDNR MH ÎWHQ® RGERUQª OLWHUDWXU\ NWHUª Y SRVOHGQ®P URFH DOHVSRĉ MHGQRX XVNXWHÎQLOR ]DPÜVWQDQFį QHMÎDVWÜML DEVROYRYDQRX IRUPRX GDOġ®KR Y]GÜO¢Y¢Q® E\O\ PH]L ]DPÜVWQDQFL NXU]\ NWHU¾FK VH Y SRVOHGQ®P URFH »ÎDVWQLOR 1¢VOHGXM® MH Y]GÜO¢YDF® ZRUNVKRS\ D VHPLQ¢ęH V VW¢ľH YH ILUP¢FK V D UHNYDOLILNDFH D ]DKUDQLÎQ® VW¢ľH NWHU¾FK VH Y SRVOHGQ®P URFH »ÎDVWQLOR PªQÜ QHľ ]DPÜVWQDQFį *UDI ʌ =NXġHQRVW ]DPÜVWQDQFį V Uį]Q¾PL IRUPDPL GDOġ®KR Y]GÜO¢Y¢Q®

3R]Q¢PND 5HVSRQGHQWL SęL Y¾EÜUX VSU¢YQª RGSRYÜGL QHEUDOL Y SRWD] ġNROHQ® R EH]SHÎQRVWL SU¢FH D SRľ¢UQ® RFKUDQÜ NWHU¢ VWDQRYXMH ]¢NRQ =GURM 9¾]NXP .RRSHUDFH -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®"

9¾VOHGN\ Y¾]NXPX .RRSHUDFH XND]XM® ľH UHNYDOLILNDFH MVRX SRPÜUQÜ VSHFLILFN¾P Q¢VWURMHP Y\Xľ®YDQ¾P VS®ġH PªQÜ Y]GÜODQ¾PL ]DPÜVWQDQFL ÎDVWR WDNª Y NRPELQDFL V QLľġ®P Sę®MPHP 9 WRPWR RKOHGX VH UHNYDOLILNDFH Y¾UD]QÜ OLġ® RG RVWDWQ®FK IRUHP '9 NWHUª MVRX ]SUDYLGOD ÎDVWÜML Y\Xľ®YDQª ]DPÜVWQDQFL V Y\ġġ®P GRVDľHQ¾P Y]GÜO¢Q®P 6URYQ¢Q® »ÎDVWL QD UHNYDOLILNDF®FK D Y]GÜO¢YDF®FK NXU]HFK GOH GRVDľHQªKR Y]GÜO¢Q® QDE®]® JUDI

24

6 9H Y¾]NXPX .RRSHUDFH E\OD ]MLĢĦRY¢QD ]YO¢ĢĦ »ÎDVW QD Y]GÜO¢YDF®FK NXU]HFK D RQ OLQH NXU]HFK 8Y¢GÜQ¾FK MH NXPXORYDQ¢ »ÎDVW RERX WÜFKWR IRUHP %ÜĿQ¾FK Y]GÜO¢YDF®FK NXU]İ VH Y SRVOHGQ®P URFH »ÎDVWQLOR ]DPÜVWQDQFİ RQ OLQH NXU]İ ]KUXED

*UDI ʌ ÎDVW ]DPÜVWQDQFį QD UHNYDOLILNDF®FK D Y]GÜO¢YDF®FK NXU]HFK Y SRVOHGQ®FK PÜV®F®FK GOH GRVDľHQªKR Y]GÜO¢Q®

=GURM 9¾]NXP .RRSHUDFH -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 3R]Q¢PND 9]GÜO¢YDF®PL NXU]\ Y WRPWR Sę®SDGÜ QHMVRX P\ġOHQ\ RQ OLQH DGPLQLVWURYDQª NXU]\ NWHUª E\O\ ]MLġĥRY¢Q\ VDPRVWDWQÜ

3UR P®UX »ÎDVWL QD GDOġ®P Y]GÜO¢Y¢Q® MH ]¢VDGQ® DNWLYLWD ]DPÜVWQDYDWHOH NWHU¾ L GOH VDPRWQ¾FK ]DPÜVWQDQFį Y]GÜO¢YDF® DNWLYLW\ QHMÎDVWÜML KUDG® JUDI ]¢URYHĉ ÎDVWR ILJXUXMH MDNR Y¾]QDPQ¾ ]GURM LQIRUPDF® R PRľQRVWHFK '9 D Y QHSRVOHGQ® ęDGÜ Y\WY¢ę® ILUHPQ® NXOWXUX NWHU¢ MH GDOġ®PX Y]GÜO¢Y¢Q® Y®FH QHER PªQÜ QDNORQÜQD *UDI ʌ =SįVRE »KUDG\ GDOġ®KR Y]GÜO¢Y¢Q®

=GURM 9¾]NXP .RRSHUDFH -DN¾P ]SįVREHP VL KUDG®WH GDOġ® Y]GÜO¢Y¢Q®" .GR SODW® Y]GÜO¢Y¢Q® ]DPÜVWQDQFį YH 9Dġ® VSROHÎQRVWL" 3R]Q¢PND 5HVSRQGHQWL PÜOL ]DġNUWQRXW YġHFKQ\ PRľQRVWL NWHUª SUR QÜ Y MHMLFK VSROHÎQRVWL SODW®

25

7DEXOND XND]XMH MDN¾ SRG®O ]DPÜVWQDYDWHOį YH VYª VSROHÎQRVWL DOHVSRĉ REÎDV Y\Xľ®Y¢ MHGQRWOLYª IRUP\ '9 3URWRľH ] KOHGLVND ]SįVREX RUJDQL]DFH Y]GÜO¢Y¢Q® VH YH Y¾]NXPX .RRSHUDFH REMHYLO\ Y¾]QDPQª UR]G®O\ ]HMPªQD V RKOHGHP QD W\S VXEMHNWX D MHKR YHOLNRVW SęHVQÜML SRÎHW ]DPÜVWQDQFį QDE®]® WDEXOND WDNª VURYQ¢Q® VXEMHNWį ] YHęHMQªKR D VRX NURPªKR VHNWRUX D Uį]Qª YHOLNRVWL 9¾VOHGN\ ġHWęHQ® PH]L ]DPÜVWQDYDWHOL XND]XM® ľH IRUPRX '9 V Q®ľ P¢ ]NXġHQRVW QHMYÜWġ® SRG®O ]DPÜVWQDYDWHOį MVRX Y]GÜO¢YDF® NXU]\ 1DRSDN QHMPªQÜ REY\NOª MVRX NXU]\ ]DMLġĥRYDQª RQ OLQH 7DEXOND 9\Xľ®Y¢Q® Uį]Q¾FK IRUHP GDOġ®KR Y]GÜO¢Y¢Q® YH VSROHÎQRVWHFK

Zaměstnavatel

Kurzy

Rekvalifikace

Semináře, workshopy

Stáže

On-line kurzy

Soukromý subjekt (n = 432)

55 %

29 %

48 %

27 %

16 %

Veřejný (státní) subjekt (n = 76)

86 %

33 %

68 %

43 %

25 %

6–49 zaměstnanců (n = 404)

54 %

26 %

46 %

24 %

14 %

50 a více zaměstnanců (n = 104)

81 %

45 %

74 %

48 %

30 %

Zaměstnavatelé celkem (n = 508)

60 %

30 %

51 %

29 %

17 %

=GURM 9¾]NXP .RRSHUDFH -DNª P¢WH YH 9Dġ® VSROHÎQRVWL ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q® ]DPÜVWQDQFį"

'įYRGį NH Y]GÜO¢Y¢Q® Y GRVSÜORVWL MH FHO¢ ęDGD ]DPÜVWQDQFH YġDN ÎDVWR PRWLYXM® ]FHOD RGOLġQª GįYRG\ QHľ RVWDWQ® QH]DPÜVWQDQª D HNRQRPLFN\ QHDNWLYQ® VNXSLQ\ QD WUKX SU¢FH 6SHFLILFN\ SUR ]DPÜVWQDQFH QHMÎDVWÜML VRXYLV® V MHGQRX ]H GYRX REODVW® MHGQDN MVRX WR YQLWęQ® SRKQXWN\ Y\FK¢]HM®F® ] DPELFL´]QRVWL RULHQWDFH QD NDULªUX Y GUXKªP Sę®SDGÜ WR MVRX GįYRG\ Y\FK¢]HM®F® ] RKURľHQ® MHMLFK SUDFRYQ®KR P®VWD REDY ] MHKR ]WU¢W\ 'RQDWK %XUVRQ 0DUVWHOOHU 9¾]QDPQª ]DVWRXSHQ® PRWLYDF® RULHQWRYDQ¾FK Sę®PR QD Y¾NRQ SU¢FH D XGUľHQ® SUDFRYQ® SR]LFH SRWYU]XM® WDNª Y¾VOHGN\ Y¾]NXPX .RRSHUDFH NGH ]KUXED SRORYLQD GRW¢]DQ¾FK XYHGOD SRWęHEX Y]GÜO¢YDW VH DE\ PRKOL UįVW Y SU¢FL D P®W Y Q® OHSġ® SRGP®QN\ 3RGOH ÎWYUWLQ\ ]DPÜVWQDQFį SęLVX]XM® ]DPÜVWQDYDWHOª YHOLNRX GįOHľLWRVW '9 XFKD]HÎH SęL UR]KRGRY¢Q® R MHKR ]DPÜVWQ¢Q® VL P\VO® ľH ]DPÜVWQDYDWHOª VL Yġ®PDM® NG\ľ VH MHMLFK ]DPÜVWQDQFL Y]GÜO¢YDM® 9 REHFQÜMġ® URYLQÜ SRYDľXM® GYÜ WęHWLQ\ GRW¢]DQ¾FK '9 ]D SURVWęHGHN NWHU¾ ]OHSġXMH MHMLFK PRľQRVWL QD WUKX SU¢FH =D SR]RUQRVW VWRM® WDNª PRWLYDFH ]DPÜVWQDQFį SUR QÜľ MH Y]GÜO¢Y¢Q® QXWQRVW® SURWRľH E\ U¢GL ]PÜQLOL RERU 'OH RGERUQ®Nį ] SUDFRYQ® VNXSLQ\ MH ÎDVW¾P SUREOªPHP Y '9 ]DPÜVWQDQFį MHMLFK QHGRVWDWHÎQ¢ YQLWęQ® PRWLYDFH PQRKG\ ]DVW¢YDM® Q¢]RU ľH MHMLFK NYDOLILNDFH MH GRVWDWHÎQ¢ D QHQ® ML WęHED GRSOĉRYDW 'OH Y¾]NXPX .RRSHUDFH YQLWęQ® PRWLYDFL NH Y]GÜO¢Y¢Q® PÜęHQRX VRXKODVHP V Y¾URNHP ѥSRYDľXML ]D GįOHľLWª Y]GÜO¢YDW VH QDG U¢PHF ġNROQ®KR Y]GÜO¢Q®ѣ SRFLĥXMH QHFHO¢ SRORYLQD GRW¢]DQ¾FK SęLÎHPľ ÎDVWÜML ML XY¢GÜO\ ľHQ\ D UHVSRQGHQWL 26

V Y\ġġ®P GRVDľHQ¾P Y]GÜO¢Q®P 9¾MLPNRX E\OL DEVROYHQWL RERUį V Y¾XÎQ®P OLVWHP X QLFKľ E\OD W®PWR ]SįVREHP YQLWęQ® PRWLYDFH GHNODURY¢QD QHMPªQÜ ÎDVWR 3U¢YÜ QHGRVWDWHÎQ¢ YQLWęQ® PRWLYDFH VNHSVH YįÎL Sę®QRVX Y]GÜO¢Y¢Q® Y GRVSÜORVWL PįľH E¾W ODWHQWQ® Sę®ÎLQRX QHMÎDVWÜML XY¢GÜQ¾FK GįYRGį SURÎ VH Y VRXÎDVQª GREÜ ]DPÜVWQDQFL QHY]GÜO¢YDM® YL] JUDI

*UDI ʌ 'įYRG\ SURÎ VH ]DPÜVWQDQHF Y VRXÎDVQª GREÜ QHY]GÜO¢Y¢ 'ƌĂĨ ϲ͗ ƽǀŽĚLJ͕ ƉƌŽē ƐĞ njĂŵĢƐƚŶĂŶĞĐ ǀ ƐŽƵēĂƐŶĠ ĚŽďĢ ŶĞǀnjĚĢůĄǀĄ

WƌŽ ƐǀŽũŝ ƉƌĄĐŝ ƚŽ ŶĞƉŽƚƎĞďƵũŝ

ϰϯ й

EĞŵĄŵ ŶĂ ƚŽ ēĂƐ

ϯϯ й

EĞnjďljǀĂũş ŶĂ ƚŽ ĨŝŶĂŶĐĞ

ϯϬ й

EĞŵĄŵ ǎĄĚŶĠ ƉůĄŶLJ͕ ƉƌŽ ŬƚĞƌĠ ďLJĐŚ ƚŽ ƉŽƚƎĞďŽǀĂůͬĂ

Ϯϯ й

DĄŵ ĚŽƐƚĂƚĞēŶŽƵ ƉƌĂdžŝ͕ ƚĂ ũĞ ĚƽůĞǎŝƚĢũƓş ŶĞǎ ǀnjĚĢůĄŶş

ϭϴ й

DƵƐĞůͬĂ ďLJĐŚ njĂ ǀnjĚĢůĄǀĄŶşŵ ĚŽũşǎĚĢƚ

ϭϯ й

DĄŵ ĚŽƐƚĂƚĞēŶĠ ǀnjĚĢůĄŶş

ϭϯ й

:Ğ ƚŽ njďLJƚĞēŶĠ͕ ƐƚĞũŶĢ ƐĞ ƉĂŬ ŶĞďƵĚƵ ŵşƚ ůĠƉĞ

ϵ й

EĞďĂǀş ŵĢ ƚŽ

ϳ й

:ŝŶlj ĚƽǀŽĚ

ϳ й

EĞŵĄŵ ƌĄĚͬĂ ƓŬŽůŶş ƉƌŽƐƚƎĞĚş

ϳ й

snjĚĢůĄǀĄŶş ŶĞŶş ƉƌŽ ůŝĚŝ ŵĠŚŽ ǀĢŬƵ

ϲ й Ϭ й

ϭϬ й

ϮϬ й

ϯϬ й

ϰϬ й

ϱϬ й

ĚƌŽũ͗ sljnjŬƵŵ <ŽŽƉĞƌĂĐĞ ϮϬϭϱ͖ :ĂŬĠ ũƐŽƵ sĂƓĞ ĚƽǀŽĚLJ͕ ǎĞ ƐĞ ǀ ƐŽƵēĂƐŶĠ ĚŽďĢ ŶĞǀĢŶƵũĞƚĞ ǎĄĚŶĠŵƵ ĚĂůƓşŵƵ ǀnjĚĢůĄǀĄŶş͍

WŽnjŶĄŵŬĂ͗ ƌĞƐƉŽŶĚĞŶƚŝ ŵĢůŝ njĂƓŬƌƚŶŽƵƚ ǀƓĞĐŚŶLJ ŵŽǎŶŽƐƚŝ͕ ŬƚĞƌĠ ƉƌŽ ŶĢ ƉůĂƚş͘ KĚƉŽǀşĚĂůŝ ƉŽƵnjĞ ƚŝ͕ ŬƚĞƎş ƐĞ ǀ ƉŽƐůĞĚŶşŵ =GURM 9¾]NXP .RRSHUDFH -DNª MVRX 9DġH GįYRG\ ľH VH Y VRXÎDVQª GREÜ QHYÜQXMHWH ľ¢GQªPX GDOġ®PX ƌŽĐĞ ŶĞǀĢŶŽǀĂůŝ ǎĄĚŶĠ njĞ njũŝƓƛŽǀĂŶljĐŚ ĨŽƌĞŵ s͘ <ĂƚĞŐŽƌŝĞ Ɛ ēĞƚŶŽƐƚş ŶŝǎƓş ŶĞǎ ϱ й ŶĞũƐŽƵ ǀ ŐƌĂĨƵ njŽďƌĂnjĞŶLJ͘ Y]GÜO¢Y¢Q®" 3R]Q¢PND 5HVSRQGHQWL PÜOL ]DġNUWQRXW YġHFKQ\ PRľQRVWL NWHUª SUR QÜ SODW® 2GSRY®GDOL SRX]H WL NWHę® VH Y SRVOHGQ®P URFH QHYÜQRYDOL ľ¢GQª ]H ]MLġĥRYDQ¾FK IRUHP '9 .DWHJRULH V ÎHWQRVW® QLľġ® QHľ QHMVRX Y JUDIX ]REUD]HQ\

9QÜMġ®FK EDULªU Y '9 ]DPÜVWQDQFį MH FHO¢ ęDGD 6DPRWQ¢ »ÎDVW ]DPÜVWQDQFį Y '9 MH Y¾]QDPQÜ RYOLYQÜQD SęHGHYġ®P W®P ]GD '9 MH ÎL QHQ® SRVN\WRY¢QR ]DPÜVWQDYDWHOHP = ġHWęHQ® Í6 D Y\SO¾Y¢ ľH QHMQLľġ® SRGSRUD '9 MH Y PDO¾FK SRGQLF®FK V PªQÜ QHľ ]DPÜVWQDQFL D WR ]HMPªQD Y RGYÜWY®FK Y¾URE\ WH[WLOL® D RGÜYį Y XE\WRY¢Q® VWUD YRY¢Q® D SRKRVWLQVWY® 2 WRP ľH Y]GÜO¢Y¢Q® Y PDO¾FK SRGQLF®FK MH VS®ġH ę®GN¾P MHYHP MVRX SęHVYÜGÎHQ\ WDNª Y]GÜO¢YDF® RUJDQL]DFH $,9' SęLÎHPľ Q®]N¢ DQJDľRYDQRVW PDO¾FK ILUHP MH SęLSLVRY¢QD Y\VRN¾P Q¢NODGįP MDN QD '9 VDPRWQª WDN L QD Y¾SDGHN ]DPÜVWQDQFRY\ SU¢FH SR GREX Y]GÜO¢Y¢Q® 'RQDWK %XUVRQ 0DUVWHOOHU 0HQġ® ]DPÜVWQDYDWHOª WDN ÎDVWÜML QHSRYDľXM® Y]GÜO¢Y¢Q® VY¾FK ]DPÜVWQDQFį ]D Y¾KRGQRX LQYHV WLFL 36

0H]L YQÜMġ® EDULªU\ Y]GÜO¢Y¢Q® ]DPÜVWQDQFį SDWę® Wªľ QH]QDORVW SRWęHE MHGQRWOLY¾FK RUJDQL ]DF® 9\KRGQRFRY¢Q® »ÎLQQRVWL Y]GÜO¢YDF®FK DNWLYLW Q¢UįVWX SURGXNWLYLW\ ]DPÜVWQDQFį SR 27

MHMLFK DEVROYRY¢Q® D ]MLġĥRY¢Q® SRWęHE Y REODVWL NRPSHWHQF® MVRX Y SUD[L VS®ġH Y¾MLPNDPL 3RGOH Y¾]NXPX &976 Y URFH ]DPÜVWQDYDWHOį ľ¢GQ¾P ]SįVREHP QH]MLġĥRYDOR Y]GÜO¢YDF® SRWęHE\ VY¾FK VSROHÎQRVW® 9 SRORYLQÜ VSROHÎQRVW® NGH Y]GÜO¢YDF® SRWęHE\ ]MLġĥRY¢Q\ E\O\ N WRPXWR »ÎHOX VORXľLO\ SRX]H VWUXNWXURYDQª UR]KRYRU\ VH ]DPÜVWQDQFL 9ÜWġLQD ]DPÜVWQDYDWHOį QDY®F X ľ¢GQª Y]GÜO¢YDF® DNWLYLW\ QLMDN QH]MLġĥRYDOD NYDOLWX SRVN\WRYDQªKR Y]GÜO¢Y¢Q® D VSRNRMLOD VH SRX]H V SRWYU]HQ¾P GRNODGHP R »ÎDVWL Í6 D 3ęHVWRľH MVRX Y¾VOHGN\ Y]GÜO¢Y¢Q® REW®ľQÜ NYDQWLILNRYDWHOQª MHGQ®P ] PRľQ¾FK ęHġHQ® WRKRWR SUREOªPX MH QDVWDYHQ® YKRGQªKR NRPSHWHQÎQ®KR PRGHOX 36 'OH VDPRWQ¾FK ]DPÜVWQDYDWHOį MH PÜęHQ® HIHNWX ġNROHQ® PRľQª SRX]H QÜNG\ D WR REY\NOH QDSę GªONRX VHUYLVQ®KR »NRQX SęHG D SR ġNROHQ® DQHER SRÎWHP SURGDQ¾FK SURGXNWį 9 PQRKD RERUHFK YġDN QHQ® PRľQª MHMLFK HIHNW PÜęLW YįEHF ]DPÜVWQDYDWHO WHG\ SRX]H YÜę® ľH SRVN\WRYDQª ġNROHQ® P¢ SR]LWLYQ® YOLY Y¾]NXP .RRSHUDFH 2 REVDKRYª Q¢SOQL '9 GOH Y¾]NXPX .RRSHUDFH QHMÎDVWÜML UR]KRGXM® VDPRWQ® ]DPÜVWQDYDWHOª Sę®SDGQÜ RGSRYÜGQ¢ RGGÜOHQ® = JUDIX MH ]¢URYHĉ SDWUQª ľH REY\NOH VH WDN GÜMH EH] NRQ]XOWDFH VH ]DPÜVWQDQFL QD MHMLFKľ PRWLYDFL DEVROYRYDW QDE®]HQª Y]GÜO¢YDF® DNWLYLW\ WRWR PįľH P®W QHJDWLYQ® GRSDG\ *UDI ʌ 7YRUED REVDKRYª Q¢SOQÜ Y]GÜO¢Y¢Q® YH ILUP¢FK

=GURM 9¾]NXP .RRSHUDFH .GR MH YH 9Dġ® VSROHÎQRVWL ]RGSRYÜGQ¾ ]D REVDKRYRX Q¢SOĉ Y]GÜO¢Y¢Q®" 3R]Q¢PND 5HVSRQGHQWL PÜOL ]DġNUWQRXW YġHFKQ\ PRľQRVWL NWHUª SUR QÜ SODW®

1D GDOġ® Y]GÜO¢Y¢Q® ]DPÜVWQDQFį P¢ ]¢VDGQ® YOLY SRGSRUD ]DPÜVWQDYDWHOį 7L Y]GÜO¢Y¢Q® ]DPÜVWQDQFį QHMÎDVWÜML ]SURVWęHGNRY¢YDM® D KUDG® QHMÎDVWÜML UR]KRGXM® R MHKR Q¢SOQL D Y\WY¢ęHM® ILUHPQ® NXOWXUX GDOġ®PX Y]GÜO¢Y¢Q® Y®FH QHER PªQÜ QDNORQÜQRX D UR]KRGXM® R WRP MDN¾P ]SįVREHP EXGH '9 Y MHMLFK VSROHÎQRVWL RUJDQL]RY¢QR ]GD D Sę®SDGQÜ Y MDNª P®ęH SįMGRX ]DMLġĥRYDQª Y]GÜO¢YDF® DNWLYLW\ QDG U¢PHF ]H ]¢NRQD SRYLQQªKR Y]GÜO¢Y¢Q® 6DPRWQ® ]DPÜVWQDQFL GR YHONª P®U\ VSROªKDM® QD DNWLYLWX NWHURX Y REODVWL '9 Y\Y®MHM® MHMLFK ]DPÜVWQDYDWHOª VDPL QHMVRX Sę®OLġ RFKRWQ® VL Y]GÜO¢Y¢Q® Y\KOHG¢YDW ILQDQFRYDW KR D QÜNG\ DQL DEVROYRYDW YH VYªP YROQªP ÎDVH PLPR SUDFRYQ® GREX =HMPªQD X ]DPÜVWQDQFį V QLľġ®P GRVDľHQ¾P Y]GÜO¢Q®P E¾Y¢ FHONRYÜ Q®]N¢ YQLWęQ® PRWLYDFH Y¾]QDPQRX EDULªURX QD MHM®ľ RGERXU¢Y¢Q® MH WęHED VH VRXVWęHGLW 9]KOHGHP N UR]VDKX YOLYX MDN¾ QD GDQRX REODVW PDM® ]DPÜVWQDYDWHOª QHQ® PRľQª SęL UHDOL]DFL SRGSįUQ¾FK RSDWęHQ®FK 28

Y\QHFK¢YDW DQL MH 1HMHQ Y¾VOHGN\ Y¾]NXPX .RRSHUDFH XND]XM® ]HMPªQD Y REODVWL VWUDWHJLFNªKR SO¢QRY¢Q® '9 ]MLġĥRY¢Q® Y]GÜO¢YDF®FK SRWęHE D Y\KRGQRFRY¢Q® HIHNWLYLW\ DEVROYRYDQ¾FK Y]GÜO¢YDF®FK DNWLYLW YHONª UH]HUY\ NWHUª ]DVOXKXM® YÜWġ® SR]RUQRVW QHMHQ ]DPÜVWQDYDWHOį D MHMLFK ]DPÜVWQDQFį DOH WDNª RVWDWQ®FK DNWªUį WYįUFį SROLWLN QDYUKRYDWHOį D UHDOL]¢WRUį SRGSįUQ¾FK RSDWęHQ® ÎL SURMHNWį

29

2VRE\ PODGwÈ OHW .O¢UD 3RWRÎNRY¢ /LGª YH YÜNX GR OHW SDWę® PH]L W\ NWHU¾P MH Y]KOHGHP N SRVWDYHQ® QD WUKX SU¢FH YÜQRY¢QD ]QDÎQ¢ SR]RUQRVW 3URMHNW .RRSHUDFH VH URYQÜľ QD VNXSLQX ]DPÜęLO D WR NRQNUªWQÜ QD MHM® SR]LFL QD WUKX SU¢FH Y VRXYLVORVWL V SRVWRML ]NXġHQRVWPL D PRľQRVWPL PODG¾FK OLG® QD SROL GDOġ®KR Y]GÜO¢Y¢Q® 9 SURMHNWX .RRSHUDFH E\OD F®ORY¢ VNXSLQD GHILQRY¢QD MHGQRGXġH ѝ MDNR RVRE\ GR OHW NWHUª QHVWXGXM® 7HQWR WH[W VH ]DPÜęXMH QD QH]DPÜVWQDQRX ΢VW VNXSLQ\ 3ęHV XYHGHQRX VSROHÎQRX FKDUDNWHULVWLNX MH F®ORY¢ VNXSLQD Xľ ] SRGVWDW\ GHILQLFH SRPÜUQÜ KHWHURJHQQ® OLġ® VH ]HMPªQD SRGOH Y¾ġH Y]GÜO¢Q® D SRGOH YODVWQ®FK HNRQRPLFN¾FK SRVWRMį 9¾ġH Y]GÜO¢Q® MH VSHFLILNHP NWHUª Y WªWR VNXSLQÜ Y®FH QHľ Y MLQ¾FK IRUPXMH VRFL¢OQ® RNUXK OLG® NWHU¾ NURPÜ MLQªKR Y\Xľ®Y¢ PODG¾ ÎORYÜN NH KOHG¢Q® ]DPÜVWQ¢Q® 9]KOHGHP N YÜNRYªPX RKUDQLÎHQ® VNXSLQ\ KRYRę®PH SRX]H R Y¾VHNX »URYQ® Y]GÜO¢Q® DEVROYHQWL Y\VRN¾FK ġNRO GR Q® VSDGDM® SRX]H Y PDOª P®ęH Y\VRNRġNRO¢FL VWXGLXP YÜWġLQRX GRNRQÎXM® Dľ SR GRYUġHQ® OHW YÜNX (NRQRPLFNª SRVWRMH D Y]WDK N ]DPÜVWQ¢Q® VH Y WªWR VNXSLQÜ WDNª OLġ® Y®FH QHľ X VWDUġ®FK MHGLQFį -GH ]HMPªQD R ]¢NODGQ® UR]KRGQXW® MHVWOL PODG® OLGª SUDFRYDW FKWÜM® SRWęHEXM® ÎL ] Uį]Q¾FK GįYRGį ]DPÜVWQ¢Q® ]DW®P RGP®WDM® 1LFPªQÜ QH]DPÜVWQDQ® PODG® OLGª YH YÜWġLQRYª P®ęH GHNODUXM® ľH VL SU¢FL KOHGDM® 7\SLFNRX FKDUDNWHULVWLNRX ]NRXPDQª VNXSLQ\ NWHU¢ VH SURP®W¢ GR PQRKD REODVW® YÎHWQÜ SRVWRMH N GDOġ®PX Y]GÜO¢Y¢Q® MH P®UD SUDFRYQ®FK ]NXġHQRVW® UHVS QHGRVWDWHÎQ¢ ÎL ľ¢GQ¢ SUDFRYQ® SUD[H $EVHQFL MDNªNROL SUD[H GHNODUXMH PH]L PODG¾PL OLGPL GR OHW Y®FH QHľ 30

SRORYLQD RVORYHQ¾FK .RRSHUDFH 0®UD SUDFRYQ®FK ]NXġHQRVW® MH G¢QD YÜNHP D YÜWġLQRX SRPÜUQÜ QHG¢YQ¾P YVWXSHP QD WUK SU¢FH NWHU¾ WDN UH¢OQÜ ]SįVREXMH ġSDWQRX SR]LFL $EVHQF® SUD[H VH WRWLľ DEVROYHQWL GRVW¢YDM® GR ]DÎDURYDQªKR NUXKX EH] Q® KįęH KOHGDM® SUDFRYQ® XSODWQÜQ® ήPľ VL ]NXġHQRVWL ]¢URYHĉ QHPDM® ġDQFL GRSOQLW 7ªPÜę WęHWLQD PODG¾FK OLG® VH GRPQ®Y¢ ľH FK\EÜM®F® SUD[H MH KODYQ®P GįYRGHP DEVHQFH ]DPÜVWQ¢Q® YL] WDEXONX 1D GUXKRX VWUDQX VH REMHYXM® Q¢]RU\ 36 ľH MH WHQWR GįYRG SęHFHĉRY¢Q D WR MDN ]H VWUDQ\ VW¢WQ®FK LQVWLWXF® NWHUª Uį]Q¾PL IRUPDPL PODG¾P OLGHP SRP¢KDM® VL FK\EÜM®F® SUD[L GRSOQLW L NG\ľ E\ WR DEVROYHQWL GRN¢]DOL VDPL WDN ]H VWUDQ\ VDPRWQ¾FK PODG¾FK OLG® NWHę® VL QH»VSÜFK\ SęL KOHG¢Q® ]DPÜVWQ¢Q® ÎDVWR Y\VYÜWOXM® SRX]H W®PWR SUREOªPHP D QHYLG® SDN MHMLFK MLQª GįYRG\ QD MHMLFKľ ]OHSġHQ® E\ PRKOL SUDFRYDW 7DEXOND +ODYQ® GįYRG QH]DPÜVWQDQRVWL RVRE GR OHW

'įYRG Chybí mi praxe

28 %

V mém regionu nejsou volná místa

14 %

Mám nedostatečné vzdělání

11 %

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DN¾ MH SRGOH 9¢V KODYQ® GįYRG ľH Q\Q® QHP¢WH ]DPÜVWQ¢Q®" Q

-HGQRX ] PRľQRVW® MDN VL ]OHSġLW SRVWDYHQ® QD WUKX SU¢FH MH GDOġ® Y]GÜO¢Y¢Q® NWHUª PįľH YªVW NH ]Y¾ġHQ® NYDOLILNDFH D UR]YRML NRPSHWHQF® QH]E\WQ¾FK SUR SUDFRYQ® XSODWQÜQ® 0ODG® OLGª GR OHW EH] ]DPÜVWQ¢Q® PDM® N GDOġ®PX Y]GÜO¢Y¢Q® SRPÜUQÜ GREU¾ Y]WDK 3RVWRM N GDOġ®PX Y]GÜO¢Y¢Q® NWHU¾ E\O PÜęHQ SRPRF® Q¢VWURMH (PRWL 6FDSH PÜęHQ® HPRFLRQ¢OQ® ]¢WÜľH UHVSRQGHQWD YįÎL SęHGNO¢GDQ¾P SRGQÜWįP E\O YH YÜWġ® QHľ SRORYLÎQ® P®ęH SR]LWLYQ® SÜWLQD UHVSRQGHQWį Y\N¢]DOD GRNRQFH W]Y SR]LWLYQ® DNWLYQ® SRVWRM 9H VURYQ¢Q® V SUDFXM®F®PL OLGPL Y SRGREQªP YÜNX YL] JUDI QHQ® SRVWRM N GDOġ®PX Y]GÜO¢Y¢Q® X QH]DPÜVWQDQ¾FK PODG¾FK OLG® Y¾]QDPQÜ UR]G®OQ¾ =NRXPDQ¢ VNXSLQD Y VRXYLVORVWL V GDOġ®P Y]GÜO¢Y¢Q®P QHMÎDVWÜML Y\MDGęRYDOD SRFLW\ SDWę®F® GR VNXSLQ\ ѥQDGġHQ® D LQVSLUDFHѣ 3R]LWLYQÜMġ® SRVWRM N GDOġ®PX Y]GÜO¢Y¢Q® PH]L PODG¾PL QH]DPÜVWQDQ¾PL Y\MDGęRYDO\ ÎDVWÜML ľHQ\ G¢OH SDN OLGª V Y\ġġ®P Y]GÜO¢Q®P PODG® OLGª DNWLYQÜMġ® Y KOHG¢Q® ]DPÜVWQ¢Q® D RVRE\ QH]DPÜVWQDQª QHMNUDWġ® GREX Y®FH JUDI

7 = GİYRGX PDOªKR SRÎWX Y]RUNX UHVSRQGHQWİ YH YÜNX GR OHW MVRX PODG® ]DPÜVWQDQFL ]NRXP¢QL YH YÜNX ŧ OHW 9 3UİPÜUQª KRGQRFHQ® Y¾URNX QD ĢN¢OH ŧ NG\ E\O QHMYÜWĢ® VRXKODV V Y¾URNHP

31

*UDI 3RVWRMH N GDOġ®PX Y]GÜO¢Y¢Q® ʌ VURYQ¢Q® SUDFXM®F®FK D QH]DPÜVWQDQ¾FK PODG¾FK OLG®

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 9\EHUWH MHGHQ REU¢]HN NWHU¾ VH SRGOH 9¢V QHMY®FH KRG® Q *UDI 3RVWRMH N GDOġ®PX Y]GÜO¢Y¢Q® QH]DPÜVWQDQ¾FK RVRE GR OHW SRGOH Uį]Q¾FK IDNWRUį

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 9\EHUWH MHGHQ REU¢]HN NWHU¾ VH SRGOH 9¢V QHMY®FH KRG®

5HVSRQGHQWL GHNODURYDOL Y\VRNRX P®UX VRXKODVX SUįPÜUQª KRGQRFHQ® ERGX

V Y¾URNHP ѥP¢P GREU¾ SRFLW NG\ľ VH QÜFR QRYªKR GR]Y®P D QDXήPѣ 1LFPªQÜ GDOġ® QHMVRXKODVQÜMġ® Y¾URN\ NWHUª ]NRXPDM® Y]WDK PODG¾FK OLG® N GDOġ®PX Y]GÜO¢Y¢Q® MLľ QHMVRX WDN LGHDOLVWLFNª MDNR VS®ġH SUDJPDWLFNª 0ODG® OLGª VH YH YHONª P®ęH GRPQ®YDM® ľH GDOġ® Y]GÜO¢Y¢Q® MH SRWęHEQª NH KOHG¢Q® SU¢FH D ľH VL ]DPÜVWQDYDWHOª Yġ®PDM® NG\ľ VH ÎORYÜN Y]GÜO¢Y¢ 9 QHSRVOHGQ® ęDGÜ YLG® MDNR PRWLYDÎQ® IDNWRU NH Y]GÜO¢Y¢Q® Y\ġġ® ILQDQÎQ® Sę®VSÜYHN RG ęDGX SU¢FH SęL »ÎDVWL QD UHNYDOLILNDFL 9H Y¾]NXPX URYQÜľ PODG® OLGª GHNODURYDOL VS®ġH QHVRXKODV V Y¾URN\ ѥQHP¢P FKXĥ Xľ VH QÜFR GDOġ®KR XÎLWѣ SUįPÜUQª KRGQRFHQ® ERGį D ѥQHSRWęHEXML VH Y]GÜO¢YDWѣ ERG\ 9\ġġ® SUįPÜUQª KRGQRFHQ® WÜPWR 8 3UİPÜUQª KRGQRFHQ® Y¾URNX QD ĢN¢OH ŧ NG\ E\O QHMYÜWĢ® VRXKODV V Y¾URNHP

32

Y¾URNįP G¢YDOL OLGª V QLľġ® NYDOLILNDF® =Ġ D ERGX QHľ V Y\ġġ® 6Ġ D ERGX

3U¢YÜ Y RW¢]FH SRVWRMį D PRWLYDF® N GDOġ®PX Y]GÜO¢Y¢Q® VH SURMHYXMH ]P®QÜQ¢ UR]G®OQRVW PH]L PODG¾PL OLGPL V Uį]QRX »URYQ® Y]GÜO¢Q® 8 GDOġ®KR Y]GÜO¢Y¢Q® REHFQÜ SODW® ľH OHSġ® Y]WDK N QÜPX PDM® OLGª V Y\ġġ® NYDOLILNDF® D ]¢URYHĉ VH MHKR IRUHP Y®FH »ÎDVWQ® 'RQDWK %XUVRQ 0DUVWHOOHU .RUHODFH MH G¢QD Uį]Q¾PL MHY\ RG RVREQ®FK FKDUDNWHULVWLN NWHUª ÎORYÜND YHGRX MDN N DEVROYRY¢Q® Y\ġġ®KR VWXSQÜ SR΢WHÎQ®KR Y]GÜO¢Y¢Q® WDN N »ÎDVWL QD Y]GÜO¢Y¢Q® GDOġ®P SęHV URGLQQª ]¢]HP® YUR]HQRX ]Y®GDYRVW Dľ SR REHFQ¾ Y]WDK N XÎHQ® ]®VNDQ¾ SU¢YÜ Dľ YH Y\ġġ®FK VWXSQ®FK SR΢WHÎQ®KR Y]GÜO¢Q® 0ODGRX VNXSLQX OLG® GRVDľHQª Y]GÜO¢Q® Y WRPWR RKOHGX MHġWÜ Y®FH GLIHUHQFXMH SURWRľH PODG® OLGª Y]KOHGHP N YÜNX QHPDM® GRVWDWHN ]NXġHQRVW® V MLQ¾P QHľ ]Q¢P¾P VRFL¢OQ®P RNUXKHP URGLQD D ġNROD NWHU¾ Y]WDK N Uį]Q¾P IHQRPªQįP Y\WY¢ę® QHMY®FH 'HNODURYDQªPX SR]LWLYQ®PX Y]WDKX Sę®OLġ QHRGSRY®G¢ UH¢OQ¢ »ÎDVW PODG¾FK OLG® EH] SU¢FH Y Uį]Q¾FK IRUP¢FK GDOġ®KR Y]GÜO¢Y¢Q® 3RGOH Y¾]NXPX .RRSHUDFH VH Y SRVOHGQ®P URFH »ÎDVWQLOR QÜNWHUª IRUP\ GDOġ®KR Y]GÜO¢Y¢Q® QH]DPÜVWQDQ¾FK OLG® GR OHW = WRKR VH Y]GÜO¢YDF®FK NXU]į YÎHWQÜ UHNYDOLILNDÎQ®FK ZRUNVKRSį QHER VHPLQ¢ęį »ÎDVWQLOR ] QLFK Y®FH YL] JUDI 9ÜWġ® P®UX »ÎDVWL MH PRľQª QDOª]W SRX]H X VHNXQG¢UQ®FK IRUHP GDOġ®KR Y]GÜO¢Y¢Q® WHG\ X VWXGLD RGERUQª OLWHUDWXU\ D ]DXÎHQ® X ]DPÜVWQDYDWHOH NWHUª F® ORY¢ VNXSLQD DEVROYRYDOD 0ODG® OLGª NWHę® VH ľ¢GQª IRUP\ GDOġ®KR Y]GÜO¢Y¢Q® QH»ÎDVWQLOL WDN QHXÎLQLOL QHMÎDVWÜML SURWR ľH ѥVH MLP QHFKWÜORѣ ÎL R NXU]\ QHPÜOL ]¢MHP Sę®SDGQÜ PÜOL SRFLW ľH MH GDQ¢ DNWLYLWD ]E\WHÎQ¢ 0®UD »ÎDVWL Y GDOġ®P Y]GÜO¢Y¢Q® LQGLNXMH PDO¾ ]¢MHP F®ORYª VNXSLQ\ R WXWR ÎLQQRVW 8 QÜNWHU¾FK WRPX WDN PįľH E¾W SURWR ľH VH ]DW®P QD YVWXS QD WUK SU¢FH QHFK\VWDM® YÜWġLQRX YġDN PODG® OLGª QHYLG® SRM®WNR PH]L GDOġ®P Y]GÜO¢Y¢Q®P D ]OHSġHQ®P MHMLFK VLWXDFH QD WUKX SU¢FH SRWDľPR QDOH]HQ®P ]DPÜVWQ¢Q® *UDI ÎDVW RVRE GR OHW Y MHGQRWOLY¾FK IRUP¢FK '9

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 3URV®P QHEHUWH YįEHF Y SRWD] ġNROHQ® N EH]SHÎQRVWL SU¢FH D SRľ¢UQ® RFKUDQÜ NWHU¾P PXV® SRYLQQÜ ]H ]¢NRQD SURM®W NDľG¾ ]DPÜVWQDQHF

Q 10 9]GÜO¢YDF® NXU] ZRUNVKRS VHPLQ¢Ě VW¢Ŀ YH ƛLUPÜ QHER Y ]DKUDQLή D RQ OLQH NXU]\

33

9¾VOHGN\ SRWYU]XMH L PÜęHQ® »ÎDVWL QD MHGQRP ] Q¢VWURMį GDOġ®KR Y]GÜO¢Y¢Q® NWHU¾ MH QHMYKRGQÜMġ® SU¢YÜ SUR DEVROYHQW\ D RVRE\ V PDORX SUD[® M®Pľ MVRX VW¢ľH 9 SRVOHGQ®P URFH SęHG VEÜUHP GDW ]H ]NRXPDQª VNXSLQ\ SURġOD VW¢ľ® YH ILUPÜ UHVSRQGHQWį Gę®YH QHľ SęHG URNHP -DN MH SDWUQª ] JUDIX KODYQ®P SUREOªPHP QHQ® QH]QDORVW Q¢VWURMH VW¢ľH YH ILUP¢FK ]QDM® WęL ÎWYUWLQ\ RVORYHQ¾FK 0ODG® OLGª NWHę® R VW¢ľL QHXYDľXM® WDN QHÎLQ® Y QHMYÜWġ® P®ęH SURWR ľH ѥQHFKWÜM® SUDFRYDW ]DGDUPRѣ 2 VW¢ľL Y ]DKUDQLή NWHURX QÜNG\ DEVROYRYDOD GRW¢]DQ¾FK PODG® OLGª Y QHMYÜWġ® P®ęH QHXYDľXM® ] GįYRGX MD]\NRYª EDULªU\ 'DOġ® EDULªURX NWHURX PODG® OLGª REHFQÜ VSDWęXM® YH Y]WDKX N GDOġ®PX Y]GÜO¢Y¢Q® MH ]HMPªQD ILQDQÎQ® Q¢URÎQRVW WªWR DNWLYLW\ 7®P VH QHRGOLġXM® RG RVWDWQ®FK ]NRXPDQ¾FK VNXSLQ Y U¢PFL Y¾]NXPX ILQDQÎQ® EDULªUD MH Y]KOHGHP N HNRQRPLFNª DNWLYLWÜ UHVSRQGHQWį SRFKRSLWHOQ¢ *UDI =NXġHQRVWL RVRE GR OHW VH VW¢ľHPL YH ILUPÜ

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 3URV®P QHEHUWH YįEHF Y SRWD] ġNROHQ® N EH]SHÎQRVWL SU¢FH D SRľ¢UQ® RFKUDQÜ NWHU¾P PXV® SRYLQQÜ ]H ]¢NRQD SURM®W NDľG¾ ]DPÜVWQDQHF 6W¢ľ YH ILUPÜ PRľQRVW EH]SODWQÜ SUDFRYDW SR QÜMDNRX GREX YH Y\EUDQª ILUPÜ DE\VWH VH ]DXÎLO D QD QÜMDNRX SU¢FL D ]®VNDO D QRYª GRYHGQRVWL Q

= Y¾VOHGNį Y¾]NXPX Y\SO\QXOR ľH PODG® OLGª GR OHW YLG® MDNR VYRML QHMYÜWġ® SęHN¢ľNX QD WUKX SU¢FH DEVHQFL SUD[H $ÎNROL QD GDOġ® Y]GÜO¢Y¢Q® SRKO®ľHM® SRPÜUQÜ SR]LWLYQÜ QHMÎDVWÜML VH GRPQ®YDM® ľH QD QÜM Y]KOHGHP N YÜNX PDM® MHġWÜ ÎDV 1\Q® VH PODG® OLGª ]DPÜęXM® ]HMPªQD QD Sę®Pª KOHG¢Q® ]DPÜVWQ¢Q® D RGVWUDQÜQ® KODYQ® EDULªU\ ]D NWHURX SRYDľXM® QHGRVWDWHN SUDFRYQ® SUD[H YLG® SRX]H Y MHKR QDOH]HQ® D MLQª ÎLQQRVWL E\ MH RG QÜM ]GUľRYDO\ 1LFPªQÜ GDOġ® Y]GÜO¢Y¢Q® ]HMPªQD VW¢ľH E\ SU¢YÜ PODG¾P OLGHP PRKOR SRPRFL UR]K¾EDW MHMLFK SURIHVQ® NDULªUX 3UREOªPHP QHQ® ľH E\ PODG® OLGª R H[LVWHQFL VW¢ľ® D MLQ¾FK PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q® QHYÜGÜOL QDRSDN E\ VH MHM »ÎDVWQLOL NG\ľ E\ MLP SęLQHVOR UH¢OQª ]OHSġHQ® VLWXDFH ѝ QDOH]HQ® ]DPÜVWQ¢Q® 3UREOªP WNY® MHGQDN Y WRP ľH GDOġ® Y]GÜO¢Y¢Q® SRX]H PįľH VLWXDFL QD WUKX SU¢FH ]OHSġLW QHQ® G¢QD ľ¢GQ¢ MLVWRWD FRľ QHQ® SUR RVRE\ GR OHW GRVWDWHÎQ¾P PRWLY¢WRUHP GDOġ® Y]GÜO¢Y¢Q® Y\]NRXġHW '¢OH MVRX PODG® OLGª Y]KOHGHP N VYªPX YÜNX QH]DPÜVWQDQ® SRPÜUQÜ NU¢WNRX GREX MH QH]DPÜVWQ¢QR NUDWġ® GREX QHľ ġHVW PÜV®Fį FRľ Y QLFK SRY]EX]XMH SRFLW ľH QDOH]QRX ]DPÜVWQ¢Q® Sę®PR 11 9¾URN ůQHP¢P QD Y]GÜO¢Y¢Q® SHQ®]Hŭ E\O ]NRXPDQRX VNXSLQRX KRGQRFHQ SUİPÜUQÜ ERG\

34

EH] VHNXQG¢UQ®FK EHUOLÎHN ĘHġHQ®P MH Y\Xľ®YDW N GRVDľHQ® F®OH Y®FH Uį]Q¾FK FHVW SURWR MH SRWęHED QH]DPÜVWQDQª PODGª OLGL SRGSRęLW MDN Y Sę®PªP KOHG¢Q® SU¢FH WDN L Y DOWHUQDWLYQ®FK FHVW¢FK DE\ QH]WU¢FHOL GRVDYDGQ® SUDFRYQ® Q¢Y\N\ Sę®SDGQÜ VL SUYRWQ® YįEHF Y\WYRęLOL D QHPÜOL SURIHVQ® NDULªUX KQHG Y MHM®P SR΢WNX SęHUXġHQRX

35

2VRE\ VWDUwÈ OHW -DQD .RWUERY¢ -DURP®U 0D]¢N 2VRE\ YH YÜNX ѝ OHW GQHV WDNª R]QDÎRYDQª MDNR VWDUġ® GRVSÜO® SDWę® PH]L MHGQX ]H VNXSLQ NWHUª PDM® ]W®ľHQª SRVWDYHQ® QD WUKX SU¢FH D MDNR WDNRYª M® E\OD YÜQRY¢QD SR]RUQRVW Y U¢PFL QDġHKR SURMHNWX 6NXSLQD E\OD MHGQRGXġH GHILQRY¢QD YÜNHP D SRGP®QNRX ľH RVRE\ NWHU¾PL VH EXGHPH ]DE¾YDW QHMVRX YH VWDUREQ®P GįFKRGX =DM®PDOL Q¢V WHG\ OLGª VW¢OH HNRQRPLFN\ DNWLYQ® ]YO¢ġWQ® SR]RUQRVW MVPH V RKOHGHP QD F®OH SURMHNWX YÜQRYDOL VNXSLQÜ QH]DPÜVWQDQ¾FK 1D »YRG MH WęHED VH ]DP\VOHW SURÎ MH YįEHF WDWR VNXSLQD MHM®ľ Sę®VOXġQ®N\ VSRMXMH SRX]H MHMLFK YÜN SRYDľRY¢QD ]D RKURľHQRX 3RPÜęRY¢QR REHFQRX P®URX QH]DPÜVWQDQRVWL QHQ® F®ORY¢ VNXSLQD ]YO¢ġĥ Y¾MLPHÎQ¢ 3DWę® GRNRQFH N YÜNRY¾P VNXSLQ¢P V QHMPHQġ® REHFQRX P®URX QH]DPÜVWQDQRVWL D SRG®O RVRE ] F®ORYª VNXSLQ\ HYLGRYDQ¾FK QD ęDGX SU¢FH RGSRY®G¢ ]DVWRXSHQ® VNXSLQ\ Y SRSXODFL 2KURľHQ® VNXSLQ\ QD WUKX SU¢FH MH RYġHP SDWUQª ] Q®]Nª P®U\ MHM® HNRQRPLFNª DNWLYLW\ 7D VH VLFH SRVWXSQÜ OHKFH ]Y\ġXMH PM YOLYHP UįVWX YÜNX RGFKRGX GR GįFKRGX QLFPªQÜ VWDWLVWLN\ ÍHVNª VSU¢Y\ VRFL¢OQ®KR ]DEH]SHÎHQ® XND]XM® ľH YHONª PQRľVWY® OLG® Y F®ORYª VNXSLQÜ RGFK¢]® GR SęHGÎDVQªKR GįFKRGX FRľ SUR QÜ »VW® Y WUYDOª VQ®ľHQ® GįFKRGį 9¾]NXP\ L Q¢]RU\ H[SHUWį SRWYU]XM® ľH SęHGÎDVQ¾ RGFKRG GR SHQ]H MH SUR YHONRX ΢VW RVRE QHSUHIHURYDQRX VWUDWHJL® Y\QXFHQRX ]WU¢WRX ]DPÜVWQ¢Q® 36 /]H ę®FL ľH SęHGÎDVQª GįFKRG\ DOHVSRĉ ]΢VWL SęHGVWDYXM® VNU\WRX QH]DPÜVWQDQRVW

36

12 1DSĚ®NODG YH GUXKªP NYDUW¢OX URNX E\OD REHFQ¢ P®UD QH]DPÜVWQDQRVWL ]YHĚHMQÜQ¢ Í6 QD ]¢NODGÜ GDW ] 9ġ36 X MHĢWÜ »ĿHML Y\PH]HQª VNXSLQ\ YH YÜNX DĿ OHW SRX]H 3UR VURYQ¢Q® REHFQ¢ P®UD QH]DPÜVWQDQRVWL ]D VWHMQ¾ NYDUW¢O ÎLQLOD SUR YÜNRYRX VNXSLQX ŧ OHW SUR VNXSLQX ŧ OHW D SUR VNXSLQX ŧ OHW 13 9 URFH E\OR Y Í5 FHONHP WLV SĚHGÎDVQ¾FK VWDUREQ®FK GİFKRGFİ WM YĢHFK

2VRE YH YÜNX ѝ OHW ľLMH Y ÍHVNª UHSXEOLFH SęLEOLľQÜ PLOLRQX D GHPRJUDILFNª SURJQ´]\ XND]XM® ľH MHMLFK SRÎHW EXGH Y Sę®ġW®FK OHWHFK QDUįVWDW -H WHG\ GįOHľLWª DE\ WDWR YÜNRY¢ VNXSLQD PÜOD PRľQRVW FR QHMGªOH ]įVWDW QD WUKX SU¢FH DNWLYQ® 9 WXWR FKY®OL MH SRVWDYHQ® F®ORYª VNXSLQ\ YQ®P¢QR MDNR QHMLVWª 3ęHGHYġ®P ÎHO® VLOQ¾P SęHGVXGNįP ]H VWUDQ\ ]DPÜVWQDYDWHOį 7\WR VWHUHRW\S\ PRKRX E¾W VSRMHQ\ V UR]YRMHP WHFKQRORJL® D GLJLWDOL]DF® SUDFRYQ®KR SURVWęHG® NG\ VWDUġ® JHQHUDFH MVRX YQ®P¢Q\ MDNR SRPDOX VH DGDSWXM®F® QD W\WR ]PÜQ\ 3ęHGVXGN\ ]DPÜVWQDYDWHOį SRWYUGLO L Y¾]NXP .RRSHUDFH NG\ Y PR GHORYªP Sę®NODGX Y QÜPľ ]DPÜVWQDYDWHOª Y\E®UDOL SRWHQFL¢OQ®KR ]DPÜVWQDQFH QD ]¢NODGÜ SRX]H VRFLRGHPRJUDILFN¾FK FKDUDNWHULVWLN VH VWDUġ® GRVSÜO® RFLWOL YH VSRGQ® ΢VWL WDEXON\ +įęH GRSDGO\ MHQ ľHQ\ V PDO¾PL GÜWPL D RVRE\ VH ]GUDYRWQ®P SRVWLľHQ®P 6DPRWQ® ]¢VWXSFL ]NRXPDQª VNXSLQ\ YQ®PDM® YÜN MDNR VYRX QHY¾KRGX QD WUKX SU¢FH 7ªPÜę SRORYLQD GRW¢]DQ¾FK KR XYHGOD MDNR KODYQ® GįYRG VYª QH]DPÜVWQDQRVWL YL] JUDI

8 QÜNWHU¾FK MHGLQFį WDN PįľH GRFK¢]HW N UH]LJQDFL NG\ Xľ QHYÜę® Y QDOH]HQ® ]DPÜVWQ¢Q® D SRX]H SęHÎN¢YDM® Y HYLGHQFL ęDGX SU¢FH GR GRVDľHQ® GįFKRGRYªKR YÜNX 3RGOH GRWD]Q®NRYªKR ġHWęHQ® QLFPªQÜ QHQ® WDWR UH]LJQDFH Dľ WDN ÎDVW¢ SęLEOLľQÜ UHVSRQGHQWį XYHGOR ľH SU¢FL KOHG¢ D YÜę® ľH EU]\ EXGRX SUDFRYDW .RRSHUDFH 3ęLWRP SODW® ľH Y SRGVNXSLQÜ OLG® YH YÜNX ѝ OHW SRYDľXMH VW¢ę® ]D KODYQ® GįYRG VYª QH]DPÜVWQDQRVWL MHQ UHVSRQGHQWį ]DW®PFR PH]L OLGPL YH YÜNX ѝ OHW MH WR *UDI ʌ +ODYQ® GįYRG QH]DPÜVWQDQRVWL SRGOH UHVSRQGHQWD

=GURM 9¾]NXP .RRSHUDFH 1 5HVSRQGHQWL RGSRY®GDOL VSRQW¢QQÜ EH] QDE®GQXW¾FK RGSRYÜG® QD RW¢]NX ѥ-DN¾ MH SRGOH 9¢V KODYQ® GįYRG ľH Q\Q® QHP¢WH ]DPÜVWQ¢Q®"ѣ .DWHJRULH V ÎHWQRVW® QLľġ® QHľ QHMVRX Y JUDIX ]REUD]HQ\

1H]DPÜVWQDQª RVRE\ Y F®ORYª VNXSLQÜ KOHGDM® SU¢FL SęHY¢ľQÜ SęHV ęDG SU¢FH PH]L VY¾PL ]Q¢P¾PL D Sę¢WHOL DOH WDNª Y LQ]HU¢WHFK QD LQWHUQHWRY¾FK SRUW¢OHFK YL] JUDI 9¾]NXP\ XND]XM® ľH Y Í5 SRPÜUQÜ U\FKO¾P WHPSHP SRNUDÎXMH ]Sę®VWXSĉRY¢Q® LQWHUQHWX L VWDUġ®P GRVSÜO¾P QLFPªQÜ H[SHUWL 36 VH GRPQ®YDM® ľH P®UD XľLYDWHOVN¾FK VFKRSQRVW® WªWR VNXSLQ\ MH VW¢OH QLľġ® D PÜOD E\ E¾W L GR EXGRXFQD MHGQRX ] SULRULW SURJUDPį GDOġ®KR Y]GÜO¢Y¢Q® 37

*UDI ʌ -DN KOHG¢WH EXGHWH KOHGDW SU¢FL"

=GURM 9¾]NXP .RRSHUDFH 1 UHVSRQGHQWL PÜOL ]DġNUWQRXW YġHFKQ\ PRľQRVWL NWHUª SUR QÜ SODW® .DWHJRULH V ÎHWQRVW® QLľġ® QHľ QHMVRX Y JUDIX ]REUD]HQ\

3URWRľH VWUDWHJLH KOHG¢Q® SU¢FH PRKRX E¾W Uį]Qª SUR Uį]Qª YÜNRYª SRGVNXSLQ\ Y PODGġ® SRGVNXSLQÜ OHW Y\XľLOR Sę®PªKR NRQWDNWRY¢Q® ILUHP H PDLOHP WHOHIRQLFN\ RVREQ® Q¢YġWÜYRX UHVSRQGHQWį ]DW®PFR YH VWDUġ® SRGVNXSLQÜ MHQ 7\WR UR]G®O\ VH NXPXOXM® WDNľH ]DW®PFR Y PODGġ® SRGVNXSLQÜ UHVSRQGHQWL XYHGOL ľH Y\Xľ®YDM® Y SUįPÜUX WęL ]H VHGPL ]SįVREį KOHG¢Q® SU¢FH XYHGHQ¾FK Y JUDIX YH VWDUġ® SRGVNXSLQÜ WR E\O\ Y SUįPÜUX MHQ GYD -HGQRX ] PRľQRVW® NWHU¢ PįľH WªWR VNXSLQÜ SRPRFL Y Q¢YUDWX QD WUK SU¢FH MH GDOġ® Y]GÜO¢Y¢Q® 0H]L QH]DPÜVWQDQ¾PL Y F®ORYª VNXSLQÜ MH RYġHP Y]WDK N GDOġ®PX Y]GÜO¢Y¢Q® SRPÜUQÜ ÎDVWR D SULRUL QHJDWLYQ® 2GP®WDYÜMġ® SRVWRM YįÎL '9 VL VWDUġ® JHQHUDFH SRGOH RGERUQ®Nį 36 ]GįYRGĉXMH L W®P ľH MLP QD WUKX SU¢FH ]E¾Y¢ NUDWġ® ÎDV D SURWR Y GDOġ®P Y]GÜO¢Y¢Q® YLG® PHQġ® Sę®QRV SUR VYRX SURIHVQ® NDULªUX 'RWD]RYDQ® VL ÎDVWR P\VO® ľH QD Y]GÜO¢Y¢Q® QHPDM® SHQ®]H ľH SUR XSODWQÜQ® QD WUKX SU¢FH MH GįOHľLWÜMġ® SUD[H QHER ľH Y]GÜO¢Q® QHQ® SUR OLGL MHMLFK YÜNX 0QRKG\ VH WDNª QHF®W® GREęH YH ġNROQ®P SURVWęHG® 1HJDWLYQ® Y]WDK VNXSLQ\ NH Y]GÜO¢Y¢Q® YH VURYQ¢Q® V RVWDWQ®PL VNXSLQDPL ]NRXPDQ¾PL YH Y¾]NXPX .RRSHUDFH SRWYUGLO L Q¢VWURM VSROHÎQRVWL ,SVRV SUR PÜęHQ® HPRÎQ® YD]E\ SRGOH NWHUªKR P¢ VNXSLQD VWDUġ®FK GRVSÜO¾FK VSROX V QH]DPÜVWQDQ¾PL Q®]NRNYDOLILNRYDQ¾PL NH Y]GÜO¢Y¢Q® GRVSÜO¾FK QHMPªQÜ SR]LWLYQ® Y]WDK 6 GDOġ®P Y]GÜO¢Y¢Q®P VL VWDUġ® GRVSÜO® ÎDVWR VSRMXM® SRFLW\ MDNR SRGU¢ľGÜQ® D ]NODP¢Q® 3ęLWRP ]DPÜVWQDQ® YH VWHMQª YÜNRYª VNXSLQÜ Y\MDGęXM® SRFLW\ MDNR ]¢MHP D ]YÜGDYRVW , PH]L QH]DPÜVWQDQ¾PL MH VLFH QHPDOª SURFHQWR WÜFK NGR PDM® GREU¾ SRFLW ] WRKR NG\ľ VH QÜFR QRYªKR GR]YÜG® QHER QDXή SUR XSODWQÜQ® QD WUKX SU¢FH DOH SRYDľXM® ]D GįOHľLWÜMġ® SUD[L QHľ GRNODG R DEVROYRYDQª IRUPÜ Y]GÜO¢Y¢Q® 3U¢YÜ WRWR PįľH E¾W MHGHQ ] SUREOªPį QD NWHU¾ E\

38

14 3RVWRMH &6 E\O\ PÜĚHQ\ VDGRX Y¾URNİ V QLPLĿ UHVSRQGHQWL Y\MDGĚRYDOL P®UX QH VRXKODVX QD ĢN¢OH ůQDSURVWR VRXKODV®Pŭ ŧ ůYİEHF QHVRXKODV®Pŭ 15 -GH R UHVSRQGHQW\ NWHĚ® X VDG\ Y¾URNİ QD ĢN¢OH ůQDSURVWR VRXKODV®Pŭ ŧ ůYİEHF

VH PÜO\ ]DPÜęLW SURSDJDÎQ® DNWLYLW\ VSRMHQª V '9 6RXÎDVQª IRUP\ GDOġ®KR SURIHVQ®KR Y]GÜO¢Y¢Q® SRGSRURYDQª Y U¢PFL $3= MVRX WRWLľ ÎDVWR V SUD[® »]FH SURY¢]¢Q\ D SUD[H E¾Y¢ ÎDVWR Sę®PR MHMLFK VRX΢VW®

3RNXG Xľ VH ]NRXPDQ¢ VNXSLQD »ÎDVWQ® GDOġ®KR Y]GÜO¢Y¢Q® QHMÎDVWÜML Y\KOHG¢Y¢ PRľQRVWL NGH VH Y]GÜO¢YDW SęHV 3 G¢OH SDN PH]L VY¾PL ]Q¢P¾PL D Sę¢WHOL QHER Y PHQġ® P®ęH Y\Xľ®Y¢ LQWHUQHWRYª SRUW¢O\ D WLġWÜQª LQ]HU¢W\ YL] JUDI

*UDI ʌ 9\KOHG¢Y¢Q® LQIRUPDF® R PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q®

=GURM 9¾]NXP .RRSHUDFH 1 5HVSRQGHQWL RGSRY®GDOL QD RW¢]NX ѥ.GH VL Y\KOHG¢Y¢WH LQIRUPDFH R PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q®"ѣ .DWHJRULH V ÎHWQRVW® QLľġ® QHľ QHMVRX Y JUDIX ]REUD]HQ\

'DOġ® Y]GÜO¢Y¢Q® X RVRE ] &6 MH QHMÎDVWÜML UHDOL]RY¢QR VNU]H Y]GÜO¢YDF® DNWLYLW\ NWHUª QHMVRX VRX΢VW® WUDGLÎQ®KR ġNROVNªKR Y]GÜO¢YDF®KR V\VWªPX = ġHWęHQ® .RRSHUDFH Y\SO¾Y¢ ľH QÜNWHURX ] IRUHP Y]GÜO¢Y¢Q® Y]GÜO¢YDF® NXU] UHNYDOLILNDFH ZRUNVKRS QHER VHPLQ¢ę

DEVROYRYDOD VNRUR ÎWYUWLQD GRW¢]DQ¾FK SęHG Y®FH QHľ URNHP D Y SRVOHGQ®P URFH JUDI -HQ DVL GHVHWLQD UHVSRQGHQWį W\WR IRUP\ GDOġ®KR Y]GÜO¢Y¢Q® YįEHF QH]Q¢ = KOHGLVND YÜNRY¾FK SRGVNXSLQ VH Y WªWR »ÎDVWL REMHYXM® MHQ PDOª UR]G®O\ 'DOHNR Y¾UD]QÜMġ® MH UR]G®O PH]L VNXSLQRX QH]DPÜVWQDQ¾FK D SUDFXM®F®FK YH VWHMQªP YÜNX NWHę® VH Y]GÜO¢YDM® Y¾UD]QÜ ÎDVWÜML YV

16 9]GÜO¢Y¢Q® Y U¢PFL ĢNROQ®KR Y]GÜO¢YDF®KR V\VWªPX MH X &6 ]FHOD Y¾MLPHÎQª MHQ ÎW\ĚL ]H UHVSRQGHQWİ XYHGOL ĿH DNWX¢OQÜ VWXGXM® QÜMDNRX ĢNROX

39

*UDI ʌ =NXġHQRVW V Y\EUDQ¾PL IRUPDPL GDOġ®KR Y]GÜO¢Y¢Q®

=GURM 9¾]NXP .RRSHUDFH 1 5HVSRQGHQWL RGSRY®GDOL QD RW¢]NX ѥ-DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 9]GÜO¢YDF® NXU]\ UHNYDOLILNDFH ZRUNVKRS\ VHPLQ¢ęH ѣ

0H]L QH]DPÜVWQDQ¾PL YH YÜNX ѝ OHW NWHę® PDM® ]NXġHQRVW V QÜNWHURX ] WÜFKWR IRUHP GDOġ®KR Y]GÜO¢Y¢Q® XYHGOD Y®FH QHľ SRORYLQD ] QLFK ľH SRVOHGQ® DEVROYRYDQ¾ NXU] MLP QDE®GO ęDG SU¢FH VL NXU] Y\KOHGDOR VDPR D ΢VWL ] QLFK KR QDE®GO MHġWÜ ]DPÜVWQDYDWHO ęDG SU¢FH KUDGLO NXU] ] QLFK 'YÜ WęHWLQ\ ] UHVSRQGHQWį NWHę® PDM® ]NXġHQRVW V WÜPLWR ]SįVRE\ Y]GÜO¢Y¢Q® XYHGO\ ľH E\O\ Y GREÜ DEVROYRY¢Q® NXU]X QH]DPÜVWQDQ® 6WDUġ® GRVSÜO® MVRX SęLWRP SRPÜUQÜ VNHSWLÎW® Y WRP MDN YQ®PDM® GRSDG DEVROYRY¢Q® VY¾FK NXU]į QD PRľQRVW QDM®W VL ]DPÜVWQ¢Q® ѝ ] QLFK VH GRPQ®Y¢ ľH MLP MHKR DEVROYRY¢Q® YįEHF QHSRPįľH Y KOHG¢Q® SU¢FH 1DRSDN R WRP ľH Y MLFK SRVWDYHQ® QD WUKX SU¢FH EXGH GDOġ® Y]GÜO¢Y¢Q® KU¢W SR]LWLYQ® UROL MH SęHVYÜGÎHQR QHFHO¾FK 6 W®PWR SRVWRMHP SDN PRKRX VRXYLVHW SU¢YÜ IUXVWUXM®F® SRFLW\ GDQª VNXSLQ\ YįÎL GDOġ®PX Y]GÜO¢Y¢Q® 2GERUQ®FL VH VKRGXM® ľH QHMYÜWġ® Y¾]YRX GDOġ®KR Y]GÜO¢Y¢Q® MH LQWHUQDOL]DFH FHORľLYRWQ®KR XÎHQ® MDNR SęLUR]HQª VRX΢VWL ľLYRWD ]H VWUDQ\ F®ORYª VNXSLQ\ 36 -H WęHED MLP KR SęLEO®ľLW YH VP\VOX ľH VH QHMHGQ¢ SRX]H R NXU]\ NWHUª RGSRY®GDM® MHMLFK SęHGVWDYÜ ġNROQ®KR Y]GÜO¢Y¢Q® DOH ľH MGH ÎDVWR R SUDNWLFNª XÎHQ® NWHUª L SęHV MHMLFK VNHSVL PįľH P®W SR]LWLYQ® GRSDG QD XSODWQÜQ® QD WUKX SU¢FH 9¾ġH SRSVDQª SUREOªP\ MH QDY®F WęHED FK¢SDW QD SR]DG® YHONª KHWHURJHQLW\ VNXSLQ\ 1H]DPÜVWQDQ® MHGQRWOLYFL ] PODGġ® SRGVNXSLQ\ ѝ OHW

MVRX Y SUįPÜUX DNWLYQÜMġ® Dĥ Xľ ] KOHGLVND PQRľVWY® ]SįVREį KOHG¢Q® SU¢FH NWHUª Y\Xľ®YDM® QHER ÎDVWÜMġ®KR Y]GÜO¢Y¢Q® Y SRVOHGQ®FK PÜV®F®FK 6W¢OH DOH SODW® ľH QH]DPÜVWQDQ® YH YÜNX ѝ PDM® PQRKHP PHQġ® ]NXġHQRVW VH Y]GÜO¢YDF®PL NXU]\ QHľ SUDFXM®F® YH VWHMQªP YÜNX 3UR QH]DPÜVWQDQª RVRE\ MH Y MHMLFK VLWXDFL Y¾]QDPQ¾P SDUWQHUHP ęDG SU¢FH QDYġW®YLOR KR GRW¢]DQ¾FK VORXľ® MLP MDNR KODYQ® ]GURM SęHV NWHU¾ Y\KOHG¢YDM® SU¢FL L QDE®GN\ Y]GÜO¢Y¢Q® D NWHU¾ MLP ÎDVWR SRP¢K¢ GDOġ® Y]GÜO¢Q® ILQDQFRYDW %\OR E\ WHG\ YKRGQª Y\Xľ®W MHKR SRWHQFL¢OX N GDOġ® DNWLYDFL WÜFKWR RVRE

17 5HVSRQGHQWL RGSRY®GDOL QD RW¢]NX ů0\VO®WH VL ĿH DEVROYRY¢Q® UHNYDOLƛLNDFH RVWDWQ®FK NXU]İ ZRUNVKRSİ 9¢P SRPİĿH SĚL KOHG¢Q® SU¢FH"ŭ 1D ĢN¢OH ŧ ]YROLOR PRĿQRVW ůSRPİĿH PL YHOPLŭ GRW¢]DQ¾FK .RRSHUDFH

40

2VRE\ QD 0' 5' 0LFKDHOD ĠLPHÎNRY¢ 2VRE\ QD PDWHęVNª D URGLÎRYVNª GRYROHQª 0' 5' MDN SRWYU]XM® Y¾VOHGN\ Y¾]NXPX SURMHNWX .RRSHUDFH SDWę® PH]L VNXSLQ\ V NRPSOLNRYDQ¾P SRVWDYHQ®P QD WUKX SU¢FH 9 Sę®VSÜYNX MH VNXSLQD Y\PH]HQD MDNR RVRE\ NWHUª SRE®UDM® SHQÜľLWRX SRPRF Y PDWHęVWY® QHER URGLÎRYVN¾ Sę®VSÜYHN 'HILQLFH XľLW¢ Y Sę®VSÜYNX WDN ]DKUQXMH RVRE\ NWHUª E\O\ SęHG Q¢VWXSHP QD 0' 5' ]DPÜVWQDQª QD GREX QHXUÎLWRX XUÎLWRX QH]DPÜVWQDQª VWXGXM®F® D RVRE\ Y GRP¢FQRVWL 6NXSLQD MH WYRęHQD GUWLYRX YÜWġLQRX ľHQDPL 0369

D SęHGVWDYXMH SęLEOLľQÜ SRSXODFH YH YÜNX ѝ OHW Í6 ÍHVN¢ UH SXEOLND SDWę® YH VURYQ¢Q® V (8 N ]HP®P V SUįPÜUQRX »URYQ® SORGQRVWL G®WÜWH QD ľHQX D V SUįPÜUQ¾P YÜNHP ľHQ SęL QDUR]HQ® SUYQ®KR G®WÜWH OHW 9ROED PH]L PDWHęVWY®P D ]DPÜVWQ¢Q®P QDE®]® Y VRXÎDVQRVWL ľHQ¢P Y Í5 SRX]H MHGQR ]H GYRX NUDMQ®FK ęHġHQ® ѝ ]įVWDW GRPD QHER SUDFRYDW QD SOQ¾ »YD]HN 9 ]DPÜVWQDQRVWL ľHQ WDN GRFK¢]® Y REGRE® PH]L D URNHP YÜNX NG\ PDM® ľHQ\ QHMÎDVWÜML GÜWL YH VURYQ¢Q® V RVWDWQ®PL ]HPÜPL (YURSVNª XQLH N KOXERNªPX SURSDGX (XURVWDW 3RVWDYHQ® VNXSLQ\ QD WUKX SU¢FH ]WÜľXMH Y SRURYQ¢Q® VH ]E\WNHP (8 SRPÜUQÜ GORXK¢ URGLÎRYVN¢ GRYROHQ¢ NWHU¢ Y SUįPÜUX WUY¢ WęL URN\ EH] RKOHGX QD SRÎHW GÜW® 9VWXS QD 0' 5' MH YH YÜWġLQÜ Sę®SDGį VSRMHQ V RPH]HQ®P VW\Nį VH ]DPÜVWQDYDWHOHP D RPH]HQ®P Y]GÜO¢YDF®FK DNWLYLW 'HOġ® DEVHQFH QD WUKX SU¢FH VH SDN SURMHYXMH Y Q¢UįVWX QH]DPÜVWQDQRVWL ľHQ YH YÜNRYª VNXSLQÜ ѝ OHW WHG\ Y REGRE® Q¢YUDWX ľHQ QD SUDFRYQ® WUK 1HMLVWª SRVWDYHQ® QD WUKX SU¢FH SRWYU]XM® WDNª GDWD ] Y¾]NXPX .RRSHUDFH JUDI 3U¢FH QD GREX QHXUÎLWRX RVRE¢P SęHG Q¢VWX18 (8 »KUQQ¢ SORGQRVW QD ĿHQX SUİPÜUQ¾ YÜN SĚL QDUR]HQ® SUYQ®KR G®WÜWH OHW

41

SHP QD 5' Y VRXÎDVQª GREÜ QHSęLQ¢ġ® MLVWRW\ SUDFRYQ®KR P®VWD L SR VNRQÎHQ® URGLÎRYVNª GRYROHQª 3RX]H SRORYLQD UHVSRQGHQWį VH VPORXYRX QD GREX QHXUÎLWRX GHNODURYDOD ľH SRήW¢ SR VNRQÎHQ® 5' V MLVW¾P P®VWHP '¢OH SODW® ľH V QLľġ®P Y]GÜO¢Q®P URVWH SRG®O ľHQ NWHUª SRήWDM® V QXWQRVW® KOHGDW SU¢FL 'įYRGHP QHMLVWªKR ]DPÜVWQ¢Q® QHQ® SRX]H QHRFKRWD ]DPÜVWQDYDWHOį Y]®W ľHQ\ V GÜWPL ]SÜW QD SįYRGQ® P®VWR DOH WDNª ÎDVW¾ SUREOªP VNORXEHQ® SįYRGQ® SU¢FH V SªÎ® R G®WÜ 9 U¢PFL Y¾]NXPX PH]L ]DPÜVWQDYDWHOL .RRSHUDFH E\OD SRORľHQD RW¢]ND QD VURYQ¢Q® SRWHQFL¢OQ®FK XFKD]HÎį R ]DPÜVWQ¢Q® 5HVSRQGHQWįP E\OR ęHÎHQR ľH YġLFKQL NDQGLG¢WL PDM® VWHMQª SęHGSRNODG\ SUR GDQRX SR]LFL ĽHQD SR 0' 5' VNRQÎLOD QD P®VWÜ SęHGSRVOHGQ®P E\OD PªQÜ SRSW¢YDQ¢ QHľ GYD URN\ QH]DPÜVWQDQ¾ ÎL RVRED VWDUġ® OHW SUįPÜUQª S¢Wª SRęDG® ]H VHGPL PRľQ¾FK XFKD]HÎį

6NXSLQD VL SęLQ¢ġ® QD PDWHęVNRX D URGLÎRYVNRX GRYROHQRX VWHMQÜ SR]LWLYQ® SRVWRM NH Y]GÜO¢Y¢Q® MDNR PDM® SUDFXM®F® ľHQ\ Y UHSURGXNÎQ®P REGRE® UHVS O]H WYUGLW ľH SęHFKRG QD 0' 5' QHP¢ Y¾UD]Q¾ YOLY QD SRVWRMH ľHQ N '39 5HVSRQGHQWN\ Y ġHWęHQ® YROLO\ QHMÎDVWÜML HPRFH MDNR ѥ]YÜGDYRVWѣ D ѥLQVSLUDFHѣ JUDI ĽHQ\ QD 0' 5' VSRMXM® '39 SęHGHYġ®P V GREU¾PL SRFLW\ ] QRY¾FK LQIRUPDF® UHVSRQGHQWHN ]FHOD VRXKODVLOR QD GHVHWLERGRYª ġN¢OH D WDNª V PRľQRVW® GDOġ®KR SURIHVQ®KR UįVWX UHVSRQGHQWHN ]FHOD VRXKODVLOR QD GHVHWLERGRYª ġN¢OH 6NXSLQD WDNª Y¾UD]QÜML RSURWL RVWDWQ®P RKURľHQ¾P VNXSLQ¢P QD WUKX SU¢FH YÜę® Y ]¢MHP ]H VWUDQ\ ]DPÜVWQDYDWHOį R SUDFRYQ®N\ NWHę® VH U¢GL Y]GÜO¢YDM® 9\ġġ® SRWęHEQRVW D SRFLW Y\XľLWHOQRVWL Y]GÜO¢Y¢Q® QD WUKX SU¢FH SDN SRFLĥXM® ľHQ\ NWHUª VL KOHGDM® Y VRXÎDVQRVWL SU¢FL D WDNª W\ NWHU¾P VH EO®ľ® Q¢YUDW QD WUK SU¢FH 1Lľġ® YQLWęQ® QDODGÜQ® N '39 PDM® ľHQ\ V GYÜPD D Y®FH GÜWPL D ľHQ\ V QLľġ®P Y]GÜO¢Q®P 1D UR]G®O RG SUDFXM®F®FK ľHQ Y UHSURGXNÎQ®P REGRE® VH YġDN VNXSLQD Y]GÜO¢Y¢ V YHOPL Q®]NRX LQWHQ]LWRX VURYQDWHOQRX V RVWDWQ®PL RKURľHQ¾PL VNXSLQDPL QD WUKX SU¢FH Y SRVOHGQ®P URFH VH »ÎDVWQLOR QÜMDNª IRUP\ Y]GÜO¢Y¢Q® Y]GÜO¢YDF®FK NXU]į UHNYDOLILNDF® ZRUNVKRSį D VHPLQ¢ęį SRX]H RVRE QD 0' 5' =DM®PDYª MH ľH ] KOHGLVND »ÎDVWL QD WÜFKWR IRUP¢FK Y]GÜO¢Y¢Q® VH QHSRWYUGLOD Y\ġġ® »ÎDVW ľHQ SęHG EO®ľ®F®P VH Q¢VWXSHP QD SUDFRYQ® WUK 7DNWªľ SRÎHW GÜW® PDWN\ ] KOHGLVND LQWHQ]LW\ »ÎDVWL QD '39 QHGLIHUHQFXMH 1HURVWH DQL GHNODURYDQ¢ »ÎDVW X UHVSRQGHQWHN NWHUª PDM® QHMLVWª ]DPÜVWQ¢Q® W\ NWHUª QHPDM® SU¢FL QD GREX XUÎLWRX 2SURWL ľHQ¢P VH VPORXYRX QD GREX XUÎLWRX YġDN UHVSRQ GHQWN\ V QHMLVW¾P ]DPÜVWQ¢Q®P ÎDVWÜML ]YDľXM® VYRX »ÎDVW QD WÜFKWR IRUP¢FK Y]GÜO¢Y¢Q® ÎDVW QD UHNYDOLILNDF®FK F®ORYª VNXSLQ\ MH VURYQDWHOQ¢ V GDOġ®PL RKURľHQ¾PL VNXSLQDPL Y SRVOHGQ®P URFH 3R]RUXKRGQ¢ MH YġDN VNXWHÎQRVW ľH ľHQ\ QD 0' 5' VH »ÎDVWQLO\ UHNYDOLILNDF® Y GREÜ SęHG Y®FH QHľ URNHP ÎDVWÜML QHľ RVWDWQ® RKURľHQª VNXSLQ\ QD VWHMQª »URYQL MDNR RVRE\ ]DPÜVWQDQª 7HQWR IDNW SRXND]XMH QD VNXWHÎQRVW ľH V Q¢VWXSHP QD 0' 5' ľHQ\ SęHVW¢YDM® E¾W Y REODVWL Y]GÜO¢Y¢Q® DNWLYQ® 3RGREQÜ VH XND]XMH ľH Q¢VWXS QD 0' 5' ]QDPHQ¢ RGVXQXW® »ÎDVWL QD Y]GÜO¢Y¢Q® D XGUľRY¢Q® VL ]QDORVW® D GRYHGQRVW® L YH Y¾VOHGF®FK ] Y¾]NXPX 3,$$& 'DWD RGKDOLOD Y¾UD]QÜMġ® SRNOHV QXPHULFN¾FK L ÎWHQ¢ęVN¾FK NRPSHWHQF® VSROX VH VFKRSQRVW® ęHġLW SUREOªP\ X ľHQ ] YÜNRYª VNXSLQ\ ѝ OHW RSURWL PXľįP YH VWHMQª NDWHJRULL 5R]G®O PH]L PXľL D ľHQDPL MH QHMPDUNDQWQÜMġ® YH YÜNRYª VNXSLQÜ ѝ OHW 'DWD QD]QDÎXM® ľH Q¢VWXS QD 0' 5' ÎDVWR PįľH YªVW N SRWODÎHQ® SRWHQFL¢OX ľHQ 19 =GH P®QÜQR ŧ OHW

42

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DN¾ E\O 9¢ġ SUDFRYQ® VWDWXV SęHGW®P QHľ MVWH QDVWRXSLO D QD PDWHęVNRX QHER URGLÎRYVNRX GRYROHQRX" -DN¾ RÎHN¢Y¢WH Q¢YUDW GR SU¢FH SR PDWHęVNª URGLÎRYVNª GRYROHQª"

43

*UDI ʌ (PRFLRQ¢OQ® Y]WDK N '39 ʌ NODVWU\ YġHFKQ\ GRWD]RYDQª

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 3UDFXM®F® ľHQ\ ѝ Y¢ľHQ¢ GDWD ]D ]DPÜVWQDQª D 269Í 269Í VQ®ľHQD Y¢KD QD UH¢OQª ]DVWRXSHQ® PH]L SUDFXM®F®PL

&HONRYÜ P¢ VNXSLQD SUDJPDWLFN¾ Sę®VWXS N »ÎDVWL QD '39 QHERĥ KODYQ®P NULWªULHP SUR »ÎDVW MH Q¢VOHGQ¢ Y\XľLWHOQRVW QD WUKX SU¢FH 6XEMHNWLYQÜ MH KODYQ® EDULªURX QH»ÎDVWL QD GDOġ®P Y]GÜO¢Y¢Q® SRFLW MHKR QHXľLWHÎQRVWL SęL XSODWQÜQ® QD WUKX SU¢FH NG\ MH PQRKHP GįOHľLWÜMġ® SURN¢]¢Q® SUD[H UHVSRQGHQWHN WYUG® ľH SUD[H MH GįOHľLWÜMġ® QHľ Y]GÜO¢Q®

=¢VDGQ® EDULªURX ľHQ QD 5' D Y GRP¢FQRVWL MH QHGRVWDWHN ÎDVX &]HVDQ¢ 'RQDWK %XUVRQ 0DUVWHOOHU Y\SO¾YDM®F® ] URGLQQ¾FK SRYLQQRVW® VSRMHQ¾FK V SªÎ® R G®WÜ D GRP¢FQRVW .RQNUªWQ® SRGREX P¢ WDWR EDULªUD Y DEVHQFL Q¢KUDG\ ]D VHEH SęL KO®G¢Q® GÜW® D WDNª NRQ¢Q® YÜWġLQ\ NXU]į Y QHYKRGQª YHÎHUQ® GREÜ NG\ VH ľHQD PXV® YÜQRYDW G®WÜWL .DSODQRY¢ 3RGREQ¾ ]¢YÜU Y\SO¾Y¢ L ] Y¾]NXPX SURMHNWX .RRSHUDFH NGH SªÎL YLG® MDNR KODYQ® GįYRG QH»ÎDVWL QD Y]GÜO¢Y¢Q® GRW¢]DQ¾FK JUDI 9HON¢ ΢VW PDWHN Y GRP¢FQRVWL SRFLĥXMH MDNR EDULªUX QHGRVWDWHN SHQÜ] 5DEXġLFRY¢ 'RQDWK %XUVRQ 0DUVWHOOHU YH Y¾]NXPX .RRSHUDFH YLGÜOR WHQWR GįYRG N QH»ÎDVWL GRW¢]DQ¾FK 1DRSDN GRVWXSQRVW '9 EDULªURX QHQ® .DSODQRY¢ &R VH W¾ÎH HYHQWX¢OQ® DNWLYLW\ ]DPÜVWQDYDWHOį SRGOH 9 369 MVRX PDWN\ QD 5' ]H Y]GÜO¢YDF®FK NXU]į SUR ]DPÜVWQDQFH WªPÜę YľG\ Y\ORXÎHQ\ DOH MDN UHVSRQGHQWN\ Y¾]NXPX WDN ]DPÜVWQDYDWHOª MVRX VNHSWLÎW® RKOHGQÜ PRľQRVW® ]DSRMHQ® ]DQHSU¢]GQÜQ¾FK PDWHN GR '39 ]DPÜVWQDQFį

44

*UDI ʌ =NXġHQRVW VH Y]GÜO¢YDF®PL NXU]\ UHNYDOLILNDFHPL ZRUNVKRS\ D VHPLQ¢ęL YġHFKQ\ GRWD]RYDQª QD 0' 5'

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®"

*UDI ʌ 'įYRG\ QH»ÎDVWL QD UHNYDOLILNDFL NXU]HFK ZRUNVKRSHFKʙ YġHFKQ\ GRWD]RYDQª QD 0' 5'

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND 3URÎ QH]YDľXMHWH Y]GÜO¢YDF® NXU]\ UHNYDOLILNDFH ZRUNVKRS\ DQL VHPLQ¢ęH"

45

9H VURYQ¢Q® V RVWDWQ®PL RKURľHQ¾PL VNXSLQDPL QD WUKX SU¢FH Y\Xľ®YDM® ľHQ\ QD 0' 5' QHMYÜWġ® SRÎHW LQIRUPDÎQ®FK ]GURMį ĽHQ\ QD 0' 5' QHMÎDVWÜML Y\KOHG¢YDM® PRľQRVWL GDOġ®KR Y]GÜO¢Y¢Q® SęHV LQWHUQHWRYª SRUW¢O\ VYª ]Q¢Pª D 3

JUDI 3ęL VURYQ¢Q® VH ]DPÜVWQDQ¾PL ľHQDPL Y UHSURGXNÎQ®P REGRE® MVRX YġHFKQ\ ]GURMH Y\Xľ®Y¢Q\ Y®FH ήPľ MH NRPSHQ]RY¢QD DEVHQFH ]DPÜVWQDYDWHOH MDNR LQIRUPDÎQ®KR ]GURMH SUR '9 ,QIRUPDÎQ® NDQ¢O\ MVRX WDN VKRGQª V WÜPL NWHUª UHVSRQGHQWN\ XY¢GÜO\ SęL KOHG¢Q® SU¢FH 9¾UD]QÜ Y®FH QHľ RVWDWQ® RKURľHQª VNXSLQ\ QD WUKX SU¢FH Y\KOHG¢YDM® LQIRUPDFH SęHV QH]LVNRYª RUJDQL]DFH D SęHV LQWHUQHW GRNRQFH Y®FH QHľ QH]DPÜVWQDQª RVRE\ PODGġ® OHW 1HQ® SęHNYDSHQ®P ľH LQWHUQHWRYª ]GURMH D VRFL¢OQ® V®WÜ Y\Xľ®YDM® Y®FH ľHQ\ PODGġ® D V NUDWġ® GRERX VWU¢YHQRX QD PDWHęVNª URGLÎRYVNª GRYROHQª QDRSDN RVRE\ V QLľġ®P Y]GÜO¢Q®P Y®FH VSROªKDM® QD SRPRF ]H VWUDQ\ ęDGX SU¢FH *UDI ʌ ,QIRUPDÎQ® ]GURMH RVRE QD 0' 5' D ]DPÜVWQDQN\ĉ ʌ OHW

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .GH VL Y\KOHG¢Y¢WH LQIRUPDFH R PRľQRVWHFK GDOġ®KR Y]GÜO¢Y¢Q®"

N=402/275

=¢YÜUHP O]H NRQVWDWRYDW ľH GDOġ® SURIHVQ® Y]GÜO¢Y¢Q® PįľH XVQDGQLW Q¢YUDW RVRE QD 0' 5' QD WUK SU¢FH DOH VDPRWQª N ęHġHQ® VLWXDFH QHVWDή -H WęHED ]DPÜęLW VH QD GDOġ® IDNWRU\ QDSę GªOND 0' 5' PRľQRVW SU¢FH QD ΢VWHÎQ¾ »YD]HN V®ĥ ]Dę®]HQ® SHÎXM®F®FK R GÜWL DWG NWHUª PDUJLQDOL]XM® WXWR VNXSLQX QD WUKX SU¢FH ĘHġHQ®P E\ PRKO E¾W SRVWXSQ¾ SęHFKRG ] 0' 5' IRUPRX VQ®ľHQ¾FK »YD]Nį ÎL MLQ¾FK IOH[LELOQ®FK IRUHP SU¢FH GOH SRWęHE G®WÜWH D MHKR URGLÎį 3ęL SRGSRęH '39 MDNR FHVW\ MDN XVQDGQLW Q¢YUDW ľHQ QD WUK SU¢FH MH QXWQª VH ]DPÜęLW SęHGHYġ®P QD RGERXU¢Q® KODYQ®FK EDULªU »ÎDVWL MDNR MH SªÎH D QHGRVWDWHN ÎDVX PDWHN

46

1È]NRNYDOLƬNRYDQÈ 0LFKDO %URľ =D RVRE\ V Q®]NRX NYDOLILNDF® MVRX SRYDľRY¢QL OLGª YH YÜNX ѝ OHW V QHMY\ġġ®P GRVDľHQ¾P Y]GÜO¢Q®P ]¢NODGQ®P QHER DEVROYHQWL SUDNWLFN¾FK VSHFL¢OQ®FK ġNRO 3DWę® VHP L RVRE\ QHGRXÎHQª WHG\ YġLFKQL NWHę® ] Uį]Q¾FK GįYRGį QHGRNRQÎLOL Y]GÜO¢Y¢Q® QDYD]XM®F® QD ]¢NODGQ® ġNROX 3RGOH PHWRGLN\ ,6&(' MGH R VWXSHĉ Y]GÜO¢Q® D »URYHĉ GOH (4)

+ODYQ® UR]G®O\ Y U¢PFL WªWR VNXSLQ\ VH EXGRX W¾NDW SęHGHYġ®P YÜNX NWHU¾ MH GįOHľLW¾ ]HMPªQD SUR Y]WDK N '39 D MHKR PRľQ¾ Y¾YRM D WDNª MH YHOPL GįOHľLW¾ SUR Q¢VOHGQRX SU¢FL V WRXWR VNXSLQRX 3U¢FH V PODG¾PL Q®]NRNYDOLILNRYDQ¾PL D SURMHNW\ QD QÜ RULHQWRYDQª E\ PÜOD Y\SDGDW ]FHOD MLQDN QHľ SU¢FH VH VWDUġ®PL Q®]NRNYDOLILNRYDQ¾PL 9 Í5 QHSęHVDKXMH SRG®O Q®]NRNYDOLILNRYDQ¾FK QD HNRQRPLFN\ DNWLYQ®P RE\YDWHOVWYX GOH Í6 2YġHP WDWR VNXSLQD X Q¢V ÎHO® VSHFLILFN¾P SUREOªPįP FRľ VH SURMHYXMH QDSę®NODG Y\VRN¾P ]DVWRXSHQ®P RVRE V Q®]NRX NYDOLILNDF® YH VWDWLVWLN¢FK QH]DPÜVWQDQRVWL 'OH ÎWYUWOHWQ® VWDWLVWLN\ QH]DPÜVWQDQRVWL ]D NRQHF URNX Y\GDQª ęDGHP SU¢FH WYRę® Q®]NRNYDOLILNRYDQ® ] FHONRYªKR SRÎWX QH]DPÜVWQDQ¾FK D RGKDGXMH VH ľH PH]L GORXKRGREÜ QH]DPÜVWQDQ¾PL MH WR SDN FHO¾FK ]DW®PFR FHONRY¢ QH]DPÜVWQDQRVW SU¢FHVFKRSQª SRSXODFH MH ] GRVDľLWHOQ¾FK XFKD]HÎį R ]DPÜVWQ¢Q® YH YÜNX ѝ OHW »GDMH GOH 0369

47

*UDI ʌ 'ªOND QH]DPÜVWQDQRVWL Q®]NRNYDOLILNRYDQ¾FK Q

=GURM 9¾]NXP .RRSHUDFH

= Y¾]NXPX .RRSHUDFH Y\SO¾Y¢ ľH YÜWġLQD QH]DPÜVWQDQ¾FK Q®]NRNYDOLILNRYDQ¾FK

MH Y HYLGHQFL MLľ GªOH QHľ MHGHQ URN D FHO¾FK ] QLFK MH ]GH GªOH QHľ ġHVW PÜV®Fį =RKOHGQ®PH OL VNXWHÎQRVW ľH SRÎHW Q®]NRNYDOLILNRYDQ¾FK VH ]Y\ġXMH V YÜNHP D VNXSLQD MH PH]L QH]DPÜVWQDQ¾PL ]DVWRXSHQD ] G¢ VH SęHGSRNO¢GDW ľH SRNOHV SRG®OX Q®]NRNYDOLILNRYDQ¾FK PH]L QHMGªOH QH]DPÜVWQDQ¾PL MH ΢VWHÎQÜ ]SįVREHQ GRVDľHQ®P GįFKRGRYªKR YÜNX 7DEXOND 6WUXNWXUD VNXSLQ\ Q®]NRNYDOLILNRYDQ¾FK

6WUXNWXUD Q®]NRNYDOLILNRYDQ¾FK ѝ OHW

&HONHP WLV

3RG®O QD SRSXODFL ѝ OHW 0XľL ĽHQ\ ѝ OHW ѝ OHW ѝ OHW ѝ OHW

=GURM (XURVWDW

-DN XND]XMH WDEXOND Y WªWR VNXSLQÜ MH Y¾]QDPQÜ YÜWġ® ]DVWRXSHQ® ľHQ WR SODW® L PH]L QH]DPÜVWQDQ¾PL Q®]NRNYDOLILNRYDQ¾PL 7R MH RYOLYQÜQR QÜNROLND IDNWRU\ X VWDUġ® JH QHUDFH MH WR WUDGLÎQ® Sę®VWXS NG\ PÜOD X ľHQ URGLQD SęHGQRVW SęHG Y]GÜO¢Y¢Q®P ] SRKOHGX ]DPÜVWQDQRVWL MH ]DVH SDWUQ¢ QLľġ® QDE®GND SU¢FH SUR Q®]NRNYDOLILNRYDQª ľHQ\ QHľ SUR PXľH WÜľNª PDQX¢OQ® SU¢FH VPÜQQ¾ SURYR] QHVOXÎLWHOQ¾ V SªÎ® R GÜWL 36

48

9¾VOHGN\ Y¾]NXPį XND]XM® ľH SRÎW\ Q®]NRNYDOLILNRYDQ¾FK QD WUKX SU¢FH SRPDOX NOHVDM® 7HQWR IDNW P¢ Y SUD[L QHJDWLYQ® GRSDG QD SR]LFL Q®]NRNYDOLILNRYDQ¾FK .YįOL WRPX ľH VH QD WUKX SU¢FH SRK\EXMH PQRľVWY® SUDFRYQ® V®O\ NWHU¢ P¢ Y\ġġ® NYDOLILNDFL MH ORJLFNª ľH ]DPÜVWQDYDWHOª Y\E®UDM® NYDOLILNRYDQÜMġ® RVRE\ SęHGQRVWQÜ -DN URVWRX Q¢URN\ ]DPÜVWQDYDWHOį QD NYDOLILNRYDQRX V®OX XSODWĉXM® VH Q®]NRNYDOLILNRYDQ® SęHGHYġ®P QD VHNXQG¢UQ®P WUKX SU¢FH NGH ÎHO® QHMLVWRW¢P ġSDWQ¾P SUDFRYQ®P SRGP®QN¢P D PLQLP¢OQ®PX NDULªUQ®PX UįVWX )DNWRUHP NWHU¾ WHQWR Y¾YRM XU\FKOLO E\O Sę®FKRG HNRQRPLFNª NUL]H Y URFH %ÜKHP NUL]H SR]LFH SUR Q®]NRNYDOLILNRYDQª ]DPÜVWQDQFH ]DQLNDO\ Y GįVOHGNX »VSRUQ¾FK RSDWęHQ® L ] GįYRGį SRNOHVX Y¾URE\ ÎL VQDK\ R MHM® ]HIHNWLYQÜQ® 7R VH SURMHYLOR QDSę®Î FHORX (YURSRX *UDI ʌ 0®UD QH]DPÜVWQDQRVWL Q®]NRNYDOLILNRYDQ¾FK ,6&(' RVRE YH YÜNX ʌ Y (8 Y URFH D Y URFH

=GURM &('()23

-DN MH SDWUQª ] JUDIX ήVOR RG URNX GR URNX VH Y Í5 ]Y¾ġLOD QH]DPÜVWQDQRVW Q®]NRNYDOLILNRYDQ¾FK ]H QD 7RWR ]Y¾ġHQ® RGSRY®G¢ SUįPÜUX (8 RYġHP WDNª MH ]ęHMPª ľH FHONRY¢ QH]DPÜVWQDQRVW WªWR VNXSLQ\ MH X Q¢V SRGVWDWQÜ Y\ġġ® QHľ MH SUįPÜU (8 1®]N¢ »URYHĉ Y]GÜO¢Q® VWRM® ÎDVWR WDNª Y SR]DG® GDOġ®FK SUREOªPį NWHUª WXWR VNXSLQX SURY¢]HM® 6 SRVWXSQ¾P UR]YRMHP LQIRUPDÎQ®FK WHFKQRORJL® VH ęDGD ]¢VWXSFį WªWR VNXSLQ\ GRVW¢Y¢ GR LQIRUPDÎQ® D VRFL¢OQ® L]RODFH ÍDVWR QHMVRX VFKRSQL XYDľRYDW Y GHOġ®P ÎDVRYªP KRUL]RQWX MHMLFK SO¢QRY¢Q® SRNU¾Y¢ MHQ YHOPL EO®]NRX EXGRXFQRVW D ÎDVWR MH GRSOQÜQR SęHGVWDYRX Q¢KOªKR D RNDPľLWªKR »VSÜFKX Q¢VOHGQÜ SDN ]WU¢WRX PRWLYDFH D VHEHGįYÜU\ NG\ľ »VSÜFK QHSęLFK¢]® 36 'ORXKRGRE¢ QH]DPÜVWQDQRVW PįľH SURKOXERYDW SV\FKLFNª 49

SUREOªP\ 6NXSLQD Q®]NRNYDOLILNRYDQ¾FK VH WDNª ÎDVWR GRVW¢Y¢ GR ILQDQÎQ®FK SUREOªPį ]SįVREHQ¾FK Q®]NRX ILQDQÎQ® JUDPRWQRVW® YHGRXF® N ]DGOXľHQ® D ] WRKR SO\QRXF®P H[HNXF®P NWHUª G¢OH VQLľXM® PRWLYDFL XVSÜW QD WUKX SU¢FH 'DOġ® Y]GÜO¢Y¢Q® D ]Y\ġRY¢Q® NYDOLILNDFH KUDMH ]¢VDGQ® UROL SUR PRľQRVW Q¢YUDWX Q®]NRNYDOLILNRYDQ¾FK QD WUK SU¢FH 9 U¢PFL Y¾]NXPX .RRSHUDFH SURE®KDOR ]MLġĥRY¢Q® SRVWRMį VNXSLQ RKURľHQ¾FK QD WUKX SU¢FH N GDOġ®PX Y]GÜO¢Y¢Q® 9\XľLWD E\OD PHWRGD (PRWL 6FDSH ]SįVRE PÜęHQ® HPRFLRQ¢OQ®KR QDODGÜQ® UHVSRQGHQWį YįÎL SęHGNO¢GDQ¾P SRGQÜWįP

*UDI ʌ 3RVWRMH SUDFXM®F®FK VNXSLQ RKURľHQ¾FK QD WUKX SU¢FH N GDOġ®PX Y]GÜO¢Y¢Q® 4 .G\ľ VH ęHNQH ʔ'$/Ġ 9='Û/ 9 1 '263Û/ &+ʒ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾"

=GURM 9¾]NXP .RRSHUDFH

9¾]NXP XN¢]DO ľH SU¢YÜ Q®]NRNYDOLILNRYDQ® PDM® N GDOġ®PX Y]GÜO¢Y¢Q® YHOPL QHJDWLYQ® SRVWRM -H ]ęHMPª ľH VH WR SURMHYXMH WDNª Y FHONRYª »ÎDVWL QD '9 7HQWR QHJDWLYQ® SRVWRM VH ]ęHMPÜ RGU¢ľ® L Y MHMLFK DNWLYQ® »ÎDVWL Y '9 9 SRVOHGQ®P URFH GHNODURYDOD DEVROYRY¢Q® NXU]į ZRUNVKRSį VHPLQ¢ęį ÎL UHNYDOLILNDF® SRXK¢ Q®]NRNYDOLILNRYDQ¾FK UHJLVWURYDQ¾FK QD 3 FRľ MH QHMPªQÜ ]H YġHFK VNXSLQ YL] JUDI

50

*UDI ʌ 3RURYQ¢Q® »ÎDVWL QD '9 YġHFK GRWD]RYDQ¾FK VNXSLQ Y SRVOHGQ®P URFH ġLURFH SRMDWª '9 D »]FH SRMDWª '9

=GURM 9¾]NXP .RRSHUDFH

&HONRYRX VLWXDFL PįľHPH SęLEO®ľLW SęHKOHGHP Y\Xľ®Y¢Q® MHGQRWOLY¾FK Q¢VWURMį NWHUª MVRX XUÎHQ\ SUR GDOġ® Y]GÜO¢Y¢Q® D ]Y\ġRY¢Q® NYDOLILNDFH WªWR VNXSLQ\ 5HNYDOLƬNDFH *UDI ʌ =NXġHQRVW Q®]NRNYDOLILNRYDQ¾FK VH Y]GÜO¢YDF®PL NXU]\ VHPLQ¢ęL D UHNYDOLILNDF®

=GURM 9¾]NXP .RRSHUDFH Q

51

5HNYDOLILNDFH MVRX MHGQ®P ] KODYQ®FK Q¢VWURMį '9 NWHU¾ WDWR VNXSLQD Y\Xľ®Y¢ ]HMPªQD SURVWęHGQLFWY®P QDE®GHN 3 SęHVWR »ÎDVW QD WÜFKWR IRUP¢FK Y]GÜO¢Y¢Q® MH RSUDYGX Q®]N¢ ÎDVW QD MHGQª ] WÜFKWR IRUHP Y]GÜO¢Y¢Q® Y SRVOHGQ®P URFH SRWYUGLOD SRXK¢ GRW¢]DQ¾FK &HONRYÜ GHNODUXMH DEVROYRY¢Q® NXU]X VHPLQ¢ęH ÎL UHNYDOLILNDFH GRW¢]DQ¾FK 0H]L VODELQ\ WRKRWR ]SįVREX Y]GÜO¢Y¢Q® SDWę® ľH MVRX ]DęD]HQ\ GR V\VWªPX YHęHMQ¾FK ]DN¢]HN NGH MH NODGHQ GįUD] QD QHMQLľġ® FHQX D QH]RKOHGĉXMH VH SRWęHED SęL]SįVRELW NXU]\ D UHNYDOLILNDFH SRWęHE¢P D ]QDORVWQ® »URYQL NOLHQWį 5RYQÜľ ]GH FK\E® V\VWHPDWLFN¢ LQGLYLGX¢OQ® SU¢FH V NOLHQWHP GRSOQÜQ¢ GLDJQRVWLFN¾PL Q¢VWURML NWHUª SRPRKRX QDM®W D UR]Y®MHW SUHGLVSR]LFH NOLHQWį 36

3UDFRYQÈ VW¼ŗH *UDI ʌ ÎDVW Q®]NRNYDOLILNRYDQ¾FK QD VW¢ľ®FK

=GURM 9¾]NXP .RRSHUDFH Q

=NXġHQRVW VH VW¢ľ® GHNODUXM® QHFHO¢ GRW¢]DQ¾FK Y SRVOHGQ®P URFH SDN QHFHOª 'įYRGHP WDN Q®]Nª »ÎDVWL PįľH E¾W PDO¢ LQIRUPRYDQRVW R WRP VYÜGή ľH ]¢VWXSFį WªWR VNXSLQ\ XY¢G® ľH R PRľQRVWL VW¢ľH YįEHF QHY® 7HQWR Q¢VWURM PįľH E¾W SUR Q®]NRNYD OLILNRYDQª YKRGQ¾ MH ]GH GįUD] QD SUDNWLFNRX Sę®SUDYX Sę®P¢ PRľQRVW ]®VNDW ]DPÜVWQ¢Q® D VRX΢VW® VW¢ľ® MH L SęLUR]HQª ]®VN¢Y¢Q® SUDFRYQ®FK Q¢Y\Nį 2W¢]NRX ]įVW¢Y¢ QDVWDYHQ® V\VWªPX RGPÜQ ѝ ] SRYDK\ YÜFL E\ QHPÜO\ E¾W VRX΢VW® VW¢ľ® RYġHP Sę®SDGQ¢ RGPÜQD SUR »ÎDVWQ®N\ PįľH P®W YHON¾ PRWLYDÎQ® GRSDG 36

52

=DXèHQÈ X{]DPöVWQDYDWHOH *UDI ʌ =NXġHQRVWL Q®]NRNYDOLILNRYDQ¾FK VH ]DXÎHQ®P X ]DPÜVWQDYDWHOH

=GURM 9¾]NXP .RRSHUDFH Q

ęDG SU¢FH P¢ VSHFLILFNª Q¢VWURMH VSDGDM®F® GR $3= NWHUª PRKRX SRGSRęLW XP®VWÜQ® XFKD]HÎH YH ILUPÜ D ]DMLVWLW DE\ XFKD]HÎ SURġHO ]¢NODGQ®P ]DġNROHQ®P NWHUª MH SUR Y\NRQ¢Y¢Q® SUDFRYQ® ÎLQQRVWL QH]E\WQª .RQNUªWQÜ VH MHGQ¢ R VSROHÎHQVN\ »ÎHOQ¢ SUDFRYQ® P®VWD D GRWRYDQ¢ SUDFRYQ® P®VWD NWHU¢ Y]QLNDM® Y U¢PFL PQRKD SURMHNWį 3ęHV ]P®QÜQ¢ SR]LWLYD QHQ® DQL WHQWR ]SįVRE Sę®OLġ ]DYHGHQ¾ Q®]NRNYDOLILNRYDQ¾FK XY¢GÜM® ľH VH V WRXWR IRUPRX Y]GÜO¢Y¢Q® Y SUįEÜKX VYªKR ľLYRWD VHWNDOD DOH Y SRVOHGQ®P URFH ML DEVROYRYDOR MHQ ] QLFK $ ] QLFK XY¢G® ľH WHQWR ]SįVRE Y]GÜO¢Y¢Q® YįEHF QH]Q¢ 1¼URGQÈ VRXVWDYD NYDOLƬNDFÈ 'DOġ®P Q¢VWURMHP NWHU¾ E\ PRKO E¾W WªWR VNXSLQÜ XľLWHÎQ¾ MH 16. 9¾]NXP .RRSHUDFH SęLQHVO R Y]WDKX Q®]NRNYDOLILNRYDQ¾FK D 16. QÜNROLN ]¢NODGQ®FK LQIRUPDF® Ѩ =QDORVW 1¢URGQ® VRXVWDY\ NYDOLILNDF® MH FHONRYÜ Q®]N¢ ]Q¢ ML Q®]NRNYDOLILNR YDQ¾FK Ѩ 3ęHVWR WHQWR ]SįVRE ]®VN¢Q® NYDOLILNDFH SRYDľXMH ]D Y¾ERUQ¾ Q¢SDG QH]DPÜVWQDQ¾FK RVRE V Q®]NRX NYDOLILNDF® $ ] QLFK VH SDN SęLNO¢Q® N WRPX ľH WDNRY¢ NYDOLILNDFH MLP PįľH SRPRFL SęL KOHG¢Q® SU¢FH Ѩ 7ęHWLQX Q®]NRNYDOLILNRYDQ¾FK VSRQW¢QQÜ QDSDG¢ GRYHGQRVW NWHURX E\ VL PRKOL QHFKDW X]QDW D Y EXGRXFQX VH M® WęHED L ľLYLW ] QLFK WªWR PRľQRVWL MLľ Y\XľLOR 53

Ѩ 3ÜWLQD Q®]NRNYDOLILNRYDQ¾FK VH GRPQ®Y¢ ľH X]Q¢Q® NYDOLILNDFH GOH 16. E\ MLP SRPRKOR QDM®W SU¢FL D QDRSDN SÜWLQD VH GRPQ®Y¢ ľH SUR ]DPÜVWQDYDWHOH WR QHQ® YįEHF GįOHľLWª =GURM 9¾]NXP .RRSHUDFH

7HQWR Q¢VWURM PįľH E¾W SUR VNXSLQX Q®]NRNYDOLILNRYDQ¾FK YHOPL YKRGQ¾ WR RVWDWQÜ QD]QDÎXMH ľH WęHWLQX GRWD]RYDQ¾FK Q®]NRNYDOLILNRYDQ¾FK QDSDG¢ NYDOLILNDFH NWHURX E\ VL WRXWR FHVWRX PRKOD QHFKDW X]QDW -DN VH VKRGOL RGERUQ®FL ] SUDFRYQ®FK VNXSLQ DE\ E\O SUR WXWR VNXSLQX WHQWR Q¢VWURM OªSH Y\XľLWHOQ¾ E\OR E\ WęHED Y\ęHġLW QÜNROLN SUREOªPį Ѩ =NRXġND MH Y VRXÎDVQª SRGREÜ SURSRMHQ¢ V NRQNUªWQ®P P®VWHP ÎL LQVWLWXF® D V®ĥ DXWRUL]RYDQ¾FK RVRE MH SRPÜUQÜ PDO¢ Ѩ =NRXġHQ¾ PįľH ęDGX OHW SUDFRYDW QD MHGQRP ]Dę®]HQ® D SRNXG VL EXGH FKW®W XGÜODW UHNYDOLILNDFL GOH 16. PįľH VH VW¢W ľH RSU¢YQÜQ¢ RVRED EXGH P®W MLQª ]Dę®]HQ® NWHUª VLFH XP® WR VDPª DOH GRW\ÎQ¾ MHM QHEXGH XPÜW RYO¢GDW Ѩ 9 16. MH NDľG¢ »SOQ¢ NYDOLILNDFH FK¢S¢QD MDNR QHMPHQġ® MHGQRWND ] KOHGLVND SU¢FH Q®ľH SRG WXWR »URYHĉ VH Y NYDOLILNDF®FK M®W QHG¢ 7R MH ÎDVWR RPH]HQ® SUR Q®] NRNYDOLILNRYDQª SUR QÜ E¾Y¢ WDNRY¢ NYDOLILNDFH Sę®OLġ Q¢URÎQ¢ ÎDVRYÜ L REVDKRYÜ 9 Sę®SDGÜ UHNYDOLILNDF® GOH 16. VH WDNª ]QDÎQÜ ]Y\ġXMH FHQD 3RNXG E\FKRP V Q®] NRNYDOLILNRYDQ¾PL FKWÜOL SUDFRYDW HIHNWLYQÜ PXVHOL E\FKRP NYDOLILNDFH UR]GÜOLW GR XUÎLW¾FK PRGXOį NWHUª E\ VL PRKOL SRVWXSQÜ GRSOĉRYDW -HGQRX ] PRľQRVW® MH ľH E\ VH SUR X]Q¢Y¢Q® WDNRY¾FK PRGXOį Y\Xľ®YDO (&9(7 (YURSVN¾ V\VWªP NUHGLWį SUR RGERUQª Y]GÜO¢Y¢Q® D Sę®SUDYX Y VRXÎDVQª GREÜ MH WR Q¢VWURM NWHU¾ VH Y\Xľ®Y¢ SUR PRELOLWX ]DPÜVWQDQFį D VWXGHQWį

Ѩ 3UR XGÜOHQ® »SOQª SURIHVQ® NYDOLILNDFH VL ]¢MHPFH PXV® XGÜODW YġHFKQ\ ]NRXġN\ MHGQRWOLY¾FK SURIHVQ®FK NYDOLILNDF® EH] RKOHGX QD WR MHVWOL MH Xľ RYO¢G¢ QHER QHRYO¢G¢ 1HQ® ]GH PRGXORYª SRMHW® NG\ E\ VL ]¢MHPFH PRKO GRGÜODW MHQ XUÎLWRX ΢VW QHER VL QHFKDW X]QDW ΢VW ] MLQª NYDOLILNDFH Ѩ $XWRUL]RYDQ¢ ]NRXġND MH VY¾P SRMHW®P SRVWXSHP »VSÜġQªKR DEVROYRY¢Q®

Y ęDGÜ Sę®SDGį Q¢URÎQÜMġ® QHľ XÎĉRYVN¢ ]NRXġND ÎL PDWXULWD »ÎDVWQ®N PXV® SURN¢]DW ]QDORVW YġHFK SUYNį SURIHVH SęL YHOPL Y\VRNªP WHPSX Y¾XN\

36 .RRSHUDFH

54

9HON¢ ΢VW QH]DPÜVWQDQ¾FK Q®]NRNYDOLILNRYDQ¾FK VL XYÜGRPXMH ľH Q®]Nª Y]GÜO¢Q® MH MHMLFK KDQGLFDS &HONHP ] QLFK XY¢G® MDNR GįYRG QH]DPÜVWQDQRVWL QHGRVWDWHÎQª Y]GÜO¢Q® D ]¢URYHĉ ] QLFK Y\M¢GęLOR VRXKODV V Y¾URNHP ľH N GRVDľHQ® »VSÜFKX QD WUKX SU¢FH MH WęHED VH Y]GÜO¢YDW 0H]L EDULªUDPL NWHUª EU¢Q® Q®]NRNYDOLILNRYDQ¾P Y »ÎDVWL QD GDOġ®P Y]GÜO¢Y¢Q® E\OD QHMY\ġġ® P®UD VRXKODVX V Y¾URNHP 1HP¢P QD Y]GÜO¢Y¢Q® SHQ®]H -H RW¢]NRX GR MDNª P®U\ MH WDWR EDULªUD UH¢OQ¢ D GR MDNª P®U\ VS®ġH ]¢VWXSQ¢ ѝ YÜWġLQD NXU]į QDE®]HQ¢ ęDGHP SU¢FH MH SURSO¢FHQD 1D GUXKRX VWUDQX ęDGD SURJUDPį VLFH KUDG® »ÎDVWQ®NįP FHVWRYQª L GDOġ® Q¢NODG\ DOH Dľ ]SÜWQÜ 0įľH WHG\ QDVWDW VLWXDFH NG\ VL »ÎDVWQ®FL PXV® KUDGLW GRM®ľGÜQ® PÜV®F L GªOH ]H VYªKR D WR PįľH E¾W SUR ęDGX Q®]NRNYDOLILNRYDQ¾FK VNXWHÎQ¢ EDULªUD 1D Q¢VOHGXM®F®P JUDIX MVRX Y\EUDQª EDULªU\ VHęD]HQ\ SRGOH P®U\ VRXKODVX NWHU¾ V QLPL GRWD]RYDQ® SURMHYRYDOL *UDI ʌ 9¾URN\ W¾NDM®F® VH EDULªU Q®]NRNYDOLILNRYDQ¾FK N '9 VHęD]HQª GOH P®U\ VRXKODVX

=GURM 9¾]NXP .RRSHUDFH Q

'DOġ® EDULªURX V Y\VRNRX P®URX VRXKODVX MH Y¾]QDP SUD[H RSURWL Y]GÜO¢Y¢Q® -DN MH XYHGHQR Y¾ġH P®UD ]DSRMHQ® Q®]NRNYDOLILNRYDQ¾FK GR Q¢VWURMį NWHUª XPRľĉXM® ]®VNDW SUDNWLFNª ]NXġHQRVWL VW¢ľH ]DSUDFRY¢Q® X ]DPÜVWQDYDWHOH MH SRPÜUQÜ Q®]N¢ 1D MHGQª VWUDQÜ MH SęHN¢ľNRX SDVLYQ® Sę®VWXS Q®]NRNYDOLILNRYDQ¾FK QD GUXKª VWUDQÜ YÜWġLQD WÜFKWR Q¢VWURMį XPRľĉXMH ]DPÜVWQDYDWHOįP Y\EUDW VL XFKD]HÎH V QLPLľ FKWÜM® SUDFRYDW -H ORJLFNª ľH SęL VWHMQª P®ęH SRGSRU\ VL ]DPÜVWQDYDWHO Y\EHUH XFKD]HÎH V OHSġ®PL SęHGSRNODG\ WHG\ V OHSġ®P Y]GÜO¢Q®P SUD[® D NUDWġ® GRERX QH]DPÜVWQDQRVWL 36

'DOġ® ÎDVWR ]PLĉRYDQª EDULªU\ VH W¾NDM® REDY\ ]H ġNROQ®KR SURVWęHG® D REDY\ ] QH]YO¢GQXW® NXU]X 'įYRGį SURÎ Q®]NRNYDOLILNRYDQ® QHYLG® GDOġ® Y]GÜO¢Y¢Q® MDNR Y¾FKRGLVNR ]H VYª 55

Q¢URÎQª VLWXDFH MH Y®FH +RU¢NRY¢ V

Ѩ 1HMLVW¾ Y¾VOHGHN ѝ Q®]NRNYDOLILNRYDQ® GRSęHGX RÎHN¢YDM® SRX]H PDO¾ GRSDG VYª »ÎDVWL YH Y¾FYLNRYªP D Y]GÜO¢YDF®P SURJUDPX QD Sę®SDGQª ]OHSġHQ® SUDFRYQ®FK Y\KO®GHN ]®VN¢Q® ]DPÜVWQ¢Q® ]DMLġWÜQ® OHSġ®KR SUDFRYQ®KR XSODWQÜQ® UįVW PH]G

Ѩ 6WUDFK ] QH»VSÜFKX VHOK¢Q® ѝ QHJDWLYQ® VHEHKRGQRFHQ® Q®]NRNYDOLILNRYDQ¾FK D VWUDFK ]H VDQNF® SęL Sę®SDGQªP QHGRNRQÎHQ® Y¾FYLNRYªKR SURJUDPX MVRX QDY®F XPRFĉRY¢Q\ FKDUDNWHUHP Y¾FYLNRY¾FK NXUVį NWHUª PDM® ÎDVWR SRGREX ġNROQ®KR Y]GÜO¢Y¢Q® N QÜPXľ PDM® Q®]NRNYDOLILNRYDQ® QHJDWLYQ® Y]WDK Ѩ 7UDGLÎQ® SęHGVWDYD NWHU¢ XSęHGQRVWĉXMH VS®ġH SU¢FL SUDFRYQ® P®VWR QHľ Y¾FYLN »ÎDVW YH Y¾FYLNRYªP SURJUDPX ѝ QÜNWHę® Q®]NRNYDOLILNRYDQ® PRKRX Y\KRGQRWLW VYRX »ÎDVW QD Y¾FYLNX D Y]GÜO¢Y¢Q® MDNR Sę®OLġ Q¢NODGQRX VWDUġ® OLGª ľLYLWHOª URGLQ

Ѩ 1HGRVWDWHÎQ¢ YD]ED PH]L Y¾FYLNRY¾P SURJUDPHP D SRWęHEDPL ]QHY¾KRGQÜQ¾FK XFKD]HÎį R ]DPÜVWQ¢Q® ѝ SUR XFKD]HÎH V QHGRVWDWNHP ]¢NODGQ®FK ]QDORVW® QHER SRVWRMį N SU¢FL PRKRX E¾W REHFQÜ SRVWDYHQª SURJUDP\ SUDFRYQ®KR Y¾FYLNX Sę®OLġ Q¢URÎQª Sę®OLġ PQRKR ѥXÎLYDѣ YH YHOPL NU¢WNª GREÜ

=¢MHP R ]®VN¢Q® ]¢NODGQ® NYDOLILNDFH D Q¢YUDW QD WUK SU¢FH NRPSOLNXM® WDNª VRFL¢OQÜ HNRQRPLFNª IDNWRU\ , SR ]®VN¢Q® QÜMDNª ]¢NODGQ® NYDOLILNDFH VH Sę®MP\ Q®]NRNYDOLILNRYDQ¾FK PRKRX SRK\ERYDW OHKFH QDG KUDQLF® PLQLP¢OQ® P]G\ 7DNRYª Y¾ġL Sę®MPX SDN ѥNRQNXUXM®ѣ VRFL¢OQ® G¢YN\ 9 VRXYLVORVWL V WRXWR VLWXDF® VH ÎDVWR POXY® R SDVWL QHDNWLYLW\ NG\ GDQª RVREÜ QHSęLQHVH Q¢VWXS GR ]DPÜVWQ¢Q® Y\ġġ® RVREQ® Sę®MHP DQL ]OHSġHQ® FHONRYª ľLYRWQ® VLWXDFH 0LPR WR H[LVWXMH MHġWÜ Q®]NRSę®MPRY¢ SDVW MGH R VLWXDFL NG\ ]Y¾ġHQ® P]G\ PįľH YªVW N SRNOHVX UH¢OQªKR Sę®MPX NYįOL Y\VWRXSHQ® GRP¢FQRVWL ] KPRWQª QRX]H 7UOLIDMRY¢ HW DO

&R GÜODW SUR ]Y¾ġHQ® »ÎDVWL Q®]NRNYDOLILNRYDQ¾FK QD GDOġ®P Y]GÜO¢Y¢Q® Ѩ =DY¢GÜW SURJUDP\ NWHUª EXGRX SRVWDYHQª QD LQGLYLGX¢OQ® SU¢FL V NOLHQWHP 3UR ęDGX QH]DPÜVWQDQ¾FK Q®]NRNYDOLILNRYDQ¾FK MH QH]DPÜVWQDQRVW VS®ġH VHNXQG¢UQ® SUREOªP -H WęHED MLP SRPRFL QHMGę®YH Y\ęHġLW ]¢VDGQÜMġ® SUREOªP\ Q®]Nª VHEHYÜGRP® SV\FKLFNª SUREOªP\ ILQDQÎQ® SUREOªP\ DWG -GH R Q¢NODGQ¢ RSDWęHQ® DOH MDN XND]XM® ]NXġHQRVWL ] PQRKD ]¢SDGQ®FK ]HP® WDWR LQYHVWLFH VH PįľH YHOPL GREęH Y\SO¢FHW ]YO¢ġWÜ X PODGġ®FK RVRE Ѩ 9\MPRXW UHNYDOLILNDFH ] UHľLPX YHęHMQ¾FK ]DN¢]HN QHER NO¢VW YÜWġ® GįUD] QD NYDOLWX NXU]į VFKRSQRVWL OHNWRUį D PRľQRVWL IOH[LELOQ®KR SęL]SįVREHQ® VH LQGLYLGX¢OQ®P SRWęHE¢P NOLHQWį

56

Ѩ 5R]ġ®ęLW VSHNWUXP SODFHQ¾FK NYDOLILNDÎQ®FK SURJUDPį QDE®]HQ¾FK ]¢VWXSFįP WªWR VNXSLQ\ QD 3 D VQDľLW VH DE\ MHMLFK VRX΢VW® E\OR ]®VN¢Q® SURIHVQ® NYDOLILNDFH GOH 16. 3ęL Y¾EÜUX RERUį MH WęHED Y\FK¢]HW ]H VFKRSQRVW® NOLHQWį D ] QDE®GN\ SHUVSHNWLYQ®FK YROQ¾FK SR]LF QD WUKX SU¢FH Ѩ 3ęL ]DY¢GÜQ® V\VWªPRY¾FK RSDWęHQ® $3= VH LQVSLURYDW SURMHNW\ NWHUª V WRXWR VNXSLQRX »VSÜġQÜ SUDFRYDO\ Ѩ =Y¾ġLW GRVWXSQRVW LQIRUPDF® R '9 D Y®FH Y\Xľ®YDW NRPXQLNDÎQ® VWUDWHJLH D Q¢VWURMH XPRľĉXM®F® RVORYLW WXWR F®ORYRX VNXSLQX Ѩ =DPÜęLW VH QD NRQWUROX NYDOLW\ NXU]į D UHNYDOLILNDF® SRVN\WRYDQ¾FK 3 SURY¢GÜW LQVSHNFH Y WHUªQX VOHGRYDW D Y\KRGQRFRYDW MHMLFK Sę®QRV SUR DEVROYHQW\ D WR L ] GORXKRGREªKR KOHGLVND Ѩ 2SWLPDOL]DFH PLQLP¢OQ® Y¾ġH PH]G D Sę®MPį ]H VRFL¢OQ®KR V\VWªPX WDN DE\ QD MHGQª VWUDQÜ E\O\ SRGSRęHQ\ RVRE\ Y VRFL¢OQ® QRX]L DOH QD GUXKª VWUDQÜ E\O\ PRWLYRY¢Q\ N Q¢YUDWX GR SU¢FH 3RNXG Y¾ġH VRFL¢OQ®FK G¢YHN Y VRXÎWX NRQNXUXMH Sę®MPįP NROHP »URYQÜ PLQLP¢OQ® P]G\ SįVRE® WR QD ęDGX RVRE Y WªWR NDWHJRULL GHPRWLYDÎQÜ D YHGH WR N MHMLFK SDVLYLWÜ

57

OZP 0LFKDO -DQ®ÎNR /LGª VH ]GUDYRWQ®P SRVWLľHQ®P 2=3 MVRX VNXSLQRX MHM®ľ SRVWDYHQ® QD WUKX SU¢FH MH RE]YO¢ġWÜ VORľLWª 9¾]NXP 9 369 ] U XY¢G® ]DPÜVWQDQRVW 2=3 YH YÜNX ѝ OHW SRX]H 9 369 D SRGOH ġHWęHQ® (XURVWDWX ] URNX ÎLQLOD Y Í5 ]DPÜVWQDQRVW OLG® VH ]GUDYRWQ®P RPH]HQ®P RSURWL X ]GUDYª SRSXODFH 9¾]NXPQ¢ D DQDO\WLFN¢ VSROXSU¢FH UHDOL]DÎQ®KR W¾PX V H[WHUQ®PL H[SHUW\ Y SURMHNWX .RRSHUDFH VH SURWR ]DPÜęLOD L QD WXWR VNXSLQX 9 REODVWL ]DPÜVWQDQRVWL VH SęLWRP 2=3 SRW¾NDM® V FHORX ęDGRX YHOPL VSHFLILFN¾FK SUREOªPį NWHUª MH SRWęHED SęL DQDO¾]H MHMLFK SRVWRMį N GDOġ®PX Y]GÜO¢Y¢Q® D ]NXġHQRVWL V Q®P P®W QD SDPÜWL 7DWR NDSLWROD SURWR ]DήQ¢ SęHKOHGHP ED ULªU Y ]DSRMHQ® 2=3 QD WUK SU¢FH D SRSLVHP MHMLFK Y]¢MHPQ¾FK VRXYLVORVW® Y\FK¢]HM®F®FK SęHGHYġ®P ] Q¢]RUį H[SHUWį ] SUDFRYQ® VNXSLQ\ SURMHNWX G¢OH 36 9 GDOġ® ΢VWL SDN Q¢VOHGXMH DQDO¾]D D LQWHUSUHWDFH Y¾VOHGNį GRWD]Q®NRYªKR ġHWęHQ® N SRVWDYHQ® D MHGQ¢Q® OLG® V SRVWLľHQ®P Y GDOġ®P SURIHVQ®P Y]GÜO¢Y¢Q® '39 /LGª VH ]GUDYRWQ®P SRVWLľHQ®P E\OL Y SURMHNWX .RRSHUDFH FK¢S¢QL SRGOH GHILQLFH ]¢NRQD Î 6E R ]DPÜVWQDQRVWL 5HVSRQGHQW\ Y¾]NXPX .RRSHUDFH YH Y]RUNX 2=3 E\OL OLGª X]QDQ® ]D LQYDOLGQ® Y QÜNWHUªP ]H VWXSĉį LQYDOLGLW\ =GUDYRWQ® SRVWLľHQ® ]HMPªQD YH VY¾FK WÜľġ®FK IRUP¢FK RYOLYĉXMH ]SįVRE D SURGXNWLYLWX SU¢FH SRVWLľHQ¾FK RVRE FRľ MH QD WUKX SU¢FH Y¾UD]QÜ ]QHY¾KRGĉXMH 36 1HRFKRWD ]DPÜVWQ¢YDW RVRE\ VH ]GUDYRWQ®P SRVWLľHQ®P MH QÜNG\ SRYDľRY¢QD ]D SURMHY QHGįYÜU\ NH VFKRSQRVWHP WÜFKWR OLG® 0QRKG\ MH REDYD ]DPÜVWQDYDWHOį YġDN VS®ġH G¢QD MHGQDN MHMLFK 58

VWUDFKHP ] ÎDVWª QHPRFQRVWL 2=3 ] QXWQRVWL SęL]SįVRERYDW SUDFRYQ® SRVWXS\ VSROXSU¢FL SUDFRYQ®FK W¾Pį L VDPRWQ¢ SUDFRYLġWÜ SRWęHE¢P ]GUDYRWQÜ KDQGLFDSRYDQ¾FK SUDFRYQ®Nį 36 6WUDFK ]DPÜVWQDYDWHOį ]H ]DPÜVWQ¢Y¢Q® 2=3 VH SRWYUGLO WDNª YH Y¾]NXPX .RRSHUDFH

3ęL K\SRWHWLFNªP Y¾EÜUX ] QÜNROLND SRWHQFL¢OQ®FK XFKD]HÎį ľHQD SR PDWHęVNª URGLÎRYVNª GRYROHQª DEVROYHQW EH] SUD[H GORXKRGREÜ QH]DPÜVWQDQ¾ VWDUġ® ľHQD SR URFH YÜNX PXľ YH YÜNX OHW EH] ]¢YD]Nį QH]DPÜVWQDQ¢ ľHQD V G®WÜWHP QD VWęHGQ® ġNROH

NWHę® E\ RYġHP YH VWHMQª P®ęH VSOĉRYDOL SRľDGDYN\ QD GDQRX SR]LFL E\ QHMPHQġ® ġDQFH QD SęLMHW® PÜO ÎORYÜN V SRVWLľHQ®P VSHFLILNRYDQ¾P MDNR SURWª]D QRK\ 3UREOHPDWLFNRX REODVW® MH OªNDęVN¢ GLDJQRVWLND 2=3 Í¢VW SRVXGNRY¾FK OªNDęį QHSRVWXSXMH ]FHOD YKRGQÜ 36 $VLVWHQÎQ® FHQWUXP D GRFK¢]® QDSę N WRPX ľH DNWLYQÜMġ®P 2=3 MH RGHE®U¢Q QHER VQ®ľHQ LQYDOLGQ® GįFKRG 36 /ªNDęVN¢ SRVXGNRY¢ VOXľED VH SRW¾N¢ V W®ľLYRX SHUVRQ¢OQ® VLWXDF® .DSODQ D Y\ND]XMH L QHSę®]QLYRX YÜNRYRX VWUXNWXUX VY¾FK OªNDęį NG\ YÜWġLQD ] QLFK MH VWDUġ®FK OHW LELG FRľ L VDPD Í66= YQ®P¢ MDNR SUREOªP Wªľ 5DPLDQRY¢ 1D Y\ġġ® »URYQL UR]KRGRY¢Q® VH X LQYDOLGQ®KR GįFKRGX VPÜġXM® MHKR Uį]Qª IXQNFH MDNR QDSę Q¢KUDGD Sę®MPX D NRPSHQ]DFH Q¢NODGį VSRMHQ¾FK V SRVWLľHQ®P D NG\ľ MH WODN QD »VSRU\ DUJXPHQWXMH VH Y MHGQRP ÎL GUXKªP VPÜUX SRGOH SRWęHE\ 36 0RWLYDFL 2=3 N SU¢FL WDN VQLľXMH NRPELQDFH VDPRWQª ]GUDYRWQ® NRPSOLNDFH QHGRVWDWHÎQª Y¾ġH P]G\ YH VURYQ¢Q® V LQYDOLGQ®P GįFKRGHP VWUDFKX ] QH]Q¢PªKR Q®]NªKR VHEHYÜGRP® D VWUDFKX ]H ]WU¢W\ LQYDOLGQ®KR GįFKRGX 36 2EW®ľQª SRVWDYHQ® OLG® V SRVWLľHQ®P QD WUKX SU¢FH MH WDN G¢QR SęHGHYġ®P RNROQRVWPL NWHUª RQL VDPL QHMVRX VFKRSQL RYOLYQLW 7R MH SRWęHED P®W QD SDPÜWL SęL LQWHUSUHWDFL MHMLFK SRVWRMį N GDOġ®PX Y]GÜO¢Y¢Q® D ]NXġHQRVW® V Q®P NWHU¢ Q¢VOHGXMH 3RMHP GDOġ®KR Y]GÜO¢Y¢Q® Y\YRO¢Y¢ X QH]DPÜVWQDQ¾FK D HNRQRPLFN\ QHDNWLYQ®FK 2=3 GRWD]RYDQ¾FK YH Y¾]NXPX .RRSHUDFH QHMÎDVWÜML SRFLW\ MDNR ]¢MHP ]YÜGDYRVW QDGġHQ® QHER LQVSLUDFL 9HOPL UR]ġ®ęHQ¾PL HPRFHPL VSRMHQ¾PL V '9 MVRX YġDN X 2=3 WDNª SRGU¢ľGÜQ® ]NODP¢Q® QH]¢MHP D SRFK\E\ &HONRYÜ P®UQÜ SęHYDľXM® SR]LWLYQ® SRFLW\ RSURWL QHJDWLYQ®P 2=3 VH WDN YįÎL GDOġ®PX Y]GÜO¢Y¢Q® VWDY® SRQÜNXG YVWę®FQÜML QHľ QDSę®NODG QH]DPÜVWQDQ® V Q®]NRX NYDOLILNDF® SR]LWLYQ®FK SRVWRMį QHER VWDUġ® QH]DPÜVWQDQ® QDG OHW

=¢VDGQ®P IDNWRUHP SRVWRMį 2=3 N '9 MH »URYHĉ GRVDľHQªKR IRUP¢OQ®KR Y]GÜO¢Q® JUDI

=DW®PFR 2=3 VH ]¢NODGQ®P Y]GÜO¢Q®P QHER V Y¾XÎQ®P OLVWHP Y\M¢GęLO\ SR]LWLYQ® SRFLW\ MHQ Y SRORYLQÜ Sę®SDGį UHVSRQGHQWL V Y\ġġ®P Y]GÜO¢Q®P WDN XÎLQLOL WªPÜę Y 1DSURWL WRPX Y SRVWRM®FK N '9 X 2=3 PªQÜ GLIHUHQFXMH YÜN SR]LWLYQ®FK SRFLWį X 2=3 GR OHW RSURWL X VWDUġ®FK OHW L GªOND QH]DPÜVWQDQRVWL X QHSUDFXM®F®FK GªOH QHľ GYD URN\ X RVWDWQ®FK

20 =QÜQ® RW¢]N\ Y GRWD]Q®NX SUR ]DPÜVWQDYDWHOH ů6HĚDÐWH SURV®P Q¢VOHGXM®F® ƛLNWLYQ® RVRE\ SRGOH WRKR MDN SUDYGÜSRGREQª MH ĿH E\VWH MH YH 9DĢ® VSROHÎQRVWL ]YDĿRYDOL ]DPÜVWQDW 8YDĿXMWH SURV®P WDN ĿH YĢLFKQL VSOĉXM® SRĿDGDYN\ QD GDQª SUDFRYQ® P®VWR VWHMQÜ ŭ

59

*UDI ʌ 3RFLW\ VSRMHQª V GDOġ®P Y]GÜO¢Y¢Q®P

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 9\EHUWH MHGHQ REU¢]HN NWHU¾ VH SRGOH 9¢V QHMY®FH KRG®

9H Y¾]NXPX .RRSHUDFH E\OL UHVSRQGHQWL NURPÜ SRVWRMį GRWD]RY¢QL L QD VYª VNXWHÎQª ]NXġHQRVWL V GDOġ®P Y]GÜO¢Y¢Q®P 3UR »ÎHO\ PÜęHQ® »ÎDVWL Y QHIRUP¢OQ®P Y]GÜO¢Y¢Q® GRVSÜO¾FK E\O Y\WYRęHQ VRXKUQQ¾ XND]DWHO ] RW¢]HN QD »ÎDVW Y NXU]HFK VHPLQ¢ę®FK ZRUNVKRSHFK UHNYDOLILNDF®FK D VW¢ľ®FK 0H]L QH]DPÜVWQDQ¾PL D QHDNWLYQ®PL 2=3 VH Y SRVOHGQ®P URFH WDNRYªKR Y]GÜO¢Y¢Q® »ÎDVWQLOR OLG® EH]P¢OD ÎWYUWLQD P¢ ]NXġHQRVW Gę®YÜMġ®KR GDWD D MDVQ¢ YÜWġLQD ]E¾YDM®F®FK UHVSRQGHQWį VH GR QHIRUP¢OQ®KR Y]GÜO¢Y¢Q® QH]DSRMLOD QLNG\ JUDI 5HVSRQGHQWL ]H Y]RUNX SUDFXM®F®FK NWHę® SRE®UDM® LQYDOLGQ® GįFKRG VH Y SRVOHGQ®P URFH QHIRUP¢OQ®KR Y]GÜO¢Y¢Q® »ÎDVWQLOL YH Gę®YH QHľ SęHG URNHP YH D ľ¢GQRX ]NXġHQRVW GHNODURYDOR ] QLFK 3UDFXM®F® 2=3 WHG\ Y SRPÜUQÜ YHONª P®ęH Y Gę®YÜMġ® GREÜ SURġO\ GDOġ®P Y]GÜO¢Y¢Q®P FRľ QDVYÜGÎXMH QH]DQHGEDWHOQªPX HIHNWX '9 QD MHMLFK ]DPÜVWQDQRVW 9HOPL VLOQÜ VRXYLV® »ÎDVW Y QHIRUP¢OQ®P Y]GÜO¢Y¢Q® V GRVDľHQRX »URYQ® IRUP¢OQ®KR Y]GÜO¢Q® ]DW®PFR Y\XÎHQª 2=3 PDM® ]NXġHQRVW V QHIRUP¢OQ®P '9 YH UHVSRQGHQWL V Y\ġġ®P Y]GÜO¢Q®P ML GHNODURYDOL YH JUDI

60

*UDI ʌ ÎDVW Y QHIRUP¢OQ®P Y]GÜO¢Y¢Q®

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 3URV®P QHEHUWH YįEHF Y SRWD] ġNROHQ® EH]SHÎQRVWL SU¢FH D SRľ¢UQ® RFKUDQ\ *UDI ʌ =NXġHQRVWL 2=3 V QHIRUP¢OQ®P Y]GÜO¢Y¢Q®P

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND ѥ-DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®"ѣ ѝ 9]GÜO¢YDF® NXU]\ UHNYDOLILNDFH ZRUNVKRS\ VHPLQ¢ęH QHER VW¢ľ YH ILUPÜ QHER VW¢ľ Y ]DKUDQLή 2GSRYÜGL ѥ3ęHG Y®FH QHľ PÜV®FLѣ QHER ѥ9 SRVOHGQ®FK PÜV®F®FKѣ

61

7L NGR QÜNG\ DEVROYRYDOL NXU] UHNYDOLILNDFL VHPLQ¢ę QHER ZRUNVKRS PDM® YHOPL Uį]Qª Q¢]RU\ QD WR ]GD MLP GDQª Y]GÜO¢Y¢Q® SRPįľH SęL KOHG¢Q® SU¢FH 1D VWXSQLFL RG ѥYįEHF PL QHSRPįľHѣ GR ѥSRPįľH PL YHOPLѣ ]YROLOR UHVSRQGHQWį Y\VRNª ]Q¢PN\ Dľ GDOġ® Y®FH QHľ WęHWLQD VWęHGQ® KRGQRW\ QHER D ]KUXED SÜWLQD KRGQRW® HIHNW MDNR VODE¾ PH]L D +RGQRFHQ® PDM® SUįPÜU HIHNW DEVROYRYDQ¾FK NXU]į WHG\ UHVSRQGHQWL FHONRYÜ FK¢SRX MDNR UHODWLYQÜ VLOQ¾ 7R O]H LQWHUSUHWRYDW MDNR SR]LWLYQ® Y¾VOHGHN Y]KOHGHP N WRPX ľH QLNGR ] GRWD]RYDQ¾FK Y GDQ¾ PRPHQW VW¢OH SU¢FL QHPÜO L N WRPX ľH YHON¢ YÜWġLQD DEVROYHQWį QHIRUP¢OQ®KR Y]GÜO¢Y¢Q® ] ęDG 2=3 P¢ SRVOHGQ® ]NXġHQRVW VWDUġ® QHľ MHGHQ URN 2=3 QDY®F SęLVX]XM® VYªPX DEVROYRYDQªPX GDOġ®PX Y]GÜO¢Y¢Q® YÜWġ® HIHNW QHľ QH]DPÜVWQDQ® V Q®]NRX NYDOLILNDF® SUįPÜU D VWDUġ® QH]DPÜVWQDQ® PH]L D OHW\ ]DW®PFR RVWDWQ® VNXSLQ\ QH]DPÜVWQDQ¾FK D QHDNWLYQ®FK PODG® GR OHW RKURľHQ® VRFL¢OQ®P Y\ORXÎHQ®P ľHQ\ QD 5' KRGQRW® HIHNW Y]GÜO¢Y¢Q® QD VYRMH DNWX¢OQ® ġDQFH QD WUKX SU¢FH Y SUįPÜUX SRGREQÜ MDNR 2=3 /LGª V SRVWLľHQ®P WDN ] KOHGLVND KRGQRFHQ® YOLYX DEVROYRYDQªKR Y]GÜO¢Y¢Q® QD PRľQRVW VYªKR XSODWQÜQ® Y U¢PFL RKURľHQ¾FK VNXSLQ QH]DPÜVWQDQ¾FK QHSDWę® PH]L QLMDN ]YO¢ġWÜ SHVLPLVWLFNª 7RWR ]MLġWÜQ® NRUHVSRQGXMH V Y\VRN¾P HIHNWHP GDOġ®KR Y]GÜO¢Y¢Q® Y SRGREÜ UHNYDOLILNDF® X 2=3 NRQVWDWRYDQ¾P YH VWXGLL +RU¢NRYª 3RGOH MHM®KR PÜęHQ® PDM® SR GQHFK RG NRQFH NXU]X ]GUDYRWQÜ ]QHY¾KRGQÜQ® »ÎDVWQ®FL UHNYDOLILNDFH [ Y\ġġ® ġDQFL QD RSXġWÜQ® HYLGHQFH 3 QHľ ]GUDYRWQÜ ]QHY¾KRGQÜQ® QH»ÎDVWQ®FL ,QYDOLGª PDM® SR VWHMQª GREÜ SDN DVL [ YÜWġ® ġDQFL QD RSXġWÜQ® HYLGHQFH SRNXG VH »ÎDVWQ® UHNYDOLILNDFH +RU¢NRY¢

3RVRX]HQ® PRWLYDFH 2=3 N '9 XVQDGQ® DQDO¾]D UR]G®Oį Y SUįPÜUQ¾FK KRGQRFHQ®FK Y¾URNį UHSUH]HQWXM®F®FK Uį]Qª PRWLYDÎQ® IDNWRU\ PH]L UHVSRQGHQW\ VH ]NXġHQRVW® V QHIRUP¢OQ®P Y]GÜO¢Y¢Q®P D EH] Q® JUDI 1HMY®FH VH REÜ VNXSLQ\ 2=3 RG VHEH OLġ® YH YQLWęQ® SRFLWRYª PRWLYDFL 7R Y\SO¾Y¢ ] Y¾UD]QÜ QLľġ® LGHQWLILNDFH V Y¾URNHP ѥ1HP¢P Xľ FKXĥ VH QÜFR GDOġ®KR XÎLWѣ D QDRSDN ÎDVWÜMġ®KR VRXKODVX V SRVWRMHP ѥ0¢P GREU¾ SRFLW NG\ľ VH QÜFR QRYªKR GR]Y®P QHER QDXήPѣ X UHVSRQGHQWį VH ]NXġHQRVW® VH Y]GÜO¢Y¢Q®P = WRKR Y\SO¾Y¢ ľH DQL SęHV GRVDYDGQ® DEVHQFL HIHNWX Y]GÜO¢Y¢Q® QD QDOH]HQ® SU¢FH VL YÜWġLQD ] 2=3 NWHUª VH QÜNG\ Y]GÜO¢YDO\ XFKRY¢Y¢ HQHUJLL N GDOġ®PX XÎHQ® 2 QÜFR PªQÜ Y¾UD]QÜ DOH SęHVWR VW¢OH ]ęHWHOQÜ RSWLPLVWLÎWÜMġ® MVRX 2=3 VH ]NXġHQRVWPL V '9 RKOHGQÜ MHKR SRWHQFL¢OQ®KR GRSDGX QD ġDQFH QD XSODWQÜQ® 5HVSRQGHQWL VH ]NXġHQRVWPL V '9 NWHUª V RKOHGHP QD MHMLFK DNWX¢OQ® VLWXDFL QHYHGOR N ]®VN¢Q® ]DPÜVWQ¢Q® QDG¢OH VS®ġH G¢YDM® YODVWQ® SRFLĥRYDQRX SRWęHEX Y]GÜO¢Y¢Q® GR VRXYLVORVWL V QDOH]HQ®P SU¢FH NG\ľ VH SRPÜUQÜ ÎDVWR LGHQWLILNXM® V Y¾URNHP ѥ3RWęHEXML VH Y]GÜO¢YDW DE\FK QDġHO D SU¢FLѣ SUįPÜU RSURWL X OLG® EH] ]NXġHQRVW® 9HGOH WRKR VL L Y REHFQÜMġ® URYLQÜ XGUľXM® VLOQÜMġ® Y®UX Y HIHNW '9 QD XSODWQÜQ® QHľ 2=3 EH] ]NXġHQRVW® VH Y]GÜO¢Y¢Q®P QLľġ® VRXKODV V Y¾URNHP ѥ'DOġ® Y]GÜO¢Y¢Q® QHSRP¢K¢ N QDOH]HQ® SU¢FHѣ =D SR]RUQRVW WDNª VWRM® ľH ѥGREU¾ SRFLWѣ ] XÎHQ® Y\MDGęXM® 2=3 SUįPÜU ÎDVWÜML QHľ QÜNWHUª MLQª RKURľHQª VNXSLQ\ QH]DPÜVWQDQ¾FK ]HMPªQD Q®]NR NYDOLILNRYDQ® VWDUġ® OHW D GRNRQFH L QHľ PODG® GR OHW

21 2W¢]ND ů0\VO®WH VL ĿH DEVROYRY¢Q® NXU]İ UHNYDOLƛLNDFH ZRUNVKRSX QHER VHPLQ¢ĚH 9¢P SRPİĿH SĚL KOHG¢Q® SU¢FH"ŭ Q

62

*UDI ʌ 0RWLYDFH N GDOġ®PX Y]GÜO¢Y¢Q® SRGOH SęHGFKR]® »ÎDVWL Y QHIRUP¢OQ®P Y]GÜO¢Y¢Q®

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND ѥ1D GDOġ® Y]GÜO¢Y¢Q® GRVSÜO¾FK H[LVWXM® Uį]Qª Q¢]RU\ Q¢V E\ ]DM®PDOR FR VL R QÜP P\VO®WH SU¢YÜ 9\ 8YHÐWH SURV®P GR MDNª P®U\ V NDľG¾P Y¾URNHP VRXKODV®WH QHER QHVRXKODV®WH ѣ 3UįPÜUQª KRGQRW\ QD ġN¢OH RG ѥ9įEHF QHVRXKODV®Pѣ GR ѥ1DSURVWR VRXKODV®Pѣ UR]G®O Y SUįPÜUHFK VWDWLVWLFN\ Y¾]QDPQ¾ QD KODGLQÜ UR]G®O Y¾]QDPQ¾ QD KODGLQÜ 3UR RGSRYÜGL Y NDWHJRULL ѥ ÎDVWQLO D VH QHIRUP¢OQ®KR Y]GÜO¢Y¢Q®ѣ VH Q SRK\EXM® RG GR SUR ѥ1H»ÎDVWQLO D VH QHIRUP¢OQ®KR Y]GÜO¢Y¢Q®ѣ RG GR

&R VH W¾ÎH EDULªU X OLG® PRWLYRYDQ¾FK N '9 YHONRX UROL KUDMH QHGRVWDWHN SHQÜ] SUįPÜUQ¢ KRGQRWD UHDNFH QD Sę®VOXġQ¾ Y¾URN X 2=3 V SR]LWLYQ®P SRVWRMHP N '9 FK\EÜM®F® LQIRUPDFH D QXWQRVW GRM®ľGÜQ® JUDI 1DRSDN Y UHODWLYQÜ PDOª P®ęH 2=3 V SR]LWLYQ®P Y]WDKHP N '9 GHNODUXM® REDYX ] QH]YO¢GQXW® NXU]X D ġSDWQ¾ SRFLW ]H ġNROQ®KR SURVWęHG® 2ED W\WR SRFLW\ NWHUª VSROX Y FHOªP Y]RUNX 2=3 VLOQÜ NRUHOXM® QDRSDN VLOQÜML Y\MDGęRYDOL UHVSRQGHQWL V QHJDWLYQ®P Y]WDKHP N '9 UHVS 9 SR]DG® WªWR EDULªU\ PįľH VW¢W UR]G®O PH]L OLGPL V YUR]HQ¾P D ]®VNDQ¾P SRVWLľHQ®P 36 =¢URYHĉ VH XND]XMH WDNª WR ľH ġNROD Y\YRO¢Y¢ ġSDWQª SRFLW\ X SUDFXM®F®FK 2=3 Y®FH QHľ X RVWDWQ®FK SUDFXM®F®FK

6SHDUPDQİY NRHƛLFLHQW NRUHODFH GRVDKXMH KRGQRW\

63

*UDI %DULªU\ Y GDOġ®P Y]GÜO¢Y¢Q® SRGOH SRVWRMH N '9

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND ѥ1D GDOġ® Y]GÜO¢Y¢Q® GRVSÜO¾FK H[LVWXM® Uį]Qª Q¢]RU\ Q¢V E\ ]DM®PDOR FR VL R QÜP P\VO®WH SU¢YÜ 9\ 8YHÐWH SURV®P GR MDNª P®U\ V NDľG¾P Y¾URNHP VRXKODV®WH QHER QHVRXKODV®WH ѣ 3UįPÜUQª KRGQRW\ QD ġN¢OH RG ѥ9įEHF QHVRXKODV®Pѣ GR ѥ1DSURVWR VRXKODV®Pѣ UR]G®O Y SUįPÜUHFK VWDWLVWLFN\ Y¾]QDPQ¾ QD KODGLQÜ 3UR RGSRYÜGL Y NDWHJRULL ѥ3R]LWLYQ® SRVWRM N '9ѣ VH Q SRK\EXM® RG GR SUR ѥ1HJDWLYQ® SRVWRM N '9ѣ RG GR

=MLġWÜQ® ] ġHWęHQ® .RRSHUDFH L ]NXġHQRVWL H[SHUWį Y\SO¾YDM®F® ] SU¢FH V OLGPL V SRVWLľHQ®P SRVN\WXM® VLOQª DUJXPHQW\ ľH NYDOLWQ® D GRVWXSQª GDOġ® Y]GÜO¢Y¢Q® VSRMHQª V RVYÜWRX D V UR]ġ®ęHQ¾P SRUDGHQVWY®P PįľH OLGHP V SRVWLľHQ®P N SUDFRYQ®PX XSODWQÜQ® SRPRFL 9 HPRFLRQ¢OQ®P QDODGÜQ® YH Y]WDKX N GDOġ®PX SURIHVQ®PX Y]GÜO¢Y¢Q® VH 2=3 Sę®OLġ QHOLġ® RG MLQ¾FK RKURľHQ¾FK VNXSLQ QH]DPÜVWQDQ¾FK D HNRQRPLFN\ QHDNWLYQ®FK ED GRNRQFH Y\MDGęXM® SR]LWLYQÜMġ® SRVWRMH QHľ QDSę®NODG VWDUġ® QH]DPÜVWQDQ® QDG OHW QHER Q®]NRNYDOLILNRYDQ® 9VWę®FQ¾ Y]WDK N '9 Y\FK¢]® X 2=3 SęHGHYġ®P ] YQLWęQ® RWHYęHQRVWL N XÎHQ® 7D MH SDN Y¾UD]QÜ VLOQÜMġ® ]HMPªQD X 2=3 V Y\ġġ®P IRUP¢OQ®P Y]GÜO¢Q®P ]DW®PFR MHKR QLľġ® »URYHĉ MGH PQRKG\ UXNX Y UXFH V QHJDWLYQ®PL SRFLW\ VSRMHQ¾PL MDN VH ġNROQ®P SURVWęHG®P WDN L V GDOġ®P Y]GÜO¢Y¢Q®P D Y GįVOHGNX WDNª V YHOPL Q®]NRX »ÎDVW® Y QÜP 1®]N¢ Y]GÜODQRVWQ® »URYHĉ 2=3 D MDN VH ]G¢ ]ęHMPÜ L ġSDWQª Y]SRP®QN\ QD ġNROX VH WDN XND]XM® MDNR ]¢VDGQ® KDQGLFDS\ YH Y]WDKX N PRWLYDFL N GDOġ®PX RVREQ®PX UR]YRML ([LVWXMH YġDN ]¢URYHĉ ęDGD VLJQ¢Oį ľH 2=3 NWHUª VH GDOġ®KR Y]GÜO¢Y¢Q® »ÎDVWQ® PDM® PQRKG\ VLOQÜMġ® PRWLYDFL SęL KOHG¢Q® SU¢FH QHľ »ÎDVWQ®FL Y]GÜO¢Y¢Q® EH] KDQGLFDSX D GDOġ® Y]GÜO¢Y¢Q® ]YO¢ġWÜ SUDNWLFN\ RULHQWRYDQª MLP WDN PįľH SRGVWDWQÜ ]Y\ġRYDW ġDQFH QD XSODWQÜQ® ĠHWęHQ® .RRSHUDFH XND]XMH WDNª WR ľH ęDGD PRWLYRYDQ¾FK OLG® V SRVWLľHQ®P SRFLĥXMH ILQDQÎQ® D LQIRUPDÎQ® SęHN¢ľN\ YH VYª HYHQWX¢OQ® »ÎDVWL YH Y]GÜO¢Y¢Q® =HMPªQD ]Y¾ġHQ® LQIRUPRYDQRVWL 2=3 R PRľQRVWHFK NWHUª MVRX MLP GRVWXSQª E\ WDN PRKOR MHMLFK ]DSRMHQ® GR '9 QDSRPRFL 2SUDYGX VLOQ¾P Q¢VWURMHP VH YġDN SRGSRUD GDOġ®KR Y]GÜO¢Y¢Q® 2=3 PįľH VW¢W MHQ YH VSRMHQ® V Y\ęHġHQ®P PQRKD V\VWªPRY¾FK SUREOªPį NWHUª MVRX Y REODVWL ]DPÜVWQ¢Y¢Q® 2=3 Sę®WRPQª 64

2VRE\ RKURŗHQÄ VRFL¼OQÈP Y\ORXèHQÈP .O¢UD 3RWRÎNRY¢ +ODYQ® RW¢]ND MHM®ľ RGSRYÜÐ MH ]¢VDGQ®P SLO®ęHP SęL ]NRXP¢Q® Y]WDKX RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P N GDOġ®PX Y]GÜO¢Y¢Q® MH MHGQRGXFK¢ NGR WR YODVWQÜ MH" 'HILQLFH VNXSLQ\ RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P SUR SURMHNW .RRSHUDFH Y\FK¢]HOD ] GHILQLFH (XURVWDWX D MHGQRWOLYFL GR Q® VSDGDM®F® WDN E\OL Y\PH]HQL SRX]H KOHGLVNHP Q®]NªKR Sę®MPX 7D[DWLYQ®P Y¾ÎWHP QHO]H SRSVDW YġHFKQ\ VNXSLQ\ OLG® NWHUª GR WDNWR SRSVDQª GHILQLFH VSDGDM® 2EHFQÜ SODW® ľH GORXKRGRE¾ Q®]N¾ Sę®MHP PDM® ]HMPªQD OLGª ľLM®F® Y VRFL¢OQÜ Y\ORXÎHQ¾FK ORNDOLW¢FK YÎHWQÜ EH]GRPRYFį QLFPªQÜ RKURľHQL VRFL¢OQ®P Y\ORXÎHQ®P MVRX L QÜNWHę® URGLÎH VDPRľLYLWHOª RVRE\ VH ]GUDYRWQ®P SRVWLľHQ®P LPLJUDQWL D GDOġ® 'RÎDVQ¾ Q®]N¾ Sę®MHP VH PįľH GRWNQRXW WªPÜę NDľGªKR REÎDQD =NRXPDQ¢ VNXSLQD RVRE MH ] WRKR GįYRGX VKOXNHP PQRKD QDY]¢MHP GLIHUHQFRYDQ¾FK OLG® NWHę® VH RG VHEH Y Uį]Q¾FK SRSLVQ¾FK FKDUDNWHULVWLN¢FK PQRKG\ GLDPHWU¢OQÜ RGOLġXM® VWHMQÜ MDNR VH VNXSLQD MDNR FHOHN PįľH RGOLġRYDW RG RVWDWQ®FK VNXSLQ NWHUª PRKRX E¾W ] KOHGLVND VY¾FK GHILQLF NRPSDNWQÜMġ® 3RSLVQª FKDUDNWHULVWLN\ W¾NDM®F® VH VLWXDFH VNXSLQ\ QD WUKX SU¢FH D GDOġ®KR Y]GÜO¢Y¢Q® Y WRPWR RKOHGX QHWYRę® Y¾MLPNX 3ęL MHMLFK ÎHWEÜ D LQWHUSUHWDFL MH QXWQª P®W VW¢OH QD SDPÜWL NGR FHONRYÜ WYRę® ]NRXPDQRX VNXSLQX 23 2VRE\ RKURĿHQª VRFL¢OQ®P Y\ORXÎHQ®P 2269 MVRX Y SURMHNWX .RRSHUDFH GHƛLQRY¢Q\ MDNR OLGª NWHĚ® VSOĉXM® DOHVSRĉ MHGQX ] Q¢VOHGXM®F®FK GYRX SRGP®QHN ľLM® Y GRP¢FQRVWL Y Q®Ŀ MH VRXÎDVQ¾ ÎLVW¾ PÜV®ÎQ® SĚ®MHP YÎHWQÜ VRFL¢OQ®FK G¢YHN QLĿĢ® QHĿ .Î QD RVREX YÎHWQÜ QH]OHWLO¾FK GÜW® Y SĚ®SDGÜ Y®FHÎOHQQª GRP¢FQRVWL QHER QLĿĢ® QHĿ .Î Y SĚ®SDGÜ MHGQRÎOHQQª GRP¢FQRVWL ľLM® Y GRP¢FQRVWL NGH YĢLFKQL MHM® ÎOHQRYª YH YÜNX ŧ OHW MVRX Y VRXÎDVQª GREÜ QH]DPÜVWQDQ® QHER HNRQRPLFN\ QHDNWLYQ®

65

2VRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P MVRX YH Y]WDKX N WUKX SU¢FH QHMÎDVWÜML QH]DPÜVWQDQ® D WR QHMY®FH GORXKRGREÜ WHG\ GªOH QHľ PÜV®Fį MDN XND]XMH L WDEXOND 'ORXKRGRE¢ QH]DPÜVWQDQRVW QDY®F VSRMHQ¢ V Q®]N¾P Sę®MPHP MH VSRMRY¢QD V ęDGRX MHYį NWHUª MHGLQFH RYOLYĉXM® 6 Y\ġġ® GªONRX QH]DPÜVWQDQRVWL VH QDSę®NODG YÜWġLQRX VQLľXMH L FHONRY¢ DNWLYLWD ÎORYÜND SURKOXEXMH VH VRFL¢OQ® L]RODFH D Sę®SDGQ¢ ILQDQÎQ® ]¢YLVORVW QD RNRO® 9]WDK GªON\ QH]DPÜVWQDQRVWL D DNWLYLW\ MHGLQFH QD WUKX SU¢FH ήPľ MH P\ġOHQR KOHG¢Q® ]DPÜVWQ¢Q® ÎL Sę®SUDYD QD SRGQLN¢Q® XND]XMH JUDI 8 DNWLYQ® ΢VWL RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P QHKUDMH GªOND QH]DPÜVWQDQRVWL Y¾UD]QÜMġ® UROL ]DW®PFR X OLG® NWHę® SU¢FL QHKOHGDM® MH YDOQ¢ YÜWġLQD RVRE ] NDWHJRULH GORXKRGREª QH]DPÜVWQDQRVWL 3RGOH GHNODUDFH VDPRWQ¾FK RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P WDN ]PLĉRYDQ¢ SDVLYLWD QD WUKX SU¢FH QDVW¢Y¢ QHMY®FH Dľ SR GUXKªP URFH QH]DPÜVWQDQRVWL 6 GORXKRGRERX QH]DPÜVWQDQRVW® WDNª VRXYLV® L QHMÎDVWÜML GHNODURYDQ¾ GįYRG QH]DPÜVWQDQRVWL MH GLQFH FRľ E\OR ]GUDYRWQ® RPH]HQ® 7DEXOND ʌ 'ªOND QH]DPÜVWQDQRVWL 2269

'ªOND QH]DPÜVWQDQRVWL

0ªQÜ QHľ PÜV®Fį ѝ PÜV®Fį ѝ PÜV®Fį 'ªOH QHľ URN\

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND 8YHGO D MVWH ľH Q\Q® QHSUDFXMHWH -DN GORXKR MVWH Xľ EH] ]DPÜVWQ¢Q®" Q *UDI ʌ 'ªOND QH]DPÜVWQDQRVWL 2269 SRGOH DNWLYLW\ QD WUKX SU¢FH

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND 8YHGO D MVWH ľH Q\Q® QHSUDFXMHWH -DN GORXKR MVWH Xľ EH] ]DPÜVWQ¢Q®" 24 9H Y¾]NXPX .RRSHUDFH ]H NWHUªKR SRFK¢]HM® GDWD Y WRPWR ÎO¢QNX E\OL ] SRGVWDW\ GHƛLQLFH QH]DPÜVWQDQ® YĢLFKQL UHVSRQGHQWL

66

'HOġ® GRED EH] ]DPÜVWQ¢Q® P¢ NURPÜ ]P®QÜQ¾FK VS®ġH SV\FKRORJLFN¾FK YOLYį QD ÎORYÜND ÎDVWR VSRMLWRVW L V Sę®MPRYRX FKXGRERX D PDWHUL¢OQ® GHSULYDF® 1HMOHSġ®P SURVWęHGNHP N VQ®ľHQ® SRÎWX RVRE Y Sę®MPRYª FKXGREÜ MH SRYDľRY¢QR SU¢YÜ SęLMHW® ]DPÜVWQ¢Q® QLFPªQÜ DQL WR QÜNG\ QHQ® ]¢FKUDQRX 9 ÍHVNª UHSXEOLFH ÎLQ® SURSRUFH ]DPÜVWQDQFį V Q®]N¾P SODWHP ѝ W]Y SUDFXM®F® FKXGRED ѝ +RO¾ FRľ VH QHY\P\N¢ SUįPÜUX VW¢Wį (YURSVNª XQLH )HQRPªQ SUDFXM®F® FKXGRE\ VH W¾N¢ ]HMPªQD ]DPÜVWQDQFį SRE®UDM®F®FK PLQLP¢OQ® P]GX ÎL VH SODWRYÜ SRK\EXM®F®FK P®UQÜ QDG MHM® KUDQLF® FRľ MVRX ÎDVWR OLGª V Q®]NRX NYDOLILNDF® 3ęLMHW® ]DPÜVWQ¢Q® WDN QHQ® SUR W\WR QH]DPÜVWQDQª RVRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P Sę®OLġ PRWLYDÎQ® SURWRľH VH W®P MHMLFK ILQDQÎQ® VLWXDFH QHPXV® Y¾UD]QÜ ]OHSġLW 9 QÜNWHU¾FK Sę®SDGHFK SDUDGR[QÜ GRFK¢]® GRNRQFH L N MHM®PX ]KRUġHQ® D WR Y Sę®SDGÜ GOXľQ®Nį NWHę® PDM® QD VYª Sę®MP\ XYDOHQRX H[HNXFL Y®FH 7UOLIDMRY¢ D NRO

-HGQ®P ] ęHġHQ® SUREOªPX SUDFXM®F® FKXGRE\ MH SRPDOª ]Y\ġRY¢Q® PLQLP¢OQ® P]G\ 6 RKOHGHP QD XYHGHQª VNXWHÎQRVWL D PRľQª QÜNG\ L H[LVWHQÎQ® SUREOªP\ VH NWHU¾PL VH QÜNWHę® OLGª RKURľHQ® VRFL¢OQ®P Y\ORXÎHQ®P PXVHM® SRW¾NDW E\ VH PRKOR ]G¢W ľH GDOġ® Y]GÜO¢Y¢Q® MDNR DNWLYLWD VS®ġH VHNXQG¢UQ®KR FKDUDNWHUX QHEXGH ÎLQQRVW NWHURX VH Sę®VOXġQ®FL ]NRXPDQª VNXSLQ\ Y®FH ]DE¾YDM® 9 WªWR RW¢]FH RSÜW QDU¢ľ®PH QD ]QDÎQRX GLIH UHQFRYDQRVW ]NRXPDQª VNXSLQ\ 8 QÜNWHU¾FK ] QLFK MH VDPR]ęHMPÜ DEVHQFH ]¢MPX R GDOġ® Y]GÜO¢Y¢Q® SDWUQ¢ MLQ® PDM® N GDOġ®PX Y]GÜO¢Y¢Q® SRPÜUQÜ GREU¾ Y]WDK 6NXSLQD MDNR FHOHN Y\ND]XMH N GDOġ®PX Y]GÜO¢Y¢Q® VS®ġH SR]LWLYQ® SRVWRM ] WRKR UHVSRQGHQWį P¢ SRVWRM ęDG®F® VH GR NODVWUX SR]LWLYQ® DNWLYQ® Y®FH JUDI 3RVWRM N GDOġ®PX Y]GÜO¢Y¢Q® E\O PÜęHQ Q¢VWURMHP (PRWL 6FDSH WHG\ SRPRF® PÜęHQ® HPRFLRQ¢OQ® ]¢WÜľH UHVSRQGHQWD YįÎL SęHGNO¢GDQ¾P SRGQÜWįP

*UDI ʌ 3RVWRMH N GDOġ®PX Y]GÜO¢Y¢Q® X 2269

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 9\EHUWH MHGHQ REU¢]HN NWHU¾ VH SRGOH 9¢V QHMY®FH KRG® Q

Í¢VW OLG® V Q®]N¾PL Sę®MP\ P¢ SRFLW ľH MH GREUª GR]Y®GDW VH QRYª YÜFL D G¢OH VH Y]GÜO¢YDW QLFPªQÜ Y VRXÎDVQª FKY®OL PXV® ęHġLW MLQª SUR QÜ GįOHľLWÜMġ® YÜFL 1ÜNWHę® ] QLFK VH QLFPªQÜ VDPL GDOġ®PX Y]GÜO¢Y¢Q® YÜQXM® 2GSRY®G¢ WRPX L SRęDG® HPRF® NWHUª E\O\ VSRMRY¢Q\ VH ]NRXPDQ¾P SRMPHP QHMÎDVWÜML WR E\O\ HPRFH VSDGDM®F® GR NODVWUX ѥ]¢MHP D ]YÜGDYRVWѣ

MDN XND]XMH WDEXOND 1LFPªQÜ MH PH]L OLGPL RKURľHQ¾PL VRFL¢OQ®P Y\ORXÎHQ®P L GDOġ® VNXSLQD WDNRY¾FK NWHUª ]NRXPDQ¢ DNWLYLWD QHRVORYXMH D WR ] Uį]Q¾FK PRľQ¾FK GįYRGį 1ÜNWHę® VH GRPQ®YDM® ľH GDOġ® Y]GÜO¢Y¢Q® SUR QÜ QHQ® YKRGQª QHER ľH SUR QÜ 25 3UİPÜUQª KRGQRFHQ® Y¾URNX ů0¢P GREU¾ SRFLW NG\Ŀ VH QÜFR QRYªKR GR]Y®P D QDXήPŭ QD ĢN¢OH QHMPªQÜ DĿ QHMY®FH E\OR ERGX

67

QHP¢ FHQX Í¢VW OLG® VL GR Q¢]RUX QD GDOġ® Y]GÜO¢Y¢Q® SURP®W¢ VYª OHFNG\ ġSDWQª ]NXġHQRVWL ] SR΢WHÎQ®KR Y]GÜO¢Y¢Q® SURWR Y QLFK PįľH QÜNG\ HYRNRYDW VWUDFK ] QH»VSÜFKX QHER MLQª QHJDWLYQ® HPRFH 'DOġ® PRKRX P®W ]SURVWęHGNRYDQRX ]NXġHQRVW V UHNYDOLILNDÎQ®PL NXU]\ NWHUª GDQªPX ÎORYÜNX N ]®VN¢Q® SU¢FH QHSRPRKO\ WDN N QLP VDPL SDN QHPDM® YHONRX GįYÜUX 7DEXOND ʌ 1HMÎDVWÜMġ® HPRFH Y\MDGęRYDQª YįÎL GDOġ®PX Y]GÜO¢Y¢Q®

1HMÎDVWÜMġ® SRFLW\

=¢MHP ]YÜGDYRVW 3RGU¢ľGÜQ® ]NODP¢Q® 1H]¢MHP QXGD

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND .G\ľ VH ęHNQH ѥ'$/Ġ 9='Û/ 9 1 '263Û/ &+ѣ MDN¾ SRFLW V W®P P¢WH QHMY®FH VSRMHQ¾" 9\EHUWH MHGHQ REU¢]HN NWHU¾ VH SRGOH 9¢V QHMY®FH KRG® Q

$QL VDPRWQ¢ »ÎDVW Y Uį]Q¾FK IRUP¢FK GDOġ®KR Y]GÜO¢Y¢Q® QHQ® X WªWR VNXSLQ\ MHGQR]QDÎQRX FKDUDNWHULVWLNRX 1ÜNWHUª ] IRUHP GDOġ®KR Y]GÜO¢Y¢Q® VH Y SRVOHGQ®P URFH RG GRE\ VEÜUX GDW »ÎDVWQLOR UHVSRQGHQWį ] ęDG RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P 9 SRURYQ¢Q® V GDOġ®PL VNXSLQDPL RKURľHQ¾PL QD WUKX SU¢FH NWHUª E\O\ Y SURMHNWX .RRSHUDFH

WDNª ]NRXP¢Q\ MH WR QHMY®FH ]H YġHFK 2VRE\ V Q®]N¾P Sę®MPHP VH URYQÜľ Y SRVOHGQ®P URFH YH VURYQ¢Q® V RVWDWQ®PL VNXSLQDPL Y QHMYÜWġ® P®ęH »ÎDVWQLO\ UHNYDOLILNDÎQ®FK NXU]į WHG\ WDNRY¾FK NWHUª E\O\ XNRQÎHQ\ Y¾VWXSQ®P RVYÜGÎHQ®P R UHNYDOLILNDFL YL] JUDI

5HODWLYQÜ Y\VRN¢ »ÎDVW Y UHNYDOLILNDÎQ®FK NXU]HFK MH ]ęHMPÜ ]SįVREHQD SRGREQ¾P GįYRGHP MDNR Y\VRN¢ »ÎDVW Y NXU]HFK GDOġ®KR Y]GÜO¢Y¢Q® REHFQÜ UHNYDOLILNDFH PRKO\ E¾W VRX΢VW® SURMHNWį ęDGX SU¢FH NWHUª VH QD GDQRX F®ORYRX VNXSLQX ]DPÜęRYDO\ 0RWLYDF® NURPÜ VDPRWQª QDE®GN\ »ÎDVWL Y SURMHNWX PRKO\ E¾W Uį]Qª GDOġ® Y¾KRG\ NWHUª »ÎDVW Y QÜP QDE®]HOD ѝ Sę®VSÜYHN SęL UHNYDOLILNDFL Sę®VSÜYHN QD GRSUDYX ÎL VWUDYHQN\ '¢OH PįľH WDWR P®UD »ÎDVWL OLG® V Q®]N¾P Sę®MPHP ΢VWHÎQÜ SRXND]RYDW L QD XUÎLWRX QHYKRGQRVW Y\EUDQ¾FK UHNYDOLILNDF® SUR GDQª MHGQRWOLYFH 3RNXG YÜWġ® PQRľVWY® OLG® SURMGH UHNYDOLILNDÎQ®P NXU]HP V F®OHP QDOH]HQ® ]DPÜVWQ¢Q® D SR MHKR DEVROYRY¢Q® G¢OH ]įVWDQH Sę®SDGQÜ VH GR Q® GRVWDQH YH VNXSLQÜ OLG® NWHę® MVRX QH]DPÜVWQDQ® D MHMLFK Sę®MHP MH Q®]N¾ PįľH E¾W FK\ED Y QHYKRGQRVWL SęLęD]HQ® MHGQRWOLYFH QD GDQ¾ NXU] 7XWR K\SRWª]X RYġHP QHQ® PRľQª SRGORľLW GDW\ SURWRľH QHMVRX ]MLġĥRY¢Q\ SRÎW\ OLG® NWHę® VL SR UHNYDOLILNDFL ]DPÜVWQ¢Q® QDOH]OL DQL MHVWOL WR E\OR ]SįVREHQR SU¢YÜ MHM®P DEVROYRY¢Q®P 9 QHSRVOHGQ® ęDGÜ PįľH KU¢W UROL L Sę®SDGQ¢ VW\OL]DFH QÜNWHU¾FK UHVSRQGHQWį SęL RVREQ®P GRWD]RY¢Q® NWHU¢ Y PDOª P®ęH PįľH GHNODURYDQRX »ÎDVW ]Y\ġRYDW

68

*UDI ʌ 6URYQ¢Q® »ÎDVWL Y UHNYDOLILNDF®FK X ]NRXPDQ¾FK VNXSLQ QD WUKX SU¢FH

=GURM 9¾]NXP .RRSHUDFH 2W¢]ND -DNª P¢WH ]NXġHQRVWL V Q¢VOHGXM®F®PL ]SįVRE\ GDOġ®KR Y]GÜO¢Y¢Q®" 3URV®P QHEHUWH YįEHF Y SRWD] ġNROHQ® N EH]SHÎQRVWL SU¢FH D SRľ¢UQ® RFKUDQÜ NWHU¾P PXV® SRYLQQÜ ]H ]¢NRQD SURM®W NDľG¾ ]DPÜVWQDQHF Q PLQ SUR NDľGRX VNXSLQX

5HVSRQGHQWL NWHę® VH UHNYDOLILNDFH ZRUNVKRSX QHER VHPLQ¢ęH QH»ÎDVWQLOL WDN QHXÎLQLOL ]HMPªQD SURWR ľH VH MLP GDQ¢ DNWLYLWD ]G¢OD ѥ]E\WHÎQ¢ N QLÎHPXѣ QHER SURWR ľH ѥQH]DMLVW® SU¢FLѣ .RRSHUDFH 0QRKR OLG® V Q®]N¾P Sę®MPHP ]HMPªQD WL V Q®]NRX NYDOLILNDF® KOHGDM® Uį]Qª FHVW\ N QDOH]HQ® QRYª SU¢FH Sę®SDGQÜ N QDOH]HQ® VW¢OªKR ]DPÜVWQ¢Q® SRNXG GHOġ® GREX PDM® Sę®MHP SRX]H ] EULJ¢G 7XG®ľ E\ VH QÜNWHUª IRUP\ GDOġ®KR Y]GÜO¢Y¢Q® »ÎDVWQLOL SRX]H Y Sę®SDGÜ ľH E\ SR XNRQÎHQ® Y]GÜO¢Y¢Q® PÜOL MLVWRWX ]®VN¢Q® ]DPÜVWQ¢Q® =¢URYHĉ VH G¢ RÎHN¢YDW ľH XUÎLW¾ SRÎHW OLG® V Q®]N¾P Sę®MPHP GDOġ® Y]GÜO¢Y¢Q® YįEHF QHYQ®P¢ MDNR MHGQX ] FHVW NWHURX MH PRľQª VL N QDOH]HQ® ]DPÜVWQ¢Q® QHSę®PR SRPRFL 3ę®SDGQÜ WR WDN QHYQ®PDM® YH Y]WDKX NH VYª RVREÜ ÎL N Y¾ġL VYª NYDOLILNDFH 'HVHWLQD UHVSRQGHQWį UHNYDOLILNDFH YįEHF QH]QDOD .RRSHUDFH ÎDVW Y MLQ¾FK IRUP¢FK GDOġ®KR Y]GÜO¢Y¢Q® E\OD VS®ġH PDO¢ .URPÜ QHFKXWL QHER SRFLWX QHSRWęHEQRVWL PįľH P®W QD PDORX »ÎDVW X RVWDWQ®FK IRUHP GDOġ®KR Y]GÜO¢Y¢Q® YOLY IDNW ľH QÜNWHUª IRUP\ '9 ΢VW OLG® RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P YįEHF QH]Q¢ Y®FH QHľ WęHWLQD UHVSRQGHQWį XYHGOD ľH YįEHF QH]Q¢ VW¢ľH YH ILUP¢FK Y ]DKUDQLή D RQ OLQH NXU]\ .RRSHUDFH

2VRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P MVRX YHOPL GLIHUHQFRYDQRX VNXSLQRX NWHURX VSRMXMH SRX]H KOHGLVNR Q®]NªKR Sę®MPX 6WHMQÜ GLIHUHQFRYDQ¾ MH L MHM® Y]WDK N GDOġ®PX Y]GÜO¢Y¢Q® 6NXSLQD MDNR FHOHN YQ®P¢ GDOġ® Y]GÜO¢Y¢Q® SRPÜUQÜ SR]LWLYQÜ /LGª V Q®]N¾P Sę®MPHP PDM® YH YÜWġLQRYª P®ęH GRMHP ľH MH GREUª VH GR]Y®GDW QRYª SR]QDWN\ NYįOL YODVWQ®PX UR]YRML D ]HMPªQD NYįOL ]OHSġHQ® SRVWDYHQ® QD WUKX SU¢FH ÎL MLQ¾P Y¾KRG¢P ] »ÎDVWL SO\QRXF®P 5H¢OQ¢ »ÎDVW ]NRXPDQª VNXSLQ\ Y GDOġ®P Y]GÜO¢Y¢Q® QLFPªQÜ ]D GHNODURYDQ¾PL Y¾URN\ ]DRVW¢Y¢ DÎNROL Y U¢PFL Y¾]NXPX WR E\OD QHMY\ġġ® »ÎDVW ]H YġHFK ]NRXPDQ¾FK RKURľHQ¾FK VNXSLQ 1HNRUHVSRQGXM®F® FHONRYÜ SR]LWLYQÜMġ® SRVWRM N GDOġ®PX Y]GÜO¢Y¢Q® D ]¢URYHĉ 69

Y\ND]RYDQ¢ UH¢OQ¢ »ÎDVW PįľH E¾W Y]KOHGHP N GHILQLFL ]NRXPDQª VNXSLQ\ QDVQDGÜ /LGª V Q®]N¾P Sę®MPHP VH Y SUYQ® ęDGÜ VQDľ® VYRML ILQDQÎQ® VLWXDFL Y\OHSġLW -DNNROL WHG\ PRKRX P®W N ]®VN¢Y¢Q® YÜWġ®KR SęHKOHGX ÎL ]Y\ġRY¢Q® NYDOLILNDFH VHEHOHSġ® Y]WDK GDOġ®PX Y]GÜO¢Y¢Q® VH YÜQXM® ]HMPªQD WHKG\ SRNXG Y QÜP YLG® Sę®QRV YH YODVWQ® VLWXDFL FRľ VH ÎDVWR ] Uį]Q¾FK GįYRGį QHGÜMH 1ÜNWHę® ]H ]NRXPDQª VNXSLQ\ PRKRX E¾W Y WDN W®ľLYª VL WXDFL ľH SRWęHEXM® U\FKOª ęHġHQ® FRľ GDOġ® Y]GÜO¢Y¢Q® YH VYª GªOFH D QHMLVWRWÜ Q¢YD]QRVWL ]DPÜVWQ¢Q® QHSęHGVWDYXMH QHER R QÜP MDNR R PRľQRVWL ęHġHQ® QHXYDľXM® 9 U¢PFL VNXSLQ\ MH WDNª SDWUQ¢ L QHYHON¢ ΢VW NWHU¢ P¢ N GDOġ®PX Y]GÜO¢Y¢Q® QHJDWLYQ® SRVWRM D QLNG\ VH QHY]GÜO¢YDOD ]HMPªQD ] GįYRGX SRFLWX ]E\WHÎQRVWL WªWR ÎLQQRVWL Y]KOHGHP N ]OHSġHQ® SRVWDYHQ® QD WUKX SU¢FH 1ÜNWHę® ] QLFK QHMVRX QD YVWXS QD UH¢OQ¾ WUK SU¢FH SęLSUDYHQL /LGª RKURľHQ® VRFL¢OQ®P Y\ORXÎHQ®P MVRX Y ÎDVW¾FK Sę®SDGHFK Y WDN VSHFLILFNª VLWXDFL ľH MLP NU¢WNRGRE¾ NXU] GDOġ®KR Y]GÜO¢Y¢Q® QDSę ]Y\ġRY¢Q® NRPSHWHQF® QHSRPįľH ,GH¢OQ® SRPRF® MH GORXKRGRE¢ VRXVWDYQ¢ NRPSOH[Q® SRGSRUD YÎHWQÜ SR΢WHÎQ® DNWLYL]DFH NWHU¢ VH GÜMH ÎDVWR Y U¢PFL QH]LVNRY¾FK RUJDQL]DF® QLFPªQÜ DQL WD QHQ® EH] SUREOªPį . SRPRFL OLGHP V Q®]N¾P Sę®MPHP YH YVWXSX QD WUK SU¢FH SURVWęHGQLFWY®P GDOġ®KR Y]GÜO¢Y¢Q® MH QXWQ¢ VRXKUD YġHFK ]DLQWHUHVRYDQ¾FK DNWªUį D VDPR]ęHMPÜ ]¢MHP D PRWLYDFH VDPRWQ¾FK OLG® N ÎHPXľ MH MHġWÜ GDOHN¢ FHVWD

70

6H]QDP SRXŗLWÄ OLWHUDWXU\ $,9' 0®QÜQ® SRVN\WRYDWHOİ GDOĢ®KR Y]GÜO¢Y¢Q® R Y]GÜO¢Y¢Q® ]DPÜVWQDQFİ Y PDO¾FK D VWĚHGQ®FK SRGQLF®FK >RQOLQH@ $VRFLDFH LQVWLWXF® Y]GÜO¢Y¢Q® GRVSÜO¾FK Í5 'RVWXSQª ] KWWS ZZZ DLYG F] VLWHV GHIDXOW ILOHV ]DYHUHFQDB]SUDYDB BPVS SGI

$VLVWHQÎQ® FHQWUXP D V $QDO¾]D LQVWLWXFLRQ¢OQ®FK IDNWRUİ RYOLYĉXM®F®FK HNRQRPLFNª FKRY¢Q® D PRWLYDFL 2=3 >RQOLQH@

'RVWXSQª ] KWWS SRUWDO PSVY F] V] REFDQH ]DPHVWQDYDQLBR]S KHOSIRUWKHP KODYQLBY\VWXS\BSURMHNWXBDBMHMLFKBSULQRV\

%ÜOLQD 3DUWQHUV DGYRN¢WQ® NDQFHO¢ę V U R $QDO¾]D NRPSHWHQF® DNWªUİ QD SROL GDOĢ®KR Y]GÜO¢Y¢Q® &]HVDQ¢ 9 .RIURĉRY¢ 2 9\PD]DO - 9\EUDQª IDNWRU\ UR]G®Oİ Y »ÎDVWL QD GDOĢ®P Y]GÜO¢Y¢Q® Y¾VOHGN\ GRWD]Q®NRYªKR ĢHWĚHQ® >RQ OLQH@ 3UDKD 1¢URGQ® Y]GÜO¢YDF® IRQG ,661 'RVWXSQª ] KWWS ROG QYI F] SXEOLNDFH SGIBSXEOLNDFH REVHUYDWRU F] ZRUNLQJBSDSHU B SGI

Í66= 3RG®O SĚHGÎDVQ¾FK VWDUREQ®FK ] FHONRYªKR SRÎWX VWDUREQ®FK GİFKRGFİ WYRĚLO 7LVNRY¢ ]SU¢YD 'RVWXSQª ] KWWS ZZZ FVV] F] F] R FVV] LQIRUPDFH PHGLD WLVNRYH ]SUDY\ WLVNRYH ]SUDY\ SRGLO SUHGFDVQ\FK VWDUREQLFK GXFKRGX ] FHONRYHKR SRFWX VWDUREQLFK GXFKRGX FLQLO KWP

Í6 'DOĢ® RGERUQª Y]GÜO¢Y¢Q® ]DPÜVWQDQ¾FK RVRE Y URFH &976 >RQOLQH@ ÍHVN¾ VWDWLVWLFN¾ »ęDG 'RVWXSQª ] KWWS ZZZ F]VR F] FVX HGLFQLSODQ QVI SXEO QB

'RQDWK %XUVRQ 0DUVWHOOHU 9]GÜO¢Y¢Q® GRVSÜO¾FK Y Í5 3Uİ]NXP YQ®P¢Q® SUREOHPDWLN\ Y]GÜO¢Y¢Q® GRVSÜO¾FK RGERUQRX D ODLFNRX YHĚHMQRVW® >RQ OLQH@ =SU¢YD ] SUį]NXPX

'RVWXSQª ] KWWS ZZZ PVPW F] XSORDGV 'DOVLBY]GHODYDQL =SUDYDB]BSUX]NXPXBRBY]GHODYDQLBGRVSHO\FK pdf

'XGRY¢ 5 3URPDUQÜQ¢ ĢDQFH QD ]PÜQX ]KRGQRFHQ® UHIRUP\ URGLÎRYVNªKR SĚ®VSÜYNX ,Q .ꮾNRY¢ $ D NRO 3U¢FH D SªÎH SURPÜQ\ ŭURGLÎRYVNªŮ Y ÍHVNª UHSXEOLFH D NRQWH[W URGLQQª SROLWLN\ (YURSVNª XQLH 3UDKD 6RFLRORJLFNª QDNODGDWHOVWY® V ѝ ,6%1 +RO¾ ' 3UREOªP SUDFXM®F® FKXGRE\ VH Y ÍHVNX ]KRUĢXMH ,Q 6WDWLVWLND 0\ URÎ V ѝ ,661 'RVWXSQª ] KWWS ZZZ F]VR F] FVX HGLFQLSODQ QVI F ' &$ )LOH B SGI

+RU¢NRY¢ 0 3Ě®QRV\ UHNYDOLƛLNDÎQ®FK SURJUDPİ SUR ]DÎOHĉRY¢Q® VNXSLQ RKURĿHQ¾FK QH]DPÜVWQDQRVW® QD ÎHVN¾ WUK SU¢FH ,Q ) 580 VRFL¢OQ® SROLWLN\ URÎ V ѝ ,661

.DSODQ 9 /ªNDĚVN¢ SRVXGNRY¢ VOXĿED Í66= Y URFH PªQÜ ]Q¢Pª DVSHNW\ 3UH]HQWDFH 'RVWXSQª ] ZZZ SHWUDVNDOD F] ILOH PXGU NDSODQ SSW[

71

.DSODQRY¢ - 1HIRUP¢OQ® Y]GÜO¢Y¢Q® PDWHN QD URGLÎRYVNª GRYROHQª [on-line] 'LSORPRY¢ SU¢FH %UQR 0DVDU\NRYD XQLYHU]LWD )LOR]RILFN¢ IDNXOWD VWDY SHGDJRJLFN¾FK YÜG 'RVWXSQª ] KWWS LV PXQL F] WK IIBP 'LSORPRYDBSUDFH SGI

0369 3RÎHW SĚ®MHPFİ URGLÎRYVNªKR SĚ®VSÜYNX SRGOH SRKODY® >RQOLQH@ 6WDWLVWLFNª »GDMH 'RVWXSQª ] KWWS ZZZ PSVY F] FV

3,$$& Ę®KRY¢ + 9DYę®QRY¢ 7 =¢NODGQ® NRPSHWHQFH ŧ SĚHGSRNODG XSODWQÜQ® QD WUKX SU¢FH 3ę®VSÜYHN QD NRQIHUHQFL .RPSHWHQFH Y]GÜO¢Y¢Q® D XSODWQÜQ® QD WUKX SU¢FH 5DEXġLFRY¢ 0 5DEXġLF / 8ήPH VH SR FHO¾ ĿLYRW" 2 Y]GÜO¢Y¢Q® GRVSÜO¾FK Y ÍHVNª UHSXEOLFH %UQR 0DVDU\NRYD XQLYHU]LWD ,6%1 5DPLDQRY¢ - ÍLQQRVW OªNDĚVNª SRVXGNRYª VOXĿE\ Y SUYQ®P URFH SR VMHGQRFHQ® ,Q 1¢URGQ® SRMLġWÜQ® ѝ V ,661

'RVWXSQª ] KWWS ZZZ FVV] F] F] FDVRSLV QDURGQL SRMLVWHQL DUFKLY Y\GDQ\FK FLVHO FODQN\ FLQQRVW OHNDUVNH SRVXGNRYH VOX]E\ Y SUYQLP URFH SR VMHGQRFHQL KWP

7UOLIDMRY¢ / D NRO .G\ VH SU¢FH Y\SODW®" $QDO¾]D HNRQRPLFN¾FK PRWLYDF® N ]DPÜVWQ¢Q® 0.& 3UDKD R S V $JHQWXUD SUR VRFL¢OQ® ]DÎOHĉRY¢Q® 'RVWXSQª ] KWWS ZZZ VRFLDOQL ]DFOHQRYDQL F] Y\]NXP

9 369 =DPÜVWQ¢Q® D SªÎH R PDOª GÜWL ] SHUVSHNWLY\ URGLÎİ D ]DPÜVWQDYDWHOİ 3UDKD 9 369 ,6%1 'RVWXSQª ] KWWS SUDKD YXSVY F] )XOOWH[W Y]B SGI

9 369 3RVWDYHQ® D VWUDWHJLH 2=3 QD WUKX SU¢FH >RQOLQH@ 9¾VWXS SURMHNWX

'RVWXSQª ] KWWS SRUWDO PSVY F] V] REFDQH ]DPHVWQDYDQLBR]S KHOSIRUWKHP KODYQLBY\VWXS\BSURMHNWXBDBMHMLFKBSULQRV\ GRWD]QLNRYHBVHWUHQLBR]SBQDBWUKXBSUDFH SGI

72

6H]QDP ]NUDWHN

$,9' $3= &('()23 &6 Í5 Í66= Í6 '39 '9 (&9(7 (4) (6) (8 )'9 ,6&(' .$ 0' 5' 0369 0Ġ07 16.

163 1 9 2269 23 /== 23 9.

23 999 23 = 269Í 2=3 3,$$& 36 6Ġ

2VRE\ VWDUġ® SDGHV¢WL OHW $VRFLDFH LQVWLWXF® Y]GÜO¢Y¢Q® GRVSÜO¾FK Í5 R V $NWLYQ® SROLWLND ]DPÜVWQDQRVWL (YURSVNª VWęHGLVNR SUR UR]YRM RGERUQª Sę®SUDY\ &®ORY¢ VNXSLQD ÍHVN¢ UHSXEOLND ÍHVN¢ VSU¢YD VRFL¢OQ®KR ]DEH]SHÎHQ® ÍHVN¾ VWDWLVWLFN¾ »ęDG 'DOġ® SURIHVQ® Y]GÜO¢Y¢Q® 'DOġ® Y]GÜO¢Y¢Q® (YURSVN¾ V\VWªP NUHGLWį SUR RGERUQª Y]GÜO¢Y¢Q® D Sę®SUDYX (YURSVN¾ U¢PHF NYDOLILNDF® (YURSVN¾ VRFL¢OQ® IRQG (YURSVN¢ XQLH )RQG GDOġ®KR Y]GÜO¢Y¢Q® 0H]LQ¢URGQ® VWDQGDUGQ® NODVLILNDFH Y]GÜO¢Y¢Q® .O®ÎRY¢ DNWLYLWD \ 0DWHęVN¢ URGLÎRYVN¢ GRYROHQ¢ 0LQLVWHUVWYR SU¢FH D VRFL¢OQ®FK YÜF® 0LQLVWHUVWYR ġNROVWY® PO¢GHľH D WÜORY¾FKRY\ 1¢URGQ® VRXVWDYD NYDOLILNDF® 1¢URGQ® VRXVWDYD SRYRO¢Q® 1¢URGQ® »VWDY SUR Y]GÜO¢Y¢Q® 2VRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P 2SHUDÎQ® SURJUDP /LGVNª ]GURMH D ]DPÜVWQDQRVW 2SHUDÎQ® SURJUDP 9]GÜO¢Y¢Q® SUR NRQNXUHQFHVFKRSQRVW 2SHUDÎQ® SURJUDP 9¾]NXP Y¾YRM D Y]GÜO¢Y¢Q® 2SHUDÎQ® SURJUDP =DPÜVWQDQRVW 2VRE\ VDPRVWDWQÜ Y¾GÜOHÎQÜ ÎLQQª 2VRE\ VH ]GUDYRWQ®P SRVWLľHQ®P 3URJUDPPH IRU ,QWHUQDWLRQDO $VVHVVPHQW RI $GXOW &RPSHWHQFLHV 3UDFRYQ® VNXSLQD 6WęHGQ® ġNROD

73

81,9 3 3 Í5 9Ġ 9Ġ36 9 369 =Ġ

74

8]Q¢Y¢Q® Y¾VOHGNį QHIRUP¢OQ®KR Y]GÜO¢Y¢Q® D LQIRUP¢OQ®KR XÎHQ® ęDG SU¢FH ęDG SU¢FH ÍHVNª UHSXEOLN\ WDNª MHQ 3

9\VRN¢ ġNROD 9¾EÜURYª ġHWęHQ® SUDFRYQ®FK VLO 9¾]NXPQ¾ »VWDY SU¢FH D VRFL¢OQ®FK YÜF® =¢NODGQ® ġNROD

6H]QDP YØVWXSʼn ]{SURMHNWX 9¾VWXSQ® DQDO\WLFN¢ ]SU¢YD R V\VWªPX '39 Y Í5 =DKUDQLÎQ® Sę®SDGRY¢ VWXGLH V\VWªPX '39 D MHKR YD]HE QD Y\EUDQª VNXSLQ\ WUKX SU¢FH ѝ 6ORYLQVNR =DKUDQLÎQ® Sę®SDGRY¢ VWXGLH V\VWªPX '39 D MHKR YD]HE QD Y\EUDQª VNXSLQ\ WUKX SU¢FH ѝ (VWRQVNR =DKUDQLÎQ® Sę®SDGRY¢ VWXGLH V\VWªPX '39 D MHKR YD]HE QD Y\EUDQª VNXSLQ\ WUKX SU¢FH ѝ '¢QVNR =DKUDQLÎQ® Sę®SDGRY¢ VWXGLH V\VWªPX '39 D MHKR YD]HE QD Y\EUDQª VNXSLQ\ WUKX SU¢FH ѝ 5DNRXVNR =DKUDQLÎQ® Sę®SDGRY¢ VWXGLH V\VWªPX '39 D MHKR YD]HE QD Y\EUDQª VNXSLQ\ WUKX SU¢FH ѝ 1L]R]HPVNR .RPSDUDWLYQ® DQDO\WLFN¢ ]SU¢YD VURYQ¢YDM®F® V\VWªP '39 YH Y\EUDQ¾FK ]HP®FK (8 VH VLWXDF® Í5 .DWHJRUL]RYDQ¾ Y¾EÜU GREUª SUD[H Q¢VWURMį SRGSRU\ '39 ]H ]DKUDQLή L Í5 3ę®SDGRYª VWXGLH RSDWęHQ® Y '39 UHDOL]RYDQ¾FK Y ]DKUDQLή $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ YH YÜNX OHW $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ YH YÜNX GR OHW $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ VH ]GUDYRWQ®P SRVWLľHQ®P $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ V Q®]NRX NYDOLILNDF® $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ RKURľHQª VRFL¢OQ®P Y\ORXÎHQ®P $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 2VRE\ QD 0' 5' D RVRE\ SHÎXM®F® R RVREX EO®]NRX $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ 269Í $QDO\WLFN¢ ]SU¢YD LGHQWLILNXM®F® SUREOªP\ Y\EUDQª VNXSLQ\ ] KOHGLVND NYDOLILNDÎQ®FK SRWęHE WUKX SU¢FH Y Í5 D MHM®FK UHJLRQHFK ѝ =DPÜVWQDQFL 9ġHFKQ\ Y¾VWXS\ SURMHNWX .223(5$&( Y QH]NU¢FHQª L ]NU¢FHQª SRGREÜ EXGRX N GLVSR]LFL QD SODWIRUPÜ .RRSROLV F] 75

$XWRĵL SXEOLNDFH ,QJ -RODQD %ODľ®ÎNRY¢ 0%$

9H )RQGX GDOġ®KR Y]GÜO¢Y¢Q® SįVRE® MDNR PHWRGLN Y SURMHNWX .RRSHUDFH 0¢ ERKDWª ]NXġHQRVWL V ę®]HQ®P D UHDOL]DF® SURMHNWį Y REODVWL VWUDWHJLH UR]YRMH OLGVN¾FK ]GURMį ILUHPQ® NXOWXU\ UR]YRMH ]DPÜVWQDQFį UHDOL]DF® Y\PH]RY¢Q® NYDOLILNDF® DWG YÎHWQÜ WÜFK ILQDQFRYDQ¾FK ] (6) 6W¢OD X ]URGX 6HNWRURY¾FK UDG Y Í5 D SRG®OHOD VH QD ę®]HQ® SURMHNWį WYRUE\ 1¢URGQ® VRXVWDY\ SRYRO¢Q® D 1¢URGQ® VRXVWDY\ NYDOLILNDF® =DE¾Y¢ VH UHDOL]DF® D PRGHURY¢Q®P NRQIHUHQF® ZRUNVKRSį D VHPLQ¢ęį QD WªPDWD VRXYLVHM®F® V UR]YRMHP OLG® 35 NDPSDQÜPL D EXGRY¢Q®P ]QDÎN\ 0JU 0LFKDO %URľ

9 VRXÎDVQª GREÜ SįVRE® YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® MDNR SURMHNWRY¾ NRRUGLQ¢WRU D Y¾]NXPQ¾ SUDFRYQ®N MXQLRU 0LPR NRRUGLQDÎQ®FK DNWLYLW VSMDW¾FK V SUįEÜKHP SURMHNWX VH SRG®OHO L QD DQDO\WLFN¾FK ÎLQQRVWHFK NG\ VH ]DPÜęRYDO SęHGHYġ®P QD GDOġ® Y]GÜO¢Y¢Q® Q®]NRNYDOLILNRYDQ¾FK 2EODVW GDOġ®KR Y]GÜO¢Y¢Q® MH PX EO®]N¢ G®N\ SHGDJRJLFN¾P ]NXġHQRVWHP D WDNª G®N\ SęHGFKR]® SU¢FL Y QH]LVNRY¾FK RUJDQL]DF®FK NWHUª VH M®P ]DE¾YDO\ 0JU 0LFKDO -DQ®ÎNR

6RFLRORJ Y VRXÎDVQª GREÜ SįVRE® YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® MDNR Y¾]NXPQ¾ SUDFRYQ®N 9 SURMHNWX .RRSHUDFH SUDFRYDO ]HMPªQD QD DQDO¾]H Q¢VWURMį GDOġ®KR Y]GÜO¢Y¢Q® QD PH]LQ¢URGQ® NRPSDUDFL D QD DQDO¾]H Y]GÜO¢Y¢Q® OLG® VH ]GUDYRWQ®P SRVWLľHQ®P 9ÜQXMH VH NYDQWLWDWLYQ®PX L NYDOLWDWLYQ®PX Y¾]NXPX EÜKHP VYª Gę®YÜMġ® ÎLQQRVWL VH ]DE¾YDO PLPR MLQª PLJUDF® PªGLL D PH]LHWQLFN¾PL Y]WDK\ %F 7RP¢ġ .RORPD]Q®N

6RFLRORJ ]DPÜęHQ¾ SęHGHYġ®P QD DSOLNRYDQ¾ Y¾]NXP D WR NYDOLWDWLYQ® L NYDQWLWDWLYQ® 9 VRXÎDVQª GREÜ SUDFXMH YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® MDNR Y¾]NXPQ¾ SUDFRYQ®N 9 U¢PFL SURMHNWX .RRSHUDFH VH YÜQRYDO ]HMPªQD GDOġ®PX Y]GÜO¢Y¢Q® ]DPÜVWQDQFį LQIRUPDÎQ®P Q¢VWURMįP Y REODVWL GDOġ®KR Y]GÜO¢Y¢Q® D SODWIRUPÜ .RRSROLV NWHU¢ VORXľ® MDNR LQIRUPDÎQ® D NRPXQLNDÎQ® ]¢NODGQD SUR RGERUQ®N\ SURIHVQÜ VH YÜQXM®F® GDOġ®PX Y]GÜO¢Y¢Q® 0JU -DQD .RWUERY¢

9 VRXÎDVQª GREÜ SįVRE® YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® MDNR Y¾]NXPQ¾ SUDFRYQ®N 9 U¢PFL SURMHNWX .RRSHUDFH VH YÜQRYDOD SęHGHYġ®P SODWIRUPÜ .RRSROLV DGPLQLVWUDWLYQ®P Q¢VWURMįP Y GDOġ®P Y]GÜO¢Y¢Q® D Y]GÜO¢Y¢Q® RVRE VWDUġ®FK OHW -DNR VRFLRORJ VH ]DPÜęXMH SęHGHYġ®P QD NYDOLWDWLYQ® Y¾]NXP P¢ ]NXġHQRVWL ]H VRXNURPª L YHęHMQª VIªU\

76

0JU -DURP®U 0D]¢N

3įVRE® QD .DWHGęH VRFLRORJLH )LOR]RILFNª IDNXOW\ 8QLYHU]LW\ .DUORY\ NGH VH YÜQXMH Y¾]NXPX D Y¾XFH SęHGPÜWį PM VSRMHQ¾FK V WªPDWLNRX SROLWLFNª VRFLRORJLH D IXQJRY¢Q®P VRFL¢OQ®KR VW¢WX 3ęHG SįVREHQ®P YH Y¾]NXPX .RRSHUDFH VH QDSę SRG®OHO QD PH]LQ¢URGQ®P Y¾]NXPX 7+(03 7HUWLDU\ +LJKHU (GXFDWLRQ IRU 3HRSOH LQ 0LG /LIH ÎL QD 3UįEÜľQª GORXKRGREª VWXGLL »ÎLQNį SRGSRU\ 23 /== QD F®ORYª VNXSLQ\ SURJUDPX 9 U¢PFL SURMHNWX .RRSHUDFH VH YÜQRYDO VNXSLQÜ YH YÜNX Dľ OHW D OHJLVODWLYQ®PX SURVWęHG® GDOġ®KR Y]GÜO¢Y¢Q® 0JU .O¢UD 3RWRÎNRY¢

9\VWXGRYDOD VRFLRORJLL QD )) 8. Y VRXÎDVQª GREÜ SUDFXMH MDNR Y¾]NXPQ¢ SUDFRYQLFH YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® Y SURMHNWX .RRSHUDFH 3URIHVQÜ VH ]DPÜęXMH ]HMPªQD QD NYDQWLWDWLYQ® VRFLRORJLFN¾ Y¾]NXP Y U¢PFL SURMHNWX VH YÜQRYDOD ]HMPªQD GDOġ®PX Y]GÜO¢Y¢Q® RVRE GR OHW D RVRE RKURľHQ¾FK VRFL¢OQ®P Y\ORXÎHQ®P 0JU 0LFKDHOD ĠLPHÎNRY¢

9 VRXÎDVQRVWL SUDFXMH YH )RQGX GDOġ®KR Y]GÜO¢Y¢Q® MDNR Y¾]NXPQ¾ SUDFRYQ®N 9 SURMHNWX .RRSHUDFH VH YÜQRYDOD LQIRUPDÎQ®P Q¢VWURMįP D GDOġ®PX Y]GÜO¢Y¢Q® RVRE QD PDWHęVNª D URGLÎRYVNª GRYROHQª D RVRE SHÎXM®F®FK R RVREX EO®]NRX =H VYª VRFLRORJLFNª SUD[H P¢ ]NXġHQRVWL V NYDOLWDWLYQ®P L NYDQWLWDWLYQ®P Y¾]NXPHP NWHUªPX VH YÜQRYDOD MDN Y VRX NURPª WDN YHęHMQª VIªęH -DNR GHPRJUDI VH VSHFLDOL]XMH QD Y¾YRM SRURGQRVWL SORGQRVWL D SURPÜQ\ PDWHęVWY® QD »]HP® Í5

77

6WUXèQÄ LQIRUPDFH R SURMHNWX &HO¾ Q¢]HY .RRUGLQDFH SURIHVQ®KR Y]GÜO¢Y¢Q® MDNR Q¢VWURMH VOXľHE ]DPÜVWQDQRVWL 5HJLVWUDÎQ® ήVOR SURMHNWX &= &®O SURMHNWX &®OHP SURMHNWX E\OR QDVWDYLW V\VWHPDWLFN¾ SURFHV Y\KOHG¢Y¢Q® Y¾EÜUX NRQFHQWUDFH D SUH]HQWDFH SR]QDWNį ]SįVREHP NWHU¾ ]Y\ġXMH HIHNWLYLWX D RGERUQRX »URYHĉ ]DLQWHUH VRYDQ¾FK DNWªUį 9 VRXODGX V W®PWR F®OHP E\OR WęHED ]DYªVW GR REODVWL GDOġ®KR Y]GÜO¢Y¢Q® ]QDORVWQ® PD QDJHPHQW D Y\WYRęLW Q¢VWURMH NWHUª RGERUQ®NįP XPRľQ® ]®VN¢YDW D Wę®GLW SR]QDWN\ ] WªWR REODVWL 9¾VWXS\ SURMHNWX EXGRX SRP¢KDW ]DSRMHQ¾P DNWªUįP QDOª]DW WDNRY¢ ęHġHQ® NWHU¢ EXGRX RSWLP¢OQ® SUR ]Y\ġRY¢Q® DGDSWDELOLW\ Y\EUDQ¾FK VNXSLQ WUKX SU¢FH SURVWęHGQLFWY®P '39 $PELF® SURMHNWX URYQÜľ E\OR SRORľLW ]¢NODG\ V\VWªPX SRGSRUXM®F®KR UR]YRM GDOġ®KR Y]GÜO¢Y¢Q® NWHU¾ EXGH UHVSHNWRYDQ¾ D Y\Xľ®YDQ¾ YġHPL DNWªU\ &®OH SURMHNWX E\O\ ] YÜFQªKR KOHGLVND QDSOĉRY¢Q\ SURVWęHGQLFWY®P Ѩ DQDO¾]\ Q¢VWURMį SRGSRU\ '39 VRXYLVHM®F®FK V SROLWLNRX ]DPÜVWQDQRVWL Y Í5 L ]DKUDQLή Ѩ DQDO¾]\ SUREOªPį Y\EUDQ¾FK VNXSLQ WUKX SU¢FH Y REODVWL '39 Y Í5 Ѩ Y\WYRęHQ® =QDORVWQ® E¢]H '39 .2232/,6 Ѩ PRGHORY¾FK Sę®NODGį Y\XľLW® =QDORVWQ® E¢]H '39 SęL ęHġHQ® SUREOªPį Y REODVWL '39 Ѩ LQIRUPRY¢Q® D NRPXQLNDFH V F®ORYRX VNXSLQRX SURMHNWX Í¢VWND .Î 'RED UHDOL]DFH SURMHNWX ѝ .RQWDNW\ )RQG GDOġ®KR Y]GÜO¢Y¢Q® 1D 0DQLQ¢FK 3UDKD KWWS IGY PSVY F] ZZZ NRRSROLV F]

78

ZZZ NRRSROLV F]