Dolni Kounice by D/ARCH

DolnĂ Kounice

Jan Skácel

Rosa Coeli 1D FHOpP VYČWČ QHQt WROLN WLFKD MDNR NG\å VQČåt Y 'ROQtFK .RXQLFtFK D SURERĜHQRX VWĜHFKRX NDWHGUiO\ VQiãt VH N ]HPL EtOê VQtK 6ODYtN WDP ]StYi Y OpWČ FHORX QRF D QČPi OXQD QD FLPEiOHN KUi VWĜtEUQê QiVWURM NWHUê QHPi VWUXQ SRG YROQêP QHEHP Y WURVNiFK NOiãWHUD 7\ KROp ]GL WX VWRMt SR VWDOHWt NGH E\OD GODåED GiYQR URVWH SêU ] SĜDGHQD WRXK\ SDQQD RGPRWiYi D QDG KODYRX Mt OpWi QHWRSêU .G\å RGPRWDOD YãHFKQX KHENRX SĜt]L VORåLOD UXFH Y NOtQ D ]DWDMLOD GHFK QD QHEL ]YROQD ]KDVtQDMt KYČ]G\ D QHWRSêU Mt XVQXO YH YODVHFK $ FR MVRX VWDOHWt D FR MH YODVWQČ YČþQRVW QHå YH YHVPtUX RSXãWČQê NRXW 9H VWXGQL þDVX XWRSLO VH RNRY QD GQR Wp VWXGQ\ QHO]H GRKOpGQRXW

6.È&(/ -DQ 'RWHN\ 9\G 9 3UD]H 2GHRQ V 6NYRVW\ SRH]LH 2GHRQ ,6%1

9\VRNp XþHQt WHFKQLFNp Y %UQČ )DNXOWD DUFKLWHNWXU\ 3ĜHGGLSORPRYi SUiFH 'ROQt .RXQLFH % F â W Č S i Q 9D ã X W % F ' D Q L H O 6 W U X K D Ĝ t N % F 2 Q G U H M 3 D O H Q þ D U

5iGL E\FKRP SRGČNRYDOL YHGRXFtPX SUiFH ,Q DUFK 3DYOX -XURYL ,QJ DUFK 'DYLGX 0LNXOiãNRYL D SURI LQJ DUFK 0RMPtUX .\VHONRYL &6F ]D MHMLFK UDG\ D þDV NWHUê QiP SĜL ĜHãHQt SUiFH QD WpPD 'ROQtFK .RXQLF YČQRYDOL 9 QHSRVOHGQt ĜDGČ WDNp GČNXMHPH YHGHQt PČVWD 'ROQtFK .RXQLF ]D MHMLFK YVWĜtFQp SĜLYtWiQt YH PČVWČ SRVN\WQXWt SURVWRU SĜL QDãt WêGHQQt DQDOê]H D WDNp RUJDQL]DFL GYRX GHEDW V REþDQ\

'2/1Ë .281,&(

KRAJINA

K R AJ I N A D O L N O KO U N I C K A

.UDMLQQê SURVWRU NROHP PDOpKR PČVWD 'ROQt .RXQLFH SDWĜt NH WĜHP MHGLQHþQČ SĤYDEQêP JHRJUD¿FNêP FHONĤP MLåQt 0RUDY\ 9HGOH PRQXPHQWiOQtKR YiSHQFRYpKR EUDGOD 3iODYVNêFK YUFKĤ V WpPČĜ WRVNiQVNêP 0LNXORYHP D YãXG\SĜtWRPQêP YtQHP Y ]UFDGOH YHONp YRGQt SORFK\ 1RYRPOêQVNêFK QiGUåt MH WR 0RUDYVNê NUDV NWHUê V YêMLPNRX GUDPDWLFNp SURSDVWL 0DFRFKD LQWURYHUWQČ XNUêYi VYp NUiV\ Y MHVN\QtFK SRG GRVWL QHYêUD]QRX YUFKRYLQRX 2NROQt NUDMLQD PLPR ~GROQt NRWOLQX MH YêUD]QČ NOLGQČMãt 6YDåLWp WHUpQ\ SĜHFKi]t GR ]YOQČQêFK SRORK RUQp SĤG\ V UR]SWêOHQRX ]HOHQt SĜHYiåQČ RYRFQêFK VWURPĤ L GLYRNêFK NHĜĤ DOH KODYQČ YLQLF =GHMãt þHUYHQi YtQD ]HMPpQD IUDQNRYND E\OD Y\KOiãHQD MLå ]D F N 5DNRXVND D MHMLFK YČKODV SRNUDþXMH L SĜL Qt]Np SURGXNFL 3UiYČ NYDOLWQt YLQLFH Y SRGVWDWČ QD VYpP VHYHUQtP RNUDML GRGiYDMt .RXQLFtP SRKRGRYp NRX]OR $ WR ERKXåHO ]DQLNO\ PDOp DOH YêQRVQp SČVWtUQ\ FKĜHVWX QD SORãLQČ QDG SUDYêP EĜHKHP -LKODY\ N 7UERXãDQĤP NGH VH UR]YtMt NRXQLFNi URGLQQi YêVWDYED 'DOãt H[RWXP SĜtPČVWVNp NUDMLQ\ E\ PČOR EêW REQRYHQR ± WDN MDNR VH VWDOR Y EOt]NêFK ,YDQþLFtFK

, 9$ 1 ý , & (

0 2 5 $9 6 . e % 5 È 1 , & (

129e %5È1,&(

'2/1Ë .281,&(

3 5 $9 / 2 9

32+2ě(/,&(

$ SUiYČ ĜHWČ]HF QHER VStãH QiKUGHOQtN SĤYDEQêFK PDOêFK KLVWRULFNêFK PČVW D YHVQLF SRGpO -LKODY\ GiYi Y\QLNQRXW 'ROQtP .RXQLFtP 6WDURE\Op 3RKRĜHOLFH MLå ]FHOD Y QLYČ ~YDOX QDG VRXWRNHP -LKODY\ VH 6YUDWNRX MVRX RENORSHQ\ Y]iFQêP SĜtURGQtP OXåQtP SDUNHP YHVQLFH X QČM V JRWLFNêPL NRVWHO\ D Y]iFQRX SR]GQČ JRWLFNRX ERåt PXNRX SHYQRVWQt YČå NRVWHOD Y 3UDYORYČ V NDPHQQRX KHOPLFt 9ãH VWiOH Y URYLQČ XPRåĖXMtFt D ]YêUD]ĖXMtFt SRKOHG QD NRXQLFNê ]iPHN D PDVLY NRSFĤ V OHVtN\ 3URWL SURXGX ĜHN\ ]D .RXQLFHPL NUDMLQQi SDX]D ± RGGHFK DE\ ]D GDOãt POêQVNRX VRXWČVNRX SRXWQt NRVWHO VY -DNXED QD QiYUãt QDG ~GROtP SĜLYtWDO GR ,YDQþLF 2þ MVRX YČWãt ERKDWãt NXOWXUQt KLVWRULt RVREQRVWPL URGiNĤ D åLYRWHP R WR PpQČ Y]UXFKX WHUHQX D KLVWRULFNêFK VWDYHE 2EUiFHQ\ GR VHEH 6NRQþLO\ YLQLFH MHQ VXFKRPLOQp OHVtN\ QD VYD]tFK D ROãH SRGpO ĜHN\ D QiKRQĤ =DWR Y QHMEOLåãtP RNROt PČVWD Y SURVWêFK ěH]QRYLFtFK ± XQLNiW WURMDSVLGRYp URPiQVNp URWXQG\ V UHQHVDQþQt SĜtVWDYERX NGH QD VWČQČ WUþt ]iKDGQê ]ORPHN QiKUREQtKR WDWDUVNpKR NDPHQH V QH]QiPêP StVPHP -HGQD ]H ]iKDG NWHUp SDN QiVOHGXMt SRGpO WRNX ĜtþN\ 5RN\WQp +OXERNp ~GROt V ~]NêPL ORXþNDPL MH QD VYD]tFK SRURVWOp W\SLFNêPL WUQRYQtN\ ±DNiW\ QČNG\ KDEU Y]iFQČ DOH YêUD]QČ ERURYLFH 9êãLQQp QHROLWLFNp KUDGLVNR %XGNRYLFH QD EDUYLWp VOHSHQFRYp VNiOH YHVQLFH 5RN\WQi V KUDGHEQtP NRVWHOHP D NRQHþQČ 0RUDYVNê .UXPORY QD GYRX PHDQGUHFK ĜtþN\ =QRYX SRXWQt NRVWHO VY )ORULiQ QDG PČVWHP YêUD]Qp FtUNHYQt D ]iPHFNp GRPLQDQW\ PČVWD SRQLþHQpKR YiONRX Y EDUYLWpP WHUHQX 5DQQi JRWLND NRVWHOD Y 3UDNãLFtFK URPiQVNê NRVWHOtN V IUHVNDPL Y 2SiQRYČ D GYD StVNRYFRYp PHQKLU\ Y 5\EQtNiFK KUDG 7HPSOãWHMQ D SDN Xå MHKOLþQDWi GHãWLYi 9\VRþLQD .RQHF WHSOD DNiWĤ D ]iKDG 0RQXPHQW MDGHUQp HOHNWUiUQ\ 'XNRYDQ\ QDG SĜHKUDGRX

.RXQLFNê IHQRPpQ NXOWXUQt NUDMLQ\ VSRþtYi Y RMHGLQČOpP VHSČWt NDĖRQRYLWČ þOHQLWpKR WHUHQX ~GROt ĜHN\ -LKODY\ V RUJDQLFNRX VWUXNWXURX PDOpKR PČVWD NWHUp Y\QLNi QDGSUĤPČUQČ SRþHWQêPL DUFKLWHNWRQLFNêPL SDPiWNDPL 7\ PDWHULDOL]XMt WDNp NXOWXUX VRXåLWt þHVNpKR åLGRYVNpKR D PDOpKR SRGtOX QČPHFNpKR RE\YDWHOVWYD 3UiYČ NRXQLFNRX NDĖRQRYLWRX VRXWČVNRX NWHUp GRPLQXMH PDVLYQt JRWLFNR UHQHVDQþQt ]iPHN D VRXERU SR]GQČ URPiQVNpKR Då EDURNQtKR NOiãWHUD VH ]ĜtFHQLQRX JRWLFNpKR NRVWHOD 5RVD FRHOL RSRXãWt ĜHND KHUF\QVNê PDVLY MDNR MHKR QHMYêFKRGQČMãt RNUDM DOSVNp JHRORJLFNp VRXVWDY\ D YROQČ VH YOpYi GR VWDUpKR NXOWXUQtKR SURVWRUX G\MVNR VYUDWHFNpKR ~YDOX 'ROQt .RXQLFH WHG\ OHåt QD UR]KUDQt GYRX RGOLãQêFK NUDMLQ 9ODVWQt PDOi NRWOLQD V PČVWHP PH]L VRXWČVNDPL ORPX QD ]iSDGČ D ]iPNX QD YêFKRGČ MH SDN RYOiGiQD YêUD]QRX GRPLQDQWRX EDURNQtKR SRXWQtKR NRVWHOD VY $QWRQtQD QD OHYpP EĜHKX -LKODY\ 9êVWXS QD SRXWQt NRSHF MH GRSURYi]HQ NDSOHPL NĜtåRYp FHVW\ 0DOp PČVWR SĜHNYDSXMH Y\VRNêP SRþWHP FtUNHYQtFK VWDYHE YãHFK VORKĤ RG UDQQp JRWLN\ DOH WDNp ĜDG\ Y\]QiQt ± RG NDWROLFNpKR HYDQJHOLFNpKR SUDYRVODYQpKR Då SR åLGRYVNp V MHGQRX ] QHMVWDUãtFK ± UHQHVDQþQt V\QDJRJRX RNROQtP JKHWWHP D KĜELWRYHP . WRPX VH GUXåt SRþHWQp PiOR YêUD]Qp UHQHVDQþQt SDOiFH PČãĢDQVNp GRP\ VW L ]DMtPDYp VHFHVQt YLO\ .RXQLFH PDMt WDNp VRXGRERX RUGLQiUQt DOH FLKORYRX E\WRYNX ± EH] SDQHOiNĤ 3ĜHVWRåH ãLURNi KODGLQD ĜHN\ VH ãXPtFtPL VSODY\ MH RYOiGDMtFtP PRWLYHP PČVWD QHQt ]GH ]iPČUQi QiEĜHåQt SURFKi]NRYi FHVWD 6RWYD SČãLQD 0ČVWVNi NUDMLQD MH YãDN VWiOH KDUPRQLFNi ± VYêPL GRPLQDQWDPL Då GUDPDWLFNi XUþLWRX PtURX VWĜtGDYp VFKiWUDORVWL WpPČĜ P\VWLFNi 'ROQt .RXQLFH PDOp PČVWR QD UR]KUDQt ~YDOQt URYLQ\ D KUDGE\ NRSFĤ åLMt YODVWQtP VYČWHP NWHUê SO\QH YRGDPL ĜHN\ MHå SĜLQiãt YãHFKQR QDG QLPL SURI ,QJ DUFK 0RMPtU .\VHOND &6F

YHGXWD PČVWD

A D

ZANIKLÉ STEZKY

$ %H]UXþRYD ± äLGRYVNê KĜELWRY 'QHV VH N åLGRYVNpPX KĜELWRYX Gi GRMtW NG\å SĤMGHPH NROHP V\QDJRJ\ GROHYD D GiOH SČãLQRX GR NRSFH -H WR DOH RNOLND 'ĜtYH VH QD NĜLåRYDWFH RGERþRYDOR Y SUDYR D GiOH VH SRNUDþRYDOR NROHP GRPX þ D QD VDPRWQê KĜELWRY VH YFKi]HOR EUDQRX 3R EUiQČ GQHV ]E\OD MHQ UXLQD NDPHQQi KĜELWRYQt ]Hć E\OD ]D]GČQi % 7UERXãDQVNi ± +RUQt QRYi PČVWD 3R URFH ]DþDO\ Y]QLNDW GRP\ Y XOLFL 7UERXãDQVNi 'R Wp GRE\ WXG\ YHGOD MHQ SROQt FHVWD =NUDWND ]DþtQDOD QDG ]DWiþNRX D YHGOD SĜtPR GR ~GROt ÒVWLOD Y WUDWL +RUQi QRYi PČVWD NGH VH FHVW\ YČWYLO\ GR SROQRVWt & .OiãWHU ± =iPHN &HVWLþND VH RGSRXWDOD RG NOiãWHUD X ]iPHFNpKR VNOHSD 9 ãHGHViWêFK OHWHFK PLQXOpKR VWROHWt E\OD Y SRORYLQČ FHVW\ Y\EXGRYiQD ]DKUiGND PDWHĜVNp ãNRO\ D SĜtVWXS N ]iPNX E\O X]DYĜHQ 9 VRXþDVQRVWL MLå ]DKUiGND QHIXQJXMH ' 6WUiQČ ± 5RXELQD 6WH]ND Y\FKi]HOD ] XOLFH 9H 6WUiQtFK QDSURWL IRWEDORYpPX KĜLãWL 6PČĜRYDOD SRGpO ĜHN\ D QD VLOQLFL VH ]QRYD QDSRMRYDOD QD NRQFL 6WUiQt X SRVOHGQtFK FKDW /RXNX XSURVWĜHG WUDV\ Y PtVWČ GQHãQt þLVWtUQ\ RGSDGQtFK YRG Y\XåtYDOL RE\YDWHOp NH VOXQČQt D NRXSiQt Y ĜHFH 9 ĜHFH VH Y WČFK PtVWHFK QDFKi]HOR REOi]NRYp GQR D ĜtþQt ãNHEOH ( $QWRQtþHN .RPHQVNpKR 3RGpO NDSOLþHN NĜtåRYp FHVW\ YHGRX SČãLQ\ -HGQD ] QLFK GQHV NRQþt X SRVOHGQtKR ]DVWDYHQt -HãWČ Y URFH VH SRGpO Qt ]DþDO\ EXGRYDW GRP\ D Y]QLNOD XOLFH .RPHQVNpKR 6WDYERX GRPĤ ]WUDWLOD SČãLQD VYĤM Yê]QDP D NROHP URNX ]DQLNOD

74561:ǯ%0ǯ.×45" = YêFKRGX MH PRåQp GR .RXQLF SĜLMHW GYČPD ]SĤVRE\ %XćWR RG 3UDYORYD QHER ] 0ČOþDQ

1 č + & ; % ǯ ; ǯ 1 3 " 7 - 0 7 " ǯ ǯ ) - " 7 / ǯ .G\å SĜLMtåGtWH GR .RXQLF ] 3UDYORYD NUDMLQD NROHP VH PtUQČ YOQt &HVWD YHGH ~GROtP QHGDOHNR ĜHN\ -LKODY\ 2EHF 'ROQt .RXQLFH MH YLGČW Xå ] GiON\ 3R SUDYp VWUDQČ VLOQLFH MVRX SROH SR OHYp YLQLFH YHSĜHGX QiV YtWi GRPLQDQWD UHQHVDQþQtKR ]iPNX D MHãWČ SĜHG QtP WĜL UĤ]QREDUHYQp E\WRYN\ X NWHUêFK GQHV PČVWR R¿FLiOQČ ]DþtQi +LVWRULFNê ]DþiWHN YãDN EêYDO MHãWČ R NXV GiO =D E\WRYNDPL VH ]YHGi PtUQê NRSHF Y ]DWiþFH VWRMt YLQQê VNOHS D QD YUFKRONX UHQHVDQþQt ]iPHN &HVWRX GROĤ ] NRSFH VMtåGtPH GR .RXQLF 6LOQLFH MH OHPRYiQD VWURP\ SR]GČML SDN ] RERX VWUDQ RENORSHQD NDPHQQRX ]Gt =Hć SR SUDYp VWUDQČ RGGČOXMH ]iPHFNp SR]HPN\ RG VLOQLFH =Hć SR VWUDQČ OHYp Y\URYQiYi YêãNRYê UR]GtO PH]L SĜtMH]GRYRX FHVWRX D XOLFt YHGRXFt N URGLQQêP GRPĤP =D ]DWiþNRX VH SURVWRU UR]ãLĜXMH 9 WČFKWR PtVWHFK VWiYDOD SĤYRGQt JRWLFNi EUiQD GR PČVWD 0ČOD YČåRYLWê FKDUDNWHU V E\WRYêP SURVWRUHP YH GUXKpP SRGODåt NWHUê REêYDO WUXEDþ 6ORXåLOD QHMHQ SUR RFKUDQX PČVWD DOH WDNp SUR YêEČU PêWD *RWLFNi EUiQD E\OD SR]GČML QDKUD]HQD MHGQRGXFKRX UHQHVDQþQt EUiQRX , WD YãDN E\OD Y URFH VSROHþQČ V QČNROLND RNROQtPL GRP\ ]ERĜHQD ] GĤYRGX UR]ãtĜHQt VLOQLFH 'QHV MH RGWXG YLGČW YČå %DUERUN\ 3RSUYp VH WDNp SĜHGVWDYXMH NRSHF VH 6YDWêP $QWRQtQHP =D UR]ãtĜHQêP SURVWRUHP ]DþtQi XOLFH +ODYQt ] RERX VWUDQ RENORSHQD PDOêPL ĜDGRYêPL GRPN\ 7RXWR XOLFt VH NROHP NRVWHOD 6YDWpKR 3HWUD D 3DYOD GRVWDQHPH QD 0DVDU\NRYR QiPČVWt

1 č + & ; % ǯ ; ǯ . × -É" / ǯ ǯ ,0 . & / 4 , ) 0

&HVWD ] 0ČOþDQ MH FKUiQČQi KXVWêPL DOHMHPL =D QLPL VH UR]SURVWtUDMt SROH D YLQLFH 3ĜtMH]G GR PČVWD MH YHONROHSê +QHG ]D R]QDþHQtP ]DþiWNX REFH QD NRSFL Y RVH FHVW\ YLGtPH NRVWHO 6YDWpKR $QWRQtQD 9 ]DWiþNiFK VH QiP SR OHYp VWUDQČ VLOQLFH SRVWXSQČ SĜHGVWDYXMH FHOp PČVWR 1HMGĜtYH %DUERUND D YČå NRVWHOD 6YDWpKR 3HWUD D 3DYOD +QHG SRWRP ]iPHN D NOiãWHU âNRGD MHQ åH MH ]HOHĖ WDN Y]URVWOi 3R SUDYp VWUDQČ FHVW\ VWRMt YH VYDKX YLO\ ÒGROtP PH]L GYČPD NRSFL NG\VL WHNOD YRGD 'QHV MH NRU\WR Y\VFKOp 3RVOHGQt ]DWiþNRX VH GRVWiYiPH GR ~URYQČ ĜHN\ 3R SUDYp VWUDQČ VWRMt MLå W\SLFNi ĜDGRYi ]DVWiYND SR OHYp VWUDQČ MH PH]L KXVWRX ]HOHQt YLGČW POêQ D PRVW 1D 0DVDU\NRYR QiPČVWt VH GRVWDQHPH SR PRVWČ

=H ]iSDGX GR PČVWD YHGRX WDNp GYČ FHVW\ -HGQD ] 0RUDYVNp %UiQLFH D GUXKi ] 1RYp %UiQLFH .DåGi ] QLFK SR MLQpP EĜHKX ĜHN\

1č +&;%ǯ;ǯ/07 ǯ#3 /*$&ǯ ǯ4,"-/

&HVWD ] 1RYp %UiQLFH GR .RXQLF MH NUiWNi 3R SUDYp VWUDQČ MH SUXGFH VH VYDåXMtFt OHV 9OHYR SĜHV ĜHNX MH YLGČW NDPHQQê ORP =D SUYQt ]DWiþNRX MLå ]DþtQDMt NRXQLFNp GRP\ 3R OHYp VWUDQČ VWRMt PRGURãHGi EXGRYD ORGČQLFH 8OLFH VNDOQt MH VSHFL¿FNi QHMHQ W\SLFNRX ]iVWDYERX ]DNRXVQXWRX GR VNiO\ DOH WDNp ]YêãHQRX ]tGNX EĜHKX ĜHN\ NWHUi FKUiQt GRP\ SĜHG SRYRGQt 1D SURWČMãtP NRSFL MH RSČW YLGLWHOQê NRVWHO 6YDWpKR $QWRWQtQD 6DPRWQê YMH]G QD QiPČVWt MH ] RERX VWUDQ REHVWDYČQ LQGXVWULiOQtPL EXGRYDPL EêYDOp åLGRYVNp þWYUWL =DMtPDYê MH SUYHN PĤVWNX WYRĜtFtKR EUiQX GR PČVWD 0ĤVWHN VSRMXMH GYČ þiVWL ãNRUEiUQ\ UR]GČOHQp VLOQLFt 'iOH VLOQLFH SRNUDþXMH ~]NRX XOLþNRX NH .XOWXUQtPX GRPX V SRãWRX

1 č + & ; % ǯ ; ǯ . 0 3 "7 4 , ǯ # 3 / * $ & ǯ ǯ * 7" / É * $ ,

+LVWRULFN\ YHOPL GĤOHåLWp MH VSRMHQt V 0RUDYVNêPL %UiQLFHPL D ,YDQþLFHPL GR NWHUêFK YHGH åHOH]QLFH .OLNDWi FHVWD ] %UiQLF YHGH ~GROtP -LKODY\ 3R SUDYp VWUDQČ FHVW\ WHþH ĜHND OHYi VWUDQD VH SUXGFH VYDåXMH ětGNi ]iVWDYED OHPXMH VLOQLFL VWĜtGDYČ SR RERX VWUDQiFK 3UYQtP GĤOHåLWêP PRPHQWHP MH WRþQD DXWREXVX 7HQ ]GH MH]Gt ] .RXQLF SRX]H MDNR GRSOĖNRYê VSRM 1DSURWL WRþQČ SĜHV FHVWX MH SĜtMH]G GR NDPHQQpKR ORPX .RXVHN GiOH Xå SR OHYp VWUDQČ ]DþtQi VRXYLVOi ]iVWDYED V FKRGQtNHP +ROê OHYê EĜHK ĜHN\ XPRåĖXMH YêKOHG QD PDOHEQRX XOLFL 6NDOQt QDSURWL 3ĜHG VDPRWQêP YVWXSHP GR PČVWD VH RG ,YDQþLFNp RGGČOXMH XOLFH -LUiVNRYD NWHUi YHGH QD 1iPČVWt 0tUX ,YDQþLFNi SRNUDþXMH URYQČ SR QiVSX NWHUê Pi FKUiQLW ]DKUDG\ GRPĤ SR OHYp VWUDQČ VLOQLFH SĜHG SRYRGQt 1D QiPČVWt VH GRVWDQHPH SĜHV PRVW NROHP .XOWXUQtKR GRPX

1č +&;%ǯ;ǯ0#$&ǯ)- /"ǯ ǯ,"3-074,

-HGLQêP SĜtMH]GHP ]H VHYHUX MH FHVWD YHGRXFt ] REFH +OtQD =iURYHĖ VH MHGQi R MHGHQ ] QHMPDOHEQČMãtFK SĜtMH]GĤ GR PČVWD +OtQD MH Y]GiOHQi YtFH QHå ãHVW NLORPHWUĤ 3RFLWRYČ MH Y]GiOHQRVW MHãWČ GHOãt QHå VH ]Gi 3ĜHYiåQi þiVW VLOQLFH MH URYQi OHPRYDQi KXVWêPL DOHMHPL 1HQt YãDN Y åiGQpP SĜtSDGČ PRQRWyQQt 3R RERX VWUDQiFK VH WX D WDP REMHYXMt YLQLFH D RWHYtUDMt VH SUĤKOHG\ GR NUDMLQ\ 9 NĜLåRYDWNiFK GRSOĖXMt NUDMLQX GUREQp VDNUiOQt VWDYE\ ERåt PXND NĜtåH D VRFK\ ýtP YtFH VH EOtåtPH NH .RXQLFtP WtP YtFH VH KXVWRWD YLQLF ]Y\ãXMH 9 EOt]NRVWL VLOQLFH VH PQRåt L VWDYE\ KRVSRGiĜVNp VWDYE\ VORXåtFt SUR XVNODGQČQt QiĜDGt ]HPČGČOVNêFK VWURMĤ D YãHKR FR VRXYLVt V YêURERX YtQD &HVWD ~VWt GR PČVWD X FLKHOQ\ 3R VMH]GX ] NRSFH VR REMHYt YČå NRVWHOD D NRPtQ\ YêUREQtFK DUHiOĤ 8OLFH .DUORYVNi MH =DNRQþHQD QiPČVWtP 0tUX

352m.n.m %DEt KRUD

295m.n.m 9HVHOi KRUD

$QWRQtþHN

297m.n.m âLEHQLþQt YUFK

250m.n.m 9H 6WUiQtFK äLGRYVNê KĜELWRY Rosa Coeli

250m.n.m 1D QLYiFK

TURISTIKA

9 .RXQLFNpP RNROt MH KQHG QČNROLN ]DMtPDYêFK WXULVWLFNêFK WUDV 0H]L QHMQDYãWČYRYDQČMãt PtVWD SDWĜt âLEHQLþQt YUFK %DEt KRUD 9HVHOi KRUD QiYUãt V NRVWHOHP 6YDWpKR $QWRQtQD D VDPR]ĜHMPČ NOiãWHU 5RVD &RHOL Y VDPRWQpP FHQWUX PČVWD

1 × ē , : ǯ ǯ 0 % ǯ , 0 4 5 & - " ǯ 4 7"5 ) 0 ǯ " / 5 0 / / "

3RNXG Y\UD]tWH ] 0RUDYVNp %UiQLFH RG NDSOH 6YDWp $QQ\ D Y\GiWH VH SR þHUYHQp SR NUiWNpP VWRXSiQt VH GRVWDQHWH QD .DPHQQê 9UFK QDG ORP 'iOH SDN FKYtOL SR VLOQLFL QD .DUORY D SR KĜHEHQX QD .R]t KRUX =D YLQLFHPL RGERþtWH Y SUDYR QD NRSHF D GRVWDQHWH VH NH NRVWHOX 6YDWpKR $QWRQtQD 'ĜHYČQi NDSOH E\OD QDKUD]HQD ]GČQRX Y URFH 9êKOHG RGWXG MH QHVNXWHþQê =D GREUiKR SRþDVt MH ]D ]iPNHP YLGČW Då QD 3iODYX 3URWL VPČUX -LKODY\ ]DVH ]D NRSFL Y\NXNXMt ,YDQþLFH .URXFHQêP FKRGQtþNHP GROĤ ] NRSFH VH GRVWDQHWH QD $QWRQtQVNRX 3RGpO FKRGQtþNX MH VSRXVWD ODYLþHN QD NWHUêFK VL PĤåHWH RGSRþLQRXW D QHFKDW VH MHãWČ FKYtOL SRWČãLW YêKOHGHP

1×ē,:ǯ ǯ;ǯē*#&/*É/ )0ǯ73$)6

&HVWRX ] 1RYp %UiQLFH PĤåHPH QDUD]LW KQHG QD QČNROLN PDOêFK FtUNHYQtFK VWDYHE %Råt PXND QHER NĜtåH OHPXMt VWRMt VHEHYČGRPČ Y NĜLåRYDWNiFK .G\å Y\ãSDOHPH NRSHF GRVWiYiPH VH QD âLEHQLþQt 9UFK 7HQ SRGOH VYpKR Qi]YX VORXåLO N SRSUDYiP 3RVOHGQt WX E\OD SURYHGHQD Y URFH 6OXåND ] 1HVORYLF E\OD XSiOHQi ]D åKiĜVWYt .ROHP Y\VtODþH FH VWH]ND VWiþt NROPR N YUVWHYQLFtP ]D OHVtNHP VH SDN QDSRMXMH QD 7UERXãDQVNRX 7DG\ VH ]DFKRYDO VQDG MHGHQ ]QHMNUiVQČMãtFK åLGRYVNêFK KĜELWRYĤ X QiV = URPDQWLFNp ODYLþN\ PĤåHPH YLGČW FHOp .RXQLFH MDNR QD GODQL

'2/1Ë .281,&(

.×450

'3"/5*ē&,ǯ; .&É/ , ǯ ǯ-&5 9VWiYiPH EU]R UiQR 3ĜHSUDYtP GČWL GR ãNRO\ D Y Y\UiåtPH %\GOtPH Då QD 'R .RXQLF MHGX DVL WDN SR SiWp 0iP YROQRX VRERWX D -RVHI PČ SR]YDO QD NRQFHUW Y 5RVD &RHOL 7R VL QHPĤåX QHFKDW XMtW 7HQ SĜtMH]G MH LPSR]DQWQt =DWiþND VH MHQ WDN OHGDE\OH ]NURXWt QDG VUi]HP D SĜHGVWDYt YiP YãHFKQ\ GRPLQDQW\ PČVWD 5RVD Y\NXNXMH ]H ]DURVWOpKR SUDYpKR EĜHKX D QDG Qt VH SUVt ]iPHN -H YLGČW %DUERUND L QRYê NRVWHO $ SR SUDYp VWUDQČ QD YãHFKQR VKRUD VKOtåt NDSOH 6YDWpKR $QWRQtQD =DVWiYND DX WREXVX MH X åLGRYVNp V\QDJRJ\ QDSURWL NXOWXUiNX 7DP Xå QD PČ þHNi -RVHI 0tW YtFH þDVX SURãOL E\FKRP VH N $QWRQtQRYL 1HQt WR GDOHNR SĜHEČKQHWH PRVW D SDN NĜtåRYRX FHVWRX QD NRSHF 7HQ YêKOHG VWRMt ]D WR .G\å MH KH]N\ SUĤ ]RUHP PH]L NRSFL YLGtWH FHORX 3iODYX âNRGD åH VSČFKiP« 3R NRQFHUWX V -RVHIHP MHãWČ GORXKR SRVWiYiPH X %DUERUN\ 3Uê Y Qt WHć VtGOt SUDYRVODYQt -H WX MHQ MHGQD ODPSD MLQDN QLF %DYtPH VH R NRQFHUWX D R 5RVH D X WRKR SRStMtPH NRXQLFNRX IUDQNRYNX ± MHGLQp þHUYHQp YtQR NWHUp SLO FtVDĜSiQ 1DYHþHU VH QD PČVWR VQiãt POKD 8 ĜHN\ WR WDN EêYi þDVWR /RXþtP VH V -RVH IHP 3ĜL RGMH]GX VH MHãWČ RWRþtP -H YLGČW MHQ ÄEOXGLþND³ ] YČåH NRVWHOD .GR E\ WR E\O ĜHNO åH EXGH EUĖiN MH]GLW ]D NXOWXURX QD YHVQLFL«

+ " / " ǯ - 0 6 # , 0 7 ǯ ǯ - & 5 9VWiYiPH EU]R UiQR 3ĜHSUDYtP GČWL GR ãNRO\ D Y Y\UiåtPH %\GOtPH Då QD RNUDML .RXQLF X ORPX .DåGp UiQR FKRGtPH V GČWPL SĜHV ,YDQþLFNRX D Y PtV WHFK NGH VH RG Qt RGSRMXMH -LUiVNRYD VH V GČWPL ORXþtP .H ãNROH Xå GRMGRX VDPL 3R ,YDQþLFNp E\FK MH DOH VDPRWQp QLNG\ QHSXVWLOD 9HGH WDP MHQ ~]Nê FKRGQtþHN SRGpO VLOQLFH D NROHP MH]Gt VDPp NDPLRQ\ 0tVWQt VL ]D WD OpWD Y\ãODSDOL ÄSVt FKRGQtN³ NROHP ĜHN\ -DNPLOH DOH WURFKX ]DSUãt QHER ]DVQČåt WDN MDNR GQHV QHGi VH WXG\ YĤEHF MtW 'iO SRNUDþXML VDPD 0RKOD E\FK VH VYp]W DVSRĖ MHGQX ]DVWiYNX N V\QDJR]H NG\E\ DXWREXV QHMH]GLO MHQ SR SUDYpP EĜHKX ĜHN\ 1HYDGt GQHVND ]DV WROLN QHIRXNi DVSRĖ VH SURMGX 3UDFXML Y PUD]tUQiFK VNRUR Då X 5y]\ 3URMGX SĜHV PRVW D QiPČVWt D SDN 7RYiUQt Då QD 0OêQVNp QiPČVWt 8å VO\ãtP ãXPČQt VSODYX 6WDUê POêQ WX FKiWUi RG Wp GRE\ FR MVHP VH QDURGLOD 9 OpWČ FKRGtYiP EČKDW SR OHYpP EĜHKX -LKODY\ 6WUiQČPD Då GR 3UDYORYD 'QH VND DOH PiPH V GČWPD Y SOiQX SURMtW VH N åLGRYVNpPX KĜELWRYX 7D DWPRVIpUD D YêKOHG ± PLOXMHPH .RXQLFH«

NRVWHO VY %DUERU\

]iVWDYED QD 5ĤåRYp XOLFL

KUDG D ]iPHN

-LKODYD

NDSOH VY $QWRQtQD

-LKODYD

NXOWXUQt GĤP

0DVDU\NRYR QiPČVWt V UDGQLFt

NRVWHO VY 3HWUD D 3DYOD

7UERXþDQVND V åLGRYVNêP D NDWROLFNêP KĜELWRYHP

]iVWDYED QD XO %H]UXþRYD

NRVWHO VY 3HWUD D 3DYOD QD 0DVDU\NRYČ QiPČVWt

)*4503*$, ǯ7 70+

3UYQt ]PtQN\ R ]DORåHQt REFH 'ROQt .RXQLFH VH GDWXMt GR SRORYLQ\ VW 3ĤYRGQt RE\YDWHOVWYR E\OL SRGGDQt URGX .RXQLFĤ 'DOãt UR]YRM PČVWD MH ~]FH VSMDW VH ]DORåHQtP NOiãWHUD 5RVD &RHOL Y URFH

%ČKHP KXVLWVNêFK YiOHN E\OR PČVWR ]GHYDVWRYiQR 9\SDORYiQt D GUDQFRYiQt SRGOHKOD YHOLNi þiVW PČVWD D NOiãWHU

, NG\å VH NOiãWHU MLå QLNG\ QHSRGDĜLOR REQRYLW PČVWR VH UR]YtMHOR VWiOH U\FKOHML 6QDG WRPX QDSRPRKO\ L VHNW\ PDOp FtUNYH D åLGRYVNi REHF NWHUp VH ]GH SR RGFKRGX &LVWHUFLiQĤ UR]ãtĜLO\

9 URFH SRVWLKOD 'ROQt .RXQLFH QHMYČWãt SRYRGHĖ Y KLVWRULL ěHFH -LKODYČ SDGO ]D REČĢ PRVW D VSODY SRQLþHQ E\O POêQ D VWUåHQR E\OR GRPĤ 3R]GČML PXVHO EêW NYĤOL QiVOHGNĤP SRYRGQt VWUåHQ L JRWLFNê NRVWHO

3ĜL RVYRER]RYiQt E\O RGSiOHQ MHGLQê PRVW SĜHV -LKODYX 9 SRYiOHþQpP REGREt MLå SRþHW RE\YDWHO QLNG\ QHSĜHNURþLO KUDQLFL 2G URNX MHMLFK SRþHW L SĜHV PtUQp UR]ãLĜRYiQt REFH NRQVWDQWQČ NOHVDO

'QHV QDVWiYi PtUQê QiUXVW RE\YDWHOVWYD D WR SĜHGHYãtP GtN\ GREUpPX QDSRMHQt QD %UQR , SĜHVWR åH REHF QHVSOĖXMH SRGPtQN\ VWDWXW PČVWD VL VWiOH XGUåXMH %RXĜOLYi KLVWRULH ]DQHFKDOD QD YêUD]X PČVWD ãUiP\ NWHUp ML DOH DQL Y QHMPHQãtP QHXEtUDMt QD NUiVH

FtVDĜVNp SRYLQQp RWLVN\ ] URNX

KLVWRULFNp VQtPNRYiQt ] URNX

VQtPNRYiQt ] URNX

) * 4 5 0 3 * & ǯY ǯ4 0 6 É " 4 / 0 4 5

3ĜtMH]G GR =iYRGt

+RWHO 3ULQF ] XOLFH 5\EiUQD

0DVQp WUK\ V DOHMt WRSROĤ 9 SR]DGt YČå NRVWHOD 6YDWpKR SHWUD D 3DYOD %DUERUND D ]iPHN

3RKOHG QD QiEĜHåt -LKODY\ ] PRVWX GQHV

5HNRQVWUXNFH XOLFH +ODYQt

3ĜtMH]G QD 0DVDU\NRYR 1iPČVWt SR XOLFL +ODYQt NROHP .RVWHOD

3ĤYRGQt SRGRED 0DVDU\NRYD QiPČVWt

0DVDU\NRYR 1iPČVWt GQHV SRKOHG RG .XOWXUQtKR GRPX

.DSOH 6YDWp $OåEČW\ QD URKX ãSLWiOX

.XOWXUQt GĤP SRKOHG ] 0DVDU\NRYD QiPČVWt

5DGQLFH ]D PLQXOpKR ĜHåLPX

1RYČ ]UHNRQVWUXRYDQi UDGQLFH

7 : # "7 & / 0 4 5

ǯǯǯǯ7;%×- / =iNODGQt ãNROD D PDWHĜVNi ãNROD 0DWHĜVNi ãNROD 0ČVWVNi NQLKRYQD %XGRYD EêYDOp ãNRO\ ǯ ǯ ǯ ǯ , 6 -5 6 3 " ǯ " ǯ 7 0 - / ǯ É " 4 .XOWXUQt GĤP .RQXV _ NOXE SUR POiGHå /XVNRXQ _ VGUXåHQt SUR GČWL D POiGHå 0OêQVNp QiPČVWt +UDG D ]iPHN ǯǯǯǯ4-6İ#: 0ČVWVNê ~ĜDG /pNDĜVNp RUGLQDFH /pNDUQD 6XSHUPDUNHW )ORS +RWHO D UHVWDXUDFH 9LQXP &RHOL 0LQLPDUNHW 5HVWDXUDFH 8 âHGpKR 9OND 3RWUDYLQ\ %UQČQND 5HVWDXUDFH 8 *RWWZDOGĤ ǯ ǯ ǯ ǯ $ 3 , & 7 / ǯ 4 5"7 # : .RVWHO VY 3HWUD D 3DYOD )DUD .DSOH VY %DUERU\ .OiãWHU 5RVD &RHOL äLGRYVNi 6\QDJRJD äLGRYVNê KĜELWRY .RVWHO VY $QWRQtQD

ǯǯǯǯ7;%×- /

= SRþiWNX UROL ãNRO\ SOQLO GROQRNRXQLFNê NOiãWHU NWHUê Y\FKRYiYDO D SĜLSUDYRYDO GtYN\ ]H ãOHFKWLFNêFK URGĤ SUR SR]GČMãt SUDNWLFNê åLYRW .G\å Y VWROHWt ]DQLNO NOiãWHU D WDN E\OR ãNROVWYt L FtUNHYQt åLYRW Y UR]NODGX 3UYQt REHFQi ãNROD VWiYDOD QD 0DVDU\NRYČ QiPČVWt D E\OD SRX]H MHGQRWĜtGQt 1RYi REHFQi ãNROD VH QDFKi]HOD QD XOLFL 7RYiUQt ± GQHãQt 0DWHĜVNi ãNROD 1D ]DþiWNX VWROHWt ] GĤYRGX VWiOH QDEêYDMtFtKR SRþWX åiNĤ E\OD Y =iYRGt Y\VWDYČQD ýHVNi PDWHĜVNi ãNROD 2 SiU OHW SR]GČML E\O SRORåHQ ]iNODGQt NiPHQ NH VWDYEČ QRYp ãNRO\ ± GQHãQt =iNODGQt ãNRO\ D PDWHĜVNp ãNRO\ %XGRYD ]iNODGQt ãNRO\ Y =iYRGt E\OD Y PLQXORVWL QČNROLNUiW SĜLVWDYRYiQD ± SĜLE\OD L PDWHĜVNi ãNROD %XGRYD PDWHĜVNi ãNRO\ QD 7RYiUQt XOLFL ]D]QDPHQDOD REGREQRX KLVWRULL D E\OD QDRSDN UR]ãtĜHQD R SUYQt GYČ WĜtG\ ]iNODGQt ãNRO\ -H RWi]NRX ]GD E\ QHE\OR YêKRGRX UR]GČOHQt QD ]iNODGQt ãNROX MHQ Y =iYRGt D PDWHĜVNRX ãNROX MHQ X VY %DUERU\ 'iOH X EXGRY\ ]iNODGQt ãNRO\ SRVWUiGiPH MDNpNROLY ĜHãHQt SĜHGSURVWRUX ãNRO\ 0ČVWVNi NQLKRYQD MH SRX]H Y GUXKpP SDWĜH GRPX QD 7RYiUQt XOLFL 3URVWRURYČ MH YHOPL VWtVQČQi D RPH]XMtFt MH WDNp DEVHQFH YVWXSX SĜtPR ] XOLFH -H QD ]YiåHQt SĜHVXQXWt NQLKRYQ\ GR MLQp EXGRY\ QHER ]UXãHQt þL SĜHVXQXWt E\WX Y SUYQtP SDWĜH D UR]ãtĜHQt NQLKRYQ\

=iNODGQt D PDWHĜVNi ãNROD EH] SĜHGSURVWRUX

.QLKRYQD Y GUXKpP SDWĜH UG

ǯ ǯ ǯ ǯ , 6 -5 6 3 " ǯ " ǯ 7 0 - / ǯ É " 4

6WČåHMQtP REMHNWHP ] KOHGLVND NXOWXU\ MH REMHNW .XOWXUQtKR GRPX MHKRå YêVWDYED ]DþDOD Y OHWHFK PLQXOpKR VWROHWt 'ĤP PČO EêW MHGQtP ] QHMKRQRVQČMãtFK GRPĤ WRKRWR W\SX QD 0RUDYČ %RKXåHO GRãO\ ¿QDQFH D WDN GĤP ]ĤVWDO UR]HVWDYČQê GYDQiFW OHW D FHOi MHGQD JHQHUDFH Y 'ROQtFK .RXQLFtFK Y\URVWOD EH] NXOWXU\ 2EMHNW VH SRWp GRVWDYČO QLFPpQČ VH RG SĤYRGQtKR ]iPČUX ]QDþQČ OLãt .XOWXUQt GĤP QHO]H YãHVWUDQQČ Y\XåtYDW Y ]LPQČ MH SUREOHPDWLFNp MHM Y\WRSLW D YVWXS L FHOê SURYR] MH YHOPL NRPSOLNRYDQê 9 'ROQtFK NRXQLFtFK IXQJXMt GYD VSRON\ SUR GČWL D POiGHå -H WR NOXE .RQXV D REþDVQp VGUXåHQt SUR GČWL D POiGHå /XVNRXQ .OXE .RQXV VH QDFKi]t SRG NOiãWHUHP X KĜLãWČ Y SĤYRGQtP REMHNWX ]i]HPt KĜLãWČ 2EMHNW VH QiP Y NRQWDNWX V NOiãWHUHP MHYt VStãH MDNR SURYL]RUQt D KĜLãWČ ]QDþQČ ]DQHGEDQp /XVNRXQ VtGOt Y ORGČQLFL NWHUi MH QD NRQFL XOLFH 6NDOQt Y]GiOHQê GYDQiFW PLQXW RG FHQWUD PČVWD 1D XOLFL 6NDOQt FK\Et FKRGQtN FRå PĤåH QČNWHUp GČWL þL URGLþH RGUDGLW

.RQXV "

/XVNRXQ GDOHNR RG FHQWUD

.' WHUDVD Y\XÃ¥LWt KLVWRULH

ǯǯǯǯ4-6İ#:

'ROQt .RXQLFH MVRX SRPČUQČ N SRþWX RE\YDWHO D GRVWXS QRVWL N %UQX GREĜH Y\EDYHQ\ 3RVWUiGiPH MHGLQČ GDOãt YêORK\ V GUREQêP SURGHMHP QDSĜtNODG YODVWQtFK VXURYLQ QHER XPČOHFNêFK SĜHGPČWĤ D GiOH PHQãt URGLQQp SRG QLN\ NDYiUHQ QHER FXNUiUHQ NWHUp E\ PRKO\ EêW DOWHU QDWLYRX N UHVWDXUDFtP QD QiPČVWtFK 7DNp MVPH VH GR] YČGČOL åH .RXQLFtP FK\Et PRåQRVW XE\WRYiQt SUR WXULVW\ D WR VStãH YH IRUPČ DSDUWPiQĤ QHER SHQ]LRQĤ 7DNp MH WĜHED ]PtQLW åH SURVWRU\ .XOWXUQtKR GRPX QHX PRåĖXMt RGHKUiYiQt MDNêFKNROLY KDORYêFK VSRUWĤ

ǯ ǯ ǯ ǯ $ 3 , & 7 / ǯ 4 5"7 # :

= SRFLWRYêFK PDS NWHUp MVPH REGUåHOL RG RE\YDWHO 'ROQtFK .RXQLF MH SDWUQp åH MVRX PtVWQt QD VYp FtUNHYQt SDPiWN\ SDWĜLþQČ KUGt 2Wi]NRX MH ]GD E\ VH SURVWRUĤP NROHP WČFKWR SDPiWHN QHPČOD YČQRYDW VWHMQČ YHONi SpþH MDNR R SDPiWN\ VDPRWQp 7X VH QiP ]Gi QHSDWĜLþQê Y]KOHG LQIRUPDþQt EXGN\ D MLQGH SRVWUiGiPH PtVWR N SRVH]HQt

.DSOH VY %DUERU\ SĜHGSURVWRU

5RVD &RHOL VDG\ SUR YHĜHMQRVW

D O P R AVA

+ODYQt GRSUDYQt WHSQD YHGH SĜtPR VWĜHGHP .RXQLF SR OHYp VWUDQČ QiPČVWt SĜHV PRVW D SDN GiOH GROHYD XOLFt ,YDQþLFNRX QD 0RUDYVNp %UiQLFH 'DOãt IUHNYHQWRYDQp XOLFH MVRX QDSĜtNODG 5\EiUQD YH VPČUX QD %UQR 7UERXãDQVNi QHER .DUORYVNi .DPLRQRYi GRSUDYD ]DMtåGt þDVWR XOLFt 5ĤåRYRX QD 0OêQVNp QiPČVWt NGH VtGOt KQHG QČNROLN YêUREQtFK DUHiOĤ

Rybรกrna

6NDOQt

$XWREXVRYp QiGUDรฅt

Trbouลกanskรก

'ROQt .RXQLFH PDMt YHOPL GREUp DXWREXVRYp VSRMHQt V RNROtP $XWREXV GR %UQD MH]Gt WpPฤ ฤ NDรฅGRX KRGLQX $XWREXVRYp QiGUDรฅt E\OR Y\EXGRYiQR Y URFH PH]L V\QDJRJRX D .XOWXUQtP GRPHP -HGLQรชP QHGRVWDWNHP MH VODEรฃt REVORXรฅHQt =iYRGt D WR Sฤ HGHYรฃtP ]iSDGQt รพiVWL RG EHQ]tQRYp SXPS\

352m.n.m %DEt +RUD

297m.n.m âLEHQLþQt 9UFK

295m.n.m Veselá Hora

250m.n.m 9H 6WUiQtFK

250m.n.m 1D 1LYiFK

.RXQLFHPL QHYHGH F\NORVWH]ND &\NOLVWL NWHĜt WXG\ SURMtåGt QHMþDVWČML VPČĜXMt NROHP ĜHN\ = 3UDYORYD SĜHV 6WUiQČ D 5\EiUQX QD PRVW D SDN GiOH 6NDOQt QD 1RYp %UiQLFH .ĜLåRYiQt ĜHN\ Y PtVWČ QHMKXVWãt GRSUDY\ QHMVStã QHQt LGHiOQt 9 .RXQLFNpP RNROt MH KQHG QČNROLN WXULVWLFNêFK WUDV 0H]L QHMQDYãWČYRYDQČMãt PtVWD SDWĜt âLEHQLþQt YUFK %DEt KRUD 9HVHOi KRUD QiYUãt V NRVWHOHP 6YDWpKR $QWRQtQD D VDPR]ĜHMPČ NOiãWHU 5RVD &RHOL Y VDPRWQpP FHQWUX PČVWD

13ġ$)0%/045ǯ ;&. . -DNR Y NDåGpP URVWOpP KLVWRULFNpP PČVWČ L Y .RXQLFtFK O]H QDMtW VSRXVWX PR PHQWĤ XND]XMtFtFK KXVWRX VtĢ ]DMtPDYêFK PRåQRVWt SURFKi]HW PČVWHP , SĜHV VORåLWRX KLVWRULL GČOHQt MHGQRWOLYêFK SDUFHO VH ]DFKRYDO\ FHVW\ SČãLQ\ VFKRG\ D PĤVWN\ XPRåĖXMtFt GRVWDW VH SRKRGOQČ ] MHGQRKR PtVWD D GUXKp 9tFH SUĤFKRGQp E\ PRKO\ EêW REČ QiPČVWt NWHUi Y VRXþDVQRVWL SDWĜt GRSUDYČ &KRGQtN\ L VLOQLFH MVRX Y SRPČUQČ GREUpP VWDYX 0ČVWR E\ VL WDNp ]DVORXåLOR YtFH QHå MHQ MHGHQ SĜHFKRG SĜHV ĜHNX 2EČ þiVWL MVRX RG VHEH Q\Qt SRPČUQČ RGĜt]QXWp

5 : 1 * $ , ǯ ; 4 5"7 # " 'RP\ Y .RXQLFtFK MVRX MHGQRGXFKp DUFKHW\SiOQt -HGQR QDG]HPQt SRGODåt SĤGD VH VHGORYRX VWĜHFKRX GYČ RNQD D GYHĜH =D GRPHP VWRMt KRVSRGiĜVNp EXGRY\ D FKOpY\ 1ČNROLN PiOR YêMLPHN QDMGHPH NROHP QiPČVWt 0ČãĢDQVNp GRP\ PDMt QČNROLN SRGODåt QČNWHUp ] QLFK GRNRQFH ORXEt 9 RNUDMRYêFK þiVWHFK PČVWD SDN VWRMt VROLWpUQt YLO\ 0DORX YêMLPNRX MVRX GYD þW\ĜSDWURYp E\WRYp GRP\ ]D KDVLþiUQRX 7\ MVRX YãDN ãLNRYQČ VNU\W\ ]D GRP\ PČãĢDQVNp

D E TA I L 6tOD PtVWD VSRþtYi Y UR]PDQLWRVWL 9HGOH VHEH WX VWRMt GĤP NWHUê VH ]D SRV OHGQtFK GYČ VWČ OHW QHGRþNDO DQL PLQLPiOQtFK RSUDY D GĤP SR NRPSOHWQt UH NRQVWUXNFL ± QRYi SODVWRYi RNQD L GYHĜH ]DWHSOHQi IDViGD QDWĜHQD QD ]HOHQR 6tORX MVRX MHPQp QXDQFH 'YČ WpPČĜ WRWRåQi YUDWD NDåGp ] MLQpKR PDWHULiOX D QDWĜHQp MLQRX EDUYRX ĜDGD YLQQêFK VNOHSĤ ] QLFKå NDåGê MH Y MLQpP VWXSQL UR]SDGX 3ĜHG]DKUiGN\ YVWXSQt SRUWiO\ VFKRGLãWČ YUDWD RNQD GYHĜH DOH L NOLN\ NRYiQt D ]iEUDGOt -HGQRWOLYp GHWDLO\ GRPĤ Y\WYiĜt SLWRUHVNQt DOH XFHOHQê REUD] PČVWD

'2/1Ë .281,&(

. 450

, " 1 - & ǯ 4 7 ǯ # " 3 # 0 3 :

=YOiãWQt PtVWR 1iYUãt RENORSHQp ]H YãHFK VWUDQ GRP\ 'RP\ MVRX RULHQWRYiQ\ N XOLFtP +ODYQt D 7RYiUQt D VPČUHP N QiYUãt RWiþt VYi Ä]iGD³ ± GYRU\ FKOpY\ D JDUiåH 8SURVWĜHG WRKRWR QiYUãt Y WLFKRVWL VWRMt NDSOH 6YDWpKR )DELiQD D âHEHVWLiQD PtVWQt Mt DOH QHĜHNQRX MLQDN QHå %DUERUND 3URþ MVRX DOH GRP\ RULHQWRYiQ\ NH NRVWHOX ]iG\" %\OD SUR QČ GĤOHåLWČMãt XOLFH" 0ČO\ VQDG WYRĜLW KUDGEX SUR NRVWHO" .DSOH VWRMt QD PtVWČ QČNGHMãtKR JRWLFNpKR VERUX NWHUê E\O QD]êYiQ ÄSLNDUWVNê SXVWê NRVWHO³ %\OD SĜHVWDYČQD GR GQHãQt SRGRE\ URGHP 'LWULFKVWHLQĤ Y URFH 3ĤYRGQt JRWLFNp NQČåLãWČ ]ĤVWDOR ]DFKRYiQR DOH SUREČKOD UHQH VDQþQt SĜtVWDYED VDPRWQp NDSOH 9 Wp GREČ VORXåLOD VHNWČ EUDWĜt 9DOGHQVNêFK D %ROHVODYVNêFK 3R]GČML ]GH VtGOLOR EUDWUVWYR NRQJUHJDFH 6YDWp %DUERU\ = Wp GRE\ SRFKi]t WDNp REUD] VY %DUERU\ XPtVWČQê Y MHGQRP ] ROWiĜĤ NDSOH 3R ]DWRSHQt JRWLFNpKR NRVWHOD X ĜHN\ Y URFH NDSOH VORXåLOD WDNp NDWROLFNp FtUNYL 7D ML SR GRVWDYEČ QRYpKR NRVWHOD RSXVWLOD D QHFKDOD %DUERUNX FKiWUDW 1DVWČKR YDOD VH GR Qt Då QRYČ Y]QLNOi FtUNHY %UDWUVNi SR SUYQt VYČWRYp YiOFH

, " 1 - & ǯ 4 7 ǯ # " 3 # 0 3 : ǯ ] ǯ 6RXþDVQê VWDY

.DSOH 6YDWpKR )DELiQD D âHEHVWLiQD E\OD YHOPL YNXVQČ ]UHNRQVWUXRYDQi Y URFH 'QHV Y Qt VtGOt SUDYRVODYQi FtUNHY 1H]ĤVWiYi YãDN SRX]H PtVWHP FtUNHYQtP ± MHGQRX ]D þDV VH Y Qt NRQDMt YêVWDY\ QHER NRQFHUW\ GXFKRYQt D YiåQp KXGE\ 5R]SDþLWê MH YãDN ]ĤVWDO SURVWRU NROHP NDSOH 'R JDUiåt Y MHMtP SĜHGSURVWRUX VH QH]DMtåGt YHOPL GREĜH ± ] QČNWHUêFK ] QLFK WDN Y]QLNDMt VStãH VNODG\ D GtOQ\ 3RYUFK NROHP Qt ]ĤVWDO QH]SHYQČQê NUiVQi NDPHQQi GODåED ]DþtQi Då QD KUDQČ NRVWHOD 6Y 3HWUD D 3DYOD .ROHP %DUERUN\ MH DOH SRPČUQČ KXVWê SURYR] ± YHGH WXG\ FHVWD ] QHGDOHNp ãNRO\ QD QiPČVWt NWHUi MH PQRKHP SĜtMHPQČMãt QHå XOLFt 7RYiUQt þL +ODYQt

, " 1 - & ǯ 4 7 ǯ # " 3 # 0 3 : ǯ ] ǯ 1iYUK

0tVWR Pi GtN\ VYp VWURKRVWL QHXYČĜLWHOQRX DWPRVIpUX ± MHGQD ODPSD PRQXPHQWDOLWD ]Gt NDSOH EOXGLþND YH YČåL NRVWHOD D UR]PDQLWRVW VWDYHE NROHP %\OD E\ ãNRGD ML QČMDN QDUXãRYDW 3RXKi ~SUDYD SRYUFKX ± SURWDåHQt KUXEp NDPHQQp GODåE\ RG NRVWHOD QD QiYUãt ± E\ PRKOD NDSOL GRGDW YtFH VHEHYČGRPt 3ĜtSDGQêP GRSOQČQtP QČNROLND ODYLþNDPL D VWURPXHP E\ ] SURVWRUX SĜHG NDSOt PRKOD EêW Y\WYRĜHQD WLFKi SLD]]HWD XUþHQi SUR UR]POXY\ SR PãL þL SR NRQFHUWČ QHER SUR VHWNiQt PLOHQFĤ

# & / 5 4 , ǯ 4 $ ) 0 % :

%HQiWN\ MVRX UDULWRX 1HYLGt VH þDVWR DE\ E\OD XOLFH NRQFLSRYiQD YH WYDUX NRU\WD 1XWQRVW RFKUDQ\ SURWL YRGČ WHNRXFt ] RNROQtFK NRSFĤ VH MDVQČ SURMHYLOD GR FKDUDN WHUX ]iVWDYE\ 3ĤO PHWUĤ Y\VRNi ]tGND D QD Qt GYD PHWU\ ãLURNê FKRGQtN .G\å VL IRWtPH XOLFL SWi VH QiV WHWD MHVWOL FKFHPH Y\NRXSLW FHORX XOLFL .G\å Mt XNOLGQtPH SRXãWt VH GR Y\SUiYČQt 3Uê WXG\ MHãWČ SĜHG SiU OHW\ IUþHO\ NRþiUN\ åLGOH L PRWRUN\ Ä.OXFL VL MH ORYLOL Då X VSODYX³ 0XVHO WR EêW UDFKRW 'QHV Xå WX YRGD GtN\ ~SUDYiP QDKRĜH Y NRSFtFK QHWHþH /HGD SUê NG\E\ SĜLãOD VWROHWi YRGD &KDUDNWHU DOH ]ĤVWiYi

# & / 5 4 , ǯ 4 $ ) 0 % : ǯ ] ǯ 6RXþDVQê VWDY

3ĜHG SiU OHW\ E\OD XOLFH ]UHNRQVWUXRYDQi 3RPČUQČ YNXVQČ .DPHQQi ]tGND ]ĤVWDOD QH]PČQČQD GODåED E\OD Y\PČQČQi ]D QRYRX 1LNGR DOH QHP\VOHO QD WR MDN MH SUR VWDUãt OLGL WČåNp Y\VNRþLW ] XOLFH QD FKRGQtN /LGRYi WYRĜLYRVW QD VHEH DOH QHQHFKDOD þHNDW 1ČNROLN EHWRQRYêFK GODåGLF YČWãt YDORXQ FRNROLY SRPĤåH SĜHNRQDW YêãNRYê UR]GtO

# & / 5 4 , ǯ 4 $ ) 0 % : ǯ ] ǯ 1iYUK

, NG\å MH NUiVQp YLGČW MDN VL OLGp XPt SRUDGLW MHMLFK SURYL]RUQt ĜHãHQt RKURåXMH GRSUDYX 6WDþLOR E\ Y QČNROLND PtVWHFK Y\WYRĜLW VFKRG ]DSXãWČQê GR GRVWDWHþQČ ãLURNpKR FKRGQtNX 6FKRG E\ PXVHO EêW RSDWĜHQ VORXSN\ SUR YČWãt YLGLWHOQRVW 8PRåQLO E\ DOH SO\QXOê FKRG SČãt L DXWRPRELORYp GRSUDY\

- 7 , " :

0OêQ Y .RXQLFtFK VWRMt QD RVWUĤYNX X 0OêQVNpKR QiPČVWt YH YêFKRGQt þiVWL REFH -LKODYD VH WX PtUQČ UR]ãLĜXMH D VWiþt 1DSURWL POêQX VWRMt YLOD NWHURX VL WX Y\VWDYČOL MHKR PDMLWHOp URGLQD 0DW\ãNRYêFK 2EČ VWDYE\ PDMt SR OHYp VWUDQČ SUXGNê NDPHQQê VUi] QiKRQX D SR SUDYp VWUDQČ PtUQČMãt PHDQGU ĜHN\ VH VSODYHP =D YLORX SRNUDþXMH VRXNURPi ]DKUDGD $E\ POêQ VSUiYQČ IXQJRYDO PXVt EêW ĜHND SĜHKUD]HQD 7tP MH XPRåQČQR UHJXORYDW SUĤWRN YRG\ Y QiKRQX 9 PLQXORVWL WXWR IXQNFL SOQLO\ GĜHYČQp KUi]H Y SĜHGQt þiVWL RVWURYD 3R KUi]L VH QD YODVWQt QHEH]SHþt GDOR SĜHMtW FRå XPRåĖRYDOR OHSãt SURSRMHQt PH]L REČPD EĜHK\ ýDVWp SRYRGQČ GLYRNp -LKODY\ W\WR KUi]H QHPLORVUGQČ ERĜLO\ 9 URFH WDN E\O Y\VWDYČQ QRYê MH] WHQWRNUiW EHWRQRYê 1D OHYpP EĜHKX ĜHN\ GiO SRNUDþXMH XOLFH 6WUiQČ .RXQLþWt VH WXG\ UiGL SURFKi]t VPČUHP GR 3UDYORYD 8OLFH Y SĤYRGQČ ]DKUiGNiĜVNi NRORQLL GQHV Xå V UHJXO HUQt ]iVWDYERX MH OHPRYDQi SĜtMHPQRX ]HOHQt 8 QRYČ ]EXGRYDQp þLVWtUQ\ RGSDGQtFK YRG VH SRVWXSQČ PČQt MHMt SRYUFK ]H ]SHYQČQp NRPXQLNDFH QD SROQt FHVWX SOQRX YêPROĤ

- 7 , " : ǯ ] ǯ 8 POêQDǯ ] ǯ 6RXþDVQê VWDY

6WDYLWHOp QRYpKR MH]X VL QHMVStãH QHXYČGRPLOL åH ĜHND VH QHGi ]QiVLOQLW .YĤOL WRPX åH QRYê MH] QHPi SURSXVĢ VH NRU\WR ĜHN\ ]QDþQČ ]DQiãt = WRKR GĤYRGX MH WDNp SUDYê EĜHK ĜHN\ ]QDþQČ ]SXVWRãHQ þDVWêP QDSODYRYiQtP GĜHYLQ D QHþLVWRW +ORXEND YRG\ Xå QHGRVDKXMH DQL MHGQRKR PHWUX D WR VH NG\VL GDOR GR YRG\ VNiNDW ] PRVWX .YĤOL QHXSUDYHQpPX SRYUFKX SRGpO ĜHN\ QHQt WUDVD SUR F\NOLVW\ DQL SUR PDPLQN\ V NRþiUN\ ~SOQČ LGHiOQt 9 QHSRVOHGQt ĜDGČ MH WDNp VPXWQp åH KRQRVQp EXGRY\ POêQX D YLO\ MVRX WDNWR ]DQHGEDQp

- 7 , " : ǯ ] ǯ 8 POêQDǯ ] ǯ 6RXþDVQê VWDY

9 SUYp ĜDGČ MH QXWQp QDYUKQRXW ~SUDYX MH]X Y\WYRĜHQt SURSXVWL D Y\þLãWČQt NRU\WD 7R ]DEUiQt GDOãtPX ]DQiãHQt ĜHN\ D ]PtUQt MHMt Y\OpYiQt SĜL SRYRGQtFK -DNR ]DMtPDYRX ~SUDYX YLGtPH PRåQRVW Y\WYRĜHQt OiYN\ ]D MH]HP /iYND E\ ]MHGQRGXãLOD FHVWX F\NOLVWĤP L SČãtP D PRKOD E\ WDN Y\WYRĜLW QiYD]QRVW QD F\NORVWH]NX YHGRXFt ] ,YDQþLF SĜHV .RXQLFH GR 3UDYORYD 6RXþiVWt OiYN\ E\ PRKOD EêW L SODWIRUPD ± RGSRþtYDGOR V SRVH]HQtP -H ãNRGD QHY\XåtW NUiVQpKR PtVWD D QHXPRåQLW URPDQWLFNê RGSRþLQHN SĜtPR X VSODYX

MOST

0RVW Y .RXQLFtFK E\O RGSUDGiYQD QHMGĤOHåLWČMãt VSRMQLFt RERX EĜHKĤ -LKODY\ Y RNROt 3ĤYRGQČ ]GH E\O\ GĜHYČQp PRVW\ NWHUp YãDN SRPČUQČ þDVWR QLþLO\ SRYRGQČ 9 URFH E\O SRVWDYHQ QD NDPHQQêFK SLOtĜtFK QRYê åHOH]Qê PRVW QD NWHUê YHGOD ~]Ni XOLþND NROHP ãSLWiOX D NDSOH 6YDWp $OåEČW\ 3ĜL RVYRER]RYiQt EČKHP GUXKp VYČWRYp YiON\ YãDN E\O WHQWR PRVW RGSiOHQ SUFKDMtFtPL QDFLVW\ 1RYê PRVW E\O SRVWDYHQ ]KUXED R GHVHW PHWUĤ GiO QHå VWiYDO WHQ SĤYRGQt 'ĤYRGHP E\OD SĜHGHYãtP VQDKD UR]ãtĜLW QiMH]G D XPRåQLW WDN SRKRGOQČMãt DXWRPRELORYRX GRSUDYX

. 0 4 5 ǯ ] ǯ 6RXþDVQê VWDY

%HWRQRYê PRVW QD NDPHQQêFK SLOtĜtFK MH SRPČUQČ ãLURNê 6QDG NYĤOL PRåQRVWL SĜHVXQX WDQNĤ þL NRPSOLNRYDQČMãt GHPROLFL E\O\ Y SRYiOHþQpP REGREt REQRYHQp PRVW\ ]QDþQČ SĜHGLPHQ]RYDQp $VIDOWRYi FHVWD Pi WpPČĜ RVP PHWUĤ FKRGQtN\ SDN ]KUXED P =iEUDGOt MH Y\VRNp D PRKXWQp

. 0 4 5 ǯ ] ǯ 6RXþDVQê VWDY

%\OR E\ ]DMtPDYp SRMPRXW PRVW MDNR VRXþiVW QiPČVWt D Y\GOiåGLW KR VWHMQRX GODåERX 0RKOR E\ WDN GRMtW NH ]NOLGQČQt GRSUDY\ 9KRGQp E\ E\OR WDNp UR]ãtĜLW þiVW SUR SČãt QD ~NRU VLOQLFH 'OH QRUP\ VWDþt QD SUĤMH]G GYRX DXW P 3RNXG E\ E\O QD PRVWČ Y\WYRĜHQ SURVWRU SUR ]DVWDYHQt VH E\OD E\ FHVWD SĜHV QČM PQRKHP SĜtMHPQČMãt 'DOR E\ VH RGWXG NUPLW ODEXWČ QHER MHQ WDN VHGČW D Y]KOtåHW N $QWRQtþNRYL

. - / 4 , ǯ / . × 4 5

.G\å FHVWRX GR 5RVD &RHOL RGERþtWH X VWDUp KDVLþiUQ\ YOHYR XOLFt 5ĤåRYRX GRVWDQHWH VH QD RVSDOp 0OêQ VNp QiPČVWt 3ĤYRGQt POêQ WX VWiO MLå SRþiWNHP GH YDWHQiFWpKR VWROHWt 'QHV MH MHKR GRPLQDQWRX MH IXQN FLRQDOLVWLFNê 0DW\ãNĤY POêQ ] GYDFiWêFK OHW PLQXOpKR VWROHWt 0OêQ Pi WĜL SRGODåt D YČå YHOLNi LQGXVWULiOQt RNQD D ]GREQRX IDViGX 3ĤYRGQČ E\O ]DVWĜHãHQ PDQVDUGRYRX VWĜHFKRX GQHV Pi VWĜHFKX YDOERYRX . POêQX SĜLOpKi YLOD PDMLWHOĤ V URQGRNXELVWLFNêPL SUYN\ QD IDViGČ 2EČ W\WR VWDYE\ MVRX GQHV ]QDþQČ ]FKiWUDOp 1HVWRMt SĜtPR QD 0OêQVNpP QiPČVWt DOH QD RVWURYČ NWHUê MH RG QČM RGGČOHQ QiKRQHP V SUXGNêP VUi]HP =D RVWURYHP MH VO\ãHW ãXPČQt VSODYX 0OêQVNp QiPČVWt MH RENORSHQR LQGXVWULiOQtPL VWDYEDPL 7\ PDMt VPČUHP GR QiPČVWt RULHQWRYDQp PRKXWQp RFHORYp EUiQ\ XPRåĖXMtFt YMH]G QiNODGQtFK YR]LGHO 6tGOt ]GH KQHG QČNROLN SURYR]Ĥ QDSĜtNODG NRQ]HUYiUQD D VNODG\ = QiPČVWt VH Gi MHG QRGXãH GRVWDW ]SČW XOLFt 7RYiUQt NROHP ãSDOtþNX URGLQ QêFK GRPNĤ

. - / 4 , ǯ / . × 4 5 ǯ ] ǯ 6RXþDVQê VWDY

6WHMQČ WDN MDNR X 1iPČVWt 0tUX DQL WDG\ VH QHGi POXYLW R ÄQiPČVWt³ Y SUDYpP VP\VOX VORYD 3URVWRU SĜHG POêQHP ] YHONp þiVWL VORXåt MDNR WRþQD SUR NDPLRQ\ D SDUNRYLãWČ 3RYUFK MH QH]SHYQČQê Y ]LPQtFK PČVtFtFK ]QDþQČ UR]EĜHGOê 'R NRQ]HUYiUHQ ]DMtåGt W\ QHMYČWãt NDPLRQ\ 1HMHGQRX Xå VH VWDOR åH VH RWĜHO\ R RNROQt GRP\ NG\å VH QD QiPČVWt VQDåLOL YMHW ~]NêPL .RXQLFNêPL XOLþNDPL 'tN\ YHONpPX SURVWUDQVWYt QiPČVWt VH ]GH OHWRV NRQDO\ SUYQt REQRYHQp KRG\ Y .RXQLFtFK +RG\ PX QD FKYtOL YUiWLO\ åLYRW 1H]DVORXåLO E\ VL DOH WHQWR KRQRVQČ GLPHQ]RYDQê SURVWRU GĤVWRMQČMãt SRGREX"

. - / 4 , ǯ / . × 4 5 ǯ ] ǯ 6RXþDVQê VWDY

,PSXO]HP SUR UHYLWDOL]DFL QiPČVWt E\ PČOD EêW UHNRQVWUXNFH POêQD D KOHGiQt MHKR QRYp IXQNFH .RXQLFH PDMt PiOR XE\WRYDFtFK MHGQRWHN DĢ Xå VH MHGQi R XE\WRYiQt SUR WXULVW\ QHER SUR QRYp RE\YDWHOH NWHĜt PDMt R PČVWR HYLGHQWQČ YHONê ]iMHP 1iPČVWt E\ SDN PRKOR ]DþtW VORXåLW OLGHP -HGQRGXFKêP ]iVDKHP MH Y\VD]HQt OLVWQDWêFK VWURPĤ 7\ XPRåQt SUĤMH]G NDPLRQĤ D ]iURYHĖ RSWLFN\ XVPČUQt JHRPHWULL QiPČVWt -HVWOL VH Y EXGRXFQX WRYiUQ\ D VNODG\ SĜHVWČKXMt GRYROt WDN QDSĜtNODG Y]QLN NDYiUQ\ QHER ãNRON\ NWHUp Y\WYRĜt ] SURVWRUX SĜHG POêQHP SOQRKRGQRWQê YHĜHMQê SURVWRU IUDQFRX]VNpKR W\SX $å VWURP\ Y\URVWRX EXGRX SURWLSyOHP N GRPLQDQWQt KPRWČ POêQD 9\WYRĜt VYêPL NRUXQDPL VWĜHFKX MDNR RFKUDQX SĜHG VOXQFHP QHER SURVWRU SUR KU\ GČWt RE\YDWHO ] RNROt

, 6 -5 6 3 / ǯ % ġ .

.XOWXUQt GĤP Y 'ROQtFK .RXQLFtFK VWRMt QD EĜHKX ĜHN\ QD NRQFL 0DVDU\NRYD 1iPČVWt 9SUDYR RG NXOWXUQtKR GRPX YHGH FHVWD QD PRVW V PDOêP SDUþtNHP SR SUDYp VWUDQČ .XOWXUQt GĤP E\O Y\VWDYČQ QD PtVWČ EêYDOpKR ]iPHFNpKR ãSLWiOX .H ãSLWiOX SĜLOpKDOD WDNp NDSOH 6YDWp $OåEČW\ 3ĤYRGQČ E\O RGGČOHQ RG RNROQt ]iVWDYE\ MHQ ~]NRX XOLþN RX NWHURX VH SURMtåGČOR QD GĜHYČQê PRVW = GRSUDYQtFK GĤYRGĤ E\OD DOH WDWR ]iVWDYED ]GHPRORYiQD D SUĤMH]G VH WDN UR]ãtĜLO 9êVWDYED .XOWXUQtKR GRPX WUYDOD WpPČĜ GYDQiFW OHW 3ĤYRGQČ VH PČOD VWiW MHGQtP QHMKRQRVQČMãtFK GRPĤ WRKRWR W\SX QD 0RUDYČ 7HQWR ]iPČU E\O DOH Y SUĤEČKX YêVWDYE\ ]PČQČQ ± GRãO\ ¿QDQFH &HOi MHGQD JHQHUDFH Y 'ROQtFK .RXQLFtFK Y\URVWOD EH] NXOWXU\ 3ĜHGLPHQ]RYDQi KPRWD GRPX E\OD SRVWXSQČ GČOH QD = OHYp þiVWL E\O\ Y\WYRĜHQ\ VWDUWRYQt E\W\ 3RG QČ E\OD XPtVWČQD SRãWD 9 þiVWL X ĜHN\ Y]QLNO\ SURVWRU\ SUR WLVNiUQX SRG WHUDVRX SDN WRDOHW\ SĜtVWXSQp ] SURVWRU .XO WXUQtKR GRPX D YHĜHMQp :& SĜtVWXSQp ] QiPČVWt 6DPRWQê IXQNþQt SURVWRU VH ViOHP VH WDN ]PHQãLO 6WDYH EQt ~SUDY\ QD IXQNþQRVWL REMHNWX UR]KRGQČ QHSĜLGDO\ 9 NDåGp REFL EêYi .XOWXUQt GĤP YHOPL GĤOHåLWRX VWDYERX 3HULSHWLH NWHUp VH YãDN RGHKUiO\ NROHP YêVWDYE\ VH QD GRPČ SRGHSVDO\ D WpPČĜ ]QHPRåĖXMt MHKR SRKRGOQp XåtYiQt

, 6 -5 6 3 / ǯ % ġ . ǯ ] ǯ 3ĜHGSURVWRUǯ ] ǯ 6RXþDVQê VWDY

9VWXS GR EXGRY\ E\O NYĤOL GČOHQt REMHNWX SĜHVXQXW ] þHOQt VWUDQ\ QD ERþQt NGH VH SR VFKRGHFK YFKi]t QD WHUDVX 6ORåLWê V\VWpP VFKRGLãĢ WpPČĜ ]QHPRåĖXMH SĜtVWXS RVRE V WČOHVQêP RPH]HQtP 1DSURWL YVWXSX SĜHV VLOQLFL MH XPtVWČQ PDOê SDUN V EXMQČ URVWRXFtPL MHKOLþQDQ\ D IXQNþQČ QHGH¿QRYDQRX WUDYQDWRX SORFKRX ]D NWHURX VH ] ~]NpKR FKRGQtNX YVWXSXMH GR ĜDG\ URGLQQêFK GRPĤ 8 ~SDWt PRVWX MH SR OHYp VWUDQČ XPtVWČQR VFKRGLãWČ VHVWXSXMtFt QD QiEĜHåt 3R SUDYp VWUDQČ MH SDN UR]ãtĜHQê SURVWRU MDNêVL ÄNDSLWiQVNê PĤVWHN³ V YêKOHGHP QD ĜHNX D QD NRVWHO 6YDWpKR $QWRQtQD

, 6 -5 6 3 / ǯ % ġ . ǯ ] ǯ 3ĜHGSURVWRUǯ ] ǯ 1iYUK

-DNR YHOPL GĤOHåLWê DOH YQtPiPH SĜHGHYãtP SURVWRU SĜHG .XOWXUQtP GRPHP 3RNXG Pi KODYQt YVWXS ]ĤVWDW RULHQWRYDQê GR QiPČVWt E\OR E\ YKRGQp FHVWX GRYQLWĜ ]MHGQRGXãLW 5iGL E\FKRP NG\E\ E\OD SORFKD SĜHG PRVWHP SRMDWD NRPSOH[QČ MDNR YVWXS N ĜHFH 5DPSD SR SUDYp þiVWL VLOQLFH XPRåĖXMH SĜtVWXS N YRGČ F\NOLVWĤP þL RVREiP V KDQGLFDSHP D MDVQČ UR]GČOXMH VRXNURPê SURVWRU URGLQQêFK GRPĤ RG YHĜHMQpKR SURVWRUX SLD]]HW\ &HVWD D FKRGQtN\ YH VWHMQp YêãNRYp ~URYQL QHRPH]XMt FKRGFH SĜL SĜHFKi]HQt VLOQLFH 5R]SW\ORYi SORFKD SĜHG YFKRGHP GR NXOWXUQtKR GRPX XPRåĖXMH VKURPDåćRYiQt MHKR QiYãWČYQtNĤ

# 3 / " ǯ % 0 ǯ . × 4 5"

.G\å SĜLMtåGtWH GR .RXQLF ] 3UDYORYD Y\MtåGt GR PtUQpKR NRSFH 9 ]DWiþFH MH YLQQê VNOHS D QD YUFKRONX NRSFH ]iPHN &HVWRX GROĤ ] NRSFH VMtåGtPH GR .RXQLF 6LOQLFH MH OHPRYiQD VWURP\ SR]GČML SDN ] RERX VWUDQ RENORSHQD NDPHQQRX ]Gt =Hć SR SUDYp VWUDQČ RGGČOXMH ]iPHFNp SR]HPN\ RG VLOQLFH SR VWUDQČ OHYp Y\URYQiYi YêãNRYê UR]GtO PH]L SĜtMH]GRYRX FHVWRX D XOLFt YHGRXFt N URGLQ QêP GRPĤP =D ]DWiþNRX VH SURVWRU UR]ãLĜXMH 9 WČFKWR PtVWHFK VWiYDOD SĤYRGQt JRWLFNi EUiQD GR PČVWD 0ČOD YČåRYê FKDUDNWHU V E\WRYêP SURVWRUHP SUR WUXEDþH YH GUXKpP SRGODåt 6ORXåLOD QHMHQ SUR RFKUDQX PČVWD DOH WDNp SUR YêEČU PêWD *RWLFNi EUiQD E\OD SR]GČML QDKUD ]HQD MHGQRGXFKRX UHQHVDQþQt EUiQRX , WD YãDN E\OD Y URFH VSROHþQČ V QČNROLND RNROQtPL GRP\ ]ERĜHQD ] GĤYRGX UR]ãtĜHQt VLOQLFH 'QHV MH RGWXG YLGČW YČå %DUERUN\ 3RSUYp VH WDNp SĜHG VWDYXMH NRSHF VH 6YDWêP $QWRQtQHP 7HQ MH SR]GČML YLG LWHOQê WpPČĜ ] NDåGpKR PtVWD YH PČVWČ =D UR]ãtĜHQêP SURVWRUHP ]DþtQi XOLFH +ODYQt ] RERX VWUDQ RENORSHQD PDOêPL ĜDGRYêPL GRPN\ 7RXWR XOLFt VH NROHP NRVWH OD 6YDWpKR 3HWUD D 3DYOD GRVWDQHPH QD 0DVDU\NRYR QiPČVWt

# 3 / " ǯ % 0 ǯ . × 4 5" ǯ ] ǯ 6RXþDVQê VWDY

3ĤYRGQČ QiV QD WRPWR PtVWČ ]DUD]LOD SRX]H Y\ãODSDQi SČãLQND &HVWX ] %H]UXþRY\ GR +ODYQt VL OLGp ]NUDFXMt SR WUiYČ QHER VNRNHP ]H ]tGN\ 0RPHQW UR]ãtĜHQt VLOQLFH SĜHG ]DþiWNHP PČVWD MH DOH WDNp ]YOiãWQt 3ĜLMtåGČMtFt YtWDMt GYD KOXFKp ãWtW\ GRPĤ V UHNODPQtPL EDQQHU\ D RVDPRFHQê VORXS HOHNWULFNpKR YHGHQt .RPLFN\ SĤVREt L ODYLþND KOHGtFt ] SUi]GQp SORFK\ GR VLOQLFH 1iOHWRYi ]HOHĖ ]DNUêYi NDPHQQRX ]Hć 2 7UiYQtN QD WpWR SORãH DOH REHF SUDYLGHOQČ SHþXMH

# 3 / " ǯ % 0 ǯ . × 4 5" ǯ ] ǯ 1iYUK

= GRSUDYQtFK DQL EH]SHþQRVWQtFK GĤYRGĤ QHQt QXWQp DE\ WDWR SORFKD ]ĤVWiYDOD YROQi 3DUFHOD QD OHYp VWUDQČ VLOQLFH SDWĜt PČVWX D MH GRVWDWHþQČ YHONi QD WR DE\ ]GH PRKOD EêW Y\VWDYČQD QRYi EXGRYD 6WDYED E\ PRKOD EêW Y\ããt ± IRUPiOQČ E\ WDN QDKUDGLOD EUiQX D Y\WYRĜLOD GĤVWRMQê YMH]G GR PČVWD $E\ WDWR VWDYED PČOD PČVWRWYRUQê FKDUDNWHU PRKOD E\ EêW DOHVSRĖ Y SUYQtP SRGODåt XPtVWČQD YHĜHMQi IXQNFH MDNR WĜHED NDGHĜQLFWYt QHER OpNDĜVNi RUGLQDFH 3R SUDYp VWUDQČ VLOQLFH MH GRVWDWHN PtVWD SUR YêVWDYEX WĜt Då þW\Ĝ PHQãtFK URGLQQêFK GRPĤ 0tVWQtP E\ FHVWX PRKOR ]MHGQRGXãLW XPtVWČQt VFKRGLãWČ VSRMXMtFt XOLFL +ODYQt D %H]UXþRYX

/ #č&İ

ěHND -LKODYD Pi ]iVDGQt YOLY QD VWUXNWXUX NUDMLQ\ Y RNROt 'ROQtFK .RXQLFH DOH WDNp QD VDPRWQRX ]iVWDYEX PČVWD 6WĜHGRYČNi PČVWD VH N ĜHFH YåG\ RWiþHO\ ]iG\ 6ORXåLOD SRX]H SUR Y\QiãHQt RGSDGX ] SURYR]X VWDWNĤ D YêURE\ 2G GHYDWHQiFWpKR VWROHWt VH YãDN PČVWD ]DþDOD FKRYDW MLQDN 9tGHĖ 3UDKD L PHQãt PČVWD RWiþt GĤOHåLWp SURVWRU\ N ĜHFH D Y\WYiĜt NROHP Qt YHĜHMQp SURVWRU\ -LKODYD MH Y .RXQLFNp ]iWRþLQČ Y SRURYQiQt V NUþtFtP VH PČVWHP REURYVNi 6QDG MH WR ]SĤVREHQR QHXVWiORX GHYDVWDFt GRPĤ QD QiEĜHåt 'QHV MLå OLGp GRNiåRX ĜHNX SRPRFt UHJXODFH þiVWHþQČ ]NURWLW -H QHMY\ããt þDV ]DþtW QDSOQR Y\XåtYDW MHMt SR WHQFLiO -H GĤOHåLWp SUDFRYDW V REČPD EĜHK\ D Y\WYRĜLW SĜtMHPQi SURVWUDQVWYt SUR RE\YDWHOH L WXULVW\ &\NOLVWLFNi VWH]ND SRGpO EĜHKX SČãLQ\ SUR YHQþHQt SVĤ U\EiĜVNi PROD ODYLþN\ D RKQLãWČ 7R YãH E\ PRKOR NROHP ĜHN\ SRV WXSQČ Y]QLNDW

/ # č & İ ǯ ] ǯ ,YDQþLFNiǯ ] ǯ 6RXþDVQê VWDY

&HVWD SR OHYpP EĜHKX -LKODY\ MH SUR SČãt YHOPL QHSĜtMHPQi Ò]Nê FKRGQtN YHGH KQHG X IUHNYHQWRYDQp FHVW\ RG EHQ]tQN\ QDYtF QHYHGH FKRGQtN åiGQê 1iVHS QD NWHUpP FHVWD YHGH FKUiQt ]DKUDG\ RNROQtFK GRPĤ SĜHG ]DSODYHQtP 'QHV SRG QiVSHP VPČUHP N ĜHFH PtVWQt Y\ãODSDOL FKRGQtN &HVWD WXG\ MH PQRKHP SĜtMHPQČMãt QHå SRGpO VLOQLFH 3URFKi]HW VH SRGpO ĜHN\ QHQt PRåQp SRNDåGp NG\å MH YOKNR

/ # č & İ ǯ ] ǯ ,YDQþLFNiǯ ] ǯ 1iYUK

9 URFH WX GČWL Y\VDGLO\ VPUNĤ D ERURYLF DE\ EĜHK ]SHYQLOL D ]NUiãOLOL 0ČOR E\ VH QDYi]DW QD MHMLFK ~VLOt D YpVW NROHP ĜHN\ FHVWX ]SHYQČQRX QDSĜtNODG PODWHP 3RNXG E\ VH FHVWD GRSOQLOD R QČNROLN ODYLþHN QHER QDSĜtNODG RKQLãWČ GDOR E\ VH WX SĜtMHPQČ WUiYLW YROQê þDV -LKR]iSDGQt VOXQFH PRåQp DWPRVIpĜH RSČW YHOPL QDKUiYi

/ # č & İ ǯ ] ǯ 6NDOQtǯ ] ǯ 6RXþDVQê VWDY

8OLFH 6NDOQt Pi WDNp VYRX SRHWLNX 3ĜL SĜtMH]GX GR PČVWD MH VLOQLFH SR SUDYp VWUDQČ RKUDQLþHQi PDOêPL GRPN\ WpPČĜ QDOHSHQêPL QD VNDOQDWê EĜHK =OHYD SDN FHVWD ] GYRXPHWURYp ]tGN\ VKOtåt QD ĜHNX 0tVWQt VL EĜHK RVYRMLOL 9\WYRĜLOL VL WX YãHPRåQp åHEĜtN\ D VFKRGN\ DE\ VH N ĜHFH PRKOL GRVWDW 7L NWHĜt PDMt NYĤOL VNiOH ]D GRPHP MHQ PLQLPiOQt SR]HPHN VL X ĜHN\ Y\WYRĜLOL YODVWQt ]DKUDGX 9HOPL REOtEHQp MH QiEĜHåt WDNp SUR U\EiĜH

/ # č & İ ǯ ] ǯ 6NDOQtǯ ] ǯ 1iYUK

3ĤMGHWH OL RG .XOWXUQtKR GRPX SR QiEĜHåt VPČUHP QD 1RYp %UiQLFH GRVWDQHWH VH Y\ãODSDQRX SČãLQNRX Då N ORGČQLFL 1DG SČãLQNRX YHGH VLOQLFH FHVWD SRGpO Qt YãDN QHQt QLMDN SĜtMHPQi 3URWR PtVWQt NG\å WR SRþDVt MHQ WURFKX GRYROt Y\XåtYDMt QiEĜHåt %\OR E\ VNYČOp WDNp WXWR SČãLQX ]SHYQLW GRSOQLW R VFKĤGN\ ODYLþN\ D WĜHED L PROR SUR U\EiĜH 'ČWL E\ VH SDN GR ORGČQLFH GRVWDO\ QHMHQ SĜtMHPQRX DOH WDNp EH]SHþQČMãt FHVWRX

/ # č & İ ǯ ] 5\EiUQDǯ ] ǯ 6RXþDVQê VWDY

1D SUDYp VWUDQČ PRVWX X 5\EiUQ\ MH YČWãt ]HOHQi SORFKD VH VWDUêPL OLVWQDWêPL VWURP\ ětNi VH åH YRGD SRG PRVWHP E\OD NG\VL WDN KOXERNi åH VH ] QČM GDOR VNiNDW 7R DOH ]KDWLOD YêVWDYED QRYpKR MH]X EH] SURSXVWL 'QHV MH NRU\WR ]DQHVHQR D YRGD WX Pi VRWYD PHWU

/ # č & İ ǯ ] 5\EiUQD ] ǯ 1iYUK

9 SĜtSDGČ åH E\ VH MH] ]UHNRQVWUXRYDO D NRU\WR Y\þLVWLOR PRKOD E\ EêW QD WRPWR PtVWČ REQRYHQD SOiå D ĜHND E\ VH WDN QDYUiWLOD OLGHP -LåQt RULHQWDFH SĜHGXUþXMH WRWR PtVWR N OHWQtPX NRXSiQt ýDVHP E\ VH WX GDOR Y\EXGRYDW QDSĜtNODG SRE\WRYp VFKRGLãWČ QHER PDOi EXGRYD ãDWHQ V WRDOHWDPL 9 ]LPČ E\ VH PRKOD REQRYLW WUDGLFH EUXVOHQt

/ # č & İ ǯ ] 0DVQp WUK\ǯ ] ǯ 6RXþDVQê VWDY

= QiPČVWt VH XOLFt )DUQt GRVWiYiPH QD UR]ãtĜHQê SURVWRU X ĜHN\ 3R OHYp VWUDQČ VWRMt VNODG 3ĜHG QtP EOtåH NH EĜHKX MH ]tGND V Y]URVWOêPL WRSRO\ 1DSUDYR MH RVDPRFHQê WRSRO D QČNROLN GRPĤ -H ]GH L SR]ĤVWDWHN UDPS\ VORXåtFt SUR VSRXãWČQt ORGt QD YRGX 8 ĜHN\ NDåGê GHQ Y\VHGiYDMt U\EiĜL

/ # č & İ ǯ ] 0DVQp WUK\ ] ǯ 1iYUK

7RWR PtVWR Pi YHOLNê SRWHQFLiO VWiW VH SĜtMHPQêP D GĤOHåLWêP PtVWHP SUR VHWNiYiQt 0RKOR E\ WX Y]QLNQRXW QiEĜHåt V YêKOHGHP QD $QWRQtþND SRE\WRYp VFKRGLãWČ PROR SUR U\EiĜH 9 EXGRXFQX E\ ]H VNODGX D GDOãtFK RNROQtFK EXGRY E\OR PRåQR Y\WYRĜLW NDYiUQX EXIHW XE\WRYiQt SUR WXULVW\ QHER FRNROLY FR E\ WHQ SRWHQFLiO QDSOQLOR

/ .×45 ǯ. 36

1iPČVWt 0tUX Y =iYRGt YODVWQČ DQL QHQt QiPČVWtP DOH VStãH QiYVt 9VWXSQt EUiQX GR =iYRGt WYRĜt GYČ YČWãt EXGRY\ ]NUDFKRYDOê +RWHO 3ULQF D VtGOR ý29 2VWDWQt GRP\ Y RNROt PDMt YHOPL SRGREQê FKDUDN WHU 8OLFt OHPRYDQRX SDUNRYDFtPL PtVW\ VH GRVWiYiPH QD UR]ãtĜHQRX QiYHV 3R OHYp VWUDQČ ]DWiþt XOLFH -LUiVNRYD 9 ~VWt -LUiVNRY\ VWRMt GDOãt GYČ GĤOHåLWp EXGRY\ 9SUDYR +RVSRGD Ä8 âHGpKR 9OND³ YOHYR E\WRYê GĤP SDWĜtFt PČVWX 8SURVWĜHG QiPČVWt MH PDOê SDUþtN 'RPL QDQWDPL SDUþtNX MVRX VRFKD NDSOH ] URNX D -HGQRWD =D -HGQRWRX MH GUXKê PDOê SDUN V KĜLãWČP NWHUp MH þDVWR Y\XåtYDQp GČWPL ] QHGDOHNp ]iNODGQt ãNRO\ D QČNROLND SĜLOHKOêFK E\WRYêFK GRPĤ 1DSUDYR RG -HGQRW\ VWRMt KRVSRGD Ä8 *RWZDOGĤ³ V PDORX SĜHG]DKUiG NRX .ROHP Qt RGERþXMH XOLFH $QWRQtQVNi V NĜtåRYRX FHVWRX NWHUi QiV YHGH Då QD NRSHF NH NRVWHOX 6YDWpKR $QWRQtQD 8OLFH NWHUi SRNUDþXMH VWiOH URYQČ ]D QiPČVWt VH MPHQXMH .DUORYDU VNi 7D VH X %HQiWHN UR]GYRMXMH MHGQD MHMt þiVW YHGH GR LQGXVWULiOQt þiVWL PČVWD YH NWHUp VtGOt PUD]tUQ\ FLKHOQD D VNODG\ 'UXKi þiVW PtĜt N REFL +OtQD =DMtPDYi MH WDNp XOLFH 1D StVNX -H UR]GČOHQD GR GYRX YêãNRYêFK ~URYQt 9\ããt ]SHYQČQi þiVW MH RSDWĜHQD ]iEUDGOtP 9 QLåãt QH]SH YQČQp MVRX Y\MHWp NROHMH RG DXW D QD SUYQt SRKOHG SĜLSRPtQi NRU\WR ĜHN\ -H YãDN ]YOiãWQt åH GR NRU\WD VPČĜXMt YUDWD VWRGRO 9RGD Xå WX GORXKR QHWHNOD 9 PLQXORVWL YãDN SĜL SRYRGQtFK VNU] %HQiWN\ QHVOD YãH FR Mt VWiOR Y FHVWČ .ROHP 5\EiUQ\ SDN YRGD YWpNDOD GR -LKODY\ 1HQt GLYX åH MVRX REČ XOLFH YRGČ X]SĤVREHQ\

/ . × 4 5 ǯ . 3 6 ǯ ] ǯ 6RXþDVQê VWDY

-DNR SLHWQt SDPiWND QD KĜELWRY WX GQHV ]ĤVWDOD JRWLFNi KĜELWRYQt NDSOH ]DVYČFHQi 6YDWpPX -DQX .ĜWLWHOL 3R MHMt OHYp VWUDQČ VWRMt StVNRYFRYi VRFKD -DQD 1HSRPXFNpKR ] URNX 2ED W\WR REMHNW\ MVRX ]DNU\W\ UR]SXVWLOH URVWRXFt ]HOHQt 1iYHV VH VWURP\ VH PtUQČ VYDåXMH 1DG NDSOt VWRMt QD Y\YêãHQpP ÄSLHGHVWDOX³ MHGQRWD ] ãHGHViWêFK OHW 'QHV MH -HGQRWD QDWĜHQD SHVWUêP åOXWêP D ]HOHQêP QiWČUHP 3UYQt QHVURYQDORVW SĜLFKi]t Xå SĜL SRKOHGX QD Qi]HY 0QRKHP YtFH QHå QiPČVWt WHQWR SURVWRU SĜLSRPtQi YHVQLFNRX QiYHV 7R SRWYU]XMH KODYQČ FKDUDNWHU RNROQt ]iVWDYE\ D PQRåVWYt ]HOHQČ 0RPHQWiOQČ XUþXMH YêUD] QiPČVWt -HGQRWD +LVWRULFNp SDPiWN\ MVRX XSR]DGČQ\ 'DOãtP QHGRVWDWNHP MH SRPČU YHĜHMQpKR SURVWRUX D SURVWRUX XUþHQpKR SUR DXWD -H QXWQp DE\ PČOD VLOQLFH Y WRPWR PtVWČ P"

/ . × 4 5 ǯ . 3 6 ǯ ] ǯ 1iYUK

6WDUp ERURYLFH QHVRXFt SDPČĢ GRE\ E\ VH PČO\ ]DFKRYDW 9êVDGED ERURYLF QD KĜELWRY\ Y\FKi]t ] URPiQVNpKR NXOWX D QHPi QLF VSROHþQpKR V YêVDGERX U\FKOH URVWRXFtFK MHKOLþQDQĤ ]D PLQXOpKR UHåLPX %RURYLFH VWDþt RG NPHQH SLQHRYČ RGYČWYLW WDN DE\ Y]QLNO MHQ REODN YČWYt Y KRUQt þiVWL NRUXQ\ &HOp QiPČVWt VH WDN PĤåH YtFH QDGHFKQRXW .DSOH ]tVNi ]SČW VYRX GĤVWRMQRVW QHEXGH OL Y SRSĜHGt ]DNUêYiQD KXVWRX ]HOHQt &HQWUHP QiPČVWt E\ VH PRKOD VWiW VRFKD -DQD 1HSRPXFNpKR /DYLþN\ XPtVWČQp SRG VWURP\ QDEt]t UR]KOHG L VWtQ /LVWQDWp VWURP\ Y SR]DGt GH¿QXMt JHRPHWULL D RGHEtUDMt SĜHKQDQRX PRQXPHQWDOLWX EXGRYČ -HGQRW\ =DWUDYĖRYDFt W\S GODåE\ SRGWUKQH QiYHVQt FKDUDNWHU 8OLFH E\ VH PRKOD UR]ãtĜLW QD ~NRU VLOQLFH 9 OHYp þiVWL QiPČVWt MH QH]E\WQp Y\WYRĜLW EH]SHþQRX ]yQX SUR ãNROiN\

. "4" 3: ,070 ǯ / . × 45

1HMGĤOHåLWČMãtP SURVWUDQVWYtP YH PČVWČ MH QiPČVWt 9 'ROQtFK .RXQLFtFK OHåt KODYQt 0DVDU\NRYR QiPČVWt QD SUDYpP EĜHKX ĜHN\ 0i WURM~KHOQtNRYê WYDU V OH KFH VYDåLWêP WHUpQHP VPČUHP GR XåãtKR PtVWD 1D PtVWČ SĤYRGQt JRWLFNp UDGQLFH Y]QLNOD QRYi GRPLQDQWD QiPČVWt NRVWHO 6YDWpKR 3HWUD D 3DYOD Y\VYČFHQê Y URFH 7HQ E\O Y\EXGRYiQ SR VWUKQXWt SĤYRGQtKR IDUQtKR JRWLFNpKR NRVWHOD NWHUê E\O SRQLþHQ EČKHP SRYRGQt 1RYi UDGQLFH E\OD SRVWDYHQD SR OHYp VWUDQČ NRVWHOD 9SUDYR RG NRVWHOD YHGH SRGpO NDPHQQp ]tGN\ GOiåGČQi FHVWD N %DUERUFH 3ĜHG NRVWHOHP VH UR]SURVWtUi ]HOHQi SORFKD VH GYČPD YHONêPL VWURP\ Y RVRYp VRXPČUQRVWL 'DOãt þW\ĜL Y]URVWOp OLVWQDWp VWURP\ MVRX SDN Y\Vi]HQ\ Y PtUQČ ]DORPHQp RVH SRNUDþXMtFt Då GR NRQFH QiPČVWt 3RP\VOQêP FHQWUHP VSRGQt þiVWL QiPČVWt MH KLVWRUL]XMtFt NDãQD 9 KRUQt þiV WL GRPLQXMH VRFKD 6YDWpKR -DQD ] 1HSRPXNX NWHUi MH YãDN ]DNU\Wi ]D VWURP\ &HVWD MH RG YHĜHMQpKR SURVWRUX RGGČOHQD Qt]NRX ]HOHQt 3RGpO FHVW\ MVRX XPtVWČQD SDUNRYDFt VWiQt 1iPČVWt RENORSXMt PČãĢDQVNp GRP\ V NDPHQQêPL SRUWiO\ D GiYDMt MLP WDN Yê]QDPQê FKDUDNWHU

. " 4 " 3 : , 0 7 0 ǯ / . × 4 5 ǯ ] ǯ 6RXþDVQê VWDY

1HMYČWãtP SUREOpPHP QiPČVWt MH GRSUDYD &HVWD ] 3UDYORYD PtĜt SĜHV QiPČVWt QD MHGLQê PRVW Y RNROt D GiOH VPČUHP QD ,YDQþLFH -H MDVQp åH VH NYĤOL WpWR GĤOHåLWp GRSUDYQt VSRMQLFL MHKR SUĤMH]GQê FKDUDNWHU QH]PČQt 'UXKRX NRPSOLNDFt MH VDPRWQê WYDU 1HMãLUãt þiVW QiPČVWt IXQJXMH MDNR GRSUDYQt VSRMND VSRMXMtFt PČVWR V XOLFt 7RYiUQt 9H VSRGQt þiVWL SDN Y]URVWOp VWURPRĜDGt D ]~åHQê SURVWRU QHXPRåĖXMt DE\ VH Y WRPWR PtVWČ RGHKUiYDO\ WUK\ þL KRG\ 8VSRĜiGiQt SĜtOLã QHSRPiKi DQL VYDåLWê WHUpQ

. " 4 " 3 : , 0 7 0 ǯ / . × 4 5 ǯ ] ǯ 1iYUK

1iPČVWt E\ PČOR SDWĜLW OLGHP %\OR E\ PRåQp RULHQWRYDW MHGLQê SUĤMH]G QD MLåQt VWUDQČ NRVWHOD D ]E\Op SORFK\ SRQHFKDW MDNR SČãt ]yQX 6FKRG\ E\ ĜHãLO\ QHMHQ VYDåLWê WHUpQ DOH WDNp SRP\VOQRX KUDQLFL PH]L FHVWRX D YHĜHMQêP SURVWRUHP 9HUWLNiOQt EDULpUD Y SRGREČ VORXSNĤ XPRåĖXMH YROQRX NRPXQLNDFL SČãtFK D ]iURYHĖ GH¿QXMH EH]SHþQê SUĤMH]G 3URVWRU SĜHG NRVWHOHP E\ PRKO EêW ĜHãHQ MDNR VFKRGLãWČ ]HOHQi WULEXQD SRG NWHURX E\ PRKOR Y]QLNQRXW SURVWUDQVWYt SUR NRQiQt WUKĤ D ãHUPtĜVNêFK VRXERMĤ = KLVWRULFNêFK IRWRJUD¿t MH MDVQp åH QD QiPČVWt åiGQi Y]URVWOi ]HOHĖ QHEêYDOD 'RSRUXþXMHPH W\WR VWDUp OLVWQDWp VWURP\ SURĜtGLW D XPRåQLW WDN OHSãt YêKOHG QD NRVWHO 3DUNRYDFt VWiQt QDYUKXMHPH XPtVWLW SRGpOQČ VRXEČåQČ VH VLOQLFt D GRSOQLW R Qt]Np VWURP\ 5R]ãtĜt D XFHOt VH WDN YHĜHMQê SURVWRU 9 VHYHUQt þiVWL NRVWHOD FHVWRX N %DUERUFH MH QH]DVWDYČQi SUROXND 3Uê WX NG\VL EêYDOD FXNUiUQD %\OR E\ VNYČOp PtW ML WDP ]QRYD

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

6RXþDVQê ~]HPQt SOiQ 'ROQtFK .RXQLF SRþtWi V PD VLYQtP UR]YRMHP FHOpKR PČVWD 3RNXG E\ VH GH¿QRYDQp SDUFHO\ ]DVWDYČO\ SORFKD SUR E\GOHQt E\ YH PČVWČ VWRX SOD QD GYRMQiVREHN 9LGtPH SURWR MDVQRX SRWĜHEX VH Y QDãt SUiFL WRPXWR WpPDWX UR]YRMH YČQRYDW 5R]YRMH NWHUê EXGH SĜLUR]HQê ]GUDYê D MHKRå YêVOHGNHP EXGH SĜtMHPQp PtVWR SUR MHKR RE\YDWHOH V YČGRPtP KLVWRULH FHOpKR PtVWD 9 SUYQt ĜDGČ MH SRWĜHED ĜtFL åH UR]YRM PČVWD QHQt ãSDW QČ =iVDGQt RWi]NRX RYãHP MH MDN WHQWR UR]YRM EXGH SUREtKDW 7R FR MH SUR QRYp SORFK\ SUR E\GOHQt ]FHOD ]iVDGQtP IDNWRUHP MH PtVWR 7HG\ MHKR WRSRJUD¿H ]H NWHUp Y\FKi ]HO\ FHVW\ L SDUFHODFH ~]HPt ERåt PXND NĜtåH D GDOãt REMHNW\ Y NUDMLQČ 7ČFK MH SRWĜHED VH GUåHW 9ČČQXMHPH USURWR SULQFLSĤP GDOãtKR UR]YRMH 7RPX MDN E\ PČOD QRYi ]iVWDYED Y\FKi]HW ] JHQLD ORFL PČVWD NWHUê MH Y 'ROQtFK .RXQLFtFK RSUDYGX VLOQê 1HVQDåt PH VH SRX]H SĜHQpVW KLVWRUL]XMtFt Y]RU QD QRYp PtVWR RYãHP SUDFRYDW V QtP -DN ĜHNO $OYiUR 6L]D Ä7UDGLFH MH Yê]YRX N LQRYDFL ³ > @ ýDVRSLV $UFKLWHNW URþQtN 3UDKD 2EHF DUFKLWHN WĤ URþ þ > @

VWDELOL]RYDQp SORFK\ SUR E\GOHQt SRSĜ VWDELOL]RYDQp SORFK\ RE\WQp VPtãHQp

ĸ VWDELOL]RYDQp SORFK\ SUR E\GOHQt ĺ QDYUKRYDQp SORFK\ E\GOHQt GOH ~]HPQtKR SOiQX 'ROQtFK .RXQLF

QRYp SORFK\ E\GOHQt QRYp SORFK\ VPtãHQp RE\WQp ~]HPQt UH]HUY\

SRþHW RE\YDWHO

VURYQiQt YêPČU\ VWDELOL]RYDQp SORFK\ SUR E\GOHQt V SORFKRX SUR E\GOHQt QDYUKRYDQRX

GDWDFH

9êYRM SRþWX RE\YDWHO RG URNX GR URNX 2G ]DþiWNX OHW GR VRXþDVQRVWL SRþHW RE\YDWHO Y '. URVWH .RXQLFH VH VWiYDMt Y\KOHGiYDQRX ORNDOLWRX SUR E\GOHQt

2EUi]HN RG 3DYOD +QLOLþN\ ]H 6tGHOQt NDãH

1 č , - " % ǯ ,0 / 7 & / É / ǯ 3 & ( 6 - "$ & %ČåQê SĜtVWXS N UHJXODFL 5HiOQp SĜtNODG\ UHJXODFH PQRKG\ ]E\WHþQČ RPH]XMt YêVWDYEX 3ĜL VSOQČQt SRåDGRYDQêFK ]iVDG MH W\SLFNRX RGSRYČGt NDWDORJR Yê GĤP 7HG\ GĤP NWHUê QLMDN QHFWt PtVWR &R DOH WHQWR ]SĤVRE SRKOHGX QD UHJXODþQt SOiQ ]SĤVREXMH MH QHPRåQRVW MDNpKRNROL DW\SLFNpKR ĜHãHQt $W\SLFNpKR YH VP\VOX KOHGiQt VSUiYQČ RGSR YČGL QD GDQp PtVWR 3ĜL åiGRVWL R SRYROHQt VWDYE\ VH LQYHVWRĜL VHWNiYDMt V QHNRUHNW QČ ]SUDFRYDQêPL UHJXODFHPL Y ~]HPQtFK SOiQHFK NWHUp RPH]XMt MHMLFK VWDYHEQt ]iPČU\ 0H]L QHMþDVWČMãt UHJXODFH SDWĜt QDSĜ VWDQRYHQt DVWDYRYDFtFK þDU RULHQWDFH GRPX QČNG\ GRNRQFH SRåDGDYN\ QD GH¿QLFH WYDUX D VNORQX VWĜHFK\ XPtVWČQt JDUiåH QD NRQVWUXNFH VWDYHEQt PDWHULiO\ EDUHYQRVW VWDYHE þL GLVSR]LþQt ĜHãHQt GRPX > @ ýHVNi NRPRUD DUFKLWHNWĤ >FLW @ 'RVWXSQp ] KWWS ZZZ DUFKLZHE F] QHWZV SKS"DFWL RQ VKRZ LG W\SH > @

1RYi YêVWDYED Y 'ROQtFK .RXQLFtFK

+HOHQD -DQNĤ OHW 9 .RXQLFtFK MVHP VH QDURGLOD D Y\URVWOD .G\å ]HPĜHOD EDELþND YČQRYDOD PL MHMt GĤP WDP Y]DGX QD ,YDQþLFNp VNRUR Då X ORPX 6 PDQåHOHP âWČSiQHP MVPH SĜHG GYČPD OHW\ GRVWXGRYDOL D UiGL E\FKRP VH XVDGLOL , RQ VL .RXQLFH ]DPLORYDO 5R]KRGOL MVPH VH WHG\ EDELþþLQ GĤP WURFKX ]UHNRQVWUXRYDW WDN DE\FKRP Y QČP PRKOL SRKRGOQČ E\GOHW âWČSiQĤY YHONê VHQ MH PtW VYRX NHUDPLF NRX GtOQX =DGDOL MVPH Y\SUDFRYiQt QiYUKX QDãHPX VSROHþQpPX ]QiPpPX DUFKLWHNWRYL 3ĜLSUDYLO SUR QiV NUiVQRX VWXGLL ± PDOê GĤP E\ VH PRKO ]YHGQRXW R MHGQR SRGODåt 0tVWR VHGORYp VWĜHFK\ E\ PČO URYQRX DE\ VH Y SDWĜH GDOR E\GOHW 9H VSRGQt þiVWL E\ Y]QLNOD GtOQD D SRVH]HQt SUR QiYãWČY\ $UFKLWHNW ĜtNi åH VHGORYi VWĜHFKD MH SĜHåLWHN åH E\OD XUþHQi N VXãHQt VHQD QD SĤGČ 'QHV Xå VH VHQR QHVXãt QD SĤGČ VH Pi E\GOHW 7R YãDN VHGORYi VWĜHFKD ~SOQČ NRPIRUWQČ QHGRYROXMH 1D VWDYHEQtP ~ĜDGČ MVPH VH DOH VHWNDOL V QHSRFKRSHQtP 9 ~]HPQtP SOiQX MVRX RYãHP GRSRUXãHQt L QD GYDU VWĜHFK\ 3DQ ~ĜHGQtN WHG\ ] GRSRUXþHQt XGČODO SUDYLGOR 6WĜHFKD PXVt ]ĤVWDW VHGORYi +ĜHEHQ VWĜHFK\ L RNDSRYRX KUDQX PĤåHPH ]YHGQRXW PD[LPiOQČ R PHWU 1DNRQHF ] FHOpKR SOiQX VHãOR 2SUDYLOL MVPH MHQ VWĜHFKX WR MVPH PXVHOL 0DQåHO VH WHć GtYi SR MLQêFK SURVWR UHFK SUR SRGQLNiQt %RKXåHO Y .RXQLFtFK åiGQi YKRGQi QHMVRX GOH VNXWHþQpKR SĜtEČKX ] GUXKp YHĜHMQp GLVNX]H Y 'ROQtFK .RX QLFtFK ]H GQH Y NXOWXUQtP GRPČ

VNORQ VWĜHFK\ 9HOPL þDVWRX UHJXODFt EêYi VYDU VWĜHFK\ 7DWR UHJXODFH EêYi SĜtPR VRXþiVWt ~]HPQtKR SOiQX 7DN MH WRPX L Y 'ROQtFK .RXQLFtFK

PD[ 13

SRGODåQRVW 'DOãtP EČåQêP UHJXODWLYHP MH GH¿QRYiQt PD[LPiOQt SRþWX SRGODåt 9 .RXQLFtFK MH WRPX PD[LPXP 13 SRGNURYt QD SORFKiFK VWDELOL]R YDQêFK L QRYČ XUþHQêFK SUR QRYRX YêVWDYEX -H WHG\ MHGQR MHVWOL VH GĤP QDFKi]t Y FHQWUX QHER QD RNUDML

XOLþQt þiUD 'H¿QRYDQRX XOLþQt þiUX MH ]D YãHFK RNROQRVWt GRGUåHW .G\å VH RY ãHP SRGtYiPH QD VWiYDMtFt ]iVWDYEX WD WHQWR SRåDGDYHN QHVSOĖXMH 'tN\ WRPX WDN PRKRX Y]QLNQRXW ]iNRXWt WĜHED V ODYLþNRX X ĜHN\

RGSRYČG NDWDORJRYê GĤP 6WDYERX NWHUi YãHFKQ\ W\WR UHJXODWLY\ VSOĖXMH MH NDWDORJRYê GĤP 'ĤP NWHUê QLMDN QHY\FKi]t ] PtVWD DOH MH XQLYHU]iOQtP SURGXNWHP QD MDNRXNROL SDUFHOX 6WDþt MHQ RVDGLW QD SR]HPHN

SĤYRGQt ]iVWDYED W\SLFNi SUR PČVWR

VDG

XåLWNRYi ]DKUDGD

FKOpY

WRSRJUD¿H 3RGRED KLVWRULFNp ]iVWDYE\ E\OD GH¿QRYiQD NUDMLQRX 0ČVWR Y]QLNDOR X ĜHN\ D GiOH URVWOR WDN MDN WR WHUpQ XPRåĖRYDO

E\GOHQt

0 7 - * 7 ý 6 + $ ǯ '" , 5 0 3 : ǯ 4 5 7" + $ ǯ " ǯ 4 0 6 % 0 # ǯ ; 4 5"7 # :

]SĤVRE åLYRWD .RQNUpWQt SRGRED MHGQRWOLYêFK GRPĤ Y\FKi]t ] WHKGHMãtKR ]SĤVREX åLYRWD 'ĤP V SR]HPNHP VORXåLO QHMHQ SUR E\GOH Qt DOH WDNp DOHVSRĖ þiVWHþQČ åLYLO URGLQX

GRSUDYD XOLþQt SUR¿O Y\FKi]t ] WHKGHMãtKR ]SĤVREX GRSUDY\ NG\ KODYQtP GRSUDYQtP SURVWĜHGNHP E\OD OLGVNi FKĤ]H SRSĜtSDGČ SRYR]

SDUFHODFH 3URWR DE\ PRKO GĤP VORXåLW L SUR REåLYX URGLQ\ PXVHO EêW SR]HPHN GRVWDWHþQČ GORXKê DE\ QD QČP PRKO EêW FKRYiQ PHQãt GRE\WHN SČVWRYiQ\ URVWOLQ\ N MtGOX D Y ]DGQt þiVWL UĤVW XåLWNRYp VWUR P\

1HMHGQRKR SĜL SRKOHGX QD 'ROQt .RXQLFH QDSDGQH 7RVNiQVNR 7HG\ SĜLUR]HQČ URVWOp PČVWR VH VYRX PDOHEQRVWt OLGVNêP PČĜtW NHP D QDKXãWČQRVWt 7R YãH WDN GRKURPDG\ GiYi åLYRWDVFKRSQê PČVWVNê FHOHN NWHUê MH IXQNþQt GR GQHãQtFK GRE 6WHMQČ WDN Y 'ROQtFK .RXQLFtFK PiPH PDOHEQp XOLFH 'RP\ NWHUp VH YLQRX Y ~GROt MDNR PDOp SHUO\

VRXGREi ]iVWDYED MDNR YêVOHGHN UHJXODFH

E\GOHQt

]DKUDGD

WRSRJUD¿H 3ĤYRGQt ]iVWDYED 'ROQtFK .RXQLF VDKi GR VW 0ČVWR ]DþDOR Y]QLNDW X ĜHN\ D GiOH URVWOR GR ~GROt 2G Wp GRE\ VH þOHQLWRVW WHUpQX QLMDN ]iVDGQČ QH]PČQLOD , Y VRXþDVQp GREČ MH WHUpQ QXWQRVW Y\FKi]HW ] QČM YHOPL GĤOHåLWê IDNWRU SUR MDNêNROL GDOãt UR]YRM

E\GOHQt

0 7 - * 7 ý 6 + $ ǯ '" , 5 0 3 : ǯ 4 5 7" + $ ǯ " ǯ 4 0 6 % 0 # ǯ ; 4 5"7 # :

]SĤVRE åLYRWD 3RGRED åLYRWD URGLQ\ GRViKOD ]QDþQêFK ]PČQ 'ĤP MLå QHVORXåL SUR SĜLåLYHQt WHG\ MDNR PDOp KRVSRGiĜVWYt =DKUDGD MH SRX]H SRE\WRYi UHOD[DþQt 8åLWNRYp VWURP\ MVRX SRX]H GRSOĖNHP FHONX

GRSUDYD $XWR MH GQHV ]FHOD SĜLUR]HQi VRXþiVW GRPiFQRVWL 3URWR XOLþQt SUR¿O PXVt EêW GRVWDWHþQČ ãLURNê QD ]DSDUNRYiQt YODWQtKR DXWD UDGČM GYRX 0tVWR E\ RYãHP PČOR EêW L QD VWURP

SDUFHODFH 3ĜL ]DFKRYiQt VWiYDMtFt SDUFHODFH Y]QLNi KXVWi YêVWDY ED 'RFKi]t WDN N YêVWDYEČ åLYRWDVFKRSQp XOLFH 6WiYDMtFt GORXKp SDUFHO\ VH PRKRX GČOLW QD GYČ þiVWL 'tN\ WRPX QDFKi]tPH UR]YRMRYp SORFK\ Y UiPFL LQWUDYLOiQX REFH

'HWHUPLQXMtFt IDNWRU\ SUR Y]QLN QRYp YêVWDYE\ VH ]QDþQČ ]PČQLO\ 5RGLQD GQHV QHY\XåtYi ]DKUDGX MDNR XåLWNRYRX KODYQtP GRSUDYQtP SURVWĜHG NHP VH VWiYi DXWRPRELO 7RPXWR IDNWRUX E\ PČOD EêW X]SĤVREHQD L QRYi YêVWDYED 7R FR VH DOH QH]PČQLOR MH WHUpQ D SDUFHODFH 'tN\ WRPX PDMt WDN UR]YRMRYp ORNDOLW\ MHGQLQHþQRX SĜtOHåLWRVW QDYi]DW WDN QD VWiYDMtFt ]iVWDYEX 1LNROL YãDN QXWQČ IRUPRX DOH PČVWVNRX VWUXNWXURX

,WiOLH 7RVNiQVNR

1 3 * / $ * 1: ǯ / 07 ǯ 3 & ( 6 - "$ & 6QDKD R Y]QLN PČVWVNp VWUXNWXU\ 1DãtP FtOHP QHQt UHJXORYDW IRUPX 7R MDN GĤP Pi Y\SDGDW SRYDåXMHPH ]D PRåQRVW VYRERGQp YROE\ PDMLWHOH 1DãtP FtOHP RYãHP MH UHJXODFH ]FHOD MLQi +OHGiPH MDN Y\WYRĜLW NYDOLWQt PČVWVNRX VWUXNWXUX SĜL ]DFKRYiQt JHQLD ORFL 7DNRYRX VWUXNWXUX NWHUi EXGH Y\FKi]HW ] PtVWD QHEXGH KLVWRUL]XMtFt DYãDN GtN\ Qt EXGH PRFL Y]QLNQRXW åLYRWDVFKRSQi XOLFH QHER QRYp PČVWVNi þWYUĢ =iURYHĖ VL XYČGRPXMHPH åH QHQt PRåQH ]DYpVW MHGQRWQp SULQ FLS\ UHJXODFH QD FHPp PČVWR -LQRX SRGREX E\ PČOL PtW GRP\ Y FHQWUX REFH MLQDRX QD RNUDML NGH SĜHFKi]L Y NUDMLQX 3URWR NDåGp SDUFHOH SĜLĜD]XMHPH NyG V NRPHQWiĜHP MDNR GRSRUXþHQt MDNRX VWUXNWXUX E\ GDQp ~]HPt PČOR WYRĜLW

'ROQt .RXQLFH ] .DSOH VY $QWRQtQD

0DUWLQ 1RYiN OHW 8å ]D PLQXOpKR UHåLPX MVPH MH]GtYDOL GR .RXQLF QD þXQGU 0iP UiG WX NUDMLQX NROHP 6WUDãLGHOQê âLEHQLþQt YUFK L 9HVHORX KRUX 9ãXGH NROHP YLQLFH YêKOHG\ QD 3iODYX RGHP\NiQt ĜHN\ V PtVW QtPL YRGiN\ D WR YtQHþNR 'ČWL Xå RGURVWO\ D ãO\ VYRMt FHVWRX 0QČ MHãWČ GR GĤFKRGX QČMDNê WHQ SiWHN ]EêYi PiP DOH YêKRGX ± PĤåX WR Y %UQČ NG\NROLY ]DEDOLW 9 ,7 VH WRWLå Gi SRKRGOQČ SUDFRYDW ] GRPX $ WDN MVPH VL V PDQåHONRX ĜtNDOL åH E\FKRP VL NRXSLOL GRPHþHN QČNGH X %UQD .RXQLFH E\ E\OL GRNRQDOp .G\å EXGX SRWĜHERYDW VSRM PL MHGH NDåGRX KRGLQX 1DYtF WX PiPH YãHFKQR FR SRWĜHEXMHPH 'RN WRĜL REFKRG NRVWHO SRãWD L KRVSRGD 0RåQi WX FK\Et NDYiUQLþND -DUND PDQåHOND VL ]D WD OpWD Y\EXGRYDOD GYČ PDOp NDYiUQ\ Y %UQČ 7ĜHED E\ VH PRKOR WR MHMt PDOp LPSpULXP UR]ãtĜLW Då VHP 5iGL E\FKRP E\GOHOL Y QČMDNpP GRPHþNX X ĜHN\ ERKXåHO åiGQê QD SURGHM QHQt =NRXãHOL MVHP VNRUR YãH +i]HOL MVPH L LQ]HUi W\ GR VFKUiQHN 1LNGR ERKXåHO QHYt R åiGQp YROQp SDUFHOH 9 ~]HPQtP SOiQX SUê MVRX Y\PH]HQp SORFK\ SUR E\GOHQt 0ČVWR DOH QHPi ¿QDQFH DE\ MH PRKOR ]DVtĢRYDW 3RþNiPH MHãWČ URN MHVWOL VH QČFR QHREMHYt SDN ERKXåHO EXGHPH PXVHW ]DþtW KOHGDW MLQGH

)È=(B

9 VRXþDVQRVWL E\ PČVWR PČOR KOHGDW YQLWĜQt UH]HUY\ Y ~]H Pt 3UROXN\ FKiWUDMtFt DUHiO\ GČOHQt GORXKêFK SDUFH 9ãXGH WDP E\ PRKOD Y]QLNQRXW ]iVWDYED Y UiPFL LQWUDYLOiQX

)È=(B

3ĜtSUDYD SUR UR]YRM QRYêFK SORFK SUR E\GOHQt PLPR LQWUD YLOiQ 'ĤUD] QD NYDOLWX YHĜHMQêFK SURVWRU D QDSRMHQt QD VWiYDMtFt PČVWR 9 ~]HPt Y MLåQt þiVWL E\ VH WDN PČOR SRþiWDW V FHQWUiOQtP SURVWRUHP NWHUê PĤåH EêW L OLQLt 1D FHORX SORFK\ E\ WDN PČOD Y]QLNQRXW ~]HPQt VWXGLH

)È=(B

3RNUDþRYiQt Y UR]YRML PČVWD 9HOPL GĤOHåLWp MH QDSRMHQt QD VWiYDMtFt PČVWVNRX VWUNXWXUX 3RNXG WHG\ QHY]QLNQH YêVWDY ED YH Ii]L QHQt YKRGQp ]DKDMRYDW YêVWDYEX Y RGORXþH QêFK þiVWHFK D EXGRXFt RE\YDWHOH WDN VHJUHJRYDW

)È=(B

'ROQt .RXQLFH PDMt ]DVWDYČQRX SORFKX XUþHQRX Y ~]HPQtP SOiQX SUR YêVWDYEX 3RþHW RE\YDWHO WDN SO\QXOH Y]URVWO QD GYRMQiVREHN VRXþiVWt QRYp ]iVWDYE\ MH L REþDQVNi Y\ED YHQRVW YHþHMQp SORFK\ Y MLåQt SRWRP WĜHWt FHQWUiOQt SURVWRU YH PČVWČ V SĜtVOXãQRX REþDQVNRX Y\EDYHQRVWt

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

A_parcelace

parcelace 9 SĜtSDGČ YHONêFK SR]HPNĤ GRFKi]L N UR]ĜHGČQp ]iVWDYEČ NWHUi QHQt SUR .RXQLFH W\SLFNi 9ČWãt SDUFHO\ GRPĤ VH MHYt MDNR Y KRGQČ Y RNUDMRYêFK þiVWHFK WHG\ WDP NGH MH PČVWR QD WČVQpP VW\NX V RNROQt NUDMLQRX -H ]GH WDN ]DFKRYiQD SURVWXSQRVW ~]HPtP D WR L KPRWRYČ 0H]L GRP\ E\ WDN PČOL Y]QLNRXW FHVW\ NWHUp MVRX VSRMHQ\ V FHVWRX RNUDMRYRX ]i KXPHQQt GtN\ þHPXå Y]QLNi SURVWXSQi VWUXNWXUD 0RåQRVW MtW GR NUDMLQ\ 'R OHVD QD ORXNX PH]L YLQLFH 1DRSDN QDYD]RYiQt QD ~]Np SDUFHO\ D WtP Y]QLN KXVWp ]iVWDYE\ VH MHYt MDNR YHOPL YêKRGQt Y FHQWUiOQtFK þiVWHFK REFH

$ BYHONp SR]HPN\

X $ BPDOp SR]HPN\

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

%BRGVWXSRYp Y]GiOHQRVWL

2GVWXSRYp Y]GiOHQRVWL 3RNXG RGVWXS\ QHMVRX GH¿QRYiQ\ RGVWXS\ GiQ\ Y\KOiã NRX 7HG\ WĜL PHWU\ RG YR]RYN\ D VHGP PHWUĤ PH]L GRP\ +UDQLFH MH ]GH GiQD MDNR PLQLPiOQt YČWãt QHYDGt 7HQWR SĜtVWXS MH YKRGQê SUR RNUDM 9 UiPFL FHQWUD PČVWD PRKRX EêW GH¿QRYiQ\ RGVWXSRYi Y]GiOHQRVWL QLNROL PLQLPiOQt DOH PD[LPiOQt 0D[LPiOQČ GYD PHWU\ PH]L GRP\ DE\ Y SĜtSDGČ SRWĜHE\ E\O ]DMLãWČQ SĜtPê YVWXS QD GYRUHN ] XOLFH 7DNp E\ VH GRP\ QHPČOL SĜtOLã Y]GDORYDW RG YR]RYN\

% BQHGH多QRYiQ\ PLQ P

PLQ P

X % BGH多QRYiQ\ PD[LPiOQt

max. 2m

max. 3m

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

&BXOLþQt þiUD

8OLþQt þiUD %H] MDNpNROL GH¿QLFH XOLþQt þiU\ MVRX GRP\ QiKRGQČ UR]Ki]HQ\ SR SDUFHOH 8OLFH NWHURX YQtPiPH MDNR SURVWRU ]H GYRX VWUDQ MDVQČ RKUDQLþHQê WDN QHY]QLNi 3ĜL GH¿QLFL XOLþQt þiU\ YQLNi XOLFH WDN MDN ML ]QiPH -DVQČ GH¿QRYD Qê ]H GYRX VWUDQ RKUDQLþHQê SURVWRU 9 WRPWR SĜtSDGČ E\ RYãHP PČOD EêW SRYRORYiQD XUþLWi WROHUDQFH 7DN DE\ SĜHG GRPHP PRKOR Y]QLNQRX ]iSUDåt V ODYLþNRX QHER VWURPHP

& BQHGHÂ¿QRYDQi

X & BGHÂ¿QRYDQi P

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

'BSRþHW SRGODåt

9êãNRYi UHJXODFH 'DOãtP ]iVDGQtP IDNWRUHP RYOLYĖXMtFt YêVOHGQRX SRGREX PČVWVNp VWUXNWXU\ MH YêãNRYi UHJXODFH 9 UiPFL LQWUDYLOiQX REFH NGH VH QDFKi]t PČVWVNi VWUXNWXUD XPRåĖXMHPH QH PXVHW VH VWULNWQČ GUåHW 13 DOH PtW GĤP WĜt QHER þW\ĜSDW URYê 9QLNi WDN PČVWRWYRUQi MHGQRWND NGH Y SĜt]HPt PĤåH EêW WĜHED OpNiUQD QHER RUGLQDFH Y KRUQtFK SDWUHFK SRWRP E\GOHQt 1D PtVWHFK KRUL]RQWX NGH PČVWR SĜHFKi]t Y NUDMLQX E\ SRWRP QHPČOL EêW GRP\ Y\ããt QHå 13 -H SĜLWRP MHGQR ]GD SĤMGH R GĤP V MHGQtP SDWUHP D RE\WQêP SRGNURYtP QHER SDWU\ GYČPD

' BPD[LPiOQČ 13 Yþ SRGNURYt

X ' BEH] RPH]HQt

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

(BEDUHYQRVW

5HJXODFH EDUY\ 9H YČWãLQČ SDPiWNRYêFK UH]HUYDFt Y]QLNi EDUHYQê Y]RUQtN NWHUê RYOLYĖXMH YêVOHGQRX SRGREX EDUY\ IDViG\ 7HQWR VDPê GRNXPHQW PĤåHPH PM QDMtW L Y NWHUpNROL MLQp PDOp IUDQFRX] VNp YHVQLþFH 0\VOtPH VL åH EDUHYQê Y]RUQtN PĤåRX PtW L 'ROQt .RXQLFH 1HEXGH YãDN UHVWULNWLYQtP RSDWĜHQtP DOH SRX]H GRSRUXþXMtFtP RSDWĜHQtP V Y\VYČWOHQtP 2Wi]NRX MH MHVWOL QHå SĜtND]HP QHSRVWXSRYDW VStãH RSDþQČ 7ĜHED WRPX NGR VL QRYRVWDYEX QDWĜH ] QDYUKRYDQpKR Y]RUQtNX RGSXVWLW SODFHQt YêYR]X NRPXQiOQtKR RGSDGX QD MHGHQ URN

( BUDO Y]RUQtN Y\FKi]HMtFt ] RNROt

X ( BPR책Qi MDNiNROL EDUYD IDViG\

1 3 * / $ * 1 : ǯ / 0 7 ǯ 7 4 5"7 # :

)BNYDOLWD Y UR]PDQLWRVWL

.YDOLWD Y SHVWURVWL 1DãtP FtOHP QHQt UHJXORYDW IRUPX 7R MDN GĤP Pi Y\SD GDW SRYDåXMHPH ]D PRåQRVW YROE\ PDMLWHOH 1DãtP FtOHP RYãHP MH UHJXODFH ]FHOD MLQi +OHGiPH MDN Y\WYRĜLW NYDOLWQt PČVWVNRX VWUXNWXUX SĜL ]DFKRYiQt JHQLD ORFL 7DNRYRX VWUXNWXUX NWHUi EXGH Y\FKi]HW ] PtVWD QHEXGH KLVWRUL]XMtFt DYãDN GtN\ Qt EXGH PRFL Y]QLNQRXW åLYRWDVFKRSQi XOLFH QHER QRYp PČVWVNi þWYUĢ

) BVQDKD R QDSRGREHQt PLQXOpKR EH] SRFKRSHQt SRGVWDW\

) BDUFKHW\S VH SĜHSVDO GR VRXGREp IRUP\

PLQ PLQLPiOQt RGVWXS\

PLQLPiOQt RGVWXS\ PLQ

SRþHW SDWHU PD[ Yþ SRGURYt SRþHW SDWHU PD[

GRGUåRYiQt XOLþQt þiU\ GRGUåR

QRYi YêVWDYED EH] QRYi YêVWDYED EH] GH¿QLFH IRUP\

GČO GČOHQt SR]HPNĤ

VWiYDMtFt ]iVWDYED VWi

" 1 - * , " $ & ǯ 1 3 * / $ * 1 ġ ǯ 7 ǯ $ & / 5 3 6 ǯ . × 4 5"

9é67$9%$ 9 &(1758 /RNDOLWD XO %H]UXþRYD 3ULQFLS ]iVWDYE\ $ % & ' ( ) &KDUDNWHULVWLND ORNDOLW\ %H]UXþRYD XOLFH VH QDFKi]t Y WČVQp EOt]NRVWL KODYQtKR 0DVDU\NRYD QiPČVWt 3DUFHODFH ]GH RVWDW QČ MDNR Y FHOpP PČVWČ XQLNOD NROHNWLYL]DFL 3ĤYRGQt PDOp SDUFHO\ MVRX YH YODVWQLFWYt MHGQRWOLYFĤ -DNR Y\XåLWt UH]HUY Y UiPFL PČVWD VH MHYt MDNR YKRGQp GČOHQt SDUFHO D YêVWDYED Y PtVWHFK NGH NG\VL EêYDO VDG 9QLNi WDN QRYi XOLFH 0ČVWR VH QHPXVt QXWQČ UR]ãLĜRYDW GR NUDMLQ\

QRYi ]iVWDYED QHQt UHJX QRYi ]iVWDYED QHQt UHJXORYiQD IRUPD

PD[ 13 QHER 13 D RE\WQp SRGNURYt PD[ 13 QHER 13 D RE\

YČWãt SR]HPN\

SURVWX SURVWXSQRVW ~]HPtP

QRUPRYp UR]HVWXS\ QRUPRY

GRP\ G GRP\ GUåt XOLþQt þiUX

FHVWD KUDQLFH ]DVW ~]HPt FHVWD KUDQL

SROH

" 1 - * , " $ & ǯ 1 3 * / $ * 1 ġ ǯ / " ǯ 0 , 3 " + * ǯ . × 4 5"

9é67$9%$ 1$ 2.5$-, 0ċ67$ /RNDOLWD 6WROLþN\ 3ULQFLS ]iVWDYE\ $ % & ' ( ) &KDUDNWHULVWLND ORNDOLW\ /RNDOLWD QD RNUDML 9êVWDYED PH]L PČVWHP D NUDMLQRX &HVWD MDNR KUDQLFH ]DVWDYČQpKR ~]HPt 0ĤåH VH MPHQRYDW WĜHED =iKXPHQQt =iVWDYED UR]YROQČQi NWHUi RYãHP GUåt XOLþQt þiUX 0D[LPiOQČ 13 QHER 13 D RE\YDWHOQp SRGNURYt +PRWRYp ĜHãHQt ]iPČUQČ QHQt QLMDN GH¿QRYiQR

=GURMH 125%(5* 6&+8/= &KULVWLDQ *HQLXV ORFL NUDMLQD PtVWR DUFKLWHNWXUD Y\G 3UDKD 'RNRĜiQ V ,6%1 1ċ0(& %UXQR 'ROQt .RXQLFH 3ĜtEČK PČVWD 'ROQt .RXQLFH 3 5 2 $ +1,/,ý.$ 3DYHO 6tGHOQt NDãH RWi]N\ N VXEXUEiQQt YêVWDYEČ NRORQLt URGLQQêFK GRPĤ 9\G %UQR (5$ V ,6%1 .8ý$ .DUHO 0ČVWD D PČVWHþND Y ýHFKiFK QD 0RUDYČ D YH 6OH]VNX Y\G 3UDKD /LEUL V ,6%1 )RWRJUD¿H $UFKLY DXWRUĤ 1ċ0(& %UXQR 'ROQt .RXQLFH 3ĜtEČK PČVWD 'ROQt .RXQLFH 3 5 2 $