Page 1


,.21$ *DU\9DQ+DDV


1DVORYL]YRUQLND *DU\9DQ+DDV 7+(,.21 &RS\ULJKW‹*DU\9DQ+DDV &RS\ULJKW]D+UYDWVNX‹1DNODGD8OLNV 6YDVXSUDYDSULGUÃ¥DQD1LMHGDQGLRRYHNQMLJHQLMHGRSXãWHQR XPQDÃ¥DWLLSUHQRVLWLQDELORNRMLQDþLQEH]SUHWKRGQRJ SLVPHQRJRGREUHQMDQRVLWHOMDSUDYD 1DNODGQLN 1$./$'$8/,.6 ýDYDOVNR 5LMHND 7HO  =DQDNODGQLND 6LOYDQR)UDQþLãNRYLü 8UHGQLN 0LUR%RÃ¥Lü 3ULMHYRG 1HYHQND)DELMDQLü 'L]DMQQDVORYQHVWUDQH 1DNODGD8OLNV5LMHND 7LVNDQRX+UYDWVNRM RÃ¥XMDN ,6%1 &,3]DSLVGRVWXSDQXUDþXQDOQRPNDWDORJX 6YHXþLOLãQHNQMLÃ¥QLFH5LMHNDSRGEURMHP


*DU\9DQ+DDV

,.21$

*5ÿ.$=$*21(7.$

5LMHND


.DGVHDXWR]DXVWDYLRþRYMHNVSXãNRPQDPMHQDUHGLR GDL]DÿHPRLRGHPRGRUXEDJUHEHQD8FUQRMSURYDOLMLVDP þXRVDPRYDORYHNDNRVHUD]ELMDMXRVWLMHQH3RQRYRPHREX ]HODSDQLNDGRNVDPRQGMHVWDMDRþLQLORVHSRSXWYMHþQRVWL +ODGQDFLMHYSXãNHELODPLMHQDVOMHSRRþQLFLGRNPHJXUDR VYH YLãH SUHPD UXEX $ ]DWLP VDP EH] XSR]RUHQMD RVMHWLR SHFNDQMHXERGDLJOHXYUDWXNUR]WLMHORPLMHSRVODODWRSDR RVMHüDMLWLMHORPLVHXPUWYLOR *ODVRYLL]YXNRYLVXSRVWDOLVDPRMHND=DWLPVDPSUL PLRXGDUDFXVWUDåQMLGLRJODYHWRPHWU]QXORSUHPDQDSUL MHGLL]JXELRVDPWORSRGQRJDPD2VMHüDRVDPGDSDGDP SUHPD QDSULMHG QHNRQWUROLUDQR X PUDN .UR] JODYX VX PL SURVWUXMDODVMHüDQMDQHEHVNLSUL]RUL«SUHNUDVQROLFHVYHFD åHQD«VYRGVWDUHEL]DQWVNHFUNYHVMDMQLGLMDPDQWLLGUDJR NDPHQMH«,.21$


4VIHKSZSV

2â75,&$6(68'$5$VRãWULFRPXQDOHWXþHOLNDHOHJDQWQHL]YHGEH RGSURWXQDSDGDIUFDMXLVNUH=YHNHWPHWDODRPHWDORNUHWQLKQD SDGDVOLMHGLRMHDNFLMXXJODYQRPUH]HUYLUDQX]DWLKLVSRUWNRMLMH YLãHWUDåLRODWHQWQXPRåGDQXXPMHVWR¿]LþNXHQHUJLMX6LJXUQRJ GUåDQMDSUHGYLÿDMXüLVYDNLVOMHGHüLSRWH]QDVWRWLQHVWUDWHãNLK PRJXüQRVWLSULMHQRYRJQDSDGD*DUWK+DQVRQVHLVWLFDRXVYRP HOHPHQWX3URVWUDQDGYRUDQD]DPDþHYDQMHSUHXUHÿHQDRGVWD UHYRMQHGYRUDQH]DYMHåEDQMHXDPHULþNRMYRMQRMED]L3UHVLGLR QDOD]LODVHXSRGQRåMX*ROGHQ*DWH%ULGJHD2YGMHMHXWLãLQL UMHãDYDRSUREOHPHL]YDQMVNRJVYLMHWD0DþHYDQMHPXMHELORPH OHP]DEULJHSRJRWRYRRQHYH]DQH]DUD]QRYUVQHYMHURYQLNHX 6DXVDOLWX6DPDSRPLVDRQDQMLKGRGDYDODMHHQHUJLþQRVWRãWULFL LXOLMHYDODVWUDKQMHJRYLPSURWLYQLFLPD 1HNRüMHELRLPXüDQVOLNDULYODVQLNJDOHULMHQRGXJRYL VXPXXPDQMLOLXJOHGDOLQHLVNORQRVWMXQDþHQMX2YDMMHWUL GHVHWVHGPRJRGLãQMLPXãNDUDFELRYLVRNVUHGQMHJUDÿHLGR EURJ PLãLüQRJ WRQXVD 1MHJRYD GXJD VPHÿD NRVD SRþHOD MH 


*DU\9DQ+DDV

SUHUDQRVLMHGLWLRNRVOMHSRRþQLFDQMHJRYGREDUL]JOHGLRVPL MHKXVNRPHãDOLVXGYDEUDNDQDVDPRPSRþHWNXNRMLVX]D KYDOMXMXüLQHNRMYLãRMVLOLELOLEH]GMHFH 7HMH]LPHQHSRYROMQRYULMHPH]DKYDWLORFLMHOXNDOLIRUQLM VNXREDOXLRELOQHVXNLãHLSRSODYHX]URNRYDOHRJURPQHRGUR QH ]HPOMH D EODWR L YRGD SURX]URþLOL JRVSRGDUVNH SUREOHPH 1LWNRQLMHNXSRYDRXPMHWQLþNDGMHOD6YLVXVHEDYLOLSRSUDYFL PDLOLVSDãDYDQMHPGRPRYDLSRVORYD%H]RE]LUDQDVLWXDFLMX RVWDR MH DNWLYDQ SRãWRYDQ þODQ GUXãWYD 1LMH ELOR YDåQR MH OL SODüDRþODQDULQXLOLQLMHLPDRMHVORERGDQSULVWXS]ERJMHGLQ VWYHQRJSUHVWLåDNRMLMHGRQRVLRNOXEXNDRSREMHGQLNWXUQLUD 1RUWKHUQ&DOLIRUQLD)RLOSRVOMHGQMLKSHWJRGLQD]DUHGRP 6LãDRMHVSLVWH]DPDþHYDQMHRGMHYHQXVMDMQRELMHORPD þHYDODþNRRGLMHOR-DNQDPXMHSUDWLODOLQLMHWLMHODQMHåQRQD WHJQXWDSUHNRPLãLüDLWHWLYDGXJHNRåQHUXNDYLFHLPDVNDX MHGQRMDÀRUHWXGUXJRMUXFL6DVYRMHMHOLMHYHVWUDQHþXRWR XFKpLWRPXMHSULYXNORSDåQMX8]YLNSREMHGHQLMHELRXOMX GDQQHJRþLVWDRKRORVW%LRMHWRPODGLPXãNDUDFXGYDGHVH WLPJRGLQDPDNUDWNHSODYHNRVHVQDåQHJUDÿHLOLFDRãWHüH QRJRGDNQLNRMHMHYMHURMDWQRLPDRXSXEHUWHWX 1DNRQãWRMHQHNROLNRPLQXWDQHãWRUD]JRYDUDRVDVXFL PDQHYH]DQR]DSRVOMHGQMXRGOXNXVNLQXRMHPDVNXLQDVWD YLRLJUX*DUWKMHSURXþDYDRQMHJRYHNUHWQMH%LRMHRNUHWDQ D RSHW YUOR RSXãWHQ L HOHJDQWDQ 6 MRã YMHåEH PRJDR EL PX SRVWDWLR]ELOMDQVXSDUQLNXRVYDMDQMXQDVORYD1DSDGLRYRJD þRYMHNDELOLVXDJUHVLYQLLYMHãWLNDWNDGELVXSDUQLNDXKYDWLR QHVSUHPQRJ1MHJRYLVXQDSDGLELOLXPLãOMHQLDOLLVDPRXYMH 


,NRQD

UHQL=DQHNROLNRMHVHNXQGLQMHJRYÀRUHWSURQDãDRVYRMXWRþ NX3RYLNDRMHWULMXPIDOQREDFLYãLPDVNXEH]RE]LUQRQDSRG 2YDMHERUEDELODQMHJRYD .DVQLMHVXVHQDNUDWNRUXNRYDOL0ODGLüQLMHELRVYMHVWDQ GD MRã XYLMHN QD VHEL LPD UXNDYLFH ãWR MH ELR ]QDN YUOR ORãHJ SRQDãDQMDQHRSURVWLYRþDNLVDPLPSRþHWQLFLPD+DQVRQVH XSXWLR SUHPD QMHPX D RYDM VH QDVPLMDR SUHSR]QDYãL JD L LVSUXåLRPXUXNXXUXNDYLFLýXGQRJDSURPRWULYãL*DUWKPX QLMH X]YUDWLR LVSUXåHQRP UXNRP 2YDM MH ELR QHVSUHPDQ ]D RYDNYXUHDNFLMXDOLMHLSDNLGDOMH]DGUåDRYHVHORUDVSRORåHQMH ±+DQVRQ]DUQH")ORUHWSUYRPMHVWRSURãOHJRGLQH" ±7RþQR=DUVHSR]QDMHPR" ±1HEDã$OLVDPPQRJRþXRRWHEL-HVLOL]DMHGQRNUDWNR" 8EDFLPRLRNODGXRGGRODUDGDQDPEXGH]DQLPOMLYLMH"± ,VSUXåLRMHUXNXNRMDMHMRãXYLMHNELODXUXNDYLFLNDNRELSRWYU GLRGRJRYRU±7NR]QDPRåGDPHPRåHãQHþHPXQDXþLWL *DUWKJDMHKODGQRSRJOHGDRXVUHGRWRþHQQDUXNXXUX NDYLFL±3UYRãWRWHPRJXQDXþLWLLDNRELWRYHüWUHEDR]QDWL MHGDVHQLNDGQHUXNXMHãVUXNDYLFRPQDUXFL7RMHXYUHGD WYRMHPSURWLYQLNX ±8UHGXQHPRMVHX]EXÿLYDWL±RGJRYRULRMHLVNLQXRUX NDYLFX3ULVWDMHãOLQDWRLOL"±SRQRYRMHLVSUXåLRUXNX*DUWKMH VDPRQDYXNDRPDVNXLSRSHRVHQDSLVWX]DPDþHYDQMH ±,GHPR«±*DUWKMHSR]GUDYLRSURWLYQLNDLVXFH2NXSL ORVHPDORGUXãWYRNDNRELLKJOHGDOL ±=RYHPVH$QGHUVHQ«5LFKDUG:$QGHUVHQýRYMHþH JRYRULOLVXPLRWHEL±UHNDRMHVDVPMHãNRP±VWYDUQRVMDMQD L]YHGED 


*DU\9DQ+DDV

*DUWKMHQDNUDWNRSURPDWUDRVYRJSURWLYQLNDSURXþDYD MXüLQMHJRYRPODGRSUHSODQXOROLFH2VWDYOMDRMHGRMDPPOD GRJJUDGVNRJSURIHVLRQDOFD]DNRMHJWUHEDRVPLVOLWLQRYXUL MHþXUMHþQLNX.RVDPXMHELODVWLOL]LUDQDGODQRYLPDQLNLUD QLELRMHYLVRNLVUHGQMHJUDÿH,DNRMH*DUWKELRWHåLRGQMHJD QHNLK SHWQDHVWDN NLOD SRVMHGRYDR MH RSDVQX QHXPRUQX HQHUJLMX$QGHUVHQVHSRSHRQDSLVWXLQDYXNDRYL]LUSRGL JDRÀRUHWXSR]GUDYQLSRORåDMLVWDYLRVHXSRORåDMHQJDUGH *ODYQLMHVXGDFNLPQXRLþLPVXLPVHRãWULFHGRGLUQXOH]DSR þHODMHLJUD$QGHUVHQRYMHSRþHWQLQDSDGELRåHVWRNDOLQD QHNLQDþLQSUHGYLGOMLY*DUWKMHRGELRQHNROLNRVODELMLKQDVU WDMDRþLMXSRSXWODVHUVNLK]UDNDQDRNUXJORPYUKXRãWULFH,] LVNXVWYDMH]QDRGDSULMHQHJRVHRãWULFDSRPDNQHYUKR]QD þXMH VPMHU RãWULFH 'D QH VSRPLQMHPR QMHJRYR SR]QDYDQMH NUHWQMLWLMHODNRMHVLJQDOL]LUDQDSDGHSRSXWãHVWRJþXOD*DUWK MHQDSDGDRVPLUHQRLREUDPEHQREH]YLGOMLYHQDPMHUHGDJD VWYDUQRSRJRGL6REUYDVH$QGHUVHQXFLMHGLR]QRMLSRþHRMH RWHåDQRGLVDWLGRNMHSRQDYOMDRQDSDGH 3RþHWQDMHLJUDWUDMDODRNRãHVWGRVHGDPPLQXWDLGRWD GD VH YHü RNXSLOD YHüD VNXSLQD OMXGL 3UHG NUDM JD MH *DUWK L]QHQDGDQDSDRWU]QXYãLRãWULFRP]DWLPVHSRPDNQXRQD SULMHGXãHVWLSRORåDMSRQRYRQDSDRLRVWYDULRXERG,]QHQD GDMHSRVWLJDRSHWSRJRGDNDXSUVDXVOLMHGX1DNUDMXVHL] JRPLOH]DþXORRGXãHYOMHQMH ±3HWLERG±SRYLNDRMHVXGDF]DXVWDYOMDMXüLERUEX$Q GHUVHQMHOMXWLWRVNLQXRPDVNXLRGPDKLYDRJODYRPXQHYMH ULFL$OLMHRYRJDSXWDVYMHVQRVNLQXRUXNDYLFXLNUHQXRþHVWL WDWLVYRPVXSDUQLNX 


,NRQD

± 7L SURNOHWQLþH« 6WYDUQR VL SURNOHWR GREDU ± UHNDR MH LVNULYOMHQDL]UD]DOLFD=DYXNDRMHUXNXXVYRMXWRUEXLL]YXNDR VQRSQRYþDQLFDRGVWRGRODUDPRåGDMHVYHVNXSDELORRNRSHW WLVXüDGRODUD*RPLODMH]DãXWMHODNDGMH$QGHUVHQL]YDGLRMHG QXVWRWNXLJXUQXRMX]DUHYHU]DWLPMHL]YDGLRMRãGYLMHQRYþD QLFHRGVWRGRODUD]DVYDNRJDVXFD1LWLMHGDQQLMHRGELR ± =DU WH QH ]DEULQMDYD QRVLWL RYROLNR QRYFD XRNROR" ± XSR]RULRJDMH*DUWK ±1H±RGJRYRULRMH$QGHUVHQSRND]XMXüLPXQDEU]LQX PDOHQLVUHEUQLSLãWROMNRMLMHVNULYDRXWRUEL±,PDPVYRMH SULMDWHOMH6PLWKD :HVVRQDVDVRERP+HMåHOLRELKVWRERP QHJGMHUD]JRYDUDWLXþHWLULRND,GHPRQHJGMHQDSLüH" ±'REUR«=DãWRQH"






7RSODVLWQDNLãLFDSUHVWDODMHSDGDWL2GMHYHQLXGXJHRW NRSþDQHNDSXWHLVWRUEDPDSUHEDþHQLPSUHNRUDPHQDVSX ãWDOLVPRVHVWHSHQLFDPDLVSUHGGYRUDQH%HWRQMHQDSORþQL NX MRã XYLMHN ELR YODåDQ L QMHåQD MH YHþHUQMD NLãD X]PLFDOD SUHGPDJORPNRMDVHãLULODL]]DOMHYD%ODJLPLULVVYMHåHJPRU VNRJ]UDNDSURGLUDRMHXJXVWXPDJOX 2ERMLFDVPRELOLOHåHUQRRGMHYHQL-DVDPQRVLRSDPXþ QXWDPQRSODYXMDNQXLL]QRãHQHL]EOLMHGMHOH/HYL¶VLFH$QGHU VHQMHGMHORYDRPQRJRNRQ]HUYDWLYQLMHXVYLOHQRMNRãXOMLNUHP ERMHVPHÿRMNRåQRMMDNQLLVPHÿLP$UPDQLMHYLPKODþDPD *XUQXRVDPNOMXþXEUDYXVYRJþHOLþQRSODYRJ0HUFHGHVD 6(/L]J6WDULPLMH0HUFHGHVELRVYHPDQMHGUDJ ]ERJ VWDOQRJ VWUDKD RG ]DSOMHQH L VYDNL SXW NDG EL X QMHJD XãDRRVYUWDRVDPVHXRNRORLãþHNXMXüLSOMHQLWHOMDQD]DGQMHP VMHGLãWX ±0LVOLRVDPQD9DQHVVLQD%URDGZD\X« 


*DU\9DQ+DDV

±,PDPEROMXLGHMX±GRGDRMH$QGHUVHQ±ýXRVDPGD SRVMHGXMHãVODWNXPDOXJDOHULMXNRGVHEHX6DXVDOLWX,RQDNR WUDåLPQHNDGMHOD]DãWRQHELVPRNXSLOLFXJXLRWLãOLJRUHGD SRJOHGDPãWRLPDã" 0HQLRGJRYDUD7HãNRGDPRJXRGELWL 6MHRVDP]DYRODQ5D]PLãOMDRVDPRPRJXüQRVWLGDMH$Q GHUVHQPRåGDKRPRVHNVXDODF$OL]DãWRQHELSRSLOLSULMDWHOMVNR SLüH"0RåGDüHRYDMNXSLWLVOLNXDMDQHãWR]DUDGLWL.DNRELOR XYLMHNJDVHPRJXULMHãLWLDNRVWYDULNUHQXXNULYRPVPMHUX =DNRSþDRVDPVLJXUQRVQLSRMDV$QGHUVHQMHVMHRQDVX YR]DþHYR PMHVWR .UHQXOL VPR D ãOMXQDN MH SUãWDR XRNROR 3ULGUXåLOLVPRVHSURPHWQRMJXåYLLXSDOLRVDPVYMHWOD]DPD JOXNDRREUDQXRGJXVWHPDJOHSUHGVRERP ±1LVLRGDYGH5LFKDUGH",QDþHELKWHYHüYLGLR3RQDJOD VNXPLVHþLQLGDVLL]%RVWRQD ± 'REDU VL ± QDVPLMDR VH ± .ODGLP VH GD üHã PL VDGD UHüLNROLNRLPDPJRGLQDNROLNRVDPYLVRNLWHåDN-HO¶WDNR" 1R]RYLPH5LFN5LFKDUGMHSUHYLãHIRUPDOQR]DWLSRYHNDR ãWRVPRQDVGYRMLFD,PDPRVMHüDMGDüHPRSRVWDWLMDNRGREUL SULMDWHOML ± 0RUDR VDP SRQRYR R WRPH UD]PLVOLWL =DãWR MH RYDM WLS YHü VDGD SODQLUDR QMLKRY ]DMHGQLþNL åLYRW" ± 'D X UHGX5LFN±RGJRYRULRVDP±âWRWHGRYRGLRYGMH" ±2YGMHVDPSRVORYQR«DQWLNYLWHWL ± $QWLNYLWHWL" =YXþL ]DQLPOMLYR ± ,VSLSDYDR VDP WHUHQ ±=DUDÿXMHVHGREUR" ±+DKDKD±VPLMXOMLRVHQDVPLMDYãLVHXVHEL %DãQHRELþQR%LODMHWRLQIRUPDFLMDQDNRMXVDPXPMHVWR RGJRYRUD GRELR WLãLQX SRJRWRYR QHRELþQR RG þRYMHND NRML MH 


,NRQD

PDORSULMHELRYHRPDRWYRUHQ5D]PLãOMDRVDPRWRPHNDGVPR VHSULGUXåLOLGXJRMNRORQLVWUDåQMLKVYMHWDODNRMDMHSUHOD]LOD*RO GHQ*DWH%ULGJH3RQRYRMHSRþHORODJDQRNLãLWL.LãXMHGRQLR WRSDR]UDNNRMLVHGL]DRL]QDG]DOMHYD%ULVDþLNDRGDVXLPDOL KLSQRWLþNRGMHORYDQMHMHUMH5LFNVMHGLRXNRþHQRSRSXWV¿QJHL ]XULRXJUDGVNDVYMHWODNRMDVXWUHSHULODXGDOMLQL8SDOLRVDP UDGLR NDNR ELK UD]ELR WLãLQX SDåOMLYR QDPMHãWDMXüL VWDQLFX QD QMHåQXJOD]EX*HRUJD%HQVRQD7DGDVH5LFNWU]QXRSRSXWND NYHHOHNWURQLþNHQDSUDYHNDGMHSRQRYRXNOMXþLWHXVWUXMX ±'DSUDYDMHORYDXDQWLNYLWHWLPD«±L]YDOLRMH±1HWD NQXWD ERJDWVWYD .ODVLþQL NRPDGL ± WR MH RQR ãWR VYL GDQDV KRüH%ROMHMHRGWUåLãWD]ODWRPMHUFLMHQHVWDOQRUDVWX 3OMXVDNMHSRVWDRMDþLSDVDPXEU]DRUDGEULVDþDQDYMH WUREUDQVNRPVWDNOXDULWDPVHSRSXWPHWURQRPDSRGXGDUDR VNXFDQMHPPRJDVUFD±3UHWSRVWDYOMDPGDJRYRULãRYHOLNLP L]QRVLPD" ±1HPRåHãWRQL]DPLVOLWL«PLOLMXQL ± 3D PLVOLP GD QH VSDGDP X WX OLJX ± RGJRYRULR VDP VNUHüXüLXVWUDQXNDNRELKL]EMHJDRSUVNDQMHFLVWHUQHNRMDMH YR]LODVUHGQMLPWUDNRP ±1LNDGQH]QDã-RãXYLMHNLPDGREULKNRPDGDNRMLVH WUHEDMXSURQDüLX*UþNRML,WDOLML1DUDYQRL]YDQOHJDOQHWUJR YLQH1HPDSRWUHEHGDVHYODGDXNOMXþLXSRVDR3UHYLãHQH SRWUHEQHSDSLURORJLMH±5LFNVHUDVSULþDRGRNVPRVHSULEOL åDYDOLNUDMXPRVWDJGMHVPRVNUHQXOLGHVQRSUHPD6DXVDOLWX ±7RMHPDORULVNDQWQR]DUQLMH"%LRVDPX*UþNRMLLPD MXYUORVWURJH]DNRQH'UDJL%RåHPRåHã]DYUãLWLX]DWYRUXQD GYLMHJRGLQHDNRVDPR]DSDOLãMRLQW 


*DU\9DQ+DDV

± 5HFLPR GD SR]QDMHP RGUHÿHQH QDþLQH NDNR RODNãDWL SRVDR2VLPWRJDSRVWRMLWROLNRNRPDGD]DNRMHYODGHQHPDMX SRMPD1DUDYQRXVYHPXãWRþRYMHNUDGLXåLYRWXSRVWRMLGR]D UL]LND«±5LFNMHRVWDYLRUHþHQLFXYLVMHWLX]UDNXGRNVPRVH GDOMHYR]LOLQL]YMHWURYLWLEULMHJSUHPDVYMHWOLPDFLYLOL]DFLMH 6DXVDOLWRMHELORPLUQRSUHGJUDÿHYUORERJDWRLVOLNRYLWR 6ODWNHNXüLFHVPMHãWHQHQD]HOHQLPSDGLQDPD6WDOLVPRNRG WUJRYLQHSLüLPDL5LFNMHXWUþDRXQXWUD9UDWLRVH]DQHNROLNR WUHQXWNDVGYLMHERFH&KLYDV5HJDOD .DGVPRSULOD]LOLPRMRMVWDURMSODYRELMHORYLNWRULMDQVNRM NXüL XNOMXþLR VDP VHQ]RU VYMHWDOD NRMD RVYMHWOMDYDMX VWUDQX NXüHNRMDJOHGDQDPRUHLQDQL]NDOLIRUQLMVNLKYLVRNLKSDOPL NRMHVXELOHX]GXåYHOLNRJEHWRQVNRJSULOD]D ±=JRGQRPMHVWR«±UHNDRMH5LFNYLGOMLYRLPSUHVLRQL UDQ±=JRGQDYLNWRULMDQVNDNXüDVNUDMDVWROMHüD9UORXNX VQRYUORXNXVQR ±'DGDDNRMHPRJX]DGUåDWL±SURPUPOMDRVDPXNOMX þXMXüLGDOMLQVNL]DRWYDUDQMHJDUDåQLKYUDWLMX ±$KGDWYRML¿QDQFLMVNLSUREOHPL=DERUDYLRVDP $OLQDQHNLVDPQDþLQ]QDRGDQLMH]DERUDYLRLGDPHMH YRGLRSUHPDQHþHPXYUORSUR¿WDELOQRPHDOLYUORPXWQRPH *XUQXYãLNOMXþXEUDYXXNXFDRVDPEURMHYHNDNRELKLV NOMXþLRDODUPLXYHRQDVXSURVWUDQLGQHYQLERUDYDNRVYMHW OMHQKDORJHQRPUDVYMHWRP6YHXVYHPXVPDWUDRVDPGDMH PRML]ERUXQXWUDãQMHJXUHÿHQMDELRGREURRVPLãOMHQLGDSUX åDRGUHÿHQLRVMHüDMWRSOLQHLDNRVX]LGRYLELOLELMHOL'YRVMHGH VDP UDVSRUHGLR RNR PMHGHQLK VWROLüD VD VWDNOHQRP SORþRP QDSDUNHWXRGKUDVWRYLQHLRUDKRYLQH6DPDMHVREDGRGDWQR 


,NRQD

XNUDãHQDPQRJLPWURSVNLPELOMNDPDNRMHVXELOHUDVSRUHÿH QH SR FLMHORM SURVWRULML 2VMHüDR VDP GD ERJDWR ]HOHQR OLãüH YLVRNLKSDOPLXNXWRYLPDSRSXWVWUDåDUDLXSUHYHOLNLPJOLQH QLPORQþDQLFDPDRPHNãDYDEMHOLQXLKODGQRüX]LGRYD ±1LMHORãH±SULPMHWLRMH5LFNSRJOHGDYDMXüLXRNROR± 2GDMHþRYMHNDNRMLLPDQRYDFDDOLLXNXVD ±3DPRåHã]DERUDYLWLQRYDF2GPDKVHYUDüDP6DPR GDGRQHVHPþDãHL]NXKLQMH 2JURPQD NXKLQMD X IUDQFXVNRP VWLOX ELOD MH RNUXåHQD PUDNRPEDNUHQLVXORQFLYLVLOLQD]LGRYLPDNRMLVX]DYUãD YDOL SROXNUXåQLP OXNRYLPD XNUDãHQLP X URNRNR VWLOX .DG VDP VH YUDWLR V YLVNLMHP NRML VDP QDWRþLR X GYLMH NULVWDOQH þDãHXJOHGDRVDP5LFNDNDNR]XULSUHPDYDQ ±%RMLPVHGDQHüHãXVSMHWLPQRJRWRJDYLGMHWLYHþHUDV ±UHNDRVDPGRGDYãLPXþDãXVYLVNLMHP ±1LVDPRYGMH]ERJSRJOHGD ±6WYDUQR«]ERJþHJDVLRQGDGRãDR" ±+P«*GMHVXRQHVOLNHNRMHVLPLåHOLRSRND]DWL" 3RND]DRVDPSUHPDSUROD]XNRMLMHRVYMHWOMDYDODVODEDãQD VYMHWORVWGQHYQRJERUDYND1HVWDMXüLVXPUDNVUDPHåOMLYRMH XOD]LRNUR]SUR]RUQDNURYX6OLNHVXVHþLQLOHSRSXWUXSDX ]LGXMHGQDNHVMHQHSULJXãHQLKþHWYHURNXWDNRMLVXVHUD]OLNR YDOLMHGLQRXYLVLQLLãLULQL=DWLPVDPMHGQLPNOLNRPUDVSUãLR VYMHWORVWSRVREL ±$DDDD«±X]GDKQXRMH5LFN8JOHGDRMH(O*UHFD7L]L DQD)UDQ]D+DOOVDNDRLPRGHUQLVWHSRSXW&KDJDOOD6RXWL QHD0DWLVVHDL0RQHWD 


*DU\9DQ+DDV

±7YRMDSULYDWQD]ELUND" ±7RþQR ±3DQHELWUHEDRLPDWL¿QDQFLMVNLKSUREOHPDNDGLPDã RYDNYHSULPMHUNHXVYRPYODVQLãWYX9LGLPRYGMHQRYDF ±6DPRMHMHGDQSUREOHP«-DVDPLKQDVOLNDRNDRVWXGL MHGRNVDPDQDOL]LUDRWHKQLNHLPDWHULMDOHXPMHWQLND ±-HEHQRRGOLþQR8SUDYRRQRãWRVXPLUHNOL±L]YDOLRMH5LFN RGPDKXMXüL JODYRP RG L]QHQDÿHQMD UD]URJDþHQLK RþLMX GRN MH WUDåLRSRWSLVHQDVYDNRPSODWQXXRNYLUHQRPWHãNLPRNYLURP ±+P«UHNDRVLµRQL¶«2NRPHJRYRULã" ±5HFLPRGDVXRQLPRMLVXUDGQLFL±,]YDGLRMHGXJXSD QDPVNXFLJDUXL]VUHEUQHNXWLMHL]DSDOLRMH ±=QDþLRYRQLMHELRVOXþDMQLVXVUHW" ±8VWYDULQLMH±RGJRYRULRMH5LFN]ORNREQRVHQDVPMH ãLYãLQHSUHVWDQR]XUHüL ±'REURãWRVHGRYUDJDGRJDÿD" ±+DMGHRSXVWLVH,PDPSRQXGX]DWHEHDWLMHPRåHã SULKYDWLWLLOLRGELWL$OLPLVOLPGDüHãMHSULKYDWLWLEXGXüLGD LPDãJROHPLK¿QDQFLMVNLKSUREOHPD ±6OXãDP ,VSLRVDPYLVNLLRWLãDRGREDUDXGQHYQRPERUDYNX5LFN PHVOLMHGLRL]YDOLYãLVHXMHGDQRGGYDYHOLNDVPHÿDGYRVMHGD SRUHGNDPLQD1DWRþLRVDPRERMLFLQRYRSLüHLVMHRQDVXSURW 5LFNX RGDNOH MH VYMHWORVW L] NDPLQD EDFDOD ]ORNREDQ RGVMDM SUHNRFLMHOHVREH 5LFN VH XURWQLþNL QDJQXR SUHPD PHQL ± äHOLR ELK WL LVSULþDWLMHGQXSULþX«±7UHSHUDYDVYMHWORVWL]NDPLQDVWYD 


,NRQD

UDODMHVDEODVQHVMHQHQDEUD]JRWLQDPDQMHJRYRJOLFDX]URNX MXüLSURPMHQHFUWDOLFD%LORMHQHþHJD]ORNREQRJJRWRYRGLMD EROLþQRJXYH]LVQMLP±2QRþLPHWUJXMHPYUORVXYULMHGQLL ULMHWNLSULPMHUFL±QDVWDYLRMHSRYXNDYãLGXJLGLPL]FLJDUH *RYRULR MH SRODJDQR LVSXQMHQ VDPRXYMHUHQRãüX ± =QDã OL NROLNRPX]HMDGDQDVL]ODåHNULYRWYRULQHQDVYRMLP]LGRYLPD" ± 'D ýDN L VWUXþQMDFL NRML NRULVWH WHVWRYH XJOMLNRP ]D XWYUÿLYDQMHDXWHQWLþQRVWLLPDMXSUREOHPD ±'REUR« ±6KYDüDP«=QDþLWRSODQLUDã"±8VWDRVDPSURWHVWQRL] QDVORQMDþD±3DREUDüDãVHSRJUHãQRPþRYMHNX ±3ULþHNDMPDORVWDQL]DERJD6MHGQL1LVDP]DYUãLR± LQ]LVWLUDR MH 5LFN 2GOXþLR VDP SRVOXãDWL ãWR LPD ]D UHüL WH VDPVMHRLãþHNXMXüLQDVWDYDNSULþH ±*RYRULPRSHGHVHWWLVXüDGRODUD±SRGEDGDRMH5LFN ±3OXVEHVSODWDQRGPRUQDJUþNLPRWRFLPD]DNRMHPLMHUH þHQRGDLKGREURSR]QDMHã.ODGLPVHGDVLLKQHPRåHãSULX ãWLWLRYHJRGLQHVGXJRYLPDNRMHPRUDãSODüDWL]DUQH" -HEHQDSL]GD3RþHRVDPVHSLWDWLLPDOLQHãWRãWRQH]QD RPHQL ±âDOLãVH]DUQH"±UHNDRVDPLDNRPHRYLKSHGHVHWWLVX üDVQDåQRXGDULORXSUVD ±0RJXWLGRND]DWLGDWRQLMHãDOD±QDVWDYLRMHRWSXKX MXüL GLP FLJDUH ± 0\NRQRV ± ]DVWDR MH ± 3URYRGLR VL VYRM OMHWQLRGPRURQGMH$SR]QDMHãL7LQRVMHO¶WDNR" ±'DRGPDKMHSRUHG0\NRQRVD ±=QDãOLLãWDRFUNYL'MHYLFH"2QDNRMXQD]LYDMX3DQD\LD (YDQJHOLVWULD" 


*DU\9DQ+DDV

±'DâWRVQMRP" ±,]D,NRQXL]7LQLRWLVVH±WDNR]YDQXþXGRWYRUQXLNRQX" ±XSDRPLMHXULMHþ 'XERNRVDPXGDKQXR±7DLNRQDPRUDGDVLSROXGLR 7DMMHNRPDGQDFLRQDOQREODJRLYULMHGLSUDYRERJDWVWYR=D ERJDVDPRGUDJRNDPHQMHYULMHGLPLOLMXQHDGDQHVSRPL QMHPUDGXVUHEUXL]ODWX ±'DMHGDQRGQDMQHSURFMHQMLYLKSULPMHUDNDVWDURJVYLMHWD ±7LQLVLQRUPDODQþRYMHþH«1HåHOLPLPDWLSRVODVWR ERP=QDãOLNDNYRMHRVLJXUDQMHRNRQMH" ±1HEULQLVH]ERJWRJD7RMHQDãSRVDR±XYMHUDYDRPH MH±1HPXþLWHYDOMGDVDGWYRMDYMHUVNDSURãORVW" ±1HVDPRVDPþXRQHNHþXGQHSULþH/MXGLWYUGHGDMX ãWLWLQHNDYUVWDQDGQDUDYQHPRüL ±1HYMHUXMHãYDOMGDWLPJOXSRVWLPD" ±6DPR]QDPGDMHSLVDORXQHNRPþDVRSLVXVSULORåHQLP GRND]LPD3ULMHQHNROLNRJRGLQDMHãHVWHUR]QDQVWYHQLNDSURX þDYDORRYXSURNOHWXVWYDULQHNLVXRGQMLKWDMDQVWYHQRXPUOL ±'DGDGREUR±NDRNRG7XWDQNDPRQDKD"±QDVPLMDR VH±+HMQHWUDåLPRGWHEHGDMHXNUDGHã6DPRGDRGHãQD 7LQRVLQDSUDYLãNRSLMX ±$]DãWRPLVOLãGDüXQDSUDYLWLNRSLMX" 5LFNMHL]YDGLRFLJDUXL]XVWDLQDOLFXPXVHUDãLULRRVPL MHK NDR X ýHãLUVNRJ PDþND ± 3D RQGD WL PRUDP UHüL GD X VYRPYODVQLãWYXLPDP&KDJDOODNRMHJVLSURGDR*DOHULML.H DUQ\SULMHQHNROLNRJRGLQD'LUHNWRUMHMHGDQPRMVWDULSULMD WHOMLVYHPLMHLVSULþDRRWHEL ±âWRMRã]QDãRPHQL"±SRþHRVDPVKYDüDWLVLWXDFLMX 


,NRQD

,]JRUQMHJXQXWUDãQMHJGåHSDMDNQHL]YDGLRMHPDOHQXFUQX NQMLåLFXLSRþHRQDJODVþLWDWL±'DYLGLPRWUHEDRVLSRVWDWLVYH üHQLNDOLWLMHRWDFSUHPLQXRWHVLRGXVWDRLRGOXþLRVWXGLUDWL XPMHWQRVW8SLVDRVLVHQD86&6FKRRORI$UW 'HVLJQ]DWLPVL RWLãDRQD6YHXþLOLãWH6RUERQQHX3DUL]X3RVWDRVLYUORSR]QDWL VOLNDUPLQLPDOLVWX.DOLIRUQLML1DSRþHWNXVXVHWYRMDGMHODGR EURSURGDYDODL]DSRþHRVLODJRGDQåLYRWVEU]LPDXWRPRELOLPD OLPX]LQDPD L SUHNUDVQLP åHQDPD =DWLP VL SRVWDR VXYODVQLN MHGQHRGQDMSRSXODUQLMLKJDOHULMDX6DXVDOLWX7RMHELORVYHGR WUHQXWND NDG MH WYRM SDUWQHU XKYDüHQ SULMH þHWLUL JRGLQH NDNR ãYHUFDþHWUGHVHWWRQDPDULKXDQHQDWHUHWQRPEURGX9MHUXMHP GDMHGRELRSHWJRGLQD]DWYRUD-HVDPOLXSUDYX" ±+HMãWRVLWL&,$LOLQHãWRVOLþQR"1LVDPLPDRSRMPDR WRPHGRNVHQLMHSRMDYLORXQRYLQDPDVOMHGHüHJMXWUD ±7R]QDPR«DOLVLVYHMHGQRELR]ORüNR.DNRELQDVWDYLR åLYMHWL åLYRWRP QD NRML VL QDYLNDR L SODüDWL UDþXQH SRVWDR VL PDORRþDMDQ7DNRVLSURGDYDRVOLNHNRMHVXQDYRGQRQDVOLND OLYHOLNLPDMVWRUL$OLVLLKXVWYDULWLQDVOLNDR]DUQH" ±1DãWRFLOMDã" ±3DYUORMHMHGQRVWDYQRSULMDWHOMX±XNROLNRQHSULVWDQHã XþLQLWLRQRãWRåHOLPRPRJDRELELWLXKLüHQ]DNULYRWYRUHQMH ±3URNOHWDSL]GR±SRYLNDRVDPXVWDYãLLXGDULRþDãRPR VWRO SRND]XMXüL GUKWDYLP SUVWRP SUHPD 5LFNRYRP OLFX ± =DWRVLGRãDR±GDPHXFMHQMXMHã" ±7DNRMHMDVDPSL]GD$OLVDPEDUHPERJDWDSL]GDNRMDWL QXGLSHGHVHWWLVXüDGRODUDGDRGUDGLãYUORMHGQRVWDYDQSRVDR ±.DNRüX]QDWLGDPHLGDOMHQHüHãXFMHQMLYDWL"±XSLWDR VDPQHUYR]QRNRUDþDMXüLVRERP 


*DU\9DQ+DDV

±=QDRVDPGDüHãPHWRSLWDWL6WRJDVDPRGVYRJSULMD WHOMDNXSLRVYH&KDJDOOHNRMLVLWLQDVOLNDR1HEULQLYUDWLWüX WLLKQDNRQ]DYUãHWNDSRVOD ±.DNR]QDPGDüHãPLLKVWYDUQRYUDWLWL" ±=QDRVDPGDüHãPHLWRSLWDWL±,]YDGLRMHNRPDGSD SLUDL]GåHSDNRãXOMH±1DOD]HVHXVHIXEDQNH:HOOV)DUJRX 0DUNHW6WUHHWXVXSXWDPDNDNRGDLKSRGLJQHã±3UXåLRMH NRSLMXRULJLQDOQRJXJRYRUD±7ULNMHXWRPHGDLKQLWLQLWLMD QHPRåHPRSRGLüLEH]SULVXVWYDRQRJDGUXJRJD ±ýLQLVHOHJLWLPQLP±UHNDRVDPSRPQRþLWDMXüLWHNVW ±$OLNDNR]QDPGDPHQHüHãXELWLNDNRELPHXãXWNDR" 5LFNVHSRQRYRQDVPLMDR±6WYDUQRVLYUORVXPQMLþDY]D RYDNR PDORJ ORSRYD 9MHUXM PL VYH ãWR PL åHOLPR MH LNRQD 6YHXVYHPXNDNRVHPHQLþLQLLQHPDãQHNLL]ERU6YHãWR PRUDPXþLQLWLMHREDYLWLMHGDQWHOHIRQVNLUD]JRYRULSUHVHOLW üHãVHX]DWYRU6DQ4XHQWLQ0RJDRELXGDQDãQMLPXYMHWLPD GRELWLGYLMHGRWULJRGLQH]DNULYRWYRUHQMHXPMHWQLQD ±6UDQMH±SURPUPOMDRVDPVKYDWLYãLEH]L]OD]QRVWVLWXD FLMH±8UHGXX«UHGXâWRMRãKRüHãNUY" 5LFN QLMH QLãWD RGJRYRULR VDPR MH L]YDGLR VYRMX þHNRYQX NQMLåLFXLSRþHRSLVDWL±2YRüHWLSRPRüLGDSRþQHãVNXSQMRP DYLRQVNH NDUWH L GD VL RUJDQL]LUDã VPMHãWDM 2VWDWDN üHã GRELWL NDVQLMH±%U]RMHLVWUJQXRþHNLSUXåLRPLJDEH]GDMHWUHSQXR ±3HWQDHVWWLVXüDGRODUD"±XSLWDRVDPRVMHüDMXüLRODN ãDQMH%DUHPVHQDQHNRYULMHPHPRJXULMHãLWLYMHURYQLND ±,YLGL㫱QDPLJQXRMH5LFN±VWYDUQRVLQDPRWHåDR 8 UHGX RGOD]LP NRPSD« 0LVOLP GD VPR VH UD]XPMHOL" ± .UHQXRMHSUHPDYUDWLPD 


,NRQD

±'DWLSR]RYHPWDNVL" ± 1LMH SRWUHEQR 0RM QDV MH YR]Dþ VOLMHGLR ]D VOXþDM GD QHãWRNUHQHSRNULYX±'DRPLMHVYRMXþDãX±%LWüHPRX NRQWDNWX±UHNDRMHL]DWYRULRYUDWDQDL]OD]X 6WDMDRVDPNRGSUR]RUDLXRþLRGXJXELMHOXOLPX]LQXND NRRGOD]LVSULOD]D1HERVHUDVþLVWLORLNUR]REODNHMHL]URQLR EOLMHGRåXWL PMHVHF 2WYRULR VDP SUR]RU GXERNR ]DPLãOMHQ +ODGDQLYODåDQSRYMHWDUDFNRMLMHSXKDRL]]DOMHYDVDVRERP MHQRVLRPLULVPRUVNLKDOJLLVODQHYRGH

1DQHNLVDPVHQDþLQRVMHüDRQHRELþQRUDVWHUHüHQR1D NUDMX NUDMHYD VDPR VDP PRUDR QDSUDYLWL NRSLMX LNRQH QH XNUDVWLSURNOHWXVWYDU$OLQLVDPLPDRSRMPDGDMHRQRXãWR üXVHXNOMXþLWLELWLPQRJRYLãHRGRQRJDãWRVDPGRJRYRULR 1HYMHURMDWDQVOLMHGGRJDÿDMDNRMLüHPLSURPLMHQLWLåLYRW]D XYLMHN




Ikona  

Naklada Uliks - Ikona

Ikona  

Naklada Uliks - Ikona