Professional Documents
Culture Documents
DN 072008
DN 072008
9ãHWNêPþLWDWHĐRP'XEQLFNêFKQR
YtQSUDMHPVOQHþQêM~O
6WDQLVODYDýHFKRYi
/RNDOLWD
/RNDOLWD
/RNDOLWD
760'XEQLFDQDG9iKRP FRY +RUQp .RORQN\ 7HUPtQ\ ]EHUX REMHPQp
V U R Y VSROXSUiFL V 0HV +iMH.YiãRYHF KRRGSDGXYMHGQRWOLYêFKOR
/RNDOLWD
WRP 'XEQLFD Q9 SULMDOL UR] NDOLWiFK
/RNDOLWD
KRGQXWLH åH ] G{YRGX ]OHS /2.$/,7$
/RNDOLWD
ãHQLD RUJDQL]iFLH ]EHUX RE 6tGOLVNR &HQWUXP , XO /RNDOLWD
MHPQpKRRGSDGXD]DEH]SH .ROOiURYD 1DG NRVWR /RNDOLWD
3{YRGQê.DOHQGiU]EHUX
þHQLD Y\ããHM þLVWRW\ PHVWD ORP XO &LQWRUtQVND /RNDOLWD
WULHGHQpKR RGSDGX PHVWD
VD RG PHQLD WHU XO1iGUDåQiXOâNROVNi /RNDOLWD
'XEQLFD Q9 RVWDWQêFK ]OR
PtQ\ ]EHUX WRKWR RGSDGX D 6WUHGPHVWDE\WRY
åLHNSDSLHUSODVW\NRY\QH
~]HPLH PHVWD VD UR]GHĐXMH ND $ .PHĢD âDIiUL /RNDOLWD
EH]SHþQê RGSDG HOHNWURRG
QDORNDOtW NRYD0R\]HVRYD1DG /RNDOLWD
SDG D WH[WLO ]RVWiYD ]DFKR
=iEUHKRP3LRQLHUVND /RNDOLWD
YDQê&KFHOLE\VPHOHQXSR
/2.$/,7$ %UDWLVODYVNi /RNDOLWD
]RUQLĢ REþDQRY QD WODþRY~
þDVĢÄ]DåHOH]QLþQRXWUD
FK\EXY.DOHQGiUL]EHUXWULH
ĢRX³ VPHURP QD %ROH /2.$/,7$ /RNDOLWD
GHQpKR RGSDGX NWRUê RE
ãRY 6tGOLVNR&HQWUXP,,,3RG /RNDOLWD
GUåDOL GR VYRMLFK SRãWRYêFK
KiMRPXO3DUWL]iQVND /RNDOLWD
VFKUiQRNYãHWN\GRPiFQRV
/2.$/,7$ XO)iQGO\KR
WL 9 VWUHGX D ãWYUWRN
6tGOLVNR3RGNDãWLHĐRP /RNDOLWD
EXGH QD URGLQ
'ROQp .RORQN\ RG XO - /2.$/,7$ /RNDOLWD
QêFK GRPRFK ]EHU SODVWRY
.DOLQþLDND SR XO .SW 6tGOLVNR&HQWUXP,,XO /RNDOLWD
QLHSDSLHUD
1iOHSNX D XO âSRUWRY âW~URYD3UHMWD /RNDOLWD
1$-/$&1(-ä,(-$=<.29e.85=<90(67(
6.=$-('189<8ÿ29$&,8+2',18
2GGHOHQLHNXOW~U\RWYiUDYãNROVNRPURNXQDVOHGRYQpMD]\NRYpNXU]\
35('263(/ë&+
MD]\NDQJOLFNêSUH]DþLDWRþQtNRYPLHUQHSRNURþLOêFKDSRNURþLOêFK
MD]\NQHPHFNêSUH]DþLDWRþQtNRYDSRNURþLOêFK
35('(7,
MD]\NDQJOLFNêSUH]DþLDWRþQtRYDPLHUQHSRURþLOêFK
NXU]MHRVHPPHVDþQêY\XþRYDQLHEXGHGYDNUiWGRWêåGĖDSRGYRFKY\XþRYD
FtFKKRGLQiFKVSROXY\XþRYDFtFKKRGtQ
3RSODWRN6N]DFHOêNXU]
3ULKOiVLĢVDP{åHWHGRQDRGGHOHQtNXOW~U\Y0HVWVNRPGRPHNXOW~U\
WHOHPDLONHELVNRYD#GXEQLFDHX
.DåGp YêWYDUQp GLHOR Pi VFKRSQRVĢ WYRUEXDSRVN\WRYDĢSULHVWRUQDSUH]HQWi
SULQLHVĢ MHGLQHþQê D RULJLQiOQ\ SRKĐDG QD FLX D NRQIURQWiFLX MHM YêVOHGNRY Y UHJLR
VYHW D MHKR FKiSDQLH 9\MDGUXMH SRFLW\ D QiOQRPLFHORãWiWQRPNRQWH[WH
Y]ĢDK\XPHOFD NYHFLDPNWRUpKRRENOR &HONRPDXWRURYVDWXSUH]HQWRYDOR
SXM~DOHERRNWRUêFKUR]PêãĐD YêWYDUQêPLGLHODPLPHG]LNWRUêPLEROL
7LHWRP\ãOLHQN\QLHVODYVHEHLV~ĢDåQi ]DVW~SHQtDMGXEQLFNtYêWYDUQtFL-DURPtUD
YêVWDYDQHSURIHVLRQiOQHMYêWYDUQHMWYRUE\ /DFNRYi0iULD0LODQRYLþ2ĐJD2ODãRYi
Ä 9é79$51e 63(.7580 75(1ý,$1 6RĖD =HOtVNRYi 3HWHU -DURã 'RPLQLND
6.(+2.5$-$³NWRUiVDXVNXWRþQLODRG âLNXOLQFRYi$QGUHD 8YiþLNRYi ,YHWD
GRYRYêVWDYQêFKSULHVWR *DãSDURYLþRYiD-DURVOY6YHWOtN
URFK GHORYHM EDãW\ 7UHQþLDQVNHKR KUDGX $ NHćåH YêVWDYD EROD V~ĢDåQi WHãt
9êWYDUQp VSHNWUXP MH FHORãWiWQRX SRVWX QiVåHKODYQ~FHQXYNDWHJyULLDXWRULRG
SRYRXV~ĢDåRXYêWYDUQHMWYRUE\1LHMHåiQ GRURNRY]tVNDO-XUDM-DURãYNDWH 'RPLQLNDâLNXOLQFRYi/HV
URYRDQLWHPDWLFN\Y\PHG]HQi-HMSRVOD JyULL DXWRURY QDG URNRY V YêWYDUQêP %ODKRåHOiPH
QtP MH DNWLYL]RYDĢ SRGSRURYDĢ YêWYDUQ~ Y]GHODQtPERORFHQHQê-DURVODY6YHWOtN 0JU(YD.HEtVNRYi
'ĖD SULMDO VYLDWRVĢ 1RYpPX NĖD]RYL VUGHþQH ]DEOD
NĖD]VWYD GXEQLFNê URGiN 3HWHU %RU KRåHODOL DM YGS NDQRQLN -R]HI 'YRU
WHO&09\VYlWLOKRRWHFELVNXS0RQV VNê VSUiYFD IDUQRVWL YGS 3HWHU 3D
-iQ2URVFKY%UDWLVODYH3HWHU%RUWHO Jiþ D ]iVWXSFD SULPiWRUD ,QJ -DUR
DNR SUHGVWDYLWHĐ 0LVLMQHM VSRORþQRVWL VODYâOHVDU
VY9LQFHQWDGH3DXOEXGHS{VRELĢY 'XEQLþDQLD3HWURYL%RUWHORYL&0
ýHFKiFK Y PHVWH 'REUXãND GLHFp]H SUDM~ YHĐD ]GUDYLD D %RåtFK PLORVWt
+UDGHF.UiORYp Y RVREQRP åLYRWH L SUL SOQHQt NĖD]
3ULPLþQ~VYlW~RPãXPDOYQHGH VNêFKSRYLQQRVWt
ĐXY.RVWROHVY-DNXEDY
'XEQLFLQDG9iKRP IRWR,YDQ5DMHF
GXEQLFNHMIDUQRVWLY\NRQDOYHĐPL]iVOXåQ~ QêP]QDMEOLåãtFKVSROXSUDFRYQtNRY$QWR
SUiFXQLHOHQSUH'XEQLþDQRYDOHLSUHFHOê QD %HUQROiND 3DWULO DM PHG]L YiåHQêFK
VORYHQVNêQiURG3RGLHĐDOVDQDGRNRQþH þOHQRY6ORYHQVNpKRXþHQpKRWRYDULãVWYD
QtV~þDVQpKRROWiUDYGXEQLFNRPNRVWROH 2YOiGDOQLHNRĐNRMD]\NRY3UHNODGDOKODY
$1'5(-0(6É52ä D]DEH]SHþLOQRYêRUJDQD]YRQ2GURNX QH]ODWLQþLQ\DQHPþLQ\$NWtYQHSRGSRUR
Y\GiYDOVYRMHNi]QHYWODþL0\ãOLHQ YDOF\ULORPHWRGVN~WUDGtFLXDNRGHGLþVWYR
3DWULOPHG]LQDMEOLåãtFKVSROXSUDFRYQt N\ ] QLFK þHUSDOL NĖD]L ] FHOpKR 6ORYHQ RWFRY
NRY$QWRQ %HUQROiND SUL X]iNRQHQt SUYHM VND .Hć Y URNX ]RPUHO -iQ ,OOHVKi
VSLVRYQHM VORYHQþLQ\ 1DURGLO VD 9URNXVDEUDWLVODYVNtVHPLQDULV ]\SRFKRYiYDOLKRYãW\URFKMD]\NRFK
YR 9DUtQH SUL äLOLQH7HROyJLX D ¿OR WL QD þHOH V$QWRQRP %HUQROiNRP REUiWLOL 9VORYHQVNRPMD]\NXVDVQtPO~þLO$Q
]R¿X ãWXGRYDO Y 1LWUH D ]D NĖD]D ERO Y\ QDQHKRRUDGXDSRPRFSULX]iNRĖRYDQt GUHM0HViURã
VYlWHQê Y URNX 9 'XEQLFL QDG 9i VSLVRYQpKR MD]\ND 0HViURã SRGSRULO LFK =RPUHOY1LWUH
KRPS{VRELOYURNRFK='XE P\ãOLHQN\ L FHONRYê ]iPHU =G{UD]ĖRYDO
QLFH RGLãLHO GR 1LWU\ NGH KR Y\PHQRYDOL åHMHYHĐPLG{OHåLWpDE\NDåGêQiURGPDO =GURMGXEQLFNpPRQRJUD¿H
]D NDQRQLND =D URNRY S{VREHQLD Y VYRMVSLVRYQêMD]\N2GYWHG\VDVWDOMHG 6SUDFRYDOâWHIDQ$QWDOtN
-HGQRX]~ORK0DWLFHVORYHQVNHMMHSRG
KDWVWYRP SUH NDåGê UHJLyQ 9êVOHGN\ V~
ĢDåH
0DUWLQ.RVWHODQVNê=â&
]DSUiFX'XEQLFDYSUDYHNX
'RYãHWNêFKWURFKURþQtNRFKVD]DSR
SRURYDĢ NXOW~UQH GHGLþVWYR D SURSDJRYDĢ
KLVWyULXPHVWDUHJLyQXLãWiWXĆDOãRXMHM
~ORKRX MH Y\WYiUDĢ SUH PODG~ JHQHUiFLX
-DNXEâWHIiQHN=â&,,
%RODUD]MHGQDGHGLQD/LHVNRYHF MLORåLDNRYNWRUtVSUDFRYDOLSUiF$M
] WRKR SRþWX MH YLGLHĢ åH Y GXEQLFNêFK
ãNROiFKMHGRVĢåLDNRYDXþLWHĐRYNWRUêP
SULD]QLYp SRGPLHQN\ SUH ~þHOQH Y\XåtYD
QLHYRĐQpKRþDVX$M]WRKRG{YRGX0LHVW
Q\RGERU0DWLFHVORYHQVNHMY'XEQLFLQDG
9LHUD%HGQiULNRYi*\PQi]LXP
RStVDODåLYRWDSUiFXNDWROtFNHKR
NĖD]DâWHIDQD6DPiND]%ROHãRYD
MHEOt]NHNXOW~UQHGHGLþVWYRLKLVWyULD02
0DWLFHVORYHQVNHMćDNXMHYãHWNêPåLDNRP
9iKRPRUJDQL]XMHSUHåLDNRY]iNODGQêFK DXþLWHĐRPNWRUtVD]DSRMLOLDSRGSRULOLW~WR
DVWUHGQêFKãN{O0DJLQRYXOLWHUiUQRKLV 1DWiOLD*DFKRYiD/XFLD9\OHWHONRYi V~ĢDåL1DGiFLL0DWLFHVORYHQVNHMDSULPi
WRURYLPHVWD,QJ-R]HIRYL*DãSDUtNRYL]D
WRULFN~V~ĢDå9\KRGQRWHQLH,,,URþQtNDVD
XVNXWRþQLOR GĖD Y 0HVWVNRP
GRPH NXOW~U\ 'R V~ĢDåH VD SULKOiVLOR
*\PQi]LXP
6SRPLHQN\QD7URMWULHGQXUtPVNR
NDWROtFNXãNROXY%RERWH
¿QDQþQ~SRGSRUXWRKWRSURMHNWX
âWHIDQ$QWDOtN
åLDNRY NWRUt VSUDFRYDOL SUiF 9ãHWN\
SUiFH EROL GREUH VSUDFRYDQp D RERKDWLD
NDåGpKRNWRVLLFKSUHþtWD
&HQ\åLDNRPRGRY]GDOYHG~FLRGGHOH
0DW~ã6WUiĖDYD*\PQi]LXP
8QLNiWQDDUFKLWHNW~UD+RUQêFK
D'ROQêFK.RORQLHN
QLHãNROVWYD0JU9ODGLPtU+DQXV9RVYR
MRP SUtKRYRUH SRćDNRYDO åLDNRP L XþLWH
ĐRP]DSURSDJiFLXNXOW~UQHKRGHGLþVWYDD
]DåHODO LP GR EXG~FQRVWL YHĐD ~VSHFKRY
6DPXHO%H]QiN=â&,
URNRYRGVORYHQVNpKRSRYVWD
QLD
=iURYHĖåLDNRPSULSRPHQXODE\VL]DFKR
;9ĀDVĨ
1HXVWiO\Yê]QDPâNRGRYN\DNRG{OH IDQ'XEQLFDL'DQLHO.RODþiQL-iQ%DOWD 6WDQLFD Xå Y\KRYRYDOD SRåLDGDY
åLWpKR]EURMQpKRDVWUDWHJLFNpKR]iYRGX ]iU0DJLQD$QGUHM0HViURã9WRPREGR NiP NDåGRGHQQHM SUHSUDY\ WLVtFRN ]D
YSOêYDODMQDUR]YRM'XEQLFHQDG9iKRP EtSRORåLOLDM]iNODGQêNDPHĖSUHYêVWDYEX PHVWQDQFRY GR SUiFH D ] SUiFH 9 URNX
)DEULNDVDVWDODSUHPHVWRQDMYê]QDPQHM &LUNHYQHMãNRO\9\XþRYDQLHYãNROVNHMQR ERO ]ULDGHQê DM ]GUDYRWQê REYRG V
ãtPGDĖRYêPSRSODWQtNRPþtPVD]YêãLOL YRVWDYEHSUHYLDFDNRVWRåLDNRYãW\URFK RUGLQiFLRX D E\WRP SUH OHNiUD NGH EROD
REHFQpSUtMP\ URþQtNRY]DþDORVHPþOHQQêXþLWHĐVNê]ERU DMNQLåQLFD3UYêPREYRGQêPOHNiURPVD
=D ¿QDQþQHM SRGSRU\ WRYiUQH L ãWiW QDþHOHVULDGLWHĐRP3DãND\RPYãNROVNRP VWDO08'U+DEiĖ
Q\FKRUJiQRYUR]YLQXORYHGHQLHREFHQH URNX 9URNXGRNRQþLOLYêVWDYEXãHVĢ
YtGDQH þXOê VWDYHEQê UXFK 9 URNX %ROD RWYRUHQi DM ]iYRGQi XþĖRYVNi GHVLDWLFKãNRGRYiFN\FKURGLQQêFKGRPRY
VDSRGĐDSOiQXREFH]DþDORV~SUD ãNROD SUH NRYRREUiEDFLH D HOHNWULNiUVNH QD]YDQêFK Ä+RUQp D 'ROQp NRORQN\³ =i
YRXSRWRNDDUR]ãtUHQtPYRGRYRGQHMDND SURIHVLH0RåQRNRQãWDWRYDĢåH'XEQLFD URYHĖSUHåLDNRYIDEULN\SRVWDYLOLLQWHUQiW
QDOL]DþQHMVLHWH1DMDUVD]DþDOVWD PDOD]DþLDWNRPãW\ULGVLDW\FKURNRYWDNPHU V O{åNDPL 1D S{YRGQêFK Y\VXãH
YDĢDMNDWROtFN\NXOW~UQ\GRP6OiYQRVWQp ~SOQêY]GHOiYDFtF\NOXVVWUHGQpKRRGERU QêFKPRþDULVNiFKVOiYQRVWQHRWYRULOLQRYê
RGRY]GDQLHREMHNWXVDXVNXWRþQLOR QpKR VWXSĖD . GXEQLFNpPX ãNROVWYX GR ãSRUWRYê ãWDGLyQ .X ]OHSãHQLH Y]KĐDGX
]D ~þDVWL SROLWLFNêFK SUHGVWDYLWHĐRY URNX SDWULO DM ÒVWDY SUH KOXFKRQH FHQWUDREFHSULVSHORDMSRNUDþRYDQLHYUH
RG RNUHVX PLQLVWHUVWYR ãNROVWYD Då SR PêFK 7HQ SUHVĢDKRYDOL GR 3UHãRYD D Y JXOiFLL SRWRND V MHKR SUHNU\WtP D NDQDOL
KODYXãWiWX-R]HID7LVX GXEQLFNRP NDãWLHOL ]ULDGLOL XE\WRYĖX SUH ]RYDQtP
6~þDVĢRXRVOiYERORDMRGKDOHQLHSD URERWQtNRYNWRUtSUDFRYDOLYâNRGRYNH
PlWQHMWDEXOHYê]QDPQêPVORYHQVNêPQi 9ê]QDPQRX V~þDVĢRX VWDYHEQpKR UR] 3RNUDþRYDQLHYEXG~FRPþtVOH
URGQêPEXGLWHĐRPNWRUtYPLQXORVWLS{VR YRMD'XEQLFHERORDMUR]ãtUHQLHDPRGHU =GURM'XEQLFNpPRQRJUD¿H
ELOLQDGXEQLFNHMIDUH6~WDPPHQiâWH QL]iFLDåHOH]QLþQHMVWDQLFHYURNRFK 6SUDFRYDOâWHIDQ$QWDOtN
85%$1,67,&.e'()(.7< QHQLHUDGRYHM]iVWDYE\URGLQQêFKGRPRY]DGQRXþDVĢRXKRVSR
GiUVNRXDUHOD[DþQRXVPHURPNKLVWRULFNpPXNDãWLHĐXMHDVLHX
UySVN\ ÄXQLNiW³ 9\EXGRYDQLH UDGRYêFK JDUiåt Y WHVQHM EOt]NRVWL
. GREUpPX XUEDQLVWLFNpPX RVDGHQLX VWDYLHE GR SURVWUHGLD KQHćSRGNDãWLHĐRPDLFK]iVDKGRSDQRUiP\VWDUHM'XEQLFHXå
PHVWDMHQHY\KQXWQiFLHĐDYHGRPi~]HPQiSUtSUDYD1HYKRGQi ]UHMPHQHSRWUHEXMHåLDGQ\NRPHQWiU
SRORKDVWDYE\PiYSO\YQDFHO~RUJDQL]iFLXORNDOLW\EUiQLMHMUR] ,QêPSUtNODGRPMHXPLHVWQHQLHREFKRGQpKRUHĢD]FD/,'/QD
YRMXREPHG]XMHEXG~FH]iPHU\7DNiVWDYEDY\GUåtYHN\DYHN\ 1iPHVWt0DWLFHVORYHQVNHM+RFLERODYWRPþDVHSULMDWiDVFKYi
EXGH SUHNiåDĢ D QDEDĐRYDĢ QD VHED ćDOãt FKDRV 6~ WR QLHOHQ OHQiMDVQiNRQFHSFLDQiPHVWLDMHMGRGUåLDYDQLHQHERORYåG\SUL
G{VOHGN\FKêEDM~FHKRDOHERQHG{VOHGQpKR~]HPQpKRSOiQRYD RULWRX1DPLHVWHNGHVWRMt/,'/EROSRGĐDVFKYiOHQHMNRQFHS
QLDDOHåLDĐDMLJQRUDQFLHSULMDWHMNRQFHSFLHKLVWyULHDQH~FW\NåL FLH QDYUKQXWê SDUN V PRåQRVĢRX XPLHVWQLĢ Y ĖRP HNXPHQLFNp
YRWQpPXSURVWUHGLX'QHVXåQLHMHPRåQpVDY\KRYiUDĢQD]iVD FHQWUXP,GHiOQHSUHRGGHOHQLHUXãQpKRQiPHVWLDRGXåH[LVWX
K\ãWiWQ\FKRUJiQRYDNRWRERORYPLQXORVWLÒ]HPQpSOiQRYDQLH M~FLFK VWDYLHE SHQ]LyQX E\WRYN\ D SROLNOLQLN\ D QHYLD]DO E\ VD
Y PHVWH MH Xå WDNPHU GYDGVDĢ URNRY RULJLQiOQRX NRPSHWHQFLRX VHEDSRWUHEXSDUNRYDQLDQDREURYVNHMSORFKH.XFWLYWHGDMãtFK
PHVWVNHMVDPRVSUiY\ NRPSHWHQWQêFKVO~åLDVSRĖWRåHVDSRGDULODUHDOL]RYDĢDOWHUQDWt
6QićQDMYLDFQHJDWtYQHSR]QDPHQDQRXþDVĢRX'XEQLFHQDG YDSRGĐDNWRUHMSR~SOQRPGREXGRYDQt1iPHVWLD0DWLFHVORYHQ
9iKRPMHGROQiþDVĢVWDUHM'XEQLFHNDãWLHĐVGQHãQêP1iPHV VNHMEXGH/LGOPLPRQiPHVWLDDQHEXGHEUiQLĢMHKRUR]YRMX1D
WtPVY-DNXEDDMHKRRNROLH6WDUi'XEQLFDPDODFKDUDNWHUSR LQRPPLHVWH]DREFKRGQêPGRPRP)L[PDOVWiĢSDUNRYDFtGRP
WRþQHM]iVWDYE\WR]QDPHQiåHVWUHGRPVtGODWLHNROSRWRNDSR 'QHVV~WDPRE\þDMQpSDUNRYLVNiQDWHUpQHDWDPNGHPDORE\Ģ
VWUDQiFKVDUR]YtMDODFHVWDDGRPRUDGLHWDNDNRWRGQHVYLGtPHY VDPRWQpQiPHVWLHSUHSHãtFKPiPHGQHVSDUNRYLVNR
3UHMWH8UEDQLVWLFNpULHãHQLH]URNRYWHQWRKLVWRULFNêIDNWRGLJ 1D PQRKp XUEDQLVWLFNp GHIHNW\ VL REþDQLD SRVWXSRP þDVX
QRURYDORþRKRYêVOHGNRPMHGQHV]DV\SDQêSRWRNDSRVWDYHQLH ]Y\NQ~DEHU~LFKDNRVDPR]UHMPRVĢýRMHYãDNKRUãLHWDNpWR
REFKRGQêFKMHGQRWLHN0iMSULDPRÄQDFHVWX³SULSUHFKiG]NHRG SUtNODG\GHIRUPXM~P\VHĐĐXGtSUHWRåHRQLRSUiYQHQHRþDNiYDM~
NDãWLHĐDVPHURPKRUHVLPXVtPHGDĢSR]RUDE\VPHGRVWDYE\ åHSULWDNêFKWRYiåQ\FKUR]KRGQXWLDFKVDEHU~GR~YDK\KODYQH
'NOXEXQHQDUD]LOL RGERUQpVWDQRYLVNiDY\SUDFRYDQpGRNXPHQW\
Ä.RPSHWHQWQt³ VD Y WRP þDVH DVL QDMYLDF QHJDWtYQH ]DStVDOL 8å MH WR DVL NOLãp DOH RSODWt VD VWiOH SULSRPtQDĢ WR ]QiPH
GRKLVWyULHPHVWDSULRGV~KODVHQtVtGOLVND1DGNRVWRORP3RWUHOL ÄGYDNUiWPHUDMDUD]UHå³
KLVWyULXDJpQLXVORFLWRKWRPLHVWD1DGOKpURN\PRåQRVWRURþLD ,QJDUFK0DULiQ$QWDO
]DEUiQLOLY\EXGRYDQLXR]DMVWQpKR1iPHVWLDVY-DNXED8PLHVW
6/É9,&,1Éä+20(67$
90HVWVNRPGRPHNXOW~U\Y'XEQLFLQDG9iKRPVDM~QD
NRQDOURþQtNFHORPHVWVNHMV~ĢDåHYVSHYHĐXGRYHMSLHVQHåLD
NRY ]iNODGQêFK ãN{O 'XEQLFNê VOiYLN 2G]QHOL SLHVQH KODYQH ]
QiãKRUHJLyQXD]EOt]NHKRRNROLD3RURWDY]ORåHQt,QJ0DUWLQD
&HSNRYi±SUHGVHGN\ĖDSRURW\/êGLD-XULJRYiD5HQiWD/H]RYi
QHPDOD ĐDKNp ]YROLĢ QDMOHSãtFK =D KXGREQpKR VSULHYRGX ĐXGR
YHMKXGE\)60ODGRVĢV~ĢDåLORGHWtYGYRFKNDWHJyULiFK9,
NDWHJyULLVDXPLHVWQLOL$QGUHM%ODåHMVSLHVĖRX=KRUDFKODSFL
]KRUD9DOHQWtQDäLWQiVSLHVĖRX6XVHGDVXVHGD(YD7UR
NDQRYiVSLHVĖRX'ROLQDGROLQDDY,,NDWHJyULL.ULVWtQD5H
VHWHULþRYiVSLHVĖRXäDODVRPWUiYLþNX.ULVWtQD0DUHNRYiV
SLHVĖRX.HćVRPSULVWXGLHQNH3DWULN5HVHWHULþVSLHVĖRX3Rþ
NDMWHUHJU~WL=D0HVWR'XEQLFDQDG9iKRPRGRY]GDOKRGQRWQp
FHQ\]iVWXSFDSULPiWRUD,QJ-DURVODYâOHVDUD]D0LHVWQ\RGERU
0DWLFH6ORYHQVNHMRGRY]GDOFHQX.DULQ0RJRURYHMâWHIDQ$QWD
OtN
+ODYQêPRUJDQL]iWRURPDVSRQ]RURPV~ĢDåHEROR0HVWR'XEQLFDQDG9iKRPDVOiYLNRYGRV~ĢDåHY\URELOD=GUXåHQiVWUHGQi
ãNRODVNOiUVND/HGQLFNp5RYQp6WRKWRURþQêPLGXEQLFNêPLVOiYLNPLVDHãWHVWUHWQHPHDXJXVWDQDURþQtNX'XEQLFNpKR
IRONOyUQHKRIHVWLYDOX
5%
6/29(16.ë)(67,9$/
1iGKHUQp KRU~FH SRþDVLH SUtMHPQp VWDYLOLWDNPHUYãHWN\
SURVWUHGLH GHGLQVNpKR DP¿WHiWUD D YHĐD NROHNWtY\ ]~þDVWQH
ĐXGtVRVSRORþQRXOiVNRXNIRONOyUX7DNê Qp QD IHVWLYDOH 6H
ERO URþQtN 6ORYHQVNpKR IHVWLYDOX VHQL QLRU NOXE 'UXåED
RUVNêFKIRONOyUQ\FKV~ERURYQD%RGRYNH 7UHQþtQ VSHYiþN\
2¿FLiOQ\ ]DþLDWRN IHVWLYDOX VD RGRKUiYDO ] /LSW6OLDþRY 6SH
Xå Y SLDWRN Y SULHVWRURFK NLQD +YLH]GD Y YXOH ] %UDWLVODY\
7UHQþtQH 2EVDKRP SLDWNRYpKR SRSROXG .RSD ] 0\MDY\ 6H
QLD EROL SUHGRYãHWNêP YêVWDY\ =X]DQ\ D QLRU3RYDåDQ]3RY
0LODQD 5~IXVRYFRY D %URQLVODY\ .XEiQ %\VWULFH ]DKUDQLþ
NRYHM D MHM V\QD ]QiPHKR VORYHQVNpKR QêKRVĢ+UDGLãĢDQ]
FKRUHRJUDID-XUDMD.XEiQNX9ãHWN\WLHWR 8KHUVNpKR +UDGLã
YêVWDY\ PDO SRG RUJDQL]DþQêP ]DEH]SH ĢD D GXEQLFNê )6
þHQtP9LOLDPD-iQD*UXVND6RERWĖDMãtYU 6HQLRU NOXE 9UãDWHF
FKROQê SURJUDP Y SUtURGQRP DP¿WHiWUL Y VSLHVĖRX*XUDĐXþL
.ULYRV~GH%RGRYNHVD]DþDOR1DM FLQHåDO GRVWL QDVOHGRYDOD ćDOãLD þDVĢ SURJUDPX
VN{UVDGLYiNRPPLORYQtNRPIRONOyUXSUHG 9GUXKRPEORNX'R]QLHYDQLHPODGRV YHQRYDQiQDãHMNUiVQHMĐXER]YXþQHMPD
VWDYLOL GHWL ] IRONOyUQ\FK V~ERURY ] RNROLD WL VD SUHGVWDYLOL VSHYiFL ] 5RGRNPHĖX ] WHULQVNHM UHþL SRG Qi]YRP7LVtFURþLH 6OR
7UHQþtQDYSURJUDPHVQi]YRP5DWROHVWL %UDWLVODY\ NX NWRUêP VD SULGUXåLOL EêYDOt YHQþLQ\ NGH VD SUHGVWDYLOL ,GD 5DSDLþR
3RGHWVNRPSURJUDPHQDVOHGRYDOLEORN\V WDQHþQtFL /~þQLFH WHUD] S{VRELDFL Y QLH Yi -R]HI 7UJLĖD D 0iULD )ULþRYi V ~U\Y
Qi]YRP 'R]QLHYDQLH SLHVQt PODGRVWL , D NWRUêFKV~ERURFK]~þDVWQHQêFKQDWRPWR NDPL WêFK QDMNUDMãtFK VORYHQVNêFK EiVQt
,, 9 SUYRP VSRPtQDQRP EORNX VD SUHG IHVWLYDOH 3R EORNRFK 'R]QLHYDQLH POD ĆDOãRXþDVĢRXSURJUDPXEROR3RćDNRYD
QLH]DGLHOR0LODQRYL5~IXVRYLRSlĢV~U\Y JUDPHVDSRVWXSQHSUHGVWDYLOLNROHNWtY\] 0DUtNRYHM0RVWiU]%UH]QDDLFKäDUWRY
NDPL 5~IXVRYêFK EiVQt GRSOQHQp VSH EOt]NDL]ćDOHNDÒYRGD]iYHUSURJUDPX Qp]%DORJXD&HStNRYêWDQHFýLUþLDQN\]
YRP åHQVNHM VSHYiFNHM VNXSLQ\ ] /LSW SDWULO )6 6HQLRU NOXE 'UXåED NWRUê VD /~þQLFH6HQLRUL6ď8.8V3RãXGUiNRPD
6OLDþRY SUHGVWDYLOL WDQFDPL 9UFHQi D äDEiN ćD )RNRãRPD)66HQLRUNOXE9UãDWHFVWDQ
ĆDOãtP ERGRP SURJUDPX ERO EORN V OHM Y\VW~SLO 6SRORN VN~VHQêFK VSHY~Đ VR FRPýULHSN\]9êFKRGX
Qi]YRP 3RćDNRYDQLH ]D GLHOR -XUDMRYL ]PHVRXSLHVQtSRGQi]YRP3iQVWDUHMãt %RGNRX]DSURJUDPRP9,6ORYHQVNp
.XEiQNRYLNHG\EROLVSRPHQXWpMHKRQDM +UDGLãĢDQVþtVORP7DQFH]/XKDþRYLFNp KR IHVWLYDOX VHQLRUVNêFK IRONOyUQ\FK V~
YlþãLH ~VSHFK\ VR 6ď8.RP %ORN R] KR =iOHVt 5RGRNPHĖ VR VORYHQVNêPL ERURYEROK\PQXV(XJHQD6XFKRĖD$Ni
YOiãWQLOR Y\VW~SHQLH NROHNWtYX .XEiQNRY SLHVĖDPL 9WiþQLN V SiVPRP WDQFRY ] VLPLNUiVQDNWRUêVL]DVSLHYDOLYãHWFL]~
VHQVWDQFRP*RUDOVNiWURMND +RUQHM1LWU\.RSD0\MDYDVþtVORP.OHEH þDVWQHQt
2 KRG VD ]DKiMLO ]iYHUHþQê WQLFH %XULQND ] %UDWLVODY\ D LFK þDUGiã 7RPiã7LQDWK
SURJUDPIHVWLYDOX9NRPSRQRYDQRPSUR ] *HPHUD 6HQLRU 3RYDåDQ V WDQFRP ]
PDĢ SUL VHEH LQMHNFLH LQ]XOtQ LQ]XOtQRYp SHUR þL SXPSX DWć 9
QLHNWRUêFKNUDMLQiFKDNRQDSUY86$WRY\åDGXM~DEH]WDNpKR
WRSRWYUGHQLDYiVVLQ]XOtQRYêPSHURPDQLQHYSXVWLDGROLHWDGOD
',$%(7,.1$'292/(1.( 2þNRYDQLHSUHGFHVWRXGRFXG]LQ\MHSRWUHEQpDþRP{åHVS{
VRELĢXGLDEHWLND"
$MGRVSHOtGLDEHWLFLVDREþDVY]GDM~OiNDYHMGRYROHQN\QD]D 3DFLHQWLVDQiVYHĐPLþDVWRSêWDM~þLP{åXE\ĢRþNRYDQtÈQR
XMtPDYêFK PLHVWDFK SUHWRåH VD ERMD åH E\ VD WDP PRKOR VWDĢ PDOL E\ E\Ģ RþNRYDQt L NHć VDPR]UHMPH LVWi þDVĢ RþNRYDFtFK
QLHþR QHSUHGYtGDWHĐQp D PRKOL E\ QD WR GRSODWLĢ 1D þR QHVPLH OiWRN P{åH Y SUYêFK GĖRFK SR DSOLNiFLL VS{VRELĢ UHDNFLX þL Xå
GLDEHWLNSRþDVGRYROHQN\]DEXGQ~Ģ"3ODWLDWDPLQpSUDYLGOi" PLHVWQXDOHERFHONRY~2þNRYDQLHQHPXVtVS{VRELĢUR]NROtVDQLH
$NMHGLDEHWLNGRVWDWRþQHWYRULYêDDNPiFKXĢGRåLYRWDGR JO\NpPLHSULDPRDOHWêPåHþORYHN]PHQtI\]LFN~DNWLYLWXDOHER
YROHQNDP{åHE\ĢSUHQHKRQH]DEXGQXWHĐQêPSUtMHPQêP]iåLW åLYRWQêãWêO9ãHREHFQHE\RþNRYDQLHQHPDORE\ĢSUREOpPRP
NRP'RYROHQNDMHYåG\RþDNiYDQiURPDQWLNDQHREY\NOêKUGL 0{åHGLDEHWLNDEVROYRYDĢMD]GX]DYRODQWRPDXWDQDGOKpWUDWH³
QDYQHREY\NOêFKVLWXiFLiFK'LDEHWLNRYLKUR]tåHKREXG~OiNDĢ GRFXG]LQ\"
YHFL NWRUp VL GRPD RGRSLHUD &KFH VL RGGêFKQXĢ FKFH VD Y\ 'LDEHWLNP{åHYLHVĢYODVWQpDXWRSRNLDĐMHGREUHNRPSHQ]R
VSDĢQDMUDGãHME\]DEXGROQDNDåGRGHQQ~GLVFLSOtQXNY{OLJO\Np YDQêDQHPiþDVWpK\SRJO\NpPLH9NDåGRPSUtSDGHE\VLPDO
PLL&KFHtVĢQDF\NOLVWLFNêYêOHW&KFHRVWDĢYHþHUGOKãLHKRUHD ]DYRODQWRPDXWDQDMPlSULMD]GHQDGOKpWUDWHþRQDMþDVWHMãLH
]DEDYLĢVD&KFHY\VN~ãDĢPLHVWQHãSHFLDOLW\ URELĢNRQWURO\$NãRIpUXMHQDSUtNODGQDGRYROHQNXNPRUXPXVt
ýRP{åHDþRQHP{åH" SRþtWDĢVWêPåHEXGHPDĢQLHNRĐNRKRGtQPHQHMSRK\EXWHGD
3RNRMQHP{åHSUHWDQFRYDĢFHO~QRFJO\NpPLHPXQHEXG~VNi E\PDOWURãNXXEUDĢ]MHGODD]iURYHĖVLSULGDĢLQ]XOtQ9(ÒSODWt
NDĢ DN VL Xå SUHGWêP Y\VN~ãDO þR V QtP UREt GLVNRPDUDWyQ D ]iVDGQêSRVWXOiWNWRUêKRYRUtåHDMGLDEHWLNMH]RGSRYHGQê]D
SRGĐDWRKRVLSULVS{VRELOYHþHUXLGiYNXLQ]XOtQX$NPiYãDNGLD VYRMH NRQDQLH 7R ]QDPHQi åH L NHć GRVWDQH RG OHNiUD SRWYU
EHWLNYFXG]LQHFKXĢQDQH]QiPHPLHVWQHãSHFLDOLW\SRGVWXSXMH GHQLHåHP{åHYLHVĢPRWRURYpYR]LGORPXVtVLXYHGRPLĢåHWR
UL]LNRNHćåHQHSR]QiSUHVQHLFK]ORåHQLH$NVLQDPLHVWRKRWHOD QLHMHQDYåG\DDNVS{VREtGRSUDYQ~KDYiULXQHP{åHVDY\KR
DOOLQFOXVLY]YROtGRYROHQNXSRGãLUiNRPEXGHPDĢSUREOpP\VR YiUDĢ åH MH GLDEHWLN -HKR SULPiUQRX SRYLQQRVĢRX MH PDĢ WDN~
VNODGRYDQtPLQ]XOtQX7DNåHE\PDOUDGãHMEUDĢKRWHO1HPDOE\ åLYRWRVSUiYXDE\FKRUREDMHKRVFKRSQRVĢãRIpURYDĢQHRYSO\YQL
tVĢViPGRQHREêYDQêFKREODVWtGRNUDMtQVQt]NRXK\JLHQRXDGR OD6DPR]UHMPHSDFLHQWLVĢDåNêPSRVWLKQXWtPRþtE\ãRIpURYDĢ
NUDMtQVQt]NRX~URYĖRXåLYRWQêFKSRGPLHQRN3ULGOKêFKOHWRFK QHPDOL-HGQR]QDþQHWUHED]G{UD]QLĢåHWtGLDEHWLFLNWRUtV~GH
FH]QLHNRĐNRþDVRYêFKSiVLHPPXVtYLDFSR]RUQRVWLYHQRYDĢRULHQ NRPSHQ]RYDQt D PDM~ þDVWHMãLH K\SRJO\NpPLH E\ QHPDOL YLHVĢ
WiFLLYþDVHDE\SUHVQHYHGHONHG\DSRGĐDDNpKRþDVXPi]QR DQLV~NURPQpYR]LGOR$OHSR]RU5R]GLHO\PHG]LGREUêPVWDYRP
YXMHVĢ DVWDYRPUR]NROtVDQêPV~GRVĢG\QDPLFNp
%H]SRGPLHQHþQHE\PDOPDĢYSRULDGNXFHVWRYQpSRLVWHQLH
2GSRU~þDPSULSUDYLĢVLQDMOHSãLHYGRPiFRPMD]\NXDOHPLQL 6SUDFRYDO%XOLFD5XGROISUHGVHGD=2',$'8%'XEQLFDQ9
PiOQH Y DQJOLþWLQH Y\KOiVHQLH åH MH GLDEHWLN D SUHWR SRWUHEXMH
'&$(NåQ 2/<03,É'$+9,(=',ÿ,(.
XNRQĀLODåNROXDRWYRULODOHWR
6OQLHþNRY\ãOR]UiQDDþDNDORQDGHWL]PDWHUVNêFK
3RþDVLHSLDWNRYpKRUiQDQH]DþDORSUiYHQDMOHSãLHDDMSUHGSRYHć ãN{ODE\LFKVSUHYiG]DORSRþDVLFKYHĐNpKRãSRUWRYpKR
GRNWRUD,ONDERODGRVĢSHVLPLVWLFNi9ãHWNRQDVYHGþRYDORWRPXåHåLD GĖD2O\PSLiG\KYLH]GLþLHN$GRþNDORVD3UHGGHYLD
GQD(NãQQHEXGH3RSROXGQtVDSRþDVLHXP~GULORDSUtSUDY\PRKOLGR WRXKRGLQRXVDSRVWXSQH]DSOQLOãWDGLyQQLHOHQGHĢPLDOH
VSLHĢNX]DþLDWNXSRGXMDWLD DM LFK URGLþPL V~URGHQFDPL D YãHWNêPL NWRUt RþDNiYDOL
+QHćQD~YRGWRUR]EDOLODGXEQLFNiVNXSLQDJUDI¿ĢiNRYVJUDI¿Ģiþ V~ĢDåHQLH PDOêFK ãSRUWRYFRY 3ULãLHO DM SULPiWRU PHVWD
NRX0RQLNRX3UYpþLDU\NRQW~U\EXG~FLFKGLHOVSUHYiG]DODNDSHOD0H DMHKR]iVWXSFDYHG~FLâÒYãHWN\ULDGLWHĐN\ãN{ODE\V
JDWK3RQLFKVDSUHGVWDYLODVYODVWQêPLVNODGEDPL9LYHUVD0HG]LMHG QDãLPLGUREFDPLSUHåLOLNUiVQ\]iåLWRN]iåLWRNV~ĢDåH
QRWOLYêPL NRQFHUWPL XS~WDOL SR]RUQRVĢ GLYiNRY SDUNRXULVWL ¿WQHVViþN\ QLD D ERMD R PHGDLOX 'HWL VD GUåDOL VWDWRþQH D ERMRYDOL
NDUDWLVWLDWDQHþQpYVWXS\VNXSLQ\.RU]R'DQFH1HFKêEDODQLGXEQLFNê HãWH YLDF DNR VPH RþDNiYDOL 3RY]EXG]RYDQp VYRMLPL
PDMVWHUVYHWDYGLVFRGDQFH$GDP%DUDEiã6SRQWiQQDNRQIHUHQFLHUND XþLWHĐNDPL D EOt]N\PL GRVDKRYDOL YêERUQp YêVOHGN\ 9
0DĢDGUåDODYãHWNêFKYGREUHMQiODGHDY\WYRULODYêERUQ~QiODGXDNRQD EHKX QD P VD QDMOHSãLH SUH]HQWRYDOL 0DUWLQ &KUR
MDYLVNXWDNLYKĐDGLVNX-HMRWi]NDPNWRUpPQRKRNUiWL]DVNRþLOLQHX PLDNþDVRPD%DUERUND.PRãNRYiþDVRPY
QLNROåLDGQ\]~þLQNXM~FLFK=iYHUFHOpKRSRGXMDWLDSDWULONDSHOH)ROORZ EHKXQDPSUHNiåN\VDSUHVDGLO1LFRODV0DUWLQHNþD
7KH&RZ VRPD6N\SVNi.DWDUtQNDþDVRP9KRGHNUL
3RWYUGLORVDWRåHYQDãRPPHVWHWYRUtPQRKRPODGêFKĐXGtNWRUêP NHWRYRXORSWLþNRXGRVLDKROQDMOHSãtYêNRQP)LD
WUHEDGDĢLEDSUtOHåLWRVĢDKODYQHVDGRVWDOLGRSRYHGRPLD'XEQLþDQRY OD$GDPDYNDWHJyULLGLHYþDW]DVD%DUERUND.PRãNRYi
3RGXMDWLH RWYRULOR ~VSHãQH OHWR D SUi]GQLQ\ 6FpQX '&$ (NãQ L GLHOD YêNRQRP P 9 SRVOHGQHM GLVFLSOtQH Y VNRNX GR
JUDI¿ĢiNRY VL EXGHWH P{FĢ SUH]ULHĢ YR YHVWLEXOH 0V'.$N L Y\ UREtWH GLDĐN\ ]DåLDULO7RPiã %{åLN YêNRQRP FP D /XFND
QLHþRþRE\VDGDORSUH]HQWRYDĢQDSRGREQRPSRGXMDWtGDMWHRVHEH 3DOPRYi YêNRQRP FP 9HUtP åH WLHWR GHWL QiMGX
YHGLHĢ XSODWQHQLHYãSRUWRYêFKRGYHWYLDFKDVWDQ~VDVNXWRþQê
5% PLKYLH]GLþNDPLãSRUWX$OHDMYãHWFLRVWDWQtNWRUtQHVWiOL
QDVWXSLHQNRFKV~YtĢD]PLOHERERMRYDOLþHVWQHDY\GDOL
]RVHEDPD[LPXP
9tĢD]RPFKODSFRY]D0âVDVWDORGUXåVWYRFKODSFRY
0â&,,DYtĢD]QêSRKiU]DGUXåVWYRGLHYþDWVLRGQLH
VOD0â&,&HONRYêPYtĢD]RPGUXåVWLHYVDVWDOD0â&,,
GUXKpPLHVWRREVDGLOD0â&,WUHWLHPLHVWR0â&,,D
ãWYUWpPLHVWRSDWUt0â&,,,
ĆDNXMHPH YãHWNêP VSRQ]RURP NWRUt VD DNRNRĐYHN
SRGLHĐDOLQDSUtSUDYHDSULHEHKXSUHWHNRYĆDNXMHPHDWOH
WLFNpPX D IXWEDORYpPX NOXEX ]D PRåQRVĢ XVSRULDGDĢ
W~WRDNFLXYQDMOHSãtFKSRGPLHQNDFK9HĐNiYćDNDSDWUt
DM XþLWHĐNiP -DQNH$XJXVWtQLRYHM D 0DMNH /XGYRYHM ]D
SUtSUDYX D RUJDQL]iFLX ãSRUWRYpKR GRSROXGQLD D YHUtP
åH WiWR P\ãOLHQND ]RVWDQH Y 'XEQLFL QDG 9iKRP WUDGt
FLRXDVWUHWQHPHVDRSlĢRURNQDURþQtNX2O\PSLiG\
KYLH]GLþLHN
0JU(YD.RVWROQiULDGLWHĐND=âV0â&,,