-Ï7È//È6,)(/7e7(/(.
*UDWXOiOXQNgQQHNH]HQPDJDVPLQĘVpJHWNpSYLVHOĘ' (:$/7
NpV]OpNPHJYiViUOiViKR])RJ\DV]WyNUpV]pUHpUWpNHVtWHWW
WHUPpNHLQNUH
)W±EUXWWypUWpNKDWiUN|]|WWpY
)W)WEUXWWypUWpNKDWiUN|]|WWpY
)WEUXWWypUWpNKDWiUIHOHWWpY
LGĘWDUWDP~MyWiOOiVWYiOODOXQN
$]iUXKLEiVWHOMHVtWpVHHVHWpQDIRJ\DV]WyWDMRJV]DEiO\
V]HULQWLNHOOpNV]DYDWRVViJLMRJRNJ\DNRUOiVDWpUtWpVPHQ
WHVHQPHJLOOHWLHMRJDLWDMyWiOOiVQHPpULQWL
$6WDQOH\%ODFN'HFNHU+XQJDU \.IWDMyWiOOiVNHOOpNpV
WHUPpNV]DYDWRVViJDODSMiQYpJ]HWWLJpQ\pUYpQ\HVtWpVWD
,91*0UHQGHOHWpVD,;
.RUPiQ\UHQGHOHW V]HULQW YpJ]L D MyWiOOiVL LGĘ LOOHWYH D
NHOOpN pV WHUPpNV]DYDWRVViJL MRJRN pU YpQ\HVtWKHWĘVp
JpQHNWHOMHVLGĘWDUWDPDDODWWDV]HULQWKRJ\DV]HU]ĘGpV
PHJN|WpVHNRUYDJ\D]WPHJHOĘ]ĘHQUHQGHONH]pVUHiOOy
pVNDSFVROyGyUHNOiPRNEDQIRJODOWIHOWpWHOHNV]HULQWIHOHO
DKLEiVWHOMHVtWpVpUW$]LJpQ\pUYpQ\HVtWpVOHKHWĘVpJH
D]iUXUpV]pWNpSH]ĘYDJ\D]]DO|VV]HNDSFVROWGLJLWiOLV
WDUWDORPUDpVGLJLWiOLVV]ROJiOWDWiVUDLVNLWHUMHG
D $IRJ\DV]WyMyWiOOiVLLJpQ\pWDMyWiOOiVLMHJJ\HOpUYp
Q\HVtWKHWLH]pU WNpUMND]WĘUL]]HPHJ1HPWHKHWĘD]
pU YpQ\HVtWpVIHOWpWHOpYpDWHUPpNIHOERQWRW WFVRPDJR
OiViQDNDIRJ\DV]WyiOWDOLYLVV]DV]ROJiOWDWiVD
E 9iViUOiVNRUDIRUJDOPD]yQDNNHUHVNHGĘQHND
MyWiOOiVLMHJ\HQIHONHOOWQWHWQLHDYiOODONR]iVQHYpW
DWHUPpND]RQRVtWiViUDDONDOPDVPHJQHYH]pVpW
pV WtSXViW WRYiEEi ± KD YDQ ± J\iUWiVL V]iPiW D
J\iUWyQHYpWFtPpWKDQHPD]RQRVDYiOODONR]iVVDO
YDODPLQWDV]HU]ĘGpVN|WpVLOOHWYHDWHUPpNIRJ\DV]Wy
UpV]pUHW|UWpQĘ iWDGiViQDNYDJ\YiOODONR]iViOWDOL
]HPEHKHO\H]pVpQHNLGĘSRQWMiW$MyWiOOiVLMHJ\HWD
IRUJDOPD]yNHUHVNHGĘQHYpEHQHOMiUyV]HPpO\QHN
DOiNHOOtUQLDpVDNHUHVNHGpVD]RQRVtWiViUDDONDOPDV
WDUWDOP~PLQLPXPFpJQpY ]OHWFtPHEpO\HJ]ĘYHO
ROYDVKDWyDQOHNHOOEpO\HJH]QLWRYiEEiHOHNWURQLNXV
GRNXPHQWXPRQW|UWpQĘiWDGiVHVHWpQWDUWDOPD]QLD
NHOOD]HOHNWURQLNXVDOitUiVW.pUMNNtVpUMH¿J\H
OHPPHODMyWiOOiVL MHJ\PHJIHOHOĘpUYpQ\HVtWpVpW
PLYHO D NLMHO|OW V]HUYL]HNQpO D MyWiOOiVL LJpQ\ pUYp
Q\HVMyWiOOiVLMHJJ\HOpUYpQ\HVtWKHWĘ$PHQQ\LEHQ
DMyWiOOiVLMHJ\V]DEiO\WDODQXONHUOWNLiOOtWiVUD
MyWiOOiVLLJpQ\pYHONpUMNIRUGXOMRQDWHUPpNHWD]gQ
UpV]pUHpUWpNHVtWĘ SDUWQHUQNK|]NHUHVNHGĘK|]
$]HOĘtUWWDUWDOP~MyWiOOiVLMHJ\HWDYiOODONR]iVHOHNW
URQLNXV ~WRQ LV iWDGKDWMD D IRJ\DV]Wy UpV]pUH KD
DQQDN WDUWDOPD PHJIHOHO D IHQWL N|YHWHOPpQ\HNQHN
pVDPHO\UHOHJNpV Ę EEDWHU PpNiWDGiVDYDJ\]HPEH
KHO\H]pVQDSMiQN|WHOHV$PHQQ\LEHQQHPN|]YHWOHQ
PHJNOGpVVHONHUOVRUD]iWDGiVUDKDQHPOHW|OWpVW
EL]WRVtWyHOpUpVLFtPIRUPiMiEDQ~J\DOHW|OWKHWĘVpJD
MyWiOOiVLLGĘYpJpLJQHPV]QWHWKHWĘPHJ
F $MyWiOOiVLMHJ\V]DEiO\WDODQNLiOOtWiVDYDJ\DIRJ\DV]Wy
UHQGHONH]pVpUHERFViWiViQDNHOPDUDGiVDQHPpULQWL
DMyWiOOiVL pUYpQ\HVVpJpW .pUMN KRJ\ DMyWiOOiVL
MHJ\HQNtYODQ\XJWiWYDJ\V]iPOiWLVV]tYHVNHGMHQ
PHJĘUL]QL D J\RUVDEE pV KDWpNRQ\DEE J\LQWp]pV
pUGHNpEHQPHU WDV]HU]ĘGpVPHJN|WpVHD ]HOOHQpU WpN
PHJ¿]HWpVpWLJD]ROyEL]RQ\ODWWDOLVEL]RQ\tWKDWy
G (OYHV]HWWMyWiOOiVLMHJ\HWFVDNDIRJ\DV]WyLV]HU]ĘGpV
OpWUHM|WWpWLJD]ROyQ\XJWDYDJ\V]iPODHOOHQpEHQ
WXGXQNSyWROQL
1HPWHUMHGNLDMyWiOOiV
D DPHQQ\LEHQDKLEDRNDUHQGHOWHWpVHOOHQHVLOOHWYH
DPHOOpNHOWPDJ\DUQ\HOYĦKDV]QiODWLNH]HOpVL~W
PXWDWyEDQIRJODOWDNWyOHOWpUĘKDV]QiODWiWDODNtWiV
V]DNV]HUĦWOHQNH]HOpVKHO\WHOHQWiUROiVHOHPLNiU
YDJ\HJ\pEDYiViU OiVXWiQDIRJ\DV]WypUGHNN|UpEHQ
NHOHWNH]HWWRNPLDWWN|YHWNH]LNEH
E D]RQDONDWUpV]HNUHDPHO\HNHVHWpEHQDPHJKLEiVR
GiVDMyWiOOiVLLGĘQEHOOLUHQGHOWHWpVV]HUĦKDV]QiODW
PHOOHWWD]DONDWUpV]HNWHUPpV]HWHVHOKDV]QiOyGiVD
NRSiVDPLDWWN|YHWNH]HWWEHtJ\NO|Q|VHQIĦUpV]
OiQFIĦUpV]ODSJ\DOXNpVPHJKDMWyV]tMFVDSiJ\DN
V]pQNHIHFVLOODJNHUpN
F DNpV]OpNW~OWHUKHOpVHPLDWWMHOHQWNH]ĘKLEiNUD
DPHO\HNDKDMWyPĦPHJKLEiVRGiViKR]YDJ\HJ\pE
HEEĘODGyGyNiURNKR]YH]HWQHN
G DWHUPpNQHPKLYDWDORVV]HUYL]EHQW|UWpQWMDYtWiViEyO
HUHGĘKLEiNUD
H D]RO\DQNiURVRGiVRNUDDPHO\HNQHPJ\iULNLHJpV]tWĘ
NpV]OpNHNpVWDUWR]pNRNKDV]QiODWiEyODGyGQDN
DPHQQ\LEHQDMyW iOOiVUDN|WHOH]HWWDV]DNV]HUYL]YDJ\
V]DNYpOHPpQ\iOWDOEL]RQ\tWMDKRJ\DKLEDDIHQWLRNRN
YDODPHO\LNpUHYH]HWKHWĘYLVV]D
$WHUPpNPHJKLEiVRGiVDHVHWpQDIRJ\DV]WyWD]DOiEEL
MRJRNLOOHWLNPHJ
D $ IRJ\DV]Wy HOVĘVRUEDQ D NLMDYtWiV YDJ\ FVHUH
LUiQWL LJpQ\pW D YiODV]WiVD V]HULQW D YiOODONR]iV
V]pNKHO\pQEiUPHO\WHOHSKHO\pQILyNWHOHSpQ
LOOHWYHNLMDYtWiVLUiQWLLJpQ\pWN|]YHWOHQODMyWiOOiVL
MHJ\HQIHOWQWHWHWWMDYtWyV]ROJiODWQiOLVpUYpQ\HVtWKHWL
7HUPpNV]DYDWRVViJNHUHWpEHQDIRJ\DV]WyDMyWiOOiVL
MHJ\HQIHOWQWHWHWWJ\iUWyWyOYDJ\IRUJDOPD]yWyOLV
N|YHWHOKHWLDKLEDNLMDYtWiViWYDJ\DWHUPpNNLFVHUpOp
VpWPHO\UHDIRUJDORPEDKR]DWDOWyOV]iPtWRWWNpWpY
HOWHOWpLJYDQOHKHWĘVpJH
E .pUMNKRJ\DKLEDIHOIHGH]pVpWN|YHWĘOHJU|YLGHEE
LGĘQEHOOV]tYHVNHGMHQ D]WDYiOODONR]iVQiOYDJ\
D V]HUYL]EHQ EHMHOHQWHQL $ IRJ\DV]WyQDN D] iUXW
D NLMDYtWiV YDJ\ NLFVHUpOpV WHOMHVtWpVH pUGHNpEHQ D
YiOODONR]iVUHQGHONH]pVpUHNHOOERFViWDQLD$YiOODO
NR]iVQDNDVDMiWN|OWVpJpUHNHOOEL]WRVtWDQLDDNLFVHUpOW
iUXYLVV]DYpWHOpW
F +DDIRJ\DV]WiVLFLNNDYiViUOiVWyOV]iPtWRWWKiURP
PXQNDQDSRQEHOOPHJKLEiVRGLNDIRJ\DV]WyH]HQ
LGĘWDUWDPRQEHOONpUKHWLDQQDNNLFVHUpOpVpWIHOWpYH
KRJ\DPHJKLEiVRGiVDUHQGHOWHWpVV]HUĦKDV]QiODWRW
DNDGiO\R]]D$KLEDIHQQiOOiViQDNYDJ\DUHQGHOWHWpV
V]HUĦKDV]QiODWRWDNDGiO\R]yPpUWpNPHJiOODStWiVi
KR]DNHUHVNHGĘJ\iUWyDV]DNV]HUYL]N|]UHPĦN|GpVpW
NpUKHWLYDJ\V]DNYpOHPpQ\WV]HUH]KHWEH
G $PHQQ\LEHQDMyWiOOiVLLJpQ\EHMHOHQWpVpWN|YHWĘHQD
YiOODONR]iVD]LJpQ\WHOMHVtWKHWĘVpJpUĘOD]RQQDOQHP
WXGQ\LODWNR]QL~J\|WPXQNDQDSRQEHOOLJD]ROKDWy
PyGRQpUWHVtWHQLHNHOODIRJ\DV]WyWD]iOOiVSRQWMiUyO
H $YiOODONR]iVQDNLOOHWYHDMDYtWyV]ROJiODWQDNW|UH
NHGQLHNHOODUUDKRJ\DNLMDYtWiVWYDJ\NLFVHUpOpVW
OHJIHOMHEE QDSRQEHOOPHJIHOHOĘPLQĘVpJEHQ
HOYpJH]]HHOYpJH]WHVVH+D DNLMDYtWiV YDJ\ NLFVH
UpOpV LGĘWDUWDPD D QDSRW PHJKDODGMD DNNRU D
YiOODONR]iVDIRJ\DV]WyWWiMpNR]WDWQLN|WHOHVDQQDN
YiUDWyLGĘWDUWDPiUyO$WiMpNR]WDWiVDIRJ\DV]WyHOĘ
]HWHVKR]]iMiUXOiVDHVHWpQHOHNWURQLNXV~WRQYDJ\D
IRJ\DV]WyiOWDOLiWYpWHOUHDONDOPDVPiVPyGRQW|UWpQLN
+DDMyWiOOiVLLGĘWDUWDPDODWWDWHUPpNHOVĘDOND
ORPPDOW|U WpQĘMDYtWiVDVRUiQPHJiOODStWiViWQ\HU
KRJ\DWHUPpNQHPMDYtWKDWy~J\DIRJ\DV]Wy
HOWpUĘUHQGHONH]pVHKLiQ\iEDQ QDSRQ EHOO NL
NHOOFVHUpOQL+DDFVHUpUHQLQFVOHKHWĘVpJ~J\
DPHJ¿]HWpVWLJD]ROyEL]RQ\ODWRQV]HUHSOĘEUXWWy
YpWHOiUDWQDSRQEHOON|WHOHVDYiOODONR]iVD
IRJ\DV]WyUpV]pUHYLVV]DWpUtWHQL
+DDMyWiOOiVLLGĘWDUWDPDODW WDWHUPpNDONDORPPDO
W|UWpQĘMDYtWiVWN|YHWĘHQLVPpWPHJKLEiVRGLND
IRJ\DV]WyHOWpUĘUHQGHONH]pVHKLiQ\iEDQYDODPLQW
KDDIRJ\DV]WyQHPLJpQ\OLDYpWHOiUDUiQ\RVOH
V]iOOtWiViWpVQHPNtYiQMDDWHUPpNHWDYiOODONR]iV
N|OWVpJpUHNLMDYtWDQLYDJ\PiVVDONLMDYtWWDWQL~J\
DPHJ¿]HWpVWLJD]ROyEL]RQ\ODWRQV]HUHSOĘEUXWWy