• Rezultati Niso Bili Najdeni

1$67$1$.,329,-(61,5$=92-5$1265('1-29-(.2912*'9,*5$'$

N/A
N/A
Protected

Academic year: 2022

Share "1$67$1$.,329,-(61,5$=92-5$1265('1-29-(.2912*'9,*5$'$"

Copied!
10
0
0

Celotno besedilo

(1)

RULJLQDOVFLHQWLILFDUWLFOH 8'&'YLJUDG

UHFHLYHG

1$67$1$.,329,-(61,5$=92-5$1265('1-29-(.2912*'9,*5$'$

0DXUL]LR/(9$.

0RAQÜEHEPA'QNF=!K>NEHAQ-QHE,@FAHV=DQI=JEOPEÜGAVJ=JKOPE%/-QH=2HE?=&*=PAPEÚ=/KJFCKR=

AI=EH!I=QNEVEKHAR=G$LQDPJAPDN

,=9/(Þ(.

9/LPVNLGUDJLGROJLNUDÈNLGROLQLNLVHRG/LPVNHJD]DOLYD]DMHGDJORERNRYVDPRVUHGLÈßHLVWUVNHJDSRORWRND QDMGHPR VUHGQMHYHÈNL JUDG 'YLJUDG NL MH RG VWROHWMD GDOMH ]DSXÈßHQ *UDG MH ELO ]JUDMHQ Y QHPLUQLK ßDVLK ]JRGQMHJD VUHGQMHJD YHND Y REGREMX VSORÈQH QHYDUQRVWL NL VR MR SRY]URßLOL SROLWLßQD LQ JRVSRGDUVND NUL]D SR]QRULPVNH GUÊDYH LQ SURGRUL EDUEDUVNLK SOHPHQ QD QMHQR R]HPOMH =DUDGL XJRGQH JHRJUDIVNH OHJH QD NULÊLÈßX SRPHPEQLK SRWL VH MH 'YLJUDG Y ßDVX EL]DQWLQVNH XSUDYH UD]YLO Y GREUR XWUMHQR QDVHOMH V SRPHPEQR YORJR Y REUDPEQHP VLVWHPX SRNUDMLQH 3ULKRG IUDQNRYVNH REODVWL QMHJRYHJD UD]YRMD QL XSRßDVQLO VDM MH WXGL Y QRYLK SROLWLßQLK LQ JRVSRGDUVNLK RNROLÈßLQDK JUDG RKUDQLO JHRVWUDWHÈNR YORJR YH]QHJD ßOHQD PHG SXOMVNLP LQ SRUHÈNLP SRGURßMHPWHUPHGPRUVNRREDORLQVUHGLÈßHP,VWUH

.OMXÞQHEHVHGH]JRGQMLVUHGQMLYHN'YLJUDG/LPVNDGUDJDJUDGRYL

1$6&,7$(69,/83326725,&2'(/&$67(//2$/720(',(9$/(','8(&$67(//,

6,17(6,

1HO1HOOD'UDJD/LPVNDGUDJDOXQJDYDOOHFDUVLFDFKHGDOODEDLDGL/HPHSHQHWUDSURIRQGDPHQWHQHOFHQWUR VWHVVR GHOOD SHQLVROD LVWULDQD VL WURYD LO FDVWHOOR PHGLHYDOH GL 'XHFDVWHOOL 'YLJUDG FKH IX DEEDQGRQDWR QHO ;9,, VHFROR /D FRVWUX]LRQH GHO FDVWHOOR ULVDOH D WHPSL LUUHTXLHWL GHOODOWR 0HGLRHYR DO SHULRGR GL JHQHUDOH SHULFROR FDXVDWR GD XQD FULVL SROLWLFD HG HFRQRPLFD GHOOLPSHUR WDUGRURPDQR H GDOOD SHQHWUD]LRQH QHO VXR WHUULWRULR GHOOH WULE|EDUEDUH$FDXVDGLXQDIDYRUHYROHSRVL]LRQHJHRJUDILFDDOOLQFURFLRWUDOHYLHSL|LPSRUWDQWL'XHFDVWHOOLVL VYLOXSSwVRWWRODPPLQLVWUD]LRQHEL]DQWLQDLQXQDELWDWREHQIRUWLILFDWRVYROJHQWHXQLPSRUWDQWHUXRORQHOVLVWHPDGL GLIHVDGHOODUHJLRQH/DVXFFHVVLYDGRPLQD]LRQHIUDQFDQRQQHUDOOHQWwORVYLOXSSRQHOODQXRYDVLWXD]LRQHSROLWLFD HGHFRQRPLFDLOFDVWHOORLQIDWWLPDQWHQQHXQUXROR JHRVWUDWHJLFR GL HOHPHQWRFRQQHWWLYR WUD LO WHUULWRULR SROHVH H TXHOORSDUHQWLQRQRQFKnWUDODULYDGHOPDUHHLOFHQWURGHOO,VWULD

3DUROHFKLDYHDOWR0HGLRHYR'XHFDVWHOOL'UDJDFDVWHOOL

(2)

35$329,-(61,.25,-(1,

/LPVND GUDJD 'UDJD GXJD NUDÊND XGROLQD NDR QD VWDYDN /LPVNRJD ]DOMHYD V MHGQH MH VWUDQH WLVXßOMHßLPD ELOD SULURGQRP ]DSUHNRP NRPXQLNDFLMDPD L]PHâX ]D SDGQH L MXÌQH ,VWUH D V GUXJH MH SUHGVWDYOMDOD L]X]HWQR SRJRGQXYH]XL]PHâX]DSDGQHREDOHLVUHGLÊQMHJGLMHOD SROXRWRND /XáQR VH SURVWLUXßL RG %HUDPVNH YDOH GR NUDMQMHJGRVHJDPRUVNRJ]DOMHYD9UK/LPDPLMHQMDMXßL NRG.DQIDQDUDVPMHUVMHYHUŸMXJXLVWRNŸ]DSDGRQDL GDQDV X VYLMHVWL ,VWUDQD SUHGVWDYOMD UD]GMHOQLFX L]PHâX SRGUXáMDGUXJDáLMLKPHQWDOLWHWDLJRYRUD

1DVUHGMHGQRJRGQMH]LQDGYDQDMXÌDGLMHODGUXJRMH VXÌHQMHVMHYHUQRRG.DQIDQDUDX]GLÌHVHEUHÌXOMDNNRML MH YHß X SUDSRYLMHVWL SUHSR]QDW NDR YUOR SRYROMDQ ]D RVQLYDQMH WUDMQRJ OMXGVNRJ RELWDYDOLÊWD 6 QMHJD VH MH PRJDRQDG]LUDWLSURPHWOMXGLLUREDNDNRSUHNR'UDJH WDNRLGXÌQMHDVYRMLPMHREOLNRPELRSRJRGDQ]DL]

JUDGQMX JUDGLQVNRJ QDVHOMD 7DNR QD QMHPX QDVWDMH WL SLáQR WHUDVDVWR JUDGLQVNR QDVHOMH SUDSRYLMHVQLK ,VWUDQD SRSXW PQRJLK GUXJLK GLOMHP SROXRWRND 3ULJRGRP L]

JUDGQMH FHVWH .DQIDQDU Ÿ 0UJDQL SURQDâHQL VX XORPFL NHUDPLNH WH EURQáDQLK L ÌHOMH]QLK SUHGPHWD L]

SUDSRYLMHVQRJ GRED 6FKLDYX]]L 8RSßH MH SRGUXáMH 'UDJH X WR GRED ELOR JXÊßH QDVHOMHQR Ÿ ÊWR ]ERJ SORGQH ]HPOMH X GQX 'UDJH ÊWR ]ERJ EURMQLK L]YRUDYRGHNRMLPDRVWDOLGLMHORYLMXÌQHL]DSDGQH,VWUH XJODYQRP RVNXGLMHYDMX Ÿ R áHPX VYMHGRáH RVWDWFL JUD GLQVNLK QDVHOMD QD QMH]LQLP REURQFLPD 0DWRÊHYLß

Ÿ0LKRYLOLß

3$;520$1$

1DNRQULPVNRJRVYRMHQMD,VWUHSRVWXSQRMHSURYHGHQ SURFHV SDFLILNDFLMH NRML MH GRQLR VWDELOQRVW SRUHWND WH MDYQXVLJXUQRVWÊWRMHSRJRGRYDORUD]YLWNXJRVSRGDUVWYD 6WDQRYQLÊWYR NUR] GXÌH UD]GREOMH QHPD UD]ORJD ]D RVMHßDMXJURÌHQRVWLLQHVLJXUQRVWLSDVSRQWDQR]DSRáLQMH QDSXÊWDWL JUDGLQVND QDVHOMD NRMD VH X WDNYLP RSßLP SULOLNDPD SRND]XMX QHSUDNWLáQLPD 1HULMHWNR QRYD QD VHOMDQDVWDMXXQHSRVUHGQRMEOL]LQLVWDULKWRMHVWXSRG QRÌMX LVWRJD EULMHJD L RWYRUHQRJ VX WLSD 6WDUD VH SDN QDVHOMD X SRWSXQRVWL QDSXÊWDMX LOL X QMLPD RVWDMX VDPR ULMHWNLVWDQRYQLFL

7DNRVXLJUDGLQHRNR'UDJHXWRGREDQDSXÊWHQHD QMLKRYLVHVWDQRYQLFLSUHVHOLOLQDSRJRGQLMDLPPMHVWD]D ÌLYRW1DVHOMHPHâXWLPQDPMHVWX'YLJUDGDNRMHPXQH ]QDPR WDGDÊQMHJ LPHQD YMHURMDWQR QLMH QDSXÊWHQR Ÿ SRSXWSULPMHULFHJUDGLQH.DÊWHOMLUQDOLMHYLPREURQFLPD 'UDJH VMHYHUQR RG .DQIDQDUD 0LKRYLOLß Ÿ QHJR MH QDVWDYLOR ÌLYMHWL DOL ]DVLJXUQR V L]PLMHQMHQLP ]QDáDMNDPD 3UHWSRVWDYOMD VH GD QLMH QDSXÊWHQR SULMH VYHJD ]ERJ QMHJRYD L]X]HWQD VWUDWHÊND ]QDáDMD ]D QDG ]RUNRSQHQLKNRPXQLNDFLMD3RUHGYHßVSRPHQXWLKSUD YDFD VMHYHU Ÿ MXJYLD )ODYLD L ]DSDG Ÿ LVWRN REDOD Ÿ VUHGLÊQMD,VWUDXDQWLFLMHDNRQHYHßLSULMHX]DQDVHOMH SUROD]LOD L SURPHWQLFD NRMD MH L] %DOD YRGLOD SUHPD .ULQJL 6FKLDYX]]L SRGUXáMX NRMH MH X WR GRED VXGHßL SR DUKHRORÊNLP QDOD]LPD 0ODNDU

Ÿ 0DWLMDÊLß WDNRâHU ELOR JXÊßH QDVH OMHQR7DNDYMH]HPOMRSLVQLSRORÌDMXSUDYRQDPHWDRSR

6O8UEDQLVWLàNHFMHOLQH'YLJUDGD%URJLROR0DODJXWL5LDYH]SUHPD0DUXÉLÞ )LJ8UEDQXQLWVRI'YLJUDG%URJLROR0DODJXWL5LDYH]IURP0DUXÉLÞ

(3)

WUHEX]DYRMQLPXSRULÊWHPSDVHQDVHOMHQDEULMHJXQLMH XJDVLOR ]DKYDOMXMXßL YRMQRM SRVDGL .RQWLQXLWHW QDVHOMH QRVWL NUR] DQWLNX QHGYRMEHQR MH DUKHRORÊNL SRWYUâHQ QDOD]LPD NHUDPLNH ÌHOMH]QRJ RUXÌMD SUHGPHWD VYDNR GQHYQHXSRUDEHLQRYFD6FKLDYX]]LWHNDPH QLK VSRPHQLND 0DUXÊLß 7R LSDN QH EL WUH EDORLVNOMXáLYDWLSRVWRMDQMHLPDQMHJQL]LQVNRJQDVHOMDX DQWLáNR GRED ]D NRMH SRVWRML PLÊOMHQMH GD VH MH PRJOR QDOD]LWL QD SRGUXáMX RNR FUNYH VY 0DULMH RG /DNXßD

%DOGLQL

3RUHG UXEQRJ SRORÌDMD QD JUDQLFL SXOVNRJ V SRUHá NLPDJHURPJUDQLáQRVWVHMHDQWLáNRJ'YLJUDGDRJOHGDOD LXQMHJRYXVPMHÊWDMXXSULMHOD]QRPSRMDVXL]PHâXSRG UXáMD MDNH URPDQL]DFLMH L RQRJ VODELMH ,VWUD MH NDNR MH SR]QDWR NUR] áLWDYX DQWLNX ]DGUÌDOD XRáOMLYX SRGYRMH QRVWQDÊLULSULREDOQLSURVWRUSRGMDNLPXWMHFDMHPULPVNH NXOWXUH L XQXWDUQMRVW JGMH VX L GDOMH SUHYODGDYDOL SUHG ULPVNLREOLFLÌLYRWDLSULYUHâLYDQMD5RPDQL]DFLMDMHELOD QDMVODELMD QD R]HPOMX NRMH QLMH QL ELOR XNOMXáHQR X NRORQLMVNLDJHU3XOHL3RUHáDDOLMHLQDVDPRPSRGUXáMX DJHUÔLQWHQ]LWHWELWQRVODELRVRE]LURPQDXGDOMHQRVWRG PRUVNH REDOH 5DVSURVWUDQMHQRVW WUDJRYD UXVWLáNLK YLOD VLPERODURPDQL]LUDQRJQDáLQDRUJDQL]DFLMHSROMRGMHOVNH SURL]YRGQMHLJUDGVNRJXWMHFDMDQDL]YDQJUDGVNLSURVWRU NDRLSRVMHGRYQHWRSRQRPDVWLNHSRND]XMHNDNRMHQMLPD ELRJXVWRSUHNULYHQSULREDOQLSRMDVGRNVXMHGLQDPMHVWD ]DPMHWQRJSURGRUDXQXWULQXSROXRWRNDELODQD3XOÊWLQL ]ERJ WRJD ÊWR MH WR QL]LQVNR SRGUXáMH WH ]ERJ XYXáH QRVWL X -DGUDQ L X GROLQL 0LUQH 8 /LPVNRM GUDJL L SRGUXáMXX]QMXULMHWNLVXWUDJRYLULPVNHUXUDOQHDUKLWHN WXUH GRN WRSRQLPD SRVMHGRYQRJ WLSD RQGMH JRWRYR GD QHPD 0DWLMDÊLß Ÿ 'RN MH GROLQD 0LUQH ]ERJ VYRMH SORGQRVWL L VUHGR]HPQH NOLPH WH SORYQRVWL GRQMHJ WRND ULMHNH NRMLP VX VH PRJOL L]YR]LWL SURL]YRGL ELODSULYODáQDULPVNRP]HPOMRSRVMHGQLFLPD'UDJDMHŸ

ÊWR]ERJPDQMHSORGQH]HPOMHÊWR]ERJNUDWNRJSORYQRJ SXWD Ÿ RVWDOD SR VYHPX VXGHßL SRGUXáMHP PDORSR VMHGQLáNRJ SROMRGMHOVWYD VWDURVMHGLODáNRJ VWDQRYQLÊWYD NRMH VH MH SRVWXSQR URPDQL]LUDOR WH GRVHOMHQLK ,WDODFD NRMLKMHYMHURMDWQRELOREDUHPX]DSDGQRPGLMHOXMHUVX WUDJRYL FHQWXULMDFLMH ]HPOMLÊWD XVWDQRYOMHQL X QHSRVUHG QRM RNROLFL /LPVNRJ ]DOMHYD .UL]PDQLFK Ÿ

=DYMHWQLÌUWYHQLNSRVYHßHQDXWRKWRQRPERÌDQVWYX (MLSURQDâHQX'YLJUDGX0DUXÊLßWDE;;

*LUDUGL-XUNLßSRWYUâXMHSURÌLPDQMHVWD URVMHGLODáNHLULPVNHNXOWXUH3XWSUHPDVUHGLÊQMRM,VWUL ELRMHRGRGUHâHQHYDÌQRVWL]DGRPRURGFHDOL QH L ]D ULPVNXXSUDYXNRMDLPMHVUHGLÊQMLGLR,VWUHSUHSXVWLODQH VPDWUDMXßL JD RVRELWR ]QDáDMQLP X SULYUHGQRP L SUR PHWQRP VPLVOX 1D NRODQMH OMXGL L URED X ULPVNRP MH GUXÊWYX SUHVXGQR XWMHFDOD PUHÌD PRUVNLK L ULMHáQLK NR PXQLNDFLMD D QHSRVWRMDQMH MH SORYQLK ULMHND V L]X]HW

NRPGRQMH0LUQHX]URNRYDORL]ROLUDQRVWVUHGLÊQMHJGLMH OD ,VWUH WLP SULMH ÊWR MH QMH]LQD SROXRWRáQRVW RPRJX ßDYDODRSORYOMDYDQMHDSRWUHEH]DNRSQHQLPNRPXQLND FLMDPD X SRWSXQRVWL VX ELOH ]DGRYROMHQH SULREDOQLP FHVWDPD7UVWŸ3XODL3XODŸ7DUVDWLNDWHFHVWRP$NYLOHMD

Ÿ7DUVDWLNDNRMRPVHMHL]EMHJDYDOR]DODÌHQMHQDSROX RWRN

'2%$1(6,*851267,.$675,=$&,-$

8 ,VWUL MH UD]GREOMH PLUD SRWUDMDOR GXÌH QHJR X VX VMHGQLP ]HPOMDPD NRMH VX X YHß ,9 L 9 VW ELOH SR JRâHQH SURYDODPD EDUEDUVNLK SOHPHQD .DNR VH RVLP QDMVMHYHUQLMHJ GLMHOD NRML MH SUHOD]LR QMH]LQH ]HPOMR SLVQHJUDQLFHQLMHQDOD]LODQDSXWXSURGLUDQMDQDSDGDáD SUHPD $SHQLQVNRP SROXRWRNX WH ]ERJ WRJD ÊWR NDR SROXRWRN QLMH PRJOD ELWL SUROD]QLP SRGUXáMHP ]D SR KRGHXELORNRMHPGDOMQMHPVPMHUXXVSMHODMHVDáXYDWL VYRMH OMXGVNH L JRVSRGDUVNH VQDJH ]D MRÊ GYD VWROMHßD ,SDN X]QHPLUXMXßH YLMHVWL L] VXVMHGQLK SRNUDMLQD NDR L SULVWL]DQMHL]EMHJOLFDL]3DQRQLMHL1RULND]DVLJXUQRVX ÊLULOH RVMHßDM QHVLJXUQRVWL L SRWHQFLMDOQH XJUR]H PHâX VWDQRYQLFLPDSROXRWRND2EQDYOMDMXVHLRMDáDYDMXJUDG VNH ]LGLQH D VWDQRYQLÊWYR L]YDQJUDGVNRJ SRGUXáMD SR áLQMH VH RNXSOMDWL X ]ELMHQLP QDVHOMLPD 5XVWLáNH YLOH GRWDGVLPEROLXVSMHÊQRVWLULPVNRJJRVSRGDUVNRJVXVWDYD X QRYLP RNROQRVWLPD SROLWLáNH QHVWDELOQRVWL L JRVSR GDUVNH NUL]H WH XJURÌHQLK NRPXQLNDFLMD VPDQMXMX SUR L]YRGQMXNRMDELYDRJUDQLáHQDQDPMHVQRWUÌLÊWH3URYDOD /DQJREDUGD X ,WDOLMX L QMLKRYD L]JUDGQMD SROLWLáNH YODVWL QD RVYRMHQRP R]HPOMX GXJRURáQR MH RVWYDULOD VQDÌDQ XWMHFDM QD SULOLNH X ,VWUL .DNR MH WLPH SRVWDOD SRJUD QLáQRP SRNUDMLQRP X QMRM QXÌQR GROD]L GR PLOLWDUL ]DFLMHXSUDYHSRVWXSQLPVUDVWDQMHPFLYLOQHLYRMQHYOD VWLDSURFHVXWYUâLYDQMDVHLQWHQ]LYLUD1DVWDMHQL]QRYLK XWYUâHQLKQDVHOMD QD]D WR SRJRGQLPPMHVWLPDD WR VX SUYHQVWYHQR YUKRYL EUHÌXOMDND X QXWULQL L SROXRWRFL QD PRUVNRMREDOL0HâXQMLPDRVRELWRGRELYDMXQD]QDáDMX PMHVWD NRMD VX VH QDOD]LOD QD YDÌQLP SURPHWQLP SUDY FLPD QD NRMLPD VH MH PRJDR RáHNLYDWL SURGRU QHSULMD WHOMD QD SROXRWRN L SRWRP X GUXJH QMHJRYH GLMHORYH 7DNYL NDÊWHOL QLVX LPDOL VDPR ]DGDßX ]DÊWLWH YODVWLWLK VWDQRYQLND L RQLK L] QHSRVUHGQH LOLÊLUH RNROLFH QHJR L SULMHáHQMHGDOMQMHJQDSUHGRYDQMDXSDGDáD

'YLJUDGVNLMHNDÊWHOV RE]LURP QD VYRM SRORÌDM QH VXPQMLYRLPDRWDNYXXORJX1MHJRYMHVPMHÊWDMELRLGH DODQ]DQDG]RUSURPHWQLFHSUHNR'UDJHNDRLRQHX]GXÌ QMH 3UDYDF VH MH SURGRUD QHSULMDWHOMD QDLPH PRJDR RáHNLYDWL NDNR RG VMHYHUD SUHPD MXJX WDNR L RG LVWRND SUHPD]DSDGQRMREDOL=ERJ WRJD MHVDVYLP XWHPHOMHQD SUHWSRVWDYND NDNR MH X GRED RSßH NDVWUL]DFLMH WM XWYU âLYDQMD QDVHOMHQLK PMHVWD X ,VWUL L X 'UDJL REQRYOMHQR

NPRAJEGFA"FE "E=AQCQOP=A@=KLK@EÚE$JAF-KHAJ?EFAÜEFECAJPEHE?EFKPGNER=@=OAFAN=@EHKKLQHOGKICN=@OGKIKOHK>KtAJEGQEHE JFACKRQLKPKIGQ *=NQEÚ

(4)

LGRGDWQRXWYUâHQRQDVHOMHQDEULMHJXDXJDVLORVHRQR XQMJRYRPSRGQRÌMX2SVHJ]LGLQDNDÊWHODQLMH]DVDGD XVWDQRYOMHQMHUQLVXSRGX]LPDQDREXKYDWQLMDDUKHRORÊND LVWUDÌLYDQMDVWRP]DGDßRPDOLVHSUHWSRVWDYOMDNDNRMH REXKYDßDR VUHGLÊQML GLR EULMHJD SURWHÌXßL VH QMHJRYLP QDMVWUPLMLP GLMHORYLPD 7DNR MH LVWUDÌLYDQMH PDQMHJ SRGUXáMD X] NDVQRVUHGQMRYMHNRYQH ]LGLQH MXJR]DSDGQL NXW YLGL VOLNX SRND]DOR GD VX VH X QMLKRYRM QHSRVUHGQRM EOL]LQL SURWH]DOH UDQRVUHGQMRYMHNRYQH D PRÌGD L NDVQRDQWLáNH ]LGLQH %URJLROR 0DODJXWL 5LD

YH]Ÿ1DVDPRPMHYUKXEULMHJDYHßX

GUXJRM SRORYLQL 9 VW L]JUDâHQD FUNYD VY 6RILMH SUD YRNXWQRJWORFUWDVMHGQRPXSLVDQRPDSVLGRP0DUXÊLß

%URJLROR0DODJXWL5LDYH]

Ÿ 7DM MH WLS FUNYHQRJ JUDGLWHOMVWYD ELR YUOR UDÊLUHQ X ,VWUL NUR] GXÌH YULMHPH 0DUXÊLß D D GYLJUDGVND MH FUNYD X] GUXJX ID]X FUNYH VY 7RPH X 3XOL QDMVWDULMD SR]QDWD QDP WDNYD FUNYD QD SROXRWRNX 0DUXÊLß E Ÿ 1MH]LQ VPMHÊWDM QD WUJX XND]XMH QD LVWRGREQRVW JUDGQMH WH FUNYH V GR YUÊHWNRPSURFHVDSUHUDVWDQMDYRMQHXWYUGHPRWULOLÊWD"X XUEDQRQDVHOMHNRMHMHGRVWLJORSURVWRUQHJRVSRGDUVNHL GHPRJUDIVNH SUHGXYMHWH MDYOMDQMD SRWUHEH ]D RGJRYD UDMXßLP NXOWQLP PMHVWRP =D UD]OLNX RG NRORQLMVNLK JUDGRYDJGMHVXVWDURNUÊßDQVNHFUNYHSRGL]DQHQDPMH VWLPD LOL SUHQDPMHQRP QHNDGDÊQMLK JUDâHYLQD MDYQH QDPMHQHSUHWNUÊßDQVNLKKUDPRYDLOLPMHVWLPDYH]DQLPD X]GMHORYDQMHNUÊßDQVNLKPXáHQLNDNRMDQLVXQXÌQRELOD YH]DQDX]VUHGLÊWHXUEDQRJDÌLYRWDPMHVWRMHSRGL]DQMD GYLJUDGVNH FUNYH RGDEUDQR LVNOMXáLYR V RE]LURP QD QMHJRYXQDPMHQX0DUXÊLßE

0LOLWDUL]DFLMD GUXÊWYD XEU]DQD ODQJREDUGVNRP RSDV QRÊßXRGNUDMDÊH]GHVHWLKJRGLQD9,VW SRND]DOD VH MH QHRSKRGQRP MHU VX YHß SRWNUDM LVWRJDVWROMHßD ]DELOMH ÌHQL SUYL SOMDáNDÊNL SURGRUL 6ODYHQD X ,VWUX =D SUYL SR]QDWL XSDG NRML MH VX]ELMHQ VPDWUD VH GD MH ELR XVPMHUHQ QD VMHYHUQL LOL VMHYHUR]DSDGQL GLR SROXRWRND ÉWLKDOLMH]DMHGDQRGVOMHGHßLKRNRŸ

]DELOMHÌHQR NDNR VX QDSDGDáL RYRJD SXWD /DQ JREDUGL XGUXÌHQL VD 6ODYHQLPD L $YDULPD áLWDYX ,VWUX RSXVWRÊLOLRJQMHPLSOMDáNRP3DYDRDNRQ,9 7RQHPRUD]QDáLWLGDMHGRLVWDVWUDGDODVYD,VWUDDOL WUHED RáHNLYDWL GD VX QDSDGDáL SURGUOL GXERNR X QMX YMHURMDWQRLSUHNR'UDJH6RE]LURPQDWRGDMH3XOÊWLQD MRÊXDQWLFLELODQDMUD]YLMHQLMLLQDMERJDWLMLGLRSROXRWRND XVPMHUHQRVW SURGRUD YHßLK EDUEDUVNLK VNXSLQD SUHPD QMRMELODELVDVYLPRáHNLYDQDQHRYLVQRRSUDYFXXSDGD X,VWUXWMMHVXOLSURGUOLVLVWRNDLOLVMHYHUD.DNRVHX]

$YDUHVSRPLQMXL/DQJREDUGLPRJXßHMHGDVHMHXSDG GRJRGLR L] RED VPMHUD 8 VYDNRP VOXáDMX EXGXßL GD L]YRU JRYRUL R SXVWRÊHQMX L SOMDáNL YMHURMDWQR VH MH UDGLOR R KDUDQMX L]YDQJUDGVNLK SRGUXáMD 6OMHGHßL PH âXWLP ]DSLV NRML VH RGQRVL QD UD]GREOMH RNR R XSDGX6ODYHQDQDYRGLNDNRVXRQLSRELYÊLSULWRPSXQR YRMQLND QHPLORVUGQR RSOMDáNDOL SRNUDMLQX 3DYDRD NRQ ,9 =ERJ WRJD VH WRP SURGRUX SULSLVXMX UD ]DUDQMHED]LOLNHX9UVDUXFUNYHVY)RÊNHNRGËPLQMDWH FUNDYD X 5LPX NRG 5RáD QD 5RJDWLFDPD NRG 6WDURJ

*RáDQD L NRG 0XQWDMDQH 0DUXÊLß SD L UD]DUDQMH1H]DNFLMD0DUXÊLߟ%H]RE]LUD QD WR MHVX OL WL REMHNWL GRLVWD VWUDGDOL WDGD LOL ]D NRMHJD GUXJRJVODYHQVNRJXSDGDQHÊWRSULMHLOLSRVOLMHRáLWRMH GD VX QDSDGDáL XVSMHOL SURGULMHWL X MHGQRP LOL YLÊH QDYUDWDGXERNRX,VWUXXSRMHGLQLPVOXáDMHYLPDVYHGR QHSRVUHGQHRNROLFH3XOH1H]DNFLMLOLQD]DSDGQXREDOX 9UVDU1HPDVXPQMHGDMHVRE]LURPQDEOL]LQX9UVDUD L ËPLQMD L SRGUXáMH 'YLJUDGD ELOR L]ORÌHQR SXVWRÊH QMLPD DOL MH VDP NDÊWHO ELR VLJXUQLP ]DNORQRP VYRMLP VWDQRYQLFLPD L RQLPD L] RNROLFH NRML VX VH X QMHJD VNODQMDOLMHUQLVXSURQDâHQLWUDJRYLUD]DUDQMD7RQHWUH EDáXGLWLEXGXßLGD6ODYHQLQLVXQLGUXJHNDÊWHOHXVSMHOL D PRÌGD YHßLQRP QL SRNXÊDYDOL ]DX]HWL QHJR VX VH ]DGRYROMDYDOLSOMDáNRPLUD]DUDQMHPQH]DÊWLßHQRJSRG UXáMD 3ULPMHULFH QDVWUDGDOD MH JUREOMDQVND FUNYD X QHSRVUHGQRMEOL]LQL6WDURJD*RáDQDDOLQHLNDÊWHO6YH VX VH XRVWDORP JRUH QDEURMHQH FUNYH QDOD]LOH L]YDQ JUDGVNLK ]LGLQD D MHGLQL MH SR]QDWL VOXáDM VWUDGDYDQMD XWYUâHQRJPMHVWDXVWDQRYOMHQ]D1H]DNFLM

=DUD]GREOMHPSOMDáNDÊNLKXSDGDX,VWUXXVOLMHGLRMH SURFHV VODYHQVNRJ ]DGUÌDYDQMD X QMRM L SRWRP WUDMQRJ RVWDQND QDVHOMDYDQMHP X QMH]LQLP ]D WR QDMSRJRGQLMLP NUDMHYLPD VMHYHUQRP L VUHGLÊQMHP NDNR ]ERJ QMLKRYH UMHâH QDVHOMHQRVWL WH VWRJD L VODELMH EUDQMHQRVWL WDNR L ]ERJ VLJXUQRJD ]DOHâD X ÞLßDULML L 8áNL L]D NRMLK VX VH YHß UDQLMH QDVHOLOL 2 WLP YUHPHQLPD VYMHGRáL ]DSLV R GMHORYDQMX RSDWD 0DUWLQD NRMHJD MH SDSD ,YDQ ,9 RNR SRVODRX,VWUXL'DOPDFLMXVD]DGDßRPGDQRYFHP RWNXSOMXMH ]DUREOMHQLNH L] VODYHQVNRJ ]DWRáHQLÊWYD 7R ]QDáLGDVXVH6ODYHQLGXÌHYULMHPH]DGUÌDYDOLDNRQH YHß L WUDMQR QDVWDQLOL X ,VWUL MHU EL X SURWLYQRP ]D UREOMHQLNHRGYRGLOLVDVRERPSUHNRÞLßDULMHL8áNHSD ELLKLRSDW0DUWLQPRUDRWUDÌLWLL]YDQ,VWUH2WUDMQRML QHSRVUHGQRMXJURÌHQRVWLLVWDUVNLKREDOQLKJUDGRYDEOL]L QRP 6ODYHQD JRYRUL L SRGDWDN GD MH L] QMLK YMHURMDWQR LVWRP SULJRGRP VSRPHQXWL RSDW X 5LP VNORQLR PRßL LVWDUVNLKVYHWDFDLPXáHQLND'XFKHVQH

-NKJ=tAJEKOP=P?EJ=FOP=NEFACK>N=I>AJKCVE@= B=V=JEOQ@=PEN=JE=HEOQ=NDAKHKGEOHKFAREKPGNERAJEQV=JF B=V=@=PEN=JEQ3&&&„&5 OPKHFAÚA QPKNE LNAPLKOP=RHF=FQ @= FA N=JKONA@JFKRFAGKRJ= QPRN@= K>QDR=Ú=H= >=NAI K>NKJ=G K@ ?NGRA OR 0KBEFA @K EOPN=ER=JKC OAGPKN=

*=NQEÚ OI=PN= @= OA HEGKRJ= QIFAPJKOP Q &OPNE GNKV @NQCQ LKHKREJQ 3 E 3& OPKHFAÚA KOHK>=t= KREOJKOPE K QPFA?=FEI= EV ,CHAF= E

$N=@A=EKPR=N=LNAI=@NQCEIONA@EPEI=PA@=QPKILKREFAOJKIOQNFAÜFQR=HF=CHA@=PEN=t=JFAKJKCPEL=?NGRAJA=NDEPAGPQNAGKFEOA IKAJ=VR=PEEOP=NOGEIQLN=RKIOIEOHQNEFAÜEEV=GKFACOQPELEÜJEÜAPRNP=OPELNKOPKNE=LOE@=QLEO=J=QN=RJKV=ÜAHFA *=NQEÚ

(5)

6O'YLJUDGLXËDRNROLFD$OEHUL

)LJ'YLJUDGDQGFORVHVXUURXQGLQJDUHD$OEHUL ,=$Ý9567,+=,',1$

8 GUXJRM SRORYLQL 9,, VW XVOLMHGLOR MH UD]GREOMH UHODWLYQR EU]RJ SULODJRâDYDQMD VODYHQVNLK GRVHOMHQLND QRYRPXSRGQHEOMXWHXVSRVWDYOMDQMDPLUQLMLKRGQRVDVD VWDURVMHGLODáNLP VWDQRYQLÊWYRP NUDM NRMHJ L PHâX NRMH VXVHQDVHOLOLWMRQRJXVMHYHUQRMLVUHGLÊQMRM,VWUL$UKH RORÊND LVWUDÌLYDQMD VX SRND]DOD GD MH QD WRP SRGUXáMX GRÊOR GR PLMHÊDQMD L SURÌLPDQMD VWDURVMHGLODáNH L GRÊ OMDáNHNXOWXUHWHGDMHSUHSR]QDWOMLYDUKHRORÊNLKRUL]RQW QDMáHÊßH QD]LYDQ KRUL]RQWRP EDUEDUL]LUDQLK JUREDOMD NRML VH ELWQR UD]OLNXMH RG LVWRYUHPHQRJD X ]DSDGQRM L MXÌQRM,VWULJGMH QLMH ELOR ]DPMHWQLMHJ GRVHOMDYDQMD 6OD YHQD0DUXÊLß1DMMXÌQLMHSR]QDWRJUREOMHWHVNX SLQH QDOD]L VH QD ORNDOLWHWX %DELQD EUDMGD NRG ËPLQMD XSUDYR NUDM YHß VSRPHQXWH FUNYH VY )RÊNH SRUXÊHQH ]D SOMDáNDÊNLK SURYDOD 7UDJRYL SDOMHQMD YDWUH NUDM JUR ERYDLJUREQLSULOR]LQHGYRVPLVOHQRJRYRUHRUDÊLUHQRVWL SRJDQVNLK RELáDMD NRG PMHVQRJ VWDQRYQLÊWYD 0DUXÊLß

Ÿ 6ODYHQL VX WDNR VWLJOL L X ÊLUX RNROLFX 'YLJUDGDMHUMH%DELQDEUDMGDRGQMHJDXGDOMHQDPDQMH RGNLORPHWDUD]UDáQHOLQLMH

.UDM VDPRJD 'YLJUDGD QD ORNDOLWHWX .DFDYDQDF SR YLÊHFUNYLFH VY $QWXQD 2SDWD GMHORPLáQR MH LVWUDÌHQR JUREOMHQDNRMHPXVXVH'YHJUDMFLVDKUDQMLYDOLRGNUDMD ,9 GR NUDMD ;,, VWROMHßD *UREOMDQVND FUNYD VY 3HWUD L]JUDâHQD MH X GUXJRM SRORYLQL 9 VW RWSULOLNH X LVWR YULMHPH NDGD MH L]JUDâHQD L FUNYD VY 6RILMH X NDÊWHOX

$UKHRORÊNL QDOD]L SRND]XMX NDNR VWDULML GLR JUREOMD SULSDGD VNXSLQL JUREDOMD VWDURVMHGLODáNRJ VWDQRYQLÊWYD ]DSDGQH L MXÌQH ,VWUH SRVWRMDQMH JUREOMDQVNH NDSHOH JUREQD DUKLWHNWXUDNRMDVH QDGRYH]XMH QD NDVQRDQWLáNH WUDGLFLMH NDPHQH VWHOH ]LGDQH JUREQLFH RSRQDÊDQMH VDUNRIDJD SUDYLOQR RNUHQXWL JURERYL ]DSDG Ÿ LVWRN X QDMVWDULMHP GLMHOX VMHYHU Ÿ MXJ YHOLN XGLR RELWHOMVNLK JURERYDLSRWSXQL]RVWDQDNJUREQLKSULORJDYUORJDMDVQR UD]OLNXMXRGJUREDOMDEDUEDUL]LUDQRJKRUL]RQWD0DUXÊLß 3UHPDWRPHQDSRGUXáMX'YLJUDGDX9,,L9,,,

*=NQEÚ FALNAPLKOP=REK@=PKCNK>HFAJEFA>EHKFA@EJKLKG=L=HEPA!RACN=F=?=FANKJ@FAJEOQLNKJ=tAJEAHAIAJPE GKFE >E QG=VER=HEJ=RKFJEÜGKV=JEI=JFAL=FAV=GHFQÜEK@=OQOAJ=(=?=R=J?QO=DN=JFER=HEOAHF=?EEK>NPJE?E=@=OQRKFJE?EEI=HEV=OA>JK CNK>HFA

(6)

VW QLMH GRÊOR GR ELWQLK SURPMHQD X HWQLáNRP VDVWDYX VWDQRYQLÊWYD.DÊWHOVHMHSRND]DRGREURP]DÊWLWRPVYR MLPVWDQRYQLFLPDLSUHYHOLNRP]DSUHNRPVODYHQVNLPQD SDGDáLPD

8YULMHPHNDGDMHEL]DQWVNDXSUDYDL]JXELODQDG]RU QDG VMHYHUQRP L VUHGLÊQMRP ,VWURP 'YLJUDG QLMH LPDR VDPR ]DGDßX REUDQH YODVWLWRJ L RNROQRJ VWDQRYQLÊWYD QHJRMHELRGLMHORPREUDPEHQRJVXVWDYD]DSDGQHLMXÌ QH ,VWUH àLWDY MH QL] NDÊWHOD V YLÊH LOL PDQMH XVSMHKD SULMHáLRSURGRUH6ODYHQDQDSUHRVWDOREL]DQWVNRR]HPOMH 0RWRYXQ 6XWORYUHá %DOH 0XWYRUDQ 6WDUL *RáDQ PHâXNRMLPDMH'YLJUDGLPDRYDÌQRPMHVWR1HPDGR ND]D GD MH WDM VXVWDY L]JUDâHQ MRÊ X NDVQRM DQWLFL ]D REUDQX3RUHÊWLQHL3XOÊWLQHQHJRMHX9,,VWVDWNDQRG XWYUGD NRMH VX SUHRVWDOH QD EL]DQWVNRP SRVMHGX L ELOH UDGLGMHORWYRUQLMHREUDQHSRYH]DQHXREUDPEHQLVXVWDY NDNRXOLQLMLWDNRLSRGXELQL

8GUXJRMSRORYLQL9,,VWEL]DQWVNHVXYODVWLXVSMHOH SRYUDWLWL QDG]RU QDG VMHYHUQRP L VUHGLÊQMRP ,VWURP 3UHPGD QHPD QLNDNYLK SRGDWDND R WRPH NDNR MH WR RVWYDUHQRPRÌHVHSUHWSRVWDYLWLGDMHGRWRJDGRÊOREH]

YHßLK VXNRED NRML EL ]DYULMHGLOL GD EXGX ]DELOMHÌHQL LOL ]DSDPßHQL NUR] GXOMH YULMHPH ,VWDUVNL 6ODYHQL QD ]D X]HWRP SRGUXáMX QLVX L]JUDGLOL MHGLQVWYHQX SROLWLáNX YODVWÊWRQHWUHEDáXGLWLMHUWRQLVXXáLQLOLXWRGREDQLWL QDGUXJLPSRGUXáMLPDGRVHOMHQMDSDLQLVXGXJRURáQR PRJOL SUXÌDWL XáLQNRYLW RWSRU MHGLQVWYHQRM EL]DQWVNRM YODVWLDWUHEDX]HWLXRE]LULáLQMHQLFXGDVXSULURGQLP SUHSUHNDPDELOLRGYRMHQL RG RVWDWND VODYHQVNRJ VYLMHWD 3RUHGWRJDVDVYLPMHL]JOHGQRGDVXLQDWOXVMHYHUQHL VUHGLÊQMH ,VWUH SUHRVWDOH QHNH XWYUGH NRMH 6ODYHQL QLVX XVSMHOL]DX]HWL%X]HW5Rá3LßDQÊWRMHXWRPVOXáDMX ELWQR RODNÊDOR EL]DQWVNR SRQRYQR RYODGDYDQMH WLP WHULWRULMHP 'RVHOMHQL VX 6ODYHQL XNOMXáHQL X EL]DQWVNL JRVSRGDUVNLLYRMQLVXVWDYNDRVORERGQLVHOMDFLVYRMQRP REYH]RP OLPLWDQHML ,DNR MH RWNORQMHQD QHSRVUHGQD RSDVQRVWRG6ODYHQDLVWDUVNRMHGUXÊWYR]DGUÌDORL]UDÌH QH YRMQH ]QDáDMNH MHU MH L GDOMH SULMHWLOD RSDVQRVW RG SUHNRJUDQLáQLK6ODYHQDWHIXUODQVNLK/DQJREDUGD

'9$*5$'$

'YLJUDGMHLQDGDOMH]ERJ VYRJD SRORÌDMD LPDRYUOR YDÌQX XORJX X REUDQL SRNUDMLQH SUHPGD QH YLÊH NDR SRJUDQLáQLNDÊWHO%LRMHSRYH]QLFRPSXOVNRJLSRUHáNRJ SRGUXáMDNDRLVUHGLÊQMH,VWUH V PRUVNRP REDORP JGMH MHSRVWRMDODOXáLFDNRMDVHXL]YRULPDSUYLSXWVSRPLQMH

SRUWXV PDULV TXL GLFLWXU /HPR -RSSL DOLQHPDVXPQMH GD MH VWDULMHJ GDWXPDPRÌGD L NDVQRDQWLáNRJ8EL]DQWVNRMHGRED,VWUDELODSRGLMHOMHQD QD GHYHW JUDGVNLK RSßLQD 3XOD 3RUHá 7UVW 5RYLQM 1RYLJUDG0RWRYXQ%X]HW3LßDQL/DELQD'YLJUDGMH ELRGLMHORPSXOVNHLOLPRÌGDURYLQMVNH6YDNDMHRSßLQD LPDODVYRMXSRVWURMEXPLOLFLMHQXPHUQDáHOQHMDáLQHRG GR YRMQLND SD MH X SRVWURMEL VYRMH JUDGVNH RSßLQH L 'YLJUDG PRUDR VXGMHORYDWL RGUHâHQLP EURMHP YRMQLND 1D áHOX MH VDPRXSUDYH NDÊWHOD L QMHJRYD RNUXÌMD ELR YMHURMDWQR ORNRVHUYDWRU GRPDßL áRYMHN GXÌQRVQLN QLÌH UD]LQH SRNUDMLQVNH XSUDYH NRML MH REMH GLQMDYDR YRMQX L FLYLOQX YODVW 0DUJHWLß Ÿ 1DMNDVQLMH X EL]DQWVNR GRED QDVWDMH L XWYUGD QD VXVMHGQRPEUHÌXOMNXNRMXL]YRULVSRPLQMXSRGQD]LYRP .DÊWHO3DUHQWLQ2 QMRM VH]QD MDNR PDOR EXGXßL GD MH QDSXÊWHQD MRÊ X VUHGQMHP YLMHNX 1D]LY 'YLJUDG WDO 'RFDVWHOOL'XH &DVWHOOL ODW'XR&DVWUD'XR&DVWHOOD SRWMHáH RG ]DMHGQLáNRJ LPHQD RED NDÊWHOD NRML VX VH SRMHGLQDáQR ]YDOL .DÊWHO 3DUHQWLQ &DVWHO 3DUHQWLQ

&DVWUXP 3DUHQWLQXPL 0RQNDÊWHO0RQWH &DVWHO 0RQ FDVWHO 0RQV &DVWHOOXP ,DNR MH SUHRVWDR VDPR MHGDQ QRVLRMHLPH'YD*UDGD,VWDUVNLUD]YRGE EE]DODWLQVNLLWDOLMDQVNLREOLNSRVWRMHMRÊ EURMQLMH SRWYUGH VYH GRN L QMHJD QLMH VXVWLJOD VXGELQD 3DUHQWLQD9MHURMDWQRVX'YHJUDMFLÌHOMHOLVDáXYDWLXVSR PHQXQDVXVMHGQLNDÊWHONDNRELVDáXYDOLLQHNDQMHJRYD SUDYD NRMD VX SUHÊOD QD 0RQNDÊWHO 2G 3DUHQWLQD QLMH SXQRRVWDORMHUMHVLJXUQRQDNRQQDSXÊWDQMDGXJRVOXÌLR PMHÊWDQLPD 0RQNDÊWHOD NDR NDPHQRORP ÊWR MH VWROMH ßLPD SRVOLMH SRVWDR L 0RQNDÊWHO ]D .DQIDQDUFH L VWD QRYQLNHRNROQLKVHOD3RVWDYOMDVHLSLWDQMHNRMLMHNDÊWHO VWDULMLDOLMHQDQMWHÊNRRGJRYRULWLMHUMH3DUHQWLQDUKH RORÊNL QHLVWUDÌHQ LVYH GRN EXGH WDNR R QMHJRYRM ßH VH VWDURVWLPRßLVDPRQDJDâDWLSUHPGDQHPDVXPQMHGDMH ELR QDVWDQMHQ X SUDSRYLMHVWL ,SDN YMHUXMHPR NDNR áLQMHQLFDGDVHVXVMHGQLPXNDÊWHOQD]LYDVDPRNDÊWHORP 0RQNDÊWHO EULMHJQDNRMHPXMHXWYUGDJRYRULGDMHX YULMHPHQMHJRYDQDVWDQNDWRELRMHGLQLXWYUâHQLEULMHJX RNROLFL 1H EL QDLPH LPDOR QLNDNYD VPLVOD QD]YDWL JD WDNRDNRELQDVXVMHGQRPYUKXYHßSRVWRMDODXWYUGD8 SULORJ YHßRM VWDURVWL 0RQNDÊWHOD JRYRUL L SRGDWDN GD MH EULMHJQDNRMHPXVHQDOD]LQHÊWRYLÊLPRGRQRJD QD NRMHPX MH L]JUDâHQ 3DUHQWLQP $NR MH GRLVWD PODâL QLMH QHXWHPHOMHQR PLÊOMHQMH GD MH 3DUHQWLQ ELR VDPR VQDÌQD XWYUGD ]D SRWSRUX L ]DÊWLWX 0RQNDÊWHOD NRML VH MH L] XWYUGH UD]YLR X QDVHOMH 'H )UDQFHVFKL

-NREFAEVJEKP=GRQPRN@JFQN=JGK*=NQEÚ „ OI=PN=FQÚE@= FAQ G=OJKF =JPE?E J=CN=JEÜJKI @EFAHQ LQHFOGKC=CAN=

EVCN=tAJ K>N=I>AJE OEOPAI K@ QPRNtAJED J=OAHF= 3=HHEO=HA !QK =OPN=!RKCN=@ 0P=NE $KÜ=JG=OPNQI= -=NAJPEJOGE RNDE GQH=

(HAJKR=?0PN==GKFEFAV=PR=N=KQH=VQLHK@JQECQOPKJ=LQÜAJQ-QHFPEJQ=K@JFAC=OQPKIEHFAJFALNAQVAHE@NQCE=QPKNE+EFA IAtQPEIF=OJKLKGKFEIOQGNEPANEFEI=QLN=RKPAQPRN@AEV@RKFAJAIAtQIJKPRKIG=OJK=JPEÜGEDG=PAH=J=-QHPEJEKOEI=GK=QPKN JEFAV=IEHF=KK>N=I>AJEOQOP=RHEJEFOGKCPEL=JKP=GRKIQJAI=PN=C=JEPE>E>EK@FAHKPRKN=J

&OLN=R=FALKVJ=PEF=LKPKIAPKOAQJFKFJ=H=VEJ=FOP=NEFELKVJ=PEOLKIAJ(=JB=J=N=

=I!A#N=J?AO?DE „LNELKREFA@=G=GKOAOFAÚ=@=FAV=ORKC=LNRKC=LKOFAP=!RECN=@Q KJ@FAV=PAG=K@R=

GHAO=N=J=@FAHQ

(7)

Ÿ 6LWXDFLMD X NRMRM VH GYLMH XWYUGH QDOD]HXQHSRVUHGQRMEOL]LQLDL]PHâXQMLKSUROD]LSXW SRGVMHßDQD%HOL*UDGLàUQL*UDGNUDM5RáDLRQGMHMH MHGQDXWYUGD]DQHNROLNRVWROMHßDQDGÌLYMHODGUXJXWHMH SRWRPLRQDQDSXÊWHQDLDNRQLNDGQLMHGRVWLJODYHOLáLQX L ]QDáDM 0RQNDÊWHODŸ'YLJUDGD 1RYLML KUYDWVNL QD]LY 'YLJUDGRGUD]MH]DERUDYDSRVWRMDQMD.DÊWHOD3DUHQWLQD NDR NDÊWHOD SDUQMDND NRG VWDQRYQLÊWYD RNROLFH ]ERJ áHJDMHQD]LYSUHÊDRXMHGQLQX

1292'2%$

9HOLNH SURPMHQH QD SROLWLáNRM JRVSRGDUVNRM L SUDY QRM UD]LQL NRMHVX VH X FLMHORM ,VWUL SRáHOH GRJDâDWL GR ODVNRPIUDQDáNHYODVWLRVMHWLOHVXVHLX'YLJUDGX7HVX SURPMHQH L]D]YDOH SUHNLG NRQWLQXLWHWD DQWLáNLK REOLND GUXÊWYHQRJXVWURMDNRMLVXWUDMDOLVWROMHßLPDLNUR]QMLKVH SRVWXSQRSUHREUDÌDYDOL8NLQXWDMHVDPRXSUDYDJUDGRYD LNDÊWHODSDMHGRWDGYODGDMXßLVORMRVWDR EH] SUDYD GD QMHJRYL SULSDGQLFL EXGX ELUDQL QD XSUDYQH GXÌQRVWL 1RYLMHXSUDYLWHOM,VWUHIUDQDáNLYRMYRGDSRVWDYLRVYRMH OMXGH FHQWDUKH QD QMLKRYR PMHVWR L WDNR VWYRULR SUHG XYMHWHáYUVWHFLYLOQHLYRMQHYODVWLXSRNUDMLQLVDEUDQHX UXNDPD MHGQH RVREH 1HNDGDÊQMRM VX GUXÊWYHQRM HOLWL RGX]HWH L EURMQH GUXJH SRYODVWLFH D VYH V FLOMHP VODE OMHQMD QMH]LQD SRORÌDMD 8 SURYHGEL WH SROLWLNH YRMYRGD VH MH X] VYRMH OMXGH RVODQMDR QD LVWDUVNH ELVNXSH L 6ODYHQH ,DNR VX L SULMH ELOL SRYODÊWHQL L LPDOL ]QDWQD XGMHOD L XWMHFDMD X YODVWL X IUDQDáNR GRED ELVNXSL GR ELYDMX X VNODGX V RSßLP QDáHOLPD IUDQDáNH SROLWLNH PQRJDGDOMQMDSUDYDLL]X]HßDRGREYH]DXJODYQRPQD UDáXQ LVWDUVNLK SRVMHGQLND 3RVMHGQLNH MH LSDN QDMWHÌH SRJRGLOR WR ÊWR MH YRMYRGD QD QHREUDâHQH ]HPOMH NR ORQL]LUDR 6ODYHQH L RG QMLK XELUDR ]DNXSQLQX ,DNR MH JODYQL UD]ORJ NRORQL]DFLMH 6ODYHQD ELR SROLWLáNL ELOR MH WR L X VNODGX V RSßHIUDQDáNRP QDVWRMDQMLPD GD VH ]DSXÊWHQH SRYUÊLQH NRMH VX NDR WDNYH SR IUDQDáNRPX VKYDßDQMX SULSDGDOH NUXQL QDVHOMXMX L SULYRGH REUDGL 7LPHVXSRVMHGQLFLRVWDOLEH]RGUHâHQLKSULKRGDNRMHVX XELUDOLVWLK]HPOMLÊWDWUDYDULQDÌLURYQLQD

1RYDMHYODVWXVXUDGQMLVELVNXSLPDSRWLFDODLSRG X]LPDODJUDGLWHOMVNXDNWLYQRVWSULMHVYLKVDNUDOQXSRND ]XMXßLVQDJXLPRßQRYHGUÌDYHLSRUHWNDNRML]DMHGQLáNL QDVWXSDMXVFUNYRP8UHODWLYQRNUDWNRPUD]GREOMXNUDMD 9,,, L SRáHWND ,; VW L]JUDâHQH VX LOL WHPHOMLWR REQRY OMHQHEURMQHFUNYHXMXÌQRML]DSDGQRM,VWULXJODYQRPX EOL]LQLYHOLNLKJUDGRYDLOLX]YDÌQHSURPHWQLFH-XUNRYLß Ÿ /HYDN Ÿ .DNR MH VUHGLÊWH RWSRUDYRMYRGLLQRYRPXVXVWDYXELORXQDMYHßLPJUDGR

YLPD MHU MH X QMLPD ÌLYMHOR QDMYLÊH SULSDGQLND UD]YODÊ WHQRJD VORMD SURPMHQH VX VH V L]X]HWNRP YRMYRGLQD 1RYLJUDGD RáLWRYDOH QD L]YDQJUDGVNRP SRGUXáMX L X NDÊWHOLPD RVRELWR RQLPD QD VWUDWHÊNL YDÌQLP WRáNDPD 6WRJDQHáXGLÊWRMHXSUDYRWDGDWHPHOMLWRREQRYOMHQDL FUNYD VY 6RILMH X 'YLJUDGX 6WDURNUÊßDQVND MH MHGQR DSVLGDOQD FUNYD JRWRYR X FLMHORVWL VUXÊHQD L QD QMH]LQX PMHVWX VDJUDâHQD QRYD WURDSVLGDOQD WDNRâHU XSLVDQLK DSVLGD V ERJDWLP FUNYHQLP QDPMHÊWDMHP ]LGQLP VOL NDPD YMHURMDWQR SR VYLP ]LGRYLPD L DUNDGDPD SHUJR ORP NRMD MH GLMHOLOD SURVWRU ]D YMHUQLNH RG VYHWLÊWD L FLERULMHP QDG ROWDURP 0DUXÊLß Ÿ Ÿ +UYDWL L .DUROLQ]L Ÿ %URJLROR0DODJXWL5LDYH]

Ÿ ,] WRJD GRED SRWMHáH L ÌHOMH]QL NULÌ YMHURMDWQR SURFHVLMVNH LOL ROWDUQH QDPMHQH +UYDWL L .DUROLQ]L Ÿ 0LORÊHYLß NRML SR VYRMLP VWLO VNLP]QDáDMNDPDXSXßXMHGDMHSUHXUHâHQMHGYLJUDGVNH FUNYH PRÌGD MHGQR RG SUYLK RáLWRYDQMD NDUROLQÊNRJD GRED X ,VWUL 0LORÊHYLß 3UHPGD RVNXGQL RVWDWFLIUHVDNDXVY6RILMLYUORVX]QDáDMQLMHUVHXEUDMDMX PHâX L]X]HWQR ULMHWNH VDáXYDQH SULPMHUH NDUROLQÊNRJD IUHVNRVOLNDUVWYDX,VWUL0DUXÊLߟ+UYDWLL .DUROLQ]L Ÿ -XUNRYLß 8 WR MH YULMHPHREQRYOMHQDLJUREOMDQVNDFUNYDVY3HWUDLRQGMH MHSULMDÊQMDFUNYDMHGQRVWDYQRJSUDYRNXWQRJWORFUWDVUX ÊHQDLL]JUDâHQDQHÊWRYHßDWURDSVLGDOQD0DUXÊLß

ŸŸ

7DNRVXYHOLNLLVNXSLJUDGLWHOMVNL]DKYDWLQHVXPQMLYR ELOLSRWDNQXWLSROLWLáNLPUD]OR]LPD.DUROLQÊNDVHMHYODVW X SUYLP GHVHWOMHßLPD PRUDOD RVODQMDWL QD VDPRVWDQH L SRMHGLQH NDÊWHOH D 'YLJUDG MH PHâX QMLPD LPDR ]ERJ YHß QDYHGHQLK UD]ORJD LVWDNQXWR PMHVWR 8RáHQD NRQ FHQWUDFLMD JUDGLWHOMVNH DNWLYQRVWL QD SULMHOD]X L] 9,,, X ,; VW RNR JODYQH LVWDUVNH NRSQHQH SURPHWQLFH 7UVW Ÿ 3XODX*XUDQX%DODPD'YLJUDGX0RWRYXQX5XÌDUXL GURGUDÌDYDQDVWRMDQMH]DáYUVWLPQDG]RURPSRNUDMLQH V SRPRßX NRSQHQLK SXWRYD MHU WUDGLFLRQDOQR NRSQHQD VLODNDNYDMHELOD)UDQDáNDWRQLMHPRJODSURYHVWLGUX JDáLMH8WDNYLPMHRNROQRVWLPDQDG]RUQDG'YLJUDGRP ELR MHGQLP RG WHPHOMQLK SUHGXYMHWD SD VX XWURÊHQD VUHGVWYDLPDODMDNRRSUDYGDQMH2YHOLNLPQDUXGÌEDPD VYMHGRáL L LQWHQ]LYQD GMHODWQRVW MHGQH NOHVDUVNH UDGL RQLFH NRMD MH L]UDGLOD NDPHQX SODVWLNX ]D YHßL EURM FUNDYD X UHODWLYQR NUDWNRP YUHPHQX 3URL]YRGL UDGL RQLFH0DMVWRUDEDOMDQVNLKNDSLWHODSUHSR]QDWLVXX6Y 7RPL NRG 5RYLQMD 6Y 0DULML 9HORM NRG %DOD ÌXSQRM FUNYLX%DODPDWUREURGQRMED]LOLFLX*XUDQX6Y/RYUL X ÉLMDQL NUDM 3XOH QRYLJUDGVNRM NDWHGUDOL V L]X]HWNRP FLERULMDLGYLJUDGVNRM6Y6RILML-XUNRYLß

0P=JKRJEPRK@KOAHFAJKQJKRKRFAGKRJEIIECN=?EF=I=QOAH=KGK!N=CA@EFAHKIEJ=GKJPKFA!RECN=@J=LQPAJJEFAREAN=>EHKJEP=F J=VERJACKFANQAREJA !RECN=@=„*KJG=PAH=FA@JKOP=RJKJ=VER=HK0P=NEI$N=@KIPKOAO=ÜQR=HK@K@=J=O ANPK=

(=GKFALNEEOPN=ER=JFQ0R-APN=J=(=?=R=J?QLNKJ=tAJKEVQVAPJKI=HKG=IAJEDOLKIAJEG=>AVAHAIAJ=P=V=QOLKNA@>QO@NQCEI=

*=NQEÚJAIKAOAEOGHFQÜEPEIKCQÚJKOP@=FAEKJ@FA@FAHKR=H=OLKIAJQP=N=@EKJE?=&L=GPKJAPNA>=KÜAGER=PEFANOA N=@E K NAH=PERJK OGNKIJKF CNK>HF=JOGKF ?NGRE GKF= OA JA IKA QOLKNAtER=PE O=QLJEI O=IKOP=JOGEI E LNER=PJEI ?NGR=I= PA JKRECN=@OGKIG=PA@N=HKIV=GKFAOQK@N=@EKJE?AJ=NQÜAJEV=OECQNJKJEI=HKFABPEJELNKEVRK@E

(8)

2SRGUXáMXNRORQL]DFLMH6ODYHQDQHPDSRGDWDNDWH VWRJDQH]QDPRMHVXOLNRORQL]LUDQLLXRNROLFX'YLJUDGD 1HNLDUKHRORÊNLQDOD]LSRND]XMXGDVXX'YLJUDGXX,;

VWQD]RáQLLHOHPHQWLVODYHQVNHNXOWXUHGLMHORYLQRÊQMH NHUDPLND 0DUXÊLß ÊWR PRÌH ]QDáLWL GD VX 6ODYHQL SRáHOL XOD]LWL PHâX VWDQRYQLNH NDÊWHODDOLßHSULMHELWLNDNRWLQDOD]LVYMHGRáHRNXOWXU QLP XWMHFDMLPD 7L VX XWMHFDML PRJOL ELWL SULPOMHQL RG NRORQL]LUDQLK6ODYHQDDOLLRGREOLÌQMLKVDËPLQMÊWLQHV NRMLPD VX NUR] 9,,, VW QHVXPQMLYR XVSRVWDYOMHQL GUXÊW YHQLLJRVSRGDUVNLRGQRVLRGRERVWUDQHNRULVWL

6PDWUDMXßL VYRM SRORÌDM QHRGUÌLYLP LVWDUVNL VX SR VMHGQLFL ]DKWLMHYDOL XNLGDQMH QRYRXYHGHQLK RGQRVD SD VX X ,VWUX XSXßHQL FDUVNL L]DVODQLFL NRML VX RNR VD]YDOLVXGVNRURáLÊWHNUDM5LÌDQHSR]QDWRNDR5LÌDQVNL VDERU1DQMHPXVX]DVLJXUQRVXGMHORYDOLLSUHGVWDYQLFL GYLJUDGVNH GUXÊWYHQH HOLWHD YMHURMDWQR MH EDUHP MHGDQ RG QMLK ELR L PHâX NDSHWDQD NRML VX RGDEUDQL L]

L]DVODQVWDYDJUDGRYDLNDÊWHODGHVLQJXOLVFLYLWDWLEXVVHX FDVWHOOLV .UDKZLQNOHU U 9RMYRGD MH ]ERJ YLÊLKGUÌDYQLKUD]ORJDPRUDRSRSXVWLWLWHVHMHREYH]DR SRYXßL VYH XYHGHQH QDPHWH L REYH]H NDR L YUDWLWL RGX]HWD SUDYD LVWDUVNLP SRVMHGQLFLPD 2GELR MH MHGLQR YUDWLWL JUDGVNLP RSßLQDPD L SRVMHGQLFLPD RGX]HWH ]HPOMHÊWR]QDáLGDQLMHXNORQLRQLNRORQLVWHQDQMLPD ,VSUDYX MH SRVOLMH SRWYUGLR L /XGRYLN 3RERÌQL &', D

1$8'$5802Û1,.$%/$*26/29,352./(76792

*(2675$7(Æ.2*32/2È$-$

3URFHVIHXGDOL]DFLMHLVWDUVNRJDGUXÊWYDPHâXWLPQL MHVHPRJDR]DXVWDYLWL6ODEOMHQMHVUHGLÊQMHYODVWLLMDáD QMH VYMHWRYQH PRßL ELVNXSD RELOMHÌLOR MH L LVWDUVNX SR YLMHVW SRVOMHGQMLK VWROMHßD UDQRJD VUHGQMHJ YLMHND 1DM VWDULML SR]QDWL VSRPHQ 'YLJUDGD X SRYLMHVQLP L]YRULPD SRWMHáH L] NDGD MH FDU 2WRQ ,, SRWYUGLR SUDYD SRUHáNRJ ELVNXSD QD SRGUXáMX 'YLJUDGD L GUXJLK LVWDU VNLK PMHVWD 5RYLQMD %DOD 0RWRYXQD 5XÌDUD 1LJUL QMDQD7DUD3D]LQDLGUSR]LYDMXßLVHQDQHVDáXYDQH GDURYQLFHVYRMLKSUHGÊDVQLND.DNRVH'YLJUDGVSRPLQMH X GLMHOX WHNVWD LVSUDYH NRML QDYRGL SUDYD SRUHáNRJD ELVNXSD QD 5RYLQMHW 5XELQXP TXDQWXP DG (SLVFR SDWXP VLYH 3DUHQWLQDH (FFOHVLDH GRQDWXP HVW D 1RVWULV

$QWHFHVVRULEXV YLGHOLFHW LQ ORFR TXL GLFLWXU GXR

&DVWHOODHW9DOOHVFXPRPQLEXVSHUWLQHQWLLVVXLVMXVWHHW OHJDOLWHUDGSUDHGLFWXP(SLVFRSDWXPSHUWLQHQWLEXV&', D YHß MH %HQXVVL Ÿ Ÿ WR SRYH]DR V GDURYQLFRP SDWULMDUKD 5RGRDOGD SRUHáNRPX ELVNXSX L] RNR NRMRP PX GRGMHOMXMH SUDYR QD áHWYUWLQXFUNYHQHGHVHWLQHX5RYLQMXTXDQGDP7HUUDP TXDHGHQRVWUR(SLVFRSDWXQRELVTXHQRVWUDHTXH(FFOH VLDHSHUWLQHW5XELQHQVLQRPLQH&',DXNRMRMVH 'YLJUDG L %DOH QH VSRPLQMX DOL VH PRÌGD SRGUD ]XPLMHYDMX áLQHßL FMHOLQX V 5RYLQMRP 3RVWRML PLÊOMHQMH GDMHFLMHOLGLRR5RYLQMX'YLJUDGXL%DODPDQDNQDGQR XPHWQXW0DUJHWLßQRQDPDMHL]JOHGQLMHGD MH XPHWQXW VDPR GLR R 'YLJUDGX L %DODPD NDNR EL SRMDVQLR GD VH L QD WD PMHVWD PLVOLYLGHOLFHW NDGD VH QDYRGHSUDYDQD5RYLQM7RQXÌQRQH]QDáLGDMHYHßX WRGREDSRUHáNDFUNYDLPDODSUDYDQDNYDUWXX'YLJUDGX MHUMHPRJODELWLULMHáVDPRRSUHWHQ]LMDPD%XGXßLGDVH QLMHUDGLORRVYMHWRYQRMYODVWLQDG'YLJUDGRPQHJRVDPR RSUDYXQDGLRGHVHWLQHPDQMHMHYMHURMDWQRGDMH.DÊWHO 3DUHQWLQ WDNR ]YDQ ]DWR ÊWR MH SRUHáNL ELVNXS RQGMH SRVWDYLR VOXÌEHQLNH ]D SURYHGEX SUDYD WH LQYHVWLWXUH 6FKLDYX]]LDOLPXLPHVYDNDNRYDOMDSRYH ]DWL V QDVWRMDQMLPD ELVNXSD ]D L]JUDGQMRP VYMHWRYQRJD NQHÊWYDVYMHWRYQXVXYODVWDNYLOHMVNRJDSDWULMDUKDX'YL JUDGX ]DVWXSDOL VNDELQL L JDVWDOG 8 SUYRP SR]QDWRP L]YRUXL]ELWQRNDVQLMHJYUHPHQDXNRMHPVHVSRPLQMH .DÊWHO 3DUHQWLQ QMHJRY MH VWDWXV LVWL NDR L 0RQNDÊWHOD SUDHWD[DWDH (FFOHVLDH 3UDHGLD QRPLQDWLP &DVWUXP 3DUHQWLQXPVLWXPLQ&RQWUDWDTXDHGLFLWXUGXR&DVWHOOD HW 0RQWHP &DVWHOOXP VLWXP LQ HDGHP &RQWUDWD VXSHU 5LSD /HPL H[ SDUWH DXVWUDOL &', D DOL MH ]QD NRYLWRGDVHQDYRGLSULMH0RQNDÊWHODLDNRQLMHYMHURMDWQR GDMHLNDGDELRYHßLRGQMHJDÊWRELWUHEDOR]QDáLWLGDMH ELRRGSRVHEQHYDÌQRVWL]DSRUHáNRJELVNXSD

.ROLNRMH'YLJUDGXNUR]SRYLMHVWSRJRGRYDRVPMHÊWDM X]YDÌQHSURPHWQLFHWROLNRJDMHXUD]YRMXLRPHWDRMHU MH ]ERJ VYRMH YDÌQRVWL ]D QDG]RU ÊLUHJ SRGUXáMD XYLMHN ELR L]ORÌHQ QDVWRMDQMLPD DPELFLR]QLK VYMHWRYQLK L FUNYHQLK YHOLNDÊD GD QMLPH RYODGDMX 8 UD]YLMHQRP L NDVQRPVUHGQMHPYLMHNXWDßHVHGRJDâDQMDLQWHQ]LYLUDWL QD MRÊ YLÊRM UD]LQL 0OHWFL Ÿ *HQRYD Ÿ DNYLOHMVNL SDWUL MDUK0OHWFLŸ+DEVEXUJRYFLÊWRßHXNRQDáQLFLX]HSL GHPLMH NXJH GRYHVWL GR QMHJRYH SURSDVWL X QRYRPH YLMHNX

(9)

25,*,1$1'+,6725,&$/'(9(/230(172)($5/<0(',(9$/'9,*5$'

0DXUL]LR/(9$.

2JERANOEPU'QN=F!K>NEH=KB-QH=!AL=NPIAJPKB%QI=JEPEAO%/-QH=&R=J=*=PAPEÚ=/KJFCKR=

AI=EH!I=QNEVEKHAR=G$LQDPJAPDN

6800$5<

'YLJUDGFDVWOHZDVEXLOWLQODWHDQWLTXLW\DWWKHORFDWLRQRIDSUHKLVWRULFKLOOIRUW$VDUHVXOWRIWKHFRQVWDQWGDQJHU FDXVHGE\WKHSROLWLFDODQGHFRQRPLFFULVLVRIWKHODWH5RPDQVWDWHDQGLQWUXVLRQVRIEDUEDULFWULEHVLQWRLWVWHUULWRU\

WKH SRSXODWLRQV OLYLQJ LQ WKH WRZQ KLQWHUODQG VWDUWHG JURXSLQJ LQ IRUWLILHG VHWWOHPHQWV EXLOW DW VWUDWHJLF GHIHQFH ORFDWLRQVVXFKDVWKHWRSVRIUROOLQJKLOOVRUVPDOOSHQLQVXODVDORQJWKHVHDVKRUH$WWKHORFDWLRQRID5RPDQPLOLWDU\

REVHUYDWLRQSRVWLQWKH/LPVNDGUDJD9DOOH\DIRUWLILHGVHWWOHPHQWXVHGE\WKHORFDOSRSXODWLRQDVDUHIXJHZDVEXLOW

$VHDUO\DVWKHWKFHQWXU\WZRFKXUFKHV6W6RSKLH¢VLQWKHPDLQVTXDUHDQG6W3HWHU¢VDWWKHFHPHWHU\ZHUHEXLOW :LWKLQWKHSURFHVVRIPLOLWDUL]DWLRQXQGHU%\]DQWLQHUXOHWKHLPSRUWDQFHRIWKHFDVWOHJUHZ,QIDFWIURPWKHFDVWOH WKHURXWHFURVVLQJWKH/LPVNDGUDJD9DOOH\FRQQHFWLQJ WKH GLVWULFWV RI 3XODDQG 3RUHß DQG WKDW UXQQLQJ DORQJWKH YDOOH\ EHWZHHQ FHQWUDO ,VWULD DQG WKH VHD VKRUH FRXOG EH REVHUYHG 'XULQJ 6ODYLF LQFXUVLRQV LQWR ,VWULD DQG LQ SDUWLFXODU DIWHU WKH 6ODYV KDG FRQTXHUHG WKH FHQWUDO SDUW RI WKH ,VWULDQ SHQLQVXOD 'YLJUDG EHFDPH D SDUW RI WKH QHWZRUNRI,VWULDQFDVWOHVWKDWSURWHFWHGWKHULFKHUDQGPRUHSRSXODWHGFRDVWDODUHD$UFKHRORJLFDOUHVHDUFKFRQILUPV WKDW 'YLJUDG DQG LWV VXUURXQGLQJV ZHUH PRVWO\ SRSXODWHG E\ WKH DXWRFKWKRQRXV SRSXODWLRQ ZKLOH LQ WKH QHDUE\

ÉPLQMDUHDWUDFHVRI6ODYLFLPPLJUDQWVFDQEHIRXQG7KHDUULYDORI)UDQNLVKDXWKRULW\LQWKHODVWGHFDGHVRIWKHWK FHQWXU\ ZDV FKDUDFWHUL]HG E\ UDGLFDO FKDQJHV WR SROLWLFDO HFRQRPLF DQG OHJDO V\VWHPV 7KH FHQWUHV RI WRZQ PXQLFLSDOLWLHVZKHUHWKHPHPEHUVRIWKHUXOLQJFODVVIURPWKH%\]DQWLQHSHULRGZHUHFRQFHQWUDWHGRIIHUHGWKHPRVW UHVLVWDQFHWRWKHVHFKDQJHVZKLFKLVZK\LQWKHILUVWGHFDGHVWKHSUHVHQFHRIDQHZDXWKRULW\ZDVPRVWHYLGHQWLQ WKHKLQWHUODQGRIWRZQVDQGLQFDVWOHV7KXVWKHWKRURXJKUHVWRUDWLRQRIWKHFKXUFKHVRI6W6RSKLH¢VDQG6W3HWHU¢V FDQ EH DVFULEHG WR QHZ SROLWLFDO DQG FXOWXUDO FLUFXPVWDQFHV LQ WKLV SHULRG 8S WR WKH HQG RI WKH HDUO\ PHGLHYDO SHULRGWKHFDVWOHXQGHUZHQWSURJUHVVLYHGHYHORSPHQWDQGUHDFKHGLWVSHDNLQWKHODWHPHGLHYDOSHULRGZKLFKZDV IROORZHGE\DUDSLGGHFOLQHDQGWKHH[WLQFWLRQRIOLIHDWWKHFDVWOH

.H\ZRUGVHDUO\PHGLHYDOSHULRG'YLJUDG/LPVNDGUDJD9DOOH\FDVWOHV

,=925,,/,7(5$785$

$OEHUL ' ,VWULD 6WRULD DUWH FXOWXUD 7ULHVWH /LQW

%DOGLQL0'YLJUDGLRGDEUDQLVSRPHQLFLRNROL FHXNDVQRMDQWLFLLVUHGQMHPYLMHNX.DQIDQDUL.DQID QDUÊWLQD]ERUQLNUDGRYDXU-%UDWXOLß.DQIDQDU8GUXJD ]DRáXYDQMHLSURPRFLMXQDVOLMHâD'YHJUDMFLŸ

%HQXVVL % 1HO PHGLR HYR 3DJLQH GL VWRULD LVWULDQD3DUHQ]R6RFLHWjLVWULDQDGLDUFKHRORJLDHVWRULD SDWULD

%HUWRÇD 0 ,VWUD 'RED 9HQHFLMH ;9,Ÿ;9,,, VWROMHßH3XOD=DYLáDMQDQDNODGDËDNDQ-XUL

%URJLROR*30DODJXWL&5LDYH]31XRYH LQGDJLQL DUFKHRORJLFKH QHOOD FKLHVD GL 6DQWD 6RILD H QHOO¤LQVHGLDPHQWR GL 'XHFDVWHOOL ,VWULD $QWLFKLWj DOWR DGULDWLFKH/97ULHVWHŸ

&',Ÿ&RGLFHGLSORPDWLFRLVWULDQR3.DQGOHUHG7UL HVWH/OR\G$GULDWLFRSUHWLVDN

'H)UDQFHVFKL&œ&LyFKHUHVWDHVLVDGL 'XH &DVWHOOL OD FLWWj PRUWD GHOO¤,VWULD $UFKHRJUDIR WULHVWLQR/;9,,Ÿ/;9,,,7ULHVWHŸ

'XFKHVQH//H/LEHUSRQWLILFDOLV7H[WHLQWUR GXFWLRQHWFRPPHQWDLUH,3DULV

*LUDUGL-XUNLÜ9'XKRYQDNXOWXUDDQWLáNH,VWUH , .XOWRYL X SURFHVX URPDQL]DFLMH DQWLáNH ,VWUH =DJUHE ÉNROVNDNQMLJD

+UYDWLL.DUROLQ]L+UYDWLL.DUROLQ]L,,.DWDORJ

$ 0LORÊHYLß HG 6SOLW 0X]HM KUYDWVNLK DUKHRORÊNLK VSRPHQLND

,VWDUVNLUD]YRG,VWDUVNLUD]YRGSULUHGLRSUHGJR YRUQDSLVDRLNRPHQWDULPDSRSUDWLR-RVLS%UDWXOLßWUHßH L]GDQMH3XOD/LEDURGJUR]GD

-RSSL 9 'RFXPHQWR LQHGLWR $UFKHRJUDIR WUL HVWLQR;9,,7ULHVWH

-XUNRYLÜ 0 $UKLWHNWXUD NDUROLQÊNRJ GRED 8 'HORQJD9-DNÊLß1-XUNRYLß0$UKLWHNWXUDVNXOS WXUDLHSLJUDILNDNDUROLQÊNRJGREDX+UYDWVNRM.DWDOR]LL PRQRJUDILMH6SOLW0X]HMKUYDWVNLKDUKHRORÊNLKVSR PHQLNDŸ

-XUNRYLÜ0/H0DvWUHGHVFKDSLWHDX[GH%DOH +RUWXVDUWLXPPHGLHYDOLXP=DJUHEŸ0RWRYXQŸ

(10)

-XURÇ0RQIDUGLQ ) 'YLJUDG Ÿ SRYLMHVQRDU KHRORÊND VNLFD 3ULORJ SODQX UHYLWDOL]DFLMH +LVWULD DU FKDHRORJLFD3XODŸ

.UDKZLQNOHU+LQORFRTXLGLFLWXU5L]LDQR

=ERU Y 5LÌDQL SUL .RSUX OHWD .RSHU =DORÌED

$QQDOHVŸ

.UL]PDQLFK96XOODFHQWXULD]LRQHURPDQDGHO O¤,VWULD,VWULDQRELOLVVLPD;,97ULHVWH)LXPHŸ

/HYDN 0 6ODYHQL YRMYRGH ,YDQD =DJUHE /H\

NDPLQWHUQDWLRQDO

0DUJHWLÜ / 2 QHNLP SLWDQMLPD 5LÌDQVNRJ SODFLWD=ERUQLN3UDYQRJIDNXOWHWDX=DJUHEX=D JUHEŸ

0DUJHWLÜ / ,] SD]LQVNH SURÊORVWL X SRYRGX WLVXßOMHßDSUYRJVSRPHQD3D]LQD80DUJHWLß/,VWUDL .YDUQHU,]ERUVWXGLMD5LMHND3UDYQLIDNXOWHW6YHXáLOLÊWD X5LMHFLŸ

0DUXÇLÜ%6ODYHQVNRDYDUVNLQDSDGLQD,VWUXX VYLMHWOXDUKHRORÊNHJUDâH3HULVWLO,,=DJUHEŸ

0DUXÇLÜ % 'YRJUDG 6Y6RILMD 5RYLQM 3XOD Ÿ VUHGQMRYMHNRYQDVDNUDOQDDUKLWHNWXUD$UKHRORÊNLSUHJOHG

%HRJUDG

0DUXÇLÜ%7ULUDQRVUHGQMRYMHNRYQDQDOD]LÊWDL]

,VWUH-DGUDQVNL]ERUQLN9,5LMHNDŸ3XODŸ

0DUXÇLÜ%1HNURSROH9,,L9,,,VWROMHßDX,VWUL

$UKHRORÊNLYHVWQLN;9,,,/MXEOMDQDŸ

0DUXÇLÜ%.DVQRDQWLáNRLUDQRVUHGQMRYMHNRYQR JUREOMH NDÊWHOD 'YRJUDG +LVWULD DUFKDHRORJLFD , 3XODŸ

0DUXÇLÜ % 1HNL SUREOHPL NDVQRDQWLáNH L EL ]DQWVNH,VWUHXVYMHWOXDUKHRORÊNLKL]YRUD-DGUDQVNL]ERU QLN,;5LMHNDŸ3XODŸ

0DUXÇLÜ%.RPSOHNVED]LOLNHVY6RILMHX'YR JUDGX+LVWULDDUFKDHRORJLFD,,3XODŸ

0DUXÇLÜ%D,VWDUVNDJUXSDVSRPHQLNDVDNUDOQH DUKLWHNWXUH V XSLVDQRP DSVLGRP +LVWULD DUFKDHRORJLFD 9Ÿ3XODŸ

0DUXÇLÜ%E.UÊßDQVWYRLSRJDQVWYRQDWOX,VWUH X ,9 L 9 VWROMHßX $UKHRORÊNL YHVWQLN ;;,; /MXEOMDQD

Ÿ

0DUXÇLÜ % ,VWUD L VMHYHUQRMDGUDQVNL SURVWRU X UDQRPVUHGQMHPYLMHNXPDWHULMDOQDNXOWXUDRGGR VWROMHßD0RQRJUDILMHLNDWDOR]L3XOD$UKHRORÊNLPX ]HM,VWUH

0DWLMDÇLÜ 5 $JHUL DQWLáNLK NRORQLMD 3ROD L 3D UHQWLXP=DJUHE/DWLQDHWJUDHFD

0DWLMDÇLÜ 5 ,] QDMVWDULMH SURÊORVWL %HUPD Ÿ ULPVNRGRED%HUDPXSURÊORVWL3D]LQVNLPHPRULMDONQM

;;93D]LQŸ

0DWRÇHYLÜ ' .DQIDQDUÊWLQD X SUHWSRYLMHVWL .DQIDQDUL.DQIDQDUÊWLQD]ERUQLNUDGRYDXU-%UDWXOLß .DQIDQDU 8GUXJD ]D RáXYDQMH L SURPRFLMX QDVOLMHâD 'YHJUDMFLŸ

0LKRYLOLÜ..DÊWHOMLU 8 %UDWXOLß - HG .DQ IDQDUL.DQIDQDUÊWLQD]ERUQLNUDGRYD.DQIDQDU8GUXJD ]DRáXYDQMHLSURPRFLMXQDVOLMHâD'YHJUDMFLŸ

0LORÇHYLÜ$7KH,URQ&URVVRI'YLJUDG+RUWXV DUWLXPPHGLHYDOLXP=DJUHEŸ0RWRYXQŸ

0ODNDUÆ =DÊWLWQR LVNRSDYDQMH ULPVNLK SHSHR QLK JURERYD X .ULQJL JRGLQH +LVWULD DUFKDH RORJLFD,93XODŸ

3DYDRDNRQ 3DYHO 'LDNRQ =JRGRYLQD /DQJR EDUGRYSUHYHGOL)%UDGDá%*UDIHQDXHULQ.*DQWDU 0DULERU2E]RUMD

6FKLDYX]]L % 'XH &DVWHOOL 1RWL]LH VWRULFKH

$WWL H PHPRULH GHOOD 6RFLHWj LVWULDQD GL DUFKHRORJLD H VWRULDSDWULD;;;,3DUHQ]RŸ

ÆWLK3,VWUDYáDVXXVWDQRYLWYHNRSUVNHÊNRILMH

$FWD+LVWULDH.RSHUŸ

Reference

POVEZANI DOKUMENTI

Tabela 1: Didaktiki in njihovo poimenovanje etap učnega procesa ... 9 Tabela 3: Primerjava med tradicionalnim poukom in obrnjenim učenjem in poučevanjem.... 29 Tabela 5:

1D SHGLDWULþQHP RGGHONX ERVWRQVNH PHVWQH ERO- QLãQLFH VR L]YHGOL GYH UD]LVNDYL JOHGH SULVRWQRVWL VWDUãHY SUL SUHLVNDYDK 9 SUYL UD]LVNDYL MH

[r]

V strukturi obveznosti do virov sredstev se je v obdobju od konca leta 1998 do konca leta 2000 delež kapitala zmanjševal (konec leta 1998 je bil enak kot konec leta

Zajema projekcijo mladine v izobraževanju, oceno in projekcijo izobrazbene sestave odliva mladine iz rednega šolanja, projekcijo izobraževanja odraslih z upoštevanjem dveh razlièic

3.1 Podroèje dejavnosti D: PREDELOVALNE DEJAVNOSTI Gospodarske družbe predelovalnih dejavnosti (podroèje dejavnosti D) so v letu 1999 po številu predstavljale

Neperspektivni so tudi podatki o investicijski intenzivnosti gospodarskih družb regije, saj je delež izdatkov za investicije v sredstvih leta 1999 znašal le 10%, kar je

V prispevku prikazujemo obseg državnih in strukturnih pomoèi v Evropski uniji kot celoti in po posameznih državah èlanicah, da bi tako lahko ugotovili, ali je obseg