Analizy i oceny zmian ekonomicznych na sowieckiej Ukrainie od końca lat 20. do końca lat 30. XX w. formułowane przez oficerów Oddziału II Sztabu Głównego Wojska Polskiego oraz funkcjonariuszy polskich służb dyplomatycznych.

DOI: http://dx.doi.org/10.12775/EO.2016.004

$QDOL]\LRFHQ\]PLDQ

HNRQRPLF]Q\FKQDVRZLHFNLHM

8NUDLQLHRGNRĔFDODW

GRNRĔFDODW;;Z

IRUPXáRZDQHSU]H]RILFHUyZ

2GG]LDáX,,6]WDEX*áyZQHJR

:RMVND3ROVNLHJRRUD]

IXQNFMRQDULXV]\SROVNLFKVáXĪE

G\SORPDW\F]Q\FK3U]\F]\QHN

GRG]LHMyZSROVNLHJRZ\ZLDGX

ZRMVNRZHJRQD6RZLHW\

$OHNVDQGHU6PROLĔVNL

8QLZHUV\WHW0LNRáDMD.RSHUQLND± 7RUXĔ SWXGLD ] G]LHMyZ EXURS\ WVFKRGQLHM L PDğVWZ %DĝW\FNLFK ISSN  SWXGLD ISSN 

6áRZD NOXF]RZH VRZLHFND 8NUDLQD 3ROVND =656 SROVNL Z\ZLDG ZRMVNRZ\

2GG]LDá ,, 6]WDEX *áyZQHJR :RMVND 3ROVNLHJR :RMVNR 3ROVNLH 5RERWQLF]R

&KáRSVND$UPLD&]HUZRQDJRVSRGDUNDVRZLHFNLHM8NUDLQ\SU]HP\VáVRZLHFNLHM

8NUDLQ\UROQLFWZRVRZLHFNLHM8NUDLQ\VRZLHFNLSU]HP\Vá]EURMHQLRZ\,SLĊFLR

ODWND,,SLĊFLRODWND,,,SLĊFLRODWNDNROHNW\ZL]DFMD]PLDQ\HNRQRPLF]QHQDVR

ZLHFNLHM8NUDLQLHZODWDFK±U]HF]\ZLVWHHIHNW\SURFHVXLQGXVWULDOL]DFML

=656ZODWDFK±

.H\ZRUGV6RYLHW8NUDLQH3RODQG8QLRQRI6RYLHW6RFLDOLVW5HSXEOLFV3ROLVK

PLOLWDU\LQWHOOLJHQFH,,'HSDUWPHQWRIWKH*HQHUDO6WDIIRIWKH3ROLVK$UP\3ROLVK

$UP\:RUNHUV¶DQG3HDVDQWV¶5HG$UP\HFRQRPLFRIWKH6RYLHW8NUDLQHLQGXV

WU\RIWKH6RYLHW8NUDLQHDJULFXOWXUHRIWKH6RYLHW8NUDLQHVRYLHWPLOLWDU\LQGXV

WU\,ILYH\HDUHFRQRPLFSODQ,,ILYH\HDUHFRQRPLFSODQ,,,ILYH\HDUHFRQRP

LFSODQFROOHFWLYL]DWLRQRIDJULFXOWXUHPRGHUQL]DWLRQDQGGHYHORSPHQWHFRQRPLF

RI6RYLHW8NUDLQHSHULRGRI±LQGXVWULDOL]DWLRQRIWKH8665SHULRGRI

±

:SURZDG]HQLH

N

LHPDOSU]H]FDá\RNUHVODW±RERN1LHPLHFLLFKVLá]EURM

Q\FK



_{=ZLą]HN6RFMDOLVW\F]Q\FK5HSXEOLN6RZLHFNLFKDWDNĪHMHJR}

5RERWQLF]R&KáRSVND$UPLD&]HUZRQDLFDá\SR]RVWDá\SRWHQFMDáPLOLWDU

Q\ RUD] HNRQRPLF]Q\ VWDQRZLá\ MHGHQ ] GZyFK QDMZDĪQLHMV]\FK NLHUXQ

NyZ ]DLQWHUHVRZDQLD SROVNLHJR Z\ZLDGX ZRMVNRZHJR 'HF\GRZDáR ]DĞ

RW\P]DJURĪHQLHPLOLWDUQHLSROLW\F]QHMDNLHGODyZF]HVQHM5]HF]\SRVSR

OLWHM 3ROVNLHM VWZDU]DáD DJUHV\ZQD SROLW\ND 6RZLHWyZ GąĪąF\FK GR HXUR

SHMVNLHMDQDVWĊSQLHĞZLDWRZHMUHZROXFMLNRPXQLVW\F]QHM



_{-DNVLĊZ\GDMH}

VSRĞUyGZV]\VWNLFKF]ĊĞFLVNáDGRZ\FKWHJRSDĔVWZDQDMZLĊNV]H]DLQWHUH

VRZDQLH2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJREXG]LáD]DĞVR

ZLHFND 8NUDLQD WUDNWRZDQD MDNR RJURPQ\ JDUQL]RQ $UPLL &]HUZRQHM

3

_{ =REFKRüE\:.R]DF]XN%LWZDRWDMHPQLFH6áXĪE\Z\ZLDGRZF]H3ROVNLL5]HV]\} 1LHPLHFNLHM±:DUV]DZDLGHP:NUĊJX(QLJP\:DUV]DZDLGHP %LWZD R WDMHPQLFH 6áXĪE\ Z\ZLDGRZF]H 3ROVNL L 1LHPLHF ± :DUV]DZD  /*RQGHN:\ZLDGSROVNLZ7U]HFLHM5]HV]\±=DU\VVWUXNWXU\WDNW\NLLHIHNWyZ REURQQHJRG]LDáDQLDZ\ZLDGXSROVNLHJRZ1LHPF]HFKKLWOHURZVNLFK*GDĔVNLGHP 1DWURSDFKWDMHPQLF,,,5]HV]\:DUV]DZDLGHP:\ZLDGSROVNLZ,,,5]HV]\6XN FHV\LSRUDĪNL:DUV]DZD$:RĨQ\1LHPLHFNLHSU]\JRWRZDQLDGRZRMQ\]3ROVNą ZRFHQDFKSROVNLFKQDF]HOQ\FKZáDG]ZRMVNRZ\FKZODWDFK±:DUV]DZD +ûZLHN3U]HFLZ$EZHKU]H:DUV]DZD50DM]QHU3ROVNLZ\ZLDGZRMVNRZ\ZREHF SROLW\NL,,,5]HV]\±0LOLWDUQHDVSHNW\SROLW\NL,,,5]HV]\ZĞZLHWOHDQDOL]2GG]LD áX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJR7RUXĔ3.RáDNRZVNL&]DVSUyE\3ROVNL Z\ZLDGZRMVNRZ\ZREHFJURĨE\Z\EXFKXZRMQ\ZURNX:DUV]DZD _{ 6]HU]HM]REFKRFLDĪE\:U]HVLHĔ5DG]LHFNLH]DJURĪHQLH5]HF]\SRVSROLWHMZGR} NXPHQWDFKUHODFMDFKLZVSRPQLHQLDFKZ\EyULRSUDF::áRGDUNLHZLF]:DUV]DZD $*U]\ZDF]$UPLDVRZLHFNDZRFHQDFKSROVNLHJRNLHURZQLFWZDZRMVNRZHJR± Ä6WXGLD 5]HV]RZVNLH´  W  7 .RĞPLGHU 3ODQRZDQLH ZRMHQQH Z 3ROVFH Z ODWDFK ± 7RUXĔ  LGHP =DJURĪHQLH UDG]LHFNLH Z SROVNLP SODQRZDQLX PLOLWDUQ\P RNUHVX PLĊG]\ZRMQLD >Z@ 6WRVXQNL SROLW\F]QH ZRMVNRZH L JRVSRGDUF]H 5]HF]\SRVSROLWHM 3ROVNLHML=ZLą]NX5DG]LHFNLHJRZRNUHVLHPLĊG]\ZRMHQQ\PUHG-*PLWUXN::áRGDU NLHZLF]:DUV]DZD±6LHGOFH::áRGDUNLHZLF]5DG]LHFNLH]DJURĪHQLH5]HF]\SRVSR OLWHMZRFHQDFKSROVNLFKQDF]HOQ\FKZáDG]ZRMVNRZ\FK±:DUV]DZDLGHP 3U]HGZU]HĞQLDURNX5DG]LHFNLH]DJURĪHQLH5]HF]\SRVSROLWHMZRFHQDFKSROVNLFK QDF]HOQ\FKZáDG]ZRMVNRZ\FK±:DUV]DZD 3_{ :W\PWDNĪHMDNRJDUQL]RQPDMąF\FKFKDUDNWHURIHQV\ZQ\MHMEURQLV]\ENLFK±V]H} U]HM]REFKRüE\$6PROLĔVNL2UJDQL]DFMDZLHONLFKMHGQRVWHNNDZDOHULL$UPLL&]HUZRQHM

RUD]QLH]Z\NOHZDĪQ\GOD=656REV]DUUROQLF]\LWUXGQ\GRSU]HFHQLHQLD

VNáDGQLNMHJRSU]HP\VáXZ\GRE\ZF]HJR



_{RUD]KXWQLF]HJRPHWDOXUJLF]QH}

JRLPDV]\QRZHJRZW\PUyZQLHĪF]RáJRZHJR



_{%H]XNUDLĔVNLHJRZĊJOD}

NDPLHQQHJRUXGĪHOD]DLPDQJDQXRUD]]ERĪDEXUDNyZFXNURZ\FKLPLĊ

VDQLHE\áE\ERZLHPPRĪOLZ\EXU]OLZ\SURFHVLQGXVWULDOL]DFML=656NWyU\

UR]SRF]ąáVLĊZU3RGREQHE\áRWHĪ]QDF]HQLHF]ĊĞFL]QDMGXMąF\FKVLĊ

QD8NUDLQLHOLQLLNROHMRZ\FK1LHPQLHMZDĪQDE\áDWHĪMHMZDUWRĞüMDNRSR

WHQFMDOQHJRWHDWUXG]LDáDĔZRMHQQ\FKRUD]GRJRGQHMED]\Z\SDGRZHMSU]H

FLZNR 3ROVFH RUD] 5XPXQLL SU]HGH ZV]\VWNLP MHM WHUHQRP URSRQRĞQ\P

3R]DW\PJáyZQLHSRSU]H].U\PGOD=656VWDQRZLáDRQDUyZQLHĪFHQQ\

GRVWĊSGR0RU]D&]DUQHJR



_

RUD]LFKNDGUDGRZyGF]DLSROLW\F]QDZODWDFK±>Z@'RV]DUĪ\PDUV]PDUV]« 6WXGLD]G]LHMyZNDZDOHULLWUHG$6PROLĔVNL7RUXĔV±LGHP:LHG]D 2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRRVWDQLHRUJDQL]DF\MQ\PNDZDOHULLLZRMVN V]\ENLFK5..$ZSRáRZLHODWWU]\G]LHVW\FK;;ZLHNX>Z@:URJRZLHVRMXV]QLF\WRZDU]\ V]HEURQL3ROVNRURV\MVNLHVWRVXQNLZRMVNRZHZSLHUZV]HMSRáRZLH;;ZLHNXUHG-:RMW NRZLDN 3R]QDĔ  V ± LGHP :LHG]D R Z\ĪV]HM NDGU]H GRZyGF]HM NDZDOHULL 5..$SRVLDGDQDSU]H]RILFHUyZ2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRZSRáR ZLHODWWU]\G]LHVW\FK;;Z>Z@6WXGLDKLVWRU\F]QRZRMVNRZHWUHG0:DJQHU6LHGOFH V± _{ 'RW\F]\áRWRJáyZQLHZĊJODNDPLHQQHJR]'RQEDVXRUD]ZQLHPQLHMV]\PVWRSQLX} ]QDMGXMąF\FKVLĊQD8NUDLQLHUXGĪHOD]DLPDQJDQX _{ %\áDWR&KDUNRZVND)DEU\ND3DURZR]yZJG]LHSURGXNRZDQRF]RáJLV]\ENLH%7} RUD]%7L%7DWDNĪHF]RáJLFLĊĪNLH7DQDVWĊSQLHF]RáJLĞUHGQLH7.UyWNRSU]HG Z\EXFKHP ZRMQ\ QLHPLHFNRVRZLHFNLHM Z  U ZUD] ] &KDUNRZVNą )DEU\Ną 7UDN WRUyZ ] SU]HGVLĊELRUVWZ W\FK SRZVWDá RJURPQ\ NRPELQDW ]EURMHQLRZ\ ± =DNáDG 1U  ɁɚɜɨɞʋJG]LHSURGXNRZDQRUyZQLHĪFLąJQLNLJąVLHQLFRZH±V]HU]HM]REFKRFLDĪ E\:DUV]DZD&HQWUDOQH$UFKLZXP:RMVNRZHGDOHM&$:2GG]LDá,,6]WDEX*áyZQH JR6Lá\]EURMQH=655$OEXPVSU]ĊWXX]EURMHQLDLZ\SRVDĪHQLDWHFKQLF]QH JR 5..$ 7RP , ± 2GG]LDá ,, 6]WDEX *áyZQHJR O G] ,,572 :DUV]DZD  LELGHP6Lá\]EURMQH=655&]RáJL2GG]LDá,,6]WDEX*áyZQHJROG] ,QI5RV:DUV]DZD9,,U:DUV]DZD$UFKLZXP$NW1RZ\FK,QVW\WXFMH:RMVNR ZH±,5DSRUW$WWDFKp0LOLWDLUHGH3RORJQHD0RVFRX];,U ȺȼɄɚɪɩɟɧɤɨɈɛɨɡɪɟɧɢɟɨɬɟɱɟɫɬɜɟɧɧɨɣɛɪɨɧɟɬɚɧɤɨɜɨɣɬɟɯɧɢɤɢ±ɝɝ ɋɚɧɤɬɉɟɬɟɪɛɭɪɝȼɋȼɨɡɧɸɤɉɇɒɚɩɨɜȻɪɨɧɟɬɚɧɤɨɜɚɹɬɟɯɧɢɤɚɆɨɫɤɜɚ ɂɉɒɦɟɥɟɜɂɫɬɨɪɢɹɬɚɧɤɚ±Ɇɨɫɤɜɚ933DQRZ-6RORU] &]RáJL VRZLHFNLH ± :DUV]DZD  - /HGZRFK &]RáJL %7 :DUV]DZD  ɋȺɄɨɫɬɸɱɟɧɤɨɄɚɤɫɨɡɞɚɜɚɥɚɫɶɬɚɧɤɨɜɚɹɦɨɳɋɨɜɟɬɫɤɨɝɨɋɨɸɡɚɄɧɢɝɚɆɨ ɫɤɜɚ±ɋɚɧɤɬɉɟɬɟɪɛɭɪɝɆɇɋɜɢɪɢɧȻɪɨɧɹɤɪɟɩɤɚɂɫɬɨɪɢɹɫɨɜɟɬɫɤɨɝɨɬɚɧ ɤɚ±ɆɨɫɤɜɚɆȻȻɚɪɹɬɢɧɫɤɢɣɌɥɭɱɲɢɣɬɚɧɤɜɬɨɪɨɣɦɢɪɨɜɨɣ ɆɨɫɤɜɚLGHPɌɉɪɚɜɞɚɨɩɪɨɫɥɚɜɥɟɧɧɨɦɬɚɧɤɟɆɨɫɤɜɚ0.RáRP\MHF -/HGZRFK%79RO,:DUV]DZD7%HDQ:)RZOHU3DQFHUQDSRWĊJD6WDOLQD5D G]LHFNLHF]RáJL,,ZRMQ\ĞZLDWRZHMWáXP5=DZDG]NL:DUV]DZD _{ 6]HU]HM]REFKRüE\ɇɊȼɸɧɟɧɤɨɑɺɪɧɨɦɨɪɫɤɢɣɎɥɨɬɜȼɟɥɢɤɨɣɈɬɟɱɟɫɬɜɟɧ} ɧɨɣȼɨɣɧɟɆɨɫɤɜɚȽɂȼɚɧɟɟɜɑɺɪɧɨɦɨɪɰɵɜȼɟɥɢɤɨɣɈɬɟɱɟɫɬɜɟɧɧɨɣȼɨɣɧɟ

=SU]HJOąGXSU]HDQDOL]RZDQ\FKSU]H]DXWRUDLZ\NRU]\VWDQ\FKZW\P

RSUDFRZDQLXĨUyGHáDUFKLZDOQ\FKZZLĊNV]RĞFLGRNXPHQWyZZ\WZRU]R

Q\FK SU]H] SROVNL Z\ZLDG ZRMVNRZ\ RUD] RSXEOLNRZDQ\FK GRW\FKF]DV

RSUDFRZDĔ L UDSRUWyZ IXQNFMRQDULXV]\ SROVNLFK VáXĪE G\SORPDW\F]Q\FK

DNUHG\WRZDQ\FKZ=656ZODWDFK±Z\QLNDĪHSROVNLZ\ZLDG

LQWHUHVRZDáRGRVáRZQLHZV]\VWNRFRZMDNLNROZLHNVSRVyEJHQHUDOQHPX

LQVSHNWRURZL VLá ]EURMQ\FK RUD] RILFHURP VáXĪąF\P Z 6]WDELH *áyZQ\P

:RMVND3ROVNLHJRPRJáRSRPyFZRELHNW\ZQHMRFHQLHSRWHQFMDáXZRMVNR

ZHJR =ZLą]NX 6RZLHFNLHJR Z W\P UyZQLHĪ Z RFHQLH MHJR PRĪOLZRĞFL

HNRQRPLF]Q\FK±]DUyZQRSRGF]DVSRNRMXMDNLZRNUHVLHZRMQ\1DOHĪ\

WHĪSRGNUHĞOLüĪH]HV]F]HJyOQ\P]DLQWHUHVRZDQLHPLMHGQRF]HĞQLHQDOH

Ī\WąXZDJąWUDNWRZDQRZ:DUV]DZLHZV]HONLHLQIRUPDFMHGRW\F]ąFHWHJR

FRSRGZ]JOĊGHPZRMVNRZ\PRUD]HNRQRPLF]Q\PLVSRáHF]Q\PG]LDáRVLĊ

ZWHQF]DVQDWHUHQLHQDMSLHUZ8NUDLĔVNLHJRDQDVWĊSQLH.LMRZVNLHJR6SH

FMDOQHJR2NUĊJX:RMVNRZHJRRUD]8NUDLĔVNLHM6RFMDOLVW\F]QHM5HSXEOLNL

6RZLHFNLHM



_

Ɇɨɫɤɜɚ-:'\VNDQW.RQIOLNW\L]EURMHQLDPRUVNLH±*GDĔVNȼɨɟɧ ɧɨɦɨɪɫɤɨɣɎɥɨɬɋɨɜɟɬɫɤɨɝɨɋɨɸɡɚɜȼɟɥɢɤɨɣɈɬɟɱɟɫɬɜɟɧɧɨɣȼɨɣɧɟɤɨɥɥɟɝɢɚɥɶɧɚɹ ɪɚɛɨɬɚɩɨɞɪɟɞɚɤɰɟɣȼɂɄɭɪɨɟɞɨɜɚɋɚɧɤɬɉɟɬɟɪɛɭɪɝ0*ORFN)ORWD&]HUZR QDQD0RU]X&]DUQ\PW:LHONDLPSURZL]DFMD±:DUV]DZD _{ $XWRUMXĪZF]HĞQLHMSRGHMPRZDáSRGREQąSUREOHPDW\NĊQLHNLHG\UyZQLHĪZQLHFR} V]HUV]\PXMĊFLXGRW\F]ąF\PREV]DUXFDáHM]DFKRGQLHMF]ĊĞFL=656±]RE$6PROLĔVNL 6\WXDFMDZRMVNRZDHNRQRPLF]QDLVSRáHF]QDQDVRZLHFNLHM8NUDLQLHZODWDFK± ZRFHQDFK2GG]LDáX,,SROVNLHJR6]WDEX*áyZQHJRÄɉɿɜɞɟɧɧɢɣȺɪɯɿɜ´ȱɫɬɨɪɢɱɧɿɇɚɭ ɤɢɆɿɧɿɫɬɟɪɫɬɜɨɈɫɜɿɬɢɿɇɚɭɤɢɍɤɪɚʀɧɢɏɟɪɫɨɧɫɶɤɢɣȾɟɪɠɚɜɧɢɣɍɧɿɜɟɪɫɢɬɟɬɏɟɪ ɫɨɧȼɢɩɭɫɤV±LGHP6RZLHFND8NUDLQDZRFHQDFK2GG]LDáX,,6]WDEX *áyZQHJR:RMVND3ROVNLHJR±ODWD±Ä1DG:LVáąL'QLHSUHP3ROVNDL8NUDLQD ZSU]HVWU]HQLHXURSHMVNLHM±SU]HV]áRĞüLWHUDĨQLHMV]RĞü´VHULD+LVWRULD6\VWHP\0LĊG]\ QDURGRZHL*OREDOQ\5R]ZyM±QU±V±LGHP5RERWQLF]R&KáRSVND $UPLD &]HUZRQD RUD] VRZLHFNL SU]HP\Vá ZRMHQQ\ ] ODW ± Z GRNXPHQWDFK 2G G]LDáX ,, 6]WDEX *áyZQHJR :RMVND 3ROVNLHJR >Z@ 3ROVNL Z\ZLDG ZRMVNRZ\ ± UHG3.RáDNRZVNL$3HSáRĔVNL7RUXĔV±LGHP6RZLHFND8NUDLQD]ODW ±ZGRNXPHQWDFK2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRRUD]SUyEDRFH Q\ZDUWRĞFLSR]QDZF]HMW\FKDNWÄ3U]HJOąG:VFKRGQL´W]V± LGHP.RPXQLNDWLQIRUPDF\MQ\2GG]LDáX,,6]WDEX*áyZQHJR]GQLDSDĨG]LHUQLND URNXÄ:VFKRGQL5RF]QLN+XPDQLVW\F]Q\´WV±LGHPɈɛɪɚɡɄɪɚɫɧɨɣ ȺɪɦɢɢɢɋɋɋɊɜ±ɝɝɜɞɨɤɭɦɟɧɬɚɯ,,ɈɬɞɟɥɚȽɟɧɟɪɚɥɶɧɨɝɨɒɬɚɛɚȼɨɣɫɤɚ ɉɨɥɶɫɤɨɝɨÄɄɥɢɨ´ʋV±LGHP$NWD2GG]LDáX,,6]WDEX*áyZQH JR:RMVND3ROVNLHJRMDNRĨUyGáRGRSR]QDQLDG]LHMyZVRZLHFNLHM8NUDLQ\]ODW± ÄȱɫɬɨɪɢɱɧɢɣȺɪɯɿɜɇɚɭɤɨɜɿɫɬɭɞɿʀ´ɜɢɩɭɫɤV±LGHP3UREOHPDW\NDJR VSRGDUNLVRZLHFNLHM8NUDLQ\]ODW±ZĞZLHWOHDNW2GG]LDáX,,6]WDEX*áyZQHJR :RMVND3ROVNLHJRÄȱɫɬɨɪɢɱɧɢɣȺɪɯɿɜɇɚɭɤɨɜɿɫɬɭɞɿʀ´ɜɢɩɭɫɤV±LGHP 5RERWQLF]R&KáRSVND$UPLD&]HUZRQDMDNRRELHNWUR]SR]QDQLDSROVNLHJRZ\ZLDGXZRMVNR ZHJR±SUyEDRFHQ\HIHNW\ZQRĞFL>Z@6WRVXQNLSROLW\F]QHZRMVNRZHLJRVSRGDUF]H5]HF]\

:W\PFHOXRUD]]HZ]JOĊGXQDZDJĊW\FK]DJDGQLHĔIXQNFMRQDULXV]H

SROVNLHJRZ\ZLDGXZRMVNRZHJRZ\NRU]\VW\ZDOLZV]HONLHGRVWĊSQHĞURG

NLRGUR]SR]QDQLDDJHQWXUDOQHJRSRÄELDá\´Z\ZLDGZáąF]QLH1LHXQLND

QRWHĪZVSyáSUDF\]Z\ZLDGDPLLQQ\FKSDĔVWZNWyUHSRGREQLHMDN3ROVND

F]Xá\VLĊZyZF]DVPQLHMOXEEDUG]LHM]DJURĪRQHSU]H]6RZLHW\LXSUDZLD

QąSU]H]QLFKSROLW\NĊ:ĞUyGQLFKQDMLVWRWQLHMV]ąUROĊRGJU\ZDá\NRQWDNW\

]Z\ZLDGDPLNUDMyZEDáW\FNLFKRUD]SDĔVWZVRMXV]QLF]\FKJáyZQLH5X

munii



_

1DOHĪ\ WHĪ ]DXZDĪ\ü ĪH DQDOL]D ]QDQ\FK DXWRURZL ĨUyGHá URV\MVNR

LXNUDLĔVNRMĊ]\F]Q\FKSU]HFKRZ\ZDQ\FKREHFQLHZ5RV\MVNLP3DĔVWZR

Z\P$UFKLZXP:RMVNRZ\PZ0RVNZLHɊɨɫɫɢɣɫɤɢɣȽɨɫɭɞɚɪɫɬɜɟɧɧɵɣ

ȼɨɟɧɧɵɣ Ⱥɪɯɢɜ



_{ L DUFKLZDFK NLMRZVNLFK PLDQRZLFLH Z &HQWUDOQ\P}

3DĔVWZRZ\P$UFKLZXP2UJDQL]DFML6SRáHF]Q\FK8NUDLQ\ɐɟɧɬɪɚɥɶɧɢɣ

SRVSROLWHM3ROVNLHML=ZLą]NX5DG]LHFNLHJRZRNUHVLHPLĊG]\ZRMHQQ\PV±LGHP *RVSRGDUNDVRZLHFNLHM8NUDLQ\]SU]HáRPXODWGZXG]LHVW\FKLWU]\G]LHVW\FKZĞZLHWOHDNW 2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRÄ6WXGLD]']LHMyZ:RMVNRZRĞFL´ WV±LGHP3UyEDRFHQ\ZDUWRĞFLSR]QDZF]HMDNWSR]RVWDá\FKSR2GG]LDOH,, 6]WDEX*áyZQHJR:RMVND3ROVNLHJRZNRQWHNĞFLHPRĪOLZRĞFLRSLVXV\WXDFMLZRMVNRZHMHNR QRPLF]QHMLVSRáHF]QHM=656ZODWDFK±Ä$UFKLZD±.DQFHODULH±=ELRU\´ QUV±LGHP$UPLD&]HUZRQDQDVRZLHFNLHM8NUDLQLHRUD]ZSR]RVWDá\FK]D FKRGQLFKRNUĊJDFKZRMVNRZ\FK=656ZODWDFKWU]\G]LHVW\FK;;ZLHNXZGRNXPHQWDFK2G G]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRÄȱɫɬɨɪɢɱɧɢɣȺɪɯɿɜɇɚɭɤɨɜɿɫɬɭɞɿʀ´ QUV±LGHP2EUD]SU]HP\VáXUROQLFWZDLNRPXQLNDFMLVRZLHFNLHM8NUDLQ\]SR F]ąWNXODWWU]\G]LHVW\FK;;ZLHNXZĞZLHWOHDNWSROVNLHJRZ\ZLDGXZRMVNRZHJR>Z@ɍɤɪɚ ʀɧɚ±ɉɨɥɶɳɚɿɫɬɨɪɢɱɧɚɫɩɚɞɳɢɧɚɿɫɭɫɩɿɥɶɧɚɫɜɿɞɨɦɿɫɬɶɅɶɜɿɜȱɧɫɬɢɬɭɬɭɤɪɚʀɧɨɡ ɧɚɜɫɬɜɚɿɦȱɄɪɢɩᦤɹɤɟɜɢɱɚɇȺɇɍɤɪɚʀɧɢɜɢɩɭɫɤV± _{ 2SROVNLPVNLHURZDQ\PQD6RZLHW\Z\ZLDG]LHZRMVNRZ\P]ODW±SR]D} F]ĊĞFLąZF]HĞQLHMF\WRZDQHMOLWHUDWXU\SLVDOLWDNĪH$3HSáRĔVNL:\ZLDGSROVNLQD=655 ± :DUV]DZD $ 0LVLXN 6áXĪE\ VSHFMDOQH ,, 5]HF]\SRVSROLWHM :DUV]DZD ::áRGDUNLHZLF]5RODSROVNLHJRZ\ZLDGXZRMVNRZHJRZUR]SR]QDQLX]DJURĪHQLD VRZLHFNLHJR5]HF]\SRVSROLWHMZODWDFK±>Z@:\ZLDGZRMVNRZ\,,5]HF]\SRVSR OLWHMUHG3.RáDNRZVNL$3HSáRĔVNL.UDNyZ0.UXV]\ĔVNL:\ZLDGSROVNLQDWHUH QLH=655±:\EUDQH]DJDGQLHQLD>Z@6WXGLDQDGZ\ZLDGHPLNRQWUZ\ZLDGHP 3ROVNLZ;;ZLHNXWUHG:6NyUD36NXELV]6]F]HFLQ=REWDNĪH$6PROLĔ VNL5RERWQLF]R&KáRSVND$UPLD&]HUZRQDRUD]VRZLHFNLSU]HP\VáZRMHQQ\LGHPɈɛɪɚɡ ɄɪɚɫɧɨɣȺɪɦɢɢɢɋɋɋɊɜ±ɝɝLGHP5RERWQLF]R&KáRSVND$UPLD&]HUZRQD MDNRRELHNWUR]SR]QDQLDSROVNLHJRZ\ZLDGXZRMVNRZHJRLGHP3UyEDRFHQ\ZDUWRĞFLSR ]QDZF]HMDNWSR]RVWDá\FKSR2GG]LDOH,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRLGHP$UPLD &]HUZRQD QD VRZLHFNLHM 8NUDLQLH RUD] Z SR]RVWDá\FK ]DFKRGQLFK RNUĊJDFK ZRMVNRZ\FK =656

_{ 2]DVRELHWHJRDUFKLZXPV]HU]HM]REFKRüE\ɐɟɧɬɪɚɥɶɧɵɣȽɨɫɭɞɚɪɫɬɜɟɧɧɵɣȺɪ} ɯɢɜɋɨɜɟɬɫɤɨɣȺɪɦɢɢɉɭɬɟɜɨɞɢɬɟɥɶɜɞɜɭɯɬɨɦɚɯɬɤɨɥɥɟɝɢɚɥɶɧɚɹɪɚɛɨɬɚ0LQ QHDSROLV

Ⱦɟɪɠɚɜɧɢɣ Ⱥɪɯɿɜ Ƚɪɨɦɚɞɫɶɤɢɯ ɈɛCɽɞɧɚɧɶ ɍɤɪɚʀɧɢ



_{oraz w Central}

Q\P 3DĔVWZRZ\P$UFKLZXP:\ĪV]\FK 2UJDQyZ:áDG]\ L$GPLQLVWUD

FML8NUDLQ\ɐɟɧɬɪɚɥɶɧɢɣȾɟɪɠɚɜɧɢɣȺɪɯɿɜȼɢɳɢɯɈɪɝɚɧɿɜȼɥɚɞɢɬɚ

ɍɩɪɚɜɥɿɧɧɹ ɍɤɪɚʀɧɢ



_{ D WDNĪH NZHUHQG\ SU]HSURZDG]RQH Z OLWHUDWXU]H}

SU]HGPLRWX ZVND]XMą ĪH Z ODWDFK  ;; Z PLPR DNW\ZQHJR SU]HFLZ

G]LDáDQLDVRZLHFNLHJRNRQWUZ\ZLDGXRUD]FDáHJRV]HUHJXWUXGQRĞFLZ\QL

NDMąF\FK]VDPHJRFKDUDNWHUXSDĔVWZDLEDUG]RVSHF\ILF]Q\FKFHFKVSRáH

F]HĔVWZDVRZLHFNLHJR2GG]LDáRZL,,6]WDEX*áyZQHJR:RMVND3ROVNLHJR

XGDZDáRVLĊ]GRE\ZDüZLHOHFHQQ\FKLQLH]Z\NOHZDĪQ\FKLQIRUPDFMLQD

WHPDW$UPLL&]HUZRQHMRUD]VWDQXV]HURNRUR]XPLDQHJRSRWHQFMDáXPLOL

WDUQHJRLĪ\FLDJRVSRGDUF]HJRyZF]HVQHMVRZLHFNLHM8NUDLQ\DWDNĪHFDáH

JR=ZLą]NX6RZLHFNLHJR%\á\RQHĪPXGQLHJURPDG]RQHRUD]V]F]HJyáR

ZRDQDOL]RZDQHLRGSRZLHGQLRLQWHUSUHWRZDQHSU]H]RILFHUyZLDQDOLW\NyZ

2GG]LDáX,,VáXĪąF\FKZZDUV]DZVNLHMFHQWUDOL

:DJĊW\FKXVWDOHĔSRGQRVLWDNĪHWRĪHGRNáDGQDDQDOL]DZ\FLąJDQ\FK

ZWHQF]DVSU]H]QLFKZQLRVNyZRUD]IRUPXáRZDQ\FKRSLQLLSR]ZDODOHSLHM

]UR]XPLHüPRW\Z\ZLHOXGHF\]MLLSU]HGVLĊZ]LĊüRUJDQL]DF\MQ\FKSRGHM

PRZDQ\FK SU]H] QDMZ\ĪV]H NUĊJL SROLW\F]QH L ZRMVNRZH 5]HF]\SRVSR

OLWHM 3ROVNLHM RUD] MHM VLá ]EURMQ\FK Z RNUHVLH PLĊG]\ZRMHQQ\P JáyZQLH

]DĞW\FKNWyUHUHDOL]RZDQRZUDPDFKSURJUDPXPRGHUQL]DFMLLUR]EXGRZ\

:RMVND3ROVNLHJRMDNLUR]SRF]ąáVLĊZULWUZDáSUDNW\F]QLHGRVDPH

JRZ\EXFKXZRMQ\]1LHPFDPLDQDVWĊSQLHWDNĪH]6RZLHWDPLZHZU]H

ĞQLXU



_{:ZLHOXSU]\SDGNDFKE\á\RQHERZLHPGHWHUPLQRZDQHW\P}

_{ 1DWHPDW]DVREyZDUFKLZDOQ\FKWHMLQVW\WXFML]REɐɟɧɬɪɚɥɶɧɢɣȾɟɪɠɚɜɧɢɣȺɪ} ɯɿɜ Ƚɪɨɦɚɞɫɶɤɢɯ ɈɛCɽɞɧɚɧɶ ɍɤɪɚʀɧɢ ɉɭɬɿɜɧɢɤ ɝɨɥɨɜɚ ɪɟɞɚɤɰɿɣɧɨɣ ɤɨɥɟɝɿʀ Ɋ ɉɢɪɿɝ Ʉɢʀɜ

_{ 2 ]DVREDFK WHJR DUFKLZXP ]RE ɐɟɧɬɪɚɥɶɧɵɣ Ƚɨɫɭɞɚɪɫɬɜɟɧɧɵɣ Ⱥɪɯɢɜ Ɉɤ} ɬɹɛɪɶɫɤɨɣɊɟɜɨɥɸɰɢɢȼɵɫɲɢɯɈɪɝɚɧɨɜȽɨɫɭɞɚɪɫɬɜɟɧɧɨɣȼɥɚɫɬɢɢɈɪɝɚɧɨɜȽɨɫɭɞɚɪ ɫɬɜɟɧɧɨɝɨɍɩɪɚɜɥɟɧɢɹɍɤɪɚɢɧɫɤɨɣɋɋɊɄɪɚɬɤɢɣɫɩɪɚɜɨɱɧɢɤɫɨɫɬɚɜɢɬɟɥɢɊɂɌɤɚɱ ȼɆȻɪɨɠɟɤȼȼɉɪɨɤɨɩɱɭɤȺɅɊɭɛɚɥɤɨɩɨɞɪɟɞɚɤɰɟɣɋȼɄɭɥɶɱɢɫɤɨɝɨȽɥɚɜ ɧɨɟȺɪɯɢɜɧɨɟɍɩɪɚɜɥɟɧɢɟɩɪɢɋɨɜɟɬɟɆɢɧɢɫɬɪɨɜɍɋɋɊɄɢɟɜ±WDNZF]DVDFKVR ZLHFNLFKEU]PLDáDSLHUZRWQDQD]ZDWHMLQVW\WXFML:ZLHOXSU]\SDGNDFK]QDMGXMąFHVLĊW\FK WU]HFK DUFKLZDFK GRNXPHQW\ VWDQRZLą GRVNRQDáH SRWZLHUG]HQLH SUDZG]LZRĞFL LQIRUPDFML ]GRE\ZDQ\FKZODWDFK;;ZSU]H]SROVNLZ\ZLDGZRMVNRZ\RUD]WUDIQRĞFLIRUPXáR ZDQ\FKQDSRGVWDZLHLFKDQDOL]\RFHQLZQLRVNyZ

_{ 6]HU]HM R NLHUXQNDFK L ]DNUHVLH SURFHVyZ PRGHUQL]DF\MQ\FK yZF]HVQHJR :RMVND} 3ROVNLHJRRUD]SROVNLHMJRVSRGDUNL]REFKRFLDĪE\(.R]áRZVNL:RMVNR3ROVNLH± ±3UyE\PRGHUQL]DFMLLUR]EXGRZ\:DUV]DZD(0DODN3URWRW\S\VDPRORWyZ ERMRZ\FK3ROVND±:URFáDZLGHP3URWRW\S\VDPRORWyZERMRZ\FKL]D NáDG\ORWQLF]H3ROVND±:DUV]DZD0-DEáRQRZVNL&]WHU\ODWDSU]HGZRM Qą=G]LHMyZJRVSRGDUNLSROVNLHM±2OV]W\Q0&KU]DQRZVNL0RWRU\]DFMD :RMVND3ROVNLHJR±:DUV]DZD$0RUJDáD6DPRORW\ZRMVNRZHZ3ROVFH

FRG]LDáRVLĊ]DZVFKRGQLąJUDQLFą5]HF]\SRVSROLWHMZV]HUHJDFK5RERWQL

F]R&KáRSVNLHM$UPLL&]HUZRQHM

/DWD,SLĊFLRODWNL±

:DUWR FKRFLDĪE\ SRNUyWFH RPyZLü MDN SU]HGVWDZLDá\ VLĊ IRUPXáRZDQH

SU]H] DQDOLW\NyZ SROVNLHJR Z\ZLDGX ZRMVNRZHJR RUD] IXQNFMRQDULXV]\

SROVNLHM VáXĪE\ G\SORPDW\F]QHM JHQHUDOQH RFHQ\ ]PLDQ HNRQRPLF]Q\FK

Z=656±ZW\PJáyZQLHQD8NUDLQLH±ZODWDFK,SLĊFLRODWNL2WyĪNRU]\

VWDMąF]DUyZQR]RILFMDOQ\FKSXEOLNRZDQ\FKZ=656GDQ\FKVWDW\VW\F]

Q\FK MDN L ] HIHNWyZ ZáDVQ\FK REVHUZDFML SROVF\ G\SORPDFL G]LDáDMąF\

ZyZF]DVZW\PNUDMX]DXZDĪ\OLFKDUDNWHU\VW\F]QąFHFKĊW\FKSU]HPLDQ

PLDQRZLFLH]PLDQĊSURSRUFMLSRPLĊG]\SURGXNFMąSU]HP\VáRZąDUROQLF]ą

2WyĪZUZFDá\PLPSHULXP5RPDQRZyZZ\QRVLáDRQDGR

QDNRU]\ĞüUROQLFWZD-XĪMHGQDNZUQDVWąSLáRLFKRGZUyFHQLH

LSURGXNFMDSU]HP\VáRZDVWDQRZLáDFDáHMSURGXNFML=656DUROQL

F]D1DWRPLDVWSR]DNRĔF]HQLX,SLĊFLRODWNLSURGXNFMDSU]HP\VáR

ZDREHMPRZDáDDĪFDáHMZ\WZyUF]RĞFLXG]LDá]DĞUROQLFWZD]PDODá

±:DUV]DZD0:0DMHZVNL6DPRORW\L]DNáDG\ORWQLF]H,,5]HF]\SRVSR OLWHM:DUV]DZD$*ODVV3ROVNLHNRQVWUXNFMHORWQLF]HGRUW6DQGRPLHU] LGHP3ROVNLHNRQVWUXNFMHORWQLF]HGRUW6DQGRPLHU]/:\V]F]HO VNL : REOLF]X ZRMQ\ :RMVNR 3ROVNLH ±:DUV]DZD 7 3DZáRZVNL $UPLD 0DUV]DáNDĝPLJáHJR,GHDUR]EXGRZ\:RMVND3ROVNLHJR±:DUV]DZDLGHP /RWQLFWZRODW;;ZLHNXZ3ROVFHLQDĞZLHFLH:\EUDQH]DJDGQLHQLD:DUV]DZD .&KRáRQLHZVNL-.RV]HZVNL3ROVNDUDGLRWHFKQLNDORWQLF]D±:DUV]DZD ..OREXFK*HQH]DORWQLF]HJRZU]HĞQLD3ROVNDGRNWU\QDORWQLF]DLNRQVWUXNFMHVDPRORWyZ ERMRZ\FKQDWOHZURJyZLVRMXV]QLNyZ±U:DUV]DZD60DNVLPLHF:DU V]DZVND%U\JDGD3DQFHUQR0RWRURZD2ĞZLĊFLP=UHJXá\MHGQDNZSUDFDFK WHJRW\SXSR]DQLHNWyU\PLQLHHNVSRQXMHVLĊ]E\WQLR]ZLą]NXSRPLĊG]\VRZLHFNLPL]EUR MHQLDPLDSURFHVDPLPRGHUQL]DF\MQ\PLNWyU\PZGUXJLHMSRáRZLHODW;;ZSRGGDQR SROVNLHVLá\]EURMQHRUD]LFKX]EURMHQLHLZ\SRVDĪHQLH&]ĊĞFLHMRGQRVLVLĊMHGR]PLDQNWy UHZW\FKNZHVWLDFK]DFKRG]Lá\ZWHQF]DVZKLWOHURZVNLFK1LHPF]HFKRUD]Z:HKUPDFK FLH3R]DW\P]REWDNĪH$6PROLĔVNL5RERWQLF]R&KáRSVND$UPLD&]HUZRQDMDNRRELHNW UR]SR]QDQLD SROVNLHJR Z\ZLDGX ZRMVNRZHJR LGHP 2EUD] 5RERWQLF]R&KáRSVNLHM $UPLL &]HUZRQHM RUD] VRZLHFNLHJR SRWHQFMDáX PLOLWDUQHJR ] SRF]ąWNX ODW WU]\G]LHVW\FK ;; ZLH NXZGRNXPHQWDFK2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJR3U]\F]\QHNGRG]LHMyZ SROVNLHJRZ\ZLDGXZRMVNRZHJR>Z@0LOLWDULDSRPRUVNLH=ELyUVWXGLyZWUHG0*LĊW NRZVNLà1DGROVNL$6PROLĔVNL%\GJRV]F]LGHP2ÄF]HUZRQą´5RVMĊÄF]HU ZRQą´ (XURSĊ L ÄF]HUZRQ\´ ĞZLDW 6WXGLD R SRWHQFMDOH PLOLWDUQ\P 6RZLHWyZ Z ODWDFK ±7RUXĔ±VWXGLXP]DW\WXáRZDQH6RZLHFNLSRWHQFMDáPLOLWDUQ\LVWDQ5RERW QLF]R&KáRSVNLHM$UPLL&]HUZRQHMQDG]LHĔF]HUZFDU

GR:LGDüZLĊF]WHJRLĪE\áWRU]HF]\ZLVW\SURFHVLQGXVWULDOL]DFML

=656



_

6WURQDSROVND]DXZDĪ\áDMHGQDNUyZQLHĪOLF]QHPDQNDPHQW\WDNLHMGUR

JLRUD]WDNV]\ENLHJRWHPSDXSU]HP\VáRZLHQLDWHJRNUDMX3RUĨOH

GREUDQRSURSRUFMHSRPLĊG]\QDNáDGDPLILQDQVRZ\PLQDQDMZDĪQLHMV]HJD

áĊ]LHSU]HP\VáXFLĊĪNLHJRDSU]HP\VáHPOHNNLPLUROQLFWZHPFRVSRZR

GRZDáROLF]QHLGRWNOLZHEUDNLZ]DRSDWU]HQLXOXGQRĞFLJáyZQLHZĪ\Z

QRĞü



_{:MHGQ\P]GRNXPHQWyZVáXV]QLHVWZLHUG]RQRERZLHPĪH}

&KDUDNWHU\VW\F]QąFHFKąVRZLHFNLHJRUR]ZRMXSU]HP\VáRZHJRMHVW

EDUG]R]QDF]Q\Z]URVWFLĊĪNLHJRSU]HP\VáXNWyU\SU]H]V]HUHJODW

GRPLQRZDáSRGZ]JOĊGHPWHPSDUR]ZRMXQDGSU]HP\VáHPOHNNLP

LVSRĪ\ZF]\P3URZDG]LáRWRGR]QDF]QHJRUR]URVWXSURGXNFMLĞURG

NyZSURGXNFMLSU]\QLHGRVWDWHF]Q\PZ]URĞFLHSURGXNFMLDUW\NXáyZ

NRQVXPSF\MQ\FK SRZRGXMąF SRJáĊELDQLH VLĊ NU\]\VX QD WOH PDWH

ULDOQHMV\WXDFMLFDáHMOXGQRĞFLJáyZQLH]DĞZVL,QZHVWRZDQLHZUR]

EXGRZĊ SU]HP\VáX FLĊĪNLHJR GDáR Z FLąJX SDUX ODW ]QDF]Qą F]ĊĞü

GRFKRGXVSRáHF]QHJRDREHFQLHHNVSORDWDFMDZáRĪRQ\FKNDSLWDáyZ

ZVNXWHN ]áHM SUDF\ WHJR SU]HP\VáX L MHJR QLHUHQWRZQRĞFL REFLą

ĪDQDGDOEXGĪHWSDĔVWZRZ\LZNRQVHNZHQFMLNáDG]LHVLĊFLĊĪDUHP

QDDNFMLSRGQRV]HQLDĪ\FLRZHJRSR]LRPXOXGQRĞFL>«@:\MĞFLHP

] WHJR EáĊGQHJR NRáD PRĪH E\ü W\ONR RSáDFDOQRĞü FLĊĪNLHJR SU]H

P\VáXZVNXWHNOHSV]HMMHJRRUJDQL]DFML]GUXJLHM]DĞVWURQ\±UR]

V]HU]HQLH SURGXNFML SU]HP\VáX OHNNLHJR L OHSV]H ]DRSDWU]HQLH OXG

QRĞFL



_

_{ =RE WDNĪH ɋɨɜɟɬɫɤɨɟ ɜɨɟɧɧɨɩɪɨɦɵɲɥɟɧɧɨɟ ɩɪɨɢɡɜɨɞɫɬɜɨ ± Ɍɨɦ} ɜɬɨɪɨɣɤɨɥɥɟɝɢɚɥɶɧɚɹɪɚɛɨɬɚɩɨɞɪɟɞɚɤɰɧɣȼȺɁɨɥɨɬɚɪɟɜɚɫɟɪɢɹɂɫɬɨɪɢɹɫɨɡɞɚ ɧɢɹɢɪɚɡɜɢɬɢɹɨɛɨɪɨɧɧɨɩɪɨɦɵɲɥɟɧɧɨɝɨɤɨɦɩɥɟɤɫɚɊɨɫɫɢɢɢɋɋɋɊ±Ⱦɨ ɤɭɦɟɧɬɵ ɢ ɦɚɬɟɪɢɚɥɵ ɩɨɞ ɪɟɞɚɤɰɟɣ ɂ ɂ Ʉɥɟɛɚɧɨɜɚ Ɇɨɫɤɜɚ  JG]LH ]QDOHĨü PRĪQDLQIRUPDFMHRZF]HĞQLHMV]\PVWDQLHVRZLHFNLHMHNRQRPLNLZW\PJáyZQLHRPRĪOL ZRĞFLDFKMHMNRPSOHNVXPLOLWDUQHJR _{ 1LHQDOHĪ\WXWDM]DSRPLQDüLĪE\áRWRĞZLDGRPHG]LDáDQLHZ\QLNDMąFH]GąĪHQLDGR} VWZRU]HQLDPRĪOLZLHV]HURNLHMLZ\GDMQHMED]\GODSU]HP\VáX]EURMHQLRZHJRDW\PVDP\P GODMDNQDMZLĊNV]HJRZ]PRFQLHQLDVLá\5RERWQLF]R&KáRSVNLHM$UPLL&]HUZRQHMNWyUDPLD áDE\üVNXWHF]Q\PQDU]ĊG]LHPXPRĪOLZLDMąF\P6RZLHWRPUHDOL]DFMĊGDOHNRVLĊĪQ\FKFHOyZ LFKSROLW\NL]DJUDQLF]QHM±SR]DF]ĊĞFLąZF]HĞQLHMF\WRZDQHMOLWHUDWXU\]REWDNĪHɅɋɚɦɭ ɷɥɶɫɨɧɄɪɚɫɧɵɣɤɨɥɨɫɫɋɬɚɧɚɜɥɟɧɢɟɜɨɟɧɧɨɩɪɨɦɵɲɥɟɧɧɨɝɨɤɨɦɩɥɟɤɫɚɋɋɋɊ± ±ɩɟɪɟɜɨɞɫɚɧɝɥɢɣɫɤɨɝɨɂɋȾɚɜɢɞɹɧɆɨɫɤɜɚɈɇɄɟɧɆɨɛɢɥɢɡɚɰɢɨɧ ɧɨɟɩɥɚɧɢɪɨɜɚɧɢɟɢɩɨɥɢɬɢɱɟɫɤɢɟɪɟɲɟɧɢɹɤɨɧɟɰɯɫɟɪɟɞɢɧɚɯɝɝɆɨɫɤɜɚ &].*U]HODN$UPLD6WDOLQD±=EURMQHUDPLĊSROLW\NL=656Warszawa   _{=MD]G\NRQVXOyZSROVNLFKZ=6553URWRNRá\LUHIHUDW\±(ɋɴɟɡɞɵɩɨɥɶɫɤɢɯ} ɤɨɧɫɭɥɨɜ ɜ ɋɋɋɊ ɉɪɨɬɨɤɨɥɵ ɢ ɞɨɤɥɚɞɵ ± RSUDF ( .RáRG]LHM 0 0D]XU

ħOHLQLHHIHNW\ZQLHZVRZLHFNLHMJRVSRGDUFHODWIXQNFMRQRZDáWHĪ

V\VWHP QDND]RZRUR]G]LHOF]\ JG\Ī ÄSRV]F]HJyOQH F]ĊĞFL JRVSRGDUVWZD

QDURGRZHJRQLHGRVWRVRZXMąVLĊDXWRPDW\F]QLHGRVLHELHOHF]GRFLąJDQH

VąGURJąSODQyZOXEQDND]yZLGąF\FK]JyU\´



_{Z\SHáQLDQLHSRZVWDMąF\FK}

Z WHQ VSRVyE OXN JRVSRGDUF]\FK Z\PDJDáR ]DĞ NRQFHQWUDFML Z\VLáNX QD

Z\EUDQ\FKG]LHG]LQDFKNRV]WHPSR]RVWDá\FK]UHJXá\ZGDQ\PPRPHQ

FLHOHSLHMIXQNFMRQXMąF\FKFRZNRQVHNZHQFMLSURZDG]LáRGRSRZVWDZDQLD

WUXGQRĞFLZLQQ\PPLHMVFX:HIHNFLHWHJRZVRZLHFNLHMHNRQRPLFHEUDN

E\áRPHFKDQL]PyZQDWXUDOQHMNRPSHQVDFMLUR]ZRMXHNRQRPLF]QHJR3R]D

W\PQLHG\VSRQRZDáDRQDUyZQLHĪRGSRZLHGQLPLLNRQLHF]Q\PLUH]HUZDPL

PRF\Z\WZyUF]\FKVLá\URERF]HMRUD]]DSDVDPLVXURZFyZLSyáIDEU\ND

WyZ3RZRGRZDáRWRĪHÄZVRZLHFNLHMSUDF\JRVSRGDUF]HMQLHPDUyZQR

PLHUQRĞFLSá\QLHRQDVWDOHZDWPRVIHU]HQDSUĊĪHQLDLLQJHUHQFMLU]ąGRZHM

NDĪGH]DĞRVáDELHQLHWHMRVWDWQLHMQDMDNLPNROZLHNRGFLQNXSRZRGXMHSUD

ZLH]DZV]HVSDGHNMHMZ\GDMQRĞFL´



_

6áXV]QLH]DXZDĪRQRWHĪĪHQDEUDNL]DRSDWU]HQLDZĪ\ZQRĞüZ=656

QDMSRZDĪQLHMV]\ ZSá\Z PLDáD IRUVRZQD NROHNW\ZL]DFMD RUD] QLHGRLQZH

VWRZDQLHUROQLFWZDLSU]HP\VáXVSRĪ\ZF]HJRDWDNĪHQDGPLHUQ\HNVSRUW

SURGXNWyZ UROQ\FK]DJUDQLFĊ3R]D]PQLHMV]HQLHPVLĊSURGXNFML]ERĪR

ZHMGRSURZDG]LáRWRWHĪGRGUDVW\F]QHJRVSDGNXKRGRZOLE\GáDLSRJáRZLD

WU]RG\FKOHZQHMDZNRQVHNZHQFMLGREDUG]RSRZDĪQ\FKEUDNyZZSRGD

Ī\PLĊVDLWáXV]F]yZQDU\QNXJáyZQLHQD8NUDLQLHJG]LHQDVWĊSQLHZOD

WDFK±GRV]áRGRWUDJLF]QHJRZVNXWNDFKJáRGX



_{3RGREQLHG]LDáR}

75DG]LN/XEOLQV±GRNQU±5HIHUDW$QWRQLHJR$OHNVDQGUDĩPLJURG]NLHJR UDGF\KDQGORZHJR$PEDVDG\53Z0RVNZLHSWÄ5HNRQVWUXNFMDJRVSRGDUF]D=655´Z\ JáRV]RQ\QD]MHĨG]LHNRQVXOyZSROVNLFKZ=655±0RVNZD±;U _{ ,ELGHPV} _{ ,ELGHP} _{ =RE FKRüE\ Ʉɨɥɟɤɬɢɜɢɡɚɰɿɹ ɿ ɝɨɥɨɞ ɧɚ ɍɤɪɚʀɧɿ ± Ɂɛɿɪɧɢɤ ɞɨɤɭɦɟɧ} ɬɢɜɿɦɚɬɟɪɿɚɥɿɜɜɿɞɩɨɜɿɞɚɥɶɧɢɣɪɟɞɚɤɬɨɪɋȼɄɭɥɶɱɢɰɶɤɢɣɄɢʀɜɆɆɭɯɿ ɧɚ ɍɩɨɤɨɪɟɧɧɹ ɝɨɥɨɞɨɦ Ɂɛɿɪɧɢɤ ɞɨɤɭɦɟɧɬɿɜ Ʉɢʀɜ  Ƚɨɥɨɞɨɦɨɪ ± ɪɨ ɤɿɜ ɜ ɍɤɪɚʀɧɿ Ⱦɨɤɭɦɟɧɬɢ ɿ ɦɚɬɟɪɿɚɥɢ ɭɩɨɪɹɞɨɱɧɢɤ Ɋ ɉɢɪɿɝ Ʉɢʀɜ  +RáRGRPRU ±:LHONL*áyGQD8NUDLQLHZGRNXPHQWDFKSROVNLHMG\SORPDFMLLZ\ZLDGXZ\E LRSUDF--%UXVNL:DUV]DZD3RPyUZÄUDMXEROV]HZLFNLP´*áyGQD8NUDLQLHZOD WDFK ± Z ĞZLHWOH SROVNLFK GRNXPHQWyZ G\SORPDW\F]Q\FK L GRNXPHQWyZ Z\ZLD GXRSUDF5.XĞQLHU]7RUXĔɅȺɭɥɨɜɚȼȾɚɧɢɥɟɧɤɨȼɅɚɜɪɟɧɸɤȽɨɥɨɞɨɦɨɪ ± ɪɨɤɿɜ ɜ ɍɤɪɚʀɧɿ ɡɚ ɞɨɤɭɦɟɧɬɚɦɢ ȽȾȺ ɋȻɍ Ⱥɧɧɨɬɨɜɚɧɢɣ ɞɨɜɿɞɧɢɤ Ʌɶɜɿɜ $6PROLĔVNL6\WXDFMDZRMVNRZDHNRQRPLF]QDLVSRáHF]QDQDVRZLHFNLHM8NUDLQLH LGHP 6RZLHFND 8NUDLQD ] ODW ± Z GRNXPHQWDFK 2GG]LDáX ,, 6]WDEX *áyZQHJR :RMVND3ROVNLHJR5.XĞQLHU]8NUDLQDZODWDFKNROHNW\ZL]DFMLLZLHONLHJRJáRGX± ± 7RUXĔ  LGHP 3RJáRGRZD ZLHĞ XNUDLĔVND Z SROVNLFK UDSRUWDFK Z\ZLDGRZ F]\FK L NRQVXODUQ\FK ± >Z@ 6WXGLD QDG Z\ZLDGHP L NRQWUZ\ZLDGHP 3ROVNL

VLĊUyZQLHĪ]SURGXNFMąFXNUXNWyUHJRVSRĪ\FLHZFDá\P=656QLHSU]H

NUDF]DáRZyZF]DVNJQDPLHV]NDĔFD±SU]\QDMPQLHMZHGáXJRILFMDOQ\FK

GDQ\FK



_

3R]DW\PQLHPQLHMLVWRWQHE\á\WHĪVSRáHF]QHQDVWĊSVWZDSU]\VSLHV]R

QHMLSU]\PXVRZHMNROHNW\ZL]DFMLDOERZLHPÄ6NXWNLHPWHMSROLW\NLVWD

áRVLĊSHáQHSU]\ZLą]DQLHZáRĞFLDQLQDVNROHNW\ZL]RZDQHJRGRNRáFKR]X

JG\ĪZZ\QLNXRVWDWQLFK]DU]ąG]HĔ



_{QLHPRĪHRQEH]DSUREDW\]DU]ąGXDQL}

NRáFKR]XRSXĞFLüDQLQDZHWXGDüVLĊQDMDNLHĞVH]RQRZHOXEXERF]QH]D

URENL´



_

=DSUH]HQWRZDQD WXWDM RFHQD ZV]\VWNLFK ]PLDQ HNRQRPLF]Q\FK NWyUH

ZUDPDFK,SLĊFLRODWNLQDVWąSLá\Z=656SRVLDGDFHFK\U]HWHOQRĞFLGDOH

NLHRGRILFMDOQ\FKLQLH]DZV]HSUDZG]LZ\FKWUHĞFLSU]HGVWDZLDQ\FKSU]H]

yZF]HVQąVRZLHFNąSURSDJDQGĊNWyUDQDJáDĞQLDMąFPQLHMOXEEDUG]LHMLVWRW

Z;;ZLHNX6.XOF]\FNL+RáRGRPRU:LHONL*áyGQD8NUDLQLHZODWDFK±MDNR OXGREyMVWZR3UREOHPĞZLDGRPRĞFL:URFáDZ:SU]\SDGNXVRZLHFNLHJRUROQLFWZD ]DLQWHUHVRZDQLHSROVNLHJRZ\ZLDGXRUD]SROVNLFKVáXĪEG\SORPDW\F]Q\FKWUZDáRUyZQLHĪ ZODWDFKQDVWĊSQ\FK±]REFKRüE\$6PROLĔVNL5DSRUW$WWDFKp:RMVNRZHJRSU]\$P EDVDG]LH 53 Z 0RVNZLH SSáN G\SO .RQVWDQWHJR =DERURZVNLHJR ] SRGUyĪ\ SR =656 RG E\WHM ODWHP  U >Z@ 3ROVND G\SORPDFMD QD ZVFKRG]LH Z ;;±SRF]ąWNDFK ;;, ZLHNX UHG+6WURĔVNL*6HURF]\ĔVNL2OV]W\Q±&KDUNyZLGHPɈɛɪɚɡɫɨɜɟɬɫɤɨɣɞɟɪɟɜɧɢ ɥɟɬɨɦɝɜɞɨɤɥɚɞɟɜɨɟɧɧɨɝɨɚɬɬɚɲɟɩɪɢɉɨɫɨɥɶɫɬɜɟɊɟɫɩɭɛɥɢɤɢɉɨɥɶɲɚɜɆɨ ɫɤɜɟ ɩɨɞɩɨɥɤɨɜɧɢɤɚ Ƚɟɧɟɪɚɥɶɧɨɝɨ ɒɬɚɛɚ Ʉɨɧɫɬɚɧɬɢɧɚ Ɂɚɛɨɪɨɜɫɤɨɝɨ >Z@ ɉɨɥɹɤɢ ɜɢɫɬɨɪɢɢɪɨɫɫɢɣɫɤɨɣɩɪɨɜɢɧɰɢɢ;,;±;;ɜɜȾɢɚɥɨɝɰɢɜɢɥɢɡɚɰɢɣɦɚɬɟɪɢɚɥɵɦɟɠɞɭ ɧɚɪɨɞɧɨɣɧɚɭɱɧɨɣɤɨɧɮɟɪɟɧɰɢɢ±ɦɚɹɝɌɚɦɛɨɜ _{ :HGáXJXVWDOHĔMHGQHJR]G\SORPDWyZÄĩHWDNDQLHLQDF]HMG]LHMHVLĊQD8NUDLQLH} ĞZLDGF]ą QLH]Z\NáH WUXGQRĞFL QD MHM ZHZQĊWU]Q\P U\QNX FXNURZ\P 6NOHS\ UR]G]LHOF]H DOERQLHZ\GDMąFXNUXZFDOHDOERQLHZ\ĪHMQLĪJUDP>yZ@PLHVLĊF]QLHQDGRURVáHJR F]áRZLHNDEDUG]RU]DGNR7H]DĞQLH]QDF]QHLORĞFLFXNUXNWyUHGRVWDMąVLĊQDU\QHN ZROQ\VSU]HGDZDQHVąSRFHQDFK±UXEOL]DNJFRSU]HFLHĪQDZHWQDQDV]HSLHQLąG]H Z\QRVLLZLĊFHM]áRW\FKF]\OLEDUG]RGURJR2W\P]DĞMDNQLHRVLąJDOQ\MHVWWHQFXNLHUGOD V]HURNLFKPDV]DUDELDMąF\FK±UE>F]\OLUXEOL@PLHVLĊF]QLHPyZLüQLHWU]HED:ąW SLüQDOHĪ\F]\NRQVXPSFMDSU]HNUDF]DF\IUĊNJURF]QLHQDJáRZĊ5HV]WĊFXNUX]DELHUD =ZLą]HN>6RZLHFNL@´±]RE=MD]G\NRQVXOyZSROVNLFKZ=655V±GRNQU±5H IHUDW-DQD.DUV]R6LHGOHZVNLHJRSWÄĩ\FLHJRVSRGDUF]H8NUDLQ\LMHMXG]LDáZFDáRĞFLRU JDQL]PXJRVSRGDUF]HJR=655´Z\JáRV]RQ\QD]MHĨG]LHNRQVXOyZSROVNLFKREUDGXMąF\FK Z0RVNZLHZGQLDFK±;U _{ 0RZDMHVWWXWDMRW]ZSDV]SRUW\]DFML}  _{=MD]G\NRQVXOyZSROVNLFKZ=655V±GRNQU±5HIHUDW6WDQLVáDZD=DELHáá\} RVRZLHFNLHMSROLW\FHZLHMVNLHMZ\JáRV]RQ\QD]MHĨG]LHNRQVXOyZSROVNLFKZ=655±0R VNZD9U=REWDNĪHLELGHPV±RUD]=G]LHMyZWHUURUXZSDĔVWZLHUDG]LHF NLP±:\EyUĨUyGHáZVWĊSWáXPLRSUDF-:RMWNRZLDN3R]QDĔVGRN QU±8FKZDáD%LXUD3ROLW\F]QHJR.&:.3EÄ2V\VWHPLHSDV]SRUWRZ\PLZ\GDOHQLX ]PLDVW]EĊGQ\FKHOHPHQWyZ´];,U

QHVXNFHV\ZáDVQHMHNRQRPLNLSRPLMDáDOXEWHĪEDJDWHOL]RZDáDSRZVWDMąFH

UyZQRF]HĞQLHWUXGQRĞFLRUD]QDSLĊFLDJRVSRGDUF]HLVSRáHF]QH



_

/DWD,,L,,,SLĊFLRODWNL±

-DN WR MXĪ V\JQDOL]RZDQR QLH PQLHMV]ą XZDJĊ SROVNLHJR Z\ZLDGX ZRM

VNRZHJRSU]\FLąJDá\UyZQLHĪU]HF]\ZLVWHHIHNW\HNRQRPLF]QHLZRMVNRZH

,,SLĊFLRODWNL



_{6NXWNLHPWHJRMHVWFLHNDZ\SRZVWDá\ZUGRNXPHQW}

2GG]LDáX ,, 6]WDEX *áyZQHJR ]DW\WXáRZDQ\ &KDUDNWHU\VW\ND WHFKQLF]

QDSU]HP\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU



_

:G]LDOHÄ2FHQDRJyOQD´MHJRDXWRU]\VWZLHUG]LOLĪHFRUD]PQLHMZLDGR

PRĞFLGRW\F]ąF\FKVRZLHFNLHMJRVSRGDUNLPRĪQDSR]\VNLZDüPHWRGąNOD

V\F]QHJRĞOHG]HQLDLQIRUPDFMLSRMDZLDMąF\FKVLĊZSUDVLHRUD]ZRILFMDO

Q\FK SXEOLNDFMDFK XND]XMąF\FK VLĊ Z =656 3RPLPR WR ]DXZDĪRQR ĪH

 _{=MD]G\ NRQVXOyZ SROVNLFK Z =655 V ± GRN QU  ± 5HIHUDW -DQD .DUV]R6LH} GOHZVNLHJRSWÄĩ\FLHJRVSRGDUF]H8NUDLQ\LMHMXG]LDáZFDáRĞFLRUJDQL]PXJRVSRGDUF]H JR=655´Z\JáRV]RQ\QD]MHĨG]LHNRQVXOyZSROVNLFKREUDGXMąF\FKZ0RVNZLHZGQLDFK ±;ULELGHPV±±GRNQU±5HIHUDW$QWRQLHJR$OHNVDQ GUDĩPLJURG]NLHJRUDGF\KDQGORZHJR$PEDVDG\53Z0RVNZLHSWÄ5HNRQVWUXNFMDJR VSRGDUF]D=655´Z\JáRV]RQ\QD]MHĨG]LHNRQVXOyZSROVNLFKZ=655±0RVNZD±; U3RGREQHZQLRVNLPRĪQD]QDOHĨüWDNĪHZRSUDFRZDQLDFKLDQDOL]DFKSU]\JRWRZ\ZD Q\FKZWHQF]DVSU]H]RILFHUyZLDQDOLW\NyZ2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJR ±]REFKRüE\&$:2GG]LDá,,6]WDEX*áyZQHJR=655.RPXQLNDWLQIRUPD F\MQ\]GQ;±5HIHUDWÄ5RVMD´2GG]LDáX,,6]WDEX*áyZQHJROG],,572 :DUV]DZD;U _{ 7\PF]DVHPZHGáXJRILFMDOQ\FKGDQ\FKUR]SRZV]HFKQLDQ\FKSU]H]VRZLHFNąSURSD} JDQGĊÄ']LĊNLSHáQHMSRĞZLĊFHĔSUDF\QDURGXUDG]LHFNLHJRGUXJDSLĊFLRODWND>«@Z\NR QDQD]RVWDáDSU]HGWHUPLQRZRGRNZLHWQLDURNXDZLĊFZFLąJXF]WHUHFKODWLWU]HFK PLHVLĊF\:URNXJOREDOQDSURGXNFMDZLHONLHJRSU]HP\VáX]ZLĊNV]\áDVLĊZSRUyZ QDQLX]URNLHPSU]HV]áRGZXNURWQLHDZSRUyZQDQLX]URNLHP±RĞPLRNURWQLH 5R]ZyMZLHONLHJRSU]HP\VáX]ZáDV]F]DSU]HP\VáXPDV]\QRZHJRPLDáSRZDĪQ\ZSá\Z QDWHFKQLF]QąUHNRQVWUXNFMĊZV]\VWNLFKJDáĊ]LJRVSRGDUNLQDURGRZHM:URNXSRQDG SURFHQWFDáHMSURGXNFMLSU]HP\VáRZHMGDZDá\SU]HGVLĊELRUVWZDQRZR]EXGRZDQHEąGĨ WHĪFDáNRZLFLH]UHNRQVWUXRZDQHZRNUHVLHSLHUZV]HMLGUXJLHMSLĊFLRODWNL3RZDĪQHVXNFH V\]RVWDá\RVLąJQLĊWHZPHFKDQL]DFMLUROQLFWZD>«@0RĪQDE\áRXZDĪDüWHFKQLF]QąUHNRQ VWUXNFMĊJRVSRGDUNLQDURGRZHM]D]DNRĔF]RQą>«@:LHONLPRVLąJQLĊFLHPGUXJLHMSLĊFLR ODWNLE\áRUR]ZLą]DQLHZ]DVDG]LHSUREOHPXNDGU/LF]EDVSHFMDOLVWyZ]Z\ĪV]\PLĞUHGQLP Z\NV]WDáFHQLHP]DZRGRZ\PNWyU]\SRGHMPRZDOLSUDFĊZJRVSRGDUFHQDURGRZHM]ZLĊN V]\áDVLĊZSRUyZQDQLX]SLHUZV]ąSLĊFLRODWNąSU]HV]áRGZXNURWQLH´±]RE+LVWRULD.RPX QLVW\F]QHM3DUWLL=ZLą]NX5DG]LHFNLHJRSUDFD]ELRU:DUV]DZDV

_{ &$: 2GG]LDá ,, 6]WDEX *áyZQHJR  &KDUDNWHU\VW\ND WHFKQLF]QDSU]H} P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD

NU\]\VZSU]HP\ĞOHNWyU\UR]SRF]ąáVLĊZGUXJLHMSRáRZLHUWUZD

QDGDODMHJRVNXWNLHPMHVWQLHZ\NRQ\ZDQLHSU]H]SU]HP\VáFLĊĪNLLPD

V]\QRZ\ URF]Q\FK SODQyZ SURGXNF\MQ\FK



_{ =DKDPRZDQLX XOHJáR WDN}

ĪH WHPSR Z]URVWX Z\GDMQRĞFL SUDF\ FR UyZQLHĪ ZSá\QĊáR QD RJUDQLF]H

QLHU]HF]\ZLVW\FKUR]PLDUyZSURGXNFML,QQ\PZLHOFHFKDUDNWHU\VW\F]Q\P

]MDZLVNLHPE\áRF]ĊVWHZ\NRQ\ZDQLHSODQyZLORĞFLRZ\FKNRV]WHPVSDG

NXMDNRĞFLRZHMZDUWRĞFLSURGXNRZDQ\FKZ\UREyZZW\PUyZQLHĪVSU]ĊWX

ZRMVNRZHJR



_{'RVNRQDá\PSU]\NáDGHPWDNLHMZáDĞQLHV\WXDFMLPRĪHE\ü}

FKRFLDĪE\SURGXNFMDDPXQLFMLDUW\OHU\MVNLHM:HGáXJZVSRPQLHĔSyĨQLHM

V]HJRVRZLHFNLHJRPDUV]DáNDDUW\OHULL1LNRáDMD1LNRáDMHZLF]D:RURQRZD

_{ 2NU\]\VLHZVRZLHFNLPSU]HP\ĞOHZODWDFK±ZVZRLPEDUG]RZDUWRĞFLR} Z\PRSUDFRZDQLXSLV]HWDNĪH/HQQDUW6DPXHOVRQ:MHJRHIHNFLHQLHXGDáRVLĊ]UHDOL]RZDü ]QDF]QHMF]ĊĞFL]DSODQRZDQ\FKZF]HĞQLHMLQZHVW\FMLSU]HP\VáRZ\FK3R]DW\PSRZDĪQD F]ĊĞüSRF]\QLRQ\FKZSRSU]HGQLFKODWDFKZNáDGyZNDSLWDáRZ\FKQLHGRSURZDG]LáDGRXUX FKRPLHQLDĪDGQHMSURGXNFMLDZLHOHZ\WZDU]DQ\FKSURGXNWyZE\áRGHILF\WRZ\FK:VNXWHN WHJRZFDá\P=656]QDF]ąFRVSDGáRU]HF]\ZLVWHWHPSRZ]URVWXJRVSRGDUF]HJR:V]\VW NLHWH]MDZLVNDGRW\F]\á\WDNĪHSU]HP\VáXREURQQHJRNWyU\SRPLPRSU]H]QDF]HQLDQDMHJR UR]ZyMRJURPQ\FKĞURGNyZILQDQVRZ\FKRUD]VXURZFyZLPRF\SURGXNF\MQ\FKSU]HP\VáX PDV]\QRZHJRQLH]UHDOL]RZDáURF]Q\FKSODQyZSURGXNF\MQ\FK:UZVSRVyEV]F]H JyOQ\NU\]\VGRWNQąáSU]HP\VáORWQLF]\NWyU\Z\SURGXNRZDáZWHQF]DV]DOHGZLH]D SODQRZDQ\FKVDPRORWyZLREMĊW\FKSODQHPVLOQLNyZORWQLF]\FK3RGREQLHZW\PF]D VLHE\áR]UHV]WąZHZV]\VWNLFKSR]RVWDá\FKG]LDáDFKVRZLHFNLHJRSU]HP\VáX]EURMHQLRZHJR ±]REɅɋɚɦɭɷɥɶɫɨɧRSFLWV _{ :DQDOL]RZDQ\PWXWDMGRNXPHQFLHVWZLHUG]RQRĪH]UDFMLZLHONLHMGRZROQRĞFLZRE} OLF]DQLXNRV]WyZLFHQSURGXNWyZRFHQDLVWRWQHMJOREDOQHMZDUWRĞFLSURGXNFMLE\áDZyZ F]DVSUDNW\F]QLHQLHXFKZ\WQD6WąGWHĪZHGáXJRFHQRILFHUyZ2GG]LDáX,,Ä:\ND]\ZDQH ZVNDĨQLNLSURGXNFMLVąQLHUD]ZąWSOLZHLRVLąJDQHV]WXF]QLH>«@´±]RE&$:2GG]LDá,, 6]WDEX*áyZQHJR&KDUDNWHU\VW\NDWHFKQLF]QDSU]HP\VáXFLĊĪNLHJRLPDV]\QR ZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,,6]WDEX*áyZQHJR:DUV]DZD :HGáXJ:áDGLPLUD%LHV]DQRZD]NWyU\PZWHMNZHVWLLQLHVSRVyEVLĊQLH]JRG]Lü]D EUDNRUyEVWZR±SR]DLQQ\PLF]\QQLNDPL±RGSRZLHG]LDOQHE\áRJáyZQLHZVSyá]DZRGQLF WZRSUDF\F]\OLW]ZUXFKVWDFKDQRZVNLZHIHNFLHNWyUHJRQLNWQLH]ZUDFDáXZDJLQDMDNRĞü SURGXNFMLW\ONRQDMHMLORĞüÄ1DSU]\NáDGZ]DNáDGDFKª1RZRMH6RUPRZR©VWDFKDQRZF\ LSU]RGRZQLF\ZZ\G]LDOHNXĨQLLSUDV>«@]SRGZyMQ\PHQWX]MD]PHPZ\NXZDOLªSRWZRU QHRGNXZNL©>«@:Z\G]LDOHPHFKDQLF]Q\Pª]ZLĊNV]\ZV]\V]\ENRĞüFLĊFLD©SU]HUDELD QRQDZLyU\WRQ\PHWDOXZZ\G]LDOHWHUPLF]Q\PªXSURĞFLZV]\SURFHVREUyENL©Z\NRQD QRSODQZSURFHQWDFK:Z\G]LDOHPRQWDĪRZ\PDQLVWDFKDQRZFyZDQLSU]RGRZQLNyZ QLHE\áRWDPáDPDOLVRELHJáRZ\QDGSUREOHPHPMDN]ªJyU\©QLHVWDQGDUGRZ\FKGHWDOLZ\ NRQDQ\FKªSRVWDFKDQRZVNX©]PRQWRZDüG]LDáDMąFąDUPDWĊ±]RE:%LHV]DQRZĝOHS\ EyJZRMQ\$UPLD&]HUZRQDSRGRJQLHPZáDVQHMDUW\OHULLWáXP:6WHIDQRZLF]:DUV]D ZDV3RQDGWR]REWDNĪHLGHP/DWDMąFHWUXPQ\6WDOLQDWáXP:6WHIDQRZLF] :DUV]DZDLGHP7ZDUG\SDQFHU]WáXP:6WHIDQRZLF]:DUV]DZD:SU]\SDG NXWHMRVWDWQLHMSUDF\DXWRUDPRZDMHVWPLQR]áHMMDNRĞFLVWDOLSDQFHUQHMRUD]VWDOLVWRSRZHM SURGXNRZDQHMZyZF]DVSU]H]KXW\QD8NUDLQLH

6ZHJR F]DVX >Z  U ± SU]\S$6@ SRGF]DV SUyE QD SROLJR

QDFKPDVRZRGRFKRG]LáRGRSU]HGZF]HVQ\FKZ\EXFKyZSRFLVNyZ

:FHOXZ\MDĞQLHQLDSU]\F]\Q\SRZRáDQRNRPLVMĊSRGPRLPSU]H

ZRGQLFWZHP>«@

.RPLVMDVNRQWURORZDáDSUDFĊV]HUHJX]DNáDGyZSURGXNXMąF\FK

DPXQLFMĊGODDUW\OHULL:QRZ\FK]DNáDGDFKGRPLQXMąFąVLáĊVWDQR

ZLOLPáRG]LLQĪ\QLHURZLHLWHFKQLF\RUD]MHV]F]HPáRGVLRGQLFKUR

ERWQLF\ L URERWQLFH NWyU]\ PLHOL SRZDĪQH EUDNL Z Z\NV]WDáFHQLX

LGRĞZLDGF]HQLX1LH]DZV]HQDOHĪ\FLHZ\NRU]\VW\ZDQRWHFKQLF]QH

Z\SRVDĪHQLH]DNáDGyZ

: ]DNáDGDFK SURGXNXMąF\FK VNRUXS\ SRFLVNyZ VWZLHUG]LOLĞP\

ĪHRGELyUSURGXNFMLSU]H]RGG]LDá\NRQWUROLWHFKQLF]QHMLSU]HGVWD

ZLFLHOLDUPLLRGE\ZDVLĊMDN]DNUyODûZLHF]NDÄQDRNR´1DSROH

FHQLHNRPLVML]QDF]QąSDUWLĊMXĪSU]\MĊW\FKVNRUXSSRGGDQREDGD

QLXPHWRGąK\GUDXOLF]Qą1LHNWyUHVNRUXS\RGUD]X]DF]Ċá\FLHNQąü

%\áRWRRF]\ZLVWHEUDNRUyEVWZR-HĞOLVNRUXSDSU]HSXV]F]DFLHF]WR

JD]\SURFKRZHSRZRGXMąFHRJURPQHFLĞQLHQLHW\PEDUG]LHMPRJą

SU]HGRVWDü VLĊ GR ZQĊWU]D SRFLVNX 3U]HGZF]HVQ\ Z\EXFK MHVW WX

QLHXQLNQLRQ\DPRĪHRQQDVWąSLüZOXILHG]LDáDFRJUR]LMHJR]QLV]

F]HQLHPRUD]RILDUDPLZOXG]LDFK

:LHONDRGSRZLHG]LDOQRĞüVSDGDáDQDURERWQLFHNRQWUROXMąFHJáR

ZLFH SRFLVNyZ 0LDá\ RQH Z\NU\ZDü PRĪOLZH SĊNQLĊFLD OXE U\V\

ĞZLDGF]ąFH R LFK SRZVWDZDQLX : W\P FHOX JáRZLFH ]DQXU]DQR

ZVSHFMDOQ\PSá\QLHZNWyU\PZV]HONLHGHIHNW\QDPHWDOXVWDZDá\

VLĊEDUG]LHMZLGRF]QH=DLQWHUHVRZDOLĞP\VLĊW\PVWDGLXPNRQWUROL

,]QyZVWZLHUG]LOLĞP\GXĪ\SURFHQWEUDNyZZMXĪSU]\MĊWHMSURGXN

FML 5R]PRZ\ ] NRQWUROHUNDPL Z\ND]Dá\ ĪH SU]H] SLHUZV]H GZLH

GRF]WHUHFKJRG]LQSUDFDLG]LHGREU]HSRWHPMHGQDNRNRVLĊPĊF]\

LFRUD]WUXGQLHM]DXZDĪ\üGHIHNW

=EDGDOLĞP\UyZQLHĪVSRVyEQDSHáQLDQLDVNRUXSPDWHULDáHPZ\

EXFKRZ\P5yZQLHĪLWXZ\NU\OLĞP\RGFK\OHQLDRGSURFHVyZWHFK

QRORJLF]Q\FK .LHG\ QRFą SU]HFKRG]LáHP ] G\UHNWRUHP IDEU\NL

SU]H]Z\G]LDáHODERUDFML]DĪDUWRZDáHP

±:LG]ąFZDV]ąSURGXNFMĊQLH]G]LZLĊVLĊMHĞOLZNWyU\PĞSRFL

VNX]QDMGĊVSUDVRZDQHJRNRWD

'\UHNWRUFLĊĪNRZHVWFKQąZV]\RGSDUá]SRZDJą

±1LHWRMHVWQLHPRĪOLZH>«@

: SURGXNFML ]DSDOQLNyZ UyZQLHĪ ]GDU]Dá\ VLĊ RGVWĊSVWZD RG

LQVWUXNFML : UĊNDFK NRQWUROHUyZ ]REDF]\OLĞP\ SLOQLNL MHĞOL MDNDĞ

F]ĊĞüQLHSDVRZDáDSRSURVWXSRGSLáRZ\ZDQRMąEH]ĪDGQ\FKSR

PLDUyZ,WRWDPJG]LHEáąGZG]LHVLĊWQ\FKDQDZHWVHWQ\FKF]Ċ

ĞFLDFKPLOLPHWUDMHVWQLHGRSXV]F]DOQ\:V]\VWNRWRURELRQRZFHOX

V]\EV]HJRZ\NRQDQLDSODQX=DEUDOLĞP\JRWRZ\FKGRZ\

VáDQLD ]DSDOQLNyZ L VNLHURZDOLĞP\ MH GR LQQHJR PLDVWD Z NWyU\P

]QDMGRZDá\VLĊSRGREQH]DNáDG\ZFHOXUR]ELyUNLLGRJáĊEQHMNRQ

WUROL6WZLHUG]RQRVHWNLZ\SDGNyZEUDNRUyEVWZD]RGFK\OHQLHPRG

U\VXQNyZWHFKQLF]Q\FKLXVWDORQ\FKWROHUDQFML>«@

1D ]DNRĔF]HQLH NRPLVMD SU]HSURZDG]LáD OLF]QH VWU]HODQLD GR

ĞZLDGF]DOQH3RWZLHUG]Lá\RQH]FDáąPRFąIDNWLĪSRGZ]JOĊGHP

NRQVWUXNF\MQ\PSRFLVNLVąEH]]DU]XWXOHF]QDOHĪ\SRSUDZLüMDNRĞü

LFKZ\NRQDQLD

.RPLVMD GRPDJDáD VLĊ XVSUDZQLHQLD SURFHVyZ WHFKQRORJLF]

Q\FKSRGQLHVLHQLDSR]LRPXZ\NV]WDáFHQLDWHFKQLF]QHJRSUDFRZQL

NyZ]GHF\GRZDQHMSRSUDZ\G\VF\SOLQ\SUDF\LZSURZDG]HQLDQR

Z\FKSRVWĊSRZ\FKPHWRGNRQWUROL



_

:\QLND ZLĊF ] WHJR ĪH SURGXNRZDQD Z WDNL VSRVyE ÄSR VRZLHFNX´

DPXQLFMDDUW\OHU\MVNDPRJáDE\üEDUG]LHMQLHEH]SLHF]QDGODZáDVQ\FKĪRá

QLHU]\QLĪGODSRWHQFMDOQHJRSU]HFLZQLND

-HGQRF]HĞQLH SU]HFLąĪDQLH SUDFą RUD] QLHZáDĞFLZD HNVSORDWDFMD ZLHOX

XU]ąG]HĔWHFKQLF]Q\FKSURZDG]LáDGRF]ĊVW\FKDZDULLV]\EV]HJRLFK]XĪ\

FLDDZNRQVHNZHQFMLGRGDOV]HJRVSDGNXSURGXNFMLLZ]URVWXMHMNRV]WyZ

.ROHMQąSU]\F]\QąQLHSRZRG]HĔVRZLHFNLHJRSU]HP\VáXE\áEUDNRGSR

ZLHGQLFKNDGUWHFKQLF]Q\FK6WDU\FKLGRĞZLDGF]RQ\FKLQĪ\QLHUyZRGVX

QLĊWRERZLHPRGNLHURZDQLDSU]HGVLĊELRUVWZDPL]DĞW]ZZ\GZLĪHĔF\



_

NWyU]\VWDQRZLVNDNLHURZQLF]H]DMPRZDOLQLHPDOQDW\FKPLDVWSRXNRĔF]H

QLXV]NyáRUD]XF]HOQLWHFKQLF]Q\FKLRGE\FLXSHZQHMRJUDQLF]RQHMSUDN

W\NL ] UHJXá\ QLH PRJOL GDü VRELH UDG\ ]H VNRPSOLNRZDQ\PL NZHVWLDPL

_{ 0:RURQRZ$UW\OHU\MVNLPV]ODNLHPWáXP60LFKQLN:DUV]DZDV±} :LQQ\FK]DĞSU]\SDGNDFKZUZHGáXJRILFMDOQ\FKGDQ\FK=DNáDG\0HFKDQLF]QH LPLHQLD 6LHURZD Z\SURGXNRZDá\  Z\EUDNRZDQ\FK SRFLVNyZ DUW\OHU\MVNLFK ]DNáDG\ Ä,ĪRUVNLH´ZDGOLZ\FKSá\WSDQFHUQ\FK=DNáDG\,PLHQLD.LURZDZ\EUDNRZDQ\FK Nyá]ĊEDW\FKLZDáyZQDSĊGRZ\FKGRF]RáJyZZÄ&]HUZRQ\P6RUPRZLH´]DĞZNWyU\P Z\WZDU]DQRSRFLVNLNDOLEUXLPPFDáRĞüSURGXNFML±VLFRND]DáDVLĊEXEOD PLJG\ĪSRFLVNLWHPLDá\SU]HPLHV]F]RQHĞURGNLFLĊĪNRĞFLFRXQLHPRĪOLZLDáRSURZDG]HQLH QLPLFHORZDQHJRRJQLD:HIHNFLHSU]HUZDQRLFKSURGXNFMĊDZV]HONLHPDJD]\Q\Z\G]LD á\LSU]\OHJDMąFHGRQLFKWHUHQ\]DZDORQHE\á\Z\EUDNRZDQąDPXQLFMąNWyUHMRGELRUXNDWH JRU\F]QLHRGPyZLá\RGSRZLHGQLHNRPLVMHZRMVNRZH±]RE:%LHV]DQRZĝOHS\EyJZRM Q\V-HGQ\PVáRZHPZZLHOXSU]\SDGNDFKE\áWRSU]HP\VáSURGXNXMąF\]Z\NáH EXEOHQDGRGDWHNMHV]F]HEDUG]RGURJLH _{ Äȼɵɞɜɢɠɟɧɟɰ´F]\OLSRFKRG]ąF\Ä]OXGX´NLHSVNRZ\NV]WDáFRQ\LQLHSRVLDGDMąF\} RGSRZLHGQLHJRGRĞZLDGF]HQLDSUDNW\F]QHJRSU]HGVWDZLFLHOVRZLHFNLFKHOLWNLHURZQLF]\FK 2MHJRSR]\FMLGHF\GRZDáDERZLHPQLHZLHG]DLXPLHMĊWQRĞFLOHF]ZáDĞFLZHSRFKRG]HQLH VSRáHF]QH1LHU]DGNRDE\]DMąüRGSRZLHG]LDOQHVWDQRZLVNRNLHURZQLF]HZSU]HP\ĞOHZ\ VWDUF]DáRĞUHGQLHZ\NV]WDáFHQLH±ZSU]HP\ĞOHZĊJORZ\PWDNLFKG\UHNWRUyZLNLHURZQLNyZ E\áRZyZF]DVSRQRüDĪ

WHFKQLF]Q\PL L WHFKQRORJLF]Q\PL 3R]D W\P FKDRV SRZLĊNV]DáR RJURPQH

]ELXURNUDW\]RZDQLH L VNRPSOLNRZDQLH VWUXNWXU\ RUJDQL]DF\MQHM SDĔVWZR

ZHJR DSDUDWX JRVSRGDUF]HJR XVWDZLF]QH ]DĞ ÄF]\VWNL´ SROLW\F]QH SU]\

F]\QLDá\VLĊGRQLH]Z\NáHMSá\QQRĞFLL]E\WQLHJRÄRGPáRG]HQLD´NDGUNLH

URZQLF]\FK



_{ : ZLHOX SR]RUQLH QRZRF]HVQ\FK L GREU]H Z\SRVDĪRQ\FK}

WHFKQLF]QLHSU]HGVLĊELRUVWZDFKURG]LáRWRSRZDĪQHSUREOHP\QDWXU\WHFK

QLF]QHMLWHFKQRORJLF]QHMDWDNĪHZVNXWHNREDZ\SU]HGRGSRZLHG]LDOQRĞFLą

]DELMDáRZNDGUDFKNLHURZQLF]\FKGXFKDVDPRG]LHOQRĞFLLSU]HGVLĊELRUF]R

ĞFL3UREOHPHPE\áWHĪSR]LRPXPLHMĊWQRĞFLWHFKQLF]Q\FKQLĪV]HJRGR]RUX

WHFKQLF]QHJR±PDMVWUyZRUD]URERWQLNyZNWyU]\QDMF]ĊĞFLHMSU]HFKRG]LOL

SU]HV]NROHQLHZPLHMVFXSUDF\



_{=GDQLHPSROVNLFKDQDOLW\NyZ2GG]LDáX,,}

6]WDEX*áyZQHJRZVSRVyEV]F]HJyOQ\SUDZLGáRZRĞFLWHGH]RUJDQL]RZDá\

ZáDĞQLHVRZLHFNLSU]HP\VáFLĊĪNLRUD]PDV]\QRZ\LREURQQ\

2JyOQąZ\GDMQRĞüSUDF\Z\OLF]DQąZSRVWDFLVWRVXQNXZLHONRĞFLSUR

GXNFML SU]\SDGDMąFHM QD MHGQHJR URERWQLND ]QDF]ąFR REQLĪDáR ]DWUXGQLH

QLH]E\WGXĪHMOLF]E\W]ZURERWQLNyZSRGUĊF]Q\FKF]\OLVLáQLHZ\NZDOL

ILNRZDQ\FKOXESRPRFQLF]\FKNWyUHQLHPLDá\LVWRWQLHMV]HJRZSá\ZXQD

SR]LRPZ\NRQDQLDSODQyZURF]Q\FKSRV]F]HJyOQ\FKSU]HGVLĊELRUVWZ,FK

OLF]EDSR]DLQQ\PLSU]\F]\QDPL



_{E\áDQDWRPLDVW]ZLą]DQDWDNĪH]Z\VR}

NąDZDU\MQRĞFLąV]HUHJXXU]ąG]HĔLLQVWDODFMLWHFKQLF]Q\FKNWyUHZ\PDJD

á\VWDáHJRXWU]\P\ZDQLDOLF]Q\FKHNLSQDSUDZF]\FK

3R]DW\PZVWRVXQNXGRUHDOLyZLVWQLHMąF\FKZUR]ZLQLĊW\FKJRVSRGDU

F]RNUDMDFKHXURSHMVNLFKLZ86$QDSU]HFLĊWQHJRVRZLHFNLHJRURERWQLND

QDNáDGDQR ]E\W QLVNLH QRUP\ Z\GDMQRĞFL 6WąG WHĪ SRPLPR U]HF]\ZLVWHM

VWRVXQNRZRQLHZLHONLHMHIHNW\ZQRĞFLVRZLHFNLHJRSU]HP\VáXPDV]\QRZH

_{ :GRNXPHQFLHW\PSRGDQRREV]HUQ\Z\ND]]DXZDĪRQ\FK]PLDQQDVWDQRZLVNDFK} NLHURZQLF]\FKZFDá\PV]HUHJXSU]HGVLĊELRUVWZSU]HP\VáRZ\FKZW\PUyZQLHĪW\FKNWy UH G]LDáDá\ QD 8NUDLQLH ± PLDQRZLFLH FKRFLDĪE\ Z 'RQEDVLH Z KXFLH ĪHOD]D Z .UDPD WRUVNXZ&KDUNRZVNLHM)DEU\FH7UDNWRUyZF]\WHĪZ&KDUNRZVNLHM)DEU\FH2EUDELDUHN ±]RE&$:2GG]LDá,,6]WDEX*áyZQHJR&KDUDNWHU\VW\NDWHFKQLF]QDSU]H P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD _{ :UZSU]HP\ĞOHFLĊĪNLPLREURQQ\P]DWUXGQLRQ\FKE\áRSRQRüDĪ} URERWQLNyZ]NWyU\FKMHGQDNW\ONRF]ĊĞüSU]HV]áDV]NROHQLHZ]DNUHVLHW]ZPLQLPXPWHFK QLF]QHJR _{ :NUDMDFKRXVWURMXNRPXQLVW\F]Q\PRUD]QDVWĊSQLHZNUDMDFKQDOHĪąF\FKGRW]Z} RER]XVRFMDOLVW\F]QHJRZW\PUyZQLHĪZ3ROVNLHM5]HF]\SRVSROLWHM/XGRZHM]SRZRGyZ SROLW\F]Q\FKLLGHRORJLF]Q\FKVWRVRZDQRERZLHPSROLW\NĊÄSHáQHJR]DWUXGQLHQLD´-HMHIHN WHPE\áRWZRU]HQLHZLHOXQLHSRWU]HEQ\FKVWDQRZLVNSUDF\NWyU\FKLVWQLHQLH]QDF]ąFRRE FLąĪDáRZV]HONLHZVNDĨQLNLHNRQRPLF]QH]DUyZQRSRMHG\QF]\FKSU]HGVLĊELRUVWZMDNLFD á\FKJRVSRGDUHNQDURGRZ\FKSRV]F]HJyOQ\FKSDĔVWZ

JR±ZHGáXJRILFMDOQ\FKVWDW\VW\N±]DOHGZLHURERWQLNyZQLHZ\NRQD

áRSODQXSRáRZD]QLFK]DĞZ\NRQDáDSRQRüDĪQRUP\

:FHOXRJUDQLF]HQLDSá\QQRĞFLNDGUURERWQLF]\FKRUD]]PQLHMV]HQLD]MD

ZLVNDÄáD]LNRZDQLDLZáyF]ĊJRVWZD]IDEU\NLGRIDEU\NL´SRGMĊWRFDá\V]H

UHJSU]HGVLĊZ]LĊüGODSRSUDZLHQLDG\VF\SOLQ\SUDF\-HGQ\P]QLFKE\áR

ZSURZDG]HQLHÄNVLąĪHF]HNURERWQLF]\FK´



_

5]HF]\ZLVWH PRFH VRZLHFNLHJR SU]HP\VáX FLĊĪNLHJR L PDV]\QRZHJR

RJUDQLF]DáWDNĪHSR]LRPUHDOL]DFMLQRZ\FKSODQRZ\FKLQZHVW\FML:SLHUZ

V]HMSRáRZLHUXGDáRVLĊERZLHP]UHDOL]RZDü]DOHGZLH]H]D

SODQRZDQ\FK QD WHQ F]DV RELHNWyZ SU]HP\VáRZ\FK WHJR W\SX 3RGREQLH

WHĪE\áR]SODQRZ\PLLMHGQRF]HĞQLHQLH]EĊGQ\PLUHPRQWDPLNDSLWDOQ\PL

RELHNWyZ RUD] XU]ąG]HĔ L LQVWDODFML WHFKQLF]Q\FK 3R]D W\P F]ĊVWR SUDFH

WHJRW\SXZ\NRQ\ZDQRPDáRIDFKRZRLQLH]E\WGRNáDGQLHOXEMHG\QLHÄSR

ELHĪQLH´=ZLą]DQH]DĞ]W\PDZDULHVWDQRZLá\NROHMQ\F]\QQLNRJUDQLF]D

MąF\U]HF]\ZLVW\SR]LRPZ\NRQ\ZDQLDSU]H]SRV]F]HJyOQHSU]HGVLĊELRU

VWZDQDU]XFRQ\FKLPSODQyZURF]Q\FK

.ROHMQą QLHNRU]\VWQą FHFKą SU]HP\VáX FLĊĪNLHJR RUD] PDV]\QRZHJR

=656ZNRĔFXODW;;ZE\áRQDGPLHUQH]XĪ\FLHHQHUJLLHOHNWU\F]QHM

RUD]SDOLZDWDNĪHPDUQRWUDZVWZRVPDUyZ=MDZLVNDWHJRW\SXGRW\F]\á\

JáyZQLHKXWNRNVRZQLRUD]IDEU\NSU]HP\VáXPDV]\QRZHJRZW\PUyZ

QLHĪW\FKUR]ORNRZDQ\FKQD8NUDLQLH=E\WF]ĊVWRWHĪJURPDG]RQRQDGPLHU

QH]DSDV\VXURZFyZHQHUJHW\F]Q\FKPLDQRZLFLHZĊJODOXESDOLZSá\QQ\FK

FRZ\QLNDáRPLQ]QLHZáDĞFLZLHLQLHGEDOHSURZDG]RQHMVSUDZR]GDZF]R

ĞFLÄEXFKDOWHULL´RUD]]QLHU\WPLF]QRĞFLGRVWDZ:HIHNFLHZĞUyGVRZLHF

NLFKSU]HGVLĊELRUVWZSU]HP\VáRZ\FKWHQGHQFMHGRQDGPLHUQHJRJURPDG]H

QLD]DSDVyZVXURZFyZLSDOLZE\á\]MDZLVNLHPQLHPDOSRZV]HFKQ\P

33

_

_{ :HGáXJRILFMDOQ\FKVSUDZR]GDĔÄ6SU]\MDáRWHPXQLHZąWSOLZLHUyZQLHĪWRĪHV\WX} DFMDZODWDFK±>F]\OLF]\VWNLLUHSUHVMHNWyU\PSRGGDQRZyZF]DVJáyZQLHVWDUH LGREU]HZ\NV]WDáFRQHNDGU\WHFKQLF]QHLNDGU\NLHURZQLF]HVRZLHFNLHJRSU]HP\VáX@PRF QRZSá\QĊáDQDVSDGHNSUHVWLĪXNLHURZQLFWZD±PLVWU]DV]HIDRGG]LDáXZ\G]LDáXF]\QDZHW G\UHNWRUD]DNáDGX6DPHXFKZDá\RSRGZ\ĪV]HQLXLFKUROLLRGSRZLHG]LDOQRĞFLMXĪQLHZ\ VWDUF]Dá\GRXPRFQLHQLDG\VF\SOLQ\SURGXNF\MQHM´±F\W]D:%LHV]DQRZĝOHS\EyJZRM Q\V3R]DW\PQLHEDJDWHOQąUROĊZSRZVWDQLXLUR]ZRMXWHJRQLHNRU]\VWQHJR]MDZLVND RGJU\ZDá\WDNĪHGHJUDGDFMDPDWHULDOQDNDGUWHFKQLF]Q\FKLNLHURZQLF]\FKRUD]Z]UDVWDMąFD URODFRUD]JRU]HMSU]\JRWRZDQ\FKIDFKRZRLQĪ\QLHUyZNV]WDáFRQ\FKQDVRZLHFNLFKXF]HO QLDFKWHFKQLF]Q\FKDWDNĪH]HUZDQLHVZRERGQHJRNRQWDNWX]]DFKRGQLąP\ĞOąWHFKQLF]Qą QDFRZSá\ZPLDá\XWUXGQLRQ\GRVWĊSGRRGSRZLHGQLHMOLWHUDWXU\IDFKRZHMRUD]VáDEDOXE QDZHWĪDGQD]QDMRPRĞüMĊ]\NyZREF\FK 33_{ 6]HU]HM]RE&$:2GG]LDá,,6]WDEX*áyZQHJR&KDUDNWHU\VW\NDWHFK} QLF]QDSU]HP\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW 2GG]LDáX,,6]WDEX*áyZQHJR:DUV]DZD

:SU]HP\ĞOHZĊJORZ\PZW\PZ'RQEDVLH



_{ZGDOV]\PFLąJXZ\GDM}

QRĞüSRZDĪQLHREQLĪDá\VNXWNL]áHMRUJDQL]DFMLSUDF\RUD]EUDNLNDGU\WHFK

QLF]QHMNWyU\FKNRQVHNZHQFMąE\á\WHĪOLF]QHDZDULHXU]ąG]HĔLLQVWDODFML

WHFKQLF]Q\FK1DSU]\NáDGZ'RQEDVLHZNRSDOQLDFKQDOHĪąF\FKGRWUXVWX

%XGLHQQRXJROZSLHUZV]\PSyáURF]XURGQRWRZDQRDĪDZDULL

GĨZLJyZ NRSDOQLDQ\FK



_{ FR VSRZRGRZDáR VWUDW\ OLF]RQH Z G]LHVLąWNDFK}

W\VLĊF\UXEOL3R]DW\PF]ĊVWRZNRSDOQLDFKSURZDG]RQRJRVSRGDUNĊUD

EXQNRZą



_{FRSURZDG]LáRGROLF]Q\FK]DZDáyZRUD]SRG]LHPQ\FKSRĪD}

UyZDFR]DW\PLG]LHGRZ\SDGNyZLVWUDWOXG]NLFK1LH]DZV]HWHĪQD

OHĪ\FLHZ\NRU]\VW\ZDQRSRVLDGDQHXU]ąG]HQLDWHFKQLF]QH'ODSU]\NáDGX

ZUZ'RQEDVLHSRVLDGDQRFLĊĪNLHZUĊELDUNLDOHUHDOQLHSUDFR

ZDáRW\ONR]QLFK:V]\VWNRWRREQLĪDáRZ\GRE\FLHZĊJODRUD]Z\GDM

QRĞüSRMHG\QF]HJRJyUQLNDNWyUDZ,,,NZDUWDOHUZFDá\PVRZLHF

NLPJyUQLFWZLHZ\QLRVáDWRQ\PLHVLĊF]QLH2SUyF]WHJRZĊJLHO]E\W

F]ĊVWRE\á]DQLHF]\V]F]RQ\SRQDGGRSXV]F]DOQHZDUWRĞFL±GRREMĊWR

ĞFLSU]\JyUQHMJUDQLF\QRUP\Z\QRV]ąFHMDVWUDW\ZWUDQVSRUFLHSR

PLĊG]\NRSDOQLąDKXWąGRFKRG]Lá\DĪGR

:SU]\SDGNX'RQEDVXHWDWREVDG\NRSDOĔZ\QRVLáZyZF]DV

JyUQLNyZLURERWQLNyZDOHGRSUDFSRG]LHPLąEUDNRZDáRJyUQL

NyZGRSUDFQD]LHPQ\FK]DĞ]DWUXGQLRQROXG]LSRQDGHWDW



_2JáR

V]RQRZLĊFRFKRWQLF]\]DFLąJPáRG]LHĪ\GRSUDF\ZNRSDOQLDFKZZ\QL

NXNWyUHJRGROLSFDU]JáRVLáRVLĊOXG]L3RPLPRWRMHG\QLH

NRSDOĔ±QDRJyOQąOLF]EĊZFDá\P'RQEDVLH±Z\NRQ\ZDáRQDU]X

FRQ\LPSODQ]SHZQąQDGZ\ĪNą3R]RVWDáHQDWRPLDVWSODQXQLHZ\NRQDá\

SU]\F]\PZVNXWHNQLVNLHMZ\GDMQRĞFLLFKNRV]W\Z\GRE\FLD]UHJXá\E\á\

]E\WZ\VRNLH



_

_{ :HGáXJRILFMDOQ\FKGDQ\FKZGUXJLHMSRáRZLHUFDáHJyUQLFWZRZĊJODNDPLHQ} QHJRZ=656Z\NRQDáRW\ONRSODQX _{ 7RZFDOHQLHE\áWDNL]á\Z\QLNJG\ĪZHGáXJRILFMDOQ\FKGDQ\FKZLQQ\PWUXĞFLH} ZFLąJX]DOHGZLHGQLRGQRWRZDQRDĪWDNLHDZDULH1DWRPLDVWZMHV]F]HLQQHMJUXSLH NRSDOĔZFLąJXPLHVLĊF\LFKOLF]EDZ\QLRVáDDĪ _{ :QLHNWyU\FKNRSDOQLDFKZĊJODNDPLHQQHJRQLHSURZDG]RQRQDZHWZáDĞFLZHM±GR} NáDGQHM±GRNXPHQWDFMLWHFKQLF]QHMLJHRORJLF]QHMGRW\F]ąFHMHNVSORDWDFMLSRV]F]HJyOQ\FK SRNáDGyZRUD]XV\WXRZDQLDĞFLDQZ\GRE\ZF]\FKLNRSDOQLDQ\FKFKRGQLNyZFR]QDF]ąFR ]ZLĊNV]DáR]DJURĪHQLH]DZDáDPLRUD]XWUXGQLDáRUDFMRQDOQHLSODQRZHZ\GRE\FLHZĊJOD _{ 3RPLPRWRZHGáXJRILFMDOQ\FKGDQ\FKZU'RQEDVGRVWDUF]\áWRQ} ZĊJODNDPLHQQHJRSRGF]DVJG\ZFDá\P=656Z\GRE\WRZWHQF]DVWRQWHJR VXURZFD

_{ 3URZDG]RQR ZyZF]DV WDNĪH GRĞZLDGF]HQLD ] W]Z SRG]LHPQą JD]\ILNDFMą ZĊJOD ±} V]HU]HM]REFKRFLDĪE\&$:2GG]LDá,,6]WDEX*áyZQHJR&KDUDNWHU\VW\ND

:LHOH QLHSUDZLGáRZRĞFL L QLHGRVWDWNyZ LVWQLDáR ZWHQF]DV UyZQLHĪ

ZKXWQLFWZLHĪHOD]D'RKXWGRFLHUDáDERZLHP]E\W]DQLHF]\V]F]RQDUXGD

]DZLHUDMąFD]DGXĪRNU]HPLRQNLJOLQ\LNZDUF\WyZ



_{=E\WF]ĊVWRVSURZD}

G]DQRMąWHĪ]RGOHJá\FK]áyĪ]DPLDVWZ\NRU]\VW\ZDüWHNWyUH]QDMGRZD

á\VLĊQDMEOLĪHM=UHJXá\]E\WQLVNDE\áDWHĪZ\GDMQRĞüZLHONLFKSLHFyZ

-DNRSDOLZD±]DPLDVWGURJLHJRNRNVX±SUyERZDQRZyZF]DVXĪ\ZDüWHU

PRDQWUDF\WF]\OLZ\ĪDU]RQ\DQWUDF\W3R]DW\PÄ3URGXNFMDVWDOLZ\VRNR

JDWXQNRZHMNWyUHMZ\UyEMHVWVSUDZG]LDQHPNXOWXU\WHFKQLF]QHMNUDMXRUD]

SRWHQFMDáXSU]HP\VáRZHJRLREURQQHJRQLHRVLąJD]DPLHU]RQ\FKSODQyZ

LZ\ND]XMHGXĪREUDNyZ+XWDª.UDVQ\M2NWLDEU©Z&KDUNRZLHGDáDZFLą

JXPLHVLĊF\>U@EUDNyZ]DPLOLRQDUXEOLF]\OLĪH]RVWDáD]DEUD

NRZDQDFDáDGZXPLHVLĊF]QDSURGXNFMD´



_

: SU]\SDGNX Z\UREyZ ZDOFRZDQ\FK QDMZLĊNV]H QLHGRERU\ Z\VWĊ

SRZDá\ZSURGXNFMLV]\Q



_{GUXWXEODFK\ELDáHMLĪHOD]DGDFKRZHJRSU]\}

F]\PDQLMHGQDKXWDSURGXNXMąFDUXU\QLHZ\NRQDáDSODQXQDWRPLDVWEUDNL

ZQLHNWyU\FK]QLFKVWDQRZLá\DĪSURGXNFML:\QLNDáRWR]EDUG]RQL

VNLHMMDNRĞFLSURGXNFMLKXW:SLHUZV]\PSyáURF]XURGVHWHNEUDNyZ

SU]\SURGXNFMLV]\Q,NDWHJRULLZFDá\P=656Z\QLyVáZEODV]HELD

áHMDZSURGXNFMLGUXWXDĪ3R]DW\PSU]HVWRMHZDOFDUHNVWDQRZL

á\ZWHQF]DVRGDĪGRF]DVXSUDF\SRGF]DVJG\QRUP\Z\QRVLá\]D

OHGZLH:LHONDE\áDWHĪSá\QQRĞüSUDFRZQLNyZ:V]\VWNRWRREQLĪDáR

UHDOQHPRĪOLZRĞFLSURGXNF\MQHRUD]JHQHURZDáRRJURPQHVWUDW\]DUyZQR

ILQDQVRZHMDNLZVXURZFDFKRUD]SDOLZLH

:HIHNFLHWDNLFKQLHGRVWDWNyZVRZLHFNLHJRKXWQLFWZD+XWDLPLHQLD6WD

OLQDZ.UDPDWRUVNXÄ:\V\áDVZRLPRGELRUFRPSU]HGPLRW\QLHZ\NRĔF]R

QH]PXV]DMąFWHUURUHPNRPLVMĊRGELRUXWHFKQLF]QHJRGRLFKSU]\MĊFLD



_

WHFKQLF]QDSU]HP\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNX PHQW2GG]LDáX,,6]WDEX*áyZQHJR:DUV]DZD _{ )RUPDOQLHSRZLQQD]DZLHUDüĪHOD]D}

_{ &$: 2GG]LDá ,, 6]WDEX *áyZQHJR  &KDUDNWHU\VW\ND WHFKQLF]QDSU]H} P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD _{ ,FKQLHGREyUSRZRGRZDáĪHZUZ86$SUyERZDQRQDZHWNXSRZDüXĪ\ZD} QHV]\Q\NROHMRZH±]RE()=LHPNH$UPLD&]HUZRQD3RZVWDQLHQDU]ĊG]LD DJUHVMLWáXP.0Uy]0D]XU2ĞZLĊFLPV _{ +XWDWDGRVWDUF]DáDPLQVWDOLSDQFHUQHMGRSURGXNFMLF]RáJyZW\SX%7Z\WZDU]D} Q\FKZ&KDUNRZVNLHM)DEU\FH/RNRPRW\Z

=DPyZLHQLD QD F]ĊĞFL ]DSDVRZH GR PDV]\Q JyUQLF]\FK WUZDMą >F]\OL ĪH

E\á\UHDOL]RZDQH@SRODWD´



_

ħOHSUDFRZDáDUyZQLHĪ+XWD6WDOLZ=DSRURĪX=DSRURĪVWDONWyUDÄ2G

UZ\WDSLDLZDOFXMHSLHUZV]ą>Z=656@VWDOQLHUG]HZLHMąFąRUD]Z\

UDELDZ\VRNRJDWXQNRZąVWDOQDU]ĊG]LRZąZ,SyáURF]XZ\SURGXNRZDQR

WRQZDUWRĞFLPLOLRQyZUE>F]\OLUXEOL@-HGQDNZDOFDUNLF]ĊVWR

SUyĪQXMąLSU]HVWRMHG]LHQQHZ\QRV]ą±F]DVXURERF]HJR´



_

3RGREQLHG]LDáRVLĊWHĪZQLNRSROVNLFKNRSDOQLDFKPDQJDQXNWyUHZH

GáXJXVWDOHĔRILFHUyZ2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRSUD

FRZDá\ĨOHÄERPHWRGDPLSU]HVWDU]Dá\PL]NRSDOĔ±SUDFXMHUĊF]QLH

5R]EXGRZD FKRGQLNyZ RGE\ZD VLĊ W\ONR Z  NRSDOQLDFK ]DPLDVW Z 

>«@.RV]W\ZáDVQH>NRSDQLD@UXG\SU]HNUDF]DMąQRUP\R6WRVRZD

QDW\WXáHPSUyE\PHWRGDZ\GRE\FLDK\GUDXOLF]QDGDMHGREUHZ\QLNLER

]ZLĊNV]DZ\GDMQRĞüNLONDQDĞFLHUD]\´



_

&KOXEQ\P Z\MąWNLHP E\áD WXWDM KXWD GQLHSURZVND SURGXNXMąFD ÄPD

JQH]´SRQLHZDĪZ\NRQ\ZDáDQDáRĪRQHQDQLąSODQ\

7DNĪH VRZLHFNL SU]HP\Vá PDV]\QRZ\ QLH UHDOL]RZDá SODQyZ SURGXN

F\MQ\FK



_{JG\Ī]DPLHVLĊF\UZ\NRQDáW\ONRÄSURGXNFMLWR}

ZDURZHM´1DMJRU]HMSUDFRZDá\]DĞSU]HGVLĊELRUVWZDZ\WZDU]DMąFHVLOQLNL

L WUDNWRU\ RUD] LQQH ÄPDV]\Q\ WUDQVSRUWRZH´ %UDNL Z SURGXNFML ± ZH

GáXJRILFMDOQ\FKVRZLHFNLFKGDQ\FK±Z\QLRVá\SU]HFLĊWQLHZW\PF]DVLH

±



_{:U]HF]\ZLVWRĞFLMHGQDNPXVLDáRLFKE\ü]QDF]QLHZLĊFHMJG\Ī}

Z ZLHOX ]DNáDGDFK ] SRZRGX EUDNX VSUDZG]LDQyZ RUD] LQQ\FK QLH]EĊG

Q\FKQDU]ĊG]LSRPLDURZRNRQWUROQ\FKQLHLVWQLDáDSUDNW\F]QLHĪDGQDUHDO

QDNRQWURODWHFKQLF]QD



_

_{ &$: 2GG]LDá ,, 6]WDEX *áyZQHJR  &KDUDNWHU\VW\ND WHFKQLF]QDSU]H} P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD _{ ,ELGHP} _{ ,ELGHP} _{ 1LHXGDáRVLĊQDZHW±SRPLPRZF]HĞQLHMV]\FKSODQyZ±ZSURZDG]LüZV]ĊG]LHV\V} WHPXPHWU\F]QHJRFRSRZRGRZDáRĪHE\á\IDEU\NLJG]LHF]ĊĞüSURGXNFMLRGE\ZDáDVLĊ ZV\VWHPLHPHWU\F]Q\PDF]ĊĞüZFDORZ\P=DOHĪDáRWRRGWHJRJG]LHÄNXSRZDQR´OL FHQFMĊQDGDQ\SURGXNWOXEWHĪZMDNLPV\VWHPLHZ\NRQDQ\E\áSURGXNWNWyUHJRPQLHMOXE EDUG]LHMXGDQąNRSLĊSURGXNRZDQRQDVWĊSQLHZ=656JG]LHLQĪ\QLHURZLHSU]\JRWRZXMąF\ QLH]EĊGQąGRNXPHQWDFMĊWHFKQLF]QąQLHSRWUDILOLGRNRQDüSU]HOLF]HĔ]V\VWHPXFDORZHJRQD PHWU\F]Q\EąGĨWHĪRGZURWQLH _{ :HGáXJRILFMDOQ\FKGDQ\FKZUZFDá\PSU]HP\ĞOHPDV]\QRZ\PSU]\QLRVáR} WRVWUDW\U]ĊGXUXEOL

_{ &$: 2GG]LDá ,, 6]WDEX *áyZQHJR  &KDUDNWHU\VW\ND WHFKQLF]QDSU]H} P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD

2VWDWQLNZDUWDáUPLDá]DGHF\GRZDüRZ\NRQDQLXSODQX]DFDá\URN

RUD]SU]\JRWRZDüJUXQWSRGUHDOL]DFMĊ]DGDĔZSU]HP\ĞOHFLĊĪNLPLPDV]\

QRZ\PZURNXQDVWĊSQ\P%RZLHPZHGáXJ]DPLHU]HĔSU]\URVWZDUWRĞFL

SURGXNFMLSU]HP\VáXFLĊĪNLHJRPDV]\QRZHJRLREURQQHJRZSRUyZQDQLX

GRRVWDWQLHJRNZDUWDáXUPLDáZ\QLHĞü7\PF]DVHPZU]HF]\ZL

VWRĞFLQDVWąSLáMHMZ\UDĨQ\VSDGHN



_{5]HF]\ZLVWHZLĊFHIHNW\FDáNRZLFLH}

]DZLRGá\RF]HNLZDQLDZáDG]VRZLHFNLFKQDWRPLDVWSU]HGVLĊELRUVWZDNWy

U\PXGDáRVLĊZ\NRQDüSODQE\á\EDUG]RQLHOLF]QH'RWHMJUXS\QDOHĪD

áD:RURQHVND)DEU\NDLPLHQLD']LHUĪ\ĔVNLHJRSURGXNXMąFDVLOQLNLGLHVOD

DQD8NUDLQLHIDEU\NDREUDELDUHNZ2GHVVLH



_

3RGVXPRZDQLH

=]DSUH]HQWRZDQ\FKUR]ZDĪDĔZ\QLNDĪHZRNUHVLHODW±SROVNL

Z\ZLDGZRMVNRZ\RUD]SROVNLHVáXĪE\G\SORPDW\F]QHSLOQLHREVHUZRZD

á\LDQDOL]RZDá\ZV]HONLH]PLDQ\]DFKRG]ąFHZJRVSRGDUFHyZF]HVQHJR

=656ZW\PWDNĪHQDVRZLHFNLHM8NUDLQLH'RW\F]\áRWR]DUyZQRSU]HP\

VáXMDNLUROQLFWZD



_{1DOHĪ\WHĪ]DXZDĪ\üĪHVWURQĊSROVNąLQWHUHVRZDá\}

U]HF]\ZLVWHDQLHSURSDJDQGRZHHIHNW\LRVLąJQLĊFLDVRZLHFNLHMHNRQRPL

NLSU]\F]\PV]F]HJyOQąXZDJĊRILFHUyZ2GG]LDáX,,6]WDEX*áyZQHJR

:RMVND 3ROVNLHJR RUD] IXQNFMRQDULXV]\ SROVNLFK VáXĪE G\SORPDW\F]Q\FK

VNXSLDá\WHMHMHOHPHQW\NWyUHPLDá\EąGĨWHĪPRJá\PLHüZSU]\V]áRĞFL

]QDF]HQLHPLOLWDUQHLMXĪZODWDFK]QDF]ąFRZSá\ZDá\QDVWDQSRWHQFMD

áXZRMVNRZHJR=656JáyZQLH]DĞ$UPLL&]HUZRQHM

_{ 1D SU]\NáDG ZHGáXJ GDQ\FK ]HEUDQ\FK ZWHQF]DV SU]H] SROVNL Z\ZLDG ZRMVNRZ\} ZSU]\SDGNXZĊJODVSDGHNWHQZ\QLyVáZSURGXNFMLVXUyZNLĪHOD]DZZ\WRSLHVWDOL ZSURGXNFMLZ\UREyZZDOFRZDQ\FKDZZ\GRE\FLXURS\QDIWRZHM

_{ &$: 2GG]LDá ,, 6]WDEX *áyZQHJR  &KDUDNWHU\VW\ND WHFKQLF]QDSU]H} P\VáXFLĊĪNLHJRLPDV]\QRZHJRZ=655]D,,HSyáURF]HU±GRNXPHQW2GG]LDáX,, 6]WDEX*áyZQHJR:DUV]DZD

_{ 3R]DF]ĊĞFLąZF]HĞQLHMF\WRZDQHMOLWHUDWXU\]REFKRüE\$6PROLĔVNL5DSRUW$WWD} FKp:RMVNRZHJRSU]\$PEDVDG]LH53Z0RVNZLHSSáNG\SO.RQVWDQWHJR=DERURZVNLHJR LGHPɈɛɪɚɡɫɨɜɟɬɫɤɨɣɞɟɪɟɜɧɢɥɟɬɨɦɝ3R]DW\PREVHUZRZDQRUyZQLHĪyZF]H VQ\ VWDQ VRZLHFNLHJR NROHMQLFWZD RUD] ZV]HONLH ]MDZLVND GRW\F]ąFH PRWRU\]DFML D WDNĪH FDá\V]HUHJLQQ\FKHOHPHQWyZV]HURNRUR]XPLDQHMHNRQRPLNL=656±V]HU]HM]REFKRüE\ LGHP3U]HP\VáFLĊĪNLUROQLFWZRLNRPXQLNDFMDVRZLHFNLHM8NUDLQ\ZODWDFKWU]\G]LHVW\FK ;;ZZĞZLHWOHDNW2GG]LDáX,,6]WDEX*áyZQHJR:RMVND3ROVNLHJR3U]\F]\QHNGRRFHQ\ SRWHQFMDáXPLOLWDUQHJR8NUDLĔVNLHM6RFMDOLVW\F]QHM5HSXEOLNL6RZLHFNLHMRUD]=656ZRNUH VLHPLĊG]\ZRMHQQ\P2ĞZLĊFLP

6WUHV]F]HQLH

$QDOL]\LRFHQ\]PLDQHNRQRPLF]Q\FKQDVRZLHFNLHM8NUDLQLHRGNRĔ

FDODWGRNRĔFDODW;;ZIRUPXáRZDQHSU]H]RILFHUyZ2GG]LDáX

,,6]WDEX*áyZQHJR:RMVND3ROVNLHJRRUD]IXQNFMRQDULXV]\SROVNLFK

VáXĪE G\SORPDW\F]Q\FK 3U]\F]\QHN GR G]LHMyZ SROVNLHJR Z\ZLDGX

ZRMVNRZHJRQD6RZLHW\

:DUW\NXOHRPyZLRQRRFHQ\QDMZDĪQLHMV]\FK]PLDQHNRQRPLF]Q\FKQDVRZLHF

NLHM8NUDLQLHRGNRĔFDODWGRNRĔFDODW;;ZIRUPXáRZDQ\FKSU]H]DQDOL

W\NyZyZF]HVQHJRSROVNLHJRZ\ZLDGXZRMVNRZHJRRUD]SU]HGVWDZLFLHOLSROVNLFK

VáXĪEG\SORPDW\F]Q\FKDNUHG\WRZDQ\FKZW\PF]DVLHQD8NUDLQLH$XWRUZVND]Dá

UyZQLHĪQDSU]\F]\Q\GODNWyU\FKVWURQDSROVNDREVHUZRZDáDLDQDOL]RZDáD]PLD

Q\WHJRW\SXDWDNĪHLFK]DNUHV

6XPPDU\

$QDO\VHVDQGHYDOXDWLRQVRIHFRQRPLFFKDQJHVLQ6RYLHW8NUDLQHIURP

WKHHQGRIWKHVWRWKHHQGRIWKHVRIWKH

th

FHQWXU\IRUPXODWHGE\

RIILFHUVRI'HSDUWPHQW,,RIWKH3ROLVK$UP\*HQHUDO6WDIIDQGPHP

EHUVRIWKH3ROLVKGLSORPDWLFVHUYLFHV&RQWULEXWLRQWRWKHKLVWRU\RI3R

OLVKPLOLWDU\LQWHOOLJHQFHDJDLQVWWKH6RYLHWV

7KHDUWLFOHGLVFXVVHVWKHHYDOXDWLRQVRIPRVWLPSRUWDQWHFRQRPLFFKDQJHVLQ6RYLHW

8NUDLQHIURPWKHHQGRIWKHVWRWKHHQGRIWKHVRIWKH

WK

_{FHQWXU\IRUPXODW}

HGE\DQDO\VWVIURPFRQWHPSRUDU\PLOLWDU\LQWHOOLJHQFHDQGPHPEHUVRIWKH3ROLVK

GLSORPDWLFVHUYLFHVDFFUHGLWHGLQ8NUDLQHLQWKDWSHULRGZKLFKZDVWKHWLPHZKHQ

8NUDLQHZDVH[SHULHQFLQJUDSLGDQGLQWHQVHLQGXVWULDOL]DWLRQ7KHHYDOXDWLRQVFRQ

FHUQWUDQVIRUPDWLRQVDQGWKHFRQWHPSRUDU\VLWXDWLRQRIWKH8NUDLQLDQKHDY\LQGXV

WU\DVZHOODVDJULFXOWXUHDQGFRPPXQLFDWLRQ7KH$XWKRUKDVDOVRSRLQWHGRXWWKH

UHDVRQVZK\WKH3ROLVKVLGHZDVREVHUYLQJDQGDQDO\]LQJFKDQJHVRIWKDWW\SHDV

ZHOODVWKHLUH[WHQW

%LEOLRJUDILD

ħUyGáD

ħUyGáDDUFKLZDOQH

:DUV]DZD

&HQWUDOQH$UFKLZXP:RMVNRZH&$:

2GG]LDá,,6]WDEX*áyZQHJRV\JQDWXUD

:DUV]DZD$UFKLZXP$NW1RZ\FK$$1

,QVW\WXFMH:RMVNRZH±V\JQDWXUD,

ħUyGáDGUXNRZDQHLZVSRPQLHQLD

+RáRGRPRU±:LHONL*áyGQD8NUDLQLHZGRNXPHQWDFKSROVNLHMG\SOR

PDFMLLZ\ZLDGXZ\EyULRSUDF--%UXVNL:DUV]DZD

3RPyU Z ÄUDMX EROV]HZLFNLP´ *áyG QD 8NUDLQLH Z ODWDFK ± Z ĞZLH

WOHSROVNLFKGRNXPHQWyZG\SORPDW\F]Q\FKLGRNXPHQWyZZ\ZLDGXRSUDF

5.XĞQLHU]7RUXĔ

:RURQRZ0$UW\OHU\MVNLPV]ODNLHPWáXP60LFKQLN:DUV]DZD

:U]HVLHĔ5DG]LHFNLH]DJURĪHQLH5]HF]\SRVSROLWHMZGRNXPHQWDFKUHODFMDFK

LZVSRPQLHQLDFKZ\EyULRSUDF::áRGDUNLHZLF]:DUV]DZD

=G]LHMyZWHUURUXZSDĔVWZLHUDG]LHFNLP±:\EyUĨUyGHáZVWĊSWáXP

LRSUDF-:RMWNRZLDN3R]QDĔ

=MD]G\ NRQVXOyZ SROVNLFK Z =655 3URWRNRá\ L UHIHUDW\ ± (ɋɴɟɡɞɵ

ɩɨɥɶɫɤɢɯ ɤɨɧɫɭɥɨɜ ɜ ɋɋɋɊ ɉɪɨɬɨɤɨɥɵ ɢ ɞɨɤɥɚɞɵ ± RSUDF

(.RáRG]LHM00D]XU7/XEOLQ

***

ȺɭɥɨɜɚɅȾɚɧɢɥɟɧɤɨȼɅɚɜɪɟɧɸɤȼȽɨɥɨɞɨɦɨɪ±ɪɨɤɿɜɜɍɤɪɚʀɧɿ

ɡɚɞɨɤɭɦɟɧɬɚɦɢȽȾȺɋȻɍȺɧɧɨɬɨɜɚɧɢɣɞɨɜɿɞɧɢɤɅɶɜɿɜ

Ƚɨɥɨɞɨɦɨɪ±ɪɨɤɿɜɜɍɤɪɚʀɧɿȾɨɤɭɦɟɧɬɢɿɦɚɬɟɪɿɚɥɢɭɩɨɪɹɞɨɱɧɢɤ

ɊɉɢɪɿɝɄɢʀɜ

Ʉɨɥɟɤɬɢɜɢɡɚɰɿɹ ɿ ɝɨɥɨɞ ɧɚ ɍɤɪɚʀɧɿ ± Ɂɛɿɪɧɢɤ ɞɨɤɭɦɟɧɬɢɜ ɿ ɦɚ

ɬɟɪɿɚɥɿɜɜɿɞɩɨɜɿɞɚɥɶɧɢɣɪɟɞɚɤɬɨɪɋȼɄɭɥɶɱɢɰɶɤɢɣɄɢʀɜ

ɆɭɯɿɧɚɆɍɩɨɤɨɪɟɧɧɹɝɨɥɨɞɨɦɁɛɿɪɧɢɤɞɨɤɭɦɟɧɬɿɜɄɢʀɜ

ɋɨɜɟɬɫɤɨɟ ɜɨɟɧɧɨɩɪɨɦɵɲɥɟɧɧɨɟ ɩɪɨɢɡɜɨɞɫɬɜɨ ± Ɍɨɦ ɜɬɨɪɨɣ

ɤɨɥɥɟɝɢɚɥɶɧɚɹ ɪɚɛɨɬɚ ɩɨɞ ɪɟɞɚɤɰɧɣ ȼ Ⱥ Ɂɨɥɨɬɚɪɟɜɚ ɫɟɪɢɹ ɂɫɬɨ

ɪɢɹɫɨɡɞɚɧɢɹɢɪɚɡɜɢɬɢɹɨɛɨɪɨɧɧɨɩɪɨɦɵɲɥɟɧɧɨɝɨɤɨɦɩɥɟɤɫɚɊɨɫɫɢɢ

ɢɋɋɋɊ±ȾɨɤɭɦɟɧɬɵɢɦɚɬɟɪɢɚɥɵɩɨɞɪɟɞɚɤɰɟɣɂɂɄɥɟ

ɛɚɧɨɜɚɆɨɫɤɜɚ