A N N A L E S
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$ 92/;/9,,, 6(&7,2+ 8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH=DNáDG)LQDQVyZ3RGPLRWyZ*RVSRGDUF]\FK -$.8%&=(51,$.&]\QQLNLGHWHUPLQXMąFHV]F]ĊĞFLHZĞZLHWOHLQGHNVX
…
OHSV]HJR
Ī
\FLD2(&'RUD]LQGHNVXGREURE\WX
/HJDWXP3URVSHULW\,QGH[
)DFWRUVGHWHUPLQLQJWKHKDSSLQHVVLQWKHOLJKWRI2(&'%HWWHU/LIH,QGH[DQG/HJDWXP3URVSHULW\,QGH[ 6áRZDNOXF]RZH GREURE\WVSRáHF]Q\SRF]XFLHV]F]ĊĞFLDVSRáHF]HĔVWZDLQGHNVOHSV]HJRĪ\FLD2(&' LQGHNVGREURE\WX/HJDWXPVSRáHF]QLHZ\NOXF]HQL.H\ZRUGV ZHOIDUH KDSSLQHVV RI WKH VRFLHW\ 2(&' %HWWHU /LIH ,QGH[ /HJDWXP 3URVSHULW\ ,QGH[
VRFLDOO\GLVDGYDQWDJHG :VWĊS -HGQ\P]QDMSRZV]HFKQLHMVWRVRZDQ\FKPLHUQLNyZPDMąF\FKRG]ZLHUFLHGODüSR]LRP Ī\FLDRE\ZDWHOLSRV]F]HJyOQ\FKNUDMyZMHVWSURGXNWNUDMRZ\EUXWWRZSU]HOLF]HQLXQD PLHV]NDĔFD-HGQDNGRW\FKF]DVRZHRSLV\ZDQLHMDNRĞFLĪ\FLDQDWHMSRGVWDZLHRND]XMH VLĊ]DZRGQH:\QLNDWR]GZyFKSU]\F]\Q3RSLHUZV]HGRNáDGQRĞüPLDU\MDNąVWDQRZL SURGXNWNUDMRZ\EUXWWRMHVWVáXV]QLHNZHVWLRQRZDQD3RGUXJLHSR]LRP3.%SHUFDSLWD QLHNRQLHF]QLHPXVLE\üQDMZDĪQLHMV]ąGHWHUPLQDQWąMDNRĞFLĪ\FLD0RĪOLZHĪHLQQH F]\QQLNLQLHXZ]JOĊGQLDQHZ3.%VLOQLHMZSá\ZDMąQDVDW\VIDNFMĊ]Ī\FLDRE\ZDWHOL RUD]LFKSRF]XFLHV]F]ĊĞFLD-HĞOLIDNW\F]QLHE\WDNE\áRSRGDZDáRE\WRZZąWSOLZRĞü VHQVRSLHUDQLDZWDNGXĪHMPLHU]HSROLW\NLJRVSRGDUF]HMQDZ]URĞFLHJRVSRGDUF]\P =DPLDVW WHJR EDUG]LHM ]DVDGQH E\áRE\ NLHURZDQLH XZDJL U]ąG]ąF\FK D ZUD] ] QLą ĞURGNyZILQDQVRZ\FKQD]DGDQLDWDNLHMDNQSHGXNDFMDRFKURQD]GURZLDEH]SLH-F]HĔVWZRVWDELOL]DFMDU\QNXSUDF\RFKURQDĞURGRZLVNDEXGRZDNDSLWDáXVSRáHF]QHJR
-$.8%&=(51,$. =SRZ\ĪV]\FKSRZRGyZZRVWDWQLFKODWDFKSRSXODUQRĞü]\VNDá\PLHUQLNLGREUR-E\WXVSRáHF]QHJRDOWHUQDW\ZQHZREHF3.%SHUFDSLWD:ĞUyGQLFKPRĪQDZ\PLHQLü LQGHNVOHSV]HJRĪ\FLDRSUDFRZ\ZDQ\SU]H]2UJDQL]DFMĊ:VSyáSUDF\*RVSRGDUF]HM L5R]ZRMX 2(&'%HWWHU/LYH,QGH[ LQGHNVGREURE\WXDXWRUVWZD,QVW\WXWX/HJDWXP /HJDWXP3URVSHULW\,QGH[ LQGHNVUR]ZRMXVSRáHF]QHJRWZRU]RQ\SRGDXVSLFMDPL 21= +XPDQ 'HYHORSPHQW ,QGH[ 0LHUQLNL WH XZ]JOĊGQLDMą ZLĊFHM F]\QQLNyZ ZSá\ZDMąF\FKQDMDNRĞüĪ\FLDQLĪW\ONRVDPSR]LRPGRFKRGyZQDPLHV]NDĔFD-HG-QRF]HĞQLHRGURNXZ:RUOG+DSSLQHVV5HSRUW 7KH(DUWK,QVWLWXWH&ROXPELD 8QLYHUVLW\ SXEOLNXMHVLĊLQGHNVV]F]ĊĞFLD=HVWDZLHQLHGDQ\FK]DZDUW\FKZGZyFK SLHUZV]\FK]HZVSRPQLDQ\FKPLHUQLNyZREUD]XMąF\FKGREURE\W]SR]LRPHPV]F]ĊĞFLD SRV]F]HJyOQ\FKVSRáHF]HĔVWZSRZLQQRSR]ZROLüQDVSUDZG]HQLHNWyUHF]\QQLNLVą QDMLVWRWQLHMV]H]SXQNWXZLG]HQLDV]F]ĊĞFLDRE\ZDWHOL
&HOHP QLQLHMV]HJR DUW\NXáX MHVW ZLĊF VSUDZG]HQLH MDNLH F]\QQLNL GHF\GXMą R SRF]XFLX V]F]ĊĞFLD VSRáHF]HĔVWZ 'ODWHJR WHĪ ]RVWDQLH ]EDGDQD VLáD SRZLą]DĔ PLĊG]\Z\EUDQ\PLGHWHUPLQDQWDPLGREURE\WXVSRáHF]QHJRDSR]LRPHPV]F]ĊĞFLD Z Z\EUDQ\FK NUDMDFK 0HWRGą NWyUD SRZLQQD SR]ZROLü QD UHDOL]DFMĊ SU]\MĊWHJR FHOXEĊGąWHVW\NRUHODFML3HDUVRQD,VWRWQRĞüRWU]\PDQ\FKZDUWRĞFLNRUHODFMLEĊG]LH ]ZHU\ILNRZDQDQDED]LHUR]NáDGXWVWXGHQWD 3UH]HQWDFMDZ\NRU]\VWDQ\FKZVNDĨQLNyZRUD]GDQ\FKVWDW\VW\F]Q\FK -DNRPLDUĊSRF]XFLDV]F]ĊĞFLDSU]\MĊWRZ\QLNLEDGDĔ]DSUH]HQWRZDQHZ:RUOG +DSSLQHVV5HSRUW3U]HSURZDG]DQRMHZODWDFK±FRURF]QLHDQNLH-WXMąFRNRáRW\VLąFDRVyE]NDĪGHJRNUDMX']LĊNLWHPXZ\QLNLVąPQLHMSRGDWQHQD F]\QQLNLG]LDáDMąFHZNUyWNLPRNUHVLH%DGDQLHZ\NRU]\VW\ZDáRPHWRGRORJLĊW]Z GUDELQ\ &DQWULOD 5HVSRQGHQWyZ SURV]RQR R Z\REUDĪHQLH VRELH GUDELQ\ R G]LH-VLĊFLX V]F]HEODFK SU]\MPXMąF ĪH SR]LRP ]HUR WR QDMJRUV]\ WHRUHW\F]QLH PRĪOLZ\ ZDULDQWĪ\FLDDSR]LRPG]LHVLąW\±QDMOHSV]\=DGDQLHPDQNLHWRZDQ\FKE\áZ\EyU V]F]HEOD RGSRZLDGDMąFHJR MDNRĞFL LFK DNWXDOQHJR Ī\FLD >+HOOLZHOO /D\DUG 6DFKV @ : ]ZLą]NX ] ]DVWRVRZDQLHP GUDELQ\ &DQWULOD Z QLQLHMV]\P DUW\NXOH ]D V]F]ĊĞFLH XZDĪD VLĊ VXELHNW\ZQH RGF]XFLH MHGQRVWNL ZVND]XMąFH QD QLHZLHONLH RGFK\OHQLH MHM REHFQHM V\WXDFML Ī\FLRZHM RG V\WXDFML LGHDOQHM QDMOHSV]HM ] PRĪOL-Z\FKGRZ\REUDĪHQLD'DQHGODZ\EUDQ\FKNUDMyZ]DZLHUDWDEHODZNWyUHMXMĊWR WDNĪHUH]XOWDW\RĞPLXVXELQGHNVyZVNáDGDMąF\FKVLĊQDLQGHNVGREURE\WX/HJDWXP :VSRPQLDQH VXELQGHNV\ WR JRVSRGDUND SU]HGVLĊELRUF]RĞü LPRĪOLZRĞFL MDNRĞü U]ąG]HQLD HGXNDFMD ]GURZLH EH]SLHF]HĔVWZR ZROQRĞü RVRELVWD NDSLWDá VSRáHF]Q\ >7KH /HJDWXP 3URVSHULW\ ,QGH[ V ± ZQDZLDVDFKSRGDQROLF]EĊ]PLHQQ\FKXZ]JOĊGQLDQ\FKSU]\Z\]QDF]DQLXNDĪGHJR ]VXELQGHNVyZ@
&=<11,.,'(7(50,18-Ą&(6=&=ĉĝ&,(:ĝ:,(7/(,1'(.68« 7DEHOD:DUWRĞüLQGHNVXV]F]ĊĞFLDRUD]]QRUPDOL]RZDQ\FKVXELQGHNVyZLQGHNVXGREURE\WX /HJDWXPRVLąJQLĊWHSU]H]Z\EUDQHNUDMH .UDM :D UW RĞ ü LQ GH NV X V] F] ĊĞ FLD =QRUPDOL]RZDQHVXELQGHNV\LQGHNVXGREURE\WX/HJDWXP *RVSRG DU ND 3U] HGV LĊ EL RU F] RĞ ü L P RĪ OLZ RĞ FL -D NR Ğü U] ąG ]H QL D (G XN DF MD =G UR ZL H %H] SL HF ]H ĔVW Z R : ROQ RĞ ü RV RE LV WD .D SL WD á VSR áHF ]Q \ $XVWUDOLD $XVWULD %HOJLD %UD]\OLD ± ± ± ± &KLOH ± &]HFK\ 'DQLD Estonia ± Finlandia )UDQFMD *UHFMD ± ± ± +LV]SDQLD +RODQGLD ,UODQGLD Islandia ,]UDHO ± ± -DSRQLD Kanada .RUHD3áG ± /XNVHPEXUJ 0HNV\N ± ± ± ± ± 1LHPF\ 1RUZHJLD 1RZD=HODQGLD 3ROVND 3RUWXJDOLD 5RVMD ± ± ± ± 6áRZDFMD ± 6áRZHQLD 6WDQ\=MHGQRF]RQH 6]ZDMFDULD 6]ZHFMD 7XUFMD ± ± ± ± :ĊJU\ ± ± ± :ON%U\WDQLD :áRFK\ ħUyGáR /HJDWXP,QVWLWXWHKWWS ZZZSURVSHULW\FRPH[SORUHGDWD GRVWĊS RUD]GDQHRWU]\PDQHEH]SR-ĞUHGQLR]/HJDWXP,QVWLWXWH GQLD
UMCS
-$.8%&=(51,$.
,QGHNVOHSV]HJRĪ\FLDZRGUyĪQLHQLXRGLQGHNVXGREURE\WX/HJDWXPPLHU]\ MDNRĞüĪ\FLDQDED]LH]GHF\GRZDQLHPQLHMV]HMOLF]E\]PLHQQ\FK-HVWLFKáąF]QLH SRJUXSRZDQ\FKZZ\PLDUyZ-HGHQ]VXELQGHNVyZ VDW\VIDNFMD]Ī\FLD RSLHUD VLĊ QD PHWRGRORJLL GUDELQ\ &DQWULOD WDN MDN ZVSRPQLDQ\ LQGHNV V]F]ĊĞFLD ]RVWDá ZLĊFSRPLQLĊW\ZGDOV]\FKDQDOL]DFK:DUWRĞFLSR]RVWDá\FKVXELQGHNVyZGODW\FK VDP\FKNUDMyZNWyUH]QDOD]á\VLĊZWDEHOLSU]HGVWDZLRQRZWDEHOL 7DEHOD:DUWRĞFLVXELQGHNVyZWZRU]ąF\FKLQGHNVOHSV]HJRĪ\FLD2(&' .UDM :DUWRĞFLVXELQGHNVyZWZRU]ąF\FKLQGHNVOHSV]HJRĪ\FLD2(&' :D UX QN L PL HV ]N DQL RZ H 'RF KRG\ 5 \Q HN SU DF \ 3U] \Q DO HĪ QR Ğü G R JU XS \ (G XN DF MD &] \V WR Ğü Ğ UR GR Z LV ND QD WX UD OQ HJ R 6S Rá HF ]H ĔV WZ R RE\ Z DW HO VN LH =G UR ZL H %H] SL HF ]H ĔVW Z R 5y Z QR Z DJ D Z UH OD FM L SU DF D± Ī\ FL H RVR ELVW H $XVWUDOLD $XVWULD %HOJLD %UD]\OLD &KLOH &]HFK\ 'DQLD Estonia Finlandia )UDQFMD *UHFMD +LV]SDQLD +RODQGLD ,UODQGLD Islandia ,]UDHO -DSRQLD Kanada .RUHD3áG
UMCS
&=<11,.,'(7(50,18-Ą&(6=&=ĉĝ&,(:ĝ:,(7/(,1'(.68« /XNVHPEXUJ 0HNV\N 1LHPF\ 1RUZHJLD 1RZD=HODQGLD 3ROVND 3RUWXJDOLD 5RVMD 6áRZDFMD 6áRZHQLD 6WDQ\=MHGQRF]RQH 6]ZDMFDULD 6]ZHFMD 7XUFMD :ĊJU\ :ON%U\WDQLD :áRFK\ ħUyGáR 2(&'KWWS ZZZRHFGEHWWHUOLIHLQGH[RUJ GRVWĊS 2EDSU]HGVWDZLRQHSRZ\ĪHMPLHUQLNLGREURE\WXVSRáHF]QHJR]EXGRZDQR]Z\-NRU]\VWDQLHPGDQ\FKSRFKRG]ąF\FK]DUyZQR]EDGDĔDQNLHWRZ\FKMDNL]GDQ\FK VWDW\VW\F]Q\FK PDMąF\FK EDUG]LHM RELHNW\ZQ\ FKDUDNWHU 6]F]HJyáRZD NRQVWUXNFMD PLHUQLNyZ RSLVDQD MHVW Z F\WRZDQ\FK ĨUyGáDFK D Z QLQLHMV]HM SUDF\ Z NROHMQ\P SXQNFLH:\MDĞQLHQLDSRMDZLąVLĊUyZQLHĪRLOHEĊG]LHZ\PDJDáDWHJRLQWHUSUHWDFMD X]\VNDQ\FKZ\QLNyZ
5H]XOWDW\
'DQH VWDW\VW\F]QH ]DZDUWH Z QLQLHMV]\P SXQNFLH SR]ZDODMą VSUDZG]Lü NWyUH ] REV]DUyZ Ī\FLD F]áRZLHND Vą QDMVLOQLHM SRZLą]DQH ] MHJR SRF]XFLHP V]F]ĊĞFLD :W\PFHOXSROLF]RQRZVSyáF]\QQLNLNRUHODFML3HDUVRQDPLĊG]\ZDUWRĞFLąLQGHNVX V]F]ĊĞFLD]MHGQHMVWURQ\DVXELQGHNVDPLLQGHNVXOHSV]HJRĪ\FLD2(&'RUD]LQGHNVX GREURE\WX/HJDWXP]GUXJLHM8]\VNDQHUH]XOWDW\]DSUH]HQWRZDQRZWDEHOL
-$.8%&=(51,$. 7DEHOD:DUWRĞFLZVSyáF]\QQLNyZNRUHODFML3HDUVRQDPLĊG]\ZDUWRĞFLąLQGHNVXV]F]ĊĞFLD DVXELQGHNVDPLLQGHNVXOHSV]HJRĪ\FLD2(&'LVXELQGHNVDPLLQGHNVXGREURE\WX/HJDWXP :DUWRĞüZVSyáF]\QQLNDNRUHODFML3HDUVRQDSRPLĊG]\ZDUWRĞFLąLQGHNVXV]F]ĊĞFLDD VXELQGHNVDPLLQGHNVXOHSV]HJRĪ\FLD2(&' VXELQGHNVDPLLQGHNVXGREURE\WX/HJDWXP :DUXQNLPLHV]NDQLRZH *RVSRGDUND 'RFKRG\ 3U]HGVLĊELRUF]RĞüLPRĪOLZRĞFL 5\QHNSUDF\ -DNRĞüU]ąG]HQLD 3U]\QDOHĪQRĞüGRJUXS\ (GXNDFMD (GXNDFMD =GURZLH &]\VWRĞüĞURGRZLVNDQDWXUDOQHJR %H]SLHF]HĔVWZR 6SRáHF]HĔVWZRRE\ZDWHOVNLH :ROQRĞüRVRELVWD =GURZLH .DSLWDáVSRáHF]Q\ %H]SLHF]HĔVWZR 5yZQRZDJDZUHODFMLSUDFD±Ī\FLHRVRELVWH :V]\VWNLHZVSyáF]\QQLNLNRUHODFMLVąLVWRWQHQDSR]LRPLHLVWRWQRĞFL UR]NáDGWVWXGHQWD SR]DR]QDF]RQ\PL JZLD]GNą ħUyGáR REOLF]HQLDZáDVQH 1DSRGVWDZLHGDQ\FK]WDEHOLPRĪQDVWZLHUG]LüĪHSRV]F]HJyOQHGHWHUPLQDQW\ GREURE\WXVSRáHF]QHJRZEDUG]RUyĪQ\PVWRSQLXVąSRZLą]DQH]SRF]XFLHPV]F]ĊĞFLD RE\ZDWHOL:SU]\SDGNXLQGHNVXGREURE\WX/HJDWXPVLOQLHGRGDWQLRVNRUHORZDQH ] RGF]XZDQ\P ]DGRZROHQLHP ] Ī\FLD Vą WDNLH Z\PLDU\ MDN JRVSRGDUND NDSLWDá VSRáHF]Q\ MDNRĞü VSUDZRZDQ\FK U]ąGyZ ZROQRĞü RVRELVWD RUD] SU]HGVLĊELRUF]RĞü L PRĪOLZRĞFL 1LH]QDF]QLH QLĪV]\ MHVW ZVSyáF]\QQLN NRUHODFML 3HDUVRQD SRPLĊG]\ LQGHNVHPV]F]ĊĞFLDD]GURZLHP1DMPQLHMLVWRWQ\PL]PLHQQ\PLZSá\ZDMąF\PLQD V]F]ĊĞFLH RND]XMą VLĊ EH]SLHF]HĔVWZR RUD] HGXNDFMD Z W\P RVWDWQLP SU]\SDGNX NRUHODFMD MHVW QDZHW VWDW\VW\F]QLH QLHLVWRWQD QD SR]LRPLH 5yZQLHĪ Z SU]\-SDGNXVXELQGHNVyZLQGHNVXOHSV]HJRĪ\FLD2(&']DEDUG]RPDáRZDĪQH]SXQNWX ZLG]HQLDV]F]ĊĞFLDX]QDüQDOHĪ\EH]SLHF]HĔVWZRRUD]HGXNDFMĊ0RĪOLZ\PZ\WáX-PDF]HQLHPQLHZLHONLHJR]QDF]HQLDEH]SLHF]HĔVWZDPRĪHE\üGREyUJUXS\EDGDZF]HM RUD]NRQVWUXNFMDVXELQGHNVyZ.UDMHREMĊWHDQDOL]ąSR]DQLHOLF]Q\PLZ\MąWNDPLVą EH]SLHF]QH6WąGSU]\]UyĪQLFRZDQ\PSR]LRPLHV]F]ĊĞFLDZ]JOĊGQLH]EOLĪRQ\SR]LRP EH]SLHF]HĔVWZDRND]XMHVLĊF]\QQLNLHPNWyU\QLHZSá\ZDZ\UDĨQLHQDRGF]XZDQH V]F]ĊĞFLH3RGUXJLH±EH]SLHF]HĔVWZRZPLHUQLNX2(&'XZ]JOĊGQLDW\ONROLF]EĊ ]DEyMVWZLUR]ERMyZZUHODFMLGROLF]E\PLHV]NDĔFyZDZPLHUQLNX/HJDWXPWDNLH ]PLHQQHMDNZRMQ\GRPRZHNRQIOLNW\HWQLF]QHOXEUHOLJLMQHF]\ZROQRĞüZ\UDĪDQLD RSLQLL:SU]\SDGNXDQDOL]RZDQ\FKNUDMyZ Z]GHF\GRZDQHMZLĊNV]RĞFLQDOHĪąRQH
UMCS
&=<11,.,'(7(50,18-Ą&(6=&=ĉĝ&,(:ĝ:,(7/(,1'(.68« GR2(&' ]PLHQQHWHVąQDSR]LRPLHEDUG]RQLVNLPL]EOLĪRQ\PGRVLHELHEH]SLH-F]HĔVWZR ZLĊF QLH EĊG]LH LVWRWQLH UyĪQLFRZDü RGF]XZDQHJR V]F]ĊĞFLD (GXNDFMD ]NROHLSU]HNáDGDVLĊE\üPRĪHQDZ\ĪV]\SR]LRPGRFKRGyZ DSU]H]WRQDV]F]ĊĞFLH MHGQDNVDPDQLHMHVWLVWRWQD]SXQNWXZLG]HQLDV]F]ĊĞFLD1LHSRZLQQRWRVSHFMDO-QLH]DVNDNLZDü±VSRáHF]HĔVWZDOHSLHMZ\NV]WDáFRQHQLHPXV]ąE\üDXWRPDW\F]QLH V]F]ĊĞOLZV]H2GG]LDá\ZDQLHQDV]F]ĊĞFLHPRĪHPLHüFKDUDNWHUFRQDMZ\ĪHMSRĞUHGQL :SU]\SDGNXVNáDGRZ\FKLQGHNVX2(&'VWDW\VW\F]QLHQLHSRZLą]DQD]HV]F]ĊĞFLHP MHVWWDNĪHZDUWRĞüZZ\PLDU]HUyZQRZDJDZUHODFMDFKSUDFD±Ī\FLHRVRELVWH
6XELQGHNVDPL LQGHNVX OHSV]HJR Ī\FLD 2(&' NWyUH ]GHF\GRZDQLH QDMVLOQLHM RGG]LDáXMą QD SR]LRP V]F]ĊĞFLD Vą U\QHN SUDF\ RUD] ]GURZLH =GURZLH PLHU]RQH RF]HNLZDQą GáXJRĞFLą Ī\FLD RUD] VXELHNW\ZQą RFHQą VWDQX ]GURZLD UHVSRQGHQWyZ stDQRZL RF]\ZLVWą ]PLHQQą Z NRQWHNĞFLH SRF]XFLD V]F]ĊĞFLD :\VRND NRUHODFMD ZDUWRĞFLVXELQGHNVXU\QHNSUDF\]RGF]XZDQ\PV]F]ĊĞFLHPMHVWV]F]HJyOQLHLQWHUH-VXMąFDZĞZLHWOHQLĪV]HJRZVNDĨQLNDNRUHODFMLSRPLĊG]\GRFKRGDPLLV]F]ĊĞFLHP ,QWHUSUHWRZDü WR PRĪQD Z WHQ VSRVyE ĪH GOD V]F]ĊĞFLD ZDĪQLHMV]D MHVW VWDELOQRĞü ]DWUXGQLHQLDDZUD]LHMHJRXWUDW\áDWZRĞü]QDOH]LHQLDQRZHMSUDF\
:NRQWHNĞFLHGRFKRGyZFLHNDZHZ\GDMHVLĊVSUDZG]HQLHKLSRWH]\]JRGQLH]NWyUą SR]LRP GRFKRGyZ VLOQLHM ZSá\ZD QD SRF]XFLH V]F]ĊĞFLD Z NUDMDFK ELHGQLHMV]\FK : W\P FHOX DQDOL]RZDQ\FK SDĔVWZ SRG]LHORQR QD GZLH UyZQH JUXS\ ± R QLĪ-V]\PRUD]Z\ĪV]\PSR]LRPLHGRFKRGyZQHWWRJRVSRGDUVWZDGRPRZHJR OLF]RQ\FK Z GRODUDFK 86$ SU]\ XZ]JOĊGQLHQLX SDU\WHWX VLá\ QDE\ZF]HM *UDQLFĊ VWDQRZLáD NZRWD 86' 333 :VSyáF]\QQLNL NRUHODFML 3HDUVRQD SRPLĊG]\ GRFKRGDPL JRVSRGDUVWZGRPRZ\FKQHWWRDSRF]XFLHPVDW\VIDNFML]Ī\FLD ZV]\VWNLHGDQH]ED]\ 2(&'%HWWHU/LIH,QGH[ SROLF]RQHRVREQRGODNUDMyZERJDWV]\FKLELHGQLHMV]\FK Z\QLRVá\RGSRZLHGQLRRUD]2]QDF]DWRZEUHZRF]HNLZDQLRPĪHSRZLą]D-QLHGRFKRGyZ]VDW\VIDNFMą]Ī\FLDMHVWQLH]QDF]QLHVLOQLHMV]HZNUDMDFKERJDWV]\FK FKRüREDZVSyáF]\QQLNLNRUHODFMLNV]WDáWXMąVLĊQDQLVNLPVWDW\VW\F]QLHQLHLVWRWQ\P SR]LRPLH:\QLNLWDNLHQDOHĪ\SU]\Mąü]RVWURĪQRĞFLąJG\ĪZDQDOL]RZDQHMJUXSLH QLHPDNUDMyZEDUG]RELHGQ\FKZNWyU\FKIDNW\F]QLHLVWRWQąGHWHUPLQDQWąVDW\VIDNFML ]Ī\FLDPyJáE\E\üSR]LRPGRFKRGyZ0RĪOLZHĪHZNUDMDFKUHODW\ZQLH]DPRĪQ\FK ZZLĊNV]\PVWRSQLXRV]F]ĊĞFLXGHF\GXMąF]\QQLNLLQQHQLĪGRFKRGRZHPRĪHQDZHW SR]DHNRQRPLF]QH =DNRĔF]HQLH
1D SRGVWDZLH SU]HSURZDG]RQ\FK DQDOL] VWDW\VW\F]Q\FK PRĪQD VWZLHUG]Lü ĪH F]\QQLNDPL NWyUH Z QDMPQLHMV]\P VWRSQLX ZLąĪą VLĊ ] SRF]XFLHP V]F]ĊĞFLD Vą EH]SLHF]HĔVWZRRUD]HGXNDFMD3RWZLHUG]DMąWR]JRGQLHZ\QLNLEDGDĔSURZDG]RQ\FK
6XELQGHNV U\QHN SUDF\ VNáDGD VLĊ ] F]WHUHFK LQGHNVyZ V]F]HJyáRZ\FK VWRSD ]DWUXGQLHQLD VWRSD
EH]URERFLDGáXJRWHUPLQRZHJRGRFKRG\RVRELVWHEH]SLHF]HĔVWZR]DWUXGQLHQLD
-$.8%&=(51,$.
QD ED]LH GDQ\FK LQGHNVX OHSV]HJR Ī\FLD 2(&' RUD] LQGHNVX GREURE\WX /HJDWXP =NROHLQDMZDĪQLHMV]\PLGHWHUPLQDQWDPLV]F]ĊĞFLDZ\GDMąVLĊU\QHNSUDF\L]GURZLH GDQH2(&' RUD]JRVSRGDUNDNDSLWDáVSRáHF]Q\LMDNRĞüU]ąG]HQLD GDQH/HJDWXP 3R]LRPGRFKRGyZZEUHZSU]\SXV]F]HQLRPQLHZSá\ZDVLOQLHMQDSRF]XFLHV]F]ĊĞ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
