101 VSPH 708/2025-61
yM,&P 101 VSPH 708/2025-61 .6&%,16
(6.É5(38%/,.$
ROZSUDEK JMÉNEM REPUBLIKY 9UFKQt VRXG Y 3UD]H MDNR VRXG RGYRODFt UR]KRGO Y VHQiWě VORaeHQpP-8'U-LőtKR *ROGVWHLQD D VRXGFţ-8'U-DQD3DYOtyNDD-8'U5DGN\aLPNRYpYSUiYQtYěFL aeDOREFH Insolvency Project v.o.s.,2 VtGOHP%LHEORYDE+UDGHF.UiORYp LQVROYHQyQtVSUiYFHGOXaeQtND 0LFKDO+HPUOHQDUR]HQë ,2 ]DVWRXSHQëDGYRNiWNRX0JU.DWHőLQRX.DYDOtURYRX stGOHP(OLäyLQRQiEőHaet+UDGHF.UiORYp proti aeDORYDQpPX Petr VestfalQDUR]HQë E\WHP0LNRYFRYDHVNi/tSD ]DVWRXSHQëDGYRNiWNRX0JU.DWHőLQRX%H]GěNRYVNRX VtGOHP3RKUDQLyQt'ěytQ oXUyHQtQH~yLQQRVWLSUiYQtKRMHGQiQtGOXaeQtNDDY\GiQtSOQěQtGRPDMHWNRYpSRGVWDW\ R RGYROiQt aeDORYDQpKR SURWL UR]VXGNX .UDMVNpKR VRXGX YHVNëFK %XGěMRYLFtFK zeGQH yHUYHQFH,yM,&P -, takto: I. Rozsudek soudu I. VWXSQěVHPěQtWDNaeHVH]DPtWiaeDOREDQDXUyHQtaeH]DSODFHQt yiVWN\ -.y MH YţyL YěőLWHOţP GOXaeQtND SőLKOiäHQëFK GR LQVROYHQyQtKR őt]HQt YHGHQpKR SRG VS ]Q .6&% ,16 QH~yLQQp SUiYQt MHGQiQt D R XORaeHQt SRYLQQRVWL ]DSODWLW GR PDMHWNRYp SRGVWDW\ yiVWNX .y D GiOH WDNaeHVHaeDORYDQpPXSRYLQQRVWN ~KUDGěVRXGQtKRSRSODWNXQHXNOiGi
II. aDOREFH MH SRYLQHQ ]DSODWLW aeDORYDQpmu QD QiKUDGX QiNODGţ őt]HQt SőHG VRXG\ RERX VWXSłţ yiVWNX .y k UXNiP DGYRNiWN\ 0JU .DWHőLQ\ %H]GěNRYVNp do Wőt GQţRGSUiYQtPRFLWRKRWRUR]VXGNX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 2GţYRGQěQt 9H YëURNX XYHGHQëP UR]VXGNHP .UDMVNë VRXG YHVNëFK %XGěMRYLFtFK XUyLO aeH SODWED GOXaeQtND 0LFKDOD +HPUOH GiOH MHQ GOXaeQtN ]H GQH YH YëäL - .y YH SURVSěFK aeDORYDQpKR MH YţyL YěőLWHOţP SőLKOiäHQëP GR LQVROYHQyQtKR őt]HQt GOXaeQtND YHGHQpKR X WpKRae VRXGX pod VS ]Q .6&% ,16 QH~yLQQëP SUiYQtP MHGQiQtP ERG , YëURNX SRG ERGHP ,, UR]KRGO R SRYLQQRVWL aeDORYDQpho ]DSODWLW GR PDMHWNRYp SRGVWDW\ GOXaeQtND yiVWNX -.y SRG ERGHP ,,, XORaeLO aeDORYDQpPX ]DSODWLW aeDOREFL QiKUDGXQiNODGţ őt]HQtyiVWNX .y SRG ERGHP ,9 YëURNX XORaeLO aeDORYDQpPX]DSODWLWVRXGQtSRSODWHNYHYëäL,-.y 9RGţYRGQěQtUR]VXGNXVRXG,VWXSQě]HMPpQDXYHGOaeHVHaeDOREFH,QVROYHQF\3URMHFWYRV FRLQVROYHQyQtVSUiYFHGOXaeQtND GiOHMHQaeDOREFH aeDORERXGRPiKDOXUyHQtaeHYţyLYěőLWHOţP GOXaeQtNDMHKRae~SDGHNE\O]MLäWěQGQHMeQH~yLQQpSHQěaeLWpSOQěQtGOXaeQtNDYeYëäL -.yaeDORYDQpPXDXORaeHQtSRYLQQRVWLaeDORYDQpPX]DSODWLWWXWRyiVWNXGRPDMHWNRYp SRGVWDW\GOXaeQtND 6RXGSUYQtKRVWXSQěY\äHO]H]MLäWěQtaeHLQVROYHQyQtőt]HQtRKOHGQěGOXaeQtNDE\OR]DKiMHQR GQH $- XVQHVHQtP]HGQH $- E\O]MLäWěQ~SDGHNGOXaeQtNDQDMHKR PDMHWHNSURKOiäHQNRQNXUVDaeDOREFHE\OXVWDQRYHQLQVROYHQyQtPVSUiYFHP aDORYDQë X]DYőHO VGOXaeQtNHP VPORXYX R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y ); ]H GQH QD SRGNODGě Qtae VH ]DYi]DO GOXaeQtNRYL VYěőLW ILQDQyQt SURVWőHGN\YHYëäL.yDGOXaeQtNVH]DYi]DOMH]KRGQRWLWSHYQRXVD]ERXYHYëäL PěVtyQě6YěőHQpILQDQyQtSURVWőHGN\VHGOXaeQtN]DYi]DOLQYHVWRYDWQDPH]LQiURGQtPěQRYp EXU]H)25(;9HsPORXYěE\ORGRMHGQiQRaeHGOXaeQtN]DMLVWtRWHYőHQtDVSUiYXREFKRGQtKR ~yWXDVSUiYFHYNODGX%XGHWpaeMHGLQRXRSUiYQěQRXRVRERXSURYiGěMtFtMHGQRWOLYpREFKRGQt WUDQVDNFHQDPěQRYpEXU]HEXGHSRVN\WRYDWVYëPNOLHQWţPYëSLVRVWDYX~yWX]DGDQëPěVtF D SőtSDGQě XPRaeQt LQYHVWRUţP ~SOQRX yL yiVWHyQRX YëSODWX LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ 9ëSODWX ILQDQyQtFK SURVWőHGNţ E\OR PRaeQR SURYpVW YaeG\ SRX]H N aeiGRVWL LQYHVWRUDMtaeE\ORWőHED]DVODWStVHPQRXIRUPRXyLSURVWőHGQLFWYtPHPDLOX aDORYDQëSőLKOiVLO GR LQVROYHQyQtKR őt]HQt SőLKOiäNRX y 3 SRKOHGiYNX YFHONRYp YëäL - .y V SőtVOXäHQVWYtP ]WLWXOX QHY\SODFHQëFK ILQDQyQtFK SURVWőHGNţ MLVWLQ\ D ]KRGQRFHQt D WR ]H VPORXY\ R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y);]HGQH MHaeE\ODQDSőH]NXPQpPMHGQiQt]MLäWěQD 'R LQVROYHQyQtKR őt]HQt GOXaeQtND MH SőLKOiäHQR PQRKR GDOätFK YěőLWHOţ NWHőt XSODWQLOL VYp QiURN\]WLWXOXREGREQëFKVPOXYRVSUiYěLQYHVWRYDQëFKILQDQyQtFKSURVWőHGNţX]DYtUDQëFK RG URNX GR URNX 'RSRVXG E\O\ ]MLäWěQ\ SRKOHGiYN\ QH]DMLäWěQëFK YěőLWHOţ vFHONRYp YëäL .y D SRKOHGiYN\ ]DMLäWěQëFK YěőLWHOţ Y FHONRYp YëäL .y.HGQLGOXaeQtNHYLGRYDOSRKOHGiYN\QDYëSODWXNOLHQWţP]WLWXOX LQYHVWRYDQëFKILQDQyQtFKSURVWőHGNţYyiVWFH.ySőLyHPaeGQHVGěOLO SURVWőHGQLFWYtP H-PDLOX YäHP VYëP YěőLWHOţP aeH Pi SUREOpP\ V YëSODWRX VSUDYRYDQëFK ILQDQyQtFKSURVWőHGNţQHERřYOLVWRSDGXDSURVLQFLGRäORNREURYVNpPXQiUţVWXYëEěUţ LQYHVWLyQtFK~yWţDRGOLYNDSLWiOXRYOLYQLOLVDPRWQpREFKRGRYiQt ZQDOHF ,QJ5DGHN +HJHU 3K' YH ]QDOHFNpP SRVXGNX VKUQXO aeH RG URNX GRE\ODQD~yW\GOXaeQtNDSőLSViQDyiVWND .yDRGHSViQDyiVWND .y QD VOHGRYDQëFK ~yWHFK E\O NH GQL NODGQë ]ţVWDWHN .y = SőHVXQţ ILQDQyQtFK SURVWőHGNţ GiOH ]MLVWLO aeH ]WLWXOX RYěőLWHOQëFK SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 LQYHVWLFYHIRUPěEH]KRWRYRVWQtFKSODWHEE\ODQDVOHGRYDQp~yW\SőLSViQDRGNOLHQWţ]DGDQp REGREt yiVWND .y D KRWRYRVWQtPL WUDQVDNFHPL GDOätFK .y =H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ E\OD NLQYHVWRYiQt QD EXU]H )25(; SRXaeLWD SRX]H yiVWND .y ]WUiWD ]WRKRWR REFKRGRYiQt yLQLOD .y 'OXaeQtN SRXaetYDOVYěőHQpILQDQyQtSURVWőHGN\QDMLQpQHaeVNOLHQW\VPOXYHQp~yHO\ QD~KUDGXQiNODGţ QDFHVWRYiQt XE\WRYiQt OHWHQN\ GHQQt VSRWőHEX UHVWDXUDFH yHUSDFt VWDQLFH DSRG; WDNWR VSRWőHERYDO YH VOHGRYDQpP REGREt yiVWNX .y, ]H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ XWUDWLO GDOät yiVWNX .y QD YëGDMH QDSő SRMLäWěQt QiMHPQp NRVPHWLNX NRPXQLNDyQt VOXaeE\ VSOiWN\ HQHUJLt FHVWRYiQt DXWRPRELO\ =QDOHF X]DYőHO aeH GOXaeQtN ]H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ SURGěODO WpPěő PLO .y VSRWőHERYDO GiOH YtFHQHaePLO.yWHG\QHYUDWQëP]SţVREHP]HVYěőHQëFKSURVWőHGNţVSRWőHERYDOYtFHQHae PLO .y 'iOH SRSVDO DPDWpUVNRX REFKRGQt VWUDWHJLL GOXaeQtND SőL REFKRGRYiQt DX]DYőHO aeHMHGLQëPY\VYěWOLWHOQëP]iYěUHPXGUaeLWHOQRVWLREFKRGQtKRPRGHOXGOXaeQtNDSRGREXYtFH QHae GHVHWL OHW E\OR Y\SOiFHQt SRKOHGiYHN NOLHQWţ ] YNODGţ MLQëFK NOLHQWţ SőLyHPae QLNG\ QHGRViKO NODGQpKR YëQRVX DYaeG\ PXVHO Y\SOiFHW AYëQRV\´ ]LQYHVWRYDQëFK SURVWőHGNţ zMLQëFK NOLHQWVNëFK SHQě] LQQRVW GOXaeQtND QHPěOD HNRQRPLFNp ]GţYRGQěQt DOH MHGQDOR VHR3RQ]LKRVFKpPD Z~SOQpKR YëSLVX ]REFKRGQtKR UHMVWőtNX RKOHGQě VSROHyQRVWL +HPUOH ,QYHVW VUR Y\SOëYi aeH GQH ]DORaeLO GOXaeQtN VSROHyQRVW +(05/( ,QYHVW VUR MHMtPae E\O MHGLQëP VSROHyQtNHPDMHGQDWHOHPDWpaeNRQHyQëPYODVWQtNHPYHäNHUpKRMHMtKRPDMHWNX 'OHYëSLVX~yWXGOXaeQtNDy QHGRäORRGGRNaeiGQëP RSHUDFtP ]ţVWDWHN yLQt .y ]ţVWDWN\ QD~yWX GOXaeQtND y yLQLO\ QDNRQFLOHWDyiVWNX .yUHVS.y 'OHYëSLVX]~yWX+HPUOH,QYHVWVURy RGGRE\O\ Y\SODFHQ\ aeDORYDQpPX WőL SODWE\ YyHWQě RGSRURYDQp SODWE\ =iURYHł ]XYHGHQpKR YëSLVX Y\SOëYi aeH aeDORYDQë ]DVODO äHVW YNODGţ QD ~yHW +HPUOH ,QYHVW VUR, Dy X]DYőHO VPORXYX sGOXaeQtNHP (-PDLOHP]HGQHGOXaeQtNR]QiPLOYäHPVYëPYěőLWHOţP YtFHMDN aeHYOLVWRSDGX D SURVLQFL GRäOR NREURYVNpPX QiUţVWX YëEěUţ ] LQYHVWLyQtFK ~yWţ aeH RGOLY NDSLWiOX RYOLYQLO L VDPRWQp REFKRGRYiQt GRäOR NX]DYőHQt QěNROLND ]WUiWRYëFK REFKRGţ D YäHFKQ\ REFKRGRYDFt~yW\VHWDNGRVWDO\GR]iSRUQpELODQFHSURWRMHQXFHQ]DVWDYLWYëSODW\NOLHQWţP GRGRURYQiQtELODQFHVWtPaeHGDOätY\SOiFHQtILQDQyQtFKSURVWőHGNţEXGHUHDOL]RYiQRSRWp FRVHVLWXDFHVWDELOL]XMH 1D ]iNODGě WěFKWR ]MLäWěQt VRXG , VWXSQě GRYRGLO aeH YGREě XYHGHQëFK SODWHE E\O GOXaeQtN FR SRGQLNDWHO v~SDGNX YH IRUPě SőHGOXaeHQt MHae SO\QH ] SRURYQiQt REMHPX VYěőHQëFK ILQDQyQtFK SURVWőHGNţ NLQYHVWRYiQt SőLEOLaeQě POG .y D yiVWN\ ]MLäWěQëFK SRKOHGiYHN YěőLWHOţ Y LQVROYHQyQtP őt]HQt SőHV POG .y WHG\ ]iYD]N\ GOXaeQtND YëUD]Qě SőHY\äRYDO\ MHKR PDMHWHN'OXaeQtNQLNG\QHGRViKO]LVNX]LQYHVWRYiQtSHQt]HVSRWőHERYiYDOSURGěOiYDO QD EXU]H D Y\SOiFHO MLPL SRKOHGiYN\ YěőLWHOţ 6YěőHQp SURVWőHGN\ QHSRXaeLO QDLQYHVWLFL do WUYDOH KRGQRWQpKR PDMHWNX WDNaeH MH Y\ORXyHQR DE\ PěO PDMHWHN MHKRae KRGQRWD E\ GRViKOD YëäH ]iYD]Nţ QD YUiFHQt YNODGţ DMHMLFK ]KRGQRFHQt 'OXaeQtN MHGQDO YH Y]WDKX NH NOLHQWţP MDNR SRGQLNDWHO YH VP\VOX ust REyDQVNpKR ]iNRQtNX, MHKR REFKRGQt PRGHO E\O]DORaeHQQDSőtVOLEX ]KRGQRFHQtYNODGţLQYHVWRYiQtPQDPěQRYpEXU]HSPORXYX VKOHGDOSODWQëPSUiYQtPMHGQiQtP
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 'iOH PěO ]D WR aeH SOQěQtP ]~yWX VSROHyQRVWL +HPUOH ,QYHVW VUR ]H ]iNRQD SőHäOD SRKOHGiYNDaeDORYDQpho]DGOXaeQtNHPQDVSROHyQRVW+HPUOH,QYHVWVUR W]Y]iNRQQiFHVH DNWLYQt OHJLWLPDFH aeDOREFH VH WDN RStUi RXVW RGVW LQVROYHQyQtKR ]iNRQD 6RXG , VWXSQě YWRPWR VPěUX X]DYőHO aeH SODWE\ MVRX SUiYQtP MHGQiQtP GOXaeQtND pRX]H GOXaeQtN E\O]DYi]iQ]HVPOXYRLQYHVWRYiQtVYěőHQëFKILQDQyQtFKSURVWőHGNţSőLyHPaeYNODG\NOLHQWţ XNOiGDO QLNROLY QD VYţM ~yHW DOH QD ~yHW VYp VSROHyQRVWL +HPUOH ,QYHVW VUR 6NXWHyQRVW aeH VH ILQDQyQt SURVWőHGN\ NOLHQWţ QDFKi]HO\ QD ~yWX FL]t RVRE\, QLyHKR QHPěQt QD WRP aeH WR E\O GOXaeQtN NGR SUiYQě MHGQDO WHG\ SURMHYLO YţOL VSOQLW GOXK YţyL aeDORYDQpPX SőLyHPae QHQt UR]KRGQp aeH NWRPX SRXaeLO WőHWt RVREu SRSő aeH MDNR RYOiGDMtFt RVRED GDO SRN\Q WőHWt RVREě NSOQěQt ,NG\E\ VH ]H VWUDQ\ VSROHyQRVWL +HPUOH ,QYHVW VUR MHGQDOR RSOQěQt]DMLQpKRGOHXVW REyDQVNpKR]iNRQtNX,QLFWRQHPěQtQD]iYěUXaeHSOQěQtP ]DQLNO yiVWHyQě GOXKGOXaeQtND8YHGHQiSODWEDNWHURXGOXaeQtNXyLQLOYGREěNG\VHQDFKi]HO Y ~SDGNX YH IRUPě SőHGOXaeHQt QDSOłXMH VNXWNRYou SRGVWDWu ]YëKRGłXMtFtKR SUiYQtKR MHGQiQt SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD QHERř VH MLPL aeDORYDQpPX GRVWDOR QD ~NRU RVWDWQtFK YěőLWHOţ Y\äätKR UHVS SOQpKR XVSRNRMHQt QHae MDNp E\ Mt QiOHaeHOR vNRQNXUVX 9H YěFL E\OD QDSOQěQD SRGPtQND SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD, QHERř GOXaeQtN SURYHGO QDSDGHQRX SODWEX YGREě NG\ VH QDFKi]HO Y~SDGNX YH IRUPě SőHGOXaeHQt =iURYHł E\OD Wpae QDSOQěQD SRGPtQND GOH XVW RGVW LQVROYHQyQtKR ]iNRQD NG\aeGOXaeQtNXyLQLORGSRURYDWHOQpSUiYQtMHGQiQtYGREěPpQěQHaeMHGHQURNSőHG]DKiMHQtP LQVROYHQyQtKR őt]HQt 1DSOQěQt YëMLPN\ SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD aeDORYDQë QHWYUGLO D QHSURNi]DO aDORYDQë QHSURNi]DO aeH E\ GOXaeQtN ]D ]DVOiQt SODWE\ aeDORYDQpPXREGUaeHOMDNpNROLYSURWLSOQěQt 6RXG , VWXSQě proto aeDOREě Y\KRYěO YyHWQě SRYLQQRVWL aeDORYDQpho Y\GDW SODWE\ GR PDMHWNRYp SRGVWDW\ SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD 2 QiKUDGě QiNODGţ őt]HQt UR]KRGO SRGOH XVW RGVW RVő D URYQěae aeDORYDQpPX XORaeLO SRYLQQRVW ]DSODWLW VWiWXVRXGQtSRSODWHNSRGOH RGVW]iNRQDy 6ERVRXGQtFKSRSODWFtFK 3URWL WRPXWR UR]VXGNX VH aeDORYDQë YyDV RGYRODO D SRaeDGRYDO DE\MHM RGYRODFt VRXG ]PěQLO WDNaeHaeDOREX]DPtWQH 3őHGQě PěO ]D QHSőH]NRXPDWHOQë ]iYěU VRXGX , VWXSQě aeH E\O GOXaeQtN YGREě SODWHE v~SDGNXYHIRUPěSőHGOXaeHQt=SURYHGHQëFKGţND]ţQHO]HXyLQLW E\řMHQRULHQWDyQt]iYěU R PDMHWNRYëFK SRPěUHFK GOXaeQtND Y UR]KRGQp GREě QHERř QHO]H ]PDSRYDW ILQDQyQt WRN\ XVNXWHyQěQp GOXaeQtNHP UHVS YHäNHUi SUiYQt MHGQiQt GOXaeQtND VSRytYDMtFt Y SőHYRGHFK VYěőHQëFK SURVWőHGNţ Y X]DYtUiQt Uţ]QëFK NXSQtFK QiMHPQtFK D MLQëFK VPOXY SUR RVREQt SRWőHEX GOXaeQtND Y X]DYtUiQt VPOXY R QiNXSHFK LQYHVWLyQtFK QiVWURMţ NU\SWRPěQ DSRG aDOREFH QHWYUGLO DQL QHGRNOiGDO MDNë PDMHWHN GOXaeQtN Y UR]KRGQp GREě YODVWQLO 'OHQi]RUXaeDORYDQphoQHO]HXyLQLWSRX]HREHFQë]iYěURWRPaeHGOXaeQtNYUR]KRGQpGREě QHYODVWQLOPDMHWHNGRVWDWHyQpKRGQRW\NHVSOQěQt]iYD]NţYţyLVYëPYěőLWHOţPNG\aeGRVXG QHQt REMHNWLYQě ]MLäWěQR MDNëP ]SţVREHP QDNOiGDO VH VYěőHQëPL SURVWőHGN\ MDNë PDMHWHN ]DQě]tVNDONGHVHWHQWRPDMHWHNQDFKi]tUHVSQDFKi]HOYUR]KRGQpGREěWHG\]GDGOXaeQtN VYěőHQp ILQDQyQt SURVWőHGN\ SRXaeLO SRX]H SUR YODVWQt SRWőHEX D N QiNXSţP VSRWőHEQtKR ]ERaetyL]DQěQHQDNRXSLOLQYHVWLyQtQiVWURMH3ODWE\QHSőHGVWDYXMtSUiYQtMHGQiQtGOXaeQtND QëEUae SUiYQt MHGQiQt VSROHyQRVWL +HPUOH ,QYHVW VUR QHERř E\O\ SURYHGHQ\ ]MHKR ~yWX y SőHVWRaeH aeDORYDQë SRGOH VPORXY\ PěO SRXNi]Dt ILQDQyQt SURVWőHGN\
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 QD~yHWGOXaeQtNDy VWtPaeHW\WREXGRXVSUDYRYiQ\GOXaeQtNHP6PORXYD QHREVDKXMH aeiGQp XMHGQiQt R WRP aeH E\ SURVWőHGN\ aeDORYDQpho PěO\ EëW VSUDYRYiQ\ VSROHyQRVWt+HPUOH,QYHVWVURaDOREFHSURWRQHQtYHVSRUXDNWLYQěOHJLWLPRYiQ'iOHPěO ]DWRaeHE\O\QDSOQěQ\SRGPtQN\YëOXN\YHVP\VOXXVW RGVWStVPE LQVROYHQyQtKR ]iNRQDSODWE\Y\SODFHQpaeDORYDQëPvVRXODGXVHsPORXYRXMHWőHEDSRVX]RYDWMDNRVRXyiVW MHKREěaeQpSRGQLNDWHOVNpyLQQRVWLWHG\MDNRSUiYQtMHGQiQtXyLQěQiGOXaeQtNHP]DREY\NOëFK SRGPtQHN REFKRGQtKR VW\NX 1DGWR VH GOXaeQtNu GRVWDOR ]FHOD SőLPěőHQpKR SURWLSOQěQt YH IRUPě YROQp GLVSR]LFH V ILQDQyQtPL SURVWőHGN\ aeDORYDQpho VQLPLae GOXaeQtN Y UR]SRUX VHsPORXYRXQDNOiGDOWDNaeHMHyiVWHyQěSRXaeLOSURVYRuSRWőHEX aDOREFH YH Y\MiGőHQt NRGYROiQt QDYUKO DE\ RGYRODFt VRXG QDSDGHQë UR]VXGHN MDNR YěFQě VSUiYQëSRWYUGLO $UJXPHQWRYDO]HMPpQDWtPaeHQDSDGHQëUR]VXGHNE\OőiGQěRGţYRGQěQëD]FHODVH]WRWRaeQLO V DUJXPHQWDFt VRXGX , VWXSQě 6SROHyQRVW +HPUOH LQYHVW VUR E\OD ]őt]HQD YëKUDGQě ]D~yHOHPREFKi]HQt]iNRQDDQDGiOHWUYDOSőtPëY]WDKPH]LaeDORYDQëPDGOXaeQtNHP6SRUQp SODWE\ E\OR PRaeQR SRYDaeRYDW ]D SUiYQt MHGQiQt GOXaeQtND QHERř GOXaeQtN E\O MHGLQëP VSROHyQtNHP D MHGQDWHOHP VSROHyQRVWL +(05/( ,QYHVW VUR D N ~KUDGě GOXaeQtNRYD GOXKX YţyLaeDORYDQpPX]HVWUDQ\VSROHyQRVWL+(05/(,QYHVWVURGRäORVHVRXKODVHPGOXaeQtND 2GNi]DOWpaeQDXVW DXVW REyDQVNpKR]iNRQtNX 2GYRODFt VRXG SőH]NRXPDO QDSDGHQë UR]VXGHN MDNRae L őt]HQt MHPX SőHGFKi]HMtFt SRGOH XVW D D RVő D ]RSDNRYDO GRND]RYiQt SRGOH XVW RGVW RVő D WR VPORXYRX R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y ); ]SUiYDPL z~yWXy YHGHQpKRX)LREDQN\DV 2GYRODFt VRXG NRQVWDWXMH aeH LQVROYHQyQt őt]HQt RKOHGQě GOXaeQtND E\OR ]DKiMHQR GQH XVQHVHQtP ]H GQH $- E\O ]MLäWěQ MHKR ~SDGHN D aeDOREFH E\O XVWDQRYHQLQVROYHQyQtPVSUiYFHPaDOREDE\ODVRXGX,VWXSQěGRUXyHQDYyDVGQH Ze sPORXY\ ]H GQH y ); Y\SOëYi aeH aeDORYDQë FR LQYHVWRU YyO , GHNODURYDO VYp UR]KRGQXWt LQYHVWRYDW VYp ILQDQyQt SURVWőHGN\ YH YëäL ,- .y QD PH]LQiURGQt PěQRYp EXU]H )RUH[ VWtP aeH YäHFKQ\ REFKRG\ EXGRX SURYHGHQ\ SURVWőHGQLFWYtPEURNHUVNpVSROHyQRVWLA3XUSOH7UDGLQJ´2WHYőHQtDVSUiYXREFKRGQtKR~yWX ]DMLVWt GOXaeQtN FR VSUiYFH YNODGX MHQae MH WXGtae MHGLQRX RSUiYQěQRX RVRERX NSURYiGěQt MHGQRWOLYëFK REFKRGQtFK WUDQVDNFt 9yO E\OR VMHGQiQR ]KRGQRFHQt LQYHVWRYDQëFK SURVWőHGNţ YH YëäL ]D NDOHQGiőQt PěVtF 9yO E\OR XMHGQiQR aeH YHäNHUp ILQDQyQt SURVWőHGN\ EXGRX aeDORYDQëP SRXNi]iQ\ QD EDQNRYQt ~yHW y , sWtP aeH GOXaeQtN FR VSUiYFH YNODGX ]DMLVWt MHMLFK EH]RGNODGQë SőHYRG QD ~yHW X VSROHyQRVWL A3XUSOH 7UDGLQJ´ 'iOH RGYRODFt VRXG ]XYHGHQëFK ]SUiY ] ~yWX y YHGHQpKR X )LR EDQN\ DV NWHUë E\ ]őt]HQ YH SURVSěFK VSROHyQRVWL +HPUOH ,QYHVW VUR ]MLVWLO aeH aeDORYDQë QD WHQWR ~yHW VORaeLO GQH yiVWNX .y GQH yiVWNX .y GQH yiVWNX .y GQH yiVWNX .y D GQH yiVWNX .y WHG\ FHONHP .y Z~yWX VSROHyQRVWL +HPUOH ,QYHVW VUR y YHGHQpKR X )LR EDQN\ DV E\OD aeDORYDQpPX GQH XKUD]HQD yiVWND.y 9SRPěUHFK QD Qěae GRSDGi SUiYQt ~SUDYD ~yLQQi RG QDKUDGLO SRMHP ASUiYQt ~NRQ´ GOH XVW ]iNRQD y 6E REyDQVNpKR ]iNRQtNX SRMHP ASUiYQt MHGQiQt´ VURYQHM XVW D QiVO REyDQVNpKR ]iNRQtNX D MH SURWR WőHED SUR UR]KRGQp REGREt YH VWHMQpP GXFKX LQWHUSUHWRYDW VORYQt VSRMHQt ASUiYQt ~NRQ´ YXVW Dae SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 LQVROYHQyQtKR ]iNRQD N WRPX VURYQHM L XVW RGVW REyDQVNpKR ]iNRQtNX D DUJXPHQWDFL REVDaeHQRX N WHUPLQRORJLL QDSő Y UR]VXGNX 1HMY\äätKR VRXGX ]H GQH VHQ ]Q ,&GR XYHőHMQěQpP SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWtDVWDQRYLVHN 3RGOH XVW LQVROYHQyQtKR ]iNRQD QH~yLQQëPL MVRX SUiYQt ~NRQ\ NWHUëPL GOXaeQtN ]NUDFXMH PRaeQRVW XVSRNRMHQt YěőLWHOţ QHER ]YëKRGłXMH QěNWHUp YěőLWHOH QD ~NRU MLQëFK =D SUiYQt ~NRQ VH SRYDaeXMH Wpae GOXaeQtNRYR RSRPHQXWt RGVW 1H~yLQQRVW GOXaeQtNRYëFK SUiYQtFK~NRQţYyHWQěWěFKNWHUpWHQWR]iNRQR]QDyXMH]DQH~yLQQpDNWHUpGOXaeQtNXyLQLO SRWp FR QDVWDO\ ~yLQN\ VSRMHQp VH ]DKiMHQtP LQVROYHQyQtKR őt]HQt VH ]DNOiGi UR]KRGQXWtP LQVROYHQyQtKRVRXGXRaeDOREěLQVROYHQyQtKRVSUiYFHNWHURXE\ORRGSRURYiQRGOXaeQtNRYëP SUiYQtP~NRQţP GiOHMHQRGSţUytaeDORED QHQt-OLGiOHVWDQRYHQRMLQDN RGVW 3RGOH XVW LQVROYHQyQtKR ]iNRQD QH~yLQQRVWt SUiYQtKR ~NRQX QHQt GRWyHQD MHKR SODWQRVW YLQVROYHQyQtPőt]HQtYäDNGOXaeQtNRYRSOQěQt]QH~yLQQëFKSUiYQtFK~NRQţQiOHaet GR PDMHWNRYp SRGVWDW\ RGVW 1HQt-OL PRaeQp Y\GDW GR PDMHWNRYp SRGVWDW\ SţYRGQt GOXaeQtNRYRSOQěQt]QH~yLQQpKRSUiYQtKR~NRQXPXVtEëWSRVN\WQXWDURYQRFHQQiQiKUDGD RGVW 3RGOH XVW LQVROYHQyQtKR ]iNRQD SRYLQQRVW Y\GDW GR PDMHWNRYp SRGVWDW\ GOXaeQtNRYR SOQěQt]QH~yLQQëFKSUiYQtFK~NRQţPDMtRVRE\YMHMLFKaeSURVSěFKE\OQH~yLQQëSUiYQt~NRQ XyLQěQQHERNWHUp]QěKRPěO\SURVSěFK RGVW 3RGOHXVW RGVWYěWDSUYiLQVROYHQyQtKR]iNRQDRGSRURYDWSUiYQtP~NRQţPGOXaeQtND PţaeHYLQVROYHQyQtPőt]HQtSRX]HLQVROYHQyQtVSUiYFHLNG\aeQHMGHRRVREXVGLVSR]LyQtPL RSUiYQěQtPL D WR RGSţUyt aeDORERX SRGDQRX SURWL RVREiP NWHUp PDMt SRYLQQRVW Y\GDW GOXaeQtNRYRSOQěQt]QH~yLQQëFKSUiYQtFK~NRQţGRPDMHWNRYpSRGVWDW\ 3RGOH XVW iQVROYHQyQtKR ]iNRQD ]YëKRGłXMtFtP SUiYQtP ~NRQHP VH UR]XPt SUiYQt ~NRQ Y MHKRae GţVOHGNX VHQěNWHUpPX YěőLWHOL GRVWDQH QD ~NRU RVWDWQtFK YěőLWHOţ Y\äätKR XVSRNRMHQt QHae MDNp E\ PX MLQDN QiOHaeHOR YNRQNXUVX RGVW =YëKRGłXMtFtP SUiYQtP ~NRQHP VH UR]XPt SRX]H SUiYQt ~NRQ NWHUëGOXaeQtN XyLQLO Y GREě NG\ E\O Y ~SDGNX QHERSUiYQt~NRQNWHUëYHGONGOXaeQtNRYX~SDGNX0iVH]DWRaeH]YëKRGłXMtFtSUiYQt~NRQ XyLQěQë YH SURVSěFK RVRE\ GOXaeQtNX EOt]Np QHER RVRE\ NWHUiWYRőt V GOXaeQtNHP NRQFHUQ MH~NRQHPNWHUëGOXaeQtNXyLQLOYGREěNG\E\OY~SDGNX RGVW =YëKRGłXMtFtPLSUiYQtPL ~NRQ\ MVRX ]HMPpQD ~NRQ\ NWHUëPL GOXaeQtN D VSOQLO GOXK GőtYH QHae VH VWDO VSODWQëP E GRKRGO ]PěQX QHER QDKUD]HQt ]iYD]NX YH VYţM QHSURVSěFK F SURPLQXO VYpPX GOXaeQtNX VSOQěQt GOXKX QHER MLQDNGRKRGO DQHER XPRaeQLO]iQLN yL QHVSOQěQt VYpKR SUiYD G SRVN\WO VYţMPDMHWHNN]DMLäWěQtMLaeH[LVWXMtFtKR]iYD]NXOHGDaeHMGHRY]QLN]DMLäWěQtYGţVOHGNX]PěQ YQLWőQtKR REVDKX ]DVWDYHQp YěFL KURPDGQp RGVW =YëKRGłXMtFtPX SUiYQtPX ~NRQX O]H RGSRURYDW E\O-OL XyLQěQ Y SRVOHGQtFK OHWHFK SőHG ]DKiMHQtP LQVROYHQyQtKR őt]HQt YH SURVSěFK RVRE\ GOXaeQtNX EOt]Np QHER RVRE\ NWHUi WYRőt V GOXaeQtNHP NRQFHUQ DQHERYGREěURNXSőHG]DKiMHQtPLQVROYHQyQtKRőt]HQtYHSURVSěFKMLQpRVRE\ RGVW =YëKRGłXMtFtPSUiYQtP~NRQHPQHQtD ]őt]HQt]DMLäWěQt]iYD]NX GOXaeQtNDREGUaeHO-OL]DQě GOXaeQtNVRXyDVQěSőLPěőHQRXSURWLKRGQRWXE SUiYQt~NRQXyLQěQë]DSRGPtQHNREY\NOëFK Y REFKRGQtP VW\NX QD ]iNODGě NWHUpKR GOXaeQtN REGUaeHO SőLPěőHQp SURWLSOQěQt QHER MLQë SőLPěőHQë PDMHWNRYë SURVSěFK D WR ]DSőHGSRNODGX aeH QHäOR R ~NRQ XyLQěQë YH SURVSěFK RVRE\ GOXaeQtNRYL EOt]Np QHER RVRE\ NWHUiWYRőt V GOXaeQtNHP NRQFHUQ D aeH RVRED Y MHMtae SURVSěFKE\O~NRQXyLQěQQHPRKODDQLSőLQiOHaeLWpSHyOLYRVWLSR]QDWaeHGOXaeQtNMHY~SDGNX QHER aeH E\ WHQWR ~NRQ PRKO YpVW N ~SDGNX GOXaeQtND F SUiYQt ~NRQ NWHUë GOXaeQtN XyLQLO
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 zD WUYiQt PRUDWRULD QHER SR ]DKiMHQt LQVROYHQyQtKR őt]HQt ]D SRGPtQHN VWDQRYHQëFK WtPWR ]iNRQHP RGVW 9 UR]VXGNX ]H GQH ~QRUD VS ]Q &GR D GiOH QDSő Wpae YUR]VXGNX ]H GQH VS ]Q &GR yL YUR]VXGNX ]H GQH VS ]Q ,&GR 1HMY\äät VRXG R]őHMPLO aeH SURMHY YţOH MtPae GOXaeQtN SOQt GOXK SHQěaeLWë ]iYD]HN VYpPX YěőLWHOL MH SUiYQtP ~NRQHP GOH VWiYDMtFt SUiYQt ~SUDY\ SUiYQtP MHGQiQtP-SR]QRGYRODFtKRVRXGX 1HO]HWXGtaeSRFK\ERYDWRWRPaeHQH~yLQQëPSUiYQtP ~NRQHP PţaeH EëW WDNp SOQěQt QD MLae VSODWQë GOXK 3URVSěFK NWHUë VH YěőLWHOL GRVWDQH Y GţVOHGNX WDNRYpKR ]YëKRGłXMtFtKR SUiYQtKR ~NRQX GOXaeQtND SőLWRP QHVSRytYi Y WRP aeH YěőLWHO GRVWDQH RG GOXaeQtND YtFH QHae E\ PX QiOHaeHOR QHEëW ~SDGNRYp VLWXDFH GOXaeQtND DOH aeH MH SRVN\WQXWëP SOQěQtP ]YëKRGQěQ SURWL MLQëP YěőLWHOţP NWHőt E\ PěOL Y NRQNXUVX SUR ~yHO\ SRPěUQpKR XVSRNRMHQt ] QHGRVWDWHyQpKR PDMHWNX GOXaeQtND VWHMQp SRVWDYHQt MDNR YěőLWHO MHKRae SRKOHGiYNX VH GOXaeQtN UR]KRGO WDNWR XVSRNRMLW . WRPX Wpae 1HMY\äät VRXG RGNi]DOQDXVQHVHQt1HMY\äätKRVRXGX]HGQHVHQ]Q ,&GR 3UiYQtP MHGQiQtP YH VP\VOX XVW REyDQVNpKR ]iNRQtNu VH UR]XPt WDNRYp FKRYiQt RVRE\NWHUpMHSRGOHXVWDQRYHQt]iNRQD]SţVRELOpY\YRODWSUiYQtQiVOHGN\3UiYQtPLQiVOHGN\ QHEROL SUiYQtPL ~yLQN\ SUiYQtKR MHGQiQt MVRX SőL VSOQěQt GDOätFK ]iNRQQëFK SőHGSRNODGţ Y]QLN]PěQDQHER]iQLNSUiYQHERSRYLQQRVWtÓyLQQiSUiYQtMHGQiQt]iVDGQěPRKRXyLQLW SRX]H RVRE\ NWHUp MVRX QDGiQ\ VYpSUiYQRVWt 2EyDQVNë ]iNRQtN SőLWRP VWULNWQě RGOLäXMH RVRE\ SUiYQLFNp D RVRE\I\]LFNp MDNR VDPRVWDWQp VXEMHNW\ SUiYQtFK Y]WDKţSőLyHPae SUiYQt SRVWDYHQt SUiYQLFNëFK RVRE PDMtFtFK VRXyDVQě SRYDKX REFKRGQtFK NRUSRUDFt MH SRGUREQě XSUDYHQR YziNRQě y 6E R REFKRGQtFK NRUSRUDFtFK 1HQt SőLWRP SRFK\E aeH VSROHyQRVW +(05/(,QYHVW VUR MH SUiYQLFNRX RVRERX REFKRGQt NRUSRUDFt MHae VSDGi SRG SUiYQt UHaeLP XVW D QiVO ] y 6E WHG\ RGOLäQëP SUiYQtP VXEMHNWHP RGRVRE\GOXaeQtNDDWRQDY]GRU\WRPXaeHGOXaeQtNMHMHGLQëPVSROHyQtNHPDMHGQDWHOHPWpWR VSROHyQRVWL /RJLFNëP GţVOHGNHP RGOLäHQt I\]LFNëFK D SUiYQLFNëFK RVRE MDNRaeWR VDPRVWDWQëFKSUiYQtFKVXEMHNWţMHWpaeMHMLFKRGOLäQp VDPRVWDWQp PDMHWNRYpSRVWDYHQt 2Wi]NRX PDMHWNRYp DXWRQRPLH SUiYQLFNëFK RVRE VH 1HMY\äät VRXG RSDNRYDQě ]DEëYDO VURYQDSőXVQHVHQt1HMY\äätKRVRXGX]HGQHVS]Q7GRXYHőHMQěQp SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt D VWDQRYLVHN- yiVW WUHVWQt QHER XVQHVHQt YHONpKR VHQiWX WUHVWQtKR NROHJLD 1HMY\äätKR VRXGX ]H GQH VS ]Q 7GR XYHőHMQěQp SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt D VWDQRYLVHN- yiVW WUHVWQt UR]VXGHN 1HMY\äätKR VRXGX ]H GQH GXEQD VS ]Q &GR XYHőHMQěQë SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt DVWDQRYLVHNQHERXVQHVHQt1HMY\äätKRVRXGX]HGQHVS]Q &GR 9XYHGHQëFK UR]KRGQXWtFK SőLWRP SőLMDO ]iYěU aeH GHILQLyQtP ]QDNHP SUiYQLFNëFK RVRE MH PLPR MLQp MHMLFK PDMHWNRYi VDPRVWDWQRVW MHMtPae YëUD]HP MH MHGQDN WR aeH PDMt YODVWQt PDMHWHN D MHGQDN WR aeH MHQ YHY]WDKX N WRPXWR PDMHWNX QHVRX VDPRVWDWQRX PDMHWNRYRX RGSRYěGQRVW Y SUiYQtFK Y]WD]tFK GRQLFKae YVWXSXMt 6SROHyQtFL MHGQRWOLYëFK REFKRGQtFK VSROHyQRVWt WHG\ QHMVRX SRGtORYëPL VSROXYODVWQtN\ VSROXPDMLWHOL PDMHWNX REFKRGQt VSROHyQRVWLDOHMHMLFKY]WDKNREFKRGQtVSROHyQRVWLDNMHMtPXPDMHWNXMHY\PH]HQVRXERUHP SUiYDSRYLQQRVWtSO\QRXFtFK]~yDVWLYHVSROHyQRVWL XVW RGVWYěWDSUYQtREFK]iN 0H]L]iNODGQtPDMHWNRYiSUiYDVSROHyQtNţSDWőt]HMPpQDSUiYRQDSRGtOQD]LVNXSRSőMLQëFK YODVWQtFK ]GURMtFK VSROHyQRVWL SUiYR QD Y\SRőiGDFt SRGtO XVW RGVW REFK ]iN yL SUiYR QD SRGtO QD OLNYLGDyQtP ]ţVWDWNX XVW RGVW REFK ]iN =D ]iYD]N\ NDSLWiORYëFKREFKRGQtFKVSROHyQRVWt DNFLRYiVSROHyQRVWDVSROHyQRVWVUXyHQtPRPH]HQëP VSROHyQtFLQHUXytDQHERUXytMHQRPH]HQě XVW RGVW RGVWLQILQHREFK]iN 9]KOHGHPNWRPXVSROHyQtFLMHGQDNQHPRKRXEëWSőtPRSRäNR]HQëPLRVREDPLYSőtSDGHFK SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 NG\ MH WUHVWQi yLQQRVW SiFKiQD QD ~NRU PDMHWNX REFKRGQt VSROHyQRVWL D MHGQDN VH VDPL PRKRX GRSXVWLW WUHVWQp yLQQRVWL YH Y]WDKX N PDMHWNX REFKRGQt VSROHyQRVWL MHMtPLae MVRX VSROHyQtN\ SURWRaeH WHQ MH SUR Qě PDMHWNHP FL]tP 7R SODWt L SőHV VNXWHyQRVW aeH VH MLQDN QD YHőHMQRVWL EěaeQě POXYt- zHMPpQD MGH-OL R PDMRULWQt VSROHyQtN\ REFKRGQtFK VSROHyQRVWt- RW]YYODVWQtFtFKWěFKWRVSROHyQRVWtQDSőRAYODVWQtFtFK´VSROHyQRVWtVUXyHQtPRPH]HQëP yL DNFLRYëFK VSROHyQRVWt $QLWDNRYp RVRE\ RYäHP QHMVRX YODVWQtN\ PDMHWNX REFKRGQt VSROHyQRVWLYSUiYQtPVP\VOX 2EGREQě Y XVQHVHQt ]H GQH VS ]Q 7GR 1HMY\äät VRXG Y\ORaeLO aeH PDMHWHN REFKRGQtFK VSROHyQRVWt MH SUR MHMLFK VSROHyQtN\ yL DNFLRQiőH PDMHWNHP FL]tP VWHMQěWDNWRSODWtLSURVWDWXWiUQtRUJiQDWRLNG\E\PěOQDREFKRGQtVSROHyQRVWLPDMHWNRYRX ~yDVW 2EFKRGQt VSROHyQRVWL MVRX ]DNOiGiQ\ ] YţOH MHMLFK VSROHyQtNţ D VYëP Y]QLNHP VH REFKRGQt VSROHyQRVWL RGVSROHyQtNţ PDMHWNRYě RGGěOXMt VSROHyQtNţP Y]QLNDMt SUiYD QDSő SUiYR QD LQIRUPDFH QD YëQRV Y SRGREě SRGtOX QD ]LVNX QD FHQX ]D SRGtO SőL MHKR SőHYRGX SRSő Y\SRőiGDFt SRGtO D SRYLQQRVWL QDSő YNODGRYi SRYLQQRVW yL UXyLWHOVNi SRYLQQRVW Y\SOëYDMtFt ] ~yDVWL QD WDNRYp REFKRGQt VSROHyQRVWL NWHUp RGSRYtGDMt MHMLFK VPOXYHQpPX SRGtOX QD WDNRYp VSROHyQRVWL MHae MVRX ]iNRQHP Uţ]Qě PRGLILNRYiQ\ XMHGQRWOLYëFKREFKRGQtFKVSROHyQRVWtDWDNpY]iYLVORVWLQDSRVWDYHQtVSROHyQtND QDSőSUiYD PHQäLQRYëFK DNFLRQiőţ SőLyHPae UR]VDK Y QěPae VSROHyQtN Y\NRQiYi WDWR VYRMH SUiYD DMHSRYLQHQSOQLWVYRMHSRYLQQRVWLSDNXUyXMHYHOLNRVWMHKRSRGtOX=XYHGHQpKRMH]őHMPp aeHVSROHyQtNE\řVHMHGQiRMHGLQpKR VWRSURFHQWQtKR VSROHyQtNDPi]FHODRGOLäQpSRVWDYHQt RSURWL WpWR REFKRGQt VSROHyQRVWL YţyL Qtae Pi SRX]H ]iNRQHP D ]DNODGDWHOVNëP SUiYQtP MHGQiQtPY\PH]HQDSUiYDDSRYLQQRVWL -DN GiOH Y\SOëYi QDSő ] UR]VXGNX 1HMY\äätKR VRXGX ]H GQH VS ]Q &GR MH QD SHQěaeQt SURVWőHGN\ QD ~yWX YHGHQpP X SHQěaeQtKR ~VWDYX QXWQpSRKOtaeHWMDNRQDPDMHWHNWRKRWRSHQěaeQtKR~VWDYX]iURYHłQHO]H]WRWRaełRYDWPDMHWHN VSROHyQRVWL VPDMHWNHP MHMtFK MHGQDWHOţ yL VSROHyQtNţ QHERř VH MHGQi R RGOLäQp VXEMHNW\ SUiYD 2GYRODFt VRXG Pi QD UR]GtO RG VRXGX SUYQtKR VWXSQě ]D WR aeH QHE\O QDSOQěQ SUYRWQt SőHGSRNODG K\SRWp]\ QH~yLQQRVWL SUiYQtKR MHGQiQt WHG\ aeH VSRUQp SODWE\ MVRX SUiYQtP MHGQiQtPGOXaeQtND-HWRWLaeWőHEDYLQWHQFtFKVKRUDXYHGHQëFKMXGLNDWRUQtFK]iYěUţGţVOHGQě UR]OLäRYDW SUiYQt MHGQiQt GOXaeQtND D SUiYQt MHGQiQt VSROHyQRVWL +HPUOH ,QYHVW VUR- vWRPWR VPěUX MH QHUR]KRGQp aeH GOXaeQtN E\O MH MHMtP MHGLQëP VSROHyQtNHP D MHGQDWHOHP 9ODVWQtNHPSHQěaeQtFKSURVWőHGNţQD~yWXYHGHQpPQDMPpQRVSROHyQRVWL+HPUOH,QYHVWVUR QHQt WDWR VSROHyQRVW QëEUae EDQND ]D Qtae Pi VSROHyQRVW +HPUOH ,QYHVW VUR WROLNR SRKOHGiYNXQDMHMLFKYëSODWX3őLMHWtPWěFKWRSODWHEVHWXGtaeaeDORYDQpPXDQLQHPRKORGRVWDW Y\äätKRXVSRNRMHQtQD~NRURVWDWQtFKYěőLWHOţGOXaeQtNDQHaeMDNpE\PXQiOHaeHORYNRQNXUVX UHVS GOXaeQtN FRE\ I\]LFNi RVRED MLPL aeDORYDQpKR QH]YëKRGQLO QD ~NRU RVWDWQtFK VYëFK YěőLWHOţ3RNXGVQDGVSROHyQRVW+(05/(,QYHVWVURSOQLOD]HVYpKRPDMHWNXaeDORYDQpPX ]D GOXaeQtND MHKR GOXK DQLae E\ NWRPX H[LVWRYDO SUiYQt GţYRG MGH R VWDQGDUGQt VLWXDFL XSUDYHQRX YXVW D XVW REyDQVNpKR ]iNRQtNX NG\ VSOQěQtPGOXKX YVWRXSLOD VSROHyQRVW +(05/( ,QYHVW VUR GR SUiY aeDORYDQpKR D QDE\OD SUiYR DE\ Mt GOXaeQtN Y\URYQDOFR]DQěKRSOQLOD ]iNRQQiVXEURJDFH 3OQěQtPVSROHyQRVWL+(05/(,QYHVWVUR VH ]PHQäLO WROLNR MHMt PDMHWHN QLNROL PDMHWHN GOXaeQtND SőLyHPae ]SRKOHGX GOXaeQtND QHGRäOR NaeiGQp ]PěQě Y MHKR PDMHWNRYëFK SRPěUHFK Y\MPD WRKR aeH QD PtVWR aeDORYDQpKR MH MHKR QRYëPYěőLWHOHPVSROHyQRVW+(05/(,QYHVWVUR =iYěUHPRGYRODFtVRXGGRSOłXMHaeHQHVGtOtDQLSUiYQtQi]RUNWHUëYHVNXWNRYěREGREQpYěFL Y\VORYLO 9UFKQt VRXG Y3UD]H YUR]VXGNX ]H GQH OLVWRSDGX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 VS ]Q 963+ 1H]WRWRaełXMH VH ]HMPpQD VH ]iYěUHP aeH MH QD GDQë SőtSDG DSOLNRYDWHOQë UR]VXGHN 1HMY\äätKR VRXGX ]H GQH VHQ ]Q ,&GR DUR]VXGHN1HMY\äätKRVRXGX]HGQHVHQ]Q ,&GRDWRSURVNXWNRYRX RGOLäQRVW RERX SőtSDGţ 9SUYQtP SőtSDGě GOXaeQtN GLVSRQRYDO YODVWQtP QiURNHP GDłRYëP SőHSODWNHP NWHUë PX PěO EëW YUiFHQ YGUXKpP SőtSDGě SDN E\O SOQěQ ~YěURYë GOXK NWHUëPěOGOXaeQtNYţyLEDQFHIRUPRXLQNDVDW]QaeHVLEDQNDSőHYHGODSODWHEQtPSőtND]HP ILQDQyQt SURVWőHGN\ GOXaeQtND ]MHKR ~yWX ]D ~yHOHP SOQLW QD GOXK GOXaeQtND YH SURVSěFK VYpKR~yWX SRKOHGHP QD YäHFKQ\ YëäH XYHGHQp VNXWHyQRVWL SRVWXSRYDO RGYRODFt VRXG GOH XVW § RGVW StVP D RVő UR]VXGHN VRXGX SUYQtKR VWXSQě ]PěQLO D aeDOREX MDNR QHRSRGVWDWQěQRXYFHOpPUR]VDKX]DPtWO 9]KOHGHP NWRPX aeH RGYRODFt VRXG SőL Y\KOiäHQt UR]VXGNX QHUR]KRGOR VRXYLVHMtFtP ERGX ,9 YëURNX R SRYLQQRVWL aeDORYDQpKR ]DSODWLW VRXGQt SRSODWHN MH StVHPQp Y\KRWRYHQt UR]VXGNXMHSURWRVRXyDVQěGRSOłXMtFtPXVQHVHQtP 2 QiNODGHFK őt]HQt SőHG VRXG\ RERX VWXSłţ UR]KRGO RGYRODFt VRXG GOH XVW ,= YHVSRMHQtVust RGVWRVőDXVW RGVWRVőaDORYDQëE\OYőt]HQtSOQě ~VSěäQë D YH VP\VOX XVW RGVW R V ő Pi SURWR SUiYR DE\ PX aeDOREFH XKUDGLO QiNODG\NWHUpYSUţEěKXőt]HQt~yHOQěY\QDORaeLOaDORYDQëE\OYőt]HQtSőHGVRXGHPSUYQtKR VWXSQě L Y őt]HQtRGYRODFtP ]DVWRXSHQ DGYRNiWHP D SURWR PX YHVP\VOX XVW RGVW RVő QiOHaet QiKUDGD QiNODGţ SUiYQtKR ]DVWRXSHQt 9őt]HQt SőHG VRXGHP SUYQtKR VWXSQě XyLQLO SUiYQt ]iVWXSFH aeDORYDQpKR FHONHP GYD ~NRQ\ SUiYQt VOXaeE\ SőHY]HWt ]DVWRXSHQt SRGiQt StVHPQpKR Y\MiGőHQt NaeDOREě ]H GQH =D W\WR ~NRQ\ PX SURWR QiOHaet RGPěQD SUiYQtKR ]DVWRXSHQt GOH XVW RGVW StVP E YHVSRMHQt VXVW ERG Y\KOy 6EYH]QěQt~yLQQpPRGOHGQDYaeG\YHYëäL.y WMFHONHP .y 'iOH E\OD SUiYQtPX ]iVWXSFL aeDORYDQpKR SőL]QiQD QiKUDGD KRWRYëFK YëGDMţ YHYëäL[.yGOHXVW RGVWFLWY\KOiäN\ WMFHONHP .y 1DQiNODGHFKőt]HQt SőHG VRXGHP SUYQtKR VWXSQě WDN E\OD aeDORYDQpPX SőL]QiQD FHONHP yiVWND .y 9RGYRODFtP őt]HQt XyLQLO SUiYQt ]iVWXSFH aeDORYDQpKR FHONHP GYD ~NRQ\ SUiYQt VOXaeE\ SRGiQt RGYROiQt D ~yDVW X RGYRODFtKR MHGQiQt GQH OLVWRSDGX WXGtae RGPěQD SUiYQtKR ]DVWRXSHQt yLQt GOH XVW RGVW StVP E YHVSRMHQt VXVW ERG Y\KOy 6EYH]QěQt~yLQQpPRGOHGQD[.y WMFHONHP.y KWRPXSDNSUiYQtPX]iVWXSFLaeDORYDQpKRQiOHaetQiKUDGDKRWRYëFKYëGDMţYHYëäL[ .yGOHXVW RGVWY\KOFLWY\KOiäN\ WMFHONHP .y QiKUDGDFHVWRYQpKR]'ěytQD NMHGQiQt9UFKQtKRVRXGXY3UD]HD]SěW FHONHPNP RVREQtPDXWRPRELOHPaNRGD$& NRPELUHJ]Q$+SőLSUţPěUQpVSRWőHEěOQDNPPRWRURYpQDIW\GOHXVW D XVW Y\KO y 6E YFHONRYp yiVWFH .y D QiKUDGD ]D SURPHäNDQë yDV FHONHPSţOKRGLQ YHYëäLFHONHP.yGOHXVW RGVWDFLWY\KOiäN\7DNWpaeE\O aeDORYDQpPX SőL]QiQ XKUD]HQë VRXGQt SRSODWHN ]DRGYROiQt YH YëäL .y 1D QiNODGHFK RGYRODFtKR őt]HQt E\OD WHG\ aeDORYDQpPX SőL]QiQD FHONHP yiVWND .y 1D QiNODGHFK őt]HQtSőHGVRXG\RERXVWXSłţWXGtaeaeDORYDQpPXQiOHaetFHONHPyiVWND .y
3RXyHQt 3URWLWRPXWRUR]VXGNXVYëMLPNRXYëURNXRQiNODGHFKőt]HQtO]HSRGDW]DSRGPtQHNXYHGHQëFK Y RVő GRYROiQt YH OKţWě GYRX PěVtFţ RG MHKR GRUXyHQt N1HMY\äätPX VRXGX HVNp UHSXEOLN\ SURVWőHGQLFWYtP VRXGX SUYQtKR VWXSQě 3őtSXVWQRVW GRYROiQt ]NRXPi GRYRODFt VRXG (§ RVő
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 7HQWR UR]VXGHN VH SRYDaeXMH ]D GRUXyHQë RNDPaeLNHP MHKR ]YHőHMQěQt YLQVROYHQyQtP UHMVWőtNX RGVW LQVROYHQyQtKR ]iNRQD OKţWD NSRGiQt GRYROiQt ]DytQi EěaeHW RGH GQH NG\ E\OR UR]KRGQXWtGRUXyHQRDGUHViWX]YOiäWQtP]SţVREHP RGVWLQVROYHQyQtKR]iNRQD 3UDKDOLVWRSDGX -8'U-Lőt*ROGVWHLQYU SőHGVHGDVHQiWX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi
yM,&P 101 VSPH 708/2025-61 .6&%,16
(6.É5(38%/,.$
ROZSUDEK JMÉNEM REPUBLIKY 9UFKQt VRXG Y 3UD]H MDNR VRXG RGYRODFt UR]KRGO Y VHQiWě VORaeHQpP-8'U-LőtKR *ROGVWHLQD D VRXGFţ-8'U-DQD3DYOtyNDD-8'U5DGN\aLPNRYpYSUiYQtYěFL aeDOREFH Insolvency Project v.o.s.,2 VtGOHP%LHEORYDE+UDGHF.UiORYp LQVROYHQyQtVSUiYFHGOXaeQtND 0LFKDO+HPUOHQDUR]HQë ,2 ]DVWRXSHQëDGYRNiWNRX0JU.DWHőLQRX.DYDOtURYRX stGOHP(OLäyLQRQiEőHaet+UDGHF.UiORYp proti aeDORYDQpPX Petr VestfalQDUR]HQë E\WHP0LNRYFRYDHVNi/tSD ]DVWRXSHQëDGYRNiWNRX0JU.DWHőLQRX%H]GěNRYVNRX VtGOHP3RKUDQLyQt'ěytQ oXUyHQtQH~yLQQRVWLSUiYQtKRMHGQiQtGOXaeQtNDDY\GiQtSOQěQtGRPDMHWNRYpSRGVWDW\ R RGYROiQt aeDORYDQpKR SURWL UR]VXGNX .UDMVNpKR VRXGX YHVNëFK %XGěMRYLFtFK zeGQH yHUYHQFH,yM,&P -, takto: I. Rozsudek soudu I. VWXSQěVHPěQtWDNaeHVH]DPtWiaeDOREDQDXUyHQtaeH]DSODFHQt yiVWN\ -.y MH YţyL YěőLWHOţP GOXaeQtND SőLKOiäHQëFK GR LQVROYHQyQtKR őt]HQt YHGHQpKR SRG VS ]Q .6&% ,16 QH~yLQQp SUiYQt MHGQiQt D R XORaeHQt SRYLQQRVWL ]DSODWLW GR PDMHWNRYp SRGVWDW\ yiVWNX .y D GiOH WDNaeHVHaeDORYDQpPXSRYLQQRVWN ~KUDGěVRXGQtKRSRSODWNXQHXNOiGi
II. aDOREFH MH SRYLQHQ ]DSODWLW aeDORYDQpmu QD QiKUDGX QiNODGţ őt]HQt SőHG VRXG\ RERX VWXSłţ yiVWNX .y k UXNiP DGYRNiWN\ 0JU .DWHőLQ\ %H]GěNRYVNp do Wőt GQţRGSUiYQtPRFLWRKRWRUR]VXGNX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 2GţYRGQěQt 9H YëURNX XYHGHQëP UR]VXGNHP .UDMVNë VRXG YHVNëFK %XGěMRYLFtFK XUyLO aeH SODWED GOXaeQtND 0LFKDOD +HPUOH GiOH MHQ GOXaeQtN ]H GQH YH YëäL - .y YH SURVSěFK aeDORYDQpKR MH YţyL YěőLWHOţP SőLKOiäHQëP GR LQVROYHQyQtKR őt]HQt GOXaeQtND YHGHQpKR X WpKRae VRXGX pod VS ]Q .6&% ,16 QH~yLQQëP SUiYQtP MHGQiQtP ERG , YëURNX SRG ERGHP ,, UR]KRGO R SRYLQQRVWL aeDORYDQpho ]DSODWLW GR PDMHWNRYp SRGVWDW\ GOXaeQtND yiVWNX -.y SRG ERGHP ,,, XORaeLO aeDORYDQpPX ]DSODWLW aeDOREFL QiKUDGXQiNODGţ őt]HQtyiVWNX .y SRG ERGHP ,9 YëURNX XORaeLO aeDORYDQpPX]DSODWLWVRXGQtSRSODWHNYHYëäL,-.y 9RGţYRGQěQtUR]VXGNXVRXG,VWXSQě]HMPpQDXYHGOaeHVHaeDOREFH,QVROYHQF\3URMHFWYRV FRLQVROYHQyQtVSUiYFHGOXaeQtND GiOHMHQaeDOREFH aeDORERXGRPiKDOXUyHQtaeHYţyLYěőLWHOţP GOXaeQtNDMHKRae~SDGHNE\O]MLäWěQGQHMeQH~yLQQpSHQěaeLWpSOQěQtGOXaeQtNDYeYëäL -.yaeDORYDQpPXDXORaeHQtSRYLQQRVWLaeDORYDQpPX]DSODWLWWXWRyiVWNXGRPDMHWNRYp SRGVWDW\GOXaeQtND 6RXGSUYQtKRVWXSQěY\äHO]H]MLäWěQtaeHLQVROYHQyQtőt]HQtRKOHGQěGOXaeQtNDE\OR]DKiMHQR GQH $- XVQHVHQtP]HGQH $- E\O]MLäWěQ~SDGHNGOXaeQtNDQDMHKR PDMHWHNSURKOiäHQNRQNXUVDaeDOREFHE\OXVWDQRYHQLQVROYHQyQtPVSUiYFHP aDORYDQë X]DYőHO VGOXaeQtNHP VPORXYX R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y ); ]H GQH QD SRGNODGě Qtae VH ]DYi]DO GOXaeQtNRYL VYěőLW ILQDQyQt SURVWőHGN\YHYëäL.yDGOXaeQtNVH]DYi]DOMH]KRGQRWLWSHYQRXVD]ERXYHYëäL PěVtyQě6YěőHQpILQDQyQtSURVWőHGN\VHGOXaeQtN]DYi]DOLQYHVWRYDWQDPH]LQiURGQtPěQRYp EXU]H)25(;9HsPORXYěE\ORGRMHGQiQRaeHGOXaeQtN]DMLVWtRWHYőHQtDVSUiYXREFKRGQtKR ~yWXDVSUiYFHYNODGX%XGHWpaeMHGLQRXRSUiYQěQRXRVRERXSURYiGěMtFtMHGQRWOLYpREFKRGQt WUDQVDNFHQDPěQRYpEXU]HEXGHSRVN\WRYDWVYëPNOLHQWţPYëSLVRVWDYX~yWX]DGDQëPěVtF D SőtSDGQě XPRaeQt LQYHVWRUţP ~SOQRX yL yiVWHyQRX YëSODWX LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ 9ëSODWX ILQDQyQtFK SURVWőHGNţ E\OR PRaeQR SURYpVW YaeG\ SRX]H N aeiGRVWL LQYHVWRUDMtaeE\ORWőHED]DVODWStVHPQRXIRUPRXyLSURVWőHGQLFWYtPHPDLOX aDORYDQëSőLKOiVLO GR LQVROYHQyQtKR őt]HQt SőLKOiäNRX y 3 SRKOHGiYNX YFHONRYp YëäL - .y V SőtVOXäHQVWYtP ]WLWXOX QHY\SODFHQëFK ILQDQyQtFK SURVWőHGNţ MLVWLQ\ D ]KRGQRFHQt D WR ]H VPORXY\ R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y);]HGQH MHaeE\ODQDSőH]NXPQpPMHGQiQt]MLäWěQD 'R LQVROYHQyQtKR őt]HQt GOXaeQtND MH SőLKOiäHQR PQRKR GDOätFK YěőLWHOţ NWHőt XSODWQLOL VYp QiURN\]WLWXOXREGREQëFKVPOXYRVSUiYěLQYHVWRYDQëFKILQDQyQtFKSURVWőHGNţX]DYtUDQëFK RG URNX GR URNX 'RSRVXG E\O\ ]MLäWěQ\ SRKOHGiYN\ QH]DMLäWěQëFK YěőLWHOţ vFHONRYp YëäL .y D SRKOHGiYN\ ]DMLäWěQëFK YěőLWHOţ Y FHONRYp YëäL .y.HGQLGOXaeQtNHYLGRYDOSRKOHGiYN\QDYëSODWXNOLHQWţP]WLWXOX LQYHVWRYDQëFKILQDQyQtFKSURVWőHGNţYyiVWFH.ySőLyHPaeGQHVGěOLO SURVWőHGQLFWYtP H-PDLOX YäHP VYëP YěőLWHOţP aeH Pi SUREOpP\ V YëSODWRX VSUDYRYDQëFK ILQDQyQtFKSURVWőHGNţQHERřYOLVWRSDGXDSURVLQFLGRäORNREURYVNpPXQiUţVWXYëEěUţ LQYHVWLyQtFK~yWţDRGOLYNDSLWiOXRYOLYQLOLVDPRWQpREFKRGRYiQt ZQDOHF ,QJ5DGHN +HJHU 3K' YH ]QDOHFNpP SRVXGNX VKUQXO aeH RG URNX GRE\ODQD~yW\GOXaeQtNDSőLSViQDyiVWND .yDRGHSViQDyiVWND .y QD VOHGRYDQëFK ~yWHFK E\O NH GQL NODGQë ]ţVWDWHN .y = SőHVXQţ ILQDQyQtFK SURVWőHGNţ GiOH ]MLVWLO aeH ]WLWXOX RYěőLWHOQëFK SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 LQYHVWLFYHIRUPěEH]KRWRYRVWQtFKSODWHEE\ODQDVOHGRYDQp~yW\SőLSViQDRGNOLHQWţ]DGDQp REGREt yiVWND .y D KRWRYRVWQtPL WUDQVDNFHPL GDOätFK .y =H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ E\OD NLQYHVWRYiQt QD EXU]H )25(; SRXaeLWD SRX]H yiVWND .y ]WUiWD ]WRKRWR REFKRGRYiQt yLQLOD .y 'OXaeQtN SRXaetYDOVYěőHQpILQDQyQtSURVWőHGN\QDMLQpQHaeVNOLHQW\VPOXYHQp~yHO\ QD~KUDGXQiNODGţ QDFHVWRYiQt XE\WRYiQt OHWHQN\ GHQQt VSRWőHEX UHVWDXUDFH yHUSDFt VWDQLFH DSRG; WDNWR VSRWőHERYDO YH VOHGRYDQpP REGREt yiVWNX .y, ]H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ XWUDWLO GDOät yiVWNX .y QD YëGDMH QDSő SRMLäWěQt QiMHPQp NRVPHWLNX NRPXQLNDyQt VOXaeE\ VSOiWN\ HQHUJLt FHVWRYiQt DXWRPRELO\ =QDOHF X]DYőHO aeH GOXaeQtN ]H VYěőHQëFK ILQDQyQtFK SURVWőHGNţ SURGěODO WpPěő PLO .y VSRWőHERYDO GiOH YtFHQHaePLO.yWHG\QHYUDWQëP]SţVREHP]HVYěőHQëFKSURVWőHGNţVSRWőHERYDOYtFHQHae PLO .y 'iOH SRSVDO DPDWpUVNRX REFKRGQt VWUDWHJLL GOXaeQtND SőL REFKRGRYiQt DX]DYőHO aeHMHGLQëPY\VYěWOLWHOQëP]iYěUHPXGUaeLWHOQRVWLREFKRGQtKRPRGHOXGOXaeQtNDSRGREXYtFH QHae GHVHWL OHW E\OR Y\SOiFHQt SRKOHGiYHN NOLHQWţ ] YNODGţ MLQëFK NOLHQWţ SőLyHPae QLNG\ QHGRViKO NODGQpKR YëQRVX DYaeG\ PXVHO Y\SOiFHW AYëQRV\´ ]LQYHVWRYDQëFK SURVWőHGNţ zMLQëFK NOLHQWVNëFK SHQě] LQQRVW GOXaeQtND QHPěOD HNRQRPLFNp ]GţYRGQěQt DOH MHGQDOR VHR3RQ]LKRVFKpPD Z~SOQpKR YëSLVX ]REFKRGQtKR UHMVWőtNX RKOHGQě VSROHyQRVWL +HPUOH ,QYHVW VUR Y\SOëYi aeH GQH ]DORaeLO GOXaeQtN VSROHyQRVW +(05/( ,QYHVW VUR MHMtPae E\O MHGLQëP VSROHyQtNHPDMHGQDWHOHPDWpaeNRQHyQëPYODVWQtNHPYHäNHUpKRMHMtKRPDMHWNX 'OHYëSLVX~yWXGOXaeQtNDy QHGRäORRGGRNaeiGQëP RSHUDFtP ]ţVWDWHN yLQt .y ]ţVWDWN\ QD~yWX GOXaeQtND y yLQLO\ QDNRQFLOHWDyiVWNX .yUHVS.y 'OHYëSLVX]~yWX+HPUOH,QYHVWVURy RGGRE\O\ Y\SODFHQ\ aeDORYDQpPX WőL SODWE\ YyHWQě RGSRURYDQp SODWE\ =iURYHł ]XYHGHQpKR YëSLVX Y\SOëYi aeH aeDORYDQë ]DVODO äHVW YNODGţ QD ~yHW +HPUOH ,QYHVW VUR, Dy X]DYőHO VPORXYX sGOXaeQtNHP (-PDLOHP]HGQHGOXaeQtNR]QiPLOYäHPVYëPYěőLWHOţP YtFHMDN aeHYOLVWRSDGX D SURVLQFL GRäOR NREURYVNpPX QiUţVWX YëEěUţ ] LQYHVWLyQtFK ~yWţ aeH RGOLY NDSLWiOX RYOLYQLO L VDPRWQp REFKRGRYiQt GRäOR NX]DYőHQt QěNROLND ]WUiWRYëFK REFKRGţ D YäHFKQ\ REFKRGRYDFt~yW\VHWDNGRVWDO\GR]iSRUQpELODQFHSURWRMHQXFHQ]DVWDYLWYëSODW\NOLHQWţP GRGRURYQiQtELODQFHVWtPaeHGDOätY\SOiFHQtILQDQyQtFKSURVWőHGNţEXGHUHDOL]RYiQRSRWp FRVHVLWXDFHVWDELOL]XMH 1D ]iNODGě WěFKWR ]MLäWěQt VRXG , VWXSQě GRYRGLO aeH YGREě XYHGHQëFK SODWHE E\O GOXaeQtN FR SRGQLNDWHO v~SDGNX YH IRUPě SőHGOXaeHQt MHae SO\QH ] SRURYQiQt REMHPX VYěőHQëFK ILQDQyQtFK SURVWőHGNţ NLQYHVWRYiQt SőLEOLaeQě POG .y D yiVWN\ ]MLäWěQëFK SRKOHGiYHN YěőLWHOţ Y LQVROYHQyQtP őt]HQt SőHV POG .y WHG\ ]iYD]N\ GOXaeQtND YëUD]Qě SőHY\äRYDO\ MHKR PDMHWHN'OXaeQtNQLNG\QHGRViKO]LVNX]LQYHVWRYiQtSHQt]HVSRWőHERYiYDOSURGěOiYDO QD EXU]H D Y\SOiFHO MLPL SRKOHGiYN\ YěőLWHOţ 6YěőHQp SURVWőHGN\ QHSRXaeLO QDLQYHVWLFL do WUYDOH KRGQRWQpKR PDMHWNX WDNaeH MH Y\ORXyHQR DE\ PěO PDMHWHN MHKRae KRGQRWD E\ GRViKOD YëäH ]iYD]Nţ QD YUiFHQt YNODGţ DMHMLFK ]KRGQRFHQt 'OXaeQtN MHGQDO YH Y]WDKX NH NOLHQWţP MDNR SRGQLNDWHO YH VP\VOX ust REyDQVNpKR ]iNRQtNX, MHKR REFKRGQt PRGHO E\O]DORaeHQQDSőtVOLEX ]KRGQRFHQtYNODGţLQYHVWRYiQtPQDPěQRYpEXU]HSPORXYX VKOHGDOSODWQëPSUiYQtPMHGQiQtP
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 'iOH PěO ]D WR aeH SOQěQtP ]~yWX VSROHyQRVWL +HPUOH ,QYHVW VUR ]H ]iNRQD SőHäOD SRKOHGiYNDaeDORYDQpho]DGOXaeQtNHPQDVSROHyQRVW+HPUOH,QYHVWVUR W]Y]iNRQQiFHVH DNWLYQt OHJLWLPDFH aeDOREFH VH WDN RStUi RXVW RGVW LQVROYHQyQtKR ]iNRQD 6RXG , VWXSQě YWRPWR VPěUX X]DYőHO aeH SODWE\ MVRX SUiYQtP MHGQiQtP GOXaeQtND pRX]H GOXaeQtN E\O]DYi]iQ]HVPOXYRLQYHVWRYiQtVYěőHQëFKILQDQyQtFKSURVWőHGNţSőLyHPaeYNODG\NOLHQWţ XNOiGDO QLNROLY QD VYţM ~yHW DOH QD ~yHW VYp VSROHyQRVWL +HPUOH ,QYHVW VUR 6NXWHyQRVW aeH VH ILQDQyQt SURVWőHGN\ NOLHQWţ QDFKi]HO\ QD ~yWX FL]t RVRE\, QLyHKR QHPěQt QD WRP aeH WR E\O GOXaeQtN NGR SUiYQě MHGQDO WHG\ SURMHYLO YţOL VSOQLW GOXK YţyL aeDORYDQpPX SőLyHPae QHQt UR]KRGQp aeH NWRPX SRXaeLO WőHWt RVREu SRSő aeH MDNR RYOiGDMtFt RVRED GDO SRN\Q WőHWt RVREě NSOQěQt ,NG\E\ VH ]H VWUDQ\ VSROHyQRVWL +HPUOH ,QYHVW VUR MHGQDOR RSOQěQt]DMLQpKRGOHXVW REyDQVNpKR]iNRQtNX,QLFWRQHPěQtQD]iYěUXaeHSOQěQtP ]DQLNO yiVWHyQě GOXKGOXaeQtND8YHGHQiSODWEDNWHURXGOXaeQtNXyLQLOYGREěNG\VHQDFKi]HO Y ~SDGNX YH IRUPě SőHGOXaeHQt QDSOłXMH VNXWNRYou SRGVWDWu ]YëKRGłXMtFtKR SUiYQtKR MHGQiQt SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD QHERř VH MLPL aeDORYDQpPX GRVWDOR QD ~NRU RVWDWQtFK YěőLWHOţ Y\äätKR UHVS SOQpKR XVSRNRMHQt QHae MDNp E\ Mt QiOHaeHOR vNRQNXUVX 9H YěFL E\OD QDSOQěQD SRGPtQND SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD, QHERř GOXaeQtN SURYHGO QDSDGHQRX SODWEX YGREě NG\ VH QDFKi]HO Y~SDGNX YH IRUPě SőHGOXaeHQt =iURYHł E\OD Wpae QDSOQěQD SRGPtQND GOH XVW RGVW LQVROYHQyQtKR ]iNRQD NG\aeGOXaeQtNXyLQLORGSRURYDWHOQpSUiYQtMHGQiQtYGREěPpQěQHaeMHGHQURNSőHG]DKiMHQtP LQVROYHQyQtKR őt]HQt 1DSOQěQt YëMLPN\ SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD aeDORYDQë QHWYUGLO D QHSURNi]DO aDORYDQë QHSURNi]DO aeH E\ GOXaeQtN ]D ]DVOiQt SODWE\ aeDORYDQpPXREGUaeHOMDNpNROLYSURWLSOQěQt 6RXG , VWXSQě proto aeDOREě Y\KRYěO YyHWQě SRYLQQRVWL aeDORYDQpho Y\GDW SODWE\ GR PDMHWNRYp SRGVWDW\ SRGOH XVW RGVW LQVROYHQyQtKR ]iNRQD 2 QiKUDGě QiNODGţ őt]HQt UR]KRGO SRGOH XVW RGVW RVő D URYQěae aeDORYDQpPX XORaeLO SRYLQQRVW ]DSODWLW VWiWXVRXGQtSRSODWHNSRGOH RGVW]iNRQDy 6ERVRXGQtFKSRSODWFtFK 3URWL WRPXWR UR]VXGNX VH aeDORYDQë YyDV RGYRODO D SRaeDGRYDO DE\MHM RGYRODFt VRXG ]PěQLO WDNaeHaeDOREX]DPtWQH 3őHGQě PěO ]D QHSőH]NRXPDWHOQë ]iYěU VRXGX , VWXSQě aeH E\O GOXaeQtN YGREě SODWHE v~SDGNXYHIRUPěSőHGOXaeHQt=SURYHGHQëFKGţND]ţQHO]HXyLQLW E\řMHQRULHQWDyQt]iYěU R PDMHWNRYëFK SRPěUHFK GOXaeQtND Y UR]KRGQp GREě QHERř QHO]H ]PDSRYDW ILQDQyQt WRN\ XVNXWHyQěQp GOXaeQtNHP UHVS YHäNHUi SUiYQt MHGQiQt GOXaeQtND VSRytYDMtFt Y SőHYRGHFK VYěőHQëFK SURVWőHGNţ Y X]DYtUiQt Uţ]QëFK NXSQtFK QiMHPQtFK D MLQëFK VPOXY SUR RVREQt SRWőHEX GOXaeQtND Y X]DYtUiQt VPOXY R QiNXSHFK LQYHVWLyQtFK QiVWURMţ NU\SWRPěQ DSRG aDOREFH QHWYUGLO DQL QHGRNOiGDO MDNë PDMHWHN GOXaeQtN Y UR]KRGQp GREě YODVWQLO 'OHQi]RUXaeDORYDQphoQHO]HXyLQLWSRX]HREHFQë]iYěURWRPaeHGOXaeQtNYUR]KRGQpGREě QHYODVWQLOPDMHWHNGRVWDWHyQpKRGQRW\NHVSOQěQt]iYD]NţYţyLVYëPYěőLWHOţPNG\aeGRVXG QHQt REMHNWLYQě ]MLäWěQR MDNëP ]SţVREHP QDNOiGDO VH VYěőHQëPL SURVWőHGN\ MDNë PDMHWHN ]DQě]tVNDONGHVHWHQWRPDMHWHNQDFKi]tUHVSQDFKi]HOYUR]KRGQpGREěWHG\]GDGOXaeQtN VYěőHQp ILQDQyQt SURVWőHGN\ SRXaeLO SRX]H SUR YODVWQt SRWőHEX D N QiNXSţP VSRWőHEQtKR ]ERaetyL]DQěQHQDNRXSLOLQYHVWLyQtQiVWURMH3ODWE\QHSőHGVWDYXMtSUiYQtMHGQiQtGOXaeQtND QëEUae SUiYQt MHGQiQt VSROHyQRVWL +HPUOH ,QYHVW VUR QHERř E\O\ SURYHGHQ\ ]MHKR ~yWX y SőHVWRaeH aeDORYDQë SRGOH VPORXY\ PěO SRXNi]Dt ILQDQyQt SURVWőHGN\
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 QD~yHWGOXaeQtNDy VWtPaeHW\WREXGRXVSUDYRYiQ\GOXaeQtNHP6PORXYD QHREVDKXMH aeiGQp XMHGQiQt R WRP aeH E\ SURVWőHGN\ aeDORYDQpho PěO\ EëW VSUDYRYiQ\ VSROHyQRVWt+HPUOH,QYHVWVURaDOREFHSURWRQHQtYHVSRUXDNWLYQěOHJLWLPRYiQ'iOHPěO ]DWRaeHE\O\QDSOQěQ\SRGPtQN\YëOXN\YHVP\VOXXVW RGVWStVPE LQVROYHQyQtKR ]iNRQDSODWE\Y\SODFHQpaeDORYDQëPvVRXODGXVHsPORXYRXMHWőHEDSRVX]RYDWMDNRVRXyiVW MHKREěaeQpSRGQLNDWHOVNpyLQQRVWLWHG\MDNRSUiYQtMHGQiQtXyLQěQiGOXaeQtNHP]DREY\NOëFK SRGPtQHN REFKRGQtKR VW\NX 1DGWR VH GOXaeQtNu GRVWDOR ]FHOD SőLPěőHQpKR SURWLSOQěQt YH IRUPě YROQp GLVSR]LFH V ILQDQyQtPL SURVWőHGN\ aeDORYDQpho VQLPLae GOXaeQtN Y UR]SRUX VHsPORXYRXQDNOiGDOWDNaeHMHyiVWHyQěSRXaeLOSURVYRuSRWőHEX aDOREFH YH Y\MiGőHQt NRGYROiQt QDYUKO DE\ RGYRODFt VRXG QDSDGHQë UR]VXGHN MDNR YěFQě VSUiYQëSRWYUGLO $UJXPHQWRYDO]HMPpQDWtPaeHQDSDGHQëUR]VXGHNE\OőiGQěRGţYRGQěQëD]FHODVH]WRWRaeQLO V DUJXPHQWDFt VRXGX , VWXSQě 6SROHyQRVW +HPUOH LQYHVW VUR E\OD ]őt]HQD YëKUDGQě ]D~yHOHPREFKi]HQt]iNRQDDQDGiOHWUYDOSőtPëY]WDKPH]LaeDORYDQëPDGOXaeQtNHP6SRUQp SODWE\ E\OR PRaeQR SRYDaeRYDW ]D SUiYQt MHGQiQt GOXaeQtND QHERř GOXaeQtN E\O MHGLQëP VSROHyQtNHP D MHGQDWHOHP VSROHyQRVWL +(05/( ,QYHVW VUR D N ~KUDGě GOXaeQtNRYD GOXKX YţyLaeDORYDQpPX]HVWUDQ\VSROHyQRVWL+(05/(,QYHVWVURGRäORVHVRXKODVHPGOXaeQtND 2GNi]DOWpaeQDXVW DXVW REyDQVNpKR]iNRQtNX 2GYRODFt VRXG SőH]NRXPDO QDSDGHQë UR]VXGHN MDNRae L őt]HQt MHPX SőHGFKi]HMtFt SRGOH XVW D D RVő D ]RSDNRYDO GRND]RYiQt SRGOH XVW RGVW RVő D WR VPORXYRX R VSUiYě LQYHVWRYDQëFK ILQDQyQtFK SURVWőHGNţ y ); ]SUiYDPL z~yWXy YHGHQpKRX)LREDQN\DV 2GYRODFt VRXG NRQVWDWXMH aeH LQVROYHQyQt őt]HQt RKOHGQě GOXaeQtND E\OR ]DKiMHQR GQH XVQHVHQtP ]H GQH $- E\O ]MLäWěQ MHKR ~SDGHN D aeDOREFH E\O XVWDQRYHQLQVROYHQyQtPVSUiYFHPaDOREDE\ODVRXGX,VWXSQěGRUXyHQDYyDVGQH Ze sPORXY\ ]H GQH y ); Y\SOëYi aeH aeDORYDQë FR LQYHVWRU YyO , GHNODURYDO VYp UR]KRGQXWt LQYHVWRYDW VYp ILQDQyQt SURVWőHGN\ YH YëäL ,- .y QD PH]LQiURGQt PěQRYp EXU]H )RUH[ VWtP aeH YäHFKQ\ REFKRG\ EXGRX SURYHGHQ\ SURVWőHGQLFWYtPEURNHUVNpVSROHyQRVWLA3XUSOH7UDGLQJ´2WHYőHQtDVSUiYXREFKRGQtKR~yWX ]DMLVWt GOXaeQtN FR VSUiYFH YNODGX MHQae MH WXGtae MHGLQRX RSUiYQěQRX RVRERX NSURYiGěQt MHGQRWOLYëFK REFKRGQtFK WUDQVDNFt 9yO E\OR VMHGQiQR ]KRGQRFHQt LQYHVWRYDQëFK SURVWőHGNţ YH YëäL ]D NDOHQGiőQt PěVtF 9yO E\OR XMHGQiQR aeH YHäNHUp ILQDQyQt SURVWőHGN\ EXGRX aeDORYDQëP SRXNi]iQ\ QD EDQNRYQt ~yHW y , sWtP aeH GOXaeQtN FR VSUiYFH YNODGX ]DMLVWt MHMLFK EH]RGNODGQë SőHYRG QD ~yHW X VSROHyQRVWL A3XUSOH 7UDGLQJ´ 'iOH RGYRODFt VRXG ]XYHGHQëFK ]SUiY ] ~yWX y YHGHQpKR X )LR EDQN\ DV NWHUë E\ ]őt]HQ YH SURVSěFK VSROHyQRVWL +HPUOH ,QYHVW VUR ]MLVWLO aeH aeDORYDQë QD WHQWR ~yHW VORaeLO GQH yiVWNX .y GQH yiVWNX .y GQH yiVWNX .y GQH yiVWNX .y D GQH yiVWNX .y WHG\ FHONHP .y Z~yWX VSROHyQRVWL +HPUOH ,QYHVW VUR y YHGHQpKR X )LR EDQN\ DV E\OD aeDORYDQpPX GQH XKUD]HQD yiVWND.y 9SRPěUHFK QD Qěae GRSDGi SUiYQt ~SUDYD ~yLQQi RG QDKUDGLO SRMHP ASUiYQt ~NRQ´ GOH XVW ]iNRQD y 6E REyDQVNpKR ]iNRQtNX SRMHP ASUiYQt MHGQiQt´ VURYQHM XVW D QiVO REyDQVNpKR ]iNRQtNX D MH SURWR WőHED SUR UR]KRGQp REGREt YH VWHMQpP GXFKX LQWHUSUHWRYDW VORYQt VSRMHQt ASUiYQt ~NRQ´ YXVW Dae SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 LQVROYHQyQtKR ]iNRQD N WRPX VURYQHM L XVW RGVW REyDQVNpKR ]iNRQtNX D DUJXPHQWDFL REVDaeHQRX N WHUPLQRORJLL QDSő Y UR]VXGNX 1HMY\äätKR VRXGX ]H GQH VHQ ]Q ,&GR XYHőHMQěQpP SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWtDVWDQRYLVHN 3RGOH XVW LQVROYHQyQtKR ]iNRQD QH~yLQQëPL MVRX SUiYQt ~NRQ\ NWHUëPL GOXaeQtN ]NUDFXMH PRaeQRVW XVSRNRMHQt YěőLWHOţ QHER ]YëKRGłXMH QěNWHUp YěőLWHOH QD ~NRU MLQëFK =D SUiYQt ~NRQ VH SRYDaeXMH Wpae GOXaeQtNRYR RSRPHQXWt RGVW 1H~yLQQRVW GOXaeQtNRYëFK SUiYQtFK~NRQţYyHWQěWěFKNWHUpWHQWR]iNRQR]QDyXMH]DQH~yLQQpDNWHUpGOXaeQtNXyLQLO SRWp FR QDVWDO\ ~yLQN\ VSRMHQp VH ]DKiMHQtP LQVROYHQyQtKR őt]HQt VH ]DNOiGi UR]KRGQXWtP LQVROYHQyQtKRVRXGXRaeDOREěLQVROYHQyQtKRVSUiYFHNWHURXE\ORRGSRURYiQRGOXaeQtNRYëP SUiYQtP~NRQţP GiOHMHQRGSţUytaeDORED QHQt-OLGiOHVWDQRYHQRMLQDN RGVW 3RGOH XVW LQVROYHQyQtKR ]iNRQD QH~yLQQRVWt SUiYQtKR ~NRQX QHQt GRWyHQD MHKR SODWQRVW YLQVROYHQyQtPőt]HQtYäDNGOXaeQtNRYRSOQěQt]QH~yLQQëFKSUiYQtFK~NRQţQiOHaet GR PDMHWNRYp SRGVWDW\ RGVW 1HQt-OL PRaeQp Y\GDW GR PDMHWNRYp SRGVWDW\ SţYRGQt GOXaeQtNRYRSOQěQt]QH~yLQQpKRSUiYQtKR~NRQXPXVtEëWSRVN\WQXWDURYQRFHQQiQiKUDGD RGVW 3RGOH XVW LQVROYHQyQtKR ]iNRQD SRYLQQRVW Y\GDW GR PDMHWNRYp SRGVWDW\ GOXaeQtNRYR SOQěQt]QH~yLQQëFKSUiYQtFK~NRQţPDMtRVRE\YMHMLFKaeSURVSěFKE\OQH~yLQQëSUiYQt~NRQ XyLQěQQHERNWHUp]QěKRPěO\SURVSěFK RGVW 3RGOHXVW RGVWYěWDSUYiLQVROYHQyQtKR]iNRQDRGSRURYDWSUiYQtP~NRQţPGOXaeQtND PţaeHYLQVROYHQyQtPőt]HQtSRX]HLQVROYHQyQtVSUiYFHLNG\aeQHMGHRRVREXVGLVSR]LyQtPL RSUiYQěQtPL D WR RGSţUyt aeDORERX SRGDQRX SURWL RVREiP NWHUp PDMt SRYLQQRVW Y\GDW GOXaeQtNRYRSOQěQt]QH~yLQQëFKSUiYQtFK~NRQţGRPDMHWNRYpSRGVWDW\ 3RGOH XVW iQVROYHQyQtKR ]iNRQD ]YëKRGłXMtFtP SUiYQtP ~NRQHP VH UR]XPt SUiYQt ~NRQ Y MHKRae GţVOHGNX VHQěNWHUpPX YěőLWHOL GRVWDQH QD ~NRU RVWDWQtFK YěőLWHOţ Y\äätKR XVSRNRMHQt QHae MDNp E\ PX MLQDN QiOHaeHOR YNRQNXUVX RGVW =YëKRGłXMtFtP SUiYQtP ~NRQHP VH UR]XPt SRX]H SUiYQt ~NRQ NWHUëGOXaeQtN XyLQLO Y GREě NG\ E\O Y ~SDGNX QHERSUiYQt~NRQNWHUëYHGONGOXaeQtNRYX~SDGNX0iVH]DWRaeH]YëKRGłXMtFtSUiYQt~NRQ XyLQěQë YH SURVSěFK RVRE\ GOXaeQtNX EOt]Np QHER RVRE\ NWHUiWYRőt V GOXaeQtNHP NRQFHUQ MH~NRQHPNWHUëGOXaeQtNXyLQLOYGREěNG\E\OY~SDGNX RGVW =YëKRGłXMtFtPLSUiYQtPL ~NRQ\ MVRX ]HMPpQD ~NRQ\ NWHUëPL GOXaeQtN D VSOQLO GOXK GőtYH QHae VH VWDO VSODWQëP E GRKRGO ]PěQX QHER QDKUD]HQt ]iYD]NX YH VYţM QHSURVSěFK F SURPLQXO VYpPX GOXaeQtNX VSOQěQt GOXKX QHER MLQDNGRKRGO DQHER XPRaeQLO]iQLN yL QHVSOQěQt VYpKR SUiYD G SRVN\WO VYţMPDMHWHNN]DMLäWěQtMLaeH[LVWXMtFtKR]iYD]NXOHGDaeHMGHRY]QLN]DMLäWěQtYGţVOHGNX]PěQ YQLWőQtKR REVDKX ]DVWDYHQp YěFL KURPDGQp RGVW =YëKRGłXMtFtPX SUiYQtPX ~NRQX O]H RGSRURYDW E\O-OL XyLQěQ Y SRVOHGQtFK OHWHFK SőHG ]DKiMHQtP LQVROYHQyQtKR őt]HQt YH SURVSěFK RVRE\ GOXaeQtNX EOt]Np QHER RVRE\ NWHUi WYRőt V GOXaeQtNHP NRQFHUQ DQHERYGREěURNXSőHG]DKiMHQtPLQVROYHQyQtKRőt]HQtYHSURVSěFKMLQpRVRE\ RGVW =YëKRGłXMtFtPSUiYQtP~NRQHPQHQtD ]őt]HQt]DMLäWěQt]iYD]NX GOXaeQtNDREGUaeHO-OL]DQě GOXaeQtNVRXyDVQěSőLPěőHQRXSURWLKRGQRWXE SUiYQt~NRQXyLQěQë]DSRGPtQHNREY\NOëFK Y REFKRGQtP VW\NX QD ]iNODGě NWHUpKR GOXaeQtN REGUaeHO SőLPěőHQp SURWLSOQěQt QHER MLQë SőLPěőHQë PDMHWNRYë SURVSěFK D WR ]DSőHGSRNODGX aeH QHäOR R ~NRQ XyLQěQë YH SURVSěFK RVRE\ GOXaeQtNRYL EOt]Np QHER RVRE\ NWHUiWYRőt V GOXaeQtNHP NRQFHUQ D aeH RVRED Y MHMtae SURVSěFKE\O~NRQXyLQěQQHPRKODDQLSőLQiOHaeLWpSHyOLYRVWLSR]QDWaeHGOXaeQtNMHY~SDGNX QHER aeH E\ WHQWR ~NRQ PRKO YpVW N ~SDGNX GOXaeQtND F SUiYQt ~NRQ NWHUë GOXaeQtN XyLQLO
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 zD WUYiQt PRUDWRULD QHER SR ]DKiMHQt LQVROYHQyQtKR őt]HQt ]D SRGPtQHN VWDQRYHQëFK WtPWR ]iNRQHP RGVW 9 UR]VXGNX ]H GQH ~QRUD VS ]Q &GR D GiOH QDSő Wpae YUR]VXGNX ]H GQH VS ]Q &GR yL YUR]VXGNX ]H GQH VS ]Q ,&GR 1HMY\äät VRXG R]őHMPLO aeH SURMHY YţOH MtPae GOXaeQtN SOQt GOXK SHQěaeLWë ]iYD]HN VYpPX YěőLWHOL MH SUiYQtP ~NRQHP GOH VWiYDMtFt SUiYQt ~SUDY\ SUiYQtP MHGQiQtP-SR]QRGYRODFtKRVRXGX 1HO]HWXGtaeSRFK\ERYDWRWRPaeHQH~yLQQëPSUiYQtP ~NRQHP PţaeH EëW WDNp SOQěQt QD MLae VSODWQë GOXK 3URVSěFK NWHUë VH YěőLWHOL GRVWDQH Y GţVOHGNX WDNRYpKR ]YëKRGłXMtFtKR SUiYQtKR ~NRQX GOXaeQtND SőLWRP QHVSRytYi Y WRP aeH YěőLWHO GRVWDQH RG GOXaeQtND YtFH QHae E\ PX QiOHaeHOR QHEëW ~SDGNRYp VLWXDFH GOXaeQtND DOH aeH MH SRVN\WQXWëP SOQěQtP ]YëKRGQěQ SURWL MLQëP YěőLWHOţP NWHőt E\ PěOL Y NRQNXUVX SUR ~yHO\ SRPěUQpKR XVSRNRMHQt ] QHGRVWDWHyQpKR PDMHWNX GOXaeQtND VWHMQp SRVWDYHQt MDNR YěőLWHO MHKRae SRKOHGiYNX VH GOXaeQtN UR]KRGO WDNWR XVSRNRMLW . WRPX Wpae 1HMY\äät VRXG RGNi]DOQDXVQHVHQt1HMY\äätKRVRXGX]HGQHVHQ]Q ,&GR 3UiYQtP MHGQiQtP YH VP\VOX XVW REyDQVNpKR ]iNRQtNu VH UR]XPt WDNRYp FKRYiQt RVRE\NWHUpMHSRGOHXVWDQRYHQt]iNRQD]SţVRELOpY\YRODWSUiYQtQiVOHGN\3UiYQtPLQiVOHGN\ QHEROL SUiYQtPL ~yLQN\ SUiYQtKR MHGQiQt MVRX SőL VSOQěQt GDOätFK ]iNRQQëFK SőHGSRNODGţ Y]QLN]PěQDQHER]iQLNSUiYQHERSRYLQQRVWtÓyLQQiSUiYQtMHGQiQt]iVDGQěPRKRXyLQLW SRX]H RVRE\ NWHUp MVRX QDGiQ\ VYpSUiYQRVWt 2EyDQVNë ]iNRQtN SőLWRP VWULNWQě RGOLäXMH RVRE\ SUiYQLFNp D RVRE\I\]LFNp MDNR VDPRVWDWQp VXEMHNW\ SUiYQtFK Y]WDKţSőLyHPae SUiYQt SRVWDYHQt SUiYQLFNëFK RVRE PDMtFtFK VRXyDVQě SRYDKX REFKRGQtFK NRUSRUDFt MH SRGUREQě XSUDYHQR YziNRQě y 6E R REFKRGQtFK NRUSRUDFtFK 1HQt SőLWRP SRFK\E aeH VSROHyQRVW +(05/(,QYHVW VUR MH SUiYQLFNRX RVRERX REFKRGQt NRUSRUDFt MHae VSDGi SRG SUiYQt UHaeLP XVW D QiVO ] y 6E WHG\ RGOLäQëP SUiYQtP VXEMHNWHP RGRVRE\GOXaeQtNDDWRQDY]GRU\WRPXaeHGOXaeQtNMHMHGLQëPVSROHyQtNHPDMHGQDWHOHPWpWR VSROHyQRVWL /RJLFNëP GţVOHGNHP RGOLäHQt I\]LFNëFK D SUiYQLFNëFK RVRE MDNRaeWR VDPRVWDWQëFKSUiYQtFKVXEMHNWţMHWpaeMHMLFKRGOLäQp VDPRVWDWQp PDMHWNRYpSRVWDYHQt 2Wi]NRX PDMHWNRYp DXWRQRPLH SUiYQLFNëFK RVRE VH 1HMY\äät VRXG RSDNRYDQě ]DEëYDO VURYQDSőXVQHVHQt1HMY\äätKRVRXGX]HGQHVS]Q7GRXYHőHMQěQp SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt D VWDQRYLVHN- yiVW WUHVWQt QHER XVQHVHQt YHONpKR VHQiWX WUHVWQtKR NROHJLD 1HMY\äätKR VRXGX ]H GQH VS ]Q 7GR XYHőHMQěQp SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt D VWDQRYLVHN- yiVW WUHVWQt UR]VXGHN 1HMY\äätKR VRXGX ]H GQH GXEQD VS ]Q &GR XYHőHMQěQë SRG ytVOHP 6EtUN\ VRXGQtFK UR]KRGQXWt DVWDQRYLVHNQHERXVQHVHQt1HMY\äätKRVRXGX]HGQHVS]Q &GR 9XYHGHQëFK UR]KRGQXWtFK SőLWRP SőLMDO ]iYěU aeH GHILQLyQtP ]QDNHP SUiYQLFNëFK RVRE MH PLPR MLQp MHMLFK PDMHWNRYi VDPRVWDWQRVW MHMtPae YëUD]HP MH MHGQDN WR aeH PDMt YODVWQt PDMHWHN D MHGQDN WR aeH MHQ YHY]WDKX N WRPXWR PDMHWNX QHVRX VDPRVWDWQRX PDMHWNRYRX RGSRYěGQRVW Y SUiYQtFK Y]WD]tFK GRQLFKae YVWXSXMt 6SROHyQtFL MHGQRWOLYëFK REFKRGQtFK VSROHyQRVWt WHG\ QHMVRX SRGtORYëPL VSROXYODVWQtN\ VSROXPDMLWHOL PDMHWNX REFKRGQt VSROHyQRVWLDOHMHMLFKY]WDKNREFKRGQtVSROHyQRVWLDNMHMtPXPDMHWNXMHY\PH]HQVRXERUHP SUiYDSRYLQQRVWtSO\QRXFtFK]~yDVWLYHVSROHyQRVWL XVW RGVWYěWDSUYQtREFK]iN 0H]L]iNODGQtPDMHWNRYiSUiYDVSROHyQtNţSDWőt]HMPpQDSUiYRQDSRGtOQD]LVNXSRSőMLQëFK YODVWQtFK ]GURMtFK VSROHyQRVWL SUiYR QD Y\SRőiGDFt SRGtO XVW RGVW REFK ]iN yL SUiYR QD SRGtO QD OLNYLGDyQtP ]ţVWDWNX XVW RGVW REFK ]iN =D ]iYD]N\ NDSLWiORYëFKREFKRGQtFKVSROHyQRVWt DNFLRYiVSROHyQRVWDVSROHyQRVWVUXyHQtPRPH]HQëP VSROHyQtFLQHUXytDQHERUXytMHQRPH]HQě XVW RGVW RGVWLQILQHREFK]iN 9]KOHGHPNWRPXVSROHyQtFLMHGQDNQHPRKRXEëWSőtPRSRäNR]HQëPLRVREDPLYSőtSDGHFK SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 NG\ MH WUHVWQi yLQQRVW SiFKiQD QD ~NRU PDMHWNX REFKRGQt VSROHyQRVWL D MHGQDN VH VDPL PRKRX GRSXVWLW WUHVWQp yLQQRVWL YH Y]WDKX N PDMHWNX REFKRGQt VSROHyQRVWL MHMtPLae MVRX VSROHyQtN\ SURWRaeH WHQ MH SUR Qě PDMHWNHP FL]tP 7R SODWt L SőHV VNXWHyQRVW aeH VH MLQDN QD YHőHMQRVWL EěaeQě POXYt- zHMPpQD MGH-OL R PDMRULWQt VSROHyQtN\ REFKRGQtFK VSROHyQRVWt- RW]YYODVWQtFtFKWěFKWRVSROHyQRVWtQDSőRAYODVWQtFtFK´VSROHyQRVWtVUXyHQtPRPH]HQëP yL DNFLRYëFK VSROHyQRVWt $QLWDNRYp RVRE\ RYäHP QHMVRX YODVWQtN\ PDMHWNX REFKRGQt VSROHyQRVWLYSUiYQtPVP\VOX 2EGREQě Y XVQHVHQt ]H GQH VS ]Q 7GR 1HMY\äät VRXG Y\ORaeLO aeH PDMHWHN REFKRGQtFK VSROHyQRVWt MH SUR MHMLFK VSROHyQtN\ yL DNFLRQiőH PDMHWNHP FL]tP VWHMQěWDNWRSODWtLSURVWDWXWiUQtRUJiQDWRLNG\E\PěOQDREFKRGQtVSROHyQRVWLPDMHWNRYRX ~yDVW 2EFKRGQt VSROHyQRVWL MVRX ]DNOiGiQ\ ] YţOH MHMLFK VSROHyQtNţ D VYëP Y]QLNHP VH REFKRGQt VSROHyQRVWL RGVSROHyQtNţ PDMHWNRYě RGGěOXMt VSROHyQtNţP Y]QLNDMt SUiYD QDSő SUiYR QD LQIRUPDFH QD YëQRV Y SRGREě SRGtOX QD ]LVNX QD FHQX ]D SRGtO SőL MHKR SőHYRGX SRSő Y\SRőiGDFt SRGtO D SRYLQQRVWL QDSő YNODGRYi SRYLQQRVW yL UXyLWHOVNi SRYLQQRVW Y\SOëYDMtFt ] ~yDVWL QD WDNRYp REFKRGQt VSROHyQRVWL NWHUp RGSRYtGDMt MHMLFK VPOXYHQpPX SRGtOX QD WDNRYp VSROHyQRVWL MHae MVRX ]iNRQHP Uţ]Qě PRGLILNRYiQ\ XMHGQRWOLYëFKREFKRGQtFKVSROHyQRVWtDWDNpY]iYLVORVWLQDSRVWDYHQtVSROHyQtND QDSőSUiYD PHQäLQRYëFK DNFLRQiőţ SőLyHPae UR]VDK Y QěPae VSROHyQtN Y\NRQiYi WDWR VYRMH SUiYD DMHSRYLQHQSOQLWVYRMHSRYLQQRVWLSDNXUyXMHYHOLNRVWMHKRSRGtOX=XYHGHQpKRMH]őHMPp aeHVSROHyQtNE\řVHMHGQiRMHGLQpKR VWRSURFHQWQtKR VSROHyQtNDPi]FHODRGOLäQpSRVWDYHQt RSURWL WpWR REFKRGQt VSROHyQRVWL YţyL Qtae Pi SRX]H ]iNRQHP D ]DNODGDWHOVNëP SUiYQtP MHGQiQtPY\PH]HQDSUiYDDSRYLQQRVWL -DN GiOH Y\SOëYi QDSő ] UR]VXGNX 1HMY\äätKR VRXGX ]H GQH VS ]Q &GR MH QD SHQěaeQt SURVWőHGN\ QD ~yWX YHGHQpP X SHQěaeQtKR ~VWDYX QXWQpSRKOtaeHWMDNRQDPDMHWHNWRKRWRSHQěaeQtKR~VWDYX]iURYHłQHO]H]WRWRaełRYDWPDMHWHN VSROHyQRVWL VPDMHWNHP MHMtFK MHGQDWHOţ yL VSROHyQtNţ QHERř VH MHGQi R RGOLäQp VXEMHNW\ SUiYD 2GYRODFt VRXG Pi QD UR]GtO RG VRXGX SUYQtKR VWXSQě ]D WR aeH QHE\O QDSOQěQ SUYRWQt SőHGSRNODG K\SRWp]\ QH~yLQQRVWL SUiYQtKR MHGQiQt WHG\ aeH VSRUQp SODWE\ MVRX SUiYQtP MHGQiQtPGOXaeQtND-HWRWLaeWőHEDYLQWHQFtFKVKRUDXYHGHQëFKMXGLNDWRUQtFK]iYěUţGţVOHGQě UR]OLäRYDW SUiYQt MHGQiQt GOXaeQtND D SUiYQt MHGQiQt VSROHyQRVWL +HPUOH ,QYHVW VUR- vWRPWR VPěUX MH QHUR]KRGQp aeH GOXaeQtN E\O MH MHMtP MHGLQëP VSROHyQtNHP D MHGQDWHOHP 9ODVWQtNHPSHQěaeQtFKSURVWőHGNţQD~yWXYHGHQpPQDMPpQRVSROHyQRVWL+HPUOH,QYHVWVUR QHQt WDWR VSROHyQRVW QëEUae EDQND ]D Qtae Pi VSROHyQRVW +HPUOH ,QYHVW VUR WROLNR SRKOHGiYNXQDMHMLFKYëSODWX3őLMHWtPWěFKWRSODWHEVHWXGtaeaeDORYDQpPXDQLQHPRKORGRVWDW Y\äätKRXVSRNRMHQtQD~NRURVWDWQtFKYěőLWHOţGOXaeQtNDQHaeMDNpE\PXQiOHaeHORYNRQNXUVX UHVS GOXaeQtN FRE\ I\]LFNi RVRED MLPL aeDORYDQpKR QH]YëKRGQLO QD ~NRU RVWDWQtFK VYëFK YěőLWHOţ3RNXGVQDGVSROHyQRVW+(05/(,QYHVWVURSOQLOD]HVYpKRPDMHWNXaeDORYDQpPX ]D GOXaeQtND MHKR GOXK DQLae E\ NWRPX H[LVWRYDO SUiYQt GţYRG MGH R VWDQGDUGQt VLWXDFL XSUDYHQRX YXVW D XVW REyDQVNpKR ]iNRQtNX NG\ VSOQěQtPGOXKX YVWRXSLOD VSROHyQRVW +(05/( ,QYHVW VUR GR SUiY aeDORYDQpKR D QDE\OD SUiYR DE\ Mt GOXaeQtN Y\URYQDOFR]DQěKRSOQLOD ]iNRQQiVXEURJDFH 3OQěQtPVSROHyQRVWL+(05/(,QYHVWVUR VH ]PHQäLO WROLNR MHMt PDMHWHN QLNROL PDMHWHN GOXaeQtND SőLyHPae ]SRKOHGX GOXaeQtND QHGRäOR NaeiGQp ]PěQě Y MHKR PDMHWNRYëFK SRPěUHFK Y\MPD WRKR aeH QD PtVWR aeDORYDQpKR MH MHKR QRYëPYěőLWHOHPVSROHyQRVW+(05/(,QYHVWVUR =iYěUHPRGYRODFtVRXGGRSOłXMHaeHQHVGtOtDQLSUiYQtQi]RUNWHUëYHVNXWNRYěREGREQpYěFL Y\VORYLO 9UFKQt VRXG Y3UD]H YUR]VXGNX ]H GQH OLVWRSDGX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 VS ]Q 963+ 1H]WRWRaełXMH VH ]HMPpQD VH ]iYěUHP aeH MH QD GDQë SőtSDG DSOLNRYDWHOQë UR]VXGHN 1HMY\äätKR VRXGX ]H GQH VHQ ]Q ,&GR DUR]VXGHN1HMY\äätKRVRXGX]HGQHVHQ]Q ,&GRDWRSURVNXWNRYRX RGOLäQRVW RERX SőtSDGţ 9SUYQtP SőtSDGě GOXaeQtN GLVSRQRYDO YODVWQtP QiURNHP GDłRYëP SőHSODWNHP NWHUë PX PěO EëW YUiFHQ YGUXKpP SőtSDGě SDN E\O SOQěQ ~YěURYë GOXK NWHUëPěOGOXaeQtNYţyLEDQFHIRUPRXLQNDVDW]QaeHVLEDQNDSőHYHGODSODWHEQtPSőtND]HP ILQDQyQt SURVWőHGN\ GOXaeQtND ]MHKR ~yWX ]D ~yHOHP SOQLW QD GOXK GOXaeQtND YH SURVSěFK VYpKR~yWX SRKOHGHP QD YäHFKQ\ YëäH XYHGHQp VNXWHyQRVWL SRVWXSRYDO RGYRODFt VRXG GOH XVW § RGVW StVP D RVő UR]VXGHN VRXGX SUYQtKR VWXSQě ]PěQLO D aeDOREX MDNR QHRSRGVWDWQěQRXYFHOpPUR]VDKX]DPtWO 9]KOHGHP NWRPX aeH RGYRODFt VRXG SőL Y\KOiäHQt UR]VXGNX QHUR]KRGOR VRXYLVHMtFtP ERGX ,9 YëURNX R SRYLQQRVWL aeDORYDQpKR ]DSODWLW VRXGQt SRSODWHN MH StVHPQp Y\KRWRYHQt UR]VXGNXMHSURWRVRXyDVQěGRSOłXMtFtPXVQHVHQtP 2 QiNODGHFK őt]HQt SőHG VRXG\ RERX VWXSłţ UR]KRGO RGYRODFt VRXG GOH XVW ,= YHVSRMHQtVust RGVWRVőDXVW RGVWRVőaDORYDQëE\OYőt]HQtSOQě ~VSěäQë D YH VP\VOX XVW RGVW R V ő Pi SURWR SUiYR DE\ PX aeDOREFH XKUDGLO QiNODG\NWHUpYSUţEěKXőt]HQt~yHOQěY\QDORaeLOaDORYDQëE\OYőt]HQtSőHGVRXGHPSUYQtKR VWXSQě L Y őt]HQtRGYRODFtP ]DVWRXSHQ DGYRNiWHP D SURWR PX YHVP\VOX XVW RGVW RVő QiOHaet QiKUDGD QiNODGţ SUiYQtKR ]DVWRXSHQt 9őt]HQt SőHG VRXGHP SUYQtKR VWXSQě XyLQLO SUiYQt ]iVWXSFH aeDORYDQpKR FHONHP GYD ~NRQ\ SUiYQt VOXaeE\ SőHY]HWt ]DVWRXSHQt SRGiQt StVHPQpKR Y\MiGőHQt NaeDOREě ]H GQH =D W\WR ~NRQ\ PX SURWR QiOHaet RGPěQD SUiYQtKR ]DVWRXSHQt GOH XVW RGVW StVP E YHVSRMHQt VXVW ERG Y\KOy 6EYH]QěQt~yLQQpPRGOHGQDYaeG\YHYëäL.y WMFHONHP .y 'iOH E\OD SUiYQtPX ]iVWXSFL aeDORYDQpKR SőL]QiQD QiKUDGD KRWRYëFK YëGDMţ YHYëäL[.yGOHXVW RGVWFLWY\KOiäN\ WMFHONHP .y 1DQiNODGHFKőt]HQt SőHG VRXGHP SUYQtKR VWXSQě WDN E\OD aeDORYDQpPX SőL]QiQD FHONHP yiVWND .y 9RGYRODFtP őt]HQt XyLQLO SUiYQt ]iVWXSFH aeDORYDQpKR FHONHP GYD ~NRQ\ SUiYQt VOXaeE\ SRGiQt RGYROiQt D ~yDVW X RGYRODFtKR MHGQiQt GQH OLVWRSDGX WXGtae RGPěQD SUiYQtKR ]DVWRXSHQt yLQt GOH XVW RGVW StVP E YHVSRMHQt VXVW ERG Y\KOy 6EYH]QěQt~yLQQpPRGOHGQD[.y WMFHONHP.y KWRPXSDNSUiYQtPX]iVWXSFLaeDORYDQpKRQiOHaetQiKUDGDKRWRYëFKYëGDMţYHYëäL[ .yGOHXVW RGVWY\KOFLWY\KOiäN\ WMFHONHP .y QiKUDGDFHVWRYQpKR]'ěytQD NMHGQiQt9UFKQtKRVRXGXY3UD]HD]SěW FHONHPNP RVREQtPDXWRPRELOHPaNRGD$& NRPELUHJ]Q$+SőLSUţPěUQpVSRWőHEěOQDNPPRWRURYpQDIW\GOHXVW D XVW Y\KO y 6E YFHONRYp yiVWFH .y D QiKUDGD ]D SURPHäNDQë yDV FHONHPSţOKRGLQ YHYëäLFHONHP.yGOHXVW RGVWDFLWY\KOiäN\7DNWpaeE\O aeDORYDQpPX SőL]QiQ XKUD]HQë VRXGQt SRSODWHN ]DRGYROiQt YH YëäL .y 1D QiNODGHFK RGYRODFtKR őt]HQt E\OD WHG\ aeDORYDQpPX SőL]QiQD FHONHP yiVWND .y 1D QiNODGHFK őt]HQtSőHGVRXG\RERXVWXSłţWXGtaeaeDORYDQpPXQiOHaetFHONHPyiVWND .y
3RXyHQt 3URWLWRPXWRUR]VXGNXVYëMLPNRXYëURNXRQiNODGHFKőt]HQtO]HSRGDW]DSRGPtQHNXYHGHQëFK Y RVő GRYROiQt YH OKţWě GYRX PěVtFţ RG MHKR GRUXyHQt N1HMY\äätPX VRXGX HVNp UHSXEOLN\ SURVWőHGQLFWYtP VRXGX SUYQtKR VWXSQě 3őtSXVWQRVW GRYROiQt ]NRXPi GRYRODFt VRXG (§ RVő
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi .6&%,16 7HQWR UR]VXGHN VH SRYDaeXMH ]D GRUXyHQë RNDPaeLNHP MHKR ]YHőHMQěQt YLQVROYHQyQtP UHMVWőtNX RGVW LQVROYHQyQtKR ]iNRQD OKţWD NSRGiQt GRYROiQt ]DytQi EěaeHW RGH GQH NG\ E\OR UR]KRGQXWtGRUXyHQRDGUHViWX]YOiäWQtP]SţVREHP RGVWLQVROYHQyQtKR]iNRQD 3UDKDOLVWRSDGX -8'U-Lőt*ROGVWHLQYU SőHGVHGDVHQiWX
SKRGXsSUYRSLVHPSRWYU]XMH9HURQLND%UXQyRYi