Integrovaná prevence a mezování znečištění (IPPC)

Transkript

6RXKUQ
(8523($1 &200,66,21
(95236.È .20,6(
',5(&725$7(*(1(5$/ -5&
*(1(5È/1Ë
-2,17 5(6($5&+ &(175(
632/(ý1e 9é=.801e 67
,QVWLWXWH IRU 3URVSHFWLYH 7HFKQROJLFDO 6WXGLHV 6HYLOOH
ÒVWDY SUR VWXGLXP SHUVSHNWLYQtFK WHFKQRORJLt
7HFKQRORJLHV IRU 6XVWDLQDEOH
'HYHORSPHQW
(XURSHDQ ,33& %XUHDX
(',7(/679Ë -5&
(',6.2
6HYLOOD
7HFKQRORJLH SUR XGUåLWHOQê UR]YRM
(YURSVNê ~DG ,33&
,QWHJURYDQiSUHYHQFHDRPH]RYiQt]QHþLãWQt,33&
5HIHUHQþQtGRNXPHQWRQHMOHSãtFKGRVWXSQêFKWHFKQLNiFK
YFHPHQWiVNpPDYiSHQLFNpPSU$P\VOX
EH]HQ
:RUOG 7UDGH &HQWHU ,VOD GH OD &DUWXMD VQ ( 6HYLOOH 6SDLQ
7HOHSKRQH )D[ (PDLO HLSSFE#MUFHV ,QWHUQHW KWWSHLSSFEMUG
EH]HQ
,
6RXKUQ
6RXKUQ
7HQWR UHIHUHQþQt GRNXPHQW R QHMOHSãtFK GRVWXSQêFK WHFKQLNiFK YFHPHQWiVNpP
D YiSHQLFNpP SU$P\VOX RGUiåt YêPQX LQIRUPDFt SURYiGQRX SRGOH þO RGVW QDt]HQt
5DG\ (6 'RNXPHQW MH QXWQp FKiSDW YH VP\VOX SHGPOXY\ NWHUi SRSLVXMH FtOH
GRNXPHQWXDMHKRSRXåLWt
7HQWR GRNXPHQW %5() Pi GY þiVWL MHGQX SUR FHPHQWiVNê SU$P\VO D MHGQX SUR SU$P\VO
YiSHQLFNê]QLFKåNDåGiPiSRGOHREHFQpRVQRY\VHGPNDSLWRO
&HPHQWiVNêSU$P\VO
&HPHQW MH ]iNODGQtP PDWHULiOHP SUR VWDYEX EXGRY D LQåHQêUVNêFK VWDYHE 2EMHP YêURE\
FHPHQWiVNpKRSU$P\VOXStPRVRXYLVtVHVLWXDFtYHVWDYHEQLFWYtREHFQDSURWRWVQVOHGXMH
FHONRYRX KRVSRGiVNRX VLWXDFL 9 URFH YêURED FHPHQWX Y (YURSVNpP VSROHþHQVWYt
GRViKODPLOLRQ$WXQFRåRGSRYtGiFHORVYWRYpYêURE\
3R WåE POHWt D KRPRJHQL]DFL VXURYLQ MH SUYQtP NURNHP YêURE\ FHPHQWX NDOFLQDFH
XKOLþLWDQX YiSHQDWpKR QiVOHGRYDQi SiOHQtP YêVOHGQpKR R[LGX YiSHQDWpKR VR[LG\ NHPtNX
KOLQtNXDåHOH]DSLY\VRNêFKWHSORWiFK]D~þHOHPY\WYRHQtVOtQNX6OtQHNVHSRWpGUWtQHER
PHOHVSROXVHViGURYFHPDRVWDWQtPLVORåNDPLþtPåY]QLNiFHPHQW
3tURGQt ORåLVND YiSHQLWêFK PDWHULiO$ MDNR MVRX YiSHQHF VOtQ QHER NtGD MVRX ]GURMHP
XKOLþLWDQX YiSHQDWpKR .HPtN R[LG åHOH]LWê D KOLQtN VH QDFKi]HMt Y U$]QêFK UXGiFK
D QHURVWHFK MDNR StVHN ELGOLFH MtO D åHOH]Qi UXGD -DNR þiVWHþQRX QiKUDGX ]D StURGQt
VXURYLQ\ MH WDNp PRåQp SRXåtW HOHNWUiUHQVNê SRStOHN Y\VRNRSHFQt VWUXVNX D MLQp ]E\WN\
]YêUREQtFKSURFHV$
1D WXQX VOtQNX MH Y (YURSVNp XQLL REY\NOH SRWHED WXQ\ VXURYLQ 9WãLQD ]EêYDMtFt
KPRWQRVWL VH ] YêUREQtKR SURFHVX ]WUiFt MDNR HPLVH R[LGX XKOLþLWpKR GR Y]GXFKX SL
NDOFLQDþQtUHDNFL&D&2o&D2&2
&HPHQWiVNê SU$P\VO MH HQHUJHWLFN\ QiURþQê NG\å HQHUJLH REY\NOH SHGVWDYXMH YêUREQtFK QiNODG$ WM EH] NDSLWiORYêFK QiNODG$ 1D YêUREX WHSOD Y\åDGRYDQpKR YêUREQtP
SURFHVHPO]HSRXåtWU$]QiSDOLYD9URFHE\O\QHMþDVWMLSRXåtYDQêPLSDOLY\SHWURONRNV
DþHUQpXKOtQiVOHGRYDQpU$]QêPLW\S\RGSDG$WRSQêPROHMHP
KQGêPXKOtPDSO\QHP
9URFHE\ORY(YURSVNpXQLL]iYRG$Y\UiEMtFtFKFHPHQWRYêVOtQHNDKRWRYêFHPHQW
D FHONHP SHFt DOH QH YãHFKQ\ E\O\ Y SURYR]X .URP WRKR WX E\OR POHFtFK ]iYRG$
POêQLF EH] SHFt 9 SRVOHGQt GRE VH VWDOD W\SLFNRX SHF R NDSDFLW DVL WXQ VOtQNX
GHQQ
9êSDOVOtQNXVHGMHYURWDþQtSHFLNWHUiP$åHEêWVRXþiVWtGORXKpKRPRNUpKRQHERVXFKpKR
SHFQtKR V\VWpPX SRORPRNUpKR QHER SRORVXFKpKR SHFQtKR V\VWpPX V URãWRYêP
SHGHKtYDþHP /HSRO VXFKpKR SHFQtKR V\VWpPX V GLVSHU]QtP YêPQtNHP WHSOD QHER
SHFQtKR V\VWpPX VYêPQtNHP D SHGNDOFLQDFt =D QHMOHSãt GRVWXSQRX WHFKQLNX YêURE\
9L] NDSLWROD R SRGPtQNiFK SRXåLWHOQRVWL D SURYHGLWHOQRVWL
,,
EH]HQ
6RXKUQ
FHPHQWiVNpKR VOtQNX VH SRYDåXMH SHF VH VXFKêP SURFHVHP V YtFHVWXSRYêP YêPQtNHP
DSHGNDOFLQDFt3tVOXãQiWHSHOQiELODQFH%$7MH0-QDWXQXVOtQNX
9 VRXþDVQRVWL SRFKi]t DVL HYURSVNp SURGXNFH FHPHQWX ] SHFt VH VXFKêP SURFHVHP
GDOãtFK SURGXNFH MGH QD NRQWR SHFt V SRORVXFKêP D SRORPRNUêP SURFHVHP SLþHPå
]EêYDMtFt HYURSVNi SURGXNFH DVL SRFKi]t ] SHFt V PRNUêP SURFHVHP 9ãHREHFQ VH
SHGSRNOiGi åH SHFH V PRNUêP SURFHVHP NWHUp MVRX Y (YURS Y SURYR]X EXGRX SL
PRGHUQL]DFL SHVWDYQ\ QD SHFQt V\VWpP\ VH VXFKêP SURFHVHP D SRGREQ L SHFQt V\VWpP\
VSRORVXFKêPDSRORPRNUêPSURFHVHP
3iOHQtVOtQNX MH QHMG$OHåLWMãt VRXþiVWt SURFHVX YH VP\VOX NOtþRYêFK HNRORJLFNêFK SUREOpP$
YêURE\ FHPHQWX WHG\ VSRWHE\ HQHUJLH D Y]GXãQêFK HPLVt +ODYQtPL HPLVHPL MVRX R[LG\
GXVtNX12[R[LGVLLþLWê62DSUDFK=DWtPFRVQLåRYiQtSUDãQRVWLVHãLURFHXSODWXMHSR
YtFH QHå OHW D VQLåRYiQt HPLVt 62 MH VSHFLILFNêP SUYNHP WFKWR ]iYRG$ MH VQLåRYiQt
HPLVt12[YFHPHQWiVNpPSU$P\VOXUHODWLYQQRYRX]iOHåLWRVWt
0QRKp FHPHQWiUQ\ ]DYHGO\ REHFQi SULPiUQt RSDWHQt MDNR RSWLPDOL]DFL t]HQt YêUREQtKR
SURFHVX SRXåLWt PRGHUQtFK YiåtFtFK V\VWpP$ SUR SHYQi SDOLYD RSWLPDOL]RYDQi SURSRMHQt
FKODGLþ$DSRXåLWtV\VWpP$HQHUJHWLFNpKRPDQDJHPHQWX7DWRRSDWHQtVHREY\NOHSLMtPDMt]D
~þHOHP]YêãHQtMDNRVWLVOtQNXDVQtåHQtYêUREQtFKQiNODG$ DOH VQLåXMt WDNp VSRWHEX HQHUJLH
DHPLVHGRRY]GXãt
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL VQLåRYiQt HPLVt 12[ MVRX NRPELQDFH REHFQêFK
SULPiUQtFK RSDWHQt SULPiUQtFK RSDWHQt SUR RPH]RYiQt HPLVt 12[ SRVWXSQpKR VSDORYiQt
DVHOHNWLYQtQHNDWDO\WLFNpUHGXNFH61&5(PLVQt~URYH%$7VSRMHQiVSRXåLWtPWFKWRMH
WHFKQLNPJ12[PMDNR127DWRHPLVQt~URYHE\PODEêWFKiSiQDYHYD]E
QDYVRXþDVQRVWL]D]QDPHQiYDQêHPLVQtUR]VDKPJ12[PNG\åYWãLQDSHFt
Y (YURSVNp XQLL MH ~GDMQ VFKRSQD GRViKQRXW SL SULPiUQtFK RSDWHQtFK PpQ QHå PJP
=DWtPFRE\ODSRGSRURYiQDYêãHSRVX]RYDQi%$7SURUHJXODFLHPLVt12[YUiPFL7:*VH
Y\VN\WRYDORSDþQêQi]RUåHHPLVQt~URYH%$7VSRMHQiVSRXåLWtPWFKWRWHFKQLNMH
PJ12[PMDNR129\VN\WOVHWDNpQi]RUåHVHOHNWLYQtNDWDO\WLFNiUHGXNFH6&5
MH%$7VRGSRYtGDMtFtHPLVQtKODGLQRXPJ12[PMDNR12
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL VQLåRYiQt HPLVt 62 MVRX NRPELQDFH REHFQêFK
SULPiUQtFK RSDWHQt D SLGiYiQt DEVRUEHQWX SUR SRþiWHþQt KODGLQX HPLVt QHMYêãH PJ62P D PRNUp QHER VXFKp Y\StUN\ SUR SRþiWHþQt KODGLQX HPLVt Y\ããt QHå PJ62P(PLVQt~URYH%$7VSRMHQiVWPLWRWHFKQLNDPLMHPJ62P(PLVH
62]FHPHQWiUHQMVRXSULPiUQXUþHQ\REVDKHPWNDYpVtU\YVXURYLQ3HFHNWHUpSRXåtYDMt
VXURYLQ\ V PDOêP QHER QXORYêP REVDKHP WNDYp VtU\ PDMt KODGLQX HPLVt62 KOXERNR SRG
WRXWR~URYQtDQLåE\Y\XåtYDO\WHFKQLNXRGOXþRYiQt6RXþDVQpXGiYDQpHPLVQtUR]SWtMH
PJ62P
1HMOHSãt GRVWXSQRX WHFKQLNRX SUR VQLåRYiQt SUDFKRYêFK HPLVt MVRX NRPELQDFH REHFQêFK
SULPiUQtFK RSDWHQt D ~þLQQp RGVWUDRYiQt þiVWHþHN PDWHULiOX ] ERGRYêFK ]GURM$ SRXåLWtP
HOHNWURVWDWLFNêFKRGOXþRYDþ$D QHER WH[WLOQtFK ILOWU$ (PLVQt KODGLQD%$7 VSRMHQi V WPLWR
WHFKQRORJLHPLMHPJSUDFKXP9VRXþDVQRVWLXGiYDQpHPLVQtUR]SWtMHPJ
(PLVQt KODGLQ\ VH Y\MDGXMt MDNR GHQQt SU$PU SL VWDQGDUGQtFK SRGPtQNiFK . N3D N\VOtNX D
VXFKpP SO\QX
3RGUREQRVWL D ]G$YRGQQt UR]GtOX Qi]RU$ YL] NDSLWROD EH]HQ
,,,
6RXKUQ
SUDFKXP ] ERGRYêFK ]GURM$ 1HMOHSãt GRVWXSQp WHFKQLN\ WDNp ]DKUQXMt PLQLPDOL]DFL
DSUHYHQFLSUDFKRYêFKHPLVt]HVHNXQGiUQtFK]GURM$MDNVHSRSLVXMHYNDSLWROH
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL VQLåRYiQt RGSDG$ MVRX NGH MH WR PRåQp QDYUDFHQt
QDVKURPiåGQpKR PDWHULiOX VHVWiYDMtFtKR ] GUREQêFK þiVWLF ]SW GR SURFHVX 3RNXG GUXK\
QDVKURPiåGQpKR SUDFKX QHMVRX UHF\NORYDWHOQp SRYDåXMH VH ]D %$7 SRXåLWt WFKWR GUXK$
SUDFKXYMLQêFKNRPHUþQtFKYêUREFtFK
'RSRUXþXMHVHDNWXDOL]RYDWWHQWRUHIHUHQþQtGRNXPHQWR%$7NROHPURNX]HMPpQDFR
VHWêNiVQLåRYiQt12[ YêYRM WHFKQRORJLH 6&5 D Y\VRFH ~þLQQp 61&5 2VWDWQt ]iOHåLWRVWL
R NWHUêFK WHQWR GRNXPHQW SRGUREQ QHSRMHGQiYi D NWHUp E\ PRKO\ EêW Y UHYLGRYDQpP
GRNXPHQWX]YiåHQ\QHERSURGLVNXWRYiQ\MVRX
YtFHLQIRUPDFtRFKHPLFNêFKDGLWLYHFKS$VREtFtFKMDNR]WHNXFRYDGODNDO$
þtVHOQp~GDMHRSLMDWHOQpþHWQRVWLDWUYiQt~QLN$&2
StVOXãQpHPLVQt~URYQ%$7SUR92&NRY\+&O+)&2D3&'')
9iSHQLFNêSU$P\VO
9iSQR VH SRXåtYi Y ãLURNp ãNiOH SURGXNW$ QDS MDNR WDYLGOR SL åiURYp UDILQDFL RFHOL MDNR
SRMLYR YH VWDYHEQLFWYt D SL ~SUDY YRG ]D ~þHOHP RGOXþRYiQt QHþLVWRW 9iSQR VH WDNp
UR]ViKORX PURX SRXåtYi SUR QHXWUDOL]DFL N\VHOêFK VORåHN NDSDOQêFK SU$P\VORYêFK RGSDG$
D NRXRYêFK SO\Q$ 3L URþQt YêURE DVL PLOLRQ$ WXQ YiSQD SURGXNXMt VWiW\ (8 DVL FHORVYWRYpREFKRGQY\XåLWHOQpSURGXNFHYiSQD
3URFHV YêURE\ YiSQD VHVWiYi ]YêSDOX XKOLþLWDQX YiSHQDWpKR DQHER KRHþQDWpKR ]D ~þHOHP
XYROQQtR[LGXXKOLþLWpKRD]tVNiQtXYROQQpKRR[LGX&D&2:&D2&29êVOHGQêR[LG
YiSHQDWê]SHFHVHSHGGRSUDYRXGRVLODREY\NOHGUWtPHOHDQHERSURVtYi=HVLODVHSiOHQp
YiSQREXGRGiYiNRQHþQpPXXåLYDWHOLNSRXåLWtMDNRQHKDãHQpYiSQRQHERVHGRSUDYXMHGR
K\GUDWDþQtKRSURYR]XNGHUHDJXMHVYRGRXQDKDãHQpYiSQR
3RMHPYiSQR]DKUQXMHQHKDãHQpLKDãHQpYiSQRDMHV\QRQ\PQtVSRMPHPYiSHQQpSURGXNW\
1HKDãHQp þL SiOHQp YiSQR MH R[LG YiSHQDWê &D2 +DãHQp YiSQR SR]$VWiYi KODYQ
]K\GUR[LGX YiSHQDWpKR &D2+ D ]DKUQXMH YiSHQQê K\GUiW VXFKê SUiãHN K\GUR[LGX
YiSHQDWpKRYiSHQQpPOpNRDYiSHQQêNDOGLVSHU]HþiVWLFK\GUR[LGXYiSHQDWpKRYHYRG
9êURED YiSQD REY\NOH VSRWHERYiYi Då WXQ\ YiSHQFH QD WXQX WUåQtKR QHKDãHQpKR
YiSQD 6SRWHED ]iYLVt QD W\SX YêURENX þLVWRW YiSHQFH VWXSQL NDOFLQDFH D PQRåVWYt
RGSDGQtFK SURGXNW$ 9WãLQD UR]GtOX KPRWQRVWL VH YSURFHVX ]WUiFt YSRGRE HPLVt R[LGX
XKOLþLWpKRGRY]GXFKX
9iSHQLFNê SU$P\VO MH Y\VRFH HQHUJHWLFN\ QiURþQê SLþHPå HQHUJLH SHGVWDYXMH Då FHONRYêFK YêUREQtFK QiNODG$ 3HFH VH Y\WiSMt SHYQêPL NDSDOQêPL QHER SO\QQêPL SDOLY\
9QNROLND SRVOHGQtFK OHWHFK SRGVWDWQ Y]URVWOD VSRWHED ]HPQtKR SO\QX 9URFH E\O\
QHMþDVWMLSRXåtYDQêPLSDOLY\]HPQtSO\QDXKOtYþHWQþHUQpKRXKOtNRNVXKQGpKR
XKOtDSHWURONRNVXQiVOHGRYDQpWRSQêPROHMHPDRVWDWQtPLSDOLY\
9URFHE\ORY(YURSVNpXQLLDVL]iYRG$Y\UiEMtFtFKYiSQRY\MPDSURGXNFHYiSQD
SUR YODVWQt VSRWHEX D FHONHP DVL SHFt ]QLFKå YWãLQD MVRX MLQp ãDFKWRYp SHFH
DVRXSURXGpUHJHQHUDWLYQtãDFKWRYpSHFH7\SLFNiYHOLNRVWSHFHVHSRK\EXMHRGGRWXQ
]DGHQ
,9
EH]HQ
6RXKUQ
.OtþRYêPL HNRORJLFNêPL SUYN\ VSRMHQêPL VYêURERX YiSQD MVRX ]QHþLã"RYiQt RY]GXãt
D VSRWHED HQHUJLH 3URFHV SiOHQt YiSQD MH KODYQtP ]GURMHP HPLVt D MH WDNp KODYQtP
VSRWHELWHOHP HQHUJLH 6HNXQGiUQt SURFHV\ KDãHQt D POHWt YiSQD PRKRX EêW WDNp Yê]QDPQp
.OtþRYêPLHNRORJLFNêPLHPLVHPLMVRXSUDFKR[LG\GXVtNX12[R[LGVLLþLWê62DR[LG
XKHOQDWê&2
0QRKpYiSHQN\SLMDO\REHFQiSULPiUQtRSDWHQtMDNRRSWLPDOL]DFLt]HQtYêUREQtKRSURFHVX
2SDWHQtVHREY\NOHSLMtPDMt]D~þHOHP]OHSãHQtMDNRVWLYêURENXDVQtåHQtYêUREQtFKQiNODG$
DOHVQLåXMtWDNpVSRWHEXHQHUJLHDHPLVHY\SRXãWQpGRYQMãtKRSURVWHGt
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL SUR VQLåRYiQt HPLVt SUDFKX MH NRPELQDFH REHFQêFK
SULPiUQtFK RSDWHQt D ~þLQQp RGVWUDRYiQt OiWHN YSRGRE þiVWHþHN ]ERGRYêFK ]GURM$
SRXåLWtP OiWNRYêFK ILOWU$ HOHNWURVWDWLFNêFK RGOXþRYDþ$ D QHER PRNUêFK Y\StUHN (PLVQt
~URYH %$7 VSRMHQi VSRXåLWtP WFKWR WHFKQLN MH PJ SUDFKXP 1HMOHSãt GRVWXSQp
WHFKQLN\ WDNp ]DKUQXMt PLQLPDOL]DFL D SUHYHQFL HPLVt SUDFKX ]H VHNXQGiUQtFK ]GURM$
SRSVDQêFKYNDSLWROH
1HMOHSãtPL WHFKQLNDPL SUR VQLåRYiQt RGSDG$ MVRX SRXåLWt SUDFKX QHKDãHQpKR D KDãHQpKR
YiSQDQHRGSRYtGDMtFtKRVSHFLILNDFtPYHY\EUDQêFKNRPHUþQtFKYêUREFtFK
(PLVH 12[ ]iYLVHMt KODYQ QD MDNRVWL Y\UiEQpKR YiSQD D NRQVWUXNFL SHFH 1D QNWHUêFK
URWDþQtFK SHFtFK E\O\ LQVWDORYiQ\ KRiN\ VQt]NêPL HPLVHPL 12[ 2VWDWQt WHFKQRORJLH
VQLåRYiQt12[YHYiSHQLFNpPSU$P\VOXQHE\O\SRXåLW\
(PLVH 62 KODYQ ]URWDþQtFK SHFt ]iYLVt QD REVDKX VtU\ YSDOLYX NRQVWUXNFL SHFH
DSRåDGRYDQpPREVDKXVtU\YHY\UiEQpP YiSQ 9ROED SDOLY VQt]NêP REVDKHP VtU\ P$åH
SURWRRPH]LWHPLVH62DVWHMQP$åHS$VRELWYêUREDYiSQDVY\ããtPREVDKHPVtU\'RVWXSQp
MVRX WHFKQLN\ SLGiYiQt DEVRUEHQWX DOH YH YiSHQLFNpP SU$P\VOX VH YVRXþDVQRVWL
QHSRXåtYDMt
1Hå EXGH SURYHGHQD DNWXDOL]DFH WRKRWR UHIHUHQþQtKR GRNXPHQWX PRKOR E\ EêW XåLWHþQp
SURYpVWSU$]NXPVRXþDVQêFKWHFKQLNVQLåRYiQtãNRGOLYLQHPLVtDVSRWHE\DPRQLWRURYiQtYH
YiSHQLFNpPSU$P\VOX
(PLVQt ~URYQ VH Y\MDGXMt MDNR GHQQt SU$PU SL VWDQGDUGQtFK SRGPtQNiFK . N3D N\VOtNX
D VXFKpP SO\QX Y\MPD K\GUDWDþQtFK SURYR]$ SUR NWHUp SODWt Y\GDQp SRGPtQN\
EH]HQ
9
3HGPOXYD
3('0/89$
3RVWDYHQtWRKRWRGRNXPHQWX
1HQtOL VWDQRYHQR MLQDN ]QDPHQi RGND] QD ÄVPUQLFL³ YWRPWR GRNXPHQWX 6PUQLFL
þ(6RLQWHJURYDQpSUHYHQFLDUHJXODFL]QHþLãWQt
7HQWR GRNXPHQW SHGVWDYXMH VRXþiVW DG\ GRNXPHQW$ SHGNOiGDMtFtFK YêVOHGN\ YêPQ\
LQIRUPDFtPH]LþOHQVNêPLVWiW\(YURSVNpXQLHDGRW\þQpKRSU$P\VOXRQHMOHSãtFKGRVWXSQêFK
WHFKQLNiFK %$7 VRXYLVHMtFtP PRQLWRURYiQt D R UR]YRML WRKRWR SU$P\VOX >-H ]YHHMQQ
(YURSVNRX NRPLVt SRGOH þO RGVW QDt]HQt D SURWR VH NQPX PXVt SL XUþRYiQt
ÄQHMOHSãtFKGRVWXSQêFKWHFKQLN³SLKOtåHWYVRXODGXVStORKRX,9QDt]HQt@
3R]QiPND
=iYRUN\ EXGRX RGVWUDQQ\ MDNPLOH EXGH SURFHGXUD ]YHHMQQt .RPLVt
XNRQþHQD
9FQiSUiYQt]iYD]QRVWQDt]HQt,33&DGHILQLFH%$7
6FtOHPQDSRPRFLþWHQiLSRFKRSLWSUiYQtNRQWH[WYHNWHUpPE\OWHQWRGRNXPHQWNRQFLSRYiQ
VHYWpWRSHGPOXYSRSLVXMtQNWHUiQHMG$OHåLWMãtXVWDQRYHQtQDt]HQt,33&YþHWQGHILQLFH
SRMPXÄQHMOHSãtGRVWXSQiWHFKQLND³7HQWRSRSLVMHQHY\KQXWHOQQH~SOQêDMHXYHGHQSRX]H
SUR LQIRUPDFL 1HPi åiGQRX SUiYQt KRGQRWX D YåiGQpP StSDG QHPQt QHER QHQDUXãXMH
VRXþDVQiXVWDQRYHQtQDt]HQt
ÒþHOHP QDt]HQt MH GRViKQRXW LQWHJURYDQp SUHYHQFH D RPH]RYiQt ]QHþLãWQt Y\SOêYDMtFtKR
] þLQQRVWt XYHGHQêFK YMHKR StOR]H , SLþHPå YHGH NY\VRNp ~URYQL RFKUDQ\ åLYRWQtKR
SURVWHGt MDNR FHONX 3UiYQt ]iNODG QDt]HQt VH Y]WDKXMH NRFKUDQ åLYRWQtKR SURVWHGt -H
WHED DE\ MHKR SURYiGQt WDNp SLKOtåHOR NMLQêP FtO$P 6SROHþHQVWYt MDNR MH NRQNXUHQFH
VFKRSQRVWSU$P\VOX6SROHþHQVWYtSLVStYDMtFtKRWDNWRNXGUåLWHOQpPXUR]YRML
3HVQMLHþHQRY\WYitV\VWpPVFKYDORYiQtSURXUþLWpNDWHJRULHSU$P\VORYêFKSURYR]$NWHUê
Y\åDGXMH MDN SR SURYR]RYDWHOtFK WDN SR tGtFtFK RUJiQHFK DE\ EUDOL Y~YDKX LQWHJURYDQê
FHONRYê SRKOHG QD SRWHQFLiO ]QHþLãWQt D VSRWHE\ SURYR]X 6RXKUQQêP FtOHP WDNRYpKR
LQWHJURYDQpKR StVWXSX PXVt EêW ]GRNRQDOHQt PDQDJHPHQWX D t]HQt SU$P\VORYêFK SURFHV$
WDN DE\ E\OD ]DMLãWQD Y\VRNi ~URYH RFKUDQ\ åLYRWQtKR SURVWHGt MDNR FHONX ÒVWHGQtP
ERGHP WRKRWR StVWXSX MH REHFQê SULQFLS XYHGHQê YþOiQNX åH SURYR]RYDWHOp E\ POL
SLMtPDW YHãNHUi YKRGQi SUHYHQWLYQt RSDWHQt SURWL ]QHþLãWQt ]HMPpQD SURVWHGQLFWYtP
XSODWRYiQt QHMOHSãtFK GRVWXSQêFK WHFKQLN GRYROXMtFtFK MLP ]OHSãRYDW MHMLFK HNRORJLFNê
SURYR]
3RMHPÄQHMOHSãtGRVWXSQpWHFKQLN\³MHGHILQRYiQYþORGVWQDt]HQtMDNRÄQHMHIHNWLYQMãt
DQHMSRNURþLOHMãtVWiGLXPYêYRMHþLQQRVWtDMHMLFKSURYR]QtFKPHWRGNWHUpXGiYDMtSUDNWLFNRX
YKRGQRVW XUþLWêFK WHFKQLN SUR Y\WYiHQt SULQFLSLiOQtKR ]iNODGX SUR PH]Qt KRGQRW\ HPLVt
QDYUåHQêFK]D~þHOHPSUHYHQFHDNGHWRQHQtSURYHGLWHOQpFHONRYpKRVQtåHQtHPLVtDGRSDGX
QD åLYRWQt SURVWHGt MDNR FHOHN 8VWDQRYHQt þOiQNX RGVW GiOH WXWR GHILQLFL REMDVXMt
QiVOHGRYQ
ÄWHFKQLN\³ ]DKUQXMt MDN SRXåtYDQRX WHFKQRORJLL WDN ]S$VRE NWHUêP MH ]Dt]HQt QDYUåHQR
Y\VWDYQRXGUåRYiQRSURYR]RYiQRDY\D]HQR]SURYR]X
ÄGRVWXSQp³ WHFKQLN\ MVRX WDNRYp MHå MVRX QD WRP VWXSQL YêYRMH NWHUê GRYROXMH ]DYHGHQt
YStVOXãQpP SU$P\VORYpP RGYWYt ]D HNRQRPLFN\ D WHFKQLFN\ SLMDWHOQêFK SRGPtQHN
9,
EH]HQ
3HGPOXYD
VSLKOpGQXWtPNQiNODG$PDYêKRGiPWpåWHFKQLN\SRXåtYDQpQHERY\UiEQpPLPRGRW\þQp
þOHQVNpVWiW\SRNXGMVRXSURSURYR]RYDWHOHSLPHQêP]S$VREHPGRVWXSQp
ÄQHMOHSãt³ ]QDPHQi QHMHIHNWLYQMãt SL GRVDKRYiQt Y\VRNp REHFQp ~URYQ FHONRYp RFKUDQ\
åLYRWQtKRSURVWHGt
.URPWRKRStORKD,9QDt]HQtREVDKXMHVH]QDPÄG$YRG$NWHUpVHPDMtEUiWY~YDKXREHFQ
QHER YH VSHFLILFNêFK StSDGHFK NG\ VH XUþXMt QHMOHSãt GRVWXSQp WHFKQLN\ « SLþHPå VH
SLKOtåt NSUDYGSRGREQêP QiNODG$P D StQRV$P RSDWHQt D ]iVDG EH]SHþQRVWL D RFKUDQ\³
7\WRG$YRG\]DKUQXMtLQIRUPDFH]YHHMQQp.RPLVtSRGOHþORGVW
3R StVOXãQêFK RUJiQHFK RGSRYGQêFK ]D Y\GiYiQt SRYROHQt VH Y\åDGXMH DE\ SL XUþRYiQt
SRGPtQHN SUR SRYROHQt SLKOtåHO\ NREHFQêP ]iVDGiP VWDQRYHQêP YþOiQNX 7\WR
SRGPtQN\PXVtNGHMHWRYKRGQp]DKUQRYDWPH]QtKRGQRW\HPLVtGRSOQQpQHERQDKUD]HQp
URYQRFHQQêPLSDUDPHWU\QHERWHFKQLFNêPLRSDWHQtPL3RGOHþORGVWQDt]HQtPXVtW\WR
PH]Qt KRGQRW\ HPLVt URYQRFHQQp SDUDPHWU\ D WHFKQLFNi RSDWHQt Y\FKi]HW EH] GRWþHQt
VRXODGXVQRUPDPLNYDOLW\åLYRWQtKRSURVWHGt]QHMOHSãtFKGRVWXSQêFKWHFKQLNDQLåE\E\OR
SHGHSViQR SRXåLWt MDNpNROL WHFKQLN\ QHER VSHFLILFNp WHFKQRORJLH DOH VSLKOpGQXWtP
NWHFKQLFNêP FKDUDNWHULVWLNiP GRW\þQpKR SURYR]X MHKR JHRJUDILFNpKR XPtVWQt D PtVWQtFK
SRGPtQHN åLYRWQtKR SURVWHGt 9NDåGpP StSDG PXVt SRGPtQN\ SRYROHQt REVDKRYDW
XVWDQRYHQtRPLQLPDOL]DFLGiONRYpKRQHERSHVKUDQLþQtKR]QHþLãWQtDPXVt]DMLVWLWY\VRNRX
~URYH RFKUDQ\ åLYRWQtKR SURVWHGt MDNR FHONX ýOHQVNp VWiW\ PDMt SRGOH þOiQNX QDt]HQt
SRYLQQRVW ]DMLVWLW DE\ StVOXãQp RUJiQ\ VOHGRYDO\ YêYRM YREODVWL QHMOHSãtFK GRVWXSQêFK
WHFKQLNQHERE\O\RQLFKLQIRUPRYiQ\
&tOWRKRWRGRNXPHQWX
8VWDQRYHQt þOiQNX RGVW QDt]HQt Y\åDGXMH SR .RPLVL DE\ RUJDQL]RYDOD ÄYêPQX
LQIRUPDFt PH]L þOHQVNêPL VWiW\ D GRW\þQêPL SU$P\VORYêPL RGYWYtPL R QHMOHSãt GRVWXSQp
WHFKQLFHVRXYLVHMtFtPPRQLWRURYiQtDMHMLFKYêYRML³DSXEOLNRYDODYêVOHGN\WpWRYêPQ\
ÒþHOYêPQ\LQIRUPDFtMHXYHGHQYHRGVWDYFLRG$YRGQQtQDt]HQtNWHUêtNiåHÄYêYRM
D YêPQD LQIRUPDFt QD NRPXQLWiUQt ~URYQL R QHMOHSãtFK GRVWXSQêFK WHFKQLNiFK SLVSMH
NQiSUDY WHFKQRORJLFNp QHY\URYQDQRVWL YH 6SROHþHQVWYt SRGSRt FHORVYWRYp UR]ãtHQt
PH]QtFKKRGQRWDWHFKQLNSRXåtYDQêFKYH6SROHþHQVWYtDSRP$åHþOHQVNêPVWiW$PY~þLQQpP
SURYiGQtWRKRWRQDt]HQt³
.RPLVH *HQHUiOQt HGLWHOVWYt SUR åLYRWQt SURVWHGt Y\WYRLOD IyUXP SUR YêPQX LQIRUPDFt
,()]D~þHOHPQDSRPRFLSUiFLSRGOHþORGVWDSRG]DVWHãXMtFtPS$VREHQtP,()E\OD
]DORåHQD DGD WHFKQLFNêFK SUDFRYQtFK VNXSLQ -DN ,() WDN WHFKQLFNp SUDFRYQt VNXSLQ\
VHVWiYDMt]H]iVWXSF$þOHQVNêFKVWiW$DSU$P\VOXMDNY\åDGXMtXVWDQRYHQtþORGVW
&tOHP VpULH WFKWR GRNXPHQW$ MH SHVQ RGUiåHW YêPQX LQIRUPDFt NWHUi SUREtKDOD SRGOH
SRåDGDYN$þORGVWDSRVN\WRYDWUHIHUHQþQtLQIRUPDFHSURSRWHE\SRYRORYDFtFKRUJiQ$
SLXUþRYiQtSRGPtQHNSRYROHQt3RVN\WRYiQtP]iYDåQêFKLQIRUPDFtWêNDMtFtFKVHQHMOHSãtFK
GRVWXSQêFK WHFKQLN E\ W\WR GRNXPHQW\ PO\ KUiW UROL FHQQpKR QiVWURMH SURVD]RYiQt
HNRORJLFNpKRSURYR]X
,QIRUPDþQt]GURMH
7HQWRGRNXPHQWSHGVWDYXMHVRXKUQLQIRUPDFtVKURPiåGQêFK]DG\]GURM$YþHWQ]HMPpQD
]NXãHQRVWt VNXSLQ ]DORåHQêFK VFtOHP QDSRPRFL .RPLVL YMHMt SUiFL D RYHQêFK ~WYDUHP
VOXåHE.RPLVH9HãNHUpStVSYN\MVRXYtWiQ\
EH]HQ
9,,
3HGPOXYD
-DNFKiSDWDSRXåtYDWWHQWRGRNXPHQW
,QIRUPDFH REVDåHQp YWRPWR GRNXPHQWX MVRX ]DPêãOHQ\ NY\XåLWt MDNR YVWXS SUR XUþRYiQt
%$7 YH VSHFLILFNêFK StSDGHFK 3L XUþRYiQt %$7 D VWDQRYRYiQt SRGPtQHN SRYROHQt
]DORåHQêFK QD %$7 MH WHED YåG\ SLKOtåHW NYãHREHFQpPX FtOL GRVDåHQt Y\VRNp ~URYQ
FHONRYp RFKUDQ\ åLYRWQtKR SURVWHGt =EêYDMtFt þiVW WpWR NDSLWRO\ SRSLVXMH W\S\ LQIRUPDFt
NWHUpSRVN\WXMHNDåGiþiVWWRKRWRGRNXPHQWX
.DSLWRO\ D SRVN\WXMt YãHREHFQp LQIRUPDFH R GRW\þQêFK SU$P\VORYêFK
RGYWYtFKDRSU$P\VORYêFKYêUREQtFKSURFHVHFKYUiPFLRGYWYtSRXåtYDQêFK.DSLWRO\
DSRVN\WXMt~GDMHDLQIRUPDFHWêNDMtFtVHVRXþDVQêFK~URYQtHPLVtDVSRWHE\RGUiåHMtFtFK
VLWXDFLYHVWiYDMtFtFKSURYR]HFKYGREVHSViQtWFKWRNDSLWRO
.DSLWRO\DSRSLVXMtSRGUREQMLVQLåRYiQtHPLVtDRVWDWQtWHFKQLN\NWHUpVHSRYDåXMt]D
QHMG$OHåLWMãt SUR XUþRYiQt %$7 D SRGPtQHN SRYROHQt ]DORåHQêFK QD %$7 7\WR LQIRUPDFH
]DKUQXMt~URYQVSRWHE\DHPLVtSRYDåRYDQp]DGRVDåLWHOQpXåLWtPWDNRYpWHFKQLN\QNWHUp
SHGVWDY\RQiNODGHFKDQNWHUpNtåRYp~þLQN\VWDNRYRXWHFKQLNRXVSRMHQpDGRMDNpPtU\MH
WHFKQLNDXSODWQLWHOQiQDDGXSURYR]$Y\åDGXMtFtFKSRYROHQt,33&QDSQRYpVWiYDMtFtYHONp
QHERPDOpSURYR]\7HFKQLN\NWHUpVHYãHREHFQSRYDåXMt]D]DVWDUDOp]GHQHMVRXREVDåHQ\
.DSLWRO\ D XYiGMt WHFKQLN\ D ~URYQ HPLVt D VSRWHE\ NWHUp VH YREHFQpP VP\VOX
SRYDåXMt]DVOXþLWHOQpV%$7ÒþHOHPMHWHG\SRVN\WQRXWYãHREHFQp~GDMHWêNDMtFtVH~URYQt
HPLVtDVSRWHE\NWHUpO]HSRYDåRYDW]DYKRGQêUHIHUHQþQtERGVFtOHPQDSRPRFLSLXUþRYiQt
SRGPtQHN SRYROHQt ]DORåHQêFK QD %$7 QHER SUR VWDQRYHQt YãHREHFQ ]iYD]QêFK SUDYLGHO
SRGOH þO RGVW -H YãDN WHED ]G$UD]QLW åH WHQWR GRNXPHQW QHQDYUKXMH PH]Qt KRGQRW\
HPLVt 8UþRYiQt YKRGQêFK SRGPtQHN SRYROHQt EXGH ]DKUQRYDW XYiåHQt PtVWQtFK PtVWQ
VSHFLILFNêFK þLQLWHO$ MDNR MVRX WHFKQLFNp FKDUDNWHULVWLN\ GRW\þQpKR SURYR]X MHKR
JHRJUDILFNiSRORKDDPtVWQtHNRORJLFNpSRGPtQN\9StSDGVWiYDMtFtFKSURYR]$MHWHEDWDNp
SLKOtåHWNHNRQRPLFNpDWHFKQLFNpåLYRWDVFKRSQRVWLMHMLFKPRGHUQL]DFH'RNRQFHVDPRWQêFtO
]DMLãWQt Y\VRNp ~URYQ FHONRYp RFKUDQ\ åLYRWQtKR SURVWHGt EXGH þDVWR ]DKUQRYDW
NRPSURPLVQtUR]KRGRYiQtPH]LU$]QêPLW\S\HNRORJLFNêFKGRSDG$DWRWRUR]KRGRYiQtEXGH
þDVWRRYOLYQQRORNiOQtPLG$YRG\
$þNROL MH WX VQDKD SRSVDW QNWHUp ]WFKWR SUREOpP$ QHQt PRåQp DE\ E\O\ YWRPWR
GRNXPHQWXXYDåRYiQ\YFHOpPUR]VDKX7HFKQLN\D~URYQSHGNOiGDQpYNDSLWROHD
SURWRQHEXGRXYåG\YKRGQpSURYãHFKQ\SURYR]\1DGUXKpVWUDQSRYLQQRVW]DMLVWLWY\VRNRX
~URYH RFKUDQ\ åLYRWQtKR SURVWHGt YþHWQ PLQLPDOL]DFH GiONRYpKR D SHVKUDQLþQtKR
]QHþLãWQt ]QDPHQi åH SRGPtQN\ SRYROHQt QHQt PRåQp VWDQRYRYDW YêKUDGQ QD ]iNODG
ORNiOQtFK G$YRG$ -H WHG\ QDQHMYêã G$OHåLWp DE\ VFKYDOXMtFt RUJiQ\ SOQ SLKOtåHO\
NLQIRUPDFtPREVDåHQêPYWRPWRGRNXPHQWX
-HOLNRå QHMOHSãt GRVWXSQp WHFKQLN\ VH þDVHP PQt EXGH WHQWR GRNXPHQW YKRGQ UHYLGRYiQ
DDNWXDOL]RYiQ9HãNHUpSLSRPtQN\DQiYUK\MHWHEDSHGNOiGDW(YURSVNpPX~DGXSUR,33&
SLÒVWDYXSURVWXGLXPSHUVSHNWLYQtFKWHFKQRORJLtQDQiVOHGXMtFtDGUHVH
:RUOG7UDGH&HQWHU,VODGHOD&DUWXMDVD(6HYLOODâSDQOVNR
7HOHIRQ )D[
(PDLOHLSSFE#MUFHV
,QWHUQHWKWWSHLSSFEMUFHV
9,,,
EH]HQ
5HIHUHQþQtGRNXPHQWRQHMOHSãtFKGRVWXSQêFKWHFKQLNiFK
YFHPHQWiVNpPDYiSHQLFNpPSU$P\VOX
628+51
3('0/89$
&(0(17È6.é 35#0<6/
,,
9,
9ãHREHFQp LQIRUPDFH R FHPHQWiVNpP SU$P\VOX
3RXåtYDQp YêUREQt SURFHV\ D WHFKQLN\
'REêYiQt VXURYLQ
6NODGRYiQt D StSUDYD VXURYLQ
6NODGRYiQt VXURYLQ
0OHWt VXURYLQ
3DOLYR VNODGRYiQt D StSUDYD
6NODGRYiQt SDOLY
3tSUDYD SDOLY
9\XåLWt RGSDG$ MDNR SDOLYD
9êSDO VOtQNX
'ORXKp URWDþQt SHFH
5RWDþQt SHFH Y\EDYHQp SHGHKtYDþL
5RWDþQt SHFH V YêPQtNHP D SHGNDOFLQDFt
âDFKWRYp SHFH
3HFQt RGSDGQt SO\Q\
&KODGLþH VOtQNX
0OHWt D VNODGRYiQt FHPHQWX
6NODGRYiQt VOtQNX
0OHWt FHPHQWX
6NODGRYiQt FHPHQWX
%DOHQt D RGHVtOiQt
6RXþDVQi ~URYH VSRWHE\ D HPLVt
6SRWHED HQHUJLH
6SRWHED VXURYLQ
(PLVH
2[LG\ GXVtNX
2[LG VLLþLWê
3UDFK
2[LG\ XKOtNX &2 &2
7NDYp RUJDQLFNp OiWN\
3RO\FKORURYDQp GLEHQ]RGLR[LQ\ 3&'' D GLEHQ]RIXUDQ\ 3&')
.RY\ D MHMLFK VORXþHQLQ\
2GSDG\
+OXN
3DFK
3UiYQt SHGSLV\
0RQLWRURYiQt
7HFKQLN\ XYDåRYDQp SL XUþRYiQt %$7
6SRWHED VXURYLQ
6SRWHED HQHUJLH
9ROED SURFHVX
9ãHREHFQp WHFKQLN\
2SWLPDOL]DFH t]HQt SURFHVX
9êEU SDOLYD D VXURYLQ\
7HFKQLN\ RPH]RYiQt HPLVt 12[
3ULPiUQt RSDWHQt SUR RPH]RYiQt 12[
3RVWXSQp VSDORYiQt
6SDORYiQt YH VWHGX SHFH
0LQHUDOL]DFH VOtQHN
6HOHNWLYQt QHNDWDO\WLFNi UHGXNFH 61&5
6HOHNWLYQt NDWDO\WLFNp UHGXNFH 6&5
7HFKQLN\ SUR RPH]RYiQt HPLVt 62
EH]HQ
,;
3tVDGD DEVRUEHQWX
6XFKi Y\StUND
0RNUi Y\StUND
$NWLYRYDQp XKOt
7HFKQLN\ RPH]RYiQt HPLVt SUDFKX
(OHNWURVWDWLFNp RGOXþRYDþH
/iWNRYp ILOWU\
2GVWUDRYiQt SUDFKX ]H VHNXQGiUQtFK ]GURM$
2PH]RYiQt RVWDWQtFK DWPRVIpULFNêFK HPLVt
2[LG\ XKOtNX &2 &2
7NDYp RUJDQLFNp OiWN\ D 3&''3&')
.RY\
2GSDG\
+OXþQRVW
3DFK\
1HMOHSãt GRVWXSQp WHFKQLN\ SUR FHPHQWiVNê SU$P\VO
1RY Y\YtMHQp WHFKQLN\ Y FHPHQWiVNpP SU$P\VOX
)OXLGQt WHFKQRORJLH YêURE\ FHPHQWX
3RVWXSQp VSDORYiQt NRPELQRYDQp V 61&5
=iYU\ D GRSRUXþHQt
9ãHREHFQp LQIRUPDFH R YiSHQLFNpP SU$P\VOX
9È3(1,&.é 35#0<6/
9êUREQt SURFHV\ D WHFKQLN\ SRXåtYDQp SL YêURE YiSQD
'REêYiQt YiSHQFH
3tSUDYD D VNODGRYiQt YiSHQFH
3DOLYD VNODGRYiQt D StSUDYD
.DOFLQDFH YiSHQFH
âDFKWRYp SHFH
5RWDþQt SHFH
2VWDWQt SHFH
=SUDFRYiQt SiOHQpKR YiSQD
9êURED KDãHQpKR YiSQD
6NODGRYiQt D PDQLSXODFH
-LQp W\S\ YiSQD
9êURED NDOFLQRYDQpKR GRORPLWX
9êURED K\GUDXOLFNêFK YiSHQ
9iSHQLFNp SHFH SUR YQLWURSRGQLNRYRX VSRWHEX
9iSHQLFNp SHFH Y åHOH]iVNpP D RFHOiVNpP SU$P\VOX
9iSHQLFNp SHFH Y FXNURYDUQLFNpP SU$P\VOX
9iSHQLFNp SHFH Y SU$P\VOX VXOIiWRYp EXQLþLQ\
6RXþDVQp KODGLQ\ VSRWHE\ D HPLVt
6SRWHED HQHUJLH
(PLVH
2[LG\ GXVtNX
2[LG VLLþLWê
3UDFK
2[LG\ XKOtNX
2VWDWQt OiWN\
2GSDG\
+OXN
3UiYQt SHGSLV\
0RQLWRURYiQt
7HFKQLN\ XYDåRYDQp SL XUþRYiQt %$7
6SRWHED YiSHQFH
6SRWHED YiSHQFH
6SRWHED HQHUJLH
9êEU SDOLYD
7HFKQLN\ RPH]RYiQt HPLVt 12[
7HFKQLN\ RPH]RYiQt HPLVt 62
7HFKQLN\ RPH]RYiQt HPLVt SUDFKX
;
2SWLPDOL]DFH t]HQt YêUREQtKR SURFHVX
EH]HQ
&\NORQ\
(OHNWURVWDWLFNp RGOXþRYDþH
/iWNRYp ILOWU\
0RNUi Y\StUND
2GVWUDRYiQt SUDFKX ]H VHNXQGiUQtFK ]GURM$
2GSDG\
1HMOHSãt GRVWXSQp WHFKQLN\ SUR YiSHQLFNê SU$P\VO
1RY Y\YtMHQp WHFKQLN\ YH YiSHQLFNpP SU$P\VOX
)OXLGQt NDOFLQDFH
5\FKOê NDOFLQiWRUGLVSHU]Qt YêPQtN
3LGiYiQt DEVRUEHQWX ]D ~þHOHP VQtåHQt HPLVt 62
2PH]RYiQt ~QLN$ &2
.HUDPLFNp ILOWU\
=iYU\ D GRSRUXþHQt
2'.$=< 5()(5(1&(
6/291Ë. 7(50Ë1# $ =.5$7(.
3Ë/2+$ % 2'/8ý29È1Ë 12[ $ 62 9 &(0(17È6.e0 35#0<6/8
3Ë/2+$ $ 67È9$-Ë&Ë 91,75267È71Ë $ 0(=,1È52'1Ë 35È91Ë 3('3,6<
EH]HQ
;,
6H]QDPY\REUD]HQt
2EU9êUREDFHPHQWXY(8DYHVYWYOHWHFK±
2EU&HPHQWiVNêSU$P\VOY(8RGKDG]DPVWQDQRVWLYOHWHFK±
2EU9êUREDFHPHQWXYþVOtQNXQDYêYR]DVSRWHEDFHPHQWXY(8YU
2EU7\SLFNêVXFKêSURFHVVSHGNDOFLQDFt
2EU'ORXKiPRNUiURWDþQtSHFVHW]\
2EU6FKpPDWDU$]QêFKSHGHKtYDþ$
2EU+PRWQRVWQtELODQFHSURYêUREXNJFHPHQWX
2EU)OXLGQtFHPHQWiVNiSHF
2EU7UåQtYêUREDYiSQDYHVYWDY(8YOHWHFK±
2EU7UåQtYêUREDYiSQDYþOHQVNêFKVWiWHFK(8YURFH
2EU3HKOHGSURFHVXYêURE\YiSQD
2EU9HUWLNiOQtãDFKWRYiSHF
2EU'YRMLWVNORQQiãDFKWRYiSHF
2EUD3UVWHQFRYiãDFKWRYiSHFE6RXSURXGiUHJHQHUDWLYQtSHF
2EU5RWDþQtYiSHQLFNiSHFVSHGHKtYDþHP
2EU3URFHVNDOFLQDFHYSO\QQpGLVSHU]L
2EU7HFKQRORJLFNpVFKpPDWtVWXSRYpKRK\GUiWRUXYiSQD
2EU5R]ORåHQt]UQLWRVWLSHFQtYVi]N\W\S\SHFt
2EU)OXLGQtSHF
;,,
EH]HQ
6H]QDPWDEXOHN
7DE&HORVYWRYiYêUREDFHPHQWXSRGOH]HPSLVQêFKREODVWtYURFH
7DE3RþHWFHPHQWiUHQYHVWiWHFK(8YU
7DE'RPiFtGRGiYN\SRGOHGUXK$FHPHQWXY(8
DY(YURSVNpPKRVSRGiVNpPSURVWRUX
7DE6SRWHEDSDOLYDYHYURSVNpPFHPHQWiVNpPSU$P\VOX
7DE7\S\RGSDG$þDVWRSRXåtYDQpMDNRVXURYLQ\
YHYURSVNpPFHPHQWiVNpPSU$P\VOX
7DE7\S\RGSDG$SRXåtYDQpþDVWRYHYURSVNpPFHPHQWiVNpPSU$P\VOX
MDNRSDOLYD
7DE6SRWHEDVXURYLQSLYêUREFHPHQWX
7DE2EODVWLUR]VDKXHPLVt]HYURSVNêFKFHPHQWiVNêFKSHFt
7DE9êVOHGN\PHQt12[Y1PHFNXEKHPOHW
7DE3HKOHGWHFKQLNSURRPH]RYiQtHPLVt12[
7DE3HKOHGWHFKQLNSURRPH]RYiQtHPLVt62
7DE3HKOHGWHFKQLNSURRPH]RYiQtHPLVtSUDFKX
7DE6SRWHEDYiSQDYHVWiWHFK(8YUSRGOHRGYWYt
EH]YQLWURSRGQLNRYpVSRWHE\
7DE3RþHWYiSHQHNQHY\UiEMtFtFKSURYQLWURSRGQLNRYRXVSRWHEX
YþOHQVNêFKVWiWHFK(8YU
7DE3RþHWYiSHQLFNêFKSHFtYSURYR]XY(8YU
EH]SHFtSURYQLWURSRGQLNRYRXVSRWHEX
7DE2GKDGRYDQêSRGtOU$]QêFKW\S$YiSQDY(8YURFH
7DE=DVWRXSHQtSDOLYSRXåtYDQêFKHYURSVNêPYiSHQLFNêPSU$P\VOHP
YURFH
7DE3DOLYDSRXåtYDQiSLYêSDOXYiSQD
7DE&KDUDNWHULVWLN\QNWHUêFKW\S$YiSHQLFNêFKSHFt
7DE7\SLFNiVSRWHEDWHSODDHOHNWLQ\XU$]QêFKW\S$YiSHQLFNêFKSHFt
7DE&KDUDNWHULVWLFNpHPLVH12[]QNWHUêFKW\S$YiSHQLFNêFKSHFt
7DE&KDUDNWHULVWLFNpHPLVH62]QNWHUêFKW\S$YiSHQLFNêFKSHFt
7DE&KDUDNWHULVWLFNpHPLVH&2]QNWHUêFKW\S$YiSHQLFNêFKSHFt
7DE3HKOHGWHFKQLNGRVWXSQêFKSURYiSHQLFNêSU$P\VO
7DE3HKOHGWHFKQLNSURRPH]RYiQtSUDFKRYêFKHPLVt]YêURE\YiSQD
EH]HQ
;,,,
=$0(1Ë
7HQWRUHIHUHQþQtGRNXPHQW]DKUQXMHYêUREQtSURFHV\SRXåtYDQpSLYêUREFHPHQWXDYiSQD
+ODYQtSRSLVRYDQpYêUREQtSURFHV\MVRX
6NODGRYiQtDStSUDYDVXURYLQ
6NODGRYiQtDStSUDYDSDOLY
3HFQtV\VWpP\
3tSUDYDDVNODGRYiQtYêUREN$
%DOHQtDRGHVtOiQt
1HQt]DKUQXWRGREêYiQtDãDFKWRYpSHFHQDYêUREXFHPHQWRYpKRVOtQNX
;,9
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
&(0(17È6.é35#0<6/
9ãHREHFQpLQIRUPDFHRFHPHQWiVNpPSU$P\VOX
&HPHQWMHMHPQPOHWêQHNRYRYêDQRUJDQLFNêSUiãHNDMHOLVPtFKiQVYRGRXY\WYitSDVWX
NWHUi WXKQH D WYUGQH 7RWR K\GUDXOLFNp WYUGQXWt MH SULPiUQ G$VOHGNHP Y\WYiHQt K\GUiW$
NHPLþLWDQX YiSHQDWpKR MDNR YêVOHGNX UHDNFH PH]L ]iPVRYRX YRGRX D VORåNDPL FHPHQWX
9StSDG KOLQLWDQRYêFK FHPHQW$ K\GUDXOLFNp WYUGQXWt ]DKUQXMH Y\WYiHQt K\GUiW$ KOLQLWDQX
YiSHQDWpKR
&HPHQW MH ]iNODGQtP PDWHULiOHP SUR VWDYE\ EXGRY D LQåHQêUVNp VWDYE\ 9(YURS O]H
Y\VOHGRYDW SRXåtYiQt FHPHQWX D EHWRQX VPVL FHPHQWX ãWUNX StVNX D YRG\ X YHONêFK
REþDQVNêFK VWDYHE Xå YH VWDURYNX 3RUWODQGVNê FHPHQW QHMþDVWML SRXåtYDQê FHPHQW
YEHWRQRYêFK VWDYEiFK E\O SDWHQWRYiQ URNX &HONRYi SURGXNFH FHPHQWiVNpKR
SU$P\VOX MH StPR VSMDWD VFHONRYêP VWDYHP VWDYHEQLFWYt D SURWR ~]FH VOHGXMH FHONRYRX
KRVSRGiVNRXVLWXDFL
-DNXND]XMHREUFHORVYWRYiYêUREDFHPHQWXRGSRþiWNXOHWWUYDOHVWRXSiSL]YêãHQp
YêUREYUR]YRMRYêFK]HPtFK]HMPpQDY$VLLNWHUpPDMtOYtSRGtOQDU$VWXYêURE\FHPHQWX
YOHWHFK
Y OHWHFK ± 2EU 9êURED FHPHQWX Y (8 D YH VY W
>&HPEXUHDX@
9URFH GRVDKRYDOD YêURED FHPHQWX PLOLRQ$ WXQ 7DE XND]XMH UR]ORåHQt
YêURE\FHPHQWXSRGOH]HPSLVQêFKREODVWt
ýtQD
-DSRQVNR
]EêYDMtFt$VLH
(YURSVNiXQLH
RVWDWQt(YURSD
86$
2VWDW$PHULND
$IULND
%êYDOê6665
2FHiQLH
7DE &HORVY WRYi YêURED FHPHQWX SRGOH ]HP SLVQêFK REODVWt Y URFH >=SUiYD &HPEXUHDX @
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
9êUREFLY(YURSVNpXQLL]YêãLOLYêUREXFHPHQWXQDSUDFRYQtNDDURN]WXQYURFH
QD W YURFH 7HQWR QiU$VW SURGXNWLYLW\ MH YêVOHGNHP ]DYiGQt YWãtFK YêUREQtFK
MHGQRWHN 7\ Y\XåtYDMt SRNURþLORX DXWRPDWL]DFL YêUREQtKR SURFHVX D SURWR Y\åDGXMt PpQ
DYãDNNYDOLILNRYDQMãtKRSHUVRQiOX3RþHWOLGt]DPVWQDQêFKY(YURSVNpXQLLYFHPHQWiVNpP
SU$P\VOX MH Q\Qt QLåãt QHå 2EU XND]XMH RGKDG SUDFRYQtFK VLO YFHPHQWiVNpP
SU$P\VOXY(YURSVNpXQLLPH]LURN\Då
$P\VO Y (8 RGKDG ]DPVWQDQRVWL Y OHWHFK ± 2EU &HPHQWi VNê SU
~GDMH SHG URNHP QH]DKUQXMt ]DPVWQDQFH ] EêYDOp 1'5
>&HPEXUHDX@
9URFH SHGVWDYRYDOD YêURED FHPHQWX Y(YURSVNp XQLL FHONHP PLOLRQ$ WXQ
D VSRWHED PLOLRQ$ WXQ PLOLRQ$ WXQ FHPHQWX E\OR GRYH]HQR D PLOLRQ$ WXQ E\OR
Y\YH]HQR ÒGDMH ]DKUQXMt REFKRG PH]L VWiW\ (89êYR] D GRYR] FHPHQWX MH REHFQ YHOPL
PDOê KODYQ MDNR G$VOHGHN Y\VRNêFK QiNODG$ QD VLOQLþQt GRSUDYX =DKUDQLþQt REFKRG
VFHPHQWHP SHGVWDYXMH FHORVYWRY VWiOH MHQ DVL ± YêURE\ ]QLFKå YWãLQD MH
GRSUDYRYiQD SR PRL 'RGiYN\ FHPHQWX SR VLOQLFL REY\NOH QHSHVDKXMt Y]GiOHQRVW NP
-DNXND]XMHREUVSRWHEDPQRKêFKþOHQVNêFKVWiW$(8VHYG$VOHGNXWRKRURYQiYêURE
VYêMLPNRX HFND D 'iQVND NWHUp Y\YiåHMt SLEOLåQ VYp YêURE\ FHPHQWX 3W
QHMYWãtFK YêUREF$ FHPHQWX QD VYW MVRX þW\L ]iSDGRHYURSVNp VNXSLQ\ +ROGHUEDQN
/DIDUJH +HLGHOEHUJHU D ,WDOFHPHQWL VSROX VH VSROHþQRVWt &HPH[ ]0H[LND .URP YêURE\
FHPHQWX W\WR VSROHþQRVWL GLYHU]LILNRYDO\ VYp DNWLYLW\ WDNp GR QNWHUêFK SRGRGYWYt
VWDYHEQtFKPDWHULiO$MDNRãWUNYêUREN\]EHWRQXViGURNDUWRQDWG
'RSUDYQtQiNODG\]S$VREXMtåHWUKFHPHQWXMHSHYiåQWUKGRPiFt8UþLWêJOREiOQtWUKYãDN
H[LVWXMH D YQNWHUêFK StSDGHFK MH HNRQRPLFN\ VFK$GQp GRGiYDW FHPHQW YH VYWRYpP
PtWNX0H]LQiURGQtNRQNXUHQFHMHKODYQQHEH]SHþtPSURVDPRVWDWQp]iYRG\DYUiPFL(8
RYOLYXMtSRGPtQN\PtVWQtFKWUK$]Y\ãXMtFtVHGRYR]\]YêFKRGQt(YURS\
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
2EU 9êURED FHPHQWX Yþ VOtQNX QD YêYR] D VSRW HED FHPHQWX Y (8 Y U >&HPEXUHDX UHSRUW @ >*|OOHU@
9URFH E\OR Y(YURSVNp XQLL SURYR]$ Y\UiEMtFtFK FHPHQWRYê VOtQHN D KRWRYê
FHPHQW.URPWRKR]GHH[LVWXMHGDOãtFKPOHFtFKSURYR]$POêQ$EH]SHFt9L]WDE
6WiW
&HPHQWiUQ\
&HPHQWiUQ\
V SHFHPL
SRX]H V POêQ\ FHPHQWX
%HOJLH
'iQVNR
)LQVNR
)UDQFLH
1PHFNR
5DNRXVNR
HFNR
,UVNR
,WiOLH
/XFHPEXUVNR
1L]R]HPt
3RUWXJDOVNR
âSDQOVNR
âYpGVNR
6SRMHQp NUiORYVWYt
&HONHP
7DE 3RþHW FHPHQWiUHQ YH VWiWHFK (8 Y U >&HPEXUHDX UHSRUW @ >6FKQHLGHU@
9HVWiWHFK(8MHFHONHPSHFtDOHQHYãHFKQ\MVRXYVRXþDVQRVWLYSURYR]X9SRVOHGQtFK
OHWHFKVHYHOLNRVWSHFHXVWiOLODSLEOLåQQDW]DGHQDLNG\åH[LVWXMtSHFHYHOPLRGOLãQp
YHOLNRVWLDVWitMHQYHOPLPiORSHFtPiNDSDFLWXPHQãtQHåW]DGHQ
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
9VRXþDVQRVWL SRFKi]t DVL HYURSVNp YêURE\ FHPHQWX ]SHFt VH VXFKêP YêUREQtP
]S$VREHPGDOãtFKSLSDGiQDSHFHVSRORVXFKêP DSRORPRNUêPYêUREQtP]S$VREHP
SLþHPå ]E\WHN DVL Q\Qt SRFKi]t ]SHFt VPRNUêP YêUREQtP ]S$VREHP 9êEU
YêUREQtKR]S$VREXMHSULPiUQPRWLYRYiQSRYDKRXGLVSRQLELOQtFKVXURYLQ
1iYUK HYURSVNp QRUP\ SU(1 SUR RE\þHMQp FHPHQW\ XYiGt U$]QêFK W\S$
SRUWODQGVNpKR FHPHQWX YSWL VNXSLQiFK .URP WRKR H[LVWXMH DGD VSHFLiOQtFK FHPHQW$
Y\UiEQêFK SUR ]YOiãWQt SRXåLWt 7DE XND]XMH SURFHQWXiOQt ]DVWRXSHQt NDåGpKR W\SX
FHPHQWXGRGiYDQpKRYUQDGRPiFtWUK
3RUWODQGVNêVPVQêFHPHQW
3RUWODQGVNêFHPHQW
9\VRNRSHFQtFHPHQW
3XFROiQRYêFHPHQW
2VWDWQtFHPHQW\
$ FHPHQWX Y (8 D Y (YURSVNpP KRVSRGiVNpP SURVWRUX
7DE 'RPiFt GRGiYN\ SRGOH GUXK
>&HPEXUHDX UHSRUW @
&HPHQWiVNêSU$P\VOMHHQHUJHWLFN\QiURþQêNG\åHQHUJLHSHGVWDYXMH±YêUREQtFK
QiNODG$W]QY\MPDNDSLWiORYêFKQiNODG$3ULPiUQtPSRXåtYDQêPSDOLYHPMHWUDGLþQXKOt
3RXåtYiVHWDNpãLURNiãNiODMLQêFKSDOLYYþHWQSHWURONRNVX]HPQtKRSO\QXDQDIW\.URP
WFKWR W\S$ SDOLY VH YFHPHQWiVNpP SU$P\VOX YtFH QHå OHW SRXåtYi MDNR SDOLYD U$]QêFK
GUXK$RGSDG$
3HWURONRNV
8KOtþHUQp
7RSQêROHM
8KOtKQGp
3O\Q
5$]QpGUXK\RGSDG$
$P\VOX
7DE 6SRW HED SDOLYD Y HYURSVNpP FHPHQWi VNpP SU
>&HPEXUHDX UHSRUW @
(PLVH]FHPHQWiUHQNWHUpS$VREtYHONpREDY\MVRXR[LG\GXVtNX12[R[LGVLLþLWê62
DSUDFK2VWDWQtHPLVHNWHUpMHWHEDXYDåRYDWMVRXR[LG\XKOtNX&2&2WNDYpRUJQLFNp
OiWN\ 92& YRODWLOH RUJDQLF FRPSRXQGV SRO\FKORURYDQp GLEHQ]RGLR[LQ\ 3&''
SRO\FKORURYDQpGLEHQ]RIXUDQ\3&')NRY\DKOXN
&HPHQWiVNê SU$P\VO MH NDSLWiORY QiURþQê 1iNODG\ QD QRYRX FHPHQWiUQX MVRX URYQ\
WtOHWpPX REUDWX FRå DGt FHPHQWiVNê SU$P\VO PH]L NDSLWiORY QHMQiURþQMãt GUXK\
SU$P\VOX5HQWDELOLWDFHPHQWiVNpKRSU$P\VOXMHDVL ]REUDWX SRþtWiQR ]H ]LVNX SHG
]GDQQtPDSHGVSOiWNDPL~URN$
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
3RXåtYDQpYêUREQtSURFHV\DWHFKQLN\
=iNODGQt FKHPLFNi UHDNFH SL YêURE FHPHQWX ]DþtQi UR]NODGHP XKOLþLWDQX YiSHQDWpKR
&D&2SL]KUXED R&WtPVHXYROXMHR[LGYiSHQDWê&D2YiSQRDXQLNiSO\QQêR[LG
XKOLþLWê &2 WHQWR SURFHV MH ]QiP MDNR NDOFLQDFH 3RWp QiVOHGXMH SURFHV VOLQRYiQt SL
NWHUpP R[LG YiSHQDWê SL Y\VRNp WHSORW REY\NOH ± R& UHDJXMH VR[LGHP
NHPLþLWêP KOLQLWêP D åHOH]LWêP QD NHPLþLWDQ\ KOLQLWDQ\ D åHOH]LWDQ\ YiSQtNX NWHUp
Y\WYiHMt VOtQHN 7HQ VH SRWRP GUWt QHER PHOH VSROX VH ViGURYFHP D MLQêPL DGLWLY\ þtPå
Y]QLNiFHPHQW
([LVWXMtþW\LKODYQtSRVWXS\YêURE\FHPHQWXVXFKêSRORVXFKêSRORPRNUêDPRNUêSURFHV
6XFKêSURFHVVXURYLQDVHPHOHDVXãtQDVXURYLQRYRXPRXþNXYSRGREV\SNpKRSUiãNX
6XFKiVXURYLQRYiPRXþNDVHSLYiGtGRSHFHVYêPQtNHPQHERVSHGNDOFLQDFtQHERPpQ
þDVWRGRGORXKpVXFKpSHFH
3RORVXFKêSURFHVVXFKi VXURYLQRYi PRXþND VH JUDQXOXMH VYRGRX D SLYiGt GR URãWRYpKR
SHGHKtYDþHSHGSHFtQHERGRGORXKpSHFHY\EDYHQpHW]\
3RORPRNUêSURFHVQHMSUYHVH]HVXURYLQRYpKRNDOXYH ILOWUDþQtFKOLVHFKRGVWUDXMHYRGD
=ILOWUDþQtKRNROiþHVHY\WODþXMtJUDQXOHDW\VHSLYiGMtEXGRURãWRYpKRSHGHKtYDþHQHER
StPRGRVXãLþN\ILOWUDþQtKRNROiþHQDYêUREXPRXþN\
0RNUê SURFHV VXURYLQ\ þDVWR VY\VRNêP REVDKHP YOKNRVWL VH PHORX YH YRG QD
þHUSDWHOQêNDO7HQVHGRSUDYXMHEXStPRGRSHFHQHERQHMSUYHGRVXãLþN\NDOX
2EU]Qi]RUXMHVFKpPDVXFKpKRSURFHVXVSHGNDOFLQDFt
2EU 7\SLFNê VXFKê SURFHV V S HGNDOFLQDFt
1D ]iNODG
REU Y >8. ,3& 1RWH @
9êEU SURFHVX MH GR ]QDþQp PtU\ XUþRYiQ VWDYHP VXURYLQ VXFKp QHER PRNUp 9HONi þiVW
VYWRYp YêURE\ VOtQNX MH MHãW ]DORåHQD QD PRNUpP SURFHVX $YãDN Y(YURS VH GtN\
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
GRVWXSQRVWL VXFKêFK VXURYLQ YtFH QHå YêURE\ UHDOL]XMH VXFKêP SURFHVHP 0RNUp
SURFHV\ MVRX HQHUJHWLFN\ QiURþQMãt D WHG\ GUDåãt 8 SURYR]$ VSRORVXFKêP SURFHVHP VH
SHGSRNOiGi SHFKRG QD VXFKp WHFKQRORJLH MDNPLOH EXGH Y\åDGRYiQR UR]ãtHQt QHER
SRGVWDWQp]GRNRQDOHQt3URYR]\VSRORPRNUêPQHERPRNUêPSURFHVHPPDMtREY\NOHStVWXS
SRX]HNPRNUêPVXURYLQiPMDNMHWRPXY'iQVNXDY%HOJLLDGRXUþLWpPtU\Y%ULWiQLL
9ãHPSURFHV$PMVRXVSROHþQpQiVOHGXMtFtSRGSURFHV\
x 'REêYiQtVXURYLQ
x 6NODGRYiQtDStSUDYDVXURYLQ
x 6NODGRYiQtDStSUDYDSDOLY
x 3iOHQtVOtQNX
x 0OHWtDVNODGRYiQtFHPHQWX
x %DOHQtDH[SHGLFH
'REêYiQtVXURYLQ
3tURGQt YiSHQLWp XVD]HQLQ\ MDNR MH YiSHQHF VOtQ QHER NtGD MVRX ]GURMHP XKOLþLWDQX
YiSHQDWpKR2[LGNHPLþLWêåHOH]LWêDKOLQLWêVHQDFKi]HMtYU$]QêFKUXGiFKDQHURVWHFKMDNR
StVHNELGOLFHMtODåHOH]QiUXGD-DNRþiVWHþQRXQiKUDGXStURGQtFKVXURYLQMHPRåQpSRXåtW
WDNp HOHNWUiUHQVNê SRStOHN Y\VRNRSHFQt VWUXVNX D MLQp ]E\WN\ ]YêUREQtFK SURFHV$
Y]iYLVORVWL QD MHMLFK FKHPLFNp YKRGQRVWL 7DE XND]XMH W\S\ RGSDG$ Y(YURS GQHV
QHMþDVWMLSRXåtYDQêFKMDNRVXURYLQ\SLYêUREFHPHQWX
3ROpWDYêSRStOHN
9\VRNRSHFQtVWUXVND
.HPLþLWpSUDFK\
äHOH]QiVWUXVND
.DO\]SDStUHQ
3\ULWRYêSUDFK
3U$P\VORYpViGURYFH]RGVLRYiQtNRXRYêFKSO\Q$D]YêURE\N\VHOLQ\IRVIRUHþQp
$ þDVWR SRXåtYDQp MDNR VXURYLQ\ Y HYURSVNpP FHPHQWiVNpP SU$P\VOX
7DE 7\S\ RGSDG
>&HPEXUHDX@
=tVNiYiQt WpP YãHFK StURGQtFK VXURYLQ SHGVWDYXMH WåHEQt D G$OQt þLQQRVWL 0DWHULiO\ VH
QHMþDVWML ]tVNiYDMt ]SRYUFKRYêFK ORP$ 1H]E\WQi þLQQRVW ]DKUQXMH YUWiQt VNDO RGVWHO
EDJURYiQtGRSUDYXDGUFHQt
+ODYQt PDWHULiO\ MDNR YiSHQHF YiSQLWê VOtQ D ELGOLFH QHER MtO VH GREêYDMt YORPHFK 9H
YWãLQ StSDG$ MH ORP SREOtå SURYR]X 3R SUYRWQtP GUFHQt VH VXURYLQ\ SHSUDYXMt GR
FHPHQWiUQ\ NH VNODGRYiQt D GDOãt StSUDY 2VWDWQt VXURYLQ\ MDNR EDX[LW åHOH]Qi UXGD
Y\VRNRSHFQtVWUXVNDQHERVOpYiUHQVNêStVHNVHSLYiåHMtRGMLQXG
6NODGRYiQtDStSUDYDVXURYLQ
3tSUDYDVXURYLQ\MH]KOHGLVNDQiVOHGXMtFtKRSHFQtKRV\VWpPXYHOPLG$OHåLWiMDNSURGRVDåHQt
VSUiYQpKRFKHPLFNpKRVORåHQtVXURYLQRYpYVi]N\WDNSUR]DMLãWQtGRVWDWHþQMHPQpYVi]N\
6NODGRYiQtVXURYLQ
3RWHEDSRXåLWtNU\WêFKVNODG$]iYLVtQDNOLPDWLFNêFKSRGPtQNiFKDQDREMHPXGUREQpIUDNFH
YVXURYLQRSRXãWMtFtGUWLFt]Dt]HQt9StSDG]Dt]HQt VNDSDFLWRX WGHQ PRKRX W\WR
VWDYE\XFKRYiYDWRGGRWXQPDWHULiOX
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
-H WHED DE\ VXURYLQD SLYiGQi GR SHFQtKR V\VWpPX E\OD FKHPLFN\ FR QHMKRPRJHQQMãt
7RKR VH GRVDKXMH t]HQtP GiYNRYiQt GR POHFtKR ]Dt]HQt VXURYLQ\ 3RNXG MDNRVW PDWHULiOX
]ORPX NROtVi MH PRåQp GRViKQRXW SHGKRPRJHQL]DFH ]DYiåHQtP PDWHULiOX GR SiV$ QHER
YUVWHYSRGpOVNODGXQHERSRGpOMHKRREYRGXDMHKRStþQêPRGHEtUiQtP]HVNOiGN\3RNXG
MH PDWHULiO ]ORPX GRVWL KRPRJHQQt O]H SRXåtW MHGQRGXããtFK V\VWpP$ XNOiGiQt D RGHEtUiQt
6XURYLQ\SRXåtYDQpYUHODWLYQPDOpPPQRåVWYtQDSQHURVWQiDGLWLYDMHPRåQRDOWHUQDWLYQ
VNODGRYDWYVLOHFKQHEREXQNUHFK-DNpNROLVXURYLQ\VSRWHQFLiOQQHEH]SHþQêPLYODVWQRVWPL
MDNR MH SROpWDYê SRStOHN D IRVIRViGURYHF VH PXVt VNODGRYDW D SLSUDYRYDW SRGOH
LQGLYLGXiOQtFK]YOiãWQtFKSRGPtQHN
0OHWtVXURYLQ
3UR GRVDåHQt NRQ]LVWHQWQtKR FKHPLFNpKR VORåHQt MH G$OHåLWp SHVQp PHQt D YDKRYp
GiYNRYiQt VORåHN SLYiGQêFK GR POêQD -H WR ]FHOD ]iVDGQt SUR XVWiOHQê SURYR] SHFH D
Y\VRNRX MDNRVW YêURENX 0HQt D GiYNRYiQt MH WDNp G$OHåLWêP þLQLWHOHP HQHUJHWLFNp
~þLQQRVWL POHFtKR V\VWpPX 3HYOiGDMtFtP PLFtP D GiYNRYDFtP ]Dt]HQtP SUR StYRG
VXURYLQ\GRPOêQ$MHþOiQNRYêGRSUDYQtNQiVOHGRYDQêSiVRYêPYiKRYêPGRSUDYQtNHP
0OHWtVXURYLQVXFKpDSRORVXFKpSHFQtV\VWpP\
6XURYLQ\ YXUþHQpP SRPUX VH PHORX D PtVt WDN DE\ Y\WYiHO\ KRPRJHQQt VPV
VSRåDGRYDQêPFKHPLFNêPVORåHQtP3URVXFKpDSRORVXFKpSHFQtV\VWpP\VHVORåN\VXURYLQ
PHORX D VXãt QD MHPQê SUiãHN SLþHPå VH SRXåtYDMt KODYQ YêVWXSQt SO\Q\ ]SHFH D QHER
YêVWXSQtY]GXFK]FKODGLþH3URVXURYLQ\VUHODWLYQY\VRNêPREVDKHPYOKNRVWLDSURSRVWXS\
XYiGQtGRSURYR]XP$åHEêWNStGDYQpSURGXNFLWHSODSRWHEDSRPRFQpKRWRSHQLãW
7\SLFNpSRXåtYDQpPOHFtV\VWpP\MVRX
WUXEQDWêPOêQFHQWUiOQtY\SUD]GRYiQt
WUXEQDWêPOêQVHY]GXãQêPREKHP
YHUWLNiOQtYiOFRYêPOêQ
KRUL]RQWiOQtYiOFRYêPOêQGRSRVXGMHQQNROLNLQVWDODFt
2VWDWQtPOHFtV\VWpP\VHSRXåtYDMtYPHQãtPtH-VRXWR
WUXEQDWêPOêQVNRQFRYêPY\SUD]GRYiQtPYX]DYHQpPRNUXKX
DXWRJHQQtPOêQ
YiOFRYêWODNRYêPOêQQNG\VHVXãtFtPGUWLþHP
-HPQRVW D UR]ORåHQt YHOLNRVWL þiVWLF SURGXNWX RSRXãWMtFtKR V\VWpP POHWt VXURYLQ\ MH YHOPL
G$OHåLWi SUR QiVOHGQê SURFHV YêSDOX &tOH GDQpKR SUR W\WR SDUDPHWU\ VH GRVDKXMH
QDVWDYRYiQtP VHSDUiWRUX SRXåtYDQpKR SUR WtGQt SURGXNWX RSRXãWMtFtKR POêQ 3UR VXFKp
WtGQtVHSRXåtYDMtYWUQpWtGLþH1HMQRYMãtJHQHUDFHVURWRURYRXNOHFtPDMtQNROLNYêKRG
-VRXWR
QLåãtPUQiVSRWHEDHQHUJLHPOHFtKRV\VWpPXPpQSHPtOiQt
]YêãHQiNDSDFLWDV\VWpPXHIHNWLYQRVWVHSDUDFHþiVWLFD
YêKRGQMãtUR]ORåHQtYHOLNRVWLþiVWLFDVWHMQRPUQRVWSURGXNWX
0OHWtVXURYLQPRNUêQHERSRORPRNUêSHFQtV\VWpP
0RNUp POHWt VH SRXåtYi SRX]H YNRPELQDFL VPRNUêP D SRORPRNUêP SHFQtP V\VWpPHP
6ORåN\ VXURYLQ\ VH PHORX VSLGDQRX YRGRX GR SRGRE\ NDOX $E\ VH GRViKOR SRåDGRYDQp
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
MHPQRVWL NDOX ]D ~þHOHP Y\KRYQt SRåDGDYN$P VRXGREp NYDOLW\ MVRX KODYQt DOWHUQDWLYRX
POHFtV\VWpP\VX]DYHQêPRNUXKHP
0RNUpPXSURFHVXVHQRUPiOQGiYiSHGQRVWMDNPLOHPiVXURYLQDY\ããtREVDKYOKNRVWLQHå
KPRWQRVWQtFK7DNRYpVXURYLQ\MDNRNtGDVOtQQHERMtONWHUpMVRXOHSNDYpDVY\VRNêP
SLUR]HQêP REVDKHP YOKNRVWL MVRX PNNp D YSUYQtP VWXSQL StSUDY\ PRKRX EêW POHW\
YUR]SODYRYDFtP POêQ 9RGD D SRGUFHQê PDWHULiO VH SLYiGMt GR UR]SODYRYDFtKR POêQD
D PHORX VH QD NDO VWLåQêPL D Ui]RYêPL VLODPL XGORYDQêPL URWXMtFtPL UDPHQ\ -DNPLOH MH
PDWHULiO GRVWDWHþQ MHPQê SURFKi]t VtW\ YH VWQ UR]SODYRYDFtKR POêQD D þHUSi VH GR
VNODGRYDFtKRSURVWRUX$E\VHGRViKORSRåDGRYDQpMHPQRVWLNDOXY\åDGXMHVHREY\NOHGDOãt
POHWtYWUXEQDWpPPOêQ]HMPpQDSRNXGVHPiSLGiYDWGDOãtPDWHULiOMDNRStVHN
=D~þHOHPVQtåHQtVSRWHE\SDOLYDYSHFLVHEKHPGUFHQtVXURYLQ\NRQWUROXMHSLGiYiQtYRG\
WDNåH SRXåLWp PQRåVWYt MH PLQLPiOQtP QH]E\WQêP PQRåVWYtP SUR SRWHE\ GRVDåHQt
SRåDGRYDQêFKFKDUDNWHULVWLNWHNXWRVWLDþHUSDWHOQRVWLNDOXDåKPYRG\&KHPLFNi
DGLWLYDPRKRXS$VRELWMDNRHGLGODNDOXXPRåXMtFtVQtåHQtREVDKXYRG\
+RPRJHQL]DFHDVNODGRYiQtVXURYLQRYpPRXþN\QHERNDOX
3HG YVWXSHP GR MDNpKRNROL W\SX SHFQtKR V\VWpPX Y\åDGXMH VXURYLQRYi PRXþND QHER NDO
RSRXãWMtFt SURFHV POHWt GDOãt PtVHQtKRPRJHQL]DFL 6XURYLQRYi PRXþND VH KRPRJHQL]XMH
DVNODGXMHYVLOHFKVXURYLQRYêNDOEXYQiGUåtFKQHERYVLOHFK
3UR GRSUDYX VXURYLQRYp PRXþN\ GR VLO VH SRXåtYDMt SQHXPDWLFNp D PHFKDQLFNp V\VWpP\
0HFKDQLFNp GRSUDYQtN\ REY\NOH Y\åDGXMt Y\ããt LQYHVWLþQt QiNODG\ DOH PDMt PQRKHP QLåãt
SURYR]Qt QiNODG\ QHå SQHXPDWLFNp GRSUDYQt V\VWpP\ 9GQHãQt GRE MH QHMREY\NOHMãtP
GRSUDYQtPV\VWpPHPNRPELQDFHY]GXFKRYêFKåODE$QHERãQHNRYêFKHW]RYêFKGRSUDYQtN$
VNRUHþNRYêPLHOHYiWRU\
3DOLYRVNODGRYiQtDStSUDYD
=D~þHOHPGRGiQtWHSODY\åDGRYDQpKRYêUREQtPSURFHVHPVHP$åHSRXåtWU$]QêFKSDOLY3L
Y\WiSQt FHPHQWiVNêFK SHFt VH SRXåtYDMt KODYQ WL U$]Qp W\S\ SDOLY WD MVRX XYHGHQD
VHVWXSQSRGOHG$OHåLWRVWL
SUiãNRYpXKOtDSHWURONRNV
WåNêWRSQêROHM
]HPQtSO\Q
+ODYQtPLVORåNDPLSRSHORYLQWFKWRSDOLYMVRXVORXþHQLQ\R[LGXKOLQLWpKRDNHPLþLWpKR7\
VH YiåRX VH VXURYLQDPL WDN åH VH VWDQRX VRXþiVWt VOtQNX 7R MH WHED EUiW Y~YDKX SL
YêSRþWHFKVORåHQtVXURYLQ\ DWDNMHåiGRXFtSRXåtYDWSDOLYRVNRQVWDQWQtPL NG\å QH QXWQ
Qt]NêPREVDKHPSRSHORYLQ
+ODYQtPL SDOLY\ SRXåtYDQêPL YHYURSVNpP FHPHQWiVNpP SU$P\VOX MVRX SHWURONRNV D XKOt
þHUQpDKQGp1iNODG\REY\NOHY\OXþXMtSRXåLWt]HPQtKRSO\QXQHERQDIW\DOHYROEDSDOLYD
REY\NOH]iOHåtQDPtVWQt VLWXDFL MDNR MH GLVSRQLELOLWD GRPiFtKR XKOt $YãDN Y\VRNp WHSORW\
D GORXKp GRE\ SRE\WX YSHFQtFK V\VWpPHFK YHGRX NH ]QDþQpPX SRWHQFLiOX UR]NODGX
RUJDQLFNêFKOiWHN7RGiYiPRåQRVWYROE\ãLURNpãNiO\PpQGUDKêFKSDOLY]HMPpQDU$]QêFK
GUXK$ RGSDG$ $E\ VH ]WUiW\ HQHUJLH XGUåHO\ QD PLQLPX SURYR]XMt VH FHPHQWiVNp SHFH SL
QHMQLåãt SLPHQp ~URYQL SHE\WNX N\VOtNX 7R Y\åDGXMH StVQ SUDYLGHOQp D VSROHKOLYp
RGPRYiQtDGRGiYNXSDOLYDYHIRUPGRYROXMtFtVQDGQpD~SOQpVSDORYiQt7\WRSRGPtQN\
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
VSOXMtYãHFKQDNDSDOQiDSO\QQiSDOLYD$E\W\WRSRGPtQN\VSORYDODSUiãNRYiSHYQiSDOLYD
MH ]FHOD ]iVDGQt GREUi NRQVWUXNFH QiV\SHN GRSUDYQtN$ D SRGDYDþ$ +ODYQt YVi]ND SDOLYD
PXVtEêWWRKRWRVQDGQRVSDOLWHOQpKRW\SX]DWtPFR]EêYDMtFtFK P$åH
EêWSLYiGQRYSRGREKUXEpGUWLQHERKUXG
6NODGRYiQtSDOLY
6XURYp XKOt D SHWURONRNV VH VNODGXMH SRGREQ MDNR VXURYLQ\ WHG\ YPQRKD StSDGHFK
YNU\WêFK VNODGHFK 9HQNRYQt VNODGRYiQt QD YHONêFK ]KXWQQêFK KDOGiFK VH SRXåtYi SUR
GORXKRGREp]iVRE\7DNRYp]iVRE\PRKRXEêWRVHW\WUDYRXDE\VH]DEUiQLORHUR]LGHã"RYRX
YRGRX D YWUHP 2GYRGQQt YHQNRYQtFK VNODG$ GR ]HP VH XNi]DOR MDNR SUREOHPDWLFNp
$YãDNXWVQQiEHWRQRYiSRGORåtSRG]iVREQtPL KDOGDPL XPRåXMt VEU D þLãWQt RGWpNDMtFt
YRG\ 3L VNODGRYiQt XKOt VSRPUQ Y\VRNêP REVDKHP WNDYêFK OiWHN MH WHED Y\VOHGRYDW
VWDQGDUWQt GREUp SRVWXS\ WêNDMtFt VH ]KXWRYiQt D YêãN\ ]iVREQtFK KDOG DE\ VH SL
GORXKRGREpPVNODGRYiQtSHGHãORUL]LNXVDPRY]QtFHQt
3UiãNRYp XKOt D SHWURONRNV VH VNODGXMt YêKUDGQ YVLOHFK =EH]SHþQRVWQtFK G$YRG$ WM
QHEH]SHþt YêEXFK$ LQLFLRYDQêFK GRXWQiQtP D SHVNRN\ YêERM$ VWDWLFNp HOHNWLQ\ PXVt EêW
WDWR VLOD VDPRVSiGQpKR RGEUQpKR W\SX D PXVt EêW Y\EDYHQD VWDQGDUGQtPL EH]SHþQRVWQtPL
]Dt]HQtPL
7RSQê ROHM VH VNODGXMH YH YHUWLNiOQtFK RFHORYêFK QiGUåtFK 7\ MVRX QNG\ L]RORYiQ\ FRå
QDSRPiKi XGUåHQt WRSQpKR ROHMH SL þHUSDWHOQp WHSORW Då R& 0RKRX EêW WDNp
Y\EDYHQ\Y\KtYDQêPLKUGO\DE\VHWRSQêROHMPtVWQXGUåRYDOSLVSUiYQpWHSORW
=HPQt SO\Q VH YFHPHQWiUQiFK QHVNODGXMH -DNR ]iVREQtN IXQJXMH PH]LQiURGQt Y\VRNRWODNi
UR]YRGQiVt"
3tSUDYDSDOLY
3tSUDYDSHYQêFKSDOLYGUFHQtPOHWtDVXãHQtVHREY\NOHGMHQDPtVW8KOtDSHWURONRNVVH
PHORX QD MHPQRVW EOt]NRX MHPQRVWL VXURYLQRYp PRXþN\ YPOêQLFtFK SRXåtYDMtFtFK SRGREQi
]Dt]HQt MDNR POêQ\ VXURYLQ\ -HPQRVW SUiãNRYpKR SDOLYD MH G$OHåLWi StOLã MHPQp SDOLYR
P$åHY\YRODWStOLãY\VRNRXWHSORWXSODPHQHSLQDGPUQKUXEpPSDOLYXP$åHGRMtWNStOLã
VODEpPX KRHQt 1t]Ni WNDYRVW QHER Qt]Nê REVDK WNDYêFK OiWHN YSHYQpP SDOLYX Y\åDGXMH
MHPQMãtPOHWt1HQtOLNGLVSR]LFLGRVWDWHþQKRUNêY]GXFK]SHFHQHER]FKODGLþHSURVXãHQt
P$åH Y]QLNQRXW SRWHED SRPRFQpKR WRSHQLãW $E\ E\OR ]Dt]HQt FKUiQQR SHG SRåiUHP
DYêEXFK\PXVtPtWVSHFLiOQtYODVWQRVWL
3RXåtYDMtVHWLKODYQtW\S\POHWtDUR]PORYiQtXKOt
WUXEQDWêPOêQVHY]GXãQêPREKHP
YHUWLNiOQtPOêQVYiOFLQHERNRXOHPL
RGUD]RYêPOêQ
0OHWpSHYQpSDOLYRP$åHEêWVSDORYiQRStPRYSHFLDOHYPRGHUQtFKSURYR]HFKVHREY\NOH
VNODGXMH YVLOHFK DE\ VH XPRåQLOR SRXåLWt WHSHOQ ~þLQQMãtFK KRiN$ QHStPp VSDORYiQt
Y\XåtYDMtFtFK PDOpKR PQRåVWYt SULPiUQtKR Y]GXFKX 6\VWpP\ POHWt VNODGRYiQt D VSDORYiQt
SHYQpKR SDOLYD PXVt EêW NRQVWUXRYiQ\ WDN DE\ EUiQLO\ UL]LNX YêEXFKX QHER SRåiUX
3ULPiUQtPLSRåDGDYN\MVRXQiOHåLWiNRQWURODWHSORW\Y]GXFKXD]DEUiQQtKURPDGQtMHPQpKR
PDWHULiOXQDNULWLFNêFKPtVWHFKY\VWDYHQêFKWHSOX
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
3tSUDYDWRSQpKRROHMH =D~þHOHPXVQDGQQtGiYNRYiQtDVSDORYiQtVHWRSQê ROHMRKtYiQD
R&FRåYHGHNHVQtåHQtYLVNR]LW\QDF6W.URPWRKRVHWODN]Y\ãXMHQD
EDU$
3tSUDYD ]HPQtKR SO\QX 3HG VSDORYiQtP MH QXWQR VQtåLW WODN SO\QX ] EDU$
YSO\QRYRGXQDEDU$YSRGQLNRYpPUR]YRGXDSRWpRSWVQtåLWQDDVLEDUSHWODNX
YStYRGXNKRiNX3UYQtVWXSHUHGXNFHWODNXVHGMHYSHGiYDFtVWDQLFLSO\QXNGHVHWDNp
SURYiGt PHQt VSRWHE\ $E\ VH ]DEUiQLOR ]DPU]iQt ]Dt]HQt YG$VOHGNX -RXOHRYD
7KRPSVRQRYDHIHNWX]HPQtSO\QVHSHGSU$FKRGHPUHGXNþQtPYHQWLOHPSHGHKtYi
$OWHUQDWLYQ VH P$åH UHGXNFH WODNX SURYiGW SU$FKRGHP SO\QX SO\QRYRX H[SDQ]Qt WXUELQRX
VSRMHQRXVJHQHUiWRUHP7DNVHP$åHYUiWLW]SWþiVWHQHUJLHSRXåLWpSURVWODþRYiQtSO\QX
9\XåLWtRGSDG$MDNRSDOLYD
2GSDG\ NWHUp VH SLYiGMt KODYQtP KRiNHP VH UR]ORåt YSULPiUQt VSDORYDFt ]yQ SL
WHSORWiFK GR & 2GSDG\ SLYiGQp NVHNXQGiUQtPX KRiNX SHGHKtYDþL QHER GR
SHGNDOFLQDFH VH VSDOXMt SL QLåãtFK WHSORWiFK FRå QHQt YåG\ GRVWDWHþXMtFt NUR]NODGX
KDORJHQRYDQêFK RUJDQLFNêFK OiWHN 7NDYp VORåN\ PDWHULiOX NWHUê VH SLYiGt GR KRUQtKR
NRQFH SHFH QHER MDNR NXVRYp SDOLYR VH PRKRX Y\SDLW 7\WR VORåN\ QHSURFKi]HMt SULPiUQt
VSDORYDFt ]yQRX D QHPRKRX EêW UR]ORåHQ\ QHER Yi]iQ\ YFHPHQWRYpP VOtQNX 3URWR SL
QHYKRGQpP SRXåLWt RGSDGX REVDKXMtFtKR WNDYp NRY\ UWX" WKDOLXP QHER WNDYp RUJDQLFNp
VORXþHQLQ\P$åHYpVWNH]YêãHQtHPLVtUWXWLWKDOLDQHER92&
7DEXYiGtW\S\RGSDGXY(YURSGQHVQHMþDVWMLSRXåtYDQpKRMDNRSDOLYD
3RXåLWpSQHXPDWLN\
*XPD
2GSDGRYêSDStU
3RXåLWpROHMH
2GSDGQtGHYR
.DO\]SDStUHQ
.DO\]RGSDGQtFKYRG
3ODVW\
3RXåLWiUR]SRXãWGOD
$ SRXåtYDQêFK þDVWR Y HYURSVNpP FHPHQWiVNpP SU$P\VOX MDNR SDOLYD
7DE 7\S\ RGSDG
>&HPEXUHDX@
3tSUDYDU$]QêFKW\S$RGSDGXSURSRXåLWtMDNRSDOLYRVHREY\NOHSURYiGtPLPRFHPHQWiUQX
XGRGDYDWHOHQHERRUJDQL]DFtVSHFLDOL]RYDQRXQD]SUDFRYiQtRGSDGX7R]QDPHQiåHMHWHED
YFHPHQWiUQ RGSDG\ SRX]H VNODGRYDW D SRWp MH RGPRYDW SUR GiYNRYiQt GR FHPHQWiVNp
SHFH-HOLNRåGRGiYN\RGSDG$YKRGQêFKSURSRXåLWtMDNRSDOLYRPDMtWHQGHQFLVHPQLWQHER"
WUK\ RGSDGQtFK PDWHULiO$ VH U\FKOH Y\YtMHMt MH ]iKRGQR QDYUKRYDW VNODGRYDFt D StSUDYQp
]Dt]HQtMDNRYtFH~þHORYp
9êSDOVOtQNX
7DWRþiVWYêUREQtKRSURFHVXMHQHMG$OHåLWMãtVRKOHGHPQDHPLVQtSRWHQFLiODMDNRVWSURGXNWX
DQiNODG\3LYêSDOXVOtQNXVHVXURYLQRYiPRXþNDQHERVXURYLQRYêNDOSLPRNUpPSURFHVX
SLYiGt GR V\VWpPX URWDþQt SHFH NGH VH Y\VXãXMH SHGHKtYi NDOFLQXMH D VOLQXMH þtPå VH
Y\UiEtFHPHQWRYêVOtQHN6OtQHNVHFKODGtY]GXFKHPDSRWpVNODGXMH
3LSURFHVXYêSDOXVOtQNXMH]iVDGQtXGUåRYDWWHSORWXPDWHULiOXYSHFLPH]LD&
DWHSORWXSO\Q$DVLQD&6OtQHNMHWDNpWHEDY\SDORYDW]DR[LGDþQtFKSRGPtQHN3URWR
VHGRVOLQRYDFt]yQ\SHFHQDFHPHQWRYêVOtQHNY\åDGXMHStVWXSY]GXFKX
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
2GWpGRE\NG\E\ODNROHPURNXURWDþQtSHF]DYHGHQDVWDODVH~VWHGQtVRXþiVWtYãHFK
PRGHUQtFK SURYR]$ QD YêUREX VOtQNX 9HUWLNiOQt ãDFKWRYi SHF VH VWiOH SRXåtYi QD YêUREX
YiSQD DOH MHQ YQNROLND ]HPtFK VH SRXåtYi SUR YêUREX FHPHQWRYpKR VOtQNX D YWFKWR
StSDGHFKSRX]HYPDOêFK]iYRGHFK
2EU 'ORXKi PRNUi URWDþQt SHF V
HW]\
>&HPEXUHDX UHSRUW @
3UYQtPL URWDþQtPL SHFHPL E\O\ GORXKp PRNUp SHFH YL] REU YêãH NGH VH FHOê SURFHV
VSRWHE\ WHSOD GMH YVDPRWQp SHFL 6H ]DYHGHQtP VXFKpKR SURFHVX YHGOD RSWLPDOL]DFH
NWHFKQRORJLtP NWHUp XPRåXMt DE\ VH VXãHQt SHGHKtYiQt D NDOFLQDFH RGHKUiYDOD VStãH YH
VWDFLRQiUQtP]Dt]HQtQHåYVDPRWQpURWDþQtSHFL
5RWDþQt SHF VHVWiYi ]RFHORYp URXU\ VSRPUHP GpON\ NSU$PUX RG GR 5RXUD
VSRþtYi QD GYRX Då VHGPL QHER YtFH SRGSUiFK Pi VSiG Då D SRKRQ SHFt RWiþt
NROHP SRGpOQp RV\ SL Då RWiþNiFK ]D PLQXWX .RPELQDFH VNORQX URXU\ D RWiþHN
]S$VREXMHåHVHPDWHULiOSRPDOXSRGpOQSHSUDYXMH$E\URWDþQtSHFY\GUåHODYHOPLY\VRNp
ãSLþNRYp WHSORW\ MH FHOi Y\ORåHQD WHSHOQ RGROQêPL FLKODPL åiUXY]GRUQLQRX 9ãHFKQ\
GORXKpDQNWHUpNUiWNp SHFH MVRX RVD]HQ\ YQLWQtP Y\EDYHQtP HW]\ NtåRYp D ORSDWNRYp
YHVWDYE\ ]D ~þHOHP ]OHSãHQt SHQRVX WHSOD 3HFKRGQp QiOHSN\ PDWHULiOX VH PRKRX REMHYLW
QD YQLWQtP SRYUFKX SHFH Y]iYLVORVWL QD SURFHVX D VXURYLQ DWG 7\ MVRX ]QiP\ MDNR W]Y
SUVWHQFH D PRKRX VH REMHYLW QD YVWXSQtP NRQFL ViGURYp SUVWHQFH SREOtå VOLQRYDFt ]yQ\
VOtQNRYp SUVWHQFH QHER QD YêVWXSQtP NRQFL SURGXNWX SRSHORYp SUVWHQFH 3R]GML
MPHQRYDQp GYD W\S\ VH PRKRX QDMHGQRX RGORPLW D ]S$VRELW YOQX KRUNpKR PDWHULiOX Qt]Np
MDNRVWLNWHUêRGFKi]t]SHFHDP$åHEêWRSWQ]SUDFRYiQQHERPXVtEêWY\D]HQMDNRRGSDG
1DF\NORQHFKDURãWHFKSHGHKtYDþ$ SHFt PRKRX WDNp Y]QLNDW QiOHSN\ PDWHULiOX FRå P$åH
YpVWN]DEORNRYiQt
9\WiSQtSHFH
3DOLYR SLYiGQp KODYQtP KRiNHP Y\WYit KODYQt SODPHQ VWHSORWRX SODPHQH DVL &
=G$YRG$RSWLPDOL]DFHSURFHVXPXVtEêWSODPHQYXUþLWpPUR]PH]tQDVWDYLWHOQê9PRGHUQtP
QHStPRVSDOXMtFtPKRiNXMHSODPHQWYDURYiQDQDVWDYRYiQSULPiUQtPY]GXFKHP
FHONRYpKRVSDORYDFtKRY]GXFKX
3RWHQFLiOQtPtVWDSURGRGiYNXSDOLYDGRSHFHMVRX
KODYQtPKRiNHPQDYêVWXSQtPNRQFLURWDþQtSHFH
YVWXSQtPVNOX]HPSHFKRGRYpNRPRU\QDYVWXSQtPNRQFLURWSHFHSURNXVRYpSDOLYR
VHNXQGiUQtPLKRiN\YHVWRXSDFtPNRXRYRGX
SHGNDOFLQDþQtPLKRiN\GRSHGNDOFLQiWRUX
YVi]NRYêPVNOX]HPGRSHGNDOFLQiWRUXSURNXVRYpSDOLYR
SHFQtP VWHGRYêP YVWXSHP YStSDG GORXKêFK PRNUêFK D VXFKêFK SHFt SUR NXVRYp
SDOLYR
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
=Dt]HQtVSDOXMtFtXKOtQHERSHWURONRNVMVRXMDNQHStPRWDNStPRVSDOXMtFtKRW\SX=Dt]HQt
StPR VSDOXMtFt SUDFXMt EH] VNODGRYiQt D GiYNRYiQt POHWpKR XKOt 3UiãNRYp SDOLYR VH YKiQt
StPRGRSHFHY]GXFKHP]HPOêQDMDNRQRVLþHPWYDUXMtFtPSODPHQDSULPiUQtPY]GXFKHP
3tPR Y\KtYDQi ]Dt]HQt PDMt DGX QHYêKRG =HMPpQD WHSHOQp ]WUiW\ SHFQtKR V\VWpPX MVRX
RNROR0-WVOtQNXRDåY\ããtQHåXPRGHUQtFKSHFQtFKV\VWpP$7DNåHVH
GQHVStPpY\KtYiQtLQVWDOXMH]tGND
7RSQêROHMMHSLRGSRYtGDMtFtYLVNR]LWDWODNXYVWLNRYiQSHVUR]SUDãRYDFtWU\VNXGRSHFH]D
~þHOHP Y\WYiHQt QDS KODYQtKR SODPHQH 7YDURYiQt SODPHQH VH GRVDKXMH KODYQ KRiN\
VYtFHNDQiORYêP StYRGHP SULPiUQtKR Y]GXFKX VKODYRX QD UR]SUDãRYiQt ROHMH YFHQWUiOQt
SROR]H
3HFQt KRiN\ QD ]HPQt SO\Q MVRX WDNp NRQVWUXRYiQ\ MDNR YtFHNDQiORYp SLþHPå SO\Q WDNWR
QDKUD]XMHQHMHQXKOtQHERWRSQêROHMDOHWDNpSULPiUQtY]GXFK
'ORXKpURWDþQtSHFH
'ORXKpURWDþQtSHFH2EUO]H]DYiåHWNDOHPGUFHQêPNDORYêPNROiþHPKUXGNDPLQHER
VXFKRXPRXþNRXDWDNMVRXYKRGQpSURYãHFKQ\W\S\YêUREQtFKSURFHV$1HMYWãtGORXKpSHFH
PDMt SRPU GpON\ N SU$PUX D PRKRX EêW GORXKp SHV P7\WR REURYVNp MHGQRWN\
Y\UiEMt DVL WXQ ]D GHQ SL SRXåLWt PRNUpKR SURFHVX %HOJLH EêYDOê 6665 'ORXKp
URWDþQt SHFH MVRX NRQVWUXRYiQ\ SUR Y\VXãRYiQt SHGHKtYiQt NDOFLQDFL D VOLQRYiQt WDNåH
PXVtEêWSLSRMHQSRX]HV\VWpPGiYNRYiQtDFKOD]HQt+RUQtþiVWGORXKêFKSHFtMHY\EDYHQD
HW]RYêPLFORQDPLDSHYQêPLYHVWDYEDPL]D~þHOHP]OHSãHQtSHQRVXWHSOD
3HFH SUR PRNUê SURFHV SRXåtYDQp RG URNX MVRX QHMVWDUãtP W\SHP URWDþQtFK SHFt
SRXåtYDQêFKNYêUREFHPHQWRYpKRVOtQNX3$YRGQVHSRXåtYDORPRNUp StSUDY\ VXURYLQ\
SURWRåH KRPRJHQL]DFH E\OD VQDGQMãt X WHNXWpKR PDWHULiOX 9Vi]ND GR PRNUp SHFH REY\NOH
REVDKXMH Då YRG\ 7R MH QH]E\WQp SUR XGUåHQt WHNXWRVWL YVi]N\ 7DWR YRGD VH SRWp
PXVt RGSDLW YH VSHFLiOQ NRQVWUXRYDQp ]yQ YVWXSQt þiVWL SHFH NGH VH Y\XåtYi Yê]QDPQp
þiVWLWHSOD]HVSDORYiQtSDOLYD7DWRWHFKQRORJLHPiY\VRNRXVSRWHEXWHSODVYêVOHGQRXHPLVt
YHONpKRPQRåVWYtVSDOLQDYRGQtSiU\
'ORXKp VXFKp SHFH E\O\ Y\YLQXW\ Y 86$ QD ]iNODG VXFKêFK KRPRJHQL]DþQtFK V\VWpP$ QD
StSUDYX VXURYLQ\ 9 G$VOHGNX Y\VRNp VSRWHE\ SDOLYD MLFK E\OR Y (YURS LQVWDORYiQR MHQ
QNROLN
5RWDþQtSHFHY\EDYHQpSHGHKtYDþL
5RWDþQt SHFH Y\EDYHQp SHGHKtYDþL PDMt W\SLFNê SRPU GpON\ N SU$PUX RG GR ([LVWXMtGYDW\S\SHGHKtYDþ$URãWRYpSHGHKtYDþHDGLVSHU]QtYêPQtN\WHSOD
7HFKQRORJLHURãWRYêFKSHGHKtYDþ$
7HFKQRORJLHURãWRYpKRSHGHKtYDþHPRåQiOpSH]QiPiMDNRSHFW\SX/HSROE\ODY\QDOH]HQD
URNX 3HGVWDYRYDOD SUYQt StVWXS N WRPX DE\ VH þiVW SURFHVX YêSDOX RGHKUiYDOD YH
VWDFLRQiUQtP]Dt]HQtPLPRSHF7RGRYRORYDORDE\VHURWDþQtSHF]NUiWLODDWDN VH VQtåLO\
WHSHOQp]WUiW\D]YêãLODHQHUJHWLFNi~þLQQRVW
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
9 URãWRYpP SHGHKtYDþL YL] REU D VH JUDQXOH SLSUDYHQp ]H VXFKp PRXþN\ QD
JUDQXODþQtPWDOtLSRORVXFKêSURFHVQHER]ILOWUDþQtKRNROiþH]PRNUpKRNDOXSRORPRNUê
SURFHVSLYiGMtQDKRUL]RQWiOQtSRVXYQêURãWNWHUêVHSRVXQXMHX]DYHQêPWXQHOHP7XQHO
MHUR]GOHQQDKRUNRXNRPRUX DVXãtFtNRPRUX StþNRX V RWYRUHP SUR URãW 9HQWLOiWRU þHUSi
VSDOLQ\]URWDþQtSHFHGRKRUQtþiVWLSHGHKtYDþHVNU]HYUVWYXJUDQXOtYKRUNpNRPRHDSRWp
SHV F\NORQ\ PH]LOHKOpKR ODSDþH SUDFKX 9 WFKWR F\NORQHFK VH RGVWUDXMt YHONp þiVWLFH
SUDFKXNWHUpE\MLQDN]S$VRERYDO\RSRWHEHQtYHQWLOiWRUX'DOãtYHQWLOiWRUSRWpþHUSiSO\QGR
KRUQt þiVWL VXãLFt NRPRU\ VNU]H YOKNRX YUVWYX JUDQXOt D QDNRQHF MHM Y\WODþXMH GR
RGSUDãRYDFtKR ]Dt]HQt =D ~þHOHP GRVDåHQt RSWLPiOQt WHSHOQp ~þLQQRVWL PRKRX EêW
SRORPRNUp URãWRYp SHGHKtYDþH Y\EDYHQ\ WtVWXSRYêP V\VWpPHP YHGHQt SO\QX D RGSDGQt
Y]GXFK]FKODGLþHVHSRXåtYiNVXãHQtVXURYLQ\8SRORPRNUpKRSHFQtKRV\VWpPXMHQHMYWãt
Y\EXGRYDQiMHGQRWNRYiYHOLNRVWWXQ]DGHQ
6SDOLQ\]URWDþQtSHFHYVWXSXMtGRSHGHKtYDþHSLWHSORWDå&.G\åSURFKi]t
YUVWYRX PDWHULiOX Y KRUNp NRPRH RFKOD]XMt VH VSDOLQ\ QD & D VXãLFt NRPRUX
RSRXãWMtSL&0DWHULiONYêSDOXGRVDKXMHYVXãLFtNRPRHDVL&D
&YKRUNpNRPRH
$]QêFK SHGHKtYDþ$
2EU 6FKpPDWD U
>8OOPDQQ
V @
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
7HFKQRORJLHGLVSHU]QtKRYêPQtNXWHSOD
9\QiOH] GLVSHU]QtKR YêPQtNX YH OHWHFK E\O Yê]QDPQêP SRNURNHP .SHGHKtYiQt
D GRNRQFH þiVWHþQp NDOFLQDFL VXFKp VXURYp PRXþN\ VXFKêSRORPRNUê SURFHV GRFKi]t
XGUåRYiQtP PRXþN\ Y GLVSHU]L KRUNpKR SO\QX ] URWDþQt SHFH 3RGVWDWQ YWãt VW\þQi SORFKD
GRYROXMHWpP~SOQRXYêPQXWHSODDOHVSRWHRUHWLFN\
'RVWXSQp MVRX U$]Qp V\VWpP\ YêPQtN$ 7\ PDMt REY\NOH RG þW\ GR ãHVWL F\NORQRYêFK
VWXS$NWHUpMVRXXVSRiGiQ\MHGHQQDGGUXKêPGRYåHRYêãFHP1HMY\ããtVWXSH
P$åH ]DKUQRYDW GYD SDUDOHOQt F\NORQ\ SUR OHSãt RGOXþRYiQt SUDFKX 6SDOLQ\ ] URWDþQt SHFH
SURXGtF\NORQRYêPLVWXSQLRGVSRGXQDKRUX6XFKiVPVSUiãNRYLWpVXURYLQ\VHNHVSDOLQiP
SLGiYiSHGQHMKRHMãtPF\NORQRYêPVWXSQP9F\NORQHFKVHRGSO\QXRGGOXMHD]QRYXVH
NQPXSLSRMtSHGGDOãtFKF\NORQRYêPVWXSQP7HQWRSRVWXSVHRSDNXMHYNDåGpPVWXSQL
GRNXG VH PDWHULiO QHY\SXVWt ] SRVOHGQtKR VWXSQ GR URWDþQt SHFH 7RWR VWtGDYp PtVHQt
VHSDUDFHDRSWQpPtVHQtSLY\ããtWHSORWMHQH]E\WQpSURRSWLPiOQtSHQRVWHSOD
âDFKWRYpYêPQtN\
=QDþQpPQRåVWYtãDFKWRYêFKYêPQtN$E\ORSRVWDYHQRSR]DYHGHQtWHFKQRORJLHGLVSHU]QtFK
YêPQtN$GtN\MHMLFKWHRUHWLFN\Y\ããtYêPQWHSOD$YãDNREWtåQp]DMLã"RYiQtURYQRPUQpKR
UR]ORåHQt PRXþN\ Y SO\QX ]QDPHQDOR åH VNXWHþQê SURYR] E\O PQRKHP KRUãt QHå VH
RþHNiYDOR D WHFKQRORJLH Y\XåtYDMtFt MHQ ãDFKWRYêFK VWXS$ E\OD QDNRQHF RSXãWQD YH
SURVSFKK\EULGQtFKV\VWpP$VF\NORQRYêPLVWXSQLQHER YtFHVWXSRYêFK þLVW F\NORQRYêFK
YêPQtN$1NWHUp]WFKWRK\EULG$MVRXVWiOHYSURYR]XDYãDNYWãLQD]QLFKE\ODSHVWDYQD
QDþLVWF\NORQRYpYêPQtN\
âDFKWRYêVWXSHMHSRGVWDWQPpQFLWOLYêQDSUREOpP\VQiQRV\QHåF\NORQRYêVWXSHFRå
P$åH EêW YêKRGD SUR GROQt VWXSH Y StSDG SRNXG MH StWRPQR QDGPUQp PQRåVWYt
FLUNXOXMtFtFKSUYN$FKORULG$VtU\DONDOLt+\EULGQtYêPQtN\VGROQtPãDFKWRYêPVWXSQP
MVRXSURQRYp]iYRG\VWiOHNGLVSR]LFL
&KDUDNWHULVWLFNi NDSDFLWD SHFt V ãDFKWRYêP YêPQtNHP E\OD WXQ ]D GHQ ]DWtPFR
K\EULGQtV\VWpP\PRKRXY\URELWWGHQLYtFH
ýW\VWXSRYêF\NORQRYêYêPQtNWHSOD
3HFQt V\VWpP V þW\VWXSRYêP F\NORQRYêP YêPQtNHP YL] REU E E\O VWDQGDUGQt
WHFKQRORJLt Y OHWHFK NG\ VH VWDYOR PQRKR ]iYRG$ Y NDWHJRULL Då WGHQ
2GSDGQtSO\Q\NWHUpPDMtWHSORWXNROHP&VHREY\NOHSRXåtYDMtNVXãHQtVXURYLQ\
.G\åPRXþNDYVWXSXMHGRURWDþQtSHFHNDOFLQDFHMHGRNRQþHQDDVLQD9iåQpSUREOpP\
E\O\ Y PLQXORVWL VH þW\VWXSRYêPL YêPQtN\ Y StSDGHFK NG\ YVWXS\ FLUNXOXMtFtFK SUYN$
FKORULG$ VtU\ DONDOLt ]H YVi]N\ D QHER ] SDOLYD E\O\ QDGPUQp 9\VRFH RERKDFHQp F\NO\
WFKWRSUYN$YHGO\NQiOHSN$PYF\NORQHFKDQDVWQiFKNRXRYRG$FRåþDVWR]S$VRERYDOR
XFSiQt D ]iVWDY\ SHFt WUYDMtFt QNROLN GQt ýDVWêP HãHQtP WRKRWR SUREOpPX MH E\SDVV
SHFQtKR SO\QX WM Y\MPXWt þiVWL SURXGX SO\QX QHVRXFtKR þiVWLFH D RSRXãWMtFtKR SHF WDNåH
REFKi]tV\VWpPF\NORQ$7HQWRREWRNRYêSO\QMHFKOD]HQ]D~þHOHPNRQGHQ]DFHDONDOLtDSRWp
SHG Y\SXãWQtP SURFKi]t SUDFKRYêP RGOXþRYDþHP =DWtPFR Y QNWHUêFK REODVWHFK MH
QH]E\WQp SUR t]HQt REVDKX DONDOLt YH VOtQNX þiVW SUDFKX ] E\SDVVX D þiVW SUDFKX ] SHFH
RGYiGWQDVNOiGNXYHYãHFKRVWDWQtFKStSDGHFKVHYUDFtGRYêUREQtKRSURFHVX
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
7pPYãHFKQ\þW\VWXSRYpYêPQtN\SUDFXMtVURWDþQtPLSHFHPLVHWHPLSRGSUDPL-HWR
VWDQGDUGQt XVSRiGiQt DVL RG OHW 3HFH V SU$PUHP RG GR P VH VWDYMt V SRPUHP
GpON\ N SU$PUX Y UR]VDKX Då 9]KOHGHP N WRPX åH MH WHQWR W\S PHFKDQLFN\
MHGQRGXããtQHåGORXKpPRNUpDVXFKpSHFHMHGQHVSUDYGSRGREQQHMþDVWMLSRXåtYDQê
5RWDþQtSHFHVYêPQtNHPDSHGNDOFLQDFt
3HGNDOFLQDþQt WHFKQLND MH SUR FHPHQWiVNê SU$P\VO GRVWXSQi DVL RG OHW 3L WRPWR
SRVWXSX MH WHSHOQê YVWXS UR]GOHQ PH]L GYD ERG\ . SULPiUQtPX VSDORYiQt SDOLYD GRFKi]t
YSiOtFt ]yQ SHFH 6HNXQGiUQt VSDORYiQt VH GMH YH ]YOiãWQt VSDORYDFt NRPRH PH]L URWDþQt
SHFtDYêPQtNHP9W\SLFNpSHGNDOFLQDþQt SHFL VH Y WpWR NRPRH P$åH VSiOLW Då GR FHONRYpKR PQRåVWYt SDOLYD 7DWR HQHUJLH VH Y ]iVDG SRXåtYi NH NDOFLQDFL VXURYLQRYp
PRXþN\ NWHUi MH SL YVWXSX GR SHFH WpP ~SOQ NDOFLQRYDQi +RUNê Y]GXFK NH VSDORYiQt
YNDOFLQiWRUXVHYHGHRGFKODGLþH0DWHULiORSRXãWtNDOFLQiWRUSLDVL&
2EU F XND]XMH WHQWR SRVWXS DSOLNRYDQê QD SHF VGLVSHU]QtP YêPQtNHP 6HNXQGiUQt
VSDORYiQt O]H WDNp Y ]iVDG SRXåtW Y SHFL V URãWRYêP SHGHKtYDþHP 3UR GDQRX YHOLNRVW
URWDþQtSHFHSHGNDOFLQDFH]Y\ãXMHNDSDFLWXYêURE\VOtQNX
3HFQt V\VWpP V SWL F\NORQRYêPL VWXSQL YêPQtNX D SHGNDOFLQiWRUHP VH SRYDåXMH ]D
VWDQGDUGQt WHFKQRORJLL SUR QRYp SURYR]\ VH VXFKêP SURFHVHP 9HOLNRVW QRYpKR SURYR]X MH
SULPiUQ XUþRYiQD SURJQy]RYDQêP YêYRMHP WUKX DOH WDNp HNRQRPLt SURYR]QtKR PtWND
'QHVMHW\SLFNiMHGQRWNRYiNDSDFLWDQRYêFKSURYR]$Y(YURSRGGRWGHQ9Wãt
MHGQRWN\ V NDSDFLWRX Då WGHQ MVRX WHFKQLFN\ SURYHGLWHOQp D QD DVLMVNpP WUKX MVRX
YVRXþDVQRVWLYSURYR]XWLSHFHRWGHQ
'tYMãt SHGNDOFLQDþQt V\VWpP\ PO\ SRX]H þW\L YêPQtNRYp VWXSQ V DGHNYiWQ Y\ããt
WHSORWRX RGSDGQtKR SO\QX D VSRWHERX SDOLYD 3RNXG MH SLUR]HQi YOKNRVW VXURYLQ\ Qt]Ni
PRKRX EêW SHGQRVWQ ]YROHQ\ ãHVWLVWXSRYp YêPQtN\ ]HMPpQD Y NRPELQDFL V WH[WLOQtPL
RGOXþRYDþLSUDFKX
3RNXGMHY\VRNêYVWXSFLUNXOXMtFtFKSUYN$MHQXWQêE\SDVVSHFQtKRSO\QX]D~þHOHPXGUåHQt
NRQWLQXiOQtKRSURYR]XSHFH$YãDNYG$VOHGNXRGOLãQêFKFKDUDNWHULVWLNWRNXSO\QXMHE\SDVV
Y SHGNDOFLQDþQt SHFL PQRKHP ~þLQQMãt QHå Y SHFL MHQ V YêPQtNHP 3HVWRåH PRXþND
YVWXSXMHGRSHFHNDOFLQRYDQi]HDåYWãLQDSHGNDOFLQDþQtFKSHFtMHVWiOHY\EDYHQD
URWDþQt SHFt V NDOFLQDþQt ]yQRX WM V SRPUHP Gã Då MDNR Y StSDG SHFt MHQ
VYêPQtNHP
âDFKWRYpSHFH
9 (YURS VH N YêURE FHPHQWX SRXåtYi MHQ QNROLND ãDFKWRYêFK SHFt 3HFH WRKRWR W\SX
VHVWiYDMt]YHUWLNiOQtKRYiOFHRSU$PUXPDYêãFHPY\ORåHQpKRåiUXY]GRUQêP
PDWHULiOHP 3OQt VH VKRUD JUDQXOHPL ]H VXURYLQRYp PRXþN\ D MHPQ POHWêP XKOtP QHER
NRNVHP 9\SDORYDQê PDWHULiO SRVWXSXMH NUiWNRX VOLQRYDFt ]yQRX Y KRUQt PtUQ UR]ãtHQp
þiVWL SHFH 3RWp VH FKODGt VSDOLQDPL YKiQQêPL RGVSRGX D RSRXãWt Y SRGRE VOtQNX GROQt
NRQHFSHFHQDY\KUQRYDFtPURãWX
âDFKWRYp SHFH SURGXNXMt PpQ QHå WXQ VOtQNX ]D GHQ -VRX KRVSRGiUQp SRX]H SUR PDOp
SURYR]\D]WRKRG$YRGXVHMHMLFKSRþHWVQLåXMH
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
3HFQtRGSDGQtSO\Q\
9H YãHFK SHFQtFK V\VWpPHFK QDNRQHF RGSDGQt SO\Q\ SURFKi]HMt ]Dt]HQtP QD RPH]RYiQt
]QHþLãWQtY]GXFKXHOHNWURVWDWLFNêPLRGOXþRYDþLQHERWH[WLOQtPLILOWU\SURRGORXþHQtSUDFKX
SHGYVWXSHPGRKODYQtKRNRPtQD
8VXFKpKRSURFHVXPRKRXPtWRGSDGQtSO\Q\SRPUQY\VRNRXWHSORWXDPRKRXSRVN\WRYDW
WHSOR SUR VXURYLQRYê POêQ SRNXG MH YSURYR]X VGUXåHQê SURYR] -HVWOLåH POêQ QHSUDFXMH
StPêSURYR]SO\Q\VHREY\NOHSHGYVWXSHPGRRGOXþRYDþHSUDFKXFKODGtUR]SUDãRYiQtP
YRG\ YFKODGLFt YåL MDN ]D ~þHOHP VQtåHQt MHMLFK REMHPX WDN ]OHSãHQt MHMLFK RGOXþRYDFtFK
YODVWQRVWt
ÒQLN\&2
2[LG XKHOQDWê P$åH Y]QLNDW ]MDNpKRNROL RUJDQLFNpKR REVDKX YVXURYLQiFK D REþDV
YG$VOHGNXQH~SOQpKRVSDORYiQtSDOLYD3RGtO]HVXURYLQY]QLNOêSLSHGHKtYiQtVHRGYiGt
VSHFQtPLSO\Q\
5HJXODFH KODGLQ\ &2 MH NULWLFNi YFHPHQWiVNêFK D YiSHQLFNêFK SHFtFK SRNXG VH SUR
RGOXþRYiQt þiVWLF SRXåtYDMt HOHNWURVWDWLFNp RGOXþRYDþH (2 DE\ VH ]DMLVWLOR XGUåHQt
NRQFHQWUDFt GRVWDWHþQ KOXERNR SRG GROQt KUDQLFt YêEXãQRVWL =YêãtOL VH KODGLQD &2 Y(2
REY\NOHQDREMHPRYêFKSRWRPVHHOHNWULFNêV\VWpPRGSRMtY\SQHDE\VHY\ORXþLOR
UL]LNR YêEXFKX 7R YHGH NQHVQtåHQpPX Y\SRXãWQt þiVWLF ]SHFH ÒQLN\ &2 PRKRX EêW
]S$VREHQ\QHXVWiOHQêPSURYR]HPVSDORYDFtKRV\VWpPX.WRPXQNG\GRFKi]tSLVSDORYiQt
SHYQêFKSDOLYWDNåHSRGDYDþHPXVtEêWNRQVWUXRYiQ\WDNDE\]DEUDRYDO\QiUD]RYpGRGiYFH
SDOLYDGRKRiNX2E]YOiãWNULWLFNêPþLQLWHOHPMHYWRPWRRKOHGXREVDKYOKNRVWLYSHYQêFK
SDOLYHFK 7HQ PXVt EêW SHþOLY NRQWURORYiQ DE\ VH ]DEUiQLOR SHSORYiQt QHER EORNRYiQt
V\VWpP$StSUDY\QHERGRGiYN\SDOLYD
&KODGLþHVOtQNX
&KODGLþ VOtQNX MH QHGtOQRX VRXþiVWt SHFQtKR V\VWpPX D Pi UR]KRGXMtFt YOLY QD SURYR] D
HNRQRPLLWHSHOQêFKMHGQRWHN&KODGLþPiGYD~NRO\UHNXSHURYDW]KRUNpKRVOtQNX&
FR QHMYtFH WHSOD ]D ~þHOHP MHKR QiYUDWX GR SURFHVX D VQLåRYDW WHSORWX VOtQNX QD ~URYH
YKRGQRXSURQiVOHGQi]Dt]HQt
7HSOR VH UHNXSHUXMH SHGHKtYiQtP Y]GXFKX SRXåtYDQpKR SUR VSDORYiQt SLKODYQtP D
VHNXQGiUQtP KRHQt FR QHMEOtåH NWHUPRG\QDPLFNpPX OLPLWX 7RPX YãDN EUiQt Y\VRNp
WHSORW\ H[WUpPQt DEUD]LYLWD VOtQNX D MHKR YHONp JUDQXORPHWULFNp UR]SWt 5\FKOp FKOD]HQt
XSHYXMH PLQHUDORJLFNp VORåHQt VOtQNX ]D ~þHOHP ]OHSãHQt PHOLWHOQRVWL D RSWLPDOL]DFH
UHDNWLYLW\FHPHQWX
7\SLFNêPLSUREOpP\FKODGLþ$VOtQNXMVRXWHSHOQiUR]WDåQRVWRSRWHEHQtQHVSUiYQpSURXGQt
Y]GXFKX D Qt]Ni GLVSRQLELOLWD FRå S$VREt SURWL YêãH XYHGHQêP SRåDGDYN$P ([LVWXMt GYD
KODYQtW\S\FKODGLþ$URWDþQtDURãWRYp
5RWDþQtFKODGLþH
5RXURYêFKODGLþ
5RXURYêFKODGLþY\XåtYiVWHMQpKRSULQFLSXMDNRURWDþQtSHFDYãDNSURRSDþQRXYêPQXWHSOD
-H XPtVWQ QD NRQFL SHFH þDVWR VUHYHU]Qt NRQILJXUDFt W]Q åH VHNXQGiUQt RWRþQi URXUD
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
VYODVWQtP SRKRQHP MH LQVWDORYiQD SRG SHFt 3R YêFKRGX ]SHFH SRVWXSXMH VOtQHN
SHFKRGRYêP NU\WHP QHå YVWRXSt GR FKODGLþH NWHUê MH Y\EDYHQ ORSDWNDPL SUR UR]SWêOHQt
SURGXNWX GR Y]GXFKRYpKR SURXGX 3URXG FKODGLFtKR Y]GXFKX MH XUþRYiQ Y]GXFKHP
Y\åDGRYDQêP SUR VSDORYiQt SDOLYD 9HGOH U\FKORVWL P$åH RYOLYQLW SURYR] FKODGLþH SRX]H
YQLWQtY\EDYHQt2SWLPDOL]DFHORSDWHNPXVtSLKOtåHWNYêPQWHSOD]S$VREXUR]SW\ORYiQt
YSURWLNODGXNQiYUDWXSUDFKX]SWGRSHFH
3ODQHWRYêQHERVDWHOLWQtFKODGLþ
3ODQHWRYê QHER VDWHOLWQt FKODGLþ MH ]YOiãWQt W\S URWDþQtKR FKODGLþH 1NROLN URXU FKODGLþH
REY\NOH Då MH QD YêVWXSQtP NRQFL SLSHYQQR NURWDþQt SHFL +RUNê VOtQHN YVWXSXMH
RWYRU\ YSOiãWL SHFH XVSRiGDQêPL GR NUXKX YNDåGpP PtVW NGH MH SLSHYQQD URXUD
FKODGLþH 0QRåVWYt FKODGLFtKR Y]GXFKX MH XUþRYiQR Y]GXFKHP Y\åDGRYDQêP NH VSDORYiQt
SDOLYD D GR NDåGp URXU\ YVWXSXMH QDMHMtP YêVWXSQtP NRQFL þtPå XPRåXMH SURWLSURXGRX
YêPQX WHSOD -DNR X URXURYpKR FKODGLþH PDMt ]iVDGQt Yê]QDP YQLWQt ]Dt]HQt SUR
Y\]YHGiYiQt D UR]SW\ORYiQt VOtQNX 1HH[LVWXMt ]GH SURPQQp SURYR]Qt SDUDPHWU\ 9\VRNi
YêVWXSQt WHSORWD VOtQNX ]QDPHQi Y\VRNp RSRWHEHQt D WHSHOQp Ui]\ YH VSRMHQt VSUDFKRYêPL
F\NO\ 3RGSU$PUQi UHNXSHUDFH WHSOD QHQt QHREY\NOi 9êVWXSQt WHSORWD VOtQNX P$åH EêW
VQLåRYiQDSRX]HYVWLNRYiQtPYRG\GRURXUFKODGLþHQHERQDMHMLFKSOiã"
3URWRåH MH SUDNWLFN\ QHPRåQp RGGOLW WHUFLiUQt Y]GXFK QHQt SODQHWRYê FKODGLþ YKRGQê SUR
SHGNDOFLQDFL -H YãDN PRåQp VHNXQGiUQt VSDORYiQt GR DVL SDOLYD YSHFKRGRYp þiVWL
SHFH
5RãWRYpFKODGLþH
&KOD]HQtYURãWRYêFKFKODGLþtFKVHGRVDKXMHSU$FKRGHPSURXGXY]GXFKXY]K$UXSHVYUVWYX
VOtQNXVOtQNRYpORåH VSRþtYDMtFt QD URãWX SURSRXãWMtFtP Y]GXFK 3RXåtYDMt VH GYD ]S$VRE\
GRSUDY\VOtQNXREåQêSRVXYQêURãWDYUDWQêSRVXYQêURãWVWXSQVWODþQêPLRNUDML
-HOLNRå VH Y]GXFK ]H ]yQ\ GRFKOD]RYiQt QHY\XåtYi SUR VSDORYiQt MH SRXåLWHOQê SUR ~þHO\
Y\VRXãHQtW]QVXURYLQ\FHPHQWRYêFKDGLWLYQHERXKOt1HSRXåLMHOLVHSURY\VRXãHQtPXVt
VHWHQWRRGSDGQtY]GXFK]FKODGLþHiGQRGSUiãLW
&KODGLþHVREåQêPSRVXYQêPURãWHP
9WRPWR W\SX FKODGLþH VH VOtQHN GRSUDYXMH QD SRK\EXMtFtP VH URãWX 7HQWR URãW Pi VWHMQp
NRQVWUXNþQtYODVWQRVWLMDNRURãWSHGHKtYDþH/HSRO&KODGLFtY]GXFKVHYKiQtYHQWLOiWRU\GR
RGGtO$ SRG URãWHP 9êKRGRX WpWR NRQVWUXNFH MH QHSRUXãHQi YUVWYD VOtQNX åiGQp VWXSQ
D PRåQRVW YêPQ\ URãWQLF EH] ]DVWDYHQt SHFH 'tN\ VYp PHFKDQLFNp VORåLWRVWL D Qt]Np
UHNXSHUDFL Y\SOêYDMtFt ]RPH]HQp WORXã"N\ ORåH ]S$VREHQp REWtåQRVWt GRVDåHQt HIHNWLYQtKR
XWVQQt PH]L URãWHP D VWQDPL VH WpWR NRQVWUXNFH SHVWDOR NROHP URNX SRXåtYDW
YQRYêFK]Dt]HQtFK
.RQYHQþQtFKODGLþVSRVXYQêPYUDWQêPURãWHP
'RSUDY\ VOtQNX YFKODGLþL VSRVXYQêP YUDWQêP URãWHP VH GRVDKXMH NURNRYêP SRVXYHP
VOtQNRYpKR ORåH þHOQtPL KUDQDPL VWtGDMtFtFK VH DG URãWQLF 5HODWLYQt SRK\E þHOQtFK KUDQ VH
JHQHUXMH K\GUDXOLFNêPL QHER PHFKDQLFNêPL NOLNRYRX KtGHOt SRKRQ\ VSRMHQêPL VNDåGRX
GUXKRXDGRX3RX]HVOtQHNSRVWXSXMHRGYVWXSQtKRSRYêVWXSQtNRQHFDYãDNQLNROLURãW
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
5RãWQLFHMVRXY\UREHQ\]åiUXY]GRUQpOLWpRFHOLDMVRXREY\NOHPPãLURNpDPDMtRWYRU\
SURSU$FKRGY]GXFKX
&KODGLFt Y]GXFK MH YKiQQ RG YHQWLOiWRU$ SL ± PP YRGQtKR VORXSFH SHV RGGtO\
XPtVWQp SRG URãWHP 7\WR RGGtO\ MVRX RGGOHQ\ RG VHEH QDY]iMHP ]D ~þHOHP GRGUåHQt
SU$EKXWODNX/]HUR]OLãLWGYFKODGLFt]yQ\
UHNXSHUDþQt]yQX]HNWHUpVHKRUNêY]GXFKY\XåtYiSURVSDORYiQtSDOLYD]KODYQtKRKRiNX
VHNXQGiUQtY]GXFKDSHGNDOFLQDþQtKRSDOLYDWHUFLiUQtY]GXFK
GRFKOD]RYDFt]yQDNGHGDOãtFKODGLFtY]GXFKRFKOD]XMHVOtQHNQDQLåãtWHSORWX
1HMYWãt MHGQRWN\ YSURYR]X PDMt DNWLYQt SRYUFK DVL P D ]FKODGt WXQ VOtQNX ]D
GHQ 7\SLFNêPL SUREOpP\ WFKWR FKODGLþ$ MVRX RGGORYiQt D QHURYQRPUQp UR]ORåHQt VOtQNX
YHGRXFt NQHURYQRYiåQpPX SRPUX PH]L VOtQNHP D Y]GXFKHP IOXLGL]DFH MHPQpKR VOtQNX
ÄþHUYHQiHND³DWDNpQiOHSN\ÄVQKXOiFL³DSRGSU$PUQiåLYRWQRVWURãWQLF
0RGHUQtFKODGLþVSRVXYQêPYUDWQêPURãWHP
=DYiGQt D UR]YRM PRGHUQt WHFKQRORJLH FKODGLþ$ VSRVXYQêP YUDWQêP URãWHP ]DþDOD DVL
URNHP=iPUHPNRQVWUXNFHE\ORHOLPLQRYDWSUREOpP\VNRQYHQþQtPLFKODGLþLDWDNVH
R NURN SLEOtåLW NRSWLPiOQt YêPQ WHSOD D WDNp NH NRPSDNWQMãtP FKODGLþ$P SRXåtYDMtFtP
PpQFKODGLFtKRY]GXFKXDPHQãtV\VWpP\RGOXþRYiQtSUDFKX
.OtþRYêPLYODVWQRVWPLPRGHUQtFKODGLFtWHFKQRORJLHMVRXY]iYLVORVWLQDGRGDYDWHOL
PRGHUQt URãWQLFH VH ]DEXGRYDQêP SURPQQêP QHER SHUPDQHQWQtP SRNOHVHP WODNX
SURSXVWQpSURY]GXFKDOHQLNROLSURVOtQHN
QXFHQpSURY]GXãRYiQtURãWQLFSRWUXEtPDQRVQtN\
LQGLYLGXiOQQDVWDYLWHOQpSURY]GXãRYDFt]yQ\
SHYQêYVWXS
PpQURãW$RYWãtFKUR]PUHFK
YiOFRYêGUWLþ
WHSHOQpãWtW\
9HUWLNiOQtFKODGLþH
%H]SUDãQê GRFKOD]RYDþ QD]êYDQê JUDYLWDþQt FKODGLþ QHER *FKODGLþ E\O Y\YLQXW SUR
LQVWDODFL ]D SODQHWRYêP FKODGLþHP QHER NUiWNêP URãWRYêP UHNXSHUiWRUHPFKODGLþHP
&KODGLFtY]GXFKQLNG\QHSLFKi]tGRNRQWDNWXVHVOtQNHPQHER"YêPQDWHSODVHSURYiGtWtP
åH VOtQHN VHVWXSXMH SHV StþQp RFHORYp WUXEN\ YH VOtQNRYpP ORåL NWHUp MVRX RFKOD]RYiQ\
Y]GXFKHPMLPLSURIXNRYDQêP
0OHWtDVNODGRYiQtFHPHQWX
6NODGRYiQtVOtQNX
6OtQHNDRVWDWQtFHPHQWRYpVORåN\VHVNODGXMtYVLOHFKQHERYX]DYHQêFKKDOiFK9Wãt]iVRE\
MHPRåQpVNODGRYDWQDRWHYHQpPSURVWUDQVWYtMVRXOLSLMDWDRSDWHQtSURWLWYRUESUDFKX
1HMREY\NOHMãtV\VWpP\VNODGRYiQtVOtQNXMVRX
SRGpOQêVNODGVJUDYLWDþQtPY\SUD]GRYiQtP]iVREDVRPH]HQRXåLYRWQRVWt
NUXKRYêVNODGVJUDYLWDþQtPY\SUD]GRYiQtP]iVREDVRPH]HQRXåLYRWQRVWt
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
VLOR QD VNODGRYiQt VOtQNX ]iVRED VGORXKRX åLYRWQRVWt SL XUþLWp KODGLQ VLOD VH PRKRX
REMHYLWSUREOpP\VYLEUDFHPLGQDEKHPRGEUXVOtQNX]HVLOD
VOtQNRYêVNODGRYDFtGyP]iVREDVRPH]HQRXåLYRWQRVWt
0OHWtFHPHQWX
3RUWODQGVNêFHPHQWVHY\UiEtVRXþDVQêPPOHWtPFHPHQWRYpKRVOtQNXDVtUDQ$MDNRViGURYHF
D DQK\GULG 9H VPVQêFK FHPHQWHFK NRPSR]LWQt FHPHQW\ MVRX GDOãt VORåN\ MDNR
JUDQXORYDQiY\VRNRSHFQtVWUXVNDStURGQtQHERXPOêSXFROiQYiSHQHFQHERLQHUWQtSOQLYD
7\WR VORåN\ VH PHORX VRXþDVQ VH VOtQNHP QHER PRKRX SRWHERYDW Y\VXãHQt D VDPRVWDWQp
POHWt0OêQ\PRKRXEêWYORNDOLWiFKRGGOHQêFKRGSURYR]$QDYêUREXVOtQNX
'UXK SURFHVX POHWt FHPHQWX D NRQFHSFH ]Dt]HQt ]YROHQi SUR XUþLWp PtVWR ]iYLVt QD W\SX
FHPHQWX NWHUê VH Pi Y\UiEW =YOiãWQt G$OHåLWRVW Pi PHOLWHOQRVW YOKNRVW D DEUD]LYQt
YODVWQRVWLVORåHNY\UiEQpKRW\SXFHPHQWX
9WãLQD POêQ$ SUDFXMH YX]DYHQpP F\NOX W]Q åH PRKRX RGGORYDW FHPHQW VSRåDGRYDQRX
MHPQRVWtRGPOHWpKRPDWHULiOXDYUDFHWKUXEêPDWHULiOGRPOêQD
0HQtDGiYNRYiQtYVi]N\POêQD
3HVQRVW D VSROHKOLYRVW PHQt D GiYNRYiQt VORåHN YVi]N\ POêQD SRGOH KPRWQRVWL MH YHOPL
G$OHåLWp SUR ]DFKRYiQt Y\VRNp HQHUJHWLFNp ~þLQQRVWL POHFtKR V\VWpPX 1HMþDVWMãt PLFt D
GiYNRYDFt]Dt]HQtSURYVi]NXPDWHULiO$GRPOêQ$MHSiVRYêYiKRYêSRGDYDþ
0OHWtFHPHQWX
'tN\ UR]PDQLWRVWL W\S$ FHPHQWX SRåDGRYDQêFK WUKHP SHYDåXMt POHFt V\VWpP\ Y\EDYHQp
G\QDPLFNêPYWUQêPWtGLþHP
2EY\NOHSRXåtYDQpV\VWpP\SURNRQHþQpPOHWtMVRX
WUXEQDWê POêQ X]DYHQê F\NOXV PLQHUiOQt StVDG\ MVRX SRQNXG RPH]HQp SRNXG QHMVRX
VXFKpQHERSHGVXãHQp
YHUWLNiOQt YiOFRYê POêQ QHMYKRGQMãt SUR YHONê REMHP PLQHUiOQtFK StVDG GtN\ VYp
VFKRSQRVWLY\VXãRYDWQHMYKRGQMãtSURVDPRVWDWQpPOHWtPLQHUiOQtFKStVDG
YiOFRYê WODNRYê POêQ PQRåVWYt PLQHUiOQtFK StVDG MH SRQNXG RPH]HQp SRNXG QHMVRX
VXFKpQHERSHGVXãHQp
-LQpSRXåtYDQpV\VWpP\SURNRQHþQpPOHWtMVRX
WUXEQDWêPOêQVNRQFRYêPY\SUD]GRYiQtPRWHYHQêRNUXK
WUXEQDWê POêQ NRQFRYp Y\SUD]GRYiQt VPHFKDQLFNêP Y]GXãQêP VHSDUiWRUHP QHER
F\NORQRYêPY]GXãQêPVHSDUiWRUHPVWDUãtJHQHUDFH
KRUL]RQWiOQtYiOFRYêPOêQ
3UDFRYQt SULQFLS YHUWLNiOQtKR YiOFRYpKR POêQD VSRþtYi YþLQQRVWL Då POHFtFK YiOF$
QHVHQêFKRGNOiSFtPLUDPHQ\DMH]GtFtFKSRKRUL]RQWiOQtPPOHFtPVWROHQHERPOHFtPtVH-H
YKRGQê ]HMPpQD SUR VRXþDVQp POHWt D VXãHQt FHPHQWRYêFK VXURYLQ QHER VWUXVN\ QHER"
YHUWLNiOQtYiOFRYpPOêQ\PRKRXSUDFRYDWVUHODWLYQY\VRNêPREVDKHPYOKNRVWLYPOêQVNêFK
YVi]NiFK 'RED SU$FKRGX PDWHULiO$ POêQHP MH GRVWDWHþQ NUiWNi DE\ VH ]DEUiQLOR
SHGK\GUDWDFLFHPHQWRYpKRVOtQNXQDSSLPOHWtVWUXVNRYpKRFHPHQWX
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
9\VRNRWODNê GYRXYiOFRYê POêQ VWiOH Y\åDGXMH SRPUQ Y\VRNê VWXSH ~GUåE\ 9\VRNRWODNp
GYRXYiOFRYpPOêQ\VHþDVWRSRXåtYDMtYHVSRMHQtVNXORYêPLPOêQ\
3RVOHGQtP YêYRMRYêP VWXSQP POHWt FHPHQWX MH KRUL]RQWiOQt YiOFRYê POêQ 7HQ VHVWiYi
]NUiWNpKRSOiãWY]HSHQpKRQDK\GURG\QDPLFNêFKQHERK\GURVWDWLFNêFKSRGSUiFK3Oiã"VH
RWiþt SRPRFt REYRGRYpKR SRKRQX 8YQLW SOiãW MH KRUL]RQWiOQt YiOHF NWHUê YROQ URWXMH
D P$åH EêW K\GUDXOLFN\ SLWODþRYiQ NSOiãWL0DWHULiO NPOHWt VH SLYiGt GRMHGQRKR þL RERX
NRQF$SOiãWDSURFKi]tQNROLNUiWPH]LYiOFHPDSOiãWP3RGUFHQêPDWHULiORGFKi]HMtFt]H
POêQDVHGRSUDYXMHGRWLGLþHSLþHPåQDGPUQiIUDNFHVHYUDFtGRPOêQD
0OHWtPLQHUiOQtFKStVDG
0LQHUiOQtStVDG\VHREY\NOHPHORX VSROX VH VOtQNHP D ViGURYFHP 5R]KRGQXWt ]GD MH POtW
RGGOHQY]iVDG]iOHåtQDQiVOHGXMtFtFKþLQLWHOtFK
SURFHQWRPLQHUiOQtFKStVDGYNRQHþQpPSURGXNWXDYHYêUREFHPHQWXMDNRFHONX
]GDMHNGLVSR]LFLYROQêPOêQ
]GDMHYê]QDPQêUR]GtOYPHOLWHOQRVWLVOtQNXDPLQHUiOQtFKStVDG
REVDKYOKNRVWLYPLQHUiOQtFKStVDGiFK
-HOLY\åDGRYiQRSHGVRXãHQtPLQHUiOQtFKStVDGPRKRXVHSRXåtWVXãLFtV\VWpP\SRXåtYDMtFt
EXRGSDGQtSO\Q\DQHERYêVWXSQtY]GXFK]FKODGLþHQHERQH]iYLVOê]GURMKRUNpKRSO\QX
6SROHþQpPOHWt
.WHUêNROL ]POHFtFK V\VWpP$ XYHGHQêFK SUR VXFKpSRORVXFKp POHWt VXURYLQ O]H SRXåtW SUR
VSROHþQp POHWt PLQHUiOQtFK StVDG VH VOtQNHP D ViGURYFHP $YãDN YWãLQD V\VWpP$ NODGH
RPH]HQt QD REVDK YOKNRVWL YVi]NRYp VPVL ± PD[LPiOQ QHER MHOL SRXåLW ]GURM
KRUNpKR SO\QX 3UR Y\ããt REVDK YOKNRVWL V\VWpP\ Y\åDGXMt SHGVRXãHQt PLQHUiOQtFK StVDG
YVXãLþFH 9êMLPNRX MH YHUWLNiOQt YiOFRYê V\VWpP NWHUê MH VFKRSHQ SUDFRYDW VREVDKHP
YOKNRVWLGRDOHVWiOHY\åDGXMH]GURMKRUNpKRSO\QX
2GGOHQpPOHWt
3URRGGOHQpPOHWtPLQHUiOQtFKStVDGO]HSRXåtWV\VWpP\SURVXFKpSRORVXFKpPOHWtVXURYLQ
$YãDNVRKOHGHPQDREVDK YOKNRVWL YH VPVL StVDG SODWt SUR W\WR V\VWpP\ WRWpå D P$åH EêW
Y\åDGRYiQRSHGVRXãHQt
7tGQtSRGOHUR]ORåHQtYHOLNRVWLþiVWLF
3URMDNRVWFHPHQWXMHYHOPLG$OHåLWpUR]ORåHQtYHOLNRVWLþiVWLFSURGXNWXRSRXãWMtFtKRV\VWpP
POHWtFHPHQWX8SHVQQtWFKWR SDUDPHWU$ VH GRVDKXMH QDVWDYHQtP WtGLþH 7tGLþH SRVOHGQt
JHQHUDFHVURWRURYRXNOHFtPDMtRSURWLSHGFKR]tPNRQVWUXNFtPQNROLNYêKRGMDNRMVRX
QLåãtPUQiVSRWHEDHQHUJLHV\VWpPXPpQSHPtOiQt
]YêãHQêYêNRQV\VWpPX~þLQQRVW
PRåQRVWFKOD]HQtSURGXNWX
YWãtSUXåQRVWSL~SUDYiFKMHPQRVWLSURGXNWX
OHSãtNRQWURODUR]ORåHQtYHOLNRVWLþiVWLFOHSãtVWHMQRURGRVWSURGXNWX
6NODGRYiQtFHPHQWX
.GRSUDY FHPHQWX GR VLO MH PRåQp SRXåtW MDN SQHXPDWLFNêFK WDN PHFKDQLFNêFK
GRSUDYQtNRYêFK V\VWpP$ 0HFKDQLFNp V\VWpP\ PDMt REY\NOH Y\ããt LQYHVWLþQt QiNODG\ DOH
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
PQRKHP QLåãt SURYR]Qt QiNODG\ QHå SQHXPDWLFNi GRSUDYD 1HMþDVWML SRXåtYDQêP
GRSUDYQtNRYêP V\VWpPHP MH GQHV NRPELQDFH Y]GXãQpKR åODEX QHER ãQHNRYêFKHW]RYêFK
GRSUDYQtN$VHW]RYêPNRUHþNRYêPHOHYiWRUHP
2GOLãQpFHPHQW\VHVNODGXMtRGGOHQYVLOHFK3URVNODGRYiQtFHPHQW$VHREY\NOHSRåDGXMt
U$]Qi VLOD $YãDN QRYp NRQVWUXNFH VLO GRYROXMt VNODGRYiQt YtFH QHå MHGQRKR W\SX FHPHQWX
YWRPWpåVLOX9VRXþDVQRVWLSRXåtYDQpNRQILJXUDFHVLOSURVNODGRYiQtFHPHQWXMVRX
MHGQRRGGtORYpVLORVRGWDKHP
MHGQRRGGtORYpVLORVFHQWUiOQtPNXåHOHP
YtFHRGGtORYpVLOR
GyPRYpVLORVFHQWUiOQtPNXåHOHP
.]DKiMHQt L XGUåRYiQt RGEUX FHPHQWX ]WFKWR VLO VH SRXåtYi VWODþHQpKR Y]GXFKX
SURFKi]HMtFtKRSHVSURY]GXãRYDFtGHVN\QDGQVLOD
%DOHQtDRGHVtOiQt
&HPHQW VH SHSUDYXMH ]H VLO EX StPR GR VLOQLþQtFK QHER åHOH]QLþQtFK FLVWHUHQ QHER
QiPRQtFKWDQNHU$QHERGREDOtUQ\S\WORYDQpKRFHPHQWX
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
6RXþDVQi~URYHVSRWHE\DHPLVt
+ODYQtPL HNRORJLFNêPL SUREOpP\ VSRMHQêPL VYêURERX FHPHQWX MVRX HPLVH GR YQMãtKR
SURVWHGtDVSRWHEDHQHUJLH2GWRNRGSDGQtFKYRGVHREY\NOHRPH]XMHSRX]HQDSRYUFKRYp
~QLN\ D FKODGLFt YRGX D QHSLVStYi SRGVWDWQêP ]S$VREHP NH ]QHþLãWQt YRG 6NODGRYiQt
DPDQLSXODFHVSDOLY\MHSRWHQFLiOQtP]GURMHPNRQWDPLQDFHS$G\DSRYUFKRYêFKYRG
+PRWQRVWQtELODQFHSURYêUREXNJFHPHQWXVXFKêPSURFHVHPSLSRXåLWtWRSQpKRROHMHMDNR
SDOLYDMH]Qi]RUQQDQDREU
2EU +PRWQRVWQt ELODQFH SUR YêUREX NJ FHPHQWX
1D ]iNODG REU ] >$XVWULDQ %$7SURSRVDO @
6SRWHEDVXURYLQ
9êURED FHPHQWX MH YHONRREMHPRYê SURFHV ýtVHOQp ~GDMH YWDE XND]XMt W\SLFNRX
SU$PUQRX VSRWHEX VXURYLQ QD YêUREX FHPHQWX Y(YURSVNp XQLL +RGQRW\ YSRVOHGQtP
VORXSFL SODWt SUR ]iYRG VSURGXNFt VOtQNX WXQ GHQQ QHER PLOLRQ WXQ URþQ FRå
VRKOHGHP QD SU$PUQê REVDK VOtQNX YHYURSVNpP FHPHQWX RGSRYtGi PLOLRQX WXQ
FHPHQWX]DURN
0DWHULiOVXãLQD
QDWXQXVOtQNX
9iSHQHF MtO ELGOLFH W
VOtQRVWDWQt
QDWXQXFHPHQWX
W
URþQQD0WVOtQNX
W
6iGURYHFDQK\GULW
W
W
0LQHUiOQtStVDG\
W
W
FHPHQWX
7DE 6SRW HED VXURYLQ S L YêURE
>&HPEXUHDX UHSRUW @
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
6SRWHEDHQHUJLH
3HYOiGDMtFt VSRWHERX HQHUJLH SL YêURE FHPHQWX SHGVWDYXMH SDOLYR SUR SHF +ODYQtPL
VSRWHELWHOL HOHNWLQ\ MVRX POêQ\ NRQHþQp POHWt D POHWt VXURYLQ\ D RGWDKRYp YHQWLOiWRU\
SHFVXURYLQRYê POêQ D FHPHQWRYê POêQ NWHUp GRKURPDG\ SHGVWDYXMt YtFH QHå VSRWHE\ HOHNWLQ\ 3L YêURE WXQ\ FHPHQWX HQHUJHWLFNp QiNODG\ ± YSRGRE SDOLYD
D HOHNWLQ\ ± SHGVWDYXMt YSU$PUX FHONRYêFK YêUREQtFK QiNODG$ (OHNWULFNi HQHUJLH
SHGVWDYXMHSLEOLåQWpWRFHONRYpSRWHE\HQHUJLH>,QW&HP5HYOHGHQ@
7HRUHWLFNi VSRWHED HQHUJLH SUR Y\SDORYDFt SURFHV FKHPLFNp UHDNFH MH DVL Då 0-W VOtQNX 6NXWHþQi VSRWHED HQHUJLH SUR U$]Qp SHFQt V\VWpP\ VH SRK\EXMH YQiVOHGXMtFtP
UR]SWt0-WVOtQNX
DVLSURVXFKêSURFHVSHFHVYtFHVWXSRYêPLF\NORQRYêPLYêPQtN\DSHGNDOFLQiWRU\
SURURWDþQtSHFHVHVXFKêPSURFHVHPY\EDYHQpF\NORQRYêPLYêPQtN\
SURSRORVXFKêSRORPRNUêSURFHVSHFW\SX/HSRO
GRSURGORXKpSHFHVHVXFKêPSURFHVHP
SURGORXKpSHFHVPRNUêPSURFHVHPD
SURãDFKWRYpSHFH
6SRWHEDHOHNWLQ\MHDVLN:KWFHPHQWX
(PLVH
6PUQLFH ,33& ]DKUQXMH FHONRYê LQGLNDWLYQt VH]QDP KODYQtFK OiWHN ]QHþLã"XMtFtFK RY]GXãt
NWHUp VH PDMt EUiW Y~YDKX MVRXOL ]iYDåQp SUR VWDQRYRYiQt KRGQRW HPLVQtFK OLPLW$ 3UR
YêUREXFHPHQWXMVRX]iYDåQp
R[LG\GXVtNX12[DMLQpVORXþHQLQ\GXVtNX
R[LGVLLþLWê62DMLQpVORXþHQLQ\VtU\
SUDFK
3URYR] FHPHQWiUHQ D OLWHUDWXUD R ]QHþLã"RYiQt RY]GXãt D R WHFKQLNiFK RGOXþRYiQt VH
YãHREHFQ]DPXMHQDW\WRWL]QHþLã"XMtFtOiWN\
=XYHGHQpKR VH]QDPX VH SUR YêUREX FHPHQWX SRYDåXMt ]D ]iYDåQp WDNp QiVOHGXMtFt
]QHþLã"XMtFtOiWN\
R[LGXKHOQDWê&2
WNDYpRUJDQLFNpOiWN\92&
-LQp ]QHþLã"XMtFt OiWN\ ]WRKRWR VH]QDPX NWHUp VH SL YêURE FHPHQWX WDNp PDMt XYDåRYDW
MVRX
SRO\FKORURYDQpGLEHQ]RGLR[LQ\DGLEHQ]RIXUDQ\3&''D3&')
NRY\DMHMLFKVORXþHQLQ\
+)
+&O
9VH]QDPX QHXYHGHQê DOH SRYDåRYDQê ]D G$OHåLWê SUR YêUREX FHPHQWX MH R[LG XKOLþLWê
&2 2VWDWQtPL HPLVHPL MHMLFKå YOLY MH REY\NOH VODEê D QHER PtVWQt MVRX RGSDG\ KOXN
D]iSDFK
+ODYQtPL ~QLN\ ]YêURE\ FHPHQWX MVRX ~QLN\ GR RY]GXãt ]SHFQtKR V\VWpPX 7\ SRFKi]HMt
]I\]LNiOQtFKDFKHPLFNêFKUHDNFt]DKUQXMtFtFKVXURYLQ\DVSDORYiQtSDOLY+ODYQtPLVORåNDPL
YêVWXSQtFK SO\Q$ ]FHPHQWiVNp SHFH MVRX GXVtN ]H VSDORYDFtKR Y]GXFKX &2 ]NDOFLQDFH
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
&D&2 D ]H VSDORYiQt SDOLYD YRGQt SiUD ]H VSDORYDFtKR SURFHVX D ]H VXURYLQ SHE\WHþQê
N\VOtN
9H YãHFK SHFQtFK V\VWpPHFK VH PDWHULiO SRK\EXMH SURWL SURXGX KRUNêFK VSDOLQ 7HQWR
SURWLSURXGRYê SRK\E RYOLYXMH XYRORYiQt ]QHþLã"XMtFtFK OiWHN QHER" S$VREt MDNR
]DEXGRYDQp FLUNXODþQt IOXLGQt ORåH 0QRKp VORåN\ NWHUp Y]QLNDMt VSDORYiQtP SDOLYD QHER
SHPQRXVXURYLQ\QDVOtQHN]$VWiYDMtYSO\QQpIi]LSRX]HGRNXGQHMVRXDEVRUERYiQ\QHER
QHNRQGHQ]XMtQDVXURYLQSRVWXSXMtFtSURWLSURXGX
$GVRUSþQtVFKRSQRVWPDWHULiOXVHPQtVMHKRI\]LNiOQtPD FKHPLFNêPVWDYHP7HQQDRSDN
]iYLVtQDWRPNGHVHYSHFQtPV\VWpPXQDFKi]t1DSPDWHULiORSRXãWMtFtNDOFLQDþQtVWXSH
SHFQtKRSURFHVXPiY\VRNêREVDKR[LGXYiSHQDWpKRDSURWRPiY\VRNRXVFKRSQRVWDEVRUSFH
N\VHOLQMDNR+&O+)D62
(PLVQt~GDMHRSURYR]RYDQêFKSHFtFKMVRXREVDåHQ\YWDE (PLVQt UR]VDK\ SL NWHUêFK
SHFH SUDFXMt SHYiåQ ]iYLVt QD SRYD]H VXURYLQ SDOLY VWit D NRQVWUXNFL ]Dt]HQt D WDNp QD
SRåDGDYFtFKVWDQRYHQêFKSRYROXMtFtP~DGHP
(PLVQtUR]VDK\HYURSVNêFKFHPHQWiVNêFKSHFt
PJ1P
NJWVOtQNX
J1P
JW
JW
QJ1P
QJW
12[MDNR12
62
3UDFK
&2
&2
72&
+)
+&O
3&'')
.RY\
+J&G7O
SHY+J
$V&R1L6H7H
6E3E&U&X0Q
96Q=Q
WURN
PLOLRQX
JURN
PJW
PJW
NJURN
NJURN
PJW
NJURN
3R]Q +PRWQRVWQt ~GDMH VH Y]WDKXMt NH P W VOtQNX D PLO WXQ VOtQNX ]D URN (PLVQt UR]VDK\ MVRX URþQtPL
SU$PU\ D MVRX LQGLNDWLYQtPL KRGQRWDPL Y\FKi]HMtFtPL ] U$]QêFK WHFKQLN PHQt 1RUPiOQt REVDK 2 MH 7DE 2EODVWL UR]VDKX HPLVt ] HYURSVNêFK FHPHQWi VNêFK SHFt
1D ]iNODG >&HPEXUHDX UHSRUW @ >&HPEXUHDX@ >'XWFK UHSRUW @ >+DXJ@ >/RKVH@
7\SLFNp REMHP\ ]SORGLQ Y\MiGHQp Y PW VOtQNX VXFKê SO\Q N3D . VH SUR
YãHFKQ\ W\S\ SHFt SRK\EXMt RG GR >&HPEXUHDX@ 3HFQt V\VWpP\ VGLVSHU]QtPL
YêPQtN\DSHGNDOFLQDFtPDMtQRUPiOQtREMHP]SORGLQRNRORPWVOtQNXVXFKêSO\Q
N3D.
3LNDåGpPPOHWtURYQåGRFKi]tN~OHWXþiVWLFWMVXURYLQSHYQêFKSDOLYDSURGXNWX-DNpNROL
YHQNRYQtVNODGRYiQtVXURYLQDSHYQêFKSDOLYMDNRåLMDNpNROLV\VWpP\WUDQVSRUWXPDWHULiOX
YþHWQ QDNOiGN\ FHPHQWRYpKR SURGXNWX MVRX SRWHQFLiOQtP ]GURMHP ~QLNX þiVWLF 9HOLNRVW
WFKWR~QLN$P$åHEêWYê]QDPQiSRNXGW\WRREODVWLQHMVRXGREH]YOiGQXW\DXGUåRYiQ\QD
Qt]Np~URYQLP$åHYpVWNSUREOpP$PPtVWQtKRYê]QDPX
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
2[LG\GXVtNX
2[LG\ GXVtNX 12[ PDMt VRKOHGHP QD ]QHþLãWQt RY]GXãt ]FHPHQWiUHQ XUþXMtFt Yê]QDP
(YURSVNp FHPHQWiVNp SHFH Y\SRXãWMt SU$PUQ DVL PJ 12[P MDNR 12 VXFKê
SO\Q.N3D2>gNRSROUHSRUW@0HQtHPLVt12[QDYtFHQHå
URWDþQtFKFHPHQWiVNêFKSHFtFKVYêPQtNHPSURNi]DODVWHGQtKRGQRWXJ12NJVOtQNX
FRåRGSRYtGiPJ12PVXFKêSO\Q.N3D2YHYêVWXSQtPSO\QX
>,QW&HP5HY -DQ@ 9UDNRXVNp VWXGLL E\OD VWHGQt KRGQRWD QD NDOHQGiQt URN Y\SRþWHQD
]S$OKRGLQRYêFK VWHGQtFK KRGQRW SUR NDåGRX SHF SURVWHGQLFWYtP NRQWLQXiOQtKR PHQt
6WHGQt KRGQRW\ NROtVDO\ RG SR PJ 12[P 9ãHFKQ\ UDNRXVNp SHFH SRXåtYDMt
SULPiUQt RSDWHQt SHF Pi SRVWXSQp VSDORYiQt D SHF Y\XåtYi PLQHUDOL]DFH 3U$PUQp
HPLVH12[SURYãHFKQ\UDNRXVNpSHFHE\O\PJ12[PSHFt]WRKRVGLVSHU]QtP
YêPQtNHP D VURãWRYêP SHGHKtYDþHP SHFQt V\VWpP\ /HSRO >$XVWULDQ VWXG\ @
(PLVH12[NROtVDMtSRGOHWRKRMDNêSHFQtSURFHVMHSRXåLW7DEXND]XMHYêVOHGN\PHQt
HPLVt SURYHGHQêFK Y OHWHFK YH 6SRONRYp UHSXEOLFH 1PHFNR 9ê]NXPQêP ~VWDYHP
FHPHQWiVNpKRSU$P\VOX>.DUOVUXKH,@
7\S SURFHVX
(PLVQt IDNWRU 12
>J 12 W VOtQNX@
&\NORQRYê YêPQtN V UHNXSHUDFt WHSOD
&\NORQRYê YêPQtN EH] UHNXSHUDFH WHSOD
5RãWRYê SHGHKtYDþ
9]WDåHQR N VXFKpPX SO\QX & . N3D 2 [
.RQFHQWUDFH 12
>PJ 12 P @
[
HQt 12[ Y 1PHFNX EKHP OHW
7DE 9êVOHGN\ P
>.DUOVUXKH , @
12 D 12 MVRX SHYOiGDMtFtPL R[LG\ GXVtNX YRGSDGQtFK SO\QHFK ]FHPHQWiVNêFK SHFt
12!R[LG$GXVtNX([LVWXMtVYDKODYQt]GURMHY]QLNX12[
7HUPLFNp12[ þiVWGXVtNXYHVSDORYDFtPY]GXFKXUHDJXMHVN\VOtNHPDY\WYitU$]QpR[LG\
GXVtNX
3DOLYRYp12[ VORXþHQLQ\ REVDKXMtFt GXVtN FKHPLFN\ Yi]DQp YSDOLYX UHDJXMt VN\VOtNHP
]HY]GXFKXDY\WYiHMtU$]QpR[LG\GXVtNX
7HUPLFNp12[Y]QLNiSLWHSORWiFKQDG&D]DKUQXMHUHDNFLGXVtNRYêFKDN\VOtNRYêFK
PROHNXOYHVSDORYDFtPY]GXFKX7HUPLFNp12[VHY\WYitKODYQYSiOtFt]yQSHFHNGHMH
GRVWDWHþQiWHSORWDNHY]QLNXWpWRUHDNFH0QRåVWYtWHUPLFNpKR12[Y\WYRHQpKRYSiOtFt]yQ
]iYLVtMDNQDWHSORWYSiOtFt]yQWDNQDREVDKXN\VOtNXþLQLWHOSHE\WNXY]GXFKX5\FKORVW
UHDNFtQDWHUPLFNp 12[VH]Y\ãXMHVHY]U$VWDMtFtWHSORWRXSURWRWåNR SDOLWHOQp VPVL NWHUp
Y\åDGXMtWHSOHMãtSiOtFt]yQ\PDMtVNORQNHWYRUEYWãtKRPQRåVWYtWHUPLFNpKR12[QHåSHFH
VH VQDGQML SDOLWHOQêPL VPVPL 5HDNþQt U\FKORVW WDNp Y]U$VWi VH Y]U$VWDMtFtP REVDKHP
N\VOtNX þLQLWHO SHE\WNX Y]GXFKX 3URYR] WpåH SHFH VY\ããtP REVDKHP N\VOtNX þLQLWHO
SHE\WNXY]GXFKXSRYHGHNY\ããtWYRUEWHUPLFNpKR12[YSiOtFt]yQLNG\åHPLVH62D
QHER&2PRKRXSRNOHVQRXW
3DOLYRYp 12[ VH Y\WYit VSDORYiQtP GXVtNX StWRPQpKR YSDOLYX 'XVtN YSDOLYX VH EX
VOXþXMHVMLQêPLDWRP\GXVtNXQDSO\QQê1QHERUHDJXMHVN\VOtNHPDY\WYitSDOLYRYp12[
9SHGNDOFLQiWRUX VH WHSORWD SRK\EXMH YUR]VDKX & FRå QHQt GRVW QD Y\WYRHQt
Yê]QDPQpKRPQRåVWYtWHUPLFNpKR12[DOHREMHYtVHWXSDOLYRYp12[2EGREQPRKRXMLQp
GUXK\ VHNXQGiUQtKR VSDORYiQt SDOLYD QD ]DGQtP NRQFL SHFQtKR V\VWpPX MDNR YVWRXSDFtP
NRXRYRGXSHFHVGLVSHU]QtPYêPQtNHPQHERYNDOFLQDþQtNRPRHURãWRYpKRSHGHKtYDþH
XPRåQLWY]QLNSDOLYRYêFK12[3URWRXSHFtVSHGNDOFLQDFtNGHVHP$åHYNDOFLQiWRUXVSiOLW
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
Då SDOLYD SLVStYi WYRUED SDOLYRYêFK 12[ ]QDþQRX PURX NFHONRYêP HPLVtP 12[
7YRUED WHUPLFNêFK 12[ YWFKWR SHFtFK MH PQRKHP QLåãt YH VURYQiQt VSHFHPL NGH VH
YHãNHUpSDOLYRVSDOXMHYHVOLQRYDFt]yQ
.URPWHSORW\DREVDKX2þLQLWHOSHE\WNXY]GXFKXP$åHEêWWYRUED12[RYOLYQQDWYDUHP
D WHSORWRX SODPHQH JHRPHWULt VSDORYDFt NRPRU\ UHDNWLYLWRX D REVDKHP GXVtNX YSDOLYX
StWRPQRVWtYOKNRVWLPRåQRXUHDNþQtGRERXDNRQVWUXNFtKRiNX
2[LGVLLþLWê
(PLVH 62 ]FHPHQWiUHQ MVRX SULPiUQ XUþRYiQ\ REVDKHP WNDYp VtU\ YVXURYLQiFK 3HFH
NWHUp SRXåtYDMt VXURYLQ\ VPDOêP QHER QXORYêP REVDKHP WNDYp VtU\ PDMt PDOp SUREOpP\
VHPLVHPL 62 8 QNWHUêFK SHFt MVRX HPLVQt NRQFHQWUDFH YNRXRYêFK SO\QHFK EH]
RGOXþRYiQtSRGPJ62P(PLVQtNRQFHQWUDFH62URVWRXVHY]U$VWDMtFtKODGLQRXWNDYp
VtU\YSRXåtYDQpVXURYLQ
3RNXG VH SRXåtYDMt VXURYLQ\ REVDKXMtFt RUJDQLFNRX VtUX QHER S\ULW )H6 PRKRX EêW HPLVH
62Y\VRNp62MHKODYQtVORXþHQLQRXNWHUiVHXYROXMHLNG\åY]QLNiWURFKX62
DSLUHGXNþQtFKSRGPtQNiFKE\VHPRKOY\YtMHW+66tUDYVXURYLQY\VN\WXMtFtVHYSRGRE
VLUQtN$ D RUJDQLFN\ Yi]DQp VtU\ VH Y\SDt D L YtFH P$åH RGFKi]HW ]SUYQtKR VWXSQ
YêPQtNX 3O\Q\ ]WpWR MHGQRWN\ VH EX Y\SRXãWMt StPR GR RY]GXãt QHER VH SLYiGMt GR
VXURYLQRYpKR POêQD SRNXG MH YSURYR]X 9VXURYLQRYpP POêQ VH 62 ]DFK\Wt
YMHPQ POHWêFK VXURYLQiFK -H WHG\ G$OHåLWp DE\ E\OR POHWt VXURYLQ\ RSWLPDOL]RYDQp WDN
DE\PRKOEêWVXURYLQRYêPOêQSURYR]RYiQMDNRRGOXþRYDþ62]SHFH
6tUD]SDOLYSLYiGQêFKGRSHFtQHYHGHNYê]QDPQêPHPLVtP62YG$VOHGNXVLOQ]iVDGLWp
SRYDK\VOLQRYDFt]yQ\NDOFLQDþQt]yQ\DVSRGQtKRVWXSQYêPQtNX7DWRVtUDVH]DFK\WtYH
VOtQNX 1DGE\WHþQê N\VOtN 2 XGUåRYDQpKR YSHFL NY$OL XVSRNRMLYp MDNRVWL
FHPHQWRYpKR SURGXNWX REY\NOH LKQHG ]R[LGXMH MDNpNROL XYROQQp VLUQtN\ QD 62
9GORXKêFKSHFtFKQHQtNRQWDNWPH]L62D]iVDGLWêPPDWHULiOHPWDNGREUêDVtUDREVDåHQi
YSDOLYHFKP$åHYpVWNYê]QDPQêPHPLVtP62
3HVWXVNXWHþQRVWåHYWãLQDVtU\]$VWiYiYHVOtQNX YSRGRE VtUDQX PRKRX EêW HPLVH 62
Yê]QDPQp]HVXURYLQVY\VRNêPREVDKHPWNDYpVtU\DO]HMHSRYDåRYDW]DKODYQt]QHþLã"XMtFt
OiWNX
3UDFK
9HY]WDKXNYêUREFHPHQWXE\O\HPLVHSUDFKX]HMPpQD]SHFQtFKNRPtQ$WUDGLþQKODYQtP
HNRORJLFNêP SUREOpPHP +ODYQtP ]GURMHP SUDFKX MVRX SHFH VXURYLQRYp POêQ\ FKODGLþH
VOtQNXDFHPHQWRYpPOêQ\9HYãHFKWFKWRSURFHVHFKSURFKi]tYHONpREMHP\SO\Q$SUDãQêPL
PDWHULiO\ .RQVWUXNFH D VSROHKOLYRVW PRGHUQtFK HOHNWURVWDWLFNêFK RGOXþRYDþ$ D WH[WLOQtFK
ILOWU$]DMLã"XMHåHHPLVHSUDFKXPRKRXEêWVQtåHQ\QD~URYHNGHSHVWiYDMtEêWYê]QDPQp
YQNWHUêFKSURYR]HFKVHGRVDKXMHHPLVQt~URYHSRGPJP
'UXKRWQp WXKp HPLVH PRKRX Y]QLNDW EKHP VNODGRYiQt PDQLSXODFH VPDWHULiO\ D SHYQêPL
SDOLY\DWDNp]HVLOQLþQtFKSRYUFK$ÒQLN\þiVWHþHN]EDOHQtDH[SHGLFHVOtQNXQHERFHPHQWX
PRKRX EêW WDNp Yê]QDPQp 'RSDGHP GUXKRWQêFK HPLVt P$åH EêW PtVWQt ]YêãHQt ~URYQ
SUDãQRVWL]DWtPFRHPLVHSUDFKX]YêURE\REY\NOH]Y\VRNêFKNRPtQ$PRKRXPtWGRSDGQD
NYDOLWXRY]GXãtYPQRKHPYWãtREODVWL
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
2[LG\XKOtNX&2&2
(PLVH&2VHRGKDGXMtQDDåNJWVOtQNXSLPUQpVSRWHEWHSODSLEOLåQDå
0-W VOtQNX DOH WDNp Y]iYLVORVWL QD W\SX SDOLYD 9G$VOHGNX POHWt FHPHQWX
VPLQHUiOQtPL StVDGDPL VH YH Y]WDKX NWXQiP FHPHQWX HPLVH &2 VQLåXMt VURY REU 3LEOLåQ SRFKi]t ]NDOFLQDþQtKR SURFHVX D ]EêYDMtFtFK MGH QD YUXE VSDORYiQt
SDOLYD (PLVH &2 Y]QLNDMtFt VSDORYiQtP XKOtNDWpKR REVDKX SDOLYD MVRX ~PUQp VSRWHE
WHSOD MDNRå L SRPUX REVDKX XKOtNX NYêKHYQRVWL SDOLYD 1DS PUQi VSRWHED 0-W
VOtQNX D SRXåLWt þHUQpKR XKOt VYêKHYQRVWt 0-NJ D REVDKHP XKOtNX YHGH NHPLVL
W &2 QD WXQX VOtQNX XYDåXMHPHOL SRX]H SDOLYR 3RXåLWt ]HPQtKR SO\QX PtVWR XKOt
VQLåXMHKODGLQXSLEOLåQR>$XVWULDQUHSRUW@(PLVH&2 ]HVSDORYDFtKRSURFHVX
E\O\ YêUD]Q VQtåHQ\ ]D SRVOHGQtFK OHW E\OR GRVDåHQR VQtåHQt DVL R KODYQ
]DYHGHQtPSHFQtFKSURFHV$HIHNWLYQMLY\XåtYDMtFtFKSDOLYD
(PLVH&2MVRXVSRMHQ\VREVDKHPRUJDQLFNêFKOiWHNYVXURYLQDOHPRKRXWDNpY\SOêYDW]H
ãSDWQpKR VSDORYiQt SRNXG QHQt RSWLPiOQt t]HQt GRGiYN\ SHYQpKR SDOLYD 9]iYLVORVWL QD
ORåLVNXVXURYLQ\VHGRSURFHVXGRVWiYiVSROXVHVXURYLQRXRGGRJRUJDQLFNpKRXKOtNX
QDNJVOtQNX3RGOH&HPEXUHDXXNi]DO\]NRXãN\VXURYLQRYpPRXþN\U$]QpKRS$YRGXåH]D
StWRPQRVWLN\VOtNXVHPH]LDåRUJDQLFNêFKVORXþHQLQYVXURYLQSHPXMHQD
&2 DOH VRXþDVQ VH Då SHPXMH QD &2 ýiVW XYRORYDQi MDNR WNDYp RUJDQLFNp
VORXþHQLQ\XKOtNX92&E\OD]DWFKWRSRGPtQHNKOXERNRSRG.RQFHQWUDFH&2P$åH
EêW Då PJ1P D YQNWHUêFK StSDGHFK P$åH GRNRQFH SHNUDþRYDW PJP
>&HPEXUHDX UHSRUW @ 3UR ]DMLãWQt VWDELOQt GRGiYN\ SHYQpKR SDOLYD V PLQLPiOQtPL
YêN\Y\ MH ]iVDGQt GREUê QDNODGDþ GRSUDYQtN D NRQVWUXNFH GiYNRYiQt -LQDN P$åH GRMtW
NVXEVWHFKLRPHWULFNpPX VSDORYiQt FRå P$åH YpVW NH NUiWNRGREêP H[WUpP$P GRVDKXMtFtP
YtFH QHå &2 7\WR H[WUpP\ ]S$VREXMt GDOãt SUREOpP QHER" NDåGê HOHNWURVWDWLFNê
RGOXþRYDþVHPXVtDXWRPDWLFN\Y\SQRXWDE\VH]DEUiQLORYêEXFKX
7NDYpRUJDQLFNpOiWN\
3LWHSHOQpPSURFHVXVSDORYiQtMHYêVN\WWNDYêFKRUJDQLFNêFKOiWHNDR[LGXXKHOQDWpKR
þDVWR VSRMHQ VQH~SOQêP VSDORYiQtP 9FHPHQWiVNêFK SHFtFK MVRX HPLVH ]D QRUPiOQtFK
XVWiOHQêFK SRGPtQHN Qt]Np GtN\ GORXKp GRE SRE\WX SO\Q$ YSHFL Y\VRNp WHSORW
D QDGE\WHþQpPX N\VOtNX .RQFHQWUDFH VH PRKRX ]YêãLW ]D SRGPtQHN UR]EKX D RGVWDYRYiQt
YêURE\7\WR SRGPtQN\ VH PRKRX Y\VN\WRYDW VU$]QRX IUHNYHQFt QDS RG MHGQRKR Då GYRX
StSDG$WêGQSRMHGHQStSDG]DGYDDåWLPVtFH
(PLVH WNDYêFK RUJDQLFNêFK OiWHN 92& VH PRKRX SURMHYLW YSUYQtFK VWXSQtFK SURFHVX
YêPQtNSHGNDOFLQiWRUSRNXGMHRUJDQLFNiOiWNDNWHUiMHStWRPQDYVXURYLQXYROQQD
NG\åVHYVi]ND]DKtYi9L]WpåRGGtOÄ3RXåLWtRGSDG$MDNRSDOLYD³2UJDQLFNpOiWN\
VH XYROXMt SL WHSORWiFK RG GR & 2EVDK 92& YRGSDGQtFK SO\QHFK
]FHPHQWiVNêFKSHFtVHREY\NOHSRK\EXMHPH]LDåPJ1PYHY]iFQêFKStSDGHFK
PRKRX HPLVH YG$VOHGNX YODVWQRVWt VXURYLQ\ GRViKQRXW Då PJ1P >&HPEXUHDX UHSRUW
@
3RO\FKORURYDQpGLEHQ]RGLR[LQ\3&''DGLEHQ]RIXUDQ\3&')
3L WHSHOQpP SURFHVX VSDORYiQt P$åH MDNêNROL YVWXS FKOyUX ]D StWRPQRVWL RUJDQLFNpKR
PDWHULiOX SRWHQFLiOQ ]S$VRELW Y]QLN SRO\FKORURYDQêFK GLEHQ]RGLR[LQ$ 3&''
DSRO\FKORURYDQêFKGLEHQ]RIXUDQ$3&')3&''D3&')PRKRXY]QLNDWYYêPQtNXQHER
]D QtP D Y]Dt]HQt QD UHJXODFL DWPRVIpULFNêFK HPLVt MHOL YGRVWDWHþQpP PQRåVWYt
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
GLVSRQLELOQt FKOyU D XKORYRGtNRYp SUHNXU]RU\ 9L] Wpå RGGtO Ä3RXåLWt RGSDGX MDNR
SDOLYD³ -H ]QiPR åH NH ]SWQp WYRUE GLR[LQ$ D IXUDQ$ GRFKi]t QRYRV\QWp]RX YUiPFL
WHSORWQtKR RNQD FKOD]HQt ]H QD & 7DNåH MH G$OHåLWp DE\ SO\Q\ RSRXãWMtFt SHFQt
V\VWpPE\O\YUiPFLWRKRWRWHSORWQtKRUR]VDKX]FKOD]HQ\U\FKOH-HWRSUDNWLFN\WRFRVHGMH
YHYêPQtNRYêFKV\VWpPHFKNG\åVHVXURYLQ\SHGHKtYDMtSHFQtPLSO\Q\
9G$VOHGNX GORXKpKR SRE\WX YSHFL D Y\VRNêFK WHSORW MVRX SL VWDELOQtFK SRGPtQNiFK SHFH
HPLVH 3&'' D 3&') REY\NOH Qt]Np 9(YURS MH YêURED FHPHQWX ]tGNDNG\ Yê]QDPQêP
]GURMHPHPLVt3&'')1LFPpQ]~GDM$XYHGHQêFKYGRNXPHQWXÄ,GHQWLILNDFHYê]QDPQêFK
SU$P\VORYêFK ]GURM$ GLR[LQ$ D IXUDQ$ Y(YURS³ Ä,GHQWLILFDWLRQ RI 5HOHYDQW ,QGXVWULDO
6RXUFHVRI'LR[LQVDQG)XUDQVLQ(XURSH³H[LVWXMHRNRORHPLVtGLR[LQ$VWiOH]QDþQiQHMLVWRWD
>0DWHULDOLHQ@
8YiGQp~GDMHQD]QDþXMtåHFHPHQWiVNpSHFHPRKRXYWãLQRXY\KRYRYDWHPLVQtNRQFHQWUDFL
QJ 7(41P FRå MH SRGOH HYURSVNpKR ]iNRQRGiUVWYt PH]Qt KRGQRWD SUR VSDORYQ\
QHEH]SHþQêFKRGSDG$6PUQLFH5DG\(61PHFNiPHQtQDVOtQNRYêFKSHFtFK
SHFHVGLVSHU]QtPYêPQtNHPWHSOD DSHFHW\SX /HSROEKHPSRVOHGQtFKOHWQD]QDþXMt
åHSU$PUQpNRQFHQWUDFHGRVDKXMtDVLQJ7(P>6FKQHLGHU@
.RY\DMHMLFKVORXþHQLQ\
6XURYLQ\ D SDOLYD EXGRX YåG\ REVDKRYDW NRY\ .RQFHQWUDFH VH PtVWR RG PtVWD YHOPL PQt
6ORXþHQLQ\NRY$MHPRåQpUR]GOLWGRWtWtGQD]iNODGQHVWiORVWLNRY$DMHMLFKVROt
.RY\NWHUpMVRXQHERPDMtVORXþHQLQ\åiUXY]GRUQpQHERQHWNDYp%D%H&U$V 1L
9$O7L&D)H0Y&XD$J
NRY\NWHUpMVRXQHERPDMtVORXþHQLQ\SRORWNDYp6E&G3E6H=Q.D1D
.RY\NWHUpMVRXQHERPDMtVORXþHQLQ\WNDYp+J7O
>'XWFKUHSRUW@
&KRYiQt WFKWR NRY$ YSURFHVX YêSDOX ]iYLVt QD MHMLFK WNDYRVWL 1HWNDYp VORXþHQLQ\ NRY$
SURFKi]HMtSURFHVHPD]SHFHY\FKi]HMtMDNRVRXþiVWVNODGE\FHPHQWRYpKRVOtQNX3RORWNDYp
VORXþHQLQ\ NRY$ SL VOLQRYDFtFK WHSORWiFK þiVWHþQ SHFKi]HMt GR SO\QQp Ii]H DE\
YFKODGQMãtFKþiVWHFKSHFQtKRV\VWpPXNRQGHQ]RYDO\QDVXURYLQ7RYHGHYUiPFLSHFQtKR
V\VWpPX NF\NOLFNpPX HIHNWX YQLWQt F\NO\ NWHUê VH XVWDOXMH Då GR ERGX NGH VH
SURVWHGQLFWYtPFHPHQWRYpKRVOtQNXGRViKQHDXGUåXMHURYQRYiKDPH]LYVWXSHPDYêVWXSHP
>&HPEXUHDX UHSRUW @ 7NDYp VORXþHQLQ\ NRY$ NRQGHQ]XMt SL QLåãtFK WHSORWiFK QD
þiVWHþNiFK VXURYLQ\ D SRNXG QHMVRX HPLWRYiQ\ VRGSDGQtPL SO\Q\ ]SHFH SRWHQFLiOQ
Y\WYiHMtYQLWQtQHERYQMãtF\NO\9HOPLWNDYpMH]HMPpQDWKDOLXPDUWX"DMHMLFKVORXþHQLQ\
D PHQãt PURX NDGPLXP RORYR VHOHQ D MHMLFK VORXþHQLQ\ ,QWHUQt F\NOXV VQDGQR WNDYêFK
NRY$ D MHMLFK VORXþHQLQ VH Y\WYit NG\å UHDJXMt VYVi]NRX NDOFLQRYDQpKR PDWHULiOX QHER
SRNXG VH VUiåHMt QD YVi]NRYp VXURYLQ YFKODGQêFK REODVWHFK NDOFLQDþQt NRPRU\ YH
YêPQtNX QHER YQiYD]QêFK VXãLþNiFK .RY\ Y\WYiHMt H[WHUQt F\NOXV NG\å VH SUDFK
VNRQGHQ]RYDQêPL VORXþHQLQDPL RGGOXMH YSUDFKRYêFK RGOXþRYDþtFK D YUDFt VH GR
VXURYLQRYpPRXþN\>.DUOVUXKH,,@
3UDFK]YêURE\FHPHQWXREVDKXMHPDOpPQRåVWYtVORXþHQLQNRY$MDNRDU]pQ$VNDGPLXP
&G UWX" +J RORYR 3E WKDOLXP 7O D ]LQHN =Q +ODYQtP ]GURMHP SUDFKX QHVRXFtKR
NRY\ MH SHFQt V\VWpP YþHWQ YêPQtN$ SHGNDOFLQiWRU$ URWDþQtFK SHFt D FKODGLþ$ VOtQNX
.RQFHQWUDFH NRY$ ]iYLVt QD YVi]NRYp VXURYLQ D UHFLUNXODFL YSHFQtP V\VWpPX =HMPpQD
SRXåLWt XKOt D RGSDGQtFK VXURYLQ MDNR SDOLYD P$åH ]Y\ãRYDW YVWXS NRY$ GR SURFHVX
9G$VOHGNX SURPQQp WNDYRVWL NRY$ YVWXSXMtFtFK GR SHFQtKR V\VWpPX D YG$VOHGNX Y\VRNp
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
WHSORW\REVDKXMtKRUNpSO\Q\YFHPHQWiVNpPSHFQtPV\VWpPXWDNpSO\QQpVORXþHQLQ\NRY$
=NRXPiQtURYQRYiK\XND]XMHåHYHVOtQNXVH]DGUåXMHPiORYHOPLWNDYêFKSUYN$FRåYHGH
NDNXPXODFLWFKWROiWHNYSHFQtPV\VWpPX>.DUOVUXKH,,@
2GSDG\
2GSDG\Y\SURGXNRYDQpSLYêUREVOtQNXVHVWiYDMtYSRGVWDW]QHSRWHEQêFKKRUQLQNWHUpVH
]H VXURYLQ\ RGVWUDXMt EKHP StSUDY\ VXURYLQRYp PRXþN\ D SHFQtKR SUDFKX
RGVWUDRYDQpKR]E\SDVVXD]SRGtO$NWHUpVHQHUHF\NOXMt
)LOWUiW ]ILOWUDþQtFK OLV$ SRXåtYDQê YSRORPRNUpP SURFHVX MH ]QDþQ DONDOLFNê D REVDKXMH
VXVSHQ]LSHYQêFKOiWHN
+OXN
7åNpVWURMHDYHONpYHQWLOiWRU\SRXåtYDQpYHYêUREFHPHQWXPRKRXY\YROiYDWHPLVHKOXNX
DQHERYLEUDFH
3DFK
(PLVH SDFK$ MVRX X GREH SURYR]RYDQpKR ]iYRGX MHQ YHOPL ]tGND SUREOpPHP 2EVDKXMHOL
VXURYLQD VSDOLWHOQp VORåN\ NHURJHQ\ NWHUp SL ]DKtYiQt YH YêPQtNX QHKRt DOH QDPtVWR
WRKR SUREtKi MHMLFK S\UROê]D P$åH GRMtW N HPLVL XKORYRGtN$ 7\WR HPLVH XKORYRGtN$ O]H
VSDWLW QDG NRPtQHP MDNR ÄPRGUê RSDU³ QHER ÄNRXRYRX YOHþNX³ D ]D QHSt]QLYêFK
SRYWUQRVWQtFKSRGPtQHNPRKRXNROHPFHPHQWiUQ\]S$VRELWQHStMHPQê]iSDFK
6SDORYiQtSDOLYREVDKXMtFtFKVtUXDQHERSRXåLWtVXURYLQREVDKXMtFtFKVtUXP$åHYpVWNHPLVtP
]iSDFKXFRåMHSUREOpPVHNWHUêPVHVHWNiYiPH]YOiãWXãDFKWRYêFKSHFt
3UiYQtSHGSLV\
(PLVQt OLPLW\ SUR FHPHQWiVNê SU$P\VO VH REHFQ Y]WDKXMt NKODYQtP ]QHþLã"XMtFtP OiWNiP
12[62DSUDFKX1NWHUpVWiW\PDMtGDOãtOLPLW\SURNRY\+&O+)RUJDQLFNpVORXþHQLQ\
D3&'')3HKOHGVRXþDVQêFKSUiYQtFKSHGSLV$(8MHXYHGHQYStOR]H$
(PLVQt OLPLW\ SUR FHPHQWiVNê SU$P\VO VH REY\NOH Y\MDGXMt MDNR GHQQt SU$PU\ DQHER
S$OKRGLQRYpKRGQRW\DREHFQSODWtSURVWDELOQtSRGPtQN\
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
0RQLWRURYiQt
3URNRQWUROXSHFQtKRSURFHVXVHGRSRUXþXMtWUYDOiPHQtQiVOHGXMtFtFKSDUDPHWU$
WODN
WHSORWD
REVDK2
12[
&2DSRNXGMHNRQFHQWUDFH62[Y\VRNiSRWRP
62XRSWLPDOL]DFH&2V12[D62MGHRY\YtMHQRXWHFKQLNX
3URSHVQRXNYDQWLILNDFLHPLVtVHGRSRUXþXMtWUYDOiPHQtQiVOHGXMtFtFKSDUDPHWU$XWFKWR
SDUDPHWU$P$åHEêWSRWHEDGDOãtFKPHQtSRNXGVHMHMLFKKRGQRW\PRKRXPQLWQiVOHGQ
SRERGXPHQtSURSRWHE\NRQWURO\
REMHP]SORGLQO]HMHY\SRþtWDWDOHQNWHtRGERUQtFLWRSRYDåXMt]DNRPSOLNRYDQp
YOKNRVWO]HMLY\SRþtWDWDOHQNWHtRGERUQtFLWRSRYDåXMt]DNRPSOLNRYDQp
WHSORWD
SUDFK
2
12[
62
&2
3UDYLGHOQpSHULRGLFNpPRQLWRURYiQtMHYKRGQpSURYiGWXQiVOHGXMtFtFKOiWHN
NRY\DMHMLFKVORXþHQLQ\
72&
+&O
+)
1+
3&'')
=D]YOiãWQtFKSURYR]QtFKSRGPtQHNVHP$åHSRåDGRYDWPHQtQiVOHGXMtFtFKOiWHN
%7;EHQ]HQWROXHQ[\OHQ
3$+SRO\DURPDWLFNpXKORYRGtN\
MLQp ]QHþLã"XMtFt OiWN\ RUJDQLFNpKR S$YRGX QDS FKORUREHQ]HQ\ 3&% SRO\FKORURYDQp
ELIHQ\O\YþHWQSODQiUQtFKNRQJHQHU$FKORURQDIWDOHQ\DWG
0HQt NRY$ MH RE]YOiãW G$OHåLWp SRNXG VH MDNR VXURYLQ\ QHER SDOLYD SRXåtYDMt RGSDG\ VH
]YêãHQêPREVDKHPNRY$
-HYKRGQpQHFKDWVL]PLWYãHFKQ\W\WROiWN\ SLQHMPHQãtP X StOHåLWRVWL SHGNOiGiQt ~GDM$
SLåiGRVWLRSUYQtVRXKODV,33&SURXUþLWê]iYRG
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
7HFKQLN\XYDåRYDQpSLVWDQRYHQt%$7
9 WpWR NDSLWROH VH GLVNXWXMt WHFKQLN\ NWHUp PRKRX PtW NODGQê YOLY QD HPLVH QDS VQtåHQt
Y]QLNDMtFt SL YêURE FHPHQWX 8YiGt VH NUiWNê SRSLV SRXåLWHOQRVW REY\NOp KODGLQ\ HPLVt
QHERPRåQRVWVQtåHQtD~GDMHRFHQMVRXOLGRVWXSQpQHERYKRGQp.URPWFKWRWHFKQLN
VQLåRYiQtHPLVtVHYWpWRNDSLWROHGLVNXWXMHVSRWHEDVXURYLQDHQHUJLH
7HFKQLN\ SUR VQLåRYiQt VSRWHE\ HQHUJLH D HPLVt Y FHPHQWiVNpP SU$P\VOX Y\MiGHQp QD
MHGQRWNX KPRWQRVWL FHPHQWRYpKR SURGXNWX PDMt VQtåLW REVDK VOtQNX Y FHPHQWRYêFK
SURGXNWHFK 7RKR O]H GRViKQRXW SLGiQtP SOQLY QDS StVNX VWUXVN\ YiSHQFH SROpWDYpKR
SRStONXDSXFROiQXSLPOHWt9(YURSMHSU$PUQêREVDKVOtQNXYFHPHQWX0QR]t
YêUREFL FHPHQWX SUDFXMt QD WHFKQLNiFK GDOãtKR VQLåRYiQt REVDKX VOtQNX 2 MHGQp SRSVDQp
WHFKQRORJLLVHWYUGtåHQDKUD]XMHVOtQNXSL]DFKRYiQtMDNRVWLDXåLWQêFKYODVWQRVWtDSL
QH]YêãHQêFKYêUREQtFKQiNODGHFK1RUP\SURFHPHQWGHILQXMtQNWHUpW\S\FHPHQWXVPpQ
QHåVOtQNXSLþHPåUR]GtOWYRtY\VRNRSHFQtVWUXVND
6SRWHEDVXURYLQ
5HF\NODFH SUDFKX ]DFK\FHQpKR YH YêUREQtP SURFHVX VQLåXMH FHONRYRX VSRWHEX VXURYLQ
5HF\NODFHVHP$åHGtWYUiFHQtPStPRGRSHFHQHERGR SHFQt YVi]N\ SLþHPå RPH]XMtFtP
þLQLWHOHPMHREVDKDONDOLFNêFKNRY$QHERPtVHQtPVKRWRYêPLFHPHQWRYêPLSURGXNW\
3RXåLWtYKRGQêFKRGSDG$MDNRVXURYLQP$åHVQtåLWYVWXSStURGQtFK]GURM$DOHMHWHEDYåG\
MHXVNXWHþRYDWVGRVWDWHþQRXNRQWURORXOiWHN]DYiGQêFKGRSHFQtKRSURFHVX
6SRWHEDHQHUJLH
3HFQt V\VWpP\ V F\NORQRYêPL VWXSQL YêPQtNX D V SHGNDOFLQiWRUHP VH SRYDåXMt ]D
VWDQGDUGQt WHFKQRORJLL SUR EåQp QRYp ]iYRG\ D WDWR NRQILJXUDFH VSRWHEXMH 0-WVOtQNX>&HPEXUHDXUHSRUW@3UR~þHO\RSWLPDOL]DFHHQHUJHWLFNpKRYVWXSXYMLQêFK
SHFQtFK V\VWpPHFK H[LVWXMH PRåQRVW ]PQLW NRQILJXUDFL SHFH QD NUiWNRX SHF VH VXFKêP
SURFHVHPVYtFHVWXSRYêPYêPQtNHPDSHGNDOFLQDFt7RREY\NOHQHQtSURYHGLWHOQpMLQDN
QHå MDNR VRXþiVW YWãt PRGHUQL]DFH VH ]YêãHQtP YêURE\ 3tNODG\ PHWRG NWHUp RPH]XMt
VSRWHEXHQHUJLHMVRXXSODWQQtQHMQRYMãtJHQHUDFHVOtQNRYêFKFKODGLþ$DPD[LPiOQtPRåQi
UHNXSHUDFHRGSDGQtKRWHSODSURVXãHQtDSHGHKHY
6SRWHEXHOHNWULFNpHQHUJLHO]HPLQLPDOL]RYDWLQVWDODFtV\VWpP$HQHUJHWLFNpKRPDQDJHPHQWX
D SRXåLWtP HQHUJHWLFN\ ~þLQQêFK ]Dt]HQt MDNR MVRX Y\VRNRWODNp YiOFRYp POêQ\ SUR
UR]POQQtVOtQNXDSRKRQ\YHQWLOiWRU$VSURPQQRXU\FKORVWt
6SRWHEX HQHUJLH ]Yêãt YWãLQD W\S$ NRQFRYêFK RGOXþRYDþ$ 1NWHUp ] UHGXNþQtFK WHFKQLN
SRSVDQêFK QtåH QDS RSWLPDOL]DFH t]HQt SURFHVX EXGRX PtW WDNp NODGQê YOLY QD VSRWHEX
HQHUJLH
9ROEDSURFHVX
=YROHQê SURFHV RYOLYQt ~QLN\ YãHFK ]QHþLã"XMtFtFK OiWHN D EXGH PtW WDNp Yê]QDPQê YOLY QD
VSRWHEXHQHUJLH3URQRYp]iYRG\DYWãtPRGHUQL]DFHVH]DVRXþDVQêVWDYWHFKQLN\SRYDåXMH
SHF VH VXFKêP SURFHVHP V YtFHVWXSRYêP YêPQtNHP D SHGNDOFLQDFt 8 SHFt V PRNUêP
SURFHVHP SURYR]RYDQêFK Y (YURS VH SL UHQRYDFL YãHREHFQ RþHNiYi SHFKRG QD VXFKê
SURFHV>'XWFKUHSRUW@DWRWpåSODWtSURSRORVXFKêDSRORPRNUêSURFHV
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
9ãHREHFQpWHFKQLN\
2SWLPDOL]DFHt]HQtSURFHVX
2SWLPDOL]DFHSURFHVXYêSDOXVOtQNXVHREY\NOHSURYiGt]D~þHOHPVQtåHQtVSRWHE\WHSOD]D
~þHOHP ]YêãHQt MDNRVWL VOtQNX D ]YêãHQt åLYRWQRVWL Y\EDYHQt QDS åiUXY]GRUQp Y\]GtYN\
VWDELOL]DFt SDUDPHWU$ SURFHVX 6HNXQGiUQtPL ~þLQN\ RSWLPDOL]DFH MVRX VQtåHQt HPLVt MDNR MH
12[ 62 D SUDFK +ODGNê D VWDELOQt SURYR] SHFH EOt]NR NRQVWUXNþQtFK KRGQRW SDUDPHWU$
SURFHVXMHYêKRGQêVRKOHGHPQDYãHFKQ\HPLVH]SHFt2SWLPDOL]DFH]DKUQXMHRSDWHQtMDNR
KRPRJHQL]DFLVXURYLQ\]DMLãWQtURYQRPUQpKRGiYNRYiQtXKOtD]OHSãHQtSURYR]XFKODGLþH
$E\ E\OR ]DMLãWQR åH GiYNRYiQt SHYQêFK SDOLY EXGH VWDELOQt V PLQLPiOQtPL ãSLþNDPL MH
]iVDGQt VSROX V GREURX NRQVWUXNFt QDNODGDþH GRSUDYQtNX D SRGDYDþH PRGHUQt YiKRYê
V\VWpPQDSHYQiSDOLYD
6QtåHQt 12[ MH ]S$VREHQR VQtåHQtP WHSORW\ SODPHQH D YêSDOX D VQtåHQtP VSRWHE\ SDOLYD
MDNRå L ]yQDPL Y SHFQtP V\VWpPX V UHGXNþQt DWPRVIpURX 3UR NRQWUROX 12[ MH NULWLFNi
UHJXODFH REVDKX N\VOtNX QDGE\WHþQê Y]GXFK 2EHFQ HþHQR þtP MH REVDK N\VOtNX
QDGE\WHþQpKRY]GXFKXQDSQDNRQFLFHPHQWiVNpSHFHQLåãtWtPPpQY]QLNi12[7HQMH
YãDNQXWQRXGUåRYDWYURYQRYi]HY$þLQiU$VWX &2 D 62 SL QLåãt KODGLQ N\VOtNX >8. ,3&
1RWH@%\ORSRSViQRVQtåHQt12[DåR>&HPEXUHDXUHSRUW@
6QtåHQt 62 MH ]S$VREHQR VQtåHQtP WNDYRVWL 62 SL QLåãt WHSORW SODPHQH D YêSDOX
D R[LGDþQt DWPRVIpURX Y SHFL SL VWDELOQtP SURYR]X SHFH ÒþLQHN RSWLPDOL]DFH SHFH X HPLVt
62MH]QDþQêXGORXKêFKPRNUêFKSHFtDRNUDMRYêXSHFtVYêPQtN\%\ORSRSViQRVQtåHQt
62DåR>&HPEXUHDXUHSRUW@
3HGFKi]HQtSHGiYNRYiQtSHFHD~QLN$&2SLSRXåLWtHOHNWURVWDWLFNêFKRGOXþRYDþ$VQLåXMH
HPLVHSUDFKXDWtPWDNpVQLåXMHHPLVHMDNêFKNROLOiWHNYSUDFKXDGVRUERYDQêFKQDSNRY$
0RGHUQt UHJXODþQt V\VWpP\ V U\FKOHMãtP PLFtP D tGLFtP ]Dt]HQtP PRKRX XPRåQLW Y\ããt
KRGQRW\Y\StQDFtFKNULWpULtQHåMHREY\NOêFKREMHPRYêFK&2DWtPVQtåLWSRþHW~QLN$
&2
2SWLPDOL]DFH SHFt MH SRXåLWHOQi X YãHFK SHFt D P$åH ]DKUQRYDW PQRKR SUYN$ SRþtQDMH RG
YêXN\ D YêFYLNX RSHUiWRU$ SHFt Då SR LQVWDODFL QRYêFK ]Dt]HQt MDNR GiYNRYDFtFK V\VWpP$
KRPRJHQL]DþQtFK VLO SHGKRPRJHQL]DþQtFK VNOiGHN D QRYêFK VOtQNRYêFK FKODGLþ$ 1iNODG\
QDWDWRRSDWHQtVHYHOPLU$]QtDWRRGGRDVLPLOLRQ$HXUR>&HPEXUHDXUHSRUW@
1NROLN GRGDYDWHO$ ]Dt]HQt SUR FHPHQWiUQ\ Y\YLQXOR DXWRPDWLFNp H[SHUWQt tGLFt V\VWpP\
]DORåHQpREY\NOHQD UHJXODFL KRHQt PRQLWRURYiQtP ~URYQ 12[ >&HPEXUHDX UHSRUW @
,QYHVWLFH QXWQi QD ãSLþNRYê SRþtWDþRYê tGLFt V\VWpP MH DVL HXUR D GDOãt QiNODG\
PRKRX EêW QXWQp QD LQVWDODFL SRåDGRYDQêFK PLFtFK D GiYNRYDFtFK V\VWpP$ Y ]iYRG
>&HPEXUHDXUHSRUW@
2SWLPDOL]DFHSHFHVHSURYiGtSHGHYãtPNY$OLVQtåHQtSURYR]QtFKQiNODG$]YêãHQtNDSDFLW\
D ]OHSãHQt MDNRVWL SURGXNWX 3URYR]Qt QiNODG\ RSWLPDOL]RYDQp SHFH VH RSURWL
QHRSWLPDOL]RYDQpPX VWDYX REY\NOH VQtåt ÒVSRU\ Y\SOêYDMt PLPR MLQp ]H VQtåHQp VSRWHE\
SDOLYDåiUXY]GRUQêFKPDWHULiO$QLåãtFKQiNODG$QD~GUåEXDY\ããtSURGXNWLYLW\>&HPEXUHDX
UHSRUW@
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
9êEUSDOLYDDVXURYLQ\
(PLVHP$åHVQtåLWSHþOLYêYêEUDNRQWURODOiWHNYVWXSXMtFtFKGRSHFH1DSRPH]HQtREVDKX
VtU\ MDN Y VXURYLQiFK WDN Y SDOLYHFK P$åH VQLåRYDW ~QLN\ 62 7RWpå SODWt SUR VXURYLQ\
DSDOLYDREVDKXMtFtMLQpOiWN\QDSGXVtNNRY\DRUJDQLFNpVORXþHQLQ\([LVWXMtYãDNUR]GtO\
PH]L U$]QêPL SHFQtPL V\VWpP\ D SOQLFtPL PtVW\ 1DS VtUD ] SDOLYD QHQt SUREOpPHP
X VXFKpKR SHFQtKR V\VWpPX VYêPQtNHP D SHGNDOFLQDFt D YHãNHUp RUJDQLFNp VORXþHQLQ\
YSDOLYHFKSLYiGQpSHVKODYQtKRiNEXGRXNRPSOHWQUR]ORåHQ\
2PH]HQtREVDKXFKOyUXYVWXSQtFKPDWHULiO$VQLåXMHWYRUEXDONDOLFNêFKFKORULG$DRVWDWQtFK
FKORULG$NRY$NWHUpPRKRX]S$VRELW QiOHSN\ D QDUXãRYDW SRGPtQN\ YSHFL D SURWR PRKRX
]KRUãRYDWSURYR]HOHNWURVWDWLFNêFKRGOXþRYDþ$FRåQDRSDN]S$VREXMH]YêãHQtHPLVtSUDFKX
0DWHULiO\ VY\VRNêP REVDKHP DONDOLt PRKRX WDNp Y\åDGRYDW DE\ E\OD þiVW SUDFKX QDPtVWR
QDYUiFHQt GR SHFQtKR V\VWpPX RGVWUDQQD DE\ VH ]DEUiQLOR Y\VRNpPX REVDKX DONDOLt
Y NRQHþQpP SURGXNWX 9WRPWR StSDG P$åH SRXåLWt PDWHULiOX VQt]NêP REVDKHP DONDOLt
XPRåQLW QDYUDFHQt SUDFKX GR YêUREQtKR SURFHVX D WDN VQtåHQt PQRåVWYt RGSDGX WtPWR
SURFHVHPY\WYiHQpKR
7HFKQLN\RPH]RYiQtHPLVt12[
7DE REVDKXMH SHKOHG WHFKQLN NWHUp PDMt NODGQê YOLY WM VQLåXMt HPLVH 12[ Y]QLNDMtFt
SL YêURE FHPHQWX 7DEXOND MH SHKOHGHP D MH WHED ML FKiSDW YVRXYLVORVWL VQiVOHGXMtFtP
RGVWDYFHP
7HFKQLND
3RXåLWHOQp QD ÒþLQQRVW
8YiGQp HPLVH
8YiGQp QiNODG\
SHFQt V\VWpP\ VQtåHQt
PJP
NJW
LQYHVWLþQt SURYR]Qt
&KOD]HQt SODPHQH
9ãHFKQ\
+RiN V Qt] 12
9ãHFKQ\
6
S
HGNDOFLQDFt
3RVWXSQp VSDORYiQt 6 YêPQtNHP 'RSDORYDFt KRiN
'ORXKp
äiGQp LQI
äiGQp LQI
0LQHUDOL] 6OtQHN
9ãHFKQ\
äiGQp LQI
äiGQp LQI äiGQp LQI
6 YêPQtNHP D 61&5
SHGNODFLQDFt
6&5 ~GDMH MHQ $VL YãHFKQ\ FFD ] SLORWQtFK SURY
äiGQp LQI
REY\NOH MDNR GHQQt SU$PU VXFKê SO\Q . N3D D 2 NJW VOtQNX ]iNODGHP MH P W VOtQNX
LQYHVWLþQt QiNODG\ Y HXUR D SURYR]Qt QiNODG\ Y HXURW VOtQNX REY\NOêP ]iNODGHP MH SHF V NDSDFLWRX W
VOtQNXGHQ D SRþiWHþQt HPLVH GR PJ 12 P QiNODG\ RGKDGO gNRSRO SUR SU$P\VORYê SURYR] NDSDFLWD SHFH RG GR W VOtQNXGHQ D SRþiWHþQt
HPLVH RG GR PJ 12 P SURYR]Qt QiNODG\ FFD R QLåãt QHå X 61&5
QiNODG\ RGKDGO &HPEXUHDX SUR SU$P\VORYê SURYR]
[
[
[
7DE 3 HKOHG WHFKQLN SUR RPH]RYiQt HPLVt 12[
3ULPiUQtRSDWHQtSURRPH]RYiQt12[
0QRKp FHPHQWiUQ\ SLMDO\ REHFQi RSWLPDOL]DþQt RSDWHQt MDNR RSDWHQt SUR NRQWUROX
YêUREQtKR SURFHVX ]GRNRQDOHQRX WHFKQLNX VSDORYiQt RSWLPiOQt QiYD]QRVW FKODGLþ$ D YROE\
SDOLYDFRåWDNpVQLåXMHHPLVH12[
1NWHUp GREH RSWLPDOL]RYDQp SHFQt V\VWpP\ VYêPQtN\ D SHFQt V\VWpP\ VYêPQtN\
D SHGNDOFLQDFt GRVDKXMt KRGQRW QLåãtFK QHå PJ 12[P EX SRX]H GtN\ SULPiUQtP
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
RSDWHQtPQHERYNRPELQDFLVSRVWXSQêPVSDORYiQtP-DNRVWVXURYLQSDOLWHOQRVWVXURYLQRYp
VPVL D NRQVWUXNFH SHFQtKR V\VWpPX PRKRX EêW StþLQRX QHVFKRSQRVWL GRViKQRXW WpWR
~URYQ
&KOD]HQtSODPHQH
3LGiYiQt YRG\ GR SDOLYD QHER StPR GR SODPHQH VQLåXMH WHSORWX D ]Y\ãXMH NRQFHQWUDFL
K\GUR[\ORYêFK UDGLNiO$ 7R P$åH PtW NODGQê YOLY QD UHGXNFL 12[ YSiOtFt ]yQ E\OD
]D]QDPHQiQD~þLQQRVWUHGXNFHRGGR.RGSDHQtYRG\MHSRWHEDGDOãtKRWHSODFRå
]S$VREXMH PtUQp ]YêãHQt HPLVt &2 DVL R Då YH VURYQiQt VFHONRYRX HPLVt &2
]SHFH >&HPEXUHDX UHSRUW @ 9VWLNRYiQt YRG\ P$åH ]S$VRERYDW SURYR]Qt SUREOpP\
SHFH
3URSHFRNDSDFLWWVOtQNX]DGHQVHLQYHVWLþQtQiNODG\RGKDGXMtQDPLOHXUR
DSURYR]QtQiNODG\RGGRHXURWVOtQNX>&HPEXUHDX@
+RiNVQt]NRXHPLVt12[
.RQVWUXNFH KRiN$ VQt]NRX SURGXNFt 12[ VH YGHWDLOHFK OLãt DOH Y]iVDG VH XKOt SDOLYR
DY]GXFKSLYiGMtGRSHFHVRXVWHGQêPLWUXENDPL3RGtOSULPiUQtKRY]GXFKXVHUHGXNXMHQD
DVL REMHPX Y\åDGRYDQpKR SUR VWHFKLRPHWULFNp VSDORYiQt Y WUDGLþQtFK KRiFtFK
REY\NOH $[LiOQt SURXG Y]GXFKX VH YKiQt VY\VRNRX SRK\ERYRX HQHUJLt GR
YQMãtKRNDQiOX8KOtVHP$åHYKiQWVWHGQtWUXENRXQHERSURVWHGQtPNDQiOHP7HWtNDQiO
VH SRXåtYi SUR UDGLiOQt Y]GXFK SLþHPå YtHQt VH Y\WYit ORSDWNDPL YH YêVWXSX QHER ]D
YêVWXSHPKRiNRYpWUXELFH
=iNODGQtP~þHOHPWpWRNRQVWUXNFHKRiNXMHYHOPLEU]NpY]QtFHQtDWR]YOiãWXVORåHNSDOLYD
YDWPRVIpH VQHGRVWDWNHP N\VOtNX FRå SRYHGH NH VQLåRYiQt WYRUE\ 12[ 8 ]GDLOêFK
LQVWDODFt MH GRVDåLWHOQi UHGXNFH 12[ Då R >,QW&HP5HY 2FW@ DOH SR ]DYHGHQt
KRiN$VQt]NRXHPLVt12[QHQiVOHGXMHYåG\VQtåHQtHPLVt12[+RiN\VQt]NRXHPLVt12[
MVRX SRXåLWHOQp X YãHFK URWDþQtFK SHFt YKODYQt SHFL MDNRå L YSHGNDOFLQiWRUX D E\O\
]D]QDPHQiQ\ HPLVQt ~URYQ Då PJP >'XWFK UHSRUW @ 3UR SHF R NDSDFLW
WVOtQNXGHQQMVRXLQYHVWLþQtQiNODG\QDQRYêKRiNVQt]NRXHPLVt12[DVLDå
HXUR >&HPEXUHDX UHSRUW @ >'XWFK UHSRUW @ 3RXåtYiOL VWiYDMtFt V\VWpP
StPpKR VSDORYiQt PXVt EêW ]PQQ QD V\VWpP VQHStPêP VSDORYiQtP þtPå VH XPRåQt
KRHQt VQt]NRX ~URYQt SULPiUQtKR SURXGX Y]GXFKX WR SHGVWDYXMH LQYHVWLþQt QiNODG\ DVL
DåHXURXSHFHVNDSDFLWRXWVOtQNXGHQQ>&HPEXUHDXUHSRUW@
3RVWXSQpVSDORYiQt
3RVWXSQp VSDORYiQt VH SRXåtYi X FHPHQWiVNêFK SHFt RSDWHQêFK QNROLND VWXSQL VSDORYiQt
7DWR WHFKQLND VH YWãLQRX SURYiGt SRPRFt VSHFLiOQ NRQVWUXRYDQêFK SHGNDOFLQiWRU$ 3UYQt
VWXSH VSDORYiQt SUREtKi YURWDþQt SHFL SL RSWLPiOQtFK SRGPtQNiFK SURFHVX YêSDOX VOtQNX
'UXKêP VWXSQP VSDORYiQt MH KRiN QD YVWXSX GR SHFH NWHUê Y\WYit UHGXNþQt DWPRVIpUX
NWHUiUR]NOiGiþiVWR[LG$GXVtNXY\WYiHQêFKYHVOLQRYDFt]yQ9\VRNiWHSORWDYWpWR]yQMH
]HMPpQDYKRGQiSURUHDNFHNWHUpRSWPQt12[QDDWRP\GXVtNX9HWHWtPVWXSQLVSDORYiQt
VHNDOFLQDþQtSDOLYRSLYiGtGRNDOFLQiWRUXVXUþLWêPPQRåVWYtPWHUFLiUQtKRY]GXFKXþtPåVH
]GH URYQå Y\WYit UHGXNþQt DWPRVIpUD 7HQWR V\VWpP VQLåXMH WYRUEX 12[ ]SDOLYD D WDNp
VQLåXMH PQRåVWYt 12[ RGFKi]HMtFtKR ]SHFH 9H þWYUWpP D SRVOHGQtP VWXSQL VSDORYiQt VH
]EêYDMtFt WHUFLiUQt Y]GXFK SLYiGt GR V\VWpPX MDNR ÄKRUQt Y]GXFK³ SUR ]E\WNRYp VSDORYiQt
>'XWFKUHSRUW@
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
9VRXþDVQpGRESRXåtYDQpNDOFLQiWRU\VHRGVHEHY]iMHPQOLãtYSRGVWDWXPtVWQtPYVWXSX
SDOLYD ]S$VREHP MDNêP VH GLVWULEXXMH SDOLYR SHFQt YVi]ND D WHUFLiUQt Y]GXFK D WDNp
JHRPHWULFNRXNRQILJXUDFt>'XWFKUHSRUW@
7HFKQRORJLL SRVWXSQpKR VSDORYiQt O]H REHFQ SRXåtW SRX]H X SHFt Y\EDYHQêFK
SHGNDOFLQiWRUHP 8 V\VWpP$ VF\NORQRYêP YêPQtNHP EH] SHGNDOFLQiWRUX MVRX QXWQp
]QDþQp~SUDY\]Dt]HQt3RNXGWRWRQHQtPRåQRVSRMLWVH]YêãHQtPYêUREQtNDSDFLW\QDEt]HMt
YêUREFL HãHQt VW]Y ÄPDOêP³ StYRGHP WHUFLiUQtKR Y]GXFKX D V NDOFLQiWRUHP 9WRPWR
StSDGSURFKi]tNDOFLQiWRUHPSRX]HPDOpPQRåVWYtDVLFHONRYpKRPQRåVWYtWHSOD
SRWHEQpKR SUR SHF DOH GRVW QD Y\WYRHQt UHGXNþQt ]yQ\ SUR UR]NODG R[LG$ GXVtNX >=.*
@
1NWHUi PRGHUQt GREH RSWLPDOL]RYDQi ]Dt]HQt GRVDKXMt VYtFHVWXSRYêP VSDORYiQtP
HPLVQtFK~URYQtSRGPJ12[1P(PLVH&2D62VHPRKRX]YêãLWQHQtOLVSDORYDFt
SURFHVYSHGNDOFLQiWRUX~SOQê>&HPEXUHDXUHSRUW @ D SL SRNXVHFK R GRVDåHQt Y\VRNp
~þLQQRVWLE\O\]D]QDPHQiQ\SUREOpP\V&2DVXFSiYiQtP>&HPEXUHDX@'RGDYDWHOpU$]QêFK
V\VWpP$SRVWXSQpKRVSDORYiQtGHNODUXMtPRåQRXUHGXNFL12[DåR8GUåHWJDUDQWRYDQp
KRGQRW\ WDNRYpKR RGOXþRYiQt 12[ VRXþDVQ VRPH]HQtP HPLVt &2 MH YãDN REWtåQp >=*.
@
,QYHVWLþQtQiNODG\QDLQVWDODFLSRVWXSQpKRVSDORYiQtXSHGNDOFLQDþQtFKSHFtMVRXDåPLO
HXUR SLþHPå QiNODG\ ]iYLVt QD NRQVWUXNFL VWiYDMtFtKR NDOFLQiWRUX >&HPEXUHDX@ ,QYHVWLþQt
QiNODG\ QD SHGNDOFLQiWRU D YHGHQt WHUFLiUQtKR Y]GXFKX SUR SHF VYêPQtNHP VNDSDFLWRX
W ]D GHQ D VURãWRYêP FKODGLþHP GR SHGNDOFLQDþQt SHFH MH DVL Då PLO HXUR
,QYHVWLþQt QiNODG\ QD ]PQX SHFH R NDSDFLW W ]D GHQ VYêPQtNHP D SODQHWRYêPL
FKODGLþLQDSHFVSHGNDOFLQiWRUHPDURãWRYêPFKODGLþHPMVRXDåPLOHXUR>&HPEXUHDX
UHSRUW@
0RåQRX YDULDQWRX WHFKQLN\ SRVWXSQpKR VSDORYiQt MH VSDORYiQt NXVRYpKR SDOLYD QDS
SQHXPDWLN QHER" SL KRHQt NXVRYpKR SDOLYD Y]QLNi UHGXNþQt ]yQD 8 SHFt VYêPQtNHP
D SHGNDOFLQDFt VH P$åH NXVRYp SDOLYR ]DYiGW QD YVWXSX GR SHFH QHER GR SHGNDOFLQiWRUX
.XVRYpSDOLYRPiSRGOH]SUiYNODGQêYOLYQDVQtåHQt12[3LVSDORYiQtNXVRYpKRSDOLYDMH
YãDNYHOPLREWtåQpY\WYRLWt]HQRXUHGXNþQtDWPRVIpUX
6SDORYiQtYHVWHGXSHFH
8 GORXKêFK PRNUêFK L VXFKêFK SHFt P$åH Y\WYRHQt UHGXNþQt ]yQ\ VSDORYiQtP NXVRYpKR
SDOLYD VQtåLW HPLVH 12[ -HOLNRå GORXKp SHFH QRUPiOQ QHPDMt YVWXS GR ]yQ\ VWHSORWRX DVL
Då&E\O\XQNWHUêFK]Dt]HQtLQVWDORYiQ\V\VWpP\VSDORYiQtYHVWHGXSHFH]D
~þHOHP XPRåQQt SRXåLWt RGSDGQtKR SDOLYD NWHUp QHP$åH SURMtW KODYQtP KRiNHP QDS
SQHXPDWLN\>&HPEXUHDXUHSRUW@
.RQVWUXNþQt ~YDK\ ]KOHGLVND PHFKDQLFNpKR tNDMt åH SDOLYR O]H YSUDYRYDW SRX]H
SHUXãRYDQYåG\SRMHGQpRWiþFHSHFH=D~þHOHP]DFKRYiQtNRQWLQXLW\WHSHOQpKRYVWXSXMH
PRåQpSRXåtYDWSRPDOXKRtFtSDOLYDMDNRSQHXPDWLN\QHERMLQêRGSDGYREDOHFK([LVWXMH
QNROLNWDNRYêFKSURYR]$DYQNWHUêFK StSDGHFK E\OR KOiãHQR RPH]HQt 12[ R 5\FKORVW KRHQt WDNRYêFK VHNXQGiUQtFK SDOLY P$åH EêW NULWLFNi -HOL StOLã Qt]Ni P$åH N
UHGXNþQtPSRGPtQNiPGRMtWYSiOtFt]yQFRåP$åHVLOQRYOLYQLWMDNRVWSURGXNWX-HOLStOLã
Y\VRNi P$åH VH HW]RYp SiVPR SHFH SHKiW FRå YHGH NSHSiOHQt þOiQN$ >,QW&HP5HY
2FW@
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
.DSLWiORYpQiNODG\VHPRKRXSRK\ERYDWYSiVPXPLOHXUR]D~SUDYXSHFHDV\VWpP
PDQLSXODFHVSDOLYHPDURþQtQiNODG\QDSUDFRYQtVtO\D~GUåEXPRKRXEêWSRGREQpKR iGX
>,QW&HP5HY2FW@
0LQHUDOL]DFHVOtQNX
3LGiYiQtPLQHUDOL]iWRU$NVXURYLQMHWHFKQRORJLtSUR~SUDYXMDNRVWLVOtQNXDXPRåXMHDE\
VH VQtåLOD WHSORWD YH VOLQRYDFt ]yQ 6QtåHQtP WHSORW\ KRHQt VH VQLåXMH Y]QLN 12[ 6QtåHQt
12[VHP$åHSRK\ERYDWPH]LDåDOHE\OR]D]QDPHQiQRVQtåHQtDåR>&HPHQWD
$%@
3tNODGHP PLQHUDOL]iWRUX MH IOXRULG YiSHQDWê DOH MHKR QDGE\WHN E\ PRKO YpVW NH ]YêãHQt
~QLN$+)
6HOHNWLYQtQHNDWDO\WLFNiUHGXNFH61&5
6HOHNWLYQtQHNDWDO\WLFNiUHGXNFH61&5SHGVWDYXMHYKiQQtVORXþHQLQ1+;GRRGSDGQtFK
SO\Q$]D~þHOHPUHGXNFH12QD15HDNFHSUREtKiRSWLPiOQYWHSORWQtPUR]SWtDVLRG
GR & D SUR YKiQQp SURVWHGN\ PXVt EêW ]DMLãWQ GRVWDWHþQê UHWHQþQt þDV DE\
UHDJRYDO\ V12 6SUiYQp WHSORWQt UR]SWt O]H VQDGQR GRViKQRXW XSHFt VGLVSHU]QtP
YêPQtNHP XSHGNDOFLQDþQtFK SHFt D VQDG L X SHFt W\SX /HSRO 8SHFt W\SX /HSRO
PRPHQWiOQ QHH[LVWXMH åiGQi SU$P\VORYi LQVWDODFH 61&5 DOH MVRX ]QiP\ YHOPL VOLEQp
YêVOHGN\ SLORWQtKR SU$]NXPX Y1PHFNX >*|OOHU@ 8GORXKêFK SHFt VPRNUêP SURFHVHP E\
PRKOREêWYHOPLREWtåQpEDQHPRåQpGRViKQRXWSRWHEQpVSUiYQpWHSORW\DUHWHQþQtKRþDVX
1HMREY\NOHMãtP SURVWHGNHP 1+; MH þSDYNRYi YRGD DVL V 1+ >&HPEXUHDX UHSRUW
@ -LQêPL PRåQêPL UHGXNþQtPL SURVWHGN\ NWHUp MH PRåQp SRXåtW YSU$P\VORYpP
PtWNX MVRX SO\QQê þSDYHN UR]WRN\ PRþRYLQ\ GXVtNDWp YiSQR QHER N\DQDPLG D MLQp
SRGREQp OiWN\ >,QW&HP5HY -DQ@ =NXãHQRVWL XND]XMt åH X SHFt VYêPQtNHP
D SHGNDOFLQDFt MH SUR YWãLQX DSOLNDFt QHMOHSãtP SURVWHGNHP SUR 61&5 þSDYNRYi YRGD
>&HPEXUHDXUHSRUW@
-HOL ]Dt]HQt MLå Y\EDYHQR SRVWXSQêP VSDORYiQtP MH SUR SRXåLWt WHFKQRORJLH 61&5 QXWQê
GDOãt YêYRM 6RXþDVQp SRXåLWt WFKWR WHFKQRORJLt Y\åDGXMH ~SUDYX WHSORW UH]LGHQþQtFK þDV$
DSO\QQpDWPRVIpU\WDNDE\VLY]iMHPQY\KRYRYDO\>=.*@
-DNXND]XMHStORKD%YHVWiWHFK(8D()7$MHYSURYR]XSU$P\VORYêFKLQVWDODFt61&5
9WãLQD GQHV SURYR]RYDQêFK LQVWDODFt 61&5 MH NRQVWUXRYiQD DQHER SURYR]RYiQD VPtURX
VQtåHQt 12[ Då V PROiUQtP SRPUHP 1+12 Då D HPLVQt ~URYQt PJ 12[P FRå MH GRVWDWHþQp NWRPX DE\ VH YQNWHUêFK ]HPtFK Y\KRYOR VWiYDMtFtP
SUiYQtP SHGSLV$P 3URYR]\ NRQVWUXRYDQp DQHER SURYR]RYDQp SUR YWãt PtUX VQtåHQt VL
SRYHGRXOpSH'YD]iYRG\GDOãtSRGUREQRVWLYL]QtåHVLQVWDODFHPL61&5GRGDQêPLGYPD
U$]QêPLGRGDYDWHOLNWHUpRE]DUXþXMtVQtåHQtRGRVDKXMtPtU\VQtåHQtFRå
RGSRYtGi HPLVtP PpQ QHå PJ 12[P 8 LQVWDODFt 61&5 SURYR]RYDQêFK VPtURX
VQtåHQt O]H WHRUHWLFN\ GRViKQRXW GHQQtFK SU$PUQêFK NRQFHQWUDFt PpQ QHå PJPLNG\åMVRXSRþiWHþQtKRGQRW\QDGPJP
-H G$OHåLWp XGUåRYDW YêãH ]PtQQp WHSORWQt UR]SWt 3RNOHVQHOL WHSORWD SRG WXWR ~URYH
Y\SRXãWt VH QHSHPQQê þSDYHN W]Y þSDYNRYê ~QLN D SL SRGVWDWQ Y\ããtFK WHSORWiFK
þSDYHNR[LGXMHQD12[ýSDYNRYê~QLNVHWDNpP$åHREMHYLWSL]YêãHQpPPROiUQtPSRPUX
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
1+12 W]Q RG PROiUQtKR SRPUX DVL 9RVWDWQtFK SU$P\VORYêFK RGYWYtFK
þSDYNRYê ~QLN QNG\ YHGO NY\WYiHQt DHURVRO$ FKORULG$ þSDYNX D VtUDQ$ þSDYNX NWHUp
SURFKi]HO\ VNU]H ILOWU\ D E\O\ YLGLWHOQp MDNR EtOi NRXRYi YOHþND QDG NRPtQHP SUR RGYRG
RGSDGQtFK SO\Q$ 9ê]NXP\ XNi]DO\ åH FHPHQWiUQ\ SURGXNXMt SRGVWDWQ QLåãt ~URYH
DHURVRO$>:RUOG&HPHQW0DUFK@1HVSRWHERYDQêþSDYHNP$åHR[LGRYDWDSHPQLWVH
YDWPRVIpHQD12[DþSDYNRYê~QLNP$åHWDNpYpVWNHY]QLNXþSDYNHPRERKDFHQpKRSUDFKX
NWHUê QHO]H YUDFHW GR FHPHQWRYpKR POêQD >&HPEXUHDX@ 3L QDYUKRYiQt LQVWDODFt 61&5 MH
WHEDSLKOtåHWNPRåQêPþSDYNRYêP~QLN$P0$åHGRMtWLNHPLVtPR[LGXXKHOQDWpKR&2
D R[LGX GXVQpKR 12 >:RUOG &HPHQW 0DUFK @ .RGSDHQt YRG\ MH SRWHED GDOãtKR
WHSODFRå]S$VREXMHPDOêQiU$VWHPLVt&23RWHQFLiOQtPQHEH]SHþtPSURåLYRWQtSURVWHGtMH
SHSUDYD D VNODGRYiQt þSDYNX D WR Y\åDGXMH GRGDWHþQi EH]SHþQRVWQt RSDWHQt >&HPEXUHDX
UHSRUW @ 1NWHUêP SUREOpP$P VH þSDYNHP VH Gi Y\KQRXW VNODGRYiQtP UR]WRNX
þSDYNRYpYRG\
ÒþLQQRVW VQLåRYiQt HPLVt 12[ VH ]Y\ãXMH VH ]Y\ãXMtFtP VH PROiUQtP SRPUHP 1+12
$YãDN VQLåRYiQt 12[ VH SURVW QHP$åH ]OHSãRYDW OLERYROQ QHER" Y\ããt GiYNRYiQt P$åH
]S$VRERYDW þSDYNRYp ~QLN\ 9MHGQRP ]iYRG VSHFt VH þW\VWXSRYêP F\NORQRYêP
YêPQtNHPDVPD[LPiOQtPYêNRQHPWGHQQYHGOPROiUQtSRPUNHVQtåHQt12[
R DQLå E\ GRãOR NMDNpPXNROL ~QLNX þSDYNX 6SUiYQp SURYR]RYiQt YKRGQê tGLFt
V\VWpP RSWLPDOL]RYDQp YVWLNRYiQt þSDYNRYp YRG\ V\VWpPX 61&5 QHGRYROXMH Y\ããt HPLVH
þSDYNXQHåQRUPiOQ9URFHE\OV\VWpP61&5LQVWDORYiQQDGYRXãYpGVNêFKSHFtFK
VH VXFKêP SURFHVHP D F\NORQRYêP YêPQtNHP D SHGNDOFLQDFt 3L SRXåLWt PROiUQtKR
SRPUX1+12E\ORXRERXSHFtGRVDåHQRVQtåHQtRDRGKDGXMHVHPDOp
]YêãHQtHPLVtþSDYNXQHE\ORQDPHQRåiGQp]YêãHQtHPLVt12D&2DYFHPHQWXQHE\O\
QDOH]HQ\åiGQpVWRS\þSDYNX-HGQD]SHFtMHVWDUiOHWDPiNDSDFLWXWVOtQNXGHQQ
D SRþiWHþQt ~URYH 12[ DVL PJ1P MDNR 12 VXFKê SO\Q LQYHVWLþQt QiNODG\ E\O\
DVL PLO HXUR PLO HXUR QD LVWDODFL 61&5 D GDOãt PLO HXUR QD VNODGRYiQt
þSDYNRYpYRG\DSURYR]QtQiNODG\MVRXDVLHXURWVOtQNX&HONRYpQiNODG\LQYHVWLþQt
SURYR]QtMVRXQLåãtQHåHXURWVOtQNX'UXKiSHFPiNDSDFLWXWVOtQNXGHQQDSR
þiWHþQt ~URYH 12[ PJ1P MDNR 12 LQYHVWLþQt QiNODG\ E\O\ DVL PLO
HXURDSURYR]QtQiNODG\MVRXDVLPLOHXURWVOtQNX>&HPHQWD$%@>-XQNHU@
$E\ W\WR SRGQLN\ LQYHVWRYDO\ GR Y\VRFH ~þLQQêFK LQVWDODFt 61&5 E\OD SUR Q KQDFt VLORX
ãYpGVNi SROLWLND WêNDMtFt VH HPLVt 12[ 3RGOH WpWR SROLWLN\ P$åH EêW SLMDWHOQi MDNiNROL
LQYHVWLFHGRRGOXþRYiQtMHMtåFHONRYpQiNODG\LQYHVWLþQtSURYR]QtMVRXQLåãtQHåHXUR
6(.QDNJRGORXþHQpKR12[MDNR12
3URSHFVYêPQtNHPD NDSDFLWRX WGHQ VSRþiWHþQt HPLVt 12[ GR PJP D VH
VQtåHQtP HPLVt 12[ Då R WM PJ 12[P MVRX LQYHVWLþQt QiNODG\ QD 61&5
XåtYDMtFt MDNR UHGXNþQtKR þLQLGOD þSDYNRYp YRG\ PLO HXUR SLþHPå QiNODG\ MVRX
]QDþQ RYOLYQQ\ PtVWQtPL QDt]HQtPL R VNODGRYiQt þSDYNRYp YRG\ 3URYR]Qt QiNODG\ WpåH
SHFH MVRX HXURW VOtQNX SLþHPå QiNODG\ MVRX XUþRYiQ\ KODYQ YVWLNRYDQêP
þSDYNHP>&HPEXUHDXUHSRUW@
6HOHNWLYQtNDWDO\WLFNiUHGXNFH6&5
6&5UHGXNXMH12D12QD1SRPRFtþSDYNXDNDWDO\]iWRUXSLWHSORWQtPUR]SWtDVL
& 7DWR WHFKQRORJLH VH ãLURFH SRXåtYi NRGOXþRYiQt 12[ YMLQêFK SU$P\VORYêFK
RGYWYtFK XKHOQp HOHNWUiUQ\ VSDORYQ\ RGSDGX 9FHPHQWiVNpP SU$P\VOX VH YSRGVWDW
XYDåXMt GYD V\VWpP\ ]SUDFRYiQt RGSDGQtFK SO\Q$ VPDOêP PQRåVWYtP SUDFKX D RGSDGQtFK
SO\Q$ VYHONêP PQRåVWYtP SUDFKX 6\VWpP\ SUR RGSDGQt SO\Q\ VPDOêP REVDKHP SUDFKX
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
Y\åDGXMt RSWQp ]DKtYiQt SO\Q$ SR RGORXþHQt SUDFKX FRå YHGH NGDOãtP QiNODG$P
=WHFKQLFNêFK L HNRQRPLFNêFK G$YRG$ VH SRYDåXMt ]D YKRGQMãt V\VWpP\ SUR YHONê REVDK
SUDFKX>&HPEXUHDXUHSRUW@>'XWFKUHSRUW@'RSRVXGVH6&5]NRXãHODSRX]HQD
SHFQtFKV\VWpPHFKVYêPQtN\DQDSHFtFKVSRORVXFKêPSURYR]HPW\S/HSRODOHPRKODE\
EêWSRXåLWHOQiURYQåQDMLQêFKSHFQtFKV\VWpPHFK
9HONpVQtåHQtHPLVt12[MHSRWHQFLiOQGRVDåLWHOQpSRPRFtV\VWpPX6&5SURY\VRNêREVDK
SUDFKX>&HPEXUHDXUHSRUW@=NRXãN\SLORWQtFK]Dt]HQtVPDOêPLGiYNDPL
YêVWXSQtFK SO\Q$ Y5DNRXVNX 1PHFNX ,WiOLL D âYpGVNX XND]XMt VOLEQp YêVOHGN\
(PLVQt ~URYQ 12[ E\O\ SLEOLåQ PJP EH]H ]WUiW\ DNWLYLW\ NDWDO\]iWRUX
VYêMLPNRX MHGQp QHGiYQp ]NRXãN\ Y5DNRXVNX NGH MH KOiãHQD ]QDþQi DEUD]H NDWDO\]iWRUX
DSURYR]QtåLYRWQRVWDVLKRGLQFRå]NUiWLORåLYRWQRVWWRKRWRW\SXNDWDO\]iWRUXQDPpQ
QHå MHGHQ URN >*|OOHU@ =D ~þHOHP RGVWUDQQt WHFKQLFNêFK D HNRQRPLFNêFK QHMLVWRW
Y]WDKXMtFtFKVHN]DYHGHQt6&5GRSOQpKRSURYR]XEXGRXPXVHWEêWSURYHGHQ\SU$P\VORYp
SURYR]Qt ]NRXãN\ +ODYQt QHMLVWRW\ VH Y]WDKXMt NY\VRNp NRQFHQWUDFL SUDFKX YSO\QX
DåJ1P WHFKQLN RGVWUDRYiQt NDWDO\]iWRURYpKR SUiãNX åLYRWQRVWL NDWDO\]iWRUX
DFHONRYêFKLQYHVWLþQtFKQiNODG$>&HPEXUHDX@
-HOLNRå NDWDO\]iWRU RGVWUDXMH WDNp XKORYRGtN\ 6&5 WDNp REY\NOH VQLåXMH HPLVH 92&
D 3&'') 3RGOH MHGQRKR GRGDYDWHOH VH Y\YtMHMt QRYp SLORWQt SURMHNW\ SUR VQLåRYiQt 12[
YQLFKåVHXSODWXMtVSHFLiOQtNDWDO\]iWRU\ SUR GRGDWHþQRX UHGXNFL HPLVt 92& D &2 >'XWFK
UHSRUW@
6XYiåHQtP Y\VRNpKR UHGXNþQtKR SRWHQFLiOX ~VSãQêFK SLORWQtFK ]NRXãHN D VNXWHþQRVWL åH
6&5MHQHMPRGHUQMãtWHFKQRORJLtSURVURYQDWHOQpSURYR]\MH6&5SURFHPHQWiVNêSU$P\VO
]DMtPDYRX WHFKQLNRX 9(YURS H[LVWXMt QHMPpQ WL GRGDYDWHOp NWHt QDEt]HMt SU$P\VORY
SRXåLWHOQRX 6&5 SUR FHPHQWiVNê SU$P\VO VSURYR]Qt ~URYQt PJP $YãDN
NDSLWiORYpQiNODG\QD6&5VHVWiOHSRYDåXMt]DY\ããtQHåSUR61&5>'XWFKUHSRUW@
6WXGLH SURYHGLWHOQRVWL VH GODO\ QDS Y5DNRXVNX 1PHFNX 1L]R]HPt D YH âYpGVNX
2GKDGRYDQp QiNODG\ QD WHFKQLNX 6&5 YFHPHQWiVNpP SU$P\VOX VH YHOPL U$]Qt SLþHPå
KODYQtPLSURPQQêPLMVRXYêUREQtQiNODG\DåLYRWQRVWNDWDO\]iWRUX91PHFNXVHVYOiGQt
ILQDQþQt SRGSRURX EXGXMH SHGYiGFt ]iYRG VSU$P\VORYêP SURYR]HP 6&5 7HQWR SUYQt
SOQRKRGQRWQê ]iYRG 6ROQKRIHU =HPHQWZHUNH EXGH YSURYR]X NRQFHP URNX =iYRG
VSU$P\VORYêPSRXåLWtP6&5VHWDNpVWDYtY5DNRXVNXDWRRSWVYOiGQtILQDQþQtSRGSRURX
>*|OOHU@
9H]SUiY]UDNRXVNpKR8%$ VH RGKDGXMt FHONRYp QiNODG\ QD GRVDåHQt PJ1P
Y]WDåHQR N 2 QD PpQ QHå HXURW VOtQNX SUR SHF R W VOtQNX GHQQ >$XVWULDQ
UHSRUW@
+RODQGVNi VWXGLH XND]XMH åH QiNODG\ QD LQVWDODFL 6&5 YKRODQGVNp FHPHQWiUQ E\ E\O\ DVL
HXURQDWRGORXþHQpKR12[1L]R]HPtPiWDNRYRXSROLWLNXY$þL12[NWHUiSRYDåXMH]D
UR]XPQpQiNODG\GRHXURQDWRGORXþHQpKR12[1L]R]HPtSURWRSURVY$MFHPHQWiVNê
SU$P\VOSRYDåXMH6&5]DQiNODGRYHIHNWLYQtWHFKQLNXRGVWUDRYiQt12[>GH-RQJH@
6SROHþQRVW &HPHQWD $% YH 6OLWH âYpGVNR Pi SHF QD VXFKê SURFHV VYêPQtNHP
DSHGNDOFLQDFtVNDSDFLWRXWVOtQNXGHQQ$VLURNSURYR]XMHSLORWQt6&5XPtVWQRX]D
61&5 D ]MLã"XMH NROLN E\ VWiO SU$P\VORYê SURYR] 6&5 XPtVWQp ]D 61&5 W]Q SRþiWHþQt
KODGLQD12[QDYVWXSXGR6&5PpQ QHå PJP 2GKDGRYDQp LQYHVWLþQt QiNODG\ MVRX
DVL PLO HXUR D SURYR]Qt QiNODG\ DVL HXURW VOtQNX FRå GiYi FHONRYp QiNODG\ EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
HXURW VOtQNX 8 6&5 E\ E\O\ QiNODG\ QD NDåGê GDOãt NLORJUDP RGORXþHQêFK 12[ HXUR7\WR QiNODG\ MVRX StOLã Y\VRNp D SRGOH WpWR VSROHþQRVWL QHRG$YRGQQp $OH ãYpGVNê
(3$ WYUGt åH SUR NRPELQRYDQRX LQVWDODFL 61&5 D 6&5 E\ SU$PUQp QiNODG\ QD NLORJUDP
RGORXþHQêFK 12[ E\O\ PpQ QHå HXUR 7R E\ SRGOH ãYpGVNp SROLWLN\ Y$þL HPLVtP 12[
PRKO\EêWSLMDWHOQpQiNODG\>-XQNHU@
9H ]SUiY VHVWDYHQp SUR '* ;, RGKDGXMH gNRSRO FHONRYp QiNODG\ QD GRVDåHQt ~URYQ PJ1P PH]L HXURW VOtQNX SHF QD W VOtQNX GHQQ SRþiWHþQt ~URYH HPLVt 12[
PJ1P D HXURW VOtQNX SHF QD W VOtQNX GHQQ SRþiWHþQt ~URYH HPLVt
PJ1P .DONXODFH Y\FKi]HMt ]LQYHVWLþQtFK QiNODG$ FFD PLO HXUR D SURYR]QtFK
QiNODG$FFDRQLåãtFKQHåX61&5NWHUpXYiGMtGRGDYDWHOpDSURYR]RYDWHOpSLORWQtFK
SURYR]$9HYêSRþWHFKVHSRþtWDORVYêPQRXNDWDO\]iWRUXSROHWHFK>gNRSROUHSRUW@
&HPEXUHDXRGKDGXMHLQYHVWLþQtQiNODG\QDSHFWVOtQNXGHQQVYêPQtNHPQD
PLO HXUR D SR]QDPHQiYi åH ~GDMH R LQYHVWLFtFK MVRX ]QiP\ SRX]H RG GRGDYDWHO$ DQLå E\
]DKUQRYDO\QiNODG\QD~SUDYX]Dt]HQt>&HPEXUHDXUHSRUW@
3RGOH MHGQRKR GRGDYDWHOH MVRX FHONRYp QiNODG\ LQYHVWLþQt SURYR]Qt QD SURFHV 6&5 SUR
Y\VRNêREVDKSUDFKXSLEOLåQHXURWVOtQNX1DSURFHV6&5SURQt]NêREVDKSUDFKX
E\O\FHONRYpQiNODG\RGKDGQXW\QDSLEOLåQHXURWVOtQNX>'XWFKUHSRUW@
7HFKQLN\SURRPH]RYiQtHPLVt62
3UYQt NURN SUR RPH]RYiQt 62 MH ]YiåLW SULPiUQt RSDWHQt QD RSWLPDOL]DFL SURFHVX YþHWQ
]DMLãWQt KODGãtKR SURYR]X SHFH YROE\ NRQFHQWUDFH N\VOtNX D YêEUX VXURYLQ D SDOLY
=Y\ãRYiQtREVDKXN\VOtNXYGORXKêFKSHFtFKVQLåXMHKODGLQX62D]Y\ãXMHKODGLQX12[-H
WHED KOHGDW URYQRYiKX ]D ~þHOHP RFKUDQ\ åLYRWQtKR SURVWHGt SRPRFt RSWLPDOL]DFH
12[62&2 ~SUDYRX REVDKX N\VOtNX QD NRQFL SHFH 7DE REVDKXMH SHKOHG WHFKQLN
NWHUpS$VREtNODGQQDHPLVH62W]QVQLåXMtMHY]QLNDMtFtFKSLYêUREFHPHQWX7DEXONDMH
VRXKUQHPDMHWHEDMLFKiSDWYVRXYLVORVWLVStVOXãQêPQiVOHGXMtFtPRGVWDYFHP
7HFKQLND
3RXåLWHOQp QD ÒþLQQRVW
8YiGQp HPLVH
8YiGQp QiNODG\
SHFQt V\VWpP\ VQtåHQt
PJP
NJW
3tVDGD DEVRUEHQWX
9ãHFKQ\
6XFKi Y\StUND
6XFKp
GR 0RNUi Y\StUND
9ãHFKQ\
! $NWLYRYDQp XKOt
6XFKp
GR äiGQp LQI
REY\NOH MDNR GHQQt SU$PU VXFKê SO\Q . N3D D 2 NJW VOtQNX ]iNODGHP MH P W VOtQNX
LQYHVWLþQt QiNODG\ Y HXUR D SURYR]Qt QiNODG\ Y HXURW VOtQNX
W\WR QiNODG\ URYQå ]DKUQXMt SURFHV 61&5 SL NDSDFLW SHFH W VOtQNXGHQ D SRþiWHþQt ~URYQL HPLVt PJ 62 P 7DE 3 HKOHG WHFKQLN SUR RPH]RYiQt HPLVt 62
3tVDGDDEVRUEHQWX
ýiVW62VHP$åHDEVRUERYDWSLGiYiQtDEVRUEHQWXMDNRMHKDãHQpYiSQR&D2+QHKDãHQp
YiSQR &D2 QHER DNWLYRYDQê SROpWDYê SRStOHN VY\VRNêP REVDKHP &D2 NRGSDGQtP
SO\Q$P]SHFH9KiQQtDEVRUEHQWXVHP$åHGtWPRNURXQHERVXFKRXIRUPRX>'XWFKUHSRUW
@3URSHFHVYêPQtN\E\ORVKOHGiQRåHStPpYKiQQtKDãHQpKRYiSQDGRYêVWXSQtFK
SO\Q$MHPpQ~þLQQpQHåSLGiYiQtKDãHQpKRYiSQDGRSHFQtYVi]N\62UHDJXMHVYiSQHP
QD &D62 D &D62 NWHUp SRWp YVWXSXMt GR SHFH VSROX VH VXURYLQRX D VSRMt VH VH VOtQNHP
>'XWFKUHSRUW@>&HPEXUHDXUHSRUW@7DWRWHFKQLNDMHYKRGQiSURþLãWQtSURXG$
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
SO\Q$ VSU$PUQêPL NRQFHQWUDFHPL 62 D O]H ML DSOLNRYDW SL WHSORW Y]GXFKX QDG &
1HMYWãtKR VQtåHQt MH PRåQp GRViKQRXW SL WHSORWiFK SHVDKXMtFtFK & 'RSRUXþXMH VH
SRXåtYDW DEVRUEHQW QD ]iNODG &D2+ VYHONêFK PUQêP SRYUFKHP D YHONRX SRUp]QRVWt
>'XWFK UHSRUW @ +DãHQp YiSQR QHPi Y\VRNRX UHDNWLYLWX D SURWR MH QXWQp SRXåtYDW
Y\VRNê PROiUQt SRPU &D2+62 PH]L Då >&HPEXUHDX UHSRUW @ 3URXG\ SO\Q$
VY\VRNêPL NRQFHQWUDFHPL 62 Y\åDGXMt ãHVWL Då VHGPLQiVREQp VWHFKLRPHWULFNp PQRåVWYt
DEVRUEHQWX]þHKRåY\SOêYDMtY\VRNpSURYR]QtQiNODG\>'XWFKUHSRUW@6QtåHQtREVDKX
62 R Då O]H GRViKQRXW YKiQQtP DEVRUEHQWX GR SHFQtFK V\VWpP$ VGLVSHU]QtP
YêPQtNHP WHSOD 3L SRþiWHþQt KODGLQ QHMYêãH PJP MH WHRUHWLFN\ PRåQp GRViKQRXW
KRGQRW\NROHPPJPäiGQê]iYRGWXWRWHFKQLNX]D~þHOHPGRVDåHQtWpWR~URYQVQtåHQt
MHãW QH]DYHGO 9WãLQD ]iYRG$ Y(YURS Pi KRGQRW\ HPLVQtFK OLPLW$ NWHUp RGSRYtGDMt
VNXWHþQêPHPLVtPDWDNQHY\åDGXMtåiGQpRGOXþRYiQt3URSRþiWHþQtKODGLQXGRPJP
MH PRåQp StVDGRX DEVRUEHQWX GRViKQRXW DVL PJP 3L SRþiWHþQt KODGLQ QDG PJP QHQt SLGiYiQt KDãHQpKR YiSQD GR SHFQt YVi]N\ ]KOHGLVND QiNODG$ HIHNWLYQt >'XWFK
UHSRUW @ 0RKOR E\ Y]QLNQRXW UL]LNR UHFLUNXODFH YHONpKR PQRåVWYt VtU\ D Y]QLNX
QHVWDELOLW\ SHFH QHER" SL XSODWRYiQt WpWR WHFKQLN\ VH GR SHFH YUDFt YWãt PQRåVWYt VtU\
>&HPEXUHDX@
3tVDGD DEVRUEHQWX MH Y]iVDG SRXåLWHOQi X YãHFK SHFQtFK V\VWpP$ >'XWFK UHSRUW @
DþNROL VH YWãLQRX SRXåtYi X GLVSHU]QtFK YêPQtN$ WHSOD ([LVWXMH QHMPpQ MHGQD GORXKi
FHPHQWiVNiSHFNGHVHGRRGSDGQtFKSO\Q$SHGHOHNWURVWDWLFNêPRGOXþRYDþHPYKiQtVXFKê
1D+&2 ]D ~þHOHP VQtåHQt ãSLþNRYêFK HPLVt 62 >0DUFKDO@ 3tVDGD YiSQD GR SHFt W\SX
/HSROVQLåXMHMDNRVWJUDQXOtDKUXGHND]S$VREXMHSUREOpP\VSU$FKRGQRVWt
3tVDGD DEVRUEHQWX VH YVRXþDVQRVWL SRXåtYi X QNROLND SHFt ]D ~þHOHP ]DMLãWQt DE\ VH
VRXþDVQpOLPLW\YHãSLþNRYêFKVLWXDFtFKQHSHNUDþRYDO\7R]QDPHQiåHV\VWpPREY\NOHQHQt
YWUYDOpPSURYR]XDOH SRX]H SRNXG WR Y\åDGXMt ]YOiãWQt RNROQRVWL>'XWFK UHSRUW @ 3L
SRþiWHþQt NRQFHQWUDFL 62 GR PJ1P VH GRVDKXMH VQtåHQt Då R D QiNODG$ QD
KDãHQpYiSQRHXURW,QYHVWLþQtQiNODG\SURSHFVYêPQtNHPQDWVOtQNXGHQQMVRX
DVLPLOHXURDSURYR]QtQiNODG\MVRXDVLDåHXURWVOtQNX>&HPEXUHDXUHSRUW
@
6XFKiY\StUND
3URSRWHE\RPH]HQtY\VRNêFKHPLVt62Y\ããtFKQHåPJPVHY\åDGXMHVDPRVWDWQi
Y\StUND-HGHQW\SVXFKpY\StUN\SRXåtYiUHDNWRURYRX9HQWXULKRWUXELFL]D~þHOHPY\WYRHQt
IOXLGQt YUVWY\ VHVWiYDMtFt ]H VPVL KDãHQpKR YiSQD D VXURYLQ\ ,QWHQ]LYQt NRQWDNW SO\QX
VDEVRUEHQWHP GORXKê UH]LGHQþQt þDV D Qt]Ni WHSORWD EOt]Ni ERGX WiQt XPRåXMH ~þLQQRX
DEVRUSFL 62 3O\Q RSRXãWMtFt 9HQWXULKR UHDNWRU XQiãt DEVRUEHQW NWHUê VH VKURPDåXMH
YHOHNWURVWDWLFNpP RGOXþRYDþL ýiVW VKURPiåGQpKR DEVRUEHQWX VH YUDFt GR Y\StUN\ D GUXKi
þiVW VH SLGiYi GR SHFQtKR YVWXSX D StVOXãQêP ]S$VREHP VH PQt QD VOtQHN >&HPEXUHDX
UHSRUW@
/]H GRViKQRXW VQtåHQt HPLVt 62 R FRå RGSRYtGi REVDKX PJ 62P YVXFKpP
SO\QXSRNXGMHSRþiWHþQtNRQFHQWUDFH62PJP6XFKiY\StUNDWDNpVQtåtHPLVH+&O
D +) 6XFKp Y\StUN\ MH PRåQp SLSRMLW NH YãHP W\S$P VXFKêFK SHFt 3UR SRþiWHþQt
NRQFHQWUDFHGRPJ1PDQiNODG\QDKDãHQpYiSQRHXURWMVRXLQYHVWLþQtQiNODG\QD
SHF VYêPQtNHP QD W VOtQNX GHQQ DVL PLO HXUR D SURYR]Qt QiNODG\ SLEOLåQ HXURWVOtQNX3LGDQêREVDKVtU\YHVOtQNXVQLåXMHPQRåVWYtViGURYFHSRWHEQpSURFHPHQWRYê
POêQ3RNXGVHGRY\KRGQRFHQtQiNODG$]DKUQHLQiKUDGDViGURYFHVQtåtVHSURYR]QtQiNODG\
DVLQDHXURWVOtQNX>&HPEXUHDXUHSRUW@
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
9(YURSDSUDYGSRGREQLYFHOpPVYWH[LVWXMHYSURYR]XFHPHQWiUQ\MHQMHGQDVXFKi
GLVSHU]QtY\StUNDVtU\DWRY]iYRG+&%8QWHUYD]YHâYêFDUVNX7HQWRSHFQtV\VWpPMHSHFt
VH þW\VWXSRYêP GLVSHU]QtP YêPQtNHP WHSOD VSODQHWRYêPL FKODGLþL D Pi QHMY\ããt
NDSDFLWXWVOtQNXGHQQ(PLVQt~URYQEH]RGOXþRYDþ$E\VHSRK\ERYDO\RNROR
PJ621PVXFKêSO\Q2YStPpPSURYR]XDGRPJ621PYHVGUXåHQpP
SURYR]X 3U$PUQi KODGLQD HPLVt SR RGOXþRYiQt YURFH E\OD PJ 621P
>&HPEXUHDX@
0RNUiY\StUND
0RNUiY\StUNDMHQHMREY\NOHMLSRXåtYDQRXWHFKQLNRXRGVLRYiQtRGSDGQtFKSO\Q$YXKHOQêFK
HOHNWUiUQiFK62[VHDEVRUEXMHSRPRFtUR]WRNXQHERVXVSHQ]HUR]VWLNRYDQpYHVSUFKRYpYåL
QHER SUREXEOiYi UR]WRNHP QHER VXVSHQ]t $EVRUEHQWHP P$åH EêW XKOLþLWDQ K\GUR[LG QHER
R[LGYiSHQDWê9HYURSVNpPFHPHQWiVNpPSU$P\VOXMHQ\QtYSRXåtYiQtPRNUêFKY\StUHN
YãHFKQ\ VH VSUFKRYêPL YåHPL 6XVSHQ]H MH UR]VWLNRYiQD SURWLSURXGHP SURWL RGSDGQtP
SO\Q$PDVKURPDåRYiQDYUHF\NODþQtQiGUåLQDGQY\StUN\NGHY]QLNOêVLLþLWDQR[LGXMHQD
VtUDQDY\WYitGLK\GUiWVtUDQXYiSHQDWpKR'LK\GUiWVHRGGOXMHDSRXåtYiMDNRViGURYHFSL
POHWtFHPHQWXDYRGDVHYUDFtGRY\StUN\>&HPEXUHDX@>&HPEXUHDXUHSRUW@>&HPHQWD
$%@>&RXOEXUQ@
6QtåHQt HPLVt 62 P$åH GRVDKRYDW Då 6SROHþQRVW &HPHQWD $% SURYR]XMH SHF
VYêPQtNHP VNDSDFLWRX W VOtQNX GHQQ D Pi SRþiWHþQt NRQFHQWUDFL 62 YRGSDGQtP
SO\QXPJPVSROHþQRVW&DVWOHFHPHQWSURYR]XMHSHFVYêPQtNHPQDW
VOtQNX GHQQ D Pi SRþiWHþQt NRQFHQWUDFL 62 YRGSDGQtP SO\QX PJP FRå MH
GHQQt SU$PU VH ãSLþNRYêPL KRGQRWDPL REþDV L YtFH QHå PJP 3L SURYR]X RERX
Y\StUHNMVRXKRGQRW\SRGPJP>&HPEXUHDX@>&HPHQWD$%@>-XQNHU@
0RNUi Y\StUND WDNp Yê]QDPQ VQLåXMH HPLVH +&O ]E\WNRYpKR SUDFKX NRY$ D þSDYNX
>&HPHQWD $% @ 0RNURX Y\StUNX MH PRåQp SLSRMLW NH YãHP W\S$P SHFt ,QYHVWLþQt
QiNODG\QDY\StUN\VSROHþQRVWL&DVWOH&HPHQWYþ~SUDY\]Dt]HQtMVRXXGiYiQ\MDNRPLO
HXURDSURYR]QtQiNODG\MVRXDVLHXURWVOtQNX>&HPEXUHDX@8VSROHþQRVWL&HPHQWD$%
E\O\ QiNODG\ DVL PLO HXUR D SURYR]Qt QiNODG\ DVL HXURW VOtQNX >&HPHQWD $%@ 3L
SRþiWHþQt NRQFHQWUDFL 62 Då PJP D NDSDFLW SHFH W VOtQNX GHQQ MVRX
LQYHVWLþQtQiNODG\PLOHXURDSURYR]QtQiNODG\HXURWVOtQNX>&HPEXUHDX@
$NWLYRYDQpXKOt
=QHþLã"XMtFt OiWN\ MDNR 62 RUJDQLFNp VORXþHQLQ\ NRY\ þSDYHN VORXþHQLQ\ 1+ +&O +)
D ]E\WNRYê SUDFK ]D HOHNWURVWDWLFNêP QHER WH[WLOQtP ILOWUHP O]H ]YêVWXSQtFK SO\Q$
RGVWUDRYDWDGVRUSFtQDDNWLYRYDQpPXKOt-HOLStWRPHQQHERVHSLGiYiþSDYHNRGVWUDXMH
ILOWU WDNp 12[ )LOWU ]DNWLYRYDQpKR XKOt MH NRQVWUXRYiQ MDNR ]KXWQQi YUVWYD VPRGXOiUQtPL
StþNDPL 0RGXOiUQt NRQVWUXNFH XPRåXMH XSUDYRYDW YHOLNRVW ILOWUX SUR U$]Qp REMHP\
SU$FKRGX SO\QX D NDSDFLWX SHFH 3RXåLWê DNWLYRYDQê NRNV VH SHULRGLFN\ RGHEtUi GR
VDPRVWDWQpKR VLOD D QDKUD]XMH þHUVWYêP DEVRUEHQWHP 3RXåLWtP VDWXURYDQpKR NRNVX MDNR
SDOLYD SUR SHF VH ]DFK\FHQp OiWN\ YUDFHMt GR V\VWpPX D GR ]QDþQp PtU\ VH YiåRX
YFHPHQWRYpPVOtQNX>&HPEXUHDXUHSRUW@>&HPHQWD$%@>'XWFKUHSRUW@
-HGLQê ILOWU VDNWLYRYDQêP XKOtP LQVWDORYDQê Y(YURS YFHPHQWiUQ MH Y6LJJHQWKDOX YH
âYêFDUVNX 3HF Y6LJJHQWKDOX MH Y\EDYHQD þW\VWXSRYêP F\NORQRYêP YêPQtNHP D Pi
NDSDFLWX W VOtQNX GHQQ 0HQt XNi]DOD Y\VRNRX HIHNWLYQRVW RGVWUDRYiQt 62 NRY$
D3&'')%KHPVWRGHQQt]NRXãN\VHNRQFHQWUDFH62QDYVWXSXGRILOWUXPQLO\RGGR
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
PJP ]DWtPFR NRQFHQWUDFH QD YêVWXSX E\O\ YåG\ Yê]QDPQ QLåãt QHå PJP
.RQFHQWUDFH SUDFKX NOHVOD ]H PJP QD SRGVWDWQ PpQ QHå PJP >'XWFK UHSRUW
@)LOWUVDNWLYRYDQêPXKOtPO]HRVDGLWQDYãHFKQ\SHFQtV\VWpP\6\VWpPY6LJJHQWKDOX
WDNp ]DKUQXMH SURFHV 61&5 D DVL ] FHONRYêFK LQYHVWLþQtFK QiNODG$ SLEOLåQ PLO
HXUR ILQDQFRYDOR PVWR =XULFK 'R WRKRWR RGOXþRYDFtKR V\VWpPX E\OR LQYHVWRYiQR VFtOHP
XPRåQLWDE\FHPHQWiUQDSRXåtYDODMDNRSDOLYR]DKXãWQêNDO]RGSDGQtFKYRG>'XWFKUHSRUW
@>&HPHQWD$%@
7HFKQLN\RPH]RYiQtHPLVtSUDFKX
([LVWXMt WL KODYQt ]GURMH HPLVt SUDFKX ]FHPHQWiUHQ -VRX WR SHFQt V\VWpP FKODGLþH VOtQNX
DFHPHQWRYpPOêQ\9PLQXORVWLE\ODSURW\WRWL~þHO\SRXåtYiQDU$]Qi]Dt]HQtDOHGQHVVH
LQVWDOXMtSRX]HHOHNWURVWDWLFNpRGOXþRYDþH(2QHEROiWNRYpILOWU\6HNXQGiUQt]GURMHSUDFKX
]PDQLSXODFH D VNODGRYiQt PDWHULiO$ D ]GUFHQt D POHWt VXURYLQ D SDOLY PRKRX EêW WDNp
Yê]QDPQp9WDEMHSHKOHGGRVWXSQêFK~GDM$7DEXONDMHVRXKUQHPDMHWHEDMLFKiSDW
YVRXYLVORVWLVStVOXãQêPQiVOHGXMtFtPRGVWDYFHP
(2 D OiWNRYp ILOWU\ PDMt VYp YêKRG\ L QHYêKRG\ 2E\ W\S\ PDMt Y\VRNRX ~þLQQRVW SL
RGOXþRYiQt SUDFKX ]D QRUPiOQtFK SRGPtQHN =D ]YOiãWQtFK SRGPtQHN MDNR MH Y\VRNi
NRQFHQWUDFH &2 UR]EK YêURE\ Y SHFL RGVWDYRYiQt SHFH QHER SHFKRG ]H VGUXåHQpKR
SURYR]X VXURYLQRYê POêQ SUDFXMH QD StPê SURYR] VXURYLQRYê POêQ QHSUDFXMH VH P$åH
~þLQQRVW (2 Yê]QDPQ RPH]LW ]DWtPFR ~þLQQRVW OiWNRYêFK ILOWU$ QHQt RYOLYQQD /iWNRYp
ILOWU\ PDMt SURWR FHONRY Y\ããt ~þLQQRVW SRNXG MVRX GREH XGUåRYDQp D ILOWUDþQt YDN\ VH
SHULRGLFN\Y\PXMt1HYêKRGRXOiWNRYêFKILOWU$MHåHSRXåLWpILOWUDþQtYDN\MVRXRGSDGHP
DSRGOHQiURGQtFKSHGSLV$VHPXVtY\D]RYDW>&HPEXUHDXUHSRUW@
7HFKQLND
3RXåLWHOQp QD
8YiGQp HPLVH
1iNODG\
SHFQt V\VWpP\ PJP
NJW
9ãHFKQ\ SHFH
(OHNWURVWDWLFNp
&KODGLþH
VOtQNX
RGOXþRYDþH
&HPHQW POêQ\ 9ãHFKQ\ SHFH
/iWNRYp RGOXþRYDþH &KODGLþH VOtQNX &HPHQW POêQ\ 2GVWUD
6HNXQGiUQtFK ~QLN$ 9ãHFKQD
]Dt]HQt
SUDFKX
X SHFQtFK V\VWpP$ REY\NOH MDNR GHQQt SU$PU VXFKê SO\Q . N3D D 2 NJW VOtQNX ]iNODGHP MH P W VOtQNX
LQYHVWLþQt QiNODG\ Y HXUR D SURYR]Qt QiNODG\ Y HXURW VOtQNX SUR VQtåHQt HPLVt QD PJP REY\NOêP
]iNODGHP MH SHF V NDSDFLWRX W VOtQNXGHQ D SRþiWHþQt HPLVH GR J SUDFKXP 7DE 3 HKOHG WHFKQLN SUR RPH]RYiQt HPLVt SUDFKX
(OHNWURVWDWLFNpRGOXþRYDþH
(OHNWURVWDWLFNp RGOXþRYDþH (2 Y\WYiHMt HOHNWURVWDWLFNp SROH NROPR QD GUiKX þiVWLF
XQiãHQêFKSURXGHPY]GXFKXýiVWLFH]tVNDMtQHJDWLYQtQiERMDSRVWXSXMtVPUHPNSR]LWLYQ
QDELWêPVEUQêPSOHFK$P6EUQpSOHFK\VHSHULRGLFN\RNOHSiYDMtQHERYLEUXMtSLþHPå VH
PDWHULiO XYROXMH WDNåH SDGi GR VEUQêFK YêV\SHN SRG QLPL -H G$OHåLWp DE\ E\O\ F\NO\
RGVWUDRYiQt RSWLPDOL]RYDQp WDN DE\ VH PLQLPDOL]RYDOR XYRORYiQt þiVWLF D WDN VH
PLQLPDOL]RYDOD PRåQRVW YLGLWHOQpKR NRXH 3UR (2 MH FKDUDNWHULVWLFNi MHMLFK VFKRSQRVW
SURYR]XSLY\VRNêFKWHSORWiFKSLEOLåQGR&DY\VRNpYOKNRVWL
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
ýLQLWHOL RYOLYXMtFtPL ~þLQQRVW MVRX SU$WRNRYi U\FKORVW RGSDGQtFK SO\Q$ LQWHQ]LWD
HOHNWULFNpKR SROH REVDK þiVWLF NRQFHQWUDFH 62 REVDK YOKNRVWL D WYDU D SORFKD HOHNWURG
3URYR] P$åH EêW QDUXãHQ ]HMPpQD QiQRVHP PDWHULiOX Y\WYiHMtFtP L]RODþQt YUVWYX QD
VEUQêFK SOHãtFK D WDN VQLåXMtFtP LQWHQ]LWX HOHNWULFNpKR SROH >'XWFK UHSRUW @ 7R VH
P$åH VWiW SRNXG GR SHFQtKR SURFHVX YVWXSXMH YHONp PQRåVWYt FKOyUX D VtU\ þtPå Y]QLNDMt
FKORULG\DVtUDQ\DONDOLFNêFKNRY$&KORULG\DONDOLFNêFKNRY$Y\WYiHMtYHOPLMHPQêSUiãHN
PDPDMtYHONêRGSRUSUDFKXPH]LFPþtPåY\WYiHMtL]RODþQtYUVWY\
QD HOHNWURGiFK D WDN YHGRX NSRWtåtP SL RGVWUDRYiQt SUDFKX 7R E\OR SR]RURYiQR
D VWXGRYiQR ]HMPpQD YåHOH]iVNpP D RFHOiVNpP SU$P\VOX 3RWtåH YHONpKR RGSRUX SUDFKX
PRKRX EêWHãHQ\ YVWLNRYiQtP YRG\ GR RGSDRYDFtFK FKODGLþ$ >.DUOVUXKH ,, @ -LQêP
]S$VREHPHãHQtWRKRWRSUREOpPXMHSRXåLWtOiWNRYêFKILOWU$
9SU$P\VOX åHOH]D D RFHOL NGH MVRX Y\XåtYiQ\ VOLQRYDFt SURFHV\ MH WHQWR MHPQê SUDFK
FKORULG$ DONDOLFNêFK NRY$ G$YRGHP SURþ GREH NRQVWUXRYDQp D SURYR]RYDQp (2 REY\NOH
QHPRKRXGRViKQRXWNRQFHQWUDFtHPLWRYDQpKRSUDFKXSRG PJP 6WHMQê SUREOpP
V FKORULG\ DONDOLFNêFK NRY$ D QHVSUiYQRX IXQNFt (2 VH Y\VN\WO YMHGQp FHPHQWiUQ
Y5DNRXVNXNG\åVHMDNRVRXþiVWSDOLYDVSDORYDOSHG]SUDFRYDQêSODVWRYêRGSDG&O
'RVWDWHþQ GLPHQ]RYDQp HOHNWURVWDWLFNp ILOWU\ VSROX VGREURX ~SUDYRX SO\QX
D RSWLPDOL]RYDQêP UHåLPHP þLãWQt (2 PRKRX VQtåLW ~URYH Då QD PVtþQt SU$PU PJPVXFKêSO\Q.2>$XVWULDQUHSRUW@6WiYDMtFtLQVWDODFH(2MHPRåQp
]GRNRQDOLW EH] QXWQRVWL FHONRYp QiKUDG\ þtPå VH RPH]t QiNODG\ 7R MH PRåQp RVD]HQtP
PRGHUQMãtFK HOHNWURG QHER LQVWDODFt DXWRPDWLFNp UHJXODFH QDSWt QD VWDUãtFK ]Dt]HQtFK
.URP WRKR MH PRåQp ]GRNRQDOLW SU$FKRG SO\QX SHV (2 QHER SLGDW GDOãt VWXSQ 9MHGQp
FHPHQWiUQ E\O\ (2 ]DNRXSHQp YURFH ]D ~þHOHP GRVDåHQt ~URYQ PJP
]GRNRQDOHQ\ D Q\Qt GRVDKXMt ~URYQ SRG PJP >&HPHQWD $%@ .URP SUDFKX (2 WDNp
RGVWUDXMt OiWN\ NWHUp VH DGVRUEXMt QD þiVWLFH SUDFKX MDNR MVRX GLR[LQ\ D NRY\ MVRXOL
StWRPQ\
3URFHONRYêYêNRQHOHNWURVWDWLFNêFKRGOXþRYDþ$MHG$OHåLWp]DEUiQLW~QLN$P&29L]NDSLWROD
Ä2SWLPDOL]DFHt]HQtSURFHVX³
'RVWXSQi OLWHUDWXUD QHQD]QDþXMH åiGQi RPH]HQt SUR SRXåLWt (2 X U$]QêFK W\S$ SURFHV$
SRXåtYDQêFK YFHPHQWiVNpP SU$P\VOX >'XWFK UHSRUW @ (2 VH YãDN MLå QHLQVWDOXMt SUR
RGOXþRYiQt SUDFKX YFHPHQWRYêFK POêQHFK YG$VOHGNX UHODWLYQ Y\VRNêFK HPLVt SL QiEKX
DRGVWDYRYiQt
,QYHVWLþQtQiNODG\QDQRYê (2 SUR SHF R NDSDFLW W VOtQNX GHQQ VH YVWXSQt KODGLQRX
HPLVtGRJPDREVDKHPSUDFKXYþLVWpPSO\QXPJPMHDVLPLOHXUR
D GDOãt PLO HXUR QD VWDELOL]iWRU D YHQWLOiWRU ILOWUX MHOL SRWHED 3URYR]Qt QiNODG\
WpKRå(2MVRXDVLHXURWVOtQNX,QYHVWLþQtQiNODG\DVLPLOHXURDSURYR]Qt
QiNODG\ HXURW VOtQNX MVRX SRWHED QD (2 SUR FKODGLþ VOtQNX SUR SHF R NDSDFLW
WVOtQNXGHQQVHYVWXSQtHPLVQt~URYQtGRJPDREVDKHPSUDFKXYþLVWpPSO\QX
PJPVWHMQLSURNXORYêPOêQVNDSDFLWRX W FHPHQWX ]D KRGLQX D VSRþiWHþQt
HPLVQt ~URYQt GR JP D VREVDKHP SUDFKX YþLVWpP SO\QX PJP >&HPEXUHDX
UHSRUW@
/iWNRYpILOWU\
=iNODGQtP SULQFLSHP OiWNRYêFK ILOWU$ MH SRXåLWt OiWNRYp PHPEUiQ\ NWHUi MH SURSXVWQi SUR
SO\Q DOH NWHUi ]DFK\Wt SUDFK =SRþiWNX VH SUDFK XNOiGi MDN QD SRYUFKRYêFK YOiNQHFK WDN
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
PH]L QLPL DOH MDN SRYUFKRYi YUVWYD SLEêYi SUDFK ViP VH VWiYi SHYDåXMtFtP ILOWUDþQtP
SURVWHGNHP ýLãWQê SO\Q P$åH SURXGLW EX ]HYQLW YDNX YHQ QHER RSDþQ -DN SUDFKRYê
NROiþWORXVWQHY]U$VWiRGSRUSU$WRNXSO\QX-HSURWRQXWQpSHULRGLFNpþLãWQtILOWUDþQtWNDQLQ\
]D~þHOHPUHJXODFHWODNRYp]WUiW\1HMREY\NOHMãtPHWRG\þLãWQt]DKUQXMtUHYHU]QtWRNSO\QX
PHFKDQLFNpQDWiViQtYLEUDFHDSXO]RYiQtVWODþHQpKRY]GXFKX/iWNRYêILOWUE\POPtWYtFH
RGGtO$NWHUpPRKRXEêWLQGLYLGXiOQL]RORYiQ\YStSDG]iYDG\QDYDNXD]EêYDMtFtRGGtO\
E\ PO\ EêW GRVWDWHþQp NWRPX DE\ XPRåQLO\ XGUåHQt RGSRYtGDMtFtKR YêNRQX YStSDG
Y\MPXWt MHGQRKR RGGtOX 9NDåGpP RGGtOX E\ PO\ EêW GHWHNWRU\ WVQRVWL S\WO$ ]D ~þHOHP
LQGLNDFHSRWHE\RSUDY\SRNXGGRMGHNQHWVQRVWL
3RXåLWtPRGHUQtFKOiWNRYêFKILOWU$P$åHVQtåLWHPLVHSUDFKXSRGPJPVXFKêSO\Q.
2>[email protected]ê ILOWUWDNpOiWN\NWHUpVH
DGVRUEXMtQDþiVWLFHSUDFKXMDNRGLR[LQ\DNRY\MVRXOLStWRPQ\
'RVWXSQi OLWHUDWXUD QHQD]QDþXMH åiGQi RPH]HQt SUR SRXåLWt OiWNRYêFK ILOWU$ X U$]QêFK W\S$
SURFHV$ SRXåtYDQêFK YFHPHQWiVNpP SU$P\VOX >'XWFK UHSRUW @ 9\VRNRWHSORWQt
DSOLNDFHSRYHGRXNSRWHEH[RWLþWMãtFKW\S$OiWHNQHåVHÄQRUPiOQ³GRGiYDMt7FKMHYãDN
GRVWXSQêGRVWDWHþQêVRUWLPHQW
,QYHVWLþQt QiNODG\ QD Y\EDYHQt QRYêP OiWNRYêP ILOWUHP SUR SHF R NDSDFLW W VOtQNX
GHQQVHYVWXSQtKODGLQRXHPLVtGRJPDREVDKHPSUDFKXYþLVWpPSO\QXPJP
MH DVL PLO HXUR D GDOãt PLO HXUR QD VWDELOL]iWRU D YHQWLOiWRU ILOWUX MHOL
SRWHED 6WDELOL]iWRU\ MVRX WHED SRX]H SUR Qt]NRWHSORWQt DSOLNDFH QDS VYDN\
]SRO\DNU\OQLWULOX3URYR]QtQiNODG\WpKRåWH[WLOQtKRILOWUX MVRX DVL HXURW VOtQNX
3XO]QtWU\VNRYêOiWNRYêILOWUVYêPQtNHPWHSODW\SXÄY]GXFKY]GXFK³DYHQWLOiWRUILOWUXSUR
URãWRYêFKODGLþVOtQNXSURSHFRNDSDFLWWVOtQNXGHQQVHYVWXSQtHPLVQt~URYQtGR
JPDVREVDKHPSUDFKXYþLVWpPSO\QXPJPVWRMtDVLPLOHXURDSURYR]Qt
QiNODG\ MVRX DVL HXURW VOtQNX 3UR FHPHQWRYê NXORYê POêQ VNDSDFLWRX W
FHPHQWX]DKRGLQXDVHYVWXSQtHPLVQt~URYQtGRJPDVREVDKHPSUDFKXYþLVWpPSO\QX
PJPMVRXLQYHVWLþQtQiNODG\QDSXO]QtWU\VNRYêOiWNRYêILOWUDVLPLOHXUR
Yþ YHQWLOiWRUX ILOWUX D SURYR]Qt QiNODG\ MVRX HXURW VOtQNX >&HPEXUHDX UHSRUW
@
2GVWUDRYiQtSUDFKX]HVHNXQGiUQtFK]GURM$
6HNXQGiUQt SUDãQRVW Y]QLNi KODYQ SL VNODGRYiQt D PDQLSXODFL VH VXURYLQDPL SDOLY\
D VOtQNHP D SL DXWRPRELORYp GRSUDY YH YêUREQtFK SURVWRUiFK 3UR PLQLPDOL]DFL PRåQêFK
VHNXQGiUQtFK ]GURM$ SUDFKX MH YKRGQp MHGQRGXFKp D OLQHiUQt XVSRiGiQt SURYR]X 6SUiYQi
D ~SOQi ~GUåED SURYR]X Pi YåG\ QHStPR ]D QiVOHGHN RPH]HQt VHNXQGiUQtFK ]GURM$ SUDFKX
RPH]HQtP PtVW V ~QLN\ GR RY]GXãt D VXV\SiYiQtP 3RXåtYiQt DXWRPDWLFNêFK ]Dt]HQt
D tGLFtFK V\VWpP$ URYQå QDSRPiKi VQLåRYiQt VHNXQGiUQtFK ]GURM$ SUDFKX MDNRå
LNRQWLQXiOQtPXDEH]SRUXFKRYpPXSURYR]X>&HPEXUHDXUHSRUW@
1NWHUpWHFKQLN\RGVWUDRYiQtVHNXQGiUQtFK]GURM$SUDFKXMVRX
x +DOGD VSURWLYWUQRX RFKUDQRX -H WHED Y\KêEDW VH YHQNRYQtPX VNODGRYiQt SUDãQêFK
PDWHULiO$QDKDOGiFKDYãDNSRNXGMLåH[LVWXMtMHPRåQpVQtåLWSUDãQRVWSRXåLWtPYKRGQ
QDYUåHQêFKSURWLYWUQêFK]iEUDQ
x 9RGQt VSUFK\ D FKHPLFNp VUiåHþH SUDFKX 3RNXG MH ERGRYê ]GURM SUDFKX GREH
ORNDOL]RYiQMH PRåQp LQVWDORYDW V\VWpP UR]VWLNRYiQt YRG\ =YOKþRYiQt þiVWHþHN SUDFKX
QDSRPiKi VKOXNRYiQt D WDN QDSRPiKi XVD]RYiQt SUDFKX 'RVWXSQi MH WDNp ãLURNi DGD
FKHPLFNêFKþLQLGHOSUR]OHSãHQtFHONRYp~þLQQRVWLYRGQtVSUFK\
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
x 'OiåGQt]YOKþRYiQtFHVWD~NOLG3ORFK\SRXåtYDQpQiNODGQtPLDXWRPRELO\E\PO\EêW
SRNXGPRåQRGOiåGQpDSRYUFKE\POEêWXGUåRYiQFRQHMþLVWãt=YOKþRYiQtFHVWP$åH
VQLåRYDW HPLVH SUDFKX ]HMPpQD ]D VXFKpKR SRþDVt -H WHED iGQ XNOt]HW DE\ VH
VHNXQGiUQt]GURMHSUDFKXXGUåHO\QDPLQLPiOQt~URYQL
x 0RELOQt D VWDFLRQiUQt Y\VDYDþH %KHP ~GUåERYêFK SUDFt QHER YStSDG SRWtåt
VGRSUDYQtNRYêPL V\VWpP\ P$åH GRFKi]HW NUR]V\SiQt PDWHULiO$ 3UR ]DEUiQQt Y]QLNX
VHNXQGiUQtFK ]GURM$ SUDFKX SL MHMLFK RGVWUDRYiQt MH WHED SRXåtYDW Y\VDYDþH 1RYp
VWDYE\PRKRXEêWVQDGQRY\EDYHQ\VWDFLRQiUQtPLRGViYDFtPLV\VWpP\]DWtPFRVWiYDMtFt
VWDYE\MHREY\NOHOHSãtY\EDYRYDWPRELOQtPLV\VWpP\DIOH[LELOQtPLStSRMNDPL
x 9HQWLODFH D ]DFK\FRYiQt GR OiWNRYêFK ILOWU$ 9HãNHURX PDQLSXODFL VPDWHULiO\ MH WHED
SURYiGW YX]DYHQêFK V\VWpPHFK VXGUåRYDQêP SRGWODNHP 3UR W\WR ~þHO\ RGViYDQê
Y]GXFKVHSRWpSHGY\SXãWQtPGRDWPRVIpU\]EDYXMHSUDFKXOiWNRYêPLILOWU\
x 8]DYHQp VNODGRYDFt SURVWRU\ VDXWRPDWLFNêPL PDQLSXODþQtPL V\VWpP\ 6OtQNRYi VLOD
D X]DYHQp SOQ DXWRPDWL]RYDQp VNODG\ VXURYLQ VH SRYDåXMt ]D QHM~þLQQMãt HãHQt
SUREOpPXVHNXQGiUQtFK]GURM$SUDFKXY]QLNDMtFtKRYHYHONRREMHPRYêFKVNOiGNiFK7\WR
W\S\ VNODG$ MVRX Y\EDYHQ\ MHGQtP QHER YtFH OiWNRYêPL ILOWU\ EUiQtFtPL Y]QLNX VHNXQ
GiUQtFK]GURM$SUDFKXSLSOQQtDY\SUD]GRYiQt>&HPEXUHDXUHSRUW@
2PH]RYiQtRVWDWQtFKDWPRVIpULFNêFKHPLVt
2[LG\XKOtNX&2&2
9HãNHUi RSDWHQt NWHUi VQLåXMt VSRWHEX HQHUJLH ]SDOLY WDNp VQLåXMt HPLVH &2 9ROED
VXURYLQ VQt]NêP REVDKHP RUJDQLFNêFK OiWHN D SDOLY VQt]NêP SRPUHP REVDKX XKOtNX
NYêKHYQRVWLMHOLPRåQiVQLåXMHHPLVH&2
9ROEDVXURYLQVQt]NêPREVDKHPRUJDQLFNêFKOiWHNMHOLPRåQiWDNpVQLåXMHHPLVH&2
7NDYpRUJDQLFNpVORXþHQLQ\D3&''3&')
=D QRUPiOQtFK RNROQRVWt MVRX HPLVH 92& D 3&''3&') YãHREHFQ Qt]Np -HOL PRåQê
YêEU QHPO\ E\ EêW PDWHULiO\ VY\VRNêP REVDKHP WNDYêFK RUJDQLFNêFK VORXþHQLQ
YSUDYRYiQ\GRSHFQtKRV\VWpPXFHVWRXYVi]N\VXURYLQDSDOLYDVY\VRNêPREVDKHPKDORJHQ$
E\ QHPOD EêW SRXåtYiQD NVHNXQGiUQtPX VSDORYiQt $E\ VH PLQLPDOL]RYDOD PRåQRVW
]QRYXY\WYiHQt 3&'') MH G$OHåLWp DE\ SHFQt SO\Q\ SURãO\ SL ]FKOD]RYiQt WHSORWQtP
RNpQNHP&FRQHMU\FKOHML
2EMHYtOL VH ]YêãHQp NRQFHQWUDFH 92& D 3&''3&') O]H ]YiåLW DGVRUSFL QD DNWLYRYDQpP
XKOt
.RY\
-HWHED]DEUiQLWYVi]FHPDWHULiO$VY\VRNêPREVDKHPWNDYêFKNRY$GRSHFH
$NXPXODFH NRY$ ]HMPpQD WKDOLD YLQWHUQtFK D H[WHUQtFK F\NOHFK SHFQtFK V\VWpP$ YHGH
VSURGOXåRYiQt SURYR]Qt GRE\ SHFH NH ]Y\ãRYiQt HPLVt 7\ MH PRåQp VQtåLW þiVWHþQêP QHER
~SOQêP SHUXãHQtP WFKWR F\NO$ $YãDN ~]Np SURSRMHQt PH]L LQWHUQtP D H[WHUQtP F\NOHP
]QDPHQi åH VWDþt SHUXãLW SRX]H H[WHUQt F\NOXV 7R O]H SURYpVW RGVWUDQQtP SUDFKX
QDVKURPiåGQpKRYRGOXþRYDþLSUDFKXQDPtVWRMHKRQiYUDWXGRVXURYLQRYpPRXþN\3RNXGMH
MHKRFKHPLFNpVORåHQtYKRGQpP$åHEêWY\D]HQêSHFQtSUDFKSLGiYiQStPRGRHWDS\POHWt
FHPHQWX >.DUOVUXKH ,, @ -HOLNRå MVRX HPLWRYDQp NRY\ Y\MPD þiVWL UWXWL ]YHONp þiVWL
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
Yi]iQ\ QD SUDFK MVRX VWUDWHJLH RGOXþRYiQt NRY$ SRNU\W\ VWUDWHJLHPL RGOXþRYiQt SUDFKX
-HGQRX FHVWRX MDN PLQLPDOL]RYDW HPLVH UWXWL MH VQtåHQt WHSORW\ VSDOLQ 1HWNDYp SUYN\
]$VWiYDMtYSURFHVXDY\VWXSXMt]SHFHMDNRVRXþiVWVNODGE\FHPHQWRYpKRVOtQNX2EMHYtOLVH
Y\VRNp NRQFHQWUDFH WNDYêFK NRY$ ]HMPpQD UWXWL H[LVWXMH PRåQRVW DEVRUSFH DNWLYRYDQêP
XKOtP
2GSDG\
1DVKURPiåGQê SUDFK MH WHED UHF\NORYDW GR YêUREQtKR SURFHVX NG\NROL NG\ MH WR
SURYHGLWHOQp 7DWR UHF\NODFH VH P$åH GtW StPR GRSHFH QHER GR SHFQt YVi]N\ REVDK
DONDOLFNêFKNRY$MHRPH]XMtFtPþLQLWHOHPQHERPtVHQtPVKRWRYêPLFHPHQWRYêPLSURGXNW\
-HPRåQpQDOp]WDOWHUQDWLYQtSRXåLWtSURPDWHULiO\NWHUpQHQtPRåQpUHF\NORYDW
+OXþQRVW
9WRPWRGRNXPHQWXVHQHEXGRXSRSLVRYDWQHMOHSãtGRVWXSQpWHFKQLN\VQLåRYiQtKOXþQRVWL
3DFK\
1HStMHPQp ]iSDFK\ ]S$VREHQp HPLVHPL XKORYRGtN$ O]H Y\ORXþLW StGDYQêP VSDORYiQtP
SRXåLWtP ILOWU$ ]DNWLYRYDQpKR XKOt QHER YVi]NRX VXURYLQ\ WRWR ]S$VREXMtFt GR KRUNp ]yQ\
SHFH
-HVWOLåH MH ]iSDFK ]S$VRERYiQ VORXþHQLQDPL VtU\ P$åH EêW HãHQtP ]PQD SDOLYD D QHER
VXURYLQ\YL]WpåNDSLWROD
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
1HMOHSãtGRVWXSQpWHFKQLN\SURFHPHQWiVNêSU$P\VO
3UR SRFKRSHQt WpWR NDSLWRO\ D MHMtKR REVDKX GRSRUXþXMHPH SR]RUQRVWL þWHQiH SHGPOXYX
WRKRWRGRNXPHQWXD]HMPpQDSiWRXþiVWSHGPOXY\-DNFKiSDWWHQWRGRNXPHQWDXåtYDWMHM
7HFKQLN\ D V QLPL VSRMHQp HPLVH DQHER ~URYQ VSRWHE\ QHER UR]VDK\ ~URYQt SHGNOiGDQp
YWpWRNDSLWROHE\O\SRVX]RYiQ\SRPRFtLWHUDWLYQtKRSRVWXSX]DKUQXMtFtKRQiVOHGXMtFtNURN\
x LGHQWLILNDFH NOtþRYêFK RWi]HN HNRORJLH SUR GDQp RGYWYt SUR YêUREX FHPHQWX MVRX WR
VSRWHED HQHUJLH D Y]GXãQp HPLVH 9]GXãQp HPLVH ] FHPHQWiUHQ ]DKUQXMt R[LG\ GXVtNX
12[R[LGVLLþLWê62DSUDFK
x ]NRXPiQtWHFKQLNQHM]iYDåQMãtFKSURHãHQtWFKWRNOtþRYêFKRWi]HN
x LGHQWLILNDFH QHMHNRORJLþWMãtFK ~URYQt SURYR]X QD ]iNODG GRVWXSQêFK ~GDM$ ] (YURSVNp
XQLHD]HVYWD
x ]NRXPiQt SRGPtQHN ]D NWHUêFK E\OR WFKWR SURYR]QtFK ~URYQt GRVDåHQR MDNR MVRX
QiNODG\NtåRYp~þLQN\KODYQtK\EQpVtO\S$VREtFtQD]DYiGQtWFKWRWHFKQLN
x YROED QHMOHSãtFK GRVWXSQêFK WHFKQLN %$7 D V QLPL VSRMHQêFK HPLVt DQHER ~URYQt
VSRWHE\SURWRWRRGYWYtYãHREHFQWRYãHSRGOHþORGVWDStORK\,9QDt]HQt
2GERUQpSRVRX]HQt(YURSVNêP~DGHPSUR,33&DStVOXãQRXWHFKQLFNRXSUDFRYQtVNXSLQRX
7:*KUiORNOtþRYRXUROLYNDåGpP]WFKWRNURN$DYH]S$VREXMDNêPMVRX]GHLQIRUPDFH
SHGNOiGiQ\
1D]iNODGWRKRWRSRVRX]HQtVHYWpWRNDSLWROHXYiGMtWHFKQLN\DSUiYWDNPRåQp~URYQ
HPLVtDVSRWHE\VSRMHQpVSRXåLWtP%$7NWHUpVHSRYDåXMt]DYKRGQpSURRGYWYtMDNRFHOHN
DYPQRKêFKStSDGHFKRGUiåHMtVRXþDVQêSURYR]QNWHUêFK]Dt]HQtYUiPFLWRKRWRRGYWYt
3RNXGVHXYiGMt~URYQHPLVtDVSRWHE\ VSRMHQpVQHMOHSãtPLGRVWXSQêPLWHFKQLNDPLMH
WHED FKiSDW MH WDN åH W\WR ~URYQ SHGVWDYXMt HNRORJLFNê SURYR] NWHUê E\ E\OR PRåQR
RþHNiYDW MDNR YêVOHGHN XSODWQQt SRSVDQêFK WHFKQLN Y WRPWR RGYWYt SLþHPå VH SLKOtåt N
URYQRYi]HQiNODG$DYêKRGREVDåHQêFKYGHILQLFL%$71HMVRXYãDNPH]QtPLKRGQRWDPLDQL
SUR HPLVH DQL SUR VSRWHEX D QHO]H MH MDNR WDNRYp FKiSDW 9 QNWHUêFK StSDGHFK P$åH EêW
WHFKQLFN\PRåQpGRViKQRXWOHSãtFKKRGQRWHPLVtQHERVSRWHE\DOH]G$YRG$Y\åDGRYDQêFK
QiNODG$ QHER VXYiåHQtP NtåRYêFK ~þLQN$ VH QHSRYDåXMt ]D YKRGQp MDNR %$7 SUR RGYWYt
MDNRFHOHN$YãDNW\WRKRGQRW\MHPRåQpSRYDåRYDW]DRG$YRGQQpYH]YOiãWQtFKStSDGHFK
NGHVHY\VN\WXMtVSHFLILFNpYOLY\
ÒURYQ HPLVt D VSRWHE\ VSRMHQp V SRXåLWtP %$7 MH QXWQp YLGW Y VRXYLVORVWL V YHãNHUêPL
VSHFLILNRYDQêPLUHIHUHQþQtPLSRGPtQNDPLQDSSU$PURYiQtþDVRYêPLREGREtPL
3RMHP ~URYQt VRXYLVHMtFtFK V %$7 SRSVDQê YêãH MH WHED RGOLãLW RG WHUPtQX GRVDåLWHOQi
~URYHSRXåtYDQpKRMLQGHYWRPWRGRNXPHQWX3RNXGVH~URYHR]QDþXMH]DGRVDåLWHOQRX
SL SRXåLWt XUþLWp WHFKQLN\ QHER NRPELQDFH WHFKQLN MH WHED ML FKiSDW WDN åH MH PRåQp
SHGSRNOiGDWGRVDåHQtWpWR~URYQSRGHOãtPREGREtYHVSUiYQXGUåRYDQpPDSURYR]RYDQpP
]Dt]HQtQHERYSURFHVXY\XåtYDMtFtPWFKWRWHFKQLN
3RNXGE\O\NGLVSR]LFLE\O\XYHGHQ\~GDMHRQiNODGHFKVSROXVSRSLVHPWHFKQLNXYHGHQêFK
Y SHGFKR]t NDSLWROH 7\WR ~GDMH GiYDMt KUXERX SHGVWDYX R YêãL Y\åDGRYDQêFK QiNODG$
$YãDN VNXWHþQp QiNODG\ QD XSODWQQt WHFKQLN\ EXGRX VLOQ ]iYLVOp QD VSHFLILFNp VLWXDFL
WêNDMtFt VH QDS GDQt SRSODWN$ D WHFKQLFNêFK FKDUDNWHULVWLN GRW\þQpKR ]Dt]HQt 9 WRPWR
GRNXPHQWX QHQt PRåQp SOQ Y\KRGQRWLW WDNRYp VSHFLILFNp PtVWQt þLQLWHOH 3RNXG ~GDMH R
QiNODGHFKQHH[LVWXMtRGYtMHMtVH]iYU\RHNRQRPLFNpåLYRWDVFKRSQRVWLWHFKQLN\RGVOHGRYiQt
VWiYDMtFtFK]Dt]HQt
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
2EHFQp %$7 MVRX Y WpWR NDSLWROH P\ãOHQ\ WDN åH MH PRåQp SRXåtW MH N SRVRX]HQt SURYR]X
VWiYDMtFtFK ]Dt]HQt QHER N SRVRX]HQt QiYUKX QRYpKR ]Dt]HQt D WtP QDSRPRFL XUþHQt
YKRGQêFKSRGPtQHN]DORåHQêFKQD%$7SURWRWR]Dt]HQt3HGSRNOiGiVHåHQRYi]Dt]HQt
E\ PRKOD EêW QDYUKRYiQD SUR SURYR] QD ~URYQL VURYQDWHOQp QHER GRNRQFH OHSãt QHå MVRX
REHFQp~URYQ%$7]GHXYHGHQp0iVHURYQå]DWRåHE\VHXPQRKêFKVWiYDMtFtFK]Dt]HQt
PRKOþDVHPSHGSRNOiGDWSRVXQNREHFQêP~URYQtP%$7QHEROHSãtP
9]KOHGHPNWRPXåHUHIHUHQþQtGRNXPHQW\QHVWDQRYXMtSUiYQ]iYD]QpQRUP\MVRXFKiSiQ\
WDN åH SRGiYDMt LQIRUPDFH SUR SRUDGHQVWYt Y SU$P\VOX SUR þOHQVNp VWiW\ D YHHMQRVW R
GRVDåLWHOQêFK ~URYQtFK HPLVQt D VSRWHE\ SL SRXåLWt XUþHQêFK WHFKQLN 9KRGQp PH]Qt
KRGQRW\ SUR NRQNUpWQt StSDG\ EXGH WHED XUþLW V SLKOpGQXWtP N FtO$P QDt]HQt ,33& D
PtVWQtPSRGPtQNiP
+RGQRW\HPLVtXYHGHQpQtåHMVRXY\MiGHQ\MDNRGHQQtSU$PUSLVWDQGDUGQtFKSRGPtQNiFK
.N3DN\VOtNXDVXFKpPSO\QX
9ROEDSRVWXSX
1DVSRWHEXHQHUJLHDY]GXãQpHPLVHSLYêUREFHPHQWiVNpKRVOtQNXPiKODYQtYOLY]YROHQê
YêUREQt]S$VRE
x =DQHMOHSãtGRVWXSQRXWHFKQLNXYêURE\FHPHQWiVNpKRVOtQNXSURQRYp]iYRG\D]iVDGQt
PRGHUQL]DFH VH SRYDåXMH SHF VH VXFKêP YêUREQtP ]S$VREHP V YtFHVWXSRYêP
YêPQtNHPDSHGNDOFLQDFt3tVOXãQiKRGQRWDWHSHOQpELODQFH%$7MH0-WVOtQNX
2EHFQiSULPiUQtRSDWHQt
1HMOHSãt GRVWXSQp WHFKQLN\ SUR YêUREX FHPHQWX ]DKUQXMt QiVOHGXMtFt REHFQi SULPiUQt
RSDWHQt
x 3O\QXOê D VWDELOQt SHFQt SURFHV EOtåtFt VH XUþHQêP SDUDPHWU$P SURFHVX MH YêKRGQê V
RKOHGHPQDYãHFKQ\HPLVHSHFtMDNRåLQDVSRWHEXHQHUJLH'RVDKXMHVHMHM
RSWLPDOL]DFtt]HQtSURFHVXYþHWQSRþtWDþRYêFKDXWRPDWLFNêFKtGLFtFKV\VWpP$
SRXåLWtPPRGHUQtFKYiKRYêFKV\VWpP$GiYNRYiQtSHYQêFKSDOLY
x 0LQLPDOL]DFHVSRWHE\HQHUJLH]SDOLYSURVWHGQLFWYtP
SHGHKtYiQtP D SHGNDOFLQDFt QD QHMY\ããt PRåQRX PtUX V SLKOpGQXWtP NH VWiYDMtFt
NRQILJXUDFLSHFH
SRXåLWtPPRGHUQtFKFKODGLþ$VOtQNXXPRåXMtFtFKPD[LPiOQtUHNXSHUDFLWHSOD
UHNXSHUDFtWHSOD]RGSDGQtFKSO\Q$
x 0LQLPDOL]DFHVSRWHE\HOHNWULFNpHQHUJLHSURVWHGQLFWYtP
V\VWpP$t]HQtHQHUJHWLFNêFKWRN$
POHFtKR]Dt]HQtDRVWDWQtFKHOHNWLQRXSRKiQQêFK]Dt]HQtVY\VRNRX~þLQQRVWt
x 3HþOLYiYROEDDNRQWURODOiWHNYVWXSXMtFtFKGRSHFHP$åHVQtåLWHPLVH
SRNXGMHWRSURYHGLWHOQpYROEDVXURYLQDSDOLYVQt]NêPREVDKHPVtU\GXVtNXFKOyUX
NRY$DWNDYêFKRUJDQLFNêFKVORXþHQLQ
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
2[LG\GXVtNX
1HMOHSãtPL WHFKQLNDPL SUR VQtåHQt HPLVt 12[ MH NRPELQDFH YêãH XYHGHQêFK REHFQêFK
SULPiUQtFKRSDWHQtD
x 3ULPiUQtRSDWHQtNRPH]RYiQtHPLVt12[
RFKOD]RYiQtPSODPHQH
KRiN\VQt]NRXSURGXNFt12[
x 6WXSRYLWpVSDORYiQt
x 6HOHNWLYQtQHNDWDO\WLFNiUHGXNFH61&5
6WXSRYLWpVSDORYiQtD61&5VHMHãWVRXþDVQSURVQLåRYiQt12[QHSRXåtYDMt
0iVH]DWRåHGHQQtSU$PUQi~URYHHPLVtSL %$7 VSRMHQi V SRXåLWtP WFKWR WHFKQLN VH
SRK\EXMH Y UR]SWt PJ 12[P Y\MiGHQR MDNR 12 YGHQQtP SU$PUX 9L]
SR]QiPN\ QtåH R NRQVHQVX Y UiPFL 7:* 6QDGQRVW V MDNRX PRKRX MHGQRWOLYi ]Dt]HQt
GRViKQRXW HPLVt Y UiPFL WRKRWR UR]VDKX YHOPL NROtVi D MH GLVNXWRYiQD QtåH SURWR VH
QHSHGSRNOiGi åH YãHFKQ\ SHFH PRKRX QHER E\ PO\ GRViKQRXW WFKWR HPLVQtFK ~URYQt N
GDQpPXGDWX3RXåLWt61&5]DYiGtDNWLYQtNRQWUROQtPHFKDQL]PXVXQMåVHP$åHRþHNiYDW
åHSRYHGHNPHQãtPXNROtViQt~URYQtHPLVtYþDVH]DWtPFRSHFHEH]61&5PRKRXGRViKQRXW
WFKWR~URYQtSRX]H]DGHOãtSU$PUQpþDVRYpREGREt
1NWHUpPRGHUQtGREHRSWLPDOL]RYDQpSHFQtV\VWpP\VGLVSHU]QtPYêPQtNHPWHSODDSHFQt
V\VWpP\ VGLVSHU]QtP YêPQtNHP D SHGNDOFLQDFt GRVDKXMt HPLVQtFK ~URYQt 12[ PpQ QHå
PJP EX SRX]H GtN\ SULPiUQtP RSDWHQtP QHER Y NRPELQDFL VH VWXSRYLWêP
VSDORYiQtP.YDOLWDVXURYLQ\ DNRQVWUXNFHSHFQtKRV\VWpPXPRKRXEêWStþLQRXQHGRVDåHQt
WpWRHPLVQt~URYQ
6H61&5P$åHEêWGRVDåLWHOQi~URYH12[YQHMOHSãtPStSDGPpQQHåPJPSRNXG
SRþiWHþQt ~URYH QHQt Y\ããt QHå PJP VQtåHQt R DþNROL YWãLQD
]Dt]HQtVHGQHVSURYR]XMHWDNDE\GRVDKRYDOD~URYQPJPVQtåHQtR
3LQDYUKRYiQt]Dt]HQt61&5MHWHEDSLKOtåHWNHYVWLNRYiQt1+
9UiPFLFHOpKRRGYWYtMHY(YURSVNpPVSROHþHQVWYtYWãLQDSHFt~GDMQVFKRSQDGRViKQRXW
SULPiUQtPL RSDWHQtPL KODGLQ\ QLåãt QHå PJP 8SODWQQtP 61&5 SL SU$PUQp
~þLQQRVWLVQtåHQtRWRWRP$åHVQtåLWKODGLQXHPLVt12[QDPpQQHåPJP
3UR ]DYHGHQt 61&5 PXVt EêW GRVDåHQD YKRGQi REODVW WHSORW 6SUiYQi REODVW WHSORW VH Gi
VQDGQR GRViKQRXW Y V\VWpPHFK SHFt V GLVSHU]QtP YêPQtNHP WHSOD Y SHFQtFK V\VWpPHFK V
GLVSHU]QtP YêPQtNHP D SHGNDOFLQDFt D VQDG Y QNWHUêFK SHFQtFK V\VWpPHFK W\SX /HSRO
0RPHQWiOQQHH[LVWXMHåiGQiNRPSOHWQtLQVWDODFH61&5QDSHFLW\SX/HSRODOHE\O\KOiãHQ\
VOLEQp YêVOHGN\ ] SLORWQtFK SURYR]$ 9 GORXKêFK SHFtFK V PRNUêP D VXFKêP SURFHVHP
YêURE\ VOtQNX E\ PRKOR EêW YHOPL REWtåQp þL QHPRåQp ]tVNDW VSUiYQRX WHSORWX D SRWHEQê
UHWHQþQt þDV 9 VRXþDVQRVWL SRFKi]t DVL HYURSVNp YêURE\ FHPHQWX ] SHFt VH VXFKêP
SURFHVHP D SHYiåQi YWãLQD WFKWR SHFt MVRX SHFQt V\VWpP\ VGLVSHU]QtP YêPQtNHP WHSOD
QHERSHFQtV\VWpP\VGLVSHU]QtPYêPQtNHPDSHGNDOFLQDFt
97:*E\ORGRVDåHQRþiVWHþQpKRNRQVHQVXFRVHWêNiQHMOHSãtFKGRVDåLWHOQêFKWHFKQLNSUR
RPH]RYiQt HPLVt 12[ =DWtPFR YêãH XYDåRYDQi %$7 POD SRGSRUX H[LVWRYDO L RSDþQê
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
Qi]RUåHHPLVQt~URYHVSRMHQiVSRXåLWtP%$7MHPJ12[PMDNR12$þNROL
H[LVWXMHSHFtSRXåtYDMtFtFKWHFKQLN61&5VUHODWLYQQt]NRX~þLQQRVWtSURGRVDåHQtHPLVQt
~URYQPJ12[PWHQWRQi]RUVH]DNOiGiQDRPH]HQp]NXãHQRVWLVDSOLNDFt61&5SL
Y\ããt ~þLQQRVWL VQLåRYiQt D QiVOHGQp QHMLVWRW WêNDMtFt VH GRGDWHþQêFK HPLVt þSDYNX NH
NWHUêP P$åH GRMtW SL Y\ããtP SRPUX YVWLNRYiQt þSDYNRYp YRG\ ([LVWXMH REDYD åH
YVWLNRYiQt þSDYNX P$åH YpVW N YLGLWHOQêP D WUYDOêP HPLVtP SUDFKX WYRHQpKR VtUDQ\ D
FKORULG\þSDYNX.URPWRKRVHP$åHQHVSRWHERYDQêþSDYHNYDWPRVIpHQiVOHGQSHPQLW
QD 12[ D QHVSRWHERYDQê þSDYHN P$åH EUiQLW RSWQpPX SRXåLWt YUDFHQpKR SUDFKX GR
FHPHQWX =DWtPFRQNROLNPiORPRGHUQtFKFHPHQWiUHQMHVFKRSQRGRViKQRXWGORXKRGREêFK
HPLVQtFK~URYQtSRGPJPYFHPHQWiVNpPSU$P\VOXMHQi]RUåHQD~URYQLRGYWYtE\
PO\ SRGQLN\ NRPELQRYDW SULPiUQt RSDWHQt D EX VWXSRYLWp VSDORYiQt QHER 61&5 N
GRVDåHQtHPLVQtFK~URYQtSRGPJPDåHW\WRWHFKQLN\MHPRåQpSRXåtWSRX]HQDXUþLWp
SHFQtV\VWpP\
9\VN\WO VH WDNp Qi]RU åH VHOHNWLYQt NDWDO\WLFNi UHGXNFH 6&5 MH %$7 V StVOXãQRX HPLVQt
~URYQt PJ 12[P MDNR 12 Y\FKi]HMtFt ] WRKR åH 6&5 VH SRYDåXMH ]D
GRVWXSQRX D HNRQRPLFN\ åLYRWDVFKRSQRX WHFKQLNX 7HQWR ]iYU Y\SOêYi ]H VWXGLt
SURYHGLWHOQRVWL D ] ~VSãQêFK SLORWQtFK ]NRXãHN 9 (YURS H[LVWXMt QHMPpQ WL GRGDYDWHOp
NWHt QDEt]HMt ~SOQRX 6&5 SUR FHPHQWiVNê SU$P\VO V SURYR]QtPL KODGLQDPL PJP $YãDN SUYQt NRPSOHWQt ]Dt]HQt 6&5 Y FHPHQWiVNpP SU$P\VOX QHEXGH Y SURYR]X
SHGNRQFHPURNX
2[LG\VtU\
1HMOHSãt GRVWXSQRX WHFKQLNRX VQLåRYiQt HPLVt 62[ MH NRPELQDFH YêãH SRSVDQêFK REHFQêFK
SULPiUQtFKRSDWHQtD
x 3URSRþiWHþQtHPLVQt~URYHQHMYêãHPJ62P
SLGiYiQtDEVRUEHQWX
x 3URSRþiWHþQtHPLVQt~URYHY\ããtQHåPJ62P
PRNUiY\StUND
VXFKiY\StUND
(PLVQt KODGLQD %$7 VSRMHQi V SRXåLWtP WFKWR WHFKQLN MH Y UR]VDKX PJP
Y\MiGHQiMDNRGHQQtSU$PU62
(PLVH62]FHPHQWiUHQMVRXSULPiUQXUþHQ\REVDKHPWNDYpVtU\YVXURYLQiFK3HFHNWHUp
Y\XåtYDMtVXURYLQ\VQt]NêPREVDKHPQHEREH]REVDKXWNDYpVtU\PDMtHPLVH62KOXERNR
SRGWRXWR~URYQtDQLåE\SRXåtYDO\WHFKQLNXRGVLRYiQt
3UR SRþiWHþQt KODGLQ\ GR PJP MH PRåQp GRViKQRXW PJP SLGiYiQtP
DEVRUEHQWX 3LGiYiQt DEVRUEHQWX MH Y ]iVDG SRXåLWHOQp X YãHFK SHFQtFK V\VWpP$ DþNROL VH
YWãLQRXSRXåtYiXIOXLGQtFKYêPQtN$WHSOD
7HFKQLN\ PRNUp D VXFKp Y\StUN\ SURNi]DO\ VYRX ~þLQQRVW Y QNROLND ]iYRGHFK NGH PDMt
VXURYLQ\Y\VRNêREVDKWNDYpVtU\1iNODG\QDW\WRWHFKQLN\MVRXY\VRNpDEXGHQDPtVWQtP
UR]KRGQXWt ]GD HNRORJLFNp StQRV\ W\WR QiNODG\ Y\URYQDMt 0RNUi Y\StUND P$åH GRViKQRXW
~URYQ QLåãt QHå PJ 62P EH] RKOHGX QD SRþiWHþQt NRQFHQWUDFL 6QtåHQt REVDKX 62
GRVDKRYDQpVXFKêPY\StUiQtPGRVDKXMHFRåRGSRYtGiREVDKXPJ62PYþLVWpP
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
SO\QXSRNXGMHSRþiWHþQtNRQFHQWUDFH62PJP0RNURXY\StUNRXMHPRåQpRVDGLW
YãHFKQ\SHFHDVXFKRXSUDþNXO]HSLSRMLWNHYãHPVXFKêPSHFtP
3UDFK
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL SUR VQLåRYiQt SUDFKRYêFK HPLVt MVRX NRPELQDFH YêãH
XYHGHQêFKREHFQêFKSULPiUQtFKRSDWHQtD
x 0LQLPDOL]DFHDSUHYHQFHSUDFKRYêFKHPLVt]HVHNXQGiUQtFK]GURM$SRSVDQêFKYRGVWDYFL
x (IHNWLYQtRGVWUDRYiQtþiVWLF]ERGRYêFK]GURM$SRXåLWtP
HOHNWURVWDWLFNêFK RGOXþRYDþ$ V U\FKOêP PLFtP D tGLFtP ]Dt]HQtP ]D ~þHOHP
PLQLPDOL]DFHþHWQRVWLYêVN\WX&2
OiWNRYêFKILOWU$VYtFHNRPRUDPLDVGHWHNWRU\WVQRVWLS\WO$
'HQQtSU$PUHPLVQt~URYQ%$7VSRMHQpVWPLWRWHFKQLNDPLMHPJSUDFKXP7pWR
HPLVQt ~URYQ O]H Y UiPFL FHPHQWiVNpKR SU$P\VOX QD U$]QêFK W\SHFK ]Dt]HQt GRViKQRXW
HOHNWURVWDWLFNêPLRGOXþRYDþLDQHEROiWNRYêPLILOWU\
2GSDG\
5HF\NODFH ]DFK\FHQêFK þiVWLF GR YêUREQtKR SURFHVX NG\NROL NG\ MH WR SURYHGLWHOQp VH
SRYDåXMH ]D %$7 3RNXG ]DFK\FHQê SUDFK QHQt UHF\NORYDWHOQê SRYDåXMH VH Y\XåLWt WRKRWR
SUDFKXMHOLPRåQpYMLQêFKNRPHUþQtFKSURGXNWHFK]D%$7
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
1RYY\YtMHQpWHFKQLN\YFHPHQWiVNpPSU$P\VOX
)OXLGQtWHFKQRORJLHYêURE\FHPHQWX
1RYi FHPHQWiVNi WHFKQRORJLH VOLQRYiQt SURVWHGQLFWYtP FHPHQWiVNpKR SHFQtKR V\VWpPX
VIOXLGQtP ORåHP MH SURMHNWHP SRGSRURYDQêP RG URNX MDSRQVNêP PLQLVWHUVWYHP
PH]LQiURGQtKR REFKRGX D SU$P\VOX 3LORWQt SURYR] VNDSDFLWRX W VOtQNX GHQQ E\O
SURYR]RYiQSROHWRGURNXGRURNXVSROHþQRVWt6XPLWRPR2VDND&HPHQW&R
/WG Y]iYRG 7RVKLPL )DFWRU\ Y-DSRQVNX .RQFHP URNX E\O SRVWDYHQ YHONê SLORWQt
SURYR]QDWVOtQNXGHQQ
.RQILJXUDFL IOXLGQtKR SHFQtKR V\VWpPX QD YêUREX FHPHQWX R NDSDFLW W VOtQNX GHQQ
XND]XMH REU 6\VWpP VHVWiYi ]GLVSHU]QtKR YêPQtNX WHSOD 63 JUDQXODþQt SHFH
VWU\VNRYêP ORåHP 6%. VOLQRYDFt SHFH VIOXLGQtP ORåHP )%. WOXPLFtKR FKODGLþH
VIOXLGQtPORåHP)%4D]FKODGLþHVSHYQêPORåHP3%&
2EU )OXLGQt FHPHQWi VNi SHF
>-DSDQ &HPHQW $VVRFLDWLRQ @
EH]HQ
&HPHQWiVNêSU$P\VO
.DSLWROD
'LVSHU]Qt YêPQtN WHSOD MH NRQYHQþQt þW\VWXSRYê F\NORQRYê YêPQtN NWHUê SHGHKtYi
D NDOFLQXMH VXURYLQRYRX PRXþNX *UDQXODþQt SHF JUDQXOXMH VXURYLQRYRX PRXþNX SL WHSORW
& QD JUDQXOH R SU$PUX DVL PP 9H VOLQRYDFt SHFL VH GRNRQþXMH VOLQRYiQt
JUDQXOt SL WHSORW & 7OXPLFt FKODGLþ VIOXLGQtP ORåHP U\FKOH ]FKOD]XMH FHPHQWRYê
VOtQHN]H& QD & 1DNRQHF VH FHPHQWRYê VOtQHN FKODGt QD & YHFKODGLþL
VSHYQêPORåHP
&HPHQWRYê VOtQHN Y\UREHQê YH IOXLGQt SHFL Pi VWHMQRX QHER OHSãt MDNRVW QHå VOtQHN ]EåQp
SHFH (PLVH 12[ MVRX PJP SL SRXåLWt WåNpKR ROHMH D PJP SL
SRXåLWt SUiãNRYpKR XKOt SHSRþWHQR QD 2 3RGOH VWXGLH SURYHGLWHOQRVWL ]iYRGX QD
W VOtQNX GHQQ O]H YH VURYQiQt VURWDþQt SHFt VGLVSHU]QtP YêPQtNHP D VURãWRYêP
FKODGLþHPVQtåLWVSRWHEXWHSODR2þHNiYiVHSURWRåHHPLVH&2MHPRåQpVQtåLW
R
.RQHþQêP FtOHP WHFKQLFNpKR YêYRMH IOXLGQtKR SHFQtKR V\VWpPX QD YêUREX FHPHQWX MH
Y VRXODGX VH VWXGLt SURYHGLWHOQRVWL ]iYRGX QD W VOtQNX GHQQ D QD ]iNODG YêVOHGN$
SLORWQtKRSURYR]XQDWGHQQ
VQtåHQtVSRWHE\WHSODR
VQtåHQtHPLVt&2R
KODGLQDHPLVt12[ PJPQHERPpQSHSRþWHQRQD2
XGUåHQtVRXþDVQpKODGLQ\HPLVt62[
VQtåHQtVWDYHEQtFKQiNODG$R
]PHQãHQt]DVWDYQpSORFK\R
3RVWXSQpVSDORYiQtNRPELQRYDQpV61&5
.RPELQDFH SRVWXSQpKR VSDORYiQt D 61&5 E\ PRKOD EêW WHRUHWLFN\ VURYQDWHOQi
VSURYR]RYDQRX6&5W]QVKODGLQRXHPLVt12[ PJP7XWRNRPELQDFLSRYDåXMt
GRGDYDWHOp]DYHOPLVOLEQRXDOHMHMtYêVOHGN\MHãWQHMVRXSURNi]iQ\
EH]HQ
.DSLWROD
&HPHQWiVNêSU$P\VO
=iYU\DGRSRUXþHQt
7pWR YêPQ\ LQIRUPDFt VH ]~þDVWQLOL YãLFKQL RGERUQtFL MPHQRYDQt GR 7HFKQLFNp SUDFRYQt
VNXSLQ\ þOHQVNêPL VWiW\ 1RUVNHP (YURSVNêP YêERUHP SUR åLYRWQt SURVWHGt D HYURSVNêP
SU$P\VOHP&HPEXUHDX(YURSVNêPFHPHQWiVNêPVGUXåHQtP
2 YêURE FHPHQWX MH GRVWXSQp YHONp PQRåVWYt LQIRUPDFt 1HE\OR SUREOpPHP VKURPiåGLW
LQIRUPDFHRKODGLQHPLVtDVSRWHEDRSRXåtYDQêFKWHFKQLNiFKYêURE\DRGOXþRYiQt'RVWDW
W\WRLQIRUPDFHE\ORPQRKHPWåãtQHERQHPRåQpMDNPLOHGRãORQDVSHFLILFNpLQIRUPDFHR]i
YRGQHERQD~GDMHRQHMOHSãtFKDQHERQHMKRUãtFKYêNRQHFK
-VRX NGLVSR]LFL XUþLWp ~GDMH R QiNODGHFK DOH QHQt REY\NOH ]QiPR FR SHVQ ]DKUQXMt QHER
MDN MVRX Y\SRþWHQ\ 3URWR QiNODG\ XYHGHQp YWRPWR GRNXPHQWX MVRX VStãH Qi]QDNHP MHMLFK
YêãHQHåSHVQêPL~GDML
7HFKQRORJLH 6&5 P$åH EêW MLå EOt]NR ]DYHGHQt GR RGYWYt YêURE\ FHPHQWX 3UYQt
YHONRNDSDFLWQt ]iYRG EXGH YSURYR]X Y1PHFNX NRQFHP URNX D MHGHQ SURYR] VH
]YDåXMHY5DNRXVNX3RGOHVRXþDVQpKRKDUPRQRJUDPXEXGRXNRQFHPURNXNGLVSR]LFL
YêVOHGN\ XYHGHQt GR SURYR]X D GORXKRGREêFK SURYR]QtFK ]NRXãHN ]QPHFNpKR SURYR]X
'RSRUXþXMH VH ]YiåLW DNWXDOL]DFL WRKRWR UHIHUHQþQtKR GRNXPHQWX R %$7 NROHP URNX ]HMPpQD FR VH WêNi RGOXþRYiQt 12[ YêYRM WHFKQRORJLH 6&5 D Y\VRFH ~þLQQp 61&5
2VWDWQtPL WpPDW\ NWHUi QHE\OD YWRPWR GRNXPHQWX SOQ SRMHGQiQD D NWHUi E\ PRKOD EêW
]YiåHQDQHERSURMHGQiQDYUHYL]LMVRX
YtFHLQIRUPDFtRFKHPLFNêFKDGLWLYHFKS$VREtFtFKMDNR]WHNXFRYDGODNDO$
þtVHOQp~GDMHRSLMDWHOQpþHWQRVWLDWUYiQt~QLN$&2
StVOXãQpHPLVQtKRGQRW\%$7SUR92&NRY\+&O+)&2D3&'')
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
9È3(1,&.é35#0<6/
9ãHREHFQpLQIRUPDFHRYiSHQLFNpPSU$P\VOX
9iSQRVHSRXåtYiYãLURNpPVRUWLPHQWXSURGXNW$]QLFKåNDåGêMHSL]S$VREHQêSRåDGDYN$P
XUþLWpKRWUKX9iSQR DMHKR GHULYiW\ VH QDS SRXåtYDMt MDNR WDYLGOR SL ]XãOHFK"RYiQt RFHOt
MDNRSRMLYRYHVWDYHEQLFWYtDSLþLãWQtRGSDGQtFKYRGNRGOXþRYiQtQHþLVWRW9iSQRPiWDNp
ãLURNpSRXåLWtSLQHXWUDOL]DFLN\VHOêFKVORåHNSU$P\VORYêFKNDSDOQêFKRGSDG$DRGSDGQtFK
SO\Q$
-HMLVWpåHSRXåtYiQtQHKDãHQpKRDKDãHQpKRYiSQDYHVWDYHEQLFWYtE\ORUR]ãtHQpMLåOHW
S.U YPQRKD FLYLOL]DFtFK YþHWQ VWDURYNpKR HFND (J\SWD tPD ,QFNp tãH 0D\VNp
tãH ýtQ\ D 0RQJROVND tPDQp ]QDOL MHKR FKHPLFNp YODVWQRVWL D SRXåtYDOL MH QDS MDNR
YiSHQQRXYRGXNEOHQtSOiWQDDYOpNDVWYt
%tOp YiSQR QHEROL SiOHQp YiSQR MH R[LG YiSHQDWê &D2 Y\UiEQê GHNDUERQL]DFt YiSHQFH
&D&2 +DãHQp YiSQR VH Y\UiEt UHDNFt QHEROL ÄKDãHQtP³ EtOpKR YiSQD VYRGRX D VHVWiYi
SHYiåQ]K\GUR[LGXYiSHQDWpKR&D2++DãHQpYiSQR]DKUQXMHYiSHQQêK\GUiWVXFKê
SUiãHN K\GUR[LGX YiSHQDWpKR YiSHQQp POpNR D YiSHQQê WPHO YRGQt GLVSHU]H þiVWHþHN
K\GUR[LGX YiSHQDWpKR 7HUPtQ YiSQR REVDKXMH QHKDãHQp L KDãHQp YiSQR D MH V\QRQ\PHP
SURWHUPtQ YiSHQQp SURGXNW\ 3RMPX YiSQR VH YãDN QNG\ QHVSUiYQ SRXåtYi NSRSLVX
SURGXNW$]YiSHQFHFRåMHþDVWRXStþLQRXQHGRUR]XPQt
&HORVYWRYi YêURED YiSQD WUYDOH Y]U$VWDOD ]QHFHOêFK PLO W YURFH QD PD[LPiOQt
KRGQRWX PLO W YURFH 2EMHP YêURE\ YiSQD SRNOHVO YSRORYLQ OHW D ]DþiWNHP
OHW YG$VOHGNX YãHREHFQpKR KRVSRGiVNpKR SRNOHVX Wp GRE\ D MDN XND]XMH REU VRXþDVQi FHORVYWRYi UHFHVH YHGOD NSRNOHVX YêURE\ QD PLO W YURFH =Qi]RUQQp
~GDMH YãDN QHXPRåXMt ~SOQRX SHGVWDYX SURWRåH Yê]QDPQi þiVW FHONRYp YêURE\ YiSQD VH
GMHYPtVWVSRWHE\W]QYQLWURSRGQLNRYiYêUREDYiSQDPMYUiPFLYêURE\åHOH]DDRFHOL
YêURE\VXOIiWRYpEXQLþLQ\DYFXNURYDUQLFWYtDWDNQHYVWXSXMHQDWUK(YURSVNpVGUXåHQtSUR
YiSQR(X/$RGKDGXMHFHONRYRXVYWRYRXYêUREXYiSQDYþHWQYQLWURSRGQLNRYpYêURE\QD
PLOW
2EU 7UåQt YêURED YiSQD YH VYW D Y (8 Y OHWHFK >(& 0LQHUDO <HDUERRN D @
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
3L FHONRYp URþQt YêURE RNROR PLO W YiSQD Y\UiEMt þOHQVNp VWiW\ (8 DVL VYWRYp
WUåQt YêURE\ YiSQD 9H YWãLQ VWiW$ (8 MVRX SUR YiSHQLFNê SU$P\VO FKDUDNWHULVWLFNp PDOp
DVWHGQtVSROHþQRVWL9VRXþDVQpGREYãDNH[LVWXMHVtOtFtWUHQGNRQFHQWUDFHGRPDOpKRSRþWX
YHONêFKPH]LQiURGQtFKVSROHþQRVWtNWHUp]tVNiYDMtSRGVWDWQêSRGtOWUKX1LFPpQY(YURSVNp
XQLLVWiOHH[LVWXMHYtFHQHåIXQJXMtFtFKVSROHþQRVWt
1HMYWãtPLYêUREFLYiSQDY(8MVRX1PHFNR,WiOLHD)UDQFLHNWHUpGRKURPDG\SHGVWDYXMt
FHONRYpKRREMHPX9êUREXYiSQDYHVWiWHFK(8XND]XMHREU
2EU 7UåQt YêURED YiSQD Y þOHQVNêFK VWiWHFK (8 Y URFH >(& 0LQHUDO <HDUERRN D @ >(X/$@
9êUREDYiSQDYþOHQVNêFKVWiWHFK(8NRQFHPOHWSRNOHVODDE\SRþiWNHPURNXRSW
]DþDOD VWRXSDW 7R E\OR G$VOHGNHP ]PQ VNODGE\ VSRWHE\ -HGHQ ]KODYQtFK VSRWHELWHO$
YiSQD SU$P\VO åHOH]D D RFHOL VQtåLO VYRX PUQRX VSRWHEX QD W RFHOL ]H NJ QD NJ
$YãDN NROHP SRORYLQ\ OHW SLYHGOD ~GDMH R SURGHML NRSWQpPX Y]HVWXSX ]Y\ãXMtFt VH
VSRWHEDYiSQDSURSRWHE\RFKUDQ\åLYRWQtKRSURVWHGt
&HONRYiVSRWHEDYiSQDY(8VWDJQXMHSURWRåHRGYWYtVHY]U$VWDMtFtSRSWiYNRXMDNR~SUDYD
YRG\ D RGVLRYiQt NRXRYêFK SO\Q$ MHQ ]þiVWL QDKUD]XMt VQtåHQRX VSRWHEX YWUDGLþQtFK
RGYWYtFKRFHOiVWYtDPHWDOXUJLH9HVWHGQGREpPYêKOHGXE\POEêWWUK(8VWDELOQtDOH
P$åHEêWRYOLYQQGRYR]\]YêFKRGQt(YURS\
7UåQtVSRWHEDYiSQDY]HPtFK(8UR]GOHQiSRGOHU$]QêFKRGYWYtMHYWDE3RGUREQRVWL
R YêURE YiSQD SUR YQLWURSRGQLNRYRX VSRWHEX QHMVRX NGLVSR]LFL DOH RGKDGRYDQi FHONRYi
VSRWHED YiSQD WUåQtKR L SUR YQLWURSRGQLNRYRX VSRWHEX E\OD YURFH Y(YURS SRGOH
QHMYWãtFKVSRWHELWHO$
YêUREDåHOH]DDRFHOL
VXOIiWRYiEXQLþLQD
FXNURYDUQLFNêSU$P\VO
PLOW]DURN
PLOW]DURN
PLOW]DURN
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
9iSQRMHOHYQêDOHQHVNODGQêPDWHULiOWDNåHMHVQDKDSHSUDYRYDWMHSRX]HQDUHODWLYQPDOp
Y]GiOHQRVWL 9êYR]\ YiSQD ](8 GRVDKXMt SRX]H QNROLND SURFHQW YêURE\ +ODYQt YêYR]Qt
]HPtY(8MH%HOJLHNWHUiY\YiåtWpPVYpYêURE\YiSQD
9êUREDRFHOLD]SUDFRYiQtQHåHOH]QêFKNRY$
6WDYHEQLFWYtDYHHMQpSUiFH
=HPGOVWYt
&KHPLHSHWURFKHPLH
$SOLNDFHYRFKUDQåLYRWQtKRSURVWHGt
&XNURYDUQLFNêSU$P\VO
6WDELOL]DFH]HPLQ\YHVWDYHEQLFWYt
3U$P\VOYêURE\SDStUXDOHSHQN\
FFD
7DE 6SRWHED YiSQD YH VWiWHFK (8 Y U SRGOH RGYWYt EH] YQLWURSRGQLNRYp VSRWHE\
>(& 0LQHUDO <HDUERRN @
9(YURSVNpXQLLMHSLEOLåQSURYR]$Y\UiEMtFtFKYiSQRY\MPDYêURE\YiSQDSURYQLW
URSRGQLNRYRXVSRWHEXMHMLFKåSRþW\YþOHQVNêFKVWiWHFKXND]XMHWDE
6WiW
9iSHQN\
5DNRXVNR
%HOJLH
'iQVNR
)LQVNR
)UDQFLH
1PHFNR
HFNR
,UVNR
,WiOLH
/XFHPEXUVNR
1L]R]HPt
3RUWXJDOVNR
âSDQOVNR
âYpGVNR
6SRMHQpNUiORYVWYt
&HONHP
7DE 3RþHW YiSHQHN QHY\UiEMtFtFK SUR YQLWURSRGQLNRYRX VSRWHEX Y þOHQVNêFK VWiWHFK (8 Y U >(X/$@ >%RXUQLV 6\PHRQLGLV@ >*RPHV@ >*U|OOHU@ >-XQNHU@ >-¡UJHQVHQ@
9(8 MH FHONHP DVL SHFt Y\MPD SHFt SUR YQLWURSRGQLNRYRX VSRWHEX ]QLFKå YWãLQD
MVRX RVWDWQt ãDFKWRYp SHFH D VRXSURXGp UHJHQHUDWLYQt ãDFKWRYp SHFH YL] WDE 7\SLFNi
YHOLNRVWSHFHMHPH]LDW]DGHQ-HQDVLSHFtPiNDSDFLWXPHQãtQHåWQHER
YWãtQHåW]DGHQ
EH]HQ
9iSHQLFNêSU$P\VO
6WiW
5DNRXVNR
%HOJLH
'iQVNR
)LQVNR
)UDQFLH
1PHFNR
HFNR
,UVNR
,WiOLH
/XFHPEXUVNR
1L]R]HPt
3RUWXJDOVNR
âSDQOVNR
âYpGVNR
6SRMHQpNUiO
&HONHP
5RWDþQt
3UVWHQFRYi 5HJHQHUDW
ãDFKWRYi
âDFKWRYi
.DSLWROD
2VWDWQt
ãDFKWRYp
2VWDWQt
SHFH
&HONHP
7DE 3RþHW YiSHQLFNêFK SHFt Y SURYR]X Y (8 Y U EH] SHFt SUR YQLWURSRGQLNRYRX VSRWHEX
>(X/$@ >$VSHOXQG@ >%RXUQLV 6\PHRQLGLV@ >*RPHV@ >-XQNHU@ >6ODYLQ@
3URUR]PDQLWpDSOLNDFHVHSRXåtYDMtU$]QpGUXK\YiSQD5R]OLãXMtVHEtOiYiSQDGRORPLWLFNi
YiSQDDK\GUDXOLFNiYiSQD%tOiYiSQDMVRX]GDOHNDQHMYWãtNDWHJRULtDGRGiYDMtVHYKUXEp
POHWpQHERK\GUDWRYDQpIRUP'RORPLWLFNiYiSQDMVRXVSHFLiOQMãtPLYêUREN\DGRGiYDMtVH
YPHQãtP PQRåVWYt YKUXEp POHWp K\GUDWRYDQp D PUWY SiOHQp IRUP +\GUDXOLFNi YiSQD
MVRXþiVWHþQK\GUDWRYDQiSR]QSURþHVNêSHNODG±WDNWRMHWRYDQJOLFNpP]QQtREVDKXMt
K\GUDXOLFNpVORXþHQLQ\DSRXåtYDMtVHYêKUDGQYHVWDYHEQLFWYt7DEXND]XMHRGKDGRYDQê
SRGtOU$]QêFKW\S$YiSQDYSURFHQWHFKQDFHONRYpYêURESiOHQpKRYiSQDYURFH
-HPQPOHWpYiSQR
+UXEpYiSQR
+\GUDWRYDQpYiSQR
3HSiOHQpGRORPLWLFNp
+\GUDXOLFNpYiSQR
7DE 2GKDGRYDQê SRGtO U$]QêFK W\S$ YiSQD Y (8 Y URFH >(X/$@
.DåGêVSHFLILFNêW\SYiSQDPiXUþLWRXUHDNWLYLWXDSURWRMHSRXåLWêW\SYiSQDGiQSRåDGDYN\
Wp NWHUp DSOLNDFH D XUþLWpKR SURFHVX 0NFH SiOHQi YiSQD MVRX WD NWHUi PDMt QHMY\ããt
UHDNWLYLWX 9ODVWQRVWL YiSQD WDNp ]iYLVt QD YVWXSQtP YiSHQFRYpP PDWHULiOX W\SX SHFH
D SRXåLWpP SDOLYX 1DS ãDFKWRYp SHFH VSDOXMtFt NRNV REY\NOH Y\UiEMt SiOHQp YiSQR VH
VWHGQt Då Qt]NRX UHDNWLYLWRX ]DWtPFR SO\QHP Y\WiSQp VRXSURXGp UHJHQHUDWLYQt SHFH
REY\NOHY\UiEMtYiSQRVY\VRNRXUHDNWLYLWRX
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
9iSHQLFNê SU$P\VO MH HQHUJHWLFN\ YHOPL QiURþQê NG\å HQHUJLH SHGVWDYXMH Då FHONRYêFK YêUREQtFK QiNODG$ 3HFH MVRX Y\WiSQ\ SHYQêPL NDSDOQêPL QHER SO\QQêPL
SDOLY\ %KHP QNROLND SRVOHGQtFK OHW SRGVWDWQ Y]URVWOD VSRWHED ]HPQtKR SO\QX 7DE XND]XMH]DVWRXSHQtW\S$SDOLYSRXåtYDQêFKYURFHY(8
=HPQtSO\Q
8KOt
1DIWD
2VWDWQt
Yþ þHUQpKR XKOt NRNVX KQGpKR XKOt D SHWURO
NRNVX
7DE =DVWRXSHQt SDOLY SRXåtYDQêFK HYURSVNêP YiSHQLFNêP SU$P\VOHP Y URFH >(X/$@
+ODYQt ~QLN\ ]YêURE\ YiSQD MVRX DWPRVIpULFNp ~QLN\ ]SHFt 7\ MVRX G$VOHGNHP XUþLWpKR
FKHPLFNpKRVORåHQtVXURYLQ D SRXåtYDQêFK SDOLY $YãDN N Yê]QDPQêP ~QLN$P þiVWLF P$åH
GRMtW]HNWHUpNROLþiVWLYêUREQtKRSURFHVX]HMPpQD]K\GUiWRUX3RWHQFLiOQYê]QDPQpHPLVH
]YiSHQHN]DKUQXMtR[LG\XKOtNX&2&2R[LG\GXVtNX12[R[LGVLLþLWê62DSUDFK
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
9êUREQtSURFHV\DWHFKQLN\SRXåtYDQpSLYêUREYiSQD
3URFHV YêURE\ YiSQD VHVWiYi ]Y\SDORYiQt XKOLþLWDQ$ YiSQtNX DQHER KRþtNX SL WHSORWiFK
PH]L D & FRå SRVWDþXMH N XYROQQt R[LGX XKOLþLWpKR D N]tVNiQt RGSRYtGDMtFtKR
R[LGX&D&2:&D2&23URQNWHUpSURFHV\QDSQDPUWYSiOHQpGRORPLWLFNpYiSQR
MVRXQH]E\WQpSRGVWDWQY\ããtWHSORW\
9êVOHGQê R[LG YiSHQDWê ] SHFH VH SHG GRSUDYRX GR VNODGRYDFtKR VLOD REY\NOH GUWt PHOH
DQHER WtGt =H VLOD VH SiOHQp YiSQR EX GRSUDYXMH NH NRQHþQpPX XåLYDWHOL N SRXåLWt
Y SRGRE QHKDãHQpKR YiSQD QHER VH GRSUDYXMH GR K\GUDWDþQtKR SURYR]X NGH UHDJXMH
VYRGRX]D~þHOHPYêURE\K\GUDWRYDQpKRQHEROLKDãHQpKRYiSQD
9êUREQt SRVWXS\ YêURE\ YiSQD ]DKUQXMt SHGHYãtP QiVOHGXMtFt ]iNODGQt NURN\ NWHUp
]Qi]RUXMHREU
x GREêYiQtYiSHQFH
x VNODGRYiQtDStSUDYDYiSHQFH
x VNODGRYiQtDStSUDYDSDOLY
x NDOFLQDFHYiSHQFH
x ]SUDFRYiQtY\SiOHQpKRYiSQD
x K\GUDWDFHDKDãHQtYiSQD
x VNODGRYiQtPDQLSXODFHDGRSUDYD
2GVWDYFHGR]QDþQpPtU\Y\FKi]HMt]LQIRUPDFtFK]>72@
'REêYiQtYiSHQFH
6XURYLQRX SUR YêUREX YiSQD MH YiSHQHF QHER Y PHQãt PtH GRORPLW QHER GRORPLWLFNê
YiSHQHF 'RORPLW D GRORPLWLFNê YiSHQHF MVRX VPVL XKOLþLWDQX YiSHQDWpKR D Då XKOLþLWDQX KRHþQDWpKR =DWtPFR ORåLVND YiSHQFH MVRX Y PQRKD ]HPtFK UHODWLYQ KRMQi MHQ
PDOiþiVWMHYKRGQiNHNRPHUþQtWåE
9\VRFHþLVWêYiSHQHFQHERGRORPLWVHWåtYORPHFKGUWtDYQNWHUêFKStSDGHFKSHUH3RWp
VH WtGt D GRSUDYXMH GR SHFH 9iSHQHF VH REY\NOH ]tVNiYi Y SRYUFKRYêFK ORPHFK ]SUDYLGOD
SLOpKDMtFtFKNYiSHQFHDOHYQNWHUêFKStSDGHFKVHSRXåtYiEDJURYiQt]PRVNpKRGQDQHER
GRNRQFHSRGSRYUFKRYpWåE\7\SLFNêSURFHVGREêYiQt]DKUQXMH
x VNUêYNXQDGORåtWMS$G\MtOXDYROQpKRNDPHQtSHNUêYDMtFtKRORåLVNR
x RGVWHONDPHQH
x QDNOiGNXDGRSUDYXRGVWHOHQpKRNDPHQHGRGUWLFtKRDWtGtFtKRSURYR]X
3tSUDYDDVNODGRYiQtYiSHQFH
9iSHQHF VH GUWt QD YKRGQê UR]VDK YHOLNRVWt FRå MH REY\NOH Då PP Y ]iYLVORVWL QD
SRXåLWp SHFL 'R SULPiUQtFK GUWLþ$ SLFKi]HMt NDPHQ\ R SU$PUX Då P D ]GH VH MHMLFK
YHOLNRVW ]PHQãXMH QD Då PP 'UFHQê NiPHQ ] SULPiUQtFK GUWLþ$ VH GRSUDYQtN\
SHSUDYXMHQDYLEUDþQtVtWDNGHVHYHONpNXV\RGGOXMtDYUDFHMt]DWtPFRW\NWHUpSURMGRXVH
SRXåLMtMDNRYVi]NDGRSHFHQHERVHPRKRXSLYiGWNVHNXQGiUQtPGUWLþ$PQDFKi]HMtFtPVH
YUiPFLYêUREQtOLQN\GiOH
9VHNXQGiUQtFKGUWLþtFKVH]tVNiYiãWUNUR]PU$DåPPNWHUêVHSRWtGQtSHSUDYXMH
SiVRYêPLGRSUDYQtN\DQHERNRUHþNRYêPLHOHYiWRU\GRVNODGRYDFtFKVLOYiSHQFHQHERRGGtO$
SURVNODGRYiQtSHGYVi]NRXGRVXãLþN\QHERSHFHQDYêUREXYiSQD
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
2EU 3HKOHG SURFHVX YêURE\ YiSQD
>(X/$@
9 ]iYLVORVWL QD SRYD]H NDPHQH WYUGRVW YUVWHYQDWRVW YHOLNRVW DWG VH SRXåtYDMt U$]Qp W\S\
SULPiUQtFKGUWLþ$MDNRþHOLV"RYpGUWLþHNXåHORYpGUWLþHDRGUD]RYpGUWLþH-HOLNRåYVi]NDGR
SHFH QHPi EêW StOLã MHPQi SRXåtYDMt VH þHOLV"RYp D RGUD]RYp GUWLþH WDNp þDVWR MDNR
VHNXQGiUQtGUWLþHSRGREQMDNRNODGLYRYpPOêQ\'UWLþHMVRXQNG\XPtVWQ\YORPXDMVRX
PRELOQt
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
5R]GOHQtYHOLNRVWL]UQPXVtRGSRYtGDWSRWHEiPSHFH7R]SUDYLGODY\åDGXMHDE\E\O\NXV\
MDVQY\WtGQpVUR]GOHQtPYHOLNRVWtYLGHiOQtPStSDGQHERSLQHMKRUãtP
3UDQt VH QNG\ SRXåtYi N RGVWUDQQt QHþLVWRW MDNR NHPHQH MtOX D YHOPL MHPQêFK þiVWHþHN
YiSHQFH7RWRSUDQtQDSRPiKiSURFHVXYêSDOXWtPåHSRQHFKiYiYROQpPtVWRPH]L NDPHQ\
NSURXGQtY]GXFKXSLVSDORYiQtþtPåVH]PHQãXMHPQRåVWYtQDGE\WHþQpKRY]GXFKXDãHWt
VHHOHNWLQD%\O\Y\YLQXW\WHFKQLN\XNOiGiQtDOHSãtKRþLãWQtYiSHQFH
9\WtGQpIUDNFHYiSHQFHVHVNODGXMtYEXQNUHFKDQDYHQNRYQtFKVNOiGNiFK-HPQpIUDNFHVH
REY\NOHVNODGXMtYXWVQQêFKEXQNUHFK
8YHOPLRPH]HQpKRSRþWXDSOLNDFtQDSWDPNGHMHXKOLþLWDQYiSHQDWêYHIRUPNDOXQHER
ILOWUDþQtKR NROiþH MH QH]E\WQp YVWXSQt PDWHULiO VXãLW 7R VH REY\NOH GMH ]D SRXåLWt ]E\W
NRYpKRWHSODYêVWXSQtFKSO\Q$]SHFH
3DOLYDVNODGRYiQtDStSUDYD
3LYêSDOXYiSQDGRGiYiSDOLYRQH]E\WQRXHQHUJLLSURNDOFLQDFLYiSQD9HYêUREQtPSURFHVX
WDNp Y]iMHPQ UHDJXMH D SURGXNW\ VSDORYiQt VH YiåRX VYiSQHP 9H YiSHQLFNêFK SHFtFK VH
SRXåtYiPQRKRU$]QêFKSDOLY9(8MHQHMREY\NOHMãt]HPQtSO\QDOHKRGQVHSRXåtYiWDNp
XKOtNRNVDWRSQêROHM7DEXND]XMHSDOLYDSRXåtYDQiSLSiOHQtYiSQD9WãLQDSHFtP$åH
SUDFRYDWVYtFHQHåMHGQtPGUXKHPSDOLYD DOHYXUþLWêFKSHFtFKQNWHUiSDOLYDQHO]HSRXåtW
3DOLYD]QDWHOQRYOLYXMtVSRWHEXWHSODYêWåQRVWDMDNRVWSURGXNWX1NWHUiSDOLYDY\åDGXMt
]YOiãWQtåiUXY]GRUQRXY\]GtYNX
7\SSDOLYD
+RGQSRXåtYDQp
1NG\SRXåtYDQp
=tGNDSRXåtYDQp
3HYQp
%LWXPLQy]QtXKOt
.RNV
$QWUDFLW
+QGpXKOt
3HWURONRNV
5DãHOLQD
1DIWRQRVQpELGOLFH
.DSDOQp
7åNêWRSQêROHM
6WHGQtWRSQêROHM
/HKNêWRSQêROHM
3O\QQp
=HPQtSO\Q
3URSDQEXWDQ
*HQHUiWRURYêSO\Q
6YtWLSO\Q
'HYRSLOLQ\
3RXåLWpSQHXSDStU
3ODVW\DWG
%LRPDVD NDSDOQp RG
SDG\DSHYQpRGSDG\
1HNRQYHQþQt
7DE 3DOLYD SRXåtYDQi SL YêSDOX YiSQD
>(X/$@
9ROEDSDOLYSURSURFHVYêSDOXYiSQDMHG$OHåLWi]QiVOHGXMtFtFKG$YRG$
D SDOLYRYpQiNODG\QDWXQXYiSQDPRKRXSHGVWDYRYDWDåYêUREQtFKQiNODG$
E QHYKRGQpSDOLYRP$åHY\YRODWY\VRNpSURYR]QtQiNODG\
F SDOLYR P$åH RYOLYQLW MDNRVW YiSQD ]HMPpQD ~URYH ]E\WNRYpKR &2 UHDNWLYLWX D REVDK
VtU\
1DYtFYROEDSDOLYDP$åHRYOLYQLWHPLVQtKODGLQ\&2&2NRXHSUDFKX62D12[NWHUp
PDMtYãHFKQ\YOLYQDåLYRWQtSURVWHGt
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
3DOLYR MH WHED SLSUDYLW SRGOH SRWHE V\VWpPX YQiãHQt NWHUê P$åH EêW SUR StPp QHER
QHStPp VSDORYiQt 9StSDG WXKêFK SDOLY WR ]DKUQXMH GRGiYNX YHOLNRVWL þiVWLF YKRGQp SUR
PDQLSXODþQtV\VWpP9StSDGNDSDOQêFKDSO\QQêFKSDOLYMHSRWHEDGRGUåRYDWSRåDGRYDQê
WODNDSRGOHSRWHE\WHSORWX
.DOFLQDFHYiSHQFH
3URFHVYêSDOXYiSQDREY\NOH]DKUQXMH
GRGiQtGRVWDWHþQpKRWHSODQDG&N]DKiWtYiSHQFHDNGHNDUERQDFLD
XGUåHQtSiOHQpKRYiSQDSRWHEQRXGREXSLGRVWDWHþQY\VRNpWHSORWREY\NOHYUR]VDKX
Då&SUR~SUDYXUHDNWLYLW\
1D FHOpP VYW VH SR VWDOHWt SRXåtYi YHONp PQRåVWYt WHFKQLN D NRQVWUXNFt SHFt , NG\å
YSURGHML YiSHQLFNêFK SHFt YSRVOHGQtFK OHWHFK SHYOiGi UHODWLYQ PDOê SRþHW NRQVWUXNFt MH
GRVWXSQiDGDDOWHUQDWLYNWHUpPRKRXEêWYKRGQpSURXUþLWpDSOLNDFH3LYêEUXWHFKQRORJLH
SHFH PXVt EêW ]YiåHQ\ YODVWQRVWL NDPHQH MDNR SHYQRVW SHG D SR Y\SiOHQt Y]QLN SUDFKX
D MDNRVW SURGXNWX 0QRKR YêUREF$ YiSQD SURYR]XMH GYD L YtFH W\S$ SHFt SRXåtYDMtFtFK
U$]QêFK YHOLNRVWt YiSHQFRYp YVi]N\ D Y\UiEMtFtFK YiSQR U$]Qp MDNRVWL +ODYQt
FKDUDNWHULVWLN\QNWHUêFKW\S$SHFtQDYiSQRMVRXVKUQXW\YWDE
7\SSHFH
âDFKWRYi
6PtãHQiYVi]ND
'YRMLWVNORQQiSHF
9tFHNRPRURYi
3UVWHQFRYi
6RXSURXGiUHJVWDQGDUGQt
6RXSURXGiUHJMHPQpYiSQR
2VWDWQtãDFKWRYpVWHGRYêKRiN
YQMãtNRPRU\
KRiNRYêSUiP
YQLWQtSHSiåN\
5RWDþQt
'ORXKi
3HGHKtYDþ
2VWDWQtSHFH
3RK\EOLYêURãW
%RGRYêYêSDO
)OXLGQt
5\FKOêNDOFLQiWRU
5RWDþQtWRSHQLãW
D
E
*
*DVHRXV SO\QQi /
F\NORQRYê YêP
/LTXLG NDSDOQi 6
3DOLYDD
5R]PH]tYêNRQX
WGHQ
5R]VDK]UQLWRVWL
YVi]N\PP
6
*/6
*/6
*/6
*/6
*6
*6
*/
*/6
*/6
*/6
*/6
SUDFK
E
*/6
*/6
*/
*/
*/6
6ROLG SHYQi
QtN PP ãDFKWRYê S HGHK tYDþ PP URãWRYê S HGHK tYDþ PP
7DE &KDUDNWHULVWLN\ QNWHUêFK W\S$ YiSHQLFNêFK SHFt
>(X/$@ >8. 5HSRUW @
2G ÄURSQp NUL]H³ Y URFH H[LVWXMH DGD WODN$ QD YêUREFH YiSQD DE\ VWiYDMtFt SHFH
QDKUDGLOL]HMPpQD
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
D SRK\EOLYpDþDVRGþDVXY\VRNpFHQ\SDOLYD
E VLOQiNRQNXUHQFHY\SOêYDMtFt]QDGE\WNXNDSDFLWNWHUiVWODþLODWUåQtFHQXYiSQD
F SUHIHURYiQt SiOHQpKR YiSQD VWUYDOHMãt MDNRVWt D ]HMPpQD VY\VRNRX UHDNWLYLWRX Qt]NêP
REVDKHP&D&2DQt]NêPREVDKHPVtU\
G VWiOH StVQMãt HNRORJLFNp QRUP\ MDN SUR SUDFRYQt SURVWHGt WDN SUR HPLVH GR RNROQtKR
SURVWHGt
3HQRVWHSODSLYêSDOXYiSQDO]HUR]GOLWGRWtSiVHP
D 3HGHKtYDFt ]yQD 9iSHQHF VH ]DKtYi ]RNROQt WHSORW\ QD & StPêP NRQWDNWHP
VSO\Q\RSRXãWMtFtPLNDOFLQDþQt]yQXWMSURGXNW\VSDORYiQtQDGE\WHþQêY]GXFKD&2
]NDOFLQDFH
E .DOFLQDþQt]yQD3DOLYRVHVSDOXMHYSHGHKiWêPY]GXFKHP]FKODGLFt]yQ\DY]iYLVORVWL
QD NRQVWUXNFL StGDYQêP ÄVSDORYDFtP³ Y]GXFKHP GRGiYDQpP VSDOLYHP 7tP Y]QLNi
WHSORWDSHV&D]S$VREXMHUR]NODGYiSHQFHQDSiOHQpYiSQRDR[LGXKOLþLWê
F &KODGLFt]yQD3iOHQpYiSQRRSRXãWMtFtNDOFLQDþQt]yQXSL&VH]FKOD]XMHStPêP
NRQWDNWHPVÄFKODGLFtP³Y]GXFKHPVþiVWtQHERVYHãNHUêPVSDORYDFtPY]GXFKHPNWHUê
VHQDRSDNSHGHKtYi
7\WR]yQ\YHYHUWLNiOQtãDFKWRYpSHFLMVRX]Qi]RUQQ\QDREU
9êVWXSQtSO\Q\
=DUiåHFtNRãVHVXURYLQRXDSDOLYHP
7VQLFtSO\QRYê]YRQ
3HGHKtYDFt]yQD
.DOFLQDþQt]yQD
&KODGLFt]yQD
9\]GtYNDSHFH
9VWXSVSDORYDFtKRY]GXFKX
2GEUYiSQD
9QLWQtQiV\SND
2GEUQtNDQiO\
2EU 9HUWLNiOQt ãDFKWRYi SHF
>9', 'UDIW *XLGHOLQHV @
9WãLQDYVRXþDVQRVWLSRXåtYDQêFKSHFtY\FKi]t]ãDFKWRYpQHERURWDþQtNRQVWUXNFH([LVWXMH
QNROLNSHFt Y\FKi]HMtFtFK ]RGOLãQêFK SULQFLS$ 9ãHFKQ\ W\WR NRQVWUXNFH ]DKUQXMt NRQFHSFL
Wt ]yQ =DWtPFR ãDFKWRYp SHFH REY\NOH ]DKUQXMt SHGHKtYDFt ]yQX QNWHUp MLQp YiSHQLFNp
SHFH ]HMPpQD URWDþQt D IOXLGQt MVRX GQHV SURYR]RYiQ\ YH VSRMHQt VH VDPRVWDWQêPL
SHGHKtYDþL3RXåtYDMtVHGYD KODYQt W\S\ SHGHKtYDþ$ YHUWLNiOQt ãDFKWRYp D VSRK\EOLYêP
URãWHP
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
3UR YWãLQX SHFQtFK V\VWpP$ MH FKDUDNWHULVWLFNê SURWLSURXGê SRK\E SHYQêFK PDWHULiO$
DSO\Q$FRåPi]DQiVOHGHNYêVOHGQpYêVWXS\]QHþLãWQt
âDFKWRYpSHFH
2EUSHGVWDYXMHVFKHPDãDFKWRYpSHFH+ODYQtPSUREOpPHPWUDGLþQtFKãDFKWRYêFKSHFt
MH GRVDåHQt URYQRPUQpKR XYRORYiQt WHSOD D SRK\EX ]DYiåN\ YSU$H]X ãDFKW\ 3DOLYR
YQiãHQpVNU]HVWQ\REY\NOHQHSURQLNQHGiOHQHåPGRYUVWY\PDWHULiOX7RRPH]XMHãtNX
SHFH QHER SU$PU QD P 5RYQRPUQpKR XYRORYiQt WHSOD MH PRåQp X YWãtFK SHFt
GRViKQRXW
x SRXåLWtPWHFKQLN\VPtãHQpYVi]N\
x SRXåLWtPVWHGRYpKRKRiNXQHERStYRGQtFKWUXEHN
x YQiãHQtPSDOLYDSHVKRiNRYpV\VWpP\NWHUpSURQLNDMtSLEOLåQPGRSHFH
x YQiãHQtPSDOLYDSRGYHVWDYEDPL
x YKiQQtY]GXFKXQHERYUDFHQêFKSHFQtFKSO\Q$QDGSDOLYHP
2EHFQHþHQRãDFKWRYpSHFHPDMtUHODWLYQQt]NRXYêãLVSRWHE\WHSODYG$VOHGNX~þLQQpKR
SHQRVXWHSODPH]LSO\Q\ DYUVWYRXPDWHULiOX$YãDN]DGUåXMtYSDOLYXYWãLQXVtU\WDNåHVH
NYêURE Qt]NRVLUQpKR SURGXNWX Y\åDGXMH SDOLYR VQt]NêP REVDKHP VtU\ 6WDUãt NRQVWUXNFH
RE\þHMQY\UiEMtSiOHQpYiSQRVQt]NRXDåVWHGQtUHDNWLYLWRXDUHODWLYQY\VRNêPREVDKHP
&D&20RGHUQtNRQVWUXNFHPDMtYODVWQRVWLNWHUpXPRåXMtYêUREXY\VRFHUHDNWLYQtKRYiSQD
VQt]NRXKODGLQRX&D&2
1Hå SRStãHPH NRQVWUXNFH YHUWLNiOQtFK ãDFKWRYêFK SHFt MH YKRGQp XYiåLW WL G$OHåLWp
YODVWQRVWL NWHUp MVRX VSROHþQp SUR YãHFKQ\ NRQVWUXNFH D WR ]HMPpQD ]DYiåHQt RGWDK
DVSDORYiQt
=DYiåHQtVXURYLQ\
3OQQt KUXER]UQpKR PDWHULiOX GRMHGQRKR ERGX ]HMPpQD X ãDFKWRYêFK SHFt P$åH YpVW
NSUREOpP$P YSURYR]X SHFH 9Wãt NDPHQ\ PDMt VQDKX YDOLW VH GRO$ SRGpO NXåHORYLWp
KURPDG\ NH VWQiP ]DWtPFR PHQãt IUDNFH VH VRXVWHXMt SRGpO RV\ SHFH 9G$VOHGNX WRKR
Y]QLNi UR]GtOQê RGSRU Y$þL WRNX SHFQtFK SO\Q$ RG Y\VRNpKR NROHP VWHGRYp RV\ SHFH
NSRVWXSQ QLåãtPX VPUHP NH VWQiP 9êVOHGNHP MH ]QDþQ VQtåHQê SU$WRN SO\Q$ VWHGQt
þiVWtSHFHDYG$VOHGNXWRKRMHþiVW]DYiåN\QHGRVWDWHþQNDOFLQRYDQi
%\ORY\YLQXWRPQRKR]Dt]HQtNH]PtUQQtWRKRWRHIHNWXDNPLQLPDOL]DFLDV\PHWULHV\VWpPX
SOQQt 9NyQLFNpP XVSRiGiQt VSHYQêPL GHVNDPL P$åH EêW SRORKD NXåHOH D GHVHN Y$þL
SRGiYDFtPXVNOX]XLY$þLVREQDY]iMHPQDVWDYHQDWDNåHYHGHNYtFHPpQ URYQRPUQpPX
SURILOXYFHOpSHFL-HPQpIUDNFHPDMtQHY\KQXWHOQVQDKXVRXVWHRYDWVHSRRERXVWUDQiFK
RV\SRGiYDFtKRVNOX]XDOHYOLYQDSURYR]SHFHMHPDOê6\VWpPURWXMtFtQiV\SN\D]YRQXMH
G$P\VOQMãtDY\WYitMDNURYQRPUQMãtSURILOWDNOHSãtUR]SW\OMHPQêFKIUDNFtYSUVWHQFLQD
REYRGXSHFH
3UR SHFH VH VPtãHQRX YVi]NRX MH ]iVDGQt DE\ E\OR SDOLYR UR]SW\ORYiQR YFHOp SHFL
URYQRPUQ 3URWR VH SRXåtYDMt V\VWpP\ URWXMtFt QiV\SN\ D ]YRQX YQLFKå P$åH EêW ]YRQ
RSDWHQQiVWDYFLNWHUpRE\þHMQVHVWiYDMt]HþW\NYDGUDQW$]QLFKåMHGHQVPUXMHþiVWYVi]N\
GRVWHGXSHFHGUXKêMLVPUXMHGiODWHWtDþWYUWêMLVPUXMtYåG\GiOHRGRV\SHFH3RNDåGp
YVi]FH VH QiV\SND D NU\W SRRWRþt R þiVW RWiþN\ WDNåH VH YSU$PUX GRViKQH URYQRPUQpKR
UR]ORåHQt
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
2GWDKYiSQD
6\VWpP RGWDKX YH YWãLQ StSDG$ XUþXMH U\FKORVW NWHURX ]DYiåND YiSHQFH VHVWXSXMH SHFt
6\VWpPRGEUXE\POY\WYiHWURYQRPUQêSRK\E]DYiåN\-HGQRGXFKpV\VWpP\SRXåtYDMtFt
MHGQRKR RGEUQtKR ERGX D NyQLFNp GHVN\ SUDFXMt XVSRNRMLY SRNXG VH ]DYiåND YROQ
SRK\EXMH$YãDNPiOLþiVWSHFHVQDKXXFSiYDWVHQHERSRNXGVSRMHQpKURXG\YiSQDY\WYRt
PRVWPH]LGHVNRXDVWQRXFKODGLFt]yQ\RGHEtUiVHYiSQRSHGHYãtP]YROQ SU$FKRGQêFK
þiVWtSHFHFRåYHGHNGDOãtPXSHKtYiQtYSUREOHPDWLFNpREODVWL
/HSãt V\VWpP SRXåtYi þW\ RGEUQtFK ERG$ EH] VWHGRYp GHVN\ 3RNXG Pi þiVW SHFH VQDKX
XFSiYDWVHRGEUQtPtVWDRSRGWRXWRþiVWtPRKRXSUDFRYDWU\FKOHMLQHåRVWDWQtDSRPRFLWDN
N REQRYHQt YROQpKR SRK\EX 3RNXG VH XFSH MHGQR RGEUQt PtVWR O]H SRGREQ SLMPRXW
YKRGQpRSDWHQt9tFHQiVREQiRGEUQtPtVWDPRKRXWDNpSRPiKDWSLGLDJQRVWLNRYiQtSRWtåt
YSHFL 6WtGDYêP SRXåtYiQtP NDåGpKR ]QLFK P$åH EêW YiSQR ]U$]QêFK VHJPHQW$
VDPRVWDWQ WHVWRYiQR ]D ~þHOHP ]MLãWQt ]GD MH XUþLWê VHJPHQW QHGRNRQDOH Y\SDORYiQ QHER
SHSDORYiQ
3RXåtYDMtVHVWiOHGRNRQDOHMãtPHFKDQL]P\RGEUXMDNR
D K\GUDXOLFN\SRKiQQpNYDGUDQW\
E URWDþQtH[FHQWULFNpGHVN\
F URWDþQt VSLUiORYê NXåHO VH VWXSQL D VNORQHP QDYUåHQêP NXGUåRYiQt URYQRPUQp MDNRVWL
YiSQDYFHOpSHFL7DWRNRQVWUXNFHVHSRXåtYiXQNWHUêFKSHFtVHVPtãHQRXYVi]NRX
6SDORYiQt
3L YãHFK VSDORYDFtFK SURFHVHFK H[LVWXMH RSWLPiOQt SRPU Y]GXFKX D SDOLYD NWHUê XGiYi
QHMY\ããt ~þLQQRVW VSDORYiQt 3RPU QLåãt QHå RSWLPiOQt YHGH NQH~SOQpPX VSDORYiQt
D]YêãHQpKODGLQR[LGXXKHOQDWpKR]DWtPFRY\ããtSRPUYHGHNWRPXåHSURGXNW\VSDORYiQt
MVRXUR]HGQ\DRFKOD]HQ\GRGDWHþQêPPQRåVWYtPY]GXFKX
6SDORYiQt YH VPVQpP ORåL YH YHUWLNiOQtFK YiSHQLFNêFK SHFtFK MH RE]YOiãW SUREOHPDWLFNp
QHER" PtVHQt ]SO\QQpKR SDOLYD D Y]GXFKX MH ]D WFKWR SRGPtQHN REWtåQMãt =KOHGLVND
HIHNWLYQRVWL VSDORYiQt E\ POR EêW SDOLYR Y LGHiOQtP StSDG UR]ORåHQR URYQRPUQ Y FHOp
SHFL$YãDNEH]RKOHGXQDV\VWpPVSDORYiQtH[LVWXMtYSRPUXY]GXFKSDOLYRRGFK\ON\
.H ]PtUQQt WHSORW YNDOFLQDþQt ]yQ VH SRXåtYi DGD WHFKQLN 3RXåLWt FHONRYpKR QHGRVWDWNX
Y]GXFKXMHHIHNWLYQtDYãDN]Y\ãXMHVSRWHEXSDOLYDDP$åH]S$VRERYDWHPLVHWPDYpKRNRXH
.H ]PtUQQt WHSORW\ YSHFL VH X QNWHUêFK SHFt SRXåtYi UHFLUNXODFH SHFQtFK SO\Q$ ]HMPpQD
X VWQ 8 SUVWHQFRYêFK ãDFKWRYêFK D X VRXSURXGêFK UHJHQHUDWLYQtFK SHFt YãHFKQ\ VSDOLQ\
QHER MHMLFK þiVW SRVWXSXMH GRO$ þiVWt SHFH VWHMQêP VPUHP MDNR YiSQR 7R YHGH NUHODWLYQ
Qt]NpWHSORWYGRNRQþRYDFtþiVWLNDOFLQDþQt]yQ\
âDFKWRYiSHFVHVPtãHQRXYVi]NRX
0RGHUQtãDFKWRYpSHFHVHVPtãHQRXYVi]NRXSRXåtYDMtYiSHQHFVQHMYWãtYHOLNRVWtYUR]VDKX
DåPPDSRPUYHOLNRVWtSLEOLåQ1HMUR]ãtHQMãtPSDOLYHPMHKXWQêGUXKNRNVX
VQt]NRX UHDNWLYLWRX D Qt]NêP REVDKHP SRSHOD 9HOLNRVW NRNVX MH SRX]H PtUQ PHQãt QHå
YHOLNRVW NDPHQH WDNåH SRVWXSXMH VStãH VSROX VQtP QHå E\ SURSDGiYDO PH]HUDPL .iPHQ
DNRNVVHPtVtDSLYiGtGRSHFHWDNRYêP]S$VREHPDE\VH]DEUiQLORMHMLFKRGGOHQt
-DNRVWSiOHQpKRYiSQDLQNOLQXMHNSU$PUQRVWLSLUHDNWLYLWSRGVWDWQQLåãtQHåMHUHDNWLYLWD
]tVNDQiYURWDþQtFKSHFtFKSLVWHMQpPREVDKX&D&25HWHQFHVtU\]SDOLYDMHY\VRNi
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
'YRMLWVNORQQiãDFKWRYiSHF
'YRMLW VNORQQi SHF MH QD REU 9SU$H]X MH YSRGVWDW REGpOQtNRYi DOH YNDOFLQDþQt
]yQ REVDKXMH GYD VNORQQp ~VHN\ 3URWL NDåGpPX VNORQQpPX ~VHNX Y\WYiHMt RGVD]HQp
YêNOHQN\SURVWRU\GRNWHUêFKVHSHVVSDORYDFtNRPRU\YKiQtSDOLYRDSHGHKiWêVSDORYDFt
Y]GXFK
2EU 'YRMLW VNORQQi ãDFKWRYi SHF
1D ]iNODG
REU ] >8OOPDQQ
V @
&KODGLFt Y]GXFK VH SLYiGt NSDW SHFH NGH VH SHGHKtYi RGHEtUi D YKiQt ]QRYX SHV
VSDORYDFt NRPRU\ 6ORåLWi FHVWD MDN SO\Q$ WDN ]DYiåN\ VSROX VKRHQtP QD RERX VWUDQiFK
]DMLã"XMH~þLQQpUR]ORåHQtWHSOD-HPRåQpSRXåtWDGXSHYQêFKNDSDOQêFKDSO\QQêFKSDOLY
LNG\åMHWHEDMHYROLWSHþOLYDE\VH]DEUiQLOR]E\WHþQêPQiOHSN$P]S$VREHQêPSRSHOHP
]SDOLYDDQiQRV$PVtUDQXYiSHQDWpKR
3HFP$åHY\UiEWUHDNWLYQtSURGXNWVQt]NêPREVDKHPNDUERQiW$
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
9tFHNRPRURYiãDFKWRYiSHF
7DWRSHFMHYêYRMRYêPVWXSQPGYRMLWVNORQQpSHFH6HVWiYi]HDåVWtGDYVNORQQêFK
~VHN$YNDOFLQDþQt]yQQDSURWLQLPåMHRGVD]HQêYêNOHQHN9êNOHQN\VORXåtVWHMQpPX~þHOX
MDNRYHGYRMLWVNORQQpSHFL
&KODGLFt Y]GXFK VH SHGHKtYi YiSQHP YFKODGLFt ]yQ RGHEtUi VH ]EDYXMH SUDFKX D RSW
YKiQtSHVVSDORYDFtNRPRU\
9ODVWQRVWtSHFHMHåHWHSORWDGROQtFKVSDORYDFtFKNRPRUVHP$åHYãLURNpPUR]VDKXPQLW]D
~þHOHP UHJXODFH UHDNWLYLW\ YiSQD 3HF P$åH EêW Y\WiSQD SHYQêPL NDSDOQêPL D SO\QQêPL
SDOLY\QHERVPVt
3UVWHQFRYiãDFKWRYiSHF
+ODYQtP U\VHP SUVWHQFRYp ãDFKWRYp SHFH REU D MH VWHGRYê YiOHF NWHUê Y\PH]XMH ãtL
SUVWHQF$ D VSROX VYêNOHQN\ SUR GLVWULEXFL VSDOLQ ]DMLã"XMH GREUê UR]YRG WHSOD 6WHGRYê
VORXSHF WDNp XPRåXMH DE\ E\OD þiVW VSDOLQ ]GROQtFK KRiN$ RGWDKRYiQD ãDFKWRX GRO$
D YKiQQD ]SW GR GROQt NRPRU\ 7DWR UHF\NODFH PRGHUXMH WHSORWX X GROQtFK KRiN$
D]DMLã"XMHåHNHNRQHþQêPIi]tPNDOFLQDFHGRFKi]tSLQt]NpWHSORW
2EU D 3UVWHQFRYi ãDFKWRYi SHF E VRXSURXGi UHJHQHUDWLYQt SHF
1D ]iNODG
REU ] >8OOPDQQ
V @
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
2ED YOLY\ SRPiKDMt ]DMLVWLW SURGXNW V Qt]NRX KODGLQRX &D&2 D Y\VRNRX UHDNWLYLWRX
3UVWHQFRYiãDFKWRYiSHFP$åHEêWY\WiSQDSO\QHPQDIWRXQHERSHYQêPSDOLYHP9êVWXSQt
SO\Q\PDMtY\VRNRXNRQFHQWUDFL&2
6RXSURXGiUHJHQHUDWLYQtSHF
6RXSURXGi UHJHQHUDWLYQt SHF QHEROL W\S 0DHU] MH QD REU E -HMt FKDUDNWHULVWLFNRX
YODVWQRVWt MH åH VHVWiYi ]H GYRX SURSRMHQêFK YiOFRYêFK ãDFKHW 1NWHUp VWDUãt NRQVWUXNFH
PO\WLãDFKW\]DWtPFRMLQpPO\REGpOQtNRYpãDFKW\DOHSURYR]QtSULQFLS\MVRXVWHMQp
'iYN\ YiSHQFH VH ]DYiåHMt VWtGDY GR RERX ãDFKHW D SRVWXSXMt GRO$ ]yQRX SHGHKtYDFt
]yQRX UHJHQHUDWLYQt YêPQ\ WHSOD SRGpO StYRGQtFK WUXEHN VSDOLYHP D GR NDOFLQDþQt ]yQ\
=NDOFLQDþQt]yQ\SRVWXSXMtGRFKODGLFt]yQ\
ýLQQRVWSHFHVHVWiYi]HGYRXVKRGQêFKIi]tNWHUpSLSOQpPYêNRQXWUYDMtRGGRPLQXW
9SUYQt Ii]L VH SDOLYR YKiQt StYRGQtPL SDOLYRYêPL WUXENDPL GR ãDFKW\ D KRt YH
VSDORYDFtP Y]GXFKX YKiQQpP ãDFKWRX VPUHP GRO$ 8YRORYDQp WHSOR VH þiVWHþQ
DEVRUEXMH SL NDOFLQDFL YiSHQFH YãDFKW 'R NRQFRYp þiVWL ãDFKW\ VH YKiQt Y]GXFK ]D
~þHOHP FKOD]HQt YiSQD &KODGLFt Y]GXFK YãDFKW VSROX VH VSDOLQDPL D R[LGHP XKOLþLWêP
]NDOFLQDFHSURFKi]tVSRMRYDFtPNDQiOHPGRãDFKW\SLWHSORWDVL&9ãDFKWVH
SO\Q\]ãDFKW\PtVtVFKODGLFtPY]GXFKHPYKiQQêPGRNRQFRYpþiVWLãDFKW\DVWRXSDMt
Y]K$UX3LWRP]DKtYDMtNiPHQYSHGHKtYDFt]yQãDFKW\
3RNXGE\POWHQWRUHåLPSUiFHSRNUDþRYDWY]URVWODE\WHSORWDYêVWXSQtFKSO\Q$KRGQQDG
&$YãDNSRREGREtDåPLQVHWRNSDOLYDDY]GXFKXGRãDFKW\]DVWDYtDGRFKi]t
NHÄ]SWQpPXFKRGX³3RYVi]FHYiSHQFHGRãDFKW\ VH SDOLYR D Y]GXFK YKiQMt GR ãDFKW\
DYêVWXSQtSO\Q\VHRGYiGMt]KRUQtþiVWLãDFKW\
=S$VRESURYR]XSRSVDQêYêãH]DKUQXMHGYDNOtþRYpSULQFLS\
D .DPHQHP QDSOQQi SHGHKtYDFt ]yQD YNDåGp ãDFKW IXQJXMH NURP SHGHKtYiQt
NDPHQHQDNDOFLQDþQtWHSORWXMDNRUHJHQHUDWLYQtYêPQtNWHSOD9SUYQtHWDSSURFHVXVH
QDGE\WHþQp WHSOR VSO\Q\ SHQiãt QD NiPHQ YãDFKW 3RWp VH YH GUXKp HWDS ]NDPHQH
]tVNiYi]SWGRVSDORYDFtKRY]GXFKX9G$VOHGNXWRKRVHVSDORYDFtY]GXFKSHGHKtYiDVL
QD&
E .DOFLQDFH SiOHQpKR YiSQD VH XNRQþt QD ~URYQt StþQpKR NDQiOX SL SU$PUQp WHSORW
&7RMHSt]QLYpSURY\VRFHUHDNWLYQtSiOHQpYiSQRNWHUpP$åHEêWMHOLåiGiQR
Y\UiEQRVQt]NêPREVDKHP&D&2
3URWRåH MH SHF NRQVWUXRYiQD SUR SURYR] VY\VRNRX ~URYQt QDGE\WHþQpKR Y]GXFKX FKODGLFt
Y]GXFKY$EHFQHQtWHEDNHVSDORYiQtMHKODGLQD&2YHYêVWXSQtFKSO\QHFKQt]NiDVL
REMHPRYêFKVXFKpKRSO\QX
3HFP$åHEêWY\WiSQDSO\QHPQDIWRXQHERSHYQêPSDOLYHPYStSDGSHYQpKRSDOLYDPXVt
EêW MHKR YODVWQRVWL SHþOLY ]YROHQ\ 0RGLILNRYDQi NRQVWUXNFH W]Y SHF QD MHPQp YiSQR MH
VFKRSQD SLMtPDW YVi]NRYê NiPHQ ]UQLWRVWL Då PP ]D SHGSRNODGX åH MGH R YKRGQê
YiSHQHF
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
2VWDWQtãDFKWRYpSHFH
7DWRVNXSLQDREVDKXMHDGXNRQVWUXNFtYêãHQHSRSVDQêFK9WFKWRNRQVWUXNþQtFK W\SHFK VH
SDOLYR SLYiGt VNU]H VWQ\ SHFH D VSDOXMH VH YNDOFLQDþQt ]yQ SLþHPå VSDOLQ\ SRVWXSXMt
Y]K$UXSURWLSURXGXYiSQDDYiSHQFH9QNWHUêFKNRQVWUXNFtFKVHSDOLYRþiVWHþQVSDOXMHYH
YQMãtFK ]SO\QRYDþtFK 9MLQêFK VH SLYiGt SHV WDNRYi ]Dt]HQt MDNR MH VWHGRYê KRiN
YHVWDYEDVKRiN\QHERVHYKiQtGRYQLWQtFKYêNOHQN$
5RWDþQtSHFH
'ORXKpURWDþQtSHFH
7UDGLþQtGORXKiURWDþQtSHFVHVWiYi]URWXMtFtKRYiOFH GORXKpKRDåPVHVNORQHP Då
Y$þL KRUL]RQWiOH 9iSHQHF VH SLYiGt GR KRUQtKR NRQFH D SDOLYR D VSDORYDFt Y]GXFK VH
YKiQt GR GROQtKR NRQFH 3iOHQp YiSQR SRVWXSXMH ] SHFH GR FKODGLþH YiSQD NGH VH SRXåtYi
NSHGHKtYiQt VSDORYDFtKR Y]GXFKX 3RXåtYDMt VH U$]Qp NRQVWUXNþQt W\S\ FKODGLþ$ YiSQD
YþHWQÄSODQHWRYêFK³MHGQRWHNPRQWRYDQêFKNROHPSOiãWSHFHSRK\EOLYêFKURãW$DU$]QêFK
W\S$SURWLSURXGRYêFKãDFKWRYêFKFKODGLþ$
0QRKpSHFHPDMtYQLWQt]Dt]HQtNRSWQpPX]tVNiYiQtWHSOD]SHFQtFKSO\Q$DNSHGHKtYiQt
YiSHQFH7DWR]Dt]HQt]DKUQXMt
D HW]RYiSiVPDYSHFtFKSOQQêFKNDOHPXKOLþLWDQXYiSHQDWpKR
E NRYRYpSHSiåN\DåiUXY]GRUQpYHVWDYE\NWHUpHIHNWLYQUR]GOXMtSHFQDPHQãtWUXELFH
F ORSDWNRYpYHVWDYE\NWHUpSHV\SiYDMtNDPHQ\YSURXGXSO\Q$
G YQLWQtåiUXY]GRUQpSUVWHQFHNWHUp]Y\ãXMtGREXSRE\WX]DYiåN\YSHFL
3UR HIHNWLYQt D VSROHKOLYê SURYR] SHFH MH G$OHåLWi NRQVWUXNFH KRiNX 3ODPHQ E\ PO PtW
VSUiYQRXGpONXMHOLStOLãNUiWNê]S$VREXMHStOLãY\VRNpWHSORW\D SRUXFK\ Y\]GtYN\ MHOL
StOLãGORXKêQHSHQiãtGRVWDWHNViODYpKRWHSODYNDOFLQDþQt]yQDYêVOHGNHPMHåHWHSORWD
QD]DGQtPNRQFLVWRXSiDWHSHOQi~þLQQRVWNOHVi3ODPHQE\QHPOQDUiåHWQDY\]GtYNX
3UR URWDþQt SHFH MH SLMDWHOQp ãLURNp UR]SWt ]UQLWRVWL YVi]NRYpKR NDPHQH RG PP Då SR
SUDFK =DMtPDYRX YODVWQRVWt SHYUDFHMtFt VH YUVWY\ YSHFL MH åH YWãt NDPHQ\ SRVWXSXMt
VPUHP NRNUDM$P YUVWY\ ]DWtPFR PHQãt NDPHQ\ VH VRXVWHXMt YH VWHGX YUVWY\ 7R YHGH
NWRPXåHYWãtNDPHQ\MVRXY\VWDYHQ\Y\ããtPWHSORWiPQHåNDPHQ\PHQãtVWtPG$VOHGNHP
åH MH PRåQR ]DEUiQLW SHSiOHQt MHPQMãtFK IUDNFt $ þDVWR MH YVNXWNX QXWQp GR åiUXY]GRUQp
Y\]GtYN\ ]DEXGRYDW ÄPL[HU\³ QHER VWXSQ ]D ~þHOHP SURPtFKiYiQt YUVWY\ D ]DMLãWQt åH
MHPQMãt IUDNFH MVRX SOQ NDOFLQRYDQp 3URWRåH PRKRX EêW URWDþQt SHFH VQDGQR UHJXORYiQ\
PRKRX SURGXNRYDW YiSQR VãLUãtP UR]VDKHP UHDNWLYLW\ D QLåãtPL KODGLQDPL &D&2 QHå
ãDFKWRYp SHFH .ROtVDYRVW UHDNWLYLW\ Pi YãDN RSURWL ãDFKWRYêP SHFtP WHQGHQFL NY\ããtP
KRGQRWiP 3RPUQ NHKNp YVi]NRYp NDPHQ\ MDNR YUVWHYQDWp VHGLPHQW\ D UR]SDGDYê
YiSHQHFQHMVRXYKRGQpSURYVi]NXGRãDFKWRYêFKSHFtDOHPRKRXVHXNi]DWMDNRYKRGQpSUR
SHFHURWDþQt
5RWDþQt SHFH O]H Y\WiSW ãLURNêP VSHNWUHP SDOLY -HOLNRå VH SHQRV WHSOD YNDOFLQDþQt ]yQ
GMH SHYiåQ ViOiQtP D MHOLNRå VH LQIUDþHUYHQi ]iLYRVW ]Y\ãXMH YSRDGt SO\Q QDIWD D WXKi
SDOLYD P$åH PtW YêEU SDOLYD ]QDþQê YOLY QD VSRWHEX WHSOD 8 MHGQRGXFKêFK SO\QHP
Y\KtYDQêFKSHFtE\O\SR]RURYiQ\KRGQRW\Då0-WSiOHQpKRYiSQD]DWtPFRSRGREQi
SHF VSDOXMtFt XKOt P$åH PtW VSRWHEX 0-W SiOHQpKR YiSQD 3RXåLWt YQLWQtFK YHVWDYHE
P$åH WXWR VSRWHEX WHSOD VQtåLW SRG 0-W SiOHQpKR YiSQD =WUiW\ Y\]DRYiQtP
DNRQYHNFt]SHFHMVRXYHVURYQiQtVRVWDWQtPLNRQVWUXNþQtPLW\S\YiSHQLFNêFKSHFtY\VRNp
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
9ODVWQRVWtURWDþQtFKSHFtMHWYRUEDW]YÄSUVWHQF$³7\WYRtPDWHULiOQDOHSHQêQDåiUXY]GRUQp
Y\]GtYFH YWp þiVWL SHFH NWHUi Pi WHSORWX YKRGQRX SUR SRORNDSDOQRX Ii]L 7\WR SUVWHQFH VH
PRKRX Y\WYiHW ]SRSHOD YSHFtFK VSDOXMtFtFK XKOt D ]QiQRV$ VtUDQX YiSHQDWpKR $ONiOLH
R[LG\ VRGtNX D GUDVOtNX MtO D YiSQR PRKRX SLVStYDW NH Y]QLNX QiOHSN$ NWHUp PRKRX
S$VRELWSRWtåH9StSDGVSDORYiQtXKOtP$åHMHPQpPOHWtSDOLYDYê]QDPQVQLåRYDWU\FKORVW
QDOHSRYiQt
-LQRX YODVWQRVWt URWDþQtFK SHFt MH åH VtUD ]SDOLYD D PHQãt PURX ]YiSHQFH VH P$åH ]SHFH
Y\OXþRYDW VSHFQtPL SO\Q\ NRPELQDFt UHJXODFH WHSORW\ D SURFHQWXiOQtKR REVDKX &2
YNDOFLQDþQt ]yQ 7DN VH PRKRX Y\UiEW YiSQD VQt]NêP REVDKHP VtU\ SL SRXåLWt Y\VRFH
VLUQDWêFKSDOLY]DSRGPtQHNRGSRYtGDMtFtFKHPLVQtFKOLPLW$SUR62YRGSDGQtFKSO\QHFK
5RWDþQtSHFVSHGHKtYDþHP
0RGHUQtURWDþQtSHFHMVRXY\EDYHQ\SHGHKtYDþLYL]REUDMVRXREHFQSRGVWDWQNUDWãt
QHåNRQYHQþQtURWDþQtSHFHQDSDåP6SRWHEDHQHUJLHNOHViYG$VOHGNXVQtåHQpKR
Y\]DRYiQt D ]WUiW YG$VOHGNX NRQYHNFH MDNRå L ]YêãHQpKR ]SWQpKR ]tVNiYiQt WHSOD
]RGSDGQtFKSO\Q$7DNåHSLVSDORYiQtXKOtMVRX]D]QDPHQiQ\VSRWHE\WHSODQLåãtQHå
0-WSiOHQpKRYiSQD
2EU 5RWDþQt YiSHQLFNi SHF V SHGHKtYDþHP
>8OOPDQQ
V @
%\ODY\YLQXWDDGDNRQVWUXNþQtFKW\S$SHGHKtYDþ$YþHWQYHUWLNiOQtFKãDFKHWDSRK\EOLYêFK
URãW$ 3HGHKtYDþ MH WHED ]YROLW QD ]iNODG YHOLNRVWL D YODVWQRVWt YVi]NRYpKR NDPHQH
9WãLQD P$åH SLMtPDW PLQLPiOQt YHOLNRVW PP QNWHUp SRXåtYDMt NiPHQ L RG PP
DQNWHUpQHSLSRXãWMtPNNpNDPHQ\VHVNORQHPNUR]SDGDYRVWL
9]KOHGHP NWRPX åH RGVWUDRYiQt VtU\ MH X SHFt VSHGHKtYDþHP REWtåQMãt H[LVWXMH DGD
]S$VRE$NWHUêPLMHPRåQRWRKRGRViKQRXW
D ]DYHGHQtP RGVWUDRYiQt 62 YHGHQtP þiVWL SHFQtFK SO\Q$ NROHP SHGHKtYDþH ]D FHQX
]YêãHQpVSRWHE\WHSOD
E SURYR]RYiQtPSHFH]DUHGXNþQtFKSRGPtQHND]DYHGHQtPGRGDWHþQpKRY]GXFKXQDNRQFL
SHFHFRåIXQJXMHSRX]HXXUþLWêFKNRQVWUXNFtSHGHKtYDþ$
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
F SLGiYiQtPGRVWDWHþQMHPQpKRYiSHQFHGRYVi]N\DE\SHGQRVWQDEVRUERYDO62DSDN
MH EX QD NRQFL VKURPDåRYiQ ODSDþHP SUDFKX QHER MH RGGOHQ SURVtYiQtP ]YiSQD
RGHEtUDQpKR]FKODGLþH
2VWDWQtSHFH
%\O\ Y\YLQXW\ U$]Qp NRQVWUXNþQt W\S\ YiSHQLFNêFK SHFt ]DORåHQp QD WHFKQRORJLtFK
SRXåtYDQêFK Y PRGHUQtFK FHPHQWiVNêFK SHFtFK -HGQRX ]KQDFtFK VLO YêYRMH QRYêFK
NRQVWUXNFt SHFt MH åH ]QDþQp PQRåVWYt XKOLþLWDQX YiSHQDWpKR MH GRVWXSQp YMHPQp SRGRE
1DS FXNURYDU\ D SU$P\VO EXQLþLQ\ D SDStUX SURGXNXMH VPV &D&2 D RUJDQLFNêFK OiWHN
NWHURX MH PRåQR NDOFLQRYDW D UHF\NORYDW D PQRKp YiSHQFRYp ORP\ SURGXNXMt QDGE\WHN
MHPQpKR NDPHQH NWHUê E\ E\O YSRGVWDW YKRGQê NH NDOFLQDFL L NG\å MH þDVWR ]QHþLãWQê
KOtQRX
3HFVSRK\EOLYêPURãWHP
3UR YiSHQHF VUR]VDKHP ]UQLWRVWL Då PP MH PRåQRVWt SHF V ÄSRK\EOLYêP URãWHP³
QHEROL W\S &,' Y\YLQXWi Y1PHFNX 6HVWiYi ]REGpOQtNRYp ãDFKWRYp SHGHKtYDFt ]yQ\
SHFHNWHUiSLYiGtYiSHQHFGRNDOFLQDþQt]yQ\9NDOFLQDþQt]yQYiSHQHFSRPDOXSHSDGiYi
SHV SW YêN\YQêFK GHVHN QDSURWL QLPå MH DGD KRiN$ 9iSQR SRVWXSXMH GR REGpOQtNRYp
FKODGLFt]yQ\3HFW\SX&,'P$åHVSDORYDWSO\QQiNDSDOQiLSHYQiSDOLYDDH[LVWXMt]SUiY\
åH Y\UiEt MHPQ SiOHQp YiSQR VH ]E\WNRYêP REVDKHP &D&2 QLåãtP QHå ýW\L GR
VRXþDVQRVWLY\EXGRYDQpSHFHPDMtNDSDFLWXRGGRWSiOHQpKRYiSQDGHQQ
2VWHSiOtFtSHF
'DOãtP UHODWLYQ QRYêP W\SHP NWHUê SLSRXãWt YVi]NRYê NiPHQ ]UQLWRVWL Då PP MH
RVWHSiOtFtYiSHQLFNiSHFY\YLQXWiY-DSRQVNX7DVHVWiYi]SUVWHQFRYpSHGHKtYDFt]yQ\
]Qtå VH YiSHQHF SHPLV"XMH WODþQêPL W\þHPL GR YiOFRYLWp NDOFLQDþQt ]yQ\ 6SDOLQ\ ]H
VWHGRYpKR GRO$ VPXMtFtKR KRiNX VSDOXMtFtKR QDIWX D XPtVWQpKR YH VWHGX SHGHKtYDFt
]yQ\ VH HMHNWRUHP RGWDKXMt GRO$ GR NDOFLQDþQt ]yQ\ 9iSQR SRWp SRVWXSXMH GRO$ GR
NXåHORYLWp FKODGLFt ]yQ\ 7DWR SHF ~GDMQ SURGXNXMH Y\VRFH NYDOLWQt SiOHQp YiSQR YKRGQp
NYêURE RFHOL D VUiåHQpKR XKOLþLWDQX YiSHQDWpKR .DSDFLW\ SHFt VH SRK\EXMt GR W
SiOHQpKRYiSQDGHQQDVSRWHEDWHSODMH0-WYiSQD8GiYiVHåHGtN\ VYpUHODWLYQ
PDOpYêãFHP$åHWDWRSHF]SUDFRYiYDWYiSHQHFVPDORXSHYQRVWt
3URFHVNDOFLQDFHYSO\QQpGLVSHU]L
.DOFLQDFH YSO\QQp GLVSHU]L *DV VXVSHQVLRQ FDOFLQDWLRQ *6& MH QRYi WHFKQRORJLH SUR
]SUDFRYiQtQHURVW$MDNRMHNDOFLQDFHYiSHQFHGRORPLWXDPDJQH]LWX]SUiãNRYêFKVXURYLQ]D
~þHOHPYêURE\Y\VRFHUHDNWLYQtFKDKRPRJHQQtFKSURGXNW$9WãLQDSURFHV$YSURYR]XMDNR
MH VXãHQt SHGHKtYiQt NDOFLQDFH D FKOD]HQt VH GMH YSO\QQp GLVSHU]L 9G$VOHGNX WRKR
SURYR] VHVWiYi ]H VWDFLRQiUQtFK ]Dt]HQt D QNROLND SRK\EOLYêFK VRXþiVWt MDN XND]XMH REU
0QRåVWYt PDWHULiOX YV\VWpPX MH ]DQHGEDWHOQp FRå ]QDPHQi åH SR QNROLND PLQXWiFK
SURYR]X SURGXNW RGSRYtGi VSHFLILNDFtP %KHP QiEKX D RGVWiYN\ QHGRFKi]t NH ]WUiWiP
PDWHULiOXQHERSRNOHVXMDNRVWLWDNåHQHY]QLNiåiGQêSURGXNWQLåãtMDNRVWL3URFHVHP*6&VH
Y\UiEtSURGXNWVY\VRNRXUHDNWLYLWRXGRNRQFHLNG\åPiY\VRNêVWXSHNDOFLQDFH0DWHULiO
NWHUêVHPi]SUDFRYiYDWYSO\QQpGLVSHU]LPXVtPtWYKRGQRXMHPQRVW 3UDNWLFNp ]NXãHQRVWL
XNi]DO\åHE\VHQHPODSHNUDþRYDW]UQLWRVWþiVWHþHNPP
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
2EU 3URFHV NDOFLQDFH Y SO\QQp GLVSHU]L
%ORNRYp VFKpPD SURYR]X *6& VSROHþQRVWL 1RUVN +\GUR
8 VSROHþQRVWL 1RUVN +\GUR MH Y 3RUVJUXQQX 1RUVNR RG URNX YWUYDOpP SURYR]X
]Dt]HQt*6&QDYêUREXGRORPLWLFNpKRYiSQD1tåHMVRXXYHGHQ\QNWHUpSURYR]Qt~GDMHSUR
Y\KRGQRFHQêSURYR]*6&YþHWQGUFHQtDVXãHQt
.DSDFLWDSURYR]X
WGHQ
6SRWHEDSDOLYD
0-WSURGXNWX
6SRWHEDHQHUJLH
N:KWSURGXNWX
3HFVURWDþQtPWRSHQLãWP
7HQWRW\SSHFHQ\QtWpP]DVWDUDOêE\ONRQVWUXRYiQSURYêUREXãWUNRYpKRYiSQD6HVWiYi
]SUVWHQFRYpKR SRK\EOLYpKR WRSHQLãW XQiãHMtFtKR YVi]NX YiSHQFH 9iSHQHF VH NDOFLQXMH
þHWQêPL KRiN\ SL RWiþHQt QD SUVWHQFRYpP WRSHQLãWL 6SDORYDFt Y]GXFK VH SHGHKtYiQ
SHE\WHþQêP WHSOHP YRGSDGQtFK SO\QHFK D QHER MHKR SRXåLWtP NFKOD]HQt SiOHQpKR YiSQD
9G$VOHGNX VQtåHQp DEUD]H YH VURYQiQt VURWDþQtPL D ãDFKWRYêPL SHFHPL Y\UiEMt SHFH
VURWXMtFtPWRSHQLãWPY\VRNêSRGtOãWUNRYpKRYiSQD
=SUDFRYiQtSiOHQpKRYiSQD
&tOHP ]SUDFRYiQt QHWtGQpKR SiOHQpKR YiSQD MH SURGXNFH DG\ WtG VH ]UQLWRVWt D MDNRVWt
Y\åDGRYDQRX U$]QêPL VHJPHQW\ WUKX 3RXåtYi VH DG\ SRVWXS$ YþHWQ SURVtYiQt GUFHQt
JUDQXODFH POHWt Y]GXãQpKR WtGQt D SHSUDY\ 'REH NRQVWUXRYDQê SURYR] QD ]SUDFRYiQt
YiSQDSOQtDGXIXQNFt]HMPpQD
D PD[LPDOL]DFHYêQRVXKODYQtKRSURGXNWX
E PLQLPDOL]DFHYêQRVXSHE\WHþQêFKMDNRVWQtFKWtGREY\NOHMHPQiIUDNFH
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
F ]YêãHQtMDNRVWLXUþLWêFKSURGXNW$
G SUXåQRVW]PQ\YêQRV$SURGXNW$MDNRRGH]YDQD]PQ\WUåQtSRSWiYN\
=SUDFRYDWHOVNê ]iYRG E\ PO ]DKUQRYDW VNODGRYiQt MDN SURGXNW$ WDN SRORWRYDU$ MDNR
Y\URYQiYDFt þOiQHN PH]L SHFt NWHUi SUDFXMH QHMOpSH SL NRQWLQXiOQtP SURYR]X D RGE\WHP
NWHUêEêYiQt]NêSHVQRFDRYtNHQGHFK
1HWtGQp YiSQR VH þDVWR SURVtYi REY\NOH QD PP VtW ]D ~þHOHP RGVWUDQQt PpQ þLVWp
ÄSULPiUQt³MHPQpIUDNFH0iOLQHWtGQpYiSQRQHMYWãt]UQLWRVWHNQPHSHVPPVQLåXMH
VH MHKR ]UQLWRVW SL PLQLPiOQt SURGXNFL MHPQp IUDNFH 3UR WHQWR ~þHO VH ]KXVWD SRXåtYDMt
þHOLV"RYpDYiOFRYpGUWLþH'UFHQpYiSQRVHSRWpSLYiGtQDYtFHVWXSRYpVtWRNWHUpSURGXNXMH
VHNXQGiUQt MHPQRX IUDNFL QDS PHQãt QHå PP D WtGQp IUDNFH YiSQD QDS PP
DDåPP1DGPUQpNXV\QDSYWãtQHåPPVHPRKRXGUWLWYVHNXQGiUQtPGUWLþL
DYUDFHWQDYtFHVWXSRYpVtWR
3URGXNW\VHVNODGXMtYEXQNUHFK]HNWHUêFKVHPRKRXEXStPRRGHVtODWQHERSHSUDYRYDW
GRMLQpKRSURYR]XNPOHWtQHERK\GUDWDFL
9êUREDPOHWpKRSiOHQpKRYiSQD
3RSWiYND SR U$]QêFK VWXSQtFK MDNRVWL POHWpKR SiOHQpKR YiSQD RG OHW VWiOH VWRXSDOD
3RåDGDYN\QD]UQLWRVWVHU$]QtRGSRPUQKUXEêFKSURGXNW$SRXåtYDQêFKNHVWDELOL]DFLS$G\
SRYHOPLMHPQWtGQpSURGXNW\SURVSHFLiOQtSRXåLWt
+UXEãt SURGXNW\ VH Y\UiEMt SRPUQ OHYQ SL MHGQRP SU$FKRGX NODGLYRYêP POêQHP
VWtGtFtP NRãHP -HPQMãt SURGXNW\ VH REY\NOH Y\UiEMt YWUXEQDWêFK POêQHFK
D VWHGREåQêFK YiOFRYêFK POêQHFK 9H GUXKpP StSDG MH QDG POêQHP XPtVWQ WtGLþ
VSURPQQRX U\FKORVWt ]D ~þHOHP UHJXODFH WtGQt MDNRVWL SURGXNWX D UHF\NODFH QDGPUQêFK
]UQ
.RQFHPOHWE\OSURFHPHQWiVNêSU$P\VOY\YLQXWY\VRNRWODNêYiOFRYêPOêQDVWiOHYWãt
PURXVHMHMSRXåtYiQDSiOHQpYiSQR3URGXNWSURFKi]tPOHFtPLYiOFLNWHUpSURGXNXMtSOiWHN
PDWHULiOX 7HQ VH SRWp SLYiGt GR GH]DJORPHUiWRUX D Y]GXFKRYpKR WtGLþH NWHUê RGGOXMH
þiVWLFHSRåDGRYDQpMHPQRVWLDYUDFtKUXERXIUDNFL(QHUJHWLFNpQiURN\WRKRWRV\VWpPXPRKRX
EêWYHVURYQiQtVNXORYêPLPOêQ\PpQQHåSRORYLþQtDPRKRXSHGVWDYRYDWPpQQHå
VSRWHE\VWHGREåQêFKPOêQ$
9êUREDKDãHQpKRYiSQD
+DãHQpYiSQR]DKUQXMHYiSHQQêK\GUiWVXFKêSUiãHNK\GUR[LGXYiSHQDWpKRYiSHQQpPOpNR
DYiSHQQRXNDãLGLVSHU]HþiVWLFK\GUR[LGXYiSHQDWpKRYHYRG
9êUREDYiSHQQpKRK\GUiWX
+\GUDWDFH YiSQD ]DKUQXMH SLGiYiQt YRG\ Y K\GUiWRUX &D2 +2 : &D2+ 0QRåVWYt
SLGiYDQpYRG\ MH DVL GYRMQiVRENHP VWHFKLRPHWULFNpKR PQRåVWYt SRWHEQpKR SUR K\GUDWDþQt
UHDNFL 3HE\WHþQi YRGD VH SLGiYi ]D ~þHOHP VQtåHQt WHSORW\ Y\YRODQp UHDNþQtP WHSOHP
SHPQRX YRG\ QD SiUX 3iUD XQiãHMtFt þiVWLFH SURFKi]t SHG Y\SXãWQtP GR RNROQtKR
SURVWHGtRGOXþRYDFtP]Dt]HQtP
([LVWXMH PQRKR NRQVWUXNþQtFK W\S$ ]Dt]HQt DOH WHFKQLFN\ Y]DWR VHVWiYi K\GUiWRU YL] REU
]SiU$SURWLEåQVHRWiþHMtFtFKORSDWNRYêFKãURXERYLFNWHUpLQWHQ]tYQPtFKDMtYiSQHP
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
]D StWRPQRVWL YRG\ 3UREtKi VLOQi H[RWHUPLFNi UHDNFH XYROXMtFt N- QD NJ &D2
3U$PUQiGREDSRE\WXSHYQêFKOiWHNYUHDNWRUXMHDVLPLQXW
8YRORYiQt WHSOD ]S$VREXMH LQWHQ]tYQt YDU FRå Y\WYit þiVWHþQRX IOXLGQt YUVWYX 3UDFK MH
XQiãHQ SiURX NWHUi VH SL SURFHVX XYROXMH -HVWOLåH VH WHQWR SUDFK VKURPDåXMH YPRNUp
SUDþFHY\WYitVHVXVSHQ]HYiSHQQpKRPOpNDNWHUiVHREY\NOHYUDFtGRK\GUiWRUX
3R K\GUDWDFL VH SURGXNW SHSUDYXMH GR Y]GXãQpKR WtGLþH NGH VH UHF\NORYDQêP Y]GXFKHP
RGGOXMH KUXEi D MHPQi IUDNFH ýiVW QHER YHãNHUi KUXEi IUDNFH VH P$åH POtW D UHF\NORYDW
-HPQi IUDNFH VH SHSUDYXMH GR VNODGRYDFtFK VLO 2GWXG VH EX RGHEtUi NKURPDGQp GRSUDY
QHERVHSHSUDYXMHGREDOLFtKRSURYR]XNGHVHEDOtGRS\WO$QHERGRNRQWHMQHU$
2EU 7HFKQRORJLFNp VFKpPD WtVWXSRYpKR K\GUiWRUX YiSQD
>(X/$ 3IHLIIHU $* 1
PHFNR@
9êUREDYiSHQQpKRPOpNDDYiSHQQpNDãH
9iSHQQp POpNR D YiSHQQi NDãH VH Y\UiEMt KDãHQtP YiSQD VQDGE\WNHP YRG\ +DãHQt VH
SURYiGt MDN Y GiYNRYêFK WDN NRQWLQXiOQtFK KDVLFtFK ]Dt]HQtFK 3RMPX YiSHQQp POpNR VH
SRXåtYiNSRSLVXWHNXWpVXVSHQ]HKDãHQpKRYiSQDYHYRG9iSHQQiPOpNDPRKRXREVDKRYDW
GRKPRWQRVWQtFKSHYQêFKOiWHN9iSHQQpPOpNRVY\VRNêPREVDKHPSHYQêFKOiWHNVH
QNG\ QD]êYi YiSHQQê NDO 9iSHQQi NDãH MH KXVWi GLVSHU]H KDãHQpKR YiSQD YH YRG .DãH
REY\NOH REVDKXMt Då KPRWQRVWQtFK SHYQêFK OiWHN 3RMPX YiSHQQi SDVWD VH QNG\
SRXåtYiNSRSLVXSRORWHNXWpNDãH
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
6NODGRYiQtDPDQLSXODFH
6NODGRYiQt
6NODGRYiQtSiOHQpKRYiSQD
3iOHQpYiSQRVHVNODGXMHQHMOpSHYVXFKpPSURVWHGtEH]StVWXSXYHQNRYQtKRY]GXFKXDE\
VH]DEUiQLORKDãHQtY]GXãQRXYOKNRVWt9HONiSpþHVHYQXMHWRPXDE\VHNYiSQXQHGRVWDOD
YRGDQHER"K\GUDWDFHXYROXMHWHSORD]S$VREXMHH[SDQ]LDRERMtE\PRKOREêWQHEH]SHþQp
9R]LGOD VY\SUD]GRYiQtP WODNRYêP Y]GXFKHP MVRX VFKRSQD YKiQW YiSQR StPR GR
VNODGRYDFtKREXQNUXNWHUêMHRSDWHQILOWUHPSURRGVWUDQQtSUDFKX]QRVQpKRY]GXFKX)LOWU
E\ PO EêW NOLPDWLFN\ RGROQê D YRGRWVQê 6KURPiåGQê SUDFK VH P$åH YUDFHW GR EXQNUX
7ODNRYêSRGWODNRYêYHQWLORVD]HQêQDEXQNUXMHEH]SHþQRVWQtPRSDWHQtP
$E\E\ODPRåQi~GUåEDRGWDKRYpKRPHFKDQL]PXO]HYãHFKQ\VNODGRYDFtNRQWHMQHU\RSDWLW
]Dt]HQtPLNWHUiPRKRX~SOQXWVQLWVSRGHNEXQNUX
3RNXG MH PQRåVWYt SiOHQpKR YiSQD QHGRVWDWHþQp QD WR DE\ RG$YRGRYDOR VWDYEX
VNODGRYDFtFK EXQNU$ P$åH EêW SURGXNW VNODGRYiQ QD EHWRQRYp SRGOD]H QHMOpSH YSURVWRH
YUiPFLEXGRY\RGGOHQpDE\VH]DEUiQLORKDãHQtQDGE\WHþQêPY]GXFKHP
6NODGRYiQtYiSHQQpKRK\GUiWX
9iSHQQê K\GUiW DEVRUEXMH ]H Y]GXFKX R[LG XKOLþLWê SLþHPå Y]QLNi XKOLþLWDQ YiSHQDWê
DYRGD3URWRMHQHMYKRGQMãtVNODGRYiQtYVXFKXDEH]StVWXSXYHQNRYQtKRY]GXFKX
+\GUiW EDOHQê YSDStURYêFK S\WOtFK MH QHMOpSH VNODGRYDW ]DNU\Wê DE\ VH ]DEUiQLOR
]QHKRGQRFHQt YOKNRVWt D UHNDUERQL]DFL K\GUDWRYDQpKR YiSQD 3RXåtYDMtOL VH ÄELJ EDJ\³ MH
WDNpQHMOHSãtVNODGRYDWMH]DNU\WpDE\VHSHGHãORSRãNR]HQt3DOHW\VEDOHQêPK\GUiWHPE\O\
~VSãQVNODGRYiQ\LYHQNXSLþHPåSDOHW\E\O\SRNU\W\SODVWRYRXIROLtS\WOHE\O\XPtVWQ\
QDIROLLDE\O\SRWDåHQ\VPUã"RYDFtIyOLt
1HEDOHQê K\GUiW VH VNODGXMH YVLOHFK NWHUi PXVt EêW ]FHOD YRGRWVQi 6LOR VH RGY]GXãXMH
SHVOiWNRYêILOWUNWHUêE\POEêWYRGRWVQêDVFKRSQê]YOiGQRXWSURXGY]GXFKXSLSOQQt
3RNXGMHILOWUXPtVWQQDYUFKROXVLODYUDFtVHVKURPiåGQêSUDFKGRVLOD9UFKROVLODP$åH
EêWRSDWHQLQVSHNþQtPSU$OH]HPDSHWODNRYêPYHQWLOHP3UR]DEUiQQtSHSOQQtP$åHEêW
RVD]HQ LQGLNiWRU KODGLQ\ QHER DODUP 'RSRUXþXMH VH DE\ VSRGHN VLOD E\O VNORQQê DOHVSR
R Y$þL KRUL]RQWiOH Y\SUD]GRYDFt RWYRU DE\ PO YHOLNRVW QHMPpQ PP D DE\
E\ODYêSXV"RSDWHQD~SOQêPX]iYUHQDE\VHXPRåQLOD~GUåED]Dt]HQtSRGVLOHP
3URWRåH MH YiSHQQê K\GUiW QiFK\OQê NWYRUE NOHQHE LQVWDOXMt VH DE\ VH WRPX ]DEUiQLOR U$]Qi]Dt]HQtSURWLQDOHSRYiQtMDNRSURY]GXãRYDFtGHVN\YLEUiWRU\DPHFKDQLFNi]Dt]HQt
1DRSDN MH WHED SLMPRXW EH]SHþQRVWQt RSDWHQt SURWL YROQpPX YêWRNX SURY]GXãQQpKR
SUDFKX
6NODGRYiQtYiSHQQpKRPOpND
0QR]t]iND]QtFLNWHtSRWHEXMtMDNRStGDYHNYêUREQtKRSURFHVXKDãHQpYiSQRVKOHGDOLåH
YiSHQQpPOpNRMHIRUPDYKRGQiNHVNODGRYiQtDNPDQLSXODFL=DSHGSRNODGXSLMHWtXUþLWêFK
EH]SHþQRVWQtFKRSDWHQtVQtPO]HPDQLSXORYDWMDNRVNDSDOLQRX
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
8 MDNpKRNROL VNODGRYDFtKR D PDQLSXODþQtKR V\VWpPX VH PXVt YQRYDW QiOHåLWi SR]RUQRVW
VNXWHþQRVWL åH NG\å VH YiSHQQp POpNR HGt YRGRX QHER NG\å YiSHQQê K\GUiW GLVSHUJXMH YH
YRGMDNpNROLXKOLþLWDQRYp]DWYUGOLQ\VHYHYRGXVDGtMDNRXKOLþLWDQYiSHQDWê1HQtOLSLMDWR
YKRGQp RSDWHQt YHGH WR NWYRUE NDPHQH QD VWQiFK WUXEHN D YRGQtFK þHUSDGHO D NU\WHFK
þHUSDGHO /]H XSODWQLW GYRMt StVWXS %X P$åH EêW V\VWpP QDYUåHQ MDNR RGROQê SURWL
QiQRV$PQHERO]HSLMPRXWRSDWHQt]DEUDXMtFtWYRHQtQiQRV$QHERMHPLQLPDOL]XMtFt
-HG$OHåLWp]DEUiQLWY]QLNXVHGLPHQW$YHYiSHQQpPPOpFHQHER"Y]QLNOêWPHOVHP$åHWåNR
]QRYXGLVSHUJRYDW6NODGRYDFtQiGUåHMHWHG\WHEDSURPtFKiYDW6WXSHSURPtFKiYiQtP$åH
EêW Qt]Nê D PO E\ ]DEUiQLW Y]QLNX YtU$ NWHUp E\ ]Y\ãRYDO\ DEVRUSFL R[LGX XKOLþLWpKR ]H
Y]GXFKX
9\SUD]GRYDFt WUXEND ]H VNODGRYDFt QiGRE\ MH QHY\KQXWHOQ PUWYRX ]yQRX D O]H SLMPRXW
RSDWHQtNY\PêYiQtYRGRX]D~þHOHPRGVWUDQQtXFSiYHN6NODGRYDFtSURVWRU\E\PO\EêW
YKRGQY\EDYHQ\
0DQLSXODFH
3UR SHPLV"RYiQt SURGXNWX MH YKRGQêFK PQRKR W\S$ ]Dt]HQt D QRYi VH VWiOH Y\YtMHMt
1iVOHGXMtFt]Dt]HQtVH~VSãQSRXåtYDMtDOHQHPXVHMtEêWYKRGQiSURYãHFKQ\DSOLNDFH
6NLSRYp YêWDK\ MH PRåQp SRXåtYDW SUR YãHFKQ\ JUDQXORYDQp D KUXEp PDWHULiO\ DOH MVRX
YKRGQMãt SUR þiVWLFH YWãt QHå PP (OHYiWRU\ MDN SiVRYp NRUHþNRYp WDN HW]RYp
NRUHþNRYp VH SRXåtYDMt SUR YãHFKQ\ NDWHJRULH SiOHQpKR YiSQD +HEORYp GRSUDYQtN\ MVRX
YKRGQp SUR JUDQXORYDQp D MHPQp SiOHQp YiSQR 9ãHREHFQ VH SRXåtYDMt SUR SHPLV"RYiQt
KRUL]RQWiOQt L VH VNORQHP 3iVRYp GRSUDYQtN\ VH ãLURFH SRXåtYDMt SUR SHPLV"RYiQt KUXEêFK
D JUDQXORYDQêFK GUXK$ KRUL]RQWiOQ D VH VNORQHP Y]K$UX âQHNRYp GRSUDYQtN\ VH ãLURFH
SRXåtYDMt SUR MHPQp SiOHQp YiSQR 9LEUDþQt åODERYp GRSUDYQtN\ VH SRXåtYDMt SUR þiVWLFH
]UQLWRVWLGRPP3UDFXMt~VSãQMLSRNXGMVRXRGSOQLFtKRNY\SUD]GRYDFtPXPtVWXVNOR
QQpPtUQGRO$
3QHXPDWLFNiSHSUDYDP$åHEêWSRXåLWDSURSURGXNW\VPD[LPiOQt]UQLWRVWtGRPPDþDVWR
PiQLåãtLQYHVWLþQtQiNODG\QHåMLQpDOWHUQDWLY\DOHSURYR]QtQiNODG\MVRXY\ããt3URGXNWVH
SLYiGt NURWDþQtPX WVQtFtPX þHUSDGOX SLSRMHQpPX NYHQWLOiWRUX 6YWORVW SRWUXEt
DREMHPWODNYKiQQpKRY]GXFKXVHQDYUKXMHVSLKOpGQXWtPN]UQLWRVWLGRSUDYRYDQpKRYiSQD
SHSUDYQt U\FKORVWL D GpOFHWUDVH YHGHQt 3LMtPDMtFt VLOR MH Y\EDYHQR ILOWUHP Y]GXFKX
DSHWODNRYêPYHQWLOHP
-LQpW\S\YiSQD
9êUREDNDOFLQRYDQpKRGRORPLWX
'RORPLW VH NDOFLQXMH MDN YãDFKWRYêFK WDN YURWDþQtFK SHFtFK 9\UiEMt VH WL MDNRVWL
NDOFLQRYDQpKRGRORPLWXPNFHSiOHQêPUWYSiOHQêDSRORSiOHQê
0NFHSiOHQêGRORPLWVHYãHREHFQY\UiEtMDNYURWDþQtFKWDNYãDFKWRYêFKSHFtFK3ULQFLS
YêURE\ PNFH SiOHQpKR GRORPLWX MH SRGREQê SULQFLSX YêURE\ SiOHQpKR YiSQD VY\VRNêP
REVDKHP YiSQtNX 6SRWHERYiYi VH PpQ WHSOD YG$VOHGNX QLåãt WHSORW\ NDOFLQDFH D QLåãt
WHSORW\UR]NODGXGRORPLWX0J&2
0UWY SiOHQê GRORPLW VH Y\UiEt YH GYRX WtGiFK 7tGD V Y\VRNRX þLVWRWRX SRXåtYDQi SUR
YêUREX åiUXY]GRUQLQ VH Y\UiEt NDOFLQDFt GRORPLWX SL WHSORW GR & EX YURWDþQtFK
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
QHERãDFKWRYêFKSHFtFK7tGDSURRSUDY\Y\]GtYHNVHY\UiEtNDOFLQDFtGRORPLWXVDå
R[LGX åHOH]D SL & Då & REY\NOH YURWDþQtFK SHFtFK 9êVWXSQt SO\Q\ ]RERX
WFKWR SURFHV$ PDMt Y\ããt WHSORWX QHå ]RVWDWQtFK YiSHQLFNêFK SHFt REY\NOH VH FKODGt QD
PpQ QHå & SL SRXåLWt YêPQtN$ WHSOD FKODGtFtKR Y]GXFKX QHER YVWLNRYiQt YRGQt
POK\
3RORSiOHQê GRORPLW &D&2 0J2 VH Y\UiEt SRPDORX NDOFLQDFt GRORPLWX SL DVL &
9\UiEt VH Y UHODWLYQ PDOpP PQRåVWYt D 1PHFNR MH MHGLQêP VWiWHP Y(YURS NWHUê MHM
Y\UiEt
9êUREDK\GUDXOLFNêFKYiSHQ
3tURGQt K\GUDXOLFNi YiSQD VH Y\UiEMt ]NHPLþLWêFK QHER MtORYLWêFK YiSHQF$ REVDKXMtFtFK
YtFHQHERPpQNHPtNXKOLQtNXDåHOH]D7\SLFNêREVDKWFKWROiWHNYHYiSHQFLMHDå
6L2Då$O2DDå)H22EVDKXKOLþLWDQXYiSHQDWpKRDKRHþQDWpKRVHP$åH
SRK\ERYDWRGGR
9iSHQHF VH REY\NOH SiOt YãDFKWRYêFK SHFtFK NWHUp PXVt EêW SHþOLY UHJXORYiQ\ DE\ VH
]DMLVWLOR åH UHDJXMH FR QHMYtFH NHPtNX D KOLQtNX DQLå E\ VOLQRYDOR YROQp YiSQR 7\SLFNp
NDOFLQDþQt WHSORW\ MVRX & SLþHPå SRåDGRYDQi WHSORWD VH ]Y\ãXMH VH Y]U$VWHP
FHPHQWDþQtKR LQGH[X WM RG VODE SR Y\VRFH K\GUDXOLFNi YiSQD 9\SiOHQp YiSQR VH
K\GUDWXMH VGRVWDWNHP YRG\ DE\ VH YROQê &D2 SHPQLO QD &D2+ -HOL REVDK YROQpKR
&D2YWãtQHåDåUR]SDGDMtVHWYUGpVOLQXWpNXV\QDSUiãHN-LQDNVHPXVtYiSQRSHG
K\GUDWDFt POtW 0$åH EêW WDNp QXWQp POHWt K\GUDWRYDQpKR SURGXNWX ]D ~þHOHP GRVDåHQt
SRåDGRYDQpKRVWXSQMHPQRVWLDU\FKORVWLWXKQXWt
Ä6SHFLiOQt³StURGQtK\GUDXOLFNiYiSQDVHY\UiEtGRNRQDOêPVPtVHQtPSUiãNRYêFKStURGQtFK
K\GUDXOLFNêFK YiSHQ VSUiãNRYêPL SXFROiQRYêPL QHER K\GUDXOLFNêPL PDWHULiO\ 8POi
K\GUDXOLFNi YiSQD VH Y\UiEMt GRNRQDOêP VPtVHQtP SUiãNRYêFK K\GUDWRYDQêFK YiSHQ
VSUiãNRYêPLSXFROiQRYêPLQHERK\GUDXOLFNêPLPDWHULiO\
9iSHQLFNpSHFHSURYQLWURSRGQLNRYRXVSRWHEX
9iSHQLFNpSHFHYåHOH]iVNpPDRFHOiVNpPSU$P\VOX
9WãLQD YiSQD SRXåtYDQpKR YåHOH]iVNpP D RFHOiVNpP SU$P\VOX MH QD ]HVWUXVNRYiQt
QHþLVWRW Y]iNODGQt R[LGDþQt SHFL 9iSQR VH WDNp YPHQãtP PQRåVWYt SRXåtYi YH
VOLQRYDFtPSURFHVX SUR StSUDYX åHOH]Qp UXG\ SL RGVLRYiQt VXURYpKR åHOH]D MDNR WDYLGOR
YRVWDWQtFK R[LGDþQtFK RFHOiVNêFK SURFHVHFK SL SURFHVX YêURE\ RFHOL YREORXNRYp SHFL
DYPQRKDVHNXQGiUQtFKRFHOiVNêFKSURFHVHFK
9iSHQLFNp SHFH YåHOH]iVNpP D RFHOiVNpP SU$P\VOX MVRX YWãLQRX ãDFKWRYp SHFH U$]QêFK
NRQVWUXNþQtFK W\S$ D NDSDFLW 2G SHFt SUR NRPHUþQt YêUREX VH VYRMt VSRWHERX D HPLVHPL
QLMDNQHOLãt
9iSHQLFNpSHFHYSU$P\VOXVXOIiWRYpEXQLþLQ\
9HYURSVNpPSDStUHQVNpPSU$P\VOXMHDVLYiSHQLFNêFKSHFt-VRXWRYHVPVURWDþQtSHFH
VNDSDFLWRXRGGRWSiOHQpKRYiSQDGHQQ9WãLQD]QLFKMVRXGORXKpURWDþQtSHFHDOH
MVRXWXLPRGHUQtURWDþQtSHFHVSHGHKtYDþL
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
'ORXKp URWDþQt YiSHQLFNp SHFH VH REY\NOH SOQt NDOHP &D&2 VREVDKHP YRG\ =iNODGQtPSDOLYHPMHREY\NOHSO\QQHERQDIWD1DYtFVHXE\þHMQVSDOXMtQHNRQGHQ]RYDWHOQp
SO\Q\ SURGXNRYDQp YQNROLND REODVWHFK SURFHVX YêURE\ EXQLþLQ\ SLþHPå VH YNRXRYêFK
SO\QHFK]Y\ãXMHREVDK+6RUJDQLFNêFKVORXþHQLQVtU\D629QNWHUêFKStSDGHFKVHMDNR
SDOLYRSRXåtYDMtWDNpSLOLQ\DSO\Q\]tVNDQp]ELRPDV\
.þLãWQt RGSDGQtFK SO\Q$ VH RE\þHMQ SRXåtYDMt YHQWXULKR PRNUp SUDþN\ D HOHNWURVWDWLFNp
RGOXþRYDþHSURXUþLWpOiWN\
9iSHQLFNpSHFHYFXNURYDUQLFNpPSU$P\VOX
9WãLQD YiSHQLFNêFK SHFt YHYURSVNpP FXNURYDUQLFNpP SU$P\VOX MVRX ãDFKWRYp SHFH VH
VPtãHQRX YVi]NRX 9WãLQD SHFt SURGXNXMH EKHP HSQp NDPSDQ NWHUi YVH]yQ WUYDODRGGRGQtSLSU$PUXGQtRGGRWSiOHQpKRYiSQDGHQQ
9FXNURYDUHFKVHY\XåtYiMDNSiOHQpYiSQRWDN&2YNRXRYêFKSO\QHFK3O\QSURGXNRYDQê
SHFt VH ]DFK\FXMH D QHå VH SRXåLMH YSURFHVX YêURE\ FXNUX NDUERQL]DFH RGOXþXMH VH
] YWãLQ\ SO\QX YPRNUp SUDþFH SUDFK 9WãLQD &2 VH YþHHQp ã"iY ]QRYX VORXþt
VYiSHQQêPPOpNHPQD&D&2
1HMREY\NOHMãtP SDOLYHP YH YiSHQLFNêFK SHFtFK FXNURYDUQLFNpKR SU$P\VOX MH NRNV 7R MH
KODYQ SURWR åH SURGXNRYDQê SO\Q REVDKXMH YtFH &2 Då REMHPRYêFK &2 QHå
SO\QSURGXNRYDQêYQDIWRXQHERSO\QHPY\WiSQêFKSHFtFKREMHPRYêFK&2
ÒURYH VSRWHE\ YiSHQFH D SDOLYD MH YH YiSHQLFNêFK SHFtFK FXNURYDUQLFNpKR SU$P\VOX
SLEOLåQVWHMQiMDNRXVKRGQêFKW\S$YiSHQLFNêFKSHFtYRVWDWQtFKRGYWYtFK
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
6RXþDVQpKODGLQ\VSRWHE\DHPLVt
+ODYQtPL HNRORJLFNêPL SUREOpP\ VSRMHQêPL V YêURERX YiSQD MVRX ]QHþLãWQt RY]GXãt
D VSRWHED HQHUJLH 3URFHV SiOHQt YiSQD MH KODYQtP ]GURMHP HPLVt D MH WDNp KODYQtP
VSRWHELWHOHP HQHUJLH 6HNXQGiUQt SURFHV\ KDãHQt D POHWt YiSQD PRKRX WDNp EêW Yê]QDPQp
]DWtPFR SRGS$UQp þLQQRVWL ]HMPpQD GUFHQt WtGQt SHSUDYD VNODGRYiQt D RGEU MVRX
SRPUQPpQ]iYDåQpMDNVRKOHGHPQDHPLVHWDNQDVSRWHEXHQHUJLH
6SRWHEDYiSHQFH
9êUREDYiSQDREY\NOHVSRWHERYiYiRGGRWYiSHQFHQDWXQXWUåQtKRYiSQD6SRWHED
]iYLVt QD W\SX SURGXNWX þLVWRW YiSHQFH VWXSQL NDOFLQDFH D PQRåVWYt RGSDG$ QDS SUDFK
XQiãHQê]SHFHRGSDGQtPLSO\Q\
6SRWHEDHQHUJLH
.DOFLQDFHYiSHQFH
7\SLFNi VSRWHED WHSOD D HOHNWULFNp HQHUJLH U$]QêFK W\S$ YiSHQLFNêFK SHFt MH Y WDE 6SRWHEDHQHUJLHSURGDQêW\SSHFHWDNp]iYLVtQDMDNRVWLSRXåLWpKRNDPHQHDVWXSQLSHPQ\
XKOLþLWDQXYiSHQDWpKRQDR[LGYiSHQDWê
0QRåVWYtWHSODQDUR]NODGYiSHQFHMH0-WýLVWiVSRWHEDWHSODQDWSiOHQpKRYiSQDVH
SRGVWDWQOLãtSRGOHNRQVWUXNþQtKRW\SXSHFH5RWDþQtSHFHY\åDGXMt]SUDYLGODYtFHWHSODQHå
ãDFKWRYpSHFH6SRWHEDWHSODVWRXSiVHY]U$VWDMtFtPVWXSQPYêSDOX
6SRWHEDHOHNWLQ\VHSRK\EXMHRGQt]NêFKKRGQRWN:KWYiSQDXãDFKWRYêFKSHFtVH
VPtãHQRX YVi]NRX SR N:KW X PRGHUQMãtFK NRQVWUXNþQtFK W\S$ ãDFKWRYêFK SHFt
DURWDþQtFKSHFt
7\S SHFH
3iOHQp YiSQR EtOp PNFH D WYUG SiOHQê GRORPLW
âDFKWRYi SHF VH VPtãHQRX YVi]NRX
'YRMLW VNORQQi ãDFKWRYi SHF
9tFHNRPRURYi ãDFKWRYi SHF
3UVWHQFRYi ãDFKWRYi SHF
6RXSURXGi UHJHQHUDWLYQt ãDFKWRYi SHF
2VWDWQt ãDFKWRYp SHFH
'ORXKi URWDþQt SHF
5RWDþQt SHFH V URãWRYêP SHGHKtYDþHP
5RWDþQt SHFH V ãDFKWRYêP SHGHKtYDþHP
5RWDþQt SHFH V F\NORQRYêP YêPQtNHP
3HF V SRK\EOLYêP URãWHP
.DOFLQDFH Y SO\QQp VXVSHQ]L
)OXLGQt SHF
0UWY SiOHQê GRORPLW
5RWDþQt SHF V URãWRYêP SHGHKtYDþHP
D
D
D
D
D
Y\UiEMtFt UHDNWLYQt EtOp SiOHQp YiSQR
6SRWHED WHSOD
6SRWHED HOHNWLQ\
0-W YiSQD
N:KW YiSQD
7DE 7\SLFNi VSRWHED WHSOD D HOHNWLQ\ X U$]QêFK W\S$ YiSHQLFNêFK SHFt
>(X/$@ >8. ,3& 1RWH @ >-¡UJHQVHQ@
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
+\GUDWDFHYiSQD
+\GUDWDþQtSURFHVMHH[RWHUPLFNêDWDNVHSLGiYiQDGE\WHNYRG\]D~þHOHPUHJXODFHWHSORW\
Y K\GUiWRUHFK 7DWR QDGE\WHþQi YRGD VH SHPXMH QD SiUX NWHUi VH Y\SRXãWt GR RNROQtKR
SURVWHGt VSROX V PDOêP PQRåVWYtP Y]GXFKX NWHUp MH SLViYiQR GR K\GUiWRUX DE\ VH
]DEUiQLORYêVWXSXYOKNRVWLDSUDFKXGRSURYR]XDGR]Dt]HQtQDStYRGSiOHQpKRYiSQDDDE\
VHQDSRPRKORRGSDRYiQtQDGE\WHþQpYRG\
(QHUJHWLFNp QiURN\ SURYR]X K\GUiWRU$ Y]GXFKRYêFK WtGLþ$ D GRSUDYQtNRYêFK ]Dt]HQt
GRVDKXMtSLEOLåQDåN:KWSiOHQpKRYiSQD
0OHWtYiSQD
6SRWHEDHQHUJLHSLPOHWtYiSQDVHPQtRGDåN:KWSiOHQpKRYiSQDSURKUXEãtWtG\
QDSSURWtG\SRXåtYDQpNHVWDELOL]DFLS$GSRDåN:KWSiOHQpKRYiSQDXMHPQMãtFK
WtG0QRåVWYtY\åDGRYDQp HQHUJLHWDNp ]iOHåt QD SRXåLWpP ]Dt]HQt-HPQp RGUD]RYp POêQ\
O]H SRXåtW SUR KUXEãt SURGXNW\ .XORYp POêQ\ VWHGRYåQp YiOFRYp POêQ\ D Y\VRNRWODNp
POêQ\ SOXV GH]DJORPHUiWRU\ V SURJUHVLYQ QLåãt VSRWHERX HQHUJLH VH SRXåtYDMt NYêURE
MHPQMãtFKSURGXNW$
(PLVH
$WPRVIpULFNpHPLVH]DKUQXMtR[LG\GXVtNX12[R[LGVLLþLWê62R[LG\XKOtNX&2&2
DSUDFK (PLVH ]iYLVt QD NRQVWUXNþQtP W\SX SHFH SURYR]QtFK SRGPtQNiFK SRXåLWpP SDOLYX
D MDNRVWL YiSQD D YiSHQFH +ODGLQD HPLVt R[LGX XKOLþLWpKR VH YiåH NFKHPLFNpPX SURFHVX
NDOFLQDFHDNHVSDORYDFtPXSURFHVX&KDUDNWHULVWLFNpHPLVHMVRXXYHGHQ\YStVOXãQpPRGGtOX
SUR12[62SUDFKD&2
2[LG\GXVtNX
âDFKWRYp SHFH REY\NOH HPLWXMt PpQ 12[ QHå URWDþQt SHFH -H WR SURWR åH WHSORW\
YãDFKWRYêFKSHFtFKMVRXRE\þHMQSRG&WDNåHWYRUEDWHUPiOQtFK12[UHDNFtGXVtNX
VN\VOtNHP MH SRPUQ QLåãt 1DYtF VSDORYDFt V\VWpP\ REY\NOH Y\WYiHMt UHODWLYQ QLåãt
WHSORWX SODPHQH D SRGPtQN\ PpQ LQWHQ]LYQtKR PtVHQt S$VREtFt QLåãt KODGLQX 12[
XYRORYDQpKR]SDOLYD3RNXGVHYãDNãDFKWRYpSHFHSRXåtYDMtNYêUREWYUGSiOHQêFKEtOêFK
YiSHQQHERPUWYSiOHQpKRGRORPLWXY]QLNiY\ããtKODGLQD12[
9URWDþQtFKSHFtFKMHSODPHQSHVQMLY\PH]HQDWHSORW\SODPHQHMVRXY\ããtQHåYãDFKWRYêFK
SHFtFK]þHKRåY\SOêYiY\ããtKODGLQDSDOLYRYpKR12[.URPWRKRMHYG$VOHGNXRGOLãQpKR
]S$VREX SHQRVX WHSOD PD[LPiOQt WHSORWD SHFQtFK SO\Q$ WDNp Y\ããt FRå YHGH NH ]YêãHQp
KODGLQ WHUPiOQtKR 12[ 9êURED PUWY SiOHQpKR GRORPLWX YURWDþQtFK SHFtFK YHGH N MHãW
Y\ããtKODGLQ12[
&KDUDNWHULVWLFNpHPLVH12[]U$]QêFKW\S$YiSHQLFNêFKSHFtMVRXYWDE
EH]HQ
9iSHQLFNêSU$P\VO
7\S SHFH
.DSLWROD
PJ 12[1P
NJ 12[W YiSQD
5RWDþQt SHFH SUR PNNê YêSDO
5RWDþQt SHFH SUR WYUGê YêSDO
.RQFHQWUDFH HPLVt MVRX URþQtPL SU$PU\ D MVRX RULHQWDþQtPL KRGQRWDPL ]DORåHQêPL QD U$]QêFK WHFKQLNiFK
PHQt 2EVDK 2 MH QRUPiOQ QD ]iNODG W\SLFNêFK REMHP$ RGSDGQtFK SO\Q$ PRNUêFK
1P W YiSQD SUR ãDFKWRYp SHFH D SHFH V SRK\EOLYêP URãWHP
1P W YiSQD SUR URWDþQt SHFH NDOFLQXMtFt YiSHQHF V Y\VRNêP REVDKHP YiSQtNX D GRORPLW
1P W YiSQD SUR SHFH VH VPtãHQRX YVi]NRX SURGXNXMtFt PUW SiOHQê GRORPLW
1P W YiSQD SUR URWDþQt SHFH SURGXNXMtFt PUWY SiOHQê GRORPLW
7DE &KDUDNWHULVWLFNp HPLVH 12[ ] QNWHUêFK W\S$ YiSHQLFNêFK SHFt
>(X/$@
2[LGVLLþLWê
&KDUDNWHULVWLFNpHPLVH62]U$]QêFKW\S$YiSHQLFNêFKSHFtXND]XMHWDE
7\S SHFH
PJ 621P
NJ 62W YiSQD
PHQt 2EVDK 2 MH QRUPiOQ QD ]iNODG W\SLFNêFK REMHP$ YêVWXSQtFK SO\Q$ PRNUêFK
1P W YiSQD SUR SHFH VH VPtãHQRX YVi]NRX SURGXNXMtFt PUWY SiOHQê GRORPLW
8 SDOLY V Y\VRNêP REVDKHP VtU\ P$åH EêW Y\ããt
7DE &KDUDNWHULVWLFNp HPLVH 62 ] QNWHUêFK W\S$ YiSHQLFNêFK SHFt
>(X/$@
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
3L YWãLQ ]S$VRE$ YêSDOX YiSQD ]DFK\FXMH YWãLQX VtU\ StWRPQp YH YiSHQFL D YSDOLYX
SiOHQp YiSQR 9ãDFKWRYêFK SHFtFK D IOXLGQtFK SHFtFK REY\NOH ]DMLã"XMH ~þLQQRX DEVRUSFL
R[LGXVLLþLWpKR~þLQQêVW\NSHFQtFKSO\Q$DSiOHQpKRYiSQD7RSODWtREHFQWDNpSURURWDþQt
DRVWDWQtSHFHVSHGHKtYDþLVSHYQRXYUVWYRX
$YãDNY\UiEtOLVHYURWDþQtFKSHFtFKSiOHQpYiSQRVQt]NêPREVDKHPVtU\DWYUGSiOHQpEtOp
YiSQR QHER PUWY SiOHQê GRORPLW EX YãDFKWRYêFK QHER YURWDþQtFK SHFtFK þiVW VtU\
]SDOLYDDYiSHQFHRGFKi]tYSRGRER[LGXVLLþLWpKRVRGSDGQtPLSO\Q\
3UDFK
9êSDOYiSHQFH
9]QLN SUDFKX Pi S$YRG YMHPQêFK þiVWHþNiFK YH YiSHQFRYp YVi]FH YWHSHOQpP
D PHFKDQLFNpP UR]SDGX YiSQD D YiSHQFH YSHFL D PHQãt PURX YSRStONX ]SDOLYD +ODGLQD
WYRUE\SUDFKXVHYHOPLPQtY]iYLVORVWLPMQDNRQVWUXNþQtPW\SXSHFHDSRK\EXMHVHRG
GRPJ1PFRåRGSRYtGiSLEOLåQDåNJWSiOHQpKRYiSQD]iNODG1PW
YiSQD 9ãHFKQ\ URWDþQt SHFH MVRX Y\EDYHQ\ ]Dt]HQtPL QD ]DFK\WiYiQt SUDFKX VWHMQ MDNR
YWãLQDãDFKWRYêFKSHFt
9 G$VOHGNX YHONpKR UR]VDKX YODVWQRVWt ]SORGLQ VH SRXåtYDMt U$]Qp RGOXþRYDþH SUDFKX Yþ
F\NORQ$ PRNUêFK SUDþHN OiWNRYêFK ILOWU$ HOHNWURVWDWLFNêFK RGOXþRYDþ$ D StVNRYêFK ILOWU$
3RRGOXþRYiQtVHHPLVHREY\NOHSRK\EXMtRGGRPJ1PWHG\DVLRGGRNJW
SiOHQpKRYiSQD]iNODG1PWYiSQD
+\GUDWDFHYiSQD
3O\QQê RGSDG ]K\GUDWDþQtFK SURYR]$ MH FR GR REMHPX YFHONX PDOê ~URYH VH SRK\EXMH
NROHPPWK\GUDWRYDQpKRYiSQDDOHSHGRGOXþRYiQtPP$åHREVDKRYDWJPSUDFKX
9]QLNSUDFKXP$åHWHG\SHGVWDYRYDWDVLNJWK\GUDWRYDQpKRYiSQD.RGSUiãHQtHPLVtVH
SRXåtYiMDNPRNUêFKSUDþHNWDNOiWNRYêFKILOWU$
(PLVQt KODGLQD VH SR RGOXþRYiQt SRK\EXMH RG GR YtFH QHå PJ1P FRå RGSRYtGi
SLEOLåQDåNJWK\GUDWRYDQpKRYiSQD
0OHWtYiSQD
=D ~þHOHP RGWDKX POHWpKR YiSQD SRåDGRYDQp YHOLNRVWL þiVWLF MH ] FHOpKR POHFtKR ]Dt]HQt
RGViYiQ Y]GXFK 3URGXNW VH ]H Y]GXFKX VHSDUXMH YOiWNRYêFK ILOWUHFK SHG NWHUêPL þDVWR
SHGFKi]HMtF\NORQ\=DFK\WiYiQtSUDFKXMHWHG\QHGtOQRXVRXþiVWtSURFHVX
(PLVQtKODGLQDVHRE\þHMQSRK\EXMHRGGRPJPFRåRGSRYtGiDåNJW
YiSQDSLFKDUDNWHULVWLFNpPSU$WRNXY]GXFKX1PWYiSQD
3RPRFQpþLQQRVWL
3RPRFQp þLQQRVWL PRKRX ]DKUQRYDW GUFHQt SURVtYiQt SHSUDYX KDãHQt VNODGRYiQt D RGEU
3UDFKRYpHPLVHVHRPH]XMt]DNU\WtPDYPQRKDStSDGHFKRGWDKHPY]GXFKXDE\VH]Dt]HQt
XGUåHOR SRG VODEêP SRGWODNHP 9]GXFK SURFKi]t SHV OiWNRYp ILOWU\ D ]DFK\FHQê SUDFK VH
REY\NOH YUDFt GR SURGXNWX 3UDFK ]H VHNXQGiUQtFK ]GURM$ QDS VNODGRYDFtFK KDOG VXURYLQ
DSHYQêFKSDOLYP$åHS$VRELWSUREOpP\
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
2[LG\XKOtNX
9]iYLVORVWLQDVORåHQtYiSHQFHDVWXSQLNDOFLQDFHY]QLNiUR]NODGHPYiSHQFHDåWR[LGX
XKOLþLWpKR &2 QD W SiOHQpKR YiSQD 0QRåVWYt &2 SURGXNRYDQpKR KRHQtP ]iYLVt QD
FKHPLFNpP VORåHQt SDOLYD D QD VSRWHE WHSOD QD W SiOHQpKR YiSQD RE\þHMQ VH SRK\EXMH
YUR]PH]tRGGRW&2QDWSiOHQpKRYiSQD
9SRVOHGQtFK OHWHFK VH YH YWãLQ VWiW$ HPLVH &2 QD W SiOHQpKR YiSQD VQtåLO\ KODYQ
QDKUD]HQtP VWDUêFK SHFt WHSHOQ ~þLQQMãtPL NRQVWUXNþQtPL W\S\ D ]YêãHQtP VWXSQ Y\XåLWt
VQtåHQtPPQRåVWYtSUDãQpKRRGSDGX1PHFNêDIUDQFRX]VNêYiSHQLFNêSU$P\VOSLVWRXSLO
GREURYROQNGRKRGiPRVQtåHQtHPLVt&2DY%ULWiQLLE\ORY\SRþWHQRåHVHHPLVH&2QDW
SiOHQpKRYiSQDVQtåLO\EKHPOHWGRURNXSLEOLåQR
3RNXG Y]QLNDMt QHGRNRQDOêP VSDORYiQtP SHGVWDYXMt HPLVH R[LGX XKHOQDWpKR &2 ]WUiWX
~þLQQRVWL$YãDNXQNWHUêFKW\S$SHFtDSLYêUREQNWHUêFKSURGXNW$MHt]HQiKODGLQD&2
QH]E\WQiNY\WYRHQtSRåDGRYDQêFKSRGPtQHNVSDORYiQtDMDNRVWLSURGXNWX
1NWHUpYiSHQFHREVDKXMtXKOtNFRåP$åHYpVWNY\ããtPHPLVtP&2]SURFHVXYiSDOXYiSQD
&KDUDNWHULVWLFNpHPLVH&2]U$]QêFKW\S$SHFtXND]XMHWDE
J &21P
7\S SHFH
NJ &2W YiSQD
PHQt 2EVDK 2 MH QRUPiOQ QD ]iNODG W\SLFNêFK REMHP$ YêVWXSQtFK SO\Q$ PRNUêFK
1P W YiSQD SUR SHFH VH VPtãHQRX YVi]NRX SURGXNXMtFt PUWY SiOHQê GRORPLW
7DE &KDUDNWHULVWLFNp HPLVH &2 ] QNWHUêFK W\S$ YiSHQLFNêFK SHFt
>(X/$@
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
2VWDWQtOiWN\
7NDYpRUJDQLFNpOiWN\
(PLVH WNDYêFK RUJDQLFNêFK OiWHN 9RODWLOH 2UJDQLF &RPSRXQGV 92& VH PRKRX QD
NUiWNRX GREX REMHYLW SL QiEKX YêURE\ QHER SL QHURYQRYiåQêFK SRGPtQNiFK . WDNRYêP
StSDG$P P$åH GRFKi]HW U$]Q þDVWR 8 URWDþQtFK SHFt MHGQRX QHER GYDNUiW ]D URN
X ãDFKWRYêFK SHFt MHGQRX ]D URN Då OHW 9H YHOPL RPH]HQpP SRþWX StSDG$ SRNXG
YiSHQHFREVDKXMHYê]QDPQpPQRåVWYtRUJDQLFNêFKOiWHNPRKRXEêW92&Y\OXþRYiQ\WUYDOH
3RO\FKORURYDQpGLEHQ]RGLR[LQ\3&''DSRO\FKORURYDQpGLEHQ]RIXUDQ\3&')
6XURYLQ\ QHER SDOLYD NWHUi REVDKXMt FKORULG\ PRKRX YWHSHOQpP VSDORYDFtP SURFHVX
YiSHQLFNp SHFH SRWHQFLiOQ ]S$VRERYDW WYRUEX SRO\FKORURYDQêFK GLEHQ]RGLR[LQ$ 3&''
D SRO\FKORURYDQêFK GLEHQ]RIXUDQ$ 3&') ÒGDMH ]D]QDPHQDQp YGRNXPHQWX Ä,GHQWLILNDFH
UHOHYDQWQtFK SU$P\VORYêFK ]GURM$ GLR[LQ$ D IXUDQ$ Y(YURS³ QD]QDþXMH åH YiSHQN\ PDMt
SURHPLVH3&'')Y(YURSPDOêYê]QDP>0DWHULDOLHQ@'DWD]PHQtVKURPiåGQi
(X/$ ]H SHFt ] QLFKå MVRX URWDþQt D ãDFKWRYp XND]XMt KODGLQX GLR[LQ$ SRG QJ
HNYLYDOHQWX 7&''1P 0HQt QD SUVWHQFRYêFK ãDFKWRYêFK SHFtFK Y1PHFNX E\OD
YãHFKQDKOXERNRSRGQJ7(P>/$,@
$YãDN PDOê SRþHW PHQt ]QDPHQi åH QHO]H Y\ORXþLW åH VH Y(YURS QHQDMGRX MHGQRWOLYp
]iYRG\ VORNiOQtP GRSDGHP >0DWHULDOLHQ @ 9ê]QDPQp KODGLQ\ GLR[LQ$ E\O\ QDPHQ\
XSHFtURWDþQtFKDãDFKWRYpYHâYpGVNX0HQtVHXVNXWHþQLODPH]LURN\D
D QDPHQp KRGQRW\ VH SRK\ERYDO\ RG GR QJ HNYLYDOHQWX 7&'' 1RUGLF1P
9ãHFKQ\ Y\VRNp QDPHQp KRGQRW\ GLR[LQ$ VH Y\VYWOLO\ EX REVDKHP YVXURYLQ D QHER
SDOLYX QHER KRUãtPL SRGPtQNDPL KRHQt FRå SRGWUKOR G$OHåLWRVW NRQWURO\ YVWXS$ GR SHFH
D XGUåRYiQt VWDELOQtFK SRGPtQHN SURYR]X SHFH 'YD ]WFKWR ]iYRG$ SRXåtYDMt YiSHQHF
VStURGQtPREVDKHPGHKWXFRåWDNp]S$VREXMHY\VRNRXKODGLQX92&8MHGQpURWDþQtSHFH
E\OD QDPHQD QJP SRWp FR E\OR ]PQQR SDOLYR ]XKOt QD QDIWX YPQRKHP NUDWãtP
þDVH QHå MH REY\NOp 8 URWDþQt SHFH E\OD QDPHQD KRGQRWD QJP EKHP SURYR]QtFK
]NRXãHN VRGSDGQtP ROHMHP MDNR SDOLYHP 9G$VOHGNX Y\VRNp KRGQRW\ GLR[LQX QHE\OR
SRYROHQRDE\WDWRSHFSRXåtYDODMDNRSDOLYRRGSDGQtROHM>%UDQVFKUDSRRUW@>-XQNHU@
.RY\
2HPLVtFKNRY$MHNGLVSR]LFLPiOR~GDM$9\VRNiþLVWRWDYWãLQ\YiSHQF$SRXåtYDQêFKSUR
YêUREXEtOêFKDGRORPLWLFNêFKYiSHQ]QDPHQiåHHPLVHNRY$MVRXRE\þHMQQt]Np0HQtQD
U$]QêFKW\SHFKYiSHQLFNêFKSHFtSURYHGHQi(X/$XND]XMtåHKODGLQDNDGPLDUWXWLDWKDOLDMH
KOXERNRSRGPJ1P
2GSDG\
6WDUãt NRQVWUXNþQt W\S\ ãDFKWRYêFK SHFt þDVWR SURGXNXMt GYD W\S\ QHNYDOLWQtFK SURGXNW$
QHþLVWRX MHPQRX IUDNFL QNG\ VPtãHQRX VSRStONHP ]SDOLYD D IUDNFL VHVWiYDMtFt
]QHGRSiOHQêFKNXV$
0RGHUQt SHFH SURGXNXMt YHOPL PiOR SURGXNWX QHRGSRYtGDMtFtKR VSHFLILNDFtP -HVWOLåH VH
WDNRYpSURGXNW\REMHYtVHVWiYDMtKODYQ]SUDFKXRGORXþHQpKR]NRXRYêFKSO\Q$DREY\NOH
GRVDKXMt]FHONXY]iYLVORVWLQDYVi]NRYpPNDPHQLDSiOHQpPYiSQ0DOpPQRåVWYt
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
þiVWHþQ NDOFLQRYDQpKR PDWHULiOX VH SURGXNXMH QDEtKiOL SHF ]H VWXGHQpKR VWDYX D EKHP
RGVWDYRYiQt.WPWRXGiORVWHPGRFKi]tVIUHNYHQFtMHGQRX]DPVtF$DåMHGQRX]DOHW
1NWHUp K\GUDWDþQt SURYR]\ ]Y\ãXMt MDNRVW YiSHQQpKR K\GUiWX RGVWUDQQtP QHNYDOLWQtKR
SRGtOXVHVWiYDMtFtKR]KUXEpQDXKOLþLWDQ\ERKDWpIUDNFH3RNXGMHWRPRåQpSLGiYDMtVHW\WR
QHNYDOLWQtSRGtO\GRY\EUDQêFKSURGXNW$-LQDNVHXNOiGDMtQDVNOiGN\
+OXN
9Vi]ND NXV$ YiSHQFH GR YiSHQLFNp SHFH P$åH YpVW N KOXNX WDNRYp ~URYQ NWHUi Y\åDGXMH
]PtUQQt6NOX]\PRKRXEêWY\ORåHQ\YQLWQQHER]YQMãNXREORåHQ\SUXåQêPPDWHULiOHP
9HQWLOiWRU\ SRXåtYDQp NRGWDKX SO\Q$ ]SHFH D SHWODNRYp YHQWLOiWRU\ NWHUp VH QNG\
SRXåtYDMt NGRGiYFH VSDORYDFtKR Y]GXFKX PRKRX Y\GiYDW LQWHQ]LYQt ]YXN\ FRå Y\åDGXMH
RGKOXþQQt .GRVDåHQt SRåDGRYDQpKR VQtåHQt KOXþQRVWL VH SRXåtYDMt YêVWXSQt WOXPLþH
DFKUiQLþHSRWUXEt
3UiYQtSHGSLV\
3HKOHGVRXþDVQêFKSUiYQtFKSHGSLV$(8MHXYHGHQYStOR]H$
0RQLWRURYiQt
3RGOH(YURSVNpKRYiSHQLFNpKRVGUXåHQt(X/$QHE\ODSURYiSHQLFNêSU$P\VOVSROHKOLYRVW
NRQWLQXiOQtKR PRQLWRURYiQt SURNi]iQD D QHQt RG$YRGQQi (X/$ MH WRKR Qi]RUX åH
YG$VOHGNXYHOLNRVWLSURYR]$VWDELOLW\YêUREQtKRSURFHVXYiSQDDVRKOHGHPQDQiNODG\QHQt
NRQWLQXiOQtPRQLWRURYiQtDQLSUDNWLFNpDQLQH]E\WQp
0RKOR E\ EêW YKRGQp NRQWLQXiOQ PRQLWRURYDW YHONp URWDþQt SHFH .GLVSR]LFL QHQt PQRKR
LQIRUPDFtDOHQHMPpQQDMHGQpYiSHQLFNpSHFLY1PHFNXVHNRQWLQXiOQPRQLWRUXMtHPLVH
SUDFKXD12[
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
7HFKQLN\XYDåRYDQpSLVWDQRYHQt%$7
+ODYQtPL þLQLWHOL RYOLYXMtFtPL YêEU NRQVWUXNþQtKR W\SX SHFH MVRX FKDUDNWHULVWLN\
GRVWXSQpKR YiSHQFH SRåDGDYN\ QD MDNRVW YiSQD FHQD GRVWXSQêFK SDOLY D NDSDFLWD SHFH
9WãLQDPRGHUQtFKNRQVWUXNþQtFKW\S$SHFtY\UiEtUHDNWLYQtYiSQR3RNXGVHSRåDGXMHYiSQR
VQt]NRXUHDNWLYLWRXSRXåtYDMtVHþDVWRSHFHVHVPtãHQRXYVi]NRX
8 YWãLQ\ QRYêFK SURYR]$ VH GiYi SHGQRVW VRXSURXGêP UHJHQHUDWLYQtP SUVWHQFRYêP
ãDFKWRYêP D MLQêP ãDFKWRYêP SHFtP 5RWDþQt SHFH VH SRXåtYDMt NH NDOFLQDFL YiSHQFH
VPHQãtPL UR]PU\ þiVWLF 8UþLWp NRQVWUXNþQt W\S\ SHFt PDMt ]YOiãWQt FKDUDNWHULVWLN\ QDS
SHFVSRK\EOLYêPURãWHPMHRE]YOiãWYKRGQiNYêUREPDOêFKGiYHNSiOHQpKRYiSQDU$]Qp
MDNRVWL
7DE XYiGt SHKOHG WHFKQLN NWHUp PDMt NODGQê YOLY QD HPLVH W]Q VQLåXMt MH ]YêURE\
YiSQD 9\MPHQRYDQp WHFKQLN\ MVRX SRGUREQML SRSViQ\ QtåH -VRXOL ~GDMH GRVWXSQp QHER
YKRGQpMHXYHGHQNUiWNêSRSLVREY\NOpKODGLQ\HPLVtQHERSRWHQFLiOVQtåHQtSRXåLWHOQRVW
D ~GDMH R QiNODGHFK .URP WFKWR WHFKQLN RPH]RYiQt HPLVt VH YWpWR NDSLWROH GLVNXWXMH
VSRWHEDYiSHQFHDHQHUJLH
7HFKQLND
âDFKWRYpSHFH t]HQtYêUSURFHVX
&\NORQ\
/iWNRYpILOWU\
(OHNWURVWDWLFNp
RGOXþRYDþH
0RNUpSUDþN\
2GVWUDRYiQt
VHNXQGiUQtFK]GURM$
5RWDþQtSHFH t]HQtYêUREQtKRSURFHVX
9ROEDSDOLYD
&\NORQ\
/iWNRYpILOWU\
(OHNWURVWDWLFNp
RGOXþRYDþH
0RNUpSUDþN\
2GVWUDRYiQt
VHNXQGiUQtFK]GURM$
0OêQ\
/iWNRYpILOWU\
+\GUDWDþQt
/iWNRYpILOWU\
SURYR]\
0RNUpSUDþN\
12
[
62
3UDFK
;
;
&2
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
7DE 3HKOHG WHFKQLN GRVWXSQêFK SUR YiSHQLFNê SU$ P\VO
6SRWHEDYiSHQFH
0LQLPiOQt VSRWHED YiSHQFH Y\SOêYi ]PD[LPiOQtFK YêQRV$ SHFQtKR NDPHQH ]ORPX
DSURGHMQpKRYiSQD]SHFQtKRNDPHQHY\UREHQpKR7RKRO]HGRViKQRXW
x LQVWDODFtSHFtNWHUpMHPRåQpSURYR]RYDWVU$]QRX]UQLWRVWtYiSHQFH
x LQVWDODFtGYRXQHERYtFHW\S$SHFtNWHUpMVRXVFKRSQ\NDOFLQRYDWYiSHQHFU$]Qp]UQLWRVWL
YL]REU
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
x ]YOiãWQtWåERXDVSUiYQUHJXORYDQêPXåLWtPYiSHQFHMDNRVW]UQLWRVWSRGOHGRVWXSQêFK
W\S$SHFt
x VQtåHQtP SURGXNFH RGSDG$ QDS RGOXþRYDQê SUDFK ]RGSDGQtFK SO\Q$ D SiOHQp YiSQR
QHRGSRYtGDMtFtVSHFLILNDFtP
x Y\WYiHQtPWUåQtKRXSODWQQtSURWDNRYpRGSDG\
2EU 5R]ORåHQt ]UQLWRVWL SHFQt YVi]N\ W\S\ SHFt
>(X/$@
8GUåRYiQt Qt]Np VSRWHE\ YiSHQFH WDNp ]DKUQXMH VQLåRYiQt RGSDGQtFK SURGXNW$
YK\GUDWDþQtFK SURYR]HFK QDS SUDFKX D YQNWHUêFK StSDGHFK RGVWUDRYiQt SRGtO$
ERKDWêFKQD&D&2 DY\XåtYiQtRGSDG$]K\GUiWRU$DPOêQ$
6SRWHEDHQHUJLH
9PQRKD StSDGHFK MVRX VWDUp SHFH QDKUD]RYiQ\ QRYêPL DOH QNWHUp VWiYDMtFt SHFH E\O\
XSUDYHQ\ WDN DE\ VH VQtåLOD VSRWHED HQHUJLH ]SDOLY 7\WR ~SUDY\ VH SRK\EXMt RG PDOêFK
PRGLILNDFt QDS LQVWDODFH YêPQtN$ WHSOD ]D ~þHOHP UHNXSHUDFH WHSOD YSHFQtFK SO\QHFK
QHER ]D ~þHOHP Y\XåLWt ãLUãtKR VRUWLPHQWX SDOLY Då SR YHONp ]PQ\ YNRQILJXUDFL SHFH
9QNWHUêFK StSDGHFK NGH ãDFKWRYp SHFH SHVWDO\ EêW HNRQRPLFN\ ]S$VRELOp E\OR PRåQR
SHPQLW MH QD PRGHUQt NRQVWUXNþQt W\S QDS SHVWDYERX MHGQRGXFKp ãDFKWRYp SHFH QD
SUVWHQFRYê W\S QHER Y\WYRHQt VRXSURXGp UHJHQHUDWLYQt SHFH SURSRMHQtP SiUX ãDFKWRYêFK
SHFt .RQYHU]H SURGOXåXMH åLYRWQRVW GUDKêFK VRXþiVWt ]Dt]HQt MDNR MH NRQVWUXNFH SHFH
V\VWpP]DYiåN\NDPHQHDVNODGRYDFtKRDPDQLSXODþQtKR]Dt]HQtQDYiSQR9HYêMLPHþQêFK
StSDGHFKP$åHEêWKRVSRGiUQp]NUiWLW GORXKp URWDþQt SHFH D RVDGLW MH SHGHKtYDþHP D WDN
VQtåLWVSRWHEXSDOLYD
5HNXSHUDFHWHSOD]RGSDGQtFKSO\Q$NWHUpMVRXSURGXNRYiQ\SLH[RWHUPLFNpUHDNFLSURFHVX
K\GUDWDFHYiSQDVHSRXåtYiNRKtYiQtYRG\SURK\GUDWDFLYiSQD.URP~VSRU\HQHUJLHWRWR
]YêãHQt WHSORW\ YRG\ XU\FKOXMH SU$EK UHDNFH6SRWHED HOHNWULFNp HQHUJLH P$åH EêW PL
QLPDOL]RYiQDSRXåLWtPHQHUJHWLFN\~þLQQêFK]Dt]HQtMDNRMVRXY\VRNRWODNpYiOFRYpPOêQ\
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
1NWHUp QtåH SRSVDQp UHGXNþQt WHFKQLN\ QDS RSWLPDOL]DFH t]HQt YêUREQtKR SURFHVX PDMt
WDNpNODGQêYOLYQDVSRWHEXHQHUJLH
2SWLPDOL]DFHt]HQtYêUREQtKRSURFHVX
9êVOHGNHP XGUåRYiQt SDUDPHWU$ t]HQt SHFH EOt]NR RSWLPiOQtFK KRGQRW MH VQtåHQt YãHFK
SDUDPHWU$ VSRWHE\ D HPLVt YSURFHVX YêSDOX YiSQD 7R MH PM G$VOHGNHP QLåãtKR SRþWX
RGVWiYNRYêFK D QHURYQRYiåQêFK SRGPtQHN -H PRåQp SURYR]RYDW tGLFt V\VWpP\ V FtOHP
]DMLVWLW ]DYHGHQt D GRGUåRYiQt VSUiYQp SURYR]Qt D ~GUåERYp SUD[H YãHPL ]DLQWHUHVRYDQêPL
DPRQLWRURYDWMHMtGRGUåRYiQt
9êEUSDOLYD
9êEUSDOLYDP$åHRYOLYQLWHPLVH]SHFH]HMPpQDHPLVH62 ]URWDþQtFKSHFt9êUREFLYiSQD
PDMt VQDKX EUiQLW VH VSDORYiQt RGSDG$ MDNR SDOLYD NY$OL NRQHþQpPX SRXåLWt YiSQD QDS
YSRWUDYLQiVNpP SU$P\VOX D YRGiUQiFK 9QNWHUêFK StSDGHFK NG\ QHMVRX WDN StVQp
SRåDGDYN\ QD SURGXNW\ ]YiSQD MH PRåQp RGSDGRYi SDOLYD SRXåtW 3RXåLWt YKRGQêFK W\S$
RGSDGXMDNRSDOLYDP$åHVQtåLWYVWXSStURGQtFK]GURM$ DOH MH WHED þLQLW WDN SL XVSRNRMLYp
NRQWUROHOiWHN]DYiGQêFKGRSHFQtKRSURFHVX
7HFKQLN\RPH]RYiQtHPLVt12[
(PLVH 12 ]iYLVt KODYQ QD MDNRVWL Y\UiEQpKR YiSQD D NRQVWUXNþQtP W\SX SHFH 1NROLN
URWDþQtFK SHFt E\OR RSDWHQR KRiN\ VQt]NêPL HPLVHPL 12 -LQp WHFKQRORJLH VQLåRYiQt
HPLVt12 QHE\O\SRXåLW\
[
[
[
3HQRVWHFKQRORJLHKRiN$VQt]NêPL HPLVHPL12 ]FHPHQWiVNêFKSHFtQDYiSHQLFNpSHFH
QHQt StPRþDUê 9FHPHQWiVNêFK SHFtFK MH WHSORWD SODPHQH Y\ããt D KRiN\ VQt]NRX HPLVt
12 E\O\Y\YLQXW\NHVQtåHQtSRþiWHþQtKODGLQ\ÄWHUPLFNpKR12 ³9HYWãLQYiSHQLFNêFK
SHFtMHKODGLQD12 QLåãtDÄWHUPLFNp12 ³MHQHSRFK\EQPpQG$OHåLWp
[
[
[
[
[
7HFKQLN\RPH]RYiQtHPLVt62
(PLVH62 KODYQ]URWDþQtFKSHFt]iYLVtQDREVDKXVtU\YSDOLYXQDNRQVWUXNþQtPW\SXSHFH
DSRåDGRYDQpPREVDKXVtU\YHY\UiEQpPYiSQ9ROEDSDOLYDVQt]NêPREVDKHPVtU\SURWR
P$åH RPH]LW HPLVH 62 VWHMQ MDNR YêURED YiSQD VY\ããtP REVDKHP VtU\ 'RVWXSQp MVRX
WHFKQLN\SLGiYiQtDEVRUEHQWXDOHYVRXþDVQRVWLVHQHSRXåtYDMt
7HFKQLN\RPH]RYiQtHPLVtSUDFKX
5RWDþQt SHFH MVRX RE\þHMQ NY$OL SRPUQ Y\VRNêP WHSORWiP RGSDGQtFK SO\Q$ Y\EDYHQ\
HOHNWURVWDWLFNêPLRGOXþRYDþL/iWNRYpILOWU\VHWDNpSRXåtYDMt]HMPpQDXSHFtVSHGHKtYDþL
NGHMVRXWHSORW\RGSDGQtFKSO\Q$QLåãt
âDFKWRYpSHFHMVRXREY\NOHRVD]HQ\OiWNRYêPLILOWU\1NG\VHSRXåtYDMtPRNUpSUDþN\
3URYR]\ QD POHWt YiSQD SRXåtYDMt OiWNRYêFK ILOWU$ N]tVNiQt SURGXNWX D RGORXþHQt SUDFKX
]QRVQpKRY]GXFKX
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
+\GUDWDþQt SURYR]\ VRGSDGQtPL SO\Q\ QDV\FHQêPL YRGQt SiURX SL DVL & MVRX REY\NOH
RVD]HQ\ PRNUêPL SUDþNDPL DþNROL VH WDP NGH Pi YVWXSXMtFt YiSQR Y\VRNRX UHDNWLYLWX
Y]U$VWDMtFtPURXSRXåtYDMtOiWNRYpILOWU\
7DE SHGVWDYXMH SHKOHG GRVWXSQêFK ~GDM$ R WHFKQLNiFK RPH]RYiQt SUDFKRYêFK HPLVt
SLYêUREYiSQD
7HFKQLND
3RXåLWHOQRVW &KDUDNW NDSDF
+ODGLQD HPLVt
1iNODG\
WURN
PJP
NJW
,QYHVWLþQt SURYR]Qt
&\NORQ\
0OêQ\ SHFH
a RVWDWQt SURFHV\
(2 QHE OiWN I 5RWDþQt SHF
/iWNRYê ILOWU 6RXSURXGi
UHJHQHU SHF
/iWNRYê ILOWU 3UVWHQFRYi
ãDFKWRYi SHF
/iWNRYê ILOWU 2VW ãDFKW SHFH
/iWNRYê ILOWU 6\VWpP\ POHWt YiSQD
/iWNRYê ILOWU +\GUiWRU YiSQD
0RNUi SUDþND +\GUiWRU YiSQD
2GVWUDRYiQt 9ãHFKQ\
SUDFKX ]H SURYR]\
VHNXQGiUQtFK
]GURM$
2EY\NOH Y]WDåHQR QD GHQQt SU$PU VXFKê SO\Q . N3D D 2 Y\MPD K\GUDWDþQtFK SURYR]$
SUR NWHUp MVRX SRGPtQN\ XYHGHQ\ VDPRVWDWQ
9 NJW YiSQD QD ]iNODG 1P W YiSQD SUR URWDþQt SHFH 1P W YiSQD SUR ãDFKWRYp SHFH D 1P W K\GUDWRYDQpKR YiSQD SUR K\GUiWRU\ YiSQD
,QYHVWLþQt QiNODG\ MVRX Y HXUR D SURYR]Qt QiNODG\ Y HXURW YiSQD
3L P W D PJP REMHP\ RGSDGQtFK SO\Q$ VH YHOPL OLãt Y ]iYLVORVWL QD W\SX SURYR]X
7DE 3HKOHG WHFKQLN SUR RPH]RYiQt SUDFKRYêFK HPLVt ] YêURE\ YiSQD
>(X/$@ >(FRWHFKQLFL @
2 GRVDåLWHOQêFK KODGLQiFK SUDFKRYêFK HPLVt QHQt GRVWXSQê GRVWDWHN LQIRUPDFt ýOHQRYp
WHFKQLFNpSUDFRYQtVNXSLQ\KOiVLOL]NXãHQRVWL]MHGQRWOLYêFK]iYRG$7\]DKUQXMtURWDþQtSHF
V(2 NWHUi YEåQpP SURYR]X GRVDKXMH R KRGQ PpQ QHå PJP 1NWHUp ]NXãHQRVWL
VOiWNRYêPLILOWU\XND]XMtåHMHYGHQQtPSU$PUXPRåQpGRViKQRXWPpQQHåPJP DOH
YQNWHUêFK]WFKWRStSDG$WRY\åDGRYDORYêPQXS\WO$[]DURN
+RGQRW\HPLVQtFKOLPLW$]YiSHQHNY(YURSVNpXQLLVHSRK\EXMtRGGRPJSUDFKXP YL]StORKD$
&\NORQ\
&\NORQ\MVRXSRPUQOHYQpDVQDGQRSURYR]RYDWHOQpDOHþiVWLFHVPDOêPSU$PUHPQHMVRX
]DFK\FRYiQ\ HIHNWLYQ .Y$OL W\SLFNp RPH]HQp ~þLQQRVWL RGVWUDRYiQt þiVWLF VH SRXåtYDMt
KODYQ NSHGþLãWQt H[KDODFt ]POêQ$ SHFt D MLQêFK SURYR]$ =EDYXMt (2 D OiWNRYp ILOWU\
Y\VRNp SUDFKRYp ]iWåH VQLåXMt SUREOpP\ HUR]H D DEUD]H D ]Y\ãXMt FHONRYRX ~þLQQRVW
>(FRWHFKQLFL@
&\NORQ\REY\NOHRGVWUDXMt]YiSHQLFNêFKSHFtRNRORSUDFKX>(X/$@
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
(OHNWURVWDWLFNpRGOXþRYDþH
(OHNWURVWDWLFNpRGOXþRYDþHMVRXSRSViQ\YNDSLWROH
(OHNWURVWDWLFNpRGOXþRYDþHMVRXYKRGQpSURSRXåLWtSLWHSORWiFKQDGURVQêPERGHPDGR
&VOHKNRXRFHORYRXNRQVWUXNFt(2MVRXþDVWR RVD]HQ\ URWDþQt SHFH VSHGHKtYDþL
L EH] QLFK 9QNWHUêFK StSDGHFK MH WR NY$OL Y\VRNêP WHSORWiP RGSDGQtFK SO\Q$ YMLQêFK
StSDGHFKMHWRNY$OLWRPXåHSHFHPDMtYHONRXYêUREQtNDSDFLWXDYG$VOHGNXWRKRSURGXNXMt
YHONpREMHP\SO\Q$YHVURYQiQtVOiWNRYêPLILOWU\FHQD(2VH]YWãXMtFtVHYHOLNRVWtNOHVi
(2PRKRXVSROHKOLYGRViKQRXW REVDKX SUDFKX SRG PJ1P -HGQD URWDþQt SHF RVD]HQi
(2~GDMQGRVDKXMHYEåQpPSURYR]XPpQQHåPJP 3RNXGVHSRXåLMt(2]HMPpQDXURWDþQtFKSHFtSRXåtYDMtFtFKXKOtQHERSHWURONRNVMHG$OHåLWp
]DEUiQLW ~QLN$P &2 3RþHW ~QLN$ &2 VH Gi ]PHQãLW SRXåLWtP PRGHUQtFK V\VWpP$ t]HQt
VU\FKOêPPLFtPDUHJXODþQtP]Dt]HQtPNWHUpGRYROXMtY\ããtY\StQDFtNULWpULDQHåREY\NOH
SRXåtYDQêFKREMHPRYêFK
/iWNRYpILOWU\
/iWNRYpILOWU\MVRXSRSViQ\YNDSLWROH
/iWNRYp ILOWU\ VH RE\þHMQ SURYR]XMt SL WHSORWiFK QDG URVQêP ERGHP D GR &
YStSDG WNDQLQ\ Ä1RPH[³ D GR & SUR ILOWUDþQt PDWHULiO\ MDNR VNOHQQi YOiNQD
D ÄWHIORQ³ $YãDN SUR ]SUDFRYiQt HPLVt ]K\GUDWDþQtFK SURYR]$ MH PRåQp SRXåtYDW MH SL
WHSORW URVQpKR ERGX /iWNRYê ILOWU MH SRWRP XPtVWQ StPR QDG K\GUiWRUHP þtPå VH
PLQLPDOL]XMH SUREOpP VNRQGHQ]DFt D QiYUDWHP VKURPiåGQêFK SHYQêFK OiWHN GR SURFHVX
3RXåtYDMtVHU$]QpW\S\ILOWUDþQtFKOiWHNYþHWQYOiNHQRGROQêFKSURWLYOKNRVWL
'REH XGUåRYDQp OiWNRYp ILOWU\ PRKRX VSROHKOLY VQLåRYDW NRQFHQWUDFH SRG PJ1P 9QNWHUêFK StSDGHFK E\OR VOiWNRYêPL ILOWU\ GRVDåHQR YGHQQtP SU$PUX PpQ QHå PJ
SUDFKX1P DOH YQNWHUêFK ]WFKWR StSDG$ WR Y\åDGRYDOR YêPQX S\WO$ [ URþQ
9åiGQpP ]WFKWR StSDG$ QHQt VMLVWRWRX ]QiPD StþLQD NUiWNp åLYRWQRVWL S\WO$
3UDYGSRGREQp StþLQ\ ]DKUQXMt NROtViQt WHSORW\ SO\Q$ YG$VOHGNX F\NOLFNp SRYDK\ SURFHVX
YãDFKWRYp SHFL FKRYiQt YiSHQQpKR SUDFKX D QHGRVWDWHþQRX ILOWUDþQt SORFKX 1HGRVWDWHþQi
ILOWUDþQt SORFKD WDNp ]S$VREXMH StOLã Y\VRNRX ILOWUDþQt U\FKORVW SURQLNiOL GR ILOWUX FKODGLFt
Y]GXFK 9\VRNi U\FKORVW NRXRYêFK SO\Q$ VQLåXMH ~þLQQRVW þLãWQt SRPRFt OiWNRYêFK ILOWU$
9G$VOHGNXWRKRPXVtEêW]YêãHQWODNþLVWLFtKRY]GXFKX]D~þHOHPY\þLãWQtS\WO$DWR]NUiWt
MHMLFKåLYRWQRVW'RSRUXþXMHVHILOWUDþQtU\FKORVWPPLQ
9MHGQRP StSDG VH SRYDåXMH ]D G$YRG NUiWNp åLYRWQRVWL S\WO$ QHGRVWDWHþQi YHOLNRVW ILOWUX
3UREOpP E\O Y\HãHQ ]YWãHQtP ILOWUX D Q\Qt VH GRVDKXMH KRGQRW\ SRG PJP VGYRXOHWRX
]iUXNRXQDåLYRWQRVWS\WO$>-XQNHU@
3RXåtYDMt VH WDNp S\WOH ] Ä*RUH7H[X³ D W\ PO\ WDNp YQNWHUêFK StSDGHFK SUREOpP\
VNUiWNRX åLYRWQRVWt 9MHGQRP ]iYRG VH ]D StþLQX SUREOpP$ SRYDåRYDOD SHULRGLFN\ VH
RSDNXMtFtStOLãY\VRNiSURYR]QtWHSORWD>-XQNHU@
-HWHEDDE\OiWNRYêILOWUPOYtFHRGGtO$NWHUpPRKRXEêWYStSDGSRUXãHQtS\WOHMHGQRWOLY
RGGOHQ\DMHWHEDDE\W\WRGRYRORYDO\SRNUDþRYiQtRGSRYtGDMtFtKRSURYR]XMHVWOLåHMHGHQ
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
RGGtOMHPLPR SURYR]-H WHED DE\ YNDåGpP RGGtOX E\O\ ÄGHWHNWRU\ SRãNR]HQt S\WOH³ DE\
LQGLNRYDO\SRWHEX~GUåE\SRNXGNWRPXGRMGH
'ORXKRGREê SURYR] OiWNRYêFK ILOWU$ ]iYLVt QD ~GUåE ILOWUX D QD WRP MDN þDVWR VH S\WOH
Y\PXMt (PLVQt ~URYH P$åH EêW YHOPL Qt]Ni DOH MH WR QiNODGQp 3LEOLåQp QiNODG\ QD
QiKUDGXILOWUDþQtKRS\WOHMVRXHXUR]DMHGHQS\WHOYþHWQPDWHULiOXSUiFHD]WUiW\YêURE\
3HFW\SX0DHU]VNDSDFLWRXWGHQQY\WiSQiSO\QHPY\åDGXMHSLEOLåQILOWUDþQtFK
S\WO$[POiWNDÄ1RPH[³&HONRYpQiNODG\QD~SOQRXYêPQXILOWUDþQtFKS\WO$O]H
RGKDGQRXW QD HXUR 7\WR KRGQRW\ QH]DKUQXMt ~GUåEX OiWNRYpKR ILOWUX MLQRX QHå
YêPQXS\WO$
0RNUiY\StUND
([LVWXMH PQRKR W\S$ SUDþHN DOH 9HQWXULKR SUDþND MH YH YiSHQLFNpP SU$P\VOX
QHMSRXåtYDQMãt3O\QQXFHQSURFKi]tKUGOHPYQPåU\FKORVWGRVDKXMHDåPV9RGD
SLGiYDQi SHG KUGOHP MH DHURG\QDPLFNêPL VLODPL UR]SUDãRYiQD QD NDSpQN\ D WDN VH
G$NODGQ SURPtVt VSO\QHP ýiVWHþN\ SUDFKX ]DFK\FHQp NDSpQNDPL MVRX Wåãt D VQDGQR VH
RGVWUDXMtRGOXþRYDþHPREY\NOHF\NORQRYêPSLSRMHQêPN9HQWXULKRSUDþFH
0RNUp SUDþN\ VH RE\þHMQ YROt SRNXG MH WHSORWD H[KDODFt EOt]NR URVQpKR ERGX QHER QLåãt
1NG\ VH SRXåtYDMt X SO\Q$ VY\ããt WHSORWRX D YWFKWR StSDGHFK YRGD SO\Q\ ]FKOD]XMH
D]PHQãXMHMHMLFKREMHP0RNUpSUDþN\VHWDNpPRKRXYROLWMHOLNGLVSR]LFLPiORPtVWD
2GVWUDRYiQtSUDFKX]HVHNXQGiUQtFK]GURM$
6HNXQGiUQt HPLVH PRKRX EêW VQLåRYiQ\ VSUiYQêP ~NOLGHP 7HFKQLN\ SRXåtYDQp
NRGVWUDRYiQt SUDFKX ]H VHNXQGiUQtFK ]GURM$ YH YiSHQLFNpP SU$P\VOX MVRX VWHMQp MDNR
YSU$P\VOXFHPHQWiVNpPDMVRXSRSViQ\YNDSLWROH
2GSDG\
9H YWãLQ StSDG$ MH ]DFK\FHQêP SUDFKHP XKOLþLWDQ YiSHQDWê VSURPQQêP PQRåVWYtP
R[LGX YiSHQDWpKR SRSHOD ]SDOLYD D KOtQ\ 7HFKQLN\ RGVWUDRYiQt QDKURPDGQpKR SUDFKX
VDKDMt RG PtFKiQt VNRPHUþQtPL SURGXNW\ QDS VWDYHEQt YiSQR YiSQR SUR VWDELOL]DFL S$G
K\GUDWRYDQpYiSQRDSDOHWL]RYDQpSURGXNW\DåSRXNOiGiQtQDVNOiGNX
3RNXGVHSRXåtYDMtPRNUpSUDþN\QDKURPDGQiVXVSHQ]HVHXVD]XMHNDOVHREY\NOHUHF\NOXMH
DPRNUpWXKpOiWN\VHYHYWãLQStSDG$XNOiGDMtQDVNOiGN\
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
1HMOHSãtGRVWXSQpWHFKQLN\SURYiSHQLFNêSU$P\VO
3UR SRFKRSHQt WpWR NDSLWRO\ D MHMtKR REVDKX GRSRUXþXMHPH SR]RUQRVWL þWHQiH SHGPOXYX
WRKRWRGRNXPHQWXD]HMPpQDSiWRXþiVWSHGPOXY\-DNFKiSDWWHQWRGRNXPHQWDXåtYDWMHM
7HFKQLN\ D V QLPL VSRMHQp HPLVH DQHER ~URYQ VSRWHE\ QHER UR]VDK\ ~URYQt SHGNOiGDQp
YWpWRNDSLWROHE\O\SRVX]RYiQ\SRPRFtLWHUDWLYQtKRSRVWXSX]DKUQXMtFtKRQiVOHGXMtFtNURN\
x LGHQWLILNDFHNOtþRYêFKRWi]HNHNRORJLHSURGDQêVHNWRUSURYêUREXYiSQDMVRXWRY]GXãQp
HPLVH D VSRWHED HQHUJLH 9]GXãQp HPLVH ] YiSHQHN ]DKUQXMt R[LG\ GXVtNX 12[ R[LG
VLLþLWê62R[LGXKHOQDWê&2DSUDFK
x ]NRXPiQtWHFKQLNQHM]iYDåQMãtFKSURHãHQtWFKWRNOtþRYêFKRWi]HN
x LGHQWLILNDFH QHMHNRORJLþWMãtFK ~URYQt SURYR]X QD ]iNODG GRVWXSQêFK ~GDM$ ] (YURSVNp
XQLHD]HVYWD
x ]NRXPiQt SRGPtQHN ]D NWHUêFK E\OR WFKWR SURYR]QtFK ~URYQt GRVDåHQR MDNR MVRX
QiNODG\NtåRYp~þLQN\KODYQtK\EQpVtO\S$VREtFtQD]DYiGQtWFKWRWHFKQLN
x YROED QHMOHSãtFK GRVWXSQêFK WHFKQLN %$7 D V QLPL VSRMHQêFK HPLVt DQHER ~URYQt
VSRWHE\SURWRWRRGYWYtYãHREHFQWRYãHSRGOHþORGVWDStORK\,9QDt]HQt
2GERUQpSRVRX]HQt(YURSVNêP~DGHPSUR,33&DStVOXãQRXWHFKQLFNRXSUDFRYQtVNXSLQRX
7:*KUiORNOtþRYRXUROLYNDåGpP]WFKWRNURN$DYH]S$VREXMDNêPMVRX]GHLQIRUPDFH
SHGNOiGiQ\
1D]iNODGWRKRWRSRVRX]HQtVHYWpWRNDSLWROHXYiGMtWHFKQLN\DSUiYWDNPRåQp~URYQ
HPLVtDVSRWHE\VSRMHQpVSRXåLWtP%$7NWHUpVHSRYDåXMt]DYKRGQpSURRGYWYtMDNRFHOHN
DYPQRKêFKStSDGHFKRGUiåHMtVRXþDVQêSURYR]QNWHUêFK]Dt]HQtYUiPFLWRKRWRRGYWYt
3RNXGVHXYiGMt~URYQHPLVtDVSRWHE\ VSRMHQpVQHMOHSãtPLGRVWXSQêPLWHFKQLNDPLMH
WHED FKiSDW MH WDN åH W\WR ~URYQ SHGVWDYXMt HNRORJLFNê SURYR] NWHUê E\ E\OR PRåQR
RþHNiYDW MDNR YêVOHGHN XSODWQQt SRSVDQêFK WHFKQLN Y WRPWR RGYWYt SLþHPå VH SLKOtåt
NURYQRYi]HQiNODG$DYêKRGREVDåHQêFKYGHILQLFL%$7 1HMVRXYãDN PH]QtPL KRGQRWDPL
DQLSURHPLVHDQLSURVSRWHEXDQHO]HMHMDNRWDNRYpFKiSDW9QNWHUêFKStSDGHFKP$åHEêW
WHFKQLFN\PRåQpGRViKQRXWOHSãtFKKRGQRWHPLVtQHERVSRWHE\DOH]G$YRG$Y\åDGRYDQêFK
QiNODG$ QHER VXYiåHQtP NtåRYêFK ~þLQN$ VH QHSRYDåXMt ]D YKRGQp MDNR %$7 SUR RGYWYt
MDNRFHOHN$YãDNW\WRKRGQRW\MHPRåQpSRYDåRYDW]DRG$YRGQQpYH]YOiãWQtFKStSDGHFK
NGHVHY\VN\WXMtVSHFLILFNpYOLY\
ÒURYQ HPLVt D VSRWHE\ VSRMHQp V SRXåLWtP %$7 MH QXWQp YLGW Y VRXYLVORVWL V YHãNHUêPL
VSHFLILNRYDQêPLUHIHUHQþQtPLSRGPtQNDPLQDSSU$PURYiQtþDVRYêPLREGREtPL
3RMHP ~URYQt VRXYLVHMtFtFK V %$7 SRSVDQê YêãH MH WHED RGOLãLW RG WHUPtQX GRVDåLWHOQi
~URYHSRXåtYDQpKRMLQGHYWRPWRGRNXPHQWX3RNXGVH~URYHR]QDþXMH]DGRVDåLWHOQRX
SL SRXåLWt XUþLWp WHFKQLN\ QHER NRPELQDFH WHFKQLN MH WHED ML FKiSDW WDN åH MH PRåQp
SHGSRNOiGDWGRVDåHQtWpWR~URYQSRGHOãtPREGREtYHVSUiYQXGUåRYDQpPDSURYR]RYDQpP
]Dt]HQtQHERYSURFHVXY\XåtYDMtFtPWFKWRWHFKQLN
3RNXGE\O\NGLVSR]LFLE\O\XYHGHQ\~GDMHRQiNODGHFKVSROXVSRSLVHPWHFKQLNXYHGHQêFK
Y SHGFKR]t NDSLWROH 7\WR ~GDMH GiYDMt KUXERX SHGVWDYX R YêãL GRW\þQêFK QiNODG$ $YãDN
VNXWHþQp QiNODG\ QD XSODWQQt WHFKQLN\ EXGRX VLOQ ]iYLVOp QD VSHFLILFNp VLWXDFL WêNDMtFt VH
QDS GDQt SRSODWN$ D WHFKQLFNêFK FKDUDNWHULVWLN GRW\þQpKR ]Dt]HQt 9 WRPWR GRNXPHQWX
QHQt PRåQp SOQ Y\KRGQRWLW WDNRYp VSHFLILFNp PtVWQt þLQLWHOH 3RNXG ~GDMH R QiNODGHFK
QHH[LVWXMtRGYtMHMtVH]iYU\RHNRQRPLFNpåLYRWDVFKRSQRVWLWHFKQLNRGVOHGRYiQtVWiYDMtFtFK
]Dt]HQt
EH]HQ
9iSHQLFNêSU$P\VO
.DSLWROD
2EHFQp %$7 MVRX Y WpWR NDSLWROH P\ãOHQ\ WDN åH MH PRåQp SRXåtW MH N SRVRX]HQt SURYR]X
VWiYDMtFtFK ]Dt]HQt QHER N SRVRX]HQt QiYUKX QRYpKR ]Dt]HQt D WtP QDSRPRFL XUþHQt
YKRGQêFKSRGPtQHN]DORåHQêFKQD%$7SURWRWR]Dt]HQt3HGSRNOiGiVHåHQRYi]Dt]HQt
E\ PRKOD EêW QDYUKRYiQD SUR SURYR] QD ~URYQL VURYQDWHOQp QHER GRNRQFH OHSãt QHå MVRX
REHFQp~URYQ%$7]GHXYHGHQp0iVHURYQå]DWRåHE\VHXPQRKêFKVWiYDMtFtFK]Dt]HQt
PRKOþDVHPSHGSRNOiGDWSRVXQNREHFQêP~URYQtP%$7QHEROHSãtP
9]KOHGHPNWRPXåHUHIHUHQþQtGRNXPHQW\QHVWDQRYXMtSUiYQ]iYD]QpQRUP\MVRXFKiSiQ\
WDN åH SRGiYDMt LQIRUPDFH SUR SRUDGHQVWYt Y SU$P\VOX SUR þOHQVNp VWiW\ D YHHMQRVW
R GRVDåLWHOQêFK ~URYQtFK HPLVQt D VSRWHE\ SL SRXåLWt XUþHQêFK WHFKQLN 9KRGQp PH]Qt
KRGQRW\ SUR NRQNUpWQt StSDG\ EXGH WHED XUþLW V SLKOpGQXWtP N FtO$P QDt]HQt ,33&
DPtVWQtPSRGPtQNiP
+RGQRW\HPLVtXYHGHQpQtåHMVRXY\MiGHQ\MDNRGHQQtSU$PUSLVWDQGDUGQtFKSRGPtQNiFK
.N3DN\VOtNXDVXFKpPSO\QXY\MPDK\GUDWDþQtFKSURYR]$SURNWHUpMVRX
SRGPtQN\XYHGHQ\
2EHFQiSULPiUQtRSDWHQt
1HMOHSãtGRVWXSQpWHFKQLN\SURYêUREXYiSQD]DKUQXMtQiVOHGXMtFtREHFQiSULPiUQtRSDWHQt
x 3O\QXOê D VWDELOQt SHFQt SURFHV EOtåtFt VH XUþHQêP SDUDPHWU$P SURFHVX MH YêKRGQê
V RKOHGHP QD YãHFKQ\ HPLVH SHFt MDNRå L QD VSRWHEX HQHUJLH 'RVDKXMH VH MHM
SURVWHGQLFWYtP
RSWLPDOL]DFHt]HQtSURFHVX
x 0LQLPDOL]DFHVSRWHE\HQHUJLHSURVWHGQLFWYtP
UHNXSHUDFHWHSODRGSDGQtFKSO\Q$
x 0LQLPDOL]DFHVSRWHE\HOHNWULFNpHQHUJLHSURVWHGQLFWYtP
SRXåLWtPOêQ$DRVWDWQtFKHOHNWLQRXSRKiQQêFK]Dt]HQtVY\VRNRX~þLQQRVWt
x 0LQLPDOL]DFHVSRWHE\YiSHQFHSURVWHGQLFWYtP
YROE\SHFH]D~þHOHPRSWLPiOQtKRY\XåLWtY\WåHQpKRYiSHQFH
XUþLWpKR]S$VREXWåE\DGREHt]HQpKRSRXåtYiQtYiSHQFHMDNRVWYHOLNRVW]UQD
x 3HþOLYiYROEDDNRQWURODOiWHNYVWXSXMtFtFKGRSHFHNWHUiP$åHVQtåLW]DPH]LWHPLVH
YROEDSDOLYVQt]NêPREVDKHPVtU\]HMPpQDURWDþQtSHFHGXVtNXFKOyUX
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
3UDFK
1HMOHSãtPL GRVWXSQêPL WHFKQLNDPL SUR VQLåRYiQt SUDFKRYêFK HPLVt MVRX NRPELQDFH YêãH
XYHGHQêFKREHFQêFKSULPiUQtFKRSDWHQtD
x 0LQLPDOL]DFHDSUHYHQFHSUDFKRYêFKHPLVt]HVHNXQGiUQtFK]GURM$SRSVDQêFKYRGVWDYFL
x (IHNWLYQtRGVWUDRYiQtþiVWLF]ERGRYêFK]GURM$SRXåLWtP
OiWNRYêFKILOWU$VYtFHNRPRUDPLDVGHWHNWRU\WVQRVWLS\WO$
HOHNWURVWDWLFNêFKRGOXþRYDþ$
PRNUêFKSUDþHN
3U$PUHPLVQt~URYQ%$7VSRMHQêVWPLWRWHFKQLNDPLMHPJP7pWRHPLVQt~URYQO]H
YUiPFLYiSHQLFNpKRSU$P\VOXQDU$]QêFKW\SHFK]Dt]HQtGRViKQRXWOiWNRYêPLILOWU\DQHER
HOHNWURVWDWLFNêPLRGOXþRYDþLDQHERPRNUêPLSUDþNDPL
2GSDG\
9\XåLWt SUDFKX SiOHQpKR YiSQD D KDãHQpKR YiSQD QHRGSRYtGDMtFtKR VSHFLILNDFtP YH
Y\EUDQêFKNRPHUþQtFKSURGXNWHFKVHSRYDåXMH]D%$7
EH]HQ
9iSHQLFNêSU$P\VO
1RYY\YtMHQpWHFKQLN\YHYiSHQLFNpPSU$P\VOX
)OXLGQtNDOFLQDFH
.DSLWROD
.DOFLQDFH MHPQ UR]POQQpKR YiSHQFH YH IOXLGQtP ORåL VH YSRPUQ PDOpP PtWNX
SURYiGtSRPQRKROHW0iQNROLNYHONêFKYêKRGYþHWQ
x Y\XåLWtQDGE\WHþQêFKWtGMHPQpKRYiSHQFH
x Qt]NpHPLVH12[
x Qt]NpHPLVH62[SLSRXåLWtY\VRFHVLUQDWêFKSDOLY
$YãDNWDWRWHFKQLNDQHPi]YOiãWQt]NRXPUQRXVSRWHEXWHSODMHPQ UR]POQQêSURGXNW
QHQtYKRGQêSURPQRKRDSOLNDFtD]E\WNRYi~URYHXKOLþLWDQXYiSHQDWpKRMHSRPUQY\VRNi
=GiVHåHSRþiWHþQtSUREOpP\VSRXåLWtPWpWRWHFKQLN\XSHFtVYêUREQtNDSDFLWRXSHVW
GHQQE\O\Y\HãHQ\
2EU]Qi]RUXMHVFKpPDIOXLGQtSHFH-HPQêYiSHQHFVHSLYiGtGRQiGRE\SHGHKtYDþH
VY\XåLWtP Y]GXFKX ]DKiWpKR SHFQtPL RGSDGQtPL SO\Q\ SHV YêPQtN WHSOD 3HGHKiWê
YiSHQHF SRWp YVWXSXMH GR SUYQtKR RGGtOX VIOXLGQtP ORåHP NGH WHSORWD VWRXSi D YiSHQHF VH
SRþtQi NDOFLQRYDW -DN VH YiSHQHF NDOFLQXMH OHKþt SiOHQp YiSQR SHSDGiYi SHV SHSDGRYRX
VWQXGRGDOãtKRRGGtOXVIOXLGQtPORåHPNGHVHNDOFLQDFHGRNRQþXMH9iSQRSRWpSRVWXSXMH
FKODGLþHPNGHVHRFKOD]XMHY]GXFKHP
2EU )OXLGQt SHF
>8. ,3& 1RWH @
, NG\å P$åH IOXLGQt WHFKQRORJLH QDEt]HW QLåãt ]QHþLã"XMtFt ~QLN\ QHå RVWDWQt WHFKQRORJLH
YiSHQLFNêFK SHFt QHQt GREH Y\]NRXãHQi D P$åH Y\UiEW SRX]H MHPQp YiSQR VY\VRNRX
UHDNWLYLWRX
5\FKOêNDOFLQiWRUGLVSHU]QtYêPQtN
7HFKQLND SLYiGQt MHPQ UR]POQQpKR YiSHQFH SHV GLVSHU]Qt YêPQtN GR U\FKOpKR
NDOFLQiWRUX E\OD Y\YLQXWD YFHPHQWiVNpP SU$P\VOX -H YãDN YKRGQi SRX]H SUR RPH]HQê
UR]VDKMDNRVWtYiSHQFHDSRXåtYiVHYHYHOPLPDOpPSRþWX]Dt]HQt'YSHFHSRXåtYDMtFtWXWR
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
WHFKQLNX E\O\ QHGiYQR SRVWDYHQ\ Y5DNRXVNX 9MHGQp SURGXNW ]U\FKOpKR NDOFLQiWRUX
SURFKi]t NUiWNRX URWDþQt SHFt 5RWDþQt ~VHN MH NRQVWUXRYiQ WDN DE\ YUiPFL VSHFLILNDFt
]iND]QtNDUHJXORYDOSURFHQWR&D&2DUHDNWLYLWXYiSQD
7HFKQLNDMH]HMPpQDYKRGQiSURÄStVþLWê³YiSHQHFQHER"U\FKOêNDOFLQiWRUSLSRXãWtYiSHQHF
YUR]VDKXPP5R]XPtVHåHPiY\VRNpLQYHVWLþQtQiNODG\NWHUpSUDYGSRGREQRPH]t
MHKRSRXåLWtQDSRPUQY\VRNpYêNRQRYpKODGLQ\QDSRNRORWGHQQ
3LGiYiQtDEVRUEHQWX]D~þHOHPVQtåHQtHPLVt62
3RXåLWt DEVRUEHQW$ ]D ~þHOHP VQLåRYiQt HPLVt 62 MH YRVWDWQtFK SU$P\VORYêFK RGYWYtFK
GREH ]QiPp 1HSRXåtYDOR VH YãDN X YiSHQLFNêFK URWDþQtFK SHFt 'DOãt Yê]NXP E\ VL
]DVORXåLO\QiVOHGXMtFtWHFKQLN\
x 3RXåLWt MHPQpKR YiSHQFH 8 StPêFK URWDþQtFK SHFt SOQQêFK GRORPLWHP E\OR
SR]RURYiQRåHP$åHGRFKi]HWNYê]QDPQpPXVQtåHQtHPLVt62XYVi]NRYpKRNDPHQH
NWHUê EX REVDKXMH Y\VRNê REVDK MHPQpKR YiSHQFH QHER MH SL YêSDOX QiFK\OQê
NUR]SDGiQt-HPQêYiSHQHFNDOFLQXMHMHXQiãHQSHFQtPLSO\Q\ D RGVWUDXMH 62 FHVWRX
GRODSDþHSUDFKXDYQP
x 9KiQQt YiSQD GR VSDORYDFtKR Y]GXFKX 3DWHQWRYDQi WHFKQLND (3 $
SRSLVXMH VQLåRYiQt HPLVt 62 ]URWDþQtFK SHFt YKiQQtP MHPQpKR SiOHQpKR QHER
K\GUDWRYDQpKRYiSQDGRY]GXFKXSLYiGQpKRGRVSDORYDFtKODY\SHFH
x 9KiQQt DEVRUEHQWX GR NRXRYêFK SO\Q$ 8]QiYDQRX WHFKQLNRX VQLåRYiQt NRQFHQWUDFt
62YSO\QQêFKHPLVtFKMH
D YKiQQt DEVRUEHQWX QDS YiSHQQpKR K\GUiWX QHER XKOLþLWDQX VRGQpKR GR SURXGX
SO\Q$
E SRVN\WQXWt GRVWDWHþQpKR þDVX SRE\WX SO\QX PH]L PtVWHP YKiQQt D ODSDþHP SUDFKX
QHMOpSHOiWNRYêPILOWUHP]D~þHOHPGRVDåHQt~þLQQpDEVRUSFH
8SUDYLWWXWRWHFKQLNXSURYiSHQLFNpURWDþQtSHFHE\]HMPE\ORSURYHGLWHOQp
2PH]RYiQt~QLN$&2
7HFKQLND RPH]RYiQt ~QLN$ &2 NWHUi E\OD Y\YLQXWD SUR FHPHQWiVNp SHFH RVD]HQp
HOHNWURVWDWLFNêPL RGOXþRYDþL (2 P$åH EêW ]D XUþLWêFK RNROQRVWt SRXåLWHOQi X URWDþQtFK
YiSHQLFNêFK SHFt Y\EDYHQêFK (2 $YãDN PQRåVWYt SUDFKRYêFK HPLVt NJW SURGXNWX SR
Y\SQXWt(2MHYStSDGYiSHQLFNêFKSHFtREY\NOHPQRKHPQLåãtQHåXSHFtFHPHQWiVNêFK
Y]KOHGHPNSRPUQKUXEpYHOLNRVWLYiSHQFHDDEVHQFLUHF\NODFHSUDFKX
.HUDPLFNpILOWU\
1D YiSHQLFNêFK SHFtFK VH YVRXþDVQRVWL NHUDPLFNp ILOWU\ QHSRXåtYDMt $YãDN MVRX VFKRSQ\
RGVWUDRYDWSUDFK]SO\Q$HIHNWLYQSLYHOPLY\VRNêFKWHSORWiFKDMHPRåQpåHXWDNRYêFK
SHFt MDNR MVRX URWDþQt SHFH Y\UiEMtFt SHSiOHQê GRORPLW E\ PRKOR RGVWUDRYiQt SUDFKX
]SO\Q$RY\VRNêFKWHSORWiFKXPRåQLWSRXåLWtXUþLWêFKV\VWpP$UHNXSHUDFHWHSOD
EH]HQ
.DSLWROD
9iSHQLFNêSU$P\VO
=iYU\DGRSRUXþHQt
7pWR YêPQ\ LQIRUPDFt VH ]~þDVWQLOL YãLFKQL RGERUQtFL MPHQRYDQt GR 7HFKQLFNp SUDFRYQt
VNXSLQ\ þOHQVNêPL VWiW\ 1RUVNHP (YURSVNêP YêERUHP SUR åLYRWQt SURVWHGt D HYURSVNêP
SU$P\VOHP(X/$(YURSVNêYiSHQLFNêVYD]
2HYURSVNpPYiSHQLFNpPSU$P\VOXQHQtNGLVSR]LFLPQRKRLQIRUPDFtDLQIRUPDþQtFK]GURM$
MH PiOR (X/$ SRPiKDOR SL VKURPDåRYiQt D SRVN\WRYiQt LQIRUPDFt DOH QHQt WR YHONp
SU$P\VORYp VGUXåHQt D NG\å ]DþDOD UHDOL]DFH WpWR YêPQ\ LQIRUPDFt QHPOR NGLVSR]LFL
PQRKRLQIRUPDFt
.GLVSR]LFLQHQtPQRKRLQIRUPDFt]HNRQRPLFNpREODVWL
3HG DNWXDOL]DFt WRKRWR UHIHUHQþQtKR GRNXPHQWX E\ PRKOR EêW XåLWHþQp ]SUDFRYDW YH
YiSHQLFNpP SU$P\VOX SHKOHG VRXþDVQêFK WHFKQLN RGOXþRYiQt HPLVt D VSRWHE
DPRQLWRURYiQt
EH]HQ
2GND]\
2'.$=<5HIHUHQFH
>$VSHOXQG@
$VSHOXQG 6 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
6RXWK ZHVW )LQODQG 5HJLRQDO (QYLURQPHQW &HQWUH
5HJLRQiOQt HNRORJLFNp FHQWUXP MLKRYêFKRGQtKR )LQVND
32%R[ 6) 7XUNX )LQODQG
>$XVWULDQ %$7SURSRVDO @
%XQGHVPLQLVWHULXP IU ZLUWVFKDIWOLFKH $QJHOHJHQKHLWHQ 5HSXEOLN gVWHUUHLFK
6SRONRYp PLQLVWHUVWYR SUR KRVSRGi VNp ]iOHåLWRVWL 5DNRXVNR
'LSO,QJ 5 *|OOHU $EWHLOXQJ ,,,
=HPHQWKHUVWHOOXQJ þHUYHQHF 3URSRVDOLQIRUPDWLRQ IRU WKH ,33& %$7 5HIHUHQFH 'RFXPHQW IRU WKH FHPHQW LQGXVWU\
$
1iYUKLQIRUPDFH SUR 5HIHUHQþQt GRNXPHQW ,33& %$7 SUR FHPHQWi VNê SU
P\VO
>$XVWULDQ UHSRUW @
)HGHUDO (QYLURQPHQW $JHQF\ $XVWULD
%DVLF FULWHULD IRU %$7FHPHQW 8%$,% 6HSWHPEHU 6SRONRYi DJHQWXUD SUR åLYRWQt SURVW HGt 5DNRXVNR
=iNODGQt NULWpULD SUR %$7 FHPHQW 8%$,% ]i t >$XVWULDQ UHSRUW @
)HGHUDO (QYLURQPHQW $JHQF\ $XVWULD
6SRONRYi DJHQWXUD SUR åLYRWQt SURVW HGt 5DNRXVNR
%HVWH 9HUIJEDUH 7HFKQLN EHL $QODJHQ ]XU =HPHQWKHUVWHOOXQJ 0 >$XVWULDQ VWXG\ @
$ +DFNO :HLWUD:LHQ * 0DXVFKLW] 78:LHQ
(PLVVLRQHQ DXV $QODJHQ GHU gVWHUUHLFKLVFKHQ =HPHQWLQGXVWULH ,,
$
(PLVH ]H ]D t]HQt UDNRXVNpKR FHPHQWi VNpKR SU
P\VOX ,,
-DKUHVUHLKH -XOL >%RXUQLV@
1 %RXUQLV PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
3UHIHFWXUH RI 7KHVVDORQLNL 'HSDUWPHQW IRU WKH (QYLURQPHQWDO 3URWHFWLRQ
%RXUQLV 0 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
3UHIHNWXUD 6ROX
RGERU SUR RFKUDQX åLYRWQtKR SURVW HGt
9DV 2OJDV 6WUHHW *5 7KHVVDORQLNL *UHHFH
>%UDQVFKUDSSRUW @
6ZHHGLVK (QYLURQPHQWDO 3URWHFWLRQ $JHQF\
âYpGVNi DJHQWXUD SUR RFKUDQX åLYRWQtKR SURVW HGt %UDQVFKH[SHUW 3HU -XQNHU .DONEUXN %UDQVFKUDSSRUW I|U nU
]i t $
3 HKOHGYêURþQt ]SUiYD ãYpGVNpKR YiSHQLFNpKR SU
P\VOX ]D URN >&HPEXUHDX@
&HPEXUHDX 7KH (XURSHDQ &HPHQW $VVRFLDWLRQ
&HPEXUHDX (YURSVNp FHPHQWi VNp VGUXåHQt
5XH G
$UORQ % %UXVHO %HOJLXP
7HO )D[ (PDLO FHPEXUHDX#LQIRERDUGEH
>&HPEXUHDX UHSRUW @
&HPEXUHDX 7KH (XURSHDQ &HPHQW $VVRFLDWLRQ
Ä%HVW $YDLODEOH 7HFKQLTXHV³ IRU WKH &HPHQW ,QGXVWU\ 1RYHPEHU $
FRQWULEXWLRQ
IRU
WKH
(XURSHDQ
&HPHQW
,QGXVWU\
WR
WKH
H[FKDQJH
RI
LQIRUPDWLRQ
DQG
SUHSDUDWLRQ
RI
WKH
,33&
%$7 5HIHUHQFH 'RFXPHQW IRU WKH FHPHWQ LQGXVWU\
&HPEXUHDX (YURSVNp FHPHQWi VNp VGUXåHQt
$
Ä1HMOHSãt GRVWXSQp WHFKQLN\³ SUR FHPHQWi VNê SU
P\VO OLVWRSDG EH]HQ
2GND]\
3 tVS
YHN HYURSVNpKR FHPHQWi VNpKR
%$7 SUR FHPHQWi VNê SU
$
$
SU
P\VOX
N YêP
Q
LQIRUPDFt
D
S tSUDY
5HIHUHQþQtKR
GRNXPHQWX
,33&
P\VO
>&HPHQWD $% @
&HPHQWD $% 6OLWHIDEULNHQ
8QGHUODJ
I|U
RPSU|YQLQJ
DY
XWVOlSSVYLOONRU
Ä,QIRUPDWLRQ
IRU
UHFRQVLGHUDWLRQ
DQG
XSGDWLQJ
RI
SHUPLW
FRQGLWLRQV³ Ä,QIRUPDFH SUR ]QRYX]YiåHQt D DNWXDOL]DFL SRGPtQHN SRYRORYiQt³ >&HPHQWD $%@
,QIRUPDWLRQ
REWDLQHG
GXULQJ
D
SODQW
YLVLW
WR
&HPHQWD
$%
6OLWHIDEULNHQ
6ZHGHQ
1RYHPEHU
DQG
LQIRUPDWLRQ FRPPXQLFDWHG DW RWKHU RFFDVLRQV
,QIRUPDFH ]tVNDQp E
KHP QiYãW
Y\ ]iYRGX &HPHQWD $% « OLVWRSDGX D LQIRUPDFH VG
OHQp S L MLQêFK
S tOHåLWRVWHFK
>&RXOEXUQ@
' &RXOEXUQ (QYLURQPHQW $JHQF\ (NRORJLFNi DJHQWXUD
32%R[ 6RXWK 3UHVWRQ 35 *' 8QLWHG .LQJGRP
7HO )D[ >'XWFK UHSRUW @
0LQLVWU\ RI +RXVLQJ 6SDWLDO 3ODQQLQJ DQG WKH (QYLURQPHQW 7KH 1HWKHUODQGV
'XWFK 1RWHV RQ %$7 IRU WKH 3URGXFWLRQ RI &HPHQW &OLQNHU 0LQLVWHUVWYR E\GOHQt ~]HPQtKR SOiQRYiQt D åLYRWQtKR SURVW HGt 1L]R]HPt
+RODQGVNp SR]QiPN\ N %$7 SUR YêUREX FHPHQWRYpKR VOtQNX >(& 0LQHUDO <HDUERRN @
(XURSHDQ &RPPLVVLRQ (YURSVNi NRPLVH '* ,,,
$
&HPHQW (XURSHDQ 0LQHUDO <HDUERRN &KDSWHU &HPHQW (YURSVNi URþHQND QHURVW
NDSLWROD V $
/LPH (XURSHDQ 0LQHUDO <HDUERRN &KDSWHU 9iSQR (YURSVNi URþHQND QHURVW
NDSLWROD V >(& 0LQHUDO <HDUERRN @
(XURSHDQ &RPPLVVLRQ (YURSVNi NRPLVH '* ,,,
'UDIW
RI
WKH
/LPH
&KDSWHU
(XURSHDQ
0LQHUDO
<HDUERRN
NRQFHSW
NDSLWRO\
9iSQR
(YURSVNi
URþHQND
>(FRWHFKQLFL @
(FRWHFKQLFL $WKHQV *UHHFH FRPPLVVLRQHG E\ (& '* ;,
'UDIW UHSRUW &RQWURO RI HPLVVLRQV IURP OLPH PDQXIDFWXULQJ SODQWV &RQWUDFW QXPEHU %1
(FRWHFKQLFL $WpQ\
HFNR SRY
HQê (& '* ;,
$
.RQFHSW ]SUiY\ 5HJXODFH HPLVt ]H ]iYRG
Y\UiE
MtFtFK YiSQR NRQWUDNW þ %1
>(X/$@
(X/$ 7KH (XURSHDQ /LPH $VVRFLDWLRQ
(X/$ (YURSVNp YiSHQLFNp VGUXåHQt
%XQGHVYHUEDQG GHU 'HXWVFKHQ .DONLQGXVWULH H9
6SRONRYê VYD] Q
$
PHFNpKR YiSHQLFNpKR SU
P\VOX
$QQDVWUDVVH ' .|OQ
7HO )D[ >*RPHV@
*RPHV 3 & PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
3RUWXJHVH 0LQVLWU\ RI (FRQRP\
*RPHV 3 & þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
SRUWXJDOVNp 0LQLVWHUVWYR KRVSRGi VWYt
$Y &RQVHOKHLUR )HUQDQGR GH 6RXVD 3 /LVERD 3RUWXJDO
>*|OOHU@
5 *|OOHU PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
$XVWULDQ 0LQLVWU\ RI (FRQRPLF $IIDLUV 'LY ,,,
*|OOHU 5 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
EH]HQ
$
QHURVW
2GND]\
UDNRXVNp 0LQLVWHUVWYR KRVSRGi VNêFK ]iOHåLWRVWt RGE ,,,
6WXEHULQJ $ 9LHQQD $XVWULD
>+DXJ@
1 +DXJ PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
+DXJ 1 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
8PZHOWEXQGHVDPW 8%$
6HHFNVWUDVVH 3RVWIDFK ' %HUOLQ 1
PHFNR
>,QW &HP 5HY -DQ@
: 5RWKHU .UXSS 3RO\VLXV $* *HUPDQ\
([KDXVW JDV HPLVVLRQV $YDLODEOH FRQWURO WHFKQRORJ\ IRU JDVHRXV HPLVVLRQV LQ FHPHQW SODQWV
$
(PLVH NRX RYêFK SO\Q
'RVWXSQi UHJXODþQt WHFKQRORJLH SUR SO\QQp HPLVH Y FHPHQWiUQiFK
,QWHUQDWLRQDO &HPHQW 5HYLHZ OHGHQ V >,QW &HP 5HY 2FW@
%ULWLVK &HPHQW $VVRFLDWLRQ
[
3UHYHQWLRQ DQG DEDWHPHQW RI 12
HPLVVLRQV
[
%ULWVNp FHPHQWi VNp VGUXåHQt 3UHYHQFH D ]DFK\FRYiQt HPLVt 12 ,QWHUQDWLRQDO &HPHQW 5HYLHZ
tMHQ V >-DSDQ &HPHQW $VVRFLDWLRQ @
-DSDQ &HPHQW $VVRFLDWLRQ
-DSRQVNp FHPHQWi VNp VGUXåHQt
+DWWRUL %OGJ 1R .\REDVKL &KXR.X 7RN\R -DSDQ
7HO )D[ >GH -RQJH@
/ GH -RQJH +HDG RI 'HSDUWPHQW RI ,QGXVWU\ 'LUHFWRUDWH IRU $LU DQG (HQHUJ\
'LUHFWRUDWH *HQHUDO IRU (QYLURQPHQWDO 3URWHFWLRQ
$
-RQJH / GH YHGRXFt RGERUX SU
*HQHUiOQt
P\VOX
HGLWHOVWYt SUR RY]GXãt D HQHUJLL
HGLWHOVWYt SUR RFKUDQX åLYRWQtKR SURVW HGt
32%R[ *; 7KH +DJXH 7KH 1HWKHUODQGV
>-XQNHU@
3 -XQNHU PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
-XQNHU 3 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
/lQVVW\UHOVHQ *RWODQG 6 9LVE\ 6ZHGHQ
>-¡UJHQVHQ@
3 -¡UJHQVHQ PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
-¡UJHQVHQ 3 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
1RUGM\OODQGV $PW $PWVJDDUGHQ
1LHOV %RKUV 9HM '. $DOERUJH VW 'HQPDUN
>.DUOVUXKH , @
)UHQFK*HUPDQ ,QVWLWXWH IRU (QYLURQPHQWDO 5HVHDUFK 8QLYHUVLW\ RI .DUOVUXKH FRPPLVVLRQHG E\ 8%$ *HUPDQ\
(PLVVLRQ
&RQWURO
DW
6WDWLRQDU\
6RXUFHV
LQ
WKH
)HGHUDO
5HSXEOLF
RI
*HUPDQ\
9ROXPH
,
6XOSKXU
R[LGH
DQG
1LWURJHQ R[LGH HPLVVLRQ FRQWURO $XJXVW )UDQFRX]VNRQ
5HJXODFH
HPLVt
PHFNê ~VWDY SUR Yê]NXP åLYRWQtKR SURVW HGt 8QLYHU]LWD Y .DUOVUXKH SRY
X
VWDFLRQiUQtFK
$
]GURM
YH
6SRONRYp
UHSXEOLFH
1
PHFNR
6YD]HN
,
HQi 8%$ 1
5HJXODFH
PHFNR
HPLVt
R[LGX
VL LþLWpKR D R[LGX GXVLþLWpKR VUSHQ
>.DUOVUXKH ,, @
)UHQFK*HUPDQ ,QVWLWXWH IRU (QYLURQPHQWDO 5HVHDUFK 8QLYHUVLW\ RI .DUOVUXKH FRPPLVVLRQHG E\ 8%$ *HUPDQ\
(PLVVLRQ &RQWURO DW 6WDWLRQDU\ 6RXUFHV LQ WKH )HGHUDO 5HSXEOLF RI *HUPDQ\ 9LOXPH ,, +HDY\ PHWDO HPLVVLRQ
FRQWURO $XJXVW 8%$ 5HVHDUFK UHSRUW -DQXDU\ )UDQFRX]VNRQ
5HJXODFH
NRY
$
HPLVt
PHFNê ~VWDY SUR Yê]NXP åLYRWQtKR SURVW HGt 8QLYHU]LWD Y .DUOVUXKH SRY
X
VWDFLRQiUQtFK
$
]GURM
YH
6SRONRYp
UHSXEOLFH
1
PHFNR
6YD]HN
,,
HQi 8%$ 1
5HJXODFH
HPLVt
PHFNR
W
åNêFK
Yê]NXPQi ]SUiYD 8%$ þ OHGHQ EH]HQ
2GND]\
>/$, @
$UEHLWVJUXSSH GHV 8QWHUDXVVFKXVVHV /XIW7HFKQLN GHV /lQGHUDXVVFKXVVHV IU ,PPLVVLRQVVFKXW] 1
PHFNR
3UDFRYQt VNXSLQD SRGYêERUX Y]GXFKRWHFKQLND ]HPVNpKR YêERUX SUR RFKUDQX S HG LPLVHPL
/$,6FKULIWHQUHLKH
%DQG
(UDUEHLWXQJ
YRQ
$QIRUGHUXQJHQ
]XU
(PLVVLRQVEHJUHQ]XQJ
YRQ
'LR[LQHQ
XQG
)XUDQHQ ]i t /$,VSLVRYi
$
DGD VYD]HN 5R]SUDFRYiQt SRåDGDYN
$
QD RPH]RYiQt HPLVt GLR[LQ
$
D IXUDQ
>/RKVH@
- /RKVH PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS ((%
/RKVH - þOHQ 3UDFRYQt WHFKQLFNp VNXSLQ\ ((%
gNRSRO
1HUQVWZHJ ' +DPEXUJ *HUPDQ\
>0DUFKDO@
) 0DUFKDO PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
0DUFKDO ) þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
0LQLVWqUH GH O
HQYLURQQPHQW
3ODFH GX %pJXLQDJH % 0RQV %HOJLXP
0LQLVWHUVWYR åLYRWQtKR SURVW HGt %HOJLH
>0DWHULDOLHQ @
/DQGHVXPZHOWDPW 1RUGUKHLQ:HVWIDOHQ FRPPLVVLRQHG E\ (& '* ;,
=HPVNê ~ DG SUR åLYRWQt SURVW HGt 6HYHUQtKR 3RUêQt9HVIiOVND SRY
/8$0DWHULDOLHQ 1R ,GHQWLILFDWLRQ RI 5HOHYDQW ,QGXVWULDO
$
(XURSHDQ 'LR[LQ ,QYHQWRU\ ,GHQWLILNDFH ]iYDåQêFK SU
$
NDWDORJ GLR[LQ
HQê (& '* ;,
6RXUFHV
RI
$
P\VORYêFK ]GURM
'LR[LQHV
$
GLR[LQ
DQG
)XUDQV
D IXUDQ
$
LQ
(XURSH 7KH
Y (YURS
>6FKQHLGHU@
0 6FKQHLGHU PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
6FKQHLGHU 0 þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
)RUVFKXQJVLQVWLWXW GHU =HPHQWLQGXVWULH
$
9ê]NXPQê ~VWDY FHPHQWi VNpKR SU
P\VOX
7DQQHQVWUDVVH ' 'VVHOGRUI *HUPDQ\
>6FKQHLGHU @
)RUVFKXQJVLQVWLWXW GHU =HPHQWLQGXVWULH 'VVHOGRUI 1
PHFNR
0 6FKQHLGHU . .XKOPDQQ ) 6|OOHQE|KPHU
3&'') (PLVVLRQV IURP *HUPDQ &HPHQW &OLQNHU .LOQV
2UJDQRKDORJHQ &RPSRXQGV 9ROXPH 6FKQHLGHU 0 .XKOPDQQ . 6|OOHQE|KPHU )
3&'') HPLVH ] Q
PHFNêFK SHFt QD FHPHQWRYê VOtQHN 2UJDQRKDORJHQRYp VORåN\ VYD]HN >6ODYLQ@
& 6ODYLQ PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
6ODYLQ & þOHQ 7HFKQLFNp SUDFRYQt NRPLVH
%X[WRQ /LPH ,QGXVWULHV /WG 7XQVWHDG 4XDUU\
:RUPKLOO QHDU %X[WRQ 8.'HUE\VKLUH 6. 7* 8QLWHG .LQJGRP
>6\PHRQLGLV@
. 6\PHRQLGLV PHPEHU RI WKH 7HFKQLFDO :RUNLQJ *URXS
*UHHN &HPHQW ,QGXVWULHV $VVRFLDWLRQ
6\PHRQLGLV . þOHQ 7HFKQLFNp SUDFRYQt VNXSLQ\
$
HFNp VGUXåHQt FHPHQWi VNpKR SU
P\VOX
+DONLGRV *5 $WKHQV *UHHFH
>72 @
- $ + 2DWHV GUDIW RI
/LPH DQG /LPHVWRQH &KHPLVWU\ DQG 7HFKQRORJ\ 3URGXFWLRQ DQG 8VHV
2DWHV - $ + NRQFHSW
9iSQR D YiSHQHF FKHPLH D WHFKQRORJLH YêURED D SRXåLWt
,6%1 :LOH\9&+ EH]HQ
(YURSVNê
2GND]\
>8. ,3& 1RWH @
(QYLURQPHQW $JHQF\ +062 7KH 8QLWHG .LQJGRP
&HPHQW 0DQXIDFWXUH /LPH 0DQXIDFWXUH DQG $VVRFLDWHG 3URFHVVHV
,3& *XLGDQFH 1RWH 6 (NRORJLFNi DJHQWXUD +062 6SRMHQp NUiORYVWYt
9êURED FHPHQWX YêURED YiSQD D VRXYLVHMtFt SURFHV\
3RUDGHQVNi ]SUiYD ,3& 6 >8. 5HSRUW @
(QYLURQPHQW $JHQF\ 7KH 8QLWHG .LQJGRP
7HFKQLFDO DQG (FRQRPLF 5HYLHZ RI &HPHQW DQG /LPH 3URFHVVHV &RQWUDFW 5HI +0,3&35
(NRORJLFNi DJHQWXUD 6SRMHQp NUiORYVWYt
$
7HFKQLFNê D HNRQRPLFNê S HKOHG YêUREQtFK SURFHV
FHPHQWX D YiSQD .RQWUDNW þ +0,3&35
>8OOPDQQ
V @
9&+ 9HUODJVJHVHOOVFKDIW PE+ ' :HLQKHLP
&HPHQW DQG &RQFUHWH
WK
8OOPDQQ
V (QF\FORSHGLD RI ,QGXVWULDO &KHPLVWU\ HGLWLRQ 9RO $ &HPHQW D EHWRQ
$
8OOPDQQRYD HQF\NORSHGLH SU
P\VORYp FKHPLH Y\GiQt VY $ V >8OOPDQQ
V @
9&+ 9HUODJVJHVHOOVFKDIW PE+ ' :HLQKHLP
/LPH DQG OLPHVWRQH
WK
8OOPDQQ
V (QF\FORSHGLD RI ,QGXVWULDO &KHPLVWU\ HGLWLRQ 9RO $ 9iSQR D YiSHQHF
$
8OOPDQQRYD HQF\NORSHGLH SU
P\VORYp FKHPLH Y\GiQt VY $ V >:RUOG &HPHQW 0DUFK @
' .XSSHU / %UHQWUXS .UXSS 3RO\VLXV *HUPDQ\
[
61&5 WHFKQRORJ\ IRU 12
UHGXFWLRQ LQ WKH FHPHQW LQGXVWU\
:RUOG &HPHQW S 0DUFK .XSSHU ' %UHQWUXS / .UXSS 3RO\VLXV 1
[
7HFKQRORJLH 61&5 SUR VQLåRYiQt 12
PHFNR
$
Y FHPHQWi VNpP SU
P\VOX
:RUOG &HPHQW E H]HQ V >=.* @
: %LOOKDUGW . .XKOPDQQ : 5XKODQG 0 6FKQHLGHU + ;HOOHU
[
&XUUHQW VWDWH RI 12
DEDWHPHQW LQ WKH FHPHQW LQGXVWU\
=.* ,QWHUQDWLRQDO 9ROXPH 1R S [
%LOOKDUGW : DM6RXþDVQê VWDY RGOXþRYiQt 12
$
Y FHPHQWi VNpP SU
P\VOX
=.* ,QWHUQDWLRQDO VY þ V >gNRSRO UHSRUW @
- :XOI6FKQDEHO - /RKV gNRSRO 1HUQVWZHJ ' +DPEXUJ *HUPDQ\
[
(FRQRPLF HYDOXDWLRQ RI 12
DEDWHPHQW WHFKQLTXHV LQ WKH (XURSHDQ &HPHQW ,QGXVWU\
5HSRUW FRPSLOHG IRU '* ;, &RQWUDFW 1R %0$5(
:XOI6FKQDEHO - /RKV - gNRSRO 1HUQVWZHJ ' +DPEXUJ 1 PHFNR
[
(NRQRPLFNp Y\KRGQRFHQt WHFKQLN RGOXþRYiQt 12
$
Y HYURSVNpP FHPHQWi VNpP SU
P\VOX
=SUiYD ]SUDFRYiQD SUR '* ;, NRQWUDNW þ %0$5(
EH]HQ
6ORYQtN
6/291Ë.7(50Ë1#$=.5$7(.
DWP
QRUPiOQt DWPRVIpUD DWP 1P $J
VWtEUR
$O
KOLQtN
$O 2
R[LG KOLQLWê
$V
DU]HQ
EDU
EDU DWP
%D
EDU\XP
%H
EHU\OLXP
F6W
FHQWLVWRNH
&
VWXSH &HOVLD
&D
YiSQtN
&D&2
XKOLþLWDQ YiSHQDWê
&D2
R[LG YiSHQDWê
&D2+
K\GUR[LG YiSHQDWê
&G
NDGPLXP
&R
NREDOW
&U
FKURP
&X
P
&+
PHWDQ
&1
N\DQLG
&2
R[LG XKHOQDWê
GRORPLW
W\S YiSHQFH Y MHKRå VNXSLQ XKOLþLWDQ$ SHYDåXMH PLQHUiO GRORPLW XKOLþLWDQ YiSHQDWR
KRHþQDWê >&D0J&2 @
(2
HOHNWURVWDWLFNê RGOXþRYDþ
)
IOXRU
)H
åHOH]R
)H 2
R[LG åHOH]LWê
+J
UWX"
+&O
N\VHOLQD FKORURYRGtNRYi
+)
N\VHOLQD IOXRURYRGtNRYi
+2
YRGD
+6
VLURYRGtN
NFDO
NLORNDORULH NFDO N-
NJ
NLORJUDP
NHPLþLWê YiSHQHF
YiSHQHF NWHUê REVDKXMH R[LG NHPLþLWê 6L2 NNLORMRXOH N- NFDO
N:K
NLORZDWWKRGLQD N:K N- 0-
.
GUDVOtN VWXSH .HOYLQD & .
P
PHWU
PPLQ
PHWU ]D PLQXWX
P
PHWU þWYHUHþQê
P
PHWU NU\FKORYê
P
PLNURPHWU P P
PJ
PLOLJUDP PJ J
PP
PLOLPHWU PP P
PP:*
PLOLPHWU YRGR]QDNX
0J&2
XKOLþLWDQ KRHþQDWê
0J2
R[LG KRHþQDWê
0Q
PDQJDQ
0W
PHJDWXQD 0W W
0PHJDMRXOH 0- N- MRXOH
QDS
QDStNODG
QJ
QDQRJUDP QJ JUDP$
1
GXVtN
1D
VRGtN
1L
QLNO
1P
QRUPiOQt NU\FKORYê PHWU SL N3D .
1+
þSDYHN
EH]HQ
6ORYQtN
1+
12
12
12
2
3E
3G
SXFROiQ
DPRQLXP
RKP FHQWLPHWU MHGQRWND PUQpKR RGSRUX
R[LG GXVQDWê
R[LG GXVLþLWê
R[LG\ GXVtNX
N\VOtN
RORYR
SDODGLXP
SXFROiQ\ MVRX PDWHULiO\ NWHUp VDP\ R VRE QHMVRX K\GUDXOLFNp DYãDN REVDKXMt NHPtN D
KOLQtN Y UHDNWLYQt IRUP VFKRSQp VOXþRYDW VH ]D StWRPQRVWL YRG\ V YiSQHP D Y\WYiHW
VORXþHQLQ\ V K\GUDXOLFNêPL YODVWQRVWPL 3tURGQt SXFROiQ\ VH VNOiGDMt KODYQ ] MHPQp
þRNROiGRY þHUYHQp YXONDQLFNp ]HPLQ\ %\O Y\YLQXW XPOê SXFROiQ NWHUê NRPELQXMH SROpWDYê
SRStOHN D YRGRX FKOD]HQRX NRWHOQt VWUXVNX
SXFROiQRYê FHPHQW
3XFROiQRYp FHPHQW\ MVRX VPVL SRUWODQGVNpKR FHPHQWX D SXFROiQRYêFK PDWHULiO$
NWHUp PRKRX EêW EX StURGQt QHER XPOp 3tURGQt SXFROiQ\ MVRX YWãLQRX PDWHULiO\
YXONDQLFNpKR S$YRGX DOH REVDKXMt WURFKX NHPHOLQ\ 8POp PDWHULiO\ ]DKUXMt
SROpWDYê SRStOHN SiOHQp ]HPLQ\ D ELGOLFH
3W
SODWLQD
3&''
SRO\FKORURYDQê GLEHQ]RGLR[LQ
3&')
SRO\FKORURYDQê GLEHQ]RIXUDQ
5K
UKRGLXP
6E
DQWLPRQ
6H
VHOHQ
6L2
R[LG NHPLþLWê
6Q
FtQ
6&5
VHOHFWLYH FDWDO\WLF UHGXFWLRQ VHOHNWLYQt NDWDO\WLFNi UHGXNFH
61&5
VHOHFWLYH QRQFDWDO\WLF UHGXFWLRQ VHOHNWLYQt QHNDWDO\WLFNi UHGXNFH
62
R[LG VLLþLWê
R[LG VtURYê
62
62
R[LG\ VtU\
W
WXQD PHWULFNi
WM
WR MH WM
7H
WHOXU
7L
WLWDQ
7O
WKDOLXP
7&''
WHWUDFKORUGLEHQ]RGLR[LQ
7(
WR[LFLW\ HTXLYDOHQWV HNYLYDOHQW\ WR[LFLW\ GLR[LQ\ D IXUDQ\
7(4
LQWHUQDWLRQDO WR[LFLW\ HTXLYDOHQWV PH]LQiURGQt HNYLYDOHQW\ WR[LFLW\ GLR[LQ\ D IXUDQ\
72&
WRWDO RUJDQLF FDUERQ FHONRYê REVDK RUJDQLFNpKR XKOtNX
9
YDQDG
92&
YRODWLOH RUJDQLF FRPSRXQGV WNDYp RUJDQLFNp OiWN\
=Q
]LQHN
YY
SHUFHQWDJH E\ YROXPH SURFHQWD REMHPRYi
FP
[
[
EH]HQ
3tORKD$
3Ë/2+$$67È9$-Ë&Ë91,75267È71Ë$0(=,1È52'1Ë35È91Ë3('3,6<
9QLWURVWiWQtHPLVQtOLPLW\SURYêUREX&(0(178YUiPFL(YURSVNpXQLH
1iVOHGXMtFtWDEXON\XYiGMtYQLWURVWiWQtHPLVQtKODGLQ\8SODWRYiQtWFKWRKRGQRWVHVWiWRG
VWiWX OLãt SU$PUQp þDVRYp REGREt UHIHUHQþQt SRGPtQN\ WHFKQLN\ PHQt NULWpULD VKRG\
DSRG
ÒGDMH
QD ]iNODG
PJP
5DNRXVNR
9 D
%HOJLH
3
'iQVNR
3
)LQVNR
3
)UDQFLH
9
1PHFNR
9
HFNR
95
,UVNR
9
,WiOLH
93
/XFHPEXUVNR
3
1L]R]HPt
3
3RUWXJDOVNR
9
âSDQOVNR
9
QRYêPRGLI QHE NRPtQ SHFH FKODGLþ VOtQNX
POHWt
MLQp ERGRYp
VWiYDMtFt SURYR]
FHPHQWX
]GURMH
QRYê PRGLI
VWiYDMtFt
QRYê PRGLI
VWiYDMtFt
± VWiYDMtFt
E
E
E
E
QRYê PRGLI
VWiYDMtFt
F
QRYê PRGLI
VWiYDMtFt
G
G
H
QRYê PRGLI
VWiYDMtFt
QRYê PRGLI
VWiYDMtFt
QRYê PRGLI
VWiYDMtFt
VWiYDMtFt
VWiYDMtFt
I
VWiYDMtFt
I
I
I
I
QRYê PRGLI
VWiYDMtFt
QRYê PRGLI
J J J
K
K
K
VWiYDMtFt
J J J J
K
K
K
K
âYpGVNR
3
VWiYDMtFt
L
6SRMHQp
9 M
QRYê PRGLI
N
N
N
N
NUiORYVWYt
VWiYDMtFt
O
O
O
O
9 YQLWURVWiWQt SUiYQt SHGSLV\ 5 UHJLRQiOQt SUiYQt SHGSLV\ 3 REY\NOH SRYROHQR
D 'HQQt SU$PU\ D UHIHUHQþQt SRGPtQN\ . N3D VXFKê SO\Q D 2 E /LPLW\ VH SURMHGQiYDMt 5HIHUHQþQt SRGPtQN\ . N3D VXFKê SO\Q D 2 F 6WiYDMtFt SURYR] PXVt N OHGQX VSORYDW PJ1P 0VtþQt SU$PU\ D UHIHUHQþQt SRGPtQN\
2 D VXFKê SO\Q
G 6WiYDMtFt SURYR] V HPLVHPL PJ1P PXVt N URNX VSORYDW OLPLW SUR QRYê SURYR]
H 6WiYDMtFt SURYR] PXVt N URNX VSORYDW OLPLW SUR QRYê SURYR]
I +RGQRW\ GHQQtFK SU$PU$
J 6RXþDVQp OLPLW\
K /LPLW\ VH SURMHGQiYDMt
L 'HQQt SU$PUQi KRGQRWD 3UR PVtþQt SU$PU\ SODWt OLPLWQt KRGQRW\ PJ1P Yþ QiEKX D RGVWDYRYiQt D
~QLN$ &2
M tGLFt ]SUiYD ,3& 6 N Ä6URYQiYDFt ~OHW\³
O 6URYQiYDFt ~OHW\ QHMVRX SRXåLWHOQp ]HMPpQD SUR VWiYDMtFt SURYR]\ DOH MVRX þLQLWHOHP SL ]YDåRYiQt
YKRGQêFK KODGLQ
>1D ]iNODG >&HPEXUHDX UHSRUW @ D LQIRUPDFt SRVN\WQXWêFK RGERUQtN\ 7HFKQLFNp SUDFRYQt VNXSLQ\@
3UDFK
EH]HQ
3tORKD$
QRYêPRGLI
QHER
QRUPiOQt
VXURYLQ\
QJ 7(4
VWiYDMtFt SURYR] SURYR]
ERKDWp QD VtUX
1P
QRYê PRGLI
VWiYDMtFt
QRYê PRGLI
VWiYDMtFt
VWiYDMtFt
E åiGQê OLPLW F åiGQê OLPLW
VWiYDMtFt
QRYê PRGLI
I J
VWiYDMtFt
H
HI J
QRYê PRGLI
VWiYDMtFt
9 QRYê PRGLI
'DWD
VWiYDMtFt
&K\Et
93 QRYê PRGLI
GDWD
VWiYDMtFt
FK\Et
3
VWiYDMtFt
L
M
N
3
VWiYDMtFt
O
M
9 QRYê PRGLI
VWiYDMtFt
9 QRYê PRGLI P P
Q
Q
VWiYDMtFt P P Q
Q
Q
âYpGVNR
3
VWiYDMtFt
6SRMHQp
9 R QRYê PRGLI
S
S
NUiORYVWYt
VWiYDMtFt
T
U T V
D 'HQQt SU$PU\ D UHIHUHQþQt SRGPtQN\ . N3D VXFKê SO\Q D 2 E SUR SRORVXFKê SURFHV SUR PRNUê SURFHV D SUR PRNUê SURFHV V PRNURX SUDþNRX D UHNXSHUDFt WHSOD
/LPLW\ VH SURMHGQiYDMt
F SUR SRORVXFKê SURFHV SUR PRNUê SURFHV D SUR PRNUê SURFHV V PRNURX SUDþNRX D UHNXSHUDFt
WHSOD /LPLW\ VH SURMHGQiYDMt
G 0VtþQt SU$PU\ UHIHUHQþQt SRGPtQN\ 2 D VXFKê SO\Q
H 6WiYDMtFt SURYR] PXVt N URNX VSORYDW OLPLW SUR QRYê SURYR]
I PJ1P MHOL ! NJK PJ1P NJK
J SUR SRORVXFKê SURFHV V UHNXSHUDFt WHSOD SUR SRORVXFKê D SRORPRNUê SURFHV D SUR PRNUê
D VXFKê SURFHV EH] UHNXSHUDFH WHSOD
K 2EHFQp SUDYLGOR SUR MDNpNROL SU$P\VORYp HPLVH
L 3$OKRGLQRYê SU$PU
M +RGQRWD GHQQtKR SU$PUX
N âHVWLKRGLQRYê SU$PU
O 'HQQt SU$PU NJK PD[LPiOQ WURN
P 6RXþDVQp OLPLW\
Q /LPLW\ VH SURMHGQiYDMt
R tGLFt ]SUiYD ,3& 6 S Ä6URYQiYDFt ~OHW\³
T 6URYQiYDFt ~OHW\ QHMVRX YKRGQp ]HMPpQD SUR VWiYDMtFt SURYR]\ DOH MVRX þLQLWHOHP SL ]YDåRYiQt YKRGQêFK
KODGLQ
U /LPLWQt KRGQRW\ RGUiåHMt VNXWHþQp KODGLQ\ ~OHW$ 'HQQt SU$PU\ D UHIHUHQþQt SRGPtQN\ VXFKê SO\Q D
VNXWHþQê REVDK 2 V 6NXWHþQp ~OHW\ GHQQt SU$PU\ QH YãHFKQ\ SURYR]\ PDMt Y VRXþDVQRVWL VWDQRYHQp OLPLW\
62 12[
PJ1P
5DNRXVNR
%HOJLH
'iQVNR
)LQVNR
)UDQFLH
1PHFNR
HFNR
,UVNR
,WiOLH
/XFHPEXUVNR
1L]R]HPt
3RUWXJDOVNR
âSDQOVNR
3&'')
ÒGDMH
QD
]iNO
9 D
3
3 D
3 G
9
9
62
62
12[
3&'')
EH]HQ
3tORKD$
1iVOHGXMtFtWDEXONDXYiGtYQLWURVWiWQtHPLVQtKODGLQ\SURNRY\DRVWDWQtHPLVH]NRPtQDSHFH
6WHMQMDNRXSHGFKR]tFKWDEXOHNXSODWRYiQtKRGQRWVHVWiWRGVWiWXOLãtSU$PUQpþDVRYp
REGREtUHIHUHQþQtSRGPtQN\WHFKQLN\PHQtNULWpULDVKRG\DSRG
,QWHUYDO &G 7O 6H 7H 6E 3E 72& +&/ +) 1+ &2
PHQt
+J
$V &R &U &X
PJ1P
1L 0Q 9 6Q
5DNRXVNR
URN\ D E F
%HOJLH
PVtF$
G
H 'iQVNR
)LQVNR
)UDQFLH
URN
I
1PHFNR
URN\
J
K
L L
HFNR
,UVNR
,WiOLH
U$]Qp
M
O
Q
N P
/XFHPEXUVNR
URN
S
1L]R]HPt
URN T
T
3RUWXJDOVNR
PVtF$
âSDQOVNR
U$]Qp
U
U
U
âYpGVNR
URN
V
V
V
6SRMHQp
NUiORYVWYt
D 3$OKRGLQRYp SU$PU\ D UHIHUHQþQt SRGPtQN\ . N3D VXFKê SO\Q D 2 E 6NXSLQD ]DKUQXMH &G 7O %H /LPLW SODWt LQGLYLGXiOQ SODWt SUR VRXþHW
F $V &R 1L 3E
G $V &R 1L
H &+ SHGSRNODG
I -H URYQå ]DKUQXW =Q
J .\DQLG\ UR]SXVWQp XYHGHQp MDNR &1 IOXRULG\ UR]SXVWQp XYHGHQp MDNR ) 3W 3G D 5K MVRX URYQå
]DKUQXW\
K 3UR RUJDQLFNp VORXþHQLQ\ UR]GOHQp GR Wt WtG QHEH]SHþQRVWL VH Y\åDGXMH GRGUåRYiQt QiVOHGXMtFtFK OLPLW$
RG 7$/XIW 7Ë'$ , 7Ë'$ ,, 7Ë'$ ,,, L (PLVQt OLPLW SODWt SUR VRXþHW WFKWR D MLQêFK VORXþHQLQ
M 3RX]H 6H 7H
N $V &U 9, &R 1L
O 6E &U ,,, 0Q 3G 3E 3W &X 5K 6Q 9
P &G 7O +J 6H 7H 6E &U ,,, 0Q 3G 3E 3W &X 5K 6Q 9
Q 3UR XUþLWp RUJDQLFNp VORXþHQLQ\ FFD UR]GOHQp GR SWL WtG QHEH]SHþQRVWL VH Y\åDGXMH GRGUåRYiQt
QiVOHGXMtFtFK OLPLW$ 7Ë'$ , 7Ë'$ ,, 7Ë'$ ,,, 7Ë'$ ,9 7Ë'$ 9 R 3$OKRGLQRYê SU$PU
S &G +J 7O $V &R 1L 6H 7H 6E &X 3E &U 9
T 6E $V 3E &U &R &X 0Q 1L 9 6Q 6H 7H
U /LPLW\ VH SURMHGQiYDMt
V 9 SRYROHQt QHMVRX VWDQRYHQ\ åiGQp OLPLW\ 6NXWHþQp KODGLQ\ VH KOiVt QD SRþiWNX D SLKOtåt VH N QLP SL
Y\GiYiQt SRYROHQt 9\EUDQp SUYN\ VH KOiVt NDåGRURþQ
.RY\ RVWDWQt
)OXRUXUHV
EH]HQ
3tORKD$
9QLWURVWiWQtHPLVQtOLPLW\~OHW$GRY]GXFKX]9È3(1,&.é&+SHFtY(YURSVNpXQLL
1iVOHGXMtFtWDEXONDXYiGtYQLWURVWiWQtHPLVQtKODGLQ\SURNRY\DRVWDWQtHPLVH]NRPtQDSHFH
8SODWRYiQt KRGQRW VH VWiW RG VWiWX OLãt SU$PUQp þDVRYp REGREt UHIHUHQþQt SRGPtQN\
WHFKQLN\PHQtNULWpULDVKRG\DSRG
3UDFK
+&O
62
PJ1P
5DNRXVNR
%HOJLH
'iQVNR
)LQVNR
)UDQFLH
12[
ÒGDMH +PRWQRVWQt
QD ]iNO SU$WRN
NJK
3
! 3
3
9
!
! 9 5
! !
9
9
9
!
3UDFK
± ± E
62
12
+&O
[
1PHFNR
D
HFNR
,UVNR
,WiOLH
/XFHPEXUVNR
1L]R]HPt
3RUWXJDOVNR
9
âSDQOVNR
9
âYpGVNR
3
F
6SRMHQp NUiORYVWYt 9 G
H
H
H
D 3UR URWDþQt SHFH VH HPLVQt OLPLW\ ]YDåXMt StSDG RG StSDGX
E SUR QRYpPRGLILNRYDQp SURYR]\ SUR VWiYDMtFt SURYR]\
F 3UR VWDUp YiSHQLFNp SHFH GR PJP G tGLFt ]SUiYD ,3& 6 H Ä6URYQiYDFt ~OHW\³ 6URYQiYDFt ~OHW\ QHMVRX HPLVQtPL OLPLW\ DOH MVRX SRGNODGHP ~YDK R PtVWQ
VSHFLILFNêFK HPLVQtFK OLPLWHFK
>1D ]iNODG LQIRUPDFt SRVN\WQXWêFK RGERUQtN\ 7HFKQLFNp SUDFRYQt VNXSLQ\@
EH]HQ
3tORKD$
3UiYQtSHGSLV\(6SRXåLWHOQpQDYêUREXFHPHQWXDYiSQD
x 1Dt]HQt5DG\þ(6RVSDORYiQtQHEH]SHþQêFKRGSDG$
x QiYUK6PUQLFHRVSDORYiQtRGSDG$SLMDWê.RPLVttMQDÒYVWþ&
V
EH]HQ
3tORKD%
3Ë/2+$%2'/8ý29È1Ë12[$629&(0(17È6.e035#0<6/8
1iVOHGXMtFtWDEXON\XYiGMtYVRXþDVQRVWL]QiPêSRþHWSOQRKRGQRWQêFKSU$P\VORYêFKSUR
YR]$VWHFKQLNDPLRGOXþRYiQt12[D62YHVWiWHFK(8D()7$
12[
5DNRXVNR
'iQVNR
)UDQFLH
1PHFNR
,WiOLH
âYpGVNR
âYêFDUVNR
&HONHP
&KOD]HQt
SODPHQH
0LQHUDOL]R
YDQêVOtQHN
3RVWXSQp
VSDORYiQt
61&5
6&5
%XGH Y SURYR]X NRQFHP URNX SHKOHGX
>1D ]iNODG
] &HPEXUHDX SURYHGHQpKR Y GXEQX D LQIRUPDFt SRVN\WQXWêFK RGERUQtN\ ] 7HFKQLF
Np SUDFRYQt VNXSLQ\@
62
5DNRXVNR
%HOJLH
'iQVNR
1PHFNR
,WiOLH
âYpGVNR
âYêFDUVNR
6SRMHQpNUiO
&HONHP
3LGiYiQt 0RNUi
DEVRUEHQWX Y\StUND
SHKOHGX
>1D ]iNODG
6XFKi
Y\StUND
$NWLYRYD
QpXKOt
] &HPEXUHDX SURYHGHQpKR Y GXEQX D LQIRUPDFt SRVN\WQXWêFK RGERUQtN\ ] 7HFKQLF
Np SUDFRYQt VNXSLQ\@
EH]HQ

Integrovaná prevence a mezování znečištění (IPPC)

Transkript

Podobné dokumenty

folder drzwi norma czeska

%(=3(ý12671Ë /,67