správná volba 2001

Transkript

správná volba 2001
5DGLP+HþNR
,QJ0DUWLQ+XU\FK
VSUiYQi
YROED
Y\GiQt
635É91É92/%$
2EVDK
2EVDK ÒYRG
3HGVWDYHQt,0,,QWHUQDWLRQDO =iNODGQtK\GURQLFNpSRGPtQN\ -PHQRYLWêSU$WRNPXVtEêWNGLVSR]LFLQDYãHFKRGEUQêFKPtVWHFK
7ODNRYiGLIHUHQFHQDYHQWLOHFKVHQHVPtStOLãPQLW 3U$WRN\PXVtEêWNRPSDWLELOQtYHYãHFKX]ORYêFKERGHFKVRXVWDY\
9\YDåRYiQtVRXVWDY 6RXþDVQêVWDY 3HGLPHQ]RYiQtVRXVWDY =YêãHQtYêNRQ$þHUSDGHO =PQDWHSORW\WHSORQRVQpOiWN\ =iNODGQtFtOK\GURQLFNpKRY\YiåHQt ,QYHVWLFH
7HFKQLFNiSRGSRUD,0,,QWHUQDWLRQDO 9êKRG\Y\YiåHQpVRXVWDY\ 3HVQRVWY\YiåHQt 9\YDåRYDFtYHQWLODMHKRVSUiYQêQiYUK 9\YDåRYiQtVWDWLFNêFKVRXVWDY 0RGXO 9\YDåRYiQtPRGXOX +LHUDUFKLHPRGXO$ 8PtVWQtY\YDåRYDFtFKYHQWLO$ 9\YDåRYDFtPHWRG\VWDWLFNêFKVRXVWDY .RPSHQ]DþQtPHWRGD
0HWRGD7$%DODQFH (NRQRPLFNpStQRV\Y\YDåRYiQt 9\YDåRYiQtG\QDPLFNêFKVRXVWDY 6WDELOL]DFHWODNRYpGLIHUHQFHYVRXVWDY 5HJXOiWRU\WODNRYpGLIHUHQFH 5HJXOiWRUWODNRYpGLIHUHQFH67$3 1iYUKUHJXOiWRUX67$3DY\YDåRYDFtKRYHQWLOX67$' 3HSRXãWFtDUPDWXU\ +\GURQLFNpUHJXOiWRU\WODNRYpGLIHUHQFHVRPH]HQtPSU$WRNX 3ULQFLSIXQNFHUHJXOiWRUX'.+ 1iYUKUHJXOiWRUX'.+DY\YDåRYDFtKRYHQWLOX67$' 635É91É92/%$
3tNODG\QHMþDVWMãtFK]DSRMHQtYSUD[L $NWLYQtSULPiUQtVt" =DSRMHQtVSRWHELþHVGYRXFHVWQêPUHJXODþQtPYHQWLOHP =DSRMHQtVSRWHELþHVDNWLYQtPSULPiUQtDVHNXQGiUQtPRNUXKHP =DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHPYUR]GORYDFtIXQNFL =DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHPYVHNXQGiUQtPRNUXKX =DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHPYSULPiUQtPRNUXKX
3DVLYQtSULPiUQtVt" =DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
9êUREQtVRUWLPHQWDUPDWXU,0,,QWHUQDWLRQDO 9êUREQtVRUWLPHQW7$+\GURQLFV 9\YDåRYDFtYHQWLO\
5HJXOiWRU\WODNRYpGLIHUHQFH
3HSRXãWFtYHQWLO\
+\GURQLFNpUHJXOiWRU\WODNRYpGLIHUHQFHVRPH]HQtPSU$WRNXLEH] +\GURQLFNpUHJXOiWRU\SU$WRNXGOHtGtFtYHOLþLQ\VRPH]HQtPSU$WRNX
7HUPRVWDWLFNpYHQWLO\SURStSUDYX789
9êUREQtVRUWLPHQW+HLPHLHU 7HUPRVWDWLFNpKODYLFH7KHUPROX[ 5DGLiWRURYpYHQWLO\
5HJXODþQtYHQWLO\SURRWRSQiWOHVD 5HJXODþQtYHQWLO\SURSRGODKRYpY\WiSQt 5HJXODþQtDX]DYtUDFtãURXEHQt 3LSRMRYDFtV\VWpP\RWRSQêFKWOHV (OHNWULFNiDHOHNWURQLFNiUHJXODFHSURVWRURYpWHSORW\ 6SHFLiOQtDUPDWXU\ 3RWUXEQtDUPDWXU\ /LWHUDWXUD
9ãHFKQD SUiYD Y\KUD]HQD äiGQi þiVW WRKRWR GtOD QHVPt EêW UHSURGXNRYiQD YMDNpNROLY IRUP QHER
MDNêPLNROLYSURVWHGN\EH]SHGFKR]tKRStVHPQpKRVRXKODVX,0,,17(51$7,21$/VUR
1HSURãORMD]\NRYRXDQLMLQRX~SUDYRX=DStSDGQpWLVNRYpFK\E\VHXStPQRPORXYiPH
&RS\ULJKW‹,0,,17(51$7,21$/VUR&73'32%R[&=±+XPSROHF
635É91É92/%$
ÒYRG
9iåHQtNROHJRYp
YUXNRX GUåtWH GUXKp SRNUDþRYiQt VERUQtNX VQi]YHP 6SUiYQi YROED ´ NWHUê E\O
Y\GiQ XStOHåLWRVWL XVSRiGiQt VWHMQRMPHQQêFK RGERUQêFK VHPLQi$ VSROHþQRVWL
,0,,17(51$7,21$/YURFH
7HQWR VERUQtN MH XUþHQ SHGHYãtP SURMHNWDQW$P LQYHVWRU$P D WHFKQLFNêP SUDFRYQtN$P
YREODVWL Y\WiSQt FKOD]HQt FHQWUDOL]RYDQpKR ]iVRERYiQt WHSOHP D SU$P\VORYêFK
UR]YRG$ 7pPDWD SHGFKR]tKR VERUQtNX E\OD ]DPHQD QD QHMþDVWMãt SUREOpP\
YGQHãQtFK RWRSQêFK D FKODGLFtFK VRXVWDYiFK HNRQRPLNX SURYR]X D ]iNODGQt YêSRþW\
Y\YDåRYDFtFK DUPDWXU D WHUPRVWDWLFNêFK YHQWLO$ 6ERUQtN Ä6SUiYQi YROED ³ MH MHKR
SRNUDþRYiQtP D MH ]DPHQ SHGHYãtP QD QiYUK DUPDWXU YU$]QêFK K\GURQLFNêFK
]DSRMHQtFK VSUiYQp XPtVWQt Y\YDåRYDFtFK DUPDWXU D SRVWXS Y\YiåHQt MHGQRWOLYêFK
RNUXK$1LFPpQMVPHVLYGRPLåHPLQXOêVERUQtNVHQHGRVWDOGRUXNRXYãHP]iMHPF$P
D åH RSDNRYiQt MH PDWND PRXGURVWL 3URWR L YWRPWR VERUQtNX QDOH]QHWH YH ]QDþQ
]KXãWQp IRUP ]iNODG\ VWDWLFNpKR L G\QDPLFNpKR Y\YDåRYiQt D SUR U\FKORX RULHQWDFL
YQDãHPUR]ViKOpPVRUWLPHQWXDUPDWXULMHMLFKSHKOHGVHVWUXþQêPNRPHQWiHP
'RXIiPH åH 9iP WHQWR VERUQtN SHGQiãHN EXGH QiSRPRFHQ SL HãHQt NDåGRGHQQtFK
SURIHVQtFKSUREOpP$DQDMGHWHYQPRGSRYGLQDþDVWRNODGHQpRWi]N\
+XPSROHFGXEHQ
]DDXWRU\
5DGLP+HþNR
1DQDSViQtWRKRWRVERUQtNXVHDXWRLSRGtOHOLWDNWR
5DGLP+HþNR
,QJ0DUWLQ+XU\FK
NDSLWRO\±±D
NDSLWRO\±±D
635É91É92/%$
3HGVWDYHQt,0,,QWHUQDWLRQDO
)LUPD ,0, ,QWHUQDWLRQDO VUR S$VREt YýHVNp UHSXEOLFH RG URNX -VPH GFHLQQRX
VSROHþQRVWt EULWVNp QDGQiURGQt NRUSRUDFH ,0, SOF MHMtå SRþiWN\ VDKDMt GR SRORYLQ\
PLQXOpKR VWROHWt 7HKG\ MVPH VH QD ~]HPt 9HONi %ULWiQLH ]DþDOL ]DEêYDW YêURERX
PGQêFK WUXEHN D WYDURYHN 'QHV YODVWQt VSROHþQRVW ,0, SOF YtFH QHå YêUREQtFK
VSROHþQRVWt SR FHOpP VYW SURGXNXMtFtFK DGX YêUREN$ SUR VWDYHEQt D VWURMtUHQVNê
SU$P\VO
9VRXþDVQpGRE,0,,QWHUQDWLRQDOQDþHVNpPWUKX]DVWXSXMHQiVOHGXMtFtYODVWQQpILUP\D
REFKRGQt]QDþN\
x
x
x
x
x
x
x
7KHRGRU+HLPHLHU
7RXU$QGHUVVRQ+\GURQLFV
<RUNVKLUH&RSSHU7XEH
<RUNVKLUH)LWWLQJV
3RO\SLSH
,0,$LU&RQGLWLRQLQJ
'RPXV'XFWLQJ
WHUPRVWDWLFNpYHQWLO\
Y\YDåRYDFtYHQWLO\UHJXOiWRU\WODNXDSU$WRNX
PGQpWUXEN\
PGQpPRVD]QpDEURQ]RYpWYDURYN\
SRO\EXW\OHQRYpSRWUXEQtV\VWpP\3RO\SOXPE
NOLPDWL]DþQtMHGQRWN\D]Dt]HQt
YHQWLOiWRU\DYWUDFt]Dt]HQt
1DãtP FtOHP MH SRVN\WRYDW ]iND]QtN$P NRPSOHWQt VRUWLPHQW SURGXNW$ 9HãNHUp YêUREN\
H[SHGXMHPH StPR ]H VNODGX Y+XPSROFL YêKUDGQ SHV QDãH YHONRREFKRGQt SDUWQHU\
1DãLP]iND]QtN$WDNRGSDGDMtYHãNHUpFHOQtIRUPDOLW\9\VRNpVNODGRYp]iVRE\XPRåXMt
GRGiQtYHãNHUêFKSURGXNW$YþDVDYSRåDGRYDQpPPQRåVWYt
1RYêDUHiO,0,,17(51$7,21$/VURY+XPSROFL
635É91É92/%$
=iNODGQtK\GURQLFNpSRGPtQN\
1D NDåGRX Y\WiSFt QHER NOLPDWL]DþQt VRXVWDYX MVRX NODGHQ\ Y]iVDG GYD ]iNODGQt
SRåDGDYN\ 3UYQtP ]QLFK MH DE\ ]DMLVWLOD FR QHMOHSãt NRPIRUW YH Y\WiSQêFK þL
NOLPDWL]RYDQêFK PtVWQRVWHFK 7HG\ DE\ WHSHOQi SRKRGD VSORYDOD SRåDGDYN\ NWHUp
RþHNiYiPH'UXKêPSRåDGDYNHPMHDE\E\ORWRKRWRVWDYXGRVDåHQRSLFRQHMPHQãtFK
HQHUJHWLFNêFKQiNODGHFK
9VRXþDVQp GRE PiPH MLå YHOPL WHFKQLFN\ Y\VSOp UHJXOiWRU\ 7\ YãDN QHMVRX VFKRSQ\
SUDFRYDW HIHNWLYQ SURWRåH QHMVRX GRGUåHQ\ SRGPtQN\ MHMLFK VSUiYQp IXQNFH 3UR
VSUiYQRXIXQNFLUHJXOiWRU$MHSRWHED]DMLVWLWYãHFKQ\WLK\GURQLFNpSRGPtQN\7HSUYHSR
MHMLFK GRVDåHQt MH PRåQp RþHNiYDW VWDELOQt D SHVQRX UHJXODFL 7\WR SRGPtQN\ MVRX
YãHREHFQ]QiPpDERKXåHOVWiOHþDVWRRSRPtMHQp
-PHQRYLWêSU$WRNPXVtEêWNGLVSR]LFLQDYãHFKRGEUQêFKPtVWHFK
7ODNRYiGLIHUHQFHQDYHQWLOHFKVHQHVPtStOLãPQLW
3U$WRN\PXVtEêWNRPSDWLELOQtYHYãHFKX]ORYêFKERGHFKVRXVWDY\
-PHQRYLWêSU$WRNPXVtEêWNGLVSR]LFLQDYãHFK
RGEUQêFKPtVWHFK
.H VSOQQt WpWR SRGPtQN\ MH QXWQR VWDWLFN\ Y\YiåLW VRXVWDYX D WtP RPH]LW QDGSU$WRN\
YþiVWHFK VRXVWDY\ QHMEOtåH NþHUSDGOX ]S$VREXMtFt SRGSU$WRN\ YGDOãtFK þiVWHFK
VRXVWDY\ 3R VWDWLFNpP Y\YiåHQt O]H VHtGLW REKRYi þHUSDGOD QD SRåDGRYDQê YêNRQ
]MLVWLW SHGLPHQ]RYDQi þL SRGGLPHQ]RYDQi þHUSDGOD MDNRå GLDJQRVWLNRYDW GDOãt SRUXFK\
SRWUXEQtVtW
3t]QDN\
XND]XMtFt
åHSRGPtQND
QHE\OD
VSOQQD
2EY\NOH
QHVSUiYQ
SURYiGQp
]iVDK\
=YêãHQtGRSUDYQt
3tOLãQpWHSOR
YQNWHUêFKþiVWHFK YêãN\þHUSDGOD
EXGRY\DStOLã
FKODGQRYMLQêFK
þiVWHFK
'ORXKêQiEK
VRXVWDY\SR
QRþQtP~WOXPXþL
GHOãtSHVWiYFH
9HONiVSRWHED
HOHNWULFNpHQHUJLH
QDSRKRQþHUSDGHO
=YêãHQtWHSORW\
YStYRGXWRSHQt
6QtåHQtWHSORW\
StYRGXFKOD]HQt
=UXãHQtQRþQtKR
~WOXPX
6NXWHþQiStþLQD
SUREOpPX
6SUiYQpHãHQt
1DGSU$WRN
YQNWHUêFKþiVWHFK
VRXVWDY\]S$VREXMH
SRGSU$WRNYMLQêFK
þiVWHFK
9\YiåHQtGLVWULEXþQtVtW
Y\YDåRYDFtPLYHQWLO\
67$'67$)
1DGSU$WRN
YQNWHUêFKþiVWHFK
VRXVWDY\]S$VREXMH
SRGSU$WRNYMLQêFK
þiVWHFK
1HVHt]HQp
UHJXOiWRU\WODNRYp
GLIHUHQFH
9\YiåHQtGLVWULEXþQtVtW
Y\YDåRYDFtPLYHQWLO\
67$'67$)
6Ht]HQtUHJXOiWRU$
WODNRYpGLIHUHQFH
3HGLPHQ]RYDQi
þHUSDGOD
1HY\YiåHQi
VRXVWDYD
9\YiåHQtGLVWULEXþQtVtW
DRGKDOHQt
SHGLPHQ]RYDQpKR
þHUSDGOD
9êPQDþHUSDGODSRS
VHt]HQtYêNRQXþHUSDGOD
9êKRG\HãHQt
x -HPRåQp]DMLVWLWLQVWDORYDQê
YêNRQ
x 6SUiYQpWHSORW\
x
x
x
x
YPtVWQRVWHFKSL
RSWLPiOQtFKQiNODGHFK
]DHQHUJLL
&RQHMNUDWãtQiEKSR
QRþQtPSRNOHVX
9\YiåHQtRGKDOtK\GURQLFNp
SUREOpP\NWHUpWDNPRKRX
EêWY\HãHQ\YSRþiWFtFK
3U$WRNMH]PHQQDVWDYHQ
DGRNXPHQWRYiQ
0RåQRVW]PHQãLWYêNRQ
þHUSDGODQDPLQLPXP
635É91É92/%$
7ODNRYiGLIHUHQFHQDYHQWLOHFKVHQHVPtStOLãPQLW
7DWR SRGPtQND MH VSOQQD SRNXG MH VRXVWDYD Y\YiåHQi D MVRX VSUiYQ VHt]HQp
UHJXOiWRU\ WODNRYp GLIHUHQFH =iNODGQtP FtOHP VWDELOL]DFH WODNRYp GLIHUHQFH MH GRViKQRXW
VSUiYQp IXQNFH UHJXODþQtFK YHQWLO$ D ]DMLVWLW DXWRULWX YHQWLO$ Y\ããt QHå 3RNXG MH
DXWRULWD PHQãt QHP$åH UHJXODþQt YHQWLO SOQLW VYRX IXQNFL QHY\XåtYi VY$M SOQê ]GYLK D X
SURSRUFLRQiOQtFKUHJXOiWRU$GRFKi]tNUHJXODFL212))
3t]QDN\
XND]XMtFt
åHSRGPtQND
QHE\OD
VSOQQD
2EY\NOHQHVSUiYQ
SURYiGQp]iVDK\
6NXWHþQiStþLQD
SUREOpPX
7HSORWD
YPtVWQRVWHFKNROtVi
=iVDK\GRUHJXODþQtKR
VRIWZDUXLNG\åVHMHGQi
RK\GURQLFNêSUREOpP
6\VWpPQHQtY\YiåHQê
1iKUDGDSXO]XMtFtFK
UHJXOiWRU$]DUHJXOiWRU\
PHQãtGLPHQ]H
$XWRULWDUHJXODþQtKR
YHQWLOXMHStOLãQt]Ni
1HVSUiYQpUHJXODþQt
SDUDPHWU\
6SUiYQpHãHQt
9\YiåHQtGLVWULEXþQtVtW
Y\YDåRYDFtPLYHQWLO\
67$'67$)
VUHJXOiWRU\WODNRYp
GLIHUHQFH67$3
9HONiVSRWHED
HOHNWULFNpHQHUJLH
QDSRKRQþHUSDGHO
9êPQDUHJXODþQtFK
YHQWLO$
'LIHUHQþQtWODNVHStOLã
PQt
3HGLPHQ]RYDQi
þHUSDGOD
1HY\YiåHQiVRXVWDYD
x 6WDELOQtDSHVQi
UHJXODFHWHSORW\
x 1t]NpQiNODG\]D
HQHUJLL
x äiGQpSUREOpP\
VKOXNHP
x 9\YiåHQtRGKDOt
5HJXODþQtYHQWLOMH
SHGLPHQ]RYDQê
5HJXODþQtYHQWLO\
MVRXKOXþQp
9êKRG\HãHQt
2PH]LWNROtViQtWODNRYp
GLIHUHQFHLQVWDORYiQtP
Y\YDåRYDFtFKYHQWLO$
67$'67$)D
UHJXOiWRU$WODNRYp
GLIHUHQFH67$3
x
x
K\GURQLFNpSUREOpP\
NWHUpWDNPRKRXEêW
Y\HãHQ\YSRþiWFtFK
3U$WRNMH]PHQ
QDVWDYHQD
GRNXPHQWRYiQ
0RåQRVW]PHQãLW
YêNRQþHUSDGODQD
PLQLPXP
9\YiåHQtGLVWULEXþQtVtW
Y\YDåRYDFtPLYHQWLO\
67$'67$)DRGKDOHQt
SHGLPHQ]RYDQpKR
þHUSDGOD
9êPQDþHUSDGODSRS
VHt]HQtYêNRQXþHUSDGOD
3U$WRN\PXVtEêWNRPSDWLELOQtYHYãHFKX]ORYêFK
ERGHFKVRXVWDY\
7pWR SRGPtQN\ O]H GRViKQRX VSUiYQêP Y\YiåHQtP VRXVWDY\ 6SOQQt WpWR SRGPtQN\ MH
QXWQpDE\YêNRQ]GURMHPRKOEêWRGHY]GiQYãHPRGEUQêPPtVW$PýDVWRVHWRWLåVWiYi
åH VHNXQGiUQt RNUXK Pi YWãt SU$WRN QHå SULPiUQt 'RFKi]t WDN NRSDþQêP SURXGQtP
YDQXORLGHFK þL ]NUDWHFK D YêNRQ ]GURMH QHP$åH EêW SHGiQ '$VOHGNHP MH QHPRåQRVW
GRVDåHQtYêNRQXQDVHNXQGiUQtVWUDQDSHKtYiQtSULPiUQtKRRNUXKXVH]GURMLWHSOD
635É91É92/%$
3t]QDN\
XND]XMtFt
åHSRGPtQND
QHE\OD
VSOQQD
2EY\NOHQHVSUiYQ
SURYiGQp]iVDK\
0D[LPiOQt
LQVWDORYDQêYêNRQ
QHQtPRåQp
RGHY]GDWGR
RGEUQêFKPtVW
=YêãHQtGRSUDYQtYêãN\
VHNXQGiUQtKRþHUSDGOD
,QVWDORYiQtYWãtKR
YêNRQXYH]GURML
=YêãHQtWHSORW\YRG\QD
StYRGXVQtåHQtWHSORW\
XFKOD]HQt
'ORXKiGREDQiEKX
VRXVWDY\SRQRþQtP
~WOXPXQHåYãHFKQ\
PtVWQRVWLGRViKQRX
SRåDGRYDQpWHSORW\
=YêãHQtGRSUDYQtYêãN\
VHNXQGiUQtKRþHUSDGOD
,QVWDORYiQtYWãtKR
YêNRQXYH]GURML
=YêãHQtWHSORW\YRG\QD
StYRGXVQtåHQtWHSORW\
XFKOD]HQt
6NXWHþQiStþLQD
SUREOpPX
6HNXQGiUQt
PD[LPiOQtSU$WRN
QHQtNRPSDWLELOQt
VSULPiUQtP
PD[LPiOQtP
SU$WRNHP
6SUiYQpHãHQt
9\YiåHQt
GLVWULEXþQtVtW
Y\YDåRYDFtPL
YHQWLO\67$'67$)
9êKRG\HãHQt
x 0RåQRVWRGHY]GiQt
x
x
6HNXQGiUQt
PD[LPiOQtSU$WRN
QHQtNRPSDWLELOQt
VSULPiUQtP
PD[LPiOQtP
SU$WRNHP
=UXãHQtQRþQtKR~WOXPX
3R]QiPN\
9\YiåHQt
GLVWULEXþQtVtW
Y\YDåRYDFtPL
YHQWLO\67$'67$)
x
x
x
LQVWDORYDQpKRYêNRQXYH
]GURMLNHVSRWHELþ$P
6SUiYQiWHSORWDYãHFK
PtVWQRVWtDQt]NpQiNODG\]D
HQHUJLL
9\YiåHQtRGKDOtK\GURQLFNp
SUREOpP\NWHUpWDNPRKRX
EêWY\HãHQ\YSRþiWFtFK
3U$WRNMH]PHQQDVWDYHQ
DGRNXPHQWRYiQ
0RåQRVW]PHQãLWYêNRQ
þHUSDGODQDPLQLPXP
.UiWNiGREDQiEKX
VRXVWDY\
635É91É92/%$
9\YDåRYiQtVRXVWDY
6RXþDVQêVWDY
0RGHUQtVRXVWDY\MVRXþDVWRY\EDYHQ\YêNRQQêPL]GURMLVY\VRNRX~þLQQRVWtSRWUXEQtVt"
VH Gi MLå GQHV UHDOL]RYDW ]XãOHFKWLOêFK PDWHULiO$ RGROQêFK NRUR]L DUPDWXU\ PDMt
SRåDGRYDQpSDUDPHWU\NYDOLW\GHNODURYDQpYêUREFLDV\VWpPPHQtDUHJXODFHMHWDNpMLå
QD Y\VRNpP VWXSQL LQWHOLJHQFH 6RXVWDY\ P$åHPH YVRXþDVQp GRE SURYR]RYDW SOQ
DXWRPDWLFN\VPLQLPiOQtPLSRåDGDYN\QDREVOXKX&HQ\HQHUJLtVWRXSDMtDEXGRXVWRXSDW
QHXVWiOH QHER" ]iVRE\ IRVLOQtFK SDOLY QD ]HPL XEêYDMt 1DVWDO þDV VH ]DEêYDW ãHWHQtP
HQHUJLtåLYRWQtKRSURVWHGtDWtPLQHPDOêFKILQDQþQtFKSURVWHGN$
3HVWRåH PiPH RWRSQp þL FKODGtFt V\VWpP\ VWFK QHMOHSãtFK NRPSRQHQW$ VWiOH VH
REMHYXMtSRUXFK\SLSURYR]RYiQtVRXVWDYNWHUpVHSURMHYXMt
x
x
x
x
x
x
QHGRWiSQtPQHERSHWiSQtP
Qt]NêPFKODGtFtPYêNRQHP
QHVWHMQRPUQêPLQiEK\VSRWHELþ$
Y\VRNRXVSRWHERXSDOLYDHOHNWULFNpHQHUJLH
KOXNHPYVRXVWDYiFK
QHVSUiYQRXIXQNFtPHQtDUHJXODFH
QDSSURSRUFLRQiOQtUHJXOiWRU\SUDFXMtRQ±RII
x þDVWêPKOiãHQtPSRUXFKQHERKDYDULMQtFKVWDY$DWG
9êãH XYHGHQp SUREOpP\ QHO]H MLVW GiYDW ]D YLQX MHGQRWOLYêP NRPSRQHQW$P QHER" W\
MVPH]YROLOLNYDOLWQtDYêUREFHJDUDQWXMHMLPLGHNODURYDQRXIXQNFL2YãHP]DSHGSRNODGX
åHEXGRXYêUREN\RVD]HQ\YSUDFRYQtFKSRGPtQNiFKSURNWHUpE\O\Y\UREHQ\
3tþLQ\ SUREOpP$ MVRX MLQGH ýDVWR QHMVRX VSOQQ\ SRGPtQN\ SUR SURYR] ]YROHQêFK
NRPSRQHQW D WHFKQLFN\ QHQt PRåQp ]DMLVWLW MHMLFK VSUiYQRX IXQNFL -H WHG\ QXWQR
GRViKQRXW YVRXVWDY SURMHNWRYDQêFK KRGQRW ± SURMHNWRYDQêFK SU$WRN$ -HMLFK GRVDåHQt
MHVWiOHMHãWERKXåHOYHYWãLQVRXVWDYVStãHYêMLPNRXDQiKRGRXQHåFKWQêPMHYHP
SLþHPåG$YRGHPWRKRWRVWDYXMHDGD]PQNWHUpSURYi]tUHDOL]DFLGtODRGSURMHNWXDåSR
]SURYR]QQt
HãHQtMHDåQHREY\NOHVQDGQp±MHSRWHED]DEH]SHþLWSHGiQtHQHUJLH]H]GURMHYãHP
VSRWHELþ$P YVRXVWDY WM Y\YiåLW SU$WRN\ WDN DE\ NDåGê VSRWHELþ GRVDKRYDO
MPHQRYLWpKRYêNRQX7HG\Y\YiåLWVRXVWDYX
2 Y\YDåRYiQt VRXVWDY VH YVRXþDVQp GRE KRGQ KRYRt DYãDN YSUD[L MH WDWR RWi]ND
VWiOH QHGRFHQQD 9\YDåRYiQt QHQt UHDOL]RYiQR NRPSOH[Q VSRWHEQRX G$NODGQRVWt
9SURMHNWHFK FK\Et PQRKG\ Y\YDåRYDFt YHQWLO\ QD WFK QHMSRWHEQMãtFK PtVWHFK SL
UHDOL]DFLGRFKi]tNFK\EiP]DSRMHQtþL]iPQDUPDWXU]DOHYQMãtDYHYWãLQStSDG$
QHVFKRSQpNRPSOH[QY\YiåLWVRXVWDYX3UDFQY\SRþtWDQêSURMHNWWDNSR]EêYiSODWQRVWL
DSUREOpP$PMLåQLFQHVWRMtYFHVW
3HGLPHQ]RYiQtVRXVWDY
9PLQXORVWL E\O\ VRXVWDY\ þDVWR SHGLPHQ]RYDQp D YãLFKQL VH W]Y MLVWLOL 1HQt GLYX FHQ\
HQHUJLt E\O\ GRWRYDQp QiURN\ QD NRPIRUW PHQãt QHå GQHV D SRt]HQt MHGQRWOLYêFK SUYN$
QHE\OR Då WDN ILQDQþQ QiURþQp 3UiY W\WR VRXVWDY\ GQHV WUiSt YWãLQX SURYR]RYDWHO$
635É91É92/%$
QHER" MHMLFK SURYR] VWRMt URþQ QHPDOp ILQDQþQt þiVWN\ D FHONRYi UHNRQVWUXNFH MH StOLã
QiNODGQi 1H]EêYi QHå W\WR VRXVWDY\ Y\YiåLW GRViKQRXW WDN SRåDGRYDQêFK SU$WRN$ D
QiVOHGQLQHSHWiSW
=YêãHQtYêNRQ$þHUSDGHO
-HGQRGXFKRX PHWRGRX MDN RPH]LW VWtåQRVWL XåLYDWHO$ MH ]YêãHQt YêNRQ$ þHUSDGHO D WtP
]YêãHQt SU$WRNX YH Y]GiOHQMãtFK þiVWHFK VRXVWDY\ -H WR PHWRGD YHOPL U\FKOi SRVWDþt
SRX]H ]DMtW NþHUSDGOX D ]YêãLW MHKR RWiþN\ þL SHSQRXW QD Y\ããt VWXSH -H QXWQR VL DOH
XYGRPLW åH RNUXK\ NWHUp MLå Q\Qt GRVDKXMt QDGQRPLQiOQtFK SU$WRN$ EXGRX PtW SU$WRN\
MHãW Y\ããt WHSORWD YPtVWQRVWHFK VWRXSQH QDG ~QRVQRX PH] WHUPRVWDWLFNp YHQWLO\
QHEXGRX VFKRSQ\ ]DMLVWLW SRåDGRYDQp SiVPR SURSRUFLRQDOLW\ D XåLYDWHOp ]DþQRX YWUDW
(QHUJHWLFNpQiNODG\QH~QRVQY]URVWRX
9FKODGtFtFK V\VWpPHFK P$åH GRMtW NH ]YêãHQp NRQGHQ]DFL D ]KRUãHQt K\JLHQLFNêFK
SRGPtQHNYLQWHULpUX
1DEt]tVHHãHQt±Y\YiåLWVRXVWDYXDRPH]LWQDGSU$WRN\VFtOHPGRViKQRXWMPHQRYLWêFK
SU$WRN$QDYãHFKVSRWHELþtFK3DUDGR[QVHSRWRPWRSRVWXSXVQLåXMtRWiþN\þHUSDGODY
]iYLVORVWLQDS$YRGQtPVWDYXDåRSRORYLQXLYtFH
=PQDWHSORW\WHSORQRVQpOiWN\
9RWRSQêFK VRXVWDYiFK O]H WHQWR SRVWXS DSOLNRYDW ]D SHGSRNODGX åH MVWH MLå QHGRViKOL
KRUQtKUDQLFHYêNRQX]GURMH=YêãHQtPWHSORW\WHSORQRVQpOiWN\VH]Y\ãXMt WHSHOQp ]WUiW\
SRWUXEt D WtP QiVOHGQ URVWH L VSRWHED SDOLYD 9K\GUDXOLFN\ QHMSt]QLYMãtFK RNUX]tFK
SRNXG MH VRXVWDYD QHY\YiåHQi MH QDGE\WHN YêNRQX 6SRWHELþH QHMVRX VFKRSQ\
GRVWDWHþQ Y\FKODGLW WHSORQRVQRX OiWNX D WD VH QHY\XåLWi YUDFt ]SW NH ]GURML 6QtåHQtP
WHSORWQtKRUR]GtOXQD]GURMLYãDNVRXþDVQVQLåXMHPHMHKR~þLQQRVW
9FKODGLFtFKV\VWpPHFKQHO]HWHSORWXWHSORQRVQpOiWN\]SUDYLGODVQLåRYDWY$EHF
9RERXStSDGHFKP$åHWHVQDGY\OHSãLWVLWXDFLQNROLNDWHSHOQêFKRGEU$RYãHP]DFHQX
]YêãHQpHQHUJHWLFNpQiURþQRVWLDEH]MDNpKRNROL]MLãWQtSUREOpPXDMHKRRGVWUDQQt
=iNODGQtFtOK\GURQLFNpKRY\YiåHQt
9êãH XYHGHQp QHGRVWDWN\ VH YVRXVWDYiFK REMHYXMt L SHVWR åH E\O\ QDYUåHQ\ D
]NRQVWUXRYiQ\VSUiYQ3URVSUiYQRXIXQNFLVRXVWDY\MHSRWHEDVHXMLVWLWåHMHGRVDåHQR
MPHQRYLWêFKSDUDPHWU$WHG\
x Y\YiåLWNRWOH]GURMHFKODGXDSRGWDNDE\GRVDKRYDO\SURMHNWRYDQêFKKRGQRW
SU$WRN$DGRNi]DO\SHGDWY\UREHQpWHSORþLFKODG
x Y\YiåLWSULPiUQtDVHNXQGiUQtRNUXK\D]DMLVWLWSRGPtQN\NRPSDWLELOLW\YêNRQ
RNUXKX]GURMHPXVtEêWGRGiQGRGLVWULEXþQtKRRNUXKX
x Y\YiåLWGLVWULEXþQtRNUXK\WDNDE\MHGQDWRSQiNLYNDRGSRYtGDODYãHP
PtVWQRVWHPSURNWHUpPDMtUHJXOiWRU\]DEH]SHþLWSRåDGRYDQRXWHSORWX
&HORX VRXVWDYX MH QXWQp Y\YDåRYDW MDNR MHGHQ NRPSDNWQt FHOHN Y\YDåRYiQt MHGQRWOLYêFK
þiVWt EH] G$UD]X QD FHOHN VRXVWDY\ QHPi VP\VO %H] ]QDORVWL FKRYiQt SDUDOHOQ
QDSRMHQêFK YWYt D W\ VH Y\VN\WXMt YNDåGp VRXVWDY QHO]H iGQ Y\YiåLW VRXVWDYX
7DNRYpWR Y\YDåRYiQt MH VStãH FKDRWLFNêP SREtKiQtP RG YHQWLOX NYHQWLOX D GRVDKRYDQp
YêVOHGN\QHMVRXOHSãtQHå“
635É91É92/%$
,QYHVWLFH
1H QDGDUPR MLå ORUG .HOYLQ tNiYDO Ä3RNXG R QþHP SRWHEXML QFR YGW D QFR R WRP
tFLPXVtPVLWRQHMSUYH]PLW³
9\YDåRYDFt YHQWLO\ 9iP XPRåQt ]PLW YãH FR SRWHEXMHWH SU$WRN WHSORWX VWDWLFNê D
G\QDPLFNê WODN %H] WFKWR LQIRUPDFt QHP$åHWH tFL åH R VRXVWDY QFR YtWH DQL
DQDO\]RYDWSUREOpPDMDNNROLXSODWRYDWVY$MYOLYYVRXVWDY
ýDVWR þHOtPH RWi]FH ]GD QHQt LQVWDODFH Y\YDåRYDFtFK YHQWLO$ GUDKi 8YGRPPH VL åH
YWãt þiVW FHQ\ Y\YDåRYDFtKR YHQWLOX SHGVWDYXMH FHQX YHQWLOX X]DYtUDFtKR D FHQD QDYtF
SHGVWDYXMHLQYHVWLFLNWHUi9iPXPRåQtPLWDY\YDåRYDWVRXVWDYX&HQDY\YDåRYDFtFK
DUPDWXUþLQtYSU$PUXMHQDVL]FHONRYêFKLQYHVWLþQtFKQiNODG$RWRSQpQHERFKODGLFt
VRXVWDY\9DãHLQYHVWLFHVH9iPYUiWtEKHPYHOPLNUiWNpGRE\FFD±OHW1DYtFPiWH
YUXFH QiVWURM SUR GLDJQRVWLNX MDNêFKNROL SUREOpP$ YVRXVWDY D QiVOHGQp HãHQt YHONp
YWãLQ\ ]QLFK 3RNXG VH Y\VN\WQH SUREOpP YVRXVWDY Y\YDåRYDFtPL YHQWLO\ QHRVD]HQp
VWRMt MHKR ]MLãWQt D RGVWUDQQt REY\NOH PQRKHP YWãt LQYHVWLFH VDPR]HMP ]D
SHGSRNODGXåHO]HSUREOpPY$EHFQDMtWDY\HãLW
7HFKQLFNiSRGSRUD,0,,QWHUQDWLRQDO
9\YDåRYiQtMHY]iVDGYHOPLMHGQRGXFKêSURFHV%KHPY\YDåRYiQtPtWHDVHL]XMHWH
MHGQRWOLYpYHQWLO\]MLVWtWHSU$WRNDXSUDYtWHQDSRåDGRYDQRXKRGQRWX9ãHMHMHGQRGXFKp
SRNXGYtWHMDNQDWRDPiWHVSUiYQpQiVWURMH
9HOPLGREHVLYDãLVLWXDFLXYGRPXMHPH3URWR9iPQDEt]tPH
x Y\YDåRYDFtYHQWLO\SURVWDWLFNpY\YiåHQt
x UHJXOiWRU\WODNRYpGLIHUHQFHSHSRXãWFtYHQWLO\K\GURQLFNpUHJXOiWRU\WODNRYp
GLIHUHQFHDSU$WRNXSURG\QDPLFNpY\YiåHQt
x Y\YDåRYDFtStVWURM&%,VLPSOHPHQWRYDQRXY\YDåRYDFtPHWRGX7$%DODQFH
x UDGLiWRURYpYHQWLO\DUHJXODþQtãURXEHQt
x SXEOLNDFHRY\YDåRYiQtVHPLQiHDãNROHQtNRQ]XOWDFH
x YêSRþHWQtSURJUDP\NDWDORJ\WDEXON\SRP$FN\SURQDYUKRYiQtDUPDWXU
x WHFKQLFNRXSRPRFSLSURMHNWRYiQtPRQWiåLDYODVWQtPY\YDåRYiQtYSUD[L
x Vt"FHUWLILNRYDQêFKSDUWQHU$SURY\YDåRYiQtSRFHOpý5
x QHSHWUåLWêWHFKQLFNêDREFKRGQtVHUYLV
9êKRG\Y\YiåHQpVRXVWDY\
x 3RåDGRYDQpYQLWQtNOLPDEXGRY\MHGRVDåHQRSLPLQLPiOQtFKHQHUJHWLFNêFKD
þDVRYêFKQiURFtFK
x 5HJXOiWRU\SUDFXMtVSUiYQDYFHOpPVYpP]GYLKXþtPåMHY\XåLWRMHMLFKYODVWQRVWt
DYêUD]QMLVHSRGtOHMtQDGDOãtFK~VSRUiFK
x (QHUJHWLFNêStNRQþHUSDGHOMHRPH]HQQDQH]E\WQpPLQLPXPDEKHPYSURYR]X
GiOHNOHVi
x 1LåãtQiNODG\QDHãHQtVWtåQRVWtQiMHPQtN$
x 9DGPLQLVWUDWLYQtFKEXGRYiFKStMHPQpSUDFRYQtSURVWHGt
x -DNêNROLSUREOpPVK\GUDXOLNRXVRXVWDY\O]HLKQHGLGHQWLILNRYDWDRGVWUDQLW
x 3LUR]ãLRYiQtVWiYDMtFtKRV\VWpPXO]HMHGQRGXãHSHVWDYLWY\YDåRYDFtYHQWLO\GOH
QRYêFKWODNRYêFKSRPU$StVWDYE\GRVWDYE\SRGNURYtDSRG
635É91É92/%$
3HVQRVWY\YiåHQt
iGQp Y\YiåHQt SRWUXEQtFK VtWt MH QH]E\WQp D QXWQp 2Wi]NRX YãDN ]$VWiYi V MDNRX
SHVQRVWt E\FKRP POL W\WR SURFHGXU\ SURYiGW 3RåDGRYDQi SHVQRVW Y\YDåRYiQt
SRWUXEQtFK VtWt MH StPR ]iYLVOi QD SRåDGRYDQp SHVQRVWL GRVDåHQt SHGHSVDQp YQLWQt
WHSORW\Y\WiSQpKRFKOD]HQpKRSURVWRUX'iOHMHWHEDXYDåRYDWWHSORWXWHSORQRVQpOiWN\
DUR]GtOPH]LSRWHEQêPDLQVWDORYDQêPYêNRQHP
9]KOHGHP NXYHGHQêP VNXWHþQRVWHP QHQt WHED HNYLWHUPQ t]HQp QHER ÄRG RND
QDYUåHQp³ SRWUXEQt VtW Y\YDåRYDW VPD[LPiOQt SHVQRVWt L NG\å MH WR ]D XUþLWêFK
SHGSRNODG$ SRPUQ MHGQRGXãH PRåQp 1D ]iNODG RSWLPDOL]DþQtFK YêSRþW$ SURWR
P$åHPHSLMPRXWQiVOHGXMtFtREHFQiGRSRUXþHQt
x 8Y\WiSQtE\SU$WRNMHGQRWOLYêPLþiVWPLVtWPOEêWY\YiåHQVSHVQRVWt
rDårDStYRGQtWHSORWDXGUåRYiQDYUR]PH]tr.Dår.
x 8FKOD]HQtYêUREDFKODGXMHSRGVWDWQGUDåãtQHåYêUREDWHSODMHQXWQp
GRGUåRYDWQLåãtRGFK\ON\SU$WRNXLWHSORW\3URWRE\SU$WRNMHGQRWOLYêPLþiVWPLVtW
E\POEêWY\YiåHQVSHVQRVWtrDårDStYRGQtWHSORWDXGUåRYiQD
VSHVQRVWtOHSãtQHår.
9\YDåRYDFtYHQWLODMHKRVSUiYQêQiYUK
9\YDåRYDFtP YHQWLOHP YWãLQRX UR]XPtPH UXþQt UHJXODþQt YHQWLO XUþHQê SUR Y\YDåRYiQt
SRWUXEQtFK VtWt 7RWR ]DþOHQQt YãDN QHQt SHVQp 9\YDåRYDFt YHQWLO\ MVRX VDPRVWDWQRX
NDWHJRULtDUPDWXU-VRXQDQNODGHQ\Y\ããtQiURN\QHåQDUXþQtUHJXODþQtYHQWLO\WDNMDN
MH ]QiPH ]H VWDUãtFK SURMHNW$ 9\YDåRYDFt YHQWLO\ E\ ]SULQFLSX PO\ Y\ND]RYDW Y\ããt
SHVQRVWQDVWDYHQtSU$WRNXQHåUHJXODþQtYHQWLO\-VRXSURWRY\EDYHQ\]Dt]HQtPSURFR
QHMSHVQMãt LQGLNDFL SRORK\ RWHYHQt YHQWLOX QDS GLJLWiOQt KODYLFt .DåGê Y\YDåRYDFt
YHQWLO PXVt EêW Y\EDYHQ RGEU\ WODNRYp GLIHUHQFH ]QLFKå O]H SRPRFt PtFtKR D
Y\YDåRYDFtKR StVWURMH RGHþtWDW L RNDPåLWRX WODNRYRX ]WUiWX DUPDWXU\ D RNDPåLWê SU$WRN
WHSORQRVQp OiWN\ =D YêKRGX O]H SRYDåRYDW SRNXG MH DUPDWXUD SLSUDYHQD SUR PHQt
WHSORW\ WHSORQRVQp OiWN\ HYHQWXHOQ MH ± OL Y\EDYHQD GRSONRYêPL IXQNFHPL X]DYtUiQt
Y\SRXãWQtQDSRXãWQtDUHWDFHQDVWDYHQêFKKRGQRW«9\YDåRYDFtYHQWLO\PRKRXPtW
URYQåMLQpFKDUDNWHULVWLN\QHåUHJXODþQtYHQWLO\VSHFLiOQtNRPELQRYDQpDWG
6SUiYQpPX QiYUKX Y\YDåRYDFt DUPDWXU\ MH SRWHED YQRYDW RGSRYtGDMtFt SR]RUQRVW
3RX]H WDN EXGH QiVOHGQp VNXWHþQp Y\YiåHQt SRWUXEQt VtW ~þLQQp D FR QHMSHVQMãt
9]iVDGVHO]HGRSXVWLWGYRXFK\EYGLPHQ]RYiQtYHQWLO$]QLFKNDåGiPiVYpQHJDWLYQt
GRSDG\GRVDPRWQpKRY\YDåRYiQt3HGLPHQ]RYiQtDUPDWXU\REHFQYHGHNH]YêãHQêP
LQYHVWLþQtPQiNODG$P9HQWLOMHQDYtFYSURYR]XStOLãVHãNUFHQFRåPiStPêYOLYQDMHKR
VQtåHQRX SHVQRVW 2SDþQêP SUREOpPHP MH SRGGLPHQ]RYiQt DUPDWXU\ 3DN RYãHP
QHPXVtPH GRViKQRXW QRPLQiOQtKR SU$WRNX DUPDWXURX D WR DQL SL MHMtP SOQpP RWHYHQt
6SUiYQê QiYUK Y\YDåRYDFtKR YHQWLOX UHVSHNWXMH REODVW V QHMOHSãt SHVQRVWt 7p MH
GRVDKRYiQRPH]LDåUR]VDKX]GYLKXY\YDåRYDFtDUPDWXU\=iVDGQE\FKRPVH
POLY\YDURYDWWDNRYpPXQiYUKXNG\MHYHQWLORWHYHQGRVYpKR]GYLKX%RKXåHOY
PQRKD StSDGHFK QHYtPH MDNRX WODNRYRX ]WUiWX Y SURYR]X Pi YHQWLO Y\ND]RYDW SURWRåH
]QiP MH SRX]H SU$WRN QLNROLY WODNRYp SRPU\ VtW 3URWR VH Y\YDåRYDFt YHQWLO\ QDYUKXMt
WDN DE\ SL GDQpP SU$WRNX Y\ND]RYDO\ ]FHOD RWHYHQp WODNRYRX ]WUiWX PLQLPiOQ N3D
3LWpWRWODNRYp]WUiWMHMLå]DUXþHQDQRPLQiOQtSHVQRVWDUPDWXU\PD[QtRGFK\OND
VURYQHMWH VSRåDGDYN\ QD SHVQRVW Y\YDåRYiQt 9 SUD[L YãDN EåQ GRVDKXMHPH L
RGFK\OHNQLåãtFKRYãHP]DSHGSRNODGXY\ããtWODNRYp]WUiW\QHåN3D
635É91É92/%$
9HQWLO\7$+\GURQLFVPRKRXEêWY]iVDGSRXåLW\ RERXVPUQ VPU SU$WRNX QDG LSRG
NXåHONX =KOHGLVND KOXNX D SHVQRVWL PHQt GRSRUXþXMHPH YHQWLO\ RVD]RYDW WDN DE\
WHSORQRVQi OiWND QDWpNDOD SRG NXåHONX YHQWLOX 9 RSDþQpP StSDG MH SRWHED SRþtWDW V
GRGDWNRYRXFK\ERXYXUþRYiQtSU$WRNXPD[GDOãtFK
9\YDåRYDFtYHQWLO\O]HSRYDåRYDW]DXUþLWêGUXKPtFtKR]Dt]HQt3URWRMHYKRGQpSHGD
]DYHQWLOHPGRGUåRYDWXNOLGRYDFtGpON\YHVPUXSHGYHQWLOHP'D]DYHQWLOHP '
StPpKR SRWUXEt 3RNXG MVRX SHG Y\YDåRYDFtP YHQWLOHP RVD]HQ\ SUYN\ NWHUp JHQHUXMt
VLOQpSRUXFK\SURXGQtþHUSDGORPRWRULFNêUHJXODþQtYHQWLODSRGGRSRUXþXMHVHGpONX
StPpKR~VHNXSHGYHQWLOHPSURGORXåLWQDPLQLPiOQ'0RQWiåY\YDåRYDFtFKYHQWLO$
MHPRåQiMDNGRStYRGQtKRWDNGRYUDWQpKRSRWUXEt]iOHåtSRX]HQDSU$EKXWODNRYpKR
GLDJUDPX
3R]QiPN\
635É91É92/%$
9\YDåRYiQtVWDWLFNêFKVRXVWDY
0RGXO
.RQFHSFHK\GURQLFNpKRY\YDåRYiQt7$+\GURQLFVMH]DORåHQDQDVWUXNWXURYDQpYêVWDYE
SRWUXEQt VtW GtN\ Qtå O]H MHGQR]QDþQ GHILQRYDW SU$WRN\ MHMtPL MHGQRWOLYêPL þiVWPL
=iNODGQtP SUYNHP WpWR VWUXNWXU\ MH W]Y PRGXO REUi]HN -GH YODVWQ R MHGQRWNX
SDUDOHOQD]HQêFKRGEU$
2EUi]HN0RGXODMHKRSDUWQHUVNêYHQWLO
/LERYROQVORåLWiSRWUXEQtVt"MHVORåHQD]SRGREQêFKPRGXO$E\"KLHUDUFKLFN\PRKRXEêW
QD U$]QêFK ~URYQtFK 1D WRPWR PtVW MH QXWQp ]PtQLW DEVROXWQt ]iNODG NRQFHSFH
Y\YDåRYiQt D PRGXORYp VWDYE\ VtW 6SUiYQêP QDVWDYHQtP Y\YDåRYDFtFK YHQWLO$ WDNWR
SDUDOHOQ D]HQêFK RGEU$ GRFtOtPH SRX]H VSUiYQê SRPU UR]GORYiQt SU$WRNX PH]L
MHGQRWOLYêPL RGEU\ QLNROL VSUiYQRX DEVROXWQt KRGQRWX WRKRWR SU$WRNX 3URWR PXVt EêW
NDåGpPX PRGXOX QDGD]HQ MHGHQ VSROHþQê YHQWLO MHå MH YWHUPLQRORJLL 7$ +\GURQLFV
QD]êYiQ SDUWQHUVNêP YHQWLOHP 3DUWQHUVNê YHQWLO MH ]DSRMHQ YVpULL MH WHG\ SDUWQHUHP
NDåGpPX Y\YDåRYDFtPX YHQWLOX Y GDQpP PRGXOX 1DVWDYHQtP VSUiYQpKR SU$WRNX
SDUWQHUVNêP YHQWLOHP GRViKQHPH ]iURYH VSUiYQp SU$WRN\ YãHPL YHQWLO\ D WHG\ L
RGEUQêPLPtVW\YPRGXOX7HQWR]iYUSODWtSRNXGMVRXVSOQQ\QiVOHGXMtFtSRGPtQN\
+\GUDXOLFNê RGSRU Y NDåGpP RNUXKX MH NRQVWDQWQt %KHP Y\YDåRYiQt SURWR PXVt EêW
]SURYR]X Y\D]HQD YHãNHUi DXWRPDWLFNi UHJXODFH HOHNWURQLFNi þHUSDGOD UHJXODþQt
YHQWLO\ « L StPRþLQQi WHUPRVWDWLFNp KODYLFH QD UDGLiWRURYêFK YHQWLOHFK UHJXOiWRU\
WODNRYpGLIHUHQFH«
3URXGQtYãHPLRNUXK\PXVtEêWWXUEXOHQWQt3RNXGWRWLåEXGHQNWHUê]RNUXK$SUDFRYDW
YODPLQiUQt REODVWL SURXGQt FRå MH SL VSUiYQpP QiYUKX VRXVWDY\ YtFHPpQ WHRUHWLFNi
PRåQRVWEXGRXSURYêSRþHWWODNRYp]WUiW\RNUXKXSODWLWMLQpYêSRþHWQtY]WDK\ûS 4 3RWRP WHRUHWLFN\ QHP$åHPH GRViKQRXW SHVQpKR Y\YiåHQt L NG\å SL GYRMQiVREQpP
635É91É92/%$
SU$WRNX EXGH UR]GtO PH]L WPLWR GYPD GUXK\ SURYR]X SUDNWLFN\ GR SU$WRþQpKR
PQRåVWYtGRGDWHþQiRGFK\OND
1H]DSRPHPH åH Y]KOHGHP NH VWUXNWXURYDQp VWDYE VtW P$åH EêW SDUWQHUVNê YHQWLO
VRXþiVWt GDOãtKR QDGD]HQpKR PRGXOX VORåHQpKR ] WFKWR SDUWQHUVNêFK YHQWLO$ Y\ããt
~URYQ
9\YDåRYiQtPRGXOX
3U$WRN WHSORQRVQp OiWN\ YWYt ]Qi]RUQQRX QD REUi]NX ]iYLVt QD GLIHUHQþQtP WODNX
PH]LERG\$D%%XGH±OLWHQWRWODNQDSDWYWYHNROtVDWW]YYQMãt]PQDEXGHYH
VWHMQpP SRPUX NROtVDW MDN FHONRYê SU$WRN YWYt PRGXOHP WDN MHGQRWOLYêPL RGEUQêPL
PtVW\
9\YROiPH±OLYãDN]PQXSU$WRNXXYQLWPRGXOXW]YYQLWQt]PQXNG\QDSX]DYHPH
YHQWLORGEUQpKRPtVWDþEXGHSRGVWDWQRYOLYQQSU$WRNDWODNRYi]WUiWDSRWUXEQtVtW
PH]L D RGEUQêP PtVWHP 'LVSR]LþQt WODN RGEUQpKR PtVWD VH SRGVWDWQ ]Yêãt
7HQWR QiU$VW GLVSR]LþQtKR WODNX ]S$VREt ]YêãHQt SU$WRNX D RGEUQêP PtVWHP
WHQWRNUiWMLåRSWYHVWHMQpPSRPUX]KOHGLVNDWFKWRGYRXRGEU$MVPHSURYHGOLYQMãt
]PQX ]DWtPFR VSROHþQi SRWUXEQt Vt" YãHFK RGEU$ Då N RGEUQpPX PtVWX EXGH
SUDNWLFN\QHGRWþHQDSURWRåHMtSURWpNiMHQQHSDWUQQLåãtSU$WRN3URWRRGEUQpPtVWR
EXGHRYOLYQQRWtPWR]iVDKHPMHQQHSDWUQ
=YêãH XYHGHQpKR MH SDWUQp åH ]DWtPFR ]PQ\ SURXGQt YQ PRGXOX VH YUiPFL
VDPRWQpKR PRGXOX SURMHYt YH VWHMQpP SRPUX QD NDåGpP RGEUQpP PtVW YQLWQt
SRUXFK\ SURXGQt WXWR SURSRUFLRQDOLWX UXãt 3URWR SRNXV\ R Y\YiåHQt SRWUXEQtFK VtWt
PHWRGRX ÄSRNXV±RP\O³ þDVWR Wpå ]YDQp ÄWXULVWLFNi³ VHOKiYDMt D GRVDåHQt DOHVSR
SLEOLåQpKRY\YiåHQtVtWMHYHOPLQiURþQpQDþDV9êãHXYHGHQpVNXWHþQRVWLMVRXQDRSDN
FtOHQY\XåtYiQ\Y\YDåRYDFtPLPHWRGDPLXYHGHQêPLYNDSLWROH
-DNE\ORXYHGHQRYUiPFLPRGXOXFKFHPHGRViKQRXWSRX]HVSUiYQêSRPUUR]GORYiQt
SU$WRNX PH]L MHGQRWOLYi RGEUQi PtVWD -H ]HMPp åH WRKRWR VWDYX GRViKQHPH V U$]Q
Y\VRNRX DYãDN Y SRPUX YåG\ VWHMQRX WODNRYRX ]WUiWRX Y\YDåRYDFtFK YHQWLO$ Y PRGXOX
-LQêPL VORY\ MVPH VFKRSQL GRFtOLW VWHMQpKR SRPUX SU$WRNX MHGQRWOLYêPL RGEU\ V
QHNRQHþQ YHONêP SRþWHP NRPELQDFt WODNRYêFK ]WUiW Y\YDåRYDFtFK YHQWLO$ NWHUp ]iYLVt
SRX]HQDGLIHUHQþQtPWODNXNWHUêPiPHNGLVSR]LFLDNWHUêWDNP$åHPHVHãNUWLW
3URWL WRPXWR IDNWX Y\VWXSXMH SRåDGDYHN QD KRVSRGiUQRVW SURYR]X SRWUXEQt VtW D
PLQLPDOL]DFL QiNODG$ QD þHUSDFt SUiFL 2GWXG Y\SOêYi SRåDGDYHN QD PLQLPDOL]DFL
WODNRYêFK]WUiWRYãHPSL]DFKRYiQtSRåDGRYDQêFKSDUDPHWU$3URWRMHYPRGXOXG$OHåLWê
K\GUDXOLFN\ QHMY]GiOHQMãt Y\YDåRYDFt YHQWLO Y StSDG REUi]NX Y\YDåRYDFt YHQWLO RGEUQpKR PtVWD 7HQWR YHQWLO E\ PO Y\ND]RYDW FR QHMPHQãt WODNRYRX ]WUiWX
9WHUPLQRORJLL7$+\GURQLFVMHQD]êYiQUHIHUHQþQtPYHQWLOHP9]KOHGHPNSRåDGDYNXQD
]DMLãWQt SRåDGRYDQp SHVQRVWL PHQt QD DUPDWXH E\ PO WHQWR UHIHUHQþQt YHQWLO PtW
WODNRYRX]WUiWXDOHVSRN3D-H±OLXUþHQDWODNRYi]WUiWDUHIHUHQþQtKRYHQWLOXMH]HMPp
åH RVWDWQt Y\YDåRYDFt YHQWLO\ Y PRGXOX QHPRKRX PtW WODNRYRX ]WUiWX QLåãt QHå MH ]WUiWD
UHIHUHQþQtKR YHQWLOX 7tPWR SRVWXSHP SDN GRVWiYiPH MHGLQp HãHQt SURWRåH MH ]QiPD
WODNRYi]WUiWDMHGQRKRYHQWLOXYPRGXOXNWHUp]iURYHWDNpSHGVWDYXMHQHMQLåãtWODNRYRX
]WUiWXVtWSL]DFKRYiQtMPHQRYLWpSHVQRVWLPHQt-HOLWHG\QD]iNODGWRKRWRSULQFLSX
Y\YiåHQDSRWUXEQtVt"PiPHMLVWRWXåHMVPHGRViKOLiGQpIXQNFHSLMHMtQHMQLåãtPRåQp
WODNRYp]WUiW
635É91É92/%$
+LHUDUFKLHPRGXO$
9HOPLþDVWRMHSRWUXEQtVt"VORåHQD]PRGXO$U$]QpKLHUDUFKLFNp~URYQ1DREUi]NXMH
XYHGHQD VRXVWDYD VORåHQi ]H GYRX ~URYQt PRGXO$ 3RNXG MVRX YQLWQt PRGXO\ MLå
Y\YiåHQ\GOHNDSLWRO\P$åHPHQDQSRKOtåHWMDNRQDMHGQRWOLYiRGEUQiPtVWDSUDYi
VWUDQD REUi]NX 3$YRGQ SDUWQHUVNp YHQWLO\ VH WDN VWiYDMt YHQWLO\ YQRYpP Y\ããtP
PRGXOXNWHUêY\YDåXMHPHVWHMQêP]S$VREHPMDNRPRGXO\YQRHQp3DUWQHUVNêPYHQWLOHP
WRKRWR QRYpKR PRGXOX MH SDN RSW QHMEOLåãt QDGD]HQê YHQWLO NWHUê ]DVH P$åH EêW
VRXþiVWtY\ããtKRFHONXDWG
2EUi]HN9\WYiHQtQRYpKRPRGXOX]SDUWQHUVNêFKYHQWLO$
635É91É92/%$
8PtVWQtY\YDåRYDFtFKYHQWLO$
1D QtåH XYHGHQpP REUi]NX MH XYHGHQ StNODG VSUiYQpKR RVD]HQt Y\YDåRYDFtFK
YHQWLO$YUHiOQpRWRSQpVRXVWDY
32=25
9REMHNWHFKMVRXLQVWDORYiQ\Y\YDåRYDFtYHQWLO\QDSDWREMHNWX
3URSHKOHGQRVWDQi]RUQRVWPRGXORYpVWDYE\VtWMVRXXREMHNW$DW\WR
YHQWLO\VSHFLHOQ]DNUHVOHQ\GRVFKpPDWX
='52-
2EUi]HN8PtVWQtY\YDåRYDFtYHQWLO$YVRXVWDY
3R]QiPN\
635É91É92/%$
9\YDåRYDFtPHWRG\VWDWLFNêFKVRXVWDY
9ODVWQt Y\YiåHQt VRXVWDY\ MH SUDNWLFN\ SRVOHGQt RSHUDFH SHG SHGiQtP D XYHGHQtP GR
SURYR]X-DNRWDNRYpPXE\PXPODSHGFKi]HWG$NODGQiNRQWURODFHOpVRXVWDY\SURWRåH
YSUD[LGRFKi]tNH]E\WHþQêPþDVRYêP]WUiWiPD]QHKRGQRFHQtPHQtSRNXGVHREMHYt
]iYDGDYPRQWiåLQHERQHSLSUDYHQRVWVRXVWDY\SURY\YDåRYiQt
1HMþDVWMãtPLStþLQDPLSRWtåtMVRX
x
x
x
x
x
x
x
x
x
]DY]GXãQQRVWVRXVWDY\
]iPQDStYRGQtKRSRWUXEt]D]SiWHþNX
QHSU$FKRGQpILOWU\X]DYHQpVROHQRLGRYpYHQWLO\DSRG
QHVSUiYQ]DSRMHQpDLQVWDORYDQpUHJXODþQtYHQWLO\
REUiFHQQDPRQWRYDQpSHSRXãWFt]SWQpQHERWtFHVWQpYHQWLO\
RWHYHQpSHSRXãWFtYHQWLO\
RSDþQEåtFtWtIi]RYiþHUSDGOD
Qt]NêVWDWLFNêWODN
DWG
3URWRåHMVRX]iYDG\SRSVDQpYSHGFKR]tFKERGHFKþDVWMãtQHåE\VHGDORRþHNiYDWY
åiGQpPStSDGE\QHPODEêWNRQWURODVRXVWDY\IRUPiOQt]iOHåLWRVWt
3HG YODVWQtP Y\YDåRYiQtP MH QXWQp VH]QiPLW VH V SURMHNWHP ]Dt]HQt D SURYpVW
UR]þOHQQt VtW GR PRGXO$ 1HQt UR]KRGQ QD ãNRGX SURYpVW ]EåQRX NRQWUROX SURMHNWX
%RKXåHO MH GQHV SRPUQ þDVWêP MHYHP åH VFKpPDWD QH ]FHOD RGSRYtGDMt S$GRU\V$P
3URWRPiPHOLQMDNpSRFK\EQRVWLYåG\MHOHSãtVLRYLWVNXWHþQêVWDYQDVWDYESURWRåH
SURMHNWDQW$Y]iPUQD]iNODGWFKWRSRGNODG$þDVWRFKiSHMLQDNSURMHNWDQWViPDMLQDN
UHDOL]DþQtILUPD 3RNXG MH VRXVWDYD VORåLWi P$åHPH VL ]SUDFRYDW ]MHGQRGXãHQp VFKpPD
VtW]HNWHUpKRY\SXVWtPHSUDNWLFN\YãHDåQDY\YDåRYDFtYHQWLO\
9GDOãtP QHXYHGHPH YãHFKQ\ H[LVWXMtFt Y\YDåRYDFt PHWRG\ 7\WR E\O\ XYHGHQ\
YSHGFKR]tFKSXEOLNDFtFK,0,,QWHUQDWLRQDO6RXVWHGtPHVHWHG\SRX]HQDGYQHMþDVWML
SRXåtYDQp
.RPSHQ]DþQtPHWRGD
3UR Y\YDåRYiQt EXGHPH SRWHERYDW MHGHQ OpSH YãDN GYD Y\YDåRYDFt StVWURMH &%,,,
UHVSHNWLYH &%, D MHGQRKR QHMOpSH YãDN GYD VSROXSUDFRYQtN\ 'iOH EXGHPH SRWHERYDW
RULJLQiOQt YêSRþWRYp SUDYtWNR GLVN QHER MLQRX SRP$FNX SUR XUþHQt QDVWDYHQt YHQWLO$
/pSHMHYãDNY\XåtWStPRPtFtKRDY\YDåRYDFtKRStVWURMH&%,,,UHVSHNWLYH&%,NWHUê
Pi FKDUDNWHULVWLN\ MHGQRWOLYêFK YHQWLO$ ]D]QDPHQiQ\ StPR YSDPWL D W]Y SRþtWDþRYRX
PHWRGXSURYêSRþHWSRåDGRYDQêFKSDUDPHWU$QDMHGQRPYHQWLOXMHåMHY&%, ,,UHVSHNWLYH
&%,LPSOHPHQWRYiQD
+ODYQtSULQFLSPHWRG\VSRþtYiYWRPåH]PQ\SU$WRNXUHIHUHQþQtPYHQWLOHPYG$VOHGNX
Y\YDåRYiQtYHQWLO$EOLåãtFKNþHUSDGOXY\URYQiYiPHSDUWQHUVNêPYHQWLOHP3LY\YDåRYiQt
MVRXWHG\YãHFKQ\]PQ\QDUHIHUHQþQtPYHQWLOXNRPSHQ]RYiQ\SDUWQHUVNêPYHQWLOHP
3U$WRN MH QHMSUYH QDVWDYHQ QD UHIHUHQþQtP YHQWLOX ]D VRXþDVQp SRGPtQN\ PLQLPiOQt
XVSRNRMLYp ]WUiW\ N3D QHER WODNRYi ]WUiWD ]FHOD RWHYHQpKR YHQWLOX . WRPXWR ~þHOX
VORXåtVSHFLiOQtSURFHGXUDPtFtKRStVWURMH&%,,,UHVS&%,YêSRþWRYêGLVNQHERMLQi
635É91É92/%$
YêSRþWRYi SRP$FND 3RWp QDVWDYHQRX KRGQRWX QD UHIHUHQþQtP YHQWLOX ]DEORNXMHPH
3RNXG QDVWDYtPH GDOãt YHQWLO PRGXOX VPUHP N þHUSDGOX ]PQt VH SRQNXG WODNRYi
GLIHUHQFHQDUHIHUHQþQtPYHQWLOX3DUWQHUVNêYHQWLOSURWRSLãNUWtPHWDNDE\WODNRYi]WUiWD
QDUHIHUHQþQtPYHQWLOXRSWE\ODQDS$YRGQtKRGQRW7tPWR]S$VREHPSDNSRVWXSXMHPH
SRGpO FHOpKR PRGXOX VPUHP N þHUSDGOX D ]PQ\ SU$WRNX QD UHIHUHQþQtP YHQWLOX SR
QDVWDYHQtNDåGpKRGDOãtKRYHQWLOXY\NRPSHQ]XMHPHSDUWQHUVNêPYHQWLOHP6WHMQêSRVWXS
SRWRPSRXåLMHPHSURY\YDåRYiQtMHGQRWOLYêFKYWYt
3L Y\YDåRYiQt RGEUQêFK PtVW VL QHMSUYH Y\EHUHPH XUþLWRX YWHY QDS QHMEOLåãt N
þHUSDGOX D RVWDWQt YWYH X]DYHPH FRå QiP ]DMLVWt GRVWDWHþQê SU$WRN D WODN YH
Y\YDåRYDQpYWYL
3RGOHSHGFKR]tKRWH[WXQDOH]QHPHQDVWDYHQtUHIHUHQþQtKRYHQWLOX1DVWDYHQt
UHIHUHQþQtKRYHQWLOX]DEORNXMHPH
9\YDåRYDFtDPLFtStVWURM&%,,,UHVS&%,QDSRMtPHQDUHIHUHQþQtYHQWLOREU
2EUi]HN9\YDåRYiQtRGEUQêFKPtVW
3UDFRYQtN$VHL]XMHSDUWQHUVNêYHQWLOPRGXOXSRGOHLQIRUPDFtSUDFRYQtND&WDNDE\
UHIHUHQþQtYHQWLOY\ND]RYDOVWiOHVWHMQRXåiGDQRXWODNRYRX]WUiWXDWtPWDNpVSUiYQê
SU$WRN-HVWOLåHKRQHMVPHVFKRSQLGRViKQRXWPXVtPHYUiPFLYWYHX]DYtWGDOãt
RGERþN\
3UDFRYQtN%QDVWDYXMHYHQWLOPRGXOXGDOãtPStVWURMHP&%,,,UHVS&%,SRPRFt
3RþtWDþRYpPHWRG\NWHUiY\SRþtWiSRWHEQpQDVWDYHQtYHQWLOXSUR]DGDQêSU$WRN7DWR
SRORKDVH]DMLVWt3RNDåGpPQDVWDYHQtYUiPFLPRGXOXPXVtSUDFRYQtN%FKYLONX
Y\þNDWDE\SUDFRYQtN$PRKOSRGOHLQIRUPDFtSUDFRYQtND&NRULJRYDWSDUWQHUVNêP
YHQWLOHP]PQXQDUHIHUHQþQtPYHQWLOX
3UDFRYQtN%QDVWDYtSRVWXSQYãHFKQ\YHQWLO\Y\YDåRYDQpKRPRGXOXSRGOHERGX
6WHMQêP ]S$VREHP SRVWXSXMHPH L Y StSDG Y\YDåRYiQt RGERþHN QD YWYL YL] REUi]HN
2SW SRVOHGQt SDUWQHUVNê YHQWLO QLåãtKR PRGXOX ]YROtPH MDNR UHIHUHQþQt YHQWLO D
SRVWXSXMHPHYVRXODGXVREUi]NHPVWHMQMDNRXY\YDåRYiQtRGEUQêFKPtVW
635É91É92/%$
2EUi]HN9\YDåRYiQtRGERþHNQDYWYL
'DOãtP NURNHP MH SDN Y\YiåHQt MHGQRWOLYêFK YWYt QD KODYQtP UR]YRGX GOH REUi]NX SLþHPåSRVWXSXMHPHVWHMQMDNRYSHGFKR]tFKVWXSQtFK
2EUi]HN9\YDåRYiQtYWYtQDKODYQtPUR]YRGX
-DNMHYLGWYVRXVWDYiFKNWHUpMVRX]QDþQUR]OHKOpNRPSHQ]DþQtPHWRGDY\åDGXMHWL
SUDFRYQtN\ ] QLFKå MHGHQ Pt SU$WRN UHIHUHQþQtP YHQWLOHP D KOiVt ~GDMH PtFtKR
StVWURMHGUXKpPXSUDFRYQtNXNWHUêQD]iNODGMHKR~GDM$NRULJXMHQDSDUWQHUVNpPYHQWLOX
Y\YDåRYDFt ]iVDK\ WHWtKR SUDFRYQtND 1H]E\WQRX VRXþiVWt MH L NRPXQLNDþQt WHFKQLND
Y\VtODþN\PRELOQtWHOHIRQ\«SURU\FKOpSHGiYiQtLQIRUPDFt
635É91É92/%$
8 PHQãtFK VRXVWDY NGH Y]GiOHQRVWL PH]L MHGQRWOLYêPL YHQWLO\ YPRGXOX QHMVRX StOLã
YHOLNpVWDþtSURY\YDåRYiQtSRX]HGYDSUDFRYQtFLRYãHP]DSHGSRNODGXåHSUDFRYQtN%
]DVWDQHLþLQQRVWSUDFRYQtND&
0HWRGD7$%DODQFH
7$%DODQFHMHXQLNiWQtPHWRGDNWHUiMHLPSOHPHQWRYiQDGRY\YDåRYDFtKRStVWURMH&%,,,
UHVS SOQp YHU]H VWDUãtKR &%, &%, 6SHFLDO 0HWRGD MH ]DORåHQD QD PDWHPDWLFNpP
PRGHOX PRGXOX 3ULQFLSLHOQ Y\FKi]t ] NRPSHQ]DþQt PHWRG\ D SHGQDVWDYHQt YHQWLO$
SRþtWi ] MHMLFK ]PHQêFK DXWRULW -DNR MHGLQi ]GQHV MLå NODVLFNêFK Y\YDåRYDFtFK PHWRG
DXWRPDWLFN\ Y\SRþtWiYi Y MHGQRP NURNX QDVWDYHQt YãHFK YHQWLO$ Y UiPFL PRGXOX D
Y\]QDþXMHVHPLQLPiOQtPLQiURN\QDWHFKQLFNp]i]HPtSRX]HMHGHQPLFtDY\YDåRYDFt
StVWURM QD SUDFRYQt VtOX SRX]H MHGHQ SUDFRYQtN D SHVQp GRGUåHQt WHFKQRORJLFNêFK
SRVWXS$ MDNR Y SHGFKR]tFK PHWRGiFK 9 SRURYQiQt V NRPSHQ]DþQt PHWRGRX MH
7$%DODQFH GDOãtP YêYRMRYêP NURNHP V G$UD]HP QD FR QHMMHGQRGXããt SRVWXS D QD
PD[LPiOQtRPH]HQtOLGVNpKRIDNWRUXSLVRXþDVQpPRåQRVWLGHWDLOQtNRQWURO\SUDFRYQtNHP
RGYHGHQpSUiFH
2EHFQêSRVWXSY\YDåRYiQtSRPRFt&%,D&%, ,,MHXYHGHQGiOH9MHGQRWOLYRVWHFKVHP$åH
XMHGQRWOLYêFKYHU]tQHSDWUQOLãLW
Y\EHUWHOLERYROQêPRGXOYVRXVWDY
Y\EHUWHMDNêNROLYYHQWLOYH]YROHQpPPRGXOX
SRPRFt&%,,,UHVS&%,]PWHWODNRYRXGLIHUHQFLQDYHQWLOXSLDNWXiOQtPQDVWDYHQt
]DYHWHYHQWLO]QRYX]PWHWODNRYRXGLIHUHQFLRWHYHWHYHQWLOGRS$YRGQtSRORK\
]DGHMWHSRåDGRYDQêSU$WRNYHQWLOHP
RSDNXMWHNURN\XGDOãtFKY\YDåRYDFtFKYHQWLO$YPRGXOX
SR]DGiQtSRVOHGQtKRYHQWLOXYPRGXOX&%,,,UHVS&%,VSRþtWiVSUiYQiQDVWDYHQt
Y\YDåRYDFtFKYHQWLO$
QDVWDYWHY\SRþWHQpKRGQRW\QDStVOXãQêFKY\YDåRYDFtFKYHQWLOHFK
SHMGWHNGDOãtPXPRGXOX
SRY\YiåHQtYãHFKPRGXO$YVRXVWDYDQDVWDYHQtKODYQtKRSDUWQHUVNpKRYHQWLOX
]tVNiWHQDYãHFKRGEUHFKSRåDGRYDQêSU$WRN
2YHQpKRGQRW\VHURYQåXNOiGDMtGRSDPWL&%,,,UHVS&%,DPRKRXEêWY\WLãWQ\3R
Y\YiåHQtVtWMHWDNDXWRPDWLFN\NGLVSR]LFLSURWRNROREVDKXMtFtMDNåiGDQpWDNLVNXWHþQp
KRGQRW\ 3RGOH REVDKX SDPWL StVWURMH &%,,, UHVS &%, MH URYQå N GLVSR]LFL SRGUREQi
NRQWURODSUDFRYQtNHPRGYHGHQpSUiFH
%KHP PHQt MH URYQå SUDFRYQtN XSR]RURYiQ QD PRåQp FK\E\ Y VRXVWDY
SHGLPHQ]RYDQê QHER SRGGLPHQ]RYDQê YHQWLO Qt]NRX DXWRULWX Y\VRNê QHER StOLã Qt]Nê
SRåDGRYDQêSU$WRNDWGNG\StPREKHPPHQtQHERYSU$EKXYêSRþWXStVWURMViP
XSR]RUXMHQDYHQWLO\PtVWDNGHMVRXYiåQMãtSUREOpP\VWODNHPDVSU$WRNHP%KHP
PHQtMHWDNDXWRPDWLFN\SURYiGQDGLDJQRVWLNDVtWDYWRPWRNURNXMLåP$åHPHQDOp]W
SUDNWLFN\YãHFKQ\K\GUDXOLFNp]iYDG\
635É91É92/%$
1HMHQ]YêãHXYHGHQpKRY\SOêYDMtQNWHUpYêKRG\SRXåtYiQtPHWRG\7$±%DODQFH
x 6SROHKOLYRVWDSHVQRVW
x 0LQLPDOL]DFHWODNRYp]WUiW\SRWUXEQtVtWN3DQDUHIHUHQþQtFKYHQWLOHFK
x 1DY\YiåHQtOLERYROQUR]ViKOpVRXVWDY\VWDþtSRX]HMHGQDRVREDMHGQR&%,,,
UHVS&%,D7$%DODQFH
x 9HVSRMHQtV&%,,,PRåQRVWRERXVPUQpNRPXQLNDFHV3&
(NRQRPLFNpStQRV\Y\YDåRYiQt
'tN\ K\GURQLFNpPX Y\YDåRYiQt ]DEH]SHþtPH QRPLQiOQt SU$WRN\ L QD QHMY]GiOHQMãtFK
PtVWHFK 1HGRVWDWHþQp ORNiOQt SU$WRN\ SURWR QHQt QXWQR NRPSHQ]RYDW ]Y\ãRYiQtP
GRSUDYQtFK YêãHN þHUSDGHO QHER QRPLQiOQt WHSORW\ WHSORQRVQp OiWN\ 7tP QHY]QLNDMt
JOREiOQtQDGSU$WRN\VtWtDYG$VOHGNXWRKRDQLSHWiSQt3LWRPVLXYGRPPHåHNDåGp
]YêãHQt YQLWQt WHSORW\ R ž& Pi ]D QiVOHGHN ]YêãHQt VSRWHE\ WHSOD R 3L
REY\NOpP ]YêãHQt YQLWQt WHSORW\ ] ž& QD ž& WHG\ URVWRX QiNODG\ QD WRSHQt R &KOD]HQtMHHQHUJHWLFN\QiURþQMãtQiNODG\URVWRXGRNRQFHRQDž&
3RPRFtK\GURQLFNpKRY\YDåRYiQtRSWLPDOL]XMHPHHQHUJHWLFNpQiNODG\QDPLQLPiOQtQXWQp
QiNODG\3LVRXþDVQêFKVD]EiFK]DN:KHOHNWULFNpHQHUJLHGRFKi]tPHN~VSRUiPQD
KUDQLFLWpP.þ]DN:KXãHWHQRXSRGREXMHGQpWRSQpVH]yQ\
1iNODG\Y\QDORåHQpQDWHFKQRORJLLK\GURQLFNpKRY\YDåRYiQtVHYUDFt]DREGREtOHW
SLþHPåSU$PUQiLQYHVWLþQtQiURþQRVWþLQQtSRX]H]FHONRYêFKLQYHVWLþQtFKQiNODG$
QDRWRSQRXQHERFKODGLFtVRXVWDYX
3R]QiPN\
635É91É92/%$
9\YDåRYiQtG\QDPLFNêFKVRXVWDY
6RXVWDY\ V SURPQQêP SU$WRNHP þDVWR WDNp ]YDQp G\QDPLFNp MVRX YGQHãQt GRE
QHMþDVWMãt -GH SHGHYãtP R VRXVWDY\ RVD]HQp GYRXFHVWQêPL UHJXODþQtPL DUPDWXUDPL
VSRKRQ\YStPRþLQQpWHUPRVWDWLFNpWODNRYpQHERHOHNWULFNpIRUP
9êKRG\WFKWRVRXVWDYMVRXYHOLNp1NWHUp]QLFKMVRXXYHGHQ\QtåH
x /]HGRViKQRXW~VSRU\þHUSDFtSUiFH1DStNODGSLSRXåLWtIUHNYHQþQt]HQêFK
þHUSDGHOO]HEåQGRViKQRXW~VSRUQDKUDQLFL1DYtFYVRXVWDYiFK
VSURPQOLYêPSU$WRNHPO]HGRViKQRXWMLVWêFK~VSRULSLSRXåLWtNODVLFNpKR
QHt]HQpKRREKRYpKRþHUSDGOD
x 'tN\RPH]RYiQtSU$WRNXGRFKi]tNiGQpPXY\FKOD]HQtWHSORW\]SiWHþN\7DWR
VNXWHþQRVWPiNODGQêYOLYQDVQtåHQtWHSHOQêFK]WUiWUR]YRG$
1DGUXKRXVWUDQXYêKRG\WFKWRVRXVWDYSLQiãHMtLMLVWpNRPSOLNDFHMHåPXVtPHHãLW
x 6RXVWDY\VSURPQQêPSU$WRNHPSUDFXMt]DSURPQQêFKWODNRYêFKSDUDPHWU$
SRWUXEQtVtW7DWRYODVWQRVWP$åHPtWQHJDWLYQtYOLYQDVSUiYQRXIXQNFLDKOXþQRVW
UHJXODþQtDUPDWXU\
x 'tN\Y\FKOD]HQtStYRGQtKRSRWUXEtSRGpOSRWUXEQtWUDV\PXVtPHQNG\SLMPRXW
]YOiãWXGRPRYQtFKSHGiYDFtFKVWDQLFWDNRYiRSDWHQtDE\QHE\ODQDUXãHQD
IXQNFHRGEUQpKRPtVWDQDSWHUPRVWDWLFNê]NUDWRYêYHQWLO
x 3URY\YiåHQtWRKRWRW\SXVRXVWDYE\FKRPPOLSRXåtYDWNRPELQDFHVWDWLFNêFKD
G\QDPLFNêFKY\YDåRYDFtFKDUPDWXU'\QDPLFNpDUPDWXU\MVRXVLFHGUDåãtQHå
DUPDWXU\UXþQtVRXVWDYDMHYãDNY\YiåHQD]DYãHFKSURYR]QtFKVWDY$
6WDELOL]DFHWODNRYpGLIHUHQFHYVRXVWDY
.DåGê GYRXFHVWQê UHJXODþQt YHQWLO UHJXOXMH ]PQRX SU$WRNX 7R Pi ]D QiVOHGHN ]PQ\
SU$WRNX RWRSQRX VRXVWDYRX VRXVWDY\ V SURPQQêP SU$WRNHP G\QDPLFNp VRXVWDY\
VSRMHQpVH]PQDPLGLIHUHQþQtKR7HQWRMHYMH]YOiãWPDUNDQWQtDQHM]QiPMãtXVRXVWDY
Y\EDYHQêFKWHUPRVWDWLFNêPLUDGLiWRURYêPLYHQWLO\
2EUi]HN1iU$VWWODNRYpGLIHUHQFHSL]DYtUiQtUHJXODþQtKRYHQWLOX
635É91É92/%$
&HOiVRXVWDYDYþHWQYHQWLOXMHQDYUåHQDQDMPHQRYLWRXYêSRþWRYRXWODNRYRX]WUiWX 'SQ
SLMPHQRYLWpPSU$WRNX4QDSLYêSRþWRYêFKSRGPtQNiFKVHFKRYiSRGOHSOQpþiU\YOHYp
þiVWL REUi]NX ERG\ ÒVHN ]Qi]RUXMH WODNRYRX ]WUiWX StYRGQtKR SRWUXEt
WODNRYRX]WUiWXUHJXODþQtDUPDWXU\D]WUiWXRGEUQpKRPtVWD]GHRWRSQpKRWOHVD
YþHWQ]SiWHþQtKRSRWUXEt
=D QRUPiOQtKR SURYR]X YãDN EXGH UHJXODþQt DUPDWXUD GR XUþLWp PtU\ X]DYHQD 9 SUDYp
þiVWL REUi]NX MH ]Qi]RUQQ SRVXQ SR FKDUDNWHULVWLFH þHUSDGOD W]Q åH SL QLåãtP
SU$WRNX 4UHG EXGH Y VtWL Y\ããt G\QDPLFNê WODN 3URWRåH NOHVi SU$WRN VtWt RNROQt SRWUXEQt
V\VWpP EXGH PtW QLåãt WODNRYRX ]WUiWX þiUNRYDQê SU$EK D FHOê ]E\WHN
GLVSR]LþQtKR WODNX EXGH ãNUFHQ YHQWLOHP 'SUHG 7R Pi ]D QiVOHGHN RYOLYRYiQt
UHJXODþQtFKYODVWQRVWtYHQWLOXDQHåiGRXFtKOXNRYpSURMHY\]YOiãWSDNXWHUPRVWDWLFNêFK
UDGLiWRURYêFK YHQWLO$ = REUi]NX MH GiOH ]HMPp åH QiU$VW WODNRYp GLIHUHQFH QD
UHJXODþQt DUPDWXH MH ]S$VRERYiQ GYPD IDNWRU\ -HGQDN QiU$VWHP WODNX þHUSDGOD GiOH
SDNLSRNOHVHP]WUiWSRWUXEQtVtW
5HJXOiWRU\WODNRYpGLIHUHQFH
6WDELOL]RYDWWODNRYRXGLIHUHQFLYVRXVWDYO]HSRXåLWtPUHJXOiWRU$WODNRYpGLIHUHQFH-VRX
]DORåHQ\QDSULQFLSXRPH]RYiQtãNUFHQt SHE\WHþQpKR SU$WRNX SL þiVWHþQpP X]DYHQt
GYRXFHVWQêFK UHJXODþQtFK YHQWLO$ D WtP SHEtUDMt MHMLFK ]YêãHQRX WODNRYRX ]WUiWX =
SRGVWDW\ VYp IXQNFH WDN SRGSRUXMt iGQp Y\FKOD]HQt ]SiWHþN\ D URYQå MHMLFK SRXåLWt Y
NRPELQDFLVIUHNYHQþQt]HQêPLþHUSDGO\SLQiãt]iVDGQt~VSRU\þHUSDFtSUiFHPQtVH
SU$WRþQpPQRåVWYtVRXVWDYRX2EHFQO]HtFLåHMVRXGUDåãtQHåSUXåLQRYpSHSRXãWFt
YHQWLO\ MHGQDN GtN\ VORåLWMãt NRQVWUXNFL MHGQDN PXVHMt EêW QD UR]GtO RG SHSRXãWFtFK
YHQWLO$QDYUKRYiQ\QDFHONRYêSU$WRNMVRXWHG\SURGDQêStSDGYWãtFKVYWORVWt8PLV"XMt
VH EX QD SDW\ VWRXSDþHN ] WHFKQLFNpKR KOHGLVND OHSãt HãHQt QHER QD SDWX REMHNWX
OHYQMãtHãHQt
5HJXOiWRUWODNRYpGLIHUHQFH67$3
9RWRSQêFK D FKODGtFtFK VRXVWDYiFK VSURPQQêP SU$WRNHP XPRåXMH VWDELOL]RYDW
WODNRYRX GLIHUHQFL ,QVWDOXMH VH YêKUDGQ GR ]SiWHþN\ D SRXåtYi VH VSROHþQ
VY\YDåRYDFtP YHQWLOHP 67$' QD StYRGX 9\YDåRYDFt YHQWLO 67$' XPRåQt VWDWLFNp
Y\YiåHQtDSLSRMHQtNDSLOiU\UHJXOiWRUX]DVRXþDVQpKR]DFKRYiQtPRåQRVWLPLWSU$WRN
WHSORWXDWODNRYRXGLIHUHQFL
3RSLVKODYQtFKþiVWtYHQWLOX67$3
SO\QXOpQDVWDYHQtWODNRYp
GLIHUHQFHãHVWLKUDQQêPNOtþHP
X]DYtUDFtKODYLFH
SLSRMHQtNDSLOiU\RGY]GXãQQt
PtFtYVXYND
SLSRMHQtSURY\SRXãWFt
QiVWDYHF
635É91É92/%$
0HFKDQLVPXV UHJXOiWRUX WODNRYp GLIHUHQFH 67$3 O]H OLERYROQ RWiþHW L GHPRQWRYDW SUR
VQDGQRX PRQWiå YH VWtVQQêFK SURVWRUHFK 5HJXODFH WODNRYp GLIHUHQFH MH SO\QXOH
QDVWDYLWHOQi YUR]VDKX N3D '1 ± QHER N3D '1 ± '1 5R]VDKSU$WRN$±OPLQ
1iYUKUHJXOiWRUX67$3DY\YDåRYDFtKRYHQWLOX67$'
3tNODG
1DYUKQWHY\YDåRYDFtYHQWLOSURVWDWLFNpY\YiåHQtDUHJXOiWRUWODNRYpGLIHUHQFHSURGDQê
RNUXKVWHUPRVWDWLFNêPLYHQWLO\VSHGQDVWDYHQtP
67$'
67$3
=DGiQt -PHQRYLWêYêNRQ
7HSORWQtVSiG
'LVSR]LþQtWODNRYiGLIHUHQFH¨+
7ODNRYi]WUiWDRNUXKX
0UQiWHSHOQiNDSDFLWDYRG\
:
ž&
N3D
N3D
N-NJ. :KNJ.
HãHQt 6WDWLFNi DUPDWXUD VH QDYUKXMH QD StYRGQt SRWUXEt D UHJXOiWRU WODNRYp GLIHUHQFH
QD]SiWHþNX
9êSRþHWMPHQRYLWpKRSU$WRNX
T
NGH T
4
ûW
4
F'W
MPHQRYLWêSU$WRN
MPHQRYLWêYêNRQ
WHSORWQtVSiG O K >OK@
>:@
>ž&@
0LQLPiOQt]WUiWDY\YDåRYDFtKRYHQWLOX67$'QDStYRGQtPSRWUXEtMHN3D3UR
YHQWLO67$3O]HWHG\XYDåRYDWVPD[LPiOQtWODNRYRX]WUiWRX±± N3D
635É91É92/%$
1iYUK'1YHQWLOX67$3
9\EHUWHSRåDGRYDQpûS/N3D
3RåDGRYDQêSU$WRNE\POEêWPH]LTQRPDTPD[
=YROtPH67$3'11\QtY\SRþWHPHMHKRWODNRYRX]WUiWX]KRGQRW\.YV9H
YêSRþWXSRþtWiPHVUHJXOiWRUHPWODNRYpGLIHUHQFHSLSOQpPRWHYHQtWHG\MDNR
VSHYQêPRGSRUHPDGDQpKRGQRW.YV
7$1R
'1
'
/
+
%
.YV
*
*
*
N3D
*
*
*
N3D
9HQWLO67$3PiSL'1KRGQRWX.YVURYQRXP K
9êSRþHWWODNRYp]WUiW\YHQWLOX67$3
'S 67$3
NGH
T
'S 67$3
T .YV
MPHQRYLWêSU$WRN
WODNRYi]WUiWDYHQWLOX67$3
N3D
>OK@
>N3D@
7ODNRYi]WUiWDYHQWLOX67$3MHN3D
3URQiYUK'1Y\YDåRYDFtKRYHQWLOX67$'WHG\]EêYi±± N3D
1iYUKY\YDåRYDFtKRYHQWLOX67$'
-PHQRYLWêSU$WRN
OK
635É91É92/%$
7ODNRYi]WUiWD
N3D
1DYUKXMHPHY\YDåRYDFtYHQWLOSRNXGPRåQRY±VYpKR]GYLKX
. Y ˜
NGH T
'S
T
˜
'S
MPHQRYLWêSU$WRN
WODNRYi]WUiWDYHQWLOX
>OK@
>N3D@
=NDWDORJRYpKROLVWXYHQWLOX67$'QDYUKQHPH'1QDVWDYHQtRWiþN\QHER
'1QDVWDYHQtRWiþN\
3RVWXSY\YDåRYiQt
1HMSUYHMHQXWQR]DMLVWLWSOQpRWHYHQtWHUPRVWDWLFNêFKYHQWLO$RGY]GXãQLW
VWRXSDþNX
2GSRMLWNDSLOiUXQHER]DVWDYLWY\SRXãWQtQDYHQWLOX67$'DRGYRGQLWSURVWRU
QDGPHPEUiQRXYHQWLOX67$3
3LSRMLWY\YDåRYDFtStVWURM&%,QDYHQWLO67$'DQDVWDYLWSRWHEQêSRþHW
RWiþHNGOHYêSRþWXWHG\UHVSRWiþN\
=PLWVNXWHþQêSU$WRN3URYpVWStSDGQRXNRUHNFLGOHVNXWHþQpKR
QDPHQpKRVWDYX]PQRXSRþWXRWiþHNQDKODYLFLYHQWLOX67$'DQDVWDYLW
SRåDGRYDQêSU$WRNOK
3LSRMLWNDSLOiUXYHQWLOX67$3QHERRWHYtWY\SRXãWQtQDYHQWLOX67$'D
RGY]GXãQLWNDSLOiUX
3LVRXþDVQpPPHQtQDYHQWLOX67$'VHtGLWUHJXOiWRUWODNRYpGLIHUHQFH
RSWQDVSUiYQêSU$WRNOK
=DMLVWLWQDVWDYHQtQDYHQWLOX67$']DSVDWKRGQRW\GRLGHQWLILNDþQtKRãWtWNX
YHQWLOXStSDGQXORåLWGDWDGR&%,DQiVOHGQY\WLVNQRXWSURWRNRORPHQt
7tPWR ]S$VREHP YêSRþWX D Y\YiåHQt MH SHE\WHþQê WODN PDHQ QD Y\YDåRYDFtP YHQWLOX
67$' 5HJXOiWRU WODNRYp GLIHUHQFH 67$3 Pi ]DFKRYiQ SOQê ]GYLK D UHDJXMH SRX]H QD
WODNRYp]PQ\]S$VREHQpWHUPRVWDWLFNêPLYHQWLO\
635É91É92/%$
3HSRXãWFtDUPDWXU\
3HSRXãWQt MH þDVWR SRXåtYDQêP ]S$VREHP RFKUDQ\ SURWL QiU$VWX WODNRYp GLIHUHQFH
]HMPpQD]FHQRYêFKG$YRG$-HMLFKIXQNFHMHSLX]DYtUiQtUHJXODþQtFKDUPDWXU]DORåHQD
QDSHSRXãWQtSHE\WHþQpKRPQRåVWYtWHSORQRVQpOiWN\]StYRGXGR]SiWHþN\7tPW\WR
DUPDWXU\ XGUåXMt SUDNWLFN\ NRQVWDQWQt SU$WRN VRXVWDYRX = WHFKQLFNpKR KOHGLVND E\ PO\
EêW LQVWDORYiQ\ QD NRQFL YWYH DE\ YåG\ GtN\ ]DFKRYiQt REKX FHORX YWYt E\OD QD
UHJXODþQtDUPDWXHRWRSQiFKODGLFtYRGDRVSUiYQpWHSORW'DOãtPG$YRGHPMHPRåQRVW
QDVWDYHQt QLåãtKR RWHYtUDFtKR WODNX = SUDNWLFNêFK G$YRG$ YãDN EêYDMt SHSRXãWFt
DUPDWXU\ LQVWDORYiQ\ QD ]DþiWNX YWYH SDWD REMHNWX SDWD VWRXSDþN\ NGH MH MHMLFK
PRQWiåMHGQRGXããt3HSRXãWFtDUPDWXU\SRGSRUXMt]SULQFLSX]Y\ãRYiQtWHSORW\]SiWHþN\
DYSHFKRGQpPREGREtVHWDNP$åHWHSORWD]SiWHþN\MHQQHSDWUQOLãLWRGWHSORW\StYRGX
FRåPiStPêYOLYQDYODVWQtWHSHOQp]WUiW\SRWUXEQtVtW
8UþLWêP SUREOpPHP MH YãDN QDYUKRYiQt SHSRXãWFtFK YHQWLO$ SURWRåH QHQt SHVQ MLVWp
MDNê SRGtO ] FHONRYpKR SU$WRNX EXGH SHSRXãWQ 1DYtF SRNXG QDYUKXMHPH SHSRXãWQt
QDS QD SDWiFK VWRXSDþHN EXGH SUDYGSRGREQ NDåGi VWRXSDþND Y\ND]RYDW MLQp
SHSRXãWQp PQRåVWYt 3URWR YROED SURFHQWQtKR SRPUX SHSRXãWQpKR PQRåVWYt NH
MPHQRYLWpPX ]iOHåt SRX]H QD SURMHNWDQWRYL D EåQ VH YROt Y UR]PH]t -H
QXWQRVLXYGRPLWåHSHSRXãWFtDUPDWXUDPiURYQåVYRXYODVWQtWODNRYRX]WUiWXNWHUi
VHSURPtWiGiOHGRWODNRYFKUiQQpKR~VHNX3URWRQHQtYKRGQpQDYUKRYDWWHUPRVWDWLFNp
YHQWLO\ QD KUDQLFL MHMLFK RGROQRVWL SURWL KOXNRYêP SURMHY$P QH]SUDFRYiYDW YêUREFHP
SHGHSVDQpPD[LPiOQtWODN\-HSRWHEDXYDåRYDWLSiVPRSURSRUFLRQDOLW\SHSRXãWFtKR
YHQWLOXY]HVWXSGLVSR]LþQtKRWODNX
2EUi]HN3HSRXãWFtYHQWLOYVRXVWDY
.G\å MH WODNRYi GLIHUHQFH YSULPiUQt VtWL StOLã Y\VRNi RSURWL SRWHEQp WODNRYp GLIHUHQFL
RNUXKX VSRWHELþ$ MH QXWQR VWDELOL]RYDW WODNRYRX GLIHUHQFL PH]L ERG\ $% -HGQD
]PRåQRVWt MH LQVWDODFH SHSRXãWFtKR YHQWLOX %39 QHER +\GUROX[ 3UDFRYQt ERG O]H
SO\QXOHQDVWDYLWGOHUR]VDKXSHSRXãWFtKRYHQWLOX
635É91É92/%$
9\YDåRYDFt YHQWLO 67$' MH SDUWQHUVNêP YHQWLOHP Y\YDåRYDFtFK YHQWLO$ VSRWHELþ$ D MH
XUþHQ SUR QDVWDYHQt SRåDGRYDQpKR SU$WRNX TV =iURYH XPRåXMH ]PLW SHSRXãWQp
PQRåVWYtTE
3tNODG
1DYUKQWH'1SHSRXãWFtKRYHQWLOXDMHKRQDVWDYHQtD'1Y\YDåRYDFtKRYHQWLOXYþHWQ
MHKR QDVWDYHQt 3HSRXãWFt YHQWLO VWDELOL]XMH WODNRYRX ]WUiWX RNUXKX QD KRGQRW N3D
3L X]DYHQt UHJXODþQtFK YHQWLO$ VSRWHELþ$ MH SHE\WHþQê YêNRQ SHSRXãWQ 9\YDåRYDFt
YHQWLO67$'MHSDUWQHUVNêPYHQWLOHPFHOpKRPRGXOXDNRQWUROXMHFHONRYêSU$WRNRNUXKHP
=DGiQt'LVSR]LþQtWODNRNUXKXû+
7ODNRYi]WUiWDRNUXKXûS$%
-PHQRYLWêYêNRQ4
7HSORWQtVSiGûW
N3D
N3D
:
ž&
HãHQt 9êSRþHWMPHQRYLWpKRSU$WRNX
T
NGH
T
4
ûW
4
F'W
MPHQRYLWêSU$WRN
MPHQRYLWêYêNRQ
WHSORWQtVSiG
O K
>OK@
>:@
>ž&@
1iYUK'1Y\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
± N3D
OK
1DYUKXMHPHY\YDåRYDFtYHQWLOSRNXGPRåQRY±VYpKR]GYLKX
. Y ˜
NGH
T
'S
T
˜
'S
MPHQRYLWêSU$WRN
>OK@
WODNRYi]WUiWDYHQWLOX >N3D@
=JUDIXNDWDORJRYpKROLVWXYHQWLOX67$'RGHþWHPH'1QDVWDYHQtRWiþN\
635É91É92/%$
1iYUKSHSRXãWFtKRYHQWLOX+\GUROX[
3HSRXãWQpPQRåVWYt
7ODNRYiGLIHUHQFHRNUXKX
OK
N3D
9DULDQWDþ
1DYUKQHPH SHSRXãWFt YHQWLO +\GUROX[ '1 QDVWDYHQt QD PEDU
3HSRXãWFt YHQWLO MH QDYUåHQ WDN åH SL GLIHUHQþQtP WODNX N3D SHSRXãWt
PQRåVWYt 3HSRXãWFt YHQWLO EXGH YEåQpP SURYR]X VWiOH SHSRXãWW
XUþLWpPQRåVWYt
9DULDQWDþ
1DYUKQHPH SHSRXãWFt YHQWLO +\GUROX[ '1 QDVWDYHQt QD PEDU
3HSRXãWFtYHQWLOMHQDVWDYHQWDNåH]DþQHSHSRXãWWDåSLVWRXSQXWtWODNRYp
GLIHUHQFH QDG N3D D SL SHSRXãWQpKR PQRåVWYt Y]URVWH WODNRYi
GLIHUHQFHYRNUXKXQDN3D
3RVWXSY\YDåRYiQtXYHGHQpKRStNODGX
2WHYHWHGYRXFHVWQpUHJXODþQtYHQWLO\XVSRWHELþ$
=DYHWHSHSRXãWFtYHQWLOWMQDVWDYWHQHMYWãtWODNPEDU
.RPSHQ]DþQtPHWRGRXQHER7$%DODQFHSURYHWHY\YiåHQtY\YDåRYDFtFK
YHQWLO$
3LSRXåLWt7$EDODQFH]PWHYHQWLO67$'DQDVWDYWHSRåDGRYDQêSU$WRN
=DYHWHGYRXFHVWQpUHJXODþQtYHQWLO\VSRWHELþ$DPWHSU$WRNQD
Y\YDåRYDFtPYHQWLOX67$'6QLåXMWHWODNQDSHSRXãWFtPYHQWLOXWDNGORXKR
DåGRViKQHWHSU$WRNXQDYHQWLOX67$'3URYHWHDUHWDFLQDVWDYHQt
SHSRXãWFtKRYHQWLOXSRVWXSRGSRYtGiYDULDQW
QHER
0WHSU$WRNQDY\YDåRYDFtPYHQWLOX67$'DVQLåXMWHWODNQDSHSRXãWFtP
YHQWLOXMDNPLOHVWRXSQHSU$WRNQDY\YDåRYDFtPYHQWLOXSURYHWHDUHWDFL
QDVWDYHQtSHSRXãWFtKRYHQWLOXSRVWXSRGSRYtGiYDULDQW
635É91É92/%$
+\GURQLFNpUHJXOiWRU\WODNRYpGLIHUHQFHVRPH]HQtP
SU$WRNX
5HJXOiWRU\ '. D '.+ MVRX XUþHQ\ SUR VRXVWDY\ VSURPQQêP PQRåVWYtP
2PH]XMtSU$WRNQD ]YROHQp KRGQRW SHGQDVWDYHQt t]HQtP WODNRYp GLIHUHQFH QD NXåHOFH
SU$WRNX5HJXOiWRUSU$WRNXDWODNRYpGLIHUHQFHMVRXLQWHJURYiQ\YWOHVHYHQWLOX]DVHERX
=iURYH XGUåXMt YRNUXKX VSRWHELþH WODNRYRX GLIHUHQFL VWDQGDUGQ QD QHER N3D
DN3DQDREMHGQiYNX2ENXåHON\MVRXXORåHQ\YUHJXOiWRUXD[LiOQDGRYROXMt
YHONê SU$WRN SL YHOPL Qt]Np KOXþQRVWL &KDUDNWHULVWLFNRX KRGQRWRX WFKWR UHJXOiWRU$ MH
KRGQRWD )F +RGQRWD )F MH WODNRYi ]WUiWD NWHUi MH XGUåRYiQD QD NXåHOFH UHJXOiWRUX
SU$WRNX-HWHG\QXWQRVQtSRþtWDWYQiYUKX
+RGQRWD)FSUR'. N3D'.+ N3D
3ULQFLSIXQNFHUHJXOiWRUX'.+
/HJHQGD
1DVWDYRYDFtNURXåHNSHGQDVWDYHQtSU$WRNX
6WXSQLFH
2GY]GXãRYDFtãURXE
0HPEUiQDWODNRYpGLIHUHQFH
5HJXODþQtNXåHONDWODNRYpGLIHUHQFH
0HPEUiQDUHJXODFHSU$WRNX
2GY]GXãRYDFtãURXE
5HJXODþQtNXåHONDSU$WRNX
=iWNDSURLQVWDODFLY\SRXãWFtKRNRKRXWX
=DMLã"RYDFtãURXEQDVWDYHQt
=DMLã"RYDFtãURXE
9UWiQtSUR]DMLã"RYDFtãURXE
635É91É92/%$
1iYUKUHJXOiWRUX'.+DY\YDåRYDFtKRYHQWLOX67$'
3tNODG
1DYUKQWH UHJXOiWRU WODNRYp GLIHUHQFH '.+ D Y\YDåRYDFt YHQWLO 67$' 8UþHWH '1 D
QDVWDYHQtYHQWLO$
5
67$'
0
676
7
67$'
+
'.
'.+
=DGiQt -PHQRYLWêYêNRQ4
7HSORWQtVSiGûW
'LVSR]LþQtWODNRNUXKXû+
7ODNRYi]WUiWDYêPQtNX
7ODNRYi]WUiWDUHJYHQWLOX
N:
ž&
N3D
N3D
N3D
HãHQt 9êSRþHWMPHQRYLWpKRSU$WRNX
T
NGH
T
4
ûW
4
F'W
MPHQRYLWêSU$WRN
MPHQRYLWêYêNRQ
WHSORWQtVSiG
O K
>OK@
>:@
>ž&@
5HJXOiWRU\'.+MVRXFKDUDNWHUL]RYiQ\KRGQRWDPL
.YV
MPHQRYLWêSU$WRNDUPDWXURX
PD[LPiOQtSU$WRNDUPDWXURX
TPD[
)F
KRGQRWDWODNRYp]WUiW\QDPLFtFORQFHSUR'.+ N3D
ûS
XGUåRYDQiWODNRYiGLIHUHQFHYRNUXKXQHERN3DQD
REMHGQiYNXDN3D
=NDWDORJRYpKROLVWXUHJXOiWRUX'.+]YROtPH'10D[LPiOQtSU$WRN
UHJXOiWRUXMHOKQiãQiYUKMHWHG\SRGWRXWROLPLWQtKRGQRWRX
635É91É92/%$
9êSRþHWWODNRYp]WUiW\UHJXOiWRUX
0LQLPiOQtWODNRYi]WUiWDY\YDåRYDFtKRYHQWLOX67$'MHN3D
3URQiYUKUHJXOiWRU'.+PiPHNGLVSR]LFL±±± N3D
'S '.+
NGH
T
.YV
'S '.+
)F
˜
T )F
.YV
˜
MPHQRYLWêSU$WRN
MPHQRYLWêSU$WRN
WODNRYi]WUiWD'.+
WODNRYi]WUiWDFORQ\
N3D
>OK@
>PK@
>N3D@
>N3D@
1iYUKY\YDåRYDFtKRYHQWLOX67$'
-PHQRYLWêSU$WRN
7ODNRYi]WUiWDYHQWLOX
OK
N3D±±N3D
1DYUKXMHPHY\YDåRYDFtYHQWLOSRNXGPRåQRY±VYpKR]GYLKX
. Y ˜
NGH
T
.Y
'S
T
˜
'S
MPHQRYLWêSU$WRN
MPHQRYLWêSU$WRN
WODNRYi]WUiWDYHQWLOX
>OK@
>PK@
>N3D@
=JUDIXNDWDORJRYpKROLVWXYHQWLOX67$'RGHþWHPH'1QDVWDYHQtRWiþN\
3RVWXSY\YDåRYiQt
2WHYHWHGYRXFHVWQêUHJXODþQtYHQWLORNUXKXY\DWH]þLQQRVWLUHJXOiWRU
WHSORW\
2GSRMWHNDSLOiUXUHJXOiWRUX'.+UHVS]DMLVWWHSOQpRWHYHQtYHQWLOX
6WXSQLFLSU$WRNXQDUHJXOiWRUX'.+QDVWDYWHQDPD[LPXP
3URYHWHVHt]HQtSRåDGRYDQpKRSU$WRNXPHQtPQDYHQWLOX67$'
=DSRMWHNDSLOiUXUHJXOiWRUXQDY\SRXãWFtQiVWDYHFYHQWLOX67$'D
RGY]GXãQWHSURVWRU\RERXPHPEUiQGRNXGQH]DþQHY\WpNDWYRGD
=DVWiOpKRPHQtSU$WRNXQDYHQWLOX67$'QDVWDYWHGOHSRN\Q$YQiYRGX
NPRQWiåLDREVOX]HPD[SU$WRNUHJXOiWRUHP'.+=DMLVWWHQDVWDYHQt
=NRQWUROXMWHPHQtPQDYHQWLOX67$']GDMVWHSU$WRNQDVWDYLOLVSUiYQ
635É91É92/%$
3tNODG\QHMþDVWMãtFK]DSRMHQtYSUD[L
$NWLYQtSULPiUQtVt"
=DSRMHQtVSRWHELþHVGYRXFHVWQêPUHJXODþQtPYHQWLOHP
3U$WRNVSRWHELþHPLVtWtMHSURPQQê9\YDåRYDFtYHQWLO67$'RPH]XMHPD[LPiOQtSU$WRN
RNUXKHP$XWRULWDUHJXODþQtKRYHQWLOXVHY\SRþWH]HY]RUFH
'S9
'+
D
NGH
'S9
'+
WODNRYi]WUiWDSLMPHQRYLWpPSU$WRNX]FHODRWHYHQêPUHJXODþQtPYHQWLOHP
GLVSR]LþQtWODNYPtVWLQVWDODFHUHVSQDSRMHQtRNUXKX
3RVWXSY\YDåRYiQt
2WHYHWHSOQUHJXODþQtYHQWLO9
0HQtPQDYHQWLOX67$'VHLWHSRåDGRYDQêSU$WRNRNUXKHP3RNXGMHYHQWLO
67$' VRXþiVWt PRGXOX VtW SURYHWH Y\YiåHQt FHOpKR PRGXOX NRPSHQ]DþQt
PHWRGRXQHER7$%DODQFH
9\SRþWHQpQDVWDYHQt]DMLVWWH
635É91É92/%$
3tNODG
=DGiQt 'LVSR]LþQtWODNû+ 7ODNRYi]WUiWDVSRWHELþHûSF
-PHQRYLWêSU$WRNRNUXKHPT
N3D
N3D
OK
HãHQt 9êSRþHW.YUHJXODþQtKRYHQWLOX
ûS9 ±±67$' N3D
. Y ˜
T
˜
'S
%\O]YROHQUHJXODþQtYHQWLOGOH5H\QDUGRY\YêUREQtDG\.YVKRGQRWRX
9êSRþHWVNXWHþQpWODNRYp]WUiW\UHJXODþQtKRYHQWLOX
'S
]
˜
T .YV
˜
N3D
1iYUKY\YDåRYDFtKRYHQWLOX67$'
'S 67$' N3D ]YROHQ67$''1QDVWDYHQt
9êSRþHWDXWRULW\UHJXODþQtKRYHQWLOX
D
'S 9
'+
=YêãLWDXWRULWXUHJXODþQtKRYHQWLOXO]HYWRPWRStSDG
6QtåHQtPGLVSR]LþQtKRWODNX+YROERXPHQãtFKWODNRYêFK]WUiWSRWUXEQtVtW
SULPiUQtKRRNUXKXDSHVHt]HQtPY\YDåRYDFtKRYHQWLOX67$'
9ROLWUHJXODþQtYHQWLOVPHQãtKRGQRWRX.YYWRPWRStSDG3RYêSRþWHFK
YãDN]MLVWtPHåHMHQXWQR]YêãLWGLVSR]LþQtWODN+
9ROLWKRGQRWX.YMLQRXQHåGOH5H\QDUGRY\VWXSQLFH3RXåtYiVHYRMHGLQOêFK
DVSHFLDOL]RYDQêFKStSDGHFK
635É91É92/%$
=DSRMHQtVSRWHELþHVDNWLYQtPSULPiUQtDVHNXQGiUQtPRNUXKHP
3U$WRN VHNXQGiUQtP RNUXKHP MH NRQVWDQWQt D SU$WRN SULPiUQtP RNUXKHP MH SURPQQê
9\YDåRYDFt YHQWLO\ 67$' ± D 67$' ± ]DMLã"XMt NRPSDWLELOLWX VHNXQGiUQtKR D
SULPiUQtKRSU$WRNX
9êKRG\]DSRMHQt
5HJXODþQtYHQWLOQDStYRGXPDtWpPYãHFKHQGLVSR]LþQtWODNYPtVWSLSRMHQt
QDSULPiUQtVt"þtPåPiGREURXDXWRULWX0LQLPiOQtWODNRYi]WUiWD67$'MH
N3D
3RNXGPiVSRWHELþYHONRXWODNRYRX]WUiWXQHQtMt]DWåRYiQDSULPiUQtVt"
3U$WRNVSRWHELþHPMHNRQVWDQWQt
7RWR]DSRMHQtMH]YOiã"YêKRGQpXFKODGtFtFKMHGQRWHNNG\SLPDOêFK
]DWtåHQtFKGRFKi]tNSRNOHVXWHSORW\YRG\.RQVWDQWQtSU$WRNYVHNXQGiUQtP
RNUXKX]DEH]SHþtåHURYQRPUQpRFKOD]RYiQtYêPQtNXQH]S$VREt
NRQGHQ]DFLYRGQtFKSDUD]YêãHQRXYOKNRVWYêVWXSQtKRY]GXFKX
3RNXGEXGHWHSORWDWVVWHMQiMDNRWHSORWDWSSDNPXVtEêWVWHMQpLSU$WRN\TSDTVDE\E\OD
]DMLãWQDNRPSDWLELOLWDSU$WRNX3RNXGEXGHWHSORWD WVQLåãtQHåWHSORWD WSSDNVHSU$WRN
SULPiUQtPRNUXKHPY\SRþWH]HY]WDKX
TS
W V W U W
S
WU 635É91É92/%$
3RVWXSY\YDåRYiQt
=DYHWHUHJXODþQtYHQWLO9
1DVWDYWHSRåDGRYDQêSU$WRNVHNXQGiUQtPRNUXKHPQDYHQWLOX67$'
2WHYHWHUHJXODþQtYHQWLO9
0HQtPQDYHQWLOX67$'VHLWHSRåDGRYDQêSU$WRNQDVWDYRYiQtPYHQWLOX
67$'
3RNXGMHWHSORWDWVQLåãtQHåWSMHSRWHEDQDVWDYLWQDYHQWLOX67$'
Y\SRþWHQRXKRGQRWXSU$WRNXYL]YêãH-HVWOLåHMHYHQWLO67$'±VRXþiVWt
PRGXOXSULPiUQtVtWQDVWDYtVHGOHYêVOHGNXY\YiåHQtSULPiUQtVtW
3tNODG
1DYUKQWHUHJXODþQtYHQWLODY\YDåRYDFtYHQWLO67$'±
=DGiQt'LVSR]LþQtWODNû+
N3D
-PHQRYLWêSU$WRNRNUXKHPT OK
HãHQt9êSRþHWWODNRYp]WUiW\UHJXODþQtKRYHQWLOX
ûS9 ±PLQSUR67$' N3D
9êSRþHW.YKRGQRW\UHJXODþQtKRYHQWLOX
. Y ˜
T
˜
'S
=YROHQUHJXODþQtYHQWLOGOHYêUREQtDG\.YVKRGQRWRX
9êSRþHWVNXWHþQpWODNRYp]WUiW\UHJXODþQtKRYHQWLOX
'S
]
˜
T .YV
˜
N3D
1iYUKY\YDåRYDFtKRYHQWLOX67$'
'S 67$' N3D ]YROHQ67$''1QDVWDYHQt
9êSRþHWDXWRULW\UHJXODþQtKRYHQWLOX
D
'S 9
'+
635É91É92/%$
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHPY
UR]GORYDFtIXQNFL
3U$WRN YSULPiUQt VtWL TS MH NRQVWDQWQt D SU$WRN YVHNXQGiUQtP RNUXKX TV MH SURPQQê
7tFHVWQê YHQWLO SOQt VPãRYDFt IXQNFL YH ]SWQpP SRWUXEt 7HQWR ]S$VRE ]DSRMHQt
]iVREXMHVSRWHELþVWHMQRXWHSORWRXWHSORQRVQpOiWN\MDNRYSULPiUQtVtWLUHJXODFHYêNRQX
VHGMH]PQRXSU$WRþQpKRPQRåVWYt
3RNXG QHQt LQVWDORYiQ Y\YDåRYDFt YHQWLO 67$' P$åH RNUXKHP SURWpNDW ]YêãHQp
SU$WRþQp PQRåVWYt D ]S$VRELW SRGSU$WRN\ YSULPiUQt VtWL 9\YDåRYDFt YHQWLO 67$' QHPXVtEêWLQVWDORYiQSRNXGMHVSOQQDSRGPtQND
'S F ˜ '+
3RVWXSY\YDåRYiQt
2WHYHWHSOQWtFHVWQêYHQWLO9
3RåDGRYDQêSU$WRNRNUXKHPQDVWDYWHQDYHQWLOX67$'
=DYHWHWtFHVWQêYHQWLO9
0HQtPQDYHQWLOX67$'DVHL]RYiQtPYHQWLOX67$'GRViKQWHRSW
SRåDGRYDQpKRSU$WRNXQDYHQWLOX67$'
635É91É92/%$
3tNODG
1DYUKQWHWtFHVWQêVPãRYDFtYHQWLODY\YDåRYDFtYHQWLO\67$'D67$'
=DGiQt'LVSR]LþQtWODNû+
N3D
7ODNRYi]WUiWDVSRWHELþHûSF N3D
-PHQRYLWêSU$WRNT
OK
HãHQt-HQXWQRLQVWDORYDWYHQWLO67$'"
'S F '+ Æ 3RGPtQNDQHQtVSOQQDDY\YDåRYDFtYHQWLO67$'±MHQXWQRLQVWDORYDWGR
E\SDVVX3URGRVDåHQtDXWRULW\WtFHVWQpKRYHQWLOXDOHVSRPXVtPtWWtFHVWQê
YHQWLOVWHMQRXWODNRYRX]WUiWXMDNRVSRWHELþ
7ODNRYi]WUiWDWtFHVWQpKRYHQWLOX
'S Y
'S F N3D
9êSRþHW.YKRGQRW\WtFHVWQpKRYHQWLOX
. Y ˜
T
˜
'S
%\O]YROHQWtFHVWQêYHQWLOGOHYêUREQtDG\.YVKRGQRWRX
9êSRþHWVNXWHþQpWODNRYp]WUiW\WtFHVWQpKRYHQWLOX
'S
Y
˜
T .YV
˜
N3D
1iYUKY\YDåRYDFtKRYHQWLOX67$'D67$'
'S 67$' N3D ]YROHQ67$''1QDVWDYHQt
'S 67$' 'S F N3D ]YROHQ67$''1QDVWDYHQt
9êSRþHWDXWRULW\WtFHVWQpKRYHQWLOX
D
'S 9
'S 9 'S F
635É91É92/%$
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
8YHGHQp ]DSRMHQt Hãt SLSRMHQt VSRWHELþH WDN åH VHNXQGiUQt SU$WRN TV MH NRQVWDQWQt D
SULPiUQtSU$WRNTSMHSURPQQê7ODNRYiGLIHUHQFH û+]SULPiUQtVtWQDUXãXMHVSUiYQRX
VPãRYDFt IXQNFL WtFHVWQpKR YHQWLOX D SU$WRN YE\SDVVX TE P$åH EêW RSDþQê YH VPUX
/±&3UHYHQFtSURWLWRPXWRMHYXMHLQVWDODFHY\YDåRYDFtKRYHQWLOX67$'QDNWHUpPMH
VHãNUFHQDSHE\WHþQiWODNRYiGLIHUHQFH]SULPiUQtVWUDQ\
7ODNRYi ]WUiWD WtFHVWQpKR YHQWLOX E\ POD EêW URYQD GLIHUHQþQtPX WODNX û+ YPtVW
SLSRMHQt SUR ]DMLãWQt DXWRULW\ DOHVSR 7ODNRYi ]WUiWD VH ]DSRþtWi GR WODNRYp ]WUiW\
VHNXQGiUQtKRRNUXKXDQDYUKQHVHSRWHEQpþHUSDGOR
9\YDåRYDFt YHQWLO 67$' MH LQVWDORYiQ SUR VSUiYQp VHt]HQt SU$WRNX VHNXQGiUQtP
RNUXKHPD]DMLã"XMHNRPSDWLELOLWXSULPiUQtKRDVHNXQGiUQtKRSU$WRNX
3RVWXSY\YDåRYiQt
=DYHWHWtFHVWQêYHQWLOSU$WRNSHVE\SDVV
1DY\YDåRYDFtPYHQWLOX67$'QDVWDYWHSRåDGRYDQêSU$WRNTV
2WHYHWHWtFHVWQêYHQWLOSU$WRNYStPpPVPUX
3RPRFtY\YDåRYDFtKRYHQWLOX67$'DPHQtPQDYHQWLOX67$'
QDVWDYWHSU$WRNTS TV3RNXGMHYHQWLO67$'VRXþiVWtSULPiUQtKRPRGXOX
EXGHVHY\YDåRYDWVSROXVYHQWLO\FHOpKRPRGXOX
635É91É92/%$
3tNODG
1DYUKQWH WtFHVWQê VPãRYDFt YHQWLO Y\YDåRYDFt YHQWLO\ 67$' D 67$' VHNXQGiUQtþHUSDGOR+=WUiWXSRWUXEtYWRPWRStNODG]DQHGEHMWH
=DGiQt-PHQRYLWêYêNRQ
7HSORWQtVSiG
'LVSR]LþQtWODNRNUXKXû+
7ODNRYi]WUiWDVSRWHELþHûSF
N:
ž&
N3D
N3D
HãHQt 9êSRþHWMPHQRYLWpKRSU$WRNX
T
NGH
T
4
ûW
4
F'W
O K
MPHQRYLWêSU$WRN
MPHQRYLWêYêNRQ
WHSORWQtVSiG
>OK@
>:@
>ž&@
9êSRþHW.YKRGQRW\WtFHVWQpKRYHQWLOX
. Y ˜
T
˜
'S
=YROHQWtFHVWQêYHQWLO'1GOHYêUREQtDG\.YVKRGQRWRX
9êSRþHWVNXWHþQpWODNRYp]WUiW\WtFHVWQpKRYHQWLOX
'S
Y
T ˜
.YV
˜
N3D
9êSRþHWDXWRULW\WtFHVWQpKRYHQWLOX
D
'S 9
'S 9 '+ 1iYUKY\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
PLQN3D
OK
1DYUåHQY\YDåRYDFtYHQWLO67$''1QDVWDYHQtRWiþN\
635É91É92/%$
1iYUKVHNXQGiUQtKRþHUSDGOD
'S + 'S 9 'S F 'S 67$' Æ
'S + N3D
ýHUSDGOREXGHQDYUåHQRGOHûSPLQN3DDMPHQRYLWêSU$WRNOK
3RNXGEXGHY\EUiQRþHUSDGORVY\ããtPûSEXGHQXWQpSHSRþtWDWQDVWDYHQt
67$'±
1iYUKY\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
N3D
OK
1DYUåHQY\YDåRYDFtYHQWLO67$''1QDVWDYHQtRWiþN\
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
YVHNXQGiUQtPRNUXKX
3U$WRN SULPiUQtP RNUXKHP MH NRQVWDQWQt 8YHGHQp VFKpPD ]DSRMHQt VH þDVWR SRXåtYi
NG\å QHQt WHSORWD SULPiUQtKR RNUXKX WS VWHMQi MDNR WHSORWD VHNXQGiUQtKR RNUXKX WV
6FKpPDHãtWDNpMHGQRGXFKêP]S$VREHPY\URYQiQtSULPiUQtWODNRYpGLIHUHQFHS$VREtFt
QD WtFHVWQê YHQWLO SRPRFt E\SDVVX 6SUiYQi LQVWDODFH E\SDVVX $% ]DMLVWt RGERXUiQt
WODNRYp GLIHUHQFH ]SULPiUQt VtW S$VREtFtKR QD WtFHVWQê YHQWLO VSROX VY\YDåRYDFtP
YHQWLOHP 67$' 9\YDåRYDFt YHQWLO 67$' VH QDYUKXMH QD WODNRYRX ]WUiWX URYQRX
GLVSR]LþQtPX WODNX û+ 9\YDåRYDFt YHQWLO 67$' ]DMLVWt VSUiYQê SU$WRN VHNXQGiUQtP
RNUXKHPDWtPNRPSDWLELOLWXSULPiUQtKRDVHNXQGiUQtKRSU$WRNX
$XWRULWDWtFHVWQpKRYHQWLOXMHEOt]NiKRGQRW7tFHVWQêYHQWLOE\POEêWQDYUKRYiQSUR
PLQLPiOQt WODNRYRX ]WUiWX N3D 7XWR WODNRYRX ]WUiWX MH QXWQR NRPSHQ]RYDW
VHNXQGiUQtPþHUSDGOHP
635É91É92/%$
3RVWXSY\YDåRYiQt
2WHYHWHWtFHVWQêYHQWLOYStPpPVPUX
1DVWDYWHSRåDGRYDQêSU$WRNTVQDY\YDåRYDFtPYHQWLOX67$'
.G\åEXGHSURMHNWRYDQiWHSORWDWVURYQiWHSORWWSQDVWDYWHQDY\YDåRYDFtP
YHQWLOX67$'SU$WRNTSRYWãtQHåTV7HQWR]YêãHQêSU$WRNEXGHVWiOH
SURWpNDWE\SDVVHPYHVPUX$%
.G\åEXGHSURMHNWRYDQiWHSORWDWVMLQiQHåWSQDVWDYtVHQDY\YDåRYDFtP
YHQWLOX67$'SU$WRNY\SRþWHQê]HY]RUFH
TS T V
W V W U W
S
WU -HVWOLåH MH Y\YDåRYDFt YHQWLO 67$' VRXþiVWt UR]ViKOHMãt SULPiUQt VtW QDVWDYt VH GOH
YêVOHGN$Y\YiåHQtFHOpVtW
3tNODG
1DYUKQWH WtFHVWQê VPãRYDFt YHQWLO Y\YDåRYDFt YHQWLO\ 67$' D 67$' VHNXQGiUQt
þHUSDGOR+=WUiWXSRWUXEtYWRPWRStNODG]DQHGEHMWH
=DGiQt-PHQRYLWêYêNRQ
7HSORWQtVSiGVHNRNUXKX
7HSORWQtVSiGSULPRNUXKX
'LVSR]LþQtWODNRNUXKXû+ 7ODNRYi]WUiWDVSRWHELþHûSF
N:
ž&
ž&
N3D
N3D
HãHQt9êSRþHWMPHQRYLWpKRSU$WRNXVHNXQGiUQtPRNUXKHP
TV
NGH
4
F'W
TV
MPHQRYLWêSU$WRN
4
MPHQRYLWêYêNRQ
ûW WHSORWQtVSiG
O K
>OK@
>:@
>ž&@
9êSRþHW.YKRGQRW\WtFHVWQpKRYHQWLOX
. Y T
'S
=YROHQWtFHVWQêYHQWLO'1GOHYêUREQtDG\.YVKRGQRWRX
635É91É92/%$
9êSRþHWVNXWHþQpWODNRYp]WUiW\WtFHVWQpKRYHQWLOX
'S
Y
˜
T .YV
˜
N3D ˜
1iYUKY\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
PLQN3D
OK
1DYUåHQY\YDåRYDFtYHQWLO67$''1QDVWDYHQtRWiþN\
1iYUKVHNXQGiUQtKRþHUSDGOD
'S + N3D
Æ
'S+ 'S9 'SF 'S67$'
ýHUSDGOREXGHQDYUåHQRGOHûSPLQN3DDMPHQRYLWêSU$WRNOK
3RNXGEXGHY\EUiQRþHUSDGORVY\ããtPûSEXGHQXWQpSHSRþtWDWQDVWDYHQt
67$'±
9êSRþHWMPHQRYLWpKRSU$WRNXSULPiUQtPRNUXKHP
TS T V
NGH
TS
TV
WV
WU
WS
W V W U W
S
WU O K
SULPiUQtSU$WRN
VHNXQGiUQtSU$WRN
WHSORWDStYRGXVHNXQGiUQtKRRNUXKX
WHSORWD]SiWHþN\VHNXQGiUQtKRRNUXKX
WHSORWDStYRGXSULPiUQtKRRNUXKX
>OK@
>OK@
>ž&@
>ž&@
>ž&@
1iYUKY\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
N3D
OK
1DYUåHQY\YDåRYDFtYHQWLO67$''1QDVWDYHQtRWiþN\
635É91É92/%$
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
YSULPiUQtPRNUXKX
6FKpPD ]DSRMHQt MH REGREQp MDNR YSHGFKR]tP StNODGX DYãDN WtFHVWQê VPãRYDFt
YHQWLO MH VRXþiVWt SULPiUQtKR RNUXKX 8YHGHQp VFKpPD VH þDVWR SRXåtYi SRNXG
SRåDGXMHPH WHSORWX WV VWHMQRX MDNR WS 3L UR]GtOQêFK WHSORWiFK MH YêKRGRX XYHGHQpKR
]DSRMHQt WR åH WtFHVWQêP YHQWLOHP SURWpNi PHQãt PQRåVWYt WHSORQRVQp OiWN\ TJ QHå
YVHNXQGiUQtPRNUXKXTVDP$åHPHWDN]YROLWPHQãtGLPHQ]L7ODNRYi]WUiWDWtFHVWQpKR
YHQWLOX MH NRPSHQ]RYiQD SULPiUQtP þHUSDGOHP D QHQt ML WHG\ QXWQR NRPSHQ]RYDW
VHNXQGiUQtP þHUSDGOHP 7tFHVWQê YHQWLO E\ PO EêW QDYUåHQ QD WODNRYRX ]WUiWX
PLQN3D$XWRULWDWtFHVWQpKRYHQWLOXMHEOt]NiKRGQRW9\YDåRYDFtYHQWLO\67$'D
67$'SOQtVWHMQpIXQNFHMDNRYSHGFKR]tP]DSRMHQt
3RVWXSY\YDåRYiQt
2WHYHWHWtFHVWQêYHQWLOYStPpPVPUX
6HLWHSU$WRNTVVHNXQGiUQtPRNUXKHPQDSRåDGRYDQRXKRGQRWX
Y\YDåRYDFtPYHQWLOHP67$'
9\YDåRYDFtPYHQWLOHP67$'VHLWHSU$WRNTSSULPiUQtPRNUXKHPQD
KRGQRWXSU$WRNXTVQHERYStSDGUR]GtOQêFKWHSORWQDY\SRþWHQêSU$WRN]H
VPãRYDFtURYQLFH
635É91É92/%$
3DVLYQtSULPiUQtVt"
=DSRMHQtVSRWHELþHVWtFHVWQêPVPãRYDFtPYHQWLOHP
67$'
)
67$'
7tFHVWQê VPãRYDFt YHQWLO NRQWUROXMH WHSORWX VHNXQGiUQtKR RNUXKX WV VPãRYiQtP
SULPiUQtKRSU$WRNXTJRWHSORWWJVSU$WRNHP]HVHNXQGiUQtKRRNUXKXTERWHSORWWU
7tFHVWQêYHQWLOVHQDYUKXMHWDNDE\MHKRWODNRYi]WUiWDE\ODSLQHMPHQãtPURYQDWODNRYp
]WUiW ]GURMH * WODNRYi ]WUiWD SRWUXEt NSRUWX ( 3DN MH MHKR DXWRULWD QHMPHQãt
StSXVWQi MH 9\YDåRYDFt YHQWLO 67$' VORXåt NVHt]HQt VSUiYQpKR SU$WRNX
VHNXQGiUQtPRNUXKHP
ýDVWRVHQDEt]tRWi]ND]GDLQVWDORYDWY\YDåRYDFtYHQWLO67$'±GRE\SDVVXWtFHVWQpKR
YHQWLOX .G\å QHEXGH Y\YDåRYDFt YHQWLO YE\SDVVX LQVWDORYiQ P$åH GRMtW SL PDOpP
]DWtåHQtSRUW/MHWpPSOQRWHYHQNH]YêãHQtSU$WRNXTVYOLYHPSRNOHVXWODNRYp]WUiW\
VtW QHER" SU$WRN ]GURMHP * EXGH PLQLPiOQt 7HQWR ]YêãHQê SU$WRN ]S$VREt YWãt
WODNRYRX]WUiWXYRNUXKXVSRWHELþH&DWODNRYiGLIHUHQFHPH]LERG\'&NOHVi7DWRPDOi
WODNRYi GLIHUHQFH ]S$VREt L SRNOHV WODNX YH YVWXSQtP SRUWX ( D P$åH QDVWDW VLWXDFH åH
EXGHWtPWRSRUWHPSURWpNDWWHSORQRVQiOiWNDRSDþQêPVPUHP
9\YDåRYDFtYHQWLO67$'±YE\SDVVXMHSURWRQXWQêYåG\YStSDGHFKNG\MH]DSRWHEt
GRGUåRYDW NRQVWDQWQt SU$WRN VHNXQGiUQtP RNUXKHP D WFK MH YWãLQD 3RNXG MH
DNFHSWRYDWHOQp NROtViQt VHNXQGiUQtKR SU$WRNX D StSDGQp REUiFHQp SURXGQt Y SRUWX (
QHEXGH PtW YOLY QD SULPiUQt VWUDQX ]GURMH QHQt QXWQR Y\YDåRYDFt YHQWLO YE\SDVVX
LQVWDORYDW
3RVWXSY\YDåRYiQt
=FHODRWHYHWHWtFHVWQêYHQWLOYStPpPVPUXSRUW(MHSOQRWHYHQ
6HLWHSRPRFtYHQWLOX67$'±SRåDGRYDQêSU$WRNTV
3RNXGMHLQVWDORYiQY\YDåRYDFtYHQWLOGRE\SDVVX
=DYHWHWtFHVWQêYHQWLOSRUW/MHSOQRWHYHQ
0HQtPQDYHQWLOX67$'±DVHL]RYiQtPY\YDåRYDFtKRYHQWLOX67$'±
YE\SDVVXVHLWHSU$WRNTVRSWQDS$YRGQtKRGQRWX
635É91É92/%$
3tNODG
1DYUKQWH WtFHVWQê VPãRYDFt YHQWLO Y\YDåRYDFt YHQWLO 67$' D YêWODþQRX YêãNX +
VHNXQGiUQtKRþHUSDGOD
=DGiQt -PHQRYLWêYêNRQ
7HSORWQtVSiG
7ODNRYi]WUiWD]GURMH*
7ODNRYi]WUiWDVSRWHELþH
7ODNRYi]WUiWDSRWUXEt)(
7ODNRYi]WUiWDSRWUXEt)/
N:
ž&
N3D
N3D
N3D
N3D
HãHQt 9êSRþHWMPHQRYLWpKRSU$WRNX
T
NGH
T
4
ûW
4
F'W
MPHQRYLWêSU$WRN
MPHQRYLWêYêNRQ
WHSORWQtVSiG >ž&@
O K
>OK@
>:@
9êSRþHW.YKRGQRW\WtFHVWQpKRYHQWLOX
. Y ˜
T
˜
'S
-HPRåQR]YROLWWtFHVWQêYHQWLO'1GOHYêUREQtDG\V.YKRGQRWRX
9êSRþHWVNXWHþQpWODNRYp]WUiW\WtFHVWQpKRYHQWLOX
'S
Y
˜
T .YV
˜
N3D
1iYUKY\YDåRYDFtKRYHQWLOX67$'
7ODNRYi]WUiWD
-PHQRYLWêSU$WRN
PLQ N3D
OK
1DYUåHQY\YDåRYDFtYHQWLO67$''1QDVWDYHQtRWiþN\
635É91É92/%$
1iYUKVHNXQGiUQtKRþHUSDGOD
'S + 'S 9 'S F 'S 67$' 'S * 'S )(
'S + N3D
ýHUSDGOREXGHQDYUåHQRGOHûSPLQN3DDMPHQRYLWêSU$WRNOK
3RNXGEXGHY\EUiQRþHUSDGORVY\ããtPûSEXGHQXWQpSHSRþtWDWQDVWDYHQt
YHQWLOX67$'
9êSRþHWDXWRULW\WtFHVWQpKRYHQWLOX
D
'S 9
'S 9 'S * 'S '(
Æ
D
3LLQVWDODFLY\YDåRYDFtKRYHQWLOXGRE\SDVVXY\FKi]tQiYUK]WFKWRKRGQRW
7ODNRYi]WUiWD
N3D
-PHQRYLWêSU$WRN
OK
'S * 'S )( 'S )/ 1DYUKQHPHY\YDåRYDFtYHQWLO67$''1QDVWDYHQt
3R]QiPN\
635É91É92/%$
9êUREQtVRUWLPHQWDUPDWXU,0,,QWHUQDWLRQDO
9êUREQtVRUWLPHQW7$+\GURQLFV
9NDSLWROHMHXYHGHQVWUXþQêSHKOHGYêUREQtKRVRUWLPHQWXILUP\7$+\GURQLFV-GHSRX]H
RULHQWDþQt YêþHW QHMG$OHåLWMãtFK YêUREN$ GRGiYDQêFK YURFH QD þHVNê WUK 2VWDWQt
YêUREN\QDGRWD].RPSOHWQtSURMHNWRYpSRGNODG\VRUWLPHQWX7RXU$QGHUVVRQ+\GURQLFV
P$åHWH]tVNDWXILUP\,0,,QWHUQDWLRQDOVUR
9\YDåRYDFtYHQWLO\
x 676
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQNDSURUR]YRG\WHSOpXåLWNRYpDVWXGHQp
YRG\ D SUR VWXGHQRX PRVNRX YRGX 8]DYtUDFt YHQWLO 9\UiEt VH YStPpP SURYHGHQt
VYQLWQtPL]iYLW\DVY\SRXãWQtP5XþQtRYOiGDFtKODYLFH31'1
x 67$'
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQNDSURUR]YRG\WHSOpXåLWNRYpDVWXGHQp
YRG\ D SUR VWXGHQRX PRVNRX YRGX 8]DYtUDFt D Y\YDåRYDFt YHQWLO XPRåXMH PHQt D
SHGQDVWDYHQtWODNRYêFK]WUiWDSU$WRN$9\UiEtVHYStPpPSURYHGHQtVYQLWQtPL]iYLW\
EH] D VY\SRXãWQtP 0tFt YVXYN\ SUR SLSRMHQt PtFtKR StVWURMH &%,,, UHVS &%,
'LJLWiOQtKODYLFH31'1±
x 67$'$
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQNDSURUR]YRG\WHSOpXåLWNRYpDVWXGHQp
YRG\ D SUR VWXGHQRX PRVNRX YRGX 8]DYtUDFt D Y\YDåRYDFt YHQWLO XPRåXMH PHQt D
SHGQDVWDYHQtWODNRYêFK]WUiWDSU$WRN$9\UiEtVHYStPpPSURYHGHQtVYQMãtPL]iYLW\
EH] D VY\SRXãWQtP 0tFt YVXYN\ SUR SLSRMHQt PtFtKR StVWURMH &%,,, UHVS &%,
8PRåXMH SLSRMHQt QD SHVQp RFHORYp PGQp D SODVWRYp WUXEN\ SRPRFt VYUQêFK
ãURXEHQtQHERSRPRFtYVXYHNSURSLYDHQtDSiMHQtYL]StVOXãHQVWYt'LJLWiOQtKODYLFH
31'1±
x 67$'5
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQNDSURUR]YRG\WHSOpXåLWNRYpDVWXGHQp
YRG\ D SUR VWXGHQRX PRVNRX YRGX 8]DYtUDFt D Y\YDåRYDFt YHQWLO XPRåXMH PHQt D
SHGQDVWDYHQtWODNRYêFK]WUiWDSU$WRN$9\UiEtVHYStPpPSURYHGHQtVYQLWQtPL]iYLW\
VY\SRXãWQtP0tFtYVXYN\ SUR SLSRMHQt PtFtKR StVWURMH &%,,, UHVS &%, -H XUþHQ
SUR UHNRQVWUXNFH 3L VWHMQp VYWORVWL MDNR RNROQt SRWUXEt Pi UHGXNRYDQê YQLWQt SU$H]
NWHUêXPRåXMHMHMLFKYWãtRWHYHQtDOHSãtSHVQRVWUHJXODFHSU$WRN$8PRåXMHLQVWDODFL
YHVWHMQpVYWORVWLMDNRPiRNROQtSRWUXEt'LJLWiOQtKODYLFH31'1±
x 67$)
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQND1HYKRGQêSURSLWQRXYRGX8]DYtUDFtD
Y\YDåRYDFtYHQWLOXPRåXMHPHQtDSHGQDVWDYHQtWODNRYêFK]WUiWDSU$WRN$9\UiEtVH
YStUXERYpP SURYHGHQt 7OHVR YHQWLOX ]H ãHGp OLWLQ\ 0tFt YVXYN\ SUR SLSRMHQt
PtFtKRStVWURMH&%,,,UHVS&%,QDStUXEiFK'LJLWiOQtKODYLFH31'1±
635É91É92/%$
x 67$)±6*
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQND1HYKRGQêSURSLWQRXYRGX8]DYtUDFt
D Y\YDåRYDFt YHQWLO XPRåXMH PHQt D SHGQDVWDYHQt WODNRYêFK ]WUiW D SU$WRN$ 9\UiEt
VH YStUXERYpP SURYHGHQt 7OHVR YHQWLOX ] RFHOROLWLQ\ 0tFt YVXYN\ SUR SLSRMHQt
PtFtKRStVWURMH&%,,,UHVS&%,QDStUXEiFK'LJLWiOQtKODYLFH31'1±
x 67$)±5
3URVRXVWDY\SLWQpDWHSOpXåLWNRYpYRG\8]DYtUDFtDY\YDåRYDFtYHQWLOXPRåXMHPHQt
D SHGQDVWDYHQt WODNRYêFK ]WUiW D SU$WRN$ 9\UiEt VH YStUXERYpP SURYHGHQt 7OHVR
YHQWLOX ] EURQ]X 0tFt YVXYN\ SUR SLSRMHQt PtFtKR StVWURMH &%,,, UHVS &%, QD
StUXEiFK'LJLWiOQtKODYLFH31'1±
x 67$*
3URVRXVWDY\Y\WiSQtDFKOD]HQtJO\NROVRODQND1HYKRGQêSURSLWQRXYRGX8]DYtUDFt
D Y\YDåRYDFt YHQWLO XPRåXMH PHQt D SHGQDVWDYHQt WODNRYêFK ]WUiW D SU$WRN$ 9\UiEt
VH YSURYHGHQt SUR VSRMN\ 9LFWDXOLF 7OHVR YHQWLOX ] RFHOROLWLQ\ 0tFt YVXYN\ SUR
SLSRMHQtPtFtKRStVWURMH&%,,,UHVS&%,QDWOHVH'LJLWiOQtKODYLFH
31'1±
5HJXOiWRU\WODNRYpGLIHUHQFH
x 67$3
5HJXOiWRU WODNRYp GLIHUHQFH SUR XGUåRYiQt VWiOpKR WODNRYpKR UR]GtOX YH Y\WiSFtFK D
NOLPDWL]DþQtFK VRXVWDYiFK YKRGQê ]YOiãW SUR VRXVWDY\ VY\VRNêP WODNHP þHUSDGHO D
SURPQQêPSU$WRNHP9\UiEtVHYStPpPSURYHGHQt9HQWLOPiY\SRXãWFtNRQFRYNX
ò³ 6RXþiVWt YHQWLOX 67$3 MVRX WDNp PtFt YVXYN\ SUR PHQt WODNRYp GLIHUHQFH
StVWURMHP&%,,,UHVS&%,9HVWDYQpX]DYtUiQt9HQWLOMHXUþHQSURPRQWiåQD]SiWHþNX
31'1±SURûS ±N3DQHER'1±SURûS ±N3D
3HSRXãWFtYHQWLO\
x %39
3UR Y\WiSFt D FKODGtFt VRXVWDY\ VY\VRNêP WODNHP þHUSDGHO D SURPQQêP SU$WRNHP
3URSRUFLRQiOQtSHSRXãWFtYHQWLOVSO\QXOHQDVWDYLWHOQRXKRGQRWRXWODNRYpGLIHUHQFH
±N3DDVX]DYtUiQtP3tPpDURKRYpSURYHGHQt31'1±
+\GURQLFNpUHJXOiWRU\WODNRYpGLIHUHQFHVRPH]HQtPSU$WRNXLEH]
x '$
+\GURQLFNê UHJXOiWRU WODNRYp GLIHUHQFH 3UR &=7 D FKODGtFt V\VWpP\ VSHFLiOQ SUR
VRXVWDY\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 7ODNRYRX GLIHUHQFL O]H SO\QXOH PQLW
YUR]VDKX±N3D±N3DQHER±N3D5HJXOiWRUO]HPRQWRYDWSRX]HGR
YUDWQpKRSRWUXEt9\UiEtVHVSLSRMHQtP]iYLWRYêPStUXERYêPDSURSLYDHQt
31'1±
x '.'.+
+\GURQLFNêUHJXOiWRUWODNRYpGLIHUHQFHVRPH]HQtPSU$WRNX3UR&=7DFKODGtFtV\VWpP\
VSURPQOLYêPSU$WRþQêPPQRåVWYtP9\UiEtVHVSLSRMHQtP]iYLWRYêPStUXERYêPDSUR
SLYDHQt 7ODNRYi ]WUiWD ãNUWtFtKR RUJiQX MH SHYQ QDVWDYHQD QD N3D X SURYHGHQt
'.+QDN3D3RåDGRYDQiWODNRYi]WUiWDQDVSRWHELþLMHQDVWDYHQDVWDQGDUGQQD
N3DQHERN3D-HPRåQRREMHGQDWLYHU]HN3DDN3D/]HPRQWRYDWSRX]HGR
YUDWQpKRSRWUXEt31'1±
635É91É92/%$
x '
+\GURQLFNê UHJXOiWRU WODNRYp GLIHUHQFH EH]RPH]HQt SU$WRNX 2EODVW SRXåLWt SUR &=7 D
FKODGtFt V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP
SURYHGHQt3RåDGRYDQRXWODNRYRX]WUiWXQDVSRWHELþLO]HYROLWYUR]VDKX±N3D-H
PRåQRREMHGQDWLYHU]H±N3DD±N3D/]HPRQWRYDWSRX]HGRYUDWQpKR
SRWUXEt31'1±
x ')
+\GURQLFNê UHJXOiWRU WODNRYp GLIHUHQFH EH]RPH]HQt SU$WRNX 2EODVW SRXåLWt SUR &=7 D
FKODGtFt V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP
SURYHGHQt3RåDGRYDQRXWODNRYRX]WUiWXQDVSRWHELþLO]HYROLWYUR]VDKX±N3D-H
PRåQR REMHGQDW L YHU]H ± N3D D ± N3D /]H PRQWRYDW SRX]H GR
StYRGQtKRSRWUXEt31'1±
x '.
+\GURQLFNê UHJXOiWRU WODNRYp GLIHUHQFH VRPH]HQtP SU$WRNX 2EODVW SRXåLWt SUR &=7 D
FKODGtFt V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP
SURYHGHQt7ODNRYi]WUiWDãNUWtFtKRRUJiQXMHSHYQQDVWDYHQDQDN3D3RåDGRYDQRX
WODNRYRX]WUiWXQDVSRWHELþLO]HYROLWYUR]VDKX±N3D-HPRåQRREMHGQDWLYHU]H
±N3DD±N3D/]HPRQWRYDWSRX]HGRYUDWQpKRSRWUXEt
31'1±
x '.)
+\GURQLFNê UHJXOiWRU WODNRYp GLIHUHQFH VRPH]HQtP SU$WRNX 2EODVW SRXåLWt SUR &=7 D
FKODGtFt V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP
SURYHGHQt7ODNRYi]WUiWDãNUWtFtKRRUJiQXMHSHYQQDVWDYHQDQDN3D3RåDGRYDQRX
WODNRYRX]WUiWXQDVSRWHELþLO]HYROLWYUR]VDKX±N3D-HPRåQRREMHGQDWLYHU]H
±N3DD±N3D/]HPRQWRYDWSRX]HGRStYRGQtKRSRWUXEt
31'1±
+\GURQLFNpUHJXOiWRU\SU$WRNXGOHtGtFtYHOLþLQ\VRPH]HQtP
SU$WRNX
x .7
+\GURQLFNê UHJXOiWRU SU$WRNX GOH tGtFt YHOLþLQ\ VRPH]HQtP SU$WRNX 3UR &=7 D FKODGtFt
V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP SURYHGHQt
7ODNRYi ]WUiWD YHQWLOX MH SHYQ QDVWDYHQD QD N3D QHER N3D 5HJXODþQt YHQWLO SUR
UHJXODFLWHSORW\MHRSDWHQVWDQGDUGQtPSLSRMHQtP0[SURYãHFKQ\WHUPRSRKRQ\D
WHUPRVWDWLFNp KODYLFH +HLPHLHU /]H PRQWRYDW GR StYRGQtKR L YUDWQpKR SRWUXEt 31 '1
x .7+0
+\GURQLFNê UHJXOiWRU SU$WRNX GOH tGtFt YHOLþLQ\ VRPH]HQtP SU$WRNX 3UR &=7 D FKODGtFt
V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP SURYHGHQt .7+
Pi NXåHONX SORFKRX VOLQHiUQt FKDUDNWHULVWLNRX .70 Pi SURILORYDQRX
VFKDUDNWHULVWLNRX HNYLSURFHQWQt 5HJXODþQt YHQWLO SUR UHJXODFL WHSORW\ MH RSDWHQ YQMãtP
]iYLWHP ô ³ /]H RVDGLW HOHNWURSRKRQ\ /DQGLV 6WDHID 6DPVRQ %HOLPR -RKQVRQ
&RQWUROVWDFDWG/]HPRQWRYDWGRStYRGQtKRLYUDWQpKRSRWUXEt31'1±
635É91É92/%$
x .7
+\GURQLFNê UHJXOiWRU SU$WRNX GOH tGtFt YHOLþLQ\ VRPH]HQtP SU$WRNX 3UR &=7 D FKODGtFt
V\VWpP\ VSURPQOLYêP SU$WRþQêP PQRåVWYtP 9\UiEt VH YStUXERYpP SURYHGHQt
7ODNRYi]WUiWDYHQWLOXMHSHYQQDVWDYHQDQDN3D5HJXODþQtYHQWLOSURUHJXODFLWHSORW\
MH RSDWHQ YQMãtP ]iYLWHP ô ³ /]H RVDGLW HOHNWURSRKRQ\ /DQGLV 6WDHID 6DPVRQ
%HOLPR-RKQVRQ&RQWUROWDFDWG/]HPRQWRYDWGRStYRGQtKRLYUDWQpKRSRWUXEt
31'1±
7HUPRVWDWLFNpYHQWLO\SURStSUDYX789
x 7$±0,;
7HUPRVWDWLFNê VPãRYDFt YHQWLO SUR UHJXODFL WHSORW\ WHSOp XåLWNRYp YRG\ YURGLQQêFK
GRPFtFK QHER SRGREQêFK PDOêFK VRXVWDYiFK 3LSRMRYDFt ]iYLW 0 [ 7HSORWQt
UR]VDKq&31'1
x 7$±0$7,&
7HUPRVWDWLFNê VPãRYDFt YHQWLO SUR UHJXODFL WHSORW\ WHSOp XåLWNRYp YRG\ 3RXåLWt
SHGHYãtP MDNR FHQWUiOQt VPãRYDþ SUR StSUDYX 789 YH YWãtFK RE\WQêFK EXGRYiFK
VQHER EH] FLUNXODFH 1HMOHSãtFK UHJXODþQtFK YêVOHGN$ MH GRVDåHQR YVRXVWDYiFK
VFLUNXODFt 7DNp O]H SRXåtW MDNR EH]SHþQRVWQt VPãRYDþ YVRXVWDYiFK &=7 3LSRMHQt
]iYLWRYpQHERStUXERYpGOH'1YHQWLOX7HSORWQtUR]VDK\±q&±q&
±q&31'1QDREMHGQiYNX'1D
x 7$±7+(50
7HUPRVWDWLFNê YHQWLO SUR FLUNXODFL WHSOp XåLWNRYp YRG\ 3RXåLWt SHGHYãtP MDNR
WHUPRVWDWLFNêSUYHNSURY\YiåHQtUR]YRG$789YHYWãtFKRE\WQêFKEXGRYiFKVFLUNXODFt
0$åHEêWQDVWDYHQQDSRåDGRYDQRXWHSORWXYUR]PH]t±ž&9HQWLOPiYHVWDYQRX
X]DYtUDFt IXQNFL 'RGDW O]H YHQWLO\ VQHER EH] WHSORPUX SUR SHVQRX LQGLNDFL WHSORW\
FLUNXODFH7893LSRMHQt]iYLWRYpSURYHGHQt'1D31
9êUREQtVRUWLPHQW+HLPHLHU
9NDSLWROH MH XYHGHQ VWUXþQê SHKOHG YêUREQtKR VRUWLPHQWX ILUP\ 7KHRGRU +HLPHLHU
(UZLWWH-GHSRX]HRULHQWDþQtYêþHWQHMG$OHåLWMãtFKYêUREN$GRGiYDQêFKYURFHQD
þHVNêWUK2VWDWQtYêUREN\QDGRWD].RPSOHWQtSURMHNWRYpSRGNODG\VRUWLPHQWX+HLPHLHU
P$åHWH]tVNDWXILUP\,0,,QWHUQDWLRQDOVUR
7HUPRVWDWLFNpKODYLFH7KHUPROX[
9ãHFKQ\WHUPRVWDWLFNpKODYLFH+HLPHLHUPDMtNDSDOLQRYpþLGORWHSORW\3LSRMRYDFt]iYLWQD
UDGLiWRURYêYHQWLO0[NURP9.KODYLFHVHVYUQêPSLSRMHQtP
x 7\S.
6H ]DEXGRYDQêP QHER GiONRYêP þLGOHP 9ROLWHOQ RFKUDQD SURWL ]FL]HQt GYPD ãURXE\
QHER ]DEH]SHþRYDFtP NURXåNHP 6WDQGDUGQt UR]VDK WHSORW q & 9SURYHGHQt SUR
Oi]HVNpSURYR]\UR]VDKWHSORW±q&
x 7\S9'
6H ]DEXGRYDQêP þLGOHP (OHJDQWQt GHVLJQ 6SHFLiOQ XUþHQD SUR RWRSQi WOHVD W\SX
9HQWLO.RPSDNW6WDQGDUGQtUR]VDKWHSORW±q&VQXORYRXSRORKRX
635É91É92/%$
x 7\S:.
6H]DEXGRYDQêPþLGOHP~KORYpSURYHGHQt=YOiãWYKRGQiSURRWRSQiWOHVDW\SX9HQWLO
.RPSDNW6WDQGDUGQtUR]VDKWHSORW±q&
x 7\S9.
6H ]DEXGRYDQêP þLGOHP 8UþHQD SUR RWRSQi WOHVD 9HQWLONRPSDNW VWHUPRVWDWLFNêP
YUFKQtPGtOHPSURVYUQpSLSRMHQt6WDQGDUGQtUR]VDKWHSORW±q&3LSRMHQtVYUQêP
NURXåNHP
x 7\S%
6H ]DEXGRYDQêP QHER GiONRYêP þLGOHP =DEH]SHþHQi KODYLFH SUR YHHMQp SURVWRU\
7HSORWDO]H SHVWDYLW SRX]H VSHFLiOQtP NOtþHP 1HO]H ]FL]LW RWiþHQtP 6WDQGDUGQtUR]VDK
WHSORW±q&
x 7\S)
6H]DEXGRYDQêPQHERGiONRYêPþLGOHPGiONRYpQDVWDYHQtWHSORW\9KRGQiSURRYOiGiQt
WHUPRVWDWLFNêFKVSRGQtFKGtO$ SRG NU\W\ RWRSQêFK WOHV QHER X SRGODKRYêFK NRQYHNWRU$
6WDQGDUGQt UR]VDK WHSORW ± q& 9SURYHGHQt SUR Oi]HVNp SURYR]\ UR]VDK WHSORW
±q&
x 5XþQtKODYLFH
5XþQtKODYLFHSURRYOiGiQtWHUPRVWDWLFNêFKVSRGQtFKGtO$%tOiEDUYD3LSRMRYDFt]iYLW
0[
5DGLiWRURYpYHQWLO\
9ãHFKQ\ W\S\ WHUPRVWDWLFNêFK UDGLiWRURYêFK YHQWLO$ MVRX Y\UiEQ\ Y SURYHGHQt StPpP
URKRYpP ~KORYpP L D[LiOQtP 7OR YHQWLOX ]EURQ]X NXåHOND ](3'0 SU\åH 3RYUFKRYi
~SUDYDEURQ]SRQLNORYDQêEURQ]EURQ]VNU\WNRX
x 6WDQGDUG
3URVRXVWDY\VQXFHQêPREKHP%H]SHGQDVWDYHQtýHUQiRFKUDQQiNU\WND9\UiEtVH
'131
x 9±H[DNW
3URVRXVWDY\VQXFHQêPREKHP3HGQDVWDYHQtSU$WRNXYãHVWLVWXSQtFK%tOiRFKUDQQi
NU\WND9\UiEtVH'1±31
x )±H[DNW
3UR VRXVWDY\ VQXFHQêP REKHP 9KRGQê SHGHYãtP SUR VRXVWDY\ VYWãtPL WHSORWQtPL
VSiG\9KRGQêSHGHYãtPSURVRXVWDY\VYWãtPLWHSORWQtPLVSiG\-HPQpSHGQDVWDYHQt
SU$WRNXYãHVWLVWXSQtFKýHUYHQiRFKUDQQiNU\WND9\UiEtVH'1±31
x 6H]YOiãWPDOêPLRGSRU\
3UR VDPRWtåQp D MHGQRWUXENRYp VRXVWDY\ 3UR VRXVWDY\ VPDOêPL WHSORWQtPL VSiG\ %H]
SHGQDVWDYHQt=YOiã"PDOiWODNRYi]WUiWD0RGUiRFKUDQQiNU\WND9\UiEtVH'1±
31
x 6REUiFHQêPVPUHPWRNX
3RXåLWt SL ]iPQ StYRGX D ]SiWHþN\ %H] SHGQDVWDYHQt ýHUQi RFKUDQQi NU\WND
9\UiEtVH'131
635É91É92/%$
x ±FHVWQpWHUPRVWDWLFNpYHQWLO\
3UR VRXVWDY\ VQXFHQêP REKHP %H] SHGQDVWDYHQt VDXWRPDWLFNêP t]HQtP REWRNX
ýHUQiRFKUDQQiNU\WND9\UiEtVH'131
5HJXODþQtYHQWLO\SURRWRSQiWOHVD
x 0LNURWKHUP
3UR VRXVWDY\ VQXFHQêP REKHP 'YRXUHJXODþQt YHQWLO SUR RWRSQi WOHVD DSRG -H
RSDWHQ UXþQt X]DYtUDFt KODYLFt /]H RPH]LW PD[LPiOQt ]GYLK NXåHON\ YHQWLOX 8PRåXMH
SHVWDYEX QD WHUPRVWDWLFNê YHQWLORYê VSRGHN W\SX 6WDQGDUG 9 ± H[DNW QHER ) ± H[DNW
7ORYHQWLOX]EURQ]XNXåHOND](3'09\UiEtVH'1±31
5HJXODþQtYHQWLO\SURSRGODKRYpY\WiSQt
x 5HJXODþQtYHQWLO\GRStYRGX
,QWHJURYDQê WHUPRVWDWLFNê YUFKQt GtO EH] SHGQDVWDYHQt 3URYHGHQt VUXþQt KODYLFt QHER
EH] SUR SLSRMHQt WHUP KODYLFH QHER HOHNWULFNp SRKRQX 8UþHQ\ SUR StPRX PRQWiå QD
UR]GORYDþ+UGODRSDWHQDHXURNRQXV\SURSLSRMHQtQDPGQpDSODVWRYpWUXEN\7OR
YHQWLOX]EURQ]XNXåHOND](3'09\UiEtVH'131
x =SWQiUHJXODþQtãURXEHQt
5HJXODþQtDX]DYtUDFtIXQNFH8UþHQ\SURStPRXPRQWiåQDUR]GORYDþ+UGODRSDWHQD
HXUR NRQXV\ SUR SLSRMHQt QD PGQp D SODVWRYp WUXEN\ 7OR YHQWLOX MH Y\UREHQR ]
EURQ]XNXåHOND](3'09\UiEtVH'131
5HJXODþQtDX]DYtUDFtãURXEHQt
x 5HJXOX[
=SWQp X]DYtUDFt D UHJXODþQt ãURXEHQt 8PRåXMH X]DYHQt Y\SXãWQt D QDSXãWQt
VSRWHELþH ]D SURYR]X VRXVWDY\ 1DVWDYHQt SU$WRNX ]$VWDQH SR X]DYHQt D RSWQpP
RWHYHQt]DFKRYiQR7ORYHQWLOX]EURQ]X3URYHGHQtStPpDURKRYp
9\UiEtVH'1±31
x 5HJXOX[1
=SWQp X]DYtUDFt D UHJXODþQt ãURXEHQt 8PRåXMH X]DYHQt Y\SXãWQt D QDSXãWQt
VSRWHELþH ]D SURYR]X VRXVWDY\ 3tSDGQp QDVWDYHQt SU$WRNX SR X]DYHQt D RSWQpP
RWHYHQtQHQt]DFKRYiQR3URYHGHQtStPpDURKRYp9\UiEtVH'1±31
x 9HNROX[
=SWQp X]DYtUDFt D UHJXODþQt ãURXEHQt SUR RWRSQi WOHVD 9HQWLO NRPSDNW 3LSRMRYDFt
UR]WHþ PP 3URYHGHQt StPp D URKRYp )XQNFH X]DYtUDFt XPRåXMH Y\SXãWQt D
QDSXãWQtRWRSQpKRWOHVD]DSURYR]XVRXVWDY\3tSDGQpQDVWDYHQtSU$WRNXSRX]DYHQt
DRSWQpPRWHYHQtQHQt]DFKRYiQR9\UiEtVHYSURYHGHQtSURRWRSQiWOHVDVYQLWQtP
]iYLWHPò´QHERYQMãtP]iYLWHPô´
635É91É92/%$
3LSRMRYDFtV\VWpP\RWRSQêFKWOHV
x (±=V\VWpP
.RPELQRYDQi VHVWDYD SUR SLSRMHQt VWDQGDUGQtFK RWRSQêFK WOHV SRWUXEtP ]SRGODK\
.RPSOHWVH VNOiGi ]WHUPRVWDWLFNpKR GtOX VSRMRYDFt WUXEN\ (= UR]GORYDþH D VYRUQêFK
ãURXEHQt 8QLYHU]iOQt SURYHGHQt SUR MHGQRWUXENRYp D GYRXWUXENRYp VRXVWDY\ V QXFHQêP
REKHP3RPU]DWpNiQtXMHGQRWUXENRYêFKVRXVWDY±9\UiEtVH'131
SRQLNORYDQpSURYHGHQt3RXåtYiVHVWHUPRVWDWLFNêPLVSRGQtPLGtO\SURVDPRWtåQp
DMHGQRWUXENRYpV\VWpP\VPRGURXRFKUDQQRXNU\WNRX
x (±=YHQWLO\SURMHGQRERGRYpSLSRMHQtRWRSQêFKåHEtN$
8QLYHU]iOQtLQWHJURYDQpSLSRMHQtSURMHGQRWUXENRYpDGYRXWUXENRYpVRXVWDY\
8MHGQRWUXENRYpKRSURYHGHQtMHSRPU]DWpNiQt3LSRMRYDFt]iYLW0[SUR
YHãNHUpWHUPRVWDWLFNpKODYLFH+HLPHLHU9\UiEtVH'131SRQLNORYDQpSURYHGHQt
x (±=YHQWLO\SURMHGQRERGRYpSLSRMHQtVWDQGDUGQtFKRWRSQêFKWOHV
8QLYHU]iOQtLQWHJURYDQpSLSRMHQtSURMHGQRWUXENRYpDGYRXWUXENRYpVRXVWDY\
8 MHGQRWUXENRYpKR SURYHGHQt MH SRPU ]DWpNiQt 3LSRMRYDFt ]iYLW 0 [ SUR
YHãNHUpWHUPRVWDWLFNpKODYLFH+HLPHLHU9\UiEtVH'131SRQLNORYDQpSURYHGHQt
x 'XROX[
.RPELQRYDQi VHVWDYD SUR SLSRMHQt VWDQGDUGQtFK RWRSQêFK WOHV SRWUXEtP ]SRGODK\
.RPSOHW VH VNOiGi ]WHUPRVWDWLFNpKR GtOX VSRMRYDFt WUXEN\ UR]GORYDþH D VYRUQêFK
ãURXEHQt 5R]GORYDþH VH Y\UiEt YSURYHGHQt SUR MHGQRWUXENRYp QHER GYRXWUXENRYp
VRXVWDY\VQXFHQêPREKHP3RPU]DWpNiQtXMHGQRWUXENRYêFKVRXVWDY3RXåtYi
VH VWHUPRVWDWLFNêPL VSRGQtPL GtO\ SUR VDPRWtåQp D MHGQRWUXENRYp V\VWpP\ VPRGURX
RFKUDQQRXNU\WNRX9\UiEtVH'131SRQLNORYDQpSURYHGHQt
(OHNWULFNiDHOHNWURQLFNiUHJXODFHSURVWRURYpWHSORW\
x (027
(OHNWURWHUPLFNê GYRXERGRYê VHUYRSRKRQ SUR RWRSQp YWUDFt D NOLPDWL]DþQt VRXVWDY\
,QWHJURYDQp NDSDOLQRYp þLGOR NWHUp RKtYiQR 37& WRSQêP HOHPHQWHP 3URYHGHQt EH]
SURXGX]DYHQRQHERRWHYHQR1DSWtQHER93LSRMRYDFt]iYLW0[
x (02
(OHNWURPRWRULFNê SURSRUFLRQiOQt VHUYRSRKRQ 3RKRQ VH VNOiGi ]PRWRUX SHYRGRYN\
VSRMN\ PDJQHWLFNp EU]G\ 3RKRQ Pi YHVWDYQê ELWRYê SHYRGQtN SUR SHVQRX
LGHQWLILNDFL SRORK\ NXåHON\ YHQWLOX &HONRYê ]GYLK NXåHON\ MH UR]GOHQ GR SRORK D
QiVOHGQMVRXSRORK\SLD]HQ\tGtFtPXQDSWt3URYR]QtQDSWt9tGtFtQDSWt±
±±±93LSRMRYDFt]iYLW0[
x (02
(OHNWURPRWRULFNêWtERGRYêVHUYRSRKRQ3RKRQVHVNOiGi]PRWRUXSHYRGRYN\VSRMN\
D PDJQHWLFNp EU]G\ 3RKRQ MH RYOiGiQ NODGQêP QHER ]iSRUQêP QDSWtP SUR IXQNFL
RWHYtUiQt QHER ]DYtUiQt 3L SHUXãHQt QDSiMHQt ]DMLVWt PDJQHWLFNi EU]GD QD SHYRGRYFH
SRKRQXVHWUYiQtNXåHON\YHQWLOXYDNWXiOQtSROR]H3URYR]QtQDSWt93LSRMRYDFt]iYLW
0[
635É91É92/%$
x (02(,%
3RKRQMHNRQVWUXNþQVKRGQêVSRKRQHP(02QDYtFMHY\EDYHQNRPXQLNDþQtORJLFNRX
MHGQRWNRXSURSLSRMHQtQD(YURSVNê,QVWDODþQt%XV
x (02/21
3RKRQMHNRQVWUXNþQVKRGQêVSRKRQHP(02QDYtFMHY\EDYHQNRPXQLNDþQtORJLFNRX
MHGQRWNRXSURSLSRMHQtQD/21:25.6VtW
x 7HUPRVWDW(
(OHNWURQLFNêUHJXOiWRUSURVWRURYpWHSORW\2YOiGDFtQDSWt99\UiEtVHYSURYHGHQtSUR
RYOiGiQtSRKRQ$(02SO\QXOêUHJXOiWRUQHER(02WtERGRYêUHJXOiWRU
x 3URVWRURYêWHUPRVWDW
'YRXERGRYê SURVWRURYê WHUPRVWDW VH ]SWQRX WHUPLFNRX YD]ERX SUR RYOiGiQt SRKRQ$
(0273URYHGHQtVY\StQDþHPQHEREH]SURYR]QtQDSWtQHER9
x 7HUPRVWDW3
(OHNWURQLFNê GYRXERGRYê SURVWRURYê WHUPRVWDW NþDVRY ]iYLVOp UHJXODFL SURVWRURYp
WHSORW\9HVWDYQpDQDORJRYpWêGHQQtVStQDFtKRGLQ\8UþHQSURRYOiGiQtSRKRQ$(027
3URYR]QtQDSWtQHER9
x 7HUPRVWDW3±=
(OHNWURQLFNê WHUPRVWDW SUR LQGLYLGXiOQt t]HQt SURVWRURYp WHSORW\ VSURJUDPRYDWHOQêP
FHQWUiOQt]HQêPVQtåHQtPWHSORW\-HXUþHQVSHFLiOQSURt]HQtWHUPRVWDWLFNêFKKODYLF
. $ QHER % ± $ 7HUPRVWDW MH t]HQ GLJLWiOQtPL VStQDFtPL KRGLQDPL VWêGHQQtP
SURJUDPHP3URYR]QtQDSWt92YOiGDFtQDSWt9
x 7HUPRVWDWLFNiKODYLFH.±$
7HUPRVWDWLFNi KODYLFH VH ]DEXGRYDQêP QHER GiONRYêP NDSDOLQRYêP þLGOHP VH
VQLåRYDFtPWRSQêPRGSRUHP6QtåHQtWHSORW\FFD.2YOiGDFtQDSWt9
x 7HUPRVWDWLFNiKODYLFH%±$
7HUPRVWDWLFNi KODYLFH SUR YHHMQp SURVWRU\ VH ]DEH]SHþHQtP VH ]DEXGRYDQêP QHER
GiONRYêPNDSDOLQRYêPþLGOHPVHVQLåRYDFtPWRSQêPRGSRUHP6QtåHQtWHSORW\SLEOLåQ
.2YOiGDFtQDSWt9
6SHFLiOQtDUPDWXU\
x 57/
7HUPRVWDWLFNê RPH]RYDþ WHSORW\ ]SiWHþN\ 9KRGQê QDS NWHPSHURYiQt SRGODKRYêFK
SORFKGRP5R]VDKRPH]HQtWHSORW\q&9\UiEtVH'13URYHGHQtStPpD
URKRYp31
x 3RGODKRYiUHJXODþQtVDGD
6RXSUDYDSURWHPSHURYiQtSRGODKRYêFKSORFKRYHOLNRVWLGRP
x 7HUPRVWDWLFNiKODYLFH.VStORåQêPQHERSRQRUQêPþLGOHP
6ORXåt SUR t]HQt WHSORW\ Y]iVREQtFtFK 789 DSRG .DSDOLQRYp þLGOR MH VSRMHQR VKODYLFt
NDSLOiURXRGpOFHP5R]VDKWHSORW±q&QHERq&3LSRMRYDFt]iYLW
0[
635É91É92/%$
x 7tFHVWQêSHStQDFtYHQWLO
9HVSRMHQtVHOHNWULFNêPSRKRQHPQHERWHUPRVWDWLFNRXKODYLFt.VRGGOHQêPþLGOHPO]H
SRXåtWSURt]HQtWHSORW\YRG\YWRSQêFKRNUX]tFKQHERGREtMHQt]iVREQtN$789DSRG7OR
YHQWLOX]EURQ]X9\UiEtVH'1±31
3RWUXEQtDUPDWXU\
x +\GUROX[
3HSRXãWFtYHQWLO1DVWDYHQtSHSRXãWFtKRWODNX±PEDU%ORNRYiQtQDVWDYHQpKR
WODNX3LSRMHQtQD]iYLWQHERVHãURXEHQtP
3HSRXãWQpPD[LPiOQtPQRåVWYt±P K
x *ORER+
.XORYêNRKRXW7ORLNRXOHNRKRXWX]EURQ]X7HIORQRYiVHGOD
9\UiEtVH'1±31
x *ORER3
.XORYê NRKRXW VStPêP SLSRMHQtP QD þHUSDGOR SHYOHþQRX PDWLFt 7OR L NRXOH NRKRXWX
]EURQ]X7HIORQRYiVHGOD9\UiEtVH'1D31
x *ORER36
.XORYê NRKRXW VStPêP SLSRMHQtP QD þHUSDGOR SHYOHþQRX PDWLFt LQWHJURYDQi ]SWQi
NODSND7ORLNRXOHNRKRXWX]EURQ]X7HIORQRYiVHGOD9\UiEtVH'1D31
3R]QiPN\
635É91É92/%$
/LWHUDWXUD
3HWLWMHDQ5
7RWDO+\GURQLF%DODQFLQJ
7RXU$QGHUVVRQ+\GURQLFV/MXQJâYpGVNR
+XU\FK0
9\YDåRYiQtSRWUXEQtFKVtWtXSUDYHQpY\GiQt
,0,,QWHUQDWLRQDOVUR+XPSROHF
'RXEUDYD-
9\YDåRYiQtSRWUXEQtFKVtWtDY\GiQt
7RXU$QGHUVVRQ+\GURQLFVVSROVUR3UDKDD
)LUHPQtPDWHULiO\7RXU$QGHUVVRQ+\GURQLFV
/MXQJâYpGVNR
)LUHPQtPDWHULiO\7RXU$QGHUVVRQ+\GURQLFVVSROVUR
3UDKDýHVNiUHSXEOLND
)LUHPQtPDWHULiO\7KHRGRU+HLPHLHU0HWDOOZHUN*0%+&2.*
(UZLWWH651
)LUHPQtPDWHULiO\,0,,QWHUQDWLRQDOVUR
+XPSROHFýHVNiUHSXEOLND
)LUHPQtPDWHULiO\/'0VUR
ýHVNi7HERYiýHVNiUHSXEOLND
)LUHPQtPDWHULiO\6,(0(16/DQGLV6WDHID'LYLVLRQ
3UDKDýHVNiUHSXEOLND

Podobné dokumenty

Technický list | Technická data (PDF 260 KB)

Technický list | Technická data (PDF 260 KB) 0LQREMHPRYêWRN EH]SRGPtQHþQČGRGUåWH 0D[H[WHUQtWODNRYi]WUiWD 5)+ SĜLPLQREMHPRYpPWRNX

Více

328ä,7Ë

328ä,7Ë ¾ 1XFHQp YČWUiQt MH GRSRUXþHQR SRNXG WHSORWD SURXGtFtKR Y]GXFKX QHQt QLåãt QHå ƒ& D QHQtVRXþDVQČY\ããtQHåƒ& ¾ .OLPDWL]DþQt]DĜt]HQt'23258ý8-(0(SURSURYR]EDWHULtY836...

Více

RDS-XTRA - produktinfo.conrad.de

RDS-XTRA - produktinfo.conrad.de GREUpKR YêE UX -HVWOLåH PiWH G$YRG N Q MDNp $ND]Qp YêUREQt FK\E\ =iYDGX MH WHED EH]SURVWHGQ SR ]MLãW Qt KOiVLW YDãHPX

Více

3351 - JK CONTROL sro

3351 - JK CONTROL sro RWX62...volitelný pomocný vstup podle venkovní teploty. Na regulátoUXP$åHEêW MHGQDPXOWLIXQNþQtP HQiYHOLþLQDVSROHþQ  VGtOHQDYãHPLUHJXODþQtPLVP\þNDPLBude-li pro VP\þNXSRXåLWDþLQLNROL...

Více

therm 9, 18, 25, 35, 45 e/b

therm 9, 18, 25, 35, 45 e/b 3LSRMHQtNRWO$V R]QDþHQtP7+(50(%QHER7+(50(=%QDSO\Q MH QXWQp SURVWHGQLFWYtP SRWUXEt V PLQLPiOQtP YQLWQtP SU$P UHP 3/4“(18x1)DSRWpUHGXNRYDWQDSLSRMHQtNRWOH 9. Pipoj...

Více

Avdo Danfoss

Avdo Danfoss 5DGLiWRURYiãURXEHQtVLQWHJURYDQêPYHQWLOHPYHQWLO\VSRQRUQRXWUXENRX 5DGLiWRURYiãURXEHQt9+6VLQWHJURYDQêPYHQWLOHP 9HQWLO\VSRQRUQRXWUXENRX5$75$7% ,QWHJURYDQpYHQWLO\SURXQL...

Více

APM Automagazín 2015_2

APM Automagazín 2015_2 Magazín pro zákazníky a partnery APM Automotive Evidenční číslo: MK ČR E18204

Více

PoMistné ventily Typ 06505

PoMistné ventily Typ 06505 3RMLVWQpYHQWLO\ 7\S  3RMLVWQpYHQWLO\]PRVD]L W\SRYČVFKYiOHQp 7h969 ).6 1RUPiOQtSRMLVWQêYHQWLO NXåHONDV )30WČVQČQtPX]DYĜHQêNU\WSUXåLQ\ VPHPEUiQRXFKUiQtFtSUXåLQXVRGSR...

Více

ýDVRYDţ

ýDVRYDţ $121DWG YãHFKQ\RSHUDFHVORJLFNêPLVLJQiO\ 3 tNODG2SHUDFHVþtWDþHP&þtWiQtQDKRUXGROXLQLFLDOL]DFHS HGQDVWDYHQt]MLãW QtVWDYXþtWDþHDWG

Více

PoMistné ventily Typ 06216, typ 06217

PoMistné ventily Typ 06216, typ 06217 SĜHNURþHQtPWODNXSURVWDFLRQiUQtDPRELOQtWODNRYpQiGRE\ 8UþHQRSURY]GXFKDSRGREQpSO\Q\ 6FKYiOHQpSUDFRYQtWHSORW\ ƒ& . Då ƒ& . Materiály

Více