,167<787
0$6=<1
52%2&=<&+
/$%25$725,80
]7(25,,
0(&+$1,=0Ï:,0$6=<1
=$.à$'7(25,,
0(&+$1,=0Ï:,
0$1,38/$725Ï:
QUüZ
7(0$7$QDOL]DVWUXNWXUDOQDPHFKDQL]PyZSáDVNLFK
:SURZDG]HQLH
3U]\VW SXMF GR DQDOL]\ SUDF\ GDQHJR PHFKDQL]PX QDOH*\ ]DF]ü RG MHJR DQDOL]\
VWUXNWXUDOQHM $QDOL]D VWUXNWXUDOQDZ\PDJD XVWDOHQLD OLF]E\ VWRSQL VZRERG\ PHFKDQL]PX
: Z OLWHUDWXU]H SU]HGPLRWX QD]\ZDQ WDN*H OLF]E VWRSQL UXFKOLZRFL /LF]ED VWRSQL
VZRERG\ RNUHOD LOH QLH]DOH*Q\FK UXFKyZ PRJ Z\NRQDü RJQLZD PHFKDQL]PX Z]JO GHP
SRGVWDZ\ -H*HOL UXFK RJQLZ ELHUQ\FK PD E\ü ]DOH*Q\ W\ONR RG UXFKX RJQLZ F]\QQ\FK WR
OLF]ED VWRSQL VZRERG\ SRZLQQD VL UyZQDü OLF]ELH RJQLZ QDS GRZ\FK : SU]\SDGNX
PHFKDQL]PyZ SáDVNLFK VWRVXMH VL
ZáDFLZ WHM JUXSLH SRVWDü Z]RUX VWUXNWXUDOQHJR
RNUHODMFHJR
:
S
S
Q
:
U
1DMF] FLHM OLF]E VWRSQL VZRERG\ PR*QD SU]HZLG]LHü LQWXLF\MQLH QD SRGVWDZLH
VFKHPDWX NLQHPDW\F]QHJR PHFKDQL]PX OXE VWZLHUG]Lü QD SRGVWDZLH REVHUZDFML UXFKX
EDGDQHJR PHFKDQL]PX %UDN ]JRGQRFL ZDUWRFL OLF]E\ VWRSQL VZRERG\ RWU]\PDQ\FK QD
GURG]H WHRUHW\F]Q\FK REOLF]H RUD] VWZLHUG]RQ\FK Z F]DVLH REVHUZDFML SUDF\ PHFKDQL]PX
PR*H E\ü Z\QLNLHP ZLHOX SU]\F]\Q &] VWR Z\QLND WR ] Eá GQHJR Z\]QDF]HQLD OLF]E\
UXFKRP\FKRJQLZLOLF]E\SDUNLQHPDW\F]Q\FKSRQLHZD* QDSLHUZV]\U]XWRNDRJQLZRPR*H
Z\NRQ\ZDü QLHZLHONLH QLH]DXZD*DOQH UXFK\ OXE Z SDU]H NLQHPDW\F]QHM PR*H ]DFKRG]Lü
QLHZLHONLUXFKZ]JO GQ\RJQLZSRáF]RQ\FKW SDU5XFKRPHRJQLZROXESDUDNLQHPDW\F]QD
PRJ E\ü WH* ]DVáRQL WH SU]H] LQQH F] FL PHFKDQL]PX ,QQ\PL VáRZ\ WHRUHW\F]QH
Z\]QDF]DQLH VWRSQLD VZRERG\ PHFKDQL]PX PR*H E\ü SRPRFQH Z LGHQW\ILNDFML RJQLZ LSDU
NLQHPDW\F]Q\FK EDGDQHJR PHFKDQL]PX ,QQ\PL SU]\F]\QDPL EUDNX SRWZLHUG]HQLD ZDUWRFL
SU]HZLG\ZDQHJR F]\ VWZLHUG]RQHJR VWRSQLD VZRERG\ PHFKDQL]PX ] ZDUWRFL WHRUHW\F]Q
PR*H E\ü Z\VW SRZDQLH ELHUQ\FK SDUDPHWUyZ ZL ]L OXE SR]RUQ\FK VWRSQL VZRERG\
ZLDGRPRü LVWQLHQLD W\FK ]MDZLVN SU]\F]\QLD VL GR OHSV]HJR ]UR]XPLHQLD G]LDáDQLD
DQDOL]RZDQHJRPHFKDQL]PX
$QDOL]D VWUXNWXUDOQD WR WDN*H SRG]LDá PHFKDQL]PX QD WZRU]FH JR ]HVSRá\
NLQHPDW\F]QH =HVSRá\ NLQHPDW\F]QH SRVLDGDM ZD*Q ZáDFLZRü NWyUD X]DVDGQLD LFK
Z\G]LHODQLH 0R*QD MH SRGGDü VDPRG]LHOQHM DQDOL]LH NLQHPDW\F]QHM L NLQHWRVWDW\F]QHM :
DQDOL]LH NLQHPDW\F]QHM Z\]QDF]D VL SRáR*HQLD SU GNRFL L SU]\VSLHV]HQLD RJQLZ ]HVSRáX
MH*HOL ]QDQH V SRáR*HQLD SU GNRFL L SU]\VSLHV]HQLD MHJR ]HZQ WU]Q\FK SDU : DQDOL]LH
NLQHWRVWDW\F]QHM Z\]QDF]D VL VLá\ L PRPHQW\ UHDNFML Z SDUDFK NLQHPDW\F]Q\FK ]HVSRáX
MH*HOLGDQHV REFL*HQLD]HZQ WU]QH
=QDMRPRüNROHMQRFL GRáF]DQLD]HVSRáyZZWUDNFLH WZRU]HQLXPHFKDQL]PXXáDWZLD
MHJRGDOV] DQDOL] $QDOL] NLQHPDW\F]Q QDOH*\UR]SRF]üRG]HVSRáyZZWDNLHMNROHMQRFL
Z MDNLHM E\á\ GRáF]DQH Z SURFHVLH WZRU]HQLD PHFKDQL]PX $QDOL] NLQHWRVWDW\F]Q
SU]HSURZDG]D VL Z NROHMQRFL RGZURWQHM 8VWDOHQLH NROHMQRFL SU]\áF]DQLD ]HVSRáyZ
NLQHPDW\F]Q\FK QD SRGVWDZLH VFKHPDWX NLQHPDW\F]QHJR RSLHUD VL QD QDVW SXMF\FK
]DVDGDFK=HVSyáSRGáF]RQ\GRRJQLZDF]\QQHJRMHVWSLHUZV]\P]HVSRáHP=HZQ WU]QHSDU\
NLQHPDW\F]QHND*GHJRQDVW SQHJR]HVSRáXPXV] E\üSRGáF]RQHGRSRSU]HGQLFK]HVSRáyZ
OXEGRSRGVWDZ\
&HOL]DNUHVüZLF]HQLD
$QDOL]D VWUXNWXUDOQD PHFKDQL]PX QD SRGVWDZLH VSRU]G]RQHJR VFKHPDWX
NLQHPDW\F]QHJR
3U]HELHJüZLF]HQLD
]DSR]QDüVL ]G]LDáDQLHPPHFKDQL]PXXUXFKRPLüJR]DREVHUZRZDüUXFKRPHRJQLZDL
SDU\NLQHPDW\F]QHRNUHOLüRJQLZDF]\QQHLELHUQH
QDU\VRZDüVFKHPDWNLQHPDW\F]Q\F]\OLSU]HGVWDZLüPHFKDQL]PZXSURV]F]RQ\VSRVyE
SU]\F]\PXSURV]F]HQLDWHGRW\F]Z\PLDUyZLV]F]HJyáyZNRQVWUXNF\MQ\FKNWyUHQLH
ZSá\ZDM QDNLQHPDW\N PHFKDQL]PX
]LGHQW\ILNRZDüELHUQHSDUDPHWU\ZL ]LOXESR]RUQHVWRSQLHVZRERG\PHFKDQL]PXRLOH
Z\VW SXM
Z\]QDF]\üVWRSLH VZRERG\PHFKDQL]PX :
Z\G]LHOLü]PHFKDQL]PX]HVSRá\NLQHPDW\F]QHSRPRFQHZW\PE GSUDZRWZRU]HQLD
PHFKDQL]PXLWDEHOD]HVSRáyZNLQHPDW\F]Q\FK
XVWDOLüNROHMQRüSRáF]HQLD]HVSRáyZNLQHPDW\F]Q\FK
:\PDJDQLD]DZDUWRFLVSUDZR]GDQLD
VFKHPDWNLQHPDW\F]Q\PHFKDQL]PX
Z\ND]DQLHELHUQ\FKSDUDPHWUyZZL ]LLSR]RUQ\FKVWRSQLVZRERG\
Z\]QDF]HQLH:
ZQLRVNLQDWHPDWMHGQR]QDF]QRFLUXFKXRJQLZUR]SDWU\ZDQHJRPHFKDQL]PX
Z\G]LHOHQLH]HVSRáyZNLQHPDW\F]Q\FKQDVFKHPDFLHNLQHPDW\F]Q\P XVWDOHQLHLFK
NROHMQRFLSRGáF]HQLD
3\WDQLDNRQWUROQH
&R WR MHVW PDV]\QD PHFKDQL]P PDQLSXODWRU URERW 'HILQLFMH SRGVWDZRZ\FK SRM ü
VWUXNWXU\ PHFKDQL]PyZ RJQLZD SDU\ NLQHPDW\F]QHM L MHM NODV\ VWRSQLD VZRERG\
PHFKDQL]PX : ]HVSRáX NLQHPDW\F]QHJR L MHJR NODV\ 3RGDü WHFKQLF]QH UHDOL]DFMH SDU
NLQHPDW\F]Q\FK -DNLH XSURV]F]HQLD V GR]ZRORQH Z VFKHPDFLH NLQHPDW\F]Q\P 3RG]LDá
RJQLZ 6NRPHQWRZDü RJyOQ\ Z]yU VWUXNWXUDOQ\ 3U]\NáDG\ ]DPLDQ\ QL*V]\FK SDU
NLQHPDW\F]Q\FK QD UyZQRZD*QH áDFXFK\ ] Z\*V]\PL SDUDPL NLQHPDW\F]Q\PL 3RGDü
SU]\NáDG\ ]HVSRáyZ NLQHPDW\F]Q\FK ,, ,,, L ,9 NODV\ 3RGDü SU]\NáDG\ ]HVSRáyZ
NLQHPDW\F]Q\FK ] SDUDPL F]ZDUWHM NODV\ 1D SRGVWDZLH SU]\NáDGX SU]HGVWDZLü SUDZR
WZRU]HQLDPHFKDQL]PyZ8]DVDGQLüFHORZRüDQDOL]\VWUXNWXUDOQHM
/LWHUDWXUD
>@0á\QDUVNL7/LVWZDQ$3D]GHUVNL(7HRULDPDV]\QLPHFKDQL]PyZ F],VNU\SW3.
>@3DUV]HZVNL=7HRULDPDV]\QLPHFKDQL]PyZ:17:DUV]DZD
>@ 0LOOHU 6 7HRULD PHFKDQL]PyZ L PDV]\Q $QDOL]D XNáDGyZ PHFKDQLF]Q\FK VNU\SW
3ROLWHFKQLNL
:URFáDZVNLHM:URFáDZ
>@2O G]NL$3RGVWDZ\WHRULLPDV]\QLPHFKDQL]PyZ:17:DUV]DZD
>@0RUHFNL$2GHUIHOG-7HRULDPDV]\QLPHFKDQL]PyZ3:1:DUV]DZD
2SUDFRZDáGULQ* *U]HJRU]7RUD