0LFKDá7232/1,&.,
352-(.72:$1,(,:<.21$:67:2326$'2:,(1,$
:,$'8.7Ï:$872675$'2:<&+1$32'à2 8:=02&1,21<0
0(72' :*à %1(*20,(6=$1,$*58178'60
3U]HGVWDZLRQR DNWXDOQ\ VWDQ UR]ZRMX WHFKQRORJLL ZJá EQHJR PLHV]DQLD JUXQWX '60 Z 3ROVFH á F]QLH ]
FKDUDNWHU\VW\N X \ZDQ\FK PDV]\Q L SURFHVX IRUPRZDQLD NROXPQ '60 Z SRGáR X RUD] RPyZLRQR QDMZD QLHMV]H
DVSHNW\ SRGHM FLD SURMHNWRZHJR 3RGNUH ORQR H SURJQR]RZDQLH ZáD FLZR FL PHFKDQLF]Q\FK Z\PLHV]DQHJR JUXQWX
W\ONRQDSRGVWDZLHRFHQ\URG]DMXJUXQWXRUD]LOR FLLURG]DMXGRGDQHJRFHPHQWXRJUDQLF]DRSW\PDOL]DFM ]DVWRVRZD
7\PVDP\PZD Q\PHOHPHQWHPZGUD DQLDWHFKQRORJLL'60MHVWZ\NRQ\ZDQLHRGSRZLHGQLRXNLHUXQNRZDQ\FKEDGD
ODERUDWRU\MQ\FKLSRORZ\FK3U]\WRF]RQRSU]\NáDGSRVDGRZLHQLDZLDGXNWXGURJRZHJRQDNROXPQDFK'60RUD]Z\QLNL
REVHUZDFML ]DFKRZDQLD RELHNWX SR Z\NRQDQLX UREyW :VND]DQR ]DOHW\ SRVDGRZLHQLD QD NROXPQDFK '60 Z
SRUyZQDQLX GR UR]ZL ]D NRQZHQFMRQDOQ\FK QD SDODFK =ZUyFRQR WDN H XZDJ QD RGSRZLHGQLH IRUPXáRZDQLH
Z\PDJD SURMHNWRZ\FKRGQR QLHGRZ\WU]\PDáR FLFHPHQWRJUXQWXLEDGD NRQWUROQ\FK
:SURZDG]HQLH
: RVWDWQLFK ODWDFK REVHUZXMH VL QD ZLHFLH Z]UDVWDM FH ]DLQWHUHVRZDQLH Z]PDFQLDQLHP JUXQWyZ
PHWRG ZJá EQHJR PLHV]DQLD QD PRNUR DQJ ZHW 'HHS 6RLO 0L[LQJ 0HWRGD '60 RSDUWD MHVW QD
NRQFHSFML SRSUDZLHQLD ZáD FLZR FL PHFKDQLF]Q\FK JUXQWyZ ]DOHJDM F\FK Z SRGáR X JáyZQLH
Z\WU]\PDáR FL L FL OLZR FL SU]H] LFK Z\PLHV]DQLH ] PDWHULDáDPL ZL
F\PL 'R Z]PDFQLDQLD
JUXQWyZ X \ZD VL SU]HGH ZV]\VWNLP Uy Q\FK FHPHQWyZ : 3ROVFH PLHV]DQLH JUXQWX QD PRNUR
ZSURZDG]LáDILUPD.HOOHUZURNXSU]\F]\PUy QRURGQR ü]DVWRVRZD ]ZáDV]F]DZRGQLHVLHQLX
GRIXQGDPHQWRZDQLDVWDZLDNUDMRZHRVL JQL FLDQDF]RáRZ\PPLHMVFXZ(XURSLH0L G]\LQQ\PLZ
ODWDFKSRVDGRZLRQRZWHQVSRVyEZ3ROVFHZLDGXNWyZQRZREXGRZDQHMDXWRVWUDG\$
FRE\áRSLHUZV]\P ZLDWRZ\P]DVWRVRZDQLHPWHMWHFKQRORJLLGODWHJRURG]DMXRELHNWyZLQ \QLHUVNLFK
>@ 'R FKZLOL REHFQHM OLF]ED ZLDGXNWyZ GURJRZ\FK SRVDGRZLRQ\FK QD NROXPQDFK '60 Z 3ROVFH
SU]HNURF]\áD D WHFKQRORJLD '60 SR QLHPDO ODWDFK GR ZLDGF]H ]RVWDáD SRZV]HFKQLH
]DDNFHSWRZDQD3U]\F]\QLá\VL GRWHJRQLHW\ONRXGDQHDSOLNDFMHDOHUyZQLH XUHJXORZDQLDWHFKQLF]QR
SUDZQHRNUH ODM FHVWDWXVWHFKQRORJLL'60Z3ROVFH>@L(XURSLH>@
0DV]\Q\GRZJá EQHJRPLHV]DQLDJUXQWX
7\SRZ\]HVWDZVSU] WXGRPLHV]DQLDZJá EQHJRJUXQWXQDPRNURREHMPXMHPDV]\Q SRGVWDZRZ
Z\SRVD RQ ZVSHFMDOLVW\F]QHPLHV]DGáRRUD]VWDFM SU]\JRWRZDQLDLSRGDZDQLD]DF]\QXREHMPXM F
VLORV\ QD VSRLZR ]ELRUQLN QD ZRG PLHV]DOQLN ]ELRUQLN ]DF]\QX SRPS L DJUHJDW SU GRWZyUF]\
0LHV]DQLH]DF]\QXMHVWVWHURZDQHU F]QLHOXENRPSXWHURZR0DV]\Q\SRGVWDZRZHVWRVRZDQHZ3ROVFH
PDM MHGQ OXE GZLH HUG]LH ZLHUWQLF]H NWyUH V XWU]\P\ZDQHUyZQROHJOH]DSRPRF SRSU]HF]QLFR
UHJXORZDQHMGáXJR FLFRSR]ZDODZ\NRQ\ZDüUR]VXQL WHOXE]DFKRG] FHQDVLHELHNROXPQ\NRU]\VWQH
SU]\UHDOL]DFML FLDQOXEEORNyZ]FHPHQWRJUXQWX
.RQVWUXNFMD VSHFMDOLVW\F]Q\FK PLHV]DGHá GRVWRVRZDQD MHVW GR FHOX VWDELOL]DFML JUXQWX PRPHQWX
REURWRZHJR PDV]\Q\ L URG]DMX JUXQWX 0LHV]DGáD EHONRZH Z\SRVD RQH V Z NLOND U] GyZ
SRSU]HF]Q\FK EHOHN OXE SáDWyZ ]ORNDOL]RZDQ\FK Z GROQHM F] FL HUG]L ZLHUWQLF]HM NWyUH V
3URI'UKDELQ .HOOHU3ROVND6S]RRXO3R]QD VND2 DUyZ0D]RZLHFNL
92JöOQRSROVND.RQIHUHQFMD0RVWRZFöZ .RQVWUXNFMDL:\SRVD HQLH0RVWöZ
:LVïDOLVWRSDGDU
SU]HVXQL WH Z]JO GHP VLHELH L PDM Uy QH XVWDZLHQLD N WRZH (OHPHQW\ UR]OX QLDM FH JUXQW PDM
GRGDWNRZR] E\LSRNU\WHV WUXGQR FLHUDOQ\PLRVáRQDPL1DNR FXND GHM HUG]L]QDMGXMHVL NUyWNL
ZLGHU SURZDG] F\ RUD] RWZyU Z\ORWRZ\ ]DF]\QX 6LáD RG URGNRZD JHQHURZDQD Z F]DVLH REURWX
PLHV]DGáDZVSRPDJDUR]SURZDG]HQLH]DF]\QXZSU]HNURMXNROXPQ\3U]\NáDG\EHONRZ\FKPLHV]DGHá
SRMHG\QF]\FKLSRGZyMQ\FKV\VWHPX.HOOHUDSRND]DQRQDU\V
DE
5\V.RQVWUXNFMDPLHV]DGHáDSRMHG\QF]\FKLSRGZyMQ\FKEV\VWHPX.HOOHU
: SU]\SDGNX PLHV]DGáD SRGZyMQHJR SURFHV PLHV]DQLD MHVW ZVSRPDJDQ\ SU]HFLZQ\P NLHUXQNLHP
REURWyZ V VLHGQLFK HUG]L G]L NL F]HPX HOLPLQXMH VL QLHNRU]\VWQH ]MDZLVNR ÄREUDFDQHJR NRUND´ ]
JUXQWX MDNL F] VWR WZRU]\ VL Z SU]\SDGNX SRMHG\QF]HJR PLHV]DGáD L EDUG]R VSRLVW\FK JUXQWyZ
:]UDVWDWH RF]\ZL FLHZ\GDMQR üPLHV]DQLD
'R VWDELOL]DFML JUXQWyZ PLHV]DQ\FK QD PRNUR VWRVXMH VL JáyZQLH Uy QH URG]DMH FHPHQWX D
]ZáDV]F]D FHPHQW KXWQLF]\ NWyU\ SRGZ\ V]D RGSRUQR ü FHPHQWRJUXQWX QD G]LDáDQLH DJUHV\ZQHJR
URGRZLVND RUD] PD RSy QLRQ\ L SU]HGáX RQ\ SURFHV ZL ]DQLD 'OD SRGZ\ V]HQLD V]F]HOQR FL
FHPHQWRJUXQWXGRGDMHVL QDMF] FLHMEHQWRQLWOXEP F]N ZDSLHQQ
0R OLZR FL UR]PLHV]F]HQLD NROXPQ '60 Z SODQLH V EDUG]R V]HURNLH L REHMPXM XNáDG\
SRMHG\QF]\FK NROXPQ Z VLDWFH NZDGUDWRZHM OXE WUyMN WQHM RUD] FLDQ\ NUDW\ L EORNL XWZRU]RQH ]
]DFKRG] F\FKQDVLHELHNROXPQZ\NRQDQHPLHV]DGáHPSRMHG\QF]\POXESRGZyMQ\PU\V
5\V ZLH RZ\NRQDQHNROXPQ\'60DSRMHG\QF]HR UHGQLF\LFPESRGZyMQH[FP
]DJá ELHQLH
FDP
Z]PDFQLDQLHVWRS\
F]DV
3URFHVPLHV]DQLDJUXQWX
0LHV]DQLH QD PRNUR ] XG]LDáHP ]DF]\QX FHPHQWRZHJR PR H E\ü Z\NRQ\ZDQH FDáNRZLFLH
PHFKDQLF]QLH OXE PHWRG K\EU\GRZ W]Q PHFKDQLF]QRK\GUDXOLF]Q NWyUD SROHJD QD ZVSRPDJDQLX
SURFHVX PLHV]DQLD PHFKDQLF]QHJR ]D SRPRF LQLHNFML ]DF]\QX SRG ]ZL NV]RQ\P FL QLHQLHP FR
SU]\EOL D WHQ SURFHV PLHV]DQLD GR LQLHNFML VWUXPLHQLRZHM MHW JURXWLQJ MHGQDN SU]\ ]QDF]QLH
RJUDQLF]RQHMLOR FLSURGXNRZDQHJRXURENX
7\SRZ\F\NOZ\NRQDZF]\PLHV]DQLDZJá EQHJRREHMPXMHSR]\FMRQRZDQLHPDV]\Q\LPLHV]DGáD
SRQDGZ\EUDQ\PSXQNWHPID] SHQHWUDFMLPLHV]DGáDZJUXQWVSUDZG]HQLHSR]LRPXZDUVWZ\QR QHM
á F]QLH ] HZHQWXDOQ\P Z]PRFQLHQLHP JUXQWyZ QD VW\NX ZDUVWZ\ VáDEHM L QR QHM ID] SRGFL JDQLD
PLHV]DGáD GRGDWNRZH F\NOH PLHV]DQLD GyáJyUD ]H ]UHGXNRZDQ LOR FL SRGDZDQHJR ]DF]\QX RUD]
SU]HVWDZLHQLH QD QRZ SR]\FM U\V : LQG\ZLGXDOQ\FK SU]\SDGNDFK PRJ E\ü UyZQLH
ZSURZDG]DQH PRG\ILNDFMH ]DVWRVRZDQHJR SURFHVX PLHV]DQLD ]DOH QLH RG REVHUZRZDQHJR SU]HELHJX
PLHV]DQLD WHFKQLF]Q\FK ZáD FLZR FL XU] G]H RUD] RG XZDUXQNRZD PLHMVFD Z\NRQ\ZDQLD UREyW L
FHOXPLHV]DQLDJUXQWX
5\V7\SRZ\SURFHVIRUPRZDQLDNROXPQ\'60]NLONDNURWQ\PSRGFL JDQLHPLSRJU DQLHPPLHV]DGáD
3RGDZDQLH ]DF]\QX SRGF]DV PLHV]DQLD JUXQWX ] Z\GDWNLHP RG GR P
PLQ MHVW
NRQWURORZDQH SU]H] RSHUDWRUD NWyU\ PD UyZQLH P R OLZR ü Zá F]HQLD DXWRPDW\F]QHJR VWHURZDQLD
2JyOQLH ELRU F ]DF]\Q PR QD GRVWDUF]Dü GR JUXQWX SRGF]DV FDáHJR F\NOX PLHV]DQLD 1DMF] FLHM
MHGQDNRGGRFDáNRZLWHMREM WR FL]DF]\QXSRGDMHVL SRGF]DVSLHUZV]HMSHQHWUDFMLPLHV]DGáDZ
SRGáR H SRQLHZD REHFQR ü ]DF]\QX ]PQLHMV]D RSRU\ ZNU FDQLD PLHV]DGáD Z JUXQW .RU]\VWQH MHVW
UyZQLH WR H Z WDNLP SU]\SDGNX ]DF]\Q PLHV]D VL ] JUXQWHP FR QDMPQLHM GZD UD]\ WM Z F]DVLH
SHQHWUDFMLLSRGFL JDQLDPLHV]DGáD
0DNV\PDOQDJá ERNR üSHQHWUDFMLPLHV]DGáDZSRGáR H]DOH \RGZDUXQNyZJUXQWRZ\FKRUD]RG
]DVWRVRZDQHMPDV]\Q\SRGVWDZRZHMLFKDUDNWHU\VW\NLJáRZLFREURWRZ\FK:W\SRZ\FKSU]\SDGNDFK
PR QD Z\NRQ\ZDü PLHV]DQLH JUXQWX GR Já ERNR FL RNRáR P ] Z\GDMQR FL RNRáR GR
P
G]LH SUDF\]DOH QLHRGURG]DMXL UHGQLF\NR FyZNLPLHV]DM FHM
:DUWR UyZQLH SRGNUH OLü H PLHV]DQLH ZJá EQH PR H E\ü Z\NRQ\ZDQH EH]SR UHGQLR RERN
ZUD OLZ\FK RELHNWyZ EXGRZODQ\FK L LQVWDODFML SRG]LHPQ\FK ]H Z]JO GX QD PDáH RGG]LDá\ZDQLH
NROXPQ\IRUPRZDQHMZJUXQFLHQDRWDF]DM F\M JUXQW3R]ZDODWRPLQQD]DVWRVRZDQLHWHFKQRORJLL
'60GRZ\NRQ\ZDQLDREXGRZ\Z\NRSXSU]HELHJDM FHMEH]SR UHGQLRRERNLVWQLHM FHJREXG\QNX:
WDNLFK]DVWRVRZDQLDFKNROXPQ\'60]EURLVL SURILOHPVWDORZ\P]DSXV]F]DQ\PZ ZLH RZ\NRQDQ
NROXPQ FR]DSHZQLDSU]HQLHVLHQLHQDSU H UR]FL JDM F\FK
3UDFDPLHV]DQLD
(IHNW\ZQR ü SURFHVX PLHV]DQLD JUXQWX ]H VSRLZHP PD NOXF]RZH ]QDF]HQLH GOD MHGQRURGQR FL L
Z\WU]\PDáR FLZHZQ WU]QHMNROXPQ6WRSLH Z\PLHV]DQLDVSRLZD]JUXQWHP]DOH \SU]\W\PRGF]DVX
PLHV]DQLDW\SXPLHV]DGáDZáD FLZR FLJUXQWXLHQHUJLLLQLHNFMLQLVNROXEZ\VRNRFL QLHQLRZHM=WHJR
SRZRGX FDá\ SURFHV PLHV]DQLD MHVW EDUG]R ]áR RQ\ L WUXGQ\ GR VNZDQW\ILNRZDQLD 'OD RV]DFRZDQLD
SRWU]HEQHM SUDF\ PLHV]DQLD QD EXGRZLH PR QD VL MHGQDN SRVáX \ü ZVND QLNLHP Z\PLHV]DQLD 7
ZSURZDG]RQ\P Z -DSRQLL GOD VWDQGDUGRZHM PHWRG\ &'0 &HPHQW 'HHS 0L[LQJ NWyU\ RNUH OD
FDáNRZLW OLF]E REURWyZ EHONL PLHV]DM FHM QD RGFLQNX MHGQHJR PHWUD NROXPQ\ IRUPRZDQHM
PLHV]DGáHPSRMHG\QF]\P%LRU FSRGXZDJ VWRVRZDQ\Z3ROVFHSURFHVPLHV]DQLDRSDUW\QD
7
7
7
NLONDNURWQ\P SRZWDU]DQLX F\NOX PLHV]DQLD GyáJyUD RGSRZLHGQLR ]PRG\ILNRZDQD ]DOH QR ü QD
ZVND QLN7PDSRVWDü
Q
9
5
9
5
0
7
Z
Z
S
S
u
u
6
JG]LH7ZVND QLNZ\PLHV]DQLD>REUP@ 0OLF]EDDNW\ZQ\FKEHOHNPLHV]DM F\FKEHONDRGáXJR FL
UyZQHM UHGQLF\NROXPQ\OLF]\VL SRGZyMQLH5
S
±SU GNR üREURWRZDPLHV]DGáDZID]LHSHQHWUDFML
>REUPLQ@9
S
±SU GNR üOLQLRZDSHQHWUDFMLPLHV]DGáD>PPLQ@5
Z
SU GNR üREURWRZDPLHV]DGáDZ
ID]LHZ\FL JDQLD>REUPLQ@9
Z
SU GNR üOLQLRZDZ\FL JDQLDPLHV]DGáD>PPLQ@Q±OLF]EDSHáQ\FK
F\NOLPLHV]DQLDGyáJyUD
1DOH \ SRGNUH OLü H WDN ]GHILQLRZDQ\ ZVND QLN 7 PD ]DVWRVRZDQLH W\ONR GR PHFKDQLF]QHJR
VSRVREXPLHV]DQLDSU]\F]\PURG]DMJUXQWXZNWyU\P]DFKRG]LPLHV]DQLHMHVWXZ]JO GQLRQ\W\ONR
SR UHGQLR SU]H] SU]\M FLH RGSRZLHGQLFK SDUDPHWUyZ SURGXNF\MQ\FK 5
S
9
S
5
Z
L 9
Z
FR Z\PDJD
GR ZLDGF]HQLD-HGQRF]H QLHZLDGRPR HJUXQW\VSRLVWHPLHV]DM VL WUXGQLHMQL JUXQW\QLHVSRLVWH=
WHJR SRZRGX XVWDOHQLH PLDURGDMQHM ZDUWR FL ZVND QLND 7 Z JUXQWDFK VSRLVW\FK PD V]F]HJyOQH
]QDF]HQLHSUDNW\F]QH
:W\PFHOXSU]HSURZDG]RQRXNLHUXQNRZDQHEDGDQLDSRORZHX \ZDM FPLHV]DGáDPHFKDQLF]QHJRR
UHGQLF\FPSRND]DQHJRQDU\VDLZ\NRQDQRF]WHU\NROXPQ\SUyEQH'GR'RGáXJR FLP
ND GD 3RGáR H VNáDGDáR VL ] QLHNRQWURORZDQHJR QDV\SX R PL V]R FL RNRáR P ]DZLHUDM FHJR
KXPXVSLDVHNS\áLJOLQ DJá ELHMZ\VW SRZDáDJOLQDS\ODVWDLSLDV]F]\VWDRVWRSQLXSODVW\F]QR FL
,
/
ZVWUHILHJá ERNR FLRGGRPRUD],
/
SRQL HM:RGDJUXQWRZDZ\VW SRZDáDP
SRG SRZLHU]FKQL WHUHQX 6]F]HJyáRZR GREUDQH SDUDPHWU\ WHFKQRORJLF]QH SR]ZROLá\ QD Z\NRQDQLH
NROXPQ R ]Uy QLFRZDQHM Z\WU]\PDáR FL RUD] ZáR RQHM SUDF\ PLHV]DQLD ]DOH QLH RG OLF]E\ F\NOL
PLHV]DQLDJ VWR FL]DF]\QXLZ\GDWNXSRPSRZDQLD.ROXPQ\SUyEQHZ\GRE\WR]JUXQWXSyáURNXSR
LFKZ\NRQDQLXZá F]DM F]LP ZRNUHVRF]HNLZDQLDRUD]SRFL WRQDSODVWU\RJUXER FLRNRáRFP
1D U\V SRND]DQR SU]\NáDGRZH SU]HNURMH NROXPQ\ ' RGSRZLDGDM FH ZVND QLNRZL PLHV]DQLD
7 L -DN PR QD ]DXZD \ü ]ZL NV]DQLX SDF\ PLHV]DQLD RGSRZLDGD Z\ V]\ VWRSLH
MHGQRURGQR FLFHPHQWRJUXQWX
5\V3U]HNURMHSRSU]HF]QHNROXPQ\'RGSRZLDGDM FH]Uy QLFRZDQ\PZDUWR FLRPZVND QLND7
3RGRNRQDQLXZL]XDOQHMLQVSHNFMLSU]HNURMyZNROXPQSUyEQ\FKZ\FL WR]SREUDQ\FKSODVWUyZ
NRVWHNFHPHQWRJUXQWXRERNXFPNWyUHSRGGDQREDGDQLXZ\WU]\PDáR FLQD FLVNDQLHMHGQRRVLRZH
Z VWDQGDUGRZHM SUDVLH K\GUDXOLF]QHM ] RGSRZLHGQLP RSU]\U] GRZDQLHP SRPLDURZ\P $QDOL]D
VWDW\VW\F]QD ]EDGDQ\FK Z\WU]\PDáR FL SR]ZROLáD QD REOLF]HQLH GOD ND GHJR SU]HNURMX SRSU]HF]QHJR
ZVSyáF]\QQLND]PLHQQR FL
Y
E G FHJRLORUD]HPRGFK\OHQLDVWDQGDUGRZHJRLZDUWR FL UHGQLHMNWyU\
FKDUDNWHU\]XMH Z]JO GQ\ UR]U]XW Z\WU]\PDáR FL FHPHQWRJUXQWX 2WU]\PDQH Z WHQ VSRVyE
ZVSyáF]\QQLNL]PLHQQR FLVNRUHORZDQR]ZDUWR FLDPLSDUDPHWUX7RGSRZLDGDM F\PLSRV]F]HJyOQ\P
SU]HNURMRP NROXPQ :\QLN DQDOL]\ SRND]DQR QD U\V á F]QLH ] Z\NáDGQLF] OLQL WUHQGX OLQLD
FL JáD 3RPLPR GRV\ü GX HJR UR]U]XWX ZDUWR FL PR QD VWZLHUG]Lü H ZDUWR ü ZVSyáF]\QQLND
]PLHQQR FL PDOHMH ZUD] ]H Z]URVWHP ZDUWR FL 7 FR MHVW ]JRGQH ] RF]HNLZDQLHP 'OD RVL JQL FLD
]DOHFDQHJRSR]LRPXY
d
FKDUDNWHU\]XM FHJRGREU\VWRSLH Z\PLHV]DQLDFHPHQWRJUXQWXZVND QLN
PLHV]DQLDSRZLQLHQSU]HZ\ V]Dü7
SRUU\V
5\V=DOH QR üZVSyáF]\QQLND]PLHQQR FLYRGZVND QLNDZ\PLHV]DQLD7
7U]HED MHGQRF]H QLH SRGNUH OLü H X]\VNDQLH Z SUDNW\FH ZVSyáF]\QQLND ]PLHQQR FL Y
d
Z
VWRVXQNXGRZ\WU]\PDáR FLQD FLVNDQLHQLHMHVWáDWZHLZ\PDJDEDUG]RGREUHJRZ\PLHV]DQLD]DF]\QX
] JUXQWHP FR ] NROHL VLOQLH ]DOH \ RG FKDUDNWHU\VW\NL X \WHJR VSU] WX URG]DMX JUXQWX L SDUDPHWUyZ
WHFKQRORJLF]Q\FKSURFHVXPLHV]DQLDDZL FWDN HRGPR OLZR FLLGR ZLDGF]HQLDZ\NRQDZF\UREyW=
WHJRSRZRGXEDUG]RZD QH]QDF]HQLHSU]\RFHQLHPR OLZHMGRX]\VNDQLDLUyZQRF]H QLHRGSRZLHGQLR
EH]SLHF]QHM Z\WU]\PDáR FL FHPHQWRJUXQWX QD FLVNDQLH PD ]DVWRVRZDQLH ZáD FLZ\FK ]DSDVyZ
EH]SLHF]H VWZDFRVWDQRZLMHGHQ]QDMZD QLHMV]\FKHOHPHQWyZSURMHNWRZDQLD'607R]DJDGQLHQLH
RPyZLRQRV]HU]HMZSXQNFLH
$VSHNW\SURMHNWRZH
3URMHNWRZDQLHZ]PRFQLHQLDJUXQWXPHWRG ZJá EQHJRPLHV]DQLDREHMPXMHGZDHWDS\DPLDQRZLFLH
XVWDOHQLHSDUDPHWUyZPHFKDQLF]Q\FKVWDELOL]RZDQHJRJUXQWXPR OLZ\FKGRRVL JQL FLD]]DáR RQ\P
SR]LRPHPXIQR FLFRVSURZDG]DVL GRRGSRZLHGQLHJR]DSURMHNWRZDQLDFHPHQWRJUXQWXRUD]
XVWDOHQLH RGSRZLHGQLHJR XNáDGX NROXPQ L ]DNUHVX Z]PRFQLHQLD JUXQWX FR REHMPXMH SURMHNW
JHRWHFKQLF]Q\
-HVW SU]\ W\P RF]\ZLVWH H RED HWDS\ SURMHNWRZDQLD V Z]DMHPQLH SRZL ]DQH RUD] H X]\VNDQLH
RSW\PDOQ\FKUR]ZL ]D Z\PDJDVWRVRZDQLDSURFHGXU\LWHUDF\MQHMDZáD FLZLHXNLHUXQNRZDQHEDGDQLD
ODERUDWRU\MQHLSRORZHSRPDJDM ]PQLHMV]\ü]ZL ]DQH]W\PU\]\NR
3URMHNWRZDQLHFHPHQWRJUXQWX
1DMZD QLHMV]\PL SDUDPHWUDPL FHPHQWRJUXQWX MDNLH QDOH \ RNUH OLü GOD SRWU]HE SURMHNWRZDQLD
'60 V Z\WU]\PDáR ü QD FLVNDQLH L PRGXá FL OLZR FL D F]DVDPL WDN H Z\WU]\PDáR ü QD FLQDQLH
J VWR ü L SU]HSXV]F]DOQR ü ]ZáDV]F]D Z SU]\SDGNX SU]HJUyG SU]HFLZILOWUDF\MQ\FK 1DMF] FLHM
NROXPQ\ '60 V ]QDF]QLH V]W\ZQLHMV]H RG RWDF]DM FHJR MH JUXQWX FR SURZDG]L GR NRQFHQWUDFML
G]LDáDM FHJRQDQLHREFL HQLD:W\FKZDUXQNDFKZ\WU]\PDáR üFHPHQWRJUXQWXQD FLVNDQLHV]\ENR
QDELHUD GHF\GXM FHJR ]QDF]HQLD 3R]RVWDáH SDUDPHWU\ PHFKDQLF]QH PR QD ] Z\VWDUF]DM F
GRNáDGQR FL RNUH OLüQDSRGVWDZLH]DOH QR FLNRUHODF\MQ\FKRSDUW\FKQDZ\WU]\PDáR FL7\PVDP\P
Z\WU]\PDáR üFHPHQWRJUXQWXQD FLVNDQLHDZSUDNW\FHZ\WU]\PDáR üQD FLVNDQLHMHGQRRVLRZH
T
X
]H
Z]JO GXQDGRVW SQR üLQLVNLHNRV]W\Z\NRQDQLDWDNLFKEDGD RND]XMHVL SRGVWDZRZ\PSDUDPHWUHP
SURMHNWRZ\P
6SRG]LHZDQD Z\WU]\PDáR ü FKDUDNWHU\VW\F]QD FHPHQWRJUXQWX
I
FN
SU]\M WR WHUPLQRORJL ]JRGQLH]
31(1 MHVW ] UHJXá\ RNUH ODQD Z ]DOH QR FL RG IL]\F]Q\FK L FKHPLF]Q\FK ZáD FLZR FL
Z]PDFQLDQHJRJUXQWXRUD]URG]DMXLLOR FLGRGDQHJRVSRLZDDOHWDN HZ]DOH QR FLRGVNáDGXZRG\
JUXQWRZHM VWRVXQNX :& ]DF]\QX ZLOJRWQR ü JUXQWX L ZáR RQHM SUDF\ PLHV]DQLD 1D W\P HWDSLH
NRQLHF]QDMHVWGREUD]QDMRPR ü]áR RQ\FKSURFHVyZZL ]DQLDJUXQWX]FHPHQWHPRUD]GR ZLDGF]HQLH
Z\NRQDZF]H FR F] VWR VWDQRZL EDULHU Z SURMHNWRZDQLX ELRU F SRG XZDJ Uy QRURGQR ü JUXQWyZ L
VSRLZK\GUDXOLF]Q\FKRUD]VSHF\ILN SURFHVXPLHV]DQLDJUXQWX]]DF]\QHPZZDUXQNDFKLQVLWX=WHJR
SRZRGX EDUG]R SRPRFQH V RGSRZLHGQLR XNLHUXQNRZDQH EDGDQLD ODERUDWRU\MQH SUyEHN JUXQWX
Z\PLHV]DQHJR ] WHVWRZDQ\P VSRLZHP K\GUDXOLF]Q\P NWyUH V F] VWR QLH]E GQH GOD X]\VNDQLD
PLDURGDMQ\FK]DOH QR FLNRUHODF\MQ\FKRUD]RFHQLOR FLRZ\FK
:\WU]\PDáR ü FKDUDNWHU\VW\F]Q FHPHQWRJUXQWX QD FLVNDQLH
I
FN
SRZLQQR VL RNUH ODü ]
XZ]JO GQLHQLHP ]QDF]QHJR UR]U]XWX Z\WU]\PDáR FL SRORZHM
T
XI
NWyU\ MHVW GX R ZL NV]\ QL Z
SU]\SDGNX SUyEHN EHWRQX FR MHVW LPPDQHQWQ FHFK WHFKQRORJLL '60 = WHJR SRZRGX SU]\M FLH
UDFMRQDOQLHX]DVDGQLRQHMZDUWR FL
I
FN
PDGX H]QDF]HQLHWHFKQLF]QRHNRQRPLF]QHLSRZLQQRE\üRSDUWH
QDDQDOL]LHVWDW\VW\F]QHMX]\VNLZDQ\FKZ\WU]\PDáR FLELRU FSRGXZDJ UHGQL Z\WU]\PDáR üSRORZ
XI
T
RUD]VSRG]LHZDQHRGFK\OHQLHVWDQGDUGRZHV
G
FRPR QD]DSLVDüMDNR
XI
G
XI
FN
T
Y
P
PV
T
I
:DUWR ü SDUDPHWUX P RNUH OD VL Z ]DOH QR FL RG SU]\M WHJR UR]NáDGX VWDW\VW\F]QHJR L SUDZGRSR
GRELH VWZD QLHSU]HNURF]HQLD ZDUWR FL PLQLPDOQHM =DNáDGDM F GOD XSURV]F]HQLD ZD QR ü UR]NáDGX
QRUPDOQHJR GOD Z\WU]\PDáR FL QD FLVNDQLH RUD] SUDZGRSRGRELH VWZR F]HPX RGSRZLDGD
ZDGOLZR üRWU]\PDP\P 3U]\MPXM FUHDOLVW\F]Q ZDUWR üZVND QLND]PLHQQR FLYRNRáR
RWU]\PDP\W\PVDP\P
XI
FN
T
I
|
FR SRND]XMH H QDZHW SU]\ X]\VNDQLX GREUHJR VWRSQLD Z\PLHV]DQLD FHPHQWRJUXQWX Z\WU]\PDáR ü
FKDUDNWHU\VW\F]QD
I
FN
SRZLQQD E\ü SU]\MPRZDQD FR QDMZ\ HM QD SR]LRPLH RNRáR UHGQLHM
Z\WU]\PDáR FLSRORZHMZV]\VWNLFK]EDGDQ\FKSUyEHN1DWRPLDVWSU]\RSDUFLXRFHQ\
I
FN
QDZ\QLNDFK
EDGD SUyEHNJUXQWXZ\PLHV]DQHJRZZDUXQNDFKODERUDWRU\MQ\FKQDOH \RF]HNLZDü
XODE
FN
T
I
|
GR
FRZL HVL ]OHSV]\PLZDUXQNDPLPLHV]DQLDLGRMU]HZDQLDFHPHQWRJUXQWXZSRUyZQDQLXGRV\WXDFML
LQVLWXSRU>@
:SUDNW\FHSURMHNWRZHMGRZVW SQHMRFHQ\PR OLZHMGRX]\VNDQLDZ\WU]\PDáR FLFHPHQWRJUXQWXQD
FLVNDQLH Z ZDUXQNDFK SRORZ\FK Z\NRU]\VWXMH VL UyZQLH LQIRUPDFMH ] SRSU]HGQLR Z\NRQDQ\FK
EXGyZ VXNFHV\ZQLH JURPDG]RQH Z EDQNX GDQ\FK 3U]\NáDGRZH GDQH ] SUDNW\NL Z\NRQDZF]HM Z
3ROVFH ]DPLHV]F]RQR Z WDEOLF\ 1DOH \ SU]\ W\P SDPL WDü H Z REOLF]HQLDFK VWDW\F]Q\FK
SU]\WRF]RQHZDUWR FLQDOH \GRGDWNRZR]UHGXNRZDü]XZ]JO GQLHQLHPRGSRZLHGQLFKZVSyáF]\QQLNyZ
EH]SLHF]H VWZD JOREDOQ\FK OXE F] VWNRZ\FK 3R]RVWDáH SDUDPHWU\ Z\WU]\PDáR FLRZH PRJ E\ü
RV]DFRZDQHZRSDUFLXR]DPLHV]F]RQH]DOH QR FLNRUHODF\MQH
7DEOLFD7\SRZHZáD FLZR FLFHPHQWRJUXQWXL]DOH QR FLNRUHODF\MQHZDUXQNLSRORZH
5RG]DMJUXQWX
=DZDUWR üFHPHQWR
JUXQWX>NJP
@
:\WU]\PDáR üQD FLVND
QLHSRGQLDFK>03D@
3U]HSXV]F]DOQR ü
>PV@
1DZRGQLRQHRVDG\
±
î
7RUI\QDPXá\
±
î
0L NNRSODVW\F]QHLá\JOLQ\
±
î
3ODVW\F]QHWZSOLá\JOLQ\
±
î
3\á\SLDVNLS\ODVWH
±
î
3LDVNLGUREQHL UHGQLH
±
î
3LDVNLJUXEH ZLU\
±
î
:\EUDQH]DOH QR FLNRUHODF\MQH
3DUDPHWU
6SRG]LHZDQDZDUWR ü
3DUDPHWU
6SRG]LHZDQDZDUWR ü
:\WU]\PDáR üQD
FLQDQLHEDGDQDZ
DSDUDFLHEH]S FLQDQLD
EH]QDFLVNXSLRQ
GRî
I
FN
GOD
I
FN
03D
GRî
I
FN
I
FN
03D
î
I
FN
GOD
I
FN
!
03D
:VSyáF]\QQLN
3RLVVRQD
WR
:\WU]\PDáR üQD
UR]FL JDQLH
GRî
I
FN
DOHQLHZL FHMQL N3D
3U]\URVWZ\WU]\PD
áR FLZJUV\SNLFK
T
X
GRî
T
X
T
X
GRî
T
X
6LHF]Q\PRGXá FL OL
ZR FL
(
>03D@
î
I
FN
GOD
I
FN
03D
î
I
FN
GOD
I
FN
!
03D
3U]\URVWZ\WU]\PD
áR FLZJUVSRLVW\FK
T
X
î
T
X
T
X
î
T
X
3URFHVZL ]DQLDFHPHQWRJUXQWXMHVWF] VWRUR]FL JQL W\ZF]DVLHLPR HSU]HELHJDüGáX HMQL XPRZQHGQL
3URMHNWRZDQLHJHRWHFKQLF]QH
3URMHNWRZDQLHJHRWHFKQLF]QHREHMPXMHXVWDOHQLHQDSRGVWDZLHRGSRZLHGQLFKDQDOL]REOLF]HQLRZ\FK
NRQLHF]QHJR ]DNUHVX Z]PRFQLHQLD OXE XV]F]HOQLHQLD SRGáR D Z W\P V]F]HJyáRZHJR SODQX
UR]PLHV]F]HQLDNROXPQ=DOH QLHRGSU]\M WHJRXNáDGXNROXPQ'60Z]PRFQLRQ\REV]DUJUXQWXPR H
E\üUR]SDWU\ZDQ\MDNR]HVSRORQ\EORNRSRGZ\ V]RQHMZ\WU]\PDáR FLLV]W\ZQR FLZSRUyZQDQLXGR
JUXQWX URG]LPHJR OXE MDNR V\VWHP NRPELQRZDQ\ Z NWyU\P NROXPQ\ '60 L JUXQW URG]LP\
ZVSyáSUDFXM ]HVRE ZUy Q\PVWRSQLXZSU]HQRV]HQLXREFL HQLD:SLHUZV]\PSU]\SDGNXDQDOL]\
REOLF]HQLRZHV Z]JO GQLHSURVWHDOHVDPRUR]ZL ]DQLHQDRJyáVWRVXQNRZREH]SLHF]QHQLHMHVWF] VWR
RSW\PDOQH = NROHL Z SU]\SDGNX V\VWHPX NRPELQRZDQHJR PR QD X]\VNDü EDUG]R RV]F] GQH
UR]ZL ]DQLD SRVDGRZLHQLD DOH EDULHU V VNRPSOLNRZDQH PHFKDQL]P\ Z]DMHPQHJR RGG]LDá\ZDQLD
Uy Q\FK XNáDGyZ NROXPQ\JUXQW Z\PDJDM FH F] VWR QXPHU\F]Q\FK DQDOL] WUyMZ\PLDURZ\FK
3URSRUFMRQDOQLH UR QLH UyZQLH U\]\NR ]DVWRVRZDQLD WDNLFK UR]ZL ]D á F]QLH ] PR OLZR FL
Z\VW SLHQLD ]QLV]F]HQLD SURJUHV\ZQHJR : SU]\SDGNX V\VWHPX NRPELQRZDQHJR EDUG]R SRZD Q\P
Eá GHP SURMHNWRZ\P PR H E\ü QD SU]\NáDG EH]NU\W\F]QH X UHGQLDQLH ZDJRZH SDUDPHWUyZ
Z\WU]\PDáR FLRZ\FKZ]PRFQLRQHJRLURG]LPHJRJUXQWXSRG\NWRZDQHFK FL Z\NRU]\VWDQLDSURVW\FK
PHWRGREOLF]HQLRZ\FK2W\PF]\X UHGQLDQLHWDNLHMHVW]DVDGQHF]\QLHGHF\GXM ERZLHPZ\á F]QLH
PLDURGDMQHPHFKDQL]P\]QLV]F]HQLDDQLHSU]\MPRZDQHF] VWREH]NU\W\F]QLH]DáR HQLD
3XQNWHP Z\M FLD GR RNUH OHQLD SRWU]HEQHM OLF]E\ NROXPQ '60 MHVW XZ]JO GQLHQLH Z\PDJD
IXQNFMRQDOQ\FKLVWDW\F]Q\FKSURMHNWRZDQHJRRELHNWXRUD]SU]\M FLHEH]SLHF]QHJRSR]LRPXQDSU HQLD
FLVNDM FHJR GOD ]DSURMHNWRZDQHJR FHPHQWRJUXQWX FR F] VWR RNUH OD VL MDNR VSUDZG]HQLH ZDUXQNX
Z\WU]\PDáR FLZHZQ WU]QHMFHPHQWRJUXQWX:REHFQHMSUDNW\FHSURMHNWRZHM'60SU]HZD DNODV\F]QH
SRGHM FLHGRZDUXQNXZ\WU]\PDáR FLZHZQ WU]QHMRSDUWHQDNRQFHSFMLQDSU HQLDGRSXV]F]DOQHJRI
FD
NWyUHMHVWREOLF]DQHMDNR
V
FN
FD
)
I
I
JG]LH )
V
UHSUH]HQWXMH JOREDOQ\ ZVSyáF]\QQLN EH]SLHF]H VWZD NWyU\ Z\QRVL MH HOL UR]SDWUXMH VL
REFL HQLDREOLF]HQLRZHOXEMH HOLSRGXZDJ EUDQHV REFL HQLDFKDUDNWHU\VW\F]QH2ELHZDUWR FL
V GRV\ü Z\VRNLH DOH WU]HED SDPL WDü H Z W\P SRGHM FLX SRPLMD VL ZSá\Z ZLHOX GRGDWNRZ\FK
F]\QQLNyZ PLQ URG]DMX REFL HQLD PHWRG\ REOLF]HQLRZHM ZD QR FL NRQVWUXNFML SHá]DQLD LWS
)RUPDOQLH ELRU F PR QD E\ UyZQLH VWRVRZDü SRGHM FLH VWDQX JUDQLF]QHJR QR QR FL L F] VWNRZH
ZVSyáF]\QQLNLEH]SLHF]H VWZDDOHQDFKZLO REHFQ QLHRSUDFRZDQRMHV]F]HRGSRZLHGQLFK]DOHFH
=DVDGQLF]\P SRZRGHP VWRVRZDQLD ZJá EQHJR PLHV]DQLD JUXQWX Z SU]\SDGNX Z\VW SRZDQLD
WUXGQ\FK ZDUXQNyZ SRVDGRZLHQLD RELHNWyZ LQ \QLHUVNLFK MHVW SRWU]HED RJUDQLF]HQLD LFK RVLDGDQLD
3URMHNWRZDQH XNáDG\ NROXPQ GR UHGXNFML RVLDGDQLD REHMPXM SU]HZD QLH NROXPQ\ SRMHG\QF]H OXE
á F]RQHQDWRPLDVWXNáDG\NRPyUNRZH FLDQ\LEORNLVWRVRZDQHV ]DUyZQRGRRJUDQLF]HQLDRVLDGDQLD
MDNLGRSRSUDZLHQLDQR QR FLLSU]HM FLDGX \FKVLáSLRQRZ\FKRUD]VLáSR]LRP\FK%DUG]RNRU]\VWQ
FHFK W\FKUR]ZL ]D MHVWPR OLZR ü]DFKRZDQLDPDá\FKJDEDU\WyZIXQGDPHQWyZSRQLHZD NROXPQ\
'60ZRGUy QLHQLXRGSDOLQR Q\FKPRJ E\üZ\NRQ\ZDQHMHGQDRERNGUXJLHM2EFL HQLD]]DVDG\
SU]HQRV]RQHV QDJá ELHM]DOHJDM FHZDUVWZ\QR QHDOHQLHNWyUHUR]ZL ]DQLDRSLHUDM VL UyZQLH QD
XNáDGDFKNROXPQ]DZLHV]RQ\FKLXZ]JO GQLHQLXRGG]LDá\ZDQLDJUXQWXZ]PRFQLRQHJRLURG]LPHJRZ
SU]HQRV]HQLX REFL HQLD 1DOH \ UyZQLH SRGNUH OLü H SU]\ ]DVWRVRZDQLX ZL NV]HM OLF]E\ NROXPQ
Z\PRJL MDNR FLRZH GOD SRMHG\QF]HM NROXPQ\ V áDWZLHMV]H GR VSHáQLHQLD D HZHQWXDOQH LPSHUIHNFML
Z\NRQDZF]HVWDM VL PQLHMLVWRWQH
'OD LOXVWUDFML DNWXDOQHM SUDNW\NL SURMHNWRZHM SU]HGVWDZLRQR SU]\NáDG UR]ZL ]DQLD SRVDGRZLHQLD
IXQGDPHQWXSRGSRU\ZLDGXNWXGURJRZHJRRF]WHUHFKSU] VáDFKSU]HFKRG] FHJRQDGDXWRVWUDG $QD
NROXPQDFK '60 5R]SDWU\ZDQD MHVW SRGSRUD VNUDMQD SU]\F]yáND NWyUHM IXQGDPHQW PD Z\PLDU\
îî P U\V : FHOX RJUDQLF]HQLD RVLDGDQLD SRGSRU\ SRVDGRZLRQHM Z PLHMVFX
Z\VW SRZDQLD SODVW\F]Q\FK JOLQ L SLDVNyZ JOLQLDVW\FK SRG FLHORQ\FK ]DJ V]F]RQ\PL SLDVNDPL
GUREQ\PL]DSURMHNWRZDQRXNáDGNROXPQ'60R UHGQLF\FPREHMPXM F\NROXPQJáyZQ\FK
R GáXJR FL P L NROXPQ SRPRFQLF]\FK R GáXJR FL P .UyWNLH NROXPQ\ QD REZRG]LH
IXQGDPHQWX ]DSURMHNWRZDQR ]H Z]JO GX QD SRVDGRZLHQLH SRGSRU\ QD SRGZ\ V]RQ\P QDV\SLH R
Z\VRNR FLPRUD]ZFHOX]ZL NV]HQLDSRSU]HF]QHMV]W\ZQR FLFDáHJRXNáDGXSRGSDUFLD
=HZ]JO GXQD]áR RQ\XNáDGNROXPQREOLF]HQLDRVLDGDQLDLZ\W HQLDNROXPQZ\NRQDQR0(6Z
XNáDG]LHSU]HVWU]HQQ\P0DNV\PDOQDFKDUDNWHU\VW\F]QDVLáDQDFLVNXQDNROXPQ Z\QLRVáDN1
F]HPX RGSRZLDGD QDSU HQLH N3D 3U]\ ]DVWRVRZDQLX ZVSyáF]\QQLND EH]SLHF]H VWZD )
V
Z\PDJDQDPLQLPDOQDZ\WU]\PDáR üFHPHQWRJUXQWXZ\QRVL03D2EOLF]RQHRVLDGDQLHSRGSRU\RG
FL DUX ZáDVQHJR Z\QRVLáR PP D SR Z\NRQDQLX ]DV\SX ]D SU]\F]yáNLHP PP =PLHU]RQH
RVLDGDQLH FDáNRZLWH SRGSRU\ SR GQLDFK RG RGGDQLD RELHNWX GR HNVSORDWDFML Z\QLRVáR PP
:DUWR MHGQRF]H QLH ]ZUyFLü XZDJ H XSURV]F]RQH REOLF]HQLD VLá G]LDáDM F\FK QD SRV]F]HJyOQH
NROXPQ\ '60 Z\NRQDQH PHWRG V]W\ZQHJR RF]HSX Z\ND]Dá\ Z SRUyZQDQLX GR 0(6 '
QLHGRV]DFRZDQLH VLá Z NROXPQDFK QDUR Q\FK R RNRáR SRGF]DV JG\ SRG URGNLHP IXQGDPHQWX
V\WXDFMDE\áDRGZURWQDU\V
5\V3U]\NáDGSRVDGRZLHQLDSRGSRU\ZLDGXNWXDXWRVWUDGRZHJRQDNROXPQDFK'60RUD]SRUyZQDQLHVLáZNROXPQDFK
'60REOLF]RQ\FK0(6'WáXVWDF]FLRQNDLPHWRG V]W\ZQHJRRF]HSXQRUPDOQDF]FLRQND
3RGVXPRZDQLH
1DOH \SRGNUH OLü HNOXF]HPGRSRP\ OQ\FKDSOLNDFMLWHFKQRORJLL'60MHVWGREUH]UR]XPLHQLH
SURFHVX PLHV]DQLD L UHDNFML FKHPLF]Q\FK ]DFKRG] F\FK Z JUXQFLH RUD] ZVSyáSUDF\ NROXPQ '60 ]
JUXQWHP URG]LP\P .RQLHF]QH MHVW SU]\ W\P ]ZUyFHQLH XZDJL H QDZHW SU]\ QDMOHSV]\P SR]LRPLH
Z\NRQDZVWZD L QDMOHSV]HM NRQWUROL UREyW QLH MHVW PR OLZH Z\HOLPLQRZDQLH PLHMVFRZ\FK LPSHUIHNFML
Z\PLHV]DQLD VSRLZD ] JUXQWHP ]ZáDV]F]D Z JUXQWDFK VSRLVW\FK = WHJR SRZRGX QDOH \ VWRVRZDü
]DUyZQRRGSRZLHGQLHUR]ZL ]DQLDSURMHNWRZHLRGSRZLHGQLRZ\VRNLHZVSyáF]\QQLNLEH]SLHF]H VWZD
MDN L UDFMRQDOQH PHWRG\ EDGDQLD RUD] NRQWUROL Z\NRQDQ\FK UREyW &] VWH SU]\SDGNL WUDNWRZDQLD QD
EXGRZDFKNROXPQ'60MDNEHWRQRZ\FKSDOLZ\QLNDM FH]EUDNX]UR]XPLHQLDWHFKQRORJLLZJá EQHJR
PLHV]DQLDJUXQWXQLHPDM ERZLHPPHU\WRU\F]QHJRX]DVDGQLHQLD
/LWHUDWXUD
>@ 7232/1,&.,0,QVLWX6RLO0L[LQJUR]G]LDáZ*URXQG,PSURYHPHQW5HG00RVHOH\L.
.LUVFK6SRQ3UHVV/RQG\QV
'(6,*1$1'(;(&87,212)*5281',03529(0(1786,1*'((362,/
0,;,1*'60726833257+,*+:$<%5,'*()281'$7,216
7KHFXUUHQWVWDWHRIGHYHORSPHQWRIZHW'60LQ3RODQGLVSUHVHQWHG,PSRUWDQWGHVLJQVWHSVRIDQ\DSSOLFDWLRQLQYROYH
SUHGLFWLRQRIHQJLQHHULQJSURSHUWLHVRIVWDELOLVHGVRLOGHWHUPLQHGE\LQPL[HGFRPSRQHQWVDQGDSSOLHGPL[LQJZRUNVRLO
PL[ GHVLJQ DV ZHOO DV VHOHFWLRQ RI WKH DSSURSULDWH SDWWHUQ DQG OHQJWK RI '60 FROXPQV JHRWHFKQLFDO GHVLJQ %DFN
HYDOXDWLRQRIFRPSOHWHGSURMHFWVDQGGHGLFDWHGUHVHDUFKKDYHEHHQXVHGWRHVWDEOLVKSURFHGXUHVZKLFKHQDEOHDUHOLDEOH
XVHRIWKLVWHFKQRORJ\LQFLYLOHQJLQHHULQJSUDFWLFH'HVLJQH[DPSOHRIKLJKZD\EULGJHVXSSRUWLVLQFOXGHGIRULOOXVWUDWLRQ
N1
NROXPQ/ P
0
[
0
\
9
P
P
NROXPQ/ P
N1
N1
9 N1
0
[
N1P0
\
N1P