'DPLDQ% %(1
=ELJQLHZ0$ .2
352%/(0<352-(.72:(,:<.21$:&=(=:, =$1(
=*58172:267$/2:<0,2%,(.7$0,02672:<0,
: UHIHUDFLH SU]HGVWDZLRQR SUREOHP\ SURMHNWRZH L Z\NRQDZF]H RGQR QLH JUXQWRZRVWDORZ\FK RELHNWyZ PRVWRZ\FK
Z\NRQDQ\FK]HVWDORZ\FKEODFKIDOLVW\FK$NWXDOQHZ\PDJDQLDQRUPRZHLWHFKQRORJLF]QHRUD]VSRVRE\PRQWD XWHJR
W\SXNRQVWUXNFMLV UyZQLH SU]HGVWDZLRQHZSUDF\=HZ]JO GXQDFRUD]F] VWV]H]DVWRVRZDQLHWHJRW\SXNRQVWUXNFMLZ
SU]\SDGNX PDá\FK L UHGQLFK UR]SL WR FL WHRUHW\F]Q\FK SU] VHá PRVWyZ GURJRZ\FK L NROHMRZ\FK ]DJDGQLHQLD
SU]HSURZDG]RQDZSUDF\PRJ E\üSU]\GDWQHSU]\EXGRZLHLREOLF]HQLDFKW\FKNRQVWUXNFML
:SURZDG]HQLH
2G SHZQHJR F]DVX QD WHUHQLH FDáHM 3ROVNL SURMHNWXMH VL L EXGXMH FRUD] ZL FHM PDá\FK PRVWyZ L
SU]HSXVWyZRNRQVWUXNFMLSRGDWQHMZ\NRQDQHM]HVWDORZ\FKEODFKIDOLVW\FKZVSyáSUDFXM F\FK]JUXQWHP
]DV\SRZ\PWZRU] FW\PVDP\PXNáDGNRQVWUXNF\MQ\RGX HMQR QR FL-HGQDN HVDPSURMHNWDQWPD
RJUDQLF]RQ\ZSá\ZQDGREyUW\SXNRQVWUXNFMLLQLHMHGQRNURWQLHQLHPD ZLDGRPR FLZ\QLNDM F\FK]
WHJR]DJUR H NWyUHPRJ Z\VW SLüSRGF]DVEXGRZ\WHJRW\SXRELHNWyZPRVWRZ\FK
'R EXGRZ\ PRVWyZ QDGDM VL SU]HGH ZV]\VWNLP NRQVWUXNFMH Z\NRQ\ZDQH ]H VWDORZ\FK EODFK
IDOLVW\FKW\SX6XSHU&RU6WUHQ&RU0XOWLSODWH9DULRVHF7XERVLGHUL9RHVW$OSLQDNWyUHUy QL VL
PL G]\ VRE Z JáyZQHM PLHU]H Z\PLDUDPL EODFK IDOLVW\FK 1DMF] FLHM VWRVRZDQ\PL NV]WDáWDPL Z
NLHUXQNXSRGáX Q\PV VNU]\QNRZ\áXNRZ\RNU Já\HOLSW\F]Q\áXNRZRNRáRZ\LJUXV]NRZ\NWyUH
V SRVDGRZLRQH QD HOEHWRZ\FK áDZDFK IXQGDPHQWRZ\FK OXE EH]SR UHGQLR XáR RQH QD JUXQFLH QD
VSHFMDOQLHGRWHJRFHOXZ\NRQDQHMSRGXV]FHSLDVNRZHMOXEEHWRQRZHM&] VWRQRV] RQHQD]Z PRVWyZ
JUXQWRZRVWDORZ\FKOXEJUXQWRZRSRZáRNRZ\FK>@
.RQVWUXNFMH]EODFKIDOLVW\FKEXGRZDQHV SU]HZD QLHMDNRPRVW\SRáR RQHQDGURJDFKORNDOQ\FK
DOHWH MDNRZLDGXNW\NROHMRZHU\VF]\QDZHWMDNRPRVW\DXWRVWUDGRZHRUD]RVWDWQLRUyZQLH MDNR
RELHNW\HNRORJLF]QHU\V
:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQRSUREOHP\SURMHNWRZHMDNUyZQLH Z\NRQDZF]HRUD]DVSHNW\
WUZDáR FL ] NWyU\PL PR QD VL VSRWNDü VWRVXM F SRZáRNL VWDORZH Z\NRQDQH ] EODFK IDOLVW\FK OXE
SáDVNLFKQDNRQVWUXNFMHPRVWRZH
3UREOHP\]ZL ]DQH]SURMHNWRZDQLHPNRQVWUXNFMLJUXQWRZRVWDORZ\FK
8ZDJLRJyOQH
7HFKQRORJLDVWRVRZDQLDNRQVWUXNFMLSRGDWQ\FKZ\NRQDQ\FK]EODFKIDOLVW\FKRSLHUDVL QD FLVáHM
ZVSyáSUDF\ SRZáRNL VWDORZHM ] RWDF]DM F\P M JUXQWHP ]DV\SRZ\P L Z\NRU]\VWDQLX HIHNWX
SU]HVNOHSLDQLD REFL H Z JUXQFLH =DGDQLHP VIDáGRZDQLD EODFK\ MHVW Z]URVW V]W\ZQR FL NRQVWUXNFML
XVWURMXL]ZL NV]HQLHVWRSQLDZVSyáSUDF\SRZáRNL]]DV\SN JUXQWRZ ZSRUyZQDQLXGREODFKSáDVNLFK
.RQVWUXNFMHSRZáRNLVNáDGDM VL ]Z\SURILORZDQ\FKEODFKIDOLVW\FK]ZDQ\FKUyZQLH SáDV]F]DPLOXE
'ULQ :\G]LDá%XGRZQLFWZD3ROLWHFKQLNL2SROVNLHM
'UKDELQ ,QVW\WXW,Q \QLHULL/ GRZHM3ROLWHFKQLNL:URFáDZVNLHM
92JöOQRSROVND.RQIHUHQFMD0RVWRZFöZ .RQVWUXNFMDL:\SRVD HQLH0RVWöZ
:LVïDOLVWRSDGDU
HOHPHQWDPLNRQVWUXNF\MQ\PLSRZáRNRZ\PLNWyUHá F]RQHV ]HVRE ]DSRPRF UXEVSU DM F\FKZ
SU]HNURMX SRSU]HF]Q\P MDN L QD GáXJR FL RELHNWX 5R]ZL ]DQLD WDNLH SR]ZDODM QD áDWZ\ V]\ENL L
HNRQRPLF]Q\ PRQWD NRQVWUXNFML =DáR HQLHP SUDF\ WHJR W\SX NRQVWUXNFML MHVW WDNLH Z\NRQDQLH
SRá F]H PL G]\ SRV]F]HJyOQ\PL DUNXV]DPL EODFK IDOLVW\FK DE\ ]DJZDUDQWRZDü Z SHáQL VWDW\F]QH L
G\QDPLF]QHSU]HND]\ZDQLHZ]DMHPQ\FKRGG]LDá\ZD PLHG]\HOHPHQWDPLVNáDGDM F\PLVL QDFDáR ü
SRGDWQHMNRQVWUXNFMLLQ \QLHUVNLHM>@
1R QR ü WHJR W\SX RELHNWyZ MHVW NRPELQDFM ± ZVSyáSUDFXM F\FK ]H VRE GZyFK R URGNyZ ±
NRQVWUXNFMLVWDORZHMLRWDF]DM FHJRM JUXQWX]DV\SRZHJRU\V.RQVWUXNFMHSRZáRN]áR RQH]EODFK
IDOLVW\FK Z ]ZL ]NX ] W\P H V SRGDWQH WR SRG QDFLVNLHP SRFKRG] F\P RG REFL H X \WNRZ\FK
SU]HND]XM VLá\RGSRUXGRRWDF]DM FHJRLFKSRGáR DJUXQWRZHJRSRZRGXM FZWHQVSRVyEUyZQRPLHUQ\
UR]NáDG QDFLVNyZ REFL H 2]QDF]D WR H VWDORZD NRQVWUXNFMD SRZáRNL SU]HQRVL REFL HQLD
]DVDGQLF]R G]L NL VLáRP QRUPDOQ\P D QLH PRPHQWRP ]JLQDM F\P LG]L NLWHPXGRSDVRZXMHVL RQD
áDWZR GR RWDF]DM FHJR M JUXQWX =DFKRZXMH RQD WDN H VZyM SLHUZRWQ\ NV]WDáW ZVNXWHN XWZRU]HQLD
SU]HVNOHSLHQLDZJUXQFLH]MDZLVNRSU]HVNOHSLDQLDVL REFL H ZJUXQFLHRUD]G]L NLVZRMHMEXGRZLH
IDOLVWR üSRZLHU]FKQLZ\WU]\PXMHUyZQLH GHIRUPDFM Z]GáX Q 3RZVWDM FHZJUXQFLHÄVNOHSLHQLH´
]QDF]QLH]PQLHMV]DEH]SR UHGQLHQDFLVNLQDVWDORZ NRQVWUXNFM SRZáRNLZ\NRQDQ ]EODFKIDOLVW\FKL
G]L NLWHPXSRZVWDMHXNáDGNRQVWUXNF\MQ\JUXQWRZRVWDORZ\NWyU\PR HSU]HQLH üGX HREFL HQLD
]QDF]QLHZL NV]HQL ZSU]\SDGNXWUDNWRZDQLDW\ONRVWDORZHMSRZáRNLMDNRJáyZQHJRXVWURMXQR QHJR
>@>@>@
'REyUW\SXNRQVWUXNFML
1DMZL FHM SUREOHPyZ ]ZL ]DQ\FK ] RELHNWDPL PRVWRZ\PL Z\NRQ\ZDQ\PL ]H VWDORZ\FK EODFK
IDOLVW\FKVSUDZLDUDFMRQDOQHLFKSURMHNWRZDQLH6WRVXM FWUDG\F\MQHPHWRG\GRERUXW\SyZNRQVWUXNFML]
NDWDORJyZSURGXFHQWDSURMHNWDQWSRVW SXMHEH]SLHF]QLHZSU]\SDGNXQLHGX \FKRELHNWyZ1DWRPLDVW
*UXQW
URG]LP\
=DV\SND
JUXQWRZD
)XQGDPHQW
3RZáRND
5\V(OHPHQW\NRQVWUXNFMLJUXQWRZRVWDORZHM
5\V3U]\NáDG]DVWRVRZDQLDNRQVWUXNFMLZ\NRQDQHM]H
VWDORZ\FKEODFKIDOLVW\FKMDNRZLDGXNWXNROHMRZHJR
VWDQRZL FHJRSU]HM FLHGODSLHV]\FKZ3UXGQLNX
5\V3U]\NáDG]DVWRVRZDQLDNRQVWUXNFMLJUXQWRZRVWDORZ\FK
GREXGRZ\SU]HM FLDGOD]ZLHU] WQDGDXWRVWUDG $Z
RNROLFDFK.RQLQD
JG\ NRQVWUXNFMH V ZL NV]H L EDUG]LHM ÄRGSRZLHG]LDOQH´ SURMHNWDQW PR H VNRU]\VWDü ] VHUZLVX
WHFKQLF]QHJRRIHURZDQHJRSU]H]GRVWDZF NWyU\SRPR HPXGREUDüZáD FLZHSDUDPHWU\NRQVWUXNFML
-HGQDNVDPSURMHNWDQWPDVWRVXQNRZHPDáHPR OLZR FLRFHQ\QR QR FLVWDQXZ\W HQLDLZV]\VWNLHJR
WHJR FR MHVW ]ZL ]DQH ] EH]SLHF]H VWZHP WHJR W\SX NRQVWUXNFML PRVWRZ\FK = WHJR Z]JO GX PR H
QLHNLHG\Z\VW SLüNRQIOLNWLQWHUHVyZ=MHGQHMVWURQ\SURMHNWDQWMHVW]DLQWHUHVRZDQ\]DSURMHNWRZDQLHP
EH]SLHF]QHJRLHNRQRPLF]QHJRRELHNWXD]GUXJLHMVWURQ\MHVWGRVWDZFD±SURGXFHQWNWyU\MHVWSU]HGH
ZV]\VWNLP]DLQWHUHVRZDQ\MDNQDMZL NV] VSU]HGD VZRLFKSURGXNWyZ'ODWHJRQLH]DZV]HRIHURZDQH
SURSR]\FMH SU]H] SURGXFHQWyZ PXV] E\ü ZáD FLZLH QDMOHSV]H ] LQ \QLHUVNLHJR SXQNWX ZLG]HQLD D
SU]HGHZV]\VWNLPHNRQRPLF]QH:W\PPRPHQFLHSRMDZLDVL NZHVWLDRGSRZLHG]LDOQR FL]DSURMHNW
FRMDNZLDGRPRZSROVNLFKZDUXQNDFKMHVWWRW\ONRLZ\á F]QLHRVREDSURMHNWDQWD
.ROHMQ ZD Q NZHVWL V SRSUDZQHUR]ZL ]DQLDNRQVWUXNF\MQHZSU]\SDGNXRELHNWXSRáR RQHJRZ
GX \PVNRVLHZVWRVXQNXGRSU]HV]NRG\:yZF]DVERZLHPGX DF] üZORWRZDLZ\ORWRZDSRZáRNL
QLH GRFKRG]L GR SRGSyU FR MHGQRF]H QLH SRZRGXMH H REFL HQLD V QLHV\PHWU\F]QLH L SUDFD
NRQVWUXNFML SRZáRNL QDELHUD FKDUDNWHUX SU]HVWU]HQQHJR 1DOH \ Z WDNLFK SU]\SDGNDFK VWRVRZDü
VSHFMDOQHZ]PRFQLHQLD]DNR F]H NRQVWUXNFMLQSRGSRZLHGQLRZ\NV]WDáWRZDQHZLH FH HOEHWRZH
5RG]DMHREFL H LZ\QLNDM FH]WHJR]DJUR HQLD
:\VW SXMH WDN H ZLHOH WUXGQR FL L QLHZLDGRP\FK ]ZL ]DQ\FK ] SURMHNWRZDQLHP NRQVWUXNFML
JUXQWRZRVWDORZ\FK ]H Z]JO GX QD REFL HQLH QS ]DV\SN JUXQWRZ VWDW\F]QH L G\QDPLF]QH RUD]
Z\ZRáDQHQRUPDOQ U]HF]\ZLVW HNVSORDWDFM FR]UHV]W Z DGHQVSRVyEQLHMHVWDNWXDOQLHZ3ROVFH
XQRUPRZDQH]Z\M WNLHPRSUDFRZDQLDZ\W\F]Q\FKSU]H],%',0>@SU]HFLZQLHQL ZLQQ\FKNUDMDFK
QS86$.DQDGD6]ZHFMDFKRüQDOH \SRGNUH OLü HRSUDFRZDQHZLQQ\FKNUDMDFKQRUP\LZ\W\F]QH
PDM ZLHOH QLHGRVNRQDáR FL L V VWDOH XQRZRF]H QLDQH L SRSUDZLDQH QLHPDO QD ELH FR Z PLDU
X]\VNLZDQLD QRZ\FK IDNWyZ L LQIRUPDFML R ]DFKRZDQLX VL WHJR W\SX NRQVWUXNFML PRVWRZ\FK QD
SRGVWDZLHZ\NRQDQ\FKEDGD QDRELHNWDFKU]HF]\ZLVW\FKOXEPRGHODFKF]\WH DQDOL]WHRUHW\F]Q\FK
>@>@>@>@-X ZURNX-1.D\L-)$EHO>@SRGNUH OLOLIDNWWUXGQR FLZUDFMRQDOQ\P
SURMHNWRZDQLXSRGDWQ\FKJUXQWRZRVWDORZ\FKRELHNWyZLQ \QLHUVNLFK]HZ]JO GXQDZLHORZ WNRZR ü
]DGDQLD ]áR RQR ü SUDF\ L ]DFKRZDQLD VL NRQVWUXNFML SRZáRN SRG Uy Q\PL REFL HQLDPL
.RQVHUZDW\ZQH SRGHM FLH QRUP\ $$6+72 GR REOLF]H SU]HZLG\ZDQ\FK ZDUWR FL VLá ZHZQ WU]Q\FK
SRGNUH ORQRUyZQLH ZSUDFDFK>@L>@ZNWyU\FKSU]HGVWDZLRQRDQDOL]\Z\NRQDQHQDSRGVWDZLH
EDGD GR ZLDGF]DOQ\FKQDWU]HFKUy Q\FKNRQVWUXNFMDFKSRGDWQ\FKW\SXER[FXOYHUWNWyUHSRUyZQDQR
]REOLF]HQLDPLZ\NRQDQ\PLQDSRGVWDZLHQRUP\$$6+72
6]F]HJyOQLH QLHEH]SLHF]QD MHVW RGSRZLHG NRQVWUXNFML SRZáRNL VSRZRGRZDQD ERF]Q\P SDUFLHP
JUXQWX]DV\SRZHJRSRGF]DVMHJR]DJ V]F]DQLD3RQLHZD FLHQNDSRZáRNDRJUXER FLEODFKZ]DNUHVLH
± PP EH] Z\NRQDQHM ]DV\SNL QLH PD MHV]F]H RGSRZLHGQLHM EH]SLHF]QHM L Z\PDJDQHM SU]H]
RGSRZLHGQLHSU]HSLV\LQRUP\PRVWRZHQR QR FLNWyU RVL JQLHGRSLHURSRRNUHVLHNLONXPLHVL F\SR
RGGDQLX RELHNWX GR QRUPDOQHM HNVSORDWDFML 8ZD D VL H SUDFD SRZáRNL PRVWyZ Z\NRQDQ\FK ]H
VWDORZ\FK EODFK IDOLVW\FK QD HWDSLH ]DV\S\ZDQLD MHVW MHGQ\P ] QDMZD QLHMV]\FK SUREOHPyZ
Z\VW SXM F\FKSRGF]DVLFKEXGRZ\]XZDJLQDPR OLZR üSRZVWDQLDUy Q\FKIRUPZ\ERF]HQLDLXWUDW\
VWDWHF]QR FL SU]HFLZQLH QL Z SU]\SDGNX W\SRZ\FK HOEHWRZ\FK áXNRZ\FK OXE VNU]\QNRZ\FK
RELHNWyZ PRVWRZ\FK SU]HSXVWyZ JG]LH RG SRF] WNX HNVSORDWDFML MHVW ]DFKRZDQD RGSRZLHGQLD
QR QR ü
: SUDFDFK >@ L >@ ]ZUyFRQR XZDJ QD FRUD] V]HUV]H VWRVRZDQLH WHJR W\SX NRQVWUXNFML MDNR
DOWHUQDW\Z\GODEHWRQRZ\FKRELHNWyZPRVWRZ\FKR UHGQLFKUR]SL WR FLDFKWHRUHW\F]Q\FKDWDN HQD
IDNW H ZLHOH NRQVWUXNFML Z\ND]XMH SHZQH R]QDNL QLHEH]SLHF]H VWZD W]Q PR OLZR FL XWUDW\
VWDWHF]QR FLSRZáRNLLJUXQWXOXEWZRU]HQLHVL SU]HJXEyZSODVW\F]Q\FKLPHFKDQL]PyZ]QLV]F]HQLD
3U]HZD QLH XV]NRG]HQLD NRQVWUXNFML SRZáRNL V VSRZRGRZDQH XWUDW VWDWHF]QR FL L QR QR FL
RWDF]DM FHJR M JUXQWX ]DV\SRZHJR FR PR H E\ü Z\ZRáDQH F\NOLF]Q\P MHJR RGPUD DQLHP L
]DPUD DQLHP 'ODWHJR WH FRUD] F] FLHM VWRVRZDQH V NRQFHSFMH Z]PDFQLDQLD ]DV\SNL SU]\ X \FLX
JHRWNDQLQ L JHRZáyNQLQ EHWRQRZ\FK EHOHN XV]W\ZQLDM F\FK SRZáRN RUD] Z\ZRáDQLH OHSV]HM
ZVSyáSUDF\ JUXQWX ] SRGDWQ NRQVWUXNFM :SURZDG]HQLH W\FK XOHSV]H PR H SU]\F]\QLü VL GR
ZL NV]HM VWRVRZDOQR FL WHJR URG]DMX NRQVWUXNFML ]ZáDV]F]D Z W\FK UHMRQDFK JG]LH Z\VW SXM GX H
Uy QLFHSRPL G]\WHPSHUDWXUDPLODWHPL]LP
6WRVRZDQH V UyZQLH SHZQH ]DELHJL SROHJDM FH QD Z]PDFQLDQLX VWDORZHM SRZáRNL SRSU]H]
Z\SHáQLDQLH HEHU XV]W\ZQLDM F\FK FDá NRQVWUXNFM PLHV]DQN EHWRQRZ 'RNRQXMH VL WHJR SR
GRNU FHQLX ZV]\VWNLFK UXE RUD] ]DV\SDQLX SRZáRNL JUXQWHP -H HOL FKRG]L R ]DVDGQR ü VWRVRZDQLD
Z\SHáQLDQLD Z]PRFQLHQLD GRGDWNRZ\FK DUNXV]\ EODFK IDOLVW\FK PLHV]DQN EHWRQRZ WR MHVW WR
G]LDáDQLHGRUD QHQLHPDM FH]E\WGX HJR]QDF]HQLDZSy QLHMV]HMHNVSORDWDFMLRELHNWXJG\ WUXGQR
MHVWVRELHZ\REUD]LüVSRVyEZ\SHáQLDQLDDW\PEDUG]LHMRGSRZLHGQLHJR]DJ V]F]DQLDEHWRQXQDZHWZ
SU]\SDGNX EHWRQX VDPR]DJ V]F]DOQHJR 1DOH \ UyZQLH ]D]QDF]\ü H SU]HZD QLH QLH VWRVXMH VL
DGQHJR]EURMHQLDW\FK HEHUFRSRNLONXOHWQLHMLQWHQV\ZQHMHNVSORDWDFMLRELHNWXPR HGRSURZDG]LüGR
SRNUXV]HQLD VL EHWRQX ]QDMGXM FHJR VL Z SU]HVWU]HQLDFK W\FK HEHU L EHWRQ QLH E G]LH MX VSHáQLDá
]DáR RQ\FK]DGD F]\OLXV]W\ZQLDQLDSRZáRNL
0HWRG\REOLF]HQLRZH
3RZV]HFKQLH X \ZDQH V QDMF] FLHM DQDOLW\F]QH PHWRG\ REOLF]HQLRZH RSDUWH UDF]HM QD
GR ZLDGF]HQLDFK VDP\FK SURMHNWDQWyZ QL QD ]GROQ\FK GR ]DVWRVRZDQLD PRGHODFK REOLF]HQLRZ\FK
']LHMH VL WDN GODWHJR H ]EXGRZDQLH UDFMRQDOQHJR L RSW\PDOQHJR PRGHOX QXPHU\F]QHJR
RG]ZLHUFLHGODM FHJR U]HF]\ZLVW SUDF JUXQWRZRVWDORZ\FK NRQVWUXNFML PRVWRZ\FK L XZ]JO GQLHQLH
ZVSyáSUDF\ SRPL G]\ VWDORZ SRZáRN L RWDF]DM F M JUXQWHP ]DV\SRZ\P RUD] RSLVDQLH HIHNWX
SU]HVNOHSLDQLD REFL H Z JUXQFLH MHVW EDUG]R VNRPSOLNRZDQH L ]áR RQH FR Z\PDJD ]DVWRVRZDQLD
]DDZDQVRZDQ\FK WHFKQLN QXPHU\F]Q\FK 2EHFQLH PHWRGD HOHPHQWyZ VNR F]RQ\FK 0(6 L PHWRGD
Uy QLFVNR F]RQ\FK056V V]HURNRZ\NRU]\VW\ZDQHGRSUyE\DQDOL]\VWDQXQDSU H RGNV]WDáFH L
SU]HPLHV]F]H Z NRQVWUXNFML SRZáRNL MDN L GR RWDF]DM FHJR M JUXQWX ]DV\SRZHJR VWRVXM F QS
SURJUDP\&RVPRV5RERW0LOOHQQLXP&DQGH&$'$EDTXV=VRLO)/$&LWS
$NWXDOQLHDE\SRSUDZQLH]DSURMHNWRZDüRELHNWVNRQVWUXRZDQ\]EODFKIDOLVW\FKQDOH \NRU]\VWDü]
Z\VRFH VSHFMDOLVW\F]QHJR RSURJUDPRZDQLD RUD] PLHü GX ZLHG] QD WHPDW PRGHORZDQLD SU]HGH
ZV]\VWNLPLQWHUDNFMLSRPL G]\VWDORZ NRQVWUXNFM SRZáRNLLRWDF]DM F\PM JUXQWHP
3RPLPRZLGRF]Q\FKRVWDWQLRSRVW SyZRGQR QLHPR OLZR FLZ\NRU]\VWDQLDQLHOLQLRZHMDQDOL]\Z
PRGHODFK REOLF]HQLRZ\FK JUXQWRZRVWDORZ\FK NRQVWUXNFML L PR OLZR FL RFHQ\ LFK Z]DMHPQHM
ZVSyáSUDF\ ]D SRPRF 0(6 L 056 WR QDGDO EDUG]R WUXGQR MHVW RNUH OLü L SUDZLGáRZR RFHQLü
QLH]DZRGQR ü VWDWHF]QR ü L QR QR ü W\FK NRQVWUXNFML :\NRQ\ZDQH VWDQGDUGRZH EDGDQLD
GR ZLDGF]DOQHSRGREFL HQLHPVWDW\F]Q\PLG\QDPLF]Q\PGRZRG] HZDUWR FLVLáZHZQ WU]Q\FK
MDNLH VL RWU]\PXMH Z QLHZLHONLP VWRSQLX Z\NRU]\VWXM QR QR ü W\FK NRQVWUXNFML FR QLH ]DZV]H
SRWZLHUG]DM DQDOL]\ QXPHU\F]QH %\ü PR H MHVW WR VSRZRGRZDQH VSRVREHP LGHDOL]DFML PHWRG
RGZ]RURZDQLDOXEVSRVREHPUR]NáDGXREFL HQLDZXNáDGDFKSRGDWQ\FKJUXQWRZRVWDORZ\FKDSU]HGH
ZV]\VWNLPQLHXZ]JO GQLHQLHPU]HF]\ZLVWHMZVSyáSUDF\SRPL G]\JUXQWHP]DV\SRZ\PLNRQVWUXNFM
SRZáRNL>@>@>@
=QDQ\FKMHVWZLHOHPHWRGSURMHNWRZ\FKGODNRQVWUXNFMLJUXQWRZRVWDORZ\FKQSPHWRG\&+%'&
&DQDGLDQ+LJKZD\%ULGJH'HVLJQ&RGH2+%'&2QWDULR+LJKZD\%ULGJH'HVLJQ&RGH$$6+72
$PHULFDQ $VVRFLDWLRQ RI 6WDWH +LJKZD\ DQG 7UDQVSRUWDWLRQ 2IILFLDOV -DQD 9DVOHVWDGD 'XQFDQD L
'UDZVNLHJR
1D SU]\NáDG Z PHWRG]LH 'XQFDQD L 'UDZVNLHJR RSUyF] VLá RVLRZ\FK Z\VW SXM F\FK Z FLDQFH
NRQVWUXNFML XZ]JO GQLRQR UyZQLH PRPHQW\ ]JLQDM FH 'RGDWNRZR PHWRGD WD UR]SDWUXMH GZLH ID]\
SUDF\NRQVWUXNFML
ID]D,±PRQWD XJG\]DV\SNDRVL JDSR]LRPNOXF]DNRQVWUXNFML
ID]D,,±X \WNRZDQLDJG\]DV\SNDRVL JDSURMHNWRZDQ\SR]LRP
)D]D PRQWD X ]DNáDGD H SR]LRP ]DV\SNL MHVW UyZQ\ SR]LRPRZL NOXF]D NRQVWUXNFML ]DWHP
Z\VRNR üQD]LRPX+ :W\PSU]\SDGNXPRPHQW]JLQDM F\0LVLáDZ FLDQFHNRQVWUXNFML7V
REOLF]DQH]XZ]JO GQLHQLHPREFL H VWDá\FK]JRGQLH]UyZQDQLDPLL
0 5
%
.
P
'
K
7 .
S
'
K
ZNWyU\FK
±FL DUZáD FLZ\JUXQWX
5
%
± EH]Z\PLDURZ\ ZVSyáF]\QQLN UHGXNF\MQ\ ]DOH Q\ RG VWRVXQNX Z\VRNR FL GR UR]SL WR FL
NRQVWUXNFML
.
S
±EH]Z\PLDURZ\ZVSyáF]\QQLNX]DOH QLRQ\RGZ\VRNR FL]DV\SNL]QDMGXM FHMVL SRQL HMSR]LRPX
NOXF]DNRQVWUXNFML
.
P
±EH]Z\PLDURZ\ZVSyáF]\QQLN]DOH Q\RGSDUDPHWUX1
I
Z\UD RQHJR]DOH QR FL
1
I
(
V
'
K
(,
(
V
±PRGXáVLHF]Q\
'
K
±UR]SL WR üNRQVWUXNFML
(±PRGXáVSU \VWR FLPDWHULDáX
,±PRPHQWEH]ZáDGQR FL FLDQNLNRQVWUXNFML
1DWRPLDVW GUXJL ZDUXQHN ID]D ,, ]DNáDGD H ]DV\SND RVL JD RVWDWHF]Q\ SR]LRP ID]D
X \WNRZDQLD:W\PSU]\SDGNXXZ]JO GQLDQHV UyZQLH REFL HQLD]PLHQQHDPRPHQW]JLQDM F\0
LVLáD7Z FLDQFHNRQVWUXNFMLRNUH ORQHV UyZQDQLDPLL
0 5
%
.
P
'
K
±.
P
'
K
+5
/
.
P
'
K
//
7 .
S
'
K
.
S
'
K
+.
S
//
JG]LH
5
/
±ZVSyáF]\QQLN]DOH Q\RG1
I
L+'
K
.
S
±EH]Z\PLDURZ\ZVSyáF]\QQLNX]DOH QLRQ\RGZ\VRNR FLQD]LRPXF]\OL]DV\SNL]QDMGXM FHMVL
SRZ\ HMSR]LRPXNOXF]DNRQVWUXNFML
.
S
±EH]Z\PLDURZ\ZVSyáF]\QQLNX]DOH QLRQ\RG+'
K
.
P
L.
P
±EH]Z\PLDURZ\ZVSyáF]\QQLN]DOH Q\RGSDUDPHWUX1
I
//±REFL HQLH]PLHQQHUyZQRPLHUQLHUR]áR RQH
'REyUWHFKQRORJLLGRSUDFPRQWD RZ\FKLZ\QLNDM FH]WHJR]DJUR HQLD
=QDQ\FKMHVWZLHOHWHFKQRORJLLPRQWD XNRQVWUXNFMLSRGDQ\FKZ\NRQ\ZDQ\FK]HVWDORZ\FKEODFK
IDOLVW\FK>@:SUDF\]RVWDQLHVFKDUDNWHU\]RZDQDW\SRZDWHFKQRORJLDPRQWD XNRQVWUXNFMLJUXQWRZR
VWDORZHMRGX HMUR]SL WR FL
'X HNRQVWUXNFMHPR QDPRQWRZDüZGZRMDNLVSRVyESRSLHUZV]H]áR HQLHFDáHMNRQVWUXNFMLSR]D
PLHMVFHP ZEXGRZDQLD D QDVW SQLH XPLHV]F]HQLH FDáHM SRZáRNL Z PLHMVFX SRGSDUFLD QD áDZDFK
IXQGDPHQWRZ\FK]DSRPRF GZyFKG ZLJyZRGX \PXG ZLJX7DNLHSU]HGVL Z]L FLHZ\PDJDMHGQDN
VWRVRZDQLDFL NLHJRVSU] WXG ZLJyZ]HZ]JO GXQD]QDF]Q\FL DUFDáHMNRQVWUXNFMLSRZáRNLRUD]
GX HM GRNáDGQR FL UREyW EXGRZODQ\FK ] SRZRGX VWRVXQNRZR ZLRWNLHM L HODVW\F]QHM NRQVWUXNFML 7HQ
URG]DMPRQWD X]QDF]QLHXWUXGQLDRGSRZLHGQLHLGRNáDGQHXPLHV]F]HQLHNRQVWUXNFMLQDSRGSRUDFK
'UXJL VSRVyE SROHJD QD WHFKQRORJLL PRQWD X NRQVWUXNFML SRZáRNL EH]SR UHGQLR QD áDZDFK
IXQGDPHQWRZ\FK 3UDFH PRQWD RZH NRQVWUXNFML Z\NRQDQHM ]H VWDORZ\FK EODFK IDOLVW\FK QDOH \
SRSU]HG]Lü URERWDPL SU]\JRWRZDZF]\PL SROHJDM F\PL QD Z\G]LHOHQLX WHUHQX QLH]E GQHJR GR
SURZDG]HQLD SUDF RUD] XVWDZLHQLX UXV]WRZDQLD SU]HVXZQHJR QDG GURJ Z FHOX XWU]\PDQLD FL JáR FL
UXFKX NRPXQLNDF\MQHJR MH HOL WDNL Z\PyJ MHVW NRQLHF]Q\ 0R QD WR ]UHDOL]RZDü QS SRSU]H]
Z\NRQDQLHVSHFMDOQHJRUXV]WRZDQLDSU]HVXZQHJRVWDQRZL FHJRSRPRVWURERF]\ZSRVWDFLNUDWRZQLF\
SU]HVWU]HQQHMXPLHV]F]RQHMSRGPRQWRZDQ SRZáRN VWDORZ U\V
5\V0RQWD SLHUZV]\FKHOHPHQWyZEODFKIDOLVW\FKW\SX]DSRPRF
GZyFKG ZLJyZ]X \FLHPUXV]WRZDQLDUXFKRPHJR
: SLHUZV]HM ID]LH PRQWD X QDOH \ ]ZUyFLü V]F]HJyOQ XZDJ QD SUDZLGáRZH RVDG]HQLH GROQ\FK
SáDV]F]\ QD HOEHWRZ\P IXQGDPHQFLH 6NáDGDQLH SRF] WNRZH NRQVWUXNFML QDOH \ SURZDG]Lü QD MDN
QDMPQLHMV] OLF]E UXEGRNU FDM FMHZVW SQLHMHG\QLHNOXF]DPLU F]Q\PL'RSLHURSR]áR HQLXNLONX
SLHUZV]\FKSHáQ\FKáXNyZQDOH \GRNU FLüSR]RVWDáH UXE\1DOH \]ZUyFLüXZDJ DE\QLHGRNU FDü
SLHUZV]\FK UXE ]E\W PRFQR JG\ XWUXGQLDáRE\ WR ZSDVRZDQLH Z RWZRU\ SR]RVWDá\FK UXE
VSU DM F\FK 3RGF]DV ZVW SQHJR PRQWD X QDOH \ NRQWURORZDü ]JUXEQLH NV]WDáW NRQVWUXNFML SRZáRNL
DE\QLHGRSX FLüGRQDGPLHUQ\FKMHMGHIRUPDFML
1DVW SQLH SRV]F]HJyOQH DUNXV]H NRQVWUXNFML PRQWXMH VL ZHGáXJ Z]RUX VFKRGNRZHJR WDN MDN
XNáDGDVL JRQWOXEGDFKyZN ]JRGQLH]GRNXPHQWDFM PRQWD RZ -HGHQJáyZQ\áXNSLHU FLH Z
FDáR FLSRZLQLHQE\ü]PRQWRZDQ\QDVWDQRZLVNXURERF]\PQDSRZLHU]FKQLWHUHQX UXEQLHQDOH \Z
SHáQL VNU FDü GR ZáD FLZHM ZLHONR FL PRPHQWX VNU FDM FHJR OHF] SR]RVWDZLü MH MDNR GRNU FRQH
U F]QLH8FKZ\WGRSRGQRV]HQLDSRZLQLHQE\ü]DF]HSLRQ\ZSREOL XRWZRUXOLF] FRGREXGROQ\FK
NUDZ G]LáXNX:W\PVWDQLHNRQVWUXNFMDMHVWGR üSRGDWQDLZUD OLZDQDRGNV]WDáFHQLDLZ]ZL ]NX]
W\PQDOH \EDUG]RXZD DüSRGF]DVSRGQRV]HQLDSLHU FLHQLDZFHOXXVWDZLHQLDJRQDSRGSRUDFKZW]Z
SURILOXSRGSRURZ\P*G\SLHU FLH ]QDMGXMHVL ZSR]\FMLSLRQRZHMQDOH \ZSURZDG]LüMHGHQ]MHJR
NR FyZZSRGVWDZ SURILOXSRGSRURZHJRDQDVW SQLH]DPRFRZDü UXEDPLNRWZL F\PLSR]RVWDZLDM F
MHGQDN UXE\ZVWDQLHOX Q\P1DVW SQLHQDOH \ZVXQ üGUXJLNRQLHFSLHU FLHQLDGRVWDORZHJRSURILOX
SRGSRURZHJRLU F]QLHSU]\NU FLü UXEDPL.RWZ\ UXERZHGRSRá F]HQLDSURILOLSRGSRURZ\FKPXV]
E\ü ZF]H QLHM ]DEHWRQRZDQH Z áDZDFK ]DQLP UR]SRF]QLH VL PRQWD SLHU FLHQL 1LH QDOH \
SR]RVWDZLDü UXEQLHGRNU FRQ\FKSRQLHZD SRV]F]HJyOQHEODFK\PRJ PLHüWHQGHQFM GRZ\VXZDQLD
VL ZJyU 1DW\PHWDSLHQDOH \SU]HVWU]HJDüDE\QLHGRNU FDü UXEGRNR FDOHF]SR]RVWDZLüMHWDN
MDN SU]\ U F]Q\P GRNU FHQLX 'RGDWNRZH RWZRU\ XV\WXRZDQH Z]GáX SURILOX SRGSRURZHJR L QD
]HZQ WU]QHM NUDZ G]L Sá\W\ PRJ ]RVWDü Z\NRU]\VWDQH GR SU]HVXZDQLD Sá\W Z]GáX SURILOX
SRGSRURZHJRJG\ ZW\FKRWZRUDFKQLHV Z\PDJDQH UXE\VSU DM FH
1DVW SQH GZD SLHU FLHQLH PR QD PRQWRZDü ZHGáXJ WHM VDPHM SURFHGXU\ 3R]RVWDáH ]D HOHPHQW\
NRQVWUXNFML QDOH \ VNáDGDü HOHPHQW SR HOHPHQFLH 2GE\ZD VL WR ZHGáXJ RGSRZLHGQLHM NROHMQR FL Z
FHOXX]\VNDQLDVFKRGNRZHJRZ]RUX1DVW SQLHQDOH \NRQW\QXRZDü]DNáDGDQLHQDVW SQ\FKDUNXV]\L
QD W\P ]DNR F]\ü PRQWD SRV]F]HJyOQ\FK SLHU FLHQL ]DSHZQLDM F ]DFKRZDQLH VFKRGNRZHJR Z]RUX
XNáDGDQLD.RQLHF]Q\PMHVWWDN HVWRVRZDQLH UXE]áEHPZSXV]F]RQ\PQD]HZQ WU]Q\FKNUDZ G]LDFK
ZH ZV]\VWNLFK SRGáX Q\FK ]á F]NDFK SU]\SDGDM F\FK ZH ZJá ELHQLDFK EODFK IDOLVW\FK 3U]HG
]DLQVWDORZDQLHPZ]PRFQLH HEHU DGQHM UXE\QLHQDOH \XPLHV]F]DüZ]á F]NDFKREZRGRZ\FK1D
NR FXSRZLQQRSU]\VW SLüVL GRPRQWD XSU]\FL W\FKEODFKXNR Q\FKQDZORFLHLZ\ORFLHNRQVWUXNFML
SRZáRNL±MH HOLWDNLHV SU]HZLG]LDQHU\V0RQWD HEHUXV]W\ZQLDM F\FKMH HOLMHVWWRZ\PDJDQH
QDOH \ UR]SRF] ü SR ]PRQWRZDQLX FR QDMPQLHM F]WHUHFK SHáQ\FK JáyZQ\FK SLHU FLHQL 3LHU FLHQLH WH
QDOH \ PRQWRZDü ] U F]Q\P GRNU FDQLHP UXE UXE\ ] áEHP ]DNU\W\P L ]Z\NáH SU]\SDGDM FH ZH
ZJá ELHQLDFKEODFKIDOLVW\FKNWyUH]RVWDQ ]DNU\WH HEUDPLXV]W\ZQLDM F\PLSRZLQQ\E\üGRNU FRQH
SU]HGSRáR HQLHPHOHPHQWyZ HEHU1DOH \]ZUyFLüV]F]HJyOQ XZDJ QDGRSDVRZDQLHRWZRUyZ UXE]
áEHP ZSXV]F]DQ\P 0R H E\ü WR ]URELRQH SRSU]H] XPLHV]F]HQLH WU]HFK UXE OXE WU]HFK
QDSURZDG]DM F\FKVZRU]QLZ URGNXWU]HFKRWZRUyZQDZLHU]FKRáNXIDOLZ]GáX ]á F]DSRGáX QHJR
]DQLP SR]RVWDáH UXE\ QLH ]RVWDQ GRNU FRQH 0RQWD QDVW SQHJR HEUD Z]PDFQLDM FHJR PR QD
Z\NRQDü SR]PRQWRZDQLXQDVW SQ\FKGZyFKSLHU FLHQLJáyZQ\FK3R]PRQWRZDQLX HEUDZV]\VWNLH
5\V:LGRNRGF]RáDRELHNWXQD]PRQWRZDQHEODFK\XNR QHSRZáRNL
UXE\ PR QD GRNU FLü á F]QLH ]H UXEDPL PRFXM F\PL HEUD : FHOX X]\VNDQLD SURMHNWRZDQHJR
NV]WDáWX áXNX PR H RND]Dü VL NRQLHF]Q\P DE\ G ZLJ QLHFR XQLyVá SLHU FLH SLRQRZR GR JyU\ Z
REV]DU]H NOXF]D áXNX Z FHOX RVL JQL FLD SHáQHJR GRSDVRZDQLD ]á F]\ 2VWDWHF]QLH GRNU FHQLH UXE
SRZLQQR RGE\ZDü VL QDMSLHUZ Z NLHUXQNX SRGáX Q\P áXNX D QDVW SQLH REZRGRZR UXE\ QDOH \
GRNU FDü UR]SRF]\QDM F RG W\FK NWyUH ]QDMGXM VL QD ZLHU]FKRáNX NRQVWUXNFML D QDVW SQLH
VXNFHV\ZQLH Z NLHUXQNX MHM SRGSDUFLD &Dá NRQVWUXNFM SRZáRNL QDOH \ VSUDZG]Lü QD SUDZLGáRZH
GRNU FHQLH UXE SR MHM ]PRQWRZDQLX :\PDJDQ\ PRPHQW GRNU FHQLD GOD UXE ZSU]\SDGNXGX \FK
RELHNWyZZDKDVL ZJUDQLFDFKRGGR1P
1DVW SQ\PGR üZD Q\PSUREOHPHPMHVWSUDZLGáRZHSURZDG]HQLHSUDFEXGRZODQ\FKSU]H]]HVSRá\
URERF]H &] VWR ]GDU]D VL H Z\NRQDZFD UREyW QLH PD RGSRZLHGQLHJR GR ZLDGF]HQLD Z PRQWD X
NRQVWUXNFMLVWDORZHMZ\NRQDQHM]EODFKIDOLVW\FKLVSRVRELHXNáDGDQLD]DJ V]F]DQLD]DV\SNLJUXQWRZHM
ZRNyáW\FKNRQVWUXNFMLFRPR HEH]SR UHGQLRSURZDG]LüGR]QDF]QHJRZ\GáX HQLDF]DVXEXGRZ\DZ
QDMJRUV]\PSU]\SDGNXQDZHWGRDZDULLOXENDWDVWURI\EXGRZODQHMU\VFRZNRQVHNZHQFMLPR H
]PQLHMV]\üDWUDNF\MQR üW\FKUR]ZL ]D NRQVWUXNF\MQ\FK'ODWHJRZD Q\PMHVWDE\ZFDá\PSURFHVLH
EXGRZODQ\PWHJRW\SXRELHNWyZXZ]JO GQLDüQLH]DOH Q\QDG]yUQDXNRZRWHFKQLF]Q\LOXEQDG]yU]H
VWURQ\GRVWDZF\W\FKNRQVWUXNFMLRUD]VWRVRZDüEDGDQLDNRQWUROQHLRGELRUF]H
7UZDáR üNRQVWUXNFMLJUXQWRZRVWDORZ\FK
:D Q NZHVWL MHVW UyZQLH RNUH OHQLH WUZDáR FL NRQVWUXNFML ] EODFK IDOLVW\FK ]H Z]JO GX QD
REFL HQLD HNVSORDWDF\MQH L F]\QQLNL NRUR]\MQH : SROVNLFK ZDUXQNDFK MHVW WR ]DGDQLH WUXGQH
SRQLHZD QDMVWDUV]HNRQVWUXNFMHWHJRW\SXZ3ROVFHPDM RNRáR±ODWLWDNQDSUDZG PR QDW\ONR
SU]\SXV]F]DüMDNLE G]LHLFKVWDQWHFKQLF]Q\]DF]\ODW]HZ]JO GXFKRFLD E\QDVWDá\Z]URVW
QDW HQLD UXFKX NRPXQLNDF\MQHJR QD SROVNLFK GURJDFK 2F]\ZL FLH V PHWRG\ VáX FH GR RFHQ\
WUZDáR FLNRQVWUXNFMLPRVWRZ\FKDOHQLHMHVWMHV]F]HMHGQR]QDF]QLHVWZLHUG]RQHF]\QDGDM VL RQHWR
WHJRW\SXRELHNWyZRNRQVWUXNFMLSRGDWQHMZVSyáSUDFXM F\FK]JUXQWHP
: QLHNWyU\FK NUDMDFK QS Z 86$ .DQDG]LH F]\ 6]ZHFML UHGQLD WUZDáR ü \FLD WHJR W\SX
NRQVWUXNFML MHVW SU]\MPRZDQD QD RNRáR ± ODW -HGQDN H ]DNUHV L ZDUXQNL ]DVWRVRZDQLD MDN L
Z]JO G\ HNRQRPLF]QH PRJ GDZDü SRGVWDZ GR Z\GáX HQLD MDN L GR VNUyFHQLD GáXJR FL RNUHVX
WUZDáR FL:LHOHF]\QQLNyZPD]DVDGQLF]\ZSá\ZQDWUZDáR üNRQVWUXNFMLJUXQWRZRVWDORZ\FKPLQ
NRUR]MD DEUD]MD GREyU ZáD FLZ\FK PDWHULDáyZ SRSUDZQH SURMHNWRZDQLH RGSRZLHGQLH XWU]\PDQLH
RELHNWXRGSRUQR üQDRGG]LDá\ZDQLH URGRZLVNDORNDOQHJR
2JyOQLH QD WUZDáR ü NRQVWUXNFML JUXQWRZRVWDORZ\FK PDM ZSá\Z GZD URG]DMH DJUHV\ZQR FL
SLHUZV]D GRW\F]\ ]HZQ WU]Q\FK REFL H HNVSORDWDF\MQ\FK UXFK NRPXQLNDF\MQ\ QDWRPLDVW GUXJL
]ZL ]DQ\MHVW]HOHPHQWDPLQHJDW\ZQHJRRGG]LDá\ZDQLD URGRZLVNDQDWXUDOQHJR
:\WU]\PDáR ü HNVSORDWDF\MQD HOHPHQWyZ NRQVWUXNFML ]DOH QD MHVW RG ]ELRUX REFL H
HNVSORDWDF\MQ\FK =ELyU WHQ MHVW VXP ZV]\VWNLFK REFL H XSRU] GNRZDQ\FK ZHGáXJ ZLHONR FL L
F] VWR FL Z\VW SRZDQLD QDSU H Z F]DVLH SU]\M WHM WUZDáR FL RELHNWX =ELRU\ REFL H RSLVXM
REFL HQLD HNVSORDWDF\MQH WR ]QDF]\ REFL HQLD ]PLHQQH NWyU\P SRGGDQ\ MHVW HOHPHQW EXGRZOL
EH]SR UHGQLR OXE SR UHGQLR Z QDVW SVWZLH MHJR ZVSyáSUDF\ ] LQQ\PL HOHPHQWDPL NRQVWUXNFML
5\V3U]\NáDGNDWDVWURI\EXGRZODQHMNRQVWUXNFMLJUXQWRZRVWDORZHM
1DMF] VWV]\P VSRVREHP RNUH ODQLD ]ELRUyZ REFL H MHVW EH]SR UHGQL SRPLDU Z\W HQLD
SRV]F]HJyOQ\FK HOHPHQWyZ NRQVWUXNF\MQ\FK SRG U]HF]\ZLVW\P REFL HQLHP F]\OL Z\NRQDQLH EDGD
HNVSORDWDF\MQ\FK RUD] UR]SR]QDQLH L ]DUHMHVWURZDQLH DNWXDOQHM VWUXNWXU\ UXFKX QD RELHNFLH L GURG]H
3RPLDU\QDRELHNFLHU]HF]\ZLVW\PGDM PR OLZR üSR]QDQLDGRNáDGQHJRSU]HELHJX]PLDQRGNV]WDáFH
QDSU H QRUPDOQ\FK FKRFLD XVWDORQD SU]H] QLH REM WR ü ]DNUHV ]ELRUX QLH MHVW ]JRGQD ]
U]HF]\ZLVW OLF]E F\NOL]PLDQ\REFL HQLD1DWHMSRGVWDZLHMHVWPR OLZHRV]DFRZDQLHSU]HZLG\ZDQHM
Z\WU]\PDáR FLHNVSORDWDF\MQHMRUD]RNUH OHQLHWUZDáR FLRELHNWX
: SU]\SDGNX QHJDW\ZQHJR RGG]LDá\ZDQLD URGRZLVND GR ü GX \ ZSá\Z PD RNUH OHQLH
ZVSyáF]\QQLND S+ ]DUyZQR ZRG\ MDN L JUXQWX RUD] PLQLPDOQD HOHNWU\F]QD UH]\VW\ZQR ü PLHMVFD
ZEXGRZDQLD L PDWHULDáX ]DV\SNL :VSyáF]\QQLN S+ ZRG\ L JUXQWX ZVND]XMH NZDVRZR ü OXE
]DVDGRZR ü SRGF]DV JG\ PLQLPDOQD UH]\VW\ZQR ü RNUH OD Z]JO GQ LOR ü UR]SXV]F]DOQ\FK VROL Z
JUXQFLHOXEZZRG]LH
:]ZL ]NX]SRZ\ V]\PQDOH \ZRGSRZLHGQLVSRVyE]DSURMHNWRZDüRGSRZLHGQLGXDOQ\V\VWHP
WUZDáR FL NRQVWUXNFML NWyU\ ] MHGQHM VWURQ\ ]DSHZQL VSHáQLHQLH ZV]\VWNLFK ]DáR H VWDW\F]QR
Z\WU]\PDáR FLRZ\FKRUD]HNVSORDWDF\MQ\FKD]GUXJLHMVWURQ\E G]LHRGSRUQ\QDDJUHV\ZQHG]LDáDQLH
URGRZLVNDQDWXUDOQHJRZNWyU\PPDE\üRELHNWZEXGRZDQ\LHNVSORDWRZDQ\
0R QDWR]UHDOL]RZDüZSLHUZV]\PSU]\SDGNXSRSU]H]RGSRZLHGQL]DSURMHNWRZDQLHJUXER FLEODFK
L Z\VRNR FL QD]LRPX QDG NRQVWUXNFM D Z GUXJLP SU]\SDGNX SRSU]H] XZ]JO GQLHQLH Z SURMHNFLH
GRGDWNRZHJR ]DEH]SLHF]HQLD DQW\NRUR]\MQHJR LOXE DQW\DEUD]\MQHJR QS JUXEV]H SRZáRNL F\QNRZH
SRZáRNLPDODUVNLHZL NV]DJUXER üEODFKZ\áR HQLHGQDRELHNWXEUXNLHPOXEEHWRQHPLWS
6WDQ WHFKQLF]Q\ NRQVWUXNFML JUXQWRZRVWDORZ\FK SRZLQLHQ E\ü UyZQLH VWDOH PRQLWRURZDQ\
SRQLHZD PR HGRM üGRSRZD Q\FKXV]NRG]H RELHNWXREQL HQLHWUZDáR FLZ]ZL ]NX]H]PLDQDPL
DJUHV\ZQR FL URGRZLVND ]PLDQD S+ ZRG\ LOXE ]DV\SNL RUD] ]ZL NV]HQLHP QDW HQLD UXFKX
NRPXQLNDF\MQHJRZVWRVXQNXGRSLHUZRWQLHSU]\M WHJR
:\PDJDQLDQRUPRZH
*HQHUDOQLHZ3ROVFHQLHRSUDFRZDQRMHV]F]HQRUPZ]DNUHVLHSURMHNWRZDQLDLRGELRUXJUXQWRZR
VWDORZ\FK NRQVWUXNFML PRVWRZ\FK PLPR H QS Z .DQDG]LH L 86$ RG ZLHOX ODW VWRVXMH VL GR ü
SRZV]HFKQLH NRQVWUXNFMH SRGDWQH QD PRVW\ L ZLDGXNW\ D QDZHW QD RELHNW\ DXWRVWUDGRZH 5yZQLH
V]ZHG]NDDGPLQLVWUDFMDGURJRZRPRVWRZDVWDUDVL RSUDFRZDüRGSRZLHGQLHSU]HSLV\ZW\PZ]JO G]LH
QDSRGVWDZLHPLQZ\QLNyZEDGD GR ZLDGF]DOQ\FKPRVWXZ*LPnQ>@>@>@3HZQ QRELOLWDFM
GODSROVNLHJRPRVWRZQLFWZDVWDQRZLIDNW HV]ZHG]NDDGPLQLVWUDFMDGURJRZDGRFHQLDM FRVL JQL FLD
SROVNLHM JUXS\ EDGDZF]HM Z VNáDG NWyUHM ZFKRG] DXWRU]\ DUW\NXáX Z G]LHG]LQLH EDGD WDNLFK
RELHNWyZ]DSURVLáDSROVNL]HVSyáEDGDZF]\GRZ\NRQDQLDDQDOL]\GR ZLDGF]DOQHMQDSLHUZV]\PWHJR
W\SXRELHNFLHZ6NDQG\QDZLL
1DXZDJ MHGQDN]DVáXJXMHUyZQLH IDNWRSUDFRZDQLD]DOHFH SURMHNWRZ\FKLWHFKQRORJLF]Q\FKGOD
SRGDWQ\FK NRQVWUXNFML LQ \QLHUVNLFK Z\NRQDQ\FK ] EODFK IDOLVW\FK SU]H] ,QVW\WXW %DGDZF]\ 'UyJ L
0RVWyZ ± )LOLD :URFáDZ >@ MHGQDN Z\PDJDM RQH SHZQ\FK XGRVNRQDOH DE\ E\á\ SU]\GDWQH GR
VWRVRZDQLDSU]H]LQ \QLHUyZZSROVNLFKZDUXQNDFKSURMHNWRZ\FK
$NWXDOQLHSURMHNWDQWPXVLRSLHUDüVL QDRERZL ]XM F\FKZ3ROVFHQRUPDFKL]DOHFHQLDFK>@31
6>@316>@316>@MDNGODWUDG\F\MQ\FKPRVWyZVWDORZ\FK
NWyUH QLH XZ]JO GQLDM VSHF\ILF]QHM SUDF\ NRQVWUXNFML JUXQWRZRVWDORZ\FK RUD] PR H VNRU]\VWDü ]
VHUZLVX WHFKQLF]QHJR RIHURZDQHJR SU]H] GRVWDZFyZ 7U]HED MHGQDN Z\UD QLH SRGNUH OLü H SRGDQH
Z\ HM QRUP\ GRW\F] NODV\F]Q\FK NRQVWUXNFML PRVWRZ\FK SU]\ F]\P GR FKZLOL REHFQHM QLH
RSUDFRZDQR MHV]F]H ]DVDG L SU]HSLVyZ SURMHNWRZ\FK L RGELRUF]\FK NWyUH SRZLQQ\ VSHáQLDü
UR]SDWU\ZDQHSRZáRNLSRGF]DVUy Q\FKID]LFKEXGRZ\LHNVSORDWDFML
3ROVNLH XVWDZRGDZVWZR SRZLQQR Z]L ü GREU\ SU]\NáDG ] LQQ\FK NUDMyZ NWyUH Z RSDUFLX R
EDGDQLD GR ZLDGF]DOQH QD RELHNWDFK U]HF]\ZLVW\FK L ZV]HFKVWURQQH DQDOL]\ WHRUHW\F]QH SUyEXMH
XQRUPRZDüVWRVRZDQLHW\FKNRQVWUXNFMLSRáR RQ\FKQDGURJDFKSXEOLF]Q\FK
=DNR F]HQLH
.RQVWUXNFMH SRGDWQH Z\NRQ\ZDQH ]H VWDORZ\FK EODFK IDOLVW\FK VWDQRZL M X QDWXUDOQ\ GR ü
SRZV]HFKQLHVWRVRZDQ\HOHPHQWNRQVWUXNF\MQ\ZEXGRZLHPRVWyZQLHW\ONRZ3ROVFHDOHLZLQQ\FK
NUDMDFK ZLDWDQS&]HFK\8NUDLQD6]ZHFMD/LWZD1RUZHJLD53$:áRFK\5)1$XVWULD5RVMD
.DQDGD86$$XVWUDOLD.RUHD3áG-HGQDN HQDOH \PLHüQDXZDG]HSHZQHQLHEH]SLHF]H VWZDNWyUH
PRJ Z\QLNQ ü SRGF]DV SUDF EXGRZODQ\FK MDN UyZQLH Z WUDNFLH SRZVWDZDQLD SURMHNWX WHJR W\SX
RELHNWyZPRVWRZ\FK
'R ZLDGF]HQLD SUDNW\F]QH ] SU]HSURZDG]RQ\FK EDGD SRG REFL HQLHP Z Uy Q\FK HWDSDFK
EXGRZ\DWDN HSRF]\QLRQHSU]H]DXWRUyZWHJRDUW\NXáXZWUDNFLHW\FKSRPLDUyZREVHUZDFMHSUDF\
NRQVWUXNFML SRZáRN Z Uy Q\FK RELHNWDFK MDN UyZQLH V]HURND DQDOL]D Z\QLNyZ X]\VNDQ\FK ]H
ZV]\VWNLFK SRPLDUyZ L SRUyZQDQLH LFK ] ZDUWR FLDPL REOLF]HQLRZ\PL SR]ZROLá\ QD VIRUPXáRZDQLH
ZQLRVNyZRFKDUDNWHU]HRJyOQ\PLV]F]HJyáRZ\P>@>@>@
/LWHUDWXUD
>@ % %(1 ' :VSyáSUDFD JUXQWX L NRQVWUXNFML PRVWRZ\FK Z\NRQ\ZDQ\FK ]H VWDORZ\FK EODFK
IDOLVW\FK:\G]LDá%XGRZQLFWZD3ROLWHFKQLNL2SROVNLHM2SROHZU]HVLH
>@ .5$-1,. ' 0,&+$/6., - % 3LHUZV]H ÄPRVW\ NDQDG\MVNLH´ Z (XURSLH ,Q \QLHULD L
%XGRZQLFWZRYRO/9,,,QU±V±
>@ 9$6/(67$'-/RQJWHUPEHKDYLRXURIIOH[LEOHODUJHVSDQFXOYHUWV7UDQVSRUWDWLRQ5HVHDUFK
5HFRUGQRSS±7UDQVSRUWDWLRQ5HVHDUFK%RDUG:DVKLQJWRQ'&
>@ 52:, 6.$::<62.2:6.,$35<*$$=DOHFHQLDSURMHNWRZHLWHFKQRORJLF]QHGOD
SRGDWQ\FK NRQVWUXNFML LQ \QLHUVNLFK ] EODFK IDOLVW\FK ,QVW\WXW %DGDZF]\ 'UyJ L 0RVWyZ Z
:DUV]DZLH±)LOLD:URFáDZ2 URGHN%DGD 0RVWyZ%HWRQyZL.UXV]\Z PLJUyGNZLHFLH
>@ 0$1.2=%(%(1''\QDPLFWHVWLQJRIDFRUUXJDWHGVWHHODUFKEULGJH&DQDGLDQ-RXUQDORI
&LYLO(QJLQHHULQJ1DWLRQDO5HVHDUFK&RXQFLO&DQDGD9RO1RSS±
>@ 0$1.2³=((´=%(%(1'6WDWLFORDGWHVWVRIDURDGEULGJHZLWKDIOH[LEOHVWUXFWXUHPDGH
IURP6XSHU&RUW\SHVWHHOFRUUXJDWHGSODWHV-RXUQDORI%ULGJH(QJLQHHULQJ$6&(YRO
QRSS±
>@ 0&&$92857&%<51(300255,6217'/RQJVSDQUHLQIRUFHGVWHHOER[FXOYHUWV
7UDQVSRUWDWLRQ 5HVHDUFK 5HFRUG QR 7UDQVSRUWDWLRQ 5HVHDUFK %RDUG :DVKLQJWRQ '&
SS±
>@ 0&*5$7+ 7 - 0225( , ' 6(/,* ( 7 :(%% 0 & 7$/(% % 5HFRPPHQGHG
VSHFLILFDWLRQV IRU ODUJHVSDQ FXOYHUWV 7UDQVSRUWDWLRQ 5HVHDUFK %RDUG 6LPSVRQ *XPSHUW] DQG
+HJHU,QFRUSRUDWHG1&+535HSRUWQR:DVKLQJWRQ'&
>@ .$< - 1 $%(/ - ) 'HVLJQ DSSURDFK IRU FLUFXODU EXULHG FRQGXLWV $EULGJHPHQW
7UDQVSRUWDWLRQ 5HVHDUFK 5HFRUG QR 7UDQVSRUWDWLRQ 5HVHDUFK %RDUG :DVKLQJWRQ ' &
SS±
>@ +85'-26$5*$1'60+$=(1*$68+$5'-2656WUXFWXUDOSHUIRUPDQFHRIDQ
DOXPLQXP ER[ FXOYHUW 7UDQVSRUWDWLRQ 5HVHDUFK 5HFRUG QR 7UDQVSRUWDWLRQ 5HVHDUFK
%RDUG:DVKLQJWRQ'&SS±
>@ 6$5*$1'60+$=(1*$+85'-26WUXFWXUDOHYDOXDWLRQRIER[FXOYHUWV-RXUQDORI
*HRWHFKQLFDO(QJLQHHULQJ$6&(YRO'HFQRSS±
>@ .(11('< - % /$%$ - 7 6XJJHVWHG LPSURYHPHQWV LQ GHVLJQLQJ VRLOVWHHO VWUXFWXUHV
7UDQVSRUWDWLRQ5HVHDUFK5HFRUGQR7UDQVSRUWDWLRQ5HVHDUFK%RDUG:DVKLQJWRQ'&
SS±
>@ 02+$00('+.(11('<-%60,7+3,PSURYLQJWKHUHVSRQVHRIVRLOPHWDOVWUXFWXUHV
GXULQJFRQVWUXFWLRQ$6&(-RXUQDORI%ULGJH(QJLQHHULQJYROQRSS±
>@ % %(1'0$ .2=%DGDQLDVWDW\F]QHPRVWXGURJRZHJRZ\NRQDQHJR]HVWDORZ\FKEODFK
IDOLVW\FK.ZDUWDOQLN,QVW\WXWX%DGDZF]HJR'UyJL0RVWyZÄ'URJLL0RVW\´:DUV]DZDQU
V±
>@ '81&$1-0&+$1*&<1RQOLQHDUDQDO\VLVRIVWUHVVDQGVWUDLQLQVRLOV-RXUQDORIWKH
6RLO0HFKDQLFVDQG)RXQGDWLRQ'LYLVLRQ$6&(YRO6HSWQR60SS±
>@ 6(('5%5$,1(6-5)DLOXUHRIIOH[LEOHORQJVSDQFXOYHUWVXQGHUH[FHSWLRQDOOLYHORDGV
7UDQVSRUWDWLRQ5HVHDUFK5HFRUGQR7UDQVSRUWDWLRQ5HVHDUFK%RDUG:DVKLQJWRQ'&
SS±
>@ % %(1 ' &=< (:6., 3 0$ .2 = 2 EXGRZLH QDMZL NV]HJR Z (XURSLH RELHNWX
PRVWRZHJR]HVWDORZ\FKEODFKIDOLVW\FKW\SX6XSHU&RU,Q \QLHULDL%XGRZQLFWZR9RO/;QU
V±
>@ 3162ELHNW\PRVWRZH.RQVWUXNFMHVWDORZH3URMHNWRZDQLH
>@ 3162ELHNW\PRVWRZH2EFL HQLD
>@ 3162ELHNW\PRVWRZH.RQVWUXNFMHVWDORZH:\PDJDQLDLEDGDQLD
'(6,*16$1'&216758&7,216352%/(06&21&(51,1*
62,/67((/%5,'*(2%-(&76
7KH SDSHU LV SUHVHQWHG WKH FRQVWUXFWLRQ DQG GHVLJQ SUREOHPV FRQFHUQLQJ VRLOVWHHO EULGJH REMHFW PDGH RI VWHHO
FRUUXJDWHGSODWHV$FWXDOFRGHDQGWHFKQRORJLFDOUHTXLUHPHQWVDVZHOODVDVVHPEO\ZD\VRIWKHVHW\SHVRIVWUXFWXUHDUH
DOVRSUHVHQWHGLQWKLVSDSHU,QFRQVLGHUDWLRQRIPRVWRIWHQDSSOLFDWLRQRIWKLVW\SHRIVWUXFWXUHLQWKHFDVHRIVPDOODQG
PLGGOH HIIHFWLYH VSDQ RI EULGJHV URDG DQG UDLOZD\ WKH SUREOHPV LQFOXGHG LQ WKH SDSHU PD\ EH XVHIXO GXULQJ
FRQVWUXFWLRQDQGFDOFXODWLRQVVXFKVWUXFWXUHV