$UWXU'8&+$&=(.
=ELJQLHZ0$ .2
2&(1$75:$à2 &,(.63/2$7$&<-1(-' :,*$5Ï:
67$/2:<&+:0267$&+:2-6.2:<&+
: SUDF\ SU]HGVWDZLRQR VSRVyE RFHQ\ WUZDáR FL HNVSORDWDF\MQHM G ZLJDUyZ VWDORZ\FK Z PRVWDFK ZRMVNRZ\FK OXE
REMD]GRZ\FK Z SU]\SDGNX VWZLHUG]HQLD Z QLFK S NQL ü ]P F]HQLRZ\FK 'OD ]DáR RQ\FK GZyFK Uy Q\FK PRGHOL
REOLF]HQLRZ\FK SU]HGVWDZLRQR IXQNFM FKDUDNWHU\]XM F JHRPHWUL S NQL FLD F]\OL W]Z ZVSyáF]\QQLN NV]WDáWX
:\NRU]\VWXM F W IXQNFM ]EXGRZDQR SU]\NáDGRZ\ Z\NUHV XPR OLZLDM F\ Z SURVW\ VSRVyE V]DFRZDQLH SR]RVWDáHM
UH]HUZ\ WUZDáR FL HNVSORDWDF\MQHM WHJR W\SX NRQVWUXNFML 3RGDQ\ VSRVyE DQDOL]\ PR H E\ü SU]\GDWQ\ QLH W\ONR GOD
PRVWyZZRMVNRZ\FKDOHGODFDáHMJDP\NRQVWUXNFMLVWDORZ\FK]MX LVWQLHM F\PS NQL FLHP
:VW S
::\ V]HM6]NROH2ILFHUVNLHM:RMVN/ GRZ\FKZH:URFáDZLXRGNLONXODWSURZDG]RQHV EDGDQLD
]ZL ]DQH ] ]DVWRVRZDQLHP Uy Q\FK UR]ZL ]D NRQVWUXNF\MQ\FK Z\NRU]\VW\ZDQ\FK Z VWDORZ\FK
PRVWDFKZRMVNRZ\FKMDNLSUyE\RFHQ\WUZDáR FLHNVSORDWDF\MQHMWDNLFKRELHNWyZ
:SUDF\>@SU]HGVWDZLRQRNRQFHSFM EXGRZ\SU] VáDPRVWXQLVNRZRGQHJRZNWyU\PGRPRQWD X
VW H SRSU]HF]Q\FKX \WR UXEU\VDFRZ\PDJDáRZ\NRQDQLDZ URGQLNDFKG ZLJDUyZJáyZQ\FK
RWZRUyZRVáDELDM F\FKLFKNRQVWUXNFM U\VEF6]F]HJyOQLHRWZRU\XV\WXRZDQHZVWUHILHUR]FL JDQHM
G ZLJDUyZVWDQRZL SRWHQFMDOQHPLHMVFHNXPXODFMLQDSU H LZQLHGDOHNLHMSU]\V]áR FLPRJ VWDQRZLü
UyZQLH PLHMVFD LQLFMDFML S NQL ü ]P F]HQLRZ\FK 3URZL]RU\F]Q\ VSRVyE Z\NRQDQLD RWZRUyZ
PRQWD RZ\FKZZDUXQNDFKSROLJRQRZ\FKPDLVWRWQ\ZSá\ZQDMDNR üZ\NRQDQLDW\FKRWZRUyZFRZ
NRQVHNZHQFMLPR HSU]\F]\QLüVL UyZQLH GRSRZVWDQLDV]\EV]HMLQLFMDFMLS NQL FLD
D
E
F
5\V:LGRNLNRQVWUXNFMLSU] VáDRUD]VW H SRPL G]\G ZLJDUDPLJáyZQ\PL>@>@
DLENRQVWUXNFMDQR QDSU] VáDFSRá F]HQLD UXERZH
3U]HGPLRWHPSUDF\V EDGDQLDXPR OLZLDM FHV]DFRZDQLHWUZDáR FLNRQVWUXNFMLVWDORZ\FKG ZLJDUyZ
JáyZQ\FKZPRVWDFKQLVNRZRGQ\FK]HV]F]HOLQ ]P F]HQLRZ SURSDJXM F RGZ\NRQDQ\FKRWZRUyZ>@
: SU]\SDGNX VWZLHUG]HQLD XV]NRG]HQLD S NQL FLD Z VWDORZ\FK G ZLJDUDFK PRVWyZ ZRMVNRZ\FK
LVWQLHM WU]\SRGVWDZRZHVSRVRE\SU]\ZUDFDQLDSU] VHáGRGDOV]HMHNVSORDWDFMLWMZ\PLDQDXV]NRG]RQHJR
G ZLJDUDMHJRGRUD QDQDSUDZDOXE]PQLHMV]HQLHQR QR FLFDáHJRSU] VáD
NSWPJULQ :\ V]D6]NRáD2ILFHUVND:RMVN/ GRZ\FKLPJHQ7.R FLXV]NLZH:URFáDZLX
GUKDELQ SURI3:U,QVW\WXW,Q \QLHULL/ GRZHM3ROLWHFKQLNL:URFáDZVNLHM
92JöOQRSROVND.RQIHUHQFMD0RVWRZFöZ .RQVWUXNFMDL:\SRVD HQLH0RVWöZ
:LVïDOLVWRSDGDU
7U]HFLH ] UR]ZL ]D MHVW PDáR SU]\GDWQH GOD FHOyZ RSHUDF\MQ\FK SRQLHZD PRVW\ QLVNRZRGQH
SURMHNWRZDQH V QD REFL HQLH XPR OLZLDM FH SU]HSUDZ RNUH ORQ\FK SRGRGG]LDáyZ ZRMVNRZ\FK D
SU]H] WR QD SU]HSUDZ RNUH ORQHJR URG]DMX VSU] WX 'ODWHJR WH GOD SUDNW\NL LQ \QLHUVNLHM EDUG]R
SU]\GDWQD MHVW XPLHM WQR ü RNUH ODQLD OLF]E\ F\NOL REFL HQLD Z\ZRáDQHJR RNUH ORQ\P W\SHP
SRMD]GyZMDN PR HMHV]F]HEH]SLHF]QLHSU]HQLH üXV]NRG]RQ\G ZLJDUSU] VáDPRVWX
,Q \QLHURZLH L MHGQRVWNL DGPLQLVWUDF\MQH RGSRZLHG]LDOQH ]D SUDZLGáRZ HNVSORDWDFM RELHNWyZ
PRVWRZ\FKZW\PUyZQLH PRVWyZQLVNRZRGQ\FKSRZLQQLG\VSRQRZDüRGSRZLHGQLPLQDU] G]LDPL
REOLF]HQLRZ\PL ]D SRPRF NWyU\FK PRJOLE\ V]DFRZDü NU\W\F]Q GáXJR ü S NQL FLD OXE NU\W\F]Q
ZDUWR üREFL HQLD]HZQ WU]QHJR'ODWHJRWH GRWHMSRU\RSUDFRZDQRNLONDSRPRFQLF]\FKSURFHGXU
SR]ZDODM F\FKEH]SRWU]HE\SU]HSURZDG]DQLDND GRUD]RZR]áR RQ\FKREOLF]H LEDGD RV]DFRZDü]
Z\VWDUF]DM F GRNáDGQR FL GOD SUDNW\NL LQ \QLHUVNLHM WHZLHONR FL.UyWNLRSLVRPDZLDQ\FKPHWRG
SU]HGVWDZLOLZVZRLFKSUDFDFKPLQ$1HLPLW]>@RUD].5\NDOXN>@0HWRG\WHSROHJDM SU]HGH
ZV]\VWNLP QD NRQVWUXNFML W]Z GLDJUDPyZ ]QLV]F]HQLD NWyUH XPR OLZLDM RNUH ODQLH PLQ ZDUWR FL
ZVSyáF]\QQLND]DSDVX)
S
>@0HWRG\WHQLHGDM MHGQDNRGSRZLHG]LQDS\WDQLHMDNGáXJRPR HE\ü
MHV]F]HEH]SLHF]QLHHNVSORDWRZDQ\RELHNW]RNUH ORQ ZLHONR FL XV]NRG]HQLD
: QLQLHMV]HM SUDF\ SU]\ UR]ZL ]\ZDQLX RPDZLDQHJR SUREOHPX VNRU]\VWDQR ] PHWRG\ RSDUWHM QD
NU\WHULXP VLáRZ\P RSLVDQ\P V]F]HJyáRZR PLQ Z SUDF\ $ 1HLPLW]D >@ 3UyE\ Z\NRU]\VWDQLD WHM
PHWRG\ZRGQLHVLHQLXGRVSDZDQ\FKNRQVWUXNFMLPRVWRZ\FKSUH]HQWRZDOLZVZ\FKSUDFDFKWDN H%
:LFKWRZVNLL.5\NDOXN>@RUD].6WXU]EHFKHU>@
=DVWRVRZDQLH0(6GRRNUH ODQLDZVSyáF]\QQLNDLQWHQV\ZQR FLQDSU H
-HGQ\P ] SRGVWDZRZ\FK SDUDPHWUyZ Z\NRU]\VW\ZDQ\P SRGF]DV REOLF]H ]ZL ]DQ\FK ] RFHQ
WUZDáR FL HNVSORDWDF\MQHM VWDORZ\FK RELHNWyZ PRVWRZ\FK PDM F\FK XV]NRG]HQLH R RNUH ORQHM
ZLHONR FLMHVWZVSyáF]\QQLNLQWHQV\ZQR FLQDSU H .
,
:\GDMHVL HGODZVSyáF]HVQHJRLQ \QLHUDNRQVWUXNWRUDQDMEDUG]LHMXQLZHUVDOQ\PQDU] G]LHPGR
Z\]QDF]DQLD ZVSyáF]\QQLND LQWHQV\ZQR FL QDSU H .
,
V DOJRU\WP\ Z\NRU]\VWXM FH PHWRG
HOHPHQWyZ VNR F]RQ\FK 0(6 3UDNW\F]QH ]DVWRVRZDQLH WHM PHWRG\ ]DSUH]HQWRZDQR PLQ Z SUDF\
>@ JG]LH SU]HGVWDZLRQR ]DVDG Z\NRU]\VWDQLD Z\QLNyZ REOLF]H Z\WU]\PDáR FLRZ\FK áRSDWHN
ZLUQLNRZ\FK SU]HSURZDG]RQ\FK SU]\ Z\NRU]\VWDQLX RSURJUDPRZDQLD RSDUWHJR QD 0(6 GR
RNUH ODQLDZVSyáF]\QQLNDLQWHQV\ZQR FLQDSU H .
,
: QLQLHMV]HM SUDF\ Z REOLF]HQLDFK XZ]JO GQLRQR ]XQLILNRZDQH Z\PLDU\ VWDORZHJR GZXWHRZQLND
]Z\NáHJR 8QLILNDFMD WD SROHJDáD JáyZQLH QD SRZL ]DQLX ZV]\VWNLFK Z\PLDUyZ NRQLHF]Q\FK GR
VWZRU]HQLDPRGHOXREOLF]HQLRZHJR]Z\VRNR FL NV]WDáWRZQLNDK>@
: SUDF\ Z\NRU]\VWDQR EH]SR UHGQL PHWRG RNUH OHQLD ZVSyáF]\QQLNyZ LQWHQV\ZQR FL QDSU H
REOLF]DM F ZDUWR FL QDSU H Z SREOL X V]F]\WX SRZVWDáHJR S NQL FLD : RSDUFLX R SUDF >@
ZVSyáF]\QQLN LQWHQV\ZQR FL QDSU H .
,
REOLF]DQRVSRU] G]DM FZ\NUHVZLHONR FLXM WHMZQDZLDVLH
Z\UD HQLDZIXQNFMLRGOHJáR FLRGZLHU]FKRáNDV]F]HOLQ\UDQDVW SQLHHNVWUDSROXM FW IXQNFM GOD
U 3U]\M WDIXQNFMDQD.
,
SU]HGVWDZLDVL QDVW SXM FR
OLP
,
U
.
U
V
o
GOD
T
=DVWRVRZDQLHWDNLHJRUR]ZL ]DQLDZ\QLNDáR]SU]\M W\FKGZyFKPRGHOLREOLF]HQLRZ\FKNWyUHDOER
XQLHPR OLZLDá\SU]HSURZDG]HQLHDQDOL]\SU]HPLHV]F]H ZZLHU]FKRáNXV]F]HOLQ\U\VD±PRGHO,
DOER QLH RG]ZLHUFLHGODá\ SU]HPLHV]F]H Z U]HF]\ZLVW\P G ZLJDU]H JáyZQ\P U\V E ± PRGHO ,,
:\QLNDáRWR]IDNWX HGRREOLF]H SU]\M WRW\ONRQLHZLHONLIUDJPHQWWHJRGZXWHRZQLND
7ZRU] F PRGHOH REOLF]HQLRZH ]DáR RQR H NU\W\F]QD GáXJR ü S NQL FLD D ]QDMGRZDü VL E G]LH
QDGDO Z REV]DU]H URGQLND =QDM F ] NROHL UR]NáDG QDSU H QRUPDOQ\FK Z ]JLQDQ\P GZXWHRZQLNX
VWDORZ\P SU]\M WR H GOD DQDOL]\ SURSDJDFML V]F]HOLQ\ Z\VWDUF]\ SU]HDQDOL]RZDü W\ONR UR]NáDG
QDSU H ZVDP\PMHJR URGQLNX
(OHPHQWDPL NWyU\PL ND GRUD]RZR PRGHORZDQR ]DUyZQR RVREOLZH SROD QDSU H RWDF]DM FH
ZLHU]FKRáHNV]F]HOLQ\MDNLQLHRVREOLZHSRODQDSU H ZFDá\PREV]DU]HNRQVWUXNFMLE\á\WUyMZ ]áRZH
SRZLHU]FKQLRZH HOHPHQW\ VNR F]RQH 'R WZRU]HQLD VLDWNL HOHPHQWyZ VNR F]RQ\FK X \WR PHWRG\
WULDQJXODU\]DFML'HODXQD\¶DL.DQJD>@NWyUDPR HE\üVWRVRZDQDGRJHQHURZDQLDVLDWHNGODGRZROQHM
SRZLHU]FKQLSáDVNLHM:\EyUWHMPHWRG\R]QDF]D HZSREOL XHPLWHUyZWZRU]HQLHVLDWNLHOHPHQWyZ
RGE\ZDáRVL SU]\SRPRF\PHWRG\.DQJDDSR]DW\PLREV]DUDPLPHWRG 'HODXQD\¶D
5\V6SRVyESRGSDUFLDLREFL HQLDDQDOL]RZDQHJRGZXWHRZQLNDZUR]SDWU\ZDQ\FKPRGHODFKREOLF]HQLRZ\FK
D,PRGHOE,,PRGHO
$E\ ZLHONR ü ZVSyáF]\QQLND LQWHQV\ZQR FL QDSU H .
,
PR QD E\áR Z SURVW\ L V]\ENL VSRVyE
Z\NRU]\VW\ZDüZSUDNW\F]Q\FK]DJDGQLHQLDFKLQ \QLHUVNLFKQDOH DáRRNUH OLüZVSyáF]\QQLNNV]WDáWX<
: W\P FHOX ]QDM F ZLHONR ü ZVSyáF]\QQLND LQWHQV\ZQR FL QDSU H .
,
GOD RNUH ORQ\FK GáXJR FL
V]F]HOLQ\ D RUD] ZDUWR ü QDSU H ZHOHPHQFLHEH]XV]NRG]HQLDZLHONR üZVSyáF]\QQLNDNV]WDáWX<
REOLF]RQRZHGáXJZ]RUX
]Z
,
D
.
<
V
Z NWyU\P V
]Z
VWDQRZL ZDUWR ü QDSU H QRUPDOQ\FK Z HOHPHQFLH EH] XV]NRG]HQLD Z PLHMVFX
Z\VW SRZDQLDZLHU]FKRáNDKLSRWHW\F]QHMV]F]HOLQ\
1D U\VXQNX SU]HGVWDZLRQR ]PLHQQR ü ZVSyáF]\QQLND NV]WDáWX < Z ]DOH QR FL RG VWRVXQNX
GáXJR FLV]F]HOLQ\DGRZ\VRNR FLGZXWHRZQLNDK
6WRVXQHNGáXJR FLV]F]HOLQ\D GRZ\VRNR FLGZXWHRZQLNDK
:
VS
yáF
]\
LN
N
V]
WD
áWX
<
0RGHO,
0RGHO,,
5\V:\NUHV\]PLHQQR FLZVSyáF]\QQLNDNV]WDáWX<Z]DOH QR FLRGVWRVXQNXGáXJR FLV]F]HOLQ\REOLF]HQLRZHMD
GRZ\VRNR FLGZXWHRZQLNDKGODREXPRGHOLREOLF]HQLRZ\FK
3RUyZQXM F Z\NUHV\ X]\VNDQH ] REOLF]H SU]HGVWDZLRQHQDU\V]DXZD DVL HGOD]QDF]QHJR
]DNUHVXVWRVXQNXDKRWU]\PXMHVL Z\ V]HZDUWR FLZVSyáF]\QQLNDNV]WDáWX<NRU]\VWDM F],,PRGHOX
REOLF]HQLRZHJR
$QDOL]XM FWDN HV]F]HJyáRZRSU]HGVWDZLRQHZ\NUHV\Z\SURZDG]RQRIXQNF\MQ\]DSLVQDZLHONR ü
ZVSyáF]\QQLNDNV]WDáWX<ZSRVWDFL
[
[
[
[
[
<
ZNWyU\P[MHVWVWRVXQNLHPGáXJR FLV]F]HOLQ\DGRZ\VRNR FLGZXWHRZQLNDK
D
3
3
;
'
D
E
S
:
E
3
D
G
G
; ;
'
;
3
:
=DOH QR üSU]HGVWDZLDZLHONR üZVSyáF]\QQLNDNV]WDáWX<Z]DOH QR FLRGVWRVXQNXGáXJR FL
V]F]HOLQ\ D GR Z\VR NR FL GZXWHRZQLND K MDNR REZLHGQL MHJR PDNV\PDOQ\FK ZDUWR FL GOD R EX
UR]SDWU\ZDQ\FKPRGHOLREOLF]HQLRZ\FK
'RNáDGQ\ RSLV SURZDG]RQ\FK EDGD DQDOL] QXPHU\F]Q\FK RUD] Z\FL JQL WH ] QLFK V]F]HJyáRZH
ZQLRVNL NR FRZH ]DSUH]HQWRZDQR QD ,; 0L G]\QDURGRZHM .RQIHUHQFML 1DXNRZHM Ä&20387(5
$,'('(1*,1((5,1*´Z6]NODUVNLHM3RU ELHZGQLDFK±F]HUZFDU>@
2NUH OHQLHWUZDáR FLHNVSORDWDF\MQHMG ZLJDUyZVWDORZ\FKZPRVWDFKZRMVNRZ\FK
3URFHGXU\Z\NRU]\VWDQHZQLQLHMV]HMSUDF\PDM QDFHOXMHG\QLHSU]\EOL RQHV]DFRZDQLHSU]\EOL RQ
RFHQ W]ZSR]RVWDáHMWUZDáR FLHNVSORDWDF\MQHMG ZLJDUyZVWDORZ\FKZPRVWDFKZRMVNRZ\FKLGODWHJRWH
SRZLQQ\ Z\PDJDü PLQLPDOQHM OLF]E\ GDQ\FK REOLF]HQLRZ\FK =UHDOL]RZDQR WR SRSU]H] PDNV\PDOQH
Z\NRU]\VWDQLHUyZQD NRUHODF\MQ\FKZ\VW SXM F\FKPL G]\ZLHONR FLDPL]P F]HQLRZ\PLDZLHONR FLDPL
Z\WU]\PDáR FLRZ\PLPDWHULDáXNWyUH]DSUH]HQWRZDQRPLQZSUDFDFK.5\NDOXND>@6.RFD G\L-
6]DOL>@RUD]-*HUPDQD>@']L NLWHPX]DVWRVRZDQ\DOJRU\WPREOLF]HQLRZ\Z\PDJDáSRGDQLDMHG\QLH
NLONXSRGVWDZRZ\FKGDQ\FKPDWHULDáRZ\FK
.U\WHULXPVLáRZHZ\NRU]\VW\ZDQHMHVWSU]HGHZV]\VWNLPZSU]\SDGNXS NDQLDNUXFKHJRZZDUXQNDFK
SáDVNLHJRVWDQXRGNV]WDáFHQLD>@'ODWHJRWH ]HZ]JO GXQDQLHZLHONLHZ\PLDU\NV]WDáWRZQLNyZQDOH DáR
Z REOLF]HQLDFK GRGDWNRZR ZSURZDG]Lü Z]RU\ XZ]JO GQLDM FH RGSRUQR ü VWDOL QD S NDQLH Z
NRQNUHWQ\FKZDUXQNDFKREFL HQLD.
&
]DSUH]HQWRZDQHPLQZSUDF\>@
,F
,F
&
¸¸¹
·
¨¨©
§
H
5
.
J
.
.
OXE
H
&
¸
¸
¹
·
¨
¨
©
§
J5
.
.
,F
JG]LH5
H
MHVWJUDQLF SODVW\F]QR FLQDWRPLDVWJJUXER FL URGQLNDEDGDQHJRGZXWHRZQLND
$E\ XZ]JO GQLü ZSá\Z ZVSyáF]\QQLND DV\PHWULL F\NOX REFL HQLD 5 QD SR]RVWDá WUZDáR ü
HNVSORDWDF\MQ VSUDZG]DQ\FK HOHPHQWyZ NRQVWUXNF\MQ\FK PRVWX REOLF]DQR OLF]E F\NOL REFL H
NRQLHF]Q GR LFK ]QLV]F]HQLD 1
S
Z\NRU]\VWXM F Z]yU )RUPDQD NWyU\ RSLVXMH GZLH ID]\ ,, L ,,,
NLQHPDW\F]QHJRZ\NUHVXS NDQLD]P F]HQLRZHJRSRGDQHJRSU]H]*HUPDQD>@
1
S
D
.
&
.
.
5
D
D
G
)
N
R
P
)
&
¸
¸
¹
·
¨
¨
©
§
'
³
JG]LHD
R
VWDQRZLGáXJR üV]F]HOLQ\SRF] WNRZHMDD
N
GáXJR üV]F]HOLQ\NU\W\F]QHM:LHONR FL&
)
LP
)
V WR VWDáH PDWHULDáRZH QDWRPLDVW '. VWDQRZL ]DNUHV ]PLHQQR FL ZVSyáF]\QQLND LQWHQV\ZQR FL
QDSU H
1D U\VXQNX ]DSUH]HQWRZDQR SU]\NáDGRZH Z\NUHV\ SU]HGVWDZLDM FH WUZDáR ü HNVSORDWDF\MQ
G ZLJDUD JáyZQHJR SU] VáD PRVWX QLVNRZRGQHJR ]EXGRZDQHJR ] GZXWHRZQLNyZ ]Z\Ná\FK PP
]HVWDOLJDWXQNX6W6GODUy Q\FKGáXJR FLS NQL üSURSDJXM F\FKRGRWZRUyZPRQWD RZ\FK
=DSUH]HQWRZDQHZ\NUHV\U\VXPR OLZLDM EH]SR UHGQLHLQDW\FKPLDVWRZHRNUH OHQLHSR]RVWDáHM
WUZDáR FL HNVSORDWDF\MQHM G ZLJDUD VWDORZHJR PDM FHJR S NQL FLD SURSDJXM FH RG RWZRUyZ
PRQWD RZ\FK
$E\ VSUDZG]Lü F]\ VWZRU]RQH Z\NUHV\ U\V PDM Z\VWDUF]DM FR NRQVHUZDW\ZQ\ FKDUDNWHU
VNRU]\VWDQR ] GLDJUDPX ]QLV]F]HQLD SRND]DQHJR Z SUDF\ >@ RSDUWHJR QD W]Z SRGHM FLX
GZXNU\WHULDOQ\P RNUH ODM F ZVSyáF]\QQLNL ]DSDVX )
S
GOD DQDOL]RZDQHM NRQVWUXNFML SU] VáD
ZRMVNRZHJR2EOLF]HQLDZ\NRQDQRSU]\]DáR HQLXPDNV\PDOQHJRZ\W HQLDG ZLJDUDJáyZQHJRLGOD
V]F]HOLQ R GáXJR FLDFK RUD] PP 2WU]\PDQR ZDUWR FL ZVSyáF]\QQLNyZ ]DSDVX )
S
UyZQH
RGSRZLHGQLRL
:\GDMH VL H WUZDáR ü HOHPHQWX OLF]E F\NOL REFL H NRQLHF]Q GR ]QLV]F]HQLD HOHPHQWX 1
S
REOLF]RQ QSGODV]F]HOLQ\RGáXJR FLPPPQLHMV] QL F\NOLPR QDX]QDüMDNRUyZQ ]HUX
=DWHP REOLF]RQH ZDUWR FL ZVSyáF]\QQLND ]DSDVX )
S
ZLDGF] ] FDá SHZQR FL R Z\VWDUF]DM FR
NRQVHUZDW\ZQ\P FKDUDNWHU]H Z\NUHVX SU]HGVWDZLDM FHJR SR]RVWDá WUZDáR ü HNVSORDWDF\MQ
XV]NRG]RQHJRG ZLJDUDJáyZQHJRU\V
:\W HQLHG ZLJDUD>@
'áXJR üV]F]HOLQ\D >PP@
7UZ
Dá
R
ü
G
ZL
JD
UD
1
S
>W\
V
F\
NOL@
5\V:\NUHV\WUZDáR FLHNVSORDWDF\MQHMG ZLJDUDJáyZQHJRPRVWXQLVNRZRGQHJRZ\NRQDQHJR
]GZXWHRZQLND]Z\NáHJRPPVWDO6W6GODS NQL üSURSDJXM F\FKRGRWZRUyZPRQWD RZ\FK
: LQ \QLHULL ZRMVNRZHM ]ZL ]DQHM ] PRVWRZQLFWZHP ]H Z]JO GyZ RSHUDF\MQ\FK XPLHM WQR ü
RNUH OHQLD WUZDáR FL XV]NRG]RQHJR SU] VáD Z IXQNFML OLF]E\ F\NOL REFL H MHVW QLH]PLHUQLH LVWRWQD
JG\ QLH Z\PDJD RG RVRE\ RGSRZLHG]LDOQHM ]D HNVSORDWDFM RELHNWyZ PRVWRZ\FK SRGHMPRZDQLD
MDNLFKNROZLHN F]\QQR FL ]DEH]SLHF]DM F\FK XV]NRG]RQ\ G ZLJDU VWDORZ\ HOHPHQW )DNW WHQ MHVW
V]F]HJyOQLHZD Q\ZUy QHJRURG]DMXV\WXDFMDFKNU\]\VRZ\FKOXEZDUXQNDFKZRMHQQ\FK
%DGDQLDGR ZLDGF]DOQH
-HGQ\P]FHOyZQLVNRF\NORZ\FKEDGD ]P F]HQLRZ\FKNWyUHSU]HSURZDG]RQRZODWDFK±
Z ODERUDWRULXP ,QVW\WXWX %XGRZQLFWZD 3ROLWHFKQLNL :URFáDZVNLHM E\áR VSUDZG]HQLH F]\ G ZLJDU
JáyZQ\ SU] VáD PRVWX QLVNRZRGQHJR PDM F\ XV]NRG]HQLD R XVWDORQ\FK Z\PLDUDFK SU]HQLHVLH
EH]SLHF]QLH RNUH ORQ Z REOLF]HQLDFK ]P F]HQLRZ\FK OLF]E F\NOL REFL HQLD R ]DGDQHM
FKDUDNWHU\VW\FHU\V
D
E
5\V:LGRNVWDQRZLVNDEDGDZF]HJRZUD]]G ZLJDUHPVWDORZ\P]EXGRZDQHJR
Z,QVW\WXFLH%XGRZQLFWZD3ROLWHFKQLNL:URFáDZVNLHMZURNXDE
: EDGDQLDFK GR ZLDGF]DOQ\FK WHVWRZDQR GZXWHRZQLN ]Z\Ná\ ,31 Z\NRQDQ\ ]H VWDOL JDWXQNX
6-5* :\GDMH VL H Z ZDUXQNDFK SRORZ\FK RVRED RGSRZLHG]LDOQD ]D SUDZLGáRZ HNVSORDWDFM
RELHNWXPRVWRZHJRPR HVWZLHUG]LüXV]NRG]HQLHG ZLJDUDJáyZQHJRMHG\QLHZyZF]DVJG\MHJRGáXJR ü
E G]LHQDW\OHGX D HE G]LHZ\VWDZDüSR]DREV]DUSU]\NU\W\EODFK F]RáRZ EODFK Z ]áRZ VW HQLD
SRSU]HF]QHJR6W GGREDGD SU]\M WRS NQL FLHZSRVWDFLZ\NRQDQHJRQDFL FLDRGáXJR FLPP
: WUDNFLH EDGD GR ZLDGF]DOQ\FK SU]HSURZDG]RQ\FK Z URNX MDNR REFL HQLH JUDQLF]QH
SU]\M WRREFL HQLHVLá VNXSLRQ RZLHONR FLN13U]HELHJ REFL DQLD SRG]LHORQR QD GZLH
]DVDGQLF]HF] FL:,ID]LHEDGD RNRáRF\NOLREFL H GRNRQDQRLQLFMDFMLS NQL FLDQDWRPLDVW
Z JáyZQ\P HWDSLH EDGD ,, ID]D REVHUZRZDQR MX UR]ZyM SRZVWDáHJR XV]NRG]HQLD Z URGQLNX
GZXWHRZQLND:\QLNL]DREVHUZRZDQHJRZ]URVWXS NQL FLD]P F]HQLRZHJRSU]HGVWDZLRQRQDU\VD
$E\VSUDZG]LüZSá\ZSU]\NáDGDQHMVLá\VNXSLRQHMDSU]H]WRZ\VW SRZDQLH]QDF]Q\FKVLáWQ F\FK
Z DQDOL]RZDQ\P SU]HNURMX QD SU GNR ü UR]ZRMX S NQL FLD ]P F]HQLRZHJR SRVWDQRZLRQR Z URNX
]PLHQLü]DVDGQLF]\VFKHPDWREFL HQLD]HZQ WU]QHJR
1DU\VXQNXE]DSUH]HQWRZDQRZ]URVWGáXJR FLV]F]HOLQ\]P F]HQLRZHMSU]H]RNUHVW\VF\NOL
REFL H SRGF]DV EDGD SU]HSURZDG]RQ\FK Z URNX JG]LH MDNR REFL HQLD X \WR GZyFK VLá
VNXSLRQ\FK ND GD SR N1 2EFL HQLH WR VSRZRGRZDáR Z\VW SLHQLH Z NRQVWUXNFML GZXWHRZQLND
SRGREQ\FKZLHONR FLPRPHQWyZ]JLQDM F\FKMDNGODREFL HQLDVLá VNXSLRQ N1DOHOLNZLGRZDáR
QDWRPLDVWEH]SR UHGQLZSá\ZVLá\VNXSLRQHMQDUR]ZyMV]F]HOLQ\]P F]HQLRZHM
8VWDORQDSU GNR üUR]ZRMXS NQL FLD]P F]HQLRZHJRUy QLáDVL ]QDF]QLHRGSU GNR FLX]\VNDQHM]
REOLF]H QLHPDOUD]\:Sá\ZQDWDN]Uy QLFRZDQHZ\QLNLPRJá\PLHüSU]HGHZV]\VWNLPSU]\M WH
ZDUWR FLZVSyáF]\QQLNyZ&
)
LP
)
Z\NRU]\VWDQHZHZ]RU]HDREOLF]RQH]]DOH QR FLSRGDQ\FKZ
SUDFDFK >@ L >@ : REOLF]HQLDFK QLH XZ]JO GQLRQR UyZQLH IDNWX H SU]\M WH ZDUWR FL
ZVSyáF]\QQLNyZ &
)
L P
)
SU]HZLG]LDQH V GOD PDWHULDáyZ R ]QDF]QLH ZL NV]HM JUXER FL SáDVNL VWDQ
RGNV]WDáFH
3RGF]DVREOLF]H QXPHU\F]Q\FK]ZL ]DQ\FK]RNUH OHQLHPZVSyáF]\QQLNDLQWHQV\ZQR FLQDSU H
QLH XZ]JO GQLDQR WDN H ]QDF]Q\FK RGNV]WDáFH SODVW\F]Q\FK NWyUH Z\VW SRZDá\ SRG ZLHU]FKRáNLHP
V]F]HOLQ\]P F]HQLRZHMZWUDNFLHEDGD GR ZLDGF]DOQ\FK
DE
\ [
/LF]EDF\NOLREFL HQLD1
S
>W\V@
'
áXJR
ü
V]F]
HO
LQ
\
D
>
PP@
\ [
/LF]EDF\NOLREFL HQLD1
S
>W\V@
'á
XJ
R
ü
V]
F]
HO
LQ
\D
>
PP@
5\V:]URVWGáXJR FLV]F]HOLQ\]P F]HQLRZHMREVHUZRZDQ\ZF]DVLHEDGD
GR ZLDGF]DOQ\FKZURNXDE
$QDOL]DREXZ\NUHVyZ]DSUH]HQWRZDQ\FKQDU\VZ\ND]DáD]QDF]Q\ERRNRáRZSá\ZVSRVREX
REFL HQLDNRQVWUXNFMLSU] VáDQDSU GNR üUR]ZRMXS NQL FLD]P F]HQLRZHJR3U]\M FLHZWUDNFLHEDGD Z
URNX GX HM ZDUWR FL REFL HQLD VNXSLRQHJR ]PLHQLDáR UR]NáDG QDSU H Z SRáRZLH UR]SL WR FL
WHRUHW\F]QHM SU] VáD F]HJR QLH XZ]JO GQLDQR Z PRGHODFK REOLF]HQLRZ\FK U\V Z NWyU\FK ]DáR RQR
Z\VW SRZDQLHMHG\QLHQDSU H QRUPDOQ\FK
DE
5\V:LGRNRJyOQ\VWDQRZLVNDSRPLDURZHJRLV]F]HOLQ\]P F]HQLRZHMX]\VNDQHMSR]DNR F]HQLXEDGD GR ZLDGF]DOQ\FK
DZLGRNQDF]XMQLNLLQGXNF\MQHESRZL NV]HQLHV]F]HOLQ\]P F]HQLRZHM
,HWDSEDGD
,,HWDSEDGD
:\QLNL GRW\FKF]DVRZ\FK EDGD ]P F]HQLRZ\FK ]H Z]JO GX QD QLHZLHONLH Z\PLDU\ Z\NRQDQHJR
S NQL FLD Z U]HF]\ZLVW\P G ZLJDU]H U\V L WM RNRáR PP QLH RGGDM Z SHáQL FKDUDNWHUX
SRZVWDáHJRS NQL FLD:\NRQDQLHS NQL FLDRZL NV]HMGáXJR FLZEDUG]LHMZáD FLZ\VSRVyERGGDáRE\
MHJRFKDUDNWHURUD]E\áRE\EDUG]LHMZLDU\JRGQHLW\PVDP\PEDUG]LHMRGSRZLDGDM FHU]HF]\ZLVWR FL
FRMHGQDN]ZL ]DQHMHVW]H]QDF]Q\PLQDNáDGDPLILQDQVRZ\PLNRQLHF]Q\PLGRUHDOL]DFMLWDNLFKEDGD
%LRU F SRG XZDJ IDNW H RPyZLRQD Z QLQLHMV]HM SUDF\ PHWRGD RFHQ\ WUZDáR FL ]P F]HQLRZHM
VWDORZ\FK G ZLJDUyZ JáyZQ\FK Z PRVWDFK ZRMVNRZ\FK MHVW Z FDáR FL RSDUWD QD ZLHONR FLDFK
NRUHODF\MQ\FKZ\VW SXM F\FKPL G]\VWDá\PLZ\WU]\PDáR FLRZ\PLPDWHULDáXRUD]ELRU FSRGXZDJ EUDN
XZ]JO GQLHQLDDNWXDOQ\FKZDUXQNyZSRJRGRZ\FKMDNQSWHPSHUDWXUDSUDF\NRQVWUXNFMLZ\GDMHVL H
RWU]\PDQH Z ]DSUH]HQWRZDQ\FK EDGDQLDFK Z\QLNL V ]DGDZDODM FH &R SUDZGD WDN GX H UR]ELH QR FL
X]\VNDQ\FK Z\QLNyZ Z\SDF]DM E\ü PR H U]HF]\ZLVW\ REUD] UR]ZRMX S NQL FLD ]P F]HQLRZHJR Z
NRQVWUXNFML U]HF]\ZLVWHM DOH ] FDá SHZQR FL Z\QLNL RWU]\PDQH ] REOLF]H QXPHU\F]Q\FK ]DSHZQLDM
Z\VWDUF]DM F\]DSDVEH]SLHF]H VWZDXPR OLZLDM F\GRSXV]F]HQLHXV]NRG]RQHMNRQVWUXNFMLSU] VáDPRVWX
GRGDOV]HMQRUPDOQHMF]\OLEH]SLHF]QHMHNVSORDWDFML
3RGVXPRZDQLH
3URZDG]HQLH EDGD GR ZLDGF]DOQ\FK Z ]DNUHVLH ]P F]HQLRZ\P QD WDN GX \FK RELHNWDFK MDN
NRQVWUXNFMH PRVWRZH MHVW F] VWR ]H Z]JO GyZ HNRQRPLF]Q\FK QLHPR OLZH :\GDMH VL ]DWHP H
LQ \QLHURP SR]RVWDM F] VWR MHG\QLH PHWRG\ QXPHU\F]QH V]DFRZDQLD LFK WUZDáR FL NWyU\FK
ZLDU\JRGQR ü Z\QLNyZ Z]UDVWD ZUD] ]H ]ZL NV]HQLHP OLF]E\ SU]\M W\FK PRGHOL REOLF]HQLRZ\FK
LRGSRZLHGQLFKSDUDPHWUyZPDWHULDáRZ\FK
1DOH \ ]ZUyFLü XZDJ QD IDNW H F] ü QDXNRZFyZ ]DMPXM F\FK VL SUREOHPDW\N UR ]ZR MX
S NQL ü ]P F]HQLRZ\FK Z NRQVWUXNFMDFK LQ \QLHUVNLFK L XU] G]HQLDFK QLH MHVW ]ZROHQQLNDPL
PHWRG\ RNUH ODQLD WUZDáR FL HNVSORDWDF\MQHM NRQVWUXNFML RSDUWHM QD ZVSyáF]\QQLNX LQWHQV\ZQR FL
QDSU H .
,
F]HJR GDá Z\UD] PLQ 0 6]DWD Z SUDF\ >@ ERZLHP QLH XZ]JO GQLD RQD KLVWRULL
RGNV]WDáFHQLD PDWHULDáX L UR]ZRMX ZLHONR FL VDPHM V]F]HOLQ\ 2ND]XMH VL ERZLHP H PHWRGD WD
MHVWSRSUDZQDSU]HGHZV]\VWNLPGODVWDáRDPSOLWXGRZ\FKREFL H F\NOLF]Q\FK
: SU]\SDGNX NRQVWUXNFML SU] VHá ZRMVNRZ\FK ]DVDGQLF]\P REFL HQLHP REOLF]HQLRZ\P ZHGáXJ
67$1$* >@ V NROXPQ\ SRMD]GyZ ZRMVNRZ\FK FKDUDNWHU\]XM FH VL GX SRZWDU]DOQR FL RUD]
W\P HRGOHJáR FLPL G]\SRV]F]HJyOQ\PLSRMD]GDPLV ZLHONR FLDPLVWDá\PL
= FDá SHZQR FL QLH PR QD SU]\M ü H WHJR W\SX REFL HQLH E G]LH VWDáR DPSOLWXGRZ\P
REFL HQLHP F\NOLF]Q\P :\GDMH VL MHGQDN H G]L NL Z\NRU]\VWDQLX RSLVDQHM Z SUDF\ - *HUPDQD
>@ ZDUWR FL VNXWHF]QHM ZVSyáF]\QQLND LQWHQV\ZQR FL QDSU H '.
UPV
PHWRGD RSDUWD QD NU\WHULXP
VLáRZ\P SRZLQQD RND]Dü VL Z UR]SDWU\ZDQ\P ]DJDGQLHQLX LQ \QLHUVNLP Z\VWDUF]DM FR SRSUDZQD L
GRNáDGQD
3RQDGWR ELRU F SRG XZDJ VWRVXQNRZR PDá F]DVRFKáRQQR ü REOLF]H QLH]E GQ\FK SU]\
SURZDG]HQLX DQDOL] ]P F]HQLRZ\FK ZRMVNRZ\FK NRQVWUXNFML SU] VHá PRVWRZ\FK Z RSDUFLX R
SRGVWDZRZH Z\UD HQLH XZ]JO GQLDM FH ZVSyáF]\QQLN DV\PHWULL F\NOX WM Z]yU )RUPDQD PR QD
X]\VNDü]DGDZDODM FHZ\QLNLREOLF]H 3RGDQ\VSRVyEDQDOL]\PR HE\üSU]\GDWQ\QLHW\ONRGRRFHQ\
WUZDáR FL PRVWyZ ZRMVNRZ\FK DOH UyZQLH GOD FDáHM JDP\ Uy Q\FK NRQVWUXNFML VWDORZ\FK ] MX
LVWQLHM F\PS NQL FLHP
3U]HGVWDZLRQ\ L ]DVWRVRZDQ\ Z REOLF]HQLDFK DOJRU\WP MHVW QDGDO ZHU\ILNRZDQ\ Z F]DVLH EDGD
GR ZLDGF]DOQ\FKQDU]HF]\ZLVW\FKG ZLJDUDFKVWDORZ\FKZPRVWDFKQLVNRZRGQ\FK
/LWHUDWXUD
>@ .$0<. = =,(/21.$ 0 +$à<6 3 .RQFHSFMD ]ZL NV]HQLD HIHNW\ZQR FL EXGRZ\ PRVWX
W\PF]DVRZHJRSU]H]EDWDOLRQUDWRZQLFWZDLQ \QLHU\MQHJR=HV]\W\1DXNRZH3RJO G\L'R ZLDGF]HQLD
:62:/ G :\GDQLH VSHFMDOQH 0DWHULDá\ QD .RQIHUHQFM 1DXNRZR7HFKQLF]Q Ä,Q \QLHULD
:RMVNRZD±:VSyáG]LDáDQLH]8NáDGHP3R]DPLOLWDUQ\PZ6\WXDFMDFK.U\]\VRZ\FK´:URFáDZ±
NZLHWQLDV±
>@ '8&+$&=(. $ 0$ .2 = 2FHQD WUZDáR FL HNVSORDWDF\MQHM G ZLJDUyZ VWDORZ\FK PRVWyZ
QLVNRZRGQ\FK,92JyOQRSROVND.RQIHUHQFMD0RVWRZFyZ.RQVWUXNFMDL:\SRVD HQLH0RVWyZ:LVáD
±SD G]LHUQLNDV±
>@ 1(,0,7=$0HFKDQLNDS NDQLD:\GDZQLFWZR1DXNRZH3:1:DUV]DZD
>@ 5<.$/8. . 3 NQL FLD Z NRQVWUXNFMDFK VWDORZ\FK 'ROQR O VNLH :\GDZQLFWZR (GXNDF\MQH
:URFáDZ
>@ :,&+72:6.,%5<.$/8..:\WU]\PDáR üNRQVWUXNFMLPRVWRZHM]S NQL FLDPLZVSDZDQ\FK
]á F]DFK F]RáRZ\FK ;/,,, .RQIHUHQFMD 1DXNRZD .RPLWHWX ,Q \QLHULL / GRZHM L :RGQHM 3$1 L
.RPLWHWX1DXNL3=,7%3R]QD ±.U\QLFD±ZU]H QLDW.RQVWUXNFMH0HWDORZHV±
>@ 6785=%(&+(5 . :\WU]\PDáR ü HNVSORDWDF\MQD VWDU\FK PRVWyZ VSDZDQ\FK ;/,,, .RQIHUHQFMD
1DXNRZD.RPLWHWX,Q \QLHULL/ GRZHML:RGQHM3$1L.RPLWHWX1DXNL3=,7%3R]QD ±.U\QLFD±
ZU]H QLDW.RQVWUXNFMH0HWDORZHV±
>@ -$1(&., 6 %,(/(&., 0 \ZRWQR ü áRSDWHN ZLUQLNRZ\FK RVLRZ\FK PDV]\Q SU]HSá\ZRZ\FK
7HPDW=DGDQLH&] ü,2FHQD]P F]HQLRZHJRZ]URVWXS NQL üZáRSDWNDFKWXUELQSDURZ\FKZ
URGRZLVNX
NRUR]\MQ\P
3URMHNW
%DGDZF]\
QU
7%
*GD VN
KWWSZZZLPSJGDSOIHPDUFKLZXPKWP±F]HUZLHF
>@ ,QVWUXNFMDREVáXJLSURJUDPX52%270LOOHQQLXPYHU
>@ '8&+$&=(. $ 0$ .2 = =DVWRVRZDQLH PHWRG QXPHU\F]Q\FK GR RFHQ\ WUZDáR FL
HNVSORDWDF\MQHMG ZLJDUyZVWDORZ\FKZPRVWDFKZRMVNRZ\FK*yUQLFWZR2GNU\ZNRZHQU±
V±
>@.2&$ '$ 6 6=$/$ - 3RGVWDZ\ REOLF]H ]P F]HQLRZ\FK :\GDZQLFWZR 1DXNRZH 3:1
:DUV]DZD
>@*(50$1 - 3RGVWDZ\ PHFKDQLNL S NDQLD 3ROLWHFKQLND .UDNRZVND .UDNyZ
KWWSUHSXEOLNDSOMJHUSHNDQLH±OXW\
>@6=$7$ 0 2SLV UR]ZRMX ]P F]HQLRZHJR S NDQLD ZXM FLXHQHUJHW\F]Q\P2ILF\QD:\GDZQLF]D
3ROLWHFKQLNL:URFáDZVNLHM:URFáDZ
>@67$1$*:RMVNRZHREOLF]HQLDNODV\ILNDFMLPRVWyZSURPyZWUDWZLSRMD]GyZ
$66(660(172)7+(6(59,&(
'85$%,/,7<2)67((/*,5'(56
,10,/,7$5<%5,'*(6
7KHSDSHULVSUHVHQWHGWKHPHWKRGIRUDQDVVHVVPHQWRIWKHVHUYLFHGXUDELOLW\RIVWHHOJLUGHUVLQWKHPLOLWDU\EULGJHV
ORZZDWHURQHVLQWKHFDVHZKHQWKHIDWLJXHFUDFNVKDYHGHYHORSHG)RUWKHWZRGLIIHUHQWFRPSXWDWLRQDOPRGHOVWKDW
ZHUH DVVXPHG IRU WKH DGRSWHG FUDFNV WKH FKDUDFWHUL]HG IXQFWLRQ RI LWV JHRPHWU\ LH WKH VKDSH IDFWRU KDV EHHQ
SUHVHQWHG1H[WE\DQHPSOR\LQJWKLVIXQFWLRQJUDSKVPDNLQJLWZDVSRVVLEOHWRDVVHVVWKHUHPDLQLQJOLIHRIHOHPHQWV
LQVXFKVWUXFWXUHVLQDVLPSOHZD\7KHSUHVHQWHGPHWKRGIRUDIDWLJXHDQDO\VLVRIVWHHOHOHPHQWVFDQEHXVHIXOQRWRQO\
IRUVWHHOPLOLWDU\EULGJHVEXWDOVRIRUWKHZKROHUDQJHRIVWHHOVWUXFWXUHVLQZKLFKFUDFNVKDYHDOUHDG\GHYHORSHG