&TFHVJSFJMBWPSJEJJOUBHMJPTVJNPCJMJQSJNBEJJOTFSJSF
MBQQBSFDDIJP3JNVPWFSFJUSVDJPMJQFSOPOQSFHJVEJDBSFJM
GVO[JPOBNFOUPEFJDPNQPOFOUJFMFUUSJDJ
*NPCMJOPOGJTTBUJWBOOPBODPSBUJBMMBQBSFUFDPOVOBOHPMBSF
DPNVOFNFOUFSFQFSJCJMFJODPNNFSDJP
.POUBSFMBQQBSFDDIJPBEVOBMUF[[BUBMFEBDPOTFOUJSFMB
SJNP[JPOFBHFWPMFEFHMJBDDFTTPSJ
$OODFFLDPHQWRHOHWWULFR
"TTJDVSBSTJDIFJGVTJCJMJEFMMJNQJBOUPEPNFTUJDPTJBOPJEPOFJ
5FOTJPOFFGSFRVFO[BEFMMBQQBSFDDIJPEFWPOPDPSSJTQPOEFSF
BMMJNQJBOUPFMFUUSJDP WUBSHIFUUB
-BQQBSFDDIJP¨DPOGPSNFBMMB$MBTTFEJQSPUF[JPOFFEFWF
GVO[JPOBSFTFNQSFFTPMPDPOVODPMMFHBNFOUPEJNFTTBBUFSSB
&OFDFTTBSJBVOBQSPUF[JPOFUSBNJUFEJTQPTJUJWJBVUPNBUJDJ#P$
4VMMJNQJBOUPEFWFFTTFSFEJTQPOJCJMFVOJOUFSSVUUPSFEJ
TFQBSB[JPOFEBUVUUJJQPMJDPOVOBQFSUVSBEFJDPOUBUUJEJBMNFOP
NN2VFTUPEFWFFTTFSFBDDFTTJCJMFBODIFEPQPMJOTUBMMB[JPOF
$SSDUHFFKLRVHQ]DFDYRGLDOODFFLDPHQWR DPMMFHBSMPTPMP
TFDPOEPMPTDIFNBGPSOJUP4FOFDFTTBSJPNPOUBSFJQPOUJDFMMJJO
SBNFJOEPUB[JPOF*ODBTPEJDPMMFHBNFOUPFSSBUPMBQQBSFDDIJP
QV²TVCJSFEBOOJ
$BWPEJDPMMFHBNFOUPBMMBSFUF5JQP)77'PTVQFSJPSF*M
DPOEVUUPSFHJBMMPWFSEFTVMMBQQBSFDDIJPQFSJMDPMMFHBNFOUPEFMMB
NBTTBEFWFFTTFSFNNQJ¹MVOHPEFHMJBMUSJDPOEVUUPSJ
1FSVOBQSPGPOEJU EJNPOUBHHJPEJNNDPOWPHMJBSFJMDBWPEJ
BMMBDDJBNFOUPBEFTUSBWFSTPJMCBTTPOFMMB[POBEFMMBOHPMP
TNVTTBUPEFMMBQQBSFDDIJP
,QVWDOODUHODSSDUHFFKLR
■
4F TJ NPOUBOP EVF BQQBSFDDIJ VOP BDDBOUP BMMBMUSP &OUSBNCF MF
NBOJHMJFMFJNQVHOBUVSFEFWPOPFTTFSFSJWPMUFWFSTPJMDFOUSP
■
"TTJDVSBSFMBQQBSFDDIJPOFMNPCJMFEJNPEPDIFOPOQPTTB
SJCBMUBSTJTFOPOWJ¨VOQJBOPJOUFSNFEJPTPQSBMBQQBSFDDIJP
'JTTBSFEVFDPNVOJBOHPMBSJTVFOUSBNCJJMBUJOFMNPCJMF
BNNEJQSPGPOEJU NNTPQSBMBMUF[[BEFMMBQQBSFDDIJP
*OGJMBSFDPNQMFUBNFOUFMBQQBSFDDIJPOFMNPCJMF
#BEBSFBOPOQJFHBSFJODBTUSBSFFOPOGBSQBTTBSFTVCPSEJ
UBHMJFOUJJMDBWPEJDPMMFHBNFOUP
"MMJOFBSFMBQQBSFDDIJPDFOUSBMNFOUF
5SBMBQQBSFDDIJPFJQBOOFMMJGSPOUBMJEFJNPCJMJBEJBDFOUJEFWF
FTTFSDJVOBSJBEJNN
"MMJOFBSFMBQQBSFDDIJPDPOMBCPMMB
'JTTBSFMBQQBSFDDIJPDPOMFWJUJJOEPUB[JPOF3JNVPWFSFMB
QSPUF[JPOFQFSJMUSBTQPSUPEBMMPTQPSUFMMP
$YYHUWHQ]D "MMJOFBSFMBQQBSFDDIJPDFOUSBMNFOUFFGJTTBSMPOFM
NPCJMFEBQQSJNBDPOMBWJUFJOGFSJPSF2VJOEJBWWJUBSFMFEVFWJUJ
TVQFSJPSJ
$WWHQ]LRQH
8VDUHXQFDFFLDYLWHLGRQHRQRQJUDIILDUHLOSDQQHOOR
5HJROD]LRQHGHOODSRUWD
1FSPUUFOFSFMFTBUUPBMMJOFBNFOUP¨QPTTJCJMFSFHPMBSFDPOGBDJMJU
MBQPSUBEFMMBQQBSFDDIJP
"UBMFTDPQPBQSJSFMBQPSUBFBMMFOUBSFMFHHFSNFOUFFOUSBNCFMF
WJUJ TVMMB DFSOJFSB JOGFSJPSF EFMMB QPSUB 3FHPMBSF MB QPSUB F TUSJOHFSF
MFWJUJ
$YYHUWHQ]D -B QPSUB EFMMBQQBSFDDIJP ¨ SFHPMBUB DPNF OFMMP TUBUP
EJDPOTFHOB/PSNBMNFOUFOPO¨OFDFTTBSJBVOVMUFSJPSF
SFHPMB[JPOF
&RPELQD]LRQHFRQ&RPEL9DSRUH
.POUBSFQSJNBJM$PNCJ7BQPSF0TTFSWBSFMFJTUSV[JPOJEJ
NPOUBHHJPEFM$PNCJ7BQPSF
1FSVOBQSPGPOEJU EJNPOUBHHJPEJNNQPTJ[JPOBSFJMDBWPEJ
BMMBDDJBNFOUPOFMMB[POBEFMMJOUBHMJPEFMMBMMPHHJBNFOUP
&RPELQD]LRQHFRQFDVVHWWRVFDOGDYLYDQGH
1SJNBNPOUBSFMPTDBMEBWJWBOEF841SFTUBSFBUUFO[JPOFBMMF
JTUSV[JPOJQFSJMNPOUBHHJPEFMMPTDBMEBWJWBOEF
*OTFSJSFJMGPSOPOFMNPCJMFBEJODBTTPTPQSBMPTDBMEBWJWBOEF*O
GBTFEJJOTFSJNFOUPQSFTUBSFBUUFO[JPOFBOPOEBOOFHHJBSFJM
QBOOFMMPEFMMPTDBMEBWJWBOEF
6PRQWDJJLR
4UBDDBSFMBQQBSFDDIJPEBMMBDPSSFOUF
4WJUBSFMFWJUJEJGJTTBHHJP
4PMMFWBSFMFHHFSNFOUFMBQQBSFDDIJPFTGJMBSMPDPNQMFUBNFOUF
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
■
-FFT EF IBOEMFJEJOH [PSHWVMEJH FO CFXBBS EF[F HPFE "MMFFO CJK
FFOWBLLVOEJHVJUHFWPFSEFJOCPVXWPMHFOTEF
NPOUBHFIBOEMFJEJOHJTEFWFJMJHIFJEUJKEFOTIFUHFCSVJL
HFHBSBOEFFSE%FJOTUBMMBUFVSJTBBOTQSBLFMJKLWPPSIFUHPFE
GVODUJPOFSFOWBOIFUBQQBSBBUPQEFQMBBUTWBOPQTUFMMJOH
■
"MMFFOFFOFSLFOEWBLNBONBHIFUBQQBSBBUBBOTMVJUFO
■
7³³SBMMFXFSL[BBNIFEFOBBOIFUBQQBSBBUEJFOUIFUBQQBSBBU
TQBOOJOHTWSJKUFXPSEFOHFNBBLU
■
%SBBHCFTDIFSNIBOETDIPFOFOPNUFWPPSLPNFOEBUV
TOJKXPOEFOPQMPPQU0OEFSEFMFOEJFUJKEFOTEFNPOUBHF
UPFHBOLFMJKL[JKOLVOOFOTDIFSQFSBOEFOIFCCFO
■
$POUSPMFFSIFUBQQBSBBUW³³SIFUJOCPVXFOPQFWFOUVFMF
USBOTQPSUTDIBEF
■
5JM IFU BQQBSBBU OJFU PQ BBO EF EFVS EF IBOEHSFFQ WBO EF EFVS
PGEFPOEFSTUFPOUMVDIUJOHTTUSJQ
■
)PVEUV[JDIWPPSEFJOTUBMMBUJFBBOEFHFMEFOEF
CPVXWFSPSEFOJOHFOFOBBOEFWPPSTDISJGUFOWBOIFU
FOFSHJFCFESJKG
■
)FUBQQBSBBUCFIPPSUUPUEFBQQBSBUFOLMBTTF7PPSJOCPVXJO
FFOLFVLFONFVCFMWPMHFOTEFJOCPVXTDIFUT NJOJNBMF
BGTUBOEFOBBOIPVEFO
$DQZLM]LQJHQYRRUGHNHXNHQSODQQLQJ
%FESBBJSJDIUJOHWBOEFEFVSJTOJFUXJTTFMCBBS
"GTUBOELFVLFONFVCFMUPUIFUEFVSGSPOUNN
"GTUBOELFVLFONFVCFMUPUEFCVJUFOLBOUWBOEFIBOEHSFFQ
NN
)PVESFLFOJOHNFUIFUVJUTUFLFOEFGSPOUJODMIBOEHSFFQBMTFS
[JDIBBOEF[JKLBOUMBEFOCFWJOEFOEJFHFPQFOENPFUFOLVOOFO
XPSEFO
;PSHFSCJKJOCPVXJOFFOIPFLWPPSEBUEFPQFOJOHTIPFLWPPSEF
EFVSNJOJNBBMpJT
7PPSIFUJOCPVXFOPOEFSFFOLPPLQMBBU"GTUBOEUVTTFOEF
POEFSLBOUWBOEFLPPLQMBBUFOEFCPWFOLBOUWBOEFCFIVJ[JOH
WBOEFCBLPWFONJONN/FFNEFBBOXJK[JOHFOWPPSIFU
QMBBUTFOWBOEFLPPLQMBBU WPPSBMCFUSFGGFOEFWFOUJMBUJFHBT
FMFLUSJTDIFBBOTMVJUJOHJOBDIU
,QERXZPHXEHOYRRUEHUHLGHQ
)FUJOCPVXNFVCFMNPFUUFNQFSBUVVSCFTUFOEJH[JKOUPU p$
BBOHSFO[FOEFNFVCFMQBOFMFOUPU p$
7FOUJMBUJFPQFOJOHJOEFUVTTFOCPEFNWBOEFJOCPVXLBTU
NJO Y NN
%FDPOUBDUEPPTNPFU[JDICVJUFOEFJOCPVXOJTCFWJOEFO
.BBL EF VJUTQBSJOHFO JO IFU LFVLFONFVCFM WPPSEBU V IFU BQQBSBBU
QMBBUTU 4QBBOEFST WFSXJKEFSFO EF[F LVOOFO FFO OBEFMJHF JOWMPFE
IFCCFOPQIFUGVODUJPOFSFOWBOFMFLUSJTDIFPOEFSEFMFO
*OEJFOIFULFVLFONFVCFMMPTTUBBUTDISPFGEJUEBONFUFFOJOEF
IBOEFMWFSLSJKHCBBSIPFLQSPGJFMBBOEFNVVSWBTU
#PVX IFU BQQBSBBU PQ FFO IPPHUF JO XBBSPQ EF UPFCFIPSFO FS OPH
HFNBLLFMJKLLVOOFOXPSEFOVJUHFOPNFO
(OHNWULVFKHDDQVOXLWLQJ
;PSHFSWPPSEBUEFIVJTJOTUBMMBUJFWPMEPFOEFJTCFWFJMJHE%F
TQBOOJOHFOEFGSFRVFOUJFWBOIFUBQQBSBBUNPFUFO
PWFSFFOLPNFONFUEFFMFLUSJTDIFJOTUBMMBUJF [JFIFUUZQFQMBBUKF
)FUBQQBSBBUWBMUPOEFSEFBQQBSBUFOLMBTTFFONBHBMMFFO
XPSEFOHFCSVJLUNFUFFOBBSEBBOTMVJUJOH
%F[FLFSJOHWJBFFO#PG$BVUPNBBUJTWFSFJTU
#JOOFOEFJOTUBMMBUJFNPFUFFOTDIFJEJOHTTDIBLFMBBSWPPSBMMF
QPMFONFUFFODPOUBDUPQFOJOHWBONJOJNBBMNNBBOXF[JH[JKO
%F[FNPFUOBIFUJOCPVXFOOPHUPFHBOLFMJKL[JKO
$SSDUDDW]RQGHUDDQVOXLWNDEHO "QQBSBBUBMMFFOWPMHFOTEF
TDIFUTBBOTMVJUFO*OEJFOOPEJHEFCJKHFWPFHEFLPQFSFOKVNQFST
QMBBUTFO #JK FFO GPVUJFWF BBOTMVJUJOH LBO IFU BQQBSBBU CFTDIBEJHE
SBLFO
"BOTMVJULBCFM5ZQF)77'PGIPPHXBBSEJHFS%FHFFMHSPFOF
BBSEESBBE NPFU CJK IFU BQQBSBBU NN MBOHFS [JKO EBO EF BOEFSF
BEFST
7PPSFFOJOCPVXEJFQUFWBONNEJFOUEFBBOTMVJULBCFMCJKEF
TDIVJOFIPFLWBOEFCFIVJ[JOHSFDIUTOBBSPOEFSFOUFXPSEFO
HFMFJE
