92
93
352+/Çâ(1Ê2628/$'863ŏ('3,6<)&&
7é.$-Ê&Ê0,6(9<67$9(1Ê=Çŏ(1Ê
7RWR]DŐt]HQtMHYVRXODGXVOLPLW\)&&
WêNDMtFtPLVHY\VWDYHQt]iŐHQtNWHUpMVRXXUþHQ\
SURQHNRQWURORYDQpSURVWŐHGt.RQFRYtXåLYDWHOp
PXVtSRVWXSRYDWSRGOHVSHFLӾFNêFKLQVWUXNFt
DE\VSOQLOLSRåDGDYN\QDY\VWDYHQt5)7HQWR
Y\VtODþQHVPtEêWXPtVWĚQQHERSURYR]RYiQ
VMLQRXDQWpQRXQHERY\VtODþHP
352+/Çâ(1Ê)('(5$/&20081,&$7,216
&200,66,2129<62.2)5(.9(1ý1Ê0
58â(1Ê
3R]QiPND7RWR]DŐt]HQtE\ORRYĚŐHQRD
RGSRYtGiRPH]HQtPWŐtG\%SURGLJLWiOQt
]DŐt]HQtSRGOHþiVWLSŐHGSLVŢ)&&7\WR
OLPLW\MVRXVWDQRYHQ\WDNDE\E\ODGRGUåHQD
GRVWDWHþQiRFKUDQDSURWLQHEH]SHþQêP
LQWHUIHUHQFtPSŐLGRPiFtLQVWDODFL7RWR
]DŐt]HQtSURGXNXMHY\XåtYiDPŢåHY\]DŐRYDW
Y\VRNRIUHNYHQþQtHQHUJLLDQHQtOLLQVWDORYiQR
DSRXåtYiQRYVRXODGXVSRN\Q\PŢåH]SŢVRELW
ãNRGOLYpLQWHUIHUHQFHUDGLRNRPXQLNDþQtP
V\VWpPŢP
1HQtDOH]DUXþHQRåHVHWDWRLQWHUIHUHQFH
QHY\VN\WQHSŐLXUþLWpNRQNUpWQtLQVWDODFL=GD
WRWR]DŐt]HQt]SŢVREXMHãNRGOLYRXLQWHUIHUHQFL
SŐtMPXWHOHYL]QtKRQHERUDGLRYpKRVLJQiOX
PŢåHWH]MLVWLWQiVOHGRYQĚ
3ŐHVPĚUXMWHQHERSŐHPtVWĚWHSŐLMtPDFt
DQWpQX
=Y\ãWHY]GiOHQRVWPH]L]DŐt]HQtPD
SŐLMtPDþHP
=DSRMWH]DŐt]HQtGRHOHNWULFNp]iVXYN\
MLQpKRRNUXKXQHåMHWHQNHNWHUpPXMH
SŐLSRMHQSŐLMtPDþ
3RUDďWHVHVGHDOHUHPQHERVH]NXãHQêP
UiGLR79WHFKQLNHP
Ò35$9<
-DNpNROL]PĚQ\QHER~SUDY\]DŐt]HQt
NWHUpQHE\O\YêVORYQĚVFKYiOHQ\VSROHþQRVWt
.HQVLQJWRQPRKRXPtW]DQiVOHGHNQHSODWQRVW
RSUiYQĚQtNSRXåtYiQt]DŐt]HQt
67Ê1ę1e.$%(/<
0iOL]DŐt]HQtVSOŁRYDW
SRåDGDYN\VWDQRYHQp)&&PXVtEêWYãHFKQD
SURSRMHQtVH]DŐt]HQtPY\XåtYDMtFtPYVWXSQt
]DŐt]HQt.HQVLQJWRQSURYHGHQDYêKUDGQĚSRPRFt
GRGiYDQêFKVWtQĚQêFKNDEHOŢ
352+/Çâ(1Ê2628/$'863ŏ('3,6<&(
6SROHþQRVW.HQVLQJWRQWtPWRSURKODãXMH
åHWHQWRYêUREHNRGSRYtGiVWDQRYHQêP
SRåDGDYNŢPDMLQêPVHY]WDKXMtFtP
XVWDQRYHQtPSODWQêFKVPĚUQLF(6
.RSLLWRKRWR3URKOiãHQtRVRXODGXVSŐHGSLV\
SUR(YURSXMHPRåQp]tVNDWSRNOHSQXWt
QDRGND]Ã&RPSOLDQFH'RFXPHQWDWLRQ´
GRNXPHQW\RVRXODGXQDVWUiQNiFKZZZ
VXSSRUWNHQVLQJWRQFRP
,1)250$&(352ý/(16.e67Ç7<(8
3RXåLWtV\PEROX]QDPHQiåHSURGXNW
QHO]HOLNYLGRYDWVEĚåQêPRGSDGHP
=DMLãWĚQtPVSUiYQpOLNYLGDFHYêURENX
SRPŢåHWH]DEUiQLWPRåQêPQHJDWLYQtP
QiVOHGNŢPSURåLYRWQtSURVWŐHGtD
OLGVNp]GUDYtNWHUpE\MLQDNPRKO\EêW
]SŢVREHQ\QHYKRGQêPQDNOiGiQtPSŐL
OLNYLGDFLWRKRWRYêURENX0iWHOL]iMHP
RSRGUREQĚMãtLQIRUPDFHRUHF\NODFL
WRKRWRSURGXNWXREUDŘWHVHQDPtVWQt
REHFQt~ŐDGVSROHþQRVW]DMLãŘXMtFtRGYR]
GRPiFtKRRGSDGXQHERSURGHMQXYH
NWHUpMVWHSURGXNW]DNRXSLOL
.HQVLQJWRQD$&&2MVRXUHJLVWURYDQp
RFKUDQQp]QiPN\VSROHþQRVWL$&&2%UDQGV
6OLP%ODGHMHRFKUDQQi]QiPNDVSROHþQRVWL
$&&2%UDQGV.HQVLQJWRQ3URPLVHMHVHUYLVQt
]QDþNDVSROHþQRVWL$&&2EUDQGV0DF26MH
UHJLVWURYDQiREFKRGQt]QDþNDVSROHþQRVWL
$SSOH,QF:LQGRZV9LVWDD:LQGRZVMVRX
RFKUDQQp]QiPN\QHERUHJLVWURYDQpRFKUDQQp
]QiPN\VSROHþQRVWL0LFURVRIW&RUSRUDWLRQ
9ãHFKQ\RVWDWQtRFKUDQQp]QiPN\MVRX
PDMHWNHPSŐtVOXãQêFKYODVWQtNŢ
.HQVLQJWRQ&RPSXWHU3URGXFWV
*URXSGLYL]HVSROHþQRVWL$&&2%UDQGV
-DNpNROLYQHSRYROHQpNRStURYiQtGXSOLNRYiQt
DMLQiUHSURGXNFHXYHGHQpKRREVDKXMHEH]
StVHPQpKRVRXKODVXVSROHþQRVWL.HQVLQJWRQ
&RPSXWHU3URGXFWV*URXS]DNi]iQR
9ãHFKQDSUiYDY\KUD]HQD
3RáĉF]HQLHNODZLDWXU\L
P\V]\GRNRPSXWHUD
1DVWHSXMĉFHSXQNW\SRND]XMĉMDN
SRáĉF]\üP\V]GRNRPSXWHUD:FHOX
SRáDF]HQLDNODZLDWXU\QDOHŮ\Z\NRQDü
WHVDPHSXQNW\]GZRPDZ\MĉWNDPL
3RZH]ZDQLXZ\EUDüNODZLDWXUĘ
]DPLDVWP\V]\
*G\SRMDZLVLĘHNUDQGDMĉF\
RSFMĘRSFMĘZSURZDG]HQLD
NOXF]DXQLZHUVDOQHJR]DOHFDP\
MHJRXŮ\FLH8Ů\üNODZLDWXU\
GRZSURZDG]HQLDNOXF]D
XQLZHUVDOQHJRZVSRVyE
QDVWĘSXMĉF\
8Ů\WNRZQLF\3&
:SURZDG]LüMHGHQ
]QDVWĘSXMĉF\FK
.OXF]XQLZHUVDOQ\Z\ŒZLHWODQ\
QDHNUDQLHNRPSXWHUD
.OXF]XQLZHUVDOQ\MDNL
Z\P\ŒOLV]
8Ů\WNRZQLF\0DF
:SURZDG]Lü
NOXF]XQLZHUVDOQ\Z\ŒZLHWODQ\QD
HNUDQLHNRPSXWHUD
2675=(ŭ(1,(
-HŮHOLQLHZSURZDG]LV]
NOXF]DXQLZHUVDOQHJRSRQRVLV]
U\]\NRXWUDFHQLDSRáDF]HQLD
%OXHWRRWK
PLĘG]\NRPSXWHUHPDNODZLDWXUĉZ
NDŮGHMFKZLOL
W
IDCOMM
'ZXNURWQLHNOLNQLMLNRQĘ
]ORNDOL]RZDQĉQDSXOSLFLHOXEX
VSRGXHNUDQX
.OLNQLMHOHPHQW
%OXHWRRWK6HWXS
:L]DUG
.UHDWRUNRQӾJXUDFML
%OXHWRRWK
1DFLŒQLMSU]\FLVNQDZLĉ]\ZDQLD
SRáĉF]HQLDP\V]\/DPSND
ZVNDŬQLNDQDP\V]\PLJD]LHORQR
:\ELHU]RSFMĘ
,ZDQWWRӾQGD
VSHFLӾF
%OXHWRRWKGHYLFHDQG
FRQӾJXUHKRZKLVFRPSXWHUZLOO
XVHLWVVHUYLFHV
&KFĘ]QDOHŬü
NRQNUHWQHXU]ĉG]HQLH
%OXHWRRWK
LVNRQӾJXURZDüZMDNLVSRVyE
WHQNRPSXWHUEĘG]LHNRU]\VWDü]
XVáXJDQDVWĘSQLHNOLNQLMSU]\FLVN
N
ex
t
'DOHM
3ROVNL
