Podrobný návod k použití je v uživatelské příručce.
[. . . ] (/
ZZZSKLOLSVFRPZHOFRPH &= 8çLYDWHOVNi S tUX ND 3p H R ]iND]QtN\ D ]iUXND 2GVWUD RYiQt SUREOpP D DVWp GRWD]\
2EVDK
' OHçLWp
%H]SH QRVWQt RSDW HQt D ~GUçED 9\VY WOHQt ]iSLVX /LNYLGDFH SURGXNWX D REDORYpKR PDWHULiOX
6HVWDYHQt PRQLWRUX
, QVWDODFH 2YOiGiQt PRQLWRUX 2GSRMWH VWRMiQHN SRGVWDYFH D SRGVWDYHF
2SWLPDOL]DFH 2EUD]X
6PDUWLPDJH /LWH 6PDUW&RQWUDVW 3KLOLSV 6PDUW&RQWURO /LWH
3RZHU6HQVRU 7HFKQLFNp ~GDMH
5HçLP\ UR]OLåHQt D S HGYROHE
t]HQt VSRW HE\
, QIRUPDFH R UHJXODFL 3p H R ]iND]QtN\ D ]iUXND
3RVWXS S L YDGQîFK SL[HOHFK SORFKpKR SDQHOX VSROH QRVWL 3KLOLSV 3p H R ]iND]QtN\ ]iUXND
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
2GVWUD RYiQt SUREOpP 6PDUW&RQWURO /LWH ² DVWp GRWD]\ 2EHFQp DVWp GRWD]\
' OHçLWp
' OHçLWp
7DWR HOHNWURQLFNi XçLYDWHOVNi S tUX ND MH XU HQD SUR NDçGpKR XçLYDWHOH WRKRWR PRQLWRUX 3KLOLSV 3 HG SRXçtYiQtP PRQLWRUX VL S H W WH WXWR XçLYDWHOVNRX S tUX NX 2EVDKXMH G OHçLWp LQIRUPDFH D SR]QiPN\ N SRXçtYiQt YDåHKR PRQLWRUX =iUXND 3KLOLSV MH SODWQi SRNXG MH YîUREHN SRXçtYiQ SUR QDYUçHQRX SRW HEX Y VRXODGX V QiYRGHP D SR S LORçHQt RULJLQiOX IDNWXU\ QHER SRNODGQtP GRNODGHP R]QD XMtFtP GDWXP QiNXSX MPpQR SURGHMFH D PRGHORYp D YîUREQt tVOR YîURENX
VW HGLVNR 9L] LQIRUPDFH R VW HGLVFtFK ]iND]QLFNp Sp H % KHP SRXçtYiQt QHY\VWDYXMWH PRQLWRU QDGP UQîP RW HV P QHER QiUD] P 3 L SRXçtYiQt QHER S HPtV RYiQt GR PR QLWRUX QHNRSHMWH D ]DEUD WH S tSDGQpPX SiGX $E\ E\O PRQLWRU FKUiQ Q S HG PRçQîP SRåNR]HQtP QHY\YtMHMWH QD SDQHO /&' QDGP UQî WODN 3 L S HPtV RYiQt ]YHGHMWH PRQLWRU ]D UiP S L ]YHGiQt PRQLWRUX QHVDKHMWH UXNRX QHER SUVW\ QD SDQHO /&' 1HEXGHWHOL PRQLWRU GHOåt GREX SRXçtYDW RGSRMWH MHM ]H ]iVXYN\ 3 HG R LåW QtP PtUQ QDYOK HQîP KDG tNHP PRQLWRU RGSRMWH ]H ]iVXYN\ -HOL Y\SQXWp QDSiMHQt O]H REUD]RYNX RW tW VXFKîP KDG tNHP . [. . . ] V SOQ EtOîP Y]RUNHP 3R]QiPND 7\WR ~GDMH VH PRKRX ]P QLW EH] S HGFKR]tKR R]QiPHQt
, QIRUPDFH R UHJXODFL
, QIRUPDFH R UHJXODFL
/HDGIUHH 3URGXFW /HDG IUHH GLVSOD\ SURPRWHV HQYLURQPHQWDOO\ VRXQG UHFRYHU\ DQG GLVSRVDO RI ZDVWH IURP HOHFWULFDO DQG HOHFWURQLF HTXLSPHQW 7R[LF VXEVWDQFHV OLNH /HDG KDV EHHQ HOLPLQDWHG DQG FRPSOLDQFH ZLWK (XURSHDQ FRPPXQLW\·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
(OHFWULF DQG PDJQHWLF ILHOGV HPLVVLRQV DV ORZ DV QRUPDO KRXVHKROG EDFNJURXQG OHYHOV /RZ DFRXVWLF QRLVH HPLVVLRQV ZKHQ DSSOLFDEOH
6RPH RI WKH (QYLURQPHQWDO IHDWXUHV RI WKH 7&2 &HUWLILHG IRU GLVSOD\V 7KH EUDQG RZQHU GHPRQVWUDWHV FRUSRUDWH VRFLDO UHVSRQVLELOLW\ DQG KDV D FHUWLILHG HQYLURQPHQWDO PDQDJHPHQW V\VWHP (0$6 RU , 62 9HU\ ORZ HQHUJ\ FRQVXPSWLRQ ERWK LQ RQ DQG VWDQGE\ PRGH PLQLPL]H FOLPDWH LPSDFW 5HVWULFWLRQV RQ FKORULQDWHG DQG EURPLQDWHG IODPH UHWDUGDQWV SODVWLFL]HUV SODVWLFV DQG KHDY\ PHWDOV VXFK DV FDGPLXP PHUFXU\ DQG OHDG 5R+6 FRPSOLDQFH %RWK SURGXFW DQG SURGXFW SDFNDJLQJ LV SUHSDUHG IRU UHF\FOLQJ
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
7&2) 7&2 'RFXPHQW 9HU
7HFKQRORJ\ IRU \RX DQG WKH SODQHW
, QIRUPDFH R UHJXODFL
(3($7 ZZZHSHDWQHW ´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µ %HQHILWV RI (3($7 5HGXFH XVH RI SULPDU\ PDWHULDOV 5HGXFH XVH RI WR[LF PDWHULDOV $YRLG WKH GLVSRVDO RI KD]DUGRXV ZDVWH (3($7·6 UHTXLUHPHQW WKDW DOO UHJLVWHUHG SURGXFWV PHHW (1(5*< 67$5·V HQHUJ\ HIILFLHQF\ VSHFLILFDWLRQV PHDQV WKDW WKHVH SURGXFWV ZLOO FRQVXPH OHVV HQHUJ\ WKURXJKRXW WKHLU OLIH
&( 'HFODUDWLRQ RI &RQIRUPLW\ 7KLV SURGXFW LV LQ FRQIRUPLW\ ZLWK WKH IROORZLQJ VWDQGDUGV (1 6DIHW\ UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1 5DGLR 'LVWXUEDQFH UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1$$ , PPXQLW\ UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1 /LPLWV IRU +DUPRQLF &XUUHQW (PLVVLRQ (1$$ /LPLWDWLRQ RI 9ROWDJH )OXFWXDWLRQ DQG )OLFNHU IROORZLQJ SURYLVLRQV RI GLUHFWLYHV DSSOLFDEOH (& /RZ 9ROWDJH 'LUHFWLYH (& (0& 'LUHFWLYH
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
, QIRUPDFH R UHJXODFL
(QHUJ\ 6WDU 'HFODUDWLRQ ZZZHQHUJ\VWDUJRY $V DQ (1(5*< 67$5 3DUWQHU ZH KDYH GHWHUPLQHG WKDW WKLV SURGXFW PHHWV WKH (1(5*< 67$5 JXLGHOLQHV IRU HQHUJ\ HIILFLHQF\ 1RWH :H UHFRPPHQG \RX VZLWFK RII WKH PRQLWRU ZKHQ LW LV QRW LQ XVH IRU D ORQJ WLPH )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& 1RWLFH 86 2QO\ 7KLV HTXLSPHQW KDV EHHQ WHVWHG DQG IRXQG WR FRPSO\ ZLWK WKH OLPLWV IRU D &ODVV % GLJLWDO GHYLFH SXUVXDQW WR 3DUW RI WKH )&& 5XOHV 7KHVH OLPLWV DUH GHVLJQHG WR SURYLGH UHDVRQDEOH SURWHFWLRQ DJDLQVW KDUPIXO LQWHUIHUHQFH LQ D UHVLGHQWLDO LQVWDOODWLRQ 7KLV HTXLSPHQW JHQHUDWHV XVHV DQG FDQ UDGLDWH UDGLR IUHTXHQF\ HQHUJ\ DQG LI QRW LQVWDOOHG DQG XVHG LQ DFFRUGDQFH ZLWK WKH LQVWUXFWLRQV PD\ FDXVH KDUPIXO LQWHUIHUHQFH WR UDGLR FRPPXQLFDWLRQV +RZHYHU WKHUH LV QR JXDUDQWHH WKDW LQWHUIHUHQFH ZLOO QRW RFFXU LQ D SDUWLFXODU LQVWDOODWLRQ , I WKLV HTXLSPHQW GRHV FDXVH KDUPIXO LQWHUIHUHQFH WR UDGLR RU WHOHYLVLRQ UHFHSWLRQ ZKLFK FDQ EH GHWHUPLQHG E\ WXUQLQJ WKH HTXLSPHQW RII DQG RQ WKH XVHU LV HQFRXUDJHG WR WU\ WR FRUUHFW WKH LQWHUIHUHQFH E\ RQH RU PRUH RI WKH IROORZLQJ PHDVXUHV 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD , QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG UHFHLYHU &RQQHFW WKH HTXLSPHQW LQWR DQ RXWOHW RQ D FLUFXLW GLIIHUHQW IURP WKDW WR ZKLFK WKH UHFHLYHU LV FRQQHFWHG &RQVXOW WKH GHDOHU RU DQ H[SHULHQFHG UDGLR79 WHFKQLFLDQ IRU KHOS
&KDQJHV RU PRGLILFDWLRQV QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLG WKH XVHU
V DXWKRULW\ WR RSHUDWH WKH HTXLSPHQW 8VH RQO\ 5) VKLHOGHG FDEOH WKDW ZDV VXSSOLHG ZLWK WKH PRQLWRU ZKHQ FRQQHFWLQJ WKLV PRQLWRU WR D FRPSXWHU GHYLFH 7R SUHYHQW GDPDJH ZKLFK PD\ UHVXOW LQ ILUH RU VKRFN KD]DUG GR QRW H[SRVH WKLV DSSOLDQFH WR UDLQ RU H[FHVVLYH PRLVWXUH 7+, 6 &/$66 % ', *, 7$/ $33$5$786 0((76 $// 5(48, 5(0(176 2) 7+( &$1$', $1 , 17(5)(5(1&(&$86, 1* (48, 30(17 5(*8/$7, 216 )&& 'HFODUDWLRQ RI &RQIRUPLW\ 'HFODUDWLRQ RI &RQIRUPLW\ IRU 3URGXFWV 0DUNHG ZLWK )&& /RJR 8QLWHG 6WDWHV 2QO\
7KLV GHYLFH FRPSOLHV ZLWK 3DUW RI WKH )&& 5XOHV 2SHUDWLRQ LV VXEMHFW WR WKH IROORZLQJ WZR FRQGLWLRQV WKLV GHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ &RPPLVVLRQ )HGHUDOH GH OD &RPPXQLFDWLRQ )&& 'HFODUDWLRQ &HW pTXLSHPHQW D pWp WHVWp HW GpFODUp FRQIRUPH DX[OLPLWHV GHV DSSDUHLOV QXPpULTXHV GH FODVV %DX[ WHUPHV GH O
DUWLFOH 'HV UqJOHV GH OD )&& &HV OLPLWHV VRQW FRQoXHV GH IDoRQ j IRXULU XQH SURWHFWLRQ UDLVRQQDEOH FRQWUH OHV LQWHUIpUHQFHV QXLVLEOHV GDQV OH FDGUH G
XQH LQVWDOODWLRQ UpVLGHQWLHOOH &(7 DSSDUHLO SURGXLW XWLOLVH HW SHXW pPHWWUH GHV K\SHUIUpTXHQFHV TXL VL O
DSSDUHLO Q
HVW SDV LQVWDOOp HW XWLOLVp VHORQ OHV FRQVLJQHV GRQQpHV SHXYHQW FDXVHU GHV LQWHUIpUHQFHV QXLVLEOHV DX[ FRPPXQLFDWLRQV UDGLR
, QIRUPDFH R UHJXODFL
&HSHQGDQW ULHQ QH SHXW JDUDQWLU O
DEVHQFH G
LQWHUIpUHQFHV GDQV OH FDGUH G
XQH LQVWDOODWLRQ SDUWLFXOLqUH 6L FHW DSSDUHLO HVW OD FDXVH G
LQWHUIpUHQFHV QXLVLEOHV SRXU OD UpFHSWLRQ GHV VLJQDX[ GH UDGLR RX GH WpOpYLVLRQ FH TXL SHXW rWUH GpFHOp HQ IHUPDQW O
pTXLSHPHQW SXLV HQ OH UHPHWWDQW HQ IRQFWLRQ O
XWLOLVDWHXU SRXUUDLW HVVD\HU GH FRUULJHU OD VLWXDWLRQ HQ SUHQDQW OHV PHVXUHV VXLYDQWHV 5pRULHQWHU RX GpSODFHU O·DQWHQQH GH UpFHSWLRQ $XJPHQWHU OD GLVWDQFH HQWUH O·pTXLSHPHQW HW OH UpFHSWHXU %UDQFKHU O·pTXLSHPHQW VXU XQ DXWUH FLUFXLW TXH FHOXL XWLOLVp SDU OH UpFHSWHXU 'HPDQGHU O·DLGH GX PDUFKDQG RX G·XQ WHFKQLFLHQ FKHYURQQp HQ UDGLRWpOpYLVLRQ 7RXWHV PRGLILFDWLRQV Q
D\DQW SDV UHoX O
DSSUREDWLRQ GHV VHUYLFHV FRPSpWHQWV HQ PDWLqUH GH FRQIRUPLWp HVW VXVFHSWLEOH G
LQWHUGLUH j O
XWLOLVDWHXU O
XVDJH GX SUpVHQW pTXLSHPHQW 1
XWLOLVHU TXH GHV FkEOHV 5) DUPpV SRXU OHV FRQQHFWLRQV DYHF GHV RUGLQDWHXUV RX SpULSKpULTXHV &(7 $33$5(, / 180(5, 48( '( /$ &/$66( % 5(63(&7( 7287(6 /(6 (;, *(1&(6 '8 5(*/(0(17 685 /( 0$7(5, (/ %528, //(85 '8 &$1$'$
(1 &RPSOLDQFH &]HFK 5HSXEOLF 2QO\
3ROLVK &HQWHU IRU 7HVWLQJ DQG &HUWLILFDWLRQ 1RWLFH 7KH HTXLSPHQW VKRXOG GUDZ SRZHU IURP D VRFNHW ZLWK DQ DWWDFKHG SURWHFWLRQ FLUFXLW D WKUHHSURQJ VRFNHW $OO HTXLSPHQW WKDW ZRUNV WRJHWKHU FRPSXWHU PRQLWRU SULQWHU DQG VR RQ VKRXOG KDYH WKH VDPH SRZHU VXSSO\ VRXUFH 7KH SKDVLQJ FRQGXFWRU RI WKH URRP
V HOHFWULFDO LQVWDOODWLRQ VKRXOG KDYH D UHVHUYH VKRUWFLUFXLW SURWHFWLRQ GHYLFH LQ WKH IRUP RI D IXVH ZLWK D QRPLQDO YDOXH QR ODUJHU WKDQ DPSHUHV $ 7R FRPSOHWHO\ VZLWFK RII WKH HTXLSPHQW WKH SRZHU VXSSO\ FDEOH PXVW EH UHPRYHG IURP WKH SRZHU VXSSO\ VRFNHW ZKLFK VKRXOG EH ORFDWHG QHDU WKH HTXLSPHQW DQG HDVLO\ DFFHVVLEOH $ SURWHFWLRQ PDUN % FRQILUPV WKDW WKH HTXLSPHQW LV LQ FRPSOLDQFH ZLWK WKH SURWHFWLRQ XVDJH UHTXLUHPHQWV RI VWDQGDUGV 31 7 DQG 31(
, QIRUPDFH R UHJXODFL
1RUWK (XURSH 1RUGLF &RXQWULHV , QIRUPDWLRQ 3ODFHULQJ9HQWLODWLRQ 9$51, 1* )À56±. 5$ ', * 20 $77 +898'%5<7$5( 2&+ 877$* ±5 /±7³7. 20/, *$ 1±5 '8 67±//(5 ', 1 8758671, 1* 3³3/$76 3ODFHULQJ9HQWLODWLRQ $'9$56(/ 65* 9(' 3/$&(5, 1*(1 )25 $7 1(7/('1, 1*(16 67, . 2* 67, . . 217$. 7 (5 1(07 7, /*1*(/, *( 3DLNND, OPDQNLHUWR 9$52, 786 6, -2, 7$ /$, 7( 6, 7(1 (77± 9(5. . 2-2+72 92, '$$1 7$59, 77$(66$ +(/3267, , 55277$$ 3, 6725$6, $67$ 3ODVVHULQJ9HQWLODVMRQ $'9$56(/ 1³5 '(77( 8767<5(7 3/$66(5(6 0³ '8 3$66( 3³ $7 . 217$. 7(1( )25 6707, /)56(/ (5 /(77( ³ 1³ %60, 1RWLFH 7DLZDQ 2QO\
(UJRQRPLH +LQZHLV QXU 'HXWVFKODQG 'HU YRQ XQV JHOLHIHUWH )DUEPRQLWRU HQWVSULFKW GHQ LQ GHU 9HURUGQXQJ EHU GHQ 6FKXW] YRU 6FKlGHQ GXUFK 5|QWJHQVWUDKOHQ IHVWJHOHJWHQ 9RUVFKULIWHQ $XI GHU 5FNZDQG GHV *HUlWHV EHILQGHW VLFK HLQ $XINOHEHU GHU DXI GLH 8QEHGHQNOLFKNHLW GHU , QEHWULHEQDKPH KLQZHLVW GD GLH 9RUVFKULIWHQ EHU GLH %DXDUW YRQ 6W|UVWUDKOHUQ QDFK $QODJH , , , $EV GHU 5|QWJHQYHURUGQXQJ HUIOOW VLQG 'DPLW , KU 0RQLWRU LPPHU GHQ LQ GHU =XODVVXQJ JHIRUGHUWHQ :HUWHQ HQWVSULFKW LVW GDUDXI ]X DFKWHQ GD 5HSDUDWXUHQ QXU GXUFK )DFKSHUVRQDO GXUFKJHIKUW ZHUGHQ QXU RULJLQDO(UVDW]WHLOH YHUZHQGHW ZHUGHQ EHL (UVDW] GHU %LOGU|KUH QXU HLQH EDXDUWJOHLFKH HLQJHEDXW ZLUG $XV HUJRQRPLVFKHQ *UâQGHQ ZLUG HPSIRKOHQ GLH *UXQGIDUEHQ %ODX XQG 5RW QLFKW DXI GXQNOHP 8QWHUJUXQG ]X YHUZHQGHQ VFKOHFKWH /HVEDUNHLW XQG HUKÜKWH $XJHQEHODVWXQJ EHL ]X JHULQJHP =HLFKHQNRQWUDVW ZÍUHQ GLH )ROJH 'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO QDFK ', 1 EHWUÍJW G% $ RGHU ZHQLJHU
$&+781* %(, 0 $8)67(//(1 ', (6(6 *(5b7(6 '$5$8) $&+7(1 '$ 1(7=67(&. (5 81' 1(7=. $%(/$16&+/8 /(, &+7 =8*b1*/, &+ 6, 1'
, QIRUPDFH R UHJXODFL
&KLQD 5R+6 7KH 3HRSOH
V 5HSXEOLF RI &KLQD UHOHDVHG D UHJXODWLRQ FDOOHG 0DQDJHPHQW 0HWKRGV IRU &RQWUROOLQJ 3ROOXWLRQ E\ (OHFWURQLF , QIRUPDWLRQ 3URGXFWV RU FRPPRQO\ UHIHUUHG WR DV &KLQD 5R+6 $OO SURGXFWV LQFOXGLQJ &57 DQG 0RQLWRU ZKLFK DUH SURGXFHG DQG VROG IRU &KLQD PDUNHW KDYH WR PHHW &KLQD 5R+6 UHTXHVW
3p H R ]iND]QtN\ D ]iUXND
3p H R ]iND]QtN\ D ]iUXND
3RVWXS S L YDGQîFK SL[HOHFK SORFKpKR SDQHOX VSROH QRVWL 3KLOLSV
6SROH QRVW 3KLOLSV VH VQDçt GRGiYDW YîUREN\ QHMY\ååt NYDOLW\ 3RXçtYi Q NROLN QHMSRNUR LOHMåtFK YîUREQtFK SRVWXS YîURE\ Y WRPWR RGY WYt D SURVD]XMH S tVQRX NRQWUROX NYDOLW\ 'HIHNW P REUD]RYîFK ERG QHER GtO tFK REUD]RYîFK ERG X SDQHO 7)7 /&' NWHUp VH SRXçtYDMt SUR SORFKp PRQLWRU\ VH QLFPpQ Q NG\ QHGi ]DEUiQLW æiGQî YîUREFH QHP çH ]DUX LW çH YåHFKQ\ SDQHO\ EXGRX EH] GHIHNW REUD]RYîFK ERG DOH VSROH QRVW 3KLOLSV ]DUX XMH çH NDçGî PRQLWRU V QHS LMDWHOQîP SR WHP GHIHNW EXGH Y UiPFL ]iUXN\ RSUDYHQ QHER Y\P Q Q 7HQWR WH[W Y\VY WOXMH MHGQRWOLYp GUXK\ GHIHNW QD SL[HOHFK D XU XMH ~QRVQRX ~URYH FK\ERYRVWL SUR NDçGî GUXK $E\ E\OR PRçQp XSODWQLW ]iUX Qt RSUDYX QHER YîP QX PXVt SR HW GHIHNWQtFK REUD]RYîFK ERG SDQHOX 7)7 /&' S HViKQRXW WXWR ~URYH ~QRVQRVWL 1D PRQLWRUX QDS tNODG QHVPt EîW YtFH GHIHNWQtFK GtO tFK REUD]RYîFK ERG QHç 'iOH SURWRçH Q NWHUp W\S\ NRPELQDFt YDG SL[HO MVRX OpSH SRVW HKQXWHOQp QHç MLQp VWDQRYXMH SUR Q VSROH QRVW 3KLOLSV MHåW Y Wåt QiURN\ QD NYDOLWX 7DWR QRUPD VH GRGUçXMH FHORVY WRY
VXESL[HO\ VXESL[HO\ VXESL[HO\
'UXK\ SL[HORYîFK YDG 9DG\ SL[HO D VXESL[HO VH QD REUD]RYFH SURMHYXMt U ]QîPL ]S VRE\ ([LVWXMt GYD GUXK\ YDG SL[HOX D Y UiPFL W FKWR GUXK MH Q NROLN W\S VXESL[HORYîFK YDG 'HIHNW\ VY WOîFK ERG 'HIHNW\ VY WOîFK ERG VH SURMHYXMt MDNR REUD]RYp ERG\ QHER GtO t REUD]RYp ERG\ NWHUp YçG\ VYtWt QHER MVRX
DNWLYQt
6Y WOî ERG MH GtO t REUD]RYî ERG NWHUî Y\VWXSXMH ] REUD]RYN\ NG\ç MH QD PRQLWRUX ]REUD]HQD WPDYi SORFKD ([LVWXMt QiVOHGXMtFt W\S\ GHIHNW VY WOîFK ERG
-HGHQ HUYHQî ]HOHQî QHER PRGUî VXESL[HO
'YD VRXQiOHçtFt VXESL[HO\ HUYHQî PRGUî ÀDORYî HUYHQî ]HOHQî çOXWî ]HOHQî PRGUî VY WOH PRGUî
SL[HO\
3L[HO\ D VXESL[HO\ 3L[HO QHEROL REUD]RYNRYî ERG VH VNOiGi ]H W t VXESL[HO Y ]iNODGQtFK EDUYiFK HUYHQp ]HOHQp D PRGUp . G\ç MH PQRKR SL[HO SRKURPDG WYR t REUD] . G\ç YåHFKQ\ VXESL[HO\ XU LWpKR SL[HOX VYtWt MHYt VH W\WR W L VXESL[HO\ VSROH Q MDNR MHGLQî EtOî SL[HO . G\ç MVRX YåHFKQ\ WPDYp MHYt VH W\WR W L VXESL[HO\ MDNR MHGHQ HUQî SL[HO 'DOåt NRPELQDFH UR]VYtFHQîFK D WPDYîFK VXESL[HO VH MHYt MDNR SL[HO\ U ]QîFK EDUHY
7 L VRXQiOHçtFt UR]VYtFHQp VXESL[HO\ MHGHQ EtOî SL[HO
3p H R ]iND]QtN\ D ]iUXND
3R]QiPND HUYHQî QHER PRGUî VY WOî ERG PXVt EîW R YtFH QHç SURFHQW MDVQ Måt QHç VRXVHGQt ERG\ ]HOHQî VY WOî ERG MH R SURFHQW MDVQ Måt QHç VRXVHGQt ERG\ 'HIHNW\ WPDYîFK ERG 'HIHNW\ WPDYîFK ERG VH SURMHYXMt MDNR REUD]RYp ERG\ QHER GtO t REUD]RYp ERG\ NWHUp QLNG\ QHVYtWt QHER MVRX ÅQHDNWLYQt´ 7PDYî ERG MH GtO t REUD]RYî ERG NWHUî Y\VWXSXMH ] REUD]RYN\ NG\ç MH QD PRQLWRUX ]REUD]HQD VY WOi SORFKD ([LVWXMt QiVOHGXMtFt W\S\ GHIHNW WPDYîFK ERG
9]GiOHQRVW SL[HORYîFK YDG 3URWRçH YDG\ SL[HO D VXESL[HO VWHMQpKR W\SX NWHUp VH Y\VN\WXMt EOt]NR VHEH PRKRX EîW SDWUQ Måt XU XMH VSROH QRVW 3KLOLSV L WROHUDQFH QD Y]GiOHQRVW YDG SL[HO
7ROHUDQFH YDG SL[HO $E\ E\OR PRçQp XSODWQLW RSUDYX QHER YîP QX NY OL GHIHNWQtP REUD]RYîP ERG P Y ]iUX Qt GRE PXVt SDQHO 7)7 /&' SORFKpKR PRQLWRUX 3KLOLSV Y\ND]RYDW GHIHNW\ REUD]RYîFK ERG QHER GtO tFK REUD]RYîFK ERG NWHUp S HNUD XMt WROHUDQFH XYHGHQp Y QiVOHGXMtFtFK WDEXONiFK
. $=< -$61í&+ %2' WUYDOH VYtWtFt ERG VRXVHGQt WUYDOH VYtWtFt ERG\ VRXVHGQt WUYDOH VYtWtFt ERG\ QHER WUYDOH VYtWtFt EtOî ERG 9]GiOHQRVW PH]L GY PD ND]\ MDVQîFK ERG
&HONRYî SR HW ND] MDVQîFK ERG YåHFK W\S . $=< (51í&+ %2' WPDYî ERG VRXVHGQt WPDYp ERG\ VRXVHGQt WPDYp ERG\ 9]GiOHQRVW PH]L GY PD ND]\ HUQîFK ERG
&HONRYî SR HW ND] HUQîFK ERG YåHFK W\S . $=\ ERG FHONHP &HONRYî SR HW ND] MDVQîFK QHER HUQîFK ERG YåHFK W\S
3 , -$7(/1í 32 (7 9$' !PP 3 , -$7(/1í 32 (7 9$' QHER PpQ QHER PpQ !PP QHER PpQ 3 , -$7(/1í 32 (7 9$' QHER PpQ
3R]QiPND QHER VRXVHGQt YDGQp ERG\ EDUYD YDGQî ERG 7HQWR PRQLWRU MH NRPSDWLELOQt VH VWDQGDUGHP , 62 , 62 (UJRQLPLFNî SRçDGDYHN DQDOî]D D PHWRG\ WHVWRYiQt VKRG\ SUR HOHNWURQLFNi ]REUD]RYDFt ]D t]HQt
3p H R ]iND]QtN\ D ]iUXND
3p H R ]iND]QtN\
]iUXND
3RGUREQp LQIRUPDFH R ]iUXFH D SRçDGDYNX QD GRGDWH QRX SRGSRUX SODWQp SUR YDåL REODVW QDMGHWH QD ZHEX ZZZSKLOLSVFRPVXSSRUW 5RYQ ç P çHWH NRQWDNWRYDW PtVWQt FHQWUXP Sp H R ]iND]QtN\ QD QtçH XYHGHQîFK WHOHIRQQtFK tVOHFK . RQWDNWQt LQIRUPDFH SUR REODVW =É3$'1Ì (9523< =HP *HUPDQ\ 8QLWHG . LQJGRP , UHODQG 6SDLQ )LQODQG )UDQFH *UHHFH , WDO\ 1HWKHUODQGV 'HQPDUN 1RUZD\ 6ZHGHQ 3RODQG $XVWULD %HOJLXP /X[HPERXUJ 3RUWXJDO 6ZLW]HUODQG $6& 6LHPHQV , 6 , QYHF 6FRWODQG , QYHF 6FRWODQG (DWVD 6SDLQ $QRYR $QRYR $OOPDQ +HOODV $QRYR ( &DUH $QRYR $QRYR $QRYR =ROWHU 6LHPHQV , 6 ( &DUH ( &DUH (DWVD 6SDLQ $QRYR tVOR ]iND]QLFNp Sp H &HQD ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ /RFDO FDOO WDULII ¼ )UHH RI FKDUJH ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII
3p H R ]iND]QtN\ D ]iUXND
. RQWDNWQt LQIRUPDFH SUR REODVW 67 ('1Ì $ 9í&+2'1Ì (9523< =HP %(/$586 %8/*$5, $ &52$7, $ (6721, $ /$79, $ /, 7+8$1, $ 520$1, $ 6(5%, $ 0217(1(*52 6/29(1, $ 8. 5$, 1( 7HOHIRQQt VW HGLVNR $6& 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ , %$ /$1 6HUYLFH 5HQRSURP )8-, 768 k6HUYLFH1HW /9y /WG 8$% 6HUYLFHQHW %OXH 5LGJH , QWO . LP 7HF GRR 3& +DQG &RPHO 7RSD]6HUYLFH &RPSDQ\ &36 &((( 3DUWQHUV 'DWDODQ 6HUYLFH 7HFKSUR $VXSSRUW 6HUZDUH 3URIL 6HUYLFH tVOR ]iND]QLFNp Sp H IRU UHSDLU IRU VDOHV
5XVVLD 6ORYDNLD 7XUNH\ &]HFK 5HS +XQJDU\
. RQWDNWQt LQIRUPDFH SUR REODVW /$7, 16. e $0(5, . < =HP %UD]LO $UJHQWLQD 7HOHIRQQt VW HGLVNR 9HUPRQW tVOR ]iND]QLFNp Sp H
. RQWDNWQt LQIRUPDFH SUR tQX tQD tVOR ]iND]QLFNp Sp H . RQWDNWQt LQIRUPDFH SUR 6(9(51Ì $0(5, . 8
=HP 86$ &DQDGD 7HOHIRQQt VW HGLVNR $6& 726 6XSHUFRP 7HOHSODQ 6XSHUFRP tVOR ]iND]QLFNp Sp H
3p H R ]iND]QtN\ D ]iUXND
. RQWDNWQt LQIRUPDFH SUR REODVW $30($ =HP
$XVWUDOLD 1HZ =HDODQG
7HOHIRQQt VW HGLVNR
1$ 1$
$6&
9LVXDO *URXS /WG 6PDUW 3L[HOV 7HFKQRORJ\ /WG 5(', 1*721 , 1', $ /7' 37 *DGLQJVDUL HOHNWURQLND 3ULPD 3&6 2QH . RUHD /WG $IWHU 0DUNHW 6ROXWLRQV &( 6GQ %KG 3KLOLSV &RQVXPHU 6HUYLFH 3KLOLSV (OHFWURQLFV 6LQJDSRUH 3WH /WG 3KLOLSV &RQVXPHU &DUH &HQWHU )(7(&&2 $[LV &RPSXWHU 6\VWHP &R /WG 6\OYDUD 7HFKQRORJLHV 3W\ /WG $/ 6+$+' &20387(5 //& (DVWURQLFV /7' )37 6HUYLFH , QIRUPDWLF &RPSDQ\ /WG *OHH (OHFWURQLFV , QF QR GLVWULEXWRU DQGRU VHUYLFH SURYLGHU FXUUHQWO\
tVOR ]iND]QLFNp Sp H
+RQJ . RQJ7HO 0DFDX7HO 7HO 606 3+, /, 36 WR 7HO
$*26 1(7:25. 37< /7'
+RQJ . RQJ 0DFDX 1$ , QGLD , QGRQHVLD 6RXWK . RUHD 0DOD\VLD 3DNLVWDQ 6LQJDSRUH 1$ 1$ 1$ 1$ 1$ 1$ 3&&: 7HOHVHUYLFHV 7DLZDQ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$
7DLZDQ 7KDLODQG 6RXWK $IULFD 81, 7(' $5$% (0, 5$7(6 , VUDHO 9LHWQDP 3KLOLSSLQHV 6UL /DQND %DQJODGHVK 1HSDO &DPERGLD
+R &KL 0LQK &LW\ 'DQDQJ &LW\ &DQ WKR 3URYLQFH WR WR
'LVWULEXWRU &RPSXWHU 6RXUFH /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 6\DNDU &R /WG ZDUUDQW\ EX\RXW
'LVWULEXWRU 1HDW 7HFKQRORJ\ 3WH /WG 6LQJDSRUH ZDUUDQW\ EX\RXW
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
2GVWUD RYiQt SUREOpP
1D WpWR VWUiQFH MVRX XYHGHQ\ SUREOpP\ NWHUp P çH RGVWUDQLW XçLYDWHO 3RNXG SUREOpP S HWUYiYi L SR Y\]NRXåHQt W FKWR HåHQt NRQWDNWXMWH ]iVWXSFH VOXçHE SUR ]iND]QtN\ VSROH QRVWL 3KLOLSV % çQp SUREOpP\ æiGQî REUD] LQGLNiWRU /(' QDSiMHQt QHVYtWt =NRQWUROXMWH ]GD MH QDSiMHFt NDEHO S LSRMHQ N HOHNWULFNp ]iVXYFH D GR ]DGQt iVWL PRQLWRUX 1HMG tYH ]NRQWUROXMWH ]GD VH Y\StQD QD S HGQt VWUDQ PRQLWRUX QDFKi]t YH 2)) 9<3187e SROR]H D VWLVNQ WH MHM GR 21 =$3187e SRORK\ æiGQî REUD] LQGLNiWRU /(' QDSiMHQt MH EtOî =NRQWUROXMWH ]GD MH ]DSQXWî SR tWD =NRQWUROXMWH ]GD MH NDEHO VLJQiOX iGQ S LSRMHQ N SR tWD L =NRQWUROXMWH ]GD QHMVRX RKQXWp NROtN\ QD S LSRMRYDFt VWUDQ NDEHOX PRQLWRUX 3RNXG DQR RSUDYWH QHER Y\P WH NDEHO 3UDYG SRGREQ MH DNWLYRYiQD IXQNFH t]HQt VSRW HE\ 2EUD]RYND tNi
$WWHQWLRQ
7OD tWNR $872 QHIXQJXMH $XWRPDWLFNi IXQNFH MH SRXçLWHOQi SRX]H Y UHçLPX 9*$DQDORJRYî 3RNXG YîVOHGHN QHQt XVSRNRMLYî P çHWH SURYpVW UX Qt ~SUDY\ SURVW HGQLFWYtP QDEtGN\ 26' 3R]QiPND $XWRPDWLFNi IXQNFH QHQt SRXçLWHOQi Y UHçLPX '9, GLJLWiOQt SURWRçH MH ]E\WH Qi 9LGLWHOQp ]QiPN\ NRX H QHER MLVN HQt 1HSURYiG MWH çiGQp NURN\ SUR RGVWUD RYiQt SUREOpP 3UR ]DMLåW Qt EH]SH QRVWL LKQHG RGSRMWH PRQLWRU RG ]GURMH QDSiMHQt , KQHG NRQWDNWXMWH ]iVWXSFH VOXçHE SUR ]iND]QtN\ VSROH QRVWL 3KLOLSV 3UREOpP\ VH ]REUD]HQtP 2EUD] QHQt Y\VW HG Q 8SUDYWH SRORKX REUD]X SRPRFt IXQNFH Å$XWR´ Y KODYQtFK RYOiGDFtFK SUYFtFK 26' 8SUDYWH SRORKX REUD]X SRPRFt SRORçHN 3KDVH&ORFN )i]HIUHNYHQFH Y iVWL 6HWXS 1DVWDYHQt Y 26' 0DLQ &RQWUROV +ODYQt RYOiGDFt SUYN\ 26' 7DWR IXQNFH MH SODWQi SRX]H Y UHçLPX 9*$ 2EUD] VH FKY MH QD REUD]RYFH =NRQWUROXMWH ]GD MH NDEHO VLJQiOX iGQ D EH]SH Q S LSRMHQ NH JUDILFNp GHVFH QHER N SR tWD L 'RFKi]t NH VYLVOpPX EOLNiQt
&KHFN FDEOH FRQQHFWLRQ
=NRQWUROXMWH ]GD MH NDEHO PRQLWRUX iGQ S LSRMHQ N SR tWD L 5RYQ ç YL] 6WUX Qi S tUX ND =NRQWUROXMWH ]GD QHMVRX RKQXWp NROtN\ NDEHOX PRQLWRUX =NRQWUROXMWH ]GD MH ]DSQXWî SR tWD
8SUDYWH SRORKX REUD]X SRPRFt IXQNFH Å$XWR´ Y KODYQtFK RYOiGDFtFK SUYFtFK 26' 2PH]WH VYLVOp SUXK\ SRPRFt SRORçHN 3KDVH&ORFN )i]HIUHNYHQFH Y iVWL 6HWXS 1DVWDYHQt Y 26' 0DLQ &RQWUROV +ODYQt RYOiGDFt SUYN\ 26' 7DWR IXQNFH MH SODWQi SRX]H Y UHçLPX 9*$
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
'RFKi]t N YRGRURYQpPX EOLNiQt
=EîYDMtFt ERG\ MVRX QRUPiOQt YODVWQRVWt WHNXWîFK NU\VWDO SRXçtYDQîFK VRX DVQRX WHFKQRORJLt 'DOåt SRGUREQRVWL YL] SUDYLGOD SUR REUD]RYp ERG\
8SUDYWH SRORKX REUD]X SRPRFt IXQNFH Å$XWR´ Y KODYQtFK RYOiGDFtFK SUYFtFK 26' 2PH]WH VYLVOp SUXK\ SRPRFt SRORçHN 3KDVH&ORFN )i]HIUHNYHQFH Y iVWL 6HWXS 1DVWDYHQt Y 26' 0DLQ &RQWUROV +ODYQt RYOiGDFt SUYN\ 26' 7DWR IXQNFH MH SODWQi SRX]H Y UHçLPX 9*$
6Y WOR LQGLNiWRUX ÅQDSiMHQt´ MH S tOLå VLOQp D UXåt 0 çHWH QDVWDYLW LQWHQ]LWX VY WOD LQGLNiWRUX ÅQDSiMHQt´ Y iVWL 3RZHU /(' , QGLNiWRU /(' QDSiMHQt Y iVWL 6HWXS 1DVWDYHQt Y 26' 0DLQ &RQWUROV +ODYQt RYOiGDFt SUYN\ QDEtGN\ 26' 3RW HEXMHWHOL GDOåt SRPRF YL] VH]QDP , QIRUPD Qt VW HGLVND SUR ]iND]QtN\ D NRQWDNWXMWH ]iVWXSFH VOXçHE SUR ]iND]QtN\ VSROH QRVWL 3KLOLSV
2EUD] MH UR]PD]DQî QHYîUD]Qî QHER S tOLå WPDYî 8SUDYWH NRQWUDVW D MDV QD REUD]RYFH 26' Å'RVYLW´ ÅY\SiOHQt´ QHER Å]REUD]HQt GXFK ´ ] VWDQH SR Y\SQXWt QDSiMHQt 'ORXKRGREp QHS HUXåRYDQp ]REUD]HQt QHK\EQpKR QHER VWDWLFNpKR REUD]X P çH ]S VRELW ÅY\SiOHQt´ REUD]RYN\ URYQ ç ]QiPp MDNR ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ Å9\SiOHQt´ ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ MH GRE H ]QiPî MHY X WHFKQRORJLH SDQHO /&' 9 PQRKD S tSDGHFK ÅY\SiOHQt´ ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ SRVWXSQ ]PL]t SR XU LWp GRE PLPR SURYR] 3 HG SRQHFKiQtP PRQLWRUX EH] GR]RUX YçG\ DNWLYXMWH VSR L REUD]RYN\ %XGHOL QD YDåHP PRQLWRUX /&' ]REUD]HQ QHP QtFt VH VWDWLFNî REVDK YçG\ DNWLYXMWH DSOLNDFL SUR SUDYLGHOQRX REQRYX REUD]RYN\ 9içQp S t]QDN\ ÅY\SiOHQt´ ÅGRVYLWX´ QHER Å]REUD]HQt GXFK ´ QH]PL]t D QHO]H MH RSUDYLW 1D YîåH XYHGHQp SRåNR]HQt VH QHY]WDKXMH ]iUXND 2EUD] MH ]GHIRUPRYDQî 7H[W MH QHMDVQî QHER UR]PD]DQî 1DVWDYWH UR]OLåHQt ]REUD]HQt SR tWD H QD VWHMQî UHçLP Y MDNpP VH QDFKi]t GRSRUX HQp QDWLYQt UR]OLåHQt REUD]RYN\ PRQLWRUX 1D REUD]RYFH VH REMHYXMt ]HOHQp HUYHQp PRGUp WPDYp D EtOp WH N\
6PDUW&RQWURO /LWH ² DVWp GRWD]\
27É=. $ =P QLO MVHP PRQLWRU Y SR tWD L ]D MLQî D WHFKQRORJLH 6PDUW&RQWURO /LWH VH VWDOD QHSRXçLWHOQRX FR PiP G ODW" 2GSRY 5HVWDUWXMWH SR tWD D ]MLVW WH ]GD WHFKQRORJLH 6PDUW&RQWURO /LWH IXQJXMH 9 RSD QpP S tSDG EXGH W HED RGHEUDW D ]QRYX QDLQVWDORYDW 6PDUW&RQWURO /LWH DE\ E\OR ]DMLåW QR çH MH QDLQVWDORYiQ VSUiYQî RYODGD 27É=. $ 7HFKQRORJLH 6PDUW&RQWURO /LWH G tYH GRE H IXQJRYDOD DOH Q\Qt QHIXQJXMH FR PiP G ODW" 2GSRY 3RNXG E\O\ SURYHGHQD QiVOHGXMtFt NURN\ EXGH SUDYG SRGREQ QXWQp ]QRYX QDLQVWDORYDW RYODGD PRQLWRUX 3RXçLMWH MLQî JUDÀFNî DGDSWpU YLGHD =DNWXDOL]XMWH RYODGD YLGHD LQQRVWL QD RSHUD QtP V\VWpPX QDS tNODG DNWXDOL]DFH QHER RSUDYD 6SXV WH VOXçEX $NWXDOL]DFH :LQGRZV D ]DNWXDOL]XMWH RYODGD PRQLWRUX DQHER YLGHD 2SHUD Qt V\VWpP :LQGRZV E\O ]DYHGHQ NG\ç E\O PRQLWRU Y\SQXWî QHER RGSRMHQî &KFHWHOL ]tVNDW GDOåt LQIRUPDFH NOHSQ WH SUDYîP WOD tWNHP P\åL QD 0\ &RPSXWHU 7HQWR SR tWD D NOHSQ WH QD 3URSHUWLHV 9ODVWQRVWL !'HYLFH 0DQDJHU 6SUiYFH ]D t]HQt
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
3RNXG MH SRG SRORçNRX 0RQLWRU XYHGHQR Å3OXJ DQG 3OD\ 0RQLWRU´ 0RQLWRU 3OXJ DQG 3OD\ MH W HED SURYpVW QRYRX LQVWDODFL -HGQRGXåH RGHEHUWH D ]QRYX QDLQVWDOXMWH 6PDUW&RQWURO /LWH
27É=. $ . G\ç SR QDLQVWDORYiQt 6PDUW&RQWURO /LWH NOHSQX QD NDUWX 6PDUW&RQWURO /LWH DQL SR FKYtOL VH QLF QH]REUD]t QHER VH ]REUD]t ]SUiYD R FK\E FR VH VWDOR" 2GSRY 9iå JUDÀFNî DGDSWpU SUDYG SRGREQ QHQt NRPSDWLELOQt V WHFKQRORJLt 6PDUW&RQWURO /LWH 3RNXG MH Yiå JUDÀFNî DGDSWpU PH]L YîåH XYHGHQîPL ]QD NDPL ]NXVWH VWiKQRXW QHMDNWXiOQ Måt RYODGD JUDÀFNpKR DGDSWpUX ] ZHERYîFK VWUiQHN S tVOXåQpKR YîUREFH 1DLQVWDOXMWH RYODGD 2GHEHUWH D ]QRYX QDLQVWDOXMWH 6PDUW&RQWURO /LWH 3RNXG S HVWR QHIXQJXMH JUDÀFNî DGDSWpU ERKXçHO QHQt SRGSRURYiQ 1D ZHERYpP VHUYHUX VSROH QRVWL 3KLOLSV ]MLVW WH ]GD MH N GLVSR]LFL ]DNWXDOL]RYDQî RYODGD 6PDUW&RQWURO /LWH
27É=. $ =DSRPQ O MVHP VY M NyG 3, 1 SUR IXQNFL ]DEH]SH HQt SURWL NUiGHçL &R PiP G ODW" 2GSRY 6HUYLVQt VW HGLVNR 3KLOLSV Pi SUiYR çiGDW OHJLWLPQt LGHQWLÀNDFL D RY HQt SUR ]MLåW Qt YODVWQLFWYt PRQLWRUX 8SR]RU XMHPH YiV çH IXQNFH RFKUDQ\ SURWL NUiGHçL MH N GLVSR]LFL MDNR VQDGQi D EH]SODWQi PRçQRVW =D VSUiYX tVHO 3, 1 QHVH YîKUDGQt RGSRY GQRVW NRQNUpWQt RVRED QHER RUJDQL]DFH NWHUi ML MPHQXMH 3RNXG tVOR 3, 1 ]DSRPHQHWH VHUYLVQt VW HGLVNR 3KLOLSV MHM P çH SUR YiV ]QRYX QDVWDYLW ]D QRPLQiOQt SRSODWHN SR RY HQt YODVWQLFWYt 8SR]RU XMHPH YiV çH QD WXWR LQQRVW VH QHY]WDKXMt SRGPtQN\ VWDQGDUGQt ]iUXN\
2EHFQp DVWp GRWD]\
27É=. $ . G\ç QDLQVWDOXML VY M PRQLWRU FR PiP XG ODW NG\ç VH QD REUD]RYFH ]REUD]t ]SUiYD Å&DQQRW GLVSOD\ WKLV YLGHR PRGH´ 7HQWR UHçLP YLGHD QHO]H ]REUD]LW" 2GSRY 'RSRUX HQp UR]OLåHQt SUR WHQWR PRQLWRU [ S L +] 2GSRMWH YåHFKQ\ NDEHO\ SRWRP S LSRMWH SR tWD N PRQLWRUX NWHUî MVWH SRXçLOL S HGWtP 9 QDEtGFH 6WDUW RSHUD QtKR V\VWpPX :LQGRZV Y\EHUWH 6HWWLQJV&RQWURO 3DQHO 1DVWDYHQt 2YOiGDFt SDQHO\ 9 RNQ &RQWURO 3DQHO 2YOiGDFt SDQHO\ Y\EHUWH LNRQX 'LVSOD\ =REUD]HQt 1D SDQHOX 'LVSOD\ &RQWURO =REUD]HQt ² YODVWQRVWL Y\EHUWH NDUWX Å6HWWLQJV´ 1DVWDYHQt 1D NDUW QDVWDYHQt Y SROL R]QD HQpP ÅGHVNWRS DUHD´ SUDFRYQt SORFKD S HVX WH SRVXYQtN QD [ REUD]RYîFK ERG . OHSQ WH QD Å$GYDQFHG 3URSHUWLHV´ 8S HVQLW QDVWDYWH SRORçNX 5HIUHVK 5DWH 2EQRYRYDFt IUHNYHQFH QD +] D SRWRP NOHSQ WH QD 2. 5HVWDUWXMWH SR tWD D ]RSDNRYiQtP NURNX D RY WH ]GD MH SR tWD QDVWDYHQ QD [ S L +] 9\SQ WH SR tWD RGSRMWH VWDUî PRQLWRU D ]QRYX S LSRMWH PRQLWRU /&' 3KLOLSV =DSQ WH PRQLWRU D SRWRP ]DSQ WH SR tWD
27É=. $ 3R NOHSQXWt QD 3URGXFW , QIRUPDWLRQ , QIRUPDFH R SURGXNWX VH ]REUD]t SRX]H iVWH Qp LQIRUPDFH FR VH VWDOR" 2GSRY 3UDYG SRGREQ QHPiWH N GLVSR]LFL QHMDNWXiOQ Måt YHU]L RYODGD H DGDSWpUX JUDÀFNp NDUW\ NWHUi SOQ SRGSRUXMH UR]KUDQt ''&&, 3RNXVWH VH VWiKQRXW QHMDNWXiOQ Måt RYODGD JUDÀFNpKR DGDSWpUX ] ZHERYîFK VWUiQHN S tVOXåQpKR YîUREFH 1DLQVWDOXMWH RYODGD 2GHEHUWH D ]QRYX QDLQVWDOXMWH 6PDUW&RQWURO /LWH
$WWHQWLRQ
7KHIW PRGH HQDEOHG
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
27É=. $ -DNi MH GRSRUX HQi REQRYRYDFt IUHNYHQFH PRQLWRUX /&'" 2GSRY 'RSRUX HQi REQRYRYDFt IUHNYHQFH X PRQLWRU /&' MH +] 9 S tSDG MDNpKRNROL UXåHQt QD REUD]RYFH ML P çHWH QDVWDYLW QD +] D XYLGtWH ]GD UXåHQt ]PL]t 27É=. $ &R MVRX VRXERU\ LQI D LFP QD GLVNX &'520" -DN O]H QDLQVWDORYDW RYODGD H LQI D LFP" 2GSRY -HGQi VH R VRXERU\ RYODGD H PRQLWRUX 3 L LQVWDODFL RYODGD SRVWXSXMWH SRGOH SRN\Q Y XçLYDWHOVNp S tUX FH 3 L SUYQt LQVWDODFL EXGH SR tWD SUDYG SRGREQ SRçDGRYDW RYODGD H PRQLWRUX VRXERU\ LQI D LFP QHER GLVN V RYODGD L 3RVWXSXMWH SRGOH SRN\Q D YORçWH GRSURYRGQî GLVN &'520 NWHUî MH VRX iVWt WpWR VDG\ 2YODGD H PRQLWRUX VRXERU\ LQI D LFP EXGRX QDLQVWDORYiQ\ DXWRPDWLFN\ 27É=. $ -DN PiP XSUDYLW UR]OLåHQt" 2GSRY 'RVWXSQi UR]OLåHQt XU XMH JUDÀFNi NDUWDRYODGD JUDÀN\ D PRQLWRU 3RçDGRYDQp UR]OLåHQt P çHWH Y\EUDW Y iVWL &RQWURO 3DQHO 2YOiGDFt SDQHO\ V\VWpPX :LQGRZV Y iVWL Å'LVSOD\ SURSHUWLHV´ =REUD]HQt YODVWQRVWL 27É=. $ &R NG\ç VH E KHP QDVWDYHQt PRQLWRUX ]WUDWtP SURVW HGQLFWYtP QDEtGN\ 26'" 2GSRY -HGQRGXåH VWLVNQ WH WOD tWNR 2. [. . . ] 27É=. $ 2GSRY /]H S LSRMLW WHQWR PRQLWRU /&' N OLERYROQpPX SR tWD L SUDFRYQt VWDQLFL QHER SR tWD L 0DF" $QR 9åHFKQ\ PRQLWRU\ /&' 3KLOLSV MVRX SOQ NRPSDWLELOQt VH VWDQGDUGQtPL SR tWD L SR tWD L 0DF D SUDFRYQtPL VWDQLFHPL 3UR
2GVWUD RYiQt SUREOpP D DVWp GRWD]\
S LSRMHQt PRQLWRUX N V\VWpPX 0DF P çH EîW ]DSRW HEt NDEHORYî DGDSWpU 'DOåt LQIRUPDFH YiP SRVN\WQH QHMEOLçåt REFKRGQt ]iVWXSFH 3KLOLSV 27É=. $ -VRX PRQLWRU\ 3KLOLSV /&' Y\EDYHQ\ WHFKQRORJLt 3OXJDQG 3OD\" 2GSRY $QR W\WR PRQLWRU\ MVRX NRPSDWLELOQt V WHFKQRORJLt 3OXJ DQG3OD\ Y RSHUD QtP V\VWpPX :LQGRZV 9LVWD ;3 17 0DF 26; D /LQX[ 27É=. $ &R ]QDPHQi OS Qt REUD]X Y\SiOHQt REUD]X GRVYLW QHER ÅGXFK´ Y VRXYLVORVWL V SDQHO\ /&'" 2GSRY 'ORXKRGREp QHS HUXåRYDQp ]REUD]HQt QHK\EQpKR QHER VWDWLFNpKR REUD]X P çH ]S VRELW ÅY\SiOHQt´ REUD]RYN\ URYQ ç ]QiPp MDNR ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ Å9\SiOHQt´ ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ MH GRE H ]QiPî MHY X WHFKQRORJLH SDQHO /&' 9 PQRKD S tSDGHFK ÅY\SiOHQt´ ÅGRVYLW´ QHER Å]REUD]HQt GXFK ´ SRVWXSQ ]PL]t SR XU LWp GRE PLPR SURYR] 3 HG SRQHFKiQtP PRQLWRUX EH] GR]RUX YçG\ DNWLYXMWH VSR L REUD]RYN\ %XGHOL QD YDåHP PRQLWRUX /&' ]REUD]HQ QHP QtFt VH VWDWLFNî REVDK YçG\ DNWLYXMWH DSOLNDFL SUR SUDYLGHOQRX REQRYX REUD]RYN\ 9içQp S t]QDN\ ÅY\SiOHQt´ ÅGRVYLWX´ QHER Å]REUD]HQt GXFK ´ QH]PL]t D QHO]H MH RSUDYLW 1D YîåH XYHGHQp SRåNR]HQt VH QHY]WDKXMH ]iUXND
27É=. $ 3UR VH QD GLVSOHML QH]REUD]XMH RVWUî WH[W D SUR PDMt ]REUD]HQp ]QDN\ ]XEDWp RNUDMH" 2GSRY 9iå PRQLWRU QHMOpSH SUDFXMH S L VYpP QDWLYQtP UR]OLåHQt [ S L +] 3RXçtYHMWH WRWR UR]OLåHQt SUR GRVDçHQt RSWLPiOQtKR ]REUD]HQt
9îVWUDKD
. RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 9åHFKQD SUiYD Y\KUD]HQD 3KLOLSV D HPEOpP åWtWX 3KLOLSV MVRX UHJLVWURYDQp REFKRGQt ]QiPN\ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 D MVRX SRXçtYiQ\ Y OLFHQFL RG . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 ÔGDMH PRKRX EîW EH] S HGFKR]tKR XSR]RUQ Qt ]P Q Q\ 9HU]H 0(7 [. . . ]