(1
:$51,1*
KH YLEUDWLRQ HPLVVLRQ OHYHO JLYHQ LQ WKLV LQIRUPDWLRQ VKHHW KDV EHHQ PHDVXUHG
LQ DFFRUGDQFH ZLWK D VWDQGDUGLVHG WHVW JLYHQ LQ
FRPSDUH RQH WRRO ZLWK DQRWKHU W PD\ EH XVHG IRU D SUHOLPLQDU\ DVVHVVPHQW RI
H[SRVXUH KH GHFODUHG YLEUDWLRQ HPLVVLRQ OHYHO UHSUHVHQWV WKH PDLQ DSSOLFDWLRQV
RI WKH WRRO
RZHYHU LI WKH WRRO LV XVHG IRU GLIIHUHQW DSSOLFDWLRQV ZLWK GLIIHUHQW
DFFHVVRULHV RU SRRUO\ PDLQWDLQHG WKH YLEUDWLRQ HPLVVLRQ PD\ GLIIHU KLV PD\
VLJQL FDQWO\ LQFUHDVH WKH H[SRVXUH OHYHO RYHU WKH WRWDO ZRUNLQJ SHULRG
Q HVWLPDWLRQ RI WKH OHYHO RI H[SRVXUH WR YLEUDWLRQ VKRXOG DOVR WDNH LQWR DFFRXQW
WKH WLPHV ZKHQ WKH WRRO LV VZLWFKHG RII RU ZKHQ LW LV UXQQLQJ EXW QRW DFWXDOO\ GRLQJ
WKH MRE KLV PD\ VLJQL FDQWO\ UHGXFH WKH H[SRVXUH OHYHO RYHU WKH WRWDO ZRUNLQJ
SHULRG GHQWLI\ DGGLWLRQDO VDIHW\ PHDVXUHV WR SURWHFW WKH RSHUDWRU IURP WKH HIIHFWV
RI YLEUDWLRQ VXFK DV PDLQWDLQ WKH WRRO DQG WKH DFFHVVRULHV NHHS WKH KDQGV ZDUP
RUJDQLVDWLRQ RI ZRUN SDWWHUQV
)5
$9(57,66(0(17
H QLYHDX G¶pPLVVLRQ GHV YLEUDWLRQV LQGLTXp GDQV FHWWH IHXLOOH G¶LQIRUPDWLRQ D pWp
PHVXUp HQ FRQFRUGDQFH DYHF XQ WHVW QRUPDOLVp IRXUQL SDU
XWLOLVp SRXU FRPSDUHU XQ RXWLO j XQ DXWUH O SHXW rWUH XWLOLVp SRXU XQH pYDOXDWLRQ
SUpOLPLQDLUH GH O¶H[SRVLWLRQ H QLYHDX GpFODUp G¶pPLVVLRQ GHV YLEUDWLRQV V¶DSSOLTXH
j O¶XWLOLVDWLRQ SULQFLSDOH GH O¶RXWLO RXWHIRLV VL O¶RXWLO HVW XWLOLVp SRXU GHV DSSOLFDWLRQV
GLIIpUHQWHV DYHF GHV DFFHVVRLUHV GLIIpUHQWV RX PDO HQWUHWHQX O¶pPLVVLRQ GH
YLEUDWLRQV SHXW rWUH GLIIpUHQWH H QLYHDX G¶H[SRVLWLRQ SHXW HQ rWUH DXJPHQWp GH
IDoRQ VLJQLILFDWLYH WRXW DX ORQJ GH OD SpULRGH GH WUDYDLO
QH HVWLPDWLRQ GX QLYHDX G¶H[SRVLWLRQ DX[ YLEUDWLRQV GRLW DXVVL SUHQGUH HQ
FRPSWH OHV SpULRGHV R O¶RXWLO HVW DUUrWp DLQVL TXH OHV SpULRGHV R LO IRQFWLRQQH
VDQV YUDLPHQW WUDYDLOOHU H QLYHDX G¶H[SRVLWLRQ SHQGDQW OD GXUpH WRWDOH GX WUDYDLO
SHXW HQ rWUH UpGXLW GH IDoRQ VLJQLILFDWLYH
DGGLWLRQQHOOHV GH VpFXULWp j SUHQGUH SRXU SURWpJHU O¶RSpUDWHXU GHV HIIHWV GHV
YLEUDWLRQV WHOOHV TXH PDLQWLHQ GH O¶RXWLO HW GH VHV DFFHVVRLUHV PDLQWLHQ GHV PDLQV
DX FKDXG RUJDQLVDWLRQ GX WUDYDLO
'(
:$5181*
HU LQ GLHVHP QIRUPDWLRQVEODWW JHQDQQWH FKZLQJXQJVSHJHO ZXUGH HQWVSUHFKHQG
GHP VWDQGDUGLVLHUWHQ HVW YRQ
GDV :HUN]HXJ PLW DQGHUHQ ]X YHUJOHLFKHQ
YRUDXVJHKHQGH
LQVFKlW]XQJ GHU
FKZLQJXQJVSHJHO UHSUlVHQWLHUW GHQ
HGRFK NDQQ GDV :HUN]HXJ IU YHUVFKLHGHQH
LW XQWHUVFKLHGOLFKHQ
XVDW]JHUlWHQ RGHU EHL VFKOHFKWHU :DUWXQJ NDQQ GHU
FKZLQJXQJVSHJHO XQWHUVFKLHGOLFK VHLQ
GLH JHVDPWH UEHLWV]HLW VLJQLILNDQW HUK|KW ZHUGHQ
LQH LQVFKlW]XQJ GHU [SRVLWLRQ ]X FKZLQJXQJHQ VROOWH DXFK GLH HLWHQ ZHQQ GDV
:HUN]HXJ DXVJHVFKDOWHW LVW RGHU ZHQQ HV DQJHVFKDOWHW DEHU QLFKW LQ HWULHE LVW LQ
HWUDFKW ]LHKHQ DGXUFK NDQQ GLH [SRVLWLRQVK|KH EHU GLH JHVDPWH UEHLWV]HLW
VLJQLILNDQW UHGX]LHUW ZHUGHQ GHQWLIL]LHUHQ LH ]XVlW]OLFKH LFKHUKHLWVPDQDKPHQ
XP GLH HGLHQXQJVSHUVRQ YRU GHQ IIHNWHQ GHU FKZLQJXQJHQ ]X VFKW]HQ ZLH
]XP
HLVSLHO
DV :HUN]HXJ XQG XVDW]JHUlWH ZDUWHQ
UJDQLVDWLRQ GHU UEHLWV]HLWHQ
(6
$'9(57(1&,$
O QLYHO GH HPLVLyQ GH ODV YLEUDFLRQHV TXH ILJXUD HQ HVWD KRMD GH LQIRUPDFLyQ VH
KD PHGLGR VHJ~Q XQD SUXHED HVWDQGDUL]DGD TXH ILJXUD HQ
XWLOL]DGR SDUD FRPSDUDU XQD KHUUDPLHQWD FRQ RWUD XHGH VHU XWLOL]DGR SDUD XQD
HYDOXDFLyQ SUHOLPLQDU GH OD H[SRVLFLyQ
GHFODUDGR UHSUHVHQWD ODV SULQFLSDOHV DSOLFDFLRQHV GH OD KHUUDPLHQWD R REVWDQWH
VL OD KHUUDPLHQWD VH XWLOL]D SDUD GLIHUHQWHV DSOLFDFLRQHV FRQ GLIHUHQWHV DFFHVRULRV
R QR UHFLEH HO PDQWHQLPLHQWR DGHFXDGR OD HPLVLyQ GH ODV YLEUDFLRQHV SXHGH VHU
GLIHUHQWH VWR SXHGH DXPHQWDU VLJQLILFDWLYDPHQWH HO QLYHO GH H[SRVLFLyQ GXUDQWH
HO SHUtRGR GH WUDEDMR WRWDO
QD HVWLPDFLyQ GHO QLYHO GH H[SRVLFLyQ D OD YLEUDFLyQ WDPELpQ GHEH WHQHU HQ FXHQWD
HO WLHPSR HQ HO TXH OD KHUUDPLHQWD HVWi GHVFRQHFWDGD R FXDQGR HVWi FRQHFWDGD
SHUR QR HVWi UHDOL]DQGR QLQJ~Q WUDEDMR VWR SXHGH UHGXFLU VLJQLILFDWLYDPHQWH HO
QLYHO GH H[SRVLFLyQ GXUDQWH HO SHUtRGR GH WUDEDMR WRWDO GHQWLILFDU ODV PHGLGDV GH
VHJXULGDG DGLFLRQDOHV SDUD SURWHJHU DO RSHUDGRU GH ORV HIHFWRV GH ODV YLEUDFLRQHV
WDOHV FRPR PDQWHQLPLHQWR GH OD KHUUDPLHQWD \ GH ORV DFFHVRULRV \ OD RUJDQL]DFLyQ
GH ORV SDWURQHV GH WUDEDMR
DQG PD\ EH XVHG WR
HW SHXW rWUH
UHQH] HQ FRQVLGpUDWLRQ OHV PHVXUHV
JHPHVVHQ XQG NDQQ EHQXW]W ZHUGHQ XP
U NDQQ EHQXW]W ZHUGHQ XP HLQH
[SRVLWLRQ GXUFK]XIKUHQ
DXSWHLQVDW]EHUHLFK GHV :HUN]HXJV
LQVDW]EHUHLFKH EHQXW]W ZHUGHQ
DGXUFK NDQQ GLH [SRVLWLRQVK|KH EHU
lQGH ZDUPKDOWHQ XQG
\ SXHGH VHU
O QLYHO GH HPLVLyQ GH ODV YLEUDFLRQHV
,7
$99(57(1=(
O OLYHOOR GL YLEUD]LRQL LQGLFDWR LQ TXHVWR IRJOLR LQIRUPDWLYR q VWDWR PLVXUDWR VHJXHQGR
XQ WHVW VYROWR VHFRQGR L UHTXLVLWL LQGLFDWL GDOOR VWDQGDUG
XWLOL]]DWR SHU SDUDJRQDUH XQ XWHQVLOH FRQ XQ DOWUR
XQD YDOXWD]LRQH SUHOLPLQDUH GHOO¶HVSRVL]LRQH D YLEUD]LRQL O OLYHOOR GLFKLDUDWR GL
HPLVVLRQL GL YLEUD]LRQL YLHQH LQGLFDWR WHQHQGR FRQWR GHOOH DSSOLFD]LRQL SULQFLSDOL
GHOO¶XWHQVLOH
DFFHVVRUL GLYHUVL R QRQ YLHQH FRUUHWWDPHQWH FRQVHUYDWR LO OLYHOOR GHOOH YLEUD]LRQL
SRWUj YDULDUH
YLEUD]LRQL GXUDQWH LO SHULRGR GL ODYRUR WRWDOH
QD YDOXWD]LRQH GHO OLYHOOR GL HVSRVL]LRQH DOOH YLEUD]LRQL GRYUj LQROWUH SUHQGHUH
LQ FRQVLGHUD]LRQH L WHPSL LQ FXL O¶XWHQVLOH YLHQH VSHQWR R q DFFHVR PD QRQ YLHQH
XWLOL]]DWR Lz SRWUj VLJQLILFDWLYDPHQWH ULGXUUH LO OLYHOOR GL HVSRVL]LRQH LQ XQ SHULRGR
WRWDOH GL IXQ]LRQDPHQWR
GDJOL HIIHWWL GHOOH YLEUD]LRQL FRPH FRQVHUYDUH FRUUHWWDPHQWH O¶XWHQVLOH H L VXRL
DFFHVVRUL WHQHUH OH PDQL FDOGH H RUJDQL]]DUH L WHPSL GL ODYRUR
1/
:$$56&+8:,1*
HW WULOOLQJVHPLVVLHQLYHDX GDW RS GLW LQIRUPDWLHEODG ZRUGW JHJHYHQ LV JHPHWHQ
LQ RYHUHHQVWHPPLQJ PHW HHQ JHVWDQGDDUGLVHHUGH WHVW YDVWJHOHJG LQ
HQ PDJ ZRUGHQ JHEUXLNW RP PDFKLQHV PHW HONDDU WH YHUJHOLMNHQ
WULOOLQJVHPLVVLHQLYHDX JHHIW GH KRRIGWRHSDVVLQJ YDQ KHW JHUHHVFKDS ZHHU OV
GH PDFKLQH HFKWHU YRRU DQGHUH WRHSDVVLQJHQ RI PHW DQGHUH DFFHVVRLUHV ZRUGW
JHEUXLNW RI VOHFKW ZRUGW RQGHUKRXGHQ NDQ GH WULOOLQJVHPLVVLH YHUVFKLOOHQ
GH EORRWVWHOOLQJ JHGXUHQGH GH JHKHOH ZHUNGXXU DDQ]LHQOLMN YHUKRJHQ
LM HHQ VFKDWWLQJ YDQ KHW QLYHDX YDQ EORRWVWHOOLQJ DDQ WULOOLQJHQ PRHW RRN UHNHQLQJ
ZRUGHQ JHKRXGHQ PHW KHW DDQWDO NHUHQ GDW GH PDFKLQH ZRUGW XLWJHVFKDNHOG RI
GUDDLW PDDU QLHW ZRUGW JHEUXLNW LW NDQ KHW QLYHDX YDQ EORRWVWHOOLQJ JHGXUHQGH GH
JHKHOH ZHUNGXXU DDQ]LHQOLMN YHUODJHQ WHO ELMNRPHQGH YHLOLJKHLGVPDDWUHJHOHQ RS
RP GH JHEUXLNHU WHJHQ GH JHYROJHQ YDQ WULOOLQJHQ WH EHVFKHUPHQ ]RDOV RQGHUKRXG
KHW JHUHHGVFKDS HQ GH DFFHVVRLUHV KRXG GH KDQGHQ ZDUP GH RUJDQLVDWLH YDQ
ZHUNWLMGHQ
37
$9,62
QtYHO GH HPLVVmR GH YLEUDo}HV IRUQHFLGR QHVWD IROKD GH LQIRUPDo}HV IRL PHGLGR
HP FRQIRUPLGDGH FRP R WHVWH XQLIRUPL]DGR GHVFULWR HP
XVDGR SDUD FRPSDUDU XPD IHUUDPHQWD FRP RXWUD VWH SRGH VHU XVDGR SDUD XPD
HU JHQDQQWH
DYDOLDomR SUHOLPLQDU GD H[SRVLomR
UHIHUHVH j DSOLFDomR SULQFLSDO GD IHUUDPHQWD RQWXGR VH D IHUUDPHQWD IRU XVDGD
SDUD DSOLFDo}HV GLIHUHQWHV FRP DFHVVyULRV GLIHUHQWHV RX QmR IRU GHYLGDPHQWH
PDQWLGD D HPLVVmR GH YLEUDo}HV SRGH GLIHULU VWR SRGH ID]HU DXPHQWDU
VLJQLILFDWLYDPHQWH R QtYHO GH H[SRVLomR DR ORQJR GR SHUtRGR GH WUDEDOKR WRWDO
PD HVWLPDWLYD GR QtYHO GH H[SRVLomR jV YLEUDo}HV GHYH WHU WDPEpP HP
FRQVLGHUDomR R WHPSR GXUDQWH R TXDO D IHUUDPHQWD HVWi GHVOLJDGD RX HP
TXH HVWi OLJDGD PDV QmR HVWi D UHDOL]DU TXDOTXHU WUDEDOKR VWR SRGH UHGX]LU
VLJQLILFDWLYDPHQWH R QtYHO GH H[SRVLomR GXUDQWH R SHUtRGR WRWDO GH WUDEDOKR
GHQWLILTXH PHGLGDV DGLFLRQDLV GH VHJXUDQoD TXH SURWHMDP R RSHUiULR GRV HIHLWRV
GD YLEUDomR FRPR D PDQXWHQomR GD IHUUDPHQWD H GRV DFHVVyULRV D PDQXWHQomR
GDV PmRV TXHQWHV H D RUJDQL]DomR GH SDGU}HV GH WUDEDOKR
'$
$'9$56(/
HW DQJLYQH QLYHDX IRU YLEUDWLRQVHPLVVLRQ Sn GHQQH RSO\VQLQJVVLGH HU EOHYHW PnOW
LKW HQ VWDQGDUGWHVW LI¡OJH
LQGE\UGHV
HW NDQ EUXJHV WLO HQ IRUHO¡ELJ HNVSRQHULQJVYXUGHULQJ
QLYHDX IRU YLEUDWLRQVHPLVVLRQ J OGHU QnU Y UNW¡MHW EUXJHV WLO VLW KRYHGIRUPnO
KYLV Y UNW¡MHW EUXJHV WLO DQGUH IRUPnO PHG IRUVNHOOLJW HOOHU PHG GnUOLJW YHGOLJHKROGW
HNVWUDXGVW\U NDQ YLEUDWLRQVHPLVVLRQHQ YDULHUH
VWLJQLQJ L HNVSRQHULQJVQLYHDXHW VHW RYHU KHOH DUEHMGVSHULRGHQ
W VN¡Q RYHU QLYHDXHW IRU YLEUDWLRQVHNVSRQHULQJ E¡U RJVn WDJH K¡MGH IRU GH
SHULRGHU KYRU Y UNW¡MHW HU VOXNNHW HOOHU KYRU GHW HU W QGW XGHQ IDNWLVN DW Y UH
L EUXJ
HWWH NDQ PHGI¡UH HQ EHWUDJWHOLJ UHGXNWLRQ L HNVSRQHULQJVQLYHDXHW VHW
RYHU KHOH DUEHMGVSHULRGHQ U I HNVWUD VLNNHUKHGVIRUDQVWDOWQLQJHU WLO EHVN\WWHOVH
DI RSHUDW¡UHQ PRG YLUNQLQJHUQH IUD YLEUDWLRQHQ VRP I[ YHGOLJHKROGH Y UNW¡M RJ
HNVWUDXGVW\U KROGH K QGHUQH YDUPH RUJDQLVHUH DUEHMGVP¡QVWUH
RPXQTXH VH O¶XWHQVLOH YLHQH XWLOL]]DWR SHU DSSOLFD]LRQL GLYHUVH FRQ
Lz SRWUj VLJQLILFDWLYDPHQWH DXPHQWDUH LO OLYHOOR GL HVSRVL]LRQH DOOH
OWHULRUL PLVXUH GL VLFXUH]]D SHU SURWHJJHUH O¶RSHUDWRUH
QtYHO GH HPLVVmR GH YLEUDomR GHFODUDGR
RJ NDQ EUXJHV WLO DW VDPPHQOLJQH Y UNW¡MHU
H SRWUj HVVHUH
RWUj HVVHUH XWLOL]]DWR SHU
HW YHUNODDUGH
LW NDQ
H SRGH VHU
HW RSJLYQH
HQ
HWWH NDQ PHGI¡UH HQ EHWUDJWHOLJ