UNIVERZITA KOMENSKÉHO V BRATISLAVE

FAKULTA SOCIÁLNYCH A EKONOMICKÝCH VIED

RIADENIE A KONŠTRUOVANIE KARIÉRY

Validizácia Medzinárodnej škály kariérových adaptačných schopností a
skúmanie účinnosti kariérového programu na vybrané sociálno-
psychologické premenné v kontexte riadenia a konštruovania kariéry

[Dizertačná práca]

Študijný program: Sociálna a pracovná psychológia

Študijný odbor: 3.1.13 Sociálna psychológia a psychológia práce
Školiace pracovisko: Ústav aplikovanej psychológie
Školiteľ: doc. Mgr. Júlia Halamová, PhD.

2015 Bratislava Mgr. Lenka Beková

Čestné prehlásenie

Vyhlasujem, že dizertačnú prácu s názvom „Riadenie a konštruovanie kariéry. Validizácia

medzinárodnej škály kariérových adaptačných schopností a skúmanie účinnosti kariérového
programu na vybrané sociálno-psychologické premenné v kontexte riadenia a konštruovania
kariéry“ som vypracovala sama a na základe dostupných literárnych zdrojov, ktoré uvádzam
v zozname použitej literatúry.

V Bratislave, .............................. Mgr. Lenka Beková

ABSTRAKT

BEKOVÁ, Lenka: Riadenie a konštruovanie kariéry. Validizácia Medzinárodnej škály kariérových

adaptačných schopností a skúmanie účinnosti kariérového programu na vybrané sociálno-
psychologické premenné v kontexte riadenia a konštruovania kariéry1 [dizertačná práca]. Univerzita
Komenského v Bratislave. Fakulta sociálnych a ekonomických vied; Ústav aplikovanej psychológie.
Školiteľ: Doc. Mgr. Júlia Halamová, PhD. Bratislava: FSEV, 2015. 159 s.

V dnešnej dobe, ktorá sa mení rýchlejším tempom, ako to bolo kedysi, sú kladené väčšie nároky na
ľudí v oblasti kariéry. Proces konštruovania kariéry nie je jednoduchý a teda sú potrebné efektívne
stratégie sebariadenia, vrátane stratégií pre riadenie vlastnej kariéry.

V rámci nášho výskumu sme sa zamerali na koncept riadenia kariéry, konkrétne na konštrukt
kariérovej adaptability, ktorý naznačuje pripravenosť a zdroje jednotlivca pre zvládanie úloh v rámci
profesijného vývinu, rozvoja a profesijných tranzícií (Savickas, 2005). Kariérovej adaptabilite sa
doposiaľ výskumy na Slovensku nevenovali. V rámci Štúdie 1 sme teda uskutočnili validizáciu
Medzinárodnej škály kariérových adaptačných schopností (CAAS International 2.0) na vzorke
vysokoškolských študentov (N = 1331), ktorá v našich podmienkach doposiaľ nebola použitá.

K tomu, aby ľudia boli schopní riadiť svoju kariéru, môžu napomáhať rôzne individuálne, ale aj
skupinové kariérové intervencie. Aj napriek tomu, že v zahraničí narastá počet programov zameraných
na riadenie kariéry, máloktoré sú vedecky overované (Kosseková et al., 1998; Koenová, 2013).
V kvázi-experimentálnej Štúdii 2 sme skúmali účinnosť kariérového programu na vzorke
vysokoškolských študentov (N = 50), v rámci experimentálnej (N = 20) a kontrolnej skupiny (N = 30),
vzhľadom na premenné: sebahodnotenie, sebaúčinnosť a kariérová adaptabilita.

V oboch štúdiách sme použili nástroje: Medzinárodná škála kariérových adaptačných schopností
(CAAS), Škála všeobecnej sebaúčinnosti (GSES), Rosenbergova škála všeobecného sebahodnotenia
(RSES), NEO päťfaktorový osobnostný inventár (NEO FFI) a socio-demografický dotazník.

Naše prínosy zahŕňajú: 1) adaptáciu a validizáciu nástroja na meranie kariérových adaptačných

schopnosti na populácii vysokoškolských študentov; 2) preskúmanie a zistenie súvislostí kariérovej
adaptability a ďalších premenných (sebahodnotenia, sebaúčinnosti a osobnostných charakteristík na
základe päťfaktorového modelu osobnosti), ako aj socio-demografických charakteristík
a 3) formulovanie odporúčaní nielen pre využívanie tohto nástroja v rámci výskumu a praxe.

KĽÚČOVÉ SLOVÁ: kariérová adaptabilita, kariérové poradenstvo, kariérový program, konštruovanie

kariéry, päťfaktorový model osobnosti, riadenie kariéry, sebaúčinnosť, sebahodnotenie.

1
Pôvodný projekt dizertačnej práce bol realizovaný s podporou grantu Univerzity Komenského č. UK/661/2013.
ABSTRACT

BEKOVÁ, Lenka: Career management and career construction. Validation of Career Adapt-abilities
scale International and measurement of efficiency of career development programme on selected
psychosocial variables in context of career management and career construction [dissertation].
Comenius University in Bratislava. Faculty of social and economic sciences; Institute of applied
psychology. Supervisor: Doc. Mgr. Júlia Halamová, PhD. Bratislava: FSEV, 2015. 159 p.

The world is changing at a faster pace than ever and there are greater demands placed on people in
field of career. Process of career construction is not easy and therefore effective self-management
strategies, including strategies for managing own careers are needed.

In our research we focused on the concept of career management, namely on the construct of career
adaptability, which indicates readiness and resources of individual for coping with tasks in career
development and for managing transitions (Savickas, 2005). Career adaptability was not addressed in
research in Slovakia yet, therefore we performed validation of the International Career Adapt-Abilities
scale (CAAS International 2.0) in a sample of university students (N = 1331) in the Study 1.
In order to be able to manage their careers, there are many different individual and group career
interventions, which may assist people in that. Despite of the growing number of career management
programmes abroad, only few have been scientifically verified (Kossek et al., 1998; Koen, 2013). In
the quasi-experimental Study 2 we investigated the efficacy of career program on a sample of
university students (N = 50), in experimental (N = 20) and control group (N = 30) with respect to
selected variables: self-assessment, self-efficacy and career adaptability.

In both studies we used following instruments: International Career Adapt-Abilities scale (CAAS),
General Self-Efficacy Scale (GSES), Rosenberg Self-Esteem Scale (RSES), NEO Five Factor
Personality Inventory (NEO FFI) and socio-demographic questionnaire.

Benefits of our dissertations are: 1) the adaptation and validation of tool measuring career adapt-
abilities in the university population; 2) studying and the finding of connections of career adaptability
and other variables (self-esteem, self-efficacy and personality traits based on the Five Factor Model of
personality) as well as socio-demographic characteristics, and 3) formulated recommendations (but not
only) for the use of this tool in research and practice.

KEY WORDS: career adaptability, career construction, career counselling, career programe, career
management, five factor model of personality, self-efficacy, self-esteem.
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7DEXĐNDâNiODNDULpURYêFKDGDSWDþQêFKVFKRSQRVWtMHGQRWOLYpSRORåN\VêWHQLHSRORåLHND
IDNWRURY ãWYRUIDNWRURYpKRPRGHOX ãWDQGDUGQpRGFKêON\DYQ~WRUQiNRQ]LVWHQFLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϳϵ
7DEXĐND2YHURYDQLHIDNWRURYpKR )0 DIDNWRURYpKRPRGHOX )0 NDULpURYHMDGDSWDELOLW\
LQGH[\YKRGQRVWLPRGHOX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴϭ
7DEXĐND3ULHPHUãWDQGDUGQiRGFKêONDNRHILFLHQW\VWUPRVWLDãLNPRVWLNRQãWUXNWX&$$6 ͘͘͘͘͘͘͘͘͘͘͘ ϴϭ
7DEXĐND6~YLVORVWLPHG]LFHONRYRXNDULpURYRXDGDSWDELOLWRXDIDNWRUPLRVREQRVWL1(2)), ͘͘͘͘͘͘͘ ϴϴ
7DEXĐND6~YLVORVWLPHG]LGLPHQ]LDPLNDULpURYHMDGDSWDELOLW\DIDNWRUPLRVREQRVWL1(2)), ͘͘͘͘͘͘ ϴϵ
7DEXĐND'HVNULSFLDDSRURYQDQLHYêVNXPQpKRV~ERUX]SRKĐDGXNDULpURYHMDGDSWDELOLW\SRGĐD
URGX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϭ
7DEXĐND6~YLVORVWLNDULpURYHMDGDSWDELOLW\DYHNX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϮ
7DEXĐND6~YLVORVWLNDULpURYHMDGDSWDELOLW\DMHMMHGQRWOLYêFKGLPHQ]LtVW\SRPPLHVWDWUYDOpKR
SRE\WX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϯ
7DEXĐND5R]GLHO\YUiPFLGLPHQ]LHNDULpURYi]YHGDYRVĢY]KĐDGRPQDPLHVWRE\GOLVND͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϰ
7DEXĐND2SLVDSRURYQDQLHYêVNXPQpKRV~ERUX]SRKĐDGXNDULpURYHMDGDSWDELOLW\SRGĐD
SUtVOXãQRVWLNXNUDMX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϱ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYê]iXMHPVNUDMRPWUYDOpKRSRE\WX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϲ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiNRQWURODVNUDMRPWUYDOpKRSRE\WX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϲ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYi]YHGDYRVĢVNUDMRPWUYDOpKRSRE\WX ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϳ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiVHEDG{YHUDVNUDMRPWUYDOpKRSRE\WX͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϳ
7DEXĐND3RURYQDQLH~URYQHNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQD]DPHUDQLHRGERUãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘ ϵϴ
7DEXĐND3RURYQDQLH~URYQHNDULpURYpKR]iXMPXY]KĐDGRPQD]DPHUDQLHRGERUãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϵ
7DEXĐND3RURYQDQLH~URYQHNDULpURYHMNRQWURO\Y]KĐDGRPQD]DPHUDQLHRGERUãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϵ
7DEXĐND3RURYQDQLH~URYQHNDULpURYHM]YHGDYRVWLY]KĐDGRPQD]DPHUDQLHRGERUãW~GLD͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵϵ
7DEXĐND3RURYQDQLH~URYQHNDULpURYHMVHEDG{YHU\Y]KĐDGRPQD]DPHUDQLHRGERUãW~GLD͘͘͘͘͘͘͘͘͘͘͘ ϭϬϬ
7DEXĐND=LVWHQpUR]GLHO\PHG]LRGERUPLYUiPFLGLPHQ]LHNDULpURYiNRQWUROD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϭ
7DEXĐND'HVNULSFLDYêVNXPQpKRV~ERUX]SRKĐDGXNDULpURYHMDGDSWDELOLW\DMHMMHGQRWOLYêFK
GLPHQ]LtSRGĐDURþQtNDãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϭ
7DEXĐND6~YLVORVĢFHONRYHMNDULpURYHMDGDSWDELOLW\DSUDFRYQHMVN~VHQRVWL͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϯ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYê]iXMHPDSUDFRYQHMVN~VHQRVWL͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϯ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiNRQWURODDSUDFRYQHMVN~VHQRVWL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϰ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYi]YHGDYRVĢDSUDFRYQHMVN~VHQRVWL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϰ
7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiVHEDG{YHUDDSUDFRYQHMVN~VHQRVWL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϱ
7DEXĐND=LVWHQpUR]GLHO\YUiPFLNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDSUDFRYQ~VN~VHQRVĢ͘͘͘͘͘͘͘ ϭϬϱ
7DEXĐND=LVWHQpUR]GLHO\YUiPFLNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDSUDFRYQ~VN~VHQRVĢ
YUiPFLPLPRRGERUãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϳ
7DEXĐND=LVWHQpUR]GLHO\YUiPFLGLPHQ]LtNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDSUDFRYQ~
VN~VHQRVĢYUiPFLPLPRRGERUãW~GLD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϴ
7DEXĐND6~YLVORVĢNDULpURYHMDGDSWDELOLW\DGĎåN\SUDFRYQHMVN~VHQRVWL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϵ
7DEXĐND5R]GLHO\YUiPFLNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDVN~VHQRVWLVSRUDGHQVNêPL
VOXåEDPL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬϵ
7DEXĐND5R]GLHO\YUiPFLGLPHQ]LtNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDVN~VHQRVWL
VSRUDGHQVNêPLVOXåEDPL ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϬ
7DEXĐND6~YLVORVWLVHEDKRGQRWHQLD 56(6 DGLPHQ]Lt1(2 ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϮ
7DEXĐND6~YLVORVWLVHED~þLQQRVWL *6(6 DGLPHQ]Lt1(2͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϯ

7DEXĐND3RORåN\&$$6YUiPFLGLPHQ]LtVêWHQpQDMY\ããtPLKRGQRWDPL ! ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭϲ

7DEXĐND3ULHPHUãWDQGDUGQiRGFKêONDPLQLPXPDPD[LPXPYHNXUHVSRQGHQWRYYUiPFL
H[SHULPHQWiOQHMDNRQWUROQHMVNXSLQ\ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϳ
7DEXĐND=ORåHQLHH[SHULPHQWiOQHMDNRQWUROQHMVNXSLQ\Y]KĐDGRPQDURG ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϳ
7DEXĐND=ORåHQLHH[SHULPHQWiOQHMDNRQWUROQHMVNXSLQ\Y]KĐDGRPQDSUDFRYQ~VN~VHQRVĢ
UHVSRQGHQWRY ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮϴ
7DEXĐND3ULHPHUPHGLiQDãWDQGDUGQiRGFKêONDNRQãWUXNWX&$$6YUiPFLH[SHULPHQWiOQHMD
NRQWUROQHMVNXSLQ\YýDVHDYýDVH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯϲ
7DEXĐND3ULHPHUPHGLiQDãWDQGDUGQiRGFKêONDNRQãWUXNWXVHED~þLQQRVWLYUiPFLH[SHULPHQWiOQHM
DNRQWUROQHMVNXSLQ\YýDVHDYýDVH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϬ
7DEXĐND3ULHPHUPHGLiQDãWDQGDUGQiRGFKêONDNRQãWUXNWXVHEDKRGQRWHQLDYUiPFL
H[SHULPHQWiOQHMDNRQWUROQHMVNXSLQ\YýDVHDYýDVH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰϭ

92=1$02%5È=.29
EEUi]RN0RGHOY\NRQiYDQLD~ORK\SRGĐD/HQWD%URZQDD+DFNHWWRYHM ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϲ
2EUi]RN+LHUDUFKLFNêNRQILUPDþQêIDNWRURYêPRGHO&$$6QD]iNODGHNRODERUDWtYQHKRYêVNXPX
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VLJQLILNDQWQp UR]GLHO\ QD ~URYQL S   SUL NDULpURYHM DGDSWDELOLWH QD ~URYQL FKtNYDGUiW
UHVS+ SULNDULpURYRP]iXMPH+ SULNDULpURYHMNRQWUROH+ SUL
NDULpURYHM ]YHGDYRVWL +   D SUL NDULpURYHM VHEDG{YHUH +    9êVOHGN\ V~
SRGUREQHMãLH]REUD]HQpYWDEXĐNiFK

7DEXĐND6~YLVORVĢFHONRYHMNDULpURYHMDGDSWDELOLW\DSUDFRYQHMVN~VHQRVWL

.UXVNDO:DOOLV $V\PS
.DULpURYiDGDSWDELOLWD 1 0HGLiQ 6' 6( GI
&KLNYDGUiW 6LJ
1HPiPSUDFRYQpVN~VHQRVWL    

0iPSUDFVN~VHQRVWLDOHQHSUDFXMHP       

3UDFXMHPEULJiGXMHP     

 9UiPFL V~ERUX VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp QHQRUPiOQH UR]ORåHQLH GiW QD ]iNODGH .ROPRJRURY
6PLUQRYKRWHVWXQRUPDOLW\QD~URYQLS


7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYê]iXMHPDSUDFRYQHMVN~VHQRVWL

.UXVNDO
0HG :DOOLV $V\PS .UDELþNRYêJUDI %R[SORW 
=iXMHP 1 6' 6( GI
LiQ &Kt 6LJ 
NYDGUiW
1HPiP     
SUDFRYQp
VN~VHQRVWL

0iPSUDF    

VN~VHQRVWLDOH   
QHSUDFXMHP 

3UDFXMHP    

EULJiGXMHP 

ϭϬϯ

  9UiPFL V~ERUX VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp QHQRUPiOQH UR]ORåHQLH GiW QD ]iNODGH .ROPRJRURY
6PLUQRYKRWHVWXQRUPDOLW\QD~URYQLS


7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiNRQWURODDSUDFRYQHMVN~VHQRVWL

.UXVNDO
0H :DOOLV $V\PS .UDELþNRYêJUDI %R[SORW 
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GLiQ &Kt 6LJ 
NYDGUiW
1HPiP     
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VN~VHQRVWL 

0iPSUDF    

VN~VHQRVWLDOH   
QHSUDFXMHP 

3UDFXMHP    

EULJiGXMHP 

 9UiPFL V~ERUX VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp QHQRUPiOQH UR]ORåHQLH GiW QD ]iNODGH .ROPRJRURY
6PLUQRYKRWHVWXQRUPDOLW\QD~URYQLS

7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYi]YHGDYRVĢDSUDFRYQHMVN~VHQRVWL

.UXVNDO
.UDELþNRYêJUDI
0H :DOOLV $V\PS
=YHGDYRVĢ 1 6' 6( GI %R[SORW 
GLiQ &KL 6LJ

NYDGUiW
1HPiP     
SUDFRYQp
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0iPSUDF    

VN~VHQRVWL
DOH   
QHSUDFXMHP


3UDFXMHP    

EULJiGXMHP 

 9UiPFL V~ERUX VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp QHQRUPiOQH UR]ORåHQLH GiW QD ]iNODGH .ROPRJRURY
6PLUQRYKRWHVWXQRUPDOLW\QD~URYQLS


 

ϭϬϰ

7DEXĐND6~YLVORVĢGLPHQ]LHNDULpURYiVHEDG{YHUDDSUDFRYQHMVN~VHQRVWL

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0H :DOOLV $V\PS %R[SORW 
6HEDG{YHUD 1 GI
GLiQ &Kt 6LJ
NYDGUiW
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SUDFRYQp
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0iPSUDF    

VN~VHQRVWL
  
DOH
QHSUDFXMHP 

3UDFXMHP    

EULJiGXMHP 

 9UiPFL V~ERUX VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp QHQRUPiOQH UR]ORåHQLH GiW QD ]iNODGH .ROPRJRURY
6PLUQRYKRWHVWXQRUPDOLW\QD~URYQLS

1D]iNODGHYêVWXSRYVPHVDUR]KRGOLVSUDYLĢHãWHSRVWKRFWHVW\ 0DQQ:KLWQH\KRWHVW ]R

]iXMPX DVSRĖ SUH FHONRY~ NDULpURY~ DGDSWDELOLWX Y]KĐDGRP QD SUDFRYQ~ VN~VHQRVĢ =LVWLOL
VPHãWDWLVWLFN\VLJQLILNDQWQpWULYLiOQHDPDOpUR]GLHO\PHG]LYãHWNêPLVNXSLQDPLâWDWLVWLFNp
YêVOHGN\DQDOê]\SRGUREQHMãLHUHIOHNWXMH7DEXĐND5R]GLHO\LOXVWUXMH*UDI

7DEXĐND=LVWHQpUR]GLHO\YUiPFLNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDSUDFRYQ~
VN~VHQRVĢ

  1 0HGLiQ 8 : = 6LJ
1HPiP  
SUDFRYQp
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DGDSWDELOLWD
3UDFXMHP  
EULJiGXMHP
0iPSUDF  
VN~VHQRVWLDOH
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QHSUDFXMHP    
DGDSWDELOLWD
3UDFXMHP  
EULJiGXMHP
1HPiP  
SUDFRYQp
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DGDSWDELOLWD 0iPSUDF  
VN~VHQRVWLDOH
QHSUDFXMHP

ϭϬϱ


*UDI5R]GLHO\YUiPFLNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDSUDFRYQ~VN~VHQRVĢ

0HG]L UHVSRQGHQWPL NWRUt QHPDM~ SUDFRYQp

VN~VHQRVWL  0GQ    DWêPL NWRUt DNWXiOQH
SUDFXM~ DOHER EULJiGXM~ 0GQ    VPH ]LVWLOL
ãWDWLVWLFN\ VLJQLILNDQWQê PDOê UR]GLHO 8 
 S   SULþRP YHFQi Yê]QDPQRVĢ
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0HG]L UHVSRQGHQWPL NWRUt PDM~ SUDFRYQp
VN~VHQRVWL DOH DNWXiOQH QHSUDFXM~ 0GQ   
DWêPL NWRUt DNWXiOQH SUDFXM~ DOHER EULJiGXM~
0GQ    VPH WLHå ]LVWLOL ãWDWLVWLFN\
VLJQLILNDQWQê PDOê UR]GLHO 8   S    SULþRP YHFQi Yê]QDPQRVĢ ]LVWHQpKR
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DWêPL NWRUt PDM~ SUDFRYQp VN~VHQRVWL DOH DNWXiOQH QHSUDFXM~ VPH ]LVWLOL ãWDWLVWLFN\
VLJQLILNDQWQêDYãDNWULYLiOQ\UR]GLHO 8 SSULþRPU ±= ± 
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åH SUDFRYQi VN~VHQRVĢ SR]LWtYQH V~YLVt VFHONRYRX NDULpURYRX DGDSWDELOLWRX SULþRP
UHVSRQGHQWL NWRUt DNWXiOQH SUDFXM~ YSRURYQDQt VWêPL NWRUt VtFH PDM~ SUDFRYQp VN~VHQRVWL
DOH DNWXiOQH QHSUDFXM~ DNR DM WêPL NWRUê QHPDM~ SUDFRYQ~ VN~VHQRVĢ GRVDKXM~ Y\ããLX
~URYHĖNDULpURYHMDGDSWDELOLW\
3ULMHGQRWOLYêFKGLPHQ]LiFKNDULpURYHMDGDSWDELOLW\VPHXåSRVWKRFWHVW\QHURELOL5R]GLHO\
V~ QD]QDþHQp YXå VSRPtQDQêFK WDEXĐNiFK  Y UiPFL NUDELþNRYêFK JUDIRYER[ SORWRY
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J  ([LVWXM~ UR]GLHO\ Y~URYQL NDULpURYHM DGDSWDELOLW\ D MHM MHGQRWOLYêFK GLPHQ]Lt

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SUDFRYQp VN~VHQRVWL YUiPFL DOHER PLPR ãWXGLMQpKR RGERUX VPH ]SRKĐDGX FHONRYHM
NDULpURYHM DGDSWDELOLW\ DNR DM MHM MHGQRWOLYêFK GLPHQ]Lt ]LVWLOL Y UiPFL UHVSRQGHQWRY VR
VN~VHQRVĢDPL PLPR ãWXGLMQpKR RGERUX 0GQ   6'    DNR DM XUHVSRQGHQWRY VR
VN~VHQRVĢDPLYUiPFLãWXGLMQpKRRGERUX 0GQ 6'  ]LVWLOLåHYêVNXPQêV~ERU
PiQHQRUPiOQHUR]ORåHQLH S =WêFKWRG{YRGRYVPHDMQDSRURYQDQLHUR]GLHORYSUL
FHONRYHM NDULpURYHM DGDSWDELOLWH DNR DM MHM MHGQRWOLYêFK GLPHQ]LiFK SRXåLOL QHSDUDPHWULFNê

ϭϬϲ

0DQQ:KLWQH\KR 8WHVW =LVWLOL VPH ãWDWLVWLFN\ VLJQLILNDQWQp UR]GLHO\ PHG]L VNXSLQDPL
YUiPFL FHONRYHM NDULpURYHM DGDSWDELOLW\ DNR DM YãHWNêFK MHM GLPHQ]Lt 9UiPFL FHONRYHM
NDULpURYHM DGDSWDELOLW\ VPH PHG]L UHVSRQGHQWPL NWRUt PDM~ SUDFRYQp VN~VHQRVWL YUiPFL
RGERUX 0GQ  DWêPLNWRUtPDM~SUDFRYQpVN~VHQRVWLPLPRRGERUX 0GQ  ]LVWLOL
ãWDWLVWLFN\VLJQLILNDQWQêPDOêUR]GLHOQD~URYQL8 SU  = 
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7DEXĐND  =LVWHQp UR]GLHO\ Y UiPFL NDULpURYHM DGDSWDELOLW\ Y]KĐDGRP QD SUDFRYQ~
VN~VHQRVĢYUiPFLPLPRRGERUãW~GLD

3UDFRYQp 6' 6(

 1 0HGLiQ 8 : = 6LJ
VN~VHQRVWL
9RGERUH     
.DULpURYi     
   
DGDSWDELOLWD 0LPR    
RGERUX 
9UiPFLV~ERUXVPH]LVWLOLQHQRUPiOQHUR]ORåHQLHGiW .ROPRJRURY6PLUQRYWHVWEROãWDWLVWLFN\VLJQLILNDQWQê
S 

9UiPFLGLPHQ]LHNDULpURYê]iXMHPVPHPHG]LUHVSRQGHQWPLNWRUtPDM~SUDFRYQpVN~VHQRVWL
YUiPFLRGERUX 0GQ  DWêPLNWRUtPDM~SUDFRYQpVN~VHQRVWLPLPRRGERUX 0GQ  
]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp PDOp UR]GLHO\ 8    S   SULþRP YHFQi
Yê]QDPQRVĢ ]LVWHQpKR UR]GLHOX MH U     =     9UiPFL GLPHQ]LH NDULpURYi
NRQWURODVPHPHG]LUHVSRQGHQWPLNWRUtPDM~SUDFRYQpVN~VHQRVWLYUiPFLRGERUX 0GQ  
DWêPL NWRUt PDM~ SUDFRYQp VN~VHQRVWL PLPR RGERUX 0GQ    ]LVWLOL ãWDWLVWLFN\
VLJQLILNDQWQp DYãDN WULYLiOQH UR]GLHO\ 8    S       U  ±  =  ±  
9UiPFL GLPHQ]LH NDULpURYi ]YHGDYRVĢ VPH PHG]L UHVSRQGHQWPL NWRUt PDM~ SUDFRYQp
VN~VHQRVWLYUiPFLRGERUX 0GQ  DWêPLNWRUtPDM~SUDFRYQpVN~VHQRVWLPLPRRGERUX
0GQ    ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp PDOp UR]GLHO\ 8    S   SULþRP
YHFQi Yê]QDPQRVĢ ]LVWHQpKR UR]GLHOX MH U    =     5RYQDNR VPH ]LVWLOL L
ãWDWLVWLFN\ VLJQLILNDQWQp PDOp UR]GLHO\ 8    S   U    =    
YUiPFL GLPHQ]LH NDULpURYi VHEDG{YHUD VPH PHG]L UHVSRQGHQWPL NWRUt PDM~ SUDFRYQp
VN~VHQRVWLYUiPFLRGERUX 0GQ  DWêPLNWRUtPDM~SUDFRYQpVN~VHQRVWLPLPRRGERUX
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ϭϬϳ

7DEXĐND  =LVWHQp UR]GLHO\ Y UiPFL GLPHQ]Lt NDULpURYHM DGDSWDELOLW\ Y]KĐDGRP QD
SUDFRYQ~VN~VHQRVĢYUiPFLPLPRRGERUãW~GLD

3UDFRYQp 6' 6(

 1 0HGLiQ 8 : = 6LJ
VN~VHQRVWL
9RGERUH     
.DULpURYê     
   
]iXMHP 0LPR    
RGERUX 
9RGERUH     
.DULpURYi     
   
NRQWUROD 0LPR    
RGERUX 
9RGERUH     
.DULpURYi     
   
]YHGDYRVĢ 0LPR    
RGERUX 
9RGERUH     
.DULpURYi     
   
VHEDG{YHUD 0LPR    
RGERUX 
9UiPFLV~ERUXVPH]LVWLOLQHQRUPiOQHUR]ORåHQLHGiW .ROPRJRURY6PLUQRYWHVWEROãWDWLVWLFN\VLJQLILNDQWQê
S 


=LVWLOL VPH ãWDWLVWLFN\ VLJQLILNDQWQp UR]GLHO\ PHG]L VNXSLQDPL YUiPFL FHONRYHM NDULpURYHM
DGDSWDELOLW\DNRDMYãHWNêFKMHMGLPHQ]LtSULþRPSULFHONRYHMNDULpURYHMDGDSWDELOLWHDNRDM
WURFK]MHMãW\URFKGLPHQ]LtGRVDKRYDOLPDO~YHFQ~Yê]QDPQRVĢDSULNDULpURYHMNRQWUROHLãOR
OHQ RWULYLiOQ\ UR]GLHO 1D ]iNODGH WêFKWR ]LVWHQt E\ WHGD EROR PRåQp WYUGLĢ åH VN~VHQRVĢ
YUiPFLãWXGLMQpKRRGERUXXãWXGHQWRYV~YLVtV~URYĖRXLFKFHONRYHMNDULpURYHMDGDSWDELOLW\
DOHDMLFK]iXMPX]YHGDYRVWLDVHEDG{YHU\



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SUDFRYQHMVN~VHQRVWL"
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3URVWUHGQtFWYRP3HDUVRYQRYKRNRUHODþQpKRNRHILFLHQWXVPHPHG]LNDULpURYRXDGDSWDELOLWRX
DNR DM MHM GLPHQ]LDPL D GĎåNRX SUDFRYQHM VN~VHQRVWL VtFH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQp
DYãDNOHQWULYLiOQHV~YLVORVWLUS SUL6HEDG{YHUHS +RGQRW\XYiG]DPH
Y7DEXĐNH

ϭϬϴ

7DEXĐND6~YLVORVĢNDULpURYHMDGDSWDELOLW\DGĎåN\SUDFRYQHMVN~VHQRVWL

'ĎåNDSUDFVN~VHQRVWL 1 U VLJ
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=iXMHP   
.RQWUROD    
=YHGDYRVĢ   
6HEDG{YHUD    


L  6~YLVt NDULpURYi DGDSWDELOLWD SUtSDGQH MHM  MHGQRWOLYp GLPHQ]LH  VY\XåLWtP
SRUDGHQVNêFKVOXåLHEWêNDM~FLFKVDYRĐE\ãWXGLMQHMSURIHVLMQHMGUiK\DOHERNDULpU\"
3UL SRURYQiYDQt Y]RUN\ ]KĐDGLVND Y\XåLWLD SRUDGHQVNêFK VOXåLHE WêNDM~FLFK VD YRĐE\
ãWXGLMQHM SURIHVLMQHM GUiK\ DOHER NDULpU\ VPH ]SRKĐDGX FHONRYHM NDULpURYHM DGDSWDELOLW\
YUiPFL UHVSRQGHQWRY EH] VN~VHQRVWt V SRUDGHQVNêPL VOXåEDPL 0GQ   6'   
]LVWLOLåHYêVNXPQêV~ERUPiQHQRUPiOQHUR]ORåHQLH '   S ]DWLDĐþR
UHVSRQGHQWL NWRUt SRUDGHQVNp VOXåE\ Y\XåLOL 0GQ   6'    PDM~ YUiPFL
YêVNXPQpKR V~ERUX QRUPiOQH UR]ORåHQLH '     S !   3UL MHGQRWOLYêFK
GLPHQ]LiFKNDULpURYHMDGDSWDELOLW\VPH]LVWLOLQHQRUPiOQHUR]ORåHQLHGiW S =WêFKWR
G{YRGRY VPH QD SRURYQDQLH UR]GLHORY SUL FHONRYHM NDULpURYHM DGDSWDELOLWH DNR DM MHM
MHGQRWOLYêFK GLPHQ]LiFK SRXåLOL QHSDUDPHWULFNê 0DQQ:KLWQH\KR 8WHVW 1H]LVWLOL VPH
ãWDWLVWLFN\ VLJQLILNDQWQp UR]GLHO\ PHG]L VNXSLQDPL YUiPFL FHONRYHM NDULpURYHM DGDSWDELOLW\
DQL Y UiPFL MHM GLPHQ]Lt âWDWLVWLFNp YêVOHGN\ DQDOê]\ SRGUREQHMãLH UHIOHNWXMH 7DEXĐND 
NDULpURYiDGDSWDELOLWD D7DEXĐND GLPHQ]LHNDULpURYHMDGDSWDELOLW\ 


7DEXĐND  5R]GLHO\ Y UiPFL NDULpURYHM DGDSWDELOLW\ Y]KĐDGRP QD VN~VHQRVWL

VSRUDGHQVNêPLVOXåEDPL

6N~VHQRVĢ 6' 6(

 1 0HGLiQ 8 : = 6LJ
VSRUDGHQVWYRP
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DGDSWDELOLWD 1LH    

 

ϭϬϵ

7DEXĐND5R]GLHO\YUiPFLGLPHQ]LtNDULpURYHMDGDSWDELOLW\Y]KĐDGRPQDVN~VHQRVWL
VSRUDGHQVNêPLVOXåEDPL

6N~VHQRVĢ 6' 6(

 1 0HGLiQ 8 : = 6LJ
VSRUDGHQVWYRP
=iXMHP ÈQR    
   
1LH    
.RQWUROD ÈQR    
   
1LH    
=YHGDYRVĢ ÈQR    
   
1LH    
6HEDG{YHUD ÈQR    
   
1LH    



 6~YLVORVWL ćDOãtFK SUHPHQQêFK ± VHEDKRGQRWHQLD VHED~þLQQRVWL

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1iVOHGQH QiV ]DXMtPDOL LQLHNWRUp Y]ĢDK\ ćDOãtFK SUHPHQQêFK ± VHEDKRGQRWHQLD

VHED~þLQQRVWL DSLDWLFK IDNWRURY RVREQRVWL RNUHP NDULpURYHM DGDSWDELOLW\  6WDQRYLOL VPH VL
SUHWR LćDOãLH WUL YêVNXPQp K\SRWp]\ NWRUp VPH RYHURYDOL SURVWUHGQtFWYRP 3HDUVRQRYKR
NRUHODþQpKRNRHILFLHQWX

+\SRWp]D þ  3UHGSRNODGiPH åH EXG~ H[LVWRYDĢ Y]ĢDK\ PHG]L VHEDKRGQRWHQtP
DVHED~þLQQRVĢRX %DQGXUD'RGJVRQD:RRG,Q-XGJH%RQR/DQH
/DQHD.\SULDQRX%DULQNRYiD9DãNRYi 

9WHMWR YêVNXPQHM K\SRWp]H VPH VD ]DXMtPDOL R WR þL VHEDKRGQRWHQLH V~YLVt VR
VHED~þLQQRVĢRX 6QDåLOL VPH VD W~WR K\SRWp]X RYHULĢ SURVWUHGQtFWYRP 3HDUVRYQRYKR
NRUHODþQpKRNRHILFLHQWXV~YLVORVWLLOXVWUXMH*UDI


 

ϭϭϬ

*UDI6~YLVORVĢVHEDKRGQRWHQLDDVHED~þLQQRVWL




0HG]L SUHPHQQêPL VHEDKRGQRWHQLH 56(6  D
VHED~þLQQRVĢ *6(6  VPH ]LVWLOL ãWDWLVWLFN\
VLJQLILNDQWQ~ VWUHGQH VLOQ~ SR]LWtYQX V~YLVORVĢ
U S





3ULMtPDPHWHGDLYêVNXPQ~K\SRWp]Xþ


+\SRWp]D þ  3UHGSRNODGiPH åH VHEDKRGQRWHQtP EXGH PDĢ QHJDWtYQX V~YLVORVĢ
VGLPHQ]LRX 1HXURWL]PXV +DODPD  /HDU\ 0DF'RQDOG   DSR]LWtYQH
V~YLVORVWL V GLPHQ]LDPL 6YHGRPLWRVĢ +DODPD  /HDU\ 0DF'RQDOG  
([WUDYHU]LD +DODPD/HDU\0DF'RQDOG&RVWDD0F&UDH(PPRQV
D'LHQHU,Q%ODWQê 3UtYHWLYRVĢD2WYRUHQRVĢ +DODPD 

9WHMWR YêVNXPQHM K\SRWp]H VPH VD ]DXMtPDOL R WR þL VHEDKRGQRWHQLH V~YLVt VGLPHQ]LDPL
RVREQRVWL YUiPFL SlĢIDNWRURYpKR PRGHOX 7~WR K\SRWp]X VPH RYHURYDOL SURVWUHGQtFWYRP
3HDUVRYQRYKR NRUHODþQpKR NRHILFLHQWX DV~YLVORVWL PHG]L QLPL EOLåãLH LOXVWUXMH 7DEXĐND 
REVDKXM~FDLERGRYpJUDI\
0HG]L VHEDKRGQRWHQtP D GLPHQ]LRX 1HXURWL]PXV VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQ~ VLOQ~
QHJDWtYQX V~YLVORVĢ U    S    =LVWLOL VPH WLHå ãWDWLVWLFN\ VLJQLILNDQWQp VWUHGQH
VLOQp SR]LWtYQH V~YLVORVWL PHG]L VHEDKRGQRWHQtP D GLPHQ]LDPL ([WUDYHU]LD U   S 
  D 6YHGRPLWRVĢ U   S    0HG]L VHEDKRGQRWHQtP D GLPHQ]LRX 3UtYHWLYRVĢ
VPH ]LVWLOL ãWDWLVWLFN\ VLJQLILNDQWQ~ PDO~ SR]LWtYQX V~YLVORVĢ U   S    3UL
GLPHQ]LL2WYRUHQRVĢVPHQH]LVWLOLãWDWLVWLFN\VLJQLILNDQWQ~V~YLVORVĢVRVHEDKRGQRWHQtP


 

ϭϭϭ

7DEXĐND6~YLVORVWLVHEDKRGQRWHQLD 56(6 DGLPHQ]Lt1(2

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ϳ͘hĚƌǎŝĂǀĂŵƐŝŽƉƚŝŵŝnjŵƵƐ͘   ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϴ͘hƐŬƵƚŽēŸƵũĞŵƌŽnjŚŽĚŶƵƚŝĂƐĂŵŽƐƚĂƚŶĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϵ͘WƌĞďĞƌĄŵnjŽĚƉŽǀĞĚŶŽƐƛƐĂƐǀŽũĞŬŽŶĂŶŝĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϬ͘ƌǎşŵƐĂƐǀŽũŝĐŚƉƌĞƐǀĞĚēĞŶş͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϭ͘^ƉŽůŝĞŚĂŵƐĂŶĂƐĞďĂ͘   ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϮ͘hƐŬƵƚŽēŸƵũĞŵƚŽ͕ēŽũĞƉƌĞŵŸĂƐƉƌĄǀŶĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϯ͘WƌĞƐŬƷŵĂǀĂŵƐǀŽũĞƉƌŽƐƚƌĞĚŝĞ͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϰ͘,űĂĚĄŵƉƌşůĞǎŝƚŽƐƚşƉƌĞŽƐŽďŶljƌĂƐƚ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϱ͘WƌĞƐŬƷŵĂǀĂŵŵŽǎŶŽƐƚŝƉƌĞĚ
ƵƐŬƵƚŽēŶĞŶşŵǀŽűďLJ͘    ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϲ͘WŽnjŽƌƵũĞŵƌƀnjŶĞƐƉƀƐŽďLJ͕ĂŬŽƐĂŶŝĞēŽƌŽďş͘ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϳ͘WŽĚƌŽďŶĞƐŬƷŵĂŵŽƚĄnjŬLJ͕ŬƚŽƌĠŵĄŵ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϴ͘WƌĞũĂǀƵũĞŵnjǀĞĚĂǀŽƐƛƉƌŝŶŽǀljĐŚƉƌşůĞǎŝƚŽƐƚŝĂĐŚ͘ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϭϵ͘ĨĞŬƚşǀŶĞǀLJŬŽŶĄǀĂŵƷůŽŚLJ͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϮϬ͘^ƚĂƌĄŵƐĂŽƚŽ͕ĂďLJƐŽŵƌŽďŝůͬĂǀĞĐŝĚŽďƌĞ͘ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
Ϯϭ͘hēşŵƐĂŶŽǀljŵnjƌƵēŶŽƐƚŝĂŵ͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ϮϮ͘WƌĂĐƵũĞŵƉŽĚűĂƐǀŽũŝĐŚƐĐŚŽƉŶŽƐƚş͘  ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
Ϯϯ͘WƌĞŬŽŶĄǀĂŵƉƌĞŬĄǎŬLJ͘   ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
Ϯϰ͘ZŝĞƓŝŵƉƌŽďůĠŵLJ͘    ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ

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