• No results found

Tariffavtaledekning måltved surveyundersøkelser:Levekårsundersøkelsen 1996

N/A
N/A
Protected

Academic year: 2022

Share "Tariffavtaledekning måltved surveyundersøkelser:Levekårsundersøkelsen 1996"

Copied!
38
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

Kristine Nergaard

Tariffavtaledekning målt ved surveyundersøkelser:

Levekårsundersøkelsen 1996

Det strategiske instituttprogrammet på Fafo

(2)
(3)

Fafo-notat 1998:4

Kristine Nergaard

Tariffavtaledekning målt ved surveyundersøkelser:

Levekårsundersøkelsen 1996

Det strategiske instituttprogrammet på Fafo

(4)

2

© Forskningsstiftelsen Fafo 1998 ISSN 0804-5135

(5)

,QQKROG

,QQOHGQLQJ

$VSHNWHUYHGO¡QQVIDVWVHWWHOVHRJPnOLQJYHGVXUYH\PHWRGHU .DQ WDULIIDYWDOHGHNQLQJ RJ O¡QQVV\VWHP EHVNULYHV YHG KMHOS DY VS¡UVPnO WLO

DUEHLGVWDNHUQH"

7DULIIDYWDOHGHNQLQJ 2UJDQLVDVMRQVJUDG +YLONHO¡QQVWDNHUHInUVLQO¡QQIDVWVDWWYHGWDULIIDYWDOHL"

/RNDOO¡QQVGDQQHOVH 3ULYDWVHNWRU 2IIHQWOLJVHNWRU

%HYHJHOLJO¡QQ +YRUODQJWQnUNROOHNWLYHDYWDOHU"8RUJDQLVHUWHDUEHLGVWDNHUHO¡QQVQLYnHWLEUDQVMHQ

VRPUHWQLQJVJLYHQGHPY 2UJDQLVDVMRQVIRUKROGSnDUEHLGVSODVVHQRJDYWDOHGHNQLQJ /¡QQVIDVWVHWWHOVHIRUJUXSSHQXWHQNROOHNWLYDYWDOH 6YDUHUDUEHLGVWDNHUQHIHLOSnVS¡UVPnORPWDULIIDYWDOHGHNQLQJ"

6DPPHQOLNQLQJDYRSSO\VQLQJHUIUDDUEHLGVJLYHURJDUEHLGVWDNHUHLVDPPHEHGULIW

$UEHLGVNRQWUDNWPHGUHIHUDQVHWLOWDULIIDYWDOH

$YVOXWQLQJ 5HIHUDQVHU 'HWVWUDWHJLVNHLQVWLWXWWSURJUDPPHWSn)DIR 9HGOHJJ6S¡UUHVNMHPD

(6)

(7)

,QQOHGQLQJ

,GHWWHQRWDWHWYLOYLVHSnWDULIIDYWDOHGHNQLQJSnEDVLVDYRSSO\VQLQJHUIUDDUEHLGVWDNHUQHLQQ KHQWHW JMHQQRP VXUYH\XQGHUV¡NHOVHU 1RWDWHW JLU HQ SUHVHQWDVMRQ DY UHVXOWDWHQH IUD HQ JUXSSH VS¡UVPnOVRPEOHVWLOWSnRSSGUDJIUD)DIRL/HYHNnUVXQGHUV¡NHOVHQ9LGHUHSUHVHQWHUHVWDOO IUDWLGOLJHUHXQGHUV¡NHOVHUGHUPDQKDUIRUV¡NWnPnOHWDULIIDYWDOHGHNQLQJYHGKMHOSDYVS¡UUHXQ GHUV¡NHOVHU,WLOOHJJWLOVS¡UVPnORPDYWDOHGHNQLQJYLOYLRJVnNRUWVHSnDQGUHIRUKROGNQ\WWHWWLO O¡QQVIDVWVHWWHOVHRPIDQJHWDYORNDOHIRUKDQGOLQJHURJRPIDQJHWDYO¡QQVV\VWHPHUPHGEHYHJHOLJ O¡QQ )RUPnOHWPHGQRWDWHWHUWRGHOW)RUGHWI¡UVWHYLOYLJLHQEHVNULYHOVHDYGHNQLQJVJUDGHQSn JUXQQODJDYRSSO\VQLQJHUIUDDUEHLGVWDNHUQH6HOYRPGHWWHLNNHNDQRSSIDWWHVVRPHWPnOSnKYRU PDQJHVRPLDUEHLGVUHWWVOLJIRUVWDQGHUEXQGHWDYWDULIIDYWDOHUYLOGHWYLVHKYRUPDQJHVRPVHOY RSSOHYHUDWNROOHNWLYHDYWDOHUEHVWHPPHUO¡QQVQLYnHW,HQGHOWLOIHOOHUEUXNHVPHGOHPVNDSLDU EHLGVWDNHURUJDQLVDVMRQHURUJDQLVDVMRQVJUDGVRPHWPnOSnLQQVODJHWDY©NROOHNWLYO¡QQVGDQQHOVHª IRUHQDUEHLGVWDNHUHOOHULQQHQHQEUDQVMH7DULIIDYWDOHQHRPIDWWHURJVnHQJRGGHOXRUJDQLVHUWH DUEHLGVWDNHUH VDPWLGLJ VRP HQ GHO RUJDQLVDVMRQVPHGOHPPHU LNNH HU GHNNHW DY NROOHNWLY DYWDOH EODQWDQQHWHQGHODYPHGOHPPHQHL$NDGHPLNHUQHV)HOOHVRUJDQLVDVMRQ$NDGHPLNHUQHL SULYDW VHNWRU,QIRUPDVMRQRPWDULIIDYWDOHGHNQLQJHUGHUIRUnIRUHWUHNNHQnUPDQIRUHNVHPSHOVNDOVH Sn YDULDVMRQHU L O¡QQ XWEUHGHOVH DY DYWDOWH DYYLN IUD DUEHLGVPLOM¡ORYHQ IRU HNVHPSHO RYHUWLG EHWDOLQJIRURYHUWLGHOOHUXEHNYHPWDUEHLG

)RUGHWDQGUHYLOYLEUXNHUHVXOWDWHQHIUDVS¡UUHXQGHUV¡NHOVHQWLOnGLVNXWHUHKYRUGDQWD ULIIDYWDOHGHNQLQJ NDQ PnOHV YHG KMHOS DY VS¡UUHXQGHUV¡NHOVHU KYLONH VW\UNHU RJ VYDNKHWHU VXU YH\PHWRGHQKDURJRPPHWRGHQNDQIRUEHGUHV6RPQ UPHUHGLVNXWHUWQHGHQIRUDQWDUYLDWGHN QLQJVJUDGHQ RYHUYXUGHUHV QRH L VS¡UUHXQGHUV¡NHOVHU GHU DUEHLGVWDNHUQH VS¡UUHV RP ©O¡QQD IDVWVHWWHVYHGNROOHNWLYHIRUKDQGOLQJHUHOOHULNNHª9HGXWDUEHLGHOVHQDYVS¡UVPnOHQH¡QVNHWYLn Jn Q UPHUH LQQ Sn NYDOLWHWHQ DY VOLNH RSSO\VQLQJHU VDPW KYRUGDQ VS¡UVPnOHQH HYHQWXHOW NDQ IRUEHGUHV 'HW EOH GHUIRU VWLOW HQNHOWH NRQWUROOVS¡UVPnO VRP VNDO JL RVV YLVVH PXOLJKHWHU IRU n WHVWHYDOLGLWHWHQLVS¡UVPnOVIRUPXOHULQJHQ

1RWDWHWHUE\JGRSSVRPI¡OJHU,DYVQLWWGLVNXWHUHUYLNRUWKYRUGDQO¡QQVIDVWVHWWHOVH NDQPnOHVYHGVS¡UUHXQGHUV¡NHOVHU,DYVQLWWJnUYLJMHQQRPWDULIIDYWDOHGHNQLQJHQL1RUJHPnOW YHGXQGHUV¡NHOVHQRJVDPPHQOLNQHUPHGWLGOLJHUHXQGHUV¡NHOVHU,DYVQLWWVHUYLSnKYRU VWRUDQGHODYO¡QQVWDNHUQHVRPRSSJLUDWGHWIRUHJnUORNDOHIRUKDQGOLQJHUSnGHUHVDUEHLGVSODVV, DYVQLWWVHUYLKYRUVWRU DQGHODYO¡QQVWDNHUQHVRP KDU©EHYHJHOLJO¡QQª DNNRUGERQXVHOOHU OLNQHQGH,DYVQLWWSUREOHPDWLVHUHUYLGHWnPnOHWDULIIDYWDOHGHNQLQJJMHQQRPVS¡UUHXQGHUV¡NHO VHUEODQWDQQHWPHGYHNWSnYnUHWLOOHJJVVS¡UVPnO+HUVHUYLRJVnSnUHNNHYLGGHQDYNROOHNWLYH DYWDOHURJKYRUGDQGLVVHNDQInYLUNQLQJXWRYHUWDULIIEXQGQHEHGULIWHURJRUJDQLVHUWHDUEHLGVWD NHUH,DYVQLWWGLVNXWHUHUYLRPGHWHUJUXQQWLOnWURDWUHVSRQGHQWHUJLUIHLORSSO\VQLQJHURP DYWDOHGHNQLQJ

7RUJHLU$DUYDDJ6WRNNH)DIRWDNNHVIRUNRPPHQWDUHUWLOQRWDWHW6WHHQ6FKHXHUYHG+DQGHOVK¡MVNROHQL.¡EHQ KDYQKDUJMRUWVWXGLHU DYWDULIIDYWDOHGHNQLQJ RJGHQV EHW\GQLQJ L 'DQPDUN 6FKHXHU RJ WDNNHV IRU ELVWDQGLIRUELQGHOVHPHGGLVNXVMRQHQLDYVQLWW

6S¡UVPnOHQHEOHVWLOWVRPGHODYSURVMHNWHW©'HNROOHNWLYHDNW¡UHQHVUROOHLDUEHLGVPDUNHGHWªVRP)DIRXWI¡UHUSn RSSGUDJDY.RPPXQDORJUHJLRQDOGHSDUWHPHQWHW

(8)

$VSHNWHUYHGO¡QQVIDVWVHWWHOVHRJPnOLQJ YHGVXUYH\PHWRGHU

,HQEHVNULYHOVHDYO¡QQVIDVWVHWWHOVHQLQRUVNDUEHLGVOLYEDVHUWSnVXUYH\PHWRGHQNDQPDQIRNXVH UHSnXOLNHDVSHNWHUYHGO¡QQVGDQQHOVHQ

• +YRUPDQJHInUO¡QQDIDVWVDWWVRPUHVXOWDWHWDYNROOHNWLYO¡QQVIDVWVHWWHOVHWDULIIDYWDOHU

• 1LYnIRUO¡QQVIDVWVHWWHOVH6HQWUDOHHOOHUORNDOHIRUKDQGOLQJHU

• .MHQQHWHJQYHGO¡QQVV\VWHPHWIDVWHOOHUEHYHJHOLJO¡QQXOLNHW\SHULQGLYLGXHOOHWLOOHJJRVY +RYHGIRNXVLGHWWHQRWDWHWHURPO¡QQVIDVWVHWWHOVHQVNMHUVRPHQGHODYNROOHNWLYHIRUKDQGOLQJHU GHWYLOVLRPDUEHLGVWDNHUHQHUGHNNHWDYWDULIIDYWDOH+HUVDPPHQOLNQHUYLWDULIIDYWDOHGHNQLQJVOLN GHWWH HU PnOW L IOHUH VS¡UUHXQGHUV¡NHOVHU IUD WLO 9L VHU RJVn Sn RP GHW HU EHVWHPWH VHNWRUHUQ ULQJHUEHGULIWVW\SHUHOOHUDUEHLGVWDNHUHVRPVNLOOHUVHJXWYHGRIWHUHHOOHUVMHOGQHUHn Y UHGHNNHWDYWDULIIDYWDOH9LGHUHEUXNHUYLVS¡UUHXQGHUV¡NHOVHQIUDIRUnVHSnRPIDQJHW DYORNDOHIRUKDQGOLQJHURJIRUHNRPVWHQDYO¡QQVV\VWHPHUPHGEHYHJHOLJHWLOOHJJ$QVDWWHLRI IHQWOLJVHNWRUEOHVWLOWHJQHVS¡UVPnORPORNDOHIRUKDQGOLQJHU

'HWHULNNHQRHpQWLOpQIRUKROGPHOORPWDULIIDYWDOHGHNQLQJRJPHGOHPVVNDSLHQO¡QQV WDNHURUJDQLVDVMRQ)RUnNXQQHVLQRHPHURPXWEUHGHOVHQDYNROOHNWLYHSDUWVIRUKROG¡QVNHUYLn VHSnVDPPHQKHQJHQPHOORPWDULIIDYWDOHGHNQLQJRJRUJDQLVDVMRQVPHGOHPVNDS,IRUOHQJHOVHQDY GHWWHYLOYLV UOLJVHSnRPNROOHNWLYHSDUWVIRUKROG²PnOWYHGDYWDOHGHNQLQJ²XWYLGHVWLOXRUJDQL VHUWHQnUGHWILQQHVRUJDQLVDVMRQVWLOEXGHOOHUWLOOLWVYDOJWHSnDUEHLGVSODVVHQ

.DQWDULIIDYWDOHGHNQLQJRJO¡QQVV\VWHPEHVNULYHVYHGKMHOSDYVS¡UVPnOWLO DUEHLGVWDNHUQH"

c EUXNH VS¡UUHXQGHUV¡NHOVHU IRU n PnOH GHNQLQJVJUDG DY WDULIIDYWDOHU HOOHU DQGUH DVSHNWHU YHG O¡QQVIDVWVHWWHOVHPHGI¡UHUHQGHOSUREOHPHU'LVVHNDQLKRYHGVDNJUXSSHUHVLQQHQWRRPUnGHU

• 9HWDUEHLGVWDNHUQHVHOYKYRUGDQO¡QQDIDVWVHWWHV"

• +YRUGDQVWLOOHVnSUHVLVHVS¡UVPnODWHWNRPSOLVHUWVDNVIHOWEOLUDYGHNNHW"

1nU GHW JMHOGHU GHW I¡UVWH VS¡UVPnOHW KDU YL VPn PXOLJKHWHU IRU n XQGHUV¡NH RP O¡QQVWDNHUQH VYDUHUNRUUHNWSnGHWWHVS¡UVPnOHW'HWHULNNHXULPHOLJnDQWDDWGHWHUHQYLVVXVLNNHUKHWEODQW DUEHLGVWDNHUQHRPPDQIDNWLVNHUEXQGHWDYHQWDULIIDYWDOHHOOHULNNH(WJHQHUHOWLQQWU\NNHUDW VS¡UUHXQGHUV¡NHOVHU JLU K¡\HUH GHNQLQJVJUDG HQQ GHW PDQ ILQQHU YHG KMHOS DY DQGUH PHWRGHU 6WRNNH*U\WOLRJ6WRNNH$YVOXWQLQJVYLVLGHWWHQRWDWHWGU¡IWHUYLIHLONLOGHUQRHQ U PHUH 1nU GHW JMHOGHU VS¡UVPnOVXWIRUPLQJHQ EHJUHQVHU QDWXUOLJYLV VXUYH\PHWRGHQ PXOLJKHWHQH IRUGHWDOMHULQJEHWUDNWHOLJEnGHQnUGHWJMHOGHUDQWDOOVS¡UVPnOLQWHUYMXOHQJGHRJKYRUNRPSOHN VHVS¡UVPnOPDQNDQKD6DPWLGLJHUGHWYLNWLJDWVS¡UVPnOHQHVRPVWLOOHVHUSUHVLVHRJLHQGHO VDPPHQKHQJHUDWPDQNDQVDPPHQOLNQHUHVXOWDWHQHIUDIRUVNMHOOLJHXQGHUV¡NHOVHU,IRUELQGHOVH PHG GHWWH SURVMHNWHW EOH GHW VWLOW IOHUH VS¡UVPnO RP O¡QQVIDVWVHWWHOVH L /HYHNnUVXQGHUV¡NHOVHQ

$QGUHVS¡UVPnONQ\WWHWWLOO¡QQVV\VWHPHWIHNVRPGHWHUURPIRULQGLYLGXHOOHWLOOHJJODUVHJLNNHEHVYDUHXWIUD GHWGDWDJUXQQODJYLKDU

(9)

+HUVSXUWHYL©(UGLQHO¡QQVRJDUEHLGVYLONnUKHOWHOOHUGHOYLVUHJXOHUWDYHQWDULIIDYWDOH HOOHURYHUHQVNRPVWHOOHUUHJXOHUHVGHNXQJMHQQRPHQSULYDWDYWDOHHOOHUNRQWUDNWPHOORPGHJRJ GLQDUEHLGVJLYHUª6S¡UVPnOPHGOLNQHQGHRUGO\GHUVWLOWYHGWLGOLJHUHXQGHUV¡NHOVHUPHQGDPHG UHIHUDQVHEDUHWLOO¡QQ'HVRPVYDUWH©KHOWHOOHUGHOYLVWDULIIDYWDOHªHOOHUVDDWO¡QQRJDUEHLGVYLO NnUEOHIDVWVDWWYHGHQEODQGLQJDYWDULIIDYWDOHRJLQGLYLGXHOOHWLOOHJJILNNHWRSSI¡OJLQJVVS¡UVPnO RPSnKYLONHWQLYnIRUKDQGOLQJHQHEOHI¡UW'HWWHIRUnNXQQHVLQRHQ UPHUHRPRPIDQJHWDY ORNDOHHOOHUEHGULIWVYLVHIRUKDQGOLQJHUGU¡IWLQJHU

)RU n IDQJH RSS PHU XIRUPHOOH ELQGLQJHU L WDULIIDYWDOHV\VWHPHW VS¡U YL ©QHLJUXSSHQª KYRUGDQO¡QQDEHVWHPPHV©)¡OJHUGHQDXWRPDWLVNO¡QQVQLYnHWLEUDQVMHQHUGHWKHOWRSSWLOGLQ DUEHLGVJLYHUnEHVWHPPHO¡QQHQHOOHUNDQO¡QQHQIRUKDQGOHVPHGDUEHLGVJLYHU"ª+HUIRUYHQWHUYL DWJUXSSHQVRPEHU¡UHVDYODQGVRPIDWWHQGHWDULIIDYWDOHUXWYLGHVQRH'HWWHYLOGU¡IWHVLVOXWWHQDY GHWWHQRWDWHW

$QVDWWHLRIIHQWOLJVHNWRUILNNLNNHVS¡UVPnORPO¡QQVIDVWVHWWHOVH)UDWLGOLJHUHLQWHUYMXHU YHWYLDW²SURVHQWDYGLVVHRSSJLUDWO¡QQDIDVWVHWWHVYHGWDULIIDYWDOHQRHVRPRJVnHUNRU UHNW,GHWWHQRWDWHWJUXSSHUHVDOOHRIIHQWOLJDQVDWWHVRPGHNNHWDYWDULIIDYWDOH2SSO\VQLQJHURP VHNWRUWLONQ\WQLQJHULQQKHQWHWYHGVS¡UVPnOWLOO¡QQVWDNHUQH

/HYHNnUVXQGHUV¡NHOVHQKDGGHKRYHGWHPD©DUEHLGVOLYªRJYDUGHQI¡UVWHXQGHUV¡NHOVHQVRPEOHJMHQQRP I¡UWHWWHUDW66%KDGGHODJWRPVLQHOHYHNnUVUHODWHUWHXQGHUV¡NHOVHU6S¡UVPnOHQHNQ\WWHWWLODUEHLGVOLYEOHVWLOWWLO DOOHVRPKDGGHPLQVWWLPHV\UNHVDUEHLGLLQWHUYMXXNDHOOHUVRPKDGGHIUDY UIUDVOLNWDUEHLG8QGHUV¡NHOVHQEOH JMHQQRPI¡UW K¡VWHQ 'HW EOH JMHQQRPI¡UW LQWHUYMXHU $Y GLVVH YDU O¡QQVWDNHUH 6YDUSURVHQWHQ WRWDOWYDUSnSURVHQWRJIUDIDOOHWYDUK¡\HUHHQQIRUYHQWHW8QGHUV¡NHOVHQHUEHVNUHYHWL7HLJXP6S¡U UHVNMHPDHWHUODJWYHGVRP9HGOHJJ

(10)

7DULIIDYWDOHGHNQLQJ

6S¡UVPnOHWRPWDULIIDYWDOHGHNQLQJHUVWLOWLXOLNHVS¡UUHXQGHUV¡NHOVHUIUDRJIUDPWLO

%nGH VS¡UVPnOVVWLOOLQJHQ XWYDOJHW RJ VS¡UUHPHWRGHQ YDULHUHU QRH , WDEHOO YLVHU YL GHNQLQJV JUDGHQLRJ$QGHOHQVRPRSSJLUDWO¡QQDKHOWHOOHUGHOYLVEHVWHPPHVDY WDULIIDYWDOH YDULHUHU LNNH YHVHQWOLJ PHOORP GH XOLNH XQGHUV¡NHOVHQH , DOOH XQGHUV¡NHOVHQH OLJJHU GHNQLQJVJUDGHQSnPHOORPRJSURVHQWLSULYDWVHNWRU

7DEHOO7DULIIDYWDOHGHNQLQJPnOWLXOLNHVS¡UUHXQGHUV¡NHOVHU3ULYDWVHNWRU cU 3RSXODVMRQ +HOWGHOYLV

WDULIIDYWDOH ,NNH

WDULIIDYWDOH ,QJHQ

DYWDOH 9HW

LNNH 7RWDO 1

$UEHLGVWDNHUUHJLVWHU

$UEHLGVWDNHUUHJLVWHU

$UEHLGVWDNHUUHJLVWHU

$.8SRSXODVMRQ

66%$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQ 16'7LOOHJJVJRGHUSnDUEHLGVSODVVHQ 66%$UEHLGVOLYVXQGHUV¡NHOVHQ 66%/HYHNnUVXQGHUV¡NHOVHQ

9LKDGGHLXWJDQJVSXQNWHWIRUYHQWHWDWDQGHOHQPHGWDULIIDYWDOHVNXOOHJnQRHQHGLVDP PHQOLNQHWPHGWLGOLJHUHXQGHUV¡NHOVHUEODQWDQQHWIRUGLPDQKHUEUXNHU$.8GHILQLVMRQHQSn O¡QQVWDNHUDOOHVRPRSSJLUDWGHKDUDUEHLGHWPLQVWHQWLPHLLQWHUYMXXNDLNNHHWXWYDOJWUXNNHW IUD GHW QRH VQHYUHUH $UEHLGVWDNHUUHJLVWHUHW , VWHGHW ILQQHU YL VDPPH GHNQLQJVJUDG IRU SULYDW

VHNWRULRJ

2JVnQnUYLGHOHUSULYDWVHNWRULYDUHSURGXNVMRQRJWMHQHVWH\WLQJRJLQNOXGHUHURIIHQWOLJ VHNWRUWDEHOOILQQHUYLIRUKROGVYLVVWDELOHP¡QVWUHLSURVHQWDQGHOHQVRPRSSJLUDWO¡QQDKHOW HOOHUGHOYLVIDVWVHWWHVYHGWDULIIDYWDOH'HQWLOV\QHODWHQGH¡NQLQJHQLGHNQLQJVJUDGWRWDOWIUDWLO SURVHQWNDQGHOYLVIRUNODUHVYHGXOLNPHWRGHIRUnDQVOnGHNQLQJVJUDGLRIIHQWOLJVHNWRUGHOV DWGHWHUIOHUHV\VVHOVDWWHLRIIHQWOLJVHNWRULHQQL,WLOOHJJHUGHWQRHK¡\HUHDYWDOHGHN QLQJLSULYDWWMHQHVWH\WLQJ'HREVHUYHUWHIRUVNMHOOHQHHULPLGOHUWLGVPnRJHUKHOOHULNNHVLJQLIL NDQWH +HOOHU LNNH RP YL GHOHU LQQ XWYDOJHW L RUJDQLVHUWH RJ XRUJDQLVHUWH O¡QQVWDNHUH ILQQHU YL VLJQLILNDQWHHQGULQJHURYHUWLG

'HW HU XOLNH PnWHU n IDVWOHJJH XWYDOJHW L VS¡UUHXQGHUV¡NHOVHU UHWWHW PRW O¡QQVWDNHUH +YHP VRP GHNNHV DY HQ XQGHUV¡NHOVH²RJKYHPVRPHYHQWXHOWLNNHGHNNHV²NDQY UHPHGnIRUNODUHUHVXOWDWHQH'HWHULKRYHGVDNWR PnWHUnNRQVWUXHUHHWXWYDOJDYO¡QQVWDNHUHSnnWUHNNHIUDHWUHJLVWHUHOOHUnWUHNNHHWWLOIHOGLJXWYDOJLEHIRONQLQ JHQRJVS¡UUHGLVVHRPGHKDUKDWWO¡QQHWDUEHLGHOOHUEHWUDNWHUVHJVRP\UNHVDNWLYHO¡QQVWDNHUH+YLVPDQYHOJHUn WUHNNHIUDHWUHJLVWHUHU$UEHLGVWDNHUUHJLVWHUHWGHWPHVWDNWXHOOH$UEHLGVJLYHUQHUDSSRUWHUHULQQVLQHDUEHLGVWDNHUH 9LYHWDWGHWIRUHNRPPHUQRHXQGHUUDSSRUWHULQJVSHVLHOWQnUGHWJMHOGHUNRUWYDULJHDQVHWWHOVHUDWGHWIRUHNRP PHUVHQLQQUDSSRUWHULQJRJDWGHWRJVnHUVDQQV\QOLJDWYLVVHW\SHUDUEHLGVIRUKROGLNNHUDSSRUWHUHVWLOP\QGLJKH WHQH %UXNHU PDQ RSSO\VQLQJHU IUD DUEHLGVWDNHUHQ VHOY HU GHILQLVMRQHQ IUD $UEHLGVNUDIWXQGHUV¡NHOVHQH DQWDNHOLJ GHQVRPQnUEUHGHVWKHUGHILQHUHVDOOHVRPKDUKDWWPLQVWHQWLPHVO¡QQHWDUEHLGLLQWHUYMXXNDVRPO¡QQVWDNHUH +YLVUHVSRQGHQWHQHPnYHOJHPHOORPnY UH\UNHVDNWLYRJIRUHNVHPSHOGHWnY UHVWXGHQWHOHYKMHPPHY UHQGH DUEHLGVOHGLJPYYLOHQGHODUEHLGVWDNHUHPHGNRUWYDULJHHOOHUWLOIHOGLJHDUEHLGVIRUKROGIDOOHXWHQIRUXWYDOJHW (WWHUHQVNM¡QQVPHVVLJYXUGHULQJDYIRUNODULQJHUHUJUXSSHQVRPVYDUHU©DQQHWªNRGHWVRPSULYDWDYWDOH

(11)

7DEHOO3URVHQWDQGHOEODQWO¡QQVWDNHUHVRPRSSJLUDWO¡QQHQKHOWHOOHUGHOYLVUHJXOHUHVDYWDULIIDYWDOHHWWHUVHNWRU ,DOWRUJDQLVHUWHRJXRUJDQLVHUWHO¡QQVWDNHUHRJ

3ULYDW

YDUHSURGXNVMRQ 3ULYDW

WMHQHVWH\WLQJ 2IIHQWOLJVHNWRU 7RWDO

,DOW

Q

Q

Q

Q 2UJDQLVHUWHDUEHLGVWDNHUH

Q

Q

Q

Q ,NNHRUJDQLVHUWHDUEHLGVWDNHUH

Q

Q

Q

Q

,DOW

Q

Q

Q 2UJDQLVHUWHDUEHLGVWDNHUH

Q

Q

Q ,NNHRUJDQLVHUWHDUEHLGVWDNHUH

Q

Q

Q

2UJDQLVDVMRQVJUDG

$UEHLGVWDNHUQHVRPHUPHGOHPPHULHQDUEHLGVWDNHURUJDQLVDVMRQEOHVSXUWKYLONHQRUJDQLVDVMRQ GHWWHYDU7DEHOOYLVHUKYRUGDQXWYDOJHWIRUGHOHUVHJSnXOLNHKRYHGRUJDQLVDVMRQHURJIULWWVWnHQ GHDUEHLGVWDNHURUJDQLVDVMRQHU

'HQWRWDOHRUJDQLVDVMRQVJUDGHQSnSURVHQWDYYLNHULNNHYHVHQWOLJIUDUHJLVWHUEDVHUWHDQ VODJ GHW YLO VL DQVODJ JMRUW Sn EDVLV DY DUEHLGVWDNHURUJDQLVDVMRQHQHV PHGOHPVWDOO 6WRNNH HOOHUDQGUHVDPPHQOLNQEDUHVXUYH\XQGHUV¡NHOVHU1HUJDDUG,WDEHOOKDUYLRJVnGHOWLQQ GH RUJDQLVHUWH HWWHU KYLONHQ KRYHGVDPPHQVOXWQLQJ GHUHV DUEHLGVWDNHURUJDQLVDVMRQ HU WLONQ\WWHW

$QVODJHQHIRU/2HUQRHODYHUHHQQUHJLVWHUEDVHUWHDQVODJPHQVDQVODJHQHIRU$)HULK¡\HVWH ODJHWXWIUDKYDYLIRUYHQWHUSnEDVLVDYUHJLVWHUEDVHUWHDQVODJ(QIRUNODULQJSnGHWWHNDQY UH VNMHYKHWHULXWYDOJHW)HQQHIRVVRJ6WRNNHKDUYLVWDWVXUYH\XQGHUV¡NHOVHUWHQGHUHUWLOnJL ODYHUHDQVODJSnDQGHO/2PHGOHPPHUHQQGHWPDQInUYHGUHJLVWHUEDVHUWHWDOO$YYLNHWPHOORP UHJLVWHUEDVHUWRJVXUYH\EDVHUWRUJDQLVDVMRQVJUDGHUOLNHYHOLNNHVW¡UUHIRU/2HQQDWIRUVNMHOOHQH NDQVN\OGHVGHQXVLNNHUKHWVRPHUIRUEXQGHWPHGDOOHXWYDOJVXQGHUV¡NHOVHU

3ULYDWYDUHSURGXNVMRQHUSULYDWVHNWRUDQVDWWHLQQHQQ ULQJVJUXSSHQHSULP UQ ULQJHULQGXVWULHOHNWULVLWHWVRJ YDQQIRUV\QLQJRJE\JJRJDQOHJJ3ULYDWWMHQHVWH\WLQJHU¡YULJHDQVDWWHLSULYDWVHNWRU6HNWRUSULYDWRIIHQWOLJHU EDVHUWSnRSSO\VQLQJHUIUDDUEHLGVWDNHUQH,EOHLNNHDQVDWWHLRIIHQWOLJVHNWRUVSXUWRPWDULIIDYWDOHGHNQLQJ RJGHNQLQJVJUDGHQHUVDWWWLO

'HW HU VWLOW XDYKHQJLJH VS¡UVPnO EnGH RP KYLONHQ KRYHGVDPPHQVOXWQLQJ RJ KYLONHQ DUEHLGVWDNHURUJDQLVDVMRQ IRUEXQGDUEHLGVWDNHUHQHUPHGOHPDY7DOOHQHLWDEHOOHUEDVHUWSnUHJLVWUHULQJSnEDVLVDYDUEHLGVWDNHURUJDQLVD VMRQIRUEXQG'HUGHWHUDYYLNPHOORPRSSJLWWKRYHGRUJDQLVDVMRQRJUHJLVWUHULQJSnEDVLVDYRSSJLWWDUEHLGVWDNHU RUJDQLVDVMRQHUWDOOHQHVNM¡QQVPHVVLJNRUULJHUW,DOWEOHKRYHGRUJDQLVDVMRQVWLONQ\WQLQJHQGUHWIRUSURVHQWDYGH RUJDQLVHUWH 2SSO\VQLQJHURP DUEHLGVWDNHURUJDQLVDVMRQIRUEXQGJMRUGHRVVRJVn LVWDQGWLOnUHGXVHUH ©YHW LNNHª JUXSSHQ

(12)

7DEHOO 3URVHQWDQGHO EODQWO¡QQVWDNHUHVRPRSSJLU DW GH HU PHGOHP DY HQ DUEHLGVWDNHURUJDQLVDVMRQ RJ KYLONHQ KRYHGVDPPHQVOXWQLQJGHWWHHU,DOWSULYDWRJRIIHQWOLJVHNWRU

,DOW 3ULYDWVHNWRU 2IIHQWOLJVHNWRU

2UJDQLVHUW

/2

<6

$)

)ULWWVWnHQGH

,NNHRUJDQLVHUW

7RWDO

1

+YLONHO¡QQVWDNHUHInUVLQO¡QQIDVWVDWWYHGWDULIIDYWDOHL"

7DEHOOYLVHUDWLSULYDWVHNWRUHUWDULIIDYWDOHGHNQLQJHQEDVHUWSnRSSO\VQLQJHUIUDDUEHLGVWDNHUQH VHOYSURVHQW$YWDOHGHNQLQJHQHUQRHK¡\HUHLSULYDWYDUHSURGXNVMRQSURVHQWHQQLSULYDW WMHQHVWHSURGXNVMRQSURVHQW)RUVNMHOOHQHHULPLGOHUWLGLNNHVWRUHQRHVRPNDQYLUNHRYHUUDV NHQGHXWIUDNXQQVNDSHURPDWSULYDWWMHQHVWH\WLQJHUSUHJHWDYODYHUHRUJDQLVDVMRQVJUDGEnGHSn DUEHLGVWDNHURJDUEHLGVJLYHUVLGD

%U\WHUYLQHG Sn EUDQVMHQ ULQJ ILQQHU DW DQVDWWH L LQGXVWULROMHEHUJYHUN VNLOOHU VHJ XW PHGK¡\ GHNQLQJVJUDG SURVHQW DY O¡QQVWDNHUQH RSSJLU DW O¡QQD IDVWVHWWHV YHG WDULIIDYWDOH 2PWUHQWVDPPHGHNQLQJVJUDGILQQHUYLLQQHQSULYDWWUDQVSRUWPHQKHUHUXVLNNHUKHWHQRPNULQJ DQVODJHWVW¡UUHSnJUXQQDYInLQWHUYMXHU6DPPHQOLNQHUYLRUJDQLVDVMRQVJUDGHQLGHQQHJUXSSHQ PHGWLOVYDUHQGHWDOOIRU1HUJDDUGILQQHUYLDWRJVnRUJDQLVDVMRQVJUDGHQHURYHUUDV NHQGHK¡\'HWWHNDQW\GH Sn DWVNMHYKHWHULXWYDOJHW JLU IRU K¡\H DQVODJ Sn LQQVODJHW DY NROOHNWLYHDUEHLGVOLYVLQVWLWXVMRQHULQQHQGHQQHEUDQVMHQ,QQHQYDUHKDQGHOKRWHOORJUHVWDXUDQW GULIWRSSJLUGU¡\HKDOYSDUWHQDYDUEHLGVWDNHUQHDWO¡QQDIDVWVHWWHVJMHQQRPWDULIIDYWDOHGHWVDP PHJMHOGHU¡YULJSULYDWWMHQHVWH\WLQJ,GHOHUDYSULYDWWMHQHVWH\WLQJEODQWDQQHWYDUHKDQGHOKDU PDQODQGVRPIDWWHQGHPLQVWHO¡QQVDYWDOHUVRPWLOV\QHODWHQGHQnUODQJWXWRYHUGHWPDQYLOOHIRU YHQWHXWIUDDQVODJEDVHUWSnUHJLVWHUGDWD(QPXOLJIRUNODULQJSnGHK¡\HDQVODJHQHHUDWPLQVWH O¡QQVVDWVHQHLHQGHOWLOIHOOHUI¡OJHVDYEHGULIWHUXWHQWDULIIDYWDOHRJDWGLVVHGHUPHGEOLU©QRU PDOO¡QQVVDWVHUª IRU GHOHU DY GHQ XRUJDQLVHUWH GHOHQ DY EUDQVMHQ (W VOLNW DUJXPHQW NDQ EODQW DQQHWJM¡UHVJMHOGHQHIRUYDUHKDQGHOILQDQVLHOOWMHQHVWH\WLQJRJGHOHUDYWUDQVSRUWVHNWRUHQ$UJX PHQWHWXQGHUVW¡WWHVDYDWDQGHOHQVRPRSSJLUDWGHWLNNHIRUHNRPPHUORNDOHIRUKDQGOLQJHUHUK¡\

LQQHQGLVVHEUDQVMHQHVHDYVQLWW

'HWHUV UOLJDQVDWWHLVW¡UUHEHGULIWHUVRPRSSJLUDWO¡QQDIDVWVHWWHVDYWDULIIDYWDOHRJIRU VNMHOOHQHPHOORPVPnRJVWRUHEHGULIWHUHUEHW\GHOLJ

*HQHUHOWHUWDULIIDYWDOHGHNQLQJHQLHQEUDQVMHEHW\GHOLJK¡\HUHHQQRUJDQLVDVMRQVJUDGHQL VDPPHEUDQVMH$YWDOHQHRPIDWWHUPHGDQGUHRUGRJVnHQJRGGHOXRUJDQLVHUWHDUEHLGVWDNHUH, XQGHUV¡NHOVHQIUDHUSURVHQWDYDUEHLGVWDNHUQHLSULYDWVHNWRURUJDQLVHUWPHQVSUR VHQWRSSJLUDWO¡QQDUHJXOHUHVYHGWDULIIDYWDOH$YYLNHWPHOORPDQGHORUJDQLVHUWHRJDQGHOVRP GHNNHV DY WDULIIDYWDOH HU V UOLJ VWRUW LQQHQ YDUHKDQGHOKRWHOO RJ UHVWDXUDQWGULIW 6RP GU¡IWHW WLGOLJHUHNDQGHWWHEODQWDQQHWVN\OGHVDWPLQVWHO¡QQVVDWVHQHLGHODQGVRPIDWWHQGHDYWDOHQHLEHW\

GHOLJRPIDQJJM¡UHVJMHOGHQGHRJVnIRUXRUJDQLVHUWHDUEHLGVWDNHUHEHGULIWHU'LVVHIRUKROGHQHYLO YLNRPPHWLOEDNHWLOLDYVQLWWGHUYLVHUSnQLYnIRUO¡QQVIDVWVHWWHOVH

$YYLNHWIUDWDEHOOGHUGHNQLQJVJUDGHQHUSURVHQWVN\OGHVDW©YHWLNNHªJUXSSHQHUXWHODWWIUDSURVHQWXH ULQJVJUXQQODJHW

$YYLNHWIUDWDEHOOGHURUJDQLVDVMRQVJUDGHQLSULYDWVHNWRUHURSSJLWWWLOSURVHQWVN\OGHVDWYLLWDEHOOKDU XWHOXNNHWGHVRPLNNHNMHQQHUQDYQHWSnVLQDUEHLGVWDNHURUJDQLVDVMRQ

(13)

7DEHOO3URVHQWDQGHOEODQWO¡QQVWDNHUHVRPRSSJLUDWO¡QQHQKHOWHOOHUGHOYLVUHJXOHUHVDYWDULIIDYWDOHRJSURVHQW DQGHOO¡QQVWDNHUHVRPHUPHGOHPDYHQDUEHLGVWDNHURUJDQLVDVMRQ(WWHUVHNWRUQ ULQJRJEHGULIWVVW¡UUHOVH3ULYDW VHNWRU

3URVHQWDQGHODUEHLGVWDNHUH

PHGDYWDOH 3URVHQWDQGHODUEHLGVWDNHUH VRPHUPHGOHPDYHQDUEHLGV

WDNHURUJDQLVDVMRQ 1

,DOW

6HNWRU

3ULYDWYDUHSURGXNVMRQ

3ULYDWWMHQHVWH\WLQJ

%UDQVMH

3ULP UQ ULQJHU

,QGXVWULROMHEHUJYHUN

%\JJDQOHJJ

9DUHKDQGHOKRWHOORJUHVWDXUDQW

3ULYDWWUDQVSRUW

$QQHQSULYDWWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

8QGHUDQVDWWH

DQVDWWH

DQVDWWH

2YHUDQVDWWH

7DEHOO YLVHU DYWDOHGHNQLQJ RJ RUJDQLVDVMRQVJUDG HWWHU XOLNH NMHQQHWHJQ YHG DUEHLGVWDNHUHQ RJ DUEHLGVIRUKROGHW$YWDOHGHNQLQJHQHUQRHK¡\HUHEODQWNYLQQHUHQQEODQWPHQQ$UEHLGVWDNHUH PHGXWGDQQLQJSnXQLYHUVLWHWVRJK¡JVNROHQLYnVNLOOHUVHJXWYHGVMHOGQHUHnRSSJLDWO¡QQDIDVW VHWWHVYHGWDULIIDYWDOH%ODQWDUEHLGHUHRJIXQNVMRQ UHUSnODYHVWHQLYnRSSJLU²SURVHQWDW O¡QQDIDVWVHWWHVDYWDULIIDYWDOH%ODQWIXQNVMRQ UHUSnQLYnWRRJWUHIXQNVMRQ UHUSnPLGOHUHRJ K¡\HUHQLYnHUDYWDOHGHNQLQJHQNODUWODYHUH

0HQVRUJDQLVDVMRQVJUDGYDULHUHUEHW\GHOLJPHOORPO¡QQVWDNHUHPHGXOLNWLONQ\WQLQJWLODU EHLGVJLYHUDUEHLGVPDUNHGHWDQVLHQQLWHWDQVHWWHOVHVIRUPDUEHLGVWLGILQQHUYLLNNHVDPPHIRU VNMHOOHUQnUGHWJMHOGHUDYWDOHGHNQLQJ

%ODQWGHRUJDQLVHUWHO¡QQVWDNHUQHRSSJLUSURVHQWDWGHGHNNHVDYWDULIIDYWDOH,/2<6 RJIULWWVWnHQGHRUJDQLVDVMRQHURSSJLUDYPHGOHPPHULSULYDWVHNWRUDWO¡QQDIDVWVHWWHVJMHQ QRP WDULIIDYWDOH 'HW HU KRYHGVDNHOLJ PHGOHPPHU L $) VRP RSSJLU DW O¡QQD LNNH IDVWVHWWHV DY WDULIIDYWDOHKHURSSJLUKDOYSDUWHQDYPHGOHPPHQHLSULYDWVHNWRUDWO¡QQDLNNHIDVWVHWWHVNROOHN WLYW7DOOHQHIRU$)HURPIDWWHWDYEHW\GHOLJXVLNNHUKHWSnJUXQQDYInLQWHUYMXHUPHQHUVDPWLGLJ LVDPVYDUPHGKYDYLIRUHNVHPSHOIDQWLXQGHUV¡NHOVHQIUD%ODQWXRUJDQLVHUWHO¡QQVWDNHUH RSSJLUSURVHQWDWO¡QQDKHOWHOOHUGHOYLVIDVWVHWWHVDYWDULIIDYWDOH$YVOXWQLQJVYLVLGHWWHQRWDWHW GU¡IWHUYLQ UPHUHKYLONHQWLONQ\WQLQJGHQQHJUXSSHQKDUWLONROOHNWLYHSDUWVIRUKROGLDUEHLGVOLYHW

3n JUXQQ DY DW ©YHW LNNHªJUXSSHQ HU XWHODWW RJ IRUGL QRHQ HQKHWHU IDOOHU IUD Sn JUXQQ DY PDQJOHQGH EDN JUXQQVYDULDEOHUEOLUGHNQLQJVJUDGHQIRUSULYDWVHNWRUSURVHQW

*UXSSHULQJHWWHUVRVLDOVWDWXVDUEHLGHUIXQNVMRQ UODYHUHQLYnIXQNVMRQ UPLGOHUHQLYnRJIXQNVMRQ UK¡\HUH QLYn HU EDVHUW Sn 6WDQGDUG IRU JUXSSHULQJ HWWHU VRVLDO VWDWXV 66% 'HQQH VDPVYDUHU LNNH Q¡GYHQGLJYLV PHG RYHUHQVNRPVWHQHVVNLOOHPHOORPDUEHLGHUHRJIXQNVMRQ UHU

(14)

7DEHOO3URVHQWDQGHOEODQWO¡QQVWDNHUHVRPRSSJLUDWO¡QQHQKHOWHOOHUGHOYLVUHJXOHUHVDYWDULIIDYWDOHRJSURVHQW DQGHOO¡QQVWDNHUHVRPHUPHGOHPDYHQ DUEHLGVWDNHURUJDQLVDVMRQ(WWHUNM¡QQXWGDQQLQJVRVLDOVWDWXVRJWUHNN YHGDQVHWWHOVHVIRUKROGHW3ULYDWVHNWRU

3URVHQWDQGHODUEHLGVWDNHUH PHGDYWDOH

3URVHQWDQGHODUEHLGVWDNHUH VRPHUPHGOHPDYHQDUEHLGV

WDNHURUJDQLVDVMRQ 1

,DOW

.M¡QQ

0DQQ

.YLQQH

8WGDQQLQJ

*UXQQVNROH

9LGHUHJnHQGHVNROHHWWnU

9LGHUHJnHQGHVNROHnU

8QLYHUVLWHWK¡JVNROH

6RVLDOVWDWXV

$UEHLGHUH

)XQNVMRQ UODYHUHQLYn

)XQNVMRQ UPHOORPQLYn

)XQNVMRQ UK¡\HUHQLYn

$QVLHQQLWHWKRVDUEHLGVJLYHU

8QGHUHWWnU

nUVDQVLHQQLWHW

nUVDQVLHQQLWHW

nUVDQVLHQQLWHW

nUVDQVLHQQLWHWHOOHUPHU

$QVHWWHOVHVIRUP

)DVW

0LGOHUWLGLJ

8NHQWOLJDUEHLGVWLG

8QGHUWLPHU

WLPHU

+HOWLG

$UEHLGVWDNHURUJDQLVHULQJ

2UJDQLVHUWLDOW

,NNHRUJDQLVHUW

/2

$)

<6IULWWVWnHQGH

(15)

/RNDOO¡QQVGDQQHOVH

3ULYDWVHNWRU

,VS¡UUHXQGHUV¡NHOVHQV¡NHUYLnNDUWOHJJHRPIDQJHWDYNROOHNWLYHIRUKDQGOLQJHUSnEHGULIWVQLYn GHWYLOVLORNDOHIRUKDQGOLQJHUHOOHUDYWDOHUVRPEDUHJMHOGHUHQEHGULIWYLUNVRPKHW,SULYDWVHNWRU nSQHUPDQJHDYGHODQGVRPIDWWHQGHDYWDOHQHIRUORNDOHO¡QQVIRUKDQGOLQJHU,WLOOHJJYLOPDQILQQH HNVHPSOHUSnDYWDOHUVRPEDUHRPIDWWHUHQEHGULIW1RHQVWHGHUHUGHWWHODQGVRPIDWWHQGHWDULII DYWDOHUVRPNRSLHUHV,DQGUHWLOIHOOHUYLOGHWWHY UHDYWDOHUVRPLVW¡UUHHOOHUPLQGUHJUDGHUXQLNH IRUEHGULIWHQ,WDEHOOKDUYLGHOWLQQJUXSSHQO¡QQVWDNHUQHPHGWDULIIDYWDOHHWWHURPGHRSSJLU DW O¡QQVIDVWVHWWHOVHQ NXQ IRUHJnU YHG VHQWUDOH IRUKDQGOLQJHU HOOHU RP GHW IRUHJnU ORNDOH EHGULIWVYLVHIRUKDQGOLQJHU

7DEHOOYLVHUDWORNDOHIRUKDQGOLQJHUHUODQJWPHUYDQOLJLQQHQSULYDWYDUHSURGXNVMRQHQQL SULYDWWMHQHVWH\WLQJ0HQVSURVHQWDYGHWDULIIDYWDOHGHNNHGHO¡QQVWDNHUQHLSULYDWYDUHSURGXN VMRQRSSJLUDWGHWIRUHNRPPHUORNDOEHGULIWVYLVO¡QQVGDQQHOVHJMHOGHUGHWWHEDUHGU¡\WKDOYSDU WHQDYWDULIIDYWDOHGHNNHGHDUEHLGVWDNHUQHLQQHQSULYDWWMHQHVWH\WLQJ'HWHULQJHQIRUVNMHOOHUPHO ORP GH HQNHOWH EUDQVMHU LQQHQIRU GH WR KRYHGGHOHQH DY SULYDW VHNWRU 2PIDQJHW DY ORNDOH IRUKDQGOLQJHU¡NHUMRVW¡UUHEHGULIWHQHHURJHUV UOLJK¡\LVW¡UUHEHGULIWHULQQHQYDUHSURGXN VMRQ

7DEHOO 3URVHQWDQGHO EODQW O¡QQVWDNHUH VRP GHNNHV DY WDULIIDYWDOH VRP RSSJLU DW GHW IRUHJnU ORNDOEHGULIWVYLV O¡QQVGDQQHOVHHOOHUDWGHWEDUHIRUHNRPPHUVHQWUDOHIRUKDQGOLQJHU(WWHUVHNWRUEUDQVMHRJEHGULIWVVW¡UUHOVH3ULYDW VHNWRU

/RNDOHEHGULIWVYLVH

IRUKDQGOLQJHU %DUHVHQWUDOH

IRUKDQGOLQJHU 7RWDO 1

,DOW

6HNWRU

3ULYDWYDUHSURGXNVMRQ

3ULYDWWMHQHVWH\WLQJ

%UDQVMH

3ULP UQ ULQJHU

,QGXVWULROMHEHUJYHUN

%\JJDQOHJJ

9DUHKDQGHOKRWHOORJUHVWDXUDQW

3ULYDWWUDQVSRUW

$QQHQSULYDWWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

8QGHUDQVDWWH

DQVDWWH

2YHUDQVDWWH

2IIHQWOLJVHNWRU

,RIIHQWOLJVHNWRUKDUPDQGHVHQHUHnUHQHJMHQQRPI¡UWORNDOHIRUKDQGOLQJHULQQHQIRUUDPPHUVDWW LGHVHQWUDOHIRUKDQGOLQJHQH,VWDWOLJVHNWRUYLOGLVVHIRUKDQGOLQJHQHYDQOLJYLVIRUHJnSnYLUNVRP KHWVQLYn QRH VRP RIWH YLO LQQHE UH IRUKDQGOLQJHU Sn HW IRUKROGVYLV VHQWUDOLVHUW QLYn 'HWWH YLO RJVnJMHOGHNRPPXQDOWI\ONHVNRPPXQDOWDQVDWWHO UHUHVRPInUVLQO¡QQIDVWVDWWLIRUKDQGOLQJHQH LVWDWVVHNWRUHQ

9LKDUIRUXWVDWWDWDOOHRIIHQWOLJHDQVDWWHInUVLQO¡QQIDVWVDWWJMHQQRPNROOHNWLYHDYWDOHU

*MHQQRPnVS¡UUHRPGHWIRUHNRPPHUORNDOHO¡QQVIRUKDQGOLQJHUYLOYLI¡UVWRJIUHPVWIDQJHRSS

(16)

KYRUVWRUDQGHODYO¡QQVWDNHUQHVRPKDUNMHQQVNDSWLODWGHWIRUHJnUORNDOHIRUKDQGOLQJHU7RDY WUHDQVDWWHLRIIHQWOLJYLUNVRPKHWRSSIDWWHUDWGHWIRUHJnUORNDOHIRUKDQGOLQJHUSnGHUHVDUEHLGV SODVV'HWHULQJHQIRUVNMHOOHUPHOORPVWDWRJNRPPXQHGHWV\QHVPHGDQGUHRUGLNNHVRPRP GHWLOGHOVVHQWUDOLVHUWHIRUKDQGOLQJHQHLVWDWOLJVHNWRUI¡UHUWLODW I UUH RSSIDWWHU DW GHW IRUHJnU ORNDOHIRUKDQGOLQJHU'HWHUGHULPRWNODUHUHIRUVNMHOOHUPHOORPXOLNHW\SHUYLUNVRPKHWHUDQGHOHQ VRPRSSIDWWHUDWGHWIRUHJnUORNDOHIRUKDQGOLQJHUHUV UOLJODYLQQHQXQGHUYLVQLQJ'HWWHHULNNH VnRYHUUDVNHQGHLRJPHGDWGH©ORNDOHªIRUKDQGOLQJHQHIRUXQGHUYLVQLQJVSHUVRQDOHWJMHQQRPI¡

UHVODQJWIUDGHQHQNHOWHVNROH'HWHURJVnNODUHIRUVNMHOOHUPHOORPVPnRJVWRUHRIIHQWOLJHDU EHLGVSODVVHU3nDUEHLGVSODVVHUPHGPHUHQQDQVDWWHVLHUSURVHQWDWGHWIRUHNRPPHUORNDOH IRUKDQGOLQJHU,GHQQHJUXSSHQILQQHUYLPDQJHDQVDWWHLQQHQKHOVHYHVHQHW

7DEHOO 3URVHQWDQGHO EODQWRIIHQWOLJH DQVDWWH VRP RSSJLU DW GHW IRUHJnU ORNDOH IRUKDQGOLQJHU Sn DUEHLGVSODVVHQ HOOHULQQHQYLUNVRPKHWHQ(WWHUHLHUEUDQVMHRJEHGULIWVVW¡UUHOVH2IIHQWOLJVHNWRU

)RUHJnUORNDOH

IRUKDQGOLQJHU )RUHJnULNNHORNDOH

IRUKDQGOLQJHU ,DOW 1

,DOW

(LHU

.RPPXQDOYLUNVRPKHW

)\ONHVNRPPXQDOYLUNVRPKHW

6WDWOLJYLUNVRPKHW

1 ULQJEUDQVMH

2IIHQWOLJIRUUHWQLQJVGULIW

2IIHQWOLJDGPLQLVWUDVMRQ

8QGHUYLVQLQJ

+HOVH

6RVLDOWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

8QGHUDQVDWWH

DQVDWWH

RYHUDQVDWWH

+YHPHUGHWVnVRPKDUInWWWLOOHJJJMHQQRPORNDOHIRUKDQGOLQJHULRIIHQWOLJVHNWRU"*UXSSHQVRP RSSJD DW GHW IRUHNRPPHU VOLNH IRUKDQGOLQJHU EOH VSXUW RP GHGHUHV \UNHVJUXSSH KDGGH Y UW IRUHVOnWWWLOORNDOHWLOOHJJRJRPGHLVnIDOOKDGGHInWWGLVVHWLOOHJJHQH7LGVSXQNWHWGHWEOHUHIHUHUW WLOYDU©LnUHOOHULIMRUªGHWYLOVLYHGO¡QQVRSSJM¡UHWLHOOHU

'U¡\HHQWUHGMHGHODYGHDQVDWWHLRIIHQWOLJVHNWRUSURVHQWKDUHQWHQInWWVOLNHWLOOHJJ HOOHURSSJLUDWGHKDUY UWIRUHVOnWWXWHQDWGHWUHVXOWHUWHLWLOOHJJWDEHOO,DOWRSSJLUHQIMHUGH GHODYGHRIIHQWOLJDQVDWWHDWGHKDUInWWORNDOHWLOOHJJLO¡SHWDYRJ'HWHUVPnIRU VNMHOOHUPHOORPXOLNHGHOHUDYRIIHQWOLJVHNWRUQnUGHWJMHOGHUDQGHOHQDQVDWWHVRPRSSJLUnKDInWW ORNDOHWLOOHJJ'HWHUKHOOHULQJHQIRUVNMHOOHUPHOORPJUXSSHUPHGK¡\RJODYXWGDQQLQJYHUNHQ QnUGHWJMHOGHUDQGHOVRPKDUInWWWLOOHJJHOOHUDQGHOVRPRSSJLUnKDEOLWWIRUHVOnWWWLOWLOOHJJXWHQn KDInWWGHWWH

(17)

7DEHOO3URVHQWDQGHOEODQWRIIHQWOLJHDQVDWWHVRPRSSJLUDWGHKDUInWWORNDOHWLOOHJJVLVWHnUDQGHO VRPVLHUDWGHHUIRUHVOnWWWLOORNDOHWLOOHJJPHQLNNHInWWGHWWHRJDQGHOVRPLNNHHUIRUHVOnWWLNNHKDUORNDOHIRU KDQGOLQJHUSnDUEHLGVSODVVHQ(WWHUHLHUEUDQVMHEHGULIWVVW¡UUHOVHRJXWGDQQLQJ2IIHQWOLJVHNWRU

)nWWWLOOHJJ )RUHVOnWW PHQLNNHInWW

/RNDOHIRUKDQGOLQJHU IRUHNRPPHULNNH

HULNNHIRUHVOnWW 7RWDO 1

,DOW

(LHU

.RPPXQDOYLUNVRPKHW

)\ONHVNRPPXQDOYLUNVRPKHW

6WDWOLJYLUNVRPKHW

%UDQVMHQ ULQJ

2IIHQWOLJIRUUHWQLQJVGULIW

2IIHQWOLJIRUYDOWQLQJ

8QGHUYLVQLQJ

+HOVHWMHQHVWHU

6RVLDOWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

DQVDWWH

DQVDWWH

2YHUDQVDWWH

8WGDQQLQJ

*UXQQVNROHYLGHUHJnHQGHVNROHQLYn

9LGHUHJnHQGHVNROHQLYn

8QLYHUVLWHWVRJK¡JVNROH

(18)

%HYHJHOLJO¡QQ

'HWILQQHVXOLNHO¡QQVV\VWHPHUGHUKHOHHOOHUGHOHUDYO¡QQDIDVWVHWWHVXWIUDDUEHLGVLQQVDWVHOOHU HJHWEHGULIWHQV UHVXOWDW EHYHJHOLJ O¡QQ (WW HNVHPSHO Sn GHWWH HU DNNRUGO¡QQVV\VWHPHQH $N NRUGO¡QQYDUYDQOLJHLLQGXVWULHQIUDPWLOPLGWHQDYWDOOHWPHQKDUVLGHQGDY UWSnWLOEDNH JDQJ ,QQHQ E\JJ RJ DQOHJJVYLUNVRPKHW ILQQHU PDQ RJVn DNNRUGO¡QQVV\VWHPHU EnGH VHQWUDOH PnOWHDNNRUGWDULIIHUE\JJIDJHQHRJDNNRUGHUVRPIDVWVHWWHVORNDOWIRUHNVHPSHOODJDNNRUGHU LQQHQDQOHJJVYLUNVRPKHW,QQHQHQNHOWHGHOHUDYYDUHKDQGHORJUHVWDXUDQWYLUNVRPKHWILQQHUPDQ SURYLVMRQVO¡QQ'HWYLOVLDWGHQDQVDWWHInUEHWDOWHWWHUVDOJVLQQVDWV(QWUHGMHW\SHEHYHJHOLJO¡QQ HUXOLNHW\SHUERQXVHUUHVXOWDWO¡QQVRPEHUHJQHVXWIUDSURGXNWLYLWHWSURGXNVMRQVPnO¡NRQR PLVNUHVXOWDWHOOHUOLNQHQGH,GHDOOHUIOHVWHWLOIHOOHUXWJM¡UGHEHYHJHOLJHWLOOHJJHQHEDUHHQPLQGUH GHODYO¡QQVXWEHWDOLQJHQIDVWWLPHVHOOHUPnQHGVO¡QQNRPELQHUHVPHGERQXVHOOHUUHVXOWDWO¡QQ

7DEHOO 2PIDQJ DY O¡QQVV\VWHPHU PHG EHYHJHOLJ O¡QQ VS¡UUHXQGHUV¡NHOVHU EODQW DUEHLGVWDNHUH 3ULYDW VHNWRU RJ

,DOW

5HQIDVWO¡QQ

)DVWO¡QQNRPELQHUWPHGERQXVDNNRUG

$QGUHYDULDEHOO¡QQVV\VWHPHUEODUHQDNNRUGSURYLVMRQ

,DOW

1

3ULYDWYDUHSURGXNVMRQ

5HQIDVWO¡QQ

)DVWO¡QQNRPELQHUWPHGERQXVDNNRUG

$QGUHYDULDEHOO¡QQVV\VWHPHUEODUHQDNNRUGSURYLVMRQ

,DOW

1

3ULYDWWMHQHVWH\WLQJ

5HQIDVWO¡QQ

)DVWO¡QQNRPELQHUWPHGERQXVDNNRUG

$QGUHYDULDEHOO¡QQVV\VWHPHUEODUHQDNNRUGSURYLVMRQ

,DOW

1

$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQ66%

$UEHLGVOLYVXQGHUV¡NHOVHQ66%

/HYHNnUVXQGHUV¡NHOVHQ66%

,WDEHOOVDPPHQOLNQHU YL RPIDQJHW DY EHYHJHOLJH O¡QQVV\VWHPHU L WUH VS¡UUHXQGHUV¡NHOVHU IUD RJ+YLVYLOHJJHUVYDUIUDO¡QQVWDNHUQHWLOJUXQQW\GHUP\HSnDWO¡QQVV\VWHPHU EDVHUWSnEHYHJHOLJO¡QQEDUHLEHJUHQVHWJUDGHULEUXN$OOHWUHnURSSJLURPODJSURVHQWDY O¡QQVWDNHUQHLSULYDWVHNWRUDWGHKDUIDVWO¡QQLNRPELQDVMRQPHGDNNRUGSURYLVMRQHOOHUERQXV ,YDUDQGHOHQK¡\HVWLSULYDWYDUHSURGXNVMRQSURVHQWRSSJDDWGHKDGGHHQHOOHUDQQHQ IRUPIRUYDULDEOHWLOOHJJ,HUGHWEDUHSURVHQWVRPVLHUGHWVDPPH,GHQQHXQGHUV¡NHOVHQ HUGHWIDNWLVNHQ K¡\HUH DQGHO EODQWDUEHLGVWDNHUQHLSULYDW WMHQHVWH\WLQJ HQQ L YDUHSURGXNVMRQ VRPRSSJLUDWGHKDUEHYHJHOLJO¡QQ1RHDYGHWWHNDQPXOLJHQVIRUNODUHVYHGWLOIHOGLJYDULDVMRQ HOOHU HJHQVNDSHU YHG XWYDOJHW 6DPWLGLJ V\QHV GHW VRP RP VS¡UVPnOVVWLOOLQJHQ LNNH IDQJHU RSS RPIDQJHWDYDNNRUGDYWDOHULQQHQE\JJIDJHQH

(19)

6S¡UUHXQGHUV¡NHOVHQHDQW\GHUGHWPRWVDWWHDYGHQIRUYHQWHGHYHNVWHQLEHYHJHOLJO¡QQ8OLNH W\SHUXWVDJQIRUHNVHPSHOIUDDUEHLGVJLYHURUJDQLVDVMRQHQHJM¡UDWYLYLOOHIRUYHQWHWHQ¡NQLQJL ERQXVV\VWHPHUV UOLJLQQHQLQGXVWULHQ1+2RSSIRUGUHUEODQWDQQHWVLQHPHGOHPVEHGULIWHUWLOn LQQI¡UHVOLNHV\VWHPHUVLVWLIRUELQGHOVHPHGRSSJM¡UHW1+2VHJQHWDOOW\GHUSnDWVOLNH O¡QQVV\VWHPHUHUJDQVNHYDQOLJEODQWPHOORPVWRUHRJVWRUHYLUNVRPKHWHUPHOORPRJSUR VHQWDYEHGULIWHQHLHQO¡QQVV\VWHPXQGHUV¡NHOVH1+2KDUIRUHWDWWEODQWHJQHEHGULIWHURSSJDDW GHKDGGHVOLNHO¡QQVV\VWHPHU'HWYDQOLJHHUDWUHVXOWDWO¡QQRJEHYHJHOLJO¡QQHQWHQGHNNHUDOOH DQVDWWHHOOHURSHUDW¡UHUDUEHLGHUH2JVnLQQHQYDUHKDQGHOHQUDSSRUWHUHVGHWRP¡NWIUDPYHNVWDY ERQXVRUGQLQJHUHQXQGHUV¡NHOVHVRP+.KDUIRUHWDWWEODQWHJQHRUJDQLVDVMRQVOHGGLYLVHU DWPHOORPRJSURVHQWDYNOXEEHQHLYDUHKDQGHOHQKDUIRUKDQGOHWIUDPERQXVDYWDOHU'HW VDPPH JMHOGHU SURVHQW DY NOXEEHQH L LQGXVWULHQ +.Q\WW QU 6HOY RP WDOOHQH IUD 1+2VXQGHUV¡NHOVHVOLNGHHUSUHVHQWHUWLNNHJLURSSO\VQLQJHURPKYRUPDQJHDQVDWWHVRPKDU VOLNHV\VWHPHUNDQVY UWRPWUHQWOLJHDQVODJW\GHSnDWPLQVWSURVHQWDYO¡QQVWDNHUQHLGHEH GULIWHUVRPLQQJnUL1+2VXQGHUV¡NHOVHKDUYDULDEOHWLOOHJJ$QGHOHQEODQWDUEHLGHUHRSH UDW¡UHUHUK¡\HUH,HQQ\XQGHUV¡NHOVHEODQWEHGULIWHU%DUWKRSSJLUSURVHQW DYEHGULIWHQHDWGHKDUUHVXOWDWO¡QQIRUQRHQHOOHUDOOHDQVDWWHLQQHQGHQJUXSSHQVRP©HUPHVW GLUHNWH HQJDVMHUW L IUDPVWLOOLQJHQ DY EHGULIWHQV KRYHGSURGXNWHU HOOHU WMHQHVWHUª +HU IRUNODUHV DYYLNHWPHOORPDUEHLGVWDNHUEDVHUWHWDOORJEHGULIWVEDVHUWHWDOOEODQWDQQHWYHGDWLNNHDOOHDQVDWWH Q¡GYHQGLJYLVInUUHVXOWDWO¡QQ,WLOOHJJHUGHWULPHOLJnWURDWVS¡UVPnOHW©LQFHQWLYV\VWHPHUER QXVRUGQLQJHU HOOHU RYHUVNXGGVGHOLQJª HU QRH PHU YLGWIDYQHQGH HQQ GHW YL KHU RSSIDWWHU VRP EHYHJHOLJO¡QQRJVS¡UVPnOHWRPIDWWHURJVnO¡QQVHOHPHQWHUEODQWDQQHWRYHUVNXGGVGHOLQJVRP YDQOLJYLVLNNHLQQJnULVS¡UVPnOWLODUEHLGVWDNHUQH

,$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQIUDKDUYLRSSO\VQLQJHUEnGHIUDDQVDWWHRJIUD GDJOLJOHGHUSHUVRQDOOHGHULGHVDPPHEHGULIWHQH0HQVSURVHQWDYDUEHLGVWDNHUQHRSSJLUDWGH VHOYKDUHQHOOHUDQQHQIRUPIRUEHYHJHOLJO¡QQDUEHLGHUSURVHQWDYDUEHLGVWDNHUQHLEHGULIWHU GHUOHGHOVHQRSSJLUDWXOLNHW\SHUEHYHJHOLJO¡QQEHQ\WWHVIRUQRHQHOOHUDOOHDQVDWWH,QNOXGHUHV RYHUVNXGGVGHOLQJVRPEHYHJHOLJO¡QQ¡NHUDQGHOHQWLOSURVHQW,VDPPHXQGHUV¡NHOVHRSSJLU SURVHQWDYEHGULIWHQHDWGHKDUHQHOOHUDQQHQIRUPIRUEHYHJHOLJO¡QQSURVHQWKYLVRYHU VNXGGVGHOLQJLQNOXGHUHV'HWWHYLVHUDWRJVnQnUPDQVHUSnVDPPHEHGULIWHUILQQHUPDQNODUH IRUVNMHOOHU L RPIDQJHW DY EHYHJHOLJ O¡QQ DYKHQJLJ DY RP PDQ VS¡U DUEHLGVWDNHUH RP KYLONHW O¡QQVV\VWHPGHVHOYKDUHOOHURPPDQVS¡UOHGHOVHQRPKYLONHO¡QQVV\VWHPHUVRPEHQ\WWHVSn EHGULIWHQ

'HWNDQY UHIOHUHnUVDNHUWLODWPDQInUVnSDVVXOLNHVYDUSnVS¡UVPnORPUHVXOWDWO¡QQRJ ERQXVDYKHQJLJRPPDQVS¡UDUEHLGVWDNHUHHOOHUEHGULIWHU)RUGHWI¡UVWHYLOHQGHOEHGULIWHUEDUH EHQ\WWHEHYHJHOLJO¡QQRYHUIRUQRHQDYVLQHDQVDWWHIRUHNVHPSHOOHGHUHHOOHUK¡\HUHIXQNVMRQ  UHUHOOHUHQNHOWHJUXSSHURSHUDW¡UHU1+2VO¡QQVV\VWHPXQGHUV¡NHOVHW\GHULPLGOHUWLGSnDWVOLNH V\VWHPHUYDQOLJYLVRPIDWWHUDOOHHOOHUHQVWRUGHODYGHDQVDWWH1RHDYDYYLNHWNDQRJVnVN\OGHV VYDNKHWHU YHG VS¡UVPnOVIRUPXOHULQJHQ L GH XOLNH XQGHUV¡NHOVHQH 'HW NDQ IRU HNVHPSHO Y UH XVLNNHUKHW RP KYRUGDQ PDQ GHILQHUHU RJ RSSIDWWHU V\VWHPHU KYRU DUEHLGVWDNHUH KDU HQ HOOHU DQQHQ IRUP IRU LQFHQWLY HOOHU EHO¡QQLQJ NQ\WWHW WLO DUEHLGVLQQVDWVHQ IRU HNVHPSHO XOLNH W\SHU HQJDQJVERQXVHUMXOHJUDWLDOHDNVMHURYHUVNXGGVGHOLQJHOOHUIDVWHO¡QQVWLOOHJJEDVHUWSnLQGLYLGXHOOH UHVXOWDWPnO'HWHUXNODUWKYRUP\HDYGHWWHVRPIDQJHVRSSL1+2VHOOHU,6)VXQGHUV¡NHOVH PHQGHWHUVDQQV\QOLJDWHQGHOVOLNHRUGQLQJHULNNHIDQJHVRSSLVS¡UVPnOWLODUEHLGVWDNHUH0DQ NDQDQWDDWGHWYLOY UHHQYLVV©XQGHUUDSSRUWHULQJªQnUGHWJMHOGHUDUEHLGVWDNHUQHVHJHQUDSSRUWH ULQJDYXOLNHW\SHUEHYHJHOLJO¡QQVRPEHWDOHVXWVMHOGHQIRUHNVHPSHOKDOYnUOLJHOOHUnUOLJ

$YVQLWWHWE\JJHUSn1HUJDDUGRJ3DSH

1+2KDUXQGHUV¡NWRPIDQJHWDYXOLNHO¡QQVV\VWHPHULPHGOHPVEHGULIWHQHLWRXQGHUV¡NHOVHUIUDRJ 'HWIRUHOLJJHULNNHQRHQVNULIWOLJUDSSRUWIUD1+2PHQWDOOHQHHUEODSUHVHQWHUWL6DPIXQQVQRWDWQU/DQGV RUJDQLVDVMRQHQL1RUJH8QGHUV¡NHOVHQRPIDWWHU1+2EHGULIWHUPHGPLQVWDQVDWWH

(20)

+YRUODQJWQnUNROOHNWLYHDYWDOHU"

8RUJDQLVHUWHDUEHLGVWDNHUHO¡QQVQLYnHWLEUDQVMHQ VRPUHWQLQJVJLYHQGHPY

7R VS¡UVPnO VRP NDQ UHLVHV L IRUOHQJHOVHQ DY GLVNXVMRQHQ RP WDULIIDYWDOHGHNQLQJ HU KYRUGDQ XRUJDQLVHUWHDUEHLGVWDNHUHGHNNHVDYDYWDOHURJRPVHQWUDOHWDULIIDYWDOHUOHJJHUI¡ULQJHUSnO¡QQV QLYnHWLYLUNVRPKHWHUVRPLNNHGHNNHVDYNROOHNWLYHIRUKDQGOLQJHULIRUPHOOIRUVWDQG

2UJDQLVDVMRQVIRUKROGSnDUEHLGVSODVVHQRJDYWDOHGHNQLQJ

*UXSSHQ VRP InU VLQ O¡QQ IDVWVDWW DY WDULIIDYWDOH YLO EnGH RPIDWWH GH VRP HU RUJDQLVHUW L HQ O¡QQVWDNHURUJDQLVDVMRQRJGHVRPLNNHHUPHGOHP9LYLOLPLGOHUWLGIRUYHQWHDWVDQQV\QOLJKHWHQ IRUDWXRUJDQLVHUWHDUEHLGVWDNHUHGHNNHVDYWDULIIDYWDOHHUQ UWNQ\WWHWWLORPGHWILQQHVO¡QQVWD NHURUJDQLVDVMRQHUSnDUEHLGVSODVVHQVRPHULVWDQGWLOnLQQJnDYWDOHUVRPELQGHUDOOHDQVDWWHLQ QHQ VLWW RUJDQLVDVMRQVRPUnGH 3n EDVLV DY WUH VS¡UVPnO IUD /HYHNnUVXQGHUV¡NHOVHQ KDU YL NRQVWUXHUWHQYDULDEHOVRPHUHWPHUGHWDOMHUWPnOSnDUEHLGVWDNHURUJDQLVDVMRQHQHVWLOVWHGHY UHOVH )RUGHWI¡UVWHKDUYLVSXUWRPDUEHLGVWDNHUHQHURUJDQLVHUW+YLVO¡QQVWDNHUHQVYDUHUQHLVS¡UYL RPGHWILQQHVQRHQIDJIRUHQLQJDUEHLGVWDNHURUJDQLVDVMRQSnDUEHLGVSODVVHQVRPKDQKXQNXQQH Y UWPHGOHPDY6RPHQVLVWHVMHNNVS¡UYLRPGHWILQQHVWLOOLWVYDOJWHWLOVWHGHVRPUHSUHVHQWHUHU DQGUHDUEHLGVWDNHUJUXSSHU'HWWHYLOJLHQLQGLNDWRUSnRPGHWILQQHVWDULIIDYWDOHUSnDUEHLGVSODV VHQVHOYRPGLVVHLNNHQ¡GYHQGLJYLVYLOY UHELQGHQGHIRULQWHUYMXREMHNWHW9LInUGHUPHGILUH JUXSSHU

• 2UJDQLVHUWHDUEHLGVWDNHUH

• 8RUJDQLVHUWH DUEHLGVWDNHUH Sn DUEHLGVSODVVHU KYRU GHW HU IDJIRUHQLQJHUDUEHLGV WDNHURUJDQLVDVMRQHUGHXWIUDHJHQYXUGHULQJNXQQHY UWPHGOHPL

• 8RUJDQLVHUWHDUEHLGVWDNHUHVRPXWIUDHJHQYXUGHULQJLNNHVHOYKDUHWWLOEXGPHQVVRP DUEHLGHUSnDUEHLGVSODVVHUKYRUGHWILQQHVIDJIRUHQLQJHUDUEHLGVWDNHURUJDQLVDVMRQHU

• 8RUJDQLVHUWHDUEHLGVWDNHUHSnDUEHLGVSODVVHUXWHQWLOVWHGHY UHQGHIDJIRUHQLQJ

,WDEHOOVHUYLSnKYRUGDQDUEHLGVWDNHUQHLSULYDWVHNWRUIRUGHOHUVHJSnGHILUHJUXSSHQHVRPHU GHILQHUW RYHQIRU , DOW EHILQQHU RP ODJ SURVHQW DY O¡QQVWDNHUQH VHJ Sn DUEHLGVSODVVHU XWHQ QRHQIRUPIRUWLOVWHGHY UHOVHDYIDJIRUHQLQJDUEHLGVWDNHURUJDQLVDVMRQ9LGHUHHUGHWSURVHQW VRPRSSJLUDWGHWILQQHVRUJDQLVDVMRQHUSnDUEHLGVSODVVHQXWHQDWGHVHOYHUPHGOHP)OHUWDOOHWDY GLVVHRSSJLUDWGHNXQQHY UWPHGOHPGHWYLOVLDWGHWHUVDQQV\QOLJDWGHWILQQHVDYWDOHUVRPGHN NHU DUEHLGVWDNHUHQV \UNHVJUXSSH 'HW HU V UOLJ Sn VPn DUEHLGVSODVVHU DW GHW LNNH ILQQHV IDJ IRUHQLQJHUDUEHLGVWDNHURUJDQLVDVMRQHU%ODQWDQVDWWHSnDUEHLGVSODVVHUPHGPLQGUHHQQDQVDWWH RSSJLUKHOHSURVHQWDWGHWLNNHILQQHVRUJDQLVDVMRQHUWLOOLWVYDOJWHWLOVWHGH

(21)

7DEHOO7LONQ\WQLQJWLOWLOVWHGHY UHOVHDYIDJIRUHQLQJDUEHLGVWDNHURUJDQLVDVMRQ,DOWHWWHUVHNWRURJEHGULIWVVW¡U UHOVH3ULYDWVHNWRU

2UJDQLVHUW

5HOHYDQWH RUJDQLVDVMRQHU SnDUEHLGVSODV

VHQ

7LOOLWVYDOJWHIRU DQGUHJUXSSHU SnDUEHLGVSODV

VHQ

,QJHQRUJDQLVD VMRQHUSnDUEHLGV

SODVVHQ 7RWDO 1

,DOW

6HNWRU

3ULYDWYDUHSURGXNVMRQ

3ULYDWWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

8QGHUDQVDWWH

DQVDWWH

DQVDWWH

2YHUDQVDWWH

.DQVnGHWXWYLGHGHPnOHWSnRUJDQLVDVMRQVWLOVWHGHY UHOVHELGUDWLOHQEHGUHIRUVWnHOVHDYWDULII DYWDOHGHNQLQJRJV UOLJDYYLNHWPHOORPRUJDQLVDVMRQVJUDGRJWDULIIDYWDOHGHNQLQJ",WDEHOOYLVHU YLKYLONHQWLONQ\WQLQJWLOO¡QQVWDNHURUJDQLVDVMRQHQHDUEHLGVWDNHUHPHGRJXWHQWDULIIDYWDOHGHNQLQJ KDU%ODQWGHSURVHQWPHGWDULIIDYWDOHRSSJLUSURVHQWDWGHVHOYHURUJDQLVHUWPHQV\WWHUOL JHUHSURVHQWVLHUDWGHWHUHQIDJIRUHQLQJWLOVWHGHVRPGHNXQQHY UWPHGOHPDY5HVWHQ SURVHQW RSSJLU DW O¡QQD IDVWVHWWHV JMHQQRP WDULIIDYWDOH VDPWLGLJ VRP GHW LNNH ILQQHV DNWXHOOH RUJDQLVDVMRQHUIRUGHUHVJUXSSHWLOVWHGHSnDUEHLGVSODVVHQ'HWNDQY UHJUXQQWLOnUHLVHVS¡UV PnORPHQGHODYGLVVHNDQKDPDQJOHQGHNXQQVNDSHURPIRUPHOOWDULIIDYWDOHGHNQLQJDWGHIHLO DNWLJRSSJLUDWO¡QQDUHJXOHUHVJMHQQRPWDULIIDYWDOH

%ODQWGHSURVHQWXWHQWDULIIDYWDOHRSSJLUKDOYSDUWHQDWGHHUXRUJDQLVHUWRJDWGHWKHOOHU LNNH HU RUJDQLVDVMRQHU Sn DUEHLGVSODVVHQ , DOW ILQQHV GHW RP ODJ SURVHQW O¡QQVWDNHUQH VRP WLOV\QHODWHQGHLNNHKDUQRHQWLONQ\WQLQJWLONROOHNWLYHDNW¡UHUHOOHUSDUWVIRUKROG<WWHUOLJHUHSUR VHQWRSSJLUDWGHWILQQHVWLOOLWVYDOJWHWLOVWHGHXWHQDWGLVVHUHSUHVHQWHUHUDNWXHOOHRUJDQLVDVMRQHU IRU DUEHLGVWDNHUHQ VHOY 7RWDOW HU SURVHQW DY O¡QQVWDNHUQH XWHQ WDULIIDYWDOHGHNQLQJ VDPWLGLJ VRPGHWILQQHVNODUHEHU¡ULQJVSXQNWHUWLONROOHNWLYHSDUWVIRUKROGYHGDWGHHQWHQHURUJDQLVHUWH HOOHUYHGDWGHWILQQHVDNWXHOOHRUJDQLVDVMRQHUSnDUEHLGVSODVVHQ9LYLOLNNHEHWHJQHJUXSSHQVRP VnGDQVRPSRWHQVLHOOHIHLOVYDUVHOYRPGHWHUVDQQV\QOLJDWQRHQDYGLVVHIDNWLVNGHNNHVDYWDULII DYWDOH

(22)

7DEHOO$UEHLGVWDNHUQHIRUGHOWHWWHUQ UKHWWLOO¡QQVWDNHURUJDQLVDVMRQHURJHWWHUWDULIIDYWDOHGHNQLQJLNNH3URVHQW DYDOOHO¡QQVWDNHUH3ULYDWVHNWRU

$OOH 'HNNHVDYWDULIIDYWDOH

2UJDQLVHUW

,NNHRUJDQLVHUWPHQDNWXHOORUJDQLVDVMRQSnDUEHLGVSODVVHQ 7LOOLWVYDOJWHVRPUHSUHVHQWHUHUDQGUHJUXSSHUSnDUEHLGVSODVVHQ

2UJDQLVDVMRQHULNNHWLOVWHGHSnDUEHLGVSODVVHQ

'HNNHWLDOW

'HNNHVLNNHDYWDULIIDYWDOH

2UJDQLVHUW

,NNHRUJDQLVHUWPHQDNWXHOORUJDQLVDVMRQSnDUEHLGVSODVVHQ 7LOOLWVYDOJWHVRPUHSUHVHQWHUHUDQGUHJUXSSHUSnDUEHLGVSODVVHQ

2UJDQLVDVMRQHULNNHWLOVWHGHSnDUEHLGVSODVVHQ

,NNHGHNNHWLDOW

,DOW

1

/¡QQVIDVWVHWWHOVHIRUJUXSSHQXWHQNROOHNWLYDYWDOH

+YRUGDQIDVWVHWWHVVnO¡QQDWLODUEHLGVWDNHUHVRPRSSJLUDWGHLNNHGHNNHVDYWDULIIDYWDOH",HW IRUV¡NSnnNDUWOHJJHRPGLVVHRJVnSnYLUNHVDYO¡QQVIRUKDQGOLQJHQHRJGHODQGVRPIDWWHQGHDY WDOHQH VSXUWH YL GHQQH JUXSSHQ RP EHGULIWHQ DXWRPDWLVN IXOJWH O¡QQVQLYnHW L EUDQVMHQ RP DU EHLGVJLYHUDOHQHNXQQHIDVWVHWWHO¡QQDHOOHURPDUEHLGVWDNHUHQNXQQHIRUKDQGOHPHGDUEHLGVJLYHU RPO¡QQVQLYn

,DOWRSSJLUSURVHQWDYO¡QQVWDNHUQHDWO¡QQVQLYnHWLEUDQVMHQI¡OJHVDXWRPDWLVNWDEHOO 'HW HU LQJHQ IRUVNMHOOHU PHOORP VHNWRUHU (Q LNNH XEHW\GHOLJ DQGHO SURVHQW DY O¡QQV WDNHUQHRSSJLUDWDUEHLGVJLYHUEHVWHPPHUDOHQHEHVWHPPHUO¡QQD$QGHOHQHUVW¡UVWLVPnEH GULIWHURJEODQWDQVDWWHLQQHQWMHQHVWH\WLQJ

7DEHOO/¡QQVIDVWVHWWHOVHLSULYDWVHNWRU

,NNHGHNNHWDYWDULIIDYWDOH 'HNNHWDY

WDULIIDYWDOH

)¡OJHU O¡QQVQLYnHW

LEUDQVMHQ $UEHLGVJLYHU EHVWHPPHU

.DQIRU KDQGOHPHG

DUEHLGVJLYHU $QQHW 7RWDO 1

,DOW

6HNWRU

3ULYDWYDUHSURGXNVMRQ

3ULYDWWMHQHVWH\WLQJ

%HGULIWVVW¡UUHOVH

8QGHUDQVDWWH

DQVDWWH

DQVDWWH

DQVDWWHRJPHU

(23)

6YDUHUDUEHLGVWDNHUQHIHLOSnVS¡UVPnORP WDULIIDYWDOHGHNQLQJ"

6DPPHQOLNQHUYLGHVXUYH\EDVHUWHDQVODJHQHSnDYWDOHGHNQLQJPHGIRUV¡NSnnDQVOnGHNQLQJV JUDGSnEDVLVDYRSSO\VQLQJHUIUDRUJDQLVDVMRQHQHRPNULQJGHHQNHOWHWDULIIRPUnGHUILQQHUYLDW VXUYH\PHWRGHQV\QHVnJLIRUK¡\HDQVODJ6WRNNH*U\WOLRJ6WRNNH6HOYHSUREOHP VWLOOLQJHQHUYDQVNHOLJRJYLYLODQWDDWHQGHODUEHLGVWDNHUHLNNHKDUNXQQVNDSRPGLVVHIRUKROGH QH²VHOYLNNHQnUGHWJMHOGHUHJHQO¡QQVIDVWVHWWHOVH3nEDVLVDYWDEHOORJNDQYLDQVOnDWGHW HUHQJUXSSHSn²SURVHQWDYO¡QQVWDNHUQHVRPYLOY UHLHQJUnVRQHIRUWDULIIDYWDOHGHNQLQJ 'HWWHHUIRUGHWI¡UVWHJUXSSHQVRPRSSJLUDWGHIDNWLVNHUGHNNHWPHQVRPVDPWLGLJVLHUDWGHW LNNHILQQHVDNWXHOORUJDQLVDVMRQHUWLOVWHGHSnDUEHLGVSODVVHQSURVHQW9LGHUHHUGHWJUXSSHQ VRPVLHUDWO¡QQVQLYnHW L EUDQVMHQ DXWRPDWLVN I¡OJHV PHQ VRP DYYLVHU DW O¡QQD EHVWHPPHV DY WDULIIDYWDOHSURVHQW,WLOOHJJILQQHUYLHQJRGGHODUEHLGVWDNHUHVRPLNNHGHNNHVDYWDULIIDYWDOH PHQ VRP HU RUJDQLVHUW HOOHU NXQQH Y UW RUJDQLVHUW IRUGL GHW ILQQHV DNWXHOOH RUJDQLVDVMRQHU Sn DUEHLGVSODVVHQ6OLNHNRPELQDVMRQHUHULPLGOHUWLGLNNHXYDQOLJHLDUEHLGVOLYHWRJYLYLOLNNHXWHQ YLGHUHRSSIDWWHGHQQHJUXSSHQVRPSRWHQVLHOOHIHLOVYDU

0DQNDQVS¡UUHKYRUIRUIHLOVYDUHQHWRWDOWV\QHVnJnLpQUHWQLQJDWDUEHLGVWDNHUHRYHUGUL YHUEHW\GQLQJHQDYWDULIIDYWDOHU(QJUXQQWLODWPDQWLOV\QHODWHQGHILQQHUIRUPDQJHVRPRSSJLU DW O¡QQD EHVWHPPHV JMHQQRP WDULIIDYWDOH NDQ Y UH DW EUDQVMHRYHUHQVNRPVWHU JM¡UHV JMHOGHQGH RJVnLEHGULIWHUVRPYHUNHQHURUJDQLVHUWEODQWDUEHLGVWDNHUHHOOHUDUEHLGVJLYHUH'HWWHNDQVNMH YHGDW LQQKROGHW L HQ WDULIIDYWDOH I¡OJHV IRU HNVHPSHO YHG DW O¡QQVQLYnHW L GH ODQGVRPIDWWHQGH DYWDOHURJUHJXOHULQJHQEHQ\WWHVVRPQRUPIRUO¡QQVIDVWVHWWHOVHQRJVnLGHQXRUJDQLVHUWHGHOHQDY Q ULQJHQ(QDQQHQIRUNODULQJNDQY UHDWDUEHLGVWDNHUHWURUDWHQRYHUHQVNRPVWSnEHGULIWHQ JMHOGHUIOHUHHQQGHQIDNWLVNJM¡UIRUHNVHPSHODWHQDUEHLGHURYHUHQVNRPVWRJVnJMHOGHUNRQWRU DQVDWWH

9LYLOEUXNHWRW\SHUGDWDIRUnVLQRHPHURPSRWHQVLHOOHIHLOVYDU)RUGHWI¡UVWHYLOYL VDPPHQOLNQHRSSO\VQLQJHUIUDDUEHLGVWDNHUHRJDUEHLGVJLYHUHLVDPPHEHGULIW)RUGHWDQGUHYLOYL VHSnHWWDYYnUHNRQWUROOVS¡UVPnOQHPOLJRPGHWUHIHUHUHVWLOWDULIIDYWDOHLDUEHLGVNRQWUDNWHQ 6DPPHQOLNQLQJDYRSSO\VQLQJHUIUDDUEHLGVJLYHURJDUEHLGVWDNHUHLVDPPH EHGULIW

,$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQIUDEOHEnGHDUEHLGVWDNHUHRJEHGULIWVOHGHUHLGHVDPPH EHGULIWHQH LQWHUYMXHW 'HUPHG NDQ YL VDPPHQOLNQH DUEHLGVWDNHUQHV RSSO\VQLQJHU RP O¡QQ RJ WDULIIDYWDOHPHGDUEHLGVJLYHUVRSSO\VQLQJHURPDYWDOHIRUKROGHQHSnEHGULIWHQ+HUHUYLI¡UVWRJ IUHPVWLQWHUHVVHUWLJUXSSHQPHGWDULIIDYWDOHKYRUPDQJHDYGLVVHDUEHLGHUKRVHQDUEHLGVJLYHU VRPRSSJLUDWGHWLNNHILQQHVNROOHNWLYDYWDOHSnEHGULIWHQ",WDEHOOVHUYLDWSURVHQWDYDOOH O¡QQVWDNHUQHHOOHUSURVHQWDYGHDUEHLGVWDNHUQHVRPRSSJLUDWGHKDUWDULIIDYWDOHDUEHLGHUKRV HQDUEHLGVJLYHUVRPVLHUDW©O¡QQHQXWHOXNNHQGHEOLUDYWDOWLQGLYLGXHOWPHGGHQHQNHOWHDQVDWWHª 8WIUDHQDQWDNHOVHRPDWDUEHLGVJLYHUYLOKDEHVWRYHUVLNWRYHUVOLNHIRUKROGNDQYLDQWDDWHQJRG GHODYGLVVHSURVHQWHQHKDUVYDUWIHLOHOOHUKDUPDQJHOIXOORYHUVLNWRYHUKYRUGDQO¡QQDIDVWVHWWHV +YLVGHWWHDUJXPHQWHWDNVHSWHUHVIXOOWXWNXQQHDQGHOHQO¡QQVWDNHUHLSULYDWVHNWRUMXVWHUHVIUD SURVHQWWLOSURVHQWIRU0DQNDQRJVnDUJXPHQWHUHIRUDWMXVWHULQJHQNXQQHY UWVW¡UUH YLKDULNNHWDWWK¡\GHIRUDWQRHQDUEHLGVWDNHUHNDQKDVYDUWIHLOIRUHJHWYHGNRPPHQGHVHOYRP EHGULIWHQKDUDYWDOHIRUDQGUHJUXSSHU6DPWLGLJYLOGHWRJVnY UHQRHIHLOVYDUIUDDUEHLGVJLYHUV VLGH

(24)

7DEHOO.RPELQDVMRQDYO¡QQVWDNHUHVRSSO\VQLQJHURPDYWDOHGHNQLQJRJDUEHLGVJLYHUVRSSO\VQLQJHURPEHGULIWHQ KDUNROOHNWLYHDYWDOHU3ULYDWVHNWRU$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQ3URVHQW

2SSJLUnKDWDULIIDYWDOHDQVDWWSnEHGULIWPHGRYHUHQVNRPVWIRUQRHQJUXSSHU 2SSJLUnKDWDULIIDYWDOHDQVDWWSnEHGULIWPHGNXQLQGLYLGXHOOHDYWDOHU +DULNNHWDULIIDYWDOHDQVDWWSnEHGULIWPHGRYHUHQVNRPVWIRUQRHQJUXSSHU +DULNNHWDULIIDYWDOHDQVDWWSnEHGULIWXWHQRYHUHQVNRPVW

,DOW

1

$UEHLGVNRQWUDNWPHGUHIHUDQVHWLOWDULIIDYWDOH

$UEHLGVPLOM¡ORYHQIDVWVHWWHUDWDQVHWWHOVHVNRQWUDNWHQVNDORSSJLRPDUEHLGVIRUKROGHWUHJXOHUHVDY WDULIIDYWDOH +YLV GHWWH I¡OJHV RSS L EHGULIWHQH GYV DW GHW ILQQHV VNULIWOLJH DUEHLGVDYWDOHU RJ DW GLVVHHUVDWWRSSLKHQKROGWLO$UEHLGVPLOM¡ORYHQYLOOHYLNXQQHWDQYHQGHGHWWHVS¡UVPnOHWVRPHQ WHVWSnNRQVLVWHQVHQDYVS¡UVPnOHWRPWDULIIDYWDOH

,DOWRSSJLUSURVHQWDYDUEHLGVWDNHUQHLSULYDWVHNWRUDWGHLNNHKDUVNULIWOLJDUEHLGVNRQ WUDNWWDEHOO9LKDUVSXUWGHVRPRSSJLUDWGHKDUVNULIWOLJDUEHLGVNRQWUDNWRPGHWUHIHUHUHVWLO WDULIIDYWDOHLGHQQH,DOWRSSJLUSURVHQWDYDUEHLGVWDNHUQHLSULYDWVHNWRUDWGHKDUHQDUEHLGV NRQWUDNWVRPUHIHUHUHUWLOWDULIIDYWDOH

6NLOOHUYLVnPHOORPJUXSSHQPHGRJXWHQWDULIIDYWDOHILQQHUYLDWRPODJSURVHQWWLOV\

QHODWHQGHVYDUHU©IHLOªDWGHHQWHQRSSJLUDWGHLNNHKDUWDULIIDYWDOHVDPWLGLJVRPGHVLHUDWGHW UHIHUHUHVWLOHQWDULIIDYWDOHLNRQWUDNWHQSURVHQWHOOHUPRWVDWWSURVHQW

7DEHOO)RUHNRPVWHQDYVNULIWOLJDUEHLGVNRQWUDNW²RJRPGHQQHKHQYLVHUWLOWDULIIDYWDOH²WRWDOWRJIRUJUXSSHU PHGRJXWHQWDULIIDYWDOHGHNQLQJ1

+DUDUEHLGVNRQWUDNW +DULNNH

DUEHLGVNRQ

WUDNW 5HIHUHUHUWLOWDULII DYWDOHLNRQWUDNWHQ

5HIHUHUHULNNH WLOWDULIIDYWDOHL

NRQWUDNWHQ 9HWLNNH 7RWDO 3ULYDWVHNWRU

,DOW

%UXWWQHGSnWDULIIDYWDOH

+DUWDULIIDYWDOH

,NNHWDULIIDYWDOH

7LOVYDUHQGHVS¡UVPnOEOHVWLOWLHQGDQVNXQGHUV¡NHOVHIUD6FKHXHU*UXSSHQ VRPRSSJLUDWGHLNNHKDUWDULIIDYWDOHVDPWLGLJVRPGHVLHUDWDUEHLGVNRQWUDNWHQUHIHUHUWLOHQWD ULIIDYWDOH XWJM¡U HQ ODQJW VW¡UUH DQGHO DY JUXSSHQ XWHQ WDULIIDYWDOH L 1RUJH SURVHQW HQQ L 'DQPDUNSURVHQW'HQQHJUXSSHQXWJM¡URPODJSURVHQWDYDOOHO¡QQVWDNHUQHLGHWGDQVNH XWYDOJHWPRWSURVHQWDYQRUVNHO¡QQVWDNHUH

, GLVNXVMRQHQ RP GDQVNH IRUKROG EOH IRUKROGVYLV Q\DQVDWWH VRP VLHU DW DQVHWWHOVHVNRQ WUDNWHQUHIHUHUHUWLOHQWDULIIDYWDOHVDPWLGLJVRPGHWLGOLJHUHKDUVDJWDWO¡QQRJDQVHWWHOVHVIRU KROGLNNHUHJXOHUHVJMHQQRPWDULIIDYWDOHRSSIDWWHWVRPHQ©SUREOHPJUXSSHª6FKHXHUDQVHUGHWWH VRPHQJUXSSHVRPNDQY UHGHNNHWDYWDULIIDYWDOHXWHQDWGHVHOYRSSJLUGHW,'DQPDUNXWJMRU GHSRWHQVLHOOHIHLODNWLJH©QHLVYDUªSURVHQWDYWRWDOXWYDOJHWRJRPODJSURVHQWDYDOOHXWHQ WDULIIDYWDOH,1RUJHXWJM¡UGHQQHJUXSSHQSURVHQWDYKHOHXWYDOJHWRJSURVHQWDYDOOHXWHQ WDULIIDYWDOH)¡OJHUYLORJLNNHQIUDGHQGDQVNHXQGHUV¡NHOVHQEXUGHPDQGHUPHGYXUGHUHnMXVWHUH DYWDOHGHNQLQJHQRSSIRU1RUJH

6HOYHRSSE\JJLQJHQDYVS¡UUHVNMHPDHWYDUXOLNWLGHQGDQVNHRJGHQQRUVNHXQGHUV¡NHOVHQ'HQGDQVNHXQGHU V¡NHOVHQ YDU NRQVHQWUHUW RP NROOHNWLYH DYWDOHIRUKROG RJ DUEHLGVWLGVVS¡UVPnO PHQV GHQ QRUVNH XQGHUV¡NHOVHQ KDGGH IOHUH WHPD , GHQ GDQVNH XQGHUV¡NHOVHQ EOH VS¡UVPnOHQH RP RYHUHQVNRPVW VWLOW I¡U PHQ L VDPPHQKHQJ PHGVS¡UVPnOHWRPDUEHLGVNRQWUDNW,GHQQRUVNHXQGHUV¡NHOVHQEOHVS¡UVPnOHQHRPDUEHLGVNRQWUDNWRJUHJXOH ULQJDYO¡QQRJDUEHLGVYLONnUVWLOWLPRWVDWWUHNNHI¡OJHRJVS¡UVPnOHQHYDUSODVVHUWLXOLNHWHPDJUXSSHU0DQNDQ LNNHVHERUWIUDDWVOLNHWUHNNYHGXQGHUV¡NHOVHVGHVLJQHWNDQY UHHQPHGYLUNHQGHIRUNODULQJSnDWGHWHUVW¡UUH DYYLNIUDIRUYHQWHWVYDUJLYQLQJL1RUJH

(25)

(QDQQHQJUXSSHVRPWLOV\QHODWHQGHHUSUREOHPDWLVNHUGHVRPRSSJLUDWGHGHNNHVDYWD ULIIDYWDOHXWHQDWGHWUHIHUHUHVWLOGHQQHLHQHYHQWXHOODUEHLGVNRQWUDNW'HWHUHQLNNHXEHW\GHOLJ DQGHO WDULIIDYWDOHGHNNHGH O¡QQVWDNHUH VRP RSSJLU DW GH LNNH KDU VNULIWOLJ NRQWUDNW SURVHQW HOOHUDWGHUHVNRQWUDNWLNNHUHIHUHUHUWLOWDULIIDYWDOHSURVHQW'HQQHW\SHDYYLNIUDIRUYHQWHW VYDUNDQVN\OGHVDWDUEHLGVWDNHUHQLNNHKDUNRQWUDNWDWNRQWUDNWHQLNNHHUVDWWRSSLKHQKROGWLO

$UEHLGVPLOM¡ORYHQVQ\HVSHVLILNDVMRQHUJMHOGHUQ\HDQVHWWHOVHUIUDRJPHGDWDUEHLGVWDNH UHQKDUVYDUWIHLOSnVS¡UVPnOHWRPVNULIWOLJDUEHLGVNRQWUDNWHOOHUDWDUEHLGVWDNHUHQVYDUHUIHLOSn VS¡UVPnOHWRPWDULIIDYWDOH'HWHULNNHJUXQQWLOnWURDWIOHUWDOOHWDYGHWLOV\QHODWHQGHLQNRQVLV WHQWHVYDUHQHQnUGHWJMHOGHUNRPELQDVMRQHQWDULIIDYWDOHGHNQLQJRJPDQJOHQGHUHIHUDQVHWLOGHQQH NRQWUDNWHQQ¡GYHQGLJYLVVN\OGHVIHLOVYDUYHGU¡UHQGHWDULIIDYWDOHGHNQLQJ

.RQNOXVMRQHQIUDGHQGDQVNHXQGHUV¡NHOVHQVRPKDUIOHUHVS¡UVPnOIRUNRQVLVWHQV VMHNNLQJHQQYnUXQGHUV¡NHOVHHUDWLQNRQVLVWHQWHVYDULNNHHUQRHVWRUWSUREOHPLVS¡UUHXQGHU V¡NHOVHUYHGU¡UHQGHWDULIIDYWDOHGHNQLQJ6FKHXHU'HDYYLNHQHPDQIDQWHULNNHVn VWRUHDWGHWHUJUXQQWLOnNRUULJHUHKRYHGVS¡UVPnOHWIRUWDULIIDYWDOH'HQRUVNHWDOOHQHKDUQRH VW¡UUHDYYLNHQQGHGDQVNHI¡UVWRJIUHPVWQnUGHWJMHOGHUJUXSSHQLNNHWDULIIDYWDOHGHNNHGHVRP VDPWLGLJRSSJLUDWGHKDUHQDUEHLGVNRQWUDNWVRPUHIHUHUHUWLOWDULIIDYWDOH3UREOHPVWLOOLQJHQVRP GLVNXWHUHV L GHQ GDQVNH XQGHUV¡NHOVHQ HU LPLGOHUWLG QRH DQQHUOHGHV HQQ GHQ YL KDU ² 6FKHXHU

¡QVNHUnXQGHUV¡NHRPKRYHGVS¡UVPnOHWXQGHUUDSSRUWHUHUWDULIIDYWDOHGHNQLQJ²YLKDUGHULPRWOLNH P\HGLVNXWHUWRPGHWnEUXNHVS¡UUHXQGHUV¡NHOVHUPHGI¡UHUDWRPIDQJHWDYWDULIIDYWDOHRYHUUDS SRUWHUHV

(26)

$YVOXWQLQJ

6S¡UVPnOL/HYHNnUVXQGHUV¡NHOVHQYLVHUDWSURVHQWDYO¡QQVWDNHUQHLSULYDWVHNWRURSSJLU DWO¡QQDKHOWHOOHUGHOYLVIDVWVHWWHVYHGWDULIIDYWDOH'HWWHHURPODJVDPPHDQGHOVRPGHWPDQ ILQQHULDQGUHXQGHUV¡NHOVHUIUDWLO7DULIIDYWDOHGHNQLQJHQHUQRHK¡\HUHLSULYDWYDUH SURGXNVMRQHQQLSULYDWWMHQHVWH\WLQJPHQIRUVNMHOOHQHHULNNHVWRUH,QGXVWULRJSULYDWWUDQVSRUW VNLOOHUVHJV UOLJXWYHGK¡\DYWDOHGHNQLQJ'HWHUEDUHOLWHQYDULDVMRQLWDULIIDYWDOHGHNQLQJPHOORP O¡QQVWDNHUHPHGQ URJPLQGUHQ UWLONQ\WQLQJWLODUEHLGVOLYHW$QVDWWHLVW¡UUHEHGULIWHUVNLOOHU VHJXWYHGDWO¡QQDODQJWRIWHUHIDVWVHWWHVJMHQQRPWDULIIDYWDOH

,QQHQSULYDWYDUHSURGXNVMRQLQGXVWULE\JJRJDQOHJJROMHRSSJLUILUHDYIHPDUEHLGVWD NHUHPHGNROOHNWLYDYWDOHDWGHWRJVnIRUKDQGOHVSnEHGULIWHQ$QGHOHQVRPRSSJLUDWGHWIRUH NRPPHU ORNDOH IRUKDQGOLQJHU HU ODYHUH LQQHQ WMHQHVWH\WLQJ , RIIHQWOLJ VHNWRU VYDUHU GU¡\W HQ WUHGMHGHODYGHDQVDWWHDWGHWIRUHJnUORNDOHIRUKDQGOLQJHUSnGHUHVDUEHLGVSODVVYLUNVRPKHWRJ KYHUIMHUGHRIIHQWOLJDQVDWWHKDUInWWORNDOHWLOOHJJVLVWHWRnU

(UIDULQJHQHPHGnNDUWOHJJHGHNQLQJVJUDGYLDVXUYH\PHWRGHQHUDWGHNQLQJVJUDGHQDQWD NHOLJRYHUYXUGHUHVQRHXWIUDKYDPDQILQQHUSnEDVLVDYUHJLVWHUWDOORJWDOOIUDRUJDQLVDVMRQHQHL DUEHLGVOLYHW6 UOLJV\QHVGHWWHnJMHOGHLQQHQGHOHUDYWMHQHVWH\WHQGHVHNWRUYDUHKDQGHOKRWHOO RJUHVWDXUDQW

1nUYLVDPPHQKROGHUVS¡UVPnORPWDULIIDYWDOHGHNQLQJRJRUJDQLVDVMRQHQHVWLOVWHGHY UHO VHILQQHUYLDWGHWHUSURVHQWDYO¡QQVWDNHUQHVRPRSSJLUDWGHHUGHNNHWDYWDULIIDYWDOHVDPWL GLJVRPGHWLNNHILQQHVRUJDQLVDVMRQHUHOOHUWLOOLWVYDOJWHWLOVWHGHSnDUEHLGVSODVVHQ(QDQQHQXQ GHUV¡NHOVH$UEHLGVRJEHGULIWVXQGHUV¡NHOVHQYLVHUDWSURVHQWDYO¡QQVWDNHUQHRSSJLUDWO¡QQD IDVWVHWWHVDYWDULIIDYWDOHVHOYRPDUEHLGVJLYHULGHVDPPHEHGULIWHQHEHQHNWHUDWGHWIRUHNRPPHU NROOHNWLYHIRUKDQGOLQJHU'HWWHW\GHUSnDWGHWYLOY UHQRHIHLOVYDULVOLNHXQGHUV¡NHOVHUVHOYRP YLLNNHNDQVOXWWHWLODWKHOHJUXSSHQSnKHQKROGVYLVRJSURVHQWVYDUHUIHLO

$YVOXWQLQJVYLVQHYQHUYLQRHQPRPHQWHULIRUELQGHOVHPHGIUDPWLGLJHIRUV¡NSnnNDUWOHJ JHGHNQLQJVJUDGIRUWDULIIDYWDOHU

• )RUnNXQQHIRUHWDHQPHUQ¡\DNWLJQHGEU\WLQJPnXWYDOJHQHY UHVW¡UUHHQQGHWPDQInUL IRUELQGHOVH PHG OHYHNnUVXQGHUV¡NHOVHQH HOOHU OLNQHQGH XQGHUV¡NHOVHU 9L VDYQHU V UOLJ PXOLJKHWHQIRUnIRUHWDPHUGHWDOMHUWHJUXSSHULQJHULQQHQWMHQHVWH\WHQGHVHNWRUGHUPDQ KDUPDQJHRJWLOGHOVXOLNHEUDQVMHURJ\UNHVJUXSSHU

• 6S¡UVPnOHQHRPRUJDQLVDVMRQHQHVWLOVWHGHY UHOVHSnDUEHLGVSODVVHQJLUXWIUDYnUYXUGH ULQJHQQ\WWLJNRUULJHULQJDYWDOOIRUWDULIIDYWDOHGHNQLQJ,PLGOHUWLGHUXWYDOJHWIRUOLWHWLODW PDQVMHNNHRPGHWWHPnOHWNDQEUXNHVIRUnNRUULJHUHIRUK¡\HDQVODJIRUDYWDOHGHNQLQJ

• 'HWNDQY UHJUXQQWLOnVS¡UUHRPPDQOHJJHUIRUP\HLQIRUPDVMRQLQQLnSQLQJVVS¡UV PnOHWNROOHNWLYDYWDOHHOOHULNNH0XOLJHQVE¡UPDQYXUGHUHnGHOHVS¡UVPnOHWRSSLWR HYHQWXHOWJM¡UHIRUV¡NSnnNDUWOHJJHJUHQVHODQGHWPHOORPNROOHNWLYDYWDOHRJLQGLYLGXHOODY WDOHEHGUH(QJRGGHODUEHLGVWDNHUHYLOKDXOLNHW\SHUNRPELQDVMRQVDYWDOHURJYLHUXVLNUH SnKYDGLVVHYLOVYDUH

• ,GLVNXVMRQHQRPHQGULQJDYO¡QQVV\VWHPHUSHNHVGHWSnDWPDQJnULUHWQLQJDYO¡QQVV\

VWHPHUPHGPHULQGLYLGXHOOHO¡QQLQJHU6nODQJWKDUPDQLVS¡UUHXQGHUV¡NHOVHQHLNNHJMRUW IRUV¡NSnnIDQJHRSSPXOLJKHWHQHWLOLQGLYLGXHOOHWLOOHJJ,QGLYLGXHOOHWLOOHJJRJORNDOHIRU KDQGOLQJHUPnHYHQWXHOWNDUWOHJJHVYHGWRHOOHUIOHUHIRUVNMHOOLJHVS¡UVPnO

(27)

• 6S¡UVPnOHQHRPEHYHJHOLJHWLOOHJJKDUY UWEUXNWIOHUHJDQJHUPHQJLUHWDQQHWLQQWU\NN HQQGHWIRUHNVHPSHO1+2DQWDUXWIUDVLQHEHGULIWHUXQGHUV¡NHOVHU'HWHUXNODUWKYLONH XQGHUV¡NHOVHUVRPKDUPHVWUHWW6NDOPDQIRUWVHWWHnNDUWOHJJHRPIDQJHWDYEHYHJHOLJ O¡QQPnVS¡UVPnOVVWLOOLQJHQYXUGHUHV(QEHJUXQQHOVHIRUnVHQ UPHUHSnGHWWHHUDQWD NHOVHQRPDWVOLNHO¡QQVV\VWHPHUHULIUDPYHNVW

(28)

5HIHUDQVHU

%DUWK(UOLQJ©/¡QQVIOHNVLELOLWHWRJLQVWLWXVMRQHUIRUO¡QQVGDQQHOVHªL2OVHQ.DULQ0RGHVWDRJ+HJH7RUS UHG)OHNVLELOLWHWLQRUVNDUEHLGVOLY5DSSRUW2VOR,QVWLWXWWIRUVDPIXQQVIRUVNQLQJ

)HQQHIRVV$UYLGRJ7RUJHLU$DUYDDJ6WRNNH©1RUVNHO¡QQVWDNHUHVRUJDQLVHULQJªL6¡NHO\VSnDUEHLGVPDUNH GHWcUJDQJQU

*U\WOL7RULRJ7RUJHLU$DUYDDJ6WRNNH1RUJHVVW¡UVWHWDULIIDYWDOHU2PIDQJO¡QQVGDQQHOVHRJDUEHLGVWLGV RUGQLQJHU)DIRQRWDW2VOR)DIR

+.Q\WWQU©/RNDOHIRUKDQGOLQJHU%RQXVDYWDOHUSnIXOOIDUWLQQª /DQGVRUJDQLVDVMRQHQL1RUJH%RQXV6DPIXQQVQRWDW2VOR

1HUJDDUG.ULVWLQH2UJDQLVDVMRQVJUDGHQPnOWJMHQQRP$.8NYDUWDO)DIRQRWDW2VOR)DIR 1HUJDDUG.ULVWLQHRJ$UQH3DSH'DJHQVV\VWHPIRUO¡QQVIDVWVHWWHOVH)DIRQRWDW2VOR)DIR 6FKHXHU6WHHQ) OOHVDIWDOHHOOHUHJHQNRQWUDNWLDUEHMGVOLYHW8GEUHGHOVHQDINROONHWLYHRYHUHQVNRPVWHU IDJOLJRUJDQLVHULQJRJVNULIWOLJHDQVHWWHOVHVEHYLVHUEODQWSULYDWDQVDWWH.¡EHQKDYQ1\WIUD6DPIXQGVYLGHQVNDEHQH 6FKHXHU 6WHHQ $UEHMGVWLG RJ RYHUHQVNRPVW (Q DUEHMGVVRFLRORJLVN DQDO\VH DI NROONHWLYH RYHUHQVNRPVWHUV EHW\GQLQJIRUSULYDWDQVDWWHVDUEHMGVWLGRJRYHUDUEHMGH.¡EHQKDYQ1\WIUD6DPIXQGVYLGHQVNDEHUQH

6WRNNH7RUJHLU$DUYDDJ(VWLPHULQJDYWDULIIDYWDOHGHNQLQJHQL1RUJH²VWUDWHJLHURJIRUHO¡SLJHPDNURWDOO 2VOR)DIRQRWDW2VOR)DIR

6WRNNH7RUJHLU$DUYDDJ2UJDQLVDVMRQVJUDGHQSnDUEHLGVWDNHUVLGHQ(WWDEHOOQRWDW)DIRQRWDW 2VOR)DIR

7HLJXP +DQQH 0DULW 6DPRUGQHW OHYHNnUVXQGHUV¡NHOVH 7YHUUVQLWWVXQGHUV¡NHOVHQ 'RNXPHQWDVMRQV UDSSRUW66%1RWDWHU

(29)

'HWVWUDWHJLVNHLQVWLWXWWSURJUDPPHWSn)DIR

,WUnGPHGRPOHJJLQJHQDYIRUVNQLQJVSROLWLNNHQL1RUJHKDUP\QGLJKHWHQHXWWU\NW¡QVNHRPDW GHIULWWVWnHQGHIRUVNQLQJVLQVWLWXWWHQHXWYLNOHUVWUDWHJLVNHLQVWLWXWWSURJUDPPHU'LVVHLQVWLWXWWSUR JUDPPHQHVNDOKDHWODQJVLNWLJSHUVSHNWLYRJYLGHUHXWYLNOHIRUVNQLQJVLQVWLWXWWHQHVEDVLVNRPSH WDQVH)RUVNQLQJVVWLIWHOVHQ)DIRKDUXWDUEHLGHWHWRPIDWWHQGHLQVWLWXWWSURJUDPRJGHQGHOHQDY SURJUDPPHW VRP RPKDQGOHU GH NROOHNWLYH DNW¡UHQHV UROOH Sn DUEHLGVPDUNHGHW ILQDQVLHUHV DY .RPPXQDORJUHJLRQDOGHSDUWHPHQWHW

'HOSURJUDPPHW ©'H NROOHNWLYH DNW¡UHQHV UROOH Sn DUEHLGVPDUNHGHWª EOH VWDUWHW RSS L RJ KLWWLOIHEUXDUHUGHWXWNRPPHWI¡OJHQGHSXEOLNDVMRQHU

7RUJHLU $DUYDDJ 6WRNNH (VWLPHULQJ DY WDULIIDYWDOHGHNQLQJHQ L 1RUJH ² VWUDWHJLHU RJ IRUHO¡SLJH PDNURWDOO)DIRQRWDW

.ULVWLQH1HUJDDUG2UJDQLVDVMRQVJUDGHQPnOWJMHQQRP$.8NYDUWDO)DIRQRWDW cVPXQG$UXS6HLS$UEHLGVJLYHURUJDQLVHULQJLGHQRIIHQWOLJHUDQGVRQHQ)DIRQRWDW

7RUJHLU$DUYDDJ6WRNNH1+20HGOHPPHURUJDQLVDVMRQVJUDGHURJWDULIIDYWDOHU )DIR QRWDW

.ULVWLQH1HUJDDUG©1RUZD\ªL*LXVHSSH)DMHUWDJHG&ROOHFWLYH%DUJDLQLQJLQ:HVWHUQ(XUR SH%UXVVHO(XURSHDQ7UDGH8QLRQ,QVWLWXWH

7RUJHLU$DUYDDJ6WRNNH©/DERXU0DUNHW3DUWLHV&ROOHFWLYH%DUJDLQLQJDQG'LVSXWH5H VROXWLRQLQ1RUZD\ªL-RVHSKLQH%URZQHHG7KH5ROHRIWKH6WDWHLQ,QGXVWULDO5HODWLRQV'XEOLQ 2DN7UHH3UHVV

%M¡UQH*ULPVUXGRJ7RUJHLU$DUYDDJ6WRNNH&ROOHFWLYHEDUJDLQLQJDQGODERXUPDUNHWIOH[LELOLW\

LQ1RUZD\3DSHUSUHSDUHGIRUDQ,/2SURMHFW)DIRQRWDW

-RQ(ULN'¡OYLNRJ7RUJHLU$DUYDDJ6WRNNH©1RUZD\7KH5HYLYDORI&HQWUDOL]HG&RQ FHUWDWLRQªL$QWKRQ\)HUQHU 5LFKDUG+\PDQHG&KDQJLQJ,QGXVWULDO5HODWLRQVLQ(XURSH2[

IRUG%ODFNZHOO

7RUL *U\WOL RJ 7RUJHLU $DUYDDJ 6WRNNH 1RUJHV VW¡UVWH WDULIIDYWDOHU 2PIDQJ O¡QQVGDQQHOVH RJ DUEHLGVWLGVRUGQLQJHU)DIRQRWDW

.ULVWLQH1HUJDDUG7DULIIDYWDOHGHNQLQJHQPnOWYHGVXUYH\XQGHUV¡NHOVHU/HYHNnUVXQGHUV¡NHOVHQ )DIRQRWDW

(30)

28

Vedlegg 1 Relevante deler av Statistisk sentralbyrås

samordnete levekårsundersøkelse 1996

(31)

29

(32)

30

(33)

31

(34)

32

(35)

33

(36)

34

(37)
(38)

Forskningsstiftelsen Fafo

Borggata 2B/Postboks 2947 Tøyen N-0608 Oslo

http://www.fafo.no

Tariffavtaledekning målt ved surveyundersøkelser:

Levekårsundersøkelsen 1996

Fafo-notat 1998:4 Bestillingsnummer: 899

I Norge finnes ingen registerbasert oversikt over hvor mange som dekkes av tariffavtaler. Selv om man ikke kan slutte fra opplysninger i spørreundersøkelser til hvor mange som er bundet i av tariffavtaler i arbeidsrettslig forstand, vil slike undersøkelser supplere bildet av de kollektive partsforhold i norsk arbeidsliv. I dette notatet presenteres tariffavtaledekning basert på opplys- ninger fra arbeidstakerne gjennom spørreundersøkelser.

Notatet viser hvordan tariffavtaledekningen varierer etter kjennetegn ved arbeidstakeren, arbeidsforholdet og arbeidsplassen. Videre presenteres det tall for omfanget av lokale forhand- linger og for hvor mange arbeidstakere som har lønnssystemer med bevegelig lønn. I tillegg drøftes ulike problemstillinger knyttet til det å måle tariffavtaledekning ved spørre-

undersøkelser til arbeidstakerne. Notatet baseres hovedsakelig på Levekårsundersøkelsen 1996.

Referanser

RELATERTE DOKUMENTER